personal cross-cultural and multimedia processes flowing towards dao in composition
TRANSCRIPT
!"#$%&'%&"()*&'+$%#",'-#".(/$0'1"(..21)0%)"$0'$/3'4)0%56#35$'
-"(7#..#.'80(95/*':(9$"3.';$('5/'1(6<(.5%5(/'
'
'
'
='%&#.5.'.)>65%%#3'5/'<$"%5$0'?)0?506#/%''
(?'%&#'"#@)5"#6#/%.'?("'%&#'$9$"3'(?'%&#'3#*"##'
'
!
"#$%&'!()!#'%$!*+(,(-'$.!
'
'
8"(6'%&#'
ABCDEFGC:H'I8'+EG:EFB'GH;BEH'
'
'
'
!J''
'
;$/5#0'-("%#005K'!L4).L'!"#$"%&'()*&")'
'
'
'
'
'
G1MIIN'I8'MA4=BC:CEG'=B;'1I44ABC1=:CIB'=F:G'
'
!
OPQO'
'
' '
'
'
55'
=>.%"$7%'
:&5.'%&#.5.'<"#.#/%.'$'7(6<(.#"R.'S()"/#J'%&$%').#.'9$%#"'$.'$'.J6>(057'%((0'?("'$/$0J.5.'$/3'
5/.<5"$%5(/' $7"(..' %&"##' 7"#$%5T#' $)35(2T5.)$0'9("U.,'+,$"%-'+,."-' /0%1-' VOPQPWK'2&$3430#3#'
VOPQQW' $/3' 56"' 760#$' 8,."' VOPQOWL' :&#.#' 7(/7#<%.' (?' 9$%#"' $"#' 3"$9/' ?"(6' %&#'
<#".<#7%5T#.' (?' G95..' -.J7&(0(*5.%' 1$"0' X)/*' 9&(' ?("6#3' &5.' $/$0(*J' (?' %&#' )/7(/.75().'
95%&' $/' #/*$*#6#/%' 95%&' E$.%' =.5$/' ;$(5.6Y.' /(%5(/.' (?,' )3&9),&:K' ?0(9' $/3' /$%)"$0'
<&#/(6#/$L' :&#' 7)0%)"$0' &#"5%$*#' (?' %&#' ?506' 6$U#"' VE$.%' =.5$/W' $/3' %&#' 7(6<(.#"'
VE)"(<#$/W' 5/?("6.' $/' 5/%#"7)0%)"$0' 7(/%#Z%L' =.' %&#' 7(6<(.#"K' C' ?(7).#3' (/' 6).57' $/3'
<&50(.(<&5#.'?"(6'.#T#"$0'7()/%"5#.'$/3'%"'7(6<(.#".'%&$%'7(/%"5>)%#'%('%&5.'9("UK'%&#.#'
5/70)3#,'1&()'+#/27&)/*'V1&5/$WK'1&5/$"J'A/*'V1$6>(35$WK':(")':$U#65%.)'VX$<$/WK'N5[$'N56'
V=).%"$05$WK' !")7#' 1"(..6$/' V=).%"$05$WK' $/3' -&505<' \0$..' V=6#"57$WL' C3#$.' ?()/3' 5/' 9$%#"K'
T53#('9("U.'$/3'6).57'$"#')/5?5#3'95%&'7(/7#<%.'(?'%56#'?"(6'8"#/7&'7(6<(.#"'$/3'$)35(2
T5.)$0'%&#("5.%'457�'1&5(/L'M5.'7(/7#<%.'5/70)3#,'%#6<("$0'T#7%(".K'/(/2%#6<("$0'T#7%(".K'
35"#7%5(/$0K'/(/235"#7%5(/$0K'.7$/.5(/K'.J/7"#.5.'$/3'.J/7'<(5/%.L':&#.#'$"#'.&(9/'%('7(/%$5/'
%"$35%5(/$0' E)"(<#$/' 35"#7%5(/$0' 3#T#0(<6#/%' %&$%' $"#' <0$7#3' $0(/*.53#' %"$35%5(/$0' E$.%2
=.5$/'7(/7#<%.'(?'.%$.5.K'.5/*0#2%(/#'$/3'6(6#/%$"J'<&50(.(<&J'95%&'5%.'?(7).'(/'"#.(/$/7#L'
!
!!
! !
'
'
555'
#/0123456758519:!
C'9()03'05U#'%('?("6$00J'#Z<"#..'*"$%5%)3#'%(,';(//$'1&$/*'?("'&#"'?506'7(/%"5>)%5(/.'$/3'&#"'
0(T5/*' .)<<("%' %&"()*&()%' %&#' "#.#$"7&K' %(' 4$"*$"#%' $/3' F$J6(/3' -("%#005' ?("' %"'
*#/#"().' ?5/$/75$0' .)<<("%K' $/3' %&#' (/*(5/*' 5/.<5"$%5(/K' 6(%5T$%5(/K' 3#357$%5(/' $/3'
#/7()"$*#6#/%' ?"(6' 6J' <"5/75<$0' .)<#"T5.("' ;"' !")7#' 1"(..6$/' $/3' 7(2.)<#"T5.("' C$/'
G%#T#/.(/L! '
'
'
5T'
$9;958519!2<!#=9>519?/;9?21!
:&#'9("U'<"#.#/%#3'5/'%&5.'%&#.5.'5.K'%('%&#'>#.%'(?'6J'U/(90#3*#'$/3'>#05#?K'("5*5/$0'#Z7#<%'$.'
$7U/(90#3*#3'5/'%&#'%#Z%L''C'&#"#>J'3#70$"#'%&$%'C'&$T#'/(%'.)>65%%#3'%&5.'6$%#"5$0K'#5%&#"'5/'?)00'("'5/'
<$"%K'?("'$'3#*"##'$%'%&5.'("'$/J'(%&#"'5/.%5%)%5(/L''
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!'
' '
'
'
T'
1(/%#/%.'
@>;A95B!(15C!D;40?17!3?9>!D;95B]]]]]]]]]]]L ! +$%#"'-&50(.(<&J']]]]]]]]]]]]]]]]]]]]LLLLL'
'''''''''''C/%#""#0$%5(/.&5<'(?':#.]]]]]]]]]]]]]]L]]'
''''''''''':&#'4#7&$/57.'(?'80(9]]]]]]]]]]]]]]]]]]]L'
'
<L'Q'
<L'O'
<L'^'
<L'_'
'
@>;A95B!%32C!E5B:21;4!@B562C!;$(5.%'$/3'X)/*5$/'80(9''-#".(/$021)0%)"$0'F((%.]]]]]]]]]]LL]]]]]]]]'
+$%#"'="7&#%J<#]]]]]]]]]]]]]]]]]]]]]]LL'
;$(5.%'!$0$/7#]]]]]]]]]]]]L]]]]]]]]]]]LL'
'''''''''''1"#3('G)66$"J,'I/#/#..]]]]]]]]]LL]]]L]]L]]L'!
<L''`'
<L''`'
<L'QO'
<L'Qa'
<L'Q_'
!
@>;A95B!%>B55C!D;95B!@2195F9C!!B$%)"#K'E$.%2=.5$/'
1)0%)"#'$/3'%&#'+#.%'V+=4'b'C6<"(T5.$%5(/W']]]]L!B$%)"#.'A/5?J5/*'-"(7#..#.]]]]]]]]]]]]]]]]LL'
C/%)5%5T#'-"(7#..#.]]]]]]]]]]]]]]]]]]]]]LL'
C/?0)#/7#'(?'%&#';'863&:]]]]]]]]]]]]]]]]]]LLL'
1(""#0$%5(/'5/'E$.%2=.5$/'1$005*"$<&J]]]]]]]]]]]L'
+#.%#"/'="%'4).57'$/3'E$.%2=.5$/'-&50(.(<&J]]]]]LLL'
C/%#*"$%#3'I/#/#..]]]]]]]]]]]]]]]]]]]]]L''
'
<L'Q`'
<L'OP'
<L'OQ'
<L'OO'
<L'Oa'
<L'O`'
<L'^P''
'
@>;A95B!)2=BC!%>5!G195B/=49=B;4!@2195F9C!1&5/$K'
1$6>(35$K'=6#"57$'$/3'=).%"$05$]]]]]]]L]]]]]]]L!860<'!"&986<&:='863&,%)'>&:='50%<'5,?"13$#<='@3A,'@31='B%<C"'
8%0##1,&',&*'D63E3F'7E,##'
'''''''''''1(6<(.#"R.'C/%#"7)0%)"$0'G%$.5.]]]]]]]]]]]]]]]L'
'''''''''''4(T5/*'8("9$"3,';5"#7%5(/$0'$/3'B(/2;5"#7%5(/$05%J]]LL'
'''''''''''G5/*)0$"'80(9.,'1(0()"'4(6#/%.]]]]]]]]]]]]]]L'
'''''''''''4)0%5<0#'-(0$"5%5#.'$.'1)0%)"$0'N$J#".'(?':56#]]]]]]]L'
'
'
'
<L'^a'
'
'<L'^c'
<L'ac'
<L'cP'
<L'cQ'
'
'
'
'
T5'
'
'
@>;A95B!)?H5C!#1;4I:?:C!8("6.'(?'80(9']]]]]]LLLLLLLLLLLLLLL'
' -$"%'Q,'80(9'$.'G5/*)0$"K'56"'GHF,."'!,$"%]]]]]]LL'
-$"%'O,'80(9'$.'-(0$"5%5#.K'2&$3430#3#LL]]]]]]]]]]]]'
-$"%'^,'80(9':(9$"3.'G#0?K'56"'760#$'8,."]]]]]]]]]'
'
'
'
<L'ca'
<L'cc'
<L'd^'
<L'eO''
'
@>;A95B!$?FC!)423!%23;B6:!"=49?JE24;B?9?5:!!
!!!!!!!!!!!!!!!!!!!!!!!#:!#!@21/5A9!$54<C!]]]]]]]]]]]]]]!!''''''''''="*)6#/%'
''''''''''G)66$"J'$/3'I"5*5/$05%J'
''''''''''1(/70).5(/,'I/#/#..280($%5/*'+("03'
'<<L'`a2`c'
!
F#?#"#/7#.]]]L]]]]]]]]]]]]]]]]]]]]]LLLLLL'
'
\0(..$"J'(?':#"6.']]]]]]]]]]]]]]]]]]]]]]L'
'
=<<#/35Z,''''''
'''''''''+,$"%-'+,."-'/0%1-'VOPQPW,'
' 85*)"#'Q,'I,&*'3&'!,$"%]]]]]]]]]]]]LL]]]]]]L'
' 85*)"#'O,'J3E]]]]]]]]]]]]]]]]]]LL]]]]]]]L'
'''''''''''85*)"#'^,'D0"$3C]]]]]]]]]]]]L]]]]]]]]]]]]'
!
<<L'`_2QP^'
'<<L'QPa2QPc'
'
'
'
<L'QPd'
<L'QPd'
<L'QPe'
!
!
!
!
!
!
!
!
!
!
'
'
T55'
!
!
!
!
!
!
!
!
!
!
!
!
'
'
Q'
@>;A95B!(15C!!
D;40?17!D?9>!D;95B!
:&5.'<"(S#7%'5.'$'<"$7%57#32>$.#3'"#.#$"7&'5/T(0T5/*'%&"##'7(6<(.5%5(/.'5/'7(00$>("$%5(/'95%&'
?506' $.' %&#' >$.5.' ?("' <"$Z5.' U/(90#3*#L' :&#' 7"#$%5T#' ?(05(' 7(/.5.%.' (?' %&"##' (?' 6J'
7(6<(.5%5(/.L' :&#' ?5".%' 5.' #/%5%0#3' 56"' GHF,."'!,$"%' VOPQPW' V7&$6>#"' ("7&#.%"$0' .7("#'
95%&'$'4C;C' "#<"#.#/%$%5(/W'$/3' %&5.' 5.'$'<$"%'(?' %&#'6)0%56#35$' V?506W'9("U'+,$"%-'+,."-'
/0%1-'VOPQPWL':&#'.#7(/3'5.'2&$3430#3#'VOPQQW'V7&$6>#"'#/.#6>0#'.7("#'95%&'4C;C'$/3'$)35('
.$6<0#.W'$/3' 5.'<$"%'(?'$/'$)35(2T5.)$0'9("U'(?' %&#' .$6#'/$6#L':&#' ?5/$0' <5#7#' 5.'K3&*3&:'
L"<' VOPQOW' V7&$6>#"' ("7&#.%"$0' .7("#' 95%&' $' "#7("35/*' (?' $' <#"?("6$/7#' >J' %&#'
4#0>()"/#' GJ6<&(/J'I"7&#.%"$W' 5.' $..(75$%#3'95%&' %&#'6)0%56#35$'9("U'56"'760#$' 8,."'
VOPQOWL':&#'9("U.'?#$%)"#'9$%#"'$.'$'.J6>(0f$'?0($%5/*'9("03'%&$%'#6>"$7#.'(<<(.5%5(/K'$'
05?#'.()"7#'(?'%&#'7"#$%5T#'.<5"5%K'35??#"5/*'%J<#.'(?'?0(9'$/3'$'<"(7#..'?("'<&50(.(<&57$0'$/3'
7"#$%5T#'#Z7&$/*#'%('?$7505%$%#'53#$.L':&#.#'7(/7#<%.'$"#'"#?0#7%#3'5/'%&#'7"#$%5T#'()%<)%'$/3'
3#T#0(<#3'95%&'#$7&'.)77##35/*'?506'$/3'6).57'7(6<(.5%5(/K'>#7(65/*'$'<#".(/$0'7)0%)"$0'
#Z7&$/*#'(?' %&#' 7(00$>("$%(".L'4J' "#.#$"7&' 5/%('9$%#"' $.' $' .J6>(0' $/3'6#%$<&("' 7(6#.'
?"(6' %&#' .J/#"*J' >#%9##/' 1&5/#.#' ;$(5.6K' $/3' -.J7&(0(*5.%' 1$"0' X)/*R.' E)"(<#$/'
<#"7#<%5(/'(?' %&#')/7(/.75().L' C'9500' "#0$%#' %&#.#'<&50(.(<&5#.' %(' .5650$"' 53#$.' ?()/3' 5/' $'
6).57'$/3'$"%'7(/%#Z%L'X)/*'#/*$*#3'95%&';$(5.%'<&50(.(<&J'5/'&5.'9("U'$/3'6J'?(7).'5.'&(9'
&#'7(/7#<%)$00J').#.'9$%#"'5/'&5.'$"7&#%J<$0'<&50(.(<&5#.L':&#'%&"##'9("U.'$"#'$0.('$/$0J.#3'
%&"()*&'%&#'<#".<#7%5T#'(?'%&#'8"#/7&'%&#("5.%'457�'1&5(/L'4J'<#".(/$0'7"#$%5T#'S()"/#J'
%&"()*&' 7(6<(.5%5(/$0' <"(7#..#.' 6(T#.' %(9$"3.' /#)%"$05.5/*' 6).57$0' (<<(.5%#.' $/3'
7"#$%5/*' $' 6).57$0' ?0)535%J' $.' $/' #Z<"#..5(/' (?' $' .<5"5%)$0' <"(7#..f%&#' M,0L' 4).57$0'
'
'
O'
<(0$"5%5#.K' ?#3'>J'6).572T5.)$0'7(00$>("$%5T#'35$0(*)#K'.5%' S)Z%$<(.#3' 5/'/#)%"$0' .<$7#.'95%&'
%&#'0$/*)$*#'(?'9$%#"'$.'$'Y9$J'>#%9##/R'%'%&$%'7"#$%#.')/5%Jf("'(/#/#..L'+&50.%'%&#'
?506.' 9500' >#' $/$0J.#3' ?"(6' %&#' <#".<#7%5T#' (?' 1&5(/' %(' 3#.7"5>#' %&#' 5/%#""#0$%5(/.&5<'
>#%9##/' .()/3' $/3' 56$*#K' %&#' )/3#"0J5/*' <)"<(.#' 5.' $>()%' ?5/35/*' $' <#".(/$0' .<5"5%)$0'
"&#%("57Q'5/'.()/3L':&#'5/%#"$7%5(/'(?'.()/3'$/3'T5.5(/'5.'?()/3'%('7(/%$5/'7)0%)"$0'53#$.'%&$%'
.%#6' ?"(6' %&#' E)"(<#$/' $.<#7%.' (?'6J' =).%"$05$/' 53#/%5%J' $/3' 1&5/#.#' $.<#7%.' ?"(6'6J'
7(00$>("$%("';(//$'1&$/*R.'1&5/#.#2=).%"$05$/'53#/%5%JL':&#'7"(..27)0%)"$0'7(/?0)#/7#'(?'%&#'
7(6<(.#"'$/3'?506'6$U#"'?##3.'5/%('%&#'7(/7#<%)$0'$/3'$#.%&#%57'35"#7%5(/'(?'%&5.'<"(S#7%L''
'
D;95B!E>?42:2A>I!
:&5.' <"(S#7%' 5.' $/' 5/T#.%5*$%5(/' 5/%(' $' <#".(/$0' 7(6<(.5%5(/$0' <"(7#..' $/3' 5%.' "#0$%5(/' %('
;$(5.6'$/3'X)/*K'95%&'$'7#/%"$05.5/*'%#'(?'9$%#"L'X)/*R.'/(%5(/'(?'%&#'Y9$%#"'$"7&#%J<#R'
$/3' %&#' Y7(00#7%5T#' )/7(/.75().RO' 5.' #Z<0("#3L' C' "#0$%#' %&5.' %(' 6J' <#".(/$0' 7(6<(.5%5(/$0'
<"$7%57#' $/3' #Z%#/3' %&5.' %(' 6J' 7(00$>("$%5(/.' 95%&' ?506' V5/70)35/*' 3$/7#' 7(/7#<%.' %&$%'
5/%#"$7%' 95%&' T5.)$02?506' 53#$.WL' X)/*5$/' 7(/7#<%.' $"#' 5/%#""#0$%#3K' $/3' %&#"#?("#' %&5.'
"#.#$"7&'9500'>"$/7&' 5/%('%L':&#.#' 5/70)3#K'.J/7&"(/575%JK'7(/7#<%'(?'.#0?K' 5/35T53)$%5(/'
$/3' $7%5T#' 56$*5/$%5(/L^' =.<#7%.' (?' +#.%#"/' %&()*&%' 9500' >#' 7(/7#<%)$05.#3' 95%&' X)/*R.'
<&50(.(<&J'%&$%'9$.'3#"5T#3'?"(6';$(5.%'%&()*&%aL':&5.'9500'$0.('�<'0#$3'5/%('%&#'35.7()".#'
(?'E$.%2=.5$/'%&()*&%L'8("'#Z$6<0#K'%&5.'?(7).'(/'/#)%"$05.#3'(<<(.5%#.'5.'*"()/3#3'5/'1&()'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Q':56(%&J'g(([5/K'hG<5"5%)$02%#6<("$0'C6$*#"J'5/'4).57'(?'I05T5#"'4#..5$#/'$/3':(")':$U#65%.)iK'
80&$"1F0%,%)'N<#3C'O".3"+K'D(0L'dK'Q``^j'<L'OPPL'O'1L'\L'X)/*K'2%C6"$)F"#',&*'$6"'80EE"C$3."'>&C0&#C30<#K'-"5/7#%(/'A/5T#".5%J'-"#..K'D(0L'`K'-$"%'QL'Q`_`L'
^'1(9$"3K'M$"(03L'h:$(5.6'$/3'X)/*,'GJ/7&"(/575%J'$/3'%&#'G#0?i='D63E0#0F6)'G,#$',&*'!"#$K'D(0L'a_K'B(L'a'VI7%L'
Q``_WL'<<L'add2a`cL'a'C>53LK'<L'addL'
'
'
^'
+#/27&)/*R.'7(/7#<%'(?'Y7)0%)"$0'"((%.Rf<$"%57)0$"0J'%&#'Y"#T5%$05.$%5(/'$/3'$..5650$%5(/Rc'5/'
<#".(/$0'$"%5.%57'<"$7%57#L'
C/';$(5.%'%&()*&%'$"%5.%57'<"$7%57#'5.'/(%'S).%'%&#'?(7).'(/'$'.5/*)0$"'$"%'?("6'>)%'.(6#%&5/*'
%&$%'7$/'6(T#'$7"(..'6)0%5<0#'6#35$L':&5.' 5.'#Z<$/3#3'>J'1&()' 5/'&5.'$"%570#'!"&%"&',&*'
8<E$<%",'h5/'$/75#/%'1&5/$'%&#'$"%5.%f+"&%"&K'5.'Y%&#'<#".(/'95%&')0%56$%#'U/(90#3*#'?("'%&#'
$"%.R'LLL'$/3'5.'$77(6<05.'5/'$'T$"5#%J'(?'$"%5.%57'6#35$Li_':&#';$(5.%'<&50(.(<&#"'k&)$/*'k5'
<"(<(.#.'h%&$%'9&57&'6(T#.'$6(/*'%&5/*.'5.'M,0Ki'$/3'1(/?)75).'.%$%#.'%&#'56<("%$/7#'(?='
h$565/*' $%' M,0K' 6(T5/*' $6(/*' %&#' $"%.Lid' :&5.' <"(S#7%' #/3#$T()".' %(' ?5/3' "#T5%$05.$%5(/'
%&"()*&'$..5650$%5/*'.()/3'$/3'T5.5(/L':&#'<)"<(.#' 5.' %('6(T#'$6(/*'%'(/'$'.<5"5%)$0'
<$%&' 0#$3' >J' $' ?0#Z5>0#' 7(/7#<%5(/' (?' >"#$%&L' :&5.' >"#$%&' 5.' $U5/' %(' 1&5/#.#'6).57' 05%#"$%5'
$%%5%)3#' (?' <#"?("65/*' 1&5/#.#'P3&'6).57,' h>J' 5/%#*"$%5/*' %&#' "5.#.' $/3' ?$00.' (?' %&#'6).57'
95%&'>"#$%&5/*K'%&#'#..#/7#'$/3'.<5"5%'(?'%&#'6).57'$"#'(>%$5/#3Lie':&#.#'>"#$%&'7(/7#<%.'
$??#7%'6J'<#".(/$0'%"#$%6#/%'(?'.()/3'$.'6(T#6#/%'.J6>(05.#3'>J'9$%#"L':&5.'�<.'*)53#'
6J'"#$05.$%5(/'(?'%&#'6).57'$/3'56<$7%.'(/'5%.'?0(9K'%56>"$0'05?#K'<&"$.5/*K'$/3'.&$<5/*'$'05/#'
%(9$"3.'M,0'5/'.()/3L'
'
G195BB54;9?21:>?A!2<!%>585:!
1#/%"$0'%#.'(?'%&5.'%&#.5.'5/70)3#K'7)0%)"$0'"((%.K'.<5"5%K'$/3'9$%#"'$.'Y?0(9RL'EZ<"#..#3'5/'
6).57'%&#"#'$"#'.5/*0#'6(6#/%.'6#"*#3'95%&'$'953#"'7)0%)"$0'%(%$05%JL':&5.'6).57$0'%(%$05%J'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''c'1&()'+#/27&)/*K'!"&%"&',&*'8<E$<%"K'45330#%(9/K'1(//L,'+#.0#J$/'A/5T#".5%J'-"#..K'OPPa'<L'OQaL'?"(6'%&#'
>((U'H$J(5'A/('ET#"#%%'b'8"#3#"57U'N$)K'@0C,$3&:'G,#$'2#3,'3&'!"#$"%&'2%$'N<#3CL'_'5>53L'
d'1&()'+#/27&)/*K'!"&%"&',&*'8<E$<%"K'45330#%(9/K'1(//L,'+#.0#J$/'A/5T#".5%J'-"#..K'OPPa'<<L'OQ^L'?"(6'
%&#'>((U'H$J(5'A/('ET#"#%%'b'8"#3#"57U'N$)K'@0C,$3&:'G,#$'2#3,'3&'!"#$"%&'2%$'N<#3CL'e'E39$"3'M(K'h=#.%&#%57'1(/.53#"$%5(/.'5/'A/3#".%$/35/*'1&5/#.#'N5%#"$%5'4).57$0'!#&$T5()"i'B%3$3#6'Q0<%&,E'0/'
G$6&01<#3C0E0:)K'D(0L'_'VQ``dWK'<L'aQL'
'
'
a'
7(/%$5/.'%&#'.J/#"*J'C'.##'>#%9##/'X)/*'$/3'1&5/#.#';$(5.6'V.##'85*)"#'QWL':&#'<"(7#..'5.'
53#/%5?J5/*'.(6#%&5/*'5/'$'7"#$%5T#'9("U'%&$%'5.'$/'(<<(.5%5(/'V?("'5/.%$/7#K'7(/.(/$/7#'$/3'
35..(/$/7#WL' C' %&#/' 5/T5%#' %' %(' .5%' .53#2>J2.53#' $.' S)Z%$<(.#3' #@)$0.f%&).' %"#$%#3'
/#)%"$0L':&5.'7(6>5/$%5(/'5.'$'6).57$0'Y9$JR'%(9$"3.'$'"57&'6).57$0'#Z<#"5#/7#L':&#'<"(7#..'
5.'$0.('$56#3'%('"#.)0%'5/'%"$/@)5005%J'$/3'?0)535%J'%&$%'5.'0#3'>J'%&#'.J6>(05.6'(?'9$%#"L':&5.'
.%"#$6'(?'6).57$0' 53#$.'5.'.5650$"'%(';$(5.6R.'7(/7#<%'(?'.<5"5%)$0'>"#$%&'$.'$'6#%$<&("'(?'
M,0L':&5.';$(5.%57'?0(9'?("6.'$'<&50(.(<&57$0'>$.5.'?("'6J'7"#$%5T#'<"(7#..'5/'6).57'>)%'$0.('
5/%#"$7%.' 95%&'6J' 5/%#"<"#%$%5(/' (?' %&#' T5.)$0L' ;5$0(*)#' 5/' 6J' 7(00$>("$%5T#' <"(7#..' 95%&'
1&5/#.#2=).%"$05$/' ?506' 6$U#"' 1&$/*' $0.(' 5/?0)#/7#.' 6J' 3#75.5(/.L' 1&$/*' 5.' $0.(' 6J'
"#0$%5(/.&5<'<$"%/#"'$/3'.('7(00$>("$%5(/'7$/'&$<<#/'5/'#T#"J3$J'.5%)$%5(/.L':&#.#'53#$.'$00'
7(2#Z5.%' %(' 7(/.%")7%'6J' 7(6<(.5%5(/$0' 53#/%5%JK' 5/%#*"5%JK' 7)0%)"#' $/3' .<5"5%K' $/$0(*().' %('
%&#'M,0'$/3'(>.#"T$>0#'5/'<$%%#"/.'$/3'"#0$%5(/.&5<.'95%&5/'$'7"#$%5T#'$"%#?$7%'V6).57'$/3'
T5.)$0WL' :&#.#' 53#$.'9500'>#'$/$0J.#3' %&"()*&' %&#'8"#/7&' 7)0%)"#3' 0#/.'(?'1&5(/R.' 53#$.'(/'
(<<(.5%5(/$0'T#7%(".'$/3'?"##3(6L'
'
:&#'35$*"$6'>#0(9'V85*)"#'QW'"#<"#.#/%.'%&#'7(/7#<%'(?'$'Y?0($%5/*'9("03'%&$%'#6>"$7#.'
(<<(.5%#.R,'G5/*)0$"'#Z5.%#/7#.'6#"*5/*'95%&'$'7)0%)"$0'%(%$05%J'$.'$'6#%$<&("'?("'.()/3K'?#3'
>J'%&#'(<<(.5%5(/.,''
'5L'X)/*5$/'<&50(.(<&J'T#".).';$(5.%'%&()*&%'V5/'.()/3Wj'
55L'-#".(/$0'7)0%)"$0'"((%.,'+#.%#"/'$"%'6).57'7(6<(.#"'$/3'1&5/#.#2=).%"$05$/'?506'
6$U#"j'
555L'1)0%)"$0'7(/%#Z%,'+#.%#"/'6).57'$/3'?506.'V1&5(/'(<<(.5%5(/$0'%&#("5#.WK'1&5/#.#'
7$005*"$<&J'$/3'05%#"$%5'6).57'$%%5%)3#.j'
5TL'EZ5.%.'(/'$'0#T#0'$.'Y.<5"5%R'>)%'"#<"#.#/%#3'5/'%&#'$"%#?$7%L'
TL'1(00$>("$%5(/,'+$%#"'6#%$<&("'$.'80(9'>#%9##/'6#35$L''
! !
'
'
_'
(<<(.5%5(/$0' 53#$.' >#%9##/' ?5Z#3' VT#7%("' "#0$%#3W' $/3' ?"##' V.J/7"#.5.W' 7(5/753#/7#.' (?'
6#35$L'
%>5!"5/>;1?/:!2<!)423!
:&).' ;$(5.%2X)/*5$/' ?0(9' 5.' #Z<0("#3' $.,' $' <#".(/$0' 7"#3(K' $' <&50(.(<&57$0' $/3' 6).57$0'
7(/%#Z%K' %&"()*&' 6).57' ?"(6' $/' 5/%#"7)0%)"$0' 7(/%#Z%' $/3' %&"()*&' %&"##' $)35(2T5.)$0'
7(00$>("$%5(/.L':&#.#'53#$.'$"#'%('#6#"*#'$.'$'6)0%52<(0$"5.%57'53#/%5%J'7(/7#<%L'1&$<%#"'%9('
0((U.'$%'%&#'<#".(/$0'7"#$%5T#'"((%.'(?'%&#'7(6<(.#"'$/3'%&#'?506'6$U#"'$.'$'"#T5%$05.$%5(/'
%(9$"3.'$..5650$%5(/L':&5.'5.'%&"()*&'$'/()"5.&5/*'.J6>(05.6'(?'9$%#",'$'?0($%5/*'9("03'%&$%'
/#)%"$05.#.'(<<(.5%5(/K'7"#$%5/*'$';$(5.%'?0(9'(?'>$0$/7#L':&5.'?("6.'$/'5/%#*"$%#3'(/#/#..'
>#%9##/'+#.%#"/'="%'6).57'$/3';$(5.6L'1&$<%#"'%&"##'5.'%&#'7"#$%5T#'7(/%#Z%'(?'9$%#"'$.'$'
<&50(.(<&JL'B$%)"#'9500'>#')/5?5#3'95%&,'6).57$0' 53#$.'$/3'%&#' 5/%)5%5T#'<"(7#..L':&#"#'9500'
$0.(' >#' 7(""#0$%5(/' %(' %&#' ;' 863&:' $/3' 1&5/#.#' 7$005*"$<&J' .&(95/*' ' %"' $<<057$%5(/' %('
7"#$%5T#'6$%#"5$0L' E$.%' =.5$/' 7)0%)"$0' /(%5(/.' (?' /$%)"$0' <&#/(6#/$K' %&#' .5/*0#2%(/#K' %&#'
5/?5/5%#K' %&#' #<5.(357K' $/3' %&#' $)"$' 9500' >#' "#<"#.#/%#3' $/3' 7(6<$"#3' %(' #Z$6<0#.' 5/'
9#.%#"/' $"%' 6).57L' :&5.' 5.' %(' .&(9' %&#' .&$3#.' (?' *"#J' >#%9##/' %&#' %9(' 7)0%)"#.K' 9&57&'
"#.)0%.' 5/' $' ;$(5.%' (/#/#..L' 1&$<%#"' ?()"' 5.' %&#' 5/%#"7)0%)"$0' 7(/%#Z%' 9&57&' ).#.' .<#75?57'
6).57$0'#Z$6<0#.' ?"(6'U#J'7(6<(.#".' 5/T(0T#3L':&#.#'7(6<(.#".' ?("6'%&#'7(/?0)#/7#'(?'
E$.%'=.5$/'$/3'+#.%#"/'$"%'6).57'$/3'7(/%$5/'#Z$6<0#.'(?'9$%#"'?0(9'7(/7#<%.L':"'53#$.'
#Z<$/3' %&#'<&50(.(<&J' %&"()*&' %"'<#".(/$0' $/3' 7)0%)"$00J' .<#75?57' %"#$%6#/%'(?' T$"J5/*'
%#6<("$05%5#.L':&#.#'7(6<(.#".'5/70)3#,'1&()'+#/27&)/*'V1&5/$WK'1&5/$"J'A/*'V1$6>(35$WK'
:(")' :$U#65%.)' VX$<$/WK' N5[$' N56' V=).%"$05$WK' !")7#' 1"(..6$/' V=).%"$05$WK' $/3' -&505<' \0$..'
V=6#"57$WL' ' 1&$<%#"' ?5T#' 5.' $/' $/$0J.5.' ).5/*'457�' 1&5(/R.' $)35(2T5.)$0' 7(/7#<%.' (?' ?0(9'
'
'
d'
?()/3' 5/' %&#' %&"##' 7"#$%5T#' 9("U.,'+,$"%-' +,."-' /0%1-' VOPQPWK'2&$3430#3#' VOPQQW' $/3' 56"'
760#$'8,."' VOPQOWL':&5.' ?0(95/*' S()"/#J' 5.''%(*#%&#"'%&"()*&' 5%.'9$%#"'<&50(.(<&J'$/3'
5/%#"7(//#7%#3'?0($%5/*'9("03'(?'53#$.L':&#.#'#6#"*#'$.'$'<#".(/$0'7"#$%5T#'7"#3(L'''
'
'
e'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
! !
'
'
`'
@>;A95B!%32!!
E5B:21;4!@B562!!
E5B:21;4J@=49=B;4!'229:C!'5H?9;4?:;9?21!;16!#::?8?4;9?21!
:&#' )/3#"0J5/*' 7(/7#<%' (?' 9$%#"' 7(/%$5/.' %&#' 53#$.' (?' "#T5%$05.$%5(/' $/3' $..5650$%5(/' (?'
<#".(/$027)0%)"$0' "((%.L' :&#.#' <#".(/$0' 53#/%5%5#.' 9500' >#' 3"$9/' ?"(6' 6J' (9/' +#.%#"/'
6).57$0' >$7U*"()/3f75%5/*' <"#T5().' 9("U.f$..5650$%#3' 95%&' %&#' ?506' 6$U#"R.' 1&5/#.#'
;$(5.%'>$7U*"()/3L''
=77("35/*' %(' $/75#/%' .$*#.K' %&#' .()"7#' (?' 7"#$%5T5%J' 5.' %(' >#'
?()/3' 5/' (/#R.' &#"5%$*#j' %(' "#T5%$05.#' %&#' 0#*$7J' (?' $' 7)0%)"#'
%&).' "#@)5"#.' "#.<(/35/*' %(' .%56)05' 7(65/*' ?"(6'>(%&'95%&5/'
$/3'()%.53#'%&#'7)0%)"#L`'
'
8(00(95/*' 1&()R.' %#K' (?' $' 7)0%)"$0' "((%' %(' /()"5.&' 7"#$%5T5%JKQP' &#' 6#/%5(/.' %&#'
56<("%$/7#'(?'"#T5%$05.5/*'"((%.'?"(6'$'<#".(/$0' 53#/%5%JK'9&57&'7(6<(.#"'!")7#'1"(..6$/'
75%#.'5/'&5.'35.7)..5(/'h<#".(/$0'7(6<(.5%5(/$0'T(57#iQQK'"#T#$0#3'<(#%57$00J'>J'1&()'$.,'h%&#'
"#T5%$05.$%5(/'(?'(/#R.'(9/'7)0%)"#K'%&#'>#$)%5?)0'?0(9#".'<0)7U#3'?"(6'$'/#5*&>()"R.'*$"3#/'
9500'/#T#"'<"(3)7#'"((%.'?("'?)%)"#'>0(..(6.LiQO'4J'<#".(/$0'#3)7$%5(/' 5/'6).57'&$.'>##/'
?"(6' $' +#.%#"/' %"$35%5(/L' 4J' 5/%#"#.%.' >#*$/' <"56$"50J' ?"(6' 7(/%#6<("$"J' E)"(<#$/K'
=6#"57$/' $"%'6).57' $/3' "(7U'6).57L' =.' C' "#?0#7%#3'6("#' 3##<0J' 5/%('6J' <"$7%57#' C' ?()/3'
5/.<5"$%5(/'?"(6'$/'5//#"'.5/7#"5%J'(?'#6(%5(/'$.'$'%J<#'(?'Y<#"7#5T#3'?0(9RL':&5.'9$.'3#"5T#3'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''`'1&()'+#/27&)/*K'!"&%"&',&*'8<E$<%"K'45330#%(9/K'1(//L,'+#.0#J$/'A/5T#".5%J'-"#..K'OPPa'<L'OQaj'?"(6'%&#'
>((U'H$J(5'A/('ET#"#%%'b'8"#3#"57U'N$)K'@0C,$3&:'G,#$'2#3,'3&'!"#$"%&'2%$'N<#3CL'QP'C>53LK'<L'OQ^L'
QQ'1"(..6$/K'!")7#L'h=.5$/2=).%"$05$/'C/%#"$7%5(/.,'-#".(/$0'1(6<(.5%5(/$0'D(57#'$/3'=?%#"2F#.(/$/7#'
F#/#9$0Ki';&,<:<%,E'O"#",%C6'80&/"%"&C"R'(C60E,%#63F',&*'8011<&3$)K'1(00#*#'(?'="%.K'E3)7$%5(/K'$/3'G(75$0'
G75#/7#.K'A/5T#".5%J'(?'+#.%#"/'GJ3/#JK'OPPcK'<LQL'QO'1&()'+#/27&)/*K'!"&%"&',&*'8<E$<%"K'45330#%(9/K'1(//L,'+#.0#J$/'A/5T#".5%J'-"#..K'OPPa'<L'OQaj'?"(6'
%&#'>((U'H$J(5'A/('ET#"#%%'b'8"#3#"57U'N$)K'@0C,$3&:'G,#$'2#3,'3&'!"#$"%&'2%$'N<#3CL'
'
'
QP'
?"(6' ;$(5.%' %&()*&%' $/3' >#7$6#' $' *)535/*' <"5/75<0#' (?' 6J' 7"#$%5T#' <"(7#..' V#Z<0$5/#3'
?)"%&#"'>J'k&)$/*'k5'/(%5(/'(?'%&#'M,0'$.'h%&$%'9&57&'6(T#.'$6(/*'%&5/*.iQ^WL':&#'53#$'(?'
3"$95/*' ?"(6' $/' 5//#"' .5/7#"5%J' (?' #6(%5(/' 7$/' >#' 05/U#3' %(' 1&()R.' #Z$6<0#' (?' %&#'
<(<)0$"5.#3'+#.%#"/'56$*#'$.'$'"(6$/%57'9&('.#$"7&#.'?("'h$/'5/35T53)$05.#3'#Z<"#..5(/'(?'
.(6#'5/%#/.#'<#".(/$0'?##05/*LiQa'C%'7$/'$0.('>#'.J/%&#.5.#3'95%&'1&()R.'%"$35%5(/$0'1&5/#.#'
56$*#'(?'h7(6<(.5/*'$'<5#7#'$>()%'.(6#'<&#/(6#/(/'5/'/$%)"#K'$/3'5%.'<&50(.(<&57$0'$/3'
$#.%&#%57'56<$7%LiQc'4J'#$"0J'3#T#0(<6#/%$0'9("U.'7"#$%#3'?"(6'%&#.#'53#$.'5/70)3#'(,$0%3'
VOPP`W'$/3'5+3&'D6043,#'VOPP`Wf%()7'(/'E$.%#"/'<&50(.(<&57$0'53#$.L''
4J'5/T#.%5*$%5(/'5/%('%&#'3#T#0(<6#/%'(?'6J.#0?'$.'$'7(6<(.#"'*"#9'5/7"#$.5/*0J'.%"(/*#"'
$.' C' ?()/3'6J.#0?' *"$T5%$%5/*' %(9$"3.' E$.%2=.5$/' 7)0%)"#L' :(")' :$U#65%.)' $/3' 1&()'+#/2
7&)/*'&$T#'>##/'6$S("'5/.<5"$%5(/.'5/'%&5.'35"#7%5(/K'6$5/0JK'%&#'$??5/5%J'95%&'/$%)"#'$/3'%&#'
#/T5"(/6#/%' %&$%' )/3#"<5/.' %&5.'6).57L' N5.%#/5/*' %(' %&#.#' 7(6<(.#".' ?("' %&#' ?5".%' %56#K' C'
?()/3' C' 7()03'/(%'7(6<"#&#/3'&(9'%&5.'6).57'9$.'7"#$%#3'("'#T#/'&(9'%(' 05.%#/' %(' %"'
9("U.L'C'.).<#7%#3'%&#'6).57'9$.'9("U5/*'(/'$/(%&#"'0#T#0K'9&57&'C'0$%#"'7$6#'%('"#$05.#'$.'
$/'#/T5"(/6#/%$0'%(%$05%JL'M(9#T#"K'C'9$.'/(%'$9$"#'(?'%&5.'5/5%5$00J'$/3'5%'3"#9'6#'70(.#"'%('
9$/%5/*'%(')/3#".%$/3'%&#'7)0%)"#'>#&5/3'%&#'6).57L'G(6#'#Z$6<0#.'(?'%&5.'6).57'5/70)3#';&'
,&'2<$<1&'7,%*"&' SQ`d^W'$/3'T0."14"%'($"F#' VQ`_dW'>J':(")':$U#65%.)'$/3'UV&' SQ`_`W'
$/3'D3"&'VQ`__W'>J'1&()'+#/27&)/*L'
C' 7$6#'$7"(..' %&#' %(<57'(?'9$%#"'9&50.%'9("U5/*'(/' %&#' ?506.'(,$0%3'$/3'5+3&'D6043,#f5/'
7(00$>("$%5(/' 95%&' ?506' 6$U#"' ;(//$' 1&$/*L' C/%#"#.%5/*0JK' %&5.' $??5/5%J' 95%&' /$%)"#' 5/'
1&$/*R.'9("U'9$.'.(6#%&5/*' C'&$3'>##/')/7(/.75().0J'$365"5/*' 5/'1&()'$/3':$U#65%.)L' C'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Q^'C>53LK'<L'OQ^L'
Qa'1&()'+#/27&)/*K'h+&5%&#"'1&5/#.#'1(6<(.#".li'80&$"1F0%,%)'N<#3C'O".3"+K'O_,'cK'OPPdK'<L'cPOL'
Qc'C>53L'
'
'
QQ'
5/%)5%5T#0J'?()/3'9$%#"'%('>#'$'*"#$%'.()"7#'?("'5/.<5"$%5(/'95%&()%'U/(95/*'&(9L'C%'9$.'%&5.'
Y&(9R'%&$%'3"#9'6#'%('%&5.'7)""#/%'"#.#$"7&'$/3'%('3#.7#/3'?)"%&#"'3(9/'%&5.'7"#$%5T#'9#00'
35.7(T#"5/*'7(//#7%5(/.'>#%9##/'E$.%2=.5$/'$"%5.%57' %&()*&%'$/3'6J'(9/'<"$7%57#L'-$"%'(?'
6J'$56'(?' "#T5%$05.$%5(/' 5.' %&"()*&'%&#' ?0(9'>#%9##/'%&#' %9('6#35)6.L'4("#'.<#75?57$00JK'
%&#';$(5.%57'%#Z%)$0'?0(9'?"(6'/$%)"#'V9$%#"W'5/'1&$/*R.'?50657'.#@)#/7#.'$/3'%&#'35$0(*)#'
95%&'6J'.(/57' 53#$.L':&5.' ?0(9'>#%9##/'$"%' ?("6.'7(6#.'()%'(?'1&5/#.#';$(5.%'$%%5%)3#'%('
7"#$%5T5%JK' #Z<"#..#3' 5/' 1&()R.' 53#$' (?' ?0(9' $7"(..' 35??#"#/%' 6#35$Q_' $/3' 7$/' >#' .##/' 5/'
;$(5.%'5/?0)#/7#3'9("U'L0),,&3#P,$#3WX'95%&'%&#'7(00$>("$%5(/'(?'7(6<(.#"'-&505<'\0$..'$/3'
?506'6$U#"'\(3?"#J'F#**5(LQe'
1&()R.'6#/%5(/'(?'$'Y7)0%)"$0'"((%R'5.'$0.('56<("%$/%'$/3'7$/'>#'.##/'%('%"$/.0$%#'35"#7%0J'%('
%&#' $)35#/7#' #Z<#"5#/7#L' C' 95%/#..#3' :$/' ;)/R.' <5#7#' 7$00#3'760#$' JF"%,Q`' $%' %&#' OPQQ'
GJ3/#J' ?#.%5T$0L' C' ?#0%' %&#'<5#7#' "#<057$%#.' %&5.'>$0$/7#'(?'$' 7"(..27)0%)"$0'6(.$57L':$/';)/'
"#?0#7%.' 6$/J' ?)/3$6#/%$0' <"5/75<0#.' 5/' ;$(5.6' .)7&' $.' 9&#/' &#' 3#.7"5>#.' &5.' 6).57' $.'
h6$/J' #0#6#/%.' ?"(6' 35??#"#/%' %"$35%5(/.' $/3' 7)0%)"#.K' >)%' %&#J' $"#' $00' 6()03#3' 5/%(' $'
*#/)5/#'9&(0#LiOP':&#'.#7(/3'6).57'%&#$%"#'9("U'(/'%&5.'/5*&%'9$.'7$00#3'2'863&"#"'I01"'
9&57&'5.'$'6)0%56#35$'9("U'5/'?()"'<$"%.'<)%'%(*#%&#"'>J'+)24$/K';$T53'M$""5/*%(/'$/3'%&#'
T53#('$"%5.%'1&#/'G&52k&#/*L'-#%#"'471$00)6R.'$"%570#'5/'%&#'GJ3/#J'4("/5/*'M#"$03'#Z<0$5/.'
%&$%'%&#'9("U'h0$7U#3'%&#'5/.%5/7%5T#'7(&#.5(/K'.#/.5%5T5%J'$/3'.$%5.?J5/*'9&(0#/#..'(?':$/R.'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Q_'1&()'+#/27&)/*K'!"&%"&',&*'8<E$<%"K'45330#%(9/K'1(//L,'+#.0#J$/'A/5T#".5%J'-"#..K'OPPa'<L'OQ^j'?"(6'
%&#'>((U'H$J(5'A/('ET#"#%%'b'8"#3#"57U'N$)K'@0C,$3&:'G,#$'2#3,'3&'!"#$"%&'2%$'N<#3CL'Qd'L0),,&3#P,$#3='35"#7%#3'>J'\(3?"#J'F#**5(L'CFE'-"(3)7%5(/.j'G$/%$'8#'C/.%5%)%#'?("'F#*5(/$0'E3)7$%5(/K'Q`eOL'
Qe'7E,##R'2'D0%$%,3$'0/'D63E3F'3&'5+"E."'D,%$#K'35"#7%#3'>J'G7(%%'M57U.L'C/3#<#/3#/%'4#35$j'g5/('8506.j'4$/3$0$J'
4(%5(/'-57%)"#.K'OPPdL'Q`':$/';)/R.'\&(.%'I<#"$j'&%%<,mm999L.J3/#J?#.%5T$0L("*L$)mOPQQm4).57m\&(.%2I<#"$2=21&5/#.#2M(6#m'
V$77#..#3'Qe%&'X$/)$"J'OPQQWL'OP'1&"5.%5$/'A%[K'5,&'M<&Y#'2%$'/0%','T"+'7"&"%,$30&R'GH$%"1"'8%0##90."%='GH$%"1"E)'D"%#0&,E'N<#3C-'1MC4E'
QOmQ^K'Q``e,'<L'QaaL'
'
'
QO'
(.%#/.5>0J'$/3'6("#'35??).#'9("ULiOQ'C'9()03'$*"##'95%&'%&5.'.%$%#6#/%'$/3'$33'?)"%&#"'%&$%'
%&#"#'9$.'$' Y"((%0#..R' 7)0%)"$0' 7(/?).5(/f9&57&'1&()'$0.(' .)**#.%.'$>()%' "#7#/%'1&5/#.#'
7)0%)"#OOL';)/R.'9("U'9$.'6("#')/5?5#3'6).57$00J'$/3'7"#$%#3'$'%J<#'(?'(/#/#..L'
!
D;95B!#B/>59IA5C!@2445/9?H5!-1/21:/?2=:!;16!L;2!*D>24515::.!
X)/*R.' .J6>(05.6' ?("' %&#' )/7(/.75().f"#<"#.#/%#3' $.' 9$%#"j' 9&#"#' $00' 05?#' ?0($%.' 5/'
.).<#/.5(/f.&(9.'%&$%'35??#"#/%'7)0%)"$0' "((%.'$/3'%"' 53#/%5%5#.'7$/'>#'/()"5.'>J'$'
?0($%5/*'9("03'%&$%'#6>"$7#.'(<<(.5%#.L':&5.'<"(7#..'5.'$>()%'53#/%5?J5/*'%&#.#'(<<(.5%5(/.K'
$.'$'9$J'(?'/#)%"$05.5/*'$/3'/#*(%5$%5/*'>#%9##/'%&#.#'#/%5%5#.'$.'$'U5/3'(?'?0(9L'''
+$%#"' &$.' 6$/J' .J6>(057' 6#$/5/*.' %&"()*&()%' %&#' 9("03L' ' 1$"0' X)/*' .$9' <$%%#"/'
?("6$%5(/.' $7"(..' 7)0%)"#.' %&"()*&' 6J%&(0(*JK' "#05*5(/K' ;$(5.%' %&()*&%K' $/3' &5.' (9/'
<#".(/$0'#Z<0("$%5(/'(?' %&#')/7(/.75().L'M#' "#$05.#3' %&$%'$00' 7)0%)"#.'9#"#'#0$>("$%5/*'(/'
%&#' .$6#' )/3#"05/5/*' )/5T#".$0' .%")7%)"#.' %&$%' "#.(/$%#' 95%&' $00' (?' &)6$/5%JL' :&#.#'
Y<$%%#"/.R'&#'7$00#3'$"7&#%J<#.K'9&57&'&#'70$56#3'%('>#'5//$%#'5/'#T#"J(/#'$/3'<$"%'(?'9&$%'
&#' 7$00#3' %&#' 7(00#7%5T#' )/7(/.75().LO^' :&5.' #Z<"#..5(/' (?' )/5T#".$05%J' 5.' <"#.#/%' 5/' ;$(5.%'
%&()*&%'9&57&' 5.'?)/3$6#/%$00J'?()/3'5/'/$%)"#L' C' 7&((.#'%('3"$9'?"(6'5/?0)#/7#.'()%.53#'
6J'<"#T5().'<"#?#"#/7#' ?("' 7(/%#6<("$"J'+#.%#"/' $"%'6).57L' 1&)$/*':[)' .%$%#.' %&$%' %&#'
M,0'V%&#'9&(0#W'5.'(>.7)"#3'9&#/'(/#'?5Z#.'(/#n.'#J#'(/'05%%0#'.#*6#/%.'(?'#Z5.%#/7#'(/0JLOa'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''OQ'-#%#"'471$00)6K'h-).&'$%'!()/3$"5#.';#05*&%.'5/'A/#Z<#7%#3'-0$J?)0i='()*&")'N0%&3&:'I"%,E*K'Qa'X$/)$"J'
OPQQK'<L'QQL'OO'1&()'+#/27&)/*K'h+&5%&#"'1&5/#.#'1(6<(.#".li'80&$"1F0%,%)'N<#3C'O".3"+K'O_,'cK'OPPdK'<L'cPaL'
O^'1L'\'X)/*K'2%C6"$)F"#',&*'$6"'80EE"C$3."'>&C0&#C30<#K'-"5/7#%(/'A/5T#".5%J'-"#..K'D(0'`K'-$"%'QL'Q`_`K'<L'cL'
Oa' 1L' \L' X)/*K' ($%<C$<%"' Z' M)&,13C#' 0/' $6"' D#)C6"j' 1(00#7%#3' +("U.' (?' 1L\L' X)/*K' D(0)6#' e,' E35%#3' $/3'
%"$/.0$%#3'>J'\#"&$"3'=30#"'$/3'FL8L1L'M)00j'-"5/7#%(/'A/5T#".5%J'-"#..j'O'#35%5(/'VX$/)$"J'QK'Q`dPWK'<L'aeeL'
'
'
Q^'
:&#'?5".%'<0$7#'(?'(<#/5/*'6J'<#".<#7%5T#'(/'6J'<"$7%57#'9$.'%&"()*&'E$.%#"/'%&()*&%L':&#'
?(00(95/*'5.'$/'#Z<"#..5(/'(?'9&$%'C'7(/?"(/%#3f9&57&'5.'$0.('X)/*R.'7(00#7%5T#')/7(/.75().,'
='>()/30#..' #Z<$/.#' ?)00' (?' )/<"#7#3#/%#3')/7#"%$5/%JK'95%&'
$<<$"#/%0J'/('5/.53#'$/3'/('()%.53#K'/('$>(T#'$/3'/('>#0(9K'
/('&#"#'$/3'/('%&#"#K'/('65/#'$/3'/('%&5/#K'/('*((3'$/3'/('
>$3L' C%' 5.' %&#' 9("03' (?' %&#' 9$%#"K' 9&#"#' $00' 05?#' ?0($%.' 5/'
.).<#/.5(/j'9&#"#'%&#'"#$06'(?'.J6<$%&#%57'.J.%#6K'%&#'.()0'
(?' #T#"J%&5/*' 05T5/*K' >#*5/.j' 9&#"#' C' $6' 5/35T5.5>0J' %&5.' $/3'
%&$%j' 9&#"#' C' #Z<#"5#/7#' %&#' (%&#"' 5/' 6J.#0?' $/3' %&#' (%&#"2
%&$/'6J.#0?'#Z<#"5#/7#.'6#LOc'
'
=77("35/*'%('X)/*K'h9$%#"'6#$/.'.<5"5%'%&$%'&$.'>#7(6#')/7(/.75().iO_L':&5.'"#T#$0.'%('6#'
%&#'/##3'?("'$'<#".(/$0'5/T#.%5*$%5(/'5/%('$'7(6<(.#"R.'<"$7%57#'V$/3'.56)0%$/#().0J'(?'%&#'
.#0?W' %(' )/7(T#"' )/7(/.75().' $7%5T5%J' $/3' >"5/*' 5%' %(' 7(/.75().' ?")5%5(/L' \"##U' 7(6<(.#"'
C$//5.'o#/$U5.'#Z<0$5/.,'h>"5/*5/*'5/%)5%5(/'%('$'7(/.75().'0#T#0'$00(9.'5%'%('>#'(>.#"T#3'$/3'
#0$>("$%#3' $.' $' >$.57' <&$.#' 5/' %&#' 7"#$%5(/' (?' $' /#9' 9("ULiOd' :&5.' $9$"#/#..' 5.' $>()%'
>"($3#/5/*'%&#'<#".<#7%5T#'%('.##65/*0J'/('0565%$%5(/.L'=.'%&#.#'<"(7#..#.'#Z%#/3'3##<#"'
5/%('6("#'.)>%0#' .J6>(057' 7(""#0$%5(/.'95%&'/$%)"#K' %&#'7(6<(.#"'7$/'3#T#0(<' 5/%#*"5%JLOe'
G5650$"' %(' %&$%'(?' %&#' E3$"%,$3'<$5/%5/*'9&57&'9$.' 7(/7#5T#3'$.' $'6(3#' %&"()*&'9&57&' %&#'
1(/?)75$/'[<&A3'V/(>0#'<#".(/W'#Z<"#..#3'&5.'#%&57$0'<#".(/$05%JLO`'
:&#'%5%0#'(?'7&$<%#"'(/#'Y+$0U5/*'95%&'+$%#"R'5.'$/'$/$0(*JK'$/3'5/'%&#'7(/%#Z%'(?'%&5.'<"(S#7%'
5.' 5%'7$/'.J6>(05.#'%&#'<"(7#..'(?'3"$95/*'?"(6'$/J'.()"7#'(?' 5/.<5"$%5(/'95%&()%'$'>5$.#3'
T5#9K'5/'("3#"'%('?5/3'(/#R.'(9/'<$%&'$/3'53#/%5%JL'+$%#"'.J6>(05.#.'%&$%'9&57&'$'7(6<(.#"'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Oc'C>53LK'<<L'OQ2OOL'
O_'C>53LK'<<L'Qe2Q`L'
Od'G&$"(/'g$/$7&K'ho#/$U5.n.'M$/3K'("'%&#'D5.)$05[$%5(/'(?'%&#'1"#$%5T#'-"(7#..Ki'D"%#F"C$3."#'0/'T"+'N<#3C-'
D(0L'aPL'/(L'Q,'OPPOK'<L'Q`QL'Oe'-(00J'H()/*2E5.#/3"$%&'b'4#0T5/'EL'4500#"K'56"'D#)C60E0:)'0/'N,$<%"'(F3%3$<,E3$)R';&$":%3$)='!3#*01='
5%,&#C"&*"&C"K'F()%0#3*#K'OPPPj'1&$<%#"'`j'56"'5,0'0/'!3#*01\';&$":%,$30&'0/'5,03#1',&*'F#)C60E0:3"#'0/'
Q<&:='G%3?#0&=',&*'N,#E0+=';$T53'ML'F(.#/'$/3'E00#/'4L'1"().#'<LQOPL'O`'C/35$/$'A/5T#".5%JK'h:"$35%5(/.'(?'N5%#"$%5'-$5/%5/*iK'E=N1'EO^OK'FL'E/(K'G<"5/*'OPPe'<L'Q,'
&%%<,mm999L5/35$/$L#3)mp#O^OmQd2-$5/%L<3?'V$77#..#3'Q.%'8#>")$"J'OPQQWL'
'
'
Qa'
7$//(%' .##' ("' 7&((.#.' /(%' %(' .##' $/3' h9#'6).%' .)"#0J' *(' %&#'9$J' (?' %&#'9$%#".K'9&57&'
$09$J.' %#/3' 3(9/9$"3Li^P' N5U#' 9$%#"' 5/' $' T$00#JK' 5%' 5.' $>()%' 9&$%' 5.' 0J5/*' )/3#"/#$%&'
7(/.75()./#..L'G('&#"#'9$%#"'V)/7(/.75().'.<5"5%W'5.'.##/'$.'%&#'7(6<$/5(/'%('%&#'7(6<(.#"'
$/3' %&#' ?5".%' .%#<' C' #6>"$7#3'9$.' %('(<#/')<' %(' $"#$.'(?' 35."#*$"3K'35.5/%#"#.%K' &$%#'$/3'
%$>(('5/'9&$%'5/?0)#/7#.'C'3"#9'?"(6f5/'6).57'("'?"(6'(%&#"'$"%'?("6.f$/3'?5/3'9$J.'(?'
5/%#*"$%5/*'5%'%('6J'53#/%5%JL':&5.'5.'"#5/?("7#3'>J'%&#';$(5.%'T5"%)#'(?,'h%&#'<(%#/%5$0'%('>#'
V$/3'3(W'$/J%&5/*'5.'%&#'(/0J'%&5/*'%&$%'$00(9.'J()'%('9$0U'3(9/'%&#'65330#Li^Q'
'
,5=9B;4?:56!(AA2:?95:!J!L;2?:9!M;4;1/5!
4J' 5/%#"<"#%$%5(/' (?' ;$(5.%' >$0$/7#' 5.' $>()%' $565/*' %(9$"3.' /#)%"$05.5/*' %&#' 35??#"#/7#.'
>#%9##/' %&#'6#%$<&J.57$0' $/3' #/T5"(/6#/%$0' ?(7).' (?' E$.%#"/' ;$(5.6' $/3' %&#'+#.%#"/'
.75#/%5?57' "$%5(/$05.6K' .)7&' $.' %&$%' (?' %&#' <&50(.(<&#"' D(0%$5"#L^O' C/' "#0$%5(/' %(' %&#' 9$%#"'
$"7&#%J<#'%&#'(<<(.5%5(/' 5/'%&#';$(5.%')3&2),&:'<"5/75<0#'<"(T53#.'6#%$<&J.57$0'<(0#.'%&$%'
>(%&'>$0$/7#'95%&'#$7&'(%&#"'$/3'$00(9'%&#'6(T#6#/%'("'?0(9'(?'7"#$%5T5%J'>#%9##/'%L'
:&5.' 5.' %&"()*&'$'<"(7#..'(?'/#*(%5$%5/*' 53#$.'$/3' %&#'6$%#"5$0L':&5.')/3#?5/$>0#' ?0(9' 5.'$'
7#/%"$0'%#'5/';$(5.%'%&()*&%'5/'%&$%'5%'"#<"#.#/%.'%&#';$('5%.#0?L^^'
4J' 5/%#"#.%' 5/' E$.%#"/' 7)0%)"#' 5.' /(%' (/#' (?' #.7$<#' ?"(6'+#.%#"/' 7)0%)"#' ("' $'+#.%#"/'
"$%5(/$0#f>)%' .##U5/*' $';$(5.%' >$0$/7#'>#%9##/' %&#' %9(L'=%' %&#' .%$"%' (?' %&5.' <"(S#7%'6J'
65/3'7()03'>#'.##/'$.'"#0$%5/*'6("#'%('$'.%#"#(%J<57$0'.75#/%5?57'+#.%#"/'53#$0.K'9&57&'&$.'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''^P'1L'\'X)/*K'2%C6"$)F"#',&*'$6"'80EE"C$3."'>&C0&#C30<#K'-"5/7#%(/'A/5T#".5%J'-"#..K'D(0L'`L'-$"%''QL'Q`_`K'<L'QeL'
^Q'!")7#'8"$/%[5.K'q'$':$(5.%'N5/#$*#'4$.%#"K'.<#$U.'%&#.#'9("3.'5/'%&#'0$.%'.%$%#6#/%'(?'&5.'5/%#"T5#9j'
&%%<,mm999LJ()%)>#L7(6m9$%7&lTr6(/!=0Hkc@E'V$77#..#3'Qe%&'X$/)$"J'OPQQWL'^O'X(&/'F$0.%(/'G$)0K']0E$,3%"^#'B,#$,%*#R'56"'M3C$,$0%#63F'0/'O",#0&'3&'$6"'!"#$=':&#'8"##'-"#..K'Q``OL'
^^'1&()'+#/27&)/*K'!"&%"&',&*'8<E$<%"K'45330#%(9/K'1(//L,'+#.0#J$/'A/5T#".5%J'-"#..K'OPPa'<L'OQ^j'?"(6'
%&#'>((U'H$J(5'A/('ET#"#%%'b'8"#3#"57U'N$)K'@0C,$3&:'G,#$'2#3,'3&'!"#$"%&'2%$'N<#3CL'
'
'
Qc'
>##/' $..(75$%#3' 95%&' "$%5(/$05%JK' 7$).$05%J^aK' #*(' ?(7).#3' <#".(/$05%J
^cK' 5/3#<#/3#/%' $/3'
$/$0J%57$0L'C$/'47*507&"5.%'$)%&("'(?'56"'N,#$"%',&*'63#'G13##,%)R'$6"'M3.3*"*'B%,3&',&*'$6"'
N,?3&:'0/'$6"'!"#$"%&'!0%E*'#Z<0$5/.'%&#'/#)"(.75#/%5?57'<#".<#7%5T#'(/'%&#'+#.%#"/'>"$5/'
$.'*"$T5%$%#3'%('%&#'0#?%'A.<&#"#^_f9&#"#'$.'6J'7"#$%5T#'$56'5.'%('>$0$/7#'0#?%'$/3'"5*&%'
.<&#"#.'%('5/?0)#/7#'7"#$%5T5%JL'
:&#'+#.%#"/'.75#/%5?57' "$%5(/$05.%'T5#9' 5/' %&5.'<"(S#7%' 5.'>$.#3'(/'$'D(0%$5"#$/'<)".)5%'(?'$'
9("03' >$.#3' (/' "#$.(/K' $"*)#3' 5/' X(&/' F$0.%(/' G$)0R.' >((U' ]0E$,3%"^#' B,#$,%*#R' 56"'
M3C$,$0%#63F'0/'O",#0&'3&'$6"'!"#$L'1"5%57'=/3"#5'B$T"([(T'.##.'%&$%'G$)0'h7(/7#/%"$%#.'(/'
%&#'Y>$.%$"35.$%5(/R'(?'%&#'=*#'(?'F#$.(/'$/3'%&$%'9#'&$T#'>#7(6#'YD(0%$5"#n.'!$.%$"3.Ri^dL'
C/' 7(/%"$.%K' X(.#'4$7#3$' .%$%#.' %&$%' hG()%&#$.%'=.5$'9$.'$>.(">#3' 5/'$/(%&#"' 7(/7#<%'(?'
%&#'9("03K'$/(%&#"'6#$.)"#'(?'%56#K'/(%'$'05/#$"K'7$).#'$/3'#??#7%'#/%5%J'(?'0(*57'$/3'6$%%#"K'
>)%'$'6#%$<&J.57$0'9("03'95%&'$'<"(?()/3'"#.<#7%' ?("'/$%)"#LLLi^e' C%' %((U'6#'.(6#%56#'%('
?)00J'"#$05.#'%&5.'()%0((UK'$.'C'>#7$6#'.)>6#"*#3'5/';$(5.%'%&()*&%'9&57&'X)/*'&$.'(>.#"T#3'
$.,'%&#'9$J'>#%9##/'%9('(<<(.5%#.^`K'7(""#0$%5T#'%&5/U5/*'(?'%&#'5//#"'<.J7&#'$/3'%&#'()%#"'
7(.6(.aPK'$"$%5(/$05%J'$/3'$7$).$05%J
aQK'.&5?%5/*'<#".(/$05%J'?"(6'%&#'#*('%(9$"3.'%&#'G#0?
aOK'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''^a'X(.#'4$7#3$K'h='1(/7#<%'(?':56#'5/'$'4).57'(?'G()%&#$.%'=.5$'V='-"#0565/$"J'=77()/%WiK'G$6&01<#3C0E0:)K'
D(0L'^PK'B(L'QK'V+5/%#"K'Q`e_WK'<L'a_L'^c'1$"0'X)/*R.'7(66#/%$"J'(/'56"'("C%"$'0/'$6"'70E*"&'KE0+"%K'C/'%&#'80EE"C$"*'!0%?#'0/'8-'7'Q<&:K'D(0L'Q^K'
Q`_dK'<<L'e`,'$.'75%#3'5/'M$"(03'1(9$"3K'h:$(5.6'$/3'X)/*,'GJ/7&"(/575%J'$/3'%&#'G#0?_='D63E0#0F6)'G,#$',&*'
!"#$K'D(0L'a_K'B(L'aL'I7%L'Q``_L'<L'ae_L'^_'C$/'47*507&"5.%'$)%&("'(?'56"'N,#$"%',&*'63#'G13##,%)R'56"'M3.3*"*'B%,3&',&*'$6"'N,?3&:'0/'$6"'!"#$"%&'
!0%E*'9&('.<(U#'$%'$/'5/%#"T5#9'(/'=!1'"$35('/$%5(/$0'(/'%&#'e%&'X$/)$"J'OPQQ,''
&%%<,mm999L$>7L/#%L$)m"/m$005/%A/3m.%("5#.mOPQQm^P`e^O^L&%6''V$77#..#3'Oc%&'8#>")$"J'OPQQWL'^d'=/3"#5'B$T"([(TK'h:&#'B#9'=*#'(?'F#$.(/'5.'C00).5(/'$/3'N5#.iK'56"'G<%0F",&='W`9Wa'JC$04"%'WbbcR'
&%%<,mm999LS(&/"$0.%(/.$)0L7(6m#/*m/(/s?57%5(/s>((U.L<&<l67rD(0%$5"#tEOtePt``.tOP!$.%$"3.,tOP:&#
tOP;57%$%(".&5<tOP(?tOPtOPF#$.(/tOP5/tOP%&#tOP+#.%'V$77#..#3'_%&'8#>")$"J''
OPQQWL'^e'X(.#'4$7#3$K'h='1(/7#<%'(?':56#'5/'$'4).57'(?'G()%&#$.%'=.5$'V='-"#0565/$"J'=77()/%WiK'G$6&01<#3C0E0:)K'
D(0L'^PK'B(L'QK'V+5/%#"K'Q`e_WK'<L'QQL'^`'M$"(03'1(9$"3K'h:$(5.6'$/3'X)/*,'GJ/7&"(/575%J'$/3'%&#'G#0?_='D63E0#0F6)'G,#$',&*'!"#$K'D(0L'a_K'B(L'aL'I7%L'
Q``_L'<L'adeL'aP'C>53L'
'
'
Q_'
$05*/5/*' (/#.#0?' 95%&' %&#' <$%%#"/.' 5/' /$%)"#' V$.' $' 9&(0#Wa^' $/3' 5/%#"3#<#/3#/7#
aaL' 4J'
"#T#0$%5(/'5/'E$.%#"/'<&50(.(<&J'9$.'9&#/'C'35.7(T#"#3'%&#"#'7$/'>#'$'65330#'9$J'>#%9##/'
$00' %&5/*.' ?("75/*' 6#' %(' 7(/?"(/%' (<<(.5%5(/K' #T#/%)$%5/*' 5/' ?5/35/*' $' 7)0%)"$0' >$0$/7#'
>#%9##/'%&#'#$.%'$/3'9#.%L':$U#65%.)'#Z<0$5/.'&$T5/*'$'.5650$"'#Z<#"5#/7#'$>()%'.&5?%5/*'
&5.'?(7).'?"(6'&5.'5/%#"#.%'5/'+#.%#"/'$"%'6).57'%('&5.'/$%5T#'E$.%#"/'6).57'$/3'<0#3*5/*'%('
5/7("<("$%#'>(%&' 5/?0)#/7#.' 5/%('&5.'<"$7%57#Lac' :&#"#?("#'9&$%';$(5.6'&$.'#/7()"$*#3' 5/'
6J' <&50(.(<&57$0' %&5/U5/*K' $/3' %&$%' )/3#"05#.' 6J' 7"#$%5T#' 9("UK' 5.' $' >$0$/7#' >#%9##/' $'
.<5"5%)$0'56<#%).'$/3'%&#'.75#/%5?57'+#.%#"/'/(%5(/'(?'"$%5(/$05%Ja_L':&5.'5.'7(6>5/#3'95%&'%&#'
$00(9$/7#' (?' 6(T#6#/%' ("' ?0(9' (?' 7"#$%5T5%J' >#%9##/' %' %&"()*&()%' %&#' 7"#$%5T#'
<"(7#..L'
'
G1957B;956!(1515::C!D5:95B1!#B9!"=:?/!;16!L;2?:9!N(1515::O!
:&#'?(7).'(?'%&5.'.#7%5(/' 5.' %(' 53#/%5?J'$/3'$/$0J.#'$.<#7%.'(?' 5/%#*"$%#3'(/#/#..'>#%9##/'
;$(5.%'1&5/#.#'%"$35%5(/'V9&57&'"#.#6>0#.'$/'Y#<5.(357R'?("6'95%&'$'%J<#'(?')/5%J'(/'$'6$7"('
0#T#0W'$/3'+#.%#"/'$"%'6).57L'='35.%5/*)5.&5/*' ?$7%("'9&#/'$/$0J.5/*'6$7"(2.%")7%)"#.f5/'
+#.%#"/'$"%'6).57'$/3';$(5.%' 53#$.'(?' Y(/#/#..Rf5.' .&(95/*' %&#')/3#"05/5/*'<"5/75<0#.'(?'
%"'<&50(.(<&57$0'("5#/%$%5(/.f$.'()%05/#3'>J'X(.#'4$7#3$,'
+&50#'G()%&'#$.%'=.5$'$77(66(3$%#.'95%&'/$%)"#'$/3'<0$7#.'6).57'
5/'$'"#0$%5(/.&5<'>#%9##/'/$%)"#'$/3'%&#'6#%$<&J.57$0'9("03'"$%&#"'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''aQ'M$"(03'1(9$"3K'h:$(5.6'$/3'X)/*,'GJ/7&"(/575%J'$/3'%&#'.#0?_='D63E0#0F6)'G,#$',&*'!"#$K'D(0L'a_K'B(L'aL'I7%L'
Q``_L'<<L'ad`'aO'C>53LK'<<L'aeQ'
a^'C>53LK'<<L'aeO'
aa'C>53L'
ac':(")':$U#65%.)K'h1(/%#6<("$"J'4).57'5/'X$<$/iK'D"%#F"C$3."#'0/'T"+'1<#3CK'D(0'OdK'B(L'OK'Q`e`K'<<'OPQL'
a_':&#"#'$"#'.<5"5%)$0'%"$35%5(/.'5/'+#.%#"/'1)0%)"#K'.)7&'$.'%&#'I"%&(3(Z'1&"5.%5$/'5/?0)#/7#'(/'%&#'7(6<(.#"'
="T('-$"%'VE/7J70(<u35$'!"5%$//57$'I/05/#K'.L'TL'v="T('-w"%Kv'$77#..#3'=)*).%'QdK'OPQOK'
&%%<,mm999L>"5%$//57$L7(6mE!7U#3m%(<57maaad_Qm="T(2-$"%WK'>)%'%&5.'$"*)6#/%'5.'#Z<"#..5/*'$'"#$7%5(/'%('
(/#'$.<#7%'(?'+#.%#"/'%&()*&%L'
'
'
Qd'
%&$/'&)6$/'#T#/%.K'E)"(<#'7(/?"(/%.'%&$%'<&J.57$0'9("03K'$/3'95%&'
$').#'$/3'7(/%"(0'(?''0(*57'$/3'"#$.(/Lad'
'
+&50#'%&5.'.%$%#6#/%'3(#.'/(%'%$U#' 5/%('$77()/%'%&#'35T#".5%J'$/3'T$"J5/*'7(6<0#Z5%J'%&$%'
%&#.#'7)0%)"#.'#6>(3J'5%'9500'/(/#'%&#'0#..'.#"T#'$.'%9('$.<#7%.K'?("'6#'$.'$'7(6<(.#"K'%('
3"$9' (/' 7"#$%5T#0J' $/3' ?0(9' >#%9##/L' C/' .&("%K' %&#' .#0#7%5T#' >5/$"J' $.<#7%.' (?' 6J'
7(6<(.5%5(/$0'7"#3('7"#$%#'$'<#".(/$0'T(57#ae'("'7(.6(0(*J'?("'7"#$%5T#'$7%5(/L'
'='%"$35%5(/$0'+#.%#"/'$<<"($7&'(?'Y)/5?57$%5(/R'7$/'>#'.##/'5/'!##%&(T#/R.'85?%&'GJ6<&(/J'
$.' 6).57(0(*5.%' X(.#<&' g#"6$/' (>.#"T#.,' h%&#' 85?%&' GJ6<&(/J' &$.' 7(6#' %(' %J<5?J' %&#'
%$%57' )/5?57$%5(/K' ("' Y("*$/575.6RK' $.' %&#' Q`%&' 7#/%)"J' T5#9#3' 5%Lia`' :&#' (<#/5/*'6(%5?'
7$/'>#'.##/'$.'$')/5?J5/*'7(/%5/))6K'h&#$"3'5/'$06(.%'#T#"J'>$"'(?'%&#'?5".%'6(T#6#/%LicP'
:&#'?)/3$6#/%$0'7(/7#<%.'(?'?("6'5/'1&5/#.#'$"%.'$"#'3#.7"5>#3'>J'E39$"3'M('$.,'P3'C6"&:'
A6<,&' 6"' V.%$"%27(/%5/)$%5(/27&$/*#2.J/%&#.5.WLcQ' A/5%J' 7()03' >#' .##/' 5/' %&#' /(%5(/' (?'
.J/%&#.5.'3#.7"5>#3'>J'N5'o5R$/'$/3'X)/'1&5,''
N5%#"$00JK'5%'6#$/.'v.)66$"JvK'v7(/70).5(/vK'v%(*#%&#"/#..vK'("'#T#/'
v.J/%&#.5.vL'C%.'?)/7%5(/'5.'%('7(/70)3#'%&#'9("UK'>"5/*5/*'%(*#%&#"'$00'
%&#' 53#$.' 5/' %&#' <"#T5().' .#7%5(/.' $/3' .J/%&#.5.#' %' 5/%(' $/'
)0%56$%#'$"%5.%57'*($0K'7"#$%5/*'$'9&(0#.(6#'?##05/*L'C%'5.'/(%'.('6)7&'
$'<&J.57$0'.J/%&#.5.'$.'$'.<5"5%)$0'(/#LcO'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''ad'X(.#'4$7#3$K'h='1(/7#<%'(?':56#'5/'$'4).57'(?'G()%&#$.%'=.5$'V='-"#0565/$"J'=77()/%WiK'G$6&01<#3C0E0:)K'
D(0L'^PK'B(L'QK'V+5/%#"K'Q`e_WK'<<L'ae2a`L'ae'!")7#'1"(..6$/K'h=.5$/2=).%"$05$/'C/%#"$7%5(/.,'-#".(/$0'1(6<(.5%5(/$0'D(57#'$/3'=?%#"'F#.(/$/7#.'
F#/#9$0iK'8G2(('80&/"%"&C"R'(C60E,%#63F',&*'8011<&3$)K'A+GK'OPPcK'<L'Oj'XxS5'H)$.$K'h4).57'$.'$'F#?0#7%5(/'
(?'$'1(6<(.#"R.'1(.6(0(*JiK'D"%#F"C$3."#'0/'T"+'N<#3CK'OdLOK'Q`e`'<<L'Qd_2QddL'a`'X(.#<&'g#"6$/K'#%'$0L'v!##%&(T#/K'N)395*'T$/Lv'C/'7%0."'N<#3C'J&E3&"L'JH/0%*'N<#3C'
J&E3&"K&%%<,mm999L(Z?("36).57(/05/#L7(6m.)>.7"5>#"m$"%570#m*"(T#m6).57maPPO_<*Qc''
V$77#..#3'c%&'8#>")$"J'OPQQWL'cP'C>53L'
cQ'N5'o5n$/'$/3'X)/'1&5'VQ`ecW'hk&(/**)('65/[)'@).&5'y8("6.'5/'1&5/#.#'%"$35%5(/$0'6).57zi'
B"3[3&:R'O"&13&'N<#3C'D%"##'L<L'O'q'75%#3'5/'E39$"3'M(K'h=#.%&#%57'1(/.53#"$%5(/.'5/'A/3#".%$/35/*'1&5/#.#'
N5%#"$%5'4).57$0'!#&$T5()"i'B%3$3#6'Q0<%&,E'0/'G$6&01<#3C0E0:)K'D(0L'_'VQ``dWK'<L'aPL'cO'N5'o5n$/'$/3'X)/'1&5'VQ`ecW'hk&(/**)('65/[)'@).&5'y8("6.'5/'1&5/#.#'%"$35%5(/$0'6).57zi'
B"3[3&:R'O"&13&'N<#3C'D%"##'L<L'O'q'75%#3'5/'E39$"3'M(K'h=#.%&#%57'1(/.53#"$%5(/.'5/'A/3#".%$/35/*'1&5/#.#'
N5%#"$%5'4).57$0'!#&$T5()"i'B%3$3#6'Q0<%&,E'0/'G$6&01<#3C0E0:)K'D(0L'_'VQ``dWK'<L'aQL'
'
'
Qe'
M(9#T#"K' 5/' E$.%#"/' %&()*&%' %&#' *)535/*' <"5/75<0#' 5.' (?' %&#' .<5"5%' >#&5/3' %&#' 53#$.' "$%&#"'
%&$/' %&#' 6).57$0' 6$%#"5$0.' %.#0T#.f$.' 5/' %&#' +#.%#"/' $<<"($7&L' :&#"#' 5.' $0.(' %&#'
/(%5(/' (?' 6#0(357' .%")7%)"#' 5/' 1&5/#.#' I<#"$' 7$00#3' Y0$>#00#3' 6#0(3J' ?("6Rj' $.'
#%&/(6).57(0(*5.%' G%#T#/' X(/#.' (>.#"T#.,' h:&#' 6#0(35#.' <0$J#3' 5/' .#@)#/7#' $"#'
5/3#<#/3#/%'7(6<(.5%5(/.L'+&50#' %&#J'6$J'&$T#'6(%5T57' 05/U.K' %&#J'3('/(%'7(/.5.%'(?'(/#'
"#7)""5/*' %#' .)>S#7%' %(' $)*6#/%$%5(/Lic^'4).57$0'6$7"(2.%")7%)"$0' 35??#"#/7#.' (?' #$.%'
$/3'9#.%'$"#'(>.#"T#3'>J'-$)0'\"5??5%&.'5/'&5.'35.7)..5(/'(?'I05T#"'4#..5$#/L'\"5??5%&.'.%$%#.,'
:&#'6).57' y(?' E$.%2=.5$z' 5.' .%")7%)"#3' 5/' .#0?27(/%$5/#3' >0(7U.K' $/3'
<"(7##3.'$.' .%$%#6#/%' ?(00(9#3'>J'/#9'.%$%#6#/%K' "#.%$%#6#/%'("'
$0%#"#3' .%$%#6#/%L'+&#"#' $' 7(/T#/%5(/$0'+#.%#"/'7(6<(.5%5(/'9500'
.##6'%(')/?(03'$.'$'%&"#$3'%&"()*&'%56#Lca'
'
+&50.%' %&#'E$.%#"/'$<<"($7&'3(#.'&$T#' 5%.'>$.5.' 5/'1(/?)75$/' .5/*0#' %(/#'#/%5%5#.K' $<<05#3'
.%")7%)"$00JK'5%'$0.('<#"6#$%#.'.(6#'#Z<#"56#/%$0'%"#/3.'5/'+#.%#"/'%&()*&%L':&#'.%")7%)"$0'
56$*#"J'(?' E$.%2=.5$' $0.(' .##6.' %('&$T#' .5650$"' 7&$"$7%#"5.%57.' %(' G%(7U&$).#/R.' Y6(6#/%'
?("6Rcc' %&$%' &5*&05*&%.' %&#' E$.%#"/' 5/?0)#/7#' (/' 7(/%#6<("$"J'+#.%#"/'6).57L' ='6("#' 5/'
3#<%&'(T#"T5#9'(?'E$.%#"/'6).57'9()03'"#T#$0'5/%"57$%#'<"(7#..#.'>#&5/3'%&#'.%")7%)"#.'V?("'
#Z$6<0#K' >)5035/*' ?0(9K' P3' $/3' >"#$%&' 3)"5/*' $' <#"?("6$/7#' (?' 6).57' E3$"%,$3Wc_L' C/.%#$3'
&(9#T#"K' %&#' <"56$"J' 7(/7#<%.' C' 9500' >#' 3#$05/*' 95%&' 5/' %&5.' .#7%5(/' $"#' %&#' 35??#"#/%'
<#"7#<%5(/.'(?'$'6$7"(' Y(/#/#..Rj' %&$%' 5.'>#%9##/'%&#'#$.%' VY#<5.(357R'$/3'>#5/*'(/#'95%&'
/$%)"#W'$/3'9#.%'V)/5?57$%5(/'("'("*$/575.6'$/3'Y&)6$/'?(7).#3R'y"#?0#7%#3'5/'%&#'7(/%5/)5%J'
(?'%56#zWL'4J'<"(7#..'5.''?5/35/*'$'9$J'>#%9##/'%L'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''c^'G%#<&#/'X(/#.K'h:&#'\(03#/'1&$"$7%#"'G7"5<%)"#j'-#".<#7%5T#.'(/'1&5/#.#'4#0(3JK'=.5$/'4).57i'D(0'OPL'B(L'
OK'863&"#"'N<#3C'56"0%)'VG<"5/*'q'G)66#"WK'Q`e`K'<LO^L'ca'-$)0'\"5??5%&.L'v4#..5$#/K'I05T5#"Lv'C/'7%0."'N<#3C'J&E3&"L'JH/0%*'N<#3C'J&E3&"K'
&%%<,mm999L(Z?("36).57(/05/#L7(6m.)>.7"5>#"m$"%570#m*"(T#m6).57mQea`d'V$77#..#3'a%&'8#>")$"J'OPQQWL'cc'=05.(/'N$%&$6K'v4(6#/%'?("6Lv'C/'56"'JH/0%*'801F,&30&'$0'N<#3CK'#35%#3'>J'=05.(/'N$%&$6L''
JH/0%*'N<#3C'J&E3&"K'&%%<,mm999L(Z?("36).57(/05/#L7(6m.)>.7"5>#"m$"%570#m(<"m%QQam#aa`a'
V$77#..#3'd%&'8#>")$"JK'OPQQWL'c_'E39$"3'M(K'h=#.%&#%57'1(/.53#"$%5(/.'5/'A/3#".%$/35/*'1&5/#.#'N5%#"$%5'4).57$0'!#&$T5()"Ki'B%3$3#6'Q0<%&,E'
0/'G$6&01<#3C0E0:)K'D(0L'_'VQ``dWK'<L'aQL'
'
'
Q`'
@>;A95B!%>B55!!
D;95B!@2195F9C!,;9=B5P!&;:9J#:?;1!@=49=B5P!D5:95B1!#B9!
"=:?/!;16!)?48!
'
:&#' 7(/%#Z%)$05.$%5(/' (?' Y#6>"$75/*' (<<(.5%#.' $.' ?0)535%JR' 9500' >#' #Z<0("#3' >J' 7(6<$"5/*'
1&5/#.#'6).57'05%#"$%5'$/3'7$005*"$<&J'$0(/*.53#'+#.%#"/'$"%'6).57'$/3'?506.L':&5.'5.'%('.&(9'
%"'7)0%)"$0'7"(..(T#".'$/3'3#?5/$>0#'35??#"#/7#.L':&#.#'.5650$"5%5#.'$/3'35??#"#/7#.'9500'>#'
.&(9/'%&"()*&'35.7()".#'(/' 5/%)5%5(/'$/3'<&50(.(<&57$0' 53#$.L'85".%0J'>J'7(6<$"5/*'3"(/#.'
5/' 7(/%#6<("$"J'+#.%#"/' Y3"(/#'6#%$0Rcd' 95%&' %"$35%5(/$0' ).#.' (?' 3"(/#.' 5/' 1&5/#.#' $/3'
E$.%2=.5$/' 6).57L' C' 9500' %&#/' #Z$65/#' F(..' E39$"3.R' $<<$"#/%' E$.%#"/' 5/?0)#/7#3'
7(6<(.5%5(/$0'<"(7#..#.ce'85/$00JK'C'.##'&(9'%&#.#'<"(7#..#.'$"#'#6<0(J#3'>J'?506'35"#7%(".'
;$""#/'="(/(?.UJc`'$/3'N$".'D(/':"5#"L
_P'
'
! !
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''cd;"(/#'6#%$0'5.'$'.%J0#'(?'&#$TJ'6#%$0'%&$%'6#03.'%&#'.0(9'%#6<(.'$/3'&#$T5/#..'(?'3((6'6#%$0'95%&'%&#'
0(/*23)"$%5(/'%(/#.'(?'3"(/#'6).57'
&%%<,mm999L/J%56#.L7(6mOPP_mPcmOem6$*$[5/#mOe$"%6#%$0L&%60ls"rQb<$*#9$/%#3r$00'V$77#..'e'=<"50'
OPQQWL'ce'G<#75?57'#Z$6<0#.'5/70)3#'$6"'N,&3&),'#"%3"#'VQ`e_W',&*'56"'50+"%'0/'%"10$"&"##'VQ`deW-'
c`'BE,C?'(+,&'VOPQQWK'56"'!%"#$E"%'VOPPeW'$/3'56"'K0<&$,3&'VOPP_W'''
_P'2&$3986%3#$'VOPP`W''
'
'
OP'
,;9=B5!;16!?9:!-1?<I?17!EB2/5::5:!;:!;1!#:A5/9!2<!@>?15:5!@=49=B5!
B$%)"#R.'5/?0)#/7#'(/'1&5/#.#'7)0%)"#'9500'>#'.&(9/'%('7(//#7%'35"#7%0J'95%&'7(/%#6<("$"J'
+#.%#"/' 6).57L' :&5.' &$.' <"$7%57$0' $<<057$%5(/.' (/' %&#' <"5/75<0#.' (?' )/5?57$%5(/' <"#T5().0J'
35.7)..#3L' F(..' E39$"3.R' 56"' 50+"%' 0/' O"10$"&"##' VQ`deW' &$.' <"(<#"%5#.' (?'
h35.S(5/%#3/#..iL'M#'%"#$%.'%&#'70$"5/#%'$/3'%&#'<5$/('$.'9("U5/*'(/'%9('<0$/#.K'7(2#Z5.%5/*'
(/0J' 5/' %56#' $/3' .<$7#L' E39$"3.' 9$.' 5/?0)#/7#3' >J' 5/.#7%' 3"(/#.K' >5"3' 7$00.' $/3' >#""5#.'
3"(<<5/*_Q'V.##'#Z$6<0#'^LQWL'M#'7(/%5/)#.'%&5.'53#$'5/'&5.'/(%#.'(/'%&#'N,&3&),'.#"5#.,'h$'
?$"' 6("#' 56<("%$/%' 5/?0)#/7#' %&$/' $/J' 6).57' 9$.' %&#' /$%)"$0' #/T5"(/6#/%K' $' %56#0#..'
7(/%5/))6'?"(6'9&57&'6)7&'(?'%&#'.%")7%)"$0'6$%#"5$0'9$.'35.%500#3Li_O':&#'7(//#7%5(/'95%&'
/$%)"#R.'<"(7#..#.'$/3'%"'7(""#0$%5(/'95%&'6).57$0'.(/("5%5#.'.##6.'%('>#'$'T5%$0'$.<#7%'%('
E39$"3.L':&5.'7$/'>#'?()/3'5/'E$.%2=.5$/'%"$35%5(/.'$/3' 5/'%&#'h35.S(5/%#3/#..i'$/3').#'(?'
h3"(/#.i'5/'6J'<5#7#'56"'GHF,."'!,$"%'V.##'7&$<%#"'cWL''
&F;8A45!QRKC!'2::!&63;B6:!!"#$%&"'&($)"*$+$,,!*KSTU.P!V;B:!WXJXYC!Z@4;B?159!;16!E?;12C!,;9=B5!
L?:[2?195615::\!
'
!
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''_Q'F(..'E39$"3.K'56"'50+"%'0/'O"10$"&"##='Q`de,'&%%<,mm999L"(..#39$"3.L7(6ml<$*#s53rcd'V$77#..#3'Q.%'
8#>")$"J'OPQQWL'_O'F(..'E39$"3.'/(%#.'(/'%&#'N,&3&),'G#"5#.,'&%%<,mm999L"(..#39$"3.L7(6ml<$*#s53rQQQ'V$77#..#3'Q.%'
8#>")$"J'OPQQWL'
'
'
OQ'
G19=?9?H5!EB2/5::!?1!'54;9?21!92!,;9=B5!
1"#$%5/*'6).57'>J').5/*'.(6#%&5/*'>)%'/(%'U/(95/*'&(9'5%'9("U.'5.'$/'56<("%$/%'<$"%'(?'6J'
<"$7%57#L':&5.'5.'%&#'<"(7#..'(?'>#5/*'*)53#3'>J'%&#'5/%)5%5T#'?)/7%5(/L'='3##<#"'.#/.#'(?'.#0?'
$/3' 7(6<(.5%5(/$0' <"(7#..#.' 3#?5/#3' 5/' "#0$%5(/' %(' /$%)"#K' 7$/' >"5/*' (/' $/' $9$"#/#..' (?'
<"#T5().0J' )/U/(9/' .)>%0#%5#.' 5/' 7(6<(.5%5(/L' F(..' E39$"3.' 9"5%#.' (?' $' .5650$"' <"(7#..'
.%$%5/*,'
yCz'*"$3)$00J'.%$"%#3'*(5/*'?("'0(/*'9$0U.'$/3'T$"5().'<$%%#"/.'
9()03'(77)"L'H()R3'&#$"'%&#'5/%#".#7%5(/'(?'>5"3.'$/3'?"(*.L'CR3'
7(6#'>$7U' $/3' .(6#%&5/*' ?"#.&'9$.' &$<<#/5/*' 5/' %&#'6).57'
>$.#3' (/' %&#.#' <#"7#<%5(/.K' 9&57&' 9#"#' %(%$00J'
.)>7(/.75().L_^'
'
=' 65.*)53#3' $<<"($7&' 5.' %(' >$.#' $' <"$7%57#' <)"#0J' (/' )/7(/.75().' 5/%)5%5(/L' :&5.' 7()03'
7"#$%#'6).57'%&$%'Y9("U.R'>)%'%&#'0#T#0'(?'#/@)5"J'$/3'3#<%&'(?')/3#".%$/35/*'6$J'/(%'>#'
%&#"#L'C%'9()03'$0.('/(%'$00(9'$'<#".(/'%('0#$"/'%&5/*.'()%.53#'(?'9&$%'%&#J'$0"#$3J'U/(9'("'
>#'()%.53#'9&$%'J()'$"#L'4("#'56<("%$/%0JK'7(/.75().'$9$"#/#..'$/3')/7(/.75().'5/%)5%5(/'
$"#'/(%'%('>#'35T53#3'>)%'"#.(/$%#'5/'.J6<$%&JL'=6#"57$/'7(6<(.#"'-$)05/#'I05T#"(.'/(%#.'
%&5.'350#66$,'
'
="%5.%.'9&(' $"#' 0(7U#3' 5/%(' %&#' $/$0J%57$0'6(3#'95%&' 05%%0#' ("'
/('$77#..'%('%&#'5/%)5%5T#'6(3#'$"#'$<%'%('<"(3)7#'(/#'.53#3'
9("U.'(?' $"%L'1#"%$5/0J'6$/J'(?' %&#' %(%$00J23#%#"65/#3K' .#"5$0'
9("U.' (?' %&#' <(.%29$"' J#$".' .##6' %(' ?5%' %&$%' 7$%#*("JL' :&#'
(<<(.5%#' <(..5>505%J' 5.' $0.(' %")#L' +("U.' <"(3)7#3' 5/%)5%5T#0JK'
95%&' 05%%0#' ("' /(' 7(6<0#6#/%$"J' "$%5(/$0#' %#/3' %(' .##6'
$560#..0J'(/#2.53#3L_a'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''_^'4$%%	'+#.%9((3K'h:").%5/*'%&#'4J.%#"5().'-"(7#..iK'56"'2<#$%,E3,&K'QO%&'I7%(>#"'OPP_'q'=/'$"%570#'
$>()%'%&#'7(6<(.#"'F(..'E39$"3.L'_a'-$)05/#'I05T#"(.K'h:&#'1(/%"5>)%5(/'(?'+(6#/'1(6<(.#"._'TN2'F<4E3C,$30&#'ST"+'N<#3C'2%$3CE"#d,'D(0)6#'
aK'Q`ecK'<L'QeL'
'
'
OO'
'
E$7&'7(6<(.#"'9()03'>#'$%'35??#"#/%'0#T#0.' 5/'%"'U/(9/'$/3')/U/(9/'<"(7#..#.K'9&57&'
7()03'"#?0#7%'$'7(6<(.#"R.')/3#".%$/35/*'(?' %&#'9("03'$/3'%"'.#/.#'(?'.#0?L' X)/*'9()03'
7$00'%&5.'5/35T53)$%5(/'V$'<"(7#..'%(9$"3.'9&(0#/#..WK_c'9&57&'$0.('65""(".'=>"$&$6'4$.0(9'
<.J7&(0(*57$0' 7(/7#<%' (?' h.#0?2$7%)$05.$%5(/Li__' +&50#' %&5.' %&#.5.' 35.7)..#.' 53#$.' ?"(6' %&#'
35.75<05/#'(?'<.J7&(0(*J' %&#'(/0J' 5/%#"#.%' 5.' 5/' %"').#?)0/#..' %('7"#$%5T5%J'$/3' %&#'$7%'(?'
7(6<(.5%5(/'$/3'/(%'$>()%'$'.75#/%5?57'>$.5.L'
'
G1<4=51/5!2<!9>5!-&./0+1C!M220!2<!@>;175:!
=.'<"#T5().0J'.&(9/'%&"()*&'E39$"3.R'#Z<#"5#/7#'95%&'5/.#7%'3"(/#.K'>5"3'7$00.'$/3'>#""5#.'
3"(<<5/*_dK'$'/#9'?()/3'5/.5*&%'5/%('%&#'/$%)"#'(?'%&5/*.'7$/'%&#/'>#'#0$>("$%#3'5/%('6).57L'
:&5.' 7(""#0$%5T#' "#.(/$/7#'>#%9##/' %&#' 5//#"'<.J7&#' $/3' %&#'()%#"' 7(.6(.' 7$/'>#' %$U#/'
.J6>(057$00J' ?"(6'$/J%&5/*' .)7&'$.'/$%)"#K'3$/7#K' T5.)$0'$"%K' $/56$0.K' $' .5%)$%5(/K'$/(%&#"'
&)6$/'>#5/*K'T5.)$05.$%5(/._e'$/3'3"#$6.L'-"$7%57#.'(?'%&5.'53#$'5/'%&#'#$.%'$"#'%$)*&%').5/*'
U3[3&:'("'6("#'7(66(/0J'U/(9/'$.'%&#'!((U'(?'1&$/*#.'("'%&#';'863&:L_`'1$"0'X)/*'3#T5.#3'$'
+#.%#"/' /(%5(/' (?' .J/7&"(/575%J' 9&57&' 5/T(0T#.' %&#' h.%)3J' $/3' 70$..5?57$%5(/' (?' #T#/%.'
9&#"#5/' 6#$/5/*?)0' 5/%#"3#<#/3#/7#' %"$/.7#/3.' .<$7#K' %56#K' $/3' 7$).$05%J' $.' %&#'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''_c'-(00J'H()/*2E5.#/3"$%&K'4#0T5/'EL'4500#"K'56"'D#)C60E0:)'0/'N,$<%"'(F3%3$<,E3$)R';&$":%3$)='!3#*01='
5%,&#C"&*"&C"K'F()%0#3*#K'OPPPj'1&$<%#"'`je:&#':$('(?'+5.3(6j'C/%#*"$%5(/'(?':$(5.6'$/3'-.J7&(0(*5#.'(?'
X)/*K'E"5U.(/K'$/3'4$.0(9_=';$T53'ML'F(.#/'$/3'E00#/'4L'1"().#'<L'QOPL'__'5>53LK'<L'QOQL'
_d'F(..'E39$"3.K'56"'50+"%'0/'O"10$"&"##='Q`de,'&%%<,mm999L"(..#39$"3.L7(6ml<$*#s53rcd'V$77#..#3'Q.%'
8#>")$"J'OPQQWL'_e'D5.)$05.$%5(/.'$"#').#3'3)"5/*'X)/*R.'/(%5(/'(?'Y$7%5T#'56$*5/$%5(/R'$/3'U/(9/'%('>#j'h$/'#Z<#"5#/7#'%&$%K'(/'
6(.%'(77$.5(/.K'.5*/5?57$/%0J'"#.#6>0#.'%&#'#Z<#"5#/7#'(?'<#"7#5T5/*'.(6#'(>S#7%K'#T#/%K'("'.7#/#K'>)%'(77)".'
9&#/'%&#'"#0#T$/%'(>S#7%K'#T#/%K'("'.7#/#'5.'/(%'$7%)$00J'<"#.#/%'%('%&#'.#/.#.i'q.##'+5U5<#35$R.'Y4#/%$0'
56$*#R'2'&%%<,mm#/L95U5<#35$L("*m95U5m4#/%$0s56$*#.'V$77#..#3'Oc%&'8#>")$"J'OPQQWL'_`'H$J(5'A/('ET#"#%%'b'8"#3#"57U'N$)K'@0C,$3&:'G,#$'2#3,'3&'!"#$"%&'2%$'N<#3CK'+#.0#J$/'A/5T#".5%J'-"#..K'
OPPaK'<<L'QaeL'
'
'
O^'
3#%#"65/5/*' ?$7%("LidP' X)/*' $0.(' >#05#T#3' &5.' <"(7#..' (?' Y$7%5T#' 56$*5/$%5(/R' <0$J#3' $' "(0#'
6("#'.)5%#3'?("'$'+#.%#"/'65/3LdQ'
1&()'+#/27&)/*'&$.'/(%$>0J'>##/' 5/?0)#/7#3'>J'%&#' ;'863&:' 5/'&5.'7(6<(.5%5(/.L'=.'1&()'
#Z<0$5/.'3)"5/*'&5.'<"(7#..'(?'D3"&'V7&$/*#W'VQ`__2_dW'h%&#'53#$'(?'%&#'9("U'9$.'%('35.7(T#"'
$'6).57$0'.%")7%)"#'>$.#3'(/'%&#'7(/7#<%'(?'>$0$/7#'>#%9##/'<(.5%5T#'$/3'/#*$%5T#'$.'?()/3'
5/'%&#';'863&:-_dO':&5.'3#.7"5>#.'$'7(6<(.5%5(/$0'<"(7#..'(?').5/*'Y7&$/*#R'>)%'6$5/0J'C'9()03'
$<<0J' 5%' %(' $' 7(6<(.#"R.'65/3' %(' &$T#' /(' 0565%$%5(/.f%&$%' 5.' .<(/%$/#().' J#%'65/3?)0L' C'
9()03'$"*)#'%&$%'1&()'+#/27&)/*'.(/5?57$%5(/'(?'%&#';'863&:'5/'D3"&Xf'5.'$.'<"(?()/3'5/'%&#'
#$.%'$.'G7&(#/>#"*R.'3#T#0(<6#/%'(?'%9#0T#2%(/#'6).57'.)7&'$.'5/'],%3,$30&#'/0%'J%C6"#$%,'
VQ`^aW'5/'%&#'9#.%L' C'.##'%&#'<"(7#..#.'>#&5/3'%&#.#'9("U.'$.'%&#'/#)%"$05.5/*'(?'(<<(.5/*'
?("7#.'V<(.5%5T#2/#*$%5T#'(?'$00'%9#0T#'/(%#.'%"#$%#3'#@)$00JW'$/3'9()03'%&#"#?("#'.##'>(%&'
%&#.#'<5#7#.'$.'<(..5>0#'5/?0)#/7#.'6J'(9/'9("UL'
C'$7U/(90#3*#'X(&/'1$*#R.'7(/%"5>)%5(/'%('+#.%#"/'6).57K'/(%$>0J'&5.'Y7&$/7#'(<#"$%5(/.RL'C'
3('/(%'53#/%5?J'95%&'%&5.'<"(7#..'(?'9("U5/*L'C'53#/%5?J'6("#'95%&'%&#'E$.%#"/'("5*5/.'(?'%&#'
53#$.' 5/' %&#' ;' 863&:' %&$%' .##' 5%' h/(%' $.' 7&$/7#' >)%' $.' $7$).$0Lida' 1&()' #Z<0$5/.' %&$%' h%&#'
5/%#"<"#%$%5(/' (?' %&#' %#Z%' 5.' $' 7")75$0' .%#<' 5/T(0T5/*' %&#' 7(6<0#Z' 5/3#<#/3#/7#' (?' %&#'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''dP'M$"(03'1(9$"3K'h:$(5.6'$/3'X)/*,'GJ/7&"(/575%J'$/3'%&#'G#0?i='D63E0#0F6)'G,#$',&*'!"#$K'D(0L'a_K'B(L'a'VI7%L'
Q``_WL'<<L'ae^L'dQ'5>53L'
dO'1&()'+#/27&)/*K'h56"'2"#$6"$3C'D%3&C3FE"#'0/'863&"#"'N<#3CR'2'D"%#0&,E'g<"#$=_'8,&A0&,K'dLOaK'Q`e_K'<L'd_L'
d^':&#';'863&:=').5/*'1&5/#.#'6(3$05%J'$/3'9#.%#"/'7&"(6$%575.6K'7$/'>#'?()/3'%&"()*&()%'1&()'+#/27&)/*'
7(6<(.5%5(/$0'<"(7#..'0$>#00#3'$.'hT$"5$>0#'6(3#.i'>J'E"57'N$5'5/'1&$<%#"'e'(?'%&#'>((U'@0C,$3&:'G,#$'2#3,'3&'
!"#$"%&'2%$'N<#3C='#35%#3'>J'H$J(5'A/('ET#"#%%'$/3'8"#3#"57U'N$)K'+#.0#J$/'A/5T#".5%J'-"#..K'OPPaK'<<L'Qa_2
Q_dL'da'H$J(5'A/('ET#"#%%'b'8"#3#"57U'N$)K'@0C,$3&:'G,#$'2#3,'3&'!"#$"%&'2%$'N<#3CK'45330#%(9/K'1(//L,'+#.0#J$/'
A/5T#".5%J'-"#..K'OPPaK'<L'ad`L'
'
'
Oa'
5/%#"<"#%#"R.'7)0%)"#K'#Z<#"5#/7#K'U/(90#3*#'$/3'#6(%5(/.Lidc'A<(/'9("U5/*'95%&'%&5.'9$J'
(?' 5/%#"<"#%5/*' %&#'9("03' C'/(%57#3' 7&$/*#.' 5/'6J'$<<"($7&' %(' 7(6<(.5%5(/L' C'9$.'6$U5/*'
$0%#"$%5(/.' %(' %&#' 6).57' >$.#3' (/' .J6>(057' 7(//#7%5(/.' $/3' <.J7&(0(*57$0' 7(/7#<%.' 05U#'
V)/7(/.75().'$/3'7(/.75().'95%&' ?("#*"()/3'$/3'>$7U*"()/3WL' ' C/.%")6#/%.' 7()03'$0.('>#'
.##/'$.'"#<"#.#/%5/*'$'7&$"$7%#"'5/'$'.%("J'("'?506f$'?("6'(?'3"$6$%)"*J'5/'.()/3L'1&5/$"J'
A/*K'$'<)<50'(?'1&()K'&$.'$'.<5"5%)$0' 56<#%).'%('6(6#/%.'(?'.).<#/3#3'%56#'V$0#$%("JWL' C/'
&5.'6).57'&#'"#<"#.#/%.'$'!)33&5.%'/(%5(/'(?'#6<%5/#..'>J'?5005/*'.<$7#'95%&'7(6<$..5(/$%#'
%#Z%)"#.Ld_'4J'(9/'%"#$%6#/%'(?'.<$7#'7()03'>#'.)>7(/.75().0J'V$"7&#%J<$0K';$(5.%'%&()*&%W'
.5650$"' %(' A/*K' $.' .%$.5.' $/3' "#<"#.#/%$%5(/.' (?' #6<%5/#..' $"#' <"#.#/%' 5/' 6J' 9("UL' 4J'
<"(7#..' 5/T(0T#.' <0$75/*' 6).57$0' 6(6#/%.' 5/' $' .).<#/3#3' >(3J' (?' 6#%$<&J.57$0' 9$%#"L'
:&#.#'(>S#7%.'$"#' 5/%)5%5T#0J'<0$7#3' 5/'%&#'.#$'(?'%&#' 5/?5/5%#'%&$%'$"#'%#6<("$00J'35.<0$7#3'
05U#' %&#' 5/%#"%95/5/*' 05/#.'(?'9$T#.L'4(6#/%.' $"#'<(.5%5(/#3'/(%'>J' $' "#0$%5(/.&5<' %(' %&#'
<"#7#35/*'6(6#/%'>)%'6("#'05U#'X)/*R.'3#.7"5<%5(/K'6#/%5(/#3'#$"05#"K'$.'5/%#"3#<#/3#/7#'
%&$%' 5.' 5/%"5/.57$00J' >()/3' >J' 5%.' 9$%#"' 7&$"$7%#"5.%57.j' $/' $7$).$0' "#0$%5(/.&5<' %&$%'
%"$/.7#/3.'%56#'$/3'.<$7#L'!J' 5/%)5%5T#0J'.#/.5/*'%&#'?5005/*'(?'.<$7#' C'3('/(%'$09$J.'U/(9'
&(9'5%'9("U.K'>)%'U/(9'5%'9("U.f$'/(/2"$%5(/$0'<"(7#..L''''
@2BB54;9?21!?1!&;:9J#:?;1!@;44?7B;A>I!!
:&#' <"$7%57#' (?' 7$005*"$<&J' 5/' E$.%2=.5$' 7$/' >#' .##/' $.' 5/%#"05/U5/*' 1&5/#.#' $"%' ?("6.' $/3'
%&#"#?("#' #..#/%5$0' ?("' 6).57' 7(6<(.5%5(/L' 1$"0' X)/*' @)(%#.' 1&)$/*' :[)' V;$(5.%' .7&(0$"W'
.$J5/*'h%&#'.)77#..?)0'$"%5.%'5.'(?'(/#'9&('Y7$/'?(00(9'/$%)"#R.'.<(/%$/#5%J'$/3'>#'$9$"#'(?'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''dc'1&()'+#/27&)/*K'h=.5$/'1(/7#<%.'$/3':9#/%5#%&21#/%)"J'+#.%#"/'1(6<(.#".Ki'N<#3C,E'g<,%$"%E)'Q`dQ,'<L'
OOaL'd_'1&5/$"J'A/*K'hG5/*5/*'C/.53#'2<%,Ki'#3.L'457&$#0'=%&#"%(/'$/3'!")7#'1"(..6$/K'N<#3C'0/'$6"'(F3%3$R'2#3,&9
D,C3/3C'N<#3C,E';*"&$3$)K'GJ3/#J,'=).%"$05$/'4).57'1#/%"#K'OPPeL'<L'^cL'
'
'
Oc'
%&#'.)>%0#%J'(?'%&5/*.K'$/3'&5.'65/3'9500'>#'$>.(">#3'>J'%LRidd'C%'5.'.##/'&#"#'%&$%'%&#.#'
<#"7#<%5(/.'(?'/$%)"#' 7$/' ?##3' 5/%('<"$7%57#'$/3' 7$/'>#'$<<05#3'35"#7%0J' %(' 7(6<(.5%5(/$0'
<"(7#..L'1&()'6).#.'$>()%'7$005*"$<&5#.'7(//#7%5(/'95%&'6).57'.%$%5/*,'h7$005*"$<&J'5.'6).57'
5/'5/UK'$/3'6).57'5.'7$005*"$<&J'5/'.()/3Lide':&#'/(%5(/'(?'$/'Y$9$"#/#..'(?'.)>%0#%5#.R'5/'$"%'
7$/'>#'.##/'$.'#6>#33#3'5/'=.5$/'7$005*"$<&J,'
+&#/').#3'95%&'.)7&'.)>%0#%JK' %&#'>").&'.##6.' %('>#/3'$/3'
%)"/' 5/' $' .50#/%' 3$/7#' 5/' .<$7#L' +&#/' (/#' &$.' 7(6#' %(' $'
<#"7#<%5(/' (?' .)7&' /)$/7#.K' &#' &$.' 3"$9/' T#"J' /#$"' %(' %&#'
7"#$%5T#'.$%5.?$7%5(/'(?'9"5%5/*Ld`'
'
80)53'*#.%)"$0'6(T#6#/%'>#7(6#.'$'35*5%5.#3'>").&'(?'%#Z%)"#3'.)"?$7#.'5/'1&$/*R.'9("U'V5/'
%&#'<"#T5().'9("U.'(,$0%3'$/3'5+3&'D6043,#ah'$/3'5/'%&#'?506'+,$"%-'+,."-'/0%1-
aWd='3"$95/*'
5/' /$%)"#R.' <$%%#"/.' $.' $' %J<#' (?' %#Z%)"#3' "&J%&6L' :&5.' 7()03' $0.(' >#' $<<05#3' 3)"5/*' %&#''
7"5%57$0'#T$0)$%5(/.'(?'$'<5#7#'(?'6).57K'9&#"#'.()/3'7$/'>#'$05*/#3'95%&'%&#'<$%%#"/.'?()/3'
5/'/$%)"#'$.'$'9&(0#L'
!
D5:95B1!#B9!"=:?/!;16!@B2::JL?:/?A4?1;BI!@2115/9?21:C!N-1?<?/;9?21O!
:&5.'.#7%5(/'9500'?(7).'(/'+#.%#"/'$"%'6).57'7(6<(.#".'$/3'7(6<(.5%5(/$0'%#7&/5@)#.'%&$%'
.&(9')/5?57$%5(/L':&5.'9500'>#'7(6<$"#3'%('<"(7#..#.' ?()/3' 5/'7"(..235.75<05/$"J'$"%.K' ?"(6'
35"#7%(".';$""#/'="(/(?.UJ'$/3'N$".'D(/':"5#"K' %&#'7(00$>("$%5(/'>#%9##/'-&505<'\0$..'$/3'
\(3?"#J'F#**5('$/3'!500'M#/.(/R.'<&(%(*"$<&57'9("U.L''
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''dd'1(9$"3K'M$"(03L'h:$(5.6'$/3'X)/*,'GJ/7&"(/575%J'$/3'%&#'G#0?i='D63E0#0F6)'G,#$',&*'!"#$K'D(0L'a_K'B(L'a'
VI7%L'Q``_WL'<<L'aeO2ae^'de'1&()'+#/27&)/*K'h+&5%&#"'1&5/#.#'1(6<(.#".lKi'80&$"1F0%,%)'N<#3C'O".3"+K'O_,'cK'OPPdK'<L'cPaL'
d`'F57&$"3'!$"/&$"%K'h1&5/#.#'1$005*"$<&J,':&#'C//#"'+("03'(?'%&#'!").&iK'56"'N"$%0F0E3$,&'N<#"<1'0/'2%$'
B<EE"$3&K'B#9'G#"5#.K'D(0L'^PK'B(L'c'V=<"L'2'4$JK'Q`dOW'<<L'O^e2O^`L'eP';$/5#0'-("%#005'$/3';(//$'4$"##'1&$/*R.'$)35(2T5.)$0'9("U.,'(,$0%3='OPP`,'
&%%<,mm999LJ()%)>#L7(6m9$%7&lTrc"$[7.co9{='V$77#..#3'Q.%'4$"7&'OPQQWj'5+3&'D6043,#K'OPP`,'
&%%<,mm999LJ()%)>#L7(6m9$%7&lTr4&(E2k*=*OH'V$77#..#3'Q.%'4$"7&'OPQQWL'eQ'G##'$<<#/35ZK'hB$%)"#2;$/7#_='<L'ccL'
'
'
O_'
D5:95B1!#B9!"=:?/C!-1?<?/;9?21!'
:&#' 5/%#*"$%5(/' (?' (<<(.5%#.' 5.' (/#' 9$J' %(9$"3.' )/5?57$%5(/' 5/' %&#' 9#.%L' :&#' 7(/7#<%' (?'
.#"5$05.6' $.' =).%"5$/' 7(6<(.#"' g$"0/[' E..0' 9"5%#.,' hR.#"5$05.6' $.' $' &J<(%&#.5.R' 5.'
)/3#".%((3' $.' %&#' Y"#7(/7505$%5(/' (?' (<<(.5%#.LRieO' g$"0/[' G%(7U&$).#/' ).#.' %&#' %#"6'
h.#"5$0'%&5/U5/*i'9&57&'6#$/.'%&$%'h5?'J()'&$T#'$/J'U5/3'(?'(<<(.5%5(/'q>0$7U'$/3'9&5%#'?("'
#Z$6<0#f$%'%&#'6(6#/%'J()'>#*5/'%('%&5/U'5/'3#*"##.'(?'*"#J.K'%&$/'J()'$0"#$3J'%&5/U'05U#'
$'.#"5$0'7(6<(.#"Lie^'C/'(%&#"'9("3.'(<<(.5%5(/.'$"#'6#"*5/*'%(9$"3.'#@)$05%JK'("'$'%J<#'(?'
/#)%"$05.$%5(/L'C/'%&5.').#'(?'%&#'9("3K'$/3'5/'"#0$%5(/'%('%&5.'%&#.5.K'5%'7()03'>#'.$53'%&$%'(/'$'
6$7"('0#T#0'C'$6'$565/*'%(9$"3.'$'h.#"5$05.#3i'7)0%)"#'$/3'$'h.#"5$05.#3i'53#/%5%Jf9&#"#'$00'
<$"%.' $"#' 7(/.53#"#3' $/3' 5/%#*"$%#3' %(' ?("6'9&57&'1&()'9()03' 7$00' h7(/*0(6#"$%5(/' $/3'
35.<#".5(/'$/3')0%56$%#0J'%(9$"3.'5/T$"5$>505%JLiea'
I/#' Y>0$7U'$/3'9&5%#R' .%")7%)"#'7$/'>#' ?()/3' 5/'$'7(66#/%'>J'G%"$T5/.UJ'9&#/'&#'.%$%#.'
%&$%,'h%&#'#$"'y.&()03'>#z'%$U5/*'<"#7#3#/7#'(T#"'$'<"(*"$66$%57'$<<"($7&'("'%&$/'.%57U5/*'
%(' $' "5*("().' .%")7%)"#Liec' C' .##' %&5.' $.' $/' (<<(.5%5(/' %(' G7&(#/>#"*R.' %9#0T#2%(/#'
3#T#0(<6#/%L'C'9()03'&$T#'%('35.$*"##'95%&'G%"$T5/.UJ'&#"#K'5/'$'.#/.#'%&$%'C'9()03'"$%&#"'
0#$T#' $' <"(*"$66$%57' $<<"($7&' %(' $"%' $.' $' <(%#/%5$0' (<%5(/' 5/' 6J' 9("U' 5/' 9&$%#T#"'
6$/5?#.%$%5(/L'=0%&()*&'%&#'#$"'&$.'<0$J#3'$'3(65/$%5/*'?$7%("'5/'6J'6).57'5/'%&5.'<"(S#7%K'
%&#("#%57$00J' V$<<0J5/*' .#"5$0' %&5/U5/*WK' C'9()03' #0565/$%#' %&5.' $.' $/' (<<(.5%5(/' $/3'9()03'
0#$T#'(<#/'%&#'<(..5>505%J'%('5/7("<("$%#'>(%&f5?'/#7#..$"JL'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''eO'45/(")'G&565[)K'h+&$%'5.'-0)"$'4(/5.6li'D"%#F"C$3."#'0/'T"+'N<#3C-']0E-'^`L'/(L'O,'OPPQK'<L'OQOL'
e^'45/(")'G&565[)K'h+&$%'5.'-0)"$'4(/5.6lKi'D"%#F"C$3."#'0/'T"+'N<#3C-']0E-'^`L'/(L'O,'OPPQj'<L'OQ^L'
ea'1&()'+#/27&)/*K'h=.5$/'1(/7#<%.'$/3':9#/%5#%&21#/%)"J'+#.%#"/'1(6<(.#".Ki'N<#3C,E'g<,%$"%E)'Q`dQ,'<L'
OOaL'ec'F(>#"%'1"$?%K'M0+&','D,$6'0/'!0&*"%K'B$Z(.'!((U.K'B("?(0UK'AgK'OPP_L'<L'QeOL'
'
'
Od'
@B2::!L?:/?A4?1;BI!G1<4=51/5!!'
='<("%"$J$0'(?'$')/5?57$%5(/'<"(7#..'5/'<(<)0$"'7)0%)"#'7$/'>#'?()/3'95%&'%&#'35"#7%("';$""#/'
="(/(?.UJ'9&('.##6.'$9$"#'(?'7"#$%5/*'Y9&(0#/#..R'5/'$"%'%&"()*&'$'<"(7#..'(?'/#)%"$05.#3'
(<<(.5%#.f.##/' 5/'&5.' ?506'BE,C?' (+,&' VOPQQWL' :&#' 0#$3' 7&$"$7%#"' VB$%$05#'-("%6$/W' 5.' %('
3$/7#' G9$/' N$U#' 9&57&' "#@)5"#.' $' h3$/7#"' 9&(' 7$/' <0$J' >(%&' %&#' +&5%#' G9$/' 95%&'
5//(7#/7#'$/3'*"$7#K'$/3'%&#'!0$7U'G9$/K'9&('"#<"#.#/%.'*)50#'$/3'.#/.)$05%JLie_':&#'?506'
#/%$50.'&#"'<&J.57$0'$/3'6#/%$0' .%")**0#'#T#/%)$%5/*' 5/'&#"'>#7(65/*'40$6f%&5.'>#7(6#.'
%&#'.%")7%)"#'?("'%&#'?506L'D5/7#/%'1$..#00'9&('<0$J.'%&#'3$/7#'35"#7%("'5/'%&#'?506'7(66#/%.'
5/'$/'5/%#"T5#9'%&$%'9("U5/*'95%&'="(/(?.UJ'5.'h/#T#"'9&5%#'("'>0$7U'LLL'5%R.'$>()%'&(9'%('*#%'
?"(6' (/#' #Z%"#6#' %(' %&#' (%&#"L' H()' &$T#' %(' *(' %&"()*&' %&#' 9&(0#' .&$3#.' (?' *"#J'
#T#/%)$00JLied' :&5.' <"(7#..' .()/3.' .5650$"' %(' G%(7U&$).#/R.' h.#"5$0' %&5/U5/*i' $/3' %&#' ?506'
.##6.' %('()%05/#'$' .%")7%)"$0'<"(7#..'(?' X)/*R.' 5/35T53)$%5(/K' "#.)0%5/*' 5/'$';$(5.%'>$0$/7#'
V>(%&' .9$/.WL' !)%' %&#' ?506' 5.' .%")7%)"#3' %(' .&(9' %&#' .%")**0#' >#%9##/' %&#' (<<(.5%#.'
?5/$05.5/*' 5/' )/5?57$%5(/f9&57&' $0.(' "#.#6>0#.' %&#' <"#T5().0J' 6#/%5(/#3' .%")7%)"#' (?'
%"$35%5(/$0'1&5/#.#'$"%'?("6,'.%$"%27(/%5/)$%5(/27&$/*#2.J/%&#.5.L'
;$""#/' ="(/(?.UJ'6#/%5(/.' 5/' $/' 5/%#"T5#9' $>()%' 35"#7%5/*' %&#' ?506' 56"'!%"#$E"%' SchhadK'
$>()%'%&#'5/?0)#/7#'(?'&5.'<"#T5().'?506'56"'K0<&$,3&'VOPP_WL'M#'?#0%'5%'&$3'h")/'5%.'7()".#iee'
$/3'9$/%#3'.(6#%&5/*'7(6<0#%#0J'35??#"#/%L'M#'%&#/'#Z<0("#.'$'35??#"#/%'$<<"($7&K'%$<<5/*'
5/%(')/7(/.75().'$7%.'(?'h/(%'U/(95/*ie`'$.'$'35"#7%("L'='.5650$"'<"(7#..'7$/'>#'?()/3'95%&'
35"#7%("' N$".' D(/' :"5#"' 5/' $' 35.7)..5(/' $>()%' &5.' ?506'2&$3986%3#$' VOPP`W' 9&#"#' &#' .<#$U.'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''e_';$""#/'="(/(?.UJR.'!0$7U'G9$/'OPQQ,'&%%<,mm999L563>L7(6m%5%0#m%%P`add`em'V$77#..#3'^Q.%'X$/)$"J'OPQQWL'
ed'C/%#"T5#9'95%&'D5/7#/%'1$..#00K'$7%("'?"(6'!0$7U'G9$/,'OPQPK'56"'B%0,*C,#$'K3E1#'8%3$3C#'2##0C3,$30&'
&%%<,mm999LJ()%)>#L7(6m9$%7&lTr#ooS<!e&"CC|%rPO6Pe.'V$77#..#3'Q.%'8#>")$"J'OPQQWL'ee';$//J'!(J0#'b';$""#/'="(/(?.UJ,';5"#7%5/*'G%J0#,'VO,ceW'OPPeK'5+"&$3"$6'8"&$<%)'K0H'K3E1'80%F0%,$30&R'
&%%<,mm999LJ()%)>#L7(6m9$%7&lTrH+-`8eA\&\{|%rPO6ce.'V$77#..#3'Od%&'X$/)$"J'OPQQWL'e`'C>53L'
'
'
Oe'
$>()%'0#%%5/*'*('$/3'9("U5/*'95%&'%&5/*.'&#'7$//(%'#Z<0$5/'("'&$T#'7(6<0#%#'7(/%"(0'(T#"L`P'
:&5.'<"(7#..'(?'>#5/*'*)53#3'>J'$/'Y)/U/(9/R'5.'.5650$"'%('%&#'7(6<(.#"'-&505<'\0$..'3"$95/*'
(/'E$.%#"/'<&50(.(<&J'5/'&5.'7"#$%5T#'<"(7#..`Qf?("'#Z$6<0#'5/K'L0),,&3#P,$#3
bc':&5.'%J<#'(?'
.<5"5%)$0' ?0(9' %"$/.0$%#.' 5/%(' $' 6).57$0' ?0)535%J' (?' "#<#%5%5T#' "&J%&6.L' :&5.' 5.' #Z<0("#3' 5/'
6)0%526#35$' 7(/?0)#/7#' 95%&' ?506'6$U#"' \(3?"#J' F#**5(' 9&(' ).#.'6(T#6#/%' (?' 05*&%' %('
7"#$%#' $>.%"$7%5(/L' C/' $' 3(7)6#/%$"J' (/' \0$..K' %&#' %9(' $"%5.%.' %$0U' $>()%' %&#' >$0$/7#3'
.J/#"*J' (?' 6(T#6#/%' >#%9##/' %&#' %9(' 535(6.L' :&5.' ?0)535%J' >#%9##/' 6#35)6.' $.' $'
<&50(.(<&J'65""(".' %&#' 9$J' %&$%' 1&$/*' $/3' C' $<<"($7&'6)0%526#35$L' F#?0#7%5/*' )<(/'6J'
7(6<(.5%5(/'56"' GHF,."'!,$"%=' C' ?()/3' %&$%'9&$%' .##6#3' 05U#' $/' )/U/(9/'<"(7#..' 5/'
%&5.' <5#7#' >#7$6#' /#9' ).$>0#' <(..5>505%5#.' 5/' 6J' /#Z%' <5#7#' 2&$3430#3#' V?("' #Z$6<0#K'
$%(/$05%J' ("' #0#7%"(/57WL' F(..' E39$"3.' 3#.7"5>#.' $/(%&#"' )/U/(9/' 3)"5/*' %&#' 7"#$%5T#'
<"(7#..' 9&#/' &#' %$0U.' $>()%' ?("6' $/3' .%")7%)"#' $.' $' h.)>.%$/7#' (?' $' <5#7#' %&$%' 5.' /(%'
<"#3#%#"65/#3L' YC' &$T#'$' ?##05/*f5%R.'/(%'$/' 5/%#00#7%)$05.#3' %&5/*f%&$%'$' .&$<#' .%$"%.' %('
#T(0T#LRi`^':&5.' 53#$K'$/3'E39$"3.R.'<"#T5().').#'(?' %&#'%#"6'h.)>7(/.75().iK' 0#$3.'6#'%('
>#05#T#'%&$%'65/#'$/3';$T53'="(/(?.UJR.'<"(7#..#.'95%&'%&#')/7(/.75().'$"#'5/%#"%95/#3L''
=' <(0$"5%J' %&$%' 7$/' >#' ?)/3$6#/%$0' %(' 6).57' 5.' >#%9##/' .()/3' $/3' .50#/7#L' :$U#65%.)n.'
6).57'(?%#/'&(T#".'(/'%&#'%&"#.&(03'>#%9##/'.()/3'$/3'.50#/7#L`a'C'?##0'!500'M#/.(/R.').#'(?'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''`P'N$".'D(/':"5#"K'5/%#"T5#9'$>()%'&5.'OPP`'?506'=/%521&"5.%,'hN$".'D(/':"5#"'?$0$/3('.(>"#'('=/%521"5.%('#'$'
3#<"#..}(i,'&%%<,mm999LJ()%)>#L7(6m9$%7&lTr[5e:Esoe>H('V$77#..#3'^"3'4$"7&'OPQQWL'`Q'7E,##R'2'D0%$%,3$'0/'D63E3F'3&'5+"E."'D,%$#K'35"#7%#3'>J'G7(%%'M57U.L'C/3#<#/3#/%'4#35$j'g5/('8506.j'4$/3$0$J'
4(%5(/'-57%)"#.K'OPPdL'`O'L0),,&3#P,$#3='35"#7%#3'>J'\(3?"#J'F#**5(L'CFE'-"(3)7%5(/.j'G$/%$'8#'C/.%5%)%#'?("'F#*5(/$0'E3)7$%5(/K'Q`eOL'
`^'4$%%	'+#.%9((3K'h:").%5/*'%&#'4J.%#"5().'-"(7#..iK'56"'2<#$%,E3,&K'QO%&'I7%(>#"K'OPP_L'q'=/'$"%570#'(/'
F(..'E39$"3.L'`a':56(%&J'g(([5/K'hG<5"5%)$02%#6<("$0'C6$*#"J'5/'4).57'(?'I05T5#"'4#..5$#/'$/3':(")':$U#65%.)Ki'
80&$"1F0%,%)'N<#3C'O".3"+K'D(0dK'Q``^j'<L'Qe`L'
'
'
O`'
<&(%(*"$<&57'<0$J'95%&'3$"U'$/3'05*&%`cf?("'#Z$6<0#'hA/%5%0#3'Q`eP2eOi
`_f%"$/.0$%#.'5/'$'
.5650$"' $/3' #..#/%5$0' ?$.&5(/L' =?%#"' #Z<0("5/*' %&5.' /(%5(/' 5/'2&$3430#3#' C' /(%57#3' C' /$%)"$00J'
5/7("<("$%#3'6("#'.50#/7#'%&$/'5/'6J'<"#T5().'9("UK'$.'C'?()/3'6J.#0?'7(/.75().0J'<0$J5/*'
95%&'<$%5#/7#'$/3'g(([5/R.'7(/7#<%'(?'%&#'h5/?5/5%#'%#6<("$0'>$7U*"()/3i'3#T#0(<#3'5/'%&#'
7(/%#Z%'(?'%&#'6).57'(?'4#..5$#/L`d'
$>;65:!2<!]B5I!M593551!D5:95B1!#B9!"=:?/!;16!&;:9J#:?;1!
E>?42:2A>I!
C/'?5/35/*'%&#'7(//#7%5(/.'>#%9##/'%"$35%5(/$0'=.5$/'6).57'$/3'7(/%#6<("$"J'+#.%#"/'$"%'
6).57'5%'5.'�<?)0'%('?5".%'7(/.53#"'9&$%'.#<$"$%#.'Y%"$35%5(/$0R'+#.%#"/'$/3'E$.%#"/'6).57L'
8("'#Z$6<0#K'$.'1&()'$..#"%.K'%&#'h7(/7#/%"$%5(/'(/'%&#'T$0)#.'(?'$'.5/*0#'%(/#'y#$.%#"/z'5.'
%&#' $/%52%&#.5.' (?' %"$35%5(/$0' +#.%#"/' <(0J<&(/JLi`e' C/' 7(/%"$.%K' 5/' %&#' 7(/%#6<("$"J'
+#.%#"/'7(6<(.#"'D$"~.#R.'95.&'%('h05>#"$%#'.()/3i'?"(6'h6#7&$/57$0'"#.%"57%5(/.i'$/3'%('
"#<0$7#'%&#'h5/%#"<0$J'(?'6#0(35#.i'95%&'$'h6#0(357'%(%$05%JiK'9#'.##'7(//#7%5(/.'9&57&'$"#'
1(/?)75$/5.%' $/3' /(/29#.%#"/' 5/' /$%)"#' $/3' h7&$"$7%#"5.%57$00J' %9#/%5#%&27#/%)"Jhf$.'
$??5"6#3'>J'1&()L``'
:&5.'E$.%#"/'<#"7#<%5(/'5.'.5650$"'%('g(([5/R.').#'(?'%&#'%#"6'h5/?5/5%#'%#6<("$0'>$7U*"()/3i'
%('3#.7"5>#'$.<#7%.'(?'4#..5$#/R.'9("UL'4J'7(6<(.5%5(/'56"'GHF,."'!,$"%'7(6<$"#.'%('
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''`c'G7"##/5/*'%&#'-$.%K'!500'M#/.(/'$/3'%&#'15/#6$%57,'&%%<,mm999L0$%"(>#L#3)L$)m.7"##/5/*%&#<$.%mO`m>5002
&#/.(/2$/32%ē/#6$%57L&%60'V$77#..#3'Od%&'X$/)$"J'OPQQWL'`_'!500'M#/.(/R.'<&(%(*"$<&J'?"(6'$"7&5T#.'(?'BG+'="%'\$00#"J,'
&%%<,mm$"7&5T#L$"%*$00#"JL/.9L*(TL$)mss3$%$m<$*#md_cQm>500&#/.(/sU5%sOL<3?'V$77#..#3'e%&'8#>")$"J'OPQQWL'<L'
Q`L'`d':56(%&J'g(([5/K'hG<5"5%)$02%#6<("$0'C6$*#"J'5/'4).57'(?'I05T5#"'4#..5$#/'$/3':(")':$U#65%.)Ki'
80&$"1F0%,%)'N<#3C'O".3"+K'D(0'dK'Q``^j'<L'Qe_L'`e'1&()'+#/27&)/*K'h=.5$/'1(/7#<%.'$/3':9#/%5#%&21#/%)"J'+#.%#"/'1(6<(.#".Ki'N<#3C,E'g<,%$"%E)'Q`dQ,'<L'
OQ_L'``'5>53L'
'
'
^P'
4#..5$#/R.').#'(?'$/'h5/?5/5%#' %#6<("$0'>$7U*"()/3i' %&$%'<0$7#.'.()/3'$/3'.50#/7#'95%&5/'
%&#' (T#"$00' %#6<("$0' >$7U*"()/3LQPP' =' .(/57' "#?#"#/7#' %(' %&5.' 53#$f$/3' (/' %&#' .)"?$7#'
.&$"5/*'.5650$"'7&$"$7%#"5.%57'%('$'%"$35%5(/$00J'E$.%#"/'53#$'5.'?()/3'5/'I"#/'=6>$"7&5R.'OPPQ'
$0>)6'(<#F"&LQPQ' C%'7(6<"5.#.'0(/*'.).%$5/#3'3"(/#.'.0(90J'6("<&5/*'95%&'/('.#/.#'(?'
"&J%&657'%56#L'C%'7$<%)"#.'$'.(/57$00J'5/?5/5%#'<0$/#K'$/3'C'.##'%&5.'$.'$'%"#/3'5/'%&#'*#/"#'(?'
3"(/#' 6#%$0LQPO' C/' %&5.' *#/"#' %&#' Y3"(/#R' 5.' $.' 6)7&' $' <&J.5(0(*57$0' <&#/(6#/(/' $.' $/'
$7().%57'(/#L':&#'#??#7%'5.'%"$/7#205U#'?"(6'%&#'#Z%"#6#'0()3/#..'$/3'6#35%$%5T#'"#?0#7%5(/'
(/'.%$.5..'='3"(/#'5.'$')/5?J5/*'?$7%("'5/'G()%&#$.%'=.5$L'hC%'5.'$'<500$"'9&57&'.)<<("%.'6).57'
5%.#0?K' 05U#' $' 0$9' (?' /$%)"#K' $/' #@)505>"5)6' >#%9##/' 6$/' $/3' /$%)"#LiQP^' 1$6>(35$/'
7(6<(.#"' 1&5/$"J' A/*' .##.' #/05*&%#/6#/%' $.' $/' $)"$' "#<"#.#/%#3' $.' h/(' <#"7#<%5>0#'
"&J%&6'("'<)0.#j' "$%&#"'$' 7(/.%$/%'(<#/'<"#.#/7#LiQPa
' :&#.#' 53#$.' "#0$%#' %('&(9'9$%#"' 5.'
.J6>(057$00J' "#<"#.#/%#3' 5/' %&5.' <"(S#7%' %&$%' 7(""#0$%#' %(' X)/*R.' /(%5(/' (?' %&#' 7(00#7%5T#'
)/7(/.75().j'h%&#'9$J'(?'%&#'9$%#"j'9&#"#'$00'05?#'?0($%.'5/'.).<#/.5(/LiQPc
'
'
L;2C!G1957B;956!(1515::!
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''QPP':56(%&J'g(([5/K'hG<5"5%)$02%#6<("$0'C6$*#"J'5/'4).57'(?'I05T5#"'4#..5$#/'$/3':(")':$U#65%.)Ki'
80&$"1F0%,%)'N<#3C'O".3"+K'D(0L'dK'Q``^K'<L'Qe_L'QPQ'I"#/'=6>$"7&5R.'35.7(*"$<&Jj'&%%<,mm999L("#/$6>$"7&5L7(6m35.7(*"$<&JL&%60'V$77#..#3'^Q.%'X$/)$"J'
OPQQWL'QPO'G##'M#0T#%5/'E.5U$"%$/(K'C/3).%"5$0'%"$7U'?"(6'%&#'OPPe'$0>)6'v;5T5/#'N#*5(/.'!#J(/3'-.J7&#v'>J'
hG%"(6L#7i'?"(6'85/0$/3'"#0#$.#3'(/'4$05*/$/%'F#7("3.j'&%%<,mm999LJ()%)>#L7(6m9$%7&lTr^c$^\4a!92.'
V$77#..#3'^Q.%'X$/)$"J'OPQQWL''
;5.7(T#"#3'(/'%&#'.(/$L?6'"$35('.%$%5(/'h3((6#3i'&%%<,mm.(6$?6L7(6m<0$Jm3((6#3'2$0.('.##'%&#'
h3"(/#[(/#i,'&%%<,mm.(6$?6L7(6m<0$Jm3"(/#[(/#'V$77#..#3'^Q.%'X$/)$"J'OPQQWL'
&%%<,mm999LJ()%)>#L7(6m9$%7&lTr^c$^\4a!92.'V$77#..#3'^Q.%'X$/)$"J'OPQQWL'QP^'X(.#'4$7#3$K'h='1(/7#<%'(?':56#'5/'$'4).57'(?'G()%&#$.%'=.5$'V='-"#0565/$"J'=77()/%WiK'G$6&01<#3C0E0:)K'
D(0L'^PK'B(L'QK'V+5/%#"K'Q`e_WK'<L'acL'QPa'1&5/$"J'A/*K'hG5/*5/*'C/.53#'2<%,Ki'#3.L'457&$#0'=%&#"%(/'$/3'!")7#'1"(..6$/K'N<#3C'0/'$6"'(F3%3$R'2#3,&9
D,C3/3C'N<#3C,E';*"&$3$)K'GJ3/#J,'=).%"$05$/'4).57'1#/%"#K'OPPeL'<L'aPL'QPc'1L'\L'X)/*K'2%C6"$)F"#',&*'$6"'80EE"C$3."'>&C0&#C30<#K'-"5/7#%(/'A/5T#".5%J'-"#..LK'D(0'`K'-$"%'QL'Q`_`K'<<L'
OQ2OOL'
'
'
^Q'
1&()' $/3' ;$(5.%' <&50(.(<&#"' k&)$/*' k5' 3#?5/#' 7"#$%5T5%J' $.' %&$%' 9&57&' Y6(T#.' $7"(..'
%&5/*.Rf.##/' $.' %&#' ;$(L' C' .##' ;$(' $.' 7"#$%5/*' $' Y9$JR' >#%9##/'6)0%5<0#' <(.5%5(/.' %&$%'
)/5?5#.'%L':&#'53#$.'(?')/5%J'$/3'<(0$"5%5#.'$"#'#T53#/%'%&"()*&'>(%&'+#.%#"/'$"%'6).57'
$/3'5/'%&#'5/?0)#/7#'(?'/$%)"#'5/'E$.%'=.5$L'='7(/%#6<("$"J'#Z$6<0#'(/'%&#'.)"?$7#'6$J'>#'
?()/3'5/'%&#'*#/"#'Y3"(/#'6#%$0R'.<#75?57$00J'I"#/'=6>$7&5L'=0%&()*&'5%'&$.'$'.5650$"'53#$'(?'
.%$.5.' 5%' 7(6#.' ?"(6' 35??#"#/%' 7)0%)"$0' ?()/3$%5(/' 5/' "#0$%5(/' %(' E$.%2=.5$/' %"$35%5(/.' (?'
3"(/#.L'=.'$/'(T#"T5#9K'%&#'<$"$00#0.'>#%9##/'7(/%#6<("$"J'+#.%#"/'6).57'$/3'%"$35%5(/.'
5/'=.5$'$"#'?()/3'>#%9##/'G%(7U&$).#/R.' Y6(6#/%'?("6R'$/3'%&#' Y)/5%R' ?("6'.%")7%)"#.'(?'
1&5/#.#'05%#"$%5'6).57L'="(/(?.UJR.'<(<)0$"'9#.%#"/'?506.'6(T#'5/'YT$"J5/*'3#*"##.'(?'*"#J.R'
$7&5#T5/*' .(6#%&5/*' .5650$"' %(' $';$(5.%'>$0$/7#' VJ5/2J$/*WL'!##%&(T#/R.' %$%57')/5?J5/*'
.%")7%)"#' 5.' .##/' $.' 35??#"#/%' ?"(6' E$.%#"/' Y#<5.(357R' ?("6.LQP_
' 85/$00JK' G7&(#/>#"*R.'
3#T#0(<6#/%'(?'%9#0T#2%(/#'6).57'$/3'1&()'+#/27&)/*'.(/5?57$%5(/'(?'%&#';'863&:'5/'D3"&'
$0.('.&$"#.'%"$5%.'J#%'$"#'35.%5/7%'$7%.'(?'+#.%#"/'$/3'E$.%#"/'53#/%5%JLQPd'
:&#.#' 53#$.' #6>(3J' %&#' /(%5(/.' (?' <#".(/$027)0%)"$0' Y"((%.RK' $/3' 9&50#' .(6#' 7)0%)"$0'
53#/%5%5#.'$"#'35.%5/7%'(%&#".'7"(..2(T#"L'C'>#05#T#K'?(00(95/*';)/'VY(/#'7)0%)"#'/(%'#/()*&R'5/'
GH$%"1"'8%0##0."%QPe
W' $/3'1&()' VY7)0%)"$0' "#5/T#.%5*$%5(/R' 5/'!"&%"&WhbW'35$0(*)#'$6(/*.%'
7)0%)"#.' .&()03' >#' 9#07(6#3' $.' 0(/*' $.' %&#.#' Y"((%.R' $"#' 5/%#*"$%#3' $/3' "#.<#7%#3L' :&#'
.J6>(05.6'?("'9$%#"'h9&#"#'$00'05?#'?0($%.'5/'.).<#/.5(/i'9()03'"#T5%$05.#'%&#.#'35??#"#/7#.'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''QP_'X(.#<&'g#"6$/K'#%'$0L'v!##%&(T#/K'N)395*'T$/Lv'C/'7%0."'N<#3C'J&E3&"L'JH/0%*'N<#3C'
J&E3&"K&%%<,mm999L(Z?("36).57(/05/#L7(6m.)>.7"5>#"m$"%570#m*"(T#m6).57maPPO_<*Qc''
V$77#..#3'c%&'8#>")$"J'OPQQWL'QPd'1&()'+#/27&)/*K'D3"&'VQ`__W'Published by C.F. Peters 1967 - First performance January 9, 1967 New York
City'QPe'1&"5.%5$/'A%[K'5,&'M<&Y#'2%$'/0%','T"+'7"&"%,$30&R'GH$%"1"'8%0##90."%='GH$%"1"E)'D"%#0&,E'N<#3C-'1MC4E'
QOmQ^K'Q``e,'hC%'5.'$'%"$*#3J'?("'$'7(/%#6<("$"J'7(6<(.#"'%('>#'5/%#"#.%#3'5/'(/0J'(/#'7)0%)"#Ki'<L'QaaL''QP`'1&()'+#/27&)/*K'!"&%"&',&*'8<E$<%"K'45330#%(9/K'1(//L,'+#.0#J$/'A/5T#".5%J'-"#..K'OPPa'<L'OQaL'?"(6'
%&#'>((U'H$J(5'A/('ET#"#%%'b'8"#3#"57U'N$)K'@0C,$3&:'G,#$'2#3,'3&'!"#$"%&'2%$'N<#3Cj'h%&#'"#T5%$05.$%5(/'(?'
(/#R.'(9/'7)0%)"#K'%&#'>#$)%5?)0'?0(9#".'<0)7U#3'?"(6'$'/#5*&>()"R.'*$"3#/'9500'/#T#"'<"(3)7#'"((%.'?("'?)%)"#'
>0(..(6.Li'<L'OQaL'
'
'
^O'
5/'7)0%)"$0'"((%.'%&$%'$"#'/()"5.'>J'%&#'?0($%5/*'9("03'%&$%'#6>"$7#.'(<<(.5%#.L'C%'5.'/(%'
)/%50' 7)0%)"$0' %"$35%5(/.K' %&$%' 9#"#' (/7#' &533#/' ("' 3#.<5.#3K' $"#' #6>"$7#3' %&$%' %&#"#' 5.'
7#0#>"$%5(/' (?' 35T#".5%JL' C/' %&#.#' 7(/.53#"$%5(/.' %&#' ;$(5.%' >$0$/75/*' (?,' $/' E$.%#"/' $/3'
+#.%#"/' 65/3K' <#".(/$0' 7)0%)"$0' "((%.K' 6).57' (<<(.5%5(/.K' X)/*R.' .5/*)0$"' #Z5.%#/7#.' $/3'
7)0%)"$0' %(%$05%JK' &$T#' >##/' >"()*&%' %(' %&#' ?("#*"()/3' %(' ?("6' $' ;$(5.%' 5/%#*"$%5(/' (?'
(/#/#..L' I/#' %&$%' 3"$9.' ?"(6' >(%&' 5/.53#' $/3' ()%.53#' (?' .)""()/35/*' 7)0%)"#.' $/3'
#6>"$7#.'53#/%5%J'(?'%&#'.#0?'%('%&#/'$??5"6'%&#.#'*#/)5/#'@)$05%5#.')/5T#".$00JL'
'
'
' '
'
'
^^'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
! !
'
'
^a'
@>;A95B!)2=B!!
%>5!G195B/=49=B;4!@2195F9!
:&5.'7&$<%#"'9500'#Z$65/#'%&#'6).57$0'?0(9'$/3'/#)%"$05.#3'<(0$"5%5#.'95%&5/'%&#'7(/7#<%.'(?'
.%$.5.K' 35"#7%5(/$0K' /(/235"#7%5(/$0K' .5/*)0$"' ?0(9.' $/3'6)0%5<0#' <(0$"5%5#.K' 5/' "#0$%5(/' %(' $/'
5/%#"7)0%)"$0' 7(/%#Z%' %(' 35.7(T#"' %&#' T$"5().' 6).57$0' 6$/5?#.%$%5(/.' $/3' 7(//#7%5(/.'
>#%9##/'%&#.#' 53#$.L'4).57$0'#Z$6<0#.'(?'.%$.5.'9500'>#'3"$9/'?"(6'%&#'7(6<(.#".,'1&()'
+#/27&)/*'V1&5/$W'$/3'&5.')3&9),&:'$<<"($7&'%('.#"5$05.6K'1&5/$"J'A/*R.' V1$6>(35$W' 53#$'
(?'$)"$K' .<$7#K' .).<#/3#3'%56#'$/3'$0#$%("J'6(6#/%.K'-&505<'\0$..R.' V=6#"57$W'65/56$05.%'
&$"6(/J'$.'Y.%$.5.R'5/'L0),,&3#P,$#3'VQ`eOW'$/3':(")':$U#65%.)R.'VX$<$/W'3"(/#'@)$05%5#.'5/'
T0."14"%'($"F#'VQ`_dWL';5"#7%5(/$0'$/3'B(/235"#7%5(/$0'53#$.'9500'>#'.&(9/'%&"()*&'A/*R.'
6).57'2<%,' VOPPcW'$.'*#.%)"#.' %&$%'6(T#' ?"(6' %5*&%'6(T#6#/%.' %('$' ?"##"' ?("6'$0#$%("JL'
:&5.'5.'$0.('.##/'5/'!")7#'1"(..6$/R.'V=).%"$05$W'-$75?572E)"(<#$/'T(57#'0#3'53#$.'95%&'.5/*0#'
6(6#/%' *(/*.' $/3' "#.(/$%#' 3"(/#.K' 95%&' .%"(/*' .#/.#' (?' %&#' 35"#7%5(/$0' $/3' $0#$%("J'
6(6#/%.'95%&5/'M0<4E"' O"#0&,&C"#' VOPPeWL' G5/*)0$"' 80(9.'9500' >#' .&(9/' %&"()*&'1&()R.'
7(0()"5.%57' 6(6#/%.' 5/' &5.' 7(6<(.5%5(/' D3"&' VQ`__W' $/3' A/*' %56>"#' 7(0()"' 6(6#/%.' 5/'
2<%,L'4)0%5<0#'<(0$"5%5#.'9500'>#'<"#.#/%#3' 5/'A/*'.56)0%$/#().' 0$J#".'(?'%56#' 5/'2<%,'$/3'
%&"()*&'N5[$'N56R.' V=).%"$05$W' %#Z%)"$0' 0$J#"5/*' 5/'GC#$,$3C'2%C63$"C$<%"' VOPPaW'$.'&("5[(/%$0'
7(/.%")7%5(/'95%&'$'T#"%57$0'7)0%)"$0'0$J#"5/*L''''
'
'
'
!
'
'
^c'
@28A2:5BO:!G195B/=49=B;4!$9;:?:!!!
1&5/#.#2=6#"57$/'1(6<(.#"'1&()'+#/27&)/*'&$.'9"5%%#/'9&$%'C'&$T#'7(/.53#"#3'%('>#'$/'
56<("%$/%' 9("U' 5/' %&#' )/5?57$%5(/' (?' +#.%#"/' ="%' 4).57' $/3' E$.%' =.5$/' 7(6<(.5%5(/$0'
6#%&(3.'$/3'<&50(.(<&JK'5/'&5.'9("U'D3"&'VQ`__WL'D3"&'5.'$'.#"5$05.#3'<5#7#'>$.#3'(/'3)$05%J'
(?')3&9),&:'%&$%'5.'%"$/.0$%#3'5/%('6).57$0'53#$.'$/3'.J.%#6.K'?("65/*'6).57$0'%"5*"$6.'%&$%'
7(""#.<(/3'%('%&#' ;'863&:-'U3&' 5.'"#<"#.#/%#3'$.'$/')/>"(U#/'05/#'("'$'65/("'%&5"3' 5/'D3"&K'
$/3'),&:' 5.'$'>"(U#/' 05/#'("'$'6$S("'$/3'$'65/("'.#7(/3L':&#'<5#7#').#.'_'T$"5$>0#'VF3"&W'
6(3#.'(?'$.7#/35/*'$/3'3#.7#/35/*'<$%%#"/.L'=/'#Z$6<0#'(?'$'>$0$/75/*'<5%7&'("*$/5.$%5(/'
%&"()*&'(<<(.5%5(/.'7$/'>#'.##/'9&#/'1&()'$09$J.'?(00(9.')<'$/'$.7#/35/*'<5%7&'<$%%#"/'
95%&'$'3#.7#/35/*'(/#f$/3'T57#'T#".$LQQP'=.'$'6#0(357'?"$*6#/%' 5.'$09$J.'?(00(9#3'>J'$/'
(<<(.5%#'<&"$.#'$/3'5.'/(%'3#T#0(<#3'5/'(/#'35"#7%5(/' 5%'7$/'%&#/'>#'7(/.53#"#3'$'%J<#'(?'
.%$.5.'%&"()*&'>$0$/7#L''
'
C/'%&#("J'$'7&"(6$%57'&$"6(/J'5/'$'%(%$00J'.#"5$05.#3'9("U'3(#.'/(%'&$T#'*"$T5%$%5(/$0'<)00.'
%(9$"3.' $' %(/$0' 7#/%"#' $/3' 7$/' %&#"#?("#' >#' 7(/.53#"#3' $.' &$T5/*' $' /(/235"#7%5(/$0'
&$"6(/JL' C/.%#$3K' %&#' <5%7&' T$"5#.' 5/' .56<0575%JK' 7(6<0#Z5%J' $/3' 5/%#/.5%J' 95%&' 7#00' 05U#'
6(%5T57' $/3' "&J%&657' 35"#7%5(/.' $/3' 9&$%' 1&()' &$.' 53#/%5?5#3' 5/' D3"&' $.' 35.<#".$0.' (?'
#/#"*JLQQQ
'D3"&K'9&57&'6#$/.' %"$/.?("6$%5(/'$/3' 5.' .J/(/J6().'95%&' %&#' ;' 5/' %&#' ;'863&:K'
7"#$%#.' %&5.' #/#"*J' $.' $' .#"5#.' (?' ?0)7%)$%5(/.' %&$%' #??#7%' (/#' $/(%&#"' >$.#3' (/'
7(6<0#6#/%$"J' $/3' (<<(.5%5(/$0' "#0$%5(/.&5<.L' :&5.' 5.' $0.(' $<<05#3' %(' <5%7&K' 3)"$%5(/K'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''QQP'E"57'N$5K'56"'G.0E<$30&'0/'860<'!"&9C6<&:^#'],%3,4E"'N0*"#K'1&$<%#"'e'5/'%&#'!((U,'H$J(5'A/('ET#"#%%'b'
8"#3#"57U'N$)K'@0C,$3&:'G,#$'2#3,'3&'!"#$"%&'2%$'N<#3CK'+#.0#J$/'A/5T#".5%J'-"#..K'OPPa'<LQc^L'QQQ'1&()'+#/21&)/*R.'9#>.5%#R'D3"&'SWbiid,'&%%<,mm999L7&()9#/7&)/*L("*m9("U.mQ`__s<5#/L<&<'V$77#..#3'
^PmPdmOPQOWL'
'
'
^_'
5/%#/.5%J'$/3'$"%57)0$%5(/LQQO
':&#'<5#7#'7"#$%#.'$'.#/.#'(?'(/#/#..'9&#/'$00'6).57$0'#0#6#/%.'
>#7(6#' >$0$/7#3L' D3"&' 5.' 7$%#*("5.#3' 5/%(' <5%7&' #/%5%5#.,' %&$%' &("5[(/%$00J' 7"#$%#' $'
7(6<(.5%#3' 05/#' $/3' /(/2<5%7' #/%5%5#.,' 9&57&' $6<05?J' $/3' "#?0#7%' %&#.#' <5%7&' #/%5%5#.'
7"#$%5/*' $' T#"%57$0' 7(/%"5>)%5(/LQQ^
' :&#' 6).57$0' $7%5T5%J' 7$/' >#' 95030J' 3J/$657' >)%' 5/' 5%.'
%(%$05%J' (?' >$0$/7#3' 6).57$0' #/%5%5#.' %&#"#' 5.' .%$.5.' $.' 6(6#/%.' $/3' 5/' %&#' (T#"$"7&5/*'
("*$/5.$%5(/' (?' %&#' <5#7#L' 1&()' &$.' 3#.7"5>#3' 6).57$0' 6(6#/%.' $.' 5/%#"T$0057' 7#00.QQa
' ("'
6).57$0' ?"$*6#/%.' %&$%' 7$/' .5%' $.' $' 6).57$0' #/%5%J' >J' %.#0T#.f$.' %"5*"$6.L' :&#'
7(6<0#6#/%$"J' 7(6>5/$%5(/.' 5/' %&#' ;' 863&:' $"#' %&"()*&' %9(' %"5*"$6.' %&$%' #@)$%#' %(' $'
%"$/.?("6$%5(/L' :&#"#'$"#'6$/J'35??#"#/%'9$J.'(?' ?5/35/*' 7(6<0#6#/%$"J' %"5*"$6.L' C/' %&#'
6).57'(?'1&()'&#'&$.').#3'?()"'V$W'5/T#".5(/K'V>W'"#?0#7%5(/K'V7W'5/T#".5(/'�'"#?0#7%5(/'$/3'V3W'
53#/%5%J'(<#"$%5(/QQcL':&#.#'6$%7&'6#0(357'<&"$.#.'95%&'$'7(6<0#6#/%$"J'<$%%#"/L'!$".'Q'%('
a'(?'D3"&'$"#'.&(9/'5/'EZ$6<0#'aLQL':&#'<5%7'5/.%")6#/%.'$"#'<0$J5/*'V82=>W'V=2!21W'V1|2
;|2E|W' 5/' %&#' ;' 863&:=' %&5.' 5.' 7$00#3' $'4()/%$5/' $/3' 5/' %&#' /#Z%' <&"$.#' !$".' a' %(' d' 5%' 5.'
>$0$/7#3'>J'+5/3'V82;W'V1|'=|W'V=2\28|W'%&"()*&'V7W'5/T#".5(/'�'"#?0#7%5(/LQQ_
''
'
G%$.5.'5.'$"%57)0$%#3'5/'D3"&'%&"()*&'%&#'.5/*)0$"'#/%5%J'%"5*"$6'6(6#/%.-'G%$.5.'5.'$0.('5/'%&#'
/$%)"#'(?'5%.'/(/2&5#"$"7&57$0'.#"5$05.$%5(/'(?'<5%7&K'9&57&'>$0$/7#.'#$7&'?"$*6#/%'$*$5/.%'5%.'
7(6<0#6#/%$"J' ?("7#.L' :&5.' 7"#$%#.' (/#/#..' (/' $' 657"(' 0#T#0' V%"5*"$6' &$"6(/J' 95%&'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''QQO'5>53L'
QQ^'5>53L'
QQa''-#%#"'1&$/*K'h1&()'+#/21&)/*R.'1"(..21)0%)"$0'EZ<#"5#/7#'$/3'M5.'4).57$0'GJ/%&#.5.,':&#'7(/7#<%'(?'
GJ/7"#%5.6'F#T5.5%#3i'2#3,&'N<#3CK'D(0L'^OK'B(L'O'VG<"5/*'qG)66#"K'OPPQW'<L'QQP'L'QQc''E"57'N$5K'56"'G.0E<$30&'0/'860<'!"&9C6<&:^#'],%3,4E"'N0*"#K'1&$<%#"'e'5/'%&#'!((U,'H$J(5'A/('ET#"#%%'b'
8"#3#"57U'N$)K'@0C,$3&:'G,#$'2#3,'3&'!"#$"%&'2%$'N<#3CK'+#.0#J$/'A/5T#".5%J'-"#..K'OPPa'<L'QcQL'QQ_'-#%#"'1&$/*K'h1&()'+#/21&)/*R.'1"(..21)0%)"$0'EZ<#"5#/7#'$/3'M5.'4).57$0'GJ/%&#.5.,':&#'7(/7#<%'(?'
GJ/7"#%5.6'F#T5.5%#3i'2#3,&'N<#3CK'D(0L'^OK'B(L'O'VG<"5/*'qG)66#"K'OPPQWL'<L'QPdL'
'
'
^d'
(<<(.5/*'7(6<0#6#/%$"J'&$"6(/JW'$/3'6$7"('0#T#0'V(<<(.5/*'5/.%")6#/%'*"()<.K'95/3'$/3'
<5$/(WL'='.#/.#'(?'.%$.5.'5.'6$5/%$5/#3'#T#/'95%&'5%.'0$"*#'3J/$657'?0)7%)$%5(/.L'
'
'
^e'
&F;8A45!WRKC!@>2=!D51J/>=17O:!20$+&3456678&9:%,&4;<8&=>*:,0,&"'&9:?:+@$A&)B,0@:?&$+*0*0$,C!
'
'
^`'
'
='35??#"#/%'7(/7#<%)$0'$<<"($7&'%('53#$.'(?'.%$.5.'7$/'>#'?()/3'5/'%&#'9("U'2<%,'VOPPcW'>J'
1$6>(35$/2=6#"57$/'7(6<(.#"'1&5/$"J'A/*L';"$95/*'35"#7%0J'?"(6'!)33&5.%'7(/7#<%.K'A/*'
$56.' %(' "#<"#.#/%' %&#' ,<%,' $.' &#' 56$*5/#.' 5%' %(' >#' $.' #6)0$%5(/' (?' %&#' 56$*#' (?' %&#'
!)33&$R.'&#$3L'C/'%&#'6).57K'A/*'7"#$%#.'$'.).<#/3#3'@)$05%J'%&"()*&'&5*&'"#*5.%#"'*#.%)"#.'
95%&' $>.%"$7%#3' ?5*)"$%5(/.LQQd' ' :&#"#' $"#' $0.(' .).%$5/#3' #0#6#/%.' 95%&' 3#2#6<&$.5.#3'
$%%$7U.'5/'%&#'>(9#3'7"(%$0#.K'.%"5/*'&$"6(/57.'$/3'9&5.%05/*LQQe
':&#"#'5.'$0.('$/'$00(9$/7#'
?("'$0#$%("J'6(6#/%.'95%&5/'%&#.#'<$"%.L'G%$.5.'5.'&#$"3'5/'%&#'.).<#/3#3'.()/3.'%&$%'6(T#'
.0(90J' 95%&' .)>%0#' 5/?0#7%5(/.' 7"#$%5/*' $/' $>.%"$7%' 7(0()"5/*' .##/' 5/' EZ$6<0#' aLOL'
F#T#">#"$%5/*'7"(%$0#.' V#$7&'(/#'7(""#0$%5/*'%('%&#'.5Z'7(0()".'(?'%&#',<%,W'$7%'$.'$' Y*0(9R'
$"()/3'(%&#"'#0$>("$%#'T(7$0'05/#.K'9&57&'5.'3#.7"5>#3'<(#%57$00J'$.'Y.5/*5/*'5/.53#'$)"$RLQQ`''
'
2<%,' 5.' .##/' >J'A/*' $.' &$T5/*' $' 7(/.%$/%' (<#/' <"#.#/7#'95%&' /(' <)0.#QOP' V"#?#""#3' %(' 5/'
7&$<%#"' %&"##WL' :&5.' 5.' $/(%&#"' "#<"#.#/%$%5(/' (?' .%$.5.K' $.' $/' (<#/' %#6<("$0' <0$/#' 95%&'
6).57$0'6(6#/%.'(77)""5/*'5/.53#L'':&5.'"#?0#7%.'A/*'5/%#"#.%'5/'!)33&5.6'95%&'%&#'7(/7#<%'
(?'#6<%5/#..'V(6<&),$,WQOQ'%&$%'$<<#$".'%('>#'.J/(/J6().'7"#$%5/*'.%$.5.'5/'6).57L':&#'/('
<)0.#'%&$%'5.'7"#$%#3'5.'$'>0)""5/*'(?'%56#'()%.53#'%&#'"#.%'(?'%&#'6).57'$/3'7$/'>#'.##/'$.'
Y?0($%5/*R'$7"(..'%56#L'-"(65/#/%'7&$"$7%#"5.%57.'(?'.%$.5.'5/'%&5.'<5#7#'$"#,'%&#'.0(9'6(T5/*'
*#.%)"#.K' %56#'.).<#/35/*' %&"()*&'$' ?0($%5/*'<)0.#'$/3'$>.%"$7%'7"(%$0#'.%$.5.L':&#'7"(%$0#'
.%$.5.''7"#$%#.''$'Y*0(9R'$"()/3'%&#'T(57#L'
!
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''QQd'1&5/$"J'A/*K'hG5/*5/*'C/.53#'2<%,Ki'#3.L'457&$#0'=%&#"%(/'$/3'!")7#'1"(..6$/K'N<#3C'0/'$6"'(F3%3$R'2#3,&9
D,C3/3C'N<#3C,E';*"&$3$)K'GJ3/#J,'=).%"$05$/'4).57'1#/%"#K'OPPeL'<L'aQL'QQe'C>53L'
QQ`'C>53L'
QOP'C>53L'<L'aPL'
QOQ'C>53L'<L'aQL'
'
'
aP'
!
&F;8A45!WR^C!@>?1;BI!-17O:!DB%:!*^YYX.P!V;B!XWC!Z$=:A51656!_=;4?9?5:\!
!
'
'
aQ'
!
!
C/' -&505<' \0$..R.' ' 6).57' 5/' L0),,&3#P,$#3' VQ`eOWK' &#' 7"#$%#.' .%$.5.' %&"()*&' $' &$"6(/57'
("*$/5.$%5(/'$/3'75"7)0$"'%(%$05%5#.L'M#'3(#.'%&5.'%&"()*&'%&#').#'(?'"#<#%5%5(/'(?'$.7#/35/*'
$/3'3#.7#/35/*'05/#.'(/'$'657"('$/3'6$7"('&$"6(/57'0#T#0L':&5.'.()/3.'.5650$"'%('%&#'9$J'
1&()'+#/27&)/*' 7"#$%#.' .%$.5.' 5/'D3"&K' #Z7#<%'\0$..' (?%#/' <0$7#.' %&#' 3#.7#/35/*' <$%%#"/'
35"#7%0J' (T#"' %&#' $.7#/35/*' <$%%#"/' V$.' .##/' 5/' EZ$6<0#' aL^WL' 1&()R.' &$"6(/J' 5.' $0.('
.#"5$05.#3' #6<&$.5.5/*' %&#' 6$S("' $/3' 65/("' O/3L' :&#' &$"6(/J' 5/' L0),,&3#P,$#3' 5/' %&5.'
#Z$6<0#' (?%#/' "#<#$%.' <$%%#"/.' ).5/*' %&#' ?5".%K' %&5"3K' ?5?%&' $/3' (7%$T#' 5/%#"T$0.L' !J' ).5/*'
%&#.#' <$"%57)0$"' 5/%#"T$0.' %&#"#' 5.' *#/#"$00J' /(' .)**#.%5(/' %&$%' %&#' &$"6(/J' 9500' "#.(0T#'
%(9$"3.'$'&(6#'U#JL'C/.%#$3K'%#/.5(/.'$"#'7"#$%#3').5/*'6$S("'$/3'65/("'%&5"3.'$/3'.%$.5.'5.'
7"#$%#3'>J' 5%.' 7J7057'<$%%#"/.L'\0$..' %&#/'7"#$%#.' .)>%0#' .&5?%.' 5/' %&#'&$"6(/J' %&$%' 7&$/*#'
(T#"'%&#'7()".#'(?'(/#'$.7#/35/*'$/3'3#.7#/35/*'7#00'>0(7UL'M$"6(/J' 5.'.0(90J'#T(0T#3' 5/'
%&#.#' 7#00' >0(7U.' $.' $/' $.7#/35/*' $/3' 3#.7#/35/*' <$%%#"/' $.' .#7(/3' 5/%#"T$0' .&5?%.' V.##'
EZ$6<0#'aL^'5/'%&#'?5".%'>$..'/(%#.'(?'#$7&'<&"$.#WL':&#.#'<$%%#"/.'.&(9'.%$.5.'>#%9##/'%&#'
0(/*' $/3' .&("%' "#<#%5%5T#' ?5*)"#.'(?' %&#' $0"#$3J' .%$%57' 05U#' $"<#**5(.L' C/' %&#'6).57K' %56#' 5.'
.<"#$3' ()%' 5/%(' 0(/*' 3"$9/' ()%' "#<#$%5/*' <$%%#"/.' %&$%' $7%' $.' $' .%$%57' 7&$"$7%#"' $*$5/.%'
?$.%#"'6(T5/*' *#.%)"#.L' :&#'6(3)0$%5/*' .&5?%.' 5/' %&#' <$%%#"/.' (?' L0),,&3#P,$#3' <"(T53#' $'
7(0()"5/*' %&"()*&' T$"5$%5(/' %&$%' >"5/*' 7&$"$7%#"' %(' %&#'6).57L' :&5.' 5.' $' "#<"#.#/%$%5(/' (?'
.%$.5.' %&"()*&' $' "#<#$%5/*' <$%%#"/' %&$%' "#%)"/.' $/3' .%$*/$%#.' 95%&' /(' %#/3#/7J' ("'
#Z<#7%$%5(/'?("'%&#'&$"6(/J'%('"#.(0T#L'
'
'
!
'
'
aO'
&F;8A45!WRQC!E>?4?A!]4;::O:!E"F::+0,G:*,0&345HI7&JK@$%L*&=M:%)"+F&:,&>*:,0,C4NN
!!
!
!
!
!
!
!
!
=' 7(/%"$.%5/*' .%$%#6#/%' (?' .%$.5.' 7$/' >#' ?()/3' 5/' X$<$/#.#' 7(6<(.#"' :(")' :$U#65%.)R.'
T0."14"%' ($"F#' VQ`_dWL' C/' %&5.' <5#7#' %&#' #6<&$.5.' 5.' (/' 3"(/#' @)$05%5#.' $.' (<<(.#3' %('
"#<#%5%5T#'.%$%57'&$"6(/5#.'>)5035/*'$/3'?$005/*'(T#"'%56#' 5/'L0),,&3#P,$#3L'I/'%&#'.)"?$7#K'
T0."14"%' ($"F#' $<<#$".' %(' &$T#' 7(/%5/)().' $7%5T5%J' (?' .()/3.' $/3' 0(/*' .).%$5/5/*' /(%#.'
%&$%' $"#' <$..#3' >#%9##/' 5/.%")6#/%' *"()<.L' !)%' 3"(/#' @)$05%5#.' $"#' 7"#$%#3' 5/' 35??#"#/%'
9$J.'5/'%&5.'<5#7#L':&#'7(6<(.5%5(/'7$/'>#'7$%#*("5.#3'5/%('%9('6$5/'*"()<.,'%&#'("7&#.%"$0'
5/.%")6#/%.'VE)"(<#$/'%"$35%5(/'9&57&'&$.'$'6#%"57'<)0.#W'$/3'%&#'#6,?<6,C63'$/3'%&#'43+,'
.#7%5(/.'VX$<$/#.#'%"$35%5(/'9&57&'&$.'/('6#%"57'<)0.#WL'!#%9##/'%&#'X$<$/#.#'5/.%")6#/%.'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''QOO'1&$"0#.'4#""#00'!#"*'h-&505<'\0$..'(/'1(6<(.5/*'?("'8506'$/3'I%&#"'8("6.,':&#'
1$.#'(?'L0),,&3#P,$#3_8!X()"/$0'(?';"$6$%57':&#("J'$/3'1"5%575.6K'D(0L'DK'B(L'Q,'8$00'Q``P'
'<L'^P^L'
'
'
a^'
3"(/#' #0#6#/%.' $"#' 7"#$%#3' #T#/' %&()*&' %&#' 5/.%")6#/%.' %.#0T#.' $"#' 5/7$<$>0#' (?'
.).%$5/5/*' $/' 5/?5/5%#' 3"(/#L' :&#J' 5/.%#$3' 7"#$%#' $'9$T#"5/*' (?' %56#' >#%9##/' #$7&' (%&#"'
%&"()*&'$/'5""#*)0$"'%#6<("$05%J'V.##/'5/'EZ$6<0#'aLaWLQO^
':&#"#'5.'$0.('7(6<0#%#/#..'95%&5/'
#$7&'#6,?<6,C63'/(%#'("'43+,'<0)7U'7"#$%5/*'$/' 5/?5/5%#'9&(0#'95%&5/'(/#'.()/3LQOa
' C/'%&5.'
.#/.#K':$U#65%.)' ?(00(9.'$/%#7#3#/%.' 5/'1(/?)75$/'%&()*&%'9&57&'1&()'$0.('3"$9.'(/L'=.'
6#/%5(/#3'#$"05#"K'S)Z%$<(.#3'E)"(<#$/'("7&#.%"$0'#0#6#/%.'?"#@)#/%0J').#'.).%$5/#3'/(%#.'
%(' 6$5/%$5/' $' 3"(/#' .%$.5.L' C/' >$".' ^O2^_K' 5/' EZ$6<0#' aLaK' %&#"#' 5.' $' 3"(/#' .#%' )<' >J'
:$U#65%.)' 5/'%&#'%")6<#%.'$/3'%"(6>(/#.'95%&'$/' 5/357$%5(/'%('&(03'/(%#.,'1|'8|'E'\|'!K'
95%&' %&#'6$"U5/*,'h5/'(/#'>"#$%&'$.' 0(/*'$.'<(..5>0#iL':&5.'>0#/3.'35"#7%0J' 5/%(' %&#'.(0(#3'
#6,?<6,C63'$/3'43+,'<$"%.L'G%$.5.'5.'.#%)<'5/'%9('35.%5/7%'9$J.'5/'%&#'6).57L':&#'?5".%'9$J'5.'
%&"()*&'0(/*'.).%$5/#3'/(%#.'V("'7&("3.W'%&$%'$"#'<$..#3'$0(/*'35??#"#/%'5/.%")6#/%.L':&#.#'
$<<#$"' %(' $7%' $.' 7(//#7%5(/' <(5/%.' %&$%' %"$/.5%5(/' >#%9##/' .#7%5(/.' V("7&#.%"$0' $/3' %&#'
.(0(#3' X$<$/#.#' 5/.%")6#/%.WL' :&#' .#7(/3' 5.' %&"()*&' %&#' #/30#..0J' (.7500$%5(/' (?' %56#'
%&"()*&'$'9$T#"5/*'"&J%&657'5/%#"$7%5(/'(?'X$<$/#.#'5/.%")6#/%.L':&5.'<"(T53#.'$'35??#"#/%'
%J<#'(?'.%$.5.'>)%'95%&'.5650$"'#??#7%L'
!
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''QO^'N#95.'1("/9#00K'h:(")':$U#65%.)n.'T0."14"%'($"F_'Q0<%&,E'0/'T"+'N<#3C'O"#",%C6='D(0K'^QK'B(L'^K'OPPOK'<L'
OQOL'QOa':$U#65%.)K':x")K'V%"$/.L'=3$7&5K'G)65'95%&'F#J/(03.K'F(*#"WK'v45""(".vK'D"%#F"C$3."#'0/'T"+'N<#3CK'T(0L'^P'
/(L'Q'V+5/%#"K'Q``OWK'<L'dQL'
'
'
aa'
&F;8A45!WRWC!%2B=!%;058?9:=O:!O"P$)9$%&>*$L,8&9:%,&II;IQ&=R0+S0+1&T%@/$,*%:?&U%"+$&
VB:?0*0$,&W?"#&0+*"&:&X:P$%0+1&!$)L"%:?&>*:,0,C! !
'
'
ac'
"2H?17!)2B3;B6C!L?B5/9?21;4!;16!,21JL?B5/9?21;4?9I!?1!"=:?/!
=).%"$05$/'7(6<(.#"'!")7#'1"(..6$/'3"$9.'?"(6'&5.'E)"(<#$/'&#"5%$*#'$/3'$0.('?"(6'%&#'
=.5$/2-$75?57' "#*5(/' ?"(6' 9&#"#' &#' 05T#.L' M5.' 7(6<(.5%5(/' M0<4E"' O"#0&,&C"#' VOPPd2PeWK'
.7("#3'?("'<5$/('$/3'<#"7)..5(/'"#?0#7%.'$.<#7%.'?"(6'>(%&'(?'%&#.#'7)0%)"#.'$/3'"#T#$0.'$'
357&(%(6J' >#%9##/' 9&$%' C' 9()03' 7$00' ?("9$"3' 35"#7%5(/.' 5/' %56#' 95%&' /(/235"#7%5(/$0'
*#.%)"#.L' 1"(..6$/' #Z$65/#.' &5.'9("U' ).5/*' %&#' 1&5/#.#' $"%5.%57' 7(/7#<%' (?'P3)<&K'9&57&'
9$.'3#T#0(<#3'>J'E%&/(6).57(0(*5.%'E39$"3'M(LQOc':&#'%#"6'P3)<&'.##6.'.J/(/J6().'95%&'
)3&9),&:'>)%'$<<#$".'%('>#'$'6("#'5/%)5%5T#'$<<057$%5(/'%('%&#'53#$'9&#/'7(6<$"#3'%('%&#'
.#"5$05.#3')3&9),&:' $<<"($7&' 5/'1&()'+#/27&)/*R.'D3"&-' C/'M0<4E"'O"#0&,&C"#'P3' $/3')<&'
$"#'$'?).#3'/(%5(/K'9&#"#'P3' 5.'"#<"#.#/%#3'$.'6$.7)05/#K'7056$7%57K'?("7#?)0'#/#"*JL'U<&' 5.'
.##/'$.'?#65/5/#K'05T5/*'7(0()"'%56>"#.K'.5/*0#2%(/#'$/3'%(/#'"#.(/$/7#.'V.##'#Z$6<0#.'aLcLQ'
$/3'aLcLOWL'E)"(<#$/'$.<#7%.'$"#'53#/%5?5#3'5/'(/#'.#7%5(/'>J'%&#').#'(?'<5$/('95%&'35..(/$/%'
65/("'.#7(/3.K'7056$7%57'%"$S#7%("JK'$'S$[[J'("5#/%$%#3'6(6#/%)6'$/3'%&#'9$J'%&#'g("#$/'
L<E3&$,&:'*(/*'5.'&$".&'$/3'$77#0#"$%5/*L':&#').#'(?'%&#'35..(/$/7#'$/3'?("7#?)0'6(6#/%)6'
$00' 0#$3.' %(' $' .#/.#' (?' 35"#7%5(/$05%JK' 9&57&' 5.' 53#/%5?5#3' <"(65/#/%0J' $.' 6$.7)05/#' $/3'
%"$35%5(/$00J' E)"(<#$/L' C/' 7(/%"$.%K' %&#' ?#65/5/#' .)>%0J' (?' )<&' 5/' %&5.' <5#7#' ?(7).#.' (/'
"#.(/$%5/*'@)$05%5#.K'.5/*0#2%(/#'*#.%)"#.K'657"('6(T#6#/%.K'$/3'%56>"#'%"$/.?("6$%5(/.L'C/'
%&5.'.#7%5(/'%&#').#'(?'*(/*.'$"#'6("#'.)>%0#'$/3'"#.(/$/%'$U5/'%('%&#'E$.%2=.5$/'.5/*0#2%(/#'
53#$'$/3'$0.('7(/.53#"#3'/(/235"#7%5(/$0'.%$%#6#/%.L'='7(6<$"5.(/'>#%9##/'%&#'9$J.'%&#'
E)"(<#$/'7"(%$0#.'$/3'%&#'g("#$/'L<E3&$,&:'*(/*'$"#'<0$J#3'3)"5/*'P3'$/3')<&'6(6#/%.K'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''QOc'!")7#'1"(..6$/K'h=.5$/2-$75?57'1"#$%5T#'!"#$%&,'1(66)/57$%5T#'E/#"*J'>#%9##/'F#$06.Ki'2#3,'($<*3"#'
2##0C3,$30&'2<#$%,E3,,'1(/?#"#/7#'-$<#"K'OPQOK'<L'QL'
'
'
a_'
.&(9.' $' 7)0%)"$0' 0$J#"5/*' >J' %"' 35"#7%5(/$0' $/3' /(/235"#7%5(/$0' <#"?("6$/7#L' C%' $0.('
56<05#.'%&$%'%&#"#'5.'$'>5%'(?'P3'5/'%&#')<&'$/3'T57#2T5.$f05U#')3&9),&:-'
&F;8A45!WRXRKC!MB=/5!@B2::8;1O:!U"B9?$&($,"+:+@$,8&9:%,&4;4HY&=W$)0+0+$&ZB+!]5:9=B5:!
3?9>!V0&L%$,$+@$\&'
'
'
ad'
&F;8A45!WRXR^C!MB=/5!@B2::8;1O:!U"B9?$&($,"+:+@$,8&9:%,&64;65Y&=[:,@B?0+$&V0!]5:9=B5:!
3?9>!ZB+&EB5:51/5\&&!
'
'
ae'
`;I5B?17!2<!%58A2B;4!L?H?:?21:C!L?B5/9?21;4!;16!,21J6?B5/9?21;4!$=:A51:?21:!
;5"#7%5(/$0' %56#' ?"$*6#/%.'95%&' /(/235"#7%5(/$0' .).<#/3#3' @)$05%5#.' $"#' ?()/3' 5/' 1&5/$"J'
A/*R.'2<%,-'C/'%&#'(<#/5/*'>$".'Q'%('_K'A/*'7"#$%#.'$'>$0$/7#'>#%9##/'35"#7%5(/$0'6#0(357'
")/.'%&$%'$"#'?(00(9#3'>J'0(/*'/(/235"#7%5(/$0''/(%#.'5/'%&#'<577(0(K'(>(#K'>$..'70$"5/#%'
$/3'T5(0$'C'$/3'CC'V.##'EZ$6<0#'aL_WL':&#'<&$.#.'$"#'<0$J#3'%(*#%&#"'5/')/5.(/'$/3'()%05/#'$'
T#"J'3#?5/#3' ?("9$"3'6(6#/%)6' 5/' %56#L':&5.' 5.' %&"()*&' %&#' "&J%&657'#Z<#7%$%5(/'(?' %&#'
"#<#$%#3' *#.%)"#.' %&$%' $"#' 5/' <"#357%$>0#' 5/%#"T$0.L' :&5.' 5/.%")6#/%$0' *"()<5/*' $0%#"/$%#.'
>#%9##/' %&#.#' 35"#7%5(/.' $/3' .).<#/.5(/.L' A/3#"/#$%&' %&5.' #T5%$>0#' "5T#"' ?0(9' 5.' $/'
)/3#"7)""#/%' (?' /(/235"#7%5(/$0' .%$.5.L' :&5.' 5.' #T53#/%' 5/' %&#' T5(05/.' C' $/3' CCK' 9&57&' 5.'
"#0$%5T#0J'.0(9#"'5/'6(T#6#/%'$/3'5.'<0$J#3'$.'$'%"#6(0('95%&'&$"6(/57.'$/3'*05..$/35L''=.'
#Z<0$5/#3'5/'%&#'<"(*"$6'/(%#.'(?'%&5.'9("UK'%&#"#'$"#'/('<$"%57)0$"'%#Z%.'?("'%&#'T(7$05.%.'%('
.5/*'("' .<#$UL' C%'9$.' 5/.%#$3'7(6<(.#3').5/*'<&(/#6#.K'9("3.K'$/3'<&"$.#.L':&5.' 7$/'>#'
7(/.53#"#3'/(/235"#7%5(/$0' 5/' 5%.'$""$/*#6#/%'>)%'%&#'3#05T#"J'(?' 5%.'6#0(357'<&"$.5/*'$/3'
%&#'#Z<#7%$%5(/.'56<(.#3'>J'%&#'%"$35%5(/.'(?'.(0('.(<"$/('T(57#K'0#$3.'6#'%('7(/70)3#'%&$%'
$'35"#7%5(/$0' .#/.#'(?' %56#' 5.' .)**#.%#3'$0(/*'95%&'/(/235"#7%5(/$0'6#$/5/*.L' ' C/'EZ$6<0#'
aL_'%&#'.(<"$/('T(57#' ?(00(9.'%&#'35"#7%5(/$0' 5/.%")6#/%.L' C%'7(/%5/)#.'%('.5/*.'$'"&J%&657'
<$%%#"/'9&#/' %&#'(%&#"' 5/.%")6#/%.R' 7"#$%#'/(/235"#7%5(/$0' .).<#/.5(/.L':&5.'6(T#.' %56#'
?("9$"3'"&J%&657$00J'$6(/*.%'$'6)0%52%#6<("$0'.).<#/.5(/K'"#.)0%5/*'5/'0$J#"5/*'(?'%56#L'
'
'
a`'
&F;8A45!WRaC!@>?1;BI!-17P!DB%:&3N\\]78&9:%,&4;IY&=U0%$@*0"+,&:+A&>B,L$+,0"+,C'
'
'
cP'
$?17=4;B!)423:C!@242=B!"28519:!
C/35T53)$0'6(6#/%.'(?' 7&$/*5/*' %56>"#' 7(0()"' $/3' %"$/.?("6$%5(/.').5/*'<5%7&' 5/?0#7%5(/.'
7"#$%#'%&#'.5/*)0$"'.0(9'(?'1&()R.'D3"&-':&#'<5#7#'7(/.5.%.'(?'?()"'<#"7)..5(/5.%.'#$7&'95%&'
.)>%0#' %56>"#K' 3J/$657' $/3' /(/2<5%7' &5*&' $/3' 0(9' $"%57)0$%5(/.L' :&#' %56>"#'
%"$/.?("6$%5(/.'$3&#"#' V/(/2.%"57%0JW' %(' %&#'#5*&%' %56>"#.'(?' %&#'1&5/#.#' %"$35%5(/$0'4,)3&'
70$..5?57$%5(/'.J.%#6'$77("35/*'%('%"'6$%#"5$0,'6#%$0K'.%(/#K'.U5/K'>$6>((K'*()"3K'#$"%&K'
.50U'$/3'9((3LQO_
':&#'<5#7#'#6<0(J.'$'"$/*#'(?'7&$/*5/*'%56>"#'3#%$50'%&$%'.J.%#6$%57$00J'?500'
$/3'#6<%J'%&#'.<$7#K'35.<#".5/*'5%.'#/#"*J').5/*'?("6)0$57'6).57$0'<$"$6#%#".L':&#'%#Z%)"#.'
&$T#' >##/' 0$>#00#3' >J' 1&()' $.,' ?"$*6#/%$"JK' <$"%5$00J' 7(6<0#%#K' 65Z#3K' $/3' $.'
5/%#"")<%5(/LQOd
' :&5.' 56<05#.' 5%.' 6(6#/%' .%")7%)"#L' :&#' %56>"#' 7(6<0#Z5%J' 5/' %&5.' <5#7#'
7"#$%#.'$'T#"%57$0'0$J#"5/*'%&$%'5.'05U#'$'.5/*0#'7$005*"$<&57$0'>").&'.%"(U#'%&"()*&'%56#K'95%&'
$00'5%.'/)$/7#.'$/3'7&$/*#.'5/'3#/.5%JL':&5.'&5*&05*&%.'1&()R.'5/?0)#/7#'(?'7$005*"$<&J'%&"()*&'
7(6<(.5%5(/LQOe':&5.'7"#$%#.'.5/*0#'6(6#/%'.%$%#6#/%.'$/3'"#.(/$/7#.'%&$%'7(0()"'(T#"'%&#'
$.7#/35/*'$/3'3#.7#/35/*'<5%7&'<$%%#"/.L'
'
:&#'(%&#"'9("U'6#/%5(/#3' %&$%' 5.'$0.(' 05U#'$'U$0#53(.7(<#'(?' 7(0()"'3#%$50' $/3' "57&/#..' 5.'
A/*R.'2<%,L' :&#'9("U' ?#$%)"#.' %9(' .(<"$/(' .5/*#".' $/3' 7&$6>#"' #/.#6>0#' 7(/.5.%5/*' (?'
?0)%#' V<577(0(K'$0%(' ?0)%#WK'(>(#K'70$"5/#%' V>$..'70$"5/#%WK'<#"7)..5(/K' %9('T5(05/.K' %9('T5(0$.K'
7#00('$/3'3()>0#'>$..L'=00' 5/.%")6#/%$05.%.'$"#'$335%5(/$00J'"#@)5"#3'%('.5/*K'9&5.<#"K'&)6K'
9&5.%0#'$/3'<0$J'.6$00'<#"7)..5(/'5/.%")6#/%.L':&5.'7$/'"$/*#'?"(6'&$/3'7J6>$0.K'7"(%$0#.'
$/3'9$%#"'*0$..L':&#'.5/*5/*'5/70)3#.'$'>$0$/7#'(?'6$0#'$/3'?#6$0#'T(57#.L':&#'7(/3)7%("'5.'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''QO_'E"57'1&5)'g(/&'N$5K'56"'N<#3C'0/'860<'!"&9C6<&:K'=.&*$%#'-)>05.&5/*K'OPP`K'<<L'^Q2^OL'
QOd'5>53L'
QOe'1&()'+#/27&)/*K'h+&5%&#"'1&5/#.#'1(6<(.#".li'80&$"1F0%,%)'N<#3C'O".3"+K'O_,'cK'OPPdK'<L'cPaL'
'
'
cQ'
$0.(' "#@)5"#3' %(' .5/*'$/3'<0$J' $' *(/*L' :&#'<#"7)..5(/' 5/T(0T#.' $/'#Z%#/.5T#' 7"(..27)0%)"$0'
7(00#7%5(/'%&$%'5/70)3#.,'#,1F60'V1$6>(35$/'%9(2?$7#'3")6W'.#%'(?'7"(%$0#.K'!)"6#.#'>#00K'
X$<$/#.#' >(90K' %56<$/5K' *(/*.K' 7&56#.' $/3' T5>"$<&(/#L' :&#' 7"(%$0#.' &$T#' .<#75$0'
.5*/5?57$/7#'5/'%&5.'<5#7#K'"#0$%5/*'%('%&#'75"7)0$"2.&$<#3'500)65/$%5(/'$"()/3'%&#'&#$3'(?'%&#'
!)33&$f7(/.53#"#3'&5.'$)"$LQO`
'E$7&'>(9#3'7"(%$0#'?"(6'%&#'5/.%")6#/%$05.%'"#<"#.#/%'(/#'
(?'.5Z'7(0()".'(?'%&#'$)"$'V>0)#K'J#00(9K'"#3K'9&5%#K'"#3K'$/3'$'35$6(/3'7(0()"WL''2<%,K'9&50#'
<"#.#/%'5/'%&#'7"(%$0#.'$0.('$<<#$".'%('>#'<"#.#/%'5/'%&#'3#%$50'(?'%&#'%56>"#'7(0()"'(?'%&#'
#/%5"#' <5#7#L' :&#' 7(/%5/)().' 6).57$0' %56>"#' 7(0()"' 7"#$%#.' .$%)"$%5(/.' %&$%' <"(*"#..R' $.'
7(/.%$/%'7&$/*#'$/3'T$"5$%5(/L':&5.'(?%#/'(77)".'$"()/3'35"#7%5(/$0'6#0(357'")/.'$/3'0J"57$0'
T(7$0'05/#.'V.##'#Z$6<0#'aL_WL'''
'
"=49?A45!E24;B?9?5:!;:!@=49=B;4!`;I5B:!2<!%?85!
=).%"$05$/'1(6<(.#"'N5[$'N56'7"#$%#.'$'7)0%)"$0'0$J#"5/*'5/'&#"'7(6<(.5%5(/.L':&5.'"#.)0%.'5/'
6)0%5<0#' <(0$"5%5#.' (?' $..(75$%5(/.' %&$%' 7"#$%#' 7(2#Z5.%#/7#L' :&5.' 5.' 3(/#' <"56$"50J' >J' %&#'
0$J#"5/*'(?'%#6<("$05%5#.L'8("'#Z$6<0#K'N56'3"$9.'?"(6'$'T$"5#%J'(?'7)0%)"#.KQ^P'%&$%'5/70)3#,'
&#"' 1&5/#.#' &#"5%$*#K' 5/35*#/().' =).%"$05$/' $"%' $/3' E)"(<#$/' +#.%#"/' $"%' 6).57L' N56'
3#.7"5>#.' %&$%' &#"' )/3#".%$/35/*' (?' %&#.#' 7)0%)"#.' $0.(' 5/?("6.' &#"' 9("03T5#9' %&$%'
5/7("<("$%#.' h6)0%5T$0#/%' )/3#".%$/35/*.' (?' %#6<("$05%5#.iLQ^Q
' 1&5/#.#' U/(90#3*#' 5.' .##/'
>J'N56'%('&$T#'$'&("5[(/%$0'7(/.%")7%5(/'95%&' 5%.'7(.6(0(*5#.LQ^O':&#"#'9$.'$'<#".<#7%5T$0'
.&5?%'5/'N56R.'9("U'9&#/'.&#'5/7("<("$%#3'%#6<("$0'53#$.'?()/3'5/'=>("5*5/$0'$"%K'9&57&'.&#'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''QO`'8"(6'%&#'<"(*"$6'/(%#.'(?'%&#'.7("#'5%.#0?,'1&5/$"J'A/*K'2<%,K'1L8'-#%#".'1("<("$%5(/K'B#9'H("UK'OPPcL''
Q^P'8("'#Z$6<0#'.##K'(6311"%'VOPPcWK'56"'801F,##'VOPP_W'$/3';&.3#343E3$)'VOPP`W-'
Q^Q'N5[$'N56K'hG%$*5/*'$/'=#.%&#%57.'(?'-"#.#/7#i'X()"/$0'?("'B#9'4).57'$/3'1)0%)"#K'OPP`K'<L'OL'
Q^O'C>53LK'<L'^L'
'
'
cO'
.##.'$.'&$T5/*'$'6("#'T#"%57$0' 0$J#"5/*LQ^^':('?)"%&#"'$33'%('%&#'<"#T5().0J'#Z$65/#3'9("U'
D3"&K' &("5[(/%$0' ?("7#.' 7$/' >#' ?()/3' 5/' %&#' )3&9),&:' 6(3$0' .J.%#6' 9&#/' %&#' <5%7&'
5/.%")6#/%.' 5/%#"$7%'$/3'5/?("6'%&#'/#Z%'6(6#/%'5/'%56#L'=/'$.<#7%'(?'T#"%57$0' 0$J#"5/*'5.'
.##/' 5/' %&#' <#"7)..5(/' #0#6#/%.' %&$%' "#?0#7%.' $/3' 565%$%#.' %&#' &("5[(/%$0' &$"6(/JL' N56'
%$U#.' %&5.' $' .%#<' ?)"%&#"' $/3' ?(7).#.' 6("#' (/' %&#' 5/%#"$7%5T5%J' >#%9##/' %&#' &("5[(/%$0'
V.)"?$7#W'$/3'%&#'T#"%57$0'V?("7#.'>#0(9WL':&5.'5/%#"$7%5T5%J'0#$3.'%('$'.&566#"5/*'#??#7%'%&$%'
"5<<0#.' %&"()*&' %(' %&#' .)"?$7#' 7(/%#/%LQ^a' C/' =>("5*5/$0' 7)0%)"#' %&#' h?("7#.' >#0(9' %&#'
.)"?$7#i' $"#' %&#' $/7#.%"$0' %56#.' "5<<05/*' %&"()*&' %(' %&#' <"#.#/%LQ^c
' :&5.' $<<#$".' %(' >#'
.5650$"' %(' X)/*R.' $"7&#%J<#' 53#$' $/3'6("#' 56<("%$/%0J' %&#' ).#' (?'9$%#"' $.' %&#'6#%$<&("'
%&$%' "5<<0#' %&"()*&' %&#' 0$J#".' (?' %&#' 7(00#7%5T#' )/7(/.75().L' N56' "#$05.#.' %&5.' T#"%57$0'
.&566#"'53#$'5/'&#"'9("U';&.3#343E3$)'VOPP`W'>J'9("U5/*'95%&'6).57$0'7)0%)"$0'%"$35%5(/.'%&$%'
&$T#' 7#"%$5/' h.)"?$7#.i' $/3' h3#<%&.iL' G&#' 7"#$%#.' $>.%"$7%K' $0%#"#3' $/3' )/?$6505$"'
%"#$%6#/%.'(?' .()/3').5/*'$'7).%(6'6$3#'>(9'%&$%'<"(3)7#'9503'6)0%52&$"6(/57.L':&#.#'
h3#<%&.i'"5<<0#'$/3'>#7(6#'6("#'7(/7"#%#'>J').5/*'6("#'7(/T#/%5(/$0'E)"(<#$/'6#%&(3.'
(?' <0$J5/*' %&#' 7#00(' %&$%' $"#' %"$35%5(/$00J' 6("#' ?$6505$"L' 8("' 5/.%$/7#K' <0$J5/*' /(%#.' 95%&'
.%$/3$"3'>(95/*'7()03'>#'7(/.53#"#3'%('>#'%&#'Y.)"?$7#RL':&#'$>.%"$7%'*#.%)"#.'5/%#"$7%'95%&'
7(/7"#%#' *#.%)"#.' %&"()*&' .&566#"5/*K' ?0)7%)$%5(/' $/3' $' <$%%#"/5/*' #??#7%'
'
'
'
'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Q^^'C>53LK'<<L'^2aL'
Q^a'C>53L'
Q^c'C>53LK'<L'OL'
'
'
c^'
&F;8A45! WRTC! `?b;! `?8O:! -+P0,090?0*F! *^YYS.! V;B:! QJW! Z@5442! #B9?/=4;9?21:C! @21/B595! ;16!
#V:9B;/9!@242=B?17\!
!
$=88;BI!
E)"(<#$/' $/3' =6#"57$/' 5/?0)#/7#3' 7(6<(.#".' 5/%#"$7%' 95%&' E$.%2=.5$/' $/3' =>("5*5/$0'
%&()*&%'%('7"#$%#'35??#"#/%'U5/3.'(?' ?0(9L':&5.'9$.'.&(9/'%('>#'>#%9##/'.5/*0#'6(6#/%.K'
.).<#/3#3'.<$7#'$.'.%$.5.'$/3'#7.%$%57' .&566#".' %&$%'7$/'7"#$%#'<"#.#/7#'$/3'$'.#/.#'(?'
%&#' 5/?5/5%#L' :&5.' ?)#0.' %&#' 6)0%52356#/.5(/$05%J' (?' 6J' (9/' >5/$"J' >$.#3' 3$(5.%57' ?0(9' 5/'
7(6<(.5%5(/L'
! !
'
'
ca'
@>;A95B!)?H5!!
#1;4I:?:!(<!%IA5:!(<!)423!!
:&#"#'$"#' %&"##'6$5/' %J<#.'(?' ?0(9' 53#/%5?5#3' 5/'6J'7(6<(.5%5(/.'$/3'7(00$>("$%5(/.'95%&'
?506L':&#.#'?0(9.'9#"#'7(/7#5T#3'>J').5/*'6#%$<&(".'(?'9$%#"'%&$%'9#"#'$<<05#3'%('.5/*0#'
7(/%"$.%.' >#%9##/' %&#' %9(' 6#35)6.K' %(9$"3.' 5/%#*"$%5(/L' G5/*0#' 7(/%"$.%.' #T(0T#3' 5/%('
6("#'7(6<0#Z5%JK'"#.)0%5/*'5/'?0(9.'>#%9##/'6)0%5<0#'<(0$"5%5#.L':&5.'35"#7%0J'"#0$%#3'%('%&#'
<#".(/$0' $"%5.%57' 53#/%5%5#.' (?' %&#' 1&5/#.#2=).%"$05$/' ?506' 6$U#"' $/3' +#.%#"/2E)"(<#$/'
7(6<(.#"L' X)/*5$/2;$(5.%' <#".<#7%5T#.' 5/?("6#3' %&#' ?0)535%J' (?' 56<"(T5.$%5(/.' $/3' T5.)$0'
7(00$>("$%5(/'%&$%'5/?0)#/7#3'%&#'3#T#0(<6#/%'(?'6J'+#.%#"/'$"%'6).57'7(6<(.5%5(/.L':&#'
%&"##' %J<#.'(?' ?0(9' ?()/3' 5/'()"' ?506.'$"#,' ?0(9'$.' Y.5/*)0$"RK' ?()/3' 5/'+,$"%-'+,."-' /0%1-'
VOPQPWK'?0(9'$.'Y<(0$"5%5#.RK'5/'2&$3430#3#'VOPQQWK'$/3'?0(9'$.'$'Y6)0%52<(0$"5.%57'#Z<"#..5(/'(?'
.#0?RK' 5/'56"'760#$'8,."' VOPQOWL':&#'$/$0J.5.'9500'>#'3#%$505/*'%&#'6#7&$/57.'(?'%&#.#'?0(9.'
%&"()*&' %&#' 5/35T53)$0' 7"#$%5T#' $/3' 7(00$>("$%5T#' <"(7#..#.L' :&5.' 7(/.5.%.' (?' <&50(.(<&57$0'
?0(9.'$/3'%"' "#0$%5(/'%(' %&#'6).57$0'6#7&$/57.'(?' ?0(9L':&5.'9500'>#'.)<<("%#3'>J'.7("#'
#Z$6<0#.'(?'6(%5?.K'&$"6(/J'$/$0J.5.K'%#Z%)"#'$/3'6$7"(2.%")7%)"$0'35$*"$6.L':&5.';$(5.%572
X)/*5$/' ?0(9'$7"(..'6#35$'9500'>#'#Z$65/#3' %&"()*&' %&#'8"#/7&' %&#$%"57$0'>$.5.'(?'457�'
1&5(/L' C/' (%&#"' 9("3.K' %"$/.6#35$' ?0(9' 5.' 56<("%$/%' %(' ;$(5.%2X)/*5$/' $#.%&#%57' $/3'
<#"6#$%#.'6J'7(6<(.5%5(/$0'7(00$>("$%5(/L'
'
'
'
'
'
!
'
'
cc'
E;B9!(15C!#=6?2Jc?:=;4!#1;4I:?:!2<!#:*$%^&#:P$^&'"%)^&3N\4\7&&
:&5.'.#7%5(/'7(/%$5/.'$/'5/T#.%5*$%5(/'5/%('%&#'T53#('$/3'.()/3'"#0$%5(/.&5<.'95%&5/'%&#'9("U'
#/%5%0#3'+,$"%-'+,."-'/0%1L'VOPQPWL':&#'$/$0J.5.'%$U#.'%&#';$(5.%572X)/*5$/'6).57$0'?0(9'$/3'
#Z$65/#.'5%'5/'$'%"$/.6#35$'7(/%#Z%').5/*'$'<"(7#..'457�'1&5(/'9()03'7$00'.J/7"#.5.,'h%&#'
.<(/%$/#().'$/3'5""#.5.%5>0#'9#03'<"(3)7#3'>#%9##/'$'<$"%57)0$"'$)35%("J'<&#/(6#/(/'$/3'
T5.)$0'<&#/(6#/(/'9&#/'%&#J'(77)"'$%'%&#'.$6#'%56#iLQ^_
':&5.'$/$0J.5.'9500'$0.(').#'1&5(/R.'
$)35(2T5.)$0'$/$0J.5.'7(/7#<%.'(?'.J/7&'<(5/%.'V$05*/6#/%'>#%9##/'$/3'95%&5/'6#35)6.WQ^d
K'
.(/57'.7$/.5(/'V"5%)$05.$%5(/'(?'%56#WQ^eL'=.'9#00'$.'-5#""#'G7&$#??#"R.'7(/7#<%.'(?'%&#'$>.%"$7%'
$/3' 7(/7"#%#f$.' 3#.7"5>#3' 5/' 1&5(/R.' *)53#' %(' %&#' 5%,3$j' *"#' J4["$#'N<#3C,<HLQ^`
' :&#.#'
53#$.'9500'>#').#3'%('#Z<0$5/'<(5/%.'(?'.J/7"#.5.' 5/'+,$"%-'+,."-' /0%1LL':&#'<"(7#..' 5.' ?5".%'
?5/35/*'Y$>.%"$7%R'53#$.'5/'%&#'%9('6#35)6.'.#<$"$%#0J'%&#/'(>.#"T5/*'%&#'9("U'$.'$'9&(0#L'
:&5.'#/.)"#.'$'6("#'3#%$50#3'$/$0J.5.'(?'>(%&'%&#'$)35('$/3'%&#'T5.)$0'$/3'$00(9.'$'70#$"#"'
<#".<#7%5T#'(?'&(9'%&#J'"#0$%#'%('#$7&'(%&#"LQaP
':&#'%#"6'Y$>.%"$7%R'5.'3#?5/#3'>J'G7&$#??#"'
$.,' h#T#"J' /(%5(/' (?' @)$05%J' ("' "#0$%5(/.&5<' 7(/.53#"#3' 5/' $'6("#' ("' 0#..' *#/#"$0'6$//#"'
95%&()%'"#?#"#/7#'%('$/J'(?' 5%.'"#<"#.#/%$%5(/.LiQaQ
' C/'7(/%"$.%K'%&#'%#"6'Y7(/7"#%#R'h5.'%&#'
7(6<0#%#'"#<"#.#/%$%5(/'$.'5%'5.'("'7()03'>#LiQaO''
'
!
!
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Q^_'457�'1&5(/K'Y=)35(2D5.5(/,'G()/3'(/'G7"##/RL'1(0)6>5$'A/5T#".5%J'-"#..,'B#9'H("UL'Q``aK'<L'cL'
Q^d'457�'1&5(/K'Y8506K'='G()/3'="%RL'1(0)6>5$'A/5T#".5%J'-"#..,'B#9'H("UK'OPP`K'<L'O_eL'
Q^e'C>53L'
Q^`'457�'1&5(/K'\)53#':('G()/3'I>S#7%.,'-5#""#'G7&$#??#"'$/3'4).57$0'F#.#$"7&K'Q`e^K'OPP`'
QaP'8(00(95/*'%&#'<"5/75<0#.'(?'$)35(2T5.)$0'$/$0J.5.'3#T#0(<#3'>J'1&5(/'5/'Y=)35(2D5.5(/,'G()/3'(/'G7"##/RL'
1(0)6>5$'A/5T#".5%J'-"#..,'B#9'H("UL'Q``aK'<L'cL'QaQ'457�'1&5(/K'\)53#':('G()/3'I>S#7%.,'-5#""#'G7&$#??#"'$/3'4).57$0'F#.#$"7&K'Q`e^K'OPP`'<L'^dL'
QaO'C>53L'
'
'
c_'
#AA4?/;9?21!2<!@21/5A9:!
:&#'7(/7#<%'(?'.J/7"#.5.Qa^
'9500'$0.('>#'$<<05#3'%('(%&#"'>"($3#"'3)$0'#/%5%5#.'?()/3'5/'%&5.'
"#.#$"7&'%('#Z$65/#'%"'$335%5T#'T$0)#.Qaa
L':&#.#'7(/%$5/#3'%"$/.?("6$%5T#'@)$05%5#.'%&$%'
(77)"' >#%9##/' %L' :&#' #/%5%5#.' ("' 3(6$5/.' 5/70)3#' <#".(/$0' 7(00$>("$%5(/K' $"%5.%57'
6#35)6.K'<&50(.(<&5#.'(?';$(5.6'$/3'X)/*K'$/3'%&#'7"#$%5T#'$"%#?$7%'V+,$"%-'+,."-'/0%1-d-'
8("' 5/.%$/7#K' X)/*R.' 7(/7#<%' (?' 9$%#"' $.' $' .J6>(0' ?("' %&#' )/7(/.75().Qac' 5.' $/' $>.%"$7%'
/(%5(/L':&#'?506'<$"%0J'3"$9.'?"(6'%&5.'53#$'$/3'>#7(6#.'$'6("#'7(/7"#%#'"#$05.$%5(/'(?'$/'
5/%$/*5>0#'7(/7#<%'V$.'$7%)$0'?((%$*#'(?'9$%#"'7$/'>#'.##/WL':&#'7"#$%5T#'<"(7#..'(?'%$U5/*'
$>.%"$7%' 53#$.'$/3'6$U5/*' %'7(/7"#%#' 5.' .5650$"' %(' X)/*R.'3#.7"5<%5(/'(?' %&#'$"7&#%J<#'
%&$%'h5.'#..#/%5$00J')/7(/.75().'7(/%#/%'%&$%'5.'$0%#"#3'>J'>#7(65/*'7(/.75().K'$/3'>J'>#5/*'
<#"7#5T#3K' %$U#.' 5%.' 7(0()"' ?"(6' %&#' 5/35T53)$0' 7(/.75()./#..' 5/' 9&57&' 5%' &$<<#/.' %('
$<<#$"LiQa_
' :&#' ?((%$*#' (?' 9$%#"' $/3' X)/*R.' 9$%#"' .J6>(05.6' 7"#$%#.' $/' $33#3' T$0)#K'
%"$/.?("65/*' %&#' "$9' ?((%$*#' 5/%(' .J6>(057' <0$J' (/' $' %$%57' 53#$L' -$"$00#0' $..(75$%5(/.'
7$/' >#' 6$3#' >#%9##/' %&#' $>.%"$7%' $/3' %&#' 7(/7"#%#' %(' $' 35??#"#/%' <0$/#' (?' %&5/U5/*Qad'
"$%&#"'%&$/'S).%'$'.)"?$7#'0#T#0'$<<"#75$%5(/'(?'%&#'7"#$%5T#'6$%#"5$0LQae'
'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Qa^':('"#?#"'%('%&#'$.<#7%'(?'.J/%&#.5.'/(%').)$00J'7$<%)"#3'>J'%&#'6("#'7(/T#/%5(/$0'%#"6'.J/7"#%5.6L'
Qaa'457�'1&5(/K'Y=)35(2D5.5(/,'G()/3'(/'G7"##/RL'1(0)6>5$'A/5T#".5%J'-"#..,'B#9'H("UL'Q``aK'<L'c'
Qac'1L'\'X)/*K'2%C6"$)F"#',&*'$6"'80EE"C$3."'>&C0&#C30<#K'-"5/7#%(/'A/5T#".5%J'-"#..K'D(0L'`L'-$"%''QL'Q`_`K'<L'Qe'
h+$%#"'5.'%&#'7(66(/#.%'.J6>(0'?("'%&#')/7(/.75().L':&#'0$U#'5/'%&#'T$00#J'5.'%&#')/7(/.75().K'9&57&'05#.K'$.'5%'
9#"#K')/3#"/#$%&'7(/.75()./#..]'+$%#"'5.'%&#'hT$00#J'.<5"5%Ki'%&#'9$%#"'3"$*(/'(?':$(K'9&(.#'/$%)"#'
"#.#6>0#.'9$%#"2'$'J$/*'#6>"$7#3'5/'%&#'J5/L'-.J7&(0(*57$00JK'%&#"#?("#K'9$%#"'6#$/.'.<5"5%'%&$%'&$.'>#7(6#'
)/7(/.75().Li'Qa_'1L'\'X)/*K'2%C6"$)F"#',&*'$6"'80EE"C$3."'>&C0&#C30<#K'-"5/7#%(/'A/5T#".5%J'-"#..K'D(0L'`L'-$"%''QL'Q`_`K'<L'cL'
Qad'N5[$'N56'q'0#7%)"#'/(%#.'%$U#/'?"(6'&#"'OPQP'9("U.&(<'5/'GJ3/#J'3#.7"5>5/*'&(9'0$J#".'(?'.J6>(05.6'5/'$'
6).57$0'9("U'$"#'$'%J<#'(?,'&5*&#"'("3#"'(?'%&5/U5/*K'$'35??#"#/%'<0$/#'("'$'6#%$'?)/7%5(/L'Qae'N5[$'N56K'($,:3&:',&'2"#$6"$3C#'0/'D%"#"&C"-'X()"/$0'?("'/#9'6).57'$/3'7)0%)"#K'OPP`K'<L'^j'M#"#'N56'
3#.7"5>#.'&#"'1&5/#.#'7)0%)"#'$.'6$5/0J'$'&("5[(/%$0'7(/.%")7%5(/K'9&57&'.&#'>0#/3.'95%&'T#"%57$0'53#$.'(?'
.%")7%)"#'("'7)0%)"$0'0$J#"5/*L'
'
'
cd'
:&#'6).57' 5/' %&5.' ?506K' 56"' GHF,."'!,$"%Wkb
=' 7$/' .5%' $.' $/' 5/3#<#/3#/%' <5#7#' $/3' 6J'
<"(7#..'353'/(%' 5/T(0T#' .&$<5/*' %&#'6).57' ?("' $'<"#7(/7#5T#3' T53#(' .#@)#/7#L'1(6>5/5/*'
%&#' T53#('95%&' %&#'6).57' %&"()*&' %&#' 7(00$>("$%5T#' <"(7#..' 7"#$%#3' $/' $33#3' T$0)#' %&$%'
>"()*&%'()%'@)$05%5#.' %&#'6).57' 3(#.'/(%'&$T#' $0(/#LQcP
' :&5.' $33#3' T$0)#' 5.' /()"5.'>J'
1&$/*R.' 7"#$%5T#' )/3#".%$/35/*' (?'6J'6).57L' G&#' 56<"5/%.' $' ?50657' >").&' .%"(U#' (T#"' %&#'
.(/57'7$/T$.K'.&$<5/*'%&#'$)35#/7#R.'<#"7#<%5(/'(?'9&$%'%&#J'.##'$/3'&#$"L''
'
@2195F9!2<!#:*$%^&#:P$^&'"%)^!
C' 9500' ?5".%' <"(T53#' $' >"5#?' 3#.7"5<%5(/' (?' %&#' 7(00$>("$%5T#' <"(7#..' >#%9##/' 1&$/*' $/3'
6J.#0?L':&5.'7$/'*5T#'5/.5*&%'5/%('()"')/("%&(3(Z'$<<"($7&'%('7"#$%5T#'3#75.5(/.L'1&$/*'$/3'C'
05T#3' %(*#%&#"' %&"()*&' %&5.' <"(7#..' $/3' $"#' "#0$%5(/.&5<' <$"%/#".L' :&5.' $00(9#3' ).' %('
6$5/%$5/'$'7(/.%$/%'35$0(*)#'$>()%'()"'T53#('$/3'.()/3'53#$.L'+#'9#"#'$>0#'%('35.7)..'/#9'
53#$.'9#' 5/35T53)$00J' 35.7(T#"#3' $/3' <"(>0#6.' %&$%' $"(.#' $%' $/J%56#L'+#' $0.(' .7)0#3'
?("6$0'6##%5/*.'?("'3#%$50#3'>"$5/.%("65/*'.#..5(/.L''
'
C' <#".(/$00J' 9()03' 9"5%#' 6J' 6).57' 5/' 5.(0$%5(/' (?' 1&$/*L' C' (/0J' .&$"#3' %&#' <&50(.(<&5#.'
>#&5/3' 6J' 6).57L' C' 9()03' #Z<0$5/' %(' &#"' 6J' 35.7(T#"5#.' $/3' &(9' %&#J' 05/U#3' %(' %&#'
(T#"$"7&5/*'7(/7#<%.'5/'%&5.'%&#.5.L'=%'/('.%$*#'5/'%&#'<"(7#..'353'C'.&(9'1&$/*'6J'.7("#'("'
<0$J' $/'$)35(' T#".5(/'(?'6J'6).57L' 1&$/*'9()03' .U#%7&'&#"' 53#$.' ?("' %&#' ?506'3)"5/*' %&5.'
<"(7#..L' +#' 9()03' >"$5/.%("6' 1&$/*R.' ?506' 53#$.' %(' >#.%' "#$05.#' &#"' T5.5(/' $/3' 5%.'
7(//#7%5(/' %(' %&5.' <"(S#7%L' 1&$/*'9()03' <)%' %&#' ?506' %(*#%&#"' 5/' 5.(0$%5(/' ?"(6'6#L' '+#'
9()03' &$T#' 35.7)..5(/.' %&"()*&()%' 1&$/*R.' <"(7#..' %(' <"(>0#6' .(0T#' $/J' $#.%&#%57' ("'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Qa`'G##'5/'85*)"#'cLQLQ'
QcP'C>53L'
'
'
ce'
%#7&/57$0'<"(>0#6.'%&$%'(77)""#3L':&#'?5/$0'.%$*#'9$.'%('/#*(%5$%#'%&#'$05*/6#/%'(?'%&#'%9('
6#35)6.L'''
'
:&5.'<"(7#..'70(.#0J'"#.#6>0#.'%&#'#Z<#"5#/7#.'5/'7"#$%5/*'2&$3430#3#L'C/'%&5.'?506'1&$/*').#3'
?()/3' $"7&5T$0' ?((%$*#K' $..#6>0#3'95%&' $33#3' .%)35(' #??#7%.' 5/' 85/$0' 1)%' -"(L' :&5.' 35??#".'
?"(6'+,$"%-'+,."-' /0%1-'$/3'56"'760#$'8,."'$.'9#'.&(%'%&5.' ?((%$*#'()".#0T#.' 5/'$'&(6#'
6$3#' .%)35(L' :&5.'6#$/.' C' &$3'6("#' (?' $' 35"#7%' 5/<)%' 5/' �<5/*' 1&$/*' 7&((.#'9&$%' %&#'
7(/%#/%' 9()03' >#' $/3' 9&JL' G(6#' (?' %&#' <"(7#..#.' 5/' %&#' .%)35(' 9#"#' .<(/%$/#().' $/3'
.(6#'9#"#'<0$//#3L':&#'(<#//#..'$/3' ?0#Z5>505%J' ?()/3' 5/' %&5.' 7"#$%5T#'<"(7#..' 5.'$'35"#7%'
"#?0#7%5(/'(?'()"'"#0$%5(/.&5<'5/'#T#"J3$J'05?#L'C%'>#7$6#'$<<$"#/%')<(/'$/$0J.5.'(?'%&#'%&"##'
7"#$%5T#'9("U.'V?()/3'0$%#"'5/'%&5.'7&$<%#"W'%&$%'%&#'7"#$%5T#'<"(7#..'$0.('"#?0#7%#3'$/'E$.%2
=.5$/'$/3'E)"(<#$/'.J/%&#.5.L'
'
+("U5/*' 95%&' 6J' "#0$%5(/.&5<' <$"%/#"' (/' $' 7(00$>("$%5T#' <"(S#7%' "#.)0%#3' 5/' $' "#0$Z#3'
(<#//#..' %(' 53#$.K' 95%&' ?"##3(6' %('6(T#' $9$J' ?"(6' %"$35%5(/$0' 75/#6$' 7(/T#/%5(/.' V$.'
95%&' 1&$/*R.' <"#T5().' 9("UWLQcQ
' :&5.' /$%)"$00J' 0#3' %(' $0%#"/$%5T#' $<<"($7&#.' %(' .J/7"#.5.K'
.J/7&' <(5/%.K' 6#%$<&("57' <0$J' $/3' $0%#"$%5(/.' %(' %&#' 6#35)6' 5%.#0?L' 8)"%&#"6("#' 1&$/*'
#Z<$/3.'("'3#?5#.'%&#.#'7(/T#/%5(/.'>J'$3(<%5/*'%&#'%"5<%J7&'?("6'9&57&'$<<#$".'#$"0J' 5/'
75/#6$%57'&5.%("J'5/'%&#'.50#/%'?506'T,F0E"0&'VQ`OdWQcO
'95%&'5%.').#'(?'6)0%5.7"##/'75/#6$LQc^'
4("#'7(66(/0J'5%'5.'.##/'5/'T53#('$"%K'05U#'%&#'6)0%5256$*#'%&#$%"#'9("U.'(?'%&#'=6#"57$/'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''QcQ';(//$'1&$/*R.'<"#T5().'?506'9("U'9$.'$.'$'35"#7%("'(/'801/0%$'/00*'VOPPeW'.)<<("%#3'>J'$'g(3$U'
=).%"$0$.5$'*"$/%K'7E0%)'VOPPdW'?)/3#3'>J'4#%"('G7"##/R.'F$9'B#"T#'-"(*"$6K'9$.'.#0#7%#3'5/'%&#'!#.%'(?'
4#%"('G7"##/'OPPe'$/3'$.'$'<"(3)7%5(/'7(("35/$%("'(/'I,FF)'K""$'c'VOPP`2OPQQWL'QcO'=>#0'\$/7#K'T,F0E"0&K'8506.'=>#0'\$/7#'$/3'G(75�%�'*�/�"$0#'3#.'?506.K'Q`OdL'
Qc^'457�'1&5(/K'Y=)35(2D5.5(/,'G()/3'(/'G7"##/RL'1(0)6>5$'A/5T#".5%J'-"#..,'B#9'H("UL'Q``aK'<<L'_dj'I%&#"'
?506.'6#/%5(/#3'$"#'457&$#0'+$30#5*&R.'!00*#$0C?'VQ`dPW'$/3'-$)0'4(""5..#JR.'K0%$)'M"<C"'VQ`eOWL'
'
'
c`'
T53#('$"%5.%'!#"J0'g("(%'5/'56"'8,."'VQ``cW'$/3'56%""'5,E"#'VOPP^W'5/'7(00$>("$%5(/'95%&'%&#'
=6#"57$/'65/56$05.%'7(6<(.#"'G%#T#'F#57&LQca
':&#').#'(?' %&"##'.56)0%$/#().' 56$*#.'$33.'
7(6<0#Z5%J'%('1&5(/R.'?("6'(?'$/$0J.5.L'B(%'(/0J'$"#'%&#"#'"#0$%5(/.&5<.'>#%9##/'56$*#.'$/3'
.()/3'V$..(75$%#3'95%&'7(/T#/%5(/$0'75/#6$W'>)%'%&#"#'$"#'$0.('"#0$%5(/.&5<.'>#%9##/'%&#'
%&"##'56$*#.L':&#"#?("#K'%&5.'$/$0J.5.'9500'/##3'%('35.7)..'%&#'5/%#"$7%5(/.'$7"(..'%&#'%&"##'
.7"##/.'$/3'%&#/'.&(9'5%.'"#0$%5(/.&5<'%('%&#'.()/3LQcc
''
'
#1;4I:?:!`;I2=9!
:&#'%$>0#'5/'85*)"#'cLQLQ'#Z<0$5/.'%&#'U#J'$.<#7%.'$/3'"#0$%5(/.&5<.'(>.#"T#3'5/'+,$"%-'+,."-'
/0%1-L' C%' $0.(' 05/U.' %&#' 6#%$<&("57$0' 5/%#"<0$J' (?' /$%)"$0' <&#/(6#/$' %(' %"' 7"#$%5T#'
"#$05.$%5(/.L' :&5.' 5.' /(%' %(' "#<"#.#/%' 5/%#"<"#%$%5(/.' (?' %&#' 9("U' >)%' 6("#' %(' .&(9' %&#'
(>.#"T$>0#'7(/7"#%#'53#$.L':&#'$)35(2T5.)$0'.&$"#'Y$>.%"$7%R'53#$.'(?'9$%#"'%&$%'$"#'56<05#3'
5/'%&#'6).57'%&"()*&' 5%.'*#.%)"#.' V?("'#Z$6<0#K' ?0(9K'.<0$.&K'3"(<0#%.K'$/3'.#%%05/*WL' C%'$0.('
.)**#.%.' 35??#"#/%' 9$%#"' 7&$"$7%#"5.%57.' $.' ?((%$*#' %&$%' .&(9.' T$"J5/*' T5.)$0' 9$%#"'
$3S#7%5T#.L' :&5.' "57&' .J6>(057' 5/%#"<0$J' )/5?5#.' %&#' $)35(2T5.)$0' $00(95/*' ?("' 0((.#' ("'
.(6#%56#.'$>.#/%'.J/7&'<(5/%.'>#%9##/'%&#'6#35)6.L'
'
'
'
'
'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Qca'G%#T#'F#57&'b'!#"J0'g("(%='56"'8,."='+$"/#"'4).57'X$<$/'C/7L'Q``cL'G%#T#'F#57&'b'!#"J0'g("(%K'56%""'5,E"#='
!((.#J'b'M$9U#.='OPP^L'Qcc'G##'457�'1&5(/R.'#Z<0$/$%5(/'(?'%&#'$7().6$%57,'457�'1&5(/K'\)53#':('G()/3'I>S#7%.,'-5#""#'G7&$#??#"'
$/3'4).57$0'F#.#$"7&K'Q`e^K'OPP`L'<'QQL'
'
'
_P'
)?7=B5!XRKRKR!$9;75:!2<!#1;4I:?:C!'54;9?21:>?A:!V593551!?8;75:P!75:9=B5!;16!9>5!1;9=B;4!32B46!!
=0%&()*&'%&#'0$J()%'(?'%&5.'$/$0J.5.'35$*"$6'.)**#.%.'%&"##'.#7%5(/.,'.#<$"$%#K'5/%#""#0$%#3'
$/3'9&(0#K'"$%&#"'%&$/'35T535/*'%&#'$/$0J.5.'5/%('%&#.#'%&"##'<&$.#.K'C'9500'"#?#"'%('%'$00'
%(*#%&#"'%('6("#'#$.50J'.&(9'%"'7(""#0$%5(/.L''
!
#=6?2Jc?:=;4!$/;1:?21C!)42;9?17!$212B?9?5:!3?9>!%B?;6?/!+;B821?5:!2<!%?85!
1&$"$7%#"5.%57'>#&$T5()".'(?'9$%#"'7$/'>#'.##/'%&"()*&()%'%&#'?506'$/3'&#$"3'%&"()*&()%'
%&#'6).57L'=/'#Z$6<0#'7$/'>#'?()/3' 5/'%&#'T53#('$%'ORPaiL'=%'%&5.'<(5/%'%&#'%&"##'.7"##/.'
.##6' %(' 6#"*#' %(*#%&#"' $.' 5?' 5/' 7()/%#"<(5/%L' M#"#' #$7&' .7"##/' &$.' 7"#$%#3' 7(/7"#%#'
5/.%$/7#.' (?' 7(/%"$.%5/*' $>.%"$7%'9$%#"' >#&$T5()".L' :&#.#' $>.%"$7%' >#&$T5()".' &$T#' >##/'
0$>#00#3'3"5<2<()"2%"57U0#'V$.'.##/'5/'85*)"#'cLQLOWL'
'
'
'
_Q'
)?7=B5!XRKR^R!&F/5BA9!<B28!#:*$%^&#:P$^&'"%)^&^YKYd;9!9?85!/265!^OYW\e!N6B?AJA2=BJ9B?/045O!
:&#.#'56$*#.'$/3'%"'7(/7"#%#'"#<"#.#/%$%5(/.'(?'$>.%"$7%' 53#$.'$0.('.&(9'T$"5$%5(/.'(/'
%56#' $.' $' "5%)$05.$%5(/' ("' .(/57' .7$/.5(/LQc_
' 1&5(/' #Z<0$5/.' %&$%' h#T#"J%&5/*' 5/' $' ?506]'
7(/%"5>)%#.'%('$'"5%)$05.$%5(/'(?'%56#Qcd'y]z'%('7"#$%#'#Z<#7%$%5(/K'<)/7%)$%5(/'$/3'%#6<("$0'
T#7%("5.$%5(/LiQce' =<<05/*' %&5.' /(%5(/' %(' %&#' %&"##' .7"##/.' 5/' 85*)"#' cLQLO' V5/' %#"6.'(?' %&#'
%#6<("$05%5#.'%&#J'56<0JW'%&#'.0(9'9$%#"'3"5<'(/'0#?%'.7"##/'7"#$%#.'$/%575<$%5(/'%&"()*&'%&#'
#Z<#7%$%5(/'(?'%&#'/#Z%'3"5<L':&#'65330#'.7"##/'5.'05U#'%&#'.5/*0#'7(0()"'6(6#/%.'(?'1&()R.'
D3"&'("'%&#'.5/*0#'%(/#'(?'%&#'#6,?<6,C63' 5/':$U#65%.)R.'T0."14"%'($"F#L':&#'<()"' 5/'%&5.'
.7#/#'&$.'$' 0$"*#'$/3'7(/.%$/%'(<#/'<"#.#/7#'>)%'95%&'$'3#?5/5%5T#'.%$"%'$/3' ?5/5.&'<(5/%L''
:&5.' 7$/' %&#/' "#0$%#' %(' N56R.' #7.%$%57' .&566#"' (?' 7(/7"#%#' $/3' $>.%"$7%' >(95/*' $/3'
1"(..6$/R.'g3' ?("9$"3'6(T#6#/%.L':&#'.7"##/'(/'%&#'"5*&%K'%"57U0#' 5.'*#/%0#' 5/'6(T#6#/%'
$/3'.)**#.%.'$/'5/?5/5%#'%#6<("$05%J'("'.%$.5.'.##/'5/'A/*'.).<#/3#3'.<$7#'$/3'1"(..6$/R.'
U<&'6(6#/%.LQc`' -0$7#3' %(*#%&#"' %&#.#' .7#/#.' "#.#6>0#' $'6).57$0' <(0J<&(/JK' "#.(/$%5/*'
05U#' $' %"5$357' &$"6(/J'(?' %56#LQ_P
' :&#J' $0.(' <$"$00#0' %&"##'6).57$0' .(/("5%5#.' ?()/3' 5/' 56"'
GHF,."' !,$"%' VOPQPWK' V.##' 85*)"#' cLQL^WL' :&#.#' 6).57$0' .(/("5%5#.' 6(T#' >#%9##/'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Qc_'457�'1&5(/K'Y8506K'='G()/3'="%RL'1(0)6>5$'A/5T#".5%J'-"#..,'B#9'H("UK'OPP`K'<<L'O_`2OdQL'
Qcd'C>53LK'<L'O_`L'
Qce'C>53LK'<L'OdPL'
Qc`':&5.'&$.'$'.5650$"'#??#7%'%('$'?0(95/*'.%"#$6'("'$'9$%#"'?$00'%&$%'*#/#"$00J'"#6$5/.'7(/.%$/%'$/3'%&#"#?("#'
7$/'56<0J'$'%#6<("$05%J'%&$%'5.'5/?5/5%#L'''Q_P':&5.'53#$'(?'T53#('>#5/*'.5650$"'%('6).57$0'5/.%")6#/%.'5.'#Z<0$5/#3'>J'T53#('$"%5.%'!#"J0'g("(%'5/'%&#'
3(7)6#/%$"J'>J'2%$cWK'#<5.(3#'QPdL''
&%%<,mm999LJ()%)>#L7(6m9$%7&lTrA+4>NgQ$9NCb?#$%)"#r<0$J#"s3#%$50<$*#|%rQQe.'V$77#..#3'
QdmP_mOPQOWj'$0.('.##,'
&%%<,mm999L$"%OQL("*m$"%5.%.m>#"J02U("(%'V$77#..#3'QdmP_mOPQOWL'
'
'
_O'
&$"6(/57'?)/7%5(/$05%J,'56<0J5/*'$'>#*5//5/*'$/3'$/'#/3'V<()"WK'$6>5*)5%J,'5/'7&("3'7&$/*#.'
V3"5<W'$/3'.%$.5.,'7(/%5/)().'&$"6(/J'95%&'/('?)/7%5(/$05%J'V%"57U0#WL':&5.'.%$.5.'7$/'$0.('>#'
$..(75$%#3'%('\0$..R.'.0(90J'#T(0T5/*'"#<#%5%5T#'&$"6(/JL'X).%'05U#'$/'56<"(T5.$%5(/'(?'$'S$[['
%"5(' #$7&' .7"##/' 7()03' >#' .##/' $.' >$0$/75/*' %&#' (%&#"' .7"##/.' 7(0()"' T$"5$%5(/K' %#6<("$0'
?0)7%)$%5(/.K'35..(/$/%'7(/%"$.%K' ?0(9'%&"()*&'*#.%)"$0' 53#$.'$/3'*"$75().0J'$00(95/*'.<$7#'
?("'(/#'$/(%&#"L'!J'0((U5/*'$%'$'.7("#'#Z7#"<%'?"(6'56"'GHF,."'!,$"%'VOPQPWK'.&(9/'5/'
85*)"#' cLQL^K' $' 7(""#0$%5(/' 7$/' >#' ?()/3' %(' %&#' T5.)$0' *#.%)"#.' 5/' 85*)"#' cLQLOK' .&(95/*'
7(/7#<%)$0' 05/U.' >#%9##/' %&#' %9(' 6#35)6.L' ;"5<' 7()03' >#' $' %J<#' (?' .&("%' $%%$7U' 05U#' $'
.%$77$%(' 5/' >"$..K' <()"' 7()03' >#' $' <#"7)..5(/' %#Z%)"#' .%(<<5/*' $/3' .%$"%5/*' $.' 5%' ?500.' %&#'
.(/57'.<$7#K'$/3'%"57U0#K'0(/*''&$"6(/57.'(/'%&#'T5(05/L':&#.#'9$%#"'*#.%)"#.'$0.('"#0$%#'
%(' $' 35.7)..5(/' 0$%#"' (/' $>()%' %&#' 35??#"#/%'6).57$0' .(/("5%5#.' (?' ?)/7%5(/$05%JK' .%$.5.' $/3'
$6>5*)5%JL''
)?7=B5!XRKRQR!&F/5BA9!<B28!!/$&JKL:+,0P$&X:*$%!*^YKY.dV;B:!KJae!N@21:9;19!AB5:51/5!2<!;!<423?17!:9B5;8O!
':&#.#'7(""#0$%5/*'*#.%)"#.'5/'?5*)"#'cLQL^'6$J'>#'3#.7"5>#3'$.'$'"#7)""5/*'%#'%&$%'5.'/(%'
.J/7' >)%' 5.' <$..#3' /(/205/#$"0J' $7"(..' %&#' %9(' 6#35)6.L' :&5.' 9$%#"' 7(""#0$%5(/' $0.('
#Z5.%.'(/'$'&$"6(/57'0#T#0'9&57&'C'%#"6'$.'Y9$%#"'&$"6(/JRL'
'
D;95BP!+;B821I!;16!)423C!)423!#:!N$?17=4;BOC!!/$&JKL:+,0P$&X:*$%&
56"' GHF,."'!,$"%' VOPQPW' ?("' 7&$6>#"' ("7&#.%"$' 9$.' 6$3#' 5/' 7(00$>("$%5(/' 95%&' ?506'
6$U#"';(//$'1&$/*K'$/3'5.'<$"%'(?'%&#'%&"##'.7"##/'?506'+,$"%-'+,."-'/0%1-'SchWhdL'1&$/*'
'
'
_^'
$/3'C'>(%&'.%$"%#3'?"(6'%&#'53#$'(?'$<<0J5/*'6#%$<&(".'(?'9$%#"'%('%&#'7"#$%5T#'<"$7%57#L'C'
>#*$/' 3#T5.5/*' 9$J.' %(' "#<"#.#/%' 9$%#"' <"(<#"%5#.' $/3' 5%.' .J6>(057' <&50(.(<&5#.' 5/%('
$00#*("57'6).57$0' *#.%)"#.K' $""$/*#6#/%.K' %#Z%)"#.K' ?0)535%J' $/3' %&#'$"7&5%#7%)"$0'3#.5*/'(?'
%&#'("7&#.%"$L'1&$/*'$/3'C'&$3'35.7)..5(/.'$>()%'7(/7#<%.'(?'9$%#"'$/3'6J'35.7(T#"5#.' 5/'
.()/3L'+#'35.7)..#3'(<#/0J'$>()%'$'?50657'#@)5T$0#/%'%('9&$%'C'9$.'3(5/*L'1&$/*'05.%#/#3'%('
6J' 7(6<0#%#3' 7(6<(.5%5(/' $' 0565%#3' $6()/%' (?' %56#.' >#?("#' .%$"%5/*' &#"' ?506'
5/3#<#/3#/%0JL' :&5.' *$T#' &#"' %&#' (<<("%)/5%J' %(' "#$7%' %(' 6J' 6).57' ?"(6' 6#6("JL' :&5.'
<"(7#..' $00(9#3' #$7&' 7(00$>("$%("' %(' *(' (/' %"' (9/' S()"/#J' (?' 35.7(T#"JK'6$U5/*' %"'
(9/'7(/7#<%)$0'05/U.'5/'%"'6#35)6L''
'
I>.#"T5/*'%&#'7(6<0#%#3'.()/3'$/3'56$*#'C'3#.7"5>#'%&#'.J/#"*J'$.'&$T5/*'$'Y.5/*)0$"R'?0(9L'
:&5.' ?0(9' 5.' %&#' 7()/%#"<(5/%5/*' (?' %&#' ?506' 6#35)6' $*$5/.%' %&#' 6#%$<&("57$0' 9$%#"'
7(6<(.5%5(/L' :&#.#' ?50657' 7(/%"$.%.' .%500' 6$/$*#3' %(' >0#/3' 95%&' %&#' 6).57K' 7"#$%5/*' %&5.'
.5/*)0$"'?0(9L'C%'5.'Y.5/*)0$"R'>#7$).#'%&#'#6<&$.5.#3'7(/%"$.%.'(77)"'>#%9##/'6#35)6.'$/3'
/(%' 5/'7(/%"$.%5/*'6).57$0'6$%#"5$0L':&#'%$>0#'>#0(9'.&(9.'%&#'<&50(.(<&5#.')/3#"<5//5/*'
%&#'7"#$%5T#'3#75.5(/.'5/'%&#'6).57'7(6<(.5%5(/L'C%'.&(9.'%&#'7(//#7%5(/.'5/'%&#'6#%$<&("57'
<"(<#"%5#.'(?'9$%#"'?"(6'$'X)/*5$/2;$(5.%'<#".<#7%5T#'$/3'?"(6'6J'(9/'(>.#"T$%5(/.L':&#'
"#0$%5(/.&5<' >#%9##/' %&#' <&50(.(<&57$0' ?0(9' 5/%(' %&#'6).57' $"%#?$7%' V$.' ()%05/#3' 5/' %$>0#'
cLQLaWL'
!
!
!
!
!
'
'
_c'
7(/%#Z%'(?'$'7(6<(.5%5(/K'$'<"(>0#6'7()03'$"5.#'5?'C'?0((3'6J'%&()*&%.'95%&'%$/*#/%5$0'53#$.L'
C' 7()03' 0(.#' .5*&%' (?' %&#' *0(>$0' $9$"#/#..' (?' %&#' 7(6<(.5%5(/' $/3' "5.U' 0(.5/*' 5%.' 7(&#"#/%'
?$>"57L' :&5.' "#0$%5(/.&5<' %(' %&()*&%.' %&$%' .5%'>#/#$%&'$' .)<#"?575$0' 7(/.75().'65/3'$<<#$".'
.5650$"'%('%&#'@)#.%'?("'%&#'$"7&#%J<#'$.'3#.7"5>#3'>J'1&5/$"J'A/*'$.'%&#')0%56$%#'0#$"/5/*'
$/3'#Z<0("5/*'(?'%&5/*.'%&$%'$"#'>#J(/3'7)0%)"#LQ_Q
''
!
D;95B!+;B821I!'
=/(%&#"' 7(/7#<%K' U#J' %(' )/3#".%$/35/*' %&#' 6).57$0' "#0$%5(/.&5<' %(' %&#' <&50(.(<&5#.'
6#/%5(/#3' V5/' :$>0#' cLQLaW' 5.' ?0(9-' C/' %&5.' 9("U' ?0(9' 5.' #Z<"#..#3' $.' ?0($%5/*' @)$05%5#.' 5/'
&$"6(/J' %&$%' )/3#"<5/.' %&#' %#Z%)"$0' ?0(9L' =' ?)/7%5(/$0' $/$0J.5.' (?' %&#' (<#/5/*' (?' 56"'
GHF,."'!,$"%'V>$".'Q'2OQW'"#T#$0.'%&#'T$"5().'&$"6(/57'.%"$%#*5#.'%&$%'*5T#.'%&#'&$"6(/J'
$' Y?0($%5/*R' @)$05%JL' C/' %&#.#' >$".' %&#"#' 5.' $' .5Z' 7&("3' <"(*"#..5(/' .7$%%#"#3' $6(/*.%' %&#'
("7&#.%"$L':&#'%(/57'$%'%&5.'.%$*#'5.'Ed'('$/3'%&#'%(/$0'.%")7%)"#'5.,''''
I - II - IV - VI - IV# - VI' '
' ' ''''' '''''''''' ''''l$0&,E^'''''''''''''''''''''''''''''''''''''''''''lF0#$9$0&,E^'
' ' ' ' 'lC0E0<%"*'$%3,*#^'''' ''''''''''''''''lC6%01,$3C',&*'+60E"'$0&"^'''''''
'
:&#'%"5$3.'5/'%&#'?5".%'?()"'7&("3.'$"#'7(0()"#3'95%&'$33#3'4_.'$/3'4d.L':&#'?(00(95/*'%9('
7&("3.'6(T#'5/%('$'<(.%2%(/$0'35"#7%5(/'95%&'$'7&"(6$%57'$/3'9&(0#'%(/#'>$.5.K'0#$T5/*'%&#'
<"#T5().' 7&("3.' )/"#.(0T#3L' :&#' &$"6(/J'9$.' 5/5%5$00J' .#%' )<' 5/' $' 35"#7%5(/' >$.#3' (/' $/'
$33#3' E' 7&("3L' :&5.' %&#/' >#7(6#.' (>.7)"#3' 0#$T5/*' %&#' E' 7&("3' )/"#.(0T#3f7"#$%5/*' $'
Y?0($%5/*R'&$"6(/JL''
'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Q_Q'1&5/$"J'A/*K'h2<%,'0/';&/0%1,E3$)Ki'#3.L'457&$#0'=%&#"%(/'$/3'!")7#'1"(..6$/K'N<#3C'0/'$6"'(F3%3$R'2#3,&9
D,C3/3C'N<#3C,E';*"&$3$)K'GJ3/#J,'=).%"$05$/'4).57'1#/%"#K'OPPeL'<L'Q`L'
'
'
__'
:&#'$%(/$0'.#7%5(/.'53#/%5?5#3'$"#'7&"(6$%57'/(%#.'$*$5/.%'$'&$"6(/5().'%"5$3'7"#$%5/*'"57&'
#Z<"#..5T#'7&("3.L':&5.'5.'(?%#/'(>.7)"#3'>J'T$"5().'5/%#"T$0'7(0()"5/*L';5??#"#/%'9$J.'C'&$T#'
$<<"($7'%&5.' 5.'>J').5/*'%9('7&"(6$%57$00J'.<$7#3'7&("3.'$*$5/.%'#$7&'(%&#"L'!J'#5%&#"'
7&"(6$%57' 7(0()"' /(%#.' $*$5/.%' %&#' %"5$3' V).)$00J' 4_' $/3' 4dW' ("' 7&"(6$%57$00J' .&5?%5/*'
7&("3.L' :&5.'6#%&(3' (?' 7(6<(.5%5(/' .&(9.' .(6#' .5650$"5%5#.' %(' 8"#/7&' 7(6<(.#"' 10$)3#'
;#>)..JK' >(%&' 7"#$%5/*' $' %J<#' (?' ?0($%5/*' .).<#/.5(/' 5/' %&#' &$"6(/JL' :$U#' ?("' #Z$6<0#'
!")7#' 1"(..6$/R.' $/$0J.5.' (?' @,' 8,$6"*%,E"' G&:E0<$3"' VQ`QPW,Wic' C/' 1"(..6$/R.' 3(7%("$0'
%&#.5.'&#'#Z<0$5/.';#>)..J').5/*')/"#.(0T#3'7(0()"5/*'95%&'$/'#6<&$.5.'(/'%&#'6d'$/3'4O'
5/%#"T$0.' $.' 9#00' $.' 9&(0#2%(/#' <$%%#"/.L' ' 56"' GHF,."'!,$"%' &$.' $' .5650$"' )/"#.(0T#3'
9&(0#2%(/#' >$.5.' >)%' 5/.%#$3' %&#' #6<&$.5.#3' 7(0()"5/*' 5.' (/' %&#' $33' _%&' $/3' 4d%&'
5/%#"T$0.L' C/' F(J'M(9$%R.' >((U'M"4<##)' 3&' D%0F0%$30&R'2'N<#3C,E' 2&,E)#3#K' 5%' 5.' /(%#3' %&$%'
;#>)..J' 9()03' ?"#@)#/%0J' *(' >#%9##/' ?)/7%5(/$00J' (>.7)"#3' 7&("3.L' 8"(6' h$/' $7().%57'
.7$0#'yV0J35$/'("'65Z(0J5$/'6(3#'95%&'|a%&'$/3'♭d%&Wz'%('9&(0#'%(/#K'%&#/')/5@)#0J'9&(0#'
%(/#.K'%&#/'%&#'35$%(/57'U#J'5/'%&#'&(6#'U#JLiQ_^
'M5.'6).57'5.'3#.7"5>#3'$.').5/*'h7&"(6$%57'
$/3'9&(0#2%(/#'7&("3.K'>)%'%&#')"*#/7J'%('"#.(0T#'5.'$>.#/%LLL'5/T5%5/*').'%('%$U#'<0#$.)"#'5/'
#$7&'#T#/%'%&#/'J#$"/'?("'"#.(0)%5(/LiQ_a
' ':&5.' 5.'"#?0#7%#3'5/'%&#'%(/$0'35"#7%5(/.'$/3'/(/2
35"#7%5(/.'5/'56"'GHF,."'!,$"%'>)%'95%&'6("#'(?'$/'#6<&$.5.'(/'%&#'70).%#"5/*'(?'/(%#.'
%&$%' "#.#6>0#' $' S$[[' 7(6<0#Z5%JL' :&#' ?0#Z5>505%J' (?' "&J%&6' $/3' 3"(/#' @)$05%5#.' 5.' 05U#'
;#>)..JR.' 6).57' $/3' &5.' 5/?0)#/7#' ?"(6' %&#' X$T$/#.#' *$6#0$/LQ_c
' :$U#65%.)R.' 9("U.'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Q_O'1"(..6$/K'+L'!")7#K'-#".(/$0'1"#$%5T#'-"(7#..':(9$"3.'='-$75?572E)"(<#$/'C3#/%5%JK';(7%("'(?'1"#$%5T#'="%.'
%&#.5.K'8$7)0%J'(?'1"#$%5T#'="%.K'A/5T#".5%J'(?'+(00(/*(/*K'Q```L''<L'QcOL'Q_^'F(J'M(9$%K'M"4<##)'3&'D%0F0%$30&R'2'N<#3C,E'2&,E)#3#='1$6>"53*#j'B#9'H("U,'1$6>"53*#'A/5T#".5%J'-"#..K'
Q`e_K'<<L'_P2_QL'Q_a'!)"U&(03#"K'XL'-K'\"()%K';L'XK'-$05.7$K'1L'DK'56"'I3#$0%)'0/'!"#$"%&'N<#3CK'e
%&'#3L'+L'+L'B("%(/'b'1(6<$/Jj'
B#9'H("UK'N(/3(/K'OPQPL'<L'd`^L''Q_c'G&C)CE0Fm*3,'B%3$,&&3C,'J&E3&"K'.L'TL'v*$6#0$/Kv'$77#..#3'X)0J'QeK'OPQOK'
&%%<,mm999L>"5%$//57$L7(6mE!7U#3m%(<57mOOa`QQm*$6#0$/'
'
'
_d'
g<0$,$30&'0/'M%",1'VQ``QW'$/3'7%""&'VQ`_dW'$"#'&#$T50J'5/?0)#/7#3'>J';#>)..JR.'?(7).'(/'
%(/#' 7(0()"LQ__
' :$U#65%.)' 7(/.53#".' %&#' .()/3.' (?' %&#' *$6#0$/K' %&#' %(/#' (?' %&#' ?,C6,F3'
V>($%' 0)%#W=' %&#')/5@)#' .7$0#.'$/3' "&J%&6.'$/3' %&#' X$<$/#.#' %"$35%5(/$0'6).57' %(' .&$<#'$'
0$"*#' <$"%' (?' &5.' .#/.5%5T5%JLQ_d
' :&#' &$"6(/57' $/$0J.5.' 5/' #Z$6<0#' cLQLc' .&(9.'6J'6).57$0'
"#0$%5(/.&5<'%(';#>)..JK':$U#65%.)'$/3'*$6#0$/'5/'9&$%'C'7$00'h?0($%5/*'%(/$0'7(0()"iL''
'
&F;8A45!XRKRXC!+;B821?/!;1;4I:?:!M;B:!KQ!;16!KSJ^YC!!/$&JKL:+,0P$&X:*$%C!NW?":*0+1&*"+:?&
@"?"B%O!!!
G#9 F#11 C#9 C# C#11 C#5/4 C#7/4
[plus chromaticism] [plus chromaticism]'
:(/$0'7(0()"5/*'5.'<"#.#/%'5/'%&#'$33#3'/(%#.'9&57&'&$T#'$'%(/$0'*"$T5%J'$/3'<"(<#00#3'5/%('
6)0%5<0#'*"$T5%$%5(/$0'<(5/%.L':&#J'$"#'%&#/'"#0#$.#3'5/%('$'?0($%5/*'&$"6(/J'(?'70).%#".'$/3'
9&(0#2%(/#'%"$S#7%("5#.L':&5.'7"#$%#.'$';#>)..5$/'Y<0#$.)"#' 5/'%&#'6(6#/%R'"$%&#"'%&$/'$/'
)"*#/7J'%('"#.(0T#'%#/.5(/L'='*"$/3'.#/.#'(?'%#/.5(/'5.'"#T(0T#3'5/'%&#'&(6#'U#J'$%'%&#'#/3'
(?'%&#'<5#7#'V5/'>$".'QOa2Qa^WK'9&57&'.&(9.'%&$%'%&#'<"#T5().'7&"(6$%57'&$"6(/5#.'$7%.'$.'$'
.).<#/.5(/'$.'5?'5/'$'.#$'(?'%(/$0'7(0()"5/*L':&#'"#.(0)%5(/'5.'"#0$%5T#0J')/#Z<#7%#3'$.'5.'%&#'
J#$"/5/*'<$%&'(?'.##U5/*'%(/$0'"#.(0)%5(/L':&5.'5.'<"#.#/%'5/'%&#'.).<#/3#3'Y:"5.%$/'7&("3R'5/'
%&#'(<#/5/*'(?'F57&$"3'+$*/#"R.'5%3#$,&'<&*';#0E*"'VQe_cWK'J#%'?5/3.'"#.(0)%5(/'0$%#"'5/'%&#'
(<#"$R.'U#J'.%")7%)"#L':&#'35??#"#/7#'>#%9##/'6J'9("UK'5.'%&$%'+$*/#"R.'6).57'%#/3.'%('>#'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Q__'=/3"#9'8"$/UK'vF#T5#9,'I"7&#.%"$0'$/3'C/.%")6#/%$0'4).57,':x")':$U#65%.),'\"##/vK'T0$"#K'O/3'.#"LK'T(0L'
^^K'/(L'a'VX)/#'Q`ddWK'<L'`^aL'Q_d':$U#65%.)K':x")K'V%"$/.L'=3$7&5K'G)65'95%&'F#J/(03.K'F(*#"WK'v45""(".vK'D"%#F"C$3."#'0/'T"+'N<#3CK'T(0L'^P'
/(L'Q'V+5/%#"K'Q``OWK'<LdP'
'
'
_e'
)0%56$%#0J'$/7&("#3'%('$'%(/$0'>$.5.'V:"5.%$/'7&("3'#Z7#<%#3W'9&#"#$.'%&#'#6<&$.5.' 5/'6J'
6).57'5.'/#)%"$05.#3'&$"6(/57'#/%5%5#.L'''
'
L?:/=::?21!2<!"=:?/;4!"29?<:!!
!
:&#'6).57$0'6(%5?.'(?'56"'GHF,."'!,$"%'&$T#'>##/'$""$/*#3'5/'$'6$7"(2.%")7%)"$0'%$>0#'
%('"#T#$0'%&#'7)0%)"$0'0$J#"5/*'VE$.%'=.5$/'$/3'E)"(<#$/W'5/'%&#'%#6<("$05%5#.L'C%'$0.('.&(9.'
%"'<(.5%5(/'95%&5/'%&#'6).57'7$%#*("5.#3'$.'.%$.5.K'35"#7%5(/$0K'/(/235"#7%5(/$0K'5/?5/5%#'$/3'
.5/*0#2%(/#'6(6#/%.L''C%'5.'$0.('$'%J<#'(?'T#7%("5.$%5(/'(?'?("6L'
%;V45!XRKRaC!";/B2J:9B=/9=B;4!%;V45!2<C!!/$&JKL:+,0P$&X:*$%&*^YKY.!
'
%>585:! #1;4I:?:! %?945! %58A2! M;B!,=8V5B:!
N(/*'&$"6(/57'*#.%)"#j'
GU5%%5.&'<#"7)..5(/j''
T5>"$<&(/#'&5%.'
:#'QK'E$.%'=.5$/'G%$.5.'' G).%$5/#3'
<"#.#/7#'(?'$'
?0(95/*'.%"#$6'
95%&'.0(9'3"5<.'
G0(9' Q2d'
-5[[57$%('$/3'T5>"$<&(/#' C/7"#$.#3'.%$77$%(' F$5/'(/'$'
?0(95/*'.%"#$6'
G0(9' O_'
F#(77)""#/7#'(?':#'Q' :#'Q,'E)"(<#$/'
&$"6(/J'5/'.%"5/*.K'95%&'
9((395/3'$/3'>"$..'
5/?5/5%#'%#6<("$05%J'V/('
<)0.#W'
;5"#7%5(/$0'
T#7%(".'(T#"'$'
>#3'(?'%&#'
5/?5/5%#'
G0(9' aQ'
E$.%2=.5$/'.5/*0#2%(/#'
*#.%)"#.'95%&'"#.<(/.#.'
?"(6'$'E)"(<#$/'
<(0J<&(/J'
E)"(<#$/'<(0J<&(/J'95%&'
"#<#%5%5T#'.%$.5.'5/'?0)%#'
1)0%)"$0'J5/2
J$/*j'*#.%)"$0'
)/5%J'
-$7#3' _d'
G%#$3J'"#<#%5%5T#'"&J%&6'
(/'&$"<'$/3'35"#7%5(/'
<$%%#"/.'(/'%&#'T5(05/'
95%&'$'.U5%%5.&'
"#(77)""#/7#'(?'%&#'
<#"7)..5(/'%#'
!)5035/*'%#Z%)"$0'0$J#".' ;5"#7%5(/$0'
%#6<("$05%5#.'
95%&'"#(77)""5/*'
Y"$5/'%#.R''
-$7#3' ee'
=00'#0#6#/%.'7(0()"5/*'
"&J%&657$00J'%&#'
&$"6(/57$00J'$"()/3'$'
7(/.%$/%'"&J%&6'
M5*&'5/%#/.5%Jj'$00'#0#6#/%.'
$%'(/7#'
-(0J<&(/Jj'95%&'
?0($%5/*'
*#.%)"#.'
8$.%' QPP'
{)57U#/'&$"<'?0)%%#"5/*'
95%&'$'?$35/*'<)0.#j'?$%#'
"#?#"#/7#'%('%#'Q'5/'
%&#'>"$..''
+5/3'3(9/' 80($%5/*'/(/2
35"#7%5(/'
?"$*6#/%.'
-$7#3' QQ^'
'
'
_`'
N(/*'&$"6(/57'*#.%)"#j'
GU5%%5.&'<#"7)..5(/'
C/#T5%$>0#'J#%')/#Z<#7%#3'
"#7)""#/7#'(?':#'Q'
\"$/3'.#/.#'(?''
)/U/(95/*'
"#T(0T#3'
%#/.5(/''
G0(9' QOa2Qa^'
'
C/'%$>0#'cLQL_'.J6>(057'#Z<"#..5(/.'(?'9$%#"' V(>S#7%5T5%JW'$"#'"#<"#.#/%#3' 5/'7(6<(.5%5(/$0'
*#.%)"#.'$/3'%&"()*&'6J'<#".(/$0'.#/.5%5T5%J'V.)>S#7%5T5%JWL':&5.'5.'.5650$"'%('%&#'<"(7#..'>J'
%&#'1&5/#.#'$"%5.%'+$/*':.#/*2%.)'9&('#Z<"#..#.'$'>$6>(('%"##R.'.%"#/*%&K'#/3)"$/7#'$/3'
5//#"'#6<%5/#..'V.##/'$.'&)6>0#/#..W'5/'$'<$5/%5/*'9&57&'5.'"#$00J'$>()%'%&#'<$5/%#"R.'(9/'
.)>S#7%5T#'53#$05%JLQ_e
'=/'#Z$6<0#'(?'9$%#"'.J6>(05.6'<"#.#/%'5/'%&#'6).57$0'6(%5?.'5.'0(/*'
&$"6(/57' *#.%)"#.'&$T5/*' $' .).%$5/#3' Y5/?5/5%#R' <"#.#/7#' 05U#' $' ?0(95/*' .%"#$6L'=/(%&#"' 5.'
"&J%&657$00J'35.<0$7#3'.%$77$%('<$%%#"/.'.##/'$.'.7$%%#"#3'3"(<.'(?'"$5/.'9"#.%05/*'()%.53#'$'
95/3(9LQ_`
'='7)0%)"$0')3&9),&:'5.'"#<"#.#/%#3'5/'%&#'6).57'%&"()*&'5%.'7(/%"$.%5/*'%#6<("$0'
@)$05%5#.L':"$35%5(/$0'E$.%2=.5$/'6(6#/%.'(?'.%$.5.').5/*'"#<#%5%5T#'$/3'3"(/#'05U#'.(/("5%5#.'
$"#' <0$7#3' $0(/*.53#' %"$35%5(/$0' E)"(<#$/' 35"#7%5(/$0' 6#0(357' <&"$.5/*L' :&#' "#(77)""5/*'
:#'QK'0((.#0J'"#.#6>0#.'$'E)"(<#$/'"5%("/#00('53#$'(?'"#%)"/5/*'%('$'6).57$0'%#L'!)%'
5/.%#$3' 5%' 5.' <0$7#3' (T#"' $/' 5/?5/5%#' %#6<("$0' >$7U*"()/3' &5*&05*&%#3' >J' %&#' >"$..' $/3'
9((395/3'5/.%")6#/%.'%&$%'(>.7)"#.'%&#'<)0.#L'
'
"=:?/!;16!)?48!#4?718519!9>B2=7>!%58A2B;4?9?5:!!
=.'.&(9/'5/'<"#T5().'#Z$6<0#.' 5/'%&#'6).57' 5/'85*)"#'cLQL^'$/3'5/'%&#'?506'5/'85*)"#'cLQLOK'
9$%#"'$3S#7%5T#.'7$/'>#'"#<"#.#/%#3'5/'%"'7(/7"#%#'5/.%$/7#.L''A/5?J5/*'%&#'$)35('$/3'%&#'
T5.)$0L' :&5.' .J6>(057' 0$/*)$*#' 5.' <$"%' (?' %&#'6$%"5Z' %&$%' >5/3.' %' %(*#%&#"' #T#/'9&#/'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Q_e'1&$/*K'1&)/*2J)$/K'8%",$3.3$)',&*'5,0#31R'2'($<*)'0/'863&"#"'D63E0#0F6)='2%$',&*'D0"$%)K'N(/3(/'$/3'
-&50$3#0<&5$K'OPQQK'<<L'Oe2O`j'-0$%#'e'+$/*':.#/*2%.)'h!$6>(('%"##.i'''Q_`'C>53LK'<<L'Oa2Ocj'-0$%#'_'B5':.$/'VQ^PQ2Q^daW'h!$6>(('!"$/7&i'
'
'
dQ'
c5/92B?:;9?21!;16!G1<?1?95!%58A2B;4?9I!
D#7%("5.$%5(/'$/3'%&#'5/?5/5%#'$"#'<$"%'(?'$'%J<#'(?'.5/*)0$"'?0(9'95%&5/'+,$"%-'+,."-'/0%1--'
:&#.#'53#$.'7$6#'$>()%'3)"5/*'%&#'7"#$%5T#'<"(7#..'>#%9##/'6J'7(00$>("$%("'$/3'CL'1&5(/R.'
7(/7#<%.'(?'.7$/.5(/'(?'%56#'$/3'%#6<("$0'T#7%("5.$%5(/'7$/'>#').#3'%('#Z<0$5/'53#$.'5/'?506'
$/3'%&#'/$%)"$0'9("03L'G7$/.5(/'(?'%56#'5.'$'6(6#/%'%&$%'<)/7%)$%#.'%&#'7)""#/%'%#6<("$0'
6(6#/%)6L'C/'?506K'1&5(/'3#.7"5>#.'&(9'.7#/#.'7$/'$33'"&J%&657'.%")7%)"#.'%('$'7&$"$7%#".'
05?#L'=/'#Z$6<0#'(?'%&5.'5.'7&((.5/*'$'.#/.("5$00J'>).J'.7#/#.'05U#'%"$5/'.%$%5(/'("'$'>(905/*'
$00#JK'9&57&'$7%.'$.'$'h7(/%$5/#"i'(T#"'%&#'7&$"$7%#"R.'$7%5(/.LQdO
':#6<("$0'T#7%("5.$%5(/'5.'
7&$"$7%#"5.#3'>J'$'.()/3'95%&'$'.%$"%'$/3'#/3'<(5/%'%&$%'&$.'$'35"#7%5(/'5/'%56#L'+&#/'%&5.'5.'
$<<05#3' %(' 9$%#"K' C' &$T#' /(%57#3' &(9' 5%.' 35??#"#/%' %#6<("$0' $.<#7%.' 7$/' <"#.#/%' T$"5().'
7(/7#<%)$0'53#$.L'8("'5/.%$/7#K'$'9$%#"?$00'7$/'56<0J'$'.#/.#'(?'%&#'5/?5/5%#K'%&"()*&'%&#'53#$'
%&$%' %&#"#' 5.' *#/#"$00J' /(' .%$"%' ("' #/3' <(5/%L' C%' "#6$5/.' 7(/.%$/%' V?"(6' %&#' %56#' 5%' 5.'
(>.#"T#3W' $/3' %&#"#?("#' &$.' 9&$%' 1&5(/' 9()03' 7$00' /(' %#6<("$0' T#7%("L' 4).57' 7$/' $0.('
56<0J'%&5.'.$6#'53#$'(?'%&#'5/?5/5%#'5?'5%'7(/%$5/.'.(6#'(?'5%.'7&$"$7%#"5.%57.L':&#'?0)%#'*#.%)"#'
<"#T5().0J'6#/%5(/#3'5.'05U#'$'.5/*)0$"'6(6#/%'%&$%'&$.'/('&$"6(/57'("'"&J%&657'35"#7%5(/'
5/'%56#L'C%'%&#/'56<05#.'5/?5/5%J'5/'%&#'6(6#/%L':&#'*#/%0#'.)33#//#..'(?'$'.0(9'3"5<'&$.'$/'
E$.%'=.5$/'%#6<("$0'@)$05%JL'C%'<"(3)7#.'$'.)33#/'6(6#/%'(T#"'#%#"/$05%J'?("'5%.'"#.(/$/7#'
#??#7%L' :#6<("$0' "#<"#.#/%$%5(/.'(?' %&#' 5/?5/5%#'$"#' .&(9/' 5/':$>0#'cLQL_K'9&#"#':#'Q'
<0$J.'(T#"'$'>$7U*"()/3'(?'$'/(/235.7#"/$>0#'<)0.#'5/'%&#'>"$..'$/3'9((395/3.L':&5.'7$/'>#'
"#0$%#3' %(' 4#..5$#/R.' 6).57$0' #Z<"#..5(/' (?' %&#' #%#"/$0L' =.' 9#00' $.' :(")' :$U#65%.)R.'
)/35??#"#/%5$%#3'%#6<("$0'>$7U*"()/3'<"(65/#/%'5/'%"$35%5(/$0'X$<$/#.#'7)0%)"#LQd^
':&#'?506'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''QdO'457�'1&5(/K'Y8506K'='G()/3'="%RL'1(0)6>5$'A/5T#".5%J'-"#..,'B#9'H("UK'OPP`K'<L'O_eL'
Qd^':56(%&J'g(([5/K'hG<5"5%)$02%#6<("$0'C6$*#"J'5/'4).57'(?'I05T5#"'4#..5$#/'$/3':(")':$U#65%.)iK'
80&$"1F0%,%)'N<#3C'O".3"+K'D(0L'dK'Q``^K'<'LQe_L'
'
'
dO'
$0.(' >"5/*.' ()%' %&5.' 53#$' 9&#/' .)>S#7%' %(' $' >"($3#"' &$"6(/57' $/$0J.5.' (?' %&#'6).57L' -)%'
.56<0J'5.'%(/57'9&(0#2%(/#'%(/57L'N5U#'%&#'6).57K'%&#'56$*#.'?0($%'(/'$/'5/?5/5%#'>$7U*"()/3'
V$<<#$"5/*' $/3' 35.$<<#$"5/*' (/' 5%.' (9/' %#"6.' $/3' /(%' %(' $' <"#357%$>0#' <$7#WL' :&#' ?506'
7(6<"5.#.' /(/2/$""$%5T#' ?((%$*#' V/(/235"#7%5(/$0W' $/3' $' ?0(95/*' "&J%&657' %"$/.5%5(/'
>#%9##/' .&(%.L' :&5.' 7(/%"$.%' 5.' ?()/3K' ?("' #Z$6<0#K' 5/' %&#' 3"5<.' (?' "$5/' ?()/3' 5/' %&#'
T5>"$<&(/#'.%$77$%('&5%.'5/'>$".'Q`2Oa'V.##':$>0#'cLQL_WL! '
'
'
d^'
E;B9!%32C!)423!#:!NE24;B?9?5:OC!D+*090",0,!*^YKK.!
2&$3430#3#' 5.'6J' .#7(/3' $)35(2T5.)$0' 7"#$%5T#'9("U' 5/' 7(00$>("$%5(/'95%&' ?5066$U#"';(//$'
1&$/*L':&#'7(6<(.5%5(/'5.'?("'7&$6>#"'#/.#6>0#'V?0)%#'95%&'3()>05/*'(/'<577(0(K'70$"5/#%'5/'
!>K'%#/("'.$Z(<&(/#K'<5$/(K'<#"7)..5(/'$/3'7#00(W'$/3'$'<"#26$3#'.$6<0#L'C/'%&#'<"#T5().'
9("U'56"'GHF,."'!,$"%' C' 53#/%5?5#3'$'&$"6(/57'.%")7%)"#'7$00#3' %&#' Y9$%#"'&$"6(/JR,'$'
&$"6(/J' %&$%' &$.' 7#"%$5/' %#/.5(/.' %&$%' Y?0($%R' 5/' $' 9$T#"5/*' %#6<("$05%JL' :&5.' &$"6(/57'
6#%&(3' $/3' 0((.#' "&J%&657' .%")7%)"#' 7$/' >#' 3#.7"5>#3' ?)"%&#"' >J' ).5/*' 457�' 1&5(/R.'
$)35(2T5.)$0'%#"6'(?'5/%#"/$0'0(*57,'h.()/3'%&$%'$<<#$".'%('?(00(9'$'?0#Z5>0#K'("*$/57'<"(7#..'
(?' 3#T#0(<6#/%K' T$"5$%5(/K' $/3' *"(9%&K' >("/' ()%' (?' %&#' /$""$%5T#' .5%)$%5(/' 5%.#0?' $/3' %&#'
?##05/*.' 5%' 5/.<5"#.LiQda' :&5.' $/$0J.5.' 9500' .&(9' &(9' %&#' 6).57' 5/' 2&$3430#3#' .##6.' %('
5/%#/%5(/$00J' >"#$U' $/3' 35.")<%' %&#' /$%)"#' (?' %&5.' .5/*)0$"' ?0(9' Y9$%#"' &$"6(/JR' 95%&'
5/%#"/$0'0(*57L':&#'6).57'")<%)"#.'%&5.'<"(7#..'95%&'6("#'(?'$/'#6<&$.5.'(/'35.%5/7%')/5%.'(?'
%56#' %&$%' 5.' ()%.53#' %&#' <"#.#/%' %#6<("$0' 7(/%#Z%L' :&5.' 7$/' >#' #Z<0$5/#3' $.' &$T5/*' $/'
#Z%#"/$0' 0(*57,'(/#'%&$%'7"#$%#.'$/'#??#7%'(?'35.7(/%5/)5%J'%&$%'35.")<%.'%&#'7)""#/%'7(/%#/%'
95%&'.)33#/'7&$/*#.'5/'%#6<(K'&$"6(/J'$/3'%56>"#LQdc
':&5.'#Z%#"/$0'0(*57'9500'>#'.&(9/'%('
.%500'6$5/%$5/'$'.#/.#'(?'?0(9'%&"()*&'%&#'0$J#"5/*'(?'%#6<("$0'<(0$"5%5#.'V.0(9'6(T5/*'.%$.5.'
(T#"'.)77#..5(/.'(?'35.%5/7%')/5%.WL''
'
2&$3430#3#' 5.'.)>T#".5T#' 5/'%&5.'.#/.#'$.' 5%'(<<(.#.'%&#'.5/*)0$"' ?0(9L'-(0$"5%5#.' 53#/%5?5#3' 5/'
%&#'$)35('$/3'T5.)$0'7"#$%#'/(%$>0#'7(/%"$.%.'$/3'(?%#/'$>")<%'7&$/*#.'5/'$'.5/*0#'6).57$0'
<$"$6#%#"L'80(9'>#%9##/'%&#'<(0$"5%5#.'7"#$%#.'$'9$J'>#%9##/'%&#.#'(<<(.5/*'?("7#.'$/3'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Qda'457�'1&5(/K'Y=)35(2D5.5(/,'G()/3'(/'G7"##/RL'1(0)6>5$'A/5T#".5%J'-"#..,'B#9'H("UL'Q``aK'<L'a_L'
Qdc'5>53L'
'
'
da'
?5/3.' $' %"$/.5%5(/' >#%9##/' %L' -(0$"5%5#.' 53#/%5?5#3' 5/' %&#' 9("U' 5/70)3#' $7().%57'
5/.%")6#/%.' $/3' #0#7%"(/57' .$6<0#.K' 7)0%)"$0' <(0$"5%5#.' >#%9##/' .<#7%"$05.6K' "(6$/%575.6'
$/3'E$.%2=.5$/'.5/*)0$"'6(6#/%.K'$0#$%("57$0'$/3'7(6<(.5%5(/$0'<"(7#3)"#.K'$>.%"$7%'%56>"#'
7(0()"' $/3' %"$35%5(/$0' E)"(<#$/' <#"?("6$/7#' 7(/T#/%5(/.K' ?$.%' $/3' .0(9' "&J%&657' )/5%.K'
7(/%5/)().' >$7U*"()/3' .()/3.' $/3' "$<53' .)77#..5(/' (?' 56$*#.' $/3' $%(/$05%J' $*$5/.%'
<#/%$%(/57'*#.%)"#.L':&#'$/$0J.5.'9500'0((U'$%'%&#.#'$.<#7%.'%&"()*&,'$05*/6#/%.'5/'%&#'56$*#'
$/3'.()/3K'/(/2$05*/6#/%'7(6<$"5.(/.'$/3'6).57$0'?0(9'(?'%&5.'%#6<("$0'<&50(.(<&JL'
'
'
@2195F9!
!
='?0($%5/*'9("03'(?'$..(75$%5(/K'?("65/*'$'7)0%)"$0'6(.$57K'5.'?5".%'53#/%5?5#3'5/'%&#'6).57'95%&'
%&#' ).#' (?' $/' #0#7%"(/57' "#7("35/*' (?' F57&$"3' G%"$)..R.' \#"6$/' 05#3#"' hk)#5*/)/*iQd_L' ' C%'
<0$J.' (T#"' %&#' $7().%57' 5/.%")6#/%.' 5/' $/' 5/%#*"$%#3' 9$JL' !J' ).5/*' %&5.' "#7("35/*' 5/' %&#'
6).57' 5%' "#?#"#/7#.' %&#' 0$%#' "(6$/%57' 7(6<(.#"' >)%' 5%' $0.(' "#?#"#/7#.' %&#' 7(/%#6<("$"J'
<"$7%57#' (?' .<#7%"$05.6'9&#"#>J' %&#' &$"6(/J' 5.' 3#"5T#3' ?"(6' "#7("35/*.L' :&5.' <"$7%57#' 5.'
$%%"5>)%#3'%('%&#'8"#/7&'7(6<(.#"':"5.%$/'4)""$50LQdd
':&#"#'5.'$0.('$/'5/%)5%5T#'$<<"($7&'%('
$%(/$05%J' $/3' ?("6' 95%&' $' "#<"#.#/%$%5(/' (?' 3$"U/#..' 5/' $%(/$0' *#.%)"#.L' :&5.' 7$/' >#'
$77"#35%#3'%('%&#'#Z<"#..5(/5.%.' 05U#'="/(03'G7&(#/>#"*K'=/%(/'+#>#"/'$/3'=0>$/'!#"*LQde'
:&#'<5#7#').#.'$0#$%("J'6(6#/%.'$0(/*'95%&' %5*&%0J' 7(6<(.#3' .#7%5(/.' %&$%' "#0$%#' %(' %&#'
9$T#"5/*' %#6<("$05%5#.' (?' :$U#65%.)R.'T0."14"%' ($"F#L' C%.' .5/*0#' %(/#' *#.%)"#.' (?' 7(0()"'
"#0$%#' %(' 1&()R.' D3"&' 3#T#0(<5/*' 7(0()"' V$0%&()*&' 5%' 3(#.' /(%' "#0$%#' %(' %&#' 1&5/#.#'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Qd_'M#5/"57&'G7&0)./).K'G%"$)..'b'+(0?'05#3'Q`aa'?506m?((%$*#,'
&%%<,mm999LJ()%)>#L7(6m9$%7&lTr.H$9/^T`JPPb?#$%)"#r<07<'V$77#..#3'_mPemOPQOWL'Qdd'F(/$03'!")7#'G65%&K'h=/'C/%#"T5#9'95%&':"5.%$/'4)"$50iK'1(6<)%#"'4).57'X()"/$0j'G<"5/*'OPPPK'D(0L'Oa'C..)#'
QK'<<L'QO2Q^'Qde'vEZ<"#..5(/5.6Lv'G&C)CE0Fm*3,'B%3$,&&3C,-'G&C)CE0Fm*3,'B%3$,&&3C,'J&E3&"'2C,*"13C'G*3$30&L'E/7J70(<u35$'
!"5%$//57$'C/7LK'OPQOL'+#>L'&%%<,mm999L>"5%$//57$L7(6mE!7U#3m%(<57mQ`edaPmEZ<"#..5(/5.6L'V$77#..#3'Qa'
=)*L'OPQOW'
'
'
dc'
%"$35%5(/$0'4,)3&'70$..5?57$%5(/'.J.%#6W'$/3'1&5/$"J'A/*R.'7(/%"(00#3'<$"$6#%#".'(?'$0#$%("J'
.#7%5(/.' %(' 7"#$%#' .%$.5.' V.##' 7&$<%#"' ?()"WL' :&#' 6).57' 7(/.5.%.' (?' 35"#7%5(/$0' $/3' /(/2
35"#7%5(/$0'?"$*6#/%.'%&$%'#6>(3J'%&#'5/%#"7)0%)"$0'53#$.'%&"()*&'0$J#"5/*'$/3'<(0$"5%5#.L'
'
#4?7156!$?8?4;B?9?5:C!%58A2B;4!/2115/9?21:!
!
1&$/*R.' ).#' (?' 3$"U' 56$*#"J' $/3' 7(/%"$.%5/*' 05*&%' 56$*#.' 7"#$%#.' <$"$00#0' <(0$"5%5#.' 95%&'
6).57R.' $%(/$05%J' $/3' <#/%$%(/57' *#.%)"#.L' :&5.' "#.)0%.' 5/' $' ?0(9' %&$%' 5.' 6("#' %&$/' %&#'
<"#T5().0J'6#/%5(/#3' .5/*)0$"' ?0(9L' :&#' ?506' 5.' 5/' (/#' .5/*0#' ?"$6#' >)%' %&#' ?506' 7)%.' $"#'
(?%#/' ?"$*6#/%#3' 5/' ?$.%' .)77#..5(/.' 9&50.%' .%500' 7"#$%5/*' ?0(9L' :&5.' ?0(9' 7(6#.' ?"(6' %&#'
0$J#"5/*'(?'35??#"#/%'%#6<("$0'*#.%)"#.'5/'>(%&'%&#'$)35('$/3'%&#'T5.)$0L':&#'&$"6(/J'(?%#/'
"#.(0T#.' 5/' $' 35..(/$/%' $/3' $>")<%'9$J' $.' (<<(.#3' %(' $' ?0(95/*' 7(/.(/$/%' 7$3#/7#' 5/' $'
&(6#'U#JL':&5.'5.'5/'%&#'?("6'(?'?()"'35.%5/7%'%(/$0'70).%#".'5/'%&#'<5$/('V95%&'$/'5/357$%5(/'%('
).#'?("#$"6.'$7"(..'$00'<5$/('U#J.WL':&#'?5".%'(77)".'$%'QROei'.##/'5/'EZ$6<0#'cLOLQL'M#"#'%&#'
T5.)$0'$/3'%&#'.()/3'6$U#'$'35.%5/7%'*#.%)"#'$%'%&#'.$6#'%56#'9&#/'<"#T5().0J'%&#"#'9#"#'
/('#Z<#7%$%5(/'?("'.J/7&"(/5.#3'<(5/%.L':&5.'70).%#"5/*'*#.%)"#'(/'%&#'<5$/('(77)".'$'.#7(/3'
%56#'$%'^Ra^iL'M#"#'%&#'56$*#.'3('/(%'7(/?("6'%('$/J'"$<53'6(T#6#/%.'("'%#6<("$0'.&5?%.L'
C%' %&#"#?("#'&$.'/('.J/7'<(5/%L':&5.' 7&$/*#.' %&#'#Z<#7%$%5(/' %&$%' %&5.'6).57$0'*#.%)"#'9500'
"#.)0%'5/'$'.J/7&"(/().'6(6#/%L'=%'cROei'$'<5$/('70).%#"'&$<<#/.'$*$5/'$/3'%&5.'%56#'$'.J/7'
<(5/%'(77)".'95%&'$'?$3#'%('>$7U'$/3'$'3#?5/5%5T#'.7#/#'7&$/*#L':&#'0$.%'%56#'%&5.'&$<<#/.'5.'
$%'QPRPOi'95%&'/(' .J/7L':&5.' .&(9.'1&$/*' ?50657' .%J0#'(?' 7"#$%5/*')/#Z<#7%#3'6(6#/%.'(?'
$05*/#3' .J/7' <(5/%.' %&"()*&' $0%#"/$%5/*' %&#' T5.)$0' .J/7' <$%%#"/.' 95%&' $' "#<#$%#3' 35.%5/7%'
*#.%)"#L'
'
'
d_'
'&F;8A45! XR^RKC! D+*090",0,! *^YKK.! ?8;75! ;16! :/2B5C! KO^U\P! V;B:! ^XJ^UC! ZL?:9?1/9! E?;12!
@4=:95B?17!;16!LB;8;9?/!)?48!#4?718519!E2?19\!
!
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
80(9' 5/' %&5.' 9("UK' 5.' 9("U5/*' %&"()*&' <(0$"5%5#.' $/3' ).#.' $' /(/2%#6<("$0' >$7U*"()/3L'
-(0$"5%5#.' $"#' <"#.#/%' $.' %#6<("$0' V.0(9' $/3' ?$.%WK' &$"6(/57' V35..(/$/%' $/3' 7(/.(/$/%WK'
$>.%"$7%' $/3' 7(/7"#%#' V%56>"#' $/3' /(%#.WK' 3$"U' $/3' 05*&%' 56$*#"JK' 7(/7#<%)$0' V6$/' T#".#'
'
'
de'
.5/*)0$"'?0(9WLQd`
';5.7(/%5/)5%J'5.'7"#$%#3'9&#/'$'6).57$0'53#$'("'56$*#'?"$*6#/%'>"#$U.'%&#'
?0(9' (?' (/#' %#6<("$0' 53#$K' ?("' #Z$6<0#' >J' >#5/*' .)33#/0J' ?$.%#"L' G%$.5.K' 5/'2&$3430#3#=' 5.'
7"#$%#3' >J' #5%&#"' $' 3"(/#' %&$%' 5.' <$..#3' $0(/*' %&#' 5/.%")6#/%.' ("' %&"()*&' $' 7(/%5/)().'
7&$/*#'(?'%56>"#'7(0()"L':&5.'(?%#/'9("U.'$*$5/.%'.%$%#.'(?'35.7(/%5/)5%J'V$.'.##/'5/'EZ$6<0#'
cLOLOWL'C%'$0.('$7%.'$.'$'7(//#7%5T#'%5..)#LQeP
':&5.'$<<#$".'%('>#'.5650$"'%('%&#'6#%&(3.'?()/3'
5/'3"(/#'$.<#7%.'<$..#3'$0(/*'>J'%&#'("7&#.%"$'5/':$U#65%.)R.'T0."14"%'($"F#'V35.7)..#3'5/'
7&$<%#"'?()"WL':&#.#'%9('%#6<("$0'35T5.5(/.QeQ'7"#$%#'$'T#"%57$0'<(0$"5%J'5/'%56#L'=.'.&(9/'5/'
#Z$6<0#'cLOL^'%&#'7#00('&(03.'$/'=>'$.'$'3"(/#'7"#$%5/*'.%$.5.'%&$%'<0$J.'$7"(..'35"#7%5(/$0'
?5*)"#.'5/'%&#'<5$/('V!K'!>K'E>K'\>K'=>K'!>K'!WL':&#'?0)%#'$/3'70$"5/#%'$33'%('%&#'.)""()/35/*'
.%$.5.' >J' .).%$5/5/*' \>' $/3' E>L' :&#' %#/("' .$Z(<&(/#' 7"#$%#.' ?0)%%#"5/*' 7(0()"' 6(6#/%.'
.#<$"$%#'?"(6'%&#'35"#7%5(/$0'6(6#/%.'%&$%'<$..'$0(/*.53#'%&#'7(/%5/)().'%#6<("$0'.%$.5.L'
:&#.#' %9(' %J<#.' (?' %#6<("$0' 35T5.5(/.' $"#' >#%9##/' %&#' 35"#7%5(/$0' ?"$*6#/%.' (T#"' .%$.5.K'
$/3'$0.('%&"()*&'7&$/*#.'5/'%56>"#'7(0()"'(T#"'.%$.5.L'
!
!
!
!
!
!
!
!
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Qd`'457�'1&5(/K'Y=)35(2D5.5(/,'G()/3'(/'G7"##/RL'1(0)6>5$'A/5T#".5%J'-"#..,'B#9'H("UL'Q``aK'<L'Q__L'
QeP'5>53LK'<L'a_L'
QeQ'457�'1&5(/K'Y8506K'='G()/3'="%RL'1(0)6>5$'A/5T#".5%J'-"#..,'B#9'H("UK'OPP`K'<L'O_aL'
'
'
d`'
&F;8A45!XR^RQC!#19?V?2:?:!*^YKK.P!V;B:!KYKJKY^C!Z%58A2B;4!L?H?:?21:C!L?B5/9?21:!;16!$9;:?:!
@242=B!;16!$9;:?:\!
'
:&#'T5.)$0'6#35)6'$0.('7"#$%#.'$'%#6<("$0'35T5.5(/'(?'7(/%"$.%5/*'%#6<("$05%5#.L':&#'"$<53'
.)77#..5(/' (?' ?50657' .&(%.' V8("' #Z$6<0#.' .##' PRPPi' %(' PRc^i' $/3' cR^_i' %(' _RQOiW' 7"#$%#.' $'
.#/.#'(?'$'T5.)$0'<(0J<&(/J'#T#/'%&()*&'(/0J'(/#'56$*#'5.'<"#.#/%'$%'$'.5/*0#'%56#LQeO
':&#'
T5.)$0'%#7&/5@)#').#3'>J'1&$/*'(?'0$J#"5/*'56$*#.'(T#"'$/(%&#"'3#0$J#3'56$*#'$0.('$33.'%('
%&5.'#??#7%L' :&5.' %#7&/5@)#'<"(3)7#.' %"$/.<$"#/75#.' 5/' %&#' 56$*#.' %&$%'9$T#".' %&#' 7)""#/%'
56$*#.R'%#6<("$05%Jf.&(9/'5/'#Z$6<0#'cLOLaL''
'
='35??#"#/%'%J<#'(?'%#6<("$0'35T5.5(/'5.'$%'<0$J'5/'%&#'?("#*"()/3'6(T#6#/%'$/3'>$7U*"()/3'
/(/26(T#6#/%' 5/'$'*5T#/'.7#/#L'=>.%"$7%' 53#$.'(?'6(T#6#/%' 5/'%&#'56$*#'.#@)#/7#'?"(6'
PRPPi'%('QROciK'.&(9.'7(/7"#%#'?((%$*#'(?'>5"3.'$/3'5/.#7%.L':&#J'<"(3)7#'$>.%"$7%'%#6<("$0'
53#$.'05U#'?0$<<5/*K'%95%7&5/*K'>)[[5/*K'7&5"<5/*'$/3'.7)""J5/*L':&5.'6)7&'?$.%#"'%#6<("$05%J'5.'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''QeO'457�'1&5(/K'Y=)35(2D5.5(/,'G()/3'(/'G7"##/RL'1(0)6>5$'A/5T#".5%J'-"#..,'B#9'H("UL'Q``aK'<L'Q__L'
'
'
eP'
<0$7#3'$*$5/.%'.%500'>$7U*"()/3'56$*#.'%&$%'6(T#'.0(9#"'%&$/'%&#'7#/%"$0'S#"UJ'6(%5(/.L':&5.'
"#.)0%.'5/'$'<(0$"5%J'(?'.%$.5.'(T#"'?$.%'6(T#6#/%L':&5.')/3#"7)""#/%'(?'$>.%"$7%'53#$.'"#0$%#.'
%(' %&#'6).57' %&"()*&' 5%.' /(/2$05*/6#/%' <"(<#"%5#.' $/3' 5.' 56<("%$/%' 5/' )/3#".%$/35/*' %&#'
?$>"57' >#&5/3' %&#' $)35(2T5.)$0L' :&5.' 7$/' $0.(' >#' .##/' $.' %9(' .%"#$6.' (?' 35??#"5/*'
%#6<("$05%5#.' %&$%' $"#' <"#.#/%' 7(/.%$/%0J' %&"()*&()%' %&#' $)35(2T5.)$0'6$%#"5$0L' =' 0#T#0' (?'
#Z<#7%$%5(/'(?' %"'<"#.#/7#'7$/'>#'6$5/%$5/#3'95%&()%' %&#'/##3' ?("' %'%('>#'(T#"%0J'
"#<"#.#/%#3L' +&#/' %&#' .%"#$6.' 3(' >#7(6#' 6("#' (>T5().' 5%' 7(/%"5>)%#.' %(' %&#' (T#"$00'
7(/%5/)().'?0(9L'
!
&F;8A45!XR^RWC!$9?44!:>29!<B28!D+*090",0,!*^YKK.C!YOKX\C!Z';A?6!G8;75!$=//5::?21!3?9>!;!
M4=BB?17!%58A2B;4!D;H5B?17\!
'
! !
'
'
eQ'
"=:?/;4!)423C!%58A2B;4!E>?42:2A>?5:!'
:&#' %#6<("$0' .%")7%)"#' U##<.' %&#' ?0(9' 5/' %&#'6).57$0' 53#$.K'9&57&' 5.' >$.#3' (/' $' %J<#' (?'
7(6<(.#3'56<"(T5.$%5(/L'N5[$'N56'7(6<$"#.'&#"'9("U'%('E36)/3'+&5%#R.'3#.7"5<%5(/'(?'%&#'
KE,&"<%,'$.'$/'$560#..'.%"(00#"'95%&'/('3#.%5/$%5(/K'*(5/*'9&#"#T#"'7)"5(.5%J'35"#7%.'&56LQe^'
:&5.'6).57'9("U.' .5650$"0J' 5/' %&5.'9$J'95%&'$' %&"()*&27(6<(.#3'.%J0#L':&#"#' 5.'$' ?(7).'(/'
7(0()"'T$"5$%5(/.'$/3'7&$/*5/*'7(6<(.5%5(/$0'3#T57#.L'8"(6'&$"6(/57'7$/(/205U#'565%$%5(/.'
$/3'"#(77)""5/*'%#.'%('$'?"##'?("6'S$[['70).%#"5/*'(?'$0#$%("J'*#.%)"#.L''
'
'
'
'
'
! !
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Qe^'N5[$'N56K'N#7%)"#'$%'CF1=4K'(/'%&#'d
%&'(?'X)/#'OPPO'$.'<$"%'(?'%&#'=*("$'8#.%5T$0K'
&%%<,mm999L#05.5(/L("*L$)mENCGCIBsE/.#6>0#mN5[$sN56sE7.%$%57s="7&5%#7%)"#L&%60'V$77#..#3'(/'_mPemOPQOW'
'
'
eO'
E;B9! %>B55C! L;2?:9?/! )423! 2<! c?652! ;16! $2=16! @244;V2B;9?21! #:!
@B2::J@=49=B;4!L?;427=5C!!/$&_/",*&.:P$&*^YK^.!
'5:5;B/>!@2195F9!;16!"59>262427I&'
:&5.' 5.' %&#' %&5"3' $/$0J.5.' (?' %&#' %"50(*J' (?' $)35(2T5.)$0' 9("U.' >J' ;(//$' 1&$/*' V1&5/#.#2
=).%"$05$/' ?506' 6$U#"W' $/3' V6J.#0?W' ;$/5#0' -("%#005' V4$0%#.#2=).%"$05$/' 7(6<(.#"WL':&#'
7"#$%5T#'6$%#"5$0'5/'%&#.#'9("U.'V+,$"%-'+,."-'/0%1-'VOPQPWK'2&$3430#3#'VOPQQW'$/3'56"'760#$'
8,."'VOPQOWWK'&$T#'>##/'>#'(>.#"T#3'$.'$'7)0%)"$0'#Z7&$/*#L':&5.'&$.'>##/'3(/#'>J'3"$95/*'
(/'%&#'E$.%'=.5$/'$/3'E)"(<#$/'<&50(.(<&5#.'(?'%&#'$"%5.%.R'7)0%)"$0'&#"5%$*#L'=/$0J.5.'(?'%&#'
%&5"3'9("UK'56"'760#$'8,."K'9500'>#'7(/3)7%#3'%&"()*&'457�'1&5(/Y.'$)35(2T5.)$0'7(/7#<%.L'
:&5.' 5.' %(')/7(T#"'6)0%52%#6<("$0' .%")7%)"#.'95%&5/'T53#('$/3'.()/3' %&$%' "#<"#.#/%'6)0%52
<(0$"5.%57'7(/.%")7%5(/.'(?';$(5.%57'?0(9L':&#.#'53#$.'$00(9'%.#0T#.'%('#Z%#/3'>#J(/3'%&#'
7"#$%5T#'6$%#"5$0' 5/%('>"($3#"'7(/7#<%.L':&#.#'5/70)3#,'%&#'/$%)"$0'9("03'V%#6<("$05%5#.'(?'
9$%#"WK' 3)$0' #/%5%5#.' V7)0%)"$0' )3&9),&:W' $/3' 7(/7#<%.' (?' %56#' V.5/*)0$"' 6(6#/%.' (T#"'
#%#"/5%JWL':&#'%&"##'9("U.'.&(9'$'<"(*"#..5(/'%(9$"3.'$'6("#'5/%#*"$%#3'$/3'6)0%5?$7#%#3'
"#0$%5(/.&5<'%&$%'>)503.')<(/'#$7&'<"#7#35/*'9("UL'+$%#"Wak'&$.'>##/'%&#'?(7).'$/3'5.').#3'
$.' $' .J6>(0' (?' ?0(9L' :&5.' 7"#$%#.' $' 7(/7"#%#' 0$/*)$*#' %&$%' 5.' /#)%"$0' $7"(..' 7"#$%5T#'
<0$%?("6.L' A/3#"05/5/*' %&5.' 7(/7#<%5(/' (?' 9$%#"' $.' ?0(9' 5.' $' .<5"5%)$0' 56<#%).' %&$%' 5.'
7&$//#00#3' ?"(6'>"#$%&L' ' :&5.' 5/?("6.'6(T#6#/%'$/3' %&#' %#6<("$05%J'95%&5/'$/'$"%2?("6L''
G5650$"'%('%&#'$"%'(?'<#"?("65/*'1&5/#.#'P3&'6).57'9&#"#'>J'h5/%#*"$%5/*'%&#'"5.#.'$/3'?$00.'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Qea' =.' $' 7(/7#<%' 9$%#"' 9$.' $0.(' ).#3' >J' 7(/%#6<("$"J' X$<$/#.#' 7(6<(.#"' :(")' :$U#65%.)' %&"()*&' &5.'
7(/7#<%.'(?'h+$%#"'6).57iK'h+$%#".7$<#i'$/3'$'hG#$'(?':(/$05%Ji'75%#3'5/,'X$6#.'G533(/.K':(")':$U#65%.),'='
!5(2!5>05(*"$<&JK'N(/3(/,'\"##/9((3'-"#..K'OPPQK'<L'QcL!
'
'
e^'
(?' %&#' 6).57' 95%&' >"#$%&5/*K' %&#' #..#/7#' $/3' .<5"5%' (?' %&#' 6).57' $"#' (>%$5/#3LiQec' X)/*'
5/?("6.' %&#'E)"(<#$/'<#".<#7%5T#L'M5.'#/*$*#6#/%'95%&';$(5.%' 53#$.'$"#'#Z<"#..#3' 5/'&5.'
<#"7#<%5(/'(?'%&#')/7(/.75().'65/3'V.J6>(05.#3'$.'9$%#"WLQe_
':&#.#'<&50(.(<&5#.'$"#'<$"%'(?'
%&#' 7"#$%5T#' 6$%#"5$0L' :&#J' $"#' )/<$7U#3' ).5/*' 1&5(/R.' $)35(2T5.)$0' %#"6.L' :&$%' 5/70)3#,'
.J/7&' <(5/%.' V95%&' $05*/6#/%.' $/3' /(/2$05*/6#/%' 7(6<$"5.(/.WQed
K' %#6<("$0' $/3' /(/2
%#6<("$0' T#7%(".' V35"#7%5(/.' 5/' %56#WK' .7$/.5(/' V<)/7%)$%5(/.' (?' %56#WQee' $/3' .J/7"#.5.
Qe`'
V%9('#/%5%5#.'7"#$%5/*'$/'$33#3'T$0)#WLQ`P
':&5.' %&5"3'<("%5(/'(?' %&#'$/$0J.5.'7(/%5/)#.'95%&'
1&5(/R.' 7(/7#<%.K' %(' ?("6' $' ?"$6#9("U' %&$%' >(%&' ?$7505%$%#.' $/3' 7(6<0#6#/%.' %&#'
<&50(.(<&5#.'6#/%5(/#3L':&5.'<"(T53#.'$'%&"#$3'%&"()*&'%&#'%#.'5/'/$%)"$0'<&#/(6#/$K'
%&#'.J/#"*J'(?'X)/*'$/3';$(5.6'$/3'%&#'7"#$%5T#'6$%#"5$0L''
,21J;4?7156!$?8?4;B?9?5:!
'
;$(5.6R.'?0(9'$.'$'9$J'>#%9##/'<(0$"5%5#.K'5%.'$??5/5%J'95%&'/$%)"#'$/3'5%.'#6<&$.5.'(/'.%$.5.'
$"#' 56>#33#3' 5/' X)/*5$/'<&50(.(<&JL':&5.' 5.' .##/' 5/'&5.'3#.7"5<%5(/'(?' %&#')/7(/.75().'$.,'
9$%#"'9&#"#'$00'05?#'?0($%.'5/'.).<#/.5(/j'$'?0($%5/*'9("03'%&$%'#6>"$7#.'(<<(.5%5(/L'Q`Q'
:&5.'
7"(..27)0%)"$0' .J/#"*J' 5/.<5"#.' %&#' 7"#$%5T#'9("U' $/3' 5.' <$"%' (?' $' >"($3#"' $/$0J.5.L' 85*)"#'
cL^LQ' .&(9.' %&#'E$.%'=.5$/'$/3'E)"(<#$/' "#0$%5(/.&5<.' %(' %&#'7"#$%5T#'9("UL' C%' .&(9.'56"'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Qec'E39$"3'M(K'h=#.%&#%57'1(/.53#"$%5(/.'5/'A/3#".%$/35/*'1&5/#.#'N5%#"$%5'4).57$0'!#&$T5()"i'B%3$3#6'Q0<%&,E'
0/'G$6&01<#3C0E0:)K'D(0L'_'VQ``dWK'<L'aQL'Qe_'1L'\'X)/*K'2%C6"$)F"#',&*'$6"'80EE"C$3."'>&C0&#C30<#K'-"5/7#%(/'A/5T#".5%J'-"#..K'D(0L'`L'-$"%'QL'Q`_`K'<L'Qe'
h+$%#"'5.'%&#'7(66(/#.%'.J6>(0'?("'%&#')/7(/.75().L':&#'0$U#'5/'%&#'T$00#J'5.'%&#')/7(/.75().K'9&57&'05#.K'$.'5%'
9#"#K' )/3#"/#$%&' 7(/.75()./#..]' +$%#"' 5.' %&#' hT$00#J' .<5"5%Ki' %&#' 9$%#"' 3"$*(/' (?' :$(K' 9&(.#' /$%)"#'
"#.#6>0#.'9$%#"2'$'J$/*'#6>"$7#3'5/'%&#'J5/L'-.J7&(0(*57$00JK'%&#"#?("#K'9$%#"'6#$/.'.<5"5%'%&$%'&$.'>#7(6#'
)/7(/.75().Li'Qed'457�'1&5(/K'Y8506K'='G()/3'="%RL'1(0)6>5$'A/5T#".5%J'-"#..,'B#9'H("UK'OPP`K'<L'O_eL'
Qee'C>53L'
Qe`':('"#?#"'%('%&#'$.<#7%'(?'.J/%&#.5.'/(%').)$00J'7$<%)"#3'>J'%&#'6("#'7(/T#/%5(/$0'%#"6'.J/7"#%5.6L'
Q`P'457�'1&5(/K'Y=)35(2D5.5(/,'G()/3'(/'G7"##/RL'1(0)6>5$'A/5T#".5%J'-"#..,'B#9'H("UL'Q``aK'<L'cL'
Q`Q' 1L' \L' X)/*K' ($%<C$<%"' Z' M)&,13C#' 0/' $6"' D#)C6"j' 1(00#7%#3' +("U.' (?' 1L\L' X)/*K' D(0)6#' e,' E35%#3' $/3'
%"$/.0$%#3'>J'\#"&$"3'=30#"'$/3'FL8L1L'M)00j'-"5/7#%(/'A/5T#".5%J'-"#..j'O'#35%5(/'VX$/)$"J'QK'Q`dPWK'<<L'OQ2OOL'
'
'
ea'
760#$'8,."'#Z$65/#3'%&"()*&'1&5(/R.'$)35(2T5.)$0'7(/7#<%.L':&#.#'$"#'<0$7#3'$*$5/.%' %&#'
E$.%'=.5$/'53#$.'(?';$(5.6'$/3'X)/*L':&5.'(??#".'%9('7)0%)"$0'<#".<#7%5T#.'9&57&'$0.('>0#/3.'
$.'7"(..27)0%)"#'35$0(*)#L''
!
!
)?7=B5!XRQRKC!!G195BB54;956!&;:9J#:?;1!@21/5A9:!
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
:"$35%5(/$0' E$.%' =.5$/' #6<&$.5.' (/' .%$.5.' 5.' "#<"#.#/%#3' 5/' 1&5(/R.' /(/2%#6<("$0' T#7%("L'
:"$35%5(/$0'E)"(<#$/'#6<&$.5.'(/'%56#'6(T5/*'?("9$"3'5.'5/'1&5(/R.'%#6<("$0'T#7%("L'B(/2
$05*/#3' 7(//#7%5(/.' 05#' 5/' %#6<("$0' $/3' %$%57' .%")7%)"#.L' :&#.#' $"#' ?()/3' 5/' %&#'
Y$>.%"$7%RQ`O'53#$.'(?'9$%#"'?()/3'5/'%&#'6).57'$/3'T53#(L'8("'#Z$6<0#,'?0(95/*K'3"5<<5/*'$/3'
<()"5/*K'#$7&'&$T5/*'$' %#6<("$0' .%")7%)"#'(?'.%$.5.L':&#J'$0.('7(/%$5/'7&$(%57' ?0)7%)$%5(/.'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Q`O':&#').#'(?'%&#'9("3'Y$>.%"$7%R'"#?#".'5%.').#'>J'-5#""#'G7&$#??#"'5/'&5.'>((U'h='\)53#':('G()/3'I>S#7%.iL':&#'
%#"6'Y$>.%"$7%R'5.'3#?5/#3'>J'G7&$#??#"'$.,'h#T#"J'/(%5(/'(?'@)$05%J'("'"#0$%5(/.&5<'7(/.53#"#3'5/'$'6("#'("'0#..'
*#/#"$0' 6$//#"' 95%&()%' "#?#"#/7#' %(' $/J' (?' 5%.' "#<"#.#/%$%5(/.Li' C/' 7(/%"$.%K' %&#' %#"6' Y7(/7"#%#R' h5.' %&#'
7(6<0#%#' "#<"#.#/%$%5(/' $.' 5%' 5.' ("' 7()03' >#Li,'457�' 1&5(/K'\)53#' :(' G()/3'I>S#7%.,' -5#""#' G7&$#??#"' $/3'
4).57$0'F#.#$"7&K'Q`e^K'OPP`'<L'^dL'
'
'
ec'
$/3'%#6<("$0'T#7%("5.$%5(/.L'':&#'6).57'&$"6(/J'6(T#.'>#%9##/'%&#.#'.%$%#.'5/'%9('9$J.L'
:&5.'5.'%&"()*&'?)/7%5(/$05%J'V%#6<("$0'T#7%("W'$/3'7&"(6$%57'Y.%$.5.R'V/(/2%#6<("$0'T#7%("WL'
:&5.' 7"#$%5/*' $' Y?0($%5/*R' &$"6(/57' .%")7%)"#' %&$%' 6(T#.' >#%9##/' %(/$0' $/3' /(/2%(/$0'
&$"6(/5#.,''''
&F;8A45!XRQR^C!+;B821?/!;1;4I:?:!2<!W0+A0+1&E$+,/"&*^YK^.&V;B:!KJKKC!N)42;9?17!921;4?9IO!!
!
'
'
'
directional - temporal vector stasis - no temporal vector ' VB!L'#/&$"6(/57'.<#005/*.W' ' '
' '
=0%&()*&' 7&("3.' ()%05/#3' 5/' >$".' Q2_' 5/' EZ$6<0#' `-f-c' $"#' (>.7)"#3' >J' d%&.K' _%&.K'
3565/5.' c%&.' $/3' $)*6#/%#3' c%&.K' %&#' 7&("3.' "#6$5/' %(/$0' $.' <$"%' (?' $' ?)/7%5(/$0'
<"(*"#..5(/L' C%'$0.('7"#$%#.')/.(0T#3'%#/.5(/.'%&$%'<"(<#0' %&#'&$"6(/J'?("9$"3L'G5/7#'%&5.'
*5T#.'$/'56<05#3'35"#7%5(/'(?'%56#'5%' 5.'.##/'%('&$T#'$'%#6<("$0'T#7%("L'I/'%&#'(%&#"'&$/3K'
>$".'d2QQ'#6<0(J'$'7&"(6$%57'70).%#"5/*K'7"#$%5/*'$'.%$%57'%(/$05%J'%&$%'56<05#.'/('%#6<("$0'
T#7%(".Q`^L':&5.'5.'>#7$).#'%&#'&$"6(/J'5.'<#"7#5T#3'$.'#/30#..'("'&$.'/('%(/$0'7#/%"#L''
'
1&5(/R.' %56#' "#0$%5(/.&5<.' 7$/' $0.(' >#' ?()/3' 5/' %&#' *#.%)"#.' %&"()*&()%' %&#' .7("#L' :&#.#'
7(""#0$%#'%('T53#('*#.%)"#.L':&#J'3('/(%'/#7#..$"J'(77)"'$%'%&#'.$6#'%56#'>)%'7(/%"5>)%#'%('
5%.'(T#"$00'.#/.#'(?'?0(9L'C/'EZ$6<0#'cL^L^'%&#"#'$"#'%&"##'35.%5/7%'6).57$0'*#.%)"#.'%&$%'7$/'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Q`^'4).57$0'/(%#.'(/'$/'5/.%")6#/%'>J'%"'/$%)"#'9500'&$T#'$'%#6<("$0'T#7%("'V9&#/'%&#J'.%$"%'$/3'.%(<W'>)%'
5%R.' %&#' 0#T#0' (?' %(/$0' <"#357%$>505%J' $/3' .).%$5/5/*'(?' &$"6(/5#.' %.#0T#.' %&$%' 7"#$%#' $/' 56<05#3' .#/.#'(?'
/(/2%#6<("$0'T#7%(".L'
'
'
e_'
.J6>(05.#'.%$%#.'(?';$(5.%'$/3'X)/*5$/'9$%#"'?0(9L':&#'>"$..'.#7%5(/'5.'&(035/*'.5/*0#'/(%#.'
95%&'.)>%0#'.&5?%.L'C%.'.%$%57'/$%)"#'"#.#6>0#.'%&#'7(/.%$/%'<"#.#/7#'(?'$'?0(95/*'.%"#$6L':&#'
70$"5/#%'5.'<0$J5/*'.&("%'<&"$.#.'%&$%'7(/%"5>)%#'%('$'0$"*#"'6#0(3J'(T#"'%56#L'4#0(35#.'$"#'
05U#'9$%#"' >#5/*' <()"#3' $.' %&#J' >(%&' &$T#' $' .%$"%' $/3' #/3' <(5/%L' :&#J' $0.(' >(%&' &$T#' $'
<"#357%$>0#'.#/.#'(?'%56#'6(T5/*'?("9$"3L':&#'?0)%#'5.'"#<#$%5/*'$/'='?0$%' 5/')/<"#357%$>0#'
<$%%#"/.L' :&5.' 5.' 05U#' 9$%#"' 3"5<<5/*' 3)"5/*' $' "$5/' .%("6L' :&#.#' *#.%)"#.' &$T#' .#<$"$%#'
%#6<("$05%5#.'$/3'%(*#%&#"'9("U'$.'5?'5/'7()/%#"<(5/%'%('#$7&'(%&#"L'!)%'%&#J'"#6$5/')/5?5#3'
>J' %&5.' 0$/*)$*#' (?' 9$%#"L' :&5.' %"5$357' &$"6(/J' (?' %56#' $33.' )/#Z<#7%#3' T$"5#%J' $/3'
7(6<0#6#/%.'#$7&'(%&#"L'
&F;8A45!XRQRQR!"=:?/!]5:9=B;4!#1;4I:?:!2<!W0+A0+1&E$+,/"&3N\4N7&V;B:!XJTY!Z%B?;6?/!+;B821?5:!2<!%?85\!
'
'
'
'
'
'
'
C/'+,$"%-'+,."-'/0%1-'7(/7"#%#'?((%$*#'(?'9$%#"'9$.').#3'%('<"#.#/%'$>.%"$7%'7(/7#<%.'S).%'
6#/%5(/#3'5/'EZ$6<0#'cL^L^L'C/'56"'760#$'8,."'1&$/*'&$.'7&(.#/'%(').#'56$*#.'(?'05*&%'%&$%'
.%500' 6$5/%$5/' %&#.#' $>.%"$7%' 7(/7#<%.' (?' 9$%#"' 5/' 5%.' ?()/3$%5(/L' +&#/' 3#7(/.%")7%#3K'
1&$/*R.' $>.%"$7%' 56$*#"J' (?' $"%5?575$0' 05*&%' 7$/' "#0$%#' 35"#7%0J' %('9$%#"' >#&$T5()".L' C/' %&5.'
0(*57,'$'7(/.%$/%'?057U#"5/*'5.'"#0$%#3'%('%&#'<()"5/*'(?'9$%#"f$.'%&#J'>(%&'&$T#'$'%#6<("$0'
T#7%("L'N5*&%'.&5/5/*'5.'.%$.5.'S).%'05U#'$'?0(95/*'.%"#$6L'\05.%#/5/*'5.')/<"#357%$>0#'<$%%#"/.'
5/'"$5/'3"(<.L':&"()*&'%&5.'53#$')3&9),&:'5.'.##/'%('<0$J'$7"(..'%&#'%9('6#35)6.L':&#J'$0.('
'
'
ed'
.#%%0#'5/%('$'>$0$/7#'>#%9##/'%&#'("*$/57'$/3'%&#'5/("*$/57L':&#.#'.&$"#3'7(/7#<%.'$"#'/(/2
$05*/6#/%'.5650$"5%5#.'$7"(..'%&#'%9('$"%2?("6.L':&5.'35.<0$J.'$/'$??5/5%J'95%&'/$%)"#K'9&57&'
1&()'#Z<0$5/.' 5.' 56<("%$/%' %(' %&#'1&5/#.#'$"%5.%L'M#'#Z<0$5/.' %&$%' h.U50?)0/#..' 5/'$"%' 5.'/(%'
%")#'$"%5.%"JK'$7&5#T#6#/%'5/')/3#".%$/35/*'/$%)"#'5.'9&$%'6$U#.'$'.)<#"5("'$"%5.%LiQ`a
'
'
1&5(/R.' "#0$%5(/.&5<.'(?' %56#K' .&(9/' 5/'6).57$0' *#.%)"#.K' $"#' $0.(' 5/' T53#('6(6#/%.L' :&5.'
05/U' 5.' 3(/#' >J' 53#/%5?J5/*' 35"#7%5(/$0' $/3' /(/235"#7%5(/$0' %56#' "#0$%5(/.&5<.' 5/' %&#' ?506'
.#@)#/7#.L';5"#7%5(/$0'6(6#/%.'&$T#'$/'5//#"'h/$""$%5T#i'("'h.%("Ji'%&$%'<"(*"#..#.'5/'%&#'
?((%$*#L'C%'5.'05U#'$'<)0.5/*'"&J%&6'(?'05*&%K'$'0(/*'?$3#'()%K'("'7&$(%57'5/%#/.5%J'%&$%'<"(*"#..'
%(' 7$06/#..L' B(/235"#7%5(/$0' 6(6#/%.' T$"J' 5/' $/' )/<"#357%$>0#' 9$J' $.' $' .%$%57' .&(%' ("'
"#<#%5%5T#'$7%5(/LQ`c
':&#'6)0%52.7"##/'9("U'7"#$%#.'?0(9'>J'<)/7%)$%5/*'$'%#6<("$0'6(6#/%'
V7$00#3' .7$/.5(/'(?' %56#WL' :&5.' 5/%#/%5(/$00J' *(#.' $*$5/.%' %&#' 7)""#/%' %#6<("$05%JL' :&5.' 7$/'
(77)"'>#%9##/'%&#'56$*#.K'%&"()*&'6(T#6#/%K'.7"##/'<(.5%5(/5/*'$/3'95%&'.()/3L''
'
Concepts of Time:
&=B2A5;1!#4?7156!$I1/!E2?19:!;16!&;:9!#:?;1!$?17=4;B!"28519:!'
GJ/7'<(5/%.' 7$/'>#' ?()/3' 5/' %&#'T53#('$0(/#'$.'9#00' $.'>#%9##/' %&#'T53#('$/3' .()/3L'=/'
$05*/#3'.J/7'7$/'#5%&#"'(77)"'$%'%&#'.$6#'%56#'("'.&("%0J'>#?("#'("'$?%#"L':&5.'5.'$.'0(/*'$.'5%'
6$5/%$5/.'9&$%'1&5(/'9()03'7$00'$'<.J7&(0(*57$0' %#6<("$0'7(/%5/))6LQ`_
':&#'T53#(').#.'$'
"$/*#' (?' .7"##/.' %&$%' 7"#$%#' 5%.' (9/' $05*/#3' .J/7&' <(5/%.L' C/' EZ$6<0#' cL^La' %&#"#' 5.' $/'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Q`a'1&()'+#/'1&)/*K':&#'=#.%&#%57'-"5/75<0#.'(?'1&5/#.#'4).57,'='-#".(/$0'{)#.%K'1$/[(/$'dLOaL'Q`e_,'<<L'dd2
de'Q`c'457�'1&5(/K'Y8506K'='G()/3'="%RL'1(0)6>5$'A/5T#".5%J'-"#..,'B#9'H("UK'OPP`K'<<L'O__2O_dL'
Q`_'C>53LK'<L'OdPL'
'
'
ee'
$05*/6#/%'(?' ?()"' 05*&%'>)0>.' 500)65/$%5/*L'!J' .#%%5/*')<' %&5.')/5%J' 5%'>)503.'$/'#Z<#7%$%5(/'
%&$%' %&5.'6$J' (77)"' $*$5/L' C/' %&#'6).57' $/' $05*/6#/%' 5.' &#$"3' *0(>$00J' 3)"5/*' $' 3"$6$%57'
6(6#/%K'5/'>$".'d`2e^K'9&#"#'$00'5/.%")6#/%.'7"#$%#'7&$(.'%&#/'.)33#/'.%500/#..L':&5.'.5/*0#'
6(6#/%' 5.' $U5/' %(' %&#'1&5/#.#'#6<&$.5.'(/' .%$.5.' %&"()*&' .)33#/'*#.%)"#.' %&$%' 7"#$%#'$'
"#.(/$/7#L'
&F;8A45!XRQRWR!$9?44! :>29! <B28!!/$!_/",*&.:P$&3N\4N7Y!Z"=49?J:/B551!;4?718519!2<! ?8;75:!3?9>!121J;4?7156!
958A2B;4?9?5:\!
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
=.' <"#T5().0J' 6#/%5(/#3' $/' #6<&$.5.' (/' %&#' .5/*0#2%(/#' 5.' %&#' $/%52%&#.5.' (?' %"$35%5(/$0'
+#.%#"/'<(0J<&(/JLQ`d'=%'%56#.'%&#'6).57'$/3'T53#('5/'56"'760#$'8,."'6$J'.##6')/$05*/#3'
>)%'%&#/'$"#'.)33#/0J' S(5/#3'>J'$'.&$"<'$05*/5/*'*#.%)"#L'='%"$35%5(/$0'E)"(<#$/'&$"6(/J'
53#$'5.').#3'5/'%&#'6).57'>J'%&#'"#(77)""#/7#'(?'$'%$%57'<"(*"#..5(/L':&#.#'%9('#T#/%.'
<0$7#'%(*#%&#"'5.,'$'*"$3)$0'<"(7#..'(?'3#T#0(<6#/%'$*$5/.%'.5/*0#'5/.%$/7#.'(?'7&$/*#LQ`e
'
'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Q`d'1&()K'+#/27&)/*K'h=.5$/'1(/7#<%.'$/3':9#/%5#%&21#/%)"J'+#.%#"/'1(6<(.#".iK'N<#3C,E'g<,%$"%E)'Q`dQ,'
<L'OQ_L'Q`e':&5.'53#$'5.'$0.('35.7)..#3'>J'1&()'+#/'1&)/*K'-"(*"$6'B(%#.,'G%"5/*'{)$"%#%'B(L'O'h10()3.i'VOPP^W'
&%%<,mm999L7&()9#/7&)/*L("*m9("U.mOPP^s@)$"%#%OL<&<'
'
'
e`'
:&#'>0)""5/*'(?'>()/3$"5#.'>#%9##/'T53#('$/3'.()/3'7$/'>#'#Z<"#..#3'5/'%&#';$(5.%'/(%5(/'
(?'Y6(T5/*'>#%9##/'%&5/*.RL'I/#'(?'%&#'>$.57'<"5/75<0#.'(?'1&5/#.#'6).57'5.'%&$%'h%&#"#'5.'$'
70(.#'$??5/5%J'>#%9##/'<(#%"JK'<$5/%5/*'$/3'6).57LiQ``
'=.'%&#';$(5.%'<&50(.(<&#"'k&)$/*'k5'
#Z<0$5/.,'h%&$%'9&57&'6(T#.'$6(/*'%&5/*.'5.'M,0Ki'$/3'1(/?)75).'.%$%#.'%&#'56<("%$/7#'(?R'
h$565/*'$%'M,0K'6(T5/*'$6(/*'%&#'$"%.LiOPP'E$.%'=.5$/'53#$.'(?'.%$.5.'$"#'?()/3'5/'X$<$/#.#'
7(6<(.#"':(")':$U#65%.)R.'6).57$0'7(/7#<%'(?'%&#')/3#"0J5/*'5/?5/5%#'%#6<("$0'>$7U*"()/3'
$/3' 5/' %&#'1&5/#.#' 53#$'(?' %&#' Y.5/*0#' %(/#RL' E$7&' %(/#' 5.' $'6).57$0'#/%5%J' 5/'$/3'(?' 5%.#0?L'
4)0%5<0#' <(0$"5%5#.' $"5.#' 9&#/' %&#.#' 53#$.' $"#' <0$7#3' 95%&' 1&5(/R.' E)"(<#$/' 6(3#0' (?'
%#6<("$0'T#7%(".L'G%$.5.'$<<#$".'.5650$"'%('1&5(/R.'53#$'(?'%56#'$.'$'/(/235"#7%5(/$0'T#7%("'
>)%'3(#.'/(%' 7(6<0#%#0J' 7$<%)"#' %&#' 53#$'(?' %&#'E$.%#"/' .5/*0#' %(/#'$.'#/%5%J' Y6(6#/%.RL'
:&5.'>"$/7&#.'()%' 5/%('$'7(6<0#Z'$""$J'(?'<(0$"5%5#.'%&$%'$"#'#T53#/%'%&"()*&()%'%&#'T53#('
$/3'6).57L''
'
:&#.#' 53#$.' 7$/' $0.('>#' "#<"#.#/%#3' .(0#0J' 5/' %&#'6).57' $0(/#L' EZ$6<0#' cL^Lc' .&(9.' ?()"'
35??#"#/%'<"(<#"%5#.'(?' %56#'$/3'%"'<(.5%5(/.'95%&5/'$'3#/.#'<$"%'(?' %&#'6).57' V>$".'dd2
deWL' ;5"#7%5(/$0' $/3' /(/235"#7%5(/$0' ?"$*6#/%.' 70$.&#.' $/3' (T#"0$<' 95%&' E$.%#"/' .5/*)0$"'
6(6#/%.' %&$%' <)/7%)$%#' $/' )/<"#357%$>0#' 0$/3.7$<#' (?' %56#L' C%' $0.(' .&(9.' $' "#.(/$%5/*'
%"5$3'(?,'.%$.5.K'35"#7%5(/$0'$/3'.5/*)0$"'6(6#/%.K'5/'6)0%5<0#'9$J.K'.56)0%$/#().0JL'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Q``'1&()K'+#/27&)/*K':&#'=#.%&#%57'-"5/75<0#.'(?'1&5/#.#'4).57,'='-#".(/$0'{)#.%K'1$/[(/$'dLOaL'Q`e_,'<L'd_'
OPP'1&()K'+#/27&)/*K'!"&%"&',&*'8<E$<%"K'45330#%(9/K'1(//L,'+#.0#J$/'A/5T#".5%J'-"#..K'OPPa'<<L'OQ^L'?"(6'
%&#'>((U'H$J(5'A/('ET#"#%%'b'8"#3#"57U'N$)K'@0C,$3&:'G,#$'2#3,'3&'!"#$"%&'2%$'N<#3CL'
'
'
`Q'
%58A2B;4!c5/92B?:;9?21P!,21Jc5/92B?:;9?21!;16!$9;:?:!!'
:#6<("$0'T#7%("5.$%5(/'5.'$'?("9$"3'35"#7%5(/'5/'%56#'%&$%'%$U#.'%&#'$)35#/7#'(/'$'S()"/#J'
?"(6'%&#'<"#.#/%'%('%&#'?)%)"#L'C%'5.'%56#,'?0(95/*K'3#T#0(<5/*'$/3'7()03'$0.('>#'$'3#?5/$>0#'
6#0(3J'6(T5/*' %(9$"3.' $' *($0' V?("' #Z$6<0#K' %(' $' "#.(0)%5(/' ("' %(' 35..(/$/7#WL' :&#J' 7$/'
(77)"'5/'"&J%&657'>0(7U.'$/3'&$T#'$'35.%5/*)5.'>#*5//5/*'$/3'#/3L'G7$/.5(/'(?'%56#'5.'$'
<)/7%)$%5(/' (?' %&#.#' %56#' T#7%(".L' C%' 5.' 7$/' >#' (>.#"T#3' 5/' $/' $)35(2T5.)$0' 9("U' $.' $/'
)/3#"0J5/*' <)0.#' %&$%' 7$/' .&5?%' $/3' &5*&05*&%' 5%.' "&J%&657' .%")7%)"#.L' C%' 7$/' $0.(' 3#2
<.J7&(0(*5.#'$'6(6#/%'%('Y6$"UR'%56#'%('>"5/*'%&#'$)35#/7#'5/%('%&#'<"#.#/%L'=/'#Z$6<0#'
(?' %&5.' 5.' %&"()*&' .)33#/' %#6<("$0' .&5?%.LOPQ
! G(6#' .()/3' $/3' T53#(' .#@)#/7#.' $"#'
7(/.53#"#3' %(' &$T#' /(' %#6<("$0' T#7%(".' 5?' %&#J' <#"7#5T#' %(' &$T#' /(' >#*5//5/*' ("' #/3LOPO'
:&#"#'$"#'/('%#6<("$0'T#7%(".'5?'%&#'56$*#'$/3'.()/3'5.,'.%$%57K'.%500K'.%$*/$%5/*K'/(%'T$"J5/*'
(T#"' %56#' ("' T$"J5/*' >)%' 5/' $/' )/<"#357%$>0#' ("' 7&$(%57'9$J' V?("' #Z$6<0#K' %&#' .$95/*' (?'
757$3$.WL':&5.'5.'.##/'%('>#'()%.53#'$'<#"7#5T$>0#'6#$.)"#'(?'%56#LOP^
!
'
!"($3#"' 7)0%)"$0' 7(/70).5(/.' (?' %&#.#' %J<#.' (?' %#6<("$05%5#.' 7$/' >#' 3"$9/' >J' %"'
.)**#.%5(/.'(?' %&#' Y5/?5/5%#Rf95%&' 5%.' 7)0%)"$0' 7(""#0$%5(/.L'+&50#'/(/2%#6<("$0' T#7%(".'3('
&$T#' $' %#6<("$05%J' $/3' (/0J' #Z5.%' %#6<("$"50J' 5/' %&#' T53#(' $/3'6).57K' 5%' .%500' 56<05#.' %&#'
7(/7#<%' (?' #%#"/5%J' >J' &$T5/*' /(' <#"7#5T$>0#' >#*5//5/*' ("' #/3' <(5/%.L' E%#"/5%J' 5.' $0.('
&5*&05*&%#3' 9&#/' 5%.' /(/235"#7%5(/$0' 7&$"$7%#"5.%57.' $"#' <0$7#3' $*$5/.%' 35"#7%5(/$0'
%#6<("$05%5#.L' F&J%&657' 6(6#/%.' $/3' .)33#/' <)/7%)$%5(/.' (?' %56#' 7$/' >#' .##/' $.' $/'
$77#/%)$%#3'Y>05<R'(T#"'#%#"/5%JL'E$.%'=.5$/'.%$.5.' 5.'$'"#?0#7%5T#'$7%'$/3'7$/'>#'<)/7%)$%#3'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''OPQ'457�'1&5(/K'Y8506K'='G()/3'="%RL'1(0)6>5$'A/5T#".5%J'-"#..,'B#9'H("UK'OPP`K'<<L'O__2OdQ'
OPO'C>53L''
OP^'5>53LK'<<L'O__2O_d'
'
'
`O'
>J'$/'$>")<%'6(6#/%'%&$%'<"(3)7#.'$'"#.(/$/7#L':&5.'7$/'>#'<0$7#3'$0(/*.53#'$'E)"(<#$/'
05/#$"'3#T#0(<6#/%'%&$%'6(T#.'%(9$"3.'$'3"$6$%57'6(6#/%'("'$.'/(/235"#7%5(/$0'7&$/*#L'
:&#.#'%9('7)0%)"$0'#/%5%5#.'V05U#')3&9),&:W'$"#'/#)%"$05.#3'%&"()*&'$'<#"7#5T$>0#'/#*(%5$%5(/'
(?'%#6<("$0'.%")7%)"#.L':&5.'5.'.J/%&#.5.#3'$.'?0(9L''
$=88;BI!
'
;$(5.%57'3)$05.6' ?()/3' 5/'/$%)"#' V05U#'9$%#"' ?0(95/*' 5/'$' .%"#$6'$/3' %&#'3"5<<5/*'(?' "$5/W'
7"#$%#'$'.#/.#'(?'#%#"/5%J'%&"()*&'%"')/<"#357%$>0#K'.%$*/$%5/*'@)$05%5#.'$/3'<"#.#/7#'(?'
$'"#.(/$%5/*'.5/*)0$"'%(/#L'G%$.5.'5.'$'7(/.%$/%'%"57U0#'(?'9$%#"'S).%'05U#'%&#'7(/%5/)().'.)>%0#'
7&$/*#.'(?'&$"6(/J'6(T#6#/%' 5/'\0$..R.'L0),,&3#P,$#3' VQ`eOWL':&#.#'9$%#"'%#6<("$05%5#.'
$"#'<(.5%5(/#3'$.'>0(7U.'(?' .()/3' %&$%' ?0($%' $6(/*.%'#$7&'(%&#"' *)53#3'>J'>"#$%&L'+&#/'
35.%5/7%'P3'6(6#/%.'V05U#'5/'1"(..6$/R.'M0<4E"'O"#0&,&C"#'VOPPeWW'$"#'7(6>5/#3'95%&'.%$.5.'
%"57U05/*K'$'%J<#'(?'#%#"/5%J'?0(9'#6#"*#.L'D53#('$/3'.()/3'53#$.'$"#' 5/'35$0(*)#'95%&'E$.%'
=.5$/'$/3'E)"(<#$/'7)0%)"#.'%&"()*&'%&#'7"#$%5T#'0$/*)$*#'(?'9$%#"'$.'$'.J6>(0'?("';$(5.%'
?0(9'Vh%&$%'9&57&'6(T#.'$6(/*'%&5/*.iOPa
W-' C/'$'7"#$%5T#'.#%%5/*K'9$%#"'>$0$/7#.'%#6<("$0'
?("7#.'%&$%'$"#'"((%#3'5/'%&#'7)0%)"$0'%"$35%5(/.'(?'E$.%'=.5$'$/3'E)"(<#L':&#'?()"'7(/7#<%.'(?'
%56#,'35"#7%5(/$0K'/(/235"#7%5(/$0K'.%$.5.'$/3'.5/*)0$"'6(6#/%.'�<.'"#?0#7%'$'6)0%5?$7#%#3'
#Z<$/.5(/'$/3'5/%#*"$%5(/'(?'%&#.#'%"$35%5(/.L'4)0%52<(0$"5%5#.'$"#'.##/'/(%'S).%'%&"()*&'%&#'
.5/*0#' "#0$%5(/.&5<.' %('#$7&'(%&#"K' >)%' %&"()*&' %"'6)0%52356#/.5(/$0' 0$J#"5/*'(?' 7)0%)"#'
$/3'7"#$%5T#'6$%#"5$0L'
' '
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''OPa'1&()'+#/27&)/*K'!"&%"&',&*'8<E$<%"K'45330#%(9/K'1(//L,'+#.0#J$/'A/5T#".5%J'-"#..K'OPPa'<L'OQ^j'?"(6'
%&#'>((U'H$J(5'A/('ET#"#%%'b'8"#3#"57U'N$)K'@0C,$3&:'G,#$'2#3,'3&'!"#$"%&'2%$'N<#3CL'
'
'
'
`^'
'
'
'
'
'
!
&
! !
'
'
`a'
@>;A95B!$?FC!!
)423!%23;B6:!"=49?JE24;B?9?5:!#:!#!$54<!@21/5A9!
C/' %&5.' %&#.5.' C' &$T#' (>.#"T#3' ?()"' %J<#.' (?' 6).57$0' $/3' T5.)$0' %#6<("$05%5#.' (?' .%$.5.K'
35"#7%5(/$0K'/(/235"#7%5(/$0'$/3'.5/*)0$"'6(6#/%.L':&#"#'6$/5?#.%$%5(/.'9&#"#'?()/3'5/'%&#'
9("U.'(?'%&#'7(6<(.#".'9&('5/?("6#3'6J'5/%#"7)0%)"$0'7(/%#Z%'V1&()'+#/27&)/*K'1&5/$"J'
A/*K':(")':$U#65%.)K'N5[$'N56K'!")7#'1"(..6$/'$/3'-&505<'\0$..WL':&#.#'6).57$0'$<<"($7&#.'
%(' %#6<("$0' .%$%#.'9#"#'$<<05#3' %('6J'(9/'7"#$%5T#'9("U.L':&#.#'$<<"($7&#.'>)503')<(/'
6J'5/%#"7)0%)"$0'7(/%#Z%'$/3'$"#'#Z<$/#3'>J'$<<0J5/*';$(5.%2X)/*5$/'<&50(.(<&5#.'$/3'6("#'
.<#75?57$00J' 9$%#"' .J6>(05.6L' :&5.' >"()*&%' $>()%' %&#' 7"#$%5T#' $/3' <"$7%57$0' 7(/7#<%.' (?'
.5/*)0$"'?0(9K'<(0$"5%5#.'$/3'6)0%5<0#'<(0$"5%5#.L' C' 5/70)3#3'$'7)0%)"$00J'"57&'$""$J'(?'6).57$0'
5/?0)#/7#.'95%&'7(/%"$.%5/*'<&50(.(<&5#.' V;$(5.62X)/*5$/'$/3'1&5(/WL' C'3"#9'(/' 5/?0)#/7#.'
%&$%' 9#"#' 95%&5/' $/3' ()%.53#'6J' E)"(<#$/' &#"5%$*#L' :&5.' $00(9#3'6#' %(' "#T#$0' @)$05%5#.'
$>()%'6J.#0?'%&$%'7()03'>#'$<<05#3'%('$'>"($3#"'7)0%)"$0'7(/.75()./#..L'':&#.#'@)$05%5#.'$"#'
$'.#/.#'(?'(<#//#..'$/3'?0#Z5>505%JL'C'353'/(%'5/%#/3'?("'%&5.'%&#.5.'%('>#'$>()%'%)"/5/*'$9$J'
?"(6'7#"%$5/'7)0%)"$02%#6<("$0'$.<#7%.'5/'.#$"7&'(?'$/(%&#"'05U#'#Z<0("5/*'E$.%#"/'7(/7#<%.'
$/3'?("*#%%5/*'E)"(<#$/'53#$.L'C/.%#$3K'C'%"5#3'%('9("U'95%&'6$/J'%#6<("$0'.%")7%)"#.'$/3'
%"'7)0%)"$0'&5.%("57$0'(T#"%(/#.'$/3'<0$7#'%'5/'$'6#%$<&("57$0'Y?0($%5/*'9("03R'V5/'%&#'
%&"##'7"#$%5T#'9("U.WL'C%'5.'05U#'$'<((0'(?'$..(75$%5(/.j'$/'#@)505>"5)6'(?'5/%#"9#$T5/*'7)0%)"$0'
9$T#.'$/3'6$7"('?0)7%)$%5(/.L'C/'%&5.'<&50(.(<&J'%&#'3#T5.#3'$/$0(*J'(?'9$%#"'5.'.5650$"'%('
&(9'N5[$'N56'3#.7"5>#.'$"7&#%J<$0'"5<<05/*'>#/#$%&'%&#'9$%#"'.)"?$7#OPcL':&5.'9("U'&(9#T#"'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''OPc'N5[$'N56K'5/'&#"'OPPe'3(7)6#/%$"J'>J'1(<"(3)7%5(/'-$/3("#,'
&%%<,mm999L<$/3("#L%Tm5/3#ZL<&<lT5#9r$"%570#b7$%53rcO,<$<5#"2$26).5@)#b53rQPc,*#"$"32
<#..(/b(<%5(/r7(6s7(/%#/%bC%#653r_O'V$77#..#3'Q^'=)*).%'OPQOWL'
'
'
`c'
&$.'>##/'6("#'$>()%'>#7(65/*'7(6<0#%#0J'.)>6#"*#3'5/'%&#'9("03'(?'%&#'35"#7%5(/$0'$/3'
%&#'35"#7%5(/0#..K' %&#' .%$%57' $/3' %&#' 5/?5/5%#' 5/' $'6(6#/%L' C%' 5.' $>()%' ?5/35/*' $'9$J'(?' 7(2
#Z5.%#/7#'5/'$00' 5%.'6$/5?#.%$%5(/.L':&#'%&"##'7"#$%5T#'9("U.'V+,$"%-'+,."-'/0%1-K'2&$3430#3#'
$/3'56"'760#$'8,."W'$"#'$'9$J'%(9$"3.'7"#$%5/*'%&5.'?0($%5/*'7)0%)"$0'9("03L':&5.'9$.'>$.#3'
(/'&5.%("57$0'$..(75$%5(/.' 05U#'10$)3#';#>)..JR.'9&(0#2%(/#'$/3'7&"(6$%57'9$%#"'&$"6(/J'
$/3' %&#'9$T#"5/*' %#6<("$0' "&J%&6.' $/3' %&#' .5/*0#2%(/#' *#.%)"#.' (?' $' #6,?<6,C63' <0$J#"L'
:&5.' Y9("03R' .##6.' 05U#' $' "$%5(/$0' 7(/%"$357%5(/' 9&#/' E)"(<#$/' 35"#7%5(/' 6(6#/%.' $"#'
<0$7#3'(T#"'/(/235"#7%5(/$0'.%$.5.L':&#'9$%#"' 0$/*)$*#'&$.' 5%.'("5*5/.' 5/';$(5.%'<&50(.(<&JK'
%$U5/*' $/' (>S#7%' 5/' /$%)"#' $/3' 7(/%#6<0$%5/*' $/3' $<<0J5/*' 5%.' <&J.57$0' $/3' $#.%&#%57'
56<057$%5(/.' %(' $' 7"#$%5T#' 6#35)6' V5/' %&5.' 7$.#' 7(6<(.5%5(/' $/3' ?506WL' X)/*' 3"#9' ?"(6'
;$(5.6'$/3'$<<05#3'9$%#"'$..(75$%5(/.'%('%&#'?0)53'/$%)"#'(?'%&#'7(00#7%5T#')/7(/.75().L'N5U#'
X)/*R.'<&50(.(<&57$0'S()"/#J'(?'6$<<5/*')/5T#".$0'$"7&#%J<#.K'6J'7(6<(.5%5(/$0'S()"/#J'&$.'
>##/'$>()%'>"5/*5/*' %(*#%&#"'6).57$0' ?("7#.L' ' !J'(<#/5/*')<'6).57$0' ?#$%)"#.' %('>#7(6#'
?0($%5/*'6).57$0'(>S#7%.'%&5.'&$.'$00(9#3'$'9$J'?("'35T#".#'7)0%)"$0'<$"$35*6.'%('.5%'%(*#%&#"'
$/3'?("6'$/'#Z<$/.5T#'(/#/#..L! '
'
'
`_'
'5<5B51/5:C!
=6>$"7&5K'I"#/L'';5.7(*"$<&J,'&%%<,mm999L("#/$6>$"7&5L7(6m35.7(*"$<&JL&%60'V$77#..#3'
^Q.%'X$/)$"J'OPQQWL'
="(/(?.UJK';$""#/L'!0$7U'G9$/'VOPQQW,'&%%<,mm999L563>L7(6m%5%0#m%%P`add`em'V$77#..#3'
^Q.%'X$/)$"J'OPQQWL'
!#"*K'1&$"0#.'4#""#00'VQ``PWL'h-&505<'\0$..'(/'1(6<(.5/*'?("'8506'$/3'I%&#"'8("6.,':&#'1$.#'
(?'L0),,&3#P,$#3_8!Q0<%&,E'0/'M%,1,$3C'56"0%)',&*'8%3$3C3#1K'D(0L'DK'B(L'Q,'8$00L'
!$"/&$"%K'F57&$"3L'VQ`dOW'h1&5/#.#'1$005*"$<&J,':&#'C//#"'+("03'(?'%&#'!").&iK'
56"'N"$%0F0E3$,&'N<#"<1'0/'2%$'B<EE"$3&K'B#9'G#"5#.K'D(0L'^PK'B(L'c'V=<"L'2'4$JW'
<<L'O^P2OaQL'
!(J0#K';$//J'b'="(/(?.UJK';$""#/,';5"#7%5/*'G%J0#j'
&%%<,mm999LJ()%)>#L7(6m9$%7&lTrH+-`8eA\&\{b?#$%)"#r7&$//#0|%rPO6ce.'
V$77#..#3'Od%&'X$/)$"J'OPQQWL'
!)"U&(03#"K'XL'-K'\"()%K';L'XK'-$05.7$K'1L'DL'VOPQPW'56"'I3#$0%)'0/'!"#$"%&'N<#3CK'e%&'#3L'+L'+L'
B("%(/'b'1(6<$/Jj'B#9'H("UK'N(/3(/L'
1$..#00K'D5/7#/%'VOPQPWL'C/%#"T5#9'95%&'%&#'$7%("'?"(6'BE,C?'(+,&,'
&%%<,mm999LJ()%)>#L7(6m9$%7&lTr#ooS<!e&"CC|%rPO6Pe.'V$77#..#3'Q.%'8#>")$"J'
OPQQWL'
1&$/*K'1&)/*2J)$/L'VOPQQW'8%",$3.3$)',&*'5,0#31R'2'($<*)'0/'863&"#"'D63E0#0F6)='2%$',&*'
D0"$%)K'N(/3(/'$/3'-&50$3#0<&5$L'
'
'
`d'
1&$/*K'-#%#"'VOPPQWL'h1&()'+#/21&)/*R.'1"(..21)0%)"$0'EZ<#"5#/7#'$/3'M5.'4).57$0'
GJ/%&#.5.,':&#'7(/7#<%'(?'GJ/7"#%5.6'F#T5.5%#3i'2#3,&'N<#3CK'D(0L'^OK'B(L'O'VG<"5/*'q
G)66#"WL'
1&5(/K'457�'VQ``aWL'Y=)35(2D5.5(/,'G()/3'(/'G7"##/RL'1(0)6>5$'A/5T#".5%J'-"#..,'B#9'H("UL'
1&5(/K'457�'VOPP`WL'Y8506K'='G()/3'="%RL'1(0)6>5$'A/5T#".5%J'-"#..,'B#9'H("UL''
1&5(/K'457�'VOPP`WL'\)53#':('G()/3'I>S#7%.,'-5#""#'G7&$#??#"'$/3'4).57$0'F#.#$"7&K'Q`e^L''
1&()K'+#/27&)/*'VQ`dQWL'h=.5$/'1(/7#<%.'$/3':9#/%5#%&27#/%)"J'+#.%#"/'1(6<(.#"._K'
N<#3C,E'g<,%$"%E)L'
1&()K'+#/27&)/*'VQ`e_WL'56"'2"#$6"$3C'D%3&C3FE"#'0/'863&"#"'N<#3CR'2'D"%#0&,E'g<"#$K'
1$/[(/$K'dLOaL'
1&()K'+#/27&)/*'VOPPaWL'h+#/"#/'$/3'1)0%)"#_='1&$<%#"'QO'C/'@0C,$3&:'G,#$92#3,'3&'
!"#$"%&'2%$'N<#3C='H$J(5'A/('ET#"#%%'b'8"#3#"57U'N$)K'45330#%(9/K'1(//L,'
+#.0#J$/'A/5T#".5%J'-"#..-'
1&()K'+#/27&)/*'VOPPdWL'h+&5%&#"'1&5/#.#'1(6<(.#".li'80&$"1F0%,%)'N<#3C'O".3"+K'O_,'
cL'
1(/(6(.K'X(&/'VOPQQWL'h!500'M#/.(/'$/3'%&#'15/#6$%57iK'(C%""&3&:'$6"'D,#$R'
&%%<,mm999L0$%"(>#L#3)L$)m.7"##/5/*%&#<$.%mO`m>5002&#/.(/2$/32%
75/#6$%57L&%60'V$77#..#3'Od%&'X$/)$"J'OPQQWL'
1("/9#00K'N#95.'VOPPOWL'h:(")':$U#65%.)n.'T0."14"%'($"F=_'Q0<%&,E'0/'T"+'N<#3C'O"#",%C6='
D(0K'^QK'B(L'^L'
1(9$"3K'M$"(03'VQ``_WL'h:$(5.6'$/3'X)/*,'GJ/7&"(/575%J'$/3'%&#'G#0?Ki'D63E0#0F6)'G,#$',&*'
!"#$K'D(0L'a_K'B(L'aL'
'
'
`e'
1"$?%K'F(>#"%'VOPP_WL'M0+&','D,$6'0/'!0&*"%L'B$Z(.'!((U.L'B("?(0UK'AgL'
1"(..6$/K'!")7#'VOPQOWL'h=.5$/2-$75?57'1"#$%5T#'!"#$%&,'1(66)/57$%5T#'E/#"*J'>#%9##/'
F#$06.Ki'2#3,'($<*3"#'2##0C3,$30&'2<#$%,E3,,'1(/?#"#/7#'-$<#"L'Q`%&'!5#//5$0'
1(/?#"#/7#j'g/(95/*'=.5$,'=.5$/'G%)35#.'5/'$/'=.5$/'1#/%)"JK'A/5T#".5%J'(?'+#.%#"/'
GJ3/#JK'-$""$6$%%$'1$6<).K'QQ2Q^'X)0J'OPQOL'
1"(..6$/K'+L'!")7#'VQ```WL'-#".(/$0'1"#$%5T#'-"(7#..':(9$"3.'='-$75?572E)"(<#$/'C3#/%5%JK'
;(7%("'(?'1"#$%5T#'="%.'%&#.5.K'8$7)0%J'(?'1"#$%5T#'="%.K'A/5T#".5%J'(?'+(00(/*(/*L'
1"(..6$/K'!")7#'VOPPcWL'h=.5$/2=).%"$05$/'C/%#"$7%5(/.,'-#".(/$0'1(6<(.5%5(/$0'D(57#'$/3'
=?%#"2F#.(/$/7#'F#/#9$0Ki';&,<:<%,E'O"#",%C6'80&/"%"&C"R'(C60E,%#63F',&*'
8011<&3$)K'1(00#*#'(?'="%.K'E3)7$%5(/K'$/3'G(75$0'G75#/7#.K'A/5T#".5%J'(?'+#.%#"/'
GJ3/#JL'
;)/K':$/R.'\&(.%'I<#"$'$%'GJ3/#J'8#.%5T$0j'
&%%<,mm999L.J3/#J?#.%5T$0L("*L$)mOPQQm4).57m\&(.%2I<#"$2=21&5/#.#2M(6#m'
V$77#..#3'Qe%&'X$/)$"J'OPQQWL'
E39$"3.K'F(..'VQ`e_WL'B(%#.'(/'%&#'N,&3&),'G#"5#.,'
&%%<,mm999L"(..#39$"3.L7(6ml<$*#s53rQQQ'V$77#..#3'Q.%'8#>")$"J'OPQQWL'
E39$"3.K'F(..'VQ`deWL'56"'50+"%'0/'O"10$"&"##,'
&%%<,mm999L"(..#39$"3.L7(6ml<$*#s53rcd'V$77#..#3'Q.%'8#>")$"J'OPQQWL'
E5.#/3"$%&K'-(00J'H()/*K'4#0T5/'EL'4500#"'VOPPPWL'56"'D#)C60E0:)'0/'N,$<%"'(F3%3$<,E3$)R'
;&$":%3$)='!3#*01='5%,&#C"&*"&C"-'F()%0#3*#L'
E.5U$"%$/(K'M#0T#%5/'VOPPeWL'C/3).%"5$0'%"$7U'?"(6'%&#'$0>)6'v;5T5/#'N#*5(/.'!#J(/3'-.J7&#v'
>J'G%"(6L#7'?"(6'85/0$/3'"#0#$.#3'(/'4$05*/$/%'F#7("3.L'
'
'
``'
&%%<,mm999LJ()%)>#L7(6m9$%7&lTr^c$^\4a!92.'V$77#..#3'^Q.%'X$/)$"J'OPQQWL'
ET#"#%%K'H$J(5'A/('b'N$)K'8"#3#"57U'VOPPaWL'@0C,$3&:'G,#$'2#3,'3&'!"#$"%&'2%$'N<#3CK'
45330#%(9/K'1(//L,'+#.0#J$/'A/5T#".5%J'-"#..L'
8#0575$/(K'8"$/75.7('8'VQ`e^WL'h8()"'=.5$/'1(/%#6<("$"J'1(6<(.#".,':&#'C/?0)#/7#'(?'
:"$35%5(/'5/'%"'+("ULi'{)#[(/'15%JK'-&505<<5/#.,'B#9'!$JL'
8"$/UK'=/3"#9'VQ`ddWL'vF#T5#9,'I"7&#.%"$0'$/3'C/.%")6#/%$0'4).57,':x")':$U#65%.),'
\"##/vK'T0$"#K'O/3'.#"LK'T(0L'^^K'/(L'a'X)/#L'
8"$/%[5.K'!")7#'VOPQPW'=';$(5.%'N5/#$*#'4$.%#"'.<#$U.'%&#.#'9("3.'5/'%&#'0$.%'.%$%#6#/%'(?'
&5.'5/%#"T5#9j'&%%<,mm999LJ()%)>#L7(6m9$%7&lTr6(/!=0Hkc@E'V$77#..#3'Qe%&'
X$/)$"J'OPQQWL'
\"5??5%&.K'-$)0L'v4#..5$#/K'I05T5#"vL'C/'7%0."'N<#3C'J&E3&"L'JH/0%*'N<#3C'J&E3&"K'
&%%<,mm999L(Z?("36).57(/05/#L7(6m.)>.7"5>#"m$"%570#m*"(T#m6).57mQea`d'
V$77#..#3'a%&'8#>")$"JK'OPQQWL'
M#/.(/K'!500'VOPQQWL'-&(%(*"$<&J'?"(6'$"7&5T#.'(?'BG+'="%'\$00#"Jj'
&%%<,mm$"7&5T#L$"%*$00#"JL/.9L*(TL$)mss3$%$m<$*#md_cQm>500&#/.(/sU5%sOL<3?'
V$77#..#3'e%&'8#>")$"J'OPQQWL'
M57U.K'G7(%%'VOPPdWL'7E,##R'2'D0%$%,3$'0/'D63E3F'3&'5+"E."'D,%$#K'C/3#<#/3#/%'4#35$j'g5/('
8506.j'4$/3$0$J'4(%5(/'-57%)"#.L'
M(K'E39$"3'VQ``dWL'h=#.%&#%57'1(/.53#"$%5(/.'5/'A/3#".%$/35/*'1&5/#.#'N5%#"$%5'4).57$0'
!#&$T5()"Ki'B%3$3#6'Q0<%&,E'0/'G$6&01<#3C0E0:)K'D(0L'_L''
'
'
QPP'
M(9$%K'F(J'VQ`e_WL'M"4<##)'3&'D%0F0%$30&R'2'N<#3C,E'2&,E)#3#='1$6>"53*#j'B#9'H("U,'
1$6>"53*#'A/5T#".5%J'-"#..L'
C/35$/$'A/5T#".5%J'VOPPeWL'h:"$35%5(/.'(?'N5%#"$%5'-$5/%5/*iK'E=N1'EO^OK'FL'E/(K'G<"5/*,'
&%%<,mm999L5/35$/$L#3)mp#O^OmQd2-$5/%L<3?'V$77#..#3'Q.%'8#>")$"J'OPQQWL'
X(/#.K'G%#<&#/'VQ`e`WL'h:&#'\(03#/'1&$"$7%#"'G7"5<%)"#j'-#".<#7%5T#.'(/'1&5/#.#'4#0(3JiK'
2#3,&'N<#3CK'D(0L'OPL'B(L'OK'863&"#"'N<#3C'56"0%)'VG<"5/*'q'G)66#"WL'
X)/*K'1L'\'VQ`_`WL'2%C6"$)F"#',&*'$6"'80EE"C$3."'>&C0&#C30<#K'-"5/7#%(/'A/5T#".5%J'-"#..LK'
D(0L'`L'-$"%'QL'
X)/*K'1L'\'VQ`dPWL'($%<C$<%"'Z'M)&,13C#'0/'$6"'D#)C6"j'1(00#7%#3'+("U.'(?'1L\L'X)/*K'D(0)6#'
e,'E35%#3'$/3'%"$/.0$%#3'>J'\#"&$"3'=30#"'$/3'FL8L1L'M)00j'-"5/7#%(/'A/5T#".5%J'
-"#..j'O'#35%5(/'VX$/)$"J'QWL'
g$/$7&K'G&$"(/'VOPPOWL'ho#/$U5.n.'M$/3K'("'%&#'D5.)$05[$%5(/'(?'%&#'1"#$%5T#'-"(7#..Ki'
D"%#F"C$3."#'0/'T"+'N<#3C-'D(0L'aPL'/(L'QL'
g#"6$/K'X(.#<&L'#%'$0L'v!##%&(T#/K'N)395*'T$/Lv'C/'7%0."'N<#3C'J&E3&"L'JH/0%*'N<#3C'
J&E3&"K'
&%%<,mm999L(Z?("36).57(/05/#L7(6m.)>.7"5>#"m$"%570#m*"(T#m6).57maPPO_<*Qc'
'V$77#..#3'c%&'8#>")$"JK'OPQQWL'
g(([5/K':56(%&JL'VQ``^W'hG<5"5%)$02%#6<("$0'C6$*#"J'5/'4).57'(?'I05T5#"'4#..5$#/'$/3':(")'
:$U#65%.)iK'80&$"1F0%,%)'N<#3C'O".3"+K'D(0L'dL'
N$5K'E"57'1&5)'g(/&'VOPP`WL'56"'N<#3C'0/'860<'!"&9C6<&:K'=.&*$%#'-)>05.&5/*L'
'
'
QPQ'
N$5K'E"57'VOPPaWL'56"'G.0E<$30&'0/'860<'!"&9C6<&:^#'],%3,4E"'N0*"#K'1&$<%#"'e'5/'%&#'!((U,'
H$J(5'A/('ET#"#%%'b'8"#3#"57U'N$)K'@0C,$3&:'G,#$'2#3,'3&'!"#$"%&'2%$'N<#3CK'
+#.0#J$/'A/5T#".5%J'-"#..L'
N$5K'g$"J/'VOPQPWL'h:&#'+$J'(?'%&#';$(iK'56"'D63E0#0F6"%#'n0&"K'(/'F$35('B$%5(/$0K'a%&'
;#7#6>#"K'OPQPL'
&%%<,mm999L$>7L/#%L$)m"/m<&50(.(<&#".[(/#m.%("5#.mOPQPm^PePOQcL&%6'V$77#..#3'
^Q.%'X$/)$"J'OPQQWL'
N$%&$6K'=05.(/L'v4(6#/%'?("6Lv'C/'56"'JH/0%*'801F,&30&'$0'N<#3CL'JH/0%*'N<#3C'J&E3&"K''
&%%<,mm999L(Z?("36).57(/05/#L7(6m.)>.7"5>#"m$"%570#m(<"m%QQam#aa`a'
V$77#..#3'd%&'8#>")$"JK'OPQQWL'
N56K'N5[$'VOPQPWL'h-"(7#..#.'(?'F#T#0$%5(/iK'="%570#'(/'N56R.'9("U'>J':56'F)%&#"?("3'
X(&/.(/K'<)>05.'5/'(0<&*',&*'N<#3C-'
&%%<,mm999L/#96).57/#%9("UL7(6L$)m="%5.%.m056?(")6L&%60'V$77#..#3'^"3'
8#>")$"J'OPQQWL'
N56K'N5[$'VOPP`WL'hG%$*5/*'$/'=#.%&#%57.'(?'-"#.#/7#i'X()"/$0'?("'B#9'4).57'$/3'1)0%)"#L'
G65%&K'F(/$03'!")7#L'VOPPPW'h=/'C/%#"T5#9'95%&':"5.%$/'4)"$50iK'1(6<)%#"'4).57'X()"/$0j'
G<"5/*K'D(0L'Oa'
4$7#3$K'X(.#'VQ`e_WL'h='1(/7#<%'(?':56#'5/'$'4).57'(?'G()%&#$.%'=.5$'V='-"#0565/$"J'
=77()/%WiK'G$6&01<#3C0E0:)K'D(0L'^PK'B(L'QK'V+5/%#"WL'
47*507&"5.%K'C$/'VOPQQWL'=)%&("'(?'56"'N,#$"%',&*'63#'G13##,%)R'56"'M3.3*"*'B%,3&',&*'$6"'
N,?3&:'0/'$6"'!"#$"%&'!0%E*'9&('.<(U#'$%'$/'5/%#"T5#9'(/'=!1'"$35('/$%5(/$0'(/'
'
'
QPO'
%&#'e%&'X$/)$"J'OPQQ'
&%%<,mm999L$>7L/#%L$)m"/m$005/%A/3m.%("5#.mOPQQm^P`e^O^L&%6'
V$77#..#3'a%&'8#>")$"J'OPQQWL'
B$T"([(TK'=/3"#5'VQ``OWL'h:&#'B#9'=*#'(?'F#$.(/'5.'C00).5(/'$/3'N5#.iK'56"'G<%0F",&='Qc2Qe'
I7%(>#",'
&%%<,mm999LS(&/"$0.%(/.$)0L7(6m#/*m/(/s?57%5(/s>((U.L<&<l67rD(0%$5"#tEOteP
t``.tOP!$.%$"3.,tOP:&#tOP;57%$%(".&5<tOP(?tOPtOPF#$.(/tOP5/tOP%&#tOP
+#.%'V$77#..#3'_%&'8#>")$"J'OPQQWL'
I05T#"(.K'-$)05/#'VQ`ecWL'h:&#'1(/%"5>)%5(/'(?'+(6#/'1(6<(.#".K_'TN2'F<4E3C,$30&#'ST"+'
N<#3C'2%$3CE"#d,'D(0)6#'aL'
F#**5(K'\(3?"#J'VQ`eOWL'L0),,&3#P,$#3K'CFE'-"(3)7%5(/.j'G$/%$'8#'C/.%5%)%#'?("'F#*5(/$0'
E3)7$%5(/L''
F(6$/J.&J/K'F57&$"3';'VOPQPWL'h:&#'+()/3#"'F#.#$"7&#",'4$U5/*'$'-0$7#'?("'A/7(/.75().'
;J/$657.'5/'%&#'F#.#$"7&'-"(7#..K_'56"'I<1,&3#$3C'D#)C60E0:3#$K'^e,'aL'
G$)0K'X(&/'F$0.%(/'VQ``OWL']0E$,3%"^#'B,#$,%*#R'56"'M3C$,$0%#63F'0/'O",#0&'3&'$6"'!"#$=':&#'
8"##'-"#..L'
G7&/5%%U#K'=0?"#3'VOPQQWL'!5(*"$<&Jj'!((.#J'b'M$9U#.,'
&%%<,mm999L>((.#JL7(6m<$*#.m7"m7(6<(.#"m7(6<(.#"s6$5/L$.<l7(6<(.#"53rOd
^Qb%%J<#rGB=-GMI:b%%5%0#rG/$<.&(%'V$77#..#3'^Q.%'X$/)$"J'OPQQWL'
G&565[)K'45/(")'VOPPQWL'h+&$%'5.'-0)"$'4(/5.6li'D"%#F"C$3."#'0/'T"+'N<#3C-']0E-'^`L'/(L'O,'
OQQ2OOeL'
'
'
QP^'
G533(/.K'X$6#.'VOPPQWL'50%<'5,?"13$#<R'2'B309B34E30:%,F6)-'N(/3(/,'\"##/9((3'-"#..L'
:$U#65%.)K':(")'VQ`e`WL'h1(/%#6<("$"J'4).57'5/'X$<$/iK'D"%#F"C$3."#'0/'T"+'N<#3CK'D(0L'OdK'
B(L'O,'Q`e2OPaL'
:&"$.&#"K'=0$/'F'VQ`e`WL'hG%")7%)"$0'1(/%5/)5%J'5/'1&5/#.#'G5[&),':&#'Y!$>$/R'4(3#0iK'2#3,&'
N<#3C='>&3."%#3$)'0/'5"H,#'D%"##K'D(0L'OPK'B(L'OK'863&"#"'N<#3C'56"0%)'VG<"5/*2'
G)66#"W'<<L'_d2QP_L'
A/*K'1&5/$"J'VOPPeWL'h2<%,'0/';&/0%1,E3$)Ki'#3.L'457&$#0'=%&#"%(/'$/3'!")7#'1"(..6$/K'
N<#3C'0/'$6"'(F3%3$R'2#3,&9D,C3/3C'N<#3C,E';*"&$3$)K'GJ3/#J,'=).%"$05$/'4).57'1#/%"#L'
A/*K'1&5/$"J'VOPPeWL'hG5/*5/*'C/.53#'2<%,Ki'#3.L'457&$#0'=%&#"%(/'$/3'!")7#'1"(..6$/K'
N<#3C'0/'$6"'(F3%3$R'2#3,&9D,C3/3C'N<#3C,E';*"&$3$)K'()*&")R'2<#$%,E3,&'N<#3C'8"&$%"L'
A%[K'1&"5.%5$/'VQ``eWL'h5,&'M<&Y#'2%$'/0%','T"+'7"&"%,$30&R'GH$%"1"'8%0##90."%='GH$%"1"E)'
D"%#0&,E'N<#3C_-'1MC4E'QOmQ^,'QaO2QcPL'
D(/':"5#"K'N$".'VOPP`WL'C/%#"T5#9'$>()%'&5.'?506'=/%521&"5.%,'
&%%<,mm999LJ()%)>#L7(6m9$%7&lTr[5e:Esoe>H('V$77#..#3'^"3'4$"7&'OPQQWL'
+#.%9((3K'4$%%	'VOPP_WL'h:").%5/*'%&#'4J.%#"5().'-"(7#..i'56"'2<#$%,E3,&K'QO%&'
I7%(>#"L'
+"$JK'X(&/'VOPP_WL'hM#$3J'4#%$0i'V;"(/#'4#%$0'="%570#WK':&#'B#9'H("U':56#.K'
&%%<,mm999L/J%56#.L7(6mOPP_mPcmOem6$*$[5/#mOe$"%6#%$0L&%60ls"rQb<$*#9$/%
#3r$00'V$77#..'e'=<"50'OPQQWL'
'
'
' '
'
'
QPa'
]42::;BI!2<!%5B8:!
1(00#7%5T#'A/7(/.75().'V"#0$%5/*'%('9$%#"W,';#T5.#3''>J'G95..'-.J7&(0(*5.%'1$"0'X)/*K'%&#'
7(00#7%5T#')/7(/.75().'$"#')/5T#".$0'<$%%#"/.'.$53'%('>#'5/'#T#"J'&)6$/L'C%'7(/%$5/.'
$"7&#%J<#.'$/3'5.'.J6>(057$00J'"#0$%#3'%('9$%#"L'8("'5/.%$/7#K'%('X)/*'%&#'
)/7(/.75().'65/3'5.'05U#'9$%#"'9&57&'05#.'$%'%&#'0(9#.%'<(5/%'(?'$'T$00#JL'
1(/7"#%#'$/3'=>.%"$7%,'F#0$%5/*'%('-5#""#'G7&$#??#"R.'7(/7#<%.'(?'%&#'$>.%"$7%'$/3'
7(/7"#%#f$.'3#.7"5>#3'5/'1&5(/R.'*)53#'%('%&#'5%,3$j'*"#'J4["$#'N<#3C,<HL':&#'
%#"6'Y$>.%"$7%R'5.'#T#"J'/(%5(/'(?'@)$05%J'("'"#0$%5(/.&5<'7(/.53#"#3'5/'$'6("#'("'
0#..'*#/#"$0'6$//#"'95%&()%'"#?#"#/7#'%('$/J'(?'5%.'"#<"#.#/%$%5(/.L':&#'%#"6'
Y7(/7"#%#R'h5.'%&#'7(6<0#%#'"#<"#.#/%$%5(/'$.'5%'5.'("'7()03'>#L'
;$(,':&#'.<5"5%)$0'<"$7%57#'(?';$(5.6'5/T(0T5/*'%&#'<"(7#..#.'5/'%&#';'863&:\'$/3'5.'3#.7"5>#3'
$.'Y%&$%'9&57&'6(T#.'$6(/*'%&5/*.RL'
;5"#7%5(/$0'm'B(/235"#7%5(/$0,'';5"#7%5(/$0'&$.'$/'5//#"'h/$""$%5T#i'("'h.%("Ji'%&$%'<"(*"#..#.'
5/'%&#'?((%$*#'("'6).57'%&$%'6(T#.'?"(6'%&#'<"#.#/%'%('%&#'?)%)"#L'B(/235"#7%5(/$0'
T$"5#.'5/'$/')/<"#357%$>0#'9$J'$.'$'.%$%57'.&(%'("'"#<#%5%5T#'$7%5(/L'
EZ%#"/$0'N(*57,'(/#'%&$%'7"#$%#.'$/'#??#7%'(?'35.7(/%5/)5%JL'C%'35.")<%.'%&#'7)""#/%'7(/%#/%'
95%&'.)33#/'7&$/*#.'5/'%#6<(K'&$"6(/J'$/3'%56>"#L'
80(9,'F#0$%5/*'%('%&#';$(5.%57'/(%5(/'(?'?0(9'>#%9##/'%9('(<<(.5%#.'$/3'$'9$%#"'6#%$<&("'
(?'$'?0(95/*'.%"#$6f9&57&')/3#"/#$%&'5.'$'?0(9'0#$3'>J'>"#$%&L'
80)535%J'V$"%5.%57$00JW,':&#'"#0$%5(/.&5<'(?'%&#'9$%#"'6#%$<&(".'%('%&#'7"#$%5T#'6$%#"5$0L''
C/%#"/$0'N(*57,'G()/3'%&$%'$<<#$".'%('?(00(9'$'?0#Z5>0#K'("*$/57'<"(7#..'(?'3#T#0(<6#/%K'
T$"5$%5(/K'$/3'*"(9%&K'>("/'()%'(?'%&#'/$""$%5T#'.5%)$%5(/'5%.#0?'$/3'%&#'?##05/*.'5%'
5/.<5"#.L'
4)0%5<0#'-(0$"5%5#.,'8()"'("'6("#'%#6<("$05%5#.'<"#.#/%'5/'$'7"#$%5T#'9("U'%&$%'7$/'5/70)3#,'
.%$.5.K'35"#7%5(/$0K'/(/235"#7%5(/$0'$/3'.5/*)0$"'6(6#/%.L'
4).57$0'<(0$"5%5#.,':9('7(/%"$.%5/*'6).57$0'53#$.'%&$%'7"#$%#'$'>$0$/7#'V?("'#Z$6<0#K'.%$.5.'
$/3'35"#7%5(/$0WL'
B#)%"$0'G<$7#.,':&#'<"(7#..'>#&5/3'.##5/*'%9('(<<(.5/*'?("7#.'$.'#@)$0L':9('(<<(.5/*'
?("7#'$"#'<0$7#3'5/'/#)%"$0'.<$7#.'5/'("3#"'%(').#'%'5/'$/')/>5$.#3'9$JL'
I<<(.5%#.,'1(/%"$.%5/*'#0#6#/%.'5/'$'7"#$%5T#'9("UL'V8("'#Z$6<0#'3$"U'$/3'05*&%K'.()/3'$/3'
.50#/7#K'.%$.5.'$/3'35"#7%5(/$0WL'
'
'
QPc'
G5/*)0$"'4(6#/%.,':&#'E$.%2=.5$/'#6<&$.5.'(/'%&#'.5/*)0$"'*#.%)"#.'5/'6).57K'05U#'%&#'.5/*0#'
>").&'.%"(U#'5/'7$005*"$<&J'("'5/'%&#'<#"?("6$/7#'(?'%&#'#6,?<6,C63'<0$J#"L':&5.'5.'
35??#"#/%'%('?(00(95/*'$'05/#$"'%&"#$3'%&"()*&'%56#L''
G5/*)0$"'?0(9,'='.5/*0#'?0(9'95%&()%'$/J'35.")<%5(/.'%('%&#'/$%)"$0'#T(0T5/*'<"(7#..'(?'
3#T#0(<6#/%'(?'6).57$0'53#$.L':&5.'5.'7$/'>#'5/'%56>"#'7(0()"'%&$%'3#T#0(<.'$.'$'
.5/*)0$"'>").&'.%"(U#'V$0.('.##,'C/%#"/$0'0(*57WL'
G%$.5.,':&5.'7$/'7(6#'5/'6$/J'35??#"#/%'9$J.'5/'$'7"#$%5T#'9("U'>)%'5.'*#/#"$00J'.(6#%&5/*'
%&$%'&$.'/('35"#7%5(/$0'%"$S#7%("J'V.)7&'$.K''.0(9'6(T5/*'*#.%)"#.'("'"#<#%5%5(/WL'
GJ/7'-(5/%.,'=05*/6#/%.'5/'%&#'$)35(2T5.)$0'("'5/'%&#'T5.)$0'$0(/#'%&$%'.##6'%('?(00(9'#$7&'
(%&#".'$7%5(/'%&"()*&'$'<$"%57)0$"'*#.%)"#L'V8("'#Z$6<0#'5?'9$%#"'.<0$.&#.'(/'.7"##/'
$/3'6).57'565%$%#.'$'.<0$.&5/*'*#.%)"#'$%'%&#'.$6#'%56#WL'
GJ/7"#.5.,'%&#'.<(/%$/#().'$/3'5""#.5.%5>0#'9#03'<"(3)7#3'>#%9##/'$'<$"%57)0$"'$)35%("J'
<&#/(6#/(/'$/3'T5.)$0'<&#/(6#/(/'9&#/'%&#J'(77)"'$%'%&#'.$6#'%56#j'$/3'%&#'
$33#3'T$0)#'5%'<"(3)7#.L'
:#6<("$05%5#.,'='6).57$0'*#.%)"#'("'?"$*6#/%'5/'%&#'?((%$*#'%&$%'5.'$%'$'7#"%$5/'<$75/*'("'
"#0$%#.'%('%&#'?()"'%#6<("$05%5#.,'.%$.5.K'35"#7%5(/$0K'/(/235"#7%5(/$0'("'.5/*)0$"'
6(6#/%.L'C?'%&#"#'5.'$'.0(9'$/3'?$.%'*#.%)"#'(77)""5/*'$%'%&#'.$6#'%56#'%&$%'3('/(%'
&$T#'%&#'.$6#'6#%"57'<)0.#'%&#/'%&#J'$"#'%9('.#<$"$%#'%#6<("$05%5#.L'
+$%#"'="7&#%J<#,'='%#"6'%&$%'#Z<0$5/.'$')/5T#".$0'9$%#"'<&50(.(<&J'%&$%'7$/'>#').#3'%('
3#.7"5>#'$'7"#$%5T#'<"$7%57#'("'7(6<0#Z'#/%5%JL'1$"0'X)/*').#3'9$%#"'.J6>(05.6'%('
3#.7"5>#'%&#')/7(/.75().'65/3'V.##'%&#'1(00#7%5T#'A/7(/.75().WL''
+$%#"'M$"6(/J,'1&"(6$%57'$/3'9&(0#2%(/#'7&("3.K'95%&()%'$/')"*#/7J'%('"#.(0T#L':&5.'
&$"6(/J'N?0($%.R'5/'$'9$T#"5/*'%#6<("$05%JL'C%'$0.('"#0$%#.'%('*#.%)"#.'5/'6).57'%&$%'
.)**#.%'9$%#"'$3S#7%5T#.'05U#'$'?0(95/*'.%"#$6K'"$5/'3"5<<5/*.'("'<()"5/*L''
! !
'
'
QP_'
#AA516?F!
K3&*3&:'L"<'VOPQOW'9$.'<#"?("6#3'$/3'"#7("3#3'>J'%&#'4#0>()"/#'GJ6<&(/J'I"7&#.%"$'
$%'%&#'C9$U5'=)35%("5)6K'=!1'G()%&>$/U'1#/%"#K'4#0>()"/#K'(/'Oe%&'X$/)$"J'OPQOL':&#'
.7("#'9$.'7(/3)7%#3'>J'!#/S$65/'B("%&#JL'
'
:&#'.()/3.'&#$"3'5/'%&#'"#7("35/*.'(?'56"'GHF,."'!,$"%'VOPQPW'$/3'2&$3430#3#'VOPQQW'$"#'
7"#$%#3').5/*'7(6<)%#"'*#/#"$%#3'.()/3.K'.$6<0#.'$/3'4C;C'(/0JL'B('6).575$/.'9#"#').#3'
5/'%&#.#'"#7("35/*.L'
'
;(//$'1&$/*'9$.'%&#'?506'6$U#"'(/'+,$"%-'+,."-'/0%1-'VOPQPWK'2&$3430#3#'VOPQQW'$/3'56"'
760#$'8,."'VOPQOWL'
!
!
!
!
!
!
!
!
!
!
!
!
'
'
QPd'
'
G%500.'?"(6'%&#'?506'+,$"%-'+,."-'/0%1-'VOPQPW'
'
'
'
'
'
'
'
'
'
'