Arcelor RA 2007

Bold
Future
2007
Annual Report
Ba_.E_.,
Q#7#0.6.7= _.98;= i
A869#7I ];8/25. i
J58$#5 `=;#=.0I #7& Q87=15I L2015201=< -
\9.;#=287#5 _.D2.E X
LC6#7 _.<8C;%.< >U
_.<.#;%1 #7& B.D.5896.7= i>
@8#;& 8/ B2;.%=8;< #7& `.728; Q#7#0.6.7= i-
A8;98;#=. J8D.;7#7%. -Z
\E7 `1#;.< bi
?&&2=287#5 27/8;6#=287 #$8C= ?;%.58;Q2==#5 bi
i''g A87<852&#=.& H27#7%2#5 `=#=.6.7=< b-
A87<852&#=.& @#5#7%. `1..=< b-
A87<852&#=.& `=#=.6.7=< 8/ M7%86. bZ
A87<852&#=.& `=#=.6.7=< 8/ A1#70.< 27 F:C2=I bg
A87<852&#=.& `=#=.6.7=< 8/ A#<1 H58E< bU
R8=.< =8 =1. A87<852&#=.& H27#7%2#5 `=#=.6.7=< bX
?C&2=8;<& _.98;= 87 =1. A87<852&#=.& H27#7%2#5 `=#=.6.7=< >i'
i''g ?77C#5 ?%%8C7=< >i>
@#5#7%. `1..= >i>
];8/2= #7& P8<< ?%%8C7= >i-
R8=.< =8 =1. ?77C#5 ?%%8C7=< >iZ
?C&2=8;<& _.98;= 87 =1. ?77C#5 ?%%8C7=< >--
];898<.& ?558%#=287 8/ _.<C5= /8; i''g >-b
1
^ F_FNL^L_" h Ld`h"
J `^dF_' d h`MP]L
C?&19<?V5AA$9 \A41 "E<:=$;N% <? A41 "O?<G=%. 5@ A41 J<?9'%@ 9$?31@A $;' :<@A 39<%$9 5;A13?$A1' @A119 &<:=$;N[
J5A4 0BB[((( 1:=9<N11@ 5; :<?1 A4$; )( &<G;A?51@*
C@ A41 ;G:%1? <;1 @G==951? A< $99 :$6<? :$?81A @1&A<?@[ 5;&9G'5;3 $GA<:<A5I1[ &<;@A?G&A5<;[ 4<G@14<9'
$==95$;&1@ $;' =$&8$35;3[ C?&19<?V5AA$9 4$@ $; 5;'G@A?5$9 =?1@1;&1 5; p( &<G;A?51@ $&?<@@ KG?<=1[ C@5$[ C2?5&$
$;' A41 C:1?5&$@* h45@ 1L=<@1@ 5A A< $99 A41 81N @A119 :$?81A@[ 2?<: 1:1?35;3 A< :$AG?1 ! $; 1L=<@G?1 5A
&<;A5;G1@ A< 1;4$;&1 A4?<G34 5A@ A4?11 '5:1;@5<;$9 3?<JA4 @A?$A13N <2 =?<'G&A '5I1?@5AN[ 31<3?$=45&$9 ?1$&4 $;'
I1?A5&$9 5;A13?$A5<;*
R;;<I$A5<; =9$N@ $ 81N ?<91 $A C?&19<?V5AA$9* W<A <;9N 5@ A41 O?<G= A41 9$?31@A @A119:$81? %N I<9G:1[ %GA 5A $9@<
<221?@ A41 %?<$'1@A ?$;31 <2 @A119 3?$'1@[ $'I$;&1' =?<'G&A@[ @A119 @<9GA5<;@ $;' &GAA5;3b1'31 A1&4;<9<351@* RA@
5;I1@A:1;A 5; f1@1$?&4 $;' F1I19<=:1;A \f/F. 5@ @G%@A$;A5$9 $;' &<;A5;G<G@* E9<@1 &<<=1?$A5<; J5A4
&G@A<:1?@ ! 5;I<9I5;3 :GAG$9 A?G@A[ $; <=1;b:5;'1' $==?<$&4 $;' =1?:$;1;A 1L&4$;31@ <2 =1?@<;;19 ! 2G?A41?
'?5I1@ 5;;<I$A5<; $;' $@@5@A@ 5; A41 '1I19<=:1;A <2 =?<'G&A@ $;' @<9GA5<;@ A4$A @G@A$5; A415? &<:=1A5A5I1 1'31*
p((n J$@ A41 25?@A 2G99 N1$? 2<99<J5;3 A41 :1?31? <2 C?&19<? $;' V5AA$9 gA119* h41 &<:%5;1' E<:=$;N 4$@ %11;
5;A13?$A1' @G&&1@@2G99N[ %G59'5;3 $ &<:=$;N 2<&G@1' <; 91$'5;3 A41 A?$;@2<?:$A5<; <2 A41 @A119 5;'G@A?N A<J$?'@ $
@G@A$5;$%91 2GAG?1* o5A4 &?G'1 @A119 =?<'G&A5<; <2 BB) :5995<; A<;;1@[ ?1=?1@1;A5;3 $?<G;' B( =1? &1;A <2 J<?9'
@A119 <GA=GA[ C?&19<?V5AA$9 31;1?$A1' ?1I1;G1@ <2 -B(a*p %5995<; 5; p((n* RA &<;A5;G1' A< 1L=9<?1 3?<JA4
<==<?AG;5A51@ 5; p((n[ J5A4 0a $&>G5@5A5<; A?$;@$&A5<;@ A4$A J1?1 $3?11' G=<; $;' 5'1;A52N5;3 <?3$;5& 3?<JA4
=?<61&A@ A4$A J599 1L=$;' <GA=GA %N p( :5995<; A<;;1@ %N p(Bp*
C?&19<?V5AA$9 G;'1?@A$;'@ A4$A J5A4 5A@ 91$'1?@45= =<@5A5<; &<:1@ ?1@=<;@5%595AN* DN =9$N5;3 5A@ =$?A 5;
&<;@<95'$A5;3 A41 @A119 5;'G@A?N 5A 5@ 419=5;3 &?1$A1 $ :<?1 @G@A$5;$%91 <=1?$A5;3 1;I5?<;:1;A* E<;@5@A1;A J5A4 5A@
<%61&A5I1 <2 "A?$;@2<?:5;3 A<:<??<J%[ C?&19<?V5AA$9 5@ &<::5AA1' A< %1 $ 3<<' &<?=<?$A1 &5A5P1;* h45@ :1$;@
%G59'5;3 $ @A$%91[ 39<%$9 5;@A5AGA5<; ! <;1 J5A4 A41 ?1@<G?&1@ A< '195I1? A41 =?<'G&A@ 5A@ &G@A<:1?@ J$;A[ A4$A
&?1$A1@ @G@A$5;$%91 I$9G1 2<? $99 5A@ @A$814<9'1?@[ 5;&9G'5;3 A41 &<::G;5A51@ 5; J45&4 5A <=1?$A1@[ $;' A4$A
?1@=1&A@ A41 45341@A @A$;'$?'@ 5; $?1$@ @G&4 $@ 41$9A4[ @$21AN $;' A41 1;I5?<;:1;A*
R; p((Z[ A41 25?@A =?5<?5AN 2<? A41 O?<G= ?1:$5;@ Q1$9A4 $;' g$21AN* C?&19<?V5AA$9 <=1?$A1@ 5; $ J5'1 I$?51AN <2
&<G;A?51@[ 2?<: A41 '1I19<=5;3 A< A41 :<@A '1I19<=1'* RA ?1&<3;5@1@ A4$A 5A@ '1&5@5<; 5:=$&A ;<A <;9N 5A@
1:=9<N11@ $;' A41 J5'1? &<::G;5A51@ 5; J45&4 5A <=1?$A1@[ @G&4 $@ @G==951?@[ &G@A<:1?@ $;' 5;I1@A<?@*
C?&19<?V5AA$9%@ $:%5A5<; 5@ ;<A <;9N A< %1 A41 G;'5@=GA1' 91$'1? <2 5A@ @1&A<?[ %GA $9@< A< %1&<:1 ?1&<3;5@1' $@
<;1 <2 A41 J<?9'%@ A?G9N 3?1$A &<:=$;51@[ '1:<;@A?$A5;3 1L&1991;&1 5; 1I1?N $?1$ <2 5A@ <=1?$A5<;@ $;'
&<;@5@A1;A9N '195I1?5;3 4534 >G$95AN $;' ?1@G9A@ A< $99 <2 5A@ @A$814<9'1?@* C?&19<?V5AA$9 J599 &<;A5;G1 A<
"A?$;@2<?: A<:<??<J% $;' 3G5'1 A41 1I<9GA5<; <2 @A119 A< @1&G?1 A41 %1@A 2GAG?1 2<? A41 &<:=$;N[ A41 @A$814<9'1?@
$;' A41 5;'G@A?N :<?1 %?<$'9N[ ;<J $;' 2<? 31;1?$A5<;@ A< &<:1*
2
N ]`HF] ! "hF"LN' F_K ^ `_"O]' O PNO]PNO"!
C?&19<?V5AA$9%@ @G&&1@@ 4$@ %11; %G59A <; $ &<;@5@A1;A @A?$A13N A4$A 1:=4$@5@1@ @5P1 $;' @&$91[ I1?A5&$9
5;A13?$A5<;[ =?<'G&A '5I1?@5AN[ &<;A5;G<G@ 3?<JA4 5; 45341? I$9G1 =?<'G&A@ $;' $ @A?<;3 &G@A<:1? 2<&G@* h41
O?<G= 4$@ G;5>G1 31<3?$=45&$9 $;' =?<'G&A '5I1?@525&$A5<; J45&4 ?1'G&1@ 1L=<@G?1 A< ?5@8 $;' &N&95&5AN $;'
?1@=<;'@ A< <;1 <2 <G? &<?1 I$9G1@k gG@A$5;$%595AN* C?&19<?V5AA$9 5;A1;'@ A< &<;A5;G1 A< =9$N $ 91$'5;3 ?<91 5; A41
&<;@<95'$A5<; <2 A41 39<%$9 @A119 5;'G@A?N $;' A< %1 A41 39<%$9 91$'1? 5; A41 @A119 5;'G@A?N[ 5; =$?A5&G9$? A4?<G34
A45@ &<:=?141;@5I1 %G@5;1@@ @A?$A13N*
R; p((n[ A41 O?<G= $;;<G;&1' 0a A?$;@$&A5<;@[ <2 J45&4 Bj J1?1 &<:=91A1' 2<? $ &$=5A$9 <GA9$N <2 -Bp*0 %5995<;
5;&9G'5;3 A41 $@@G:=A5<; <2 '1%A* T1N :591@A<;1@ 'G?5;3 A41 N1$? p((n J1?1 $@ 2<99<J*
[2?I2CT )**(
C?&19<?V5AA$9 @199@ QGA$ D$;8<J$[ 9<&$A1' 5; A41 g<GA4 <2 d<9$;'[ A< C9&41:5$ gC E$=5A$9 O?<G=[ $@ =$?A <2
V5AA$9 gA119%@ &<::5A:1;A A< A41 KG?<=1$; E<::5@@5<; 'G?5;3 A41 :1?31? =?<&1@@*
M63CI2CT )**(
C?&19<?V5AA$9 &<;A?$&A@ $ 6<5;A I1;AG?1 $3?11:1;A J5A4 A41 D5; S$?$99$4 O?<G= 2<? $ @1$:91@@ AG%1 :599 5; g$G'5
C?$%5$* h41 :599 J599 4$I1 $ &$=$&5AN <2 a(([((( A<;;1@ =1? N1$?+ A41 :$6<? =$?A <2 AG%1@ =?<'G&1' J599 %1 G@1'
5; A41 <59 5;'G@A?N $;' A41 ?1:$5;'1? 2<? =5=195;1@*
^2C49 )**(
C?&19<?V5AA$9 %G59'@ $ ;1J gA119 g1?I5&1 E1;A?1 5; T?$8<J \d<9$;'.* h45@ 2$&595AN J599 4$I1 $ =?<&1@@5;3
&$=$&5AN <2 $%<GA ja([((( A<;;1@ =1? N1$? $;' J599 @A?1;3A41; A41 1L5@A5;3 '1b&<595;3 $;' @95AA5;3 2$&595A51@ 5;
QGA$ g1;'P5:5?$ $;' 5; DNA<:*
C?&19<?V5AA$9 4<9'@ 5A@ R;I1@A<? F$N 5; W1J "<?8 $;' U!P$?< E!?'1;$@ <; V$?&4 pnbpZ[ p((n* d?1@5'1;A $;'
EKc[ U$8@4:5 V5AA$9[ 5;A?<'G&1@ A41 A4?11 '5:1;@5<;$9 3?<JA4 @A?$A13N 2<? ?1'G&1' ?5@8 \@G@A$5;$%595AN. $;'
&<;A5;G1' 3?<JA4 &<;@5@A5;3 <2 =?<'G&A[ I$9G1 &4$5; $;' '5@A?5%GA5<;*
FAC:= )**(
C?&19<?V5AA$9 25;$95@1@ A41 $&>G5@5A5<; <2 g5&$?A@$[ 2?<: O?G=< m599$&1?<[ 91$'5;3 A< A41 &?1$A5<; <2 V1L5&<%@
9$?31@A @A119 =?<'G&1?* g5&$?@A$ 5@ $ 2G99N 5;A13?$A1' =?<'G&1? <2 9<;3 @A119[ J5A4 $; $;;G$9 =?<'G&A5<; &$=$&5AN <2
$%<GA p*n :5995<; A<;;1@ $;' J5A4 2$&595A51@ 5; V1L5&< $;' h1L$@ \l;5A1' gA$A1@.* C?&19<?V5AA$9 4$@ $9@< 1;A1?1'
5;A< $ a(Xa( &<::1?&5$9 6<5;A I1;AG?1 J5A4 O?G=< m599$&1?<*
[I?6 )**(
C?&19<?V5AA$9 9$G;&41@ 5A@ ;1J 39<%$9 %?$;'* f1291&A5;3 A41 &<:=$;N%@ $@=5?$A5<;@[ A41 %?$;'%@ I5@5<;
"A?$;@2<?:5;3 A<:<??<J% 5@ @G==<?A1' %N A4?11 :$5; I$9G1@k gG@A$5;$%595AN[ eG$95AN $;' U1$'1?@45=* h41 %?$;'
9$G;&4 5@ $; 1@@1;A5$9 =$?A <2 A41 5;A13?$A5<; =?<&1@@[ &?1$A5;3 $ &<::<; %<;' 2<? $99 1:=9<N11@* C?&19<?V5AA$9
$9@< 9$G;&41@ 5A@ "%<9';1@@ &4$;31@ 1I1?NA45;3% 39<%$9 $'I1?A5@5;3 &$:=$53;*
C?&19<?V5AA$9 @A$?A@ $ @4$?1 %GNb%$&8 =?<3?$::1 A< ?1=G?&4$@1 &9$@@ C &<::<; @4$?1@ G= A< $ :$L5:G:
$33?13$A1 $:<G;A <2 -a^( :5995<;[ <? G= A< $ :$L5:G: <2 pn :5995<; &9$@@ C &<::<; @4$?1@[ A< %1 G@1' 15A41?
2<? @G==<?A5;3 =<A1;A5$9 &<?=<?$A1 <==<?AG;5A51@ <? 2<? &$;&199$A5<;*
[I=T )**(
C?&19<?V5AA$9 5@ 3?$;A1' &<;&1@@5<;@ A< '1I19<= :5;5;3[ A?$;@=<?A$A5<; $;' 9<35@A5&@ $&A5I5A51@ %N A41 f1=G%95& <2
g1;13$9 5; A41 M$91:1 ?135<; \g<GA4 K$@A g1;13$9.* h45@ 5;A13?$A1' :5;5;3 =?<61&A J599 1;&<:=$@@ A41
'1I19<=:1;A <2 A41 :5;1 5; 2<G? 9<&$A5<;@[ &<:=?5@5;3 %<A4 41:$A5A1 $;' :$3;1A5A1 '1=<@5A@[ A41 %G59'5;3 <2 $
;1J =<?A 5; D$?3;N ;1$? F$8$? $;' A41 '1I19<=:1;A <2 $==?<L5:$A19N na( 8: ?$59 5;2?$@A?G&AG?1 A< 95;8 A41 :5;1
A< A41 =<?A*
h41 KG?<=1$; o<?8@ E<G;&59 \KoE. <2 C?&19<?V5AA$9 5@ 5;@A$991'* h41 C?&19<?V5AA$9 KoE ?1=?1@1;A@ $99
1:=9<N11@ 2?<: J5A45; A41 Klpn[ B0([((( 1:=9<N11@ 5; A<A$9[ $;' 4$@ aj :1:%1?@*
C?&19<?V5AA$9 $&>G5?1@ AJ< @A119 AG%1 %G@5;1@@1@ 2?<: m$99<G?1& \M?$;&1.* D<A4 &<:=$;51@ 1;6<N @A?<;3
=<@5A5<;@ 5; A41 KG?<=1$; @A119 AG%1@ :$?81A* h45@ $&>G5@5A5<; G;'1?95;1@ C?&19<?V5AA$9%@ @A?$A13N A< 1L=$;' 5A@
%G@5;1@@ 5; A41 $GA<:<A5I1 @1&A<?[ $;' 2G?A41? @A?1;3A41;@ A41 E<:=$;N%@ =5=1@ $;' AG%1@ %G@5;1@@*
3
FI8IEG )**(
C 9$;':$?8 '195I1?N <2 aZ( A<;;1@ <2 @A119[ :5991' 5; C?&19<?V5AA$9 F5221?'$;31 \UGL1:%<G?3.[ 5@ G@1' 5; A41
&<;@A?G&A5<; <2 A41 o<?9' h?$'1 E1;A?1 V1:<?5$9 5; W1J "<?8 E5AN* h41 6G:%< %1$:@ ?1=?1@1;A $==?<L5:$A19N
p(Y <2 A41 @A119 G@1' 2<? A41 =?<61&A*
C?&19<?V5AA$9 $;' fCO D1A15953G;3@bCO @53; $; $3?11:1;A &<;&1?;5;3 A41 $&>G5@5A5<; <2 A41 n)*ZZY @A$81
'5?1&A9N 419' %N fCO 5; g$$? M1?;3$@ CO g$$?%?%&81;* g$$? M1?;3$@ 5@ A41 9$?31@A 3$@ '5@A?5%GA5<; &<:=$;N 5;
g$$?9$;' $;' f45;19$;'bd$9$A5;$A1 5; O1?:$;N* h45@ $3?11:1;A 5@ $; <==<?AG;5AN A< 5;&?1$@1 @N;1?351@ J5A4
C?&19<?V5AA$9%@ ?135<;$9 1;1?3N ;1AJ<?8*
C?&19<?V5AA$9 $;' W<%91 R;A1?;$A5<;$9 UA'*[ W<?A4 C:1?5&$%@ 9$?31@A =?<'G&1? <2 9$@1?bJ19'1' @A119 =?<'G&A@[
&<:=91A1 A41 A?$;@$&A5<; A< &<:%5;1 A415? 9$@1?bJ19'1' A$59<?1' %9$;8@ %G@5;1@@1@[ 2<? A41 %1;125A <2 A415? 39<%$9
$GA<:<A5I1 &G@A<:1?@*
!6AG6>36C )**(
C?&19<?V5AA$9 1L=$;'@ 5A@ =<@5A5<; 5; hG?81N %N $&>G5?5;3 aBY <2 f<P$8[ A41 :$5; hG?85@4 @A119 @A<&84<9'5;3
&<:=$;N* f<P$8 4$@ 25I1 @5A1@ 5; hG?81N $;' 5@ @=1&5$95@1' 5; Qb=?<2591@[ @411A $;' =9$A1@*
C?&19<?V5AA$9 5;I1@A@ -BZ :5995<; 5; $ ;1J &GA 91;3A4 95;1 2<? 4<A ?<991' &<59@ 5; c@A?$I$ \EP1&4 f1=G%95&.* h41
;1J gA119 g1?I5&1 E1;A?1 J599 %1;125A 2?<: @53;525&$;A 9<35@A5&@ $;' &<@A &<:=1A5A5I1;1@@[ J4591 %15;3 5; 95;1
J5A4 C?&19<?V5AA$9%@ '1I19<=:1;A @A?$A13N 5; E1;A?$9 $;' K$@A1?; KG?<=1* h45@ 2$&595AN 4$@ $ =?<&1@@5;3 &$=$&5AN
<2 pa([((( A<;;1@ =1? N1$? $;' J599 @A$?A <=1?$A5;3 5; :5'bp((Z*
C?&19<?V5AA$9 <J;@ B((Y <2 C?&19<? D?$@59 $2A1? 4$I5;3 &<:=91A1' A41 $&>G5@5A5<; <2 $99 5A@ <GA@A$;'5;3 @4$?1@*
C?&19<?V5AA$9 4<9'@ 5A@ R;I1@A<? F$N 5; d$?5@ $;' g<GA4 C2?5&$ <; g1=A1:%1? BBbB0 p((n*
`4G@36C )**(
C?&19<?V5AA$9 $;' D<?G@$;[ <;1 <2 hG?81N%@ 91$'5;3 @A119 =?<'G&1?@[ $;;<G;&1 $ a(Xa( 6<5;A I1;AG?1 =$?A;1?@45=[
&<;@5@A5;3 5; $ -a(( :5995<; 5;I1@A:1;A 5; A41 &<;@A?G&A5<; <2 $ ;1J 4<A :599 5; O1:958* h45@ 2$&595AN J599 <221?
4534 3?$'1 =?<'G&A@ 2<? A41 hG?85@4 :$?81A $;' 5@ =9$;;1' A< @A$?A <=1?$A5;3 %N p(B( J5A4 $ &$=$&5AN <2 j*Z
:5995<; A<;;1@*
C?&19<?V5AA$9 $&>G5?1@ $ n(Y 5; E$?:5;$A5 F5@A?5%GP5<;1 g*?*9[ <;1 <2 A41 91$'5;3 @A119 '5@A?5%GA<?@ 5; W<A41?;
RA$9N[ J45&4 @<9' <I1? na[((( A<;;1@ 5; p(() J5A4 $ AG?;<I1? <2 0a( :5995<;*
_@Q6>36C )**(
h41 KLA?$<?'5;$?N O1;1?$9 V11A5;3@ <2 @4$?14<9'1?@ <2 C?&19<?V5AA$9 $;' C?&19<? $==?<I1 A41 :1?31? <2
C?&19<?V5AA$9 5;A< C?&19<?[ A< %1 ?1;$:1' C?&19<?V5AA$9* h45@ :1?31? 5@ A41 @1&<;' @A1= 5; A41 AJ<b@A1= :1?31?
=?<&1@@ %1AJ11; V5AA$9 gA119 $;' C?&19<?[ $;' 5@ 1221&A5I1 <; W<I1:%1? B0[ p((n*
C?&19<?V5AA$9 =G?&4$@1@ $ B((Y @A$81 5; O$9I1L c![ A41 K@A<;5$; =?5I$A19N <J;1' @A119 3$9I$;5P5;3 95;1* R;
p(()[ O$9I1L =?<'G&1' B^([((( A<;;1@ <2 4<A '5= 3$9I$;5@1' @A119[ :$5;9N 2<? A41 &<;@A?G&A5<; @1&A<?[ J5A4 @$91@
A<A$995;3 0Bpa :5995<;*
C?&19<?V5AA$9 5@ $J$?'1' AJ< 3<9' :1'$9@ 2<? ;1J =?<'G&A@ 5A G;I1591' $A A41 D$A5:$A &<;@A?G&A5<; 2$5?* h41
O<9'1; R;;<I$A5<; V1'$9 5@ 3?$;A1' A< A41 @<9$? =$;19 C?@<9$?7[ $;' A41 O<9'1; F1@53; V1'$9 A< A41 C;3195;$7
%1$:*
C?&19<?V5AA$9 @53;@ $ V1:<?$;'G: <2 E<<=1?$A5<; J5A4 A41 f1=G%95& <2 V<P$:%5>G1[ J45&4 $5:@ A< '1I19<=
@N;1?351@ $;' =9$; 2G?A41? 5;I1@A:1;A 5; A41 @A119 5;'G@A?N[ $;' 5; A41 :5;5;3 <2 ?$J :$A1?5$9@* C?&19<?V5AA$9
=9$;@ A< %G59' $ ;1J %$? ?<995;3 :599 J5A4 $ N1$?9N &$=$&5AN <2 j(([((( A<;;1@* C?&19<?V5AA$9 $9@< $;;<G;&1@ $
6<5;A I1;AG?1 =$?A;1?@45= J5A4 A41 V<P$:%5>G1b?135@A1?1' &<:=$;N D9$&8 O<9' V5;5;3 \V<&. U'$* h41 O?<G=
$&>G5?1@ $ 0aY @A$81 5; A41 6<5;A I1;AG?1 &<:=$;N[ f5< V5;6<I$ V5;5;3 $;' KL=9<?$A5<; E<:=$;N[ $A $; 5;5A5$9
&<@A <2 -p*a :5995<;*
C?&19<?V5AA$9 $;' T$9$3$'5 V$;3$;1@1[ $ g<GA4 C2?5&$; :$;3$;1@1 '1I19<=:1;A &<:=$;N[ @A$?A $ a(Xa( 6<5;A
I1;AG?1 J45&4 J599 @11 A41 '1I19<=:1;A <2 $ :$;3$;1@1 :5;1[ %1;125&5$A5<; =9$;A[ @5;A1? &<:=91L $;' $ @:19A1?
&<:=91L 5; E<13$* h41 =?<61&A[ 'G1 A< @A$?A 5; p(B([ <I1?951@ A41 T$9$3$'5 V$;3$;1@1 D$@5;[ $ J<?9'b?1;<J;1'
@<G?&1 <2 :$;3$;1@1 <?1 &<;A$5;5;3 Z(Y <2 A41 J<?9'%@ 8;<J; :$;3$;1@1 ?1@<G?&1@*
4
C?&19<?V5AA$9 5;I1@A@ 5; O?11;2519' U<;35AG'5;$9 gG%:1?31' C?& o19'1' =5=1 :599 5; W531?5$ J5A4 $ &$=$&5AN <2
0(([((( A<;;1@ =1? N1$?* h45@ 5;I1@A:1;A[ J19&<:1' %N W531?5$; W$A5<;$9 d1A?<91G: E<?=<?$A5<; \WWdE.[
35I1@ C?&19<?V5AA$9 $&&1@@ A< $ :$6<? <59 $;' 3$@ :$?81A* h41 &<;@A?G&A5<; <2 A41 :599 5@ 'G1 A< %135; 5; 1$?9N
p((Z[ J5A4 =?<'G&A5<; 'G1 A< @A$?A 5; p(B(*
C?&19<?V5AA$9 $&>G5?1@ $ Bp*)Y 1>G5AN @A$81 5; O1;1?$9 V<9N[ R;&* 2<? $ A<A$9 &<;@5'1?$A5<; <2 -n( :5995<;*
O1;1?$9 V<9N[ R;&* 5@ $ lg %$@1' :<9N%'1;G: :5;1?$9 '1I19<=:1;A[ 1L=9<?$A5<; $;' :5;5;3 &<:=$;N*
K646>36C )**(
o5A4 A41 $5: A< 5;&?1$@1 5A@ &<::1?&5$9 =?1@1;&1 5; A41 lT[ C?&19<?V5AA$9 $&>G5?1@ WgF UA'*[ $ 91$'5;3 lT
@A119 '5@A?5%GA5<; &<:=$;N @=1&5$95P5;3 5; A41 @$91 <2 41$IN @1&A5<;@ $;' AG%1@*
C?&19<?V5AA$9 =G?&4$@1@ g9<I$8 21??<b$99<N@ :$;G2$&AG?1? cM#[ J45&4 :$;G2$&AG?1@ $ J5'1 ?$;31 <2 21??<b$99<N@
$;' &<?1' J5?1@* h45@ 2$&595AN 4$@ $; <=1?$A5;3 &$=$&5AN <2 Ba([((( A<;;1@ =1? N1$?*
C?&19<?V5AA$9 $&>G5?1@ pZY 1>G5AN 5;A1?1@A 5; E45;$ c?51;A$9 O?<G= E<:=$;N UA'* 2<? -)jj :5995<;*
C?&19<?V5AA$9 %1&<:1@ A41 @1&<;' 9$?31@A @4$?14<9'1? <2 A45@ &<:=$;N[ J45&4 :$;G2$&AG?1@ $;' @199@ @A119
=?<'G&A@ @G&4 $@ %5991A@[ @A?5=@[ Qb%1$:@[ &<9' ?<991' $;' 3$9I$;5@1' @A?5=* C?&19<?V5AA$9 $9@< @53;@ $ 9$;':$?8
$3?11:1;A J5A4 E45;$ c?51;A$9[ J5A4 A41 $5: A< A?$;@2<?: A41 &<:=$;N 5;A< $ 91$'5;3 =?<'G&1? <2 41$IN @1&A5<;@
5; E45;$ A4$;8@ A< A1&4;<9<3N @4$?5;3[ A1&4;5&$9 1L=1?A5@1 $;' 8;<Jb4<J*
C?&19<?V5AA$9 $&>G5?1@ V*h V$6'$9$;5 N E5$* g*C[ A41 91$'5;3 @A$5;91@@ gA119 g1?I5&1 E1;A?1 $;' '5@A?5%GA<? 5;
C?31;A5;$[ $;' &<;@<95'$A1@ 5A@ =<@5A5<; 5; A41 g<GA4 C:1?5&$; @A$5;91@@ '5@A?5%GA5<; :$?81A* h45@ &<:=$;N 5@
@=1&5$95@1' 5; 29$A @A$5;91@@ @A119 =?<'G&A@ J5A4 &GA A< 91;3A4 $;' @95AA5;3 2$&595AN*
C?&19<?V5AA$9 @53;@ $ O?11;2519' =?<61&A J5A4 A41 $':5;5@A?$A5<; <2 A41 hI1? ?135<; 5; fG@@5$* h41 O?<G= J599
%G59' $ @A119 &<:=91L[ J5A4 $ &$=$&5AN <2 <;1 :5995<; A<;;1@ <2 @A119 $;' AJ< %$? :599@*
C?&19<?V5AA$9 $&>G5?1@ B((Y <2 A41 @4$?1@ <2 A41 CG@A?5$; @A119 '5@A?5%GA5<; &<:=$;N K5@1; o$3;1? O:%Q*
o5A4 5A@ )([((( A<;;1@ <2 @A119 =?<'G&A@ @<9' 5; p((n[ K5@1; o$3;1? 5@ <;1 <2 A41 91$'5;3 @A119 '5@A?5%GA5<;
&<:=$;51@ 5; CG@A?5$*
R; <?'1? A< @A?1;3A41; 5A@ @A$5;91@@ @A119 %G@5;1@@ 5; g<GA4 C:1?5&$[ C?&19<?V5AA$9 =G?&4$@1@ E5;A1? g*C*[ $;
5:=<?A$;A @A$5;91@@ @A119 AG%1 =?<'G&1? 5; l?G3G$N* o5A4 p(( 1:=9<N11@ $;' 0 @5A1@[ E5;A1? '1I19<=@ @=1&5$9A51@
A4$A &<:=91:1;A 5A@ @A$5;91@@ %G@5;1@@*
C?&19<?V5AA$9 =9$;@ A< %G59' $ -0Z( :5995<; %1$: :599 5; E<;A?1&<1G? \E$;$'$. J5A4 $ &$=$&5AN <2 Z(([(((
A<;;1@* M9$A &$?%<; @A119 =?<'G&A5<; J599 %1 &<;@<95'$A1' 5; Q$:59A<; $;' 9<;3 &$?%<; =?<'G&A5<; 5;
E<;A?1&<1G?*
h646?G K6Q6=@A>6?GE
c; S$;G$?N Z[ p((Z[ C?&19<?V5AA$9 $;;<G;&1' A41 @53;$AG?1 <2 $ V1:<?$;'G: <2 l;'1?@A$;'5;3 J5A4 g<&5"A"
W$A5<;$91 R;'G@A?51991 1A V5;5/?1 \&gWRV(.[ V$G?5A$;5$* l;'1? A41 A1?:@ <2 A41 V1:<?$;'G: <2 l;'1?@A$;'5;3[
gWRV $;' C?&19<?V5AA$9 J599 6<5;A9N '1I19<= $ 9$?31 5?<; <?1 :5;5;3 =?<61&A[ G@5;3 A41 K9 C3$?1% 5?<; <?1
?1@<G?&1 5; V$G?5A$;5$* R; A41 25?@A =4$@1 <2 =?<61&A '1I19<=:1;A[ C?&19<?V5AA$9 J599 &<;'G&A 1L=9<?$A<?N J<?8@
$;' $ 21$@5%595AN @AG'N* c;J$?' =?<61&A 1L1&GA5<; J599 %1 &$??51' <GA %N $ 6<5;A I1;AG?1 &<:=$;N A< %1 &?1$A1' %N
gWRV $;' C?&19<?V5AA$9* CA A41 1L=9<?$A<?N $;' =?<@=1&A5;3 @A$31[ C?&19<?V5AA$9%@ @4$?1 J599 %1 0(Y J5A4 $;
<=A5<; A< 5;&?1$@1 5A@ @4$?1 A< n(Y <;&1 =?<61&A 1L1&GA5<; %135;@*
c; S$;G$?N ^[ p((Z[ C?&19<?V5AA$9 $;;<G;&1' A4$A 5A 4$' @53;1' $ '125;5A5I1 $3?11:1;A A< $&>G5?1 l;5&<;[ A41
91$'5;3 :$;G2$&AG?1? <2 J19'1' @A119 =5=1@ 5; m1;1PG19$* h41 =G?&4$@1 2<?:@ =$?A <2 C?&19<?V5AA$9%@ @A?$A13N A<
@A?1;3A41; 5A@ J19'1' @A119 =5=1@ %G@5;1@@ 5; g<GA4 C:1?5&$* l;5&<; @G==951@ A41 <59 $;' 3$@ $;' 5;'G@A?5$9 $;'
&<;@A?G&A5<; @1&A<?@ %<A4 '<:1@A5&$99N $;' <I1?@1$@* h<A$9 @45=:1;A@ 2<? A41 N1$? 1;'1' V$?&4 p((n J1?1
aap[((( A<;;1@* l;5&<; 1:=9<N@ p[jja =1<=91 $&?<@@ @5L =5=1 :$85;3 2$&595A51@ 5; m1;1PG19$* h41 A?$;@$&A5<; 5@
@G%61&A A< &G@A<:$?N &9<@5;3 &<;'5A5<;@[ J45&4 $?1 5; =?<3?1@@*
5
c; S$;G$?N BB[ p((Z[ C?&19<?V5AA$9 $;;<G;&1' A4$A $; $&&5'1;A 4$' <&&G??1' $A 5A@ C%$5@8$N$ :5;1 5;
T$P$84@A$; J5A4 $ 9<@@ <2 0( 95I1@* K:1?31;&N =9$;;5;3 =?<&1'G?1@ 5; =9$&1 $A A41 :5;1 J1?1 5::1'5$A19N
5:=91:1;A1'* C 2G99 5;I1@A53$A5<; <2 A41 $&&5'1;A 4$@ %11; &$??51' <GA $;' $@ $ ?1@G9A A41 E<:=$;N 5@ J<?85;3
J5A4 A41 3<I1?;:1;A <2 T$P$84@A$; <; $ =?<3?$::1 <2 $''5A5<;$9 5;I1@A:1;A@ A< 5:=?<I1 $;' 2G?A41? :<'1?;5@1
A41 :5;1@*
c; S$;G$?N B)[ p((Z[ C?&19<?V5AA$9 5;5A5$A1' 5;2<?:$A5<;$9 @1@@5<;@ $;' &<;@G9A$A5<;@ J5A4 1:=9<N11
?1=?1@1;A$A5I1@ ?13$?'5;3 $ ?1<?3$;5@$A5<; =9$; 2<? 5A@ J5?1 ?<' <=1?$A5<;@ 5; O$;'?$;31 \U<??$5;1[ M?$;&1. $;' 5;
<A41? KG?<=1$; 9<&$A5<;@* CA $ :11A5;3 J5A4 A41 g191&A E<::5AA11 <2 A41 KG?<=1$; o<?8@ E<G;&59 5;
UGL1:%<G?3[ A41 E<:=$;N <GA95;1' 5A@ $;$9N@5@ <2 5A@ J5?1 ?<' $&A5I5A51@ 5; ;<?A41?; KG?<=1 $;' =?1@1;A1' $ =9$;
A< 5:=?<I1 A41 O$;'?$;31 =9$;A $;' <=A5:5@1 A45@ %G@5;1@@ @13:1;A[ J45&4 5@ =$?A <2 A41 C?&19<?V5AA$9 3?<G=%@
KG?<=1$; 9<;3 &$?%<; @A119 $&A5I5A51@* h41 =?<61&A[ =?1@1;A1' A< A41 @A$22 ?1=?1@1;A$A5I1@[ $5:1' A< @A?1;3A41; A41
@=1&5$95@$A5<; <2 A41 &G??1;A9N 9<@@b:$85;3 O$;'?$;31 @5A1 5; A41 J5?1 ?<' ?<995;3 =?<&1@@1@ A< 1;4$;&1 5A@ 2GAG?1
?1@G9A@* h45@ =?<61&A J<G9' %1 =$?A <2 C?&19<?V5AA$9%@ I5@5<; 2<? A41 @A119 5;'G@A?N 5; U<??$5;1[ $5:1' $A :$85;3 5A
$ =?<25A$%91 $;' @G@A$5;$%91 5;'G@A?N* R; $ @1=$?$A1 :11A5;3[ C?&19<?V5AA$9 &<;25?:1' 5A@ &<::5A:1;A A< A41
;1534%<G?5;3 M9<?$;31 <=1?$A5<;@ 5; U<??$5;1 \29$A &$?%<; @A119. $;' $;;<G;&1' 2G?A41? 5;I1@A:1;A@* h41
O$;'?$;31 =?<61&A =?1@1;A1' 4$@ AJ< $@=1&A@k '1I19<=:1;A <2 A41 J5?1 ?<' $;' %$? :599[ J45&4 J<G9' =?<&1@@
%5991A@ @G==951' 2?<: <A41? @A119 =9$;A@[ 5; =$?A5&G9$? 2?<: O1?:$;N \C?&19<?V5AA$9 FG5@%G?3bfG4?<?A. $;'
UGL1:%<G?3 \C?&19<?V5AA$9 g&45229$;31.[ A41?1%N 1;4$;&5;3 A41 &<:=1A5A5I1;1@@ <2 A41 <I1?$99 J5?1 ?<'
%G@5;1@@+ $;' &9<@G?1 <2 A41 @A119 =9$;A $;' %5991A :599* C?&19<?V5AA$9 O$;'?$;31 5;A1;'@ A< 2G99N 4<;<G? 5A@ @<&5$9
?1@=<;@5%595A51@ 'G?5;3 A41 5:=91:1;A$A5<; <2 A45@ ?1<?3$;5@$A5<; =?<61&A* h41 E<:=$;N[ A4?<G34 '5$9<3G1 J5A4
1:=9<N11 ?1=?1@1;A$A5I1@[ J599 35I1 =?5<?5AN A< A41 ?19<&$A5<; <2 1:=9<N11@ A< 5A@ <A41? @5A1@ \5; =$?A5&G9$? 5;
M9<?$;31 $;' 5; UGL1:%<G?3.* CA M9<?$;31[ C?&19<?V5AA$9 4$@ '1&5'1' A< 5;&?1$@1 5A@ &$=5A$9 5;I1@A:1;A %G'31A
2<? p((Z %N :<?1 A4$; )(Y[ A< $ A<A$9 <2 0)a :5995<; \$==?<L5:$A19N -^) :5995<;.* h41@1 5;I1@A:1;A@ J599 $99<J
A< 1LA1;' A41 I5$%595AN $;' 1221&A5I1;1@@ <2 @A119:$85;3 <=1?$A5<;@ <2 A45@ :$6<? 5;A13?$A1' 29$A &$?%<; @A119
=?<'G&A5<; @5A1*
c; S$;G$?N pj[ p((Z[ C?&19<?V5AA$9 5;$G3G?$A1' C?&1<[ 5A@ 5;'G@A?5$9 =?<A<AN=1 I$&GG: =9$@:$ @A119 &<$A5;3 95;1[
5; U5/31[ D1935G:* h41 A1&4;<9<3N %145;' A45@ =?<A<AN=1 J$@ '1I19<=1' %N A41 E<:=$;N%@ ?1@1$?&4 $;'
'1I19<=:1;A '1=$?A:1;A 5; =$?A;1?@45= J5A4 A41 o$99<<; ?135<; <2 D1935G: 5; <?'1? A< =?<I5'1 ;1J G@1@ 2<? 29$A
@A119 =?<'G&A@ $;' A< 1L=$;' A41 E<:=$;N%@ =?<'G&A ?$;31* R; $''5A5<; A< %15;3 1;I5?<;:1;A$99N 2?51;'9N[ A41
I$&GG: @A119 =?<&1@@ 1;4$;&1@ :$;N =?<=1?A51@ <2 @A119 $;' &$; 1;'<J 5A J5A4 $; $;A5b%$&A1?5$9[ @192b&91$;5;3 <?
$;A5b&<??<@5I1 =?<=1?A51@*
c; S$;G$?N pZ[ p((Z[ C?&19<?V5AA$9[ A4?<G34 5A@ @A119 @1?I5&1 &1;A?1 @G%@5'5$?N ggE gI1?531[ $;' DK O?<G=
25;$95@1' '1A$59@ <; A41 &?1$A5<; <2 $ a(Xa( =?<&1@@1' 29$A &$?%<; @A119 6<5;A I1;AG?1 5; gJ1'1;* h41 '1$9 5@
@G%61&A A< ?1I51J %N A41 &<:=1A5A5<; $GA4<?5A51@* h45@ 6<5;A I1;AG?1 %1AJ11; C?&19<?V5AA$9 ggE gI1?531[ 9<&$A1'
5; T$?9@A$'[ $;' A41 DK O?<G= 2$&595AN[ 5; D<?9*;31[ J599 2<?: A41 A45?' 9$?31@A =?<'G&1? <; A41 gJ1'5@4 :$?81A[
J5A4 $ :$?81A @4$?1 <2 p(Y[ @45=:1;A@ <2 Bp([((( A<;;1@ $;' $ AG?;<I1? <2 :<?1 A4$; 0Z( :5995<;* C?&19<?V5AA$9
ggE gI1?531 5@ $ 2$&595AN =?<&1@@5;3 )([((( A<;;1@ <2 &GAbA<b91;3A4 $;' @95AA1' =?<'G&A@ 2<? 31;1?$9 5;'G@A?N[ A41
$GA<:<A5I1 5;'G@A?N[ &<;@A?G&A5<; $;' @A<&85@A@* DK O?<G= 5@ $ 91$'5;3 @A119[ @A$5;91@@ $;' $9G:5;G: A?$'5;3 $;'
@1?I5&1 &<:=$;N 5; W<?A41?; KG?<=1[ J45&4 =?<&1@@1@ $;;G$99N )([((( A<;;1@ <2 &GAbA<b91;3A4 $;' @95AA1'
=?<'G&A@ 2<? 31;1?$9 5;'G@A?5$9 =G?=<@1@* h45@ =?<61&A 5@ @G%61&A A< ?13G9$A<?N &91$?$;&1*
c; S$;G$?N 0B[ p((Z[ C?&19<?V5AA$9 $;;<G;&1' A4$A 5A 4$' @53;1' $3?11:1;A@ A< $&>G5?1 A4?11 &<$9 :5;1@ $;'
$@@<&5$A1' $@@1A@ 5; fG@@5$ 2<? $ A<A$9 &<;@5'1?$A5<; <2 -np( :5995<;* h41 E<:=$;N J599 $&>G5?1 $ ^n*a^Y @A$81
5; A41 D1?1P<I@8$N$ V5;1 A<31A41? J5A4 $ ^^*0aY @A$81 5; A41 d1?I<:$N@8$N$ V5;1 2?<: cCc g1I1?@A$9
\&g1I1?@A$9(. 5; fG@@5$* D<A4 :5;1@ =?<'G&1 &<85;3 &<$9 $;' $?1 9<&$A1' 5; A41 T1:1?<I< ?135<; 5; fG@@5$* C@
=$?A <2 A41 $3?11:1;A C?&19<?V5AA$9 J599 $&>G5?1 A41 1L=9<?$A5<; $;' :5;5;3 ?534A@ A< A41 #41?;<I@8$N$b0 &<$9
'1=<@5A[ J45&4 5@ $ @G%@5'5$?N <2 A41 d1?I<:$N@8$N$ V5;1* RA J599 $9@< $&>G5?1 A41 g1I1?;$N$ E<$9 d?1=$?$A5<;
d9$;A J45&4 5@ =$?A <2 A41 D1?1P<I@8$N$ V5;1 $;' A4?11 &<:=$;51@ A4$A =?<I5'1 A41 :5;1@ J5A4 $@@<&5$A1'
@1?I5&1@ $;' B((Y <2 A41 C;P41?@8<N1 :5;1* C99 A41 A?$;@$&A5<;@ $?1 @G%61&A A< ?13G9$A<?N $==?<I$9* C;;G$9
=?<'G&A5<; 2?<: A41 A4?11 <=1?$A5;3 :5;1@[ J45&4 &<:%5;1' $?1 1@A5:$A1' &$=$&5AN <2 :<?1 A4$; Bj( :5995<;
A<;;1@[ J$@ 0 :5995<; A<;;1@ ?G; <2 :599 5; p((n*
6
c; M1%?G$?N B[ p((Z[ C?&19<?V5AA$9 $;;<G;&1' A41 ?1@G9A@ <2 5A@ &$@4 A1;'1? <221? A< $&>G5?1 A41 0a*aY <2
<GA@A$;'5;3 @4$?1@ 5; C&5;'$? R;'G@A?5$ C?31;A5;$ '1 C&1?<@ g*C* \,C&5;'$?,. 5A '5' ;<A $9?1$'N <J; J45&4
?1@G9A1' 5;+ $ A<A$9 <2 0a*(Y <2 C&5;'$?%@ &$=5A$9 @A<&8 %15;3 A1;'1?1'* c; M1%?G$?N Bj[ p((Z[ A41 &9<@5;3 '$A1[
C?&19<?V5AA$9 =$5' A41 A1;'1?5;3 C&5;'$? @4$?14<9'1?@ -aap :5995<;* C@ <2 S$;G$?N 0B[ p((Z[ C?&19<?V5AA$9 J$@
A41 4<9'1? <2 ^^*aY <2 C&5;'$?%@ &$=5A$9 @A<&8 \5;&9G'5;3 A41 )j*aY 5;A1?1@A 5; C&5;'$? 5A 419' A4?<G34
C?&19<?V5AA$9 D?$@59.* C&5;'$? 5@ A41 9$?31@A =G%95&9N A?$'1' @A119 &<:=$;N 5; C?31;A5;$ $;' 4$@ %11; 95@A1' <;
A41 DG1;<@ C5?1@ gA<&8 KL&4$;31 @5;&1 B^jZ*
c; M1%?G$?N B[ p((Z[ C?&19<?V5AA$9 $;;<G;&1' A4$A 5A 4$' $3?11' A< $ @<9GA5<; =?<=<@1' %N A41 21'1?$9 $;'
?135<;$9 3<I1?;:1;A@ <2 D1935G: ?13$?'5;3 A41 Ecp >G<A$ $99<&$A5<; $;' J599 &<;@1>G1;A9N =?1=$?1 2<? A41
?19$G;&4 <2 A41 g1?$5;3 \U5/31[ D1935G:. %9$@A 2G?;$&1 ;G:%1? )* C?&19<?V5AA$9 5@ &G??1;A9N =9$;;5;3 A41 $&A5<;@
;11'1' A< ?19$G;&4 A41 U5/31 %9$@A 2G?;$&1 J5A4 $ I51J A< @A$?A =?<'G&5;3 4<A @A119[ @A$?A5;3 5; 25?@A >G$?A1? p((Z*
c; M1%?G$?N j[ p((Z[ C?&19<?V5AA$9 $;;<G;&1' A4$A 5A 4$' $&>G5?1' 2?<: E9$?5<; F19 W<?A1 \dG6<9 O?<G=. A41
a(Y 5;A1?1@A 5; U$:5;$'<?$ E<@A$??5&1;@1 gXC $;' h?12591?5$ E<95:$ gXC[ A41 <;9N :$6<? 9<;3 &$?%<; @A119
&<:=$;N 5; E<@A$ f5&$[ A4$A 5A '5' ;<A $9?1$'N <J;* h41 <A41? a(Y @A$81 J$@ $9?1$'N <J;1' %N C?&19<?V5AA$9
D?$@59* U$:5;$'<?$ E<@A$??5&1;@1 gXC 4$@ $ ?<991' =?<'G&A@ &$=$&5AN <2 j(([((( A<;;1@ =1? N1$? <2 ?1%$?@ $;'
VDe \:1?&4$;A %$? >G$95AN. @A119[ $;' h?12591?5$ E<95:$ gXC 4$@ $ J5?1 =?<'G&A@ &$=$&5AN <2 )([((( A<;;1@ =1?
N1$?* D<A4 1;A5A51@ 1:=9<N $?<G;' j(( =1<=91[ $;' :$5;9N @1?I1 A41 &<;@A?G&A5<; :$?81A 5; E1;A?$9 C:1?5&$ $;'
A41 E$?5%%1$;*
c; M1%?G$?N a[ p((Z[ C?&19<?V5AA$9 $;;<G;&1' A41 &<:=91A5<; <2 5A@ 31;1?$9 <221? A< @4$?14<9'1?@ 5; E45;$
c?51;A$9 O?<G= E<:=$;N U5:5A1' \&E45;$ c?51;A$9(.* c; F1&1:%1? n[ p((n[ C?&19<?V5AA$9 4$' =?1I5<G@9N
$;;<G;&1' 5A 4$' 1;A1?1' 5;A< $ %G@5;1@@ &<<=1?$A5<; $3?11:1;A J5A4 E45;$ c?51;A$9 $;' 5A@ @G%@5'5$?51@* R;
$''5A5<;[ C?&19<?V5AA$9 1;A1?1' 5;A< $ @4$?14<9'1?@% $3?11:1;A J5A4 A41 &<;A?<995;3 @4$?14<9'1?@ <2 E45;$
c?51;A$9 ?13$?'5;3 A415? @4$?14<9'5;3@ 5; $;' A41 :$;$31:1;A <2 E45;$ c?51;A$9* c; F1&1:%1? Bj[ p((n[
C?&19<?V5AA$9 9$G;&41' $ :$;'$A<?N &$@4 A1;'1? <221? A< $&>G5?1 $99 <2 E45;$ c?51;A$9%@ <GA@A$;'5;3 @4$?1
&$=5A$9* h41 A?$;@$&A5<; 5@ @G%61&A A< 2<?:$9 3<I1?;:1;A$9 $==?<I$9* d?5<? A< A41 <221?[ C?&19<?V5AA$9[ A<31A41?
J5A4 5A@ &<;&1?A =$?A51@[ 419' $==?<L5:$A19N n0Y <2 A41 1L5@A5;3 5@@G1' @4$?1 &$=5A$9 <2 E45;$ c?51;A$9* CA A41
&<:=91A5<; <2 A41 <221?[ C?&19<?V5AA$9[ A<31A41? J5A4 5A@ &<;&1?A =$?A51@[ 5;&?1$@1' A415? $33?13$A1 4<9'5;3 A<
$==?<L5:$A19N ^p*BY* R; &<;@1>G1;&1[ E45;$ c?51;A$9%@ =G%95& 29<$A 2199 %19<J A41 paY :5;5:G: =G%95& 29<$A
?1>G5?1:1;A <2 A41 Q<;3 T<;3 gA<&8 KL&4$;31 95@A5;3 ?G91@* d1;'5;3 ?1@A<?$A5<; A< A41 ?1>G5?1' 91I19@[ A?$'5;3 5;
A41 @4$?1@ <2 E45;$ c?51;A$9 <; A41 Q<;3 T<;3 gA<&8 KL&4$;31 J$@ @G@=1;'1' <; M1%?G$?N a[ p((Z*
c; M1%?G$?N )[ p((Z[ C?&19<?V5AA$9 $;;<G;&1' A4$A 5A 4$' %11; $J$?'1' $ 95&1;@1 2?<: A41 R;'G@A?5$9
F1I19<=:1;A CGA4<?5AN \&RFC(. <2 K3N=A%@ V5;5@A?N <2 h?$'1 $;' R;'G@A?N A< &<;@A?G&A $ @A119 =9$;A 5; K3N=A*
h41 95&1;@1 J$@ $G&A5<;1' 5; $ &<:=1A5A5I1 %5''5;3 =?<&1@@ $;' C?&19<?V5AA$9%@ J5;;5;3 %5' J$@ $==?<L5:$A19N
-)( :5995<;* l;'1? A41 A1?:@ <2 A41 95&1;@1[ A41 =9$;A J599 =?<'G&1 B*) :5995<; A<;;1@ <2 @A119 G@5;3 FfR
A1&4;<9<3N[ $;' B*j :5995<; A<;;1@ <2 %5991A@ A4?<G34 A41 191&A?5& $?& 2G?;$&1* E<;@A?G&A5<; <2 A41 =9$;A[ J45&4
J599 %1 9<&$A1' &9<@1 A< A41 ;<?A41?; f1' g1$ &<$@A[ 5@ 1L=1&A1' A< @A$?A 5; p((^*
c; V$?&4 )[ p((Z[ C?&19<?V5AA$9 $;;<G;&1' A4$A f<:$5; #$91@85 4$' ?1@53;1' 2?<: 5A@ D<$?' <2 F5?1&A<?@* V?*
#$91@85 6<5;1' A41 D<$?' <2 F5?1&A<?@ <2 C?&19<?V5AA$9 5; c&A<%1? p(()* V?* #$91@85 5;'5&$A1' 45@ @<91 ?1$@<; 2<?
?1@53;5;3 J$@ A< =G?@G1 <A41? &<::1?&5$9 5;A1?1@A@ 5; A41 @A119 @1&A<?*
c; V$?&4 n[ p((Z[ A41 D?$P595$; :5;5;3 &<:=$;N m$91[ A41 J<?9'%@ 9$?31@A 5?<; <?1 =?<'G&1?[ $;;<G;&1' A4$A 5A
4$' $3?11' J5A4 C?&19<?V5AA$9 A< =?5&1 5;&?1$@1@ <2 )a =1?&1;A 2<? 5?<; <?1[ $@ J199 $@ $ =?1:5G: 2<? 45341?b
>G$95AN E$?$6$@ <?1[ 5; 95;1 J5A4 =?5&1 5;&?1$@1@ $3?11' J5A4 <A41? @A119 :$81?@* m$91 &5A1' A41 &<;A5;G5;3 I1?N
A534A &<;'5A5<;@ =?1I$595;3 5; A41 39<%$9 5?<; :$?81A $@ A41 ?1$@<; 2<? A45@ 5;&?1$@1*
c; V$?&4 B0[ p((Z[ C?&19<?V5AA$9 $;;<G;&1' A4$A 5A 4$' &<::1;&1' $ 913$9 $&A5<; 5; A41 c;A$?5< gG=1?5<? E<G?A
5; <?'1? A< ?1>G5?1 l*g* gA119 E$;$'$ $;' E91I19$;' E9522@ A< &<:=9N J5A4 A415? &<::5A:1;A@ A< @199 A415?
?1@=1&A5I1 5;A1?1@A@ 5; o$%G@4 V5;1@ A< F<2$@&<[ J45&4 419' $ ?534A <2 25?@A ?12G@$9 <I1? @G&4 5;A1?1@A@* C@ ;<A1'
$%<I1[ C?&19<?V5AA$9 4$' =?1I5<G@9N 1;A1?1' 5;A< $; $3?11:1;A J5A4 l*g* gA119 E$;$'$ $;' E91I19$;' E9522@ 2<?
A41 @$91 <2 A415? 5;A1?1@A@ 5; o$%G@4 V5;1@ %GA <; V$?&4 j p((Z[ %<A4 @1991?@ $;;<G;&1' A41N 4$' ?1=G'5$A1' A41
@$91 $3?11:1;A*
7
c; V$?&4 Bn[ p((Z[ C?&19<?V5AA$9 $;;<G;&1' A4$A A41 =?5&1 <221?1' 5; A41 '195@A5;3 A1;'1? <221? 2<? $99 @4$?1@ <2
C?&19<? V5AA$9 R;<L D?$@59 J<G9' %1 ?1'G&1' A< ?1291&A A41 5;A1?5: '5I5'1;'@ '1&9$?1' %N C?&19<?V5AA$9 R;<L
D?$@59 5; $ ;<A5&1 A< @4$?14<9'1?@ '$A1' V$?&4 Bj[ p((Z* h41 =?5&1 5;5A5$99N <221?1' %N C?&19<?V5AA$9 J$@
f-B((*(( =1? &<::<; @4$?1 $;' f-B((*(( =1? =?121??1' @4$?1 <2 C?&19<?V5AA$9 R;<L D?$@59[ $;'[ $2A1? A41
@G%A?$&A5<; <2 A41 5;A1?1@A <; 1>G5AN $9?1$'N '1&9$?1' <; F1&1:%1? B^[ p((n $;' A41 '1&9$?$A5<; <2 5;A1?5:
'5I5'1;'@ '5@&G@@1' $%<I1[ A41 <221? =?5&1 J599 %1 f-^j*aa =1? &<::<; @4$?1 $;' f-^j*(( =1? =?121??1' @4$?1[
=9G@ 5;A1?1@A $A A41 ?$A1 <2 A41 D?$P595$; %$@1 @$I5;3@ $&&<G;A ?$A1 =9G@ )Y =1? N1$? 2?<: M1%?G$?N pZ[ p((Z G;A59
A41 <221? $G&A5<; '$A1[ C=?59 j[ p((Z* CA A41 &G??1;A 1L&4$;31 ?$A1[ A45@ A?$;@$&A5<; J599 ?1=?1@1;A $ &$@4
'5@%G?@1:1;A <2 G= A< $==?<L5:$A19N -B*Z %5995<;*
c; V$?&4 pa[ p((Z[ C?&19<?V5AA$9 $;;<G;&1' A4$A 5A 4$' =?<I5'1' W<%91 R;A1?;$A5<;$9[ A41 J<?9'%@ 9$?31@A
=?<'G&1? <2 9$@1?bJ19'1' @A119 =?<'G&A@[ J5A4 $ -a( :5995<; &<;I1?A5%91 @G%<?'5;$A1' 9<$;* h41 =?<&11'@ <2 A45@
25;$;&5;3 J599 %1 G@1' %N W<%91 A< ?1'G&1 W<%91%@ W<?A4 C:1?5&$; @1;5<? '1%A $;' A< @G==<?A 5A@ <=1?$A5<;@* R;
$''5A5<; A41 O?<G= 4$@ $9@< $&>G5?1' $; $''5A5<;$9 B(*0BY <2 @4$?1@ <2 W<%91 2?<: f<%1?A S* g8$;'$9$?5@[
W<%91%@ &4$5?:$; $;' 2<G;'1?* h45@ J599 5;&?1$@1 C?&19<?V5AA$9%@ @4$?14<9'5;3 5; W<%91 A< $==?<L5:$A19N
j^*âY* h41 $3?11:1;A 5@ @G%61&A A< @$A5@2$&A5<; <2 &1?A$5; &<;'5A5<;@*
c; V$?&4 p)[ p((Z[ C?&19<?V5AA$9 &<;25?:1' A4$A A41 E<G?A $==<5;A1' '5I1@A5AG?1 A?G@A11 4$@ 1;A1?1' 5;A< $;
$3?11:1;A A< @199 C?&19<?V5AA$9%@ g=$??<J@ d<5;A @A119 :599 A< cCc g1I1?@A$9 2<? -ZB( :5995<;[ ;1A <2 '1%A $;' 5@
1L=1&A1' A< &9<@1 5; A41 @1&<;' >G$?A1? <2 p((Z* S<@1=4 O* T?$G@@[ A41 '5I1@A5AG?1 A?G@A11[ J$@ ?1>G5?1' A< @118
A41 @$91 <2 A41 :599 %N $ &<;@1;A '1&?11 1;A1?1' <; V$N p0[ p((n 5; A41 l;5A1' gA$A1@ F5@A?5&A E<G?A 2<? A41
F5@A?5&A <2 E<9G:%5$ 5; <?'1? A< &<:=9N J5A4 $; $;A5bA?G@A ?G95;3 &<;&1?;5;3 A41 $==?<I$9 <2 A41 :1?31? %1AJ11;
V5AA$9 gA119 $;' C?&19<? gC 5; p(()* g=$??<J@ d<5;A 4$' KDRhFC <2 lg-pa :5995<; 5; p((n* h41 @$91 5@ @G%61&A
A< &G@A<:$?N &9<@5;3 &<;'5A5<;@[ 5;&9G'5;3 $==?<I$9 %N A41 l;5A1' gA$A1@ F1=$?A:1;A <2 SG@A5&1*
R; C=?59 p((Z[ A41 D<$?' <2 F5?1&A<?@ &<:=91A1' $ ?1I51J <2 &1?A$5; =?<I5@5<;@ <2 A41 V1:<?$;'G: <2
l;'1?@A$;'5;3 '$A1' pa SG;1 p(() $;' $:1;'1' <; a W<I1:%1? p(() \A41 &V<l(.[ A< $'$=A A41 V<l A< A41
E<:=$;N%@ ;11'@ 5; A41 =<@Ab:1?31? $;' =<@Ab5;A13?$A5<; =4$@1* R; =$?A5&G9$?[ A41 D<$?' 4$@ '1&5'1' A< &?1$A1
A41 ?<91 <2 U1$' R;'1=1;'1;A F5?1&A<?* h41 U1$' R;'1=1;'1;A F5?1&A<? J599 ?1=9$&1 A41 ?<91 <2 d?1@5'1;A $;'
45@X41? 2G;&A5<; J599 %1 A< \5. &<b<?'5;$A1 A41 $&A5I5A51@ <2 A41 5;'1=1;'1;A '5?1&A<?@[ \55. 95$5@1 %1AJ11; A41
E4$5?:$; <2 A41 D<$?' <2 F5?1&A<?@ $;' A41 5;'1=1;'1;A '5?1&A<?@[ \555. &$99 :11A5;3@ <2 A41 5;'1=1;'1;A '5?1&A<?@
J41; ;1&1@@$?N $;' $==?<=?5$A1[ $;' \5I. =1?2<?: @G&4 <A41? 'GA51@ $@ :$N %1 $@@53;1' A< 45: %N A41 D<$?' 2?<:
A5:1 A< A5:1* MG?A41?:<?1[ A41 D<$?' <2 F5?1&A<?@ 4$@ '1&5'1' A< ?1:<I1 ?121?1;&1@ 5; A41 V<l A< A41 @5P1 $;'
&<:=<@5A5<; <2 A41 D<$?' $;' A41 '5@A5;&A5<; %1AJ11; 2<?:1? C?&19<? $;' V5AA$9 '5?1&A<?@* M5;$99N[ A41 D<$?' <2
F5?1&A<?@ 4$@ '1&5'1' A4$A A41 CG'5A E<::5AA11 $;' A41 C==<5;A:1;A@[ f1:G;1?$A5<; $;' E<?=<?$A1
O<I1?;$;&1 E<::5AA11 J599 %1 &<:=<@1' <2 $ :5;5:G: <2 A4?11 5;'1=1;'1;A '5?1&A<?@*
8
` dLhF"P`_F] h L$PL%
HQL9 [5PQP YQOQ/NQ9 $K: 3\\V W6/7L9QP <6 HQL9 [5PQP YQOQ/NQ9 $K: 3\\#
AL-Q;: A<QQ- A&'7/Q5<; L5P T?Q9LSQ A<QQ- AQ--'5S >9'OQ;

h41 2<99<J5;3 A$%91 =?<I5'1@ $ @G::$?N <2 @$91@ $A C?&19<?V5AA$9 %N <=1?$A5;3 @13:1;A 2<? A41 N1$? 1;'1'
F1&1:%1? 0B[ p((n $@ &<:=$?1' A< A41 N1$? 1;'1' F1&1:%1? 0B[ p(()k
!2=6E 7@C G96 '62C

6?565 K646>36C 0DZD. J92?86E :?
FQ6C286
!G66=
!G66= !6==:?8
)**+ )**( !2=6E !9:A>6?GE dC:46
Z:? - >:==:@?E. Z:? - >:==:@?E. ZW. ZW. ZW.
!68>6?GZ).
M9$A E$?%<; C:1?5&$@ Bn[aZa pp[Zâ 0(*p B)*0 0*a
M9$A E$?%<; KG?<=1 Bj[0)) 0j[a)p Bj(*) ^n*Z Bn*n
U<;3 E$?%<; C:1?5&$@ $;' KG?<=1 B0[Bp( p0[Z0( ZB*) jj*Z BZ*j
CCERg Bj[0ZZ BZ[pp^ p)*n a*^ Bn*Z
gA$5;91@@ gA119\0. 0[p)B ^[0j^ BZ)*n Bpn*j B^*B
gA119 g<9GA5<;@ $;' g1?I5&1@\0. a[ppB B)[pjB pBB*B BnZ*B B0*(
\B. C:<G;A@ $?1 =?5<? A< 5;A1?b&<:=$;N 195:5;$A5<;@ $;' 5;&9G'1 ;<;b@A119 @$91@*
\p. R;&9G'1@ ?1@G9A@ <2 <=1?$A5<;@ <2 C?&19<? 2?<: CG3G@A B[ p(()*
\0. h41 ?1@G9A@ <2 A41 gA$5;91@@ gA119 $;' gA119 g<9GA5<;@ $;' g1?I5&1@ @13:1;A@ &<??1@=<;' @<919N A< A41 <=1?$A5<;@ <2
C?&19<?[ J4<@1 ?1@G9A@ $?1 5;&9G'1' 2?<: CG3G@A B[ p(()*
C?&19<?V5AA$9 4$' @$91@ <2 -B(a*p %5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ ?1=?1@1;A5;3 $; 5;&?1$@1 <2
nZ*nY <I1? @$91@ <2 -aZ*^ %5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()* h41 5;&?1$@1 5@ 'G1 A< A41 $&>G5@5A5<; <2
C?&19<?*
C?&19<?V5AA$9 4$' @A119 @45=:1;A@ <2 B(^*n :5995<; A<;;1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ ?1=?1@1;A5;3 $
0^*(Y 5;&?1$@1 <I1? @A119 @45=:1;A@ <2 nZ*^ :5995<; A<;;1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()* h41 5;&?1$@1
5@ =?5:$?59N 'G1 A< A41 $&>G5@5A5<; <2 C?&19<?*
CI1?$31 @A119 @1995;3 =?5&1 5;&?1$@1' p(*pY 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n $@ &<:=$?1' A< A41 N1$?
1;'1' F1&1:%1? 0B[ p(()* h45@ 5;&?1$@1 J$@ 'G1 5; =$?A A< 5;&?1$@1@ 5; 5;=GA &<@A@ $;' $ @A?<;3 '1:$;' 2<? <G?
=?<'G&A@ $@ J199 $@ A41 =?<'G&A :5L 1221&A <2 C?&19<? $&>G5@5A5<;*
M=2G J2C3@? F>6C:42E

g$91@ 5; A41 M9$A E$?%<; C:1?5&$@ @13:1;A ?1$&41' -pp*^ %5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[
?1=?1@1;A5;3 pB*ZY <2 A<A$9 &<;@<95'$A1' @$91@ 5; p((n[ $@ &<:=$?1' A< -Bn*) %5995<;[ <? p^*^Y <2 A<A$9
&<;@<95'$A1' @$91@[ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()*
h<A$9 @A119 @45=:1;A@ ?1$&41' pn*^ :5995<; A<;;1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ ?1=?1@1;A5;3 pa*aY <2
A<A$9 &<;@<95'$A1' @A119 @45=:1;A@ 5; p((n[ $@ &<:=$?1' A< pj*( :5995<; A<;;1@[ <? 0(*jY <2 A<A$9 &<;@<95'$A1'
@A119 @45=:1;A@[ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()*
CI1?$31 @A119 @1995;3 =?5&1 5;&?1$@1' 0*aY 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $@ &<:=$?1' J5A4 A41 N1$?
1;'1' F1&1:%1? 0B[ p(()[ =?5:$?59N 'G1 A< 'G1 A< 5;&?1$@1@ 5; 5;=GA &<@A@* h41 @A119 1;I5?<;:1;A 5; A41 l;5A1'
gA$A1@ $;' E$;$'$ ?1:$5;1' &4$991;35;3 'G1 A< A41 @9<J'<J; 5; A415? 1&<;<:51@ $;' ?1'G&A5<; 5; @A119 '1:$;'*
Q<J1I1?[ A41 %G@5;1@@ 1;I5?<;:1;A 5; V1L5&< $;' g<GA4 C:1?5&$ ?1:$5;1' @A?<;3*
M=2G J2C3@? LIC@A6

g$91@ 5; A41 M9$A E$?%<; KG?<=1 @13:1;A ?1$&41' -0j*) %5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[
?1=?1@1;A5;3 0p*ZY <2 A<A$9 &<;@<95'$A1' @$91@ 5; p((n[ $@ &<:=$?1' A< -Bj*j %5995<;[ <? pj*jY <2 A<A$9
&<;@<95'$A1' @$91@[ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()*
9
h<A$9 @A119 @45=:1;A@ ?1$&41' 0j*j :5995<; A<;;1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ ?1=?1@1;A5;3 0B*0Y <2
A<A$9 &<;@<95'$A1' @A119 @45=:1;A@ 5; p((n[ $@ &<:=$?1' A< Bn*j :5995<; A<;;1@ [ <? pp*(Y <2 A<A$9 &<;@<95'$A1'
@A119 @45=:1;A@[ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()*
CI1?$31 @A119 @1995;3 =?5&1 5;&?1$@1' Bn*nY 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $@ &<:=$?1' J5A4 A41 N1$?
1;'1' F1&1:%1? 0B[ p(()[ =?5:$?59N 'G1 A< 5;&?1$@1@ 5; 5;=GA &<@A@ $;' @A?<;3 '1:$;' 2<? <G? =?<'G&A@*
]@?8 J2C3@? F>6C:42E 2?5 LIC@A6

g$91@ 5; A41 U<;3 E$?%<; C:1?5&$@ $;' KG?<=1 @13:1;A ?1$&41' -p0*Z %5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[
p((n[ ?1=?1@1;A5;3 pp*)Y <2 A<A$9 &<;@<95'$A1' @$91@[ $@ &<:=$?1' A< -B0*B %5995<;[ <? pp*0Y <2 A<A$9
&<;@<95'$A1' @$91@[ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()*
h<A$9 @A119 @45=:1;A@ ?1$&41' pj*) :5995<; A<;;1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ ?1=?1@1;A5;3 pp*jY <2
A<A$9 &<;@<95'$A1' @A119 @45=:1;A@[ $@ &<:=$?1' A< Bn*( :5995<; A<;;1@[ <? pB*aY <2 A<A$9 &<;@<95'$A1' @A119
@45=:1;A@[ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()*
CI1?$31 @A119 @1995;3 =?5&1 5;&?1$@1' BZ*jY 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $@ &<:=$?1' J5A4 A41 N1$?
1;'1' F1&1:%1? 0B[ p(()[ =?5:$?59N 'G1 A< 5;&?1$@1@ 5; 5;=GA &<@A@[ @A?<;3 '1:$;' 2<? <G? =?<'G&A@[ =$?A5&G9$?9N
5; KG?<=1 $;' g<GA4 C:1?5&$ $;' 1L&4$;31 ?$A1 1221&A*
FFJP!
g$91@ 5; A41 CCERg @13:1;A ?1$&41' -BZ*p %5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ ?1=?1@1;A5;3 Bn*0Y <2
A<A$9 &<;@<95'$A1' @$91@[ $@ &<:=$?1' A< -Bj*j %5995<;[ <? pj*jY <2 A<A$9 &<;@<95'$A1' @$91@[ 2<? A41 N1$? 1;'1'
F1&1:%1? 0B[ p(()*
h<A$9 @A119 @45=:1;A@ ?1$&41' p(*^ :5995<; A<;;1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ ?1=?1@1;A5;3 B^*(Y <2
A<A$9 &<;@<95'$A1' @A119 @45=:1;A@[ $@ &<:=$?1' A< B^*n :5995<; A<;;1@[ <? pa*(Y <2 A<A$9 &<;@<95'$A1' @A119
@45=:1;A@[ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()*
CI1?$31 @A119 @1995;3 =?5&1 5;&?1$@1' Bn*ZY 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $@ &<:=$?1' J5A4 A41 N1$?
1;'1' F1&1:%1? 0B[ p(()[ =?5:$?59N 'G1 A< 5;&?1$@1@ 5; 5;=GA &<@A@ $;' @A?<;3 '1:$;' 2<? <G? =?<'G&A@*
!G2:?=6EE !G66=
h41 ?1@G9A@ <2 A41 @A$5;91@@ @A119 @13:1;A &<??1@=<;' @<919N A< A41 <=1?$A5<;@ <2 C?&19<?[ J4<@1 ?1@G9A@ $?1
5;&9G'1' 2?<: CG3G@A B[ p(()*
g$91@ 5; A41 gA$5;91@@ gA119 @13:1;A ?1$&41' -^*0 %5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ ?1=?1@1;A5;3
Z*^Y <2 A<A$9 &<;@<95'$A1' @$91@[ $@ &<:=$?1' A< -0*0 %5995<;[ <? a*aY <2 A<A$9 &<;@<95'$A1' @$91@ 2<? A41 N1$?
1;'1' F1&1:%1? 0B[ p(()*
h<A$9 @A119 @45=:1;A@ ?1$&41' B*^ :5995<; A<;;1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ ?1=?1@1;A5;3 B*ZY <2
A<A$9 &<;@<95'$A1' @A119 @45=:1;A@[ $@ &<:=$?1' A< (*^ :5995<; A<;;1@[ <? B*BY <2 A<A$9 &<;@<95'$A1' @A119
@45=:1;A@[ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()*
CI1?$31 @A119 @1995;3 =?5&1 5;&?1$@1' B^*BY 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $@ &<:=$?1' J5A4 A41 N1$?
1;'1' F1&1:%1? 0B[ p(()[ =?5:$?59N 'G1 A< 45341? ;5&819 =?5&1@[ =$?A5&G9$?9N 5; A41 25?@A 4$92 <2 p((n*
!G66= !@=IG:@?E 2?5 !6CQ:46E

h41 ?1@G9A@ <2 A41 gA119 g<9GA5<;@ $;' g1?I5&1@ @13:1;A &<??1@=<;' @<919N A< A41 <=1?$A5<;@ <2 C?&19<?[ J4<@1
?1@G9A@ $?1 5;&9G'1' 2?<: CG3G@A B[ p(()*
g$91@ 5; A41 gA119 g<9GA5<;@ $;' g1?I5&1@ @13:1;A ?1$&41' -B)*p %5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[
$@ &<:=$?1' A< -a*p %5995<;[ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()*
h<A$9 @A119 @45=:1;A@ ?1$&41' Ba*^ :5995<; A<;;1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $@ &<:=$?1' A< a*n
:5995<; A<;;1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()*
CI1?$31 @A119 @1995;3 =?5&1 5;&?1$@1' B0*(Y 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $@ &<:=$?1' J5A4 A41 N1$?
1;'1' F1&1:%1? 0B[ p(()[ =?5:$?59N 'G1 A< 5;&?1$@1 5; =?5&1 <2 @A119 $;' 1L&4$;31 ?$A1 5:=$&A*
10
47Q9L<'5S .5O6/Q
h41 2<99<J5;3 A$%91 =?<I5'1@ $ @G::$?N <2 A41 <=1?$A5;3 5;&<:1 $;' <=1?$A5;3 :$?35; <2 C?&19<?V5AA$9 2<? A41
N1$? 1;'1' F1&1:%1? 0B[ p((n[ $@ &<:=$?1' J5A4 A41 N1$? 1;'1' F1&1:%1? 0B[ p(()k
À6C2G:?8 P?4@>6
'62C 6?565 K646>36C 0DY À6C2G:?8 ^2C8:?
ZD.
)**+ )**( )**+ZD. )**(
Z:? - >:==:@?E. Z:? - >:==:@?E. ZW. ZW.
!68>6?GEZ).
M9$A E$?%<; C:1?5&$@ B[^Bp p[^Zn B(*^ B0*(
M9$A E$?%<; KG?<=1 B[((a j[Bj^ n*( Bp*(
U<;3 E$?%<; C:1?5&$@ $;' KG?<=1 B[n^n 0[Z^) B0*n B)*0
CCERg p[aZj 0[BZj BZ*( Bn*a
gA$5;91@@ gA119\0. 0a0 Zn) B(*Z ^*j
gA119 g<9GA5<;@ $;' g1?I5&1@ \0. BnB an^ 0*0 0*)
\B. C@ ?1>G5?1' %N R;A1?;$A5<;$9 M5;$;&5$9 f1=<?A5;3 gA$;'$?'@ \RMfg.[ A41 p(() 5;2<?:$A5<; 4$@ %11; $'6G@A1'
?1A?<@=1&A5I19N 2<? A41 25;$95@$A5<; <2 A41 $99<&$A5<; <2 =G?&4$@1 =?5&1 <2 C?&19<? \@11 W<A1 0 A< A41 C?&19<?V5AA$9
E<;@<95'$A1' M5;$;&5$9 gA$A1:1;A@.*
\p. R;&9G'1@ ?1@G9A@ <2 <=1?$A5<;@ <2 C?&19<? 2?<: CG3G@A B[ p(()*
\0. h41 ?1@G9A@ <2 A41 gA$5;91@@ gA119 $;' gA119 g<9GA5<;@ $;' g1?I5&1@ @13:1;A@ &<??1@=<;' @<919N A< A41 <=1?$A5<;@ <2
C?&19<?[ J4<@1 ?1@G9A@ $?1 5;&9G'1' 2?<: CG3G@A B[ p(()*
C@ $ ?1@G9A <2 A41 I$?5<G@ 2$&A<?@ '1@&?5%1' $%<I1[ 5; =$?A5&G9$? A41 5;&9G@5<; <2 C?&19<? 2?<: CG3G@A B[ p(()[ <G?
<=1?$A5;3 5;&<:1 $:<G;A1' A< -Bj*Z %5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ ?1=?1@1;A5;3 $; 5;&?1$@1 <2
^nY <I1? <=1?$A5;3 5;&<:1 <2 -n*a %5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()*
M=2G J2C3@? F>6C:42E
R; A41 M9$A E$?%<; C:1?5&$@ @13:1;A[ <=1?$A5;3 5;&<:1 ?1$&41' -0*( %5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[
p((n[ ?1=?1@1;A5;3 p(*BY <2 A<A$9 &<;@<95'$A1' <=1?$A5;3 5;&<:1[ &<:=$?1' A< -B*^ %5995<;[ <? pa*jY 2<? A41 N1$?
1;'1' F1&1:%1? 0B[ p(()*
M=2G J2C3@? LIC@A6
R; A41 M9$A E$?%<; KG?<=1 @13:1;A[ <=1?$A5;3 5;&<:1 ?1$&41' -j*B %5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[
p((n[ ?1=?1@1;A5;3 pZ*(Y <2 A<A$9 &<;@<95'$A1' <=1?$A5;3 5;&<:1[ &<:=$?1' A< -B*( %5995<;[ <? B0*0Y 2<? A41 N1$?
1;'1' F1&1:%1? 0B[ p(()*
]@?8 J2C3@? F>6C:42E 2?5 LIC@A6
R; A41 U<;3 E$?%<; C:1?5&$@ $;' KG?<=1 @13:1;A[ <=1?$A5;3 5;&<:1 ?1$&41' -0*^ %5995<; 2<? A41 N1$? 1;'1'
F1&1:%1? 0B[ p((n[ ?1=?1@1;A5;3 p)*0Y <2 A<A$9 &<;@<95'$A1' <=1?$A5;3 5;&<:1[ &<:=$?1' A< -B*Z %5995<;[ <?
p0*^Y 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()*
FFJP!
R; A41 CCERg @13:1;A[ <=1?$A5;3 5;&<:1 ?1$&41' -0*p %5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[
?1=?1@1;A5;3 pB*aY <2 A<A$9 &<;@<95'$A1' <=1?$A5;3 5;&<:1[ &<:=$?1' A< -p*) %5995<;[ <? 0j*0Y 2<? A41 N1$?
1;'1' F1&1:%1? 0B[ p(()*
!G2:?=6EE !G66=
h41 ?1@G9A@ <2 A41 gA$5;91@@ gA119 @13:1;A &<??1@=<;' @<919N A< A41 <=1?$A5<;@ <2 C?&19<?[ J4<@1 ?1@G9A@ $?1
5;&9G'1' 2?<: CG3G@A B[ p(()*
R; A41 gA$5;91@@ gA119 @13:1;A[ <=1?$A5;3 5;&<:1 J$@ -Zn) :5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[
?1=?1@1;A5;3 a*^Y <2 A<A$9 &<;@<95'$A1' <=1?$A5;3 5;&<:1[ &<:=$?1' A< -0a0 :5995<;[ <? j*nY 2<? A41 N1$? 1;'1'
F1&1:%1? 0B[ p(()*
11
!G66= !@=IG:@?E 2?5 !6CQ:46E
h41 ?1@G9A@ <2 A41 gA119 g<9GA5<;@ $;' g1?I5&1@ @13:1;A &<??1@=<;' @<919N A< A41 <=1?$A5<;@ <2 C?&19<?[ J4<@1
?1@G9A@ $?1 5;&9G'1' 2?<: CG3G@A B[ p(()*
R; A41 gA119 g<9GA5<;@ $;' g1?I5&1@ @13:1;A[ <=1?$A5;3 5;&<:1 J$@ -an^ :5995<; 2<? A41 N1$? 1;'1'
F1&1:%1? 0B[ p((n[ ?1=?1@1;A5;3 0*^Y <2 A<A$9 &<;@<95'$A1' <=1?$A5;3 5;&<:1[ &<:=$?1' A< -BnB :5995<;[ <?
p*0Y 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()*
('5L5O'5S W6;<;
W1A 25;$;&5;3 &<@A@ J1?1 jB*nY 45341? 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n $A -^pn :5995<;[ $@ &<:=$?1' J5A4
;1A 25;$;&5;3 &<@A@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(() <2 -)aj :5995<;* W1A 25;$;&5;3 &<@A@ &<;@5@A <2[ $:<;3
<A41?@[ 5;A1?1@A[ 2<?153; 1L&4$;31 $;' '1?5I$A5I1 A?$;@$&A5<;@* W1A 5;A1?1@A 1L=1;@1 $:<G;A1' A< -B[p)p :5995<; 5;
p((n $@ &<:=$?1' A< -Zn0 :5995<; 5; p(()* W1A 5;A1?1@A 1L=1;@1 J$@ 45341? =?5:$?59N 'G1 A< A41 2$&A
A4$A C?&19<?%@ ;1A 5;A1?1@A 1L=1;@1 J$@ 5;&9G'1' 5; A41 &<;@<95'$A1' 25;$;&5$9 @A$A1:1;A@ 2<? p(() <;9N $@ 2?<:
CG3G@A B* R; $''5A5<;[ ;1A 25;$;&5;3 &<@A@ J1?1 $221&A1' %N 5;&?1$@1@ 5; 1G?< 5;A1?1@A ?$A1@* cA41? 25;$;&5;3
&4$?31@[ 5;&9G'5;3 '1?5I$A5I1 A?$;@$&A5<;@[ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n J1?1 9<J1?[ =?5:$?59N 'G1 A<
5;&?1$@1@ 5; :$?8bA<b:$?81A 3$5;@ <; 25;$;&5$9 5;@A?G:1;A@*
.5O6/Q BLE
C?&19<?V5AA$9 ?1&<?'1' $ &<;@<95'$A1' A$L 1L=1;@1 <2 -0[(0Z :5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $@
&<:=$?1' A< -B[Bpp :5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()* h41 1221&A5I1 A$L ?$A1 5;&?1$@1' A< p(*jY 2<?
A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $@ &<:=$?1' A< Ba*aY 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()[ <; 5;&<:1
%12<?1 A$L1@ <2 -Bj[ZZZ :5995<; $;' -n[ppZ :5995<;[ ?1@=1&A5I19N* M<? $''5A5<;$9 5;2<?:$A5<; <; <G? 5;&<:1 A$L1@
5; p((n[ @11 W<A1 B^ A< A41 C?&19<?V5AA$9 E<;@<95'$A1' M5;$;&5$9 gA$A1:1;A@*
1'569'<G .5<Q9Q;<
V5;<?5AN 5;A1?1@A 5; 5;&<:1 <2 @G%@5'5$?51@ J$@ -B[jZp :5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $@
&<:=$?1' J5A4 -Za^ :5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()*
2Q< .5O6/Q T<<9'N=<LN-Q <6 [8='<G ,6-PQ9; 6R <&Q >L9Q5<
C?&19<?V5AA$9%@ ;1A 5;&<:1 $AA?5%GA$%91 A< 1>G5AN 4<9'1?@ <2 A41 =$?1;A 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n
5;&?1$@1' A< -B([0)Z :5995<; 2?<: -a[pjn :5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()[ 2<? A41 ?1$@<;@
'5@&G@@1' $%<I1*
12
AGC2 Q/FGF OGEG)DG2 #B3 -RRL M0)1C2GF 50 AGC2 Q/FGF OGEG)DG2 #B3 -RR" 0/ C 720
&02)C DC4%4 N6/C6F%5GFP
a1. /8558E270 C7#C&2=.& 9;8 /8;6# /27#7%2#5 27/8;6#=287 8/ ?;%.58;Q2==#5 02D.< .//.%= =8 =1. /8558E270
=;#7<#%=287< #< 2/ =1.I 8%%C;;.& 87 N#7C#;I >V i''(c
! =1. #%:C2<2=287 $I Q2==#5 `=..5 8/ Xb)iT 8/ =1. <1#;. %#92=#5 W87 # &25C=.& $#<2<, 8/ ?;%.58; #7& #55 8/ =1.
8C=<=#7&270 \AF?RF< W%87D.;=2$5. $87&<, 8/ ?;%.58;)
! =1. #%:C2<2=287 $I ?;%.58; 8/ B8/#<%8 #7& `87#<2&)
^``b >'?CVZ' HR)+Z'R?;V ^``b &'Z FZ'W;

&'Z FZ'W;
>'?CVZ']R++;V :Y;X-;'6 < +Z BZW=RXCA
>AT-)+WCX+)
HR)+Z'R?;V:<" Y-V69 #< ^``b":^" >'?CVZ']R++;V
`#5.< +ZUVUg' +iUV(ZX +>V'bgW-, +UUVZg(
\9.;#=270 27%86. gVZ-i -V'>U >V-'gWb, >>VUZg
H27#7%270 %8<=<#7.= W(Zb, WbZ>, Wii-,WZ, W>V-iU,
M7%86. =#G .G9.7<. W>V>ii, -b WZgX,W(, W>V((g,
Q278;2=I 27=.;.<= UZX bi( i'iWg, >VbUg
R.= 27%86. #==;2$C=#$5. =8
.:C2=I 185&.;< 8/ =1. 9#;.7= ZVibg iV>'- (bbWU, gVXXb
R8=.< =8 =1. C7#C&2=.& 9;8 /8;6# /27#7%2#5 27/8;6#=287 #;. #< /8558E<c
>) _.9;.<.7=< =1. 12<=8;2%#5 %87&.7<.& %87<852&#=.& 27%86. <=#=.6.7= 8/ Q2==#5 `=..5 /8; =1. I.#; .7&.&
B.%.6$.; ->V i''(V #< #&3C<=.& ;.=;8<9.%=2D.5I /8; =1. /27#52<#=287 8/ =1. #558%#=287 8/ 9C;%1#<. 9;2%. 8/ ?;%.58;
#< ;.:C2;.& $I MH_`-)
i) _.9;.<.7=< =1. 12<=8;2%#5 %87&.7<.& %87<852&#=.& <=#=.6.7= 8/ 27%86. 8/ ?;%.58; /8; =1. 9.;28& /;86 N#7C#;I >V
i''( =1;8C01 NC5I ->V i''( =;#7<5#=.& /;86 FC;8< 27=8 d` &855#;< C<270 #7 #D.;#0. .G%1#70. ;#=. 8/ > =8
+>)i-b-)
-) _.9;.<.7=< =1. 12<=8;2%#5 <#5.< 8/ B8/#<%8 /8; =1. 9.;28& /;86 N#7C#;I >V i''( =8 Q#;%1 >V i''( #7& `87#<2& /8;
=1. 9.;28& /;86 N#7C#;I >V i''( =8 NC7. >V i''()
b) _.9;.<.7=< =1. <C6 8/ =1. 27%;.6.7=#5 #68;=2<#=287 8/ /#D8C;#$5. #7& C7/#D8C;#$5. %87=;#%=< ;.%8072<.& E2=1
=1. #%:C2<2=287 8/ ?;%.58; /8; =1. <.D.7 687=1< .7&.& NC5I ->V i''( W+Z( 6255287,V =1. .52627#=287 8/ =1. /#2;
D#5C. 8/ =1. 27D.7=8;I #%:C2;.& 27 =1. #%:C2<2=287 8/ ?;%.58; #7& ;.%8072<.& #< .G9.7<. 27 =1. ?;%.58;Q2==#5
12<=8;2%#5 <=#=.6.7= 8/ 27%86. /8; =1. I.#; .7&.& B.%.6$.; ->V i''( 27 #7 #68C7= 8/ +>)> $255287 #7& =1.
12<=8;2%#5 89.;#=270 27%86. 8/ B8/#<%8 /8; =1. 9.;28& /;86 N#7C#;I >V i''( =8 Q#;%1 >V i''( #7& `87#<2& /8;
=1. 9.;28& /;86 N#7C#;I >V i''( =8 NC7. >V i''(V =1. ;.<9.%=2D. &#=.< 8/ =1.2; #%:C2<2=287V 27 # =8=#5 #68C7= 8/
+>Z> 6255287)
Z) _.9;.<.7=< =1. 27%;.6.7=#5 27=.;.<= .G9.7<. ;.5#=.& =8 =1. $8;;8E270< /8; =1. #%:C2<2=287 8/ ?;%.58;)
() _.9;.<.7=< =1. =#G 269#%= 8/ =1. #$8D. #&3C<=6.7=< #<<C6270 # iZT $5.7&.& <=#=C=8;I ;#=.)
g) _.9;.<.7=< =1. ;.#558%#=287 8/ =1. 7.= 27%86. #==;2$C=#$5. =8 6278;2=I 27=.;.<=< =8 7.= 27%86. #==;2$C=#$5. =8
.:C2=I 185&.;< 8/ =1. 9#;.7= /8; =1. 6278;2=I 27=.;.<= 27 ?;%.58; #7& `87#<2&)
U) _.9;.<.7=< =1. <C6 8/ =1. #&3C<=6.7=< #$8D. #7& .52627#=287 8/ =1. %8<=< 27%C;;.& $I ?;%.58; ;.5#=270 =8 =1.
#%:C2<2=287 =1#= E.;. .G9.7<.& &C;270 =1. <.D.7 687=1< .7&270 NC5I ->V i''( W+-b> 6255287,)
a1. C7#C&2=.& i''( 9;8 /8;6# /27#7%2#5 &#=# #;. 9;.<.7=.& /8; 255C<=;#=2D. 9C;98<.< 875I #7& #;. 78=
7.%.<<#;25I 27&2%#=2D. 8/ =1. 89.;#=270 ;.<C5=< 8; /27#7%2#5 %87&2=287 8/ =1. %86$27.& .7=2=2.< =1#= E8C5& 1#D.
$..7 #%12.D.& 1#& =1. =;#7<#%=287< $..7 %87<C66#=.& 87 =1. &#=.< C<.& #< =1. $#<2< /8; =1. 9;.9#;#=287 8/ =1.
9;8 /8;6# /27#7%2#5 &#=#) a1.I #;. 78= 7.%.<<#;25I 27&2%#=2D. 8/ =1. /C=C;. ;.<C5=< 8; /27#7%2#5 %87&2=287 8/ =1.
A869#7I) R87.=1.5.<<V $.%#C<. =1. C7#C&2=.& i''( 9;8 /8;6# /27#7%2#5 27/8;6#=287 9;8D2&.< 27/8;6#=287 =1#=
E. $.52.D. 2< C<./C5 27 #7#5IK270 =;.7&< 27 8C; $C<27.<<V E. 1#D. C<.& 2= #< =1. $#<2< /8; =1. %869#;2<87 8/ =1.
i''( #7& i''g ;.<C5=< 8/ 89.;#=287< $.58E)
:C'G43 :5GG' :$%1)G/54 C/F J8G2CIG :5GG' :G''%/I 72%EG4
a1. /8558E270 =#$5. 9;8D2&.< # <C66#;I 8/ <#5.< #= ?;%.58;Q2==#5 $I 89.;#=270 <.06.7= /8; =1. I.#; .7&.&
B.%.6$.; ->V i''g #< %869#;.& =8 =1. I.#; .7&.& B.%.6$.; ->V i''( W=1. 5#==.; 87 # 9;8 /8;6# $#<2<,c
13
!2=6E 7@C G96
'62C 6?565 K646>36C 0DZD. J92?86E :?
)**+ !G66= FQ6C286 !G66=
!68>6?G ZAC@ 7@C>2. )**( !2=6E !9:A>6?GE !6==:?8 dC:46
Z:? - >:==:@?E. Z:? - >:==:@?E. ZW. ZW. ZW.
M9$A E$?%<; C:1?5&$@ pB[ZnZ pp[Zâ j*) \)*Z. j*n
M9$A E$?%<; KG?<=1 pn[a)n 0j[a)p pa*j 0*Z B^*p
U<;3 E$?%<; C:1?5&$@ $;'
KG?<=1 BZ[ajj p0[Z0( pZ*a \B*p. p(*B
CCERg Bj[nja BZ[pp^ p0*) p*Z Bn*p
gA$5;91@@ gA119 n[paB ^[0j^ pZ*^ \B0*B. j(*^
gA119 g<9GA5<;@ $;' g1?I5&1@ BB[ZZp B)[pjB 0)*n BB*j Bn*p
\B. C:<G;A@ $?1 =?5<? A< 5;A1?b&<:=$;N 195:5;$A5<;@ $;' 5;&9G'1 ;<;b@A119 @$91@*
C?&19<?V5AA$9 4$' @$91@ <2 -B(a*p %5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ ?1=?1@1;A5;3 $; 5;&?1$@1 <2
BZ*ZY <I1? =?< 2<?:$ @$91@ <2 -ZZ*) %5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()* g$91@ J1?1 45341? 'G1 A<
45341? @1995;3 =?5&1@ $;' @A?<;31? '1:$;' 2<? <G? =?<'G&A@*
C?&19<?V5AA$9 4$' @A119 @45=:1;A@ <2 B(^*n :5995<; A<;;1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ ?1=?1@1;A5;3
$ (*nY '1&?1$@1 <I1? =?< 2<?:$ @A119 @45=:1;A@ <2 BB(*a :5995<; A<;;1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[
p(()[ =?5:$?59N 'G1 A< ?1'G&A5<; 5; =?<'G&A5<; $;' @45=:1;A@ 'G?5;3 A41 N1$? 5; 95;1 J5A4 $ ?1'G&A5<; 5;
:$?81A '1:$;'[ =$?A5&G9$?9N 5; W<?A4 C:1?5&$* gA$5;91@@ gA119 =?<'G&A5<; $;' @45=:1;A@ J1?1 $9@< ?1'G&1' 5;
95;1 J5A4 :$?81A '1:$;'*
CI1?$31 @A119 @1995;3 =?5&1 5;&?1$@1' B)*BY 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n $@ &<:=$?1' A< =?< 2<?:$
$I1?$31 @A119 @1995;3 =?5&1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()[ 'G1 A< $ 41$9A4N :$?81A 1;I5?<;:1;A $;'
@A119 '1:$;'*
M=2G J2C3@? F>6C:42E

R; A41 M9$A E$?%<; C:1?5&$@ @13:1;A[ @$91@ J1?1 -pp*^ %5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $ ?5@1 <2
j*)Y <I1? =?< 2<?:$ @$91@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()* g$91@ J1?1 45341? :$5;9N 'G1 A< 45341?
=?5&1@ 'G1 A< <G? $%595AN A< =$@@ <; 45341? 5;=GA &<@A@*
h<A$9 @A119 @45=:1;A@ J1?1 pn*^ :5995<; A<;;1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $ '1&?1$@1 <2 )*ZY
<I1? =?< 2<?:$ @45=:1;A@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()* h45@ '1&?1$@1 ?1@G9A@ =?5:$?59N 2?<: $
&4$;31 5; @&<=1 <2 &<;@<95'$A5<;+ $ l*g* @G%@5'5$?N <2 F<2$@&< J$@ =?<=<?A5<;$99N &<;@<95'$A1' G;A59
CG3G@A B[ p(() $;' $&&<G;A1' 2<? G;'1? A41 1>G5AN :1A4<' A41?1$2A1?* R; $''5A5<;[ @45=:1;A@ J1?1 9<J1? 5; A41
l*g* <=1?$A5<;@ <2 C?&19<?V5AA$9 'G1 A< J1$8 :$?81A '1:$;'[ =$?A5$99N <22@1A %N 45341? @45=:1;A@ $A Egh
2<99<J5;3 5A@ &$=$&5AN 1L=$;@5<; =?<61&A*
CI1?$31 @A119 @1995;3 =?5&1 5;&?1$@1' j*nY 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $@ &<:=$?1' J5A4 =?<
2<?:$ $I1?$31 @A119 @1995;3 =?5&1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()[ =?5:$?59N 'G1 A< A41 5:=?<I1'
:$?81A 2<? <G? =?<'G&A@[ =$?A5&G9$?9N 5; g<GA4 C:1?5&$[ $@ J199 $@ <G? $%595AN A< =$@@ <; 5;&?1$@1' 5;=GA &<@A@
A< <G? &G@A<:1?@[ $;' 2$I<G?$%91 1L&4$;31 ?$A1[ 5; g<GA4 C:1?5&$*
M=2G J2C3@? LIC@A6

g$91@ 5; A41 M9$A E$?%<; KG?<=1 @13:1;A J1?1 -0j*) %5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $;
5;&?1$@1 <2 pa*jY <I1? =?< 2<?:$ @$91@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()[ :$5;9N 'G1 A< 45341? @1995;3
=?5&1@[ 45341? @45=:1;A@ $;' 1L&4$;31 ?$A1 1221&A[ <22@1A %N $; 5;&?1$@1 5; 5;=GA =?5&1@*
h<A$9 @A119 @45=:1;A@ ?1$&41' 0j*j :5995<; A<;;1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $ ?5@1 <2 0*ZY <I1?
=?< 2<?:$ @A119 @45=:1;A@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()[ :$5;9N 'G1 A< 2$I<G?$%91 '1:$;'*
CI1?$31 @A119 @1995;3 =?5&1 5;&?1$@1' B^*pY 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $@ &<:=$?1' J5A4 =?<
2<?:$ $I1?$31 @A119 @1995;3 =?5&1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()* CI1?$31 @1995;3 =?5&1@ 5;&?1$@1' 'G1
A< 2$I<G?$%91 '1:$;' $@ J199 $@ <G? $%595AN A< =$@@ <; 5;&?1$@1' 5;=GA &<@A@ A< <G? &G@A<:1?@ $;' 1L&4$;31
?$A1 5:=$&A*
14
]@?8 J2C3@? F>6C:42E 2?5 LIC@A6
R; A41 U<;3 E$?%<; C:1?5&$@ $;' KG?<=1 @13:1;A[ @$91@ ?1$&41' -p0*Z %5995<; 2<? A41 N1$? 1;'1'
F1&1:%1? 0B[ p((n[ $; 5;&?1$@1 <2 pZ*aY <I1? =?< 2<?:$ @$91@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()* g$91@
J1?1 45341? :$5;9N 'G1 A< 5;&?1$@1' $I1?$31 @1995;3 =?5&1@ 5; KG?<=1 $;' g<GA4 C:1?5&$*
h<A$9 @A119 @45=:1;A@ J1?1 pj*) :5995<; A<;;1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $ '1&?1$@1 <2 B*pY
<I1? =?< 2<?:$ @A119 @45=:1;A@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()[ :$5;9N 'G1 A< 9<J1? '1:$;' 5; KG?<=1
<22@1A %N 45341? @45=:1;A@ 5; g<GA4 C:1?5&$*
CI1?$31 @A119 @1995;3 =?5&1 5;&?1$@1' p(*BY 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $@ &<:=$?1' J5A4 =?<
2<?:$ $I1?$31 @A119 @1995;3 =?5&1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()[ '?5I1; %N =?5&1 5;&?1$@1@ 'G1 A<
5:=?<I1' :$?81A &<;'5A5<;@ 2<? <G? =?<'G&A@[ $9<;3 J5A4 $ 2$I<G?$%91 1L&4$;31 ?$A1 5:=$&A 5; KG?<=1 $;'
g<GA4 C:1?5&$ $;' 5;&?1$@1' '<:1@A5& @$91@ 5; D?$P59 $;' C?31;A5;$*
FFJP!
R; A41 CCERg @13:1;A[ @$91@ ?1$&41' -BZ*p %5995<; 5; p((n[ $; 5;&?1$@1 <2 p0*)Y <I1? =?< 2<?:$ @$91@ 2<? A41
N1$? 1;'1' F1&1:%1? 0B[ p(()* h41 :$5; ?1$@<; 2<? A41 @$91@ 5;&?1$@1 J$@ $; 5;&?1$@1 5; $I1?$31 @1995;3
=?5&1@ =$?A5&G9$?9N 5; <=1?$A5<;@ 5; l8?$5;1[ T$P$84@A$; $;' g<GA4 C2?5&$; <=1?$A5<;@*
h<A$9 @A119 @45=:1;A@ ?1$&41' p(*^ :5995<; A<;;1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $; 5;&?1$@1 <2 p*ZY
<I1? =?< 2<?:$ @A119 @45=:1;A@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()* h45@ 5;&?1$@1 ?1@G9A1' =?5:$?59N 2?<:
5:=?<I1' I<9G:1@ $A <G? l8?$5;5$; $;' T$P$84@A$; <=1?$A5<;@[ =$?A5&G9$?9N 5; A41 @1&<;' $;' A45?' >G$?A1?@ <2
p((n[ <22@1A %N =?<'G&A5<; 5@@G1@ $A <G? g<GA4 C2?5&$; <=1?$A5<;@ 'G1 A< A41 ?195;5;3 <2 $ %9$@A 2G?;$&1*
CI1?$31 @A119 @1995;3 =?5&1 5;&?1$@1' Bn*pY 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $@ &<:=$?1' J5A4 =?<
2<?:$ $I1?$31 @A119 @1995;3 =?5&1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()[ '?5I1; %N 4534 '1:$;' 2<? <G?
=?<'G&A@ $;' '<:1@A5& =?5&1 5;&?1$@1@ 5; g<GA4 C2?5&$*
!G2:?=6EE !G66=
g$91@ 5; A41 gA$5;91@@ gA119 @13:1;A ?1$&41' -^*0 %5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $; 5;&?1$@1 <2
pZ*^Y <I1? =?< 2<?:$ @$91@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()* h45@ 5;&?1$@1 5@ :$5;9N 'G1 A< 45341?
@1995;3 =?5&1@ 5;'G&1' %N 4534 %GA G;@A$%91 ;5&819 =?5&1@[ A4$A J1 =$@@1' <; A< &G@A<:1?@*
h<A$9 @A119 @45=:1;A@ J1?1 B*^ :5995<; A<;;1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $ '1&?1$@1 <2 B0*BY
2?<: =?< 2<?:$ @A119 @45=:1;A@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()* h45@ 2$99 5@ :$5;9N 'G1 A< 9<J '1:$;'
5; A41 A45?' >G$?A1? <2 p((n[ $@ &G@A<:1?@ '19$N1' =G?&4$@1@ 5; $;A5&5=$A5<; <2 =?5&1 '1&?1$@1@ <2 @A$5;91@@ @A119
?1@G9A5;3 2?<: A41 2$995;3 ;5&819 =?5&1*
CI1?$31 @A119 @1995;3 =?5&1 5;&?1$@1' j(*^Y 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $@ &<:=$?1' J5A4 =?<
2<?:$ $I1?$31 @A119 @1995;3 =?5&1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()[ :$5;9N 'G1 A< 45341? ;5&819 =?5&1@ 5;
A41 25?@A 4$92 <2 p((n[ J45&4 2$99 5; A41 @1&<;' 4$92 <2 p((n*
!G66= !@=IG:@?E 2?5 !6CQ:46E

R; A41 gA119 g<9GA5<;@ $;' g1?I5&1@ @13:1;A[ @$91@ ?1$&41' -B)*p %5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[
p((n[ $; 5;&?1$@1 <2 0)*nY <I1? =?< 2<?:$ @$91@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()[ '?5I1; %N 45341?
@1995;3 =?5&1@ $;' 5;&?1$@1' @45=:1;A@[ <22@1A %N 45341? 5;=GA &<@A@*
h<A$9 @A119 @45=:1;A@ J1?1 Ba*^ :5995<; A<;;1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $; 5;&?1$@1 <2 BB*jY
<I1? =?< 2<?:$ @A119 @45=:1;A@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(() 'G1 A< 2$I<G?$%91 '1:$;'[ $@ J199 $@
A41 5;&9G@5<; <2 A41 A?$'5;3 $;' 5;A1?;$A5<;$9 @$91@ $&A5I5AN <2 C?&19<?V5AA$9 R;A1?;$A5<;$9*
CI1?$31 @A119 @1995;3 =?5&1 5;&?1$@1' Bn*pY 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $@ &<:=$?1' J5A4 =?<
2<?:$ $I1?$31 @A119 @1995;3 =?5&1@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()[ '?5I1; %N 2$I<G?$%91 :$?81A '1:$;'
2<? <G? =?<'G&A@ $;' 5;&?1$@1 5; A41 =G?&4$@1 =?5&1 <2 @A119 $;' A41 2$I<G?$%91 1L&4$;31 ?$A1 5:=$&A*
15
47Q9L<'5S .5O6/Q
h41 2<99<J5;3 A$%91 =?<I5'1@ $ @G::$?N <2 A41 <=1?$A5;3 5;&<:1 $;' <=1?$A5;3 :$?35; <2 C?&19<?V5AA$9 2<?
A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $@ &<:=$?1' J5A4 A41 =?< 2<?:$ <=1?$A5;3 5;&<:1 $;' <=1?$A5;3 :$?35;
2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(() \A41 9$AA1? <; $ =?< 2<?:$ %$@5@.k
À6C2G:?8 P?4@>6
'62C 6?565 K646>36C 0DY À6C2G:?8 ^2C8:?
)**+
!68>6?GEZD. ZAC@ 7@C>2. )**( )**+ )**(
Z:? - >:==:@?E. Z:? - >:==:@?E. ZW. ZW.
M9$A E$?%<; C:1?5&$@ p[)B( p[^Zn BB*^ B0*(
M9$A E$?%<; KG?<=1 p[ZBn j[Bj^ B(*p Bp*(
U<;3 E$?%<; C:1?5&$@ $;' KG?<=1 p[^ZZ 0[Z^) B)*B B)*0
CCERg p[)j( 0[BZj Bn*^ Bn*a
gA$5;91@@ gA119\p. n0B Zn) B(*B ^*j
gA119 g<9GA5<;@ $;' g1?I5&1@ \p. j)) an^ 0*^ 0*)
\B. C:<G;A@ $?1 =?5<? A< 5;A1?b&<:=$;N 195:5;$A5<;@ $;' 5;&9G'1 ;<;b@A119 @$91@*
\p. R;&9G'1@ ?1@G9A@ <2 <=1?$A5<;@ <2 C?&19<? 2?<: CG3G@A B[ p(()*
C@ $ ?1@G9A <2 A41 I$?5<G@ 2$&A<?@ '1@&?5%1' $%<I1[ <G? <=1?$A5;3 5;&<:1 $:<G;A1' A< -Bj*^ %5995<; 2<? A41 N1$?
1;'1' F1&1:%1? 0B[ p((n[ ?1=?1@1;A5;3 $; 5;&?1$@1 <2 pa*BY <I1? =?< 2<?:$ <=1?$A5;3 5;&<:1 <2 -BB*^
%5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()*
M=2G J2C3@? F>6C:42E

R; A41 M9$A E$?%<; C:1?5&$@ @13:1;A[ <=1?$A5;3 5;&<:1 ?1$&41' -0*( %5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[
p((n[ $; 5;&?1$@1 <2 Bj*jY <I1? =?< 2<?:$ <=1?$A5;3 5;&<:1 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(() 'G1 A< A41
?1$@<;@ '1@&?5%1' $%<I1* c=1?$A5;3 5;&<:1 J$@ $221&A1' %N 5:=$5?:1;A 1L=1;@1@ <2 -Zp :5995<; ?1&<?'1' 5;
?19$A5<; A< $ ?1@A?G&AG?5;3 <2 <G? <=1?$A5<;@ 5; E<;A?1&<1G?[ E$;$'$*
M=2G J2C3@? LIC@A6

R; A41 M9$A E$?%<; KG?<=1 @13:1;A[ <=1?$A5;3 5;&<:1 ?1$&41' -j*B %5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[
p((n[ $; 5;&?1$@1 <2 jn*0Y <I1? =?< 2<?:$ <=1?$A5;3 5;&<:1 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()[ '?5I1; %N
=<@5A5I1 =?5&1 1221&A@[ $;' $ =<@5A5I1 1L&4$;31 ?$A1 5:=$&A*
]@?8 J2C3@? F>6C:42E 2?5 LIC@A6

R; A41 U<;3 E$?%<; C:1?5&$@ $;' KG?<=1 @13:1;A[ <=1?$A5;3 5;&<:1 ?1$&41' -0*^ %5995<; 2<? A41 N1$? 1;'1'
F1&1:%1? 0B[ p((n[ $ ?5@1 <2 0(*jY $@ &<:=$?1' J5A4 =?< 2<?:$ <=1?$A5;3 5;&<:1 2<? A41 N1$? 1;'1'
F1&1:%1? 0B[ p(()[ 'G1 A< A41 2$&A<?@ 1L=9$5;1' $%<I1* FG?5;3 A41 2<G?A4 >G$?A1?[ <=1?$A5;3 5;&<:1 J$@
$221&A1' %N 5:=$5?:1;A 1L=1;@1@ <2 -a( :5995<; ?1&<?'1' 5; ?19$A5<; A< $ ?1@A?G&AG?5;3 <2 <G? <=1?$A5<;@ $A
C?&19<?V5AA$9 O$;'?$;31* R; $''5A5<;[ 5:=$5?:1;A 1L=1;@1@ <2 -j0 :5995<; J1?1 ?1&<?'1' $A <G? E$;$'5$;
J5?1b'?$J5;3 <=1?$A5<;@*
FFJP!
R; A41 CCERg @13:1;A[ <=1?$A5;3 5;&<:1 ?1$&41' -0*p %5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $;
5;&?1$@1 <2 p(*)Y <I1? =?< 2<?:$ <=1?$A5;3 5;&<:1 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(() 'G1 A< A41 ?1$@<;@
1L=9$5;1' $%<I1* c=1?$A5;3 5;&<:1 5; p((n 5;&9G'1@ -^n :5995<; 5; I<9G;A$?N ?1A5?1:1;A =9$; &<@A@ $A <G?
l8?$5;5$; $;' C931?5$; <=1?$A5<;@*
!G2:?=6EE !G66=
R; A41 gA$5;91@@ gA119 @13:1;A[ <=1?$A5;3 5;&<:1 J$@ -Zn) :5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $;
5;&?1$@1 <2 B^*ZY <I1? =?< 2<?:$ <=1?$A5;3 5;&<:1 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(() 2<? A41 ?1$@<;@
1L=9$5;1' $%<I1*
16
!G66= !@=IG:@?E 2?5 !6CQ:46E
R; A41 gA119 g<9GA5<;@ $;' g1?I5&1@ @13:1;A[ <=1?$A5;3 5;&<:1 ?1$&41' -an^ :5995<; 2<? A41 N1$? 1;'1'
F1&1:%1? 0B[ p((n[ $; 5;&?1$@1 <2 pj*pY <I1? =?< 2<?:$ <=1?$A5;3 5;&<:1 2<? A41 N1$? 1;'1' F1&1:%1? 0B[
p(() 2<? A41 ?1$@<;@ 1L=9$5;1' $%<I1*
('5L5O'5S W6;<;
W1A 25;$;&5;3 &<@A@ J1?1 0(*pY 9<J1? 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n $A -^pn :5995<;[ $@ &<:=$?1'
J5A4 =?< 2<?:$ ;1A 25;$;&5;3 &<@A@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(() <2 -B*0 %5995<;* W1A 25;$;&5;3 &<@A@
&<;@5@A <2[ $:<;3 <A41?@[ 5;A1?1@A[ 2<?153; 1L&4$;31 $;' '1?5I$A5I1 A?$;@$&A5<;@* W1A 5;A1?1@A 1L=1;@1 J$@
1@@1;A5$99N 29$A $A -B[p)p :5995<; 5; p((n $@ &<:=$?1' A< =?< 2<?:$ ;1A 5;A1?1@A 1L=1;@1 <2 -B[paj :5995<; 5;
p(()* R;A1?1@A &4$?31@ J1?1 45341? 5; p((n 'G1 A< 45341? %$@1 1G?< 5;A1?1@A ?$A1@* R; p(()[ A41 E<:=$;N A<<8 $
<;1bA5:1 &4$?31 5; &<;;1&A5<; J5A4 A41 ?15:%G?@1:1;A <2 A41 C?&19<? E<;I1?A5%91 %<;'@ \cEKCWK@.* cA41?
25;$;&5;3 &4$?31@[ 5;&9G'5;3 '1?5I$A5I1 A?$;@$&A5<;@[ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n J1?1 9<J1?[
=?5:$?59N 'G1 A< 5;&?1$@1@ 5; :$?8bA<b:$?81A 3$5;@ <; 25;$;&5$9 5;@A?G:1;A@*
.5O6/Q BLE
C?&19<?V5AA$9 ?1&<?'1' $ &<;@<95'$A1' A$L 1L=1;@1 <2 -0[(0Z :5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n $@
&<:=$?1' A< =?< 2<?:$ 5;&<:1 A$L 1L=1;@1 <2 -B[))n :5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()* h41
1221&A5I1 A$L ?$A1 5;&?1$@1' A< p(*jY 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $@ &<:=$?1' A< =?< 2<?:$
1221&A5I1 A$L ?$A1 <2 Ba*(Y 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()[ <; 5;&<:1 %12<?1 A$L1@ $;' =?< 2<?:$
5;&<:1 %12<?1 A$L1@ <2 -Bj[ZZZ :5995<; $;' -BB[BjZ :5995<;[ ?1@=1&A5I19N* h41 5;&?1$@1 5; 1221&A5I1 A$L ?$A1 5@
:$5;9N 'G1 A< 45341? 5;&<:1 5; 45341?bA$L 6G?5@'5&A5<;@ 5; p((n* h41 5;&?1$@1 $9@< ?1291&A@ p(() %$@1 1221&A A41
p(() 1221&A5I1 A$L ?$A1 J$@ '1&?1$@1' 'G1 A< A41 $==?<I$9 <2 A41 V1L5&$; 21'1?$9 &<G?A <2 $ =1A5A5<; A< GA595@1 $
-))Z :5995<; 9<@@ $3$5;@A <=1?$A5;3 5;&<:1 $A C?&19<?V5AA$9 U!P$?< E!?'1;$@* g5;&1 A41 9<@@ J$@ 5;&G??1' 5;
p((j $;' J$@ '1;<:5;$A1' 5; V1L5&$; d1@<@[ 29G&AG$A5<;@ 5; &G??1;&N 1L&4$;31 ?$A1@ $9<;3 J5A4 $;;G$9
5;29$A5<;$?N $'6G@A:1;A@ ?1@G9A1' 5; $; 5;&?1$@1 5; A41 l*g* '<99$? 1>G5I$91;A I$9G1 <2 A41 9<@@ 2?<: -))Z
:5995<; A< -np^ :5995<;* C&&<?'5;39N[ $ '121??1' A$L $@@1A <2 -pBB :5995<; J$@ ?1&<3;5@1' 5; p(()* R; p((n[
A41?1 J$@ ;< @G&4 5A1:*
M<? $''5A5<;$9 5;2<?:$A5<; ?19$A1' A< C?&19<?V5AA$9%@ 5;&<:1 A$L1@[ @11 W<A1 B^ A< A41 C?&19<?V5AA$9
E<;@<95'$A1' M5;$;&5$9 gA$A1:1;A@*
1'569'<G .5<Q9Q;<
V5;<?5AN 5;A1?1@A 5; 5;&<:1 <2 @G%@5'5$?51@ J$@ -B[jZp :5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n[ $@
&<:=$?1' J5A4 =?< 2<?:$ :5;<?5AN 5;A1?1@A <2 -B[jZn :5995<; 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()* h45@ J$@
A41 ?1@G9A <2 <22@1AA5;3 2$&A<?@* M5?@A[ :5;<?5AN 5;A1?1@A@ J1?1 ?1'G&1' %N A41 %GN<GA <2 A41 :5;<?5AN
@4$?14<9'1?@ 5; C?&19<?V5AA$9 D?$@59 \:5;<?5AN 5;A1?1@A 5; C?&19<?V5AA$9 D?$@59 $:<G;A1' A< -pj) :5995<; 2<?
A41 25I1 :<;A4b=1?5<' 1;'1' V$N 0B[ p((n.[ $;' A41 :1?31? <2 C?&19<?V5AA$9 $;' C?&19<? 5; J45&4 C?&19<?
:5;<?5AN @4$?14<9'1?@ ?1&15I1' C?&19<?V5AA$9 @4$?1@ \:5;<?5AN 5;A1?1@A 5; C?&19<? $:<G;A1' -0(Z :5995<; 2<?
A41 A1; :<;A4b=1?5<' 1;'1' c&A<%1? 0B[ p((n.* h41@1 ?1'G&A5<;@ J1?1 ;1$?9N <22@1A %N 5;&?1$@1' 5;&<:1 5;
I$?5<G@ @G%@5'5$?51@ J5A4 :5;<?5AN @4$?14<9'1?@[ =?5;&5=$99N C?&19<?V5AA$9 g<GA4 C2?5&$[ C?&19<?V5AA$9
c@A?$I$[ C?&19<?V5AA$9 T?NI5N f54[ C?&19<?V5AA$9 C;;$%$[ C?&19<?V5AA$9 d<9$;'[ C?&19<?V5AA$9 R;<L D?$@59
$;' C&5;'$?[$@ J199 $@ C?&19<? =?5<? A< &<:=91A5<; <2 A41 :1?31?*
2Q< .5O6/Q T<<9'N=<LN-Q <6 [8='<G ,6-PQ9; 6R <&Q >L9Q5<

C?&19<?V5AA$9%@ ;1A 5;&<:1 $AA?5%GA$%91 A< 1>G5AN 4<9'1?@ <2 A41 =$?1;A 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n
5;&?1$@1' A< -B([0)Z :5995<; 2?<: -n[^^j :5995<; 2<? =?< 2<?:$ ;1A 5;&<:1 $AA?5%GA$%91 A< 1>G5AN 4<9'1?@ <2
A41 =$?1;A 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(()[ 2<? A41 ?1$@<;@ '5@&G@@1' $%<I1*
17
O #^F_ h L!`#hJL!
h41 QG:$; f1@<G?&1@ \Qf. 2G;&A5<; 2<&G@1@ 5A@ $&A5I5A51@ <; A4?11 81N $?1$@k
! F1I19<= $;' ?1&?G5A A$91;A@ $;' <221? &4$991;35;3 $;' ?1J$?'5;3 &$?11?@ 5; A41 'N;$:5& $;' 3?<J5;3
@A119 $;' :5;5;3 5;'G@A?51@+
! K;$%91 1:=9<N11@ $A $99 91I19@ A< &<;A?5%GA1 A< A41 %1@A <2 A415? $%595AN A< A41 <%61&A5I1@ $;' @G&&1@@ <2
A41 O?<G=%@ %G@5;1@@ $;' 1;@G?1 $ @G225&51;A A$91;A =<<9 2<? A41 2GAG?1 91$'1?@45= <2 A41 O?<G=+
! DG59' $;' :$5;A$5; 3<<' ?19$A5<;@ J5A4 A41 1:=9<N11@ $;' A415? ?1=?1@1;A$A5I1@*
C?&19<?V5AA$9 5@ &<::5AA1' A< 35I5;3 5;A1?;$9 &$;'5'$A1@ =?5<?5AN J41;1I1? 6<% I$&$;&51@ $?5@1* h< :$81 A41
=?<&1@@ A?$;@=$?1;A $;' 1;&<G?$31 5;A1?;$9 ?1&?G5A:1;A[ $; 5;A1?$&A5I1 J1%@5A1[ S<%V$?81Ac;95;1[ J$@ 9$G;&41'
5; V$?&4 p((n[ $'I1?A5@5;3 I$&$;&51@*
h4?<G34 A41 DG@5;1@@ U1$'1?@ f1@<G?&5;3 d?<3?$::1[ aZ VDC $;' Ba V$@A1? 3?$'G$A1@ 5; M5;$;&1 J1?1
:<;5A<?1' 5; p((n* h41 =?<3?$::1 J$@ ?19$G;&41' A< 5;&9G'1 $; KL1&GA5I1 E$?11? d$;19 A< :$;$31 ?1&?G5A@%
'1I19<=:1;A ;11'@ $;' =?<I5'1 :1;A<?5;3*
C O?<G= K;35;11?5;3 $;' h1&4;5&$9 d?<3?$::1 J$@ 5;A?<'G&1' 5; p((n J5A4 A41 $5: <2 &?1$A5;3 $ 39<%$9 =<<9
<2 1;35;11?@ $;' A1&4;5&$9 @=1&5$95@A@* h41 3<$9 5@ A< ?1&?G5A G= A< 0(( 4534 $&451I1?@ 1I1?N N1$? ! <I1? $;' $%<I1
9<&$9 ?1&?G5A:1;A ;11'@ ! 2?<: 81N 5;@A5AGA5<;@ 5; &<G;A?51@ @G&4 $@ f<:$;5$[ D?$P59[ l8?$5;1[ d<9$;' <? EP1&4
f1=G%95&*
g5;&1 5A@ 9$G;&4 5; p((n[ A41 E<?=<?$A1 l;5I1?@5AN 4$@ %11; A41 =?5:$?N @<G?&1 <2 '1I19<=:1;A <==<?AG;5A51@
J5A45; C?&19<?V5AA$9* C99 =?<3?$::1@ $?1 A$59<?1' A< A41 C?&19<?V5AA$9 I5@5<;[ :5@@5<; $;' %?$;' I$9G1@[ $;' $?1
'1@53;1' A< %1 '195I1?1' A4?<G34 9<&$9 A?$5;5;3 &1;A?1@*
h41 O?<G=%@ T;<J91'31 V$;$31:1;A d?<3?$::1 \TVd. J$@ 1L=$;'1' 5; p((n* h41 TVd 5@ '1@53;1' A< @=11'
A41 29<J <2 %1@A =?$&A5&1@ $;' A1&4;5>G1@ $?<G;' A41 O?<G= %N %?5;35;3 A<31A41? $99 A41 81N =1<=91 5;I<9I1' 5; $
35I1; 2G;&A5<;[ A1&4;5&$9 $?1$ <? %G@5;1@@ G;5A[ $;' 35I1@ $''1' 5:=1AG@ A< A41 O?<G=%@ &<;A5;G<G@ 5:=?<I1:1;A
'?5I1* R; $99[ $==?<L5:$A19N p( '5221?1;A TVd 1I1;A@ J1?1 419' 5; A41 &<G?@1 <2 p((n*
h41 O?<G= =9$&1@ 3?1$A 1:=4$@5@ <; 5;A1?;$A5<;$9 :<%595AN A4?<G34 @4<?AbA1?: $@@53;:1;A@[ $99<J5;3 1:=9<N11@
A< =?<3?1@@ A4?<G34 :G9A5=91 2G;&A5<;@[ &<G;A?51@ $;' ?135<;@*
h41 =1?2<?:$;&1 :$;$31:1;A =?<&1@@ =?<I5'1@ $ :1$;@ <2 $953;5;3 5;'5I5'G$9 %14$I5<G? J5A4 O?<G= I$9G1@ $;'
&<:=1A1;&51@ $;' ?1&<3;5@5;3 A41 &<;A?5%GA5<;@[ @A?1;3A4@ $;' '1I19<=:1;A ;11'@ <2 1:=9<N11@ 5; 1I1?N
9<&$A5<;* CA 5A@ &<?1 5@ A41 O9<%$9 KL1&GA5I1 F1I19<=:1;A d?<3?$::1 \OKFd.[ J45&4 =?<I5'1@ $; $;;G$9[ 2<G?b
@A1= =?<&1@@ 2<? :$;$35;3 $; 5;'5I5'G$9%@ =1?2<?:$;&1* h41 =?<&1@@ 5@ A?$;@=$?1;A[ J5A4 ?13G9$? 211'%$&8 $;'
&<$&45;3 A< @G==<?A '1I19<=:1;A $;' %<<@A :<A5I$A5<;* h41 OKFd 1;@G?1@ $ @N@A1:$A5& $==?<$&4 A<
=1?2<?:$;&1 :$;$31:1;A[ A?$5;5;3 $;' '1I19<=:1;A[ @G&&1@@5<; =9$;;5;3 $;' %1;&4 @A?1;3A4[ $@ J199
5'1;A52N5;3 A4<@1 J5A4 4534 =<A1;A5$9*
h< 419= '1I19<= A41 &?G&5$9 91$'1?@45= @8599@ ;11'1' 2<? A41 2GAG?1[ &<;@5@A1;A $&?<@@ A41 O?<G=[ C?&19<?V5AA$9
4$@ '1I19<=1' $ E<:=1A1;&N M?$:1J<?8 5;I<9I5;3 1534A &<:=1A1;&51@ A4$A &4$?$&A1?5@1 '1@5?$%91 =1?2<?:$;&1
$:<;3 5A@ =1<=91*
h41?1 $?1 25I1 81N &<:=1A1;&51@k

! E4$;31 :$;$31:1;A
! F1&5@5<; :$85;3
! f1@G9A@ <?51;A$A5<;
! gA?$A135& A45;85;3
! h1$:J<?8
h41N $?1 @G==<?A1' %N A4?11 $''5A5<;$9 &<:=1A1;&51@ G@1' 2<? %G59'5;3 <?3$;5@$A5<; =1?2<?:$;&1k
! gA$814<9'1? <?51;A$A5<;
! K221&A5I1 &<::G;5&$A5<;
! U1$?;5;3 $;' '1I19<=:1;A
18
C ?1;1J1' %<;G@ @&41:1 J$@ @1A G= 5; p((n $;' &<I1?@ A41 O?<G=%@ A<= a(( 1L1&GA5I1@* RA J599 %1 1LA1;'1' A<
&<I1? :<?1 A4$; p[((( 1:=9<N11@ 5; p((Z* RA 5@ &<:=91:1;A1' %N 9<&$9 ?1J$?'@ @N@A1:@ A4$A &<I1? A41 J5'1?
1:=9<N11 =<=G9$A5<;*
C J<?82<?&1 =9$;;5;3 =?<&1@@ J$@ =GA 5; =9$&1 5; $99 A41 O?<G=%@ <=1?$A5<;@ 5; p((n* RA@ <%61&A5I1 5@ A< =?<I5'1 $
?121?1;&1 2?$:1J<?8 $;' 2<99<JbG= A<<9@ 5; ?19$A5<; A< <?3$;5@$A5<;[ J<?82<?&1 '1I19<=:1;A $;' A41 @8599@
?1>G5?1' 2<? 1$&4 =?<&1@@ $?1$* h45@ J599 $5' =?<25A$%595AN[ @G@A$5;$%595AN $;' A41 2G?A41? '1I19<=:1;A <2 8;<Jb
4<J ! $99<J5;3 =1?:$;1;A $;' %?1$8bA4?<G34 =?<'G&A5I5AN 3$5;@* h41 =9$;;5;3 =?<&1@@ 5@ $953;1' J5A4 A41
O?<G=%@ :5@@5<;[ 5;&9G'1' 5; A41 %G'31A &N&91 $;' J599 %1 :$5;A$5;1' $@ $ &<;A5;G<G@ 5:=?<I1:1;A 5;5A5$A5I1*
[/7-6GQQ;
C?&19<?V5AA$9 4$' $==?<L5:$A19N 0BB[((( 1:=9<N11@ $@ <2 F1&1:%1? 0B[ p((n* h41 A$%91 %19<J @1A@ 2<?A4 A41
A<A$9 ;G:%1? <2 1:=9<N11@ %N <=1?$A5;3 @13:1;A 2<? A41 =$@A A4?11 N1$?@*
!68>6?G )**+ )**(

M9$A E$?%<; C:1?5&$@\B. 0)[n(( 0a[j^B
M9$A E$?%<; KG?<=1 )n[p0Z )Z[(((
U<;3 E$?%<; C:1?5&$@ $;' KG?<=1 j([Z^0 a)[j)p
CCERg BjZ[p^B Bp0[ap)
gA$5;91@@ gA119 BB[ajp BB[an(
gA119 g<9GA5<;@ $;' g1?I5&1@ BB[a)( B0[(Z)
cA41? $&A5I5A51@ 0[0aj 0[00B
h<A$9 0B^[anZ 0BB[j))
\B. R;&9G'1@ F<2$@&< 2<? C?&19<? 5; p(()*
C?&19<?V5AA$9 1:=9<N11@ 5; I$?5<G@ @5A1@ A4?<G34<GA A41 J<?9' $?1 ?1=?1@1;A1' %N A?$'1 G;5<;@[ $;'
C?&19<?V5AA$9 5@ $ =$?AN A< &<991&A5I1 %$?3$5;5;3 $3?11:1;A@ J5A4 1:=9<N11 <?3$;5@$A5<;@ $A I$?5<G@ @5A1@* h41
2<99<J5;3 '1@&?5=A5<; @G::$?5@1@ A41 @A$AG@ <2 &1?A$5; <2 A41@1 $3?11:1;A@ $;' ?19$A5<;@45=@*
c; C=?59 B^[ p((n[ C?&19<?V5AA$9 1:=9<N11 ?1=?1@1;A$A5I1@ $;' :$;$31:1;A $3?11' <; A41 =?5;&5=91 <2 $ ;1J9N
&<:%5;1' KG?<=1$; o<?8@ E<G;&59 \&KoE(.* h45@ $3?11:1;A ?1=9$&1@ A41 KoE $3?11:1;A@ A4$A =?1I5<G@9N
1L5@A1' 5; %<A4 V5AA$9 @A119 $;' C?&19<? =?5<? A< A415? :1?31? $;' ?1=?1@1;A@ $ :$6<? $''5A5<;$9 @A1= 5; A41
5;A13?$A5<; <2 C?&19<?V5AA$9* h41 $3?11:1;A J$@ @53;1' $;' A41 KoE J$@ 5;$G3G?$A1' <; SG9N B([ p((n*
h41 &<991&A5I1 %$?3$5;5;3 $3?11:1;A %1AJ11; A41 l;5A1' gA119J<?81?@ <2 C:1?5&$ \lgoC. $;' C?&19<?V5AA$9
lgC J599 1L=5?1 <; g1=A1:%1? B[ p((Z[ 2<99<J5;3 J45&4 $ ;1J $3?11:1;A J599 %1 ;13<A5$A1'* h41 =?1I5<G@
$3?11:1;A@ J1?1 ?$A5251' 5; p((a %N A41 =?1'1&1@@<? 1;A5AN A< C?&19<?V5AA$9 lgC* l;'1? A41 A1?:@ <2 $ p((j
&<991&A5I1 %$?3$5;5;3 $3?11:1;A[ A41 =$?A51@ $3?11' A< ;13<A5$A1 @G&&1@@<? $3?11:1;A@ J5A4<GA ?1@<?A5;3 A< @A?581@
<? 9<&8<GA@*
h41 E<:=$;N $;' A41 RVM \R;A1?;$A5<;$9 V1A$9J<?81?@ M1'1?$A5<;.[ KVM \KG?<=1$; V1A$9J<?81?@ M1'1?$A5<;.
$;' lgo \l;5A1' gA119J<?81?@ l;5<;. $?1 5; A41 =?<&1@@ <2 &<;&9G'5;3 $ O9<%$9 Q1$9A4 $;' g$21AN $3?11:1;A*
h41 W$A5<;$9 E<991&A5I1 D$?3$5;5;3 C3?11:1;A 5; D1935G: J599 1L=5?1 <; F1&1:%1? 0B[ p((Z[ $;' =9$;Ab91I19
;13<A5$A5<;@ J599 2<99<J A41 1@A$%95@4:1;A <2 ;1J ;$A5<;$9 $;' @1&A<?$9 $3?11:1;A@* W13<A5$A5<;@ $A =9$;A 91I19
$?1 1L=1&A1' A< %1 &<;&9G'1' %N V$?&4 p((^*
E<991&A5I1 %$?3$5;5;3 $3?11:1;A@ 5; O1?:$;N J1?1 25;$95@1' <; V$?&4 j[ p((Z[ &<I1?5;3 A41 =1?5<' 2?<:
M1%?G$?N p((Z A< C=?59 p((^*
g$9$?N $3?11:1;A@ J1?1 $9@< &<;&9G'1' 5; ?1@=1&A <2 T?NI5N f54 $;' T$P$84@A$; b E<$9 $;' gA119 G;5<;@ 2<? A41
=1?5<' g1=A1:%1? p((n A< g1=A1:%1? p((Z*
19
,P;'C a4XC')PR$ =6 DR'C?+Z') ;XA ,CXRZ' ];X;NC')
?< 8/ B.%.6$.; ->V i''gV =1. #00;.0#=. $.7./2%2#5 <1#;. 8E7.;<129 8/ ?;%.58;Q2==#5 &2;.%=8;< #7& <.728;
6#7#0.6.7= W-X 27&2D2&C#5<, E#< iV>'(V-'U ?;%.58;Q2==#5`1#;.< W.G%5C&270 <1#;.< 8E7.& $I ?;%.58;Q2==#5&<
`2072/2%#7= <1#;.185&.; > #7& 27%5C&270 89=287< =8 #%:C2;. ZZ'V--U ?;%.58;Q2==#5 %86687 <1#;.< =1#= #;.
.G.;%2<#$5. E2=127 (' &#I< 8/ B.%.6$.; ->V i''g,V $.270 ')>ZT 8/ =1. =8=#5 2<<C.& <1#;. %#92=#5 8/
?;%.58;Q2==#5) FG%5C&270 89=287< =8 #%:C2;. ?;%.58;Q2==#5 %86687 <1#;.<V =1.<. -X 27&2D2&C#5< $.7./2%2#55I 8E7
>VZgZVXg' ?;%.58;Q2==#5 %86687 <1#;.<)
\=1.; =1#7 =1. `2072/2%#7= <1#;.185&.;V .#%1 &2;.%=8; #7& 6.6$.; 8/ <.728; 6#7#0.6.7= $.7./2%2#55I 8E7< 87 #7
27&2D2&C#5 $#<2< 5.<< =1#7 >T 8/ ?;%.58;Q2==#5&< %86687 <1#;.<) a1. 9.;%.7=#0. 8/ =8=#5 %86687 <1#;.< 27 =1.
98<<.<<287 8/ =1. `2072/2%#7= <1#;.185&.; W27%5C&270 =;.#<C;I <=8%4, &.%;.#<.& /;86 bb)gXT 9;28; =8 R8D.6$.;
>-V i''g =8 b-)'ZT #/=.; =1#= &#=. #< # ;.<C5= 8/ =1. <.%87& <=.9 8/ =1. 6.;0.; $.=E..7 Q2==#5 `=..5 #7& ?;%.58;)
a1. 7C6$.; 8/ Q2==#5 `=..5 89=287< 0;#7=.& =8 &2;.%=8;< #7& <.728; 6#7#0.6.7= W27%5C&270 =1. `2072/2%#7=
<1#;.185&.;, 27 i''Z E#< -g'V'ib #= #7 .G.;%2<. 9;2%. 8/ +iU)gZV =1. 7C6$.; 8/ Q2==#5 `=..5 89=287< 0;#7=.& =8
&2;.%=8;< #7& <.728; 6#7#0.6.7= W27%5C&270 =1. `2072/2%#7= <1#;.185&.;, 27 i''( E#< bgiVZZ- #= #7 .G.;%2<.
9;2%. 8/ +--)gZZ #7& =1. 7C6$.; 8/ ?;%.58;Q2==#5 89=287< 0;#7=.& =8 &2;.%=8;< #7& <.728; 6#7#0.6.7= W27%5C&270
=1. `2072/2%#7= <1#;.185&.;, 27 i''g E#< g>bV''' #= #7 .G.;%2<. 9;2%. 8/ +(b)-') R8 Q2==#5 `=..5 89=287< E.;.
0;#7=.& &C;270 i''b) a1.<. 89=287< D.<= .2=1.; ;#=.#$5I C987 .#%1 8/ =1. /2;<= =1;.. #772D.;<#;2.< 8/ =1. 0;#7=
&#=.V 8;V 27 =8=#5V C987 =1. &.#=1V &2<#$252=I 8; ;.=2;.6.7= 8/ =1. 9#;=2%29#7=) a1. 89=287 =.;6 .G92;.< >' I.#;< #/=.;
=1. 0;#7= &#=.) M7 i''(V ?;%.58; 0;#7=.& i>gV>b( 89=287< =8 2=< <.728; 6#7#0.6.7= #= #7 .G.;%2<. 9;2%. 8/ )-b)b-)
a1. /8558E270 =#$5. <C66#;2<.< =1. 12<=8;I 8/ <1#;. 89=287< 0;#7=.& =8 <.728; 6#7#0.6.7= 8/ Q2==#5 `=..5 #7&
?;%.58;Q2==#5V #< 2=< <C%%.<<8; W27 i''>V i''- #7& i''bV 78 89=287< E.;. 0;#7=.& =8 6.6$.;< 8/ Q2==#5 `=..5&<
<.728; 6#7#0.6.7=,c
>3C';NC
a$+RZX)K a$+RZX)K a$+RZX)K a$+RZX)K a$+RZX)K a$+RZX)K 4CRNP+CA
N';X+CA N';X+CA N';X+CA N';X+CA N';X+CA N';X+CA C5C'?R)C
<JJJ ^``` ^``^ ^``M ^``b ^``\ .Z+;V KK $'R?CKK
`.728; Q#7#0.;<
W27%5C&270 =1.
`2072/2%#7=
<1#;.185&.;, UgVZ'' UgVZ'' >'ZV''' -g'V'ib bgiVZZ- g>bV''' iV'Z-Vg>- +b()b(
FG.;%2<. 9;2%. +>>)Xb +U)Zg +i)i( +iU)gZ +--)g( +(b)-'
a.;6 W27 I.#;<, >' >' >' >' >' >' # #
FG92;#=287 &#=. `.9=.6$.; NC7. >V ?9;25 ZV ?C0C<= i-V `.9=.6$.; ?C0C<= iV # #
>bV i''X i'>' i'>i i'>Z >V i'>( i'>g
Y \9=287< #E#;&.& C7&.; ?;%.58;Q2==#5`1#;.<)

YY a1. 89=287< 0;#7=.& $I ?;%.58; W78=.& #$8D., 1#D. $..7 27%5C&.& W#= # %87D.;<287 ;#=. 8/ )> e +>)-g'Z, 1#D. $..7
27%5C&.& 27 =1. =8=#5 7C6$.; 8/ 89=287< #7& =1. #D.;#0. E.201=.& .G.;%2<. 9;2%.)
M7 #%%8;&#7%. E2=1 =1. PCG.6$8C;0 `=8%4 FG%1#70.&< a.7 ];27%295.< 8/ A8;98;#=. J8D.;7#7%.V 27&.9.7&.7=
787[.G.%C=2D. 6.6$.;< 8/ ?;%.58;Q2==#5&< @8#;& 8/ B2;.%=8;< &8 78= ;.%.2D. <1#;. 89=287<)
>
*`2072/2%#7= <1#;.185&.;" #;. Q;) P#4<162 R) Q2==#5 #7& 12< E2/.V Q;<) d<1# Q2==#5V E18 =80.=1.; 8E7 #99;8G26#=.5I bbT
8/ Q2==#5 `=..5&< 8C=<=#7&270 D8=270 .:C2=I #< #= B.%.6$.; ->V i''g
20
h L!LFhJO / K L$L]`d^L_"
C?&19<?V5AA$9 5;I1@A@ 41$I59N 5; f1@1$?&4 $;' F1I19<=:1;A \f/F.[ 1:=9<N5;3 :<?1 A4$; B[j(( ?1@1$?&41?@ 5;
Bj ?1@1$?&4 &1;A?1@ 5; KG?<=1[ A41 lg[ E$;$'$ $;' D?$P59*
C?&19<?V5AA$9 J<?8@ &9<@19N J5A4 5A@ &G@A<:1?@ A< '1I19<= ;1LAb31;1?$A5<; @<9GA5<;@ A4$A J599 @G@A$5; A415?
&<:=1A5A5I1;1@@* E<b1;35;11?5;3 =?<3?$::1@[ 9<;3 $ 21$AG?1 <2 A41 O?<G=%@ ?19$A5<;@45= J5A4 A41 J<?9'J5'1
$GA<:<A5I1 5;'G@A?N[ $?1 =?<3?1@@5I19N %15;3 1LA1;'1' A< cKV@ \c?535;$9 K>G5=:1;A V$;G2$&AG?1?@. 5; A41
$==95$;&1@ 2519'* R; p((n[ A41 O?<G=%@ ?191;A91@@ 5;;<I$A5<; 1LA1;'1' $;' 5:=?<I1' 5A@ ?$;31 <2 <221?5;3@ 5;
1I1?N =?<'G&A $?1$*
FIG@>@G:Q6 e o5A4 1;35;11?5;3 A1$:@ ?1@5'1;A 5; &G@A<:1?@% =9$;A@[ C?&19<?V5AA$9 J<?8@ J5A4 cKV@ 2?<: A41
'1@53; @A$31 <2 ;1J =?<'G&A 9$G;&41@[ 419=5;3 A< &?1$A1 I145&91@ A4$A $?1 9534A1?[ @A?<;31?[ @$21? $;' :<?1
$AA?$&A5I1 A< 1;'b=G?&4$@1?@* R; p((n[ $ 39<%$9 A1&4;5&$9 =$?A;1?@45= =?<3?$::1 J$@ 5:=91:1;A1' J5A4
5;'5I5'G$9 cKV@ $5:1' $A $==9N5;3 A41 %1@A C?&19<?V5AA$9 @A119 @<9GA5<;@ 5; A1?:@ <2 &<@A $;' =1?2<?:$;&1 A<
;1J I145&91 '1@53;@* h45@ G;5>G1[ 39<%$9 $==?<$&4 4$@ %11; ?1&15I1' %N $GA<:<A5I1 :$;G2$&AG?1?@*
R; 2AA=:2?46E[ A41 2<&G@ 5; p((n J$@ <; $;A5&5=$A5;3 ;1J 913$9 $;' ?13G9$A<?N ?1>G5?1:1;A@ $;' '1I19<=5;3
1;I5?<;:1;A$99N 2?51;'9N @<9GA5<;@ A4?<G34 A41 E?)b2?11 =$@@5I$A5<; $;' K$@N259: =?<'G&A 95;1@* h41 9$AA1? J599
%1 &<:=91A1' 5; p((Z J5A4 A41 $''5A5<; <2 &<;'G&A5I1 1$@N 259: ! $ E4?<:5G:b2?11 =?<'G&A J5A4 1;4$;&1'
&<;'G&A5I5AN =?<=1?A51@ 2<? UEF @&?11;@ $;' FmF =9$N1?@*
C'$=A1' 4<A ?<991' 'G$9 =4$@1 @A119@ J1?1 '1I19<=1' 5; p((n 2<? >6G2= AC@46EE:?8 $==95&$A5<;@* C ;1J @A119 3$@
&N95;'1?[ <;9N $%<GA 4$92 A41 J1534A <2 $ A?$'5A5<;$9 3$@ &N95;'1?[ J$@ '1I19<=1' 5; &<99$%<?$A5<; J5A4 3$@ %<AA91
@G==951? U5<A$?' $;' J$@ ?G;;1?bG= 5; A41 gJ1'5@4 gA119 d?5P1 p((n* C @A119 @<9GA5<; '1I19<=1' 6<5;A9N J5A4
C9@A<: 2<? A41 ?$59 A?$;@=<?A$A5<; 5;'G@A?N $&451I1@ @4<?A1? $@@1:%9N A5:1@ J4591 :$5;A$5;5;3 291L5%595AN*
R; A24<28:?8[ $ '?$J;[ @4$=1' $;' :5&?<J$I$%91 2<<' &<;A$5;1? J5A4 $ =119b<22 95' :$'1 <GA <2 E?1$@A119 ! $
I1?N @<2A $;' A45; A5;=9$A1 ! J$@ '1I19<=1' 5; =$?A;1?@45= J5A4 R:=?1@@ $;' J<; A41 3<9' $J$?' 5; A41 2519' <2
=?<A<AN=1@ $A A41 E$; <2 A41 "1$? @G::5A 5; E45&$3<*
R; A41 4@?EGCI4G:@? $;' &5I59 1;35;11?5;3 :$?81A@[ A41 O?<G= J<?8@ A< '1I19<= ;1J =?<'G&A@ $;' @<9GA5<;@ A4$A
J599 5:=?<I1 @$21AN $;' &<:2<?A[ ?1'G&1 &<@A <? &<;@A?G&A5<; A5:1[ 1LA1;' 'G?$%595AN[ 5:=?<I1 $?&45A1&AG?$9
>G$95AN $;'[ 5;&?1$@5;39N[ ?1'G&1 1;I5?<;:1;A$9 5:=$&A@* C?&19<?V5AA$9%@ 5;;<I$A5I1 $==?<$&4 5; A45@ @1&A<? J$@
?1&<3;5@1' $A A41 %5$;;G$9 D$A5:$A 2$5? J45&4 A<<8 =9$&1 5; d$?5@ 5; W<I1:%1? p((n* h41 O<9'1; R;;<I$A5<;
V1'$9 J$@ $J$?'1' A< C?@<9$?[ $ @<9$? =$;19 '1@53;1' %N C?I$9* D1@5'1@[ A41 O<9'1; F1@53; V1'$9 J$@ $J$?'1'
A< A41 C;3195;$* %1$:[ &?1$A1' 5; ?1@=<;@1 A< $ =?<=<@$9 2?<: A41 91$'5;3 $?&45A1&A[ E9$G'1 m$@&<;5* h41 ?1@G9A
5@ $ @9118[ <=1; $;' I1?@$A591 %1$: J45&4 <221?@ $ ;1J $?&45A1&AG?$9 '5:1;@5<; J5A45; $; 1;I5?<;:1;A$99N
2?51;'9N $==?<$&4*
C ;1J =$?A;1?@45= %1AJ11; C?&19<?V5AA$9 $;' 25I1 91$'5;3 &<:=$;51@ @G==9N5;3 &<::1?&5$9 '1@53; @<2AJ$?1 2<?
A41 &<;@A?G&A5<; :$?81A J$@ 1@A$%95@41' A< 5:=?<I1 A41 '5@@1:5;$A5<; <2 A41 O?<G=%@ @<2AJ$?1 =?<3?$::1@*
R; EG2:?=6EE[ ;1J 21??5A5& 3?$'1@ ! Tj0! $;' Tjj! ! J1?1 '1I19<=1' A< ?1'G&1 A41 O?<G=%@ 1L=<@G?1 A< A41
;5&819 =?5&1* f/F $9@< @G==<?A1' A41 '1I19<=:1;A <2 21??5A5& @A$5;91@@ 5; ;1J $==95&$A5<;@ ?$;35;3 2?<:
'1&<?$A5I1 AG%1@ $;' &4$5?@ A< J$A1? @G==9N @N@A1:@ $;' @G3$? &$;@* C ;1J p((b@1?51@ $G@A1;5A5& 3?$'1 J5A4 j*aY
;5&819[ %GA '1:<;@A?$A5;3 $9:<@A 5'1;A5&$9 =?<=1?A51@ A< A41 0(j 3?$'1 \&<;A$5;5;3 Z*aY ;5&819.[ J$@ 9$G;&41'*
C?&19<?V5AA$9 5@ A$85;3 =$?A 5; A41 '1I19<=:1;A <2 ;1J 1;1?3Nb@$I5;3 A1&4;<9<351@* h41 N1$? p((n @$J A41 @A$?A
<2 =?<'G&A5<; <2 ;1J[ 2G99N =?<&1@@1' 3?$'1@ <2 6=64GC:42= EG66=* h41 ;1J 3?$'1@ @53;525&$;A9N ?1'G&1 1;1?3N 9<@@
$;' 4$I1 =$?A5&G9$? $==95&$A5<;@ 2<? 4534b1225&51;&N $;' 4534b2?1>G1;&N A?$;@2<?:1?@* h41N 4$I1 $AA?$&A1' A41
5;A1?1@A <2 $ ;G:%1? <2 $GA<:<A5I1 :$;G2$&AG?1?@*
W5;1 ;1J =?<'G&A@[ <221?5;3 5:=?<I1' =?<=1?A51@ <? ?1'G&1' &<@A[ J1?1 9$G;&41' 5; p((n[ :$5;A$5;5;3
C?&19<?V5AA$9%@ 91$'5;3 =<@5A5<; 5; $ ;G:%1? <2 ;5&41@ J5A45; A41 EA64:2=GT A=2G6 :$?81A* c;1 1L$:=91 J$@ $
91$; 'G=91L @A$5;91@@ @A119 J5A4 $ ?1'G&1' ;5&819 &<;A1;A %GA J5A4 45341? @A?1;3A4 $;' &<??<@5<;b?1@5@A$;A
=?<=1?A51@ A4$; A41 @A$;'$?' 3?$'1* h45@ J599 ;<J %1 =?<=<@1' 2<? @A<?$31 A$;8[ &<;@A?G&A5<; $;' =G9= $;' =$=1?
5;'G@A?N $==95&$A5<;@*
21
f/F &<;A?5%GA1' @A?<;39N A< A41 @N;1?351@ ?1$95@1' 5; p((n %N A?$;@21??5;3 =?<&1@@ 8;<J91'31 %1AJ11; $99 =$?A@
<2 A41 O?<G=* C ;<A$%91 1L$:=91 J$@ A41 5:=91:1;A$A5<; 5; W<?A4 C:1?5&$ <2 &9<335;3 ?1'G&A5<; A1&4;<9<3N
'1I19<=1' 5; KG?<=1* R; A41 '1I19<=:1;A $?1$[ @53;525&$;A 1:=4$@5@ J$@ =9$&1' 5; p((n <; ?$J :$A1?5$9@[
1;I5?<;:1;A$9 5:=?<I1:1;A@[ 1;1?3N $;' >G$95AN*
C?&19<?V5AA$9 &<;A5;G1' A< =?<3?1@@ 5A@ J<?8 <; A41 KG?<=1$; l;5<;%@ l9A?$ U<J Ecp gA119:$85;3 \lUEcg.
=?<61&A* d4$@1 RR[ 5;I<9I5;3 =59<Ab@&$91 A?5$9@ <; A41 2<G? A1&4;5&$9 ?<GA1@ &4<@1; 2?<: $:<;3 n( @AG'51' 5; d4$@1
R[ &<::1;&1' 5; p((n* h41 25?@A A?5$9 <2 A<= 3$@ ?1&N&95;3 A1&4;<9<3N <; $; 1L=1?5:1;A$9 %9$@A 2G?;$&1 5; UG91$[
gJ1'1;[ '195I1?1' =?<:5@5;3 ?1@G9A@*
22
,E*)2 E6 28)4/-E)+ *D2 +4D8E) B*D*74B4D-
#&+(! &$ '%(",*&()

2U/;NSUICXX-N /SQXCQ#;V XS T#X - VXUSQ? ;OTA-VCV SQ /SUTSU-X; ?S$;UQ-Q/;^ EX A-V 1" CQ0;T;Q0;QX 0CU;/XSUV SQ CXV
3S-U0 S= 6CU;/XSUV^ _A; CQ0;T;Q0;Q/; S= XA; 0CU;/XSUV CV -VV;VV;0 SQ -QQ#-N .-VCV #VCQ? J;% +SUL ]XS/L
>'/A-Q?; 8J+]>! HCVX;0 4SOT-Q) I-Q#-N#V [#N; "Z"2^Z1 8EQ0;T;Q0;QX 6CU;/XSUV! -Q0 [#N; "Z"2^ZR
8EQ0;T;Q0;Q/; _;VXV!7 .SXA -$-CN-.N; SQ %%%^Q)V;^/SO #Q0;U !EQ=SUO-XCSQ"7 CQ V;/XCSQ !@SU HCVX;0 4SOT-QC;V
<< HCVX;0 4SOT-Q) I-Q#-N"7 -Q0 !"Z"2^ZZ 4SUTSU-X; BS$;UQ-Q/; ]X-Q0-U0V"^ _ACV -TTNC;0 - AC?A;U VX-Q0-U0
XA-Q XA; CQ0;T;Q0;Q/; /UCX;UC- V;X S#X CQ XA; 1Z 4SUTSU-X; BS$;UQ-Q/; YUCQ/CTN;V S= XA; H#';O.S#U? ]XS/L
>'/A-Q?;^ _A; O;O.;UV S= XA; 2U/;NSUICXX-N 3S-U0 S= 6CU;/XSUV -V S= 6;/;O.;U "17 RZZP -U; -V V;X =SUXA .;NS%M
2;?C 43A 5# -C:0 ;? %5<(?(53 !(?&(3

D;0C *$C19' =5(3CA ,5;:A1"' *7B ?5 >C &C.A (3 *:@C.5:B(??;.
FSV;TA F^ GCQV/A8R!8"! PK W/XS.;U RZZ\ RZZ5 4A-CUO-Q S= 2U/;NSUICXX-N#V
3S-U0 S= 6CU;/XSUV
H-LVAOC J^ ICXX-N :P I-) 199P RZ11 YU;VC0;QX S= 2U/;NSUICXX-N#V
3S-U0 S= 6CU;/XSUV -Q0
4AC;= >';/#XC$; W==C/;U
&-QCVA- ICXX-N 3A-XC- RP 6;/;O.;U RZZK RZ1Z I;O.;U S= 2U/;NSUICXX-N#V
3S-U0 S= 6CU;/XSUV
J-U-)-Q-Q &-?A#N81!8"! P1 F#N) 199P RZZ9 I;O.;U S= 2U/;NSUICXX-N#V
3S-U0 S= 6CU;/XSUV
(CN.#U H^ [SVV81!8"! PZ 2TUCN RZZ: RZZ9 I;O.;U S= 2U/;NSUICXX-N#V
3S-U0 S= 6CU;/XSUV
H;%CV 3^ G-0;Q8R!8"! \: 2TUCN RZZ: RZZ5 I;O.;U S= 2U/;NSUICXX-N#V
3S-U0 S= 6CU;/XSUV
@U-Q#SCV D^ YCQ-#NX8"! P1 F#Q; RZZ\ RZZ9 I;O.;U S= 2U/;NSUICXX-N#V
3S-U0 S= 6CU;/XSUV
FSV# [-O"Q "N$-U;* \P W/XS.;U RZZ\ RZ1Z I;O.;U S= 2U/;NSUICXX-N#V
[;Q0#;N;V81!8"! 3S-U0 S= 6CU;/XSUV
];U?CS ]CN$- 0; @U;CX-V8R!8"! \K W/XS.;U RZZ\ RZZ9 I;O.;U S= 2U/;NSUICXX-N#V
3S-U0 S= 6CU;/XSUV
B;SU?;V ]/AOCX :K W/XS.;U RZZ\ RZ11 I;O.;U S= 2U/;NSUICXX-N#V
3S-U0 S= 6CU;/XSUV
>0OSQ0 Y-/A#U-81!8"! P" W/XS.;U RZZ\ RZZ5 I;O.;U S= 2U/;NSUICXX-N#V
3S-U0 S= 6CU;/XSUV
IC/A;N 2Q?;N I-UXC8"! \Z W/XS.;U RZZ\ RZZ9 I;O.;U S= 2U/;NSUICXX-N#V
3S-U0 S= 6CU;/XSUV
I-Q#;N @;UQ"Q0;* H"T;* 8"! \1 W/XS.;U RZZ\ RZ1Z I;O.;U S= 2U/;NSUICXX-N#V
3S-U0 S= 6CU;/XSUV
F;-Q<YC;UU; D-QV;Q8R!8"! :9 W/XS.;U RZZ\ RZZ9 I;O.;U S= 2U/;NSUICXX-N#V
3S-U0 S= 6CU;/XSUV
FSAQ 4-VX;?Q-US8"! \R W/XS.;U RZZ\ RZ1Z I;O.;U S= 2U/;NSUICXX-N#V
3S-U0 S= 6CU;/XSUV
4SUTSU-/C"Q FI24 8U;TU;V;QX;0 KK W/XS.;U RZZ\ RZ11 I;O.;U S= 2U/;NSUICXX-N#V
.) 2QXSCQ; ]TCNNO-QQ! 3S-U0 S= 6CU;/XSUV
D[D YUCQ/; B#CNN-#O; 0; KK W/XS.;U RZZ\ RZ11 I;O.;U S= 2U/;NSUICXX-N#V
H#';O.S#U?8"! 3S-U0 S= 6CU;/XSUV
[SO-CQ ,-N;VLC8K! PK W/XS.;U RZZ\ RZZ5 I;O.;U S= 2U/;NSUICXX-N#V
3S-U0 S= 6CU;/XSUV
81! 2#0CX 4SOOCXX;;

8R! 2TTSCQXO;QXV7 [;O#Q;U-XCSQ -Q0 4SUTSU-X; BS$;UQ-Q/; 4SOOCXX;;
8"! JSQ<;';/#XC$; -Q0 CQ0;T;Q0;QX 0CU;/XSU
8K! IU^ ,-N;VLC U;VC?Q;0 =USO XA; 3S-U0 S= 6CU;/XSUV SQ I-U/A :7 RZZ5
8:! 2?; -V S= 6;/;O.;U "17 RZZP
8\! W= 2U/;NSUICXX-N SU CXV TU;0;/;VVSU ICXX-N ]X;;N
23
h41 %G@5;1@@ $''?1@@ <2 1$&4 <2 A41 :1:%1?@ <2 C?&19<?V5AA$9%@ D<$?' <2 F5?1&A<?@ 5@ C?&19<?V5AA$9%@ <225&1@ $A
B^[ $I1;G1 '1 9$ U5%1?A"[ Ubp^0( UGL1:%<G?3[ O*F* <2 UGL1:%<G?3*
[@E6A9 \:?E49[ %<?; <; V$N p[ B^00[ 5@ A41 E4$5?:$; <2 C?&19<?V5AA$9%@ D<$?' <2 F5?1&A<?@* CA A41 419: <2
UGL1:%<G?3b%$@1' @A119:$81? C?%1'[ 41 4$@ %11; <;1 <2 A41 81N &<;@<95'$A<?@ <2 A41 J<?9' @A119 5;'G@A?N <2 A41
9$@A '1&$'1@[ 25?@A %N ?1@4$=5;3 C?%1'%@ @A?$A13N $;' @A11?5;3 5A@ 3?<JA4[ ;<A$%9N 5; KG?<=1 $;' D?$P59[ A41; %N
$@@G:5;3 $ @53;525&$;A ?<91 5; A41 A4?11bJ$N :1?31? <2 KG?<=1$; @A119 &<:=$;51@ J45&4 ?1@G9A1' 5; C?&19<?[ $;'
?1&1;A9N %N ;13<A5$A5;3 $ :1?31? <2 1>G$9@ %1AJ11; C?&19<? $;' V5AA$9 gA119* V? T5;@&4 6<5;1' C?%1' 5; B^)B $A
5A@ DG?%$&4 \g$$?[ O1?:$;N. =9$;A* C N1$? 9$A1?[ 41 :<I1' A< A41 &<:=$;N%@ 41$'>G$?A1?@ 5; UGL1:%<G?3* h41?1[
41 419' I$?5<G@ 25;$;&5$9 \$&&<G;A5;3 $;' 25;$;&1. $;' 5;'G@A?5$9 \@A119 =?<&1@@5;3. =<@5A5<;@* V? T5;@&4 J$@ $
:1:%1? <2 A41 C?%1' O?<G=%@ V$;$31:1;A D<$?' 2?<: B^Z( A< B^^B[ %1&$:1 EKc 5; B^^p $;' E4$5?:$; <2 5A@
D<$?' <2 F5?1&A<?@ 5; B^^0* R; p((p[ $A A41 &?1$A5<; <2 C?&19<?[ 41 J$@ &4<@1; A< &4$5? A41 D<$?' <2 F5?1&A<?@ <2
A41 ;1J &<:=$;N* S<@1=4 T5;@&4 4<9'@ $ V$@A1?%@ '13?11 5; K&<;<:5&@ $;' 5@ $ F<&A<? <2 U$J@ 4*&* Q1 5@ A41
Q<;<?$?N E<;@G9 <2 D?$P59 5; UGL1:%<G?3* Q5@ :1?5A@ $@ $; 1;A?1=?1;1G? 4$I1 %11; J5'19N ?1&<3;5@1'
A4?<G34<GA A41 J<?9'*
]2<E9>: _, ^:GG2=[ %<?; <; SG;1 Ba[ Bâ([ 5@ A41 d?1@5'1;A <2 A41 D<$?' <2 F5?1&A<?@ $;' E4512 KL1&GA5I1
c225&1? <2 C?&19<?V5AA$9* V? V5AA$9 2<G;'1' V5AA$9 gA119 E<:=$;N 5; B^Z^ $;' 3G5'1' 5A@ @A?$A135& '1I19<=:1;A[
&G9:5;$A5;3 5; 5A@ :1?31? J5A4 C?&19<?[ $3?11' 5; p(()[ A< 2<G;' A41 J<?9'%@ 9$?31@A @A119 :$81?* Q1 5@ J5'19N
?1&<3;5@1' 2<? A41 91$'5;3 ?<91 41 4$@ =9$N1' 5; ?1@A?G&AG?5;3 A41 @A119 5;'G@A?N A<J$?'@ $ :<?1 &<;@<95'$A1' $;'
39<%$95@1' :<'19* V? V5AA$9 %13$; 45@ &$?11? J<?85;3 5; 45@ 2$:59N%@ @A119b:$85;3 %G@5;1@@ 5; R;'5$[ $;' 4$@
<I1? 0( N1$?@ 1L=1?51;&1 J<?85;3 5; @A119 $;' ?19$A1' 5;'G@A?51@* R; $''5A5<; A< @1AA5;3 A41 =$&1 <2 5;'G@A?N
&<;@<95'$A5<;[ 41 4$@ $9@< &4$:=5<;1' A41 '1I19<=:1;A <2 5;A13?$A1' :5;5b:599@ $;' A41 G@1 <2 FfR $@ $ @&?$=
@G%@A5AGA1 2<? @A119:$85;3* M<99<J5;3 A41 &<:%5;$A5<; <2 R@=$A R;A1?;$A5<;$9 $;' UWV Q<9'5;3@ A< 2<?: V5AA$9
gA119 5; F1&1:%1? p((j[ A<31A41? J5A4 A41 @5:G9A$;1<G@ $;;<G;&1:1;A <2 A41 $&>G5@5A5<; <2 R;A1?;$A5<;$9 gA119
O?<G= 5; A41 l;5A1' gA$A1@ A< 2<?: A41 J<?9'%@ A41;b91$'5;3 @A119 =?<'G&1?[ V? V5AA$9 J$@ $J$?'1' M<?AG;1
:$3$P5;1%@ &KG?<=1$; DG@5;1@@:$; <2 A41 "1$? p((j(* R; B^^)[ V? V5AA$9 J$@ $J$?'1' &gA119:$81? <2 A41
"1$?( %N W1J gA119 5; A41 l;5A1' gA$A1@ $;' 5; SG;1 B^^Z[ A41 &o599N T<?2 gA119 m5@5<; CJ$?'( 2?<: C:1?5&$;
V1A$9 V$?81A $;' d$5;1o1%%1?%@ o<?9' gA119 FN;$:5&@[ 2<? <GA@A$;'5;3 I5@5<;[ 1;A?1=?1;1G?@45=[ 91$'1?@45=
$;' @G&&1@@ 5; 39<%$9 @A119 '1I19<=:1;A* M<99<J5;3 A41 &?1$A5<; <2 C?&19<?V5AA$9[ V? V5AA$9 J$@ ;$:1'
&DG@5;1@@ d1?@<; <2 p(()( %N A41 gG;'$N h5:1@[ &R;A1?;$A5<;$9 W1J@:$81? <2 A41 "1$? p(()( %N h5:1
V$3$P5;1 $;' &d1?@<; <2 A41 "1$? p(()( %N A41 M5;$;&5$9 h5:1@ 2<? 45@ <GA@A$;'5;3 %G@5;1@@ $&451I1:1;A@* R;
S$;G$?N p((n[ V? V5AA$9 J$@ =?1@1;A1' J5A4 $ M199<J@45= 2?<: T5;3%@ E<99131 U<;'<;[ A41 &<99131%@ 45341@A
$J$?'* Q1 $9@< ?1&15I1' A41 p((n FJ534A F* K5@1;4<J1? O9<%$9 U1$'1?@45= CJ$?'[ A41 O?$;' E?<@@ <2 E5I59
V1?5A 2?<: g=$5; $;' J$@ ;$:1' CRgh gA119:$81? <2 A41 "1$?* R; S$;G$?N p((Z[ V? V5AA$9 J$@ $J$?'1' A41
d$':$ m5%4G@4$;[ R;'5$%@ @1&<;' 45341@A &5I595$; 4<;<G?[ %N A41 d?1@5'1;A <2 R;'5$* V? V5AA$9 5@ $; $&A5I1
=459$;A4?<=5@A $;' $ :1:%1? <2 I$?5<G@ A?G@A@* l;'1? 45@ 3G5'$;&1[ C?&19<?V5AA$9 5@ $ @53;525&$;A &<;A?5%GA<? A<
9<&$9 &<::G;5AN $;' J192$?1 $&A5I5A51@ 2<? 1:=9<N11@ 5; &<G;A?51@ J41?1 A41 C?&19<?V5AA$9 3?<G= <=1?$A1@*
V? V5AA$9 5@ $ :1:%1? <2 A41 M<?153; R;I1@A:1;A E<G;&59 5; T$P$84@A$;[ A41 R;A1?;$A5<;$9 R;I1@A:1;A E<G;&59 5;
g<GA4 C2?5&$[ A41 d?1@5'1;A5$9 R;A1?;$A5<;$9 C'I5@<?N D<$?' <2 V<P$:%5>G1[ A41 o<?9' K&<;<:5& M<?G:%@
R;A1?;$A5<;$9 DG@5;1@@ E<G;&59 $;' A41 R;A1?;$A5<;$9 R?<; $;' gA119 R;@A5AGA1%@ KL1&GA5I1 E<::5AA11* Q1 5@ $
F5?1&A<? <2 KCFg $;' <2 RERER D$;8 U5:5A1'[ $;' @5A@ <; A41 C'I5@<?N D<$?' <2 A41 T199<33 g&4<<9 <2
V$;$31:1;A 5; A41 l;5A1' gA$A1@ $;' <; A41 R;A1?;$A5<;$9 C'I5@<?N D<$?' <2 E5A53?<G=* V? V5AA$9 J$@ %<?; 5;
g$'G9=G? 5; f$6$@A4$;[ R;'5$ <; SG;1 Ba[ Bâ([ $;' 3?$'G$A1' 2?<: gA* !$I51?%@ E<99131 5; T<98$A$[ J41?1 41
?1&15I1' $ D$&419<? <2 E<::1?&1 '13?11* V? V5AA$9 5@ :$??51' A< l@4$ V5AA$9[ $;' 4$@ $ @<;[ C'5AN$ V5AA$9[ $;'
$ '$G34A1?[ m$;5@4$ V5AA$9 D4$A5$*
$2?:E92 ^:GG2= H92G:2[ %<?; <; CG3G@A p0[ B^Z([ J$@ $==<5;A1' $@ $ :1:%1? <2 A41 UWV Q<9'5;3@ D<$?' <2
F5?1&A<?@ 5; SG;1 p((j* V?@ m$;5@4$ V5AA$9 D4$A5$ J$@ $==<5;A1' A< V5AA$9 gA119%@ D<$?' <2 F5?1&A<?@ 5;
F1&1:%1? p((j* g41 4$@ $ D$&419<? <2 C?A@ '13?11 5; DG@5;1@@ C':5;5@A?$A5<; 2?<: A41 KG?<=1$; DG@5;1@@
g&4<<9 $;' 4$@ &<:=91A1' &<?=<?$A1 5;A1?;@45=@ $A V5AA$9 g45==5;3[ V5AA$9 gA119 Q$:%G?3 O:%Q $;' J5A4 $;
R;A1?;1Ab%$@1' I1;AG?1 &$=5A$9 2G;'* g41 5@ A41 '$G34A1? <2 V? U$8@4:5 W* V5AA$9*
_2C2T2?2? $289I=[ %<?; <; CG3G@A j[ B^0)[ 4$@ a( N1$?@ <2 1L=1?51;&1 5; A41 25;$;&5$9 @1&A<? $;' 4$@ %11; A41
E4$5?:$; <2 R;'G@A?5$9 E?1'5A $;' R;I1@A:1;A E<?=<?$A5<; <2 R;'5$ 2<? B) N1$?@ $;' <2 RERER D$;8 UA' 2<? A41 9$@A
AJ< N1$?@* d?5<? A< A4$A[ 41 J$@ E4$5?:$; <2 A41 D$;8 <2 R;'5$ $;' KL1&GA5I1 F5?1&A<? <2 A41 E1;A?$9 D$;8 <2 R;'5$*
Q1 J$@ &4<@1; $@ A41 DG@5;1@@:$; <2 A41 "1$? 5; B^^p %N DG@5;1@@ R;'5$[ $ 91$'5;3 R;'5$; =G%95&$A5<;[ $;' 4$@
@1?I1' $@ $ &<;@G9A$;A A< A41 o<?9' D$;8[ A41 R;A1?;$A5<;$9 M5;$;&1 E<?=<?$A5<; $;' A41 C@5$; F1I19<=:1;A D$;8*
V? m$34G9 J$@ $9@< $ I5@5A5;3 d?<21@@<? $A A41 gA1?; DG@5;1@@ g&4<<9 $A W1J "<?8 l;5I1?@5AN* V? m$34G9 5@
E4$5?:$; <2 A41 R;'5$; R;@A5AGA1 <2 M5;$;&1 V$;$31:1;A / f1@1$?&4 $;' 5@ $9@< $ D<$?' :1:%1? <2 I$?5<G@ <A41?
24
&<:=$;51@[ 5;&9G'5;3 o5=?< U5:5A1'[ V$45;'?$ / V$45;'?$ U5:5A1'[ W5&4<9$@ d5?$:$9 R;'5$ U5:5A1'[ C=<99<
Q<@=5A$9@ U5:5A1' $;' Q5:$A@5;38$ g15'1 U5:5A1'*
%:=3IC ], h@EEY [C,[ %<?; <; W<I1:%1? pZ[ B^0n[ 4$@ @1?I1' $@ A41 E4$5?:$; <2 A41 RgO D<$?' <2 F5?1&A<?@ @5;&1
RgO%@ 5;&1=A5<;* V? f<@@ 5@ $9@< A41 E4$5?:$; $;' E4512 KL1&GA5I1 c225&1? <2 oUf f1&<I1?N MG;' U*d*[ oUf
f1&<I1?N MG;' RR U*d*[ C@5$ f1&<I1?N MG;'[ C@5$ f1&<I1?N MG;' E<bR;I1@A:1;A[ W5==<; R;I1@A:1;A d$?A;1?@ $;'
C%@<9GA1 f1&<I1?N Q1'31 MG;'* V? f<@@ 5@ $9@< E4$5?:$; <2 c45PG:5 V$;G2$&AG?5;3 E<:=$;N 5; S$=$;[
E4$5?:$; <2 R;A1?;$A5<;$9 h1LA591 O?<G=[ R;A1?;$A5<;$9 E<$9 O?<G= $;' <2 V$?>G5@ o4<%@ o4< R;&* 5; A41 l;5A1'
gA$A1@[ $;' E4$5?:$; <2 R;@G?$A1L UA' 5; D1?:G'$* V? f<@@ 5@ $ D<$?' :1:%1? <2 A41 hG?;$?<G;' V$;$31:1;A
C@@<&5$A5<;[ W588< K91&A?5& E<* 5; S$=$;[ h<;3 "$;3 U521 R;@G?$;&1 E<* 5; T<?1$[ $;' <2 gN:@ E<?=*[ E9$?1;A
Q<@=5A$9 E<?=* $;' W1J@ E<::G;5&$A5<;@ R;&* 5; A41 l;5A1' gA$A1@* Q1 5@ $9@< F5?1&A<? <2 RCE C&>G5@5A5<;
E<?=<?$A5<; UA' 5; A41 l;5A1' T5;3'<:[ E<:=$3;51 KG?<="1;;1 '1 o$3<;@ gCfU 5; UGL1:%<G?3[ cL2<?'
CGA<:<A5I1 5; F1;:$?8 $;' g$21AN E<:=<;1;A@ R;A1?;$A5<;$9 5; A41 l;5A1' gA$A1@* Q1 5@ F5?1&A<? <2 A41 S$=$;
g<&51AN $;' <2 A41 "$91 g&4<<9 <2 V$;$31:1;A* V? f<@@ 5@ $9@< $ :1:%1? <2 A41 DG@5;1@@ f<G;'A$%91* d?1I5<G@9N[
V? f<@@ @1?I1' $@ A41 KL1&GA5I1 V$;$35;3 F5?1&A<? $A f<A4@&459' R;&*[ $; 5;I1@A:1;A %$;85;3 25?:[ 2?<: c&A<%1?
B^nj A< V$?&4 p(((*
]6R:E H, \256?[ %<?; <; V$?&4 pj[ B^jp[ 4$@ :<?1 A4$; 0Z N1$?@ <2 1L=1?51;&1 5; &<?=<?$A1 3<I1?;$;&1[ '5@=GA1
:1'5$A5<;[ 9$%<G? $;' 1:=9<N:1;A 9$J[ $;' 1&<;<:5& =<95&N* Q1 5@ &G??1;A9N m5&1 E4$5?:$; $;' E4512
C':5;5@A?$A5I1 c225&1? <2 E5A53?<G= R;&* d?5<? A< A4$A[ 41 J$@ $ =$?A;1? $A A41 9$J 25?: <2 F$I5@ d<98 / o$?'J199
$;' @1?I1' $@ E<G;@19 A< A41 O<I1?;<? <2 W1J S1?@1N[ $@ $ d?<21@@<? <2 U$J $A E<9G:%5$ l;5I1?@5AN $;' $@
F5?1&A<? <2 E<9G:%5$%@ E1;A?1 2<? U$J $;' K&<;<:5& gAG'51@* Q1 4$@ @1?I1' $@ $ F5?1&A<? <2 D1A49141: gA119
E<?=<?$A5<; 2<? A1; N1$?@ $;' 5@ &G??1;A9N E4$5?:$; <2 A41 D<$?' <2 F5?1&A<?@ <2 A41 V$?891 M<G;'$A5<;* Q1 5@ $
:1:%1? <2 A41 E<G;&59 <; M<?153; f19$A5<;@ $;' A41 :<'1?$A<? <2 A41 DG@5;1@@bU$%<G? F5$9<3G1* V? T$'1; 5@ $
+KS-K O<+ )K<PQ 3?$'G$A1 <2 Q$?I$?' E<99131 $;' <2 Q$?I$?' U$J g&4<<9* Q1 J$@ A41 S<4; Q$?I$?' g&4<9$? $A
K::$;G19 E<99131[ E$:%?5'31 l;5I1?@5AN*
MC2?!@:E O, d:?2I=G[ %<?; <; CG3G@A pB[ B^0)[ 5@ A41 2<G;'1? $;' 2<?:1? d?1@5'1;A <2 A41 C?A1:5@ O?<G= $;'
ddf* h41 C?A1:5@ O?<G= 5@ $ 0pa %5995<; 39<%$9 5;I1@A:1;A 4<9'5;3 &<:=$;N 5;&9G'5;3 jpY <2 A41 95@A1' &<:=$;N
ddf* ddf 5;&9G'1@ ?1A$59 %?$;'@[ @G&4 $@ MWCE[ U$ f1'<GA1[ U1 d?5;A1:=@[ E<;2<?$:$[ $;' 9GLG?N %?$;'@[ @G&4 $@
OG&&5 O?<G=[ J45&4 5;&9G'1@ OG&&5[ D<AA13$ m1;1A$[ "I1@ g$5;A U$G?1;A[ D<G&41?<; $;' D$91;&5$3$* C?A1:5@ $9@<
<J;@ E4$A1$G U$A<G? I5;1N$?' 5; M?$;&1 $;' E4?5@A51%@ $G&A5<; 4<G@1* R; $''5A5<;[ V? d5;$G9A 4$@ 5;@G?$;&1 $;'
:1'5$ %G@5;1@@1@ $;' 4<9'@ :5;<?5AN @4$?1@ 5; A41 M?1;&4 O?<G= D<GN3G1@* V? d5;$G9A @1?I1@ <; A41 D<$?' <2
F5?1&A<?@ 2<? M5;$;&5/?1 d5;$G9A $;' C?A1:5@*
[@E! h2>!? !=Q2C6U h6?5I6=6E[ %<?; <; SG;1 Bn[ B^j([ 4$@ 1LA1;@5I1 1L=1?51;&1 5; A41 25;$;&5$9[ 1&<;<:5& $;'
5;'G@A?5$9 @1&A<?@* Q1 J$@ 2<?:1? O<I1?;<? <2 A41 D$;8 <2 K@=$)$ $;' d?1@5'1;A <2 A41 D$;8 #$?$3<P$;<* Q1 5@
d?1@5'1;A <2 A41 D<$?' <2 F5?1&A<?@ <2 C?&19<?V5AA$9 K@=$)$[ d1G31<A K@=$)$ $;' d5?1995 K@=$)$* Q1 5@ =?<21@@<? <2
=G%95& M5;$;&1 $A A41 l;5I1?@5'$' CGA-;<:$ '1 V$'?5'[ A41 d?1@5'1;A <2 A41 d?5;&1 <2 C@AG?5$@ M<G;'$A5<; $;'
F5?1&A<? <2 O1@A$I5@5-; h191&5;&< g*C*
!6C8:@ !:=Q2 56 MC6:G2E[ %<?; <; S$;G$?N B)[ B^j0[ 4$@ j( N1$?@ <2 1L=1?51;&1 5; A41 25;$;&5$9 @1&A<?* Q1 5@
d?1@5'1;A <2 A41 D<$?' <2 F5?1&A<?@ $;' <2 A41 CG'5A[ C==<5;A:1;A@ $;' f1:G;1?$A5<;@ E<::5AA11 <2
C?&19<?V5AA$9 D?$@59* C2A1? @1I1?$9 N1$?@ @=1;A 5; 4534b?$;85;3 =<@5A5<;@ 5; 5:=<?A$;A 25;$;&5$9 5;@A5AGA5<;@ 5;
U<;'<; $;' 5; o$@45;3A<;[ 41 %1&$:1 g1;5<? m5&1 d?1@5'1;A <2 D$;&< RA$& $;' 5@ ;<J :1:%1? <2 A41 R;A1?;$A5<;$9
C'I5@<?N D<$?' <2 D$;&< RA$&[ g$< d$G9<[ D?$P59* Q1 4$@ $ D$&419<?%@ '13?11 5; K91&A?5&$9 K;35;11?5;3 2?<: K@&<9$
W$&5<;$9 '1 K;31;4$?5$ '$ l;5I1?@5'$'1 D?$@59*
N6@C86E !49>:G[ %<?; <; C=?59 B^[ Bâ0[ 5@ $ :1:%1? <2 A41 D<$?' <2 F5?1&A<?@ <2 C?&19<?V5AA$9 $@ $
?1=?1@1;A$A5I1 <2 A41 UGL1:%<G?3 gA$A1* Q1 5@ F5?1&A<? O1;1?$9 $A A41 V5;5@A?N <2 A41 K&<;<:N $;' M<?153; h?$'1
$;' $ V1:%1? <2 A41 D<$?' <2 K&<;<:5& F1I19<=:1;A <2 A41 O?$;'bFG&4N <2 UGL1:%<G?3* Q1 5@ $9@< m5&1
E4$5?:$; <2 A41 g<&5"A" W$A5<;$91 '1 E?"'5A 1A '%R;I1@A5@@1:1;A \gWER. $;' <2 A41 # K;A?1=?5@1 '1@ d<@A1@ 1A
h"9"&<::G;5&$A5<;@ &[ UGL1:%<G?3 $;' F5?1&A<? <2 gKg O9<%$9 g*C*[ <2 D$;>G1 1A E$5@@1 '%K=$?3;1 '1 9%KA$A[
UGL1:%<G?3 $;' <2 d$G9 oG?A4 g*C* g5;&1 p((([ 41 4$@ %11; A41 ?1=?1@1;A$A5I1 <2 UGL1:%<G?3 <; A41 K;A1?=?5@1
d<95&N O?<G=[ $; $'I5@<?N %<'N A< A41 KG?<=1$; E<::5@@5<;* V? g&4:5A 4<9'@ $ V$@A1? <2 C?A@ '13?11 5;
K&<;<:5&@ 2?<: A41 l;5I1?@5AN <2 V5&453$;*
L5>@?5 d249IC2[ %<?; <; S$;G$?N 0B[ B^0j[ 4$@ j( N1$?@ <2 1L=1?51;&1 5; A41 5;'G@A?5$9 @1&A<?* Q1 5@ E4$5?:$;
<2 A41 l;5<; '1@ W"3<&5$;A@ 1; C&51?@ g="&5$GL \lWCg.[ d$?5@* d?1I5<G@9N[ 41 J$@ F5?1&A<? <2 f1;$G9A $;' EKc
25
/S C/))LP# 48 ALPU;8L UL9 L)9/ NRR- L +R+NR8 /S :UR Y/L8Q /S ]&8RP:/89 /S [UL8N/--LTR9 QR *8L-PR 9&-PR VMM\ L-Q
/S :UR C5[* KC/P&":" 5L:&/-L)R QR9 [UR+&-9 QR *R8$ 9&-PR VMMG#
@8-51; @)"&8I N/8- /- 1;)@ "I VMZ\I &9 L 8R68R9R-:L:&<R /S :UR R+6)/@RR9# .R &9 S/8+R8 CRP8R:L8@ /S :UR
[/-S"QR8L:&/- *8L-"L&9R ]"+/P8L:&7;R Q; D8L<L&) K[*]D$ ;-&/-I Y8/@RI *8L-PR#
@)?(1; 61"?"?/1, >#!1,I N/8- /- 1;-R GI VMZ\I &9 L 8R68R9R-:L:&<R /S :UR R+6)/@RR9# .R &9 L)9/ CRP8R:L8@
,R-R8L) /S :UR 4R:L)I [/-9:8;PP&&- @ WS&-R9 QR E,D ;-&/-I *RQR8LP&&- (9:L:L) K4#[#W#XE#,#D#$I 4LQ8&QI C6L&-#
<1)?.C81""1 :)?$1?I N/8- /- W68&) ÔI VMZGI &9 H&PRX[UL&8+L- /S :UR (>RP;:&<R [/++&::RR L-Q CR-&/8 (>RP;:&<R
H&PR A8R9&QR-: /S C;RFI =&:U 8R96/-9&N&)&:@ S/8 ?6R8L:&/-9# .R R-:R8RQ :UR R)RP:8&P&:@ L-Q TL9 9RP:/8 &- VM\O# C&-PR
1L-;L8@ VI ^!!OI 48 .L-9R- UL9 NRR- H&PR [UL&8+L- L-Q [(? /S ()RP:8LNR)I L 8/)R UR 68R<&/;9)@ UR)Q S8/+ VMM^
:/ 4L8PU VMMM# C&-PR 4L8PU VMMMI UR UL9 NRR- U/)Q&-T :UR 6/9&:&/- /S [UL&8+L- /S :UR (>RP;:&<R [/++&::RR /S
()RP:8LNR)# .R &9 L)9/ [(? /S C;RFXD8LP:RNR)I [UL&8+L- /S *LN8&P/+ L-Q ]&8RP:/8 /S ]&9:8&TL9I *);>@9I W,YWB
L-Q W[(WI H&PR [UL&8+L- /S :UR *RQR8L:&/- /S (-:R868&9R9 &- YR)T&;+I L-Q L99/P&L:R 68/SR99/8 /S (P/-/+&P9 L:
:UR E[3 L-Q L: :UR (P/)R A/)@:RPU-&7;R KAL8&9$# 48 .L-9R- U/)Q9 L 4L9:R8!9 QRT8RR &- ()RP:8&PL) (-T&-RR8&-TI L
QRT8RR &- (P/-/+&P9 L-Q L ]/P:/8L:R &- (-T&-RR8&-T#
<A5? B0 4)$&13?)"AI N/8- /- 5/<R+NR8 %I VMZZI &9 L 8R68R9R-:L:&<R /S :UR R+6)/@RR90 .R &9 L +R+NR8 /S :UR
3;>R+N/;8T AL8)&L+R-: L-Q ./-/8L8@ [UL&8+L- /S :8LQRX;-&/- ?-U/SU$-TRTR ,R=R8'9PULS:9N/-Q 3#:FRN;R8T
K?,YX3$#
2?&A8?1 %!8;;=)?? &9 L 8R68R9R-:L:&<R /S [/86/8LP&&- 14W[ Y#H# WS:R8 9R<R8L) @RL89 96R-: &- Q&SSR8R-: NL-'9I
+L&-)@ &- :UR E-&:RQ 2&-TQ/+I UR &9 -/= L- R>RP;:&<R 6L8:-R8 L: :UR S&8+ Y8;R))L-I L- L99R: +L-LTR+R-: P/+6L-@
NL9RQ &- ,R-R<L#
:0#0:0 C"8?-1 7(8;;)(=1 /1 >(*1=+A("3I N/8- /- 4L@ VI VM"%I =/8'RQ L: :UR 0-:R8-L:&/-L) 4/-R:L8@ *;-Q &-
JL9U&-T:/- ]#[#I EC L-Q 96R-: :=/ @RL89 L: :UR (;8/6RL- [/++&99&/- &- Y8;99R)9# .R 9:;Q&RQ L: ?>S/8Q
E-&<R89&:@ L-Q T8LQ;L:RQ S8/+ ,R/8TR:/=- E-&<R89&:@ &- :UR E-&:RQ C:L:R9#
#A=)8? ');1$98I \ZI &9 L +L-LT&-T Q&8RP:/8 /S :UR [L8)/ DL99L8L T8/;6 L-Q /S YL-PL 3/+NL8QL# .R 8R9&T-RQ S8/+
:UR Y/L8Q /S ]&8RP:/89 /S W8PR)/84&::L) /- 4L8PU OI ^!!G#
26
!'")#$ *&"&('+'"%
?TP 'P'JP67 +R G6LP&+60U88E&!7 7P)U+6 'E)ESP'P)8 E7 +R ZPLP'JP6 %FH _aa] E6P 7P8 R+68T JP&+;[
*.+! ('!$&% ,/")#)/-

WTUXE' GSE6;E& M! \<PL98U:P BULP 36P7UNP)8H 4P7-+)7UJ&P R+6 Û)E)LUE& Y+)86+&&U)S
E)N 4P-+68U)S
BUVE= WTE8)ESE6 !a \<PL98U:P BULP 36P7UNP)8H 4P7-+)7UJ&P R+6 ^&E8 \E78P6) \96+-P
,+7P G6'E)N+ YE'-+7 MK \<PL98U:P BULP 36P7UNP)8H 4P7-+)7UJ&P R+6 ^&E8 5+98T G'P6ULE
1E6P)N6E YTE9NTE6= !% \<PL98U:P BULP 36P7UNP)8H 4P7-+)7UJ&P R+6 YE6J+) 58PP& G7UEH
0PNU8P66E)PE)H W&ELX 5PE WE7U)
ZE:U)NP6 YT9ST MF 5P)U+6 \<PL98U:P BULP 36P7UNP)8H 4P7-+)7UJ&P R+6 5TE6PN 5P6:ULP7
YT6U78+-TP Y+6)UP6 MM \<PL98U:P BULP 36P7UNP)8H 4P7-+)7UJ&P R+6 ^&E8 CP78P6) \96+-P
3TU&U--P ZE6'E=E) MM \<PL98U:P BULP 36P7UNP)8H 4P7-+)7UJ&P R+6 G6LP&+6 0U88E& 58PP&
5+&98U+)7 $ 5P6:ULP7 IG0%5#
WP6)E6N ^+)8E)E Q! \<PL98U:P BULP 36P7UNP)8H 4P7-+)7UJ&P R+6 (9'E) 4P7+96LP7
,PE)OD:P7 Ù&P8 MF \<PL98U:P BULP 36P7UNP)8H 4P7-+)7UJ&P R+6 58EU)&P77 58PP&
C+6&N;UNP
3UP66P `9S&UP6'U)E M! \<PL98U:P BULP 36P7UNP)8H YTUPR ?PLT)+&+S= 2RRULP6H 4P7-+)7UJ&P
R+6 (PE&8T E)N 5ERP8=H 2-P6E8U+)E& \<LP&&P)LP E)N 8TP
\):U6+)'P)8
59NTU6 0ETP7T;E6U QQ \<PL98U:P BULP 36P7UNP)8H 4P7-+)7UJ&P R+6 Û)E)LP E)N 0$G
GNU8=E 0U88E& %F YTUPR Û)E)LUE& 2RRULP6H 0P'JP6 +R 8TP `6+9- 0E)ESP'P)8
W+E6NH 4P7-+)7UJ&P R+6 Û)E)LPH 0$GH 586E8PS=H ^&E8 36+N9L87
G'P6ULE7
.EX7T'U 1" 0U88E& M] YTUPR \<PL98U:P 2RRULP6H 0P'JP6 +R 8TP `6+9- 0E)ESP'P)8
W+E6N
0E&E= 09XTP6VPPI_# MK 0P'JP6 +R 8TP `6+9- 0E)ESP'P)8 W+E6NH 4P7-+)7UJ&P R+6 G7UEH
GR6ULEH Y*5H 58EU)&P77H 3U-P7 E)N ?9JP7H 0U)U)S
YE6&+ 3E)9)>U M@ \<PL98U:P BULP 36P7UNP)8H 4P7-+)7UJ&P R+6 .+)S G'P6ULE7
0ULTEP& 3RU8>)P6 M@ \<PL98U:P BULP 36P7UNP)8H 4P7-+)7UJ&P R+6 0E6XP8U)S E)N
Y+''P6LUE& Y++6NU)E8U+)
`P6TE6N 4P)> !a \<PL98U:P BULP 36P7UNP)8H 4P7-+)7UJ&P R+6 .+)S \96+-P
0ULTEP& 4U--P= Ma \<PL98U:P BULP 36P7UNP)8H 4P7-+)7UJ&P R+6 A5G
.+9 5LT+67LT M@ \<PL98U:P BULP 36P7UNP)8H 4P7-+)7UJ&P R+6 ^&E8 G'P6ULE7
WU&& 5L+88U)S QK \<PL98U:P BULP 36P7UNP)8H 4P7-+)7UJ&P R+6 3P6R+6'E)LP
\)TE)LP'P)8
`+)>E&+ A6/9UV+ Q! 0P'JP6 +R 8TP `6+9- 0E)ESP'P)8 W+E6NH 4P7-+)7UJ&P R+6 .+)S
36+N9L87H 58PP& 5+&98U+)7 E)N 5P6:ULP7H Y+6-+6E8P 4P7-+)7UJU&U8=
G)N6! :E) NP) W+77LTP !Q \<PL98U:P BULP 36P7UNP)8H 4P7-+)7UJ&P R+6 G77+LUE8U+)7H 0E)NE8P7
E)N 58PP& Y+)8EL8 `6+9-7
0ULTP& C968T M% 0P'JP6 +R 8TP `6+9- 0E)ESP'P)8 W+E6NH 4P7-+)7UJ&P R+6 ^&E8
36+N9L87 \96+-PH 36+N9L87 ZP:P&+-'P)8 E)N 4$ZH `&+JE&
Y978+'P67
IF# GSP E7 +R ZPLP'JP6 %FH _aa]"

I_# 06" 09XTP6VPP!7 TE7 U)R+6'PN 8TP W+E6N +R ZU6PL8+67 +R TU7 U)8P)8U+) 8+ 6P8U6P R6+' P<PL98U:P N98UP7" ?TP
W+E6N +R ZU6PL8+67 ;U&& -6+-+7P 8+ 8TP E))9E& SP)P6E& 'PP8U)S +) 0E= F%H _aa@ 06" 09XTP6VPP!7 P&PL8U+) 8+
8TP W+E6N +R ZU6PL8+67"
27
;"9#.!(&*4"! "0 :"&$, "0 <4$.)*"$( &!, 7.!4"$ /&!&1.9.!*
:4'D 8JH$;I'4)EJI
cC= \V\.Q .TT$.Q 0VRW=TZ.\EVT V? \C= R=R/=YZ V? 3Y0=QVYLE\\.Q!Z 5V.Y1 V? 8EY=0\VYZ W.E1 ET U^^` .T1 U^^S '.Z
.Z ?VQQV'ZP
.;4& ;I9;9 <;8;H6;& #52

37HJ+I)' EI ! )DJ+'4I9' ;08;$) J$)EJI EI@J&H4)EJI" MOOQ MOOL
5.Z= Z.Q.Y+ .T14VY 1EY=0\VYZ ?==Z !#9S`^ !N9##N
aCVY\>\=YR W=Y?VYR.T0=>Y=Q.\=1 /VT$Z #9U77 U9272
KVTA>\=YR ET0=T\E%=Z :T$R/=Y V? VW\EVTZ" 2S<9^^^ `^9^^^
cC= .TT$.Q 0VRW=TZ.\EVT W.E1 \V \C= R=R/=YZ V? 3Y0=QVYLE\\.Q!Z 5V.Y1 V? 8EY=0\VYZ ?VY Z=Y%E0=Z ET .QQ 0.W.0E\E=Z
ET U^^` .T1 U^^S '.Z .Z ?VQQV'ZP
MOOQ MOOL MOOQ MOOL

*DJ&)C);&H *DJ&)C);&H KJIBC);&H KJIBC);&H
37HJ+I)' EI ! )DJ+'4I9' %;&@J&H4I8; %;&@J&H4I8; N+H6;& N+H6;&
;08;$) J$)EJI EI@J&H4)EJI" MOOQ MOOL35" (;G4);9 (;G4);9 J@ P$)EJI' J@ P$)EJI'
K.OZCRE Mb LE\\.Q U9^^< U9^^2 29`SS U9272 2^^9^^^ `^9^^^
31E\+. LE\\.Q :U" ;NU # 29`22 # S<9^^^ #
(.TEZC. LE\\.Q 5C.\E. U# # # # # #
M.Y.+.T.T (.AC$Q 2#; # # # # #
3R/.ZZ.1VY 3T1Y#Z
_V,=T\.Q:#" 2NU # # # # #
L$TE JYEZCT. cb _=11+ :N" 22; # # # # #
_=T# KVW=, :<" 7U # # # # #
*EQ/$Y Kb _VZZ9 IYb 2^< # # # # #
K='EZ 5b J.1=T 2U# # # # # #
BY.T#VEZ Fb ]ET.$Q\ :`" 7^ # # # # #
IVZ=WC JETZ0C :S" # ##7 # # # #
IVZ# _.R"T "Q%.Y=,
_=T1$=Q=Z :7" # U;S # # # #
a=YAEV aEQ%. 1= BY=E\.Z :;" # 272 # # # #
D=VYA=Z a0CRE\ :2^" # 2;S # # # #
@1RVT1 ].0C$Y. :22" # U2# # # # #
LE0C=Q 3TA=Q L.Y\E :2U" # 27^ # # # #
L.T$=Q B=YT"T1=, K"W=,:2#" # 2`# # # # #
I=.T>]E=YY= F.TZ=T :2N" # U^^ # # # #
IVCT 6.Z\=AT.YV :2<" # 27^ # # # #
6VYWVY.0EVT IL36 :3T\VET=
aWEQQR.TT" :2`" # 2`# # # # #
F_F ]YET0= D$EQQ.$R= 1=
K$)=R/V$YA :2S" # 27N # # # #
_VR.ET -.Q=ZOE :27" # #S # # # #
cV\.Q #9S`^ N9##N #9U77 U9272 2S<9^^^ `^9^^^
:2" cC= 0VRW=TZ.\EVT \C.\ '.Z W.E1 ET U^^S \V \C= ?VYR=Y 3Y0=QVY 5V.Y1 L=R/=YZ '.Z ?VY \C=EY Z=Y%E0=Z \V 3Y0=QVY ET
U^^`b MV 0VRW=TZ.\EVT '.Z W.E1 \V \C= ?VYR=Y LE\\.Q a\==Q 5V.Y1 L=R/=YZ VT \C= 3Y0=QVYLE\\.Q 5V.Y1 ET U^^Sb
6VRW=TZ.\EVT 'E\C Y=ZW=0\ \V U^^S 'EQQ /= W.E1 .?\=Y ZC.Y=CVQ1=Y .WWYV%.Q .\ \C= 3DL \V /= C=Q1 VT L.+ 2#9
U^^7b 3\\=T1.T0= ?==Z ?VY U^^S '=Y= .WWYV)ER.\=Q+ !^bN REQQEVT9 'CE0C '.Z W.E1 ET B=/Y$.Y+ U^^7b
:U" LYb 3b LE\\.Q Y=ZEAT=1 ?YVR 3Y0=QVYLE\\.Q!Z 5V.Y1 V? 8EY=0\VYZ VT [0\V/=Y #^9 U^^`9 /$\ 0VT\ET$=1 ET CEZ YVQ= .Z
6CE=? BET.T0E.Q [??E0=Y V? 3Y0=QVYLE\\.Qb FEZ 0VRW=TZ.\EVT .Z . 8EY=0\VY EZ ET0Q$1=1 VTQ+ ?VY \C= W=YEV1 ?YVR
I.T$.Y+ U^^` \V [0\V/=Y U^^`b LYb 3b LE\\.Q 1E1 Y=0=E%= 0VRW=TZ.\EVT 9 . /VT$Z .T1 VW\EVTZ ET U^^S9 CV'=%=Y C=
'.Z TV QVTA=Y . R=R/=Y V? \C= 5V.Y1 V? 8EY=0\VYZb
:#" LYb _V,=T\.Q Y=ZEAT=1 ?YVR 3Y0=QVYLE\\.Q!Z 5V.Y1 V? 8EY=0\VYZ VT [0\V/=Y #^9 U^^`b
:N" LYb _=11+ Y=ZEAT=1 ?YVR 3Y0=QVYLE\\.Q!Z 5V.Y1 V? 8EY=0\VYZ VT [0\V/=Y #^9 U^^`b
28
:<" LYb KVW=, Y=ZEAT=1 ?YVR 3Y0=QVYLE\\.Q!Z 5V.Y1 V? 8EY=0\VYZ VT [0\V/=Y #^9 U^^`b
:`" LYb ]ET.$Q\ '.Z =Q=0\=1 \V 3Y0=QVYLE\\.Q!Z 5V.Y1 V? 8EY=0\VYZ VT I$T= #^9 U^^`b
:S" LYb JETZ0C '.Z =Q=0\=1 \V 3Y0=QVYLE\\.Q!Z 5V.Y1 V? 8EY=0\VYZ VT [0\V/=Y #^9 U^^`b LYb JETZ0C '.Z W.E1 .Z
6C.EYR.T V? 3Y0=QVY!Z 5V.Y1 V? 8EY=0\VYZ ET U^^`b
:7" LYb "Q%.Y=, _=T1$=Q=Z '.Z =Q=0\=1 \V 3Y0=QVYLE\\.Q!Z 5V.Y1 V? 8EY=0\VYZ VT [0\V/=Y #^9 U^^`b LYb "Q%.Y=,
_=T1$=Q=Z '.Z W.E1 .Z (E0=>6C.EYR.T V? 3Y0=QVY!Z 5V.Y1 V? 8EY=0\VYZ ET U^^`b
:;" LYb aEQ%. 1= BY=E\.Z '.Z =Q=0\=1 \V 3Y0=QVYLE\\.Q!Z 5V.Y1 V? 8EY=0\VYZ VT [0\V/=Y #^9 U^^`b LYb aEQ%. 1= BY=E\.Z
'.Z W.E1 .Z .T 3Y0=QVY 5V.Y1 L=R/=Y ET U^^`b
:2^" LYb a0CRE\ '.Z =Q=0\=1 \V 3Y0=QVYLE\\.Q!Z 5V.Y1 V? 8EY=0\VYZ VT [0\V/=Y #^9 U^^`b LYb a0CRE\ '.Z W.E1 .Z .T
3Y0=QVY 5V.Y1 L=R/=Y ET U^^`b
:22" LYb ].0C$Y. '.Z =Q=0\=1 \V 3Y0=QVYLE\\.Q!Z 5V.Y1 V? 8EY=0\VYZ VT [0\V/=Y #^9 U^^`b LYb ].0C$Y. '.Z W.E1 .Z .T
:2U" LYb L.Y\E '.Z =Q=0\=1 \V 3Y0=QVYLE\\.Q!Z 5V.Y1 V? 8EY=0\VYZ VT [0\V/=Y #^9 U^^`b LYb L.Y\E '.Z W.E1 .Z .T
:2#" LYb B=YT"T1=, K"W=, '.Z =Q=0\=1 \V 3Y0=QVYLE\\.Q!Z 5V.Y1 V? 8EY=0\VYZ VT [0\V/=Y #^9 U^^`b LYb B=YT"T1=,
K"W=, '.Z W.E1 .Z .T 3Y0=QVY 5V.Y1 L=R/=Y ET U^^`b
:2N" LYb F.TZ=T '.Z =Q=0\=1 \V 3Y0=QVYLE\\.Q!Z 5V.Y1 V? 8EY=0\VYZ VT [0\V/=Y #^9 U^^`b LYb F.TZ=T C.Z '.Z .Z .T
:2<" LYb 6.Z\=AT.YV '.Z =Q=0\=1 \V 3Y0=QVYLE\\.Q!Z 5V.Y1 V? 8EY=0\VYZ VT [0\V/=Y #^9 U^^`b LYb 6.Z\=AT.YV '.Z W.E1
.Z .T 3Y0=QVY 5V.Y1 L=R/=Y ET U^^`b
:2`" LYb aWEQQR.TT '.Z =Q=0\=1 \V 3Y0=QVYLE\\.Q!Z 5V.Y1 V? 8EY=0\VYZ VT [0\V/=Y #^9 U^^`b
:2S" F_F ]YET0= D$EQQ.$R= 1= K$)=R/V$YA '.Z =Q=0\=1 \V 3Y0=QVYLE\\.Q!Z 5V.Y1 V? 8EY=0\VYZ VT [0\V/=Y #^9 U^^`b
F_F ]YET0= D$EQQ.$R= 1= K$)=R/V$YA '.Z W.E1 .Z .T 3Y0=QVY 5V.Y1 L=R/=Y ET U^^`b
:27" LYb -.Q=ZOE '.Z =Q=0\=1 \V 3Y0=QVYLE\\.Q!Z 5V.Y1 V? 8EY=0\VYZ VT [0\V/=Y #^9 U^^`9 .T1 Y=ZEAT=1 VT L.Y0C <9
U^^7b
3Z V? 8=0=R/=Y #29 U^^` .T1 U^^S9 3Y0=QVYLE\\.Q 1E1 TV\ C.%= V$\Z\.T1ETA .T+ QV.TZ VY .1%.T0=Z \V R=R/=YZ V? E\Z
5V.Y1 V? 8EY=0\VYZ .T1 E\ C.1 TV\ AE%=T .T+ A$.Y.T\==Z ?VY \C= /=T=?E\ V? .T+ R=R/=Y V? E\Z 5V.Y1 V? 8EY=0\VYZb
(;H+I;&4)EJI %JGE81
:"&$, "0 <4$.)*"$( &!, ;"994**..(

@.0C +=.Y9 'E\C \C= .WWYV%.Q V? \C= .TT$.Q R==\ETA V? ZC.Y=CVQ1=YZ9 \C= 5V.Y1 V? 8EY=0\VYZ EZ .QQV0.\=1 . Q$RW
Z$R Z$/\Y.0\=1 ?YVR \C= .RV$T\Z W.E1 .Z 1E%E1=T1 \V \C= ZC.Y=CVQ1=YZb cCEZ Z$R 0VTZ\E\$\=Z \C= 1EY=0\VYZ! ?==Z
.T1 R.+ TV\ /= Q=ZZ \C.T $2 REQQEVT VY RVY= \C.T $U REQQEVTb H? \C= 1E%E1=T1 1EZ\YE/$\EVT EZ ETZ$??E0E=T\9 ZVR= VY
.QQ V? \C= $2 REQQEVT EZ .QQV0.\=1 \V =)W=TZ=Zb
cCEZ Z$R EZ ZC.Y=1 =X$.QQ+ .RVTA \C= R=R/=YZ V? \C= 5V.Y1 V? 8EY=0\VYZ ZV \C.\ =.0C 1EY=0\VY Y=0=E%=Z VT=
ZC.Y=9 =)0=W\ \C.\ \C= 6C.EYR.T Y=0=E%=Z \'V ZC.Y=Zb
HT .11E\EVT9 \C= 5V.Y1 V? 8EY=0\VYZ '.Z .QQV0.\=1 . Q$RW Z$R V? $#`9^^^ ?VY .\\=T1.T0= ?==Z W=Y R==\ETA V? \C=
5V.Y1 V? 8EY=0\VYZb cCEZ Z$R EZ .QQV0.\=1 \V =)W=TZ=Zb
cC= Y=R$T=Y.\EVT V? \C= R=R/=YZ V? \C= 5V.Y1 V? 8EY=0\VYZ 'CV ZE\ VT \C= 3$1E\ 6VRRE\\== .T1 VT \C=
3WWVET\R=T\Z9 _=R$T=Y.\EVT .T1 6VYWVY.\= DV%=YT.T0= 6VRRE\\== ?VY \C=EY Z=Y%E0= VT \C= Y=Q=%.T\ 0VRRE\\==
0VRWYEZ=Z . ?== V? $#9^^^ W=Y R=R/=Y W=Y R==\ETA .T19 ?VY \C= 6C.EYR=T9 . ?E)=1 ?== V? $N9<^^b cC=Z= W.+R=T\Z
.Y= QV0.\=1 \V =)W=TZ=Zb
cC= WYVWVZ=1 Y=R$T=Y.\EVT V? \C= 5V.Y1 V? 8EY=0\VYZ ?VY U^^S EZ .WWYV)ER.\=Q+ !`9<2<9^^^ VY $N9NU`9U;2
=)0Q$1ETA Z\V0O VW\EVTZ .QQV0.\=19 V? 'CE0C \C= .AAY=A.\= 5V.Y1 ?==Z .T1 .\\=T1.T0= ?==Z .RV$T\=1 \V
!N9##N9^^^ VY $U9;NN9<2;b`^9 /.Z=1 VT \C= 8=0=R/=Y #29 U^^S =)0C.TA= Y.\=b
cC= 0C.EYR.T V? \C= 5V.Y1 V? 8EY=0\VYZ 1E1 TV\ W.Y\E0EW.\= ET \C= 6VRW.T+!Z U^^S a\V0O [W\EVT ]Q.Tb
%$"-# /&!&1.9.!* :"&$,

cC= Y=R$T=Y.\EVT W.E1 \V \C= R=R/=YZ V? \C= DYV$W L.T.A=R=T\ 5V.Y1 :"DL5%"9 ET0Q$1ETA \C= 6CE=?
@)=0$\E%= [??E0=Y9 EZ Z=\ /+ \C= 5V.Y1 V? 8EY=0\VYZ /.Z=1 VT . WYVWVZ.Q R.1= /+ \C= 3WWVET\R=T\Z9
_=R$T=Y.\EVT .T1 6VYWVY.\= DV%=YT.T0= 6VRRE\\==b
cC= Y=R$T=Y.\EVT V? \C= R=R/=YZ V? \C= DL5 0VRWYEZ=Z . ?E)=1 .TT$.Q Z.Q.Y+9 . W=Y?VYR.T0=>/.Z=1 /VT$Z9 .T1
Z\V0O VW\EVTZb
29
K++ =>>F1D=1BF HFF; =1D D%9FB>49!; HFF; 7=%D >4 >#F .F.@F9; 4H >#F 38' %1 9F;7FB> 4H K9BF+498%>>=+ .=1D=>F; =9F
7=%D @=B( >4 >#F *4.7=1G/
<#F 38' .F.@F9; 7=9>%B%7=>F %1 >#F ;>4B( 47>%41 7+=1 H49 -%9FB>49;! :F1%49 8=1=IF.F1> =1D 6FG 0.7+4GFF;
=; DF;B9%@FD @F+4C/
$)-.& .((/.& 0)'*1(,.-!)( 2)+ "+01&)+#!--.&%, ,1(!)+ '.(.31'1(-
<#F >4>=+ =11?=+ B4.7F1;=>%41 H49 K9BF+498%>>=+!; ;F1%49 .=1=IF.F1> C=; 2J$ .%++%41 %1 @=;F ;=+=9G =1D 2 &5
.%++%41 %1 ;#49>">F9. 7F9H49.=1BF 9F+=>FD @41?;F;/ K; 4H -FBF.@F9 5J! &))$! =7794E%.=>F+G 2& .%++%41 C=;
=BB9?FD @G K9BF+498%>>=+ >4 794A%DF 7F1;%41 @F1FH%>; >4 %>; ;F1%49 .=1=IF.F1>/ K; 4H -FBF.@F9 5J! &)),! =1D
D?9%1I &))$ 14 +4=1 49 =DA=1BF >4 ;F1%49 .=1=IF.F1> C=; 4?>;>=1D%1I/
30
@!8)3 =:!286>
AUR S-''-<V+T 9JL'R /7-;VPR8 J 8:))J7> -S 9UR -/9V-+8 -:989J+PV+T J+P 9UR R=R7NV8R -S 9UR -/9V-+8 T7J+9RP 9- 9UR
)R)LR78 -S G7NR'-71V99J'!8 W-J7P -S ZV7RN9-78" *9 8U-:'P LR +-9RP 9UJ9 V+ _aaFI _aa% J+P _aa[I +- -/9V-+8 <R7R
T7J+9RP 9- 9UR)"
%-2/1!-+
7"-<'/-
;<'6!-+ ;<'6!-+ ;<'6!-+ ;<'6!-+ ;<'6!-+ ;<'6!-+ 9$-<)2>-
26 4&&& 26 ,... 26 ,.., 26 ,..( 26 ,..0 26 ,..* #8!'5 ?<2)-
0J&8U)V 2" 1V99J' HaIaaa HaIaaa HaIaaa FaaIaaa FaaIaaa !aIaaa OaaIaaa _%"H!
GPV9>J 1V99J'KF$ ]IOaa ]IOaa _OIaaa ]OIaaa ]OIaaa FMaIaaa _O"]H
CJ+V8UJ 1V99J' WUJ9VJ & & & & & & & &
2J7J>J+J+ CJTU:'K%$ & & & & & & & &
G)LJ88JP-7 G+P7!8
5-@R+9J'K[$KO$ & & & & & & & &
1:+V .7V8U+J A"
5RPP>KH$ & & & & & & & &
5R+! 0-/R@K!$ & & & & & & & &
DV'L:7 0" 5-88 & & & & & & & &
0R<V8 W" .JPR+ & & & & & & & &
^7J+!-V8 (" 4V+J:'9K]$ & & & & & & & &
KH$
,-8R/U .V+8NU & & & & & & & &
,-8! 5J)!+ !';J7R@
5R+P:R'R8KM$ & & & & & & & &
?R7TV- ?V';J PR
^7RV9J8KFa$ & & & & & & & &
`R-7TR8 ?NU)V9KFF$ & & & & & & & &
\P)-+P 4JNU:7JKF_$ & & & & & & & &
1VNUR' G+TR'
1J79VKF%$ & & & & & & & &
1J+:R' ^R7+$+PR@
0!/R@KF[$ & & & & & & & &
,RJ+Q4VR77R (J+8R+KFO$ & & & & & & & &
,-U+ YJ89RT+J7-KF!$ & & & & & & & &
G+9-V+R ?/V'')J++KF]$ & & & & & & & &
(5( 47V+NR
`:V''J:)R PR
0:=R)L-:7TKFH$ & & & & & & & &
KFM$
5-)JV+ EJ'R8&V & & & & & & & &
A-9J' H]IOaa H]IOaa FaOIaaa F]OIaaa F]OIaaa !aIaaa !MaIaaa _["%M
\=R7NV8R /7VNR K#$ FF"M[ H"O] _"_! _H"]O %%"]O !["%a & &
AR7) KV+ >RJ78$ Fa Fa Fa Fa Fa Fa & &
\=/V7J9V-+ PJ9R ?R/9R)LR7 ,:+R FI G/7V' OI G:T:89 _%I ?R/9R)LR7 G:T:89
F[I _aaM _aFa _aF_ _aFO FI _aF! _I _aF] & &
KF$ 17" G" 1V99J' 7R8VT+RP S7-) G7NR'-71V99J'!8 W-J7P -S ZV7RN9-78 -+ 3N9-LR7 %aI _aa!I L:9 N-+9V+:RP V+ UV8 7-'R J8
YUVRS ^V+J+NVJ' 3SSVNR7 -S G7NR'-71V99J'" 17" G 1V99J' PVP 7RNRV;R -/9V-+8 V+ _aa] L:9 <J8 +- '-+TR7 J )R)LR7 -S
9UR W-J7P -S ZV7RN9-78"
K_$ 17" CJTU:' R=R7NV8RP J'' UV8 ;R89RP -/9V-+8 V+ _aaO"
K%$ 17" 5-@R+9J' 7R8VT+RP S7-) G7NR'-71V99J'!8 W-J7P -S ZV7RN9-78 -+ 3N9-LR7 %aI _aa!"
K[$ 17" 5-@R+9J' R=R7NV8RP 9UR )JX-7V9> -S UV8 ;R89RP -/9V-+8 V+ _aaOI R=NR/9 S-7 %I%%% -/9V-+8 T7J+9RP V+ _aa_ <UVNU
<R7R R=R7NV8RP V+ _aa!"
KO$ 17" 5RPP> 7R8VT+RP S7-) G7NR'-71V99J'!8 W-J7P -S ZV7RN9-78 -+ 3N9-LR7 %aI _aa!"
K!$ 17" 0-/R@ 7R8VT+RP S7-) G7NR'-71V99J'!8 W-J7P -S ZV7RN9-78 -+ 3N9-LR7 %aI _aa!"
K]$ 17" 4V+J:'9 <J8 R'RN9RP 9- G7NR'-71V99J'!8 W-J7P -S ZV7RN9-78 -+ ,:+R %aI _aa!"
KH$ 17" .V+8NU <J8 R'RN9RP 9- G7NR'-71V99J'!8 W-J7P -S ZV7RN9-78 -+ 3N9-LR7 %aI _aa!"
KM$ 17" !';J7R@ 5R+P:R'R8 <J8 R'RN9RP 9- G7NR'-71V99J'!8 W-J7P -S ZV7RN9-78 -+ 3N9-LR7 %aI _aa!"
31
KFa$ 17" ?V';J PR ^7RV9J8 <J8 R'RN9RP 9- G7NR'-71V99J'!8 W-J7P -S ZV7RN9-78 -+ 3N9-LR7 %aI _aa!"
KFF$ 17" ?NU)V9 <J8 R'RN9RP 9- G7NR'-71V99J'!8 W-J7P -S ZV7RN9-78 -+ 3N9-LR7 %aI _aa!"
KF_$ 17" 4JNU:7J <J8 R'RN9RP 9- G7NR'-71V99J'!8 W-J7P -S ZV7RN9-78 -+ 3N9-LR7 %aI _aa!"
KF%$ 17" 1J79V <J8 R'RN9RP 9- G7NR'-71V99J'!8 W-J7P -S ZV7RN9-78 -+ 3N9-LR7 %aI _aa!"
KF[$ 17" ^R7+$+PR@ 0!/R@ <J8 R'RN9RP 9- G7NR'-71V99J'!8 W-J7P -S ZV7RN9-78 -+ 3N9-LR7 %aI _aa!"
KFO$ 17" (J+8R+ <J8 R'RN9RP 9- G7NR'-71V99J'!8 W-J7P -S ZV7RN9-78 -+ 3N9-LR7 %aI _aa!"
KF!$ 17" YJ89RT+J7- <J8 R'RN9RP 9- G7NR'-71V99J'!8 W-J7P -S ZV7RN9-78 -+ 3N9-LR7 %aI _aa!"
KF]$ 17" ?/V'')J++ <J8 R'RN9RP 9- G7NR'-71V99J'!8 W-J7P -S ZV7RN9-78 -+ 3N9-LR7 %aI _aa!"
KFH$ (5( 47V+NR `:V''J:)R PR 0:=R)L-:7T <J8 R'RN9RP 9- G7NR'-71V99J'!8 W-J7P -S ZV7RN9-78 -+ 3N9-LR7 %aI _aa!"
KFM$ 17" EJ'R8&V <J8 R'RN9RP 9- G7NR'-71V99J'!8 W-J7P -S ZV7RN9-78 -+ 3N9-LR7 %aI _aa!I J+P 7R8VT+RP S7-) 9UR W-J7P
-+ 1J7NU OI _aaH"
*+ _aa!I G7NR'-7 T7J+9RP _F]IF[! -/9V-+8 9- V98 8R+V-7 )J+JTR)R+9 J9 J+ R=R7NV8R /7VNR -S #%["[%" G'' -S 9UR8R
-/9V-+8 UJ;R LRR+ N-+;R79RP V+9- -/9V-+8 :+PR7 9UR G7NR'-71V99J' `'-LJ' ?9-N& 3/9V-+ 4'J+" 3/9V-+8 <R7R
T7J+9RP 9- 8R+V-7 )J+JTR)R+9 S-7 _aa! V+ JNN-7PJ+NR <V9U 9UR G7NR'-7 ?9-N& 3/9V-+ 4'J+ J+P V+ _aa! J+P _aa]
V+ JNN-7PJ+NR <V9U 9UR G7NR'-71V99J' `'-LJ' ?9-N& 3/9V-+ 4'J+I L-9U PR8N7VLRP LR'-<" ^:9:7R 89-N& -/9V-+8 <V''
LR T7J+9RP :+PR7 9UR G7NR'-71V99J' ?9-N& 3/9V-+ 4'J+ <UVNU V8 R=/RN9RP 9- LR 7-''RP -:9 LRS-7R 9UR R+P -S _aaH"
'(?-7 #!(6?= %9+= 2?" :6"1-(?"&$ '1=6?" A+=+31;1=( +=/ @1, <;!9?,11&
*+ FMMMI 9UR Y-)/J+> R89JL'V8URP 9UR G7NR'-71V99J' `'-LJ' ?9-N& 3/9V-+ 4'J+ K"G7NR'-71V99J'?UJ7R8$$" B+PR7
9UR 9R7)8 -S G7NR'-71V99J'?UJ7R8I G7NR'-71V99J' )J> T7J+9 -/9V-+8 9- /:7NUJ8R N-))-+ 89-N& 9- 8R+V-7
)J+JTR)R+9 -S G7NR'-71V99J' J+P V98 J88-NVJ9R8 S-7 :/ 9- _aIaaaIaaa 8UJ7R8 -S N-))-+ 89-N& KV+N7RJ8RP S7-)
!IaaaIaaa 8UJ7R8 9- FaIaaaIaaa 8UJ7R8 -S N-))-+ 89-N& JS9R7 8UJ7RU-'PR7 J//7-;J' V+ _aa% J+P V+N7RJ8RP S7-)
FaIaaaIaaa 8UJ7R8 9- _aIaaaIaaa 8UJ7R8 -S N-))-+ 89-N& JS9R7 8UJ7RU-'PR7 J//7-;J' V+ _aa!$" AUR R=R7NV8R /7VNR
-S RJNU -/9V-+ R6:J'8 +-9 'R88 9UJ+ 9UR SJV7 )J7&R9 ;J':R -S G7NR'-71V99J' 89-N& -+ 9UR T7J+9 PJ9RI <V9U J
)J=V):) 9R7) -S Fa >RJ78" 3/9V-+8 J7R T7J+9RP J9 9UR PV8N7R9V-+ -S 9UR G7NR'-71V99J'!8 G//-V+9)R+98I
5R):+R7J9V-+ J+P Y-7/-7J9R `-;R7+J+NR Y-))V99RR -7 V98 PR'RTJ9R" AUR -/9V-+8 ;R89 RV9UR7 7J9RJL'> :/-+ RJNU
-S 9UR SV789 9U7RR J++V;R78J7VR8 -S 9UR T7J+9 PJ9RI -7I V+ 9-9J'I :/-+ 9UR PRJ9UI PV8JLV'V9> -7 7R9V7R)R+9 -S 9UR
/J79VNV/J+9"
3+ G:T:89 _%I _aaOI G7NR'-71V99J' T7J+9RP %IMaHI]]% -/9V-+8 9- J T7-:/ -S &R> R)/'->RR8 J9 J+ R=R7NV8R /7VNR
-S _H"]O" AUR -/9V-+8 R=/V7R -+ G:T:89 _%I _aFO"
3+ ?R/9R)LR7 FI _aa!I G7NR'-71V99J' T7J+9RP %IMMMI__% -/9V-+8 9- J T7-:/ -S &R> R)/'->RR8 J9 J+ R=R7NV8R /7VNR
-S %%"]OO" AUR -/9V-+8 R=/V7R -+ ?R/9R)LR7 FI _aF!"
3+ G:T:89 _ J+P ZRNR)LR7 FFI _aa]I G7NR'-71V99J' T7J+9RPI 7R8/RN9V;R'>I OIM!OI_aa J+P F%Iaaa -/9V-+8 9- J
T7-:/ -S &R> R)/'->RR8 J9 J+ R=R7NV8R /7VNR -S !["%a J+P ]["O%OI 7R8/RN9V;R'>" AUR -/9V-+8 R=/V7R -+ G:T:89 _I
_aF]I J+P -+ ZRNR)LR7 FFI _aF]"
*+ JPPV9V-+I G7NR'-7 UJP 89-N& -/9V-+ /'J+8 KT7J+98 S-7 _aa%I _aa[I _aaOI _aa!$ <V9U FI%[!IF!a -/9V-+8
-:989J+PV+T /7V-7 9- 89R/Q9<- -S 9UR 9<-Q89R/ )R7TR7"
*+ N-++RN9V-+ <V9U 89R/Q9<- -S 9UR 9<-Q89R/ )R7TR7 /7-NR88 PR8N7VLRP JL-;RI RJNU G7NR'-7 89-N& -/9V-+ <J8
/7-;VPRP 9UR 7VTU9 9- /:7NUJ8R -7 8:L8N7VLRI J8 J//'VNJL'RI J +:)LR7 -S 8UJ7R8 R6:J' 9- 8R;R+ /7RQNJ/V9J'
7R897:N9:7V+T -/9V-+8 9- /:7NUJ8R :+PR7'>V+T 8UJ7R8 V+ R=NUJ+TR S-7 RVTU9 /-89QNJ/V9J' 7R897:N9:7V+T -/9V-+8 9-
/:7NUJ8R :+PR7'>V+T 8UJ7R8" 2- -9UR7 )-PVSVNJ9V-+8 9- 9UR V+V9VJ' G7NR'-7 89-N& -/9V-+ T7J+98 <R7R )JPR" AUV8
7R8:'9RP V+ 9UR V88:J+NR -S FIO%HI[!M -/9V-+8 9- /:7NUJ8R N-))-+ 89-N& -S G7NR'-71V99J'I <V9U J+ R=R7NV8R /7VNR
7J+TV+T S7-) #F_"[! 9- #[["%O /R7 -/9V-+"
AUR Y-)/J+> PR9R7)V+R8 9UR SJV7 ;J':R -S 9UR -/9V-+8 J9 9UR PJ9R -S T7J+9 :8V+T 9UR W'JN&Q?NU-'R8 )-PR'" AUR
SJV7 ;J':R8 S-7 -/9V-+8 J+P -9UR7 8UJ7RQLJ8RP N-)/R+8J9V-+ V8 7RN-7PRP J8 J+ R=/R+8R V+ 9UR N-+8-'VPJ9RP
89J9R)R+9 -S V+N-)R -;R7 9UR 7R'R;J+9 ;R89V+T -7 8R7;VNR /R7V-P8I JPX:89RP 9- 7RS'RN9 JN9:J' J+P R=/RN9RP 'R;R'8 -S
;R89V+T"
32
h41 2$5? I$9G1 <2 1$&4 <=A5<; 3?$;A A< =G?&4$@1 C?&19<?V5AA$9 &<::<; @4$?1@ 5@ 1@A5:$A1' <; A41 '$A1 <2 3?$;A
G@5;3 A41 D9$&8bg&4<91@ <=A5<; =?5&5;3 :<'19 J5A4 A41 2<99<J5;3 J1534A1' $I1?$31 $@@G:=A5<;@ \%$@1' <; N1$?
<2 3?$;A.k
'62C @7 8C2?G
)**+ )**(
KL1?&5@1 =?5&1 -00*n) -)j*0( b nj*a0a
F5I5'1;' N519' B*jaY p*(0Y
KL=1&A1' $;;G$95@1' I<9$A595AN )(Y BjpY
F5@&<G;A ?$A1 b %<;' 1>G5I$91;A N519'
j*)0Y j*^BY
o1534A1' $I1?$31 @4$?1 =?5&1 00*n) )j*0( b nj*a0a
KL=1&A1' 9521 5; N1$?@ ) )
M$5? I$9G1 <2 <=A5<;@ \=1? @4$?1. 0( ap
h41 1L=1&A1' 9521 <2 A41 <=A5<;@ 5@ 1@A5:$A1' %N <%@1?I5;3 31;1?$9 <=A5<; 4<9'1? %14$I5<G? $;' $&AG$9 45@A<?5&$9
95I1@ <2 C?&19<?V5AA$9 @A<&8 <=A5<; =9$;@* R; $''5A5<;[ A41 1L=1&A1' $;;G$95@1' I<9$A595AN 4$@ %11; @1A %N ?121?1;&1
A< A41 5:=951' I<9$A595AN <2 <=A5<;@ $I$59$%91 <; C?&19<?V5AA$9 @4$?1@ 5; A41 <=1; :$?81A[ $@ J199 $@[ 45@A<?5&$9
=$AA1?;@ <2 I<9$A595AN*
h41 &<:=1;@$A5<; 1L=1;@1 ?1&<3;5@1' 2<? @A<&8 <=A5<; =9$;@ J$@ pZ $;' B(Z 2<? 1$&4 <2 A41 N1$?@ 1;'1'
F1&1:%1? 0B[ p(() $;' p((n[ ?1@=1&A5I19N*
c=A5<; $&A5I5AN J5A4 ?1@=1&A A< C?&19<?V5AA$9g4$?1@ 5@ @G::$?5@1' %19<J $@ <2 $;' 2<? 1$&4 <2 A41 N1$?@ 1;'1'
F1&1:%1? 0B[ p(()[ $;' p((nk
%6:89G65
FQ6C286
h2?86 @7 LS6C4:E6 dC:46
_I>36C @7 ÀG:@?E LS6C4:E6 dC:46E ZA6C @AG:@?.
cGA@A$;'5;3[ F1&1:%1? 0B[ p((a a[(an[0() p*p) ! pZ*na pp*^p
O?$;A1' 0[^^^[pp0 00*n) 00*n)
KL1?&5@1' \ap0[0(j. p*p) !pZ*na Bn*Z0
E$;&1991' \j[(((. Z*an ! BB*^j B(*p)
M<?215AG?1@ \nZ[pan. 00*n) 00*n)
cGA@A$;'5;3[ F1&1:%1? 0B[ p(() Z[ja([^)Z p*p) ! 00*n) pZ*pn

O?$;A1' a[^nZ[p(( )j*0( ! nj*a0a )j*0p
KL1?&5@1' \p[Bp^[paa. p*p) ! 00*n) pa*^j
E$;&1991' \ppp[a)). pZ*na ! 00*n) 0p*p(
M<?215AG?1@ \0)[0nZ. BB*^j ! 00*n) 0(*)B
K221&A <2 913$9 :1?31? B[a0Z[j)^ Bp*j) ! jj*0a j0*pZ
cGA@A$;'5;3[ F1&1:%1? 0B[ p((n B0[an^[j0Z p*p) ! nj*a0a j)*Ba
KL1?&5@$%91[ F1&1:%1? 0B[ p((n p[aâ[B)j p*p) ! )j*0( pj*j^

KL1?&5@$%91[ F1&1:%1? 0B[ p(() p[()p[nZn p*p) ! pZ*na Bn*pn
33
h41 2<99<J5;3 A$%91 @G::$?5@1@ 5;2<?:$A5<; $%<GA @A<&8 <=A5<;@ $@ <2 F1&1:%1? 0B[ p((nk
ÀG:@?E ÌGEG2?5:?8
%6:89G65 2Q6C286
4@?GC24GI2= =:76 ÀG:@?E 6S6C4:E23=6
LS6C4:E6 dC:46E Z-. _I>36C @7 @AG:@?E Z:? T62CE. Z?I>36C @7 @AG:@?E.
nj*a0a B0[((( ^*â b
)j*0( a[^)a[p(( ^*a^ B([(((
jj*0a B[jZ([(ja a*a( b
00*n) 0[B^0[a(0 Z*)Z nZa[()^
pZ*na p[BZZ[njn n*)a B[(np[aZB
p(*Z0 BB[jp^ j*a( b
B)*Z^ p^[0n0 0*a( p^[0n0
Bp*j) Bn[)pp p*a( Bn[)pp
BB*^j pBp[j^^ B*nB pBp[j^^
Z*an B^^[p(( p*jp B^^[p((
p*p) p)Z[Zp( j*pn p)Z[Zp(
p*p)bnj*a0a B0[an^[j0Z Z*p) p[aâ[B)j
34
J`hd`hF"L N`$Lh_F_JL
h41 2<99<J5;3 @G::$?5@1@ $@=1&A@ <2 C?&19<?V5AA$9%@ D<$?' d?$&A5&1@ $;' &<?=<?$A1 3<I1?;$;&1 =?$&A5&1@* M<?
?1&1;A =?<=<@1' &4$;31@ A< A41 Vcl \$@ '125;1' %19<J. =91$@1 ?121? A< "f1&1;A F1I19<=:1;A@% <; =$31@ a A< Z*
^:GG2= !G66= V FC46=@C ^6>@C2?5I> @7 #?56CEG2?5:?8

c; SG;1 pa[ p(()[ V5AA$9 gA119[ A41 g53;525&$;A @4$?14<9'1? $;' C?&19<? @53;1' $ %5;'5;3 V1:<?$;'G: <2
l;'1?@A$;'5;3 \A41 &V1:<?$;'G: <2 l;'1?@A$;'5;3( <? &Vcl(. <; A41 %$@5@ <2 J45&4 C?&19<?%@ D<$?' <2
F5?1&A<?@ ?1&<::1;'1' V5AA$9 gA119%@ <221? 2<? C?&19<? $;' =G?@G$;A A< J45&4[ $:<;3 <A41? A45;3@[ A41 =$?A51@
$3?11' <; &1?A$5; &<?=<?$A1 3<I1?;$;&1 :$AA1?@ ?19$A5;3 A< C?&19<?V5AA$9* R; =$?A5&G9$?[ A41 V1:<?$;'G: <2
l;'1?@A$;'5;3 5;&9G'1@ &1?A$5; @=1&5$9 3<I1?;$;&1 :1&4$;5@:@ '1@53;1' A< =?<:<A1 A41 5;A13?$A5<; <2
C?&19<?V5AA$9 'G?5;3 $; 5;5A5$9 A4?11bN1$? A?$;@5A5<;$9 =1?5<' %135;;5;3 CG3G@A B[ p(()[ ?121??1' A< $@ A41 R;5A5$9
h1?:* V5AA$9 gA119 $;' C?&19<? $3?11' A< &4$;31 $;' G;52N A415? ?1@=1&A5I1 &<?=<?$A1 3<I1?;$;&1 @A?G&AG?1@ $;'
?G91@ G;A59 A41 :1?31? <2 V5AA$9 gA119 5;A< C?&19<? 5; $&&<?'$;&1 J5A4 A41 Vcl \A41 &V1?31?(.*
M<99<J5;3 A41 ?1@53;$A5<; <2 V?* f<9$;' SG;&8 $@ E4512 KL1&GA5I1 c225&1? <2 V5AA$9 gA119 $;' C?&19<? <;
W<I1:%1? a[ p(()[ A41 D<$?'@ <2 F5?1&A<?@ <2 V5AA$9 gA119 $;' C?&19<? G;$;5:<G@9N $3?11' G=<; &1?A$5;
$:1;':1;A@ A< A41 =?5;&5=91@ @1A 2<?A4 5; A41 Vcl[ 5; <?'1? A< 1;$%91 A41 $==<5;A:1;A <2 V?* U$8@4:5 W* V5AA$9
$@ E4512 KL1&GA5I1 c225&1? <2 V5AA$9 gA119 $;' C?&19<?* C?&19<?V5AA$9%@ &<?=<?$A1 3<I1?;$;&1 @A?G&AG?1 4$@ %11;
1@A$%95@41' <; A41 @$:1 %$@5@ $@ A4<@1 <2 C?&19<? $;' V5AA$9 gA119[ 5; $&&<?'$;&1 J5A4 A41 Vcl* g5;&1 A41
5:=91:1;A$A5<; <2 A41 V1:<?$;'G: <2 l;'1?@A$;'5;3[ C?&19<? $;' V5AA$9 gA119 \J45&4[ A4?<G34 $ AJ<b@A1=
=?<&1@@[ :1?31' 5;A< C?&19<? $;' J$@ A41; ?1;$:1' C?&19<?V5AA$9. 4$I1 %11; 3<I1?;1' %N $ D<$?' <2 F5?1&A<?@
$;' $ O?<G= V$;$31:1;A D<$?'[ J45&4 J1?1 5'1;A5&$9 5; &<:=<@5A5<;* g5;&1 A41 V1?31?[ C?&19<?V5AA$9 5@
3<I1?;1' @5:59$?9N* R; &<;2<?:5AN J5A4 UGL1:%<G?3 9$J[ &1?A$5; =?<I5@5<;@ <2 A41 Vcl ?19$A5;3 A< &<?=<?$A1
3<I1?;$;&1 $@=1&A@ 4$I1 %11; 5;&<?=<?$A1' 5;A< A41 C?A5&91@ <2 C@@<&5$A5<; <2 C?&19<?V5AA$9 $@ $==?<I1' %N A41
1LA?$<?'5;$?N 31;1?$9 :11A5;3 <2 @4$?14<9'1?@ <; W<I1:%1? a[ p((n*
H@2C5 @7 K:C64G@CEY NC@IA ^2?286>6?G H@2C5 2?5 ^2?286>6?G J@>>:GG66 @7 FC46=@C^:GG2=

h41 V1:<?$;'G: <2 l;'1?@A$;'5;3 =?<I5'1@ A4$A C?&19<?V5AA$9 J599 %1 3<I1?;1' %N $ D<$?' <2 F5?1&A<?@ $;' $
V$;$31:1;A D<$?'* h41 V$;$31:1;A D<$?' J$@ @G%@1>G1;A9N ?1;$:1' A41 O?<G= V$;$31:1;A D<$?'*
h41 V1:<?$;'G: <2 l;'1?@A$;'5;3[ $@ $:1;'1' <; W<I1:%1? a[ p(()[ 2G?A41? =?<I5'1@ A4$A 'G?5;3 A41 R;5A5$9
h1?:[ A41 D<$?' <2 F5?1&A<?@ <2 C?&19<?V5AA$9 J599 4$I1 A41 2<99<J5;3 &4$?$&A1?5@A5&@k
2 h41 D<$?' <2 F5?1&A<?@ J<G9' %1 &<:=<@1' <2 BZ ;<;b1L1&GA5I1 :1:%1?@[ A41 :$6<?5AN <2
J4<: J<G9' %1 5;'1=1;'1;A[ 1L&1=A A4$A A41 E4512 KL1&GA5I1 c225&1? <2 A41 E<:=$;N :$N %1
$ :1:%1? <2 A41 E<:=$;N D<$?' <2 F5?1&A<?@*
2 g5L :1:%1?@ J<G9' %1 ;<:5;$A1' %N \A41 A41;b1L5@A5;3. V5AA$9 gA119[ A4?11 <2 J4<: J<G9' %1
5;'1=1;'1;A*
2 g5L :1:%1?@ J<G9' %1 2?<: A41 \A41;b1L5@A5;3. C?&19<? D<$?' <2 F5?1&A<?@*
2 h4?11 :1:%1?@ J<G9' %1 2?<: A41 \A41;b1L5@A5;3. C?&19<? D<$?' <2 F5?1&A<?@ ?1=?1@1;A5;3
A41;b1L5@A5;3 C?&19<? :$6<? @4$?14<9'1?@*
2 C; $''5A5<;$9 A4?11 :1:%1?@ J<G9' %1 1:=9<N11 ?1=?1@1;A$A5I1@*
R; $''5A5<;[ 'G?5;3 A41 R;5A5$9 h1?:[ A41 D<$?' <2 F5?1&A<?@ J599 $==<5;A <;1 '5?1&A<? $@ E4$5?:$; $;' <;1
'5?1&A<? $@ d?1@5'1;A <2 A41 D<$?' <2 F5?1&A<?@*
V?* S<@1=4 S* T5;@&4 5@ &G??1;A9N A41 E4$5?:$; <2 A41 D<$?' <2 F5?1&A<?@ <2 C?&19<?V5AA$9[ J4591
V?* U$8@4:5 W* V5AA$9 5@ &G??1;A9N A41 d?1@5'1;A <2 A41 D<$?' <2 F5?1&A<?@ $;' EKc <2 C?&19<?V5AA$9*
h41 V1:<?$;'G: <2 l;'1?@A$;'5;3 2G?A41? =?<I5'1@ A4$A G=<; A41 ?1A5?1:1;A <2 V?* S<@1=4 T5;@&4[
V?* U$8@4:5 W* V5AA$9 J<G9' %1&<:1 A41 E4$5?:$; <2 C?&19<?V5AA$9 $;' V?* S<@1=4 T5;@&4 J<G9' =?<=<@1 A41
@G&&1@@<? d?1@5'1;A*
c; F1&1:%1? j[ p((n[ C?&19<?V5AA$9 $;;<G;&1' A4$A V?* S<@1=4 T5;@&4 J<G9' @A1= '<J; $A A41 1;' <2 45@
:$;'$A1 $@ E4$5?:$; <2 A41 D<$?' <2 F5?1&A<?@ $A C?&19<?V5AA$9%@ $;;G$9 31;1?$9 :11A5;3 <2 @4$?14<9'1?@ <;
V$N B0[ p((Z $;' J<G9' ;<A @118 $;<A41? A1?:* h41 D<$?' <2 F5?1&A<?@ 4$@ G;$;5:<G@9N ;<:5;$A1' V?*
U$8@4:5 W* V5AA$9 A< %1 $==<5;A1' %N A41 D<$?' <2 F5?1&A<?@ $@ A41 ;1J E4$5?:$; <; V$N B0[ p((Z* V?* V5AA$9
J599 $9@< &<;A5;G1 $@ E4512 KL1&GA5I1 c225&1?[ $@ ;<A1' %19<J*
35
o5A4 ?1@=1&A A< A41 O?<G= V$;$31:1;A D<$?'[ A41 Vcl =?<I5'1@ A4$A 5A J<G9' 5;&9G'1 A41 2<G? A41;b&G??1;A
:1:%1?@ <2 C?&19<?%@ V$;$31:1;A D<$?' $;' A4?11 :1:%1?@ A< %1 ;<:5;$A1' %N A41 A41;b&G??1;A V5AA$9 gA119
D<$?' <2 F5?1&A<?@[ A4$A 5@[ @1I1; :1:%1?@ 5; A<A$9* h41 =$?A51@ $3?11' A4$A 52 A41 A41;b&G??1;A EKc <2 C?&19<?
J5A4'?1J <? ?1@53;1'[ A41 ;1J EKc J<G9' %1 $==<5;A1' %N A41 ?191I$;A D<$?' <2 F5?1&A<?@ 2G?A41? A< $ =?<=<@$9
:$'1 %N V?* S<@1=4 T5;@&4 $;' $==?<I1' %N V?* U$8@4:5 W* V5AA$9*
M<99<J5;3 A41 ?1@53;$A5<; <2 V?* f<9$;' SG;&8 $@ E4512 KL1&GA5I1 c225&1? <2 V5AA$9 gA119 $;' C?&19<? <;
W<I1:%1? a[ p(()[ V?* U$8@4:5 W* V5AA$9 J$@[ <; A41 @$:1 '$A1[ $==<5;A1' $ :1:%1? <2 A41 O?<G=
V$;$31:1;A D<$?' $;' E4512 KL1&GA5I1 c225&1? <2 V5AA$9 gA119* K221&A5I1 W<I1:%1? a[ p(()[ V?* V5AA$9
?1@53;1' $@ $ :1:%1? <2 A41 C==<5;A:1;A@[ f1:G;1?$A5<; $;' E<?=<?$A1 O<I1?;$;&1 E<::5AA11[ $;'
V?* g1?35< g59I$ '1 M?15A$@ J$@ $==<5;A1' %N A41 D<$?' <2 F5?1&A<?@ $@ V?* V5AA$9%@ @G&&1@@<? <; A41
C==<5;A:1;A@[ f1:G;1?$A5<; $;' E<?=<?$A1 O<I1?;$;&1 E<::5AA11* C@ $ &<;@1>G1;&1[ 2?<: S$;G$?N B[ p((n
A41 O?<G= V$;$31:1;A D<$?' 4$' @5L :1:%1?@+ 2<99<J5;3 A41 ?1@53;$A5<; <2 V?* f<9$;' SG;&8 1221&A5I1 SG9N
0B[ p((n[ A41 O?<G= V$;$31:1;A D<$?' 4$' 25I1 :1:%1?@* R; $''5A5<;[ $@ $ &<;@1>G1;&1 <2 A41 &4$;31@ $%<I1[
A41 D<$?' <2 F5?1&A<?@ 5;&9G'1@ <;1 1L1&GA5I1 '5?1&A<?[ 5;@A1$' <2 %15;3 &<:=<@1' 1L&9G@5I19N <2 ;<;b1L1&GA5I1
'5?1&A<?@*
h41 =?<=<@$9 A< $==<5;A V?* V5AA$9 $@ E4512 KL1&GA5I1 c225&1? <2 V5AA$9 gA119 $;' C?&19<? J$@ G;$;5:<G@9N
$==?<I1' %N A41 D<$?'@ <2 F5?1&A<?@ <2 V5AA$9 gA119 $;' C?&19<?* h41 31;1?$9 :11A5;3 <2 @4$?14<9'1?@ <2 V5AA$9
gA119 ?$A5251' A45@ $==<5;A:1;A $A A41 $;;G$9 31;1?$9 :11A5;3 <2 @4$?14<9'1?@ 419' <; SG;1 Bp[ p((n* h41
g53;525&$;A @4$?14<9'1? '5' ;<A =$?A5&5=$A1 5; A41 I<A1*
h41 D<$?' <2 F5?1&A<?@ 5@ 5; &4$?31 <2 A41 <I1?$99 :$;$31:1;A <2 C?&19<?V5AA$9* RA 5@ ?1@=<;@5%91 2<? A41
=1?2<?:$;&1 <2 $99 $&A@ <2 $':5;5@A?$A5<; ;1&1@@$?N <? G@12G9 5; 2G?A41?$;&1 <2 A41 &<?=<?$A1 =G?=<@1 <2
C?&19<?V5AA$9[ 1L&1=A 2<? A4<@1 :$AA1?@ A4$A $?1 1L=?1@@9N ?1@1?I1' %N UGL1:%<G?3 9$J <? A41 C?A5&91@ <2
C@@<&5$A5<; <2 C?&19<?V5AA$9 2<? A41 31;1?$9 :11A5;3 <2 @4$?14<9'1?@* h41 C?A5&91@ <2 C@@<&5$A5<; =?<I5'1 A4$A
A41 D<$?' <2 F5?1&A<?@ 5@ &<:=<@1' <2 $ :5;5:G: <2 0 $;' $ :$L5:G: <2 BZ :1:%1?@[ $99 <2 J4<: 1L&1=A A41
E4512 KL1&GA5I1 c225&1? @4$99 %1 ;<;b1L1&GA5I1 $;' A4$A ;<;1 <2 A41 :1:%1?@ <2 A41 D<$?' <2 F5?1&A<?@[ 1L&1=A
2<? A41 E4512 KL1&GA5I1 c225&1?[ @4$99 4$I1 $; 1L1&GA5I1 =<@5A5<; <? 1L1&GA5I1 :$;'$A1 J5A45; C?&19<?V5AA$9 <?
$;N 1;A5AN &<;A?<991' %N C?&19<?V5AA$9* EG??1;A9N[ A41 D<$?' <2 F5?1&A<?@ 5@ &<:=?5@1' <2 Bn ;<;b1L1&GA5I1
'5?1&A<?@ $;' <;1 1L1&GA5I1 '5?1&A<?* h41 E4512 KL1&GA5I1 c225&1? <2 C?&19<?V5AA$9[ V?* U$8@4:5 W* V5AA$9[ 5@ A41
@<91 1L1&GA5I1 '5?1&A<?*
h41 C?A5&91@ <2 C@@<&5$A5<; =?<I5'1 A4$A A41 '5?1&A<?@ $?1 191&A1' $;' ?1:<I1' %N A41 31;1?$9 :11A5;3 <2
@4$?14<9'1?@ %N $ @5:=91 :$6<?5AN <2 I<A1@ &$@A* KL&1=A $@ @=1&525&$99N '1@&?5%1' %19<J[ ;< @4$?14<9'1? 4$@
@=1&5$9 ?534A@ A< ;<:5;$A1[ 191&A <? ?1:<I1 '5?1&A<?@* C99 '5?1&A<?@ $?1 191&A1' %N A41 31;1?$9 :11A5;3 <2
@4$?14<9'1?@ 2<? A4?11bN1$? A1?:@ \J5A4 ?1@=1&A A< $==<5;A:1;A@ :$'1 $2A1? W<I1:%1? B0[ p((n[ 1L&1=A 5; A41
1I1;A <2 A41 ?1=9$&1:1;A <2 $ :1:%1? <2 A41 D<$?' <2 F5?1&A<?@ 'G?5;3 45@ <? 41? :$;'$A1.* M<99<J5;3 A41 R;5A5$9
h1?:[ $;' @G%61&A A< A41 C?&19<?V5AA$9%@ C?A5&91@ <2 C@@<&5$A5<;[ A41 g53;525&$;A @4$?14<9'1? J599 %1 1;A5A91' A<
?1=?1@1;A$A5<; <; C?&19<?V5AA$9%@ D<$?' <2 F5?1&A<?@ 5; =?<=<?A5<; A< 5A@ @4$?14<9'5;3*
h41 O?<G= V$;$31:1;A D<$?' 5@ 1;A?G@A1' J5A4 A41 '$NbA<b'$N :$;$31:1;A <2 C?&19<?V5AA$9* V?* U$8@4:5 W*
V5AA$9[ A41 E4512 KL1&GA5I1 c225&1?[ 5@ A41 E4$5?:$; <2 A41 O?<G= V$;$31:1;A D<$?'* h41 :1:%1?@ <2 A41
O?<G= V$;$31:1;A D<$?' $?1 $==<5;A1' $;' '5@:5@@1' %N A41 D<$?' <2 F5?1&A<?@* C@ A41 O?<G= V$;$31:1;A
D<$?' 5@ ;<A $ &<?=<?$A1 %<'N &?1$A1' %N UGL1:%<G?3 9$J <? C?&19<?V5AA$9%@ C?A5&91@ <2 C@@<&5$A5<;[ A41 O?<G=
V$;$31:1;A D<$?' 1L1?&5@1@ <;9N A41 $GA4<?5AN 3?$;A1' A< 5A %N A41 D<$?' <2 F5?1&A<?@*
R; 1@A$%95@45;3 C?&19<?V5AA$9%@ @A?$A135& '5?1&A5<; $;' &<?=<?$A1 =<95&51@[ V?* U$8@4:5 W* V5AA$9 5@ @G==<?A1' %N
:1:%1?@ <2 C?&19<?V5AA$9%@ @1;5<? :$;$31:1;A[ J4< 4$I1 @G%@A$;A5$9 =?<21@@5<;$9 $;' J<?9'J5'1 @A119 5;'G@A?N
1L=1?51;&1* g<:1 <2 A41 :1:%1?@ <2 C?&19<?V5AA$9%@ @1;5<? :$;$31:1;A A1$: $?1 $9@< :1:%1?@ <2 A41 O?<G=
V$;$31:1;A D<$?'*
h41 O?<G= V$;$31:1;A D<$?' 5@ $@@5@A1' %N $ V$;$31:1;A E<::5AA11 &<:=?5@1' <2 A41 :1:%1?@ <2 A41 O?<G=
V$;$31:1;A D<$?' $;' BZ <A41? @1;5<? 1L1&GA5I1@* h41 V$;$31:1;A E<::5AA11 '5@&G@@1@ $;' =?1=$?1@ 3?<G=
'1&5@5<;@ <; :$AA1?@ <2 3?<G=bJ5'1 5:=<?A$;&1[ 5;A13?$A1@ A41 31<3?$=45&$9 '5:1;@5<; <2 A41 3?<G=[ 1;@G?1@ 5;b
'1=A4 '5@&G@@5<;@ J5A4 C?&19<?V5AA$9%@ <=1?$A5<;$9 $;' ?1@<G?&1@ 91$'1?@ $;' @4$?1@ 5;2<?:$A5<; $%<GA A41
@5AG$A5<; <2 A41 3?<G= $;' 5A@ :$?81A@*
36
À6C2G:@? @7 G96 H@2C5 @7 K:C64G@CE
R; $&&<?'$;&1 J5A4 A41 =?<I5@5<;@ <2 A41 Vcl[ A41 ?1>G5?1' >G<?G: 2<? :11A5;3@ <2 A41 D<$?' <2 F5?1&A<?@ 5@ $
:$6<?5AN <2 A41 '5?1&A<?@[ 5;&9G'5;3 $A 91$@A A41 E4$5?:$;[ A41 d?1@5'1;A $;' $ :$6<?5AN <2 A41 5;'1=1;'1;A
'5?1&A<?@ =?1@1;A <? ?1=?1@1;A1'*
K$&4 '5?1&A<? 4$@ <;1 I<A1 $;' ;<;1 <2 A41 '5?1&A<?@[ 5;&9G'5;3 A41 E4$5?:$; <2 A41 D<$?' <2 F5?1&A<?@[ 4$@ $
&$@A5;3 I<A1* F1&5@5<;@ <2 A41 D<$?' <2 F5?1&A<?@ $?1 :$'1 %N $ :$6<?5AN <2 A41 '5?1&A<?@ =?1@1;A $;' ?1=?1@1;A1'
$A $ >G<?$A1 :11A5;3[ 1L&1=A $@ <A41?J5@1 ?1>G5?1' %N UGL1:%<G?3 9$J*
FG?5;3 A41 R;5A5$9 h1?:[ A41 $31;'$ <2 1$&4 :11A5;3 <2 A41 D<$?' <2 F5?1&A<?@ J599 %1 6<5;A9N $3?11' %N A41
E4$5?:$; $;' A41 d?1@5'1;A <2 A41 D<$?' <2 F5?1&A<?@ $;' J599 5;&9G'1 $;N :$AA1?@ =?<=<@1' A< %1 5;&9G'1' <;
A41 $31;'$ 6<5;A9N %N A41 E4$5?:$; $;' A41 d?1@5'1;A* R; A41 1I1;A <2 $ '5@$3?11:1;A[ A41 E4$5?:$; $;' A41
d?1@5'1;A J599 J<?8 A<31A41? A< A?N A< ?1@<9I1 5A* C2A1? A41 1L=5?$A5<; <2 A41 R;5A5$9 h1?:[ A41 E4$5?:$; $;' A41
d?1@5'1;A J599 G@1 A415? ?1$@<;$%91 %1@A 122<?A@ A< $3?11 <; A41 $31;'$*
!6A2C2G6 ^66G:?8 @7 _@?eLS64IG:Q6 K:C64G@CE

h41 ;<;b1L1&GA5I1 :1:%1?@ <2 A41 D<$?' <2 F5?1&A<?@ :$N @&41'G91 :11A5;3@ <GA@5'1 A41 =?1@1;&1 <2
:$;$31:1;A* h41?1 5@ ;< :5;5:G: ;G:%1? <2 :11A5;3@ A4$A A41 ;<;b1L1&GA5I1 '5?1&A<?@ :G@A 4<9' =1? N1$?*
FG?5;3 p((n[ A41 ;<;b1L1&GA5I1 '5?1&A<?@ <2 C?&19<?V5AA$9 419' <;1 :11A5;3 J41?1 A41 1L1&GA5I1 '5?1&A<? '5' ;<A
$AA1;'*
!:8?:7:42?G !92C69@=56C h:89G @7 ÀA@E:G:@? 2?5 h:89G @7 H@2C5 h6AC6E6?G2G:@?

h41 V1:<?$;'G: <2 l;'1?@A$;'5;3 =?<I5'1@ A4$A 'G?5;3 A41 R;5A5$9 h1?:[ J5A4 ?1@=1&A A< D<$?' <2 F5?1&A<?@%
'1&5@5<;@ A4$A ?1>G5?1 @4$?14<9'1?@ $==?<I$9[ A41 g53;525&$;A @4$?14<9'1? J599 I<A1 5; $&&<?'$;&1 J5A4 A41
=<@5A5<; 1L=?1@@1' %N A41 D<$?' <2 F5?1&A<?@[ G;91@@ A41 g53;525&$;A @4$?14<9'1? <==<@1@ $;N @G&4 =<@5A5<;[ 5;
J45&4 &$@1 A41 g53;525&$;A @4$?14<9'1? &$; I<A1 $@ 5A J5@41@[ @G%61&A A< A41 2<99<J5;3 ?1>G5?1:1;A@* FG?5;3 A41
R;5A5$9 h1?:[ 52 V?* U$8@4:5 W* V5AA$9 <==<@1@ $;N '1&5@5<; <2 A41 D<$?' <2 F5?1&A<?@ <; $ :$AA1? A4$A '<1@ ;<A
?1>G5?1 @4$?14<9'1? $==?<I$9 $;' A4$A J$@ ;<A =?<=<@1' %N 45:[ V?* U$8@4:5 W* V5AA$9 J599 4$I1 A41 ?534A A<
?1>G1@A A4$A @G&4 $&A5<; 25?@A %1 $==?<I1' %N $ @4$?14<9'1?@% :11A5;3[ $;' A41 g53;525&$;A @4$?14<9'1? J599 4$I1
A41 ?534A A< I<A1 $A @G&4 :11A5;3 $@ 5A @11@ 25A* h41 D<$?' <2 F5?1&A<?@ J599 ;<A $==?<I1 $;N $&A5<; A4$A 4$@ %11;
?161&A1' %N @G&4 @4$?14<9'1?@% :11A5;3*
h41 V1:<?$;'G: <2 l;'1?@A$;'5;3 2G?A41? =?<I5'1@ A4$A 'G?5;3 A41 R;5A5$9 h1?:[ $;' @G%61&A A< A41 g53;525&$;A
@4$?14<9'1? <J;5;3 <? &<;A?<995;3 $A 91$@A BaY <2 A41 <GA@A$;'5;3 @4$?1 &$=5A$9 <2 C?&19<?V5AA$9[ A41 g53;525&$;A
@4$?14<9'1? 5@ 1;A5A91' A< 191&A A< C?&19<?V5AA$9%@ D<$?' <2 F5?1&A<?@ $ :$L5:G: <2 @5L '5?1&A<?@[ 5;&9G'5;3 A4?11
'5?1&A<?@ J4< $?1 $22595$A1' \'5?1&A9N <? 5;'5?1&A9N. J5A4 A41 g53;525&$;A @4$?14<9'1? $;' A4?11 5;'1=1;'1;A
'5?1&A<?@* M<99<J5;3 A41 R;5A5$9 h1?:[ $;' @G%61&A A< $;N $==95&$%91 =?<I5@5<;@ <2 C?&19<?V5AA$9%@ C?A5&91@ <2
C@@<&5$A5<;[ A41 g53;525&$;A @4$?14<9'1? J599 %1 1;A5A91' A< ?1=?1@1;A$A5<; <; C?&19<?V5AA$9%@ D<$?' <2 F5?1&A<?@
5; =?<=<?A5<; A< 5A@ @4$?14<9'5;3*
H@2C5 @7 K:C64G@CE J@>>:GG66E

h41 D<$?' <2 F5?1&A<?@ 4$@ AJ< &<::5AA11@k $; CG'5A E<::5AA11 $;' $; C==<5;A:1;A@[ f1:G;1?$A5<; $;'
E<?=<?$A1 O<I1?;$;&1 E<::5AA11*
T=P'< W6//'<<QQ
h41 C?A5&91@ <2 C@@<&5$A5<; =?<I5'1 A4$A A41 CG'5A E<::5AA11 5@ &<:=<@1' @<919N <2 5;'1=1;'1;A :1:%1?@ <2 A41
D<$?' <2 F5?1&A<?@* h41 CG'5A E<::5AA11 5@ &G??1;A9N &<:=<@1' <2 2<G? 5;'1=1;'1;A '5?1&A<?@* h41 :1:%1?@ $?1
$==<5;A1' %N A41 D<$?' <2 F5?1&A<?@* h41 CG'5A E<::5AA11 :$81@ '1&5@5<;@ %N $ @5:=91 :$6<?5AN J5A4 ;<
:1:%1? 4$I5;3 $ &$@A5;3 I<A1*
h41 =?5:$?N 2G;&A5<; <2 A41 CG'5A E<::5AA11 5@ A< $@@5@A A41 D<$?' <2 F5?1&A<?@ 5; 2G925995;3 5A@ <I1?@534A
?1@=<;@5%595A51@ %N ?1I51J5;3k
2 A41 25;$;&5$9 ?1=<?A@ $;' <A41? 25;$;&5$9 5;2<?:$A5<; =?<I5'1' %N C?&19<?V5AA$9 A< $;N
3<I1?;:1;A$9 %<'N <? A41 =G%95&+
2 C?&19<?V5AA$9%@ @N@A1: <2 5;A1?;$9 &<;A?<9 ?13$?'5;3 25;$;&1[ $&&<G;A5;3[ 913$9 &<:=95$;&1 $;'
1A45&@ A4$A A41 D<$?' <2 F5?1&A<?@ $;' :1:%1?@ <2 :$;$31:1;A 4$I1 1@A$%95@41'+ $;'
2 C?&19<?V5AA$9%@ $G'5A5;3[ $&&<G;A5;3 $;' 25;$;&5$9 ?1=<?A5;3 =?<&1@@1@ 31;1?$99N*
37
Z<6 1!/>T 3NJJ>TT66#R OQ>J,Q( /!T>6R ,L/ Q6RONLR>->I>T>6R ,Q6 TNH
$ R6Q"6 ,R ,L >L/6O6L/6LT ,L/ N-@6.T>"6 O,QT( TN JNL>TNQ 1Q.6INQE>TT,I#R 8>L,L.>,I Q6ONQT>L:
OQN.6RR ,L/ >LT6QL,I .NLTQNIR R(RT6J[
$ Q6">6$ ,L/ ,OOQ,>R6 T<6 ,!/>T 688NQTR N8 1Q.6INQE>TT,I#R >L/6O6L/6LT ,!/>TNQR ,L/ >LT6QL,I
,!/>T>L: /6O,QTJ6LT[
$ OQN">/6 ,L NO6L ,"6L!6 N8 .NJJ!L>.,T>NL ,JNL: T<6 >L/6O6L/6LT ,!/>TNQR5 R6L>NQ J,L,:6J6LT5
T<6 >LT6QL,I ,!/>T /6O,QTJ6LT ,L/ T<6 2N,Q/ N8 4>Q6.TNQR[
$ ,OOQN"6 T<6 ,OON>LTJ6LT ,L/ 866R N8 T<6 >L/6O6L/6LT ,!/>TNQR[ ,L/
$ JNL>TNQ T<6 >L/6O6L/6L.6 N8 T<6 >L/6O6L/6LT ,!/>TNQRY
Z<6 J6J-6QR N8 T<6 1!/>T 3NJJ>TT66 ,Q6H E6RRQRY F,Q,(,L,L %,:<!I5 BNR! W,J"L "I",Q6) W6L/!6I6R5 '>I-!Q
DY WNRR ,L/ 9/JNL/ U,.<!Q,5 ,II N8 $<NJ ,Q6 >L/6O6L/6LT !L/6Q 1Q.6INQE>TT,I#R 3NQONQ,T6 =N"6QL,L.6
:!>/6I>L6R ,L/ T<6 F*X9 RT,L/,Q/RY Z<6 3<,>QJ,L N8 T<6 1!/>T 3NJJ>TT66 >R EQY %,:<!I5 $<N <,R R>:L>8>.,LT
6&O6Q>6L.6 ,L/ 8>L,L.>,I 6&O6QT>R6Y EQY %,:<!I >R T<6 3<,>QJ,L N8 A3A3A 2,LG DT/Y5 , .NJO,L( T<,T >R I>RT6/ NL
T<6 F*X9 ,L/ T<6 E!J-,> XTN.G 9&.<,L:6Y EQY "I",Q6) W6L/!6I6R5 , 8NQJ6Q =N"6QLNQ N8 T<6 2,L.N /6 9RO,!,
,L/ 8NQJ6Q UQ6R>/6LT N8 T<6 2,L.N +,Q,:N),LN5 ,IRN <,R R>:L>8>.,LT 6&O6Q>6L.6 ,L/ 8>L,L.>,I 6&O6QT>R6Y 2NT<
EQY WNRR ,L/ EQY U,.<!Q, <,"6 .NLR>/6Q,-I6 6&O6Q>6L.6 >L J,L,:>L: .NJO,L>6R# ,88,>QRY
1..NQ/>L: TN >TR .<,QT6Q5 T<6 1!/>T 3NJJ>TT66 >R Q6P!>Q6/ TN J66T ,T I6,RT 8N!Q T>J6R , (6,QY 4!Q>L: MVVK5 T<6
1!/>T 3NJJ>TT66 J6T 00 T>J6R5 R>& N8 $<>.< $6Q6 O<(R>.,I J66T>L:R ,L/ 8>"6 N8 $<>.< $6Q6 <6I/ -(
T6I6.NL86Q6L.6Y
#332(1%+.1%$" /.+'1.!*%(21 *1- &2!32!*%. 02).!1*1,. &2++(%%..
Z<6 1OON>LTJ6LTR5 W6J!L6Q,T>NL ,L/ 3NQONQ,T6 =N"6QL,L.6 3NJJ>TT66 >R .NJOQ>R6/ N8 8N!Q />Q6.TNQR5 ,II N8
$<NJ ,Q6 >L/6O6L/6LTY Z<6 J6J-6QR ,Q6 ,OON>LT6/ -( T<6 2N,Q/ N8 4>Q6.TNQRY Z<6 1OON>LTJ6LTR5 W6J!L6Q,T>NL
,L/ 3NQONQ,T6 =N"6QL,L.6 3NJJ>TT66 J,G6R /6.>R>NLR -( , R>JOI6 J,@NQ>T( $>T< LN J6J-6Q <,">L: , .,RT>L:
"NT6Y
Z<6 2N,Q/ N8 4>Q6.TNQR <,R 6RT,-I>R<6/ T<6 1OON>LTJ6LTR5 W6J!L6Q,T>NL ,L/ 3NQONQ,T6 =N"6QL,L.6 3NJJ>TT66
TNH
$ /6T6QJ>L65 NL >TR -6<,I8 ,L/ NL -6<,I8 N8 T<6 R<,Q6<NI/6QR $>T<>L ,:Q66/ T6QJR N8 Q686Q6L.65
1Q.6INQE>TT,I#R Q6J!L6Q,T>NL ,L/ .NJO6LR,T>NL 8Q,J6$NQG5 >L.I!/>L: RTN.G NOT>NLR 8NQ T<6
3<>68 9&6.!T>"6 S88>.6Q ,L/ T<6 3<>68 ;>L,L.>,I S88>.6Q N8 1Q.6INQE>TT,I5 T<6 J6J-6QR N8 T<6
=QN!O E,L,:6J6LT 2N,Q/ ,L/ T<6 J6J-6QR N8 T<6 E,L,:6J6LT 3NJJ>TT66[
$ .NLR>/6Q ,L( .,L/>/,T6 8NQ ,OON>LTJ6LT NQ Q6,OON>LTJ6LT TN T<6 2N,Q/ N8 4>Q6.TNQR ,T T<6
Q6P!6RT N8 T<6 2N,Q/ N8 4>Q6.TNQR[
$ OQN">/6 ,/">.6 ,L/ Q6.NJJ6L/,T>NLR TN >T Q6:,Q/>L: T<6 R,J6[ ,L/
$ /6"6INO5 JNL>TNQ ,L/ Q6">6$ .NQONQ,T6 :N"6QL,L.6 OQ>L.>OI6R ,OOI>.,-I6 TN 1Q.6INQE>TT,IY
Z<6 1OON>LTJ6LTR5 W6J!L6Q,T>NL ,L/ 3NQONQ,T6 =N"6QL,L.6 3NJJ>TT66#R OQ>L.>O,I .Q>T6Q>, >L /6T6QJ>L>L: T<6
.NJO6LR,T>NL N8 6&6.!T>"6R >R TN 6L.N!Q,:6 ,L/ Q6$,Q/ O6Q8NQJ,L.6 T<,T $>II I6,/ TN INL:7T6QJ 6L<,L.6J6LT N8
R<,Q6<NI/6Q ",I!6Y
Z<6 J6J-6QR N8 T<6 1OON>LTJ6LTR5 W6J!L6Q,T>NL ,L/ 3NQONQ,T6 =N"6QL,L.6 3NJJ>TT66 ,Q6H E6RRQRY BNR6O<
C>LR.<5 X6Q:>N X>I", /6 ;Q6>T,R5 D6$>R C,/6L ,L/ B6,L7U>6QQ6 ?,LR6L5 ,II N8 $<NJ ,Q6 >L/6O6L/6LT !L/6Q
1Q.6INQE>TT,I#R 3NQONQ,T6 =N"6QL,L.6 :!>/6I>L6R ,L/ T<6 F*X9 RT,L/,Q/RY Z<6 3<,>QJ,L N8 T<6 1OON>LTJ6LTR5
W6J!L6Q,T>NL ,L/ 3NQONQ,T6 =N"6QL,L.6 3NJJ>TT66 >R EQY C,/6LY
Z<6 1OON>LTJ6LTR5 W6J!L6Q,T>NL ,L/ 3NQONQ,T6 =N"6QL,L.6 3NJJ>TT66 >R Q6P!>Q6/ -( >TR .<,QT6Q TN J66T ,T
I6,RT T$>.6 , (6,QY 4!Q>L: MVVK5 T<>R .NJJ>TT66 J6T 8>"6 T>J6RY
'-/1"+,+.1 $-))-2%+! &#1 (+%&%,) 01"*

Z<6 E6JNQ,L/!J N8 #L/6QRT,L/>L: OQN">/6R T<,T !ONL 6&O>Q,T>NL N8 T<6 AL>T>,I Z6QJ5 1Q.6INQE>TT,I#R .NQONQ,T6
:N"6QL,L.6 Q!I6R /6R.Q>-6/ ,-N"6 $>II -6 Q6">6$6/ >L NQ/6Q TN Q68I6.T T<6 -6RT RT,L/,Q/R N8 .NQONQ,T6 :N"6QL,L.6
8NQ .NJO,Q,-I6 .NJO,L>6R ,L/5 >L O,QT>.!I,Q5 <,"6 T<6J .NL8NQJ $>T< T<6 .NQONQ,T6 :N"6QL,L.6 ,RO6.TR N8 T<6
F*X9 I>RT>L: RT,L/,Q/R ,OOI>6/ TN LNL7#YXY .NJO,L>6R ,L/ T<6 ,OOI>.,-I6 D!&6J-N!Q: .NQONQ,T6 :N"6QL,L.6
.N/6 NQ R>J>I,Q /N.!J6LTY Z<6 3<,>QJ,L ,L/ T<6 UQ6R>/6LT R<,II .NLR!IT >L T<6 (6,Q OQ>NQ TN T<6 6L/ N8 T<6 AL>T>,I
38
h1?: J5A4 $ I51J A< '1A1?:5;5;3 A41 5'1;A5AN <2 A41 '5?1&A<?@ A< %1 ?1&<::1;'1' A< A41 C==<5;A:1;A@[
f1:G;1?$A5<; $;' E<?=<?$A1 O<I1?;$;&1 E<::5AA11*
`G96C J@CA@C2G6 N@Q6C?2?46 dC24G:46E

C?&19<?V5AA$9 5@ &<::5AA1' A< $'<=A %1@A =?$&A5&1 @A$;'$?'@ 5; A1?:@ <2 &<?=<?$A1 3<I1?;$;&1 5; 5A@ '1$95;3@ J5A4
@4$?14<9'1?@*
R; =$?A5&G9$?[ C?&19<?V5AA$9 $5:@ A< 1;@G?1 3<<' &<?=<?$A1 3<I1?;$;&1 %N $==9N5;3 ?G91@ <; A?$;@=$?1;&N[ >G$95AN
<2 ?1=<?A5;3 $;' A41 %$9$;&1 <2 =<J1?@* C?&19<?V5AA$9 &<;A5;G$99N :<;5A<?@ l*g*[ KG?<=1$; l;5<; $;'
UGL1:%<G?3 913$9 ?1>G5?1:1;A@ $;' %1@A =?$&A5&1@ 5; :$81 $'6G@A:1;A@ A< 5A@ &<?=<?$A1 3<I1?;$;&1 &<;A?<9@ $;'
=?<&1'G?1@ J41; ;1&1@@$?N* R; A45@ ?13$?'[ C?&19<?V5AA$9 $5:@ A< &<:=9N J5A4 A41 h1; d?5;&5=91@ <2 E<?=<?$A1
O<I1?;$;&1 <2 A41 UGL1:%<G?3 gA<&8 KL&4$;31*
dC@46EE 7@C O2?5=:?8 J@>A=2:?GE F3@IG F44@I?G:?8 ^2GG6CE

C@ =$?A <2 A41 =?<&1'G?1@ <2 A41 D<$?' <2 F5?1&A<?@ 2<? 4$;'95;3 &<:=9$5;A@ <? &<;&1?;@ $%<GA $&&<G;A5;3[
5;A1?;$9 &<;A?<9@ $;' $G'5A5;3 5@@G1@[ C?&19<?V5AA$9%@ E<'1 <2 DG@5;1@@ E<;'G&A 1;&<G?$31@ $99 1:=9<N11@ A<
%?5;3 @G&4 5@@G1@ A< A41 CG'5A E<::5AA11%@ $AA1;A5<; <; $ &<;25'1;A5$9 %$@5@* R; $&&<?'$;&1 J5A4 C?&19<?V5AA$9%@
o45@A91%9<J1? d<95&N[ &<;&1?;@ J5A4 ?13$?' A< =<@@5%91 5??13G9$?5A51@ 5; $&&<G;A5;3[ $G'5A5;3 <? %$;85;3 :$AA1?@
<? %?5%1?N J5A45; A41 %G@5;1@@ <2 C?&19<?V5AA$9 $;' 5A@ @G%@5'5$?51@ :$N $9@< %1 &<::G;5&$A1' A4?<G34 A41
E<?=<?$A1 O<I1?;$;&1 b o45@A91%9<J1? @1&A5<; <2 A41 C?&19<?V5AA$9 J1%@5A1 $A JJJ*$?&19<?:5AA$9*&<: J41?1
C?&19<?V5AA$9%@ o45@A91%9<J1? d<95&N 5@ $9@< $I$59$%91*
FG?5;3 p((n[ 1:=9<N11@ ?1=<?A1' ;< @53;525&$;A &<:=9$5;A@ <2 A45@ ;$AG?1*
P?G6C?2= FEEIC2?46
C?&19<?V5AA$9 4$@ $; R;A1?;$9 C@@G?$;&1 2G;&A5<;* RA 5@ A41 ?1@=<;@5%595AN <2 A41 Q1$' <2 R;A1?;$9 C@@G?$;&1 <2
C?&19<?V5AA$9[ J4< ?1=<?A@ A< A41 CG'5A E<::5AA11* h41 2G;&A5<; 5@ @A$221' %N 2G99bA5:1 =?<21@@5<;$9 @A$22 9<&$A1'
$A 1$&4 <2 A41 =?5;&5=$9 <=1?$A5;3 @G%@5'5$?51@ $;' $A A41 &<?=<?$A1 91I19* f1&<::1;'$A5<;@ $;' :$AA1?@ ?19$A5;3
A< 5;A1?;$9 &<;A?<9 $;' =?<&1@@1@ $?1 :$'1 %N A41 R;A1?;$9 C@@G?$;&1 2G;&A5<;[ $;' A415? 5:=91:1;A$A5<; 5@
?13G9$?9N ?1I51J1' %N A41 CG'5A E<::5AA11*
P?56A6?56?G FI5:G@CE
h41 $==<5;A:1;A $;' '1A1?:5;$A5<; <2 211@ <2 A41 5;'1=1;'1;A $G'5A<?@ 5@ A41 '5?1&A ?1@=<;@5%595AN <2 A41 CG'5A
E<::5AA11* h41 CG'5A E<::5AA11 5@ 2G?A41? ?1@=<;@5%91 2<? <%A$5;5;3 $A 91$@A <;&1 $ N1$? $ J?5AA1; @A$A1:1;A
2?<: A41 5;'1=1;'1;A $G'5A<?@ A4$A A415? 5;'1=1;'1;&1 4$@ ;<A %11; 5:=$5?1'* h41 CG'5A E<::5AA11 4$@ $9@<
<%A$5;1' $ &<;25?:$A5<; 2?<: A41 =?5;&5=$9 5;'1=1;'1;A $G'5A<?@ A4$A ;<;1 <2 5A@ 2<?:1? 1:=9<N11@ 5@ 5; $
=<@5A5<; J5A4 C?&19<?V5AA$9 A4$A :$N 5:=$5? A41 =?5;&5=$9 $G'5A<?@% 5;'1=1;'1;&1*
LG9:4E 2?5 J@?7=:4G @7 P?G6C6EG

KA45&@ $;' &<;295&A@ <2 5;A1?1@A $?1 3<I1?;1' %N C?&19<?V5AA$9%@ E<'1 <2 DG@5;1@@ E<;'G&A* h41 E<'1 <2
DG@5;1@@ E<;'G&A @1A@ <GA @A$;'$?'@ 2<? 1A45&$9 %14$I5<G? A4$A $?1 A< %1 2<99<J1' %N $99 1:=9<N11@ $;' '5?1&A<?@
<2 C?&19<?V5AA$9 5; A41 1L1?&5@1 <2 A415? 'GA51@* h41N :G@A $9J$N@ $&A 5; A41 %1@A 5;A1?1@A@ <2 C?&19<?V5AA$9 $;'
:G@A $I<5' $;N @5AG$A5<; 5; J45&4 A415? =1?@<;$9 5;A1?1@A@ &<;295&A[ <? &<G9' &<;295&A[ J5A4 A415? <%953$A5<;@ A<
C?&19<?V5AA$9* C@ 1:=9<N11@[ A41N :G@A ;<A $&>G5?1 $;N 25;$;&5$9 <? <A41? 5;A1?1@A 5; $;N %G@5;1@@ <? =$?A5&5=$A1
5; $;N $&A5I5AN A4$A &<G9' '1=?5I1 C?&19<?V5AA$9 <2 A41 A5:1 <? A41 $AA1;A5<; ;11'1' A< '1I<A1 A< A41 =1?2<?:$;&1
A415? 'GA51@* C;N %14$I5<G? A4$A '1I5$A1@ 2?<: A41 E<'1 <2 DG@5;1@@ E<;'G&A 5@ A< %1 ?1=<?A1' A< A41 1:=9<N11%@
@G=1?I5@<?[ $ :1:%1? <2 A41 :$;$31:1;A[ A41 41$' <2 A41 913$9 '1=$?A:1;A <? A41 41$' <2 A41 5;A1?;$9
$G'5AX5;A1?;$9 $@@G?$;&1 '1=$?A:1;A* h41 E<'1 <2 DG@5;1@@ E<;'G&A 5@ $I$59$%91 5; A41 &E<?=<?$A1 O<I1?;$;&1 !
E<'1 <2 DG@5;1@@ E<;'G&A( @1&A5<; <2 C?&19<?V5AA$9%@ J1%@5A1[ JJJ*$?&19<?:5AA$9*&<:*
^62EIC6E G@ dC6Q6?G P?E:56C K62=:?8 2?5 ^2C<6G ^2?:AI=2G:@?

h41 D<$?' <2 F5?1&A<?@ <2 C?&19<?V5AA$9 $'<=A1' A41 &G??1;A9N $==95&$%91 R;@5'1? F1$95;3 f13G9$A5<;@ \&RFf(.
<; CG3G@A p([ p((n* h41 RFf 5@ $I$59$%91 <; C?&19<?V5AA$9%@ J1%@5A1 JJJ*$?&19<?:5AA$9*&<: G;'1? &R;I1@A<?@
/ g4$?14<9'1?@ ! E<?=<?$A1 O<I1?;$;&1 ! R;@5'1? F1$95;3 f13G9$A5<;@*(
h41 RFf $==951@ A< A41 J<?9'J5'1 <=1?$A5<;@ <2 C?&19<?V5AA$9* h41 E<:=$;N ?13G9$?9N ?1I51J@ A41 RFf A<
1;@G?1 A41N ?1291&A $==95&$%91 913$9 ?1>G5?1:1;A@ $;' $?1 =?<=1?9N 1;2<?&1' A4?<G34<GA C?&19<?V5AA$9* h41
@1&?1A$?N A< A41 D<$?' <2 F5?1&A<?@ <2 C?&19<?V5AA$9 5@ $&A5;3 $@ &<:=95$;&1 <225&1? 2<? A41 =G?=<@1@ <2 A41 RFf
39
$;' $;@J1?@ >G1@A5<;@ A4$A :1:%1?@ <2 @1;5<? :$;$31:1;A[ A41 D<$?' <2 F5?1&A<?@[ <? 1:=9<N11@ :$N 4$I1
$%<GA A41 RFf%@ 5;A1?=?1A$A5<;* h41 &<:=95$;&1 <225&1? :$N $@@5@A @1;5<? 1L1&GA5I1@ $;' '5?1&A<?@ J5A4 A41 2595;3
<2 ;<A5&1@ J5A4 A41 EggM \Y/++&::&/- PQ C<8=Q&))K-OQ P< CQO;Q<8 *&-K-O&Q8. ?1>G5?1' G;'1? A41 UGL1:%<G?3
V$?81A C%G@1 U$J <2 V$N B)[ p(()* MG?A41?:<?1[ 41 4$@ A41 =<J1? A< &<;'G&A 5;I1@A53$A5<;@ 5; &<;;1&A5<; J5A4
A41 $==95&$A5<; $;' 1;2<?&1:1;A <2 A41 RFf 5; J45&4 $;N 1:=9<N11 <? :1:%1? <2 @1;5<? :$;$31:1;A <?[ <2 A41
D<$?' <2 F5?1&A<?@ 5@ ?1>G5?1' A< &<<=1?$A1*
g191&A1' ;1J 1:=9<N11@ <2 C?&19<?V5AA$9 $?1 ?1>G5?1' A< =$?A5&5=$A1 5; $ A?$5;5;3 &<G?@1 $%<GA A41 RFf G=<;
6<5;5;3 C?&19<?V5AA$9 $;' 1I1?N A4?11 N1$?@ A41?1$2A1?* h41 =1?@<;@ J4< :G@A =$?A5&5=$A1 5; A41 RFf A?$5;5;3 $?1
A41 :1:%1?@ <2 @1;5<? :$;$31:1;A[ A41 1:=9<N11@ J4< J<?8 5; 25;$;&1[ 913$9[ @$91@[ :1?31?@ $;' $&>G5@5A5<;@
$;' <A41? $?1$@ A4$A A41 E<:=$;N :$N '1A1?:5;1 2?<: A5:1 A< A5:1* R; $''5A5<;[ C?&19<?V5AA$9%@ E<'1 <2
DG@5;1@@ E<;'G&A &<;A$5;@ $ @1&A5<; <; &h?$'5;3 5; A41 g1&G?5A51@ <2 A41 E<:=$;N( A4$A 1:=4$@5@1@ A41
=?<45%5A5<; A< A?$'1 <; A41 %$@5@ <2 5;@5'1 5;2<?:$A5<;* C99 ;1J 1:=9<N11@ <2 C?&19<?V5AA$9 :G@A $&8;<J91'31
A41 E<'1 <2 DG@5;1@@ E<;'G&A 5; J?5A5;3 G=<; 6<5;5;3 $;' $?1 =1?5<'5&$99N A?$5;1' $%<GA A41 E<'1 <2 DG@5;1@@
E<;'G&A 5; 1$&4 J<?9'J5'1 9<&$A5<; J41?1 C?&19<?V5AA$9 <=1?$A1@*
1L)69 A&L9Q&6-PQ9; L5P @Q-L<QP >L9<G B9L5;LO<'65;

^2;@C !92C69@=56CE
C@ <2 F1&1:%1? 0B[ p((n[ A41 $GA4<?5@1' @4$?1 &$=5A$9 <2 C?&19<?V5AA$9 &<;@5@A1' <2 B[jn([((([((( &<::<;
@4$?1@ J5A4<GA ;<:5;$9 I$9G1* CA F1&1:%1? 0B[ p((n[ B[jjZ[Zp)[0jn &<::<; @4$?1@ \F1&1:%1? 0B[ p(()k
^0j[ZBZ[pZ( &9$@@ C &<::<; @4$?1@ $;' jan[j^([pB( &9$@@ D &<::<; @4$?1@. J1?1 5@@G1' $;' B[jpB[an([)j)
&<::<; @4$?1@ \F1&1:%1? 0B[ p(()k ^pn[nnZ[n00 &9$@@ C &<::<; @4$?1@ $;' jan[j^([pB( &9$@@ D &<::<;
@4$?1@. J1?1 <GA@A$;'5;3* C99 5@@G1' $;' <GA@A$;'5;3 @4$?1@ $?1 2G99N =$5'bG=*
h41 2<99<J5;3 A$%91 @1A@ 2<?A4 5;2<?:$A5<; $@ <2 F1&1:%1? 0B[ p((n J5A4 ?1@=1&A A< A41 %1;125&5$9 <J;1?@45= <2
C?&19<?V5AA$9 &<::<; @4$?1@ %N 1$&4 =1?@<; J4< 5@ 8;<J; A< %1 A41 %1;125&5$9 <J;1? <2 :<?1 A4$; aY <2 A41
@4$?1@ $;' $99 '5?1&A<?@ $;' @1;5<? :$;$31:1;A $@ $ 3?<G=* CA F1&1:%1? 0B[ p((n $;' A< '$A1[ ;< @4$?14<9'1?
<A41? A4$; A41 g53;525&$;A @4$?14<9'1? <J;@ :<?1 A4$; aY <2 C?&19<?V5AA$9%@ @4$?1@*
FC46=@C^:GG2=
J@>>@? E92C6E ZD.
WG:%1? Y
g53;525&$;A @4$?14<9'1? \p. )p0[))a[((( j0*(a
h?1$@G?N gA<&8 \0. p)[j)a[pB^\j. B*Z0
cA41? g4$?14<9'1?@ n^Z[)^)[BpZ aa*B0
h<A$9 B[jjZ[Zp)[0jn B((*((
F5?1&A<?@ $;' g1;5<? V$;$31:1;A\a. p[B()[0(Z\).\n. (*Ba
\B. M<? =G?=<@1@ <2 A45@ A$%91 $ =1?@<; <? 3?<G= <2 =1?@<;@ 5@ '11:1' A< 4$I1 %1;125&5$9 <J;1?@45= <2 $;N
C?&19<?V5AA$9 &<::<; @4$?1@ $@ <2 $ 35I1; '$A1 J45&4 @G&4 =1?@<; <? 3?<G= <2 =1?@<;@ 4$@ A41 ?534A A< $&>G5?1
J5A45; )( '$N@ $2A1? F1&1:%1? 0B[ p((n G=<; 1L1?&5@1 <2 I1@A1' =<?A5<;@ <2 @A<&8 <=A5<;@* h41 25?@A A45?' <2 A41
@A<&8 <=A5<;@ 3?$;A1' <; g1=A1:%1? B[ p(() $;' A41 25?@A $;' @1&<;' A45?' <2 A41 @A<&8 <=A5<;@ 3?$;A1' <; CG3G@A
p0[ p((a 4$I1 I1@A1' <; CG3G@A p0[ p(()[ $;' $99 @A<&8 <=A5<;@ <2 A41 =?1I5<G@ 3?$;A@ 4$I1 I1@A1'* W<;1 <2 A41
@A<&8 <=A5<;@ 3?$;A1' <; CG3G@A p[ p((n 4$I1 I1@A1'[ A41 25?@A A45?'[ 4<J1I1?[ J599 I1@A <; CG3G@A p[ p((Z*
\p. V?* U$8@4:5 V5AA$9 $;' 45@ J521[ V?@* l@4$ V5AA$9[ 4$I1 '5?1&A <J;1?@45= <2 C?&19<?V5AA$9 &<::<; @4$?1@ $;'
5;'5?1&A <J;1?@45= <2 4<9'5;3 &<:=$;51@ A4$A <J;* C?&19<?V5AA$9 &<::<; @4$?1@* R@=$A R;A1?;$A5<;$9 R;I1@A:1;A@
g*U* 5@ A41 <J;1? <2 ^Z[pa([((( C?&19<?V5AA$9 &<::<; @4$?1@* V5AA$9 R;I1@A:1;A@ g*- ?*9*[ $ 95:5A1' 95$%595AN
&<:=$;N <?3$;5@1' G;'1? A41 9$J@ <2 UGL1:%<G?3[ 5@ A41 <J;1? <2 apa[((([((( C?&19<?V5AA$9 &<::<; @4$?1@*
V?* V5AA$9 5@ A41 '5?1&A <J;1? <2 0([((( C?&19<?V5AA$9 &<::<; @4$?1@ $;' 4<9'@ <=A5<;@ A< $&>G5?1 $; $''5A5<;$9
a(([((( C?&19<?V5AA$9 &<::<; @4$?1@ <2 J45&4 0j([((( $?1[ 2<? A41 =G?=<@1@ <2 A45@ A$%91[ '11:1' A< %1
%1;125&5$99N <J;1' %N V?* V5AA$9 'G1 A< A41 2$&A A4$A A4<@1 <=A5<;@ $?1 1L1?&5@$%91 J5A45; )( '$N@* V?@* V5AA$9 5@
A41 '5?1&A <J;1? <2 a[((( C?&19<?V5AA$9 &<::<; @4$?1@ $;' 4<9'@ <=A5<;@ A< $&>G5?1 $; $''5A5<;$9 j([(((
C?&19<?V5AA$9 &<::<; @4$?1@ <2 J45&4 $99 j([((( <=A5<;@ $?1[ 2<? A41 =G?=<@1@ <2 A45@ A$%91[ '11:1' A< %1
%1;125&5$99N <J;1' %N V?@* V5AA$9 'G1 A< A41 2$&A A4$A A4<@1 <=A5<;@ $?1 1L1?&5@$%91 J5A45; )( '$N@* V?* V5AA$9 $;'
V?@* V5AA$9 @4$?1 1>G$99N %1;125&5$9 <J;1?@45= <2 B((Y <2 R@=$A R;A1?;$A5<;$9 R;I1@A:1;A@ g*U* $;' @4$?1 1>G$99N
%1;125&5$9 <J;1?@45= <2 B((Y <2 V5AA$9 R;I1@A:1;A@ g*-*?*9* C&&<?'5;39N[ V?* V5AA$9 5@ A41 %1;125&5$9 <J;1? <2
)p0[)p([((( C?&19<?V5AA$9 &<::<; @4$?1@ $;' V?@* V5AA$9 5@ A41 %1;125&5$9 <J;1? <2 )p0[pâ[((( &<::<; @4$?1@*
40
KL&9G'5;3 <=A5<;@[ V?* U$8@4:5 V5AA$9 $;' V?@* l@4$ V5AA$9[ A<31A41? '5?1&A9N $;' 5;'5?1&A9N A4?<G34 5;A1?:1'5$A1
4<9'5;3 &<:=$;51@[ <J; )p0[pZa[((( C?&19<?V5AA$9 &<::<; @4$?1@*
\0. f1=?1@1;A@ C?&19<?V5AA$9 &<::<; @4$?1@ ?1=G?&4$@1' %N C?&19<?V5AA$9 =G?@G$;A A< A41 =?1I5<G@9N $;;<G;&1'
@4$?1 ?1=G?&4$@1 =?<3?$::1@ <2 C?&19<?V5AA$9*
\j. E<;@5@A5;3 <2 pn[0na[aan C?&19<?V5AA$9 &<::<; @4$?1@ =G?&4$@1' %1AJ11; W<I1:%1? B0[ p((n $;' F1&1:%1? 0B[
p((n $;' 1L&9G'5;3 \5. BB^[Za) <=A5<;@ A4$A J1?1 1L1?&5@1' 'G?5;3 A41 W<I1:%1? B0[ p((n ! F1&1:%1? 0B[ p((n
=1?5<'[ \55. a0([00Z @A<&8 <=A5<;@ A4$A &$; %1 1L1?&5@1' %N '5?1&A<?@ $;' @1;5<? :$;$31:1;A \<A41? A4$; A41
g53;525&$;A @4$?14<9'1?. $;' \555. 0Z([((( @A<&8 <=A5<;@ A4$A &$; %1 1L1?&5@1' %N A41 g53;525&$;A @4$?14<9'1?[ 5;
1$&4 &$@1 J5A45; )( '$N@ <2 F1&1:%1? 0B[ p((n*
\a. KL&9G'1@ @4$?1@ %1;125&5$99N <J;1' %N A41 g53;525&$;A @4$?14<9'1?*
\). h41@1 p[B()[0(Z C?&19<?V5AA$9 &<::<; @4$?1@ $?1 5;&9G'1' 5; @4$?1@ <J;1' %N =G%95& @4$?14<9'1?@ 5;'5&$A1'
$%<I1*
\n. FG?5;3 B^^Z[ C?&19<?V5AA$9 $J$?'1' B^Z[na( &<::<; @4$?1@ A< &1?A$5; :1:%1?@ <2 @1;5<? :$;$31:1;A <2
C?&19<?V5AA$9 5; &<;;1&A5<; J5A4 C?&19<?V5AA$9%@ 5;5A5$9 =G%95& <221?5;3 G;'1?A$81; 5; B^^n $;' $9@< $J$?'1'
aj[0^( &<::<; @4$?1@ A< &1?A$5; @1;5<? 1L1&GA5I1@ $@ %<;G@ @4$?1@ 5; &<;;1&A5<; J5A4 C?&19<?V5AA$9%@ @A<&8 %<;G@
=9$;*
h41 C?&19<?V5AA$9 &<::<; @4$?1@ :$N %1 419' 5; ?135@A1?1' 2<?: <;9N* f135@A1?1' @4$?1@ :$N &<;@5@A <2 \5.
@4$?1@ A?$'1' <; A41 W"gK[ <? W1J "<?8 g4$?1@[ J45&4 $?1 ?135@A1?1' 5; $ ?135@A1? 81=A %N <? <; %14$92 <2
C?&19<?V5AA$9 %N 5A@ W1J "<?8 A?$;@21? $31;A[ \55. @4$?1@ A?$'1' <; KG?<;1LA C:@A1?'$: %N W"gK KG?<;1LA[
KG?<;1LA D?G@@19@ %N W"gK KG?<;1LA[ KG?<;1LA d$?5@ %N W"gK KG?<;1LA[ A41 ?13G9$A1' :$?81A <2 A41
UGL1:%<G?3 gA<&8 KL&4$;31 $;' A41 g=$;5@4 gA<&8 KL&4$;31@ \V$'?5'[ D59%$<[ m$91;&5$ $;' D$?&19<;$.[
J45&4 $?1 ?135@A1?1' 5; C?&19<?V5AA$9%@ @4$?14<9'1?@ ?135@A1?[ <? C?&19<?V5AA$9 KG?<=1$; f135@A?N g4$?1@[ J45&4
$?1 ?135@A1?1' 5; $ 9<&$9 @4$?14<9'1? ?135@A?N 81=A %N <? <; %14$92 <2 C?&19<?V5AA$9 %N CDW CVfc D$;8 W*m*[
<? '5?1&A9N <; C?&19<?V5AA$9%@ UGL1:%<G?3 @4$?14<9'1? ?135@A?N J5A4<GA %15;3 419' <; C?&19<?V5AA$9%@ 9<&$9
FGA&4 @4$?14<9'1? ?135@A?N* l;'1? UGL1:%<G?3 9$J[ A41 <J;1?@45= <2 ?135@A1?1' @4$?1@ 5@ 1I5'1;&1' %N A41
5;@&?5=A5<; <2 A41 ;$:1 <2 A41 @4$?14<9'1?[ A41 ;G:%1? <2 @4$?1@ 419' %N 45: <? 41? $;' A41 $:<G;A =$5' G= <;
1$&4 @4$?1 5; A41 @4$?14<9'1? ?135@A?N <2 C?&19<?V5AA$9*
CA F1&1:%1? 0B[ p((n[ A41?1 J1?1 p[0^Z @4$?14<9'1?@ <A41? A4$; A41 g53;525&$;A @4$?14<9'1? 4<9'5;3 $;
$33?13$A1 <2 jB[j(0[)() C?&19<?V5AA$9 &<::<; @4$?1@ ?135@A1?1' 5; C?&19<?V5AA$9%@ @4$?14<9'1?@ ?135@A1?[
?1=?1@1;A5;3 $==?<L5:$A19N 0Y <2 A41 &<::<; @4$?1@ 5@@G1' \5;&9G'5;3 A?1$@G?N @4$?1@.*
CA F1&1:%1? 0B[ p((n[ A41?1 J1?1 00 l*g* @4$?14<9'1?@ 4<9'5;3 $; $33?13$A1 <2 na[(Z)[j0B W1J "<?8 g4$?1@[
?1=?1@1;A5;3 $==?<L5:$A19N B(Y <2 A41 &<::<; @4$?1@ 5@@G1' \5;&9G'5;3 A?1$@G?N @4$?1@.* C?&19<?V5AA$9%@
8;<J91'31 <2 A41 ;G:%1? <2 W1J "<?8 g4$?1@ 419' %N l*g* 4<9'1?@ 5@ %$@1' @<919N <; A41 ?1&<?'@ <2 5A@ W1J
"<?8 A?$;@21? $31;A ?13$?'5;3 ?135@A1?1' C?&19<?V5AA$9 &<::<; @4$?1@*
CA F1&1:%1? 0B[ p((n[ A41?1 J1?1 )^)[0jn[nZ) C?&19<?V5AA$9 &<::<; @4$?1@ %15;3 419' A4?<G34 A41
KG?<&91$?XR%1?&91$? &91$?5;3 @N@A1: 5; h41 W1A41?9$;'@[ M?$;&1[ UGL1:%<G?3 $;' g=$5;*
!92C69@=56C"E F8C66>6?G
h41 g53;525&$;A @4$?14<9'1?[ $ 4<9'5;3 &<:=$;N <J;1' %N A41 g53;525&$;A @4$?14<9'1? $;' C?&19<?V5AA$9[ 4$I1
1;A1?1' 5;A< $ @4$?14<9'1? $;' ?135@A?$A5<; ?534A@ $3?11:1;A \A41 &g4$?14<9'1?%@ C3?11:1;A(. '$A1' CG3G@A B0[
B^^n* dG?@G$;A A< A41 g4$?14<9'1?%@ C3?11:1;A[ @G%61&A A< A41 A1?:@ $;' &<;'5A5<;@ A41?1<2[ C?&19<?V5AA$9 @4$99[
G=<; A41 ?1>G1@A <2 &1?A$5; 4<9'1?@ <2 ?1@A?5&A1' C?&19<?V5AA$9 &<::<; @4$?1@[ G@1 5A@ ?1$@<;$%91 122<?A@ A<
?135@A1? G;'1? A41 l;5A1' gA$A1@ g1&G?5A51@ C&A <2 B^00[ $@ $:1;'1'[ A41 @$91 <2 C?&19<?V5AA$9 &<::<; @4$?1@
5;A1;'1' A< %1 @<9' %N A4<@1 4<9'1?@* DN 5A@ A1?:@[ A41 g4$?14<9'1?%@ C3?11:1;A :$N ;<A %1 $:1;'1'[ <A41? A4$;
2<? :$;521@A 1??<?[ 1L&1=A %N $==?<I$9 <2 $ :$6<?5AN <2 A41 C?&19<?V5AA$9 @4$?14<9'1?@ \<A41? A4$; A41 @53;525&$;A
@4$?14<9'1? $;' &1?A$5; =1?:5AA1' A?$;@21?11@. $A $ 31;1?$9 @4$?14<9'1?@% :11A5;3*
h6AIC492E6 @7 !92C6E 7C@> L?G:GT C6=2G65 G@ 2 K:C64G@C

c; M1%?G$?N B^[ p((Z[ C?&19<?V5AA$9 ?1=G?&4$@1' pa :5995<; @4$?1@ 2?<: E$?9< h$@@$?$ R;A1?;$A5<;$9[ $; 1;A5AN
&<;A?<991' %N A41 #N3:G;A UG%5&Pb#$91@85 M<G;'$A5<;[ $ FGA&4 2<G;'$A5<; \C;&OT;&-S.[ $A $ =?5&1 <2 0j)*)( =1?
@4$?1 2<? $ A<A$9 &<;@5'1?$A5<; <2 0B*B)a %5995<; \$==?<L5:$A19N -B*Z %5995<;.* V?* #$91@85 J$@ $ :1:%1? <2 A41
C?&19<?V5AA$9 D<$?' <2 F5?1&A<?@ $A A41 A5:1 <2 @G&4 A?$;@$&A5<;* V?* #$91@85 ?1@53;1' 2?<: A41 D<$?' <2
F5?1&A<?@ <2 C?&19<?V5AA$9 <; V$?&4 )[ p((Z*
41
` %_ ! OFhL!
c; C=?59 p[ p((n[ C?&19<?V5AA$9 $;;<G;&1' A41 @A$?A <2 $ @4$?1 %GNb%$&8 =?<3?$::1 '1@53;1' A< $&451I1 A41
0(Y '5@A?5%GA5<; =$Nb<GA &<::5A:1;A '1@&?5%1' $%<I1* h45@ @4$?1 %GNb%$&8 =?<3?$::1 J$@ &<:=91A1' <;
g1=A1:%1? j[ p((n $@ A41 -a^( :5995<; 95:5A J$@ ?1$&41'* C?&19<?V5AA$9 =G?&4$@1' $; $33?13$A1 <2 ^[aB0[^)(
V5AA$9 gA119 E9$@@ C &<::<; @4$?1@ $;' C?&19<?V5AA$9 @4$?1@ G;'1? A41 =?<3?$::1*
c; SG;1 Bp[ p((n[ C?&19<?V5AA$9 $;;<G;&1' A41 @A$?A <2 $ @4$?1 %GNb%$&8 =?<3?$::1 2<? G= A< pn :5995<; @4$?1@[
2<? &$;&199$A5<; 5; 'G1 &<G?@1* h45@ @4$?1 %GNb%$&8 =?<3?$::1 J$@ '1@53;1' A< <22@1A A41 5@@G$;&1 <2 pn :5995<;
@4$?1@ 5; &<;;1&A5<; J5A4 C?&19<?V5AA$9%@ :$;'$A<?N <221? 2<? C?&19<?V5AA$9 D?$@59* h45@ @4$?1 %GNb%$&8
=?<3?$::1 J$@ &<:=91A1' <; F1&1:%1? B0[ p((n* h41 @4$?1@ J1?1 ?1=G?&4$@1' $A $; $I1?$31 =?5&1 <2 0a(*Ba
\-np*0^. =1? @4$?1 $;' 2<? $ A<A$9 $:<G;A <2 0B[0aj :5995<; \-B[âj.*
c; W<I1:%1? a[ p((n[ C?&19<?V5AA$9 $;;<G;&1' A41 @A$?A <2 $ @4$?1 %GNb%$&8 =?<3?$::1 I$95' 2<? $ =1?5<' <2
BZ :<;A4@ <? G;A59 A41 '$A1 <2 5A@ ?1;1J$9 %N $ ?1@<9GA5<; <2 A41 31;1?$9 :11A5;3 <2 @4$?14<9'1?@ 52 @G&4 ?1;1J$9
'$A1 5@ =?5<? A< A41 1L=5?$A5<; <2 A41 BZb:<;A4 =1?5<'* h45@ =?<3?$::1 J$@ &<:=91A1' <; M1%?G$?N p([ p((Z J5A4
A41 $&>G5@5A5<; <2 Bj*) :5995<; @4$?1@ 2?<: E$?9< h$@@$?$ R;A1?;$A5<;$9 g*C* \&E$?9< h$@@$?$(. $A $ =?5&1 <2
0j)*)( \-)Z*n(. =1? @4$?1 2<? $ A<A$9 $:<G;A <2 0)Z( :5995<; \-B[((0.* E$?9< h$@@$?$ 5@ &<;A?<991' %N A41
#N3:G;A UG%5&Pb#$91@85 M<G;'$A5<;* V?* f<:$5; #$91@85 J$@ $ :1:%1? <2 A41 C?&19<?V5AA$9 D<$?' <2
F5?1&A<?@ $A A41 A5:1 <2 A45@ A?$;@$&A5<;*
c; F1&1:%1? Bp[ p((n[ C?&19<?V5AA$9 $;;<G;&1' A41 @A$?A <2 $ @4$?1 %GNb%$&8 =?<3?$::1 2<? G= A< jj :5995<;
@4$?1@* h45@ =?<3?$::1 4$@ $ AJ< N1$? A1?: $;' @4$?1@ %<G34A G;'1? A45@ =?<3?$::1 :$N %1 G@1' 5; =<A1;A5$9
2GAG?1 &<?=<?$A1 <==<?AG;5A51@ <? 2<? &$;&199$A5<;* h41 E<:=$;N $&>G5?1' $==?<L5:$A19N B0([((( @4$?1@ G;'1?
A45@ =?<3?$::1 A4?<G34 F1&1:%1? 0B[ p((n[ 2<? $ A<A$9 $:<G;A <2 0^ :5995<; $A $; $I1?$31 =?5&1 <2 -n(*0Z =1?
@4$?1*
c; M1%?G$?N B^[ p((Z[ C?&19<?V5AA$9 =G?&4$@1' B(*j :5995<; @4$?1@ \<GA <2 $ A<A$9 <2 pa :5995<; @4$?1@
?1=G?&4$@1' A< '$A1. G;'1? A41 jj :5995<; @4$?1 %GNb%$&8 =?<3?$::1 2?<: E$?9< h$@@$?$ $A $ =?5&1 <2 0j)*j(
\-)Z*n(. =1? @4$?1*
C@ <2 F1&1:%1? 0B[ p((n[ A41 E<:=$;N 419' Bn[Bn0[p(B <2 5A@ <J; @4$?1@[ ?1=?1@1;A5;3 B*pY <2 A41 A<A$9 5@@G1'
@4$?1 &$=5A$9*
F KKP"P`_F] P _M`h^F"P`_ FH`#" F hJL]`h ^ P""F]

C?&19<?V5AA$9 [ 5;&<?=<?$A1' G;'1? A41 9$J <2 UGL1:%<G?3[ 5@ A41 =$?1;A &<:=$;N <2 A41 C?&19<?V5AA$9 O?<G=
$;' 5@ 1L=1&A1' A< &<;A5;G1 A45@ ?<91 <I1? A41 &<:5;3 N1$?@* h41 E<:=$;N 4$@ ;< %?$;&4 <225&1@* C?&19<?V5AA$9
31;1?$A1' 1$?;5;3@ <2 -n[)BB :5995<; 5; p((n[ =?5:$?59N 2?<: ?1I1;G1@ 2?<: 5A@ 4<9'5;3@ 5;&9G'5;3 $ 3$5; <2
-)[0ZB :5995<; 2<99<J5;3 $ 913$9 ?1@A?G&AG?5;3 <2 5A@ 5;I1@A:1;A@ 5; $22595$A1' G;'1?A$85;3@ 5; O1?:$;N*
h41 $;;G$9 31;1?$9 :11A5;3 <2 @4$?14<9'1?@ A< %1 419' <; V$N B0[ p((Z J599 %1 $@81' A< $==?<I1 A41 =$N:1;A <2
$ >G$?A1?9N %$@1 '5I5'1;' <2 -(*0na =1? @4$?1[ ?1=?1@1;A5;3 $; 5;&?1$@1 <I1? A41 =?5<? $:<G;A <2 -(*0pa* h41 %$@1
'5I5'1;' 5@ '1@53;1' A< =?<I5'1 $ :5;5:G: =$N<GA =1? N1$? A< @4$?14<9'1?@ $;' J599 ?1@G9A 5; $ A<A$9 $;;G95@1'
&$@4 '5I5'1;' =1? @4$?1 <2 -B*a(* R; $''5A5<; A< A41 %$@1 '5I5'1;'[ C?&19<?V5AA$9%@ D<$?' <2 F5?1&A<?@ 4$@
$==?<I1' $; <;3<5;3 @4$?1 %GNb%$&8 =?<3?$::1 5; p((n A< $&451I1 A41 &<::5A:1;A A< ?1AG?; A< @4$?14<9'1?@ $;
$:<G;A 1>G$9 A< 0(Y <2 A41 =?1I5<G@ N1$?%@ ;1A =?<25A[ J45&4 =?<3?$::1 5@ <;3<5;3* M<? =1?5<'5&$99N G='$A1'
5;2<?:$A5<; <; A41 @4$?1 %GNb%$&8 =?<3?$::1[ @11 &R;I1@A<?@ / g4$?14<9'1?@ ! g4$?1 R;2<?:$A5<; ! g4$?1 DGNb
%$&8( <; JJJ*$?&19<?:5AA$9*&<:*
c; S$;G$?N Z[ p((Z[ C?&19<?V5AA$9 ?1&15I1' $ J?5A <2 @G::<;@ <; %14$92 <2 2<G? 41'31 2G;' @4$?14<9'1?@ <2
C?&19<? A< $==1$? %12<?1 A41 &5I59 &<G?A <2 UGL1:%<G?3* h41 @G::<;@ J$@ $9@< @1?I1' <; $99 A41 :1:%1?@ <2 A41
D<$?' <2 F5?1&A<?@ <2 C?&19<?V5AA$9 $;' <; A41 g53;525&$;A @4$?14<9'1?* h41 &9$5:$;A@ ?1>G1@A[ $:<;3 <A41?
A45;3@ \5. A41 &$;&199$A5<; $;' A41 $:1;':1;A <2 A41 &<?=<?$A1 '1&5@5<;@ ?19$A5;3 A< A41 @1&<;'b@A1= :1?31? 5;
<?'1? A< ?1291&A $; 1L&4$;31 ?$A5< <2 BB C?&19<?V5AA$9 \A41 1;A5AN ?1@G9A5;3 2?<: A41 25?@A @A1= :1?31?. @4$?1@ 2<? n
C?&19<? @4$?1@ \53;<?5;3 A41 5:=$&A <2 A41 @4$?1 &$=5A$9 ?1@A?G&AG?5;3 <2 C?&19<?. $&&<:=$;51' %N A41 $99<&$A5<;
%N A41 g53;525&$;A @4$?14<9'1? <? A41 &<:=$;N <2 $''5A5<;$9 @4$?1@ A< A41 &9$5:$;A@ A< ?1291&A A45@ ?1I5@1' ?$A5<[
$;' $9A1?;$A5I19N[ \55. A41 =$N:1;A <2 '$:$31@ %N A41 '121;'$;A@ \6<5;A9N $;' @1I1?$99N <? @1I1?$99N[ $A A41 &<G?A%@
'5@&?1A5<;.[ 5; $; $:<G;A <2 KlfBZ( :5995<;*
42
^``\ B a_,a[ID>.ED F I_>_BI>[ , .>.E]E_.,
?_AFP\_QMaa?P ?RB `d@`MBM?_MF` W<C%%.<<8; .7=2=I 8/ Q2==#5 `=..5 A869#7I R)f),
M0/40'%FC5GF KC'C/EG :$GG54

DC?CW=C' #<9
K
^``b ^``\
:WRVVRZX) ZL /!,! AZVV;')"
>,,E.,
B-''CX+ ;))C+)S
A#<1 #7& %#<1 .:C2D#5.7=< (V'i' gVU('
_.<=;2%=.& %#<1 >i' ibZ
`18;=[=.;6 27D.<=6.7=< ( #
?<<.=< 1.5& /8; <#5. W78=. b, >V->( >ViX(
a;#&. #%%8C7=< ;.%.2D#$5.< W78=. Z #7& 78=. >i, UVg(X XVZ--
M7D.7=8;2.< W78=. (, >XVib' i>VgZ'
];.9#2& .G9.7<.< #7& 8=1.; %C;;.7= #<<.=< W78=. g, -VXbi bV(bb
a8=#5 %C;;.7= #<<.=< -XVb>- bZV-iU
_ZXO?-''CX+ ;))C+)S
J88&E255 #7& 27=#702$5. #<<.=< W78=. U, >>V'b' >ZV'->
];89.;=IV 95#7= #7& .:C296.7= W78=. X, ZbVZg- (>VXXb
M7D.<=6.7=< #%%8C7=.& /8; C<270 =1. .:C2=I 6.=18& W78=. >', -VbZ( ZVUUg
\=1.; 27D.<=6.7=< W78=. >>, >V>Z> iV>ZX
B./.;;.& =#G #<<.=< W78=. >X, >VgUX >V(iX
\=1.; #<<.=< >ViZX >VZXg
a8=#5 787[%C;;.7= #<<.=< g-Vi(U UUViXg
a8=#5 #<<.=< >>iV(U> >--V(iZ
Y
?< ;.:C2;.& $I M7=.;7#=287#5 H27#7%2#5 _.98;=270 `=#7&#;&< WMH_`,V =1. i''( 27/8;6#=287 1#< $..7 #&3C<=.&
;.=;8<9.%=2D.5I /8; =1. /27#52K#=287 8/ =1. #558%#=287 8/ 9C;%1#<. 9;2%. 8/ ?;%.58; W<.. 78=. -,)
a1. #%%869#7I270 78=.< #;. #7 27=.0;#5 9#;= 8/ =1.<. %87<852&#=.& /27#7%2#5 <=#=.6.7=<)
43
W65;6-'PL<QP UL-L5OQ A&QQ<;: O65<'5=QP
K646>36C 0DY
)**+b )**(
Z>:==:@?E @7 #,!, 5@==2CEY
6S46AG E92C6 52G2.
]PFHP]P"PL! F_K Lf#P"'
JICC6?G =:23:=:G:6Ei
g4<?AbA1?: '1%A $;' &G??1;A =<?A5<; <2 9<;3bA1?: '1%A \;<A1 B0. j[^pp Z[ajp
h?$'1 $&&<G;A@ =$N$%91 $;' <A41? \;<A1 Bp. BB[0jp B0[^^B
g4<?AbA1?: =?<I5@5<;@ \;<A1 p(. a)^ B[Bjj
U5$%595A51@ 419' 2<? @$91 \;<A1 j. p0^ p))
C&&?G1' 1L=1;@1@ $;' <A41? 95$%595A51@ \;<A1 pB. )[âj n[pna
R;&<:1 A$L 95$%595A51@ \;<A1 B^. a0j ^^B
h<A$9 &G??1;A 95$%595A51@ pj[a)( 0p[p(^
_@?e4ICC6?G =:23:=:G:6Ei
U<;3bA1?: '1%A[ ;1A <2 &G??1;A =<?A5<; \;<A1 B0 $;' ;<A1 Bj. pB[)ja pp[(Za
F121??1' A$L 95$%595A51@ \;<A1 B^. n[pap n[^pn
F121??1' 1:=9<N11 %1;125A@ \;<A1 BZ. a[a0B )[pjj
U<;3bA1?: =?<I5@5<;@ \;<A1 p(. p[(j( p[ja)
cA41? 9<;3bA1?: <%953$A5<;@ B[jpa B[B)^
h<A$9 ;<;b&G??1;A 95$%595A51@ 0n[Z^0 0^[ZZB
h<A$9 95$%595A51@ )p[ja0 np[(^(
E<::5A:1;A@ $;' &<;A5;31;&51@ \;<A1 pp $;' ;<A1 p0.
LBI:GT Z?@G6 D+.i
E<::<; @4$?1@ \;< =$? I$9G1[ B[jn([((([((( @4$?1@ $GA4<?5P1'[ B[jjZ[Zp)[0jn
@4$?1@ 5@@G1' $;' B[jpB[an([)j) @4$?1@ <GA@A$;'5;3 $A F1&1:%1? 0B[ p((n. # ^[p)^
E9$@@ C &<::<; @4$?1@[ \Klfc (*(B =$? I$9G1 =1? @4$?1[ a[((([((([((( @4$?1@
$GA4<?5P1'[ ^0j[ZBZ[pZ( @4$?1@ 5@@G1' $;' ^pn[nnZ[n00 <GA@A$;'5;3 $A
F1&1:%1? 0B[ p((). BB #
E9$@@ D &<::<; @4$?1@[ \Klfc (*(B =$? I$9G1 =1? @4$?1[ npB[a(([((( @4$?1@
$GA4<?5P1'[ jan[j^([pB( @4$?1@ 5@@G1' $;' <GA@A$;'5;3 $A F1&1:%1? 0B[ p((). ) #
h?1$@G?N @A<&8 \n[(0^[ajn &9$@@ C &<::<; @4$?1@ $A F1&1:%1? 0B[ p(() $;'
pn[paa[n(B &<::<; @4$?1@ $A F1&1:%1? 0B[ p((n[ $A &<@A. \Zj. \B[aap.
C''5A5<;$9 =$5'b5; &$=5A$9 pa[a)) p([0(^
f1A$5;1' 1$?;5;3@ Bj[^â p0[aap
f1@1?I1@ B[)aj a[B(n
K>G5AN $AA?5%GA$%91 A< A41 1>G5AN 4<9'1?@ <2 A41 =$?1;A jp[BjZ a)[)Za
V5;<?5AN 5;A1?1@A Z[(Z( j[Za(
h<A$9 1>G5AN a([ppZ )B[a0a
h<A$9 95$%595A51@ $;' 1>G5AN BBp[)ZB B00[)pa
_
C@ ?1>G5?1' %N RMfg[ A41 p(() 5;2<?:$A5<; 4$@ %11; $'6G@A1' ?1A?<@=1&A5I19N 2<? A41 25;$95P$A5<; <2 A41 $99<&$A5<; <2
=G?&4$@1 =?5&1 <2 C?&19<? \@11 ;<A1 0.*
h41 $&&<:=$;N5;3 ;<A1@ $?1 $; 5;A13?$9 =$?A <2 A41@1 &<;@<95'$A1' 25;$;&5$9 @A$A1:1;A@*
44
W65;6-'PL<QP A<L<Q/Q5<; 6R .5O6/Q
'62C 6?565 K646>36C 0DY
)**+b )**(
Z>:==:@?E @7 #,!, 5@==2CE.
g$91@ aZ[Zn( B(a[pB)
\R;&9G'5;3 0[Zjn 5; p(() $;' j[n)n 5; p((n <2 @$91@ A< ?19$A1' =$?A51@.
E<@A <2 @$91@ \5;&9G'5;3 '1=?1&5$A5<; $;' 5:=$5?:1;A <2 p[0pj 5; p(() $;'
j[an( 5; p((n. jZ[0nZ Zj[â0
\R;&9G'5;3 B[nj( 5; p(() $;' p[j(Z 5; p((n <2 =G?&4$@1@ 2?<: ?19$A1' =$?A51@.
O?<@@ :$?35; B([j^p p([p)0
g1995;3[ 31;1?$9 $;' $':5;5@A?$A5I1 p[^)( a[j00
c=1?$A5;3 5;&<:1 n[a0p Bj[Z0(
cA41? 5;&<:1#;1A j^ #
R;&<:1 2?<: 1>G5AN :1A4<' 5;I1@A:1;A@ 0(B ^Za
M5;$;&5;3 &<@A@#;1A \;<A1 Bn. \)aj. \^pn.
R;&<:1 %12<?1 A$L1@ n[ppZ Bj[ZZZ
R;&<:1 A$L 1L=1;@1 \;<A1 B^. B[Bpp 0[(0Z
W1A 5;&<:1 \5;&9G'5;3 :5;<?5AN 5;A1?1@A. )[B() BB[Za(
CAA?5%GA$%91 A<k
K>G5AN 4<9'1?@ <2 A41 =$?1;A a[pjn B([0)Z
V5;<?5AN 5;A1?1@A Za^ B[jZp
W1A 5;&<:1 \5;&9G'5;3 :5;<?5AN 5;A1?1@A. )[B() BB[Za(
_
=G?&4$@1 =?5&1 <2 C?&19<? \@11 ;<A1 0.*
h41 5;2<?:$A5<; $%<I1 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p(() 5@ '1?5I1' 2?<: A41 &<;@<95'$A1' 25;$;&5$9
@A$A1:1;A@ <2 A41 E<:=$;N $;' 5;&9G'1@ A41 ?1@G9A@ <2 C?&19<? 2?<: CG3G@A B[ p(() <;J$?'@*
h41 $&&<:=$;N5;3 ;<A1@ $?1 $; 5;A13?$A1' =$?A <2 A41@1 &<;@<95'$A1' 25;$;&5$9 @A$A1:1;A@*
45
W65;6-'PL<QP A<L<Q/Q5<; 6R .5O6/Q: O65<'5=QP
'62C 6?565 K646>36C 0DY
)**+b )**(
K$?;5;3@ =1? &<::<; @4$?1 \5; l*g* '<99$?@.
D$@5&k E<::<; @4$?1@ n*jB
E9$@@ C &<::<; @4$?1@ a*0B
E9$@@ D &<::<; @4$?1@ a*0B
F59GA1'k E<::<; @4$?1@ n*j(
E9$@@ C &<::<; @4$?1@ a*0(
E9$@@ D &<::<; @4$?1@ a*0(
o1534A1' $I1?$31 &<::<; @4$?1@ <GA@A$;'5;3 \5; :5995<;@. \;<A1 B).
D$@5&k E<::<; @4$?1@ B[0^^
E9$@@ C &<::<; @4$?1@ a0B
E9$@@ D &<::<; @4$?1@ jan
h<A$9 ^ZZ
F59GA1'k E<::<; @4$?1@ B[j(B
E9$@@ C &<::<; @4$?1@ a00
E9$@@ D &<::<; @4$?1@ jan
h<A$9 ^Z^
_
=G?&4$@1 =?5&1 <2 C?&19<? \@11 ;<A1 0.*
h41 $&&<:=$;N5;3 ;<A1@ $?1 $; 5;A13?$9 =$?A <2 A41@1 &<;@<95'$A1' 25;$;&5$9 @A$A1:1;A@*
46
W65;6-'PL<QP A<L<Q/Q5<; 6R W&L5SQ; '5 [8='<G
h6E6CQ6E
#?C62=:U65 LBI:GT
N2:?E #?C62=:U65 2GGC:3IG23=6
M@C6:8? Z]@EE6E. @? N2:?E @? G@ G96
F55:G:@?2= JICC6?4T K6C:Q2G:Q6 FQ2:=23=6 6BI:GT
Z>:==:@?E @7 #,!, 5@==2CEY !92C6 "C62EICT d2:5e:? h6G2:?65 "C2?E=2G:@? M:?2?4:2= 7@C !2=6 9@=56CE @7 ^:?@C:GT "@G2=
6S46AG E92C6 2?5 A6C E92C6 52G2. !92C6Ebb 42A:G2= !G@4< J2A:G2= L2C?:?8E F5;IEG>6?GE P?EGCI>6?GE !64IC:G:6E G96 A2C6?G :?G6C6EG LBI:GT
D$9$;&1 $A F1&1:%1? 0B[ p((a n(j )( \BBB. p[p0^ B([pn( )B( \j. ppp B0[pZ) p[BnB Ba[jan
RA1:@ ?1&<3;5P1' '5?1&A9N 5; 1>G5AN Zp) \B). B) Zp) \0n. nZ^
W1A 5;&<:1 a[pjn a[pjn Za^ )[B()
BQO/S-&GQP &-O/+Q K-P Q@6Q-:Q: a[pjn Zp) \B). B) )[(n0 Zpp )[Zâ
f1&<3;5A5<; <2 @4$?1 %$@1' =$N:1;A@ p^ p^ p^
m<A5;3 ?534A ?1'G&A5<; \ap. ap
R@@G$;&1 <2 @4$?1@ 5; &<;;1&A5<; J5A4
C?&19<? $&>G5@5A5<; )Z( ^ p0[p0B p0[pj( a[ppa pZ[j)a
h?1$@G?N gA<&8 \;<A1 B). B pn Ba jp jp
F5I5'1;' $*a( =1? @4$?1. \app. \app. \B0Z. $)(.
47
D$9$;&1 $A F1&1:%1? 0B[ p(()_ B[0Za Bn \Zj. pa[a)) Bj[^â B[j0) \p(. p0Z jp[BjZ Z[(Z( a([ppZ
RA1:@ ?1&<3;5P1' '5?1&A9N 5; 1>G5AN 0[pp( \00). a)^ 0[ja0 B[(j) j[j^^
W1A 5;&<:1 B([0)Z B([0)Z B[jZp BB[Za(
BQO/S-&GQP &-O/+Q K-P Q@6Q-:Q: B([0)Z 0[pp( \00). a)^ B0[ZpB p[apZ B)[0j^
f1&<3;5A5<; <2 @4$?1 %$@1' =$N:1;A@ p BBB ap B)0 p B)a
h?1$@G?N gA<&8 \;<A1 B). \0). \p[aa0. \p[aa0. \p[aa0.
F5I5'1;' \B*0( =1? @4$?1. \B[Zp). \B[Zp). \jj0. \p[p)^.
R@@G$;&1 <2 @4$?1@ 5; &<;;1&A5<; J5A4 A41
$&>G5@5A5<; <2
C?&19<?V5AA$9 D?$@59 :5;<?5AN 5;A1?1@A pn B[nB0 B[nB0 \p[n)(. \B[(jn.
R@@G$;&1 <2 @4$?1@ 5; &<;;1&A5<; J5A4 A41
$&>G5@5A5<; <2
C?&19<? gC :5;<?5AN 5;A1?1@A jj___ ^[pap ^nj \n[(pp. 0[p(j \p[a^p. )Bp
cA41? :<I1:1;A@ Ba Ba 0a a(
D$9$;&1 $A F1&1:%1? 0B[ p((n B[jpp ^[p)^ \B[aap. p([0(^ p0[aap j[)a) \0a). Z(n a)[)Za j[Za( )B[a0a
_
__
C@ ?1>G5?1' %N RMfg[ A41 p(() 5;2<?:$A5<; 4$@ %11; $'6G@A1' ?1A?<@=1&A5I19N 2<? A41 25;$95P$A5<; <2 A41 $99<&$A5<; <2 =G?&4$@1 =?5&1 <2 C?&19<? \@11 ;<A1 0.
___
KL&9G'1@ A?1$@G?N @4$?1@
R;&9G'1@ Bp :5995<; A?1$@G?N @4$?1@
h41 $&&<:=$;N5;3 ;<A1@ $?1 $; 5;A13?$9 =$?A <2 A41@1 &<;@<95'$A1' 25;$;&5$9 @A$A1:1;A@*
W65;6-'PL<QP A<L<Q/Q5<; 6R WL;& (-6D;
'62C 6?565
K646>36C 0DY
)**+b )**(
Z>:==:@?E @7 #,!, 5@==2CE.
À6C2G:?8 24G:Q:G:6Ei
W1A 5;&<:1 )[B() BB[Za(
F5;IEG>6?GE G@ C64@?4:=6 ?6G :?4@>6 G@ ?6G 42E9 AC@Q:565 3T @A6C2G:@?E 2?5
A2T>6?GEi
F1=?1&5$A5<; $;' 5:=$5?:1;A p[0pj j[an(
R;A1?1@A 1L=1;@1 B[Bpj B[Z0^
R;A1?1@A =$5' \Z)n. \B[j^j.
R;&<:1 A$L 1L=1;@1 ^0Z 0[(0Z
h$L1@ =$5' \B[(Z0. \p[a)0.
W13$A5I1 3<<'J599 ?191$@1' A< 5;&<:1 # #
cA41? ;<;b&$@4 <=1?$A5;3 1L=1;@1@ \;1A. \n^j. \B[a(B.
J92?86E :? @A6C2G:?8 2EE6GE 2?5 =:23:=:G:6EY ?6G @7 67764GE 7C@> 24BI:E:G:@?Ei
h?$'1 $&&<G;A@ ?1&15I$%91 \BpZ. ajZ
R;I1;A<?51@ \aZj. \)^(.
h?$'1 $&&<G;A@ =$N$%91 Zaj a)a
cA41? J<?85;3 &$=5A$9 :<I1:1;A@ \n)Z. 0n(
W1A &$@4 =?<I5'1' %N <=1?$A5;3 $&A5I5A51@ n[Bpp B)[a0p
P?Q6EG:?8 24G:Q:G:6Ei
dG?&4$@1 <2 =?<=1?AN[ =9$;A $;' 1>G5=:1;A \p[^0a. \a[jjZ.
C&>G5@5A5<; <2 ;1A $@@1A@ <2 @G%@5'5$?51@ $;' :5;<?5A51@[ ;1A <2 &$@4 $&>G5?1'
<2 j[a^^ $;' pj[ ?1@=1&A5I19N \a[Zjp. \)[(ap.
R;I1@A:1;A@ 5; &<:=$;51@ $&&<G;A1' 2<? G;'1? 1>G5AN :1A4<' # \B[B^).
cA41? 5;I1@A5;3 $&A5I5A51@ \;1A. p(B nZn
W1A &$@4 G@1' 5; 5;I1@A5;3 $&A5I5A51@ \Z[an). \BB[^(^.
M:?2?4:?8 24G:Q:G:6Ei
d?<&11'@ 2?<: @4<?AbA1?: '1%A â^ a[ZjZ
d?<&11'@ 2?<: 9<;3bA1?: '1%A[ ;1A <2 '1%A 5@@G$;&1 &<@A@ p^[^B( 0[(0j
d$N:1;A@ <2 @4<?AbA1?: '1%A \a[^(). \B[Bp).
d$N:1;A@ <2 9<;3bA1?: '1%A \BZ[Zp(. \)[0pB.
dG?&4$@1 <2 A?1$@G?N @A<&8 # \p[aa0.
g$91 <2 A?1$@G?N @A<&8 2<? @A<&8 <=A5<; 1L1?&5@1@ Z aa
F5I5'1;'@ =$5' \5;&9G'1@ B0Z $;' jj0 <2 '5I5'1;'@ =$5' A< :5;<?5AN
@4$?14<9'1?@ 5; p(() $;' p((n[ ?1@=1&A5I19N. \))(. \p[p)^.
cA41? 25;$;&5;3 $&A5I5A51@ \;1A. \j). \Za.
W1A &$@4 =?<I5'1' %N \G@1' 5;. 25;$;&5;3 $&A5I5A51@ a[jja \0[jBn.
K221&A <2 1L&4$;31 ?$A1 &4$;31@ <; &$@4 \). )0j
W1A 5;&?1$@1 5; &$@4 $;' &$@4 1>G5I$91;A@ 0[^Za B[Zj(
J2E9 2?5 42E9 6BI:Q2=6?GEi
CA A41 %135;;5;3 <2 A41 N1$? p[(0a )[(p(
CA A41 1;' <2 A41 N1$? )[(p( n[Z)(
_
=G?&4$@1 =?5&1 <2 C?&19<? \@11 ;<A1 0.*
h41 $&&<:=$;N5;3 ;<A1@ $?1 $; 5;A13?$9 =$?A <2 A41@1 &<;@<95'$A1' 25;$;&5$9 @A$A1:1;A@*
48
,05G4 50 5$G M0/40'%FC5GF &%/C/E%C' :5C5G)G/54
J9MQ*.9+(;;J* J,O :<K:(O(J9(Q: N46EEG4402 G/5%5@ 0H +%55C' :5GG' M0)1C/@ ,!=!P
N)%''%0/4 0H <!:! F0''C243 G?EG15 4$C2G C/F 1G2 4$C2G FC5CP
_a.E <S _>./*E aF @/,I_E,,9 @>,I, aF &*E,E_.>.Ia_ >_D Ba_,a[ID>.Ia_

,C562G 0H D64%/G44
?;%.58;Q2==#5 W*?;%.58;Q2==#5" 8; *Q2==#5 `=..5" 8; =1. *A869#7I",V =80.=1.; E2=1 2=< <C$<2&2#;2.<V 2< #
6#7C/#%=C;.; 8/ <=..5 #7& <=..5 ;.5#=.& 9;8&C%=<) ?;%.58;Q2==#5 8E7< #7& 89.;#=.< 6#7C/#%=C;270 /#%252=2.< 27
FC;89.V R8;=1 #7& `8C=1 ?6.;2%#V ?<2# #7& ?/;2%#) a1.<. 6#7C/#%=C;270 /#%252=2.<V .#%1 8/ E12%1 27%5C&.< 2=<
;.<9.%=2D. <C$<2&2#;2.<V #;. ;./.;;.& =8 27 =1.<. %87<852&#=.& /27#7%2#5 <=#=.6.7=< #< =1. *\9.;#=270 `C$<2&2#;2.<")
\7 ?C0C<= >V i''(V Q2==#5 `=..5 #%:C2;.& X>)XT 8/ =1. <1#;. %#92=#5 8/ ?;%.58; `? W*?;%.58;",) H;86 =1#= &#=.
?;%.58;&< ;.<C5=< 8/ 89.;#=287< 1#D. $..7 27%5C&.& 27 Q2==#5 `=..5&< %87<852&#=.& /27#7%2#5 <=#=.6.7=<) a1;8C01
<C$<.:C.7= =;#7<#%=287<V Q2==#5 `=..5 27%;.#<.& 2=< 8E7.;<129 =8 Xb)iT 8/ =1. <1#;.< 8/ ?;%.58;) M7 %877.%=287
E2=1 =1. #%:C2<2=287V Q2==#5 `=..5 #0;..& 2= E8C5& 6.;0. 27=8 2=< 7.E5I #%:C2;.& <C$<2&2#;I ?;%.58; #7& =1#= =1.
%86$27.& .7=2=I E8C5& $. 27%8;98;#=.&V &862%25.& #7& 1.#&:C#;=.;.& 27 PCG.6$8C;0)
?< # /2;<= <=.9 27 # =E8[<=.9 6.;0.; 9;8%.<< 87 Q#I iV i''gV Q2==#5 `=..5 #7& 2=< E1855I 8E7.& <C$<2&2#;IV
f.;0.; M7D.<=6.7= `? W*f.;0.;",V # %869#7I &862%25.& 27 PCG.6$8C;0V .7=.;.& 27=8 # 6.;0.; #0;..6.7=V
E12%1 9;8D2&.& =1#= Q2==#5 `=..5 E8C5& 6.;0. 27=8 f.;0.;V $I E#I 8/ #$<8;9=287 $I f.;0.; 8/ Q2==#5 `=..5 #7&
E2=18C= 52:C2&#=287 8/ Q2==#5 `=..5) ?/=.; # D8=. 8/ =1. <1#;.185&.;< 8/ Q2==#5 `=..5 #= #7 .G=;#8;&27#;I 0.7.;#5
6..=270 1.5& 87 ?C0C<= iUV i''gV =12< 6.;0.; $.%#6. .//.%=2D. 87 `.9=.6$.; -V i''g #7& =1. %86$27.&
%869#7I E#< 7#6.& *?;%.58;Q2==#5") M7 =1. <.%87&[<=.9 8/ =1. 6.;0.;V ?;%.58;Q2==#5 6.;0.& 27=8 ?;%.58; #7&
<1#;.185&.;< 8/ ?;%.58;Q2==#5 $.%#6. <1#;.185&.;< 8/ ?;%.58;V E12%1 1#< $..7 ;.7#6.& *?;%.58;Q2==#5") a12<
6.;0.; E#< .//.%=2D. 87 R8D.6$.; >-V i''g)
KC4%4 0H 12G4G/5C5%0/
a1. %87<852&#=.& /27#7%2#5 <=#=.6.7=< 1#D. $..7 9;.9#;.& 87 # 12<=8;2%#5 %8<= $#<2<V .G%.9= /8; #D#25#$5. /8; <#5.
/27#7%2#5 #<<.=< #7& &.;2D#=2D. /27#7%2#5 27<=;C6.7=<V E12%1 #;. 6.#<C;.& #= /#2; D#5C.) a1. %87<852&#=.& /27#7%2#5
<=#=.6.7=< 1#D. $..7 9;.9#;.& 27 #%%8;&#7%. E2=1 M7=.;7#=287#5 H27#7%2#5 _.98;=270 `=#7&#;&< #< #&89=.& $I =1.
FC;89.#7 d7287 W*MH_`", #7& #;. 9;.<.7=.& 27 d)`) &855#;< E2=1 #55 #68C7=< ;8C7&.& =8 =1. 7.#;.<= 6255287V
.G%.9= /8; <1#;. #7& 9.; <1#;. &#=#) a1. A869#7I 6#&. %.;=#27 ;.%5#<<2/2%#=287< 27 =1. i''( %869#;#=2D.
27/8;6#=287 =8 $. %87<2<=.7= E2=1 i''g 9;.<.7=#=287)
JF015%0/ 0H /G> (&9: 45C/FC2F4 C/F %/5G212G5C5%0/4 C11'%ECD'G %/ -RRL

F//.%=2D. N#7C#;I >V i''gV =1. A869#7I #&89=.& MH_` gV *H27#7%2#5 M7<=;C6.7=<c B2<%58<C;.<" W*MH_` g",) MH_`
g ;.:C2;.< 68;. :C#7=2=#=2D. #7& :C#52=#=2D. &2<%58<C;.< ;.0#;&270 /27#7%2#5 27<=;C6.7=<V =1.2; <2072/2%#7%. 87 =1.
A869#7I&< /27#7%2#5 98<2=287 #7& 9.;/8;6#7%. #7& =1. ;2<4< =1#= #;2<. /;86 /27#7%2#5 27<=;C6.7=< 27%5C&270 18E
<C%1 ;2<4< 1#D. $..7 6#7#0.&) A869#;#=2D. &2<%58<C;. 27/8;6#=287 1#< $..7 9;8D2&.& /8; =1. I.#; 9;28; =8 =1.
A869#7I&< #&89=287 8/ =12< <=#7&#;&) ?< # ;.<C5=V 78=. i *`C66#;I 8/ `2072/2%#7= ?%%8C7=270 ]852%2.<" #< 2=
;.5#=.< =8 /27#7%2#5 27<=;C6.7=<V 78=. Z *a;#&. _.%.2D#$5.<" #7& 78=. >Z *H27#7%2#5 M7<=;C6.7=< #7& A;.&2= _2<4"
8/ =1. %87<852&#=.& /27#7%2#5 <=#=.6.7=< 8/ =1. A869#7I 1#D. $..7 68&2/2.& =8 %8695I E2=1 MH_` g) a1.
#&89=287 8/ =1. 8=1.; 7.E #7& ;.D2<.& <=#7&#;&< #7& 27=.;9;.=#=287< &2& 78= 1#D. # <2072/2%#7= 269#%= 87 =1.
A869#7I&< /27#7%2#5 <=#=.6.7=<)
KC4%4 0H E0/40'%FC5%0/
a1. %87<852&#=.& /27#7%2#5 <=#=.6.7=< 27%5C&. =1. #%%8C7=< 8/ =1. A869#7IV 2=< \9.;#=270 `C$<2&2#;2.<V #7& 2=<
;.<9.%=2D. 27=.;.<= 27 #<<8%2#=.& %869#72.< #7& 3827=5I %87=;855.& .7=2=2.<) `C$<2&2#;2.< #;. /C55I %87<852&#=.&
/;86 =1. &#=. 8/ #%:C2<2=287V =1. &#=. =1. A869#7I 8$=#27< %87=;85 C7=25 =1. &#=. %87=;85 %.#<.<) A87=;85 2<
&./27.& #< =1. 98E.; =8 08D.;7 =1. /27#7%2#5 #7& 89.;#=270 9852%2.< 8/ #7 .7=2=IV <8 #< =8 8$=#27 $.7./2=< &.;2D.&
/;86 2=< #%=2D2=2.<) A87=;85 2< 9;.<C6.& =8 .G2<=V E1.7 =1. A869#7I 185&< 68;. =1#7 1#5/ 8/ =1. D8=270 ;201=<)
?<<8%2#=.& %869#72.< #;. =18<. %869#72.< 8D.; E12%1 =1. A869#7I 1#< =1. #$252=I =8 .G.;%2<. <2072/2%#7=
27/5C.7%. 87 =1. /27#7%2#5 #7& 89.;#=270 9852%I &.%2<287< E12%1 #;. 78= \9.;#=270 `C$<2&2#;2.<) `2072/2%#7=
27/5C.7%. 2< 9;.<C6.& =8 .G2<= E1.7 =1. A869#7I 185&< 68;. =1#7 i'T 8/ =1. D8=270 ;201=<) M7 #&&2=287V 3827=5I
%87=;855.& .7=2=2.< #;. %869#72.< 8D.; E18<. #%=2D2=2.< =1. A869#7I 1#< 3827= %87=;85 C7&.; # %87=;#%=C#5
#0;..6.7=) a1. %87<852&#=.& /27#7%2#5 <=#=.6.7=< 27%5C&. =1. A869#7I&< <1#;. 8/ =1. =8=#5 ;.%8072K.& 0#27< #7&
58<<.< 8/ #<<8%2#=.< #7& 3827=5I %87=;855.& .7=2=2.< 87 #7 .:C2=I #%%8C7=.& $#<2< /;86 =1. &#=. =1#= <2072/2%#7=
49
5;29G1;&1 &<::1;&1@ G;A59 A41 '$A1 @53;525&$;A 5;29G1;&1 &1$@1@[ $'6G@A1' 2<? $;N 5:=$5?:1;A 9<@@* C'6G@A:1;A@
A< A41 &$??N5;3 $:<G;A :$N $9@< %1 ;1&1@@$?N 2<? &4$;31@ 5; A41 5;I1@A<?%@ =?<=<?A5<;$A1 5;A1?1@A 5; A41 5;I1@A11
$?5@5;3 2?<: &4$;31@ 5; A41 5;I1@A11%@ 1>G5AN A4$A 4$I1 ;<A %11; ?1&<3;5P1' 5; A41 5;I1@A11%@ =?<25A <? 9<@@* h41
5;I1@A<?%@ @4$?1 <2 A4<@1 &4$;31@ 5@ ?1&<3;5P1' '5?1&A9N 5; A41 E<:=$;N%@ 1>G5AN*
cA41? 5;I1@A:1;A@ $?1 &9$@@5251' $@ $I$59$%91 2<? @$91 $;' $?1 @A$A1' $A 2$5? I$9G1 J41; A415? 2$5? I$9G1 &$; %1
?195$%9N :1$@G?1'* o41; 2$5? I$9G1 &$;;<A %1 :1$@G?1' ?195$%9N[ A41 5;I1@A:1;A@ $?1 &$??51' $A &<@A 91@@
5:=$5?:1;A*
R;A?$b&<:=$;N %$9$;&1@ $;' A?$;@$&A5<;@[ 5;&9G'5;3 5;&<:1[ 1L=1;@1@ $;' '5I5'1;'@[ $?1 195:5;$A1' 5; A41
=?1=$?$A5<; <2 A41 &<;@<95'$A1' 25;$;&5$9 @A$A1:1;A@* O$5;@ $;' 9<@@1@ ?1@G9A5;3 2?<: 5;A?$b&<:=$;N A?$;@$&A5<;@
A4$A $?1 ?1&<3;5P1' 5; $@@1A@ $?1 195:5;$A1' 5; 2G99*
V5;<?5AN 5;A1?1@A@ ?1=?1@1;A A41 =<?A5<; <2 =?<25A <? 9<@@ $;' ;1A $@@1A@ ;<A 419' %N A41 E<:=$;N $;' $?1
=?1@1;A1' @1=$?$A19N <; A41 5;&<:1 @A$A1:1;A $;' J5A45; 1>G5AN 5; A41 &<;@<95'$A1' %$9$;&1 @411A*
_`"L )i !#^^Fh' `M !PN_PMPJF_" FJJ`#_"P_N d`]PJPL!

C;Q 6R Q;<'/L<Q; L5P O9'<'OL- LOO6=5<'5S )=PS/Q5<;
h41 =?1=$?$A5<; <2 25;$;&5$9 @A$A1:1;A@ 5; &<;2<?:5AN J5A4 RMfg ?1&<3;5A5<; $;' :1$@G?1:1;A =?5;&5=91@
?1>G5?1@ A41 G@1 <2 1@A5:$A1@ $;' $@@G:=A5<;@ A4$A $221&A A41 ?1=<?A1' $:<G;A@ <2 $@@1A@ $;' 95$%595A51@ $;' <2
?1I1;G1@ $;' 1L=1;@1@* V$;$31:1;A ?1I51J@ 5A@ 1@A5:$A1@ <; $; <;3<5;3 %$@5@ G@5;3 &G??1;A9N $I$59$%91
5;2<?:$A5<;* E4$;31@ 5; 2$&A@ $;' &5?&G:@A$;&1@ :$N ?1@G9A 5; ?1I5@1' 1@A5:$A1@[ $;' $&AG$9 ?1@G9A@ &<G9' '5221?
2?<: A4<@1 1@A5:$A1@* h41 &?5A5&$9 $&&<G;A5;3 6G'3:1;A@ $;' @53;525&$;A 1@A5:$A1@ :$'1 %N :$;$31:1;A 5; A41
=?1=$?$A5<; <2 A41@1 25;$;&5$9 @A$A1:1;A@ $?1 =?<I5'1' %19<J*
A<8OTK:Q UOO/<-;&-S
C&&<G;A5;3 2<? $&>G5@5A5<;@ ?1>G5?1@ C?&19<?V5AA$9 A< $99<&$A1 A41 &<@A <2 A41 1;A1?=?5@1 A< A41 @=1&525& $@@1A@
$&>G5?1' $;' 95$%595A51@ $@@G:1' %$@1' <; A415? 1@A5:$A1' 2$5? I$9G1@ $A A41 '$A1 <2 A41 $&>G5@5A5<;* R; &<;;1&A5<;
J5A4 1$&4 <2 5A@ $&>G5@5A5<;@[ A41 E<:=$;N G;'1?A$81@ $ =?<&1@@ A< 5'1;A52N $99 $@@1A@ $;' 95$%595A51@ $&>G5?1'[
5;&9G'5;3 $&>G5?1' 5;A$;35%91 $@@1A@* h41 6G'3:1;A@ :$'1 5; 5'1;A52N5;3 $99 $&>G5?1' $@@1A@[ '1A1?:5;5;3 A41
1@A5:$A1' 2$5? I$9G1 $@@53;1' A< 1$&4 &9$@@ <2 $@@1A@ $&>G5?1' $;' 95$%595A51@ $@@G:1'[ $@ J199 $@ $@@1A 95I1@[ &$;
:$A1?5$99N 5:=$&A ?1@G9A@ <2 <=1?$A5<;@* K@A5:$A1' 2$5? I$9G1@ $?1 %$@1' <; 5;2<?:$A5<; $I$59$%91 ;1$? A41
$&>G5@5A5<; '$A1 $;' <; 1L=1&A$A5<;@ $;' $@@G:=A5<;@ A4$A 4$I1 %11; '11:1' ?1$@<;$%91 %N :$;$31:1;A*
h41?1 $?1 @1I1?$9 :1A4<'@ A4$A &$; %1 G@1' A< '1A1?:5;1 A41 2$5? I$9G1 <2 $@@1A@ $&>G5?1' $;' 95$%595A51@ $@@G:1'*
M<? 5;A$;35%91 $@@1A@[ A41 E<:=$;N AN=5&$99N G@1@ A41 &5;&<:1 :1A4<'(* h45@ :1A4<' @A$?A@ J5A4 $ 2<?1&$@A <2 $99
<2 A41 1L=1&A1' 2GAG?1 ;1A &$@4 29<J@* h41@1 &$@4 29<J@ $?1 A41; $'6G@A1' A< =?1@1;A I$9G1 %N $==9N5;3 $;
$==?<=?5$A1 '5@&<G;A ?$A1 A4$A ?1291&A@ A41 ?5@8 2$&A<?@ $@@<&5$A1' J5A4 A41 &$@4 29<J @A?1$:@* g<:1 <2 A41 :<?1
@53;525&$;A 1@A5:$A1@ $;' $@@G:=A5<;@ 5;41?1;A 5; A41 5;&<:1 :1A4<' <? <A41? :1A4<'@ 5;&9G'1k A41 $:<G;A $;'
A5:5;3 <2 =?<61&A1' 2GAG?1 &$@4 29<J@+ A41 '5@&<G;A ?$A1 @191&A1' A< :1$@G?1 A41 ?5@8@ 5;41?1;A 5; A41 2GAG?1 &$@4
29<J@ \J1534A1' $I1?$31 &<@A <2 &$=5A$9.+ A41 $@@1@@:1;A <2 A41 $@@1A%@ 9521 &N&91 $;' A41 &<:=1A5A5I1 A?1;'@
5:=$&A5;3 A41 $@@1A[ 5;&9G'5;3 &<;@5'1?$A5<; <2 $;N A1&4;5&$9[ 913$9[ ?13G9$A<?N[ <? 1&<;<:5& %$??51?@ A< 1;A?N*
h41 :<@A &<::<; =G?&4$@1 $&&<G;A5;3 $'6G@A:1;A@ ?19$A1 A< A41 2<99<J5;3 $@@1A@ $;' 95$%595A51@[ J4<@1 2$5?
I$9G1 5@ 1@A5:$A1' $@ 5;'5&$A1'k
2 h41 2$5? I$9G1 <2 5'1;A525$%91 5;A$;35%91 $@@1A@ \31;1?$99N[ =$A1;A@[ &G@A<:1? ?19$A5<;@45=@ $;'
2$I<?$%91 $;' G;2$I<?$%91 &<;A?$&A@. 5@ 1@A5:$A1' $@ '1@&?5%1' $%<I1*
2 d?<=1?AN[ =9$;A $;' 1>G5=:1;A 5@ ?1&<?'1' $A ?1=9$&1:1;A &<@A*
2 h41 2$5? I$9G1 <2 =1;@5<; $;' <A41? =<@Ab1:=9<N:1;A %1;125A@ 5@ '1A1?:5;1' @1=$?$A19N 2<? 1$&4 =9$;
G@5;3 $&AG$?5$9 $@@G:=A5<;@ I$95' $@ <2 A41 $&>G5@5A5<; '$A1 ?13$?'5;3 A41 =<=G9$A5<; <2 1:=9<N11@
5;I<9I1' $;' 2$5? I$9G1 <2 =9$; $@@1A@*
2 h41 2$5? I$9G1 <2 5;I1;A<?51@ 5@ 1@A5:$A1' %$@1' <; 1L=1&A1' @1995;3 =?5&1@ $A A41 '$A1 <2 $&>G5@5A5<;
?1'G&1' %N $; 1@A5:$A1 <2 @1995;3 1L=1;@1@ $;' $ ;<?:$9 =?<25A :$?35;*
2 C'6G@A:1;A@ $?1 ?1&<?'1' A< '121??1' A$L $@@1A@ $;' 95$%595A51@ <2 A41 $&>G5?11 A< ?1291&A =G?&4$@1
=?5&1 $'6G@A:1;A@[ <A41? A4$; 3<<'J599*
50
F1A1?:5;5;3 A41 1@A5:$A1' G@12G9 95I1@ <2 A$;35%91 $;' 5;A$;35%91 $@@1A@ $&>G5?1'[ ?1>G5?1@ 6G'3:1;A[ $@ '5221?1;A
AN=1@ <2 $@@1A@ J599 4$I1 '5221?1;A G@12G9 95I1@ $;' &1?A$5; 5;A$;35%91 $@@1A@ :$N %1 &<;@5'1?1' A< 4$I1 5;'125;5A1
G@12G9 95I1@*
R2 A41 2$5? I$9G1 <2 A41 ;1A $@@1A@ $&>G5?1' 1L&11'@ A415? $&>G5@5A5<; &<@A[ A41 1L&1@@ 5@ ?1&<3;5P1' 5::1'5$A19N $@
$ 3$5; 5; A41 @A$A1:1;A <2 5;&<:1*
[QRQ88QP DK@ U::Q;:

C?&19<?V5AA$9 ?1&<?'@ '121??1' A$L $@@1A@ $;' 95$%595A51@ %$@1' <; A41 '5221?1;&1@ %1AJ11; A41 25;$;&5$9 @A$A1:1;A
$;' A41 A$L %$@1 $:<G;A@ <2 $@@1A@ $;' 95$%595A51@* F121??1' A$L $@@1A@ $?1 $9@< ?1&<3;5P1' 2<? A41 1@A5:$A1' 2GAG?1
1221&A@ <2 A$L 9<@@1@ &$??51' 2<?J$?'* C?&19<?V5AA$9 ?1I51J@ A41 '121??1' A$L $@@1A@ 5; A41 '5221?1;A 6G?5@'5&A5<;@ 5;
J45&4 5A <=1?$A1@ =1?5<'5&$99N A< $@@1@@ A41 =<@@5%595AN <2 ?1$95P5;3 @G&4 $@@1A@ %$@1' <; =?<61&A1' 1$?;5;3@[ A41
1L=1&A1' A5:5;3 <2 A41 ?1I1?@$9@ <2 1L5@A5;3 A1:=<?$?N '5221?1;&1@[ A41 &$??N 2<?J$?' =1?5<' <2 A1:=<?$?N
'5221?1;&1@ $;' A$L 9<@@1@ &$??51' 2<?J$?' $;' A41 5:=91:1;A$A5<; <2 A$Lb=9$;;5;3 @A?$A1351@* D$@1' <; A41
$2<?1:1;A5<;1' 2$&A<?@[ :$;$31:1;A '11:@ 5A =?<%$%91 A4$A A41 A<A$9 '121??1' A$L $@@1A@ <2 B[)p^ ?1&<3;5P1' $@
<2 F1&1:%1? 0B[ p((n J599 %1 2G99N GA595P1'* h41 $:<G;A <2 2GAG?1 A$L$%91 5;&<:1 ?1>G5?1' A< %1 31;1?$A1' %N
C?&19<?V5AA$9%@ c=1?$A5;3 gG%@5'5$?51@ A< GA595P1 A41 A<A$9 '121??1' A$L $@@1A@ 5@ $==?<L5:$A19N a[(np*
M<? 1$&4 <2 A41 N1$?@ 1;'1' F1&1:%1? 0B[ p(() $;' p((n[ A41@1 c=1?$A5;3 gG%@5'5$?51@ 31;1?$A1' $==?<L5:$A19N
j0Y $;' p^Y[ ?1@=1&A5I19N[ <2 A41 E<:=$;N%@ 5;&<:1 %12<?1 A$L <2 n[ppZ $;' Bj[ZZZ[ ?1@=1&A5I19N* Q5@A<?5&$99N[
A41 E<:=$;N 4$@ %11; $%91 A< 31;1?$A1 A$L$%91 5;&<:1 5; @G225&51;A $:<G;A@ A< =1?:5A 5A A< GA595P1 A$L %1;125A@
$@@<&5$A1' J5A4 ;1A <=1?$A5;3 9<@@ &$??N 2<?J$?'@ $;' <A41? '121??1' A$L $@@1A@ A4$A 4$I1 %11; ?1&<3;5P1' 5; 5A@
&<;@<95'$A1' 25;$;&5$9 @A$A1:1;A@*
CA F1&1:%1? 0B[ p((n[ A41 E<:=$;N 4$' A<A$9 1@A5:$A1' ;1A A$L 9<@@ &$??N 2<?J$?'@ <2 n[Bn^* h45@ $:<G;A
5;&9G'1@ ;1A <=1?$A5;3 9<@@1@ <2 p[jnZ =?5:$?59N ?19$A1' A< C?&19<?V5AA$9%@ c=1?$A5;3 gG%@5'5$?51@ 5; E$;$'$[
V1L5&<[ f<:$;5$[ g=$5; $;' A41 l;5A1' gA$A1@ J45&4 1L=5?1 $@ 2<99<J@k
'62C LSA:C:?8 F>@I?G
p((Z )a
p((^ j(
p(B( ^n
p(BB j(
p(Bp )0
h41?1$2A1? p[Bn0
h41 ?1:$5;5;3 A$L 9<@@ &$??N 2<?J$?'@ <2 j[n(B $?1 5;'125;5A1 $;' =?5:$?59N $AA?5%GA$%91 A< A41 E<:=$;N%@
<=1?$A5<;@ 5; D1935G:[ D?$P59[ M?$;&1[ O1?:$;N[ UGL1:%<G?3 $;' h?5;5'$' $;' h<%$3<*
C?&19<?V5AA$9 4$' G;?1&<3;5P1' '121??1' A$L $@@1A@ ?19$A5;3 A< A$L 9<@@ &$??N 2<?J$?'@ $;' <A41? A1:=<?$?N
'5221?1;&1@[ $:<G;A5;3 A< B[BB) $@ <2 F1&1:%1? 0B[ p((n \B[pBB $@ <2 F1&1:%1? 0B[ p(().* C@ =1?
F1&1:%1? 0B[ p((n[ :<@A <2 A41@1 A1:=<?$?N '5221?1;&1@ ?19$A1 A< A$L 9<@@ &$??N 2<?J$?'@ $AA?5%GA$%91 A<
c=1?$A5;3 gG%@5'5$?51@ 5; D1935G:[ D?$P59[ UGL1:%<G?3[ V1L5&< $;' A41 l;5A1' gA$A1@* h41 GA595P$A5<; <2 A$L
9<@@ &$??N 2<?J$?'@ 5@[ 4<J1I1?[ ?1@A?5&A1' A< A41 A$L$%91 5;&<:1 <2 A41 @G%@5'5$?N <? A41 A$L &<;@<95'$A5<; 5A
%19<;3@*
A8/=&:&/-: R/8 AQ-:&/-: K-P ?;TQ8 A/:; (+6)/F+Q-; WQ-QR&;:

C?&19<?V5AA$9%@ c=1?$A5;3 gG%@5'5$?51@ 4$I1 1:=9<N11 %1;125A@ @G&4 $@ =1;@5<; =9$;@ $;' =<@Ab1:=9<N:1;A
%1;125A =9$;@[ =?5:$?59N =<@Ab1:=9<N:1;A 41$9A4 &$?1* h41 1L=1;@1 $@@<&5$A1' J5A4 A41@1 =1;@5<; =9$;@ $;' =<@Ab
1:=9<N:1;A %1;125A@[ $@ J199 $@ A41 &$??N5;3 $:<G;A <2 A41 ?19$A1' 95$%595ANX$@@1A <; A41 %$9$;&1 @411A[ 5@ %$@1'
<; $ ;G:%1? <2 $@@G:=A5<;@ $;' 2$&A<?@ @G&4 $@ '5@&<G;A ?$A1@[ 1L=1&A1' ?$A1 <2 &<:=1;@$A5<; 5;&?1$@1[ 1L=1&A1'
?1AG?; <; =9$; $@@1A@[ 41$9A4 &$?1 &<@A A?1;' ?$A1@[ :<?A$95AN ?$A1@[ $;' ?1A5?1:1;A ?$A1@*
2 F5@&<G;A ?$A1@* h41 '5@&<G;A ?$A1 5@ %$@1' <; @1I1?$9 4534 >G$95AN &<?=<?$A1 %<;' 5;'1L1@ 5; A41
$==?<=?5$A1 6G?5@'5&A5<;@ \?$A1' CC <? 45341? %N $ ?1&<3;5P1' ?$A5;3 $31;&N.* W<:5;$9 5;A1?1@A ?$A1@
I$?N J<?9'J5'1 'G1 A< 1L&4$;31 ?$A1@ $;' 9<&$9 5;29$A5<; ?$A1@* h41 J1534A1' $I1?$31 $@@G:1'
'5@&<G;A ?$A1 2<? C?&19<?V5AA$9%@ J<?9'J5'1 '125;1' %1;125A =9$;@ $;' <A41? =<@A 1:=9<N:1;A %1;125A
=9$;@ J$@ a*BnYbB(*nnY $;' p*^jYbB(*nnY[ ?1@=1&A5I19N[ $A F1&1:%1? 0B[ p((n*
2 f$A1 <2 &<:=1;@$A5<; 5;&?1$@1* h41 ?$A1 <2 &<:=1;@$A5<; 5;&?1$@1 ?1291&A@ $&AG$9 1L=1?51;&1 $;' A41
E<:=$;N%@ 9<;3bA1?: <GA9<<8[ 5;&9G'5;3 &<;A?$&AG$99N $3?11' G=<; J$31 ?$A1 5;&?1$@1@ 2<?
?1=?1@1;A1' 4<G?9N 1:=9<N11@*
51
2 KL=1&A1' ?1AG?; <; =9$; $@@1A@* h41 1L=1&A1' ?1AG?; <; =9$; $@@1A@ 5@ '1?5I1' 2?<: '1A$591' =1?5<'5&
@AG'51@[ J45&4 5;&9G'1 $ ?1I51J <2 $@@1A $99<&$A5<; @A?$A1351@[ $;A5&5=$A1' 9<;3bA1?: =1?2<?:$;&1 <2
5;'5I5'G$9 $@@1A &9$@@1@[ ?5@8@ \@A$;'$?' '1I5$A5<;@.[ $;' &<??19$A5<;@ <2 ?1AG?;@ $:<;3 A41 $@@1A
&9$@@1@ A4$A &<:=?5@1 A41 =9$;@% $@@1A :5L*
2 Q1$9A4 &$?1 &<@A A?1;' ?$A1* h41 41$9A4&$?1 &<@A A?1;' ?$A1 5@ %$@1' <; 45@A<?5&$9 ?1A5?11 &<@A '$A$[
;1$?bA1?: 41$9A4 &$?1 <GA9<<8[ 5;&9G'5;3 $==?<=?5$A1 &<@A &<;A?<9 :1$@G?1@ 5:=91:1;A1' %N G@[ $;'
5;'G@A?N %1;&4:$?8@ $;' @G?I1N@*
2 V<?A$95AN $;' ?1A5?1:1;A ?$A1@* V<?A$95AN $;' ?1A5?1:1;A ?$A1@ $?1 %$@1' <; $&AG$9 $;' =?<61&A1' =9$;
1L=1?51;&1*
R; $&&<?'$;&1 J5A4 RMfg[ $&AG$?5$9 3$5;@ <? 9<@@1@ ?1@G9A5;3 2?<: 1L=1?51;&1 $;' &4$;31@ 5; $@@G:=A5<;@ $?1
?1&<3;5P1' 5; C?&19<?V5AA$9%@ 5;&<:1 @A$A1:1;A <;9N 52 A41 ;1A &G:G9$A5I1 G;?1&<3;5P1' $&AG$?5$9 3$5;@ $;'
9<@@1@ $A A41 1;' <2 A41 =?1I5<G@ ?1=<?A5;3 =1?5<' 1L&11'1' A41 3?1$A1? <2 B(Y <2 A41 =?1@1;A I$9G1 <2 A41 '125;1'
%1;125A <%953$A5<; $A A4$A '$A1 $;' B(Y <2 A41 2$5? I$9G1 <2 $;N =9$; $@@1A $A A4$A '$A1* h41 2?$&A5<; 1L&11'5;3
B(Y 5@ A41; ?1&<3;5P1' <I1? A41 1L=1&A1' $I1?$31 ?1:$5;5;3 J<?85;3 95I1@ <2 A41 1:=9<N11@ =$?A5&5=$A5;3 5; A41
=9$;@* gG&4 $&&G:G9$A1' G;?1&<3;5P1' 9<@@1@ $:<G;A1' A< a^n 2<? =1;@5<;@ $;' B)a 2<? <A41? =<@Ab1:=9<N:1;A
%1;125A@ $@ <2 F1&1:%1? 0B[ p((n*
h41 2<99<J5;3 5;2<?:$A5<; 599G@A?$A1@ A41 @1;@5A5I5AN A< $ &4$;31 5; &1?A$5; $@@G:=A5<;@ 2<? =1;@5<; =9$;@* C@ <2
F1&1:%1? 0B[ p((n A41 '125;1' %1;125A <%953$A5<; \&FDc(. 2<? =1;@5<; =9$;@ J$@ ^*j %5995<;k
L7764G @? )**X dC6e"2S

d6?E:@? LSA6?E6
Z:? >:==:@?E @7 #,! 5@==2CE. ZEI> @7 E6CQ:46 4@EG L7764G @? K646>36C 0DY )**(
J92?86 :? 2EEI>AG:@? 2?5 :?G6C6EG 4@EG. KH`
B(( %$@5@ =<5;A '1&?1$@1 5; '5@&<G;A ?$A1 \pp. B[(aZ
B(( %$@5@ =<5;A 5;&?1$@1 5; '5@&<G;A ?$A1 BB \^ja.
B(( %$@5@ =<5;A '1&?1$@1 5; ?$A1 <2 &<:=1;@$A5<; \0^. \0)Z.
B(( %$@5@ =<5;A 5;&?1$@1 5; ?$A1 <2 &<:=1;@$A5<; 0Z 00j
B(( %$@5@ =<5;A '1&?1$@1 5; 1L=1&A1' ?1AG?; <; =9$; $@@1A@ )a #
B(( %$@5@ =<5;A 5;&?1$@1 5; 1L=1&A1' ?1AG?; <; =9$; $@@1A@ \)a. #
h41 2<99<J5;3 A$%91 599G@A?$A1@ A41 @1;@5A5I5AN A< $ &4$;31 5; A41 '5@&<G;A ?$A1 $@@G:=A5<; ?19$A1' A<
C?&19<?V5AA$9%@ cA41? d<@A K:=9<N:1;A D1;125A@ =9$;@ \&cdKD(.* C@ <2 F1&1:%1? 0B[ p((n A41 FDc 2<? cdKD
J$@ p*Z %5995<;k
L7764G @? )**X dC6e"2S

`dLH LSA6?E6
ZEI> @7 !6CQ:46
Z:? >:==:@?E @7 #,!, 5@==2CE. L7764G @? K646>36C 0DY )**(
J92?86 :? 2EEI>AG:@? .
4@EG2?5:?G6C6EG 4@EG KH`
B(( %$@5@ =<5;A '1&?1$@1 5; '5@&<G;A ?$A1 \BB. 0jB
B(( %$@5@ =<5;A 5;&?1$@1 5; '5@&<G;A ?$A1 Z \0(0.
B(( %$@5@ =<5;A '1&?1$@1 5; 41$9A4&$?1 &<@A A?1;' \BB. \Bja.
B(( %$@5@ =<5;A 5;&?1$@1 5; 41$9A4&$?1 &<@A A?1;' B0 BnB
h41 $%<I1 @1;@5A5I5A51@ ?1291&A A41 1221&A <2 &4$;35;3 <;1 $@@G:=A5<; $A $ A5:1* C&AG$9 1&<;<:5& 2$&A<?@ $;'
&<;'5A5<;@ <2A1; $221&A :G9A5=91 $@@G:=A5<;@ @5:G9A$;1<G@9N[ $;' A41 1221&A@ <2 &4$;31@ 5; 81N $@@G:=A5<;@ $?1
;<A ;1&1@@$?59N 95;1$?*
(-=&8/-+Q-;K) K-P ?;TQ8 Y/-;&-SQ-O&Q:

C?&19<?V5AA$9 5@ &G??1;A9N 1;3$31' 5; A41 5;I1@A53$A5<; $;' ?1:1'5$A5<; <2 1;I5?<;:1;A$9 &<;A$:5;$A5<; $A $
;G:%1? <2 5A@ 2$&595A51@* C99 <2 A41@1 $?1 913$&N <%953$A5<;@ $?5@5;3 2?<: $&>G5@5A5<;@* C?&19<?V5AA$9 5@ @G%61&A A<
&4$;35;3 $;' 5;&?1$@5;39N @A?5;31;A 1;I5?<;:1;A$9 9$J@ $;' ?13G9$A5<;@ &<;&1?;5;3 $5? 1:5@@5<;@[ J$A1?
'5@&4$?31@ $;' J$@A1 '5@=<@$9[ $@ J199 $@ &1?A$5; ?1:1'5$A5<; $&A5I5A51@ A4$A 5;I<9I1 A41 &91$;bG= <2 @<59 $;'
3?<G;'J$A1?* C?&19<?V5AA$9 ?1&<3;5P1@ $ 95$%595AN 2<? 1;I5?<;:1;A$9 ?1:1'5$A5<; J41; 5A 5@ :<?1 95819N A4$; ;<A
A4$A @G&4 ?1:1'5$A5<; J599 %1 ?1>G5?1' $;' A41 $:<G;A &$; %1 1@A5:$A1'* K;I5?<;:1;A$9 95$%595A51@ $@@G:1' 5;
&<;;1&A5<; J5A4 A41 $&>G5@5A5<; <2 @A119 2$&595A51@ $;' <A41? $@@1A@ $?1 ?1&<?'1' $A A41 =?1@1;A I$9G1 <2 A41
1@A5:$A1' 2GAG?1 =$N:1;A@* h41?1 $?1 ;G:1?<G@ G;&1?A$5;A51@ <I1? %<A4 A41 A5:5;3 $;' A41 G9A5:$A1 &<@A@ A4$A
C?&19<?V5AA$9 1L=1&A@ A< 5;&G? J5A4 ?1@=1&A A< A45@ J<?8* g53;525&$;A 6G'3:1;A 5@ ?1>G5?1' 5; :$85;3 A41@1
1@A5:$A1@ $;' 5A 5@ ?1$@<;$%91 A4$A <A41?@ :$N &<:1 A< '5221?1;A &<;&9G@5<;@* R2[ 5; A41 2GAG?1[ C?&19<?V5AA$9 5@
52
?1>G5?1' A< 5;I1@A53$A1 $;' ?1:1'5$A1 $;N &G??1;A9N G;8;<J; &<;A$:5;$A5<; $;' J$@A1 <; =?<=1?A51@ A4$A 5A <J;@[
C?&19<?V5AA$9 :$N ?1&<?' @53;525&$;A $''5A5<;$9 95$%595A51@* C@ 1@A5:$A1' &<@A@ A< ?1:1'5$A1 &4$;31[ A41 E<:=$;N
J599 ?1'G&1 <? 5;&?1$@1 A41 ?1&<?'1' 95$%595A51@ A4?<G34 &?1'5A@ <? &4$?31@ 5; A41 5;&<:1 @A$A1:1;A* C?&19<?V5AA$9
'<1@ ;<A 1L=1&A A41@1 1;I5?<;:1;A$9 5@@G1@ A< $221&A A41 GA595P$A5<; <2 5A@ =9$;A@[ ;<J <? 5; A41 2GAG?1*
h41 1@A5:$A1@ <2 9<@@ &<;A5;31;&51@ 2<? 1;I5?<;:1;A$9 :$AA1?@ $?1 %$@1' <; I$?5<G@ 6G'3:1;A@ $;' $@@G:=A5<;@*
h41@1 1@A5:$A1@ AN=5&$99N ?1291&A 6G'3:1;A@ $;' $@@G:=A5<;@ ?19$A5;3 A< A41 9581954<<'[ ;$AG?1[ :$3;5AG'1 $;'
A5:5;3 <2 $@@1@@:1;A[ ?1:1'5$A5<; $;'X<? :<;5A<?5;3 $&A5I5A51@ $;' A41 =?<%$%91 &<@A <2 A41@1 $&A5I5A51@* R; @<:1
&$@1@[ 6G'3:1;A@ $;' $@@G:=A5<;@ $?1 :$'1 ?19$A5;3 A< A41 <%953$A5<; <? J5995;3;1@@ $;' $%595AN <2 A45?' =$?A51@ A<
%1$? $ =?<=<?A5<;$A1 <? $99<&$A1' @4$?1 <2 &<@A <2 A41@1 $&A5I5A51@[ 5;&9G'5;3 A45?' =$?A51@ J4< @<9' $@@1A@ A<
C?&19<?V5AA$9 <? =G?&4$@1' $@@1A@ 2?<: 5A @G%61&A A< 1;I5?<;:1;A$9 95$%595A51@* C?&19<?V5AA$9 $9@< &<;@5'1?@[
$:<;3 <A41? A45;3@[ A41 $&A5I5AN A< '$A1 $A =$?A5&G9$? @5A1@[ 5;2<?:$A5<; <%A$5;1' A4?<G34 &<;@G9A$A5<; J5A4
$==95&$%91 ?13G9$A<?N $GA4<?5A51@ $;' A45?'b=$?AN &<;@G9A$;A@ $;' &<;A?$&A<?@ $;' 5A@ 45@A<?5&$9 1L=1?51;&1 J5A4
<A41? &5?&G:@A$;&1@ 6G'31' A< %1 &<:=$?$%91* FG1 A< A41 ;G:1?<G@ I$?5$%91@ $@@<&5$A1' J5A4 A41@1 6G'3:1;A@
$;' $@@G:=A5<;@[ $;' A41 1221&A@ <2 &4$;31@ 5; 3<I1?;:1;A$9 ?13G9$A5<; $;' 1;I5?<;:1;A$9 A1&4;<9<351@[ %<A4
A41 =?1&5@5<; $;' ?195$%595AN <2 A41 ?1@G9A5;3 1@A5:$A1@ <2 A41 ?19$A1' &<;A5;31;&51@ $?1 @G%61&A A< @G%@A$;A5$9
G;&1?A$5;A51@*
HK)<K;&/- K-P &+6K&8+Q-; /R -/- O<88Q-; K::Q;:

CA 1$&4 ?1=<?A5;3 '$A1[ C?&19<?V5AA$9 ?1I51J@ A41 &$??N5;3 $:<G;A@ <2 5A@ ;<;b&G??1;A $@@1A@ \1L&9G'5;3
3<<'J599. A< '1A1?:5;1 J41A41? A41?1 5@ $;N 5;'5&$A5<; A4$A A41 &$??N5;3 $:<G;A <2 A4<@1 $@@1A@ :$N ;<A %1
?1&<I1?$%91 A4?<G34 &<;A5;G5;3 G@1* R2 $;N @G&4 5;'5&$A5<; 1L5@A@[ A41 ?1&<I1?$%91 $:<G;A <2 A41 $@@1A 5@ ?1I51J1'
5; <?'1? A< '1A1?:5;1 A41 $:<G;A <2 A41 5:=$5?:1;A[ 52 $;N* h41 ?1&<I1?$%91 $:<G;A 5@ A41 45341? <2 5A@ ;1A
@1995;3 =?5&1 \2$5? I$9G1 ?1'G&1' %N @1995;3 &<@A@. $;' 5A@ I$9G1 5; G@1*
R; $@@1@@5;3 5A@ I$9G1 5; G@1[ A41 1@A5:$A1' 2GAG?1 &$@4 29<J@ $?1 '5@&<G;A1' A< A415? =?1@1;A I$9G1 G@5;3 $ =?1bA$L
'5@&<G;A ?$A1 A4$A ?1291&A@ &G??1;A :$?81A $@@1@@:1;A@ <2 A41 A5:1 I$9G1 <2 :<;1N $;' A41 ?5@8@ @=1&525& A< A41
$@@1A* M<? $; $@@1A A4$A '<1@ ;<A 31;1?$A1 &$@4 5;29<J@ 9$?319N 5;'1=1;'1;A <2 A4<@1 2?<: <A41? $@@1A@[ A41
?1&<I1?$%91 $:<G;A 5@ '1A1?:5;1' 2<? A41 &$@4b31;1?$A5;3 G;5A A< J45&4 A41 $@@1A %19<;3@* h41 &$@4b31;1?$A5;3
G;5A 5@ A41 @:$991@A 5'1;A525$%91 3?<G= <2 $@@1A@ &<??1@=<;'5;3 A< <=1?$A5;3 G;5A@ A4$A 31;1?$A1 &$@4 5;29<J@* R2 A41
?1&<I1?$%91 $:<G;A <2 $; $@@1A \<? &$@4 31;1?$A5;3 G;5A. 5@ 1@A5:$A1' A< %1 91@@ A4$; 5A@ &$??N5;3 $:<G;A[ $;
5:=$5?:1;A 9<@@ 5@ ?1&<3;5P1'* C; 5:=$5?:1;A 9<@@ 5@ ?1&<3;5P1' $@ $; 1L=1;@1 5::1'5$A19N $@ =$?A <2 <=1?$A5;3
5;&<:1 5; A41 @A$A1:1;A@ <2 5;&<:1*
C; 5:=$5?:1;A 9<@@ ?1&<3;5P1' 5; =?5<? N1$?@ 5@ ?1I1?@1' 52[ $;' <;9N 52[ A41?1 4$@ %11; $ &4$;31 5; A41 1@A5:$A1@
G@1' A< '1A1?:5;1 A41 $@@1A%@ ?1&<I1?$%91 $:<G;A @5;&1 A41 9$@A 5:=$5?:1;A 9<@@ J$@ ?1&<3;5P1'* Q<J1I1?[ A41
5;&?1$@1' &$??N5;3 $:<G;A <2 $; $@@1A 'G1 A< $ ?1I1?@$9 <2 $; 5:=$5?:1;A 9<@@ J599 ;<A 1L&11' A41 &$??N5;3
$:<G;A A4$A J<G9' 4$I1 %11; '1A1?:5;1' \;1A <2 $:<?A5P$A5<; <? '1=?1&5$A5<;. 4$' ;< 5:=$5?:1;A 9<@@ %11;
?1&<3;5P1' 2<? A41 $@@1A 5; =?5<? N1$?@* C ?1I1?@$9 <2 $; 5:=$5?:1;A 9<@@ 5@ ?1&<3;5P1' 5::1'5$A19N $@ =$?A <2
<=1?$A5;3 5;&<:1 5; A41 @A$A1:1;A@ <2 5;&<:1*
O<<'J599 5@ ?1I51J1' 2<? 5:=$5?:1;A $;;G$99N $A A41 &$@4 31;1?$A5;3 G;5A 91I19 <? J41;1I1? &4$;31@ 5;
&5?&G:@A$;&1@ 5;'5&$A1 A4$A A41 &$??N5;3 $:<G;A :$N ;<A %1 ?1&<I1?$%91* h41 ?1&<I1?$%91 $:<G;A@ <2 A41 &$@4
31;1?$A5;3 G;5A@ $?1 '1A1?:5;1' 2?<: I$9G1 5; G@1 &$9&G9$A5<;@[ $@ '1@&?5%1' $%<I1* h41 81N $@@G:=A5<;@ 2<? A41
I$9G1 5; G@1 &$9&G9$A5<;@ $?1 A4<@1 ?13$?'5;3 A41 '5@&<G;A ?$A1@[ 3?<JA4 ?$A1@ $;' 1L=1&A1' &4$;31@ A< @1995;3
=?5&1@ $;' '5?1&A &<@A@ 'G?5;3 A41 =1?5<'* V$;$31:1;A 1@A5:$A1@ '5@&<G;A ?$A1@ G@5;3 =?1bA$L ?$A1@ A4$A ?1291&A
&G??1;A :$?81A ?$A1@ 2<? 5;I1@A:1;A@ <2 @5:59$? ?5@8* h41 3?<JA4 ?$A1@ $?1 %$@1' <; 5;'G@A?N 3?<JA4 2<?1&$@A@*
E4$;31@ 5; @1995;3 =?5&1@ $;' '5?1&A &<@A@ $?1 %$@1' <; 45@A<?5&$9 1L=1?51;&1 $;' 1L=1&A$A5<;@ <2 2GAG?1 &4$;31@
5; A41 :$?81A*
E$@4 29<J 2<?1&$@A@ $?1 '1?5I1' 2?<: A41 :<@A ?1&1;A 25;$;&5$9 %G'31A@ $==?<I1' %N :$;$31:1;A 2<? A41 ;1LA
25I1 N1$?@* D1N<;' A41 @=1&525&$99N 2<?1&$@A1' =1?5<'[ A41 E<:=$;N 1LA?$=<9$A1@ &$@4 29<J@ 2<? A41 ?1:$5;5;3
N1$?@ %$@1' <; $; 1@A5:$A1' 3?<JA4 ?$A1* h45@ ?$A1 '<1@ ;<A 1L&11' A41 $I1?$31 9<;3bA1?: 3?<JA4 ?$A1 2<? A41
?191I$;A :$?81A@* c;&1 ?1&<3;5P1'[ 5:=$5?:1;A 9<@@1@ ?1&<3;5P1' 2<? 3<<'J599 $?1 ;<A ?1I1?@1'*
D$@1' <; 5A@ 5:=$5?:1;A ?1I51J 'G?5;3 p((n[ A41 E<:=$;N ?1&<?'1' B^0 $;' j0 <2 5:=$5?:1;A 9<@@1@ 2<? 9<;3b
95I1' $@@1A@ $;' 3<<'J599 ?1@=1&A5I19N* CA F1&1:%1? 0B[ p((n[ A41 E<:=$;N 4$' Ba[(0B <2 5;A$;35%91 $@@1A@[ <2
J45&4 Bp[))0 ?1=?1@1;A1' 3<<'J599* C; 5:=$5?:1;A A< 5;A$;35%91 $@@1A@ &<G9' ?1@G9A 5; $ :$A1?5$9[ ;<;b&$@4
1L=1;@1 5; A41 &<;@<95'$A1' @A$A1:1;A <2 5;&<:1*
53
B9L5;-L<'65 6R R'5L5O'L- ;<L<Q/Q5<; PQ56/'5L<QP '5 R69Q'S5 O=99Q5OG
h41 2G;&A5<;$9 &G??1;&N <2 1$&4 <2 A41 :$6<? c=1?$A5;3 gG%@5'5$?51@ 5@ A41 9<&$9 &G??1;&N[ 1L&1=A 2<?
C?&19<?V5AA$9 gC[ cSgE C?&19<?V5AA$9 T?NI5N f54[ C?&19<?V5AA$9 gA119 U!P$?< E!?'1;$@ g*C* '1 E*m*[
E<:=$;45$ g5'1?G?35$ '1 hG%$?H< \&Egh(.[ C?&19<?V5AA$9 O$9$A5 g*C* $;' C?&19<?V5AA$9 h1:5?A$G[ J4<@1
2G;&A5<;$9 &G??1;&N 5@ A41 l*g* F<99$?* h?$;@$&A5<;@ 5; &G??1;&51@ <A41? A4$; A41 2G;&A5<;$9 &G??1;&N <2 $
@G%@5'5$?N $?1 ?1&<?'1' $A A41 ?$A1@ <2 1L&4$;31 =?1I$595;3 $A A41 '$A1 <2 A41 A?$;@$&A5<;* V<;1A$?N $@@1A@ $;'
95$%595A51@ 5; &G??1;&51@ <A41? A4$; A41 2G;&A5<;$9 &G??1;&N $?1 ?1:1$@G?1' $A A41 ?$A1@ <2 1L&4$;31 =?1I$595;3 $A
A41 %$9$;&1 @411A '$A1 $;' A41 ?19$A1' A?$;@$&A5<; 3$5;@ $;' 9<@@1@ $?1 ?1=<?A1' 5; A41 &<;@<95'$A1' @A$A1:1;A@ <2
5;&<:1*
l=<; &<;@<95'$A5<;[ A41 ?1@G9A@ <2 <=1?$A5<;@ <2 C?&19<?V5AA$9%@ @G%@5'5$?51@ $;' $@@<&5$A1@ J4<@1 2G;&A5<;$9
&G??1;&N 5@ <A41? A4$; A41 l*g* F<99$? $?1 A?$;@9$A1' 5;A< l*g* F<99$?@ $A $I1?$31 1L&4$;31 ?$A1@ 2<? A41 N1$? $;'
$@@1A@ $;' 95$%595A51@ $?1 A?$;@9$A1' $A N1$?b1;' 1L&4$;31 ?$A1@* h?$;@9$A5<; $'6G@A:1;A@ $?1 ?1&<3;5P1' '5?1&A9N 5;
1>G5AN $;' $?1 5;&9G'1' 5; ;1A 1$?;5;3@ <;9N G=<; @$91 <? 95>G5'$A5<; <2 A41 G;'1?9N5;3 2<?153; @G%@5'5$?N <?
$@@<&5$A1' &<:=$;N*
U=;'5Q;; O6/N'5L<'65;
DG@5;1@@ &<:%5;$A5<;@ $?1 $&&<G;A1' 2<? G@5;3 A41 =G?&4$@1 $&&<G;A5;3 :1A4<'* h45@ 5;I<9I1@ ?1&<3;5P5;3
5'1;A525$%91 $@@1A@ \5;&9G'5;3 =?1I5<G@9N G;?1&<3;5P1' 5;A$;35%91 $@@1A@. $;' 95$%595A51@ \5;&9G'5;3 &<;A5;31;A
95$%595A51@ $;' 1L&9G'5;3 2GAG?1 ?1@A?G&AG?5;3. <2 A41 $&>G5?1' %G@5;1@@ $A 2$5? I$9G1* h41 &<@A <2 A41 $&>G5@5A5<; 5@
:1$@G?1' $A A41 $33?13$A1 <2 A41 2$5? I$9G1@[ $A A41 '$A1 <2 1L&4$;31[ <2 $@@1A@ 35I1;[ 95$%595A51@ 5;&G??1' <?
$@@G:1'[ $;' 1>G5AN 5;@A?G:1;A@ 5@@G1' %N C?&19<?V5AA$9 5; 1L&4$;31 2<? &<;A?<9 <2 A41 $&>G5?11[ =9G@ $;N &<@A@
'5?1&A9N $AA?5%GA$%91 A< A41 %G@5;1@@ &<:%5;$A5<;* h41 $&>G5?11%@ 5'1;A525$%91 $@@1A@[ 95$%595A51@ $;' &<;A5;31;A
95$%595A51@ $?1 ?1&<3;5P1' $A A415? 2$5? I$9G1@ $A A41 $&>G5@5A5<; '$A1* h41 5;A1?1@A <2 :5;<?5AN @4$?14<9'1?@ 5; A41
$&>G5?11 5@ 5;5A5$99N :1$@G?1' $A A41 :5;<?5AN%@ =?<=<?A5<; <2 A41 ;1A 2$5? I$9G1 <2 A41 $@@1A@[ 95$%595A51@ $;'
&<;A5;31;A 95$%595A51@ ?1&<3;5P1'*
o41; $; $&>G5@5A5<; 5@ &<:=91A1' %N $ @1?51@ <2 @G&&1@@5I1 A?$;@$&A5<;@[ 1$&4 @53;525&$;A A?$;@$&A5<; 5@
&<;@5'1?1' 5;'5I5'G$99N 2<? A41 =G?=<@1 <2 A41 '1A1?:5;$A5<; <2 A41 2$5? I$9G1 <2 A41 5'1;A525$%91 $@@1A@[ 95$%595A51@
$;' &<;A5;31;A 95$%595A51@ $&>G5?1' $;' 41;&1 2<? A41 3<<'J599 $@@<&5$A1' J5A4 A41 $&>G5@5A5<;* h41 2$5? I$9G1@ <2
A41 5'1;A525$%91 $@@1A@ $;' 95$%595A51@ $&>G5?1' &$; I$?N $A A41 '$A1 <2 1$&4 A?$;@$&A5<;* R;A1?1@A@ =?1I5<G@9N 419' 5;
A4$A 1;A5AN $?1 ?1bI$9G1' <; A41 %$@5@ <2 A41 2$5? I$9G1@ <2 A41 5'1;A525$%91 $@@1A@ $;' 95$%595A51@ $A A41 '$A1 &<;A?<9
5@ <%A$5;1'* h41 &<;A?$ =<@A5;3 2<? A45@ ?1I$9G$A5<; 5@ ?1&<?'1' $@ 3<<'J599 J41; A41 &<@A 1L&11'@ A41 ;1A I$9G1
$;' 5::1'5$A19N $@ $ 3$5; 5; A41 @A$A1:1;A <2 5;&<:1 J41; A41 ;1A I$9G1 1L&11'@ A41 &<@A* gG%@1>G1;A
=G?&4$@1@[ $2A1? A41 E<:=$;N 4$@ <%A$5;1' &<;A?<9[ $?1 A?1$A1' $@ A41 $&>G5@5A5<;@ <2 @4$?1@ 2?<: :5;<?5AN
@4$?14<9'1?@k A41 5'1;A525$%91 $@@1A@ $;' 95$%595A51@ <2 A41 1;A5AN $?1 ;<A @G%61&A A< $ 2G?A41? ?1I$9G$A5<; $;' A41
=<@5A5I1 <? ;13$A5I1 '5221?1;&1 %1AJ11; A41 &<@A <2 @G&4 @G%@1>G1;A $&>G5@5A5<;@ $;' A41 ;1A I$9G1 <2 A41
$''5A5<;$9 =?<=<?A5<; <2 A41 &<:=$;N $&>G5?1' 5@ ?1&<?'1' $@ 3<<'J599 <? 5::1'5$A19N $@ $ 3$5; 5; A41 @A$A1:1;A
<2 5;&<:1 J41; A41 '5221?1;&1 5@ ;13$A5I1*
WL;& L5P OL;& Q8='?L-Q5<;

E$@4 $;' &$@4 1>G5I$91;A@ &<;@5@A@ <2 &$@4 $;' @4<?AbA1?: 45349N 95>G5' 5;I1@A:1;A@ A4$A $?1 ?1$'59N &<;I1?A5%91
A< &$@4 J5A4 <?535;$9 :$AG?5A51@ <2 A4?11 :<;A4@ <? 91@@ $A A41 A5:1 <2 =G?&4$@1 $;' $?1 &$??51' $A &<@A =9G@
$&&?G1' 5;A1?1@A[ J45&4 $==?<L5:$A1@ 2$5? I$9G1*
@Q;<9'O<QP OL;&
f1@A?5&A1' &$@4 ?1=?1@1;A@ A41 ?1>G5?1' &<99$A1?$9 =?5:$?59N J5A4 I$?5<G@ %$;8@ $@ :$?35; 2<? ?1I<9I5;3 91AA1?@ <2
&?1'5A $;' 3G$?$;A11@*
B9LPQ LOO6=5<; 9QOQ'?LN-Q

h?$'1 $&&<G;A@ ?1&15I$%91 $?1 5;5A5$99N ?1&<?'1' $A A415? 2$5? I$9G1 $;' '< ;<A &$??N $;N 5;A1?1@A* R2 $==95&$%91[
A?$'1 $&&<G;A@ ?1&15I$%91 $?1 @G%@1>G1;A9N :1$@G?1' $A $:<?A5P1' &<@A G@5;3 A41 1221&A5I1 5;A1?1@A ?$A1 :1A4<'
$;' ?1'G&1' %N $99<J$;&1@ 2<? $;N 5:=$5?:1;A*
C?&19<?V5AA$9 :$5;A$5;@ $; $99<J$;&1 2<? '<G%A2G9 $&&<G;A@ $A $; $:<G;A A4$A 5A &<;@5'1?@ A< %1 $ @G225&51;A
1@A5:$A1 <2 9<@@1@ ?1@G9A5;3 2?<: A41 5;$%595AN <2 5A@ &G@A<:1?@ A< :$81 ?1>G5?1' =$N:1;A@* C; $99<J$;&1 5@
?1&<?'1' $;' &4$?31' A< 1L=1;@1 J41; $; $&&<G;A 5@ '11:1' A< %1 G;&<991&A5%91* R; 6G'35;3 A41 $'1>G$&N <2 A41
$99<J$;&1 2<? '<G%A2G9 $&&<G;A@[ C?&19<?V5AA$9 &<;@5'1?@ :G9A5=91 2$&A<?@ 5;&9G'5;3 45@A<?5&$9 %$' '1%A
54
1L=1?51;&1[ A41 &G??1;A 1&<;<:5& 1;I5?<;:1;A $;' A41 $35;3 <2 A41 ?1&15I$%91@* f1&<I1?51@ <2 A?$'1 ?1&15I$%91@
=?1I5<G@9N ?1@1?I1' 5; A41 $99<J$;&1 2<? '<G%A2G9 $&&<G;A@ $?1 &?1'5A1' A< 5;&<:1*
.5?Q5<69'Q;
R;I1;A<?51@ $?1 &$??51' $A A41 9<J1? <2 &<@A $;' ;1A ?1$95P$%91 I$9G1* E<@A 5@ '1A1?:5;1' G@5;3 A41 25?@Ab5;[ 25?@Ab<GA
\&MRMc(. :1A4<' $;' $I1?$31 &<@A :1A4<'[ J45&4 $==?<L5:$A1@ MRMc* E<@A@ <2 =?<'G&A5<; 5; =?<&1@@ $;'
25;5@41' 3<<'@ 5;&9G'1 A41 =G?&4$@1 &<@A@ <2 ?$J :$A1?5$9@ $;' &<;I1?@5<; &<@A@ @G&4 $@ '5?1&A 9$%<? $;' $;
$99<&$A5<; <2 25L1' $;' I$?5$%91 =?<'G&A5<; <I1?41$'@* f$J :$A1?5$9@ $;' @=$?1 =$?A@ $?1 I$9G1' $A &<@A 5;&9G@5I1
<2 2?1534A[ @45==5;3 $;' 4$;'95;3 &<@A@* W1A ?1$95P$%91 I$9G1 ?1=?1@1;A@ A41 1@A5:$A1' @1995;3 =?5&1 $A J45&4 A41
5;I1;A<?51@ &$; %1 ?1$95P1' 5; A41 ;<?:$9 &<G?@1 <2 %G@5;1@@ $2A1? $99<J5;3 2<? A41 &<@A <2 &<;I1?@5<; 2?<: A415?
1L5@A5;3 @A$A1 A< $ 25;5@41' &<;'5A5<; $;' 2<? A41 &<@A <2 :$?81A5;3[ @1995;3[ $;' '5@A?5%GA5<;*
*66PD'-- L5P 5QSL<'?Q S66PD'--

O<<'J599 $?5@5;3 <; $&>G5@5A5<; 5@ ?1&<3;5P1' $@ $; $@@1A $;' 5;5A5$99N :1$@G?1' $A &<@A[ %15;3 A41 1L&1@@ <2 A41
&<@A <2 A41 %G@5;1@@ &<:%5;$A5<; <I1? C?&19<?V5AA$9%@ 5;A1?1@A 5; A41 ;1A 2$5? I$9G1 <2 A41 5'1;A525$%91 $@@1A@[
95$%595A51@ $;' &<;A5;31;A 95$%595A51@ ?1&<3;5P1'*
O<<'J599 5@ $99<&$A1' A< &$@4b31;1?$A5;3 G;5A@ 2<? A41 =G?=<@1 <2 5:=$5?:1;A A1@A5;3* h41 $99<&$A5<; 5@ :$'1 A<
A4<@1 &$@4b31;1?$A5;3 G;5A@ <? 3?<G=@ <2 &$@4b31;1?$A5;3 G;5A@ A4$A $?1 1L=1&A1' A< %1;125A 2?<: A41 %G@5;1@@
&<:%5;$A5<; 5; J45&4 A41 3<<'J599 $?<@1* O<<'J599 5@ ?1I51J1' 2<? 5:=$5?:1;A $;;G$99N $A A41 &$@4 31;1?$A5;3
G;5A 91I19 <? J41;1I1? &4$;31@ 5; &5?&G:@A$;&1@ 5;'5&$A1 A4$A A41 &$??N5;3 $:<G;A :$N ;<A %1 ?1&<I1?$%91* h41
5:=$5?:1;A $;$9N@5@ 5@ =?5;&5=$99N %$@1' <; $; 1@A5:$A1 <2 '5@&<G;A1' 2GAG?1 &$@4 29<J@ $A A41 &$@4 31;1?$A5;3
G;5A 91I19* R:=$5?:1;A 9<@@1@ ?1&<3;5P1' 2<? 3<<'J599 $?1 ;<A ?1I1?@1'* c; '5@=<@$9 <2 $ @G%@5'5$?N[ $;N ?1@5'G$9
$:<G;A <2 3<<'J599 5@ 5;&9G'1' 5; A41 '1A1?:5;$A5<; <2 A41 =?<25A <? 9<@@ <; '5@=<@$9*
C?&19<?V5AA$9 4$@ 45@A<?5&$99N =G?&4$@1' G;'1?b=1?2<?:5;3 @A119 $@@1A@[ =?5;&5=$99N A4<@1 5;I<9I1' 5; I$?5<G@
=?5I$A5P$A5<; =?<3?$:@ 5; 2<?:1? 3<I1?;:1;A &<;A?<991' 1&<;<:51@* DG@5;1@@1@ J5A4 A41@1 &4$?$&A1?5@A5&@
AN=5&$99N 4$I1 %11; =G?&4$@1' 2<? $; $:<G;A A4$A '<1@ ;<A 1L&11' ;1A $@@1A 2$5? I$9G1[ A4G@ =?<'G&5;3 ;13$A5I1
3<<'J599 2<? $&&<G;A5;3 =G?=<@1@* R; $ %G@5;1@@ &<:%5;$A5<; 5; J45&4 A41 2$5? I$9G1 <2 A41 5'1;A525$%91 ;1A $@@1A@
$&>G5?1' 1L&11'@ A41 &<@A <2 A41 $&>G5?1' %G@5;1@@[ A41 E<:=$;N ?1$@@1@@1@ A41 2$5? I$9G1 <2 A41 $@@1A@ $&>G5?1'*
R2[ $2A1? ?1$@@1@@:1;A[ C?&19<?V5AA$9%@ 5;A1?1@A 5; A41 ;1A 2$5? I$9G1 <2 A41 $&>G5?11%@ 5'1;A525$%91 $@@1A@[ 95$%595A51@
$;' &<;A5;31;A 95$%595A51@ 1L&11'@ A41 &<@A <2 A41 %G@5;1@@ &<:%5;$A5<;[ A41 1L&1@@ \;13$A5I1 3<<'J599. 5@
?1&<3;5P1' 5::1'5$A19N 5; A41 @A$A1:1;A <2 5;&<:1*
.5<L5S'N-Q L;;Q<;
R;A$;35%91 $@@1A@ $?1 ?1&<3;5P1' <;9N J41; 5A 5@ =?<%$%91 A4$A A41 1L=1&A1' 2GAG?1 1&<;<:5& %1;125A@ $AA?5%GA$%91
A< A41 $@@1A@ J599 $&&?G1 A< A41 E<:=$;N $;' A41 &<@A &$; %1 ?195$%9N :1$@G?1'* R;A$;35%91 $@@1A@ $&>G5?1'
@1=$?$A19N %N C?&19<?V5AA$9 $?1 5;5A5$99N :1$@G?1' $A &<@A* h41@1 =?5:$?59N 5;&9G'1 A41 &<@A <2 A1&4;<9<3N $;'
95&1;@1@ =G?&4$@1' 2?<: A45?' =$?A51@* h41 &<@A <2 5;A$;35%91 $@@1A@ $&>G5?1' 5; $ %G@5;1@@ &<:%5;$A5<; 5@
?1&<?'1' $A 2$5? I$9G1 $A A41 '$A1 <2 $&>G5@5A5<;* R;A$;35%91 $@@1A@ $&>G5?1' @1=$?$A19N $;' 5; %G@5;1@@
&<:%5;$A5<;@ $?1 $:<?A5P1' <; $ @A?$534Ab95;1 %$@5@ <I1? A415? 1@A5:$A1' 1&<;<:5& G@12G9 95I1@ J45&4 AN=5&$99N
'<1@ ;<A 1L&11' 25I1 N1$?@*
E<@A@ 5;&G??1' <; 5;'5I5'G$9 '1I19<=:1;A =?<'G&A@ $?1 ?1&<3;5P1' $@ 5;A$;35%91 $@@1A@ 2?<: A41 '$A1 A4$A $99 <2
A41 2<99<J5;3 &<;'5A5<;@ $?1 :1Ak \5. &<:=91A5<; <2 A41 '1I19<=:1;A 5@ &<;@5'1?1' A1&4;5&$99N 21$@5%91 $;'
&<::1?&5$99N I5$%91+ \55. 5A 5@ A41 5;A1;A5<; $;' $%595AN <2 A41 E<:=$;N A< &<:=91A1 A41 5;A$;35%91 $@@1A $;' G@1 <?
@199 5A+ \555. 5A 5@ =?<%$%91 A4$A A41 5;A$;35%91 $@@1A J599 31;1?$A1 2GAG?1 1&<;<:5& %1;125A@+ \5I. $'1>G$A1 A1&4;5&$9[
25;$;&5$9[ $;' <A41? ?1@<G?&1@ A< &<:=91A1 A41 '1I19<=:1;A $;' A< G@1 <? @199 A41 5;A$;35%91 $@@1A $?1 $I$59$%91+
$;' \I. 5A 5@ =<@@5%91 A< ?195$%9N :1$@G?1 A41 1L=1;'5AG?1 $AA?5%GA$%91 A< A41 5;A$;35%91 $@@1A 'G?5;3 5A@
'1I19<=:1;A* h41 5;A$;35%91 $@@1A &$=5A$95P1' 5;&9G'1@ A41 &<@A <2 :$A1?5$9@[ '5?1&A 9$%<? &<@A@ $;' $; $==?<=?5$A1
=?<=<?A5<; <2 <I1?41$'@ 5;&G??1' 'G?5;3 5A@ '1I19<=:1;A* E$=5A$95P1' '1I19<=:1;A 1L=1;'5AG?1@ $?1 @A$A1' $A
&<@A 91@@ $&&G:G9$A1' $:<?A5P$A5<; $;' 5:=$5?:1;A 9<@@1@* cA41? '1I19<=:1;A 1L=1;'5AG?1@ A4$A '< ;<A :11A A41
&<;'5A5<;@ 2<? ?1&<3;5A5<; $@ $; $@@1A $?1 ?1&<3;5P1' $@ $; 1L=1;@1 $@ =$?A <2 <=1?$A5;3 5;&<:1 5; A41 5;&<:1
@A$A1:1;A 5; A41 =1?5<' 5; J45&4 5A 5@ 5;&G??1'* h< '$A1[ &<@A@ 5;&G??1' <; 5;'5I5'G$9 '1I19<=:1;A =?<61&A@[ J45&4
:11A A41 $%<I1 &?5A1?5$[ $?1 ;<A @53;525&$;A*
>967Q9<G: 7-L5< L5P Q8='7/Q5<

d?<=1?AN[ =9$;A $;' 1>G5=:1;A 5@ ?1&<?'1' $A &<@A 91@@ $&&G:G9$A1' '1=?1&5$A5<; $;' $;N ?1&<3;5P1' 5:=$5?:1;A
9<@@* E<@A 5;&9G'1@ =?<21@@5<;$9 211@[ $;'[ 2<? $@@1A@ &<;@A?G&A1' %N A41 E<:=$;N[ $;N ?19$A1' J<?8@ A< A41 1LA1;A
55
A4$A A41@1 $?1 '5?1&A9N $AA?5%GA$%91 A< A41 $&>G5@5A5<; <? &<;@A?G&A5<; <2 A41 $@@1A* d?<=1?AN[ =9$;A $;' 1>G5=:1;A
1L&1=A 9$;' $?1 '1=?1&5$A1' G@5;3 A41 @A?$534A 95;1 :1A4<' <I1? A41 G@12G9 95I1@ <2 A41 ?19$A1' $@@1A@[ ?$;35;3 2?<:
B( A< a( N1$?@ 2<? %G59'5;3@ $;' 5:=?<I1:1;A@ $;' p A< ja N1$?@ 2<? :$&45;1?N $;' 1>G5=:1;A* V$6<?
5:=?<I1:1;A@[ J45&4 $'' A< =?<'G&A5I1 &$=$&5AN <? 1LA1;' A41 9521 <2 $; $@@1A[ $?1 &$=5A$95P1'[ J4591 ?1=$5?@ $;'
:$5;A1;$;&1 $?1 &4$?31' A< 1L=1;@1 $@ 5;&G??1'* o41?1 $ A$;35%91 25L1' $@@1A &<:=?5@1@ :$6<? &<:=<;1;A@
4$I5;3 '5221?1;A G@12G9 95I1@[ A41@1 &<:=<;1;A@ $?1 $&&<G;A1' 2<? $@ @1=$?$A1 5A1:@*
h41 &<@A <2 :5;5;3 =?<'G&A5<; $@@1A@ 5@ '1=?1&5$A1' <; $ G;5Ab<2b=?<'G&A5<; %$@5@* h41 ?$A1 <2 '1=?1&5$A5<; 5@
'1A1?:5;1' %$@1' <; A41 ?$A1 <2 '1=91A5<; <2 A41 =?<I1; '1I19<=1' ?1@1?I1@ 5; A41 &<$9 '1=<@5A@ :5;1'* d?<I1;
'1I19<=1' ?1@1?I1@ $?1 '125;1' $@ A41 1@A5:$A1' >G$;A5AN <2 =?<'G&A J45&4 &$; %1 1L=1&A1' A< %1 =?<25A$%9N
1LA?$&A1'[ =?<&1@@1' $;' G@1' 5; A41 =?<'G&A5<; <2 @A119 G;'1? &G??1;A $;' 2<?1@11$%91 1&<;<:5& &<;'5A5<;@*
F1=91A5<; <2 :5;1?$9 =?<=1?A51@ 5@ %$@1' <; ?$A1@ J45&4 $?1 1L=1&A1' A< $:<?A5P1 &<@A <2 A41 1@A5:$A1' A<;;$31 <2
:5;1?$9@ A< %1 ?1:<I1'*
d?<=1?AN[ =9$;A $;' 1>G5=:1;A G;'1? &<;@A?G&A5<; $?1 ?1&<?'1' $@ &<;@A?G&A5<; 5; =?<3?1@@ G;A59 A41N $?1 ?1$'N
2<? A415? 5;A1;'1' G@1+ A41?1$2A1? A41N $?1 A?$;@21??1' A< A41 ?19$A1' &$A13<?N <2 =?<=1?AN[ =9$;A $;' 1>G5=:1;A $;'
'1=?1&5$A1' <I1? A415? 1@A5:$A1' G@12G9 95I1@* R;A1?1@A 5;&G??1' 'G?5;3 &<;@A?G&A5<; 5@ &$=5A$95P1'* O$5;@ $;'
9<@@1@ <; ?1A5?1:1;A <? '5@=<@$9 <2 $@@1A@ $?1 ?1291&A1' 5; A41 @A$A1:1;A <2 5;&<:1*
d?<=1?AN[ =9$;A $;' 1>G5=:1;A $&>G5?1' %N J$N <2 25;$;&1 91$@1@ $?1 @A$A1' $A $; $:<G;A 1>G$9 A< A41 9<J1? <2 A41
2$5? I$9G1 $;' A41 =?1@1;A I$9G1 <2 A41 :5;5:G: 91$@1 =$N:1;A@ $A A41 5;&1=A5<; <2 A41 91$@1* K$&4 91$@1 =$N:1;A
5@ $99<&$A1' %1AJ11; A41 25;$;&1 &4$?31@ $;' $ ?1'G&A5<; <2 A41 91$@1 95$%595AN* h41 5;A1?1@A 191:1;A <2 A41 25;$;&1
&<@A 5@ &4$?31' A< A41 5;&<:1 @A$A1:1;A <I1? A41 91$@1 =1?5<' @< $@ A< $&451I1 $ &<;@A$;A ?$A1 <2 5;A1?1@A <; A41
?1:$5;5;3 %$9$;&1 <2 A41 95$%595AN*
.5?Q;</Q5< '5 L;;6O'L<Q;: )6'5< ?Q5<=9Q; L5P 6<&Q9 Q5<'<'Q;

R;I1@A:1;A@ 5; $@@<&5$A1@ $;' 6<5;A I1;AG?1@[ 5; J45&4 C?&19<?V5AA$9 4$@ A41 $%595AN A< 1L1?&5@1 @53;525&$;A
5;29G1;&1[ $?1 $&&<G;A1' 2<? G;'1? A41 1>G5AN :1A4<' J41?1%N A41 5;I1@A:1;A 5@ &$??51' $A &<@A <2 $&>G5@5A5<;[
=9G@ C?&19<?V5AA$9%@ 1>G5AN 5; G;'5@A?5%GA1' 1$?;5;3@ <? 9<@@1@ @5;&1 $&>G5@5A5<;[ 91@@ '5I5'1;'@ ?1&15I1'*
C?&19<?V5AA$9 ?1I51J@ $99 <2 5A@ 5;I1@A:1;A@ 5; $@@<&5$A1@ $;' 6<5;A I1;AG?1@ $A 1$&4 ?1=<?A5;3 '$A1 A< '1A1?:5;1
J41A41? A41?1 5@ $;N 1I5'1;&1 A4$A A41 5;I1@A:1;A :$N %1 5:=$5?1'* R2 <%61&A5I1 1I5'1;&1 5;'5&$A1@ A4$A A41
5;I1@A:1;A 5@ 5:=$5?1'[ C?&19<?V5AA$9 &$9&G9$A1@ A41 $:<G;A <2 A41 5:=$5?:1;A $@ %15;3 A41 '5221?1;&1 %1AJ11;
A41 2$5? I$9G1 <2 A41 5;I1@A:1;A $;' 5A@ &$??N5;3 I$9G1* h41 $:<G;A <2 $;N J?5A1b'<J; 5@ 5;&9G'1' 5; <=1?$A5;3
1L=1;@1 5; A41 @A$A1:1;A <2 5;&<:1*
R;I1@A:1;A@ 5; <A41? 1;A5A51@[ <I1? J45&4 A41 E<:=$;N $;'X<? 5A@ c=1?$A5;3 gG%@5'5$?51@ '< ;<A 4$I1 A41 $%595AN
A< 1L1?&5@1 @53;525&$;A 5;29G1;&1 $;' 4$I1 $ ?1$'59N '1A1?:5;$%91 2$5? I$9G1[ $?1 $&&<G;A1' 2<? $A 2$5? I$9G1 J5A4
$;N ?1@G9A5;3 3$5; <? 9<@@ 5;&9G'1' 5; 1>G5AN* h< A41 1LA1;A A4$A A41@1 5;I1@A:1;A@ '< ;<A 4$I1 $ ?1$'59N
'1A1?:5;$%91 2$5? I$9G1[ A41N $?1 $&&<G;A1' 2<? G;'1? A41 &<@A :1A4<'*
T;;Q<; &Q-P R69 ;L-Q

W<;b&G??1;A $@@1A@[ $;' '5@=<@$9 3?<G=@[ $?1 &9$@@5251' $@ 419' 2<? @$91 $;' $?1 :1$@G?1' $A A41 9<J1? <2 &$??N5;3
$:<G;A $;' 2$5? I$9G1 91@@ &<@A@ A< @199* C@@1A@ $;' '5@=<@$9 3?<G=@ $?1 &9$@@5251' $@ 419' 2<? @$91 52 A415? &$??N5;3
$:<G;A J599 %1 ?1&<I1?1' A4?<G34 $ @$91 A?$;@$&A5<; ?$A41? A4$; A4?<G34 &<;A5;G5;3 G@1* h45@ &<;'5A5<; 5@
?13$?'1' $@ :1A <;9N J41; A41 @$91 5@ 45349N =?<%$%91 $;' A41 $@@1A[ <? '5@=<@$9 3?<G=[ 5@ $I$59$%91 2<? 5::1'5$A1
@$91 5; 5A@ =?1@1;A &<;'5A5<; $;' 5@ :$?81A1' 2<? @$91 $A $ =?5&1 A4$A 5@ ?1$@<;$%91 5; ?19$A5<; A< 5A@ &G??1;A 2$5?
I$9G1* C@@1A@ 419' 2<? @$91 $?1 =?1@1;A1' @1=$?$A19N <; A41 %$9$;&1 @411A $;' $?1 ;<A '1=?1&5$A1'*
YQRQ99QP Q/7-6GQQ NQ5QR'<;

F125;1' &<;A?5%GA5<; =9$;@ $?1 A4<@1 =9$;@ J41?1 C?&19<?V5AA$9 =$N@ 25L1' &<;A?5%GA5<;@ A< $; 1LA1?;$9 9521
$@@G?$;&1 <? =1;@5<; 2G;' 2<? &1?A$5; &$A13<?51@ <2 1:=9<N11@* E<;A?5%GA5<;@ $?1 =$5' 5; ?1AG?; 2<? @1?I5&1@
?1;'1?1' %N A41 1:=9<N11@ 'G?5;3 A41 =1?5<'* h41N $?1 1L=1;@1' $@ A41N $?1 5;&G??1' 5; 95;1 J5A4 A41 A?1$A:1;A
<2 J$31@ $;' @$9$?51@* W< =?<I5@5<;@ $?1 1@A$%95@41' 5; ?1@=1&A <2 '125;1' &<;A?5%GA5<; =9$;@[ $@ A41N '< ;<A
31;1?$A1 2GAG?1 &<::5A:1;A@ 2<? C?&19<?V5AA$9*
F125;1' %1;125A =9$;@ $?1 A4<@1 =9$;@ A4$A =?<I5'1 3G$?$;A11' %1;125A@ A< &1?A$5; &$A13<?51@ <2 1:=9<N11@[ 15A41?
%N J$N <2 &<;A?$&AG$9 <%953$A5<;@ <? A4?<G34 $ &<991&A5I1 $3?11:1;A* h45@ 3G$?$;A11 <2 %1;125A@ ?1=?1@1;A@ $
2GAG?1 &<::5A:1;A <2 C?&19<?V5AA$9 $;'[ $@ @G&4[ $ 95$%595AN 5@ &$9&G9$A1'* h41 =?<I5@5<; 5@ &$9&G9$A1' %N
1@A5:$A5;3 A41 %1;125A@ $&&G:G9$A1' %N 1:=9<N11@ 5; ?1AG?; 2<? @1?I5&1@ ?1;'1?1'* h41 &$9&G9$A5<; A$81@ 5;A<
56
$&&<G;A '1:<3?$=45& $@@G:=A5<;@ ?19$A5;3 A< A41 2GAG?1 &4$?$&A1?5@A5&@ <2 A41 =?1I5<G@ $;' &G??1;A =1?@<;;19
\:<?A$95AN[ =1?@<;;19 AG?;<I1? 1A&*. $@ J199 $@ 25;$;&5$9 $@@G:=A5<;@ ?19$A5;3 A< 2GAG?1 @$9$?N 91I19@ <? A41
'5@&<G;A ?$A1 $==951' A< @1?I5&1@ ?1;'1?1'* D1;125A@ $?1 '5@&<G;A1' 5; <?'1? A< ?1291&A A41 =?1@1;A I$9G1 <2 A41
2GAG?1 <%953$A5<; $;' $?1 @4<J; 5; A41 %$9$;&1 @411A $2A1? A41 '1'G&A5<; <2 A41 2$5? I$9G1 <2 A41 =9$; $@@1A@* h41
'5@&<G;A ?$A1 $==951' 5@ A41 N519'[ $A A41 %$9$;&1 @411A '$A1[ <; 45349N ?$A1' %<;'@ A4$A 4$I1 :$AG?5AN '$A1@ @5:59$?
A< A41 A1?:@ <2 C?&19<?V5AA$9%@ =1;@5<; <%953$A5<;@* h41 &$9&G9$A5<;@ $?1 =1?2<?:1' $;;G$99N GA595P5;3 A41
=?<61&A1' G;5A &?1'5A :1A4<'* h41 $&AG$?5$9 $@@G:=A5<;@ \%<A4 '1:<3?$=45& $;' 25;$;&5$9. $?1 ?1I51J1' $A N1$?
1;'[ J45&4 :$N 35I1 ?5@1 A< $&AG$?5$9 3$5;@ <? 9<@@1@* R; &$9&G9$A5;3 C?&19<?V5AA$9%@ <%953$A5<; 5; ?1@=1&A <2 $
=9$;[ A< A41 1LA1;A A4$A $;N G;?1&<3;5P1' $&AG$?5$9 3$5; <? 9<@@ 1L&11'@ A1; =1?&1;A <2 A41 3?1$A1? <2 A41 =?1@1;A
I$9G1 <2 A41 '125;1' %1;125A <%953$A5<; $;' A41 2$5? I$9G1 <2 A41 =9$; $@@1A@[ 5A 5@ ?1&<3;5P1' 5; A41 5;&<:1
@A$A1:1;A <I1? A41 1L=1&A1' $I1?$31 ?1:$5;5;3 J<?85;3 95I1@ <2 A41 1:=9<N11@ =$?A5&5=$A5;3 5; A41 =9$;
\&&<??5'<? =<95&N(.* cA41?J5@1[ A41 $&AG$?5$9 3$5; <? 9<@@ 5@ ;<A A$81; 5;A< &<;@5'1?$A5<;* d$@A @1?I5&1 &<@A 5@
?1&<3;5P1' 5::1'5$A19N A< A41 1LA1;A A4$A A41 %1;125A@ $?1 $9?1$'N I1@A1'[ $;' <A41?J5@1 <; $ @A?$534Ab95;1 %$@5@
<I1? A41 $I1?$31 =1?5<' G;A59 A41 %1;125A@ %1&<:1 I1@A1'* o41?1 A41 &$9&G9$A5<; ?1@G9A@ 5; $ %1;125A A< A41
E<:=$;N[ A41 ?1&<3;5P1' $@@1A 5@ 95:5A1' A< A41 ;1A A<A$9 <2 $;N G;?1&<3;5P1' $&AG$?5$9 9<@@1@ $;' =$@A @1?I5&1
&<@A@ $;' A41 =?1@1;A I$9G1 <2 $;N 2GAG?1 ?12G;'@ 2?<: A41 =9$; <? ?1'G&A5<;@ 5; 2GAG?1 &<;A?5%GA5<;@ A< A41 =9$;*
o5A45; A41 E<:=$;N[ 1$?9N ?1A5?1:1;A =9$;@ =?5:$?59N &<??1@=<;' A< A41 =?$&A5&$9 5:=91:1;A$A5<; <2 @<&5$9 =9$;@
<? $?1 95;81' A< &<991&A5I1 $3?11:1;A@ @53;1' J5A4 &1?A$5; &$A13<?51@ <2 1:=9<N11@* K$?9N ?1A5?1:1;A =9$;@ $?1
A4<@1 =9$;@ A4$A =?5:$?59N &<??1@=<;' A< A1?:5;$A5;3 $; 1:=9<N11%@ &<;A?$&A %12<?1 A41 ;<?:$9 ?1A5?1:1;A '$A1 <?
A< 1;&<G?$35;3 I<9G;A$?N ?1'G;'$;&N* K$?9N ?1A5?1:1;A =9$;@ $?1 &<;@5'1?1' 1221&A5I1 J41; A41 $221&A1'
1:=9<N11@ 4$I1 2<?:$99N %11; 5;2<?:1' $;' J41; 95$%595A51@ 4$I1 %11; '1A1?:5;1' G@5;3 $; $==?<=?5$A1
$&AG$?5$9 &$9&G9$A5<;* U5$%595A51@ ?19$A5;3 A< A41 1$?9N ?1A5?1:1;A =9$;@ $?1 &$9&G9$A1' $;;G$99N <; A41 %$@5@ <2 A41
1221&A5I1 ;G:%1? <2 1:=9<N11@ 95819N A< A$81 1$?9N ?1A5?1:1;A $;' $?1 '5@&<G;A1' G@5;3 $; 5;A1?1@A ?$A1 J45&4
&<??1@=<;'@ A< A4$A <2 45349Nb?$A1' %<;'@ A4$A 4$I1 :$AG?5AN '$A1@ @5:59$? A< A41 A1?:@ <2 A41 E<:=$;N%@ 1$?9N
?1A5?1:1;A <%953$A5<;@*
cA41? 9<;3bA1?: 1:=9<N11 %1;125A@ 5;&9G'1 I$?5<G@ =9$;@ A4$A '1=1;' <; A41 91;3A4 <2 @1?I5&1[ @G&4 $@ 9<;3
@1?I5&1 $;' @$%%$A5&$9 $J$?'@[ '5@$%595AN %1;125A@ $;' 9<;3 A1?: &<:=1;@$A1' $%@1;&1@ @G&4 $@ @5&8 91$I1* h41
$:<G;A ?1&<3;5P1' $@ $ 95$%595AN 5@ A41 =?1@1;A I$9G1 <2 %1;125A <%953$A5<;@ $A A41 %$9$;&1 @411A '$A1[ $;' $99
:<I1:1;A@ 5; A41 =?<I5@5<; \5;&9G'5;3 $&AG$?5$9 3$5;@ $;' 9<@@1@ <? =$@A @1?I5&1 &<@A@. $?1 ?1&<3;5P1' 5; A41
5;&<:1 @A$A1:1;A*
>96?';'65; L5P LOO9=L-;

C?&19<?V5AA$9 ?1&<3;5P1@ =?<I5@5<;@ 2<? 95$%595A51@ $;' =?<%$%91 9<@@1@ A4$A 4$I1 %11; 5;&G??1' J41; 5A 4$@ $
=?1@1;A 913$9 <? &<;@A?G&A5I1 <%953$A5<; $@ $ ?1@G9A <2 =$@A 1I1;A@ $@ <2 A41 %$9$;&1 @411A '$A1* R2 A41 1221&A <2 A41
A5:1 I$9G1 <2 :<;1N 5@ :$A1?5$9[ =?<I5@5<;@ $?1 '5@&<G;A1' G@5;3 $ &G??1;A =?1bA$L ?$A1 A4$A ?1291&A@[ J41?1
$==?<=?5$A1[ A41 ?5@8@ @=1&525& A< A41 95$%595AN* o41?1 '5@&<G;A5;3 5@ G@1'[ A41 5;&?1$@1 5; A41 =?<I5@5<; 'G1 A< A41
=$@@$31 <2 A5:1 5@ ?1&<3;5P1' $@ $ 25;$;&5;3 &<@A*
[5?'965/Q5<L- O6;<;
K;I5?<;:1;A$9 &<@A@ A4$A ?19$A1 A< &G??1;A <=1?$A5<;@ $?1 1L=1;@1' <? &$=5A$95P1' $@ $==?<=?5$A1* K;I5?<;:1;A$9
&<@A@ A4$A ?19$A1 A< $; 1L5@A5;3 &<;'5A5<; &$G@1' %N =$@A <=1?$A5<;@[ $;' J45&4 '< ;<A &<;A?5%GA1 A< &G??1;A <?
2GAG?1 ?1I1;G1 31;1?$A5<; <? &<@A ?1'G&A5<;[ $?1 1L=1;@1'* U5$%595A51@ $?1 ?1&<?'1' J41; 1;I5?<;:1;A$9
$@@1@@:1;A@ $;' <? ?1:1'5$9 122<?A@ $?1 =?<%$%91 $;' A41 &<@A &$; %1 ?1$@<;$%9N 1@A5:$A1' %$@1' <; <;3<5;3
1;35;11?5;3 @AG'51@[ '5@&G@@5<;@ J5A4 A41 1;I5?<;:1;A$9 $GA4<?5A51@ $;' <A41? $@@G:=A5<;@ ?191I$;A A< A41 ;$AG?1
$;' 1LA1;A <2 A41 ?1:1'5$A5<; A4$A :$N %1 ?1>G5?1'* h41 G9A5:$A1 &<@A A< C?&19<?V5AA$9 5@ '1=1;'1;A G=<; 2$&A<?@
%1N<;' 5A@ &<;A?<9 @G&4 $@ A41 @&<=1 $;' :1A4<'<9<3N <2 A41 ?1:1'5$9 $&A5<; ?1>G5?1:1;A@ A< %1 1@A$%95@41' %N
1;I5?<;:1;A$9 $;' =G%95& 41$9A4 $GA4<?5A51@[ ;1J 9$J@ <? 3<I1?;:1;A ?13G9$A5<;@[ ?$=5'9N &4$;35;3 A1&4;<9<3N
$;' A41 <GA&<:1 <2 $;N =<A1;A5$9 ?19$A1' 95A53$A5<;* K;I5?<;:1;A$9 95$%595A51@ $?1 '5@&<G;A1' 52 A41 $33?13$A1
$:<G;A <2 A41 <%953$A5<; $;' A41 $:<G;A $;' A5:5;3 <2 A41 &$@4 =$N:1;A@ $?1 25L1' <? ?195$%9N '1A1?:5;$%91*
T;;Q< 9Q<'9Q/Q5< 6N-'SL<'65;

C?&19<?V5AA$9 ?1&<?'@ $@@1A ?1A5?1:1;A <%953$A5<;@ \&Cfc(. 5;5A5$99N $A A41 2$5? I$9G1 <2 A41 913$9 95$%595AN 5; A41
=1?5<' 5; J45&4 5A 5@ 5;&G??1' $;' &$=5A$95P1@ A41 Cfc %N 5;&?1$@5;3 A41 &$??N5;3 $:<G;A <2 A41 ?19$A1' ;<;b
&G??1;A $@@1A* h41 2$5? I$9G1 <2 A41 <%953$A5<; 5@ '1A1?:5;1' $@ A41 '5@&<G;A1' I$9G1 <2 A41 1L=1&A1' 2GAG?1 &$@4
29<J@* h41 95$%595AN 5@ $&&?1A1' A< 5A@ =?1@1;A I$9G1 1$&4 =1?5<' $;' A41 &$=5A$95P1' &<@A 5@ '1=?1&5$A1' 5;
$&&<?'$;&1 J5A4 A41 E<:=$;N%@ '1=?1&5$A5<; =<95&51@ 2<? =?<=1?AN[ =9$;A $;' 1>G5=:1;A*
57
.5O6/Q <LEQ;
h41 =?<I5@5<; 2<? 5;&<:1 A$L1@ 5;&9G'1@ 5;&<:1 A$L1@ &G??1;A9N =$N$%91 <? ?1&15I$%91 $;' A4<@1 '121??1'*
F121??1' A$L $@@1A@ $;' 95$%595A51@ $?1 ?1&<3;5P1' 2<? A41 2GAG?1 A$L &<;@1>G1;&1@ <2 A1:=<?$?N '5221?1;&1@
%1AJ11; A41 25;$;&5$9 @A$A1:1;A &$??N5;3 $:<G;A@ <2 $@@1A@ $;' 95$%595A51@ $;' A415? ?1@=1&A5I1 A$L %$@1@* F121??1'
A$L $@@1A@ $?1 $9@< ?1&<3;5P1' 2<? A41 1@A5:$A1' 2GAG?1 1221&A@ <2 A$L 9<@@ &$??N 2<?J$?'@* h41 &$??N5;3 $:<G;A <2
'121??1' A$L $@@1A@ 5@ ?1I51J1' $A 1$&4 %$9$;&1 @411A '$A1 $;' ?1'G&1' A< A41 1LA1;A A4$A 5A 5@ ;< 9<;31? =?<%$%91
A4$A @G225&51;A A$L$%91 =?<25A@ J599 %1 $I$59$%91 A< $99<J $99 <? =$?A <2 A41 $@@1A A< %1 ?1&<I1?1'* gG&4 $@@1A@ $;'
95$%595A51@ $?1 ;<A ?1&<3;5P1' 52 A41 A1:=<?$?N '5221?1;&1 $?5@1@ 2?<: 3<<'J599 <? 2?<: A41 5;5A5$9 ?1&<3;5A5<;
\<A41? A4$; 5; $ %G@5;1@@ &<:%5;$A5<;. <2 <A41? $@@1A@ $;' 95$%595A51@ 5; $ A?$;@$&A5<; A4$A $221&A@ ;15A41? A41
A$L$%91 5;&<:1 ;<? A41 $&&<G;A5;3 5;&<:1* F121??1' A$L $@@1A@ $;' 95$%595A51@ $?1 :1$@G?1' G@5;3 @G%@A$;A5I19N
1;$&A1' @A$AGA<?N A$L ?$A1@ 5; 1221&A 2<? A41 N1$? 5; J45&4 A41 '5221?1;&1@ $?1 1L=1&A1' A< %1 ?1&<I1?1' <? @1AA91'*
h41 1221&A <; '121??1' A$L $@@1A@ $;' 95$%595A51@ <2 &4$;31@ 5; A$L ?$A1@ 5@ ?1&<3;5P1' 5; A41 5;&<:1 @A$A1:1;A 5;
A41 =1?5<' 5; J45&4 A41 &4$;31@ $?1 1;$&A1' <? @G%@A$;A5I19N 1;$&A1'* EG??1;A $;' '121??1' A$L $?1 ?1&<3;5P1' $@
1L=1;@1 <? 5;&<:1 5; =?<25A <? 9<@@[ 1L&1=A J41; A41N ?19$A1 A< 5A1:@ &?1'5A1' <? '1%5A1' '5?1&A9N A< 1>G5AN[ 5;
J45&4 &$@1 A41 A$L 5@ $9@< ?1&<3;5P1' '5?1&A9N 5; 1>G5AN <? J41; A41N $?5@1 2?<: A41 5;5A5$9 $&&<G;A5;3 5; $
%G@5;1@@ &<:%5;$A5<;* F121??1' A$L $@@1A@ $;' 95$%595A51@ $?1 <22@1A J41; A41?1 5@ $ 913$99N 1;2<?&1$%91 ?534A A<
<22@1A &G??1;A A$L $@@1A@ $3$5;@A &G??1;A A$L 95$%595A51@ $;' J41; A41N ?19$A1 A< 5;&<:1 A$L1@ 91I51' %N A41 @$:1
A$L$A5<; $GA4<?5AN $;' A41 E<:=$;N 5;A1;'@ A< @1AA91 5A@ &G??1;A A$L $@@1A@ $;' 95$%595A51@ <; $ ;1A %$@5@*
('5L5O'L- '5;<9=/Q5<;
4/- PQ8&=K;&=Q R&-K-O&K) &-:;8<+Q-;:
W<; '1?5I$A5I1 25;$;&5$9 5;@A?G:1;A@ &<:=?5@1 5;I1@A:1;A 5; 1>G5AN $;' '1%A @1&G?5A51@[ A?$'1 $;' <A41?
?1&15I$%91@[ &$@4 $;' &$@4 1>G5I$91;A@[ 9<$;@ $;' %<??<J5;3[ $;' A?$'1 $;' <A41? =$N$%91@* W<; '1?5I$A5I1
25;$;&5$9 5;@A?G:1;A@ $?1 &9$@@5251' 5;A< A41 2<99<J5;3 @=1&5251' &$A13<?51@k
2 M5;$;&5$9 $@@1A@ $@ $A 2$5? I$9G1 A4?<G34 =?<25A <? 9<@@[ :$5;9N 25;$;&5$9 $@@1A@ A4$A $?1 419' 2<?
A?$'5;3+
2 Q19' A< :$AG?5AN 5;I1@A:1;A@* Q19'bA<b:$AG?5AN 5;I1@A:1;A@ $?1 ?1&<?'1' $A $:<?A5P1' &<@A G@5;3 A41
1221&A5I1 5;A1?1@A :1A4<' 91@@ 5:=$5?:1;A[ J5A4 ?1I1;G1 ?1&<3;5P1' <; $; 1221&A5I1 N519' %$@5@+
2 CI$59$%91b2<?b@$91 \&CMg(. 25;$;&5$9 $@@1A@* O$5;@ $;' 9<@@1@ $?5@5;3 2?<: &4$;31@ 5; 2$5? I$9G1 $?1
?1&<3;5P1' '5?1&A9N 5; 1>G5AN \CMg ?1@1?I1. J5A4 A41 1L&1=A5<; <2 5:=$5?:1;A 9<@@1@[ 5;A1?1@A
&$9&G9$A1' G@5;3 A41 1221&A5I1 5;A1?1@A :1A4<' $;' 2<?153; 1L&4$;31 3$5;@ $;' 9<@@1@ <; :<;1A$?N
$@@1A@[ J45&4 $?1 ?1&<3;5P1' '5?1&A9N 5; =?<25A <? 9<@@* o41?1 A41 5;I1@A:1;A 5@ '5@=<@1' <2 <? 5@
'1A1?:5;1' A< %1 5:=$5?1'[ A41 &G:G9$A5I1 3$5; <? 9<@@ =?1I5<G@9N ?1&<3;5P1' 5; A41 5;I1@A:1;A@
?1I$9G$A5<; ?1@1?I1 5@ 5;&9G'1' 5; A41 5;&<:1 @A$A1:1;A 2<? A41 =1?5<'+
2 U<$;@ $;' ?1&15I$%91@* U<$;@ $;' ?1&15I$%91@ $?1 :1$@G?1' $A $:<?A5P1' &<@A G@5;3 A41 1221&A5I1
5;A1?1@A :1A4<' 91@@ $;N 5:=$5?:1;A* R;A1?1@A 5;&<:1 5@ ?1&<3;5P1' %N $==9N5;3 A41 1221&A5I1 5;A1?1@A
?$A1[ 1L&1=A 2<? @4<?AbA1?: ?1&15I$%91@ J41?1 A41 ?1&<3;5A5<; <2 5;A1?1@A J<G9' %1 5::$A1?5$9+ $;'
2 cA41? ;<; '1?5I$A5I1 25;$;&5$9 5;@A?G:1;A* cA41? ;<; '1?5I$A5I1 25;$;&5$9 5;@A?G:1;A@ \5; =?5;&5=91
25;$;&5$9 95$%595A51@. $?1 :1$@G?1' $A $:<?A5P1' &<@A G@5;3 A41 1221&A5I1 5;A1?1@A :1A4<'[ 91@@ $;N
5:=$5?:1;A 9<@@1@ J41; $==95&$%91*
h41 &9$@@525&$A5<; '1=1;'@ <; A41 ;$AG?1 $;' =G?=<@1 <2 A41 25;$;&5$9 $@@1A@ $;' 5@ '1A1?:5;1' $A A41 A5:1 <2
5;5A5$9 ?1&<3;5A5<;*
M5;$;&5$9 $@@1A@ $?1 ?1&<3;5P1' $;' '1?1&<3;5P1' <; A41 A?$'1 '$A1* M5;$;&5$9 $@@1A@ $?1 5;5A5$99N :1$@G?1' $A 2$5?
I$9G1[ ;1A <2 A?$;@$&A5<; &<@A@[ 1L&1=A 2<? A4<@1 25;$;&5$9 $@@1A@ &9$@@5251' $A 2$5? I$9G1 A4?<G34 A41 5;&<:1
@A$A1:1;A*
M5;$;&5$9 95$%595A51@[ 5;&9G'5;3 %<??<J5;3@[ $?1 5;5A5$99N :1$@G?1' $A 2$5? I$9G1[ ;1A <2 A?$;@$&A5<; &<@A@* M5;$;&5$9
95$%595A51@ $?1 @G%@1>G1;A9N :1$@G?1' $A $:<?A5P1' &<@A G@5;3 A41 1221&A5I1 5;A1?1@A :1A4<'[ J5A4 5;A1?1@A 1L=1;@1
?1&<3;5P1' <; $; 1221&A5I1 N519' %$@5@*
[Q8&=K;&=Q R&-K-O&K) &-:;8<+Q-;:

h41 E<:=$;N G@1@ '1?5I$A5I1 25;$;&5$9 5;@A?G:1;A@ A< 41'31 5A@ 1L=<@G?1 A< 29G&AG$A5<;@ 5; 5;A1?1@A ?$A1@[
1L&4$;31 ?$A1@ $;' A41 =?5&1 <2 ?$J :$A1?5$9@[ 1;1?3N $;' 1:5@@5<; ?534A@ $99<J$;&1@* F1?5I$A5I1 25;$;&5$9
5;@A?G:1;A@ $?1 :1$@G?1' $A 2$5? I$9G1 $;' @G%@1>G1;A9N ?1@A$A1' $A A415? 2$5? I$9G1* E4$;31@ 5; 2$5? I$9G1 $?1
?1&<3;5P1' '1=1;'5;3 <; A41 ;$AG?1 <2 A41 5A1: %15;3 41'31'[ 2<? >G$952N5;3 41'31 ?19$A5<;@45=@*
58
.QPSQ /R OK:T R)/>:
o41; $ '1?5I$A5I1 25;$;&5$9 5;@A?G:1;A 41'31@ A41 I$?5$A5<; 5; &$@4 29<J@ <2 $ 25?: &<::5A:1;A <? $ 2<?1&$@A1'
A?$;@$&A5<;[ A41 1221&A5I1 =$?A <2 $;N ?1@G9A$;A 3$5; <? 9<@@ <; A41 '1?5I$A5I1 25;$;&5$9 5;@A?G:1;A 5@ ?1&<3;5P1'
'5?1&A9N 5; 1>G5AN*
o41; A41 25?: &<::5A:1;A <? 2<?1&$@A1' A?$;@$&A5<; ?1@G9A@ 5; A41 ?1&<3;5A5<; <2 $; $@@1A <? $ 95$%595AN[ A41
&G:G9$A5I1 3$5; <? 9<@@ 5@ ?1:<I1' 2?<: 1>G5AN $;' 5;&9G'1' 5; A41 5;5A5$9 :1$@G?1:1;A <2 A41 $&>G5@5A5<; &<@A <?
<A41? &$??N5;3 $:<G;A <2 A41 $@@1A <? 95$%595AN* h41 5;1221&A5I1 =$?A <2 $;N 3$5; <? 9<@@ $;' $;N 3$5;@ <? 9<@@1@
$?5@5;3 2?<: A41 A5:1 I$9G1 <2 A41 '1?5I$A5I1 25;$;&5$9 5;@A?G:1;A $?1 ?1&<3;5P1' 5; A41 5;&<:1 @A$A1:1;A*
o41; $ 41'35;3 5;@A?G:1;A 1L=5?1@[ 5@ @<9'[ A1?:5;$A1' <? 1L1?&5@1'[ A41 &G:G9$A1' G;?1$95P1' =?<25A <? 9<@@ <;
A41 41'35;3 5;@A?G:1;A 5@ :$5;A$5;1' 5; 1>G5AN G;A59 A41 2<?1&$@A1' A?$;@$&A5<; <&&G?@* R2 A41 41'31' A?$;@$&A5<; 5@
;< 9<;31? =?<%$%91[ A41 &G:G9$A5I1 ;1A 3$5; <? 9<@@[ J45&4 4$' %11; ?1&<3;5P1' 5; 1>G5AN[ 5@ ?1=<?A1'
5::1'5$A19N 5; A41 5;&<:1 @A$A1:1;A*
.QPSQ /R RK&8 =K)<Q

o41?1 $ '1?5I$A5I1 25;$;&5$9 5;@A?G:1;A 41'31@ A41 I$?5$%595AN 5; 2$5? I$9G1 <2 $ ?1&<3;5P1' ?1&15I$%91 <? =$N$%91[
$;N ?1@G9A5;3 3$5; <? 9<@@ <; A41 41'35;3 5;@A?G:1;A $@ J199 $@ A41 2$5? I$9G1 5; ?1@=1&A <2 A41 ?5@8 %15;3 41'31'
5@ ?1&<3;5P1' 5; A41 5;&<:1 @A$A1:1;A*
.QPSQ /R K -Q; &-=Q:;+Q-; &- K R/8Q&S- /6Q8K;&/-

o41?1 $ 2<?153; &G??1;&N 95$%595AN 41'31@ $ ;1A 5;I1@A:1;A 5; $ 2<?153; <=1?$A5<;[ 2<?153; 1L&4$;31 '5221?1;&1@
$?5@5;3 <; A?$;@9$A5<; <2 A41 95$%595AN A< l*g* '<99$?@ $;' <A41? &G??1;&51@ $?1 ?1&<3;5P1' '5?1&A9N 5; 1>G5AN* o41?1
A41 41'35;3 5;@A?G:1;A 5@ $ '1?5I$A5I1[ $;N 3$5; <? 9<@@ <; A41 41'35;3 5;@A?G:1;A ?19$A5;3 A< A41 1221&A5I1 =<?A5<;
<2 A41 41'31 5@ ?1&<3;5P1' 5; 1>G5AN+ A41 3$5; <? 9<@@ ?19$A5;3 A< A41 5;1221&A5I1 =<?A5<; 5@ ?1&<3;5P1' 5::1'5$A19N
5; A41 5;&<:1 @A$A1:1;A*
[Q;Q8+&-K;&/- /R RK&8 =K)<Q:

C ;G:%1? <2 A41 E<:=$;N%@ $&&<G;A5;3 =<95&51@ $;' '5@&9<@G?1@ ?1>G5?1 A41 '1A1?:5;$A5<; <2 2$5? I$9G1[ 2<? %<A4
25;$;&5$9 $;' ;<; 25;$;&5$9 $@@1A@ $;' 95$%595A51@* M$5? I$9G1@ 4$I1 %11; '1A1?:5;1' 2<? :1$@G?1:1;A $;' X <?
'5@&9<@G?1 =G?=<@1@ %$@1' <; A41 2<99<J5;3 :1A4<'@k
0-=Q:;+Q-;: &- Q7<&;F K-P PQM; :QO<8&;&Q:

h41 2$5? I$9G1 <2 25;$;&5$9 $@@1A@ $A 2$5? I$9G1 A4?<G34 =?<25A <? 9<@@[ 419' A< :$AG?5AN 5;I1@A:1;A@ $;' $I$59$%91b
2<?b@$91 25;$;&5$9 $@@1A@ 5@ '1A1?:5;1' %N ?121?1;&1 A< A415? >G<A1' %5' =?5&1 $A A41 ?1=<?A5;3 '$A1* h41 2$5? I$9G1
<2 419'bA<b:$AG?5AN 5;I1@A:1;A@ 5@ '1A1?:5;1' 2<? '5@&9<@G?1 =G?=<@1 <;9N*
[Q8&=K;&=Q:
h41 2$5? I$9G1 <2 2<?J$?' 1L&4$;31 &<;A?$&A@ 5@ %$@1' <; A415? :$?81A =?5&1[ 52 $I$59$%91* R2 $ 95@A1' :$?81A =?5&1
5@ ;<A $I$59$%91[ A41; 2$5? I$9G1 5@ 1@A5:$A1' %N '5@&<G;A5;3 A41 '5221?1;&1 %1AJ11; A41 &<;A?$&AG$9 2<?J$?' =?5&1
$;' A41 &G??1;A 2<?J$?' =?5&1 %$@1' <; %?<81? >G<A1@ 2<? A41 ?1@5'G$9 :$AG?5AN $A A41 &<;A?$&A G@5;3 $ ?5@8b2?11
5;A1?1@A ?$A1* h41 2$5? I$9G1 <2 5;A1?1@A ?$A1 @J$=@ 5@ %$@1' <; %?<81? >G<A1@* h41 2$5? I$9G1 <2 &<::<'5A51@ @J$=@
$;' 2<?J$?'@ 5@ %$@1' <; A41 1>G5I$91;A 95@A1' :$?81A =?5&1[ 52 $I$59$%91* R2 $ 95@A1' :$?81A =?5&1 5@ ;<A $I$59$%91[
A41 2$5? I$9G1 5@ %$@1' <; %?<81? >G<A1@* h41 2$5? I$9G1 <2 <=A5<; &<;A?$&A@ 5@ &$9&G9$A1' G@5;3 D9$&8bg&4<91@
2<?:G9$ <? <;1 <2 5A@ I$?5$;A@* h41 :$?81A =$?$:1A1?@ <2 A45@ 2<?:G9$ $?1 A41 G;'1?9N5;3 $@@1A =?5&1[ 5:=951'
I<9$A595AN $;' ?5@8b2?11 5;A1?1@A ?$A1*
4/- PQ8&=K;&=Q R&-K-O&K) )&KM&)&;&Q:

M$5? I$9G1[ J45&4 5@ '1A1?:5;1' 2<? '5@&9<@G?1 =G?=<@1@[ 5@ %$@1' <; A41 =?1@1;A I$9G1 <2 A41 2GAG?1 =?5;&5=$9 $;'
5;A1?1@A &$@4 29<J@[ '5@&<G;A1' $A A41 :$?81A ?$A1 <2 5;A1?1@A $A A41 ?1=<?A5;3 '$A1* M<? 25;$;&1 91$@1@ A41 :$?81A
?$A1 5@ '1A1?:5;1' %N ?121?1;&1 A< @5:59$? 91$@1 $3?11:1;A@*
[Q8QO/S-&;&/- /R R&-K-O&K) K::Q;:

h41 E<:=$;N '1?1&<3;5P1@ $ 25;$;&5$9 $@@1A J41; A41 &<;A?$&AG$9 ?534A@ A< A41 &$@4 29<J@ 2?<: A41 25;$;&5$9
$@@1A 1L=5?1 <? 5A A?$;@21?@ A41 &<;A?$&AG$9 ?534A@ A< ?1&15I1 A41 &$@4 29<J@ <2 A41 25;$;&5$9 $@@1A@* o41; A41
E<:=$;N ?1A$5;@ A41 &<;A?$&AG$9 ?534A@ A< ?1&15I1 A41 &$@4 29<J@ 2?<: $; $@@1A[ %GA $@@G:1@ $ &<;A?$&AG$9
59
<%953$A5<; A< =$N A4<@1 &$@4 29<J@ A< <;1 <? :<?1 1;A5A51@[ A41 E<:=$;N A?1$A@ A41 A?$;@$&A5<; $@ $ A?$;@21? <2 $
25;$;&5$9 $@@1A*
[/';;'65 9'S&<;
C?&19<?V5AA$9%@ 5;'G@A?5$9 @5A1@ ?13G9$A1' %N A41 KG?<=1$; F5?1&A5I1 <; Ecp 1:5@@5<; ?534A@[ 1221&A5I1 $@ <2
S$;G$?N B[ p((a[ $?1 9<&$A1' =?5:$?59N 5; O1?:$;N[ D1935G:[ g=$5;[ M?$;&1 $;' UGL1:%<G?3* h41 1:5@@5<;
?534A@ $99<AA1' A< A41 E<:=$;N <; $ ;<b&4$?31 %$@5@ =G?@G$;A A< A41 $;;G$9 ;$A5<;$9 $99<&$A5<; =9$;[ $?1 ?1&<?'1'
<; A41 %$9$;&1 @411A $A ;59 I$9G1* C99<J$;&1@ =G?&4$@1' $?1 ?1&<?'1' $A &<@A* O$5;@ $;' 9<@@1@ 2?<: A41 @$91 <2
1L&1@@ $99<J$;&1@ $?1 ?1&<3;5P1' 5; A41 5;&<:1 @A$A1:1;A* R2 $A A41 %$9$;&1 @411A '$A1 A41 E<:=$;N 5@ @4<?A <2
$99<J$;&1@[ 5A J599 ?1&<?' $ =?<I5@5<; A4?<G34 A41 5;&<:1 @A$A1:1;A*
@Q?Q5=Q 9QO6S5'<'65
f1I1;G1 5@ :1$@G?1' $A A41 2$5? I$9G1 <2 A41 &<;@5'1?$A5<; ?1&15I1' <? ?1&15I$%91* f1I1;G1 2?<: A41 @$91 <2
3<<'@ 5@ ?1&<3;5P1' 5; A41 5;&<:1 @A$A1:1;A J41; A41 @53;525&$;A ?5@8@ $;' ?1J$?'@ <2 <J;1?@45= 4$I1 %11;
A?$;@21??1' A< A41 %GN1?* f1I1;G1 2?<: @1?I5&1@ ?1;'1?1' 5@ ?1&<3;5P1' 5; A41 5;&<:1 @A$A1:1;A 5; =?<=<?A5<; A<
A41 @A$31 <2 &<:=91A5<; <2 A41 ?19$A1' A?$;@$&A5<; $A A41 %$9$;&1 @411A '$A1* h41 @A$31 <2 &<:=91A5<; 5@ $@@1@@1'
$&&<?'5;3 A< A41 J<?8 =1?2<?:1'* W< ?1I1;G1 5@ ?1&<3;5P1' 52 A41?1 $?1 @53;525&$;A G;&1?A$5;A51@ ?13$?'5;3
?1&<I1?N <2 A41 $:<G;A 'G1[ $@@<&5$A1' &<@A@ <? A41 =<@@5%91 ?1AG?; <2 3<<'@*
A&'77'5S L5P &L5P-'5S O6;<;

C?&19<?V5AA$9 &9$@@5251@ $99 $:<G;A@ %5991' A< $ &G@A<:1? 5; $ @$91 A?$;@$&A5<; 2<? @45==5;3 $;' 4$;'95;3 &<@A@ $@
@$91@ $;' A41 ?19$A1' @45==5;3 $;' 4$;'95;3 &<@A@ 5;&G??1' $@ &<@A <2 @$91@*
('5L5O'5S O6;<;
M5;$;&5;3 &<@A@ 5;&9G'1 5;A1?1@A[ $:<?A5P$A5<; <2 '5@&<G;A@ <? =?1:5G:@ <; %<??<J5;3@[ $:<?A5P$A5<; <2 &<@A@
5;&G??1' 5; &<;;1&A5<; J5A4 A41 $??$;31:1;A <2 %<??<J5;3@ $;' ;1A 3$5; <? 9<@@ 2?<: 2<?153; 1L&4$;31 <;
A?$;@9$A5<; <2 9<;3bA1?: '1%A[ ;1A <2 G;?1$95P1' 3$5;@ $;' 9<@@1@ <; 2<?153; 1L&4$;31 &<;A?$&A@*
[L95'5S; 7Q9 O6//65 ;&L9Q

D$@5& 1$?;5;3@ =1? &<::<; @4$?1 5@ &<:=GA1' %N '5I5'5;3 ;1A 5;&<:1 %N A41 J1534A1' $I1?$31 ;G:%1? <2
&<::<; @4$?1@ <GA@A$;'5;3* F59GA1' 1$?;5;3@ =1? @4$?1 5@ &<:=GA1' %N '5I5'5;3 5;&<:1 $I$59$%91 A<
@4$?14<9'1?@ $;' $@@G:1' &<;I1?@5<; %N A41 J1534A1' $I1?$31 ;G:%1? <2 &<::<; @4$?1@ $;' =<A1;A5$9 &<::<;
@4$?1@ 2?<: &<;I1?A5%91 '1%A $;' <GA@A$;'5;3 @A<&8 <=A5<;@* d<A1;A5$9 &<::<; @4$?1@ $?1 &$9&G9$A1' G@5;3 A41
A?1$@G?N @A<&8 :1A4<' $;' ?1=?1@1;A 5;&?1:1;A$9 @4$?1@ 5@@G$%91 G=<; 1L1?&5@1 <2 A41 E<:=$;N%@ <GA@A$;'5;3
@A<&8 <=A5<;@*
h41 2<99<J5;3 A$%91 =?<I5'1@ $ ?1&<;&595$A5<; <2 A41 '1;<:5;$A<?@ G@1' 5; &$9&G9$A5;3 %$@5& $;' '59GA1' ;1A
5;&<:1 =1? @4$?1 2<? A41 N1$?@ 1;'1' F1&1:%1? 0B[ p(() $;' p((nk
'62C 6?565 K646>36C 0DY

)**+b )**(
W1A 5;&<:1 a[pjn B([0)Z
d9G@k R;A1?1@A <; d1;@5<; D1;125A OG$?$;AN E<?=<?$A5<; \&dDOE(.
;<A1[ ;1A <2 A$L # #
R;&<:1 $I$59$%91 A< @4$?14<9'1?@ $;' $@@G:1' &<;I1?@5<; a[pjn B([0)Z
o1534A1' $I1?$31 &<::<; @4$?1@ <GA@A$;'5;3 \5; :5995<;@. ^ZZ B[0^^
d9G@k R;&?1:1;A$9 @4$?1@ 2?<: $@@G:1' &<;I1?@5<;@
gA<&8 <=A5<;@ \5; :5995<;@. B p
)Y dDOE ;<A1 \5; :5995<;@. # #
o1534A1' $I1?$31 &<::<; @4$?1@ $@@G:5;3 &<;I1?@5<;@ \5; :5995<;@. ^Z^ B[j(B
_
=G?&4$@1 =?5&1 <2 C?&19<? \@11 ;<A1 0.*
F59GA1' J1534A1' $I1?$31 @4$?1@ <GA@A$;'5;3 1L&9G'1@ ;59 $;' ;59 =<A1;A5$9 &<::<; @4$?1@ 2?<: @A<&8 <=A5<;@
<GA@A$;'5;3 2<? A41 N1$?@ 1;'1' F1&1:%1? 0B[ p(() $;' p((n[ ?1@=1&A5I19N[ %1&$G@1 A41 1L1?&5@1 =?5&1@ <2 @G&4
@A<&8 <=A5<;@ J<G9' %1 $;A5b'59GA5I1*
60
A<6O+ 67<'65 7-L5";&L9QMNL;QP 7LG/Q5<;
C?&19<?V5AA$9 5@@G1@ 1>G5ANb@1AA91' @4$?1b%$@1' =$N:1;A@ A< &1?A$5; 1:=9<N11@* K>G5ANb@1AA91' @4$?1b%$@1'
=$N:1;A@ $?1 :1$@G?1' $A 2$5? I$9G1 \1L&9G'5;3 A41 1221&A <2 ;<; :$?81Ab%$@1' I1@A5;3 &<;'5A5<;@. $A A41 '$A1 <2
3?$;A* h41 2$5? I$9G1 '1A1?:5;1' $A A41 3?$;A '$A1 <2 A41 1>G5ANb@1AA91' @4$?1b%$@1' =$N:1;A@ 5@ 1L=1;@1' <; $
@A?$534Ab95;1 %$@5@ <I1? A41 I1@A5;3 =1?5<'[ %$@1' <; A41 E<:=$;N%@ 1@A5:$A1 <2 A41 @4$?1@ A4$A J599 1I1;AG$99N
I1@A $;' $'6G@A1' 2<? A41 1221&A <2 ;<; :$?81Ab%$@1' I1@A5;3 &<;'5A5<;@* M$5? I$9G1 5@ :1$@G?1' G@5;3 A41 D9$&8b
g&4<91@ =?5&5;3 :<'19* h41 1L=1&A1' 9521 G@1' 5; A41 :<'19 4$@ %11; $'6G@A1'[ %$@1' <; :$;$31:1;A%@ %1@A
1@A5:$A1[ 2<? A41 1221&A@ <2 ;<;bA?$;@21?$%595AN[ 1L1?&5@1 ?1@A?5&A5<;@ $;' %14$I5<G?$9 &<;@5'1?$A5<;@*
AQS/Q5< 9Q769<'5S
C@ $ ?1@G9A <2 V5AA$9 gA119%@ $&>G5@5A5<; <2 C?&19<?[ C?&19<?V5AA$9 4$@ &4$;31' 5A@ @13:1;A @A?G&AG?1 A< $ @A?G&AG?1
A4$A &<:=?5@1@ @5L :$6<? %G@5;1@@ @13:1;A@k M9$A E$?%<; C:1?5&$@[ M9$A E$?%<; KG?<=1[ U<;3 E$?%<; C:1?5&$@
$;' KG?<=1[ C@5$[ C2?5&$ / ERg \CCERg.[ gA$5;91@@ gA119 $;' C?&19<?V5AA$9 gA119 g<9GA5<;@ $;' g1?I5&1@
\CV0g.* h41@1 %G@5;1@@ @13:1;A@ $?1 G@1' $@ A41 =?5:$?N 2<?:$A 2<? @13:1;A$9 ?1=<?A5;3* h41N 5;&9G'1
$AA?5%GA$%91 3<<'J599[ 5;A$;35%91 $@@1A@[ =?<=1?AN[ =9$;A $;' 1>G5=:1;A[ $;' 1>G5AN :1A4<' 5;I1@A:1;A@* h41N '<
;<A 5;&9G'1 &$@4 $;' @4<?AbA1?: '1=<@5A@[ @4<?AbA1?: 5;I1@A:1;A@[ A$L $@@1A@[ $;' <A41? &G??1;A 25;$;&5$9 $@@1A@*
g13:1;A 95$%595A51@ $?1 $9@< A4<@1 ?1@G9A5;3 2?<: A41 ;<?:$9 $&A5I5A51@ <2 A41 @13:1;A[ 1L&9G'5;3 A$L 95$%595A51@ $;'
5;'1%A1';1@@ %GA 5;&9G'5;3 =<@A ?1A5?1:1;A <%953$A5<;@ J41?1 '5?1&A9N $AA?5%GA$%91 A< A41 @13:1;A* M5;$;&5;3
5A1:@ $?1 :$;$31' &1;A?$99N 2<? A41 E<:=$;N $@ $ J4<91 $;' @< $?1 ;<A '5?1&A9N $AA?5%GA$%91 A< 5;'5I5'G$9
%G@5;1@@ @13:1;A@*
O1<3?$=45&$9 @1&A<?@ $?1 G@1' $@ A41 @1&<;'$?N 2<?:$A 2<? @13:1;A$9 ?1=<?A5;3* h4<@1 $?1$@ @1=$?$A19N '5@&9<@1'
?1=?1@1;A C?&19<?V5AA$9%@ :<@A @53;525&$;A ?135<;$9 :$?81A@* g13:1;A $@@1A@ $?1 <=1?$A5<;$9 $@@1A@ 1:=9<N1' 5;
1$&4 ?135<; $;' 5;&9G'1 5A1:@ @G&4 $@ A$L $;' =1;@5<; %$9$;&1@ A4$A $?1 @=1&525& A< $ &<G;A?N* h41N $9@< 5;&9G'1
$AA?5%GA$%91 3<<'J599 %GA 1L&9G'1 &$@4 $;' @4<?AbA1?: '1=<@5A@ $;' @4<?AbA1?: 5;I1@A:1;A@* g13:1;A 95$%595A51@
$?1 A4<@1 $?5@5;3 J5A45; 1$&4 ?135<;[ 1L&9G'5;3 5;'1%A1';1@@* M5;$;&5;3 5A1:@ $?1 :$;$31' &1;A?$99N 2<? A41
E<:=$;N $@ $ J4<91 $;' @< $?1 ;<A '5?1&A9N $AA?5%GA$%91 A< 5;'5I5'G$9 31<3?$=45&$9 @13:1;A@*
2QD .(@A ;<L5PL9P; L5P '5<Q979Q<L<'65; L77-'OLN-Q R96/ 3\\% 65DL9P

0*BC %#?6Q8K;&-S CQS+Q-;:
R; W<I1:%1? p(()[ A41 RCgD 5@@G1' RMfg Z[ &c=1?$A5;3 g13:1;A@([ J45&4 @=1&5251@ 4<J $; 1;A5AN @4<G9' ?1=<?A
5;2<?:$A5<; $%<GA 5A@ <=1?$A5;3 @13:1;A@ 5; $;;G$9 25;$;&5$9 @A$A1:1;A@[ $;' $:1;'@ RCg 0j[ &R;A1?5: M5;$;&5$9
f1=<?A5;3([ A< ?1>G5?1 $; 1;A5AN A< ?1=<?A @191&A1' 5;2<?:$A5<; $%<GA 5A@ <=1?$A5;3 @13:1;A@ 5; 5;A1?5: 25;$;&5$9
?1=<?A@* h45@ @A$A1:1;A '125;1@ <=1?$A5;3 @13:1;A@ $@ &<:=<;1;A@ <2 $; 1;A5AN $%<GA J45&4 @1=$?$A1 25;$;&5$9
5;2<?:$A5<; 5@ $I$59$%91 $;' 5@ 1I$9G$A1' ?13G9$?9N %N A41 &4512 <=1?$A5;3 '1&5@5<; :$81? 5; '1&5'5;3 4<J A<
$99<&$A1 ?1@<G?&1@ $;' $@@1@@5;3 =1?2<?:$;&1* h45@ @A$A1:1;A $9@< <GA95;1@ A41 ?1>G5?1:1;A@ 2<? ?19$A1'
'5@&9<@G?1@ $%<GA =?<'G&A@ $;' @1?I5&1@[ 31<3?$=45&$9 $?1$@[ $;' :$6<? &G@A<:1?@ $;' 5@ 1221&A5I1 2<? $;;G$9
=1?5<'@ %135;;5;3 <; <? $2A1? S$;G$?N B[ p((^* h41 E<:=$;N %1951I1@ A4$A A41 $'<=A5<; <2 RMfg Z J599 ;<A 4$I1 $
@53;525&$;A 5:=$&A <; 5A@ 25;$;&5$9 @A$A1:1;A '5@&9<@G?1@*
0*B0Y I5#CQ8=&OQ Y/-OQ::&/- U88K-SQ+Q-;:

R; W<I1:%1? p(()[ A41 RMfRE 5@@G1' R;A1?=?1A$A5<; Bp[ &g1?I5&1 E<;&1@@5<; C??$;31:1;A@([ J45&4 =?<I5'1@
3G5'$;&1 <; A41 $&&<G;A5;3 %N <=1?$A<?@ 2<? =G%95&bA<b=?5I$A1 @1?I5&1 &<;&1@@5<; $??$;31:1;A@* h45@
R;A1?=?1A$A5<; @1A@ <GA 31;1?$9 =?5;&5=91@ <; ?1&<3;5P5;3 $;' :1$@G?5;3 A41 <%953$A5<;@ $;' ?19$A1' ?534A@ 5;
@1?I5&1 &<;&1@@5<; $??$;31:1;A@ $;' 5; '<5;3 @< 2<&G@1@ <; A41 2<99<J5;3 5@@G1@k \5. A?1$A:1;A <2 A41 <=1?$A<?%@
?534A@ <I1? A41 5;2?$@A?G&AG?1+ \55. ?1&<3;5A5<; $;' :1$@G?1:1;A <2 $??$;31:1;A &<;@5'1?$A5<;[ \555. &<;@A?G&A5<;
<? G=3?$'1 @1?I5&1@[ \5I. <=1?$A5<; @1?I5&1@+ \I. %<??<J5;3 &<@A@+ \I5. @G%@1>G1;A $&&<G;A5;3 A?1$A:1;A <2 $
25;$;&5$9 $@@1A $;' $; 5;A$;35%91 $@@1A+ $;' \I55. 5A1:@ =?<I5'1' %N A41 <=1?$A<? A< A41 3?$;A<?* C; 1;A5AN @4$99
$==9N A41 R;A1?=?1A$A5<; 2<? $;;G$9 =1?5<'@ %135;;5;3 <; <? $2A1? S$;G$?N B[ p((Z* h41 E<:=$;N 5@ 5; A41 =?<&1@@
<2 $@@1@@5;3 J41A41? A41?1 J599 %1 $;N :$A1?5$9 &4$;31@ A< 5A@ 25;$;&5$9 @A$A1:1;A@ G=<; A41 $'<=A5<; <2 RMfRE
Bp*
0*B0Y IN#DTQ 2&+&; /- K [QR&-QP WQ-QR&; U::Q;

R; SG9N p((n[ RMfRE 5@@G1' R;A1?=?1A$A5<; Bj RCg B^#&h41 U5:5A <; $ F125;1' D1;125A C@@1A[ V5;5:G:
MG;'5;3 f1>G5?1:1;A@ $;' A415? R;A1?$&A5<;(* h45@ 5;A1?=?1A$A5<; =?<I5'1@ 31;1?$9 3G5'$;&1 <; 4<J A< '1A1?:5;1
A41 95:5A 5; RCg B^ K:=9<N11 D1;125A@ <; A41 $:<G;A <2 $ =1;@5<; 2G;' @G?=9G@ A4$A &$; %1 ?1&<3;5P1' $@ $;
$@@1A* RMfRE Bj 5@ 1221&A5I1 2<? $;;G$9 =1?5<'@ %135;;5;3 <; <? $2A1? S$;G$?N B[ p((Z* h41 E<:=$;N 5@ 5; A41
=?<&1@@ <2 $@@1@@5;3 J41A41? A41?1 J599 %1 $;N :$A1?5$9 &4$;31@ A< 5A@ 25;$;&5$9 @A$A1:1;A@ G=<; A41 $'<=A5<;*
61
0UC 5"#W/88/>&-S Y/:;:
R; V$?&4 p((n[ A41 RCgD 5@@G1' $ ;G:%1? <2 $:1;':1;A@ A< RCg p0 &D<??<J5;3 &<@A@(* h41 $:1;':1;A@
?1>G5?1 A4$A %<??<J5;3 &<@A@ ?19$A5;3 A< A41 $&>G5@5A5<;[ &<;@A?G&A5<; <? =?<'G&A5<; <2 $ >G$952N5;3 $@@1A %1
&$=5A$95P1' $@ =$?A <2 A41 &<@A <2 A41 $@@1A* C99 <A41? %<??<J5;3 &<@A@ @4<G9' %1 1L=1;@1' $@ 5;&G??1'* h41 ?1I5@1'
gA$;'$?' 5@ 1221&A5I1 2<? $;;G$9 =1?5<'@ %135;;5;3 <; <? $2A1? S$;G$?N B[ p((^[ J5A4 1$?9N $==95&$A5<; =1?:5AA1'*
f1A?<@=1&A5I1 $==95&$A5<; 5@ ;<A ?1>G5?1'* C@ A41 E<:=$;N '<1@ ;<A 2<99<J A41 195:5;$A1' $I$59$%91 <=A5<;[ 5A
%1951I1@ A4$A 5A@ $'<=A5<; J599 4$I1 ;< 5:=$&A <; 5A@ 25;$;&5$9 @A$A1:1;A@*
0UC I V8Q=&:QPX#A8Q:Q-;K;&/- /R *&-K-O&K) C;K;Q+Q-;:

R; g1=A1:%1? p((n[ A41 RCgD 5@@G1' $ ?1I5@1' RCg B &d?1@1;A$A5<; <2 M5;$;&5$9 gA$A1:1;A@(* h41 E<:=$;N '<1@
;<A 1L=1&A A4$A A41 ?1I5@1' gA$;'$?' J599 4$I1 $ @53;525&$;A 5:=$&A <; 5A@ 25;$;&5$9 @A$A1:1;A@* h41 ?1I5@1'
gA$;'$?' 5@ 1221&A5I1 2<? $;;G$9 =1?5<'@ %135;;5;3 <; <? $2A1? S$;G$?N B[ p((^[ J5A4 1$?9N $==95&$A5<; =1?:5AA1'*
0*BC " V8Q=&:QPX#W<:&-Q:: Y/+M&-K;&/-: K-P 0UC 5L V8Q=&:QPX#Y/-:/)&PK;QP K-P CQ6K8K;Q *&-K-O&K)
C;K;Q+Q-;:
R; S$;G$?N p((Z[ A41 RCgD 5@@G1' RMfg 0 \?1I5@1'. $;' RCg pn \?1I5@1'. 1221&A5I1 2?<: S$;G$?N B[ p(B(* C:<;3
<A41? &4$;31@[ A41 ;1J gA$;'$?'@ J599 ?1>G5?1 A41 $&>G5?1? A< 1L=1;@1 '5?1&A $&>G5@5A5<; &<@A@ $@ 5;&G??1'+ A<
?1I$9G1 A< 2$5? I$9G1 $;N =?1b1L5@A5;3 <J;1?@45= 5; A41 $&>G5?1' &<:=$;N $A A41 '$A1 <; J45&4 5A A$81@ &<;A?<9[
$;' ?1&<?' A41 ?1@G9A5;3 3$5; <? 9<@@ 5; =?<25A <? 9<@@+ A< ?1&<?' 5; =?<25A <? 9<@@ $'6G@A:1;A@ A< &<;A5;31;A
&<;@5'1?$A5<; J45&4 <&&G? $2A1? &<:=91A5<; <2 A41 =G?&4$@1 =?5&1 $99<&$A5<;+ A< ?1&<?' '5?1&A9N 5; 1>G5AN A41
1221&A <2 A?$;@$&A5<;@ $2A1? A$85;3 &<;A?<9 <2 A41 $&>G5?11 J45&4 5;&?1$@1 <? '1&?1$@1 A41 $&>G5?1?%@ 5;A1?1@A %GA '<
;<A $221&A &<;A?<9+ A< ?1I$9G1 G=<; '5I1@A5;3 &<;A?<9 $;N ?1A$5;1' @4$?14<9'5;3 5; A41 '5I1@A1' &<:=$;N $A 2$5?
I$9G1 $;' ?1&<?' A41 ?1@G9A5;3 3$5; <? 9<@@ 5; =?<25A <? 9<@@+ $;' A< $AA?5%GA1 A< ;<;b&<;A?<995;3 @4$?14<9'1?@ A415?
@4$?1 <2 $;N '125&5A 5; A41 1>G5AN <2 $ ;<; J4<99Nb<J;1' @G%@5'5$?N* K$?951? $==95&$A5<; 5@ =1?:5AA1'* h41
E<:=$;N 5@ 5; A41 =?<&1@@ <2 $@@1@@5;3 J41A41? A41?1 J599 %1 $;N :$A1?5$9 &4$;31@ A< 5A@ 25;$;&5$9 @A$A1:1;A@
G=<; A415? $'<=A5<;*
0UC "5 V8Q=&:QPX#*&-K-O&K) 0-:;8<+Q-;:J A8Q:Q-;K;&/- K-P 0UC I V8Q=&:QPX A8Q:Q-;K;&/- /R *&-K-O&K) C;K;Q+Q-;:
R; M1%?G$?N p((Z[ A41 RCgD 5@@G1' $:1;':1;A@ A< RCg 0p[ &M5;$;&5$9 R;@A?G:1;A@k d?1@1;A$A5<;( $;' RCg B[
&d?1@1;A$A5<; <2 M5;$;&5$9 gA$A1:1;A@(* h41 $:1;':1;A@ $?1 ?191I$;A A< 1;A5A51@ A4$A 4$I1 5@@G1' 25;$;&5$9
5;@A?G:1;A@ A4$A $?1 \5. =GAA$%91 25;$;&5$9 5;@A?G:1;A@[ <? \55. 5;@A?G:1;A@[ <? &<:=<;1;A@ <2 5;@A?G:1;A@[ J45&4
5:=<@1 <; A41 1;A5AN $; <%953$A5<; A< '195I1? A< $;<A41? =$?AN $ =?<b?$A$ @4$?1 <2 A41 ;1A $@@1A@ <2 A41 1;A5AN <;9N
G=<; 95>G5'$A5<;* l;'1? A41 ?1I5@1' RCg 0p[ @G%61&A A< @=1&5251' &?5A1?5$ %15;3 :1A[ A41@1 5;@A?G:1;A@ J599 %1
&9$@@5251' $@ 1>G5AN J41?1$@[ =?5<? A< A41@1 $:1;':1;A@[ A41 5;@A?G:1;A@ J<G9' 4$I1 %11; &9$@@5251' $@ 25;$;&5$9
95$%595A51@* h41 $:1;':1;A@ $?1 1221&A5I1 2<? $;;G$9 =1?5<'@ %135;;5;3 <; <? $2A1? S$;G$?N B[ p((^* h41 E<:=$;N
%1951I1@ A4$A A41 $'<=A5<; <2 A41@1 $:1;':1;A@ J599 ;<A 4$I1 $ @53;525&$;A 5:=$&A <; 5A@ 25;$;&5$9 @A$A1:1;A@*
_`"L 0i FJf#P!P"P`_!
g53;525&$;A $&>G5@5A5<;@ :$'1 'G?5;3 A41 N1$?@ 1;'1' F1&1:%1? 0B[ p(() $;' p((n 5;&9G'1k
T9OQ-69
c; CG3G@A B[ p(()[ A41 2<?:1? V5AA$9 gA119 $&>G5?1' ^B*^Y <2 A41 @4$?1 &$=5A$9 <2 C?&19<?* h4?<G34 @G%@1>G1;A
A?$;@$&A5<;@ 5A 5;&?1$@1' 5A@ <J;1?@45= A< ^j*pY <2 A41 5@@G1' $;' <GA@A$;'5;3 @4$?1@ <2 C?&19<? $;' B^*^ :5995<;
<2 C?&19<?%@ &<;I1?A5%91 %<;'@*
h41 A<A$9 =G?&4$@1 =?5&1[ 5;&9G'5;3 $&>G5@5A5<; &<@A@[ J$@ 00[)na[ J45&4 J$@ 2G;'1' A4?<G34 $ &<:%5;$A5<; <2
&$@4 $;' )Z( :5995<; ;1J9N 5@@G1' V5AA$9 gA119 E9$@@ C &<::<; @4$?1@* h<A$9 &$@4 &<;@5'1?$A5<; 2<? A41
A?$;@$&A5<;@ J$@ B([j0a \a[ZjB ;1A <2 j[a^j <2 &$@4 $&>G5?1'.* h41 2$5? I$9G1 <2 A41 E9$@@ C &<::<; @4$?1@
5@@G1' J$@ '1A1?:5;1' %$@1' <; A41 :$?81A =?5&1 <2 V5AA$9 gA119%@ E9$@@ C &<::<; @4$?1@ $A A41 '$A1 <2 A41
$&>G5@5A5<;*
R;A$;35%91 $@@1A@ ?1&<3;5P1' $@ $ ?1@G9A <2 =G?&4$@1 $&&<G;A5;3 $:<G;A A< B[a)a* h41N 5;&9G'1 2$I<?$%91 @G==9N
&<;A?$&A@ <; ?$J :$A1?5$9@ $;' 1;1?3N A4$A $?1 %15;3 $:<?A5P1' <I1? A41 A1?: <2 A41 $@@<&5$A1' &<;A?$&A@ ?$;35;3
2?<: AJ< A< 25I1 N1$?@ 2<? $ A<A$9 $:<G;A <2 aj(* h41N $9@< ?19$A1 A< &G@A<:1? ?19$A5<;@45=@[ A?$'1 :$?8 $;'
A1&4;<9<3N 2<? $ A<A$9 $:<G;A <2 B[(pa* h41 $&>G5?1' 95$%595A51@ $9@< 5;&9G'1 ))Z $@@53;1' A< G;2$I<?$%91 @$91@
&<;A?$&A@ A4$A $?1 %15;3 $:<?A5P1' <I1? A41 A1?: <2 A41 $@@<&5$A1' &<;A?$&A@ ?$;35;3 2?<: 4$92 $ N1$? A< ;5;1
N1$?@*
62
h41 $&>G5@5A5<; <2 C?&19<? ?1@G9A1' 5; A41 &<;@<95'$A5<; <2 A<A$9 $@@1A@ <2 )a[pZZ $;' A<A$9 95$%595A51@ <2 0)[ZZj[
1L&9G'5;3 :5;<?5AN 5;A1?1@A* h41 2$5? I$9G1 <2 A41 ;1A $@@1A@ $&>G5?1' \;1A <2 &$@4 $&>G5?1'. $:<G;A@ A< p0[Bn^[
1L&9G'5;3 :5;<?5AN 5;A1?1@A* h41 ?1@G9A5;3 3<<'J599 5@ a[^(p $A A41 $&>G5@5A5<; '$A1* h41 E<:=$;N 25;$95P1' A41
=G?&4$@1 =?5&1 $99<&$A5<; 2<? C?&19<? 5; p((n*
h41 ?1@G9A@ <2 C?&19<? 4$I1 %11; 5;&9G'1' 5; A41 &<;@<95'$A1' 25;$;&5$9 @A$A1:1;A@ @5;&1 CG3G@A B[ p(()*
A'OL9<;L
c; C=?59 p([ p((n[ C?&19<?V5AA$9 $&>G5?1' B((Y <2 A41 <GA@A$;'5;3 &<::<; @4$?1@ <2 g5'1?"?35&$ U!P$?<
E!?'1;$@ U$@ h?G&4$@[ g*C* '1 E*m* \&g5&$?A@$(. 2?<: O?G=< m599$&1?<* g5&$?A@$ 5@ $ V1L5&$; 2G99N 5;A13?$A1'
=?<'G&1? <2 9<;3 @A119* h41 $&>G5@5A5<; $9@< 5;&9G'1@ V1A$I1[ $ :5;5b:599[ g5%$@$ $;' E$:@$[ AJ< ?<995;3b:599@
9<&$A1' 5; V1L5&<[ $@ J199 $@ D<?'1? gA119[ $ :5;5b:599 5; A41 lg* M5;$99N[ A4?<G34 A41 $&>G5@5A5<; <2 g5&$?A@$[
g1?@55;@$[ $ a(Xa( 6<5;AbI1;AG?1 %1AJ11; g5&$?A@$ $;' C?&19<?V5AA$9 U!P$?< E!?'1;$@ g*C* '1 E*m*[ 5@ 2G99N
&<;@<95'$A1'*
g5&$?A@$ J$@ $&>G5?1' 2<? $ A<A$9 &$@4 &<;@5'1?$A5<; <2 B[j0) \B[jpn ;1A <2 ^ <2 &$@4 $&>G5?1'. &<;@5@A5;3 <2 ap)
2<? 5A@ @4$?1@ $;' ^B( ?19$A1' A< $ '1%A $@@G:=A5<;* h41 $&>G5@5A5<; 4$@ %11; $&&<G;A1' 2<? G@5;3 A41 =G?&4$@1
:1A4<' <2 $&&<G;A5;3 $;'[ $&&<?'5;39N[ A41 $@@1A@ $&>G5?1' $;' 95$%595A51@ $@@G:1' 4$I1 %11; ?1&<?'1' $A A415?
1@A5:$A1' 2$5? I$9G1@ $@ <2 A41 '$A1 <2 $&>G5@5A5<;* h41 $99<&$A5<; <2 A41 A<A$9 =G?&4$@1 =?5&1 5@ =?195:5;$?N $@ $A
F1&1:%1? 0B[ p((n* R?<; <?1 :5;1@ J1?1 ?1I$9G1' %N B0Z $;' =?<=1?AN[ =9$;A / 1>G5=:1;A J$@ @A1==1' '<J; %N
B0Z* h41 $&>G5@5A5<; <2 g5&$?A@$ $;' g1?@55;@$ ?1@G9A1' 5; A41 &<;@<95'$A5<; <2 A<A$9 $@@1A@ <2 B[^^( $;' A<A$9
95$%595A51@ <2 B[)ap* h41 =?195:5;$?N 3<<'J599 ?19$A1' A< g5&$?A@$ $:<G;A@ A< pnj* h41 $99<&$A5<; <2 A41 =G?&4$@1
=?5&1 J599 %1 25;$95P1' 5; p((Z*
TO8=';'<'65; 6R /'569'<G '5<Q9Q;<;

h41 E<:=$;N $&>G5?1' @53;525&$;A :5;<?5AN 5;A1?1@A@ 'G?5;3 p((n*
U8OQ)/8 W8K:&)
C@ $ ?1@G9A <2 A41 $&>G5@5A5<; <2 C?&19<?[ A41 E<:=$;N :$'1 $ :$;'$A<?N A1;'1? <221? A< $&>G5?1 $99 <2 A41
<GA@A$;'5;3 @4$?1@ 5; C?&19<? D?$@59 ;<A <J;1' %N C?&19<? <? $;N <A41? $22595$A1 <2 C?&19<?V5AA$9*
c; SG;1 a[ p((n[ A41 E<:=$;N =G%95&9N $;;<G;&1' A41 ?1@G9A@ <2 5A@ :$;'$A<?N A1;'1? <221? 2<? A41 @4$?1@ 5A '5'
;<A 4<9' 5; C?&19<? D?$@59* R; A41 $33?13$A1[ A41 E<:=$;N $&>G5?1' p^*aY <2 A41 A<A$9 @4$?1 &$=5A$9 $;' Z^*nY <2
A41 2?11 29<$A <2 C?&19<? D?$@59 $@ <2 SG;1 a[ p((n[ A41?1%N 5;&?1$@5;3 5A@ &G??1;A )n*BY @4$?14<9'5;3 5; C?&19<?
D?$@59 A< ^)*)Y* h41 E<:=$;N =$5' 2<? A41 @4$?1@ J5A4 0[)^j 5; &$@4 $;' $==?<L5:$A19N pn :5995<; V5AA$9 gA119
E9$@@ C &<::<; @4$?1@[ ?1=?1@1;A5;3 $ A<A$9 &<;@5'1?$A5<; <2 a[j(n* M<99<J5;3 A41 $G&A5<; $;' $2A1? $ 31;1?$9
C?&19<? D?$@59 @4$?14<9'1?@% :11A5;3 419' <; CG3G@A Z[ p((n $==?<I5;3 A41 ?1'1:=A5<; <2 A41 ?1:$5;5;3 @4$?1@[
A41 E<:=$;N $&>G5?1' A41 ?1:$5;5;3 0*jY 2<? $ A<A$9 &$@4 &<;@5'1?$A5<; <2 j^n* c; g1=A1:%1? Bp[ p((n[ A41
E<:=$;N $;;<G;&1' A4$A 5A 419' B((Y <2 C?&19<? D?$@59* h<A$9 &<;@5'1?$A5<; 2<? A41 A?$;@$&A5<; J$@ a[Zn^[ <2
J45&4 j[B^B =$5' 5; &$@4* h41 3<<'J599 ?19$A1' A< A45@ $&>G5@5A5<; $:<G;A@ A< 0[BB^ $;' A41 ?1'G&A5<; 5; :5;<?5AN
5;A1?1@A@ A< p[n)(*
U8OQ)/8
c; W<I1:%1? B0[ p((n[ $@ $ ?1@G9A <2 A41 913$9 :1?31? %1AJ11; A41 2<?:1? C?&19<?V5AA$9 $;' C?&19<?[ A41 a*n)Y
?1:$5;5;3 :5;<?5AN 5;A1?1@A@ 5; C?&19<? J1?1 &$;&1991'* h41 A?$;@$&A5<; J$@ ?1&<?'1' $@ 52 C?&19<?V5AA$9 4$'
%11; A41 $&>G5?1?* h<A$9 &<;@5'1?$A5<; J$@ 0[p(j \jj :5995<;[ 5;&9G'5;3 Bp :5995<; A?1$@G?N @4$?1@[ J5A4 @4$?1@ <2
A41 2<?:1? C?&19<?V5AA$9 @4$?1@ I$9G1' $A -np*)a =1? @4$?1. $;' ?1@G9A5;3 3<<'J599 J$@ )Bp*
U8OQ)/83&;;K) A/)K-P
c; SG9N p([ p((n[ C?&19<?V5AA$9 $;;<G;&1' A4$A 5A 4$' ?1$&41' $; $3?11:1;A J5A4 A41 d<95@4 3<I1?;:1;A A<
$&>G5?1 5A@ <GA@A$;'5;3 pa*pY @4$?1@ 5; C?&19<?V5AA$9 d<9$;'[ J45&4 J1?1 419' %N A41 d<95@4 @A$A1 $;' A?1$@G?N
:5;5@A?N* h41 $''5A5<;$9 &<;@5'1?$A5<; J$@ BZB* h41@1 @4$?1@ J1?1 $&&<G;A1' 2<? $@ $; $&>G5@5A5<; 5; p((j 5;
&<;6G;&A5<; J5A4 A41 $&>G5@5A5<; <2 $ &<;A?<995;3 5;A1?1@A 5; C?&19<?V5AA$9 d<9$;' $@ A41?1 J$@ $; 5??1I<&$%91
&<::5A:1;A A< A?$;@21? <=1?$A5<;$9 $;' 1&<;<:5& &<;A?<9 <2 A41@1 ?1:$5;5;3 @4$?1@ A< A41 E<:=$;N*
U8OQ)/83&;;K) 18F=&F B&T

FG?5;3 p((n[ A41 E<:=$;N%@ <J;1?@45= 5; C?&19<?V5AA$9 T?NI5N f54 5;&?1$@1' 2?<: ^0*nnY A< ^j*))Y* h41
?1'G&A5<; 5; :5;<?5AN 5;A1?1@A@ 5@ j^ $;' A41 ?1@G9A5;3 3<<'J599 $:<G;A@ A< a*
63
('5L-'IL<'65 6R 7=9O&L;Q 79'OQ L--6OL<'65
.5<Q95L<'65L- A<QQ- *96=7 X!.A*"Z

c; C=?59 Ba[ p((a[ A41 2<?:1? V5AA$9 gA119 $&>G5?1' B((Y <2 A41 <GA@A$;'5;3 &<::<; @4$?1@ <2 R;A1?;$A5<;$9
gA119 O?<G= R;&* \&RgO(. \?1;$:1' C?&19<?V5AA$9 lgC R;&*.* h41 $33?13$A1 =G?&4$@1 =?5&1 J$@ $==?<L5:$A19N
0[Z00 5;&9G'5;3 &$@4 <2 p[BpZ \B[jnp ;1A <2 &$@4 $&>G5?1' $;' a) <2 $&>G5@5A5<; &<@A. $;' E9$@@ C &<::<;
@4$?1@ I$9G1' $A B[n(a* h41 2$5? I$9G1 <2 A41 )([Z^B[ZZ0 E9$@@ C &<::<; @4$?1@ J$@ '1A1?:5;1' %$@1' <; A41
:$?81Ab=?5&1 <2 A41 2<?:1? V5AA$9 gA119%@ E9$@@ C &<::<; @4$?1@ <; A41 '$A1 <2 $&>G5@5A5<;* R;A$;35%91 $@@1A@
5'1;A5251' $@ $ ?1@G9A <2 =G?&4$@1 $&&<G;A5;3 ?19$A1 A< j $@@53;1' A< =$A1;A@ $;' 0Zj $@@53;1' A< 2$I<?$%91 @G==9N
$;' @$91@ &<;A?$&A@ A4$A $?1 %15;3 $:<?A5P1' <I1? A41 A1?: <2 A41 $@@<&5$A1' &<;A?$&A@ ?$;35;3 2?<: <;1 A< @5L
N1$?@ <? AJ< N1$?@ <; $ J1534A1' $I1?$31 %$@5@* R;A$;35%91 95$%595A51@ &<;@5@A <2 B[(â $@@53;1' A< G;2$I<?$%91
@G==9N $;' @$91@ &<;A?$&A@ A4$A $?1 %15;3 $:<?A5P1' <I1? A41 A1?: <2 A41 $@@<&5$A1' &<;A?$&A@ ?$;35;3 2?<: <;1 A<
Ba N1$?@ <? 0*p N1$?@ <; $ J1534A1' $I1?$31 %$@5@* h41 E<:=$;N ?1&<3;5P1' Bpp <2 5;&<:1 'G?5;3 p((n \0Z0 <2
5;&<:1 'G?5;3 p((). ?19$A1' A< A41 ;1A $:<?A5P$A5<; <2 A41@1 5;A$;35%91@* h41 E<:=$;N 25;$95P1' A41 =G?&4$@1
=?5&1 $99<&$A5<; 2<? RgO 5; p(()*
09G?69'I&;<L-
c; W<I1:%1? pa[ p((a[ A41 2<?:1? V5AA$9 gA119 $&>G5?1' ^0*(pY <2 A41 <GA@A$;'5;3 &<::<; @A<&8 <2 cSgE
T?5I<?5P8N c?1 V5;5;3 E<:=$;N $;' gA119 o<?8@ T?NI<?5P4@A$9 \?1;$:1' C?&19<?V5AA$9 T?NI5N f54. 2?<: A41
3<I1?;:1;A ?G; gA$A1 d?<=1?AN MG;' <2 l8?$5;1* C?&19<?V5AA$9 T?NI5N f54 J$@ $&>G5?1' 2<? j[^(Z 5; &$@4 \j[)0a
;1A <2 &$@4 $&>G5?1'.* R; &<;;1&A5<; J5A4 A41 $&>G5@5A5<;[ A41 E<:=$;N 4$@ &<::5AA1' A< :$81 &$=5A$9
1L=1;'5AG?1@ <2 a(( G;A59 p(B(* h41 E<:=$;N 25;$95P1' A41 =G?&4$@1 =?5&1 $99<&$A5<; 2<? T?NI<?5P4@A$9 5; p(()*
h41 E<:=$;N 5;&?1$@1' 5A@ 5;A1?1@A 5; C?&19<?V5AA$9 T?NI5N f54 A< ^0*nnY 5; p(() $;' A< ^j*))Y 5; p((n*
D$@1' <; A41 =G?&4$@1 =?5&1 $99<&$A5<; 2<? C?&19<?V5AA$9 T?NI5N f54[ A41 E<:=$;N 4$@ 5'1;A5251' B[0p0 <2 1L&1@@
=G?&4$@1 =?5&1 <I1? A41 2$5? I$9G1 <2 A41 $@@1A@ $&>G5?1'*
64
C<++K8F /R :&S-&R&OK-; KO7<&:&;&/-:
h41 A$%91 %19<J @G::$?5P1@ A41 1@A5:$A1' 2$5? I$9G1 <2 A41 $@@1A@ $&>G5?1' $;' 95$%595A51@ $@@G:1' 2<? @53;525&$;A
$&>G5@5A5<;@ $;' A41 $&>G5@5A5<; <2 :5;<?5AN 5;A1?1@A@
)**+ )**(
F4BI:E:G:@? @7
FC46=@CZ). !:42CGE2ZD.YZ0. >:?@C:GT :?G6C6EGE `G96CEZD.YZ0.
EG??1;A $@@1A@ pp[0aj apj # )Bp
d?<=1?AN[ =9$;A / 1>G5=:1;A 0j[Bpj B[0j^ # B0j
cA41? $@@1A@ Z[ZB( BBn # p
h<A$9 $@@1A@ $&>G5?1' )a[pZZ B[^^( # njZ
EG??1;A 95$%595A51@ B)[BnZ ^)0 # a)B
U<;3bA1?: 9<$; Z[^B( ajZ # 0n
cA41? 9<;3bA1?: 95$%595A51@ )[apB p( # Z
F121??1' A$L 95$%595A51@ a[pna BpB # )
V5;<?5AN 5;A1?1@A 0[j)j # p[Z(^ #
h<A$9 95$%595A51@ $@@G:1' j([0jZ B[)ap p[Z(^ )Bp
h<A$9 ;1A $@@1A@ pj[^j( 00Z p[Z(^ B0)
V5;<?5AN 5;A1?1@A B[n)B # p[a^B p(
W1A $@@1A@ $&>G5?1' p0[Bn^ 00Z a[j(( BB)
M$5? I$9G1 <2 @4$?1@ 5@@G1' p0[pj( # j[^Bn #
E$@4 =$5'[ ;1A a[ZjB B[jpn j[j(B ppj
F1%A $@@G:=A5<; # \^B(. # #
K>G5AN 5;I1@A:1;A # â # #
dG?&4$@1 =?5&1[ ;1A p^[(ZB )Bp ^[0BZ ppj
O<<'J599 \W13$A5I1 3<<'J599. a[^(p pnj 0[^BZ B(Z
\B.
Q5@A<?5&$9 RMfg 5;2<?:$A5<; $@ <2 A41 '$A1 <2 $&>G5@5A5<; J$@ ;<A $I$59$%91 2<? A41 $&>G5?1' 1;A5A51@*
\p.
FG?5;3 p((n[ A41 E<:=$;N 25;$95P1' A41 =G?&4$@1 =?5&1 $99<&$A5<; 2<? C?&19<?* g11 A41 A$%91 %19<J 2<? $'6G@A:1;A@*
d?5<? =1?5<' 5;2<?:$A5<; 4$@ %11; $'6G@A1' ?1A?<@=1&A5I19N*
\0.
D$@1' <; $ =?195:5;$?N =G?&4$@1 =?5&1 $99<&$A5<;[ J45&4 5@ @G%61&A A< &4$;31*
h41 A<A$9 =G?&4$@1 =?5&1 2<? C?&19<? $;' g5&$?A@$ &<;@5@A@ <2 A41 2<99<J5;3k
FC46=@C !:42CGE2
E$@4 =$5' A< @A<&84<9'1?@[ 3?<@@ B([pjn B[j0j
h?$;@$&A5<; ?19$A1' 211@ BZZ p
C?&19<?V5AA$9 @4$?1@ 5@@G1' p0[pj( #
h<A$9 =G?&4$@1 =?5&1[ 3?<@@ 00[)na B[j0)
F1%A $@@G:1' # \^B(.
E$@4 $&>G5?1' \j[a^j. \^.
K>G5AN 5;I1@A:1;A@ $&>G5?1' # â
h<A$9 =G?&4$@1 =?5&1[ ;1A p^[(ZB )Bp
65
*&-K)&GK;&/- /R 6<8OTK:Q 68&OQ K))/OK;&/- /R U8OQ)/8
h41 A$%91 %19<J @G::$?5P1@ A41 25;$95P$A5<; <2 A41 =G?&4$@1 =?5&1 $99<&$A5<; <2 C?&19<?k
dC6=:>:?2CT M:?2=
2==@42G:@? F5;IEG>6?GE 2==@42G:@?
EG??1;A $@@1A@ pp[0ap p pp[0aj
d?<=1?AN[ =9$;A / 1>G5=:1;A 0j[pa( \Bp). 0j[Bpj
cA41? $@@1A@ n[^)0 Zjn Z[ZB(
h<A$9 $@@1A@ $&>G5?1' )j[a)a np0 )a[pZZ
EG??1;A 95$%595A51@ B)[BnZ # B)[BnZ
U<;3bA1?: 9<$; Z[^B( # Z[^B(
cA41? 9<;3bA1?: 95$%595A51@ )[p0B p^( )[apB
F121??1' A$L 95$%595A51@ a[0(a \0(. a[pna
V5;<?5AN 5;A1?1@A 0[jjn Bn 0[j)j
h<A$9 95$%595A51@ $@@G:1' j([(nB pnn j([0jZ
h<A$9 ;1A $@@1A@ pj[j^j jj) pj[^j(
V5;<?5AN 5;A1?1@A B[n)B # B[n)B
W1A $@@1A@ $&>G5?1' pp[n00 jj) p0[Bn^
dG?&4$@1 =?5&1[ ;1A p^[(ZB # p^[(ZB
O<<'J599 )[0jZ \jj). a[^(p
h41 =G?&4$@1 =?5&1 $99<&$A5<; <2 C?&19<? 4$@ %11; 25;$95P1' 5; p((n[ A41?12<?1 A41 &<:=$?$A5I1 5;2<?:$A5<; 2<?
p(() 4$I1 %11; $&&<?'5;39N $'6G@A1' 2<? =G?&4$@1 =?5&1 $99<&$A5<; $'6G@A:1;A@ $;' <A41? ?1&9$@@525&$A5<;@ :$'1
A< $953; J5A4 A41 p((n =?1@1;A$A5<;k
)**+ F5;IEG>6?GE 2?5 )**+

J@?E@=:52G65 H2=2?46 !966G 2E C6A@CG65 C64=2EE:7:42G:@?E 2E 25;IEG65
EG??1;A $@@1A@ 0^[0)p aB 0^[jB0
W<; &G??1;A $@@1A@ np[Z(j j)j n0[p)Z
h<A$9 $@@1A@ BBp[B)) aBa BBp[)ZB
EG??1;A 95$%595A51@ pj[a)( # pj[a)(
W<; &G??1;A 95$%595A51@ 0n[jBa jnZ 0n[Z^0
h<A$9 95$%595A51@ )B[^na jnZ )p[ja0
h<A$9 1>G5AN a([B^B 0n a([ppZ
h<A$9 95$%595A51@ $;' 1>G5AN BBp[B)) aBa BBp[)ZB
)**+ F5;IEG>6?GE 2?5 )**+

J@?E@=:52G65 !G2G6>6?G @7 P?4@>6 2E C6A@CG65 C64=2EE:7:42G:@?E 2E 25;IEG65
R;&<:1 %12<?1 A$L n[Bâ 00 n[ppZ
R;&<:1 A$L 1L=1;@1 B[B(^ B0 B[Bpp
W1A R;&<:1 \5;&9G'5;3 :5;<?5AN 5;A1?1@A@. )[(Z) p( )[B()
CAA?5%GA$%91 A< A41 4<9'1?@ <2 A41 d$?1;A &<:=$;N a[pp) pB a[pjn
V5;<?5AN 5;A1?1@A@ Z)( \B. Za^
W1A R;&<:1 \5;&9G'5;3 :5;<?5AN 5;A1?1@A@. )[(Z) p( )[B()
A8/ */8+K BQ:<);:

h41 2<99<J5;3 =?< 2<?:$ 25;$;&5$9 5;2<?:$A5<; =?1@1;A@ A41 &<:%5;1' ?1@G9A@ <2 <=1?$A5<;@ <2 C?&19<?V5AA$9 2<?
p((n[ 5;&9G'5;3 g5&$?A@$[ $@ 52 5A@ $&>G5@5A5<; 4$' <&&G??1' $@ <2 A41 %135;;5;3 <2 A41 =1?5<'@ =?1@1;A1'* h41 p(()
=?< 2<?:$ 5;2<?:$A5<; $9@< 5;&9G'1@ A41 ?1@G9A@ <2 <=1?$A5<;@ <2 C?&19<? <; A41 @$:1 %$@5@* h41 =?< 2<?:$
25;$;&5$9 5;2<?:$A5<; 5@ ;<A ;1&1@@$?59N 5;'5&$A5I1 <2 J4$A <G? &<;@<95'$A1' ?1@G9A@ <2 <=1?$A5<;@ J<G9' 4$I1 %11;
4$' J1 &<:=91A1' A41 $&>G5@5A5<;@ $A A41 '$A1@ 5;'5&$A1'* R; $''5A5<;[ A41 =?< 2<?:$ 25;$;&5$9 5;2<?:$A5<; '<1@
;<A =G?=<?A A< =?<61&A A41 2GAG?1 ?1@G9A@ <2 <=1?$A5<;@ <2 A41 &<:%5;1' &<:=$;N*
66
#?2I5:G65 dC@ M@C>2
7@C G96 T62C 6?565
K646>36C 0DY
)**+ )**(
g$91@ ZZ[an) B(a[ja)
W1A 5;&<:1 n[^^j B([0np
AQ8 :TK8Q K+/<-;:
D$@5& 1$?;5;3@ =1? &<::<; @4$?1 a*nZ n*Bj
F59GA1' 1$?;5;3@ =1? &<::<; @4$?1 a*nZ n*B0
_`"L gi F!!L"! F_K ]PFHP]P"PL! OL]K M`h !F]L

M<99<J5;3 A41 &<:=1A5A5<; &<;&1?;@ 5; &1?A$5; @A119 =?<'G&A5<; @13:1;A@ 1L=?1@@1' %N A41 KG?<=1$; E<::5@@5<;
$@ $ ?1@G9A <2 A41 %G@5;1@@ &<:%5;$A5<; %1AJ11; V5AA$9 gA119 $;' C?&19<?[ A41 '5@=<@$9 <2 &1?A$5; 1;A5A51@ 5; A41
U<;3 E$?%<; KG?<=1 @13:1;A J$@ &<:=91A1' 'G?5;3 A41 25?@A >G$?A1? <2 p((n* R; SG;1 p((n[ A41 E<:=$;N @<9'
QGA$ D$;8<J$ d-9@8$ P*<*<* $;' h?$I5 1 d?<259$A5 '5 d$99$;P1;<* R; V$?&4 p((n[ A41 '5@=<@$9 <2 gA$49J1?8
h4%?5;31; O:%Q J$@ &<:=91A1'* h41 A<A$9 &<;@5'1?$A5<; ?1&15I1' 5; &$@4 5@ Zj(*
c; M1%?G$?N p([ p((n[ A41 l*g* F1=$?A:1;A <2 SG@A5&1 \&A41 FcS(. 5;2<?:1' A41 E<:=$;N A4$A A41 FcS 4$'
@191&A1' A41 g=$??<J@ d<5;A \M9$A E$?%<; C:1?5&$@. @A119 :599 9<&$A1' ;1$? D$9A5:<?1[ V$?N9$;' 2<? '5I1@A5AG?1
G;'1? $ &<;@1;A '1&?11 2591' %N A41 FcS 5; CG3G@A p(()* C@ $ &<;@1>G1;&1[ A41 $@@1A@ $;' 95$%595A51@ <2 g=$??<J@
d<5;A J1?1 &9$@@5251' $@ 419' 2<? @$91* h41 FcS $==<5;A1' $ A?G@A11 A< 4$;'91 A41 @$91 =?<&1@@[ J45&4 5@ 1L=1&A1'
A< %1 &<:=91A1' 5; p((Z*
c; CG3G@A 0B[ p((n[ C?&19<?V5AA$9 :1?31' 5A@ KG?<=1$; 9$@1?bJ19'1' A$59<?1' %9$;8@ %G@5;1@@ \M9$A E$?%<;
KG?<=1. J5A4 W<%91 R;A1?;$A5<;$9 U5:5A1'* h41 A<A$9 &<;@5'1?$A5<; ?1&15I1' $:<G;A@ A< pZ^ $;' 5;&9G'1@ &$@4 <2
B(p $;' $ j(Y @A$81 5; W<%91 R;A1?;$A5<;$9 U5:5A1'*
K646>36C 0DY
)**+b )**(
C@@1A@ &9$@@5251' $@ 419' 2<? @$91k
d?<=1?AN[ =9$;A $;' 1>G5=:1;A B[(^j )n(
h?$'1 $;' <A41? ?1&15I$%91@ )a a^n
R;I1;A<?51@ Bp^ #
cA41? $@@1A@ pZ p^
h<A$9 B[0B) B[p^)
U5$%595A51@ &9$@@5251' $@ 419' 2<? @$91k

h?$'1 $;' <A41? =$N$%91@ BZB Bn0
cA41? 95$%595A51@ aZ ^0
h<A$9 p0^ p))
_
=G?&4$@1 =?5&1 <2 C?&19<? \@11 ;<A1 0.*
_`"L ci "hFKL hLJLP$FH]L!

h41 A?$'1 ?1&15I$%91@ %$9$;&1@ $?1 A41 2<99<J5;3k
K646>36C 0DY
)**+ )**(
O?<@@ $:<G;A ^[B^n ^[â(
C99<J$;&1 2<? '<G%A2G9 $&&<G;A@ \jpZ. \jBn.
h<A$9 Z[n)^ ^[a00
67
(@6/:<8Q ;/ O8QP&; 8&:' MF M<:&-Q:: :QS+Q-;
h41 :$L5:G: 1L=<@G?1 A< &?1'5A ?5@8 2<? A?$'1 ?1&15I$%91@ %N @13:1;A 5@ $@ 2<99<J@k
K646>36C 0DY
)**+ )**(
M9$A E$?%<; C:1?5&$@ Za) B[(BZ
M9$A E$?%<; KG?<=1 B[Z^^ B[Z))
U<;3 E$?%<; C:1?5&$@ $;' KG?<=1 B[^n) p[pB(
CV0g B[)nn p[0nZ
C@5$[ C2?5&$ / ERg $;' gA$5;91@@ gA119 B[0Ba ^)j
cA41? $&A5I5A51@ B[(j) B[(^n
h<A$9 Z[n)^ ^[a00
(@6/:<8Q ;/ O8QP&; 8&:' MF SQ/S8K6TF

h41 :$L5:G: 1L=<@G?1 A< &?1'5A ?5@8 2<? A?$'1 ?1&15I$%91@ %N 31<3?$=4N 5@ $@ 2<99<J@k
K646>36C 0DY
)**+ )**(
KG?<=1 a[jaB a[Zn)
W<?A4 C:1?5&$ B[Zj( B[a)p
g<GA4 C:1?5&$ Z)n B[BaB
C2?5&$ $;' C@5$ jj) a)0
V5''91 K$@A B)a 0ZB
h<A$9 Z[n)^ ^[a00
USQ&-S /R ;8KPQ 8QOQ&=KM)Q:

h41 $35;3 <2 A?$'1 ?1&15I$%91@ 5@ $@ 2<99<J@k
K6646>36C 0DY )**(

F==@R2?46 7@C
5@I3G7I=
NC@EE 244@I?GE
W<A =$@A 'G1 )[Z)) \^Z.
d$@A 'G1 (b0( '$N@ B[^â \aa.
d$@A 'G1 0BbBp( '$N@ )â \0n.
V<?1 A4$; Bp( '$N@ 0^j \ppn.
h<A$9 ^[â( \jBn.
U))/>K-OQ R/8 P/<M;R<) KOO/<-;:

h41 :<I1:1;A 5; A41 $99<J$;&1 2<? '<G%A2G9 $&&<G;A@ 5@ $@ 2<99<Jk
H2=2?46 2G K65I4G:@?EV H2=2?46 2G

K646>36C 0DY )**c F55:G:@?E h6=62E6E `G96CE K646>36C 0DY )**+
pjB pjB \p0Z. BZj jpZ
H2=2?46 2G K65I4G:@?EV H2=2?46 2G

K646>36C 0DY )**+ F55:G:@?E h6=62E6E `G96CE K646>36C 0DY )**(
jpZ Bj \na. a( jBn
68
_`"L +i P_$L_"`hPL!
R;I1;A<?N[ ;1A <2 $99<J$;&1 2<? @9<Jb:<I5;3[ 1L&1@@[ <? <%@<91A1 5;I1;A<?N[ <2 0a^ $;' aa) $@ <2 F1&1:%1? 0B[
p(() $;' p((n[ ?1@=1&A5I19N[ 5@ &<:=?5@1' <2 A41 2<99<J5;3k
K646>36C 0DY
)**+ )**(
M5;5@41' =?<'G&A@ n[B0B Z[B(Z
d?<'G&A5<; 5; =?<&1@@ 0[^Bj j[aZp
f$J :$A1?5$9@ )[j^B )[n0^
V$;G2$&AG?5;3 @G==951@[ @=$?1 =$?A@ $;' <A41? B[n(j p[0pB
h<A$9 B^[pj( pB[na(
h41 $:<G;A <2 5;I1;A<?N =91'31' $@ &<99$A1?$9 J$@ BjZ $;' pBn $@ <2 F1&1:%1? 0B[ p(() $;' p((n[ ?1@=1&A5I19N*
h41 :<I1:1;A 5; A41 $99<J$;&1 2<? <%@<91@&1;&1 5@ $@ 2<99<Jk
H2=2?46 2G K65I4G:@?EV H2=2?46 2G

K646>36C 0DY )**c F55:G:@?E h6=62E6E `G96CE K646>36C 0DY )**+
p)^ p0( \Bj(. # 0a^
H2=2?46 2G K65I4G:@?EV H2=2?46 2G

K646>36C 0DY )**+ F55:G:@?E h6=62E6E `G96CE K646>36C 0DY )**(
0a^ jZ0 \j(n. BpB aa)
_`"L (i dhLdFPK L&dL_!L! F_K `"OLh J#hhL_" F!!L"!

h41 =?1=$5' 1L=1;@1@ $;' <A41? &G??1;A $@@1A@ $?1 A41 2<99<J5;3k
K646>36C 0DY
)**+ )**(
C'I$;&1 =$N:1;A@ A< =G%95& $GA4<?5A51@ B[)^p p[pnn
cA41? p[pa( p[0)n
h<A$9 0[^jp j[)jj
69
_`"L Xi N``K%P]] F_K P_"F_NPH]L F!!L"!
O<<'J599 $;' 5;A$;35%91 $@@1A@ $?1 @G::$?5P1' $@ 2<99<J@k
J@?46EE:@?EY
N@@5R:== @? A2G6?GE 2?5 M2Q@IC23=6
24BI:E:G:@? =:46?46E 4@?GC24GE `G96C "@G2=
J@EG
CA F1&1:%1? 0B[ p((a B[0^B 0j 0Zj B^p p[((B
C&>G5@5A5<; <2 C?&19<?_ a[^(p jp) a)^ p[ppB ^[BBZ
cA41? $&>G5@5A5<;@ )n Bn # )( Bjj
F5@=<@$9@ # \BB. # # \BB.
M<?153; 1L&4$;31 '5221?1;&1@ p(a j 0( 0( p)^
h?$;@21?@ $;' <A41? :<I1:1;A@ ^ BZ # a 0p
CA F1&1:%1? 0B[ p(() n[anj jZZ ^Z0 p[a(Z BB[aa0
C&>G5@5A5<;@ j[0(( p) # Bn j[0j0
F5@=<@$9@ # \p0. # \B. \pj.
M<?153; 1L&4$;31 '5221?1;&1@ B[(^p aB jj Bnj B[0)B
h?$;@21?@ $;' <A41? :<I1:1;A@ # Bpn \j. \ZBa. \)^p.
CA F1&1:%1? 0B[ p((n Bp[^)) ))^ B[(p0 B[ZZ0 B)[ajB
F44I>I=2G65 2>@CG:U2G:@? 2?5 :>A2:C>6?G =@EE6E
CA F1&1:%1? 0B[ p((a # n B)p p) Bâ
F5@=<@$9@ # \BB. # # \BB.
R:=$5?:1;A # BB # \B. B(
C:<?A5P$A5<; &4$?31_ # Z^ BB) ^p p^n
M<?153; 1L&4$;31 '5221?1;&1@ # p0 p \j. pB
h?$;@21?@ $;' <A41? :<I1:1;A@ # B # # B
CA F1&1:%1? 0B[ p(() # Bp( pZ( BB0 aB0
F5@=<@$9@ # \Bn. # # \Bn.
R:=$5?:1;A j0 # # # j0
f1'G&A5<; <2 3<<'J599 p)( # # # p)(
C:<?A5P$A5<; &4$?31 # Zp 00p BZj a^Z
M<?153; 1L&4$;31 '5221?1;&1@ # 0a pp a) BB0
CA F1&1:%1? 0B[ p((n 0(0 pp( )0j 0a0 B[aB(
J2CCT:?8 2>@I?G
CA F1&1:%1? 0B[ p(() n[anj 0)Z n(0 p[0â BB[(j(
CA F1&1:%1? 0B[ p((n Bp[))0 jj^ 0Z^ B[a0( Ba[(0B
_
=G?&4$@1 =?5&1 <2 C?&19<? \@11 ;<A1 0.*
70
O<<'J599 $&>G5?1' 5; %G@5;1@@ &<:%5;$A5<;@ $?1 $@ 2<99<J@k
LS492?86
F4BI:E:G:@?E C2G6
_6G Q2=I6 Z:?4=I5:?8 5:776C6?46E P>A2:C>6?G _6G Q2=I6
K646>36C 0DY >:?@C:GT 2?5 @G96C 2?5 @G96C K646>36C 0DY
)**+ :?G6C6EG. >@Q6>6?GE C65I4G:@?E )**(
C?&19<? V5AA$9 T?5I5N f54 B[00p a # # B[00n
*)K; YK8M/- (<8/6Q 59I$L 5I$ "I$ V"NX 59LZI
*)K; YK8M/- W8KG&) $!L $% IIN V55ZX $#$
*)K; YK8M/- U+Q8&OK: %I % $ # $%
2/-S YK8M/- (<8/6Q I9ZIL IZ5 I5Z # I95"$
2/-S YK8M/- U+Q8&OK: "#% "! N5 # N"!
UUY0C #5 # ! # !"
C;K&-)Q::VIX LNZ LN %L V5X %$$
U3"C !$N LZ %5 VNX %N5
h<A$9 C?&19<?\p. )[B() )Bp nn^ \p)(. n[p0n
*)K; YK8M/- W8KG&) # 595!! 5I" # 59NL$
2/-S YK8M/- U+Q8&OK: # %#" %# # $"%
h<A$9 C?&19<? D?$@59 # 0[BB^ p^Z # 0[jBn
g5&$?A@$ \0.
# pnj p # pn)
CV d<9$;' # BZB # # BZB
cA41?@ B0) B(^ B0 \j0. pBa
hchCU n[anj j[0(( B[(^p \0(0. Bp[))0
\B.
R;&9G'1@ C&1@5A$[ J5A4 $ ;1A I$9G1 <2 pan $@ <2 F1&1:%1? 0B[ p((n
\p.
R;&9G'1@ $99 @G%@5'5$?51@[ :$5;9N 9<&$A1' 5; KG?<=1 $;' g<GA4 C:1?5&$
\0.
gG%61&A A< &4$;31 G=<; 25;$95P$A5<; <2 =G?&4$@1 =?5&1 $99<&$A5<;
C?&19<?V5AA$9 A1@A@ 3<<'J599 $;;G$99N[ 5; A41 2<G?A4 >G$?A1?[ 2<? 5:=$5?:1;A <? :<?1 2?1>G1;A9N 52 A41?1 $?1
5;'5&$A5<;@ A4$A 3<<'J599 :534A %1 5:=$5?1'* C@ $ ?1@G9A <2 A$L ?1@A?G&AG?5;3 5; A41 @1&<;' 4$92 <2 p((n[ $;' $2A1?
=G?&4$@1 =?5&1 $99<&$A5<; <2 C?&19<? J$@ &<:=91A1'[ '121??1' A$L $@@1A@ $:<G;A5;3 A< p)( J1?1 ?1&<3;5P1' J5A4
?1@=1&A A< ;1A <=1?$A5;3 9<@@1@ =?1I5<G@9N ;<A &$=5A$95P1'* C@ $ &<;@1>G1;&1[ 3<<'J599 5@ ?1'G&1' 2<? A41 @$:1
$:<G;A*
h41 ?1&<I1?$%91 $:<G;A@ <2 A41 &$@4 31;1?$A5;3 G;5A@ $?1 '1A1?:5;1' 2?<: I$9G1 5; G@1 &$9&G9$A5<;@* h41 81N
$@@G:=A5<;@ 2<? A41 I$9G1 5; G@1 &$9&G9$A5<;@ $?1 A4<@1 ?13$?'5;3 A41 '5@&<G;A ?$A1@[ 3?<JA4 ?$A1@ $;' 1L=1&A1'
&4$;31@ A< @1995;3 =?5&1@ $;' '5?1&A &<@A@ 'G?5;3 A41 =1?5<'* V$;$31:1;A 1@A5:$A1@ '5@&<G;A ?$A1@ G@5;3 =?1bA$L
?$A1@ A4$A ?1291&A &G??1;A :$?81A $@@1@@:1;A@ <2 A41 A5:1 I$9G1 <2 :<;1N $;' A41 ?5@8@ @=1&525& A< A41 &$@4
31;1?$A5;3 G;5A@* h41 3?<JA4 ?$A1@ $?1 %$@1' <; 5;'G@A?N 3?<JA4 2<?1&$@A@* E4$;31@ 5; @1995;3 =?5&1@ $;' '5?1&A
&<@A@ $?1 %$@1' <; =$@A =?$&A5&1@ $;' 1L=1&A$A5<;@ <2 2GAG?1 &4$;31@ 5; A41 :$?81A*
C?&19<?V5AA$9 =?1=$?1@ &$@4 29<J '1?5I1' 2?<: A41 :<@A ?1&1;A 25;$;&5$9 %G'31A@ $;' 1LA?$=<9$A1@ &$@4 29<J@ 2<?
A41 2<99<J5;3 A4?11 N1$?@ %$@1' <; $; 1@A5:$A1' 3?<JA4 ?$A1* h45@ ?$A1 '<1@ ;<A 1L&11' A41 $I1?$31 9<;3bA1?: ?$A1
2<? A41 ?191I$;A :$?81A@*
f1@1$?&4 $;' '1I19<=:1;A &<@A@ $?1 1L=1;@1' $;' 5;&9G'1' 5; &<@A <2 3<<'@ @<9'* h41@1 &<@A@ $:<G;A1' A< ^)[
$;' pBj 5; A41 N1$?@ 1;'1' F1&1:%1? 0B[ p(()[ $;' p((n[ ?1@=1&A5I19N*
71
_`"L ai dh`dLh"'Y d]F_" F_K Lf#Pd^L_"
d?<=1?AN[ =9$;A $;' 1>G5=:1;A $?1 @G::$?5P1' $@ 2<99<J@k
]2?5Y 3I:=5:?8E ^249:?6CT 2?5 J@?EGCI4G:@?

2?5 :>AC@Q6>6?GE 6BI:A>6?G :? AC@8C6EE "@G2=
J@EG
CA F1&1:%1? 0B[ p((a j[(B^ B^[Z(a ^(a pj[np^
C''5A5<;@ jnn npB B[n0n p[^0a
C&>G5@5A5<;@ A4?<G34 %G@5;1@@ &<:%5;$A5<;@ Z[))^ pB[^Z^ 0[j)) 0j[Bpj
M<?153; 1L&4$;31 '5221?1;&1@ a(0 B[()n \)). B[a(j
F5@=<@$9@ \0(). \ajj. \B^j. \B[(jj.
cA41? :<I1:1;A@ ^Zp B[B0B \B[0ZZ. npa
CA F1&1:%1? 0B[ p(()_ Bj[0jj jj[B)^ j[j)( )p[^n0
C''5A5<;@ jj( B[^)j 0[(jj a[jjZ
C&>G5@5A5<;@ A4?<G34 %G@5;1@@ &<:%5;$A5<;@ j^^ Z^) ZZ B[jZ0
M<?153; 1L&4$;31 '5221?1;&1@ p[j(0 n[(^) pja ^[njj
F5@=<@$9@ \Bnj. \B[(0(. \pp. \B[pp).
cA41? :<I1:1;A@ B[)aZ p[((a \j[(0). \0n0.
CA F1&1:%1? 0B[ p((n B^[Bn( aa[B(( 0[nn^ nZ[(j^
F44I>I=2G65 56AC64:2G:@? 2?5 :>A2:C>6?G
CA F1&1:%1? 0B[ p((a B[(0p j[)a( p a[)Zj
F1=?1&5$A5<; &4$?31 2<? A41 N1$?_ )00 B[a(0 n p[Bj0
R:=$5?:1;A 0 0Z # jB
F5@=<@$9@ \^). \j(0. # \j^^.
M<?153; 1L&4$;31 '5221?1;&1@ p(B an0 # nnj
cA41? :<I1:1;A@ B(a Ba0 \B. pan
CA F1&1:%1? 0B[ p(() B[ZnZ )[aBj Z Z[j((
F1=?1&5$A5<; &4$?31 2<? A41 N1$? a)n 0[p0a a 0[Z(n
R:=$5?:1;A 0 BnZ Bp B^0
F5@=<@$9@ \jp. \ZB^. # \Z)B.
M<?153; 1L&4$;31 '5221?1;&1@ ZZj 0[^B^ j0 j[Zj)
cA41? :<I1:1;A@ \0Z. \pnp. \p(. \00(.
CA F1&1:%1? 0B[ p((n 0[pap Bp[naa jZ B)[(aa
J2CCT:?8 2>@I?G
CA F1&1:%1? 0B[ p(() Bp[j)) 0n[)aa j[jap aj[an0
CA F1&1:%1? 0B[ p((n Ba[^BZ jp[0ja 0[n0B )B[^^j
_
=G?&4$@1 =?5&1 <2 C?&19<? \@11 ;<A1 0.*
FG?5;3 A41 =1?5<'[ A41 E<:=$;N &$??51' <GA $ ?1I51J <2 A41 ?1&<I1?$%91 $:<G;A <2 5A@ :$;G2$&AG?5;3 =9$;A@ $;'
1>G5=:1;A* h41 ?1&<I1?$%91 $:<G;A <2 A41 ?191I$;A $@@1A@ 4$@ %11; '1A1?:5;1' <; A41 %$@5@ <2 A415? I$9G1 5; G@1*
C@ $ ?1@G9A <2 A41 $@@1@@:1;A[ A41 E<:=$;N '1A1?:5;1' A4$A A41 ?1&<I1?$%91 $:<G;A 2<? &1?A$5; <2 5A@ =9$;A[
=?<=1?AN $;' 1>G5=:1;A J$@ 91@@ A4$; 5A@ &$??N5;3 $:<G;A* C&&<?'5;39N[ $ B^0 \p(()k jB. 5:=$5?:1;A 9<@@ J$@
?1&<3;5P1' 5::1'5$A19N $@ $; 1L=1;@1 $@ =$?A <2 <=1?$A5;3 5;&<:1 5; A41 5;&<:1 @A$A1:1;A*
h41 E<:=$;N 4$@ =91'31' B[Bj) $;' )nB 5; 9$;' $;' %G59'5;3@ $@ <2 F1&1:%1? 0B[ p(() $;' p((n[ ?1@=1&A5I19N[
A< @1&G?1 %$;85;3 2$&595A51@ 3?$;A1' A< A41 E<:=$;N* h41@1 2$&595A51@ $?1 2G?A41? '5@&9<@1' 5; ;<A1 Bj*
72
_`"L D*i P_$L!"^L_"! FJJ`#_"LK M`h #!P_N "OL Lf#P"' ^L"O`K
h41 E<:=$;N%@ 5;I1@A:1;A@ 5; $@@<&5$A1@ $;' 6<5;A I1;AG?1@ $?1 $@ 2<99<J@k
`R?6CE9:A _6G 2EE6G Q2=I6

W FG 2G K646>36C 0DY
K646>36C 0DY
P?Q6EG66 ]@42G:@? )**( )**+Zg. )**(
FQg O?<G= \B.
O1?:$;N aB*0(Y ^^Z B[a^Z
QG;$; m$95;\p. E45;$ p^*B^Y 0Zp jjp
E45;$ c?51;A$9 O?<G= E<:=$;N UA'\0. E45;$ pZ*(pY # )jj
O1@A$:= g=$5; 0aY p0Z 0)B
O<;I$??5 R;'G@A?5$9 E<;@<95'$A1' g=$5; 0aY pn) jp0
cA41? m$?5<G@ # B[a)p p[jB^
h<A$9 0[ja) a[ZZn
\B.
h41 E<:=$;N <J;@ $ aB*0Y 5;A1?1@A 5; F5995;31? QGAA1 g$$?@A$49 CO \&FQg(.* h41 E<:=$;N '<1@ ;<A 1L1?&5@1
&<;A?<9 <I1? FQg $@ 5A 5@ G;$%91 A< $==<5;A $ :$6<?5AN <2 A41 :1:%1?@ <2 A41 @G=1?I5@<?N %<$?' <2 FQg $;' '1&5@5<;@
I<A1' <; %N @4$?14<9'1?@ $?1 ?1>G5?1' A< %1 $==?<I1' J5A4 $A 91$@A $ n(Y $225?:$A5I1 I<A1*
\p.
R; W<I1:%1? p((n[ A41 &<;I1?@5<; <2 &1?A$5; &<;I1?A5%91 %<;'@ <&&G??1' $;'[ $@ $ ?1@G9A[ A41 @4$?14<9'5;3@ <2 A41
E<:=$;N J1?1 '59GA1' A< p^*B^Y* C@ <2 F1&1:%1? 0B[ p((n[ A41 5;I1@A:1;A 4$' $ :$?81A I$9G1 <2 B[(aZ \0an 5;
p(().*
\0.
c; W<I1:%1? Z[ p((n[ C?&19<?V5AA$9 =G?&4$@1' $==?<L5:$A19N Zp([((([((( E45;$ c?51;A$9 @4$?1@ 2<? $ A<A$9
&<;@5'1?$A5<; <2 )jj \QT- a*(p %5995<;.[ <? $ pZ*(pY 1>G5AN 5;A1?1@A 5; A41 E<:=$;N* c; F1&1:%1? B0[ p((n A41
E<:=$;N 1;A1?1' 5;A< $ @4$?14<9'1?%@ $3?11:1;A J45&4 1;$%91' C?&19<?V5AA$9 A< %1&<:1 A41 :$6<?5AN @4$?14<9'1? <2
E45;$ c?51;A$9 $;' A< ?$5@1 1I1;AG$99N 5A@ 1>G5AN @A$81 5; A41 E45;$ c?51;A$9 A< n0*B0Y* C@ <2 F1&1:%1? 0B[ p((n A41
5;I1@A:1;A 4$' $ :$?81A I$9G1 <2 )n(*
\j.
FG?5;3 p((n[ A41 E<:=$;N 25;$95P1' A41 =G?&4$@1 =?5&1 $99<&$A5<; 2<? C?&19<?* d?5<? =1?5<' 5;2<?:$A5<; 4$@ %11;
$'6G@A1' ?1A?<@=1&A5I19N*
gG::$?5P1' 25;$;&5$9 5;2<?:$A5<;[ 5; A41 $33?13$A1[ 2<? A41 E<:=$;N%@ 5;I1@A:1;A@ $&&<G;A1' 2<? G@5;3 A41
1>G5AN :1A4<' 5@ $@ 2<99<J@k
'62CE 6?565 K646>36C 0DY
)**+ )**(
J@?56?E65 EG2G6>6?G @7 :?4@>6 52G2
O?<@@ ?1I1;G1 Z[n0j pZ[)^)
W1A 5;&<:1 a00 B[Z()
K646>36C 0DY
)**+ )**(
J@?56?E65 32=2?46 E966G 52G2
h<A$9 $@@1A@ Bp[BjZ pn[aBZ
h<A$9 95$%595A51@ )[n^n Bj[aaB
_`"L DDi `"OLh P_$L!"^L_"!

h41 E<:=$;N 4<9'@ A41 2<99<J5;3 <A41? 5;I1@A:1;A@k
K646>36C 0DY
)**+ )**(
CI$59$%91b2<?b@$91 @1&G?5A51@ a(a B[Z0^
R;I1@A:1;A@ $&&<G;A1' 2<? $A &<@A )j) 0p(
h<A$9 B[BaB p[Ba^
h41 &4$;31 5; 2$5? I$9G1 <2 $I$59$%91b2<?b@$91 @1&G?5A51@ 2<? A41 =1?5<' \G;?1$95P1' 3$5; <2 a)^ \p(()k B).[ ;1A <2
5;&<:1 A$L $;' :5;<?5AN 5;A1?1@A@. 5@ ?1&<?'1' '5?1&A9N 5; 1>G5AN*
73
_`"L D)i HF]F_JL! F_K "hF_!FJ"P`_! %P"O hL]F"LK dFh"PL!
h?$;@$&A5<;@ J5A4 ?19$A1' =$?A51@[ $99 <2 J45&4 $?1 $@@<&5$A1@ $;' 6<5;A I1;AG?1@ <2 A41 E<:=$;N[ J1?1 $@ 2<99<J@k
'62C 6?565
K646>36C 0DY K646>36C 0DY
)**+ )**( )**+ )**(
"C2?E24G:@?E !2=6E "C256 C646:Q23=6E

V$&@A119 R;A%9 Q<9'5;3 / gG%@5'5$?51@ B[(Zj ^jB p) ja
RXW T<A1 0Z( j(Z B0 )
d<9@85 T<8@ 0n) jja )j ZB
E<59@ U$:51?1 W$@A?5 \EUW. gdC ppB )ja Bj0 B(n
O<;I$??5 R;'G@A?5$9 gC p(n pna j^ B
oFR p(a Bna BZ 0
#$89$' d?P1AJ<?@AJ$ Ba( B)^ p( pB
gA$9=?<259 g*C* B(a BBB Z B0
g<?1I&< np # Z #
U$:5;1@ V$?&4$;'@ KG?<=11;@ gC aa B)Z pZ 0n
D<?&1958 E1958 g$;$N55 h5&$?1A Cg ap pBj p( 0^
M9<?5; E1;A?G: a( jn Bp n
O<GI$GA< gC # Bja # Bp
D1?3 gA119 d5=1 E<?= # BB( # #
C?&19<?V5AA$9 O<;I$??5 ggE g9<I$85$ # ^p # Bp
O1@A$:= g1?I5&5<@ # nB # n
O<;I$??5 d?<'G&A<@ g5'1?G?35&<@ gC # )n # BB
D$:1@$ E1958 g1?I5@ g$;$N55 h5&$?1A Cg # )) # B^
Q51??$@ C=9$;$&5<;1@ gC # )a # ^
O<;I$??5 D?$@59 gC # )p # pp
W<G?N gC # a( # a
cA41? Z^( jjB 0(( BB(
h<A$9 0[Zjn j[n)n n(^ a)n
'62C 6?565
K646>36C 0DY K646>36C 0DY
)**+ )**( )**+ )**(
dIC492E6E @7 C2R
"C2?E24G:@?E >2G6C:2= / @G96CE "C256 A2T23=6E
d<9@85 T<8@ paZ )p0 a) np
K*R*V*d paa pZp # #
M<?31@ 1A C&51?51@ '1 F5995;31; BZ) 00( pn a)
RXW h18 \h<995;3 &4$?31@. B)) B0) B( 0B
V$& gA119 R;A%9 Q<9'5;3 / gG%@5'5$?51@ B() # # #
d1)$ E<9<?$'$ )) n( pn jB
dER C@@<&5$A1@ \h<995;3 M11@. )a ja # #
K8< f1&N&95;3 O:%Q )p # Bn #
D<?&1958 E1958 g$;$N555 h5&$?1A Cg # B^Z # j(
C?&19<?V5AA$9 O<;I$??5 ggE g9<I$85$ # )j # Z
ChRE g1?I5&1@ # B)j # pp
F5995;31? QGAA1 g$$?@A$49 CO # B(0 # pj
E5$ Q5@=$;< D?$@5915?$ '1 d19<A5P$#$< gC # )( # Bp
U5;'@$N R;A1?;$A5<;$9 \dIA. UA'* 0) 0( 0 j
c?5;' f12?$&A<?51@ / gG%@5'5$?51@ 0a pB 0 B
cA41? a(a pZp 0n) B0a
h<A$9 B[nj( p[j(Z aB^ jj)
74
h?$;@$&A5<;@ %1AJ11; A41 E<:=$;N $;' 5A@ @G%@5'5$?51@[ J45&4 $?1 ?19$A1' =$?A51@ <2 A41 E<:=$;N[ 4$I1 %11;
195:5;$A1' 5; &<;@<95'$A5<; $;' $?1 ;<A '5@&9<@1' 5; A45@ ;<A1* f121? A< ;<A1 pa 2<? '5@&9<@G?1 <2 A?$;@$&A5<;@ J5A4
81N :$;$31:1;A =1?@<;;19*
h41 E<:=$;N%@ =?5;&5=$9 @G%@5'5$?51@[ &$A13<?5P1' %N @13:1;A $;' 9<&$A5<;[ $?1 $@ 2<99<J@k
_2>6 @7 !I3E:5:2CT F33C6Q:2G:@? J@I?GCT
M=2G J2C3@? F>6C:42E

C?&19<?V5AA$9 lgC R;&* C?&19<?V5AA$9 lgC lgC
E<:=$;45$ g5'1?"?35&$ '1 hG%$?H< g*C* Egh D?$P59
C?&19<?V5AA$9 F<2$@&< R;&* F<2$@&< E$;$'$
C?&19<?V5AA$9 U!P$?< E!?'1;$@ g*C* '1 E*m* C?&19<?V5AA$9 U!P$?< E!?'1;$@ V1L5&<
M=2G J2C3@? LIC@A6

C&1?5$ E<:=$&A$ '1 D5P8$5$ g*C* C&1?5$ E<:=$&A$ '1 D5P8$5$ g=$5;
C?&19<? d?<'G5A@ d9$A@ o$99<;51 C?&19<? d?<'G5A@ d9$A@ o$99<;51 D1935G:
C?&19<? gA119 D1935G: W*m* C?&19<? gA119 D1935G: D1935G:
C?&19<?V5AA$9 CA9$;A5>G1 1A U<??$5;1 gCg C?&19<?V5AA$9 CA9$;A5>G1 1A U<??$5;1 M?$;&1
C?&19<?V5AA$9 D?1:1; O:%Q C?&19<?V5AA$9 D?1:1; O1?:$;N
C?&19<?V5AA$9 K5@1;4%AA1;@A$'A O:%Q C?&19<?V5AA$9 K5@1;4%AA1;@A$'A O1?:$;N
C?&19<?V5AA$9 K@=$)$ g*C* C?&19<?V5AA$9 K@=$)$ g=$5;
C?&19<?V5AA$9 M9$A E$?%<; KG?<=1 g*C* CVMEK UGL1:%<G?3
C?&19<?V5AA$9 O$9$A5 g*C* C?&19<?V5AA$9 O$9$A5 f<:$;5$
C?&19<?V5AA$9 V"'5A1??$;"1 gCg C?&19<?V5AA$9 V"'5A1??$;"1 M?$;&1
C?&19<?V5AA$9 c@A?$I$ $*@* C?&19<?V5AA$9 c@A?$I$ EP1&4 f1=G%95&
C?&19<?V5AA$9 d$&8$35;3 g*C* C?&19<?V5AA$9 d$&8$35;3 M?$;&1
C?&19<?V5AA$9 d5<:%5;< g*=*$* C?&19<?V5AA$9 d5<:%5;< RA$9N
C?&19<?V5AA$9 d<9$;' g*C* C?&19<?V5AA$9 d<9$;' d<9$;'
E<&81?599 g$:%?1 g*C* E<&81?599 g$:%?1 D1935G:
R;'G@A119 D1935G: g*C* R;'G@A119 D1935G: D1935G:
R;'G@A119 M?$;&1 g*C* R;'G@A119 M?$;&1 M?$;&1
]@?8 J2C3@? F>6C:42E 2?5 LIC@A6

C&5;'$? R;'G@A?5$ C?31;A5;$ '1 C&1?<@ g*C* C&5;'$? C?31;A5;$
C?&19<? QGA$ o$?@P$J$ g=*P*<*<* C?&19<? QGA$ o$?@P$J$ d<9$;'
C?&19<?V5AA$9 D19I$9 / F5221?'$;31 g*C* C?&19<?V5AA$9 D19I$9 / F5221?'$;31 UGL1:%<G?3
C?&19<?V5AA$9 D1?3$?$[ g*C* C?&19<?V5AA$9 D1?3$?$ g=$5;
C?&19<?V5AA$9 D?$@59 g*C* C?&19<?V5AA$9 D?$@59 D?$P59
C?&19<?V5AA$9 E<::1?&5$9 g1&A5<;@ g*C* C?&19<?V5AA$9 E<::1?&5$9 g1&A5<;@ UGL1:%<G?3
C?&19<?V5AA$9 Q$:%G?3 O:%Q C?&19<?V5AA$9 Q$:%G?3 O1?:$;N
C?&19<?V5AA$9 Q<&4219' O:%Q C?&19<?V5AA$9 Q<&4219' O1?:$;N
C?&19<?V5AA$9 V$'?5'[ g*U* C?&19<?V5AA$9 V$'?5' g=$5;
C?&19<?V5AA$9 c9$%1??#$[ g*U* C?&19<?V5AA$9 c9$%1??#$ g=$5;
C?&19<?V5AA$9 c@A?$I$ $*@* C?&19<?V5AA$9 c@A?$I$ EP1&4 f1=G%95&
C?&19<?V5AA$9 d<5;A U5@$@ UA'* C?&19<?V5AA$9 d<5;A U5@$@ h?5;5'$' $;' h<%$3<
C?&19<?V5AA$9 d<9$;' g*C* C?&19<?V5AA$9 d<9$;' d<9$;'
C?&19<?V5AA$9 f<'$;31 / g&45229$;31 g*C* C?&19<?V5AA$9 f<'$;31 UGL1:%<G?3
C?&19<?V5AA$9 fG4?<?A O:%Q C?&19<?V5AA$9 fG4?<?A O1?:$;N
C?&19<?V5AA$9 lgC R;&* C?&19<?V5AA$9 lgC lgC
V5AA$9 E$;$'$ R;&* V5AA$9 E$;$'$ E$;$'$
C?&19<?V5AA$9 9$@ h?G&4$@[ g*C* '1 E*m* g5&$?A@$ V1L5&<
FE:2Y F7C:42 2?5 JP! ZFFJP!.

C?&19<?V5AA$9 C;;$%$ g=$ C?&19<?V5AA$9 C;;$%$ C931?5$
C?&19<?V5AA$9 g<GA4 C2?5&$ UA'* C?&19<?V5AA$9 g<GA4 C2?5&$ g<GA4 C2?5&$
C?&19<?V5AA$9 h1:5?A$G SgE C?&19<?V5AA$9 h1:5?A$G T$P$84@A$;
75
_2>6 @7 !I3E:5:2CT F33C6Q:2G:@? J@I?GCT
V5AA$9 gA119 U5%1?5$ U5:5A1' V5AA$9 gA119 U5%1?5$ U5%1?5$

cSgE C?&19<?V5AA$9 T?NI5N f54 C?&19<?V5AA$9 T?NI5N f54 l8?$5;1
g<&5"A" W$A5<;$91 '1 g5'"?G?351[ g*C* g<;$@5' V<?<&&<
!G2:?=6EE !G66=
C?&19<?V5AA$9 R;<L D?$@59 g*C* C&1@5A$ <? C?&19<?V5AA$9 R;<L D?$@59 D?$P59
C?&19<?V5AA$9 gA$5;91@@ D1935G: CVgD D1935G:
C?&19<?V5AA$9 gA$5;91@@ M?$;&1 CVgM M?$;&1
FC46=@C ^:GG2= !G66= !@=IG:@?E 2?5 !6CQ:46E ZF^0!.

C?&19<?V5AA$9 E<;@A?G&A5<; M?$;&1 g*C* C?&19<?V5AA$9 E<;@A?G&A5<; M?$;&1 M?$;&1
C?&19<? R;A1?;$A5<;$9 C:1?5&$[ UUE C?&19<? R;A1?;$A5<;$9 C:1?5&$ lgC
C?&19<?V5AA$9 CGA< d?<&1@@5;3 M?$;&1 gCg C?&19<?V5AA$9 CGA< d?<&1@@5;3 M?$;&1 M?$;&1
C?&19<?V5AA$9 R;A1?;$A5<;$9 M#K C?&19<?V5AA$9 R;A1?;$A5<;$9 M#K l;5A1' C?$% K:5?$A1@
C?&19<?V5AA$9 gA$494$;'19 O:%4 C?&19<?V5AA$9 gA$494$;'19 O1?:$;N
_`"L D0i !O`h"e"Lh^ KLH"

g4<?AbA1?: '1%A[ 5;&9G'5;3 A41 &G??1;A =<?A5<; <2 9<;3bA1?: '1%A[ &<;@5@A1' <2 A41 2<99<J5;3k
FG K646>36C 0DY
)**+ )**(
g4<?A A1?: %$;8 9<$;@ $;' <A41? &?1'5A 2$&595A51@ B[pp^ 0[)a0
EG??1;A =<?A5<; <2 9<;3bA1?: '1%A \@11 ;<A1 Bj. 0[))0 j[Z0p
U1$@1 <%953$A5<;@ \@11 ;<A1 Bj. 0( an
h<A$9 j[^pp Z[ajp
g4<?AbA1?: '1%A 5;&9G'1@ @4<?A A1?: 9<$;@[ <I1?'?$2A@ $;' &<::1?&5$9 =$=1?*
Y/++Q8O&K) 6K6Q8
h41 E<:=$;N ?G;@ $ &<::1?&5$9 =$=1? =?<3?$: 1;$%95;3 %<??<J5;3@ <2 G= A< 0p[((( :5995<; \p[^jj.*
76
_`"L Dgi ]`_Ne"Lh^ KLH"
U<;3bA1?: '1%A 5@ &<:=?5@1' <2 A41 2<99<J5;3 $@ <2 F1&1:%1? 0Bk
'62C @7 "TA6 @7 P?G6C6EG

)**+ )**(
>2GIC:GT P?G6C6EG h2G6ZD.
J@CA@C2G6
0*p %5995<; E?1'5A M$&595AN p(B( M9<$A5;3 a*pY ! a*aY p[B(( p[n((
0Bn %5995<; E?1'5A M$&595AN p(BB ! p(Bp M9<$A5;3 a*pY ! a*jY Ba[ZpZ B)[0an
KDfF 9<$;@ p((^ ! p(B0 M9<$A5;3 a*)Y ! a*^Y pa( pB)
F1%1;AG?1 9<$;@ p((Z ! p(Ba M5L1' 0*jY ! )*jY p[)pp p[^Bn
cA41? 9<$;@ p((Z ! p(0a M9<$A5;3 0*pY ! a*0Y nnj B[aZ0
cA41? 9<$;@ p((Z ! p(Ba M5L1' 0*aY ! )*aY jBp 0np
h<A$9 E<?=<?$A1 pB[^Z) pj[Bja
F>6C:42E
g1;5<? @1&G?1' ;<A1@ p(Bj M5L1' ^*naY jp( jp(
g1;5<? G;@1&G?1' ;<A1@ p((Z ! p(Bn M5L1' 0^B #
g1;5<? G;@1&G?1' ;<A1 p(Bj M5L1' )*aY a(( a((
C@@1A $&>G5@5A5<; 9<$;@ p((Z ! p(BZ M5L1' aY !BB*BY )00 ZB0
cA41? 9<$;@ p((Z ! p(Bj M5L1' )*(Y !BB*jY p0( B(B
cA41? 9<$;@ p((Z ! p(BZ M9<$A5;3 j*nY !Ba*pY 0j0 0Z(
h<A$9 C:1?5&$@ p[aBn p[pBj
LIC@A6Y FE:2 / F7C:42
O<I1?;:1;A 9<$; p(BB M5L1' aY Ba( #
cA41? 9<$;@ p((Z ! p(B( M5L1' j*ZY ! ppY 0^( pa^
cA41? 9<$;@ p((Z ! p(B( M9<$A5;3 )*BY !n*aZY Ba^ B)
h<A$9 KG?<=1[ C@5$ / C2?5&$ )^^ pna
"@G2= )cY)*) )+Y+0g
U1@@ &G??1;A =<?A5<; <2 9<;3bA1?: '1%A 0[))0 j[Z0p
h<A$9 9<;3bA1?: '1%A \1L&9G'5;3 91$@1
<%953$A5<;@. pB[a0^ pB[Z(p
f1I$9G$A5<; <2 5;A1?1@A ?$A1 41'31
5;@A?G:1;A@ \;<A1 Ba. ) BZ
U1$@1 <%953$A5<;@\p. B(( p)a
"@G2= =@?8eG6C> 563GY ?6G @7 4ICC6?G
A@CG:@? )DY+gc ))Y*Xc
\B.
f$A1@ $==95&$%91 A< %$9$;&1@ <GA@A$;'5;3 $A F1&1:%1? 0B[ p((n* h41 1221&A5I1 ?$A1 <2 A41 0Bn %5995<; E?1'5A M$&595AN
$:<G;A@ A< a*BpY 5; p((n*
\p.
W1A <2 &G??1;A =<?A5<; <2 0( 5; p(() $;' an 5; p((n*
J@CA@C2G6
"\5 M&))&/- Y8QP&; *KO&)&;F
c; C=?59 n[ p((a[ V5AA$9 gA119 $;' &1?A$5; @G%@5'5$?51@ @53;1' $ 25I1bN1$? 0[p(( &?1'5A 2$&595AN \B[n(( A1?: 9<$;
$;' B[a(( fEM. J5A4 $ &<;@<?A5G: <2 %$;8@* c; M1%?G$?N )[ p((n $; $:1;':1;A '11' J$@ @53;1' 5; <?'1? A<
$953; A41 '<&G:1;A$A5<; J5A4 A41 '<&G:1;A$A5<; <2 A41 0Bn %5995<; &?1'5A 2$&595AN* c; F1&1:%1? B([ p((n[ A45@
&?1'5A 2$&595AN J$@ A?$;@21??1' A< C?&19<?V5AA$9 M5;$;&1* C?&19<?V5AA$9 =?<I5'1' $; G;&<;'5A5<;$9 3G$?$;A11
@1&G?5;3 A41 '1%A* p[n(( J$@ <GA@A$;'5;3 $A F1&1:%1? 0B[ p((n*
"IL M&))&/- Y8QP&; *KO&)&;F

c; S$;G$?N 0([ p(()[ A41 E<:=$;N 1;A1?1' 5;A< $ 0a %5995<; &?1'5A $3?11:1;A J5A4 $ 3?<G= <2 91;'1?@ A< 25;$;&1
A41 &$@4 =<?A5<; <2 A41 <221? 2<? C?&19<? $9<;3 J5A4 ?19$A1' A?$;@$&A5<; &<@A@ \&C&>G5@5A5<; M$&595AN(. $;' $
00*( %5995<; &?1'5A $3?11:1;A A< ?125;$;&1 A41 p((a D?5'31 M$&595AN \&f125;$;&5;3 M$&595AN(.* c; V$N p0[ p(()[
A41 E<:=$;N 1;A1?1' 5;A< $ 0p*Z %5995<; $3?11:1;A J5A4 $ 3?<G= <2 91;'1?@ A< 25;$;&1 A41 &$@4 =<?A5<; <2 A41
5;&?1$@1' <221? 2<? C?&19<? $9<;3 J5A4 ?19$A1' A?$;@$&A5<; &<@A@ \&C&>G5@5A5<; M$&595AN(.*
77
c; W<I1:%1? 0([ p(()[ A41 E<:=$;N 1;A1?1' 5;A< $ 0Bn %5995<; &?1'5A $3?11:1;A \J45&4 5@ &<:=?5@1' <2 $ 0Bp
%5995<; A1?: 9<$; 2$&595AN $;' $ 0a %5995<; ?1I<9I5;3 &?1'5A 2$&595AN. J5A4 $ 3?<G= <2 91;'1?@ A< ?125;$;&1 V5AA$9
gA119%@ f125;$;&5;3 M$&595AN $;' C&>G5@5A5<; M$&595A51@[ $9<;3 J5A4 C?&19<?%@ 0j[((( :5995<; A1?: 9<$; 2$&595AN
$;' 00[((( :5995<; ?1I<9I5;3 &?1'5A 2$&595AN $3?11:1;A* C99 <2 A41@1 ?125;$;&1' 2$&595A51@ J1?1 ?1=$5' $;'
&$;&1991' 5; F1&1:%1? p(()* h41 0Bp %5995<; A1?: 9<$; 2$&595AN @A$?A1' 5A@ ?1=$N:1;A@ $@ 2<?1@11; 5; A41
$3?11:1;A $;' <; W<I1:%1? 0([ p((n[ $; 1>G5I$91;A $:<G;A <2 0p*j %5995<; J$@ ?1=$5'* h41 0a %5995<; ?1I<9I5;3
&?1'5A 2$&595AN ?1:$5;@ $I$59$%91 $;' 4$@ %11; G@1' 2?<: A5:1 A< A5:1 5; p((n* CA F1&1:%1? 0B[ p((n[ p[p(( 4$'
%11; '?$J; G;'1? A45@ 2$&595AN* c; c&A<%1? 0([ p((n[ A41 :$AG?5AN <2 A41 0a %5995<; ?1I<9I5;3 &?1'5A 2$&595AN J$@
1LA1;'1' 5; $3?11:1;A J5A4 A41 91;'1?@ 2<? <;1 $''5A5<;$9 N1$?[ A< W<I1:%1? 0([ p(Bp* c; F1&1:%1? B([ p((n[
C?&19<?V5AA$9 A?$;@21??1' A41 A<A$9 &?1'5A 2$&595AN A< C?&19<?V5AA$9 M5;$;&1* C?&19<?V5AA$9 =?<I5'1' $;
G;&<;'5A5<;$9 3G$?$;A11 @1&G?5;3 A41 '1%A* h41 <GA@A$;'5;3 $:<G;A G;'1? 0Bn %5995<; &?1'5A 2$&595AN $A
F1&1:%1? 0B[ p((n J$@ B)[0an*
(WB[ 2/K-:
h45@ @1&G?1' 9<$; 5@ 2<? &$=5A$9 1L=1;'5AG?1@ $;' J<?85;3 &$=5A$9 ?1>G5?1:1;A@ $A C?&19<?V5AA$9 O$9$A5* h41 9<$;
5@ 3G$?$;A11' %N A41 E<:=$;N $;' &1?A$5; <2 5A@ @G%@5'5$?51@* h41 <GA@A$;'5;3 $:<G;A <2 A41 9<$; 5@ 00 $@ <2
F1&1:%1? 0B[ p((n*
c; C=?59 j[ p(()[ A41 2<?:1? V5AA$9 gA119 @53;1' $ p(( 9<$; $3?11:1;A J5A4 A41 KG?<=1$; D$;8 2<?
f1&<;@A?G&A5<; $;' F1I19<=:1;A 2<? <;b91;'5;3 A< C?&19<?V5AA$9 T?NI5N f54* h41 <GA@A$;'5;3 $:<G;A <2 A41
9<$; J$@ BZ0 $@ <2 F1&1:%1? 0B[ p((n*
c; SG;1 Ba[ p((n[ A41 2<?:1? V5AA$9 gA119 @53;1' $ B(( 9<$; $3?11:1;A J5A4 A41 KG?<=1$; D$;8 2<?
f1&<;@A?G&A5<; $;' F1I19<=:1;A 2<? <;b91;'5;3 A< C?&19<?V5AA$9 h1:5?A$G 5; <?'1? A< 25;$;&1 A41 <I1?$99
:<'1?;5P$A5<; <2 A41 &<$9 :5;1@ <=1?$A1' %N C?&19<?V5AA$9 h1:5?A$G 5; A41 ?135<; <2 T$?$3$;'$ J5A4 A41 $5: A<
%?5;3 A41: 5; 95;1 J5A4 5;A1?;$A5<;$9 %1@A =?$&A5&1 5; A1?:@ <2 =?<'G&A5I5AN $;' 41$9A4 $;' @$21AN* h41 <GA@A$;'5;3
$:<G;A G;'1? A45@ $3?11:1;A $A F1&1:%1? 0B[ p((n J$@ ;59*
[QMQ-;<8Q )/K-:
R; p((B[ A41 2<?:1? l@5;<? \?1;$:1' C?&19<?V5AA$9 M?$;&1. 5@@G1' 0)(( :5995<; 5; AJ< A?$;&41@ \0a(( :5995<; <;
C=?59 B( $;' 0B(( :5995<; <; SG9N 0B.* D<A4 =?5;&5=$9 $:<G;A@ <2 G;@1&G?1' $;' G;@G%<?'5;$A1' 25L1' ?$A1'
;<A1@ %1$? 5;A1?1@A $A )*BpaY \5@@G1' $A ^^*)âY. 'G1 C=?59 B([ p((Z* c; F1&1:%1? p([ p((p[ A41 31;1?$9
$@@1:%9N <2 A41 %<;'4<9'1?@ $==?<I1' A41 @G%@A5AGA5<; <2 C?&19<? M5;$;&1 \?1;$:1' C?&19<?V5AA$9 M5;$;&1. 2<?
C?&19<?V5AA$9 M?$;&1 $@ =?5:$?N <%953<? G;'1? A41 <GA@A$;'5;3 %<;'@*
R; p((0[ C?&19<?V5AA$9 M5;$;&1 5@@G1' 0)(( :5995<; \0a(( :5995<; <; g1=A1:%1? pj $;' 0B(( :5995<; <;
F1&1:%1? j.* D<A4 =?5;&5=$9 $:<G;A@ <2 G;@1&G?1' $;' G;@G%<?'5;$A1' 25L1' ?$A1' ;<A1@ %1$? 5;A1?1@A $A a*BpaY
\5@@G1' $A ^^*a0)Y. 'G1 g1=A1:%1? pj[ p(B(* D<A4 5@@G$;&1@ J1?1 &<;@<95'$A1' A< 2<?: $ @5;391 @1?51@*
c; SG9N Ba[ p((j[ C?&19<?V5AA$9 M5;$;&1 5@@G1' 0B(( :5995<; =?5;&5=$9 $:<G;A <2 G;@1&G?1' $;' G;@G%<?'5;$A1'
25L1' ?$A1' ;<A1@ %1$?5;3 5;A1?1@A $A a*a(Y \5@@G1' $A B(B*^nY. 'G1 SG9N Ba[ p(Bj*
c; W<I1:%1? n[ p((j[ C?&19<?V5AA$9 M5;$;&1 5@@G1' 0a(( :5995<; =?5;&5=$9 $:<G;A <2 G;@1&G?1' $;'
G;@G%<?'5;$A1' 25L1' ?$A1' %<;'@ %1$?5;3 5;A1?1@A $A j*)paY \5@@G1' $A ^^*BâY. 'G1 W<I1:%1? n[ p(Bj*
c; F1&1:%1? B([ p((j[ C?&19<?V5AA$9 M5;$;&1 5@@G1' 0B(( :5995<; =?5;&5=$9 $:<G;A <2 G;@1&G?1' $;'
G;@G%<?'5;$A1' 25L1' ?$A1' %<;'@ %1$?5;3 5;A1?1@A $A 0*0âY \5@@G1' $A B((*((Y. 'G1 F1&1:%1? B([ p(Bj*
F1%1;AG?1 9<$;@ '1;<:5;$A1' 5; 0 ?1=?1@1;A $ A<A$9 $:<G;A <2 p[n^n* cA41? '1%1;AG?1 9<$;@ $?1 '1;<:5;$A1' 5;
l*g* '<99$?*
?;TQ8 RKO&)&;&Q:
c; SG;1 p^[ SG;1 0([ p((n $;' F1&1:%1? B0[ p((n[ C?&19<?V5AA$9 M5;$;&1 1;A1?1' 5;A< %59$A1?$9 &?1'5A 2$&595A51@
A<A$95;3 0B*a %5995<;* h41@1 %59$A1?$9 95;1@ <2 &?1'5A 4$I1 ?1:$5;1' G;GA595P1' $;' $?1 2G99N $I$59$%91 A<
C?&19<?V5AA$9* h415? =?<&11'@ :$N %1 G@1' 2<? 31;1?$9 &<?=<?$A1 =G?=<@1@*
c; SG9N pj[ p((n[ C?&19<?V5AA$9 M5;$;&1[ A<31A41? J5A4 $ @G%@5'5$?N[ @53;1' $ 25I1 N1$? 0a(( :5995<; %59$A1?$9
2$&595AN 'G1 p(Bp*
78
F>6C:42E
CQ-&/8 CQO<8QP 4/;Q:
c; V$?&4 pa[ p((j[ R@=$A R;9$;' lUE 5@@G1' @1;5<? @1&G?1' ;<A1@ J5A4 $; $33?13$A1 =?5;&5=$9 $:<G;A <2 Z((k
Ba( <2 29<$A5;3 ?$A1 ;<A1@ %1$?5;3 5;A1?1@A $A URDcf =9G@ )*naY 'G1 C=?59 B[ p(B( $;' )a( <2 25L1' ?$A1 ;<A1@
%1$?5;3 5;A1?1@A $A ^*naY \5@@G1' $A ^^*pBpY A< N519' ^*ZnaY. 'G1 C=?59 B[ p(Bj \A41 &g1;5<? g1&G?1' W<A1@(.[
<2 J45&4 jp( \;1A <2 0 <2 '5@&<G;A. $?1 <GA@A$;'5;3 $@ <2 F1&1:%1? 0B[ p((n*
h41 g1;5<? g1&G?1' W<A1@ $?1 @1&G?1' %N M5?@A V<?A3$31 D<;'@ \?19$A5;3 A< &1?A$5; $@@1A@ <2 A41 2<?:1? R@=$A
R;9$;' R;&*. <?535;$99N A<A$95;3 Z(( $;' %N $ @1&<;' =<@5A5<; 951; <; A41 5;I1;A<?N <2 V5AA$9 gA119 lgC \?1;$:1'
C?&19<?V5AA$9 lgC.* C@ 2G?A41? &?1'5A 1;4$;&1:1;A[ A41 g1;5<? g1&G?1' W<A1@ $?1 2G99N $;' G;&<;'5A5<;$99N
3G$?$;A11' %N C?&19<?V5AA$9 lgC[ &1?A$5; <2 5A@ @G%@5'5$?51@ $@ J199 $@ %N C?&19<?V5AA$9 $;' &1?A$5; <A41?
@G%@5'5$?51@* h41 A1?:@ <2 A41 g1;5<? g1&G?1' W<A1@ =9$&1 &1?A$5; 95:5A$A5<;@ <; A41 $%595AN <2 C?&19<?V5AA$9 lgC
$;' 5A@ @G%@5'5$?51@ A< 5;&G? $''5A5<;$9 5;'1%A1';1@@[ =$N '5I5'1;'@ <? :$81 <A41? '5@A?5%GA5<;@ $;' I$?5<G@ <A41?
$&A5I5A51@* h41 5;'1;AG?1 $9@< &<;A$5;@ 95:5A1' &<I1;$;A@ A4$A $?1 $==95&$%91 A< C?&19<?V5AA$9* h41@1 95:5A$A5<;@
$?1 @G%61&A A< $ ;G:%1? <2 1L&1=A5<;@ $;' >G$9525&$A5<;@* C?&19<?V5AA$9 lgC J$@ 5; &<:=95$;&1 J5A4 $99
&<I1;$;A@ $A F1&1:%1? 0B[ p((n* h41 g1;5<? g1&G?1' W<A1@ %1&$:1 5;I1@A:1;A 3?$'1 ?$A1' $@ <2 S$;G$?N B^[
p(()* C@ $ ?1@G9A[ :$;N <2 A41 $%<I1 95:5A$A5<;@ J1?1 @G@=1;'1'[ 5;&9G'5;3 ?1@A?5&A5<;@ <; =$N5;3 '5I5'1;'@ <?
:$85;3 <A41? '5@A?5%GA5<;@ A< @4$?14<9'1?@*
CQ-&/8 E-:QO<8QP 4/;Q:
c; C=?59 Bj[ p((j[ C?&19<?V5AA$9 lgC 5@@G1' )(( <2 @1;5<?[ G;@1&G?1' '1%A @1&G?5A51@ 'G1 5; p(Bj* h41 '1%A
@1&G?5A51@ %1$? 5;A1?1@A $A $ ?$A1 <2 )*aY =1? $;;G: $;' J1?1 5@@G1' $A $ '5@&<G;A <2 a[ J45&4 5@ $:<?A5P1' $@
5;A1?1@A 1L=1;@1 <I1? A41 9521 <2 A41 @1;5<? G;@1&G?1' ;<A1@* c; SG9N pp[ p((a[ C?&19<?V5AA$9 lgC ?1=G?&4$@1'
B(( <2 G;@1&G?1' ;<A1@ 91$I5;3 $; <GA@A$;'5;3 %$9$;&1 <2 a((* h41@1 %<;'@ $?1 2G99N $;' G;&<;'5A5<;$99N
3G$?$;A11' %N &1?A$5; J4<99Nb<J;1' @G%@5'5$?51@ <2 C?&19<?V5AA$9 lgC $;'[ $@ <2 V$?&4 ^[ p((n[ %N
C?&19<?V5AA$9*
c; c&A<%1? B[ p((B[ F<2$@&< \?1;$:1' C?&19<?V5AA$9 F<2$@&<. 5@@G1' E$;$'5$; '<99$? \&ECF(. Bpa :5995<; <2
n*aaY G;@1&G?1'[ ;<;b&$99$%91 ;<A1@ :$AG?5;3 c&A<%1? B[ p((Z* c; SG;1 Ba[ p((a[ C?&19<?V5AA$9 F<2$@&< 5@@G1'
ECF pa(*( :5995<; <2 j*^)BY g1?51@ C V1'5G: h1?: W<A1@* h41 ;<A1@ J1?1 ?1=$5' <; V$N Ba[ p((n*
U::Q; UO7<&:&;&/- 2/K-:
R; V$N p((a[ C?&19<?V5AA$9 lgC A<<8 <J;1?@45= <2 $ &<81 <I1; %$AA1?N $A DG?;@ Q$?%<? A4$A J$@ =?1I5<G@9N
91$@1' G;'1? $ &$=5A$9 91$@1* h41 ?19$A1' 9<$; $:<G;A@ A< BBZ $@ <2 F1&1:%1? 0B[ p((n* Egh[ m13$ '< gG9 $;'
D193< V5;15?$ &<;A?$&A1' 9<$;@ :$5;9N J5A4 D$;&< W$&5<;$9 '1 F1@1;I<9I5:1;A< $;' D$;&< D?$'1@&< g*C* 2<?
$ A<A$9 $:<G;A <2 )â 5; <?'1? A< 25;$;&1 A415? 1L=$;@5<; <2 &$=$&5AN* h<31A41? A41 <GA@A$;'5;3 $@ $A
F1&1:%1? 0B[ p((n J$@ ZB0 5;&9G'5;3 $&&?G1' 5;A1?1@A*
?;TQ8 )/K-:
h41 <A41? 9<$;@ ?19$A1 :$5;9N A< 9<$;@ &<;A?$&A1' %N C&1@5A$[ Egh $;' m13$ '< gG9 J5A4 '5221?1;A &<G;A1?=$?A51@*
LIC@A6Y FE:2 / F7C:42

V5AA$9 gA119 C;;$%$ \?1;$:1' C?&19<?V5AA$9 C;;$%$. 4$' $ Ba( A1;bN1$? A1?: 9<$; $3?11:1;A J5A4 A41
3<I1?;:1;A <2 C931?5$* h41 9<$; 5@ 3G$?$;A11' %N C?&19<?V5AA$9* h41 9<$; 4$@ %11; ?1=$5' 5; 2G99 'G?5;3 25?@A
>G$?A1? <2 p((n*
R; p((n[ f<;3&41;3 $&>G5@5A5<; 5;&<?=<?$A1' )) =?5;&5=$9 $:<G;A <2 9<$; :$AG?5;3 %1AJ11; p((Z $;' p(B( <2
J45&4 j(Y %1$?5;3 25L1' 5;A1?1@A ?$A1@ $;' )(Y 5;A1?1@A ?$A1@ $?1 %$@1' <; ) :<;A4@ URDcf*
R; p((n[ A41 f<P$8 $&>G5@5A5<; 5;&<?=<?$A1' p)n =?5;&5=$9 $:<G;A <2 9<$; :$AG?5;3 %1AJ11; p((Z $;' p(B(
%1$?5;3 25L1' 5;A1?1@A ?$A1@*
`G96C
E1?A$5; '1%A $3?11:1;A@ <2 A41 E<:=$;N <? 5A@ @G%@5'5$?51@ &<;A$5; &<I1;$;A@ ?1>G5?5;3 &1?A$5; &<;@1;A 2?<:
91;'1?@ 5; @=1&5251' &5?&G:@A$;&1@[ A< '1&9$?1 <? =$N $;N '5I5'1;'@[ :$81 &1?A$5; ?1@A?5&A1' =$N:1;A@[ 5;&G?
$''5A5<;$9 5;'1%A1';1@@[ :$81 &1?A$5; 5;I1@A:1;A@[ &?1$A1 951;@[ 3G$?$;A11 5;'1%A1';1@@[ @199 <? $&>G5?1 $@@1A@
J5A4 &1?A$5; 1L&1=A5<;@[ $;' 1;A1? 5;A< $;N :1?31? <? &<;@<95'$A5<; <? ?1<?3$;5P$A5<;* E1?A$5; <2 A41@1
$3?11:1;A@ $9@< ?1>G5?1 &<:=95$;&1 J5A4 25;$;&5$9 :$5;A1;$;&1 A1@A@[ 5;&9G'5;3 25;$;&5$9 ?$A5<@ $;' :5;5:G:
91I19@ <2 ;1A J<?A4* h41 E<:=$;N 5@ 5; &<:=95$;&1 J5A4 A41 25;$;&5$9 &<I1;$;A@ &<;A$5;1' J5A45; A41 \$:1;'1'.
$3?11:1;A@ ?19$A1' A< $99 <2 5A@ %<??<J5;3@*
79
g&41'G91' :$AG?5A51@ <2 9<;3bA1?: '1%A 5;&9G'5;3 91$@1 <%953$A5<;@ $A F1&1:%1? 0B[ p((n $?1 $@ 2<99<J@k
"1$? 1;'1' F1&1:%1? 0B[

p((Z j[ZZ^
p((^ j[pB)
p(B( n[ann
p(BB j[(B)
p(Bp 0[B^(
gG%@1>G1;A N1$?@ 0[()Z
h<A$9 p)[â)
CA A41 ?1=<?A5;3 '$A1 A41 5;A1?1@A ?$A1 =?<2591 <2 A41 E<:=$;N%@ 5;A1?1@Ab%1$?5;3 25;$;&5$9 5;@A?G:1;A@ 5@k
K646>36C 0DY )**+ K646>36C 0DY )**(

J2CCT:?8 J2CCT:?8
F>@I?G M2:C $2=I6 F>@I?G M2:C $2=I6
R;@A?G:1;A@ =$N$%91 %1$?5;3 5;A1?1@A $A 25L1' ?$A1@ j[))j j[na) j[a^) j[)Z0
R;@A?G:1;A@ =$N$%91 %1$?5;3 5;A1?1@A $A I$?5$%91 ?$A1@ p([)nj p([)nj pp[0)( pp[0Ba
_`"L Dci MP_F_JPF] P_!"h#^L_"! F_K JhLKP" hP!\

h41 E<:=$;N G@1@ '1?5I$A5I1 25;$;&5$9 5;@A?G:1;A@ A< 41'31 5A@ 1L=<@G?1 A< 29G&AG$A5<;@ 5; 5;A1?1@A ?$A1@[
1L&4$;31 ?$A1@ $;' A41 =?5&1 <2 ?$J :$A1?5$9@[ 1;1?3N $;' 1:5@@5<; ?534A@ $99<J$;&1@ $;' $?5@5;3 2?<: <=1?$A5;3[
25;$;&5;3 $;' 5;I1@A:1;A $&A5I5A51@*
(L'9 ?L-=Q; ?Q9;=; OL99G'5S L/6=5<;

h41 1@A5:$A1' 2$5? I$9G1@ <2 &1?A$5; 25;$;&5$9 5;@A?G:1;A@ 4$I1 %11; '1A1?:5;1' G@5;3 $I$59$%91 :$?81A
5;2<?:$A5<; <? <A41? I$9G$A5<; :1A4<'<9<351@ A4$A ?1>G5?1 &<;@5'1?$%91 6G'3:1;A 5; 5;A1?=?1A5;3 :$?81A '$A$ $;'
'1I19<=5;3 1@A5:$A1@*
E$@4 $;' &$@4 1>G5I$91;A@[ ?1@A?5&A1' &$@4[ @4<?A A1?: 5;I1@A:1;A@ $;' A?$'1 ?1&15I$%91@ $?1 5;&9G'1' 5; A41
&U<$;@ $;' ?1&15I$%91@( &$A13<?N[ J45&4 5@ :1$@G?1' $A $:<?A5P1' &<@A* cA41? &G??1;A $@@1A@ &<:=?5@1 '1?5I$A5I1
5;@A?G:1;A@ 2<? a^0 $;' 0(0 $@ <2 F1&1:%1? 0B[ p(() $;' p((n[ ?1@=1&A5I19N[ J45&4 $?1 5;&9G'1' 5; &M5;$;&5$9
$@@1A@ $A 2$5? I$9G1 A4?<G34 =?<25A <? 9<@@( &$A13<?N* cA41? 5;I1@A:1;A@ $?1 &9$@@5251' 5; &CI$59$%91b2<?b@$91(
&$A13<?N $A 2$5? I$9G1 A4?<G34 1>G5AN* cA41? $@@1A@ $?1 5;&9G'1' 5; &M5;$;&5$9 $@@1A@ $A 2$5? I$9G1 A4?<G34 =?<25A <?
9<@@( &$A13<?N*
KL&1=A 2<? '1?5I$A5I1@ 5;@A?G:1;A@[ $:<G;A5;3 A< a0p $;' )nj $@ <2 F1&1:%1? 0B[ p(() $;' p((n[ ?1@=1&A5I19N[
J45&4 $?1 5;&9G'1' 5; A41 &M5;$;&5$9 95$%595A51@ $A 2$5? I$9G1 A4?<G34 =?<25A <? 9<@@( &$A13<?N[ 25;$;&5$9 95$%595A51@
$?1 5;&9G'1' 5; &M5;$;&5$9 95$%595A51@ :1$@G?1' $A $:<?A5P1' &<@A( &$A13<?N*
h41 E<:=$;N%@ @4<?A $;' 9<;3bA1?: '1%A &<;@5@A@ <2 '1%A 5;@A?G:1;A@ J45&4 %$?1 5;A1?1@A $A 25L1' ?$A1@ $;'
I$?5$%91 ?$A1@ A51' A< :$?81A 5;'5&$A<?@* h41 2$5? I$9G1 <2 A41 E<:=$;N%@ I$?5$%91 ?$A1 '1%A $==?<L5:$A1@ 5A@
&$??N5;3 $:<G;A 35I1; 5A@ 29<$A5;3 5;A1?1@A ?$A1* h41 2$5? I$9G1 <2 25L1' ?$A1 '1%A 5@ %$@1' <; 1@A5:$A1' 2GAG?1 &$@4
29<J@[ J45&4 $?1 '5@&<G;A1' G@5;3 &G??1;A :$?81A ?$A1@ 2<? '1%A J5A4 @5:59$? ?1:$5;5;3 :$AG?5A51@ $;' &?1'5A
@=?1$'*
d@CG7@=:@ @7 K6C:Q2G:Q6E
h41 E<:=$;N :$;$31@ A41 &<G;A1?b=$?AN ?5@8 $@@<&5$A1' J5A4 5A@ 5;@A?G:1;A@ %N &1;A?$95P5;3 5A@ &<::5A:1;A@
$;' %N $==9N5;3 =?<&1'G?1@ J45&4 @=1&52N[ 2<? 1$&4 AN=1 <2 A?$;@$&A5<; $;' G;'1?9N5;3[ ?5@8 95:5A@ $;'X<? A41
&4$?$&A1?5@A5&@ <2 A41 &<G;A1?b=$?AN* h41 E<:=$;N '<1@ ;<A 31;1?$99N 3?$;A A< <? ?1>G5?1 2?<: 5A@ &<G;A1?b=$?A51@
3G$?$;A11@ <I1? A41 ?5@8@ 5;&G??1'* C99<J5;3 2<? 1L&1=A5<;@[ A41 E<:=$;N%@ &<G;A1?b=$?A51@ $?1 =$?A <2 5A@
25;$;&5$9 =$?A;1?@ $;' A41 ?19$A1' :$?81A A?$;@$&A5<;@ $?1 3<I1?;1' %N 2?$:1J<?8 $3?11:1;A@ \:$5;9N <2 A41
RgFC AN=1 $99<J5;3 ;1AA5;3 5; &$@1 <2 &<G;A1?b=$?AN '12$G9A.*
80
h41 =<?A2<95< $@@<&5$A1' J5A4 '1?5I$A5I1 25;$;&5$9 5;@A?G:1;A@ $@ <2 F1&1:%1? 0B[ p(() 5@ $@ 2<99<J@k
FEE6GE ]:23:=:G:6E
_@G:@?2= M2:C FQ6C286 _@G:@?2= M2:C FQ6C286
2>@I?G Q2=I6 h2G6b 2>@I?G Q2=I6 h2G6b
P?G6C6EG C2G6 ER2AEe 7:S65 C2G6 3@CC@R:?8EV =@2?E B[(aj Bp j*^^Y Za( \a. j*)jY
P?G6C6EG C2G6 ER2AEe 7:S65 C2G6 Q2C:23=6V Q2C:23=6 p)j B B*0aY aZ^ \p. 0*0BY
h<A$9 R;A1?1@A ?$A1 5;@A?G:1;A@ B0 \n.
LS492?86 C2G6 :?EGCI>6?GE
M<?J$?' =G?&4$@1 <2 &<;A?$&A@ app 0 n[jaj \jBp.
M<?J$?' @$91 <2 &<;A?$&A@ Bp[p(p j(Z p(a \B.
EG??1;&N @J$= Z( B # #
KL&4$;31 <=A5<; =G?&4$@1@ # # a^0 \B0.
KL&4$;31 <=A5<;@ @$91@ a^0 B( # #
h<A$9 KL&4$;31 ?$A1 5;@A?G:1;A@ jpp \jp).
h2R >2G6C:2=E Z32E6 >6G2=.Y 7C6:89GY 6?6C8TY
6>:EE:@? C:89GE
h1?: &<;A?$&A@ @$91@ pn p B(p \Bp.
h1?: &<;A?$&A@ =G?&4$@1@ )Bp Ba) )np \Zn.
c=A5<;@ g$91X dG?&4$@1 p^ # # #
h<A$9 f$J :$A1?5$9@ \%$@1 :1A$9.[ 2?1534A[
1;1?3N[ 1:5@@5<; ?534A@ BaZ \^^.
h<A$9 a^0 \a0p.
_
h41 $I1?$31 ?$A1 5@ '1A1?:5;1' 2<? 25L1' ?$A1 5;@A?G:1;A@ <; A41 %$@5@ <2 A41 l*g* '<99$? $;' 2<?153; &G??1;&N ?$A1@ $;' 2<?
A41 I$?5$%91 ?$A1 5;@A?G:1;A@ 31;1?$99N <; A41 %$@5@ <2 KG?5%<? <? U5%<?*
h41 =<?A2<95< $@@<&5$A1' J5A4 '1?5I$A5I1 25;$;&5$9 5;@A?G:1;A@ $@ $A F1&1:%1? 0B[ p((n 5@ $@ 2<99<J@k
FEE6GE ]:23:=:G:6E
_@G:@?2= M2:C FQ6C286 _@G:@?2= M2:C FQ6C286
2>@I?G Q2=I6 h2G6b 2>@I?G Q2=I6 h2G6b
P?G6C6EG C2G6 ER2AEe 7:S65 C2G6 3@CC@R:?8EV =@2?E B[0BB j j*0BY B[B(Z \B). 0*Z0Y
P?G6C6EG C2G6 ER2AEe 7:S65 C2G6 Q2C:23=6V Q2C:23=6 # # Bj0 \p.
h<A$9 R;A1?1@A ?$A1 5;@A?G:1;A@ j \BZ.
LS492?86 C2G6 P?EGCI>6?GE
M<?J$?' =G?&4$@1 <2 &<;A?$&A@ 0(j 0p ^[)np \pBZ.
M<?J$?' @$91 <2 &<;A?$&A@ 0[pj) ja B[j(^ \B).
KL&4$;31 <=A5<; =G?&4$@1@ Z[np( BBB # #
KL&4$;31 <=A5<;@ @$91@ # # a[)Zp \paZ.
h<A$9 KL&4$;31 ?$A1 5;@A?G:1;A@ BZZ \j^p.
h2R >2G6C:2=E Z32E6 >6G2=.Y 7C6:89GY 6?6C8TY
6>:EE:@? C:89GE
h1?: &<;A?$&A@ @$91@ B^^ p( Zp \j.
h1?: &<;A?$&A@ =G?&4$@1@ aaj Z^ B[pp^ \BaB.
c=A5<;@ g$91X dG?&4$@1 )^ p BpB \^.
h<A$9 f$J :$A1?5$9@ \%$@1 :1A$9.[ 2?1534A[
1;1?3N[ 1:5@@5<; ?534A@ BBB \B)j.
h<A$9 0(0 \)nj.
_
h41 $I1?$31 ?$A1 5@ '1A1?:5;1' 2<? 25L1' ?$A1 5;@A?G:1;A@ <; A41 %$@5@ <2 A41 l*g* '<99$? $;' 2<?153; &G??1;&N ?$A1@ $;' 2<?
A41 I$?5$%91 ?$A1 5;@A?G:1;A@ 31;1?$99N <; A41 %$@5@ <2 KG?5%<? <? U5%<?*
81
P?G6C6EG C2G6 C:E<
h41 E<:=$;N :$81@ G@1 <2 &1?A$5; 5;@A?G:1;A@ 2<? A41 :$;$31:1;A <2 5;A1?1@A ?$A1 ?5@8 5; <?'1? A< <=A5:5P1 5A@
25;$;&5$9 ?1@G9A@* R;A1?1@A ?$A1 &<;A?$&A@ $99<J A41 E<:=$;N A< %<??<J 9<;3bA1?: $A 25L1' <? I$?5$%91 ?$A1@[ $;' A<
@J$= A41 ?$A1 <2 A45@ '1%A 15A41? 2?<: A41 @A$?A <? 'G?5;3 A41 =1?5<' <2 A41 9<$;* h41 E<:=$;N $;' 5A@ &<G;A1?
=$?AN 1L&4$;31[ $A =?1'125;1' 5;A1?I$9@[ A41 '5221?1;&1 %1AJ11; A41 $3?11' 25L1' ?$A1 $;' A41 I$?5$%91 ?$A1[
&$9&G9$A1' <; A41 %$@5@ <2 A41 ;<A5<;$9 $:<G;A <2 A41 @J$=* g5:59$?9N[ @J$=@ :$N %1 G@1' 2<? A41 1L&4$;31 <2
I$?5$%91 ?$A1@ $3$5;@A <A41? I$?5$%91 ?$A1@*
R;A1?1@A ?$A1 '1?5I$A5I1@ G@1' %N A41 E<:=$;N A< &<I1? I$?5$A5<;@ 5; A41 I$9G1 <2 25L1' ?$A1 9<$;@ >G$952N $@ 2$5?
I$9G1 41'31@* h41 $@@1A@ $;' 95$%595A51@ $@@<&5$A1' J5A4 5;A1?1@A ?$A1 5;@A?G:1;A@ $?1 ;<A @53;525&$;A*
LS492?86 C2G6 C:E<

h41 E<:=$;N 5@ :$5;9N 1L=<@1' A< I$?5$A5<;@ 5; I$9G1 $?5@5;3 2?<: 1L&4$;31 ?$A1 29G&AG$A5<;@ <; ?$J :$A1?5$9@[
1;1?3N $;' 2?1534A* W<?:$99N[ A41 E<:=$;N 5;I<5&1@ 5A@ &G@A<:1?@ 5; A41 2G;&A5<;$9 &G??1;&N <2 5A@ c=1?$A5;3
gG%@5'5$?51@*
h41 E<:=$;N G@1@ 2<?J$?' =G?&4$@1@ $;' @$91@ <2 2<?153; &G??1;&N[ &=9$5; I$;599$( <=A5<;@[ $;' 2<?153;
&G??1;&N @J$=@ A< 41'31 2<?153; &G??1;&N A?$;@$&A5<;@ $A A41 :$6<?5AN <2 5A@ @G%@5'5$?51@* h41 E<:=$;N $9@< G@1@
A41@1 5;@A?G:1;A@ $A &<?=<?$A1 91I19 A< 41'31 '1%A ?1&<?'1' 5; 2<?153; &G??1;&N <? A41 %$9$;&1 @411A ?5@8 5;&G??1'
<; &1?A$5; :<;1A$?N $@@1A@ '1;<:5;$A1' 5; 2<?153; &G??1;&N*
h41 31;1?$9 =<95&N <2 A41 E<:=$;N 5@ A< 41'31 5A@ 1L=<@G?1 A< 1L&4$;31 ?$A1 ?5@8 A?$;@$&A5<;@* Q<J1I1?[ $@ $;
1L&1=A5<; A< A45@ 31;1?$9 =<95&N[ 2<? &1?A$5; &G??1;&51@ $;' 2<? ?5@8@ $;' $:<G;A@ A4$A $?1 &91$?9N 5'1;A5251' $;'
$GA4<?5P1' %N :$;$31:1;A[ A41 E<:=$;N :$N 15A41? 41'31 5; $;A5&5=$A5<; <2 2GAG?1 A?$;@$&A5<;@ <? ;<A 41'31
A?$;@$&A5<;$9 ?5@8@*
h< 41'31 A41 $%<I1 1L=<@G?1 A< 1L&4$;31 ?$A1 ?5@8[ A41 E<:=$;N 4$' B(*Z %5995<; <2 9<;3 =<@5A5<;@ 5; 2<?J$?'
&<;A?$&A@ $;' <=A5<; $??$;31:1;A@ $3$5;@A <A41? &G??1;&51@ $@ <2 F1&1:%1? 0B[ p((n*
]:BI:5:GT h:E<
h41 2<99<J5;3 $?1 A41 &<;A?$&AG$9 :$AG?5A51@ <2 25;$;&5$9 95$%595A51@[ 5;&9G'5;3 1@A5:$A1' 5;A1?1@A =$N:1;A@ $;'
1L&9G'5;3 A41 5:=$&A <2 ;1AA5;3 $3?11:1;A@k
K646>36C 0DY )**(

J2CCT:?8 J@?GC24GI2= ]6EE G92? De) )ec ^@C6 G92?
2>@I?G J2E9 M=@RE D '62C '62CE '62CE c '62CE
_@?e56C:Q2G:Q6 7:?2?4:2= =:23:=:G:6E
D<;'@ X ;<A1@ <I1? B(( \0[Z0^. \j[Zna. \B[BBB. \B)^. \B[p^^. \p[p^).
U<$;@ <I1? B(( \p([pB). \pp[jn). \)[jaj. \j[BaZ. \BB[Z)j. #
h?$'1 $;' <A41? =$N$%91@ \B0[^^B. \B0[^^B. \B0[^^B. # # #
cA41? ;<; '1?5I$A5I1 25;$;&5$9 95$%595A51@ \n[^(0. \^[(nj. \p[Z^(. \^p0. \0[^p0. \B[00Z.
h<A$9 \ja[^j^. \a([jB). \pj[jj). \a[pa(. \Bn[(Z). \0[)0j.
K6C:Q2G:Q6 7:?2?4:2= =:23:=:G:6E
R;A1?1@A ?$A1 5;@A?G:1;A@ G@1' 2<? 41'35;3 \BZ. \BZ. \a. \a. \Z. #
M<?153; 1L&4$;31 &<;A?$&A@ G@1' 2<? 41'35;3 \j^p. \j^p. \jp). \0a. \0B. #
cA41? &<::<'5A51@ &<;A?$&A@ \B)j. \B)j. \Ba). \). \p. #
h<A$9 \)nj. \)nj. \aZn. \j). \jB. #
82
h41 2<99<J5;3 A$%91 =?1@1;A@ A41 =1?5<'@ 5; J45&4 &$@4 29<J@ 41'31@ $?1 1L=1&A1' A< :$AG?1*
K646>36C 0DY )**+

Z=:23:=:G:6E. Z@IG7=@RE.V:?7=@RE
J2CCT:?8 0 >@?G9E 0e+ +eD) De)
2>@I?G 2?5 =6EE >@?G9E >@?G9E '62CE
M<?J$?' 1L&4$;31 &<;A?$&A@ \B(p. \)B. \0j. \n. #
E<::<'5A51@ \aj. \0^. \B^. \Bj. BZ
h<A$9 \Ba). \B((. \a0. \pB. BZ
K646>36C 0DY )**(

Z=:23:=:G:6E. Z@IG7=@RE.V:?7=@RE
J2CCT:?8 0 >@?G9E 0e+ +eD) De)
2>@I?G 2?5 =6EE >@?G9E >@?G9E '62CE
M<?J$?' 1L&4$;31 &<;A?$&A@
\jp(. \0(a. \a0. \pn. \0a.
E<::<'5A51@
\Z). \a(. \pB. \B). B
h<A$9 \a(). \0aa. \nj. \j0. \0j.
h41 2<99<J5;3 A$%91 =?1@1;A@ A41 =1?5<'@ 5; J45&4 &$@4 29<J@ 41'31@ $?1 1L=1&A1' A< 5:=$&A A41 5;&<:1
@A$A1:1;Ak
K646>36C 0DY )**+

Z=:23:=:G:6E. Z6SA6?E6E.V:?4@>6
J2CCT:?8 0 >@?G9E 0e+ +eD) De)
2>@I?G 2?5 =6EE >@?G9E >@?G9E '62CE
M<?J$?' 1L&4$;31 &<;A?$&A@ \B(p. \a^. \0a. \Z. #
E<::<'5A51@ \aj. \p^. \pj. \B^. BZ
h<A$9 \Ba). \ZZ. \a^. \pn. BZ
K646>36C 0DY )**(

Z=:23:=:G:6E. Z6SA6?E6E.V:?4@>6
J2CCT:?8 0 >@?G9E 0e+ +eD) De)
2>@I?G 2?5 =6EE >@?G9E >@?G9E '62CE
M<?J$?' 1L&4$;31 &<;A?$&A@ \jp(. \B(p. \n^. \nj. \B)a.
E<::<'5A51@ \Z). \0Z. \0(. \pB. 0
h<A$9 \a(). \Bj(. \B(^. \â. \B)p.
h2R >2G6C:2=Y 7C6:89GY 6?6C8T C:E<E 2?5 6>:EE:@? C:89GE

h41 E<:=$;N G@1@ 25;$;&5$9 5;@A?G:1;A@ \2<?J$?' =G?&4$@1@[ <=A5<;@ $;' @J$=@ <; &<::<'5A51@. 5; <?'1? A<
?1'G&1 A41 I<9$A595AN ?5@8 <2 &1?A$5; ?$J :$A1?5$9@ $;' 1;1?3N* h41 E<:=$;N 5@ 1L=<@1' A< ?5@8@ <; ?$J :$A1?5$9@
\5;&9G'5;3 %$@1 :1A$9@ @G&4 $@ P5;&[ ;5&819[ $9G:5;G:[ =1JA1? $;' &<==1?. $;' 1;1?3N %<A4 A4?<G34 A41 =G?&4$@1
<2 ?$J :$A1?5$9@ $;' A4?<G34 @$91@ &<;A?$&A@*
83
M$5? I$9G1@ <2 ?$J :$A1?5$9 5;@A?G:1;A@ $?1 $@ 2<99<J@k
K646>36C 0DY
)**+ )**(
D$@1 :1A$9@[ 2?1534A Bp^ \n^.
K;1?3N \<59[ 3$@[ 191&A?5&5AN. \)^. Bp
)( \)n.
C@@1A@ $@@<&5$A1' J5A4 ?$J :$A1?5$9[ 1;1?3N $;' 2?1534A Baa ^B
U5$%595A51@ $@@<&5$A1' J5A4 ?$J :$A1?5$9[ 1;1?3N $;' 2?1534A \â. \BaZ.
h<A$9 )( \)n.
(+&::&/- 8&ST;:
dG?@G$;A A< A41 $==95&$A5<; <2 A41 KG?<=1$; F5?1&A5I1 p((0XZnXKE <2 c&A<%1? B0[ p((0 1@A$%95@45;3 $ @&41:1 2<?
1:5@@5<; $99<J$;&1 A?$'5;3[ A41 E<:=$;N 1;A1?@ 5;A< &1?A$5; AN=1@ <2 '1?5I$A5I1@ \&$@4 =G?&4$@1 $;' @$91[
2<?J$?' A?$;@$&A5<;@ $;' <=A5<;@. 5; <?'1? A< 5:=91:1;A 5A@ :$;$31:1;A =<95&N 2<? $@@<&5$A1' ?5@8@* C@ <2
F1&1:%1? 0B[ p(() $;' p((n[ A41 E<:=$;N 4$' $ ;1A ;<A5<;$9 =<@5A5<; <2 B J5A4 $ ;1A 2$5? I$9G1 <2 \B. $;' $ ;1A
;<A5<;$9 =<@5A5<; <2 p^ J5A4 $ ;1A 2$5? I$9G1 <2 Bj[ ?1@=1&A5I19N*
!6?E:G:Q:GT 2?2=TE:E
*/8Q&S- O<88Q-OF :Q-:&;&=&;F
h41 2<99<J5;3 A$%91 '1A$59@ A41 E<:=$;N%@ '1?5I$A5I1@ @1;@5A5I5AN A< $ B(Y @A?1;3A41;5;3 $;' $ B(Y J1$81;5;3
5; A41 l*g* '<99$? $3$5;@A A41 <A41? &G??1;&51@ A< J45&4 A41 E<:=$;N 5@ 1L=<@1'* h41 @1;@5A5I5AN $;$9N@5@ '<1@ ;<A
5;&9G'1 ;<;b'1?5I$A5I1 2<?153; &G??1;&Nb'1;<:5;$A1' :<;1A$?N 5A1:@* C =<@5A5I1 ;G:%1? 5;'5&$A1@ $; 5;&?1$@1 5;
=?<25A <? 9<@@ $;' <A41? 1>G5AN J41?1 $ ;13$A5I1 ;G:%1? 5;'5&$A1@ $ '1&?1$@1 5; =?<25A <? 9<@@ $;' <A41? 1>G5AN*
K646>36C 0DY )**+ K646>36C 0DY )**(

P?4@>6 `G96C LBI:GT P?4@>6 `G96C LBI:GT
B(Y @A?1;3A41;5;3 5; l*g* '<99$?
\Bp). p)^ Bp^ ^00
B(Y J1$81;5;3 5; l*g* '<99$?
Bp) \pn0. \j(. \^â.
YK:T *)/> CQ-:&;&=&;F U-K)F:&: R/8 =K8&KM)Q 8K;Q &-:;8<+Q-;:

C &4$;31 <2 B(( %$@5@ =<5;A@ 5; 5;A1?1@A ?$A1@ 'G?5;3 A41 =1?5<' J<G9' 4$I1 5;&?1$@1' \'1&?1$@1'. =?<25A <? 9<@@
%N A41 $:<G;A@ @4<J; %19<J* h45@ $;$9N@5@ $@@G:1@ A4$A $99 <A41? I$?5$%91@[ 5; =$?A5&G9$? 2<?153; &G??1;&N ?$A1@[
?1:$5; &<;@A$;A* h41 $;$9N@5@ 5@ =1?2<?:1' <; A41 @$:1 %$@5@ 2<? p(()*
K646>36C 0DY )**+

$2C:23=6 C2G6 P?G6C6EG C2G6 J2E9 M=@RE
P?EGCI>6?G !R2AEVMhFE !6?E:G:Q:GT Z?6G.
B(( %= R;&?1$@1 \BaZ. \pp. \BZ(.
B(( %= F1&?1$@1 BaZ pp BZ(
K646>36C 0DY )**(

$2C:23=6 C2G6 P?G6C6EG C2G6 J2E9 M=@RE
P?EGCI>6?G !R2AEVMhFE !6?E:G:Q:GT Z?6G.
B(( %= R;&?1$@1 \Bn^. B \BnZ.
B(( %= F1&?1$@1 Bn^ B BnZ
WK:Q +Q;K):9 Q-Q8S 9 R8Q&ST;9 Q+&::&/-: 8&ST;:

h41 2<99<J5;3 A$%91 '1A$59@ A41 E<:=$;N%@ @1;@5A5I5AN A< $ B(Y 5;&?1$@1 $;' '1&?1$@1 5; A41 =?5&1 <2 A41 ?191I$;A
%$@1 :1A$9@[ 1;1?3N[ 2?1534A[ $;' 1:5@@5<;@ ?534A@* h41 @1;@5A5I5AN $;$9N@5@ 5;&9G'1@ <;9N <GA@A$;'5;3[ G;b:$AG?1'
84
%$@1 :1A$9 '1?5I$A5I1 5;@A?G:1;A@ %<A4 419' 2<? A?$'5;3 $@ 2$5? I$9G1 A4?<G34 5;&<:1 @A$A1:1;A $;' A4<@1
'1@53;$A1' 5; 41'31 $&&<G;A5;3 ?19$A5<;@45=@*
K646>36C 0DY )**+ K646>36C 0DY )**(

`G96C 6BI:GT `G96C 6BI:GT
J2E9 7=@R J2E9 7=@R
P?4@>6 O658:?8 C6E6CQ6E P?4@>6 O658:?8 C6E6CQ6E
iB(Y 5; =?5&1@ B) B(j jB BBp
bB(Y 5; =?5&1@ \B). \B(j. \jB. \BBp.
_`"L D+i Lf#P"'

C@ <2 F1&1:%1? 0B[ p(()[ A41 $GA4<?5P1' &<::<; @4$?1@ <2 V5AA$9 gA119 &<;@5@A1' <2 a[((([((([((( E9$@@ C
&<::<; @4$?1@[ J5A4 =$? I$9G1 <2 0(*(B =1? @4$?1[ $;' npB[a(([((( E9$@@ D &<::<; @4$?1@[ =$? I$9G1 <2
0(*(B =1? @4$?1* CA F1&1:%1? 0B[ p(()[ ^0j[ZBZ[Zp( E9$@@ C &<::<; @4$?1@ $;' jan[j^([pB( E9$@@ D &<::<;
@4$?1@ J1?1 5@@G1' $;' ^pn[nnZ[n00 E9$@@ C &<::<; @4$?1@ \1L&9G'5;3 A?1$@G?N @4$?1@. $;' jan[j^([pB( E9$@@
D &<::<; @4$?1@ J1?1 <GA@A$;'5;3*
R; g1=A1:%1? p(()[ A41 ;<:5;$9 I$9G1 <2 E9$@@ D &<::<; @4$?1@ &4$;31' 2?<: 0(*B( =1? @4$?1 A< 0(*(B =1?
@4$?1 $;' A41 I<A5;3 ?534A@ $@@<&5$A1' A41?1J5A4 J1?1 ?1'G&1' 2?<: B( I<A1@ A< B I<A1 =1? @4$?1* h45@ J$@
$==?<I1' %N A41 @4$?14<9'1?@ 'G?5;3 A41 SG;1 0([ p(() @4$?14<9'1?@% :11A5;3 $;' ?1@G9A1' 5; $ ?1'G&A5<; <2 @4$?1
&$=5A$9 <2 ap*
c; CG3G@A pZ[ p((n[ $A A41 1LA?$<?'5;$?N 31;1?$9 :11A5;3 <2 V5AA$9 gA119 A41 @4$?14<9'1?@ $==?<I1' A41 :1?31?
<2 V5AA$9 gA119 5;A< A41 2<?:1? C?&19<?V5AA$9[ $ J4<99Nb<J;1' @G%@5'5$?N <2 V5AA$9 gA119* h45@ :1?31? J$@
1221&A5I1 <; g1=A1:%1? 0[ p((n $;' J$@ A41 25?@A @A1= 5; A41 AJ<b@A1= :1?31? =?<&1@@ %1AJ11; V5AA$9 gA119 $;'
C?&19<?* Q<9'1?@ <2 V5AA$9 gA119 @4$?1@ $GA<:$A5&$99N ?1&15I1' <;1 ;1J9N 5@@G1' @4$?1 <2 A41 2<?:1?
C?&19<?V5AA$9 2<? 1I1?N <;1 V5AA$9 gA119 @4$?1 <; A41 %$@5@ <2 A415? ?1@=1&A5I1 4<9'5;3@* h41 V5AA$9 gA119 E9$@@ C
&<::<; @4$?1@ $;' A41 V5AA$9 gA119 E9$@@ D &<::<; @4$?1@ 4$I1 '5@$==1$?1' 5; A45@ :1?31?*
c; W<I1:%1? a[ p((n[ $A A41 1LA?$<?'5;$?N 31;1?$9 :11A5;3 <2 C?&19<?V5AA$9 $;' C?&19<? @4$?14<9'1?@ $==?<I1'
A41 :1?31? <2 2<?:1? C?&19<?V5AA$9 5;A< C?&19<? 1221&A5I1 <; W<I1:%1? B0[ p((n* R; A45@ @1&<;' @A1= 5; A41 AJ<b
@A1= :1?31? =?<&1@@[ $ 4<9'1? <2 A41 2<?:1? C?&19<?V5AA$9 @4$?1@ ?1&15I1' <;1 ;1J9N 5@@G1' C?&19<? @4$?1 2<?
1I1?N <;1 2<?:1? C?&19<?V5AA$9 @4$?1 \A41 &KL&4$;31 f$A5<(.* h45@ KL&4$;31 f$A5< 2<99<J1' A41 &<:=91A5<; <2 $
@4$?1 &$=5A$9 ?1@A?G&AG?5;3 <2 C?&19<? =G?@G$;A A< J45&4 1$&4 @1I1; =?1b&$=5A$9 ?1@A?G&AG?5;3 @4$?1@ <2 C?&19<?
J1?1 1L&4$;31' 2<? 1534A =<@Ab&$=5A$9 ?1@A?G&AG?5;3 @4$?1@ <2 C?&19<?* C2A1? A41 @1&<;' @A1= :1?31? C?&19<? J$@
?1;$:1' C?&19<?V5AA$9*
R; $''5A5<;[ $ ;1J @4$?1 &$=5A$9 J$@ $==?<I1' <2 0)[j0^ :5995<;[ ?1=?1@1;A5;3 B[jn( :5995<; @4$?1@[ J5A4<GA
;<:5;$9 I$9G1[ 2<? $ =1?5<' 1;'5;3 <; W<I1:%1? a[ p(Bp* h45@ ;1J @4$?1 &$=5A$9 ?1@G9A@ 5; 5@@G1' &<?=<?$A1
&$=5A$9 <2 0)[0j) :5995<; \^[p)^. ?1=?1@1;A1' %N $==?<L5:$A19N B[jj^ :5995<; @4$?1@[ J5A4<GA ;<:5;$9 I$9G1[ <2
J45&4 $==?<L5:$A19N B[jpp :5995<; @4$?1@ J1?1 <GA@A$;'5;3 $@ <2 F1&1:%1? 0B[ p((n*
Y'?'PQ5P;
E$9&G9$A5<;@ A< '1A1?:5;1 A41 $:<G;A@ $I$59$%91 2<? '5I5'1;'@ $?1 %$@1' <; C?&19<?V5AA$9%@ UGL1:%<G?3
@A$AGA<?N $&&<G;A@[ J45&4 $?1 '5221?1;A 2?<: 5A@ &<;@<95'$A1' $&&<G;A@* C?&19<?V5AA$9 4$@ ;< @53;525&$;A
:$;G2$&AG?5;3 <=1?$A5<;@ <2 5A@ <J;* C&&<?'5;39N[ 5A &$; <;9N =$N '5I5'1;'@ <? '5@A?5%GA5<;@ A< A41 1LA1;A 5A 5@
1;A5A91' A< ?1&15I1 &$@4 '5I5'1;' '5@A?5%GA5<;@ 2?<: 5A@ @G%@5'5$?51@% ?1&<3;5P1' 3$5;@[ 2?<: A41 @$91 <2 5A@ $@@1A@
<? ?1&<?'@ @4$?1 =?1:5G: 2?<: A41 5@@G$;&1 <2 \;1J. &<::<; @4$?1@* F5I5'1;'@ $?1 '1&9$?1' 5; l*g* '<99$?@ $;'
$?1 =$N$%91 5; 15A41? l*g* '<99$?@ <? 5; 1G?<@*
c; g1=A1:%1? pn[ p(()[ V5AA$9 gA119 $;;<G;&1' A4$A 5A@ D<$?' <2 F5?1&A<?@ 4$' $3?11' G=<;[ $;' A41
@4$?14<9'1?@ @G%@1>G1;A9N $==?<I1'[ $ ;1J '5I5'1;' $;' &$@4 '5@A?5%GA5<; =<95&N* h41 ;1J =<95&N $5:1' A<
?1AG?; 0(Y <2 V5AA$9 gA119%@ =?5<? N1$? $;;G$9 ;1A 5;&<:1 A< @4$?14<9'1?@ $;;G$99N A4?<G34 $; $;;G$9 %$@1
'5I5'1;'[ @G==91:1;A1' %N @4$?1 %GNb%$&8@* h41 $;;G$9 %$@1 '5I5'1;' J$@ -B*0( =1? @4$?1*
h41 '5I5'1;' 2<? p((n $:<G;A1' A< B[Zp) \-B*0( =1? @4$?1. $;' J$@ =$5' >G$?A1?9N \-(*0pa &1;A@ =1? @4$?1. <;
V$?&4 Ba[ p((n[ SG;1 Ba[ p((n[ g1=A1:%1? Bn[ p((n $;' F1&1:%1? Bn[ p((n*
c; W<I1:%1? Bj[ p((n[ C?&19<?V5AA$9 $;;<G;&1' 5A@ D<$?' <2 F5?1&A<?@ 4$' ?1&<::1;'1' 5;&?1$@5;3 A41
E<:=$;N%@ %$@1 '5I5'1;' %N p( &1;A@ 2?<: -B*0( A< -B*a( =1? @4$?1* h41 =<95&N ?1&<;25?:@ $ :1&4$;5@: A4$A
85
J599 $99<J C?&19<?V5AA$9 A< 4<;<? 5A@ &<::5A:1;A <2 ?1AG?;5;3 0(Y <2 ;1A 5;&<:1 A< @4$?14<9'1?@ A4?<G34 $;
$;;G$9 %$@1 '5I5'1;'[ @G==91:1;A1' %N $''5A5<;$9 @4$?1 %GNb%$&8@* D$@1' <; A41 $;;G$9 ;1A 5;&<:1 $AA?5%GA$%91
A< 1>G5AN 4<9'1?@ <2 A41 =$?1;A 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n <2 B(*j %5995<;[ C?&19<?V5AA$9 J599 ?1AG?; $
A<A$9 <2 0*B %5995<; A< @4$?14<9'1?@ %N =$N5;3 $ &$@4 '5I5'1;' <2 $==?<L5:$A19N p*B %5995<; $;' 5:=91:1;A5;3 $
B*( %5995<; @4$?1 %GNb%$&8* h45@ '5@A?5%GA5<; =<95&N J$@ 5:=91:1;A1' $@ <2 S$;G$?N B[ p((Z*
h41 B*( %5995<; @4$?1 %GNb%$&8 J$@ &<:=91A1' <; M1%?G$?N p([ p((Z J5A4 A41 $&>G5@5A5<; <2 Bj*) :5995<; @4$?1@
\<GA <2 pa :5995<; @4$?1@ ?1=G?&4$@1'. 2?<: E$?9< h$@@$?$ R;A1?;$A5<;$9 g*C* $A $ =?5&1 <2 0j)*)( \-)Z*n(. =1?
@4$?1*
c; V$?&4 Bn[ p((Z[ $; 5;A1?5: '5I5'1;' J$@ '1&9$?1' <2 -(*0na &1;A@ =1? @4$?1* W1J >G$?A1?9N '5I5'1;'
=$N:1;A@ J599 A$81 =9$&1 <; SG;1 B)[ p((Z[ g1=A1:%1? Ba[ p((Z $;' F1&1:%1? Ba[ p((Z*
B9QL;=9G ;<6O+
c; C=?59 p[ p((n[ C?&19<?V5AA$9 $;;<G;&1' A41 @A$?A <2 $ @4$?1 %GNb%$&8 =?<3?$: '1@53;1' A< $&451I1 A41 0(Y
'5@A?5%GA5<; =$Nb<GA &<::5A:1;A '1@&?5%1' $%<I1* h45@ @4$?1 %GNb%$&8 =?<3?$: J$@ &<:=91A1' <; g1=A1:%1? j[
p((n $@ A41 -a^( :5995<; 95:5A J$@ ?1$&41'* C?&19<?V5AA$9 =G?&4$@1' $; $33?13$A1 <2 ^[aB0[^)( V5AA$9 gA119
E9$@@ C &<::<; @4$?1@ $;' C?&19<?V5AA$9 @4$?1@ G;'1? A41 =?<3?$:*
c; SG;1 Bp[ p((n[ C?&19<?V5AA$9 $;;<G;&1' A41 @A$?A <2 $ @4$?1 %GNb%$&8 =?<3?$: 2<? G= A< pn :5995<; @4$?1@[ 2<?
&$;&199$A5<; 5; 'G1 &<G?@1* h45@ @4$?1 %GNb%$&8 =?<3?$: J$@ '1@53;1' A< <22@1A A41 5@@G$;&1 <2 pn :5995<; @4$?1@
5; &<;;1&A5<; J5A4 C?&19<?V5AA$9%@ :$;'$A<?N <221? 2<? C?&19<?V5AA$9 D?$@59* h45@ @4$?1 %GNb%$&8 =?<3?$: J$@
&<:=91A1' <; F1&1:%1? B0[ p((n* h41 @4$?1@ J1?1 ?1=G?&4$@1' $A $; $I1?$31 =?5&1 <2 0a(*Ba \-np*0^. =1? @4$?1
$;' 2<? $ A<A$9 $:<G;A <2 0B[0aj :5995<; \B[âj.*
c; W<I1:%1? a[ p((n[ C?&19<?V5AA$9 $;;<G;&1' A41 @A$?A <2 $ @4$?1 %GNb%$&8 =?<3?$: I$95' 2<? $ =1?5<' <2 BZ
:<;A4@ <? G;A59 A41 '$A1 <2 5A@ ?1;1J$9 %N $ ?1@<9GA5<; <2 A41 31;1?$9 :11A5;3 <2 @4$?14<9'1?@ 52 @G&4 ?1;1J$9 '$A1
5@ =?5<? A< @G&4 =1?5<'* h45@ =?<3?$: J$@ &<:=91A1' <; M1%?G$?N p([ p((Z J5A4 A41 $&>G5@5A5<; <2 Bj*) :5995<;
@4$?1@ 2?<: E$?9< h$@@$?$ R;A1?;$A5<;$9 g*C* \&E$?9< h$@@$?$(. $A $ =?5&1 <2 0j)*)( \-)Z*n(. =1? @4$?1 2<? $ A<A$9
$:<G;A <2 0)Z( :5995<; \B[((0.* E$?9< h$@@$?$ 5@ &<;A?<991' %N A41 #N3:G;A UG%5&Pb#$91@85 M<G;'$A5<;*
V?* f<:$5; #$91@85 J$@ $ :1:%1? <2 A41 C?&19<?V5AA$9 D<$?' <2 F5?1&A<?@ $A A41 A5:1 <2 A45@ A?$;@$&A5<;*
c; F1&1:%1? Bp[ p((n[ C?&19<?V5AA$9 $;;<G;&1' A41 @A$?A <2 $ @4$?1 %GNb%$&8 =?<3?$: 2<? G= A< jj :5995<;
@4$?1@* h45@ =?<3?$: 4$@ $ AJ< N1$? A1?:[ $;' @4$?1@ %<G34A G;'1? A45@ =?<3?$: :$N %1 G@1' 5; =<A1;A5$9 2GAG?1
&<?=<?$A1 <==<?AG;5A51@ <? 2<? &$;&199$A5<;* h41 E<:=$;N $&>G5?1' $==?<L5:$A19N B0([((( @4$?1@ G;'1? A45@
=?<3?$: A4?<G34 F1&1:%1? 0B[ p((n[ 2<? $ A<A$9 $:<G;A <2 ^ $A $; $I1?$31 =?5&1 <2 -n(*0Z =1? @4$?1*
c; M1%?G$?N B^[ p((Z[ C?&19<?V5AA$9 =G?&4$@1' B(*j :5995<; @4$?1@ \<GA <2 $ A<A$9 <2 pa :5995<; @4$?1@
?1=G?&4$@1'. G;'1? A41 jj :5995<; @4$?1 %GNb%$&8 =?<3?$: 2?<: E$?9< h$@@$?$ $A $ =?5&1 <2 0j)*j( \-)Z*n(. =1?
@4$?1*
A&L9Q @Q<Q5<'65 TS9QQ/Q5<;

C?&19<?V5AA$9 h1:5?A$G 4$@ 1;A1?1' 5;A< @4$?1 ?1A1;A5<; $3?11:1;A@ J5A4 A41 KG?<=1$; D$;8 2<? f1&<;@A?G&A5<;
$;' F1I19<=:1;A \&KDfF(. $;' A41 R;A1?;$A5<;$9 M5;$;&1 E<?=<?$A5<; \&RME(.* l;A59 A41 '$A1 <; J45&4 A41
KDfF $;' RME 9<$;@ 4$I1 %11; ?1=$5' 5; 2G99[ C?&19<?V5AA$9 h1:5?A$G%@ 4<9'5;3 &<:=$;N <? 5A@ ;<:5;11 @4$99
;<A[ G;91@@ KDfF $;' RME <A41?J5@1 $3?11 5; J?5A5;3[ A?$;@21?[ $@@53;[ =91'31[ '5@=<@1 <? 1;&G:%1? )nY <2 5A@
@4$?1 4<9'5;3 5; C?&19<?V5AA$9 h1:5?A$G*
h41 E<:=$;N 4$@ =91'31' p(Y <2 A41 <GA@A$;'5;3 @4$?1@ <2 C?&19<?V5AA$9 O$9$A5 A<J$?'@ 5A@ &<::5A:1;A A< =$N
A41 ?1:$5;5;3 =G?&4$@1 =?5&1 <J1' A< CdCdg ?19$A5;3 A< A41 E<:=$;N%@ $&>G5@5A5<; <2 C?&19<?V5AA$9 O$9$A5*
MG?A41?[ A41 E<:=$;N 4$@ $9@< =91'31' a(Y <2 A41 <GA@A$;'5;3 @4$?1@ <2 C?&19<?V5AA$9 O$9$A5%@ A<J$?'@ A41
E<:=$;N%@ A1;bN1$? &$=5A$9 1L=1;'5AG?1 &<::5A:1;A $A C?&19<?V5AA$9 O$9$A5 J45&4 &<::1;&1' W<I1:%1?
p((B*
h41 E<:=$;N 4$@ =91'31' nZ*aY <2 5A@ @4$?14<9'5;3 5; C?&19<?V5AA$9 hG%G9$? d?<'G&A@ R$@5 A< CmCg J5A4
?1@=1&A A< 5A@ 5;I1@A:1;A &<::5A:1;A 2<? p((nbp((Z*
h41 E<:=$;N 4$@ 1;A1?1' 5;A< $ @4$?1 =91'31 $3?11:1;A J5A4 CmCg 2<? B((Y <2 5A@ @4$?14<9'5;3 5;
C?&19<?V5AA$9 hG%G9$? d?<'G&A@ f<:$;%@ @4$?1 &$=5A$9 J5A4 ?1@=1&A A< 5A@ 5;I1@A:1;A &<::5A:1;A 2?<: p((0 A<
M1%?G$?N B[ p(Bj*
86
h41 E<:=$;N 4$@ 1;A1?1' 5;A< $ @4$?1 =91'31 $3?11:1;A J5A4 CdCdg 2<? B*jY <2 5A@ @4$?1 4<9'5;3 5;
C?&19<?V5AA$9 QG;1'<$?$%@ @4$?1 &$=5A$9 J5A4 ?1@=1&A A< 5A@ &<::5A:1;A A< =$N A41 =G?&4$@1 =?5&1 2<?
C?&19<?V5AA$9 QG;1'<$?$* h41 E<:=$;N 4$@ $9@< 1;A1?1' 5;A< $ @4$?1 =91'31 $3?11:1;A J5A4 CdCdg 2<? aB*nY
<2 5A@ @4$?1 4<9'5;3 5; C?&19<?V5AA$9 QG;1'<$?$%@ @4$?1 &$=5A$9 A<J$?'@ 5A@ &$=5A$9 1L=1;'5AG?1 &<::5A:1;A@ 2<?
25I1 N1$?@ &<::1;&5;3 C=?59 p((j*
h41 E<:=$;N 5@ ?1>G5?1' A< 1@A$%95@4 $ ?135@A1?1' =91'31 5; 2$I<? <2 A41 gA$A1 h?1$@G?N <2 d<9$;' 2<? A41 ;G:%1?
<2 A41 E<:=$;N%@ @4$?1@ <2 C?&19<?V5AA$9 d<9$;' 1>G$9 A< A41 '5221?1;&1 %1AJ11;k \5. A41 ;G:%1? <2 @4$?1@ 5; A41
E<:=$;N 419' %N V5AA$9 gA119 Q<9'5;3@ CO $;' \55. a(Y <2 A41 E<:=$;N%@ @4$?1@ =9G@ <;1 @4$?1* C@ $ ?1@G9A[
A41 ;G:%1? <2 A41 @4$?1@ A< %1 =91'31' 1>G$9@ A< B0([aj^[(aZ @4$?1@[ J45&4 &<;@A5AGA1@ $%<GA j^Y <2 A41 1;A5?1
E<:=$;N%@ @4$?1 &$=5A$9 $;' $%<GA j^*aY <2 $99 @4$?1@X&$=5A$9 419' %N A41 E<:=$;N*
A<6O+ 47<'65 >-L5

R; B^^^[ A41 E<:=$;N 1@A$%95@41' A41 C?&19<?V5AA$9 O9<%$9 gA<&8 c=A5<; d9$; \&C?&19<?V5AA$9g4$?1@(.* l;'1?
A41 A1?:@ <2 C?&19<?V5AA$9g4$?1@[ C?&19<?V5AA$9 :$N 3?$;A <=A5<;@ A< =G?&4$@1 &<::<; @A<&8 A< @1;5<?
:$;$31:1;A <2 C?&19<?V5AA$9 $;' 5A@ $@@<&5$A1@ 2<? G= A< p([((([((( @4$?1@ <2 &<::<; @A<&8 \5;&?1$@1' 2?<:
)[((([((( @4$?1@ A< B([((([((( @4$?1@ <2 &<::<; @A<&8 $2A1? @4$?14<9'1? $==?<I$9 5; p((0 $;' 5;&?1$@1' 2?<:
B([((([((( @4$?1@ A< p([((([((( @4$?1@ <2 &<::<; @A<&8 $2A1? @4$?14<9'1? $==?<I$9 5; p(().* h41 1L1?&5@1 =?5&1
<2 1$&4 <=A5<; 1>G$9@ ;<A 91@@ A4$; A41 2$5? :$?81A I$9G1 <2 C?&19<?V5AA$9 @A<&8 <; A41 3?$;A '$A1[ J5A4 $
:$L5:G: A1?: <2 B( N1$?@* c=A5<;@ $?1 3?$;A1' $A A41 '5@&?1A5<; <2 A41 C?&19<?V5AA$9%@ C==<5;A:1;A@[
f1:G;1?$A5<; $;' E<?=<?$A1 O<I1?;$;&1 E<::5AA11 <? 5A@ '1913$A1* h41 <=A5<;@ I1@A 15A41? ?$A$%9N G=<; 1$&4 <2
A41 25?@A A4?11 $;;5I1?@$?51@ <2 A41 3?$;A '$A1[ <?[ 5; A<A$9[ G=<; A41 '1$A4[ '5@$%595AN <? ?1A5?1:1;A <2 A41
=$?A5&5=$;A*
c; CG3G@A p0[ p((a[ C?&19<?V5AA$9 3?$;A1' 0[^(Z[nn0 <=A5<;@ A< $ 3?<G= <2 81N 1:=9<N11@ $A $; 1L1?&5@1 =?5&1
<2 pZ*na* h41 <=A5<;@ 1L=5?1 <; CG3G@A p0[ p(Ba*
c; g1=A1:%1? B[ p(()[ C?&19<?V5AA$9 3?$;A1' 0[^^^[pp0 <=A5<;@ A< $ 3?<G= <2 81N 1:=9<N11@ $A $; 1L1?&5@1 =?5&1
<2 00*naa* h41 <=A5<;@ 1L=5?1 <; g1=A1:%1? B[ p(B)*
c; CG3G@A p $;' F1&1:%1? BB[ p((n[ C?&19<?V5AA$9 3?$;A1'[ ?1@=1&A5I19N[ a[^)a[p(( $;' B0[((( <=A5<;@ A< $
3?<G= <2 81N 1:=9<N11@ $A $; 1L1?&5@1 =?5&1 <2 )j*0( $;' nj*a0a[ ?1@=1&A5I19N* h41 <=A5<;@ 1L=5?1 <; CG3G@A p[
p(Bn[ $;' <; F1&1:%1? BB[ p(Bn*
R; $''5A5<;[ C?&19<? 4$' @A<&8 <=A5<; =9$;@ \3?$;A@ 2<? p((0[ p((j[ p((a[ p((). J5A4 B[0j)[B)( <=A5<;@
<GA@A$;'5;3 =?5<? A< @A1=bAJ< <2 A41 AJ<b@A1= :1?31?*
R; &<;;1&A5<; J5A4 @A1=bAJ< <2 A41 AJ<b@A1= :1?31? =?<&1@@ '1@&?5%1' $%<I1[ 1$&4 C?&19<? @A<&8 <=A5<; J$@
=?<I5'1' A41 ?534A A< =G?&4$@1 <? @G%@&?5%1[ $@ $==95&$%91[ $ ;G:%1? <2 @4$?1@ 1>G$9 A< @1I1; =?1b&$=5A$9
?1@A?G&AG?5;3 <=A5<;@ A< =G?&4$@1 G;'1?9N5;3 @4$?1@ 5; 1L&4$;31 2<? 1534A =<@Ab&$=5A$9 ?1@A?G&AG?5;3 <=A5<;@ A<
=G?&4$@1 G;'1?9N5;3 @4$?1@* W< <A41? :<'525&$A5<;@ A< A41 5;5A5$9 C?&19<? @A<&8 <=A5<; 3?$;A@ J1?1 :$'1* h45@
?1@G9A1' 5; A41 5@@G$;&1 <2 B[a0Z[j)^ <=A5<;@ A< =G?&4$@1 &<::<; @A<&8 <2 C?&19<?V5AA$9[ J5A4 $; 1L1?&5@1 =?5&1
?$;35;3 2?<: -Bp*j) A< -jj*0a =1? <=A5<;*
h41 E<:=$;N '1A1?:5;1@ A41 2$5? I$9G1 <2 A41 <=A5<;@ $A A41 '$A1 <2 3?$;A G@5;3 A41 D9$&8bg&4<91@ :<'19* h41
2$5? I$9G1@ 2<? <=A5<;@ $;' <A41? @4$?1b%$@1' &<:=1;@$A5<; 5@ ?1&<?'1' $@ $; 1L=1;@1 5; A41 &<;@<95'$A1'
@A$A1:1;A <2 5;&<:1 <I1? A41 ?191I$;A I1@A5;3 <? @1?I5&1 =1?5<'@[ $'6G@A1' A< ?1291&A $&AG$9 $;' 1L=1&A1' 91I19@ <2
I1@A5;3*
87
h41 2$5? I$9G1 <2 1$&4 <=A5<; 3?$;A A< =G?&4$@1 C?&19<?V5AA$9 &<::<; @4$?1@ 5@ 1@A5:$A1' <; A41 '$A1 <2 3?$;A
G@5;3 A41 D9$&8bg&4<91@ <=A5<; =?5&5;3 :<'19 J5A4 A41 2<99<J5;3 J1534A1' $I1?$31 $@@G:=A5<;@ \%$@1' <; N1$?
<2 3?$;A.k
'62C @7 8C2?G
)**+ )**(
KL1?&5@1 =?5&1 00*n) )j*0( ! nj*a0a
F5I5'1;' N519' B*ja Y p*(0 Y
KL=1&A1' $;;G$95P1' I<9$A595AN )( Y Bjp Y
F5@&<G;A ?$A1#%<;' 1>G5I$91;A N519' j*)0 Y j*^B Y
o1534A1' $I1?$31 @4$?1 =?5&1 00*n) )j*0( ! nj*a0a
KL=1&A1' 9521 5; N1$?@ ) )
M$5? I$9G1 <2 <=A5<;@ \=1? @4$?1. 0( ap
h41 1L=1&A1' 9521 <2 A41 <=A5<;@ 5@ 1@A5:$A1' %N <%@1?I5;3 31;1?$9 <=A5<; 4<9'1? %14$I5<? $;' $&AG$9 45@A<?5&$9
95I1@ <2 C?&19<?V5AA$9 @A<&8 <=A5<; =9$;@* R; $''5A5<;[ A41 1L=1&A1' $;;G$95P1' I<9$A595AN 4$@ %11; @1A %N
?121?1;&1 A< A41 5:=951' I<9$A595AN <2 <=A5<;@ $I$59$%91 <; C?&19<?V5AA$9 @4$?1@ 5; A41 <=1; :$?81A[ $@ J199 $@[
45@A<?5&$9 =$AA1?;@ <2 I<9$A595AN*
h41 &<:=1;@$A5<; 1L=1;@1 ?1&<3;5P1' 2<? @A<&8 <=A5<; =9$;@ J$@ pZ $;' B(Z 2<? 1$&4 <2 A41 N1$?@ 1;'1'
F1&1:%1? 0B[ p(()[ $;' p((n[ ?1@=1&A5I19N*
c=A5<; $&A5I5AN J5A4 ?1@=1&A A< C?&19<?V5AA$9g4$?1@ 5@ @G::$?5P1' %19<J $@ <2 $;' 2<? 1$&4 <2 A41 N1$?@ 1;'1'
F1&1:%1? 0B[ p(()[ $;' p((nk
%6:89G65 FQ6C286
_I>36C @7 h2?86 @7 LS6C4:E6 dC:46
ÀG:@?E LS6C4:E6 dC:46E ZA6C @AG:@?.
cGA@A$;'5;3[ F1&1:%1? 0B[ p((a a[(an[0() p*p) ! pZ*na pp*^p
O?$;A1' 0[^^^[pp0 00*n) 00*n)
KL1?&5@1' \ap0[0(j. p*p) ! pZ*na Bn*Z0
E$;&1991' \j[(((. Z*an ! BB*^j B(*p)
M<?215AG?1@ \nZ[pan. 00*n) 00*n)
cGA@A$;'5;3[ F1&1:%1? 0B[ p(() Z[ja([^)Z p*p) ! 00*n) pZ*pn
O?$;A1' a[^nZ[p(( )j*0( ! nj*a0a )j*0p
KL1?&5@1' \p[Bp^[paa. p*p) ! 00*n) pa*^j
E$;&1991' \ppp[a)). pZ*na ! 00*n) 0p*p(
M<?215AG?1@ \0)[0nZ. BB*^j ! 00*n) 0(*)B
K221&A <2 913$9 :1?31? B[a0Z[j)^ Bp*j) ! jj*0a j0*pZ
cGA@A$;'5;3[ F1&1:%1? 0B[ p((n B0[an^[j0Z p*p) ! nj*a0a j)*Ba
KL1?&5@$%91[ F1&1:%1? 0B[ p((n p[aâ[B)j p*p) ! )j*0( pj*j^
KL1?&5@$%91[ F1&1:%1? 0B[ p(() p[()p[nZn p*p) ! pZ*na Bn*pn
88
h41 2<99<J5;3 A$%91 @G::$?5P1@ 5;2<?:$A5<; $%<GA @A<&8 <=A5<;@ $@ <2 F1&1:%1? 0B[ p((nk
ÀG:@?E ÌGEG2?5:?8
%6:89G65 2Q6C286 ÀG:@?E 6S6C4:E23=6

LS6C4:E6 dC:46E _I>36C @7 @AG:@?E 4@?GC24GI2= =:76 Z:? T62CE. Z?I>36C @7 @AG:@?E.
nj*a0a B0[((( ^*â #
)j*0( a[^)a[p(( ^*a^ B([(((
jj*0a B[jZ([(ja a*a( #
00*n) 0[B^0[a(0 Z*)Z nZa[()^
pZ*na p[BZZ[njn n*)a B[(np[aZB
p(*Z0 BB[jp^ j*a( #
B)*Z^ p^[0n0 0*a( p^[0n0
Bp*j) Bn[)pp p*a( Bn[)pp
BB*^j pBp[j^^ B*nB pBp[j^^
Z*an B^^[p(( p*jp B^^[p((
p*p) p)Z[Zp( j*pn p)Z[Zp(
p*p) ! nj*a0a B0[an^[j0Z Z*p) p[aâ[B)j
_`"L D(i MP_F_JPF] P_J`^L F_K L&dL_!L

M5;$;&5$9 5;&<:1 $;' 1L=1;@1 ?1&<3;5P1' 5; A41 N1$?@ 1;'1' F1&1:%1? 0B[ p(() $;' p((n 5@ $@ 2<99<J@k
)**+ )**(
h64@8?:U65 :? AC@7:G 2?5 =@EE
R;A1?1@A 1L=1;@1 \B[Bpj. \B[Z0^.
R;A1?1@A 5;&<:1 paB ann
W1A 3$5; <; '5@=<@$9 <2 $I$59$%91b2<?b@$91 25;$;&5$9 $@@1A@ A?$;@21??1' 2?<: 1>G5AN # 0j
W1A 2<?153; 1L&4$;31 ?1@G9A 0j( B^B
f1I$9G$A5<; <2 '1?5I$A5I1@ 5;@A?G:1;A@ \BB. jp0
cA41? ;1A 25;$;&5;3 &<@A@ \BB(. \0B0.
h<A$9 \)aj. \^pn.
h64@8?:U65 :? 6BI:GT
W1A &4$;31 5; 2$5? I$9G1 <2 $I$59$%91 2<? @$91 25;$;&5$9 $@@1A@ B) a)^
K221&A5I1 =<?A5<; <2 &4$;31@ 5; 2$5? I$9G1 <2 &$@4 29<J 41'31 \B). \00).
M<?153; &G??1;&N A?$;@9$A5<; '5221?1;&1@ 2<? 2<?153; <=1?$A5<;@ Zp) 0[pp(
h<A$9 Zp) 0[ja0
_`"L DXi dL_!P`_! F_K `"OLh d`!"eL^d]`'^L_" d]F_!

C?&19<?V5AA$9%@ c=1?$A5;3 gG%@5'5$?51@ 4$I1 '5221?1;A AN=1@ <2 =1;@5<; =9$;@ 2<? A415? 1:=9<N11@* C9@<[ @<:1 <2
A41 c=1?$A5;3 gG%@5'5$?51@ <221? =<@Ab1:=9<N:1;A %1;125A@[ 5;&9G'5;3 =<@Ab1:=9<N:1;A 41$9A4 &$?1* h41 1L=1;@1
$@@<&5$A1' J5A4 A41@1 =1;@5<; =9$;@ $;' 1:=9<N11 %1;125A@[ $@ J199 $@ A41 &$??N5;3 $:<G;A <2 A41 ?19$A1'
95$%595ANX$@@1A <; A41 %$9$;&1 @411A@ $?1 %$@1' <; $ ;G:%1? <2 $@@G:=A5<;@ $;' 2$&A<?@ @G&4 $@ A41 '5@&<G;A ?$A1[
1L=1&A1' &<:=1;@$A5<; 5;&?1$@1@[ 1L=1&A1' ?1AG?; <; =9$; $@@1A@[ 2GAG?1 41$9A4 &$?1 &<@A A?1;'@ $;' :$?81A I$9G1
<2 A41 G;'1?9N5;3 $@@1A@* C&AG$9 ?1@G9A@ A4$A '5221? 2?<: A41@1 $@@G:=A5<;@ $?1 $&&G:G9$A1' $;' $:<?A5P1' <I1?
2GAG?1 =1?5<'@ $;'[ A41?12<?1[ J599 $221&A ?1&<3;5P1' 1L=1;@1 $;' A41 ?1&<?'1' <%953$A5<; 5; 2GAG?1 =1?5<'@* h41
A<A$9 $&&G:G9$A1' G;?1&<3;5P1' $&AG$?5$9 9<@@ $:<G;A1' A< a^n 2<? =1;@5<;@ $;' B)a 2<? <A41? =<@A ?1A5?1:1;A
%1;125A@ $@ <2 F1&1:%1? 0B[ p((n*
89
C @G::$?N <2 A41 @53;525&$;A '125;1' %1;125A =9$;@ 5@ $@ 2<99<J@k
F>6C:42E
C!A!
C?&19<?V5AA$9 lgC%@ d1;@5<; d9$; $;' d1;@5<; h?G@A 5@ $ ;<;b&<;A?5%GA<?N '125;1' %1;125A =9$; &<I1?5;3
$==?<L5:$A19N j(Y <2 5A@ 1:=9<N11@* D1;125A@ 2<? :<@A ;<;b?1=?1@1;A1' 1:=9<N11@ $?1 '1A1?:5;1' G;'1? $
&E$@4 D$9$;&1( 2<?:G9$ $@ $; $&&<G;A %$9$;&1 J45&4 3?<J@ $@ $ ?1@G9A <2 5;A1?1@A &?1'5A@ $;' <2 $99<&$A5<;@
%$@1' <; $ =1?&1;A$31 <2 =$N* D1;125A@ 2<? <A41? ;<;b?1=?1@1;A1' @$9$?51' 1:=9<N11@ $?1 '1A1?:5;1' $@ $ :<;A49N
%1;125A $A ?1A5?1:1;A '1=1;'5;3 <; 25;$9 =$N $;' @1?I5&1* D1;125A@ 2<? J$31 $;' @$9$?51' 1:=9<N11@ ?1=?1@1;A1'
%N $ G;5<; $?1 '1A1?:5;1' $@ $ :<;A49N %1;125A $A ?1A5?1:1;A %$@1' <; 25L1' ?$A1 $;' @1?I5&1*
WL5LPL
h41 =?5:$?N =1;@5<; =9$;@ $?1 A4<@1 $A Q$:59A<; $;' eEV* h41 Q$:59A<; =1;@5<; =9$; 5@ $ 4N%?5' =9$;
=?<I5'5;3 A41 %1AA1? <2 $ '125;1' %1;125A $;' '125;1' &<;A?5%GA5<; =1;@5<;* h41 '125;1' &<;A?5%GA5<; &<:=<;1;A
5@ 25;$;&1' %N %<A4 1:=9<N1? $;' 1:=9<N11 &<;A?5%GA5<;@* h41 1:=9<N1? $9@< &<;A?5%GA1@ $ =1?&1;A$31 <2 =?<25A@
5; A41 '125;1' &<;A?5%GA5<; =9$;* h41 eEV '125;1' %1;125A =9$; =?<I5'1@ @$9$?N ?19$A1' %1;125A 2<? ;<;bG;5<;
1:=9<N11@ $;' $ 29$A '<99$? =1;@5<; '1=1;'5;3 <; 1:=9<N11 91;3A4 <2 @1?I5&1*
U9LI'-
h41 =?5:$?N '125;1' %1;125A =9$;@[ 25;$;&1' A4?<G34 A?G@A 2G;'@[ 4$I1 %11; &9<@1' A< ;1J 1;A?$;A@* D?$P595$;
1;A5A51@ 4$I1 $99 1@A$%95@41' '125;1' &<;A?5%GA5<; =9$;@ A4$A $?1 25;$;&1' %N 1:=9<N1? $;' 1:=9<N11
&<;A?5%GA5<;@*
[=967Q
E1?A$5; KG?<=1$; c=1?$A5;3 gG%@5'5$?51@ :$5;A$5; =?5:$?59N G;2G;'1' '125;1' %1;125A =1;@5<; =9$;@ 2<? $ &1?A$5;
;G:%1? <2 1:=9<N11@* D1;125A@ $?1 %$@1' <; @G&4 1:=9<N11@% 91;3A4 <2 @1?I5&1 $;' $==95&$%91 =1;@5<; A$%91
G;'1? A41 A1?:@ <2 5;'5I5'G$9 $3?11:1;A@* g<:1 <2 A41@1 G;2G;'1' =9$;@ 4$I1 %11; &9<@1' A< ;1J 1;A?$;A@ $;'
?1=9$&1' 2<? $&A5I1 :1:%1?@ %N '125;1' &<;A?5%GA5<;@ =1;@5<; =9$;@ 25;$;&1' %N 1:=9<N1? $;' 1:=9<N11
&<;A?5%GA5<;@*
C 95:5A1' ;G:%1? <2 2G;'1' '125;1' %1;125A =9$;@ $?1 5; =9$&1 5; &<G;A?51@ J41?1 2G;'5;3 &<991&A5I1 &<:=$;N
=1;@5<; =9$;@ 5@ :$;'$A<?N*
90
>-L5 T;;Q<;
h41 J1534A1'b$I1?$31 $@@1A $99<&$A5<;@ 2<? A41 MG;'1' d1;@5<; d9$;@ %N $@@1A &$A13<?N $?1 $@ 2<99<J@k
K646>36C 0DY )**+

#,!, JF_FKF HhF1P] L#h`dL `"OLh!
K>G5AN g1&G?5A51@ )p Y a) Y ^Y BZ Y j( Y
M5L1' R;&<:1 \5;&9G'5;3 &$@4.
Bn Y 0Z Y Z^ Y n0 Y jn Y
f1$9 K@A$A1
pB Y # # # #
cA41? # )Y pY ^Y B0 Y
h<A$9 B(( Y B(( Y B(( Y B(( Y B(( Y
K646>36C 0DY )**(

K>G5AN g1&G?5A51@
)0 Y aj Y B( Y Bn Y ja Y
M5L1' R;&<:1 \5;&9G'5;3 &$@4.
p0 Y 0Z Y ZZ Y )j Y jZ Y
f1$9 K@A$A1
aY # # # #
cA41? ^Y ZY pY B^ Y nY
h<A$9
B(( Y B(( Y B(( Y B(( Y B(( Y
h41@1 $@@1A@ '< ;<A &<;A$5; $;N '5?1&A 5;I1@A:1;A 5; C?&19<?V5AA$9 <? 5; =?<=1?AN <? <A41? $@@1A@ <&&G=51' <? G@1'
%N C?&19<?V5AA$9* h45@ '<1@ ;<A 1L&9G'1 C?&19<?V5AA$9 @4$?1@ %15;3 5;&9G'1' 5; :GAG$9 2G;' 5;I1@A:1;A@* h41
5;I1@A1' $@@1A@ =?<'G&1' $; $&AG$9 ?1AG?; <2 pnZ 5; p((n*
h41 ?1@=1&A5I1 M5;$;&1 $;' f1A5?1:1;A E<::5AA11@ <2 A41 D<$?' <2 F5?1&A<?@ 4$I1 31;1?$9 @G=1?I5@<?N $GA4<?5AN
<I1? A41 ?1@=1&A5I1 A?G@A 2G;'@* h41@1 &<::5AA11@ 4$I1 1@A$%95@41' A41 2<99<J5;3 $@@1A $99<&$A5<; A$?31A@k
K646>36C 0DY )**(

K>G5AN g1&G?5A51@
)0 Y )( Y p( Y p( Y j^ Y
M5L1' R;&<:1 \5;&9G'5;3 &$@4.
p0 Y j( Y Z( Y Z( Y 0Z Y
f1$9 K@A$A1 Bj Y # # # #
cA41?
# # # # B0 Y
h<A$9
B(( Y B(( Y B(( Y B(( Y B(( Y
91
>Q5;'65 >-L5;
K646>36C 0DY )**+

"`"F] #,!, JF_FKF HhF1P] L#h`dL `"OLh
J92?86 :? 36?67:G @3=:82G:@?
D1;125A <%953$A5<; $A %135;;5;3 <2 A41
=1?5<' 0[))0 p[^)a a)B # )^ )Z
DG@5;1@@ &<:%5;$A5<;@ j[n)p B^ p[B)a j)B p[BBn #
g1?I5&1 &<@A B(0 0Z jB j Bn 0
R;A1?1@A &<@A 0B^ B)Z Zj p( jp a
d9$; $:1;':1;A@ \B. 0 \B. # \0. #
d9$; =$?A5&5=$;A@% &<;A?5%GA5<; 0 # B B # B
EG?A$59:1;A@ $;' @1AA91:1;A@ \Bj. \Bj. # # # #
C&AG$?5$9 9<@@ BaB BBj pn B ) 0
D1;125A@ =$5' \0Zp. \pBZ. \)^. \BB. \Zp. \p.
M<?153; &G??1;&N 1L&4$;31 ?$A1
'5221?1;&1@ \Bp. # \n^. a )p #
D1;125A <%953$A5<; $A 1;' <2 A41 =1?5<' Z[a^p 0[(na p[n0( jZB p[ppZ nZ
J92?86 :? A=2? 2EE6GE
M$5? I$9G1 <2 =9$; $@@1A@ $A %135;;5;3
<2 A41 =1?5<' p[)BB p[B)B 0jZ # # B(p
DG@5;1@@ &<:%5;$A5<;@ p[ZpZ Bp B[nnB ap( apa #
KL=1&A1' ?1AG?; <; =9$; $@@1A@ 00Z p() Zn pn ^ ^
C&AG$?5$9 3$5; \9<@@. Baj Bp0 0^ 0 B \Bp.
K:=9<N1? &<;A?5%GA5<; BZB )j Z0 a pZ B
d9$; =$?A5&5=$;A@% &<;A?5%GA5<; 0 # B B # B
EG?A$59:1;A@ $;' @1AA91:1;A@ \B0. \B0. # # # #
D1;125A@ =$5' \0p). \pBZ. \)^. \BB. \p). \p.
M<?153; &G??1;&N 1L&4$;31 ?$A1
'5221?1;&1@ \jn. # \)n. ) Bj #
M$5? I$9G1 <2 =9$; $@@1A@ $A 1;' <2 A41
=1?5<' a[np^ p[00a p[B^0 aaB aaB ^^
\l;2G;'1'. 2G;'1' @A$AG@ <2 A41 =9$;@ \p[Z)0. \nj(. \a0n. n( \B[)nn. pB
l;?1&<3;5P1' ;1A $&AG$?5$9 9<@@ \3$5;. ^(B Z^B a \0. j j
l;?1&<3;5P1' =$@A @1?I5&1 &<@A \n(. # # \n(. # #
K:=9<N1? &<;A?5%GA5<; $2A1?
:1$@G?1:1;A '$A1 ) # ) # # #
_6G 2>@I?G C64@8?:U65 \p[(p). BaB \ap). \0. \B[)n0. pa
W1A $@@1A@ ?19$A1' A< 2G;'1'
<%953$A5<;@ pj) B^0 pj p p pa
D$9$;&1 @411A 95$%595A51@ \p[pnp. \jp. \aa(. \a. \B[)na. #
92
K646>36C 0DY )**(
J92?86 :? 36?67:G @3=:82G:@?
D1;125A <%953$A5<; $A %135;;5;3 <2 A41
=1?5<' Z[a^p 0[(na p[n0( jZB p[ppZ nZ
g1?I5&1 &<@A Bn) 0^ n0 B( ja ^
R;A1?1@A &<@A a(B B)n Bap )( B(n Ba
d9$; $:1;':1;A@ B0 # 0 # B( #
d9$; =$?A5&5=$;A@% &<;A?5%GA5<; a # B p B B
EG?A$59:1;A@ $;' @1AA91:1;A@ ^) # jZ # # jZ
C&AG$?5$9 \3$5;@. 9<@@ \aap. \p(B. \0BB. B( \)p. Bp
D1;125A@ =$5' \jaa. \p. \BjB. \0j. \p(^. \)^.
M<?153; &G??1;&N 1L&4$;31 ?$A1
'5221?1;&1@ $;' <A41? :<I1:1;A@ B[()n # jn^ BB( 0)) BBp
D1;125A <%953$A5<; $A 1;' <2 A41 =1?5<' ^[jj0 0[(nZ 0[(0j )0^ p[jZ) p()
J92?86 :? A=2? 2EE6GE
M$5? I$9G1 <2 =9$; $@@1A@ $A %135;;5;3
<2 A41 =1?5<' a[np^ p[00a p[B^0 aaB aaB ^^
KL=1&A1' ?1AG?; <; =9$; $@@1A@ a(n ppB Bn) n) pj B(
C&AG$?5$9 3$5; \9<@@. \pp^. \BZj. \aj. # a j
K:=9<N1? &<;A?5%GA5<; jB^ pan B() B0 jp B
d9$; =$?A5&5=$;A@% &<;A?5%GA5<; a # B p B B
D1;125A@ =$5' \pjp. \p. \BjB. \0j. \)0. \p.
M<?153; &G??1;&N 1L&4$;31 ?$A1
'5221?1;&1@ $;' <A41? :<I1:1;A@ )Bp # jp) Bp0 )0 #
M$5? I$9G1 <2 =9$; $@@1A@ $A 1;' <2 A41
=1?5<' )[Z(B p[)pn p[n(n n0B )p0 BB0
\l;2G;'1'. 2G;'1' @A$AG@ <2 A41 =9$;@ \p[)jp. \jaB. \0pn. ^p \B[Z)0. \^0.
l;?1&<3;5P1' ;1A $&AG$?5$9 9<@@ \3$5;. a^n Z(Z \Bâ. ^ \ja. p(
l;?1&<3;5P1' =$@A @1?I5&1 &<@A \p. # \B. # # \B.
d?1=$5' 'G1 A< G;?1&<I1?$%91 @G?=9G@1@ \B(0. # # \B(0. # #
_6G 2>@I?G C64@8?:U65 \p[Ba(. 0an \ap0. \p. \B[^(Z. \nj.
W1A $@@1A@ ?19$A1' A< 2G;'1' <%953$A5<;@ jB^ 0an p^ j 0 p)
D$9$;&1 @411A 95$%595A51@ \p[a)^. # \aap. \). \B[^BB. \B((.
T;;Q< WQ'-'5S
h41 $:<G;A ;<A ?1&<3;5P1' 5; A41 2$5? I$9G1 <2 =9$; $@@1A@ 'G1 A< A41 $@@1A &1595;3 J$@ a $;' B(0 $A F1&1:%1? 0B[
p(() $;' p((n[ ?1@=1&A5I19N*
93
B&Q R6--6D'5S <LN-Q; PQ<L'- <&Q O6/765Q5<; 6R 5Q< 7Q9'6P'O 7Q5;'65 O6;<
K646>36C 0DY )**+

_6G A6C:@5:4 4@EG Z36?67:G.
g1?I5&1 &<@A B(p 0Z jB 0 Bn 0
R;A1?1@A &<@A 0p( B)Z Zj p( j0 a
KL=1&A1' ?1AG?; <; =9$; $@@1A@ \00Z. \p(). \Zn. \pn. \^. \^.
E4$?31@ 'G1 A< G;?1&<I1?$%91 @G?=9G@1@ a # # a # #
EG?A$59:1;A@ $;' @1AA91:1;A@ p p # # # #
C:<?A5P$A5<; <2 G;?1&<3;5P1' =$@A
@1?I5&1 &<@A ) # ) # # #
C:<?A5P$A5<; <2 G;?1&<3;5P1' $&AG$?5$9
\3$5;. 9<@@ n) )^ ) B # #
h<A$9 Bn0 nB a( p aB \B.
K646>36C 0DY )**(

_6G A6C:@5:4 4@EG Z36?67:G.
g1?I5&1 &<@A Bn) 0^ n0 B( ja ^
R;A1?1@A &<@A a(B B)n Bap )( B(n Ba
KL=1&A1' ?1AG?; <; =9$; $@@1A@ \a(n. \ppB. \Bn). \n). \pj. \B(.
E4$?31@ 'G1 A< G;?1&<I1?$%91 @G?=9G@1@ B) # # B) # #
EG?A$59:1;A@ $;' @1AA91:1;A@ BBZ # np # \p. jZ
C:<?A5P$A5<; <2 G;?1&<3;5P1' =$@A
@1?I5&1 &<@A B0 # 0 # B( #
C:<?A5P$A5<; <2 G;?1&<3;5P1' $&AG$?5$9
\3$5;. 9<@@ nB )Z j # \B. #
h<A$9 0ZZ a0 BpZ B( B0a )p
>6;<MQ/7-6G/Q5< NQ5QR'<;
C?&19<?V5AA$9%@ =?5;&5=$9 c=1?$A5;3 gG%@5'5$?51@ 5; A41 l*g*[ E$;$'$ $;' KG?<=1 =?<I5'1 =<@Ab1:=9<N:1;A
%1;125A@[ 5;&9G'5;3 :1'5&$9 %1;125A@ $;' 9521 5;@G?$;&1 %1;125A@[ A< ?1A5?11@* gG%@A$;A5$99N $99 <2 A41 l*g* c=1?$A5;3
gG%@5'5$?N 1:=9<N11@ $?1 &<I1?1' G;'1? =<@Ab1:=9<N:1;A 9521 5;@G?$;&1 $;' :1'5&$9 %1;125A =9$;@ A4$A ?1>G5?1
'1'G&A5%91 $;' &<b5;@G?$;&1 =$N:1;A@ 2?<: ?1A5?11@* h41 =<@Ab1:=9<N:1;A 9521 5;@G?$;&1 %1;125A 2<?:G9$ G@1' 5;
A41 '1A1?:5;$A5<; <2 =<@Ab1:=9<N:1;A %1;125A &<@A 5@ =?5:$?59N %$@1' <; $==95&$%91 $;;G$9 1$?;5;3@ $A ?1A5?1:1;A
2<? @$9$?51' 1:=9<N11@ $;' @=1&525& $:<G;A@ 2<? 4<G?9N 1:=9<N11@* h41 l*g* c=1?$A5;3 gG%@5'5$?N '<1@ ;<A =?1b
2G;' :<@A <2 A41@1 =<@Ab1:=9<N:1;A %1;125A@* K221&A5I1 S$;G$?N B[ B^^j[ $ m<9G;A$?N K:=9<N11 D1;125A
C@@<&5$A5<; h?G@A J$@ 1@A$%95@41' 2<? =$N:1;A <2 41$9A4 &$?1 %1;125A@ A< l;5A1' gA119 o<?81?@ <2 C:1?5&$*
MG;'5;3 <2 A41 h?G@A 5@ :$'1 $@ &9$5:@ $?1 @G%:5AA1' 2<? =$N:1;A*
94
gG::$?N <2 &4$;31@ 5; A41 =<@A 1:=9<N:1;A %1;125A <%953$A5<; $;' A41 &4$;31 5; =9$; $@@1A@k
K646>36C 0DY )**+

J92?86 :? A@EGe6>A=@T>6?G 36?67:G
@3=:82G:@?
D1;125A <%953$A5<; $A %135;;5;3 <2
=1?5<' B[(pZ ^na p^ # p pp
DG@5;1@@ &<:%5;$A5<;@ B[0nn 0 Z^n n j)Z p
g1?I5&1 &<@A 0( ^ ^ # Z j
R;A1?1@A &<@A ^p aj pn # ^ p
d9$; $:1;':1;A \a. # \p. # \0. #
C&AG$?5$9 9<@@ \3$5;. ppn p(n pp # \p. #
D1;125A@ =$5' \BB). \n^. \Ba. \B. \p(. \B.
M<?153; &G??1;&N 1L&4$;31 ?$A1
&4$;31@ \B^. # \0p. # Bp B
H6?67:GE @3=:82G:@? 2G 6?5 @7 A6C:@5 p[)Bj B[B)^ ^0a ) jnj 0(
M$5? I$9G1 <2 $@@1A@ \2?<: $&>G5@5A5<;. jZ 0p B # Ba #
MI?565 ZI?7I?565. EG2GIE @7 G96
A=2?E \p[a)). \B[B0n. \^0j. \). \ja^. \0(.
l;?1&<3;5P1' ;1A $&AG$?5$9 9<@@ \3$5;. 0Z^ 0)p 0p # \a. #
l;?1&<3;5P1' =$@A @1?I5&1 &<@A
\%1;125A. \0Z. \00. \p. # \0. #
_6G 2>@I?G C64@8?:U65 \p[pBa. \Z(Z. \^(j. \). \j)n. \0(.
K646>36C 0DY )**(

J92?86 :? A@EGe6>A=@T>6?G 36?67:G
@3=:82G:@?
D1;125A <%953$A5<; $A %135;;5;3 <2 =1?5<' p[)Bj B[B)^ ^0a ) jnj 0(
g1?I5&1 &<@A )p ^ B^ # B) BZ
R;A1?1@A &<@A B0^ )j ap B pp #
d9$; $:1;':1;A jn jj # # 0 #
C&AG$?5$9 9<@@ \3$5;. \BZB. \Bp. \BaZ. \B. \B(. #
D1;125A@ =$5' \Bâ. \n(. \0j. \B. \aB. \0^.
EG?A$59:1;A@ $;' @1AA91:1;A@ BZ BB B( # \0. #
C&>G5@5A5<; \'5I1@A5AG?1@. Ba # # # \j. B^
M<?153; &G??1;&N 1L&4$;31 ?$A1 &4$;31@
$;' <A41? :<I1:1;A@ pZ) # Ba^ B na aB
H6?67:GE @3=:82G:@? 2G 6?5 @7 A6C:@5 p[Z(a B[pBa ^Z0 ) app n^
M$5? I$9G1 <2 $@@1A@ j^ 0j # # Ba #
MI?565 ZI?7I?565. EG2GIE @7 G96 A=2?E \p[na). \B[BZB. \^Z0. \). \a(n. \n^.
l;?1&<3;5P1' ;1A $&AG$?5$9 9<@@ \3$5;. B)a 0pp \Bjj. # \B0. #
l;?1&<3;5P1' =$@A @1?I5&1 &<@A \%1;125A. Z B0 \p. # \0. #
_6G 2>@I?G C64@8?:U65 \p[aZ0. \Zj). \B[Bp^. \). \ap0. \n^.
95
B&Q 5Q< 7Q9'6P'O 76;<MQ/7-6G/Q5< O6;<J
K646>36C 0DY )**+

J@>A@?6?GE @7 ?6G A6C:@5:4 4@EG
Z36?67:G.
g1?I5&1 &<@A pa ^ ^ # a p
R;A1?1@A &<@A
^B aa pn # n p
KL=1&A1' ?1AG?; <; =9$; $@@1A@
\p. \p. # # # #
C:<?A5P$A5<; <2 G;?1&<3;5P1' =$@A @1?I5&1
&<@A \Z. \Z. # # # #
C:<?A5P$A5<; <2 G;?1&<3;5P1' $&AG$?5$9
\3$5;. 9<@@ Bp Bp # # # #
h<A$9
BBZ )) 0) # Bp j
K646>36C 0DY )**(

J@>A@?6?GE @7 ?6G A6C:@5:4 4@EG Z36?67:G.
g1?I5&1 &<@A )p ^ B^ # B) BZ
R;A1?1@A &<@A B0^ )j ap B pp #
KL=1&A1' ?1AG?; <; =9$; $@@1A@ \0. \p. # # \B. #
EG?A$59:1;A@ $;' @1AA91:1;A@ p( BB B0 # \j. #
C:<?A5P$A5<; <2 G;?1&<3;5P1' =$@A @1?I5&1 &<@A j # # # j #
C:<?A5P$A5<; <2 G;?1&<3;5P1' $&AG$?5$9 \3$5;.
9<@@ p0 pn # \B. \0. #
h<A$9 pja B(^ Zj # 0j BZ
FQ'S&<QPML?Q9LSQ L;;=/7<'65; =;QP <6 PQ<Q9/'5Q NQ5QR'< 6N-'SL<'65; L< YQOQ/NQ9 $K:
d6?E:@? d=2? `G96C d@EGe6>A=@T>6?G H6?67:GE

)**+ )**( )**+ )**(
F5@&<G;A ?$A1 j*j0Y ! B(*^nY a*BnY ! B(*nnY j*aY ! Z*naY p*^jY ! B(*nnY
f$A1 <2 &<:=1;@$A5<; 5;&?1$@1
p*ppY ! n*aY pY ! ZY 0Y ! n*aY BY ! ZY
KL=1&A1' 9<;3bA1?: ?$A1 <2 ?1AG?; <;
=9$; $@@1A@ 0*ajY ! Bp*nBY 0*ajY ! BB*paY aY ! B(Y j*aY ! aY
,QL-<& WL9Q W6;< <9Q5P
K646>36C 0DY
)**+ )**(
Q1$9A4 &$?1 &<@A A?1;' ?$A1 $@@G:1' 2<? ;1LA N1$?
p*(0Y ! B(*nY p*a(Y ! )*0BY
J2E9 M=@RE
R; p((Z[ A41 E<:=$;N 1L=1&A@ %1;125A@ =$N:1;A@[ 5;&9G'5;3 &<;A?5%GA5<;@[ A< $:<G;A A< n^^*
96
B6<L- -65SM<Q9/ PQRQ99QP Q/7-6GQQ NQ5QR'<;
h41 9<;3bA1?: '121??1' 1:=9<N11 %1;125A@ $?1 $@ 2<99<J@k
K646>36C 0DY
)**+ )**(
d1;@5<; =9$; %1;125A p[pnp p[a)^
cA41? =<@Ab1:=9<N:1;A %1;125A p[pBa p[aZ0
K$?9N ?1A5?1:1;A %1;125A )B( nZ(
cA41? 9<;3bA1?: 1:=9<N11 %1;125A@ j0j 0Bp
h<A$9 a[a0B )[pjj
!6?E:G:Q:GT 2?2=TE:E
h41 2<99<J5;3 5;2<?:$A5<; 599G@A?$A1@ A41 @1;@5A5I5AN A< $ &4$;31 5; &1?A$5; $@@G:=A5<;@ 2<? =1;@5<; =9$;@ \$@ <2
F1&1:%1? 0B[ p((n[ A41 '125;1' %1;125A <%953$A5<; \&FDc(. 2<? =1;@5<; =9$;@ J$@ ^[jj0.k
L7764G @? )**X dC6e"2S

Z:? >:==:@?E @7 #,!, 5@==2CE. d6?E:@? LSA6?E6 L7764G @7 K646>36C 0DY
J92?86 :? 2EEI>AG:@? ZEI> @7 E6CQ:46 4@EG 2?5 :?G6C6EG 4@EG. )**( KH`
B(( %$@5@ =<5;A '1&?1$@1 5; '5@&<G;A ?$A1 \pp. B[(aZ
B(( %$@5@ =<5;A 5;&?1$@1 5; '5@&<G;A ?$A1 BB \^ja.
B(( %$@5@ =<5;A '1&?1$@1 5; ?$A1 2<?
&<:=1;@$A5<; \0^. \0)Z.
B(( %$@5@ =<5;A 5;&?1$@1 5; ?$A1 <2
&<:=1;@$A5<; 0Z 00j
B(( %$@5@ =<5;A '1&?1$@1 5; 1L=1&A1' ?1AG?;
<; =9$; $@@1A@ )a #
B(( %$@5@ =<5;A 5;&?1$@1 5; 1L=1&A1' ?1AG?; <;
=9$; $@@1A@ \)a. #
h41 2<99<J5;3 A$%91 599G@A?$A1@ A41 @1;@5A5I5AN A< $ &4$;31 5; A41 '5@&<G;A ?$A1 $@@G:=A5<; ?19$A1' A<
C?&19<?V5AA$9%@ cdKD =9$;@ \$@ <2 F1&1:%1? 0B[ p((n A41 FDc 2<? =<@Ab1:=9<N:1;A %1;125A =9$;@ J$@ p*na).k
L7764G @? )**X dC6e"2S

Z:? >:==:@?E @7 #,!, 5@==2CE. `dLH LSA6?E6 L7764G @7 K646>36C 0DY
J92?86 :? 2EEI>AG:@? ZEI> @7 !6CQ:46 4@EG 2?5 :?G6C6EG 4@EG. )**( KH`
B(( %$@5@ =<5;A '1&?1$@1 5; '5@&<G;A ?$A1 \BB. 0jB
B(( %$@5@ =<5;A 5;&?1$@1 5; '5@&<G;A ?$A1 Z \0(0.
B(( %$@5@ =<5;A '1&?1$@1 5; 41$9A4&$?1 &<@A
A?1;' \BB. \Bja.
B(( %$@5@ =<5;A 5;&?1$@1 5; 41$9A4&$?1 &<@A
A?1;' B0 BnB
h41 $%<I1 @1;@5A5I5A51@ ?1291&A A41 1221&A <2 &4$;35;3 <;1 $@@G:=A5<; $A $ A5:1* C&AG$9 1&<;<:5& 2$&A<?@ $;'
&<;'5A5<;@ <2A1; $221&A :G9A5=91 $@@G:=A5<;@ @5:G9A$;1<G@9N[ $;' A41 1221&A@ <2 &4$;31@ 5; 81N $@@G:=A5<;@ $?1
;<A ;1&1@@$?59N 95;1$?*
97
_`"L Dai P_J`^L "F&
0-O/+Q ;K@ Q@6Q-:Q
h41 %?1$8'<J; <2 A41 5;&<:1 A$L 1L=1;@1 \%1;125A. 2<? 1$&4 <2 A41 N1$?@ 1;'1' F1&1:%1? 0B[ p(() $;' p((n[
?1@=1&A5I19N[ 5@ @G::$?5P1' $@ 2<99<J@k
'62C 6?565 K646>36C 0DY

)**+b )**(
h<A$9 &G??1;A 5;&<:1 A$L 1L=1;@1 B[p)n p[ajj
h<A$9 '121??1' A$L 1L=1;@1 \%1;125A. \Bja. j^j
h<A$9 5;&<:1 A$L 1L=1;@1 B[Bpp 0[(0Z
h41 2<99<J5;3 A$%91 ?1&<;&591@ A41 5;&<:1 A$L 1L=1;@1 \%1;125A. A< A41 @A$AGA<?N A$L 1L=1;@1 $@ &$9&G9$A1'k
'62C 6?565 K646>36C 0DY

)**+b )**(
_6G :?4@>6i a[pjn B([0)Z
V5;<?5AN 5;A1?1@A Za^ B[jZp
R;&<:1 2?<: 1>G5AN :1A4<' 5;I1@A:1;A@ \0(B. \^Za.
R;&<:1 A$L 1L=1;@1 B[Bpp 0[(0Z
P?4@>6 367@C6 G2S 2?5 :?4@>6 7C@> 6BI:GT >6G9@5 :?Q6EG>6?GEi )[^pn B0[^(0
h$L $A A41 '<:1@A5& ?$A1@ $==95&$%91 A< =?<25A@ 5; A41 &<G;A?51@ B[))^ 0[^p)
d1?:$;1;A 5A1:@ a) \0BZ.
D1;125A $?5@5;3 2?<: 5;A1?1@A 5; =$?A;1?@45= \0j. \aB.
f$A1 &4$;31@ ) \p(^.
W1A &4$;31 5; :1$@G?1:1;A <2 '121??1' A$L $@@1A@ \j0. B(0
f1b&4$?$&A1?5P$A5<; <2 &$=5A$9 9<@@ A< <?'5;$?N 9<@@ \pBB. #
D1;125A <2 A$L 4<95'$N \Bj. \pn.
K221&A@ <2 2<?153; &G??1;&N A?$;@9$A5<; \aB. \p^n.
h$L '1'G&A5<; \jp. \B(a.
h$L &?1'5A@ \jB. \Bj.
cA41? A$L1@ 0B )n
cA41?@ \p(j. \0n.
R;&<:1 A$L 1L=1;@1 B[Bpp 0[(0Z
_
=G?&4$@1 =?5&1 <2 C?&19<? \@11 ;<A1 0.*
d1?:$;1;A 5A1:@ <2 \0BZ. ?1@G9A 2?<: '11:1' '1'G&A5<;@ <; A$L$%91 5;&<:1 <2 0jn[ 5;&<:1 A$L 1L=1;@1 <2 ^Z <;
5;A1?&<:=$;N '5I5'1;'@ $;' @4$?1 A?$;@21?@[ $;' <A41? A$L$%91 5;&<:1 <2 )^ ?19$A5;3 A< <A41? =1?:$;1;A 5A1:@*
h41 A$L %1;125A 2?<: ?$A1 &4$;31@ <2 \p(^. ?1@G9A@ 2?<: A41 '1&?1$@1 <2 &<?=<?$A1 5;&<:1 A$L ?$A1@ 5; E$;$'$[
EP1&4 f1=G%95&[ O1?:$;N $;' V<?<&&<*
h41 ;1A &4$;31 5; :1$@G?1:1;A <2 '121??1' A$L $@@1A@ <2 B(0 =?5:$?59N &<;@5@A@ <2 $ A$L %1;125A <2 p)( 2<?
$&>G5?1' '121??1' A$L $@@1A@[ $ A$L 1L=1;@1 <2 B^p 2<? G;?1&<3;5P1' ;1A <=1?$A5;3 9<@@1@ ?19$A5;3 A< A41 913$9
:1?31? <2 C?&19<? $;' V5AA$9 gA119 $;' <A41? ;1A A$L 1L=1;@1 <2 BnB[ :$5;9N ?19$A5;3 A< '121??1' A$L $@@1A@ ;<A
?1&<3;5P1' 2<? 9<@@1@ <2 A41 N1$?*
FG?5;3 p((j[ A41 V1L5&$; c=1?$A5;3 gG%@5'5$?N[ 5; AJ< @1=$?$A1 A?$;@$&A5<;@[ A?$;@21??1' @4$?1@ <2 AJ< <2 5A@
@G%@5'5$?51@ $;' ?1$95P1' &$=5A$9 9<@@1@ 2<? A$L =G?=<@1@ <2 $==?<L5:$A19N naa $;' ))Z[ ?1@=1&A5I19N* CA
F1&1:%1? 0B[ p((a[ '121??1' A$L $@@1A@ <2 pp) ?19$A1' A< A41 &$=5A$9 9<@@ <2 naa J1?1 ?1&<3;5P1' %$@1' <; A41
'1&5@5<; <2 A41 V1L5&$; 21'1?$9 &<G?A A< $99<J GA595P$A5<; <2 @G&4 &$=5A$9 9<@@ $3$5;@A <=1?$A5;3 5;&<:1*
CA C?&19<?V5AA$9 U!P$?< E!?'1;$@[ A41 V1L5&$; 21'1?$9 &<G?A $==?<I1' $ =1A5A5<; 5; p(() A< GA595P1 $ ))Z 9<@@
$3$5;@A <=1?$A5;3 5;&<:1* g5;&1 A41 9<@@ J$@ 5;&G??1' 5; p((j $;' J$@ '1;<:5;$A1' 5; V1L5&$; =1@<@[
29G&AG$A5<;@ 5; &G??1;&N 1L&4$;31 ?$A1@ $9<;3 J5A4 $;;G$9 5;29$A5<;$?N $'6G@A:1;A@ ?1@G9A1' 5; $; 5;&?1$@1 5; A41
98
l*g* '<99$? 1>G5I$91;A I$9G1 <2 A41 9<@@ 2?<: ))Z A< np^* C&&<?'5;39N[ $ '121??1' A$L $@@1A <2 pBB J$@ ?1&<3;5P1'
5; p(()*
h41 1221&A@ <2 2<?153; &G??1;&N A?$;@9$A5<; <2 \p^n. =1?A$5; A< &1?A$5; 1;A5A51@ J5A4 A41 l*g* '<99$? $@ 2G;&A5<;$9
&G??1;&N $;' A41 9<&$9 &G??1;&N 2<? A$L =G?=<@1@*
h41 A$L '1'G&A5<; 5; p(() $;' p((n ?19$A1@ A< 21'1?$9 3<I1?;:1;A$9 5;&1;A5I1@ 3?$;A1' A< Egh 5; D?$P59 $@ =$?A
<2 $ =?<3?$: A< =?<:<A1 A41 '1I19<=:1;A <2 A41 D?$P595$; ;<?A41$@A ?135<;*
h41 p(() A$L &?1'5A@ $?1 $AA?5%GA$%91 A< <G? c=1?$A5;3 gG%@5'5$?51@ 5; g=$5;* h41N ?19$A1 A< &?1'5A@ &9$5:1' <;
&$=5A$9 3$5; ?15;I1@A1' 5; 25L1' $@@1A@ $;' ?1@1$?&4 $;' '1I19<=:1;A &?1'5A*
cA41? A$L1@ 5;&9G'1 g1&<;'$?N h$L$A5<; <; E<:=$;51@ \&ghE(.[ J45&4 5@ $ A$L 91I51' <; '5I5'1;'@ '1&9$?1' %N
g<GA4 C2?5&$; &<:=$;51@* ghE 5@ ;<A 5;&9G'1' 5; A41 &<:=GA$A5<; <2 &G??1;A <? '121??1' A$L $@ A41@1 $:<G;A@ $?1
&$9&G9$A1' $A A41 @A$AGA<?N &<:=$;N A$L ?$A1 <; G;'5@A?5%GA1' 1$?;5;3@* R2 A41 g<GA4 C2?5&$; c=1?$A5;3 gG%@5'5$?N
'5@A?5%GA1' $99 <2 5A@ G;'5@A?5%GA1' ?1A$5;1' 1$?;5;3@ <2 p[p)n $;' 0[(B0 5; p(() $;' p((n[ ?1@=1&A5I19N[ 5A J<G9'
%1 @G%61&A A< $''5A5<;$9 A$L1@ <2 pap $;' pnj[ ?1@=1&A5I19N* ghE <; '5I5'1;'@ '1&9$?1' 5; p(() $;' p((n J1?1 pj
$;' )n[ ?1@=1&A5I19N*
cA41?@ <2 \0n. &<;@5@A@ <2 $ A$L 1L=1;@1 <2 BB([ 'G1 A< $ &4$;31 5; V1L5&$; A$L 9$J[ $ A$L 1L=1;@1 <2 ^p 2<?
'121??1' A$L 95$%595A51@ ?1&<?'1' <; 5;I1@A:1;A@[ $ A$L %1;125A <2 B^0 'G1 A< $ ?191$@1 <2 A$L 95$%595A51@ 2<99<J5;3
A41 25;$95P$A5<; <2 A$L $G'5A@[ $;' <A41? A$L %1;125A@ <2 j)*
DK@ KS8QQ+Q-;:
E1?A$5; $3?11:1;A@ ?19$A5;3 A< $&>G5@5A5<;@ $;' &$=5A$9 5;I1@A:1;A@ G;'1?A$81; %N A41 E<:=$;N[ =?<I5'1@
?1'G&1' A$L ?$A1@[ <?[ 5; @<:1 &$@1@ 1L1:=A5<; 2?<: 5;&<:1 A$L* gG&4 $??$;31:1;A@ 1L=5?1 <I1? I$?5<G@ 25@&$9
N1$?@ A4?<G34 p(Bj*
h41 ;1A '121??1' A$L %1;125A ?1&<?'1' '5?1&A9N A< 1>G5AN J$@ pZ) $@ <2 F1&1:%1? 0B[ p((n \j0 $@ <2
F1&1:%1? 0B[ p(().*
h41 <?535; <2 '121??1' A$L $@@1A@ $;' 95$%595A51@ 5@ $@ 2<99<J@k
FEE6GE ]:23:=:G:6E _6G

)**+ )**( )**+ )**( )**+b )**(
R;A$;35%91 $@@1A@ BpB ja \)^B. \))a. \an(. \)p(.
d?<=1?AN[ =9$;A $;' 1>G5=:1;A apZ j^0 \^[0^j. \B([(pn. \Z[Z)). \^[a0j.
R;I1;A<?51@ ppp pZn \0BZ. \0)j. \^). \nn.
CI$59$%91b2<?b@$91 # # \pZ. \ap. \pZ. \ap.
M5;$;&5$9 5;@A?G:1;A@ Ba ppp \jB. \)p. \p). B)(
cA41? $@@1A@ p(B Bnp \^B. \BaB. BB( pB
d?<I5@5<;@ B[n0) B[ZpZ \ja(. \jj). B[pZ) B[0Zp
cA41? 95$%595A51@ j)a )aB \^^. \)(. 0)) a^B
h$L 9<@@1@ &$??51' 2<?J$?' p[p0j B[)a^ # # p[p0j B[)a^
h$L &?1'5A@ B00 pBj # # B00 pBj
l;A$L1' ?1@1?I1@ # # \). \jp. \). \jp.
K676CC65 G2S 2EE6GE V =:23:=:G:6E a[)aa a[anB \BB[BBZ. \BB[Z)^. \a[j)0. \)[p^Z.
F121??1' A$L $@@1A@ B[nZ^ B[)p^
F121??1' A$L 95$%595A51@ \n[pap. \n[^pn.
_
=G?&4$@1 =?5&1 <2 C?&19<? \@11 ;<A1 0.*
99
F121??1' A$L $@@1A@ ;<A ?1&<3;5P1' %N A41 E<:=$;N $@ <2 F1&1:%1? 0B[ p(() $?1 $@ 2<99<J@k
h64@8?:U65
"@G2= 5676CC65 5676CC65 G2S #?C64@8?:U65
NC@EE 2>@I?G G2S 2EE6GE 2EE6GE 5676CC65 G2S 2EE6GE
h$L 9<@@1@ &$??51' 2<?J$?' ^[(B^ 0[(n^ p[p0j Zja
h$L &?1'5A@ B00 B00 B00 #
cA41? A$L &?1'5A@ \9<;3bA1?: '1=?1&5$A5<;. j^Z na # na
cA41? A1:=<?$?N '5221?1;&1@ B0[(^p 0[an^ 0[pZZ p^B
h<A$9 )[Z)) a[)aa B[pBB
F121??1' A$L $@@1A@ ;<A ?1&<3;5P1' %N A41 E<:=$;N $@ <2 F1&1:%1? 0B[ p((n $?1 $@ 2<99<J@k
h64@8?:U65 #?C64@8?:U65
"@G2= 5676CC65 5676CC65 G2S 5676CC65 G2S
NC@EE 2>@I?G G2S 2EE6GE 2EE6GE 2EE6GE
h$L 9<@@1@ &$??51' 2<?J$?' n[Bn^ p[0n0 B[)a^ nBj
h$L &?1'5A@ p^p p^p pBj nZ
cA41? A1:=<?$?N '5221?1;&1@ Bp[Za0 j[(pp 0[)^Z 0pj
h<A$9 )[)Zn a[anB B[BB)
l;?1&<3;5P1' '121??1' A$L $@@1A@ <2 na <; <A41? A$L &?1'5A@ \9<;3bA1?: '1=?1&5$A5<;. $@ <2 F1&1:%1? 0B[ p(()
&<??1@=<;'1' A< 9<;3bA1?: '1=?1&5$A5<; $;' ;1A &$=5A$9 9<@@ <; @$91 <2 =$?A5&5=$A5<;@ 5; M?$;&1* FG1 A< $ &4$;31
5; 9135@9$A5<;[ A41 A$L ?$A1 <2 BaY $==951' 5; p(() '1&?1$@1' A< (Y $@ 2?<: S$;G$?N B[ p((n*
C?&19<?V5AA$9 4$' G;?1&<3;5P1' '121??1' A$L $@@1A@ ?19$A5;3 A< A$L 9<@@ &$??N 2<?J$?'@ $;' <A41? A1:=<?$?N
'5221?1;&1@[ $:<G;A5;3 A< B[BB) $@ <2 F1&1:%1? 0B[ p((n \B[pBB $@ <2 F1&1:%1? 0B[ p(().* C@ =1?
F1&1:%1? 0B[ p((n[ :<@A <2 A41@1 A1:=<?$?N '5221?1;&1@ ?19$A1 A< A$L 9<@@ &$??N 2<?J$?'@ $AA?5%GA$%91 A< <G?
c=1?$A5;3 gG%@5'5$?51@ 5; D1935G:[ D?$P59[ UGL1:%<G?3[ V1L5&< $;' A41 l;5A1' gA$A1@* h41 :$6<?5AN <2
G;?1&<3;5P1' A$L 9<@@1@ 4$I1 ;< 1L=5?$A5<; '$A1* h41 GA595P$A5<; <2 A$L 9<@@ &$??N 2<?J$?'@ 5@[ 4<J1I1?[ ?1@A?5&A1'
A< A41 A$L$%91 5;&<:1 <2 A41 @G%@5'5$?N <? A$L &<;@<95'$A5<; 5A %19<;3@*
CA F1&1:%1? 0B[ p((n[ %$@1' G=<; A41 91I19 <2 45@A<?5&$9 A$L$%91 5;&<:1 $;' =?<61&A5<;@ 2<? 2GAG?1 A$L$%91
5;&<:1 <I1? A41 =1?5<'@ 5; J45&4 A41 '1'G&A5%91 A1:=<?$?N '5221?1;&1@ $?1 $;A5&5=$A1' A< ?1I1?@1[ :$;$31:1;A
%1951I1@ 5A 5@ :<?1 95819N A4$; ;<A A4$A C?&19<?V5AA$9 J599 ?1$95P1 A41 %1;125A@ <2 A41 '121??1' A$L $@@1A@
?1&<3;5P1'* Q<J1I1?[ A41 $:<G;A <2 A41 '121??1' A$L $@@1A &<;@5'1?1' ?1$95P$%91 &<G9' %1 $'6G@A1' 5; A41 2GAG?1 52
1@A5:$A1@ <2 A$L$%91 5;&<:1 $?1 ?1I5@1'*
C?&19<?V5AA$9 4$@ ?1&<?'1' $==?<L5:$A19N 0a <2 '121??1' 5;&<:1 A$L 95$%595A51@ <; A41 G;'5@A?5%GA1' 1$?;5;3@ <2
5A@ 2<?153; @G%@5'5$?51@ 2<? 5;&<:1 A$L1@ 'G1 52 A41@1 1$?;5;3@ J<G9' %1 '5@A?5%GA1'* R;I1@A:1;A@ 5; <G?
@G%@5'5$?51@ $?1 ;<A 1L=1&A1' A< ?1I1?@1 5; $ 2<?1@11$%91 2GAG?1 $;' A41?12<?1 &$=5A$9 3$5;@ $?1 ;<A $;A5&5=$A1'*
100
DK@ )/:: OK88F R/8>K8P
CA F1&1:%1? 0B[ p((n[ A41 E<:=$;N 4$' A<A$9 1@A5:$A1' ;1A A$L 9<@@ &$??N 2<?J$?'@ <2 n[Bn^*
gG&4 $:<G;A 5;&9G'1@ ;1A <=1?$A5;3 9<@@1@ <2 p[jnZ =?5:$?59N ?19$A1' A< c=1?$A5;3 gG%@5'5$?51@ 5; E$;$'$[
V1L5&<[ f<:$;5$[ g=$5; $;' A41 l;5A1' gA$A1@[ J45&4 1L=5?1 $@ 2<99<J@k
'62C 6SA:C:?8 F>@I?G

p((Z )a
p((^ j(
p(B( ^n
p(BB j(
p(Bp )0
h41?1$2A1? p[Bn0
h<A$9 p[jnZ
h41 ?1:$5;5;3 A$L 9<@@ &$??N 2<?J$?'@ <2 j[n(B $?1 5;'125;5A1 $;' =?5:$?59N $AA?5%GA$%91 A< A41 E<:=$;N%@
<=1?$A5<;@ 5; D1935G:[ D?$P59[ O1?:$;N[ M?$;&1[ UGL1:%<G?3 $;' h?5;5'$' $;' h<%$3<*
h$L 9<@@ &$??N 2<?J$?'@ $?1 '1;<:5;$A1' 5; A41 &G??1;&N <2 A41 &<G;A?51@ 5; J45&4 A41 ?1@=1&A5I1 @G%@5'5$?51@ $?1
9<&$A1' $;' <=1?$A1* M9G&AG$A5<;@ 5; &G??1;&N 1L&4$;31 ?$A1@ &<G9' ?1'G&1 A41 l*g* '<99$? 1>G5I$91;A I$9G1 <2
A41@1 A$L 9<@@ &$??N 2<?J$?'@ 5; 2GAG?1 N1$?@*
101
_`"L )*i dh`$P!P`_! F_K F]]`%F_JL!
h41 :<I1:1;A@ %N =?<I5@5<; $?1 $@ 2<99<J@k
H2=2?46 2G M@C6:8? 4ICC6?4T H2=2?46 2G

K646>36C 0DY K65I4G:@?E V 2?5 @G96C K646>36C 0DY
)**c F55:G:@?E h6=62E6E F4BI:E:G:@?E >@Q6>6?GE )**+
K;I5?<;:1;A$9
\@11 ;<A1 p0. jjp BBZ \^B. 0B^ 0^ Zpn
C@@1A ?1A5?1:1;A
<%953$A5<;@ B^Z p \00. # p B)^
f1@A?G&AG?5;3 Z( jZ \jB. B0( \Z. p(^
U5A53$A5<; \@11
;<A1 p0. # Bnn \Bp^. n(a \jn. n()
E<::1?&5$9
$3?11:1;A@ $;'
<;1?<G@ &<;A?$&A@ # 0( p0 # 0 a)
cA41?_ # ^Z \pjB. )Z( B(a )jp
np( jn0 \aBp. B[Z0j ^j p[)(^
g4<?AbA1?:
=?<I5@5<;@ B(^ a)^
U<;3bA1?:
=?<I5@5<;@ )BB p[(j(
np( p[)(^
H2=2?46 2G M@C6:8? 4ICC6?4T H2=2?46 2G

K646>36C 0DY K65I4G:@?E V 2?5 @G96C K646>36C 0DY
)**+ F55:G:@?E h6=62E6E F4BI:E:G:@?E >@Q6>6?GE )**(
K;I5?<;:1;A$9
\@11 ;<A1 p0. Zpn B0j \)p. j \Bj. ZZ^
C@@1A ?1A5?1:1;A
<%953$A5<;@ B)^ B^ \p). ) Z Bn)
f1@A?G&AG?5;3 p(^ 0^j \Bp0. Z( a a)a
U5A53$A5<; \@11
;<A1 p0. n() pZ^ \BZp. 0) B)Z B[(Bn
E<::1?&5$9
$3?11:1;A@ $;'
<;1?<G@ &<;A?$&A@ a) ^) \0). # BZ B0j
cA41?_ )jp jjp \0pZ. pZ 0a ZB^
p[)(^ B[0nj \nan. Baj pp( 0[)((
g4<?AbA1?:
=?<I5@5<;@ a)^ B[Bjj
U<;3bA1?:
=?<I5@5<;@ p[(j( p[ja)
p[)(^ 0[)((
_
cA41? 5;&9G'1@ =?<I5@5<;@ 2<? A1&4;5&$9 J$??$;A51@[ 3G$?$;A11@ $@ J199 $@ <A41? '5@=GA1@[ 5;&9G'5;3 =?<I5@5<;@ 2<? 25;1@ $;'
=1;$9A51@[ J5A4 $GA4<?5A51@*
h41 =?<I5@5<;@ J599 %1 G@1' 5; $ =1?5<' <2 AJ< A< 2<G? N1$?@+ 2<? A41 1;I5?<;:1;A$9 =?<I5@5<;@ G;A59 p( N1$?@*
102
h41 &<:=<;1;A@ <2 A41 $&&?G1' 1:=9<N11 A1?:5;$A5<; &<@A $?1 $@ 2<99<J@k
K646>36C 0DY
)**+ )**(
c=1;5;3 np Z(
E$@4 =$N:1;A@ \0a. \)B.
f1$@@1@@:1;A 0a #
M<?153; &G??1;&N 1L&4$;31 Z n
E9<@5;3 Z( p)
_`"L )Di FJJh#LK L&dL_!L! F_K `"OLh ]PFHP]P"PL!

C&&?G1' 1L=1;@1@ J1?1 &<:=?5@1' <2 A41 2<99<J5;3k
K646>36C 0DY
)**+ )**(
C&&?G1' =$N?<99 $;' 1:=9<N11 ?19$A1' 1L=1;@1@ p[p0Z p[((Z
cA41? &?1'5A<?@ j[nB) a[p)n
h<A$9 )[âj n[pna
_`"L ))i J`^^P"^L_"!

?6Q8K;&-S )QK:Q:
C?&19<?V5AA$9 91$@1@ I$?5<G@ 2$&595A51@[ 9$;' $;' 1>G5=:1;A G;'1? ;<;b&$;&199$%91 91$@1 $??$;31:1;A@* R; :<@A
&$@1@[ :$;$31:1;A 1L=1&A@ A4$A 5; A41 ;<?:$9 &<G?@1 <2 %G@5;1@@[ 91$@1@ A4$A 1L=5?1 J599 %1 ?1;1J1' <? ?1=9$&1'
%N <A41? 91$@1@* MGAG?1 :5;5:G: 91$@1 =$N:1;A@ ?1>G5?1' G;'1? <=1?$A5;3 91$@1@ A4$A 4$I1 5;5A5$9 <? ?1:$5;5;3
;<;b&$;&199$%91 A1?:@ $?1 =?1@1;A1' $&&<?'5;3 A< :$AG?5AN =1?5<'@ $@ 2<99<J@k
U1@@ A4$; B N1$?

ZZ
Bb0 N1$?@
pB(
jba N1$?@
B(a
V<?1 A4$; a N1$?@
BnB
h<A$9
anj
f1;A 1L=1;@1 J$@ pp) $;' pjj 2<? A41 N1$?@ 1;'1' F1&1:%1? 0B[ p(() $;' p((n[ ?1@=1&A5I19N*
Y/++&;+Q-;: S&=Q-
K646>36C 0DY
)**+ )**(
dG?&4$@1 &<::5A:1;A@ 0B[pnj 0([(j)
E$=5A$9 &<::5A:1;A@ 0[p^n B[^(n
d?<=1?AN =91'31' $;' 3G$?$;A11@ p[^pn 0[ppa
OG$?$;A11@ <; A45?'b=$?AN 25;$;&5$9 9<$;@ $;' &?1'5A 95;1@ nZp B^(
cA41? 3G$?$;A11@ B[j() p[^^Z
cA41? B^( 0[0aZ
h<A$9 0^[Zn) jB[npj
103
Y/++&;+Q-;: 8QOQ&=QP
K646>36C 0DY
)**+ )**(
K;'<?@1:1;A@ $;' 3G$?$;A11@ ?1&15I1' 2?<: ;<;b&<;@<95'$A1' &<:=$;51@ jZ) B[pBZ
cA41? &<::5A:1;A@ ?1&15I1' B[Z0^ B[n^(
h<A$9 p[0pa 0[((Z
dIC492E6 4@>>:G>6?GE
C?&19<?V5AA$9 lgC 1;A1?1' 5;A< I$?5<G@ @G==9N $3?11:1;A@ $;' A<995;3 $??$;31:1;A@ 2<? @1?I5&1@[ GA595A51@[
;$AG?$9 3$@[ A?$;@=<?A$A5<;[ 5;'G@A?5$9 3$@1@ $;' &1?A$5; ?$J :$A1?5$9@*
c;1 <2 A41@1 $3?11:1;A@ 5@ $; G:%?199$ $3?11:1;A J5A4 E91I19$;' E9522@ R;&*[ '$A1' V$?&4 B[ p((n[ A4$A &<I1?@
@53;525&$;A =?5&1 $;' I<9G:1 :$AA1?@ G;'1? A4?11 @1=$?$A1 =?1b1L5@A5;3 5?<; <?1 =1991A @G==9N $3?11:1;A@ %1AJ11;
E91I19$;' E9522@ R;&* $;' C?&19<?V5AA$9 lgC%@ E91I19$;'[ R;'5$;$ Q$?%<? o1@A[ R;'5$;$ Q$?%<? K$@A $;'
o15?A<; 2$&595A51@* l;'1? A41 A1?:@ <2 A41 G:%?199$ $3?11:1;A[ A41 A4?11 $3?11:1;A@ J1?1 :<'5251' A< $33?13$A1
C?&19<?V5AA$9 lgC%@ =G?&4$@1@ 'G?5;3 A41 N1$?@ p(() A4?<G34 $;' 5;&9G'5;3 p(B(* FG?5;3 A45@ =1?5<'[
C?&19<?V5AA$9 lgC 5@ <%953$A1' A< =G?&4$@1 @=1&5251' :5;5:G: A<;;$31@ <2 5?<; <?1 =1991A@ <; $; $33?13$A1
%$@5@*
C?&19<?V5AA$9 g<GA4 C2?5&$ 4$@ 9<;3bA1?: @G==9N &<;A?$&A@ 2<? A41 @G==9N <2 5?<; <?1 1;'5;3 SG;1 p(BB A4?<G34
SG;1 p(p)* l;'1? A41@1 $3?11:1;A@ ^ :5995<; A<;@ <2 5?<; <?1 $?1 @G==951' A< 5A =1? N1$?*
R; M1%?G$?N p((a[ C?&19<?V5AA$9 FG5@%G?3 @53;1' $; $3?11:1;A J5A4 h4N@@1;T?G== gA$49 CO 2<? A41 =G?&4$@1 <2
%1AJ11; B*0 b B*a :5995<; A<;@ <2 4<A :1A$9 1$&4 N1$? 2<? $ p(bN1$? A1?:[ J45&4 @A$?A1' 5; c&A<%1? p((n* R; p((n[
C?&19<?V5AA$9 FG5@%G?3 $&>G5?1' 4<A :1A$9 $A $ I$9G1 <2 $==?<L5:$A19N j(( $;' $A A41 1;' <2 p((n @A599 4$'
=G?&4$@1 &<::5A:1;A@ A<A$95;3 Z[0(( A< %1 ?1$95P1' A4?<G34 p(pn[ G;'1? A45@ $3?11:1;A*
C?&19<?V5AA$9 U!P$?< E!?'1;$@ 4$@ &<::5AA1' A4?<G34 p(B( 2<? A41 @G==9N <2 a(([((( A<;@ =1? N1$? <2 =1991A
211' 1>G5I$91;A A< $==?<L5:$A19N ap*
C?&19<?V5AA$9 dG?&4$@5;3 4$@ 1;A1?1' 5;A< &<;A?$&A@ A4?<G34 p(Bp 2<? A41 =G?&4$@1 <2 5?<; <?1 \$==?<L5:$A19N
pB( :5995<; A<;@.[ &<85;3 &<$9 \$==?<L5:$A19N ap*a :5995<; A<;@.[ dER \$==?<L5:$A19N B(*j :5995<; A<;@. $;'
&<81 \$==?<L5:$A19N p*a :5995<; A<;@. $A =?5&1@ A< %1 $3?11' 5; $&&<?'$;&1 J5A4 @=1&5251' 2<?:G9$@[ 5; 95;1 J5A4
&G@A<:$?N 5;A1?;$A5<;$9 =?$&A5&1 2<? A41 @$91 $;' =G?&4$@1 <2 A41@1 :$A1?5$9@*
C?&19<?V5AA$9 dG?&4$@5;3 4$@ $9@< 1;A1?1' 5;A< 1;1?3N &<;A?$&A@ 2<? A41 =G?&4$@1 <2 B0*a ho4 %$@1' <;
&<:=1A5A5I1 =?5&1 2<?:G9$@ $@ J199 $@ 2?1534A &<;A?$&A@ A4?<G34 p(B( 2<? $ A<A$9 I<9G:1 <2 Bpa :5995<; A<;@*
!:8?:7:42?G J2A:G2= J@>>:G>6?GE

C?&19<?V5AA$9 T?NI5N f54 4$@ &<::5AA1' A< 5;I1@A $A 91$@A a(( A4?<G34 p(B([ J45&4 5;&9G'1@ &1?A$5; 5;;<I$A5<;[
5;I1@A:1;A $;' 1;I5?<;:1;Ab?19$A1' &G;'1?A$85;3@(* C@ <2 F1&1:%1? 0B[ p((n A41 <GA@A$;'5;3 &<::5A:1;A@
G;'1? A45@ =?<61&A A<A$91' p0B* cA41? &$=5A$9 &<::5A:1;A@ <GA@A$;'5;3 $@ <?'1?@ 2<? 25L1' $@@1A $&>G5@5A5<;@ $@ <2
F1&1:%1? 0B[ p((n A<A$91' B0Z*
C?&19<?V5AA$9 c@A?$I$ 4$@ &<::5AA1' A< 5;I1@A pj0[ 5;&9G'5;3 p( 2<? 1;I5?<;:1;A$9 5;I1@A:1;A[ 2?<: p((0 A<
p(Bp* CA A41 1;' <2 p((n[ &$=5A$9 &<::5A:1;A@ A<A$95;3 B0n J1?1 @A599 <GA@A$;'5;3[ <2 J45&4 jp 5@ A< %1 5;I1@A1'
'G?5;3 p((Z*
C?&19<?V5AA$9 O$9$A5 4$@ &<::5AA1' A< 5;I1@A $==?<L5:$A19N Z( 5; &$=5A$9 1L=1;'5AG?1@ 2?<: p((Z A4?<G34 p(BB*
V5AA$9 gA119 #1;5&$ 4$@ &<::5AA1' A< 5;I1@A B0a A4?<G34 p(Bj 5; A41 M1;5L =?<61&A[ G;'1? J45&4 5A 5@ =?<=<@1' A<
?1@A$?A $; 5;A13?$A1' ?<GA1 \5;&9G'5;3 1;I5?<;:1;A$9 =?<A1&A5<;.* h41 &<:=$;N 4$@ @=1;A aB A4?<G34
F1&1:%1? 0B[ p((n $;' 5A 5@ =9$;;1' A4$A $;<A41? aZ J599 %1 5;I1@A1' 5; p((Z* R; $''5A5<;[ V5AA$9 gA119 #1;5&$
4$@ &<::5AA1' A< 5;I1@A p) A4?<G34 p(Bj*
C?&19<?V5AA$9 h1:5?A$G &$=5A$9 &<::5A:1;A@ $@ <2 F1&1:%1? 0B[ p((n A<A$91' jj* C:<G;A &<::5AA1' 2<?
5;I1@A:1;A@ <2 1;I5?<;:1;A$9 $@@1@@:1;A@ $;' @5A1 ?1@A<?$A5<; 5@ pZ $@ $A F1&1:%1? 0B[ p((n*
104
C?&19<?V5AA$9 g<GA4 C2?5&$ 4$@ &<::5AA1' A< 5;I1@A B0) A4?<G34 p((^* C@ =$?A <2 5A@ @A?$A13N[ A45@ 5;&9G'1@ Bp <;
1;I5?<;:1;A$9 =?<61&A@ $;' )0 <; ?195;1@ <2 A41 E<?1L $;' V5'?1L =9$;A $@ J199 $@ $ %9$@A 2G?;$&1*
R; $''5A5<; A< A41@1 @=1&525& &$=5A$9 &<::5A:1;A@ $@@<&5$A1' =?5:$?59N J5A4 @$91 =G?&4$@1 $3?11:1;A@ $A A41 A5:1
<2 $&>G5@5A5<;@[ C?&19<?V5AA$9 1;A1?1' 5;A< I$?5<G@ &$=5A$9 &<::5A:1;A@ 2<? =?<=1?AN[ =9$;A $;' 1>G5=:1;A 5; A41
<?'5;$?N &<G?@1 <2 %G@5;1@@*
dC@A6CGT A=65865 2?5 8I2C2?G66E

d?<=1?AN =91'31@ $;' 3G$?$;A11@ :$5;9N ?19$A1 A< :<?A3$31@ 1;A1?1' 5;A< %N A41 E<:=$;N%@ c=1?$A5;3
gG%@5'5$?51@ $;' 3G$?$;A11@ 5@@G1' 5; ?1@=1&A <2 1LA1?;$9 '1%A 25;$;&5;3*
NI2C2?G66E @? G9:C5 A2CGT 7:?2?4:2= =@2?E 2?5 4C65:G =:?6E

OG$?$;A11@ <; A45?'b=$?AN 9<$;@ &<;@5@A <2 3G$?$;A11@ 41'35;3 25;$;&5$9 9<$;@ $;' &?1'5A 95;1@ 3?$;A1' A< ;<;b
&<;@<95'$A1' @G%@5'5$?51@ $;' 5;I1@A:1;A@ $&&<G;A1' 2<? G@5;3 A41 1>G5AN :1A4<'*
R; A41 <?'5;$?N &<G?@1 <2 5A@ %G@5;1@@[ C?&19<?V5AA$9 lgC R;& 4$@ 3G$?$;A11' &1?A$5; '1%A <2 5A@ $22595$A1'
&<:=$;N $:<G;A5;3 A< jp0*
`G96C 8I2C2?G66E
cA41? 3G$?$;A11@ &<;@5@A <2 '<&G:1;A$?N &?1'5A@ $;' 91AA1?@ <2 &?1'5A[ @G?1A51@[ 25?@A '1:$;' $;' '<&G:1;A$?N
3G$?$;A51@[ $@ J199 $@ 3G$?$;A11@ =?<I5'1' A< @A$A1 $GA4<?5A51@ @G&4 $@ &G@A<:@*
`G96C 4@>>:G>6?GE 8:Q6?

cA41? &<::5A:1;A@ 35I1; &<:=?5@1 &<::5A:1;A@ 5;&G??1' 2<? A41 9<;3bA1?: G@1 <2 3<<'@ %19<;35;3 A< $ A45?'
=$?AN[ &<::5A:1;A@ 5;&G??1' G;'1? <=1?$A5;3 91$@1@ $;' &?1'5A 95;1@ &<;25?:1' A< &G@A<:1?@ %GA ;<A '?$J;[ $;'
&<::5A:1;A@ ?19$A5;3 A< 3?$;A@*
`G96C 4@>>:G>6?GE C646:Q65

cA41? &<::5A:1;A@ ?1&15I1' 5;&9G'1 G;'?$J; 91AA1? <2 &?1'5A 2$&595A51@ $;' 91AA1? <2 3G$?$;A11@[ &<::5A:1;A@
'1?5I5;3 2?<: %599@[ @G?1A51@ $;' 3G$?$;A11@ =?<I5'1' %N A45?' =$?A51@ $;' =?<:5@1@ ?1&15I1' A< %GN A$;35%91
$@@1A@* c; F1&1:%1? 0([ p((a[ A41 E<:=$;N 1;A1?1' 5;A< $ :G9A5b&G??1;&N ?1I<9I5;3 91AA1? <2 &?1'5A 2$&595AN 5; $;
$33?13$A1 $:<G;A 1>G$9 A< Z(( J5A4 $ &<;@<?A5G: <2 91;'1?@* h45@ 2$&595AN 5@ G@1' %N A41 E<:=$;N $;' 5A@
@G%@5'5$?51@ 2<? A41 5@@G$;&1 <2 91AA1?@ <2 &?1'5A $;' 25;$;&5$9 3G$?$;A11@* h41 A1?:@ <2 A41 91AA1? <2 &?1'5A $;'
25;$;&5$9 3G$?$;A11@ &<;A$5; &1?A$5; ?1@A?5&A5<;@ $@ A< 'G?$A5<;*
_`"L )0i J`_"P_NL_JPL!

h45@ @1&A5<; '5@&G@@1@ A41 =?5;&5=$9 1;I5?<;:1;A$9 95$%595A51@ <2 C?&19<?V5AA$9 $;' A41 =?5;&5=$9 913$9 $&A5<;@ A<
J45&4 C?&19<?V5AA$9 5@ $ =$?AN*
C?&19<?V5AA$9 :$N %1 5;I<9I1' 5; 95A53$A5<;[ $?%5A?$A5<; <? <A41? 913$9 =?<&11'5;3@* d?<I5@5<;@ ?19$A1' A< 913$9 $;'
$?%5A?$9 =?<&11'5;3@ $?1 ?1&<?'1' 5; $&&<?'$;&1 J5A4 A41 =?5;&5=91@ '1@&?5%1' 5; ;<A1 p*
V<@A <2 A41@1 &9$5:@ 5;I<9I1 45349N &<:=91L 5@@G1@[ $&AG$9 '$:$31@ $;' <A41? :$AA1?@* c2A1; A41@1 5@@G1@ $?1
@G%61&A A< @G%@A$;A5$9 G;&1?A$5;A51@[ $;'[ A41?12<?1[ A41 =?<%$%595AN <2 9<@@ $;' $; 1@A5:$A5<; <2 '$:$31@ $?1
'5225&G9A A< $@&1?A$5;* E<;@1>G1;A9N[ 2<? $ 9$?31 ;G:%1? <2 A41@1 &9$5:@[ A41 E<:=$;N 5@ G;$%91 A< :$81 $
?1$@<;$%91 1@A5:$A1 <2 A41 1L=1&A1' 25;$;&5$9 1221&A A4$A J599 ?1@G9A 2?<: G9A5:$A1 ?1@<9GA5<; <2 A41 =?<&11'5;3* R;
A4<@1 &$@1@[ A41 E<:=$;N 4$@ '5@&9<@1' 5;2<?:$A5<; J5A4 ?1@=1&A A< A41 ;$AG?1 <2 A41 &<;A5;31;&N* h41 E<:=$;N
4$@ ;<A $&&?G1' $ ?1@1?I1 2<? A41 =<A1;A5$9 <GA&<:1 <2 A41@1 &$@1@*
R; A41 &$@1@ J41?1 >G$;A525$%91 25;1@ $;' =1;$9A51@ 4$I1 %11; $@@1@@1'[ A41 E<:=$;N 4$@ 5;'5&$A1' A41 $:<G;A <2
@G&4 25;1 <? =1;$9A51@ <? A41 $:<G;A <2 =?<I5@5<; $&&?G1' A4$A 5@ A41 1@A5:$A1 <2 A41 =?<%$%91 9<@@*
R; $ 95:5A1' ;G:%1? <2 <;3<5;3 &$@1@[ J4591 A41 E<:=$;N 5@ $%91 A< :$81 $ ?1$@<;$%91 1@A5:$A1 <2 A41 1L=1&A1'
9<@@ <? ?$;31 <2 =<@@5%91 9<@@ $;' 4$I1 $&&?G1' $ =?<I5@5<; 2<? @G&4 9<@@[ A41 E<:=$;N %1951I1@ A4$A =G%95&$A5<;
<2 A45@ 5;2<?:$A5<; <; $ &$@1b%Nb&$@1 %$@5@ J<G9' @1?5<G@9N =?16G'5&1 A41 E<:=$;N%@ =<@5A5<; 5; A41 <;3<5;3
913$9 =?<&11'5;3@ <? 5; $;N ?19$A1' @1AA91:1;A '5@&G@@5<;@* C&&<?'5;39N[ 5; A4<@1 &$@1@[ A41 E<:=$;N 4$@
'5@&9<@1' 5;2<?:$A5<; J5A4 ?1@=1&A A< A41 ;$AG?1 <2 A41 &<;A5;31;&N %GA 4$@ ;<A '5@&9<@1' 5A@ 1@A5:$A1 <2 A41 ?$;31
<2 =<A1;A5$9 9<@@*
105
L?Q:C@?>6?G2= ]:23:=:G:6E
C?&19<?V5AA$9%@ <=1?$A5<;@ $?1 @G%61&A A< $ %?<$' ?$;31 <2 9$J@ $;' ?13G9$A5<;@ ?19$A5;3 A< A41 =?<A1&A5<; <2
4G:$; 41$9A4 $;' A41 1;I5?<;:1;A $A 5A@ :G9A5=91 9<&$A5<;@ $;' <=1?$A5;3 @G%@5'5$?51@* C@ <2 F1&1:%1? 0B[ p((n[
C?&19<?V5AA$9 4$' 1@A$%95@41' ?1@1?I1@ <2 ZZ^ 2<? 1;I5?<;:1;A$9 95$%595A51@[ 5;&9G'5;3 apB 5; =?<I5@5<;@ ?19$A5;3
A< KG?<=1[ pB( 5; =?<I5@5<;@ ?19$A5;3 A< A41 l;5A1' gA$A1@[ Bpp 5; =?<I5@5<;@ ?19$A5;3 A< g<GA4 C2?5&$[ $;' 0) 5;
=?<I5@5<;@ ?19$A1' A< E$;$'$* d?1I5<G@ <J;1?@ <2 C?&19<?V5AA$9%@ 2$&595A51@ 1L=1;'1' 5; A41 =$@A[ $;'
C?&19<?V5AA$9 1L=1&A@ A< 1L=1;' 5; A41 2GAG?1[ @G%@A$;A5$9 $:<G;A@ A< $&451I1 <? :$5;A$5; <;3<5;3 &<:=95$;&1
J5A4 $==95&$%91 1;I5?<;:1;A$9 9$J@ $;' ?13G9$A5<;@*
E-&;QP C;K;Q:
R; B^^([ C?&19<?V5AA$9 lgC%@ R;'5$;$ Q$?%<? \K$@A. 2$&595AN J$@ =$?AN A< $ 9$J@G5A 2591' %N A41 l;5A1' gA$A1@
K;I5?<;:1;A$9 d?<A1&A5<; C31;&N \A41 &KdC(. G;'1? A41 fEfC* R; B^^0[ C?&19<?V5AA$9 R;'5$;$ Q$?%<? \K$@A.
1;A1?1' 5;A< $ E<;@1;A F1&?11[ J45&4[ $:<;3 <A41? A45;3@[ ?1>G5?1@ 2$&595ANbJ5'1 fEfC E<??1&A5I1 C&A5<; $;'
@1'5:1;A $@@1@@:1;A $;' ?1:1'5$A5<; 5; A41 $'6$&1;A R;'5$;$ Q$?%<? g45= E$;$9* C?&19<?V5AA$9 lgC%@ ?1@1?I1@
2<? 1;I5?<;:1;A$9 95$%595A51@ 5;&9G'1 $==?<L5:$A19N Bj 2<? fEfC E<??1&A5I1 C&A5<;[ $;' pp 2<? @1'5:1;A
$@@1@@:1;A $;' ?1:1'5$A5<; $A A45@ @5A1* f1:1'5$A5<; G9A5:$A19N :$N %1 ;1&1@@$?N 2<? <A41? &<;A$:5;$A5<; A4$A
:$N %1 =?1@1;A $A R;'5$;$ Q$?%<? \K$@A.[ %GA A41 =<A1;A5$9 &<@A@ <2 $;N @G&4 ?1:1'5$A5<; &$;;<A N1A %1 ?1$@<;$%9N
1@A5:$A1'*
C?&19<?V5AA$9 lgC%@ =?<=1?A51@ 5; U$&8$J$;;$[ W1J "<?8 $?1 @G%61&A A< $; C':5;5@A?$A5I1 c?'1? <; E<;@1;A
J5A4 A41 KdC ?1>G5?5;3 2$&595ANbJ5'1 fEfC E<??1&A5I1 C&A5<;* h41 C':5;5@A?$A5I1 c?'1?[ 1;A1?1' 5;A< 5; B^^(
%N A41 2<?:1? <J;1?[ D1A49141: gA119[ ?1>G5?1@ C?&19<?V5AA$9 A< =1?2<?: $ f1:1'5$9 M$&595A51@ R;I1@A53$A5<;
\&fMR(. $;' G9A5:$A19N $ E<??1&A5I1 V1$@G?1@ gAG'N[ A< &<:=91A1 &<??1&A5I1 :1$@G?1@[ $;' A< =1?2<?: $;N
?1>G5?1' =<@Ab?1:1'5$9 $&A5I5A51@* R; p(()[ $; fMR J$@ &<;'5A5<;$99N $==?<I1' %N A41 W1J "<?8 gA$A1
F1=$?A:1;A <2 K;I5?<;:1;A$9 E<;@1?I$A5<; $;' A41 KdC* C?&19<?V5AA$9 lgC 4$@ 1L1&GA1' c?'1?@ <; E<;@1;A A<
=1?2<?: &1?A$5; 5;A1?5: &<??1&A5I1 :1$@G?1@ J4591 $'I$;&5;3 A41 E<??1&A5I1 V1$@G?1@ gAG'N* h41 E<:=$;N
1L=1&A@ A< 1L1&GA1 $ E<??1&A5I1 V1$@G?1 c?'1? <; E<;@1;A 5; p((Z 2<? <A41? @5A1 ?1:1'5$A5<; $&A5I5A51@* h41
E<:=$;N 4$@ ?1@1?I1' $==?<L5:$A19N )j 2<? A41 G;'5@&<G;A1' 2GAG?1 &<@A <2 =1?2<?:5;3 $;A5&5=$A1' ?1:1'5$A5<;
$;' =<@A ?1:1'5$A5<; $&A5I5A51@ <I1? $ =1?5<' <2 Ba N1$?@ <? :<?1* h41 1@A5:$A1 5@ %$@1' <; A41 1LA1;A <2 @<59 $;'
3?<G;'J$A1? &<;A$:5;$A5<; 5'1;A5251' %N A41 fMR $;' 95819N ?1:1'5$9 $9A1?;$A5I1+ 5;&9G'5;3 1L&$I$A5<; $;'
&<;@<95'$A5<; <2 &<;A$5;:1;A@ 5; $; <;b@5A1 9$;'2599 $;' &<;A5;G$A5<; <2 3?<G;'J$A1? =G:= $;' A?1$A @N@A1:@*
R; B^^n[ D1A49141: gA119[ A41 KdC $;' A41 V$?N9$;' F1=$?A:1;A <2 A41 K;I5?<;:1;A $3?11' A< $ =4$@1' fMR $@
=$?A <2 $ &<:=?141;@5I1 :G9A5:1'5$ =<99GA5<; E<;@1;A F1&?11 2<? 5;I1@A53$A5<; $;' ?1:1'5$A5<; $A C?&19<?V5AA$9
lgC%@ g=$??<J@ d<5;A[ V$?N9$;' 2$&595AN* C?&19<?V5AA$9 lgC $@@G:1' D1A49141: gA119%@ <;3<5;3 <%953$A5<;@
G;'1? A41 E<;@1;A F1&?11* R; $&&<?'$;&1 J5A4 A41 E<;@1;A F1&?11[ A41 E<:=$;N J599 &<;A5;G1 A< $''?1@@ &9<@G?1
$;' =<@Ab&9<@G?1 &$?1 :$AA1?@ $;' 5:=91:1;A &<??1&A5I1 :1$@G?1@ $@@<&5$A1' $A E<81 d<5;A U$;'2599[ &<:=91A1 $
fEfC E<??1&A5I1 C&A5<; \R;I1@A53$A5<;[ f1:1'5$A5<; $;' d<@A E9<@G?1 E$?1. <; ?1A$5;1' =?<=1?A51@[ $;'
&<;A5;G1 <=1?$A5<; $;' :$5;A1;$;&1 <2 $ ?1:1'5$A5<; @N@A1: $A $ 2<?:1? ?<' $;' J5?1 :599* C?&19<?V5AA$9 lgC%@
?1@1?I1@ 2<? 1;I5?<;:1;A$9 95$%595A51@ 5;&9G'1 0j 2<? A41 :$AA1?@ J41?1 &<??1&A5I1 $&A5<; &<@A@ $?1 =?<%$%91 $;'
&$; %1 ?1$@<;$%9N 1@A5:$A1'* h41 =<A1;A5$9 &<@A@[ $@ J199 $@ A41 A5:1 2?$:1 <2 =<@@5%91 ?1:1'5$A5<; $&A5I5A51@[
J45&4 C?&19<?V5AA$9 &G??1;A9N &<;@5'1?@ =?<%$%91[ ?19$A5;3 A< A41 @5A1bJ5'1 5;I1@A53$A5<; $A g=$??<J@ d<5;A <?
?1@G9A5;3 2<? $ @$91 <2 A41 g=$??<J@ d<5;A DG@5;1@@ =G?@G$;A A< $ l*g* F1=$?A:1;A <2 SG@A5&1 c?'1?[ &$;;<A %1
?1$@<;$%9N 1@A5:$A1' G;A59 :<?1 <2 A41 5;I1@A53$A5<;@ $;' '$A$ $;$9N@5@ $?1 &<:=91A1' $;' A41 A1?:@ $;'
&<;'5A5<;@ <2 $;N @$91 5@ '125;1'*
C?&19<?V5AA$9 lgC 5@ ?1>G5?1' A< =?1I1;A $&5' :5;1 '?$5;$31 2?<: '5@&4$?35;3 A< @G?2$&1 J$A1?@ $A &9<@1'
:5;5;3 <=1?$A5<;@ 5; @<GA4J1@A1?; d1;;@N9I$;5$* R; p((0[ C?&19<?V5AA$9 lgC 1;A1?1' 5;A< $ E<;@1;A c?'1? $;'
C3?11:1;A J5A4 A41 d1;;@N9I$;5$ F1=$?A:1;A <2 K;I5?<;:1;A$9 d?<A1&A5<; \A41 &d$FKd(. $''?1@@5;3 A41
A?$;@21? <2 ?1>G5?1' =1?:5A@ 2?<: D1A49141: gA119 A< C?&19<?V5AA$9 lgC[ $;' =?<I5'5;3 25;$;&5$9 $@@G?$;&1 2<?
9<;3bA1?: <=1?$A5<; $;' :$5;A1;$;&1 <2 A41 J$@A1J$A1? A?1$A:1;A 2$&595A51@ $@@<&5$A1' J5A4 A41@1 :5;1@* C@
?1>G5?1' %N A45@ E<;@1;A c?'1? $;' C3?11:1;A[ C?&19<?V5AA$9 lgC @G%:5AA1' $; <=1?$A5<;$9 5:=?<I1:1;A =9$;
A< 5:=?<I1 A?1$A:1;A 2$&595AN <=1?$A5<;@ $;' 9<J1? 9<;3bA1?: J$@A1J$A1? A?1$A:1;A &<@A@* h41 E<;@1;A c?'1? $;'
C3?11:1;A $9@< ?1>G5?1' C?&19<?V5AA$9 lgC A< =?<=<@1 $ 9<;3bA1?: 25;$;&5$9 $@@G?$;&1 :1&4$;5@:* R; p((j[
C?&19<?V5AA$9 lgC 1;A1?1' 5;A< $ ?1I5@1' E<;@1;A c?'1? $;' C3?11:1;A <GA95;5;3 $ @&41'G91 2<? 5:=91:1;A$A5<;
<2 &$=5A$9 5:=?<I1:1;A@ $;' ?1>G5?5;3 A41 1@A$%95@4:1;A <2 $ A?1$A:1;A A?G@A A4$A A41 d$FKd 4$@ 1@A5:$A1' A< %1
A41 ;1A =?1@1;A I$9G1 <2 $99 2GAG?1 A?1$A:1;A &<@A* C?&19<?V5AA$9 lgC 4$@ %11; 2G;'5;3 A41 A?1$A:1;A A?G@A $;' 4$@
$ =1?5<' <2 G= A< A1; N1$?@ A< ?1$&4 A41 &G??1;A A$?31A I$9G1 <2 $==?<L5:$A19N p(* C2A1? A41 A?1$A:1;A A?G@A 5@ 2G99N
2G;'1'[ A41 A?1$A:1;A A?G@A J599 A41; %1 G@1' A< 2G;' A41 &<@A <2 A?1$A:1;A <2 $&5' :5;1 '?$5;$31* C9A4<G34
?1:<A1[ C?&19<?V5AA$9 lgC &<G9' %1 ?1>G5?1' A< :$81 G= $;N '125&51;&N 5; A41 A?1$A:1;A A?G@A 5; A41 2GAG?1*
106
c; CG3G@A Z[ p(()[ A41 KdC 5@@G1' C?&19<?V5AA$9 lgC%@ DG?;@ Q$?%<?[ R;'5$;$ 2$&595AN $ W<A5&1 <2 m5<9$A5<;
\&Wcm(. $99135;3 A4$A 5; 1$?9N B^^j A41 2$&595AN \A41; <J;1' %N D1A49141: gA119[ 2?<: J4<: A41 $@@1A@ J1?1
$&>G5?1' <GA <2 %$;8?G=A&N. &<::1;&1' $ :$6<? :<'525&$A5<; <2 5A@ ]p E<81 D$AA1?N J5A4<GA <%A$5;5;3 $
d?1I1;A5<; <2 g53;525&$;A F1A1?5<?$A5<; \&dgF(. =1?:5A $;' 4$@ &<;A5;G1' A< <=1?$A1 J5A4<GA A41 $==?<=?5$A1
dgF =1?:5A[ C?&19<?V5AA$9 lgC 4$@ '5@&G@@1' A41 $9913$A5<;@ J5A4 A41 KdC[ %GA A< '$A1 A41?1 4$I1 %11; ;<
2G?A41? =?<&11'5;3@* h41 KdC $9@< 4$@ &<;'G&A1' $ @1?51@ <2 5;@=1&A5<;@ $;' @G%:5AA1' 5;2<?:$A5<; ?1>G1@A@
G;'1? A41 l*g* E91$; C5? C&A ?19$A5;3 A< A41 DG?;@ Q$?%<? 2$&595AN $;' @1I1?$9 <A41? C?&19<?V5AA$9 2$&595A51@
9<&$A1' 5; R;'5$;$ $;' c45<* C?&19<?V5AA$9 4$@ 419' '5@&G@@5<;@ J5A4 A41 KdC $;' @A$A1 1;I5?<;:1;A$9 $31;&51@
?13$?'5;3 A415? &<;&1?;@[ $;' 2G?A41? '5@&G@@5<;@ $?1 =9$;;1'*
[=967Q
d?<I5@5<;@ A<A$9 apB $;' $?1 :$5;9N ?19$A1' A< 5;I1@A53$A5<; $;' ?1:1'5$A5<; <2 1;I5?<;:1;A$9 &<;A$:5;$A5<; $A
&G??1;A $;' 2<?:1? <=1?$A5;3 @5A1@ 5; M?$;&1 \B^).[ UGL1:%<G?3 \BB^. $;' D1935G: \Ban.* h45@ ?1:1'5$A5<;
J<?8 ?19$A1@ A< I$?5<G@ 191:1;A@ @G&4 $@ '1&<;A$:5;$A5<; <2 J$A1? '5@&4$?31@[ J$@A1 '5@=<@$9[ &91$;5;3 J$A1?
=<;'@ $@ J199 $@ &1?A$5; ?1:1'5$A5<; $&A5I5A51@ A4$A 5;I<9I1 A41 &91$;bG= <2 @<59 $;' 3?<G;'J$A1?* h41@1 ?1@1?I1@
$?1 $9@< ?19$A1' A< 4G:$; 41$9A4 =?<A1&A5<; :1$@G?1@ @G&4 $@ 25?1 =?1I1;A5<; $;' $''5A5<;$9 &<;A$:5;$A5<;
=?1I1;A5<; :1$@G?1@ A< &<:=9N J5A4 9<&$9 41$9A4 $;' @$21AN ?13G9$A5<;@*
]682= J=2:>E
C?&19<?V5AA$9 5@ $ =$?AN A< I$?5<G@ 913$9 $&A5<;@* h41 =?5;&5=$9 913$9 $&A5<;@ $?1 '5@&9<@1' %19<J*
L?Q:C@?>6?G2= J=2:>E
C?&19<?V5AA$9 5@ $ =$?AN A< I$?5<G@ 913$&N 1;I5?<;:1;A$9 &9$5:@* C@ <2 F1&1:%1? 0B[ p((n[ C?&19<?V5AA$9 4$'
;<A 1@A$%95@41' ?1@1?I1@ 2<? A41 &9$5:@ '5@&9<@1' %19<J*
E-&;QP C;K;Q:
R; SG9N p((j[ A41 R995;<5@ K;I5?<;:1;A$9 d?<A1&A5<; C31;&N \A41 &RKdC(. ;<A5251' R;'5$;$ Q$?%<? \K$@A. A4$A 5A
4$' 5'1;A5251' A4$A 2$&595AN $@ $ =<A1;A5$99N ?1@=<;@5%91 =$?AN 5; &<;;1&A5<; J5A4 $99131' &<;A$:5;$A5<; ?19$A5;3 A<
Q599@5'1 V5;5;3 B0a E<* \&Q599@5'1(.[ $ &<:=$;N A4$A R;'5$;$ Q$?%<? \K$@A. $&>G5?1' 5; B^j0[ <=1?$A1' G;A59 A41
9$A1 B^j(%@ $;' A41; @<9' A41 $@@1A@ <2 5; A41 1$?9N Bâ(%@[ 5; &<;6G;&A5<; J5A4 A41 &<?=<?$A1 '5@@<9GA5<; <2 A4$A
&<:=$;N* h41 RKdC 5@ ?1>G1@A5;3 A4$A R;'5$;$ Q$?%<? \K$@A. $;' <A41? =<A1;A5$99N ?1@=<;@5%91 =$?A51@ &<;'G&A $;
5;I1@A53$A5<; <2 &1?A$5; $?1$@ <2 =<A1;A5$9 &<;A$:5;$A5<;* R;'5$;$ Q$?%<? \K$@A. 5;A1;'@ A< '121;' 5A@192 2G99N 5;
A45@ :$AA1?* C@ <2 F1&1:%1? 0B[ p((n[ C?&19<?V5AA$9 5@ ;<A $%91 A< ?1$@<;$%9N 1@A5:$A1 A41 $:<G;A <2 95$%595A51@
?19$A5;3 A< A45@ :$AA1?[ 52 $;N*
YK-KPK
R; V$?&4 p((j[ $ 3?<G= <2 ?1@5'1;A@ 5; W<I$ g&<A5$ %?<G34A $ =<A1;A5$9 &9$@@ $&A5<; 5; A41 gG=?1:1 E<G?A <2
W<I$ g&<A5$ $3$5;@A I$?5<G@ =$?A51@[ 5;&9G'5;3 V5AA$9 E$;$'$[ $99135;3 I$?5<G@ A<?A@ 2<? '$:$31 $99131'9N &$G@1'
%N A41 @A119 =9$;A $;' &<81 <I1;@ 2<?:1?9N <J;1' $;' <&&G=51' %N F<:5;5<; gA119 $;' E<$9 E<?=<?$A5<; 2?<:
B^pn A< B^)n* C?&19<?V5AA$9 $&>G5?1' V5AA$9 E$;$'$ 5; B^^j[ $;' A41 =9$5;A522@ $?1 $AA1:=A5;3 A< 1@A$%95@4 A4$A
V5AA$9 E$;$'$ A41?1%N $@@G:1' A41 95$%595A51@ <2 A41 2<?:1? <&&G=51?@* h41 =9$5;A522@ @118 A< 4$I1 A41 &9$5:
$==?<I1' $@ $ &9$@@ $&A5<;[ A4<G34 A41 &<G?A 4$@ ;<A N1A 5@@G1' $ '1&5@5<; <; A45@ :$AA1?* C@ <2 F1&1:%1? 0B[
p((n[ C?&19<?V5AA$9 5@ G;$%91 A< $@@1@@ A41 <GA&<:1 <2 A41@1 =?<&11'5;3@ <? A< ?1$@<;$%9N 1@A5:$A1 A41 $:<G;A <2
95$%595A51@ ?19$A5;3 A< A45@ :$AA1?[ 52 $;N*
"2S J=2:>E
C?&19<?V5AA$9 5@ $ =$?AN A< I$?5<G@ A$L &9$5:@* C@ <2 F1&1:%1? 0B[ p((n[ C?&19<?V5AA$9 4$@ 1@A$%95@41' ?1@1?I1@
5; A41 $33?13$A1 <2 $==?<L5:$A19N Bna 2<? A41 &9$5:@ '5@&9<@1' %19<J*
W8KG&)
h41 D?$P595$; M1'1?$9 f1I1;G1 g1?I5&1 4$@ &9$5:1' A4$A C?&19<?V5AA$9 D?$@59 <J1@ BB0 2<? RdR \V$;G2$&AG?1'
O<<'@ h$L. &<;&1?;5;3 5A@ G@1 <2 A$L &?1'5A@ <; A41 =G?&4$@1 <2 ?$J :$A1?5$9@ A4$A J1?1 ;<;bA$L$%91[ 1L1:=A
2?<: A$L <? @G%61&A A< $ (Y A$L ?$A1 $;' A41 '5@$99<J$;&1 <2 RdR &?1'5A@ ?1&<?'1' 25I1 A< A1; N1$?@ $2A1? A41
?191I$;A $&>G5@5A5<;* f1&1;A D?$P595$; gG=?1:1 E<G?A 6G?5@=?G'1;&1 J<G9' A1;' A< @G==<?A A41 M1'1?$9 f1I1;G1
g1?I5&1%@ =<@5A5<;*
107
R; p((0[ A41 D?$P595$; M1'1?$9 f1I1;G1 g1?I5&1 3?$;A1' Egh $ A$L %1;125A 2<? &1?A$5; 5;I1@A:1;A@* Egh 4$'
?1&15I1' &1?A525&$A1@ 2?<: glFKWK[ A41 2<?:1? C31;&N 2<? A41 F1I19<=:1;A <2 A41 W<?A41$@A f135<; <2 D?$P59[
&<;25?:5;3 Egh%@ 1;A5A91:1;A A< A45@ %1;125A* R; g1=A1:%1? p((j[ Egh J$@ ;<A5251' <2 A41 $;;G9:1;A <2 A41@1
&1?A525&$A1@* C?&19<?V5AA$9 hG%$?H< 4$@ =G?@G1' 5A@ ?534A A< A45@ A$L %1;125A A4<G34 A41 &<G?A@ $3$5;@A %<A4
CFKWK[ A41 @G&&1@@<? A< glFKWK[ $;' $3$5;@A A41 D?$P595$; M1'1?$9 f1I1;G1 g1?I5&1* h41 D?$P595$; M1'1?$9
f1I1;G1 5@@G1' $ A$L $@@1@@:1;A 5; A45@ ?13$?' 2<? a00 5; F1&1:%1? p((n* R; S$;G$?N p((Z[ C?&19<?V5AA$9
hG%$?H< 2591' 5A@ '121;@1 A< A41 A$L $@@1@@:1;A $;' 5@ J$5A5;3 2<? A41 '1&5@5<; <2 A41 $':5;5@A?$A5I1 A?5%G;$9 <2
25?@A 5;@A$;&1* o4591 C?&19<?V5AA$9 hG%$?H< 5@ G;$%91 A< $@@1@@ J5A4 $;N &1?A$5;AN A41 A5:5;3 <2 A45@ '1&5@5<;[ 5A
:$N %1 ?1;'1?1' %12<?1 A41 1;' <2 p((Z* C 2G?A41? $==1$9 A< A41 $':5;5@A?$A5I1 A?5%G;$9 <2 @1&<;' 5;@A$;&1 J<G9'
A41; %1 =<@@5%91*
R; V$N p((n[ A41 D?$P595$; M1'1?$9 f1I1;G1 g1?I5&1 5@@G1' $ Z() A$L $@@1@@:1;A A< C?&19<?V5AA$9 D?$@59 A<
?1&<I1? A$L1@ =?5:$?59N ?19$A1' A< &?1'5A @1AA91:1;A@ 5; A41 &<;A1LA <2 A41 p((0 25;$;&5$9 ?1<?3$;5P$A5<; $;'
$&>G5@5A5<; <2 V1;'1@ S";5<? g5'1?G?35$ g*C* R; g1=A1:%1? p((n[ C?&19<?V5AA$9 D?$@59 ?1&15I1' $;
$':5;5@A?$A5I1 '1&5@5<; <; A41 A$L $@@1@@:1;A =G?@G$;A A< J45&4 5A J$@ '1A1?:5;1' A4$A A41 $:<G;A <2 A$L =$N$%91
G;'1? A41 $@@1@@:1;A @4<G9' %1 B)* h45@ '1&5@5<; 5@ @G%61&A A< :$;'$A<?N ?1I51J %N $; $':5;5@A?$A5I1 &<G?A
J45&4 :$N :<'52N A41 '1&5@5<; $;' 4$@ $9@< %11; $==1$91' %N C?&19<?V5AA$9 D?$@59*
h41 D?$P595$; g<&5$9 g1&G?5AN C':5;5@A?$A5<; 4$@ &9$5:1' A4$A C?&19<?V5AA$9 D?$@59 <J1@ &1?A$5; $:<G;A@ 2<?
@<&5$9 &<;A?5%GA5<;@ 5; ?1@=1&A <2 $:<G;A@ =$5' %N C?&19<?V5AA$9 D?$@59 A< 1:=9<N11@ G;'1? 5A@ =?<25A @4$?5;3
@&41:1 2<? A41 B^^Zb p((a =1?5<'* R; F1&1:%1? p((n[ 5A 5@@G1' $ 2G?A41? BB A$L $@@1@@:1;A@ A< C?&19<?V5AA$9
D?$@59 5; ?1@=1&A <2 A41 @$:1 @G%61&A :$AA1?[ %?5;35;3 A41 A<A$9 $:<G;A &9$5:1' A< nB*p* h41 I$?5<G@ &9$5:@ $?1 $A
'5221?1;A @A$31@ 5; A41 $':5;5@A?$A5I1 =?<&1'G?1 $;' AJ< &$@1@ $?1 5; &<G?A* C?&19<?V5AA$9 D?$@59 5@ G;$%91
?1$@<;$%9N A< 1@A5:$A1 J41; $;N <? $99 <2 A41 &$@1@ :$N ?1$&4 $ '125;5A5I1 &<;&9G@5<;*
C6K&-
g=$;5@4 A$L $GA4<?5A51@ 4$I1 &9$5:1' A4$A $:<?A5P$A5<; ?1&<?'1' %N A41 2<?:1? g5'1?"?35&$ '19 V1'5A1??$;1<
\&G??1;A9N C?&19<?V5AA$9 g13G;A< g*U*. 5; B^â[ B^^) $;' B^^n 5@ ;<;b'1'G&A5%91 2<? &<?=<?$A5<; A$L =G?=<@1@*
g=$;5@4 A$L $GA4<?5A51@ @118 =$N:1;A <2 a)[ 5;&9G'5;3 A41 $:<G;A <2 A$L[ 5;A1?1@A $;' =1;$9A51@* h41 &$@1 5@
=1;'5;3 %12<?1 A41 &<G?A \A41 U<P&Q-O&K 4KO&/-K).[ $':5;5@A?$A5I1 =?<&1'G?1@ 4$I5;3 %11; 1L4$G@A1'*
C/<;T UR8&OK
C?&19<?V5AA$9 g<GA4 C2?5&$ 5@ 5;I<9I1' 5; $ '5@=GA1 J5A4 A41 g<GA4 C2?5&$; f1I1;G1 g1?I5&1 5; ?1@=1&A <2 A41 A$L
A?1$A:1;A <2 =$N:1;A@ :$'1 G;'1? $ DG@5;1@@ C@@5@A$;&1 C3?11:1;A <2 ZZ 5; p((0 $;' B(a 5; p((j* h41 =$?A51@
4$I1 $3?11' A< =$?A5&5=$A1 5; $; $9A1?;$A5I1 '5@=GA1 ?1@<9GA5<; =?<&1'G?1 J45&4 4$@ ;<A N1A ?1$&41' &<;&9G@5<;*
1KGK'T:;K-
R; V$N $;' SG;1 p((n[ A41 h$L E<::5AA11 <2 A41 T$P$84 V5;5@A?N <2 M5;$;&1 5@@G1' AJ< A$L $@@1@@:1;A@ $3$5;@A
C?&19<?V5AA$9 h1:5?A$G 2<? \5. $'6G@A:1;A <2 @$91@ 5;&<:1 2<? ?19$A1' $;' ;<;b?19$A1' =$?AN @$91@ G;'1? A?$;@21?
=?5&5;3 9$J 5; A41 @G: <2 B(jp $;' \55. A41 5;&9G@5<; <2 5;&<:1 <2 $ @G%@5'5$?N &<:=$;N '<:5&591' 5; A41 l;5A1'
C?$% K:5?$A1@ A$Lb2?11 P<;1 5; A41 @G: <2 Zj([ 5; %<A4 &$@1@ =9G@ $':5;5@A?$A5I1 &4$?31@* C?&19<?V5AA$9 h1:5?A$G
$==1$91' %<A4 A$L $@@1@@:1;A@ A< A41 &<G?A@* R; W<I1:%1? p((n[ A41 C@A$;$ E<G?A 419' A4$A A41 $@@1@@:1;A 91I51'
%N A41 h$L E<::5AA11 2<? B[(jp J$@ ;<A 6G@A5251' $;' &$;&1991' 5A[ $9<;3 J5A4 ?19$A1' $':5;5@A?$A5I1 &4$?31@ <2
0)0* h45@ '1&5@5<; J$@ G=419' <; $==1$9 A< A41 T$P$84 gG=?1:1 E<G?A 5; S$;G$?N p((Z* h41 h$L E<::5AA11
:$N $==1$9 A45@ '1&5@5<; J5A45; <;1 N1$?[ %GA 4$@ ;<A '<;1 @< A< '$A1* R; ?1@=1&A <2 A41 A$L '1:$;' 2<? Zj([ 5;
M1%?G$?N p((Z[ A41 T$?$3$;'$ E<G?A 2<G;' 5; 2$I<? <2 A41 h$L E<::5AA11[ >G$;A52N5;3 A41 $:<G;A 'G1 $@ Zj(
=9G@ $':5;5@A?$A5I1 &4$?31@ <2 p)B* C?&19<?V5AA$9 h1:5?A$G $==1$91' A45@ '1&5@5<; 5; M1%?G$?N p((Z A< A41
f135<;$9 E<G?A <2 T$?$3$;'$* C9A4<G34 A41 E<:=$;N 5@ G;$%91 A< 1@A5:$A1 J5A4 $;N &1?A$5;AN J41; A41 $==1$9
:534A %1 '1A1?:5;1'[ $==1$9@ 5; T$P$84@A$; $?1 G@G$99N '1&5'1' J5A45; AJ< A< A4?11 :<;A4@* h41 E<:=$;N
&<;@5'1?@ 5A 4$@ ;< 95$%595AN 5; ?1@=1&A <2 15A41? A$L $@@1@@:1;A[ @5;&1 5A@ <%953$A5<; A< =$N 5;&<:1 A$L 5@ &$==1'
G;'1? A41 @4$?1 =G?&4$@1 $3?11:1;A $;' ?19$A1' $3?11:1;A@ =G?@G$;A A< J45&4 5A $&>G5?1' C?&19<?V5AA$9
h1:5?A$G 2?<: A41 3<I1?;:1;A <2 T$P$84@A$;* C?&19<?V5AA$9 h1:5?A$G 4$@ =$5' 5A@ 5;&<:1 A$L 5; $&&<?'$;&1
J5A4 A41@1 $3?11:1;A@*
108
J@>A6G:G:@?VF?G:GCIEG J=2:>E
C?&19<?V5AA$9 5@ $ =$?AN A< I$?5<G@ E<:=1A5A5<;XC;A5A?G@A E9$5:@* C@ <2 F1&1:%1? 0B[ p((n[ V5AA$9 gA119 4$@
1@A$%95@41' ?1@1?I1@ <2 $==?<L5:$A19N aj 5; A41 $33?13$A1 2<? A41 &9$5:@ '5@&9<@1' %19<Jk
W8KG&)
R; g1=A1:%1? p((([ AJ< &<;@A?G&A5<; &<:=$;51@ 2591' $ &<:=9$5;A J5A4 A41 D?$P595$; K&<;<:5& U$J F1=$?A:1;A
$3$5;@A A4?11 9<;3 @A119 =?<'G&1?@[ 5;&9G'5;3 C?&19<?V5AA$9 D?$@59* h41 &<:=9$5;A $99131' A4$A A41@1 =?<'G&1?@
&<99G'1' A< ?$5@1 =?5&1@ 5; A41 D?$P595$; ?1%$? :$?81A[ A41?1%N I5<9$A5;3 $==95&$%91 $;A5A?G@A 9$J@* R; g1=A1:%1?
p((a[ A41 D?$P595$; C;A5A?G@A E<G;&59 \ECFK. 5@@G1' $ '1&5@5<; $3$5;@A C?&19<?V5AA$9 D?$@59 A4$A ?1@G9A1' 5;
C?&19<?V5AA$9 D?$@59%@ 4$I5;3 A< =$N $ =1;$9AN <2 jn* C?&19<?V5AA$9 D?$@59 4$@ $==1$91' A41 '1&5@5<; A< A41
D?$P595$; M1'1?$9 E<G?A* R; g1=A1:%1? p(()[ C?&19<?V5AA$9 D?$@59 <221?1' $ 91AA1? 3G$?$;A11 $;' <%A$5;1' $;
5;6G;&A5<; A< @G@=1;' 1;2<?&1:1;A <2 A45@ '1&5@5<; =1;'5;3 A41 &<G?A%@ 6G'3:1;A*
C@ $ ?1@G9A <2 A41 2<?13<5;3 '1&5@5<; %N ECFK[ &G@A<:1?@ <2 C?&19<?V5AA$9 D?$@59 &<::1;&1' &5I59 =?<&11'5;3@
2<? '$:$31@* h41?1 5@ $9@< $ ?19$A1' &9$@@ $&A5<; &<::1;&1' %N A41 M1'1?$9 dG%95& d?<@1&GA<? <2 A41 @A$A1 <2
V5;$@ O1?$5@ $3$5;@A C?&19<?V5AA$9 D?$@59 2<? '$:$31@ %$@1' <; A41 $99131' I5<9$A5<;@ 5;I1@A53$A1' %N ECFK*
(<8/6Q
R; 9$A1 p((p[ A4?11 @G%@5'5$?51@ <2 C?&19<?V5AA$9 \h?"2591G?<=1[ h?"2591G?<=1 RA$95$ g*?*9* $;' M<;A$5;G;5<; g*C*.[
$;' AJ< 2<?:1? @G%@5'5$?51@ <2 C?&19<?V5AA$9 K@=$)$ \K:1@$ $;' O$9N&$@.[ $9<;3 J5A4 <A41? KG?<=1$;
:$;G2$&AG?1?@ <2 =?1@A?1@@1' J5?1 $;' @A?$;'@ @A119 =?<'G&A@[ ?1&15I1' ;<A5&1 2?<: A41 KG?<=1$; E<::5@@5<;
A4$A 5A J$@ &<;'G&A5;3 $; 5;I1@A53$A5<; 5;A< =<@@5%91 $;A5b&<:=1A5A5I1 =?$&A5&1@ %N A41@1 &<:=$;51@* R; p((j[
K:1@$ $;' O$9N&$@ J1?1 @<9'* C?&19<?V5AA$9 $;' 5A@ @G%@5'5$?51@ $?1 &<<=1?$A5;3 2G99N J5A4 A41 KG?<=1$;
E<::5@@5<; 5; A45@ 5;I1@A53$A5<;* h41 KG?<=1$; E<::5@@5<; 4$@ ;<A N1A ;<A5251' $ gA$A1:1;A <2 c%61&A5<;@ A<
C?&19<?V5AA$9 <? $;N <2 5A@ @G%@5'5$?51@* h41 KG?<=1$; E<::5@@5<; &$; 5:=<@1 25;1@ <2 G= A< $ :$L5:G: <2
B(Y <2 $;;G$9 ?1I1;G1@ <2 A41 1;A5AN 2<G;' A< %1 95$%91 2<? %?1$&41@ <2 Kl &<:=1A5A5<; 9$J* C?&19<?V5AA$9 5@
&G??1;A9N G;$%91 A< $@@1@@ A41 G9A5:$A1 <GA&<:1 <2 A41 =?<&11'5;3@ %12<?1 A41 KG?<=1$; E<::5@@5<;[ A41 1;A5AN
A4$A :534A %1 2<G;' 95$%91 <? A41 $:<G;A <2 $;N 25;1@ A4$A :$N ?1@G9A* C?&19<?V5AA$9 5@ &<;A?$&AG$99N ?1>G5?1' A<
5;'1:;52N A41 =?1@1;A <J;1? <2 K:1@$ $;' O$9N&$@ 52 $ 25;1 5@ 5:=<@1' <; 5A 2<? $;N :$AA1?@ G;'1? A41 <J;1?@45=
<2 C?&19<?*
c; C=?59 p0[ p((n[ C?&19<?V5AA$9 ?1&15I1' $ '1&5@5<; <2 A41 M5;$;&5$9 F5?1&A<?$A1 5; c@A?$I$[ EP1&4 f1=G%95&[ 5;
J45&4 5A <?'1?1' C?&19<?V5AA$9 c@A?$I$ A< =$N $==?<L5:$A19N B() 2<? $99131'9N $%G@5;3 5A@ 1&<;<:5& =<@5A5<;
$;'[ $@ $ ?1@G9A[ $&>G5?5;3 G;6G@A5251' =?<25A@ 5; ?1@=1&A <2 =?5&1@ <2 %9$@A 2G?;$&1 &<81 =?<'G&1' %N C?&19<?V5AA$9
c@A?$I$ $;' '195I1?1' 5; p((j* h41 M5;$;&5$9 F5?1&A<?$A1 @G%@1>G1;A9N <?'1?1' C?&19<?V5AA$9 c@A?$I$ A< =$N $;
$''5A5<;$9 25;1 <2 pj*n 2<? A41 =1?5<' 2?<: S$;G$?N A< V$?&4 p((a* C2A1? 5A@ =?1I5<G@ '1&5@5<; 5; c&A<%1? p(()
J$@ &$;&1991' %N A41 EP1&4 V5;5@A?N <2 M5;$;&1[ A41 :$AA1? J$@ ?1AG?;1' A< A41 M5;$;&5$9 F5?1&A<?$A1 5; c@A?$I$
2<? ;1J 5;I1@A53$A5<; $;' '1&5@5<;* C?&19<?V5AA$9 c@A?$I$ ?1&15I1' ;<A5&1 <; SG;1 Bj[ p((n A4$A A41 V5;5@A?N <2
M5;$;&1 4$' G=419' A41 M5;$;&5$9 F5?1&A<?$A1 <2 c@A?$I$%@ '1&5@5<;* C?&19<?V5AA$9 c@A?$I$ 2591' $ =1A5A5<; $3$5;@A
A41 '1&5@5<; J5A4 A41 VG;5&5=$9 E<G?A <2 d?$3G1 <; SG;1 p^[ p((n* M595;3 A41 =1A5A5<; 4$' A41 1221&A <2
@G@=1;'5;3 =$N:1;A <2 A41 25;1@*
R; p((j[ 2K [&8QO;&/- ,!-!8K)Q PQ )K Y/-:/++K;&/- Q; PQ )K BQ68Q::&/- PQ: *8K<PQ: \A41 M?1;&4 &<:=1A5A5<;
$GA4<?5AN. &<::1;&1' $; 5;I1@A53$A5<; 5;A< $99131' $;A5b&<:=1A5A5I1 =?$&A5&1@ 5; A41 @A119 '5@A?5%GA5<; @1&A<? 5;
M?$;&1[ 5;&9G'5;3 C?&19<? W"3<&1 F5@A?5%GA5<;[ $ @G%@5'5$?N <2 C?&19<?* h41 &$@1 4$@ %11; ?121??1' A< A41 Y/-:Q&)
PQ )K Y/-O<88Q-OQ \A41 M?1;&4 &<:=1A5A5<; &<G;&59.[ J45&4 5@ ;<J 5; &4$?31 <2 A41 5;I1@A53$A5<; =?<&1'G?1* c;
V$?&4 a[ p((Z[ $ gA$A1:1;A <2 c%61&A5<;@ J$@ 5@@G1' A< A4?11 @G%@5'5$?51@ <2 C?&19<?V5AA$9 \dlV g1?I5&1
'%C&51?[ C?&19<? d?<259 $;' CVF gG'XcG1@A.* C?&19<?V5AA$9 5@ &G??1;A9N ?1I51J5;3 A41 gA$A1:1;A <2 c%61&A5<;@
$;' 1I$9G$A5;3 5A@ =<@@5%91 ?1@=<;@1 A41?1A<* C;N =<A1;A5$9 25;1 A4$A :534A %1 5:=<@1' J599 '1=1;' <; A41 1;A5AN
A4$A J599 G9A5:$A19N %1 &<;@5'1?1' 95$%91 2<? A41 $99131' =?$&A5&1@* C?&19<?V5AA$9 5@ G;$%91 $A =?1@1;A A< '1A1?:5;1
A41 <GA&<:1 <2 A41 5;I1@A53$A5<; <? 1@A5:$A1 A41 $:<G;A <? ?$;31 <2 $ =<A1;A5$9 25;1 A4$A :$N %1 5:=<@1'*
C/<;T UR8&OK
C?&19<?V5AA$9 g<GA4 C2?5&$ 5@ 5;I<9I1' 5; $ '5@=GA1 J5A4 Q$?:<;N O<9' V5;5;3 E<:=$;N U5:5A1' $;' FG?%$;
f<<'1=<?A F11= U5:5A1' $99135;3 A4$A C?&19<?V5AA$9 g<GA4 C2?5&$ 5@ 5; I5<9$A5<; <2 A41 E<:=1A5A5<; C&A* c;
V$?&4 pn[ p((n[ A41 E<:=1A5A5<; h?5%G;$9 '1&5'1' A4$A C?&19<?V5AA$9 g<GA4 C2?5&$ 4$' &<;A?$I1;1' g1&A5<; Z\$.
<2 A41 E<:=1A5A5<; C&A %N &4$?35;3 $; 1L&1@@5I1 =?5&1* c; g1=A1:%1? )[ p((n[ A41 E<:=1A5A5<; h?5%G;$9
5:=<@1' $ =1;$9AN <; C?&19<?V5AA$9 g<GA4 C2?5&$ <2 $==?<L5:$A19N ^n[ <A41? %14$I5<?$9 ?1:1'51@ '1@53;1' A<
=?1I1;A C?&19<?V5AA$9 g<GA4 C2?5&$ 5:=<@5;3 <? $3?115;3 J5A4 &G@A<:1?@ $;N &<;'5A5<;@ <; A41 ?1@$91 <2 29$A
109
@A119 =?<'G&A@ $;' <?'1?1' A4$A C?&19<?V5AA$9 g<GA4 C2?5&$ =$N A41 &<@A@ <2 A41 &$@1* C?&19<?V5AA$9 g<GA4 C2?5&$
4$@ $==1$91' A41 '1&5@5<; <2 A41 E<:=1A5A5<; h?5%G;$9 <; A41 :1?5A@ $;' 5A@ '1&5@5<; <; A41 ?1:1'51@* R;
W<I1:%1? p((n[ A41 E<:=1A5A5<; C==1$9 E<G?A <?'1?1' A41 @G@=1;@5<; <2 A41 h?5%G;$9%@ '1&5@5<; <; A41
?1:1'51@ =1;'5;3 A41 $==1$9@[ J45&4 4$I1 %11; 25L1' 2<? c&A<%1? p((Z*
R; M1%?G$?N p((n[ A41 &<:=9$5;A =?1I5<G@9N 2591' J5A4 A41 g<GA4 C2?5&$; E<:=1A5A5<; E<::5@@5<; %N D$?;1@
M1;&5;3[ $ g<GA4 C2?5&$; =?<'G&1? <2 3$9I$;5P1' J5?1[ $99135;3 A4$A C?&19<?V5AA$9 g<GA4 C2?5&$[ $@ $ &'<:5;$;A
25?:([ '5@&?5:5;$A1' 5; 5A@ =?5&5;3 <2 9<J &$?%<; J5?1 ?<'[ J$@ ?121??1' A< A41 E<:=1A5A5<; h?5%G;$9* h41
&<:=9$5;$;A @118@[ $:<;3 <A41? @$;&A5<;@[ $ =1;$9AN <2 B(Y <2 C?&19<?V5AA$9 g<GA4 C2?5&$%@ @$91@ 2<? p(() 5;
?1@=1&A <2 9<J &$?%<; J5?1 ?<' $;' $; <?'1? A4$A C?&19<?V5AA$9 g<GA4 C2?5&$ &1$@1 5A@ =?5&5;3 '5@&?5:5;$A5<;* h41
&<:=9$5;A 5@ G;'1? ?1I51J %N A41 E<:=1A5A5<; h?5%G;$9* C?&19<?V5AA$9 5@ G;$%91 A< $@@1@@ A41 <GA&<:1 <2 A45@
=?<&11'5;3 <? A41 $:<G;A <2 C?&19<?V5AA$9 g<GA4 C2?5&$%@ =<A1;A5$9 95$%595AN[ 52 $;N*
`G96C ]682= J=2:>E

C?&19<?V5AA$9 5@ $ =$?AN A< I$?5<G@ <A41? 913$9 &9$5:@* C@ <2 F1&1:%1? 0B[ p((n[ C?&19<?V5AA$9 4$@ 1@A$%95@41'
?1@1?I1@ <2 $==?<L5:$A19N 0^ 5; A41 $33?13$A1 2<? A41 &9$5:@ '5@&9<@1' %19<J*
YK-KPK
C?&19<?V5AA$9 W<?A4 C:1?5&$ R;&* $;' C?&19<?V5AA$9 hG%G9$? d?<'G&A@ f<:$; g*C $?1 5;I<9I1' 5; $ '5@=GA1 J5A4
E$;$'5$; W$AG?$9 f1@<G?&1@ U5:5A1' \&EWfU(.* C?&19<?V5AA$9 4$@ 91$?;1' A4$A <; V$?&4 0( $;' C=?59 0[ p((n[
EWfU 2591' &<:=9$5;A@ 5; E$93$?N[ C9%1?A$ 2<? ;139531;&1 @1185;3 '$:$31@ <2 a)*j $;' pa*j ?1@=1&A5I19N* C@ <2
A45@ A5:1[ A41 &<:=9$5;A@ 4$I1 ;<A %11; @1?I1' <; 15A41? C?&19<?V5AA$9 1;A5AN* h41 =9$5;A522 $99131@ A4$A 5A
=G?&4$@1' '121&A5I1 =5=1 :$;G2$&AG?1' %N C?&19<?V5AA$9 hG%G9$? d?<'G&A@ f<:$; $;' @<9' %N C?&19<?V5AA$9
hG%G9$? d?<'G&A@ f<:$; $;' C?&19<?V5AA$9 W<?A4 C:1?5&$ R;&* C?&19<?V5AA$9 5@ G;$%91 A< ?1$@<;$%9N 1@A5:$A1
A41 $:<G;A <2 C?&19<?V5AA$9 W<?A4 C:1?5&$ R;&*%@ $;' C?&19<?V5AA$9 hG%G9$? d?<'G&A@ f<:$;%@ 95$%595A51@
?19$A5;3 A< A45@ :$AA1?[ 52 $;N*
3Q@&O/
g5&$?A@$ 5@ 5;I<9I1' 5; $ '5@=GA1 J5A4 K65'< g$;A$ V$?5$ <2 A41 VG;5&5=$95AN <2 U$ l;5<; OG1??1?< <I1? A41
=$N:1;A <2 :$A1?5$9@ $;' ?19$A1' '$:$31@ G;'1? $ 6<5;A I1;AG?1 $3?11:1;A %1AJ11; A41 =$?A51@* R; c&A<%1? p(()[
A41 C3?$?5$; l;5AN h?5%G;$9 1;A1?1' $ 6G'3:1;A <?'1?5;3 g5&$?A@$ A< =$N A41 =9$5;A522 '$:$31@ <2 aj* R; C=?59
p((n[ G=<; $==1$9 %N g5&$?A@$[ $ 45341? &<G?A @1A $@5'1 A41 6G'3:1;A $;' <?'1?1' 2G?A41? 1L=1?A 1I5'1;&1 ?19$A5;3
A< A41 :$AA1?@ 5; '5@=GA1* C?&19<?V5AA$9 $;' <A41? @G%@5'5$?51@[ $@ =G?&4$@1?@ G;'1? A41 g5&$?A@$ gdC[ 4$I1 @1?I1'
;<A5&1 <; g5'1?G?35&$ F19 d$&525&<[ g*C* '1 E*m $;' E<;6G;A< g5'1?G?35&< F19 D$9@$@[ g*C* '1 E*m*[ $@ @1991?@
G;'1? A41 g5&$?A@$ gdC @1185;3 5;'1:;5AN 2<? $;N '$:$31@ A4$A :$N %1 5;&G??1' J5A4 ?1@=1&A A< A45@ &9$5:[ @5;&1
5A J$@ ;<A '5@&9<@1' 5; &<;;1&A5<; J5A4 A41 $&>G5@5A5<;[ $;' @1991?@ 4$I1 $3?11' A< 5;'1:;52N =G?&4$@1?@ @G%61&A
A< &1?A$5; &<;'5A5<;@ @1A <GA 5; A41 gdC* h41 5;'1:;5AN 5@ 95:5A1' A< ja*
*8K-OQ
m$?5<G@ ?1A5?1' <? =?1@1;A 1:=9<N11@ <2 &1?A$5; M?1;&4 @G%@5'5$?51@ <2 A41 2<?:1? C?&19<? 4$I1 5;5A5$A1' 9$J@G5A@
A< <%A$5; &<:=1;@$A5<; 2<? $@%1@A<@ 1L=<@G?1 5; 1L&1@@ <2 A41 $:<G;A@ =$5' %N M?1;&4 @<&5$9 @1&G?5AN \&g<&5$9
g1&G?5AN(.* C@%1@A<@ &9$5:@ 5; M?$;&1 5;5A5$99N $?1 :$'1 %N J$N <2 $ '1&9$?$A5<; <2 $ J<?8b?19$A1' 599;1@@ %N A41
&9$5:$;A A< A41 g<&5$9 g1&G?5AN $GA4<?5A51@ ?1@G9A5;3 5; $; 5;I1@A53$A5<; $;' $ 91I19 <2 &<:=1;@$A5<; =$5' %N
g<&5$9 g1&G?5AN* c;&1 A41 J<?8b?19$A1' 599;1@@ 5@ ?1&<3;5P1' %N A41 g<&5$9 g1&G?5AN $GA4<?5A51@[ A41 &9$5:$;A[
'1=1;'5;3 <; A41 &5?&G:@A$;&1@[ &$; $9@< &9$5: 5; $; $&A5<; 2<? &RK<;Q &-Q@O<:KM)Q( \5;1L&G@$%91 ;139531;&1.
$''5A5<;$9 &<:=1;@$A5<; 2?<: A41 &<:=$;N %12<?1 $ @=1&5$9 A?5%G;$9* o41?1 =?<&1'G?$9 1??<?@ $?1 :$'1 %N
g<&5$9 g1&G?5AN[ 5A 5@ ?1>G5?1' A< $@@G:1 2G99 =$N:1;A <2 '$:$31@ $J$?'1' A< A41 &9$5:$;A@* h45@ 4$@ 31;1?$99N
%11; A41 &$@1 A< '$A1*
h41 ;G:%1? <2 &9$5:@ <GA@A$;'5;3 2<? $@%1@A<@ 1L=<@G?1 $A F1&1:%1? 0B[ p((n J$@ jj^[ $@ &<:=$?1' A< jpB $@
$A F1&1:%1? 0B[ p(()* h41 ?$;31 <2 $:<G;A@ &9$5:1' 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n J$@
0n[a(( A< 0)Ba[((( \$==?<L5:$A19N -BB[((( A< -^(a[(((.* h41 $33?13$A1 &<@A@ $;' @1AA91:1;A@ 2<? A41 25I1
:<;A4 =1?5<' 1;'1' F1&1:%1? 0B[p(() J1?1 0p0([((( \$==?<L5:$A19N -0(([(((. $;' -([ ?1@=1&A5I19N* h41
$33?13$A1 &<@A@ $;' @1AA91:1;A@ 2<? A41 N1$? 1;'1' F1&1:%1? 0B[ p((n J1?1 00a([BjB \$==?<L5:$A19N -aBa[(((.
$;' 0B[p(( \$==?<L5:$A19N -p[(((. ?1@=1&A5I19N*
110
h41 2<99<J5;3 A$%91 =?<I5'1@ &1?A$5; 5;2<?:$A5<; ?13$?'5;3 &9$5:@ 2<? $@%1@A<@ 1L=<@G?1k
:? ?I>36C @7 42E6E
)**( )**+ZD.
E9$5:@ G;?1@<9I1' $A %135;;5;3 <2 =1?5<' jpB j0)
E9$5:@ 2591' B^B Bn
E9$5:@ @1AA91'[ '5@:5@@1' <? <A41?J5@1 ?1@<9I1' \B)0. \0p.
E9$5:@ G;?1@<9I1' $A F1&1:%1? 0B[ jj^ jpB
\B.
f1=?1@1;A@ A41 =1?5<' 2?<: CG3G@A B[ p(() \A41 '$A1 <2 $&>G5@5A5<; <2 C?&19<?. A< F1&1:%1? 0B[ p(()*
^:?@C:GT !92C69@=56C J=2:>E h682C5:?8 G96 LS492?86 h2G:@ :? G96 !64@?5e!G6A ^6C86C @7 FC46=@C^:GG2=
:?G@ FC46=@C
g1I1?$9 2<?:1? :5;<?5AN @4$?14<9'1?@ <2 C?&19<? <? A415? ?1=?1@1;A$A5I1@ 4$I1 %?<G34A 913$9 =?<&11'5;3@ ?19$A5;3
A< A41 1L&4$;31 ?$A5< 5; A41 @1&<;'b@A1= :1?31? %1AJ11; C?&19<?V5AA$9 $;' C?&19<?* R; =?<&11'5;3@ A4$A ?1:$5;
<;3<5;3 2<99<J5;3 A41 &<:=91A5<; <2 A41 :1?31? =?<&1@@ A4$A $?1 @G::$?5P1' %19<J[ A41 &9$5:$;A@ :$81 A41
2<99<J5;3 =?5;&5=$9 $9913$A5<;@k
2 h41 1L&4$;31 ?$A5< 5; A41 @1&<;' @A1= :1?31? @4<G9' 4$I1 %11; A41 @$:1 $@ A4$A <2 A41 @1&<;'$?N
1L&4$;31 <221? &<:=<;1;A <2 V5AA$9 gA119%@ SG;1 p(() <221? 2<? C?&19<? \5*1*[ BB V5AA$9 gA119 @4$?1@
2<? n C?&19<? @4$?1@.[ $;' 5;I1@A<?@ 4$' $ 9135A5:$A1 1L=1&A$A5<; A4$A A45@ J<G9' %1 A41 &$@1 %$@1' <;
V5AA$9 gA119%@ '5@&9<@G?1 $;' =G%95& @A$A1:1;A@+
2 h41 1L&4$;31 ?$A5< $==951' 5; A41 @1&<;' @A1= :1?31? J$@ G;2$5? A< :5;<?5AN @4$?14<9'1?@ <2 C?&19<?[
=$?A5&G9$?9N 5; 9534A <2 '1I19<=:1;A@ @5;&1 A41 SG;1 p(() <221?+
2 V5AA$9 gA119%@ '5@&9<@G?1 ?13$?'5;3 A41 :1?31? <2 V5AA$9 gA119 5;A< C?&19<? $;' @=1&525&$99N A41
1L&4$;31 ?$A5< \5; A41 @1&<;'b@A1= :1?31?. J$@ 9$A1[ 5;@G225&51;A $;' :5@91$'5;3+
2 h41 AJ<b@A1= =?<&1@@ J$@ '1A?5:1;A$9 A< 5;A1?1@A@ <2 C?&19<? :5;<?5AN @4$?14<9'1?@+
2 h41 @1&<;' @A1= :1?31? '5' ;<A &<:=9N J5A4 &1?A$5; =?<I5@5<;@ <2 UGL1:%<G?3 &<:=$;N 9$J*
C?&19<?V5AA$9 %1951I1@ A4$A A41 $9913$A5<;@ :$'1 $;' &9$5:@ %?<G34A %N A41 :5;<?5AN @4$?14<9'1?@ ?13$?'5;3 A41
1L&4$;31 ?$A5< $==951' 5; A41 @1&<;' @A1= :1?31? $?1 J5A4<GA :1?5A $;' A4$A @G&4 1L&4$;31 ?$A5< &<:=951' J5A4
A41 ?1>G5?1:1;A@ <2 $==95&$%91 9$J[ J$@ &<;@5@A1;A J5A4 =?1I5<G@ 3G5'$;&1 <; A41 =?5;&5=91@ A4$A J<G9' %1 G@1'
A< '1A1?:5;1 A41 1L&4$;31 ?$A5< 5; A41 @1&<;' @A1= :1?31? $;' J$@ ?191I$;A $;' ?1$@<;$%91 A< @4$?14<9'1?@ <2
%<A4 :1?31' 1;A5A51@*
h41 2<99<J5;3 @G::$?5P1@ A41 &G??1;A @A$AG@ <2 =?<&11'5;3@ %?<G34A %N :5;<?5AN @4$?14<9'1?@ 5; A45@ ?13$?'k
2 R; SG;1 $;' SG9N p((n[ AJ< 41'31 2G;'@ A4$A J1?1 @4$?14<9'1?@ <2 C?&19<? J?<A1 A< A41 W1A41?9$;'@
CGA4<?5AN 2<? A41 M5;$;&5$9 V$?81A@ \A41 gA5&4A5;3 CGA<?5A15A M5;$;&5$91 V$?8A1;[ A41 &CMV(.[ A41
FGA&4 @1&G?5A51@ ?13G9$A<?[ ?1>G1@A5;3 5A A< A$81 I$?5<G@ :1$@G?1@ $3$5;@A V5AA$9 gA119 ?19$A5;3 5;
=$?A5&G9$? A< '5@&9<@G?1 ?13$?'5;3 A41 =?<=<@1' 1L&4$;31 ?$A5<[ $;' :$85;3 5; @G%@A$;&1 A41
$9913$A5<;@ @G::$?5P1' $%<I1* c; CG3G@A Bn[ p((n A41 CMV ?161&A1' A41 &9$5:$;A@% '1:$;'@[ $;'
@A$A1' 5; =$?A5&G9$? A4$Ak
2 5A 4$' ;< %$@5@ A< &<;&9G'1 A4$A A41 1L&4$;31 ?$A5< 5; A41 @1&<;'b@A1= :1?31? :G@A %1 A41
@$:1 $@ A4$A 5; A41 @1&<;'$?N 1L&4$;31 <221? &<:=<;1;A <2 V5AA$9 gA119%@ 25;$9 <221? 2<?
C?&19<? @1&G?5A51@ $;;<G;&1' <; SG;1 pa[ p(()+
2 5A J$@ ;<A $J$?1 <2 $;N 2$&A@ <? &5?&G:@A$;&1@ A4$A 91' 5A A< >G1@A5<; A41 $&&G?$&N <2 A41
1L&4$;31 ?$A5<+
2 5A 4$' ;< %$@5@ A< &<;&9G'1 A4$A V5AA$9 gA119%@ '5@&9<@G?1 $;' =G%95& @A$A1:1;A@ ?13$?'5;3 A41
@1&<;'b@A1= :1?31? $;' A41 1L&4$;31 ?$A5< J1?1 ;<A A5:19N $;' $&&G?$A1 <? J5A4419' =?5&1b
@1;@5A5I1 5;2<?:$A5<;[ $;' A41?12<?1 J1?1 &<;@A5AGA5I1 <2 :$?81A :$;5=G9$A5<; <? <A41?J5@1
5;&<??1&A+ $;'
2 A41 :1?31? 1L&4$;31 ?$A5< J$@ ;<A &<;A?$?N A< V5AA$9 gA119%@ =G%95& @A$A1:1;A@ <; A45@
@G%61&A*
c; g1=A1:%1? p([ p((n[ A41 &9$5:$;A@ 2591' 2<?:$9 <%61&A5<;@ J5A4 A41 CMV $3$5;@A A41 '1&5@5<; <2 CG3G@A Bn[
p((n[ $@85;3 A41 CMV A< <I1?AG?; 5A@ '1&5@5<; <; A41 @$:1 3?<G;'@ $@ A4<@1 =?1@1;A1' 5; @G==<?A <2 A415? 5;5A5$9
111
?1>G1@A* c; M1%?G$?N j[ p((Z[ A41 CMV &<;25?:1' 5A@ '1&5@5<; <2 CG3G@A Bn[ p((n* c; V$?&4 B0[ p((Z[ A41
&9$5:$;A@ 9<'31' $; $==1$9 $3$5;@A A41 CMV%@ '1&5@5<; J5A4 A41 f<AA1?'$: E<G?A*
2 c; c&A<%1? BZ[ p((n $;' W<I1:%1? B^[ p((n[ C?&19<?V5AA$9 \A41 1;A5AN ?1@G9A5;3 2?<: A41 25?@A @A1=
:1?31?. $;' C?&19<? J1?1 ;<A5251' <2 $; $==1$9 %N A4?11 2<?:1? 41'31 2G;' @4$?14<9'1?@ <2 C?&19<?
%12<?1 A41 $':5;5@A?$A5I1 &<G?A <2 UGL1:%<G?3 $3$5;@A A41 V$?&4 p[ p((n '1&5@5<; <2 A41 EggM
1L1:=A5;3 A41 g53;525&$;A @4$?14<9'1? 2?<: A41 <%953$A5<; \G;'1? A41 UGL1:%<G?3 9$J
5:=91:1;A5;3 A41 KG?<=1$; h$81<I1? F5?1&A5I1. G;'1? @=1&5251' &5?&G:@A$;&1@ A< 9$G;&4 $ A1;'1?
<221? 2<? $99 C?&19<? @4$?1@ <GA@A$;'5;3 $2A1? A41 :1?31?* h41 EggM 4$' %$@1' 5A@ 3?$;A <2 $;
1L1:=A5<; <; A41 2$&A A4$A A41 :1?31? J<G9' ;<A ?1@G9A 15A41? 5; $; $&>G5@5A5<; <2 @4$?1@ <? 5; $
&4$;31 <2 A41 G9A5:$A1 &<;A?<9 <2 A41 &<:=$;N* C?&19<?V5AA$9 @G%:5AA1' 5A@ ?1@=<;@1 A< A41 %?512@ <2
A41 &9$5:$;A@ <; S$;G$?N Bn[ p((Z*
2 c; S$;G$?N Z[ p((Z[ C?&19<?V5AA$9 ?1&15I1' $ J?5A <2 @G::<;@ <; %14$92 <2 2<G? 41'31 2G;'
@4$?14<9'1?@ <2 C?&19<? A< $==1$? %12<?1 A41 &5I59 &<G?A <2 UGL1:%<G?3* h41 @G::<;@ J$@ $9@<
@1?I1' <; $99 A41 :1:%1?@ <2 A41 D<$?' <2 F5?1&A<?@ <2 C?&19<?V5AA$9 $;' <; A41 g53;525&$;A
@4$?14<9'1?* h41 &9$5:$;A@ ?1>G1@A[ $:<;3 <A41? A45;3@ \5. A41 &$;&199$A5<; $;' A41 $:1;':1;A <2
A41 &<?=<?$A1 '1&5@5<;@ ?19$A5;3 A< A41 @1&<;'b@A1= :1?31? 5; <?'1? A< ?1291&A $; 1L&4$;31 ?$A5< <2 BB
C?&19<?V5AA$9 \A41 1;A5AN ?1@G9A5;3 2?<: A41 25?@A @A1= :1?31?. @4$?1@ 2<? n C?&19<? @4$?1@ \53;<?5;3
A41 5:=$&A <2 A41 @4$?1 &$=5A$9 ?1@A?G&AG?5;3 <2 C?&19<?. $&&<:=$;51' %N A41 $99<&$A5<; %N A41
g53;525&$;A @4$?14<9'1? <? A41 &<:=$;N <2 $''5A5<;$9 @4$?1@ A< A41 &9$5:$;A@ A< ?1291&A A45@ ?1I5@1'
?$A5<[ $;' $9A1?;$A5I19N[ \55. A41 =$N:1;A <2 '$:$31@ %N A41 '121;'$;A@ \6<5;A9N $;' @1I1?$99N <?
@1I1?$99N[ $A A41 &<G?A%@ '5@&?1A5<;.[ 5; $; $:<G;A <2 p)a \0BZ( :5995<;.*
_`"L )gi !LN^L_" F_K NL`NhFdOPJ P_M`h^F"P`_

C?&19<?V5AA$9 4$@ $ 4534 '13?11 <2 31<3?$=45& '5I1?@525&$A5<; ?19$A5I1 A< <A41? @A119 &<:=$;51@* FG?5;3 p((n[
C?&19<?V5AA$9 @45==1' 5A@ =?<'G&A@ A< &G@A<:1?@ 5; $==?<L5:$A19N Bn( &<G;A?51@[ J5A4 5A@ 9$?31@A :$?81A@ 5; A41
M9$A E$?%<; KG?<=1[ M9$A E$?%<; C:1?5&$@ $;' U<;3 E$?%<; C:1?5&$ / KG?<=1 @13:1;A@* C?&19<?V5AA$9
&<;'G&A@ 5A@ %G@5;1@@ A4?<G34 5A@ c=1?$A5;3 gG%@5'5$?51@* V$;N <2 A41@1 <=1?$A5<;@ $?1 @A?$A135&$99N 9<&$A1' J5A4
$&&1@@ A< <;b@5A1 '11= J$A1? =<?A 2$&595A51@[ J45&4 $99<J 2<? &<@Ab1225&51;A 5:=<?A <2 ?$J :$A1?5$9@ $;' 1L=<?A <2
@A119 =?<'G&A@* C@ <2 F1&1:%1? 0B[ p((n[ C?&19<?V5AA$9 1:=9<N1' $==?<L5:$A19N 0BB[((( =1?@<;@*
C @13:1;A 5@ $ '5@A5;3G5@4$%91 &<:=<;1;A <2 A41 E<:=$;N A4$A 5@ 1;3$31' 15A41? 5; =?<I5'5;3 =$?A5&G9$? =?<'G&A@
<? @1?I5&1@ \%G@5;1@@ @13:1;A.[ <? 5; =?<I5'5;3 =?<'G&A@ <? @1?I5&1@ J5A45; $ =$?A5&G9$? 1&<;<:5& 1;I5?<;:1;A
\31<3?$=45&$9 @13:1;A.[ J45&4 5@ @G%61&A A< ?5@8@ $;' ?1J$?'@ A4$A $?1 '5221?1;A 2?<: A4<@1 <2 <A41? @13:1;A@*
h41 E<:=$;N%@ =?5:$?N @13:1;A 5@ '125;1' $@ A41 &%G@5;1@@ @13:1;A([ J4591 5A@ @1&<;'$?N @13:1;A 5@ A41
&31<3?$=45&$9 @13:1;A(*
U=;'5Q;; ;QS/Q5<L<'65
C?&19<?V5AA$9 ?1=<?A@ 5A@ <=1?$A5<;@ 5; @5L <=1?$A5;3 @13:1;A@k M9$A E$?%<; C:1?5&$@[ M9$A E$?%<; KG?<=1[ U<;3
E$?%<; C:1?5&$@ $;' KG?<=1[ C@5$[ C2?5&$ $;' E<::<;J1$9A4 <2 R;'1=1;'1;A gA$A1@ \&CCERg(.[ gA$5;91@@
gA119 $;' CV0g \A?$'5;3 $;' '5@A?5%GA5<;.*
2 M9$A E$?%<; C:1?5&$@ ?1=?1@1;A@ A41 29$A 2$&595A51@ <2 A41 E<:=$;N 9<&$A1' 5; A41 C:1?5&$;
E<;A5;1;A \E$;$'$[ D?$P59[ V1L5&< $;' A41 l;5A1'bgA$A1@.* M9$A E$?%<; C:1?5&$@ =?<'G&1@ @9$%@[
4<Ab?<991' &<59[ &<9'b?<991' &<59[ &<$A1' @A119 $;' =9$A1* h41@1 =?<'G&A@ $?1 @<9' =?5:$?59N A<
&G@A<:1?@ 5; A41 2<99<J5;3 5;'G@A?51@k '5@A?5%GA5<; $;' =?<&1@@5;3+ $GA<:<A5I1[ =5=1 $;' AG%1@[
&<;@A?G&A5<;[ =$&8$35;3[ $;' $==95$;&1@+
2 M9$A E$?%<; KG?<=1 5@ A41 9$?31@A 29$A @A119 =?<'G&1? 5; KG?<=1[ J5A4 <=1?$A5<;@ A4$A ?$;31 2?<: o1@A
\g=$5;. A< K$@A \f<:$;5$.[ $;' &<I1?5;3 A41 29$A &$?%<; @A119 =?<'G&A =<?A2<95< 5; $99 :$6<? &<G;A?51@
$;' :$?81A@* M9$A E$?%<; KG?<=1 =?<'G&1@ 4<Ab?<991' &<59[ &<9'b?<991' &<59[ &<$A1' =?<'G&A@[ A5;=9$A1[
=9$A1 $;' @9$%* h41@1 =?<'G&A@ $?1 @<9' =?5:$?59N A< &G@A<:1?@ 5; A41 $GA<:<A5I1[ 31;1?$9 5;'G@A?N
$;' =$&8$35;3 5;'G@A?51@+
2 U<;3 E$?%<; C:1?5&$@ $;' KG?<=1 <=1?$A1@ 5; KG?<=1 $;' C:1?5&$* d?<'G&A5<; &<;@5@A@ <2
@1&A5<;@[ J5?1 ?<'[ ?1%$?@[ %5991A@[ %9<<:@ $;' J5?1 '?$J5;3+
2 CCERg =?<'G&1@ $ &<:%5;$A5<; <2 29$A $;' 9<;3 =?<'G&A@ $;' =5=1@ $;' AG%1@* RA@ 2$&595A51@ $?1
9<&$A1' 5; C@5$[ C2?5&$ $;' E<::<;J1$9A4 <2 R;'1=1;'1;A gA$A1@ \&ERg(.+
2 gA$5;91@@ gA119 =?<'G&1@ 29$A $;' 9<;3 @A$5;91@@ @A119 $;' $99<N =?<'G&A@ 2?<: 5A@ =9$;A@ 5; KG?<=1 $;'
g<GA4 C:1?5&$+ $;'
112
2 C?&19<?V5AA$9 gA119 g<9GA5<;@ $;' g1?I5&1@ \CV0g. 5@ =?5:$?59N $; 5;b4<G@1 A?$'5;3 $;' '5@A?5%GA5<;
$?: <2 C?&19<?V5AA$9* RA $9@< =?<I5'1@ I$9G1b$''1' $;' &G@A<:5P1' @A119 @<9GA5<;@ A4?<G34 2G?A41?
@A119 =?<&1@@5;3 A< :11A @=1&525& &G@A<:1? ?1>G5?1:1;A@*
h41 2<99<J5;3 A$%91 @G::$?5P1@ &1?A$5; 25;$;&5$9 '$A$ ?19$A5;3 A< <G? <=1?$A5<;@ 5; '5221?1;A ?1=<?A$%91 %G@5;1@@
@13:1;A@k
]@?8 FE:2
M=2G M=2G J2C3@? /
J2C3@? J2C3@? F>6C:42E F7C:42 !G2:?=6EE `G96CE V
F>6C:42E LIC@A6 / LIC@A6 JP! !G66= F^0! L=:>:?2G:@?bb "@G2=
'62C 6?565
K646>36C 0DY )**+b
g$91@ Bn[aZa Bj[0)) B0[Bp( Bj[0ZZ 0[p)B a[ppB \^[(nB. aZ[Zn(
c=1?$A5;3 5;&<:1 B[^Bp B[((a B[n^n p[aZj 0a0 BnB \p^(. n[a0p
F1=?1&5$A5<; $;'
5:=$5?:1;A )jB )jp 0^0 jjn ^^ jp )( p[0pj
E$=5A$9 1L=1;'5AG?1@ na^ ZBZ ann a0n )B )p BpB p[^0a
h<A$9 $@@1A@ Bn[p^0 pn[)jp pB[ja^ Ba[^jn j[^j^ j[(nB pB[0p( BBp[)ZB
h<A$9 95$%595A51@ j[ZZB ^[^jp )[Baj p[nj0 p[B^n p[nB^ 00[anB )p[p(n
'62C 6?565
K646>36C 0DY )**(
g$91@ pp[Zâ 0j[a)p p0[Z0( BZ[pp^ ^[0j^ B)[pjB \B^[Z^(. B(a[pB)
c=1?$A5;3 5;&<:1 p[^Zn j[Bj^ 0[Z^) 0[BZj Zn) an^ \ZjB. Bj[Z0(
F1=?1&5$A5<; $;'
5:=$5?:1;A B[()j B[j(( n^Z a^( pna B0Z 0(a j[an(
E$=5A$9 1L=1;'5AG?1@ B[p^n B[njp ^nj Znp p)0 ppp nZ a[jjZ
h<A$9 $@@1A@ B^[^ja 00[jpB pp[a^Z BB[^p0 a[a)j a[)^p 0j[jZp B00[)pa
h<A$9 95$%595A51@ )[)p) B0[BZB Z[00) j[Bja p[pnZ 0[^p) 00[a^Z np[(^(
_
=G?&4$@1 =?5&1 <2 C?&19<? \@11 ;<A1 0.*
__
cA41?@ X K95:5;$A5<; 5;&9G'1@ $99 <A41? <=1?$A5<;@ A4$; :1;A5<;1' $%<I1[ A<31A41? J5A4 5;A1?b@13:1;A 195:5;$A5<;[ $;'X<?
;<;b<=1?$A5<;$9 5A1:@ J45&4 $?1 ;<A @13:1;A1'*
113
*Q6S9L7&'OL- ;QS/Q5<L<'65
CK)Q: VMF PQ:;&-K;&/-X
'62C 6?565 K646>36C 0DY

)**+ )**(
F>6C:42E
l;5A1' gA$A1@ Ba[)a0 B^[a)(
E$;$'$ p[))Z j[B0^
D?$P59 p[(aZ )[)pZ
C?31;A5;$ ja0 B[B(B
cA41?@ p[a)p 0[pjB
h<A$9 C:1?5&$@ p0[0^j 0j[))^
LIC@A6
M?$;&1 j[(00 Z[^Z^
g=$5; 0[Bn( n[Zj0
O1?:$;N j[aj0 BB[)p^
f<:$;5$ B[Zj( B[00(
d<9$;' 0[()a j[0aa
D1935G: Z)p p[BZB
RA$9N p[jj^ a[aZj
l;5A1'bT5;3'<: ^p) p[n0B
hG?81N B[ppj p[(an
cA41?@ )[jjj BB[^p)
h<A$9 KG?<=1 pZ[aa) aZ[)pa
FE:2 / F7C:42
g<GA4 C2?5&$ p[Z^B j[0^)
cA41?@ j[(p^ n[ap)
h<A$9 C@5$ / C2?5&$ )[^p( BB[^pp
h<A$9 aZ[Zn( B(a[pB)
YK6&;K) Q@6Q-P&;<8Q: K-P :QS+Q-; K::Q;: 6Q8 :&S-&R&OK-; O/<-;8F
J2A:G2= 6SA6?5:GIC6E !68>6?G 2EE6GE bb

M@C G96 T62C 6?565
K646>36C 0DY FE @7 K646>36C 0DY
)**+ )**( )**+b )**(
F>6C:42E
D?$P59 0jn nna B([Z(0 B)[B^^
l;5A1' gA$A1@ jBj j)B B([)p( B([000
E$;$'$ Baa p^Z n[B0j n[^jB
V1L5&< j^ Baj Z() 0[p^j
cA41?@ 0) Ba( B[n(p B[^)Z
h<A$9 C:1?5&$@ B[((B B[Z0Z 0B[()a 0^[n0a
LIC@A6
M?$;&1 0)B njj Bj[nja Ba[aB0
UGL1:%<G?3 B(0 B^p BB[^(B Bj[B0j
D1935G: B(( 0Ba Z[0n( Z[ZaZ
g=$5; p(j pZa )[ân n[jpZ
l8?$5;1 Ba^ pâ )[jB0 )[n)j
d<9$;' j(Z )(0 j[aB) )[Baa
114
J2A:G2= 6SA6?5:GIC6E !68>6?G 2EE6GE bb
M@C G96 T62C 6?565
K646>36C 0DY FE @7 K646>36C 0DY
)**+ )**( )**+b )**(
O1?:$;N j( p0n a[(BB a[njj
EP1&4 f1=G%95& j0 BB^ B[Zn^ p[^)^
f<:$;5$ ^( Baa B[ZjB B[^Z(
RA$9N Bp jp Z0^ B[0(a
cA41?@ B^ B(n B[^0) p[)))
h<A$9 KG?<=1 B[a0^ 0[(^j )j[j(Z n0[aB)
FE:2 / F7C:42
g<GA4 C2?5&$ B^n pna j[B^( 0[^0B
T$P$84@A$; BjB Ba^ B[^00 B[^ja
cA41?@ an Zp B[^B^ 0[p0p
h<A$9 C2?5&$ / C@5$ 0â aB) Z[(jp ^[B(Z
l;$99<&$A1' # # Z[)aB BB[p))
h<A$9 p[^0a a[jjZ BBp[B)) B00[)pa
_
h41 p(() &<:=$?$A5I1 5;2<?:$A5<; 4$@ %11; $'6G@A1' ?1A?<@=1&A5I19N 2<? A41 25;$95P$A5<; <2 =G?&4$@1 =?5&1 $99<&$A5<; <;
C?&19<? \@11 ;<A1 0.*
__
g13:1;A $@@1A@ $?1 <=1?$A5<;$9 $@@1A@[ J45&4 5;&9G'1 $AA?5%GA$%91 3<<'J599[ 5;A$;35%91 $@@1A@ $;' =?<=1?AN[ =9$;A $;'
1>G5=:1;A[ $@ J199 $@ &G??1;A $@@1A@ G@1' 5; A41 <=1?$A5;3 $&A5I5A51@* h41N '< ;<A 5;&9G'1 '121??1' A$L $@@1A@[ <A41?
5;I1@A:1;A@ <? ?1&15I$%91@ $;' <A41? ;<;b&G??1;A 25;$;&5$9 $@@1A@* gG&4 $@@1A@ $?1 @4<J; G;'1? A41 &$=A5<; &l;$99<&$A1'
$@@1A@(*
_`"L )ci L^d]`'LL! F_K \L' ^F_FNL^L_" dLh!`__L]

h41 A$%91 %19<J @1A@ 2<?A4 A41 G;$G'5A1' %?1$8'<J; <2 A41 A<A$9 N1$?b1;' ;G:%1? <2 1:=9<N11@ %N @13:1;A 2<?
A41 =$@A AJ< N1$?@*
'62C 6?565 K646>36C 0DY

)**+ )**(
g13:1;A
M9$A E$?%<; C:1?5&$@ 0)[n(( 0a[j^B
M9$A E$?%<; KG?<=1 )n[p0Z )Z[(((
U<;3 E$?%<; C:1?5&$@ / KG?<=1 j([Z^0 a)[j)p
C@5$[ C2?5&$[ ERg BjZ[p^B Bp0[ap)
gA$5;91@@ gA119 BB[ajp BB[an(
CV0g BB[a)( B0[(Z)
cA41? $&A5I5A51@ $;' &<?=<?$A1 0[0aj 0[00B
h<A$9 0B^[anZ 0BB[j))
'62C 6?565 K646>36C 0DY

)**+ )**(
K:=9<N11 5;2<?:$A5<;
o$31@ $;' @$9$?51@
)[Zn( BB[ppB
d1;@5<; &<@A 0pZ )BB
h<A$9
n[B^Z BB[Z0p
115
eE? ^X^/S /VV%/S 1XTY?V\/^GXV XA Ê? T?T0?[\ XA 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ Y/G2 GV W``b /V2 W`Ù (/\
/\ AXSSX(\R
1=6& =K<=< >=:=J8=& #74

59JL,K*( GK ! *FL,(6K<( =3:=$* L$*GLK GKBL&J6*GLK" OQQS OQQN
6/\? \/S/[, /V25X[ 2G[?1^X[\ A??\ ! $;Ub` ! P;$$P
cEX[^@^?[T Y?[AX[T/V1?@[?S/^?2 0XV%\ $;W99 W;393
MXVC@^?[T GV1?V^G&?\ <V%T0?[ XA XY^GXV\" 3U>;``` b`;```
eE? /VV%/S 1XTY?V\/^GXV Y/G2 ^X Ê? T?T0?[\ XA 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ AX[ \?[&G1?\ GV /SS 1/Y/1G^G?\
GV W``b /V2 W`Ù (/\ /\ AXSSX(\R
OQQS OQQN OQQS OQQN

+FL&*E*=&J +FL&*E*=&J MLKDE*=&J MLKDE*=&J
%=&BL&J6K:= %=&BL&J6K:= P,J8=& P,J8=&
59JL,K*( GK ! *FL,(6K<( =3:=$* L$*GLK GKBL&J6*GLK" OQQS OQQN57" )=I6*=< )=I6*=< LB R$*GLK( LB R$*GLK(
M/Q\ETG Od NG^^/S ! W;``> ! W;``3 ! 3;bUU ! W;393 3``;``` b`;```
42G^,/ NG^^/S<W" =PW # 3;b33 # U>;``` #
)/VG\E/ NG^^/S 6E/^G/ W$ # # # # #
O/[/,/V/V )/CE%S 3$= # # # # #
4T0/\\/2X[ 4V2[#\ aX-?V^/S<$" 3PW # # # # #
N%VG L[G\EV/ ed a?22,<P" 33= # # # # #
a?V# MXY?-<>" 9W # # # # #
+GS0%[ Md aX\\; K[d 3`> # # # # #
M?(G\ 6d L/2?V 3W$ # # # # #
D[/V#XG\ Hd _GV/%S^<b" 9` # # # # #
KX\?YE LGV\1E<U" # $$9 # # # #
KX\# a/T"V "S&/[?- a?V2%?S?\<9" # W=U # # # #
c?[CGX cGS&/ 2? D[?G^/\<=" # 393 # # # #
F?X[C?\ c1ETG^<3`" # 3=U # # # #
B2TXV2 _/1E%[/<33" # W3$ # # # #
NG1E?S 4VC?S N/[^G<3W" # 39` # # # #
N/V%?S D?[V"V2?- M"Y?- <3$" # 3b$ # # # #
K?/V@_G?[[? H/V\?V<3P" # W`` # # # #
KXEV 8/\^?CV/[X<3>" # 39` # # # #
8X[YX[/1GXV KN48 <4V^XGV? cYGSST/VV"<3b" # 3b$ # # # #
HaH _[GV1? F%GSS/%T? 2? M%*?T0X%[C<3U" # 39P # # # #
aXT/GV ./S?\QG<39" # $U # # # #
eX^/S $;Ub` P;$$P $;W99 W;393 3U>;``` b`;```
<3"
eE? 1XTY?V\/^GXV Ê/^ (/\ Y/G2 GV W`Ù ^X Ê? AX[T?[ 4[1?SX[ 6X/[2 N?T0?[\ (/\ AX[ Ê?G[ \?[&G1?\ ^X 4[1?SX[ GV W``bd
OX 1XTY?V\/^GXV (/\ Y/G2 ^X Ê? AX[T?[ NG^^/S c^??S 6X/[2 N?T0?[\ XV Ê? 4[1?SX[NG^^/S 6X/[2 GV W`Ùd 8XTY?V\/^GXV
(GÊ [?\Y?1^ ^X W`Ù (GSS 0? Y/G2 /A^?[ \E/[?EXS2?[ /YY[X&/S /^ Ê? 4FN ^X 0? E?S2 XV N/, 3$; W``9d 4^^?V2/V1? A??\ AX[
W`Ù /TX%V^GVC ^X /YY[X*GT/^?S, !`dP TGSSGXV (?[? Y/G2 GV D?0[%/[, W``9d
<W"
N[d 4d NG^^/S [?\GCV?2 A[XT 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ XV ]1^X0?[ $`; W``b; 0%^ 1XV^GV%?2 GV EG\ [XS? /\ 8EG?A
DGV/V1G/S ]AAG1?[ XA 4[1?SX[NG^^/Sd HG\ 1XTY?V\/^GXV /\ / :G[?1^X[ G\ GV1S%2?2 XVS, AX[ Ê? Y?[GX2 A[XT K/V%/[, W``b ^X
]1^X0?[ W``bd N[d 4d NG^^/S 2G2 [?1?G&? 1XTY?V\/^GXV ; / 0XV%\ /V2 XY^GXV\ GV W`Ù; EX(?&?[ E? (/\ VX SXVC?[ / T?T0?[
XA Ê? 6X/[2 XA :G[?1^X[\d
<$"
N[d aX-?V^/S [?\GCV?2 A[XT 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ XV ]1^X0?[ $`; W``bd
<P"
N[d a?22, [?\GCV?2 A[XT 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ XV ]1^X0?[ $`; W``bd
<>"
N[d MXY?- [?\GCV?2 A[XT 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ XV ]1^X0?[ $`; W``bd
<b"
N[d _GV/%S^ (/\ ?S?1^?2 ^X 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ XV K%V? $`; W``bd
<U"
N[d LGV\1E (/\ ?S?1^?2 ^X 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ XV ]1^X0?[ $`; W``bd N[d LGV\1E (/\ Y/G2 /\ 8E/G[T/V XA
4[1?SX[!\ 6X/[2 XA :G[?1^X[\ GV W``bd
<9"
N[d "S&/[?- a?V2%?S?\ (/\ ?S?1^?2 ^X 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ XV ]1^X0?[ $`; W``bd N[d "S&/[?- a?V2%?S?\
(/\ Y/G2 /\ )G1?@8E/G[T/V XA 4[1?SX[!\ 6X/[2 XA :G[?1^X[\ GV W``bd
<="
N[d cGS&/ 2? D[?G^/\ (/\ ?S?1^?2 ^X 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ XV ]1^X0?[ $`; W``bd N[d cGS&/ 2? D[?G^/\ (/\ Y/G2
/\ /V 4[1?SX[ 6X/[2 N?T0?[ GV W``bd
116
GU_$
26" ALS)T8 ;H7 P'PL8PN 8- W6LP'-62T88H'!7 X-H6N -Q \T6PL8-67 -+ 4L8-JP6 %_F ]__!" 26" ALS)T8 ;H7 /HTN H7 H+ W6LP'-6
X-H6N 2P)JP6 T+ ]__!"
GUU$
26" 5HLS96H ;H7 P'PL8PN 8- W6LP'-62T88H'!7 X-H6N -Q \T6PL8-67 -+ 4L8-JP6 %_F ]__!" 26" 5HLS96H ;H7 /HTN H7 H+ W6LP'-6
X-H6N 2P)JP6 T+ ]__!"
GU]$
26" 2H68T ;H7 P'PL8PN 8- W6LP'-62T88H'!7 X-H6N -Q \T6PL8-67 -+ 4L8-JP6 %_F ]__!" 26" 2H68T ;H7 /HTN H7 H+ W6LP'-6
X-H6N 2P)JP6 T+ ]__!"
GU%$
26" (P6+$+NP> 1!/P> ;H7 P'PL8PN 8- W6LP'-62T88H'!7 X-H6N -Q \T6PL8-67 -+ 4L8-JP6 %_F ]__!" 26" (P6+$+NP> 1!/P> ;H7
/HTN H7 H+ W6LP'-6 X-H6N 2P)JP6 T+ ]__!"
GUO$
26" ,H+7P+ ;H7 P'PL8PN 8- W6LP'-62T88H'!7 X-H6N -Q \T6PL8-67 -+ 4L8-JP6 %_F ]__!" 26" ,H+7P+ ;H7 /HTN H7 H+ W6LP'-6
X-H6N 2P)JP6 T+ ]__!"
GUK$
26" ZH78PR+H6- ;H7 P'PL8PN 8- W6LP'-62T88H'!7 X-H6N -Q \T6PL8-67 -+ 4L8-JP6 %_F ]__!" 26" ZH78PR+H6- ;H7 /HTN H7 H+
W6LP'-6 X-H6N 2P)JP6 T+ ]__!"
GU!$
26" A/T'')H++ ;H7 P'PL8PN 8- W6LP'-62T88H'!7 X-H6N -Q \T6PL8-67 -+ 4L8-JP6 %_F ]__!"
GU[$
,?, 56T+LP *9T''H9)P NP 19<P)J-96R ;H7 P'PL8PN 8- W6LP'-62T88H'!7 X-H6N -Q \T6PL8-67 -+ 4L8-JP6 %_F ]__!" ,?,
56T+LP *9T''H9)P NP 19<P)J-96R ;H7 /HTN H7 H+ W6LP'-6 X-H6N 2P)JP6 T+ ]__!"
GU@$
26" EH'P7&T ;H7 P'PL8PN 8- W6LP'-62T88H'!7 X-H6N -Q \T6PL8-67 -+ 4L8-JP6 %_F ]__!F H+N 6P7TR+PN -+ 2H6LS KF ]__@"
W7 -Q \PLP)JP6 %UF ]__! H+N ]__[F W6LP'-62T88H' NTN +-8 SH:P -9878H+NT+R H+= '-H+7 -6 HN:H+LP7 8- )P)JP67
-Q T87 X-H6N -Q \T6PL8-67F H+NF H7 -Q \PLP)JP6 %UF ]__[F W6LP'-62T88H' SHN +-8 RT:P+ H+= R9H6H+8PP7 Q-6 8SP
JP+PQT8 -Q H+= )P)JP6 -Q T87 X-H6N -Q \T6PL8-67"
BSP Q-''-;T+R 8HJ'P /6-:TNP7 H 79))H6= -Q 8SP -/8T-+7 -9878H+NT+R H+N 8SP P<P6LT7P -Q 8SP -/8T-+7 R6H+8PN 8-
W6LP'-62T88H'!7 X-H6N -Q \T6PL8-67 GT+ ]__UF ]__% H+N ]__OF +- -/8T-+7 ;P6P R6H+8PN 8- )P)JP67 -Q
W6LP'-62T88H'!7 X-H6N -Q \T6PL8-67$Y
)1423!1/
;"18+21
#8+6!1/ #8+6!1/ #8+6!1/ #8+6!1/ #8+6!1/ #8+6!1/ <$18-4:1
46 9&&& 46 ,... 46 ,.., 46 ,..( 46 ,..0 46 ,..* '7!+5 %84-1
1H&7S)T 3" 2T88H' @_F___ @_F___ @_F___ U__F___ U__F___ !_F___ K__F___ # ]%"@!
WNT8=H 2T88H'GU$ [FK__ [FK__ ]KF___ [KF___ [KF___ UI_F___ ]K"[@
CH+T7SH 2T88H' XSH8TH " " " " " " " "
3H6H=H+H+ CHRS9'G%$ " " " " " " " "
W)JH77HN-6 W+N6!7
?->P+8H'GO$GK$ " " " " " " " "
29+T 06T7S+H B" ?PNN=G@$ " " " " " " " "
?P+! 1-/P>G!$ " " " " " " " "
DT'J96 1" ?-77 " " " " " " " "
1P;T7 X" 0HNP+ " " " " " " " "
(6H+!-T7 ," 5T+H9'8G[$ " " " " " " " "
.-7P/S 0T+7LSG@$ " " " " " " " "
.-7! ?H)!+ !':H6P>
?P+N9P'P7GI$ " " " " " " " "
AP6RT- AT':H NP (6PT8H7GU_$ " " " " " " " "
*P-6RP7 ALS)T8GUU$ " " " " " " " "
^N)-+N 5HLS96HGU]$ " " " " " " " "
2TLSP' W+RP' 2H68TGU%$ " " " " " " " "
2H+9P' (P6+$+NP> 1!/P>GUO$ " " " " " " " "
.PH+M5TP66P ,H+7P+GUK$ " " " " " " " "
.-S+ ZH78PR+H6-GU!$ " " " " " " " "
W+8-T+P A/T'')H++GU[$ " " " " " " " "
,?, 56T+LP *9T''H9)P NP
19<P)J-96RGU@$ " " " " " " " "
?-)HT+ EH'P7&TGUI$ " " " " " " " "
B-8H' @[FK__ @[FK__ U_KF___ U[KF___ U[KF___ !_F___ !I_F___ "
^<P6LT7P /6TLP # UU"IO # @"K[ # ]"]! # ]@"[K # %%"[KK # !O"%_ " #]O"%I
BP6) GT+ =PH67$ U_ U_ U_ U_ U_ U_ " "
^</T6H8T-+ NH8P AP/8P)JP6 UOF .9+P UF W/6T' KF W9R978 ]%F AP/8P)JP6 UF W9R978 ]F
]__I ]_U_ ]_U] ]_UK ]_U! ]_U[ " "
GU$
26" W" 2T88H' 6P7TR+PN Q6-) W6LP'-62T88H'!7 X-H6N -Q \T6PL8-67 -+ 4L8-JP6 %_F ]__!F J98 L-+8T+9PN T+ ST7 6-'P H7 ZSTPQ
(T+H+LTH' 4QQTLP6 -Q W6LP'-62T88H'" 26" W 2T88H' NTN 6PLPT:P -/8T-+7 T+ ]__[F J98 ;H7 +- '-+RP6 H )P)JP6 -Q 8SP X-H6N -Q
G]$
\T6PL8-67"
G%$
26" CHRS9' P<P6LT7PN H'' ST7 :P78PN -/8T-+7 T+ ]__K"
GO$
26" ?->P+8H' 6P7TR+PN Q6-) W6LP'-62T88H'!7 X-H6N -Q \T6PL8-67 -+ 4L8-JP6 %_F ]__!"
26" ?->P+8H' P<P6LT7PN 8SP )HV-6T8= -Q ST7 :P78PN -/8T-+7 T+ ]__KF P<LP/8 Q-6 %F%%% -/8T-+7 R6H+8PN T+ ]__] ;STLS ;P6P
GK$
P<P6LT7PN T+ ]__!"
26" ?PNN= 6P7TR+PN Q6-) W6LP'-62T88H'!7 X-H6N -Q \T6PL8-67 -+ 4L8-JP6 %_F ]__!"
117
<b"
<U"
N[d MXY?- [?\GCV?2 A[XT 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ XV ]1^X0?[ $`; W``bd
<9"
N[d _GV/%S^ (/\ ?S?1^?2 ^X 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ XV K%V? $`; W``bd
<="
N[d LGV\1E (/\ ?S?1^?2 ^X 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ XV ]1^X0?[ $`; W``bd
<3`"
N[d "S&/[?- a?V2%?S?\ (/\ ?S?1^?2 ^X 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ XV ]1^X0?[ $`; W``bd
<33"
N[d cGS&/ 2? D[?G^/\ (/\ ?S?1^?2 ^X 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ XV ]1^X0?[ $`; W``bd
<3W"
N[d c1ETG^ (/\ ?S?1^?2 ^X 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ XV ]1^X0?[ $`; W``bd
<3$"
N[d _/1E%[/ (/\ ?S?1^?2 ^X 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ XV ]1^X0?[ $`; W``bd
<3P"
N[d N/[^G (/\ ?S?1^?2 ^X 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ XV ]1^X0?[ $`; W``bd
<3>"
N[d D?[V"V2?- M"Y?- (/\ ?S?1^?2 ^X 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ XV ]1^X0?[ $`; W``bd
<3b"
N[d H/V\?V (/\ ?S?1^?2 ^X 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ XV ]1^X0?[ $`; W``bd
<3U"
N[d 8/\^?CV/[X (/\ ?S?1^?2 ^X 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ XV ]1^X0?[ $`; W``bd
<39"
N[d cYGSST/VV (/\ ?S?1^?2 ^X 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ XV ]1^X0?[ $`; W``bd
<3="
HaH _[GV1? F%GSS/%T? 2? M%*?T0X%[C (/\ ?S?1^?2 ^X 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ XV ]1^X0?[
$`; W``bd
N[d ./S?\QG (/\ ?S?1^?2 ^X 4[1?SX[NG^^/S!\ 6X/[2 XA :G[?1^X[\ XV ]1^X0?[ $`; W``b; /V2 [?\GCV?2 A[XT Ê? 6X/[2 XV
N/[1E >; W``9d
eE? ^X^/S /VV%/S 1XTY?V\/^GXV XA 4[1?SX[NG^^/S!\ \?VGX[ T/V/C?T?V^ AX[ W`Ù (/\ 3U GV 0/\? \/S/[, /V2 W$ GV
\EX[^@^?[T Y?[AX[T/V1? [?S/^?2 0XV%\?\d 4\ XA :?1?T0?[ $3; W`Ù; /YY[X*GT/^?S, Wd` (/\ /11[%?2 0,
4[1?SX[NG^^/S ^X Y[X&G2? Y?V\GXV 0?V?AG^\ ^X G^\ \?VGX[ T/V/C?T?V^d :%[GVC W`Ù; VX SX/V\ X[ /2&/V1?\ ^X
4[1?SX[NG^^/S!\ \?VGX[ T/V/C?T?V^ (?[? X%^\^/V2GVCd 4\ XA :?1?T0?[ $3; W``b; VX SX/V (/\ X%^\^/V2GVCd
JV W``b; 4[1?SX[ C[/V^?2 W3U;3Pb XY^GXV\ ^X G^\ \?VGX[ T/V/C?T?V^ /^ /V ?*?[1G\? Y[G1? XA %$PdP$d 4SS XA Ê?\?
XY^GXV\ E/&? 0??V 1XV&?[^?2 GV^X XY^GXV\ %V2?[ Ê? 4[1?SX[NG^^/S FSX0/S c^X1Q ]Y^GXV _S/Vd ]Y^GXV\ (?[?
C[/V^?2 ^X \?VGX[ T/V/C?T?V^ AX[ W``b GV /11X[2/V1? (GÊ Ê? 4[1?SX[ c^X1Q ]Y^GXV _S/V /V2 GV W``b /V2 W`Ù
GV /11X[2/V1? (GÊ Ê? 4[1?SX[NG^^/S FSX0/S c^X1Q ]Y^GXV _S/Vd D%^%[? \^X1Q XY^GXV\ (GSS 0? C[/V^?2 %V2?[ Ê?
4[1?SX[NG^^/S c^X1Q ]Y^GXV _S/Vd
PR-? OSH +.;+?'.?P- ?/?P-+

]V K/V%/[, 9; W``9; 4[1?SX[NG^^/S /VVX%V1?2 Ê? \GCVGVC XA / T?TX[/V2%T XA %V2?[\^/V2GVC (GÊ cX1G#^#
O/^GXV/S? JV2%\^[G?SS? ?^ NGVG$[? <cOJN"; N/%[G^/VG/; ^X IXGV^S, 2?&?SXY / S/[C? G[XV X[? TGVGVC Y[XI?1^; %\GVC
Ê? BS 4C/[?0 G[XV X[? [?\X%[1? GV N/%[G^/VG/d
]V K/V%/[, =; W``9; 4[1?SX[NG^^/S /VVX%V1?2 Ê/^ G^ E/2 ?V^?[?2 / 2?AGVG^G&? /C[??T?V^ ^X /1Z%G[? 'VG1XV; Ê?
S?/2GVC T/V%A/1^%[?[ XA (?S2?2 \^??S YGY?\ GV )?V?-%?S/d eE? Y%[1E/\? AX[T\ Y/[^ XA 4[1?SX[NG^^/S!\ \^[/^?C, ^X
\^[?VCÊ?V G^\ (?S2?2 \^??S YGY?\ 0%\GV?\\ GV cX%Ê 4T?[G1/d 'VG1XV \%YYSG?\ Ê? ]GS # F/\ /V2 JV2%\^[G/S #
8XV\^[%1^GXV \?1^X[\ 0XÊ 2XT?\^G1/SS, /V2 X&?[\?/\d eE? ^[/V\/1^GXV G\ \%0I?1^ ^X [?C%S/^X[, /YY[X&/Sd
]V K/V%/[, 3b; W``9; 4[1?SX[NG^^/S /VVX%V1?2 G^ E/2 0?C%V GVAX[T/^GXV/S \?\\GXV\ /V2 1XV\%S^/^GXV\ (GÊ
?TYSX,?? [?Y[?\?V^/^G&?\ [?C/[2GVC / [?X[C/VG-/^GXV YS/V AX[ G^\ (G[? [X2 XY?[/^GXV\ GV F/V2[/VC? <MX[[/GV?;
D[/V1?" /V2 GV XÊ?[ B%[XY?/V SX1/^GXV\d
]V K/V%/[, $3; W``9; 4[1?SX[NG^^/S /VVX%V1?2 Ê/^ G^ E/2 \GCV?2 /C[??T?V^\ ^X /1Z%G[? Ê[?? 1X/S TGV?\ /V2
/\\X1G/^?2 /\\?^\ GV a%\\G/ AX[ / ^X^/S 1XV\G2?[/^GXV XA UW`d eE? 8XTY/V, (GSS /1Z%G[? / =Ud>=7 \^/Q? GV Ê?
6?[?-X&\Q/,/ NGV? ^XC?Ê?[ (GÊ / ==d$>7 \^/Q? GV Ê? _?[&XT/,\Q/,/ NGV? A[XT ]4] c?&?[\^/S GV a%\\G/d
6XÊ TGV?\ Y[X2%1? 1XQGVC 1X/S /V2 /[? SX1/^?2 GV Ê? L?T?[X&X [?CGXV GV a%\\G/d 4\ Y/[^ XA Ê? /C[??T?V^;
4[1?SX[NG^^/S (GSS /S\X /1Z%G[? Ê? ?*YSX[/^GXV /V2 TGVGVC [GCE^\ ^X Ê? .E?[VX&\Q/,/@$ 1X/S 2?YX\G^; (EG1E G\ /
\%0\G2G/[, XA Ê? _?[&XT/,\Q/,/ NGV?d 4VV%/S Y[X2%1^GXV A[XT Ê? Ê[?? XY?[/^GVC TGV?\; (EG1E E/&? /
1XT0GV?2 ?\^GT/^?2 1/Y/1G^, XA TX[? Ê/V 3P` TGSSGXV ^XV\; G\ $d3P TGSSGXV ^XV\ aXN GV W`Ùd eE?
.E?[VX&\Q/,/@$ 1X/S 2?YX\G^ E/\ /V /22G^GXV/S ?\^GT/^?2 [?\?[&? XA Pb TGSSGXV ^XV\d eE? ^[/V\/1^GXV G\ \%0I?1^ ^X
[?C%S/^X[, /YY[X&/Sd
]V D?0[%/[, 3; W``9; 4[1?SX[NG^^/S /VVX%V1?2 Ê? [?\%S^\ XA G^\ 1/\E ^?V2?[ XAA?[ ^X /1Z%G[? Ê? $>d>7 XA
X%^\^/V2GVC \E/[?\ GV 41GV2/[ Ê/^ G^ 2G2 VX^ /S[?/2, X(Vd 4[1?SX[NG^^/S /VVX%V1?2 Ê/^ Ê? 1/\E ^?V2?[ XAA?[ AX[
Ê? 41GV2/[ \E/[?\ E/2 /1EG?&?2 / =9db7 Y/[^G1GY/^GXV [/^?d
]V D?0[%/[, P; W``9; 4[1?SX[NG^^/S /VVX%V1?2 Ê/^ G^ E/2 /1Z%G[?2 A[XT 8S/[GXV :?S OX[^? <_%IXS F[X%Y" Ê?
>`7 GV^?[?\^ GV M/TGV/2X[/ 8X\^/[[G1?V\? c54 /V2 e[?AGS?[G/ 8XSGT/ c54; Ê? XVS, T/IX[ SXVC 1/[0XV \^??S
1XTY/V, GV 8X\^/ aG1/; Ê/^ G^ 2G2 VX^ /S[?/2, X(Vd M/TGV/2X[/ 8X\^/[[G1?V\? c54 E/\ / [XSS?2 Y[X2%1^\ 1/Y/1G^,
XA P``;``` ^XV\ Y?[ ,?/[ XA [?0/[\ /V2 T?[1E/V^ 0/[ Z%/SG^,; /V2 e[?AGS?[G/ 8XSGT/ c54 E/\ / (G[? Y[X2%1^\
1/Y/1G^, XA b`;``` ^XV\ Y?[ ,?/[d
]V D?0[%/[, >; W``9; 4[1?SX[NG^^/S /VVX%V1?2 Ê? 1XTYS?^GXV XA G^\ T/V2/^X[, 1/\E ^?V2?[ XAA?[ ^X \E/[?EXS2?[\
GV 8EGV/ ][G?V^/S F[X%Y 8XTY/V, MGTG^?2 <"8EGV/ ][G?V^/S&"; (EG1E G^ E/2 S/%V1E?2 XV :?1?T0?[ 3P; W`Ùd
4[1?SX[NG^^/S E/2 Y[?&GX%\S, ?V^?[?2 GV^X / \E/[?EXS2?[\! /C[??T?V^ (GÊ Ê? 1XV^[XSSGVC \E/[?EXS2?[\ XA 8EGV/
][G?V^/S [?C/[2GVC Ê?G[ \E/[?EXS2GVC\ GV /V2 Ê? T/V/C?T?V^ XA 8EGV/ ][G?V^/S; /V2 GV :?1?T0?[ W`Ù;
4[1?SX[NG^^/S ?V^?[?2 GV^X / 0%\GV?\\ 1XXY?[/^GXV /C[??T?V^ (GÊ 8EGV/ ][G?V^/S /V2 G^\ \%0\G2G/[G?\d eE?
118
A?$;@$&A5<; 5@ @G%61&A A< 2<?:$9 3<I1?;:1;A$9 $==?<I$9* d?5<? A< A41 <221?[ C?&19<?V5AA$9[ A<31A41? J5A4 5A@ &<;&1?A
=$?A51@[ 419' $==?<L5:$A19N n0Y <2 A41 1L5@A5;3 5@@G1' @4$?1 &$=5A$9 <2 E45;$ c?51;A$9* CA A41 &<:=91A5<; <2 A41
<221?[ C?&19<?V5AA$9[ A<31A41? J5A4 5A@ &<;&1?A =$?A51@[ 5;&?1$@1' A415? $33?13$A1 4<9'5;3 A< $==?<L5:$A19N ^p*BY*
R; &<;@1>G1;&1[ E45;$ c?51;A$9%@ =G%95& 29<$A 2199 %19<J A41 paY :5;5:G: =G%95& 29<$A ?1>G5?1:1;A <2 A41 Q<;3
T<;3 gA<&8 KL&4$;31 95@A5;3 ?G91@* d1;'5;3 ?1@A<?$A5<; A< A41 ?1>G5?1' 91I19@[ A?$'5;3 5; A41 @4$?1@ <2 E45;$
c?51;A$9 <; A41 Q<;3 T<;3 gA<&8 KL&4$;31 J$@ @G@=1;'1' <; M1%?G$?N a[ p((Z*
c; M1%?G$?N )[ p((Z[ C?&19<?V5AA$9 $;;<G;&1' A4$A 5A 4$' %11; $J$?'1' $ 95&1;@1 2?<: A41 R;'G@A?5$9
F1I19<=:1;A CGA4<?5AN <2 A41 K3N=A5$; V5;5@A?N <2 h?$'1 $;' R;'G@A?N A< &<;@A?G&A $ @A119 =9$;A 5; K3N=A* l;'1?
A41 A1?:@ <2 A41 95&1;@1[ A41 =9$;A J599 =?<'G&1 B*) :5995<; A<;@ <2 @A119 G@5;3 FfR A1&4;<9<3N[ $;' B*j :5995<;
A<;@ <2 @A119 G@5;3 FfR A1&4;<9<3N $;' B*j :5995<; A<;@ <2 %5991A@ A4?<G34 $; 191&A?5& $?& 2G?;$&1 ?<GA1*
c; V$?&4 )[ p((Z[ C?&19<?V5AA$9 $;;<G;&1' A4$A f<:$5; #$91@85 4$' ?1@53;1' 2?<: 5A@ D<$?' <2 F5?1&A<?@*
V?* #$91@85 6<5;1' A41 D<$?' <2 F5?1&A<?@ <2 C?&19<?V5AA$9 5; c&A<%1? p(()* V?* #$91@85 5;'5&$A1' 45@ @<91
?1$@<; 2<? ?1@53;5;3 J$@ A< =G?@G1 <A41? &<::1?&5$9 5;A1?1@A@ 5; A41 @A119 @1&A<?*
c; V$?&4 n[ p((Z[ A41 D?$P595$; :5;5;3 &<:=$;N m$91[ A41 J<?9'%@ 9$?31@A 5?<; <?1 =?<'G&1?[ $;;<G;&1' A4$A 5A
4$' $3?11' J5A4 C?&19<?V5AA$9 A< =?5&1 5;&?1$@1@ <2 )a =1?&1;A 2<? 5?<; <?1[ $@ J199 $@ $ =?1:5G: 2<? 45341?b
>G$95AN E$?$6$@ <?1[ 5; 95;1 J5A4 =?5&1 5;&?1$@1@ $3?11' J5A4 <A41? @A119 :$81?@* m$91 &5A1' A41 &<;A5;G5AN <2 I1?N
A534A &<;'5A5<;@ @A599 =?1I$595;3 5; A41 39<%$9 5?<; :$?81A $@ A41 ?1$@<; 2<? A45@ 5;&?1$@1*
c; V$?&4 B0[ p((Z[ C?&19<?V5AA$9 $;;<G;&1' A4$A 5A 4$' &<::1;&1' 913$9 $&A5<; 5; A41 c;A$?5< gG=1?5<? E<G?A
5; <?'1? A< ?1>G5?1 l*g* gA119 E$;$'$ $;' E91I19$;' E9522@ A< &<:=9N J5A4 A415? &<::5A:1;A@ A< @199 A415?
?1@=1&A5I1 5;A1?1@A@ 5; o$%G@4 V5;1@[ $; 5?<; <?1 $;' =1991A =?<'G&1? 5; ;<?A41$@A1?; E$;$'$[ A< F<2$@&<[ J45&4
419' $ ?534A <2 25?@A ?12G@$9 <I1? @G&4 5;A1?1@A@* C?&19<?V5AA$9 4$' =?1I5<G@9N 1;A1?1' 5;A< $; $3?11:1;A J5A4 l*g*
gA119 E$;$'$ $;' E91I19$;' E9522@ 2<? A41 @$91 <2 A415? 5;A1?1@A@ 5; o$%G@4 V5;1@ %GA <; V$?&4 j[ p((Z[ %<A4
@1991?@ $;;<G;&1' A41N 4$' ?1=G'5$A1' A41 @$91 $3?11:1;A*
c; V$?&4 Bn[ p((Z[ C?&19<?V5AA$9 $;;<G;&1' A4$A A41 =?5&1 <221?1' 5; A41 '195@A5;3 A1;'1? <221? 2<? $99 @4$?1@ <2
C?&19<?V5AA$9 R;<L D?$@59 J<G9' %1 ?1'G&1' A< f-^j*aa =1? &<::<; @4$?1 $;' f-^j*(( =1? =?121??1' @4$?1 =9G@
5;A1?1@A $A A41 ?$A1 <2 A41 D?$P595$; %$@1 @$I5;3@ $&&<G;A ?$A1 =9G@ )Y =1? N1$? 2?<: M1%?G$?N pZ[ p((Z G;A59 A41
<221? $G&A5<; '$A1[ C=?59 j[ p((Z* CA A41 &G??1;A 1L&4$;31 ?$A1[ A45@ A?$;@$&A5<; J599 ?1=?1@1;A $ &$@4 '5@%G?@1:1;A
<2 G= A< $==?<L5:$A19N -B*Z %5995<;*
c; V$?&4 pa[ p((Z[ C?&19<?V5AA$9 $;;<G;&1' A4$A 5A 4$' =?<I5'1' W<%91 R;A1?;$A5<;$9[ A41 J<?9'%@ 9$?31@A
=?<'G&1? <2 9$@1?bJ19'1' @A119 =?<'G&A@[ J5A4 $ a( &<;I1?A5%91 @G%<?'5;$A1' 9<$;* h41 =?<&11'@ <2 A45@ 25;$;&5;3
J599 %1 G@1' %N W<%91 A< ?1'G&1 W<%91%@ W<?A4 C:1?5&$; @1;5<? '1%A $;' A< @G==<?A 5A@ <=1?$A5<;@* R; $''5A5<;
A41 O?<G= 4$@ $9@< $&>G5?1' $; $''5A5<;$9 B(*0BY <2 @4$?1@ <2 W<%91 2?<: f<%1?A S* g8$;'$9$?5@[ W<%91%@
&4$5?:$; $;' 2<G;'1?* h45@ J599 5;&?1$@1 C?&19<?V5AA$9%@ @4$?14<9'5;3 5; W<%91 A< $==?<L5:$A19N j^*âY* h41
$3?11:1;A 5@ @G%61&A A< @$A5@2$&A5<; <2 &1?A$5; &<;'5A5<;@*
c; V$?&4 p)[ p((Z[ C?&19<?V5AA$9 &<;25?:1' A4$A A41 E<G?A $==<5;A1' '5I1@A5AG?1 A?G@A11 4$@ 1;A1?1' 5;A< $;
$3?11:1;A A< @199 C?&19<?V5AA$9%@ g=$??<J@ d<5;A @A119 :599 A< cCc g1I1?@A$9 2<? ZB([ ;1A <2 '1%A $;' 5@ 1L=1&A1'
A< &9<@1 5; A41 @1&<;' >G$?A1? <2 p((Z* S<@1=4 O* T?$G@@[ A41 '5I1@A5AG?1 A?G@A11[ J$@ ?1>G5?1' A< @118 A41 @$91 <2
A41 :599 %N $ &<;@1;A '1&?11 1;A1?1' <; V$N p0[ p((n 5; A41 l;5A1' gA$A1@ F5@A?5&A E<G?A 2<? A41 F5@A?5&A <2
E<9G:%5$ 5; <?'1? A< &<:=9N J5A4 $; $;A5bA?G@A ?G95;3 &<;&1?;5;3 A41 $==?<I$9 <2 A41 :1?31? %1AJ11; V5AA$9
gA119 $;' C?&19<? gC 5; p(()* g=$??<J@ d<5;A 4$' KDRhFC <2 pa 5; p((n* h41 @$91 5@ @G%61&A A< &G@A<:$?N
&9<@5;3 &<;'5A5<;@[ 5;&9G'5;3 $==?<I$9 %N A41 l;5A1' gA$A1@ F1=$?A:1;A <2 SG@A5&1*
119
> /DI.a*, " * E&a*. a_ .HE B a_,a[ID>.ED F I_>_BI>[
, .>.E]E_.,
I9E/+03 +F 3HE 9"5&2E402 D!E*30E/0&2E2K
a8 =1. <1#;.185&.;< 8/
?;%.58;Q2==#5
W`C%%.<<8; .7=2=I 8/ Q2==#5 `=..5 A869#7I R)f),
>XV #D.7C. &. 5# P2$.;=#
P[iX-' PCG.6$8C;0
*C$Z'+ ZX +PC ?ZX)ZVRA;+CA LRX;X?R;V )+;+CWCX+)
H8558E270 8C; ;.<9.%=2D. #99827=6.7=< $I =1. J.7.;#5 Q..=270< 8/ =1. `1#;.185&.;< 1.5& 87 ?9;25 iUV i''(
#7& R8D.6$.; ZV i''g E. 1#D. #C&2=.& =1. #%%869#7I270 %87<852&#=.& /27#7%2#5 <=#=.6.7=< 8/ ?;%.58;Q2==#5V
E12%1 %869;2<. =1. %87<852&#=.& $#5#7%. <1..= #< #= B.%.6$.; ->V i''gV #7& =1. %87<852&#=.& <=#=.6.7= 8/
27%86.V %87<852&#=.& <=#=.6.7= 8/ %#<1 /58E<V #7& =1. %87<852&#=.& <=#=.6.7= 8/ %1#70.< 27 .:C2=I /8; =1. I.#;
=1.7 .7&.&V #7& # <C66#;I 8/ <2072/2%#7= #%%8C7=270 9852%2.< #7& 8=1.; .G95#7#=8;I 78=.<)
J+?0D +F D&0EC3+02! 0E2/+*2&A&(&3< F+0 3HE C+*2+(&D?3ED F&*?*C&?( 23?3E)E*32
a1. $8#;& 8/ &2;.%=8;< 2< ;.<987<2$5. /8; =1. 9;.9#;#=287 #7& /#2; 9;.<.7=#=287 8/ =1.<. %87<852&#=.& /27#7%2#5
<=#=.6.7=< 27 #%%8;&#7%. E2=1 M7=.;7#=287#5 H27#7%2#5 _.98;=270 `=#7&#;&< #< #&89=.& $I =1. FC;89.#7 d7287)
a12< ;.<987<2$252=I 27%5C&.<c &.<207270V 2695.6.7=270 #7& 6#27=#27270 27=.;7#5 %87=;85 ;.5.D#7= =8 =1.
9;.9#;#=287 #7& /#2; 9;.<.7=#=287 8/ %87<852&#=.& /27#7%2#5 <=#=.6.7=< =1#= #;. /;.. /;86 6#=.;2#5 62<<=#=.6.7=V
E1.=1.; &C. =8 /;#C& 8; .;;8;* <.5.%=270 #7& #995I270 #99;89;2#=. #%%8C7=270 9852%2.<* #7& 6#4270 #%%8C7=270
.<=26#=.< =1#= #;. ;.#<87#$5. 27 =1. %2;%C6<=#7%.<)
9E2/+*2&A&(&3< +F 3HE 0"5&2E402 D!E*30E/0&2E2
\C; ;.<987<2$252=I 2< =8 .G9;.<< #7 8927287 87 =1.<. %87<852&#=.& /27#7%2#5 <=#=.6.7=< $#<.& 87 8C; #C&2=) h.
%87&C%=.& 8C; #C&2= 27 #%%8;&#7%. E2=1 M7=.;7#=287#5 `=#7&#;&< 87 ?C&2=270 #< #&89=.& $I =1. ,*23&343 DE2
0"5&2E402 D!E*30E/0&2E2) a18<. <=#7&#;&< ;.:C2;. =1#= E. %8695I E2=1 .=12%#5 ;.:C2;.6.7=< #7& 95#7 #7&
9.;/8;6 =1. #C&2= =8 8$=#27 ;.#<87#$5. #<<C;#7%. E1.=1.; =1. %87<852&#=.& /27#7%2#5 <=#=.6.7=< #;. /;.. /;86
6#=.;2#5 62<<=#=.6.7=)
?7 #C&2= 27D85D.< 9.;/8;6270 9;8%.&C;.< =8 8$=#27 #C&2= .D2&.7%. #$8C= =1. #68C7=< #7& &2<%58<C;.< 27 =1.
%87<852&#=.& /27#7%2#5 <=#=.6.7=<) a1. 9;8%.&C;.< <.5.%=.& &.9.7& 87 =1. 3C&0.6.7= 8/ =1. 0"5&2E402
D!E*30E/0&2E2V 27%5C&270 =1. #<<.<<6.7= 8/ =1. ;2<4< 8/ 6#=.;2#5 62<<=#=.6.7= 8/ =1. %87<852&#=.& /27#7%2#5
<=#=.6.7=<V E1.=1.; &C. =8 /;#C& 8; .;;8;) M7 6#4270 =18<. ;2<4 #<<.<<6.7=<V =1. 0"5&2E402 D!E*30E/0&2E2
%87<2&.; 27=.;7#5 %87=;85 ;.5.D#7= =8 =1. .7=2=I&< 9;.9#;#=287 #7& /#2; 9;.<.7=#=287 8/ =1. %87<852&#=.& /27#7%2#5
<=#=.6.7=< 27 8;&.; =8 &.<207 #C&2= 9;8%.&C;.< =1#= #;. #99;89;2#=. 27 =1. %2;%C6<=#7%.<V $C= 78= /8; =1. 9C;98<.
8/ .G9;.<<270 #7 8927287 87 =1. .//.%=2D.7.<< 8/ =1. .7=2=I&< 27=.;7#5 %87=;85) ?7 #C&2= #5<8 27%5C&.< .D#5C#=270
=1. #99;89;2#=.7.<< 8/ #%%8C7=270 9852%2.< C<.& #7& =1. ;.#<87#$5.7.<< 8/ #%%8C7=270 .<=26#=.< 6#&. $I =1.
$8#;& 8/ &2;.%=8;<V #< E.55 #< .D#5C#=270 =1. 8D.;#55 9;.<.7=#=287 8/ =1. %87<852&#=.& /27#7%2#5 <=#=.6.7=<)
h. $.52.D. =1#= =1. #C&2= .D2&.7%. E. 1#D. 8$=#27.& 2< <C//2%2.7= #7& #99;89;2#=. =8 9;8D2&. # $#<2< /8; 8C;
#C&2= 8927287)
7/&*&+*
M7 8C; 8927287V =1. %87<852&#=.& /27#7%2#5 <=#=.6.7=< 02D. # =;C. #7& /#2; D2.E 8/ =1. %87<852&#=.& /27#7%2#5
98<2=287 8/ ?;%.58;Q2==#5 #< 8/ B.%.6$.; ->V i''gV #7& 8/ 2=< %87<852&#=.& /27#7%2#5 9.;/8;6#7%. #7& 2=<
%87<852&#=.& %#<1 /58E< /8; =1. I.#; =1.7 .7&.& 27 #%%8;&#7%. E2=1 M7=.;7#=287#5 H27#7%2#5 _.98;=270
`=#7&#;&< #< #&89=.& $I =1. FC;89.#7 d7287)
*C$Z'+ ZX Z+PC' VCN;V ;XA 'CN-V;+Z'6 'C%-R'CWCX+)
a1. %87<852&#=.& 6#7#0.6.7= ;.98;=V E12%1 2< =1. ;.<987<2$252=I 8/ =1. $8#;& 8/ &2;.%=8;<V 2< %87<2<=.7= E2=1
=1. %87<852&#=.& /27#7%2#5 <=#=.6.7=<)
B.582==. `)?) O]QJ ?C&2= `)% ;)5)
_#D2<.C; &&.7=;.9;2<.< _#D2<.C; &&.7=;.9;2<.<
F;2% D#7 &. O.;418D. I8?03*E0K F;2% B#68==. I8?03*E0K
Z('V ;C. &. R.C&8;/ XV #55#. `%1.//.;
P[iii' PCG.6$8C;0 P[iZi' PCG.6$8C;0
PCG.6$8C;0V ?9;25 bV i''U
120
^``\ >__/>[ >BBa/_.,
KC'C/EG :$GG5
I)&((&+*2 +F ;N:N D+((?02K
DC?CW=C' #<9
^``\ ^``b K
>,,E.,
B! FI1ED >,,E., b89<b8 ^`9\8M
I! IX+;XNR=VC ;))C+) ^ #
i) A87%.<<287<V 9#=.7=<V 52%.7%.< #7& <2625#; ;201=) P#7& #7& $C25&270< Z >

-) \=1.; /2G=C;.< #7& /2==270<V =885< #7& .:C296.7= Z b
b) ]#I6.7= 87 #%%8C7= #7& =#702$5. #<<.=< C7&.; %87<=;C%=287 > [
III! FRX;X?R;V ;))C+) R8=. b b89<MM ^`9\\\
>) `1#;.< 27 #//252#=.& C7&.;=#4270< Z>VbZb i'V(Xb

i) P8#7< =8 #//252#=.& C7&.;=#4270< >(V>>i [
-) ]#;=2%29#=270 27=.;.<=< Z-Z [
Z) `.%C;2=2.< 1.5& #< /2G.& #<<.=< bg bg
() \=1.; 58#7< g -(
D! B/**E_. >,,E., #9<b8 <`^
II! DC=+Z') =C?ZWRXN A-C ;XA $;6;=VC 4R+PRX ZXC 6C;' R8=. Z ^9`MM Jb
>) a;#&. &.$=8;< g >
i) ?68C7=< 8E.& $I #//252#=.& C7&.;=#4270< iV'i> U(
b) \=1.; &.$=8;< ig X
III! .';X)LC';=VC )C?-'R+RC) J`^ b
i) \E7 <1#;.< R8=. Z X'i (

I=@1=@"1.L= 2H?0E2 &224ED ?3 ?* ?CC+4*3&*G /?0 5?(4E +F ';9 BN"% I;:M !NBLKK
I0! B;)P ;+ =;XU9 ?;)P RX $Z)+;V ?PC%-C ;??Z-X+)9 ?PC%-C) ;XA ?;)P RX P;XA ^<< O
E! &*E&>2]E_., M #
.a.>[ >,,E., \<9#Q< ^`98J`
Y i''( =;#7<5#=.& /;86 Fd_V <.. 78=. i
a1. #%%869#7I270 78=.< #;. #7 27=.0;#5 9#;= 8/ =1.<. #77C#5 #%%8C7=<)
121
KC'C/EG :$GG53 E0/5%/6GF
I)&((&+*2 +F ;N:N D+((?02K
DC?CW=C' #<9
^``\ ^``b K
[I>@I[I.IE,
>! B>&I.>[ >_D *E,E*0E, R8=. Z #J9Jb` <J9^^8
I! ,-=)?'R=CA ?;$R+;V J9^bJ Q9Q<<
II! ,P;'C &'CWR-W ;??Z-X+ <\98<< \9bb#
I0! *C)C'3C) <9#Q# ^#M
>) P.0#5 ;.<.;D. bb> iiX

i) _.<.;D. /8; 8E7 <1#;.< X'i (
0! &'ZLR+ ='Z-NP+ LZ'4;'A #9J^b <9bJ8
0I! &'ZLR+ LZ' +PC LRX;X?R;V 6C;' \9b<< M9^^<
@! &*a0I,Ia_, Fa* [I>@I[I.IE, >_D BH>*GE, ^< ^<
>) ];8D2<287< /8; 9.7<287< #7& <2625#; 8$520#=287

-) \=1.; 9;8D2<287< >X i'
B! B*EDI.a*, R8=. ( [ g #<9#b` <9b#b
>$) R87 A87D.;=2$5. &.$.7=C;. 58#7< $.%86270 &C. #7& 9#I#$5. E2=127 68;. =1#7 87. I.#; UX [
i) ?68C7=< 8E.& =8 %;.&2= 27<=2=C=287< i-X [
JEC+)&*G D4E ?*D /?<?A(E 6&3H&* +*E <E?0 #L [
JEC+)&*G D4E ?*D /?<?A(E 6&3H&* )+0E 3H?* +*E <E?0 =%$ [
b) a;#&. %;.&2=8;< $.%86270 &C. #7& 9#I#$5. E2=127 87. I.#; [ i-
() ?68C7=< 8E.& =8 #//252#=.& C7&.;=#4270< -'VXi- >VZUU
JEC+)&*G D4E ?*D /?<?A(E 6&3H&* +*E <E?0 ==1#"% =1#%%
JEC+)&*G D4E ?*D /?<?A(E 6&3H&* )+0E 3H?* +*E <E?0 =$1"%# >
U) a#G #7& <8%2#5 <.%C;2=I &.$=< $.%86270 &C. #7& 9#I#$5. E2=127 87. I.#; bg >
X) \=1.; %;.&2=8;< $.%86270 &C. #7& 9#I#$5. E2=127 87. I.#; (i ib
D! >BB*/>[, >_D DEFE**ED I_Ba]E O M
.a.>[ [I>@I[I.IE, \<9#Q< ^`98J`
Y i''( =;#7<5#=.& /;86 Fd_V <.. 78=. i
a1. #%%869#7I270 78=.< #;. #7 27=.0;#5 9#;= 8/ =1.<. #77C#5 #%%8C7=<)
122
720H%5 C/F *044 JEE06/5
I)&((&+*2 +F ;N:N D+((?02K
2C;' CXACA DC?CW=C' #<9

^``\ ^``b K
>! BH>*GE,
-) `=#// %8<=< Xi U(
#, h#0.< #7& <#5#;2.< gi (g

$, `8%2#5 <.%C;2=I %8<=< #==;2$C=#$5. =8 E#0.< #7& <#5#;2.< X Z
%, `C995.6.7=#;I 9.7<287-
&, \=1.; <8%2#5 <.%C;2=I %8<=< - >
b) #, f#5C. #&3C<=6.7=< 27 ;.<9.%= 8/ /8;6#=287 .G9.7<.< #7& =#702$5. #7& 27=#702$5. /2G.& #<<.=U ZU(
() f#5C. #&3C<=6.7=< 27 ;.<9.%= 8/ /27#7%2#5 #<<.=< #7& 8/ =;#7</.;#$5. <.%C;2=2.< 1.5& #< %C;;.7= #<<.=< R8=. U [ -Zg
g) M7=.;.<= 9#I#$5. #7& <2625#; %1#;0.< R8=. U iV>UU (>U

#, M7 ;.<9.%= 8/ #//252#=.& C7&.;=#4270< b-i XX
$, \=1.; 27=.;.<= 9#I#$5. #7& %1#;0.< >VgZ( Z>X
<#! &'ZLR+ LZ' +PC LRX;X?R;V 6C;' \9b<< M9^^<
.a.>[ BH>*GE, <`9^<# b98\^
Y i''( =;#7<5#=.& /;86 Fd_V <.. 78=. i
a1. #%%869#7I270 78=.< #;. #7 27=.0;#5 9#;= 8/ =1.<. #77C#5 #%%8C7=<)
123
720H%5 C/F *044 JEE06/53 E0/5%/6GF
I)&((&+*2 +F ;N:N D+((?02K
2C;' CXACA DC?CW=C' #<9

^``\ ^``b K
@! I_Ba]E
b) \=1.; 89.;#=270 27%86. b(> >-U
Z) M7%86. /;86 9#;=2%29#=270 27=.;.<=< R8=. U XV'b- (V(ii

#, B.;2D.& /;86 #//252#=.& C7&.;=#4270< XV'b- (V(ii
( M7%86. /;86 8=1.; =;#7</.;#$5. <.%C;2=2.< #7& /;86 58#7<

/8;6270 9#;= 8/ =1. /2G.& #<<.=< R8=. U ZU( [
#, B.;2D.& /;86 #//252#=.& C7&.;=#4270< ZU( [
g) \=1.; 27=.;.<= ;.%.2D#$5. #7& <2625#; 27%86. R8=. U >i- >>i

#, B.;2D.& /;86 #//252#=.& C7&.;=#4270< >i> ZZ
$, \=1.; 27=.;.<= ;.%.2D#$5. #7& <2625#; 27%86. i Zg
.a.>[ I_Ba]E <`9^<# b98\^
Y i''( =;#7<5#=.& /;86 Fd_V <.. 78=. i
a1. #%%869#7I270 78=.< #;. #7 27=.0;#5 9#;= 8/ =1.<. #77C#5 #%%8C7=<)
124
,05G4 50 5$G J//6C' JEE06/54
I)&((&+*2 +F ;N:N D+((?02 4*(E22 +3HE06&2E 23?3EDK
_a.E <S GE_E*>[
?;%.58;Q2==#5 W/8;6.;5I ?;%.58;, W*=1. A869#7I", E#< 27%8;98;#=.& #< # *`8%2#=# ?787I6." C7&.;
PCG.6$8C;0 5#E 87 NC7. UV i''> /8; #7 C75262=.& 9.;28&)
\7 R8D.6$.; ZV i''gV =1. .G=;#8;&27#;I 0.7.;#5 6..=270< 8/ =1. ?;%.58;Q2==#5 <1#;.185&.;< W=1. /8;6.; Q2==#5
`=..5 A869#7I R)f) W*Q2==#5 `=..5",, #99;8D.& =1. 6.;0.; 8/ ?;%.58;Q2==#5 27=8 =1. A869#7I .//.%=2D. 87
R8D.6$.; >-V i''g W*a1. Q.;0.;",)
]C;<C#7= =8 =1. Q.;0.; #0;..6.7=V /8; #%%8C7=270 9C;98<.<V =1. Q.;0.; 2< %87<2&.;.& =8 $. # %86$27#=287 8/
.7=2=2.< C7&.; %86687 %87=;85 #< 8/ N#7C#;I >V i''g) ?55 ;.%8;&.& #<<.=< #7& 52#$252=2.< 8/ Q2==#5 `=..5 #7& =1.
A869#7I 1#D. $..7 %#;;2.& /8;E#;& #= =1.2; 12<=8;2%#5 $884 D#5C.<V #7& =1. 7.= ;.<C5= 8/ =1. A869#7I 27%5C&.<
=1. 7.= ;.<C5= 8/ Q2==#5 `=..5 #< 8/ N#7C#;I >V i''g) HC;=1.; =8 =1. Q.;0.; =1. A869#7I 1#< $..7 ;.7#6.&
*?;%.58;Q2==#5")
a1. ;.02<=.;.& 8//2%. 8/ =1. A869#7I 2< PCG.6$8C;0 A2=I #7& =1. A869#7I 2< ;.02<=.;.& #= =1. _.02<=.; 8/
a;#&. #7& A866.;%. 8/ PCG.6$8C;0 C7&.; =1. 7C6$.; @Ui)bZb)
a1. #%%8C7=270 9.;28& <=#;=< 87 N#7C#;I > #7& .7&< 87 B.%.6$.; -> .#%1 I.#;)
a1. A869#7I 9C$52<1.< MH_` %87<852&#=.& /27#7%2#5 <=#=.6.7=< 27 #%%8;&#7%. E2=1 =1. ;.:C2;.6.7=< 8/
PCG.6$8C;0 5#E< #7& ;.0C5#=287<)
_a.E ^S ,/]]>*2 aF >BBa/_.I_G &a[IBIE,
GCXC';V
a1.<. #77C#5 #%%8C7=< #;. 9;.9#;.& 27 #%%8;&#7%. E2=1 PCG.6$8C;0 5#E< #7& ;.0C5#=287< #7& 0.7.;#55I
#%%.9=.& #%%8C7=270 9;27%295.<)
A.;=#27 %869#;#=2D. 27/8;6#=287 1#< $..7 ;.%5#<<2/2.& =8 %87/8;6 E2=1 =1. i''g 9;.<.7=#=287)
B-''CX?6 +';X)V;+RZX
H8558E270 =1. Q.;0.; #7& =#4270 27=8 #%%8C7= =1. 6#27 6#;4.=< 27 E12%1 =1. A869#7I&< 6#27 \9.;#=270
`C$<2&2#;2.< 89.;#=.V =1. A869#7I 1#< &./27.& =1. d)`) &855#; W*d`B", #< 2=< ;.98;=270 %C;;.7%I /8; 2=< #77C#5
#%%8C7=< /;86 N#7C#;I >V i''g 87E#;&<)
a1. i''( %869#;#=2D. 27/8;6#=287 1#< $..7 =;#7<5#=.& /;86 FC;8 W*Fd_", =8 d`B C<270 =1. %58<270 ;#=. W>)->g,
9;.D#25270 #< #= B.%.6$.; ->V i''(V #< /8558E<c
DC?CW=C' #<9
^``b ^``b
:E/* WRVVRZX)"
H2G.& #<<.=< i'VgUZ >ZVgUi

AC;;.7= #<<.=< #7& 9;.9#I6.7=< >'Z U'
a8=#5 ?<<.=< i'VUX' >ZVU(i
A#92=#5 #7& ;.<.;D.< >XViiU >bVZXX

];8D2<287< /8; 52#$252=2.< #7& %1#;0. >(
A;.&2=8;<V #%%;C#5< #7& &./.;;.& 27%86. >V(b> >Vibg
a8=#5 52#$252=2.< i'VUX' >ZVU(i
125
'62C 6?565 K646>36C 0DY
)**+ )**+
ZL#h >:==:@?E.
R;&<:1 )[Znp a[pBZ

E4$?31@ B[)aB B[paj
d?<25A 2<? A41 25;$;&5$9 N1$? a[ppB 0[^)j
o41?1 $==95&$%91[ 2?<: S$;G$?N B[ p((n <;J$?'@[ 5A1:@ 1L=?1@@1' 5; &G??1;&51@ <A41? A4$; A41 lgF $?1 I$9G1'
$@ 2<99<J@k
! h$;35%91 25L1' $@@1A@[ &?1'5A<?@ 'G1 $2A1? :<?1 A4$; <;1 N1$? $;' <22b%$9$;&1 @411A &<::5A:1;A@
$?1 A?$;@9$A1' $A 45@A<?5&$9 1L&4$;31 ?$A1@* l;?1$95P1' 1L&4$;31 9<@@1@ &<;@5'1?1' $@ =1?:$;1;A $?1
?1&<?'1' 5; A41 =?<25A $;' 9<@@ $&&<G;A*
! cA41? %$9$;&1 @411A 5A1:@ $?1 A?$;@9$A1' $A A41 N1$?b1;' 1L&4$;31 ?$A1 $;' ?19$A1' 1L&4$;31
'5221?1;&1@ $?1 ?1&<?'1' 5; A41 =?<25A $;' 9<@@ $&&<G;A*
! d?<25A $;' 9<@@ 5A1:@ $?1 A?$;@9$A1' $A A41 1L&4$;31 ?$A1 =?1I$595;3 $A A?$;@$&A5<; '$A1*
M:?2?4:2= 2EE6GE
g4$?1@ 5; $22595$A1' G;'1?A$85;3@ $?1 ?1&<?'1' 5; A41 %$9$;&1 @411A $A &<@A 5;&9G'5;3 $&>G5@5A5<; &<@A@* CA A41 1;'
<2 1$&4 $&&<G;A5;3 =1?5<'[ @4$?1@ 5; $22595$A1' G;'1?A$85;3@ $?1 @G%61&A A< $; 5:=$5?:1;A ?1I51J* o41?1 $
=1?:$;1;A '5:5;GA5<; 5; I$9G1 5@ 5'1;A5251'[ A45@ '5:5;GA5<; 5@ ?1&<?'1' 5; A41 =?<25A $;' 9<@@ $&&<G;A $@ $ I$9G1
$'6G@A:1;A* C ?1I1?@$9 <2 A41 I$9G1 $'6G@A:1;A 5@ ?1&<?'1' A< A41 1LA1;A A41 2$&A<?@[ J45&4 &$G@1' 5A@ 5;5A5$9
?1&<?'5;3[ 4$I1 &1$@1' A< 1L5@A*
U<$;@ A< $22595$A1' G;'1?A$85;3@ $;' <A41? 9<$;@ $?1 ?1&<?'1' 5; A41 %$9$;&1 @411A $A A415? ;<:5;$9 I$9G1* CA A41
1;' <2 1$&4 $&&<G;A5;3 =1?5<' I$9G1 $'6G@A:1;A@ $?1 ?1&<?'1' <; 9<$;@ J45&4 $==1$? A< %1 =$?A9N <? J4<99N
5??1&<I1?$%91*
K63G@CE
F1%A<?@ $?1 ?1&<?'1' 5; A41 %$9$;&1 @411A $A A415? ;<:5;$9 I$9G1* CA A41 1;' <2 1$&4 $&&<G;A5;3 =1?5<' I$9G1
$'6G@A:1;A@ $?1 ?1&<?'1' <; '1%A<?@ J45&4 $==1$? A< %1 =$?A9N <? J4<99N 5??1&<I1?$%91*
$2=I2G:@? @7 GC2?E76C23=6 E64IC:G:6E
h?$;@21?$%91 @1&G?5A51@ $?1 I$9G1' $A A41 9<J1? <2 &<@A <? :$?81A* C I$9G1 $'6G@A:1;A 5@ ?1&<?'1' J41; A41 :$?81A
=?5&1 5@ 9<J1? A4$; A41 $&>G5@5A5<; =?5&1* C ?1I1?@$9 <2 A41 I$9G1 $'6G@A:1;A 5@ ?1&<?'1' A< A41 1LA1;A A41 2$&A<?@[
J45&4 &$G@1' 5A@ 5;5A5$9 ?1&<?'5;3[ 4$I1 &1$@1' A< 1L5@A*
dC@Q:E:@?E 7@C =:23:=:G:6E 2?5 492C86E
d?<I5@5<;@ 2<? 95$%595A51@ $;' &4$?31@ $?1 ?1&<?'1' 5; A41 %$9$;&1 @411A 2<? 5A1:@ 2<? J45&4 A41?1 5@ $ 913$9 <?
&<;@A?G&A5I1 <%953$A5<; $@ $ ?1@G9A <2 =$@A 1I1;A@ $@ <2 A41 %$9$;&1 @411A '$A1*
JC65:G@CE
E?1'5A<?@ $?1 ?1&<?'1' 5; A41 %$9$;&1 @411A $A A415? ;<:5;$9 I$9G1*
126
_`"L 0 !"F_NPH]L F!!L"!
`G96C d2T>6?G @?
7:SGIC6E 2?5 244@I?G 2?5
7:GG:?8EY G2?8:3=6
]2?5 2?5 G@@=E 2?5 2EE6GE I?56C
F4BI:E:G:@? 4@EG 3I:=5:?8E 6BI:A>6?G 4@?EGCI4G:@? "@G2=
c=1;5;3 %$9$;&1 a ^ b Bj
C''5A5<;@ j j B ^
E9<@5;3 %$9$;&1 ^ B0 B p0
$2=I6 25;IEG>6?GE
c=1;5;3 %$9$;&1 \j. \a. b \^.
E4$?31 2<? A41 =1?5<' b \0. b \0.
E9<@5;3 %$9$;&1 \j. \Z. b \Bp.
_6G 3@@< Q2=I6

c=1;5;3 %$9$;&1 B j b a
E9<@5;3 %$9$;&1 a a B BB
_`"L g !MP_F_JPF] F!!L"!
!92C6E :? ]@2?E G@ !64IC:G:6E

277:=:2G65 d2CG:4:A2G:?8 277:=:2G65 96=5 2E
I?56CG2<:?8E :?G6C6EGE I?56CG2<:?8E 7:S65 2EE6GE `G96C =@2?E "@G2=
F4BI:E:G:@? 4@EGE
c=1;5;3 %$9$;&1 pB[(ap b b jn 0) pB[B0a
K221&A <2 V1?31? p)[n(Z 0ja )[ajj b b 00[a^n
C''5A5<;@ 0n[))( B^( B0[^^0 b b aB[BBa
F5@=<@$9@ \00[)(^. b \j[jpa. b \p^. \0n[00a.
E9<@5;3 %$9$;&1 aB[ZBB a0a B)[BBp jn n )Z[aBp
$2=I6 25;IEG>6?GE
c=1;5;3 %$9$;&1 \0an. b b b b \0an.
E9<@5;3 %$9$;&1 \0an. b b b b \0an.
_6G 3@@< Q2=I6

c=1;5;3 %$9$;&1 p([)^j b b jn 0) p([nnn
E9<@5;3 %$9$;&1 aB[jaj a0a B)[BBp jn n )Z[Baa
127
a1. 6#27 185&270< #= B.%.6$.; ->V i''g #;. 52<=.& $.58Ec
&C'?CX+;NC B;$R+;V ;XA

B;''6RXN ZL ?;$R+;V *C)-V+ LZ' 'C)C'3C)
_;WC ;XA 'CNR)+C'CA ZLLR?C
;WZ-X+ PCVA ^``\K :RX?V-ARXN 'C)-V+
7 LZ' ^``\"K
?;%.58; PCG.6$8C;0 `?V

PCG.6$8C;0 WPCG.6$8C;0, iViXX XX)Ui iV-Zb bVXgb
?;%.58; L85&270 `?_PV
PCG.6$8C;0 WPCG.6$8C;0, bVgZ' >'')'' > ZVigb
?;%.58;Q2==#5 @.502C6 L85&270 `?V
?7D.;< W@.502C6, i(U >'')'' -(U -bb
?;%.58; M=#5I L85&270 `_PV
]286$278 WM=#5I, (( >'')'' iU >''
?;%.58; `9#27 L85&270 `PV
Q#&;2& W`9#27, iV'g' >'')'' bUg iV-->
?;%.58; H27#7%. #7& `.;D2%.< @.502C6 `?V
@;CG.55.< W@.502C6, XVZ-X Z-)>> Z>> >UV>b(
?;%.58;Q2==#5 H;#7%. `?V
`#27= B.72< WH;#7%., bViUi XU)(( >V>>X iVZZ(
b->-i(g A#7#&# M7%)V
Q87=;##5 S ^C#$.% WA#7#&#,
X' B.98<2=#;I ;.%.29=< b->-i(g A#7#&# M7%
;.9;.<.7=270 UXV>>T 8/ =1. <1#;.< 27 =1.
%#92=#5 8/ b->-i(g A#7#&# M7% iV'ig >')UX WbX, iV'>>
?;%.58;Q2==#5 L85&270< ?J
"C0 WÈ2=K.;5#7&, i'VZ>Z >'')'' X-U iVbUb
?;%.58; R.=1.;5#7&< @f
_8==.;&#6 WR.=1.;5#7&<, >VUXi >'')'' W>i, -VUX(
@.7K87# M7=.;7#=287#5 P=&
a8;=85# W@;2=2<1 f2;027 M<5#7&<, >VXZZ >'')'' i>Z iV-UU
Q2==#5 `=..5 M7=.;7#=287#5 L85&270 @f
_8==.;&#6 WR.=1.;5#7&<, >V(gX >'')'' W>>, iV-bi
Y M7 #%%8;&#7%. E2=1 58%#5 J??])
128
_`"L c ! JFdP"F] F_K hL!Lh$L!
h41 :<I1:1;A@ 5; &$=5A$9 $;' ?1@1?I1@ $?1 $@ 2<99<J@k

<%@9H :H;H9AH 894I(>
6?.BH9 4I <?B;D9(BHF 79H.(?. 3H#@+ I49 4C1 B94?#%> 894I(> I49
;%@9H; D@7(>@+ @DD4?1> 9H;H9AH ;%@9H; I49C@9F >%H EH@9 =4>@+
*@+@1DH @; @> 0@1?@9E '! ,//) 22"!G'5!&/G &!&'' )!225 ,," 2 '!2"G $!,,' '" ,,G
,##*<;6H*' *C 'A6 0A38#6 " " " ()( " !B++F D!B(()1 "
70*CH6 C*0 6GA >A;0 " " " " " " &B.)) &B.))
/H0A<6*03! 0A%8'A0;6H*' " " " " " D(1 " D(1
2CCA<6 *C 5A0EA0 &&FB+)(BF4F $B@!@ )+B)$@ " " D.1 " )!B+++
/H:H?A'?3 -;H? " " " " " D)B@&&1 " D)B@&&1
9A3A0:A C*0 *=' 3G;0A3 " " " " @F. D@F.1 " "
*@+@1DH @; @> -HDH.BH9 5'! ,//) '!&&G!G,2!5&) "!,2" ')!G'' &&' "/, 5!",2 )!2'' 5"!"2/
c,D ! !92C6 42A:G2= 2?5 E92C6 AC6>:I> 244@I?G
CA F1&1:%1? 0B[ p((n[ A41 @G%@&?5%1' &$=5A$9 &<:=?5@1@ B[jjZ[Zp)[0jn <?'5;$?N @4$?1@[ 2G99N =$5' G= $;'
$:<G;A5;3 A< Klf )[0ja[Za^[j(( \lgF ^[p)^[jjp[0n0.* h41 $GA4<?5P1' &$=5A$9 $:<G;A@ A< Klf )[j0Z[)(([(((*
C@ $ ?1@G9A <2 A41 V1?31?[ $ 4<9'1? <2 A41 2<?:1? C?&19<?V5AA$9 @4$?1@ ?1&15I1' <;1 ;1J9N 5@@G1' @4$?1 <2 A41
E<:=$;N 2<? 1I1?N <;1 2<?:1? C?&19<?V5AA$9 @4$?1 \A41 &KL&4$;31 f$A5<(.* h45@ KL&4$;31 f$A5< 2<99<J1' A41
&<:=91A5<; <2 $ @4$?1 &$=5A$9 ?1@A?G&AG?5;3 <2 A41 E<:=$;N =G?@G$;A A< J45&4 1$&4 @1I1; =?1b&$=5A$9
?1@A?G&AG?5;3 @4$?1@ <2 A41 E<:=$;N J1?1 1L&4$;31' 2<? 1534A =<@Ab&$=5A$9 ?1@A?G&AG?5;3 @4$?1@ <2 A41 E<:=$;N*
h41 V1?31? ?1@G9A1' 5; $ ;1A &$=5A$9 5;&?1$@1 <2 nn^ :5995<; @4$?1@ 2<? $; $:<G;A <2 j[ZaZ $;' $; 5;&?1$@1 5;
@4$?1 =?1:5G: <2 B([BjZ*
h< A41 8;<J91'31 <2 A41 D<$?'[ A41 @4$?14<9'5;3 &$; %1 @=1&5251' $@ 2<99<J@k
K646>36C 0DY )**(
V5AA$9 R;I1@A:1;A@ g*- ?*9 0)*^0Y

R@=$A R;A1?;$A5<;$9 R;I1@A:1;A g*U* )*^BY
cA41? @4$?14<9'1?@ _ a)*B)Y
h<A$9 B((*((Y
_ 5;&9G'5;3 <J; @4$?1@ $;' @4$?1@ 419' %N $22595$A1' G;'1?A$85;3@*
c,) ! ]682= h6E6CQ6
R; $&&<?'$;&1 J5A4 UGL1:%<G?3 E<:=$;N 9$J[ A41 E<:=$;N 5@ ?1>G5?1' A< A?$;@21? $ :5;5:G: <2 aY <2 5A@ ;1A
=?<25A@ 2<? 1$&4 25;$;&5$9 N1$? A< $ 913$9 ?1@1?I1* h45@ ?1>G5?1:1;A &1$@1@ A< %1 ;1&1@@$?N <;&1 A41 %$9$;&1 <2 A41
913$9 ?1@1?I1 ?1$&41@ B(Y <2 A41 5@@G1' @4$?1 &$=5A$9* h41 913$9 ?1@1?I1 5@ ;<A $I$59$%91 2<? '5@A?5%GA5<; A< A41
@4$?14<9'1?@*
c,0 ! h6E6CQ6 7@C @R? E92C6E
h41 D<$?' <2 F5?1&A<?@ @4$99 ?1>G1@A A41 G=&<:5;3 O1;1?$9 V11A5;3 <2 g4$?14<9'1?@ A< $==?<I1 A41 $99<&$A5<; <2
Z^) 2?<: A41 =?<25A %?<G34A 2<?J$?' <2 j[Zpp 5; <?'1? A< 1@A$%95@4 $ ;<; '5@A?5%GA$%91 ?1@1?I1 1>G5I$91;A A< A41
%<<8 I$9G1 <2 5A@ <J; @4$?1@ 5; $&&<?'$;&1 J5A4 UGL1:%<G?3 E<:=$;N 9$J* C@ <2 F1&1:%1? 0B[ p((n[ A41
E<:=$;N 4<9'@ Bn[Bn0[p(B <J; @4$?1@*
129
_`"L + ! _`_ J`_$Lh"PH]L KLHL_"#hL ]`F_!
C@ $ ?1@G9A <2 A41 V1?31?[ A41 2<99<J5;3 ;<; &<;I1?A5%91 '1%1;AG?1 9<$;@ $?1 <GA@A$;'5;3 $@ <2 F1&1:%1? 0B[
p((nk
! R;'5$;$ M5;$;&1 CGA4<?5AN K;I5?<;:1;A$9 R:=?<I1:1;A f1I1;G1 f12G;'5;3 D<;'[ @1?51@ p((a 5@@G1' <;
W<I1:%1? pp[ p((a 2<? $ ;<:5;$9 $:<G;A <2 aB*jZ J5A4 $ :$AG?5AN '$A1' SG;1 B[ p(0a* h41 5;A1?1@A ?$A1 5@
0*aBjY*
! R;'5$;$ M5;$;&1 CGA4<?5AN K;I5?<;:1;A$9 R:=?<I1:1;A f1I1;G1 f12G;'5;3 D<;'[ @1?51@ p(() 5@@G1' <;
CG3G@A Bn[ p(() 2<? $ ;<:5;$9 $:<G;A <2 0Z J5A4 $ :$AG?5AN '$A1' CG3G@A B[ p(0(* h41 5;A1?1@A ?$A1 5@
0*anj(Y*
_`"L ( ! ^F"#hP"' `M JhLKP"`h!
K646>36C 0DY )**( K646>36C 0DY )**+

MC@> D MC@> D
#A G@ D G@ c c T62CE #A G@ D G@ c c T62CE
T62C T62CE @C >@C6 "@G2= T62C T62CE @C >@C6 "@G2=
W<; &<;I1?A5%91 '1%1;AG?1

9<$;@ b b Z^ Z^ b b b b
C:<G;A@ <J1' A< &?1'5A
5;@A5AGA5<;@ a( BZ^ b p0^ b b b b
h?$'1 &?1'5A<?@ b b b b p0 b b p0
C:<G;A@ <J1' A< $22595$A1'
G;'1?A$85;3@ BB[a0Z B^[0Za b 0([^p0 B[aZZ b b B[aZZ
h$L $;' @<&5$9 @1&G?5AN
$. h$L ja b b ja b b b b
%. g1&5$9 @1&G?5AN p b b p B b b B
cA41? &?1'5A<?@ )p b b )p pj b b pj
h<A$9 BB[)^n B^[anj Z^ 0B[0)( B[)0) b b B[)0)
C:<G;A@ <J1' A< $22595$A1' G;'1?A$85;3@ &<:=?5@1 :$5;9N A41 2G;'5;3 2?<: C?&19<?V5AA$9 h?1$@G?N gWE $;'
C?&19<?V5AA$9 M5;$;&1 gEC*
_`"L X ! MP_F_JPF] hL!#]"
'62C 6?565 K646>36C 0DY

)**( )**+
F5I5'1;'@ ?1&15I1' p[)a( 0[)(n
W1A ?1@G9A <; '5@=<@$9 <2 25;$;&5$9 $@@1A@ )[0jn 0[(Ba
W1A 5;A1?1@A \nBZ. \)p.
f1@G9A <; A41 1L1?&5@1 <2 @A<&8 <=A5<;@ \)(. \BBB.
M<?153; 1L&4$;31 ?1@G9A \n(j. aj
R:=$5?:1;A <2 25;$;&5$9 $@@1A@ b \0an.
cA41?@ j^ \0Zn.
h<A$9 n[a)j a[na^
W1A 5;A1?1@A 5;&9G'1@ 5;A1?1@A ?1&15I1' 2?<: $22595$A1' G;'1?A$85;3@ $:<G;A5;3 A< )np[ 5;A1?1@A =$5' A< $22595$A1'
G;'1?A$85;3@ 2<? a(a $;' 5;A1?1@A =$5' A< %$;8@ 2<? Zpa*
h41 E<:=$;N ?1$95P1' $ 3$5; <2 )[0ZB 2<99<J5;3 $ 913$9 ?1@A?G&AG?5;3 <2 5A@ 5;I1@A:1;A@ 5; $22595$A1' G;'1?A$85;3@
5; O1?:$;N*
h41 2<?153; 1L&4$;31 9<@@ 5@ :$5;9N G;?1$95P1' $;' ?19$A1@ A< A41 25;$;&5$9 9<$;@ '1;<:5;$A1' 5; KG?<*
130
KL/6 = ! /,9 LK (*L8</
Y>8 1NJO*L) @R T>8 >8*- N: * T*' ,NLRNI@-*T@NL *L- @R :#II) I@*+I8 :NQ T>8 N$8Q*II T*' I@*+@I@T)X ;*,> N: T>8 8LT@T@8R
@L,I#-8- @L T>8 T*' ,NLRNI@-*T@NL @R ,>*Q<8- &@T> T>8 *JN#LT N: T*' T>*T Q8I*T8R TN @TR @L-@$@-#*I T*'*+I8 OQN:@TX
/R * ,NLR8P#8L,8 N: T>8 L8T T*' INRR8R &@T>@L T>8 T*' ,NLRNI@-*T@NL4 LN @L,NJ8 T*' @R O*)*+I8 @L Q8RO8,T N: MUUKX
KL/6 )$ ! L88>.,G,K16 -;66/ 1LII</I6K/-
?#*Q*LT88R <@$8L
4JEJ3BJ? +)0
"$$! "$$%
?#*Q8LT88 NL -8+TR .642UU 9
=NQ&*Q- :NQ8@<L 8',>*L<8 ,NLTQ*,TR 9 .X2K6
ST>8Q ,NJJ@TJ8LTR 9 F
YNT*I .642UU .422"
BL MUUK4 T>8 1NJO*L) >*R @RR#8- * <#*Q*LT88 N: .642UU NL +8>*I: N: /Q,8INQD@TT*I =@L*L,8 @L :*$N#Q N: ,Q8-@T
@LRT@T#T@NLRX
Y>8 1NJO*L) @R AN@LTI) *L- R8$8Q*II) I@*+I8 :NQ T>8 :NIIN&@L< 8LT@T@8RH
9 /Q,8INQD@TT*I =@L*L,8 W1/4 C#'8J+N#Q< 5C#'8J+N#Q<!
9 /Q,8INQD@TT*I YQ8*R#Q) WE14 W*@LT 38L@R 5=Q*L,8!X
KL/6 )) ! -/,88
,#J?@'J 5F3BJ? 7& AC@&& :J@? J5HJH 4JEJ3BJ? +)0

"$$! "$$%
;JOIN)88R ".2 M72
(NQG8QR ". 9
YNT*I "F6 M72
KL/6 )" ! 4<*61/L*-" *6I2K6*,/<LK
D8J+8QR N: T>8 0N*Q- N: 3@Q8,TNQR *Q8 8LT@TI8- TN * TNT*I Q8J#L8Q*T@NL N: VX7 :NQ T>8 )8*Q MUUK 5MUUVH "X"!X
KL/6 )+ ! -/L1D L(/<LK (G,K
SL /#<#RT M *L- 38,8J+8Q ..4 MUUK4 /Q,8INQD@TT*I <Q*LT8-4 Q8RO8,T@$8I)4 746V74MUU *L- ."4UUU NOT@NLR TN *
<QN#O N: G8) 8JOIN)88R *T *L 8'8Q,@R8 OQ@,8 N: %W3 VFX"U *L- %W3 KFX7"4 Q8RO8,T@$8I)X Y>8 NOT@NLR 8'O@Q8 NL
/#<#RT M *L- NL 38,8J+8Q ..4 MU.K4 Q8RO8,T@$8I)X
131
?558%#=.& <1#;. 89=287< #= B.%.6$.; ->V i''g #;. #< /8558E<c
RC6$.; 8/ FG.;%2<. 9;2%. Q#=C;2=I

<1#;.<
]5#7 >XXX W5.0#%I Q2==#5 `=..5, i>iVbXX >>)Xb >bS'XSi''X

]5#7 i''' W5.0#%I Q2==#5 `=..5, >XXVi'' U)Zg '>S'(Si'>'
]5#7 i''i W5.0#%I Q2==#5 `=..5, i(UVUi' i)i( 'ZS'bSi'>i
]5#7 i''- >gV(ii >i)b( -'S'(Si'>'
]5#7 i''b iXV-g- >()UX -'S'(Si'>>
]5#7 i''Z W5.0#%I Q2==#5 `=..5, iV>UUVgbg iU)gZ i-S'USi'>Z
]5#7 i''Z >>VbiX i')U- -'S'(Si'>i
]5#7 i''( W5.0#%I Q2==#5 `=..5, -V>X-VZ'- --)g( '>S'XSi'>(
]5#7 i''( >VbU'V'bZ bb)-Z -'S'(Si'>-
]5#7 ?C0C<= i''g ZVX(ZVi'' (b)-' 'iS'USi'>g
]5#7 B.%.6$.; i''g >-V''' gb)Z- >>S>iSi'>g
a1. 68D.6.7=< 27 =1. 7C6$.; 8/ 8C=<=#7&270 <1#;. 89=287< &C;270 =1. I.#; #;. #< /8558E<c
-4)AE0 +F 2H?0E2 +/3&+*2 ^``\ ^``b

\9=287< 8C=<=#7&270 #= =1. $.0277270 8/ =1. I.#; >VbbgVgX- -V(ZUVZi(
F//.%= 8/ 5.0#5 6.;0.; UVZb>V(bb [
\9=287< 0;#7=.& &C;270 =1. I.#; ZVXgUVi'' >V--ZV'''
\9=287< /8;/.2=.& &C;270 =1. I.#; W-(V-gU, Wi'V''',
\9=287< .G.;%2<.& &C;270 =1. I.#; WiV>iXViZZ, W-VZiZVg--,
\9=287< .G92;.& &C;270 =1. I.#; WiiiVZ((, [
\9=287< 8C=<=#7&270 #= =1. .7& 8/ =1. I.#; >-VZgXVb-U >VbbgVgX-
_a.E <Q ! ,/@,E(/E_. E0E_.,
\7 N#7C#;I UV i''UV ?;%.58;Q2==#5 ;.%.2D.& # E;2= 8/ <C6687< 87 $.1#5/ 8/ /8C; 1.&0. /C7& <1#;.185&.;< 8/
?;%.58; =8 #99.#; $./8;. =1. %2D25 %8C;= 8/ PCG.6$8C;0) a1. <C6687< E#< #5<8 <.;D.& 87 #55 =1. 6.6$.;< 8/ =1.
@8#;& 8/ B2;.%=8;< 8/ ?;%.58;Q2==#5 #7& 87 =1. `2072/2%#7= <1#;.185&.;) a1. %5#26#7=< ;.:C.<=V #6870 8=1.;
=1270< W2, =1. %#7%.55#=287 #7& =1. #6.7&6.7= 8/ =1. %8;98;#=. &.%2<287< ;.5#=270 =8 =1. <.%87&[<=.9 6.;0.; 27
8;&.; =8 ;./5.%= #7 .G%1#70. ;#=28 8/ >> ?;%.58;Q2==#5 W=1. .7=2=I ;.<C5=270 /;86 =1. /2;<= <=.9 6.;0.;, <1#;.< /8; g
?;%.58; <1#;.< W2078;270 =1. 269#%= 8/ =1. <1#;. %#92=#5 ;.<=;C%=C;270 8/ ?;%.58;, #%%869#72.& $I =1. #558%#=287
$I =1. `2072/2%#7= <1#;.185&.; 8; =1. %869#7I 8/ #&&2=287#5 <1#;.< =8 =1. %5#26#7=< =8 ;./5.%= =12< ;.D2<.& ;#=28V
#7& #5=.;7#=2D.5IV W22, =1. 9#I6.7= 8/ &#6#0.< $I =1. &./.7&#7=< W3827=5I #7& <.D.;#55I 8; <.D.;#55IV #= =1. %8C;=&<
&2<%;.=287,V 27 #7 #68C7= 8/ Fd_ >U' 6255287)
132
' ,.3)@&( ! & 0#@&) @? )20 ' ??,'< ' ++@,?)(
+507-9" -1 "40 5!$&!0#9! /!0*"9079&!0!.
YL R;5 P;)O5;LG,5OP L7
.O+5GLOB=RR)G
27LOH5OG( .O+5GLO!
-31 )$5J#5 ,5 G) A=*5OR!
A6K3"T A#&5H*L#O9
&>4169 1/ 9$> 7//;7* 7::1;/98
:LGGL%=J9 L#O O5PM5+R=$5 )MML=JRH5JRP *( R;5 <5J5O)G B55R=J9P L7 R;5 W;)O5;LG,5OP ;5G, LJ .MO=G K/1 KTTV
)J, CL$5H*5O 41 KTTI1 %5 ;)$5 )#,=R5, R;5 )++LHM)J(=J9 )JJ#)G )++L#JRP L7 .O+5GLOB=RR)G1 %;=+; +LHMO=P5
R;5 *)G)J+5 P;55R )P )R 05+5H*5O "-1 KTTI )J, R;5 MOL7=R )J, GLPP )++L#JR 7LO R;5 (5)O R;5J 5J,5,1 )J, )
P#HH)O( L7 P=9J=7=+)JR )++L#JR=J9 MLG=+=5P )J, LR;5O 5&MG)J)RLO( JLR5PX
%-(9/ -1 /&90,"-9!! 90!7-*!&)&'&"6 1-9 "40 (**#(' (,,-#*"!

Y;5 *L)O, L7 ,=O5+RLOP =P O5PMLJP=*G5 7LO R;5 MO5M)O)R=LJ )J, 7)=O MO5P5JR)R=LJ L7 R;5P5 )JJ#)G )++L#JRP =J
)++LO,)J+5 %=R; A#&5H*L#O9 G59)G )J, O59#G)RLO( O5N#=O5H5JRP O5G)R=J9 RL R;5 MO5M)O)R=LJ L7 R;5 )JJ#)G
)++L#JRPX Y;=P O5PMLJP=*=G=R( =J+G#,5PF ,5P=9J=J91 =HMG5H5JR=J9 )J, H)=JR)=J=J9 =JR5OJ)G +LJROLG O5G5$)JR RL
R;5 MO5M)O)R=LJ )J, 7)=O MO5P5JR)R=LJ L7 )JJ#)G )++L#JRP R;)R )O5 7O55 7OLH H)R5O=)G H=PPR)R5H5JR1 %;5R;5O ,#5
RL 7O)#, LO 5OOLOZ P5G5+R=J9 )J, )MMG(=J9 )MMOLMO=)R5 )++L#JR=J9 MLG=+=5PZ )J, H)E=J9 )++L#JR=J9 5PR=H)R5P R;)R
)O5 O5)PLJ)*G5 =J R;5 +=O+#HPR)J+5PX
50!7-*!&)&'&"6 -1 "40 9!$&!0#9! /!0*"9079&!0!

Q#O O5PMLJP=*=G=R( =P RL 5&MO5PP )J LM=J=LJ LJ R;5P5 )JJ#)G )++L#JRP *)P5, LJ L#O )#,=RX '5 +LJ,#+R5, L#O
)#,=R =J )++LO,)J+5 %=R; ?JR5OJ)R=LJ)G WR)J,)O,P LJ .#,=R=J9 )P ),LMR5, *( R;5 8*!"&"#" /0! 9!$&!0#9!
/!0*"9079&!0!X Y;LP5 PR)J,)O,P O5N#=O5 R;)R %5 +LHMG( %=R; 5R;=+)G O5N#=O5H5JRP )J, MG)J )J, M5O7LOH R;5
)#,=R RL L*R)=J O5)PLJ)*G5 )PP#O)J+5 %;5R;5O R;5 )JJ#)G )++L#JRP )O5 7O55 7OLH H)R5O=)G H=PPR)R5H5JRX
.J )#,=R =J$LG$5P M5O7LOH=J9 MOL+5,#O5P RL L*R)=J )#,=R 5$=,5J+5 )*L#R R;5 )HL#JRP )J, ,=P+GLP#O5P =J R;5
)JJ#)G )++L#JRPX Y;5 MOL+5,#O5P P5G5+R5, ,5M5J, LJ R;5 >#,95H5JR L7 R;5 9!$&!0#9! /!0*"9079&!0!1 =J+G#,=J9
R;5 )PP5PPH5JR L7 R;5 O=PEP L7 H)R5O=)G H=PPR)R5H5JR L7 R;5 )JJ#)G )++L#JRP1 %;5R;5O ,#5 RL 7O)#, LO 5OOLOX ?J
H)E=J9 R;LP5 O=PE )PP5PPH5JRP1 R;5 9!$&!0#9! /!0*"9079&!0! +LJP=,5O =JR5OJ)G +LJROLG O5G5$)JR RL R;5 5JR=R($P
MO5M)O)R=LJ )J, 7)=O MO5P5JR)R=LJ L7 R;5 )JJ#)G )++L#JRP =J LO,5O RL ,5P=9J )#,=R MOL+5,#O5P R;)R )O5 )MMOLMO=)R5
=J R;5 +=O+#HPR)J+5P1 *#R JLR 7LO R;5 M#OMLP5 L7 5&MO5PP=J9 )J LM=J=LJ LJ R;5 5775+R=$5J5PP L7 R;5 5JR=R($P
=JR5OJ)G +LJROLGX .J )#,=R )GPL =J+G#,5P 5$)G#)R=J9 R;5 )MMOLMO=)R5J5PP L7 )++L#JR=J9 MLG=+=5P #P5, )J, R;5
O5)PLJ)*G5J5PP L7 )++L#JR=J9 5PR=H)R5P H),5 *( R;5 *L)O, L7 ,=O5+RLOP1 )P %5GG )P 5$)G#)R=J9 R;5 L$5O)GG
MO5P5JR)R=LJ L7 R;5 )JJ#)G )++L#JRPX
'5 *5G=5$5 R;)R R;5 )#,=R 5$=,5J+5 %5 ;)$5 L*R)=J5, =P P#77=+=5JR )J, )MMOLMO=)R5 RL MOL$=,5 ) *)P=P 7LO L#O
)#,=R LM=J=LJX
27&*&-*
?J L#O LM=J=LJ1 R;5 )JJ#)G )++L#JRP 9=$5 ) RO#5 )J, 7)=O $=5% L7 R;5 7=J)J+=)G MLP=R=LJ L7 .O+5GLOB=RR)G1 )P L7
05+5H*5O "-1 KTTI1 )J, L7 R;5 O5P#GRP L7 =RP LM5O)R=LJP 7LO R;5 (5)O R;5J 5J,5, =J )++LO,)J+5 %=R;
A#&5H*L#O9 G59)G )J, O59#G)RLO( O5N#=O5H5JRP O5G)R=J9 RL R;5 MO5M)O)R=LJ L7 R;5 )JJ#)G )++L#JRPX
&>4169 1/ 19$>6 *>!7* 7/= 6>!;*7916" 6>5;%6>->/98
Y;5 H)J)95H5JR O5MLOR1 %;=+; =P R;5 O5PMLJP=*=G=R( L7 R;5 *L)O, L7 ,=O5+RLOP1 =P +LJP=PR5JR %=R; R;5 )JJ#)G
)++L#JRPX
05GL=RR5 WX.X @SB< .#,=R WX# OXGX
U!$=P5#O ,$5JRO5MO=P5P U!$=P5#O ,$5JRO5MO=P5P
8O=+ $)J ,5 @5OE;L$5 +3(9"*09. 8O=+ 0)HLRR5 +3(9"*09.
4VT1 O#5 ,5 C5#,LO7 31 )GG!5 W+;5775O
A6KKKT A#&5H*L#O9 A6K4KT A#&5H*L#O9
A#&5H*L#O91 .MO=G D1 KTT/
133
& *a&a,ED > [[aB>.Ia_ aF * E,/[. Fa* ^``\
];898<.& ?558%#=287 8/ _.<C5=< #7& B.=.;627#=287 8/ B2D2&.7&
M7 d)`) &855#;<
];8/2= /8; =1. I.#; gV(>>VbgUV>Z>
];8/2= $;8C01= /8;E#;& W9E/+03 ! *+45E?4, bVUiiVib(Vi>X
*C)-V+) +Z =C ;VVZ?;+CA ;XA AR)+'R=-+CA <^9Q##9\^Q9#\`
a;#7</.; =8 =1. ;.<.;D. /8; 8E7 <1#;.< UX(V>'UVU'U
?558%#=287 =8 =1. 5.0#5 ;.<.;D. -U'VZX-VX'U
B2;.%=8;<& /..<V %869.7<#=287 #7& #==.7&#7%. /..< -VigbV>iZ
B2D2&.7& 8/ d`B >VZ' W0;8<<, 9.; <1#;. /8; =1. i''g /27#7%2#5 I.#; Y iV>g-Vi-XVZi>
&'ZLR+ ?;''RCA LZ'4;'A 89J8`9M`89``8
Y \7 =1. $#<2< 8/ >VbbUVUi(V-bg <1#;.< 27 2<<C. #= B.%.6$.; ->V i''g) B2D2&.7&< #;. 9#2& :C#;=.;5IV ;.<C5=270 27 # =8=#5
#77C#52<.& %#<1 &2D2&.7& 9.; <1#;. 8/ d`B >)Z') ? /2;<= 27<=#56.7= 8/ =1. &2D2&.7&V d`B 'V-gZ W0;8<<, 9.; <1#;.V 1#< $..7
9#2& 8C= =8 <1#;.185&.;< 87 Q#;%1 >gV i''U)
134
For further information
please contact:
ArcelorMittal
19, Avenue de la Liberté

L-2930 Luxembourg
Berkeley Square House

Berkeley Square
London W1J 6DA
www.arcelormittal.com

Arcelor RA 2007

Diunggah oleh

Informasi Dokumen

Hak Cipta

Format Tersedia

Bagikan dokumen Ini

Bagikan atau Tanam Dokumen

Opsi Berbagi

Apakah menurut Anda dokumen ini bermanfaat?

Apakah konten ini tidak pantas?

Hak Cipta:

Format Tersedia

Arcelor RA 2007

Diunggah oleh

Hak Cipta:

Format Tersedia

Bold

J58$#5 `=;#=.0I #7& Q87=15I L2015201=< -

LC6#7 _.<8C;%.< >U

_.<.#;%1 #7& B.D.5896.7= i>

@8#;& 8/ B2;.%=8;< #7& `.728; Q#7#0.6.7= i-

?&&2=287#5 27/8;6#=287 #$8C= ?;%.58;Q2==#5 bi

i''g A87<852&#=.& H27#7%2#5 `=#=.6.7=< b-

A87<852&#=.& @#5#7%. `1..=< b-

A87<852&#=.& `=#=.6.7=< 8/ M7%86. bZ

A87<852&#=.& `=#=.6.7=< 8/ A1#70.< 27 F:C2=I bg

A87<852&#=.& `=#=.6.7=< 8/ A#<1 H58E< bU

R8=.< =8 =1. A87<852&#=.& H27#7%2#5 `=#=.6.7=< bX

?C&2=8;<& _.98;= 87 =1. A87<852&#=.& H27#7%2#5 `=#=.6.7=< >i'

i''g ?77C#5 ?%%8C7=< >i>

@#5#7%. `1..= >i>

];8/2= #7& P8<< ?%%8C7= >i-

R8=.< =8 =1. ?77C#5 ?%%8C7=< >iZ

?C&2=8;<& _.98;= 87 =1. ?77C#5 ?%%8C7=< >--

];898<.& ?558%#=287 8/ _.<C5= /8; i''g >-b

AL-Q;: A<QQ- A&'7/Q5<; L5P T?Q9LSQ A<QQ- AQ--'5S >9'OQ;

!2=6E 7@C G96 '62C

M=2G J2C3@? F>6C:42E

M=2G J2C3@? LIC@A6

]@?8 J2C3@? F>6C:42E 2?5 LIC@A6

!G66= !@=IG:@?E 2?5 !6CQ:46E

M=2G J2C3@? F>6C:42E

M=2G J2C3@? LIC@A6

]@?8 J2C3@? F>6C:42E 2?5 LIC@A6

2Q< .5O6/Q T<<9'N=<LN-Q <6 [8='<G ,6-PQ9; 6R <&Q >L9Q5<

^``b >'?CVZ' HR)+Z'R?;V ^``b &'Z FZ'W;

:C'G43 :5GG' :$%1)G/54 C/F J8G2CIG :5GG' :G''%/I 72%EG4

M=2G J2C3@? F>6C:42E

M=2G J2C3@? LIC@A6

!G66= !@=IG:@?E 2?5 !6CQ:46E

M=2G J2C3@? F>6C:42E

M=2G J2C3@? LIC@A6

]@?8 J2C3@? F>6C:42E 2?5 LIC@A6

2Q< .5O6/Q T<<9'N=<LN-Q <6 [8='<G ,6-PQ9; 6R <&Q >L9Q5<

h41?1 $?1 25I1 81N &<:=1A1;&51@k

!68>6?G )**+ )**(

\B. R;&9G'1@ F<2$@&< 2<? C?&19<? 5; p(()*

Y \9=287< #E#;&.& C7&.; ?;%.58;Q2==#5`1#;.<)

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

2;?C 43A 5# -C:0 ;? %5<(?(53 !(?&(3

81! 2#0CX 4SOOCXX;;

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

IF# GSP E7 +R ZPLP'JP6 %FH _aa]"

.;4& ;I9;9 <;8;H6;& #52

MOOQ MOOL MOOQ MOOL

:"&$, "0 <4$.)*"$( &!, ;"994**..(

%$"-# /&!&1.9.!* :"&$,

$)-.& .((/.& 0)'*1(,.-!)( 2)+ "+01&)+#!--.&%, ,1(!)+ '.(.31'1(-

cGA@A$;'5;3[ F1&1:%1? 0B[ p(() Z[ja([^)Z p*p) ! 00*n) pZ*pn

KL1?&5@$%91[ F1&1:%1? 0B[ p((n p[a^a[B)j p*p) ! )j*0( pj*j^

^:GG2= !G66= V FC46=@C ^6>@C2?5I> @7 #?56CEG2?5:?8

H@2C5 @7 K:C64G@CEY NC@IA ^2?286>6?G H@2C5 2?5 ^2?286>6?G J@>>:GG66 @7 FC46=@C^:GG2=

!6A2C2G6 ^66G:?8 @7 _@?eLS64IG:Q6 K:C64G@CE

!:8?:7:42?G !92C69@=56C h:89G @7 `AA@E:G:@? 2?5 h:89G @7 H@2C5 h6AC6E6?G2G:@?

H@2C5 @7 K:C64G@CE J@>>:GG66E

#332(1%+.1%$" /.+'1.!*%(21 *1- &2!32!*%. 02).!1*1,. &2++(%%..

'-/1"+,+.1 $-))-2%+! &#1 (+%&%,) 01"*

`G96C J@CA@C2G6 N@Q6C?2?46 dC24G:46E

dC@46EE 7@C O2?5=:?8 J@>A=2:?GE F3@IG F44@I?G:?8 ^2GG6CE

LG9:4E 2?5 J@?7=:4G @7 P?G6C6EG

!68>6?G )+ )(

cGA@A$;'5;3[ F1&1:%1? 0B[ p(() Z[ja([^)Z pp) ! 00n) pZ*pn

KL1?&5@$%91[ F1&1:%1? 0B[ p((n p[a^a[B)j pp) ! )j0( pj*j^

#332(1%+.1%$" /.+'1.!%(21 1- &2!32!%. 02).!11,. &2++(%%..

_a.E <S _>./E aF @/,I_E,,9 @>,I, aF &E,E_.>.Ia_ >_D Ba_,a[ID>.Ia_

.5<Q95L<'65L- A<QQ- 96=7 X!.A"Z

)+ F5;IEG>6?GE 2?5 )+

)+ F5;IEG>6?GE 2?5 )+