Está en la página 1de 75

YIK0VX PKOZ@G\KT\MQ9,KLUQYU0J,$ZUZP@JXULJ$ZQX JXU8 KLUP0J,$ZUZP@LJ$ZQ

P0J, KLU N4Z F0J, KLU QZPX JLT LPLT MZ[,$Z @ V%X MQPX V3LODX N,$Z NUT< KLU UZP QZLP
Y.Z[,$Z@KLUUZPQZPX VOZLKKLUS5%KLU%JLTKLUMQP0J,$Z@MQX NK< QZQNX VX[KX V0TKX
KLU%JLTJRLY0GF0J,$Z@@^S0QZ`
SG $U4T\MQ9,VRK[, T\ML[ VRK[, *R9,> QY U0J,$ZQY\1 U0J YZO,> F0J,V0XGU>
JLTDXaF, $ZTPN $YV4Z> LPLTPU;ZGZ PZS> NUT<NUTZU Q\> QZLPQZP LYF>
Y.Z[,$ZDXFZU,>VOZLKVOZKN\>KLUMQKU,G\%JT>>
$U4K\ %ZH, DXK N:LH$: VRK[, *R9, K< M,YUZK, G\ M,YQV3U YZVT\ F0J, *R9, K<  MR
SUPZTPZ G\ S5\P G\ QY\1 U0J LYF U0J, ULK0G, K< MR JXU8 SZVR1 $ZTPN M,YQ G, V5\6W V8- P0JG,
ULK0G,K<MR JXU8 SZVR1 $ZTPNM,YQG,V8-P0JG,K<SUPZTPZG,VRK[,LV LTVZOZKNUG,
K<SUPZTPZGZQZPMSG,K<MR LHKVP-[GZMTQNUG,K< LNSUPZTPZLNKR LMKZT\ N\IZ
YCIZK<>NUTZUQ\ $M\K,N:LH$:*R9,GZ VZUZMQPV3ONULGCTZK<LNDX1LNDXKSUPZTPZ
G\QZPLYFO,QULK0G,K<SUPZTPZG,LV LTVZOZKDXFZUG,ULK0G,K<>
K\ %ZH,SUPZTPZG\ %JTSUPZTPZG\ QZPG,YLI$ZH,NUN\ SUPZTPZG,%JT, G,GZLT
P0JG\ ULK0G\ KQ> GZV QZQN $Z.GZ K<K\ V0T MQR LHK VRK[, N:LH$: *R9, S5ZST NU N\
SUPZTPZG,VRK[,%JT, NUG\UKR >>
G\KN0FQM,QX VXLYQZUZP@ML9KLUKLUQZPX UT0QZUZP@ML9QZPUTQX JRLY0GSZLH$ZKLU
LPO\ KLUJX[VX.*[\ @JXUVEGX SZLH$ZKLUQZPX L'$ZLH$ZYI%ZJ,KLUU0JKLUE[\ @KLU
LPO\ VX$ZP, $0TUMZP, KLU QYTQ KLU QY U0J,$Z @ QZQNX Y.Z[< QZPX MZ[< KLU QZPX KLU S5%
P0J,$Z@@^S0QZ`
SG $U4G\KVU,U N:LH$: *R9, > M,QXNZ7,> VXLYQZVRQ\ G,> ML9M9 N\>
*[\EKXT>QYTQQY:>QYU0J,$ZQYU0J,QY\1U0JYZOZ>>
$U4DXKN:LH$: *R9,PZQR VRQ\G,K< EKXTN,PTYZO,E[M:G,K<LMVDXT\ SUPZTPZ
GZQZPUTQM9N\ VRQ\ G,NZ7,SZH,M:G,K< LMVDXT\ SUPZTPZG\ QZPQZO%US8UJXU6EG
G,NZ7,SZH,M:G,K< >
K\ %ZH, LMV PQXC. Q\  SUPZTPZ GZ QZPUTQ M9 N\ JXU6EG G, NZ7, SZ LGCT, DXV {
SUPZTPZLPOLS$ZDXVQ\ SUPZTPZG\ JX[ $ZS[\ $0GUYVZOH\ DXV{VX.K,VX.S5ZSTKR
JH\>K\%ZH,LMVPQXC.Q\JXU8GZ6EGKZVONULO$ZLMVQ\SUPZTPZGZQZPLVPUQZ6XU8
NULGTZDXKYCI\%ZJ:YZOZE[LJ$ZDXVG\$0GUSUPZTPZGZS5\PDX*9LS$Z>
QZQN$Z.GZK< K\%ZH,M\K9ZPQXC. SUPZTPZG\QZPQZOI08*,V:-S:GZK<M\K9ZPQXC.KU
Y\O\SUPZTPZGZQZPP0JGZK<DXV{DXKPZONKU,LPOS<1GZK<MRKU\NG\LGOG,MZ[QYZOZ
K<MRVGZK,QY:QUR$ZULK[YZOZK<MRVGZQY\1FRM:GZPZONK<>>
N9,$ZOX PX.\ JXLU $0NVX SZLH$Z UZP @ PQX P<JOX JXU VELG YLV $ZLH$Z UZP @ PQX YVJLT
$ZLH$ZSUPSGXSZLH$ZVZ'QN0LTLS$ZU,@$0TLUS5\PXOJZKLUV\T,*LUVRK<KLUS5%QZU,@
KLUU0LJUZT,VKM\ PZT,KLUS5%X KLUKLUSZLH$Z@QZQNX MQX KLUGZVX NKTX K< YI%ZJ,KLU
KLUL'$ZLH$Z@@^S0QZ`
SG$U4N9,$ZOXOJZP>PX.\PXL. N:LH$:*R9,G\ P80KLYF>JXLUJXU8Q\>$0NVX
KZ4, { FOZ[ YZVT\ YUT,GZ ORK\ GZ N0XIZ> P<JOXKZ4, ^endy`> VELG6EG G, UZK,1>
YLVYCV LYF> YVJLTYCV LYF> SUP SGXV% TR1 DXaFZ $ZTPN GUMZ> VZ 'QM,Y
LHVTn,>N0LTN0TQ\>$0TLU$0GULKUG\ LYF>KLUV\T,KU,G\ QZO>*LU*ULYF
S5%8 G, K]8U, LYF> VRK<VRK[, OCJG, K<> U0LJS5\PU0LJ LYF> UZT,U0J, KRH,> VKM\
VKLM$ZTPN$IROTZLYF>PZT,PVT>KLUGZVXKLUGZV\YN>MQXGZV>>
$U4K\%ZH,JXU8Q\ LMVPQXC.G,N:LH$:*R9,G\ P80KLYFOJZPG\LGCT,NX0IZUC.LGCTZ
DXVGZPQKZ4,JXU8G\6EGG,EUNLTQZOYCVLYF$ZLJ$Z>
LMVM,YLHVTn,GZPQYCVLYF$ZLJ$ZDXVQ\ V%TR1DXaFZ$ZTPNGUMZKZVONULO$Z
S5%8N0TQ\ DXVM,YLHVTn,{LS$ZUNUQZ6XU8 NULGCTZDXVG\ LKUG\ LYFSUPZTPZQZOS5\P
S<GZKRLJ$ZDXKM,YLHVTn,S5%8G,K]8U,LYFVRK[,OCJG,K<>M\K9,M,YLHVTn,S5%8G\S5\P
U0JLYFU0J,M:G,K<MR$ZTPN$IROTZLYFPVTULK0G,K<DXKSUPZTPZGZLPOZSS5ZSTNU
O<1G,K<>
KU,GZV\YNQZQNGZV$Z.GZK<K\ %ZH,YCI\ %ZJ:YZO\ M,YK,SUPZTPZGZQZPLVPUG\
KQ>>
G\K*R9,M,LMTX KLUSZLH$ZUZP@LPLOVLTJXUM,P0JOX JZLH$ZUZP@KLUJZLHP0JOX UZP
QZPZKLUV\YV\YNV\YN,@S5%MZLHSZY< U0JPKO,KLUU0JX PZ[< U0JN,@JX[UZPJZH\ PLQ
VX%ZH\ KLU JXUPT, PLQ L'$ZLH$Z @ MQ QZQN KLU LNUSZ 'ZU, G\K *R9, FL9 KLU SZLH$Z
@@@@^S0QZ`
SG $U4G\KN:LH$: VU,U> M,K\ %ZH, LMTXLMV N:LH$:*R9,  G, UZK,1> LPLO
VLTJXUXJXU8 { LPO N\> P0JOX$ZTPN $ZQ0G G\[ YZOZ J,T> V\YN,V\YN%ZYQZ QZO>
MZLHMZN\>S5%U0JPKO,SUPZTPZG,$ZQ0G%U,K]8U,LYF>PLQPQLYF>VX%ZH\
VX%ZLHS5\PQZO>FL9F9+N\>>
$U4K\%ZH,DXKN:LH$: PQXC.G\M,YQV ULYFPZQR *R9,K<LMV N:LH$: G,UZK,1
PQXC.SUPZTPZGZLPOZSKZVONUO<1GZK<$T\JXU8 {LPON\ SUPZTPZG,LV LTVZOZKGZ
J,T J:GZ ULK0GZ K<> V\YN%ZY QZO M\K9Z PQXC. SUPZTPZ G, LV LTVZOZK GZ J,T JZ N\
SUPZTPZ G, V\YZ %JT, NUGZ K< DXK SUPZTPZ G, $ZQ0G%U, K]8U, LYF MZ SK0XFGZ K< $T\
SUPZTPZG\LPOZSGZ$ZQ0GPZ[GZK<>DXKPQXC.S5\PQZO$ZS[\PQLYFSUPZTPZG\JX[J:GZ
K<JXU8G,PLTDXT\TXUN\PQLYFSUPZTPZGZL'$ZQ'UGZK<>
K\ QZQNLMVGZVDXT\ SUPZTPZLNUSZNUGZK< DXK$ZS[,N:LH$:*R9,DXT\ F9+ N\ SUPZTPZ
{LPOS<1GZK<>>>>
UZJXYIK0VXPKOZ&0T*UX
!VLTJXUS5VZLG@JXULPLOO'ZM,UZPX LS$ZUZUZP@LHKX TQX PQX LGT9ZYZUR YZUZUZP@
TQXPQXLGTZ%YMOXLMTZF8N,N:L[MPZ[,@$VL4UX4,$Z$0LP5TXS,$ZULK$Z$ZY[MZ[,@VR
*UX O'Z VKLM VP'Z KLU NZ QZPX $'ZUZ @ NKX QZQN VXL. PZ[\ UO,$: JXU S8U\ N0DX QPVNZUZ
@@
SG$U4JXULPLOJXU8{LPON\>O'ZOC%GZK<>M,K\%ZH,YZURYZUZYZUYZUN\
VGN\ NUN\>%YMOXV0VZUVPX0GU>F8N,PXCNM:G,K<>N:L[PX4ZM,>MPZ[,MP:G,>
$VL4UX$IROLFCT> $0LP5TX$ZTPN M,YQ G\[ YZOZ QZPMO> ULK$ZPXCN LJ$Z>
VKLM$ZTPN $IROTZ LYF> VP'ZVPZ LJ$Z O,QTZ KR JH,> $'ZUZ$ZVUZ> VXL.
$ZQ0GQZO>UO,$:AX6,$:>N0DX{>>
$U4K\ %ZH,JXU8 {LPON\ K, LS$ZUZS5%8 OC%GZK< LMV{JXU8 G,UZK,1S5%8 OC%S<1GZ
K<DXK $ZS[ZLHKVU,ULHKPQ JXU8 G\ KYZO\ NUGZK<>M\K9ZPQXC.$ZS[ZTQPQJXU8 G\
KYZO\ NUGZK<DXKV0VZUVPX0GU{LMCTO<1GZK<DXVG,MP:G,PX4ZM,PXCNM:G,K< DXKPQXC.
$ZTPN M,YQ G\[ YZOZ QZPMO JXU8 SZVR1 O< N\  S,1GZ K< T\ $IROLFCT KR M:GZ K< DXV GZ
MQPPUQGZJ\9PXCNM:GZK<>DXVPQXC.{DXK*U S5%8 G\ FUQ:LYFLWNZ[Z LPOM:GZK<
LMVG,EUNLTQZO DXK$ZTPN$IROTZLYFO,QULK0GZK<SUPZTPZGZQZP DXVG,L]0GJ,
GZ $ZVUZE[M:GZK<>K\ QZQN$Z.DXKPQXC.VX.LYFULKN\ $ZTPNAX6,$:PZ[GZK<
LHKVZU,EUNLTJXU8G,K,K< S8U\JXU8{ VGZ QPVNZUNUQ,FZK,G,K<>>
VXL[VM[M,P<I9\P,TZUZP@JXLUP0T5f VEGX VFX G,TZUZP@VFX VEGX L'$ZLH$ZP0JOX JZLH$Z
F8N\ PQKX $G\VZ@VR S5%X SZLH$ZNTLKQMZLH$ZVGZVGZV0LJE<VZ@S5%M,%Z[ZVFZPZ[Z
S5L%KLU'QXVKM\G,TZ@NKXQZQNLTVXMQELOKZU,T\UZGZQXV%Q,K<O,TZ@@^S0QZ`
SG$U4VM[K\ VCM[P<I9\P\U\>JXLUJXU8 Q\>VEGX VFXVGZL4US5%8 G,LV LT
VZOZK YZOZ 6EG> P0JOXLV LTVZOZK GZ J,T> PQKXPQ TR1> $G\VZLF0TZL NU>
NTLKLNV\ %, KRU 4:> V0LJ S5%8 G\  QZO> E<VZE<7Z ULK0GZ K< LWLN$Z ULK0GZ K<> S5%
%Z[ZS5%8 { LS$ZUZ OCJGZ K<> S5L%S5%8 Q\> VKM\$ZTPN $IROTZ LYF LWNZ N\ >
ELOKZU,VGN\>V%Q,KRUV%M,Y:Q\>>
$U4K\ P\U\ VCM[ K\ P\U\ LPCTU VX[ LNV\ %ZJ: YZO\ PQXC. {  JXU8 Q\ VGZL4U S5%8 G,
LV LTVZOZKYZOZ6EGP0TnLGCTZK<>M\K9ZPQXC.VGZL4US5%8G,LV LTVZOZKYZO\ 6EG{
VGZLKUG\ LYFYV:GZK<M\K9ZPQXC.SUPZTPZG,LV LTVZOZKGZJ,T VGZ J:GZK<DXVG\
PQTR1LF0TZL NUOLKM:G\KQDXKPQXC.SUPZTPZGZLPOZSKZVONUO<1GZK< S5%8{&CIN\
LNV\ KRU4:DXKQK,1%WNGZDXKVGZK,S5%8FUQ:LYFO,QULK0GZK<>DXKPQXC.S5%8 { VGZ
LS$ZUZOCJGZK<VGZL4US5%8 GZK,DXV{PZ[$ZVUZULK0GZK<SUPZTPZQ\ DXV{$ZTPN
$IROTZLYFLWNZN\$ZS[ZQZP'QEA6LGCTZK<>K\QZQN$Z. K\S5%8 P<1DXVV\YNTR1
VGN\M:GZK:T\U\QZPG,GZLTDXVSZVR1V%M,YO<1G\KQ>>
TDX %Z[ZT:LT5SLT$*ZH\ UZP@PQX 4,$Z70)ZV%LT5VQEX-ZH\ UZP@PQX 4,$Z70)ZF8N,I0-Z
SZLH$ZEKXTX .MZQZ@LV.V\YNVL%%X0F[OJ\ K0DX VTJXUN< NXUEZQZ@LQU%DX %H\ .VPU0LJ
UZT\MPN,T5ZVEX-ZH\@QZQNGZVXVGZV0LJV\YNXT\U,%JLTNU0DXLOYOZH\@@^S0QZ`
SG$U4%DX%Z[Z M\ T<{F0JZOCJ\M\T\U,U]ZKRY\>$*ZH\UCMM:GZK<>70)Z6:T>
LTnVQPZLH$Z G, LS$ZV> I0-Z%9N, NG\ QZK PXCN[ YZO, LS$ZV> VL%VZU\> %X0F[
OJ\.Z[OCJS<1G\KQ>K0DXP<1>N<NXUEZQZTR1VGN\>U0LJS5\PU0JLYF>UZT\U0J\M:G\
KQ>TnZVVKMIU>V0LJQZO>NU0DXP<1NU:>OZH\OZLHOZN\>>
$U4K\ S5%8P<1JXU8 TR1VGN\ M:GZK:>M\ T\U,U]ZKRY\ T: JXU8 G,VUQS< N\ M,YPZLH$Z
G,%XC.YOR1 S8U\T2UT\UCMM:GZK<> M\K9ZPQXC.JXU8G,VUQS<1GZK<DXVGZ PQ6:TKRM:GZ
K<NG\ QZKPXCN[YZO,PZLH$ZG,LS$ZV DXVG\ $0GUR1 EXC-M:G,K< JXU8 G,UZK,1DXK  YCIZ
QZP A]ZQZS5ZSTNUO<1GZK<> M\K9\ %,JXU8 G,VUQ$ZDX1G\ KQDXK VZU\ LVC.V\YNQZP
A]ZQ\ {YUT[OCJS<1G\ KQ> JXU8 G,VUQS<[YZO\ PQXC.GXQ,$ZG\ VKP:YOR1 LQIUKR M:G\
KQS5%8ST,G\ S5\PU0JLYFU0J\ M:G\ KQMP:GZVKPLPWZO<1G\ KQ>K\ QZQN $Z.K\
S5%8P\KUNUP<1 GZVVGZ JXU8 G\ FUQ:LYFLWLN$ZUK: JXU8 GZ V\YNEL[$ZUK:T\
VXULTMR9N\T\U,%JT,NUGZUK:>>
S8U,$ZVZM,PQVZP\U\ UZP@PRLKLQUJX[M,DX VL%JX[T\U\ UZP@VL%JX[T\U\ 7ZNXUP\U\ LNTX
PXL.TX'X VZOZK,@JX[X $YJX[X P\UZLN&X QE,FZLU$ZE.LVO,$ZL.QPZK,@QDX LQL'SZH,YM,
YZ'ZH, YZM\ $QKG T8U\ @ NKX QZQN P< YUX *LU SZLH$Z P\U\ OZ4\ M, VJO LYV8U\
@@@^S0QZ`
SG $U4M,K\ S5%8 M, PQVZPQ G, NZPQZ ^euh"kk`> PRLKP<1> M,DXK\ S5%8 M,
VL%VZU\>7ZNXUP\U\K\ 7ZNXULNTXLNVG,UZK,1"PXL.P80KQZO>LNTX PXL.LNVP80K
QZO" VZOZK,VZOZK,1 P<1 DXVTLT NU:> L.Q PZK,LHN L&Q LYF> QDX LQL' GXQ,$Z G\
VZU\K, Q2A]ZQ\>YZM\YCMSH\KQ>$QKGLHNUVLEQZYMZLH$:>T8U\YZM\>*LU
LKUG\*ULYF>LYV8U\-RU\>>
$U4K\ S5%8 M, T\U,P\KUQZOP\U,KU\N $ZVT\ NZPQZS8U,KR JH,K<>K\ S5%8 M,P<1
JX[K,Q V: P\U\ $0GU NRH, %, JX[ QK,1 V,  T\U\ $0GU VZU\ K, JX[ KQ> K\ P\U\ PZON T\U\
$0GUVZU\K,JX[KQ>P<1LNVP80KQZOT\U,YLI$ZH,NU:"T8uP\UZNRH,$2JX[QK,1LYFZLU$Z
T8u P\UZNRH,JX[QK,1TCLN$ZT\LHNL&QLYFK,T8u P\U\ DXT\ P\KUNULGCT,> T\U,P\KUQZO
P<1PZQR VZU\K,Q2A]ZQ\KZVONUOH\KQP\U\$0GU$ZTPN$ZQ0GG,F9+G,NOZE[JH,K<
P\U\$0GU$ZTPN$ZQ0GG\LHNUVYZM\YCM[OCJSH\KQ>
K\QZQN $Z. K\S5%8M,P<1 T<{ .VP{$ZS[\LKUG\*ULYFK,OC%LO$ZK<P\U\VZU\
K,LF0TZL NUOLKJH\KQ>>>
VORNX @LN$ZVX[\GR N89X Y0?LQSY[-XOZLU$Z@QZQNVX[,$UT\ SUYZ[X MR VX[\G\ VFX '[,@@
&0TX @LTQ*RLO*XPZH,LMQS5%X V5Y[,VXL[$ZUZP@V\ VKLMVXK\O\ LMQKLUKLUUVQZ%L[$Z
UZP@V\VKLMVXK\O\JX[K$PRO\MJTDX'ZU[$ZH\@%<ERLK4VZJUS5%FU[ZN\T\SZLUO*ZH\@
LMQ N0DX LNnSZ NU, P\U< 7ZNXLU LTQ NZ O\.Z Q JL[$Z @ NKX QZQN LTVX *RLO *XPZH, LMLQ S5%X
V5Y[,VXL[$Z@@^S0QZ`
SG$U4N89X-87-87\ SGZU4:G,JCO>Y0?LQFO\ M:G\ KQ>-XOZLU$ZEXCLO$:Y:J>
VX[,$UN0Q>T\^EKXYFQ`DXK>VFXVGZNZLHPULK[YZOZ>'[,PZONS5%8>>
&0TX*RLO *XPZH,P<1 NXUEZQ M:GZ K:> V5Y[,N0Q: QZO> VKLM$ZTPN $IROTZ LYF>
VXK\O\VX.,> UVQZM,% QZO > DX'ZU[SZU O0*Z[ YZVT\> %< VZJUL%$ZQN VP0XGU>
ERLK4MKZ]>N\T\E\$0T>N0DX{>7ZNXLU7ZNXUQ\>LMLQLMVQ\^LMQLM0Q+:Q\`>>
$U4K\ %ZH,QZVY0TSGZU4:G,JCON,KVX[GZK<1" LHKSGZU4T: KYZG\ ECXLO$:Y:J
FO\ M:G\ KQ>K\ QZQN LVU DXKN0Q SUPZTPZG,K]8U,LYF NE8OKQM\K9\ VGZL4U
ULK[YZO\PZONS5%8 G,LV LTVZOZK {VX[G\KQ>>
&0TX>K\%ZH,LMQ+:PQXC.:Q\$ZS[\N0Q:QZOS5%8 GZQZP VXL[$ZK<DXKQ:TR1P<1VGN\NXUEZQ
M:GZK:>M\K9\PQXC.$ZS[,M,%QZOSUPZTPZGZQZPMSG\KQDXK$ZTPN$IROTZLYFLWN
N\ VX., ULK0G\ KQ> DXK PQXC. $ZTPN $IROTZ LYF ULK N\ VX., M,YQ M,D81G\ KQ DXK $PRON
JX[:YZO\ KR M:G\ KQDXKT:MJT{V0VZUVP0XGUTR1SZUO0*Z[YZVT\ $ZDX1G\ KQ>K\ %ZH,
LHVL%$ZQNV0VZUVP0XGUTR1SZUO0*[YZVT\ SUPZTPZG\ FUQMKZ]KQ $ZSQZPMS[YZO\
PQXC. $Q\N:{ S5%8FUQ:LYFMR9N\ SZUO0*ZG\1G\KQ>P\U\PZONS5%8Q\LMQ+:DXT\P\KU G,
LQJZK N,T,DXKQ:G\ NUP:GZLKVZENUQZDXVQ\ &CILGCTZ>K\ QZQN$Z.P<1DXVPQXC.
TR1VGN\NXUEZQM:GZK:LMVQ\$ZS[\N0Q:QZOSUPZTPZ G,LV LTVZOZK {VXL[$ZK<>>
VORNX @ORLH[ORH,LI7LS$ZVQEX-< P8 *[,@QZQNV\ $.9,$:LE$0LQLMQ#,LIV0GR PZLSU,
@@ &0TX @ LMQ, KLU S5%X LI7Z LTQ NXUEZ[\ UZP @ V\ VZF, GUJK %Z[\ UZP @ 7ZNXLU PZQ\ V\
SU'ZQ\ KLUV\T,U0LJUZT\ @KLUUVLK$*ZH\ VKLMVPZH\ *LW*LWUPH,$ZMZT\ @V\H,VM[
V0T V\ VX.,H\ 7ZNXU $S[\ %Z[\ @ NKX QZQN LMQ KLU S5%X LI7Z LTQ N< VG NXUEZ[\
@@^S0QZ`
SG $U4ORLH[$C.: QZO > ORH,MJT ORN> LS$ZVY\.[ G, OZOVZ> P8P<{>
*[,EKXT>LE$0LQKRULNVPG,$:>PZLSU,P\UZLS$ZUZ>>
&0TX> NXUEZ[\VGN\> V\^EKXYFQ` DXK> %Z[\SV0G $ZDX1G\ KQ> 7ZNXLU7ZNXU Q\>
PZQ\$ZGU LGCTZ> SU'ZQ\P0Q\S5P0Q\> V\T,QZO> U0LJS5\PU0J LYF> UZT\U0J\ ULK0G\
KQ>UVLKUVQZO>$*Z[\LTnST>VKLM$ZTPN$IROTZLYF>*LW*LWKU\N *W
LYF>LTQN<DXKQ:TR1>VGVGZ>>
$U4P<1$ZS[,$:$C.:QZOMJT{Y\L.$ZK< $M\%, P<{ MJTY\.[G,LS$ZV EKXTK<
LHKLS$ZVEXC-G,QK,1>K\ QZQNLMQ+:$C.:Q\ P\U\ LS$ZU\ S5%8 {Y\L.$ZDXK$C.:KRULNVP
G,$:KQ DXKQ:$C.:{GXQ,$ZG\SGZU4Y\.[G,OZOVZQK,1K0XG, >>
&0TX>P<1DXKQ:TR1VGN\ K:LMQ+:Q\ SUPZTPZGZGUVQN,TZK<DXK YI%ZJ, E0G\ VGZL4U
S5%8 G, K]8U, LYF SV0G $ZDX1G\ KQ> LMQ+: M,Y: { PZONS5%8 Q\ $ZGUPZ[ LGCTZ K< KU
4: P0Q\S5P0Q\M:G\KQDXKSUPZTPZG\ FUQ:QZOMX9\ ULK0G\ KQSUPZTPZG\ S5\PU0JLYFU0J\
ULK0G\ KQ> DXK PQXC. SUPZTPZ G\ QZPUV QZO GXQ,$Z G\ SGZU4: YCOR1  UCM\ ULK0G\ KQ DXK
$ZTPN$IROTZLYFO,QULK0G\KQDXKPQXC.SUPZTPZ{KU\NVU,ULYFYCVGZS&Z[G\KQ>
K\ %ZH, DXK, PQXC. %O\ KQ V0T KQ VX., KQ MR $ZS[\ PZON S5%8 { F0J\ OCJG\ KQ> K\
QZQN $Z.LMQ+: PQXC.: Q\ KU, S5%8 GZ GUVQ NU LO$Z K< P<1 DXKQ: TR1 VGZ VGN\ M:GZ
K:>>
VORNX @G\K$0'ZU,$0'VX0?,QZPLYK8[,$Z@QZQNV3OMQuPX M< *LWYX7ZVFX '[,@@&0TX @
LTQ.0Q,$< Y0?:LMQP\UZKLUS5%X I,7ZUZP@MQFZL.$*Z[\ KLUKLU$0LP5TX P,7ZUZP@KLU
PQLKP,7ZS5%8T87Z$LPDXY87ZVX.%H\@GX.QZV%UPLEQZVTQT\MLSMJG,VH,VKM<MH\@
PRK UKT LENZU 4ZN\ S0F T\ V0JX T8WZ @ NKX QZQN LTQ .0Q,$< Y0?Z LMQ *LW P\UZ KLU S5%X Y87Z
@@^S0QZ`
SG$U4G\KVU,U>$0'ZU,$0' PRKG\ KQ\U\ LYF$0Q+,>LYK8[,$ZVC.[,>M< *LW
LMVG\LKUG\LYF>YX7Z$ZYCLV$Z>VFX'[,VGZNZLHPULK[YZOZPZONS5%8>>
&0TX>Y0?ZY0?:P<1M:GZK:>.0Q,$< Y0?:P<1WRW\ WRW\ KR N\ VGN\ M:GZK:>FZL. QZPUV
FC.N\>$*Z[\UCMM:G\ KQ>$0LP5TX$ZTPNM,YQG\[YZOZQZPMO>PQLKPQLYF>
T87ZS5V0QKX0GZ>$LPDX$0LP5T>TQT\TQTR1>MJG,VMJTGZPZON>H,VKM< MH\
PZONG,M<M<NZU>MLSMSN\$Z.N\>V0JXVZ4>LMQ*LWLMQ+:G\LKUG\LYF>>
$U4K\ %ZH,M\K9ZVU,USUPZTPZG\ QZPTR1VC.[ZULK0GZK<DXKPZLH$ZG\ PRKG\ KQ\U\
LYF$0Q+ZKRLH$ZULK0GZK<>K\ QZQNDXV PQXC. GZ M,YQ NZP;ZE K< LMV G\ LKUG\ LYF VGZ
NZLHPULK[YZOZPZONS5%8$ZYCVGZK<>>
&0TX>P<1DXKQ:PQXC.:TR1VGN\NXUEZQM:GZK:LMQ+:P\U\ KU,S5%8 GZGUVQNULO$ZK<>DXK
PQXC. SUPZTPZ GZ QZPUV  FC. N\ GXQ,$Z G\ SGZU4: YCOR1  UCM M:G\ KQ DXKQ: { $ZTPN
M,YQG\[YZOZSUPZTPZGZQZPMOLPC7ZOCJGZK<>SUPZTPZDXKQ:{$ZS[\PQLYFLS$ZUZ
OCJGZK<SUPZTPZDXKQ:DXT\ S5V0QKR M:GZK<DXKQ:G\ $0GU$ZTPNM,YQG\[YZOZQZPMO
$ZYCVGZK<DXKQ:{VZU\$ZQ0GS5ZSTKRM:G\KQ>MJTG\PZONS5%8G,M<M<NZU$Z.$Z.N\
DXKQ:G\VU,UTR1GXC.T\%UPG8UKRM:G\KQ>DXKPQXC.PRKTR1ULKTKRM:G\KQDXKQ:G\$0GUR1
LYNZUPXCNM:G\KQNZPZLGNS0M:QZOR1DXKQ:GZVZ4WXCWM:GZK<>
K\ QZQN$Z.LMQ+:PQXC.:G\ LKUG\ LYFP\UZKU,S5%8 $ZYCLV$ZK< P<1DXKQ:TR1VGN\NXUEZQ
M:GZK:>>
VORNX @MR OR9,G\ UZPV\YNV\H,N:L)$Z@QZQNMZ[\ VLTV:H,V0TQEZKUZ@@&0TX@LPLO
MOXMOLK.WZQZUZP@V0LJMRT,MRLTLPOZQZUZP@V0PZLHS8UQSXU.NUT\$ZLS$ZSLKMZ[,$<
@ TK VX0LQVKLMVPZL'OZJ,H\NX H\NX Y.Z[,$< @$ZLSJXSTZ$ZLSPXNTZ$ZLS$ZSX Y.ZQZ@
QZQN%5P%<JX[LEQZV\LPLOMOXMOLK.WZQZ@@@^S0QZ`
SG $U4OR9,G\ UZPUZP { F0J\ OCJG\ KQ> V\H,DXK, ^EKXYFQ`> N:L)$Z$.Y:G\
KQ>MZ[\MZL[VP->VLTVCF>EZKUZYC.UZ>>
&0TX> LPLOLPO N\> MOLKMO LYF> .WZQZLHCNU8S KR M:GZ K<> V0LJQZO> MRQ,
SUPZTPZ>MRLTM,YG,$ZTPZ>V0PZLHVPZOH\ KQLPOZOH\ KQ> NUT\NUTZU Q\>
$ZSLK$ZS K,> MZ[,$<MZL[$Z M:GZ K<> TKDX4\ DXKQ: G\ LKUG\ LYF> VX0XLQLYNZU:
YOR1V0X?>VKLM$ZTPN$IROTZLYF>Y.Z[,$<Y.ZL[$ZM:GZK<LV LTVZOZKK0XG,K<>
JXSTZOXLN$ZKRLH$Z>PXNTZPZLH$ZG\ PRKTR1ULKT>$ZSX$ZS[\ $ZS{^O ]$ZLS
$T\$ZSXGZ UNY\.R`>JX[PZLH$ZG\LT0QJX[>>
$U4K\ QZQNM\K9\ PQXC.SUPZTPZ{LS$ZU\ OCJG\ KQDXK, $VO V\YN$.Y:G\ KQ>
K\%ZH, VCFMZ[PZONS5%8V0T:QZOR1YC.UZQK,1K<>>
&0TX> K\ %ZH, LMY\1  SZ[, SZ[, LYF LPO N\ LHNU8S KR M:GZ K< LTY\1 V\YN G,  $ZTPZ
SUPZTPZG\ QZOLPO,ULK0G,K<>S8UQVUELY$ZSNNUTZUQ\ LMVV\YN{$ZS[\ LYFO,Q
NULO$ZDXVG\ $0GULHKV8-S<GZKR M:G,K< LN KU4: SUPZTPZ$ZSK,$ZSK<DXVG\
LKUG\ LYF LYNZU:YOR1 V0X?KR M:G,K<$ZTPN$IROTZLYFDXVG,VPZ',OCJ,ULK0G,K<DXV
G\LKUG\LYFLHNSUPZTPZG,K,LV LTVZOZKK0XG,ULK0G,K<> DXV{LQ6FZEL[$ZULK0GZK<
LN SUPZTPZVZU\V0VZULYF$ZSK,OXLN$ZKRLH$ZK<L3U%,DXK$ZSPZLH$ZG\PRKTR1ULKT
K< KU4:LY$ZSNKR[NUN\ DXK$ZSK,$ZS[\$ZS{LVPULUKZK<>K\QZQNDXVPQXC.G\
$0GUR1%UPIUT\ PZLH$ZG\ LT0QJX[QZVKR M:G\ KQ DXKLHDX1SUPZTPZQZOLHNU8SKRLH$Z
ULK0GZK<LMY\1 SZ[,SZ[,LYCFLPON\LHNU8SKRM:GZK<>>>
YIK0VX PKOZ@S5%NU[NZU[VPU4ZUZP@U.X MJTX VJOG\ K4ZUZP@VPU4VU[ZMRJX
VX$ZP,LNnSZLQL'VX.GZTZ@K0DX NXUEZ[,GZVT\U\ LMQ,H\NX S&ZTZ@YUQX LFKQX QMZLHOL.$Z
N4QT\$N4Z@LEQY0LTQZQNVX[KXLEQT,S5%NU[NZU[VPU4Z@@^S0QZ`
SG $U4NU[LV56W,> NZU[P8O> VPU4ZV% TZNT: YZOZ> VJOVZUZ> G\G\
N\>VU[ZMRJXVUQ$ZH\G,VKZLHTZNUVN[YZOZ>LQL'A]ZQZ>K0DXP<1>LMQ,LMQ+:
Q\>YUQXU0J>LFKQXLQ6ZQ>N4QT\LE$ZQTR1>>
$U4K\ MJTG\ P8OS5%8K\ V%TZNT:G\ PZON $ZS[Z KC4G\ N\ VZU\ MJTG,UCL.$Z
NU> K\ V%TZNT: G\ PZON K\ VUQ SH\ G, VKZLHTZ NU VN[ YZO\ PZON K\ LNUSZ G\
A]ZQ\ K\ VX.GZT\ P<1 T\U\ DXKQ: V\YN: TR1 VGN\ M:GZ K: LMQ+: Q\ T\U\ QZO V:- SZH, K<> K\
S5%8T\UZNRH,U0JT\UZNRH,LQ6ZQGCLV$ZQK,1MZVNGZT\UZVU8SLE$ZQTR1EZKUK<>QZQN
E\QT,NUGZK<K\S5%8K\MJTG\P8OK\V%TZNT:G\PZONP\U,E\QT,VX[>>
H\LKM,$T\U\ T8 NUTZUZP@S5%G8.GUG%5PKUTZUZP@%5PG8.GUGLQYZLUL.QPLKUL.
O\KXG,QG<$ZOZ@PZTLSTZVX$ZLPVM[XV%XMJTXEZOJRSZOZ@MRVUL[$ZY<JX[LQ'ZQSZY<VR
EKXL9MQLPQPUTZ@LEQY0LTQZQNGZVXT\UZVL%M,$T\U\T8NUTZ@@^S0QZ`
SG $U4H\LK^O ] H\K TR1 EKXYFQ`> M,$^O ] M,DX TR1 EKXYFQ`> UKTZ
ULKT NUQ YZOZ EFZ[ YZOZ> LQYZLUG8U NU N\> UL. O\KXEFZ O<1GZ K<1> G,Q G<$ZO
G,Q: DXT\ GLH$Z NUQ YZO\ VX$ZP,PZON> JRSZOZK\ JRSZO LQ'ZQA]ZQ\> EKXL9
PX9>VL%VZU\>>
$U4K\ S5%8 V0VZUG\ LHKVZU\ M,YT\U\ KQT8u LHKQ:GZS<GZNUQYZOZK<1T8u V%M,Y:
{GXC.:NO\6:%UP:TR1EFZ[YZOZK<1>K\ G,Q:DXT\ GLH$ZNUQYZO\T8u VZU\ M,Y:G\ %UP
GXC.NO\6LHNL.QLYFG8UNUN\ EFZO<1GZK<1>K\ JRSZOT8u V%M,Y:GZ P:LSDX PZONT\
VCM[K<1VZUZMJTT\U\ ECF\ KQ>K\ S5%8M\K9ZM,YT\U,VUQ$ZDX1GZK< DXK T\U\ GUTR1T\U\
JX[:G\ A]ZQ\ KZVONUO<1GZK<DXKPX9QZKM0PGZK< QZKPUGZK<>K\ S5%8T\UZGZVQZQN
E\QT,NUGZK<MJTG\VZU\M,YT\U\KQT8uV%GZS<GZNUQYZOZK<1>>
$Z7SKUKLUL'$ZH,$< UZP@PQLHL&$9Z3OX SZH,$< UZP @ PQ LH& SZH,$< S5%X L'$ZH,$<
LPWLKMPN\ T5ZVZ@JRLEGX JZLH$ZVZ'V0JZLH$Z%H,S8UQ$ZVZ@TLMPZQX PRKX LYNZUVJO\
S5%8N<PLQ%ZH,$<@LEQY0LTQZQNLGQVXU<[,VGZKLUKLUL'$ZH,$<@@^S0QZ`
SG$U4L'$ZH,$<LVPUQZFZK,GZK<>LHL&$9ZLFTLY$Z>SZH,$<SZOH,GZK<>PQ
LH&PQG,NZPQZ>LPWLKLPWM:G\ KQ>TnZVZIU>VZ'V0JZLH$ZVZ'V0JLTLYF>
TLMTM N\ LT$ZJ N\> VJO\VZU\> PLQPQ LYF> %ZH,$<%Z MZH,GZ K< LS$ZUZ OCJ
SH,GZK<>U<[,UZT>>
$U4K\%ZH,$C7\SKU KUY\O\ SUPZTPZGZLVPUQNUQZFZK,GZK< LVPUQG,EUNLT
QZOS5%8 G\ GUTR1 PQLFTLY$Z3OS5ZSTNUOH,GZK<>K\ %ZH,SUPZTPZGZLVPUQNUQZ
FZK,GZK< LVPUQN,LT$: PQRNZPQZKZVONUOH,G,K<MPUZMG\ VZU\ VKP%, PXCN M:G\
KQ>K\%ZH,LMVPQXC.Q\VZ'V0JLTLYFMZN\JRLE0GG,LV LTVZOZKN,T,DXVG, KU\N
$ZVS8U,KRJH,>K\%ZH,$K0NZUPRKVZU\LYNZUG8UNUN\SUPZTPZG\PQLYF%ZMZH,GZ
K<>QZQNE\QT,NUGZK<K\%ZH,LGQUZTVGZSUPZTPZGZLVPUQNUQZFZK,GZK<>>
GLU YZMLK $QKT YZM\ UZP @ *LW *LW KLU JRLE0GX JZM\ UZP @ JRLYG JZM\ VGZ LEUZM\ $JP
$JRFUX D8FZ@JX[E\$0TLN&X NK[X QMZH,NRLHQVN< SK8FZ@$ZLSDXSZH\ $ZLSS5LTSZO\ M,$
M0TVL%VZM\@LEQY0LTQZQNVX.XQZLP%JT,GLUYMLK$QKGYZM\@@@^S0QZ`
SG$U4GLUGULYFLKUG\ LYF> YZMLKYCMG\ KQ> $QKGLHNUV OJZTZU KU
Y\O\> YZM\S5%8 G, LV LTVZOZK G\ YZM\> *LW *LWKU\N *W LYF> JZM\JCMGZ LGCVGZ
K<  S5TC. YCVGZ LGCVGZ K<> LEUZM\YCVGZ> $JP$SK0XF> $JRFUX $JRFUX> JR
LJ$ZQLH0Gn\>FUXSK0XF LMVTNLJ$ZQLH0LGn$:G,SK0XFQZKKR VN\>QVN< SK8FZSK0XF
QK,1VNGZ>DXSZH\S<GZNUGZK<>S5LTSZO\SZO[ZNUGZK<>VL%VZU\>QZLPQZPLYF
MXL9$: >YMLKYCMG\KQ>>
$U4 K\ %ZH,LMVPQXC.G\ LKUG\ LYFSUPZTPZG,LV LTVZOZKG\ YZM\ VGZYCMG\ KQ
LMVPQXC.G\LKUG\LYFLV LTVZOZKGZS5%ZYS5EOULK0GZK< DXV{SUPZTPZKU\NVU,ULYF
S5TC.YCVGZLGCVGZK<>
K\%ZH,SUPZTPZVGZKU\NVU,ULYFS5TC.YCVLUKZK<SU LNV\ FTXUZH,LV$Z[SG\ $ZVU\
DXVTNSK0XFQK,1KR VNG,DXVTNPQXC.G\ LJ$ZQLH0LGn$:G,SK0XFQK,1K<DXKV%TR1DXaFZ
K<>K\%ZH,SUPZTPZLYFE\$0TJX[KQDXVG\VU8SEZU\NX-LNKZQK,1MZVNGZNRH,PQXC.
DXVG\JX[:G\$A,UTNQK,1SK0XFVNGZ>
K\%ZH,SUPZTPZ$ZSV%{S<GZNUGZK<$ZSK,SZO[ZNUGZK<VZU\M,$M0TDXVQ\$ZS
K, E[ZH\ KRH\ KQ> QZQN E\QT, NUGZ K< SUPZTPZ G\ QZP LYF MXL9$: SUPZTPZ G, %JT,
N,LT$: $ZQ0G S5ZST K0XGZ K< LKUG\ LYF SUPZTPZ G, LV LTVZOZK G\ LHNUV PZQR YZM\ YCM
S<1G\KQ>>>
UZJXYIK0VXPKOZ*UX$OZK[,$Z
!VLTJXUS5VZLG@ '0QX LVU0GZ VFZ SZLTVZKX LMLQ MJX '0'< OZLH$Z @ PXKOLT SXQ, SZH, %U,
MZQ,$9Z*LTFOZLH$Z@MZQ,*LTFOZLH$ZLOL.$Z$ZLH$ZUX0Q\Y,UVEZH\@N:LH$ZK0V4,$Z
Y\&R9ZM:LGQSX0Q\ P\U,PZH\ @ M\KZ LOL.$Z T\KZ SZLH$Z M\KZ SXULE NPZLH$Z @ '0QX LVU0GZ VFZ
SZLTVZKXLMLQMJX'0'<OZLH$Z@@VZLKEX LVPUKX P\U\ %ZH,KR V%QZH\KX SLH$Z[Z@H\4< '0'ZN89Z
FZLU LGKZ $ZJ< VUSU MZ[Z @ $ZJ< VUSU MZ[Z LMDX LPKPZ[Z NZK\ JZUEX N,M< @ LMTX V\LY$<
GUJKVX.X SZH,$< QZPX LTV< NZO,M< @ $ZJ< KXNPX Q FO< P8O\ LVLU LVLU LN$Z LYKZ[Z @ VZLKEX
LVPLUKX P\U\ %ZH,KR V%QZH\KX SLH$Z[Z@@MR LTVX %ZY< V0P54VR 4,$< K,O9ZH\KX V0VZUR @MLO
4LOPK,$LOULYULK$ZVZF9ZLVUM[KZUR@VZFZLVUM[KZUR $O.$SZUR TZNZ$0TX QSZLH$Z
@ $ZLH$Z LTQ NZ V3OX %LH$Z K< LHN PLQ LMQ, L'$ZLH$Z @ )ZK\ )ZLK DXVZU\ $ZS\ KXNLP
VYZU[KZUR@MRLTVX%ZY<V0P54VR4,$<K,O9ZH\KXV0VZUR@@QZQNUX0QZEZEZMZ[,$<M\URY<OZLH
LS$ZUR @YZO\Y\ NZUL[ EZEZ URH,$< URY[X VJO LENZUR @ URY[X VJO LENZUR JZ3OX V0VZUR PZLH$Z
NZUL[ URY< @ F0JZ P0GZ LN&X V8-< QZK, LHKX TQX H\Y< .RY< @ $<4< $ZLH$Z V%X NR MZV, N8L9 NUKX
$K0NZUR@QZQNUX0QZEZEZMZ[,$<M\URY<OZLHLS$ZUR@@@^S0QZ`
$OZK[,$ZLNV\ G\ PUQ T\ JZH\ MZ[ YZO\ J,T> MGR1 NRH, S5Z[, PUGZ K< T: %ZH,FZU\ G,$:
]QZQ,$:LPON\ UR1G,$:KQ>LPUZV[DXVPU\ S5Z[,G,LV LTLYFNLYTZLMK,Y:JNRH,TXN
VXULYFS9+G,K<DXVG\ LSC&\ LSC&\ DXK,TXNVZU,$:]QZQ,$:UON\ VXULYFK,S9+G,$:KQT\
QZO QZO 4R9Z LSCWG,$: KQ> DXK LSCW[Z %, TZOLVU K0XGZ K<> LPUZV[ G\ DXV J,T {
$OZK[,$:LNKZM:GZK<>VLTJXU8 M,LHVUR[LSCW[YOR1YUMN\ SUPZTPZG,U]ZLYFTXUQ
T\DXVG,LV LTVZOZKNUQGZDXSG\6G\1G\KQ>
SG$U4'0QXYLI$ZY[MRJ>LVU0GZS<GZNUQYZOZLVUM[KZU>VFZVGZL4UULK[
YZOZ> LMLQLMV SZLT6ZK  Q\> '0'< PZLH$Z G\  $ZKU LYF> PXKOLTLPLO$Z VPZ>
SXQ,S0XQ,SXCMJH,S8U,KR JH,>SZH,SQ*9,G,LS$ZO,>LHVG\ K\7YZU&\NK0XGZK<
LMVG,UZK,1LS$ZO,LYFSZ[,$ZDX1GZULK0GZK<>S8U\ LHN*0W\ LYFLS$ZO,SZ[,QZO%UN\
SZ[,LYFIXCEM:G,K<>AZO,NUN\ LS$ZO,L3USZ[,DXaT\ UC.LGCT,M:G,K<T\ LHVTU+:LHN
LHN *0W\ GZ VPZ PO8P K0XGZ ULK0GZ K<> MZQ,$9ZLS$ZUZ VZ4, M,YZTPZ> *LT39 N\>
FOZLH$Z$CJ\ OZ LO$Z M:GZ K<> Y,U VEZH\VZU\ Y,U VZU\ VCM[ V0E0',> K0VM,YZTPZ>
S0XQ\SXCJJH\PXCNJH\>PZH\K\P:SXULEPUQTR1SLKO\VP\LYF>>
SLH$Z[ZN8F>H\4<LHVV0VZULYF>VUSU]U8U>LPKPZ[ZS5ZKX[Z>JZUEX$K0NZU>
LMTX V\LY$<LMVGZLVPUQN,LT$:>P8O\LEONXO>LVLULVLUKU\NG\ LVUDXaT\>LN$Z
N,TZ$ZSR$ZS[ZN,TZNUP>LYKZ[ZE,TGZK<>>
V0P54VUE6NT,PZQ>K,O9ZEKZQZ>V0VZUR %ZY V0VZU,M,Y:GZDXaGP>PK,$LOPK,
TLO 'UT, G\ TO DXSU 'UT, G\ DXSUO\ SXOZ9 LYF $ZNZ6 LYF> $O.$LGn6W> LHN
PLQLHNPQG,UZK,1VXULTMR9N\>)ZLK)ZKN\>KXNLPKXNP$QXVZU>>
EZEZK\ %ZH, U0XQZ MZ[,$<VK, Y<UZJ LYF $ZLH$Z VP-R> YZO\Y\ NZUL['QSGZU4 G,
AZTU>LENZURE\NZULY$U4>JZ3OXE\AEUOZSUYZK>.RY<QZVNUGZK<>N8L9
QZVY0TMJTG,AZTU>>
$U4LMV S5%8  Q\ MJT { PZLH$Z G\ $ZKU LYF OZ UCL.$Z K< DXK, LVUM[KZU SZLT6ZK
YLI$ZDX[MRJ K<> LNDX1LN DXK,  VGZ NZLHP ULK[ YZOZ K<> M,Y LYFZU\ G, NRH, S:LH$:
QK,1 MGR1M,Y{LPLO$ZVPZPXCNM:GZK< MGR1LHVG,DXPUG,LS$ZO,%UM:G,K< T: VU,U
G\  LS$ZU\ VZ4, { 39 N\ $CJ\ OZ LO$Z M:GZ K<> DXPU GZ VPZ PXCN[ T\  MGR1 SUPZTPZ GZ
LOL.$Z KXNP $DX1GZK<VU,UG\ LS$ZU\ VZ4,M,YZTPZ{39N\ $CJ\ OZLO$ZM:GZK<T\ VZU\
VCM[V0E0',UR1G\ KQ>K\ P\U,P:MGR1DXPUG\ LGQ S8U\ KR M:G\ KQ T: VU,U T\ M,YZTPZ GZ
VGZOH, LY&R9ZKRM:GZK<> DXV$0TVP\TR1 SLKO:SLKO:MRMRNUPM,YQ\NPZLH$ZK0XGZK<
DXVDXVG\$QXVZU LMKRLMKZV0VNZU:GZO\. DXVG\PC4\T\ LOL.$ZM:GZK<DXKRLMKZ3OM,Y
S:GZK<>
LMV Q\ MJT { PZLH$Z G\ $ZKU LYF OZ UCL.$Z K< DXK, LVUM[KZU SZLT6ZK YLI$ZDX[MRJ K<
DXK,VGZNZLHPULK[YZOZK<>>
K\ P\U\ %UZYR VGZL4U PZONS5%8 GZLVPUQNUR> GXQ,$ZTR1 LHKN8FV%Q:Q\ K,NUQZ
K<>GXQ,$ZLYFPZLH$ZGZ-87Z$ZKUFZULGQ:OH,K,K< KU\NQ\ K, LH4R1$J:K SUORN
LYF  ]U8U FO\ MZ[Z K<> LH4R1 $J:K ]U8U KU\N Q\  FO\ MZ[Z K< LH4\ MJT LYF  $V,
SUZKXL[$:Y:JK,K: LNV\Y,'QSGZU4$ZLGNGZ PZ[NUQZLY$U4K<>DXVSUPZTPZGZ
K,QZPLVPUQZFZK,GZK<LMVG\LVPUQQZOSUPZTPZG,K]8U,LYF$ZTPN$ZQ0GLPOGZK<>
MJTLYFT:'QSGZU4YZO\ GZKXNPFCOVNGZK<SU SUORNLYFLNV\ GZ%,KXNPDXaNZK,
QK,1FCOVNGZDX4\T:KU\NG\LVUDXT\ $ZSR$ZS[\ N,T\$QXVZUE,TG,K<>
K\ P\U\ %UZYR VGZL4U PZONS5%8 GZLVPUQNUR> GXQ,$ZTR1 LHKN8FV%Q\ K,NUMZ[Z
K<>>
MJTG\M,Y:GZDXaGPT:LHNEKZQZK,K<K0XGZDXK,NX-K<MRDXVVUE6NT,PZQS5%8{%ZDX1GZ
K<>DXKVGZL4UULK[YZOZLVUM[KZUSZ[,LYF'UT,LYF$ZNZ6LYFKU4:P2M8GK<>DXK
S5%8 VGZL4UULK[YZOZK< V%GZS<GZNUQYZOZK<$LGn6WK<E\$0TK<NRRH,%,M,YDXVG\
JX[:GZ$0TQK,1OC%VNGZ>MJTLYFM0P[ZDXKQ:GZK,V3OLNKZM:GZK<LMQ+:Q\DXVE\$0T
S5%8{VXULTMR9N\LVPLU$ZK<>DXKSUPZTPZ$ZSK,MJTUFQZ{)ZKG\1GZK<)ZKN\$ZS
K,L3UE[ZO<1GZK<DXK$ZS[\KXNPLYFM,Y:{F0J\M,YQYZO\E[:GZK<>
MJTG\ M,Y:GZDXaGPT:LHNEKZQZK,K<K0XGZDXK,NX-K< MR DXVVUE6NT,PZQS5%8 {F0JZ
OCJGZK<>>
K\ QZQN $Z.LY&X9\ VQE0',$:G,P2TT\ T:KUNRH,Y<UZJLYF$ZM:GZK<SULHKY<UZJ
LNV\$U4QK,1 K\%ZH,DXV\PQXC.{VK,Y<UZJLYF$ZLH$ZMZ[RMRLS$ZUQZO SUPZTPZG\
LPOZSG,AZTU Y<UZJLYF$ZDX1GZK<>K\ %ZH,GXQ,$ZG\ 'QSGZU4G,AZTUMR URY,GZK<
DXKUR[ZVZUZK,LY$U4M:GZK<>SUPZTPZYOR1%XCOZKRLH$ZMJTPZLH$ZG,AZTUUR1GZK<LHK
VZUZK,UXGQLY$U4K<> LHVUR[QZO PQXC.{F0J\ P0G\ N0PG,S&Z[QK,1$ZDX1G, PZLH$Z
G,AZTUUR UR N\ LHVVU,U{LY$U4K,QZVNUO<1GZK<>K\ %ZH,KU\NM,YMR MJTLYF
MQP O< N\  $ZLH$Z K< $ZS[Z VPZ PXNZ N\  FOZ MZLHJZ QZVY0T MJT G\ PRK LYF 3V N\
LY$U4 PZ[NUG\KR>
K\ QZQN $Z. K\ %ZH,DXV\ PQXC.{VK,Y<UZJLYF$ZLH$ZVP-R MR SUPZTPZG\ LPOZS
G,AZTU LS$ZUQZOY<UZJLYF$ZDX1GZK<>>>
YIK0VX PKOZ  @ $ZYKX LPOKX VK\O,KR VF9Z QZPX OH\K: @ URYK LEUKZ TQ NZ $ZS[Z VZLKEX
V0P#ZO\K:@VZLKEXVP#ZLOKS04XLQKZLOK$VZL%(4<MZ[Z@LMVNZN,$ZLTQK,O,$ZKR$ZLTV<
NZ%Z[Z@MRLTLQNLUSZLH$ZVX$ZJ<$ZLH$Z$V,LNKXNPXNU\KZ@$ZYKXLPOKXVK\O,KRVF9Z
QZPX OH\KZ@@PU[X QP0GZORNZ$Z.,$< M\ PLUMZ[< $<VZNRLH@V\LYKX VZLKEX V0P54X $ZS[ZS04X
VXK\OZ$ZJ< KRLH@S0L4VXK\O< MZYKX T:3OX SZYKX $ZJ< LPO< YIZH,@%\W< LVDX MZYKX VLFVPZYKX
T:SLTO\.<SZH,@PKO,MZLHSZYKX.VP<%ZYKXU0JLVDXUO,$ZPZ[<@PU[XQP0GZORNZ$Z.,$<
M\ NRH,PLUMZ[< @@PU[X PX[VZV8LU$ZKNX K< MR KRLHPULQSUYZ[R @V8U\ V\H,$ZJ< $Z.,$LK
GUJK SZYLK VZF, PZ[R @ GUJK PZ[X SZYLK SLT LVDX MZYLK $ZJ< G8.X Q OZJ< @ NLU H\NX
L'$ZYLKT:3OX SZYLKLMTX V\LY$< %DX %ZJ< @D8FZQK,NK[ZPQPLKUK[Z$ZS\ MZ[< MZ[R @
PU[X PX[V:V8LU$ZKNX K< MR KRLHPULKSUYZ[R @@QZQNLNVQR EZEZURH,$< EZM,K< LHKX V0VZUR
@ N,TZ Y\.< VZLKEX $ZS[Z NXGULT NU\ E,FZUR @ NXGULT E,FZU\ 'ZU[ 'ZU\ LMLQ N,$Z VR MZ[< @
$ZS\ Y\.< $ZS\ E8-< $ZS\ KXNPX S&Z[< @LMLQLN&X N,$ZVRH,MZ[< TZNZU8SX $SZUR @QZQNLNVQR
EZEZURH,$<EZM,K<LHKXV0VZUR@@@^S0QZ`
$U4OH\K:$V, OH,H\> VF9ZVGZL4U ULK[ YZOZ> URYK$V, URY,H\ $V, $ VRV
NU,H\> LEUKZLY&R9Z> TQVU,U> VP#ZLOK$V, ;ZG NU,H\> S04XUVTZ> LQKZLOK
$V,Y\.,H\>N,$ZS<GZN,TZ>O,$ZYZSVO<LO$Z>%Z[ZU]Z>LTLQDXVM,YQ\>>
ORNZK\ ORNR $<VZ$M\K, P2T> V0P54XV% TZNT: YZOZ> VXK\OZV2.Z> S0L4 VXK\O<V2.\
UVT\DXT\>$ZJ<S5%8G,K]8U,LYF>YIZH,LHC]T>%\W<LVDX QZPG, %\WZO<N\>VLF
VGZL4U S5%8 LYF> O\.<N,T\ NUP: GZ LKVZE KR[ Y\O\> PKO,K]8U, LYF> U0J LVDXS5\P
QZO>>
KNXEUKCN SUYZQ> MRM\K9\> V8U\V8UP\> PZ[RLHC]T> SLTLHC]T> NLUNU N\
P0QN\>D8FZ$K0NZU%U,JCO>MZ[RMZ[QKZUS5%8>>
EZM,.\I>Y\.<V0%ZONUGZK<>NXGULTUF,LV56W,>'ZU['ZU\$ZVUZG\1GZK<>>
$U4K\ VK\O,KR K\ VTV0J, VCM[R  $Z( UO N\ E<7,H\ T\ SUPZTPZ GZ VGZL4U ULK[
YZOZQZPLVPU,H\>$Z(S5%8 TR1$ZS[\ LY&R9\ GZPX9PX9$ VRVQZOF\TZNU,H\ DXKLY&R9Z
G8UNUQOH, PZONS5%8 {;ZGNU,H\>$Z($V,PZON{LKUG\ LYFYVZH,H\T\ DXVUVT\
{TCN,H\ LMVUVT\V%MZUK\KQ >$V:%, $ZLAU DXVSUORNLYFMZ[ZK< LM4\ $Q\N:MZ
FXN\ KQ > LNV\ G\ PUQT\ UR[ZLY$U4K< LMVS5%8 GZLHKS<GZN,TZKRLH$ZV,DXV\ Q\ LM0G
YZSVO< OH,K<DXV\ G,U]ZKRH,K<>LH4\ MJTLYFM,YQ\ MR NX-N,TZ PUQT\ DXVG\ $CJ\
$ZM:GZK<> LHVUCE,LQ;P$CJ\ VZIZNRH,]RUQK,1F9+VNGZ>
LHVYZVT\ K\VK\O,KR$Z(UON\E<7,H\T\VGZL4UULK[YZO\S5%8GZQZPLVPU,H\>>
K\ ORNRP2T{PZ9ZQZK$Z.R P2TF0J,K<SUTGR1K, M\ NRH,PQXC.DXVTU,N\ QZO LMD8 N\
PUQZMZ[GZKRY\> DXKTU,NZLHKK< LN $ZS[\ VUE6NT,YZQPZON{LVPUR T:LNM,YQ
G\ V ULYF UVTZV2.ZKR MZH\ LVPUQG,EUNLTQZO V2.\ M,YQUVT\ TXURJ\ T:LHVGZ3O
%,LPO\JZT\ S5%8 K,K]8U,LYFLHC]TLPO\J,>M\ S5%8 G\ QZPG,%\WZO< N\ MZYRJ\ T:DXVVGZ
L4US5%8LYFLHNU8SKRMZYRJ\N,T\NUP:GZLKVZEKR[Y\O\LHC]TLPO\J,S5%8G,K]8U,LYF4:
S5ZSTNURJ\T\.VPS5%8{F0J\OCJRJ\> M\K9ZM,YLHK%\WZO<N\M:GZK<DXK S5\PQZO$ZTPN
$ZQ0GPZ[GZK<>
K\ ORNR P2T { PZ9Z QZK $Z.R SU LHV JCO { DXK, VP-GZ K<  M\K9Z LHV TU+: PUQZ MZ[GZ
KRY\>>
M\K9\PQXC. M,D81LG$:K,S5%8G,$:Q]U:LYF NE8OKRN\PUG\KQDXKV8UP\KQDXKQ:GZPUQZ
%, ORNSUORNLYF VOZLK$ZM:GZK<>S5%8G,K]8U,LYFDXK,E0G\V8UP\$Z.\M:G\KQDXKE0G\
VGZL4U S5%8 G, GUJZK LYF $ZGU S:G\ KQ> DXK GUJZK LYF LHC]T S:G\ KQ LHC]T QZO
LH4R1 M:G\KQT\$J:KSUORNLYFDXKQ:{NRH,GXC.QK,1LY$ZSGZ>DXKE0G\SUPZTPZ{ KU
4: LY$ZSNMZ[N\ LVPUG\ KQDXVS5%8 G\ GUTR13OS5ZSTNUG\ KQLMVGZLVPUQN,LT$:
KU\NLNVPGZ IUG8UKRM:GZK<>
K\ %ZH,  $K0NZU GZ ERO QK,1 ERO[Z FZK,GZ $ZS[\ $ZS { NZE8 LYF UC.[Z FZK,GZ K< DXK
$0TUMZP,S5%8KU\NG\LGOG,$ZSK,MZ[GZK<>
M\K9\PQXC. M,D81LG$:K,S5%8G,$:Q]U:LYF NE8OKRN\PUG\KQDXKV8UP\KQDXKQ:GZPUQZ
ORNSUORNLYF VOZLK$ZM:GZK<>>
K\QZQN $Z. K\%ZH,LHKMJTLHN.\IK< .\IE[G,)LK0G,K,ULK0G,K< LNV\G\PUQ
T\ UR[ZLY$U4K<>PZONS5%8 $ZS[\ S<GZN,T\ MJTG,$ZSV0%ZONUGZK<$ZS[,UF,UFQZ
GZ$ZSL'$ZQUC.GZK<>S5%8 $ZS[,UF,UFQZGZLA$ZOUC.GZK<LHV{$ZVUZVKZUZG\1GZ
K<LMVQ\ MJTULF$ZK< DXK,LHVG,$:OR9:%,MZ[GZK<>S5%8 $ZSK,V%G\ N,T\ NUP:{
Y\.GZ K< $ZS K, V% G\ LGO: G, VP-GZ K< $ZS K, $ZS[\ KXNP { S&Z[GZ K< LN LNY\1 LHK
KXNPMJTLYFYULT$ZMZ[ZK< >
LMVS5%8Q\LHKMJTUFQZN,T,KRH,K< DXK,LHVG,$:OR9:MZ[GZK<>DXVS5%8 GZVU8SE\$0T
K<>
K\ QZQN $Z. K\ %ZH,LHKMJTLHN.\IK< LH4\ MR *L9$ZK< DXVQ\ %CM[ZK< LNV\ G\
PUQT\UR[ZLY$U4K<>>>
YIK0VX PKOZ  G.[, @ VFX LVU0GZ VFZ MZ[,$< VF9Z SUYGJZUR @ LMLQ $ZS,Q< $ZSX VZLM$Z
VF9Z$O.$SZUR @GXLHSX9MRL9LY&RL9$QX JXULEQX *RUX $0'ZUR @V8UMX F0GX LVULM$QX $LKLQLV
FOTX Y,FZUR @@ VF9Z VZLKEX VFX T8 VF9Z G\LK LS$ZUR @ UKZDX @ TX'X LVUM, P\GQ, GX.X VX.X
G\Y[KZUR @QZU,SXU.LVULM$< LE.X PZLH$ZPRKX LS$ZUR @.Z[,EZ[,T\U,$ZG\LKM,$Z$Z'ZUR @
NXGULTT.TX UFZLH$ZVLFLQE\9[KZUR @@$ZYZJY[X LVULM$ZT8 L4UX NU[<KZUR @M0P[X PU[Z
$ZLH JLH$Z EL'NX M,DX LENZUR @ %8I9< QZPX LYVZLU$Z E8I9< LN$Z LTVX FZUR @ JX[ &RLI LE.X
OLG$Z$YJX[NZY[MZUR @@VG9\ $ZH\ LTQZMZQ,$ZKXNLPVF\ NUTZUR @QZU,SXU.LY&X0LQ$Z
LY&XL9$ZP\O[KZUR@U8SXQMZ[<VRK[,$<KXNLPE',LVLUNZUR @EZONLEUL'QMZ[Q,TR9LQK\TX
LS$ZUR@@QDXGU7ZN\KXNLPVF<K0VXJLH$ZJ<[ZU\@VZ'Q&XW,PX7,-8L7LY'[,$ZLPUTN9Z
$0_Q9\ EZU\ @VXULTPXH,PUX PZH,H\ PKOUX0Q,GUEZU\ @URYKX N0TPK\O,KR VF\ N\ JX[VZU\ @@
MLO PLO MZQ, QZYZLO$Z NSL9 SLW $0EZU\ @ YZM\ YM\ VF, EZ[,$Z S0F PXH\ PQX PZU\ @ MZQ,
LY&X0Q9\P\UZPU[X%LH$ZL'5JXM,Y[XV0VZU\@M,YTXPU<VXMZ[,$<LSUVF9<K\LTLS$ZU\@@TXV,
URYKX URY[$ZH,KR -8L7PX7,V0VZU\ @KDX PX79,'0'< 'ZY[,$ZLSLU&RLI$9,LY'[NZU\ @*LU*LU
N0TX PK\O,$ZU89< K\LTLS$ZU\ @P< LSUX VFX VZOZK[ZKDX UKLV$9,QZLP%TZU\@@JXLULPLO$<
Y\VX SOLW$Z VZ 'Q VFX V,JZUR @ $ZYKX LPOKX VK\O,KR LVPUKX LVUM[KZUR @ EH,$LU QZLP
VXRKZJ[,VFXVYZU[KZUR@JZYKXJ,TXQLEUK9ZQZQNE5KPE,FZUR@@@^S0QZ`
SG $U4VFXVGZL4U ULK[ YZOZ> LVU0GZLVUM[KZU S<GZ NUQ YZOZ> VFZVGZ
L4U>SUYGJZURSZO[KZU>LMLQLMV LVUM[KZU Q\>$ZS,Q<^$ZLSK,Q<`$ZSK,>
$ZSX$ZS[\$ZS{>$O.$LGn6W>GXLHSX9GRY\1SX9 'UT,T\$ZNZ6 >LY&RL9$QXDXV
Q\LY&R9LGCT\KQDXVQ\Y.Y.NULGCT\KQ>*RUX$0'ZUR*XCSKQ\UZ>LVULM$QXDXVQ\S<GZ
N,T\KQ>$LKLGQ>LQLVUZT>FOTX MJT TPZ6Z>>
G\LKT8uG\1GZK<1>UKZDX>
LVUM,S<GZ N,T,> P\GQ,'UT,> LVULM$<S<GZ NUQ QZO> LE.X]LKU> .Z[,MJT
DXTSCT, G\ FZU YV,O\ $0IM M\UM V\TM DXT%XM > EZ[,M,Y: G,$: ERO,$:> M,$ZM,Y:
{>$Z'ZUR$ZVUZ>VLFVGZL4UQZPLYF MR9N\ >LQE\9[KZUR <VOZNUQYZOZO\.Z
PXNZ[YZOZ>>
$ZYZJY[XMQP PUQ GZ J\9> L4UXVGZ NZLHP ULK[ YZOZ> $ZLH JLH$ZM0LP$Z T\ PU
LJ$Z>EL'NX PRKLYF EC-ZKRLH$Z>M,DXM,YZTPZ>%8I9<%<9\ Q\>E8I9<IXCE\ KRH\ GZ>
FZU\FZUZ]RU>Y[MZURYSZU,>>
MZQ,$Z VU,UG\VZ4, M,YZTPZ{>KXNLPKXNP$QXVZU>VRK[,$<V0XGU,GZ>LVLULVU
DXT\>>
QDXGUQ2GUYZM\Q2JRON: P08KN0QQZV:$C.:JXGZLO0J >7ZN\E0GN,T\JH\>
K0VXM,YZTPZ>J<[ZU\$ZNZ6LYF>VZ'QLHVTn,N:LH$: M,YZTPZG,LHVTn, >&XW,
LHNCO, ULK JH,> LY'[,$Z^LY'[,` LQ.VP,> LPUTN9ZORE> $0_Q9\Y\K9\ LYF>
PZH,H\K\ PZH\PUXP2T>PKOLHVTn,>GUEZU\GO,M:LYF>VZU\VZLUV0%ZON\F\T\
NUN\>>
MLOSZ[, QZO> PLOPO N\> MZQ,LS$ZU\ V0E0',$: Q\> SLWU\6P QZO> $0EZU\
$0ELUNCS9\QZO>NSL9NCS9\QZO>VF,EZ[,VGZL4UULK[YZO,EZ[,UZPQZPVLT
K<>YZM\ YM\EROERO\ MZ[OCJSH\>S0F P:LSDX %UZLHVTn,SXTn V0E0',>PXH\=PQZO
PRLH$:YUJ\KRJH\>PQXPZU\PQXPZLUPQPZUN\=P.ZN\>>
-8L7N89\ PRK Q\> PX7,OXCLW$Z K<> KDXP<1> 'ZY[,$ZPZLH$Z G, G29%CM LYF> '0'<
PZLH$ZG\$ZKULYF>LSLULSUQ\.VPS5%8Q\>LY'[^LY'[,`LQ.VP,>LY'[NZU
LQ.VP,$: YZO, NZU> *LU *LUKU\N G\ LKUG\ LYF> PK\O,$Z M,YLHVTn,$:> U89<V0XGU
S5%8  G\> K\LTS5\P LYF> VKXVGZL4U ULK[ YZOZ> KDXP<1> UKLV$9,L.9, KRH,
S5V0Q>QZLPQZPLYF MX9N\ >>
JXLU LPLO$<M\ JXU8 LPO SH\> Y\VXN:LH$:> VZ 'QM,YLHVTn,> EH,$LULHVTn,>
QZLPQZP LYF MX9 N\ > LEUK9ZLY&R9Z> E5KP E,FZURSUPZTPZ G\ JX[: GZ LYFZU>
VRXKZJ[,^$C.UVG\ QZOGR OJ:KQR T\ X> $VO O ] VRKZJ[, K< LH4\ VXKZJ[,
S9+QZK<`>>
$U4 K\%ZH, LQ6FZNURLNMJT{S<GZNUQYZOZSUPZTPZK,VGZL4UULK[YZOZK<
DXKVGZL4US5%8 M,Y:G, SZO[ZNUQYZOZK<LMVVGZL4UQ\$ZSK,$ZS[\$ZS{ MJT
G\U8SLYF SUJWN,TZKRLH$ZK<DXK$LGn6WK<T\E\$0TK<>
'UT,T\$ZNZ6MJTG\ GRY\1SX9MR9N\ %ZYMJTUFQZNUN\ DXVS5%8Q\M,Y:{PZLH$ZG\
PRKLYF3VZN\$ZS[\QZOR1LY&R9LGCTZK< %ZYLHKS5%8G,U]ZK<LNM,YPRKLYF3VN\S5%8{
%XOZE<7\KQ >JXU8TR1LEQZ MJTLYFPZLH$ZG\PRKGZ *XCSKQ\UZK<>
DXVSUPZTPZQ\K,V8UMT\F0GnPZE[ZH\KQ V8UM LGQY\O\ F0GnPZ UZTY\O\ FZQ[G\1GZK< >
K\%ZH, F\T\UC.RLNS5%8GZE[ZLH$ZLHKMJTTPZ6ZK<>>
K\ S5%8 T8u VGZ K, L4U ULK[ YZOZ PZON K<1> T8u $ZS K, V% M,Y: { VGZL4U ULK[ YZO\
LS$ZUG,GZLTG\1GZK<1>UKZDX>
K\ S5%8 T8u K, LV56W, S<GZ N,T, K< M,Y: {  GXC. T\ VX. G\[ YZOZ %, T8u K, K<1> MJT LYF
LHVTn,$: T\ PUG %, T8u S<GZ N,T\ KQ PZLH$Z ]LKU GZ PRK T\ LS$ZU %, T8u K, E[ZLH$Z K<>
M,YDXTSCT,G,$:FZU.Z[,$:T\M,Y:G,$:ERO,$:%,T\U,$:K,UF,$:KRH,$:KQ>V%M,Y:
{T8uK,$ZVUZG\1GZK<1>K\S5%8LHKVZU,UFQZ U8S TATT8u $ZS[\ E<7[YZVT\ E[ZLH$Z
K<$ZS[\VGZL4UQZPLYF MR9N\M,Y:G\NUP:G\O\.%, T8u$ZSK,PXNZ[YZOZK<1>>
K\NU[KZUNUTZU M,Y:YZVT\ MQPPUQGZJ\9T8u K,S<GZN,TZK<SUT8u $ZSVGZNZLHP
ULK[ YZOZ K<1 T<{ LHK J\9 LY$ZS QK,1 VNGZ > PZLH$Z G\ PRK G\ NZUQ  LYNZU: LYF EC-Z
KRLH$ZM,YLQCTM0PGZK< T\ PUGZK<LHV{MQPPUQGZFCNULS$ZK,ULK0GZK<> PZLH$Z
G\ PRKLYF3V\ %<9\ M,YQ\ T\UZ QZP%XOZLGCTZK<PRKLYFIXCE\ KRH\ G,NRH,S\6QK,1M:G,>
JX[:{&CIN\ LYNZU:GZ ]LKULHVM,YQ\ LHNC7ZNULO$ZK< MJTLYF$ZN\ VZU,DXPU
$2JX[:GZK,Y[MNUGZULK0GZK<>>
MGR1VGZL4UULK[YZO\ NUTZUG\ KXNPLYFDXKQ:LS$ZLU$:{ LH4R1N8FNUQG\ VCG\ $ZDX1G\
KQ MRLH4\LHNC7\M,YQLQUEZKNUUK\K0XG\KQ T: LHNC7\ULK[YZO\ LHVTn,PUG:G\LY&R9\KR
M:G\ KQ LHVLY&R9\ {NRH,P\WQK,1VNGZ >LY&XL9$:{T:SUPZTPZ$ZSK,P\O[G\ VPU4
K<> MPUZM G\ LVU DXT\ %, SUPZTPZ G\ KXNP LYF K, P2T G, UZK,1 M,Y: G\ LY&R9\ NUQ G,
L]0P\YZU,V21S,KRH,K<NRH,MPLNV\V0XGU,G\U8SG,SUYZKQK,1NUVNGZ LNLHVV0XGU,G,P2T
QZK LO$ZY: > MP ECLF$: T\ EXCL)$: G, %, SUYZK QK,1 NUG\> V% GZ $ZSR LYF GZ  PRK
LS$ZUTR9G\1G\KQ>>
MGR1VGZL4UULK[YZO\ SUPZTPZG\ KXNPLYF P2TGZVCGZ$ZDX1GZK< T:VU,UG\ Q2 GUYZ]\
E0GKRM:G\KQM,YZTPZ LNT\ $ZNZ6LYFFOZM:GZK<> LMVLHVTn,GZST,PUM:GZK< DXK
LHVTn,LHNCO,ULKM:G,K<DXKPZLH$ZG\ PRKLYFOXCW,M:G,K<DXKLY'YZKR M:G,K< DXVG\
ST,G, OR4*UG\Y\K9\LYFSH,K0XG,K< LMV{Y\.Y\.N\ DXKLHVTn,GO,M:LYFE<7,UR1G,K<
T\$Z.G,K< K\PZH\LHVP2T {Y\.N\ P\U,$NOLWNZ[\QK,1ULKJH,>
K\ S5%8N0TG,LHVTn,( K\ M,YLHVTn,(VU,UG\ LY&R9\ GZLHKLVOLVOZLWLN$ZK,ULK[Z
K<LNV\Q\LH4\VGZE<7QK,1ULK[Z TXV,VGZL4UULK[YZO\ SUPZTPZG,LV LTVZOZKLKUG\
LYF V0%ZO N\ S5%8ST, G\ LY&R9\ { F\T\ NU N\  Y<UZJ$YV4Z LYF $Z( TGR1 K, M,YQ V3O
KRY\JZ >
VZNV0E0', PU\ S5Z[, G, OR4 {  SZ[, QZO PO N\ LH6QZQ NU:G\ KQ T\ U\6P $ZLGN  NCS9\
QZO OS\WG\KQ > DXV{PVZ[:LYFO<MZ[YZVT\ UZPQZPVLTK<G\ERO6XU8KRM:G\ KQ
P:LSDX%UZSXCTULHVTn,$ZLGN LQNW,V0E0',=PQZOPXLH$:YUJ\ KR M:G\ KQ> DXVG,
LHVTn,UR1G,K< T\ $Z.G,K< VZ4,G\ PUQQZOP<1%,PRLH$ZYUJ,KR JH,K:KX[V0VZULYF
P\U\M,D8[{L3WNZUK<>
SULHKPRKT:]U8UGX.GZH,K<LHKVU,UNLY&R9\ KR[\ K,KQK: M\K9ZM,YVGZL4UULK[
YZO\SUPZTPZG\LS$ZULYFS5\PLYFLWNN\MJTLYFLNUTNZUNUGZK,PRKYOR1PUGZK<DXK
SUPZTPZG,K]8U,LYF $ZGUS:GZK<>>
K\ M,YLHVTn,(LMTQZLFUV0VZULYFTXKZ{PZLH$ZG\ PRKQ\ 7CLJ$ZKRLH$ZK<TXV,GXC.,K,
UKRJ,$: LHK,VPL-$ZMZLHJZLN TXV,GXC.,KR[YZVT\K,MJTLYF$ZH,$:KR>
MGTNP<1PZLH$ZG\ $ZKULYFPZLH$ZG,G29%CMLYF7CJ,MZUK,K:TGTNLQ.VP,$:
YZO,NZUG\NZUQ.VPS5%8Q\P<{&CLI$ZKRLH$ZK<>
.VPS5%8 T:KU\NM,YLHVTn,G\ LKUG\ LYFYCVLUKZK<>DXVG,$:$VOLHVTn,$:DXK,KQMR
DXVV0XGUS5%8G\LS$ZULYFS5\PLYFPJQULK0G,$:KQ>
LMTQZLFUP<1VGZL4US5%8ST,G,LV LTVZOZKNUG,K:DXVAVPG\ QZPLYFMX9\ ULK[G\
NZUQP\UZTQPQL.L9$ZULK0GZK<>>
M\ JXU8 LPOSH\ T:M,YLHVTn,G,N:LH$:K,SOWM:G,K<M,YLHVTn,VGZL4US5%8 G\ QZP{
$ZS[ZLV0JZUE[ZO<1G,K<>
K\ VK\O,KR K\ VTV0J,(  $Z( UO N\ E<7,H\> UO N\ LVUM[KZU GZ LVPUQ NUR> M\K9,
M,YLHVTn,S5%8G\QZPLYFMX9G,K<DXKVXKZJ%ZJYZO,KR M:G,K<VGZL4US5%8 DXVG\ M,YQ
{VRK[ZE[ZG\1GZK<>K\ QZQN $Z.K\ VK\O,KR S5%8ST,G,LV LTVZOZKG\ J,TJZYR
S5%8 G\ JX[:{$ZS[\ LKUG\ LYFYVZDXL3UNG\ DXVTR1LY&R9ZQK,1KRY\JZ GXQ,$ZYZO\ LY&R9\ T:
LHN$WCOLQ;PK<LHKK0XG\K,ULK[\KQ >>>
YIK0VXPKOZ@LMLQMJXLVULMVPZLH$ZVRVZLKEXNXGULTMZ[RYZ@VF9ZG8LUQ%ZO,$<*LW
*LWVEGX S&Z[R YZ@VFX VEGX S&Z[KX G8LUQMZ[KX LMLQH\KUFQZUZF,@QZPX L'$ZH\ TZVX.X
SZH\LEQXQZY<LS9NZF,@LMLQ4ZS,LEL'MZ[<VRH,LN$ZNRNK<Y.Z[R@LMLQMJX4ZLSYTZLH$Z
MZOXR VR VZLKEX SUYZ[R @@ EZEZ $ZLH$Z K< DXL7 FO[Z $' S0'< K< V0VZUR YZ @ LVLU LVLU VF9<
LOL.$ZGX.X VX.X SXULEY,FZUR YZ@GX.X VX.X G,$ZM\KZN,$ZVR LQEK< M,$QZO\ @M\K\ NUPNUZH\
NUTZG8M,NZUQ%ZO\ @$ZLSLQUZOPX '0'< EZ',NLUKXNPX &IZY[KZUR @$MX NLONULG$ZNZOX
LE$ZS< G8M< %ZLHLYNZUR @@MPPZUJS04X QVX-H,DX-9X $0'JXEZUR YZ@QZMOX O\3TXOZH,$Z
QZ%RMQSUNZURYZ@%RMQ%ZDXQ70)ZSZ[,QZNZS9XV,JZUR@JLOV0JOXLVLUPZU\ D8%2 QZG,V<
*UEZUR @LHEN\ UZK\ M0PLQQZK,S&XTZ[\ LVLU%ZUR @LEQX VZF\ NR E\O,QZK,VZFZH\KX E,FZUR @
@EZEZURYLKUYLKVX MZ[,$LKLPLOURY< JX[VZU\ YZ@URY< PZLH$ZPX79,'0'9ZURY[KZU\ YZ@
'0'Z URY< P<OX Q 'RY< VXSQuTUX V0VZUR @ LMDX EZM,JUX %UP< %8O< -8L7 PX7, $K0NZUR @ $ZS\ PZULJ
SZY[KZUZ$ZS\NUPNPZH\@QZLPUT\JXLUS8U<UZ.\QZQNVKLMVX%ZH\@@@^S0QZ`
SG$U4LMLQLMVSUPZTPZQ\>LVULMS<GZNUN\>VPZLH$Z $ZS[\$ZSLYF O,Q
NULO$Z>NXGULTMZ[RNXGULTLYFYCVGZMZ[X K\ %ZH, >VF9ZVGZL4UULK[YZOZ>
*LW *LWKU\N *W LYF> VEGX S&Z[R K\ %ZH,  DXV SUPZTPZ GZ 6EG S&Z[> VEGX
KXNP> VFXVGZL4U> LMLQLMV SUPZTPZ Q\> UZF,UF, E[ZH,> LS9 NZF,LS9 G,
NCF, LYNZU: G\ WZNU\ T\ LMCT[ TR1 $VPU4> LEL'TU,NZ> Y.Z[RY.Z[X DXSG\6>
YTZLH$ZLY&ZLH$Z>MZOXR $VOSZ7MZOXK<LH4\MZORS9+QZK< >>
EZEZK\ %ZH,$'S0'<$C'YZW\MQPPUQLYF>V0VZURV0VZUMJT>LVLULVLUKU\N
G\ LVUDXaT\>VF9<VGZL4UULK[YZO\ S5%8 Q\>SXULEY,FZURSXULEY,FZUXS8UEO\ VP\ LYF
N,T\ NUP:GZLYFZU>M\KZN,$ZLMKR LMKZLNV\ Q\ NUPN,TZ>G8M,NRH,KRU>LQUZOPX
LQUO\S> EZ',EC-, KRH,> NZOX LY$ZS<P2T $Z GE:G, K<> %ZLHLS$ZU LYF> LYNZUR
LYNZUXLY$U4N0P>>
PZUJXUVTZ> S04XUVTZ> DX-9XDXMZ9> $0' JXEZUR$0' JXEZUX *XCS KQ\UZ> SUNZUR
SUNZU LNVP> QZ %RMQ SUNZURQZK LNV\ LNVP GZ %RMQ> JLOJO LYF> LVLULVU
DXT\>D8%2.ORTZKRLH$Z>*UEZU*U*ZWNRH,$ZVUZ>LHEN\ UZK\KX[G\ E,M\ KRH\>
M0PLQQZK,QK,1DXaJG\>>
EZEZK\ %ZH,URYLKMR Y<UZJLYF$ZDX1G\ KQ>UYLKMR QZPLVPUG\ KQ>VXDXKE0G\>
MZ[,$LK$ZGU S:G\ KQ> LPLO VZ' V0JLT LYF  LPO N\> URY<MR Y<UZJYZQ K0XGZ K<>
VZU\V0%ZOGZ K<> URY<GXC., K0XGZ K<> PX79,OXCW, KRH,> VXSQ0TUXVXSQ$0TUX LHN KRU
VXSQZ>PZULJUVT\ DXT\>QZLPQZPLYF>JXLUJXU8 Q\>VKLM$ZTPN$IROTZLYF>
VX%ZH\VX%ZLHV5\6WS5\PLYF>>
$U4 K\ %ZH, LMVSUPZTPZQ\ MJTS<GZNUN\ LHV{$ZS[\ $ZSLYFO,QNUQG,
TZNT%,$ZS[\ SZVUC.,KRH,K< DXVPZON{LHVNXGULTLYFYCVGZVP-> K\ %ZH, VGZ
L4U ULK[ YZO\ SUPZTPZ { UF, NXGULT TR1  G8U LNV\ KRU 4:  OC%[ GZ MTQ QK,1 NUQZ
FZK,GZ>KU\NVU,ULYFDXV\ GZKXNPYUTGZS&Z[> K\ %ZH, LMVSUPZTPZQ\ LHKUFQZ
UF,K< DXV{LHVTR1G8U LNT\ YC.UZ QZKVP-R KU\NVU,ULYF DXVGZ$WCOKXNPYUTGZ
S&Z[R>
MGR1PQXC.SUPZTPZGZQZPLVPUGZK< TGR1$ZTPN$ZQ0GPZ[GZK< T\ LYNZU:GZ]RU%,LHV
DXT\ QK,1S< VNGZSU S5%8 G\ QZPTR1LEQZOXNZH,LYNZU:G\ WZNU\ T\ LMCT[TR1$VPU4KR M:G,
K<>
LMVSUPZTPZQ\UFQZUF,K<DXK,LHVG,UCL.$ZG,LY',%,MZ[GZK<NRH,M,Y DXVG\DXOW
NRH, KRU DXSG\6QK,1NUVNGZ>LMVS5%8Q\MJTS<GZNUN\ LHVG\DXSUPZLH$ZG\PRKGZ
MZOLY&ZUCL.$ZK<DXK,P0LQ$ZS5P0LQ$ZPZONK< T\DXK,LHVMZOLYFR1M,Y:{EFZ[G\VPUC4
K< >>
K\ %ZH,M\K9Z%,M,Y MJTLYFMQPO< N\ $ZLH$ZK< DXVQ\ ]U8U LH4R1 FO\ MZ[ZK< M,Y
$ZLH$Z K< LH4\ S5%8 GZ QZP'Q LYKZ-[> QZP TR1 LEQZ  MJT MQP PUQ G\ J\9 LYF LS$Z
ULK0GZK<>VGZL4UULK[YZO\ SUPZTPZQ\ KU\NM,YG\ LVUDXT\ DXVG\ S8UEO\ VP\ LYFN,T\
NUP:G\ LYFZU$QXVZUGXC.$T\ VX. %RJ[ G\ O\.LO.LGCT\ KQ>LMKR LMKZNUPM,YQ\ N,TZ
DXKRLMKZGXC.T\VX.SUPZTPZQ\DXV{G\LGCTZK<>KU\NM,YG\N,T\NUP:GZVP8KDXVG\QZO
K,LQ%GZK<>
SUM,Y:G\ %,N,KYCV" NUTZU$ZSK,LMKR LMK\ NUPM,Y:SZVR1NU:GZK< DXKR LMK\ NUP
M,YNUG\KQ NRH,%,M,Y S5%8 G,U]ZTR1O:%\ MZN\ NRH,KRUN0PQK,1NUVNGZ>SUPZTPZ
$ZST: NUP:TR1 LQUO\SK<OXNZH, $ZSR$ZS[\N,T\NUP:$QXVZUPZLH$ZG\ $ZKULYFEC-,
SH, K<> PZLH$Z G\ LHKQ: E0'Q: TR1 %,  SUPZTPZ $ZS K, KXNP NU N\ &XIZ[ G\ VPUC4 K<>
M,YPZLH$ZG\ S5%ZYLYFQZPLVPUQYOR1$ZOVNUGZULK0GZK< $CMLVPUQNUGZK:%ON\
NU:JZ LHK,WZOPWRO\ NUG\ {P2T$ZGE:G,K<> S5%8 {LYVZUN\ KRUG\ PRKLYF3LV$Z
LY$U4N0PNUGZULK0GZK<>>
VZU,DXPUPZLH$ZG,G29%CMLYFULKN\SUPZTPZGZQZP%XOZ[G\NZUQ$ZAUP2T$ZDX[T\
M,Y MP YZOZ UVTZ 39GZ K< M\K9Z LHV G\ %Z GZ  DXMZ9 K, DXMZ9 K< LM4\ LHV { *XCS KQ\UZ
MZSGZ K< M,Y { NX- QK,1 VXC-GZ LN LHV LESTZ LYFR1 LNY\1 LQNO: > VZU, DXPU GXQ,$Z G\
SGZU4LHNC7\NUGZLUKZSUMPG\UVT\SH\{ QZKSZ[,QZKO\3QZKTXOZH,QZLNV\LNVP
GZ%RMQQZK70)ZSZ[,QZKNRH,VRK[ZNCS9Z LHKVZU\SGZU4P2TQ\.RKOH\GXQ,$ZLYFK,
'U\ULKJH\ >
MPUZMM,YG\ JOLYF PZLH$ZG\ PRKGZ V0JOSZN\ LHVG\ LVU DXT\ .ORTZ FRW: PZUGZ K<
LHKQ: FRW: TR1 EF[ OH,  LHV { NRH, $ZVUZ QK,1 LGCVGZ> MGR1 MP: G,$: FRW: S< UK,$:
K0XG,$:KQ DXVY\O\ G\ E,M\ KRH\ LVPUQV\YZ$ZLGNG\ E,M DXaJQK,1VNG\>TGR1S&XT:GZK<
N,T\SZS:GZ%ZULVUDXT\LS$ZK< MROLKQK,1VNGZ >
K\ %ZH,LHV$WCOLYFZU{F\T\ UC.R LNVGZL4UULK[YZO\ SUPZTPZTR1LEQZKRUNRH,VZ4,
QK,1E[GZ>>
K\ %ZH,M\K9\ PQXC.SUPZTPZGZQZPLVPUG\ KQ T\ Y<UZJYZQ K0XG\ KQ DXK ORN SUORN LYF
$ZGU S:G\ KQ> M\K9Z %, M,Y VZ' V0JLT LYF LPO N\ S5%8 G\ JX[ LKUG\ LYF YV:GZ K< T\
Y<UZJYZQKX0GZK< DXK$ZGUS:GZK< >
SU LMV M,YLHVTn, { PZLH$Z G\ PRK Q\ OXCW LO$Z K< DXK GXC., K0XG, K<> PRK3Z4\ M,Y VZU,
DXPU '0'ZK,LSCWG\KQT\GXC.,K0XG\KQ>
M\K9ZM,Y VZU,DXPU PZLH$ZGZ$ZKUNUGZK,GXC.,ULK0GZK<T\NG\ $ZS[\PQG, PZLH$Z
G,P<OQK,1'R1GZDXVG\YZVT\V0VZU %ZYVZU,K,DXPU LHNVXSQZK,EL[$ZLUKZ %ZYDXV
Q\ LH4R1.CLW$ZNX-Y,QZKLMY\1PQXC.VXSQ\ LYFG29%CMT:NUGZK< SUMZJ$ZDX[T\ DXVG\
SCO\ NX-%,QK,1K0XGZ >LMY\1EZ],JU TPZ6ZLY.:GZK<Y\.[YZOZM,YDXVG\ TPZ6\ LYFUXC-Z
ULK0GZK<LTY\1 N89\ PRKG,7J,KRH,M,YLHVTn,%WN[ZLYFS< N\ NXUZK\ SH,ULK0G,K< N89,
PZLH$ZGZ PZ[NUG,K<>
SUM,Y:G\ N,KYCV" SUPZTPZ$ZSK, M,Y:{ VK,UVT\ T\ SZ[YZOZK<$ZSK, M,Y:
LYFLY$ZSNKRN\ NUPNULUKZK<>
K\QZQNM\\K9\E0G\SUPZTPZG\QZPU0JLYFU0J\ULK0G\KQDXKQ:{S8U\JXU8Q\ PZLH$ZG\PRK
TR1  EFZ LO$Z K< DXK $ZTPN $IROTZ LYF LWN\ ULK0G\ KQ DXK S5%8 G\ S5\P LYF MX9\ ULK0G\
KQ>>>
YIK0VX PKOZ@EZEZ$ZLH$ZK< DXL7FO[ZLHKX MJX -87X SVZUR YZ@VFZ*UX VF9< V\Y,$< VFX
.UZVLF$ZUR YZ@N8L9OLEM:4ZLHQSZV,$J< OK< Q7Z(@$0TLU$ZDX QE<VKX NK,$< LMDX
VX0?< *LUNZ(@M0P[X PU[X YIZY\&R9ZLEQV< MJX VEZH\ @OLE'0'< PZLH$ZMJTX %XOZLH$ZNZOX
.9Z U8$ZH\ @@ EZEZ $ZYKX %ZH,KR JLO LPOK LPLO LPLO G\K $ZV,VZ K\ @ EZEZ VF9Z P\OX Q
FXNH,S5,TPN,$ZG\K$V,VZK\ @$ZV,VZG\YKR %JLTNU\YKR LPLO$ZNZLN$ZP\OR @LHLN%8O\
QZYKX 4\KKX 4ZYKX JXUVEG,VFX .\OR @MPPZULJQK,MZ[ZVELGVPZ[ZMXLJMXLJVZF< Y\V\ @
VZMQ V<[ LPOKX V0MRJ, JXU LPLO .RO\ 3ZV\ @@ EZEZ Q:J9Z $ZLH$Z MJ PLK GX.X VX.X O\.X
LO.ZLH$Z@LOL.$9ZVZKZQZWO< M\K9ZSXULENPZLH$Z@ELKVZF< LOL.$Z$0LP5TX LEL.$ZLMTX
OZLH$ZLTTXOZJZ@NZPL[$ZU,NZP[SZH\EKXU0J,JLOTZJZ@KR&,PLT%LH$ZPQXKR&ZJX9XVZ
P., .ZLH$Z @ QZPUMZGX $ZLH$Z NLO %,TLU Q:JR E0L' FOZLH$Z @@ EZEZ URYKX M\ LNV< URY[Z
MZQ,$9ZE0L'S7ZLH$ZK<@LOL.$9ZO\.XQP\W,$<GLUKZNZU9Z$ZLH$ZK<@KZNZUZ$ZLH$ZMZ
LTVX %ZLH$ZUX0Q\ URY[KZU\ @SXT%ZH,%ZT,M\ URYLKS5,TP$LTLS$ZU\ @%< URY< JX[VZLUVPZO\ NR
PU<QPXLH$ZQZO\@QZQNMXLJMXLJMZ[LVMZ[ZURYLKVFXVPZO\@@@^S0QZ`
SG $U4EZEZK\ %ZH, -87XQZVY0T> SVZURSVZUX L.OZUZ> VFZVGZL4U ULK[
YZOZ> VF9<VGZL4U ULK[ YZO\ SUPZTPZ {> VFXVGZL4U S5%8> .UZAZOV LQURO>
VLF$ZURVLF$ZUX^VF$ZO;`VGZL4US5%8 G\ S5NZ6OH,;RJ>N8L9PZLH$ZG\ PRKLYF>
OLEOCE LYF> 4ZLH Q SZV,SUYZQ QK,1 K0XGZ> 4ZLH4: LYF> 7Z(4:> NZ(N:>
YIZ Y\&R9ZSUPZTPZ QZOR1 O0PZ LY&R9Z> LEQV<$ZTPN P2T\ PUGZ K<> VEZH\VZU\ M,Y>
U8$ZH\UX$ZDX1GZK<>>
%ZH,KRK\%ZH,KRJLOLPOK$Z(LHNG8M\G\JOQZOLPO,H\$Z(LS$ZUQZOUOE<7,H\>
G\K$Z($V,G\Y,H\>VF9ZVGZLWN\ ULK[YZOZ>G\YKRK\ %ZH,G\YKX>NU\YKRNUR>
LHLN$Q\N:M,Y^O ]LHNTR1EKXYFQ`>QZYKXQZPTR1>.\OR.\OX.\IM,YQ.\I>
PZULJUVT\ T\> VELGJXU8 G\ 6EG LYF> VZF< Y\V\DXV S5%8 LYF LMV GZ VU8S VGZL4U
ULK[YZOZK<>VZMQV<[K\VCM[LPCTURV0MRJ,VTV0JLYF>>
O\.XN,T\NUP:$QXVZUS5%8YOR1DXKKXNPMR$J:KMJTLYF%RJ[ZK<>VZKZDXKVPZMRM,Y
G,P2TYZVT\LQ;TKRFXNZK<>^QRWLK0G8N2PLYFO9N,O9N\G\LY$ZKGZVPZS0LIT6ZVTn:
TR1LYFZUN\ PXNUUNUGZK<>DXKPXNUUN,TZVZKZ$J:KLS&:KQK,1N,TZMZVNGZ>LMY\1
LY$ZKG,UZK,1O9N,{PZLS$:G\ *UTR1VR'\ KRH\ VZK\$QXVZUVKXU\ *UTRUG\H,GZK<LTY\1
M,YLHVTn,MJTU8SPZS\*UTR1TXUS<1G,K<`>SXULES8UEO\ VP\ LYF>ELKE<7N\LYFZU
N\> VZF<VGZL4U S5%8 Q\> $0LP5TXQZP$0LP5T> LEL.$ZPZLH$Z]LKU> LMTXLMV SZV\
YO> NZPL[$ZU,MZG8 W8[\ NUQ YZO, PZLH$Z > NZP[W8[\ MZG8> JLOJO LYF>
KR&,4R9+LYT,> VZLMY\1> QZPUMZGX^QZPUMZGX` PUMZGZULKT Q0JZ> NLOMJT>
E0L'E0Q+N\>>
URYKXUR LSCW OYR> MZQ,$9ZLS$ZUZ V0E0',> S7ZLH$Z K<LHC4R1 TRU LGCTZ LJ$Z K<> GLU
S5%8 G\  GU TR1> KZNZU9ZVCGZ> MZMGR1> LTVXDXV S5%8 {> URY[KZU\UR[ YZO\> %<
$ZS[,LNV\PXV,ETG\ IUG\NZUQ>VZLUF\T\NUN\>NRNRH,M,Y>MXLJMXLJKU\NMCXJ
LYFVGZK,>LVV\DXKE0G\>MZ[MZ[ZLV$ZL[$:TR1LV$Z[\>URYLKY<UZJLYF$ZDX1G\
KQS5%8QZOR1LY&R9Z$QX%YNUG\KQ>VFXVGZL4US5%8>VPZO\VPZLOF\T\NUN\>>
$U4K\%ZH, MJTLYFM\K9Z%,M,YMQPO< N\ $ZLH$ZK< DXVQ\ $ZAULH4R1 N8FNU
MZ[ZK< LNV\ Q\ LH4\ VGZQK,1E<7ULK[Z LHKMJTK< K,QZVY0TL.OZUZ>M\ VGZL4UULK[
YZO\SUPZTPZGZLVPUQNU,H\T:VGZL4UULK[YZOZLWNZ[ZLPOM:GZK<>M\K9ZPQXC.VGZ
L4US5%8 {LVPUGZK< DXKSLYTn M,YQYZOZKR M:GZK<DXKVGZL4US5%8 G\ S5NZ6OH,;RJE[
M:GZK<>
M\K9Z PQXC. PZLH$Z G\ PRK LYF M: PZLH$Z G\ OZOF LYF 3LV$Z ULK0GZ K< DXK SUPZTPZ G,
GUJZKLYFNE8OQK,1K0XGZDXV{S5%8G,K]8U,LYF4:QK,1LPOG,>LMY\1V0X?\*ULYFJH\N:
{ LNV\ Q\ URW,G,JUZK,$ZLGNQK,1SZ[,  LTY\1PZLH$ZG\ PRKLYF3V\ M,Y{S5%8 G,K]8U,
LYF LNV\Q\LHKQK,1$Z.[Z$Z(M,$0GUO0*$ZYRT\E<7MZYR>DXVPQXC.{MQPPUQGZ
J\9 %XJT[Z S< M:GZ K< DXV { LHV J\9 G\ NZUQ S5%8FUQ: QZOR1  O0PZ LY&R9Z KR M:GZ K<>
PZLH$ZG\PRKLYF3VN\ MJT$ZTPNP2TVK\9LUKZK< M\K9\%,PRKLYF3VG\KQDXK VZU\
$ZTPN P2T PUG\ KQ > OZOF G\ NZUQ PZLH$Z G\ K, $ZKU LYF LS$Z KRLH$Z MJT VK,
M,YQUZKTR1.X0L-$ZULK0GZK<>LHVG\LVUDXT\.ORTZNZOLHV{GXC.,NUGZULK0GZK<>>
K\ %ZH, K\ %UZYR $Z( $V, LS$ZU QZO UO N\ E<7,H\ T\ LPO N\ $ZS[\ LY&X9\ VZ4, {
$V,V:G\Y,H\ DXVG\ YZVT\ S5%8GUT\ $UGZV:NU,H\ S5,TPS5%8 QZOLPO[G,$:$V,V:G\H,H\
$UGZV:NU,H\>VGZL4UP\OLVU SUPZTPZQZOK,K0XGZK< T\ $UGZVG,EUNLTQZODXK
VGZL4UULK[YZOZLPOZSNG\PXCNGZQK,1>
K\ VTV0J,%UZYRUON\ LY&X9\ VZ4,OH, $UGZV:NUR $T\ $ZS%, SUPZTPZG,%JT,NUR
%JT,G,EUNLTQZOSUPZTPZG\ FUQ:LYFLPOZSKR M:GZK< M\K9\ LHNYZU,S5%8FUQ:QZO
LPOM:G\KQDXKQ:GZL3UNG\LY&R9ZQK,1K0XGZ>
SUNH,$<V\ KQMR SUPZTPZG\ QZPTR1.X0-\ L3UG\ KQMR VGZNZLHPULK[YZO\ LWNZ[\ TR1DX.9\
L3UG\ KQ>VGZL4US5%8 GZQZPLVPUQZVK,M,YQ.\IK< MR JXU8 G\ 6EGLYFMX9N\ .\I,MZ
VNG,K<>M\K9\PQXC.JXU8G\6EGLYFO,QULK0G\KQDXKMPG\UVT\T\QK,1M:G\DXKVGZOH,
K,DXVSUPZTPZLYFMX9\ULK0G\KQLMVGZVU8S Y\V VGZOH,$WCOK<>
K\ VCM[LPCTn VTV0J,(VTV0JLYFUOE<7R>M\K9\ E0G\ VTV0JLYF$ZH\ KQDXKQ:Q\ JXU8 {
LPON\PZLH$ZG\PRKG\3ZK\YC)OH\KQ>>
K\ %ZH, M,Y$ZS[\ S8UEO\ N,T\ NUP:$QXVZUQY\1M,YQLYF%RJ[YZVT\ GXC.$T\ VX.U8S
O\. SUPZTPZG,GUJZKLYFR1$ZS[\ PC4\ T\ LO.ZN\ MJTLYFQ0JZK,$ZDX1GZK< MQPVP\ K,
DXK VPZ %, LQ;T N,TZ M:GZ K< MGR1 M,Y Q\ MJT TR1 YZSV TXU S<[Z K0XGZ K<  DXK PXNUU N,TZ
KRLH$Z VPZ $J:K LS&:K QK,1 KR VNGZ QZK K, DXK GX. VX. YZSUQR1 KW VNGZ K<  MR S8UEO\
MQPLYFNUPNUN\ NPZH,YMR1 .CLW$ZK<> M,YG\N,T\NUP:$QXVZU VGZL4UULK[YZO\
SUPZTPZQ\VRFLYFZUN\LO.LGCTZK0XGZK<LNM,YQ\QY\1M,YQV ULYFQZP$0LP5TLYKZ-[Z
K< M:PZLH$Z]LKU.CW[ZK<> LS&O\ N,T\ $QXVZUK,S5%8 G,U]ZLYF LM'UM,Y{OZLH$Z
M:GZK<DX'ULHKOCJS<1GZK<> DXV\LO.\$QXVZUK, MZG8W8[\NUQYZO,PZLH$ZM,YDXT\MZG8
SZG\1G,K<LHVG\ JOLYFNH,U0J:YZOZ'ZJZSZG\1G,K< %ZYNH,TU,LN$:QZOPZLH$Z
LHV{PRKO<1G,K< > LHVPRK[,PZLH$ZG\ S5%ZYK\7K, M,YG,PLT4R9+LYT,KR M:G,K<
M,YGZPQ4R9+LYTZKRM:GZK< %ZYLHVLYFLYTNUZT\P\UT\U$ZM:G\KQ$ZS[\LQCN\LMK\
VX$U4TR1EZKUY\.VRFQK,1VNGZ LMY\1PC.,JX9.:G,K< T\ JX9QZOF0E9N\ K,PUM:G,K<
LTY\1M,YPZLH$ZQZOF0E9N\ $ZTPNP2T\ PUM:GZK< >M,YMJTLYFQ0JZK,$ZDX1GZK< T\
Q0JZK,E0Q+N\$CJ\OZLO$ZM:GZK<>>
K\ %ZH, LMVM,YG\ LH4R1FOZ[\ GZVCGZ$ZM:GZK<UR UR N\ DXVVCG\ {WZOQK,1VN,GZLHK
$WCOLQ;PK<SUL3U%, M\ LNV\ Q\ LHVVCG\ {WZO[OH, UR[ZK,K< T:UR N\ Y\. OYR>
LS$ZUZV0E0',E0Q+ N\ $CJ\ TRULO$ZM:GZK<> DXVG\ LH4R1N8FYZVT\ SUPZTPZG,GUJZKGZ
LOL.$ZKXNPLPWZQK,1VN,GZS5%8G\GUTR1VCGZ$ZM:GZK< DXKVCGZ$LPCWK< >
MGR1SUPZTPZ{ $ZS[,U]ZLYF F0JZOCJGZK<T: M,YYZVT\ N8FGZ VCGZ$ZM:GZK<UR[
YZO\V0E0',UR1G\KQ>SXCTU%UZ%T,M\E9\LS$ZU\V0E0', V%\K, UR1G\KQ>
M,Y N8FNUMZ[YZO\$ZS[\V0E0',G\LSC&\GXQ,$ZLYFYZSUQYZO\GXC.:G\ VKPLYFUR1GZK<T\
DXVG\JX[: VX.: {PX9PX9F\T\NUGZK<SUNG\%,NRH,M,YPXH\S5Z[,$:G\QZOPUGZQK,1K<
M,D8[ZKU\N{LS$ZUZOCJGZK<$ZH,TR1LEQZNRH,PU%,QK,1VNGZ >
K\QZQN LHKPUQT\M0P[GZLVOLVOZT:MZU,K,ULK[ZK< DXKE0G\VGZK,PKZLV$Z[\KQ
MRVGZL4US5%8G\JX[LKUG\LYFYVZN\PZLH$ZG\PRKYOR1DXSUZPK0XG\KQ>>>
YIK0VXPKOZPKOZT,MZ
!VLTJXUS5VZLG@S5%X VF9ZKLUVZOZK,$< NZUMX V%X LN&X NU[< MRJX @ VZ 'Q U0I Q NEK8
E<VH,QZNG\ KRY< VRJX @QZNG\ KRY< VRJX $QLGQX UV%RJVZ'QPKLOVPZ[,@LMLQLS5DX MZTZ
NUP LE'ZTZ ERO\ $0LP5T EZ[, @ JX[Y0T,$Z JX[ VZULK $S[\ N0T VPZOLK QZ NG\ OJ< LYMRJR @
VF9ZLSUXVZOZK,$<V%XLN&XNU[<MRJR@@^S0QZ`
QRWLVUO\. G\ $0N  { T,MZ S9+QZ K<> LHK LH6ZU\PZTn LKGZLHT K<> KU 4: PKOZ G\
$0N$ZLGN{SLKOZG8MZT,MZS9+QZK<>
QRWLHVEZ[,GZNRH,QZPQK,1LGCTZLJ$Z>SULHVTR1SLKO:JXU8 QZQNG\YM,G,EZ[,
$OZK[,$:QZPG,K<>PKOZG,LHKEZ[,%,DXV\TU+:$OZK[,$:K,K<>
SG$U4VF9ZVGZNZLHPULK[YZOZ>VZOZK,$<LV LTVZOZKNUQ,FZK,G,K<>NU[<
MRJNUQG,VPUC4ZUC.[YZOZ>VZ'QM,YLHVTn,>QE<VH,QE<V<QK,1E<7G,>VRJX
=P>$QLGQXKUUR]KUY\O\>PKLOSUPZTPZG,K]8U,LYF>LMLQLMV M,YLHVTn,
Q\>LS5DX MZTZS5,TPS5%8 QZOI08*,V:-SZOH,>NUPLE'ZTZM,Y:G\ NUP:$QXVZUS<GZ
NUQYZOZ>$0LP5T$ZTPNM,YQG\[YZO,>VZULKV0%ZOG,$:KQ>VPZOLKLKUG\ LYF
YV:G,$:KQ>LYMRJRLY&R9Z>>
$U4K\ %ZH,VGZNZLHPULK[YZO\ KLUS5%8 G,LV LTVZOZKNUQ,FZK,G,K<DXK V%
NX-KU\NN0PNUQG,VPU4ZUC.[YZOZK<>
K\ %ZH, LMV M,YLHVTn, Q\ LVUM[KZU S5,TPS5%8 QZO I08*, V:- SZ OH, M\K9, M,Y LHVTn,
DXVS5%8 G,$ZTPNM,YQG\[YZO,EZ[,DXFZUG,K<DXKM,YLHVTn,NG\ LQ.VP,QK,1K0XG,
QZK K, NG\ DXV { NRH, LF0TZ LY$ZSG, K< DXV { NG\ NRH, =P QK,1 LY$ZSGZ DXK KU Y\O\
SUPZTPZGZQZPUVPZ[G,K<T\VGZS5%8G\FUQ:LYFO,QULK0G,K<>
K\ %ZH,JX[:YZO,$:M,YLHVTn,$:SUPZTPZG\ JX[F\T\ NUG,$:ULK0G,$:KQS5%8.VP{
$ZS[\ LKUG\ LYFYVZH,UC.G,$:KQDXKQ:{SUPZTPZQZOR1NG\ LY&R9ZQK,1K0XGZ>K\ %ZH,
DXVVGZL4UULK[YZO\ S5%8ST,G,LV LTVZOZKNUQ,FZK,G,K<DXKS5%8 V%NX-NUQG,
TZNTUC.GZK<>>
VF9ZVZLKEXVELGS&Z[,$<$ZS\OH\LPOZH\@VZ'QLS5$N<U0LJUT,LYFKX$ZSXJYZH\@LYFKX
$ZSX JYZH\ L3LUNZOX Q.ZH\ JXUPXL.H\NR MZTZ@NZPL[LH&SX0Q,$0TLUL%0Q,LPLO$ZMJM,YQX
GZTZ@ VEG U0LJ UZT, MRELQ PZT, LSU N< $0LN VPZH\ @ VF9Z VZLKEX VELG S&Z[,$< $ZS\ OH\
LPOZH\@@^S0QZ`
SG $U4VELG JXU8 G\  6EG LYF MXL9$: > $ZS\$ZS K,> VZ 'QM,YLHVTn,>
LS5$N<U0LJLS$ZU\ G\ S5\PU0JLYF>UT,U0J,>$ZSX$ZSZ%ZY>NZOXP2TP2TGZIU
$ZTPNP2T>JXUPXL.JXU8G,UZK,1>H\NRLHNSUPZTPZ{K,>NZPL[LH&M,YLHVTn,G,
LHC&Z> S0XQ,S8U, KR M:G, K<> L%0Q,L%CM M:G, K<> MRELQ QZP G\  MREQ LYF> PZT,
PVT>$0LN$0NLYFJRGLYF>>
$U4K\ %ZH,JXU8 G\ 6EGLYFMX9N\ VGZNZLHPULK[YZO\ PZONS5%8 QZOV:-S< VNG,
K<S5%8 $ZSK, M,Y{ $ZS[\ QZOLPOZO<1GZK<>K\ %ZH,M\K9,M,YLHVTn,$ZS[\ $0GUR1
$ZSZ%ZYG8UNUO<1G,K< DXKS5%8ST,G\ S5\PU0JLYFU0J,M:G,K<>M\K9,M,YLHVTn,$ZS[\
$0GUR1$ZSZ%ZYJY:G,K<DXV{PX9NG\$ZTPNP2TQK,1YZSUG,JXU8G,VUQS<N\DXKM,Y
LHVTn,LHNSUPZTPZQZOK,I08*,V:-SZH,UC.G,K<DXVM,YLHVTn,G, LFU:G,S5%8LPOZS
G, LHC&ZS8U,KR M:G,K<DXK$0GUR1 QZPUVQZO L%CMM:G,K<DXV{MJTGZM,YQGZTZU
S5%8 LPOS<1GZK<>K\ %ZH,M\K9,M,YLHVTn,JXU6EGG\ U0JLYFU0J,M:G,K<DXKQZPG,
F9+G, MYZQ, LYF PVT ULK0G, K< DXK S5%8ST, G, JRG LYF O,Q ULK0G, K<> K\ %ZH, JXU8 G\
6EGG,UZK,1K,VGZL4UPZONS5%8 QZOMZ[S&Z[E[G,K<>S5%8 $ZSK,$ZS[\ QZOLPOZ
O<1GZK<>>
LMQ,$ZS[ZN0TX S&ZL[$ZKDX LTQS8&DX V0TZMZH\ @$ZSX &RLIV\YZNU,LSUX VF9ZLPO< VKLM
VX%ZH\ @LSUX VFZLPO< $ZH\ VZFX NPZH\ VZLFVELG 'Q UZT, @ NG\ Q U:I VGZ VRKZJL[ $0TLU
VKMVPZ',@LSUXULK$Z%US8U\Y\.XKG8U\U0JXPZ[\VKLMVX%ZH\@LMQ,$ZS[ZN0TXS&ZL[$ZKDX
LTQS8&DXV0TZMZH\@@^S0QZ`
SG$U4LMQ,LMQ+:Q\>N0TX.PVS5%8>KDXP<1>S8&DXS8&DX1P<1SXC&GZK:>MZH\
MZLHMZN\>$ZSX$ZSZ%ZY>NU,NU,1P<1NUGZK:>VF9ZVGZNZLHPULK[YZOZ>
VKLM$ZTPN$IROTZG,UZK,1>VX%ZH\VX%ZLHLS$ZUQZO>$ZH\$ZLH$ZN\>VZFX
VGZL4UKLUQZP>VZLFVGZL4UKLUQZPLYF>VELG6EGLYF>'QM,YLHVTn,>
%US8U\KU4:LY$ZSN>KG8U\$0JV0J>PZ[\PZL[>>
$U4K\V.,LMQ+:V0TMQ:Q\$ZS[\.VPS5%8QZOV:-SZOH,K<P<1MZN\DXKQ:{SXC&G,
K:>$ZSZ%ZYLT$ZJN\P<1DXKQ:G,V\YZNUG,K:>K\V.,VGZNZLHPULK[YZOZS5%8ST,
$ZTPN$IROTZLYFLWLN$:S5\PLYFMXL9$:K,LPOGZK<>VGZL4US5%8$ZN\DXVM,YLHVTn,
{LPOS<1GZK<M\K9,VGZL4UKLUQZPLVPUQG,NPZH,NUG,K<M\K9,VGZL4UKLUQZP
LYF MX9, ULK0G, K< M\K9, JXU8 G\ 6EG LYF U0J, ULK0G, K<> DXK M,YLHVTn, VGZ VXKZJYZO,
ULK0G,K<DXKNG\LQ.VP,QK,1K0XG,DXVG\$0GU$ZTPN$IROTZG,VPZ',OCJ,ULK0G,K<>
K\V.,S5%8ST,KU4:P2M8GK<DXV{T8u$ZS[\$0JV0JYCVGZY\.$ZTPN$IROTZLYFLWN
N\S5\PLYFMX9N\DXVG\LPOZSGZ$ZQ0GPZ[>
K\ V.,LMQ+:V0TMQ:Q\ $ZS[\ .VPS5%8 QZOV:-SZOH,K<P<1MZN\ DXKQ:{SXC&G,K: LN
DXVQZOLPOZSLNVTU+:KRVNGZK< >>
LSUKXLY&X0Q,$Z%,LPOKM\VLTJXUOZJKVZF\SZH\@VLTJXUXVGZGLH$ZOXK<$YJX[VELGMOZH\
@$DXJX[VELGMOZH\ G8MZ%ZDX JYZH\ VF\ K,VLFUZT,@VF< VELGVGZVX.X SZLH$ZKDXP< JH,
%UZT,@LSUX LQUPZLHOX VGZVX.GZTZQZQNVELGLPOZH\ @LSUKX LY&X0Q,$Z%,LPOKM\ VLTJXU
OZJKVZF\SZH\@@@^S0QZ`
SG $U4LSUKXLSU TR1 S5%8ST, TR1> %,PX9 %,> LPOK$V, LPO VNG,$: K:> M\
OZJKM\ $V, OCJ,H\> VZF\ VLTJXU SZH\VCF\ JXU8 G, FUQ,1> VELG6EG LYF MR9 N\ >
G8MZ %ZDXPZLH$Z GZ LS$ZU> VF\ K, VLFVGZ NZLHP ULK[ YZO\ S5%8 LYF K,> UZT,
PVT>%UZT,%WN[Z>LQUPZLHOXSLYTn>>
$U4K\ V.,$V,M,YLHVTn,$:S5%8ST,TR1LY&X9,$:KRH,$:L3U%,DXV{LPOVNG,$:
K:M\ $V,VCF\ VLTJXU8 G,FUQ,1OCJ,H\>K\ V.,JXU8 VGZGLH$ZYZQK<DXK VUQLS$:G\
$YJ[ $ZS[\ 6EGLYF MR9N\ VZ9G\1GZK<> K\ V.,JXU8 VUQLS$:G\ $2JX[ 6EG G,
UZK,1 VZ9 G\1GZ K< PZLH$Z GZ LS$ZU G8U NU G\1GZ K<> JXU8 G, FUQ,1 OCJ, KRH, M,YLHVTn,
VGZL4UULK[YZO\SUPZTPZ G,;ZG LYFK,UCT,ULK0G,K<>VGZL4US5%8G,LV LTVZOZK
G\6EGLYFMX9N\DXKVGZ$ZQ0GPZ[G,K<DXVG,KDXP<DXVG,%WN[ZG8UKRM:G,K<>
K\ QZQNS5%8ST,SLYTn NUQYZOZK<VGZVX.G\[YZOZK< JXU8 $ZS[\ 6EGG,UZK,1DXV
QZOLPOZG\1GZK<>
K\ V.,$V,M,YLHVTn,$:S5%8ST,TR1LY&X9,$: KRH,$: L3U %, DXV { LPO VNG,$: K: M\
$V,VCF\VLTJXU8G,FUQ,1OCJ,H\>>>
YIK0VX PKOZ@VXL[$KX N0TPK\O,KR LSUX V\LYKX VELGY,FZLU@$YJ[Y0T,LSUX QMZ[H,PX7,
URY< N0TLYVZLU@URY< N0TV0PZLOVGZJX[VZLUQZLSUX PU< QMZH\ @JXUPXL.MZTZVELGS&ZTZ
VZF< S5\LP VPZH\ @ LMLQ $S[Z LSUX QK, MZTZ NUP LE'ZTZ N8L9 PX7, N8L9$ZU\ @ VXL[$KX N0T
PK\O,KRLSUXV\LYKXVELGY,FZU\@@^S0QZ`
SG $U4PK\O,^efgyk PLKOZ` LHVTn,> N0T PK\O,KRK\ S5%8ST, G, M,YLHVTn,(>
VELG6EG G, UZK,1> MZ[H,MZ[H\ MZ[< MZ[G,> PX7,7CJ, KRH, LMV Q\ $ZTPN M,YQ
OXWZ LO$Z K<> URY<GX., K0XG, K<> V0PZLOV0%ZO N\ LKUG\ LYF YVZ N\> VZLUV0%ZO N\>
JXUPXL.JXU8 G\ VQPX. ULK[ YZO, M,YLHVTn,> S5\LPS5\P LYF> LMLQLMV Q\> NUP
LE'ZTZM,Y:G\N,T\NUP:$QXVZUS<GZNUQYZOZ>N8L9N89LYFPZLH$ZG\SVZU\LYF>
$U4K\ S5%8ST, G, M,YLHVTn,( P\U, JCO  VX[ O<[, DXK LHK K< LN  JXU8 G\ 6EG G,
UZK,1S5%8 G\ JX[:GZLYFZUNUN\ S5%8ST,G,V\YZ%JT,NLU$ZNUR>M\K9,M,YLHVTn,S5%8
ST,QZOI08*,V:-QK,1S:G, DXK $2JX[: QZO %U, ULK0G, K< S5%8ST, { %XOZ N\ DXK $ZTPN
M,YQOXWZE<7G,K<T\GX.,K0XG,K<>SUM\K9,M,YLHVTn,ST,{LKUG\LYFYVZN\S5%8G\JX[
VGZF\T\NUNUN\ S5%8G\GUT\VGZ $U]RH,$:NUG,ULK0G,K<DXVGZ.VP S5%8 NG\PUGZ
QK,1DXV{NG\&CIN\QK,1M:GZ>
M\K9,M,YLHVTn,JXU8 G,VUQS< N\ S5%8 QZOI08*,V:-S:G,K<JXU8 G\ 6EGG,UZK,1S5%8 QZO
MZ[S&Z[ E[:G, K< DXK VGZ NZLHP ULK[ YZO\ S5%8 G\ S5\P LYF O,Q ULK0G, K<> LMV M,Y
LHVTn,Q\ $ZS[\ DXVS5%8ST,QZOV:-QK,1E[ZH,MR V%M,Y:{DXKQ:G\ NUP:$QXVZUS<GZ
NUQYZOZK<DXVN89G,Y[MZUQ{PZLH$ZGZPRK7CJ,UC.GZK< LHVYZVT\ K\ S5%8ST,G,
M,YLHVTn,( P\U,E\QT, VX[O<[,JXU8 G\ 6EGG,UZK,1S5%8 G\ JX[:G,LYFZUNUN\ S5%8 G,
V\YZ%JT,NLU$ZNUR>>
V%XMJX$ZLSDXSZLH(QX$ZY[XMZ[XV0VZUZ@PZLH$ZPRKX.X$ZLH$QXPLUM0P<YZURYZUZ@PLUM0P<
YZUR YZUZ Y'LK LENZUZ LJ$ZQ LYK8[, P87, @ LEQX VEG< LSUX Q SZLH( MQPX JYZLH( URY<
$YJXL[$ZU,-87,@LSUXMJM,YQXLNVQRURH,$<URY<N0TXLYVZU\@V%XMJX$ZLSDXSZLH(QX$ZY[X
MZ[XV0VZU\@@^S0QZ`
SG$U4DXSZLH(QXDXVQ\ S<GZN,TZK<>$ZY[MZ[XM0P[PUQ>.X$ZLH$QXDXVNXUZK\
SZ LGCT\ KQ> YZUR YZUZPX9 PX9> PLU M0P<PU N\ M0P[Z K<> Y'LKY'G\ KQ> LYK8[,
VC.[,> LJ$ZQ$ZTPN M,YQ G, V8-> P87,OXCW, M:G, K<> URY<GX., K0XG, K<>
$YJXL[$ZU,$2JX[: QZO %U, KRH,> -87,-887\ PRK LYF 3V, KRH,> MJ M,YQXMJT GZ
M,YQ>LNVQRURH,$<LNV\G\PUQT\UR[G,OR9QK,1K0XG,>LYVZU\LYVZLULYVZUN\>>
$U4K\ %ZH,VZUZMJTT\MJTGZMQPPUQSUPZTPZQ\ $ZSE[ZLH$ZK<>PZLH$Z
GZPRK S<GZNUN\ LHVPRKLYFMJT{SUPZTPZQ\ $ZSK,%XOZLH$ZKRLH$ZK< T:K,H\1 PX9
PX9M0PGZPUGZULK0GZK<> PZLH$ZG\PRKLYF3VN\M,Y PX9PX9M0PGZPUGZULK0GZK< LHV
LYF LYNZUY'G\ULK0G\KQ>$ZTPNM,YQG,V8-TR1VC.[,GXQ,$Z$ZTPNM,YQG,UZVS80M,
OXWZ E<7G, K<> JXU8 G\ 6EG TR1 LEQZ M,YLHVTn, S5%8ST, GZ LPOZS S5ZST QK,1 NU VNG,>
$ZS[Z MQP $MZH,1 JYZ O<1G, K< $2JX[: QZO %U, KRH, T\ -87\ PRK LYF 3V, KRH, GX., K0XG,
ULK0G,K<>
SUK\ %ZH,S5%8 $ZSK,MJTGZM,YQ $'ZU K<LNV\ G\ $ZTPNP2TPUQT\ UR[Z%,N,K
KRLH$Z" M,YLHVTn, S5%8ST,{%XOZN\ GX.,K0XG,ULK0G,K<>K\ %ZH,VZU\ MJT{S5%8 Q\
$ZSK,S<GZN,TZK<MJTGZMQPPUQ %, S5%8Q\$ZSK,E[ZLH$ZK<>>
VR LSUX VFZVGK,VZFZK< QZ(KX PU< QMZH\ @%8O,L3U< 'QLH$Z[,$ZU0IE<7,G8M< %ZH\ @U0I
E<7,G8M< %ZH\ PZLH$ZPRLKGX.X SZH\ $ZY*W< TQX &,M< @MR LN&X $ZLH$ZV%X LN&X MZV,GX.X OZJZ
%ZLHG8M<@MPNZOXQV8-<PZLH$ZMJXO8-<OLEORL%LFTXOZH\@VRLSUXVZFZVGK,VZFZQZ(KX
PU<QMZH\@@^S0QZ`
SG $U4VFZVGZ M,D81GZ> VG K,VGZ K,> Q MZH\QZK M0PGZ K<> %8O, L3U<.X0-,
L3UG,K<>'QM,YLHVTn,>U0ILQ.VP,LY&X9,KRH,>G8M< %ZH\PZLH$ZG\ LS$ZULYF>
$ZYDXPU>TQXVU,U>&,M<NP]RUK0XGZM:GZK<>MZV,QZVKR MZLHJZ> O8-<-J9GZ
K<>OLEOCELYF>>
$U4K\ %ZH,DXKS5%8ST,VGZM,D81GZK<VGZK,M,D81GZK<DXKQZKPUGZK< QZKM0PGZ
K<> $0?Z[ M,YLHVTn, DXV TR1 .X0-, L3UG, K< PZLH$Z G\ PRK LYF 3V N\ S5%8 TR1 LY&X9, ULK0G,
K<>KRUKRULS$ZUG\ NZUQS5%8 TR1LY&X9,ULK0G,K<PZLH$ZG\ PRKLYF3VN\ GXC.VLK0G,K<
LHVPRKLYFLHVG, DXPUJX]UG,M:G,K<T\VU,UNP]RUK0XGZM:GZK<> MJTGZLQ;PT:
K<K,LHKLN MRNX-LH4\M0LP$ZK<DXKV%NX-QZVKRM:GZK<SUPZLH$ZG\PRKG\NZUQ LHK
$WCO  LQ;P %XOZ N\ M,Y { LNV\ G\ PUQ T\  GXC. YZSUGZ K<> MJT VGZ  PZLH$Z G, AZTU
O9GZ-J9GZK<LHV{ LVUDXT\ P2TQK,1VXC-G,OCELYFOR%LYFLFCTOZH,UC.GZK<>
K\%ZH,DXKS5%8ST,VGZM,D81GZK<VGZK,M,D81GZK<DXKQZKPUGZK<QZKM0PGZK<>>
LHLNURYLKLSULKLY&X0Q,$Z$0',QZMZ[<LSUXQZO\@JXUSUVZG,VZFZLSUXLPO<$0TLUVGZVPZO\
@LSUX $0TLUVPZO\ VGZK< QZO\ PQPXL.MZTZG8U\ @LHKX TQX UXO< UXOZLH$ZNZLPQ$ZLH$ZLMLQ
.VPX Q MZTZ KG8U\ @ QZQN VZ 'Q LPO< LPOZH, LSUX $0TLU VGZ VPZO\@ LHLN URYLK LSULK
LY&X0Q,$Z$0',QMZ[<LSUXK<QZO\@@@^S0QZ`
SG $U4LHLN^O ] LHN TR1 EKXYFQ`> URYLKGX., K0XG,$: KQ> LSULKLSU TR1
S5%8ST, TR1> $0',PZLH$Z G\ PRK LYF $0Q+, KR FXN, M,YLHVTn,> SUVZG,SUVZLG LNUSZ
QZO>$0TLULKUG\LYF>PQPXL.$ZS[\PQG\ LSC&\ TXUQYZO,M,YLHVTn,>MZTZVP-G,
K<> NZLPLNV\ N0P LYF> LMLQLMV M,YLHVTn,  Q\> KG8U\$0JV0J YCVGZ> VZ 'Q
M,YLHVTn,>>
$U4NH,M,YLHVTn,$:$<V,$:KQMR S5%8ST,TR1LY&X9N\ GXC.,ULK0G,$:KQ>PZLH$ZG\
PRK LYF $0Q+, KRH, M,YLHVTn, LHK QK,1 VP-G, LN S5%8ST, KU Y\O\ QZO YCVGZ K<> JXU8 G,
LNUSZ QZO M\K9, M,YLHVTn, S5%8ST, { VGZ $ZS[\ LKUG\ LYF YVZG, UC.G, K< DXV { VGZ
M,D81GZMZJGZS5%8 LPOS<1GZK<DXKM,YLHVTn,VGZS5%8ST,{$ZS[\ LKUG\ LYFYVZH,UC.G,
K< DXV { DXK VGZ $0JV0J LGCVGZ K<> SU $ZS[\ PQ G\ LSC&\ TXUQ YZO, S5%8 { G8U YCVGZ
VP-G,K<>K\%ZH,LMVM,YLHVTn,Q\.VPS5%8{$0JV0JYCVGZQZKVPL-$ZDXVGZLHK
VU,U LYNZU:LYF UXOZLH$ZUXOGZK<T\LNV\N0PQK,1$ZDX1GZ>K\QZQNM\K9,M,YLHVTn,
JXU8 G, LNUSZ QZO  S5%8ST, { VGZ $ZS[\ LKUG\ LYF YVZH, UC.G, K< DXK JXU8 G,  LPOZH,
KRH,S5%8{LPOS<1G,K<>
NH, M,YLHVTn,$: $<V,$: KQ MR S5%8ST, TR1 LY&X9 N\ GXC. S:G,$: KQ> PZLH$Z G\ PRK LYF
$0Q+,KRFXN,M,YLHVTn,LHKQK,1VP-G,LNS5%8ST,KUY\O\QZOYCVGZK<>>>
YIK0VXP@URYLKLSULKLY&X0Q,$ZP<LSUXVF9ZK<VGZQZO\@LMQ#,FO[XVK,MZL[$ZVLTJXUX
V\YLKQZPXVPZO\@VGZQZPXVPZO\VLTJXUXK<QZO\VLTJXUXV\LYVX.XSZLH$Z@VEG\NZOXPZLUVFX
DXLU 'ZLU L3LU $ZY[ MZ[X Q KRLH$Z @ VFZ VZLKEX VF, QZH, Y\.< QGLU LQKZO\ @ URYLK LSUKX
LY&X0Q,$ZP<LSUXVF9ZK<VGZQZO\@@^S0QZ`
SG$U4URYLKGX.,K0XG,$:KQ>LSULKLSUTR1S5%8ST,TR1>P< LSUXP\UZS5%8ST,>
VF9ZVGZ M,DX1GZMZJGZ> FO[XN8F P2T> V\YLKV\1YG,$: KQ> VPZO\VPZLO LKUG\
LYFYVZN\>VEG\VELG6EGG,UZK,1>NZOXP2TP2TGZIU$ZTPNP2T>PZLUPZU
N\ PXNZ N\> DXLULKUG\ LYF> 'ZLUUC. N\> VGZVGZ NZLHP ULK[ YZOZ> VF,VGZ
NZLHPULK[YZO,>QZH,^VZTR1$VQZH,$T\ QZH,GR U8SKQ`YLI$ZH,>QGLUP\KU
G,LQJZKQZO>LQKZO\Y\.GZK<>>
$U4S5%8ST,TR1LY&X9,$:KRH,$:M,YLHVTn,$:VGZGX.,ULK0G,$:KQ DXKQK,1MZ[G,$:
LN P\UZS5%8ST,VGZM,D81GZMZJGZK<T\VGZ VZI\ QZOYCVGZK<>K\ %ZH,LMQ+:M,Y:Q\
MJTTR1$ZAU FO\ MZ[{7,NP0QLO$ZK<DXKSUPZTPZGZQZPLKUG\ LYFYVZN\ JXU8 G,
GCV,V\YZNUG\KQ>K\%ZH,M\K9ZPQXC.S5%8G\QZP{LKUG\LYFVGZYVZH,UC.GZK<JXU8DXV
G\$0JV0JYCVGZK<DXKJXU8G,GCV,V\YZNUN\VX.PZ[GZK<>JXU8G\6EGG,EUNLTQZOP2T
G\ IU{G8UNUN\ DXKPQXC.VGZL4US5%8 {$ZS[\ LKUG\ LYFYV:GZK<DXV{PX9MQPPUQ
GZJ\9QK,1LY$ZSGZ>K\ %ZH,PZONS5%8 VGZNZLHPULK[YZOZK<DXVG,YLI$ZH,VGZ
NZLHPULK[YZO,K<DXKP\KUG,LQJZKNUN\ V%M,Y:G, V0%ZONUGZK<> SU S5%8ST,
TR1LY&X9,$:KRH,$:M,YLHVTn,$:VGZGX.,ULK0G,$:KQ DXKQK,1MZ[G,$:LN P\UZS5%8ST,
VGZM,D81GZMZJGZK<T\VGZVZI\QZOYCVGZK<>>
S5%X P\UZVZLKEX V%G8 D8FZK< LNYLPO:S5,TPLS$ZU\ @VLTJXLUP\O,T:VKLMLPO,LSUX UZL.$Z
DXU'ZU\ @VGZDXU'ZU\ Q\KX QZLOLS$ZU\ VLTJXUT\ LSUX LGV< @PZLH$ZPRKNZNFZFROZLTTX S<'<
SJX L.V< @LSUU0LJUZTZVR VFZFROZLTTX S<'< LT.ZLQYZU\ @S5%X P\UZVZLKEX V%G8 D8FZK< LNDX
LPOZS5,TPLS$ZU\@@^S0QZ`
SG $U4VZLKEXPZON> V%G8V%Q: TR1> LNYLNV TU+:" VLTJXLUVLTJXU8 Q\>
VKLM$ZTPN $IROTZ LYF LWN N\ > DXULKUGZ> T\TR1 G, UZK,1> LGV<LGCVGZ K<
GUVQK0XGZK<>NFZFROZNCF\ U0JYZOZFROZ>LTTXDXVG,UZK,1>LTTX S<'<DXVG\ SLKQ[
QZO> SJXS<U> L.V<L.VNGZ K< LTONGZ K< IROGZ K<> U0LJU0J LYF> UZTZU0LJ$Z
KRLH$Z> VFZ FROZSCN\ U0J YZOZ FROZ> LT.ZPZLH$Z G, LTn6QZ> LQYZU\G8U NU G\1GZ
K<>>
$U4K\ %ZH,P\UZPZONS5%8 V%Q:QZOR1DXaFZK< SUP<1M,YLHVTn,E9\ Q,Y\1M,YQYZO,
K: P<1DXVLS$ZU\ S5,TP{LNY\1LPOVNG,K:"MGR1JXU8 Q\ LNV\ M,YLHVTn,{DXVS5%8 LYF
LPOZLH$ZT:DXK$ZTPN$IROTZLYFLWNN\S5%8QZOLPOJH,DXVM,YLHVTn,Q\S5%8ST,{
$ZS[\ LKUG\ LYFYVZLO$Z>DXKM,YLHVTn,S5%8 {VGZ$ZS[\ LKUG\ LYFYVZH,UC.G,K< DXK
VGZLS$ZU\S5%8QZOLS$ZUE[ZH,UC.G,K<>K\%ZH,JXU8G,UZK,1K,S5%8ST,GZGUVQK0XGZ
K<>PZLH$ZGZPRKPZQRNCF\U0JYZOZFROZK<M\LHKFROZSLKQ,UC.,H\ $ZTPNM,YQG\ S<1I\
LYF PQXC. GZ  S<U IROGZ K, ULK0GZ K<> S5%8ST, G\ S5\PU0J LYF U0LJ$Z KRLH$Z FROZ SCN\ U0J
YZOZK<M\ LHKFROZSLKQOH,H\T: S5%8 GZLS$ZUPQXC.G\ LKUG\ LYFR1PZLH$ZG, LTn6QZG8U
NUG\1GZK<>
K\%ZH,P\UZPZONS5%8V%Q:QZOR1DXaFZK< SUP<1M,YLHVTn,E9\Q,Y\1M,YQYZO,K: P<1DXV
LS$ZU\S5,TP{LNY\1LPOVNG,K:">>
P< S5%X VFX S&ZL[$Z KRU %8O, $YJL[$ZU\ @ P< VGZ UZY\ LSUX $ZS[Z VF9< VELG Y,FZU\@ VF<
VELG Y,FZU\ U0LJ UZT, QZU\ LPLO VLTJXU S5,TPX SZLH$Z @ $0TLU U0LJ UZT, VKM\ PZT, JLH$Z
GXVPQX G8.X VEZLH$Z@$SQ\ JXUN0DX TQX PQX G,M< T:PQX %,M< LT5VQZG8.LQYZU\ @P< LSUX VFX
S&ZL[$ZKRU%8O,$YJL[$ZU\@@^S0QZ`
SG $U4VFXVGZ NZLHP ULK[ YZOZ> S&ZL[$ZV:- SZH,> $YJL[$ZU\$2JX[: QZO
%U,KRH,>UZY\$ZTPN$ZQ0GEA6GZK<FUQ:QZOMR9,UC.GZK<>VELG6EGG,UZK,1>
Y,FZU\Y,FZLU LYFZU NU N\> U0LJS5\PU0J LYF> QZU\QZLU M,YLHVTn,> LPLO
VLTJXUJXU8{LPON\>VKM\$ZTPN$IROTZLYF>PZT,PVT>VEZLH$ZVZUZ>N0DX
{>G,M<G\G\[ZFZK,GZK<>%,M<L%CMM:GZK<UVM:GZK<>>
$U4 JXU8Q\P\U\DXT\P\KUN,T,T: P<1VGZNZLHPULK[YZO\SUPZTPZQZOV:-SZOH,>
LMV{JXU8GZLPOZSQV,EQZKKRLH$ZDXK$2JX[:LYF3V,UK,T\S5%8FUQ:TR1.X0-,UK,>JXU8
G\ 6EGG,UZK,1VGZL4UULK[YZO\ SUPZTPZG\ JX[:G,LYFZUNUQNUN\ P\UZS5%8ST,P<{
VGZ$ZS[\FUQ:LYFMR9,UC.GZK<>
M\K9,M,YLHVTn,JXU8G\6EGG,UZK,1VGZL4US5%8G\JX[:G,LYFZU$ZS[\PQLYFYV:G,K<
DXK S5%8 G\ S5\PU0J LYF U0J, ULK0G, K< JXU8 { LPO N\ DXK S5,TPS5%8 { $ZS[\ $0GU K,  OC%
O<1G, K< DXK $ZS[\ $0TU $ZTP\ SUPZTPZ G\ LS$ZUU0J LYF U0J, ULK0G, K< DXK VGZ $ZTPN
$IROTZLYFPVTULK0G,K< LYNZU$ZLGNDXVGZ KU\NY<U,T\GXC.G8UKRM:GZK<>
K\ %ZH,LHKVU,UT\ LHKPQ$ZS[\ JXU8 G\ KYZO\ NUG\[ZFZK,GZK< MGR1TQPQJXU8 {G\
G\H,H\ TGR1PQ KLUQZPUVQZO UVM:GZK< JXU8 PQXC.G\ LTn6QZ$ZLGNGXC.G8UNUG\1GZ
K<> JXU8Q\P\U\DXT\P\KUN,T,T: P<1VGZNZLHPULK[YZO\SUPZTPZQZOV:-SZOH,>LMV
{JXU8GZLPOZSQV,EQZKKRLH$ZDXK$2JX[:LYF3V,UK,T\S5%8FUQ:TR1.X0-,UK,>>
VF9<$ZLSMJTXDXSZLH$ZJXULEQX *RU$0'ZUR @$ZLSLPOZH\ $ZLSLPO< $ZS\ G\LHLS$ZUR @$ZS\
G\LH LS$ZUR VKLM YZSZUR JXUPXL. MQPX VYZU\ @ 'QX MJ PLK $ZLH$Z $ZSX JYZLH$Z GLU VZF<
VLF$ZUR@LJ$ZLQUTLQ*LWFZQ[XKR$ZQZQNQZPLS$ZUR@VF9<$ZLSMJTXDXSZLH$ZJXULEQX
*RU$0'ZUR@@@^S0QZ`
SG$U4VF9<VGZNZLHPULK[YZO\ S5%8 Q\>*RU$0'ZUR*RU$0'ZUX*XCSKQ\UZ>$ZS\
$ZS K,> G\LHG\1GZ K<> VKLM$ZTPN $IROTZ LYF> YZSZURYZSZUX QZP GZ Y[M>
JXUPXL.JXU8 G,UZK,1>'QXV3O'0Q>$ZSX$ZSZ%ZY>GLUGLUT\>VLF$ZURVXUA
U8>LJ$ZLQLJ$ZQG,UZK,1$ZTPNM,YQG,V8-G,UZK,1>UTLQUTQG,UZK,1>*LW
LKUG\LYF>QZPLS$ZURQZPGZLS$ZU>>
$U4K\ %ZH,VGZNZLHPULK[YZO\ SUPZTPZQ\ $ZSLHKMJTS<GZN,TZK<SUJXU8 G,
VUQS<[TR1LEQZM,Y{ LHVLYF$ZTPNM,YQYOR1 *XCSKQ\UZ ULK0GZ K<> JXU8G,VUQSZ
N\  SUPZTPZ $ZS K, M,Y { $ZS[\ QZO  LPO:GZ K< $ZS K, M,Y {  LPOGZ K< $ZS K,
$ZS[\ FUQ: GZ  LS$ZU EA6GZ K<> S5%8 $ZS K, $ZS[Z  LS$ZU G\1GZ K< M,Y {  $ZTPN
$IROTZ LYF LWNZ N\ $ZS[\ QZP GZ  YSZU NU:GZ K< T\ JXU8 G, VUQ SZ N\ M,Y GZ  MQP
V0YZUGZK<> M\K9ZPQXC.JXU8 G,VUQS< N\ $ZS[\ $0GUR1 $ZSZ%ZYG8UNUGZK<DXVGZMJT
LYF $ZDX[Z V3O KR M:GZ K< DXK VGZL4U ULK[ YZO\ S5%8 G\ GU T\ VXXUAU8 KR M:GZ K<> K\
QZQN JXU8 TR1LPO\ LJ$ZQUTQG,EUNLTQZODXVG\ LKUG\ LYF $ZTPNM,YQGZ FZQ[
KR M:GZK<>K\ %ZH,VGZNZLHPULK[YZO\ SUPZTPZQ\ $ZSLHKMJTS<GZN,TZK<SUJXU8
G,VUQS<[TR1LEQZ M,Y{LHVLYF$ZTPNM,YQYOR1 *XCSKQ\UZEL[$ZULK0GZK<>>>
YIK0VXPKOZ@LHKXVU,UXMMU,K<LHVQRMUXSKXF<$ZH\@JXLUUZ.\V\DXEU\KRUXPLUM0P<$ZY<
MZH\ @KRLUPLUM0PLK$ZYLKMZYLK$0LTJH\ S&XTZYLKLEQX QZY< VX.X QKRH,@$<4< NPZY< VR 3OX
SZY<PQPXL.K<SLT.RH,@MPSXLU*RU$0'ZUXPKZJXEZUXQZLT4<%<[Q%ZH,@LHKXVU,UXMMU,K<
LHVQRMUXSKXF<$ZH,@@^S0QZ`
SG$U4MMU,SXCJZQZVKR MZ[YZOZ>LHVQR^O ]LHVXGZX V0E0'NQRG\ NZUQ
DXaILJ$ZK<`>MUXEX)\SZ>SKXF< $ZH\SKXF< $ZLH$Z$CS9GZK<>JXLUJXU8 Q\>V\DXK
PQXC.^EKXYFQ`>DXEU\EFM:G\ KQ>KRUXM\K9ZPQXC.JXU8 G,VUQQK,1$ZDX1GZ>$ZY<
M0PGZ K<> MZH\PUGZ K<> KRLU^O ] KRUX GZ EKXYFQ` DXK E0G\ MR JXU8 G, VUQ QK,1
$ZDX1G\> M0PLKM0PG\ KQ> $ZYLKM0PG\ KQ> MZYLKPU M:G\ KQ> $0LT$ZAU {>
JH\M:G\ KRH\>$<4<LHVMJTLYF>NPZY< PQXC.M\K9, NU[,NUGZK<>PQPXL.$ZS[\
PQG\ LSC&\ TXUQYZOZPQXC.>SLTLHC]T>MPSXLUMPUZMG,SXU,LYF>*RU$0'ZUX*XCS
KQ\UZ>PKZJXEZUXEKXTKQ\UZ>LT4<DXV4:>>
$U4K\%ZH,LHKVU,USXUZ[ZKRMZ[YZOZK<LHV{EX)\SZ ]U8U $ZGE:GZK< SUPQXC.
LHVVU,UG\ PRKLYF3LV$ZULK0GZK< LMQ+:PQXC.:G,JXU8 Q\ UCL.$ZN,T,DXK PRKLYF=UN
KR[TR1 EFM:G\KQ>M\K9ZPQXC.JXU8G,VUQQK,1$ZDX1GZDXK LHVVU,UG\PRKLYF3VN\
PUGZK< M0PGZK<M0PGZK< PUGZK<>JXU8 G,VUQQZKS<[YZO\ PQXC. VU,UNPRKLYF3VN\
PX9PX9M0PG\ PUG\ ULK0G\ KQ$0TY\O\ M:G\ KRH\ KC4POG\ K,M:G\ KQSUPZTPZGZQZPLVPUQ
TR1LEQZDXKQ:{ NG\ VX.QV,EQK,1K0XGZ>
K\ %ZH,LHVORNLYFPQXC.M\K9,NU[,NP:GZK< DXK,3O%RJGZK<>$ZS[\ PQG\ LSC&\ TXUQ
YZOZPQXC. LHVORNLYF $ZS[,LHC]TJYZO<1GZK<>MPUZMG,SXU,LYF%, SUORNLYF%,
DXVG\$ZTPNM,YQYZVT\ *XCSKQ\UZEKXTKQ\UZK,LWLN$ZULK0GZK< LHVGXQ,$ZYZOZNRH,
%<[%UZDXVORNLYFVKZLHTZQK,1NUVNGZ>
K\%ZH,LHKVU,USXUZ[ZKRMZ[YZOZK<LHV{EX)\SZ ]U8U $ZM:GZK< SUPQXC.LHVVU,U
G\PRKLYF3LV$ZULK0GZK< >>
NZLH$ZN0FQX T:4,$< M:VLTJXUX OH\ LPOZH\ @%5PX PZLH$ZLYFKX NW,$< VF9< QZLPVPZH\ @VF<
QZLPVPZH\KLUJX[JZH\LPLOS5,TPVX.XSZH\@VGZ$QuLGUK<LGQXUZT,LYFKXK0DXP<MZH\@LMQ,
SXU.,KLUQZLPLFTXOZLH$ZLTQN<K0DXOZJDXSZH\@N:LH$ZN0FQXT:4,$<MZVLTJXUXOH\LPOZH\
@@^S0QZ`
SG $U4NZLH$ZVU,U> N0FQXVRQZ VRQ\ Y:J SLYTn> T:TGR1> OH\ LPOZH\OH\
LPOZLH> %nPX%WN[Z> QZLPQZP LYF> VPZH\O,Q KR M:GZ K<> LPLO S5,TPS5,TP {
LPO N\> $Q0LG$Q0G LYF> SXU.,SXU.: Q\> K0DXP<1> LTQ N< SZH\DXKQ: G, FUQ,1>
OZJDXOZJDX1P<1OCJGZK:>>
$U4K\\%ZH, PQXC.GZ LHKVU,UTGR1VRQ\Y:JSLYTnK0XGZK<MGR1JXU8 PQXC.{ SUPZTPZ
G\ FUQ:LYFMR9G\1GZK<> TGR1PQXC. VGZL4UULK[YZO\ SUPZTPZG\ QZPLYFO,QKR M:GZ
K<T\LHVG\ $0GUR1PZLH$ZG,AZTU%WN[ZG8UKR M:G,K<>PQXC.VGZL4US5%8 G\ QZPLYF
O,Q KR M:GZ K< SUPZTPZ G\ JX[ J:GZ ULK0GZ K< S5%8S5,TP { LPO N\ $ZQ0G PZ[GZ K<> LHV
$ZQ0GLYFLGQUZTVGZLWLN$ZULK0GZK<T\LHVG\$0GUR1KDXP<G8UKRM:G,K<>
K\ %ZH,LMQ+:PQXC.:Q\ SUPZTPZG\ QZPLYFLFCTMRL9$ZKRLH$ZK<P<1DXKQ:G,FUQ,1OCJGZ
K:> PQXC.GZLHK VU,UTGR1VRQ\ Y:JSLYTn KR M:GZK<MGR1JXU8 PQXC.{SUPZTPZG\ FUQ:
LYFMR9G\1GZK<>>
VR VFZ VFX VOZK,$< M\ VLTJXUX G\LH EX-ZH\ @ LEQX VLTJXU %ULP %XOZ[,$Z LN$Z PXKX G\VLQ $ZJ<
MZH\ @ LN$Z G\LQ PXKX MZH\ $YJXL[ S&XTZH\ GX.R GX.X NPZH\ @ QZLP UT,$Z V\ U0LJ FO8OZ LSU N<
$0LNVPZH\@LTVXM\YIX$YUXQV8-H,LNVX$ZJ<NK,$<MZH\@VRVFZVFXVOZK,$<M\VLTJXUXG\LH
EX-ZH\@@^S0QZ`
SG $U4VFZ VFXVGZ NZLHP ULK[ YZOZ S5%8> VOZK,$<VOZLK$Z MZ VNGZ K<> G\LH
EX-ZH\G\LH EX-ZLH VP-Z G\Y\ LV LTVZOZK NUQ G, VP- EA6 G\Y\> %ULP PZLH$Z G,
%WN[ZLYF>%XOZ[,$ZNXUZK\S<M:G,$:KQ>G\VLQG\[J,$:>$ZJ<SUORNLYF>MZH\
MZLH MZ N\> G\LQG\1G,$: KQ> $YJXL[$2JX[ G\ NZUQ> S&XTZH\ M,YLHVTn,  S&XT:G,
K<> NPZH\VK\9G, K<> QZLPQZP LYF> U0LJU0J LYF> FO8OZJ89+Z> $0LNJRG LYF
JOYCN9, LYF> VPZH\VPZLH O,Q KR N\> LTVX M\YIXDXV SUPZTPZ G\ EUZEU GZ> MZH\
MZLHMZN\>>
$U4K\%ZH,DXVVGZNZLHPULK[YZO\SUPZTPZG,LV LTVZOZKTGR1K,N,T,MZVNG,
K<M\ JXU8 LV LTVZOZKNUQG, $NOG\ G\Y\>JXU8 G,VUQTR1LEQZ M,YLHVTn,$:PZLH$Z
G, %WN[ZLYFS<N\NXUZK\S< M:G,$:KQT\SUORNLYFMZN\ 6UPVZUK0XG,$:KQ>SUORN
LYFMZN\DXKP80KQK,1LY.ZVNG,$:>
K\ %ZH,M\K9,M,YLHVTn,$2JX[LYF3VM:G,K<DXK$ZAUS&XT:G,K<DXKVGZGXC.K,GXC.
VK\9G,K<>SUPZTPZG\QZPLYFU0J,$:KRH,$:M,YLHVTn,$:SUPZTPZG\FUQ:LYFO,QKRN\
J89+\S5\PU0JLYF PVTULK0G,$:KQ >
K\ %ZH,DXVSUPZTPZG\ EUZEUGZ MJTLYF KRUNRH,QK,1LGCVGZ LHVYZVT\ SUPZTPZTR1
LEQZ  LNV\ KRU $CJ\ NRH, GX. VX.  GCLV$Z QK,1 MZ VNGZ> SU  DXV VGZ NZLHP ULK[ YZO\
SUPZTPZG,LV LTVZOZKTGR1K,N,T,MZVNG,K<M\JXU8 LV LTVZOZKNUQG, VP-EA6
G\Y\>>
LMQ,VF9ZVFX VOZLK$ZK0DX LTQOZJDX SZH\ @V\ MQVF\ LQUPO\ LTQLPLO$ZPOX V%MZH\ @
LTQ LPLO$Z POX V% MZH\ VF< VLU QZH\ VF< VKLM VX%ZH\ @ QZPX LQU0MQX $JPX $JRFUX VLTJXLU
G,$ZEX-ZH\ @$QLGQX %JLTNULKU0LJUZT\ QZQNVLFVPZH\ @LMQ#,VF9ZVFX L'$ZLH$ZK0DX
LTQN<OZJDXSZH\@@@^S0QZ`
SG $U4VF\VGZL4U $IROLFCT> VLUVURYU LYF> QZH\Q+ZH\ LH6QZQ NU O<1GZ
K<>VKLM$ZTPN$IROTZLYF>VX%ZH\VX%ZLHS5\PLYF>VLTJXLUJXU8 Q\>$QLGQXKU
UR]>VLFVGZL4UKU,LYF>VPZH\VPZLHO,QULKN\>>
$U4LMQ+:Q\ VGZL4US5%8 G,LV LTVZOZKN,T,P<1DXKQ:G\ FUQ,1OCJGZK:>DXKPQXC.
$IROLFCTKR M:G\ KQSLYTn KR M:G\ KQDXKQ:GZGU6QN,LT$: LYNZU:G, VZU,P<OG8UKR
M:G,K<>DXKQ:GZG,GZUNUQQZO LYNZU:G, VZU,P<OOLKM:G,K<> M\K9ZPQXC.DXKQ:
GZGU6QNUGZK<DXKPQXC. VGZL4US5%8 G\ QZPVURYULYFLH6QZQNUGZK<DXKVGZL4U
KU,LYFO,QKR M:GZK<$ZTPN$IROTZLYFLWNM:GZK<S5\PU0JLYFPVTULK0GZK<>K\
%ZH,SUPZTPZGZQZPPZLH$ZG,NZO.TR1ULKT NUQYZOZ K<SUS5%8 LV$Z[SFTXUZH,
G, UZK,1  $SK0XF K< LJ$ZQLH0LGn$: G, %, DXV TN SK0XF QK,1> LMQ+: { JXU8 Q\ S5%8 G,  V8-
LGCT,DXKK\ QZQNVGZL4US5%8 LYFO,QKR N\ KUY\O\ QZPU0JLYFU0J\ KRH\ S5%8 G,%JT,
NUG\ULK0G\KQ>
K\%ZH,LMQ+:Q\VGZNZLHPULK[YZO\SUPZTPZG,LV LTVZOZKNUQGZDXaGP39LO$ZP<1
DXKQ:G,FUQ,1OCJGZK:>>>

!VLTJXUS5VZLG@
YIK0VN,YZUPKOZ
YZUGZ%ZY
SDX9,YZU
  LMV SUPZTPZ Q\ $LGn6W U8S TR1 VU8S YZOZ KR N\ LHK MJT ULF$Z K< MR V% NX- NUQ G\
VPUC4K< T\ MR V%M,Y:{$[P0LJ$ZGZQG\1GZK< DXVG,E0GJ,GZA<UVLTJXU8 SZVR1K,LPOGZ
K<>
 VLTJXU8 G\ $0GUSUPZTPZS5TC.SUJWK<LNDX1LNJXU8 $S[CTLPWZN\ SUPZTPZQZOLHCN
U8SKRM:GZK<>JXU8KRUORN:{%,SUPZTPZQ\9\$0JV0JLY.ZN\LYNZU:TR1EFZO<1GZK<T\VRK[\
UVT\SZG\1GZK<>
 VLTJXU8 K,PQXC.{SUPZTPZG\ LPO[GZUZKGCVGZK<PQXC.G\ PQLYFR1PRKGZKQ\UZG8U
NUN\DXV{S5%8G,;ZGLYFMR9GZK<>
  VLTJXU8 LVC. { VTV0J LYF V:-,YZO E[:GZ K< LNDX1LN VTV0J LYF MZ N\ VKM VX%ZLH K,
PQXC.LVPUQLYFOCJS<1GZK<(4\K0XG,K,SUPZTPZG\JX[:G,LYFZUK<>
 SUPZTPZG,LV LTVZOZKG,$:JCO:VX[ZN\ JXU8 PQXC.{SUPZTPZG,KR1GG,V8-SZG\1GZ
K<E0GJ,LYFMR9N\LTn6QZ$ZLGNTR1EF:GZK<T\V0TR.YZOZM,YQM,D8[G,MZFLV.:GZK<>
 VLTJXU8G\DXSG\6G,EUNLTQZOPQXC.SUZH,$ZVLT$ZJGZK<JXU8G,EZ[,G,UZK,1S5%8G,
LV LTVZOZKNUN\PQXC.G\VZU\GXC.G8UKRM:G\KQLNDX1LNLHVG\$0GULHNSUPZTPZG,;ZG
G,T:*Y'M:G,K<>
 VLTJXU8G,$JYZH,LYFLMDX1LMDX1PQXC.S5%8GZQZPLVPUGZK<LHVG\$0GUR1KDXP<G8UK0XG,
K<$DXJ[LPWG\KQT\M,YQGZ$ZVUZSUPZTPZQ\9\$0JV0JLGCV[OCJS<1GZK<>
 SUPZTPZLHKQ:$C.:QZOLGCVGZQK,1SUVLTJXU8PQXC.{DXVG\JX[VX[ZVX[ZN\LHKLGn9+
NUZG\1GZK< LNDXKV%M,Y:GZPZONKU\NG\ LGOG,MZ[GZK< T\ V%NX-NUQG\ VPUC4K<
LHVTU+:JXU8PQXC.G\PQLYFSUPZTPZG\$0JV0JKR[GZLY6YZVS<GZNUG\1GZK<>
 VLTJXU8 GZPQSLYTn K0XGZK<JXU8 6ZK:GZ6ZKK< LMVSZVS5%8 G\ QZPGZA]ZQZK<JXU8 G\
$0GULEE\NYZO,PLTKR[NUN\DXV{KU4:SUPZTPZK,SUPZTPZLGCVGZK<>
 OR9:GZPZLU$ZKRLH$ZPQXC.E0LG$:G\ GU T\ MZ N\ K2OZ S<1GZ K< SU V% M,Y: GZ LHCN
SUPZTPZK,K<MRPQXC.DXVG\GUT\VYZO,K0XGZK<DXVG,PXUZG%,S8U,K0XG,K< T\ S5%8 GZQZP
LVPUQG,EUNLTQZODXVG,PZLH$ZYZO,%XC.K,LPWM:G,K<>
  LHK QZP VLTJXU8 SZVR1 K, LPOGZ K< JXU8 QZP GZ PZQR A]ZQZ K< %ZJ: YZO\ PQXC. JXU8
QZOLHVSGZU4G,L%$ZO,S:G\ KQQZPGZYSZUNUG\ KQT\ MCJTR1$VOOZ%.CWN\ M:G\
KQ>
 JXU8 LMVPQXC.G\ LKUG\ LYFQZPLGn9+ NUGZK<DXVG\ $0GUR1KDXP< T\ GXLE'ZLQNOM:G,
K< DXVGZPQS5\PG,U0J[QZOU0LJ$ZM:GZK<>DXV{;N,Q$ZM:GZK< LNMJTLYF$VO
V0J,S5%8GZQZPK,K<>
  LS&O\ VLP$: G\ PK:SXU. YCO K, Y\. O( S5LKOZG MQN YL66W $ZLGN V% { JXU8 G,
6UQLS$:K,QZPLVPUQG,GZLTLPO,JXU8TR1LEQZLNV\{QK,1LPO,>
 LMVPQXC.G\ PQLYFS5%8 GZQZPYCVSH\VZUZMJTDXVG\ $CJ\ LQD81GZK<DXVPQXC.{
MJTLYFLNV\ G,PX4ZM,QK,1ULK0G,SULHKEUNLTS5%8 G,P\KUQZODXV{K,QV,EK0XG,K<
MRJXU8G,6UQSH\>
 E0GJ,NUQQZOPQXC.LHVVU'ZT\ $ZLWNGZK< LN$VO$0JVZNSUPZTPZK,K<GX.
VX.Y\O\ $VOVOZKNZU T\ VZ4, DXV GZ QZP K, K<> LVCWZ LHK LQNOGZ K< LN LMTQZ LFU H\4\
M,D81GZK<PQXC.LYNZU:TR1ELF$ZULK0GZK<T\H\4R1TXUQOCLJ$:%,LYNZU:G,NRH,S0IO<N\QK,1
TXUGZ>
 E0GJ,YZO\{S5%8GZQZPK,KU4:UZ.ZLGCVGZK<MJTTR1TXUQOCLJ$:%,QZPK,DXV
{PZLH$ZG,M\Y9,TR1&I:GZK<SULHVKU,QZPG,VP-VLTJXU8SUDXSNZU,TR1K,S<1G,K<>
 MJTLYFNRH,T:VRK[\ VX$ZGO\ .Z[\ .Z[LYFPVTK<NRH,VRK[\ NCS9\ SLKQ[LYFPJQ
K<NRH,LQUZY[MYSZULYFUXC-ZLS$ZK<SUE0GJ,YZO\ {MR UVQZPLYFK<DXKLHKQ:
F,]:LYFQK,1LPOGZ>K:LHVOJQYZOZK0XGZNRH,LYUOZK< LMVT\ P\KUKRY\ T\ MR JXU8 G,
6UQ$ZY\>
  DXK PQXC. %ZJ: YZOZ K< MR JXU8 G, 6UQ S< N\ JXU8 G, U]Z LYF TXU N\ SUPZTPZ GZ QZP
LVPUGZK<LVPUQG,EUNTQZODXVG\PQLYFAX6,T\L.9ZDXS<GZK0XGZK<>
 VLTJXU8 G,6UQLS$:PQLYF6:T,S<GZK0XG,K<SUPZTPZG\ QZPLYFVXULTMX9G,K<T\
Y<U,QZO%,LPTn%ZYQZE[M:G,K<>
 MR PQXC.SUPZTPZG\ QZP{L]0GJ,GZ$ZVUZE[:GZK<DXVG,$:KRUVZU,$:OZOVZLPW
M:G,$:KQDXV{KU\NM,YLYFS5%8K,YCVGZLGCVGZK<>
 MRPQXC.JXU8G\VQPX.KRN\QZPMSGZK<DXV{LHKLQ6FZKRM:GZK<LNSUPZTPZ$ZSK,
V%M,Y:{S<GZNUQYZOZK<KU\NLYFP2M8GK<PZUQYZOZ%,DXK$ZSK<T\UC.[YZOZ%,DXK
$ZS>LHVVU'ZQZOLMDX1LMDX1DXKLVPUQNUGZK<LTDX1LTDX1NRH,LF0TZL NUDXV{ SRK
QK,1VNGZ>
VPXCFZ%ZY
  SDX9,Q0 S5%8KU\NM,YLYFP2M8GK<SULHKS5TC.;N,QN\YOJXU8{K0XGZK<LHV
YZVT\S5%8G,E0GJ,GZA<UJXU8SZVR1K,LPOVNGZK<>
  SDX9,Q0 TR1 JXU8 G,V0JLTLYFULKN\ LMDX1LMDX1PQXC.S5%8 G,;ZGLYFMX9GZK<
LTDX1 LTDX1 LHV G\ $0GUR1 PRK GZ KQ\UZ PZLH$Z G, LTn6QZ T\ KDXP< LPW M:G, K< S5%8 $0JV0J
LGCV[OCJS<1GZK<LHK;N,QE[GZM:GZK< LNMJTLYF$VOV0J,KLUQZPK, K<> LS&O\
PK:SXU.S5LKOZGMQNYL66W$ZLGNYO%,Y\.ODXJXU8TR1LEQZLNV\{S5ZST,QK,1KRH,>
  SDX9, Q0  TR1   JXU8VUQ $Z N\ QZP MLS$: LNV\ G, PX4ZM, QK,1 ULK0G, $VO
$0JVZNS5%8K,MZSGZK<DXK,KU4:UZ.ZLGCVGZK<QZPUVMJTG\ UV:QZOR1LPC7ZOCJGZK<
KUY\O\ PQL.L9$ZULK0GZK<LPTn Y<U,LHNVPZQMZSG\ KQKU\NM,YLYFUCEK,LGCVGZK<
PZUQYZOZ%,DXK,T\ LMYZO[YZOZ%,DXK,Q]U,1$ZDX1GZK<LHVYZVT\ MJTGZNRH,IUSRK
QK,1VNGZ>
PXC.%ZY
N\YOJXU8 G,6UQLS$:K,PQXC.VUELY$ZSNS5%8 G,E0GJ,NUVNGZK<JXU8 TR1LEQZS5ZST,
QK,1KRVNG,>
YIK0VN,YZUPKOZ^S0QZ`
OO:EKO,PZN,'XLQJZY[,
OO:T\EKO,PZGR&RW\&RW\UZMS8TUZM\VQN:J9\G\LHOZN\LYF>LHNYZU,OO:G\LHOZN\LYF
$29OCJJH,DXVQ\ $ZS[,S<GZYZUGZ&\Y:LKCVZG\[GZLHNUZUNUN\ EKO,PZG,QLKUTR1
SZ[,LO$Z> VOGZY\OZ$ZLH$ZT:LHVQ\ LHNUZUS8UZQZN,TZ>GRK:LYFO9ZH,KR SH,
SUEKO,PZLMCT LJ$Z> LHV O9ZH, GZ KZO LNV\ )Z), Q\ YZU LYF J:LY$: LMV GZ QP8QZ
LHDX1K<
NZOOO:G\G\6GZ.RLH$ZELKO,PZ@
LKCVZ&WZPQZLHN<MOXQKUR1G,QZ@
L3UZD8QKRLHOO:Q\U[P0LI$Z',PZ@
%\9GXK8LGVPCLF$ZVCWSH,$M,PZ@
LVU'9LICJ\.\TLYFLMDXYZK[),PZ@
G\L.PZU\OO:EKO,PQ\U[PLKEU&,PZ@
VLTJXU8 M, Q\ $ZLJ$Z N,T, K< LN LHV YZU G, VXU T\ JXU8 UZPGZV M, G, LHK YIK0V G, YZU
JZDX[,K<>
!VLTJXUS5VZLG@
VORN P  @ VELG UT\ YIK0V K< VFX QZPX DXLU 'ZLU @ VFX V0J5KLK VG VLF UKLK VF< QZLP
LS$ZLU@VGZLQUPOP<OXQOJH,QGLUN,T,NUTZLU@QZQNKDXLTQ#N<ELOKZU[<MR $QLGQX
MSLKPXUZLU@@^S0QZ`
SG $U4YIK0VYCI\ K0V YCI\ LEE\N,> DXLULKUG\ LYF> V0J5KLKLHNC7Z NUG\ KQ>
VLFVCFLYF>LS$ZLULS$ZUG\NZUQ>NUTZLUNUTZUQ\>PXUZLUSUPZTPZ>
$U4MR PQXC.VCF\ QZP{LKUG\ LYFSUR N\ VLTJXU8 G\ 6EGLYFUCT\ KRH\ KQDXKYCI\ LEE\N,
V0T KQDXKVCFZQZP U8S'Q LHNC7ZNUG\ KQT\ VCF\ QZPLYFLS$ZUG\ NZUQVCFLYFK,
O,QULK0G\ KQNUTZUQ\ DXKQ:DXT\ P\KUG,Q]UN,T,KRH,K< LHVNUN\ DXKVGZSLYTn KQ
DXKQ:{ LYNZU:G, P<OQK,1OCJG,>K\ QZQN $Z. MR PQXC.KUY\\O\ S5%8 {LVPUG\ KQ
P<1DXKQ:TR1VGN\K:>>
P  @ P< MZLQ$Z YIK0VX K< TZ P< N,$Z V0JX @ M\ MZ[Z EJX ESX9Z T MQLP Q G\G,
$0JX@@^S0QZ`
SG$U4EJXEJXOZS.0I,PQXC.>MQLPMQPTR1K,PXC)TR1K,>$0JX QG\G,SZVQZ
E<7G,>
$U4P<1VPL-$ZV,LNLHKNRH,YCIZV0TK<LHVYZVT\ P<1LHVQZOVZ4N,TZV,M\ P<{
STZK0XGZLNLHKLYFZUZS.0I,PQXC.K<T:P<1PXC)TR1K,LHVG\SZVQZKE<7G,>>
P  @ K0VZ Y\L. TU0LG$Z EJ: L% $Z;Z FZDX @ IXLE PXH\ EJ ESX9\ LVUX TLO DXSLU SZDX
@@^S0QZ`
SG$U4TLOK\7:>LVUXTLODXSLUSZDXLVUK\7:T\S<UDXT:K{LVUSUQ\KRN\>
$U4K0V:{TULG$:Y\.N\EJLO$:{%,FZ$NXCLG$ZSUEJO\LYFZU\LVUSUQ\ KR N\ IXCE
N\PUJH\>>
SDX9,@T8$ZS\K,$ZLS$ZLSK<$ZLSNZU[XN,$Z@T8$ZS\$ZLSLQU0NZUXK<NR$YUXQE,$Z@
T8 NU[NZU[VPU4X K< T8 NULKVX 4,$Z@T8 $[P0LJ$ZGZQX G\Y[ZV%QZKZM,$Z@VL%$Z.KX
VLTJXUXYZKXYZKXLMLQGZQXKLUQZPXPXL.G,$Z@@^S0QZ`
SG$U4NZU[XPXC)>LQU0NZUXLQUJX[U8SLMVGZNRH,AZVVU8SQK,1>E,$ZG8MZ>
YZKXYZKX'0Q>
$U4K\ S5%8V0VZUGZPXC)T8u $ZSK,E[ZLH$Z LNDX1LNLHVTR1SLKO:GZ%, T8u $ZSK,
K<1T8u $ZSK,K<1T\UZNRH,AZVVU8SQK,1K< MR P<1LE$ZQNUVN: T\U\ YUJZNRH,G8MZQK,1
K<>LV56W,G,DXTSCT,NUQG\ T8u K,VPUC4K<1MR NX-T8u NUGZK<1DXK,K0XGZK<T8u VZU\ M,Y:{
DXKQ:G\ P0J[TR1LEQZK,V%GZT:G\LUKZK<1>
K\ %ZH, VZU\ $Z.KXVLTJXU8 %, '0QK< LMVQ\ LHKR LMK\  S5%8 G, QZPU8S GZLT $VZI\
P80KLYFSZH,K< %ZY$VZ{QZPG,GZLTEA6,K< >>
VORNXP@%<LYLFV%X$ZNZUXK<LQU%DXKLUM,DXVRLH@VLTJXLUV\LY$<KLUPLQYV<LT4<%DX
NG\QKRLH@GXVPQXGX.XLTVQRQ\L9Q$ZY<SRLKQVN<NRLH@JXUPXL.PLQY,FZLU$ZMRLTVX%ZY<
VXKRLH@QZQN$ZS\K,SLTU.V,NZUMVYZU\VRLH@@^S0QZ`
SG $U4VLTJXLU V\LY$<M\ JXU8 G, GCV, NZU NU,H\ M\ JXU8 G\ GCV\ KRH\ UZK DXT\ TXU,H\>
JXUPXL.MRPQXC.JXU8G\UZKT\TXUGZK<JXU8G\VQPX.PQXC.>LTVXDXVS5%8{>
$U4 MJTGZ VZUZ$ZNZU %ZYMJTLYFMR NX-LGCVLUKZK< IUG\ $',QK<LHNDXK
SUPZTPZK, LMVQ\ LHKMJTE[ZLH$ZK< IUTR1ULKTK<>M\ JXU8 G\ GCV\ KRH\ UZKDXT\ TXU,H\
T: DXKIUULKT S5%8 PQLYF$ZYCVGZK< L3U DXVPQLYFNG\ NRH, IUQK,1LY$ZSGZ
NRH,Y<U,DXVG\Q\9\QK,1)XCNGZNRH,GX.DXV{SRKQK,1VNGZ>
K\ QZQNJXUPX.:G\ PQLYFLHKLYFZUDXa7G,K< LNMR NX-S5%8 {F0JZOCJGZK< DXK,K0XGZK<
$VZI,OZMDXK$ZSK,UC.\JZ $VZI\ N0PDXK$ZSK,V0YZUGZK<>>
P@LHLNVM[FO\ LHLNFLOJH\ UKG\ %,3XLQMZLK@LMQ,VLTJXUX QV\LY(V\ $ZLHJH\
S&XTZLK@QZQNVLFUT\V\QLY&X9LKVLTJXUXV\LYVPZLK@@^S0QZ`
$U4NX-VCM[MZ[{LT$ZUKQNX-N8FNUJH\KQT\EZN,G\%,FO\MZ[J\ %ZYMJT
LYFMR%,$ZLH$ZK<DXKLH4\VGZQK,1ULKVNGZ SULMQ+:PQXC.:Q\JXU8G,GCV,KRH,NZUQK,1
N,T,DXK MJTLYF $ZN\LH4R1S&XTZDX1G\FO\M:G\KQ>K\QZQNMR PQXC.VCF\ QZPLYFU0J\
KRH\ KQ DXK SUPZTPZ TR1  QK,1 LY&9G\ DXK JXU8 G, GCV, V\YZ NU N\ S5%8 LYF  MX9\ ULK0G\
KQ>>
SDX9, @ LTVX LPO,$< VLTJXU VM[< LMVX $0TLU KLU JX[NZU, @ LTVX LPO,$< VLTJXU S5,TP< LMLQ
K0DXP< LYFKX PZU,@VR VLTJXUX S8UZ'QX '0QX K< LMLQKLUDXSG\VX G\ V%LV5LVg VYZU,@LQTMLS$KX
V0TKX UZP QZPX %DXMO LE.X TZU, @ JXLU S8U< KLU DXSG\LV$Z JXU LYWL9$KX K0DX VG YZU,
@@^S0QZ`
SG $U4%DXMOV0VZUVP0XGU> LE.X]LKU> DXSG\LV$ZQ\9\ LY.ZLH$Z K< ^LG6KC4
$ZLGNG\LH6ZU\QZOLY.ZDX[Z>DXSQ\9\>DXSLG6Q\9\LY.ZG\[Z`>
$U4DXVLS$ZU\ JXU8 {LPO[ZFZK,GZK<LMVG\ LKUG\ LYFJX[:GZVRPZSUPZTPZYCVLUKZ
K<DXVS5,TPVLTJXU8G,VUQS<[ZFZK,GZK<LMVQ\$ZS[\$0GUR1$K0NZUG8UNULO$ZK<>
K\ V0TMQR1V0VZUVPX0GUG, PZLH$ZU8S ]LKUTR1SZUO0*ZDX[YZOZKLUQZPMSRS5%8
LVPUQG,LHKLVCL.$ZG\ N\ LMVVLTJXU8 Q\ VZU,LV56W,{VRK[ZE[ZLGCTZK<DXKVLTJXU8 '0Q
K<DXKJXU8 '0QK<>$ZS[\ VLTJXU8 TR1P<1VGN\ K:S8U\ VLTJXU8 Q\ P<{SUPZTPZQ\9\ LY.ZLGCTZ
K<>>
VORNXP@VLTJXUN,V\YZFZNU,VX.,K80 VX.VZUX @$<4< LPOLQYLI$ZH,$ZGUJKPR.GX$ZUX
@VF,NZUNPZY[,VFXS<Q[XVFXQZPX$'ZUX@VF,V0JLTVLFLPO<VF<QZLHLS$ZUX@VF<VELG
KU.X VGZ GLU VF< VLF$ZUX @ QZQN VLTJXU N, V\YZ VR NU< LMV QR QGLU NU< NUTZUX
@@^S0QZ`
SG$U4VZUXTCTLQFR9>VX.,K80VX.F0J\TR1F0J\VX.GZ>$<4<MJTLYF>
$U4JXU8G,GCV,V\YZFZNU,NUQ,F0J\TR1F0J\VX.GZTCTK< JXU8G,GCV,V\YZN,LT$: MJT
LYF$ZGULPOGZK<T\ S5%8 G,K]8U,LYFVXUAU8H,GZGUYZ]Z> JXUV\YZG,LHK, VCF,NZU
NPZDX[MRJ K< LHV QZO  PQXC. { S9G\ NCM[ OH,  VCFZ QZPU8S SX6ZNZ LPO M:GZ K< VCFZ
QZPU8S$ZVUZLPOM:GZK<VCF,V0JLTG,S5ZST,K0XG,K<VCF\ QZPLYFLS$ZUS<1GZK< T\ VCF\
S5%8LYFVPZH,KRM:G,K<>
JXU8 G\ VCF\ 6EGG,EUNLTQZO PQXC.G\ PQLYF VGZAX6,E[,ULK0G,K<T\ S5%8 G,K]8U,
LYFPQXC.VXUAU8KRM:GZK<>
SUK\ QZQNVLTJXU8 G,GCV,KRH,NZUDXK,PQXC.NUGZK<LMVDXT\ S5%8 $ZSP\KUG,Q]U
NUGZK<>>
P@KRULYIZ[,FZNU,L'5JX M,Y[X L'5JX YZVX @$0LP5TX &RLILE.X OJ\ LE.X .W[ZLE.X UZLV@
LE.X.Z[ZLE.XS<Q[ZLE.XN\PXL.LJUZV@$<4<GX.RGX.XNPZY[ZPXLH$ZQULNLQYZVX@PQPX.PXLK
P<O< VEGX QMZ[Q,NZPNURL'LY[ZVX @VLTJXUNZ%DX &RLI$ZPQKL7N0PX Q$ZY< UZLV@MP
SXLU E'\ PZU,$LK NR Q VX[\ $UGZLV @ QZQN S8ULE LOL.$Z NPZY[Z JXUPXL. QZLP LQYZVX
@@^S0QZ`
$U4 S5%8 G,E0GJ,&CIN\ KRULEJZQ,NZU NUQYZLO$:GZ M,D8[ZT\ YCV[ZL3WNZUMRJ
K< LNDX1LN DXKPQXC.$0LP5T&CIN\ PZLH$ZU8S ]LKU LHNC7ZNUQ LYFOCJ\ KRH\ KQ]LKU
K,DXKQ:G,.CW,NPZH,K< T\ ]LKUK,DXKQ:G,S08M,K<]LKUK,DXKQ:G,AXUZNK<]LKUK,
DXKQ:G,SX6ZNK<T\]LKUG,$:K,DXKPQXC.P08KLYFLJUZK,$:SZUK\KQ$M\K\E0G\MJTLYF
LQUZGXC.K,%RJG\KQT\PRLH$:%,DXKQ:GZYZVQUNLYFK,K0XGZK<>P80KR1P<O\KR[NUN\PQG\
LS&\TXUQYZO\PQXC.JXU8G\6EG{QK,1S&Z[G\NZPNnR'$ZLGNLYFDXKQ:G, $ZTPN P2TKR
M:G,K<VLTJXU8 GZ$GE&CIG\[NUN\PQG\ K7QZON,TZKRLH$ZDXKQ:GZNRH,N0P LVU\
QK,1F9+GZ LHVYZVT\ PQPX.PQXC.MPSXU,LYFEC'\ PZU.:G\ KQNRH,DXKQ:G,SXNZUQK,1
VX[GZ %ZYNRH,DXKQ:G,VKZLHTZQK,1NUVNGZ >
SU K\ QZQN LHK LNV\ G\ YCV G, JCO QK,1  PXC) TR1 N,T\ NUP:$QXVZU  LOL.$Z O\. M,Y
NPZDX1G\KQ %ZYLS&O\N,T\NUP:G\V0VNZU:$QXVZULNUTNPZH,M:G\KQ  LHV\TU+: JXU8G\
VQPX.ULK[YZO\E0LG$:G,VXULTQZPLYFMX9,ULK0G,K<>>
SDX9,@VR VLTJXUX V\LYKX VZ' MQX LMLQ KLU KLU QZPX LG59ZLH$Z @ VR VLTJXUX S8MKX LGQVX UZLT
LMLQMJ0QZ4XMJG,VXMSZLH$Z@VRVLTJXUXG\.KXLHNLQP.LQP.LMLQKLUNZKLUS04XETZLH$Z
@LTVXVLTJXUN,V%SJ,SYKXLMLQPRK$0'\UXFXNZLH$Z@VRVTJXUXNKKXVL%'0QX'0QXLMLQKLU
%JLT%0IZUOKZLH$Z@@^S0QZ`
SG$U4LGn9ZLH$ZSCNZNULGCTZK<>MJG,VXMJTGZPZON^MJTH,V`>LQP.$C.
-PN[ LMTQZ VPZ> LQP. LQP. %ZY  KU Y\O\> S04XUVTZ> SJ,S<U,1> %0IZU
A]ZQ\>
$U4 K\%ZH, LMVVLTJXU8Q\S5%8GZQZP PQXC.G\LKUG\LYF SCNZNUZLH$ZK<DXVVZ'
JXU8 G,V\YZNURLMVJXU8 Q\ MJTG\ PZONT\ QZ4GZQZP M,Y:TR1 MSZLH$ZK<DXVG,LGQ
UZTS8MZNUR> K\ %ZH, LMVJXU8 Q\ SUPZTPZ G\ LPO[ GZUZKGCLV$ZK<DXVGZKUY\O\
GU6QNURLMVVLTJXU8Q\ M,Y:G\LKUG\LYFR1PZLH$ZG\ PRKGZKQ\UZG8UN,TZK<VZU\DXVG,
FUQ,1OCJR> K\ %ZH, LMVJXU8 Q\ S5%8 G,%JT,G\ A]ZQ\ O%ZLGCT\ KQ$Z.RDXKJXU8 '0QK<
DXKJXU8'0QK<>>
VORNX P@VLTJXLULPLO$< %X.JH,%\.,%X.QMZLH@GXL.OJ< *LU*LUL3U< $J< G8[,LPO<
VMZLH@$0GLUVKMX Q$ZLH(VKM\ K,O< .ZLH@PQKL7LMVT\ P0J[ZO<[ZGX.X PQZLH@LHVX
%\.< 4ZYKX LJUKR %OZ LM4KX NR YUVZLH @ VELG UT\ LTQZ VR-, SH, G8M< %ULP %XOZLH @ SLH$<
LNULT NPZY[Z NK[Z N&8 Q MZLH @ QZQN MR LTVX %ZYLK V\ %O\ LMQ# N, SLT SZYLK 4ZLH
@@^S0QZ`
SG $U4%\.,%\. 'ZUQ N,LT$:> $J<SUORN LYF> VKM$IROTZ V0TR.> GX.X
PQZLHGXC.S<GZNUN\>4ZYKXQZOR1>YUVZLHN0PVYZUGZK<>SZYLKT8uSZDX1GZK<1>
$U4JXU8 { LPLO$: K, PQXC. G\ PQ G,  %XC. G8U KR VNG, K< %\.: QZO LTn6QZ QK,1 M:G,
%\.,VZ'8 LTn6QZG\ GXC.LYFNOSGZK<*U*U%WNGZL3UGZK<T\ SUORNLYFLHVQZOR1%,
Y',NV]Z%XJTGZK<>
%\.,VZ'8 G\ PQLYF6:T,QK,1$ZDX1G,LMV6:T,G,EUNLTQZODXKMR NX-DXV{LNV\ SZVR1
LPO\O< N\ .ZOH\ %ZYLTnSTKR MZH\ SUPQG\ K7G\ $ZVU\ L%CL.$Z P0LJ$: GRK,1L'U,1
NO\6S<GZNUN\K,L%CL.$ZOH,G,K<>LHV%\.QZOR1LJ5KV4F0JZK<LNDX1LNLH4R1PQXC.$ZS[,
$ZVS8U,NUVNGZK<>
MRPQXC.JXU8G\6EGLYFUCT\M:G\KQDXKQ:{DXaF,V8-S5ZSTK0XG,K<SUMRPQXC.PZLH$ZLYF
3V\ ULK0G\ KQ DXK %WNG\ KQ> LHV EZU\ LN NRH, F0J\ UZK LS$Z K< T\ NRH, P0G\ SZV\  NX-
$ZL.$ZQK,1MZVNGZ LS&O\N,T\NUP:G\V0VNZU:$QXVZUK, NZUNPZDX[,S<1G,K<>
K\QZQNMRM,YDXVS5%8{LS$ZU\OCJG\KQDXK,F0J\KQLNDX1LNK\S5%8T8uDXKQ:G,LHC]T
4:LHSZDX1GZK< %ZYOZMUC.GZK<1 >>
P@VLTJXLUV\LY$< VGZVX.X MQPPU[GX.X MZLH@LF0TZP8LOQKRYH,$LF0TX YV< PLQ$ZLH
@$0TLUT,U4XLJ$ZQXK<VLTJXLUG,$ZEX-ZLH@P<OXJH,PQXLQUPOXKR$Z$0LP5TVLUT,UL4QZLH
@VM[LPO\VM[ZVF<VELGVX%ZLH@*UK,SUFZSZLH$ZMRT,MRLTLPOZLH@SZ.0LIMPNZOXQ
&RIH,O<MZV,SLTJYZLH@QZQNQZLPUT\V\DXEU\VF\LVDXLOYOZLH@@^S0QZ`
SG$U4MQPPU[GX.XM0P[TR1O< N\ PUQTNGZGXC.VZU,DXPUGZGXC.P2TGZVKPMR
VZU,DXPULS$ZULK0GZK<>
$U4JXU8 G\ GCV\ UZKDXaT\ TXLU$:VGZVX.LPOGZK<VZU,DXPUGZGXC.G8UKR M:GZK<DXaNZ
K,LF0TZQK,1ULK0G, LNDX1LN LF0TZTR1ULKTS5%8PQLYF$ZYCVGZK<>PQXC.G\$0GUK,LJ$ZQ
U8S T,U4K< LMVPQXC.{ VLTJXU8Q\ LHVT,U4G, VP-EA6,K<DXKPQXC.QZP$0LP5TG\
VURYULYF$0LP5TG\T,U4T\Q+ZDX1GZK<T\DXVGZPQSLYTnKR M:GZK< PQG,LYNZU:G, P<O
G8U KR M:G, K<> VLTJXU8 G\ VCF\ 6EG G, EUNLT QZO VXT\ K, VTV0J, VTV0J,$: { LPOG\ KQ
VTV0JG,UZK,1 S5%8 LYFLEUT,MR9N\LKUG\U8S*ULYFDXKQ:{ S5%8LVPUQU8S $ZKU
LPOM:GZK<>
SUS.0IN,LT$:P2TGZVKPQK,1&CIGZ S.0IG, LHC]TLPWZN\P2TLHV{O<TXUG,K<>K\
QZQNMR PQXC.QZPLYFU0J\ KRH\ KQDXKVGZL4UULK[YZO\ S5%8 G\ FUQ: LYFVXULTMR9N\
LHVVKPTR1 EFM:G\KQ>>
SDX9,@LTTXMZLHEKKXVTV0JT,LM4<KLUNZKLUQZPX LEORH,$< @VKM\ K,KLUQZPX O\KX KLUTTX
Q.RH,$< @LQTMLS$KX KLUKLULGQVX UZLTKLUGUJK)RH,$< @VR SZH\ S8UZVTJXU8 LMVX 'XLU
PVTLN LOOZLW LO.RH,$< @ LTVX JXU N0DX VL% QPVNZUX NUKX LMLQ KLU N, KLU JZO JORH,$<
@@^S0QZ`
SG $U4LEORH,$<LU9N,GZ K< LYFZU,GZ K<> VKM\$IROTZ LYF LWN\ KRH\ PQ QZO>
TTX$VO,F,]>LOOZLWPC4\DXaT\>JORH,$<$Z.GZK<>
$U4 K\ %ZH, DXVVTV0JLYFMZN\ E<7RLM4\ S5%8 G\ QZPG,LYFZUK0XG,K< DX4\ MZN\
PQLWNZN\KU,GZQZPMSRT:MRQZPTCT.XCVQZKMZH\> VTV0JLYF VGZLGQUZTKU,GZ
QZPMSRLHKQZPU8S)R$ZO<N\K,S5%8G,K]8U,LYF$CS9,GZK<>
SUVTV0JLYF%, DXV\ PQXC.{S8UZJXU8 OC%GZK<LMVG\ PC4\ DXT\ 'XUR1 %O\ NUP:G\ V0VNZU:
GZO\. LOL.$ZKRLH$ZK<>
K\%ZH, VZU\DXVJXU8{LVULQYZ(MRVGZS5%8G,LV LTVZOZKG,$:JCO:NUGZK<>>
VORNP@VM[LPO\ VM[ZLMQVTJXUQZLOLS$ZUX @LPLOS5,TPLTQ,L'$ZLH$ZVF< S5\LP
LS$ZUX @PQK,T\ PQX PZLQ$Z JXU N< VELG $SZLU @ H\LK VM[ LPO\ Q LY&X9LK LM $ZLS P\O\
NUTZLU@LHNQZGUVQN,SUT,LTQ$ZH,$ZVELGQNULKY,FZUX @LY&XL9$ZNZLN$ZLY&X9<
LMQZG8M<%ZLHLS$ZUX@PQPX.V\T,GRVT,4R9L9$ZLGQFZLU@LHVX SU,T,TXWG,LYOPX QKRYH,
LHTX GRVT,FOLQLYNZU@LMQZ$0GLUVF\ NZ%DX QZK,QZLPQNULKLS$ZUX @QZQNLTQLVDX
LN$ZN,F<GRVT,LM$ZLS%XOZH\NUTZLU@@^S0QZ`
SG$U4NUTZLUNUTZUQ\>G8M< %ZLH S5%8 TR1LEQZ KRUG\ LS$ZULYF> LYOPXG\U
L)CO>FOLQS<GZK0XG\KQ>
$U4LMQ+: VTV0J,$:  GZ JXU8 QZO S5\P K0XGZ K< DXK VTV0J,$: { LPOG\ KQ VTV0J,$: {
LPON\ DXK,PQXC.S5%8 S5,TP{LVPUG\ KQLNDX1LNVCF\ LS$ZULYFDXKQ:G,LEUT,MX9,ULK0G,
K<VLTJXU8G\$SZU6EGG,EUNLTQZODXKQ:GZPQ$ZS[\$ZSTR1K,S5%8LYFST,MM:GZK<
$M\K\ VTV0J,PQXC. LHNYZU, LPO\ KRH\ L3ULY&X9G\ QK,1KQLNDX1LNNUTZUQ\ $ZSLHKQ:{
LPOZLGCTZK<>
LHNQ: LY&X9\KRLH$: {S5%8G\G,GZUGZ;N,QK,QK,1EC-GZLNDX1LNDXKJXU8G\6EGLYFNG\
LYFZUK,QK,1NUG\>SULMQ+:PQXC.:G,VXULTVGZPZLH$ZG\ PRKLYFMX9,ULK0G,K<DXKQ:
S5%8 TR1 LY&X9\ KRLH$:GZKRULY&R9Z%,N,KKR[ZKRLH$Z" %ZYPZLH$ZLYF3V\ ULK[NUN\
DXKSUPZTPZQZOR1LY&R9ZPLKV8VK,QK,1NUG\ >
MR PQXC.$ZS[\ PQG\ LS&\ TXUGZK<DXVQZOLPCTnTZ4R9\ K,GR FZULGQOH,K,ULKVNG,K<
LHV LPCTnTZ G\ WXCWLG$: LFU QK,1 OCJGZ DX1? %,  LHV LPCTnTZ LYFR1 EXUZH,$: K, LQNOG,$:
KQ>K\ QZQNLMQ+:PQXC.:G\ LKUG\ LYFSUPZTPZGZIUQK,1MR SUPZTPZG\ QZPLYFNG\
LS$ZUQK,1SZDX1G\DXKQ:QZOV:-SZDX[,K,QK,1FZK,G,>>
P@LHLNVGZLHNT< U0LJUKLKLTQN< KDX VGELOKZU< MZDX @TQX PQX 'QX $US,LTQNDX
LQLYLQLYOZJDX SZLH@LTQLPLO$ZPQX V0TR.,$< LT5VQZ%X.V%MZLH@QZQNQZLPUT\ VX.,H\
VGZVF\LVDXLOYOZLH@@^S0QZ`
SG$U4LHLNNH,PQXC.>LHNT< U0LJLHN\ U0JLYFK,>$US,P<1KYZO\ NULG$:>
SZLHS<U,1>
$U4NH, YI%ZJ, PQXC.LHN S5%8 G\ U0JLYFK, PVT ULK0G\ KQP<1DXKQ:TR1NXUEZQ
K: P\UZLFCTNUGZK< $ZS[ZTQPQ'QDXKQ:G,%\WNULG$:T\LQDX1LQDX1N\DXKQ:G,S<U,1
OCJ:>DXKQ:{LPLO$:PQ{70)S<1G,K<VZU,LTn6QZT\%XC.G8UKRM:G,K<>
K\QZQNQZPLYFL%CM\KRH\PQXC.VCF\S5%8QZOLFCTMR9N\VGZVX.ZO\ULK0G\KQ>>
SDX9, @ LTVX JXU NDX KDX YZLU$Z LMLQ KLU N, KLU N4Z VX[ZH, @ LTVX JXU NDX VG ELOKZU[<
LMLQKLUV\YZE[TE[ZH,@VR VLTJXUX LS$ZUZP\U< QZLOK< LM4< LN4< P<QR OH\ &IZH,@LTVX JXU
NDXVZEZLVK<LMLQKLUVR-,SZH,@QZQNXJXULYWKXYZLU$ZLMLQKLUQZPXG,$ZP\U\PQN,$ZV
SXUZH,@@^S0QZ`
SG$U4E[TU,TPU;ZGZ>LM4<LN4<KU4:>
$U4P<1VGN\K:DXVVLTJXU8TR1LMVQ\S5%8G,JCOVX[ZH,K<T\LMVQ\S5%8G,%JT,G,U,T
FOZH,K<>DXKLS$ZUZVLTJXU8 P\U\ $0JV0JK<V%4ZH,1P<{ LYNZU:TR1 &IZO<1GZK<6ZEZ6\
DXVVLTJXU8{LMVQ\P<{SUPZTPZG,V8-SZH,K<>
LMVJXU8 Q\ P<{SUPZTPZGZQZPLGCTZK< T\ P\U\ PQG,$ZVS8U,N,T,K< P<1QZQNDXVTR1VGN\
K:>>
VORNP@LT5VQZGZ',MLOPXH,MLOMLONU\SXNZU@VLTJXUV,TOM\LPO<L3LUMO<QG8M,
YZU@QZQNLY[XQZY<LQU%DXNRQK,LMFUXVELGQNU\Y,FZUX@@^S0QZ`
SG$U4GZ',VZ9,KRH,>V,TOX70ISZDX[YZOZ>
$U4GXQ,$ZLTn6QZG,VZ9,KRH,GXC.,KR UK,K<V9V9N\ LYONUK,K<M\ LHK70ISZ[
YZO\ JXU8 {LPOSH\T:L3UG8M,YZU,QZKV9\ LNDX1LN K\ QZQNMGTNJXU8 G\ 6EGG,
UZK,1PQXC.S5%8G,LYFZUQZKNU\TGTN QZPQK,1LPOGZT\ QZPTR1LEQZLNV\GZ%,IUQK,1
PXCNGZ LHKIUT\VLKPK,PX9PX9LTn6QZG\$',QNUGZK< >>
P@%\.,$JLQQEX-H,LF0TZK<PQPZLK@YUP,PZU,VZSXQPU<LTDXLQJXU\NUPNPZLK@
VLTJXUX GZTZV\Y,$< VEGX YV< PLQ$ZLH@PQX TQX V,TOX V:LTKRLHLT5VQZ$JLQEX-ZLH@VX.Z
LVLUVGZVX.X KRLHMZLYFKX $ZSX JYZLH@JXUPXL.DXGZV,VR NU\ LMVLFUK< LOYOZLH@LF0TZ
P8LO Q KRYH, KLU QZLP UMZ $Z*ZLH @ QZQN QZP LEQZ QK &8W,$< KDXP< SFLK SFZLH
@@^S0QZ`
SG $U4$ZSX$ZSZ%ZY $S[CT VX$ZU4> $Z*ZLH UMZF0J, TU+: UCLM$Z ULK0GZ K<>
SFLKV9G\KQ>
$U4%\.'ZLU$: LTn6QZG, $CJQK,1EXC-G,PQLYFLF0TZLWN,ULK0G,K<LMY\1VCSG,UXCI
E0GN,LT$:VCSQK,1PUGZLTY\1K,DXKPQXC.NUPNUG\KQMRJXU8G,6UQQK,1$ZDX1G\ JXU8G,
6UQS< N\ $ZSZ%ZYLPWZDX[TR1LEQZLTn6QZG,$CJEXC-G,QK,1 >M\ QZPG,GZLT G\[YZO\
JXU8 G,GCV,KRH,NZUNU,H\ T:JXU8 GZ6EGPQLYF$ZYCVGZK<PQTQ70)Z7ZUKR M:GZK<
LTn6QZG,$CJEX-M:G,K<T\PQLYF6:T,S<GZKRM:G,K< JXU8G,V\YZLYF MGR1PQXC.$K0NZU
G8UNUGZK< T:V%TR1V5\6WVX.LPOGZK<>JXU8 G\ VQPX.KRLH$ZKRLH$ZDXKPQXC.K, LTn6QZ
YOR1 LT$ZJNUGZK<MRVCF\QZPLYFVXULTMR9,UC.GZK<DXV{LF0TZDXaNZK,QK,1K0XG,S5%8G\
QZOK,DXKF0J,TU+:UCLM$ZULK0GZK<>
K\ QZQNS5%8 GZQZPLVPUQTR1LEQZ LTn6QZG,$CJTR1 EFQK,1VN,GZ QZPTR1LEQZ M,Y
$K0NZULYFSH\V9G\KQ>
SDX9,@LMQ,KLUKLUQZPX L'$ZLH$ZLTQ,SZLH$9\ VUEVX.Z@V%X MQPX LTQZNZV3OX K< LMQ
KLUN\ QZPN,PLQOZJ,%X.Z@LMQ,JXUN< EFLQ$ZUZL'$ZLTQLYVLUJH\ VL%GX.Z@T\ V0T
%O\ JXULV.K< LMQQZK,LF0TSUZH,FX.Z@'QX '0QX LTQZNZJXU8 K< LMVX $0LP5T3OKLUOZJ\ PX.Z
@@^S0QZ`
SG$U4LF0T$ZV>FX.ZUTZ%,>
$U4LMQ+:PQXC.:Q\ S5%8 GZQZPLVPLU$ZK<DXKQ:{VZU\ VX.LPOJH\ KQDXKQ:GZVZUZ
PQXC.ZM,YQV3OKRLH$ZK<LMQ+:G\PQLYFS5%8G\QZPG,%XC.OCJ,KRH,K< %ZYQZPLMQ+:G,
L]0GJ,GZ$ZVUZKR M:GZK< >LMQ+:Q\ JXU8 G\ 6EGG,UZK,1S5%8 GZLVPUQN,TZK<DXKQ:G\
VZU\GX.G8UKRJH\KQ>
DXKJXULVC.F0J\ V0TKQLMQ+:Q\ S5%8 TR1LEQZ KRULNV\ G,UTZ%,$ZVQK,1UC.,DXKQ:GZJXU8
%,'0QK<%ZJ:YZOZK<LMVG\ P08K{ S5%8 G,LV LTVZOZKU8S $PUNUQYZO\ 3OOCJ\ KRH\
KQ %ZYLMVG\P80KR1S5%8G,YLI$ZH,G\EFQLQNOG\KQ >>
VORNP@NLOPLKMPX M0GZUX K< KXNP\ NZUNPZLH@JXLUUZ.\ V\ DXEU\ PQPX.ZG\LHVMZLH@
MPNZO< YLV MJX E:L'$Z LTV GZ 3U8 Q NRLH @ LMLQ MPX N,TZ VR V\Y,$< JXUPXL. GX.X Q KRLH @
QZQNJXUPXL.MPXV\YZNU\LMQPLQVFZKRLH@@^S0QZ`
SG$U4NLOGXLE'ZYZOZVX%ZDXS5%8TR1LY&R9\YZO,KZOT^LHN*9,QLPOT\TNLOMXJX
KRTZ`>M0GZUXJYZU$Y<9Z 3Z >3U8UZ.Z>
$U4GXLE'ZYZO,KZOTLYF PQXC.G\LVUDXT\ P2TGZVLKPLWLN$ZULK0GZK< SUDXKMP
%, S5%8G\KXNPLYFK,NZUNUGZK<LMQ+:{JXU8Q\ NLOTR1 EFZLO$ZDXK MPG\VLKPTR1
EFM:G\KQPQG\LS&\TXUQYZO\E0LG$:{ VLKPG, V]ZG\1GZK<>
MJT %ZYS5%8TR1LY&XL9$ZM,Y MPNZOG\YCVLYFEC'ZLS$ZK<DXVGZNRH,UZ.ZQK,1E[GZ
M\ JXU8 G\ VQPX.KR N\ DXVS5%8 G,E0GJ,NU,H\ LMVQ\ MPS<GZN,TZK< T:L3UMPGZ GX.QK,1
SR1KGZ VJR1 K\ QZQNLMQ+:JXUPX.:G\ PQLYFVCFZS5%8 YCVGZK< DXKQ:G,MP%,V\YZNUGZ
K<>>
P@H\KZNZLH$ZURLJ%U,LEQXVEG<GX.XKDXP<URJXQMZLH@VLTJXUXLPO<TZLQUPOKRY<KLU
QZPRP0LQYVZLH@QZQNQZPXL'$ZLH$ZVX.GZTZGX.XLYVLU$ZVKLMVX%ZLH@@^S0QZ`
SG$U4NZLH$ZVU,U>URLJURJQZO>P0LQPQLYF>
$U4LHKVU,U KDXP< G\ URJQZO%LU$ZKRLH$ZK<JXU8 G\ 6EGTR1LEQZKDXP< URJU8SGXC.
G8U QK,1 K0XGZ M\ JXU8 LPO SH\ T: PQXC. GZ PQ SLYTn KR M:GZ K< LNDX1LN JXU8 LPLO$: PQXC.
SUPZTPZGZQZPPQLYFYV:GZK<>K\ QZQNLMQ+:Q\ VX.GZH,KLUQZPLVPLU$ZK<DXKQ:
GZKDXP<GXC.VLKMVX%ZLHG8UKRM:GZK<>>
SDX9,@LMLQMJM,YQXDXSG\LV$ZLTVXJXUNDXKDXVGZ*XPZLH$Z@LTVXJXUNDXKDX.0Q,$<LMLQ
P'XV8GQX KLUQZPX VX[ZLH$Z@LTVX JXUNDX KDX YZU[< LMLQKDXP< LE.X V%X URJX JYZLH$Z@LTVX
VLTJXUNDXYISX0QXK<LMLQ$YJ[NLWJX[,VP-ZLH$Z@VRVLTJXUXLTQNDX%\LW$ZLMQN<PXL.
PVTLN%ZJXLOL.SZLH$Z@@^S0QZ`
SG $U4^LG6KC4 QZO LH6ZUZ NU N\ LY.ZDX[Z> DXSQ\9\> DXSLG6Q\9\ LY.ZDX[Z>`
LMLQDXSG\LV$ZLMVJXU8Q\UCEQ\9\LY.ZLGCTZK<>JX[,JX[:GZA]ZQZ>
$U4P<1 DXV JXU8 TR1 VGZ NXUEZQ K: LMV Q\ MJTGZVKZUZS5%8 Q\9\ LY.Z LGCTZ K< LMV Q\
$K0NZUG<1T{PZUQYZO\ S5%8 GZQZPVX[ZLH$ZK< %ZYQZPLVPUQG,LVCL.$ZLGCT,K< LMV
Q\KDXP<U8S]LKUT\KRUVZUZ LYNZU:GZ URJG8UN,TZK<>
LMVJXU8Q\ M,YG\ SZSNCWN\JX[:G\A]ZQ\S5%8G,VR-,SZH,K<DXVGZ M,Y:DXaT\ LHKEKXT
%ZUZDXSNZUK<>$<VZJXU8 DXKQ:{LPLO$ZK< LMQ+:G\ PC4\ DXaT\ P80KDXaT\ LS&O\ N,T\ F0J\ NUP:
G\V0VNZU:GZ %ZJLOL.$ZLS$ZK<>>
VORNX P  @ %JLT NULK PU M,Y9\ JXUPXL. %JLT VGZ KRLH @ (QZ NDX 'XLU %JLT .MZQZ
E.LV$ZP\LWQVN< NRLH@JX[LQ'ZQX PLQSZLH$ZH\NR VFZVRLH@QZQNJXUPXL.LPLOUK\ L3LU
LY&R9ZNG\QKRLH@@^S0QZ`
SG$U4LQ'ZQXA]ZQZ>SZLH$ZOC%LS$Z>
$U4 V0VZUYOR1 PUN\ UCEYCO M,D8[YZO\ PQXC. K,VCF, %JT,NUG\ KQ$VO%JT,
DXKQ:SZVR1K,KRVNG,K<MR$ZS[\$ZS{JXU8G\KYZO\NUG\1G\KQ$<V\E0LG$:{'XUR1SUPZTPZ
Q\%JT,G\A]ZQ\G,GZLTEA6,KRH,K<NRH,DXVEA66{LPWZQK,1VNGZDXKQ:Q\DXVJX[:G\
A]ZQ\ S5%8 {$ZS[\ PQLYFOC%LO$ZK< MR LHN$ZSK,$ZSK< T\ VGZL4UULK[YZOZK<>K\
QZQNMRPQXC.$ZS[\$ZS{JXU8G\KYZO\NUG\1G\KQDXKS5%8LYFMX9\ULK0G\KQT\L3UNG\
DXKQ:{ S5%8FUQ:QZOR1 LY&R9ZQK,1K0XGZ>>
P@VLTJXUN,V\YQN,Q,$ZLN$Z(KX NU\ Y,FZUX @VEG< VZUQMZ[H,LE.X %8OZJZYZUX @
$LJ$ZQ,$0'X EKX NUPNPZY< G8M< %ZLHLS$ZUX @$[KRGZ$ZSX J[ZLHG\ MPX PZLUNU\ LTQ.X$ZUX
@QZQNLNVQR$Z.,$<MZ$ZS\E.V[KZUX@@^S0QZ`
$U4LMVPQXC.Q\JXU8G,GCV,KRH,NZUQK,1N,T,DXKKRUN,KLYFZUNUGZK<" %ZYDXV
G,KRULNV\ LYFZUGZJX[QK,1 DXKP8U.]LKU {Y\.N\ %XCOZKRLH$ZJXU8 G\ 6EGG,NGU
QK,1 MZ[GZ DXK $0Q+Z $LJ$ZQ, KRU  EKXT\ NUP NUGZ K< NUP'ZULPN UVP:  SU DXV G,
VXULTPZLH$ZG\LS$ZULYF K,OCJ,ULK0G,K< >
MRPQXC.$ZS[\$0GUNRH,JX[QZKKX0LG$:$ZS[\ $ZS{ YCIZ MTZDX1G\ KQDXKQ:{MPPZUN\
AX$ZUNUGZK<SUK\ QZQNLNV\ {N,K$Z.[ZK<"SUPZTPZ$ZSK,EA66NUQYZOZK<
%ZY LHV PQPX.TZ YOR1 S5%8 $ZS K, EFZDX[ G\ VPUC4 K< KRU NRH, M,Y VK<TZ QK,1 NU
VNGZ >>
SDX9,@T8NUTZV%XLN&XMZ[GZVL%M,$TXPZU\@LMVXT8%ZY<LTVXT8P\LOO<LKLN$ZM0TLYFZU\
@T8NU[NZU[VPU4XK<VFXLVUM[KZU\ @LMVX T8 P\OLKLS$ZLU$ZVR TX'X LPO< JXUPXL.Y,FZU\ @
KDXELOKZU,VLTJXU$ZS[\LMLQP\UZKLU$O.XO.ZU\@@S0QZ`
SG$U4V%X LN&X M,Y:G\ LGOG, KU\NJCO>%ZY<FZK\1>NU[MJT>NZU[P8O
NUQYZOZ>$O.X$LGn6W>
$U4K\ LVUM[KZUT8u V%NX-MZ[GZK<1T\ VZU\ M,YT\U\ KQ>M,$:LYFZLU$:G\ N,KYCV
K<" MR T<{ %ZDX1GZ K< DXV { T8u $ZS[\ FUQ: LYF  LPOZ O<1GZ K<1> K\ VGZ NZLHP ULK[ YZO\
NUTZUT8u V%NX-NUQG,TZNTUC.GZK<1K\ LS$ZU\LMV{T8u $ZSLPOZDX1GZK<1DXKJXU8 G\
6EG G,UZK,1T\U\JX[:G,LYFZUNUN\T<{LPOS<1GZK<>
P<1LS$ZU\VLTJXU8TR1VGN\K:LMVQ\P<{$LGn6WSUPZTPZG,VR-,SZLGCT,K<>>
VORNP@UTQZSZU.X MR KRY< VX UTQZNU\ Y,FZUX @UTQZVZUQMZ[H,$LJ$ZQ,$0'X $0'ZUX
@UTQXJXU8NZVEGXK<E8-<E8-[KZUX@P8U.$ZSXJ[ZLHG\PLUM0PLKKRLH.X$ZUX@QZQNUTQZVR
OK<LMVXJXUPXL.OJ<LS$ZUX@VGZVGZQZPXDXFU<KLUQZPRLQTLEDXKZUX@LNnSZNU\M\$ZS[,TZ
KLUU.ZDXU'ZLU@@^S0QZ`
SG$U4SZU.XNGUMZ[QYZOZ>VZUNGU>E8-[KZUXV8-YZOZ>$ZSX$ZS[\ $ZS
{> KRLH .X$ZUXAX$ZU KR KR N\> OK<OC%GZ K< S5ZST NUGZ K<> U.ZP<1 UC.:> DXU'ZLU
LKUG\LYFLWNZN\>
$U4MR PQXC. UTQ: G, NGU MZ[GZ K< DXK, UTQ: G, VRF LYFZU NUGZ K< SU $0Q+Z T\
$LJ$ZQ, E0GZ UTQ: G, NGU QK,1 SZ VNGZ NRH, V8- YZOZ PQXC. VP-GZ K< LN $VO  UTQ
VLTJXU8GZ6EGK<>SUP8U.E0G\ JXU6EG{VP-[G\4: $ZS[\$ZS{YCIZMTZDX1G\KQT\
AX$ZUKRKRN\PUG\M0PG\ULK0G\KQ>
K\QZQNDXK,PQXC. JXU6EGU8S UTQ:{KZVONUGZK<LMV{JXU8G,UZK,1 JXU6EGG,
OJQOCJG,K<DXKPQXC.VGZS5%8GZQZPMSGZK<QZPMS[ZK,DXVGZLQCTGZLYKZUE[M:GZ
K<>
M\SUPZTPZ$ZS[,P\KUNU\T:P<1%,DXVGZQZPLKUG\LYFSURUC.:>>
P@VLTJXUN,V\YQN,Q,$ZKLUQZLPQOJRLS$ZUX@PTTXPMZ[KX(LHM,YG\(LH$ZLS
PZU\ NUTZLU @ KDXP< YIZ URJX K< %ZLH G8M< NUP NPZLH @ QZQN PQPXL. M,YLG$Z PXH\ KLU
LYVLU$ZGX.XSZLH@@^S0QZ`
SG$U4QZLPQZPLYF>(LHDXKE0G\>NUTZLUNUTZUQ\>NPZLHNPZN\>
$U4LMQ+:E0LG$:Q\ JXU8 G,GCV,NZUQK,1N,T,LMQ+:G,OJQS5%8 G\ QZPLYFQK,1E[,
LHK QZ VP-R LN DXK E0G\ M,D81G\ KQ DXKQ: { NUTZU Q\ $ZS K, $ZTPN P2T\  PZU LGCTZ K<
PZLH$ZG\PRKLYFNUPNUNUN\DXKQ:{KDXP<GZURJ F0EL9$ZKRLH$Z K<K\QZQNPQG\
LS&\TXUQYZO\E0G\M,D81G\K,PRH\MZ[R>MRPQXC.UCE{%XOZDX1GZK<DXKGX.SZDX1GZK<>>
SDX9,@LMVX$0TUXLKUGZVX'XK<LTVXMQNDXVL%QPVNZU,@LMVX$0GLUQZPXLQ'ZQXK<LTVXMQ
NDX KDX ELOKZU,@LMVX $0GLUEXL'LEE\NX K< KLUQZPX PXUZU,@VR VLTJXUX V%QZNZLPTX K< V%
LTVLKLS$ZU,@V%X$ZTPUZPXSVZLU$ZJXUEXL'E,FZU,@@^S0QZ`
SG$U4$0TUX$0GUOZ>LEE\NXSU.>PXUZU,SUPZTPZ>JXUEXL'JXU8 G,$NOQ\>
E,FZU,LYFZLU$ZK<>
$U4LMVGZ$0GUOZLKUGZSLYCTn K<DXV{VZU\ M,YQPVNZUNUG\ KQLMVG\ LKUG\ LYF
QZP U8S A]ZQZK< DXVTR1P<1VGN\ K:>LMVG\ $0GU %O, PLTK< F0J\ P0G\ G, S&Z[K< T\
KU,PXUZU,GZQZPK<DXKVLTJXU8 V%M,Y:GZLPCTn K< T\ VZU,LV56W,DXV{LS$ZU,OCJG,K<
LNDX1LN VLTJXU8 G,VP-Q\ T:LHKVPL-$ZK< LNV%4ZH,1SUPZTPZQ\ $ZS[Z$ZSSVZLU$Z
KRLH$ZK<>>
VORNP@LEQX VLTJXUV\Y\ M,$N\ E0'QZLYLFKDXP< NUPNPZLK@LEQX VLTJXUV\Y\ 7DXUQ
SZYK,PLUM0PLK$ZYLKMZLK@LEQX VLTJXUV\Y\ L3NZERO[ZQZPX QYV< PQPZLK@QZQNLEQX
VLTJXUV\Y\MPSXLUE'\PZU,$LQPXLKNZO<DXL7MZLK@@^S0QZ`
SG$U47DXXULWNZ[ZLHVL4T,%WN[TR1AOZV,>PXLKNZO<NZO\P08KQZOPXNZO..CW
N\>
$U4PQXC.VLTJXU8 G,V\YZTR1.X0-N\ $K0NZUG\ $ZVU\ NUPNUG\ KQSUDXKNUPDXKQ:G\
$ZTPZOH,E0'QKR M:G\ KQVLTJXU8 G,GCV,NZUQZNUQNUN\ DXKQ:{LNT\ 4ZQK,1LPOG,
DXKPUG\ KQ 3\U M0PG\ KQ V0VZULYF $ZDX1G\ KQ 3\U M:G\ KQVLTJXU8 G,GCV,V\YZTR1
Y:M\ ULKN\ DXKQ:G\ ERO%,L3CN\ K0XG\ KQT\ QZPDXKQ: G\ PQ LYF YCVGZ QK,1> K\ QZQN
VLTJXU8 G,V\YZTR1LEQZNZO\P08K V0VZUTR1 TXUM:G\ KQT\ MPSXU,LYFEC'\ KRH\ PZU.:G\ KQ
%ZYLHVORNLYFPXNZO..CWG\KQT\$J:K%,GX.,K0XG\KQ >>
PKOZ@MZODX $<V,U,LTLMTX P< LS$ZUZY,VU< @QZQNVZH,%O,SU,LTLMTX VZLKEV\T,SLT
UK<@@^S0QZ`
SG$U4MZODXP<1VZ9LG$:>P<P<{>LMTXLMVG,UZK,1>
$U4P<1LHKR LMK,U,T{VZ9LG$:LMVNUN\ LS$ZUZS5%8 P<{LYVUMZH\ K\ QZQN S5\P
DXKRK,F0JZK<LMVG,UZK,1.VPQZOLHC]TE[,UK\>>
SDX9,@KLULHNRGZTZV\Y,$<KLULHNXL'$ZH,$<@KLULHNRGZTZP0J,$<PQLF0LG$ZSZH,$<@M\
G8M\ SZVKX P0J,$< TZOZMPUZH,$< @LMLQV\LY$ZLTLQ3OX SZLH$ZLTVX MQN,V%%X.JYZH,$<
@^S0QZ`
SG$U4%X.LTn6QZ>
$U4LHNR GZTZUNUTZU G, V\YZ NUQ, FZK,G, K< LHNR SUPZTPZ { K, LVPUQZ FZK,GZ K<
LHNR KU,GZTZUNROR1K,GZQP0J[ZFZK,GZK<LMVSZVR1PQP0J,PXUZGLPOMZH\M\ LNV\ KRU
NROR1P0J,H\T:6UPQZOPUMZH,H\ %ZYLNV\KRUSZVR1P0J[QZOR16UPQZOPUMZ[ZF0JZK< >
LMV%,PQXC.Q\ KU,{V\LY$ZK< DXV\ Q\ 3OSZLO$ZK<DXVPQXC.G,VZU,LTn6QZG8UKR JH,
K<>
QZQNXLTQLYWKXYZLU$ZLMQ$QLGQXLKUG<KLUQZPXL'$ZH,$<@@^S0QZ`
$U4QZQNVGN\K<DXKQ:PQXC.:TR1MRKUY\O\LKUG\LYFS5%8GZQZPLVPUG\KQ>>
VORNXP@%JTMQZN0DX$ZLSTX7ZP\UZLS$ZUZ$ZS\OLH$QXMQOZLH@SZLTVZK,%JTMQZ
NDXLGT,$QXLVLU&TXVFZKLUE[ZLH@VGZVX.,H\LQUPO\VLTJXUN,NZUNPZLH@
SV $U4OLH$QXOZ OH\ KQ DXV Q\> LGT,$QXLGCT, K< DXV Q\> ^Y\.R JXUEZ[,
LY$ZNU[`>
$U4LS$ZUZS5%8$ZS[\%JT:T\$ZSS5V0QK0XGZK<T\$ZSK,DXVQ\DXKQ:{$ZS[\QZOMR9
LO$ZK<%JT:G\LVUT\VCFZ&CTn-XOZN\DXVQ\%JT:{SZT6ZK,EA6,K<VLTJXU8G,GCV,NZU
NPZN\DXKVGZVX.,H\T\SLYTnULK0G\KQ>
UZM\ (LHQ$Z.,$LKL%L9PULKL3LUM8Q,SZLK@QZQNLY[X QZY< QNr,Y)r,L3ULKVR%ZP8LOQ
SZLK@@^S0QZ`
$U4UZM\ DXKQ: { QK,1 $Z.,GZ MR $ZSR LYF O9 PUG\ KQ T\ L3U M8Q: LYF S< M:G\ KQ
LNDX1LN K\QZQNQZPTR1VC.[\UZM\%,QNYC)\L3UG\KQT\NG\VR%ZQK,1S:G\>>
P@VXL[LVL.$< VZGX Q$ZLH(LMFUX JXUPXL.VELGQOZJ< @VLTJXLUV\LY$< QZPX PLQYV<
LYFKX%5PX%DX%ZJ<@
$U4MGTZH,1VLTJXU8G\VQPX.KRN\PQXC.VLTJXU8G\6EGLYFQK,1MX9GZTGTZH,1VLTJXU8
G,LVCL.$ZLQU,VX[N\ VX$ZGQK,1$ZDX1GZVLTJXU8 G,GCV,V\YZN,LT$:K,QZPPQLYFYCVGZ
K<T\$0GUR1%UPT\IUG8UKRM:GZK<>
M\KZVLTJXUQR MZ[< T\KR KRY< TZVLFQZLPLOYOZJ< @QZQNQZLPLPO< YLI$ZH,KLUGLUVRKLQ
$ZJ<@@^S0QZ`
$U4MGR1 PQXC. LMKR LMKZ $ZS[\ VLTJXU8 { VP-GZ K< LTKR LMKZ $ZS E[ MZH\ %ZY MGR1
$ZS[\VLTJXU8YZO\JX['ZUQNU\ TGR1DXVG,LE5T,VCF\QZPLYFMX9G,K<K\QZQN LHKRLMK\
M,D8L9$:{ QZPG\ NZUQH\4\ $ZGULPOGZK< T\ $CJ\ KU,G,LQJZKG,GUJZKLYFDXKVR%Z
SZDX1G\KQ>>
SDX9,@JXULV.:PLQKLUS5,LTK<JXUXS8M[$ZYLK@KLUQZPXY[0MLKU0JLVDXOZKZKLUQZPXO<
MZYLK@
$U4JXULVC.:G\ PQLYFKU,GZLS$ZUK0XGZK< T\ DXVLS$ZUGZVGNZDXK $ZS[\ VLTJXU8
G,V\YZNUQ$ZDX1G\KQ VLTJXU8G\NRO$ZN\ LS$ZUQZOKU,QZPGZYSZUNUG\KQT\KU,
QZPGZOZ%.CWN\O<M:G\KQ>
JXULV.ZN\PX.DXMO\KLUGUJK%ZYLK@
$U4 LHKRLMK\ JXULVC.:G\P80KDXMO\K0XG\KQT\KU,G,GUJZKLYFDXKLS$ZU\OCJG\KQ>
JXUX VLTJXUX ERKOX KLUQZPNZYI%ZJ,LV.JX[V:-NUZYLK@LTQZJXULV.ZN0DX KDX YZLU$ZMR
EKLG$ZDX7LG$ZKLUQZPXL'$ZYLK@@^S0QZ`
SG $U4ERKOXGZL[$: GZ )\U MR VO JZK N\ T89, %RK $ZLGN TR1 YC. N,TZ M:GZ K<
%0IZU>V:-%ZH,YZO,L%$ZO,>
$U4JXU8 VLTJXU8 KU,G\ QZPGZ PZQR ERKOK<YCI\ %ZJ:YZO\ LVC.$ZN\ JX[:G,L%$ZO,
SZDX1G\ KQVGN\ K:DXKQ:JXULVC.:TR1MR EKLG$:DX7LG$: %ZYKUY\O\ KU,GZQZPLVPUG\
KQ>>
VORN P  @ QZQN QZPX LQ'ZQX K< JXUPXL. SZLH$Z MZLH @ PQPX. *LU KRG, Y4X Q MZ[Q, $0'\
%DXLNPXH\LEOOZLH@@
$U4K\ QZQN QZP K, $VO  A]ZQZ K< MR VLTJXU8 G\ VQPX. KR N\ LPO VNGZ K< $0Q+\
PQPX. LKUG\U8S *ULYFK0XG, LHV YVT{QK,1S&Z[G\T\ EZKUPZLH$ZG\ LS&\ LYONG\
T\%DX1NG\PUM:G\KQ>>
P@N0FQNZLH$ZLQUPO,MR VLFQZLPVLFOZJ,@LQUPOMRLTLQU0MQX SZLH$ZJXUPXL.%5PX
%DX%ZJ,@QZQNJXUPXL.VGZVX.XSZYLK$QLGQXKLUE<UZJ,@@^S0QZ`
SG $U4N0FQVRQZ> QZLPKU, QZP G, UZK,1> LQU0MQXPZLH$Z TR1 ULKT S5%8>
E<UZJ,Y<UZJYZQKRN\>
$U4MR VU,UVCF\ QZPG,UZK,1VCF\ S5%8 LYFMXL9$ZKRLH$ZK<DXKVRQ\ YUJZVXC'K<DXV{
LQUPOMRLT U8S PZLH$ZTR1ULKTS5%8LPOS<1GZK<T\VLTJXU8G\VQPX.KRN\DXVGZ%UPT\IU
G8UKRM:GZK<K\QZQNVLTJXU8G\VQPX.PQXC.KUY\O\SUPZTPZG\Y<UZJ,KRN\VGZVX.SZDX1G\
KQ>>
SDX9,@V\ JXULV.'QX '0QX K< LMQ#,JXUDXSG\VX VXL[$ZKLUN0Q,@JXLUVLTJXLUQZPX LG59ZLH$Z
LTLQK0DXP<GXLE'Z%0Q,@
SG$U4N0Q,VXL[$ZJKXQZOVXL[$ZK<>LTLQDXVQ\>%0Q,QZVN,T,K<>
$U4'0QKQDXKJXULVC.LMQ+:Q\VLTJXU8GZDXSG\6JKXQZOVXL[$ZK<VLTJXU8Q\ LMVG\%,
LKUG\LYF QZPLGn9+N,TZK<DXVQ\KDXP<T\GXLE'Z LKUG\LYFR1 %0QVXCW,K<>
LEQXKLUQZY<NR LPT5f QZK,Y,FZLULI7ZKLUM0Q,@LMQ#ZJXULV.ZNDX KLUV0TXVWX K< LTQ#,VLTJXU
N,JOP0Q,@
$U4S5%8 GZLVPUQNUQYZLO$: JXULVC.: Q\ LHKJCOLYFZUN\ Y\.OH,K< LNSUPZTPZ
G\ QZP TR1 LEQZ NRH, VCFZ  LPTn QK,1 K< LMQ+: JXULVC.: T\ S5%8 S5V0Q K0XGZ K< DXK VLTJXU8 G,
LVCL.$ZT\TXUG\KQ>
MRJXUPXL.QZPXL'$ZLHG\LTQ#,F9,FYJLQY0Q,@@^S0QZ`
SG$U4Y0Q,U0J[>
$U4MR PQXC. VLTJXU8 G\ VQPX. KR N\ QZP MSG\ KQ DXKQ: { S5\P G,  F2JX[, U0J[ F9+G,
K<>>
VORNP@PQPX.X NZLHUX NU8SX K< LEQX QZY< QNX QZLK @ $QLGQX '0'< LY$ZLS$Z VXSQ< %, VX.X
QZLK@QZQNJXUPXL.KRYLKTZDXEULKQZLKTE'\GX.VKZLK@@^S0QZ`
SG$U4NU8SX%<9\P80KYZOZ%<9PC4Z%LU6W\P08KYZOZ>
$U4PQ G\ $',Q PQXC. IUZNO T\ E\6NO K0XGZ K< QZP TR1 LEQZ LNT\ DXV { $ZGU QK,1
LPOGZKUY\O\PZLH$ZG\N],H\LYFUXC-ZULK0GZK<T\ H\VNUN\ DXV{VXSQ\ LYF%,VX.QK,1
K0XGZ>K\ QZQNPQPX.PQXC.M\ VLTJXU8 G\ VQPX.KR MZ[T: M0MZOTR1 EFM:G\ KQQK,1T:
PZLH$ZG\PRKLYF EC'\KRH\GXC.VLK0G\KQ>>
P@JXUPXL.VGZGLUVRK[\ JXUNZVEGX NPZLK@$0TLUV:LTVGZVX.X GLUVF< VR%ZSZLK@
QZQNJXUPXL.KLUQZPXSZLH$ZVKM\VLFVPZLK@@^S0QZ`
$U4VLTJXU8G\VQPX.KRH\KRH\PQXC.GUJZKLYFVGZVR%G\KQ LNDX1LN DXKVLTJXU8GZ6EG
NPZDX1G\ KQDXKQ:G\ LKUG\ LYFVGZ6:T,T\ VX.K0XGZK< LHVNUN\ VCF,GUJZKLYFVR%Z
SZDX1G\KQ>K\QZQNVLTJXU8G\VQPX.PQXC.:{KU,GZQZPLPLO$ZKRLH$ZK0XGZK< LHVNU
N\ DXKVXT\K,VCF\LYFO,QKRM:G\KQ>>
SDX9, @ JXUPXL. S5KOZLG MLS KLU JLT SZH, @ JXUPXL. MQLN KLU QZLP LOY OZH, @ JXUPXL.
ELVVLWKLUDXSG\VXVX[ZH,@
SG$U4JXUPXL.JXU8G\VQPX.KRN\>
$U4VLTJXU8G\VQPX.KRN\S5LKOZGQ\KU,GZQZPMSN\DXaF,$ZTPN$YV4ZS5ZSTN,T,
VLTJXU8G\VQPX.KRN\MQNQ\KU,G\QZPLYFLEUT,MR9,VLTJXU8G\VQPX.KRN\YL66WQ\KU,
GZDXSG\6 KRUQ:{ VX[ZLH$Z>
LEQX JXU KLU QZPX Q LNQ< SZLH$Z P\U\ %ZH, @ JXUPXL. KLU %JLT KLU $ZLS
OKZH,@@^S0QZ`
SG$U4OKZH,O%ZH,LGCT,K<>
$U4K\P\U\%ZH,VLTJXU8TR1LEQZLNV\Q\QZPQK,1OC%Z>VLTJXU8G\VQPX.KRH\PQXC.{S5%8
Q\$ZS[,%JT,$ZSEA6,K<>>
VORNX P@VLTJXUN,SUT,LTQ$ZH,$ZVELGQOZJR %ZDX @(VQR VX.X QDXSM< %ZY< VDX
J\9Z$ZYDXMZDX@QZQNJXUPXL.VKLMLPO<VF\LVDXLOYOZDX@@^S0QZ`
$U4LMVPQXC.{VLTJXU8 T\ %URVZQK,1EL[$ZT\ VLTJXU8 G\ 6EGLYFLMVGZLS$ZUQK,1
OCJZDXV{NG\ VX.QK,1%ZY\1 JXU8 SZV V2 YZU,$ZY\ MZH\>K\ QZQNM\ JXU8 G\ VQPX.KR N\
VCF\LYFLOYMR9,H\T:S5%8VLKM\K,LPOS<1GZK<>>
P@H\PQ$<VZVLTJXUX.RLMOKXLMTXV\LY$<MQPPU[GX.XMZLH@VKVZP8LOQKRYH,KDXP<
VELGMOZLH@N89<N,SZLOLYFKXLQNO<VFXYV<PLQ$ZLH@$0TLUV:LTPLQVX.XKRLHVFV0MLP
NZUNPZLH@
SG$U4MQPPU[M0P[TR1PUQTNGZ>VKVZT2AOZ>P8LONG\ %,>SZLON0'>
PLQPQLYF>V0MLPMXJLTQZO>
$U4K\ P\U\ PQLHKR LMKZVLTJXU8 .RMN\ OC%LMVG,V\YZN,LT$:T\UZVZU,DXPUGZGX.
G8UKRMZH\NG\DXaNZK,LF0TZQZKRY\T\ DXVVLTJXU8G\ 6EGQZOT\U,KDXP<V9MZH\T\U\$0GUR1
N89G,N0'G8UKR MZH\ T\ PQLYFVCFZKU,$ZYCV\$T\ K\ PQ DXVVLTJXU8 G\ GCV\ KRH\ V0MP
LYFVCF,NZUNUN\T\U\$0GU6:T,T\VX.KRMZH\>
QZQNS8U<NULPVLTJXUXLPO<KLUM,DXLNUSZNU\UMZLH@@^S0QZ`
SG$U4NULPEA66QZO>UMZLH $ZS[, U]Z$QXVZU>
$U4K\ QZQNMGR1KU,$ZS[,U]ZLYFP\KUNUGZK< TGR1 LHKR LMKZ VLTJXU8 S8U,EA66
QZOK,LPOGZK<>>
SDX9,@LMVN< *LUG,EZQX KLUKRY< LTVN,PX7,LYLFMJTX V%X $ZLH$Z@LTVNDX TON,LNV<
G,QZK,KLUG,EZLQVL%$ZL[S<U,SZLH$Z@
SG$U4G,EZQXKZNP>TON,PX4ZM,>G,EZLQKZNPQ\>
$U4LMVPQXC.G\ LKUG\ LYF V%GZ KZNPS5%8 YCVGZKRY\VZUZV0VZUDXVG\ YCVLYF$Z
M:GZK<DXV{LNV\G,NZ[QK,1K0XG, VJR1 SUPZTPZKZNPQ\VZLU$:{LO$ZN\DXVG,FUQ,1
SZLH$Z K0XGZ K<>
PZ[VZLN$KX G,EZ[KX NRH,QLV%LMLQNO< KLUG,EZ[KX NRH,LN4< MZLH$Z@VR $<VZKLUG,EZQX
YLV$Z%JTZN<LKUG<LTLQUKG\.XKG\$ZL[VL%%JTZ$J<.OYZLH$Z@
SG$U4LTLQDXVKU,Q\>UKG\ .XKG\EZN,EF\ KRH\ MR $M\ TN%JT:G,S<U,1OCJ[TR1
-NG\VQ>$ZL[LO$ZN\>.OYZLH$Z.9\NULGCT\>
$U4PQXC.G,NFLKU,LYFR1T:PQXC.QCV%CMN\%,LNT\L.VNVNGZK<SUUCEG,KN8PLTTR1
%CMN\NRH,LNCC4\MZVNGZK<"LHKRLMKZKZNPKU,%JT:G\LKUG\ LYFYCLV$ZKRLH$ZK<DXVQ\
ULK0G\.X0KG\VZU\M,Y:{LO$ZN\%JTMQ:G\$CJ\.9\NULGCTZK< %ZYFUQ,1LO$ZSZLH$Z
K< >
KLUQZY<N,YLI$ZH,NULPSUZSLTKRY<JXUPXL.LYUO<LNQ<L'$ZLH$Z@@^S0QZ`
$U4S5%8 G,AZVP\KUQZOK,S5%8 G\ QZPG,YLI$ZH, NUQGZJX[ S5ZSTK0XGZK<VLTJXU8
G\VQPX.KRN\NRH,LYUOZK, QZP LVPUGZK<>>
VORNX P@LEQX VLTJXUV\Y\ MJTX PX$ZLEU4ZMQPX JYZLH@G8M< %ZLH$LTGX.X OJZPLUM0P<
$ZY< MZLH@LYVWZ$0GLUYZVX K< L3LUL3LUM8Q,SZLH@QZQNLEQX QZY< MPX PZUV,$0LTJLH$Z
S&XTZLH@@^S0QZ`
$U4VLTJXU8 G\ GCV\ UZKT\ TXUQTR1LEQZPQXC.ZMQPLY$U4JYZN\ V0VZUPXLH$ZKRLH$ZK<
PZLH$ZG\LS$ZULYF%ZU,NO\6OCJGZK<T\ LHV\LYFK, PUGZK<3\UM0PGZK<$ZDX1GZK< 3\U
M:GZK< MGTZH,1M,D81GZK<LHVGZLYNZU:G\ J0GLYFYZVULK0GZK< PXLH$: SUTSUTN\
M8Q:LYFS<1GZK<K\QZQN$A,UO\Y\O\S&XTZDX1GZKRLH$ZM:GZK< LNDX1LNDXVY\O\F\TZ$ZDX1GZ
K< LNQZPTR1LEQZMPV]ZG\Y\JZ>>
P@LHVX MJPLKSXU.X H\NX K< KRUVJO,QZLUVEZH,@VL%*W%RJY< $LOSTX UK< $O.X Q
O.[ZMZH,@
SG$U4SXU.XST,PUG>VJO,VZU,LV56W,>VEZH,VZU,>VL%*WVZU\ VU,U>
$LOSTXYC.UZLQUZOZ>
$U4LHVV0VZULYFST,LHCNR SUPZTPZK,K<KRUVZU,LV56W, DXVG,$: LHVTn,$: KQ
SUPZTPZ ST, VZU\ *W: { %RJGZ K< %ZY VZU\ VU,U: LYF LY$ZSN K<  T\ LQUO\S %, K< LHV
$OC.S5%8G,VP-QK,1S<1G,>
S8U<JXLUY\.ZLO$ZVEG\VR-,SZH,@SXU.<V\YLKV\SXU.KRYLKLMQ#,KDXP<VELGMOZH,@
SG $U4JXLUJXU8 Q\> VEG\JXU6EG G, UZK,1> V\YLKLVPUG\ KQ> LMQ#,LMQ+:
PQXC.:Q\>MOZH,VZ9LGCT,K<>
$U4 LMVPQXC.{ S8U\ VLTJXU8 Q\ DXV$OC.S5%8 GZ GU6QNUZLGCTZDXV{ VLTJXU8 G\
6EGGX$ZUZVP-S<JH,LMQ+:PQXC.:Q\6EGG,UZK,1$K0NZUG8UN,TZK<MRS5%8 SXU.{MSG\
KQDXK%,DXVSXU.GZU8SKRM:G\KQ
LTVNZVU,NXNRQK,QZNRN0WNXY<UZH,@LQKFOXUZMXK<VGZLTVXN\UZQZ$ZY<QZMZH,@
SG$U4N0WNXN0IZ>
$U4DXV$OC.KU,GZNRH,6U,NQK,1QZNRH,GX.,NUQYZOZ N0WNU8S DXVGZY<U,K<
DXVGZUZMVGZ$WCOK<QZDXKM0PGZK<QZPUGZK<>
$QLGQX V\YNX V\YZ NU\ KLU VF\ N\ JX[ JZH, @ QZQNX Y\L. LYJLV$Z KLU VF\ N, YLI$ZH,
@@^S0QZ`
SG$U4LYJLV$ZL.9LUKZK<>
$U4 VCFZ  V\YN DXV VCF\ KU, G, LV LTVZOZK NU N\ KU Y\O\ DXV GZ LVPUQ NUGZ K<
QZQN %,DXV VCF\G,YLI$ZH,Y\.N\S5V0QKRLUKZK<>>
SDX9,@LMQN<KLUQZPXYLV$ZVGLKUG<KLUQZPRLTQN0DXU.[KZUZ@KLUQZPXLSTZKLUQZPR
PZTZKLUQZPXV.ZH,LPT5fKPZUZ@
SG$U4KPZUZ%ZY%JTMQ:GZ>
$U4LMQ+:PQXC.:G\LKUG\LYFVGZKU,GZQZPYCVGZK<DXKQ:{UC.[YZOZKU,GZQZPK,
K0XGZK<> DXKQ:GZ;N,QE[M:GZK<LN KU,GZQZPK,VZIZP:LSDXK<T\QZPK,VZIZV.ZT\
LPTnK<>
KLU QZY< QZLO JOZ KLU QZY< QZLO PVOLT KLU QZPX KPZU, NUGZ LQT VZUZ @ KLU QZPX KPZU,
V0JLT$LTLS$ZU,KLUQZPXNXOXKLUQZPXSUYZUZ@
SG$U4PVOLTVZOZK>
$U4KU,G\ QZPQZOK,VZI,$:JCO:T\ QZPQZOK,VOZKK<QZPK,VGZVZI,VZUO<1GZ
K<KU,GZQZPK,VZI,LS$ZU,V0JLTK<T\QZPK,VZI,NXOT\SUYZUK<>
MQQZQNN0DXKLUQZPXKLUJXLUG,$ZKLUKOLTSOLTVGZNU\LQVTZUZ@@^S0QZ`
SG$U4JXLUJXU8Q\>KOLTLHVORNLYF>SOLTSUORNLYF>
$U4GZVQZQN{%,JXU8Q\ DXV KU,GZQZPLGCTZK< MR LHVORNLYFT\ SUORNLYFSZU
DXTZUZNUGZK<>>
VORNX P@LMQN0DX VLTJXUX %\LW$ZV\ KLUN,ULTVGZNPZLK@$LF0TX KLUQZPX LTQN< PLQ
YLV$ZVF<VELGVPZLK@
$U4LMQ+: { VLTJXU8 LPLO$Z K< DXK VGZ KU, G, LV LTVZOZK NUG\ KQ LF0TZ TR1 ULKT
NUQYZO\ KU,GZQZPDXKQ:G\ PQLYFYCVGZK< T\ DXKVLTJXU8 G\ VCF\ 6EGLYFO,QULK0G\
KQ>
NXOXDX'ZULK$ZS[ZPR.SGY,$ZS\SZLK@SZUE5KPXLTQN0DXV0TXVWX%LH$ZMRJXUFUQ,MQSZLK
@
SG$U4PR. LYNZU:TR1 AOZV,>SGY,GUMZ>SZLKS<1G\KQ>
$U4DXKPQXC.$ZS[,NXO{TZUO<1G\KQT\$ZS%,PXNT,GZGUMZKZVONUO<1G\KQ>MR
PQXC.VLTJXU8G,FUQ,1OCJG\KQDXKQ:T\SUPZTPZS5V0QKRM:GZK<>
MQXQZQNXKLUNZGZVXK<NLULNUSZKLUOZMU.ZLK@@^S0QZ`
$U4GZV QZQN %,  DXV KU, GZ GZV K< KU, P\KU NU N\ $ZS[\ GZV G,  OZM UC.GZ
K<>>
P@K0DXP<$0GLU.9NXK<.9N\.9LNLYKZLH@K0DXP<YIZURJXK<PLUM0P<$ZY<MZLH@
$U4$K0NZULYFLUK:PQXC.G\ PQLYF$6:T,E[,ULK0G,K< T\ DXV G, DXPU LHV $6:T,
LYFK,JX]UM:G,K<$K0NZU PQXC.OH, LHNTJ9ZURJK< LHVURJLYFK, PQXC.PUGZK<
M0PGZK<$ZDX1GZK<3\UM:GZK< %ZYM0P[PUQG\J\9LYFLS$ZULK0GZK< >
LMQ NDX S8ULE LOL.$Z LTQZ VTJXUX LPLO$Z S5%X $ZLH @ QZQN JXU SUVZG, DXEU\ KDXP< VELG
MOZLH@@^S0QZ`
$U4LMQ+:G\LKUG\LYFPXC)TR1 N,T\NUP:GZV0VNZUU8SO\. DXaNLU$ZKRLH$ZK<DXKQ:{
VLTJXU8 LPOGZ K< T\ VLTJXU8 G\ LPLO$:  SUPZTPZ %,  $Z LPOGZ K< K\ QZQN DXK PQXC.
VLTJXU8 G\ 6EG G, UZK,1 KDXP< G8U NU N\ VLTJXU8 G, LNUSZ QZO KDXP< URJ TR1  EF M:G\
KQ>>
SDX9,@KLUQZPXKPZUZS5%X$LEJTX$JRFUX$LEQZV,SXU.XLE'ZTZ@KLUQZPXKPV5\YKKLUQZPX
KPS8MKKLUQZP\K,PQXUZTZ@
SG $U4$LEJTX$LY$NT $LGn6W> $JRFU$JRFU LH0LGn$: G, SK0XF TR1 SU\>
LE'ZTZS<GZNUQYZOZ>
$U4MR KU,$LGn6WK<MR LH0LGn$:G,SK0XFTR1SU\ K<QZVTR1ULKTK<KU4:LY$ZSNK< T\
LVUM[KZUK<DXVGZQZPVZIZ UZ.Z K<$V,DXVKU,QZP{V\1YG\ K:QZP{S8MG\ K:QZP
LYFK,VZIZPQUCTZKRLH$ZK<>
KLUQZP< M\YIX NRH,$YUX QV8-< KLUQZPR $0LT&IZTZ@KLUQZPX G,$ZJXLUSUDXSNZU,'QX '0QX
JXU8NZLSTZPZTZ@
SG$U4$0LT$A,UY\O\>JXLUJXU8Q\>
$U4KU,G\ QZPM\IZP<{NRH,KRUVXC-GZQK,1QZPK,$A,UY\O\ &IZDX1GZK<>'0QK< DXV
SUDXSNZU,VLTJXU8GZP:LSDXLMVJXU8Q\VZ{QZPEAL6$ZK<>
K0DXVLTJXU$SX[\N0DXVGZQPVNZU,LMTXLPLO$<KLUQZPXP<MZTZ@@^S0QZ`
SG$U4MZTZS&ZL[$ZVPL-$Z>
$U4P<1$ZS[\ VLTJXU8 {VGZQPVNZUNUGZK:LMVG\ LPO[T\ P<{KU,G\ QZPG,VP-
SH,K<>>
VORNX P@JXUPXL.V\YQN,Q,$ZKLUQZLPQOJR LS$ZUX @VEG< VZGX Q$ZLH(PLUMQP<
YZURYZU@PQPXL.$0'XQF\TH,LNTX$ZLH$ZV<VZLU@
SG$U4LNTXNZKG\OH,>V<VZLUV0VZULYF>
$U4$0Q+\ PQPX. Q\ VLTJXU8 G\ VQPX. KR N\ QZ V\YZ N,T, QZ SUPZTPZ G\ QZP LYF DXV GZ
LS$ZUK,OCJZ6EGLYFUV%,QZ$ZLH$Z TZK,H\1 *9,PX9,M0PGZPUGZK<M\ $0Q+ZPQPX.
KU,{;ZGQK,1NUGZT:V0VZULYF$ZDX[GZN,KOZ% DXVQ\.CLW$Z "
QZQNLMQNDXQGLUNU\V\JXUPXL.Ou*\SZLU@@^S0QZ`
$U4K\ QZQN LMQ+: PQXC.: T\ P\KU G, Q]U NUGZ K< DXK VLTJXU8 G\ VQPX. KR N\ V0VZU
VZJUTR1 SZUDXTUG\KQ>>
P@LHNRVLTJXUXMZJTZKRUXMJXV8TZPRLKLS$ZLV@VLTJXUX V\YLQMZJ0LQV\ MR UT\ VLFQZLP
JX[TZLV@
SG$U4JX[TZLVJX[:G\A]ZQ\S5%8LYF>
$U4LHNVLTJXU8K,VXF\TK<KRUVZUZV0VZU PZLH$ZG\ PRKLYFT\LTn6QZLYFVXCTZKRLH$Z
K< MR PQXC. VLTJXU8 G, V\YZ NUG\ KQ T\ JX[: G\ A]ZQ\ VCF\ QZP LYF UCT\ KRH\ KQ DXK  MZJG\
KQ>
PQPXL.$0'QF\TQ,MQLPPLUKRLKLEQZLV@QZQNJXUPXL.LTQ,QZPX L'$ZLH$ZLMQN0DX 'XLU
S8ULELOL.$ZLV@@^S0QZ`
$U4$0Q+\PQPX.KU,{LVPUG\QK,1MQPPUQG\J\9LYFS<N\TEZKKRUK\KQK\QZQN
JXU8 G\ VQPX.KR N\ DXKQ: Q\ QZP LVPLU$Z K< LMQ+: G\ LKUG\ LYF 'XU PXC) TR1 N,T\ %O\ N0P: G\
V0VNZU:$QXVZUO\. LOL.$ZLS$ZK<>>
SDX9,@KLUQZPX KPZUZ%RMQX &T,KSUNZULMTX .ZLH$< KPNDX LT5SLT%H,@KLUQZPX KPZUZ
S<Q[XLMTXL3LUQuJ\QKRYKKRUS<Q[N,KPZU,VU'JH,@
SG$U4LTnSLTUCM>S<Q[XSX6ZN>VU'FZKLHC&Z>
$U4KU,GZQZPVZIZ&CT,   TU+: GZ %ZY NH, VX$ZG: YZOZ  %RMQ K< LMV { .Z N\
$V,UCMJH\K: %ZYPZLHNSGZU4:YOR1LTnSTKRJH\K: KU,GZQZPK,VZI,SX6ZNK<LMV{
SLKQN\NG\E\S9GZQZKKRY:J\T\KRU VX0GU SX6ZN:SZDX[G,VZI,FZKG8UKRJH,K<>
KLUQZPX KPZUZY[MX KLUQZPX YZSZUX KLUQZP< N,KPN0DX VLTJXLUNZUNXQ,G,H,@KLUQZP< NZ
KPO\.ZLOL.$ZV%MPN,$JO,NZL[JH,@
SG$U4NZUNXQ,PXALT$ZU,>$JO,SLKO,>NZL[PX4ZM,>
$U4KU,GZQZPVZIZY[MQZPK,VZIZYSZUK< T\ VLTJXU8 Q\ VZ{QZPG,K,PXALT$ZU,
LGCT,K<KU,G\ QZPGZK,$V:O\.ZLOL.$ZK< LMVO\.\ NUN\ MPG,SLKO,AX6ZPGG8UKR
JH,K<>
KLU NZ QZPX JXUPXL. LNQ< LYUO< L'$ZLH$Z LMQ N0DX 'XLU NULP SUZSLT LO.TX
SH,@@^S0QZ`
$U4SULNV\LYUO\JXUPX.Q\QZPLVPLU$ZK< DXK,LVPUG\KQ LMQ+:{'XUR1EA66G,UZK,1
LS&O\N,T\N0P:G\V0VNZU:$QXVZUDXaNU\KRH\ O\.G,SUZST,KRH,K<>>
VORNP@MJTX$LJ$ZQ,$0'XK<G8M<%ZLHNUPNPZLH@G8M<%ZLHM\T\NUPNU\GX.XOJ<TLQ
'ZLH@
SG$U4TLQVU,ULYF>
$U4V0VZU$0Q+Z T\ $LJ$ZQ, K< PZLH$Z G\ PRK LYF N0P NU LUKZ K< SU  PZLH$Z G\ PRK
LYFLMTQ\ %,NUPNUGZK< DXTQZK, VU,U{GXC.'ZN\ OCJGZK< %ZYAZVT2UT\ GXC.OCJGZ
K< >
JXUSUVZG,VX.XD8SM<MZJXUNZVEGXNPZLH@VF,EZ[,NUPNU\$QLGQXQZPXL'$ZLH@
$U4M\ MJTJXU8 GZ6EGNPZH\VCF,EZ[,G,UZK,1KUY\O\ QZP LVPUQ G\ NUP NU\ T:
VLTJXU8G,P\KUQZOVX.DXSMGZK<>
QZQNLMTX$ZS\OZH\LTTXOJ\NK[ZLN&8QMZLH@@^S0QZ`
$U4K\QZQNNRH,JCO$Z.QK,1VN,G,LMC'U$ZSKU, M,Y:{ MR9GZK<DX'UK,MX9G\
KQ>>
P@KP*LUQZPX.MZQZVGZK<%JLT%U\%0IZUZ@VTJXUXGZTZM,$NZVGM,Y<G\Y[KZUZ@
SG$U4M,$NZGZTZLM0GGZTZ$ZTPNM,YQG\[YZOZ>
$U4VZI\ LKUG\U8S  *U LYF VGZ QZP U8S  A]ZQZ P2M8G  K< T\ %JT, G\ %0IZU %U\ KRH\
KQ LNDX1LN $ZTPNM,YQG\[YZOZVLTJXU8VGZ$VZI\LVUT\NZLHPK<>
$QLGQX N,UTQX VGZNULKJXUN< VELG$SZUZ@VEGX JXU8 NZVGDXFULKMXJX MXJX YUTZY[KZUZ
@
SG$U4$QLGQXKUUR]>MXJXMXJXKU\NMXJLYF>
$U4 QZPA]ZQ\ G,EUNLTQZO $V,VLTJXU8 G\ $SZU6EGG,UZK,1VGZKUY\O\ KU,G\
JX[ JZDX1G\ K: T\ VLTJXU8 GZ 6EG MR KU\N MXJ LYF QZP G, GZLT  YUTZDX[ YZOZ K< VGZ
DXFZUG\K:>
LHKXPQ8$ZVGZVXL.YV<VKM\NU\YZSZUZ@$0TLUJXULJ$ZQXKLUUTQXK<PXNLTNUZY[KZUZ@
$U4 VLTJXU8G\6EGQZO VZIZLHKPQVGZVX.,ULK0GZK<T\VXT\K, %ZYLNV\AZVMTQ
TR1 LEQZ K,  QZP GZ YZSZU NUGZ K< $T\ PQ G\ $0GU VLTJXU8 GZ EAL6$Z KRLH$Z  LJ$ZQ T\
PXNT,NUZDX[YZOZKU,QZP U8S UTQYCVGZK<>
QZQNLMVQRQGLUNU\VRSZH\VRKRY<GLUVLF$ZUZ@@^S0QZ`
$U4K\QZQNLMVT\LNnSZLGn6W,NUGZK<DXV{ LHKGZLT LPOG,K<T\GUJZKLYFDXK
VXUAU8KRM:GZK<>>
SDX9,@'0QX '0QX VR JXULV.X NK,$< MR VLTJXUFU[,MZLHSLH$Z@'0QX '0QX VR JXULV.X NK,$< LMLQ
KLUQZPZPXL.UZPXNLK$Z@
$U4DXVJXULVC.{'0Q'0Q$Z.[ZFZK,GZK< MR $ZS[\ VLTJXU8 G, FUQ,1 MZ OCJGZ K< DXV
JXULVC.{'0Q'0Q$Z.[ZFZK,GZK<LMVQ\P80KR1KU,GZQZPDXFZLU$ZK<>
'0QX'0QXVRJXULV.XNK,$<LMVXKLUQZLPVXL[$<PLQ$QGX%LH$Z@'0QX'0QXVRJXULV.XNK,$<LMLQ
VLTJXUV\YZNLUKLUQZPXOLH$Z@
$U4DXVJXULVC.{'0QX '0QX $Z.[ZFZK,GZK<LMVG\ PQLYFKU,GZQZPVX[N\ FZ$S<GZ
K0XGZK<DXVJXULVC.{'0Q'0Q$Z.[ZFZK,GZK< LMVQ\ VLTJXU8 G,V\YZNUN\ SUPZTPZGZQZP
OC%ZK<>
LTVXJXULV.N0DXK0DXVGZQPVNZU,MRJXUN<%Z[<JXULV.XFLO$Z@@^S0QZ`
$U4P<1VGZDXVJXULVC.$J\ $ZS[ZLVULQYZDX1GZK:MR JXULVC.VLTJXU8 G\ %Z[\ LYFFCOGZ
K<>>
VORNXP@PQKL7LNQ<QSZLH(V%4N\NUPNPZLH@PQKL7%\.NLU%UPG\GX.XSZLH$Z
G8M<%ZLH@
$U4LNV\ PQXC.Q\ PQ G\ K7 QZO UCE { QK,1 OC%Z VZU\ M,Y %ZY NH, PQXC.  K7 QZO
NUP NU N\ (9N  4CN JH\ KQ PQ G\ K7 QZO NH, TU+: G\  %\. NU NU N\ %WNG\ KQ T\
PZLH$ZG\PRKLYFGXC.DX7ZDX1G\KQ>
LUL'LVL'V%XPRKXK<QZPXQYV<PLQ$ZLH@
$U4LUC',$:T\LVC',$: %, LQUROPRK U8S KQ LHKQ:QZO KU,GZQZPLKUG\LYFQK,1
YCVVNGZ>
JXUV\YZT\PQXLQUPOXKRY<$LJ$ZQX$0'\UZMZLH@QZPXUTQX*LUSUJWXKR$ZQZQNVKLMVPZLH
@@^S0QZ`
$U4VLTJXU8G,V\YZQZOPQVZ K0XGZK<T\$LJ$ZQ U8S KQ\UZG8UK0XGZK<K\QZQNQZP
U8S UTQLKUG\ LYFSUTC.KR M:GZK< T\ VLKM$YV4ZLYF %ZYVXT\ K,QZPMS[YZO,G6Z
LYF PQXC.O,QKRM:GZK<>>
P  @ VEG< VZGX Q $ZLH( QZLP Q OJR LS$ZUX @ UVQZ L3NZ ERO[Z LQT LQT KRLH .X$ZUX @
QZQNLNULTSLH$<NPZY[ZNRLHQP\W[KZUX@@^S0QZ`
$U4LMV PQXC. { VLTJXU8 G\ 6EG LYF UV QK,1 $ZDX1GZ QZP LYF LMV GZ LS$ZU QK,1
MXL9$ZDXKPQXC.M,%QZOL3CN\EFQK,EROGZK<T\VGZAX$ZUK0XGZK< SU K\QZQN DXVG\
%,N,KYCV"  LS&O\ N,T\ N0P:G\ DXaNU\ KRH\ V0VNZU: $QXVZUDXV{ KX[%,LHKR LMK,K,
NZUNUQ,S<1G,K<NRH,PQXC. DXVG\V0VNZU:{ LPWZQK,1VNGZ>>
SDX9, @ 'QX 'QX VTSXU.X VLTJXU8 KPZUZ LMTX LPLO$< KP NDX V:LT $ZH, @ 'QX 'QX VTSXU.X
VLTJXU8KPZUZLMTXLPLO$<KPKLU%JLTSZH,@
$U4VZIZ VTSXU.X VLTJXU8 '0Q K< LMV G\ LPLO$: VZI\ LKUG\ LYF 70I SH, K< T\ LMVG\
LPLO$:$V:SUPZTPZG,%JT,OC%,K<>
'QX 'QX KLU%JTX VLTJXU8 KPZUZLMVN,V\YZT\ KPKLUQZLPLOYOZH,@'QX 'QX KLULJ$ZQ,
VLTJXU8KPZUZLMLQY<U,LPT5fKPNDXV%VPLG5VLWLG.ZH,@
$U4KU,GZ%JTVZIZVLTJXU8 '0QK<LMVG,V\YZNUN\ $V:KU,G\ QZPLYFLEUT,MR9,
K<KU,G\LJ$ZQYZOZVZIZVLTJXU8'0QK<LMVQ\Y<U,N,KT\VMQN,KV%YZOVZ{H\NTZG,
Q]U QZOY\.[G,MZF LV.ZH,K<>
'QX'QXVLTJXU8LPT5fKPZUZLMLQKLUQZPLVDXKPZU,S5,LTE[ZH,@@^S0QZ`
$U4VZIZVCM[VLTJXU8'0QK<LMVQ\KU,G\QZPQZOVZIZLS$ZUE[ZLGCTZK<>>
VORNX P@*UK,PX0L'LYG\LVLSUXLQT-8U\ V0P+ZO\ @LPOLG$ZL)OQKRYH,M\ Q,$LTUZLV
NU\@@^S0QZ`
SG$U4PX0L'LHVTn,>
$U4ST, T: *U %ZY LKUG\  LYF K, K< SU DXV {  SUG\V LYF VP-G, KRH,  NPO,
LHVTn, VGZ -8UG, K< T\ DXV {  ;ZG NUG, K< M\ Q,;T VZ  NU\ T: LPOLG$: L)CO QK,1
OCJG,>>
P  @ QZQN JZO, N89,$Z EZ-X SU,LT NU\LH @ LTFUX MZ[< %OZ NLU LMFUX O\Y<
G\LH@@^S0QZ`
$U4K\ QZQN KU,QZO LS$ZUNUQTR1LEQZ %ZYLS$ZUTR1VC.[ZMGTZH,1UK\ KRU
JCO: NUQ,$: -87,$:KQ LNDX1LNH\VTU+: TGTZH,1 KU,{M,Y F0JZVP-GZK< MGTZH,1
KU, G\1GZK<T\ M,Y O<1GZK< %ZYMGTNM,Y{NX-LPOGZULK0GZK< >>
SDX9,@LMLQDXSZH\M,$LTLQKLUUZL.$Z@$0LP5TXVFZQZDX%RMQXFZL.$Z@LTSLTUK\$Z*ZLH
LPW,%%ZL.$Z@
SG$U4LMLQLMVQ\>LTLQDXV\Q\>%%ZL.$Z.Z[G,LHC&Z>
$U4LMV KU, Q\ M,Y S<GZ N,T\ KQ DXV\ Q\ DXKQ: G, UCL.$Z N,T, K< MR M,Y DXV KU, GZ
$ZTPNM,YQG\[YZOZVCFZQZP U8S %RMQ&NG\ KQT\ LHV%RMQQZO DXKE9\ UCMM:G\ KQ
DXKQ:G,KRU.Z[G,LHC&ZLPWM:G,K<>
V% $0GLU LHNX YUT< LNQ< LYUO< OZL.$Z @ MQ QZQN %H\ LQKZOX S5% N,
SZL.$Z@@^S0QZ`
$U4VZU\ M,Y:LYFLHNS5%8 $ZSLY$ZSNK<SULNV\ LYKO\ Q\ VPL-$ZK<T\ K\ QZQN
DXKLYUOZ GZVS5%8G\SC.NUN\L.L9$ZULK0GZK<>>
VORNX P@VLTJXUQR V%X NR Y\.GZM\TZMJTX V0VZUX @LI7< PXNLTQKRYH,LMFUX VELGQNU\
Y,FZUX@KDXP<P<OXQFXNH,QZLPQOJ<LS$ZUX@
$U4LMTQZLHKVZUZV0VZUK< LHVLYF KU\NM,YVLTJXU8 G\ GUVQNUGZK< SU LQUZ
GU6Q N,LT$: PXNT, QK,1 LPOG, MG TZH,1 M,Y VLTJXU8 G\ 6EG LYF LYFZU QK,1 NUGZ
LNDX1LNLYFZUNUQTR1LEQZ $K0NZU U8SPQG, P<OQK,1DXTUG,T\ QZPLYFLS$ZUQK,1
E[GZ>
LHLN$ZS\ E.LVLPOZLH$QX GXLE'ZTLMLYNZU@QZQNLHLN GUVQX G\L. PLU LPO\ VLTJXU K\LT
LS$ZLU@@^S0QZ`
SG$U4LPOZLH$QXLPOZOH\KQDXVQ\>GXLE'ZGXLFCTZSQP\UT\U>
$U4NH,PQXC.:{S5%8 Q\ $ZSK,P\KUNUN\ LPOZLO$ZK< LMQ+:Q\ P\UT\UT\ LYNZU&CI\
KQ>K\QZQNNH,PQXC. VLTJXU8GZ GU6QNUN\VLTJXU8G\LS$ZULYFLEUT,MR9N\PUN\
%ZY$ZSZJYZN\ KU,LYFLPOJH\KQ>>
P  @ VLTJXU8 Q V\LY( P8U. $0' JYZLU @ G8M< %ZLH EKXTX GX.X OZJZ MOTZ NU\ SXNZU@ LMQ
NZUL[JXU8LYVZLU$ZV\QDXSNU\$0T,YZU@
SG$U4JYZLUJYZUQ\>LMQNZUL[LMQ+:G,AZTU>DXSNU\SXCNU\EKX9\>
$U4$0Q+\ P8U.JYZUQ\ $ZS[\ VLTJXU8 G,V\YZQK,1N,T,PZLH$ZG\ LS$ZULYFMGR1EKXT
GX.,KRLH$ZTGR1V9GZKRLH$ZKZ9\ *CTGZK<T\ LMQ+:G\ YZVT\ VLTJXU8 {LYVZLU$ZK< DXK$ZAU,
Y\O\QK,1SXCNUG\>
QZQNJXUPT,VX.XSZLH$ZE.V\E.V[KZU@@^S0QZ`
$U4K\QZQNJXU8G,PLTLO$:K,VX.LPOGZK<T\EA6[YZOZKU,EA6GZK<>>
SDX9,@T8 $ZS\ $ZLS$ZLSV%X NUTZNRH,G8MZKRLHVX $YUR NK,$< @KLU$ZS\ ERO< $ZLSEXOZY<
KLU$ZS\MLO4LOULYUK,$<@
$U4K\KU,T8u$ZSK,$ZSK<1T\$ZSK,V%NX-S<GZNUGZK<1LNV\KRUG8M\{S<GZNUQ
YZOZT:K,$Z.,H\M\ NRH,KRUKRY\ K,>KU,$ZSK, V%M,Y:LYF EROGZK<$ZSK,V%{
EXOZDX1GZK<$T\$ZSK,MOLYF4OLYFLY$ZSLUKZK<>
KLU$ZS\ PZU< KLU$ZS\ &RI< PQKLUVU[,SL9UK,$< @KLULEQX NRH,PZLUM,YZLOQVN< PQ
KRLHLQLF0GLQVOXKRLHUK,$<@
$U4K\ PQ KU, $ZS K, PZUGZ K< T\ $ZS K, EA6GZ K< LHV YZVT\  KU, G, 6UQ LYF
LS$Z UKX> K\ PQ KU, TR1 LEQZ NRH, KRU QZ PZU VNGZ K< QZ LMYZO VNGZ K< LHV YZVT\
LQVLF0TKRUKXT\O0P,$:TZ[&CI %ZYLNV\KRUG,(WQZTCNT\V%TR1YCI\KU,G,$ZVUC. >
DX7LG$Z EKLG$Z VXLT$Z VGZ VGZ KLU QZPX L'$ZH,$< MQ QZQN JXUPXL. KLU OK,$<@@@
VX'X@^S0QZ`
$U4K\ GZVQZQNM\ DX7LG$:ELK0LG$:T\ VXCLT$:KUY\O\ KU,GZQZPLVPU,H\ T:VLTJXU8
G\VQPX.KRN\KLULPOS<1GZK<>>>VX'X>
QRWLHKYZUJXU8 UZPGZVM,G,DXFZU,KRH,K<SDX9,$:KQSLKO,SDX9,QZOVORN
KQEZN,KU\NSDX9,QZOGRGRVORNKQNXCOVORNKQ>
VORN:GZY\UYZ
VORNP 
VORNP 

MR9 
JXU8 UZPGZVM,GZLMQ+:G,LHKYZUK<LHCN%,VORNQK,1K<>VR YZUGZ$VOVU8SLVU
SDX9,$:K<>
!VLTQZPXNUTZSXU.XLQU%DXLQUY<UX
$NZOP8ULT$M8Q,V<%0JXUS5VZLG@
VRUL7PKOZ*UXFDXSG\@
V%QZPU[Z$ZLH$ZY\&R9ZV%QZK@SX&KX MZLHLV$ZL[$Z$ZJ< LPO[X LNQZK@LMQP\UZVZLKEX
Y,VU<YI9,Y\GQLTQZK@@%,VZOZLKKXVZFZVRLH@MZN,QGLUVGZVX.X KRLH@UKZDX @YIZ
NLUVZOZK[ZK<%,KRV,VRLH@V%QZGZTZH\NXT8PZ[VGZLTQKRLH@MRLTVX%ZY<VR4,$<U0QLN
UX0Q<KRLH@@'UT,DXSLUNRWJ9N\T,JH,YMZLH@MR $VPZLQQPZYQ,LTQQLNQ4ZSZLH@
M\ PQMZ[LKV8O,$ZNZK\ LP7Z.ZLK @@ QZQN $DXJX[ M\T9\ T\T\ JO, M0M,U @ M\ JX[ KRLQ T
NW,$LQV\%ZH,V\Y,U@$J<JH\QP0Q,$LQPZLUN)KXY\S,U@@@^S0QZ`
SG$U4$ZLH$Z$ZLH$ZMR M0PG\ KQ>PU[ZP2T>PU[Z$ZLH$ZM0PG\ KQT\ PUG\
KQ M0PG\ KQ T\ PUG\ KQ MR MQP PUQ G\ J\9 LYF SH\ ULK0G\ KQ> Y\&R9ZS5%8 FUQ: TR1
LY&R9Z>$ZJ<S5%8G,K]8U,LYF>LNQZKN\K9\E0LG$:{"Y\GQS,9PZQVNGXC.>>
%,PX9PX9>VZFZVGZL4UULK[YZOZ>MZN,LMVS5%8G,>UZKDX>
YIZNLUYCIZNUN\LHK$Z.N\LNDXKV%TR1YCIZK<>LNKRLHN,KOZ%KRVNGZK<"NRH,
OZ%QK,1KRVNGZ>U0XQ<URLH$:>>
NRWLNO+\> J9LNO+\> N\T,E4\U, OXNZH,> YMZLH QRET  YMZ N\> $VPZLQ$ZNZ6
TN>QPZYQ,QPZYLQQK,1LP(1G\>LTQQLNDXKQ:G\ QCNLYF>Q4ZSZLHQC4:S:GZ
K<$ZN9%0QGZK<>PQK\PQV8O,$ZGXC.NO\6>NZK\LNDX1"LP7Z.ZLKTu8 LPC7Z.:GZ
K<1T8uGXQ,$ZG\LPC7\%RJ%RJGZK<1>>
$DXJX[LYNZU SZS> T\U\LHK VZU\> JO,JO: LYF> M0M,U3ZK,$:> NW,$LQNCW\
M:G\ KQ>V\LHK,>$J< JH\VZI\ QZOJH\ KRH\>P0Q,$LQP0Q\ M:G\ KQ$ZGUS:G\ KQ>
Y\S,UE\PXUL6G\YCVLYFQZK$ZDX[YZO\>>
$U4 K\ %ZH, PX9PX9DXVVGZNZLHPULK[YZO\ SUPZTPZG,LV LTVZOZKNUG\ UKR>
DXV\G,P\KUG,Q]UQZOVGZL4UULK[YZOZVX.LPOGZK<>>
MR M,Y GXQ,$Z G\ KR&\ VX.: G, AZTU S5%8 { %XOZ G\1G\ KQ  DXKQ: V%Q: { S5%8FUQ: TR1 LY&R9Z
ULK0GZ K< DXK VZU\ M0PG\ PUG\ K, ULK0G\ KQ> K\ %ZH,  MZ N\ JXUPX.: SZVR1 STZ OYR LN
SUPZTPZG\FUQ:GZLPOZSLNQ+:{K0XGZK< LNDX1LNVX.,DXK,KQMRS5%8FUQ:LYFMX9G\KQ >
LHKJCOT:S5TC.K< LN LMQ+:E0LG$:{LS$ZUZPZONS5%8 %XCOM:GZK< DXKQ:{E9Z$ZTPN
NO\6EL[$ZULK0GZK<>>
K\ %ZH,  DXK SUPZTPZ VGZL4U K<  KX[ %, P2M8G K< $J:K { %, NZLHP UK\JZ DXV G,
LV LTVZOZKNUR T\$Z.R LNDXKV%TR1YCIZGZTZK<> K\%ZH,$Z.RK\S5%8 T8uV%M,Y:
{V%GZT:G\[YZOZK<1PQXC. LYFZU\ N,KKQLNDXKQ: TR1NRH,GZT:KR VN[" K\ %ZH, MR
NX-S5%8 {F0JZOCJGZK< DXK,K0XGZK< DXVG,U]Z{LPC7ZNUN\ P0QRNRH,GXC.NO\6$ZDX[T\
U0Q:Y:JUR[TR1NRH,OZ%QK,1KRVNGZ>>
LHV 'UT, DXT\ $Q\N: $ZH\ MR LNO+\ $ZLGN E[Z N\ $ZS[, TZNT GZ  )RO YMZ N\ $ZAU  FO\
JH\>M\K9\ $ZS[,TZNTG\ PZ[LYFLHTQ,'2[$N9:G\ KQLN PZQR $VPZQG\ K\7%,QK,1
LP(1G\ DXK SUPZTPZ DXKQ: G, $ZN9 %, %0Q G\1GZ K<> VR K\ PQ M\ T8u LHK VP- OH\1 LN
GXQ,$Z G\ P2M P\LO$: GZ QT,MZ GXC.NO\6 K, K< T: T8u GXQ,$Z G\ %RJ: LYF K, LNDX1 PVT
UK\1">>
K\ QZQN GXQ,$ZG\ VX.PZ[QG,AZTU LMTQ\ %,SZSLYNZU$V,NUG\ K:LHKVZU\ SZS
LYNZUVZI\ JO:LYF3ZK,$:E[M:G\ KQ LHKKRUKRUSZS:YO'5pKN\ O< M:G\ KQ LHKSZS
3ZK,$: TGR1 K, NCW,$: MZ VNG,$: KQ M\ VZI\ SCO\ JX[ KR[> JX[ K, $VO %ZH, LPTn KQ>
LH4R1 VZI\ QZOJH\ KRH\ SZSLYNZU $J:K $ZGUQK,1S:G\>LHKQ:E\PXUL6G:{ KX[\ K,
PZUN\$ZS[\$0GUR1NC)LGDX>>>
VRUL7PKOZ*UX @PQX KZO,LNUVZ[,NU[,VUPX SZ[,TQX .\TX @QZPX E,MX V0TR.X VXKZJZU.X
JU,E, Y\VX @ %ZDX NUP NLU M0PV, V\ *U %ZJ7 G\.X @@ EZEZ PZLH$Z VZL4 Q KRLH @ LHLQ
PZLH$ZMJXPRLK$ZLYUOZE8-<NRLH@UKZDX@KZ[XKWXNLU$ZUMZVFXQZPXNLUY4X@VXULTVRF
NLU%:IVZOLTVX LYLFLTVQR U.X @Y[MZLU$ZLVDX Y[MX NLUO< OZKZPQKVX @@VXL[VZVT
VDXGZJU,VTX *R9\ O< FOX @.UFX E0QX F0LJ$ZH,$ZPTX PQMZ[LKNOX @LQU0NZUN< G\LVMZLKTZ
VXL.OKLKPKOX @@ OZLH LFTX NLU FZNU, P0LQ QZPX NLU N0PX @ E0QX EG,$Z NLU 'ZY[, TZ NR
$Z.<'0QX@QZQNY\.<QGLUNLUF9<FYJ[Y0QX@@@^S0QZ`
SG$U4KZO,KOYZKX[YZOZ>LNUVZ[,YZK,GZN0P>NU[,DXaFZ$ZFUQ>VUPX
^Je`P\KQTDXaGP>U.XUZ.Z>JU,E,Y\VXVZGZLOEZVVZGJ,VZGZM,YQ>%ZDXS5\P>
NUPEA66> NUP NLU SUPZTPZ G,  P\KU QZO> M0PV,DXaJ\JZ S<GZ KRY\JZ> %ZJ7
%ZJ:YZO\'QZ)>>
EZEZK\%ZH,LHLQLHVQ\>UKZDX>
KZ[XE,T[Z JX]UQZ> $ZUMZDXPU> $ZUMZ KZ[XDXPU GZ E,T[Z VX$ZV: GZ FO[Z KU\N
VX$ZV G\ QZO QZP { S5R[Z> KWXGXNZQ> Y4XV2GZ> VRFLYFZU> %:IVZO%:LI$: G,
NTZU>LTVXLYFDXV%:IVZOLYF>LTVQRDXVQZPY4{^QRWLMVXLNVXLTVXDXVX
GZ$0TOZX K\7LO.\ V0E0'N:G\ QZODXaIM:GZK<NZN\N,GZG\G,Q<QRT\`>
Y[MZU\VTV0J,>PQKVXPQGZKZVZPQGZL.9ZDX>>
VZVT'UPSXVTN>VTXDXaFZ$ZFUQ>PQK\PQPTXMZ[LKNOXPT:NCOMZ[\NCOT\
QZKSZH,1>G\LVG\VLYF>VXL.VX.LYF$ZTPN$ZQ0GLYF>PKOXLWNZ[Z>>
FZNU,Q2NU,> N0PXQ2NU, GZ N0P> E0QXURN UC.> 'ZY[,Q2NU, G, G29%CM> TZTGR1
K,>'0QX6ZEZ6\>FYJ[F2JX[Z>Y0QXU0J>>
QRW'QNPZ[OH,$ZPT2UT\FZUYV,O\KQYZK,GXNZQYSZUT\Q2NU,>LHV6EGLYF
XUP:G\KQLNGXQ,$ZGZ'QT:LH4R1TXUQY\O\VZ4&CIG\Y\JZQZOLQ%[YZOZQZP'QK<DXV
{LHNC7ZNUQOH,DXY\1K,P\KQTNUQ,K< LMY\1LNVZQYZK,G,P\KQTNUGZK<LMY\1GXNZQGZU
GXNZQLYFLMY\1YSZU,YSZULYFT\LMY\1PXOZ]PQ2NU,LYF>
$U4K\%ZH, LH4R1TXUQY\O\ PZLH$ZM,YG\QZOQK,1M:G, LHKKU\N{STZK<L3U%,
LHVPZLH$ZQ\ VZU\ MJT{$ZS[\ YCVLYFN,TZKRLH$ZK<>NRH,LYUOZPQXC.VP-GZK< LN
VGZQZOLQ%[YZOZ'QKRUK< >>UKZDX>
K\%ZH,VGZQZOLQ%[YZOZ'QNPZ[OH, PQ{KZO, YUJZDXaGP, E[ZDXF\$ZFUQ{
YZK, VP- P\KQT QZP VO YZVT\  SZ[, K< LHK $ZS[Z  VU,U K,  S<O, K<> LHV S<O,
LYF SUPZTPZGZQZPE,M E,E,MN\DXV{S0&,$ZTR1EFZ[OH,VXKZJZ3\UQZ]U8U,K<LHV\
TU+:M\ V0TR.YZOZM,YQQK,1T:PZLH$ZG,LTn6QZQZPE,M{PXNZG\Y\J, V0TR. QZPE,M{
LTn6QZS0&,$:TR1EFZ[OH, VXKZJZK<VZGZM,YQ QZP VOG,UZ.,NUQOH, UZ.ZK<> K\
%ZH,LHKYZK,N,LT$:VU,US<O,LYF SUPZTPZG,P\KUQZOS5\PS<GZKRY\JZ>Y\. LMQ+:
LHKYZK,N,T, DXKLKUG\ QZP'QQZO 'QZ)KRJH\>>
K\ %ZH, DXPUG\ KU\NVX$ZV{.CW,E[ZLHVKCW,LYFVGZL4UULK[YZOZKU,QZPV2GZ
E[Z>$ZS[,VXULTT\ LYFZUP0IO{%:LI$:G,NTZUE[ZLHV%:IVZOLYFLHVKU,QZP
V2G\{SZ>LHKQZPY[MNUQYZO\VTV0J,$:QZOLPON\T8u%,KU,QZPGZY[MNU>LHV
Y[MLYFR1.CW,LPO\J,PQGZL.9Z(>>
K\ %ZH, V2GZJU: Y:J KU,QZP GZ V2GZJU E[  'UPSXVTN: GZ DXSG\6  VXL[$Z NU LHK
KU,QZP G, V2GZJU, K< V2GZJU, GZ PZO OCG[ YZVT\  DXaF\ $ZFUQ { *R9\ E[Z N\ O< TXU
L]0GJ,G\ V ULYF%,AUFG,OR9K< F0J\ JX[:{M,YQV UGZAUFE[Z>K\ PQ LHV
YSZUG\ DXaGP{ NCOT\ QZKSZH,1>LHVYSZUQZOM\ T8u SUPZTPZG\ G\VLYF SUPZTPZG\
FUQ:LYF LWNMZH\1T:$ZTPNVX.LYF4:OC%OH\1JZ>>
K\ %ZH, Q2NU UR], NPZ[ OH, P\KQT QZO PZON G, V\YZ NUGZ K< T8u %,  S8U\ L'$ZQ QZO
S5%8PZONG, Q2NU,NU LMY\1Q2NU$ZS[\PZONG\KXNP{%XO:GZQK,1T8u%, SUPZTPZPZON
G\QZP{PQLYFSCNZNUUC.LHK,K<DXVG,V\YZ>LYNZU:{ $ZS[\Q\9\$ZDX[R1 URNG\LHK
K<SUPZTPZG,Q2NU,YZVT\G29%CM> M\LHKDXaGPNU\1JZ T:KUNRH,T<{6ZEZ6\$Z.\JZ>K\
QZQN LHK Q2NU, N,LT$: SUPZTPZ T<{ P\KU G, Q]U QZO Y\.\JZ T\U, LM0G DXT\ F2JX[:
$ZTPNU8SF9\+JZ>>>
VRUL7PFDXTXN\@PZLHEZSNRE\WZQ,NZVVXU<FTXUXMYZH,@EZON0LQ$ZN2EZSXLS$ZUZ%ZH,
N2$LT%ZH,@KXNPX%LH$ZEZKUX*UX&RLI$ZL.QPLK%H,SUZH,@QZPXGZQXLHVQZQXQPQPXL.
LTTX TLQ '8L9 'XPZH, @@ PQX PZLQ$Z QZPX V.ZH, @ SZLH SUDX JXU N< ELOKZU< LMLQ VZF, E8-
EX-ZH,@UKZDX@MJLVDX-87S5,LTPQXE\L'$ZMQLVDXYZGXUFZH,@PZLH$ZPJQX$LKLQLVPJX
MRK< QZPX QO\Y< PU< LE.X .ZH,@J0'[Y<L[UTZLKTNZU,VEG< VXULTQ$ZH,@U0LJQUZTZULV
QK,E\L'$ZPQPXL.SLTJYZH,@@VZ'V%ZPLKVKMXQFZL.$ZLMKEZUVXQK,UZH,@PQXTQX
'QX$SXQZNLUMZLQ$ZGUN,.ELUQSZH,@$.,P,LWFLO$Z$0L'$ZUZ*UXGUXLGV<Q%ZH,@
MPGLUEZ'Z7DXUQSZY<$SXQZN,$ZNPZH,@@QGLUNU\TZ$.,Y\.ZNK[ZN4QXQMZH,@
N0Q,VXL[VXL[VELGVOZK,$0LP5TXLUG<YVZH,@LQU%DXLQU0NZUXLQUY<UXS8UQMRLTVPZH,@QZQN
JXULY[X%UPXQ%ZJ<VLFQZLPYLI$ZH,@@@^S0QZ`
SG $U4Q,NZF0JZ LS$ZUZ> VVXU<VKXU\ GZ> FTXUXLV$Z[Z> N2{ YZVT\> NR
GZ> EZKUX *UX*U EZKU *U *ZW> GZQXV\YZ G8LM$: G, > LHVQZQXSLYTnTZ SLYTn
$ZFUQ> LTTXDXV LYF DXV G, UZK,1> TLQVU,U G, UZK,1> LTTX TLQDXV VU,U G,
UZK,1>'8L9'XPZH,.\KK,DXIZH,>>
V.ZH,LPTn>SUDXP<1S<1GZK:>LMLQLMV JXU8 Q\>UKZDX>
E\L'$ZLY0LQ+$Z> MQS5%8 G\ GZV V0T MQ> YZGX-J9Z> PJQXPVT> $LKLGQ>
LQLVUZT> PJXUVTZ> MRK<TCNGZ K<> PU<$ZTPN P2T PUGZ K<> LE.X]LKU> J0'[
Y<L[J0G\ ERO LYF> UTZPVT> LKTNZU,LS$ZU NUQ YZOZ> U0LJ S5%8 G\  U0J LYF>
ULVUVLYF>PQPXL.LMVPQXC.GZP08K$ZS[\K,PQYOK<MR$ZS[\PQG\LSC&\TXUGZK<>
SLTLHC]T>>
VZ'V%ZVTV0J>VKMX$IROTZGZ$ZQ0G6:T,GZUV>UZH,UTZ%,>GUSUPZTPZ
GZGUYZ]Z>P,LWP,WN\>$.,P,LWFLO$Z$C.:E0GNUN\ K,TXUGZLUKZ>$0L'$ZUZ
$0Q+Z>*UXGUXS5%8GZ*US5%GZGU>GLUGUT\>>
$.,Y\.ZP<1$C.:QZOY\.VNGZK:>N0Q,N0Q:QZO>VOZK,P<1LV LTVZOZKNUVNGZ
K:> $0LP5TX$WCO $ZTPNM,YQ G\[ YZOZ QZP> YVZH,P<1 YVZ VNGZ K:> VPZH,
LY$ZSN>VLTVCFLYF>QZLPQZPLYF MXL9$: >>
QRWLHV6EGG\ VZU\ E0GFDXTXN\ KQKU\NE0GLYFFZUFZUTXN:KQ>SLKO\ GR 6EG:G\
KU\NE0GLYFLT0QLT0QTXN:KQ>
$U4MR PQXC.NG\ PZLS$:GZLS$ZUZSXCTUV,NG\ VKXU\ GZLV$Z[ZMYZH,V,NG\ SXCTU',
YZVT\LS$ZUZLSDXV,$T\%UZGZE9Z VQ\K, %UZV,MGR1$NZOSXU.GZKXNPKRLH$ZT:DXV
Q\ *UEZU V%NX- &CILGCTZLHNSONLYFV%NX-(SUZKR LJ$Z>$ZS[\ PQG\ LSC&\ K,
TXUQYZO\ E0G\ Q\ QZKQZPMLS$ZQZKV\YZN,T,$T\ QZKSLYTn $ZFUQE[ZLH$Z>LHVPQXC.Z
VU,UG,UZK,1.\KAX$ZU,K,NUGZLUKZ>>
LMVPQXC.GZPQJXU8G\DXSG\6LYFST,MGZK<DXKSUPZTPZG\QZP{$VOLPTnVP-GZK<>P<1
T:JXU8 G\ S<U,1OCJGZK:JXU8 TR1VGN\ M:GZK:LMVQ\ LHKVCF,PLTLGCT,K< LNSUPZTPZK,
$VOLPTnK< >>
PQPX. GZ PQ MJT QZO -87\ LS$ZU LYF S5RLH$Z ULK0GZ K< V0T MQ: QZO DXK -J9Z .9Z NU,
UC.GZK<>PZLH$Z G\PRK LYFPVTDXKLGQUZTPZLH$ZGZUZKK,TCNGZULK0GZK<SUPZTPZ
GZQZPNG\QK,1LVPUGZLHVTU+: PZLH$ZG\PRKG, ]LKU.Z.ZN\$ZTPNP2T\PUM:GZK<>
$ZS[\ PQG\ LSC&\ TXUQYZOZPQXC.J0G\ J,T: JZY[VX[Q LYFPVTULK0GZK<J0G\ J,TQZOK,
LKTNUGZK<SUPZTPZG,LV LTVZOZKYZO,EZ[,LYFDXVG,VXULTQK,1OCJG,>QZKDXK
SUPZTPZ G\ LS$ZU LYF U0J,MGZ K< QZK DXV { QZPUV LYF L.CF S<1G, K<> PQPX. LHV\ TU+:
$ZS[,LHC]TJYZO<1GZK<>>
VZ'V0JLTLYFMZN\PQPX.$ZTPN$IROTZGZ$ZQ0GNG\QK,1PZ[GZDXVG,M,%{QZPMS[
GZVX$ZGNG\UTZ%,QK,1$ZDX1GZ>PQPX.$ZS[\PQ{TQ{'Q{K,$ZS[ZVP-,E<7GZK<
SUPZTPZG\GUG,DXV{NRH,AEUV8-QK,1S<1G,>PQPX.$0Q+Z M,YQV ULYF $C.:P,WN\
K, TXLU$Z M:GZ K< K\ %ZH, SUPZTPZ GZ *U SUPZTPZ GZ GU DXV { NG\ LGCVGZ K, QK,1>
$ZAU$ZS[\ N,T\ GZLHKQ Z.CWGZK< LNMPUZMG\ E8K\ T\ EC-ZKRLH$Z FRW:.:GZK<LHVV]Z
TR1EF[OH, DXV{NRH,VKZUZQK,1OC%GZ>>
SU$V:M,Y:G\N,KYCV" M\S5%8$ZSP\KUG,Q]UNU\T:K,P<1DXV{$C.:QZOY\.VNGZ
K: DXV G\ JX[: GZ LE$ZQ QK,1 N,TZ MZ VNGZ> DXV G, P\KU KRY\ T: K,  N0Q: QZO DXV G,
LV LTVZOZKVX[VX[N\ JXU8 G\ 6EGG,UZK,1DXVG,LV LTVZOZKP<1NUVNGZK:T\ $WCO
$ZTPNM,YQG\[YZOZDXVGZQZPLKUG\LYFYVZVNGZK:>
K\ QZQN S5%8 LQU%DX K< LQU$ZNZU K< LQUY<U K< DXV G, MRLT VZU\ MJT LYF S8UQ T2U T\
LY$ZSNK<DXVG\VGZL4UULK[YZO\QZPLYFLWLN$:K,$ZGULPOGZK<SUJXU8G,6UQTR1
LEQZPQG,%WN[ZG8UQK,1K0XG, T\%WN[ZG8UKR[TR1LEQZQZPLYFMX9QK,1VN,GZ >>>
VRUL7PKOZGXTXN\ @SX9X 'UT,SX9X SZ[,$ZV[X FZLUNX0WFDXEZUZ@VJO%Y[N,P8ULTH\NZ
PXL.T\U< WNVZOZ@@P\U\ VZLKEZT\U\ FRMLYIZ[Z@MLO4LOPK,$LO%LUSXLUO,[Z$ZS\ VUE
VPZ[Z@UKZDX@MKMKG\.ZTKMRLTTXPZU,T\UZU8SXLNQ\KZ@LHNTXU8LSL3ULKSU&0QZNRLHQ
LNVK,M\KZ@@$0IMM\UMDXT%XMV\TMT\U\N,T\ M0TZ@H\NX SXUEX P< T\UZG\L.$ZT8 V%QZPZLK
UY0TZ @@ T\U\ JX[ EKXT\ P< H\NX Q MZL[$Z P< P8U. LN&X G,M< @ S5[YLT QZQN VXL[ P\U\ VZLKEZ
IXEGZS4UXO,M<@@@^S0QZ`
SG$U4GXTXN\GRGRTXN:YZO\VZU\E0G>
SX9X FCN, GZ  SX9> SZ[,ECGO $ZNZ6> NX0WN8W SZVZ> $ZV[XLQYZV4:> %Y[
LV56W,>P8ULTP8UT,$:M,$M0T>PXL.PX.,V5\6W>T\U< PXL.WNVZOZT\U\ V5\6WWNVZO
LYFR1*9\JH\KQ>>
FRMN2TN TPZ6\> PK,$LOPK, TLO 'UT, G\ TO DXaT\ $ZNZ6 LYF> %LUSXLU%US8U
QNZQN>UKZDX>
LNQ\KZLNKR LMKZ" LE$ZQ TR1 SU\> LHNTX U8LSLHNR U8S LYF KX0LG$:  LHN $ZS K, $ZS
K0XLG$:>SU&0QZOXLN$ZKRLH$Z>>
$0IM$0I\ TR1MQP\ KRH\>M\UMLM(UTR1M0P\ KRH\>DXT%XMSZ[,G,UZK,1'UT,TR1M0P\ KRH\>
V\TMV\T PX9+N\  TR1 S<GZ KRH\> SXUEXYLI$ZH, $FUM .\I> UY0TZULP$Z KRLH$Z
LY$ZSN>>
LN&XNRH,F0J,$NO>O,M<NC)O<>>
$U4K\ P\U\ PZLON T\U\ $FUM N2TN KQ> T8u SZ[, LYF 'UT, G\ $0GU 'UT, G\ DXSU
VZU\SXOZ9LYF %US8ULY$ZSNK<1>T8u$ZSK,V%4:P2M8GK<1>UKZDX>
K\S5%8LHKVZU,LV56W,T\UZFXEZUZK<FZU\SZV\DXVFXEZU\G,$:FZUN0':KQ'UT,DXVFXEZU\
GZ K\7OZ SX9K< U6K< $ZNZ6DXVFXEZU\GZ DXSUOZ SX9K< &CTK< >LHVFXEZU\LYFT\UZ
LQYZVK<>VZU,LV56W, G\ M,$:M0T: G,$:P8UT,$:T\U,K,V5\6WWNVZOLYF*9,$:JH,$:
KQ>>
P<1LMVSZV\ TCNGZK:T\U,K,MRLT S5NZ6NUUK, K<SUT\UZVU8SN<VZK< LHKLE$ZQTR1SU\
K< >T8u$ZSK,$ZSK0XLG$:%,LHKQ:E\$0TM,Y:LYFOXNN\L3ULUKZK<1 $VFUMLHKK<LN
NRH,LHNM,YLNV\G8M\YUJZQK,1K<>>
$0I\ LYFR1LM(ULYFR1'UT,LYFR1PX9+N\ LYFR1M0P\ KRH\ LHKVZU\ M,YT\U\ K,S<GZN,T\ KRH\ KQ LHK
VZU\ $Q\N:U0J:T\ LNVP:G\ KQ SUP<1T\U,$FUM.\IY\.GZK:LNT8u LHKQ:V%Q:M,Y:LYF
P2M8GK<1>>
QZQNE\QT,NUGZK<K\ S5%8T\U\ $Q\N:JX[KQP<{LNV\ LHCNG,%,S8U,VP-QK,1K<>K\
P\U\ PZONVX[P<{P8U.{NRH,F0J,$NOG\KP<1LYNZU:LYFIXCELUKZK:LMY\1SC4USZ[,
LYFIXCEM:GZK<>P<{NC)O<>>>
VRUL7PKOZ@KDX SZS,SLTTX SUPSZ.0I,T8 LQUPOX LQU0NZU,@$0LP5TX FZL.SUPULVUZT\
7ZNXU VUL[ TXPZU, @@ NUTZ T8 P< PZ[X LQPZ[\ @ PZ[X PKTX QZPX 'QX SO< VZF< VELG VPZ[\ @
UKZDX@T8S8UZKPD8U\KR&\T8JDXUZKPKDXU\@TX-K,PQUZT\$LKLQLVSU%ZT\KLUUVQZMLS
PQU\@@TXPVZF\KPTXPK,UZF\VELG%\LG3XLQVZF\@$LKLQLVQZLPUT\V\V8F\PLUMQP\V\
NZF\ @@ $YUX Q G,V< LNVX VZOZK, LTVLK VU,NX Q NRH, @ S5[YLT QZQNX GZVLQ GZVZ JXUPLT
MZLQ$ZVRH,@@@^S0QZ`
SG $U4KDXP<1> SLTTXLICJZ KRLH$Z LYNZU: LYF LS$Z KRLH$Z> $0LP5TX$WCO M,YQ
G\[YZOZQZPUV>ULVUVLYF>7ZNXUK\7ZNXU>>
NUTZK\NUTZUPKTXPKCTTZYLI$ZH,>UKZDX>
D8U\D8[\> KR&\4R9+LYT\> JDXUZJ0%,U %ZUZ> KDXU\K2O\> PQLMQ+: G\ PQ> UVQZ
M,%>PQU\K\P\U\PQ
VZF\VGZL4U ULK[ YZO\> %\LGLYC- N\> 3XLQPX9 %,> $LKLGQ> LQLVUZT>
QZLPQZPLYF>NZF\NCF,*Z9TYZO\NR-,*Z9TYZO\>>
VZOZK,P<1LV LTNU:>VU,NXEUZEUGZ>>
$U4K\ P\U\ NUTZU GXQ,$ZLYFLNV\ {'QGZPZ[LNV\ {JX[:GZ AU>P\U\ SCO\ JX[
QK,1KQ P<1LQPZ[\ YZVT\ T8u K,PZ[K<1 P<{T\UZK,PZ[K<$ZVUZK< >LMQ+:G\ SCO\ SUPZTPZ
GZQZP'QK<MR JXU6EGG,UZK,1VGZL4UULK[YZO\ S5%8 LYFO,QULK0G\ KQDXKQ:{K,
PZ[LPOGZK<DXKQ:{K,YLI$ZH,LPOG,K<>UKZDX>
K\ P\U\ 7ZNXU P<1 LYNZU, K: VGZ LYNZU: LYF K,  LILJ$Z ULK0GZ K: E9Z K, S.0I, K: T8u
SLYTnLQU0NZUK<1> LHTQ,%ZU,LYC4KX0LG$:P<1T\U\FUQ:LYFLNY\1SK0XF:" > SUT8uVUQSH\
G,OZMUC.[YZOZK<1 M\K9\E0G\T\U,VUQS<1G\KQDXK$WCO$ZTPNM,YQG\[YZOZT\UZQZP
UVFC.N\DXVV%TR1DXaF\UVLYFPVTULK0G\KQ>>
K\ S5%8T8u JX[:QZO%US8UK<1$V,M,YD8[\ K:T\ 4R9+LYT\ K:>T8u J0%,UK<1$V,K2O\ K: K\
S5%8 LMQ+:G\PQLGQUZTKUY\O\T\U\LS$ZULYFU0J\ULK0G\KQ DXKQ:{T8u$ZS[\FUQ:LYF
MR9N\S8UZT\J0%,UE[ZO<1GZK<1 >K\P\U\PQT8u%,M,%QZOSUPZTPZGZQZPMS T\U\$0GU
%,DXVG,P\KUQZOJX[S<GZKRMZ[J\ >>
K\ S5%8 T8u VGZL4U ULK[ YZOZ K<1 M\ $V, M,Y T\U, ;ZG LYF K, LWN\ UK,H\ M\ $V, T\U,
LV LTVZOZK G\ 6EG LYF LY-\ UK,H\ T: $V, %, T\U, P\KU QZO  $IROLFCT KR VNG\ K:>
M\K9\ PQXC.LGQUZTT\U\ QZPLYFU0J\ ULK0G\ KQDXKSLYTn$ZTPZKQ SUQZPLYVZUN\ MR
MQPPUQG\J\9LYFSH\KRH\KQDXKQ:G\PQG,*Z9T$M\NR-,K<>>
SUPZTPZG\ EUZEUGZKRUNRH,QK,1K<NRH,KRUP<{DXVYUJZQK,1LGCVGZLMVG,P<1LV LT
VZOZKNUVN:>QZQNE\QT,NUGZK<P<1DXKQ:G\ GZV:GZGZVK:LMQ+:Q\ JXU8 G,PLTO< N\
DXV OZ6U,N SUPZTPZQZOI08*,V:-SZOH,K<>>>
VRUL7PKOZ@$O.$SZU$J0P$JRFUQZLTVX NZOX QNUPZ@MZLT$MZLT$MRQ,V0%DX QZ
LTVX %ZDX Q %UPZ @@ VZF\ VLF$ZU LYWKX NXUEZ[X @ QZ LTVX U8S YUQX QK, U\L.$Z VZF< VELG
Q,VZ[X @UKZDX @QZLTVX PZTLSTZVXTE0'SQZLTVX NZPX QQZU,@$NXOLQU0MQ$SUSU0SUX
VJO,MRLTTXPZU,@@*W*W$0TLUE5KPX OXNZLH$Z*LW*LWMRLTVEZH,@EMUNSZWPXNT\
JXUPT, LQU%< TZ9, OZH, @@ M0T DXSZLH NZOX LVLU M0TZ YVJLT MXJLT VEZH, @ VLTJXUX V\LY
SGZU4X SZYLK&8WLKVEGX NPZH,@@V8F< %ZI< VZFX VPZY< LYUO\ V8FZFZU, @ T0T< NDX SUP T0TX
LPOZLH$ZQZQNVUL[TXPZU,@@@^S0QZ`
SG $U4$O.^vy{;invisible` $LGCn6> $J0P$SK0XF> JRLJ$ZQLH0Gn\> JRFU
LMVTNLJ$ZQLH0G\nSK0XFVN[>$JRFULMVTNLJ$ZQLH0LGn$:G,SK0XFQKRVN\>NZOX
P2T> NUPZNUP N0P> $MZLTLMV G, NRH, MZLT QK,1> V0%DX^Lo;aHkw` $ZS[\ $ZS TR1
SUJWKR[YZOZ>%ZDXPRK>>
VLF$ZU^lR;ky;` VCF GZ VRPZ> LYWKXTR1> YUQXU0J> U\L.$ZLFKQ> Q,VZ[X4KX
STZ>UKZDX>
VXTSXCTU> E0'SLU6T\GZU> NZPXNZPYZVQZ> $NXOLMV G, NRH, AZV NXO QK,1>
SU0SUXSU\TR1SU\E\$0T>>
$0TLU$0GU>*LW*LWKU\N*WLYF>VEZH,KU4:>EMUSC4UYUJ\NU9\>NSZW
NYZ9L%CT>PXNT\.XO+M:G\>LQU%<LQIU$YV4ZLYF>TZ9,VPZ',>>
LVLU M0TZV% M,Y: G\ LVU T\> VEZH,VZU,> YVJLTYCV LYF N,T, KRH,> SZYLKM,Y
S5ZSTNUG\KQ>NPZH,NPZLHNPZN\>>
%ZI<%:I\ LYF> V8FZFZU,VXCF\ $ZFZU YZO\> T0T< NDXM,YZTPZ {> SUP T0TXSUP
$ZTPZ>>
$U4P<1 VGZ NXUEZQ K: DXV SUPZTPZ TR1 MR VGZ NZLHP ULK[ YZOZ K< T\ MR VFZH, GZ VRPZ
K<>DXVSUPZTPZGZQZKNRH,U8SK< QZKU0JK< $T\ QZKNRH,LFKQFCNn K<> VCF\ 6EG LYF
MXL9$:DXVGZ4KXSTZOCJGZK<>UKZDX>
DXKSUPZTPZ$LGnC6K<E\$0TK<$SK0XFK<PQXC.G\LJ$ZQLH0Gn\DXV{VP-QK,1VNG\P2TDXV
{SRKQK,1VNG,NUP:GZDXVDXT\NRH,GEZDXQK,1 LMY\1M,YNUP$',QKQDXKQK,1 >DXV
S5%8 G,NRH,MZLTQK,1DXKM8Q:LYFQK,1S<1GZDXVGZS5NZ6$ZS[\ $ZSTR1K<>QZKDXV{
NRH,PRKLY$ZSGZK<QZKDXK{NRH,%WN[ZK<>>
DXV S5%8 G, QZK P: QZK LSDX QZK DXV GZ NRH, SXCTU QZK LU6T\GZU> QZK DXV { NZPYZVQZ
3XUG,K<T\QZKK,DXVG,NRH,YKXW,K<>DXVG,NRH,AZVNXOQK,1DXKPZLH$ZG\S5%ZYTR1SU\
K<E\$0TK<SU\TR1SU\K<>K\S5%8V%4:T\U,K,MRLTS5NZ6NUUK,K<>>
KU\NVU,UG\$0GUSUPZTPZJXSTKRN\E<7ZKRLH$ZK<KU\N*WLYFKU4:DXV\G,MRLTK< SU
PZLH$ZG\PRKG\NU9\NYZ9OCJ\KR[NUN\M,Y{LHKVP-QK,1$ZDX1G, >JXU8G,PLTT\TXU
N\LMVPQXC.G\LHKNU9\NYZ9.XO+G\KQDXV{LHKVP-$ZDX1G,K< LNKU\NM,YLYFLY$ZSN
K0XGZKRLH$Z%,S5%8LQIU$YV4ZLYFLWLN$ZE<7ZK<>>
V%M,Y:{S<GZNUN\V%G\LVUDXT\SUPZTPZQ\P2T %, LWNZH,KRH,K<V%M,Y:G,M,YQ
MXJLTS5%8Q\$ZS[\YCVLYFUC.,KRH,K<>M\K9\PQXC.JXU8G\GCV\UZKT\TXUN\QZPSGZU4KZVO
NUG\ KQDXKJXU6EG{NPZN\ JXU6EG$QXVZUM,YQ)ZON\ PZLH$ZG\ E0'Q:TR1 $Z]ZG
KRM:G\KQ>>
SLYTnLKUG\LYFK,VGZNZLHPULK[YZOZS5%8LWNVNGZK<SUVXCF\$ZFUQYZO\ SLYTnLKUG\
YZO\  NRH, LYUO\ K0XG\ KQ> JXU8 $ZS[\ 6EG G, UZK,1 LKUGZ SLYTn NU N\  M,Y { SUPZTPZ
LPO:GZK<>
K\QZQN$UGZVNUK\S5%8P<1T\U,VUQK: P<{$ZS[\FUQ:LYFMR9,UC. >>>
VRUL7PKOZ@LMDX P,QZLEQX SZ[,$< LTDX VZNTX PU< LS$ZV@LTDX KLULEQX PU,$< U\ PQZMR
LEU4ZMZY<VZVX@@PQU\UZPQZPMVXO\LH@LEQXJXULHKXUVXLNDXOKDXJXUXP\O<KLUG\LH@
UKZDX @ V0T MQZ LPOX V0JT, JXUPXL. T,U4X KRLH @ $7VL7 T,U4 PMQZ JXU GUVX SUZSLT KRLH
@@ LMDX MRJ, MT EZKUZ TSX QZK, VTX V0TR.X @ LTDX QZP< LEQX G\KXU, MPX PZU< $0TLU GR.X @@
VZNTS5\PX QSZH,$< KLUSZH,$< VLTJXU%ZLH@VX.GX.GZTZJXUX LPO< NKX QZQNLV3LTVPZLH
@@@^S0QZ`
SG $U4P,QZPC&,> VZNTXUCE QZOR1 WXCWZ KRLH$Z PQXC. PZLH$ZY\L9+$Z M,Y> PU<
$ZTPNP2T\PUGZK<>LS$ZVPZLH$ZG,LTn6QZ>LEU4ZAZO,>>
MVXVR%ZYLI$ZH,>LNDXOKDXP<1LNY\1OC%:"P<{QK,1OC%VNGZ>G\LHG\1GZK<>UKZDX>
LPOX^KXNP, %,YC.T PC'P SXU. LHNYFQ` K\ %ZH,  LPO> JXUPXL.JXU8 G\ VQPX.
ULK[Z> $7VL7$7ZK7 ^O ] T,U4X LHNYFQ K< T,U4 EKXYFQ K<`> PMQZ
LH6QZQ>JXUGUVXJXU8GZGUVQ>>
MTLH0LGn$:{YCVLYFUC.[Z>G\KXU,VU,U>MPXP2TP2TGZIU>GR.XLYNZU>>
VZNTVZNT:SZVR1>%ZLHS5\PLYF>VPZLHO,QULK0GZK<>>
$U4K\ P\U\ PQSUPZTPZG\ QZPG,LV LTVZOZKNU> SU JXU8 G,VUQS<[TR1LEQZ
LHK $ZQ0G QK,1 LPO VNGZ> S5%8 P\KU NU N\  LMV { JXU8 LPO:GZ K< DXV { LHK UV  G\1GZ
K<>UKZDX>
LMY\1SZ[,TR1LEQZPC&, T93G, K< LTY\1PZLH$ZY\L9+$ZM,YLTn6QZG\ $',QULKN\ GX.,K0XGZ
K<>LHV\ TU+:K\ PQKU,LVPUQTR1LEQZM\K9Z%,VX$ZVAZO,M:GZK< DXVLYFGX.,KR KR
N\ $ZTPNP2T\PU,GZK<>>
K\ PQ  V0T MQ: G, V0JLT LYF LPO VTV0J LYF ULK N\  JXU8 G\ VQPX. ULK[Z K, $VO
T,U4 LH6QZQ K<>LMVPQXC.{JXU8 GZGUVQKR M:GZK< DXV{$7ZK7T,U4:GZLH6QZQ
S5ZSTKRM:GZK<>>
LMV Q\ $ZS[\ LH0LGn$: { YCV LYF QK,1 N,TZ DXK MRJ, LQV3O K<  M\ $0GU V0TR. QK,1 DXaFZ
M,YQQK,1T: N,TZKRLH$Z TSLY$U4K<>LHV\ TU+:M\ S5%8 GZQZPQK,1LVPLU$ZT:LHK
PQXC.ZVU,ULY$U4K<>QZPK,[\ PQXC.G\ $0GULYNZUK,LYNZUK<DXV{MPUZMV]ZG\1GZ
K<>>
S5%8FUQ:GZ LS$ZUPZLH$ZY\9+\ E0LG$:TR1QK,1LPOGZJXU8 QZOLS$ZUSZLH$:K,SUPZTPZ
LPOGZK<>K\QZQN$Z.LMVPQXC.{JXU8LPOS<1GZK<DXV{VX.:GXC.:GZG\[YZOZUCELPO
S<1GZK<DXKVGZS5%8G,LV LTVZOZKLYFO,QULK0GZK<>>>
VRUL7PKOZ@T8 S5%GZTZGZLQPLTS8UZKP4ZU\ %\.ZU,M,DX @P< LN$ZPZJDX LN&X L4UX Q
UKZH,KLUG,M< QZPX LS$ZU,M,DX @@*LW*LWULYULK$ZEQYZU,@MLO4LOPK,$LOJXSTR
YUT< JXUVEG,G\L.LQKZU,M,DX @UKZDX @PUTSLH$ZO$NZVX LG.ZLH(JXLUVLTJXLULNUSZ
'ZU,M,DX @VR E5KPX $MRQ,K< %,KRQ,*W%,TLUG\.X PXUZU,M,DX @@MQPPUQNDX LHKX MJX
ESX9R LHLQG8M< %JLTLYVZU,M,DX @VLTJXUX LPO< T JXUPLT SZH,$< VZNT EZM, KZU, M,DX @@
VLTJXU E0'Q TRL9 LQUZU\ EKXL9 Q JU% P-ZU, M,DX @ QZQN LJ$ZQ UTQX SUJZLV$Z KLU PLQ
YLV$ZLQU0NZU,M,DX@@@^S0QZ`
SG $U4S5%K\ S5%8 GZLQGZQ G\[  LYF> PLT S8UZPLT GZ S8UZ NG\ QZK .X0-[
YZOZ>4ZU\T\U\>%\.ZU,P0JT\>PZJDXP<1P0J:>L4UXVGZLWN\ULK[YZOZ>QUKZH,
QUK<QK,1ULK0GZ>KLUK\KU,LS$ZU,P<1LS$ZUNU:>>
ULYULK$ZLY$ZSNKRLUKZK<>EQYZU,SUPZTPZ>PK,$LOPK,TLO'UT,G\ TODXaT\
SXOZ9LYF$ZNZ6LYF>G\L.LQKZU,G\L.LQKZLUF0J,TU+:Y\.>UKZDX>
PUTPZTORNLHK'UT,>SLH$ZOSZTZO>JXLUJXU8Q\>VLTJXLUVLTJXUQ\>K< %,
KX[%,P2M8GK<>KRQ,$J:K{%,P2M8GUK\JZ>>
ESX9RLYFZUZ> LHLQLHV MJT  Q\> G8M<G8M\ PRK  LYF 3V N\ > VZNTVZNT: Q\
PZLH$ZY\9+\E0LG$:Q\>>
VLTJXUK\ VLTJXU TRL9TR9 N\> LQUZU\LQUZO\ LQUO\S> EKXL9PX9> P-ZU,LYF>
QZQNK\QZQNSUJZLV$ZFPLN$ZU26QKRLH$Z>PLQPQLYF>>
$U4K\ S5%8 M,T8u VZ{V%SGZU4G\[YZOZK<1GZT:G\[LYFT8u NG\ .X0-GZQK,1$V,T\U\
GUG\ P0JT\ K:>P<1T<4R1N\K9,6< P0J:"NRH,6< VGZLWN,ULK[YZO,QK,1> K:T\UZQZP
VGZL4UULK[YZOZK< K\KU,P<{$ZS[ZQZPG\KP<1T\U\QZP{LS$ZUNU:>>
SUPZTPZKU\NVU,ULYFLY$ZSNK<>SZ[,LYF'UT,LYF'UT,G\ DXSU$ZNZ6LYFKU4:
P2M8GK<SUOXLN$ZKRLH$ZK<> K\PQ JXU8G\6EGG,UZK,1DXV{Y\.>UKZDX>
K\%ZH,LMVPQXC.DXaT\ JXU8Q\VLTJXU8Q\LNUSZN,T,DXV{DXVQ\'UT,$ZNZ6SZTZO VZUZ
MJTSUPZTPZG,KR1GQZO%US8U LY.ZLGCTZ>DXKSUPZTPZM8Q: LYF QK,1 $ZDX1GZ KX[ %,
P2M8GK<$J:K{P2M8GUK\JZ K\%ZH, DXVS5%8{T8u$ZS[\LKUG\LYF YCVGZ Y\.>>
LHK %ZJK,[ MJT MQP PUQ GZ J\9 VK\9 E<7Z K< LNDX1LN LHV Q\ PZLH$Z G\ PRK LYF S< N\
SUPZTPZG,%JT,%XOZLGCT,K<>M\VLTJXU8LPOSH\T:JXU8G\DXSG\6T\TXLU$: S5%8G,%JT,
S5ZSTK0XG,K<SUPZLH$ZY\9+\M,Y %JT,TR1.X0-N\PQXC.ZMQPG, EZ],KZUM:G\KQ>>
K\ VLTJXU8PZLH$ZG\ E0'QTR9N\ LMQ+:E0LG$:{T8u PZLH$ZTR1LQUO\S NU G\1GZ K<1 DXK PX9
MQPPUQG\ J\9LYFQK,1S<1GZ>K\ QZQN JXU8 G,LNUSZQZOLMQ+:G\ $0GUSUPZTPZG\
LJ$ZQGZUTQFPNS<1GZK<DXKQ:G\PQLYFKU,LQU0NZU $ZS $ZYCVGZK<>>>
VRUL7 PKOZ  @ LMVX MO LQL' NZUL[ TXP MLJ $ZH\ VR $0LP5TX JXU SZK, M,DX @ &RIKX Y\VX %\.
FTXUZH,GXLE'ZLHKX3OXQZK,M,DX@@PQU\L4UXUKXPTXNTMZK,M,DX@EZKLU)8)TEKXTXGX.X
SZYLK*LU$0LP5TX*WPZK,M,DX@UKZDX@$YJX[&RLIJX[ZNDX'ZYKXNLU$YJX[S&XTZK,M,DX
@VU$SVUN,VZU Q MZ[LK L3LU L3LU N,F EXIZK, M,DX @@ $0TLU P<OX OR% EKX -87\ EZKLU
QZYKX NZK,M,DX @LQUPOQZPX MSKX VGJXUPXL.$0TUN,JLTTZK,M,DX @@SUKLUOR%X LQ0GZ
N89XLT$ZJKXVFXJXUEFQ,3OXSZK,M,DX@LMDX%ZY<LTDXUZ.KXKLUM,DXMQQZQNVELGVOZK,
M,DX@@@^S0QZ`
SG$U4MOLQL'SZ[,GZA]ZQZ LMY\1$CJEX-Z[OH,SZ[,FZK,GZK<LTY\1LTn6QZG,$CJ
6:TNUQOH,QZPMOG,OR9K< $0LP5TGZA]ZQZ>MLJMJTLYF>SZK,SZV>Y\VX
SLKUZYZ>Y\VX%\.'ZULPN%\.GZSLKUZYZ>FTXUZH,FOZN,>GXLE'ZGRUXA,>>
NTLNT\EZKU>PTXMZK,QZKMZH,1>*LU*ULYF>*WPZK,LKUG\LYF>UKZDX>
'ZYKXG29RMTQNUR>NLUNUN\>VU$SVUF0JZ$T\ P0GZ>VZUVP->N,FLFCN9
LYF>EXIZK,T8uIXCEGZK<1>>
NZK,NZKG\ YZVT\" $0TLUT\U\ $0GU> $0TU N,$0GU G, ^O ] $0TLU $T\ $0TU GZ
UNF\T\UC.[MRJK<`>TZK,TGR1K,T:K,>>
SUKLULT$ZJ N\> VFX 3OXVGZ LWN\ ULK[ YZOZ 3O> SZK,KZVO NU\1JZ> VOZK,P<1
VOZK0XGZUK:>>
$U4K\ P\U\ PQ $0GU K, S5%8FUQ: LYF  LWLN$Z UKX Y\.,1 QZP$0LP5T G, %ZO LYF
LNT\ EZKUQZK%WNGZL3U,1>M\ T8u EZKU)80)[TXULS$ZT:EKXTGXC.SZH\1JZ>$WCO$ZTPN
M,YQG\[YZOZUVT\U\*ULYFK,K<LKUG\LYFK,K<>UKZDX>
K\ %ZH, LMV$0LP5TG\ A]ZQ\ G,AZTUTXV,MJTLYF$ZH\ KR DXK$0LP5TJXU8 SZVR1LPOGZK<
SU 'ZULPN %\. GZ SLKUZYZ &CIR PQ G, FOZN, %, &CIR EZKUR1 6NO 'UP,$: YZO, T\ $0GU
GXQ,$Z{7CJ[G,FOZN, LHVGRUXA,FZOLYFLS$:LHK$0LP5T3OQK,1LPOVNGZ>>
K\ %ZH,  $2JX[ &CI N\ JX[ KZVO NUQ GZ MTQ NUR> M\ $2JX[ K, NUG\ UKRJ\ T: S&XTZ[Z
SH\JZ> K\ PQ  T8u PX9 PX9 PRK G\ LFCN9 LYF IXCE LUKZ K<1 T8u F0J\ P0G\ G, SU. NUQ, QK,1
MZ[GZ>>
K\ %ZH, M\ $0GU PQLYF OR%G,P<OK< T\ OR%$',QKR N\ NH,7CJ,G\ N0PNUG\ KRT:
EZKU T,U4$ZLGN:T\ LH6QZQNUQGZN,KOZ%"$0GUO,DXaF,$YV4ZTGR1K,E[\J,M\JXU8
G\GCV\UVT\DXT\TXUN\VGZS5%8GZSLYTnQZPMSRJ\>>
K\ PQ  OR% &CI LQ0LG$Z T\ -87 LT$ZJ> JXU8 G\ EFQ: T\ TXLU$: K, VGZL4U ULK[ YZOZ
$0LP5T3OLPO\JZ>
K\ GZVQZQN S5%8GUT\ $UGZVNUN\ $Z. K\ KU,LMY\1T\U,U]ZK< LTY\1P<{UC. SU
LHKLPKUNULNJXU8G\ 6EGLYFMX9N\P<1T\U,LV LTVZOZKNUGZUK:>>>
VRUL7PKOZS0FSG\@$SQZ*UXP8VTUZL.QVZNLKN,SU*UXMRKQOZJZ@*UXGUXUZ.LKM\
UVX FZ.LKMR JXUPXL.V\YNX OZJZ@@PQU\ VP-X NYQPLTOZJZ@QZPX LYVZLU$QUVOR%ZQ\
L3LUS&XTZLK$%ZJZ@UKZDX @$ZYTNDX KU.MZTNDX URYLKLHKX GX.X VX.X QZO\ OZJZ@$ZS\
GX. VX. %RLJ %RJZY< JXUPXL. VR $QUZJZ @@ KLU UV D8SLU $YUX LN$Z NK,$< LMLQ S,$Z VR
LT5STZJZ@PZLH$ZPRLKTLMLQLHKXUVX.RLH$ZMZVZNTGXUPLTOZJZ@@PQNZM,DX SYQSLT
G\K,G\K,PLKG\DX VPZJZ@M\ T8 G\LKTKLUUVX JZH,PQX LT5ST< KLULOYOZJZ@@VZ'V0JLT
PLKKLUUVX SZH,$< JXLULPLO$< MP%DX %ZJZ@QZQNUZPQZPX MLSJXUPXL.KLUSZH\ PVTLN
%ZJZ@@@^S0QZ`
SG$U4S0FSG\S0MS0ME0G:YZO\6EG>
*UX$ZTPNM,YQ>P8VTFXUZLH$ZMZLUKZK<>N,LNDX1"MRKQOZJZTCNLUKZK<1L&CGn
OC%LUKZK<1>>
$QUVKRUUV:LYF>$%ZJZ%ZJK,[>UKZDX>
KU.AX6,>QZO\QZOK,VGZQZO>%RLJ%RJLYF>$QUZJZUZJULKTLQUPRK>>
D8SLUY',$Z> LMLQLMV Q\> LTnSTZJZUCM LJ$Z> .RLH$ZJYZ LO$Z> MZMZLH MZ
N\>VZNTPZLH$ZY\9+\PQXC.>>
M,DXLM0G$ZVUZ>SYQS5Z[>G\K,G\KGZPZON>G\K,VU,U>G\DXS5NZ6U8SS5%8>
JZH,P<1JZY:>>
JXLUJXU8 G, UZK,1> LPLO$<LPO\ G, UZK,1> JXLU LPLO$<M\ JXU8 LPO SH\> PVTLNPC4\
DXT\>>
$U4K\ PQ KR6 NU LNV %<9, PT LYF OJ LS$Z K<1" K\ %ZJK,[ SUPZTPZ GZ QZP
%XOZN\KRUKRUVX$ZG:LYFPVTKRLUKZK<1 Y\OZE,TMZ[T\ L3US&TZY\1JZ>UKZDX>
K\ PQT\UZ$ZS[Z$ZTPNM,YQOXCLW$ZMZLUKZK< DXV{T8u EFZQK,1VNGZSUZH\ $<ELNDX1
3ROGZL3UGZK<1"$ZS[Z*UEZU OXCW\ MZ[TR1TGR1K, EFZVN\1JZM\ T8u S5%8 G\ QZPGZVX$ZG
FC.\1JZ QZPUVDXK, V\YN FC.GZK< MRJXU8G\VQPX.ULKN\ V\YZLYF OCJGZK<>
K\ PQT8u $ZDX1G\ 'Q{Y\.N\ AX6K0XGZK<1M:G\ {Y\.N\ UR1GZK<1LHKGXC.T\ VX.T\U\ QZOK,
F0EL9$Z FLO$Z $Z LUKZ K< SU T\U\ %, N,K YCV"  S5%8 $ZS K, M,Y { DXV G\ N,T\ NUP:
$QXVZU GXC.:T\VX.:G\%RJLYFUX-ZN\ GXC.VX. %RJ:GZK<> LVU DXKPQXC.LQUPRKULK0GZK<
MRJXU8G\GCV\UVT\DXT\TXUGZK<>>
K\PQ SUPZTPZG\QZPG\UVTR1Y',$ZKRUNRH,UVLNKZQK,1MZVNGZ>LMVPQXC.Q\LHK
UVS,TZK< DXK GXQ,$ZG\ KRUUV:YOR1 UCMM:GZK<>SULMVPQXC.Q\ PZLH$ZG\ PRKLYF3V
N\LHK QZP UVJYZLO$ZK<DXKPZLH$ZY\9+\E0LG$:G,%<9,PLTLYFMZOCJGZK<>>
MRS5NZ6U8SSUPZTPZVZI\PQGZVKZUZK<S5Z[:GZPZONK<VU,UGZPZONK<DXKVZI\VU,U
LYFK,P2M8GK< SUVZ{LHKVP-QK,1S<1G,$V,EZKUK,%WNG\ ULK0G\ K: >K\ S5%8M\ T8u
$ZS P<{ $ZS[\ QZP GZ UV EA6\ T: K, P<1 T\U\ JX[ JZ VNGZ K:> LMV PQXC. G, VXULT KU,
LVPUQLYFMX9G,K<DXVGZPQPZLH$ZYOR1UCMM:GZK<>>
K\QZQNVZ'V0JLTLYFK,SUPZTPZG\QZPGZUVS5ZSTKR VNGZK< VZ'V0JLTLYF M\ JXU8
LPOSH\T:P2TGZ %, IUG8UKRM:GZK<>LMVPQXC.G\PC4\DXT\F0JZO\.DXa*9SH\DXKJXU8G\
GCV\UZKT\TXUN\SUPZTPZGZQZPLVPUN\SUPZTPZQZOLPOZSKZVONUO<1GZK<>>>
VRUL7PKOZ@VUEM,$ZLVLUO\.X'XUZK8LEQXO\.<QK,NRH,M,DX@$ZLS$O\.XNXGULTNLUG\.<
KXNLPFOZH\ VRH,M,DX @@PQU\ UZPMSKX VX.X KRH,@$LKLQLVJXUN\ FUQVU\YKX KLUGZTZ
%XJTZVRH,@UKZDX @MR $0TLUVR EZKLUG\.KX $YUX QG8MZNRH,M,DX@JXUPXL.H\NLG5VLWNLU
G\.KX*LW*LWMRLTVPRH,M,DX@@FOT27ZLNU.KX*LU$SQ<JXULPLO$<LHKPLTKRH,M,DX@
G\L.$LG5VWX UKDX LEVPZG,GX.X LEVU< VX.X KRH,M,DX@@S,YKX $LSDX SUPVX.X SZH,$< LQM*LU
YZVZ KRH, M,DX @ MQP PU[ %Y %0MQX JZH,$< SXQULS MQPX Q KRH, M,DX @@ TTX LQU0MQX MRLT
VEZH, VRK0 %\GX Q NRH, M,DX @ $SU0SU SZUE5KPX SUP\VUX QZQN JXUX LPLO$Z VRH, M,DX
@@@^S0QZ`
SG $U4LVLULVU DXT\> 'XUZK8'XU TR1 K,> $O\.XLMV DXT\ N,T\ NUP: G\ V0VNZU: GZ
S5%ZYQK,1^$O\.X`>NLUS<GZNUN\E[ZN\>G\.<V0%ZONUGZK<>VRH,DXK$ZSK,>
$LKLGQ> LQLVUZT> VU\YKXV\YZ NUR> %XJTZ%RJ[ YZOZ> JXUV% TR1 YCIZ
PZON>UKZDX>
JXUPXL.JXU8G,UZK,1JXU8G\GCV\UVT\T\TXUN\>H\NLGnVLWLHNS5%8{K,Y\.[YZO,Q]U>
NLUE[ZN\>VPRH,VPZH,P2M8G>>
FOT2%WNG\ PQ  {> 7ZLNURN N\> *LU*U LYF> PLT$NO> UKDXP<1 ULK0GZ K:
^QRWLHV6EGLYFK\7LO.\ O ]L'$ZQQZOY\.RMSKXVU\YKXG\.KXS,YKX>LHKVZU\
O ] KXNP, %LYC.T PC'P SXU. EKXYFQ KQ> SU O ] UKDX YUTPZQ NZO DXaTP SXU.
LHNYFQK<`>LEVPZG,K<UZQLYVPZG$YV4ZLYF>>
$LSDX$0LP5T $WCO $ZTPN M,YQ G\[ YZOZ UV> SZH,$<SZ OH,GZ K<> LQM *LU$ZS[\
*ULYF>MQPPUQ%Y%0MQXDXKS5%8MRMQPPUQQZVNUQYZOZK<MRV0VZUFCNnQZVNUQ
YZOZK<>SXQULS^SXQK$LS>SXQKPX9>$LS%,>`PX9PX9>>
TTXVZU\ MJTGZ$VOZ>LQU0MQXPZLH$ZNZO.TR1ULKT>VEZH,V%4:>VRK0VRK<VR%
UK,K<>%\GXLYC4>$SU0SUSU\TR1SU\>JXUXLPLO$Z MRPQXC. JXU8{LPOLS$ZK<>>
$U4K\P\U\PQVGZUZPGZQZPMSR QZPMS[QZO $ZTPNVX.LPO\JZ>LGQUZTDXV
V%TR1YCI\PZONG\FUQ:GZL'$ZQ'URDXKKU, $ZSK,V%M,Y:{GZT: G\[YZOZK< $ZS
K,V%LYFLY$ZSNKRN\ %RJ[YZOZK<>UKZDX>
'XUR1 SUPZTPZG,U]Z$QXVZU K,V%M,Y:G\ PC4\ DXT\ $ZSR $ZS[\ N,T\ NUP:G\ V0VNZU:GZ
O\. DXaNLU$ZLS$Z K<>NRH,M,Y$<VZQK,1K< LMVDXT\ LHVO\.GZS5%ZYQZKKRY\> LVU
SUPZTPZ$ZSLHV NUP O\.TR1VXT0Tn K< MR LHVNXGULT{UFN\ LHVG,V0%ZONUGZK<T\
$ZS[\KXNPLYF MJTNZU FOZLUKZK<>>
K\ P\U\ PQM\K9ZS5%8 T\U\ $0GUYCVLUKZK< DXV{EZKU VZU,NXGULTLYF Y\.DXVTR1LEQZ
DXVYUJZ KRUNRH,QK,1K<>JXU8 G\ GCV\ UZKT\ TXUN\ DXVLHCN{Y\.[YZO,Q]UE[Z L3U
T<{LGCVSH\JZLN KU\NVU,ULYFSUPZTPZG,K,MRLTP2M8GK<>>
K\ %ZH, LHV EZKU %WNG\ PQ {URNN\ $ZS[\ $0GU YCVG\ S5%8 LYF K,LWNZUC.>SU
JXU8 {LPLO$:K,LHK$NO$ZDX1G,K<>P<1T: JXU8 G,LNUSZQZO DXV$LGn6WS5%8 { V%
LYFYCVGZ Y\.N\LYVPZG$YV4ZLYF$CS9M:GZK:> M\K9Z%,LHKG,GZUNUGZK<DXVGZ
GXC.LPWM:GZK<DXV{$ZTPN$ZQ0GLPOM:GZK<>>
K\ %ZH,  $WCO $ZTPN M,YQ G\[ YZOZ QZPUV S,DX LHK QZPUV S,LT$:  V% TR1 DXaFZ
$ZTPN$ZQ0GLPOGZK<$T\ $ZS[\ *ULYFLWNZ[ZKR M:GZK< %ZYVX.:G,AZTUPQEZKU
%WN[R1KWM:GZK< > K\%ZH, MQPPUQGZFCNn QZVNUQYZO\ S5%8 G,LV LTVZOZKNUQ,
FZK,G,K< LHVTU+: PX9PX9MQP PUQ QK,1K0XGZ>>
K\ %ZH, SUPZTPZVZU\ MJTGZ$VOZK< $ZS PZLH$ZG\ S5%ZYTR1ULKTK<S5%8 SZUE5KP
SU\TR1SU\K<V%TR1YCIZPZONK<>K\QZQNMRPQXC.JXU8{LPOS<1GZK<DXV{ LHKLGCVS<1GZ
K<LN DXVS5%8G,MRLTKU4:VR%UK,K< T\DXVG,LY$ZSNTZLYFLNT\ NRH,LYC4LYTNUZQK,1
K<>>>
QRWLHK6EG*UX G\ KQ>$J:K6EG*UX GZK<>TZK,H\1DXVGZYC.UZ
$0NG\N\VZUZMR9LOL.$ZK<>
VRUL7PKOZ*UX
!VLTJXUS5VZLG@MZLTVX%ZYZTGK,JZYZ@TZJZY\ NZ3OX SZYZ@JZY\ NZ3OX KRH,@MZ
$ZS\ G\Y< VRH,@@PQP\U\ JXUEFQ,LQL'SZH,@TZT\ VFPLKULK$ZVPZH,@UKZDX @JXU
VZ., $0TLU MZJ, @ TZ F0FO PLT LT$ZJ, @ JXU VZ., NZ DXM,$ZUZ @ TZ LPLW$Z VJO $0'oZUZ
@@JXUFUQ,PQX OZJZ@TZMPNZPZUJX %ZJZ@%< LYLFLQU%DX SZLH$Z@TZVKM< N< *LU
$ZLH$Z@@%[LTQZQNX E8-< NR E,FZU,@LHVX MJPLKNU[,VZU,@NU[,N,ULTKRH,@MZ
$ZS\LPLO$ZVRH,@@@@^S0QZ`
QRWY\.RLHV\UZJLYFQZPG\YM,GZ6EGMEG\.ZTEJZYZ>GRK:6EG:LYFEKXTK,Q\9\
G,V:-K<>JXU8QZQNG\YM,G\SZV%JTQZPG\YM,G,EZ[,P2M8GV,>
SG $U4MZMGR1> LTVXDXV S5%8  {> %ZYZ%ZY: P<1 F0JZ OCJ:> JZYZP<1 JZ VNGZ
K:LV LTVZOZKNUVNGZK:>TZTGR1>JZY\ NZLV LTVZOZKGZ>SZYZP<1SZVNGZ
K:>VRH,DXKS5%8K,>>
PQK\ PQ EFQ,EFQ: G, UZK,1> LQL'A]ZQZ LV LTVZOZK GZ A]ZQZ> SZH, LMV
Q\ SZLO$Z>TZT\DXV A]ZQ\ TR1LV LTVZOZKG\ DXVA]ZQ\ G,EUNLTQZO>VFVGZ
L4UULK[YZOZSUPZTPZ>UKZDX>
VZ.,LVCL.$Z>MZJ,MJSH,MRLTMJSH,>TZTGR1>F0FOLHCN4:QZKLWN[YZO,
%WN[Z LYF SZH, UC.[ YZO,> DXM,$ZUZFZQ[ $ZTPN > $0'oZUZ $LJ$ZQTZ GZ
KQ\UZ>>
PZUJXUVTZ> MP NZ PZUJXDXK M,YQUVTZ MR $ZTPN P2T YO O< M:GZ K<> VKM$IRO
$ZTPN$YV4Z6:T,>>
%[LT$Z.GZ K<> NR E,FZU,NRH, LYFZUYZQ K,> NU[,^dj.kh;` NUQMRJ N0P> VZU,
V5\6W>N,ULTLV LTVZOZK>$ZS\ S5%8 $ZSK,>>
$U4K\ P\U\ PQLMVPQX.Q\ JXU8 G\ EFQ:T\ TXUN\ LV LTVZOZKGZ A]ZQZOC%LO$Z
DXK DXV A]ZQ\  G, EUNLT QZO VGZ NZLHP ULK[ YZO\ SUPZTPZ G, ;ZG  LYF VGZ LWLN$Z
ULK0GZK<>UKZDX>
K\P\U\PQ MGR1P<1DXVS5%8{F0JZOCJGZK: %ZYMGR1DXKP\U\DXT\AX6K0XGZK< TGR1K,P<1DXV
G,LV LTVZOZKNUVNGZK:TGR1K, %ZYDXVG,P\KUQZOK, P<1LV LTVZOZKNUQGZ
3OS5ZSTNUVNGZK:>LV LTVZOZKNUQGZMR 3OK< LNVGZDXVG\ FUQ:LYFO,QULK
VN,GZK<LHK%,TGR1K,LPOGZK< MGR1DXKS5%8$ZSK,G\1GZK<>>
MGR1LMVPQXC.G\ $0GUVLTJXU8 G, LV LTVZOZKNUQG,LVCL.$ZG, MRLTMJS<1G,K< TGR1DXK
PQXC.DXKPLT&CIG\1GZK<MRPZLH$ZLS&\%WN[YOSZH,UC.G,K<>MGR1 PQXC.G\ $0GU JXU8 G\
DXSG\6GZ $ZTPN FZQ[K0XGZK<TGR1DXVG\ $0GUR1 $LJ$ZQTZYZOZ VZUZKQ\UZG8UKR M:GZ
K<>>
MGR1LMVPQXC.GZPQJXU8G\FUQ:LYFMX9GZK<TGR1DXVPQXC.GZDXKM,YQUVTZATPKRM:GZ
K< LMVT\ TXLU$:$ZTPNP2TKR UK,V,>SUPZTPZG\ IU$GELYFULKN\ MGR1PQXC.LQU%DX
S5%8QZOLPOZSKZVONUGZK<TGR1DXK$IRO$ZTPN$YV4ZG\*ULYFLWNM:GZK<>>
SU QZQN $Z.GZ K<NRH, LYUOZ LYFZUYZQ K, VP-GZ K< LN LHV L]0GJ, LYF SUPZTPZ G,
LV LTK, V\56WNUQMRJN0PK<>MGR1S5%8 $ZS P\KUNUN\ M,YG\ LKUG\ LYF SUJWK0XGZK<
TGR1DXV{LV LTVZOZKG, V5\6W NZULPOM:G,K<>>>>
VRUL7PKOZ*UX
!VLTJXUS5VZLG@V\YNV\YNULKVL%T\U,LMQVEG< VZGX $ZLH$Z@JXULNUSZT\ LQUPOX
KR$ZLMLQLYFKX $ZSX JYZLH$Z@$QLGQX JX[JZYLKLQTVZF\ JXUN< VELGVXKZLH$Z@@P\U\
7ZNXUKPEZLUNVUL[TXPZU,@H\NRVFZVFXT8N\YOX$ZLSPXUZU,@UKZDX@MZJTUK\LTQ,S5%X
SZLH$ZVEG\KDXP<PZU,@LJUK,PLKVGZKLUMQDXGZV,LJ$ZQTTE,FZU,@VLTJXUXV\LYVGZ
VX.X SZLH$ZKLUUZL.$ZDXU'ZU,@@LHKX PQ8$ZGKLGLV'ZYGZG8M< %ZLH.X$ZLH$Z@PQPX.
PXJ'X KLUQZPX QF\T< LEU4ZMQPX JYZLH$Z@VLTJXUX %\W\ TZQZDX SZH\ KDXP< PRKX FXNZLH$Z@@
KLUMQVZF\ VZFX NPZYLKJXUN< VELGY,FZU,@$ZS\ P\LOOH\ S5L%VZF< VZFX UL.$ZDXU'ZU,@
QZQNQZYKXJLTPLTSZH,H\KZUZLVKPZU,@@@^S0QZ`
SG$U4VL%VZU\>VEG<JXU8 G\ 6EG GZ> VZGXVX$ZG UV> T\TR1 QZO> LMLQ
LMV PQXC. Q\^O ]LMQEKXYFQK<LMLQLHNYFQK<`>$ZSX$ZSZ%ZY>$QLGQX
KUUR]>JZYLKJ:G\ KQ>VZF\VGZL4UULK[YZO\ SUPZTPZG\>VELG6EGG,UZK,1>
VXKZLH$ZVRK[\M,YQYZO\KRM:G\KQ>>
7ZNXUK\PZONVFZVGZL4UULK[YZOZ>UKZDX>
MZJT LYNZU:YOR1 VXF\T>LJUK,PLKLJ5KLYFK,LJ5KVTLYFK,>DXULKUGZ>>
PQ8$Z$CO+9 PQ> GK LGLVGV,1 SZV,1> G8M< %ZLHPZLH$Z G\ PRK LYF> .X$ZLH$ZUZKR1
.X0-M:GZK<>PQPX.$ZS[\PQG\LSC&\TXUQYZOZ>PXJ'XP8U.>%\W\LPOSH\>>
Y,FZU,LYFZUYZQ KRN\ >S5L%S5%8Q\>VZF<VGZL4UULK[YZO\Q\>QZYKXQZPTR1K,>
JLTDXaF,$ZTPN$YV4Z>H\KZLHK QZP K,>UZLVS80M,VUPZLH$Z>>
$U4K\ P\U\ PZONS5%8$V, M,Y T\U\ ECF\ K:T\U,VUQ$ZH\ K:>LVU LHNT8u K,VGZ
NZLHPULK[YZOZK<1 M,YPZLH$ZLYFIROM:G\KQ >UKZDX>
K\S5%8T\U\LMQ+:V\YN:{JXU8G\6EGGZUV$ZM:GZK<DXK,VZU\T\U,V\YZ%JT,NUG\ KQ>
K\ %ZH,  LMV PQXC. Q\ JXU8 G, LNUSZ QZO $ZS[\ $0GUR1 $ZSZ%ZY G8U NU LO$Z DXK SLYTn
M,YQYZOZ KRM:GZK<>M\K9\PQXC.JXU8G\6EGLYF MX9N\ KUY\O\VGZL4US5%8G\JX[J:G\
ULK0G\KQDXKVRK[\M,YQYZO\E[M:G\KQ>>
K\%ZH,M\K9\PQXC.JXU8G\6EGG,UZK,1 $ZS[\$0GUR1 KDXP<PXNZO<1G\KQDXK PZLH$ZG\PRK
$ZLGNYOR1 VXF\TULK0G\KQDXKQ:Q\K,SUPZTPZGZLPOZSS5ZSTN,TZK<>SUPZTPZG\%JT
JXU8G\EA6\$VOLJ$ZQG,UZK,1LYFZUYZQKR N\ LJ5KVTLYFULK0G\ KRH\ K,PZLH$ZYOR1LYUNT
ULK0G\ KQ> DXK %JT JXU8 G, GCV, V\YZ NU N\ VGZ $ZTPN $ZQ0G PZ[G\ KQ T\ SUPZTPZ {
$ZS[\LKUG\LYFYVZH,UC.G\KQ>>
K\%ZH,LHK$CO+9PQPZLH$ZG\PRKLYF3VN\GV,1SZV,1G29GZULK0GZK<T\ M,YQG\ VK,
UVT\ TR1 .X0L-$ZULK0GZK<>$ZS[\ PQG\ LSC&\ TXUQYZOZP8U.PQXC.SUPZTPZGZQZPF\T\ QK,1
NUGZ$ZS[ZM,YQLY$U4JYZM:GZK<>SUMGR1DXV{JXU8LPOS<1GZK<TGR1DXKKLUQZPG,
GZLTKZVONUGZK<T\$ZS[\$0GUR1PZLH$ZGZPRK$T\KDXP<G8UNUO<1GZK<>>
K\ %ZH,JXU8 G\ 6EGG,UZK,1LYFZUYZQKR N\ SUPZTPZG\ GZVVGZL4US5%8 GZVGZL4UQZP
LVPUQ G, NPZH, NUG\ ULK0G\ KQ> VGZL4U ULK[ YZO\ SUPZTPZ Q\ $ZS K, DXKQ: { $ZS[\
FUQ:LYFLPOZUCL.$ZK0XGZK<>DXKVGZNZLHPULK[YZO\S5%8{$ZS[\LKUG\LYFYVZH,UC.G\
KQ>
K\QZQN $Z. SUPZTPZG\QZPTR1K,DXaF,$ZTPN$YV4ZT\ F0J, $NOS5ZSTK0XG,K<>
SUPZTPZGZQZPK,VZIZ M,Y: GZVUPZLH$ZK<>>>
VRUL7PKOZ@%JLT.MZQZ%JTQNDXG,$ZQZDXKLU'QXVFXVRLH@$.XWXQZP'QXNG\LQ.XW<
QZK,LNQ< QN,PLTKRLH@QZP'LQPX.DXMO\ KRH\ KLUSZLH$ZVFX VRLH@@PQP\U\ JXUVEG,
KLUSZLH$ZMZLH@LEQXVEG<MJX%XOGZL3UGZGUJKLPO<VMZLH@UKZDX@LHVXG\K,$0GLUS0F
FRUYVLKNZPX NnR'X OR%X PRKX $K0NZUZ@$0LP5TX O8WLKPQPX.QK,E8-LKNRLHQVX[< S8NZUZ@$0'Z
MJTX $0'X YUTZUZEZ-X JXU8 JXEZUZ@@KDXP< P\UZNLUNLULYJXT\ LNKX FO< QFOLG$ZQZLO@
JXUPXL. KRY< VX QZPX L'$ZY< VGZ KLU QZPX VPZLO @ VF, EZ[, KLU JX[ JZY< QGU, QGLU LQKZLO
@@VLTJXULJ$ZQX VGZ*LWFZQ[X $PUX LVLUEZLGVZKZ@$QLGQX %JLTNULKLGQX UZT,UZP
QZPXVFXOZKZ@QZQNUZPQZLPLQVTZUZVELGUT\KLUSZKZ@@@^`
SG $U4NDX{> VFXVGZ NZLHP ULK[ YZOZ> $.XWXQZK PXCN[ YZOZ> LNQ<LNV\
SZVR1%,>'LQ'QQZO>>
VEG,6EGG,UZK,1>VMZLHG0I>UKZDX>
G\K,VU,U>YVLKYCVG\KQ>$0LP5TX$ZTPNM,YQG\[YZOZQZP'Q>PQPX.$ZS[\PQ
G\LSC&\TXUQYZO\>$0'Z PZLH$ZG\PRKLYF $0Q+Z>JXEZUZKQ\UZ>>
LYJXT\AX$ZUK0XG\ KQ>LNKXNX-%,>VPZLOV:%N\>JXUPXL.JXU8 G\ VQPX.>LQKZLO
S5V0QVX.,>>
LJ$ZQX$ZTPN M,YQ G, V8-> *LWLKUG\ LYF> $PUXKXNP> LVLULVU DXT\>
$QLGQXKUUR]>VFXVGZNZLHPULK[YZOZ>OZKZOZ%>QZLPQZPG,UZK,1>SZKZ
SZVQ\9\>>
$U4K\ P\U\ PQ JXU8 G\ 6EG G, UZK,1 K, SUPZTPZ LPO VNGZ K<> 6EG TR1 LEQZ MJT
NXUZK\ LS$Z KRLH$Z %WNGZ L3UGZ K< $J:K SUORN LYF  S5%8 G, GUJZK LYF G0I VLK0GZ
K<>UKZDX>
K\%ZH,JXU8 %JTMQ:{SUPZTPZG,%JT,GZA]ZQZG\1GZK<SUPZTPZGZQZP$<VZ'QK<
MRVGZNZLHPULK0GZK<>KLUQZP'QNG\PXCN[YZOZQK,1LHK'QNG\QK,1PXCNGZLNV\SZVR1
LHVGZPXCO%,QK,1SZLH$ZMZVNGZ %ZYNRH,PQXC.LHV'Q{GXXLQ$ZY,SGZU4:QZOAU,G
%, QK,1 VNGZ > LMQ+: Q\ LHK VGZL4U KLU'Q S5ZST NU LO$Z DXKQ: { LHV QZP'Q G,
EUNLTQZO ORNSUORNLYF LHC]TLPOG,K<>>
K\ %ZH, LHV VU,U LYF NZP NRn' OR% PRK $K0NZU S0M FRU YCVG\ KQ LHK PQXC. G\ $0GU
$ZTPNM,YQG\[YZOZQZP'QOXCWG\ ULK0G\ KQ$ZS[\ PQG\ LSC&\ TXUQYZO\ PQXC.LHKVP-G\
QK,1> MGR1V%NX-OXWZN\ DXKGXC.,K0XG\ KQT: NRH,DXKQ:G,SXNZUQK,1VX[GZ NRH,DXKQ:
G,VKZLHTZQK,1NUVNGZ >PZLH$ZG\ PRKLYF$0Q+ZKRLH$ZMJT$0LQ+$:YZO,NUT8TNUGZ
ULK0GZK<JXU8TR1.X0-N\ LHVG\$ZTPNM,YQG\UVT\LYF KQ\UZKRLH$ZULK0GZK<>>
P<1YCIZK:LHK'QSGZU4P\UZK<LHK$Z.$Z.N\ PZLH$ZY\9+\ PQXC. AX$ZUK0XG\ ULK0G\
KQ SU MJT TR1 TXUQ Y\O\ NRH, F,] %, LNV\ G\ QZO QK,1 TXUG,> M\K9Z PQXC. JXU8 G\ VQPX.
ULK0GZK<DXKVGZSUPZTPZG\ QZP{LKUG\ LYFYVZN\ QZPLVPUGZULK0GZK<DXKVGZL4U
ULK[YZO,LV LTVZOZKG,EZ[,G,UZK,1SUPZTPZG\ JX[J:GZULK0GZK<>SUPZTPZG,P\KU
G,Q]UQZODXKVGZVX.,ULK0GZK<>>
LMQ+:G\ LKUG\ LYFJXU8 GZEAL6$ZLJ$ZQVGZFZQ[NU,UC.GZK< DXKQ:GZKXNP GXQ,$ZG\
EZG6ZK:G\LVUDXT\ %, FCOGZK<DXKKUY\O\LGQUZTSUPZTPZG,%JT,NUG\ULK0G\KQDXK
KLUQZPGZOZ%.CWG\KQMRVGZNZLHPULK0GZK<>K\QZQNSUPZTPZG\QZPG,UZK,1V0VZU
TR1SZUDXTZUZKR M:GZK<M\K9\ PQXC.JXU8 G\ 6EGG,UZK,1KLUQZPG\ U0JLYFU0J\ ULK0G\ KQ
SUPZTPZDXKQ:G\Q\9\YCVGZK<>>>
VRUL7 P  @ GZVLQ GZVX KRY< TZ KLU SZH\ LYFKX $ZSX JYZH, @ %JTZ NZ NZUMX KLU $QuGX K<
$QLGQX KLUJX[JZH,@VELGUT\ VGZLHNU0J,KLULVDX UK\ VPZH,@@KLUM,DX VZF,QGLU
TXPZU,@$ZSL[$ZGZVZQR LNnSZNLULS$ZU\ UZ.KX S<MKPZU,@UKZDX @VELGVOZK,VGZKDX
M,YZJXUPT,%DX%ZJZ@P\UZS5%XVZFZ$LTVX$ZLODXJXUXV\LY$ZLFTXOZJZ@VZFZVEGXVF,VFX
EZ[,VRMQX$QLGQXMZJZ@@PKZJ0%,UX VGZVX.GZTZLTVNZ$0TX QSZLH$Z@S8U\ JXUN,V\YZ
N,Q,$LF0TX KLUP0LQYVZLH$Z@PQX TQX LQUPOX VGZVX.X $0TLULYFKX %UPX FXNZLH$Z@@KLU
NZPZUJX VGZS04X LY.9ZNR SZH\ JXUY,FZUZ@KLUN< U0LJUZTZVEG\ PZTZKDXP< TM\ LYNZUZ@
QZQNQZLPUTZLHNU0J,VELGVYZU[KZUZ@@@^S0QZ`
SG $U4GZVLQ GZVXGZV: GZ GZV EKXT K, JU,E, VX%ZDX YZOZ> $ZSX$ZSZ%ZY>
JYZH,JYZLHG8UNUN\>KLU$Q0GXKU, G\LPOZS GZ$ZQ0G>NZUMXPX.N0P>JZH,
JZLHJZN\>LHNU0J,LHNUV>>
VZF,VGZNZLHPULK[YZO,>S<MOZM>UKZDX>
VOZK,VOZK,1 P<1 LV LTVZOZK NUGZ UK:> KDXP<1> M,YZM,Y: $ZTPN M,YQ KZVO
NUGZUK:>VX$ZLODXVRK[ZV0XGUTZGZ*U>$QLGQXKUUR]KUY\O\>MZJZVXF\T>>
J0%,UXYCI\ LMJU\ YZOZ> LTV NZ^O ] LTVX GZ  X V0E0'N NZ G\ NZUQ DXaI LJ$Z K<`>
$LF0TXLMV{NRH,LF0TZQK,1SRKVNG,>P0LQPLQPQLYF>$0TLULKUG\LYF>>
PZUJX S04XUVTZ> NRNRH, LYUOZ> N< U0LJG\ S5\PU0J LYF> PZTZPVT> QZLPQZP
LYF>VYZU[KZUZVYZU[MRJ>>
$U4K\S5%M,T\U,P\KUG,LQJZK $ZS[\V\YN:DXT\ VGZLWN,ULK0G,K<>K\LS$ZU\T8u
$ZS[\GZV:DXT\LNUSZNUGZULK0GZK<1>P\U,%,LHC]TUC.>UKZDX>
K\ %ZH,M\K9ZPQXC.$ZS[\ $0GUR1$ZSZ%ZYG8UNUN\ EKXTJU,E,VX%ZYYZOZE[GZK<DXK
SUPZTPZ{LPOS<1GZK<>SUPZTPZG\ %JT:GZPXC.N0PLHK,K0XGZK< LNDXK $ZSZ%ZYJYZ
N\ KUY\O\S5%8G,LV LTVZOZKG\J,TJZN\DXVG\LPOZSGZ$ZQ0GPZ[G\KQ>%JTMQJXU8
G\6EGLYFVGZLHNUVU0J\ULKN\SUPZTPZ G,;ZG LYFO,QULK0G\KQ>>
K\ S5%8M\ T\U,P\KUKRY\T: P<1JXU8 G\ 6EGLYF MX9N\ T\U,LV LTVZOZKNUGZUK:T\
VGZ$ZTPNM,YQS5ZSTNUGZUK:>M\K9ZPQXC.JXU8 G,PLTDXT\ TXUGZK< DXVGZIUG8UKR
M:GZK<> K\%ZH, P\UZS5%8VRK[ZK<T\VGZNZLHPULK[YZOZK<>M\K9ZPQXC.JXU8G,VUQ
S<1GZK<DXVGZLFCT DXVVRK[\ S5%8 LYF PJQULK0GZK<> LMVPQXC.G\ LKUG\ LYF VGZL4U
S5%8 G, LV LTVZOZK GZ 6EG LV LTVZOZK G, EZ[, YCVG, K<  DXK PQXC. KU Y\O\ LV LT
VZOZKLYF VXF\TULK0GZK<>>
K\%ZH,SUPZTPZYCI\I08*\LMJU\YZOZK<VGZK, M,Y:{ VX.G\[YZOZK<DXVG\JX[:GZ$0T
QK,1 S< VNGZ> M\K9Z PQXC. S8U\ JXU8 G, GCV, V\YZ NUGZ K< DXV G\ PQ LYF DXK SUPZTPZ $Z
YCVGZK< LMV{NRH,LF0TZSRKQK,1VNG,>DXVPQXC.GZPQSLYTn KR M:GZK< LKUGZSLYTn KR
M:GZK<DXVG\LKUG\LYFVGZVX.K,VX.K<DXK$ZS[\$0GUR1%WN[ZG8UNUO<1GZK<>>
K\ %ZH,SUPZTPZG\ LPOZSGZUVTZE9ZN7Q K< NRH, DXK LYUOZ PQXC. DXK UVTZ OC%GZ K<
M\K9ZJXU8G\6EGG,LYFZUNUGZK<>DXKPQXC.S5%8G\S5\PU0JLYFU0LJ$ZM:GZK<JXU8G\6EG
LYFPVTULK0GZK<$ZS[\$0GUR1KDXP<$ZLGNLYNZUG8UNUG\1GZK<>K\ QZQNDXKPQXC.DXV
S5%8 G\ QZP LYF LHNUV UCTZ ULK0GZ K< MR JXU8 G\ 6EG G, UZK,1 DXV GZ M,YQ VYZU G\1GZ
K<>>>

También podría gustarte