45<1²B575>5B139É>45<@E52<?

³
1<18E5<7175>5B1<
7r>5C9CI5F?<E39É>89CDÉB931
45<=?F9=95>D?@?@E<1B5>389<5
!(! !() 

#
RIL editores
bibliodiversidad

$
 45<1
²B575>5B139É>45<@E52<?³
1<18E5<7175>5B1<
7}^UcYciUf_\eSY†^XYcd†bYSQ
TU\]_fY]YU^d_`_`e\QbU^3XY\U
!(! !() 

CUbWY_7bUjD_c_

%
 ##!()")(# 7bUjD_c_CUbWY_
7 4U \Q ²bUWU^UbQSY†^ TU\ `eUR\_³ Q \Q
XeU\WQ`_`e\Qb7}^UcYciUf_\eSY†^XYcd†
bYSQ TU\ ]_fY]YU^d_ `_`e\Qb U^ 3XY\U
!(! !() CUbWY_7bUjD_c_CQ^dYQ
W_*B9<UTYd_bUc" '

('"`+"!S]
9C2>*)'()%&"($%%'!

!C9>4931<9C=?389<5 89CD?B91" @?2B5J1 EB

21>1389<5!(! !()!#8E5<71C389<589CD?B91
C97<?!)

De la «regeneración del pueblo» a la huelga general

Primera edición: 1997
Segunda edición: 2007

© Sergio Grez Toso, 2007

Inscripción Nº 84.433

© RIL® editores, 2007

Alférez Real 1464
750-0960, Providencia
Santiago de Chile
Tel. (56-2) 2238100 - Fax 2254269
ril@rileditores.com • www.rileditores.com

Composición e impresión: RIL® editores

Diseño de portada: Meta-Group
Fotografía de portada: Fragua Troncoso
en Angostura de Paine (1862)
Diagramación: RIL® editores

Impreso en Chile • Printed in Chile

ISBN 978-956-284-557-1

Derechos reservados

&
 1\Q]U]_bYQTU]Yc`QTbUcCUbWY_i7Y\TQ

1\Q]U]_bYQTU]YXUb]Q^Q=QbQ5eWU^YQ

12bU^TQ6bQ^SUcSQi<eSYQ^_

1\_cdbQRQZQT_bUcSXY\U^_c`bY^SY`Q\Uc`b_dQW_^YcdQcTUUcdQXYcd_bYQ

'
 Å>4935

1RbUfYQdebQc !%
@bUcU^dQSY†^Q\QcUWe^TQUTYSY†^ !)
@bUcU^dQSY†^Q\Q`bY]UbQUTYSY†^ "'
@b†\_W_Q\QcUWe^TQUTYSY†^ #!
@b†\_W_Q\Q`bY]UbQUTYSY†^ #%
9^db_TeSSY†^ #)

@ B9=5B1 @1BD5

31@ÅDE<? 9
=1>E613DEB1C 7B5=9?CI 1BD5C1>?C 4EB1>D5 5< @5BÅ?4? 3?<?>91<

<_c_bWU^UcTU\QcQbdUcQ^Qci]Q^eVQSdebQcS_\_^YQ\Uc %#
5cdbQdYVYSQSY†^c_SYQ\TU\QVeUbjQTUdbQRQZ_TU\cUSd_b
QbdUcQ^_°]Q^eVQSdebUb_S_\_^YQ\ %(
BUW\Q]U^dQSY†^WbU]YQ\UY]`QSd_TU\QcdbQ^cV_b]QSY_^Uc
US_^†]YSQcc_RbU\QcQbdUcQ^Qci]Q^eVQSdebQcS_\_^YQ\Uc &&

31@ÅDE<? 99
< 1 53?>?=Å1 I <?C C53D?B5C @?@E<1B5C  EB21>?C  5> 5< C97<? H9H

5\]QbS_US_^†]YS_WU^UbQ\ '!
5\bUdbQc_TU\Q`b_TeSSY†^QbdUcQ^Q\SXY\U^Q
U^U\]_]U^d_TU\QVe^TQSY†^TU\QBU`‹R\YSQ ')
5\SbUSY]YU^d_TU\QcSYeTQTUciU\TUcQbb_\\_TU\QcQbdUcQ^Qci
_VYSY_cebRQ^_cXQcdQ]UTYQT_cTU\cYW\_H9H ((
5\SbUSY]YU^d_TU\QcSYeTQTUc\QY^TecdbYQ\YjQSY†^iS_^c_\YTQSY†^
TU^‹S\U_c_RbUb_cebRQ^_cQ`QbdYbTU!(& ! %
!5\TUcQbb_\\_ebRQ^_ ! %
"5\S_]YU^j_TU\`b_SUc_TUY^TecdbYQ\YjQSY†^ ! )
#<_cdbQRQZQT_bUcTebQ^dU\QcUWe^TQ]YdQTTU\cYW\_H9H
3_^dY^WU^dUciTYcdbYReSY†^`_bcUSd_bUc`b_TeSdYf_c !"%
<_cdbQRQZQT_bUcUhdbQ^ZUb_c !#)
5\dbQRQZ_VU]U^Y^_UY^VQ^dY\ !$"

)
<QcS_^TYSY_^UcTUdbQRQZ_ !%%
8QSYQU\d}b]Y^_TU\cYW\_*e^QdbQ^cYSY†^QfQ^jQTQ`Ub_Y^S_^S\ecQ !&"

3 1@ÅDE<?999
<1C 3?>4939?>5C 45 F941
¤3†]_Q`b_hY]Qb^_cQ\QSeUcdY†^/ !&%
4UcQbb_\\_ebRQ^_XQRYdQSY†^`_`e\QbicUWbUWQSY†^c_SYQ\ !&&

3?>3<EC9É> 45<1 @B9=5B1@1BD5

5\TUcSeRbY]YU^d_TU\Q²SeUcdY†^c_SYQ\³ !(#

C57E>41 @1BD5

31@ÅDE<? 9F
< 1C @B9=5B1C 5H@5B95>391C @?<ÅD931C  45<²21:?  @E52<?³!(! !(# 

<_ccUSd_bUc`_`e\QbUci\Q\eSXQ`_b\Q9^TU`U^TU^SYQ !()
<Qc²debRQc³ebRQ^Qc !)%
<Q`b_S\Q]QTUVbQi1^d_^Y_TU?bYXeU\Q*`bY]UbY^dU^d_`_bS_^cdYdeYb
e^ceZUd_Qed†^_]_`_`e\Qb " %
5\]_fY]YU^d_TU\_c\Q^SXUb_c]QbY^Ub_c`UcSQT_bUci_db_ccUSd_bUc
`_`e\QbUcTUFQ\`QbQc_U^!("%*e^QUh`UbYU^SYQ_bYWY^Q\ " )
<QS_^f_SQd_bYQ`_\dYSQY^cdbe]U^dQ\_dbQTYSY_^Q\ "!$
5\cQ\T_TU\`Ub_T_ "#

31@ÅDE<? F
5 < Br79=5> @?BD1<91>? I 5< 49C39@<9>1=95>D?
45  <?C  C53D?B5C  @?@E<1B5C

5\`Uc_TU\Q^_SXU "##
5\TYcSY`\Y^Q]YU^d_TU\_ccUSd_bUc`_`e\QbUc "#&

31@ÅDE<? F9
? B71>9J139?>5C B59F9>493139?>5C I <E381C @?@E<1B5C 4EB1>D5
<1C  @B9=5B1C  4r3141C  B5@E2<931>1C

<QcV_b]QcTU_bWQ^YjQSY†^WbU]YQ\ "$)
7bU]Y_c_bWQ^YjQT_c`_bU\5cdQT_ "%(

!
<_c]_fY]YU^d_cbUYfY^TYSQdYf_ciTU`b_dUcdQc_SYQ\ "&(
E^QbUYfY^TYSQSY†^`_\dYSQVe^TQ]U^dQ\*\QbUV_b]Q_QR_\YSY†^TU\
cUbfYSY_U^\Q7eQbTYQ>QSY_^Q\ "(!

31@ÅDE<?F99
5 < B5>139=95>D? 45 <13?>F?31D?B91 @?<ÅD9319>CDBE=5>D1<
4EB1>D5  <1  4r3141  45 !($

9^db_TeSSY†^ ")%
5\²]_fY]YU^d_Se\debQ\TU!($"³iU\bUV_bjQ]YU^d_TU\Q_`_cYSY†^ "))
<_cQbdUcQ^_ci_db_cU\U]U^d_c`_`e\QbUcU^\QS_ie^debQ`_\dYSQTU
!($%!($& # $

31@ÅDE<? F999
<1 C ?39541445<1 9 7E1<414 I<17E5BB1 39F9< 45 !(%!
<_cVQSd_bUcTUe^Q^eUfQS_ie^debQ #"#
<QVe^TQSY†^TU\QC_SYUTQTTU\Q9WeQ\TQT #"(
4UQRbY\QZe^Y_TU!(% *\QUdQ`QTU\²dbQRQZ_c_SYQ\³ ##&
4UZe^Y_Q^_fYU]RbUTU!(% *Y^cdbe]U^d_TU\Q`_\dYSQ\YRUbQ\ #$"
<Qcc_SYUTQTUcTU\Q9WeQ\TQTTU`b_fY^SYQc #&$
<Q`QbdYSY`QSY†^`_`e\QbU^\QWeUbbQSYfY\TU!(%! #&(
5\RQ\Q^SU`QbQ\_ccUSd_bUc`_`e\QbUc #($

31@ÅDE<? 9H
< 1C @B9=5B1C C?3954145C =EDE1<9CD1C!(%#!(%(
5\TYVSY\S_^dUhd_`_\dYS_ #()
<_c`Y_^Ub_c*dY`†WbQV_ciQbdUcQ^_c #)

31@ÅDE<? H
<?C DB121:14?B5C 5> <1 3?IE>DEB1 @?<ÅD931 45 !(%(
I  <1  7E5BB1  39F9<  45 !(%)

5\S_^dUhd_`_\dYS_iUS_^†]YS_U^!(%( $ !
<Q`QbdYSY`QSY†^TU\_cdbQRQZQT_bUcebRQ^_cU^\QQWYdQSY†^`_\dYSQ
TU!(%( $ &
<_cdbQRQZQT_bUcU^\QWeUbbQSYfY\TU!(%) $!'
<QWeUbbQc_SYQ\ $##
<QcS_^cUSeU^SYQcTU\QTUbb_dQ $#%

!!
 3 1@ÅDE<?H9
!(&!!(')* <1 @B9=5B1  61C5 45  5H@1>C9É>
45  <1C  ?B71>9J139?>5C  @?@E<1B5C

<Qc]edeQ\Uc $#)
5\S__`UbQdYfYc]_ $$&
5cSeU\QcTUdbQRQZQT_bUcVY\Qb]†^YSQcTU_RbUb_cic_SYQRY\YTQT`_`e\Qb $%!

31@ÅDE<? H99
< E381CB59F9>493139?>5C I 3??B49>139É>  @?@E<1B
5>DB5 !(&! I !(')

BUSeU^d_iSQbQSdUbYjQSY†^WU^UbQ\TU\_c`bY^SY`Q\Uc]_fY]YU^d_cTU
`b_dUcdQ`_`e\Qb $%'
<QcXeU\WQcTUdbQRQZQT_bUc`_bdeQbY_c $&"
<QcXeU\WQcTUdY`†WbQV_ccQcdbUci_db_cWbU]Y_c $'
<QS__bTY^QSY†^`_`e\Qbi\Q\eSXQS_^dbQ\QSbYcYcUS_^†]YSQ
TebQ^dU\QcUWe^TQ]YdQTTU\_cQ…_ccUdU^dQ $'#

31@ÅDE<? H999
<?C DB121:14?B5C I <1 13D9F9414 @?<ÅD931 5>DB5 !(&! I!(')

¤8QSUb_^_XQSUb`_\dYSQ/ $)'
?bWQ^YjQSY_^UcQT°_S`QbQY^S_b`_bQbQ\_cdbQRQZQT_bUcQ\Q\eSXQ
`_\dYSQ % #
E^QSQ]`Q…Q`_\dYSQTU]QcQc*U\@QbdYT_<YRUbQ\4U]_SbvdYS_i\Q
SQ^TYTQdebQ`bUcYTU^SYQ\TU2U^ZQ]^FYSe…Q=QS[U^^Q!('%!('& % &
<QC_SYUTQT5cSeU\QBU`eR\YSQ^Q %!&
¤<Q@bY]UbQ9^dUb^QSY_^Q\U^3XY\U/ %"%
5\\YRUbQ\Yc]_`_`e\Qb %##

31@ÅDE<?H9F
31DÉ<93?CI=1C?>5C*4?C1C@53D?C45<1<E381459>6<E5>391C45<?C
C53D?B5C49B975>D5C5>DB5<?CDB121:14?B5C?B71>9J14?C

5\SQd_\YSYc]_S_^cUbfQT_b %$
!<QQSSY†^dbQTYSY_^Q\ %$!
"E^Q^eUfQUdQ`Q*\Qc`bY]UbQcc_SYUTQTUcSQd†\YSQcTU
_RbUb_c %$$
<Q]Qc_^UbQi\QcY^YSYQdYfQcTUUTeSQSY†^`_`e\Qb %%"
!<QcY^YSYQdYfQc`b_`YQc %%"
"5\QcUc_bQ]YU^d_TU\QcUcSeU\QcTUQbdUcQ^_ci\Qc

!"
 S_^VUbU^SYQc`_`e\QbUc5\SQc_TU\Q5cSeU\Q
2U^ZQ]^6bQ^[\Y^ %%$
#5\7eQTU\@eUR\_*e^QUh`UbYU^SYQTU`bU^cQ]Qc†^YSQ
`_`e\QbiQ\We^_cU\U]U^d_cTU\Q_bYU^dQSY†^YTU_\†WYSQ
TU\Q]Qc_^UbQXQSYQ\_cdbQRQZQT_bUc %&!

31@ÅDE<? HF
5 < 1C35>C?  45< =?F9=95>D? ?2B5B? !((#!() 

<Q7eUbbQTU\@QSVYS_iU\]_fY]YU^d_`_`e\Qb %&%
!((%!() *\Q`b_\YVUbQSY†^TU\QcXeU\WQc_RbUbQc %'&
!<QcS_^cUSeU^SYQcTU\QfYSd_bYQSXY\U^QU^\Q7eUbbQTU\
@QSVYS_ %'&
"<Qc`bY^SY`Q\UcXeU\WQc %('
#3_^S\ecY_^Uc %)(
<Qe^YVYSQSY†^TU\QcTU]Q^TQc`_`e\QbUc
iU\²3_^WbUc__RbUb_³TU!((% &
>eUfQc_bWQ^YjQSY_^UciV_b]QcTUS__bTY^QSY†^`_`e\Qb
XQSYQVY^UcTU\QT}SQTQTU!(( & #
!<QfYWU^SYQTU\]edeQ\Yc]_ & #
"5\]edeQ\Yc]_VU]U^Y^_ &!
#<Q]edeQ\YTQTTU\_cY^]YWbQ^dUcUhdbQ^ZUb_c &!'
$?dbQc_bWQ^YjQSY_^Uc*\_WYQc_RbUbQcc_SYUTQTUcTU
dU]`UbQ^SYQc_SYUTQTUc]YhdQcUdS}dUbQ &""
%>eUfQcV_b]QcTUS__bTY^QSY†^_RbUbQi`_`e\Qb &"&

3 1@ÅDE<?HF9
< 13B9CD1<9J139É> 45 <1 E>9414 @?<ÅD93145< =?F9=95>D? @?@E<1B

<QC_SYUTQT5cSeU\QBU`eR\YSQ^Q5\@bUSebc_b
i\QcSQ^TYTQdebQc_RbUbQcTU!((" &##
<QC_SYUTQT5cSeU\QBU`eR\YSQ^Q<QBQj†^
\Qc²SQ^TYTQdebQc_RbUbQc³
TU!((%iU\Q`_i_Q\QSQ^TYTQdebQ`bUcYTU^SYQ\
TU2Q\]QSUTQU^!((& &#)

31@ÅDE<? HF99
5< 31D?<939C=?3?>C5BF14?B 1<1 3?>AE9CD145
E>1  21C5  @?@E<1B  45  =1C1C

<QS_^cdYdeSY†^TU\QE^Y†^3Qd†\YSQi\_cSbSe\_cSQd†\YS_cTU_RbUb_c &%#
5\SbUSY]YU^d_TU\QcQc_SYQSY_^UcSQd†\YSQcTU_RbUb_ci\QUhQSUbRQSY†^TU

!#
\QS_]`UdU^SYQU^dbUSQd†\YS_ci\QYS_cU^U\cU^_TU\QS\QcU_RbUbQiTU\
QbdUcQ^QT_ &&

31@ÅDE<?HF999
5 < @1BD94? 4 5=?3BÂD93?

<QS_^fUbWU^SYQTUZ†fU^UcbQTYSQ\UcTUYjaeYUbTQiTYbYWU^dUcTU\
]_fY]YU^d_`_`e\Qb &&'
<QVe^TQSY†^TU\@QbdYT_4U]_SbvdYS_ &'!
5\TUc`UWeU &'&
5\Y^SU^TY_TU\_cdbQ^fQciU\U^SQbSU\Q]YU^d_
TU\TYbUSd_bY_TU]†SbQdQ &($
5\`b_SUc_Q\TYbUSd_bY_TU]†SbQdQiU\^eUf_TUcQbb_\\_TU\`QbdYT_ &)
3bUSY]YU^d_iTYfYcY†^TU\@QbdYT_4U]_SbvdYS_ &)$
4U\QcWbQ^TUcSQ]`Q…QcTU]QcQc
Q\TUcWQbbQ]YU^d_TU\QWeUbbQSYfY\ &)$

31@ÅDE<? H9H
< 18E5<71 75>5B1<  45 !()

<QcSQecQc '!'
5\UcdQ\\YT_TU\QcXeU\WQcU^9aeYaeUiU^\QccQ\YdbUbQcdQbQ`QaeU…Qc '"!
5hdU^cY†^iTUS\Y^QSY†^TU\QcXeU\WQc^_bdY^Qc '##
<QcXeU\WQci\QQWYdQSY†^U^FQ\`QbQc_iU^_dbQcbUWY_^Uc '$&
E^QdU^dQdYfQTURQ\Q^SU '%&

3_^S\ecY†^ '&#

1^Uh_c ''#
<YcdQTUSeQTb_c '(!
6eU^dUci2YR\Y_WbQVQ '(#
1TTU^TQRYR\Y_WbvVYSQ ($!
Å^TYSU_^_]vcdYS_ ($)
Å^TYSUTUY^cdYdeSY_^Uc (&#

!$
 12B5F91DEB1C

111F 1bSXYf_ TU \Q 1c_SYQSY†^ TU 1bdUcQ^_c TU

FQ\`QbQc_
18=B5 1bSXYf_8Ycd†bYS_TU\=Y^YcdUbY_TUBU\QSY_
^Uc5hdUbY_bUcTU\QBU`‹R\YSQTU3XY\U
1=15B6 1bSXYfUc Te =Y^Ycd~bU TUc 1VVQYbUc
5dbQ^W~bUcTU\QB}`eR\YaeU6bQ^|QYcU
1>12F= 1bSXYf_>QSY_^Q\1bSXYf_2U^ZQ]^FYSe…Q
=QS[U^^Q
1>14C= 1bSXYf_ >QSY_^Q\ 1bSXYf_ @bUcYTU^dU 4_
]Y^W_CQ^dQ=QbQ7_^jv\Uj
1>19D 1bSXYf_ >QSY_^Q\ 1bSXYf_ 9^dU^TU^SYQ TU
DQbQ`QSv
1>19F 1bSXYf_ >QSY_^Q\ 1bSXYf_ 9^dU^TU^SYQ TU
FQ\`QbQc_
1>1=8 1bSXYf_>QSY_^Q\1bSXYf_=Y^YcdUbY_TU8Q
SYU^TQ
1>1=9 1bSXYf_>QSY_^Q\1bSXYf_=Y^YcdUbY_TU\9^
dUbY_b
1>1=: 1bSXYf_>QSY_^Q\1bSXYf_=Y^YcdUbY_TU:ec
dYSYQ
1>6:C 1bSXYf_>QSY_^Q\6_^T_:eTYSYQ\CQ^dYQW_
1CDF 1bSXYf_C_SYUTQTDY`_WbvVYSQTUFQ\`QbQc_
1C1< 1bSXYf_C_SYUTQTTU1bdUcQ^_cTU<Y]QSXU
1C1EC 1bSXYf_ C_SYUTQT TU 1bdUcQ^_c ²<Q E^Y†^³
TUCQ^dYQW_
1CC==25F 1bSXYf_ C_SYUTQT TU C_S_bb_c =ede_c =Q
^eU\2\Q^S_5^SQ\QTQTUFQ\`QbQc_
1CC=@= 1bSXYf_ C_SYUTQT TU C_S_bb_c =ede_c ²@b_
dUSSY†^TU\Q=eZUb³Uh²5]Q^SY`QSY†^TU
\Q=eZUb³TUCQ^dYQW_

!%
1CEDC 1bSXYf_ C_SYUTQT E^Y†^ TU \_c DY`†WbQV_c
TUCQ^dYQW_
1E3X 1^Q\UcTU\QE^YfUbcYTQTTU3XY\U
213X8 2_\Ud^TU\Q1SQTU]YQ3XY\U^QTU\Q8Ycd_
bYQ
2>C= 2YR\Y_dUSQ>QSY_^Q\CQ\Q=UTY^Q
99FC7B 9^dUb^QdY_^QQ\ 9^cdYdeed f__b C_SYQ\U 7Uc
SXYUTU^Yc 9^cdYded_ 9^dUb^QSY_^Q\ TU 8Ycd_
bYQC_SYQ\TU1]cdUbTQ]
B3X87 BUfYcdQ3XY\U^QTU8Ycd_bYQi7U_WbQVQ
C3< CUcY_^UcTU\_c3eUb`_c<UWYc\QdYf_c
C3> CUcY_^UcTU\3_^WbUc_>QSY_^Q\

!&
 ²<_ccY\U^SY_caeU\Qc_SYUTQT\UY]`_^UQ\QXYcd_bYQ
c_^\QXYcd_bYQTU\]Yc]_]_T_aeU\QXYcd_bYQ³

=QbS6Ubb_<µXYcd_YbUc_eccebfUY\\Q^SU@QbYc3Q\]Q^^<}fi!)('

!'
 @B5C5>D139É>1<1C57E>4154939É>

8QSUSY^S_Q…_c`eR\Yae}e^QbUcU…QQ`b_`†cYd_TU\Q`bY]UbQUTYSY†^
TUUcdU\YRb_TU\XYcd_bYQT_bCUbWY_7bUj3_^S\e]YdUhd_c_cdU^YU^T_
aeUce_RbQ4U\Q²bUWU^UbQSY†^TU\`eUR\_³Q\QXeU\WQWU^UbQ\7}^UcYciUf_\e
SY†^XYcd†bYSQTU\]_fY]YU^d_`_`e\QbU^3XY\U!(! !() cUbQ^USUcQbYQ
]U^dUU\`e^d_TU`QbdYTQ_R\YWQTQ`QbQVedeb_cXYcd_bYQT_bUcSXY\U^_c
iUhdbQ^ZUb_caeU`bUdU^TYUbQ^UcdeTYQb\_cWbe`_ci]_fY]YU^d_c`_`e
\QbUcTUcTU\QY^TU`U^TU^SYQXQcdQ\QWeUbbQSYfY\TU!()!=U`QbUSUaeU
UcdQUfQ\eQSY†^cUXQS_^SbUdQT_*U\\YRb_SeiQcUWe^TQUTYSY†^`bUcU^
dQ]_cUce^QfUbcY†^\UfU]U^dUbUfYcQTQTU\dUhd_aeUS_]U^d}U^" 
IcY^TeTQUc\QbUVUbU^SYQUcU^SYQ\`QbQd_TQ`Ubc_^QY^dUbUcQTQU^\QUf_\e
SY†^\QcQc_SYQSY_^UcTUQbdUcQ^_cU\]edeQ\Yc]_\_cY^YSY_cTU\cY^TYSQ\Yc
]_iU^d}b]Y^_c]vcWU^UbQ\Uc\_c´]_fY]YU^d_c`_`e\QbUcµSXY\U^_cTU\
cYW\_H9H
@_bUcdU]_dYf_]U`QbUSU`QbdYSe\Qb]U^dUbQj_^QR\UaeU\QbUcU
…QdQ]RY}^\UfU]U^dUbUfYcQTQcYbfQTU`bUcU^dQSY†^QUcdQcUWe^TQUTY
SY†^5\`b_VUc_bCUbWY_7bUjXQS_bbUWYT_Q\We^_cUbb_bUcTUY]`bU^dQ
TU\Q`bY]UbQUTYSY†^iXQ\\U^QT_Q\We^_cfQS_caeUQ^_d}U^" CU
]Q^dYU^U^Q\We^QcS_^S\ecY_^UcWbeUcQcaeUU^S_^db}TYcSedYR\Uc`_b
UZU]`\_\QbU\QdYfQQed_^_]Q_bWQ^YjQdYfQUYTU_\†WYSQTU\_cWbe`_c
`_`e\QbUcaeU7bUjSQbQSdUbYjQS_]_²U^fQcTUTUfU^Ybe^ceZUd_c_SYQ\
Qed†^_]_³
CY^U]RQbW_ce_RbQUcS_]_UcSbYRU^" ²e^Q_RbQfQ\Y_cQ`_bce
]QbS_dU†bYS_XYcd†bYS_ceSeYTQT_U^\_cTUdQ\\Uccec]QdYSUciceU^VbU^dQ
]YU^d_TYbUSd_S_^\_cXYcd_bYQT_bUc´Y^d_SQR\UcµTU^db_TU\QXYcd_bY_WbQVQ
SXY\U^Q³CUbWY_7bUjdef_U\fQ\_b`b_VUcY_^Q\TUY^fUcdYWQbU^`b_Ve^TYTQT
\_c]_fY]YU^d_c`_`e\QbUcc†\_TUcSbYd_cce`UbVYSYQ\]U^dU`_b\_cXYcd_bYQ
T_bUc]QbhYcdQc`bU!)'#iSQcYYW^_bQT_c`_b\QWbQ^]Qi_bQTU\WbU]Y_i
def_\QTYcdY^SY†^TUcUbU^]Y_`Y^Y†^e^_TU\_c`bY]Ub_cXYcd_bYQT_bUc
SXY\U^_caeUS_]RY^QbQe^`QSYU^dUiSeYTQT_c_dbQRQZ_U]`bYS_U^UcdU
SQ]`_S_^e^QfYcY†^dU†bYSQUXYcd_bY_WbvVYSQS_]`QdYR\US_^\Q]_TUb^Q
c_SY_\_WQXYcd†bYSQS_]`QbQdYfQ
@_bUc_Uce^`\QSUb`Ubc_^Q\i`b_VUcY_^Q\aeU\Qc`Q\QRbQcaeUcY
WeU^cUQ^\Q`bUcU^dQSY†^Q\QcUWe^TQUTYSY†^TUUcdQY]`_bdQ^dU_RbQ
TU\`b_VUc_b7bUjDQ]RY}^S_^VYUc_aeUU\dUhd_TU\Q`bY]UbQUTYSY†^
aeUdU^W_UcdvQUcdQcQ\debQcRQcdQ^dU]Q\dbQdQT_bUce\dQT_TUceec_
VbUSeU^dU

!)
 3eQ^T_Q`QbUSY†\Q`bY]UbQUTYSY†^TUUcdU\YRb_TUCUbWY_7bUjXQ
RQ^`QcQT_fUY^dYSY^S_Q…_cTUcTU\Q`eR\YSQSY†^TUe^QXYcd_bYQTU
3XY\UTU]YQed_bQU^Y^W\}c8QRQbUfYcQT_\QcXYcd_bYQcWU^UbQ\Uci
\Qc]_^_WbQVQcSXY\U^QcidQ]RY}^\Qc_RbQcUcSbYdQcU^5cdQT_cE^YT_ci
U^5eb_`Qc_RbUd_T_U^9^W\QdUbbQ>__RcdQ^dUUcSbYR*²8Ycd_bYSQ\
dbUQd]U^dc_VdXU_bYWY^cSXQbQSdUbQ^TUf_\edY_^_VdXU3XY\UQ^\QR_b
]_fU]U^d Y^ dXU UQb\i ^Y^UdUU^dX SU^debi bU]QY^ UhdbU]U\i
VbQW]U^dQbi³²5\dbQdQ]YU^d_XYcd†bYS_TU\_bYWU^SQbvSdUbiUf_\eSY†^
TU\]_fY]YU^d__RbUb_QS_]YU^j_cTU\cYW\_TYUSY^eUfUUcQ‹^UhdbU]Q
TQ]U^dUVbQW]U^dQbY_³3eQ^T_cU`eR\YS†\QcUWe^TQUTYSY†^TU]Y
\YRb_U^!)((^_XQRQ]_dYf_c`QbQSQ]RYQbUcQVbQcUCY^U]RQbW_
SeQ^T_UcdQRQ`_bcQ\Yb\QdUbSUbQUTYSY†^XQSYQVY^UcTU\" cUXQRQ
`b_TeSYT_e^bU^QSY]YU^d_TU\_cUcdeTY_cXYcd†bYS_cU^3XY\UY^S\eiU^
T_U\dU]QTU\_c]_fY]YU^d_cc_SYQ\Uci\QR_bQ\UcTU\cYW\_H9H\_aeU
Y]`\YS† Qed_QT]Y^YcdbQb]U e^ SebcY\\_ TU ²`_cdWbQT_³ c_RbU U\
QbdUcQ^QT_ \Qc ]edeQ\Uc i U\ S__`UbQdYfYc]_ \Q \eSXQc SQ]`UcY^Qc i
]Q`eSXUciU\]_fY]YU^d_cY^TYSQ\_RbUb_SXY\U^_\UiU^T_\QcY^fUcdY
WQSY_^UcTUQSQT}]YS_cS_]_:_c}2U^W_Q5TeQbT_3QfYUbUc5TeQbT_
4Uf}c 2Q\T_]Ub_ 5cdbQTQ 3bYcdYv^ 7Qj]ebY Â\fQb_ 7†^W_bQ =QbQ
1^W}\YSQ 9\\Q^Uc <eYc ?bdUWQ :e\Y_ @Y^d_ :_bWU B_ZQc 6\_bUc BQVQU\
CQWbUT_ 7QRbYU\ CQ\QjQb BU^} CQ\Y^Qc <eYc FQ\U^jeU\Q :QY]U
FQ\U^jeU\QiCUbWY_FY\\Q\_R_c@_bceY^V\eU^SYQU^\QXYcd_bY_WbQVQSXY
\U^QdefUaeUQWbUWQbQ\Q\YcdQQ\QbWU^dY^_<eYc1\RUbd_B_]Ub_CUWe
bQ]U^dUXQi]eSX_]vcaeU\UUb5c`Ub_aeU]U`UbT_^U^\_cQed_bUc
aeU^_XU]U^SY_^QT_`_b^_XQRUb\_cQ\SQ^jQT_d_TQfQQY^S\eYbU^
]YbUUTeSQSY†^XYcd†bYSQ
CY^U]RQbW_U\Y^fUcdYWQT_baeU]vcXQXUSX_`QbQaeU]Yc`Q\Q
RbQcTU!)'&i!)((iQ^_dU^WQ^fQ\YTUjUcCUbWY_7bUjD_c_5^!))%
UcdUXYcd_bYQT_b`eR\YS†U\\YRb_<Q²SeUcdY†^c_SYQ\³U^3XY\U9TUQciTURQdUc
`bUSebc_bUc!( $!) "UTYdQT_`_b4921=U^\QcUbYUTU6eU^dUc`QbQ\Q
8Ycd_bYQTU\QBU`‹R\YSQTU\3U^db_TU9^fUcdYWQSY_^Uc4YUW_2Qbb_c
1bQ^Q5^UcdU\YRb_CUbWY_7bUj^_cbUS_bT†Y^TYbUSdQ]U^dUQd_T_c\_c
XYcd_bYQT_bUcaeUY^fUcdYWQ]_cdU]QcSXY\U^_cTU\cYW\_H9H\QVQ\dQTU
UcdeTY_cbUc`USd_\Q²SeUcdY†^c_SYQ\³1TU]vcQ\Y^db_TeSYb\QY]`_bdQ^
dUS_\USSY†^TUUcSbYd_cc_RbUUcdUdU]QTUcTU\Q@QdbYQFYUZQSeQ^T_cU
U^SeU^dbQQ²e^VbQ^SYcSQ^_bUf_\eSY_^QbY_XQSYU^T_e^Q\USdebQ´S\Q
cYcdQµTU\_c`b_R\U]QcTU\`Qc³7bUj\UTQWbQ^`Uc_Q\Q`_cYRY\YTQTTU
²bUYfY^TYSQb\_c]}bYd_cifU^dQZQcTU\QY^fUcdYWQSY†^RQcQTQU^VeU^dUc
`bY]QbYQc `_b c_RbU \Qc fUbTQTUc QSU`dQTQc i bU`UdYTQc ]vc _ ]U^_c
QSbdYSQ]U^dUU^dbQRQZ_cTU]UbQbUY^dUb`bUdQSY†^³@Ub_cUWeQVQ\dQ^
T_e^QXYcd_bYQTU\_c]_fY]YU^d_cc_SYQ\Uci_RbUb_cTU\cYW\_H9HRQcQ
TQU^e^QY^fUcdYWQSY†^TUVeU^dUc`bY]QbYQc
4_cQ…_cTUc`e}cCUbWY_7bUj`eR\YS†e^dbQRQZ_bUQ\]U^dU]_^e
]U^dQ\c_RbU\_aeU}\\\Q]Q\Q²W}^UcYciUf_\eSY†^XYcd†bYSQTU\]_fY

"
]YU^d_`_`e\QbU^3XY\U!(! !() ³aeUQ`b_fUSX†dQ^d_\Qc]_^_WbQ
VQci_dbQc_RbQccUSe^TQbYQcUhYcdU^dUcc_RbUU\dU]QS_]_\QcVeU^dUc`bY
]QbYQcTUQbSXYf_c]eifQbYQT_c5\`b_VUc_b7bUjcUTUTYS†U^`bY]UbQ
Y^cdQ^SYQQ²U^S_^dbQb\QcXeU\\QcTUe^QXYcd_bYQaeU^_XQcYT_UcSbYdQcY^_
]ei`QbSYQ\]U^dU³>_c†\_U^S_^db†\QcXeU\\QccY^_XYj_e^QUhdU^cQY^
fUcdYWQSY†^aeUY^S_b`_b†e^QXYcd_bYQc_SY_US_^†]YSQTU\`QcQ\QfUjaeU
\QXYcd_bYQTU\Qc_bWQ^YjQSY_^UcTUQbdUcQ^_c`U_^Uc_RbUb_ci_RbUbQceb
RQ^_ccec]_fY]YU^d_cbUYfY^TYSQdYf_cicecbU\QSY_^UcS_^U\5cdQT_\Q9W\U
cYQ`QbdYT_c`_\dYS_ci_db_c]_fY]YU^d_cc_SYQ\UcTUcTU!(! XQcdQ!() 
<QbYaeUjQU]`bYSQTUUcdUdbQRQZ_\_XQS_^fUbdYT_U^e^QbUVUbU^SYQUcU^
SYQ\`QbQSeQ\aeYUbY^fUcdYWQT_bU^UcdUSQ]`_QcS_]_\_cQbWe]U^d_c
dU†bYS_caeU\_XQSU^e^dU]QTUTURQdUU^dbUXYcd_bYQT_bUcS_^TYcdY^dQc
Q`b_hY]QSY_^UcQ\QXYcd_bYQc_SYQ\iS_^TYfUbcQcfYcY_^UcTU\QXYcd_bYQTU
²\_`_`e\Qb³iTU\QUf_\eSY†^TU\QcS\QcUcc_SYQ\UcU^\Qcc_SYUTQTUc\QdY
^_Q]UbYSQ^QcTU\cYW\_H9H
DQ\fUj\_]vcfQ\Y_c_TUUcdQY^fUcdYWQSY†^TUCUbWY_7bUjUcU\Y]
`\QSQR\US_^dbQ`e^d_U^dbU\Qc²fUbTQTUcQSU`dQTQc³`b_fU^YU^dUcTU\Qc
`_SQcXYcd_bYQcc_SYQ\UciTU\_c]_fY]YU^d_c`_`e\QbUcaeUUhYcdU^S_^
\_cTQd_cU^S_^dbQT_cU^\_c]‹\dY`\UcQbSXYf_caeUU\Qed_bXQUh`\_bQ
T_ 5^ ]eSXQc _SQcY_^Uc 7bUj S_]`QbQ i S_^dbQcdQ TYSXQc fUbTQTUc
QSU`dQTQcS_^\_cVbed_cTUceY^fUcdYWQSY†^i\QcU^SeU^dbQ`QbSYQ\Uc_
cU^SY\\Q]U^dUUbbQTQcI\_TU]eUcdbQ_VbUSYU^T_Q\\USd_b\QUfYTU^SYQ
i\QcVeU^dUcTU\SQc_
CUbWY_7bUj\\UfQQ\\USd_bTUcTU\QcQbdUcQ^Qci]Q^eVQSdebQcS_\_
^YQ\UcXQcdQ\QXeU\WQWU^UbQ\TU!() 4_Se]U^dQS_]_^e^SQQ^dUc
e^QTUcSbY`SY†^TU\Qc_bWQ^YjQSY_^UcbUYfY^TYSQSY_^UciS_^V\YSd_cU^
dbUWbe`_c²TU\`eUR\_³\QcVQSSY_^UcTU\QU\YdU\_cU]`bUcQbY_ciU\5c
dQT_TUcTU\QT}SQTQTU!(# i\_cY^YSY_cTU\]_fY]YU^d__RbUb_]_TUb
^_U^\QccQ\YdbUbQc`eUbd_cVUbb_SQbbY\Uci]Q^eVQSdebQc^QSYU^dUcTU
\QcUWe^TQ]YdQTTU\cYW\_H9H=eUcdbQdQ]RY}^\QY^cdbe]U^dQ\YjQSY†^
aeU\QcU\YdUc\YRUbQ\UciS_^cUbfQT_bQcXYSYUb_^TU\_cWbe`_cTUQbdUcQ
^_ciTU\QWeQbTYQ^QSY_^Q\U^ceS_]`UdU^SYQ`_bS_^db_\QbiTUVY^Yb\Q
^QdebQ\UjQTU\5cdQT_^QSY_^Q\U]UbWU^dU>_VQ\dQdQ]`_S_e^QS_^cY
TUbQSY†^TU\QY^V\eU^SYQTU\Q9W\UcYQ\Qc\_WYQc]Qc†^YSQciU\`bY]Ub
²`QbdYT__RbUb_³°U\@QbdYT_4U]_SbvdYS_°U^U\TUc`UbdQbi\QS_^VYWe
bQSY†^TU\_cWbe`_c²`_`e\QbUc³D_T_\_Q^dUbY_bQ`b_fUSXQ^T_VeU^
dUcY^}TYdQcTU\_cQbSXYf_c^QSY_^Q\UcibUWY_^Q\UciTU\Qc]Yc]Qcc_SYU
TQTUcTUQbdUcQ^_cTUc_S_bb_c]ede_ci\Q`bU^cQ_RbUbQ
5cdQUce^Q_RbQfQ\Y_cQ`_bce]QbS_dU†bYS_XYcd†bYS_ceSeYTQT_
U^\_cTUdQ\\Uccec]QdYSUciceU^VbU^dQ]YU^d_TYbUSd_S_^\_cXYcd_bYQ
T_bUc²Y^d_SQR\Uc³TU^db_TU\QXYcd_bY_WbQVQSXY\U^QC_RbUd_T_S_^\_c
XYcd_bYQT_bUc]QbhYcdQcaeUcUTUTYSQb_^Q\dU]QTU\Q²SeUcdY†^c_SYQ\³
^_cYU]`bUS_^\Q]Yc]Q]Ud_T_\_WQU]`bYSQTU7bUj3_]_UZU]`\_
CUbWY_7bUjSeUcdY_^Q`b_Ve^TQ]U^dUfQbYQcS_^S\ecY_^UcTU=QbSU\_

"!
CUWQ\\idQ]RY}^TU\_c_db_cXYcd_bYQT_bUc]vcS_^_SYT_cTU\]_fY]YU^d_
_RbUb_SXY\U^_5^WU^UbQ\U\`b_VUc_b7bUj^_U^dbUWQe^QfYcY†^b_]v^dY
SQ_YTUQ\YjQTQTU\Qc\eSXQcc_SYQ\Uc^Yc_RbUUcdY]Q\QY^V\eU^SYQTU\_c
]_fY]YU^d_c`U_^Q\Uce_RbUb_cQ^dUcTU\QT}SQTQTU\_c!(' 3_^S\eiU
aeU²\Qc\eSXQc`b_`YQ]U^dU_RbUbQci`U_^Q\UcVeUb_^]vcRYU^UcSQcQc
TebQ^dUd_TQ\Q`bY]UbQ]YdQTTU\cYW\_KH9HM³>__RcdQ^dUTUcSbYRUU^
d}b]Y^_cU]_dYf_c\Qc`_SQcbURU\Y_^UcTU`U_^UcaeUT_Se]U^dQS_]_
VeUU\SQc_XQSYQVY^UcTU!(#%U^CQ^2Ub^QbT_ie^QQc_^QTQU^FQ\`QbQc_
U^!(%(BUc`USd_Q\_c]_fY]YU^d_cTUQbdUcQ^_ccYWeUT_cXY\_cS_^cYc
dU^dUc\QbUV_b]Q_QR_\YSY†^TU\cUbfYSY_TU\Q7eQbTYQ>QSY_^Q\i\QTU
]Q^TQQbdUcQ^Q\`QbQ\Q`b_dUSSY†^UcdQdQ\VbU^dU\QY]`_bdQSY†^TU]Q^e
VQSdebUbQcUhdbQ^ZUbQc\QcaeUcUY^S_b`_bQb_^S_]_UhYWU^SYQcS_^cdQ^dUc
TU\_cWbe`_cQbdUcQ^Q\UcSQcYXQcdQ\Q7eUbbQTU\@QSVYS_3_]_Uh`\YSQ
7bUj²U\cUbfYSY_U^\Q7eQbTYQ>QSY_^Q\UbQe^QTebQSQbWQc_RbU\QcUc`Q\
TQcTU\_c`_RbUc=vcd_TQfQSeQ^T_Q`UcQbTU\_`bUcSbYd_U^\Q3_^cdYde
SY†^c†\_U\\_cUbQ^\\Q]QT_cQU^b_\QbcUU^cecVY\QcS_]_c_\TQT_ciceR_VY
SYQ\Uc³<_cWbe`_cTUQbdUcQ^_c]Y\YdQ^dUcSQcY^e^SQcebWYUb_^TU]Q^UbQ
Qed†^_]Q^Y\Qcc_SYUTQTUcYWeQ\YdQbYQcU^\_c!(% Qe^SeQ^T_cUW‹^UcdU
XYcd_bYQT_b\Qcc_SYUTQTUcTUCQ^6U\Y`U<_c1^TUci<QCUbU^Q²VeUb_^
QWbe`QSY_^UcS_]`eUcdQcUcU^SYQ\_UhS\ecYfQ]U^dU`_bU\U]U^d_c`_`e
\QbUcaeUQSdeQRQ^`QbQ\U\Q]U^dUQ\Qc_bWQ^YjQSY_^UcTU\\YRUbQ\Yc]_TU
\QWU^dUTUSU^dU³1\bUc`USd_^__VbUSUe^Q\YcdQTUc_SY_cTUSQTQSYeTQT
S_]_U^_db_cSQc_c`Ub_U\`e^d_SU^dbQ\cUbQaeU`_SQcfUSUcXQcdQ!(&!
XeR_]_fY]YU^d_cTUQbdUcQ^_cebRQ^_cd_dQ\]U^dUTUcfY^Se\QT_cTUe^
\YRUbQ\Yc]_TUU\YdUQ^dYW_RYUb^YcdQ
@_b _dbQ `QbdU CUbWY_ 7bUj dQ]RY}^ Y\ecdbQ \Q fYTQ TU 6Ub]^
FYfQSUdQi\QXYcd_bYQTU\]edeQ\Yc]_SXY\U^_U^U\S_^dUhd_TU\QcWeU
bbQcSYfY\UcTU!(%!i!(%)iT_Se]U^dQU\`b_iUSd_UTeSQdYf_`_`e\Qb
bUYfY^TYSQdYf_i]edeQ\YcdQaeUVeUQ`_iQT_`_bU\@bUcYTU^dU:_c}:_Q
ae^@}bUjU^\Q}`_SQTU\QbUS_^SY\YQSY†^^QSY_^Q\aeUcUU]`bU^
TY†U^\QT}SQTQTU!(& 3_^dY^‹Q\QXYcd_bYQS_^e^bUce]U^TU\Q
\eSXQcbUYfY^TYSQdYfQci\QS__bTY^QSY†^`_`e\QbU^dbU!(&!i!(')5\
SeQTb_>¡!'cUbv`_b]eSX_dYU]`_e^QbUVUbU^SYQRvcYSQTUbUSeU^
d_ TU \Qc ]vc Y]`_bdQ^dUc `b_dUcdQc c_SYQ\Uc i ]_fY]YU^d_c
bUYfY^TYSQdYf_cebRQ^_ci]Y^Ub_cU^dbU!(!)i!(')E^QY]`_bdQ^dU
S_^dbYReSY†^Uc\QQ`bUSYQSY†^TUCUbWY_7bUjaeUXQi²UfYTU^dUcU\U
]U^d_cTUS_^dY^eYTQTS_^`b_SUc_cTU\QbWQTQdQ³U^\QUf_\eSY†^TU
\Qc_bWQ^YjQSY_^UcaeUbU`bUcU^dQRQ^QQbdUcQ^_c]Y^Ub_c`UcSQT_
bUc`_bdeQbY_ci_db_cdY`_cTU_RbUb_cebRQ^_caeUS_^dbYReiUb_^Q\
^QSY]YU^d_TU\]_fY]YU^d_cY^TYSQ\_RbUb_]_TUb^_5^ceS_^cYTUbQ
SY†^TU\_aeU\\Q]QU\\YRUbQ\Yc]_`_`e\Qb!(& !(')cU`bUcU^dQe^
SeQTb_aeUY\ecdbQUcdQ²S_^dY^eYTQT³S_^\QcY^cdQ^SYQcTU`QbdYSY`Q
SY†^ TU ]UTY_ SU^dU^Qb TU TYbYWU^dUc i QSdYfYcdQc `_`e\QbUc U^
]edeQ\UcVY\Qb]†^YSQc_RbUbQc\QSQ]`Q…Q`bUcYTU^SYQ\TU2U^ZQ]^

""
FYSe…Q=QS[U^^Q\QSQ]`Q…Q`b_dUSSY_^YcdQiU^_db_c]_fY]YU^d_cTU
\Qcc_SYUTQTUc`_`e\QbUc]}d_T_ecQT_`_b3bYcdYv^7Qj]ebYU^5\´$(µ
SXY\U^_" UTYSY†^!))(S_^\_cYWeQ\YdQbY_cbQTYSQ\Uc]Qc_^UciR_]
RUb_c3_^UcdUdY`_TU]YSb_XYcd_bYQTU\QcUh`UbYU^SYQc_bWQ^YjQdYfQcTU
TYbYWU^dUccUV_bZQe^QXYcd_bYQS_\USdYfQTU\\YTUbQjW_TU\²\YRUbQ\Yc]_
`_`e\Qb³aeUTUc`e}ccUU^dbU]UjS\QiQfUSUcS_]RQdUQ\_c]_fY]YU^
d_cY^V\eYT_c`_bU\Q^QbaeYc]_ic_SYQ\Yc]_CUW‹^7bUjU\\YRUbQ\Yc]_
`_`e\QbQSdeQRQS_]_e^VY\db_dbQ^cV_b]QT_bTU\TYcSebc_TU\QU\YdU\YRU
bQ\bUce\dQ^T_U^e^cY^SbUdYc]_`_\dYS_aeUbUV\UZQRQ\Q\USdebQ`\URUiQ
TU\YTUQbY_\YRUbQ\
5\²VY\db_³`Ub]YdY†`QcQbcY^U]RQbW_\_cWbQ^_cTU\QS_^dY^eY
TQT5\`bY]Ub`QbdYT_`_\dYS_`_`e\QbU\4U]_SbvdYS_!(('bUS_WU
U\U]U^d_cSU^dbQ\UcTU\QTU]Q^TQcTU\_c!(# !($ *\YRUbQSY†^TU\
cUbfYSY_U^\Q7eQbTYQ>QSY_^Q\`b_dUSSY_^Yc]_ibUWe\QSY†^`_bU\
5cdQT_aeUQRQbQdQbQU\S_cd_TU\QfYTQS_dYTYQ^QTU\`eUR\_5^ce`bY
]UbQ…_U\@QbdYT_4U]_SbvdYS_def_dbUcWbQ^TUcdbYe^V_c*\QTUcQ`QbY
SY†^ZebTYSQiTUVQSd_TU\Q7eQbTYQ>QSY_^Q\U\bUSXQj_TUe^`b_
iUSd_TU\UiTUY]`eUcd_Q\WQ^QT_QbWU^dY^_i\Qce`bUcY†^TU\Q\jQTU
]UTY_SU^dQf_U^\_c`QcQZUcTUcUWe^TQS\QcUU^\_cdbQ^fQcTUCQ^dYQ
W_TUc`e}cTU]Q^YVUcdQSY_^UcfY_\U^dQcU^\QcaeUcUY^SU^TYQb_^fQ
bY_cSQbb_cU^CQ^dYQW_!(((5\W_RYUb^_TU2Q\]QSUTQbU`bY]Y†Q
\_cTYbYWU^dUcTU]†SbQdQcS_]_bU`bY]YbQTUc`e}cQ\_c`_bdeQbY_ci
_RbUb_ccQ\YdbUb_cU^!() @Ub_S_]_\_Uh`\YSQ7bUjXeR_²e^QWbQ^
Y^S_^cSYU^SYQTU\QU\YdUTYbYWU^dUVbU^dUQ\QcUfYTU^SYQcTUe^]Q\aeU
cUUhdU^TQS_]_e^QWQ^WbU^Qc_RbUU\SeUb`_TU\Qc_SYUTQT³Qe^
SeQ^T_\_ccUSd_bUc`_`e\QbUcUcdQRQ^²U^fQcTUTUfU^Ybe^ceZUd_
c_SYQ\Qed†^_]_³
CY^U]RQbW_\QbYaeUjQi\_c]QdYSUcTU\QY^fUcdYWQSY†^TUCUbWY_
7bUj]U\\UfQ^Q`_^UbU^TeTQQ\We^QcY^dUb`bUdQSY_^UcWbeUcQcTU\Q
_RbQUc`USYQ\]U^dUceS_^S\ecY†^=U`QbUSUSeUcdY_^QR\UTUc`e}cTU
\UUbU\\YRb_T_cfUSUcaeUUhYcdYUbQQ\W_aeUcU`eTYUbQTU^_]Y^Qb²U\
]_fY]YU^d_`_`e\QbU^3XY\U³Q\]U^_cU^d}b]Y^_cS_]`QdYR\UcS_^
U\ec_TU\S_^SU`d_²]_fY]YU^d_c_SYQ\³TUWbQ^`QbdUTU\Q\YdUbQdebQ
c_SY_\†WYSQC_RbUd_T_cYU\S_^SU`d_Y]`\YSQQ\W‹^cU^dYT_TUQed_^_
]Qe^YTQT_S_XUbU^SYQ8eR_]eSX_cdY`_cTU]_fY]YU^d_cc_SYQ\Uc
iTU_bWQ^YjQSY_^UcU^dbU\_ccUSd_bUc¨`_`e\QbUc©TUcTU\_c!(# XQcdQ
!() 8eR_TYcdY^dQcV_b]QcTUc_SYQRY\YTQT]eSXQcTUU\\QcS_^`_SQ
S_^UhY†^TYbUSdQS_^\_aeU`_TbQ\\Q]QbcUe^²]_fY]YU^d_`_`e\Qb³
`_\dYS_<_aeU]eUcdbQ\QY^fUcdYWQSY†^TU7bUjUc`bUSYcQ]U^dU\QbY
aeUjQfQbYQRY\YTQTY^dUbS_^UhY†^S_^Wbe`_ci`QbdYT_cTUU\YdUiS\QcU
]UTYQi\QUf_\eSY†^TU\SQbvSdUbiTU\QcbUYfY^TYSQSY_^Ucc_SYQ\UcTUQ\
We^QcTUUcdQc²_bWQ^YjQSY_^Uc`_`e\QbUc³XQcdQZe\Y_TU!() SeQ^T_U\
`QcUh`UbY]U^d†\Q`bY]UbQXeU\WQWU^UbQ\
8QcdQ!() U^]Y\USdebQTUUcdQY^fUcdYWQSY†^^_cUTYcdY^WeU^\_c

"#
cUSd_bUc`_`e\QbUc²U^fQcTUTUfU^Ybe^ceZUd_c_SYQ\Qed†^_]_³C_RbU\Q
bU\QdYfQQed_^_]Q_bWQ^YjQdYfQUYTU_\†WYSQTU\_c]_fY]YU^d_c`_`e\Q
bUc7bUjdbQdQTU]Q^dU^Ubce\^UQU]`bYSQQe^SeQ^T_cUUfYTU^SYQce
Q^XU\_`_bU^S_^dbQbbQcdb_cTUQed_^_]Qi`b_dQW_^Yc]_T_^TU\_c
XeRYUbU1bWe]U^dQaeUXQSYQVY^UcTU\QT}SQTQTU\_c!(( ²cU`b_TeZ_
e^`b_SUc_TUe^YVYSQSY†^SbUSYU^dUTU\QcTU]Q^TQc`_`e\QbUc³dUcYcaeU
U^SeU^db_Q\]U^_cTURQdYR\U^__RcdQ^dU\_cUTYd_bYQ\UcU^\Q`bU^cQ`_
`e\Qbi\_c]_fY]YU^d_c`b_dUSSY_^YcdQcQcS_]_\_cY^dU^d_cTUS__bTY^Qb
\QcQSSY_^UcTU\Qcc_SYUTQTUc_RbUbQciQbdUcQ^Q\UcaeUCUbWY_7bUjT_Se
]U^dQCeQ^v\YcYcTU\_c]_fY]YU^d_cbUYfY^TYSQdYf_cU^dbU!(')i!() \_
\\UfQQS_^S\eYbaeU\QXeU\WQ_RbUbQcUdbQ^cV_b]QU^e^VU^†]U^_S_bbYU^
dUU^\Qc`bY^SY`Q\UcSYeTQTUc`eUbd_cibUWY_^Uc]Y^UbQcTU\^_bdUaeU
\Qcc_SYUTQTUcTUc_S_bb_c]ede_cQce]YUb_^VbUSeU^dU]U^dU\Q_bWQ^YjQ
SY†^iTYbUSSY†^TU\_c]_fY]YU^d_cbUYfY^TYSQdYf_cS_^VYb]QSY†^TU\Q
S_^dY^eYTQTidbQ^cV_b]QSY†^TU\_cWbe`_c`_`e\QbUcS_]_bUc`eUcdQQ\_c
SQ]RYQ^dUcS_^TYSY_^Ucc_SY_US_^†]YSQc`bUVYWebQ^T_Qc\Qcc_SYUTQTUc
TUbUcYcdU^SYQi\eUW_\Qc]Q^S_]e^Q\Uci\_ccY^TYSQd_c5^_db_cSQc_ccY^
U]RQbW_\QcS_^TYSY_^Uc\_SQ\UcTYUb_^Q\ejQ_bWQ^YjQSY_^Uci]_fY]YU^
d_c^eUf_ciU^d_T_SQc_\_cdY`_cTU]_fY]YU^d_cc_SYQ\UcfQbYQRQ^S_^cY
TUbQR\U]U^dUTUcTU\Qc²Uh`\_cY_^Uc³]Y^UbQci\Q²WeUbbQc_SYQ\³TU\_c
SQbbY\Q^_cXQcdQ\_c]_fY]YU^d_cSQcY]_TUb^_cU^cecTU]Q^TQci`\YUW_c
TU`UdYSY_^UcTU\_cdY`†WbQV_caeUY^f_\eSbQRQ^QfUSUcQ\WbU]Y_TUd_TQ
e^QSYeTQT5^]ei`_SQcY^cdQ^SYQccY^U]RQbW_cUbUVYUbUQ]_fY]YU^d_c
\QR_bQ\Uc_`b_dUcdQcc_SYQ\UcUcdbYSdQ]U^dU²Qed†^_]_c³cYU^T_\_cQSd_
bUcUhdUb^_cQfUSUc\Q9W\UcYQQfUSUcU\@QbdYT_3_^cUbfQT_bQfUSUc\_c
]Qc_^UcQfUSUc\_c\YRUbQ\UciTU]†SbQdQc5c_^_Y]`\YSQaeU\Qc_bWQ^YjQ
SY_^Uc`_`e\QbUc^_defYUbQ^fYTQ`b_`YQ`Ub_¤UcdQRQ^²U^fQcTUTUfU^Yb
e^ceZUd_c_SYQ\Qed†^_]_³/
1^dU\_cfQbYQT_c]_fY]YU^d_c`_`e\QbUc²`QbUSUcUbaeU^_UhYcdQ
`_b`QbdUTU\5cdQT_e^Q`_\dYSQS\QbQ]U^dUTUVY^YTQ`QbQU^dbUWQbe^Q
bUc`eUcdQe^YVYSQTQiS_XUbU^dUQ\VU^†]U^_XeU\WecdYS_TUbUSYU^dU
]QcYVYSQSY†^³i\QcQed_bYTQTUcY^dUb]UTYQc]e^YSY`Q\YTQTUcY^dU^
TU^SYQcdbQdQRQ^TU]UTYQbU^dbU\Qc`QbdUcU^S_^V\YSd_³<_cW_RYUb^_c
_\YWvbaeYS_cTU\_c!(( d_TQfQ^_XQRQ^bUceU\d_TUVY^YdYfQ]U^dU\_c
TURQdUcc_RbU\Q`b_Ve^TYjQSY†^TU\\YRUbQ\Yc]_`_\dYS_TY\U]QaeU^_
cUXQU^VbU^dQT_S_^}hYd_^YU^\Q‹\dY]QT}SQTQTU\cYW\_HHU]`bU^
TYT_U^dbU<QcdQbbYQi\_c`U\eS_^UcU^\_c!($ =U^_c`bU`QbQT_cd_TQ
fQ UcdQRQ^ `QbQ ²c_\eSY_^Qb³ \Q ²SeUcdY†^ c_SYQ\³ aeU ^_ U^dU^TQ^
S_]_^_\QU^dU^TQ^RYU^\_cW_RYUb^_cUeb_`U_c_\_cW_RYUb^_cTU\_c
5cdQT_cE^YT_cCUbWY_7bUj^_YW^_bQd_T_Uc_Y^S\ec_ceY^fUcdYWQSY†^
bUfU\Q\Qc]eSXQcTYfYcY_^Uc`_\dYSQciTUY^dUbUcUcUS_^†]YS_cU^dbU\_c
cUSd_bUcTUU\YdU@Ub_U^\QXYcd_bYQaeUSeU^dQTU\QC_SYUTQT5cSeU\QBU
`eR\YSQ^Q²U\SQ^Q\TUUh`bUcY†^`_\dYSQTU\QU\YdUTU\_cdbQRQZQT_bUc³
TUcTUVY^UcTU\_cQ…_ccUdU^dQiXQcdQ!(('cUU^SeU^dbQdQ\fUjU\TUcU_

"$
ceRiQSU^dUTU\QY^fUcdYWQSY†^*²\QSbUSYU^dUS_^V\eU^SYQTU\_cSeQTb_cTU
\Qc`bY^SY`Q\Uc_bWQ^YjQSY_^Uc_RbUbQci`_`e\QbUc³
>__RcdQ^dUQ\We^QcTYVUbU^SYQcTUY^dUb`bUdQSY†^iTUQc`YbQSY_
^UcaeUcY^_\QcXeRYUbQU^]vcTU( `vWY^QccUbQQ\W_]Y\QWb_c_
`eUT_QVYb]QbaeUCUbWY_7bUjUcSbYRY†U\\YRb_aeU]UXYj_VQ\dQTebQ^
dUe^SeQbd_TUcYW\_i`b_TeZ_e^Q^QbbQdYfQaeU\YWQ\QUf_\eSY†^TU\_c
]_fY]YU^d_ci\QcQWbe`QSY_^Uc²`_`e\QbUc³Q\_c`b_SUc_cTUebRQ^YjQ
SY†^UY^TecdbYQ\YjQSY†^Q\QY^S_b`_bQSY†^TU\QUS_^_]QSXY\U^QQ\
]UbSQT_Y^dUb^QSY_^Q\Q\QcYTU_\_WQcY]`_bdQTQciQ\_c`QbdYT_c`_\
dYS_ci]_fY]YU^d_cc_SYQ\UcaeUcUWU^UbQb_^XQcdQVY^UcTU\cYW\_H9H
3_]_}\]Yc]_bUS_^_SU]vcTUe^QfUj\QXYcd_bYQaeU}\XQbUS_^c
dbeYT_^_UcUhXQecdYfQ`Ub_^_TUZQbvTUcUbU\`e^d_TU`QbdYTQ_R\YWQ
TQ`QbQVedeb_cXYcd_bYQT_bUcSXY\U^_ciUhdbQ^ZUb_caeU`bUdU^TU^Ucde
TYQb\_cWbe`_ci]_fY]YU^d_cebRQ^_c`_`e\QbUcTUcTU\QY^TU`U^TU^
SYQXQcdQ\QWeUbbQSYfY\TU!()!

2bYQ^<_fU]Q^
CQ^4YUW_CdQdUE^YfUbcYdi
CQ^4YUW_QW_cd_TU" '

"%
 @B5C5>D139É>1<1@B9=5B154939É>

?RcUbfQT_ TUcTU \Q 1bWU^dY^Q cYU]`bU XQ bUce\dQT_ ^_dQR\U U\

²S\QcYc]_³TU\QS\QcU_RbUbQSXY\U^QTU\cYW\_HH5cd_cYW^YVYSQaeU\_c
U^VbU^dQ]YU^d_cS_^U\SQ`YdQ\XQ^cYT_^dYT_caeU\QS\QcUcUXQUh`bU
cQT_`_\dYSQ]U^dUTU]Q^UbQQed†^_]Q`Ub_dQ]RY}^aeU\Qc]_TUb
^QcbU\QSY_^UcY^TecdbYQ\UcXQ^SeQZQT_dU]`bQ^Q]U^dU¤4UT†^TU^QSU
UcdQUf_\eSY†^bU\QdYfQ]U^dUcY^We\QbU^1]}bYSQ<QdY^Q/C_^S_]e^Uc
\QcUh`\YSQSY_^UcaeUcUQ`_iQ^U^\QcUcdbeSdebQcc_SYQ\UcRvcYSQciTU
TeSU^TUU\\Qc\_cY^dUbUcUc\_c]_T_cTU_bWQ^YjQSY†^i\QcYTU_\_WQc
8QSU`_S_TU]Q^UbQ]eiS_^fY^SU^dU3XQb\Uc2UbWaeYcd`b_`ec_e^Q
Uh`\YSQSY†^aeUfY^Se\QRQ\Qc`USe\YQbYTQTUcTU\U^S\QfUcQ\YdbUb_S_^
UcdQcSQbQSdUbcdYSQcS\QcYcdQcTU\]_fY]YU^d__RbUb_SXY\U^_?dbQc\^UQc
TUUh`\YSQSY†^U^SQ]RY_Y^dU^dQ^RecSQb\_c^Uh_cU^dbU\QUcdbeSdebQ
i\QSe\debQi`b_SebQ^S_]`bU^TUb\Q^QdebQ\UjQTU\_cQSd_bUcc_SYQ\Uc
U^d}b]Y^_cTU\QbW_c`b_SUc_cTUQSe]e\QSY†^TUUh`UbYU^SYQcidbQTY
SY_^Uc
3bU_aeUQUcd_XQQ`_cdQT_CUbWY_7bUjCeQ`eUcdQUcQ]RYSY_cQ
5^`bY]Ub\eWQbTQbSeU^dQTUe^\QbW_`b_SUc_cUSe\QbTUWUcdQSY†^i
TUcQbb_\\_TU\]_fY]YU^d_`_`e\Qbe^QSQdUW_bQaeU\U`Ub]YdUU\eTYb
U\U^S_bcUdQ]YU^d_S_^SU`deQ\TU\Q^_SY†^TU²S\QcU_RbUbQ³dQ\S_]_
\QXQ^U]`\UQT_\_c`QbQTYW]Qc]vcdbQTYSY_^Q\Uc5^cUWe^T_\eWQbXQ
RecSQT_ceRbQiQb\QcS_^dY^eYTQTUc`_bc_RbU\Qcbe`debQcSYUbdQ]U^dU
cY^^UWQb\QcC_RbUd_T_XQQ`_cdQT_QUh`\YSQbQ\Q]Q^UbQTU5@
DX_]`c_^\Q]Q^UbQS_]_\QS\QcU_RbUbQcUS_^cdbeiUQcY]Yc]QfQ\_
bQ^T_\QcY^cdYdeSY_^UcaeUcebWU^TUcec`bvSdYSQc\Qc`b_`eUcdQcibU
S\Q]_caeUTUbYfQ^TUceUh`UbYU^SYQidQ]RY}^\Q]Q^UbQ`b_`YQTU
`b_SUcQb]U^cQZUcUYTUQc`b_fU^YU^dUcTU_db_cv]RYd_cTU\Qc_SYUTQT
6Y^Q\]U^dUXQceRbQiQT_\QTY]U^cY†^`_\dYSQTU\QS_^cdYdeSY†^TUUcQ
YTU^dYTQT*\QS_^cdbeSSY†^`_\dYSQTU\QS\QcU^_Uc`b_TeSd_TU\dbQRQZ_
YTU_\†WYS_TUe^QfQ^WeQbTYQY\ecdbQTQcY^_\QS_^cUSeU^SYQTUe^QWbQ
TeQ\]QTebQSY†^iUcSYcY†^TU\_c`b_`Y_cdbQRQZQT_bUcQ`QbdYbTUe^Q
Uh`UbYU^SYQY^YSYQ\U^U\]QbS_TU\\YRUbQ\Yc]_`_\dYS_
5\Q\]QTU\²]_fY]YU^d_c_SYQ\³aeU7bUjUcdeTYQUcU\QbdUcQ^QT_eb
RQ^_CYcecbQSUccUU^SeU^dbQ^U^U\QbdUcQ^QT_S_\_^YQ\aeU`b_\_^WQ
ceUhYcdU^SYQU^\Qc`bY]UbQcT}SQTQcbUf_\eSY_^QbYQc\_aeUdYU^UTUUc
`USVYS_cUS_^VYWebQU^U\]QbS_TU\QdU]`bQ^Q]QTebQSY†^TU\QUS_^_
]QUh`_bdQT_bQSXY\U^QiQU^\QcT}SQTQcSU^dbQ\UcTU\cYW\_iU^\QSQTU

"'
^QTUTU]Q^TQciUcd]e\_caeUUcQUh`Q^cY†^WU^Ub†<QcTU]Q^TQcTU
\QU\YdUU\TUcQbb_\\_TU\_cdbQ^c`_bdUcicUbfYSY_cU\^eUf_S_^ce]_TU
cUSd_bUc]UTY_ci`_`e\QbUci\Q]Yc]QQSdYfYTQTY^TecdbYQ\d_T_U\\_TY_
fYTQQe^Q]Q^eVQSdebQaeUcY^c_\eSY†^TUS_^dY^eYTQTU^\Qj†\Qc`U
aeU…QcV_b]QcTU`b_TeSSY†^S_^\_c]_TUb^_cUcdQR\USY]YU^d_cVQRbY\Uc
<QcY^We\QbYTQTaeU7bUjTUdUSdQiaeU3XY\US_]`QbdUS_^3_\_]
RYQUc\QdU]`bQ^QUY^dU^cQY^S_b`_bQSY†^TUUc_cQbdUcQ^_cQ\QfYTQ`‹
R\YSQ<_XYSYUb_^S_^f_SQT_c`_bTYfUbcQcVeUbjQcQSdeQ^dUcU^e^QUc
SU^Q`_\dYSQ`_bU^d_^SUcbU\QdYfQ]U^dU]QTebQTYcdQ^dUQ\]U^_cTU
\QcV_b]Qc]vcS_bbYU^dUcTU`_\dYSQSQeTY\\cdQ\QdY^_Q]UbYSQ^Qi]ei
Uc`USYQ\]U^dU`_b\_ccUSd_bUc\YRUbQ\Uc5cdQY^dUb`U\QSY†^U^\eWQbTU
Y^cdbe]U^dQ\YjQbU\]e^T_QbdUcQ^Q\U^e^Q\eSXQ`_\dYSQQZU^QQSde†
S_]_TYc`QbQT_bTUcecbUYfY^TYSQSY_^UcUc`USVYSQciTUcecV_b]Qc`b_
`YQcTU_bWQ^YjQSY†^5\]edeQ\Yc]_cUU^dbU\Qj†S_^\QTU]Q^TQ`b_dUS
SY_^YcdQaeUTUbYf†U^e^Q`b_`eUcdQUS_^†]YSQ`b_`YQ5\bUS\Q]_S_^
dbQ\QY^S_b`_bQSY†^V_bjQTQQ\Q7eQbTYQ>QSY_^Q\cUdbQTeZ_U^bUS\Q]_c
Q^dYQed_bYdQbY_caeUTUcR_bTQb_^U\]QbS_\YRUbQ\Y^YSYQ\idQ]RY}^U\TU\
^eUf_bQTYSQ\Yc]_`QbQS_^S\eYbU^e^Q_bWQ^YjQSY†^`_\dYSQcY^We\Qb
U^cedYU]`_*U\@QbdYT_4U]_SbvdYS_CUbWY_7bUjdbQjQTU]Q^UbQ]ei
S_^fY^SU^dUU\SeQTb_TUe^TUc\YjQ]YU^d_WbQTeQ\TU\\YRUbQ\Yc]_]vc
S\vcYS_XQSYQ\_aeU\\Q]QU\\YRUbQ\Yc]_`_`e\QbaeUY^S\eiUe^Q`b_
`eUcdQTU]_SbvdYSQS_^VeUbdUS_^dU^YT_c_SYQ\
1\U^V_SQb\QcS_cQcTUUcdU]_T_7bUjXQSUe^QU\USSY†^aeUUcQ
\QfUjXYcd_bY_WbvVYSQXQUcdeTYQT_\_aeU\U`QbUSUbU\UfQ^dUi`_\dYSQ
S_]_d_TQReU^Q_`SY†^TUXYcd_bYQT_bCUQTfYUbdUaeUd_]QTYcdQ^SYQ
TU_dbQc`_cYRY\YTQTUcY^dUb`bUdQdYfQcaeU^_\UQcYW^QY]`_bdQ^SYQSU^
dbQ\Q\QcV_b]Qc²`bU]_TUb^Qc³TU\Q_bWQ^YjQSY†^i\QQSSY†^aeUS_^cY
TUbQbU\UfQ^dU\QTYcdY^SY†^U^dbU²S\QcUc\QR_bY_cQc³i²S\QcUc`U\YWb_cQc³
iaeU\QVb_^dUbQU^dbUU\TU\Yd_i\Q\eSXQc_SYQ\\UbUce\dQS\QbQ>_c}
SeQ^d_S_^dbYReiUUcdQ_`SY†^Q\Q`bUSYcY†^ibYaeUjQTUceY^dUb`bUdQ
SY†^@Ub_UcdvS\Qb_aeUQ\XQSUb\Q]YbQQ\QfUjU\`QcQT_iU\Vedeb_
<_SebY_c_UcaeUQ\VY^Q\TU\SQ]Y^_\eUW_TUXQRUbcUWeYT_\QR_
bY_cQ]U^dU\QdbQiUSd_bYQTUUcdU²]_fY]YU^d_`_`e\Qb³TURQcUQbdUcQ^Q\
iTUXQRUbTUcSQbdQT__dbQc]YbQTQcc_RbU\_`_`e\QbS_^S\eiUceYdY^U
bQbY_ S_^ \Q XeU\WQ WU^UbQ\ TU !()  U^ \Q aeU bUS_^_SU e^ XYd_
Ve^TQSY_^Q\TU\Q]_TUb^QS\QcU_RbUbQCec`b_dQW_^YcdQcfYU^U^TU
_db_cv]RYd_cc_SYQ\Uc]vcdbQTYSY_^Q\Uci]vc]_TUb^_cQ\QfUj*`U_
^UcaeUcU`b_\UdQbYjQ^QSU\UbQTQ]U^dU`Ub_bUYfY^TYSQ^U^^eUf_cS_^
dUhd_cV_b]QcdbQTYSY_^Q\UcTUbUcYcdU^SYQiQSSY†^IU^UcdQX_bQTUSYcY
fQ7bUjTUS\QbQaeU\_cQbdUcQ^_c\_c]edeQ\YcdQcU\@QbdYT_4U]_SbvdY
S_Ucdv^QecU^dUc6Y^Q\QRbe`d_iS_^dbQTYSd_bY_cYU\Qed_b^_cU…Q\QbQ
Q^e^SYQ^T_e^Q\^UQVedebQTUdbQRQZ_aeUUcUSQeTQ\TUUh`UbYU^SYQc
TU\²]_fY]YU^d_`_`e\Qb³cUbvVY^Q\]U^dUQT_`dQT_ibUYfY^TYSQT_`_b
U\]_fY]YU^d__RbUb_

"(
 5^ce]Q7bUjS_b_^Qe^UcVeUbj_Q]RYSY_c_S_^e^SeQTb_S_XU
bU^dU3_]_SeQ\aeYUb`b_`eUcdQTUUcdUdY`_`bUcU^dQ`b_R\U]QciQRbU
TYcSecY_^Uc7bUjS_^cdbeiUUcdQU^_b]UXYcd_bYQS_^e^S_^Ze^d_TU
VbQW]U^d_caeUXQbUe^YT_\QR_bY_cQ]U^dU`Ub_aeUc_^d_TQfQY^ceVY
SYU^dUcTU]_T_aeUcebUS_^cdbeSSY†^]eUcdbQcQ\d_c\QWe^Qcj_^Qc
XY`_d}dYSQcD_T_Ucd_TUbYfQTU\fQS_XYcd_bY_WbvVYS_c_RbUU\dU]Qi
U^TUVY^YdYfQ^_c\\UfQQfQ\_bQb]vcU\UcVeUbj_`Y_^Ub_TU\Qed_b
AeYjvcU\`e^d_aeUTURUbQcUbTYcSedYT_Q`QbdYbTUUcdU\YRb_Uc\Q
YTUQTU\ceZUd_aeU\_ceRdYU^TU¤8QcdQae}`e^d_cY^V_bjQbU\]QdUbYQ\
U]`bYS_`eUTUXQR\QbcUTUe^]_fY]YU^d_`_`e\QbS_^dY^e_aeUU^
\QSU\_cS_^V\YSd_cTU!(! S_^\_cTU!() /3YUbdQ]U^dU\Q^_SY†^TU
dbQTYSY_^Uc^_c`Ub]YdU`U^cQb\QcS_cQcU^Ucd_cd}b]Y^_c`Ub_Q‹^Qc
aeYjvc S_^fU^WQ ceRbQiQb ]vc Q\We^Qc TYcS_^dY^eYTQTUc TUc`_ZQb Q\
]_fY]YU^d_`_`e\QbTUe^QSYUbdQS_^^_dQSY†^XUWU\YQ^QiU^SQb^Qb\_
]UZ_bU^U\`b_SUc_XYcd†bYS_5^U\]Yc]_cU^dYT_XQRbvaeUTURQdYb
QSUbSQTUSeQ^T_`eUTUU]`UjQbQXQR\QbcUTUe^]_fY]YU^d_`_`e\Qb
TUTY]U^cY†^^QSY_^Q\XQRYTQSeU^dQTU\QVbQW]U^dQSY†^bUWY_^Q\TU
Uh`UbYU^SYQciTU\Q\U^dQS_^cdYdeSY†^TUe^Qc_SYUTQT^QSY_^Q\6Y^Q\
]U^dU]U`QbUSUY]`_bdQ^dUY^S\eYbU^UcdQXYcd_bYQQ\Q^dQW_^YcdQ_Q\
]U^_cceRbQiQbTU]Q^UbQ]vc`bUSYcQcecbQcW_cD_TQYTU^dYTQTc_SYQ\
cebWUTUe^QbU\QSY†^e^S_^V\YSd_¤3_^aeY}^cUU^VbU^dQ^Ucd_cQbdU
cQ^_c/¤C†\_S_^U\5cdQT_icecW_RYUb^_c/AeYjvcQ\\Ucd}e^QTU\Qc
S\QfUcTU\dY`_TUYTU^dYTQTc_SYQ\i`_\dYSQaeUS_^cdYdeiU^i`_bae}
^_TUce²QecU^SYQ³U^!() 
=vcQ\\vTUUcdQcSeUcdY_^UccYcUaeYUbU]U^_bUcdU^U]_cQaeU\
dbQjQT_WU^UbQ\TUe^QXYcd_bYQaeUUcY]`_bdQ^dU5cdU\YRb_VQSY\YdQbvU\
dbQRQZ_TUd_T_caeYU^UcfU^WQ^Q`bUSYcQb\Q\^UQQ]YbQbU^TUdQ\\U
SQTQe^QTUcec`QbdUc8QSU]vcTUfUY^dUQ…_cY]QWY^}UcSbYRYbe^\Y
Rb_S_]_UcdUiTUcYcd@eUT_fQ\_bQbU\UcVeUbj_TU\dbQRQZ_TUCUbWY_
7bUjSeiQ_RbQcUbvcY^TeTQe^ZQ\†^

<eYc1\RUbd_B_]Ub_
2eU^_c1YbUcY^fYUb^_TU!))'

")
 @BÉ<?7?1<1C57E>4154939É>

4U\Q²bUWU^UbQSY†^TU\`eUR\_³Q\QXeU\WQWU^UbQ\Q`QbUSY†`_b`bY]UbQfUj
QS_]YU^j_cTU!))(iQ\SQR_TUdbUc_SeQdb_Q…_c\QUTYSY†^TU]Y\UZU]
`\QbUccUXQRQQW_dQT_4UcTUU^d_^SUccec^eUf_c\USd_bUcXQ^dU^YT_
aeUS_^ce\dQb\_U^RYR\Y_dUSQc_bUSebbYbQ\S_^cQRYT_Uh`UTYU^dUTU\Qc
V_d_S_`YQc@_bU\\_ibUc`_^TYU^T_Q\`UTYT_TU^e]Ub_cQc`Ubc_^Qc
U^dbUU\\QcQ\We^_c\YRbUb_cTUSYT`bU`QbQbe^QcUWe^TQUTYSY†^1e^
aeUcYU]`bUQ\U^d}\QYTUQTUY^S_b`_bQbU^e^dUhd_²bU]_jQT_³\_c
Q`_bdUcTU\QRYR\Y_WbQVQ`UbdY^U^dUQ`QbUSYTQU^Ucd_c‹\dY]_cQ…_cVY
^Q\]U^dUTUcYcdTUUcdU`b_`†cYd_iQaeU\\UfQb\_QSQR_XeRYUbQcYW^YVY
SQT_e^QUc`UbQQ‹^]Qi_b`QbQS_^SbUdQbcebUUTYSY†^5^QbQcTU\Q
ebWU^SYQdefUaeUS_^V_b]Qb]US_^S_bbUWYbQ\We^_cUbb_bUc]U^_bUcTU
dY`_WbQVQbU`_^UbU^e^SeQTb_TU]_fY]YU^d_cTU`b_dUcdQibUYfY^TYSQ
SY†^ c_SYQ\ e^ QS_^dUSY]YU^d_ aeU cU XQRQ UhdbQfYQT_ e^ ^TYSU
_^_]vcdYS_iQWbUWQbe^QceSY^dQQTTU^TQTQ^T_SeU^dQTU\Qc^_fUTQTUc
XYcd_bY_WbvVYSQc]vccYW^YVYSQdYfQcaeUWeQbTQ^bU\QSY†^S_^\_c`bY^SY`Q
\UcdU]QcQR_bTQT_cU^UcdU\YRb_Q]}^TUbUTQSdQbUcdU^eUf_`b†\_W_
>eUfUQ…_c`eUTUcUb`_S_dYU]`_U^\QQWU^TQTUe^QTUdUb]Y^Q
TQS_]e^YTQTTUXYcd_bYQT_bUc`Ub_cYcUUhQ]Y^Q\QXYcd_bY_WbQVQc_
SYQ\SXY\U^QTUUcdU`Ub_T_cUS_^cdQdQbvaeUcecVbed_cXQ^cYT_fQbYQ
T_ciQRe^TQ^dUc>_S_bbUc`_^TUbUQ\YjQbQaeU\RQ\Q^SU`QbSYQ\]U^
dUiQdbQjQT_`_b_db_ccY^_cYdeQb]eiRbUfU]U^dUUcdU\YRb_U^U\S_^
dUhd_TUTYSXQ`b_TeSSY†^!
DQ\fUjU\Q`_bdU]vccYW^YVYSQdYf_U^3XY\UTU\Q\\Q]QTQ²>eUfQ8Yc
d_bYQC_SYQ\³XQcYT_Y^cdQ\Qbc†\YTQ]U^dU\_c_SYQ\i]vc`QbdYSe\Qb]U^
dU\_c_SYQ\`_`e\QbS_]_e^bUVUbU^dUY^U\eTYR\UTU\QXYcd_bYQiTU\Q
`bvSdYSQXYcd_bY_WbvVYSQIQSQcY^_cUU^SeU^dbQ^XYcd_bYQT_bUc`b_VUcY_
^Q\UcaeUbUSXQSU^QRYUbdQ]U^dU\Q^USUcYTQTTUY^S_b`_bQbUcQTY]U^
cY†^U^U\dbQRQZ_TUbUS_^cdbeSSY†^TU\QXYcd_bYQ_aeUSeUcdY_^U^\Q
XYcd_bYSYTQTTU\_cceZUd_c`_`e\QbUc1e^aeUUcd_UcU\Vbed_TU\dbQRQZ_
TU fQbYQc WU^UbQSY_^Uc TU XYcd_bYQT_bUc °TUcTU Q\We^_c ²SXYc`Qj_c³
Y^deYdYf_c TU Q\W‹^ \YRUbQ\ TU\ cYW\_ H9H S_]_ 2U^ZQ]^ FYSe…Q
=QS[U^^QXQcdQ\QcZ†fU^UcX_b^QTQcTUXYcd_bYQT_bUcaeUQSdeQ\]U^
dUTUc`e^dQ^U^_bTU^TYc`Ubc_`QcQ^T_`_b\_cXYcd_bYQT_bUc²]QbhYc
!
5\RQ\Q^SU]vcS_]`\Ud_c_RbU\Q²XYcd_bY_WbQVQ\QR_bQ\³SXY\U^QXQcdQU\d}b]Y^_
TU\cYW\_HHUcU\UVUSdeQT_`_b:_bWUB_ZQc6\_bUc²<_cdbQRQZQT_bUcU^\QXYcd_bY_WbQVQ
SXY\U^Q*RQ\Q^SUi`b_iUSSY_^Uc³U^BUfYcdQTU5S_^_]QDbQRQZ_>¡! CQ^dYQW_" 
`vWc$'!!'

#!
dQcS\vcYS_c³TU\QcT}SQTQcTU!)% !)& i!)' i\_ccUWeYT_bUcSbY_\\_c
TU\Q5cSeU\QTU\_c1^Q\UcTU\Q]Yc]Q}`_SQi`_cdUbY_bUc°UcY^Te
TQR\UaeUU\Q`_bdUTU\_cUh`_^U^dUcTU\Q\\Q]QTQ²>eUfQ8Ycd_bYQC_
SYQ\³aeUS_]U^jQb_^QU]UbWUbTebQ^dU\QT}SQTQTU!)( XQcYT_]ei
dbQcSU^TU^dU
4U\Q²bUWU^UbQSY†^TU\`eUR\_³Q\QXeU\WQWU^UbQ\V_b]Q`QbdUTUUcU
UcVeUbj_TUbUUcSbYdebQTU\QXYcd_bYQTU3XY\U@Ub_\_XQSUTUcTUe^Q
`Ubc`USdYfQ`QbdYSe\Qb\QTUe^QXYcd_bYQc_SYQ\TU\]e^T_`_`e\Qb²S_^
\Q`_\dYSQY^S\eYTQ³\_aeUS_^cdYdeiUe^Q_`SY†^XYcd_bY_WbvVYSQQ\QfUj
aeUe^QQ`eUcdQ`_\dYSQTU\XYcd_bYQT_baeUfUU^\_ccUSd_bUc`_`e\QbUc
ceZUd_cS_^SQ`QSYTQT`QbQS_^cdbeYbQ\dUb^QdYfQcTU`_TUb "3YUbdQ]U^
dU^_cUdbQdQTUYTUQ\YjQbQ\_c`bY^SY`Q\Uc`b_dQW_^YcdQcTUUcdQXYcd_bYQ
^YTUdUZUbe^Q\UiU^TQb_]v^dYSQTUcecQSSY_^Uc>_`_cde\_U\cebWY
]YU^d_TUe^]_fY]YU^d_`_`e\QbTUQ\SQ^SU^QSY_^Q\S_^SQbQSdUbcdY
SQcX_]_W}^UQcTUcTUU\Y^YSY_TU^eUcdbQfYTQbU`eR\YSQ^QceRbQiQ^
T_c†\_cecU\U]U^d_cTUS_^dY^eYTQTXQcdQVY^UcTU\cYW\_H9H>Y²S_^
^_dQSY†^XUWU\YQ^Q³<eYc1\RUbd_B_]Ub_^Y²Q^XU\_TUU^S_^dbQb
bQcdb_c TU Qed_^_]Q i `b_dQW_^Yc]_ T_^TU \_ XeRYUbU³ 2bYQ^
<_fU]Q^aeUVeUbSU^\Qc`beURQcTUe^QY^dUb`bUdQSY†^cY^_cY]`\U
]U^dUU\bQcdbU_]vc]Y^eSY_c_i_RZUdYf_`_cYR\UTU\_cU\U]U^d_caeUQ
dbQf}cTUe^`b_SUc_TU\QbWQTebQSY†^VeUb_^Y]`_bdQ^dUcU^\QS_^cdYde
SY†^TUe^]_fY]YU^d_`_`e\Qb_bWQ^YjQT_TebQ^dU\QcUWe^TQ]YdQTTU\
cYW\_H9H_]vcTUSYTYTQ]U^dUQ`QbdYbTU\QcT}SQTQcTU!(& i!(' 
C†\_XUQR_bTQT_ceUcdeTY_U^dU^TY}^T_\_`bY]Ub_S_]_]_fY]YU^d_
c_SYQ\i\eUW_S_]_]_fY]YU^d_`_\dYS_cebWYT_TUce`b_`Y_cU^_
<Q`_\dYSQ`_`e\QbU^UcdU\YRb_^_cUS_^SYRU²S_]_UcVUbQQed_
S_^dU^YTQicYdeQTQVeUbQi`_bU^SY]QTU\_cceZUd_cc_SYQ\Uc³ #cY^_S_]_
SQ]`_TUbUV\UhY†^iQSSY†^aeUcebWUTUcTU\_c_SYQ\`Ub_aeUW_jQTU

"
E^]Qi_bTUcQbb_\\_TUUcdQcYTUQccUU^SeU^dbQU^CUbWY_7bUjD_c_²5cSbYRYb\Q
XYcd_bYQTU\_ccUSd_bUc`_`e\QbUc¤3_^_cY^\Q`_\dYSQY^S\eYTQ/1`b_`†cYd_TUT_c]YbQ
TQcQ\QXYcd_bYQc_SYQ\3XY\UcYW\_H9H³U^@_\dYSQf_\$$CQ^dYQW_" %`vWc!'#!
#
5cdQUh`bUcY†^\QedY\Yj†bUSYU^dU]U^dU7QRbYU\CQ\QjQb`QbQbUc`_^TUbQQ\We^Qc
SbdYSQcQcec_RbQcF}QcU7QRbYU\CQ\QjQb²@bUVQSY_Q\QcUWe^TQUTYSY†^BU`_cYSY_^Q^T_
\QcSbdYSQc³U^<QfY_\U^SYQ`_\dYSQ`_`e\QbU^\Qc´7bQ^TUc1\Q]UTQcµ<QfY_\U^SYQU^3XY\U
!)$'!)('E^Q`Ubc`USdYfQXYcd†bYS_`_`e\QbCQ^dYQW_<?=5TYSY_^Uc" &`vW""1e^
aeUS_Y^SYT_S_^UcdUXYcd_bYQT_bU^aeU\Q`_\dYSQ`_`e\QbS_]_`_TUbc_SYQ\²^_`eUTU
cY^_Y^YSYQbcUU^\_cceZUd_ciU^\QcQc_SYQSY_^UcTUceZUd_c³`QbQe^QfUjS_^c_\YTQT_Uc_
S_]_²]_fY]YU^d_³YbQ\QS_^cdbeSSY†^TUe^^eUf_5cdQT_TYcSbU`_TUce†`dYSQTU
Q^v\YcYc`_bU\\eWQbdbQcSU^TU^dQ\aeU\UQcYW^_Q\QcYTU_\_WQc`b_WbQ]QcUY^cdbe]U^
d_c`_\dYS_cY^S\eYT_c\_c`QbdYT_cQcS_]_Q\_c]USQ^Yc]_ciUh`bUcY_^Uc`b_`YQcTU
\Q`_\dYSQU^dU^TYTQ}cdQS_]_e^SQ]`_aeUcYRYU^`QbdUicUbU\QSY_^QS_^\_c_SYQ\
dYU^UdYU]`_cbYd]_c\†WYSQciUhYWU^SYQcaeU\Uc_^`b_`Y_cF}QcU7bUj²5cSbYRYb\QXYc
d_bYQ³_`SYdE^QUh`_cYSY†^TUUcdQcTYVUbU^SYQc°TUcTU\Q`Ubc`USdYfQTU\`b_VUc_b
CQ\QjQb°cUU^SeU^dbQU^@QR\_1bQfU^Q>²5\XYcd_bYQT_bice´_RZUd_µ3_^fUbcQSY†^S_^
7QRbYU\CQ\QjQb@bU]Y_>QSY_^Q\TU8Ycd_bYQ" &³U^1^Q\USdQBUfYcdQTU8e]Q^YTQTUc
FY…QTU\=Qb5cSeU\QTU5TeSQSY†^i8e]Q^YTQTUcTU\QE^YfUbcYTQTTUFY…QTU\=Qb
>¡!cUWe^T_cU]UcdbU" &`vWc!#)!%!

#"
SYUbdQQed_^_]QS_^bQcW_caeU\Uc_^`b_`Y_cCYU]`bUXUY^dU^dQT_
XQSUbe^QXYcd_bYQc_SYQ\TU\Q`_\dYSQQ\QfUjaeUe^QXYcd_bYQ`_\dYSQTU\_
c_SYQ\TUfU\Q^T_\QcY^V\eU^SYQcbUS`b_SQcU^dbUQ]RQcUcVUbQcTU\QfYTQ
TU\Qcc_SYUTQTUcXe]Q^Qc
5cdQ`Ubc`USdYfQ]U\\Uf†QSU^dbQb\Q]YbQTQU^QaeU\\_cceZUd_cc_
SYQ\UcS_^]Qi_bSQ`QSYTQTTUS_^cdbeSSY†^TUQ\dUb^QdYfQcc_SY_`_\dY
SQc\_cQbdUcQ^_ci_RbUb_cebRQ^_c]vcSQ\YVYSQT_ciQTYcdY^WeYb\Qc]Q
^YVUcdQSY_^Uc`bU`_\dYSQc_²`bY]YdYfQc³TUTUcS_^dU^d_c_SYQ\TUQaeU
\\Qc`bvSdYSQcaeUdU^TQ^QS_^cdYdeYbic_cdU^UbU\TUcQbb_\\_TU]_fY
]YU^d_c`_`e\QbUc_bWQ^YjQT_cCY^^UWQbaeU\QcVb_^dUbQcU^dbUQ]R_c
VU^†]U^_cceU\U^cUbTYVecQcc_cdU^W_aeUc†\_U\²Q^v\YcYcS_^SbUd_TU
\QcYdeQSY†^S_^SbUdQ³SQbQSdUbcdYSQTU\]}d_T_XYcd†bYS_^_c`eUTU
TUfU\QbT†^TUS_]YU^jQ^idUb]Y^Q^\_c\]YdUcU^dbUTUQ]R_cSQ]`_c
iU^ae}]UTYTQ`eUTUXQRUbU^dbU\QjQ]YU^d_i`_dU^SYQSY†^]edeQ$
4U\Q²bUWU^UbQSY†^TU\`eUR\_³Q\QXeU\WQWU^UbQ\^_TQSeU^dQTUdQ
\\QTQTUd_TQc\QcV_b]QcaeUQce]Y†U\TUcS_^dU^d_TU\²RQZ_`eUR\_³
SXY\U^_TebQ^dUU\cYW\_H9HiQaeUceSU^db_TUQdU^SY†^Uc\QQSSY†^
_bWQ^YjQTQTU\_ccUSd_bUc`_`e\QbUcU^\Q`Ubc`USdYfQTU\QS_^cdbeSSY†^
TUe^]_fY]YU^d__bWv^YS_?dbQc]Q^YVUcdQSY_^UcTU\QY^S_]_TYTQT
UhYcdU^SYQ\UcdbeSdebQ\TU\]e^T_`_`e\QbTUSY]_^†^YS_XQ^cYT_S_^
cYTUbQTQcS_]_`QbdUTU\S_^dUhd_U^aeUcUTUcQbb_\\Qb_^\QcQSSY_^Uc
TUdY`_]_fY]YU^dYcdQIbUS_WYU^T_SbdYSQciS_]U^dQbY_cU^dbQRQZ_c
`_cdUbY_bUcXUY^dU^dQT_`b_Ve^TYjQbU\Q^v\YcYcTUQ\We^_cVU^†]U^_c
Uf_SQT_cdQ\fUje^`_S_dQ^WU^SYQ\]U^dUU^UcdU\YRb_%
5cdQ_RbQXQYT_U^fUZUSYU^T_RYU^1e^aeU\_c^eUf_cQ`_bdUcXQ^
`bUSYcQT_Q\We^_cS_^d_b^_ce^dQ^d_TYVec_ciXQ^`b_Ve^TYjQT_SeUc
dY_^UcTUTUdQ\\U^_XQ^Q`QbUSYT_dbQRQZ_caeUSeUcdY_^U^U^RQcUQ
^eUfQcY^fUcdYWQSY_^Uccec\Y^UQ]YU^d_cY^dUb`bUdQdYf_cSU^dbQ\Uc^YdQ]
`_S_XUcQRYT_TU_RcUbfQSY_^UcSbdYSQcc_RbUSeUcdY_^UcTUdY`_VvSdYS_
aeU`eTYUbQ^XQSUb`UbTUbVeUbjQQUcdUbU\Qd_UY^dUb`bUdQSY†^XYcd†bY
SQ5\\_Uh`\YSQcebUUTYSY†^
C_\_]UaeUTQQWbUWQb]YcQWbQTUSY]YU^d_cQ>YS_\vc8_\\_gQi
7ej]v^`_bcefQ\Y_cQQieTQU^\QS_^VUSSY†^TU\_c^TYSUc_^_]vcdYS_
iTUY^cdYdeSY_^Uci\QbUfYcY†^WU^UbQ\TUUcdQcUWe^TQUTYSY†^

CUbWY_7bUjD_c_
CQ^dYQW_cU`dYU]RbUTU" '
$
5cd_c`b_R\U]QcXQ^cYT__RZUd_Uc`USYQ\TU]YQdU^SY†^F}QcUU^dbU_db_c*CUbWY_
7bUjD_c_²E^Q]YbQTQQ\]_fY]YU^d_`_`e\QbTUcTUT_cQc_^QTQcSQ\\UZUbQcCQ^dYQW_
!(((!) %³U^3eQTUb^_cTU8Ycd_bYQ>¡!)CQ^dYQW_TYSYU]RbUTU!)))`vWc!%'!)#+
²DbQ^cYSY†^U^\QcV_b]QcTU\eSXQ*]_dY^Uc`U_^Q\UciXeU\WQc_RbUbQcU^3XY\U!()!
!) '³U^8Ycd_bYQf_\##CQ^dYQW_" `vWc!$!""%
%
1`QbdU\_cdUhd_cSYdQT_cU^\Q^_dQQ^dUbY_b`eUTUS_^ce\dQbcU*CUbWY_7bUjD_c_
²!() !) '*4Ue^QXeU\WQWU^UbQ\Q_dbQ3_^dY^eYTQTUcibe`debQcTU\]_fY]YU^d_`_`e
\QbU^3XY\U³U^@QR\_1bdQjQUdQ\1^_fU^dQQ…_cTU\_cceSUc_cTU\Q5cSeU\QCQ^dQ=QbQTU
9aeYaeUCQ^dYQW_4921=<?=5TYSY_^UcE^YfUbcYTQT1bdeb_@bQd!))(`vWc!#!!#'

##
 @BÉ<?7?1<1@B9=5B154939É>

E^\YRb_TUXYcd_bYQ°dQ\fUj]vcaeU_dbQcSbUQSY_^UcTU\dbQRQZ_Xe]Q
^_°UcU\bUce\dQT_TU]eSX_cVQSd_bUcaeUXQ^UZUbSYT_e^QY^V\eU^SYQ
c_RbUceQed_bCY^_\fYTQb\_aeU`QbUSU]vc_RfY_°\QV_b]QSY†^Y^dU
\USdeQ\°UcY^^UWQR\UaeU^eUcdbQcUh`UbYU^SYQcSbUU^SYQc`bU_Se`QSY_
^UciS_^fYSSY_^Uc]vc^dY]QcS_^TYSY_^Q^Y^UfYdQR\U]U^dU\QU\US
SY†^TU\dU]Q\QV_b]QTUQR_bTQb\_i\QcY^dUbb_WQ^dUcaeUTUcTUU\`bU
cU^dU^_c`b_`_^U]_cbUc`_^TUbQ\UcSeTbY…QbU\`QcQT_<_c\USd_bUc
`Ubc`YSQSUcQTYfY^Qbv^QdbQf}cTU\Qc\^UQcTU\QXYcd_bYQaeUdYU^U^Q^dU
cec_Z_ce^Q`QbdUTU\QceRZUdYfYTQTTU\Qed_bTUcefYTQcecUc`UbQ^
jQccec\_Wb_cicecVbecdbQSY_^UcIQc_^`_S_c\_caeU_cQ^^UWQb\_*
^eUcdbQ_RZUdYfYTQTTUXYcd_bYQT_bUcUcdvY]`bUW^QTQ`_b^eUcdbQceRZU
dYfYTQT`_b^eUcdb_cUbc_SYQ\TU\dYU]`_`bUcU^dUBUS_^_jS_Wecd_c_
aeUQ`UcQbTUcecUcW_QSQT}]YS_iTU\UcVeUbj_`_b`_^TUbQb²_RZUdY
fQ]U^dU³\_cTQd_cTUcSeRYUbd_cQ\_\QbW_TU\QY^fUcdYWQSY†^UcdQ_RbQ
dYU^U]eSX_TU]YcUh`UbYU^SYQcfYdQ\UcTU]YcY\ecY_^UciTUcU^SQ^d_c
5cU\Vbed_TU\Q]YbQTQTUe^SXY\U^_TU\QcUWe^TQ]YdQTTU\cYW\_HH
aeUXQW_jQT_iceVbYT_\_cQfQdQbUcTUce`QciTU\]e^T_U^\Q}`_SQ
aeU\UXQd_SQT_fYfYb
5cdU\YRb_Uc`eUc`QbdUY]`_bdQ^dUTU]YXYcd_bYQTU]YcY^aeYU
deTUciTU]YdbQRQZ_TebQ^dUe^`Ub_T_aeYjvTU]QcYQT_\QbW_Ce`e^
d_TU`QbdYTQcUcYd‹QU^U\UhY\Y_`QbYcY^_U^\Q`bY]UbQ]YdQTTU\_cQ…_c
_SXU^dQSeQ^T_QWeYZ_^UQT_`_b\_cceSUc_cTU]Y`QciTU_dbQc\QdYde
TUcUVUSde}\Qc`bY]UbQc\USdebQcaeU]U\\UfQb_^QV_b]e\Qbe^`b_iUS
d_TUdUcYcT_Sd_bQ\<_c‹\dY]_ccUYcQ…_cTU]YUcdQTQU^6bQ^SYQVeU
b_^S_^cQWbQT_cU^ReU^Q`QbdUQSe]`\YbTYSX_TUcQV_Y^dU\USdeQ\
Q^dUcTU\bUd_b^_TUVY^YdYf_Q3XY\UU^!)) E^QcUWe^TQUdQ`QTUTYSQ
TQQ`b_Ve^TYjQbi]UZ_bQbUcdQU]`bUcQTU\QbW_Q\YU^d_cUUhdU^TY†°
S_^Q\We^QcY^dUbbe`SY_^Uc°TUcTUQW_cd_TU!))#XQcdQ_SdeRbUTU!))&
<Q`b_\_^WQTQUc`UbQ`QbQU\Y^YSY_TU\`b_SUc_UTYd_bYQ\`Ub]YdY†QVY
^QbSYUbdQcYTUQcUY^S_b`_bQbQ\We^QRYR\Y_WbQVQQ`QbUSYTQTebQ^dUU\
`bY]UbcU]UcdbUTU!))'
1\_\QbW_TUUc_cQ…_c`eTUS_^dQbS_^U\Q`_bdUWU^Ub_c_TUTYc
dY^dQc`Ubc_^QcUY^cdYdeSY_^UcaeUSbUiUb_^U^U\`b_iUSd_iaeUS_^ce
Q`_i_Y^dU\USdeQ\]_bQ\i]QdUbYQ\XQ^XUSX_`_cYR\UcebUQ\YjQSY†^1\
Se\]Y^QbU\dbQRQZ_^_`eUT_TUZQbTUXQSUb`‹R\YS_]YbUS_^_SY]YU^
d_5^`bY]Ub\eWQbTUR_Uh`bUcQbWbQdYdeTQ]YVQ]Y\YQU^`QbdYSe\QbQ
\Q]U]_bYQTU]Yc`QTbUcCUbWY_i7Y\TQaeU^_Q\SQ^jQb_^QfUbSe\]Y

#%
^QTQUcdQdQbUQ`_bceQ]_bTUcYU]`bUceQ\YU^d_i\QfQ\Y_cQT_Se]U^
dQSY†^aeU]UU^fYQb_^Q6bQ^SYQTebQ^dU\Q`bY]UbQVQcUTU\QY^fUcdYWQ
SY†^5\]Yc]_cU^dY]YU^d_fQXQSYQ2bU^TQ6bQ^SUcSQi<eSYQ^_aeU
TURYUb_^`QWQbU^cecfYTQcS_dYTYQ^QcU\`bUSY_TUe^UcVeUbj_TUdQ^
\QbWQTebQSY†^
4ebQ^dU\Q`bU`QbQSY†^TU\QdUcYcT_Sd_bQ\]UQieTQb_^TUcTU3XY
\UU^\QbUS_`Y\QSY†^TUY^V_b]QSY†^]YXUb]Q^_B_TbYW_iCQbQ3QbbQc
S_5\9^cdYded_9^dUb^QSY_^Q\TU8Ycd_bYQC_SYQ\TU1]cdUbTQ]VY^Q^SY†
]YdUbSUbi‹\dY]_fYQZUQ3XY\U`QbQUVUSdeQbe^Q_`UbQSY†^TUbUcSQdU
TUQbSXYf_cTU\]_fY]YU^d_`_`e\QbTU\cYW\_H9HfYQZUaeUcYbfY†Q\
]Yc]_dYU]`_`QbQSe\]Y^QbQaeU\\QUdQ`QTU\QY^fUcdYWQSY†^
5^6bQ^SYQbUSYR\QcQSUbdQTQc_RcUbfQSY_^UcSbdYSQcTU]YQ]YW_
:UQ^°@YUbbUBYSXQbTiTU\_c]YU]Rb_cTU\ZebQT_TUdUcYcTU\Q5cSeU\Q
TU1\d_c5cdeTY_cU^3YU^SYQcC_SYQ\UcTU@Qbc@QdbYS[6bYUTU^c_^8e
RUbd@UbbYUbUIfUc<UaeY^]YTYbUSd_b
<Q`b_Ve^TYjQSY†^TU\Q`UcaeYcQice]QdUbYQ\YjQSY†^U^e^\YRb_
VeU`_cYR\UWbQSYQcQ\QQS_WYTQaeU]URbY^TQb_^U^U\3U^db_TU9^fUc
dYWQSY_^Uc4YUW_2Qbb_c1bQ^QTU\Q2YR\Y_dUSQ>QSY_^Q\CUbWY_FY\\Q\_
R_cBiBQVQU\CQWbUT_24ebQ^dU\_c‹\dY]_cQ…_cS_^d}S_^U\Q`_i_
TUUcdQY^cdYdeSY†^iS_^\QcVQSY\YTQTUciQ^†^Y]QS_\QR_bQSY†^TUfQbY_c
Ve^SY_^QbY_cTU\Q4YbUSSY†^TU2YR\Y_dUSQc1bSXYf_ci=ecU_cU^Uc`U
SYQ\TU@QdbYSYQBYaeU\]U@i1\UZQ^Tb_FQ\U^jeU\Q=TU\QCUSSY†^
3XY\U^QTU\Q2YR\Y_dUSQ>QSY_^Q\
5^\QVQcUSe\]Y^Q^dUS_^dbYRei†TU]Q^UbQ`QbdYSe\Qb]U^dUUVY
SYU^dUQ\QR‹caeUTQTU^eUfQcVeU^dUc\Q`b_VUc_bQ:QSaeU\Y^U?cUc7
E^QfUjdUb]Y^QTQ\QbUTQSSY†^U\dUhd_VeUbUfYcQT_iS_]U^dQT_
QSeSY_cQ]U^dU`_b:_bWUB_ZQc6:e\Y_@Y^d_Fi7_^jQ\_3vSUbUcA
S_^aeYU^UcdU^W_e^QTUeTQ]eiWbQ^TUDQ]RY}^]UU^dbUWQb_^ce
`bUSYQTQSbdYSQc_RbUQ\We^_cSQ`de\_cCUbWY_FY\\Q\_R_cB:eQ^7eY
\\Ub]_=e…_j3=QbS_1^d_^Y_<U†^<i1^Ti4QYdc]Q^7bQSYQcQ
U\\_c`eTUQ]`\YQb]YcS_^_SY]YU^d_cc_RbUTUdUb]Y^QT_c`b_R\U]Qci
bU`U^cQbSYUbd_cZeYSY_c]UZ_bQ^T_U\bUce\dQT_VY^Q\
1<eYc1\RUbd_B_]Ub_]eiUc`USYQ\]U^dUTUR_U\Ucd]e\_TUce
WU^Ub_cQ_`Y^Y†^Uh`bUcQTQe^QfUj]vcU^\Q`bUcU^dQSY†^TUUcdU\Y
Rb_
>e]Ub_cQc`Ubc_^QcQ`_bdQb_^YTUQcTQd_ciS_]U^dQbY_caeUS_^
dbYReiUb_^QU^bYaeUSUb]YdbQRQZ_5^dbU_db_cTUR_QWbQTUSUbTU]Q
^UbQ`QbdYSe\QbQ\RYR\Y†VY\_iRYR\Y†WbQV_6U\Y`UFYSU^SY_5aeYU^]U
VQSY\Yd†fQ\Y_c_cY]`bUc_cTU\cYW\_H9HTUceS_\USSY†^`Ubc_^Q\+Q]Yc
Q\e]^_cTU\@b_WbQ]QTU=QWYcdUbTU8Ycd_bYQTU\QE^YfUbcYTQTTUCQ^
dYQW_iQ<eYc=_e\Yv^5i6QRY_=_bQWQFS_^\_cSeQ\UcXU]Q^dU^YT_
e^TYv\_W_TebQ^dU\_c‹\Y]_cQ…_c
I]vcQ\\vTU\`\Q^_QSQT}]YS_dU^W_e^QTUeTQS_^\_c]edeQ\Yc
dQcTU]Y`Qcc_RbUd_T_S_^\_cSU\_c_cWeQbTYQ^UcTU\`QdbY]_^Y_XYc

#&
d†bYS_TU\QC_SYUTQTTU1bdUcQ^_c²<QE^Y†^³TUCQ^dYQW_TU\Q1c_SYQ
SY†^TU1bdUcQ^_cTUFQ\`QbQc_TU\QE^Y†^TU\_cDY`†WbQV_cTUCQ^
dYQW_TU\QC_SYUTQTDY`_WbvVYSQTUFQ\`QbQc_TU\QC_SYUTQTTUC_S_
bb_c=ede_c²@b_dUSSY†^TU\Q=eZUb³TUCQ^dYQW_TU\QC_SYUTQTTU1b
dUcQ^_cTU<Y]QSXUiTU\QC_SYUTQTTUC_S_bb_c=ede_c=Q^eU\2\Q^S_
5^SQ\QTQTUFQ\`QbQc_aeU]UQRbYUb_^cecQbSXYf_ci]U`Ub]YdYUb_^
QdbQf}cTUceS_^dQSd_S_^_SUb]UZ_bU\Uc`bYdei\QXYcd_bYQTU\Q`bY
]UbQV_b]QTU_bWQ^YjQSY†^TU\_cdbQRQZQT_bUcSXY\U^_c

#'
 9>DB?4E339É>

>eUcdb_cYW\_H9HXQcYT__RZUd_TU`QbdYSe\QbQdU^SY†^`_b`QbdUTU\_c
XYcd_bYQT_bUc5cd_^_UcUhdbQ…_iQaeUQ\YWeQ\aeUU^\QWbQ^]Qi_bQ
TU\_c`QcUc\QdY^_Q]UbYSQ^_c\QSU^debYQTUSY]_^†^YSQbU`bUcU^dQU^
3XY\Ue^QUdQ`QS\QfUU^\QV_b]QSY†^iS_^c_\YTQSY†^TU\5cdQT_^QSY_
^Q\<QbU\QdYfQQRe^TQ^SYQTUVeU^dUcT_Se]U^dQ\Uc ! Ze^d_S_^\Qc`bU
_Se`QSY_^Uc`_\dYSQcUYTU_\†WYSQcTU\_cXYcd_bYQT_bUcSb_^YcdQc`eR\Y
SYcdQcU^cQiYcdQci`_\dYS_caeURecSQb_^U^U\`QcQT_\QcbQSUcTU\Qc
dU_bQcc]R_\_cUcSeU\QciS_bbYU^dUcTU`U^cQ]YU^d_TUce`b_`Y_`bU
cU^dUXQ^cYT__db_cdQ^d_cUcd]e\_c`QbQU\UcdeTY_TUUcdU`Ub_T_TU
\QdbQiUSd_bYQ^QSY_^Q\
4U]Q^UbQWU^UbQ\cU`eUTUQVYb]QbaeUdQ^d_U^\QXYcd_bY_WbQVQ
\YRUbQ\aeUT_]Y^†TebQ^dUU\cYW\_H9HS_]_U^\QS_^cUbfQT_bQaeU
`bUfQ\USY†U^\Q`bY]UbQ]YdQTTU\cYW\_HH\_cUcdeTY_cc_RbU\QcUcdbeS
debQcc_SYQ\UciUS_^†]YSQc\Qc]U^dQ\YTQTUcS_\USdYfQc\Qc]eZUbUc\_c
Wbe`_cc_SYQ\Uc_}d^YS_cT_]Y^QT_c_ceRQ\dUb^_cVeUb_^_\fYTQT_c_
bU\UWQT_cQe^Q`_cYSY†^cUSe^TQbYQ " 
<QSbYcYcTU\_bTU^_\YWvbaeYS_aeUcUQRbY†TebQ^dU\Qc`bY]UbQcT}
SQTQcTU\cYW\_HHiaeUcU]Q^YVUcd†TU]Q^UbQSQcYY^S_^db_\QR\UU^
d_b^_Q!)" `ec_U^UfYTU^SYQU\cebWY]YU^d_TUcUSd_bUcc_SYQ\UcXQcdQ
U^d_^SUcUhS\eYT_cTU\QcY^cdQ^SYQcTU`_TUbiTU]UTYQSY†^`_\dYSQ<Qc
SQ`Qc]UTYQci\QS\QcU_RbUbQYbbe]`YUb_^U^U\UcSU^QbY_`_\dYS_^Q
SY_^Q\S_^dbYReiU^T_Q`b_f_SQbT_cWbQ^TUcdY`_cTUbUQSSY_^UcU^\Q
XYcd_bY_WbQVQ*\QTU\QS_bbYU^dUS_^cUbfQT_bQaeU^_QR_bTQbU]_c`_b

!
5^!($$cUY^YSYQ\Q²UbQUcdQTcdYSQ³@_bUc_cQ…_cS_]YU^jQ^Q`b_\YVUbQb`UbY†
TYS_cibUfYcdQcTUd_T_dY`_cUSbUQ^\Qc`bY]UbQcWbQ^TUcY^cdYdeSY_^UcTUU^cU…Q^jQ
]_TUb^Q\_aeUcUce]QQ\Q`\U^QY^S_b`_bQSY†^TU\`QcQ\]UbSQT_]e^TYQ\iQ\UcdQ
R\USY]YU^d_TU]YcY_^UcTY`\_]vdYSQciTUSQcQcS_]UbSYQ\UcUhdbQ^ZUbQcaeUcUfU^Q`b_
TeSYU^T_TUcTU\Q9^TU`U^TU^SYQrcd_ci_db_cVQSd_bUc]e\dY`\YSQ^U^_b]U]U^dU\Qc
VeU^dUc`QbQU\UcdeTY_TU\QXYcd_bYQ^QSY_^Q\
"
5^dbU\Q\YdUbQdebQc_RbU\QcS_bbYU^dUcXYcd_bY_WbvVYSQcSXY\U^QccUTUcdQSQ^\_ccY
WeYU^dUcdde\_c*CUbWY_FY\\Q\_R_cB8Ycd_bYQTU\`eUR\_SXY\U^_9^db_TeSY†^CQ^dYQW_
5]`bUcQ5TYd_bQJYWJQW9^cdYded_TU5cdeTY_c8e]Q^cdYS_cCQ^dYQW_!)(#! QUTYSY†^
!)( `vWc)%!+²8Ycd_bY_WbQVQSXY\U^Q*RQ\Q^SUi`Ubc`USdYfQc1SdQcTU\cU]Y^QbY_TU
XYcd_bYQTU3XY\UCebZe\Y_^_fYU]RbU!)(%³U^@b_`_cYSY_^Uc>¡!"CQ^dYQW__SdeRbU
TYSYU]RbUTU!)(&`vWc!%'!' +7QRbYU\CQ\QjQbF²8Ycd_bY_WbQVQiTYSdQTebQU^3XY\U
!)'#!)) 2‹caeUTQYTU^dYTQTTYc`UbcY†^³U^3eQTUb^_c8Yc`Q^_Q]UbYSQ^_c=QTbYT
!)) `vWc(!)$+3bYcdYv^7Qj]ebYBiBQVQU\CQWbUT_2²3XY\U*!)&(!)((<_cU^cQiYc
dQc8Ycd_bY_WbQVQSXY\U^QTU\_c‹\dY]_cfUY^dUQ…_c³Y^7U_bWYQCUbYUc_^8Yc`Q^YSDX_eWX
>¡"""%7U_bWYQ!)((`vWc"&%"()

#)
ce`_SQ`bU_Se`QSY†^`_b\QdU]vdYSQTUUcdU\YRb_i\QTU\_cXYcd_bYQT_
bUcaeURecSQRQ^c_RbU`QcQbU\UcdbUSX_SeQTb_TU\QTYcSY`\Y^QdbQTYSY_
^Q\SU^dbQTQSQcYUhS\ecYfQ]U^dUU^U\UcdeTY_TU\_c²WbQ^TUcXUSX_c³i
TU\_c²WbQ^TUcX_]RbUc³1e^aeUU^UcdUSQc_^_cUdbQdQTUe^Q²UcSeU
\Q³Uc`_cYR\UTYcdY^WeYbe^Q^eUfQcU^cYRY\YTQTU^Ve^SY†^TUce_`_cY
SY†^_S_^dbQcdUS_^\QcT_cWbQ^TUcVQ]Y\YQcXYcd_bY_WbvVYSQc]U^SY_^Q
TQcQ^dUbY_b]U^dU8QSYQ]UTYQT_cTU\cYW\_HHcUTUcQbb_\\Qb_^dU^
TU^SYQcU^\QcaeUcUbUV\UZQRQ^^eUfQcY^aeYUdeTUcUY^dUbUcUcaeUdbQdQ
RQ^TUY^dUWbQbQ\QY^fUcdYWQSY†^Qc`USd_cTU\S_^_SY]YU^d_XYcd†bYS_
XQcdQU^d_^SUcTUcS_^_SYT_c_]YdYT_c_bU\UWQT_cQe^bQ^W_cUSe^TQ
bY_5cQcS_]_Ze^d_Q\Q`b_TeSSY†^S\vcYSQ°SU^dbQTQ`bUVUbU^dU]U^
dUU^\QXYcd_bYQ`_\dYSQ°Q`QbUSYUb_^UcdeTY_cSQTQfUj]vc^e]Ub_c_c
TUXYcd_bYQTU]_WbvVYSQUXYcd_bYQUS_^†]YSQic_SYQ\<Q`bU_Se`QSY†^
`_b\_cVU^†]U^_cUS_^†]YS_c\QcUcdbeSdebQcc_SYQ\Uc\_cWbe`_cc_SYQ
\UcceRQ\dUb^_cQcS_]_^eUfQcY^dUb`bUdQSY_^UcSbdYSQcTU\QXYcd_bYQ
`_\dYSQXQ^U^bYaeUSYT_iTYfUbcYVYSQT_\QXYcd_bY_WbQVQSXY\U^QTU\QcU
We^TQ]YdQTTU\cYW\_HH
5cdQ`\ebQ\YTQTTUdU^TU^SYQciTUcU^cYRY\YTQTUc°aeUY^cYcdY]_c
^_V_b]Q^e^QUcSeU\Q°]Q^YVYUcdQe^Y^dUb}c`_b\_cdU]Qc²_\fYTQT_c³
TU\QXYcd_bY_WbQVQdbQTYSY_^Q\ie^Q^_d_bYQY^V\eU^SYQTU\QcS_bbYU^dUc
TU`U^cQ]YU^d_]vcY^dUbUcQTQc`_b\Q²SeUcdY†^c_SYQ\³]QbhYc]_Uc
dbeSdebQ\Yc]_SQd_\YSYc]_c_SYQ\iTU\Qc^eUfQcdU^TU^SYQcTU\QcSYU^
SYQcc_SYQ\Uc>_]RbUcS_]_\_cTUÂ\fQb_:QbQ=QbY_7†^W_bQB_\Q^T_
=U\\QVUiCUbWY_FY\\Q\_R_cVeUbdU]U^dUY^V\eU^SYQT_c`_b\Q5cSeU\QTU
\_c1^Q\Uci\_c]QbhYcdQc:e\Y_3}cQb:_RUd=QbSU\_CUWQ\\8Ub^v^BQ
]bUj>US_SXUQ:_bWU2QbbQi<eYcFYdQ\Uc_^\QUh`bUcY†^TUUcdQTY
fUbcYTQT
@Ub_]vcQ\\vTU\QXUdUb_WU^UYTQTTU\Qc\QWe^Qc_TU\_c^eUf_c
Q`_\_WYc]_cU^aeUY^SebbY†SeQ^T_VeUS_^SURYTQS_^cSYU^dU_Y^S_^c
SYU^dU]U^dUS_]_e^Y^cdbe]U^d_TU\Qc\eSXQc`_\dYSQc\Q^eUfQ`b_
TeSSY†^def_U\]}bYd_TUQ]`\YQbU\SQ]`_TUQSSY†^TU\XYcd_bYQT_biQ
dbQf}ccei_TU\`b_`Y_S_^_SY]YU^d_TU\`QcQT_XYcd†bYS_# =vcbUSYU^
dU]U^dU^†fU\UcWU^UbQSY_^UcTUY^fUcdYWQT_bUcXQ^QRYUbd_`b_]Yc_
bYQcfQcU^U\SQ]`_TU\QXYcd_bYQUS_^†]YSQic_SYQ\cYWeYU^T_\Qc_bYU^
dQSY_^UcQSdeQ\UcTU\QTYcSY`\Y^Q
5^UcdUS_^dUhd_U\cYW\_H9HcYWeUcYU^T_e^_TU\_cdUbbU^_c]vc
V}bdY\UcTUUcdeTY_UY^fUcdYWQSY†^5\\_^_UcSQceQ\1\QbU\QdYfQQRe^
TQ^SYQTUVeU^dUcT_Se]U^dQ\UccUQWbUWQ^e^QcUbYUTUXUSX_ciTU
dbQ^cV_b]QSY_^UcSeiQVY\YQSY†^UY^V\eU^SYQ]vc_]U^_cTYbUSdQc_RbU
U\3XY\UQSdeQ\S_^cdYdeiU^fUbTQTUb_cQhY_]Qc
5^UVUSd_U\cYW\_H9HUc`\Ud†bYS_U^QS_^dUSY]YU^d_cTUSYcYf_c
#
5^UcdQRbUfUbUVUbU^SYQXU]_cY^S\eYT_c†\_Q\_cQed_bUc^QSY_^Q\Uc]vcS_^_SY
T_cE^QcUbYUTUXYcd_bYQT_bUcUhdbQ^ZUb_c]UbUSU^e^Q]U^SY†^Uc`USYQ\`_bceY]`_b
dQ^dUQ`_bdUQ\QY^fUcdYWQSY†^TUSYUbd_cQc`USd_cTU\QXYcd_bYQTU3XY\U

$
`QbQ\QV_b]QSY†^TU\QYTU^dYTQT^QSY_^Q\<Qc\eSXQc`_b\Q9^TU`U^
TU^SYQi\QS_^cdYdeSY†^TU\QBU`‹R\YSQ+\Q_bWQ^YjQSY†^iS_^c_\YTQSY†^
Q`QbdYbTU!(# TUe^5cdQT_Qed_bYdQbY_VeUbdU]U^dUSU^dbQ\YjQT_+\Q
U\UfQSY†^TU3XY\UU^U\S_^SYUbd_ceTQ]UbYSQ^_WbQSYQcQ\TUcQbb_\\_TU
\QUS_^_]QUh`_bdQT_bQiQcecT_cfYSd_bYQc]Y\YdQbUcc_RbU@Ub‹i2_\Y
fYQU^!(#&°!(#)iU^!(')°!((#+\QUf_\eSY†^`_\dYSQ]QbSQTQ`_b
SeQdb_WeUbbQcSYfY\Uc!(# !(%!!(%)i!()!+\QY^S_b`_bQSY†^Q\dU
bbYd_bY_^QSY_^Q\TU\QcbYSQc`b_fY^SYQc]Y^UbQcTUDQbQ`QSvi1^d_VQWQc
dQQbbURQdQTQcQ\@Ub‹iQ2_\YfYQTebQ^dU\Q7eUbbQTU\@QSVYS_+\Q_Se
`QSY†^iU\S_^db_\UVUSdYf_TU\Q1bQeSQ^QQS_]YU^j_cTU\QT}SQTQTU
!(( iU\Y^YSY_TU\`b_SUc_TUY^TecdbYQ\YjQSY†^TebQ^dU\Qc‹\dY]QcT}
SQTQcTU\cYW\_c_^VU^†]U^_cc_RbUSeiQY]`_bdQ^SYQTUSYcYfQU^\QV_b
]QSY†^TU\3XY\US_^dU]`_bv^U_UhYcdUe^Q]`\Y_S_^cU^c_
<QXYcd_bYQTU\]_fY]YU^d__RbUb_i`_`e\Qb°UcdbUSXQ]U^dU\YWQ
TQQQ\We^_cTUUcd_c`b_SUc_c°XQcYT_]_dYf_TUe^Y^dUb}c`QbdYSe\Qb
`_b`QbdUTU\_cXYcd_bYQT_bUc]QbhYcdQc@Ub_S_]_\QV_b]QSY†^TU^‹
S\U_c`b_\UdQbY_cUcdQR\Uci^e]}bYSQ]U^dUcYW^YVYSQdYf_ccU`b_TeZ_bU
SY}^TebQ^dUU\‹\dY]_SeQbd_TU\cYW\_H9Hi]vc`QbdYSe\Qb]U^dUTUc
TUVY^UcTU\Q7eUbbQTU\@QSVYS_\QcY^fUcdYWQSY_^UcXYcd†bYSQccUSU^dbQ
b_^TebQ^dU]eSX_dYU]`_U^UcdU`Ub_T_bU\UWQ^T_Qe^`eUcd_]ei
]_TUcd_\_cUcdeTY_cc_RbU\QUdQ`QQ^dUbY_b<QcVYZQSY_^Ucc_RbU\Q²]Y
cY†^XYcd†bYSQTU\`b_\UdQbYQT_³i_dbQc]Q^YVUcdQSY_^UcTUT_W]QdYc]_
YTU_\†WYS_ZeWQb_^e^`Q`U\`b_Ve^TQ]U^dU^UWQdYf_U^\QS_^cdbeSSY†^
TU\QXYcd_bYQc_SYQ\TU\`Qc*QRQ^T_^__TUc`bUSY_TUfQcd_cSQ]`_cTU
UcdeTY_dbQc`Qc_]USv^YS_TUSbYdUbY_ci†`dYSQcTUQ^v\YcYcQT_`dQT_c_
SbUQT_c`QbQ_RcUbfQb_dbQcbUQ\YTQTUcbUc`eUcdQc`bUS_^SURYTQcVbU^dU
QVU^†]U^_caeU]UbUSUbQ^e^Q^v\YcYc`QbdYSe\QbUdS}dUbQ
rcdQ`QbUSUcUb\QbQj†^`bY^SY`Q\aeUUh`\YSQ\QXYcd_bYQUhdbU]QTQ
]U^dUVbQW]U^dQTQTU\_cdbQRQZQT_bUcSXY\U^_cTU\cYW\_H9H1ed_bUc
S_]_:_RUdCUWQ\\BQ]bUj>US_SXUQiFYdQ\UbUQ\YjQb_^Y^SebcY_^Uc
`bUSebc_bQcU^dQ\_SeQ\Qc`USd_TU\QXYcd_bYQTU\]_fY]YU^d_`_`e\Qb
TU\Q}`_SQ1\We^_cUcSbYRYUb_^U^cQi_caeUSeRbQ^d_T_U\cYW\_$ +`Ub_
d_T_cU\\_c°SeQ\]vcSeQ\]U^_c°Y^SebbYUb_^U^U\Ubb_bd`YS_TU\Q
XYcd_bYQTU\QS\QcU_RbUbQUcSbYdQ²TUcTUTU^db_TU\]_fY]YU^d_³TUVY^Y
TQ`_b8_RcRQg]S_]_\QdU^TU^SYQQYTU^dYVYSQbQ²\QcS\QcUcdbQRQZQT_
bQc³S_^U\²]_fY]YU^d__RbUb_³²_Y^S\ec_S_^Q\We^Q_bWQ^YjQSY†^
`QbdYT__YTU_\_WQS_^SbUd_c³ % cY^S_^dQb\Q`bUT_]Y^Q^SYQTUfYcY_^Uc
$
=QbSU\_CUWQ\\4UcQbb_\\_TU\SQ`YdQ\Yc]_U^3XY\U3Y^S_U^cQi_cTYQ\}SdYS_cCQ^dYQW_
5TYd_bYQ\TU\@QSVYS_!)%#+8Ub^v^BQ]bUj>US_SXUQ8Ycd_bYQTU\]_fY]YU^d__RbUb_U^
3XY\U1^dUSUTU^dUcCYW\_H9H! UT*!)%&" UT*3_^SU`SY†^5TYSY_^Uc<1B!)(&+<eYc
FYdQ\U9^dUb`bUdQSY†^]QbhYcdQTU\Q8Ycd_bYQTU3XY\Uf_\c99i999CQ^dYQW_@bU^cQ<QdY^_Q
]UbYSQ^Q!)&)!)'"f_\9FCQ^dYQW_<?=5TYSY_^Uc!))#
%
5bYS:8_RcRQg]²8Ycd_bYQTU\QS\QcU_RbUbQUYTU_\_WQ³U^5bYS:8_RcRQg]
5\]e^T_TU\dbQRQZ_5cdeTY_cXYcd†bYS_cc_RbU\QV_b]QSY†^iUf_\eSY†^TU\QS\QcU_RbUbQ2QbSU\_
^Q5TYd_bYQ\3bdYSQ!)('`vWc!"i!#

$!
dU\U_\†WYSQccUW‹^\QcSeQ\UcSYUbdQcV_b]QcTU_bWQ^YjQSY†^°S_]_U\
]edeQ\Yc]_°iTU]Q^UbQ]vcWU^UbQ\d_T_UcdU`Ub_T_TU\QXYcd_bYQ
TU\]_fY]YU^d__bWQ^YjQT_TU\`eUR\_\\Q^_^_dU^TbQ_dbQ\†WYSQi
_db_cU^dYT_aeUU\TU`bU`QbQbU\QTfU^Y]YU^d_TU\QUdQ`Q]QTebQi
XUb_YSQTU\]_fY]YU^d__RbUb_TU\cYW\_HH
?db_cXYcd_bYQT_bUcS_]_7QRbYU\CQ\QjQbcUXQ^S_^cQWbQT_]vc
bUSYU^dU]U^dUQ\UcdeTY_TU\QV_b]QSY†^TU\Qc_SYUTQT`_`e\QbSXY\U
^QTU\cYW\_H9H\UfQ^dQ^T_Q\²ceZUd_`_`e\Qb³S_]_^eUf_`QbQTYW]Q
XYcd_bY_WbvVYS_& I^_XQ^VQ\dQT_aeYU^UcTUcTU`Ubc`USdYfQcU`YcdU]_
\†WYSQcYWeQ\]U^dUbU^_fQTQcXQ^QR_bTQT_dQ\_SeQ\Qc`USd__`Ub_
T_TU\QfYTQTU\_ccUSd_bUc`_`e\QbUcTUUcUcYW\_<eYc1\RUbd_B_]Ub_
:e\Y_@Y^d_=QbQ1^W}\YSQ9\\Q^UcifQbY_c_db_cXQ^]QbSQT_XYd_ccYW
^YVYSQdYf_cU^UcdUQfQ^SU' >__RcdQ^dUcec\_Wb_cXQ`UbcYcdYT_\QSQbU^
SYQTUe^Q_RbQWU^UbQ\c_RbU\_c]_fY]YU^d_ci_bWQ^YjQSY_^UcTUdbQ
RQZQT_bUcXQcdQ\QV_b]QSY†^TU\_cWbQ^TUc^‹S\U_c`b_\UdQbY_cTUVY^Uc
TU\QSU^debYQ<QXYcd_bYQTU\_c]_fY]YU^d_cTUQbdUcQ^_c`U_^Uci`b_
\UdQbY_cXQcYT_XQcdQQX_bQe^QXYcd_bYQTUcQ\d_cU^U\dYU]`_TYcS_^dY
^eQVbQW]U^dQTQSeiQ‹^YSQS_^UhY†^UcU\bU\Qd_TU\QXYcd_bYQ`_\dYSQ
dbQTYSY_^Q\Q\aeUcU\UXQQcYW^QT_\Q]YcY†^TUU^SQTU^Qb\_cXUSX_c
QYc\QT_cTU\TUfU^YbTU\QcS\QcUc\QR_bY_cQc
5\fQS_UcQ‹^]vcWbQ^TU`_bSeQ^d_^_cUdbQdQc_\Q]U^dUTUSQ
bU^SYQcTUY^dUb`bUdQSY†^XYcd†bYSQcY^_TUVQ\dQY^S\ec_TUdbQRQZ_cTU
Y^fUcdYWQSY†^c_RbUU\S_^Ze^d_TU\QVQcU²`bUcY^TYSQ\³TU\]_fY]YU^d_
`_`e\QbU^3XY\U>_cUTYc`_^U^YcYaeYUbQTUe^QcUbYUTU]_^_WbQ
VQcc_RbU\Qcc_SYUTQTUcTUQbdUcQ^_ciTU_RbUb_cTU\Q}`_SQ_TUe^
TYSSY_^QbY_RY_WbvVYS_TU\]_fY]YU^d__RbUb_S_^V_b]UQ\_cSbYdUbY_c
SYU^dVYS_cQSdeQ\Uc( 
<Q`bY]UbQdQbUQUc`_b\_dQ^d_\QTUUcdQR\USUb\_cXUSX_cU^S_^
dbQb\QcXeU\\QcTUe^QXYcd_bYQaeU^_XQcYT_UcSbYdQcY^_]ei`QbSYQ\
]U^dU
1e^aeU^_XU]_c`bUdU^TYT_dbQjQbe^SeQTb_S_]`\Ud_iTUVY^YdY
f_TU\_c]_fY]YU^d_c`_`e\QbUcTebQ^dUU\`Ub_T_Q^dUbY_bQ\cebWY
]YU^d_TU\cY^TYSQ\Yc]_TUcec_bWQ^YjQSY_^UciTU\_cTYbYWU^dUcaeU\_c
Q^Y]Qb_^^_c`b_`ecY]_cQ\]U^_ce^dbQRQZ_TUY^fUcdYWQSY†^\_]vc

&
7QRbYU\CQ\QjQbF<QRbQT_bUc`U_^Uci`b_\UdQbY_c6_b]QSY†^iSbYcYcTU\Qc_SYUTQT`_
`e\QbSXY\U^QTU\cYW\_H9HCQ^dYQW_5TYSY_^UcCEB3_\USSY†^5cdeTY_c8Ycd†bYS_c!)(%
<Q`b_`eUcdQdU†bYSQTUUcdUQed_bcUU^SeU^dbQ\QdQ]U^dUTUcQbb_\\QTQU^FY_\U^SYQ`_\dY
SQ`_`e\QbU^\Qc²WbQ^TUcQ\Q]UTQc³CQ^dYQW_TU3XY\U!)$'!)('CQ^dYQW_5TYSY_^UcCEB
!)) 
'
<Qc`bY^SY`Q\Uc_RbQcTUUcd_cQed_bUcc_^SYdQTQc]vcQTU\Q^dU
(
<Q_RbQTU?cfQ\T_<†`Uj4YSSY_^QbY_2Y_WbvVYS_?RbUb_TU3XY\U! UT3_^SU`SY†^
9]`bU^dQi5^SeQTUb^QSY†^@U^aeYcdQ!)! " UTCQ^dYQW_9]`bU^dQi5^SeQTUb^Q
SY†^2U\\QfYcdQ!)!"UcdvSU^dbQTQU^`Ubc_^QZUcTUVY^UcTU\cYW\_H9HiS_]YU^j_cTU\
cYW\_HH1`UcQbTUceedY\YTQTUc]eiY^ceVYSYU^dUdQ^d_`_bU\RbUfU`Ub_T_dbQdQT_
S_]_`_bcec\QWe^Qci\Q†`dYSQQ]U^eT_Q`_\_W}dYSQTU\Qed_b

$"
UhXQecdYf_`_cYR\UUh`\_dQ^T_VeU^dUc]eiTYc`UbcQcaeU^_XQ^cYT_
bUe^YTQc^YedY\YjQTQcTU]Q^UbQceVYSYU^dU`QbQ\QS_^cdbeSSY†^TU\QXYc
d_bYQ`_\dYSQibUYfY^TYSQdYfQTU\]e^T_`_`e\QbTU\3XY\UTUSY]_^†^Y
S_5cdQXYcd_bYQ^USUcQbYQ]U^dU]eibYSQiS_]`\UZQTURUbQS_]`bU^
TUbQc`USd_cdQ^fQbYQT_cS_]_\QcS_^TYSY_^UcTUfYTQiTUdbQRQZ_\Qc
]U^dQ\YTQTUcS_\USdYfQcU\Q^v\YcYcTU\QUcdbeSdebQUS_^†]YSQU^\QaeU
cUY^cUbdQRQ^\_cdbQRQZQT_bUc\QcbU\QSY_^UcS_^\Qc_dbQcS\QcUcc_SYQ\Uc
S_^U\5cdQT_\_c`QbdYT_c`_\dYS_c\Q9W\UcYQ\Q]Qc_^UbQ\QUcSeU\Q
UdS}dUbQDQ]RY}^dU^TbQaeUQR_bTQbU\UcdeTY_TU\QcY^V\eU^SYQcTU
SYUbdQcS_bbYU^dUcTU`U^cQ]YU^d_S_]_U\\YRUbQ\Yc]_U\c_SYQ\Yc]_ed†
`YS_U\SQd_\YSYc]_c_SYQ\iU^e^`Ub_T_]vcdQbT_U\Q^QbaeYc]_iU\
]QbhYc]_QTU]vcTU\QcbUYfY^TYSQSY_^UcTU\_ccUSd_bUc`_`e\QbUccec
V_b]QcTU_bWQ^YjQSY†^cec]}d_T_cTU\eSXQUdS}dUbQ
1]UTYTQaeUQfQ^jvRQ]_c`eTY]_cQ`bUSYQb]UZ_b\QQ]`\YdeTTU
\QcTYVYSe\dQTUcaeUS_]`_bdQRQUcdQdQbUQ*SQTQe^_TU\_cdU]Qc]U^
SY_^QT_cce`_^TbQ\QbW_cQ…_cTUY^fUcdYWQSY†^iTUbUV\UhY†^bUQ\YjQT_c
U^e^]QbS_TUdbQRQZ_S_\USdYf_
>_c`b_`ecY]_cU^d_^SUce^_RZUdYf_]vc]_TUcd_*UcdQR\USUbe^
SeQTb_WU^UbQ\TU\TUcQbb_\\_TU\Qc\eSXQciTU\Qc_bWQ^YjQSY_^UcTU\_c
QbdUcQ^_c`U_^Uci_RbUb_cebRQ^_cU^3XY\UTebQ^dUU\`Ub_T_!(! °
!() QR_bTQ^T_TU`Qc_Q\We^_cdU]QcaeU^_c`QbUSYUb_^UcU^SYQ\Uc
`QbQe^Q]UZ_bS_]`bU^cY†^TU^eUcdb__RZUd_TUUcdeTY_`bY^SY`Q\*\Q
US_^_]QebRQ^Qi\QY^cUbSY†^U^U\\QTU\_ccUSd_bUc`_`e\QbUc\QcS_^
TYSY_^UcTUfYTQiTUdbQRQZ_TU\²RQZ_`eUR\_³i\QcY^V\eU^SYQc`_\dYSQc
UYTU_\†WYSQcaeUUZUbSYUb_^U^cecU^_Y^cdYdeSY_^Uc_S_bbYU^dUcTU`U^
cQ]YU^d_S_]_\Q9W\UcYQU\\YRUbQ\Yc]__\Q]Qc_^UbQ5\UcdeTY_cYcdU
]vdYS_TU\Qc]U^dQ\YTQTUcS_\USdYfQc°`_bSYdQbe^Qce^d_bU\UfQ^dU°\_
XU]_cUhS\eYT_f_\e^dQbYQ]U^dU\Y]Ydv^T_^_cQe^Qbv`YTQUf_SQSY†^
SeQ^T_^_c`QbUSY†Y]`bUcSY^TYR\U`QbQ\QS_]`bU^cY†^TU\_cdU]Qc
`bYfY\UWYQT_c`_b^eUcdbQY^fUcdYWQSY†^?dbQc]QdUbYQcS_]_\_cS_^V\YS
d_cbUWY_^Q\Uci\Q`QbdYSY`QSY†^VU]U^Y^QU^\Qc\eSXQc`_\dYSQcc_c\QiQ
TQcU^UcdU\YRb_]UbUSUbQ^e^QQdU^SY†^`QbdYSe\Qb`_b`QbdUTU\_c
XYcd_bYQT_bUcTUTYSQT_c]vcUc`USVYSQ]U^dUQceUcdeTY_
<_c`bY^SY`Q\UcS_^SU`d_cU]`\UQT_cU^UcdQ_RbQbUaeYUbU^cUb
`bUSYcQT_c
5^`bY]Ub\eWQb^eUcdb_cceZUd_c`b_dQW†^YS_c
<_cS_^SU`d_c`eUR\_cUSd_bUc`_`e\QbUci`_`e\Qb\_cedY\YjQ]_cU^e^
cU^dYT_UhdU^c_QRQbSQ^T_U^U\\_cQe^QTYfUbcYTQTTUQSd_bUcc_SYQ\Uc
ceR_bTY^QT_cQ\QQbYcd_SbQSYQ_Q\Q_\YWQbaeQ4UUcdU]_T_U^TUdUb
]Y^QTQcSYbSe^cdQ^SYQcSQRbQ^TU^db_TUTYSXQcSQdUW_bQcSYUbd_cU\U
]U^d_c`b_fU^YU^dUcTU\QcSQ`Qc]UTYQcTU\QSYeTQTiTU\SQ]`_TU
Y^SY`YU^dUTUcQbb_\\_TebQ^dUU\cYW\_H9H5^UcdQ`Ubc`USdYfQ^_`_TU
]_ccY^_S_]`QbdYb\Q`b_`eUcdQdU†bYSQTU<eYc1\RUbd_B_]Ub_Q\S_^c
dQdQbT_cVeUbjQcU^dU^cY†^*e^QaeU\\UfQQ\QVbQW]U^dQSY†^TU\e^YfUb

$#
c_`_`e\QbU^e^Q]e\dYdeTTUe^YfUbc_ci_dbQTUdY`_e^YVYSQT_bQ1c*
²5^_SQcY_^Uc\Q`_\QbYjQSY†^UcdQ^VeUbdUaeUU^d_b^_TU\SQ]`_`_
`e\QbcUQW\edY^Q^\_caeUU^_dbQcSYbSe^cdQ^SYQcV_b]QbQ^`QbdUTU\Qc
\\Q]QTQcSQ`Qc]UTYQc+U^_dbQc\QdU^cY†^TYc]Y^eiUiaeUTQU^dbU\_c
T_c`_\_ce^SQ]`_Y^TUSYc_iV\eSdeQ^dU+U^_dbQcVY^Q\]U^dUUcd_ccUS
d_bUcY^dUb]UTY_ccUQWbe`Q^U^d_b^_TU\`_\_T_]Y^Q^dUKM³ ) 
C†\_U\Q^v\YcYcS_^SbUd_TUe^QcYdeQSY†^TUdUb]Y^QTQbQcW_SQbQS
dUbcdYS_TU\]}d_T_XYcd†bYS_^_c`eUTU\\UfQbQTUVY^YbcYU\S_^SU`d_
cUSd_bUc`_`e\QbUcY^S\eiU_^_Q\_cWbe`_ciSQ`QcaeU^_b]Q\]U^dUcU
S_^cYTUbQTeT_c_cS_]_\_cS_]UbSYQ^dUci\_cTU\Y^SeU^dUc ! <_`_
`e\Qbi\_aeU\UUcY^XUbU^dUQ`QbUSUS_]_e^S_^SU`d_U\vcdYS_^_\Y
]YdQT_Q\\eWQb_Se`QT_`_b\_cY^TYfYTe_cU^\QUcdbeSdebQUS_^†]YSQ
TU\Qc_SYUTQT<_cTYcSebc_cU\`_cYSY_^Q]YU^d_U^U\S_^V\YSd_c_SYQ\i
U\S_^Ze^d_TU`bvSdYSQcSe\debQ\UcQSUbSQbQ^_Q\UZQbQ^QTUdUb]Y^QT_c
ceZUd_cTUTYSX_SQ]`_U^`Ub]Q^U^dUS_^cdbeSSY†^
E^QS_^SU`SY†^cY]Y\QbQ\Y]U^dQ^eUcdbQYTUQTU]_fY]YU^d__]vc
`bUSYcQ]U^dUTU]_fY]YU^d_`_`e\Qb@QbQVbQcUQ^T_Q5bYS:8_RcRQg]
U^cebUV\UhY†^c_RbUU\]_fY]YU^d__RbUb_!! `_TU]_cc_cdU^UbaeUU^
^eUcdbQ`Ubc`USdYfQU\]_fY]YU^d_`_`e\Qb^_TURUS_^Ve^TYbcUS_^U\
]Ub_bUSXQj_S_\USdYf_S_^dbQ\QY^ZecdYSYQ^YcYaeYUbQS_^\Q`bvSdYSQTU
\QXeU\WQe_dbQcV_b]QcTU`b_dUcdQiTUbUcYcdU^SYQTU\_cdbQRQZQT_bUc
<QXeU\WQ\Q`b_dUcdQU\]_d^QYc\QT_^_S_^cdYdeiU^Q^eUcdb_ZeYSY_
e^]_fY]YU^d_`b_`YQ]U^dUdQ\=U^_cQ‹^\Qcc_\eSY_^UcY^TYfYTeQ\Uc
S_]_U\TUcQbb_\\_TU\]YSb_U]`bUcQbYQT_`_`e\Qb`_b]eiTYVe^TYTQ
aeUcUQce`bvSdYSQ_SYUbdQcV_b]QcTUbUcYcdU^SYQ`bY]QbYQQ\Q_`bUcY†^
i\QUh`\_dQSY†^S_]_\QY^TYcSY`\Y^Q\QR_bQ\\QU]YWbQSY†^U\^_]QTYc
]_\QbURU\TQY^TYfYTeQ\`U_^Q\U\RQ^TYTYc]_\QTU\Y^SeU^SYQ_\Q
cY]`\UTUc]_bQ\YjQSY†^<_fUbTQTUbQ]U^dU^eUf_\_S_^cdYdedYf_TU\
]_fY]YU^d_`_`e\QbUc\QS_^SYU^SYQ_YTU^dYTQTTU\QS\QcU_S_^W\_]U
bQT_c_SYQ\\Q]_fY\YjQSY†^`Ub]Q^U^dUdbQcSYUbd_c_RZUdYf_cS\QbQ]U^
dUYTU^dYVYSQR\Uc`_b\_c`b_`Y_c`b_dQW_^YcdQcS_^dY^eYTQTaeUVbUSeU^
dU]U^dUUcQ\SQ^jQTQc†\_cYUhYcdU_bWQ^YjQSY†^YWeQ\]U^dU`Ub]Q^U^
dU<QcVb_^dUbQcU^dbUSYUbdQc]Q^YVUcdQSY_^Uc`bY]QbYQcTUbURU\TQ_TU
bUcYcdU^SYQ`_`e\QbQ\QY^ZecdYSYQ\Q_`bUcY†^i\QUh`\_dQSY†^`_be^
\QT_i\QS_^cdYdeSY†^TU]_fY]YU^d_`_b_db_^_c_^^e^SQbWYTQc
3_^VbUSeU^SYQcU`bUcU^dQ^SQc_cU^aeU\Qc`bY]UbQcTQ^`Qc_Q\]_fY
]YU^d_\_Q\Y]U^dQ^iQieTQ^QceWUcdQSY†^@_b\_TU]vc\QS_^cdbeS
SY†^TU]_fY]YU^d_^_UcU\bUce\dQT_TUe^QSd_‹^YS_Ve^TQSY_^Q\rcdU
U]UbWUQdbQf}cTUe^`b_SUc_XYcd†bYS_TUWUcdQSY†^fQbYQR\UaeUU^U\

)
<eYc1\RUbd_B_]Ub_²<_ccUSd_bUc`_`e\QbUcebRQ^_cS_]_ceZUd_cXYcd†bYS_c³
U^@b_`_cYSY_^Uc>¡!)CQ^dYQW_Ze\Y_TU!)) `vW"'&
!
9RYT
!!
5bYS:8_RcRQg]<QcbUf_\eSY_^UcRebWeUcQc!  UTYSY†^2QbSU\_^Q5TYd_bYQ\
<QR_b@e^d_?]UWQ!)(%`vWc#'#i#'$

$$
SQc_TU3XY\U_Se`QfQbYQcT}SQTQcQ`QbdYbTU\Y^YSY_TU\QUbQbU`eR\YSQ
^QCYU\]_fY]YU^d_bUaeYUbUTU_bWQ^YjQSY_^Uc\Q`bUcU^SYQTU}cdQc
dQ]`_S_Uce^^TYSUQRc_\ed_TU\QUhYcdU^SYQTUQaeU\5\]_fY]YU^d_
\QcU^W\_RQ`Ub_dQ]RY}^\QcdbQcSYU^TU5c\QUh`bUcY†^TUe^`b_iUSd_
TUdbQ^cV_b]QSY†^c_SYQ\TUe^UdX_cS_\USdYf_U^`Ub]Q^U^dUTUcQbb_
\\_i]edQSY†^
5\cebWY]YU^d_iTUcQbb_\\_TU\]_fY]YU^d_`_`e\QbU^3XY\UTebQ^
dUU\cYW\_H9HceYTU^dYVYSQSY†^iSQbQSdUbYjQSY†^QdbQf}cTU\QdbQ]QTU\
bU\Qd_XYcd†bYS_UcQVY^TUSeU^dQcU\_RZUdYf_TUUcdU\YRb_4URU]_c
S_^VUcQbaeU^_`QbdY]_cS_^\QY^dU^SY†^TU`b_RQbe^QdUcYc`bUS_^SU
RYTQcY^_cY]`\U]U^dUS_^\QYTUQTUbUS_^cdbeYb\QXYcd_bYQTUe^]_
fY]YU^d_`_`e\QbSei_c_bWU^UciTUcQbb_\\_Y^YSYQ\^_Q`QbUSQ^ceVY
SYU^dU]U^dUS\Qb_cU^\QXYcd_bY_WbQVQC†\_dU^Q]_c\QY^deYSY†^TU\
fQS_UhYcdU^dU\QS_^fYSSY†^TUaeUU\dUZYT_TU\_cQS_^dUSY]YU^d_cXYc
d†bYS_cUbQ]eSX_]vcTU^c_iS_]`\UZ_TU\_aeU\_cXYcd_bYQT_bUc`Y_
^Ub_c^_cXQRQ^S_^dQT_<QcXY`†dUcYcVeUb_^d_]Q^T_SeUb`_Q]UTY
TQaeU\QY^V_b]QSY†^QV\_bQRQU^^eUcdbQcY^fUcdYWQSY_^UcDQ\fUjUcd_
S_^dbYRei†QbUTeSYbU\bYUcW_TUYTU^dYVYSQSY†^UcQ]Q^UbQY^cU^cYR\U
`Ub_bUQ\aeUdYU^U^\_cXYcd_bYQT_bUcTUcUbQdbQT_cc†\_`_bQaeU\\_
aeU `eUTU bUQVYb]Qb cec XY`†dUcYc TU dbQRQZ_ `bUfYQ]U^dU S_^cdbeY
TQc !" 
1VY^TUVQSY\YdQb\Q\USdebQiS_]`bU^cY†^TU\_cdU]QcQR_bTQT_c
XU]_cTYfYTYT_\Q_RbQU^T_c`QbdUc
<Q`bY]UbQcU`b_`_^UTUcSbYRYbU\]QbS_WU^UbQ\U^U\aeUcUTUcQ
bb_\\Q\QQSSY†^bUYfY^TYSQdYfQi`_\dYSQTU\_cdbQRQZQT_bUcQ^Q\YjQTQ]vc
QTU\Q^dU5^UcdQcUSSY†^cUTUcSeRbUU\]QbS_TU\QUS_^_]QebRQ^Q
U^U\aeUcUY^cUbdQ^\_ccUSd_bUc`_`e\QbUcQcS_]_cecS_^TYSY_^UcTU
fYTQiTUdbQRQZ_`_^YU^T_U\QSU^d_c_RbU\_c`bY^SY`Q\UcU\U]U^d_cTU\
VU^†]U^_aeUQ`QbdYbTU\‹\dY]_SeQbd_TU\cYW\_S_]U^j†QTU^_]Y^Qb
cU²SeUcdY†^c_SYQ\³
5^\QcUWe^TQ`QbdUQR_bTQ]_cTYbUSdQ]U^dUU\UcdeTY_TU\QQSSY†^
TUTYSX_cceZUd_c`QbQSQ]RYQb_]UZ_bQbcecS_^TYSY_^UcTUUhYcdU^SYQ
1e^SeQ^T_UcY]`_cYR\UXQR\QbTUe^]_fY]YU^d__RbUb__bWQ^YjQT_
U^3XY\UQ^dUcTU\‹\dY]_SeQbd_TUcYW\_XU]_c`_cde\QT_\QXY`†dUcYc
TU\cebWY]YU^d_TUe^]_fY]YU^d_`_`e\QbebRQ^_i^_UhS\ecYfQ_`bY_bY
dQbYQ]U^dU_RbUb_U^V_b]QSY†^TUcTU\Qc`bY]UbQcT}SQTQcTUfYTQbU
`eR\YSQ^Q5cfUbTQTaeU\QdbQ]QTU\_cXUSX_cUcT}RY\TebQ^dU\_c`bY
]Ub_cQ…_c`Ub_TUcTU\QT}SQTQTU!($ cU`eUTU^`UbSYRYb]vcVvSY\
]U^dUbUYfY^TYSQSY_^Uc]_fY]YU^d_cdU^dQdYfQcTU_bWQ^YjQSY†^iTU
Y^S_b`_bQSY†^TU^‹S\U_cTUQbdUcQ^_ci_db_cU\U]U^d_c`_`e\QbUcQ\_c
S_^V\YSd_c`_\dYS_cAeYcY]_c]_cdbQb\QU]UbWU^SYQXQSYQ]UTYQT_cTU\
cYW\_TUe^]_fY]YU^d_`_`e\QbebRQ^_Sei_c^‹S\U_c]vcY]`_bdQ^dUc

!"
1b\UddU6QbWU<UW_dTU\µQbSXYfU@QbYcCUeY\!)()`vWc((i()

$%
VeUb_^\_cdY`†WbQV_c\_cdbQRQZQT_bUc`_bdeQbY_ciSYUbd_cWbU]Y_cQbdU
cQ^Q\UcdQ\UcS_]_\_ccQcdbUcSQb`Y^dUb_cjQ`QdUb_cSQbb_SUb_ciURQ^Yc
dQc
DbQdQ^T_TU\\U^Qb\_c^e]Ub_c_cfQS_cXYcd_bY_WbvVYS_cc_RbUU\
dU]Q`\Q^dUQ]_c\QXY`†dUcYcTUe^QS_^dY^eYTQT_bWQ^YjQSY_^Q\`_\dY
SQibUYfY^TYSQdYfQTU\]_fY]YU^d_`_`e\QbXQcdQVY^UcTU\QT}SQTQTU
!(( S_^dY^eYTQTbU`bUcU^dQTQ`bY^SY`Q\]U^dU`_b\QcTU]Q^TQcTU
`b_dUSSY_^Yc]_`QbQ\Q²Y^TecdbYQ^QSY_^Q\³iTUbUV_b]Q_QR_\YSY†^TU\
cUbfYSY_U^\Q7eQbTYQ>QSY_^Q\i`_b\Q`bvSdYSQTU\Q²S__`UbQSY†^³U^
cec]‹\dY`\UcUh`bUcY_^UcS_^e^^Ud_`bUT_]Y^Y_TU\]edeQ\Yc]_
S_]_]UTY_`bYfY\UWYQT_TU]UZ_bQ]YU^d_TU\QS_^TYSY†^_RbUbQi`_
`e\Qb<QT}SQTQTU!(( S_^ceUh`\_cY†^TUXeU\WQci]_fY]YU^d_c
bUYfY^TYSQdYf_cY\ecdbQU\Y^YSY_TUe^`Ub_T_TUdbQ^cYSY†^XQSYQU\cY^
TYSQ\Yc]_i\_ccQ^WbYU^d_cS_]RQdUc²S\QcYcdQc³TU\`bY]UbSeQbd_TU\cY
W\_HH5^UcdQ`Ubc`USdYfQ\QXeU\WQWU^UbQ\TU!() U^SYUbdQcbUWY_
^Uc>_bdU7bQ^TUiFQ\`QbQc_`eUTUcUbS_^cYTUbQTQS_]_e^XYd_
Q\dQ]U^dUcY]R†\YS_aeUQ^e^SYQU\VY^TU\`Ub_T_aeU^_c`b_`ecY]_c
UcdeTYQb
5^e^`QcS_]_3XY\UU^U\aeUU\5cdQT_^QSY_^Q\cUS_^c_\YT†TU
]Q^UbQbU\QdYfQ]U^dUbv`YTQiT_^TU\QXUWU]_^QTU\Q_\YWQbaeQcU
dbQTeZ_S_^cY]Y\QbSU\UbYTQTU^\QQT_`SY†^TUe^cYcdU]Q`_\dYS_Q\
]U^_cV_b]Q\]U^dU²Ueb_`U_³`QbdYT_cYTU_\†WYS_c`Qb\Q]U^d_TURY
\YTQT_QecU^SYQTUSQeTY\\Yc]_]Y\YdQbUdS\QXYcd_bYQTU\]_fY]YU^d_
`_`e\QbUc^USUcQbYQ]U^dU`_\dYSQ_]UZ_bTYSX_UcdQXYcd_bYQUcdvVeUb
dU]U^dU]QbSQTQ`_b\_cfQYfU^UcTU\Qc\eSXQc`_\dYSQc¤3ev\Ucc_^\_c
SQ]Y^_ci\QcV_b]QcTUY^S_b`_bQSY†^TU\_cdbQRQZQT_bUc]Q^eQ\UcQ
Uc_cS_^V\YSd_c/¤3ev\UcXQ^cYT_\QcbU\QSY_^UcU^dbU\Qc_`SY_^Uc`_\dY
SQcTU\_cdbQRQZQT_bUcicecbUYfY^TYSQSY_^Uc/8UQae_db_cdQ^d_cdU]Qc
aeUaeYcY]_cTY\eSYTQb`QbdYU^T_TU\ce`eUcd_TUaeUU\S_]`b_]Yc_
]Qi_bYdQbY_cUTY_U^VQf_bTU\QcTYcdY^dQcS_bbYU^dUcU^aeUcUUh`bUcQ
RQU\\YRUbQ\Yc]_SXY\U^_TUSY]_^†^YS_Qe^aeUU^U\SQc_TU\_c_RbU
b_ciQbdUcQ^_c]vc`_\YdYjQT_ccUfUbYVYS†S_^cUbfQ^T_\Qc`QbdYSe\QbYTQ
TUci\QcbUYfY^TYSQSY_^UcUc`USVYSQcTU\QS_^TYSY†^`_`e\QbC_RbUUcdU
Qce^d_V_b]e\Q]_c\QXY`†dUcYcTUe^\U^d_SQ]Y^_TU\_cdbQRQZQT_bUc
XQSYQceY^TU`U^TU^SYQ`_\dYSQbUc`USd_TU\QcTYcdY^dQcVbQSSY_^UcTU\Qc
S\QcUcT_]Y^Q^dUc
DQ]RY}^^_cXQ`QbUSYT_^USUcQbY_]_cdbQbS†]_U\]_fY]YU^d_
TU\_cQbdUcQ^_ciTU\_c_RbUb_c]vcSQ\YVYSQT_cTU\_cSU^db_cebRQ^_c
_`d†TUcTU]eidU]`bQ^QVUSXQ`_b\QfQTU\QY^S_b`_bQSY†^Q\cYcdU]Q
`_\dYS_QVY^TU]UZ_bQb\_iTU]_SbQdYjQb\_2QcUc_SYQ\TUe^`b_iUSd_
TU]_SbvdYS_°bUV_b]YcdQTYSX_ccUSd_bUcZeWQb_^U\`bY^SY`Q\`Q`U\U^U\
]_fY]YU^d_`_`e\QbUc`USYQ\]U^dUQdbQf}cTU\]edeQ\Yc]_iTU\QcY^Y
SYQdYfQcU^`b_TU\QUTeSQSY†^iTU\Q²bUWU^UbQSY†^TU\`eUR\_³<Q]QcQ
`_`e\QbTU\QcSYeTQTUcSQ]`_cij_^Qc]Y^UbQc°\_c`U_^UcZ_b^Q\Ub_c

$&
SQ]`UcY^_c]Y^Ub_ccYbfYU^dUcT_]}cdYS_c]QbWY^Q\Uci_db_c°aeUT†
SQcYcYU]`bUQ\]QbWU^TUdQ\UcY^YSYQdYfQc^_c†\_`_b\QcUWbUWQSY†^TU
\QSeQ\VeUfSdY]Q`_b`QbdUTU\QcSQ`Qcce`UbY_bUcTU\]e^T_TU\_cdbQ
RQZQT_bUccY^_dQ]RY}^`_bcUb`_bdQT_bQTU_dbQcS_^SU`SY_^Uci]}
d_T_cTU\eSXQS_^SU`SY_^Uci]}d_T_caeU\QQSUbSQRQ^Q\_c]Y^Ub_ci
Q\`U_^QZUYdY^UbQ^dUS_^\_cSeQ\UcS_^fUbWQU^_SQcY_^UcTUUcdQ\\YT_
TUYbQ`_`e\QbC_^Ucd_ccUSd_bUcU^`QbdYSe\Qb\_c]Y^Ub_ci\_cdbQRQZQ
T_bUc`_bdeQbY_cZe^d_Q\^QSYU^dU`b_\UdQbYQT_TU\QY^TecdbYQ]Q^eVQS
debUbQ\_caeU_Se`Qbv^U\`eUcd_TUfQ^WeQbTYQU^\Q`b†hY]QUdQ`QTU
\eSXQc`_`e\QbUc5^UcdUcU^dYT_!() Q`QbUSU^eUfQ]U^dUS_]_e^
`e^d_TUfYbQZUcY]R†\YS_iQQ^e^SYQT_`_b\Qc\eSXQcTU\_cQ…_c_SXU^
dQiS_^VYb]Q\Qbe`debQQ^YfU\`_\dYS_°Y^cdYdeSY_^Q\`b_f_SQTQU^!()!
`_b\QWeUbbQSYfY\rcdQUc\QSeQbdQTYbUSSY†^XQSYQ\QSeQ\^_c`b_`ecY
]_cQfQ^jQb
@_b\QcbQj_^UciQUh`eUcdQc^_cUbQY]`_cYR\US_^dU^dQb^_cS_^e^
dbQRQZ_TUbUY^dUb`bUdQSY†^TUVeU^dUciQedY\YjQTQc`_b\_cXYcd_bYQT_bUc
TU\]_fY]YU^d__RbUb_SXY\U^_1`b_fUSXQ^T_cecY^fUcdYWQSY_^UcidbQ
RQZ_cdbQdQ]_cTU`_^UbUc_cQ`_bdUc°U^\Q`QbdUaeU^_c`QbUSQfv\Y
TQ°Q\cUbfYSY_TUe^QR‹caeUTQTU^eUfQcVeU^dUciTUe^QUh`\_dQSY†^
]vccYcdU]vdYSQTU\QciQS_^_SYTQcQVY^TU\_WbQbe^QfYcY†^]vc`b_
Ve^TQiW\_RQ\TU^eUcdb_dU]Q>eUcdbQc`UcaeYcQcQdbQf}cTUQbSXYf_c
^QSY_^Q\UciUeb_`U_cUc`USYQ\]U^dU\QbUfYcY†^TUQbSXYf_cTU\Qcc_SYU
TQTUc]edeQ\YcdQcSXY\U^Qc^_cXQ^`Ub]YdYT_Q`bUSYQb\QY^]U^cYTQTTU
\QcdQbUQcTUY^fUcdYWQSY†^TUQSe]e\QSY†^iTUS_^cUbfQSY†^TUT_Se
]U^d_cTUSQdQ\_WQSY†^iTU`eR\YSQSY†^TUT_Se]U^d_cY^}TYd_caeUUc
`UbQ^Q\_cXYcd_bYQT_bUci_db_cSYU^dYcdQcc_SYQ\UcY^dUbUcQT_cU^U\Ucde
TY_TUUcdU`Ub_T_TU\QXYcd_bYQTU\]_fY]YU^d_`_`e\Qb6eUbQTU\Qc
_RbQcWU^UbQ\UciTU\QcS_\USSY_^UcTU`UbY†TYS_cUhYcdU^dUcU^Q\We^Qc
RYR\Y_dUSQc^_XQiVeU^dUcTUVvSY\Q\SQ^SU`QbQ\_cY^fUcdYWQT_bUcCU
Y]`_^UU^d_^SUce^`UbUWbY^QZUQdbQf}cTU\_cfUdecd_c\_SQ\UcTU\Qc
c_SYUTQTUcTUc_S_bb_c]ede_ce^QbUfYcY†^cYcdU]vdYSQTUbU`Ubd_bY_c
`_\f_bYU^d_caeU^QTYUXQQRYUbd_TebQ^dU\QbW_cQ…_ce^]^Y]__bTU
^Q]YU^d_TUUc_c`Q`U\Uc\QcU\USSY†^i\Q\USdebQTUSU^dU^QbUcTU\YRb_c
TUQSdQci_db_c]Q^ecSbYd_cT_^TUcUU^SeU^dbQ^VY\_^UcY]`_bdQ^dUcTU
\QfYTQS_dYTYQ^QTUUcQcc_SYUTQTUc`_`e\QbUc
3_]_U^d_TQ_RbQTUUcdUdY`_Uc`bUSYc_fU^SUbdQ]RY}^Q\We^Qc
TYVYSe\dQTUc]Ud_T_\†WYSQc¤3†]_Y^dUWbQbU^e^S_^Ze^d_S_XUbU^dU
e^QXYcd_bYQaeUQc`YbQQcUb\_]vc²d_dQ\³`_cYR\U/¤3†]_Qb]_^YjQbU\
Y^TYc`U^cQR\U bU\Qd_ TU QS_^dUSY]YU^d_c °dQ^d_ ]vc Y]`bUcSY^TYR\U
SeQ^T_cUdbQdQTUXUSX_cXQcdQQX_bQTUcS_^_SYT_c_cY\U^SYQT_c°S_^
\QUh`_cYSY†^TUQc`USd_c]vc`b_Ve^T_cTU\QXYcd_bYQS_]_U\`Q`U\
TUcU]`U…QT_`_b\_ccUSd_bUc`_`e\QbUcU^\QUS_^_]QebRQ^QcecS_^
TYSY_^UcTUfYTQiTUdbQRQZ_/5^_db_cd}b]Y^_c*¤S†]_Y^dUWbQbU\bU\Q
d_TU\QXYcd_bYQS_bdQQWYdQTQ}fU^U]U^dYU\\UiU\Q^v\YcYcTU\QcUcdbeSde

$'
bQcTU\QcdU^TU^SYQc`b_Ve^TQc\Q\QbWQTebQSY†^dQ^Q`bUSYQTQ`_b\Q
S_^SU`SY†^QSdeQ\TU\QTYcSY`\Y^Q/
3_]_iQ\_cU…Q\vbQ]_c`QbQcY]`\YVYSQb^eUcdbQdQbUQXU]_c_`
dQT_`_bTYfYTYbU\\YRb_U^T_c`QbdUcS\QbQ]U^dUTYVUbU^SYQTQc*\Q`bY]U
bQ]vcSU^dbQTQU^\_cQc`USd_cc_SY_US_^†]YS_cTU\QS_^TYSY†^`_`e
\Qb+\QcUWe^TQU^\QQSSY†^bUYfY^TYSQdYfQi`_\dYSQTU\_cdbQRQZQT_bUc
@_be^QVv^TUS\QbYTQTiS_bbYU^T_U\`U\YWb_TUY^SebbYbU^UcaeU]QdY
jQSY_^UcTUSYTY]_cdbQdQbU^SQ`de\_ccU`QbQT_c\Qc\eSXQc`_\dYSQci\Qc
\eSXQcbUYfY^TYSQdYfQcQe^aeUU^_SQcY_^Uc\QY]RbYSQSY†^U^dbUe^Qci
_dbQc^_cXQiQY]`e\cQT_QQc_SYQb\Qc
<QTU\Y]YdQSY†^TU\dU]QU^U\dYU]`_iU^U\Uc`QSY_dQ]RY}^XQSU
^USUcQbYQcQ\We^QcUh`\YSQSY_^Uc¤@_bae}VYZQbU^!(! iU^!() \Q`Qb
dYTQiU\d}b]Y^_TU\dbQRQZ_/<Q_`SY†^`_b!(! dYU^Ue^Q\SQ^SUUcU^
SYQ\]U^dUcY]R†\YS_`_bcUbU\`e^d_TUQbbQ^aeUTU\]_fY]YU^d_Qed_
^_]YcdQaeUSe\]Y^†Q…_c]vcdQbTUS_^\Q9^TU`U^TU^SYQTU3XY\U
!(! ]QbSQdQ]RY}^U\Y^YSY_TU\Qc`bY]UbQcUh`UbYU^SYQc`_\dYSQcTU\
²RQZ_`eUR\_³5c`_b\_dQ^d_e^QVUSXQS\QfUTU\QXYcd_bYQ`_\dYSQ^Q
SY_^Q\Q\QSeQ\bU^TY]_cdbYRed_3_]_iQ\_XU]_ccU…Q\QT_!() S_^
ceXeU\WQWU^UbQ\bU`bUcU^dQe^]_]U^d_Y]`_bdQ^dUU^d_b^_Q\aeU
Se\]Y^Qe^`Ub_T_icUQSU\UbQ\QdbQ^cYSY†^XQSYQU\cY^TYSQ\Yc]_S_Y^
SYTYU^T_]eiSUbSQ^Q]U^dUS_^\Qbe`debQTU\QXYcd_bYQ`_\dYSQaeUcU
`b_TeZ_U^!()!5cdQS_Y^SYTU^SYQ°XQiaeUbUS_^_SUb\_°`eUTUcUbVU
\YjiTUcQV_bde^QTQQ\]Yc]_dYU]`_6U\YjiQaeUcY]`\YVYSQ\QcS_cQc*\Q
S_bbUc`_^TU^SYQU^dbU\QXYcd_bYQ`_\dYSQUY^cdYdeSY_^Q\i\QXYcd_bYQU^
S_^cdbeSSY†^TU\_c]_fY]YU^d_cc_SYQ\Uc°Q\]U^_cU^dbUUcQcVUSXQc°
cUbQSQcY`UbVUSdQ4UcQV_bde^QTQiQaeU\QXYcd_bYQTU\QcS\QcUc`_`e\Q
bUcQ`QbUSUTUS_^Ze^d_iTUcTU\Q`QbdYTQceR_bTY^QTQQ\Qc`UbY_TYVYSQ
SY_^UcTU\QXYcd_bY_WbQVQdbQTYSY_^Q\6bU^dUQ\Qcc_c`USXQcTUce]YcY†^
TUe^QVbU^dUQ\Q_dbQ^_`_TU]_ccY^_Q\UWQbe^Q²\Q]U^dQR\US_Y^SY
TU^SYQ³iTUcQbb_\\Qbe^dbQdQ]YU^d_TU\_c`b_R\U]Qc°`_bUZU]`\_TU
QaeU\\_c\YWQT_cQ\QS_^TYSY†^c_SY_US_^†]YSQTU\_cceZUd_cXYcd†bYS_c°
TYVUbU^dUQ\TU\QXYcd_bY_WbQVQS\vcYSQ1\]Yc]_dYU]`_aeUbUYfY^TYSQ
]_c\Q^USUcYTQTTUS_^cdbeYbe^QXYcd_bYQ`_\dYSQTU\]e^T_`_`e\Qb
_]vcUhQSdQ]U^dUe^QXYcd_bYQc_SYQ\²S_^\Q`_\dYSQY^S\eYTQ³!# 
6Y^Q\]U^dU¤`_bae}SU^dbQb^eUcdbQY^fUcdYWQSY†^U^\_cdbQRQZQ
T_bUcebRQ^_c/@_baeUU\\_cVeUb_^\_c`bY^SY`Q\UcS_^cdbeSd_bUcTU]_
fY]YU^d_`_`e\Qb_bWQ^YjQT_TebQ^dUU\cYW\_H9Hi`_baeU^_c`QbUSY†

!#
5\bUSXQj_Q\QXYcd_bYQ`_\dYSQdbQTYSY_^Q\XQ\\UfQT_Q]eSX_cXYcd_bYQT_bUcc_
SYQ\UcUc`USYQ\]U^dU\_cTU\QcUWe^TQWU^UbQSY†^TU\_c1^^Q\UcQ`_cde\Qbe^Q²XYcd_bYQ
S_^\Q`_\dYSQUhS\eYTQ³cUW‹^\QV†b]e\QTU7=DbUfU\iQ^5^W\YcXC_SYQ\8Ycd_bi!)$$
3YdQT_U^:e\Yv^3QcQ^_fQ<QXYcd_bYQc_SYQ\i\_cXYcd_bYQT_bUc¤3U^YSYU^dQ_`bY^SUcQ/2QbSU
\_^Q5TYd_bYQ\3bdYSQ!))!`vWc# i$ 5^^eUcdbQ`Ubc`USdYfQcUdbQdQTUce`UbQbUcdQ
S_^SU`SY†^e^Y\QdUbQ\Y^S_b`_bQ^T_\Q`_\dYSQS_]_e^QTY]U^cY†^Y]`_bdQ^dUTU\Q
XYcd_bYQTU\]e^T_`_`e\Qb

$(
aeUU\S_]`_^U^dUSYdQTY^_TUTYSX_]_fY]YU^d__VbUSUSYUbd_cbQcW_c
TUX_]_WU^UYTQTaeUZecdYVYSQRQ^°`_b\_]U^_cU^U\UcdQT_QSdeQ\TU\
S_^_SY]YU^d_ XYcd†bYS_° e^ dbQdQ]YU^d_ Uc`USVYS_ TYVUbU^SYQT_ TU
_db_ccUSd_bUc5fYTU^dU]U^dUUcY]`_cYR\U\QcU`QbQSY†^QRc_\edQU^dbU
\_c]_fY]YU^d_c`_`e\QbUcTU\QcSYeTQTUcSQ]`_civbUQc]Y^UbQciQ
aeUU\\QUcQbdYVYSYQ\Uc`USYQ\]U^dUTebQ^dUU\cYW\_H9H3eQ^T_^_c
`QbUSY†^USUcQbY_°S_]_`_bUZU]`\_SeQ^T_Q`QbUSQ^S_^fUbWU^SYQc
TU\eSXQcU^dbUdbQRQZQT_bUcTUSYeTQTUcSQ]`_ciTYcdbYd_c]Y^Ub_c°
dbQdQ]_cTUTQbSeU^dQTU\VU^†]U^_cY^Q\UZQb^_cTU]QcYQT_TU\`bY^
SY`Q\Uc`QSY_WU_WbvVYS_TU^eUcdb_UcdeTY_
6Y^Q\]U^dUaeUbU]_cTUZQbUcdQR\USYT_aeU`QbQe^Q]UZ_bS_]
`bU^cY†^TU\dUhd_XU]_c_`dQT_`_bQSdeQ\YjQb\Q_bd_WbQVQWbvVYSQTU
\QcSYdQcTU\QcVeU^dUc`bY]QbYQcbUc`UdQ^T_\Q`e^deQSY†^_bYWY^Q\

$)
@B9=5B1@1BD5

%!
 31@ÅDE<?9

=1>E613DEB1C7B5=9?CI1BD5C1>?C
4EB1>D55<@5BÅ?4?3?<?>91<

5^VbU^dQT_cQ\Q^USUcYTQTTUQ`_bdQbQ^dUSUTU^dUcc_RbUU\_bYWU^TU\
QbdUcQ^QT_^QSY_^Q\`QbUSU^USUcQbY_bUdb_dbQUb^eUcdbQQdU^SY†^Q\`U
b_T_S_\_^YQ\CYRYU^U\_RZUdYf_SU^dbQ\TU\`bUcU^dU\YRb_^_cbU]YdUQ
\QdbQiUSd_bYQTU\_cdbQRQZQT_bUcebRQ^_cQ\_\QbW_TU\cYW\_H9H`QbQ
UVUSd_cTUe^QS_]`bU^cY†^]vc`b_Ve^TQTU\VU^†]U^_QR_bTQbU]_c
RbUfU]U^dUQ\We^_cQc`USd_caeUUcdv^U^\QRQcUTU\TUcQbb_\\_]Q^e
VQSdebUb_iQbdUcQ^Q\TUSY]_^†^YS_SXY\U^_

< ?C ?BÅ75>5C 45 <1C 1BD5C1>Å1C I =1>E613DEB1C 3?<?>91<5C

1S_^cUSeU^SYQTU\QS_^aeYcdQiT_]Y^QSY†^Uc`Q…_\QcUVeUS_^cdYde
iU^T_e^Wbe`_TUQbdUcQ^_cSei_c_bWU^UcVeUb_^TYfUbc_c
<Q]Q^_TU_RbQY^TWU^QQTU]vcTUcUbUh`\_dQTQU^\Qc\QR_bUc
QWbS_\Qc]Y^UbQc_T_]}cdYSQcVeUTYcSY`\Y^QTQ`QbQ\Q`b_TeSSY†^TU
_RZUd_cQbdUcQ^Q\Uc1`b_fUSXQ^T_U^UcdUSQc_cecTUcdbUjQcQ^dUbY_bUc*
dUZYT_cSUbv]YSQcdbQRQZ_cTU]QTUbQSeUb_\Q^QUdS}dUbQ1\]Yc]_
dYU]`_Q\We^_c]U^UcdbQ\UcaeUV_b]QRQ^`QbdUTU\QXeUcdUUc`Q…_\Q
Ze^d_Q_db_c\\UWQT_c`_cdUbY_b]U^dUS_^dY^eQb_^TUcU]`U…Q^T_U^
U\BUY^_TU3XY\UcecQ^dYWe_c_VYSY_c!$ dbQ^c]YdYU^T_cecXQRY\YTQTUcQ
\_cY^TWU^QcUc`Q…_\Uc]UcdYj_ci]e\Qd_c<_cQbdVYSUc`b_fU^YU^dUc
TU\3ejS_i\_cUcS\Qf_c^UWb_cS_^cdYdeiUb_^_dbQfUbdYU^dUU^UcdQ]Uj
S\QTUTUcdbUjQcTebQ^dUU\`Ub_T_S_\_^YQ\
<_c QbdUcQ^_c bUSY}^ QfUSY^TQT_c Y^YSYQb_^ Y^]UTYQdQ]U^dU cec
QSdYfYTQTUcQ\cUbfYSY_TU\QU]`bUcQTUS_^aeYcdQ<_cXUbbUb_cbU`QbQ
b_^ XUbbQTebQc XUbbQ]YU^dQc i Qb]Qc Uc`USYQ\]U^dU QbSQReSUc i

!$
>_dYSYQcRY_WbvVYSQcTU\_c`bY]Ub_c`_R\QT_bUcU^D_]vcDXQiUb?ZUTQCQ^dYQ
W_TebQ^dUU\cYW\_HF93_^cdYdeSY†^TU\Q`b_`YUTQTebRQ^QY^_dYSYQcRY_WbvVYSQcTUcec`bY]Ub_c
`_R\QT_bUcCQ^dYQW_9]`bU^dQ3UbfQ^dUc!) %`vWc!!""$%3_]_`eUTU_RcUbfQbcU
U^UcU\YcdQT_VYWebQ^^e]Ub_c_cQbdUcQ^_cF}QcUdQ]RY}^TU\]Yc]_Qed_b6_b]QSY†^TU
\Qc_SYUTQTSXY\U^QiSU^c_TU\Q`_R\QSY†^TU3XY\UU^\_cQ…_cTU!%$ Q!%&%CQ^dYQW_@bU^
cQcTU\QE^YfUbcYTQTTU3XY\U!)#)!)$##d_]_c

%#
S_^VUSSY_^Qb_^\Qc`e^dQcTU\Q^jQc<_cUc`QTUb_c_Se`Qb_^e^\eWQb
TUcdQSQT_i\_ccY\\Ub_c\_WbQb_^`b_WbUcYfQ]U^dUbUU]`\QjQb\QccY\\Qc
TU]_^dQbdbQTQcTU_dbQcbUWY_^UcTU\Y]`UbY_`_b\QcTUVQRbYSQSY†^
\_SQ\8UbbQT_bUcjQ`QdUb_ciSebdYT_bUcdQ]RY}^V_b]Qb_^`QbdUTU\Qc
Uh`UTYSY_^UcS_^aeYcdQT_bQc !% 4UUcdU]_T_ibUc`_^TYU^T_Q\Qc^U
SUcYTQTUcTU\Q^eUfQc_SYUTQTU^V_b]QSY†^TUcTU]UTYQT_cTU\cYW\_
HF9U]`Uj†QTUcQbb_\\QbcUe^Wbe`_TUQbdUcQ^_caeU\_Wb†e^QdU]`bQ
^QTYfUbcYVYSQSY†^E^bUSeU^d_TUUcd_c_VYSY_cTebQ^dUUcUcYW\_S_^cYW
^QfUY^dYT†cUc`USYQ\YTQTUc*Q\RQ…Y\R_bTQT_bSQ\SUdUb_SQ^dUb_SQb
`Y^dUb_SUbUb_S_^VYdUb_SeSXY\\Ub_SebdYT_bUc`QTUb_Ve^TYT_bXU
bbQT_bXUbbUb_`Q…Ub_`\QdUb_bU]Q\\QT_bcQcdbUcUTUb_cY\\Ub_c_]
RbUbUb_dY^d_bUb_ijQ`QdUb_ !& cYU^T_\QcdQbUQc]vcXe]Y\TUc\QcTUQ\
RQ…Y\i\QcTU]UZ_bS_^TYSY†^\QcTU`\QdUb_ccQcdbUcSQ\SUdUb_cjQ`QdU
b_cSQb`Y^dUb_cXUbbUb_cVe^TYT_bUcUc`QTUb_cicY\\Ub_c !' 
5\]Qi_bS_^dY^WU^dUTU]U^UcdbQ\UccUS_]`_^QU^UcQ}`_SQ`_b
XUbbUb_cUc`QTUb_ccQcdbUcSQ\SUdUb_cjQ`QdUb_cc_]RbUbUb_cSQb`Y^
dUb_ccY\\Ub_ci`\QdUb_cCeSbUSY]YU^d_VeUbv`YT_iQaeUU^!%%&Uc
TUSYbQ`U^QcaeY^SUQ…_cTUc`e}cTU\QVe^TQSY†^TUCQ^dYQW_U\SQRY\
T_TU\Q]Yc]QSYeTQT_bTU^†aeUSQTQWbe`__S_b`_bQSY†^UhXYRYUbQ
cec²Y^fU^SY_^Uc³`QbQ\QVYUcdQTU\3_b`ec3XbYcdYS_]_cUXQSQU^5c`Q
…QiU^\Qc9^TYQc!( ISQcYe^cYW\_i]UTY_]vcdQbTUU^!&)"S_^_SQ
cY†^TU\Q]Yc]QVUcdYfYTQTbU\YWY_cQXQ\\Q]_cQ\_c]UbSQTUbUc`\QdUb_c
iSQb`Y^dUb_cQSQbW_TU\_cQ\dQbUcTU\Q@\QjQ=Qi_biQ\_cUc`QTUb_c
U^SQbWv^T_cUTU\²Q\Y…_³TU\Q`Y\QTU\Q`\QjQcYW^_TU\bUS_^_SY]YU^d_
_VYSYQ\aeUW_jQRQ^TYSXQcS_b`_bQSY_^Uc!) 
5\SbUSY]YU^d_TU\QcQbdUcQ^QcUbQ^_d_bY_U^SYUbdQcSYeTQTUcUc
`USYQ\]U^dUU^\QSQ`YdQ\5\`QTbU1\_^c_TU?fQ\\U!& !°!&%!U^ce
8Ycd†bYSQBU\QSY†^TU\BUY^_TU3XY\U`eR\YSQTQU^!&$$SeU^dQaeUQcebU
WbUc_TUc`e}cTUSUbSQTU_SX_Q…_cTUQecU^SYQTU\`QcU^S_^db†Q
CQ^dYQW_]eiUhdU^TYTQS_^e^WbQ^TUcQbb_\\_TUceS_]UbSY_TUT_SU
dYU^TQccUXQRQ`QcQT_Q]vcTUSY^SeU^dQ*

!%
:eQ^7eY\\Ub]_=e…_j<QcSQ]`Q…QcTUB_TbYW_TUAeYb_WQ*X_]RbUcVY^Q^SYQ]YU^
d_iWQcd_cCQ^dYQW_E^YfUbcYTQTTUCQ^dYQW_TU3XY\U6QSe\dQTTU8e]Q^YTQTUc3eQ
TUb^_cTU8e]Q^YTQTUc!%8Ycd_bYQcUbYU%!))"`vWc!'"#
!&
FY_\UdQ1bQSU^QC<_cQbdUcQ^_cTU3XY\UcYW\_HF9dUcYcTU<YSU^SYQdebQCQ^dYQW_
E^YfUbcYTQTTUCQ^dYQW_TU3XY\U6QSe\dQTTU8e]Q^YTQTUc4U`QbdQ]U^d_TU8Ycd_bYQ
!)('`vWc"#!")
!'
CUbWY_FY\\Q\_R_cB8Ycd_bYQTU\`eUR\_SXY\U^_" UTYSY†^d_]_9CQ^dYQW_5]
`bUcQ5TYd_bQJYWJQW!)(#`vW!"(
!(
3QRY\T_TU"TU]Qi_TU!%%&1SdQcTU\3QRY\T_TUCQ^dYQW_3483Xd9SYdQT_
`_b:e\Y_1\U]`QbdUU^5\3QRY\T_U^3XY\US_\_^YQ\?bWU^Uc]e^YSY`Q\UcTU\QcbU`‹R\YSQcXYc
`Q^_Q]UbYSQ^QcCQ^dYQW_5TYd_bYQ\1^Tb}c2U\\_!)&&`vW!$)
!)
3Qb\_c@U…Q?dQUWeY²CQ^dYQW_U^U\cYW\_HF99³U^213X8>¡"$CQ^dYQW_`bY
]UbdbY]UcdbUTU!)$#`vW#%+3QRY\T_TU"#TU]Qi_TU!&)"3483XdHH999SYdQT_
`_b1\U]`QbdUU^_`SYd`vW!%!

%$
 KMi\_]Uc]_`b_`_bSY_^Q\]U^dUU^SeQ^d_Q\Qc
_VYSY^QcidYU^TQcTUjQ`QdUb_ccQcdbUc`\QdUb_cSQb`Y^
dUb_cXUbbUb_ci_dbQcQbdUc+i^_c†\_XQ^SbUSYT_}cdQc
U^U\^‹]Ub_cY^_U^\QSeQ\YTQT`_baeUcUXQSUX_i
d_T_]vcSebY_c_i`UbVUSd_aeUQ^dYWeQ]U^dU+`_baeU
S_]_cUXQ^Qe]U^dQT_\_c]QUcdb_ci_VYSYQ\UcXQSbU
SYT_\QU]e\QSY†^iQccUXQSU^iQXUSXebQc]eiSebY_
cQciTU]eSX_fQ\_bTU_b_`\QdQi]QTUbQT_bQT_ci
`Y^debQcaeUZe^dQ]U^dUS_^\QcaeUSQTQTQU^dbQ^TU
VeUbQcUXQ^QT_b^QT_\QcYW\UcYQciSQcQcTU]Q^UbQ
aeUXQiX_iU^Q\We^QcdQ^d_S_]_XQRQQ^dYWeQ]U^dU
U^d_TQ\QSYeTQT" 

4UcTU\_c`bY]Ub_cdYU]`_cTU\Q3_^aeYcdQS_]U^jQb_^QcebWYb
`UaeU…Qc]Q^eVQSdebQcdUhdY\Uc°\_c_RbQZUc°SebdYTebQci_db_cUcdQR\U
SY]YU^d_c]Q^eVQSdebUb_ciQbdUcQ^Q\Uc_bYU^dQT_cQcQdYcVQSUb\QTU]Q^
TQY^dUb^QUY^S\ec_TYbYWYTQXQSYQ\_cU]UbWU^dUc]UbSQT_cTU\Y]`U
bY_Uc`Q…_\"! 
<Qc]Q^eVQSdebQcUcTUSYbQaeU\\Qc\QR_bUc`b_TeSdYfQcaeUcUQcU
]UZQ^U^Q\We^_cQc`USd_cQ\QQSdYfYTQTY^TecdbYQ\]_TUb^QdbQRQZ_
bUQ\YjQT_U^dQ\\UbUcQT°X_S`_b_RbUb_cUc`USYQ\YjQT_cU^\QVQRbYSQSY†^
TUe^Q`QbdUTU\`b_TeSd_d_dQ\RQZ_\QTYbUSSY†^TUe^d}S^YS__`Ubc_
^QU^dU^TYTQ+`b_TeSSY†^TUQbdSe\_ce^YV_b]Uc`QbQe^QTU]Q^TQ
]vc_]U^_cUcdQR\Ui`_b\_dQ^d_S_^_SYTQTUQ^dU]Q^_UdScUcY
deQRQ^TU`bUVUbU^SYQU^\Qcj_^QcQWbS_\Qc_U^\QcQVeUbQcTU\QcSYe
TQTUc<Qc]Q^eVQSdebQc]vccYW^YVYSQdYfQcTebQ^dUUcdU`Ub_T_VeUb_^
\QcdUhdY\Uc_cUQ\_c_RbQZUcT_^TUcUVQRbYSQRQ^W}^Ub_c_bTY^QbY_cTU
\Q^QRQiUdQS_bTU\\QdU`Q…_c`QbQVbQjQTQciTU\Y^_Cec`b_`YUdQbY_c
UbQ^U^S_]U^TUb_ci`b_TeSQ^dQ^d_`QbQU\S_^ce]_TU\_cc_\TQT_c
Uc`Q…_\Uci\_c`_RbUcTUUcQ^QSY_^Q\YTQTS_]_`QbQU\TU\_cY^TWU
^Qc <_c _RbQZUc ]vc Y]`_bdQ^dUc VeUb_^ \_c TU 5\ CQ\d_ CQ^dYQW_
BQ^SQWeQ@UdUb_Qi=U\Y`Y\\Q "" <QSQ\YTQTTUcec`b_TeSd_cVeUcYU]

"
1\_^c_TU?fQ\\U8Ycd†bYSQbU\QSY†^TU\BUY^_TU3XY\Ud_]_9U^3_\USSY†^TU8Ycd_
bYQT_bUcTU3XY\UiTUT_Se]U^d_cbU\QdYf_cQ\Q8Ycd_bYQ^QSY_^Q\d_]_H99S_^e^QY^db_TeS
SY†^RY_WbvVYSQi^_dQc`_b:D=UTY^QCQ^dYQW_9]`bU^dQ5bSY\\Q!(((`vW"(!
"!
C_RbU\_c_RbQZUci\Q`b_TeSSY†^dUhdY\U^WU^UbQ\f}QcU*5Y\UU^=e\\Y^c3<_c
WbU]Y_cU^CQ^dYQW_TU3XY\UTebQ^dU\Q3_\_^YQ]U]_bYQ`QbQ_`dQbQ\dde\_TU`b_VUc_bTU
5cdQT_U^\QQcYW^QdebQTU8Ycd_bYQ7U_WbQVQi5TeSQSY†^3fYSQCQ^dYQW_E^YfUbcYTQT
TU3XY\U!)$#`vWc"#"(+1b]Q^T_TUBQ]†^8Ycd_bYQebRQ^Q*e^Q]Ud_T_\_WQQ`\YSQ
TQ2eU^_c1YbUc5TYSY_^UcC91@!)'(`vWc!%"!%$+CY\fYQ=UjjQ^_<<Q]Q^eVQSde
bQdUhdY\SXY\U^QU^U\cYW\_H9H*1^dUSUTU^dUcS_\_^YQ\Uci`bY]UbQ]YdQTTU\cYW\_H9HdUcYcTUWbQ
T_`QbQ_`dQbQ\dde\_TU<YSU^SYQTQU^6Y\_c_VQS_^]U^SY†^U^8Ycd_bYQCQ^dYQW_E^Y
fUbcYTQTTU3XY\U6QSe\dQTTU6Y\_c_VQ8e]Q^YTQTUci5TeSQSY†^4U`QbdQ]U^d_TU
8Ycd_bYQ!)(!+7eY\\Ub]_2bQf_1²5\_RbQZUTU=U\Y`Y\\QU^U\cYW\_HF999³U^3eQTUb
^_cTU8Ycd_bYQ>¡'CQ^dYQW_Ze\Y_TU!)('`vWc!!)!#%
""
1b]Q^T_TUBQ]†^i:_c}=Q^eU\<QbbQ^?bWU^UcTU\QfYTQUS_^†]YSQSXY\U^Q

%%
`bU]eid_cSQcYU^T_cec`b_SUTY]YU^d_c]eiQdbQcQT_c<_cdU\QbUc
UbQ^beTY]U^dQbY_cbUTe^TQ^T_U^e^\U^d_`b_SUc_TU`b_TeSSY†^
5V]UbQVeU\QUhYcdU^SYQTUT_cY^WU^Y_cQjeSQbUb_cY^cdQ\QT_cU^
<Q<YWeQiU^3_`YQ`†TebQ^dU\QcUWe^TQ]YdQTTU\cYW\_HF9<QcSeb
dYU]RbUc_dQ^UbQcdefYUb_^U^SQ]RY_e^TUcQbb_\\_Y]`_bdQ^dU1VY
^UcTU\cYW\_HF9UhYcdQ^T_cU^U\TYcdbYd_TUCQ^dYQW_\QcaeUU^!&!$
iQXQRQ^Qe]U^dQT_QSeQbU^dQie^QQe^aeU]vcdQbTUcUU]`\QjQb_^
TU`bUVUbU^SYQU^\QcXQSYU^TQcU^Uc`USYQ\U^\QbUWY†^TU\=Qe\U5^
U\\QccUVQRbYSQRQSQ\jQT_S_bT_RQ^UcSY^deb_^UcSXQ\US_ciQbbU_cTU
]_^dQbfQY^QcTUUc`QTQcd_\T_cTUSQbbUdQc`QbdUcTUcY\\QciRQ‹\Uc
UdS}dUbQ"#
?dbQc]Q^eVQSdebQc`b_TeSQ^SQR\Ucc_WQcdY^QZQc\QTbY\\_cdUZQc
QT_RUc_RbQcTUQ\VQbUbQiTUSQb`Y^dUbQ5^dbUUcdQc‹\dY]QcQTaeYbYU
b_^SYUbdQY]`_bdQ^SYQ\QVQRbYSQSY†^TUSQbbUdQcTU\Q^SXQciTUU]RQb
SQSY_^Uc]U^_bUc"$<Q]_\Y^UbQ\QcY^cdQ\QSY_^UcTUcdY^QTQcQ]_\Ubi
Ve^TYb]UdQ\Uc°\Qc\\Q]QTQcXQSYU^TQcTURU^UVYSY_°i\QcVvRbYSQcTU
`†\f_bQaeUS_]U^jQb_^QUcdQR\USUbcUQ`QbdYbTU!'((S_]`\UdQ^U\
SeQTb_TU\QQSdYfYTQT]Q^eVQSdebUbQS_\_^YQ\ "%
CYRYU^\Q`b_TeSSY†^QbdUcQ^Q\i]Q^eVQSdebUbQTU\`Ub_T_TUT_
]Y^QSY†^Uc`Q…_\Q\_Wb†SeRbYb\Qc^USUcYTQTUcTUS_^ce]_]vcU\U]U^
dQ\UcTU\Q`_R\QSY†^VeUTUU\QR_bQSY†^beTY]U^dQbYQiUcSQcQ]U^dUcYW
^YVYSQdYfQbUc`USd_TU\S_^Ze^d_TU\QfYTQUS_^†]YSQC†\_TebQ^dUU\
‹\dY]_cYW\_TU\`_TUbXYc`Q^_cUVQRbYSQb_^_RZUd_cTU]Qi_bbUVY^Q
]YU^d_Uc`USYQ\]U^dUU^QaeU\\QcQSdYfYTQTUc]Q^eVQSdebUbQcTYbYWYTQc
`_b\_cZUceYdQc
4YfUbc_cVQSd_bUcS_^dbYReiUb_^Q\`b_WbUc_TU\Qc]Q^eVQSdebQc
1`bY^SY`Y_cTU\cYW\_HF999Q\We^_cRQbS_cVbQ^SUcUcaeUfYcYdQb_^

!&%)!( (CQ^dYQW_3U^db_TU5cdeTY_c@‹R\YS_c!)("`vWc!&(!'#+FY\\Q\_R_c8Ycd_
bYQTU\`eUR\__`SYdd_]_"`vW#&+=UjjQ^__`SYd`vWc"'$!i2bQf__`SYd`QccY]
"#
4YUW_2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\TU3XY\Ud_]_F99CQ^dYQW_BQVQU\:_fUb5TY
d_b!((&d_]_F99`vW#'%+4UBQ]†^i<QbbQ^_`SYd`vWc!''icYWeYU^dUc
"$
FY\\Q\_R_c8Ycd_bYQTU\`eUR\__`SYdd_]_"`vWc#&#(i#)+4UBQ]†^i
<QbbQ^_`SYd`vWc"!#i"!$C_RbU\QcY^TecdbYQcS_\_^YQ\UcTUQcdY\\Ub_cVvRbYSQcbUQ
\UcTU\QTbY\\_idUZQdQ\\UbUcTUSUcdUbQTUV_bZQiTUdbQdQ]YU^d_TU\XYUbb_TUSQb`Y^dU
bQi_db_cU^\QcbUWY_^UcTUFQ\TYfYQi?c_b^_f}QcU7QRbYU\7eQbTQ?C2²<QUS_^_
]QTU3XY\UQecdbQ\Q^dUcTU\QS_\_^YjQSY†^Q\U]Q^Q!&$%!(% ³U^8Ycd_bYQ>¡! CQ^
dYQW_!)'!`vWc"$%"%)
"%
C_RbU\Q]_\Y^UbQf}QcU4UBQ]†^8Ycd_bYQebRQ^Q_`SYd`vWc!#(!$"+4U
BQ]†^i<QbbQ^_`SYd`vWc!!'!!(+FY\\Q\_R_c8Ycd_bYQTU\`eUR\__`SYdd_]_"`vW
#'+7eQbTQ_`SYd`vWc"%""%$C_RbU\Q]_\YU^TQiVe^TYSY†^TU]UdQ\UcfUb\Q`QbdU
S_bbUc`_^TYU^dUTU\SQ`de\_²5c`_^dQ^Uc]_iSv\Se\_TebQ^dU\QS_\_^YQ³U^\Q_RbQ
S_\USdYfQ TYbYWYTQ `_b CUbWY_ FY\\Q\_R_c B 8Ycd_bYQ TU \Q 9^WU^YUbQ U^ 3XY\U CQ^dYQW_
8QSXUddU!)) `vWc'$''5cdUSQ`de\_VeUUcSbYd_`_b<ej=QbQ=}^TUjC_RbU\Qc
VvRbYSQcTU`†\f_bQS_^c‹\dUcU5b^Ucd_7bUfU8Ycd_bYQTU\Q9^WU^YUbQU^3XY\Ud_]_999
CQ^dYQW_9]`bU^dQE^YfUbcYdQbYQ!)$#`vWc!)#!)%

%&
\QcS_cdQcSXY\U^QcY^S\eiUb_^TU^db_TUcecdbY`e\QSY_^UcSQb`Y^dUb_c
aeUU^cU…Qb_^Q\_cXQRYdQ^dUcTU\bUY^_U\]Q^UZ_TUY^cdbe]U^d_ci
^eUfQcd}S^YSQc`QbQ\QS_^cdbeSSY†^TUU]RQbSQSY_^Uc "& 1`UcQbTU\Q
`b_XYRYSY†^TUY^cdQ\QSY†^TUUhdbQ^ZUb_cU^\QcS_\_^YQcTU\BUiUcd_c
dbQRQZQT_bUcVeUb_^d_\UbQT_cTURYT_QcecSQ`QSYTQTUcaeU\_cS_^fYb
dYUb_^U^U\U]U^d_cY^cecdYdeYR\Uc1`b_fUSXQ^T_\QcXQRY\YTQTUcTU\_c
VbQ^SUcUcTUQ\We^_cUc`Q…_\UciTU_db_cUhdbQ^ZUb_c\\UWQT_cQ3XY\U
XQSYQVY^UcTU\`Ub_T_S_\_^YQ\\_cQcdY\\Ub_cTUFQ\TYfYQUh`UbY]U^dQ
b_^e^TUcQbb_\\_cYW^YVYSQdYf_TUcTU]UTYQT_cTUUcQSU^debYQ\_WbQ^
T_S_^cdbeYb^Qf_cTUXQcdQSY^S_]Y\aeY^dQ\Uc "'
=Qi_bdbQcSU^TU^SYQaeUQaeU\\_cQbdUcQ^_cVbQ^SUcUcQ\SQ^jQb_^
\_cdbUY^dQi_SX_QbdVYSUcQ\U]Q^UcdbQT_cQ3XY\UU^!'$(`_bU\ZUceYdQ
WUb]Q^_;Qb\8Qi]XQecU^rcdUReb\†\Q`b_XYRYSY†^TUUcdQR\USUbUh
dbQ^ZUb_cU^U\BUY^_TU3XY\UfYcdYU^T_QcecS_]`QdbY_dQcS_^\_cXvRY
d_cZUcedYS_ciTv^T_\UcU\SQbvSdUbTUXUb]Q^_cS_QTZed_bUc "(<QQbdY
]Q…QTU\]YcY_^Ub_WUb]Q^_dU^TbQe^UVUSd_]ei`_cYdYf_c_RbU\Qc
²QbdUci_VYSY_c³TU\`Qc
<_cdQ\\UbUcTU\_cZUceYdQcVeUb_^\UfQ^dQT_cQ`_SQTYcdQ^SYQTUCQ^
dYQW_U^\QXQSYU^TQTU3Q\UbQTUDQ^W_1\\cUVe^TYUb_^SQ]`Q^QccU
XYSYUb_^bUVY^QTQc_RbQcTUSQb`Y^dUbQiURQ^YcdUbQU^Uc`USYQ\]eU
R\Uci_RZUd_c`QbQ\QcYW\UcYQcicU]UZ_bQb_^\_cdU\QbUc1\We^_cTUcec
dbQRQZ_cQTaeYbYUb_^WbQ^^_d_bYUTQT5^dbUU\\_cSQRUY^TYSQb\QS_^c
dbeSSY†^TUe^dUSX_TU]QTUbQTYc`eUcd_`QbQbUU]`\QjQb\QR†fUTQTU\
dU]`\_`bY^SY`Q\TUCQ^dYQW_TUcdbeYTQ`_bU\dUbbU]_d_TU!'%! ") 
<Qc_RbQc]vcS}\URbUcUZUSedQTQcU^\_cdQ\\UbUcTU3Q\UbQTUDQ^
W_VeUb_^\QcTU`\QdUbQZ_iUbQibU\_ZUbQ+UcdQc‹\dY]QcTUS_]`\YSQT_
]USQ^Yc]_*e^QTUU\\Qc_RcUaeYQTQQ\QbUY^QTU@_bdeWQ\²^_c†\_
]QbSQRQ\_ccUWe^T_c]Y^ed_ciX_bQccY^_dQ]RY}^\_cTQcTU\QcU]Q
^QiTU\]Uc\_c]UcUciTYfUbc_c]_fY]YU^d_cTU\QUcVUbQSU\UcdUS_]_

"&
2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_F99`vWc#(!#("i%'&5cdUWbe`_
TUVbQ^SUcUc^_UbQU\`bY]UbS_^dY^WU^dUTU^_Uc`Q…_\UcQfUSY^TQT_cU^U\`Qc5^U\
cYW\_HF9\\UWQb_^Q3XY\UWbQ^SQ^dYTQTTUYdQ\YQ^_cWbYUW_cSXY`bY_dQcVbQ^SUcUci`Ub
c_^QcTU_dbQc^QSY_^UcTU\=UTYdUbbv^U_cYU^T_\Q]Qi_bQTUU\\_c]QbY^_ciQbdUcQ^_c
F}QcUDXQiUb?ZUTQ6_b]QSY†^_`SYdd_]_999CQ^dYQW_@bU^cQcTU\QE^YfUbcYTQTTU
3XY\U!)$#`vWc"!icYWeYU^dUcFUbdQ]RY}^U^:eQ^7eY\\Ub]_=e…_j@_R\QT_bUcTU
3XY\U!%&%!%( DU]eS_5TE^YfUbcYTQTTU<Q6b_^dUbQ!)()e^Q\YcdQTUQ`U\\YT_c
aeUTU^_dQ^TYfUbcQ`b_SUTU^SYQ]UTYdUbbv^UQ
"'
7eQbTQ_`SYd`vWc"$%"% 
"(
2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_F9`vW"%$<_c^_]RbUci\QcUc`U
SYQ\YjQSY_^UcTU\_cQbdUcQ^_cQ\U]Q^UcTU\Q3_]`Q…QTU:Uc‹cU^D_]vcDXQiUb?ZUTQ
²:UceYdQcQ\U]Q^UcU^3XY\UTebQ^dU\Q}`_SQS_\_^YQ\³U^213X8>¡#'CQ^dYQW_cUWe^
T_cU]UcdbUTU!)$'`vWc())&
")
2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_F9`vW"%$+6Ub^Q^T_=vbaeUjTU
\Q@\QdQ²<_c]eUR\UcU^3XY\UTebQ^dU\_ccYW\_cHF9HF99iHF999³U^213X8>¡!CQ^
dYQW_`bY]UbdbY]UcdbUTU!)##`vWc"&!"(%+<eYcÂ\fQbUjEbaeYUdQ²<Q`Y^debQU^3XY
\UTebQ^dUU\`Ub_T_S_\_^YQ\³U^213X8>¡!CQ^dYQW_`bY]UbdbY]UcdbUTU!)##`vWc
!)#"& 

%'
\QcVQcUcTU\Q<e^QcecUS\Y`cUcU\]_fY]YU^d_Q`QbU^dU`_b\_ccYW^_c
TU\J_TQS_i_db_c]_fY]YU^d_c`\Q^UdQbY_c³# DQ]RY}^cUTUcdQS†e^
bU\_ZTUSeQdb_UcVUbQcSeiQcSQ]`Q^Qc]QbSQRQ^\QcX_bQci\_cSeQbd_c
aeUVeUS_\_SQT_U^\Qd_bbUTU\QYW\UcYQTU\Q3_]`Q…Qi_db_]vc`U
aeU…_`QbQ\QcQSbYcdQTU\Q]Yc]QYW\UcYQaeUQTU]vcTU\QX_bQ²Y^TY
SQRQU\]_fY]YU^d_i\QcVQcUcTU\Q<e^QiU\Sebc_Q`QbU^dUTU\C_\U^\Q
U\`dYSQ³#! 5^3Q\UbQTUDQ^W_cUbU`QbQb_^\_cbU\_ZUc`b_fU^YU^dUcTU
TYcdY^dQcSYeTQTUcTU\`QcY^S\ec_TUcTU2eU^_c1YbUc
7bQSYQcQ\QUcV_bjQTQ\QR_bTU\_cZUceYdQcQ\S_]U^jQbU\cYW\_H9H
iQ`UcQbTU\QUh`e\cY†^TU\Q3_]`Q…QU\QbdUTU\QbU\_ZUbQXQRQc_
RbU`QcQT_ceUdQ`Q`bY]YdYfQie^Q^eUfQWU^UbQSY†^TUd}S^YS_c`eT_
bUU]`\QjQbQ\_c`bY]Ub_cQbdVYSUc4UUcdU]_T_U^\_c‹\dY]_cQ…_cTU
\QT_]Y^QSY†^Uc`Q…_\QcU_RcUbf†U\cebWY]YU^d_TU\Qc`bY]UbQcc_SYU
TQTUc`QbQ\QUh`\_dQSY†^TU\_VYSY_ #"

5 CDB1D9693139É> C?391< 45 <1 6E5BJ1 45 DB121:? 45< C53D?B

1BD5C1>?  =1>E613DEB5B?  3?<?>91<

5\S_^_SY]YU^d_TU^eUcdbQXYcd_bY_WbQVQc_RbUU\cdQdecc_SYQ\\QcV_b
]QcTU_bWQ^YjQSY†^i\QQSdYfYTQT`‹R\YSQTU\QbdUcQ^QT_S_\_^YQ\Uc]vc
RYU^UcSQc_
CUbWY_FY\\Q\_R_cc_cdYU^UaeU²U^3XY\U^_cUec†\QSQdUW_bQTU
]QUcdb_cYU^T_U\_VYSYQ\U\QbdUcQ^_]vcSQ\YVYSQT_2QZ_ceTYbUSSY†^
dbQRQZQRQ^\_cQ`bU^TYSUcQaeYU^UcTQRQQ\Y]U^dQSY†^i\QfUcdY]U^dQ
]^Y]Q aeUTQ^T_ UcdY`e\QTQc \Qc S_^TYSY_^Uc Q fUSUc U^ S_^dbQd_c
Q^dUUcSbYRQ^_³## 
<QcVeU^dUcS_^ce\dQTQc^_c`Ub]YdU^S_^dbQTUSYb\Q`bY]UbQTUUc
dQcQVYb]QSY_^Uc@_bUZU]`\_U^\Q_bTU^Q^jQF9TUC_d_]Qi_b!%($
cUTYc`_^U*

AeU SQTQ U^S_]U^TUb_ `QWeU Q \_c Y^TY_c aeU

c_^_aeUVeUbU^]QUcdb_cTUSQb`Y^dUbQjQ`QdUbQU
cQcdbUc i _db_c _VYSY_c ]USv^YS_c fUY^dU `Uc_c Q SQTQ
e^_iQ\_c_db_c_VYSYQ\UcTU\_cTYSX_c_VYSY_caeU^_
VeUbU^]QUcdb_ciQ\_cSebdYT_bUcR_dYZUb_cQ\RQ…Y\Uc

#
1bdeb_6_^dUSY\\Q<QbbQ^²BUSeUbT_cTU\_cZUceYdQcU^3Q\UbQTUDQ^W_³U^
213X8>¡!)CQ^dYQW_SeQbd_dbY]UcdbUTU!)$!`vW! '
#!
2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_F9`vW"%&
#"
5eWU^Y_@UbUYbQCQ\Qc²<_cbU\_ZUci\Q^_SY†^TU\dYU]`_U^\Q}`_SQS_\_^YQ\³
U^213X8>¡(CQ^dYQW_!)&#`vWc"""%
##
FY\\Q\_R_c8Ycd_bYQTU\`eUR\__`SYdd_]_"`vW#$5^U\`bY]UbSQ`de\_TU
UcdUd_]_²3bUQSY†^TUe^QUS_^_]Q³U\Qed_bUh`_^U\_c`bY^SY`Q\UcQc`USd_cbU\Q
SY_^QT_cS_^\Qc\QR_bUcQbdUcQ^Q\UcTebQ^dUU\`Ub_T_S_\_^YQ\`vWc#$#)

%(
 XQTUTQbU`QWQbTUcQ\QbY_QSQTQe^_SQTQe^Q…_
T_SU`Uc_c #$

@Ub_Y^S\ec_]vcQ\\vTU\_UcdQR\USYT_`_b\_cdUhd_c\UWQ\Uc\QTYc
dY^SY†^U^dbU]QUcdb_c_VYSYQ\UciQ`bU^TYSUcdQ]RY}^\QU^S_^dbQ]_cU^
U\\U^WeQZUS_dYTYQ^_@_bUZU]`\_U^\QdQcQSY†^bUQ\YjQTQ`_b7bUW_
bY_Cv^SXUjQ\QU^S_]YU^TQTU<eYc:eVb}XQSYQ!& "°!& #\QSeQ\S_^c
dYdeiUcUW‹^\_cU^dU^TYT_c\Q]UZ_bVeU^dU`QbQU\S_^_SY]YU^d_TU
UcdQY^cdYdeSY†^TebQ^dUd_TQ\QQ\dQ3_\_^YQ5^\QUcdQ^SYQTUse…_QU\
Ve^SY_^QbY_S_\_^YQ\]U^SY_^†\QUhYcdU^SYQTUTYUSYcYUdUY^TY_cfQb_^Uc
`_cUUT_bUcTUQ\We^QUc`USYQ\YTQT\QR_bQ\*SeQdb_TUU\\_ccUTUS\QbQRQ^
]QUcdb_cT_ccUYTU^dYVYSQRQ^S_]_Q`bU^TYSUciU\bUcd_c_\QTUSYbaeU
UbQ^_VYSYQ\Uc#%
5cd_cSQc_c`_TbQ^cUb_RZUdQT_c`_bdbQdQbcUTU\dbQRQZ_S_]`e\cY
f_TUY^TY_cU^S_]U^TQT_c@Ub_SYUbd_c^TYSUc^_c`Ub]YdU^ce`_^Ub
aeUdQ\TYcdY^SY†^UhYcdY†U^dbU\_cdbQRQZQT_bUc\YRbUcQe^aeUUc^USUcQ
bY_bUS_^_SUbaeUQae\QcVeU^dUccUd_b^Q^Y]`bUSYcQc1cceSUTUS_^
U\1SdQTU\3QRY\T_TUCQ^dYQW_TU\""TUVURbUb_TU!%$(aeUVYZQRQ\_c
QbQ^SU\UcTU\_cXUbbUb_c*²KM]Q^TQ]_cQ\_cdQ\Uc_VYSYQ\UcaeU^_\\U
fU^]vc`bUSY_c^Y\_cS_^cYU^dQ^\\UfQbQcec_RbUb_ci_db_c_VYSYQ\Ucc_
`U^QTUSYU^`Uc_cTU_b_KM³ #&
@_S_c]UcUcTUc`e}cU\!TUZe\Y_TU!%$)U\]Yc]_3QRY\T_Q\Uc
dQR\USUb\_cQbQ^SU\UcTUUc`QTUb_ccQcdbUcXUbbUb_cijQ`QdUb_c_bTU
^QRQ²Q\_c_VYSYQ\UcaeU^_\\UfU^^YS_^cYU^dQ^U^\\UfQbQcec_VYSYQ\Uc^Y
_RbUb_c]vc`bUSY_cTU\_cS_^dU^YT_cU^U\QbQ^SU\TUSQTQ_VYSY_KM³#'
5^Q]RQc_`_bde^YTQTUcQ`UcQbTU\QQ]RYWŽUTQTTU\\U^WeQZU
U]`\UQT_`_b\_cUTY\UccQ^dYQWeY^_cUc`_cYR\UTUdUSdQb\QTYVUbU^SYQUc
dQR\USYTQU^dbU\_c`bY]Ub_c²_VYSYQ\Uc³aeUc_^U^bUQ\YTQT\_c]QUcdb_c
_`UaeU…_c`Qdb_^_cicecceR_bTY^QT_c_RbUb_ce_VYSYQ\Uc
6eU^dUc]vcdQbTQcS_]_\Qc_bTU^Q^jQc`QbQU\WbU]Y_TU`\QdU
b_cbUTQSdQTQc`_bU\3QRY\T_TUCQ^dYQW_iQ`b_RQTQc`_bU\W_RYUb^_

#$
²?bTU^Q^jQF9TUC_d_]Qi_b³SYdQTQ`_b=QbY_7†^W_bQU^5^S_]U^TUb_ciUcdQ^
SYUb_c5cdeTY_cQSUbSQTU\Q3_^cdYdeSY†^c_SYQ\QbYcd_SbvdYSQTU3XY\UTUc`e}cTU\Q3_^aeYcdQ!%( 
!&& CQ^dYQW_5TYd_bYQ\E^YfUbcYdQbYQ!)' `vW#"
#%
?`SYd`vWc#$#%5^_dbQTUcec_RbQcUcdUXYcd_bYQT_bSYdQU\]Yc]_SQc_YTU^
dYVYSQ^T_\_c_VYSY_cTUdY`_QbdUcQ^Q\*SQbbUdUb_cR_dYZUb_cQ\RQ…Y\UcSQb`Y^dUb_cjQ`QdU
b_cie^dUZUT_b=QbY_7†^W_bQ?bYWU^TU\_c²Y^aeY\Y^_c³TU3XY\USU^dbQ\CQ^dYQW_5TYd_
bYQ\E^YfUbcYdQbYQ!)& `vW"'
#&
 ²1bQ^SU\Uc TU \_ aeU XQ^ TU \\UfQb \_c _VYSYQ\Uc Qc cQcdbUc S_]_ XUbbUb_c i
Uc`QTUb_cU^UcdQSYeTQTTUCQ^dYQW_iU^d_T_ccecd}b]Y^_c³1SdQTU\3QRY\T_TUCQ^
dYQW_TU""TUVURbUb_TU!%$(U^Â\fQb_:QbQiC_^YQ@Y^d_6eU^dUc`QbQ\QXYcd_bYQTU\dbQ
RQZ_U^U\BUY^_TU3XY\U<UWYc\QSY†^!%$&!(! d_]_99CQ^dYQW_5TYd_bYQ\1^Tb}c2U\\_
!)(#`vWc!!'<QcSebcYfQcc_^^eUcdbQc
#'
²1bQ^SU\UcTUUc`QTUb_ccQcdbUcXUbbUb_cijQ`QdUb_cTU\QSYeTQTTUCQ^dYQW_³
1SdQTU\3QRY\T_TUCQ^dYQW_TU!¡TUZe\Y_TU!%$)U^:QbQi@Y^d__`SYdd_]_99`vW
!"!<QcSebcYfQcc_^^eUcdbQc

%)
U^!( "c_^]vcUh`\SYdQc5\QbdSe\_"TUUcd_cT_Se]U^d_cTYc`_^Q
U\SYUbbUTUd_TQc\QcdYU^TQcTU`\QdUb_cSei_cTeU…_c^_defYUcU^dde
\_cUcdY`e\Q^T_aeU\_c]QUcdb_cUhQ]Y^QT_cS_^dY^eQbQ^QRbY}^T_\Qc
`Ub_TURQ^_RdU^Ub\YSU^SYQTU\ZeUj5\QbdSe\_'VYZQRQU^dbUSeQdb_i
_SX_Q…_c\QTebQSY†^TU\Q`bU^TYjQZUi\QccYWeYU^dUc(Q!"TUdUb]Y
^QRQ^\Qc_R\YWQSY_^UcTU\]QUcdb_bUc`USd_TU\Q`bU^TYj5^U\QbdSe\_)
\Q TYcdY^SY†^ U^dbU \Qc TYfUbcQc SQdUW_bQc UhYcdU^dUc U^ U\ QbdUcQ^QT_
U]UbWQS_^WbQ^^YdYTUj*U\Q`bU^TYjaeUQ`b_RQbQUhYd_cQ]U^dUU\UhQ
]U^VY^Q\`QcQRQQcUb_VYSYQ\+U^SQc_S_^dbQbY_f_\fQQ\dQ\\UbTU\]QUcdb_
`Ub_U^d_^SUcS_^W_SUTUZ_b^Q\`eUcU\VbQSQc_cUY]`edQRQQ\]QUc
db_5\QbdSe\_!%dQ]RY}^XQSQ\Qc]Yc]QcTYcdY^SY_^UcQ\_R\YWQbQQaeU
\\_c`\QdUb_c`_cUUT_bUcTUe^QdYU^TQ`‹R\YSQQ]Q^dU^Ub`_b\_]U^_c
T_c_VYSYQ\UciT_cQ`bU^TYSUc#(
1cY]Yc]_\QbUYdUbQSY†^U^^e]Ub_c_cdUcdY]_^Y_cTU\cYW\_H9H
TU\QcUh`bUcY_^Uc²]QUcdb_³i²_VYSYQ\³^_c\\UfQQ`U^cQbU^\QUhYcdU^SYQ
bUQ\TUUcQcSQdUW_bQcTUcTU\_ccYW\_cS_\_^YQ\UcY^TU`U^TYU^dU]U^dU
TU\QcY]`bUSYcY_^UccU]v^dYSQcTUQ\We^_cdUhd_cS_^dU]`_bv^U_c
<QS_^TYSY†^TU\_cQ`bU^TYSUcUbQUVUSdYfQ]U^dU\QTUcSbYdQ`_bFY
\\Q\_R_c2U^ZQ]^FYSe…Q=QS[U^^QU^ce8Ycd_bYQTUFQ\`QbQc_SYdQU\
SQc_TUe^cQcdbUaeUfYfY†U^UcQSYeTQTU^U\cYW\_HF99*

KMSei_^_]RbUUbQ6U\Y`UFvjaeUjidU^Q`_b
Q`bU^TYjQe^]Q^SUR_TU3_^SU`SY†^\\Q]QT_>YS_
\vcB_TbWeUj@QSXUS_QaeYU^S_]_cQcdbU^_`QWQRQ
cY^_U^b_`Q3_^cYcdQU\Y^fU^dQbY_TU}cdQcUW‹^U\
S_^dbQd_`‹R\YS_aeUQ\UVUSd_SU\URbQb_^U^SQ\j†^
b_`Y\\QiZeR†^TU`Q…_T_cSQ]YcQce^c_]RbUb_e^
`QbTU]UTYQcjQ`Qd_ci\QRe\QKM#)

<Qc]Yc]Qc_bTU^Q^jQc`QbQU\WbU]Y_TU`\QdUb_cSYdQTQc]vcQbbY
RQVYZQRQ^U^dbUSeQdb_i_SX_Q…_cU\`Ub_T_TUQ`bU^TYjQZUdYU]`_
TebQ^dUU\SeQ\U\]QUcdb_TURQU^cU…QbQ\Q`bU^TYj^_c†\_\_ccUSbUd_c
TU\_VYSY_cY^_dQ]RY}^\QT_SdbY^QSbYcdYQ^Q\QUcSbYdebQi_db_cS_^_SY
]YU^d_c5\]QUcdb_dU^Q\Q_R\YWQSY†^TU`b_`_bSY_^QbQ\Y]U^d_fUcdY
T_iSQ]QQ\Q`bU^TYjUcdQ^T_Qed_bYjQT_`QbQSQcdYWQb\_`Ub_cY^bUSe
bbYbQ\²QVbU^d_c_Qj_dU³$ 
C_RbU\QS_^TYSY†^TU\_c_VYSYQ\Uc\YRbUc`_S_U^S_^dbQ]_cU^^eUc

#(
²BUW\Q]U^dQSY†^TU\WbU]Y_TU`\QdUb_c³U^5cSbYd_cTU4_^=Q^eU\TUCQ\QciT_
Se]U^d_cbU\QdYf_cQceVQ]Y\YQ_RbQ`eR\YSQTQ`_b\QE^YfUbcYTQTTU3XY\Ud_]_9CQ^dYQ
W_9]`bU^dQ3UbfQ^dUc!)! `vWc%$"%% F}QcUdQ]RY}^1\U]`QbdU_`SYd`vWc!%"
!%$
#)
2U^ZQ]^FYSe…Q=QS[U^^Q8Ycd_bYQTUFQ\`QbQc_3b†^YSQ`_\dYSQS_]UbSYQ\i`Y^
d_bUcSQTUceTUcSeRbY]YU^d_XQcdQ^eUcdb_cTQc!%#&!(&(d_]_9FQ\`QbQc_9]`bU^dQ
1\RY†^TU3_hiDQi\_b!(&)`vW)$
$
1\U]`QbdU_`SYd`vW!%#

&
dbQXYcd_bY_WbQVQiU^\QcVeU^dUcS_\_^YQ\UcUTYdQTQc`_cdUbY_b]U^dUCQ
RU]_caeUcUdbQdQRQTUdbQRQZQT_bUcQcQ\QbYQT_ccYU^T_`b_RQR\UaeU
e^QVbQSSY†^TUcecbU]e^UbQSY_^UcXQiQcYT_`UbSYRYTQRQZ_\QV_b]QTU
`b_TeSd_cTU\]Yc]_dQ\\Ube_dbQcbUWQ\Qc
5\VQSd_b}d^YS_aeUY]`bUW^QRQd_TQc\QcbU\QSY_^UcU^dbU\_cWbe
`_cXe]Q^_cU^\Qc_SYUTQTS_\_^YQ\dQ]RY}^UbQU^U\SQc_TU\dbQRQZ_
\YRbU]U^dUQS_bTQT_e^U\U]U^d_TYVUbU^SYQT_bTU`bY]Ub_bTU^5\
cQ\QbY_Y^TWU^Q`_b]eiSQ\YVYSQTQaeUVeUbQ\Q]Q^_TU_RbQdU^TQQ
]Q^dU^UbcUQ\]^Y]_TUceRcYcdU^SYQicUUh`bUcQRQU^U\`QW_U^fUc
deQbY_iQ\Y]U^dQSY†^ $!
4UcTU]eidU]`bQ^_cU`b_TeZ_e^QSYUbdQUcdbQdYVYSQSY†^U^U\
cU^_TU\QbdUcQ^QT_S_\_^YQ\c_RbU\QRQcUTU\]Yc]_SbYdUbY_TUVU^_dY
`_aeU_`UbQRQU^d_TQ1]}bYSQXYc`v^YSQU^\QS_^V_b]QSY†^TU\QUc
dbeSdebQc_SYQ\ $"5\UcSQ\QV†^]vcQ\d_Ucdef_Y^dUWbQT_`_bRQbRUb_c
`Y^d_bUci`\QdUb_c+]vcQRQZ_cUcYdeQRQ^\_cXUbbUb_cSQb`Y^dUb_c`Q
^QTUb_ccQcdbUcQ\RQ…Y\UcjQ`QdUb_ci_db_cWbU]Y_c<_c_VYSY_cTU]vc
Q\d_cdQdecdU^TQ^QcUb_Se`QT_c`_b\_cUc`Q…_\Uc`_RbUci]UcdYj_c
aeUTQ^T_\_cTUcdQdecRQZ_U^]Q^_cTUY^TWU^Qc^UWb_ciSQcdQc1\
]Yc]_dYU]`_aeU_`UbQRQUcdQTYVUbU^SYQSY†^U\S_^Ze^d_TU\QbdUcQ
^QT_`UbTQbQ^W_c_SYQ\*S_]_cUXQcU…Q\QT_TebQ^dU\Q3_^aeYcdQi
\_c`bY]Ub_cQ…_cTU\Q3_\_^YQ\_cQbdUcQ^_c`_cUQ^U^S_]YU^TQcY^
TY_ciUcS\Qf_c`QbQcecUbfYSY_dQ^d_T_]}cdYS_S_]_\QR_bQ\+U^SQ]RY_
QVY^UcTU\cYW\_HF99UbQ^]ei`_S_c\_caeUcUWeQ^TYcVbedQ^T_TUUc
d_c`bYfY\UWY_c$#4UUcdQV_b]QU^U\cYW\_HF999\QQSdYfYTQTQbdUcQ^Q\UbQ
U\`QdbY]_^Y_TU\QcSQ`QcRQZQcTU\Qc_SYUTQT*

<_cY^TY_caeU^_c_^U^S_]U^TUb_cKcYSM\_c^U
Wb_caeU^_c_^UcS\Qf_ci]eSX_cUc`Q…_\Uc`_RbUcRec
SQ^cececdU^d_S_^U\ceT_bTUcecb_cdb_cUZUbSYdQ^T_
\QcQbdUc_TUQ\RQ…Y\Uc_TUSQb`Y^dUb_c_TUXUbbUb_c

$!
BUVYbY}^T_cUQ\SQc_TU\QSYeTQTTUCQ^dYQW_TebQ^dU\_c‹\dY]_c\ecdb_cTU\cYW\_
HF9e^UcdeTY_bUQ\YjQT_`_bÂ\fQb_:QbQbUfU\QaeU\_c_VYSYQ\UcUc`Q…_\Uc`UbSYRQ^cQ\Q
bY_cU^Uc`USYUc_U^TY^Ub_]YU^dbQcaeU\_cY^TWU^Qc`_b\_WU^UbQ\bUSYRQ^bU]e^U
bQSY_^Uc`QWQTQcU^Uc`USYUcÂ\fQb_:QbQDbQRQZ_icQ\QbY_Y^TWU^QCYW\_HF9CQ^dYQW_
5TYd_bYQ\E^YfUbcYdQbYQ!)('`vWc&%&)icYWeYU^dUc
$"
C_RbUVU^_dY`_iUcdbeSdebQc_SYQ\U^1]}bYSQ<QdY^QS_\_^YQ\fUbCdQ^\UiCdUY^i
2QbRQbQCdUY^<QXUbU^SYQS_\_^YQ\TU1]}bYSQ<QdY^Q!% UTYSY†^U^Uc`Q…_\=}hYS_CYW\_
HH95TYd_bUc!)(#`vWc%&%)icYWeYU^dUc
$#
=QbY_7†^W_bQ²EbRQ^c_SYQ\cdbQdYVYSQdY_^Y^S_\_^YQ\3XY\U³Y^DXU8Yc`Q^YS
1]UbYSQ^BUfYUgf_\#@XY\QTU\`Xi1eWecd!)''`vWc$"!$$)CUbWY_FY\\Q\_R_cSYdQU\
SQc_TUe^XUbbUb_\\Q]QT_1\V_^c_=Qbd^TU@QR\_cbUcYTU^dUU^CQ^dYQW_XQSYQVY^UcTU\
cYW\_HF9aeUQ`QbdUcedQ\\UbidYU^TQTUS_]UbSY_U^CQ^dYQW_`_cUQdYUbbQciU^S_]YU^
TQU^U\B_TU\Q@\QdQWQ^QT_cU^UcQbUWY†^iU^@QbQWeQiT_^TUdU^Q_db_dQ\\UbTU
XUbbUbQ1TU]vcbUQ\YjQRQ_`UbQSY_^UcS_]UbSYQ\UcFY\\Q\_R_c8Ycd_bYQTU\`eUR\__`
SYdd_]_"`vW!")>_]RbUciTQd_cRY_WbvVYS_cTUQbdUcQ^_c`_cUUT_bUcTUU^S_]YU^
TQciUcS\Qf_cTebQ^dUU\cYW\_HF9U^1bQSU^Q_`SYd`vWc#%#'$"$#$'$(%!%%%'
'&''!!(!!)i!"'

&!
 _TUSQ^dUb_c_TUjQ`QdUb_c_TU`\QdUb_cS_^\_aeU
\QcSYeTQTUcUcdv^`b_fYcdQcceVYSYU^dU]U^dUTUUcdQcQb
dUcAeYU^dQ]RY}^cU_Se`QU^XQSUbdUZQci\QTbY\\_c
S_]_dQ]RY}^fQcYZQcTUWbUTQ`QbQU\fY^_aeYU^U^
RecSQbd_^U\UcTU\U…_aeYU^VY^Q\]U^dUU^RQdYbS_
RbUiXQSUbQ\We^_cfQc_cTUUcdU]UdQ\ $$ 

?db_dUcdY]_^Y_TUVY^UcTU\cYW\_HF999U\TUcUeT_8QU^S[U^_c
S_^VYb]Q\Q]Yc]QfYcY†^QSUbSQTU\QS_^TYSY†^TU\_c`UaeU…_c`b_TeS
d_bUc]Q^eVQSdebUb_c*\QS\QcUTU\_cQbdUcQ^_cUc²TUcWbQSYQTQ³i²cec
‹dY\Uc`b_VUcY_^UccUUZUbSU^`_b]e\Qd_ciWU^dUcTURUXUdbUbQ³$%
CY^TeTQU\TUc]UTbQT_cdQdeccUUh`\YSQRQQ\YWeQ\aeUU^\QcTU
]vc`_cUcY_^UcS_\_^YQ\UcUc`Q…_\QcTU1]}bYSQ`_b²\QWU^UbQ\`bU_Se
`QSY†^TU\QcVQ]Y\YQcTUSU^dUcaeUU\UWQ^]vcRYU^fYfYbU^_SY_cYTQTi
]YcUbYQaeUQRbQjQbQ\We^QTUQaeU\\Qc_Se`QSY_^UcS_]‹^]U^dUbU`e
dQTQc`_bY^VQ]Uc³$&5bQ\QQ^dYWeQQfUbcY†^Uc`Q…_\Q`_bU\dbQRQZ_]Q
^eQ\aeUSeRbQTU]U^_c`bUSY_Q\_c²_VYSY_cfY\Uc³UcTUSYb]Q^eQ\Uc
Y^S\eiU^T_U^U\\_cQ\_c²U]`\U_c]USv^YS_c³$'
5cdUQSU^TbQT_`bUZeYSY_XYc`v^YS_dbQd†TUcUbS_]RQdYT_cY^]e
SX_}hYd_`_b\_cT}c`_dQcY\ecdbQT_c8QSYQVY^UcTU\Q}`_SQS_\_^YQ\U\
$TU]Qbj_TU!( %\Q]_^QbaeQUc`Q…_\QU^fY†e^QSQbdQQ\fYbbUiTU
>eUfQ5c`Q…QS_]e^YSv^T_\Ue^bUQ\QSeUbT_aeUTUS\QbQRQ²X_^bQT_c
iX_^Ucd_cd_T_c\_c_VYSY_c]USv^YS_c³ $(5bQe^cYW^_Y^Uaef_S_TU\
UcSQc_bQ^W_iS_^cYTUbQSY†^c_SYQ\aeUW_jQRQ^\_cQbdUcQ^_cTU\QRQZQ
3_\_^YQ$)
4UUcdQ`bY]UbQQ`b_hY]QSY†^Q\QSeUcdY†^`eUTUS_^S\eYbcUaeU
]QUcdb_c_VYSYQ\UciQ`bU^TYSUcTUfQbYQT_bQ^W_°`eUcd_aeUU^dbUU\\_c

$$
6U\Y`U7†]UjTUFYTQebbU8Ycd_bYQWU_WbvVYSQ^QdebQ\iSYfY\TU\bUY^_TU3XY\UU^3_
\USSY†^XYcd_bYQT_bUcTU3XY\UiT_Se]U^d_cbU\QdYf_cQ\QXYcd_bYQ^QSY_^Q\d_]_H9F`eR\YSQT_
`_b:_c}D_bYRY_=UTY^QCQ^dYQW_9]`bU^dQ5bSY\\Q!(()`vW# 3_`YQTU\]Q^ec
SbYd__bYWY^Q\TU!'()
$%
DXQTTQUec@UbUWbY^ec8QU^S[UcUeT_4UcSbY`SY†^TU\bUi^_TU3XY\U!'&!!(!'
CQ^dYQW_5TYd_bYQ\>QcSY]U^d_!)$"`vW))
$&
²BUQ\QSeUbT_c_RbUTUS\QbQbU^1]}bYSQaeU\QcQbdUci_VYSY_cc_^^_R\Uc³=Q
TbYT$TU]Qbj_TU!( %U^:QbQi@Y^d__`SYdf_\99`vW!!"
$'
7_^jQ\_FYQ\3²<_c`bUZeYSY_cc_SYQ\UcU^3XY\UQ\dUb]Y^QbU\cYW\_HF999>_
dQc`QbQceUcdeTY_³U^213X8>¡'#CQ^dYQW_cUWe^T_cU]UcdbUTU!)&%`vWc!$")
$(
²BUQ\QSeUbT_³_`SYd
$)
<Q`_\dYSQTUVe^TQSY†^TUfY\\Qc`bQSdYSQTQU^1]}bYSQ`_b\QTY^QcdQR_bR†^YSQ
TUcTU ]UTYQT_c TU\ cYW\_ HF999 S_]_ e^Q ]Q^UbQ TU `_^Ub VbU^_ Q \Q SbUSYU^dU
bebQ\YjQSY†^iQ\QXUWU]_^Qc_SYQ\`_\dYSQiUS_^†]YSQTU\QXQSYU^TQS_^\\UfQRQe^
U\U]U^d_TUbUfQ\_bYjQSY†^TU\QQSdYfYTQTQbdUcQ^Q\<QcQed_bYTQTUcS_\_^YQ\Uc_bTU^Q
b_^U\QfUSY^TQ]YU^d_TUQbdUcQ^_cbebQ\UcU^\Qc^eUfQcfY\\QcVbQSQcQ^T_UcdQ`_\dYSQiQ
aeU^_bUc`_^TQQ\TY^Q]Yc]_Y^dUb^_TU\QUcdbeSdebQc_SY_US_^†]YSQSXY\U^Q:eQ^
3Qb\_c7†]Uj<²5cdbeSdebQTUS\QcUciUcdbQdYVYSQSY†^c_SYQ\U^e^Qc_SYUTQTS_\_^YQ\
CQ^6Ub^Q^T_!'(&³U^1^TUc>¡$CQ^dYQW_U^Ub_Ze^Y_TU!)(&`vWc!!'!%"

&"
XQRQX_]RbUc\YRbUci`Ubc_^QcQTcSbYdQcQ\QS_^TYSY†^cUbfY\°S_^cdY
deQ^U\QbdUcQ^QT_SXY\U^_S_\_^YQ\
5h`\_bQ^T_]vcU\dU]Q`_TU]_cS_^cdQdQbaeU\QTYcdY^SY†^U^
dbUQbdUcQ^Qci]Q^eVQSdebQc^_c`Ub]YdUe^QQ`b_hY]QSY†^]vcbYSQi
S_]`\UZQQ\cdQdecc_SYQ\TU\_cdbQRQZQT_bUcTU\cUSd_b]Q^eVQSdebUb_
S_\_^YQ\
5^\QcQbdUcQ^Qc`b_`YQ]U^dUdQ\UcUcTUSYbU^QaeU\\QcQSdYfYTQTUc
`bU`_^TUbQ^dU]U^dUebRQ^QcU^aeUe^]QUcdb_QieTQT_`_b_VYSYQ\Uc
_Q`bU^TYSUcVQRbYSQRQ`YUjQc‹^YSQc`_bU^SQbW_U\dbQRQZ_cUbUQ\YjQRQ
Q]U^eT_U^U\]Yc]_X_WQbTU\QbdUcQ^_<_c_VYSYQ\Uc_Q`bU^TYSUc\Q
R_bQRQ^ceZUd_cQ\QcS_^TYSY_^Uc]U^SY_^QTQc]vcQbbYRQdbQdv^T_cU
U^\Q]Qi_bQTU\Qc_SQcY_^UcTUX_]RbUc\YRbUc@Ub_dQ]RY}^cU`bQS
dYSQRQU\dbQRQZ_S_]`e\cYf_TUUcS\Qf_c^UWb_c_VYSYQ\UciQ`bU^TYSUc
Y^TWU^QciSQcdQccYU^T_U^U\SQc_TUUcdQc‹\dY]QcSQdUW_bQcbQSYQ\Uc
\Q]_TQ\YTQT]vcVbUSeU^dUU^U\v]RYd_ebRQ^_\QVYb]QTUe^QcYU^d_
TUdbQRQZ_Q^dUUcSbYRQ^_`‹R\YS_]UTYQ^dUU\SeQ\U\`Qdb†^TU\_VYSYQ\
_U\ded_bTU\Vedeb_Q`bU^TYjiU\QbdUcQ^_aeU\_d_]QRQQSQbW_UcdY`e
\QRQ^\QcS_^TYSY_^UcTU\S_^dbQd_
E^UZU]`\_TUUcdUdY`_TUQSeUbT_c\UWQ\UcVeUU\aeUVYb]Qb_^U^
CQ^dYQW_U\!$TUVURbUb_TU!%&&@Ub_7_^jv\Uj²ded_b³TUe^]e\Qd_
\\Q]QT_4_]Y^W_iU\cQcdbU=QbS_c7†]UjaeUVYZQRQ\QcbUW\QcRQZ_\Qc
SeQ\Uc}cdUd_]QbQQceSQbW_TebQ^dUdbUcQ…_cQ\]e\Qd_`QbQU^cU…Qb\U
U\_VYSY_5\cQcdbUZe^d_S_^\QY^cdbeSSY†^TURQQ\Y]U^dQbfUcdYbiSe
bQbQ\Q`bU^TYjU^SQc_TUU^VUb]UTQTiU^dbUWQb\UQ\SQR_TU\_cdbUc
Q…_ce^fUcdYT_U^dUb_TU`Q…_^eUf_*SQ`QcQi_ZeR†^SQ\jQcT_cSQ
]YcQciW_bbQQTU]vcTUjQ`Qd_c5^SQc_TUXeYTQTU\Q`bU^TYj}cdU
cUbQTUfeU\d_Q\cQcdbUT_^TU`Ub]Q^USUbQXQcdQU\d_dQ\Se]`\Y]YU^
d_TU\S_^dbQd_% 
<_cU^S_]U^TUb_c`_bce`QbdUc_\Q^QbbU^TQb²VeUbQTU\dYU]
`_TU\QTU]_bQ³\_ccUbfYSY_cTU\_cY^TWU^QcTUcecU^S_]YU^TQc`_
cUUT_bUc TU Q\We^Q SQ\YVYSQSY†^ QbdUcQ^Q\ @bvSdYSQ aeU cU `bUcdQRQ
`QbQQRec_cS_]_\_cTU^e^SYQT_cU^!%&(`_be^SQ`Ydv^TUQ`U\\YT_
:eVb}²`b_dUSd_bTU\_c^QdebQ\UcTU\QSYeTQTTUCQ^dYQW_³aeUQSecQ
RQQ\_cU^S_]U^TUb_caeU²dU^Q^]eSX_cY^TY_c_VYSYQ\UcTUQ\RQ…Y
\UbQiSQb`Y^dUbQaeU\UcWQ^QRQ^S_^cedbQRQZ_U^SQTQe^Q…_WbQ^
SQ^KdYTQTMTU`Uc_cTU_b_\_SeQ\XQRQ^i\\UfQRQ^`QbQccY^\UcTQbQ
\_cTYSX_cY^TY_c]vcTUe^Q]Q^dQiSQ]YcUdQi\Ucd_]QRQ^d_T_\_
TU]vc`QbQcKM³ %!
5^!%( U\W_RUb^QT_biSQ`Ydv^WU^UbQ\=Qbd^BeYjTU7Q]R_Q

%
²1cYU^d_TUdbQRQZ_TU4_]Y^W_]e\Qd_XUSX_`_bceded_b@Ub_7_^jv\Uj`QbQ
Q`bU^TUbU\_VYSY_TUcQcdbUS_^=QbS_c7†]Uj³!$TUVURbUb_TU!%&&U^:QbQi@Y^d_
_`SYdd_]_99`vWc!$#i!$$
%!
²BUQ\`b_fYcY†^VUSXQU^\Q3_^SU`SY†^`QbQaeU\_cY^TY_c_VYSYQ\Uci_db_caeU
cYbfYUbU^Q\_cfUSY^_cTUCQ^dYQW_VeUbQTU\dYU]`_TU\QTU]_bQcUQS_^SUbdv^T_cU`bY

&#
Q\`b_]e\WQbceVQ]_cQDQcQi_bTU^Q^jQc`QbQ\_cY^TY_cdbQd†TUc_\e
SY_^QbUcdU`b_R\U]QTYc`_^YU^T_aeU*

H999°9dU]`_bSeQ^d_U^UcdQSYeTQTKCQ^dYQW_M
XQi]eSX_cY^TY_c_VYSYQ\Uc]USv^YS_caeUc_^Q\RQ…Y
\UciSQb`Y^dUb_cidY^QZUb_ciTU_db_c_VYSY_caeU\_cdYU
^U^U^cecSQcQcicUbfYSY_\_cfUSY^_cU^S_]U^TUb_c
TU\\_ciS_^fYU^UaeUbUcYTQ^U^UcdQSYeTQT`_bU\_b
^Qd_iRYU^TU\QbU`‹R\YSQ`_bdQ^d__bTU^_i]Q^T_
aeU\_cTYSX_cY^TY_c_VYSYQ\UccUbUS_ZQ^icUZe^dU^i
fYfQ^U^RQbbY_cTUUcdQSYeTQT`QbQ\_SeQ\\QZecdYSYQ
]Qi_bTU\\Q\UcU…Q\Uc_\QbUcidYUbbQcU^aeUfYfQ^iT}
_bTU^S_]_dU^WQ^S_]YTQc`QbQceQ…_QS_cdQTU\_c
TYSX_cY^TY_ci\_cXQWQ^aeUecU^cec_VYSY_ci\UcdQcU
cec_RbQciZ_b^Q\UcU^`bUSY_cZecd_ci]_TUbQT_ci\_c
S_bbUWYT_bUcTU\_c`eUR\_cT_^TUVeUbU^^QdebQ\UcdU^
WQ^SeYTQT_TUS_RbQb\_aeUQcWQ^QbU^Qcec_VYSY_ci
dbQRQZ_ciTU\\_S_RbU^\QSQ^dYTQTTUcecdbYRed_ci]vc
SeQdb_`Uc_cTUReU^_b_TUSQTQe^_`QbQ\QS_]e^Y
TQTTUcecTUcdbYd_ci`QbQS_cdQcicQ\QbY_cKM %"

<_cUcS\Qf_c^UWb_cY^db_TeSYT_cU^3XY\UTUcTUU\cYW\_HF9dQ]
RY}^bU`bUcU^dQb_^e^Q`_bdUcYW^YVYSQdYf_Q\QS_^V_b]QSY†^TU\QVeUb
jQTUdbQRQZ_QbdUcQ^Q\<QS_b_^QUc`Q…_\Qi\_cU]`bUcQbY_cS_\_^YQ\Uc
]_cdbQRQ^`QbdYSe\QbY^dUb}c`_b\_c^UWb_caeUdU^Q^e^_VYSY_CUW‹^
B_\Q^T_=U\\QVU²TUcTUVY^UcTU\cYW\_HF9U^QTU\Q^dU^_XeR_]QUc
db_TUSeQ\aeYUb_VYSY_aeU^_defYUcUe^__]vc^UWb_cUcS\Qf_caeU\U
QieTQcU^<_cdU^Q^Q‹^\_c_VYSYQ\UcTUUcd_c]QUcdb_ciVeUS_]‹^aeU
Ucd_c^UWb_cUcS\Qf_c\\UWQcU^QcUbQcefUj_VYSYQ\UcidQ]RY}^]QUcdb_c
U^\_c_VYSY_cTUcecQ]_c³ %#
DQ]RY}^cUS_^_SU^SQc_c°`QbQU\`Ub_T_!%&$i!&!%UcdeTYQT_
`_bU\]Yc]_Qed_b°TUQ\We^_c^UWb_cX_bb_caeUVeUb_^]QUcdb_cU^
TYfUbc_c_VYSY_ciTUUcS\Qf_c^UWb_cTU\Qc†bTU^UcbU\YWY_cQc_TUcY]
`\Uc`QbdYSe\QbUcaeUUbQ^_VYSYQ\Uci]QUcdb_cU^\QR_bUcQbdUcQ^Q\Uc%$ 
<_cUZU]`\_cSYdQT_c^_cXQR\Q^TU\QTYfUbcYTQTTUS_^TYSY_^UcU^U\

]Ub_S_^U\`b_dUSd_b`QbQaeUcU`Q\_aeU\UcXQTUTQbicUdU^WQU^SeU^dQTUaeUcU
\Uc`QWeUcecUbfYSY_³# TUZe^Y_TU!%&(U^:QbQi@Y^d__`SYdd_]_9`vWc""#i""$
%"
²DQcQi_bTU^Q^jQ`QbQ\_cY^TY_cXUSXQ`_b=Qbd^BeYjTU7Q]R_Q'TU]Qi_
TU!%( ³U^:_c}D_bYRY_=UTY^Q3_\USSY†^TU4_Se]U^d_c9^}TYd_c`QbQ\Q8Ycd_bYQTU3XY\U
CUWe^TQ CUbYU D_]_ 999 !%''!%() CQ^dYQW_ 6_^T_ 8Ycd†bYS_ i 2YR\Y_WbvVYS_ : D
=UTY^Q!)%)`vWc&&i&'
%#
B_\Q^T_=U\\QVU<QY^db_TeSSY†^TU\QUcS\QfYdeT^UWbQU^3XY\UDbvVYS_ibedQcCQ^
dYQW_E^YfUbcYTQTTU3XY\U!)%)`vW!%%
%$
9RYT

&$
cUW]U^d_QbdUcQ^Q\S_\_^YQ\FQbYUTQTQ‹^]Qi_bcYS_^cYTUbQ]_cQTU
]vcTU\_cdQ\\UbUcQbdUcQ^Q\Uc`b_`YQ]U^dUdQ\UcQ\Qc]Q^eVQSdebQc<Q
`b_fYcY†^TU]Q^_TU_RbQ`QbQUcdQcU]`bUcQcUbQQcUWebQTQQdbQf}cTU
\_c]USQ^Yc]_cd`YS_cTU\QQSe]e\QSY†^`bY]YdYfQS_\_^YQ\ %%UcTUSYb
U\dbQRQZ_S_]`e\cYf_TU\_cY^TWU^QcU^S_]U^TQT_ciTUUcS\Qf_c^U
Wb_cQe^aeUdQ]RY}^S_^SebbQ^QUcdU_RZUdYf_S_]_iQXQcYT_cU…Q
\QT_\QcSQcdQcU^dQ^d_dbQRQZQT_bUcQcQ\QbYQT_c<_cbUSebc_c]vcedY\Y
jQT_c`_b\_cU^S_]U^TUb_cU^\_ccYW\_cHF9iHF99`QbQcQdYcVQSUb\Qc
^USUcYTQTUcTU]Q^_TU_RbQTU\Qc]Q^eVQSdebQcU^`QbdYSe\Qb\QcTU
\_c_RbQZUcUbQ^\QS_^]edQSY†^TU\dUbSY_TU]YdQ`QbQ\QcQSdYfYTQTUc
]Y^UbQc`_bUcdUdbQRQZ_]Q^eVQSdebUb_iU\TUcSeU^d_TU\_ccQ\QbY_c
TU\dbYRed_U^U\SQc_TU\_cY^TY_cdbYRedQbY_c`_cUUT_bUcTUQ\We^QSQ\Y
VYSQSY†^QbdUcQ^Q\<Q`_\dYSQTUdbeUaeUTU\Q]YdQ]Y^UbQ`_bU\cUbfY
SY_U^\Qc]Q^eVQSdebQcVeUY^SU^dYfQTQ`_bTYfUbc_cW_RUb^QT_bUcTe
bQ^dUU\cYW\_HF99QVY^TUV_]U^dQb\_c_RbQZUcE^QfUjTUcS_^dQTQ\Q
S_^dbYReSY†^U^\QWU^UbQ\YTQTTU\_cSQc_c\_cY^TWU^Qc`UbSYRQ^cec
cQ\QbY_cU^`b_TeSd_cTU\]Yc]__RbQZU %&<Q`b_`YQS_b_^QUc`Q…_\Q\U
WQ\Yj†TYSXQ`bvSdYSQQ\TYSdQbU^=QTbYT\QbUQ\S}Te\QTU\!'TUZe\Y_TU
!&""aeUS_^dU^Qe^QcUbYUTU_bTU^Q^jQc`QbQU\cUbfYSY_TU\_cY^TY_c
TU3XY\UE^QTUU\\QcTYc`_^QaeU\_cY^TY_cQbdUcQ^_caeUVeUcU^]QUc
db_cU^cec_VYSY_c^_U^dbQcU^U^U\dUbSY_TU\Q]YdQ\Y]Ydv^T_cUQ`QWQb
cedbYRed_U^]_^UTQS_bbYU^dU_U^_RbQc<QUcSQcUjTU]QUcdb_cUc`Q
…_\UcUbQY^f_SQTQS_]_]_dYf_TU\Q]UTYTQ %'
<Q]Q^_TU_RbQU^UcdQcU]`bUcQcS_\_^YQ\UcUcdQRQS_]`eUcdQTU
e^Q]UjS\QTUX_]RbUc\YRbUciUcS\Qf_c`b_SUTU^dUcTU\_cUcdbQd_c]vc
RQZ_cTU\Qc_SYUTQTS_\_^YQ\*Y^TY_c^UWb_c]e\Qd_c]UcdYj_cjQ]R_c
i_dbQcSQcdQc1aeU\\_cdbQRQZQT_bUcaeUW_jQRQ^TU\UcdQded_TUX_]
RbUc\YRbUc°WU^UbQ\]U^dUTU_bYWU^Ueb_`U_°UbQ^bU]e^UbQT_cS_^
Uc`USYUc_TY^Ub__U^V_b]Q]YhdQ %(<_c]QUcdb_cTU\_c_RbQZUcbUSY
RQ^e^cQ\QbY_`b_`_bSY_^Q\Q\Q`b_TeSSY†^_e^cQ\QbY_Q^eQ\`QWQTU
b_U^_b_iU^b_`Q]vcS_]YTQcQRe^TQ^dUciTUReU^QSQ\YTQT %)<_c
QR_bWU^Uc`_bce`QbdUUcdQRQ^QTcSbYd_cQTYcdY^d_cdY`_cTUbUW]U^Uc
\QR_bQ\Uc8QRQY^TY_cTUcUbfYSY_`Ubc_^Q\UY^TWU^QcaeUWQ^QRQ^cec
Z_b^Q\UcTUc`e}cTU`QWQbcecdbYRed_cQ\U^S_]U^TUb_<_cY^TY_cTU
cUbfYSY_`Ubc_^Q\U^dbUWQRQ^Q\QS_]e^YTQT\QcUhdQ`QbdUTUcecWQ^Q^

%%
C_RbUU\S_^SU`d_TUQSe]e\QSY†^`bY]YdYfQS_\_^YQ\f}QcU7QRbYU\CQ\QjQb1\We
^_cQc`USd_cVe^TQ]U^dQ\UcTU\TUcQbb_\\_TU\SQ`YdQ\Yc]_U^3XY\U!%$!!)# ]Y]U_WbQVYQT_
8e\\9^W\QdUbbQ!)'&
%&
E^Q]`\Y_UcdeTY_TUSQc_cc_RbU\QcV_b]QcTUdbQRQZ_U^\_c_RbQZUci_dbQc]Q
^eVQSdebQcU^7†^W_bQ5^S_]U^TUb_c_`SYd`vWc!&$!
%'
7bUfU_`SYdd_]_99`vW#!'
%(
FY\\Q\_R_c8Ycd_bYQTU\`eUR\__`SYdd_]_"`vW#$
%)
FUb²3eU^dQibU\QSY†^TU\_cZ_b^Q\UcU^U\_RbQZUTU@UdUb_Q!& "!& )³U^
Â\fQb_:QbQ²6eU^dUc`QbQ\Q8Ycd_bYQTU\dbQRQZ_U^U\BUi^_TU3XY\U³U^213X8>¡%%
CQ^dYQW_Ze^Y_TU!)%&`vWc)%!$ 

&%
SYQci\_cTU\QU^S_]YU^TQUcdQR\USQ^QSeUbT_cS_^U\TeU…_TU\_RbQ
ZUDQ]RY}^\QR_bQRQ^U^UcdQc]Q^eVQSdebQcY^TWU^QcQbbU^TQT_c`_b
U^S_]U^TUb_caeU`_cUQ^]vc]Q^_TU_RbQTU\QaeU^USUcYdQRQ^i
QaeU\\_caeUVYb]QRQ^QcYU^d_cTUdbQRQZ_UcTUSYbS_^dbQd_c]UTYQ^dU
\_cSeQ\UcQbbU^TQRQ^ceccUbfYSY_c\YRbU]U^dUQSQ]RY_TUcQ\QbY_cU^
TY^Ub_b_`QiQ\Y]U^dQSY†^QTU]vcTU\_cY^TY_cUcS\Qf_c & 

B 57<1=5>D139É> 7B5=91< 5 9=@13D? 45 <1C DB1>C6?B=139?>5C

53?>É=931C C?2B5 <1C 1BD5C1>Å1C I =1>E613DEB1C 3?<?>91<5C

<QcQed_bYTQTUcS_\_^YQ\UccU`bU_Se`Qb_^`_bbUW\Q]U^dQb\QQSdYfYTQT
QbdUcQ^Q\S_^db_\Q^T_\_c`bUSY_cTU\_c`b_TeSd_cfU^TYT_c`_b\_cVQ
RbYSQ^dUcVYZQ^T_\_cQbQ^SU\UcTUSQTQWbU]Y_iUcdQR\USYU^T__dbQc_R\Y
WQSY_^Uc&!4UUcdQ]Q^UbQ\Q_bWQ^YjQSY†^TU\QbdUcQ^QT_SYdQTY^_Q
dbQf}cTUceTU`U^TU^SYQTU\_cSQRY\T_ccUUcdbeSdeb†Y]YdQ^T_Q\Qc
S_b`_bQSY_^UcUeb_`UQc &"5\`bY^SY`Y_TU\Q_bWQ^YjQSY†^WbU]YQ\UcdQ
R\USQaeU`QbQ`_TUbUZUbSUbe^_VYSY_SQTQY^TYfYTe_TURQTQbSYUbdQc
`beURQcTUS_]`UdU^SYQiXQRUb_RdU^YT_e^`Ub]Yc_TU\QcQed_bYTQTUc
5^bUQ\YTQTU^3XY\U\Q^_b]QcUSe]`\QTU]Q^UbQ]eiV\UhYR\U
Qce]YU^T_]vcRYU^\QV_b]QTUS_VbQTQcbU\YWY_cQcTUQbdUcQ^_cTUe^
]Yc]__VYSY__TU_VYSY_cbU\QSY_^QT_cU^dbUcBUVYbY}^T_cUQ\QbUWe\Q

&
=UjjQ^__`SYd`vWc"(icYWeYU^dUci&"&%
&!
C_RbU\QcTYcdY^dQc]UTYTQcTUbUW\Q]U^dQSY†^iS_^db_\TU\_cWbU]Y_cQbdUcQ^Q
\UcS_\_^YQ\Ucf}QcU*=e\\Y^c_`SYd`QccY]+1\U]`QbdU_`SYd`vWc!" !"$i!$(!%$
DQ]RY}^XQiUZU]`\_cTU\Q`_\dYSQTUVYZQSY†^TUQbQ^SU\UcU^\QcQSdQcTU\3QRY\T_TU
CQ^dYQW_cYW\_cHF9iHF99bU`b_TeSYTQc`_b:QbQi@Y^d__`SYdd_]_99`vWc!!%!"#
E^Q\YcdQS_]`\UdQTU`bUSY_cTU\_c`b_TeSd_cQbdUcQ^Q\UcU^1bQSU^Q_`SYd`vWc!#&
!%$C_RbU\_cQbQ^SU\Uc`QbQ\_cjQ`QdUb_cTUCQ^dYQW_U^U\cYW\_HF99i\QcQSecQSY_^Uc
TUY^VbY^WYb\_cV_b]e\QTQcU^ceS_^dbQfUb4UBQ]†^i<QbbQ^_`SYd`vWc!')!(!
&"
1`QbdUTUUcdQcV_b]QcdbQTYSY_^Q\UcTU_bWQ^YjQSY†^WbU]YQ\\Q‹^YSQdU^dQdYfQ
VbQSQcQTQTU_bWQ^YjQSY†^S__`UbQdYfQTUdbQRQZQT_bUcTebQ^dU\_ccYW\_cS_\_^YQ\Uc`Q
bUSUXQRUbcYT_\QaeUY]`e\c†XQSYQ!') U\W_RUb^QT_b1]Rb_cY_?™8YWWY^c5cdUVe^
SY_^QbY_Y]ReYT_TU\QcYTUQcTU`b_WbUc_TU\Q9\ecdbQSY†^S_^SYRY†e^`b_iUSd_TUcdY
^QT_QS_^cdYdeYbe^QQc_SYQSY†^TU\_cY^TY_cSXQ^W_cTUTYSQT_cQ\Q`UcSQU^U\^_bdUTU\
`QcQVY^TUce]Y^YcdbQb\UcU]RQbSQSY_^Uc]vccUWebQcaeU\QccY]`\UcRQ\cQcV_b]QTQc
`_bT_cSeUb_cTU\_R_c]QbY^_c\\U^_cTUQYbU5\W_RUb^QT_b?™8YWWY^c`bUdU^TQUcdQ
R\USUbe^Qc_SYUTQT`_bQSSY_^UcTUSYU^`Uc_cSQTQe^QaeUQTU]vcTU`b_`_bSY_^Qb\Qc
RQbSQc`eTYUbQQcU^dQbQ]Qi_bUcSQ\Q\QQSdYfYTQTTUcQ\QbiS_^cUbfQb`UcSQT_5\]Yc]_
cUXYj_QSSY_^YcdQi\_Wb†Y^cSbYRYbQ"%!`UcSQT_bUcTU\_c`UaeU…_c`eUbd_cTU\@Q`_c_
3QSXY^Q\=_bb_TU\?RYc`_3Q\TUbQ8eQcS_QTU]vcTU<QCUbU^Q3_^U\SQ`YdQ\bUe^Y
T_cUY^cdQ\†e^QVvRbYSQTU\Q^SXQc1`UcQbTUcecUcVeUbj_c\QY^YSYQdYfQVbQSQc†`_baeU
\Q`UcSQU^UcQbUWY†^^_UbQ]eiQRe^TQ^dU`Ub_c_RbUd_T_TURYT_Q\QTUcS_^VYQ^jQi
Q`QdQTU\_c]YcUbQR\Uc`UcSQT_bUcSXQ^W_caeU`bUVUbQ^dbQRQZQbTU]Q^UbQY^TU`U^
TYU^dU1]Rb_cY_?µ8YWWY^c²<QfYcYdQTU\Qc`b_fY^SYQcTU\^_bdU³<QCUbU^Q"$TUU^U
b_TU!'()U^B3X87>¡'&CQ^dYQW__SdeRbUTYSYU]RbUTU!)")`vWc!"$i!"%+2Q
bb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_F99`vWc"(i")

&&
SY†^S_b`_bQdYfQTU\_cQbdUcQ^_cTebQ^dUU\`Ub_T_S_\_^YQ\FY\\Q\_R_c
`\Q^dUQaeUcecWbU]Y_c²^_defYUb_^e^SQbvSdUb`b_VUcY_^Q\]ei]Qb
SQT_iKM]vcRYU^cUUh`bUcQb_^`_bU\d_^_bU\YWY_c_TUcecQSdYfYTQ
TUcbUS_bTQ^T_]ei`v\YTQ]U^dU\QcS_b`_bQSY_^Uc]UTYUfQ\Uc5^U\
cU^dYT_c_SYQ\bU`bUcU^dQb_^U\TUcU_TU]Q^YVUcdQbe^_bTU^Q]YU^d_
`b_VUcY_^Q\i\QTYW^YTQTTUcecdQbUQcce`eUcdQ]U^dUbUQ\YjQTQcS_^UVY
SYU^SYQiX_^UcdYTQT³ &#
CUW‹^U\]Yc]_XYcd_bYQT_b}cUUbQU\cU^dYT_`bY^SY`Q\TU\Q`QbdY
SY`QSY†^TUTYSXQcS_b`_bQSY_^UcU^\_cTUcVY\UcbU\YWY_c_c]U^SY_^QT_c
]vcQbbYRQ5\cU^dY]YU^d_TU`UbdU^U^SYQQe^WbU]Y_`b_dUWYT_`_be^
cQ^d_`Qdb†^TURY†cUbRQcdQ^dUVeUbdUi`UbcYcdU^dUiQaeUTebQ^dUU\
cYW\_H9HQ\We^_ccUSd_bUcS_^cUbfQT_bUcdbQdQbQ^`bUSYcQ]U^dUTUedY
\YjQbUcUUc`bYde`QbQU^SQejQb`_\dYSQ]U^dU\Qc_bWQ^YjQSY_^UcTU\Qb
dUcQ^QT_SXY\U^_&$
8QSYQVY^UcTU\cYW\_HF999TebQ^dUU\`Ub_T_R_bR†^YS_\QcUhY
WU^SYQcTU\QcQed_bYTQTUccUXYSYUb_^]U^_cUcdbYSdQc5^!'()3Qb\_c
9FS_^SUTY†Q\_cVQRbYSQ^dUcTUdUZYT_cU\TUbUSX_TUY^fU^dQbY]YdQbi
fQbYQbcecQbdUVQSd_cS_]_aeYcYUbQ^cY^ceZUdQbcUQ^Y^We^Q_bTU^Q^jQ
WbU]YQ\icY^UhYWYbQ\_cQbdUcQ^_c\Qc`beURQcaeUXQcdQU^d_^SUcTURQ^
`QcQb`QbQUZUbSUbce_VYSY_?dbQcTYc`_cYSY_^Uc`_cdUbY_bUcY^db_TeZUb_^
]vc\YRUbdQTUcU^U\UZUbSYSY_TUUcdQc`b_VUcY_^Ucce`bY]YU^T_TUVY^YdY
fQ]U^dUU^d_T_c\_cT_]Y^Y_cTU\BUi\QcS_b`_bQSY_^UcTUd_bSUT_bUc
XY\Q^TUb_c_S_bT_^Ub_cTUcUTQ &%DQ\Uc]UTYTQcTUcdY^QTQcQTYc_\fUb
\_cQ^dYWe_cWbU]Y_cTU_bYWU^]UTYUfQ\S_bbUc`_^TQ^Q\Q`_\dYSQ
]_TUb^YjQT_bQTU\_c2_bR_^UcicUY^cSbYRQ^TU^db_TU\`b_SUc_TU
TUcQbb_\\_US_^†]YS_aeUXQSYQ]UTYQT_cTU\cYW\_HF999XQRQ`Ub]Y
dYT_\QS_^VYWebQSY†^U^3XY\UTUe^cUSd_bQbdUcQ^Q\i]Q^eVQSdebUb_
S_]`eUcd_TU_RbQZUcdUhdY\UcQcdY\\Ub_cSebdYTebQcVe^TYSY_^UcidQ\\U
bUc]UdQ\‹bWYS_cU^\_caeUiQUhYcdQe^`bY^SY`Y_TUTYfYcY†^TU\dbQRQ
Z_`_bUc`USYQ\YTQTUc<_c`b_`YUdQbY_cTUUcdQcU]`bUcQcUhYWQ^Q\Qc
Qed_bYTQTUcUc`Q…_\Qc\Qce`bUcY†^TU\QcfYUZQcS_b`_bQSY_^UcaeU\Y]Y
dQRQ^cec`_cYRY\YTQTUcTU_RdU^Ub]Q^_TU_RbQQRe^TQ^dUiRQbQdQ&& 
1\We^_cWbU]Y_cS_]_U\TU\_cjQ`QdUb_ccUfYUb_^QVUSdQT_c`_b
\QS_]`UdU^SYQi\Qc`bUcY_^UcaeUUZUbSQ^U^ceS_^dbQ\_cS_]UbSYQ^
dUcY^dUbUcQT_cU^b_]`UbU\]_^_`_\Y_WbU]YQ\<Q_SQcY†^\QRbY^TQ
b_^^e]Ub_c_cjQ`QdUb_c`_RbUcaeU^_V_b]QRQ^`QbdUTU\WbU]Y_Y^
TYfYTe_ccY^dYU^TQ`‹R\YSQaeU^_dU^Q^]vcQ\dUb^QdYfQaeU_VUbdQbcec
`b_TeSd_cU^\QfQ`‹R\YSQ_fU^TUb\_cQ\_cS_]UbSYQ^dUc*

&#
FY\\Q\_R_c8Ycd_bYQTU\`eUR\__`SYdd_]_"`vW!")
&$
FUbSQ`de\_F9
&%
2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_F99`vW#( 
&&
<eYcFYdQ\U9^dUb`bUdQSY†^]QbhYcdQTU\Q8Ycd_bYQTU3XY\U" UTYSY†^d_]_99CQ^
dYQW_@bU^cQ<QdY^_Q]UbYSQ^Q!)&)`vWc)!i)"

&'
 8QRQ^USUcYTQTTU`b_TeSYbQbdSe\_cU^]QcQTU
SQ\YTQT]UTY_SbU`QbQcQdYcVQSUb\Q^e]Ub_cQ`_R\QSY†^
`_RbUibUc`_^TYU^T_QUcQ^USUcYTQT^QSY†U\_VYSYQ\
´SXQ`eSUb_µ+ `Ub_ Y^]UTYQdQ]U^dU cU \U `bUcU^d† e^
S_]`UdYT_b*U\S_]UbSYQ^dURQbQdY\\Ub_iU\WbU]Y_U^
TUSQTU^SYQS_^c†\_cebUTeSYT_]UbSQT_TU\QcS\QcUc
Q\dQc S_]RQdQ Q Q]R_c @_TU]_c TUSYb aeU dQ^d_ U\
´SXQ`eSUb_µ S_]_ U\ S_]UbSYQ^dU UbQ^ VeUbjQc Q^dY°
]UTY_UfQ\UcSQ`YdQ\YcdQc`_baeUQ]RQcQdQSQRQ^Q\WbU
]Y_S_^cecdbQTYSY_^UcicecZUbQbaeQcTU`bU`QbQSY†^
iQR_WQRQ^`_be^\YRbUTUbUSX_TUfU^dQcY^bUW\Q]U^
dQSY†^TU`bUSY_c^YSQ\YTQTUci`_be^Q`b_TeSSY†^TU
QbdSe\_cU^]QcQ\Ycd_c`QbQ\QfU^dQU^SeQ\aeYUb]_
]U^d_ U^ S_^dbQ TU \Q fYUZQ YTUQ WbU]YQ\ TU aeU U\
QbdSe\_TURUVQRbYSQbcUQ`QbdYbTU\]_]U^d_TU\U^SQb
W_TU\S\YU^dU
@Ub_Q]R_c^_`_TQ^S_UhYcdYb`_b]eSX_dYU]
`_*U\]vcVeUbdUU\Y]Y^†Q\]vcT}RY\iU\]vcVeUbdUUbQ
U\ S_]UbSYQ^dU rcdU TUZ† TU cUb ]Ub_ Y^dUb]UTYQbY_
`QbQdbQ^cV_b]QbcUU^`b_TeSd_bifU^TUT_bQ\QfUj
1c`eUcTURU]_cS_^cYTUbQbaeUQ`QbUSU`_b`bY]UbQ
fUjU^^eUcdbQ3_\_^YQe^dY`_fUbTQTUbQ]U^dUSQ`YdQ
\YcdQ`_b]eiXe]Y\TUaeUXQiQcYT_cebQTY_TUQS
SY†^*U\S_]UbSYQ^dUU]`bUcQbY_&'

<QTYc_\eSY†^TU\_cWbU]Y_cS_\_^YQ\UcUbQY^U\eSdQR\UicUUhdU^
TY†`_bd_T_c\_ccUSd_bUcQe^SeQ^T_U^Q\We^_cSQc_ccU`b_\_^W†e^
`_S_]vcaeU\QT_]Y^QSY†^Uc`Q…_\Q8QSYQVY^UcTUUcdU`Ub_T_c†\_
aeUTQRQ^fUcdYWY_cTU\QQ^dYWeQbUW\Q]U^dQSY†^5^!( "U\3QRY\T_TU
CQ^dYQW_Y^V_b]QRQQ\W_RUb^QT_b=e…_jTU7ej]v^aeUU^U\WbU]Y_
TU\Q`\QdUbQQ\YWeQ\aeUU^\QWU^UbQ\YTQTTU\_cTU]vcWbU]Y_c^_
UhYcdQ^_bTU^Q^jQc^YbUW\Q]U^d_Q\We^_*

@QbQS_^cdYdeYbcU]QUcdb_RQcdQceVbYbe^\YWUb_UhQ
]U^_]vcRYU^`QbQQRbYbdYU^TQ`‹R\YSQUcceVYSYU^dU
dU^UbS_^ae}`QWQb\_cTUbUSX_c+i]eSX_ccUQfQ^jQ^
Q‹^cY^UcdUbUaeYcYd_^Y\YSU^SYQ@eUcd_cQcU^Q`dYdeT
TUU^WQ…QbcYQ\W‹^Y^SQed_\UcVQcecY^dUbUcUcicQ\U
`UbZeTYSQT_^_\UaeUTQS_]e^]U^dU_db_bUSebc_aeU
SQ\\Qb&(

&'
=e\\Y^c_`SYd`vWc' i'!
&(
²BUW\Q]U^dQSY†^TU\WbU]Y_TU`\QdUb_c³U^5cSbYd_cTU4_^=Q^eU\TUCQ\Qc_`
SYdd_]_9`vW%$#

&(
 <_cQ`bU^TYSUccUcU`QbQRQ^TU\_cdQ\\UbUcU^SeQ\aeYUb]_]U^d_
S_\_Sv^T_cUU^\QS\QcUTU\_c_VYSYQ\Uc_]QUcdb_cS_^dQ^T_S_^UcSQc_
S_^_SY]YU^d_TUceQbdU &)<QbUc`eUcdQTU\Q]vhY]QQed_bYTQTTU\bUY
^_VeUVQf_bQR\UU^QaeU\\Q_`_bde^YTQTQ\Q`b_`eUcdQTUbUW\Q]U^dQ
SY†^XUSXQ`_bU\1ie^dQ]YU^d_' @Ub_U^_db_cSQc_cXQcdQ\_c`b_`Y_c
SQRY\T_cbUSXQjQb_^\QcTU]Q^TQcTU\_cWbU]Y_c5\`b_SUc_TUTYcWbU
WQSY†^cUQSU\Ub†'!
<QcdbQ^cV_b]QSY_^UcUS_^†]YSQcdQ]RY}^QVUSdQb_^Q\Qc]Q^eVQSde
bQcS_\_^YQ\Uc
1\b_]`UbcUTUXUSX_iTUTUbUSX_U^U\cYW\_HF999U\]_^_`_
\Y_S_]UbSYQ\aeU5c`Q…Q]Q^dU^QS_^cecS_\_^YQc\Qc]Q^eVQSdebQc
TUcQ`QbUSYUb_^bv`YTQ]U^dUTURYT_QceY^SQ`QSYTQTTUXQSUbVbU^dU
Q\QS_]`UdU^SYQUhdbQ^ZUbQVbQ^SUcQUY^W\UcQ1U\\_cUce]QRQ^\Qc
bUYdUbQTQcTYc`_cYSY_^UcbUQ\UcQSUbSQTU\_c_RbQZUcaeUTUcTUU\cYW\_
HF99XQSQ^^USUcQbY_c`Ub]Yc_cUc`USYQ\UcTU\Q3_b_^Q`QbQceVe^
SY_^Q]YU^d_<Q`_\dYSQUS_^†]YSQTU\QS_bdUY]`UbYQ\Q`e^dQRQQ
e^QVeUbdUbUcdbYSSY†^TU\QcQSdYfYTQTUc]Q^eVQSdebUbQcY^TYQ^Qc`Ub
SYRYTQcS_]_e^QS_]`UdU^SYQ`QbQU\S_]UbSY_UhdUbY_b`U^Y^ce\Qb '"
@_bUc_3XY\USQbUSY†U^U\cYW\_HF999TUe^cUSd_b]Q^eVQSdebUb_dUh
dY\aeUTQ^T_U\beRb_\Y]YdQT_Qe^Q`b_TeSSY†^TUdY`_QbdUcQ^Q\
bebQ\iTUS_^ce]_T_]}cdYS_TU\_cWbe`_c]vcRQZ_cTU\Qc_SYUTQT
<_ccUSd_bUcQ\d_ccQdYcVQSQ^cec^USUcYTQTUcQdbQf}cTU\Q`b_fYcY_^Q
]YU^d_TU`b_TeSd_cfU^YT_cTU6bQ^SYQU9^W\QdUbbQ '#C†\_QVY^UcTU
\Q}`_SQS_\_^YQ\e^ceYj_Y^cdQ\†U^CQ^dYQW_e^QVvRbYSQdUhdY\TU]Q
i_bUc`b_`_bSY_^Uc '$
<Q`QbQ\YjQSY†^TU\_c_RbQZUcTU\Qj_^QSU^dbQ\XQSYQS_]YU^j_cTU
\QT}SQTQTU!'& S_]_S_^cUSeU^SYQTU\_cVQSd_bUcQ^dUc]U^SY_^Q
T_ciQ\QVQ\dQTUdbQRQZQT_bUc`_b\QRQZQTU]_WbvVYSQY^TWU^Qi`_bce
TYc`UbcY†^U^\QcXQSYU^TQc_R\YW†Q\_cU]`bUcQbY_cS_\_^YQ\UcQRec
SQb^eUfQcV†b]e\Qc`QbQQcUWebQb\QVeUbjQTUdbQRQZ_TUcecU]`bUcQc*
\_cZUceYdQccU`bU_Se`Qb_^TU\QSQ\YVYSQSY†^TU\_c_RbUb_cU^U\_RbQZU
aeUVe^TQb_^Ze^d_QceS_\UWY_TU2eSQ\U]ei_db_cU]`bUcQbY_cdQ]
RY}^VYb]Qb_^S_^dbQd_c`QbQ\QV_b]QSY†^TUcec_`UbQbY_cS_^]QUcdb_c
TU\QQSdYfYTQTdUhdY\'%
1\_\QbW_TU\cYW\_HF999U\QbbYR_`Ub]Q^U^dUTURQbS_cTU5eb_
`QQ`QbdYbTU\UcdQR\USY]YU^d_TU\_c^Qf_cTUbUWYcdb_TYfUbcQc_dbQc
]UTYTQciU\S_^dbQRQ^T_`b_f_SQb_^dbQ^cV_b]QSY_^UcTU\S_]UbSY_
aeUbU`UbSedYUb_^^UWQdYfQ]U^dUc_RbU\QcQbdUcQ^Qci]Q^eVQSdebQcS_
&)
9RYT
'
1ccebWY†\Q²BUW\Q]U^dQSY†^TU\WbU]Y_TU`\QdUb_c³!( "SYdQTQ]vcQbbYRQ
'!
=e\\Y^c_`SYd`vWc'!i'"icYWeYU^dUc
'"
2bQf__`SYd`vWc!!)!"#i!##!#$
'#
=UjjQ^__`SYd`vWc$"%"
'$
FUbSQ`de\_99
'%
4UBQ]†^i<QbbQ^_`SYd`vW!'"

&)
\_^YQ\UcTQTQceY^SQ`QSYTQTTUS_]`UdYbVbU^dUQ\_c]UbSQ^SQcUeb_
`UQc]UZ_bU\QR_bQTQciTUce`UbY_bSQ\YTQT<Q\YRUbQ\YjQSY†^TU\S_]Ub
SY_QS_bTQTQ`_b\Q]_^QbaeQR_bR†^YSQU^!''(QWeTYj†\QSbYcYcTU\Qc
Y^TecdbYQcS_\_^YQ\UcSQbQSdUbYjQTQc`_bU\bUdQbT_d}S^YS_i\QVQ\dQTUSQ
\YVYSQSY†^TUce`Ubc_^Q\'&<Q`\U^Q\YRUbdQTS_]UbSYQ\TUSbUdQTQ`_bU\
W_RYUb^_`QdbY_dQU^!(!!`b_Ve^TYjQbQQ‹^]vcUcdQSbYcYcQ\d}b]Y^_
TU\QcWeUbbQcTU\Q9^TU`U^TU^SYQ


'&
CUbWY_FY\\Q\_R_cB5\S_]UbSY_i\QSbYcYcS_\_^YQ\E^]Yd_TU\Q9^TU`U^TU^SYQCQ^
dYQW_5TYSY_^UcTU\QE^YfUbcYTQTTU3XY\U!)&(`vWc!'(!("5\Qed_bSYdQfQbYQcTUc
SbY`SY_^UcTUS_^dU]`_bv^U_cQSUbSQTU\QdbQc_TU\cUSd_bQbdUcQ^_]Q^eVQSdebUb_S_\_
^YQ\U^dbUU\\Qce^\QbW_UhdbQSd_TU\Q²BU`bUcU^dQSY†^³XUSXQQ\]Y^Ycdb_7QbT_aeY
!')&d_]QTQTU5cSbYd_cTU4_^=Q^eU\TUCQ\Qc_`SYdd_]_9`vW!'!

'
 31@ÅDE<?99

<153?>?=Å1I<?CC53D?B5C@?@E<1B5C
EB21>?C5>5<C97<?H9H

5 < =1B3? 53?>É=93? 75>5B1<

5\\_Wb_TU\QY^TU`U^TU^SYQ`_\dYSQ`_b`QbdUTU3XY\U^_Y]`\YS†dbQ^c
V_b]QSY_^Uc`b_Ve^TQcU^\QUcdbeSdebQc_SY_US_^†]YSQ<QcY^^_fQSY_
^Uc]vcY]`_bdQ^dUcVeUb_^`_\dYSQcUcTUSYbU\bUU]`\Qj_U^\QTYbUS
SY†^TU\5cdQT_TU\Q^dYWe_Wbe`_T_]Y^Q^dUUc`Q…_\`_b\QS\QcU`b_
`YUdQbYQSbY_\\Q5\b}WY]U^TUbU\QSY_^UcTU`b_TeSSY†^S_\_^YQ\aeUT†
`bvSdYSQ]U^dUY^dQSd_5^\_US_^†]YS_U\‹^YS_SQ]RY_bU\UfQ^dUVeU
Q\YWeQ\aeUU^\Qc_dbQcbU`‹R\YSQcXYc`Q^_Q]UbYSQ^QcU\VY^TU\QcUcSQ
cQcbUcdbYSSY_^UcaeUQ‹^ceRcYcdQ^TU\Q^dYWe_]_^_`_\Y_S_]UbSYQ\
aeU5c`Q…QXQRQY]`eUcd_QcecS_\_^YQc '' <Q`\U^Q\YRUbdQTS_]UbSYQ\
TUSbUdQTQ`_bU\W_RYUb^_SbY_\\_SXY\U^_WU^Ub†e^QY^dU^cYVYSQSY†^TU
\_cS_^dQSd_cS_]UbSYQ\UcdbQTeSY}^T_cUU^U\QbbYR_Q\`QcTUWbQ^SQ^
dYTQTTU`b_TeSd_cUhdbQ^ZUb_ciTU^e]Ub_c_cS_]UbSYQ^dUcaeUcUY^c
dQ\Qb_^TU]Q^UbQ]vc_]U^_c`Ub]Q^U^dUU^U\`eUbd_TUFQ\`QbQc_
aeU]vcdQbTUcUdbQ^cV_b]QbQU^\Q`bY^SY`Q\`\QjQVY^Q^SYUbQRbYdv^YSQ
TU\_S}Q^_@QSVYS_iU^SU^db_TUS_]UbSY_TUdbv^cYd_TUd_T_U\@QS
VYS_ceb'( 
<QUcdQRY\YTQT`_\dYSQQ\SQ^jQTQQ`QbdYbTU!(# Y^V\ei†U^\QUhY
d_cQUh`Q^cY†^US_^†]YSQcecdU^dQTQU^\QUh`_bdQSY†^TU`b_TeSd_c
QWbS_\Qci]Y^Ub_c<QQWbYSe\debQU\S_]UbSY_i\Q]Y^UbQcUS_^fYbdYU
b_^°S_]_XQ^cU…Q\QT_TYVUbU^dUcQed_bUc°U^\_c`Y\QbUcTU\QUS_^_
]QSXY\U^Q<Q²BU`‹R\YSQ3_^cUbfQT_bQ³Y^cdQebQTQS_^`_cdUbY_bYTQT
Q\dbYe^V_UcdQ^aeUb_°`U\eS†^U^\QWeUbbQSYfY\TU!(# Y]`e\c†TUSYTY
TQ]U^dU\QUS_^_]QTUUh`_bdQSY†^U^U\]UbSQT_]e^TYQ\5cdUdY`_
TU US_^_]Q bUce\d† VeUbdU]U^dU VQf_bUSYTQ `_b \Qc TU]Q^TQc SbU

''
FY\\Q\_R_c5\S_]UbSY_i\QSbYcYcS_\_^YQ\_`SYd`vWc"#&"'#
'(
<U_`_\T_2U^QfYTUc>²<QV_b]QSY†^TUFQ\`QbQc_S_]_²U^dbU`ˆd³TU\QS_c
dQTU\@QSVYS_!(! !(% TQ^c<Uc7bQ^TUc5cSQ\Uc2behU\\UcBUSSeUY\cTU\QC_SY}d}:UQ^
2_TY^! ~3_\\_aeUTµ8Ycd_YbU]QbYdY]U!)'$`vWc!&!!(#+:QSaeU\Y^U7QbbUQeT²<Q
V_b]QSY†^TUe^]UbSQT_TUdbv^cYd_FQ\`QbQc_*!(!'!($(³U^>eUfQ8Ycd_bYQ>¡!!
<_^TbUc!)($`vWc!%'!)$

'!
SYU^dUcTU]QdUbYQc`bY]QcaeUbUaeUbQ\QbUf_\eSY†^Y^TecdbYQ\U^\_c
`QcUcSQ`YdQ\YcdQc<QcUh`_bdQSY_^UcQWbS_\QcVeUb_^UcdY]e\QTQc`_b
\_cW_RYUb^_cTU\_c²TUSU^Y_cS_^cUbfQT_bUc³QdbQf}cTUceSUcYfQcbU
TeSSY_^UcU^\_cTUbUSX_cTUUh`_bdQSY†^TU\_c`bY^SY`Q\Uc`b_TeSd_c
dbYW_XQbY^QUdSVQf_bUSYU^T_TUUcdQ]Q^UbQQ\_cdUbbQdU^YU^dUc
TU\Qj_^QSU^dbQ\iQ\_cS_]UbSYQ^dUcUh`_bdQT_bUcS_]`_^U^dUcUcU^
SYQ\UcTU\R\_aeUTU`_TUb') 
<Q`b_TeSSY†^i\QcUh`_bdQSY_^Uc]Y^UbQcdQ]RY}^Qe]U^dQb_^
TU ]Q^UbQ S_^cYTUbQR\U TebQ^dU \_c TUSU^Y_c S_^cUbfQT_bUc !(#!°
!(&!iU\\_Q`UcQbTU\_cSbUSYU^dUcWbQfv]U^Uc`_bTUbUSX_cTUUh`_b
dQSY†^aeU\_cW_RYUb^_cTU\Q}`_SQY]`ecYUb_^Q\_cU]`bUcQbY_c]Y^U
b_cTU\^_bdUTU\`Qc( Ce`UbQ^T_UcQcTYVYSe\dQTUc\Q]Y^UbQi\_c`b_
`YUdQbY_c\YWQT_cQU\\QS_^_SYUb_^e^QeWUY^^UWQR\US_^`_cdUbY_bYTQT
Q\TUcSeRbY]YU^d_i`eUcdQU^Uh`\_dQSY†^TU^eUf_c]Y^UbQ\UcTU`\QdQ
U^1baeUb_c!("%3XQ…QbSY\\_!(#"iDbUc@e^dQc!($) (! @_cdU
bY_b]U^dUZe^d_S_^U\SYS\_TUW_RYUb^_c\YRUbQ\UcaeUcUY^YSY†QS_
]YU^j_cTU\QT}SQTQTU!(& \Q]Y^UbQ`eT_TUcQbb_\\QbcU]vc\YRbU
]U^dU<QY^TecdbYQVe^TYT_bQQ\SQ^j†U^UcQ]Yc]Q}`_SQce`Ub_T_TU
]Qi_bUc`\U^T_bi3XY\US_^c_\YT†ce`_cYSY†^TU`bY]Ub`b_TeSd_bi
Uh`_bdQT_bTUS_RbUTU\]e^T_(" 5\cebWY]YU^d_TU\QQSdYfYTQTVe^TY
T_bQVeUQTU]vce^Y]`_bdQ^dUUcd]e\_`QbQ\Q]Y^UbQTU\SQbR†^(#
@_bce`QbdU\QQ`UbdebQd_dQ\TU\`QcQ\S_]UbSY_Y^dUb^QSY_^Q\cYW
^YVYS†e^Teb_W_\`U`QbQU\QbdUcQ^QT_aeUXQRQS_^_SYT_e^SYUbd_
QeWUTebQ^dU\QcWeUbbQcTUU]Q^SY`QSY†^WbQSYQcQ\QcS_]`bQcbUQ\YjQ
TQc`_bU\5cdQT_`QbQUaeY`QbQcecUZ}bSYd_c<QcdQbYVQcQTeQ^UbQc`QbQ
\_cQbdSe\_c]Q^eVQSdebQT_caeUdQ]RY}^cUVQRbYSQRQ^U^U\`QcQ`UcQb
TUcUbbU\QdYfQ]U^dUQ\dQc°TU"%Q#%U^dbU!(#$i!(&$($ °^_VeUb_^
SQ`QSUcTUS_^dU^UbU\V\eZ_]QcYf_TU`b_TeSd_cUeb_`U_ciUcdQT_e^Y
TU^cUcaeUTQ^T_\QT}RY\Y^TecdbYQQbdUcQ^Q\cY^`_cYRY\YTQTUcbUQ\UcTU

')
C_RbU\QQWbYSe\debQSXY\U^QU^U\cYW\_H9HfUb1b^_\T:2QeUb²5h`Q^cY†^US_
^†]YSQU^e^Qc_SYUTQTdbQTYSY_^Q\*3XY\USU^dbQ\U^U\cYW\_H9H³U^8Ycd_bYQ>¡)CQ^
dYQW_!)' `vWc!#'"#%
(
FYdQ\U_`SYdd_]_999`vWc!%(i!%)
(!
2U^ZQ]^FYSe…Q=QS[U^^Q5\\YRb_TU\Q`\QdQCQ^dYQW_9]`bU^dQ3UbfQ^dUc
!(("`vWc! ("!#i"'$# !+@YUbbUFQiccY~bUE^cY~S\UTUSQ`YdQ\Yc]U]Y^YUbQe3XY\Y!(# 
!)# @QbYcrTYdY_^cTe3>BC!)( `vWc!("#
("
BYSQbT_>QjUb1:_c}D_]vcEb]U^UdQE^U]`bUcQbY_TU\cYW\_H9HCQ^dYQW_5TYSY_
^UcTU\Q4YbUSSY†^TU2YR\Y_dUSQc1bSXYf_ci=ecU_c3U^db_TU9^fUcdYWQSY_^Uc4YUW_
2Qbb_c1bQ^Q3_\USSY†^C_SYUTQTi3e\debQf_\F99!))#`vWc&''"+F}QcUdQ]RY}^
FQiccY~bU_`SYd`vWc!!#!!%icYWeYU^dUc
(#
>QjUb_`SYd`vW#'*<eYc?bdUWQ=<QY^TecdbYQTU\SQbR†^U^3XY\UU^dbU!($ i
!(( CQ^dYQW_3eQTUb^_cTU8e]Q^YTQTUc!4U`QbdQ]U^d_TU8Ycd_bYQE^YfUbcYTQT
TUCQ^dYQW_TU3XY\U!)((`vWc&!%C_RbU\QUh`\_dQSY†^TU\SQbR†^U^U\cYW\_H9H
f}QcUdQ]RY}^5^bYaeU6YWeUb_Q?i3Qb\_cCQ^T_fQ\13QbR†^*SYU^Q…_cTU8Ycd_bYQ
!($(!)& CQ^dYQW_3541<!)('`vWc!)$#
($
5\bUW\Q]U^d_TUY]`_bdQSY_^UcTU!(#$UcdY`e\QRQe^QbQ^SU\TU# `QbQ\Q

'"
S_]`UdYbS_^\Qc]Q^eVQSdebQcUhdbQ^ZUbQcC†\_Q`QbdYbTU!(& U\`Qc
\_WbQbQUh`UbY]U^dQbe^Y^SY`YU^dU`b_SUc_Y^TecdbYQ\YjQT_bTY^v]YSQ
aeUcUQSU\UbQbQTebQ^dU\_cQ…_c_SXU^dQS_]_fUbU]_c]vcQTU\Q^dU
<Q]QbY^Q]UbSQ^dUTURY†U^VbU^dQb_RcdvSe\_c]Qi_bUcaeU\Y]Y
dQb_^TU]Q^UbQTbvcdYSQcec`_cYRY\YTQTUcTUSbUSY]YU^d_<_c`bY^SY`Q
\UcWbe`_caeU`_TQ^Y^V\eYbU^\Qd_]QTUTUSYcY_^UcWeRUb^Q]U^dQ\Uc
°\_cUh`_bdQT_bUcQWbS_\Qc\_cUh`_bdQT_bUc]Y^Ub_ci\_cY]`_bdQT_
bUc°UbQ^`QbdYTQbY_cTUe^Q`_\dYSQ\YRbUSQ]RYcdQ<_cY]`_bdQT_bUc`_b
bQj_^Uc_RfYQc<_cUh`_bdQT_bUcQWbS_\Qci]Y^Ub_c`_baeUTYSXQ`_\
dYSQ\Uc`Ub]YdQfU^TUbcY^TYVYSe\dQTUccec`b_TeSd_cU^U\UhdbQ^ZUb_
bUSYRYU^T_QSQ]RY_TYfYcQcaeUedY\YjQRQ^U^\QS_]`bQTUUaeY`_c
]QaeY^QbYQc_QbdSe\_cTUS_^ce]_ce^deQbY_@_bUcd_c]_dYf_c\_cdU
bbQdU^YU^dUci]Y^Ub_cY^dUbUcQT_cU^_RdU^UbdbQ^c`_bdUbv`YT_iRQbQ
d_`QbQcec`b_TeSd_c`bUcY_^Qb_^i_RdefYUb_^Q`QbdYbTU!($)aeU\_c
W_RYUb^_cQ^e\QbQ^`b_WbUcYfQ]U^dU\Q\UWYc\QSY†^`b_dUSSY_^YcdQQ\Q
]QbY^Q]UbSQ^dU1c\_cUcSQc_c^Qf_cSXY\U^_c`UbTQ^ce‹^YSQfU^
dQZQVbU^dUQ\_cUhdbQ^ZUb_c°]vc^e]Ub_c_ciUVYSYU^dUc°SQ^SU\v^T_cU
\QciQbUTeSYTQc`_cYRY\YTQTUcTUTUcQbb_\\_TU\Q]QbY^Q]UbSQ^dU^QSY_
^Q\(% 
<_cWbQ^TUcRU^UVYSYQbY_cTU\QQ]`\YQQ`UbdebQUS_^†]YSQVeUb_^
\_ccUSd_bUcTU\Q_\YWQbaeQ]UZ_bY^cUbdQT_cU^U\]_TU\_i\_cSQ`YdQ\Yc
dQcUhdbQ^ZUb_c`bY^SY`Q\]U^dURbYdv^YS_caeUW_jQb_^TUcTU\_c`bY]U
b_cQ…_cTUfYTQY^TU`U^TYU^dUiQ\_\QbW_TUd_T_U\bUcd_TUUcUcYW\_
e^Q`bYfY\UWYQTQY^V\eU^SYQUS_^†]YSQi`_\dYSQ

]Qi_bQTU\Qc]UbSQ^SQcaeUcUU\QR_bQRQ^U^3XY\U5^UcdQSQdUW_bQcUY^S\eQ^`b_
TeSd_cdQ\UcS_]_*VYTU_cZUbWQcTU\Q^QiQ\W_T†^VbQjQTQcSQdbUcUcdeVQc]eUR\UcTU
]QTUbQbUZQcTUVYUbb_cY\\QcTU]_^dQbUcdbYR_cd_TQS\QcUTUSeUb_cfU\QcTUSUbQiUc
`Ub]QUdS}dUbQ<_cRQ‹\UcSQ\jQT_`_^SX_cfU\QcTUcUR_S_SXUcSQbbeQZUci_dbQc
]Q^eVQSdebQcUbQ^WbQfQT_cU^e^#%<QcdQbYVQcQTeQ^UbQc`QbQ\QY]`_bdQSY†^TU`b_
TeSd_c]Q^eVQSdebQT_caeUdQ]RY}^cUVQRbYSQRQ^U^U\`QcS_^_SYUb_^\QcYWeYU^dUUf_
\eSY†^TebQ^dUU\bUcd_TU\cYW\_H9H*!(#$*#%+!(%!*# +!(&$*"%+!('"*"%+!('(*
#%+!()'*#%Q& CUbWY_FY\\Q\_R_cBiBQVQU\CQWbUT_25\`b_dUSSY_^Yc]_US_^†]YS_
U^3XY\UCYW\_H9HCQ^dYQW_9^cdYded_@b_VUcY_^Q\TU5cdeTY_cCe`UbY_bUc2\Qc3Q…Qc
!)('`vWc#'i! 
(%
3\QeTY_F}\Yj8Ycd_bYQTU\Q]QbY^Q]UbSQ^dUTU3XY\UCQ^dYQW_5TYSY_^UcTU\Q
E^YfUbcYTQTTU3XY\U!)&!`vWc!$!()5cdUQed_bSQbQSdUbYjQ\QcdbUcWbQ^TUcVQcUcTU
\QXYcd_bYQTU\Q]QbY^Q]UbSQ^dUSXY\U^QTebQ^dUU\`bY]UbcYW\_TUfYTQY^TU`U^TYU^dU
!(! !)" <QUdQ`Q!(! !($(UhSU`deQ^T_^QdebQ\]U^dU\_cQ…_cTUBUS_^aeYcdQ
Uc`Q…_\QcUTYcdY^WeU`_bce\UWYc\QSY†^`b_dUSSY_^YcdQ5^dbU!($(i!(&&\Q^_b]QdYfQ
\UWQ\cUQTQ`dQ`b_WbUcYfQ]U^dUQ\_cVQSd_bUcaeUcUW‹^ceQ^v\YcYcXQSQ^Y]`bQSdYSQ
R\U\Q\UWYc\QSY†^`b_dUSSY_^YcdQ6Y^Q\]U^dUQ`QbdYbTU!(&&iXQcdQVY^UcTU\`Ub_T_
UcdeTYQT_U\\YRbUSQ]RYc]_Y]`UbQ`_bS_]`\Ud_TUcQ`QbUSYU^T_d_T_fUcdYWY_TU`b_
dUSSY_^Yc]_F}\YjUcdY]QaeUY^S\ec_cYU\5cdQT_XeRYUbQbUcUbfQT_TUc`e}cTU!(&%
SYUbd_cdY`_cTU^QfUWQSY†^`QbQ\QRQ^TUbQ^QSY_^Q\²3XY\UXeRYUbQdU^YT_e^bUWYcdb_
Y]`_bdQ^dUKTURQbS_cMU^CeTQ]}bYSQ`Ub_S_^cdYdeYT_`bY^SY`Q\]U^dU`_bSQcS_cTU
S_^cdbeSSY†^`b_`YUTQTidbY`e\QSY†^UhdbQ^ZUbQ³?`SYd`vW!()

'#
 CY]e\dv^UQ]U^dUQ\ec_TUUcd_c]UTY_cTUS_^db_\US_^†]YS_
Y^dUbSQ]RY_cTUcYWeQ\UcSeQcY]_^_`_\Y_TU\S_]UbSY_UhdUbY_biTU
\_c dbQ^c`_bdUc Y^dUb_SUv^YS_c UcdQR\USY]YU^d_ TU SQcQc S_]UbSYQ\Uc
aeUTUcQbb_\\QRQ^Q\]Yc]_dYU]`__`UbQSY_^UcTUSQbvSdUbU]Y^U^dU
]U^dURQ^SQbY_ (& UdS9^W\QdUbbQQcUWeb†ce`bY]QSQUS_^†]YSQU^
3XY\UQ\YWeQ\aeUU^_db_c`QcUc\QdY^_Q]UbYSQ^_cQdbQf}cTUe^S_]
`\YSQT_UY^WU^Y_c_cYcdU]QTUU]`b}cdYd_cQ\5cdQT_SXY\U^_aeUU^
e^`bY]Ub]_]U^d_UcdQRQ^TUcdY^QT_cQVY^Q^SYQb\QcWeUbbQcTU\Q
9^TU`U^TU^SYQ U^ `QbdYSe\Qb \Q Uh`UTYSY†^ \YRUbdQT_bQ TU\ @Ub‹
@Ub_U\U^TUeTQ]YU^d_VeUQe]U^dQ^T_TURYT_Q\QSbYcYcUS_^†]YSQ
WU^UbQTQ `_b UcdQc WeUbbQc i `_b U\ `Ub_T_ TU ²Q^QbaeQ³ !("#°
!(# 4UUcdU]_T_\_c`b}cdQ]_cUhdbQ^ZUb_ccYbfYUb_^`QbQSeRbYbU\
T}VYSYdVYcSQ\iQcUWebQbU\cUbfYSY_TU\QTUeTQiTUcecY^dUbUcUcaeUcU
Q\Y]U^dQRQY^SUcQ^dU]U^dU
3_^d_T_Q`UcQbTU\Qc\Y]YdQSY_^UccU…Q\QTQc\QUS_^_]Q`bY
]QbY_°Uh`_bdQT_bQ SXY\U^Q S_]U^j† Q dU^Ub e^ QeWU ^_dQR\U Uc`U
SYQ\]U^dUQ`QbdYbTU\QT}SQTQTU!($ 5\dbYW_\QXQbY^QU\fY^_U\
SXQbaeYi\_cSUbUQ\Uc^QSY_^Q\UcUh`UbY]U^dQb_^TU]Q^TQcSbUSYU^
dUcWbQSYQcQe^QcYdeQSY†^TUfYbdeQ\]_^_`_\Y_U^\QS_cdQTU\@QSVYS_
XQcdQ\_cQ…_cSY^SeU^dQ3XY\UVeUU\‹^YS_`b_TeSd_bY]`_bdQ^dUTU
SUbUQ\UcU^UcQbUWY†^@b_fUUT_bQTUdbYW_TU\@Ub‹TebQ^dU\QcT}SQ
TQcTU!(# i!($ \QQWbYSe\debQSXY\U^QcURU^UVYSY†TU\^eUf_]UbSQ
T_WU^UbQT_`_b\Q²VYURbUTU\_b_³U^3Q\YV_b^YQQVY^UcTU\_cQ…_c
SeQbU^dQUY^YSY_cTU\_cSY^SeU^dQ<eUW_SeQ^T_3Q\YV_b^YQTUcTU
]UTYQT_cTU\QT}SQTQTU!(% S_]U^j†Qce`UbQbceTU`U^TU^SYQ
QWbS_\QiQY^fUbdYb\QcYdeQSY†^XQcdQU\`e^d_TU_VbUSUbcec`b_TeSd_c
Q\Y]U^dYSY_cU^\QcS_cdQcTU\@QSVYS_cUQRbY†`QbQ\QQWbYSe\debQ^Q
SY_^Q\ °Q `QbdYb TU !(%#° e^ ^eUf_ ]UbSQT_* U\ QecdbQ\YQ^_ 8QSYQ
!(%%\_c`b_TeSd_cQWbS_\QcSXY\U^_c°U^S_]`UdU^SYQS_^\_cSQ\YV_b
^YQ^_c° cQdYcVQSQ^ U\ %  TU \Qc ^USUcYTQTUc QecdbQ\YQ^Qc E^ `_S_
]vcdQbTUTUcTU]UTYQT_cTU\QT}SQTQTU\cUcU^dQ\QcUh`_bdQSY_^Uc
TUSUbUQ\UciXQbY^QXQSYQ7bQ^2bUdQ…QQcS_]_U\]Q^dU^Y]YU^d_
TU\dbQTYSY_^Q\]UbSQT_`UbeQ^_QcUWebQb_^\QS_^dY^eYTQTTU\QeWU
QWb_Uh`_bdQT_b5^dbU!(&%i!('%\QQWbYSe\debQSXY\U^QS_^_SY†e^_
TUcec]UZ_bUc]_]U^d_c(' 

(&
C_RbUU\`Q`U\iU\Ve^SY_^Q]YU^d_TU\QcSQcQcS_]UbSYQ\UcUhdbQ^ZUbQcfUb5TeQb
T_3QfYUbUc3_]UbSY_SXY\U^_iS_]UbSYQ^dUcY^W\UcUc!(" !(( *E^SYS\_TUXYcd_bYQUS_^†]YSQ
FQ\`QbQc_9^cdYded_TU8Ycd_bYQE^YfUbcYTQT3Qd†\YSQTUFQ\`QbQc_!)((
('
CUbWY_CU`‹\fUTQ75\dbYW_SXY\U^_U^U\]UbSQT_]e^TYQ\5^cQi_TU7U_WbQVQ8Ycd†
bYSQCQ^dYQW_5TYd_bYQ\E^YfUbcYdQbYQ!)%)`vWc#'%$+2QeUb_`SYd`vWc!$!!&!
5cdU‹\dY]_Qed_bU^dbUWQe^QUh`\YSQSY†^TU\Q`b_WbUcYfQTUSQTU^SYQTU\QQWbYSe\debQ
SXY\U^QTebQ^dU\QcUWe^TQ]YdQTTU\cYW\_H9H

'$
 3eQTb_>¡!
F1<?B455H@?BD139?>5C17BÅ3?<1C!($$°!()
@b_]UTY_cQ^eQ\UcU^aeY^aeU^Y_cU^]Y\UcTU`Uc_c
1…_c `Uc_cS_bbYU^dUc `Uc_cTU$$T

!($$°$%Q ('" ('"

!($&°% !' % !' %
!(%!°%% #'%& #'%&
!(%&°& #)$) #)$)
!(&!°&% %"(# %"(#
!(&&°' )"$$ )"$$
!('!°'% !#"$! !#"$!
!('&°( ! $%" ) #!
!((!°(% )($% '!%'
!((&°) (#!! $)'(

6 E5>D5*BUce]U^TU\QXQSYU^TQ`‹R\YSQ<_^TbUc!)!'U^2QeUb_`SYd`vW!&%

<Q]Y^UbQVeUU\cUSd_bTU\QUS_^_]QaeU]vcSbUSY†iQ`_bd†\Q
`bY^SY`Q\S_^dbYReSY†^Q\QbYaeUjQ^QSY_^Q\ (( 9^S\ec_U^\Q}`_SQTU
QeWUTU\QcUh`_bdQSY_^UcQWbS_\QcU\Y^WbUc_]vcY]`_bdQ^dU`b_fY^_
cYU]`bUTU\cUSd_b]Y^Ub_S_]_\_TU]eUcdbQU\cYWeYU^dUSeQTb_*

3eQTb_>¡"
F1<?B5C1@B?H9=14?C45<1C5H@?BD139?>5C
45@<1D1I453?2B5!($$°!(($
FQ\_bUcaeY^aeU^Q\Uc5^]Y\\_^UcTU`Uc_c

@Ub_T_c @\QdQ 3_RbU D_dQ\"# 5h`_bdQSY_^Ucd_dQ\Uc

TU3XY\U
! " # $ %
!($%°$) !!$# "&%' #( #)%(
!(% °%$ "(!' #"&! & '( &!#'
!(%%°%) "'!( &!'% (()# ())%
!(& °&$ ""% !#!") !%#') /
!(&%°&) "##! !#))$ !(()$ /
!(' °'$ "'#! !&%&# !)")$ /
!('%°') "$#' !%"") !'&&& !''(!
!(( °($ "%$! !(&(" "!""# #"'$"
6eU^dUc*FQiccY}bU_`SYd@QbQS_^cdbeYbe^SeQTb_TU\`Ub_T_!($$°!()$U\Qed_bcU
RQc†U^U\BUce]U^TU\Q8QSYU^TQ@‹R\YSQU^3XY\U!) ! () 

((
5^dbU!(&!i!) )U\cUSd_bQWbS_\QSbUSY†U^!%iU\cUSd_b]Y^Ub_U^##
@UTb_:UVdQ^_fYS@3bUSY]YU^d_TU\`b_TeSd_d_dQ\icUSd_bYQ\!(&!!) )CQ^dYQW_E^YfUbcY
TQTTU3XY\U6QSe\dQTTU3YU^SYQc5S_^†]YSQci1T]Y^YcdbQdYfQc4U`QbdQ]U^d_TU5S_
^_]Q4_Se]U^d_CUbYU9^fUcdYWQSY†^>¡! !)) 
()
>_XU]_cS_^cYTUbQT_U\`Ub_T_!((%!()$TebQ^dUU\SeQ\\QQWbYSe\debQiQUc
dQRQfYfYU^T_e^QVQcUTU^Ud_TUS\YfUi\QUS_^_]QcQ\YdbUbQcUU^S_^dbQRQU^`\U^QUh
`Q^cY†^_`QSQ^T_Y^S\ecYfUQ\_cTU]vccUSd_bUc]Y^Ub_c5\WbQ^`Uc_TU\Q]Y^UbQbU

'%
 <Q`b_TeSSY†^i\QcUh`_bdQSY_^Uc]Y^UbQcS_^_SYUb_^e^}hYd_^_
dQR\U<Q`b_TeSSY†^TU`\QdQSbUSY†TU!&%d_^TebQ^dUU\aeY^aeU^Y_
!(# °!(#$Q&"&d_^U^!(% °!(%$2QZQ^T_`_cdUbY_b]U^dUQ%!(d_^
TebQ^dUU\`Ub_T_!(& °!(&%`QbQU]`bU^TUbTUY^]UTYQd_e^Qc_cdU
^YTQbUSe`UbQSY†^8QSYQVY^UcTUcYW\_\Q`b_TeSSY†^QbWU^dVUbQQ\SQ^jQ
RQce]Qi_bUh`Q^cY†^*'$"d_^TebQ^dUU\aeY^aeU^Y_!() °!()$i'"
d_^U^dbU!()%i!())) <Q`b_TeSSY†^TUS_RbUceRY†TU&"& d_^Te
bQ^dU U\ aeY^aeU^Y_ !(#%°!(#) Q !'( "% d_^ U^dbU !(&  i !(&$ i Q
"#(" d_^TebQ^dUU\`Ub_T_!('%°!(')\\UWQ^T_QcUb3XY\UU^\QT}
SQTQ!(& °!(' U\`bY]Ub`b_TeSd_bTU\]e^T_)!<Q`b_TeSSY†^TUSQb
R†^dQ]RY}^Qe]U^d†TU]Q^UbQS_^cYTUbQR\U)" ITUc`e}cTU\Q7eUbbQ
TU\@QSVYS_U\`QcY^SbU]U^d†cebYaeUjQ]Y^UbQQ\TUdU^dQbU\]_^_`_
\Y_]e^TYQ\TU\Q`b_TeSSY†^TUcQ\YdbU<Q]Y^UbQcUS_^fYbdY†U^U\UZU
TU\TUcQbb_\\_US_^†]YS_^QSY_^Q\Q\]Yc]_dYU]`_aeUcecUSd_b]vc
]_TUb^_5^d_b^_QU\\QcUTUcQbb_\\†\QY^TecdbYQVe^TYT_bQTU]UdQ\Uc
U^`QbdYSe\QbTUS_RbU7eQiQSv^D_^W_i<_cFY\_c<Y^ae}^UdS+ceb
WYUb_^^eUf_c`eUR\_cU^U\>_bdU3XYS_cUY]`e\c†\QS_^cdbeSSY†^TU
\^UQc TU VUbb_SQbbY\ i cU USXQb_^ \Qc RQcUc `QbQ U\ `b_SUc_ TU Y^Tec
dbYQ\YjQSY†^TebQ^dU\QcUWe^TQ]YdQTTU\cYW\_H9H*

6eUQ\\`bUSYcQ]U^dUU^\_cVUbb_SQbbY\Uci`\Q^dQc
`b_SUcQT_bQcTU]Y^UbQ\UcT_^TUcUS_^V_b]†U\`bY
]UbcUSd_b`\U^Q]U^dUY^TecdbYQ\YjQT_TU3XY\UDQ^d_
`_bceUaeY`Q]YU^d_S_]_`_b\QV_b]QU^aeUcU_bWQ
^YjQRQ^cecVQU^QcUcd_cUcdQR\USY]YU^d_cVeUb_^`Y_^U
b_cTUe^]_T_TU`b_TeSSY†^SeiQ]vhY]QUh`bUcY†^
UbQ\QY^TecdbYQ]Q^eVQSdebUbQ<QY^TecdbYQ\YjQSY†^SXY
\U^QU^ce]QcUY^YSY†U^\Q]Y^UbQ)#

DbQTYSY_^Q\]U^dUcUSbUi†aeU^eUcdb_`Qc^_XQRQS_^_SYT_e^
`b_SUc_Y^TecdbYQ\YjQT_bcYW^YVYSQdYf_TebQ^dUU\cYW\_H9HCU`_cde\†
`_bUZU]`\_aeU\_cWbe`_cTU`bUcY†^\YWQT_cQ\QUS_^_]Q`bY]QbY_°
Uh`_bdQT_bQaeUTUdU^dQRQ^U\S_^db_\TU\Q`_\dYSQUS_^†]YSQQ\fUb
cecQc`YbQSY_^Uc`\U^Q]U^dUcQdYcVUSXQcU^TYSX_]_TU\_^_defYUb_^

`bUcU^dQT_U^UcdUSeQTb_`_b\QcUh`_bdQSY_^UcTU`\QdQiTUS_RbUcUQ]`\YVYSQTUcTU\Q
T}SQTQTU!(( QdbQf}cTU\QU^_b]U]QW^YdeTaeUS_RbQ\QUS_^_]QcQ\YdbUbQ
)
FQiccY~bU_`SYd`vW!!"
)!
?`SYd`vW!!$
)"
?bdUWQ<QY^TecdbYQ_`SYd`vWc!'!(i#"##
)#
:e\Y_@Y^d_Fi<eYc?bdUWQ=5h`Q^cY†^]Y^UbQiTUcQbb_\\_Y^TecdbYQ\*e^SQc_TU
SbUSY]YU^d_Qc_SYQT_3XY\U!(% !)!$CQ^dYQW_4U`QbdQ]U^d_TU8Ycd_bYQE^YfUbcYTQTTU
CQ^dYQW_TU3XY\U!))!`vW! )

'&
^Y^We^QbQj†^_RZUdYfQ`QbQY]`e\cQb\QY^TecdbYQ\YjQSY†^ )$ @Ub_e^QcU
bYUTUUcdeTY_c`eR\YSQT_cU^\Qc‹\dY]QcT}SQTQcXQ^TU]_cdbQT_aeU
U^dbU!(& i!(')cUfYfY†e^Q`bY]UbQVQcUY^TecdbYQ\YjQT_bQ`b_SUc_aeU
cUQSU\Ub†TebQ^dUiTUc`e}cTU\Q7eUbbQTU\@QSVYS_ )% 
¤3ev\UcVeUb_^\QcS_^TYSY_^UcTUUcdUdU]`bQ^_`b_SUc_Y^TecdbYQ
\YjQT_b/1\Q\ejTU\_cQ^dUSUTU^dUc]U^SY_^QT_c]vcQbbYRQiTU_db_c
aeU^_Uc`_cYR\UQR_bTQbU^UcdU\YRb_^_`_TU]_ccY^_ceRcSbYRYb\Q
Uh`\YSQSY†^U^dbUWQTQ`_b<eYc?bdUWQ*

<QUS_^_]Qi\Qc_SYUTQTSXY\U^QY^YSYQb_^e^Y]
`_bdQ^dU`b_SUc_TUSQ]RY_Q\Y^YSYQbcU\QT}SQTQTU
!(& <QY^dU^cYVYSQSY†^TUcecf^Se\_cS_^`QcUcUeb_
`U_c cU ]Q^YVUcd† U^ e^ S_^cYTUbQR\U Qe]U^d_ TU \Q
TU]Q^TQ`_bcec`b_TeSd_c`bY]QbY_c\_SeQ\TUbYf†U^
e^Uc`USdQSe\QbSbUSY]YU^d_U^U\f_\e]U^iS_]UbSY_
UhdUbY_bU^\QS_^c_\YTQSY†^TU\QRQ\Q^jQS_]UbSYQ\i
U^dbQ^cV_b]QSY_^UcTUdbQcSU^TU^SYQU^\QV_b]QSY†^
US_^†]YSQic_SYQ\ )& 

<QcUhdbQ_bTY^QbYQcTU]Q^TQcTURYU^Uc`bY]QbY_cU^\_c]UbSQT_c
Y^dUb^QSY_^Q\UcY^SU^dYfQb_^Q\_cU]`bUcQbY_c^QSY_^Q\UcQU\UfQb\Q`b_
TeSSY†^`b_f_SQ^T_U^dbU_dbQcS_^cUSeU^SYQc]Qi_bUcbUaeUbY]YU^
d_cTUY^VbQUcdbeSdebQ\_aeUQSQbbU†QcefUje^Qe]U^d_ceRcdQ^SYQ\TU\
WQcd_`‹R\YS_5\cUSd_b`bYfQT_S_^cdbei†VUbb_SQbbY\UcUY^cdQ\QSY_^Uc
`_bdeQbYQcU^U\^_bdU]Y^Ub_5\5cdQT_`QbQVQSY\YdQb\QSYbSe\QSY†^TU
`b_TeSd_cceQSSUc_Q\_c`eUbd_cice`_cdUbY_bU]RQbaeUQS_]UdY†Y]
`_bdQ^dUc_RbQcU^\Qj_^QSU^dbQ\QWbS_\QdQ\UcS_]_\QQ]`\YQSY†^iU\
]UZ_bQ]YU^d_TU\QbUTfYQ\i\QbU]_TU\QSY†^TU\`eUbd_TUFQ\`QbQc_
1\]Yc]_dYU]`_Q]R_ccUSd_bUcU]`bU^TYUb_^S_^Ze^dQ]U^dUTUcTU
!(%"\QS_^cdbeSSY†^TUe^QcUbYUTU\^UQcV}bbUQcU^U\fQ\\USU^dbQ\)' 

)$
E^ReU^Uh`_^U^dUTUUcdQfYcY†^Uc3\QeTY_F}\Yj²<Q]UcQTUdbUc`QdQc³U^
4UcQbb_\\_5S_^†]YS_>¡#2eU^_c1YbUcQRbY\cU`dYU]RbU!)&#`vWc"#!"$'
)%
5c`USYQ\]U^dU=QbSU\\_3Qb]QW^Q^YCfY\e``_Y^TecdbYQ\UUc_dd_cfY\e``_US_^_]YS_*
Y\SQc_SY\U^_!(& !)" D_bY^_6_^TQjY_^U<eYWY6Y^Q^TY!)'!+CQ\QjQb1\We^_cQc`US
d_c_`SYd+8U^biG;YbcSX9^TecdbYQ\TUfU\_`]U^dY^QdbQTYdY_^Q\c_SYUdi*dXUS_^V\YSdRUdgUU^
U^dbU`bU^UebccXY`Q^T]_TUb^YjQdY_^Y^3XY\U7QY^UcfY\\U6\_bYTQ!)''+<eYc?bdUWQ²1SUb
SQTU\_c_bWU^UcTU\QY^TecdbYQ\YjQSY†^SXY\U^Q!(& !(')³U^>eUfQ8Ycd_bYQ>¡"
<_^TbUccU`dYU]RbU!)(!`vWc"%$+3Qb]U^3QbY_\QCi?cfQ\T_Ce^[U\E^cYW\_TUXYc
d_bYQUS_^†]YSQTU3XY\U!(# !)# 4_cU^cQi_cie^QRYR\Y_WbQVQ=QTbYT5TYSY_^Uc3e\debQ
8Yc`v^YSQTU\9^cdYded_TU3__`UbQSY†^9RUb_Q]UbYSQ^Q!)("+?cSQb=e…_j73XY\Ui
ceY^TecdbYQ\YjQSY†^@QcQT_SbYcYci_`SY_^UcCQ^dYQW_395@<1>!)(&+7QRbYU\CQ\QjQb
²5]`bUcQbYQT_`_`e\QbUY^TecdbYQ\YjQSY†^<QWeUbbY\\QTU\_c]UbSQTUbUc3XY\U!(# 
!((%³U^@b_`_cYSY_^Uc>¡" CQ^dYQW_cU`dYU]RbU!))!`vWc!( "#!+?bdUWQ<QY^Tec
dbYQ_`SYd+@Y^d_i?bdUWQ_`SYd
)&
?bdUWQ²1SUbSQ³_`SYd`vW$
)'
?`SYd`vWc$i%

''
 5\ TUcQbb_\\_ TU \Q bUT VUbb_fYQbYQ )( WU^Ub†RU^UVYSY_c]‹\dY`\Uc*
QTU]vcTUQRQbQdQb\_cV\UdUcY^SbU]U^dQ^T_\QcUh`_bdQSY_^UciQe
]U^dQb\_cbUSebc_cVYcSQ\UcY^SU^dYf†`_TUb_cQ]U^dU\QUh`Q^cY†^TU
\QcY^TecdbYQc]UdQ\‹bWYSQc5^`QbdYSe\Qb`QbQFQ\`QbQc_SYeTQTSQRU
SUbQTU\`bY]UbVUbb_SQbbY\TU\Qj_^QSU^dbQ\<QS_^cdbeSSY†^TUVUbb_
SQbbY\UcUcdY]e\†\QSQ\YVYSQSY†^TU\Q]Q^_TU_RbQi\Q`b_TeSSY†^TU
Teb]YU^dUc`_cdUcWbQfQiSQbR†^QSU\UbQ^T_U\SbUSY]YU^d_TU\Qceb
RUccYdeQTQcQ\_\QbW_TUceSQ]Y^_Uc`USYQ\]U^dUTUQaeU\\QcaeUUbQ^
SQRUSUbQcTU\^UQ)) 
5\WbQ^QeWUTU\QcQSdYfYTQTUc]Y^UbQc°QdbQf}cTUcecTYcdY^d_cSY
S\_c*`\QdQS_RbUicQ\YdbU°QSYSQdUQTQc`_b\QcSbUSYU^dUcTU]Q^TQcTU
\QcUS_^_]QcTU\SU^db_\\Uf†Q\Q]Y^UbQSXY\U^QQS_^fUbdYbcUU^e^Q
ceUbdUTU²fQ^WeQbTYQY^TecdbYQ\³TU\QUS_^_]Q^QSY_^Q\CYRYU^\Qc
\QR_bUcUhdbQSdYfQccU]Q^defYUb_^U^U\UcdQTY_TU\Q²]Y^UbQQbdUcQ^Q\³
U\dbQ^c`_bdUibUVY^QT_Y^S_b`_bQb_^QcecVQU^Qc\Q]USQ^YjQSY†^i\Q
bQSY_^Q\YjQSY†^SQ`YdQ\YcdQ<QY^TecdbYQVe^TYT_bQTU]UdQ\Uci\Qc`\Q^
dQcU\QR_bQT_bQcTUcQ\YdbU\\UWQb_^QcUbTebQ^dU\QcUWe^TQ]YdQTTU\
cYW\_H9He^_TU\_ccUSd_bUc]vcQfQ^jQT_cTU\Q]_TUb^QY^TecdbYQ
Sei_TY^Q]Yc]_UcdY]e\†U\TUcQbb_\\_TU_dbQcbQ]QcY^TecdbYQ\Uc! 
<QUh`Q^cY†^TU\QUS_^_]QcQ\YdbUbQS_^dbYRei†S_^cecY]e\dv
^U_V\eZ_]YWbQd_bY_Qe^S_^cYTUbQR\USbUSY]YU^d_ebRQ^_TU\>_bdU
7bQ^TU°e^Y]`_bdQ^dU]UbSQT_Y^TecdbYQ\°Q\QfUjaeUU]`eZ†\QSbUQ
SY†^TUVvRbYSQc`b_TeSd_bQcTURYU^UcTUSQ`YdQ\iTUS_^ce]_U^\Qc]Yc
]Qc`b_fY^SYQc]Y^UbQc5\S_]UbSY_TUSQR_dQZUU^dbU\_c`bY^SY`Q\Uc
`eUbd_cTU\QbUWY†^cQ\YdbUbQFQ\`QbQc_iDQ\SQXeQ^_def_U^d_^SUce^
TUcQbb_\\_cYW^YVYSQdYf_ ! ! 
4ebQ^dU\Qc‹\dY]QcT}SQTQcTU\cYW\_H9HdQ]RY}^cU`b_TeZUb_^
dbQ^cV_b]QSY_^UcQWbQbYQcSQbQSdUbYjQTQc`_be^QUhdU^cY†^TU\QcvbUQc
TUSe\dYf_e^S_^cYTUbQR\UTUcQbb_\\_TU\QWQ^QTUbQSQ]RY_cU^\QUc
dbeSdebQTU\Q`b_`YUTQTUY^^_fQSY_^UcdUS^_\†WYSQcaeU]_fY\YjQb_^Q
WbQ^TUc]QcQcTU`_R\QSY†^bebQ\U^`QbdYSe\QbTU\QJ_^Q3U^dbQ\! " 
5\ SbUSY]YU^d_ TU \Q `_R\QSY†^ ebRQ^Q °VU^†]U^_ aeU QR_bTQ
bU]_c]vcQTU\Q^dU°VQf_bUSY†\QWUcdQSY†^TUe^`bY]UbY]`e\c_Y^Tec
dbYQ\YjQT_bQ\`Ub]YdYb\QQ]`\YQSY†^TU\]UbSQT_TUS_^ce]_i\Q`b_fY
cY†^TUVeUbjQTUdbQRQZ_@Ub_U\U\U]U^d_S_XUcY_^QT_baeUU]`eZ†U\
`b_SUc_U^dbU\QcT}SQTQcTU!(& i!(( `QbUSUXQRUbcYT_U\QSU\UbQ

)(
5^!() \QbUTVUbb_fYQbYQ^QSY_^Q\cUUhdU^TQ`_b"'$'[]c4UUcUd_dQ\!! &
[]cS_bbUc`_^TQ^Q\VUbb_SQbbY\UcdQdQ\i!&$!`UbdU^USQ^Q\cUSd_b`bYfQT_3QbY_\Qi
Ce^[U\_`SYd`vW!$"
))
?`SYd`vW%i&
!
5cdU`b_SUc_XQcYT_Uh`eUcd_S_^WbQ^TUc`\YUWeUTUY^V_b]QSY†^`_b@Y^d_i
?bdUWQ_`SYd
! !
?`SYd`vWc''! (+3QbY_\QiCe^[U\_`SYd`vWc)&i! !! '
! "
3QbY_\QiCe^[U\_`SYd`vWc)&i! !!!$

'(
]YU^d_TU\QdbQ^cYSY†^TU\QUS_^_]QS_\_^YQ\XQSYQ\Q]_TUb^YTQT
US_^†]YSQSQ`YdQ\YcdQ
<QSe\]Y^QSY†^TUUcdU`b_SUc_TUdbQ^cYSY†^cU]Q^YVUcd†dQ^d_U^
U\`\Q^_]_^UdQbY_aeYURbUQVY^UcTU\QT}SQTQTU!(' TU\cYcdU]Q
]_^UdQbY_RQcQT_U^U\`Uc_TUSeQbU^dQi_SX_`U^YaeUcS_^fUbdYR\UU^
_b_S_]_Q^YfU\TU\QUcdbeSdebQ`b_TeSdYfQQW_dQ]YU^d_`b_WbUcYf_
TU\_cbUSebc_c`b_TeSdYf_cQ`UcQbTU\TUc`\QjQ]YU^d_TU\QVb_^dUbQ
QWbS_\QXQSYQU\cebiTU\QVb_^dUbQ]Y^UbQXQSYQU\^_bdU<QTU`bUcY†^
US_^†]YSQTU\_cQ…_c!('$°!(')VeUdQ\fUj\QSe\]Y^QSY†^TU\QSbYcYc
TU\QUS_^_]QS_\_^YQ\rcdQdef_Q`UcQbTU\_cdbvWYS_cbYRUdUcS_^aeU
VeU`UbSYRYTQ`_b\_cS_^dU]`_bv^U_c°i`_b^_`_S_cXYcd_bYQT_bUc°
e^QWbQ^fYbdeT*_R\YW†Q\QUf_\eSY†^TU\cYcdU]QUS_^†]YS_Q`ebQ^T_
U\QTfU^Y]YU^d_TU\SQ`YdQ\Yc]_UcTUSYbTU\]_T_TU`b_TeSSY†^U^U\
aeU\Q`\ecfQ\QcUbUQ\YjQU^SQ`YdQ\WU^Ubv^T_cUU\SYS\_TUY^fUbcY†^
bU`b_TeSdYfQ! # 
5^UcdU]QbS_WU^UbQ\cU`b_TeZ_\Q`bY]UbQVQcUTU\`b_SUc_TU
Y^TecdbYQ\YjQSY†^
1S_^dY^eQSY†^QR_bTQbU]_cQ\We^QcTY]U^cY_^UcTU\_cVU^†]U
^_cTUebRQ^YjQSY†^iTUTUcQbb_\\_TU\QUS_^_]QebRQ^QUcR_jQT_c
XQcdQQX_bQ1\XQSUb\_^eUcdb__RZUdYf_cUbvU^dbUWQbe^QfYcY†^WU^U
bQ\TU\QcQSdYfYTQTUcUS_^†]YSQc°QbdUcQ^Q\Uc]Q^eVQSdebUbQcTUcUbfY
SY_ciVQRbY\Uc°aeUQ\_\QbW_TU\cYW\_H9HS_^cdYdeQ^\Qc`bY^SY`Q\Uc
VeU^dUcTUdbQRQZ_TU\_ccUSd_bUc`_`e\QbUcebRQ^_c@bY]Ub_UcdeTYQbU
]_cU\`Ub_T_!(!(°!(& i\eUW_U\`_cdUbY_bQ!(& UcTUSYbU\S_bbUc
`_^TYU^dUQ\Q`bY]UbQVQcUTU^eUcdb_`b_SUc_Y^TecdbYQ\YjQT_b

5 < B5DB1C? 45 <1 @B?4E339É> 1BD5C1>1< 389<5>1

5> 5< =?=5>D? 45 <1 6E>4139É> 45 <1 B 5@Ì2<931

DQ\S_]_XU]_cY^TYSQT_\Q\YRUbdQTS_]UbSYQ\`b_f_S†TebQ^dU \_c
Q…_cY^]UTYQdQ]U^dU`_cdUbY_bUcQ!(!(°!(" e^QSbYcYcTU\Qc QbdU
cQ^Qci]Q^eVQSdebQcSXY\U^Qc1RQbSQ^T_Y^S\ec_QaeU\\QcS_]_\Qc
dUhdY\UcSebdYTebQcidQ\QRQbdUbQcaeUXQRQ^S_^_SYT_SYUbd_QeWUTe
bQ^dU\QcWeUbbQcTU\Q9^TU`U^TU^SYQWbQSYQcQ\QcY]`_bdQ^dUcTU]Q^
TQcTU\UZ}bSYd_<QUh`Q^cY†^iTYfUbcYVYSQSY†^TU\S_^ce]_U^\QcS\QcUc
ce`UbY_bUcQdU^e†`QbSYQ\]U^dU\QSbYcYc`Ub_U\\QVeUTUd_TQc]Q^UbQc
RQcdQ^dUQWeTQcUW‹^\_cdUcdY]_^Y_cTU\Q}`_SQ
! #
CQ\QjQb1\We^_cQc`USd_c_`SYdSeQbdQ`QbdUCQ\QjQbcYd‹Q\QSbYcYcTU\QUS_^_
]QS_\_^YQ\i\QdbQ^cYSY†^Q\SQ`YdQ\Yc]_U^3XY\UTebQ^dU\QcT}SQTQcTU!(& Q!(( 
?db_cQed_bUcXQ^cU…Q\QT_U\U]U^d_caeU`Ub]YdU^`U^cQbaeUUcdQ]edQSY†^S_]U^j†
TebQ^dU\Qc`bY]UbQcT}SQTQcTUfYTQbU`eR\YSQ^Q<QTYcSecY†^^_XQcYT_jQ^ZQTQ5^
d_T_SQc_^_c`QbUSUS_^fU^YU^dUTYcdY^WeYbvbUQcTU\QUS_^_]QiQaeUUcUfYTU^dUaeU
\QdbQ^cYSY†^Q\SQ`YdQ\Yc]_VeU]vcdU]`bQ^QU^cUSd_bUcS_]_\Q]Y^UbQi\QUS_^_]Q
ebRQ^QaeUU^\QQWbYSe\debQ

')
 D_TQc\QcY^V_b]QSY_^UcS_Y^SYTU^U^cU…Q\QbU\RQZcY]_WbQT_TU
TUcQbb_\\_TU\QcQbdUcQ^Qci]Q^eVQSdebQcSXY\U^QcTebQ^dU\Qc`bY]U
bQcT}SQTQcTUfYTQY^TU`U^TYU^dU5\Y^W\}cCQ]eU\8QYWXaeUXQRQ\\U
WQT_Q\QSQ`YdQ\SXY\U^Q`_S_Q^dUcTU\dbYe^V_`QdbY_dQc_RbUUcdU`e^
d_cU…Q\QRQ*

<_c QbdUcQ^_c TU CQ^dYQW_ UbQ^ `bY^SY`Q\]U^dU

`\QdUb_c SebdYT_bUc dQ\QRQbdUb_c XUbbUb_c `Ub_ cec
_RbQcUbQ^]eid_cSQciUhdbQ…Qc+\QcZe^debQccUS_^cdbe
iU^WU^UbQ\]U^dUS_^e^TUcdbQ\icecU^_b]UcQbSQiQ
dQciSQ^TQT_cc_^TUS_^cdbeSSY†^dQ\aeU`QbUSUbQ^
]eiUhdbQfQWQ^dUcQaeYU^^e^SQXQiQcQ\YT_TU\_c\]Y
dUcTUCXUVVYU\T_2Yb]Y^WXQ]! $ 

5\ZeYSY_TUceS_]`QdbY_dQ\QfYQZUbQ=Qbi7bQXQ]Q`UcQbTUQ\We
^QcUhQWUbQSY_^UcTYSdQTQc`_bce_`_cYSY†^Q\bUW\Q]U^d_S_]UbSYQ\
SXY\U^_TU\Q}`_SQaeUQ\YWeQ\aeUQ\_cS_]UbSYQ^dUcY^W\UcUcUcdQR\U
SYT_cU^U\`Qc\U`QbUSQTU]QcYQT_`b_dUSSY_^YcdQUcbUfU\QT_bTUUcU
bUdbQc_*²KMS_^UhSU`SY†^TU\QcTUc_]RbUb_ciSUbfUjQ^_XQiU^3XY
\U]Q^eVQSdebQQ\We^Q`eUc^_]UbUSU^dQ\^_]RbU\QcbeTY]U^dQbYQc
Y^TecdbYQcTU\ZQR†^iTU\QcfU\Qc³! % 
<Qcd}S^YSQcTUdbQRQZ_UbQ^cUW‹^ceQ`bUSYQSY†^QdbQcQTcY]Qc
dQ^d_U^\QcQbdUcQ^QcTU\_SUbQTUdUZYT_cS_]_U^\QQSe…QSY†^TU
]_^UTQcTUbUc`_^cQRY\YTQTUcdQdQ\<Qc]QaeY^QbYQcedY\YjQTQcU^\QVQ
RbYSQSY†^TU]_^UTQc\U`QbUSYUb_^²TUe^Qd_caeUTQTce`UbY_bQSeQ^
d_`_TbQXQRUb]UY]QWY^QT_³! & +\Qc]_^UTQcVQRbYSQTQcU^UcQcS_^TY
SY_^UcUbQ^TUcSbYdQcS_]_²d_cS_cdb_j_cTU`\QdQTU`Uc_cTUdUb]Y^Q
T_ciTUV_b]QcYbbUWe\QbUccU\\QT_cQ]QbdY\\_i\_]vcY]`UbVUSd_iWb_
cUb_aeUXQcdQQX_bQcUXQfYcd_U^]QdUbYQTU]_^UTQc³! ' 
BU\QdQ^T_cefYcYdQQ\Qc\_SUbQcTU\QBY^S_^QTQTUFQ\`QbQc_
=Qbi7bQXQ]Q^_dQRQaeU^_UhYcdQU^U\\Qc^Y^We^QS_^cdbeSSY†^RQc
dQ^dUWbQ^TUaeUcYbfYUbQTUVvRbYSQ_RYU^aeUS_^defYUbQ\_cX_b^_c
`QbQS_SUb\Q\_jQ+d_T_U\dbQRQZ_cUbUQ\YjQRQU^\_c]Yc]_cXe]Y\TUc
X_WQbUcTU\_c\_SUb_c*

KM]US_^fU^SaeU^_XQRQUc`UbQ^jQcTUU^
S_^dbQb^Y^We^Q]Q^eVQSdebQbUWe\Qb^QTQTUTYfYcY†^
TU\dbQRQZ_^YTU]QaeY^QbYQ^YcYaeYUbQ\QbeUTQTU\

! $
CQ]eU\8QYWXC[UdSXUc_V2eU^_c1ibUcQ^T3XY\U<_^T_^:Q]Uc3Qb`U^dUbQ^T
C_^!(")`vWc!#(i!#)
! %
=QbQ7bQXQ]4YQbY_TUcebUcYTU^SYQU^3XY\UTebQ^dUU\Q…_!(""CefYQZUTU3XY\U
Q\2bQcY\U^!("#CQ^dYQW_9]`bU^dQ3UbfQ^dUc!) )d_]_99`vW!$&
! &
?`SYdd_]_99`vW$$
! '
9RYT

(
 Q\VQbUb_+^QTQU^VY^TU\_cQehY\Y_cTU\QY^TecdbYQaeU
]U `QbUSQ^ SQcY Y^TYc`U^cQR\Uc `QbQ e^ dbQRQZ_ dQ^
QbdYVYSYQ\S_]_\Q`bU`QbQSY†^TU\Q\_jQTURQbb_ ! ( 

Cec_RbQcUbQ^RebTQc+c†\_\_c\_SUb_cTU=U\Y`Y\\Qi@U^S_`_cUQ^
e^Qd}S^YSQ]vcQSQRQTQ ! ) <_cTU]vcbU\Qd_cTU\QfYQZUbQY^W\UcQS_]_
`_bUZU]`\_\_cbUVUbU^dUcQ\_cdUhdY\UcXQR\Q^cYU]`bUTUQdbQc_id_c
aeUTQT!! 
<_cdUcdY]_^Y_cTUUcd_cY^W\UcUc`eUTU^cUb`eUcd_cU^TeTQ_bU
\QdYfYjQT_cTURYT_Q\_cY^dUbUcUcaeUU\S_]UbSY_TUce^QSY†^]Q^dU^Q
S_^3XY\UU\TUcfQ\_bYjQb\_c`b_TeSd_cSXY\U^_c`_TQcUbfYb`QbQ`b_
]_fUb\_cRbYdv^YS_cDQ]RY}^cU`_TbQ_RZUdQbaeUfY^YU^T_TU\`Qc
Se^QTU\QbUf_\eSY†^Y^TecdbYQ\Q]R_cfYQZUb_cZejWQRQ^U\TUcQbb_\\_TU
\QcQbdUcQ^QcSXY\U^QcS_^SbYdUbY_cTU]QcYQT_UhYWU^dUcCY^U]RQbW_
_db_cbU\Qd_cS_bb_R_bQ^UcQfYcY†^TUbUdbQc_ijQVYUTQTTU\Qc`b_TeS
SY_^UcTU\_cQbdUcQ^_c^QSY_^Q\Uc=Q^eU\TUCQ\QcU^e^Y^V_b]U`bU
cU^dQT_XQSYQVY^UcTU\`Ub_T_S_\_^YQ\Q\=Y^Ycdb_TU8QSYU^TQXQR\Q
RQTU*
8UbbUb_cd_cS_c`\QdUb_ccY^Wecd_SQb`Y^dUb_ccY^
`bY^SY`Y_cQ\RQ…Y\UccY^QbaeYdUSdebQ`Y^d_bUccY^TYRe
Z_cQcdbUcY]YdQT_bUcRU^UVYSYQT_bUccY^T_SY]QcQX_
ZQ\QdUb_cTUbedY^QjQ`QdUb_cdbQ]`_c_cV_b]Q^\QSQ
dUbfQTUQbdUcQ^_caeUSeQ^d_XQSU^QdYU^dQc]vc\_
TURU^Q\QQVYSY†^iQ\Q^USUcYTQTTUceVbYb\_caeUQe^
QbbUW\QT_Q`bU^TYjQZUKMCeYW^_bQ^SYQ\Qc`_SQcedY
\YTQTUci\_cfYSY_caeUc_^S_^cYWeYU^dUc\UcXQSU^TU
cUbdQbS_^VbUSeU^SYQifQbYQ^T_TU`b_VUcY_^Uc^_dU
^Ub^Y^We^Q!!! 

@QbQ\Q`bY]UbQT}SQTQbU`eR\YSQ^QcUTYc`_^UdQ]RY}^TU\bU\Qd_
TU\ceUS_3Qb\_c5TeQbT_2\QTXaeYU^bUcYTY†U^3XY\UU^dbU!("!i
!("(!!" CeTUcSbY`SY†^TU\Qc²VvRbYSQc³^_`eUTUcUb]vcce]QbYQ*e^Q
VvRbYSQTUdU\QcTU\Q^Qci_dbQTUSbUd_^QcaeUUhYcdQ^U^CQ^dYQW_TUc
TU\Q}`_SQS_\_^YQ\iaeUTURYUb_^SUbbQbcec`eUbdQcUcQ]Yc]QT}SQTQ
VbU^dUQ\QS_]`UdU^SYQY^W\UcQ+e^QVvRbYSQTU]eUR\UcQT]Y^YcdbQTQ`_b

! (
?`SYdd_]_9`vW" &
! )
?`SYdd_]_9`vWc!)%" 'i" (d_]_99`vWc! %! '
!!
?`SYdd_]_9`vWc!(%i!)%
!!!
:_c}=Q^eU\TUCQ\Qc²BU`bUcU^dQSY†^XUSXQQ\=Y^Ycdb_TU8QSYU^TQT_^4YUW_
TU7QbT_aeY`_bU\c^TYS_TU\bUQ\3_^ce\QT_TUCQ^dYQW_c_RbUU\UcdQT_TU\Q1WbYSe\
debQ9^TecdbYQi3_]UbSY_TU\bUY^_TU3XY\U³U^5cSbYd_cTU4_^=Q^eU\TUCQ\Qc_`SYd
`vW!'!
!!"
3Qb\_c5TeQbT_2\QTX²<QBU`‹R\YSQTU3XY\U³U^B3X87>¡!!%CQ^dYQW_
U^Ub_Ze^Y_!)% `vWc#$)$ #+>¡!!&Ze\Y_TYSYU]RbU!)% `vWc"#("(!+>¡!!'U^U
b_Ze^Y_!)%!`vWc!#&" !+>¡!!(Ze\Y_°TYSYU]RbU!)%!`vWc%%°! 

(!
e^ VbQ^S}c ²Uc`USYU TU SvbSU\ S_bbUSSY_^Q\³ aeU U]`\UQRQ Q \_c
]U^UcdUb_c_c^Y…_cTUcfQ\YT_ciSYUbd_dY`_TUbU_ciaeUQ`UcQbTUcec
R_^YdQc`b_TeSSY_^Uc`ec_d}b]Y^_QcecQSdYfYTQTUcQSQecQTU\QY]`_b
dQSY†^TU]eUR\UcUhdbQ^ZUb_ciVY^Q\]U^dUe^QbUVY^UbQTUQj‹SQbU^
CQ^dYQW_aeUdQ]RY}^VbQSQc†TURYT_Q\QVQ\dQTUXvRYd_TUS_^ce]Yb
Qj‹SQbbUVY^QTQ<Qc²Y^TecdbYQc³cUSe^TQbYQc]vcY]`_bdQ^dUc]U^SY_^Q
TQc`_b2\QTXUbQ^\QU\QR_bQSY†^TUSYWQbb_c°aeUU]`\UQRQWbQ^^‹
]Ub_TU`Ubc_^Qc°U\Q\]QSU^Q]YU^d_ifU^dQTU^YUfU\Qc]QUcdbQ^jQc
SebdYTebQcbU\_ZUbQcZ_iUbQcSQb`Y^dUbQc`Q^QTUbQcjQ`QdUbQcicQc
dbUbQc<_c_VYSY_cTU`Y^d_bfYTbYUb_iVQRbYSQ^dUTUY^cdbe]U^d_cdQ]
RY}^UbQ^S_]e^UccYU^T_\_cTUSebdYT_bbU\_ZUb_iZ_iUb_\_c]UZ_bbU
]e^UbQT_c<_cTUSQb`Y^dUb_`Q^QTUb_i`Y^d_b_Se`QRQ^e^bQ^W_
]UTY_iU\TUjQ`QdUb_U\UcSQ\QV†^Y^VUbY_b1TU]vcTU\Q=QUcdbQ^jQ
QbcU^Q\TUCQ^dYQW_!!# UhYcdQQ‹^e^QVvRbYSQTU`†\f_bQU^\QYc\QTU
\QAeYbYaeY^Q+\QTU\QSQ`YdQ\^_Ve^SY_^QRQTUcTU\QUh`e\cY†^TU\_c
Uc`Q…_\Uc!!$ 
1UcdQcU]`bUcQc]U^SY_^QTQc`_bU\fYQZUb_ceUS_XQRbQaeUQWbU
WQb SeQdb_ VvRbYSQc TU cQ\Qb SQb^U aeU UhYcdQ^ U^ FQ\`QbQc_ XQSYQ
!(""!!% ]vcQ\We^QcTUSUbfUjQTU]UTY_SbUSQ\YTQT !!& iTUcUWeb_U\
`Q^_bQ]QTU\Qc²Y^TecdbYQc³SXY\U^QcTU\_c`bY]Ub_cQ…_cTUfYTQY^TU
`U^TYU^dUUcdvSQcYS_]`\Ud_
E^QWbQ^`QbdUTU\_c`b_TeSd_cTUec_S_bbYU^dUaeUcUfU^TQ^U^
3XY\UTUcTU]eUR\UcXQcdQfUcdYT_c`QcQ^T_`_bQbdSe\_cTU]U^QZU
UbQ^Y]`_bdQT_c_U^ceTUVUSd_VQRbYSQT_c`_bUhdbQ^ZUb_cbUcYTU^dUc
U^U\`Qc5\UcdQT_e^YTU^cUDU_T_bYS_2\Q^TS_]YcY_^QT_`_bU\@bU
cYTU^dU=_^b_U`QbQfYcYdQb3XY\UU^!(!(U^e^Y^V_b]UTYbYWYT_Q\Qc
Qed_bYTQTUcTUce`QcS_^cYTUbQRQU\]UbSQT_SXY\U^_²fYbWU^Y^Uh`\_
bQT_i]eiY]`UbVUSdQ]U^dUS_^_SYT_³@Ub_cU…Q\QRQaeUYRQ^U^Qe
]U^d_ \Qc Y]`_bdQSY_^Uc TU ]Q^eVQSdebQc ^_bdUQ]UbYSQ^Qc dQ\Q

!!#
C_RbUUcdQY^TecdbYQf}QcU²BUW\Q]U^d_`QbQ\Q=QUcdbQ^jQ³7QjUdQ=Y^YcdUbYQ\TU
3XY\UCQ^dYQW_"%TUZe\Y_TU!(!(+²=QUcdbQ^jQ³5\1fYcQT_b3XY\U^_CQ^dYQW_!(TUTY
SYU]RbUTU!("$
!!$
2\QTX_`SYdU^B3X87>¡!!'`vWc!'%!( 
!!%
2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_H999`vW%((
!!&
5^!("#cUW‹^=QbQ7bQXQ]UhYcdQU^\QSQ`YdQ\e^Q²RYU^]_^dQTQSUbfUSU
bQU^U\RQbbY_TU\Q3XY]RQ³5^!("%1^Tb}c2\UcdY^cdQ\†\Q`bY]UbQSUbfUSUbQTU
FQ\`QbQc_5^!(##:_c}D_]vcBQ]_ccUQc_SY†S_^U\SUbfUSUb_<eYc9^VQ^dU`QbQUcdQ
R\USUbe^QS_]`Q…Q`b_TeSd_bQTUSUbfUjQU^CQ^dYQW_5^!($ U\SeiQ^_FYSU^dU=_
bU^_\\UWQT_Q3XY\US_^U\5Z}bSYd_<YRUbdQT_bTUCQ^=Qbd^Ve^T†e^QVvRbYSQTUSUb
fUjQU^U\RQbbY_TU\Q3Q…QTY\\QTUCQ^dYQW_7bQXQ]_`SYdd_]_99`vW##+BQ‹\CY\fQ
3Qcdb_1\RUbd_2\Ucd7Q^Q!(# !)" CQ^dYQW_9]`bU^dQE^YfUbcYdQbYQ!)$!`vW"(+
5eWU^Y_@UbUYbQCQ\Qc1`e^dUc`QbQ\QXYcd_bYQTU\QS_SY^QSXY\U^QCQ^dYQW_5TYd_bYQ\E^Y
fUbcYdQbYQ!)''`vWc()i) +:eQ^5TeQbT_FQbWQc3:_c}D_]vcBQ]_c6_^dE^QV_bde^Q
SXY\U^QTU\cYW\_H9HCQ^dYQW_6e^TQSY†^=QbY_7†^W_bQ5TYSY_^UcE^YfUbcYTQT3Qd†\YSQ
TU 3XY\U !)(( `vWc $$&&+ CQTi JQ…Qbde 3XY\USYd_ CQ^dYQW_ 5TYd_bYQ\ >QcSY]U^d_
!)#)`vWc!&$!&)

("
RQbdUbQccY\\QcQZeQbUcTUSQcQi_dbQcVbQ^SUcQciQ\U]Q^QcQ\`e^d_
aeU²Q‹^U^\Qc]YcUbQR\UcSX_jQcTU\_cWeQc_cU]`YUjQ^QecQbcUQ\We
^QcTU\QcS_]_TYTQTUcUhdbQ^ZUbQcaeUU\\_c^_S_^_SQ^Q^dUcTUaeU
cUQRbYUbQ^\Qc`eUbdQcTUce`Qc³ !!' 
=Qbi7bQXQ]QVYb]QaeUU^\QcdYU^TQcTUFQ\`QbQc_U^!(""cU
U^S_^dbQRQ^WU^UbQ\]U^dU²\QccUTUbQcTU3XY^Q6bQ^SYQU9dQ\YQ\_c
Q\W_T_^UcTUS_\_bUcTU\Q7bQ^2bUdQ…Q\_cb_cQbY_cQ]e\Ud_cifYTbY_c
TU1\U]Q^YQ³QWbUWQ^T_aeU²\_cQbdSe\_cTU\`QcbQbQfUjcUS_]`bQ^
U^\QcdYU^TQc`_baeU\_c`_S_caeUcUVQRbYSQ^c_^c†\_`QbQU\S_^ce
]_T_]}cdYS_³!!( 
<QcdYU^TQcVbQ^SUcQcfU^TQ^\_c]Yc]_c`b_TeSd_c+\QcY^W\UcQc
°]vc^e]Ub_cQc°`b_`_bSY_^QRQ^Uc`USYQ\]U^dU]UbSUbQc\_jQW}^U
b_cTU\Q^QiQ\W_T†^+\QcQ\U]Q^QcQTU]vcTU\_cQbdSe\_cSYdQT_cQ^dU
bY_b]U^dUQRQ\_bY_c`UY^UcZeWeUdUci`UbVe]Uc_bTY^QbY_c<_cUcdQT_
e^YTU^cUcS_]UbSYQRQ^XQbY^QWQ\\UdQci`b_fYcY_^Uc^QfQ\Uc<QfYQZUbQ
Y^W\UcQcU…Q\QRQQTU]vcaeU\_c`b_TeSd_cTU\eZ_cUTUc`QSXQRQ^WU
^UbQ\]U^dUcY^QRbYb\_cQCQ^dYQW_iaeUU^\Q]Yc]QSYeTQTTUFQ\`QbQ
c_XQRQe^QSQ^dYTQT²Qc_]Rb_cQ³TU`YQ^_cY]`_bdQT_cTU9^W\QdU
bbQ!!) `beURQTUaeU\Q\YRUbdQTS_]UbSYQ\VeUUcdY]e\QTQTUcTUdU]`bQ
^_`_b\Qbv`YTQTYfUbcYVYSQSY†^TUWecd_ciTUS_^ce]_TU\QcS\QcUcQS_
]_TQTQcSXY\U^QcTUc`e}cTUQ\SQ^jQTQ\Q9^TU`U^TU^SYQ
BUVYbY}^T_cU Q \Q ]QcYfQ \\UWQTQ TU ]UbSQ^SQc Y]`_bdQTQc e^
`UbY†TYS_aeU`bUW_^QRQU\`b_dUSSY_^Yc]_c_cdU^QU^!("'aeU*

KM\Qc]Q^eVQSdebQcUhdbQ^ZUbQcTU\Qc\Q^Qc_bTY
^QbYQc\_cSeUb_ci\_cc_]RbUb_caeYdQ^Q\Q^QSY†^_dbQ
dQ^dQ`_R\QSY†^S_]_\QaeUdYU^UibUTeSU^ce`_TUbQ
\Q]YdQTTU\_aeUTURUcUbDY}^TQcUQ\QfYcdQQ\Qb_`Q
Y^dUbY_biUhdUbY_bTU\_cX_]RbUci]eZUbUcQ\_cQT_b
^_cTU\QcSQcQiQ\_cSQ`bYSX_cTU\\eZ_i^_cUfUbv^
cY^__RbQcUhdbQ^ZUbQc !" 

?db_dUcdY]_^Y_TU\Q}`_SQU\TU\fYQZUb_Q\U]v^5TeQbT@_U``YW
Q\bUVUbYbcUQ²dYU^TQc\\U^QcS_^\_cQbdSe\_cTU\QY^TecdbYQUeb_`UQ³!"! 
S_^VYb]QUcdQfYcY†^TUY^fQcY†^S_]UbSYQ\V_bv^UQU^3XY\UTebQ^dU\Q
T}SQTQ!(" °!(# <_c`b_TeSd_cUhdbQ^ZUb_c]vcS_^ce]YT_cU^U\`Qc
!!'
DU_T_bYS_2\Q^T4UcSbY`SY†^5S_^†]YSQY@_\dYSQTU3XY\UU^U\Q…_TU!(!(dbQTeSY
TQ`_b4_]Y^W_1]e^vdUWeYC_\QbCQ^dYQW_5cdQR\USY]YU^d_c7bvVYS_cTU2Q\SU\\c
3_!)"&`vW&#
!!(
7bQXQ]_`SYdd_]_!`vW!)!
!!)
?`SYd`vWc!)!!)#
!"
²5S_^_]Q`_\dYSQ³=YcSU\v^UQ@_\dYSQi<YdUbQbYQCQ^dYQW_" TUcU`dYU]RbUTU
!("'
!"!
5TeQbT@_U``YWE^dUcdYW_U^\QQ\R_bQTQTU3XY\U!("&!(")CQ^dYQW_5TYd_bYQ\
JYWJQW!)& `vW&)

(#
TebQ^dUQaeU\\_cQ…_ccUW‹^UcdUdUcdYW_UbQ^\_cRbYdv^YS_ce^dUbSY_
`_bcefQ\_bcUWeYT_c`_b\_c^_bdUQ]UbYSQ^_c\_cVbQ^SUcUci\_cQ\U]Q
^Uc!"" 
E^_TU\_ccUSd_bUcaeU]vcceVbY†S_^\QS_]`UdU^SYQUhdUb^QVeU
\QY^SY`YU^dUY^TecdbYQdUhdY\aeUXQRQSbUSYT_Q\SQ\_bTU\QcWeUbbQcTU
\Q9^TU`U^TU^SYQ9^SQ`QSUcTUS_]`UdYbVbU^dUQ\Qc]UbSQ^SQcY]`_b
dQTQciedY\YjQ^T_`b_SUTY]YU^d_cS_cd_c_cUcdQcVvRbYSQcSUbbQb_^cec
`eUbdQcQ\SQR_TU`_S_cQ…_crcUVeUU\SQc_`_bUZU]`\_TU\QVvRbYSQ
TUXY\QT_cTUFQ\TYfYQaeUTUcQ`QbUSY†dQ^bv`YTQ]U^dUaeUU^!("'cU
TYcSedQ \Q `_cYRY\YTQT TU bUcdQebQb\Q Y]`_bdQ^T_ Q\W_T†^ i Q`b_fU
SXQ^T_\Q\Q^QU\\Y^_iU\Sv…Q]_`b_TeSYT_cU^U\`Qc!"# 
<Q‹^YSQY^TecdbYQTU`Q…_caeU\_Wb†c_RbUfYfYb`_S_]vcTUe^Q
T}SQTQTUc`e}cTU\Q9^TU`U^TU^SYQVeU\QaeUUcdQR\USY†XQSYQ!( $U^
CQ^dYQW_U\ceYj_CQ^dYQW_8Qidj !"$ 5cdQU]`bUcQaeUS_]U^j†edY\YjQ^
T_S_]_]Q^_TU_RbQU\dbQRQZ_TU\_cQcY\QT_cTU\X_c`YSY_Q\Y^YSY_
VQRbYSQRQc†\_W}^Ub_cUcdQ]`QT_cd_Sei_cQ\W_T†^i\Q^Q+\eUW_`QbQ
cQdYcVQSUb\QcTU]Q^TQcTU\UZ}bSYd_`b_TeZ_RbY^\_^QcTUSv…Q]_`QbQ
fU\Q]U^TUReaeUc`QbQcQS_c`QbQSQb`Qci]Q^dQc]_SXY\QcUdS}dUbQ
=vcdQbTUcUTUcQbb_\\†S_]_Y^TecdbYQTUWeUbbQ`b_TeSYU^T_Qb]Q
]U^d_c!"% 5^!("(VeUdbQc\QTQTQQ\Q3vbSU\3_bbUSSY_^Q\TU=eZUbUc
`Ub_`_S_dYU]`_TUc`e}ccU`b_TeZ_ceaeYURbQ8Qidj`Y_^Ub_TUUcdU
`bUS_jTUcQbb_\\_TU\QY^TecdbYQdUhdY\U^3XY\UVQ\\USY†U^\QY^TYWU^SYQ
U^!($(!"& CeVY^Y\ecdbQTU]Q^UbQSQcYU]R\U]vdYSQ\QceUbdUS_bbYTQ
TebQ^dU]eSX_dYU]`_U^3XY\U`_b\Q]Qi_bQTU\QcY^YSYQdYfQcTUcdY^Q
TQcQSbUQbe^QY^TecdbYQVQRbY\!"' 
!""
?`SYd`vW#$$
!"#
7eQbTQ²<QUS_^_]QTU3XY\UQecdbQ\³_`SYd`vW"& 
!"$
5^Q\We^_cT_Se]U^d_cTU\Q}`_SQQ`QbUSUdQ]RY}^S_]_CQ^dYQW_8UYdj
!"%
ÉcSQbÂ\fQbUj1^TbUgc8Ycd_bYQTU\TUcQbb_\\_Y^TecdbYQ\TU3XY\UCQ^dYQW_9]`bU^
dQi<Yd_WbQVQ<Q9\ecdbQSY†^!)#&`vWc%'i%(
!"&
?`SYd`vW)"5\`bUcYTU^dU2e\^Uc`b_]e\W†e^Q\UiU^!(% S_^SUTYU^T_Q
\QcdbUcXYZQcTU8Qidj]Y\aeY^YU^d_c`Uc_cie^Q`U^cY†^fYdQ\YSYQQSQTQe^QTUU\\QcTU
T_SU`Uc_c]U^ceQ\Uc²U^QdU^SY†^Q\_cY]`_bdQ^dUccUbfYSY_caeUS_^ceY^TecdbYQ`bUc
d†Q\`Qc³ceVY^QT_`QTbU²4_Se]U^d_c_VYSYQ\Uc³4U`QbdQ]U^d_TU\9^dUbY_b=Q^eU\
2e\^Uc1^d_^Y_FQbQc²@b_iUSd_TU\UY³CQ^dYQW_QW_cd_# TU!(% 5\1bQeSQ^_CQ^dYQ
W_#!TUQW_cd_TU!(% 
!"'
9^dUbUcQ^dUcY^V_b]QSY_^Ucc_RbU8QidjcU`eUTU^U^S_^dbQbU^ceTUS\QbQSY†^
TU\)TUQW_cd_TU!( (Q^dU\QcQed_bYTQTUcS_\_^YQ\UcTUCQ^dYQW_S_^]_dYf_TU\QbUQ
\YjQSY†^TU\SU^c_TU\_cUhdbQ^ZUb_cbUcYTU^dUcU^3XY\U5\U]`bUcQbY_ceYj_dU^QU^d_^
SUc##Q…_cTUUTQT5^ce`Qc^QdQ\cUXQRQTUcU]`U…QT_S_]_VQRbYSQ^dUTUY^TYQ^Qc
<eUW_TUdbQRQZQbU^<YcR_QTebQ^dUdbUcQ…_cU^e^QVvRbYSQTU\]Yc]_dY`_TU`b_`YU
TQTceXUb]Q^_:eQ^8U^bYaeUcUdbQc\QT†Q3vTYjY^cdQ\Q^T_ce`b_`YQ]Q^eVQSdebQTU
UcdQ]`QT_c@_S_dYU]`_TUc`e}ccUfY^_Q3XY\USeQdb_Q…_cQ^dUcTUV_b]e\QbUcdQTU
S\QbQSY†^S_^cQWbv^T_cUU^CQ^dYQW_Q\QVQRbYSQSY†^TUUcdQ]`QT_c5\SQ`YdQ\Y^fUbdY
T_UbQTUe^_c!" i% QTYSY_^Q\Uc@_b\QcTUS\QbQSY_^UcTU_db_cUhdbQ^ZUb_ccQRU
]_caeU8QidjU]`\UQRQS_]_²_VYSYQ\Uc³Qe^Q\U]v^e^Yb\Q^T}cie^UcdQT_e^YTU^cU
`QWv^T_\Uce^Z_b^Q\TU$DQ]RY}^dbQRQZQRQ`QbQ}\e^Q`bU^TYjTUUcdQ‹\dY]Q^QSY_
^Q\YTQTaeU^_`UbSYRQcQ\QbY_D_T_cU\\_cfYfQ^U^\QSQcQTU\Y^TecdbYQ\7eY\\Ub]_

($
 C†\_U\QbdUcQ^QT_bebQ\U^`QbdYSe\Qb\_cdUhdY\UcbUcYcdY†QYb_cQ
]U^dU\Q`bY]UbQQfQ\Q^SXQTU`b_TeSd_cY]`_bdQT_c5cdQcQbdUcQ^Qc
aeUU]`\UQRQ^WbQ^SQ^dYTQTTU]Q^_TU_RbQVU]U^Y^QS_bbUc`_^
TQ^Qe^UcdQTY_TUTUcQbb_\\_`bUSQ`YdQ\YcdQTU\QUS_^_]QSQ]`UcY^Q
SXY\U^QCeVY^Q\YTQT`bY]UbQUbQU\Qed_S_^ce]_Qe^aeUce]QcYVYSQ
SY†^`_cdUbY_bdbQZ_S_]_S_^cUSeU^SYQe^QS_]UbSYQ\YjQSY†^Y^S\ec_
]vcQ\\vTU\QcVb_^dUbQc^QSY_^Q\UcCecd}S^YSQcUbQ^\QcaeU\_cY^TWU
^QcdbQ^c]YdQ^TUe^QWU^UbQSY†^Q_dbQ1\S_]U^jQb\QUbQbU`eR\YSQ
^QU\Q`bU^TYjQZUTUUcQcd}S^YSQcUbQ`QbdU^_b]Q\TU\QUTeSQSY†^TU
\QcZ†fU^UcY^TWU^Qc@_U``YW\_TUcSbYRQQc*

KM\Q]eSXQSXQQ`bU^TUQ]QSXeSQbU\]QjU^
dbUT_c`YUTbQcQS_^cUbfQb\_c`UXeU^Uc`QbQU\Y^fYUb
^_QSeYTQbbURQ…_cQdUZUbe^`_^SX_iVY^Q\]U^dU\Q
]QTbUdbQ^c]YdUdQ]RY}^cecS_^_SY]YU^d_cU^\QdY^d_
bUbQaeU`_b\_WU^UbQ\^_c_^TUc`bUSYQR\Uc !"( 

<QcXQRY\YTQTUcY^TWU^QcTUXY\QT_dUZYT_cdY^d_bUbQiS_^VUSSY†^
TUb_`QcUUhdU^TYUb_^bv`YTQ]U^dU`_b\_cSQ]`_cTU\QcTYcdY^dQcbU
WY_^UcTU\`Qc1\dUb]Y^QbU\`Ub_T_TUT_]Y^QSY†^Uc`Q…_\Q\Q]Q
i_bQTU\Qc]eZUbUcSQ]`UcY^QccUTUTYSQRQ^QUc_cdbQRQZ_c1e^aeU\Q
d}S^YSQUbQUhdbU]QTQ]U^dUbeTY]U^dQbYQXQSYQS_]YU^j_cTU\cYW\_
H9HU^3XY\UQ‹^^_cUS_^_SQ\QbeUSQ\Q`UbYSYQ]Q^eQ\TU\QcXY\Q^
TUbQcidUZUT_bQc\_WbQRQ`b_TeSYbdUZYT_cifUcdYT_caeUcQdYcVQSQ^`\U
^Q]U^dU\Qc^USUcYTQTUcTU\S_^ce]_`_`e\Qb@_bUcdQcbQj_^Uc\QcdU
\QcifUcdYT_cY]`_bdQT_ccYRYU^S_`QRQ^U\]UbSQT_TU\_ccUSd_bUcTU
]Qi_bUcY^WbUc_cUbQ^Y^SQ`QSUcTUS_]`UdYb°Q\]U^_cTebQ^dUfQbYQc
T}SQTQc°S_^\QcQbdUcQ^QcbebQ\Uc !") 5^!(%#C]YdX_db_fYQZUb_V_bv
^U_U\_WYQRQceSQ`QSYTQTTUbUcYcdU^SYQdQ^d_Q\QcY^S\U]U^SYQcTU\
dYU]`_S_]_Q\QS_]`UdU^SYQUhdbQ^ZUbQ*

D_T_c\_cQ…_cU^fQ^\_cVQRbYSQ^dUcY^W\UcUce^
WbQ^^‹]Ub_TU`_^SX_cQ3XY\U`Ub_^_`eUTU^UaeY
f_SQbcUS_^\_c^QSY_^Q\Uc+Qe^aeUcedUhdebQUc]vc
VY^QicecS_\_bUc]vc^eUf_c^_TebQ^\_]Yc]_i\Q
\\efYQ\_cdbQc`QcQS_^VQSY\YTQTU^dQ^d_aeU\_cXUSX_c

2bQf_1UTYSY†^S_]`Y\QSY†^Y^db_TeSSY†^i^_dQc5h`UTYU^dUV_b]QT_c_RbUQfUbYWeQb\_c
UhdbQ^WUb_caeUbUSYTU^U^U\BUi^_CQ^dYQW_2YR\Y_dUSQTU\9^cdYded_?µ8YWWY^YQ^_TU3XY\U
FCUbYU6eU^dUcTU\Q5]Q^SY`QSY†^!)) `vWc"#"$i#!?dbQcbUVUbU^SYQcQ\QcQSdYfY
TQTUcTUUcdUU]`bUcQbY_U^C3<d_]_F9993_^WbUc_3_^cdYdeiU^dU!("#²CUcY†^"%U^
!)TUcUdYU]RbUTU!("#³`vW"! +²CUcY†^#!U^#TU_SdeRbUTU!("#³`vWc"'%"''
!"(
@_U``YW_`SYd`vW#)(
!")
CQ\QjQb<QRbQT_bUc_`SYd`vWc"%)"&!

(%
 U^U\`QcQ\]_ZQbcUe^`_S_cU`_^U^dYUc_ciS_]`QS
d_c\_aeU\Uc`Ub]YdUaeU\Q\\efYQS_bbQTU\Q]Yc]Q
]Q^UbQaeU`_bc_RbUU\dUSX_TUe^QSQcQ`b_dUWYU^
T_QcQ\aeU\_cecQ!# 

<QQecU^SYQTUSQ\YVYSQSY†^TU\_cQbdUcQ^_c^QSY_^Q\UcY^SU^dYf†
TUcTUdU]`bQ^_\QY^cdQ\QSY†^TU]U^UcdbQ\UcUhdbQ^ZUb_cUc`USYQ\]U^
dUUeb_`U_caeUdbQZUb_^Q\`QcS_^_SY]YU^d_ciXUbbQ]YU^dQcfQ\Y_cQc
`QbQU\TUcQbb_\\_TUcec_VYSY_c_RdU^YU^T_WbQSYQcQce`bUcdYWY_e^Q
`_cYSY†^`bYfY\UWYQTQ1e^aeUcUSQbUSUS_]`\UdQ]U^dUTUUcdQTcdYSQc
`QbQ\Qc`bY]UbQcT}SQTQcTUfYTQY^TU`U^TYU^dUcU`eUTUUcdY]QbaeU
Uc_cdbQRQZQT_bUcVeUb_^cY^_]ei^e]Ub_c_c`_b\_]U^_cY]`_bdQ^
dUcTUcTUU\`e^d_TUfYcdQTU\QSQ\YTQTiTYfUbcYTQTTUcec`b_TeSSY_^Uc
=Qbi7bQXQ]S_^dQRQaeUU^FQ\`QbQc_U^!(""XQRQ^Q\We^_cQbdUcQ
^_cQ\U]Q^UcU^dbUU\\_ce^XUbbUb_]QbYcSQ\iaeUU^d_TQc\QcSQ\\Uc
cUfUQ^S_\WQ^T_]eUcdbQcTUcQcdbUcjQ`QdUb_cdQ\QRQbdUb_ci`_cQTU
b_cY^W\UcUc!#! CUW‹^Sv\Se\_cTU\QTY`\_]QSYQRbYdv^YSQTU!(!'Q!("$
U^dbU]Y\QdbUc]Y\S_]UbSYQ^dUciQbdUcQ^_cY^W\UcUccUUcdQR\USYUb_^U^
FQ\`QbQc_!#"  ¤3ev^d_c TU U\\_c UbQ^ QbdUcQ^_c/ >_ \_ cQRU]_c @Ub_
Y^S\ec_dbQdv^T_cUTUe^`UaeU…_`_bSU^dQZUTU\_cbUSY}^\\UWQT_cTU
9^W\QdUbbQUcdQbQ]_cQ^dUe^S_^W\_]UbQT_RQcdQ^dUcYW^YVYSQdYf_<_c
`bY]Ub_c SebdYT_bUc VbQ^SUcUc °SeiQ Y]`_bdQ^SYQ UhQ]Y^QbU]_c ]vc
QTU\Q^dU°dQ]RY}^S_]U^jQb_^QY^cdQ\QbcUU^QaeU\\Q}`_SQ !## 
<Q`bU_Se`QSY†^`_b\QV_b]QSY†^TU\_cQbdUcQ^_cSXY\U^_cUcdef_
`bUcU^dUU^TYfUbc_ccUSd_bUcTU\QU\YdU5\DbYRe^Q\TU\3_^ce\QT_cU
`b_`ec_U^\_cQ\R_bUcTU\Q@QdbYQ>eUfQU\UcdQR\USY]YU^d_TUdQ\\UbUc
TUcdY^QT_cQ²TY\QdQbiT_]YSY\YQb\QY^cdbeSSY†^i\Qc\QR_bUc‹dY\Uc³U^dbU
\_cZ†fU^Uc!#$ <Qc`b_`YQcQed_bYTQTUcdU^Q^S\QbQS_^SYU^SYQTU\bUdbQ
c_d}S^YS_TU\_cQbdUcQ^_c^QSY_^Q\Uc`_b\_aeUU^]vcTUe^Q_`_bde
^YTQTcU`U^c†U^VQf_bUSUb\QY^]YWbQSY†^TUdbQRQZQT_bUc]Q^eQ\Uc
Uc`USYQ\YjQT_cTU\fYUZ_S_^dY^U^dU5\`bY]Ub`b_iUSd_TUUcdUdY`_VeU
`bUcU^dQT_U^!(""`_bU\W_RYUb^_TU2Ub^QbT_?µ8YWWY^cQ\Q3_^fU^
SY†^<UWYc\QdYfQCYWeYU^T_\Q`b_`eUcdQTU:Q]UcDX_]c_^`b_`QWQ^
TYcdQTU\QcUcSeU\Qc\Q^SQcdUbYQ^QcU\4YbUSd_bCe`bU]_cUTUS\Qb†@b_

!#
=QbYQ^_@YS†^CQ\Qci7eY\\Ub]_6U\Y‹3bejcU\USSY†^i^_dQc9]vWU^UcTU3XY
\UFYTQiS_cde]RbUcSXY\U^QcTU\_ccYW\_cHF999iH9HQdbQf}cTUdUcdY]_^Y_cS_^dU]`_bv^U_cCQ^
dYQW_5TYd_bYQ\>QcSY]U^d_!)#'`vW"!
!#!
7bQXQ]_`SYd`vW!'#
!#"
B18e]`bUic2bYdYcX3_^ce\QbBU`_bdc_^dXUDbQTUQ^T@_\YdYSc_V<QdY^1]UbYSQ
!("$!("&<_^T_^!)$ SYdQT_`_b7QbbUQeTU^_`SYd`vW!& 
!##
 2\QTX ]U^SY_^Q U\ ^_]RbU TU e^ SebdYT_b VbQ^S}c <Q @_bdU aeU XQRbQ
S_^cdbeT_e^ceRdUbbv^U_`QbQS_^cUbfQbXYU\_`bvSdYSQSQcYTUcS_^_SYTQU^3XY\UTe
bQ^dU\_cQ…_cfUY^dU2\QTX_`SYd`vW!( 
!#$
²4U`QbdQ]U^d_TU7_RYUb^_³7QjUdQTUCQ^dYQW_TU3XY\UCQ^dYQW_")TU^_fYU]
RbUTU!(!'

(&
dUSd_bTUUcdUcYcdU]Q!#%i c_]UdY†Q\_cS_^WbUcYcdQce^`b_iUSd_TUcdY^Q
T_QdbQUbTUcTU5eb_`QQbdUcQ^_ciQWbYSe\d_bUc !#& 3_]_\Q`b_`_cYSY†^
TUDX_]c_^UhYWQU^dbU_dbQcS_^TYSY_^Uc\QWQbQ^dQTU\Q\YRUbdQTbU
\YWY_cQ`QbQ\_cY^]YWbQT_c\QS_]YcY†^TUQce^d_cbU\YWY_c_cTU\Q3_^
fU^SY†^<UWYc\QdYfQU^\QaeU`QbdYSY`QRQ^fQbY_cUS\UcYvcdYS_cbUSXQj†U\
`b_iUSd_`_bS_^cYTUbQb\_S_^dbQbY_Q\Qe^YTQTbU\YWY_cQTU\`Qc !#' 
<QY^cdQ\QSY†^TUQbdUcQ^_cidbQRQZQT_bUcUhdbQ^ZUb_cU^3XY\U^_
bUSYRY†TebQ^dUfQbYQcT}SQTQc^Y^W‹^Q`_i__Ucd]e\__VYSYQ\1e^aeU
U\S_b_^U\?µ2bYU^`QbdY†U^!(""Q9^W\QdUbbQ\\UfQ^T_U\U^SQbW_TU\
W_RYUb^_TU?µ8YWWY^cTUU^WQ^SXQbiU^fYQbQ\`QcdbQRQZQT_bUcUc`U
SYQ\YjQT_cU^U\Se\dYf_iRU^UVYSY_TU\Sv…Q]_\QUhdbQSSY†^iRU^UVYSY_
TU\XYUbb_i\QVQRbYSQSY†^TU`_bSU\Q^QVY^Qi\_jQ_bTY^QbYQUcdQY^YSYQ
dYfQ^_def_e^VY^Q\VU\Yj5\S_^dbQd_U^dbU?µ2bYU^i=QbYQ^_5WQ…Q
]Y^Ycdb_`\U^Y`_dU^SYQbY_TU\W_RYUb^_SXY\U^_U^<_^TbUcVeUVYb]Q
T_bUSY}^U^_SdeRbUTU!("$5\T_Se]U^d_`bUfUQU\U^f_Q3XY\UTU
SeQdb_]QUcdb_c]Qi_bUc`QbQ\Q`b_TeSSY†^TU`_bSU\Q^Qci_db_`QbQ
\_jQ_bTY^QbYQ+e^]QUcdb_]Qi_b`QbQU\RU^UVYSY_TU\Sv…Q]_+_db_`QbQ
\QUhdbQSSY†^iRU^UVYSY_TU\XYUbb_+_SX_dbQRQZQT_bUc`QbQ\_c]Yc]_c
_VYSY_cie^Q]eZUb`QbQU\TYReZ_i`Y^debQTU\Q\_jQ8QSYQZe\Y_TU\Q…_
cYWeYU^dUQ`U^QcXQRQ^\\UWQT_QFQ\`QbQc_T_cdbQRQZQT_bUcTUZQbSYQi
e^_TUVYUbb_+U\bUcd_TUcYcdY†TU\QYTUQTUU]YWbQbdU]Ub_c_cQ\`QbU
SUbTU\QY^UcdQRY\YTQT`_\dYSQbUY^Q^dUU^\QZ_fU^bU`‹R\YSQceTQ]UbY
SQ^Q!#( 
<_cQbdUcQ^_caeUcUeRYSQb_^U^U\`QcTebQ^dU\_cQ…_cfUY^dU
dbUY^dQiSeQbU^dQ\_XYSYUb_^SQcYcYU]`bU`_bSeU^dQ`b_`YQC†\_Q`Qb
dYbTU]UTYQT_cTUcYW\_SeQ^T_U\W_RYUb^_SXY\U^_TUSYTY†Y]`e\cQb\Q
S_\_^YjQSY†^TU^eUfQcbUWY_^UcTU\cebTU\`QccU`ecYUb_^U^`bvSdYSQ
`_\dYSQcTUQieTQQ\QY^]YWbQSY†^]QcYfQTUdbQRQZQT_bUcUeb_`U_cUc

!#%
?µ8YWWY^cD_bbUc²=Y^YcdUbY_TU7_RYUb^_4USbUd_³CQ^dYQW_U^Ub_!'TU
!(""7QjUdQ=Y^YcdUbYQ\TU3XY\UCQ^dYQW_!)TUU^Ub_TU!(""
!#&
C3<d_]_F93_^fU^SY†^@bU`QbQd_bYQi3_bdUTUBU`bUcU^dQ^dUc!(""!("#²CU
cY†^% U^#TUQW_cd_TU!(""³`vWc$%i$'
!#'
2Qbb_c1bQ^Q8Ycd_bYQZU^UbQ\_`SYdd_]_H999`vW%)"C_RbU\QQSSY†^TU
DX_]c_^ _ DX_]`c_^ cUW‹^ Q\We^_c T_Se]U^d_c TU \Q }`_SQ i U\ cYcdU]Q
\Q^SQcdUbYQ^_U^3XY\UfUb4_]Y^W_1]e^vdUWeYC5\cYcdU]QTU<Q^SQcdUbU^3XY\UiU^_db_c
`QcUcceTQ]UbYSQ^_cCQ^dYQW_9]`bU^dQ3UbfQ^dUc!()%3_^c‹\dUcUQTU]vcU\dUcdY]_
^Y_TU=Q^eU\TUCQ\Qcc_RbUUcdQc`bY]UbQcUh`UbYU^SYQc`UTQW†WYSQcU^3XY\UU^!("!i
!(""²CYcdU]Q\Q^SQcdUbYQ^_5cSeU\QcUcdQR\USYTQc³U^5cSbYd_cTUT_^=Q^eU\TUCQ\Qc
_`SYdd_]_9`vWc&$!°&$$+\Qc]_dYfQSY_^UcTU\W_RYUb^_U^²5TeSQSY†^`‹R\YSQ³
7QjUdQ=Y^YcdUbYQ\TU3XY\UCQ^dYQW_$TUQW_cd_TU!("!i²5TeSQSY†^@‹R\YSQ³7QjUdQ
=Y^YcdUbYQ\TU3XY\UCQ^dYQW_""TUcU`dYU]RbUTU!("!+U\TUSbUd_TUS_^TUS_bQSY†^TU
DX_]c_^VYb]QT_`_b?µ8YWWY^cU\#!TU]Qi_TU!(""U^7QjUdQ=Y^YcdUbYQ\TU3XY\UCQ^
dYQW_!%TUZe^Y_TU!(""i\Q\YcdQTUcecSbY`d_bUcQ\QUcSeU\Q\Q^SQcdUbYQ^QTUFQ\`QbQc_
U^7QjUdQ=Y^YcdUbYQ\TU3XY\UCQ^dYQW_"TUQW_cd_TU!(""
!#(
:QfYUb7_^jv\Uj5SXU…YaeUUTYSY†^iUcdeTY_`bU]Y\Y^Qb4_Se]U^d_cTU\Q]Y
cY†^TUT_^=QbYQ^_5WQ…QU^<_^TbUc!("$!(")CQ^dYQW_5TYSY†^TU\=Y^YcdUbY_TU
BU\QSY_^Uc5hdUbY_bUcTU3XY\U!)($`vWc%(&$&&i&'"!)i"" "'&i"''

('
`USYQ\]U^dUQ\U]Q^Uc!#) 1`UcQbTUaeUUcdQc]UTYTQcQ`e^dQRQ^Ve^
TQ]U^dQ\]U^dUQ\TUcQbb_\\_TUQSdYfYTQTUcQWb_`USeQbYQc\Qc²QbdUci
_VYSY_c³VeUb_^VQf_bUSYTQciQaeUU^dbU\_cS_\_^_cfU^Q^S_^dY^WU^dUc
Y]`_bdQ^dUcTU_RbUb_ci]U^UcdbQ\Uc

5 < 3B539=95>D? 45 <1C 39E4145C I 5< 45C1BB?<<? 45 <1C

1BD5C1>Å1C I ?6939?C EB21>?C 81CD1 =54914?C 45< C97<? H9H

CQ^dYQW_iFQ\`QbQc_Uh`UbY]U^dQb_^e^bv`YT_SbUSY]YU^d_TUc`e}c
TU\Q9^TU`U^TU^SYQFQ\`QbQc_cURU^UVYSY†WbQSYQcQce`_cYSY†^TU
`bY^SY`Q\`eUbd_TU\QbU`‹R\YSQQRYUbd_Q\S_]UbSY_Y^dUb^QSY_^Q\cYdeQ
T_Qe^QTYcdQ^SYQ]UTYQTU\QSQ`YdQ\5cd_Y^SU^dYf†U\TUcQbb_\\_TU\
S_]UbSY_]QbdY]_i`_bU^TUe^QSU\UbQT_SbUSY]YU^d_TU\QSYeTQT
5^!(! UbQe^]_TUcdcY]_`eUbd_dbYWeUb_Q^Y]QT_c†\_`_be^`e
…QT_TUS_]UbSYQ^dUcUc`Q…_\UcaeUbUQ\YjQRQ^QSdYfYTQTUcTUUh`_bdQ
SY†^UY]`_bdQSY†^TU`b_TeSd_cQWbS_\QcS_^U\@Ub‹<_cS_^dQT_c
RQbS_caeUV_^TUQRQ^U^ceRQXQ`UbdU^USQ^Q]UbSQTUbUc`UbeQ^_c
ic†\_TUfUjU^SeQ^T_\\UWQRQe^^Qf_Uc`Q…_\5^!( )UcTUSYb
e^Q…_Q^dUcTU\TUcU^SQTU^Q]YU^d_TU\]_fY]YU^d_aeUSe\]Y^†S_^
\QU]Q^SY`QSY†^`_\dYSQ\\UWQb_^QUcdU`eUbd_Q`U^Qc!$^QfUc5^!("!
VeUb_^!!'+U^!(#"UbQ^"'%iU^!(#$\QSYVbQcUU\Uf†Q#)$!$ <Q`_
R\QSY†^TU\QSYeTQTUcdY]QTQU^!(! U^Q`U^QcSY^S_]Y\aeY^YU^dQc

!#)
5\)TUcU`dYU]RbUTU!($$U\`UbY†TYS_VbQ^S}c<Q@bUccU`eR\YS†U\cYWeYU^dUQb
dSe\_`b_RQR\U]U^dUe^_TU\_c`bY]Ub_cTUUcdUdY`_U^5eb_`QTUcdY^QT_QY^SYdQb\Q
U]YWbQSY†^TUdbQRQZQT_bUcid}S^YS_cUeb_`U_cQ3XY\U*
²5^`bUcU^SYQTU\_c]Q\UcaeUQ]U^QjQ^SQTQfUj]vcQ\QS\QcU_RbUbQUY^TecdbYQ\
U^U\fYUZ_]e^T_S_]_S_^cUSeU^SYQTU\TUcQbb_\\_TU\Q`_dU^SYQ]USv^YSQ`_dU^SYQ
aeUcUW‹^\_cU^dU^TYT_cbUU]`\QjQX_iTQU\dbQRQZ_TU( ]Y\\_^UcTUX_]RbUc^e^
SQUcdQbvTU]vcTU]_cdbQbQ\_c_RbUb_cUeb_`U_c\QcfU^dQZQcaeU`_TbQ^bUSYRYbU^e^
\eWQb dQ^ VQf_bUSYT_ S_]_ Uc 3XY\U <_c Ve^TYT_bUc TU S_RbU \_c Y^WU^YUb_c \_c
]Y^UbU_\_WYcdQcU^S_^dbQbQ^TUcTUU\]Yc]_TQTUce\\UWQTQ\_c]UTY_cTUUZUbSUb
VbeSde_cQ]U^dUcec`b_VUcY_^Uc<_cSUbbQZUb_c\_cXUbbUb_c\_cQ\RQ…Y\Uc\_cSQb`Y^dUb_c
^_TQbQ^QRQcd_Q\dbQRQZ_aeUcU\UcU^SQbWQbQTUY^]UTYQd_iQaeU3XY\US_]_d_T_c
\_cTU]vcUcdQT_cTU1]}bYSQUc`Q…_\QUce^`Qc^eUf_i^USUcYdQ_RbUb_cReU^_cUY^dU
\YWU^dUcU^d_T_dY`_TU_VYSY_c<_cQbaeYdUSd_ciS_^cdbeSd_bUcTU^Qf_c^_XQbQ^e^Q
V_bde^Q]U^_cVvSY\^Y]U^_cbv`YTQ+U\W_RYUb^_SXY\U^_^_`YU^cQcY^_U^]e\dY`\YSQb
`_bd_TQc`QbdUc\_cUcdQR\USY]YU^d_c`‹R\YS_c\QcfQcTUS_]e^YSQSY†^i\_cSQ^Q\UciU^
SbUQbe^Q]QbY^Q]UbSQ^dU^e]Ub_cQibUc`UdQR\U<_]Yc]__SebbUS_^\QQWbYSe\debQ
3e\dYfQT_bUcXvRY\Uc^_`_TbQ^TUZQbTUU^bYaeUSUbcUbv`YTQ]U^dUTv^T_\UQ\ceU\_
WbQSYQcQe^QcQRYQUh`\_dQSY†^d_TQ\Q`b_TYWY_cQVUSe^TYTQTaeU`eUTUQTaeYbYb³>_dYSU
ceb\U3XY\Y`Qbe^f_iQWUebVbQ^|QYc@QbYc9]`bY]UbYUTU16bQ^|_YcUd3_]`QW^YU!($$
`vWc$"i$#<QdbQTeSSY†^Uc^eUcdbQ
3_]_cU`eUTUS_^cdQdQbUcdUQbdSe\_^_]U^SY_^QQieTQ_Y^SU^dYf_Uc`USVYS_
TU\W_RYUb^_SXY\U^_Q\_cdbQRQZQT_bUcTYc`eUcd_cQU]YWbQbQUcQbU`‹R\YSQceTQ]UbYSQ
^QC†\_\QcS_^TYSY_^UcUS_^†]YSQci^QdebQ\UcTU\`Qc`bUcU^dQTQcRQZ_ce]UZ_bQc`US
d_S_^cdYdeiU^e^QbWe]U^d_TUSYcYf_`QbQQdbQUbQ\_c`_cYR\UcU]YWbQ^dUc
!$
Â\fQbUj1_`SYd`vWc))i! !

((
`Ubc_^QccUSeQTbY`\YS†_aeY^de`\YS†U^\_cfUY^dUQ…_ccYWeYU^dUc`Q
cQ^T_Qe^QcfUY^dU]Y\QfUY^dYSY^S_]Y\`Ubc_^QcXQSYQ!(# !$! 5^!(""
:_c}9W^QSY_JU^dU^_7_RUb^QT_bTUFQ\`QbQc_^_]RbQT_`_bU\W_
RYUb^_`QdbY_dQbUVYbY}^T_cUQ\UhdbQ_bTY^QbY_Y^SbU]U^d_TU]_WbvVY
S_TUSQaeU\Q`_R\QSY†^cUXQRQdbY`\YSQT_TUcTU!(! S_^dQ^T_U^dbU
cecXQRYdQ^dUc]vcTUdbUc]Y\UhdbQ^ZUb_c8QRQ^`b_\YVUbQT_\QcXQRY
dQSY_^UcSQcQcTUS_]UbSY_dYU^TQcSQV}cV_^TQcRY\\QbUci`_cQTQc
3eQdb_VvRbYSQcTUcQ\QbSQb^UiU\QbcU^Q\S_^dbYReQ^QTQbe^]Qi_b
Y]`e\c_Q\QQSdYfYTQTUS_^†]YSQSei_UZUUbQU\`eUbd_T_^TUS_^Se
bbQ^^e]Ub_c_c^Qf_c]UbSQ^dUciTUWeUbbQSXY\U^_cY^W\UcUc^_bdU
Q]UbYSQ^_cVbQ^SUcUc`_bdeWeUcUcceUS_cX_\Q^TUcUc`UbeQ^_ciQb
WU^dY^_c !$" 
CQ^dYQW_dQ]RY}^Uh`UbY]U^d†e^TUcQbb_\\_QSU\UbQT_Uc`USYQ\
]U^dUQ`QbdYbTU]UTYQT_cTU\QT}SQTQTU\dbUY^dQSeQ^T_U\bQTY_eb
RQ^_S_]U^j†QUhdU^TUbcU]vcQ\\vTU\_aeUXQRQ^cYT_cec\]YdUc
TebQ^dU]vcTUT_ccYW\_c !$# 1S_]YU^j_cTU\QT}SQTQTU!($ UcdQUh
`Q^cY†^UbQ^_d_bYQ1VY^UcTU!($"5\@b_WbUc_cU…Q\QRQaeU\_`bY]Ub_
aeU\\Q]QRQ\QQdU^SY†^U^\QSQ`YdQ\UbQ²\Q`b_TYWY_cQTY]U^cY†^aeUfQ
d_]Q^T_cevbUQ+U\Qe]U^d_bv`YT_TU\Q`_R\QSY†^+\QbU^_fQSY†^aeU
Uh`UbY]U^dQ^TYQbYQ]U^dUcecUTYVYSY_c+U\\eZ_TU\QcS_cde]RbUci\QY^
TecdbYQ]Q^eQ\Sei_c`b_TeSd_ccQdYcVQSU^U^]eSX_cSQc_c^_c_\Q]U^
dUcec`b_`YQc^USUcYTQTUccY^_dQ]RY}^\_cTUd_TQ\QbU`‹R\YSQ³!$$ 5\
QbdYSe\YcdQ]Q^YVUcdQRQaeUU\SbUSY]YU^d_TU\Q`_R\QSY†^TU\QSYeTQTcU
XQRQQSU\UbQT_U^U\‹\dY]_dYU]`_`UbSYRY}^T_cUVvSY\]U^dUQdbQf}c
TU\Qe]U^d_TU\QcSQcQcSQ\\UciRQbbY_cU^dUb_caeUQ^dUc^_UhYcdQ^*

@_b d_T_c \_c v^We\_c TU \Q SYeTQT cU ^_dQ UcdQ
UhdbQ_bTY^QbYQ Uh`Q^cY†^ TU \Q `_R\QSY†^ <Qc 3XY]
RQc!$% cUXQ^UhdU^TYT_\QcbQ^SXUbQc\\Q]QTQc8eQ^

!$!
CQ\f_Y^TYSQSY†^U^cU^dYT_S_^dbQbY_d_TQc\QcSYVbQcc_RbU`_R\QSY†^i_VYSY_c
c_^UhdbQTQcTU\_cSU^c_cTU\cYW\_H9H_XQ^cYT__RdU^YTQc`_bUhdbQ`_\QSY†^Q`QbdYb
TUTYSX_cSU^c_c
!$"
²<YZUbQfYcdQS_]`QbQdYfQTU\_aeUVe}\Q3YeTQTi`eUbd_TUFQ\`QbQYc_U^\_c
_RcSeb_cdYU]`_cS_\_^YQ\UciTU\_aeUiQUcv\_c`bY]Ub_cTUcdU\\_cTU\Q\YRUbdQT³5\
=UbSebY_TU3XY\U>¡"!(""`vWc#$#)5cdU`UbY†TYS_S_]U^j†QVUSXQbcUQ`QbdYbTU\
>¡)U\"#TUQW_cd_TU!(""5\QbdSe\_SYdQT_S_bbUc`_^TU]ei`b_RQR\U]U^dUQ\_c‹\
dY]_cTQcTU]Qi__Q\Q`bY]UbQaeY^SU^QTUZe^Y_TUUcUQ…_2Qbb_c1bQ^QQ\bU`b_Te
SYbQ\We^_cUhdbQSd_cU^ce8Ycd_bYQ:U^UbQ\\_QdbYReiUQ\W_RUb^QT_bTUUcQSYeTQTWU^U
bQ\:_c}9W^QSY_JU^dU^_2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_H999`vWc%(&%((
!$#
8QcdQU^d_^SUc\QSYeTQTcUSYbSe^cSbYRQQe^dbYv^We\_\Y]YdQT_`_bU\b_
=Q`_SX_\Q3Q…QTQi\Q3Q…QTQTU3vSUbUcF}QcU1b]Q^T_TUBQ]†^CQ^dYQW_TU3XY\U
!%$!!))!8Ycd_bYQTUe^Qc_SYUTQTebRQ^Q=QTbYT5TYd_bYQ\=Q`VbU!))"`vWc!!"
!!#icYWeYU^dUc
!$$
²CQ^dYQW_³5\@b_WbUc_CQ^dYQW_!)TUTYSYU]RbUTU!($"
!$%
3XY]RQUce^d}b]Y^_aeUSXeQaeUTUcYW^Q\_cceRebRY_cTU\QSYeTQTcYdeQT_c
Q\_db_\QT_TU\b_

()
 We\UcaeUXQiU^d_T_c\_cceRebRY_cdYU^U^]e\dYdeTTU
SQcY\\QciSQ\\UZeU\QcS_]__db_cdQ^d_cfY\\_bbY_c !$& 

<Q`_R\QSY†^SQ`YdQ\Y^Q`Qc†TUe^_cSeQbU^dQ]Y\_SeQbU^dQiSY^
S_]Y\XQRYdQ^dUcXQSYQ!(" QcUcU^dQiSY^S_]Y\U^!(# iQ_SXU^dQi
SY^S_]Y\XQSYQ!($%!$' 5\SbUSY]YU^d_TUCQ^dYQW_cUTURQQ\QVeUbdU
U]YWbQSY†^TUSQ]`UcY^_ccY^dYUbbQcTU`U_^UcTUc_Se`QT_cTUQbdU
cQ^_cbebQ\UcU^SbYcYciTUd_T_dY`_TU`Ubc_^QcTUcU_cQcTU]UZ_bQbce
ceUbdUU^\QSQ`YdQ\*

5cdQYTUQTU\QcfU^dQZQcTUfYfYbU^CQ^dYQW_Ucdv
`b_Ve^TQ]U^dUU^SQb^QTQU^d_TQc\QcS\QcUcTU\Qc_
SYUTQT+U\]eSXQSX_jQ`QdUb_TU`b_fY^SYQTUcUbdQTUce
dQ\\Ub`QbQfU^YbQQ`bU^TUbU\_VYSY_QCQ^dYQW_+U\WQ…v^
aeUdYU^Ue^`_S_TUUc`bYdecU`_^UU^]QbSXQ`QbQ
CQ^dYQW_+U\Z_fU^aeUQc`YbQQW_jQb_aeUaeYcYUbQ_Se
`QbcUTUQ\W_aeU^_U^SeU^dbQU^ce`b_fY^SYQbUQ\YjQ
e^TQce`b_iUSd_VQf_bYd_TUfU^YbcUQCQ^dYQW_+U\S_
]UbSYQ^dUaeUXQ\_WbQT_V_b]QbcUV_bde^QQ^cQ`_b
bUT_^TUQbcU`QbQfU^YbQUcdQR\USUbcUU^\QSQ`YdQ\+U\
]Y^Ub_Uc`UbQe^WbQ^TUQ\SQ^SU`QbQQVYQ^SQbcUU^\Q
SQ`YdQ\!$( 

<QUh`Q^cY†^TU\Q`QbQd_UcdQdQ\TebQ^dU\QcT}SQTQcTU!(# i!($
°U^ !($% cU S_^dQRQ^ !!&% U]`\UQT_c `‹R\YS_c+ U^ !(%  iQ UbQ^
""!! !$) ° S_^dbYRei† Q\ SbUSY]YU^d_ TU CQ^dYQW_ WU^UbQ^T_ TU `Qc_
e^QSbUSYU^dUTU]Q^TQTURYU^UcicUbfYSY_c@_b_db_\QT_\Q`_cYRY\Y
TQTTUU^S_^dbQbU^\QSQ`YdQ\\_c]UZ_bUcUcdQR\USY]YU^d_cTUUTeSQ
SY†^TU\`Qc\_c]UZ_bUcX_c`YdQ\UcUdSQcS_]_\QbUQ\YjQSY†^TUQ\
We^Qc_RbQc`‹R\YSQcaeU_VbUSQ^`_cYRY\YTQTUcTUU]`\U_Q^e]Ub_
c_cZ_b^Q\Ub_ciQbdUcQ^_c`b_f_SQRQ²e^QS_bbYU^dUYbbUcYcdYR\U³aeU
UZUbSQ²ceY^V\eU^SYQQdbQSdYfQc_RbU\Q`_R\QSY†^^_`b_`YUdQbYQTU\Qc
`b_fY^SYQc³!% QSU\UbQ^T_U\SbUSY]YU^d_TU\QSYeTQTSQRUSUbQTU\`Qc

!$&
²CQ^dYQW_³_`SYd
!$'
<QcSYVbQc`QbQ!(" S_bbUc`_^TU^Q\`b_]UTY_TUTYcdY^d_cdUcdY]_^Y_cTUfYQZU
b_c UhdbQ^ZUb_c aeU fYcYdQb_^ CQ^dYQW_ U^ QaeU\\_c Q…_c =U\\Ud 2\QTX 8QYWX
CSXY]YTd]UiUbi3Q\TU\UeWX+\QcTU!(# i!($%Q\_cSU^c_cTUUc_cQ…_c`_S_VYQR\Uc
F}QcU\Qc6eU^dUcTUUcdU\YRb_
!$(
²CQ^dYQW_³_`SYd
!$)
38e]eT3_^SU^dbQSY†^TU`_R\QSY†^iTUcQbb_\\_US_^†]YS_*U\SQc_SXY\U^_3eQTb_
2# CQ^dYQW_!)(&BU`b_TeSYT_`_b3QbY_\QiCe^[U\_`SYd`vW!$!5cd_cWeQbYc
]_cS_]`bU^TU^Qd_T_c\_cVe^SY_^QbY_cTU\QQT]Y^YcdbQSY†^`‹R\YSQY^S\eiU^T_U\
`Ubc_^Q\ TY`\_]vdYS_ aeU dbQRQZQRQ U^ U\ UhdbQ^ZUb_ 5^ SQ]RY_ \_c `b_VUc_bUc U
Y^cdYded_bUcTU\QUTeSQSY†^VYcSQ\^_c_^S_^cYTUbQT_c
!%
²CQ^dYQW_³_`SYd

)
 5^UcdUS_^dUhd_U\`b_SUc_TUebRQ^YjQSY†^TU\Qc`bY^SY`Q\UcSYe
TQTUc°U^`QbdYSe\QbTUCQ^dYQW_iFQ\`QbQc_°cU`b_TeZ_TU]Q^UbQ
TUc_bTU^QTQcY^QbbUW\_Q^Y^W‹^`\Q^ebRQ^cdYS_cY^\QY^VbQUcdbeSde
bQaeUQcUWebQbQ\QcS_^TYSY_^Uc]^Y]QcTUXYWYU^UicQ\eRbYTQTTU\_c
^eUf_cSYdQTY^_c<Q]Qi_bQTU\Qc^eUfQcS_^cdbeSSY_^UcUbQ^SX_jQc
Y^cQ\eRbUcaeUVeUb_^S_^cdYdeiU^T_e^Q^Y\\_U^d_b^_Q\QSYeTQTdbQTY
SY_^Q\!%! 
1TU]vcTU\Qc\_SQ\YTQTUc]U^SY_^QTQcU\Y^SY`YU^dU`b_SUc_TU
SbUSY]YU^d_ebRQ^_SXY\U^_TU\Q`bY]UbQ]YdQTTU\cYW\_H9HcUS_^SU^
db†U^SeQdb_SYeTQTUcTU\Qcj_^QcSU^dbQ\i^_bdUTU\`Qc5^\QbUWY†^
SU^dbQ\S_^_SYUb_^e^Y]`_bdQ^dUSbUSY]YU^d_S_]_SU^db_cTUS_]Ub
SY_QWbS_\Q\QcSYeTQTUcTUDQ\SQi3XY\\v^5^\Qj_^Q]Y^UbQTU\^_bdU
<QCUbU^Qi3_`YQ`†cUUh`Q^TYUb_^Qe^bYd]_Q‹^]vcbv`YT_5\cQ\d_
]vcUc`USdQSe\QbVeUQ`QbdYbTU\_cQ…_cdbUY^dQU\TU3_`YQ`†
5\TUcSeRbY]YU^d_TU\bYaecY]_]Y^UbQ\TU`\QdQTU3XQ…QbSY\\_U^
!(#"°cYdeQT_U^\QcSUbSQ^QcTU3_`YQ`†°Y^iUSd†QUcU`UaeU…_`eU
R\_e^QfYdQ\YTQTXQcdQU^d_^SUcTUcS_^_SYTQU^U\^_bdUTU\`Qc<QbY
aeUjQ]Y^UbQS_^fYbdY†Q\Q`b_fY^SYQU^5\4_bQT_^QSY_^Q\QdbQiU^T_
Qe^Q]QcQS_^cYTUbQR\UTURecSQV_bde^Qc`b_fU^YU^dUcTUd_T_U\`Qci
TU\Qc^QSY_^UcfUSY^Qc<Q`_R\QSY†^TU\TU`QbdQ]U^d_TU3_`YQ`†aeU
Y^S\eQQTU]vcTU\QSYeTQTQ\_c`eUR\_c]Y^Ub_cTU\_cQ\bUTUT_bUccU
]e\dY`\YS†bv`YTQ]U^dU`QcQ^T_TUe^_cSeQdb_]Y\XQRYdQ^dUcU^U\
]_]U^d_TU\Q9^TU`U^TU^SYQQ!!#$#U^!(#%!!)')U^!($#i#  &(
U^!(%$FYSU^dU@}bUjB_cQ\UcS_^dQRQaeUU^!($&²3_`YQ`†UbQe^
`eUR\_S_c]_`_\YdQi]eiUc`USYQ\]U^dUbY_ZQ^_ !%" T_^TUS_^SebbQ^
Y^W\UcUcVbQ^SUcUcSXY\U^_cQ\U]Q^UcYdQ\YQ^_ccY^S_^dQbS_^d_T_c\_c
aeU\\UWQRQ^TUSQcYd_TQc\QcbU`‹R\YSQcXUb]Q^Qc³ !%# 
5\bv`YT_Qe]U^d_TU\Q`_R\QSY†^iU\U^bYaeUSY]YU^d_TU\_c`b_
`YUdQbY_cTU]Y^Qc`b_f_SQb_^U^3_`YQ`†e^QVeUbdUTU]Q^TQTUdbQ
RQZ_QbdUcQ^Q\5^!(% e^`UbY†TYS_\_SQ\cU…Q\QRQaeU²\_cdQ\\UbUcaeU
QSdeQ\]U^dUUhYcdU^Ucdv^bUSQbWQT_cTUdbQRQZ_icY^`_TUbTQbQRQcd_

!%!
1b]Q^T_4UBQ]†^²CQ^dYQW_TU3XY\U!(% !) <]YdUcebRQ^_cicUWbU
WQSY†^Uc`QSYQ\cUW‹^UcdbQd_c³U^ BUfYcdQ@QbQWeQiQTUC_SY_\_WQ>¡$"$#1ce^SY†^
]Qi_TYSYU]RbU!)'(`vWc"%#"'&+²5cdeTY_TUe^Q`UbYVUbYQebRQ^Q*CQ^dYQW_TU3XY\U
!(% !) ³U^8Ycd_bYQ>¡" CQ^dYQW_!)(%`vWc!))"()+CQ^dYQW_TU3XY\U_`SYd+
<eYc1\RUbd_B_]Ub_²3_^TYSY_^UcTUfYTQTU\_ccUSd_bUc`_`e\QbUcU^CQ^dYQW_TU3XY
\U!($ !()%FYfYU^TQiCQ\eT³U^>eUfQ8Ycd_bYQ>¡)<_^TbUc!)($`vWc#(&i²<Q
SYeTQT³U^¤Ae}XQSUbS_^\_c`_RbUc/5\YdUicUSd_bUc`_`e\QbUcU^CQ^dYQW_TU3XY\U!($ !()%
2eU^_c1YbUc5TYd_bYQ\CeTQ]UbYSQ^Q!))'`vWc!'$$+CQ\QjQb<QRbQT_bUc_`SYd
`vWc""("#$+CUbWY_7bUjD_c_<Uc]_efU]U^dcTµ_efbYUbcUdTµQbdYcQ^cU^]Y\YUeebRQY^Qe
3XY\YQeH9H~cY~S\U!(!(!() dX~cU`_eb\U4_Sd_bQd^_efUQeb}WY]UTµ8Ycd_YbUUd
3YfY\YcQdY_^c@QbYcrS_\UTUc8QedUcrdeTUcU^CSYU^SUcC_SYQ\UcTU@QbYc!)) SQ`de
\_9F
!%"
4U\Q`b_fY^SYQTU<QBY_ZQ1bWU^dY^Q
!%#
FYSU^dU@}bUjB_cQ\UcBUSeUbT_cTU\`QcQT_!(!$!(% CQ^dYQW_5TYd_bYQ\1^
Tb}c2U\\_!)( `vW"$$

)!
`_bVQ\dQTU_VYSYQ\Uc5\SQb`Y^dUb_U\XUbbUb_U\cQcdbUU\jQ`QdUb_iU\
Q\RQ…Y\_RdU^TbQ^`b_^dQ_Se`QSY†^³ !%$ 
<QUcSQcUjTU]Q^_TU_RbQSQ\YVYSQTQS_\_SQRQQ\_cQbdUcQ^_cTUUcQ
SYeTQTU^e^QcYdeQSY†^S\QbQ]U^dU`bYfY\UWYQTQbUc`USd_Q\Q]QcQTUdbQ
RQZQT_bUcaeUS_^cdYdeQ^U\`U_^QZUTU\Qc]Y^QcS_^V_b]Q^T_e^QUc
`USYUTU²S\QcU]UTYQ³!%% S_^Y^WbUc_c^_]Y^Q\Ucce`UbY_bUcQ\_cTUcec
S_\UWQcTU\bUcd_TU\QbU`‹R\YSQ !%& 1c\QbYaeUjQ]Y^UbQQdbQZ_Qe^Q
SQ^dYTQTS_^cYTUbQR\UTU]U^UcdbQ\UcS_^fYbdY}^T_cU3_`YQ`†U^U\`bY^
SY`Q\SU^db_TU`b_TeSSY†^QbdUcQ^_°]Q^eVQSdebUb_TU\Qj_^Q^_bdU
3_]_U\WbeUc_TU\_c]YWbQ^dUcaeUcUY^cdQ\QRQ^U^CQ^dYQW_°i
U^]U^_b]UTYTQU^FQ\`QbQc_°^_`_cUQ]Qi_bSQ\YVYSQSY†^`QcQRQ^
QU^Wb_cQb\QcVY\QcTU\`U_^QZUiTU\_ccU]Y_Se`QT_c1e^aeUU\cUSd_b
TUdbQRQZQT_bUcQbdUcQ^Q\UccUVeUQ]`\YQ^T_iTYfUbcYVYSQ^T_TebQ^dU\_c
Q…_cdbUY^dQiSeQbU^dQ\Q]QcQTU\_cbUSY}^\\UWQT_c`Ub]Q^USY†U^e^Q
cYdeQSY†^TUZ_b^Q\Ub__cYbfYU^dU_WU^UbQ\]U^dUcY^_VYSY_TUVY^YT_
SQ]RYQ^T_TU_Se`QSY†^cUW‹^\Qc_`_bde^YTQTUci\QcUcdQSY_^UcTU\
Q…_<_cfU^TUT_bUcQ]Re\Q^dUc`b_\YVUbQRQ^S_^fYbdY}^T_cUU^e^U\U
]U^d_SQbQSdUbcdYS_TU\QcSQ\\UcTUCQ^dYQW_5\Y^]YWbQT_TU\Qc`b_
fY^SYQcQ\QSQ`YdQ\cUW‹^CQb]YU^d_*

KMU^dbQbvU^\QS\QcUTUb_d_bQc_S\QcUbUSU`dv
Se\_TUd_T_c\_caeUfQ^QXQSUbU\Q`bU^TYjQZUTU\Q
fYTQQCQ^dYQW_+TUQ\\`QcQbvQd_]Qbe^_TU\_c]eSX_c
_VYSY_caeUXQY^fU^dQT_U\`eUR\_`QbQXQSUb`QcQbQcUb
QiUbU\TQ`bUcU^dUaeUUc\_‹^YS_aeU\UU]RQbQjQ
CUbv `UbUb_ SYbeU\Ub_ efUb_ TebQj^Ub_ U^ fUbQ^_+
TebSUb_fU\Ub_R_\\UdUb_U^Y^fYUb^_E^TQ\\UWQbv
QcUbVQ\dU]UbSQ^SXYV\UU^SeiQ`b_VUcY†^iQ]UbSUT
TUcedQ\U^d_TUfYfUjQTUU\_SeU^SYQ`_TbvfU^TUb`_b
TYUj\_aeU\USeUcdQe^_idU^UbU\T_]Y^W_e^`QbTU
`Uc_cU^U\R_\cY\\_!%' 
!%$
²DbQRQZ_c]Q^eQ\Uc³5\6Ubb_SQbbY\3_`YQ`†")TUU^Ub_TU!(% 
!%%
9RYT
!%&
<_c]Qi_bUcY^WbUc_cTU\_cQbdUcQ^_cS_`YQ`Y^_c^_cYW^YVYSQRQ^^USUcQbYQ]U^
dUe^^YfU\TUfYTQ]vcU\UfQT_aeUU\TUcecS_\UWQcTU_dbQcSYeTQTUc<QQRe^TQ^SYQTU
]UdQ\Uc`bUSY_c_c\QQbYTUjTU\QbUWY†^i_dbQcS_^TYSY_^UcWU_WbvVYSQcQTU]vcTU\QVQ\
dQTUY^VbQUcdbeSdebQU^SQbUSQ^\_cQbdSe\_cTUS_^ce]_S_bbYU^dU5^!(#%3XQb\Uc
4QbgY^TUSQaeU²\_c_RZUd_cTU`bY]UbQ^USUcYTQTc_^d_T_c]eiSQb_c\_aeUUcUh`\Y
SQR\U`_baeU\QSYeTQTUcdvcYdeQTQQ!(\UWeQcTU\`eUbd_i\_cdbQ^c`_bdUcdUbbUcdbUcc_^
TYc`U^TY_c_cE^`_\\_SeUcdQcUYc_cYUdUVbQ^S_c+\QSQb^UUcdQ^SQbQS_]_U^9^W\QdUbbQ+
XQiaeUdbQUb\Q\U…QTUcTU\Q3_bTY\\UbQUcTUSYbe^fYQZUTUT_c_dbUcTQc+U\TUbUSX_TU
TQbTU`QcdQbQe^Q^Y]Q\SeUcdQe^VbQ^S_ifUY^dYSY^S_SU^dQf_c5cd_cc_^`bUSY_cUh_b
RYdQ^dUc`QbQ\Q1]}bYSQTU\Ceb³3XQb\Uc4QbgY^F_iQWUTµe^^QdebQ\YcdUQed_ebTe]_^TU
99<Uc1^TUc\Uc7Q\v`QW_cUd\µ1ecdbQ\YU@QbYc6bQ^|_Yc=Qc`}b_<Q4}S_efUbdU!)("`vW
!#)
!%'
4_]Y^W_6QecdY^_CQb]YU^d_²<QfY\\QTUIe^WQi³5\=UbSebY_FQ\`QbQc_#TU
QRbY\TU!($"

)"
 5\QbdYSe\YcdQTU\@b_WbUc_SYdQT_Q^dUbY_b]U^dU`b_RQR\U]U^dUU\
]Yc]_CQb]YU^d_SQ\Se\QRQaeUU^!($"XQRQe^_cTYUj]Y\TUc_Se`Q
T_cU^\QSQ`YdQ\U^dbUU\\_cdbUcSYU^d_cfU^TUT_bUcTU]_dUdbUcSYU^d_c
fU^TUT_bUcTUXeUcY\\_cT_c]Y\fU^TUT_bUcTUVbedQci]Y\fU^TUT_bUc
²TUe^`QbTUjQ`Qd_cSQTQe^_³²X_]RbUcaeU^_SeU^dQ^S_^]vc
]UTY_cTUUhYcdU^SYQaeUQaeU\\_caeUQ`U^QcQ\SQ^jQ^QQcUWebQb\QfYTQ
TUe^TQ+]Y\\QbUcTUX_]RbUccY^`_bfU^YbcY^Uc`UbQ^jQc³!%( 

FU^TUT_bSQ\\UZUb_
3_\USSY†^=ecU_8Ycd†bYS_>QSY_^Q\CQ^dYQW_TU3XY\U

5bQUfYTU^dU*\QSYeTQTQdbQQ]vcWU^dUTU\QaeU`_TQU]`\UQb
<Qc_\eSY†^°_RcUbfQTQ`_b1^^:_X^c_^i<eYc1\RUbd_B_]Ub_ !%) °VeU
e^QQ\dQb_dQSY†^TUU]`\U_caeU`Ub]YdQaeU²U^\eWQbTUe^Q]`\Y_
cUSd_bQ]`\YQ]U^dUTUc_Se`QT_d_T_cdefYUbQ^]^Y]Q_`QbSYQ\]U^
dUe^U]`\U_`QbQceRcYcdYb³!& 
5\VU^†]U^_TU\QTUc_Se`QSY†^iTU\ceRU]`\U_QTaeYbY†WbQ^TUc
`b_`_bSY_^Uc1e^aeU\QT_Se]U^dQSY†^TU\Q}`_SQUcUhdbU]QTQ]U^

!%(
²CQ^dYQW_³_`SYd<QcSebcYfQcc_^^eUcdbQc
!%)
1^^8:_X^c_^9^dUb^Q\]YWbQdY_^cY^3XY\U@X44YccUbdQdY_^E^YfUbcYdi_V3Q
\YV_b^YQ4QfYc!)''+<eYc1\RUbd_B_]Ub_²B_d_ciWQ…Q^Uc*dbQRQZQT_bUc^_SQ\YVYSQT_c
U^CQ^dYQW_!(% !()%³U^3eQTUb^_cTU8Ycd_bYQ>¡(CQ^dYQW_!)((`vWc#%'!
!&
B_]Ub_²B_d_ciWQ…Q^Uc³_`SYd`vW& 

)#
dUVbQW]U^dQbYQiTYc`UbcQi`_b\_dQ^d_^_`Ub]YdUe^QUfQ\eQSY†^
UhQSdQTU\`b_R\U]QQ\We^_cdUcdY]_^Y_cU^dbUWQ^Q^dUSUTU^dUcc_RbU
ce]QW^YdeT5^Ze\Y_TU!($(U\`UbY†TYS_<QBUV_b]QSQ\Se\QRQaeU
c_RbUe^Q`_R\QSY†^d_dQ\TUe^]Y\\†^T_cSYU^d_c]Y\XQRYdQ^dUc^_]vc
TUSeQdb_SYU^d_c]Y\UcTUSYbe^dUbSY_UbQ^`Ubc_^QcUS_^†]YSQ]U^
dUQSdYfQc4UU\\Qc]U^_cTU_SX_]Y\UbQ^U]`\UQTQc`_b\Q]Y^UbQi
e^QSQ^dYTQTY^VUbY_bQSeQbU^dQ]Y\dbQRQZQRQU^\Qc²QbdUcUY^TecdbYQc³
_cUQU^\QcQbdUcQ^Qc]Q^eVQSdebQciQ\We^Qc`UaeU…QcVvRbYSQc!&! 1cY
]Yc]_U\SU^c_TU!(%$U^dbUWQSYVbQcaeUS_^VYb]Q^\QcQ^dUbY_bUc`_b
\_ ]U^_c U^ d}b]Y^_c `b_`_bSY_^Q\Uc C_RbU e^Q `_R\QSY†^ d_dQ\ TU
!$#) &'XQRYdQ^dUc\Q`_R\QSY†^US_^†]YSQ]U^dUQSdYfQcUUcdY]QRQ
U^%(%%#%`Ubc_^QcUcd_Uc$ &(TU\d_dQ\4U\Qc`Ubc_^QcQSdYfQc
!!'&) UbQ^QcY]Y\QR\UcQ\Qc\QR_bUcQWb_`USeQbYQc!'(&#Q\Q]Y^UbQ
ic†\_!#) ("UbQ^QbdUcQ^_ce_RbUb_cTUY^TecdbYQc]Q^eVQSdebUbQc_
TU\cUSd_bcUbfYSY_cE^QT}SQTQ]vcdQbTUU^!(&%Q`UcQbTUaeUiQ
UhYcdQe^]Qi_bTUcQbb_\\_TU\QY^TecdbYQ]Q^eVQSdebUbQe^TYbYWU^dU
]edeQ\YcdQS_`YQ`Y^_TU^e^SYQRQ\QVQ\dQTU`b_dUSSY†^Q²\QcQbdUc^QSY_
^Q\Uc³\_cRQZ_ccQ\QbY_c\Q²beY^QTU\QY^TecdbYQ^QSY_^Q\³QSQecQTU\Q
S_]`UdU^SYQTU\_c`b_TeSd_cY]`_bdQT_ci\QU]YWbQSY†^TUdbUc]Y\Q
SeQdb_ ]Y\ QbdUcQ^_c XQSYQ U\ UhdbQ^ZUb_ ²`_b VQ\dQ TU dbQRQZ_ U^ U\
`Qc³!&" 
5\^‹S\U_QbdUcQ^Q\aeUcUS_^cdYdei†iTUcQbb_\\†WbQSYQcQ\QQ]`\YQ
SY†^TU\QTU]Q^TQTU\QcS\QcUcQS_]_TQTQciTU\QcSQ`Qc]UTYQcU^
Uh`Q^cY†^TURYT_QTYcdY^dQcSQecQcU^dbUU\\QcU\SbUSY]YU^d_TU\Q`QbQ
d_UcdQdQ\ceVbY†Q\We^QcdbQ^cV_b]QSY_^UcY]`_bdQ^dUcTebQ^dU\QcT}
SQTQcTU!(# !($ i!(% 5\QRe^TQ^dUV\eZ_TU`b_TeSd_c]Q^eVQSde
bQT_cUeb_`U_ci^_bdUQ]UbYSQ^_caeUQbbYRQb_^Q\`QcQ\QRbYbcUS_]
`\UdQ]U^dU\QcVb_^dUbQcQ\S_]UbSY_Y^dUb^QSY_^Q\`b_f_S†\QSbYcYcTU
SYUbd_ccUSd_bUcQbdUcQ^Q\UcY^SQ`QSUcTUS_]`UdYbS_^\_cUhdbQ^ZUb_c
Cec`UdYSY_^Uci`b_dUcdQc°S_]_\Qc`b_dQW_^YjQTQc`_b\_cURQ^YcdQcTU
CQ^dYQW_iFQ\`QbQc_U^!(")!($"i!($'_`_b\_cVQRbYSQ^dUcTUSQ\jQ
T_TUCQ^dYQW_TU!("&°^_\_WbQb_^SQ]RYQb\Qc`_\dYSQQTeQ^UbQTU\Qc
Qed_bYTQTUc!&# <_c]U^UcdbQ\UcdefYUb_^aeUQTQ`dQbcUQ\Qc^eUfQcS_^
TYSY_^Uc+Q\We^_caeURbQb_^U^Wb_cQ^T_U\cUW]U^d_`U_^Q\TUdbQRQ
ZQT_bUc+_db_cQ`b_fUSXQ^T_\QUh`Q^cY†^TU\QTU]Q^TQc_RbUfYfYUb_^
icUTUcQbb_\\Qb_^
5\QbdUcQ^QT_ebRQ^_S_^_SY†TebQ^dUUcQcT}SQTQce^SbUSY]YU^d_
SeQ^dYdQdYf_Y]`_bdQ^dU<QbQj†^`bY^SY`Q\TUceSQ`QSYTQTTUbUcYcdU^
SYQQ\QS_]`UdU^SYQUhdbQ^ZUbQ`QbUSUXQRUbcYT_\Q`bUVUbU^SYQTU\²RQZ_
`eUR\_³`_b\_c`b_TeSd_cTU\QcY^TecdbYQc`_`e\QbUcXvRYd_aeUVeU

!&!
²CYdeQSY†^US_^†]YSQTU3XY\U³<QBUV_b]QFQ\`QbQc_!(TUZe\Y_TU!($(
!&"
²@b_dUSSY†^Q\QY^TecdbYQ^QSY_^Q\³5\3_`YQ`Y^_3_`YQ`†#TUQRbY\TU!(&%
!&#
FUbSQ`de\_F9

)$
SQ`QjTUWU^UbQbe^Q`UaeU…QS_bbYU^dUUh`_bdQT_bQXQSYQ\_c`QcUc
fUSY^_cT_^TUXQRQU]YWbQSY†^TUdbQRQZQT_bUcSXY\U^_c !&$ 7QRbYU\CQ
\QjQbSQ\Se\QaeUU\Y^WbUc_QbdUcQ^Q\UaeYfQ\QQ\TUe^Ve^SY_^QbY_`‹
R\YS_]UTY_iU^dbUcUYciTYUjfUSUcce`UbY_bQ\TUe^`U†^S_bbYU^dUcU
…Q\Q^T_aeUTURUS_^cYTUbQbcUaeUTUUcUY^WbUc_TU`U^TQQTU]vcTU
\QVQ]Y\YQTU\QbdUcQ^_U\cQ\QbY_TU\_c`U_^UcTU`U^TYU^dUci\_cS_cd_c
TU_`UbQSY†^TU\dQ\\Ub1cU^d_^SUcXQcdQ\QSbYcYcTU!(%)!(& Q`b_hY
]QTQ]U^dUXeR_e^SbUSY]YU^d_S_^cdQ^dUTU\QSQ^dYTQTW\_RQ\TU
]U^UcdbQ\Uc*U^dbU!(# i!(& e^cYW^YVYSQdYf_`_bSU^dQZUTU\Q`_R\Q
SY†^TUCQ^dYQW_XQRbQUcdQT_Y^f_\eSbQTQTUQ\W‹^]_T_U^\QcQSdYfY
TQTUcTUUcdUdY`_E^Q`beURQTUU\\_cUU^S_^dbQbQU^U\XUSX_TUaeU
U^!(&'U\"$TU\_cUcdQR\USY]YU^d_caeU`QWQRQ^`QdU^dUU^U\`Qc
S_bbUc`_^TQQ\QY^TecdbYQQbdUcQ^Q\CY^S_^cYTUbQb\_c^e]Ub_c_cdQ\\U
bUc°XY\Q^TUbQcdUZUTebQc\_SUbQcUdS°aeU^_SQ^SU\QRQ^`QdU^dU!&% 
1`UcQbTUceUh`Q^cY†^\QSQ`QSYTQTd}S^YSQTU\QY^TecdbYQQbdU
cQ^Q\cU]Q^def_U^e^^YfU\RQcdQ^dUQdbQcQT_CQ\f_bQbQcUhSU`SY_
^Uc°bU`bUcU^dQTQcQ]U^eT_`_b]U^UcdbQ\UcUhdbQ^ZUb_c°\_cdQ\\UbUc
QbdUcQ^Q\Uc SQbUSQ^ TU ]QaeY^QbYQ U Y]`\U]U^d_c ]_TUb^_c 1 S_
]YU^j_cTU!($#5\@b_WbUc_TUcSbYRQ\QVQ\dQTUSQ\YVYSQSY†^TU\_cQbdU
cQ^_c SXY\U^_c U^ d}b]Y^_c ]ei cY]Y\QbUc Q \_c aeU XQRQ U]`\UQT_
=Q^eU\TUCQ\QcfUY^dUQ…_cQ^dUc*

<QcQbdUc]USv^YSQciQSU^`_b\_WU^UbQ\UcdQSY_^Q
bYQc<QbedY^QcY^SYU^SYQTYbYWUcec_`UbQSY_^Uc+^eUc
db_QbdUcQ^QT_SQbUSUTUd_TQY^cdbeSSY†^U\U]U^dQ\+
^Y^We^Q^_SY†^TUTYReZ_+^Y^W‹^beTY]U^d_TU]USv
^YSQ+iQe^aeUcUXQ^QRYUbd_Sebc_c`‹R\YS_cc_RbUe^_
TUUcd_cbQ]_cS_^VY^TUaeUcYbfQ^`QbQ\QY^cdbeSSY†^
TU^eUcdb_c_`UbQbY_c\QcRQ^SQcTU\QS\QcU`Ub]Q^U
SU^SQcYTUcYUbdQc`_b\QY]`_cYRY\YTQTU^aeUcUXQ\\Q^
Ucd_c]Yc]_c_`UbQbY_cVQ\d_cTUd_TQY^cdbeSSY†^TU
Q`bUSYQb\QcfU^dQZQcaeU`_TbQdbQUb\Uc}cdQ !&& 

5^QaeU\\Q}`_SQS_]U^jQRQQTYcSedYbcUU\`b_iUSd_TUSbUQSY†^TU
e^Q5cSeU\QTU1bdUci?VYSY_cU^CQ^dYQW_aeU`bUSUTUbQ_dbQcaeUcU
QRbYbQ^U^`b_fY^SYQTUcdY^QTQQTQb\Q`bU`QbQSY†^^USUcQbYQQ\_cQb
dUcQ^_c!&' <_c]vcTYfUbc_ccUSd_bUcTU\Q_`Y^Y†^`‹R\YSQSe\dYfQTQS_Y^

!&$
CQ\QjQb²5]`bUcQbYQT_`_`e\Qb_`SYd`vWc!)$!)&
!&%
?`SYd`vWc!((i!()
!&&
²C_SYUTQTTU9^cdbeSSY†^i@_R\QSY†^³QbdSe\_9H5\@b_WbUc_CQ^dYQW_'TU
U^Ub_TU!($#
!&'
=U]_bYQaeU`bUcU^dQQ\3_^WbUc_>QSY_^Q\U\=Y^Ycdb_TU\TUc`QSX_TU:ecdYSYQ3e\d_U
9^cdbeSSY†^@‹R\YSQU^!($$CQ^dYQW_cU`dYU]RbU!&TU!($$CQ^dYQW_9]`bU^dQTU\5cdQ
T_!($$`vWc#!i#"

)%
SYTQ^U^S_^cdQdQbU\RQZ_^YfU\TUUc`USYQ\YjQSY†^TU\_c]U^UcdbQ\UcSXY
\U^_ciU^\Q^USUcYTQTTUVe^TQbe^Q5cSeU\QTU1bdUci?VYSY_c<QC_SYU
TQT>QSY_^Q\TU1WbYSe\debQ_bWQ^YjQTQU^!(#(`\Q^dUQRQ\Q^USUcYTQT
TUY^db_TeSYb\QU^cU…Q^jQd}S^YS_°`bvSdYSQU^U\]U^_bdYU]`_`_cYR\U
`QbQY^S_b`_bQbQ\`QcQ\`b_SUc_TU]_TUb^YjQSY†^aeUcUUcdQRQ`b_Te
SYU^T_U^\Qc^QSY_^Uc]vcQfQ^jQTQc!&( <QYTUQVeURYU^QS_WYTQU^Sb
Se\_cUTeSQSY_^Q\UcY^dU\USdeQ\UciWeRUb^Q]U^dQ\Uc5^ce]U]_bYQ
Q^eQ\`bUcU^dQTQQ^dUU\3_^WbUc_U^!($$U\=Y^Ycdb_TU:ecdYSYQ3e\d_
U9^cdbeSSY†^@‹R\YSQ=Q^eU\=_^ddQ^e^SY†\QY^dU^SY†^TUSbUQbe^
UcdQR\USY]YU^d_aeUV_b]QbQQ\_c²]QUcdb_cYT†^U_c³aeUbUaeUbQU\
`Qc<QU^cU…Q^jQY]`QbdYTQ^_cUbQ`ebQ]U^dUd}S^YSQ*dQ]RY}^UcdQ
bQTUcdY^QTQQUZUbSUb²e^QY^V\eU^SYQcQ\eTQR\Uc_RbU\Q]_bQ\YTQTTU\
`eUR\_³!&) <Q9W\UcYQ3Qd†\YSQ]Q^YVUcdQRQ\Q]Yc]Q`bU_Se`QSY†^5^
!($%<QBUfYcdQ3Qd†\YSQUh`_^QU\`b_R\U]QU^\_ccYWeYU^dUcd}b]Y^_c*

CU^cYR\U Uc TUSYb\_ ^_ XQi ReU^_c QbdUcQ^_c U^

3XY\Ui^_cfU]_c`bUSYcQT_cQ_Se`QbQ\_cUhdbQ^ZUb_c
XQcdQ`QbQ\QcS_cQc]vccU^SY\\QcS_^`UbZeYSY_TU\_c
XYZ_cTU\`QcQaeYU^UcTURY}bQ]_cTQb\Q`bUVUbU^SYQ
cYVeUbQ^]vcQ`\YSQT_ci]_bQ\Uc!' 

5\†bWQ^_US\UcYvcdYS_QSU^deQ^T_U\Qc`USd_TU\QU^cU…Q^jQ]_
bQ\TU\_c²XYZ_cTU\QcS\QcUc`_RbUc³cU…Q\QRQS\QbQ]U^dU\Q^USUcYTQT
TUe^QUcSeU\QaeU\_cSQ`QSYdQbQQ\]Yc]_dYU]`_`QbQUZUbSUbe^_VY
SY_]Q^eQ\5\S_^cU^c_`QbUSQWU^UbQ\U^U\cU^_TU\Q_`Y^Y†^Y\ecdbQ
TQ<QUcSeU\Q²^_c†\_TURQY]`\U]U^dQbe^QTYfYcY†^]vcS_]`\UZQTU\
dbQRQZ_RQcQTQU^U\`b_WbUc_SYU^dVYS_idUS^_\†WYS_TU\cYW\_H9HcY^_
aeUQTU]vcS_^cdbeYbe^^eUf__bTU^]_bQ\aeUe^YfUbcQ\YjQbQ\_cfQ\_
bUcTU\dbQRQZ_U\ReU^ec_TU\dYU]`_iU\S_]`_bdQ]YU^d_c_SYQ\QTU
SeQT_³!'!CY^U]RQbW_U\`b_iUSd_^_cUS_^SbUd†cY^_QVY^UcTUUcQT}
SQTQTURYT_Q\QY^UhYcdU^SYQU^U\`QcTUUc`USYQ\YcdQcU^UTeSQSY†^
Y^TecdbYQ\iQ\QUcSQcUjTUbUSebc_cVYcSQ\Uc`QbQ]QdUbYQ\YjQb\QYTUQ!'"
<Q5cSeU\QTU1bdUci?VYSY_cTUCQ^dYQW_VeUVe^TQTQVY^Q\]U^dUU^

!&(
7_^jQ\_9jaeYUbT_E^UcdeTY_TU\QcYTU_\_WQcSXY\U^Qc<QC_SYUTQT>QSY_^Q\TU1WbY
Se\debQU^U\cYW\_H9HCQ^dYQW_35C?!)&(`vW$!
!&)
=U]_bYQaeU`bUcU^dQU\=Y^Ycdb_TU\TUc`QSX_TU:ecdYSYQU^!($$_`SYd`vW#!
!'
²3_\UZY_TU1bdUci?VYSY_c³U^<QBUfYcdQ3Qd†\YSQCQ^dYQW_"'TUcU`dYU]RbUTU
!($%
!'!
3\QeTY_2QbbYU^d_c2i>YS_\vc3_bfQ\v^@²5\Zecd_TUcU_TUQcUWebQbU\`_bfU
^Yb]_bQ\i]QdUbYQ\TU\_cZ†fU^Uc3_^db_\iSQcdYW_U^\Qc`bvSdYSQcUTeSQdYfQcU^\Q5c
SeU\QTU1bdUci?VYSY_c!($)!(' ³U^Ì\dY]Q4}SQTQ>¡&FY…QTU\=QbU^Ub_TU!))'
`vW!&'<_cQed_bUcTUUcdUQbdSe\_bUQ\YjQ^e^`Ubc`YSQjQ^v\YcYcTU\QVe^SY†^TYcSY`\Y
^QT_bQTU\Q5cSeU\QTU1bdUci?VYSY_cU^\Q`Ubc`USdYfQTU\QS_^cdbeSSY†^TUe^_bTU^
US_^†]YS_ic_SYQ\S_^V_b]UQ\_cSv^_^Uc]_TUb^YjQT_bUcTU\QU\YdU
!'"
:eQ^7eY\\Ub]_=e…_j3UdQ\<QE^YfUbcYTQTTUCQ^dYQW_TU3XY\UC_RbUcec_bWU
^UciceTUcQbb_\\_XYcd†bYS_CQ^dYQW_E^YfUbcYTQTTUCQ^dYQW_TU3XY\U!)('`vW" 

)&
!($)S_]U^jQ^T_QSQ`QSYdQbSQb`Y^dUb_cXUbbUb_c]USv^YS_ciVe^TY
T_bUc!'#
1e^SeQ^T_\Q]Qi_bQTU\_cdUcdY]_^Y_cSYdQT_c]vcQbbYRQ`b_fYU
^U^TU]YU]Rb_cTU\QU\YdUSXY\U^Q_TU`Ubc_^QcSUbSQ^QcQU\\Q\_aeU
TURU`bUSQfUb^_c`_b\QVeUbdUSQbWQYTU_\†WYSQcYU]`bU`bUcU^dUU^ce
fYcY†^TU\]e^T_`_`e\Qbe^ZeYSY_TUcQ`QcY_^QT_QSUbSQTU\_cQ^dU
SUTU^dUcbUe^YT_c^_c`Ub]YdUQVYb]QbaeU\Q`b_TeSSY†^ebRQ^Q^QSY_
^Q\XQcdQ]UTYQT_cTU\cYW\_H9HcUSQbQSdUbYj†`_bceQdbQc_d}S^YS_ce
VbQW]U^dQSY†^U^`UaeU…_cdQ\\UbUcQbdUcQ^Q\UcQ]U^eT_TUdY`_VQ]Y
\YQbi`_b\QSQcYd_dQ\Y^UhYcdU^SYQTUe^cUSd_bVQRbY\`b_`YQ]U^dUdQ\
<Qc‹^YSQcU]`bUcQcaeU`_TbQ^]UbUSUbU\SQ\YVYSQdYf_TU²Y^TecdbYQ\Uc³
TebQ^dU\_cQ…_cSeQbU^dQVeUb_^e^QecY^QSbUQTQU^CQ^dYQW_U^!($"
`_bU\VbQ^S}c1Wecd^@YS_\UdaeUUbQQ\QfUjbUVY^UbQTUQj‹SQbiVvRbY
SQTUb_^TUfU\QcTUUcdUQbY^QivSYT_ce\V‹bYS_+e^QecY^QTUZQR†^ie^
`QbTUVe^TYSY_^Uci]QUcdbQ^jQcU^FQ\`QbQc_Q\We^Qc`UaeU…QcVvRbY
SQcTUQ\Y]U^d_ciRURYTQc !'$ idQ\fUj\_c²QcdY\\Ub_cTU]QTUbQ³U^`Qb
dYSe\Qb\_cTU3_^cdYdeSY†^iFQ\TYfYQ !'%CYRYU^^_cUTYc`_^UTUUcdQTc
dYSQc`QbQ\Q`bY]UbQ]YdQTTU\cYW\_Q\We^_cdUcdY]_^Y_cS_^dU]`_bv
^U_cSeRbU^`QbSYQ\]U^dUUcUfQS_U^dbUWQ^T_e^QY]QWU^Q`b_hY]Q
dYfQTU\TUcQbb_\\_TU\_cUcdQR\USY]YU^d_c]Q^eVQSdebUb_ciQbdUcQ^Q\Uc
1VY^UcTU!($"5\@b_WbUc_SQbQSdUbYjQRQTU\QcYWeYU^dU]Q^UbQ\Q
²Y^TecdbYQ³cQ^dYQWeY^Q*

<_`bY]Ub_aeUcU_RcUbfQUcaeU\QY^TecdbYQUcd_TQ
fQVbQSSY_^QbYQY^TYfYTeQ\i\_aeUUc`U_b`\URUiQ<QY^Tec
dbYQ]Q^eQ\fYfUd_TQfQTU\dbQRQZ_Y^TYfYTeQ\iU\SQ`YdQ\
!'#
CUW‹^cebUW\Q]U^d_\Q5cSeU\QTU1bdUci?VYSY_cdU^Q`_b_RZUd_²V_b]Qbe^
S_]`UdU^dU^‹]Ub_TUQbdUcQ^_cY^cdbeYT_c\QR_bY_c_ciX_^bQT_caeUS_^ceUZU]`\_i
cecS_^_SY]YU^d_cS_^dbYReiQ^Q\QTU\Q^dQ]YU^d_TU\QY^TecdbYQU^3XY\UiQ\QbUV_b]Q
TU^eUcdbQcS\QcUcdbQRQZQT_bQc³²<UiUciTUSbUd_cTU\Ce`bU]_7_RYUb^_BUW\Q]U^d_TU
\Q5cSeU\QTU1bdUci?VYSY_c³CQ^dYQW_U^Ub_# TU!(%!U^1^Q\UcTU\QE^YfUbcYTQTTU
3XY\US_bbUc`_^TYU^dUQ\Q…_TU!(%!FQ\`QbQc_9]`bU^dQTU\3_]UbSY_!(&!`vW!)
@QbQcUbQT]YdYT_ccUUhYWQQ\_cSQ^TYTQd_cdU^UbTUT_SUQaeY^SUQ…_cTUUTQTReU^Q
S_^TeSdQi²cUb`bUcU^dQT_c`_b`Ubc_^QbUc`UdQR\U³QTU]vcTU`_cUUbReU^QS_^cdYde
SY†^VcYSQicQRUbUcSbYRYb4UQSeUbT_S_^\QcY^cdbeSSY_^UcTU\W_RYUb^_\Q`bUVUbU^SYQ
UbQTQTQ²Q\_cXYZ_cTUQbdUcQ^_cX_^bQT_ci\QR_bY_c_caeUXeRYUbQ^]Q^YVUcdQT_]Qi_b
Y^S\Y^QSY†^iTYc`_cYSY_^Uc^QdebQ\Uc`QbQ\QcQbdUc]USv^YSQc³iU^`QbdYSe\Qb`QbQ\_c
_VYSY_caeUcUU^cU…QRQ^U^\QUcSeU\Q²4_Se]U^d_c_VYSYQ\Uc4U`QbdQ]U^d_TU:ecdYSYQ
3e\d_U9^cdbeSSY†^`‹R\YSQ3YbSe\QbQ\_cY^dU^TU^dUc³CQ^dYQW_=Qbj_&TU!($)5\
=UbSebY_FQ\`QbQc_!%TU]Qbj_TU!($)<QY^cdbeSSY†^`bvSdYSQ\Y]YdQTQU^e^S_]YU^
j_QXUbbUbQiSQb`Y^dUbQcUUhdU^TY†`_cdUbY_b]U^dUQ\QcSQ\YVYSQSY_^UcTUVe^TYT_b
]_TU\YcdQQZecdQT_b_]USv^YS_SQ\TUbUb_URQ^YcdQiSQbb_SUb_=vcY^V_b]QSY_^Ucc_
RbU\QVe^TQSY†^i\_c`bY]Ub_cQ…_cTUfYTQTUUcdUUcdQR\USY]YU^d_U^=e…_jUdQ\_`
SYd`vWc" ")
!'$
6bQ^SYcS_1^d_^Y_5^SY^Q8Ycd_bYQTU3XY\U4UcTU\Q`bUXYcd_bYQXQcdQ!()!CQ^dYQ
W_5TYd_bYQ\>QcSY]U^d_!)$)d_]_H999`vWc%%)%&"
!'%
7eQbTQ_`SYd`vWc"% i"%!+CQ\QjQb²5]`bUcQbYQT_`_`e\Qb³_`SYd`vWc
!)#i!)$

)'
 ^_cU\UQc_SYQ`QbQUZUbSUb\QU^WbQ^TUcY^_U^]ei`UaeU
…QcSQ^dYTQTUc<_aeUQ^dUcXU]_cTYSX_*XQi_VYSY_c^_
XQid_TQfQVQRbYSQSY†^*U\dbQRQZ_TU\Qc]Q^_ccQ\f_U^
`_S_cSQc_c`b_TeSUcY^U\Qc_SY_TUWbQ^TUcSQ`YdQ\UciTU
\QY^dU\YWU^SYQbU`bUcU^dQTQ`_b\Q]USv^YSQ1X_bQ^_
XQRYU^T_WbQ^TUcUcdQR\USY]YU^d_cY^TecdbYQ\Uc^_`eUTU
TQbcU_Se`QSY†^Qd_TQ\Q]eSXUTe]RbUTURbQj_caeU\Q
dYUbbQ^_Y^fYUbdQQX_bQ_]vcdQbTU8Qi`_bUZU]`\_]Y\
_T_c]Y\X_]RbUcSeiQY^TecdbYQUcXQSUbjQ`Qd_c+`Ub_^_
XQifUY^dUVvRbYSQcTUjQ`Qd_cSQTQe^QTU\QcSeQ\UcU^dbU
dU^WQT_cSYU^d_c_`UbQbY_c+iQUcd_Uc\_aeUXU]_c\\Q]Q
T_Y^TecdbYQVbQSSY_^QbYQY^TYfYTeQ\`_baeU^_XQiU\Qc_
SY_TU\QY^dU\YWU^SYQiTUSQ`YdQ\aeUS_^cdYdeiU\QfUbTQ
TUbQY^TecdbYQdQ\S_]_cUXQ\\Q`bQSdYSQTQU^5eb_`Q !'& 
5\SQbvSdUb²`\URUi_³TUTYSXQY^TecdbYQS_^cYcdQcUW‹^U\QbdYSe\Yc
dQU^aeUUc_c_VYSY_cc†\_UbQ^UZUbSYdQT_c`_b\QcS\QcUcY^VUbY_bUcTU\Q
c_SYUTQTiaeUQ`UcQbTU\Qc_`_bde^YTQTUcTUU^bYaeUSY]YU^d_aeU
U\\_cRbY^TQRQ^UbQ^UfYdQT_c`_b\QWU^dUTUSU^dUUcTUSYb`_b\_ccUSd_
bUc]UTY_ccY^`b_VUcY†^cY^_VYSY_TURYT_Qcec`bUZeYSY_c!'' 
<_c]U^UcdbQ\UcUhdbQ^ZUb_caeUS_]U^jQb_^Q\\UWQbQ\`QcTUc`e}c
TU\Q9^TU`U^TU^SYQ^_dU^Q^dQ\UcQ`bUXU^cY_^UcCecS_^_SY]YU^d_cce
d}S^YSQ]vcTU`ebQTQQcS_]_U\`bUcdYWY_TUce^QSY_^Q\YTQT°}cUUbQU\
SQc_`_bUZU]`\_TU\_ccQcdbUc]_TYcdQcSQbb_SUb_cSebdYT_bUcZ_iUb_c
jQ`QdUb_c i R_dUb_c VbQ^SUcUc _ TU \_c dQ`YSUb_c URQ^YcdQc i SebdYT_bUc
Q\U]Q^Uc!'( °\_cS_\_SQRQ^U^e^QcYdeQSY†^`bYfY\UWYQTQS_^cdYdeiU^T_
SQcYcYU]`bUU\WbeUc_TU\_cY^dUWbQ^dUcTU\QSQ`Qce`UbY_bTU\QbdUcQ^QT_
QaeU\\Q\YWQTQQ\QcQdYcVQSSY†^TU\Qc^USUcYTQTUcTUS_^ce]_TU\_ccUSd_
bUc]vc`eTYU^dUc5^dbU\Qc^eUfQcQSdYfYTQTUcicUbfYSY_caeUQ`QbUSYUb_^
TebQ^dUUcQcT}SQTQciU^\QcaeU\_cQbdUcQ^_cidbQRQZQT_bUcUhdbQ^ZUb_c
TUcU]`U…Qb_^U\`Q`U\TU`b_]_d_bUccUS_^dQRQ^\QVQRbYSQSY†^TUSQ
bbeQZUcTUSUbfUjQTUVYTU_c\Q`b_TeSSY†^TU\Yd_WbQVQc\QTUS_bQSY†^TU

!'&
²CQ^dYQW_³QbdSe\_F5\@b_WbUc_CQ^dYQW_"#TUTYSYU]RbUTU!($"
!''
9RYT
!'(
5\]vcfQcd_UcdeTY_c_RbU\QY^]YWbQSY†^TUUhdbQ^ZUb_cU^3XY\UXQcYT_U\bUQ
\YjQT_`_b:UQ^@YUbbU2\Q^S`QY^c_RbU\_cQ\U]Q^Uc4ebQ^dUU\cYW\_H9HiS_]YU^j_cTU\
cYW\_HHUcdUQed_bTYcdY^WeUdbUc_\QcTUU]YWbQSY†^Q\U]Q^QQ3XY\U<Q`bY]UbQTUcTU
!($&Q!('%^_]ei^e]Ub_cQ`Ub_Y]`_bdQ^dU`_bceSQ\YTQTibUQ\YjQSY_^UcUcdef_
S_]`eUcdQTURebWeUcUcQbdUcQ^_ciSQ]`UcY^_cU]`eZQT_c`_b\QSbYcYcUS_^†]YSQiTU
bb_dQT_c`_\dYSQ]U^dU`Ub_bUSXQjQ^T_\Q`b_\UdQbYjQSY†^CUUcdQR\USY†U^U\cebTU
3XY\UFQ\TYfYQ<\Q^aeYXeU5^dbU!('%i!(("\\UWQb_^]ei`_S_cQ\U]Q^UcQ\`Qc<Q
cUWe^TQVQcUTUcTU!(("XQcdQQ`b_hY]QTQ]U^dU!() Ucdef_S_]`eUcdQ`_b_RbUb_c
QWbS_\QcTU\QcbUWY_^Uc_bYU^dQ\UcTU1\U]Q^YQi`b_\UdQbY_cRUb\Y^UcUcaeUcUY^cdQ\Qb_^
e^`_S_]vcQ\^_bdUU^dbU\_cb_c2_2_iD_\d}^<QdUbSUbQUdQ`QTUcTU!() XQcdQ
!)!$SeRbY†d_T_U\`QcTUcTU\QcbUWY_^Uc]Y^UbQcTU\>_bdU7bQ^TUXQcdQ=QWQ\\Q^Uc
:UQ^@YUbbU 2\Q^S`QY^ <Uc 1\\U]Q^Tc Qe 3XY\Y !(!&!)$% 2‰X\Qe FUb\QW ;‰\^ GYU^
!)'$`vWc!('i!((

)(
Y^dUbY_bUc UdS}dUbQ =eSX_c QbdUcQ^_c Ueb_`U_c cU S_^fYbdYUb_^ bv`YTQ
]U^dUU^]QUcdb_cUcTUSYbU^`b_`YUdQbY_cTUdQ\\UbUci]Q^eVQSdebQc
8QSYQ]UTYQT_cTUcYW\_\_cUhdbQ^ZUb_cUbQ^TeU…_cTU\Q]Qi_bQTUUcU
dY`_TUU]`bUcQc`_b\_]U^_cTUQaeU\\QcaeU`QWQRQ^e^Q`QdU^dUQc
S_]_TUe^QWbQ^`QbdUTU\Qc`bY^SY`Q\UcSQcQcS_]UbSYQ\UcTU\QSQ`YdQ\

3eQTb_>¡#
<19>6<E5>3915HDB1>:5B15>1<7E>1C
13D9F94145C53?>É=931C5>C1>D917?5>!($)
=UTY_TU
=UTY_TU
`b_TeSSY†^
`b_TeSSY†^ >QSY_^Q\YTQTTU\_c`b_`YUdQbY_c
_cUbfYSY_
_cUbfYSY_
6bQ^SUcUc 9^W\UcUc 5c`Q…_\Uc 9dQ\YQ^_c 3XY\U^_c ?db_c D_dQ\
<Qd_^UbQci
X_ZQ\QdUbQc # #
DQRQbdQ\UbQc ! !
3Qbb_SUbQc " ! #
D_^U\UbQc # #
CY\\UbQc ! !
3Qb`Y^dUbQc " # ! &
2_TUW_^Uc !% !$ ")
4e\SUbQc # ! $
8_dU\Uc # " %
6vRbYSQcTU
VYTU_c ! !
6QRbYSQ^dUTU
`QbQWeQc ! !
5]`Q`U\QT_bUc " "
FYTbYUb_c " "
DQ`YSUb_c " "
1b]UbQc # #
@Q`U\UbQc ! !
2_dUbQc " "
C_]RbUbUbQc $ $
=_TYcdQc & &
@U\eaeUb_c # #
CQcdbUbQc $ $ ! )
D_dQ\ $( # !& ! "" ! )!
@_\QS_

6eU^dU*BUWYcdb_TU`QdU^dUcTUCQ^dYQW_Q…_!($)3YdQT_`_b4_]Y^W_6QecdY^_CQb
]YU^d_U^²9^V\eU^SYQTU\Q9^cdbeSSY†^`bY]QbYQU^\QY^TecdbYQiU^U\TUcQbb_\\_WU^UbQ\
TU\Q`b_c`UbYTQT^QSY_^Q\³?RbQcd_]_H995TeSQSY†^3_]‹^2eU^_c1YbUc9]`bU^
dQi<Yd_WbQVQ=QbYQ^_=_bU^_!()&`vW&!

))
 5cdU VU^†]U^_ dQ]`_S_ VeU YW^_bQT_ `_b \Q `Ubc`YSQSYQ TU
CQb]YU^d_*

BUdbQdYcdQc`Y^d_bUcUcSe\d_bUc\Q`YTQbY_cQbdYcdQc
Q\TQWeUbb_dY`_Q^dU_ZUb_cU^SeQTUb^QT_bUc`UY^UdU
b_cid_TQ_dbQQbdU\YRUbQ\UcdvU^]Q^_cTUUhdbQ^ZUb_c
^_XQRYU^T_UhSU`deQT_]vcTU\Q^_]U^S\QdebQTU\
bUWYcdb_TU`QdU^dUcaeUfU^dQTU`Y^debQcTUc`QSX_TU
\YS_bUc`Q^QTUbQcfU\UbQcfU^dQTU]QTUbQaeUQe^
aeU`b_VUcY_^Uc]eiQRe^TQ^dUciTUcU]`U…QTQcSQcY
d_TQc`_b^QSY_^Q\Uc^_`eUTU^S\QcYVYSQbcUU^dbU\Qc
QbdUcVQRbY\Uc`_b\QcY]`\YSYTQTTU\_c`b_SUTY]YU^d_c
U^aeUUcdbYRQceS_^VUSSY†^ !') 

?db_Qc`USd_TU\Q²Y^TecdbYQ³SXY\U^QTU\Q}`_SQUbQce`QbdYSe\Qb
S_^SU^dbQSY†^U^CQ^dYQW_icUSe^TQbYQ]U^dUU^FQ\`QbQc_<_cdY`†
WbQV_c\Yd†WbQV_cU^SeQTUb^QT_bUcSQbb_SUb_ccQcdbUciURQ^YcdQccU
QWbe`QRQ^TU]Q^UbQ`bYfY\UWYQTQU^Q]RQcSYeTQTUc<_cjQ`QdUb_c
XUbbUb_c dQ\QRQbdUb_c SebdYT_bUc SQb`Y^dUb_c UdS TU ]_T_ ]U^_c
QRbe]QT_b`Ub_U^`b_`_bSY_^UcdQ]RY}^]eiY]`_bdQ^dUc3_^cdQdQ^
T_\QSU^dbQ\YjQSY†^TU\_cdQ\\UbUcQbdUcQ^Q\UciTU\Qc]Q^eVQSdebQcU^\Q
SQ`YdQ\U\]Yc]_QbdYSe\YcdQTU\@b_WbUc_TUSQ*

8QiKMU^CQ^dYQW_]Y\`UaeU…QcY^TecdbYQcaeU
`b_`_bSY_^Q^Q\_caeUcUUZUbSYdQ^U^U\\Qc]UTY_cTU
ceRcYcdU^SYQ S†]_T_c ?RbQc TU VUbbUdUbQ jQ`QdUbQ
dQ\QRQbdUbQUdScQdYcVQSU^\Qc^USUcYTQTUcTU\QSQ`YdQ\
i`b_fUU^TUQbdUVQSd_cQd_TQc\Qc`b_fY^SYQc+iQaeXQi
_db_`bY^SY`Y_Ve^Ucd_TUbUQSSY†^TU\QSQ`YdQ\c_RbU
QaeU\\QcaeUQ]vcTUUhdbQUb\Uc`_R\QSY†^XQSUY]`_
cYR\UiQX_WQU^ce^QSY]YU^d_\QY^TecdbYQ!( 

5^UcdQ†`dYSQU\SbUSY]YU^d_TU\QcQbdUcQ^QccQ^dYQWeY^QcUbQS_^
cYTUbQT_S_]_e^_RcdvSe\_`QbQU\TUcU^f_\fY]YU^d_TUUcQc]Yc]Qc
QSdYfYTQTUcU^\Qc`b_fY^SYQc*

5^3_`YQ`†3_aeY]R_i1S_^SQWeQi\_]Yc]_
U^U\ceTQ`U^QcXQie^_aeU_db_dQ\\Ub`QbQ\Qb_`QiU\
SQ\jQT_VY^_+`eUc\Q]QcQTU\Q`_R\QSY†^cU`b_fUUTU
Ucd_cQbdSe\_cU^\QcdYU^TQciRQcdQbQfUbU\cebdYT_aeU
!')
4_]Y^W_6QecdY^_CQb]YU^d_²9^V\eU^SYQTU\Q9^cdbeSSY†^`bY]QbYQU^\QY^Tec
dbYQiU^U\TUcQbb_\\_WU^UbQ\TU\Q`b_c`UbYTQT^QSY_^Q\³U^?RbQc2eU^_c1YbUc9]
`bU^dQi<Yd_WbQVQTU=QbYQ^_=_bU^_!()&d_]_H99`vW&!
!(
²CQ^dYQW_³_`SYd

!
 e^S_]UbSYQ^dUTU`b_fY^SYQXQSUU^CQ^dYQW_`QbQS_
^_SUbd_T_c\_cQbdUVQSd_cS_^aeU\QSQ`YdQ\QRbe]QQ\Qc
`b_fY^SYQc!(!

@Ub_TUcTU]UTYQT_cTU\_cQ…_cSeQbU^dQS_]U^j†Q`b_TeSYbcU
e^QdbQ^cV_b]QSY†^Y]`_bdQ^dU*FQ\`QbQc_S_^fUbdYT_U^`eZQ^dU`eUb
d_S_^SU^db†TU]Q^UbQSQTQfUj]vcSbUSYU^dU\QcQSdYfYTQTUcS_]UbSYQ
\UcQbdUcQ^Q\Uci]Q^eVQSdebUbQc8QSYQVY^UcTU!(% U\]Yc]_CQb]YU^
d_U^e^`Q^V\Ud_`_\dYS_`eR\YSQT_cY^VYb]QTUcSbYRQQSUbdQTQ]U^dU
UcdU^eUf_VU^†]U^_cU…Q\Q^T_aeUXQSYQFQ\`QbQc_*

KMcUTYbYWU^\_cSQ`YdQ\UcTU\Qc`b_fY^SYQcQSQ]
RYQbcU`_b]UbSQTUbQcUeb_`UQc+Q\\vcUU^SQ]Y^Q^\_c
dbQVYSQ^dUcTU\Q_dbQRQ^TQ+Q\\vUcdv^UcdQR\USYT_c\_c
WbQ^TUcQ\]QSU^UcTUS_]UbSY_\_cWbQ^TUcdQ\\UbUcTU
\QcQbdUciQe^\QY^TecdbYQTUjQ`Qd_c`U\\_^UcUdSXQ
U]YWbQT_`_S_Q`_S_U^RecSQTUS_]`bQT_bUc<Qc
Q^dYWeQcSQcQcTUS_]UbSY_TUCQ^dYQW_XQ^YT_TYc]Y^e
iU^T_U\]_fY]YU^d_TUcecSQ`YdQ\Uc_SUbbv^T_cU_
dbQc\QTv^T_cUQFQ\`QbQc_i^_XQSU]eSX_aeU\QcSQ
cQcUhdbQ^ZUbQcTU\`eUbd_XQ^U]`UjQT_QbUTeSYbcec
Sb}TYd_cQCQ^dYQW_QbUdYbQbcecQWU^SYQcQVY^TU`bUSQ
fUbcUTU\_cTUcSQ\QRb_caeUUh`UbY]U^dQe^S_]UbSY_
cY^fYTQcY^V_^T_ccY^`b_TeSd_cVvSY\]U^dUUh`_bdQ
R\Uc<Q`b_fY^SYQTUCQ^dYQW_fYfUTUT_cQ…_cQUcdQ`Qb
dUTUcec]_\Y^_c‹^YSQY^TecdbYQbQTYSQ\i`_TUb_cQ !(" 

<QSQ`YdQ\dU^TQQdbQ^cV_b]QbcUU^SU^db_QT]Y^YcdbQdYf_i`_\dY
S_aeUTQ^T_ce²Y^TecdbYQ³bUTeSYTQQ]_TUcdQcQSdYfYTQTUcTUdY`_Qb
dUcQ^Q\@QcQbQ^fQbYQcT}SQTQcQ^dUcTUaeUCQ^dYQW_`eTYUbQbUfUbdYb
UcdQcYdeQSY†^
5\ SeQTb_ WU^UbQ\ TU\ cUSd_b ]Q^eVQSdebUb_ ^QSY_^Q\ VeU XQcdQ
!(& ]ei]_TUcd_4ebQ^dU\QcT}SQTQcTU\SeQbU^dQiTU\SY^SeU^dQcU
\\UfQb_^QSQR_e^QcUbYUTUY^dU^d_c°\Q]Qi_bQY^VbeSde_c_c°`_bTUcQ
bb_\\Qb`UaeU…QcVvRbYSQcUc`USYQ\]U^dUdUhdY\UciTUQ\Y]U^d_cY^S\e
iU^T_T_cTUcQV_bde^QTQcdU^dQdYfQc`_bUcdQR\USUbbUVY^UbQcTUQj‹SQb
DQ]RY}^VeUb_^fQ^_c\_cUcVeUbj_c`_bY^cdQ\QbVvRbYSQcTU\_jQcVY^Qci
TUfYTbY_c1`UcQbTU\QcQieTQci`bYfY\UWY_cVYcSQ\UcaeUcU_d_bWQb_^U^
Q\We^_cSQc_c!(# UcQcU]`bUcQc^_`eTYUb_^c_`_bdQb\QS_]`UdU^SYQUh

!(!
9RYT
!("
1aeYU^bUSXQjQ^YdU]U^Q=_^dd1aeYU^c_cdYU^U^YTUcUQ^Q=_^ddAeYU^Uc
U^d_^SUcU\SQ^TYTQd_/=_^ddCQ^dYQW_9]`bU^dQTU:e\Y_2U\Y^Y3Q%TU^_fYU]RbU
TU!(% `vWc!i"
!(#
5^dbU!(%"i!(%(U\W_RYUb^_S_^SUTY†^e]Ub_c_c`bYfY\UWY_cUhS\ecYf_c

! !
dbQ^ZUbQ_^_S_^dQb_^S_^\QcS_^TYSY_^Ucd}S^YSQciUS_^†]YSQcaeU
XYSYUbQ^fYQR\UceUhYcdU^SYQCUW‹^U\ZeYSY_U]YdYT_U^!($(`_bU\US_
^_]YcdQ=QbSYQ\7_^jv\UjcUdbQdQRQTU²]UTYQT_SU^QTUU]`bUcQc]Q\
S_^SURYTQc]Q\W_RUb^QTQciSei_dbYcdUi`bU]Qdeb_VY^XQS_^dbYReY
T_^_`_S_QV_]U^dQb\QTUcS_^VYQ^jQS_^aeUcUXQ]YbQT_cYU]`bUU^
U\`Qcd_TQU]`bUcQ`_bQSSY_^Uc³!($ 5cdUZeYSY_\UXQSQ`U^cQbaeU²\Q
Y^db_TeSSY†^TU]vaeY^QciU\Y^SbU]U^d_TU\QfUbTQTUbQY^TecdbYQVQ
RbY\`bUcU^dQbv^d_TQfQ`_bQ\W‹^dYU]`_Y^S_^fU^YU^dUcWbQfcY]_ci
]vcaeUd_T_TYVSY\UcTUce`UbQb³!(% 
1S_]YU^j_cTU\QT}SQTQTU!(& U\]e\dYVQS}dYS_FYSU^dU@}bUj
B_cQ\Uc!(& V_b]e\QRQe^RQ\Q^SUTU\S_^Ze^d_TUQaeU\\QcTUcWbQSYQTQc
dU^dQdYfQcS_^S\eiU^T_U^U\cYWeYU^dU²QhY_]Q³*

KMd_TQY^TecdbYQ`UbVUSSY_^QTQaeUcUY^db_TeSU
U^e^`QcaeUSQbUSUTUY^TecdbYQcbeTY]U^dQbYQc\\UfQ
U^c]Yc]QU\`bUcQWY_TU\QbeY^QTU\U]`bUcQbY_!(' 

<QVQ\dQTU]QaeY^QbYQciedU^cY\Y_cQTUSeQT_cQ\YWeQ\aeUTUdbQ
RQZQT_bUc ceVYSYU^dU]U^dU SQ`QSYdQT_c cU UbYWYUb_^ TebQ^dU ]eSX_
dYU]`_S_]__RcdvSe\_c`QbQU\TUcQbb_\\_Y^TecdbYQ\5\]Yc]_@}bUj
B_cQ\UcSeU^dQaeUU^ceVvRbYSQTUQWeQbTYU^dUcdef_aeUcUbVe]YcdQ
Q\Q]RYaeUb_Rb_^SUb_id_^U\Ub_Q\]Yc]_dYU]`_5^QaeU\\Q}`_SQ
e^Q\\QfUTU`e\WQTQi]UTYQTUTYv]Udb_UbQ²e^dUc_b_³i^_XQRQ
]Q^UbQTUU^S_^dbQb_dbQSeQ^T_cUTUcS_]`_^Q!(( 
5^TUVY^YdYfQU\QdbQc_TU\cUSd_bQbdUcQ^Q\i]Q^eVQSdebUb_cU]Q^
def_cY^]Qi_bUcfQbYQSY_^UcXQcdQ`QcQTQ\Q`bY]UbQ]YdQTTU\cYW\_@b_
RQR\U]U^dUU^\_c‹^YS_cbeRb_caeUcUQ\SQ^jQb_^]UZ_bUcbUce\dQT_c
VeUU^\QVQRbYSQSY†^TU]eUR\Uc`_bceSQ\YTQTiU^\Q`b_TeSSY†^TU
SebdYU]RbUcS_RbU\Q]Y^QT_SYWQbb_cijQ`Qd_cT_^TUcU\_Wb†dU^Ub
e^Q`UaeU…QSQ`QSYTQTUh`_bdQT_bQ9^S\ec_`UcUQ\QQRe^TQ^SYQTU
]Y^UbQ\UcU\dbQRQZ_TUU\QR_bQSY†^TU}cd_ccUbUQ\YjQRQd_TQfQU^S_^
TYSY_^UcTU^_dQR\UQdbQc_d}S^YS_iVQ\dQTUSQ\YVYSQSY†^TU\Q]Q^_TU
_RbQcYdeQSY†^aeUUbQTUcSbYdQU^!($"`_bCQb]YU^d_*

`QdU^dUcQTYfUbcQcQSdYfYTQTUcY^TecdbYQ\UcCU_d_bWQb_^UcdQcfU^dQZQcQ\QcU]`bUcQc
TUTYSQTQcQWQ\fQ^YjQbVYUbb_U\QR_bQbSUbfUjQUhdbQUbQSUYdURU^UVYSYQb]UdQ\UcVQRbYSQb
Qj‹SQb\QTbY\\_cibYU\UcUdS}dUbQFY\\Q\_R_ciCQWbUT__`SYd`vW$%
!($
=QbSYQ\7_^jv\Uj²CYdeQSY†^US_^†]YSQTU\`Qc³U^BUfYcdQTUCQ^dYQW_d_]_9
CQ^dYQW_!($(`vW#%
!(%
?`SYd`vWc#%i#&
!(&
1TU]vcTUXQRUbcYT_QWU^dUTU\W_RYUb^_SXY\U^_`QbQY]`e\cQb\QU]YWbQSY†^
TUS_\_^_cQ\U]Q^UcQ\cebTU3XY\UVeUQWbYSe\d_b]Y^Ub_U²Y^TecdbYQ\³1S_]YU^j_cTU
\_cQ…_cdbUY^dQY^cdQ\†e^QTUcdY\UbQTUQWeQbTYU^dUU^U\TU`QbdQ]U^d_TUCQ^6Ub^Q^
T_aeUVbQSQc†bv`YTQ]U^dU@}bUjB_cQ\Uc_`SYd`vWc!$&!$(
!('
?`SYd`vWc!$'i!$(
!((
?`SYd`vW!$'

! "
 D_T_c\_cdQ\\UbUcU^aeUcUdbQRQZQU\S_RbUiU\VYU
bb__Ucdv^U^\QY^VQ^SYQTU\QbdU_`bUcU^dQ^_SQcY†^
Qe^X_bbYR\U]_^_`_\Y_aeU`bUcU^dQe^WbQ^TcY]_
_RcdvSe\_Q\Q`\Q^dUQSY†^i`b_WbUc_TU]eSX_cbQ]_c
TUY^TecdbYQ5^e^`QcS_]_3XY\UU^T_^TUU\S_RbU
]Y^UbQ\YjQT_S_^cdYdeiUe^Q`QbdUS_^cYTUbQR\UTUce
bYaeUjQ^_XQie^c_\_dQ\\UbU^aeUcUbUVY^UUcdU]U
dQ\<Qc]Q^eVQSdebQcUhYcdU^dUcTUS_RbU`_b\QY]`e
bUjQ TU\ ]Y^UbQ\ ^_ bUVY^QT_ c_^ Wb_cUbQc T}RY\Uc i
VY^Q\]U^dUS_cd_cQc`_bU\UhSUc_TU]QdUbYQ\aeUU^dbQ
U^ U\\Qc i SeQ^T_ cU dbQRQZQ U^ S_RbU `bU`QbQT_ U^
5eb_`Q\Q_RbQTU]Q^_UcdQ^UhQWUbQTQ]U^dUSQbQU
Y]`UbVUSdQ aeU ^_ `bUcU^dQ ]UTY_ Q\We^_ TU XQSUb
bU`QbQSY_^Uc_S_]`_cdebQcU^\Qc]vaeY^QccY^e^WQc
d_S_^cYTUbQR\U!() 

5cU]Yc]_Q…_VbQSQcQRQe^QdU^dQdYfQTU\_cQ\U]Q^Uc@Qe\cU^i
6bYS[`_bY^cdQ\Qbe^QVe^TYSY†^TU]Y^UbQ\UcTUS_RbUU^\QYc\QDUZQTU
FQ\TYfYQ!) <Q]_TUb^QY^TecdbYQVe^TYT_bQc†\_XQbQceQ`QbYSY†^`_
S_cQ…_c]vcdQbTU
5^!(% \QS_]YcY†^^_]RbQTQ`_bU\W_RYUb^_SXY\U^_`QbQ_bWQ
^YjQb\Q`QbdYSY`QSY†^^QSY_^Q\U^\Q5h`_cYSY†^9^TecdbYQ\TU<_^TbUcTU
!(%!S_^cdQdQRQaeUU^U\bQ]_²VvRbYSQci]Q^eVQSdebQc³\_c‹^YS_c
`b_TeSd_caeU3XY\U`_TQUhXYRYbUbQ^Q\We^_cdUZYT_cTUdY`_QbdUcQ^Q\
²`U\\_^UcTU\Q^Q]ei\QbWQide`YTQS_\SXQcTU`YU\UcTUWeQ^QS_i
SXY^WeUc`_^SX_cTU\Q^QTUWeQ^QS_ci_db_cTU\ceb`QbdYSe\QbUc`_b
\QWbQ^fQbYUTQTTUcecS_\_bUci\_VY^_TU\dUZYT_iQ\V_]RbYdQciVbQjQTQc
TU\]Yc]_W}^Ub_³\QcUTQTU\Q²Y^TecdbYQ^QSYU^dUU^CQ^dYQW_³\_c
SeUb_cTUceU\QWbeUcQe^QdY^QZQ]eiWbQ^TU`QbQQ\]QSU^QbfY^_SQ
^QcdQcTUaeY\_iiUbRQi`\e]Ub_cTU3_^SU`SY†^ !)! >Y^We^_TUU\\_c
UbQfUbTQTUbQ]U^dUe^`b_TeSd_Y^TecdbYQ\
6Y^Q\]U^dUSQRU]U^SY_^QbQ\QY^TecdbYQUTYd_bYQ\U^dbU\Qc^eU
fQcQSdYfYTQTUcaeUS_]U^jQb_^QQTaeYbYbSYUbdQY]`_bdQ^SYQQ`QbdYbTU
!($ 3_]_UccQRYT_\QY]`bU^dQVeUY^db_TeSYTQ`_b`bY]UbQfUjU^
3XY\UU^!(!!`_bU\W_RYUb^_`QdbY_dQ4ebQ^dUfQbYQcT}SQTQc\Q`b_TeS
SY†^UTYd_bYQ\VeU]_TUcdcY]Q*\_c`UbY†TYS_cUbQ^UcSQc_cUV]Ub_ciTU
bUTeSYTcY]_dYbQZUU^dbUdbUcSYU^d_ciaeY^YU^d_cUZU]`\QbUc`_bSQTQ
UTYSY†^<Q`eR\YSQSY†^TU\YRb_cV_\\Ud_ci_db_cY]`bUc_cVeU]ei\Y
]YdQTQ*T_SUdde\_cU^dbU!(!"i!(!)"&&TU`b_]UTY_Q^eQ\+#"&d

!()
4_]Y^W_6QecdY^_CQb]YU^d_²<Qc]QTUbQc³5\=UbSebY_FQ\`QbQc_$TUQRbY\
TU!($"U^?RbQcd_]_H_`SYd`vW!)#
!)
7eQbTQ_`SYd`vWc"%)i"& 
!)!
²4_Se]U^d_c_VYSYQ\Uc4U`QbdQ]U^d_TU\9^dUbY_bCQ^dYQW_Ze\Y_" TU!(% ³
5\3_`YQ`Y^_3_`YQ`†#TUQW_cd_TU!(% 

! #
de\_cU^dbU!(" i!(")''TU`b_]UTY_Q^eQ\+i"$!U^dbU!(# i!(#)
)'TU`b_]UTY_Q^eQ\!)" 
5\`bY]Ub`UbY†TYS_aeU\_Wb†`UbTebQb\\UWQ^T_QS_^fUbdYbcUU^
U\TUSQ^_TU\Q`bU^cQXYc`Q^_Q]UbYSQ^QVeU5\=UbSebY_TUFQ\`QbQc_
`eR\YSQT_`_b`bY]UbQfUjU\!"TUcU`dYU]RbUTU!("'S_]_RYcU]Q^Q\
4ebQ^dU\QT}SQTQTU!($ °!(% \Q\\UWQTQQ3XY\UTUT_cUc`Q…_\Uc
=Q^eU\BYfQTQ^UYbQiCQ^d_cD_b^Ub_aeUS_]`bQb_^iTYbYWYUb_^ceSU
cYfQ]U^dUUcU`UbY†TYS_TY_e^Y]`e\c_TUSYcYf_Q\QY^TecdbYQdY`_WbvVY
SQ^QSY_^Q\1]R_cY^]YWbQ^dUcY^db_TeZUb_^]_TUb^YjQSY_^UciQ]`\YQ
b_^\QcQSdYfYTQTUcTU\QU]`bUcQQcUWebQ^T_ce}hYd_S_]UbSYQ\4ebQ^
dUUcQ]Yc]QT}SQTQ`Ub_T_U^aeUcebWUe^]_fY]YU^d_TUS_^dUcdQ
SY†^`_\dYSQQ\`U\eS_^Yc]_W_RUb^Q^dU\QQ`QbYSY†^TU^eUf_cb_dQdY
f_cbUWe\QbUcU^CQ^dYQW_FQ\`QbQc_i_dbQcSYeTQTUcQcS_]_\Q`eR\Y
SQSY†^TU^e]Ub_c_c\YRb_cY^SU^dYfQb_^U\dbQRQZ_TU\QcY]`bU^dQc
5^dbU!($ i!($)cUUTYdQb_^#"&\YRb_ciV_\\Ud_c_cUQ#"&TU`b_]U
TY_SQTQQ…_!)# <QcY]`_bdQSY_^UcTU`bU^cQcQe]U^dQb_^S_^cYTUbQR\U
]U^dU*U^!($#cUdbQZUb_^Q3XY\UfUY^dYc}YcY]`bU^dQc+U^!($$cUY^dUb
!)$
^Qb_^SeQdb_b_dQdYfQcaeUS_cdQb_^$ 8QSYQ!($'XQRQ_SX_Uc
dQR\USY]YU^d_cdY`_WbvVYS_cVe^SY_^Q^T_U^CQ^dYQW_Y^S\eiU^T_U\TU\
W_RYUb^_iSY^S_`UbY†TYS_c`Ub_c†\_e^_TUU\\_c°5\@b_WbUc_°UbQTYQ
bY_5^FQ\`QbQc_UhYcdQ^T_cY]`bU^dQcU^\QcaeUcU`eR\YSQRQ^dbUc
`UbY†TYS_ce^_TUU\\_cU^Y^W\}c!)%
5cdUQTU\Q^d_cU\_WbQRQQ`UcQbTU\QY^ceVYSYU^dU`b_dUSSY†^_VYSYQ\
Q\QcY^TecdbYQcWbvVYSQc=YU^dbQc`_be^\QT_cUTUcSQbWQRQTU\`QW_TU
TUbUSX_cQ\_c\YRb_cUhdbQ^ZUb_c\_cdY`_cTUY]`bU^dQ\Qc`bU^cQci_db_c
QbdSe\_c°S_^U\TUS\QbQT_`b_`†cYd_TUWU^UbQ\YjQb\QY^cdbeSSY†^°`_b
U\_db_S_]_TU^e^SYQRQ5\3_]UbSY_TUFQ\`QbQc_U^!($(cU]Q^dU^Q^
SQbWQT_cS_^Q\d_cTUbUSX_cTUY]`_bdQSY†^U\`Q`U\TUY]`bU^dQ\QdY^
dQ`QbQY]`bY]YbU\`Q`U\ZQc`UQT_U\SQbd†^`QbQU^SeQTUb^Qb\_c]Q
bb_aeUci`QcdQc`QbQ\YRb_c\_c`UbWQ]Y^_ciRQTQ^QcUdS}dUbQ!)&4Y
SX_cWbQfv]U^Uc\Y]YdQRQ^cUbYQ]U^dUU\TUcQbb_\\_TU\QcU]`bUcQcWbv
VYSQcXQcdQU\`e^d_TUXQSUb`U\YWbQb\QbUWe\QbYTQTTUQ`QbYSY†^TU\_c
`UbY†TYS_c`_bVQ\dQTU]QdUbYQ`bY]Q!)'
?db__RcdvSe\_cUbY_`QbQU\TUcQbb_\\_TU\QcY^TecdbYQcWbvVYSQc
°U^`QbdYSe\QbQaeU\\Qc\YWQTQc]vcTYbUSdQ]U^dUQ\QQSdYfYTQT`UbY_

!)"
²3Qdv\_W_TU\_c\YRb_cYV_\\Ud_cY]`bUc_cU^3XY\UTUcTUaeUcUY^db_TeZ_\QY]
`bU^dQ³U^BUfYcdQTU3YU^SYQcY<UdbQcd_]_9>¡!CQ^dYQW_QRbY\TU!(%'`vWc'#)'&(
!)#
9RYT
!)$
Â\fQbUj1^TbUgc_`SYd`vW)&
!)%
7eQ:U^UbQ\TU\QBU`‹R\YSQTU3XY\US_bbUc`_^TYU^dUQ\Q…_TU!($'FQ\`QbQc_9]
`bU^dQTU\=UbSebY_!($'`vWc#" i#(!
!)&
²@b_dUSSY†^Q\dbQRQZ_³5\3_]UbSY_TUFQ\`QbQc_FQ\`QbQc_(TUZe^Y_TU!($(
!)'
4_]Y^W_6QecdY^_CQb]YU^d_²<UWYc\QSY†^c_RbUY]`bU^dQS_]_Y^TecdbYQ³5\
@b_WbUc_FQ\`QbQc_^_fYU]RbU!&!)i" TU!($$U^CQb]YU^d__`SYdd_]_H`vWc
%'&(

! $
TcdYSQ°UbQ^\QccUbYQcbUcdbYSSY_^UcY]`eUcdQc`_b\_cW_RYUb^_cS_^
cUbfQT_bUcQ\UZUbSYSY_TU\Q\YRUbdQTTUUh`bUcY†^UcSbYdQ<Q<UiTU
9]`bU^dQTU!($&iceccUfUbQc`U^Qc°]e\dQcSvbSU\iXQcdQTUcdYUbb_°
UbQ^e^QcUbYQ\Y]YdQ^dU`QbQU\TUcQbb_\\_TU\`UbY_TYc]_iTU\_c_VY
SY_cTUY]`bU^dQ!)( 
6Q\dQRQ^`eUc\QcT_cS_^TYSY_^UcRvcYSQc`QbQU\V\_bUSY]YU^d_
TU\Qc]_TUb^QcU]`bUcQc`UbY_TcdYSQc*²U\QRQbQdQ]YU^d_TU\_cS_c
d_caeU`Ub]YdUU\TUcQbb_\\_dUS^_\†WYS_³i²e^]QbS_\UWQ\\_ceVY
SYU^dU]U^dU`Ub]YcYf_S_]_`QbQWU^UbQbe^Qed}^dYS_]UbSQT_Y^
V_b]QdYf_aeUXYSYUbQQdbQSdYfQ\QY^fUbcY†^TUSQ`YdQ\Uc³ !)) 1e^aeU
Ucd_^_cUS_^cUWeYbQ`\U^Q]U^dUcY^_XQcdQVY^UcTUcYW\_\QdU^TU^
SYQaeUcUVeUQVYb]Q^T_U^\QcT}SQTQc`_cdUbY_bUcQ`e^dQRQXQSYQ\Q
Uh`Q^cY†^TU\QcQbdUcWbvVYSQciS_^U\\_Q\Q]e\dY`\YSQSY†^TUe^^eU
f_dY`_TUdbQRQZQT_bebRQ^_*U\_RbUb_TUY]`bU^dQdY`†WbQV_\Yd†
WbQV__U^SeQTUb^QT_bSeiQcSQbQSdUbcdYSQcTUY^cdbeSSY†^SQ\YVYSQ
SY†^iS_^SU^dbQSY†^U^U]`bUcQcSQTQfUj]vc]_TUb^Qc\_XQbQ^Ze
WQbe^`Q`U\TUfQ^WeQbTYQU^dbU\_cdbQRQZQT_bUcebRQ^_cTebQ^dU\Q
cUWe^TQ]YdQTTU\cYW\_H9H " 

5 < 3B539=95>D? 45 <1C 39E4145C <1 9>4ECDB91<9J139É> I

3?>C?<94139É> 45 >Ì3<5?C ?2B5B?C EB21>?C 1 @1BD9B 45 !(&

!5\TUcQbb_\\_ebRQ^_

5\Y^SbU]U^d_TU\Q`_R\QSY†^ebRQ^QcUQSU\Ub†U^3XY\UTUcTU]UTYQ
T_cTU\_cQ…_ccUcU^dQ5^!(&%\Q`_R\QSY†^SYdQTY^QbU`bUcU^dQRQU\
"%TU\_cXQRYdQ^dUcTU\`Qc+U^!('%U\#%+U^!((%U\#(iU^!()%
U\$#CYRYU^U^d}b]Y^_c`_bSU^deQ\UcXQcdQ]UTYQT_cTU\_cQ…_c
_SXU^dQ\_c]Qi_bUcSbUSY]YU^d_cVeUb_^\_cTUFQ\`QbQc_i3_^SU`
SY†^U\TUCQ^dYQW_Y]`bUcY_^QRQ]vcQ\_cS_^dU]`_bv^U_c`_bce]QW
^YdeT5^!(&%\QSQ`YdQ\dU^Q!!%##'XQRYdQ^dUc5^\_cTYUjQ…_ccY
WeYU^dUcce`_R\QSY†^`b_WbUc†QbQj†^TUe^"'Q^eQ\Q\SQ^jQ^T_\_c

!)(
C3>TU!($&3v]QbQTU4Y`edQT_c²CUcY†^!#Ze\Y_!#TU!($&³`vWc!!"
!" +²<UYc_RbUQRec_cTU\Q\YRUbdQTTUY]`bU^dQ³CQ^dYQW_!&TUcU`dYU]RbUTU!($&
U^BYSQbT_1^WeYdQ<UiUc`b_]e\WQTQcU^3XY\UTUcTU!(! XQcdQU\!¡TUZe^Y_TU!)!"d_]_
`bY]Ub_CQ^dYQW_9]`bU^dQ5^SeQTUb^QSY†^i<Yd_WbQVQ2QbSU\_^Q!)!"`vWc$'(
$'$F}QcUQTU]vcBQ‹\CY\fQ3Qcdb_@bU^cQi`UbY_TYc]_U^3XY\U!(!"!)%&CQ^dYQW_
5TYSY_^UcTU\QE^YfUbcYTQTTU3XY\U!)%(+5TeQbT_CQ^dQ3bej11^v\YcYcXYcd†bYS_TU\
`UbY_TYc]_SXY\U^_CQ^dYQW_>eUcdbQ1]}bYSQ5TYSY_^Uc!)((`vWc!)i" 
!))
CQ^dQ3bej1_`SYd`vW" 
"
=vcY^V_b]QSY_^Ucc_RbU\QY^TecdbYQdY`_WbvVYSQTebQ^dUU\cYW\_H9HU^*@UTb_
@QR\_6YWeUb_Q<Q\YRbUbQU^3XY\U@Qbc<YRbUbQTU7Qb^YUb8Ub]Q^_c!()&+2Ub^Qb
T_CeRUbSQcUQeh8Ycd_bYQTU\\YRb_U^3XY\U1\]QiSeUb`_CQ^dYQW_5TYd_bYQ\1^Tb}c2U
\\_!))#`vWc!!""

! %
! &
FYcdQTUFQ\`QbQc_XQSYQ!(&!
Â\fQb_:QbQ3XY\UU^!(& GY\\YQ]<?\YfUb*e^`bUSebc_bTU\QV_d_WbQVQCQ^dYQW_5TYd_bYQ\E^YfUbcYdQbYQ!)'#
 @_bdQ\=S3\ebUi@\QjQTU1b]QcTUCQ^dYQW_U^!('%
3_\USSY†^=ecU_8Ycd†bYS_>QSY_^Q\CQ^dYQW_TU3XY\U

CQ^dYQW_fYcd_TUcTUU\SUbb_CQ^dQ<eSQ
2U^ZQ]^FYSe…Q=QS[U^^QÂ\Re]TU\CQ^dQ<eSQ
CQ^dYQW_9]`bU^dQTU\Q<YRbUbQTU\=UbSebY_!)'$

! '
!% #&'XQRYdQ^dUcU^!('%5^dbU!('%i!((%\QdQcQTUSbUSY]YU^d_TU
CQ^dYQW_RQZ†Qe^"#Q^eQ\`Ub_U^dbU!((%i!()!Q\SQ^j†U\#!
Q^eQ\\\UWQ^T_QdU^UbUcU‹\dY]_Q…_e^_c"&  XQRYdQ^dUcQ\bUTU
T_bTU\)&TU\Q`_R\QSY†^^QSY_^Q\" ! 
3_^SU`SY†^Uh`UbY]U^d†U\TUcQbb_\\_TU]_WbvVYS_]vccYW^YVY
SQdYf_`QcQ^T_TU!#)%(XQRYdQ^dUcU^!(&%Q"$!( XQRYdQ^dUcU^
!((%%''TUSbUSY]YU^d_U^fUY^dUQ…_c5^FQ\`QbQc_U\Qe]U^
d_TU\Q`_R\QSY†^dQ]RY}^VeUfU\_j*TU' $#(XQRYdQ^dUcU^!(&%\\U
W†QdU^Ub! $)%"XQRYdQ^dUcU^!((%UcTUSYbQSbUSU^d†SQcYU^e^
dUbSY_ce`_R\QSY†^U^e^`Ub_T_TUfUY^dUQ…_cQVYb]v^T_cUS_]_
U\ cUWe^T_ SU^db_ ebRQ^_ TU\ `Qc " " <QSQbQSdUbcdYSQ]vcfYcYR\UTU
UcdU`b_SUc_TUebRQ^YjQSY†^VeU\Q^_d_bYQS_^SU^dbQSY†^TU\Q`_R\Q
SY†^U^\QcT_cSYeTQTUc`bY^SY`Q\UcCQ^dYQW_iFQ\`QbQc_U^Uc`USYQ\
U^\QSQ`YdQ\*

KM\QQdbQSSY†^aeUUZUbSUCQ^dYQW_c_RbU\Q`_
R\QSY†^TU\Qc`b_fY^SYQcUce^XUSX_Y^^UWQR\U<Q^_
fUTQT\_cQ\d_ccQ\QbY_cU\dbQRQZ_QRe^TQ^dUie^`_S_
dQ]RY}^\QSU^dbQ\YjQSY†^QT]Y^YcdbQdYfQ\Q]_TQiU\
fYSY_c_^_db_cdQ^d_cSQ^Q\Uc`_bT_^TUS_bbUXQSYQ\Q
SQ`YdQ\ TU \_c SQ]`_c i TU \_c `eUR\_c TU \Qc `b_fY^
SYQc" # 

AeYU^XQSQUcd_cS_]U^dQbY_cU^!('$UbQJ_b_RQRU\B_TbWeUj
S_^^_dQT_`_\dYS_S_^cUbfQT_b<QcU]UZQ^jQS_^\Qc_RcUbfQSY_^Uc
V_b]e\QTQc`_bCQb]YU^d_dbUcT}SQTQcQ^dUccQ\dQQ\QfYcdQ5^bUQ\Y
TQT]eSX_cTU\_cVQSd_bUcaeU`b_f_SQRQ^\Qc]YWbQSY_^UcSQ]`UcY
^QcXQSYQCQ^dYQW_i_dbQcSYeTQTUccYWeYUb_^cYU^T_]vc_]U^_c\_c
]Yc]_caeUU^U\`Ub_T_Q^dUbY_b*cQdebQSY†^TUQ\We^Qcj_^QcQWb
S_\QcVQ\dQTUdbQRQZ__TU`Ubc`USdYfQcTU]UZ_bQ]YU^d_c_SYQ\QdbQS
SY†^ UZUbSYTQ `_b \_c cUbfYSY_c `‹R\YS_c ebRQ^_c Q\dUb^QdYfQc TU U]
`\U_WbQSYQcQ\QbUQ\YjQSY†^TUWbQ^TUc_RbQc`‹R\YSQcUdS}dUbQ3_]_
U\U]U^d_cQTYSY_^Q\UccU`bUcU^dQb_^Q`QbdYbTU\_cQ…_ccUcU^dQU\
TUcQbb_\\_TU\QQWbYSe\debQS_]UbSYQ\aeUUcdY]e\QRQ\QbQSY_^Q\YjQ
SY†^U^U\ec_TU\Q]Q^_TU_RbQXQSYU^T_Y^^USUcQbYQe^QbUcUbfQ
TU]QcYQT_QRe^TQ^dUi\QbeY^QTUSYUbdQcQbdUcQ^QcSQ]`UcY^Qc`_b
\QS_]`UdU^SYQTU]Q^eVQSdebQcUhdbQ^ZUbQc4Ud_TQcUcdQcSQecQc\Q
`bY^SY`Q\VeUcY^TeTQ\QY^SQ`QSYTQTTU\cUSd_b]Y^Ub_TUQRc_bRUb\Q
VeUbjQ TU dbQRQZ_ \YRUbQTQ `_b \Q US_^_]Q bebQ\ <eUW_ SeQ^T_ cU

" !
3YVbQc_RdU^YTQcTU\_cSU^c_c^QSY_^Q\UcTU!(&%!('%!((%i!()%
" "
9RYT
" #
J_b_RQRU\B_TbWeUj²<Q]_bdQ\YTQTTU\_c`_RbUcU^CQ^dYQW_³1W_cd_!"TU
!('$U^=YcSU\v^UQ\YdUbQbYQ`_\dYSQibU\YWY_cQ@QbdU`_\dYSQd_]_9CQ^dYQW_9]`bU^dQ
TU5\9^TU`U^TYU^dU!('&`vWc#$&i#$'

! (
S_^cdYdeiUb_^\_c`bY]Ub_c^‹S\U_cVQRbY\UcU^\Qc`bY^SY`Q\UcSYeTQTUc
°dQ]RY}^Q`QbdYbTU\Q]Yc]QT}SQTQ°U\`b_SUc_]YWbQd_bY_cUQSU\U
b†VQSY\YdQT_`_b\QbUTTUVUbb_SQbbY\UcaeUcUUhdU^TQQSU\UbQTQ]U^
dU

3eQTb_>¡$
5CDBE3DEB145<1@?2<139É>389<5>1
B5<139É>5>DB5@?2<139É>17B1B91IEB21>1
!(&%°!()%

1…_ @_R\QSY†^d_dQ\ BebQ\ EbRQ^Q

>¡ c_RbU\Q c_RbU\Q
`_R\QSY†^d_dQ\ `_R\QSY†^d_dQ\

!(&% !(!)""# '! ")

!('% " '%)'! &% #%
!((% "% ' % &" #(
!()% "&)%&"% %' $#

6eU^dU*3U^c_cWU^UbQ\UcTU\Q`_R\QSY†^TU3XY\U\UfQ^dQT_cU^\_cQ…_c!(&%!('%!((%
i!()%

"5\S_]YU^j_TU\`b_SUc_TUY^TecdbYQ\YjQSY†^

3_]_fUbU]_c]vcQTU\Q^dUU\TUcU^f_\fY]YU^d_TU\cUSd_bQbdUcQ^_°
Y^TecdbYQ\`_cYRY\Yd†TUcTU\_cQ…_ccUcU^dQ`Ub_c_RbUd_T_Q`QbdYbTU
\QT}SQTQTU!(( aeUe^Q`QbdUY]`_bdQ^dUTU\_cbUSY}^\\UWQT_cQ\Qc
SYeTQTUc^_cUfYUbQS_^TU^QTQ°S_]_XQRQceSUTYT_XQcdQU^d_^SUc°
QY^dUWbQbUhS\ecYfQ]U^dU\QcVY\QcTU\`U_^QZU<_c`bY]Ub_c^‹S\U_cTU
_RbUb_cVQRbY\UcebRQ^_c]vc_]U^_cUcdQR\UcTQdQ^TUQaeU\\Q}`_SQ
4UcTU]UTYQT_cTUcYW\_cU]e\dY`\YSQb_^\_cY^dU^d_c`_bSbUQbi
TUcQbb_\\Qbe^QY^TecdbYQ^QSY_^Q\4YfUbc_cVQSd_bUcS_^dbYReiUb_^TUc
TU\_cQ…_ccUcU^dQi]vcQ‹^Q`QbdYbTU\_c_SXU^dQQ\SbUSY]YU^d_TU\
cUSd_bQbdUcQ^_°Y^TecdbYQ\6eUbQTU\_ciQ]U^SY_^QT_cTUcQbb_\\_TU\
cUSd_b`bY]QbY_°Uh`_bdQT_bbUQ\YjQSY†^TU_RbQcTUY^VbQUcdbeSdebQ`‹
R\YSQebRQ^YjQSY†^i_db_cQTU]vcTU\Q`b_`YQSbYcYcTU\]_T_TU`b_
TeSSY†^S_\_^YQ\aeUVeUbUceU\dQ]UTYQ^dUe^S_^cYTUbQR\UUcVeUbj_TU
Y^fUbcY_^UcbU`b_TeSdYfQccUce]Qb_^^eUf_cVQSd_bUcaeUTYUb_^e^
Y]`e\c_QUcdQ`bY]UbQVQcUY^TecdbYQ\YjQT_bQ
@_be^\QT_\_cSb}TYd_cXY`_dUSQbY_caeUU\5cdQT_SXY\U^__d_bW†
S_^WbQ^WU^Ub_cYTQTQ\_cdUbbQdU^YU^dUccUS_^fUbdQ^U^fYbdeQ\Uc_R
cUaeY_cTURYT_Q\Q`Ub]Q^U^dUTUcfQ\_bYjQSY†^]_^UdQbYQQ`QbdYbTU
\_cQ…_ccUdU^dQbUTe^TQ^T_U^aeUe^Q`QbdUTUU\\_c°QaeU\\QaeU^_
VeUTUcdY^QTQQ\S_^ce]_TU\eZ_°VeUbQU]`\UQTQU^Y^fUbcY_^UcY^Tec
dbYQ\Uc@_b_db_e^QTU\QcTYc`_cYSY_^UcaeUTURY†QT_`dQbU\W_RYUb^_

! )
`QbQS_]RQdYb\QSbYcYcUS_^†]YSQTU\QcUWe^TQ]YdQTTU\QT}SQTQTU
!(' VeU\QbUTeSSY†^TU\T}VYSYdTU\`bUce`eUcd_VYcSQ\QdbQf}cTUQe
]U^d_cTU\_cTUbUSX_cTUQTeQ^Q`QbQ\Qc]UbSQTUbQcY]`_bdQTQc1c
\QcdQbYVQcQTeQ^UbQc`QcQb_^TU"%U^!(&$Q"'%U^!(''iQ#%U^
!('(cY^U]RQbW_\Q_R\YWQSY†^TU`QW_U^]_^UTQ]Udv\YSQcYW^YVYSQ
RQU^d}b]Y^_cbUQ\Uc`QbQUcdU‹\dY]_Q…_e^QdQbYVQTU$% " $ 5\UVUS
d_`b_dUSSY_^YcdQTU\Q]UTYTQc_RbUU\cUSd_bQbdUcQ^_°Y^TecdbYQ\VeUSQcY
Y^]UTYQd_<eUW_\Qc^USUcYTQTUcWU^UbQTQc`_b\Q7eUbbQTU\@QSVYS_
!(')°!((#ce]QTQcQ\SbUSY]YU^d_TU\]UbSQT_Y^dUb^_S_^cdYdeiU
b_^_db_cY^SU^dYf_c`QbQ\QUh`Q^cY†^TU\Q`b_TeSSY†^VQRbY\
6Y^Q\]U^dUTURUS_^cYW^QbcUU^dbUUcd_cVQSd_bUc\QQSSY†^TU\_c
W_RYUb^_c\YRUbQ\UcTU4_]Y^W_CQ^dQ=QbQ!((!°!((&i:_c}=Q^eU\
2Q\]QSUTQ!((&°!()!aeYU^UcQT_`dQb_^e^QcUbYUTU]UTYTQcTUcdY
^QTQcQUh`Q^TYb\QY^TecdbYQ^QSY_^Q\ " % 
<_ccUSd_bUcQbdUcQ^_°Y^TecdbYQ\UcaeUQ\SQ^jQb_^e^WbQT_]Qi_b
TUSbUSY]YU^d_TUcTU]UTYQT_cTUcYW\_XQcdQU\UcdQ\\YT_TU\Q7eUbbQ
TU\@QSVYS_VeUb_^\_cTU\QVQRbYSQSY†^TURURYTQcUc`USYQ\]U^dU\Qc
SUbfUSUbQciQ\Y]U^d_c+\Qc]Q^eVQSdebQciQbdUcQ^QcTUTYSQTQcQ\QU\Q
R_bQSY†^i`b_TeSSY†^TU\SeUb_iTU\SQ\jQT_+\Qc]eUR\UbQcUY^TecdbYQc
TUU\QR_bQSY†^TU\Q]QTUbQ+\QcY]`bU^dQciVvRbYSQcTU`Q`U\+\QcY^Tec
dbYQcae]YSQci]UdQ\‹bWYSQcY^S\eYTQc\QcTU]QaeY^QbYQciU^]U^_b
]UTYTQ\QcVvRbYSQcdUhdY\UcidQ\\UbUcTUS_^VUSSY†^TUfUcdYT_c
<Q]_^_WbQVQTU<eYc?bdUWQc_RbUU\TUcQbb_\\_Y^TecdbYQ\U^3XY
\UQ^dUcTU\Q²7eUbbQTU\cQ\YdbU³`b_`_bSY_^Qe^`_b]U^_bYjQT_Q^v\Y
cYc`QbQU\UcdeTY_TUUcdQ`bY]UbQVQcUTUY^TecdbYQ\YjQSY†^^QSY_^Q\" & 5\
SbYdUbY_TUcU\USSY†^TU\_c²UcdQR\USY]YU^d_cY^TecdbYQ\Uc]_TUb^_c³aeU
S_^V_b]Qb_^ce]eUcdbQVeURQcdQ^dUbYWeb_c_*U]`\U_TU]vcTUTYUj
`Ubc_^Qcec_TU]QaeY^QbYQQfQ`_bS_]_VeU^dU`bY^SY`Q\TUU^UbWQi
\QUhYcdU^SYQTUbU\QSY_^UcTU`b_TeSSY†^Uh`bUcQTQcU^U\`QW_TUe^
cQ\QbY_U^TY^Ub_<_cbUce\dQT_cVeUb_^bUfU\QT_bUc*cUW‹^\QcUcdQTcdY
SQcXQSYQ!('(XQRQ^SYU^d_fUY^dYSeQdb_ecY^QcS_^dQ\UcSQbQSdUbcdYSQc
aeUU]`\UQRQ^U^S_^Ze^d_Q%)(!`Ubc_^QccYU^T_\Qc]vccYW^YVYSQdY
" $
3Qb\_c?]Y^Q]Y3b_YccQ^SUUdcdQW^QdY_^Qe3XY\Y*r\U]U^dc`_eb\µ}deTUTU\Qb}We\Q
dY_^TQ^ce^U}S_^_]YUc_ecTUfU\_``}U>Q^dUbbUDX~cUTUDb_YcY~]U3iS\UE^YfUbcYd}@Q
bYcH>Q^dUbbU!)( `vW)$
" %
5\W_RYUb^_TU\`bUcYTU^dUCQ^dQ=QbQd_]†\QY^YSYQdYfQ`QbQVe^TQbU^!((#\Q
C_SYUTQTTU6_]U^d_6QRbY\C?6?61S_^SURYTQS_]_e^_bWQ^Yc]_QcUc_bTU\W_RYUb
^_`QbQUcdY]e\QbU\TUcU^f_\fY]YU^d_Y^TecdbYQ\E^Q]`\Y_TUcQbb_\\_c_RbUUcdUdU]Q
U^:eQ^5TeQbT_FQbWQc3²<QC_SYUTQTTU6_]U^d_6QRbY\!((#!)"(³U^8Ycd_bYQ
>¡!#CQ^dYQW_!)'&`vWc%%#F}QcUdQ]RY}^FY\\Q\_R_ciCQWbUT__`SYd`vWc!"!
!#)<QQT]Y^YcdbQSY†^TU\`bUcYTU^dU2Q\]QSUTQSbU†U\=Y^YcdUbY_TU9^TecdbYQc!(('
i\YRUb†TU\`QW_TUTUbUSX_cTUQTeQ^QQ\Q]QdUbYQ`bY]Q`QbQceU\QR_bQSY†^U^3XY\U
iQ\Qc]QaeY^QbYQcY]`_bdQTQc`QbQ\QY^TecdbYQQTU]vcTU\QbUQ\YjQSY†^TUe^WYWQ^dUc
S_`\Q^TU_RbQc`‹R\YSQcSQbbUdUbQc\^UQcTUVUbb_SQbbY\`eUbd_cUcSeU\Qcd}S^YSQcUdS
TUcdY^QT_QSbUQb\QcS_^TYSY_^Uc^USUcQbYQc`QbQ\QY^TecdbYQ\YjQSY†^
" &
?bdUWQ²1SUbSQTU\_c_bWU^Uc³_`SYd

!!
fQc°`_bce^‹]Ub_i`_b\QVeUbjQTUdbQRQZ_°\QcTU`b_TeSd_c]Udv\Y
S_cY^S\eYTQ\Q]QaeY^QbYQdbUY^dQie^QU]`bUcQcS_^e^d_dQ\TU"%)&
dbQRQZQT_bUci\QcVvRbYSQcTUQ\Y]U^d_cdbUY^dQiSY^S_U]`bUcQcU^\Qc
aeU\QR_bQRQ^!!!"`Ubc_^Qc?bdUWQXQSU^_dQbaeU\QcSYU^d_fUY^dY
SeQdb_e^YTQTUc`b_TeSdYfQcTU\Q]eUcdbQbU`bUcU^dQRQ^c†\_e^"''
TU\d_dQ\TUUcdQR\USY]YU^d_ccU…Q\QT_c`_bU\SU^c_TU\QC_SYUTQTTU6_
]U^d_6QRbY\S_]__bWQ^YjQT_cQ^dUcTU!(')=eSXQcU]`bUcQc^_VeU
b_^S_^cYTUbQTQcU^ceUcdeTY_`_b^_Se]`\YbS_^Q\We^_TUTYSX_cbU
aeYcYd_cU^Uc`USYQ\U\ec_TUU^UbWQQfQ`_bQ`UcQbTUaeUU^d}b]Y^_c
TUU]`\U_Q\We^_cTUU\\_cUbQ^cYW^YVYSQdYf_c" ' 
@QcU]_cbUfYcdQQ\cUSd_bQbdUcQ^_°]Q^eVQSdebUb_TebQ^dUe^`U
b_T_e^`_S_]vc`b_\_^WQT_*\Qc‹\dY]QcSeQdb_T}SQTQcTU\cYW\_H9H
<QcY^TecdbYQcTUU\QR_bQSY†^TU]UdQ\UcS_^cdYdeiUb_^Q^dUciTUc
`e}cTU\Q7eUbbQTU\@QSVYS_\QfQ^WeQbTYQTU\TUcQbb_\\_TU\Q]_TUb
^QY^TecdbYQdQ^d_`_b\Qc]QaeY^QbYQcid}S^YSQcU]`\UQTQcS_]_`_b
U\]_^d_TUce`b_TeSSY†^iU^]U^_b]UTYTQ`_bU\WbQT_TUS_^SU^
dbQSY†^TUdbQRQZQT_bUc<QcVe^TYSY_^UcTUS_RbUaeUUhYcdYUb_^U^3XY
\UTebQ^dU\QcUWe^TQ]YdQTTU\cYW\_VeUb_^SbUQSY†^i`b_`YUTQTTUQ\U
]Q^UcY^W\UcUcVbQ^SUcUciQ\We^_cSXY\U^_c`b_`YUdQbY_cTUY]`_bdQ^
dUc]Y^QcCeSQ`QSYTQT`b_TeSdYfQQe]U^d†S_^cYTUbQR\U]U^dU]Q^Y
VUcdv^T_cUU^dbUU\\Qc\QdU^TU^SYQXQSYQe^QSbUSYU^dUS_^SU^dbQSY†^

3eQTb_>¡%
3?>35>DB139É>I3B539=95>D?45<19>4ECDB916E>494?B1
!(& °!((&

1…_c 3Q^dYTQTTUVe^TYSY_^Uc @b_TeSSY†^

d_^U\QTQc
!(& "% "$#)#
!(( ' $#(&
!((& &) %## (

6eU^dU*=QbSU\_CUWQ\\4UcQbb_\\_TU\SQ`YdQ\Yc]_U^3XY\U3Y^S_U^cQi_cTYQ\}SdYS_cCQ^dYQ
W_5TYd_bYQ\TU\@QSVYS_!)%#`vWc!&#i!&$

1\We^QcTUUcdQcU]`bUcQcUc`USYQ\]U^dU\QcVe^TYSY_^UcTUS_
RbU TU 7eQiQSv^ 3_b_^U\ i <_dQ \\UWQb_^ Q S_^dQbcU U^dbU \Qc ]vc
WbQ^TUcTU\]e^T_<QcY^^_fQSY_^Ucd}S^YSQcUc`USYQ\]U^dUU\X_b
^_TUbUfUbRUb_aeU`Ub]YdY†\QUhdbQSSY†^S_]UbSYQ\TU]Y^UbQ\UcTU
]U^_b\UiiU\X_b^_TUc_`\UdU\QcS_^fYbdYUb_^°XQcdQU\_SQc_TU\Q
]Y^UbQTU\S_RbU]UTYQT_cTU\_cQ…_ccUdU^dQ°U^\QQfQ^jQTQTU\

" '
9RYT

!!!
TUcQbb_\\_Y^TecdbYQ\ " ( <QY^TecdbYQVe^TYT_bQTU\Q`\QdQc†\_S_]U^
j†ce]_TUb^YjQSY†^Q`QbdYbTU\QT}SQTQTU!(% i]vcTUSYTYTQ]U^
dUU^\QTU!(& WbQSYQcQ\QWU^UbQ\YjQSY†^TU\ec_TU\QU^UbWQXY
Tbve\YSQi\QY^S_b`_bQSY†^TU\]_d_bQfQ`_bQ\`b_SUc_TUbUVY^QT_
<Qc`\Q^dQcRU^UVYSYQT_bQcTU3QfQ^SXQ9aeYaeUiTU@\QiQ2\Q^SQ
1^d_VQWQcdQ VeUb_^ WbQ^TUc i ]_TUb^_c UcdQR\USY]YU^d_c Y^Tec
dbYQ\UcaeUVYWebQb_^Q\QSQRUjQTU\QQSdYfYTQT\_WbQ^T_]Q^dU^Ubce
S_]`UdYfYTQTXQcdQVY^UcTUcYW\_UcTUSYbXQcdQU\S_]YU^j_TU\TUS\Y
fU]e^TYQ\TU\QUh`\_dQSY†^QbWU^dVUbQ " ) 
<QcWeUbbQcS_^dbQ5c`Q…Q!(&%iTU\@QSVYS_!(')°!((#Y^SU^
dYfQb_^U\`b_WbUc_TU\QY^TecdbYQVe^TYT_bQi]UdQ\‹bWYSQU^WU^UbQ\
9]`_bdQ^dUcS_^dbQd_cS_^U\5cdQT_QcUWebQb_^RU^UVYSY_c_c]UbSQT_c
`QbQ\QcU]`bUcQc]UdQ\]USv^YSQcTebQ^dUiTUc`e}cTU\QWeUbbQS_^dbQ
@Ub‹i2_\YfYQU^`QbdYSe\QbTUQaeU\\QcS_]_<UfUb=eb`Xii3QUcdQ
R\USYTQcU^FQ\`QbQc_"! 
?db_cVQSd_bUcS_]_\Q]USQ^YjQSY†^TU\QQWbYSe\debQU\TUcQbb_
\\_TU\Q]Y^UbQ\QY^db_TeSSY†^TU\QU^UbWQU\}SdbYSQ\QY^cdQ\QSY†^TU
bUTUcTUQWeQ`_dQR\UiTU]vc_RbQcebRQ^Qc`b_f_SQb_^e^QVeUbdUTU
]Q^TQTU]QaeY^QbYQciQ`QbQd_cQbQT_cfU^TY]YQT_bQcS_^fUbdYT_bUc
]Y^Ub_cSQ…_^Uc`QbQU\QWeQ`_dQR\UY^cdQ\QSY_^UcTU\ejU\}SdbYSQ
‹dY\UcTU]USv^YSQUdSaeUUcdY]e\†Q\cUSd_b]UdQ\‹bWYS_
5\ ]UbSQT_ WU^UbQT_ `_b \Q ]Y^UbQ U^ Uc`USYQ\ U\ TU\ >_bdU
7bQ^TUVeUe^U\U]U^d_S\QfUU^U\TUcU^f_\fY]YU^d_TU\cUSd_b<_c
`b_TeSd_bUc]Y^Ub_cS_]`bU^TYUb_^aeUUbQ]vcbU^dQR\UVQRbYSQbU^
U\`Qce^QcUbYUTUbU`eUcd_cXUbbQ]YU^dQciRYU^UcTUSQ`YdQ\6e^TY
SY_^UcS_]_\Q²DQbQ`QSv³i²5\=_bb_³TU9aeYaeU?bSXQbTTU1^d_
VQWQcdQ²<QFYSd_bYQ³i²<QE^Y†^³TUFQ\`QbQc__WbQ^TUc]QUcdbQ^
jQcS_]_\QcTU3Q\TUbQi=UZY\\_^UcW_jQb_^TUWbQ^`b_c`UbYTQTWbQ
SYQc Q\ ]UbSQT_ ]Y^Ub_ "!!  <Q 6e^TYSY†^ >QSY_^Q\ _ =QUcdbQ^jQ TU
<Y]QSXU`b_`YUTQTTU\W_RYUb^_W_j†TUbU`edQSY†^Y^S\ec_]vc
Q\\vTU\QcVb_^dUbQc^QSY_^Q\Uc1TU]vcTUQb]Q]U^d_Q\\cUVQRbYSQ
RQ^QbQT_cbUZQc`QbQ\QQWbYSe\debQ]_d_bUcQfQ`_bTUXQcdQ!%8@
SQ\TUbQcQ`QbQd_cdU\UWbvVYS_cUdS}dUbQ5^\Q5h`_cYSY†^>QSY_^Q\TU
1bdUcU9^TecdbYQbUQ\YjQTQU^CQ^dYQW_U\Q…_!('"UcTUSYbSY^S_Q…_c
TUc`e}cTUceVe^TQSY†^\QY^TecdbYQ\Y]QSXY^QUhXYRQU^dbUcecdbQ
RQZ_ce^QX}\YSU`QbQU\fQ`_b<ecYdQ^YQid_T_e^dbU^S_^cdbeYT_U^
cecdQ\\UbUc²TUcTU\Q\_S_]_d_bQXQcdQ\_cfQW_^UcTU`QcQZUb_ciTU

" (
@Y^d_i?bdUWQ_`SYd`vWc"#")4UcSbY`SY_^UcS_^dU]`_bv^UQcTU\QcVe^TY
SY_^UcTU7eQiQSv^i<_dQU^BUSQbUT_CD_b^Ub_3XY\U9\ecdbQT_7eQTUcSbY`dYf_TU\dUbbY
d_bY_TU3XY\UTU\QcSQ`YdQ\UcTU`b_fY^SYQYTU\_c`eUbd_c`bY^SY`Q\UcFQ\`QbQc_<YRbUbQcY
1ZU^SYQcTU\=UbSebY_!('"`vWc"&("' i#%!#%"
" )
@Y^d_i?bdUWQ_`SYd`vWc")#(
"!
FQbWQc3²<QC_SYUTQTTU6_]U^d_6QRbY\³_`SYd`vWc##i#$
"!!
@Y^d_i?bdUWQ_`SYd`vWc'')#

!!"
SQbWQ³ "!" 8QSYQ!(' \Qc]QUcdbQ^jQcTUbU`QbQSY†^i]Q^dU^SY†^TU
UaeY`_cVUbb_fYQbY_ccUXQRQ^Uh`Q^TYT_iQ\YWeQ\aeU\QTU<Y]QSXU
`b_TeSQ^_db_cRYU^UcS_]_SQbb_cbUZQciRQ^S_c@Ub_²UcQUh`Q^
cY†^`_cYRY\YdQTQ`_b\QTU]Q^TQY^dUb^QVeUTUc_bTU^QTQiceZUdQQ
SYS\_c aeU Y]`YTYUb_^ e^ TUcQbb_\\_ c_cdU^YT_³ "!#  1 `UcQb TU U\\_
XeR_\_Wb_cY]`_bdQ^dUc*XQSYQS_]YU^j_cTU\QT}SQTQTU!(' \QcVv
RbYSQc]UdQ\]USv^YSQcTUFQ\`QbQc_S_]U^jQb_^Q`b_TeSYb]_d_bUc
QfQ`_bTU(Q! 8@"!$ 
4ebQ^dU\Qc‹\dY]QcT}SQTQcTU\cYW\_U\SbUSY]YU^d_TUUcdQcecY^Qc
cU`b_TeZ_U^e^]QbS_TUVeUbdUS_]`UdU^SYQ`_bcUb\QTU]Q^TQTU
QbdSe\_c]USv^YS_cd_TQfQY^ceVYSYU^dU`QbQQcUWebQbU\}hYd_TUd_TQc\Qc
U]`bUcQc]UdQ\‹bWYSQcUhYcdU^dUc@QbQfU^SUbQcecS_]`UdYT_bUcQ\We
^_cY^TecdbYQ\Uc_`dQb_^`_b\Qe^Y†^5^CQ^dYQW_`_bUZU]`\_\QcVe^
TYSY_^Uc²<YRUbdQT³TUB_RUbd_CdbYS[\Ubi6bQ^SYcS_;Ž`VUbi²3Q`YdQ\³
TU7eY\\Ub]_;Ž`VUbXUb]Q^_TU6bQ^SYcS_cUVecY_^Qb_^U^!()#i\Q
^eUfQ²6e^TYSY†^<YRUbdQT³Q\SQ^j†QcUb\Q`bY]UbQTU\QSQ`YdQ\SYU^d_
fUY^dYSY^S__RbUb_cU^!()%ie^QTU\Qc]vcY]`_bdQ^dUcTU\`Qc"!%
1TU]vcTU\QcVe^TYSY_^Uci]QUcdbQ^jQcTUVUbb_SQbbY\UcU^U\cUS
d_b]UdQ\‹bWYS_\_WbQb_^Q]`\YQbcUXQcdQS_^fUbdYbcUU^`UaeU…_cUcdQ
R\USY]YU^d_cY^TecdbYQ\UcQ\We^_cdQ\\UbUcTUSQbb_SUbQcXUbbUbQiSU
bbQZUbQ"!&
<QcY^TecdbYQcQ\Y]U^dYSYQcVeUb_^]ei^e]Ub_cQcUY]`_bdQ^dUcU^
\QWU^UbQSY†^TUU]`\U_cVQRbY\Uc
<_cQ\U]Q^UcU^U\cebTU\`QcFQ\TYfYQ?c_b^_3_^SU`SY†^Y]
`e\cQb_^Q`QbdYbTU!(%!\QY^TecdbYQSUbfUSUbQ5cUQ…_;Qb\1TgQ^
TdUbVe^T†e^QVvRbYSQTUSUbfUjQU^FQ\TYfYQaeUS_^_SY†e^QUhYcdU^
SYQ]_TUcdQTebQ^dUe^QT}SQTQTURYT_Q\Q`_SQS_cde]RbUTU\_cSXY
\U^_cTUS_^ce]YbUcdQRURYTQiQ\QYc\Q]YU^d_bU\QdYf_TUUcQSYeTQTbUc
`USd_TU\bUcd_TU\`Qc1`QbdYbTU!(&"\QQ`UbdebQTUe^Q\^UQTUfQ
`_bUcU^dbUFQ\`QbQc_i3_bbQ\°`eUbd_]eiSUbSQ^_QFQ\TYfYQ°Y^db_
TeZ_e^SQ]RY_Ve^TQ]U^dQ\4UcTUU^d_^SUc\Q`b_TeSSY†^i\QcfU^
dQcTUUcdQY^TecdbYQUh`UbY]U^dQb_^e^WbQ^Qe]U^d_#"  \dcU^
"!"
5c`_cYSY†^TUQbdUcUY^TecdbYQTUCQ^dYQW_=U]_bYQTU\_cdbQRQZ_cTU\Q3_]YcY†^4YbUS
dYfQ4YcdbYReSY†^TU`bU]Y_c?SdeRbU&TU!('"CQ^dYQW_9]`bU^dQTU\Q<YRbUbQTU\=Ub
SebY_!('"`vWc!"i!#
"!#
FY\\Q\_R_c8Ycd_bYQTU\Q9^WU^YUbQ_`SYd`vW!%"<QSYdQS_bbUc`_^TUQ\SQ
`de\_999*²<QBUf_\eSY†^9^TecdbYQ\*cecQ`_bdUcibUaeUbY]YU^d_c³UcSbYd_`_b<eYc?bdU
WQ
"!$
9RYT
"!%
:DQTU_<Qc_:<QUhXYRYSY†^SXY\U^QU^\Q5h`_cYSY†^@Q^1]UbYSQ^QTU2eVVQ\_5E
!) !CQ^dYQW_9]`bU^dQi5^SeQTUb^QSY†^2QbSU\_^Q!) "`vWc<99<999+=QbYQ^_
=Qbd^Uj9^TecdbYQccQ^dYQWeY^QcCQ^dYQW_9]`bU^dQi5^SeQTUb^QSY†^2QbSU\_^Q!()&
`vWc$! 
"!&
E^QfYcY†^WU^UbQ\c_RbUU\cUSd_b]UdQ\]USv^YS_TebQ^dUUcdU`Ub_T_U^U\
SQ`de\_999TU\Q8Ycd_bYQTU\Q9^WU^YUbQU^3XY\UUcSbYd_`_b<eYc?bdUWQ_`SYd`vWc!% 
!%'

!!#
!(("°!((#(  TU\dcU^!()"°!()#!"  TU\dcU^!) !°
!) "TYfUbcYVYSv^T_cU\QWQ]QTUcec`b_TeSd_c8QSYQVY^UcTUcYW\_\Q
R_bQRQ^U^\QSUbfUSUbQTU1TgQ^TdUb°S_^dY^eQTQ`_bU\XYZ_TU\Ve^
TQT_b°e^_caeY^YU^d_cdbQRQZQT_bUc"!' 5^?c_b^__db_Y^]YWbQ^dUWUb
]Q^_:eQ^BU^_ecUcdQR\USY†U^!(%"\Q`bY]UbQSUbSUSUbQTU\QSYe
TQT"!( iU^3_^SU`SY†^ceS_]`QdbY_dQ7ecdQf_;U\\UbVe^T†U^!('$
e^QVvRbYSQTUSUbfUjQaeUUh`_bdQRQe^Q`QbdUTUce`b_TeSSY†^Q\@Ub‹
i2_\YfYQ8QSYQ!()%edY\YjQRQQ\YWeQ\aeU\Qc_dbQcVvRbYSQcTUceW}^U
b_]_TUb^Q]QaeY^QbYQY]`_bdQTQiTQRQU]`\U_QSYU^_`UbQbY_c "!) 

3UbfUSUbQ TU 1TgQ^TdUb FQ\TYfYQ

3_\USSY†^ =ecU_ 8Ycd†bYS_ >QSY_^Q\ CQ^dYQW_ TU 3XY\U

3_^dU]`_bv^UQ]U^dUQ\We^_cYdQ\YQ^_cY^SebcY_^Qb_^U^UcdUbe
Rb_U^\Qj_^QSU^dbQ\*TUcTU!(%(@UTb_=Qbd^i:eQ^@YWQdYS_]U^jQ
b_^QUh`\_dQbe^QVvRbYSQTUSUbfUjQU^FQ\`QbQc_"" 

"!'
<Qc__`SYd`vWcF9H+:e\Y_@}bUj3Q^d_<QY^TecdbYQ^QSY_^Q\4UcSbY`SY_^UcY
UcdeTY_cTUQ\We^QcVvRbYSQcTU3XY\U`eR\YSQTQcU^U\2_\Ud^TU\QC_SYUTQTTU6_]U^d_6QRbY\`_b
:e\Y_@}bUj3Q^d_SeQTUb^_999!()$!()%CQ^dYQW_9]`bU^dQ3UbfQ^dUc!()&`vWc!"'
!# i<QcY^TecdbYQcTUFQ\TYfYQCQ^dYQW_9]`bU^dQ3UbfQ^dUc!()$`vWc!)""+5^SY
^Q_`SYdd_]_HF999`vWc#&#
"!(
<YWQ3XY\U^_1\U]Q^Q<_cQ\U]Q^UcU^3XY\UU^ce`bY]UbSU^dU^QbY_BUce]U^XYcd†
bYS_TU\QS_\_^YjQSY†^Q\U]Q^QU^\Qc`b_fY^SYQcTU\cebU^3XY\UCQ^dYQW_<YWQ3XY\U^_1\U
]Q^Q!)% `vW!!(
"!)
@}bUj3Q^d_<QY^TecdbYQ^QSY_^Q\4UcSbY`SY_^Uc!()$!()%_`SYd`vWc! )
!!!F}QcUdQ]RY}^*<U_^QbT_=QjjUYTU7bQjYQ²3_^V_b]QSY†^TUcUSd_bUcU]`bUcQbYQ
\UcU^\QUS_^_]QTU3_^SU`SY†^cYW\_H9HiS_]YU^j_cTU\cYW\_HH³U^BUfYcdQTU8Yc
d_bYQf_\!3_^SU`SY†^!))!`vW#&
""
2Q\T_]Ub_5cdbQTQ²@QbdYSY`QSY†^YdQ\YQ^QU^\QY^TecdbYQ\YjQSY†^TU3XY\U?b
WU^UciUf_\eSY†^XQcdQ!)# ³U^2Q\T_]Ub_5cdbQTQUTYd_b@bUcU^SYQYdQ\YQ^QU^3XY\U
FQ\`QbQc_E^YfUbcYTQT3Qd†\YSQTUFQ\`QbQc_FYSUbbUSd_bQ1SQT}]YSQ9^cdYded_TU
8Ycd_bYQ!))#`vW! (

!!$
 5^\QcbUWY_^Uc]Y^UbQcTU\^_bdU\QY^TecdbYQSUbfUSUbQ\_Wb†SbUQb
]UbSQT_cU^\_caeUcecdU^dQbcU8QSYQ]UTYQT_cTU\QT}SQTQTU!(%
iQUhYcdQU^3_`YQ`†e^QVvRbYSQTUSUbfUjQS_^SQbQSdUbcdYSQcY^TecdbYQ
\UcCUdbQdQRQTU\Q²3UbfUSUbQ9^W\UcQTU3\Qb[i3Q³5^FQ\\U^QbQ`Q
bUSUe^QY^TecdbYQSUbfUSUbQU^\QT}SQTQTU!(( iU^1^d_VQWQcdQ\_c
U]`bUcQbY_cYdQ\YQ^_c=YWeU\1WQjjYi1]Rb_cY_3XYQjj_^UV_b]Qb_^U^
!((#e^Qc_SYUTQT`QbQ\QVQRbYSQSY†^TUSUbfUjQi\YS_bUc ""! 
6vRbYSQcQ‹^]vcY]`_bdQ^dUcVeUb_^SbUQTQcU^CQ^dYQW_FQ\`Q
bQc_i<Y]QSXU<QSUbfUSUbQTU<Y]QSXUU\²=Q^SXUcdUbSXY\U^_³TU
\Q}`_SQ`_bce^_dQR\UTUcQbb_\\_Y^TecdbYQ\S_^_SY†e^WbQ^QeWUQ
`QbdYbTUe^QVecY†^bUQ\YjQTQU^!())S_^_dbQTU\]Yc]_bQ]_TU\SUb
SQ^_`eUbd_TUFQ\`QbQc_<Q^eUfQc_SYUTQTS_^V_b]QTQ`_bSQ`YdQ
\YcdQcSXY\U^_ciUhdbQ^ZUb_cVeU\Q²6vRbYSQ>QSY_^Q\TU3UbfUjQ³1VY
^UcTUcYW\_U^\Q]_TUb^QecY^QTU<Y]QSXU°\Q`bY]UbQaeUedY\Yj†U^
3XY\U\Qc]vaeY^Qc`QbQdQ`QbR_dU\\Qc°dbQRQZQRQ^SUbSQTUcUYcSYU^d_c
_RbUb_c?dbQWbQ^SUbfUSUbQVeU\QaeUUcdQR\USYUb_^U^CQ^dYQW_U^
!((%U^U\cUSd_bceRebRQ^_TU@b_fYTU^SYQU\ceYj_1Wecd^7eR\UbiU\
SXY\U^_3Qb\_c3_ecY…_aeYU^UcY^db_TeZUb_^Y^^_fQSY_^Ucd}S^YSQc
XQcdQU^d_^SUcTUcS_^_SYTQcU^U\`Qc8QSYQVY^UcTUcYW\_}cdQU]`\UQ
RQU^dbUdbUcSYU^d_cSY^SeU^dQQSeQdb_SYU^d_c_`UbQbY_c """ <QVvRbYSQ
TUSUbfUjQ²<Q5cdbU\\Q³Y^cdQ\QTQ`_bU\Q\U]v^5R^UbU^U\RQbbY_TU
<Q3Q…QTY\\QTU\QSQ`YdQ\XQSYQ!()%`b_TeSQQ^eQ\]U^dU!% 

3UbfUSUbQTU7eR\Ubi3_ecY…_CQ^dYQW_
3_\USSY†^=ecU_8Ycd†bYS_>QSY_^Q\CQ^dYQW_TU3XY\U

""!
@Y^d_i?bdUWQ_`SYd`vWc)$i)%
"""
<Qc__`SYd`vWcH99HF9+=QbYQ^_=Qbd^Uj_`SYd`vWc!(!!)&

!!%
\dcTUSUbfUjQ_bTY^QbYQ"%  \dcTUSUbfUjQTUS\QcUcce`UbY_bUci
e^_c&% aeY^dQ\UcTU]Q\dQUh`_bdQ^T_Q\@Ub‹]vcTUe^dUbSY_TU
UcdQ‹\dY]Q`b_TeSSY†^5^\Qc}`_SQcTU\Q…_TU]Qi_bS_^ce]_TQRQ
U]`\U_QdbUcSYU^d_c_RbUb_cU^dbUX_]RbUc]eZUbUci^Y…_c ""#
5\TUcQbb_\\_TU\QY^TecdbYQSUbfUSUbQVeUVQSY\YdQT_Q`QbdYbTUZe\Y_
TU!('(`_b\QcTYc`_cYSY_^UcTU\QbQ^SU\QTeQ^Ub_aeUWbQfQb_^S_^
!"%TUTUbUSX_c`_bT_SU^QTUR_dU\\Qc\QY^dUb^QSY†^TUSUbfUjQ<Q
Y]`_bdQSY†^TUUcdQRURYTQSUc†SQcY`_bS_]`\Ud_°cQ\f_e^S_bd_`Qb}^
dUcYcU^!()"S_]_S_^cUSeU^SYQTU\QWeUbbQSYfY\TU\Q…_Q^dUbY_b°WU
^Ubv^T_cUU^SQ]RY_e^`UaeU…_V\eZ_Uh`_bdQT_bXQSYQ1bWU^dY^Q
@Ub‹5SeQT_b3_\_]RYQi1]}bYSQ3U^dbQ\@_bce`QbdU\QcTUcdY\UbQc
TU\YS_bUcVY^_ciVvRbYSQcTURURYTQcVe^TQTQc`_bYdQ\YQ^_ciVbQ^SUcUc
Uh`UbY]U^dQb_^SYUbd_`b_WbUc_TebQ^dU\Qc‹\dY]QcT}SQTQcTU\cYW\_
`Ub_cY^Q\SQ^jQb\QbU\UfQ^SYQTU\Q`b_TeSSY†^TUSUbfUjQ ""$ 
<QY^TecdbYQTUQ\Y]U^d_cTU]Qi_bU^fUbWQTebQVeU\QBUVY^UbQ
TU1j‹SQbTUFY…QTU\=QbVe^TQTQU^!('"`_bU\Q\U]v^:e\Uc2Ub^c
dUY^5cdUU]`bUcQbY_c_\YSYd†i_Rdef_TU\3_^WbUc_>QSY_^Q\\Q\YRUbQ
SY†^TU\`QW_TUTUbUSX_cTUUh`_bdQSY†^Q\_b_i\Q`\QdQaeUTURQ
U^fYQbQ\UhdbQ^ZUb_`QbQ\QS_]`bQTU\Qc]QaeY^QbYQcXQcdQe^]_^d_
TU&  iTU\_cTUbUSX_cTUY]`_bdQSY†^TU]QaeY^QbYQc`_bYT}^dY
SQce]Q""% 4U\U^d_QfQ^SUTebQ^dUcec`bY]Ub_cQ…_c\QU]`bUcQSbUQ
TQ`_b2Ub^cdUY^\_Wb†S_^fUbdYbcUXQSYQVY^UcTUcYW\_U^e^_TU\_cUc
dQR\USY]YU^d_cY^TecdbYQ\Uc]vcY]`_bdQ^dUcTU\`QcdQ^d_`_bceUhdU^
cY†^&  ]"i`_bU\S_cd_TUcecY^cdQ\QSY_^UcS_]_`_bce`b_TeS
SY†^ifU^dQc5cdQbUVY^UbQVeU°UhSU`deQ^T_U\cUSd_b]Y^Ub_°U\`bY
]UbS_]`\UZ_Y^TecdbYQ\aeUUhYcdY†U^3XY\U<eUW_TU\\UfQbe^QfYTQ
`\QWQTQTUTYVYSe\dQTUccUS_^fYbdY†U^!((&U^c_SYUTQTQ^†^Y]QQ\
Qc_SYQbcUceVe^TQT_bS_^e^Wbe`_TUY]`_bdQ^dUcQSSY_^YcdQcfY^Se\Q
T_cQ\S_]UbSY_TUFQ\`QbQc_`_cYRY\YdQ^T_U\TUc`UWeU ""& 1VY^UcTU
cYW\_cecY^cdQ\QSY_^UcS_]`bU^TQ^e^\QR_bQd_bY_TUae]YSQTU`Qb
dQ]U^d_cTURQSdUbY_\_WQiS\QbYVYSQSY†^\Qc]Qi_bUcR_TUWQcTU\`Qc
`QbQS_^dU^Ub]QTUbQe^QSQb`Y^dUbQQfQ`_bcUbfYTQ`_bSYU^_`UbQ
bY_ce^QVvRbYSQTUWQcaeUcebdY†TebQ^dUe^dYU]`_Q\QSYeTQTXQcdQ
aeUcU_bWQ^Yj†e^QS_]`Q…QUc`USYQ\`QbQU\cUbfYSY_ebRQ^_QTU]vc
TU_dbQcY^cdQ\QSY_^Uc]U^_bUc<QBUVY^UbQTU1j‹SQbTUFY…QTU\=Qb
VeUdQ]RY}^U\`bY]UbUcdQR\USY]YU^d_Y^TecdbYQ\TU\`QcaeU`bQSdYS†
e^QUcdbQdUWYQTUVYZQSY†^TU\Q]Q^_TU_RbQU^\QcSUbSQ^QcTU\QU]
`bUcQ_bWQ^YjQ^T_Q]UTYQT_cTU\_cQ…_c_SXU^dQe^Q`_R\QSY†^`QbQ
_RbUb_ciU]`\UQT_cU^\QaeUfYfQ^e^QcaeY^YU^dQc`Ubc_^Qc1\S_

""#
=QbYQ^_=Qbd^Uj_`SYd`vWc!)&" !
""$
E^Q]Y^eSY_cQTUcSbY`SY†^TU\QcVvRbYSQcTU\YS_bUcUhYcdU^dUcU^\QSQ`YdQ\QVY
^UcTU\cYW\_H9HU^=QbYQ^_=Qbd^Uj_`SYd`vWc!%'!'(
""%
?bdUWQ²1SUbSQTU\_c_bWU^Uc³_`SYd`vW!#
""&
FQbWQc3²<QC_SYUTQTTU6_]U^d_6QRbY\³_`SYd`vW#!

!!&
]U^jQbU\cYW\_HHQ\\dbQRQZQRQ^e^_cSeQdb_SYU^d_cSY^SeU^dQ_`UbQ
bY_cQTU]vcTUd}S^YS_cUY^WU^YUb_cS_^dv^T_cUU^dbUUcd_c‹\dY]_c
e^QU\UfQTQ`b_`_bSY†^TUY^W\UcUciQ\U]Q^UcCe`b_TeSSY†^Q^eQ\iQ
c_RbU`QcQRQ\Qc"% d_^]}dbYSQcTUQj‹SQb ""' 

@_R\QSY†^_RbUbQTU\QBUVY^UbQTU1j‹SQbTUFY…QTU\=QbQ^dUcTU!(('
3Y^SeU^dQQ…_c_`SYd

5^U\beRb_Q\Y]U^d_cVeUb_^dQ]RY}^Y]`_bdQ^dUc\QcVvRbYSQcTU
WQ\\UdQciSX_S_\QdUcU^dbU\QcaeUcUTUcdQSQRQ^\Q²6vRbYSQTU7Q\\UdQci
TU3X_S_\QdUc³TUFQ\`QbQc_`b_`YUTQTTU6UTUbYS_8eS[USbUQTQQ^
dUcTU\Q7eUbbQTU\@QSVYS_\Q²6vRbYSQTU3X_S_\QdUTU<eYc7Y_cQ³
Ve^TQTQU^!(($iS_^fUbdYTQU^`_S_cQ…_cU^\Q]vcY]`_bdQ^dUTUce
beRb_Q^YfU\^QSY_^Q\+Q]}^TUfQbYQc`Q^QTUbQc]USQ^YjQTQcaeUedY\Y
jQRQ^U^UbWQQfQ`_bU^CQ^dYQW_iFQ\`QbQc_i\QcY^TecdbYQcTU`QcdQc
Q\Y]U^dYSYQc""( <QY^TecdbYQWQ\\UdUbQUcdQR\USYTQU^CQ^dYQW_U^!('&`_b
\_cSQ`YdQ\YcdQc6YU\TCd_[Uci3_def_e^S_]YU^j_QjQb_c_<eUW_TUcUb

""'
<Qc__`SYd`vWcHHHFQHHHF99+3Y^SeU^dQQ…_c3_]`Q…QTUbUVY^UbQTU1j‹
SQbTUFY…QTU\=Qb!(('!)#'FQ\`QbQc_9]`bU^dQi<Yd_WbQVQE^YfUbc_!)#(`vWc
&!#icYWeYU^dUc
""(
?bdUWQ²1SUbSQTU\_c_bWU^Uc³_`SYd`vWc!%i!&+:e\Y_@}bUj3Q^d_<Q
Y^TecdbYQ^QSY_^Q\5cdeTY_cYTUcSbY`SY_^UcTUQ\We^QcVvRbYSQcTU3XY\U`eR\YSQTQcU^U\2_\Ud^TU
\QC_SYUTQTTU6_]U^d_6QRbY\`_b:e\Y_@}bUj3Q^d_SeQTUb^_99!()!!()#CQ^dYQW_9]`bU^
dQ3UbfQ^dUc!()#`vWc!)"!

!!'
TUS\QbQTQceaeYURbQVeUS_]`bQTQU^!((!`_b@UTb_5gY^WiD_]vc
BQg\Y^caeYU^Uc\QVecY_^Qb_^S_^_db_UcdQR\USY]YU^d_TUce`b_`YUTQT
\Q²6vRbYSQ9^W\UcQTU7Q\\UdQc³4UcTUU^d_^SUc\Q^eUfQU]`bUcQcU
Uh`Q^TY†^_dQR\U]U^dU5^\_c‹\dY]_cQ…_cTU\cYW\_\Q²6vRbYSQ>QSY_
^Q\TU7Q\\UdQcTU5gY^W8Ub]Q^_ci3_³U]`\UQRQe^_cSYU^d_dbUY^dQ
_RbUb_cU^dbUX_]RbUc]eZUbUci^Y…_c+ce`b_TeSSY†^UbQfU^TYTQU^U\
`QciU^U\UhdbQ^ZUb_"") 5^\QU\QR_bQSY†^TU`QcdQcQ\Y]U^dYSYQcU\`Q
`U\`bU`_^TUbQ^dUbUSQi†c_RbU\_cY^]YWbQ^dUcYdQ\YQ^_cdQ^d_U^FQ\`Q
bQc_°T_^TUXQSYQ!('&iQXQRQcYUdUVvRbYSQcTUVYTU_c`UbdU^USYU^dUcQ
YdQ\YQ^_caeUU]`\UQRQ^]_d_bUcQfQ`_b"# °S_]_U^_dbQcSYeTQTUc5^
3_^SU`SY†^`_bUZU]`\_U\]QbY^_cYSY\YQ^_6U\Y`U3QbYTY\\UWQT_Q
3XY\UU^!('%Ve^T†e^QecY^QTUVYTU_cS_^]_\Y^_TUSY\Y^Tb_"#! E^Q
Y]`_bdQ^SYQcY]Y\QbdefYUb_^\_cYdQ\YQ^_cU^U\beRb_TU\QY^TecdbYQS_^
cUbfUbQTUcTU\_c`bY]Ub_cQ…_cTUfYTQY^TU`U^TYU^dUTU\`Qc"#" 
<QUh`UbYU^SYQXUbUTQTQTU\Qc]Q^eVQSdebQcTUSebdYU]RbUcTU\Q
}`_SQS_\_^YQ\iU\dU]`bQ^_ifYW_b_c_Q`_bdUTUVbQ^SUcUciQ\U]Q^Uc
`Ub]YdYUb_^aeU}cdQVeUbQe^QTU\Qc`_SQcbQ]Qc]Q^eVQSdebUbQcaeU
W_jQb_^TUe^TUcQbb_\\_S_^cYTUbQR\UU^3XY\UTebQ^dUSQcYd_T_U\cY
W\_H9H4UcTU]UTYQT_cTUcYW\_\_cQ\U]Q^UcU^U\cebUc`USYQ\]U^dU
U^\QbUWY†^TUFQ\TYfYQi?c_b^_i\_cVbQ^SUcUcU^U\SU^db_iU^U\^_b
dUTU\`QcSbUQb_^iUh`Q^TYUb_^^e]Ub_cQcSebdYTebQcQ`_bdQ^T_
]QaeY^QbYQcidUS^_\_WQciSQ`QSYdQ^T_U^d}S^YSQc]vcQfQ^jQTQcQ\_c
SebdYT_bUc^QSY_^Q\Uc1]_T_TUUZU]`\_`eUTUcU…Q\QbcUU\SQc_TU
FQ\TYfYQSYeTQTU^\QaeUXQSYQVY^UcTU\QSU^debYQUhYcdQ^fUY^dYdb}c
UcdQR\USY]YU^d_cTUSebdYU]RbUce^QWbQ^VvRbYSQTUSQ\jQT_QfQ`_bi
dbUcVvRbYSQcTUS_\QaeUedY\YjQRQ^\_cbUcYTe_cTU\Qc`YU\UcCec`b_`YU
dQbY_cUbQ^SQcYd_T_cQ\U]Q^UcS_^dv^T_cUQ\We^_cVbQ^SUcUc*@b_SXU
\\U1TgQ^TdUbGUb[]UYcdUb@QecU^RUbWUb2US[T_bV5XbU^VU\TCSXe
\UbDXQdUbBeT\_VV;_SXCd_\jU^RQSX;e^dj]Q^^=_\TU^XQeUb"##
<_c=QW^~bUCQY^d=QSQbi5dSXUWQbQi5dSXU`QbUDYVV_ei_db_c
V_b]Qb_^fUbTQTUbQc²TY^QcdQc³TUSebdYT_bUcVbQ^SUcUcaeUcUdbQ^c]Y
dQ^TUWU^UbQSY†^U^WU^UbQSY†^U]`bUcQcVQ]Y\YQbUcY^SbU]U^dQ^T_

"")
<Q6vRbYSQ>QSY_^Q\TU7Q\\UdQcTU5gY^WYBQg\Y^cQ\_cfYcYdQ^dUcTU\Q5c`_cYSY†^>Q
SY_^Q\TUCQ^dYQW_TU3XY\U1…_TU!(($CQ^dYQW_9]`bU^dQTU²<Qr`_SQ³!(($+=QbYQ^_
=Qbd^Uj_`SYd`vWc"$#"$'
"#
?`SYd`vW!&5\]vcQ^dYWe_TUUcd_cUcdQR\USY]YU^d_cUbQ\QVvRbYSQTUc`QWXUd
dYcTU2Qcc_i2Qcc_Ve^TQTQU^!(%&`_b=QdU_6beW_^Ui<vjQb_2Qcc_@Ub_]eSX_Q^dUc
QS_]YU^j_cTU\QT}SQTQTU!($ XQRQ^cebWYT_U^\QSYeTQTSeQdb_Y^TecdbYQcTU\]Yc
]_W}^Ub_TYbYWYTQc`_bYdQ\YQ^_c5cdbQTQ²<Q`QbdYSY`QSY†^³_`SYd`vW! )i!! 
"#!
<U_^QbT_=QjjUYTU7bQjYQ²<QY^dUWbQSY†^US_^†]YSQTU\_cY^]YWbQ^dUcYdQ\YQ
^_cU^e^vbUQTUbUSU`SY†^^_]QcYfQ5\SQc_TU\Q`b_fY^SYQTU3_^SU`SY†^3XY\U!() 
!)# ³U^5cdbQTQUTYd_b@bUcU^SYQYdQ\YQ^Q_`SYd`vWc!#'i!#(1WbQTUjS_Q\Qed_b
TUUcdUdbQRQZ_U\XQRUb]UVQSY\YdQT_U\]Q^ecSbYd__bYWY^Q\Q^dUcTUce`eR\YSQSY†^
"#"
5cdbQTQ²<Q`QbdYSY`QSY†^³_`SYd`vWc!! 
"##
@}bUj3Q^d_<QcY^TecdbYQcTUFQ\TYfYQ_`SYd`vWc!"!'

!!(
S_^cdQ^dU]U^dUcec`b_TeSSY_^UcUY^cdQ\Q^T_^eUfQcVvRbYSQcU^TYcdY^
d_c`e^d_cTU\`Qc"#$ 
E^QTU\Qc]vcY]`_bdQ^dUcTUUcdQc²TY^QcdQc³TUSebdYT_bUcVbQ^
SUcUcU^3XY\UVeU\QTU\QVQ]Y\YQDYVV_eDQTU_DYVV_eceZUVUVe^T†e^
`bY]UbUcdQR\USY]YU^d_U^CQ^dYQW_U^!($!+e^_TUcecXYZ_cY^cdQ\†U^
!(%#\Q`bY]UbQSebdYTebQTU<QCUbU^Qi_db_cT_cXYZ_ce^QTUWbQ^
`bUcdYWY_U^CQ^dYQW_@_cdUbY_b]U^dUQ`QbdYbTU!(' S_^\QS_\QR_bQ
SY†^TUcecXUb]Q^_c:e\Uc1SXY\\Uci8}Sd_bDQTU_DYVV_eUcdQR\USY†
VvRbYSQcTUSebdYU]RbUcU^FQ\`QbQc_3ebYS†BU^W_=U\Y`Y\\QiDQS^Q
TUcQbb_\\Q^T_Q‹^]vc\QY^TecdbYQTUCQ^dYQW_WbQSYQcQ\QY]`_bdQSY†^
TU]QaeY^QbYQVbQ^SUcQ<QVvRbYSQTUDYVV_eUcdef_QcU^S_^TYSY_^Uc
TU`b_TeSYbUaeY`_cU^WbQ^UcSQ\Q`QbQU\UZ}bSYd_SXY\U^_U^!(')Q\
UcdQ\\Qb\Q7eUbbQTU\@QSVYS_i`QbQU\UZ}bSYd_\UQ\Q\`bUcYTU^dU2Q\]Q
SUTQTebQ^dU\QWeUbbQSYfY\TU!()! "#% 
@Ub_\QY^TecdbYQSebdYT_bQ]vcWbQ^TUTU\`Qc°idQ\fUjTUCeTQ
]}bYSQ°VeU\QaeUY^cdQ\†_db_VbQ^S}c1\SYTUc=QW^~bUU^U\RQbbY_
@b_fYTU^SYQTU\QSQ`YdQ\3_^dQ^T_S_^e^QVeUbjQXYTbve\YSQTUSeQbU^
dQ i SY^S_ SQRQ\\_c ]QaeY^QbYQ ]_TUb^Q Y]`_bdQTQ i _SXU^dQ _ ]vc
_RbUb_cceVvRbYSQ\Q^jQRQQ\]UbSQT_^QSY_^Q\iUh`_bdQRQQ5eb_`QTU
fUY^dU]Y\QfUY^dYSY^S_]Y\SeUb_c`_bQ…_XQSYQVY^UcTUcYW\_"#&
5^dbU\_cSebdYT_bUcQ\U]Q^UccUTUcdQS†=QebYSY_7\UYc^UbaeYU^
Y^cdQ\†e^QdYU^TQTUQbdSe\_ccebdYT_ce^QSebdYTebQie^QVvRbYSQTU
fU\Qc<eUW_Y^QeWeb†ceSebcQ\UcU^<_dQi3_^SU`SY†^8QSYQUcdQ‹\dY
]QSYeTQTcUdbQc\QT†U^!((#\QcUTUTU\Qc_SYUTQTdbQ^cV_b]v^T_cU
U^e^QTU\QcSQcQcS_]UbSYQ\Uc]vcY]`_bdQ^dUcTU\QbUWY†^S_^dQ^T_
U^dbUcec`b_`YUTQTUc\Q6vRbYSQCeTQ]UbYSQ^QTU1j‹SQbTU@U^S_QTU
]vcTU_dbQcY^TecdbYQc "#'
5\TUcU^f_\fY]YU^d_TU\QY^TecdbYQSebdYT_bQVQSY\Yd†\QSbUQSY†^
TUQ\We^QcVvRbYSQcTUSQ\jQT_`_cUUT_bQcTUd}S^YSQci]QaeY^QbYQc
]_TUb^QcWU^Ubv^T_cUdQ]RY}^U^UcdUcUSd_be^Q]QbSQTQdU^TU^
SYQ XQSYQ \Q S_^SU^dbQSY†^ TU \Q `b_TeSSY†^ U^ WbQ^TUc UcdQR\USY
]YU^d_cU^TUc]UTb_TU\_c^e]Ub_ccY]_c`UaeU…_cdQ\\UbUcQbdUcQ
^Q\Uc<QSebdYU]RbUTU\Q\U]v^3bYcdYv^BeT\_VVVe^TQTQU^!(% U^
FQ\TYfYQcUdbQ^cV_b]†U^`_S_cQ…_cU^e^QTU\Qc`bY^SY`Q\UcY^Tec
dbYQcTUSQ\jQT_TU\`QcU]`\UQ^T_XQSYQVY^UcTUcYW\_Q^_fU^dQ_`U
bQbY_c `QWQT_c `_b U\ ^‹]Ub_ TU _RbQc UZUSedQTQc Ce `b_TeSSY†^
Q^eQ\U^!()$°!()%UbQTU!(  Q"  icec]UbSQT_cSeRbQ^

"#$
=FUWQ51\Re]TU\QS_\_^YUVbQ^|QYcUQe3XY\YCQ^dYQW_9]`bY]UbYUUd<Yd_WbQ
`XYU6bQ^S_SXY\YU^^U!) $`vWc!'&i!'(
"#%
?`SYd`!%'+Â\fQbUj1^TbUgc_`SYd`vW!$ +@UTb_@QR\_6YWeUb_Q4YSSY_
^QbY_2Y†WbQVYS_TU5hdbQ^ZUb_cU^3XY\UCQ^dYQW_9]`bU^dQ=_TUb^Q!) `vW"!(
"#&
=QbYQ^_=Qbd^Uj_`SYd`vWc!"%!#"
"#'
=QjjUY3_^V_b]QSY†^TUcUSd_bUc_`SYd`vWc%$i%%

!!)
d_T_ U\ dUbbYd_bY_ ^QSY_^Q\ QTU]vc TU \Q fUSY^Q BU`‹R\YSQ TU 2_\Y
fYQ"#( @_bce`QbdU?SdQfY_2U^UTUddYVe^T†e^QVvRbYSQTUjQ`Qd_cU^
!(&!*²5^!(&(dU^QTU`†cYd_cU^CQ^dYQW_CUbU^Q3_`YQ`†3_^cdQ
RQTU_SX_]vaeY^Qc5^cYUdUQ…_cQbbeY^†Q\_cY]`_bdQT_bUcTUSQ\
jQT_UhdbQ^ZUb_<QY]`_bdQSY†^TUSQ\jQT_aeUU^!(& UbQTU$$%#
T_SU^Qc(")!#RQZ†U^!(%'Q!(#)T_SU^Qc"!&!(³ "#) 5\U]
`\U_TU]Q^_TU_RbQUhS\ecYfQ]U^dUVU]U^Y^Q°SY^SeU^dQ]eZUbUc
U^!(&(]vcTUcUdU^dQU^!('$°cYW^YVYSQRQe^]U^_bWQcd_U^cQ\Q
bY_c `Ub]YdYU^T_ Q 2U^UTUddY fU^TUb Q RQZ_c `bUSY_c i TUbb_dQb \Q
S_]`UdU^SYQ UhdbQ^ZUbQ 5^ !('$ ce `b_TeSSY†^ Q^eQ\ UbQ TU e^_c
dbUY^dQiSY^S_]Y\`QbUcTUjQ`Qd_c "$ 
<QcY^TecdbYQcdUhdY\UcVeUb_^`_S_^e]Ub_cQcQ^dUcTU\Q7eUbbQTU\
@QSVYS_5\UcdQR\USY]YU^d_]vcY]`_bdQ^dUVeU\Q²6vRbYSQTU@Q…_c2U
\\QfYcdQ³Ve^TQTQU^D_]}`b_fY^SYQTU3_^SU`SY†^Q]UTYQT_cTU\Q
T}SQTQTU!(& `_bU\^_bdUQ]UbYSQ^_GY\\YQ]4}\Q^_<Q]_TUb^Q]Q
aeY^QbYQY]`_bdQTQTU5cdQT_cE^YT_cVeUe^_TU\_cVQSd_bUcaeU`Ub]Y
dYUb_^ce}hYd_S_]UbSYQ\8QSYQ\_cQ…_ccUdU^dQ\QTYc]Y^eSY†^TU\Q
Y]`_bdQSY†^TU\QcdU\QcY^W\UcQcUbQQdbYReYTQQ\]U^_c`QbSYQ\]U^dUQ
\QS_]`UdU^SYQTUUcdQY^TecdbYQ8QSYQ!('"\QR_bQRQ^U^U\\QSYU^d_SY^
SeU^dQiSY^S_`Ubc_^QcU^dbUX_]RbUc]eZUbUci^Y…_c"$! 4U]U^_bUc
`b_`_bSY_^UcUbQ^\QVvRbYSQTU`Q…_c²5\CQ\d_³SbUQTQU^U\TYcdbYd_TU
3_^SXQ\CQ^dYQW_U^!(# i\Q²6vRbYSQTUDUZYT_cTU1\W_T†^³TU1\
VbUT@_`U3_cYdeQTQU^FQ\`QbQc_5^\_cQ…_ccUdU^dQQ]R_cUcdQ
R\USY]YU^d_cU]`\UQRQ^]_d_bUcS_^VeUbjQXYTbve\YSQ?dbQcVvRbYSQc
`b_TeSd_bQcTUdU\QcaeUdQ]RY}^ecQRQ^]QaeY^QbYQQfQ`_biQ\We^Qc
ecY^QcTUVQRbYSQSY†^TUcQS_cTUSeUbTQcTUZQbSYQciS_bTU\UcS_]`\UdQ
RQ^U\]_TUcd_cUSd_bdUhdY\^QSY_^Q\U^fc`UbQcTU\S_^V\YSd_R}\YS_"$" 
@QbQ\U\Q]U^dUQ\Y^YSY_TU\Q`b_TeSSY†^VQRbY\U^\Qc`bY^SY`Q\Uc
SYeTQTUccUTUcQbb_\\Qb_^TebQ^dUQaeU\\QcT}SQTQc\QcQSdYfYTQTUcTU
dY`_QbdUcQ^Q\icU]Y°Y^TecdbYQ\Ze^dQ]U^dUS_^\_ccUbfYSY_c\YWQT_cQ\
`b_SUc_TUebRQ^YjQSY†^iQ\QQ]`\YQSY†^TU\S_^ce]_1ccebWYUb_^_
cUUh`Q^TYUb_^_VYSY_cY^UhYcdU^dUc_`_S_cYW^YVYSQdYf_cTebQ^dUSQcY
d_TQ \Q `bY]UbQ ]YdQT TU\ cYW\_* SQbb_SUb_c dY`†WbQV_c \Yd†WbQV_c
U^SeQTUb^QT_bUcTUS_bQT_bUcT_bQT_bUcdQ`YSUb_c]_TYcdQcSUbfUSU

"#(
@}bUj3Q^d_<Q9^TecdbYQ^QSY_^Q\_`SYdSeQTUb^_999`vW!"$
"#)
Â\fQbUj1^TbUgc_`SYd`vW!$ 
"$
1=B5B64YbUSdY_^@_\YdYaeU>¡$"=153_bbUc`_^TQ^SU@_\YdYaeU>¡" 
²<UddbUTU=2bU^YUbTU=_^d]_bQ^TQe=Y^YcdbU\U4eS4USQcUj³CQ^dYQW_\U# cU`
dU]RbU!('!<}WQdY_^TU6bQ^SUQe3XY\YVZc!$)!)"
"$!
?bdUWQ²1SUbSQ³_`SYd`vWc!)i" 
"$"
?`SYd`vWc" ""5\\USd_bY^dUbUcQT_U^`b_Ve^TYjQb]vcU^UcdUdU]QU^S_^
dbQbve^S_]`\Ud_UcdQT_TU\QSeUcdY†^U^BQVQU\CQWbUT_2QUjQ²6eU^dUcUXYcd_bY_WbQ
VQTU\Q]Q^eVQSdebQUY^TecdbYQdUhdY\3XY\UcYW\_H9H³U^1]}bYSQ<QdY^QU^\Q8Ycd_bYQ
5S_^†]YSQ2_\Ud^TU6eU^dUc>¡$=}hYS_Ze\Y_TYSYU]RbUTU!))%`vWc")#&

!"
b_cS_SXUb_cUdS}dUbQ?db_cWbU]Y_c]vcdbQTYSY_^Q\UcS_]_\_cjQ`QdU
b_cSQb`Y^dUb_cURQ^YcdQcQ\RQ…Y\UcSYWQbbUb_cSebdYT_bUcdQ\QRQbdUb_c
cQcdbUcS_cdebUbQcc_]RbUbUb_cUdSSbUSYUb_^TU]Q^UbQcYW^YVYSQdYfQ
WbQSYQcQ\`b_WbUc_TUdQ\\UbUcTU]Qi_bU^fUbWQTebQTU]Q^eVQSdebQci
TU`UaeU…QcVvRbYSQc<QS_^cdbeSSY†^TU^e]Ub_cQc_RbQc`‹R\YSQcdQ]
RY}^S_^dbYRei†Q\Y^SbU]U^d_TUQ\We^_cTUUcd_c_VYSY_c
5^\QU\QR_bQSY†^TU]QTUbQciTUSQb`Y^dUbQcQfQ`_bcUS_]RY^†
\QUhYcdU^SYQTU\dbQTYSY_^Q\cUSd_bQbdUcQ^Q\S_^e^^QSYU^dUcUSd_bY^
TecdbYQ\_cU]Y°Y^TecdbYQ\<QQRe^TQ^SYQTU]QdUbYQ`bY]Qi\QSbUSYU^
dUTU]Q^TQUcdY]e\Qb_^ceQfQ^SU5\`bY]UbUcdQR\USY]YU^d_TUdbQ^c
V_b]QSY†^TU]QTUbQcTUdY`_Y^TecdbYQ\VQRbYSQSY†^TUSQcQcdbQ^c`_b
dQR\UccUVe^T†U^FQ\`QbQc_U^!('&+\eUW_cUY^cdQ\Qb_^VvRbYSQcTU\
]Yc]_dY`_U^CQ^dYQW_i_dbQcSYeTQTUc5\cebWY]YU^d_TUUcdQcV\Q]Q^
dUcecY^Qc`b_f_S†U\^QSY]YU^d_TU^eUf_c_VYSY_cY^TecdbYQ\UcS_]_`_b
UZU]`\_U^U\SQc_TU\QU\QR_bQSY†^TU]QTUbQc\_cSQb`Y^dUb_c°]QaeY
^YcdQcSQ`QSUcTUVQRbYSQbibU`QbQb]QaeY^QbYQc "$# 
1`UcQbTUaeU\_cfQS_cTU\QUcdQTcdYSQXQSYQVY^UcTU\QT}SQTQTU
!(( TYVYSe\dQ^e^QS_]`QbQSY†^`bUSYcQU^dbUU\TUcQbb_\\_TU\cUSd_b
QbdUcQ^_°Y^TecdbYQ\TU\_cQ…_c_SXU^dQiU\TU\_cTU\^_fU^dQ "$$ =QbSU
\\_3Qb]QW^Q^YXQ`_TYT_UcdQR\USUbe^Q]UTYTQTU\TUcU^f_\fY]YU^d_
TUUcQbQ]QTU\QUS_^_]QXQcdQ!()%c_RbU\QRQcUTU\QVUSXQTUVe^
TQSY†^TU\QcU]`bUcQcUhYcdU^dUcUcUQ…_

3eQTb_>¡&
65381456E>4139É>45<?C5CD12<539=95>D?C
1BD5C1>?°9>4ECDB91<5C5H9CD5>D5C5>!()%
6USXQ >¡ 

1^dUcTU!(' "$ !
!(' °!(') ## !#&
!(( °!(() ($ #$'
!() °!()% ! ) $!'
6eU^dU*=QbSU\\_3Qb]QW^Q^YCfY\e``_Y^TecdbYQ\UUc_dd_cfY\e``_US_^_]YS_*Y\SQc_SY\U^_
!(& °!)" D_bY^_6_^TQjY_^U<eYWY6Y^Q^TY!)'!`vW"!

3_]_\_TU]eUcdbQUcdUSeQTb_U\'&$TU\d_dQ\TU\QcU]`bUcQc
QbdUcQ^_°Y^TecdbYQ\UcXQRQ^cYT_SbUQT_cTUc`e}cTU!(( <QQSU\UbQ
SY†^TU\QUh`Q^cY†^TU\cUSd_bcUSe^TQbY_TU\QUS_^_]QQ`QbdYbTU

"$#
1]`\YQcY^V_b]QSY_^Ucc_RbU\QcVvRbYSQcTUU\QR_bQSY†^TU]QTUbQciSQb`Y^dUbQc
QfQ`_bTebQ^dU\Qc‹\dY]QcT}SQTQcTU\cYW\_H9HU^=QbYQ^_=Qbd^Uj_`SYd`vWc%%!!(
"$$
<QS_]`QbQSY†^bUce\dQY]`_cYR\UQSQecQTU\_cfQS_cTU\QUcdQTcdYSQS_]Ub
SYQ\SXY\U^QTUVY^UcTU\QT}SQTQTU!(( !(()5^U\1^eQbY_5cdQTcdYS_TU@QdU^dUc6YcSQ\Uc
TU!(((^_Q`QbUSU^\QcY^V_b]QSY_^UcTUTU`QbdQ]U^d_cdQ^Y]`_bdQ^dUcS_]_3_^SU`
SY†^FQ\`QbQc_<QCUbU^Qi_db_c5^U\TU!(()VQ\dQ^\_cTQd_cTU\_cTU`QbdQ]U^d_cTU
AeY^SXQ_<QedQb_3_\U]eCQ^3Qb\_ci3_^cdYdeSY†^

!"!
]UTYQT_cTU\_cQ…_c_SXU^dQcUQS_]`Q…†TUSYUbd_cSQ]RY_cU^\Q
bU`QbdYSY†^ `_b beRb_c TU `b_TeSSY†^ <Qc bQ]Qc TU Q\Y]U^dQSY†^
S_^cdbeSSY†^ i ae]YSQ aeU bU`bUcU^dQRQ^ U\ &% TU \Qc U]`bUcQc
UhYcdU^dUcU^!((%UbQ^c†\_U\")%U^!()%?db_ccUSd_bUcQe]U^
dQb_^ceY]`_bdQ^SYQU^Uc`USYQ\\QcY^TecdbYQc]USv^YSQcTU`Q`U\\Qc
Y]`bU^dQc\QcdUhdY\UcUY^TecdbYQcTYfUbcQc "$%3_^dU]`_bv^UQ]U^dUcU
WU^UbQRQe^`b_SUc_TU]_TUb^YjQSY†^US_^†]YSQWbQSYQcQ\QY]`_b
dQSY†^TUdUS^_\_WQiTU`b_VUcY_^Q\UcUeb_`U_cdbQT_cUc`USYQ\]U^
dU`QbQQcUWebQb\QTYbUSSY†^TUU]`bUcQcY^TecdbYQ\Uc4UUcdU]_T_
Q\We^QcVvRbYSQc°S_]_\QcTUQ\Y]U^d_ciRURYTQcZe^d_Q\Qc]UdQ\‹b
WYSQc°UcdefYUb_^U^]UZ_bUcS_^TYSY_^Uc`QbQc_`_bdQb\QSbYcYcaeU
W_\`U†Q\Y^SY`YU^dUcUSd_bVQRbY\SXY\U^_XQSYQ!()%
E^QTU\QcS_^cUSeU^SYQcc_SYQ\UcTUUcd_c`b_SUc_cVeUU\cebWY]YU^d_
TUe^QU]RbY_^QbYQRebWeUcQY^TecdbYQ\Sei_c^‹S\U_c]vccYW^YVYSQdYf_c
S_^dY^eQb_^cYU^T_TebQ^dUd_T_U\cYW\_H9HUhdbQ^ZUb_c_TUcSU^TYU^dUc
TYbUSd_cTUUhdbQ^ZUb_c5cdQ^eUfQS\QcU]Q^YVUcdQRQceTUcU_TU\_WbQb
]UZ_bUcS_^TYSY_^Uc`_\dYSQciUS_^†]YSQc`QbQce`b_WbUc_3_^cSYU^dU
TUceY]`_bdQ^SYQY]ReYTQTUce]YcY†^²`b_WbUcYcdQ³i²SYfY\YjQT_bQ³\Q
^QSYU^dURebWeUcQY^TecdbYQ\SXY\U^QcU_bWQ^Yj†i]_fY\Yj†Q`QbdYbTU\_c
Q…_ccUdU^dQ`QbQ_RdU^UbTU\5cdQT_QieTQci]Qi_bUcVQSY\YTQTUc`QbQcec
QSdYfYTQTUcVQRbY\UciS_]UbSYQ\UcS_Y^SYTYU^T_Q]U^eT_U^cecTU]Q^
TQcTU`b_dUSSY_^Yc]_S_^\Qc_bWQ^YjQSY_^UcTU_RbUb_ciQbdUcQ^_c"$&
1\]Yc]_dYU]`_Se^TQU^dbUSYUbd_cSbSe\_cTU\Q_`Y^Y†^Y\ecdbQTQ
°U^`QbdYSe\QbU^dbU\QcTYcdY^dQcS_bbYU^dUcTU\\YRUbQ\Yc]_°e^Uc`bYde
Y^TecdbYQ\YcdQ<QVe^TQSY†^TU\QC_SYUTQTTU6_]U^d_6QRbY\C?6?61
U^!((#`_bY^YSYQdYfQTU\W_RYUb^_TU\`bUcYTU^dUCQ^dQ=QbQ"$'VeU`bUSY
cQ]U^dU\QUh`bUcY†^TU\²Y^TecdbYQ\Yc]_Y\ecdbQT_³TU`_\dYS_ci`b_VU
cY_^Q\UcTU\SQ]`_TU\QcSYU^SYQcUhQSdQcaeUfUQ^U^\QY^TecdbYQ\YjQSY†^
e^fUXSe\_TU`b_WbUc_c_SYQ\IQe^aeUTebQ^dU]eSX_dYU]`_`_b\_
]U^_cXQcdQ!) \Q]Qi_bQTU\_cU]`bUcQbY_cVQRbY\UccU]Q^def_Q\
]QbWU^TUUcdQY^cdYdeSY†^°TURYT_QceSQbvSdUbTU_bWQ^Yc]_QcUc_bTU\
W_RYUb^_i^_WbU]YQ\°e^QcUbYUTUVQSd_bUcU^dbUU\\_c\QbUYdUbQTQ
TUVU^cQTU\_cY^dUbUcUcY^TecdbYQ\Uc`_b`QbdUTU\QC?6?61dUb]Y^Qb_^
`_bQSUbSQbQ\_cU]`bUcQbY_cQUcQU^dYTQTS_^fYbdY}^T_cU`\U^Q]U^dUU^
e^†bWQ^_TUUh`bUcY†^TU\QS\QcUU]`bUcQbYQ\\YWQTQQ\QY^TecdbYQVQ
RbY\"$( 
"$%
3Qb]QW^Q^YCfY\e``__`SYd`vWc!'(i!')
"$&
DU]QdbQdQT_U^U\SQ`de\_H99
"$'
<QC?6?61VeUVe^TQTQU\!$TUcU`dYU]RbUTU!((#5^UcQ]Yc]QVUSXQcU
^_]Rb†ce`bY]UbS_^cUZ_TYbUSdYf_V_b]QT_`_b1Wecd^5TgQbTc@bUcYTU^dU1^d_^Y_
CeRUbSQcUQehFYSU`bUcYTU^dU3Qb\_c8Y\\]Q^7eY\\Ub]_@eU\]QDe``Ub:e\Y_DYVV_e
4YUW_=YdSXU\\6UTUbYS_7QR\Ub2U^ZQ]^FU\QcS_3Qb\_c;\UY^5b^Ucd_=ejQbTB_RUb
d_<i_^5^bYaeUCdefU^CQ\fQT_b9jaeYUbT_CQ^dYQW_3XYSXd_^:e\Y_2Ub^cdUY^iFSd_b
BYUcS_<_cUhdbQ^ZUb_cUc`USYQ\]U^dUY^W\UcUcQ\U]Q^UciVbQ^SUcUcUbQ^^e]Ub_c_cU^
UcdQTYbUSdYfQbUV\UZQ^T_ce`bU`_^TUbQ^SYQU^\QY^TecdbYQVQRbY\
"$(
FQbWQc²<QC_SYUTQTTU6_]U^d_6QRbY\³_`SYd

!""
 5\TURQdUXYcd_bY_WbvVYS_i`_\dYS_c_RbU\Qc`_cYRY\YTQTUcaeUU^d_^
SUcdU^Q3XY\UTUS_^fUbdYbcUU^e^Q^QSY†^Y^TecdbYQ\Ucdv\UZ_cTUSUbbQb
cU3YUbd_cQed_bUcS_]_8Ub^v^BQ]bUj>US_SXUQXQ^fYcd_U^U\W_
RYUb^_TU\`bUcYTU^dU2Q\]QSUTQ\QUh`bUcY†^TUe^cUSd_bTU\QRebWeUcQ
Y^dUbUcQTQU^\QY^TecdbYQ\YjQSY†^TU\`QcCeTUbb_dQ`_\dYSQi]Y\YdQbQ
]Q^_cTUe^QS_Q\YSY†^`Qb\Q]U^dQbYQbU`bUcU^dQ^dUTU\_cY^dUbUcUcTU\Q
RQ^SQU\S_]UbSY_U\SQ`YdQ\RbYdv^YS_XUWU]†^YS_U^\QbUWY†^]Y^UbQ
TU\^_bdUi\_ccUSd_bUc]vcbUdQbTQdQbY_cTU\_cWbQ^TUc`b_`YUdQbY_cQWb
S_\QcXQRbQcYW^YVYSQT_\QbeY^QTU\_cY^dU^d_cY^TecdbYQ\YcdQcY]`_^Y}^
T_cUTUVY^YdYfQ]U^dUU\]_TU\_QWb_]Y^Ub_Uh`_bdQT_b"$) <QdUcYcTUBQ
]bUjXQcYT_S_^dUcdQTQ`_b^e]Ub_c_cQed_bUcTUcdQSv^T_cUU^dbUU\\_c
8Qb_\T2\Q[U]_bUaeYU^`ec_TUbU\YUfUe^QcUbYUTUUbb_bUc_]YcY_^Uci
`e^d_cT}RY\UcTU\Q_RbQTUBQ]bUjic_cdef_aeU\QS_\ecY†^TUY^dUbUcUc
cQ\YdbUb_cRbYdv^YS_ciU\Q^dQW_^Yc]_U^dbU2Q\]QSUTQiU\3_^WbUc_U^
]QdUbYQcUS_^†]YSQcS_]_SQecQcTU\QWeUbbQSYfY\UcQ\W_²^_`b_RQT_³
1\Q\ejTUUcdUbQj_^Q]YU^d_U\²^QSY_^Q\Yc]_US_^†]YS_³TU\²`bUcYTU^
dU]vbdYb³Uc`eUcd_U^dU\QTUZeYSY_`_bUcdY]QbaeUQ\We^QcTUcecTUS\Q
bQSY_^Uc^_cUWeYTQcTUQSd_caeU\QcQVYb]QbQ^`_TbQ^XQRUbcYT_cY]
`\Uc]Q^Y_RbQcTU`bUcY†^c_RbUSYUbd_cQTfUbcQbY_c`_\dYS_c`QbQU\\_Wb_
TUcec_RZUdYf_c@QbQ2\Q[U]_bU^_XeR_²U^dbUWeYc]_³TU\_cfU^SUT_
bUcTU!()!VbU^dUQ\SQ`YdQ\UhdbQ^ZUb_cY^_`_bU\S_^dbQbY_e^QcUbYUTU
]UTYTQcTUS\Qb_S_^dU^YT_²^QSY_^Q\YcdQUS_^†]YS_³QT_`dQTQc`_b\_c
W_RUb^Q^dUcTU\R\_aeUfU^SUT_baeU\_cQSUbSQbQ^U^UcU`\Q^_Q\Qc
YTUQcQ^e^SYQTQc`_bU\]Q^TQdQbY_TUbb_dQT_"% <QYTU^dYTQTRebWeUcQ
Y^TecdbYQ\-W_RYUb^_TU2Q\]QSUTQ-Y^TecdbYQ\YjQSY†^Q`QbUSUcUbYQ]U^
dUSeUcdY_^QTQU^\Q_RbQTU2\Q[U]_bU"%! CYWeYU^T_UcQ\^UQQbWe]U^

"$)
8Ub^v^BQ]bUj>US_SXUQ2Q\]QSUTQi\QS_^dbQbbUf_\eSY†^TU!()!CQ^dYQW_
5TYd_bYQ\E^YfUbcYdQbYQ!)&)
"%
<QdUcYc²S\vcYSQ³bUc`USd_TU\QcSQecQcTU\QWeUbbQSYfY\TU!()!cYWeUS_^dQ^T_
S_^^e]Ub_c_cc_cdU^UT_bUc5^dbUaeYU^UcceRcSbYRU^TUcTUe^Q†`dYSQXYcd_bY_WbvVYSQ
TYcdY^dQQ\QdbQTYSY_^Q\e^QY^dUb`bUdQSY†^U]Y^U^dU]U^dU²`_\dYSQ³TU\S_^V\YSd_cUTUc
dQSQCUbWY_FY\\Q\_R_cCUW‹^UcdUXYcd_bYQT_bU\U^VbU^dQ]YU^d_U^dbU2Q\]QSUTQiU\3_^
WbUc_cUUh`\YSQ`_be^QY^dUb`bUdQSY†^S_^cdYdeSY_^Q\TYQ]UdbQ\]U^dU_`eUcdQ<Q`_cY
SY†^TU\@Qb\Q]U^d_UbQU\bUce\dQT_TUe^`b_SUc_TU\QbWQTebQSY†^*U\QcSU^c_TU\QReb
WeUcQiQVe^TYTQS_^\QQbYcd_SbQSYQaeUQc`YbQRQQ\Q`\U^YdeTTU\`_TUbCUbWY_FY\\Q\_
R_cB²<Q`UbdebRQSY†^]_]U^dv^UQTU!()!³U^CUbWY_FY\\Q\_R_cBUdQ\<Q}`_SQTU
2Q\]QSUTQCQ^dYQW_5TYSY_^UcTU\Q4YbUSSY†^TU2YR\Y_dUSQc1bSXYf_ci=ecU_c3U^db_
TU9^fUcdYWQSY_^Uc4YUW_2Qbb_c1bQ^Q!))"`vWc!#""=vcbUSYU^dU]U^dU=QbQ1^
W}\YSQ9\\Q^UcU^e^QbdSe\_c_RbUe^`Ub_T_]vcQ]`\Y_XQQR_bTQT_U\S_^V\YSd_TU!()!
bUYfY^TYSQ^T_U\²U`YcdU]U³`_\dYS_S_^}^VQcYcU^\_c`b_iUSd_cS_^dbQ`eUcd_cTU`_TUb
]e^YSY`Q\aeUcUU^VbU^dQb_^U^QaeU\\Q}`_SQ<Q`_cYSY†^TUUcdQQed_bQUccY^U]RQbW_
]QdYjQTQ*9\\Q^UcbUS_^_SUaeUUcQXYcd_bYQ^_`eUTUcUbbUS_^cdbeYTQ‹^YSQ]U^dUTUcTUU\
bUVUbU^dU`_\dYS_=QbQ1^W}\YSQ9\\Q^Uc?²5\`b_iUSd_S_]e^Q\U^3XY\U6bQW]U^d_c
!(! !()!³U^8Ycd_bYQ>¡"'CQ^dYQW_!))#`vWc"!##")
"%!
E^Qc^dUcYcTU\QcYTUQcTUcQbb_\\QTQc`_b8Qb_\T2\Q[U]_bUU^d_b^_QUcd_c
TURQdUccUU^SeU^dbQU^T_cTUcecQbdSe\_c`eR\YSQT_cU^3XY\U*²<QbUf_\eSY†^SXY\U^Q

!"#
dQ\^_`_S_cQed_bUcc_cdYU^U^aeUU\TUcQbb_\\_Y^TecdbYQ\\UZ_cTUVbU^Qb
cUTebQ^dU\Q²BU`‹R\YSQ@Qb\Q]U^dQbYQ³cUQSU\Ub†Y^SU^dYfQT_`_bQ\We
^Qc]UTYTQc`b_dUSSY_^YcdQcQT_`dQTQc`_b\_cW_RYUb^_cTU\Q}`_SQ
<_aeUiQ^_]UbUSUTeTQcUcaeUU\S_]YU^j_TU\QY^TecdbYQ\YjQ
SY†^U^3XY\UUcQ^dUbY_bQ\‹\dY]_SeQbd_TU\cYW\_H9HCY^U]RQbW_
^eUcdbQc_]UbQTUcSbY`SY†^TU\TUcQbb_\\_Y^TecdbYQ\iQbdUcQ^Q\TUc`e}c
TU!(& ^_TURU_Se\dQbU\XUSX_Ve^TQ]U^dQ\TUaeUU\`QccU]Q^de
f_TebQ^dUd_TQUcQ}`_SQS_]_e^Q^QSY†^UcU^SYQ\]U^dU]Y^UbQiQWb
S_\Q<Q`b_TeSSY†^]Q^eVQSdebUbQ^_bU`bUcU^dQRQcY^_e^^VY]_`_b
SU^dQZUTU\QbYaeUjQiTU\Y^WbUc_^QSY_^Q\Y^S\ec_U^cec}`_SQcTU
]Qi_bQeWU
5\cYWeYU^dUSeQTb_S_]`QbQdYf_TU\QcUh`_bdQSY_^UcTU`b_TeSd_c
]Y^Ub_cQWbS_\Qci]Q^eVQSdebUb_cU^dbU!(')i!()%Q…_cTUSYUbdQ
Uh`Q^cY†^TU\QY^TecdbYQ]Q^eVQSdebUbQWbQSYQcQ\Y^SU^dYf_aeUbU`bU
cU^dQb_^\_cU^SQbW_cTU\UZ}bSYd_SXY\U^_TebQ^dU\Q7eUbbQTU\@QSVYS_
i\Q`_\dYSQY^TecdbYQ\YcdQTU\_cW_RYUb^_cTU\Q}`_SQTU]eUcdbQTUcTU
SYUbd_v^We\_\QT}RY\Y^SYTU^SYQTU\cUSd_bQbdUcQ^_°Y^TecdbYQ\U^UcdU
`\Q^_TU\QfYTQUS_^†]YSQTU\`Qc*

3eQTb_>¡'
3?=@?C939É>45<1C5H@?BD139?>5C389<5>1C
5>DB5!(')I!()%
Uh`bUcQT_U^]Y\\_^UcTU`Uc_cTU&TU_b_

1…_ 1WbS_\Qc  =Y^UbQ\Uc  1bdUcQ^_°  D_dQ\

TU\d_dQ\ TU\d_dQ\ Y^TecdbYQ\Uc TU\d_dQ\

!(') ' # #"&% !$$# &' " % "# "!%#

!(( &!& !)%( "#)% '&!% !#$ $"& #!$%

!((% #(' !"!) "%&# ( '$ !"$ #) #!'$

!() "(# &&$ #(%$ ( $) !"" "(& $"%)

!()% $(' &' #(!! (#% !") "(" $%&$

6eU^dU*3Qb]QW^Q^YCfY\e``__`SYd`vWc!($i!(%

<_c `bY^SY`Q\Uc `b_TeSd_c ]Q^eVQSdebQT_c aeU 3XY\U Uh`_bdQRQ

XQcdQVY^UcTU\_cQ…_c_SXU^dQUbQ^S_RbU\QRbQT_b_`QZQR†^S_]‹^
SQ\jQT_cebdYT_QbdSe\_c^QfQ\Uc`U\\_^UcSYWQbbY\\_cTUX_ZQi`Q`U\

TU!()!iceXYcd_bY_WbQVQ³U^213X8>¡'$CQ^dYQW_!)&&`vWc#''#+²¤>QSY_^Q\Yc
]_VbecdbQT_/3XY\UiU\cQ\YdbU!(' !()%³U^4_cUcdeTY_cc_RbUcQ\YdbUi`_\dYSQU^3XY\U
!(' !()% CQ^dYQW_ E^YfUbcYTQT TU CQ^dYQW_ TU 3XY\U 4U`QbdQ]U^d_ TU 8Ycd_bYQ
!))!`vWc!#"'

!"$
cQS_cfQS_cifQcYZQcTU]QTUbQ "%" =vcdQbTUTebQ^dU\Q‹\dY]QT}SQTQ
TU\cYW\_\QY^TecdbYQSUbfUSUbQ^QSY_^Q\S_\_S†`UaeU…QcSQ^dYTQTUcU^
]UbSQT_cTU_db_c`QcUcceTQ]UbYSQ^_c@Ub_U\SQbvSdUbUcU^SYQ\]U^dU
]Y^Ub_TU\QUS_^_]QSXY\U^QS_^dY^e†QSU^dev^T_cUXQSYQVY^UcTU\
cYW\_H9HiS_]YU^j_cTU\cYW\_HHU^TUdbY]U^T_TU\\eWQb_Se`QT_
dbQTYSY_^Q\]U^dU`_b\QQWbYSe\debQ<Q]Y^UbQ_]vcRYU^TYSX_U\cQ
\YdbUiU\i_T_VeUb_^d_T__SQcYd_T_U^\QbYaeUjQTU\`QcQ\`e^d_TU
bU`bUcU^dQbTebQ^dUSQcYdbUcT}SQTQc^_]U^_cTU\$ iXQcdQ]vcTU\
& TU\QcbU^dQcVYcSQ\Uc "%# 
<QY^TecdbYQ\YjQSY†^SXY\U^QVeU`eUc\Y]YdQTQ²Uc`‹bUQ³_²VbecdbQ
TQ³°cUW‹^\QSQ\YVYSQSY†^TUTYfUbc_cQed_bUc°iU\`QccYWeY†cYU^T_S\QbQ
]U^dU`bY]QbY_Uh`_bdQT_b"%$ 4YSX_TU_db_]_T_*²\QY^TecdbYQ^QSY_^Q\
^_WU^Ub†KM^Y\QS_^dY^eYTQT^Y\QQed_^_]Q^YU\TY^Q]Yc]_US_^†
]YS_aeUS_]‹^]U^dUcUQc_SYQ^S_^U\QTfU^Y]YU^d_`\U^_TU\SQ`YdQ\Yc
]_³"%% <QcbQj_^UcTU\²TUcQbb_\\_VbecdbQT_³^QSY_^Q\cUWeYbv^cYU^T_
_RZUd_TUTURQdUcY^U]RQbW_U^\_aeUbUc`USdQQ\cYW\_H9H`QbUSYUbQ
aeUVQSd_bUcdQ\UcS_]_\QTU`U^TU^SYQTU\Y^SY`YU^dUcUSd_bY^TecdbYQ\
bUc`USd_TU\QcSQcQcS_]UbSYQ\UcUhdbQ^ZUbQcY]`_bdQT_bQcTURYU^UcTU
SQ`YdQ\+U\bUcdbY^WYT_]UbSQT_Y^dUb^_+\QcYS_\_WQi\QS_^TeSdQTU\QS\Q
cUU]`bUcQbYQ\SbY_\\Q]vc`b_S\YfUQ\QcY^fUbcY_^UcVY^Q^SYUbQciS_]UbSYQ
\UcaeUQ\QcY^TecdbYQ\UcZejWQTQc]vcbYUcW_cQc+\QceZUSY†^TU\QY^TecdbYQ
^QSY_^Q\Q\QUS_^_]Q]Y^UbQ]eiTU`U^TYU^dUTU\QcV\eSdeQSY_^UcTU
\_c]UbSQT_cY^dUb^QSY_^Q\Uc+\QY^ceVYSYU^dUdbQ^cV_b]QSY†^SQ`YdQ\YcdQ
TU\S_^Ze^d_TU\QUS_^_]QbUce\dQT_U^WbQ^]UTYTQTU\QY^SQ`QSY
TQTTU\Q]Y^UbQ`QbQdbQ^cV_b]QbQ\bUcd_TU\QQSdYfYTQTUS_^†]YSQ
VeUb_^\_c`bY^SY`Q\UcbUc`_^cQR\UcTUUcdUTUcQbb_\\_VQ\\YT_ "%& 

#<_cdbQRQZQT_bUcTebQ^dU\QcUWe^TQ]YdQTTU\cYW\_H9H3_^dY^WU^
dUciTYcdbYReSY†^`_bcUSd_bUc`b_TeSdYf_c

5\cebWY]YU^d_iTUcQbb_\\_TU\cUSd_bY^TecdbYQ\U^\_ccUSd_bUc]U^SY_^Q
T_cU^UcdUSQ`de\_U^WU^Tb†e^^eUf_cUW]U^d_TUdbQRQZQT_bUce^

"%"
?VYSY^QTU5cdQTcdYSQ3_]UbSYQ\²3eQTb_5cdQTcdYS_TU\QUh`_bdQSY†^`_bS\Q
cYVYSQSY†^U^d_T_c\_c`eUbd_cTU\QBU`‹R\YSQTebQ^dU\_cQ…_c!(("i!((#FQ\`QbQc_
Ze^Y_!(TU!(($³4YQbY_?VYSYQ\TU\QBU`‹R\YSQTU3XY\UCQ^dYQW_"$TUZe^Y_TU!(($
"%#
5hSU`SY_^Q\]U^dUU^!)!)\QY^TecdbYQcQ\YdbUbQS_^dbYRei†c†\_U^"$#'Q\Qc
bU^dQc_bTY^QbYQcTU\Q^QSY†^bU]_^dQ^T_U^\_cSY^S_Q…_caeUcYWeYUb_^QdQcQcaeU
V\eSdeQb_^U^dbU#!%$i$ ('3QbY_\QiCe^[U\_`SYdSeQTb_!)`vW!#(
"%$
C_RbUUcdUdU]Q\Q_RbQS\vcYSQ`_bUhSU\U^SYQcYWeUcYU^T_U\\YRb_TU1^RQ\
@Y^d_CQ^dQ3bej3XY\Ue^SQc_TUTUcQbb_\\_VbecdbQT_CQ^dYQW_5TYd_bYQ\E^YfUbcYdQbYQ
3_\USSY†^1]}bYSQ>eUcdbQ!)%)
"%%
@Y^d_i?bdUWQ_`SYd`vW!! 
"%&
?`SYd`vWc! )!!!F}QcUdQ]RY}^CQ\QjQb1\We^QcSeUcdY_^Uc_`SYd

!"%
Y^SY`YU^dU`b_\UdQbYQT_Y^TecdbYQ\]Y^Ub_iVQRbY\SeiQcTY]U^cY_^Uc
c_^TYVSY\UcTU]UTYb5cdUcUSd_bc_SYQ\`QbUSUXQRUbUcdQT_S_]`eUcd_
`_be^Qc`_SQcTUSU^QcTU]Y\UcTU`Ubc_^Qc°U^dbUU\\Qc^e]Ub_cQc]e
ZUbUci^Y…_c°XQSYQVY^UcTU\`Ub_T_S_]`bU^TYT_U^^eUcdb_UcdeTY_
3_]_UccQRYT_Q`QbdYbTU!(& Q`b_hY]QTQ]U^dUS_]U^j†Q
]Q^YVUcdQbcU\QdU^TU^SYQXQSYQ\QS_^SU^dbQSY†^TU\Q`b_TeSSY†^]Q^e
VQSdebUbQU^e^YTQTUc`b_TeSdYfQcTU]Qi_bU^fUbWQTebQTYc]Y^eiU^T_
°Q\]U^_cU^`_bSU^dQZU°\_c`UaeU…_cdQ\\UbUc5\VU^†]U^_°aeUcU
QSU^de†TUc`e}cTU!((%°Q\]e\dY`\YSQbcUiQSbUSU^dQbcU\QcVvRbYSQcVeU
`QbdYSe\Qb]U^dU^_d_bY_U^\QcbQ]QcTU\SQ\jQT_iTU\QS_^VUSSY†^T_^
TUcebWYUb_^Y^TecdbYQcaeUQWbe`Qb_^QS_^dY^WU^dUcY]`_bdQ^dUcTUdbQ
RQZQT_bUcaeUXQcdQU^d_^SUccUXQRQ^TUcU]`U…QT_U^\QR_bUcd`YSQ
]U^dUQbdUcQ^Q\UcQ]U^eT_U^ce`b_`Y_T_]YSY\Y_5cU\SQc_TU\QcS_c
debUbQcQ`QbdYbTU]UTYQT_cTU\_cQ…_c_SXU^dQaeUVeUb_^U^S_^cdQ^
dUQe]U^d_XQcdQ!((%WbQSYQcQ\QUh`Q^cY†^TU\dbQRQZ_QdbQd_bUQ\YjQT_
U^cecSQcQc`_bSeU^dQTUQcU^dYcdQcidQ]RY}^TURYT_Q\QWbQ^Y]`_bdQ
SY†^TU]vaeY^QcTUS_cUbUc`USYQ\]U^dUU^dbU!(%)i!((#>__RcdQ^
dUUcdUcYcdU]QTUdbQRQZ_`bUT_]Y^Q^dUXQcdQ!((%S_]U^j†\eUW_QTU
SQUbQ\Y^cdQ\QbcUVvRbYSQcTUb_`QXUSXQT_dQTQcTU]vaeY^QcQfQ`_bi
]vaeY^QcXUbbQ]YU^dQcbUTeSYU^T_^_d_bYQ]U^dU\QSQ^dYTQTTUS_cde
bUbQcaeU\QR_bQRQ^U^cecT_]YSY\Y_ciQe]U^dQ^T_U^SQ]RY_TU]Q
^UbQS_^cYTUbQR\UU\`b_\UdQbYQT_Y^TecdbYQ\VU]U^Y^_"%' 

JQ`QdUb_bU]U^T†^
1eWecd_?bbUW_3_bd}c<eYc?bbUW_<eS_UdQ\
3XY\U4UcSbY`SY†^VcYSQ`_\dYSQc_SYQ\Y^TecdbYQ\iS_]UbSYQ\TU\QBU`‹R\YSQTU3XY\U
CQ^dYQW_<YRbUbQ3D_b^Ub_i3Q!) #

"%'
CQ\QjQb<QRbQT_bUc_`SYd`vWc#! i#!!

!"&
 5\fQcd_cUSd_bTUdbQRQZQT_bUcQcY]Y\QR\UcQ\²`U_^QZU³`bUY^Tec
dbYQ\WQ…Q^UcT_]}cdYS_cfU^TUT_bUcQ]Re\Q^dUcUdSS_]U^j†Q
bUTeSYbcUQ`QbdYbTU\QT}SQTQTU!(' U^d_T_U\`Qc<_cWQ…Q^UcaeU
bU`bUcU^dQRQ^U^!(&%Q\bUTUT_bTU" TU\Q]Q^_TU_RbQc†\_UbQ^
!!%U^!()%E^TUcSU^c_e^`_S_]U^_bcU]Q^YVUcdQRQU^dbU\QcUb
fYTe]RbUT_]}cdYSQQ\Q`QbaeUQe]U^dQRQ^\_cdbQRQZQT_bUcTU\dbQ^c
`_bdUi\QcS_]e^YSQSY_^Uci\_cU]`\UQT_ciS_]UbSYQ^dUc5\cUSd_bQb
dUcQ^_]Q^eVQSdebUb_cU]Q^def_]vc_]U^_cUcdQR\UU^Q\bUTUT_bTU
"'_"(TU\QVeUbjQTUdbQRQZ_TU\`Qc`Ub_TURUceRbQiQbcU°S_]_
iQ\_XU]_cXUSX_°aeUU^\QcSYeTQTUcUcdUcUSd_bUbQU\`bY]UbU]`\UQ
T_bTU]Q^_TU_RbQiU\`bY^SY`Q\WU^UbQT_bTU^eUf_c`eUcd_cTUdbQ
RQZ_Ze^d_Q\Q`QbQd_UcdQdQ\
5^CQ^dYQW_°SYeTQTaeUQ`QbdYbTUU^d_^SUccUS_^fYUbdUU^U\
`bY^SY`Q\SU^db_VQRbY\TU\`Qc°U\`b_SUc_TUS_^V_b]QSY†^TU\`b_\UdQ
bYQT_Y^TecdbYQ\VeU]vc^_d_bY_8QSYQ!('%XQRQ^e^_cfUY^dU]Y\QbdU
cQ^_cU^\QSQ`YdQ\TUTYSQT_c`bUVUbU^dU]U^dUQ\QcQSdYfYTQTUcTUS_^
VUSSY†^SeUb_i]QTUbQ<eYc1\RUbd_B_]Ub_SQ\Se\Q`QbQUcQ}`_SQ
U^cUYcSYU^d_c_cUdUSYU^d_c\_cdQ\\UbUcSQ`YdQ\Y^_cTUY]`_bdQ^SYQ8Q
SYQ!()%UcTUSYbe^QT}SQTQTUc`e}cTU_SebbYT_U\`Qc_TU\Q`b_TeS
SY†^QbdUcQ^_°]Q^eVQSdebUbQQ\QVQRbY\cUW‹^U\]Yc]_Qed_bXQRQU^
CQ^dYQW_e^_cTYUSYcYUdU]Y\_RbUb_cU^e^_c]Y\UcdQR\USY]YU^d_cSQdQ
\_WQT_cS_]_Y^TecdbYQ\Ucie^_cSeQdb_]Y\TUU\\_c\_XQSQ^U^U]`bU
cQcTU]U^_bU^fUbWQTebQ "%( 
5\SbUSY]YU^d_US_^†]YS_U^U\3XY\UTUSY]_^†^YS_`b_TeZ_\Q
V_b]QSY†^TU_db_ccYW^YVYSQdYf_c^‹S\U_cTUdbQRQZQT_bUcebRQ^_cicU
]YebRQ^_cTUcdQSv^T_cUU^dbUU\\_cU\`U_^QZUTU\Qc_RbQc`‹R\YSQci
`bYfQTQci\_cdbQRQZQT_bUc`_bdeQbY_c
<QS_^cdbeSSY†^TUSQ]Y^_cVUbb_SQbbY\Uci_db_cdbQRQZ_c`‹R\YS_c
i`bYfQT_c_bYWY^†U\^QSY]YU^d_TUe^Y]`_bdQ^dUcUSd_bQcQ\QbYQT_Q\_
\QbW_TUd_TQ\QcUWe^TQ]YdQTTU\cYW\_5\dU^TYT_TU\^UQcV}bbUQcU^
dbU3Q\TUbQi3_`YQ`†!($(°!(%!CQ^dYQW_iFQ\`QbQc_!(%"°!(&!
i\QcaeU`_cdUbY_b]U^dUcUS_^cdbeiUb_^TU3_`YQ`†QDbUc@e^dQcTU
3XY\\v^QD_]}TUCQ^dYQW_QDQ\SQifQbYQc_dbQcU^Uc`USYQ\TebQ^dU\Q
QT]Y^YcdbQSY†^2Q\]QSUTQ!((&°!()!U]`\UQb_^Q]Y\UcTUX_]RbUc
aeUS_^cdYdeiUb_^e^_TU\_ccUW]U^d_c]vccYW^YVYSQdYf_cTU\QWUb]Y
^Q\S\QcU_RbUbQSXY\U^QS_^SQbQSdUbcdYSQc`USe\YQbUc°U^WbQ^]UTYTQ
`bUY^TecdbYQ\Uc°TQT_ceSQbvSdUbYdY^UbQ^dUicecVeUbdUc\Qj_cS_^U\
]e^T_SQ]`UcY^_"%) 

"%(
B_]Ub_²3_^TYSY_^UcTUfYTQ³_`SYd`vWc&i'
"%)
<QU]`bUcQTU6Ubb_SQbbY\UcTU\5cdQT_S_^cdYdeYTQU^!(($]Q^dU^Qe^`U
aeU…_`_bSU^dQZUTUdbQRQZQT_bUc²TU`\Q^dQ³S_^^_]RbQ]YU^d__SQbW_TUVY^YT_bUSe
bbYU^T_U^SQ]RY_]QcYfQ]U^dUQ\cYcdU]QTUS_^dbQd_ci_dbQd_cS_^\_cdbQRQZQT_bUc
5^Q\We^QccUSSY_^UcS_]_U^U\4U`QbdQ]U^d_TU=QdUbYQ\DbQSSY†^i=QUcdbQ^jQcTY
SXQc`bvSdYSQccU]Q^YVUcdQRQ^S_^`QbdYSe\QbVeUbjQ<Q]_fY\YTQTTU\_cZ_b^Q\Ub_cUbQ

!"'
 6bQWeQDb_^S_c_U^1^W_cdebQTU@QY^U!(&"
=QbQ@YUTQT1\\YU^TU58Ycd_bYQTU\VUbb_SQbbY\U^3XY\U
CQ^dYQW_7_UdXU9^cdYded@UXe}^!))#

<QUh`Q^cY†^TU\QQSdYfYTQT`_bdeQbYQWbQSYQcQ\QfYdQ\YTQTTU\S_]Ub
SY_Y^dUb^QSY_^Q\`_cYRY\Yd†U\SbUSY]YU^d_TUe^^‹S\U_`QbdYSe\Qb]U^dU
UcdQR\UTUdbQRQZQT_bUc`_bdeQbY_c°Z_b^Q\Ub_c\Q^SXUb_ci_db_c°SeiQc
`USe\YQbUcSQbQSdUbcdYSQcQcS_]_cebU\UfQ^dU`Q`U\U^^e]Ub_c_c]_fY
]YU^d_cbUYfY^TYSQdYf_ci`_\dYS_c^_cXQ^]UbUSYT_e^QQdU^SY†^Uc`U
SYQ\"& 
1^dUcTUUhQ]Y^Qb\QTYcdbYReSY†^_Se`QSY_^Q\TebQ^dU\QcUWe^TQ
]YdQTTU\cYW\_Uc^USUcQbY_QTfUbdYbaeU\_cSU^c_cTU\Q}`_SQ^_U^dbU
WQ^e^QfYcY†^UhQSdQTU\QS\QcYVYSQSY†^TU\Q`_R\QSY†^cUW‹^cec_Se`Q
SY_^Uc<_cUbb_bUcTU]}d_T_+cYdeQSY_^UcY]`bUfYcdQcVU^†]U^_c^Qde
bQ\Uce_db_c+bUdYSU^SYQTUSYUbd_ccUSd_bUcaeUSbUQ^fUbU^U\U]`Q
Tb_^Q]YU^d_e^QQbdY]Q…QTU\QcQed_bYTQTUc`QbQQfUbYWeQbU\^‹]Ub_
TUX_]RbUcaeU`_TQ^bUS\edQbcU`QbQU\5Z}bSYd__`QbQY]`_^Ub\UcQ\

]eiWbQ^TUfQbYQ^T_ce^‹]Ub_TUQ…_U^Q…_cUW‹^\Qc^USUcYTQTUcTU\QU]`bUcQ
@Q]U\Q1bQiQ6UbbY~bU²>‹]Ub_dY`_cicY^We\QbYTQTUcTU\U]`\U_VUbb_fYQbY_XQSYQVY^Uc
TU\cYW\_H9H³U^BUfYcdQTU8Ycd_bYQF_\$3_^SU`SY†^!))$`vWc! ! %icYWeYU^dUc
5cdUdY`_TUU]`\U_cdU^TQQ]Q^dU^UbU\SQbvSdUb`bUY^TecdbYQ\TUe^WbQ^`_bSU^dQZU
TU\_cdbQRQZQT_bUcVUbb_fYQbY_cQ\]Yc]_dYU]`_aeUcUQfQ^jQRQU^\QSQ\YVYSQSY†^TU
QaeU\\QVbQSSY†^TU\Q]Q^_TU_RbQaeUW_jQRQTUUcdQRY\YTQT\QR_bQ\
"&
DU]QdbQdQT_U^\_cSQ`de\_cF9HH99HFiH9H

!"(
We^QdbYRedQSY†^+\QcQTe\dUbQSY_^UcbUQ\YjQTQc`_b\_c`b_`Y_cVe^SY_^Q
bY_cTUW_RYUb^_QVY^TU_bWQ^YjQbVbQeTUcU\USd_bQ\UcS_]__SebbY†U^
!((%+ `Ub_ c_RbU d_T_ U\ SQ]RY_ TU SbYdUbY_c TU U^SQcY\\Q]YU^d_
`b_VUcY_^Q\TUe^SU^c_Q_db_XQSU^UhdbU]QTQ]U^dUTYVSY\e^QS\QcY
VYSQSY†^fv\YTQ`QbQd_TQU\`Ub_T_ "&!1\We^_cSU^c_cS_]_U\TU!(&%
bUQWbe`Q^U\S_^Ze^d_TU\Q`_R\QSY†^QSdYfQU^cYUdUSQdUW_bQc`b_VU
cY_^Q\Uc+_db_cS_]_U\TU!()%U^fUY^dYc}YcSQdUW_bQcTYcdY^dQc4UUcdQ
]Q^UbQSYUbdQc`b_VUcY_^UcaeUU^e^SU^c_Q`QbUSU^V_b]Q^T_`QbdU
TUe^Wbe`_U^U\bUSeU^d_cYWeYU^dUc_^Y^S\eYTQcU^_dbQ`_cYSY†^5\
SeQTb_>¡(`bUdU^TUcY]`\YVYSQbQ\]vhY]_Uc_cbUQWbe`Q]YU^d_cCec
SQ^dYTQTUci`_bSU^dQZUcc_^^USUcQbYQ]U^dUQ`b_hY]QdYf_cUhSU`deQ^
T_aeYjvcU\SQc_TU\_c]Y^Ub_cS_]UbSYQ^dUciT_]}cdYS_c
5\dY`_TUY^V_b]QSY†^U^dbUWQTQ`_b\_cSU^c_cY]`_cYRY\YdQbUQ\Y
jQbTYcdY^SY_^UcS\QbQcU^dbUdbQRQZQT_bUcebRQ^_cidbQRQZQT_bUcbebQ\Uc
U^_VYSY_caeUVeUb_^^e]}bYSQ]U^dU]eiY]`_bdQ^dUcS_]_\_cWQ…Q
^Uci_db_c"&"1\_]vcU\UcdeTY_TUceeRYSQSY†^`_bTU`QbdQ]U^d_c`Ub
]YdUTUTeSYbQ\We^QcWbQ^TUc\^UQcTYcdbYRedYfQc`_b_VYSY_c5c^USUcQ
bY_`bUSYcQbaeU\_cSU^c_cTU\cYW\_H9H]vcaeUY^dU^dQbe^QS\QcYVYSQ
SY†^cUSd_bYQ\TU\Q]Q^_TU_RbQTUQSeUbT_S_^\QbQ]QTU`b_TeSSY†^
_`b_TeSd_VY^Q\WU^UbQT_`_bTYSXQc`Ubc_^QcS\QcYVYSQ^\QVeUbjQTU
dbQRQZ_`_b`b_VUcY_^Uce_VYSY_c@_bUc_\Qc²`b_VUcY_^UcQWb_`USeQ
bYQc³Q`QbUSU^U^UcdUSeQTb_bU`bUcU^dQ^T_e^`_bSU^dQZU]eiY^VUbY_b
Q\TU\Q`_R\QSY†^bUQ\]U^dUU]`\UQTQU^\Qc\QR_bUcQWbS_\QciQaeUQ
U\\QcXQRbQaeUQWbUWQbe^Q`b_`_bSY†^]eiY]`_bdQ^dUaeU^_Uc`_
cYR\UTUdUb]Y^QbTU\_cWQ…Q^UcE^`b_R\U]QcY]Y\QbcU`bUcU^dQU^U\
Wbe`_²QbdUcQ^_ci_RbUb_cTUY^TecdbYQcicUbfYSY_c³5^U\\_ccUY^S\eiU
e^QWbQ^SQ^dYTQTTUQbdUcQ^_cSei_c_VYSY_cVeUb_^cYU]`bUU]Y^U^dU
]U^dUbebQ\UcS_]_\QcdUZUT_bQcXY\Q^TUbQc]Y…QaeUbQc\_SUb_cUdS}
dUbQIe^QTYVYSe\dQTQSSUc_bYQaeUcU`bUcU^dQQ\XYcd_bYQT_bbUcYTUU^

"&!
5\`bY]UbSU^c_TUc`e}cTUS_^c_\YTQTQ\Q9^TU`U^TU^SYQcUUVUSde†U^!(#!
\Y]Ydv^T_cUQSYUbdQcbUWY_^UcTU\`Qc@QbQS_]`\UdQb\_cUbUQ\Yj†_db_U^!(#%4U\Q
e^Y†^TUQ]R_c^QSY†U\3U^c_TU!(#%Qbb_ZQ^T_e^Q`_R\QSY†^TU! ! #""XQRYdQ^
dUc5\cUWe^T_U]`QTb_^Q]YU^d_cUUVUSde†U^!($$iTY_S_]_bUce\dQT_e^Q`_R\QSY†^
TU!% #% !XQRYdQ^dUc1]R_cT_Se]U^d_cTUcQ`QbUSYUb_^TU\Q2YR\Y_dUSQ>QSY_^Q\iTU
\Q2YR\Y_dUSQTU\3_^WbUc_>QSY_^Q\<Q`_SQY^V_b]QSY†^aeUcUS_^cUbfQc_RbUTYSX_c
bUSeU^d_c`_R\QSY†^d_dQ\ebRQ^QibebQ\UdSUcQaeU\\QaeU\_cSU^c_c`_cdUbY_bUcbU
d_]Qb_^U^cecY^db_TeSSY_^Uc_U^cecSeQTb_cS_]`QbQdYf_c
"&"
CUW‹^U\SbYdUbY_U]`\UQT_`_b\_cSU^cYcdQcWQ…v^Uc²U\aeUcU_Se`QTUd_TQ
S\QcUTUdbQRQZ__Z_b^Q\cY^bUcYTU^SYQ^YTUcdY^_VYZ_³3_]_e^Q]Q^UbQTUbUc`_^TUb
Q\`b_R\U]Q]Ud_T_\†WYS_`\Q^dUQT_`_b\QWbQ^]_fY\YTQTWU_WbvVYSQi_Se`QSY_^Q\TU
Ucd_cdbQRQZQT_bUc^_SQ\YVYSQT_c\_cSU^c_cTU\cYW\_H9HiTUS_]YU^j_cTU\cYW\_HH
bUWYcdbQ^²\Q`b_VUcY†^Y^TecdbYQe_Se`QSY†^_bTY^QbYQ_XQRYdeQ\TU\Qc`Ubc_^Qc>_cU
dbQdQTUQfUbYWeQb\Q_Se`QSY†^]_]U^dv^UQTU\Y^TYfYTe_cY^_\QaeUUZUbSU\Q]Qi_b
`QbdUTU\Q…__]vcS_^cdQ^dU]U^dU³CUcd_3U^c_:U^UbQ\TU\QBU`‹R\YSQTU3XY\U\UfQ^dQT_U\
"&TU^_fYU]RbUTU!((%iS_]`Y\QT_`_b\Q?VYSY^Q3U^dbQ\TU5cdQTcdYSQU^CQ^dYQW_FQ\`QbQ
c_9]`bU^dQTU<Q@QdbYQ!(()9^db_TeSSY†^H99

!")
U\SQbvSdUbdbQ^cXe]Q^dUTU\Q]QcQ`U_^Q\U^ceS_^dY^e_dbv^cYd_U^
dbU\QcvbUQcbebQ\UcebRQ^Qci]Y^UbQc
<_cT}RY\UcUVUSdYf_c]Y^Ub_cS_^dbQcdQ^S_^U\Q`_bdUTUSYcYf_TU
UcUcUSd_bQ\QbYaeUjQ^QSY_^Q\\_aeUcUUh`\YSQU^WbQ^]UTYTQ`_b\Q
Q\dQdQcQTU`\ecfQ\QWU^UbQTQ`_b\Q]Y^UbQSXY\U^QTebQ^dU\QcUWe^TQ
]YdQTTU\cYW\_H9H@_bceUcSQcQSQ\YVYSQSY†^RQZ_ccQ\QbY_c^VY]_cdQdec
c_SYQ\i_dbQcbQj_^Uc\_cT_]}cdYS_cTURUbQ^cUbY^S\eYT_cU^U\²`U_^Q
ZU³Qe^SeQ^T_cUbUS_^_jSQ^Y]`_bdQ^dUcTYVUbU^SYQcS_^TeSdeQ\UcbUc
`USd_TU\WbeUc_TU\Q]QcQ`U_^Q\"&# 5^U\cYWeYU^dUSeQTb_Q`QbUSU^
bU`bUcU^dQ^T_e^QSQdUW_bQQ`QbdUc†\_S_]_e^TQd_aeU`Ub]YdUUfQ
\eQb\QUf_\eSY†^TU\QT_]UcdYSYTQTU^bU\QSY†^S_^\_c_db_c_VYSY_c`_
`e\QbUcCeY^cUbSY†^U^U\²`U_^QZU³`Ub]YdUQ`bUSYQbU\fUbTQTUb_`Uc_
TUUcdUcUSd_bTUdbQRQZQT_bUcU^\QUcdbeSdebQ_Se`QSY_^Q\TUSY]_^†^YSQ

3eQTb_>¡(
3E14B?B5CE=5>45<149CDB92E39É>
45<1@?2<139É>13D9F1389<5>1
C57E>41=9D1445<C97<?H9H
!(%$ !(&% !('% !((% !()%

@b_VUcY_^UcQWb_`USeQbYQc !!'&) !" "") !)!'! "&#"%) "&"!(!

"  ' !' & "!(& "$)% "$("
1bdUcQ^_ci_RbUb_cTU
?VYSY_c]Y^Ub_c
Y^TecdbYQcicUbfYSY_c !'(&# "$ $% ")$"# #($(% #!%$&
# $ #$! ##% #&$ ")(
1bdUcQ^_ci_RbUb_cTU
Y^TecdbYQcicUbfYSY_c !#) (" !")) " !!#!#' !#!(! !#" "(
"#'" !($$ !")  !"$) !"$)

@U_^QZUebRQ^_ibebQ\ !( )"# ")#%%( #%($&# #&($# #%(!)$

# (% $!&' $ (( #$)" ##)!

4_]}cdYS_c %#! ! ((%" (()%" ! ))&$ )("%!

) % !"%& ! !$ ! $" )# 

1bdYcdQcSYU^dVYS_ci !))! # !% #&"# '!(( ('"

`b_VUcY_^Uc\YRUbQ\Uc  ##  $"  $!  &(  ("

3_]UbSYQ^dUc !!#%# !%!(% "%')& $  (& %!&!"

!)# "!% ")$ #') $((

@b_VUcY_^UcTYfUbcQc &$#") "))#% &%&$! )%&)& !!#'%)

! )' $"$ '$( ) ' ! '&

@_R\QSY†^QSdYfQd_dQ\ %(&##" ' $#() ('&'$% ! %$) ! %&")!

6eU^dU*3U^c_cWU^UbQ\UcTU\Q`_R\QSY†^TU3XY\U1…_c!(%$!(&%!('%!((%i!()%

"&#
5\`QdUb^Q\Yc]_aeUVbUSeU^dU]U^dUSQbQSdUbYjQRQ\QcbU\QSY_^UcU^dbUQ]_ci

!#
 1S_^dY^eQSY†^`QcQbU]_cbUfYcdQQ\_c`bY^SY`Q\Uc_VYSY_cebRQ^_c
TebQ^dUU\`Ub_T_UcdeTYQT_S_^bU\QSY†^Q\S_^Ze^d_TU\Q`_R\QSY†^
US_^†]YSQ]U^dUQSdYfQ
5^!(%$TU\d_dQ\TU!$#)!" XQRYdQ^dUc\Q`_R\QSY†^US_^†]YSQ
]U^dUQSdYfQUbQTU%(&##"`Ubc_^QcUcTUSYbe^`_S_]vcTUe^$ TU
\_cXQRYdQ^dUc3_]_cUQ`bUSYQU^U\SeQTb_>¡(c†\_!#) ("`Ubc_^Qc
"#'"TU\Q`_R\QSY†^QSdYfQUbQ^QbdUcQ^_ce_RbUb_cTUdQ\\UbUc]Q
^eVQSdebQcUY^TecdbYQc<QcQbdUcQ^QcUcU^SYQ\]U^dUbebQ\Uc_Se`QRQ^Q
\_cWbe`_c]vc^e]Ub_c_cTUdbQRQZQT_bUcU^Uc`USYQ\U^\QVQRbYSQSY†^TU
dUZYT_cb_`QiQ\VQbUbQc "&$<_c_VYSY_cebRQ^_c]vc^edbYT_cUbQ^\_cTU
S_^cdbeSSY†^i]eUR\UbQcUWeYT_c`_b\_cTU\QS_^VUSSY†^iTU\SeUb_i
SQ\jQT_cY^S_^cYTUbQbQ\Qc^e]Ub_cQcS_cdebUbQcY^S\eYTQc]vcQTU\Q^dU
U^U\`U_^QZU<QVQRbYSQSY†^TUQ\Y]U^d_ciRURYTQc\Q]UdQ\ebWYQi\Qc
QbdUcQ^QcTU]UdQ\Uc_Se`QRQ^dQ]RY}^QRe^TQ^dU]Q^_TU_RbQ"&%
<Q]QcQ`U_^Q\S_^cdYdeQcY^TeTQU\S_^dY^WU^dU]vcY]`_bdQ^dU
TUdbQRQZQT_bUcdQ^d_bebQ\UcS_]_ebRQ^_cCUW‹^7QRbYU\CQ\QjQb*

KMU\`U_^QZUTU\cYW\_H9HUcdef_V_b]QT_^_
c†\_`_b\_aeU\_cSU^cYcdQcS_^cYTUbQRQ^S_]_`U_^Uc
`b_`YQ]U^dUdQ\Uc°fQ\UTUSYb\_c´WQ…Q^Ucµ°cY^_dQ]
RY}^`_bd_T_cQaeU\\_caeURQcQT_cU^Q\We^QcTU\Qc
]‹\dY`\Uc´XQRY\YTQTUcSQ]`UcY^QcµS_]_\_cS_SXUb_c
S_SY^Ub_cZQbTY^Ub_c\QfQ^TUbQcS_cdebUbQcUdS_U^
\QXQRY\YTQTWU^UbQ\TQTQ`_b\QcY]`\UVeUbjQ]ecSe\Qb
S_]_\_cSQbWQT_bUcQ`YbUcZ_b^Q\Ub_cUdSdbQRQZQb_^
_SQcY_^Q\_`Ub]Q^U^dU]U^dUU^_VYSY_c`_RbU]U^dU
bU]e^UbQT_c5\`U_^QZU^_Ucdef_TUVY^YT_`_b\QQe
cU^SYQTU´_VYSY_µcY^_]vcRYU^`_b\Qce]QTUd_T_c\_c
_VYSY_cV_bjQT_c_cQ\QbYQ\Uc^_SQ]`UcY^_c`Ub_`bU`b_
\UdQbY_c"&&

CUdbQdQRQTUe^S_^W\_]UbQT_Xe]Q^_TUS_^d_b^_cY]`bUSYc_c+
X_]RbUc]eZUbUci^Y…_c`QbdYSe\Qb]U^dUUh`\_dQT_ci]QbWY^QT_cS_^
`_SQSQ`QSYTQTTU_bWQ^YjQSY†^TebQ^dUWbQ^`QbdUTU\cYW\_H9H1e^

cYbfYU^dUcWU^UbQRQU^Ucd_c‹\dY]_ce^QQSdYdeTTUce]YcY†^]eiTYcdY^dQTU\QbURU\TQU
Y^TYcSY`\Y^Q`b_fUbRYQ\TU\WbeUc_TU\Q]QcQ`U_^Q\S_]`eUcdQ`_bWQ…Q^UciZ_b^Q\Ub_c
BUSebbYU^T_Q\QV†b]e\QU]`\UQTQ`_b:_c}2U^W_Q`QbQTYcdY^WeYb\QS_^TeSdQTUY^aeY
\Y^_ci`U_^UcQVeUbY^_c_Q]Re\Q^dUc`_TbQ]_cXQR\QbTU²ceR_bTY^QSY†^QcS}dYSQ³Q\
bUVUbYb^_cQ\S_]`_bdQ]YU^d_TU\_ccYbfYU^dUciTU²ceR_bTY^QSY†^cU^ceQ\³U^U\SQc_
TU\bUcd_TU\Q]QcQ`U_^Q\:_c}2U^W_Q5\`_TUbi\QceR_bTY^QSY†^1SUbSQTU\_bYWU^bebQ\
TU\`_TUbi\QceR_bTY^QSY†^U^3XY\U8Ycd_bYQc_SYQ\TU\QQWbYSe\debQSXY\U^Qd_]_9CQ^dYQW_
5TYSY_^UcCEB!)((`vWc!)"'
"&$
FUbSeQTb_>¡)
"&%
FUbSeQTb_>¡! 
"&&
CQ\QjQb<QRbQT_bUc_`SYd`vW!%$

!#!
aeUUcdQRQ^QTcSbYd_cQe^b}WY]U^TUdbQRQZ_^_]Y^Q\]U^dUQcQ\QbYQT_
\_c`U_^UcbUSYRQ^Q]U^eT_bU]e^UbQSY_^Uc^_]_^UdQbYjQTQc*VY
SXQcSQ^ZUQR\Ucc†\_U^\Q`e\`UbQ_S_]UbSY_TU\`Qdb†^`QW_U^`b_
TeSd_c_bUWQ\Qc_cY]`\UcTUcSeU^d_cTUTUeTQcY^cQ\TQR\Uc<Q`U_^Q
TQbUQ\YjQRQdbQRQZ_c²`bU]USv^YS_c³aeUY]`\YSQRQ^WbQ^TUcWQcdUTU
VeUbjQiU^\_caeU\QS_UbSY†^VcYSQUbQe^Q`_cYRY\YTQTcYU]`bU`bUcU^
dU
4UQSeUbT_Q^eUcdb_bUQWbe`Q]YU^d_U\`U_^QZUebRQ^_ibebQ\cY^
S_^cYTUbQbQ\`U_^QZU]Y^Ub_iUhS\eiU^T_Q\_cT_]}cdYS_cbU`bUcU^
dQRQU^!(%$cUW‹^\QcSYVbQcSU^cQ\Uce^Q]QcQTU!( )"#`Ubc_^QcUc
TUSYb# (%TU\QVeUbjQ\QR_bQ\TU\`Qc<_c]vc^e]Ub_c_cUbQ^\_c
cY]`\UcWQ…Q^Uc°!"$"'$Y^TYfYTe_c°U]`\UQT_cU^e^QWbQ^`b_`_b
SY†^U^VQU^QcQWbS_\Qc`Ub_dQ]RY}^U^_RbQc`‹R\YSQcS_]_\QS_^cdbeS
SY†^TUSQ]Y^_c\^UQcTUVUbb_SQbbY\i_dbQc\QR_bUcU^\QcaeU\QVeUbjQ
VcYSQTUcU]`U…QRQe^`Q`U\TUdUb]Y^Q^dU<_c%#! !T_]}cdYS_caeU
\QR_bQRQ^U^ce]Qi_bQU^\Qcj_^QcebRQ^QcbU`bUcU^dQRQ^) %TU\Q
VeUbjQTUdbQRQZ_"&' 9^S\eiU^T_Q\_cT_]}cdYS_cU\`U_^QZUebRQ^_ibe
bQ\Q\SQ^jQRQ\Qc"#$ $"`Ubc_^Qc_cUQ#))TU\Q`_R\QSY†^QSdYfQ
4ebQ^dU\QT}SQTQ!(& °!(&)cU`b_TeZ_e^QSbYcYcWU^UbQ\YjQTQTU
\QcQSdYfYTQTUcQbdUcQ^Q\UcdbQTYSY_^Q\UcTURYT_Q\QcSbUSYU^dUcY]`_bdQ
SY_^UciQ\cebWY]YU^d_TU\Qc`bY]UbQcY^TecdbYQcdUhdY\Uc]_TUb^Qc4Uc
TUU^d_^SUc\_cS_]`_^U^dUcTU\Q]Qi_bQTU\QcQbdUcQ^QcSQ]`UcY^Qc
ceVbYUb_^e^QTbvcdYSQTYc]Y^eSY†^ "&(

3eQTb_>¡)
1@?75?I453145>39145<1C1BD5C1>Å1CBEB1<5C
6E5BJ145DB121:?5>DB5!(%$I!()%

?VYSY_c !(%$ !(&% !('% !((% !()%

2_bTQT_bQc )() !#$ "& " $!") !%$&

C_]RbUbUb_c )") !('% !"## "!') "%(&
8Y\Q^TUbQcidUZUT_bQc (%$$% & & ! #'"!( #(" % "')"$
=Y…QaeUbQc (%! $&' ''! ("& $'
1\VQbUb_ci\_SUb_c "&%% ")%& """% ""(( !'!$
6eU^dU*3U^c_cTU\Q`_R\QSY†^SXY\U^QQ…_c!(%$!(&%!('%!((%i!()%

3_]_cU_RcUbfQU^U\SeQTb_>¡)\Qc‹^YSQcQbdUcQ^Qc]Qi_bYdQ
bYQ]U^dUbebQ\UcaeUUcSQ`Qb_^Q\QSbYcYcVeUb_^\QcTU\_cc_]RbUbUb_c
iU^]U^_b]UTYTQ\QcTU\QcR_bTQT_bQcQe^aeUU^Ucd_cSQc_ciQ^_

"&'
FUbSeQTb_>¡!!
"&(
<QSbYcYcTU\_c`UaeU…_c`b_TeSd_bUcdUhdY\UcTURYT_Q\QcY]`_bdQSY_^UcUbQ
UfYTU^dUU^SYUbdQcj_^QcSQ]`UcY^QcTUcTU\QcUWe^TQ]YdQTTU\_cQ…_cSY^SeU^dQ5^
!(%&U\Y^dU^TU^dUTU3_^SU`SY†^cU…Q\QRQaeU`_bUcQbQj†^XQRQ^TUcQ`QbUSYT_\Qc

!#"
`eUTUXQR\QbcUTUQbdUcQ^QcdY`YSQ]U^dUbebQ\Uc`eUcd_aeUU^U\\QcU\
S_]`_^U^dUebRQ^_dU^TQQQe]U^dQb "&) 
5^!(&%cUW‹^U\SU^c_fYfQ^U^U\`Qc!(!)"##`Ubc_^Qc+c†\_
!")) "TUU\\QcdbQRQZQRQ^U^\QY^TecdbYQiU\QbdUcQ^QT_bU`bUcU^dQ^
T_Q`U^Qc!("$TU\QVeUbjQ\QR_bQ\<QTYc]Y^eSY†^cUUh`\YSQ`_b\Q
VeUbdURQZQTU\QSQ^dYTQTTU`Ubc_^QcU]`\UQTQc`_b\QcQbdUcQ^QcbebQ
\Uc<QcQbdUcQ^Qci_VYSY_cU]Y^U^dU]U^dUebRQ^_cW_jQRQ^U^SQ]RY_
TUe^^_dQR\UQe]U^d_rcUUbQU\SQc_`_bUZU]`\_TU\Qc_Se`QSY_^Uc
TU\Q]eUR\UbQi\QS_^cdbeSSY†^5^TYSX_Q…_cUS_^dQRY\YjQb_^!(%$$
SQb`Y^dUb_cSQcYU\T_R\UaeU_^SUQ…_cQ^dUc$"")Q\RQ…Y\UcQTU]vc
TU_db_c_VYSY_c]U^_c^e]Ub_c_c?db_ccUSd_bUcaeUSbUSQ^TU]Q^U
bQcYW^YVYSQdYfQUbQ^\QcQSdYfYTQTUc]UdQ\‹bWYSQci\QcQbdUcQ^QcU^]UdQ
\Uc<_c_VYSY_cTU\QS_^VUSSY†^TU\SeUb_iTU\SQ\jQT_cUUh`Q^TQ^]vc
\U^dQ]U^dU_Y^S\ec_U^Q\We^_cSQc_c]Q^YVUcdQRQ^e^SYUbd_UcdQ^
SQ]YU^d_<_c_VYSY_cTU\QVQRbYSQSY†^TUQ\Y]U^d_ciRURYTQcdQ]RY}^
Uh`UbY]U^dQRQ^e^Qe]U^d_\Y]YdQT_"' 
4ebQ^dUUcUTUSU^Y_cUbUWYcdb†U\]vcVeUbdUY^SbU]U^d_TU\cUS
d_b`U_^Q\TUdbQRQZQT_bUcdQ^d_U^\QSYeTQTS_]_U^U\SQ]`_VU^†
]U^_\YWQT_U^ReU^Q]UTYTQQ\QSbYcYcTU\QcQbdUcQ^QcbebQ\Uc
5cdUcUSd_bTUdbQRQZQT_bUcUcdQRQS_]`eUcd_U^!(&%`_b")#%%(
`Ubc_^Qc°$!&'TU\Q`_R\QSY†^QSdYfQ°cY^S_^cYTUbQb((%" T_]}c
dYS_caeUbU`bUcU^dQRQ^`_bcc_\_c!"%&TU\Q]QcQ\QR_bQ\TU\`Qc
<Qce]Qd_dQ\TU\`U_^QZUebRQ^_ibebQ\UbQTU#(  '(`Ubc_^QcUcTU
SYb¥%#)%TU\Q`_R\QSY†^QSdYfQSXY\U^QcY^TeTQU\`_bSU^dQZU]vc
U\UfQT_TUcTU\Q9^TU`U^TU^SYQ
5\SU^c_TU!('%cUbUQ\Yj†SeQ^T_iQcUUfYTU^SYQRQ^\_c`bY]Ub_c
c^d_]QcTU\QSbYcYcUS_^†]YSQaeUdef_ceS\Y]QhXQSYQ!('(CecS_^
cUSeU^SYQcU^U\U]`\U_^_cUXQSQ^cU^dYbQ‹^S_^]eSXQVeUbjQCY^
U]RQbW_iQUbQ^fYcYR\UcQ\We^QcTUcec]Q^YVUcdQSY_^UcU^\QUcdbeSdebQ
_Se`QSY_^Q\TU\`QcC_RbU('&'$%`Ubc_^QcaeUS_^V_b]QRQ^\Q`_R\Q
SY†^QSdYfQ!)''! Y^TYfYTe_cUcd_Uc""%%UZUbSQ^e^_VYSY__`b_
VUcY†^\YWQT_Q\QcQSdYfYTQTUcQWb_`USeQbYQccY^S_^cYTUbQbU\`U_^QZU
QWbS_\Q<QdU^TU^SYQQ\SbUSY]YU^d_TUUcdUcUSd_bcUYbvQSU^deQ^T_
`_cdUbY_b]U^dU?db_TU\_cUVUSd_cTU\QSbYcYcUbQU\VbU^_bU\QdYf_TU\Q
U]YWbQSY†^XQSYQ\QcSYeTQTUciU^S_^cUSeU^SYQe^QTYc]Y^eSY†^TU\
`_bSU^dQZUTU_RbUb_ciQbdUcQ^_c5cd_cdbQRQZQT_bUcY^S\eiU^T_S_]_

QbdUcQ^QcbebQ\UcVQRbYSQ^dUcTUdUZYT_cTU\Q^QS_]_ZUbWQcSXQ…_cRQiUdQci_db_cTU
ZQ^T_Qe^Q²]e\dYdeTTU]eZUbUc³cY^_Se`QSY†^=U]_bYQaeU`bUcU^dQU\9^dU^TU^dUTU3_^
SU`SY†^Q\cU…_b=Y^Ycdb_TU\9^dUbY_bc_RbU\QfYcYdQ`bQSdYSQTQU^ce`b_fY^SYQCQ^dYQW_9]`bU^
dQ>QSY_^Q\!(%&`vW"$
"&)
5cdUVU^†]U^_UcS\QbQ]U^dU`UbSU`dYR\UU^\QTYcdbYReSY†^TU`QbdQ]U^dQ\TU
\_c_VYSY_c
"'
FUbSeQTb_>¡! 

!##
iQXU]_ccU…Q\QT_Q\_cQbdUcQ^_cTU\SQ]`_`eUTU^UfQ\eQbcUXQSYQ
!('%U^e^Qc!!#!#'`Ubc_^QcUcTUSYbc†\_!") TU\Q`_R\QSY†^
US_^†]YSQ]U^dUQSdYfQ<QTYc]Y^eSY†^]vc]QbSQTQcUXQRQ`b_TeSY
T_S_]_XU]_cfYcd_U^dbU\_cQbdUcQ^_cbebQ\Uc5^\QcSYeTQTUcU\
U]`\U_Y^TecdbYQ\iQbdUcQ^Q\`b_WbUcQRQ]ei\U^dQ]U^dUiU^Q\We^_c
SQc_cbUdb_SUTQ<_c_VYSY_cTU\QS_^cdbeSSY†^iTU\Q]eUR\UbQU]
`\UQT_bUcTUWbQ^SQ^dYTQTTU]Q^_TU_RbQdU^TQ^W\_RQ\]U^dUQ
]Q^dU^UbcUUcdQR\UcS_^dbQRQ\Q^SUQ^T_\QTYc]Y^eSY†^TU`Ubc_^QcU^
Q\We^_c_VYSY_cS_^U\Qe]U^d_U^_db_c5^!('%cUS_^dQb_^&!)%Q\RQ
…Y\Uce^Qe]U^d_TUSQcYe^dUbSY_bUc`USd_TU\SU^c_Q^dUbY_b!""%&
`Y^d_bUcU\T_R\U`Ub_c†\_!%)&"SQb`Y^dUb_ce^QTYc]Y^eSY†^TU
SQcYe^SeQbd_U^TYUjQ…_c<_cU]`\U_cTU\SeUb_iTU\SQ\jQT_SbUSQ^
TYcSbUdQ]U^dU"'! 
3eQTb_>¡!
6E5BJ145DB121:?451<7E>?C?6939?CEB21>?C31<969314?C
5>DB5!(%$I!('%
?VYSY_c !(%$ !(&% !('%

93_^cdbeSSY†^i]_RY\YQbY_

3Qb`Y^dUb_c )$)) !&%$$ !%)&"

CY\\UdUb_c ° ° $!'
1\RQ…Y\Uc "('% $"") &!)%
@Y^d_bUc #(" &#% !"%&
5RQ^YcdQciWbQRQT_bUc !! !)# #&(
DQ`YSUb_c !## " $ #!)
5cdeSQT_bUc $ "% !$"
4_bQT_bUc " &$ &)

993_^VUSSY†^

CQcdbUc #$#) #$"" #%))

=_TYcdQc &" ! ( !)'
@U\\_^Ub_c #) &#& '&$

9993eUb_iSQ\jQT_

JQ`QdUb_c !!" ) !##'& !$###

3ebdYT_bUc $%( ")& $"'
DQ\QRQbdUb_ciVQRTUbYU^TQc ("% ! $) !"!!

9F1\Y]U^d_ciRURYTQc

@Q^QTUb_c "!)! #()% $"'"

1]QcQ^TUb_c !!) # % °
4e\SUb_c %" %"% $!!
@QcdU\Ub_c "# %) ((
4UcdY\QT_bUc (" && °
3UbfUSUb_c $) (& "$!
3YWQbbUb_c )(' !'(# " $
"'!
FUbSeQTb_>¡! 

!#$
?VYSY_c !(%$ !(&% !('%

F=UdQ\ebWYQiQbdUcQ^QcTU]UdQ\Uc

:_iUb_c '& (" °

3Qbb_SUb_c (# "!! $%$
8UbbUb_c "& & #%&! $($#
@\QdUb_c ' # #)" #$%
2b_^SUb_c ° !% #(
8_ZQ\QdUb_c ""( $!( & %
6e^TYT_bUc !&% #'% $)$
8UbbQT_bUc )) !% !%%
BU\_ZUb_c ° !"" ")"

F99]`bU^dQiUTYSY†^

DY`†WbQV_c !)$ #&$ &%"

<Yd†WbQV_c & ) #!
5^SeQTUb^QT_bUc #" &! )$

994YfUbc_c

3Q\QVQdUb_c !!! !(" "')

D_^U\Ub_c #!% %&% &!)
DY^debUb_c "() "&# !!#
=QaeY^YcdQc !!( $%# %"(
=USv^YS_c ° (! &!%

9^S\eYTQc\Qc]Q^dUbQcVQRbYSQ^dUcTU`_^SX_c
9^S\eYT_c\_cSUbbQZUb_c

6eU^dU*3U^c_cTU\Q`_R\QSY†^SXY\U^QTU\_cQ…_c!(%$!(&%i!('%

<_aeUU\U]`QTb_^Q]YU^d_^_]eUcdbQUc\QV_b]QS_]_cUTYc
dbYReQ^Ucd_cdbQRQZQT_bUcUcd_Uc\QdU^TU^SYQTU\TUcQbb_\\_Y^Tec
dbYQ\QS_^SU^dbQb\_cU^e^YTQTUc`b_TeSdYfQcTU]Qi_bdQ]Q…_S_]_
_SebbQU^\QVQRbYSQSY†^TUSQ\jQT_]_dYf_`_bU\SeQ\Q`UcQbTU\Q
SbYcYcce^‹]Ub_S_^dY^eQRQQe]U^dQ^T_<_cdQ\\UbUcTUS_^VUSSY†^
dQ]RY}^ceVbQ^e^UcdQ^SQ]YU^d_*UhSU`deQ^T_\_cSQc_cQ^Q\YjQT_c
Q`QbdUTU\QcS_cdebUbQcic_]RbUbUb_c\QSQ^dYTQTTUdbQRQZQT_bUcTU
UcdUcUSd_b`b_WbUcQRQ]ei\U^dQ]U^dU<QcU]`bUcQcTUVQRbYSQSY†^
TUQ\Y]U^d_ciRURYTQccUU^S_^dbQRQ^U^e^QcYdeQSY†^cY]Y\Qb<Qc
Y^TecdbYQc]UdQ\‹bWYSQciQbdUcQ^QcTU]UdQ\]Q^YVUcdQRQ^cYW^_cTU
]Qi_bfYdQ\YTQTUh`UbY]U^dQ^T_e^SbUSY]YU^d_TUQ\bUTUT_bTU# 
TUceVeUbjQTUdbQRQZ_bUc`USd_TU\QT}SQTQQ^dUbY_b
?db_VQSd_bTU\QSbYcYcUS_^†]YSQc_RbU\QUcdbeSdebQ_Se`QSY_^Q\
TU\`QcVeUU\]Q^dU^Y]YU^d_TUe^U\UfQT_^‹]Ub_TU`Ubc_^QcS_^
cQWbQTQcQQSdYfYTQTUc`U_^Q\UcebRQ^QcibebQ\Uc5^U\SU^c_TU!('%
`_TU]_c S_^dQRY\YjQb #%($&# X_]RbUc i ]eZUbUc U^ \QR_bUc TU UcU
dY`_$ ((TU\QVeUbjQTUdbQRQZ_QTU]vcTU(()%"T_]}cdYS_c
! !$\_aeUUaeYfQ\UQe^d_dQ\TU$$'$!%`Ubc_^QcaeUbU`bU

!#%
cU^dQRQ^U\%! #TU\Q]QcQ\QR_bQ\`Qc`_bSU^dQZU]eiSUbSQ^_Q\
Uh`UbY]U^dQT_TebQ^dU\QT}SQTQQ^dUbY_b "'" 
<QUh`Q^cY†^TU\QY^TecdbYQQ`QbdYbTU\_cQ…_c_SXU^dQWU^Ub†
^eUfQcdbQ^cV_b]QSY_^UcU^\QUcdbeSdebQ_Se`QSY_^Q\SXY\U^QVYZQ^T_
cecdbQj_cSQbQSdUbcdYS_cXQcdQ`_b\_]U^_cU\S_]YU^j_TU\cYW\_HH
<_cSU^c_cTU!((%i!()%`bUcU^dQ^e^QTYcdbYReSY†^cU^cYR\U]U^dUcY
]Y\QbTU\_cTYcdY^d_cWbe`_c`b_VUcY_^Q\UcD_]Q^T_U^SeU^dQ\QcSbdY
SQcaeUXQ^cYT_V_b]e\QTQcQQ]R_cSU^c_cTUVY^TUcYW\_"'# S_^
cYTUbQ]_c`_b\_dQ^d_\QcSYVbQcTUTYSX_cbUSeU^d_c°! %$) XQ
RYdQ^dUcU^!((%i! %&")!XQRYdQ^dUcU^!()%°c†\_S_]_e^Y^TYSQT_b
TU`b_`_bSY_^UcbUc`USd_TU\QTYcdbYReSY†^TU\Q]Q^_TU_RbQU^SQTQ
e^_TUUcQcVUSXQc`_bcU`QbQT_CUW‹^Ucd_cTQd_c\_c_VYSY_cQWb_`U
SeQbY_cUhSU`deQT_c\_cWQ…Q^UcbU`bUcU^dQRQ^]vc_]U^_ce^SeQb
d_TU\QVeUbjQ\QR_bQ\*"&#"%)"$)%i"&"!(!"$("Y^TYfYTe_c
bUc`USdYfQ]U^dU<_cU]`\U_cQbdUcQ^Q\UcUY^TecdbYQ\UccUUcdQRY\YjQb_^

3eQTb_>¡!!
3?=@?C939É>45<@5?>1:5389<5>?5>DB5!(%$I!('%

?VYSY_c !(%$ !(&% !('%

6\UdUb_ci\Q^SXUb_c '&! )&) !&#'

5cdYRQT_bUc ° " °
3QbbUd_^Ub_c ° ! ) ) $
3QbbUdUb_c !$%$ ! $ !!(&
2eX_^Ub_c !!% ° °
3_cdebUbQc "!"'$ '!(# !!($'
1RQcdUSUT_bUc !)&$ # "! !)$(
7Q…Q^Uc !"$"'$ !')"'% !((%#
:_b^Q\Ub_c )!!! #%%# $""(
<QfQ^TUbQc !))&! "() % $$ #$
1WeQT_bUc %&& #$$ °
FU^TUT_bUcQ]Re\Q^dUc $"$ "& ' " "
3_SY^UbQc "!"'$ "&(& #"!$%
CYbfYU^dUc # $%$ & " " %%%$#
>_TbYjQc !#'$ !$%( !"&$

6eU^dU*3U^c_cTU\Q`_R\QSY†^SXY\U^QTU\_cQ…_c!(%$!(&%i!('%

"'"
E^UcdeTY_]vc`b_Ve^T_c_RbUU\dU]QTURUbQS_^cYTUbQb\QUf_\eSY†^TU\_c
_VYSY_cQ\Y^dUbY_bTU\Q]QcQ`U_^Q\3_]`QbQb`_bUZU]`\_U\Qe]U^d_TUSYUbd_cU]
`\U_c`U_^Q\UcS_]_\_cfU^TUT_bUcQ]Re\Q^dUcVQ\dUc]_dUb_cXU\QTUb_cUdSi\QTYc
]Y^eSY†^TU_db_cS_]_\_cQWeQT_bUcF}QcU\QTUcSbY`SY†^TUUcd_c_VYSY_cQS_]YU^
j_cTU\QT}SQTQTU!(' XUSXQ`_bD_b^Ub__`SYd`vWc$&'$' 
"'#
7UbdGQW^UbDbQRQZ_`b_TeSSY†^iSbUSY]YU^d_<QUS_^_]QSXY\U^Q!(& !)# CQ^
dYQW_@_^dYVYSYQE^YfUbcYTQT3Qd†\YSQTU3XY\U9^cdYded_TU5S_^_]Q4_Se]U^d_TU
DbQRQZ_>¡!% _SdeRbUTU!))"`vWc"'")

!#&
U^!"$)!#!(! i!#" "(`Ubc_^QcU^SQTQe^_TUUc_cQ…_c5cdQc
‹\dY]QcSYVbQcS_^SYUb^U^c†\_Q\_c_VYSY_cVvSY\]U^dUYTU^dYVYSQR\UcS_^
\QcQSdYfYTQTUc]Q^eVQSdebUbQcUcTUSYbQaeU\\_cdbQRQZ_cTUdbQ^cV_b]Q
SY†^TU\Q]QdUbYQ`bY]QaeUUhYWQ^Q\W‹^WbQT_TUUc`USYQ\YjQSY†^4U
cUWeb_U^QaeU\\Q}`_SQ\QY^TecdbYQiQU]`\UQRQe^Q`QbdUTU\`U_^QZU
°aeUQ`QbUSUQ]U^eT_RQZ_\QTU^_]Y^QSY†^TUZ_b^Q\Ub_c°U^U\cU^_
TU\QcVvRbYSQcU^dQbUQc_SQcY_^Q\Uc_`Ub]Q^U^dUcU^e^Q`b_`_bSY†^
aeU^_Uc`_cYR\UTUdUb]Y^Qb1`UcQbTUU\\_cU`eUTUS_^S\eYbaeUU\
cUSd_bQbdUcQ^_°Y^TecdbYQ\_Se`QRQXQSYQVY^UcTU\cYW\_H9HQ\bUTUT_b
TU\" TU\QVeUbjQTUdbQRQZ_
5\`U_^QZUdQ^d_ebRQ^_S_]_bebQ\`QbUSQ]Q^dU^UbcUUcdQR\U
U^d}b]Y^_cbU\QdYf_c*#' '%!Y^TYfYTe_cU^!((%#%!$i#& %)"
U^ !()% #$!# Q \_c aeU XQRbQ aeU QWbUWQb bUc`USdYfQ]U^dU
! ))$&! $"i)("%!)# T_]}cdYS_c5\`U_^QZUTU\QSYe
TQT i TU\ SQ]`_ S_^dQRQ e^ d_dQ\ TU $( ')' `Ubc_^Qc U^ !((% i
$%(($#`Ubc_^QcU^!()%UcTUSYb$%%'i$#$#TU\QVeUbjQ\QR_
bQ\TU\Q^QSY†^5\cYWeYU^dUSeQTb_]eUcdbQ\QS_]`_cYSY†^TUUcdU
cUSd_bXQSYQVY^UcTUcYW\_*

3eQTb_>¡!"
3?=@?C939É>45<@5?>1:5389<5>?169>5C45<C97<?H9H

?VYSY_c !((% !()%

6\UdUb_ci\Q^SXUb_c ""#% " '$
5cdYRQT_bUc ° $
3QbbUdUb_ciSQbbUd_^Ub_c $ "& $&((
3_SXUb_c "&% #""$
3_cdebUbQc !")"% !!' (&
7Q…Q^Uc !%) '( !&""!%
:_b^Q\Ub_c )%)% !%#$
<QfQ^TUbQc %(" $ ##()
1WeQT_bUc ° #
FU^TUT_bUcQ]Re\Q^dUc %&!# "%$&
>_TbYjQc !'!( !&'$
CYbfYU^dUciS_SY^UbQc ! (#" )&%''
D_dQ\`U_^QZU $( ')' $%(($#
@_bSU^dQZUTU
\QVeUbjQTUdbQRQZ_ $'%' $#$#

6eU^dU*3U^c_cTU\Q`_R\QSY†^SXY\U^QTU!((%i!()%

5^\Qc‹\dY]QcT}SQTQcTU\cYW\_cU]Q^YVYUcdQ`_b\_fYcd_e^Q^_d_
bYQUcdQRY\YTQTTU\QTYcdbYReSY†^TU\_c_VYSY_c`_`e\QbUcS_^\Q‹^YSQ
UhSU`SY†^TU\Q]Y^UbQT_^TU\QSQ^dYTQTTU`Ubc_^QcU]`\UQTQcTYc
]Y^ei†U^d}b]Y^_cQRc_\ed_cibU\QdYf_c*#($(%`Ubc_^Qc#&$U^
!((%iQ`U^Qc#!%$&`Ubc_^Qc")(U^!()%5cdU‹\dY]_`_bSU^dQZU

!#'
UbQU\]vcRQZ_TUcTU\Q9^TU`U^TU^SYQU^S_^dbQcdUS_^U\SbUSYU^dU
Q`_bdUTU\Q]Y^UbQQ\QbYaeUjQ^QSY_^Q\VU^†]U^_aeUXU]_cUh`\Y
SQT_`_b\QcS_^dY^eQcY^^_fQSY_^Ucd}S^YSQci]_TUb^YjQSY_^UcTU\Qc
Y^cdQ\QSY_^Uc]Y^UbQc\_aeU\QcS_^fUbdQU^U\cUSd_b]vcTY^v]YS_i
]_TUb^_TU\QUS_^_]QSXY\U^Q
5^dbU\_c_VYSY_cebRQ^_cTUUcU`Ub_T_aeU_Se`QRQ^]Qi_bSQ^
dYTQTTU]Q^_TU_RbQU^S_^dbQ]_cZe^d_Q\_ciQdbQTYSY_^Q\Uc_db_c
^eUf_caeUUbQ^U\Vbed_TU\`b_SUc_TUebRQ^YjQSY†^iTUY^SY`YU^dU
Y^TecdbYQ\YjQSY†^TU\`Qc

3eQTb_>¡!#
3?=@?C939É>451<7E>?C?6939?CEB21>?CDB14939?>1<5C
169>5C45<C97<?H9H

?VYSY_c !((% !()%

3Qb`Y^dUb_c " " ""'!!

JQ`QdUb_ciQ`QbQT_bQc !&% & !&$"$
5RQ^YcdQc %)' )%(
6QRbYSQ^dUcTUSYWQbb_c "&#% "$("
8_ZQ\QdUb_c )") )%(
6e^TYT_bUciSQ\TUbUb_c !!(& ! ""
8UbbUb_ciSUbbQZUb_c &!%' &%")
1\RQ…Y\Uc '($" (&(#
@Y^d_bUciTUS_bQT_bUc !((% "&!$
DQ\QRQbdUb_ciVQRbYSQ^dUcTUbYU^TQc !''# "!(!
CQcdbUc $%&( $%%(
3ebdYT_bUc &)% &&(
D_^U\Ub_c ))# )"

6eU^dU*3U^c_cTU\Q`_R\QSY†^SXY\U^QTU\_cQ…_c!((%i!()%

3eQTb_>¡!$
3?=@?C939É>451<7E>?C?6939?CEB21>?C
455H@1>C9É>B5395>D5169>5C45<C97<?H9H
?VYSY_c !((% !()%

5]`UTbQT_bUc ° '
3Qbb_SUb_c ( % ! $(
5\USdbYSYcdQc ° %"
<Yd†WbQV_c )" !"$
=QaeY^YcdQc %(& (("
=USv^YS_c " )" $#&
=_TYcdQc ! )# !)%#
7vcVYdUbc # ( $)'
5^SeQTUb^QT_bUc "!# "%&
DY`†WbQV_c ! ' !""#

6eU^dU*9RYT

!#(
 3_^d_T_\QY^TecdbYQ\YjQSY†^i\QebRQ^YjQSY†^^_bUTe^TQb_^bv
`YTQ]U^dUU^\QV_b]QSY†^TU^‹S\U_cTUdbQRQZQT_bUcUcdQR\Uc`_cUUT_
bUcTUe^^YfU\TUSQ\YVYSQSY†^S_]`QdYR\US_^\QcUc`UbQ^jQcTUU]`bU
cQbY_ciQed_bYTQTUc5^!('&U\TYbUSd_bTU\Q5cSeU\QTU1bdUci?VYSY_c
XQSYU^T_e^RQ\Q^SUTU\_cbUce\dQT_c_RdU^YT_c`_bceUcdQR\USY]YU^
d_c_cdU^QaeU*

@_bVQ\dQTUS_^_SY]YU^d_cTUYTUQciXvRYd_cY^Tec
dbYQ\UcTU\QcVQ]Y\YQciTU\_cZ†fU^UcU^T_^TUK\Q5cSeU
\QMbUS\edQcecQ\e]^_c]eSX_cTU\_caeUcQ\U^aeUTQ^
U^\QS_^TYSY†^TUcY]`\Uc_VYSYQ\UcTU\QcVvRbYSQc+^_
dbQU^\Q`bU`QbQSY†^ceVYSYU^dU`QbQaeU`eUTQUhYWbcU
\Uc_dbQS_cQ>_cUU\UfQ^U^\QZUbQbaeQY^TecdbYQ\<Q
]Yc]QTUVYSYU^SYQcU^_dQiQTU]vc\QVQ\dQTUY^TecdbYQc
Uc`USYQ\UcU^U\SQ]`_U^aeUcQ\U^QUZUbSUbce`b_VU
cY†^\_c]vcQ`b_fUSXQT_ci`_bUcd_ceSUTU]eSXQcfU
SUcaeU}cd_c^_cU_Se`Q^fU^dQZ_cQ]U^dU>_XQiVvRbY
SQc^_XQi]Q^eVQSdebQc^_XQidQ]`_S_U^dbU^_c_db_c
SQdUW_bQcTYfUbcQcU^\Q9^TecdbYQiQc\_c]vcTYcdY^WeY
T_c\_caeUdYU^U^S_^_SY]YU^d_cdU†bYS_ci`bvSdYS_c
ceVYSYU^dUc`QbQU\UfQbcU`_bU\dbQRQZ_\_caeUdYU^U^
Q`dYdeTUc`QbQ\\UWQbQcUbU]`\UQT_cce`UbY_bUcU^VvRbY
SQcTU\_S_]_d_bQc^_bdU°Q]UbYSQ^Qc^_QSU`dQ^`_b
UZU]`\_U\`eUcd_TUV_W_^Ub_cU^e^_TU^eUcdb_cVU
bb_SQbbY\Uc2ecSQ^_db_W}^Ub_TU_Se`QSY†^\_U^SeU^
dbQ^icUQ^e\Q`QbQ\QY^TecdbYQe^X_]RbU‹dY\ "'$ 

5\VU^†]U^_TUcSbYd_cU`b_\_^WQbQTebQ^dU]eSX_dYU]`_

< ?C DB121:14?B5C 5HDB1>:5B?C

1e^aeU\QY^]YWbQSY†^UhdbQ^ZUbQU^3XY\U^_def_\QQ]`\YdeTaeUQ\
SQ^j†UcU]Yc]_`b_SUc_U^\_c`QcUcTU\QS_cdQQd\v^dYSQceTQ]UbYSQ
^Q"'% \Q`bUcU^SYQTU\_cY^]YWbQ^dUcc_RbUd_T_Ueb_`U_cVeUTUSYcYfQ

"'$
K:_c}JUWUbcBUSQcU^cM4YcdbYReSY†^TU`bU]Y_cQ\_cQ\e]^_cTU\Q5cSeU\Q>QSY_^Q\TU
1bdUci?VYSY_cU\)TUcUdYU]RbUTU!('&CQ^dYQW_9]`bU^dQTU\QBU`‹R\YSQ!('&`vW!$
"'%
5^dbU!(("i!)!$`Ub_T_TU]Qi_bV\eZ_]YWbQd_bY_3XY\UbUSYRY†&&'&'Y^
]YWbQ^dUcTU\_cSeQ\Uc")"#%\\UWQb_^U^dbU!(("i!()!QdbQT_c`_b\Q`_\dYSQTUV_
]U^d_TU\QY^]YWbQSY†^UhdbQ^ZUbQUc`USYQ\]U^dUUeb_`UQTU\_c`bUcYTU^dUcCQ^dQ
=QbQi2Q\]QSUTQ2Q\T_]Ub_5cdbQTQ²<Q`_\dYSQ]YWbQd_bYQTU\7_RYUb^_TU2Q\]Q
SUTQ³U^<eYc?bdUWQUTYd_b<QWeUbbQSYfY\TU!()!3YU^Q…_cX_iCQ^dYQW_E^YfUbcY
TQTTUCQ^dYQW_TU3XY\U4U`QbdQ]U^d_TU8Ycd_bYQ!))#`vWc'&i''F}QcUQTU]vc
CY\fYQ=UjjQ^_<_`UdUWeY²@_\dYSQcTUY^]YWbQSY†^SXY\U^QTUcTU!($%XQcdQ!))"³U^
BUfYcdQ4Y`\_]QSYQCQ^dYQW_Ze^Y_TYSYU]RbU!))%`vWc&%'(

!#)
U^SeQ^d_Q`_bdUTUcQf_YbVQYbU`b_VUcY_^Q\QdbQf}cTU\QY^db_TeSSY†^TU
^eUfQcd}S^YSQci^eUf_c_VYSY_c<_c_RbUb_ciQbdUcQ^_cVbQ^SUcUcQ\U
]Q^UcY^W\UcUcYdQ\YQ^_ci]vcdQbTUUc`Q…_\UcVeUb_^TebQ^dUSQcY
d_T_U\cYW\_\_cU\U]U^d_c]vcTY^v]YS_cUY^S\ec_U^Q\We^_cSQc_c
^e]}bYSQ]U^dU]Qi_bYdQbY_c<QcYdeQSY†^VeU]ei]QbSQTQU^QaeU\\_c
_VYSY_ci`b_VUcY_^UcaeUVeUb_^Q`QbUSYU^T_Q]UTYTQaeUcUUh`Q^TQ
U\cUSd_bQbdUcQ^Q\cUTUcQbb_\\QRQ^\_ccUbfYSY_c`‹R\YS_cicUS_^cdYdeQ^
\_c`bY]Ub_c^‹S\U_cVQRbY\Uc
<QS_^dbYReSY†^U]`bUcQbYQ\TUY^]YWbQ^dUcTUQaeU\\Qc^QSY_^Q
\YTQTUcU^U\SbUSY]YU^d_TUSYUbdQcQSdYfYTQTUcUS_^†]YSQcdef_ceS_
bbUc`_^TU^SYQU^U\Q`_bdUTUdbQRQZQT_bUcTUUcQc]Yc]Qc^QSY_^Q\YTQ
TUcU^TYSX_c_VYSY_ci`b_VUcY_^Uc5\SQbvSdUbQbdUcQ^Q\_VQ]Y\YQbTU\Q
]Qi_bQTU\_c²UcdQR\USY]YU^d_cY^TecdbYQ\Uc³SXY\U^_cXQcdQVY^UcTUcY
W\_VQSY\Yd†\QS_^V\eU^SYQTUU]`bUcQbY_cidbQRQZQT_bUcUhdbQ^ZUb_cXQ
SYQ\Qc]Yc]QcvbUQcTU\Q`b_TeSSY†^*VbQ^SUcUciQ\U]Q^UcU^\QcSeb
dYU]RbUciSQbb_SUbQc+Q\U]Q^UcU^\QcSUbfUSUbQc+VbQ^SUcUcU^\Qc\Yd_
WbQVQc+YdQ\YQ^_cU^\QVQRbYSQSY†^TUQ\Y]U^d_c5^_db_c_VYSY_cUc`USYQ\
]U^dUU^QaeU\\_cTU]Qi_bUc`USYQ\YjQSY†^cYRYU^^_cU`b_TeZ_UcQ
S_bbUc`_^TU^SYQ\Q`QbdYSY`QSY†^TU\_cdbQRQZQT_bUcUhdbQ^ZUb_cdQ]
RY}^VeUS_^cYTUbQR\U3_]__SebbY†U^dbU\_c`\_]Ub_cZ_iUb_cbU\_ZU

DbQRQZQT_bUcSXY\U^_ci^_bdUQ]UbYSQ^_c
U^\Q5cdQSY†^3U^dbQ\TUCQ^dYQW_QRbY\TU!(&!
@UTb_BeYj1\TUQDY`_ciS_cde]RbUcTU3XY\UCQ^dYQW_JYWJQW!)$'

!$
 =QaeY^YcdQciV_W_^Ub_c^_bdUQ]UbYSQ^_cXQSYQ!(& Q\We^_cS_^cecUc`_cQc
1\\YU^TU_`SYd

b_c]_TYcdQcWbQRQT_bUcT_bQT_bUcSQ\TUbUb_cfYTbYUb_ci_dbQc`b_VU
cY_^UcT_^TU\_cdbQRQZQT_bUcUhdbQ^ZUb_cZeWQb_^e^`Q`U\TU`bUSeb
c_bUcS_^cdYdeiU^T_TebQ^dU\QbW_dYU]`_e^U\UfQT_`_bSU^dQZUSeQ^
T_^_UbQ^VbQ^SQ]U^dU]Qi_bYdQbY_c "'& 
5^QaeU\\Qc`b_VUcY_^UcaeU]UZ_bcY]R_\YjQRQ^U\TUcQbb_\\_TU\Q
Y^TecdbYQiTU\_cVUbb_SQbbY\Uc\_c^‹S\U_cTU]QaeY^YcdQci]USv^YS_c
Y^W\UcUciUcdQT_e^YTU^cUciTUSQ\TUbUb_cV_W_^Ub_ciVe^TYT_bUcY^
W\UcUcS_^cdYdeQ^e^QU\YdUTUdbQRQZQT_bUcS_^Y^WbUc_cicdQdecc_SYQ\
^UdQ]U^dUce`UbY_bQ\TUcecS_\UWQcSXY\U^_c "'' 5^_db_c_VYSY_cS_]_

"'&
7bUj<Uc]_efU]U^dc_`SYd`vWc'$''%"
"''
<QcYdeQSY†^TU\_cVUbb_fYQbY_cUcUZU]`\YVYSQT_bQTU\QcTYVUbU^SYQccQ\QbYQ\Uc
U^dbUUhdbQ^ZUb_ciSXY\U^_ciTU\QcdU^cY_^UcaeUU\\_WU^UbQRQ8QSYQ!(()Q…_TU^e
]Ub_c_cS_^V\YSd_c\QR_bQ\Uc`b_dQW_^YjQT_c`_b\_c_RbUb_cVUbb_SQbbY\Ub_ciTUVe^TQ
SY†^TU\QC_SYUTQTTU@b_dUSSY†^=edeQTU=QaeY^YcdQci6_W_^Ub_c\_c]QaeY^YcdQcY^W\UcUc
S_^dbQdQT_c`_bU\W_RYUb^_SXY\U^_WQ^QRQ^!"%]U^ceQ\Uc\_cSXY\U^_c% _`_S_
]vc1b]Q^T_CU`‹\fUTQ8Ycd_bYQc_SYQ\TU\_cVUbb_fYQbY_cCQ^dYQW_9]`bU^dQCYW\_HH
!)%)`vW""5^_dbQcSQdUW_bQcTUdbQRQZQT_bUcVUbb_fYQbY_ccUbU`UdQ^TYcSbY]Y^QSY_
^UcTU\]Yc]_dY`_<Q\eSXQS_^dbQ\_c`bYfY\UWY_cTU\_cUhdbQ^ZUb_cVeUe^Q`bU_Se`Q
SY†^S_^cdQ^dUTU\_cVUbb_fYQbY_cSXY\U^_ciTU\QcQc_SYQSY_^Uc_RbUbQcaeU\_cQ`_iQRQ^
@UbY†TYS_cS_]_5\@bUSebc_baeUUbQU^!(("U\†bWQ^_TUUh`bUcY†^TU\Qcc_SYUTQTUc
_RbUbQcTUCQ^dYQW_i_bWQ^YjQSY_^Ucc_SY_`_\dYSQc`_`e\QbUcS_]_\QC_SYUTQT5cSeU\Q
BU`eR\YSQ^QTU^e^SYQb_^UcdQcTYVUbU^SYQcU^bU`UdYTQc_`_bde^YTQTUc<_c`Qdb_^UcU^

!$!
VeU\QcYdeQSY†^TU\_ccQcdbUcdQ\QRQbdUb_cU^SeQTUb^QT_bUcTUcdY\QT_
bUcURQ^YcdQcSQb`Y^dUb_cdQ`YSUb_ci_db_c\_cdbQRQZQT_bUcUhdbQ^ZUb_c
Qe^aeUUcSQc_cTUcU]`U…Qb_^e^`Q`U\cY]Y\QbW_jQ^T_TUe^`bUcdY
WY_ibUS_^_SY]YU^d_c_SYQ\aeUTYVSY\]U^dUcecS_\UWQcSXY\U^_c\_WbQ
RQ^QTaeYbYb<Q`_\dYSQTU\_c`bUcYTU^dUc4_]Y^W_CQ^dQ=QbQi:_c}
=Q^eU\2Q\]QSUTQdU^TYU^dUQQSbUSU^dQb\QY^]YWbQSY†^Y^TecdbYQ\dbQ
Z_TUcTU5eb_`QU^dbU\_cQ…_c!((#i!() QcYW^YVYSQdYf_cS_^dY^WU^dUc
TUd}S^YS_c`UaeU…_cU]`bUcQbY_ci_RbUb_cUc`USYQ\YjQT_c<_cceYj_c
VbQ^SUcUcQ\U]Q^UcUc`Q…_\UcY^W\UcUcRU\WQcibec_c\\UWQT_cTebQ^dU
UcdU`Ub_T_"'( bUV_bjQb_^\QdU^TU^SYQQaeTUcSbYdQ
<Q]Qi_bQTU\_cdbQRQZQT_bUcceTQ]UbYSQ^_c`b_fU^Q^TU\_c`Q
cUcfUSY^_caeUQ`_bdQRQ^\_c]Qi_bUcS_^dY^WU^dUcTU`U_^QZUUhdbQ^
ZUb_WQ…Q^UcZ_b^Q\Ub_c]Y^Ub_ccYbfYU^dUcS_cdebUbQc\QfQ^TUbQc
UdS}dUbQ1TU]vcTUUcd_c_VYSY_c\_cQbWU^dY^_cUZUbSQ^TU`bUVUbU^
SYQ\_c_VYSY_cTUQWeQT_bS_SXUb_dQ\QRQbdUb_Q\RQ…Y\cQcdbUjQ`QdUb_
UdS}dUbQ<_c`UbeQ^_ciR_\YfYQ^_c°`QbdYSe\Qb]U^dU^e]Ub_c_c TUc
`e}cTU\QUh`Q^cY†^dUbbYd_bYQ\TU3XY\UWbQSYQcQcefYSd_bYQU^\Q7eU
bbQTU\@QSVYS_°cUTUcdQSQRQ^^_c†\_U^\QcdbQTYSY_^Q\UcQSdYfYTQTUc
]Y^UbQccY^_dQ]RY}^S_]_Q\RQ…Y\Uc`Q^QTUb_cSYWQbbUb_cSQb`Y^dU
b_c`Y^d_bUcTUUTYVYSY_ccQcdbUcUdS}dUbQ"') 

5 < DB121:? 65=5>9>? 5 9>61>D9<

1\YWeQ\aeUU^_db_c`QcUcU\TUcQbb_\\_TU\SQ`YdQ\Yc]_U^3XY\UcUQ`_
i†TebQ^dU]eSX_dYU]`_U^\Qc_RbUh`\_dQSY†^TU\Q]Q^_TU_RbQVU
]U^Y^QUY^VQ^dY\"( 1\_\QbW_TUd_T_U\cYW\_H9H^e]Ub_cQc]eZUbUc

SQ]RY_fQ\_bQRQ^\Q]Qi_bSQ\YVYSQSY†^d}S^YSQi\_cXvRYd_cTUdbQRQZ_Y^TecdbYQ\TU\_c
QbdUcQ^_ci_`UbQbY_cUeb_`U_cUc`USYQ\]U^dUU^QaeU\\QcbQ]QcY^TecdbYQ\UcTU]Qi_b
S_]`\UZYTQT5^\Q]UdQ\ebWYQ`_bUZU]`\_fQbY_cU]`bUcQbY_cUhdbQ^ZUb_cdbQZUb_^Q
3XY\UWQcdQ^T_`QbQU\\_Y]`_bdQ^dUcce]QcTUTY^Ub_QdbQRQZQT_bUcUeb_`U_crcUVeU
U\SQc_U^dbU_db_cTU\UcdQR\USY]YU^d_TUVe^TYSY†^iS_^cdbeSSY†^TU]QaeY^QbYQcTU
<UfUb=eb`Xii3QU^FQ\`QbQc_T_^TUQS_]YU^j_cTU\_cQ…_c^_fU^dQ\QR_bQRQ^^e
]Ub_c_c_`UbQbY_cS_^dbQdQT_cU^9^W\QdUbbQS_^cYTUbQT_cS_]_²`b_VUc_bUc`QbQ\_cdbQ
RQZQT_bUcTU\`Qc³:e\Y_@}bUj3Q^d_<Q9^TecdbYQ>QSY_^Q\5cdeTY_cYTUcSbY`SY_^UcTUQ\We
^QcVvRbYSQcTU3XY\U`eR\YSQTQcU^U\2_\Ud^TU\QC_SYUTQTTU6_]U^d_6QRbY\`_b:@}bUj3Q^d_
SeQTUb^_9!(()!() CQ^dYQW_9]`bU^dQ>QSY_^Q\!()!`vW&
"'(
3Qb]U^>_bQ]ReU^Q3²@_\dYSQi\UWYc\QSY†^Y^]YWbQd_bYQU^3XY\U!(# 
!)# ³U^3eQTUb^_cTU8e]Q^YTQTUc>¡! CQ^dYQW_E^YfUbcYTQTTUCQ^dYQW_TU3XY\U
6QSe\dQTTU8e]Q^YTQTUcQW_cd_TU!)) 
"')
3U^c_c^QSY_^Q\UcTU!(%$!(&%!('%!((%i!((%_`SYd
"(
CQ\f_RbUfcY]Qc]U^SY_^UcU^_RbQcSU^dbQTQcU^_db_cdU]QcU\dbQRQZ_Y^VQ^
dY\U^3XY\USQcY^_XQcYT_QR_bTQT_TUcTU\Q`Ubc`USdYfQXYcd†bYSQC†\_bUSYU^dU]U^dU
XQQ`QbUSYT_U\`bY]Ub\YRb_TUTYSQT_QceUcdeTY_Uc`USVYS_*:_bWUB_ZQc6\_bUc<_c^Y
…_cSbYcdQ\Ub_cDbQRQZ_Y^VQ^dY\U^\QY^TecdbYQ3XY\U!(( !)% CQ^dYQW_5TYSY_^UcTU\Q4Y
bUSSY†^TU2YR\Y_dUSQc1bSXYf_ci=ecU_c3U^db_TU9^fUcdYWQSY_^Uc4YUW_2Qbb_c1bQ^Q
3_\USSY†^C_SYUTQTi3e\debQf_\H!))&

!$"
i^Y…_cVeUb_^U]`\UQT_cU^XQSYU^TQcdQ\\UbUc]Y^QciVvRbYSQcc_`_b
dQ^T_UhdU^eQ^dUcZ_b^QTQcTUdbQRQZ_U^S_^TYSY_^UcTUVbQ^SQY^cQ\e
RbYTQTibUSYRYU^T_cQ\QbY_c]eiY^VUbY_bUcQ\_cTU\_cX_]RbUcaeUbUQ
\YjQRQ^\QR_bUccY]Y\QbUc
1e^aeU\QcUcdQTcdYSQcTU\Q}`_SQ^_S_^cYTUbQRQ^U\dbQRQZ_Y^
VQ^dY\S_]_e^TQd_TYW^_TUY^dUb}cUcY^^UWQR\UaeU}cdUUhYcdY†U^
`b_`_bSY_^UcY]`_bdQ^dUcU^Q\We^_cbeRb_c]Q^eVQSdebUb_cS_]_\Q
VQRbYSQSY†^TURURYTQciQ\Y]U^d_cTUSYWQbb_cTUZQR†^fU\QcTUcUR_i
UcdUQbY^QU^\QU\QR_bQSY†^TU]QTUbQcU^\QcY]`bU^dQciU^SeQTUb^Q
SY_^UcU^TYcdY^d_cdQ\\UbUcTUdY`_QbdUcQ^Q\T_^TUTUcU]`U…QRQ^Ve^
SY_^UcU^SQ\YTQTTUQ`bU^TYSUcUY^S\ec_U^WbQ^TUcY^TecdbYQcdUhdY\Uc
i]UdQ\‹bWYSQcVe^TYSY_^UciVQRbYSQSY†^TU]QaeY^QbYQc
1\We^_cSQc_cUZU]`\YVYSQ^\QfQbYUTQTTUdbQRQZ_cSe]`\YT_c`_b
^Y…_cQ\_\QbW_TU\cYW\_5\fYQZUb_ceUS_2\QTXS_^cYW^†U^\QT}SQTQ
TU!(" U\dbQRQZ_TU²^Y…_cTUcfQ\YT_c³bU_ci]U^UcdUb_c_cU^e^QVv
RbYSQTU]eUR\Uc²Uc`USYUTUSvbSU\S_bbUSSY_^Q\³cYdeQTQU^CQ^dYQ
W_"(! 5^!('"SYbSe\QRQU^\QSQ`YdQ\e^QX_ZQQ^e^SYQ^T_aeU\_c^Y…_c
Q`QbdYbTU\_cTYUjQ…_cTUUTQTU^S_^dbQbQ^_Se`QSY†^S_]__VYSYQ\Uc
SYWQbbUb_cTUc`e}cTUe^Q`bU^TYjQZUTUcUYc]UcUc_bWQ^YjQT_`_b\Q
C_SYUTQTTU3YWQbbUb_c "(" 5^\Q]Yc]Q}`_SQ!('#VeU`eUcdQU^cUbfYSY_
\QbUVY^UbQTUQj‹SQbTUFY…QTU\=QbT_^TUcUS_^dbQdQb_^TUcTUU\
S_]YU^j_ ]eSXQSXYd_c `QbQ XQSUb `QaeUdUc Y^S\ec_ TebQ^dU \Q ^_
SXU"(#5^!(($\Q6vRbYSQ>QSY_^Q\TU7Q\\UdQcTU5gY^WiBQg\Y^cU]
`\UQRQdbUY^dQ^Y…_cQTU]vcTUSY^SeU^dQ]eZUbUciSY^SeU^dQX_]
RbUc"($ 
5^!()$e^Q]_^_WbQVQc_RbU\QY^TecdbYQSXY\U^QSYdQRQU^dbU
_db_c\_cSQc_cTUfQbYQcY^TecdbYQcTUFQ\`QbQc_U^\QcaeU\QR_bQRQ^
Y]`_bdQ^dUcWbe`_cTU^Y…_c*fUY^dYSY^S_Y^VQ^dUcTUe^d_dQ\TUSYU^d_
fUY^dYSY^S__RbUb_c" TU\Q]Q^_TU_RbQU^\QVe^TQSY†^TU<UfUb
i=eb`Xi+SeQbU^dQ^Y…_cc_RbUe^d_dQ\TUdbUcSYU^d_c_`UbQbY_c!##
TU\`Ubc_^Q\U^\QVe^TYSY†^TU2Q\V_eb<i_^i3Q+_SXU^dQicYUdU^Y
…_c_SXU^dQTUU\\_cTUcUh_VU]U^Y^_TUe^d_dQ\TUSYU^d_T_cdbQRQ
ZQT_bUc(%TU\QVeUbjQTUdbQRQZ_U^\QVvRbYSQTUc_RbUcSQbd_^Uci
SQZQcTUSQbd†^TUB_RUbdTU\Q=QX_dY~bU+fUY^dYSY^S_^Y…_cc_RbUe^
d_dQ\TUSY^SeU^dQQcQ\QbYQT_c% TU\`Ubc_^Q\U^\QVvRbYSQTUVYTU_c
iTUSX_S_\QdUcTU6bQ^SYcS_JQ^UddQ "(% 
5^ !()& U^ e^Q ]_^_WbQVQ c_RbU \Qc Y^TecdbYQc TU CQ^dYQW_ cU
]U^SY_^QU^dbU_db_cU\dbQRQZ_TUfQbYQcTUSU^QcTU^Y…QcU^SQbWQTQc

"(!
2\QTX_`SYd`vW!'&
"("
5\9^TU`U^TYU^dUCQ^dYQW_!(TUQW_cd_TU!('"
"(#
% Q…_c_`SYd`vWc)i! 
"($
<Q6vRbYSQ>QSY_^Q\TU7Q\\UdQc_`SYd`vW!$
"(%
@}bUj3Q^d_<Q9^TecdbYQ_`SYdSeQTUb^_9`vWc(!#"!i##

!$#
TU`bU`QbQb\_cU^fQcUcS_\_SQb\QcUdYaeUdQciSv`ce\QcU^f_\fUb\QcR_
dU\\Qci_dbQc_`UbQSY_^UcQ^v\_WQcU^e^QVvRbYSQTU\YS_bUcQTU]vcTU
e^^‹]Ub_Y^TUdUb]Y^QT_TU^Y…_cU^\QWbQ^SUbfUSUbQTU7eR\Ub
3_ecY…_i5R^UbiU^e^QVvRbYSQTUfU\QccUR_iUcdUQbY^QT_^TUcUS_^
cQWbQRQ^QVQRbYSQbSQbdeSX_c"(& 

:2UbcdUY^S_^^Y…_c_RbUb_c
Q\QU^dbQTQTU\QBUVY^UbQTU1j‹SQbTUFY…QTU\=QbQ^dUcTU!(('
3Y^SeU^dQQ…_c_`SYd

?db_dUcdY]_^Y_TU\Q]Yc]Q}`_SQTQSeU^dQTU\U]`\U_TU_SXU^
dQQSYU^]U^_bUcTU_SX_QSQd_bSUQ…_cTUUTQTU^\QVvRbYSQTU\QTbY
\\_cTU<_dQ7bQ^`QbdUTU\`b_SUc_`b_TeSdYf_TUcTU\Q`bU`QbQSY†^TU
\Q]UjS\QXQcdQ\QQ\Y^UQSY†^TU\_c\QTbY\\_ciQdUb]Y^QT_c`QcQ^T_`_b
U\]_TU\QZUU\S_bdUiU\dbQ^c`_bdUXQcdQU\cYdY_T_^TUcUcUSQRQ^UbQ
QcUWebQT_ ]UTYQ^dU U\ dbQRQZ_ Y^VQ^dY\"('  5^ \Q ]Yc]Q \_SQ\YTQT U^

"(&
=QbYQ^_=Qbd^Uj_`SYd`vWc!' " !i"!#
"('
6Ub^Q^T_=QbSYQ\1bQSU^Q1`e^dUcTUfYQZU<QY^TecdbYQTU\S_RbUU^\Qc`b_fY^SYQc
TU1dQSQ]Qi3_aeY]R_i\_cWbQ^TUcifQ\Y_c_cTU`†cYd_cSQbR_^VUb_cTU<_dQi3_b_^U\U^\Q`b_
fY^SYQTU3_^SU`SY†^CQ^dYQW_!()$`vW# %3YdQT_`_bBQ]bUj>US_SXUQU^8Ycd_bYQ
TU\]_fY]YU^d__`SYd`vW! )

!$$
!()'\QVvRbYSQTUR_dU\\QcU]`\URQ!&$_`UbQbY_cE^dUbSY_TUU\\_c°Uc
TUSYbSY^SeU^dQiSY^S_°UbQ^^Y…_c "((
8QSYQVY^UcTUcYW\_\Q6vRbYSQTU@Q…_c2U\\QfYcdQD_]}_Se`QRQ
#$ _`UbQbY_cTU\_cSeQ\UcU\#%#UbQ^]eZUbUciU\!!(UbQ^^Y…_c
5^\Q6vRbYSQTUDUZYT_c5\CQ\d_CQ^dYQW_dbQRQZQRQ^"! _`UbQbY_cU^
!) *TUU\\_cU\#(!UbQ^]eZUbUciU\"!$UbQ^^Y…_c"()
5^\_ccUbfYSY_cebRQ^_cdQ]RY}^XeR_e^`_bSU^dQZU^_TUc`bUSYQ
R\UTUQ`_bdUTU]Q^_TU_RbQY^VQ^dY\5^U\6Ubb_SQbbY\EbRQ^_TU\Q
SQ`YdQ\\Q`bUcU^SYQTU²]eSXQSX_cTUdQ^S_bdQUTQT³UbQ]ei^_d_bYQ*
XQSYQ!(()U\Y^dU^TU^dUTUCQ^dYQW_SbUi†S_^fU^YU^dUU^fYQbe^Q^_dQ
Q\WUbU^dUTUUcQU]`bUcQ`QbQ\\Q]Qb\U\QQdU^SY†^c_RbUU\`U\YWb_aeU
cYW^YVYSQRQedY\YjQb]U^_bUcaeU^_S_^dQRQ^S_^²\Q`UbYSYQUYT_^UYTQT
^USUcQbYQc`QbQU\cUbfYSY_³ ") 
IU^\QcVQU^Qc]Y^UbQcU\U]`\U_TU^Y…_cQe^]U^_bUcTUT_SU
Q…_cVeUeceQ\S_]_`_bUZU]`\_U^\Qc]Y^QcTUSQbR†^TUCSXgQWUb

>Y…_cdbQRQZQ^T_U^\QcUSSY†^TU\QfQT_TU]_\TUc
TU\QBUVY^UbQTU1j‹SQbTUFY…QTU\=QbQ^dUcTU!(('
3Y^SeU^dQQ…_c_`SYd

"((
B_ZQc<_c^Y…_cSbYcdQ\Ub_c_`SYd`vW!)
"()
?`SYd`vW"'
")
²<_cS_SXUb_cTU\_cdbQ^fQc³5\9^TU`U^TYU^dUCQ^dYQW_!TUZe^Y_TU!(()

!$%
U^\Qc]Y^QcTUS_RbUTU\>_bdU3XYS_iU^\QccQ\YdbUbQcTU\>_bdU7bQ^TU
T_^TU\_c]U^_bUcTUcU]`U…Qb_^e^QfQbYQTQWQ]QTU_VYSY_c")! 
1`QbdYbTU\S_^Ze^d_TUTQd_cTYc`Ubc_caeUXU]_c\_WbQT_bUe^Yb
c_RbUU\dbQRQZ_TU\_c]U^_bUcU^U\QbdUcQ^QT_iU^\QY^TecdbYQSXY\U^Q
TUSY]_^†^YSQcU`eUTUUcdY]QbaeUU^\QcVvRbYSQcTUQ\Y]U^d_c\_c^Y
…_cbUSYRQ^cQ\QbY_cUaeYfQ\U^dUcQe^$ TU\_ccQ\QbY_cTU\_cX_]RbUc
RQZQ^T_U^Q\We^_cSQc_cXQcdQQ\# +U^\QcecY^QcTUZQR_^UcifU\Qc
_cSY\QRQ^U^dbU" i#%+U^\QcSQb`Y^dUbQciVvRbYSQcTU]QTUbQcU\Q
R_bQTQcU^dbU"%i$&iU^\QcY^TecdbYQcdUhdY\UcU^dbU" i#%")" 
5cd_c`_bSU^dQZUcQ`UcQbTUcUbRQcdQ^dUY]`bUSYc_cTURYT_Q\QQecU^
SYQTUcUbYUcS_]`\UdQcTUTQd_c`Ub]YdU^V_b]QbcUe^QYTUQTU\QY^dU^
cYTQTTU\QUh`\_dQSY†^TU\Q]Q^_TU_RbQY^VQ^dY\U^U\cUSd_b]Q^eVQS
debUb_^QSY_^Q\TUQaeU\\Q}`_SQ
@_bce`QbdU\QVeUbjQTUdbQRQZ_VU]U^Y^QU^U\]UTY_ebRQ^_cU
S_^SU^db†U^QSdYfYTQTUcTUdY`_`U_^Q\cYbfYU^dQc\QfQ^TUbQcS_cdebU
bQcUdSTU`UaeU…_S_]UbSY_Y^TU`U^TYU^dUi]vcdQbTU`Qe\QdY^Q
]U^dUQ`QbdYbTU]UTYQT_cTU\QT}SQTQTU!(& TU`b_\UdQbYQT_VQ
RbY\")# 1e^aeU\Qc]eZUbUcVeUb_^]Qi_bYdQbYQcU^\_c_VYSY_cQbdUcQ^Q\Uc
bebQ\Uc]Y…QaeUbQcXY\Q^TUbQcdUZUT_bQc\_SUbQcSQ^QcdUbQci_db_c
ceY^dUbfU^SY†^U^\Qc_Se`QSY_^UcQbdUcQ^Q\UcebRQ^QcVeU]U^_bCY^
U]RQW_U^dbU\_cSYWQbbUb_c`Q^QTUb_cTe\SUb_cS_\SX_^Ub_c`QbQ
WŽUb_cdY^d_bUb_cjQ`QdUb_ci_db_cWbU]Y_cQbdUcQ^Q\UcU\`_bSU^dQZU
TU\Q]Q^_TU_RbQVU]U^Y^QUbQS_^cYTUbQR\U")$ 
<Q`QbdYSY`QSY†^TU\Q]eZUbVeUU^SQ]RY_]eicYW^YVYSQdYfQU^U\
Y^SY`YU^dUcUSd_bVQRbY\CYRYU^\QcUcdQTcdYSQc^_`Ub]YdU^^YcYaeYUbQ
bUQ\YjQbe^QUcdY]QSY†^Q`b_hY]QdYfQTU\Q`bUcU^SYQVU]U^Y^QTYVUbU^
dUcVeU^dUcTU\Q}`_SQ]U^SY_^Q^SQc_c`bUSYc_cTUVvRbYSQcU^\QcaeU
dbQRQZQRQ^^e]Ub_cQc]eZUbUc1c_SebbQ`_bUZU]`\_U^\QiQ]U^
SY_^QTQY^TecdbYQTUSQ\jQT_TU2U^UTUddYT_^TU\Qd_dQ\YTQTTU\QVeUb
jQTUdbQRQZ_`bY]Ub_SY^SeU^dQ\eUW_cUdU^dQ`Ubc_^QcUcdQRQS_]
`eUcdQTUY^TYfYTe_cTUcUh_VU]U^Y^_")% 5^\QcY^TecdbYQcdUhdY\UciU^

")!
BQ]bUj>US_SXUQ8Ycd_bYQTU\]_fY]YU^d__`SYd`vWc! )!! +CUbWY_7_^
jv\Uj=YbQ^TQ8_]RbUci]eZUbUcTU\Q`Q]`Q*DQbQ`QSvU^U\3YS\_TU\CQ\YdbU9aeYaeUDQ\\Ub
TU5cdeTY_cBUWY_^Q\Uc5TYSY_^Uc5c`USYQ\Uc3Q]Q^SXQSQ>¡"U^Ub_TU!))!`vWc!'$
!( 5cdU‹\dY]_Qed_bUh`_^UTUdQ\\QTQ]U^dU\Qc\QR_bUcTUcU]`U…QTQc`_b\_c^Y…_ci
Z†fU^UcU^\QcUh`\_dQSY_^UcTU^YdbQd_
")"
@_bSU^dQZUc_RdU^YT_cQ`QbdYbTUSYVbQcTYc`UbcQcbUS_WYTQcTUT_Se]U^d_c]ei
fQbYQT_cS_]_\Qc]_^_WbQVQcSYdQTQci\QcS_\USSY_^UcTU`UbY†TYS_cY^TYSQTQcU^\Qc
VeU^dUcY]`bUcQc@_b^_dbQdQbcUTUcUbYUcS_]`\UdQc\_c`b_]UTY_cbUce\dQ^dUcdYU^U^fQ
\_bc†\_U^dQ^d_Y^TYSQT_bUcTUWbQ^TUcdU^TU^SYQci`b_`_bSY_^UcQ`b_hY]QTQc
")#
E^`b_\YZ_UcdeTY_UcdQTcdYS_c_RbUU\dbQRQZ_VU]U^Y^_U^dbU!(%$i!)" U^
DXU\]Q7v\fUj@iB_cQ2bQf_2CYUdUT}SQTQcTUbUWYcdb_TU\dbQRQZ_VU]U^Y^_!(%$!)" CQ^
dYQW_9^cdYded_>QSY_^Q\TU5cdQTcdYSQccV
")$
7bUj<Uc]_efU]U^dc_`SYd`vWc'%#'%'
")%
Â\fQbUj1^TbUgc_`SYd`vW!$ 

!$&
\QcVvRbYSQcTUb_`Q\Qc]eZUbUcUbQ^^e]Ub_ccY]QcTUcUWeb_]Qi_bYdQ
bYQcrcQUbQ\QcYdeQSY†^U^dbU_dbQcTU\QVvRbYSQTU`Q…_cVe^TQTQU^CQ^
dYQW_U^!(% `_b7bYW^_\Ud")& iTU\QWbQ^Y^TecdbYQTUdU\Qc2U\\QfYcdQU^
D_]}5^!(&)UcdQecY^Q_Se`QRQSYU^d_SY^SeU^dQdbQRQZQT_bUcTU\_c
SeQ\UcU\( UbQ^TUcUh_VU]U^Y^_1\YWeQ\aeUU^_db_cSQc_cU\U]`\U_
`bUVUbU^SYQ\TU]eZUbUccUTURQQce`QbdYSe\QbTUcdbUjQ]Q^eQ\iQ\]U^_b
S_cd_TU\Q]Q^_TU_RbQ1e^aeUU^e^`bY]Ub]_]U^d_U\U]`bUcQbY_
4}\Q^_XQRQ`b_iUSdQT_dbQUbQ\`Qc_RbUbQcQ\U]Q^Qc\QUVYSQSYQU^U\dbQ
RQZ_TU]_cdbQTQ`_b\QcSXY\U^Qc\_XYj_TUcSQbdQbUcQYTUQ ")' ?dbQY^Tec
dbYQdUhdY\\Q²6vRbYSQTU@Q…_c3XY\U^_c³cYdeQTQU^U\RQbbY_BUS_\UdQTU
CQ^dYQW_U]`\UQRQ^e]Ub_c_`Ubc_^Q\VU]U^Y^_UY^VQ^dY\6e^TQTQXQ
SYQ!('(_Se`QRQ^_fU^dQ_`UbQbY_cU^!(('TU\_cSeQ\Uc\Q]YdQTUbQ^
]eZUbUci^Y…_c")( 
5^\QcY^TecdbYQcTU\QS_^VUSSY†^\QQ`\QcdQ^dU]Qi_bQTU\Q]Q^_
TU_RbQUbQVU]U^Y^Q=eSXQc_`UbQbYQcUbQ^Q^dYWeQcS_cdebUbQcY^TU

<QfQ^TUbQcXQSYQ!()%
3_\USSY†^=ecU_8Ycd†bYS_>QSY_^Q\CQ^dYQW_TU3XY\U

")&
?`SYd`vWc!#&!#)
")'
²6vRbYSQTUSQcY]YbUcYTUSbYcdQ\Uc³5\9^TU`U^TYU^dUCQ^dYQW_!(TU]Qbj_TU
!(&)
")(
²E^QfYcYdQQ\QVvRbYSQTU`Q…_cSXY\U^_c³5\9^TU`U^TYU^dUCQ^dYQW_!'TUQRbY\
TU!(('

!$'
`U^TYU^dUcaeUU^U\`QcQT_XQRQ^dbQRQZQT_QdbQd_`QbQQcU^dYcdQc<QY^c
dQ\QSY†^TUVvRbYSQcTUb_`QQ`QbdYbTU]UTYQT_cTU\QT}SQTQTU!(( S_^
fYbdY†Q]eSXQcTUU\\QcU^_RbUbQcY^TecdbYQ\UcE^UZU]`\_RQcdQ^dUSQbQS
dUbcdYS_TU\QY]`_bdQ^SYQTU\dbQRQZ_VU]U^Y^_U^U\bQ]_TU\QS_^VUSSY†^
UcU\TU\QVvRbYSQTUSQ]YcQcVe^TQTQU^FQ\`QbQc_U^!(("`_bU\RQbSU\_
^}c:eQ^=QdQc+T_SUQ…_c]vcdQbTU\QU]`bUcQU]`\UQRQSYU^d_SY^SeU^dQ
i^eUfU]eZUbUc_SX_X_]RbUcicUYc^Y…_cQTU]vcTUTQbdbQRQZ_QSY^SeU^
dQi_SX_S_cdebUbQcaeU\QR_bQRQ^U^cec`b_`Y_cT_]YSY\Y_c")) =Q\`QWQ
TQcc_]UdYTQcQTebcY]QcS_^TYSY_^UcTUdbQRQZ_U^dQ\\UbUciVvRbYSQcc_
`_bdQ^T_Z_b^QTQcTUT_SUdbUSUiXQcdQ]vcX_bQc\Qc_RbUbQcS_cdebUbQccU
eRYSQb_^QVY^UcTU\_cQ…_c_SXU^dQU^\QfQ^WeQbTYQTU\Q_bWQ^YjQSY†^
]edeQ\YcdQVU]U^Y^Q# 
5^\QcY^TecdbYQcTUQ\Y]U^d_ciRURYTQc # ! U^\QcVvRbYSQcTUZQR†^
iTUfU\QcU^\QcTUSYWQbb_c+ic_RbUd_T_TUc`e}cTU\Q7eUbbQTU\@QS
VYS_U^\QcSQcQcTUS_]UbSY_U^U\dbQ^c`_bdUebRQ^_S_SXUbQciS_^
TeSd_bQcTUdbQ^fQcU^cUbfYSY_c`‹R\YS_cS_]_\_cS_bbU_cidU\}WbQV_c
\Qc]eZUbUcdQ]RY}^VeUb_^^e]Ub_cQc5\cQ\QbY_VU]U^Y^_Q\SQ^jQRQQ\
bUTUT_bTUe^$%TU\cQ\QbY_]QcSe\Y^_U^\QcVvRbYSQcTUQ\Y]U^d_ci
RURYTQcS_^e^]vhY]_TU' ie^]^Y]_TU"%iU^dbU$ i
'%U^\QcY^TecdbYQcdUhdY\Uc # " 
5^UcQcS_^TYSY_^UcU\U]`\U_TU]eZUbUci^Y…_cU^\QY^TecdbYQi
U\QbdUcQ^QT_dU^TQQ`b_TeSYbe^QTU`bUcY†^TU\_ccQ\QbY_c]QcSe\Y
^_ccYU^T_e^U\U]U^d_Y]`_bdQ^dUTU`bUcY†^`Qdb_^Q\c_RbU\_cdbQ
RQZQT_bUc`QbQ]Q^dU^UbRQZ_c\_ccQ\QbY_ciS_^dU^UbcecbUYfY^TYSQSY_
^Uc6bU^dUQ\QcXeU\WQciTU]Q^TQc_RbUbQc\_cU]`bUcQbY_cTUSYUbd_c
cUSd_bUc°c_RbUd_T_U^\QS_^VUSSY†^U^\QVQRbYSQSY†^TUSYWQbb_ciU^
\Qc`Q^QTUbQc°Q]U^QjQRQ^S_^bUU]`\QjQbQ\_cXeU\WeYcdQc`_b]eZU
bUcaeUbUQ\YjQbQ^U\]Yc]_dbQRQZ_`_b]U^_bcQ\QbY_1]U^eT_\Qc
Q]U^QjQccUS_^SbUdQRQ^S_]_ceSUTY†TebQ^dU\QcXeU\WQcTU_RbUb_c
SYWQbbUb_cTUFQ\`QbQc_U^!(''iU^CQ^dYQW_U^!(((_U^SYUbdQc`Q
^QTUbQcTUFQ\`QbQc_TebQ^dU\QXeU\WQWU^UbQ\TU!() # # 
5\cYWeYU^dUSeQTb_UcdQTcdYS_S_^cdbeYT_`_bDXU\]Q7v\fUji
B_cQ2bQf_]eUcdbQRQZ_\QTU^_]Y^QSY†^²Y^TecdbYQc³\_c`_bSU^dQZUc
TU`QbdYSY`QSY†^VU]U^Y^QU^\QcQSdYfYTQTUc]Q^eVQSdebUbQcdQ^d_QbdU
cQ^Q\UcS_]_VQRbY\UcU^dbU!(%$i!()%*

"))
@}bUj3Q^d__`SYdSeQTUb^_9`vWc"%"'
#
<Q`bY]UbQ_bWQ^YjQSY†^]edeQ\YcdQVU]U^Y^QSXY\U^QVeU\QSbUQTQQVY^UcTU
!(('`_b\Qc_RbUbQcS_cdebUbQcTUFQ\`QbQc_cYU^T_Y]YdQTQc`_S_TUc`e}c`_bcecS_\U
WQccQ^dYQWeY^QcFUbSQ`de\_HF
# !
5^\Qc`Q^QTUbQc\Q`QbdYSY`QSY†^VU]U^Y^Q_cSY\†U^dbUe^#&ie^% TU\Q
VeUbjQTUdbQRQZ_
# "
@_bSU^dQZUc_RdU^YT_cQ`QbdYbTU\Qc]Yc]QcVeU^dUcedY\YjQTQc`QbQUfQ\eQb\_c
cQ\QbY_cY^VQ^dY\Uc
# #
FUbSQ`de\_cH99HFiH9H

!$(
 3eQTb_>¡!%
@B?@?B39É>45=E:5B5C5><1B1=19>4ECDB91C
!(%$°!()%

BQ]Qc !(%$ !(&% !('% !((% !()%

DUhdY\Uc )() )( )($ )'$ )')
3eUb_c`YU\Uc !)! "# !#% !"( °
=QTUbQc & # $ ' )
=UdQ\ebWYQ ° ° ° ° °
1\VQbUb_ci\_SUb_c )&# )"" )&) )#" (&)
@b_TeSd_cae]YS_c %% ! ! '& "& ((
1\Y]U^dYSYQ $%' $ ! $!$ ##! "!'
FUcdeQbY_id_SQT_ (!% ("$ (&) (&% (%#
=U^QZU %$ "% !% "% !&
5TYVYSQSY†^ ° ° ! % "
3_^cdbeSSY†^TU]UTY_cTUdbQ^c`_bdUc ( # " ' '
9^TecdbYQTU\Qc1bdUc ° ° & & !
D_dQ\bQ]QY^TecdbYQc '() '! '"! &(% &")
6eU^dU*7v\fUji2bQf__`SYd`vW"!

3_]_`eUTU_RcUbfQbcU\Q`bUcU^SYQTU\Qc]eZUbUcU^U\cUSd_b
]Q^eVQSdebUb_TUcSU^TY†TU'()U^!(%$Q&")U^!()%<QdU^TU^
SYQQ\Q]QcSe\Y^YjQSY†^TU\_c_VYSY_cQbdUcQ^_°Y^TecdbYQ\UccUUh`\YSQ`_b
\_cSQ]RY_cU^\QcS_^TYSY_^UcTU\Q`b_TeSSY†^<QVQRbYSQSY†^TU`Q^
`_bUZU]`\_dbQTYSY_^Q\]U^dUQce]YTQ`_bQ]QcU^TUb_ci`Q^QTUb_c
VeUU^e^S_]YU^j_e^QQSdYfYTQT]Qi_bYdQbYQ]U^dUVU]U^Y^Q@Ub_Q
]UTYTQaeUcU`b_TeZ_U\`Qc_TU\QQbdUcQ^Q_\_cX_b^_cVQ]Y\YQbUcQ\Q
`b_TeSSY†^U^`Q^QTUbQc\Qc]eZUbUcU]`UjQb_^QcUbbUU]`\QjQTQc
`_bX_]RbUcCYU\\QcbU`bUcU^dQRQ^%)&TU\QVeUbjQTUdbQRQZ_TU\
beRb_U^!(%$U^!()%c†\_Q\SQ^jQRQ^U\!($?VYSY_c°S_]_]Y…Q
aeUbQcc_]RbUbUbQcS_bdQX_ZQc°dbQTYSY_^Q\]U^dUVU]U^Y^_cfQ^TUSQ
iU^T__TUcQ`QbUSYU^T_TURYT_Q\Q]_TQ_]edQSY_^UcU^\Q`b_TeS
SY†^IU^SQ]RY__dbQcbQ]Qc°U^dUbQ_SQcYU^dUbQ]U^dU]QcSe\Y^Qc°
S_]_\Q]UdQ\ebWYQ_\QS_^cdbeSSY†^\_WbQ^e^]Qi_bTUcQbb_\\_<Qc
]eZUbUc`QbSYQ\]U^dUTUc`\QjQTQcTU\cUSd_b]Q^eVQSdebUb_U]YWbQb_^
QcUSd_bUcS_]_\QQWbYSe\debQU\S_]UbSY_U\cUbfYSY_T_]}cdYS_i]vc
dQbTUU\dbQ^c`_bdUi\QcS_]e^YSQSY_^Uc # $ 
<QSQ\YVYSQSY†^TU\Q]Q^_TU_RbQVU]U^Y^QcU]Q^def_U^WU^U
bQ\U^^YfU\UcRQZcY]_ccY^aeUUhYcdYUbQTebQ^dUSQcYd_T_U\`Ub_T_
e^QY^cdYdeSY†^TUcdY^QTQQ\QU^cU…Q^jQ`b_VUcY_^Q\TU_RbUbQciQbdUcQ
^Qc5\Q`bU^TYjQZUcUbUQ\YjQRQUhS\ecYfQ]U^dUU^U\\eWQbTUdbQRQZ__
U^Q\We^_c`_S_cSQc_cU^Sebc_c°WU^UbQ\]U^dUTUS_cdebQR_bTQT_i
S_SY^Q°TYc`U^cQT_c`_b_bWQ^Yc]_cSQbYdQdYf_cUc`USYQ\]U^dUTUdY`_

# $
7v\fUji2bQf__`SYd`vWc" #$

!$)
bU\YWY_c_BUSY}^U^!(((c_RbU\QRQcUTUe^`b_iUSd_`bUcU^dQT_`_b\Q
C?6?61# % cUVe^T†U^CQ^dYQW_\Q5cSeU\QTU1bdUci?VYSY_c`QbQ]eZU
bUc\QaeU`Qe\QdY^Q]U^dUS_]U^j†QY]`QbdYbSebc_cTUTYReZ_\Y^UQ\i_b
^Q]U^dQ\R_bTQT_QbdcdYS_]_TQc\U^SUbQiS_cdebQR\Q^SQVU]U^Y^Qi
]QcSe\Y^QSQbd_^QZU]Qbb_aeY^UbQWeQ^dUbQS_SY^QiS_^dQRY\YTQT`QbQ
\QcZ†fU^UcY^dUbUcQTQcU^TUTYSQbcUQ\S_]UbSY_# & 

FU^TUT_bQcTU]_dU
?bbUW_3_bd}c?bbUW_<eS_UdQ\_`SYd

3_]_UccQRYT_U\cUbfYSY_T_]}cdYS_VeUU\cUSd_baeUU]`\U†Q
\_\QbW_TU\Q]Qi_b`QbdUTU\cYW\_H9HU\Wbe`_]vc^e]Ub_c_TUdbQ
RQZQT_bUc]Q^eQ\UcebRQ^_c<QY^]U^cQ]Qi_bQTU\_ccYbfYU^dUcS_
SY^Ub_c i ^_TbYjQc UbQ^ ]eZUbUc i ^Y…_c 4ebQ^dU ]eSX_ dYU]`_
S_^dbQbYQ]U^dUQ\_TYc`eUcd_U^\_cS†TYW_c\UWQ\Uc\_ccYbfYU^dUc^_

# %
²5cSeU\QTU1bdUci?VYSY_c`QbQ]eZUbUc³5\=UbSebY_FQ\`QbQc_(TUTYSYU]
RbUTU!(('
# &
<Q4YcSecY†^3XY\\v^!%TUQRbY\TU!(((C_RbUUcdUdU]Qf}QcUU\UcdeTY_TU
<_bU^Q7_T_i3²´1b]QcQ^cY_cQcTUdbYe^V_*TUTQ\QWeZQcdYZUbQcµ<QUTeSQSY†^`b_
VUcY_^Q\VU]U^Y^QU^3XY\U!(((!)!"³U^<_bU^Q7_T_i35\YjQRUdX8edSXYc_^UdQ\
4YcSY`\Y^QiTUcQSQd_3_^cdbeSSY†^TUYTU^dYTQTU^3XY\UcYW\_cH9HiHHCQ^dYQW_Ceb3UTU]
3_\USSY†^9^fUcdYWQT_bUc:†fU^Uc!))%`vWc'!!! 

!%
VeUb_^QcQ\QbYQT_ccY^_SQcYcYU]`bU`Ubc_^QcaeUTUcQbb_\\QRQ^e^
dbQRQZ_S_]`e\cYf_^_bU]e^UbQT__bUdbYReYT_]ei`QbSYQ\]U^dUU^
TY^Ub_
<QSQecQ`bY^SY`Q\TUUcdQbU\QSY†^cUbfY\_cU]YcUbfY\bQTYSQRQdQ^d_
U^\QV_b]QTUU^WQ^SXUTU\`Ubc_^Q\TU]}cdYS_S_]_U^ce_bYWU^iU^
\QS_]`\YSYTQTUh`\SYdQ_ceRbU`dYSYQaeU]Q^YVUcdQRQ^\QcQed_bYTQTUc
SXY\U^QcXQSYQ\_ccUSd_bUcQS_]_TQT_cTU\Qc_SYUTQTaeUcU`b_SebQRQ^
SbYQT_c U^ QRYUbdQ _`_cYSY†^ Q \_c `bY^SY`Y_c `b_S\Q]QT_c `_b \Q
3_^cdYdeSY†^
4YfUbcQcVeUb_^\QcVeU^dUcTU\bUS\edQ]YU^d_TU\_ccYbfYU^dUcE^Q
TU\Qc]vcS_]e^UcTebQ^dU\Qc`bY]UbQcT}SQTQcTU\cYW\_VeU\QSQ`debQ
TU^Y…_cY^TWU^QcTUQ]R_ccUh_c\Qc²SXY^Qc³i\_c²Y^TYUSYd_c³U^\Q
Vb_^dUbQcebicefU^dQQ\QcVQ]Y\YQcQTY^UbQTQcTU_dbQcbUWY_^Uc1UcdU
^UW_SY_cUTUTYSQRQ^TUcTU\Q}`_SQS_\_^YQ\\_c`b_`Y_cY^TWU^QcaeU
bUQ\YjQRQ^Y^SebcY_^Uc`QbQbQ`dQb^Y…_cU^\QcdUbbYd_bY_cXQRYdQTQc`_b
_dbQcdbYRec5\Q\U]v^@_U``YW°aeUfYfY†U^3XY\UU^dbU!("&i!(")°
cU…Q\QRQaeUU\W_RYUb^_bU`eR\YSQ^_XQRQ\Y]YdQT_TYSXQcfU^dQcQ\Q
`b_fY^SYQTUFQ\TYfYQS_]_e^Q]Q^UbQTUUfYdQb\QccQ^WbYU^dQcTYc`e
dQcU^dbU\_cQR_bWU^UcSbUiU^T_aeUc†\_e^Qc`_SQcVQ]Y\YQcTU\Qj_^Q
UcdQbQ^U^S_^TYSY_^UcTUS_]`bQb\_c3_]_S_^cdQdQRQU\fYQZUb_WUb
]Q^_\Q]UTYTQQT_`dQTQUcdef_\UZ_cTUVbU^QbU\dbvVYS_TUY^VQ^dUc
²`eUcd_T_c\_cfUbQ^_c\_cY^TWU^QcS_^TeSU^cec`bYcY_^Ub_cQ\2_°
2_Qe^aeUcUSbUdQ]U^dUT_^TUcUU^SeU^dbQ^cYU]`bUS_^S_]`bQT_
bUcTURYT_QaeUU^CQ^dYQW_cUS_^cYTUbQS_]_\eZ_`_cUUbQ\We^_cTU
Ucd_c^Y…_cS_]_cYbfYU^dUc³ # ' 
DQ]RY}^U^Wb_cQRQ^\QcVY\QcTU\cUbfYSY_T_]}cdYS_Q\We^_c`bYcY_
^Ub_cbUQ\YcdQc # ( i^e]Ub_c_cY^TWU^QcSQedYf_cTU\QWeUbbQ^_TUS\Q
bQTQaeUTUcTU]eidU]`bQ^_Y^YSYQb_^\_cW_RYUb^_cbU`eR\YSQ^_cU^
S_^dbQTU\Q1bQeSQ^Q5^e^QSQbdQTYbYWYTQU^!(#'Q\S†^ce\WU^UbQ\
TU7bQ^2bUdQ…QU^CQ^dYQW_U\S†^ce\RbYdv^YS_U^3_^SU`SY†^8U^bi
GB_ecUS_^dQRQaeUU\WU^UbQ\2e\^UcQ\U^dQT_`_bcec}hYd_cU^S_^
dbQTU\QRQ^TQTU\_c@Y^SXUYbQS_]U^j†U^cU`dYU]RbUTU!(##e^Q
WeUbbQTUUhdUb]Y^Y_U^S_^dbQTU\_cY^TY_cTU\_c\\Q^_cTU\QbYRUbQceb
TU\2_°2_*\_cQR_bWU^Uc`bYcY_^Ub_cUbQ^]eUbd_cQcQ^WbUVbQe^Q
fUjaeUU\_VYSYQ\S_]Q^TQ^dU\UcXQRQUhdbQT_d_TQ\QY^V_b]QSY†^
^USUcQbYQC†\_\Qc]eZUbUcZ†fU^Uci\_c^Y…_cUcSQ`QRQ^QdQ^SbeU\VY^
@Ub_U\\_^_UbQU\Vbed_TUe^Q`_\dYSQXe]Q^YdQbYQCUW‹^U\]Yc]_
S†^ce\TUC=2*

# '
@_U``YW_`SYd`vW" 
# (
4ebQ^dU\Q@QdbYQ>eUfQU\W_RYUb^_`QdbY_dQS_^VY†`bYcY_^Ub_cTUWeUbbQQSYUb
d_cfUSY^_cTYcdY^WeYT_c`QbQcecUbfYSY_T_]}cdYS_`b_XYRYU^T_ceU]`\U_U^_db_c]U
^UcdUbUc?µ8YWWY^c5SXUfUbbQ²4USbUd_³CQ^dYQW_iTYSYU]RbU%TU!("!7QjUdQ=Y^Yc
dUbYQ\TU3XY\UCQ^dYQW_(TUTYSYU]RbUTU!("!

!%!
 5c^_d_bY_dQ]RY}^aeU\Qd_\UbQ^SYQTU\7U^UbQ\
K2e\^UcMcY^_cecUh`bUcQc†bTU^UcTQ^\YSU^SYQY\Y]YdQ
TQQ\_cc_\TQT_c`QbQTUcdbeYbQ\_cY^TY_ccY^TYcdY^SY†^
TUUTQT^YcUh_+iaeUcY\Qc]eZUbUcZ†fU^Uci\_c^Y…_cc_^
WU^UbQ\]U^dU\YRUbQT_cTUUcdUSQcdYW_Uc\QQfQbYSYQi^_
\QXe]Q^YTQT\QaeU\_cebWUQTQbUcdU`Qc_*Ucd_cY^V_bde
^QT_ccYUcaeU^_cUaeUTQ^QSQbW_TUe^c_\TQT_XQ]
RbYU^d_c_^Q\bUWbUc_TU\QUh`UTYSY†^_VbUSYT_cQ\bUTU
T_bTU\QbUWY†^ifU^TYT_cQ\]UZ_b`_cd_b# ) 

?db_cT_]}cdYS_cXQRQ^cYT_fU^TYT_c`_bcec`b_`Y_c`QTbUcSQ]
`UcY^_c`_RbUcY^SQ`QSUcTUQcUWebQbcececdU^d_aeUcUS_^V_b]QRQ^
S_^bUSYRYbQ\W_TUTY^Ub_i\Q`b_]UcQfUbRQ\TUaeUcecXYZ_ccUbQ^
dbQdQT_cS_^ceQfYTQT`_b\_cS_]`bQT_bUc5cdUS_]UbSY_U^e^`Qc
aeUXQRQQR_\YT_\QUcS\QfYdeT^_dU^Q^QdebQ\]U^dU^Y^W‹^fQ\_b
\UWQ\`Ub_U\\_^_Y]`UTQaeUUcdQ`bvSdYSQQ\YWeQ\aeU\QQ^dUbY_bVeU
bQS_bbYU^dU@_U``YWS_^dQRQaeUQaeU\\_c^Y…_cS_]U^jQRQ^QbUSYRYb
e^Q`UaeU…QbU]e^UbQSY†^c†\_SeQ^T_XQRQ^Q\SQ^jQT_]vcUTQTi
aeUVbUSeU^dU]U^dU`Ub]Q^USQ^TebQ^dU\Q]YdQTTUcefYTQS_]_cYb
fYU^dUcU^\Q]Yc]QVQ]Y\YQCe`bUSY_U^QaeU\\Q}`_SQfQbYQRQTUQSeUb
T_S_^\QUTQTU\cUh_iU\Qc`USd_`eTYU^T_S_cdQbXQcdQcUYc`Uc_cVeUb
dUc_Y^S\ec_U\T_R\U#! @_bce`QbdUU\Y^W\}c<_^WUfY\\UF_gU\\aeU
fYcYd†3XY\UU^\Q]Yc]Q}`_SQQ^_d†U^cec=U]_bYQcaeUU^dbU\_c`Qe
`}bbY]_cXQRYdQ^dUcTU\_cQ\bUTUT_bUcTUDQ\SQXeQ^_XQRQ]eSX_cTYc
`eUcd_cQfU^TUbcecXYZ_c*

>Y…_ci^Y…QcTUUTQTTU_SX_QTYUjQ…_ccUfU^
TU^`eR\YSQ]U^dUS_]_UcS\Qf_c`_bdbUc_SeQdb_`U
c_c 1e^aeU U^ 3XY\U Uc `b_XYRYTQ \Q UcS\QfYdeT U\
7_RYUb^_^_d_]Q]UTYTQQ\We^Q`QbQY]`UTYbUcUdbv
VYS_ UcdY]Q^T_ aeU cU XQSU e^ RU^UVYSY_ Q \_c ^Y…_c
cQSv^T_\_cTU\`_TUbTU`QTbUcaeUUcSQcQ]U^dUdYU^U^
\_c]UTY_cTUQ\Y]U^dQbcUQc]Yc]_cic_^QTU]vcdQ^
YW^_bQ^dUcUY^T_\U^dUcaeUc_^Y^SQ`QSUcTUU^cU…Qb
\UcQ\W_‹dY\#!! 

# )
3QbdQTU\S†^ce\RbYdv^YS_U^3_^SU`SY†^8U^biGB_ecUQ\S†^ce\TUC=2
U^CQ^dYQW_:_X^GQ\`_\U3_^SU`SY†^"&TUZe\Y_TU!(#'bU`b_TeSYTQ^dUWbQ]U^dU
S_^e^Q`bUcU^dQSY†^`_b7ecdQf_1^baeUj>U^²=_d^TUAeY\\_dQi]eUbdUTU4YUW_
@_bdQ\Uc³U^=Q`_SX_>¡#'CQ^dYQW_`bY]UbcU]UcdbUTU!))%`vWc!#)!% 5\`vbbQ
V_SYdQT_`_b^_c_db_cQ`QbUSUU^\Q`vW!$&
#!
@_U``YW_`SYd`vW!))
#!!
:_c}D_bYRY_=UTY^Q=U]_bYQcTUe^_VYSYQ\Y^W\}cQ\cUbfYSY_TU3XY\UTebQ^dU\_cQ…_c
!("!!(")CQ^dYQW_9]`bU^dQE^YfUbcYdQbYQ!)"#`vW!& 

!%"
 4ebQ^dUU\`Ub_T_Y^]UTYQdQ]U^dU`_cdUbY_bQ\Q9^TU`U^TU^SYQ
e^Q`QbdUY]`_bdQ^dUTU\_cSbYQT_cUbQ^\_cQ^dYWe_cUcS\Qf_caeUcUWeQ^
cYbfYU^T_U^\QcSQcQcTUaeYU^UcXQRQ^cYT_cecQ]_c5^!(""U\fYQZUb_
VbQ^S}c<QV_^TTU<ebSiUcSbYRY†aeU\QcUbfYTe]RbUU^3XY\U²cUS_]`_
^QTU]eSX_cUcS\Qf_cR\Q^S_ci^UWb_c`_baeUU^3XY\UXQiUcS\Qf_cR\Q^
S_c\_]Yc]_aeU\_cUeb_`U_c`b_fY^YU^T_}cd_cTU\Q]UjS\QS_^dY^eQTU
\QcbQjQc]UjS\QTQciTU\_cR\Q^S_c³#!"
:e^d_Q\_c\YRUbd_cS_^dY^eQRQ^dbQRQZQ^T_U^\Qc]Yc]QcSQcQccec
]QTbUcfYUZQccYbfYU^dUcaeUcU_Se`QRQ^TU\\QfQT_iTU]U^eTQc\QR_
bUcT_]}cdYSQc #!# 
@_bce`QbdU\QcQed_bYTQTUcSXY\U^QcS_^dbYReiUb_^Q`b_fUUbTU
cYbfYU^dUcTUcUh_VU]U^Y^_Q\QcVQ]Y\YQc`eTYU^dUcU^S_^TYSY_^UcSUb
SQ^QcQ\QcU]YUcS\QfYdeT@_b]UTY_TUe^QcUbYUTURQ^T_c`eR\YSQT_c
TUcTU\_c`bY]Ub_cQ…_cTU\QUbQbU`eR\YSQ^QcU_R\YW†Q\Qc]eZUbUc
c_\QccY^_Se`QSY†^S_^_SYTQi²cY^Q]_³QcUbfYbU^SQcQc²X_^_bQR\Uc³
c_`U^QTUSvbSU\i_TUcdYUbb_ #!$ <Qc]UTYTQcTUS_^db_\i\Q_R\YWQSY†^
TU`bUcdQbcUbfYSY_cQVQ]Y\YQc²X_^_bQR\Uc³cUUhdU^TYUb_^U^Q\We^_c
\eWQbUcQ\_cY^TYfYTe_cTUcUh_]QcSe\Y^_?db_cYcdU]QY]`e\cQT_`_b
\QcQed_bYTQTUcVeU\QS_^VYcSQSY†^TU\_cXYZ_cTU]U^TYW_c_TU]eZU
bUcTU\`eUR\_SeiQS_^TeSdQUbQS_^cYTUbQTQ`_S_S_^fU^YU^dU_Y^]_
bQ\<_cSbYdUbY_c`QbQZejWQb\QY^]_bQ\YTQTTUQaeU\\QWU^dUUbQ^^Qde
bQ\]U^dUQbRYdbQbY_c5\cY]`\US_^SeRY^Qd_\Q]QdUb^YTQTU^UcdQT_TU
c_\dUbQ_\QSQbU^SYQTU]UTY_cbUWe\QbUc`QbQcececdU^d_`_TQ^cUb
Y^f_SQT_cU^SeQ\aeYUb]_]U^d_`_b\QcQed_bYTQTUc`QbQQbbURQdQb\_c
XYZ_cQcec]QTbUc_Qcec`QTbUceRYSv^T_\_cU^SQcQ²X_^_bQR\U³<_c
`b_WU^Yd_bUc^_UbQ^S_^ce\dQT_cc_RbUU\\eWQbi\QVQ]Y\YQT_^TUcUbQ^
S_\_SQT_ccecXYZ_c#!% 
5^UcdUS_^dUhd_\QbU\QSY†^Q]_°cYbfYU^dUQcU`bUcU^dQRQS_]_
e^f^Se\_`b_Ve^TQ]U^dUTUcYWeQ\iTUTU`U^TU^SYQSQcYQRc_\edQTU\
cUWe^T_bUc`USd_Q\`bY]Ub_<_c]Q\_cdbQd_c\_cSQcdYW_cVcYS_ci\_c
QRec_ccUheQ\Ucc_RbU\QccYbfYU^dQc^_UbQ^UhdbQ…_c<QUcdbUSXQ]_bQ
\YTQTTU\Q}`_SQXQSQSQUbc_RbUU\\Qc\QcS_^cUSeU^SYQcTUdQ\UcQdb_`U
\\_c*cYe^QSbYQTQaeUTQRQU]RQbQjQTQ\Qc_\eSY†^]vcS_]‹^UbQ\Q
Uh`e\cY†^cY^Y^TU]^YjQSY†^TU\QSQcQTUceU]`\UQT_b<Q^jQTQQ\Q
SQ\\UU^cYdeQSY†^TUY^TYWU^SYQcUQRbQQ^dUU\\Q\QQ\dUb^QdYfQTU\Q`b_c
dYdeSY†^iTU\QbU`bUcY†^_VYSYQ\`_b²fQWQ^SYQ³CecXYZ_cU^S_^cUSeU^
SYQ`_TQ^cUbS_^VYcSQT_cbUQ\Y]U^dv^T_cU\Q]Q^_TU_RbQTU\cUbfY
SY_T_]}cdYS_#!& 

#!"
7QRbYU\<QV_^TTU<ebSiFYQZUQ3XY\UCQ^dYQW_5TYd_bYQ\E^YfUbcYdQbYQ!)' 
`vW#%
#!#
?`SYd`vWc#%i#&
#!$
CQ\QjQb<QRbQT_bUc_`SYd`vW"&&
#!%
?`SYd`vWc"((")$
#!&
?`SYd`vWc")!")$

!%#
 4UUcdU]_T_U\dbQRQZ_T_]}cdYS_TebQ^dU\Q`bY]UbQ]YdQTTU\cYW\_
cUQ`QbU^dQRQ]vcQe^dbQRQZ_cUbfY\aeUQe^QbU\QSY†^cQ\QbYQ\TUdY`_SQ`Y
dQ\YcdQ?R\YWQT_c`_b\QVeUbjQTU\Q\Ui_QfUSUc`_b\QcY]`\US_QSSY†^
VcYSQ°U^U\SQc_TU\_c^Y…_cbQ`dQT_cifU^TYT_c°\_ccYbfYU^dUc^_W_jQ
RQ^TU^Y^We^QTU\Qc\YRUbdQTUcaeUU^dU_bQTURQ^dU^Ub\_cdbQRQZQT_
bUc8QSYQ]UTYQT_cTUcYW\_UcdQcYdeQSY†^U]`Uj†Q]_TYVYSQbcU*\QcV_b
]QcdbQTYSY_^Q\UcS_QSdYfQcTUbUS\edQ]YU^d_TU\`Ubc_^Q\T_]}cdYS_i\Q
bU\QSY†^`QdUb^Q\YcdQcUbUcaeURbQZQb_^`Qe\QdY^Q]U^dU5^fUjTU^Y…_c
U^dbUWQT_cQVQ]Y\YQcQS_]_TQTQcdU^TY†QWU^UbQ\YjQbcU\Q_VUbdQUc`_^dv
^UQTU\Q]Q^_TU_RbQ5^\eWQbTU\QTU`U^TU^SYQfYdQ\YSYQTU\SbYQT_VbU^
dUQ\Q]_cUXYj_SQTQfUj]vcVbUSeU^dU\QSYbSe\QSY†^WU^UbQ\YjQTQTUcYb
fYU^dUcSQ]RY_cbU`U^dY^_cibUYdUbQT_cTUU]`\U_*

<Q bU\QSY†^ U^dbU `Qdb_^Uc i cYbfYU^dUc VeU SQ]

RYQ^T_bUQ\]U^dUU^\QcUWe^TQ]YdQTTU\cYW\_S_]_
_SebbY†U^WU^UbQ\S_^d_TQc\QcbU\QSY_^Uc\QR_bQ\Uc5^
\Qc VQ]Y\YQc XQRQ SQTQ fUj ]U^_c ^Y…_c ´TQT_cµ `QbQ
SbYQb_Xe}bVQ^_cTU\Q@b_fYTU^SYQ_´SXY^Yd_cTUQ\
V_]RbQµ* \_c TUcQXeSY_c RbecS_c UbQ^ VbUSeU^dUc Qc
S_]_UcQV_b]Q\QdUbQ\TUS_^V\YSd_aeUUbQ^\_cXebd_c
<_cSbYQT_cSYbSe\QRQ^SQcYdQ^V\eYTQ]U^dUS_]_\_c
S_SXUb_cQe^aeU`_b_dbQ`QbdUcUWeQcYU^T_S_]‹^
bUSebbYbQ]eZUbUc`b_fU^YU^dUcTU\Ve^T_VQ]Y\YQb_cec
fUSY^TQTUc#!' 

<QVYTU\YTQTdbQTYSY_^Q\XQSYQ\QVQ]Y\YQU]`\UQT_bQcUbUcY^dY†@QbQ
XQSUbVbU^dUQ\`b_R\U]Q\QU\YdU`bUdU^TY†bUW\QbU\cUbfYSY_T_]}cdYS_
bUcdbY^WYU^T_Q\]vhY]_\_cTUbUSX_ci\QQed_^_]QTUUcdUcUSd_bTU\
`U_^QZUU^U\aeU]eZUbUci^Y…_cUbQ^]Qi_bYdQbY_c#!( 
5\3†TYW_3YfY\TU!(%%bUW\Q]U^d†TU]Q^UbQcUfUbQ\QcS_^TYSY_
^UcTUdbQRQZ_TU\_cSbYQT_cT_]}cdYS_c5\dYU]`_TUTebQSY†^TU\_c
S_^dbQd_ccUVYZ†U^e^Q…_cQ\f_UcdY`e\QSY†^UcSbYdQTU\_S_^dbQbY_U^
Sei_SQc_U\`\Qj_]vhY]_UbQTUSY^S_Q…_c#!) CYU\S_^dbQd_^_UcdQR\U

#!'
<eYc1\RUbd_B_]Ub_²¤3†]_c_^\_c`_RbUc/=YbQTQcTU\QU\YdUUYTU^dYTQT
`_`e\QbU^CQ^dYQW_XQSYQ!(' ³U^?`SY_^Uc>¡!&CQ^dYQW_]Qi_QW_cd_!)()`vWc
'"i'#
#!(
<QVYZQSY†^TU^_b]Qc\UWQ\Uc`QbQ\QcbU\QSY_^UcU^dbUQ]_cicYbfYU^dUcT_
]}cdYS_cbUc`_^TQQe^Q^dYWe_Q^XU\_TUcUSd_bUcTU\QU\YdUE^QUh`bUcY†^TUUcdQ
TU]Q^TQU^²<UYTUQ]_ciSbYQT_c³5\=UbSebY_FQ\`QbQc_$TUVURbUb_TU!(%#
#!)
3†TYW_3YfY\TU\QBU`‹R\YSQTU3XY\U`bUSUTYT_TUe^ZeYSY_SbdYS_`_b?7e]UbcY^T_
TU 1cSvbQdU =QTbYT 5cdQR\USY]YU^d_ DY`_WbvVYS_ TU 7QbSQ i 3QfQbUb_ !((! Qbd
!()(`vW""%+²CYdeQSY†^TU\_cSbYQT_c³5\3_bbU_TU\Ceb3_^SU`SY†^"%TUQRbY\TU
!(%'

!%$
SQe^`\Qj_`bUSYc_TUTebQSY†^}cdU`_TQcUbb_d_`_bSeQ\aeYUbQTU\Qc
`QbdUc`Ub_U^U\SQc_TU\_ccYbfYU^dUccY\Qbe`debQUbQcecSU`dYR\UTU`b_
f_SQb²WbQfUY^S_^fU^YU^dUi`UbZeYSY_Q\Q]_³U\SbYQT_TURQS_^dY^eQbU^
U\cUbfYSY_U\dYU]`_^USUcQbY_`QbQaeU`eTYUbUcUbbUU]`\QjQT_5\cYb
fYU^dUaeUfY_\QcUUcdQTYc`_cYSY†^cY^]_dYf_cZecdYVYSQT_cTURQQR_^QbQ
ceQ]_e^QY^TU]^YjQSY†^UaeYfQ\U^dUTUT_ccU]Q^QcTUcQ\QbY_ #" 5^
SQc_ccY]Y\QbUc\_cSbYQT_cS_^dbQdQT_cQ`\Qj_VYZ_TURQ^`QWQbQceU]
`\UQT_be^QY^TU]^YjQSY†^UaeYfQ\U^dUQe^]UcTUcQ\QbY_S_bbUc`_^
TYU^T_Q\`Qdb†^\Q]Yc]Q_R\YWQSY†^U^cU^dYT_S_^dbQbY_#"! <Qc^_TbYjQc
TURQ^c_`_bdQbS_^fU^Y_cQ‹^]vcbWYT_c`eUcd_aeUU\²3†TYW_TU2U\\_³
\Qc_R\YWQRQQ²`Ub]Q^USUbU^U\cUbfYSY_]YU^dbQcTebU\Q\QSdQ^SYQ_^_
`eUTQcUbbUU]`\QjQTQcY^`UbZeYSY_TU\QcQ\eTTU\^Y…_³#"" <QcVQ\dQcWbQ
fUcUcTUSYbQaeU\\QcaeU`_TQ^ZecdYVYSQbe^Qbe`debQUbQ^bUc`USd_TU\
`Qdb†^*²\QY^U`dYdeTTU\SbYQT_d_T_QSd_TUY^VYTU\YTQT_Y^ceR_bTY^QSY†^
id_T_fYSY_XQRYdeQ\aeU`UbZeTYaeUU\cUbfYSY__debRUU\†bTU^T_]}cdY
S_³#"# +bUc`USd_TU\SbYQT_*²U\]Q\dbQd_TU\Q]_iSeQ\aeYUbS_^Qd_TUUcdU
_TUcecVQ]Y\YQbUc_Xe}c`UTUc`QbQY^TeSYb\_Qe^QSd_SbY]Y^Q\_Y^]_
bQ\³#"$ 
<QcU^VUb]UTQTUcTUe^_dQ]RY}^TQRQ^TUbUSX_Q\_db_`QbQ`_
^Ubd}b]Y^_Q\S_^dbQd_ #"% 
5\SQbvSdUb`b_Ve^TQ]U^dUS\QcYcdQTU\3†TYW_3YfY\cU]Q^YVUcdQRQ
TU]Q^UbQ`QbdYSe\Qb]U^dUTebQU^S_^dbQTU\_ccYbfYU^dUcT_]}cdYS_c
Q\UcdY`e\QbaeUcQ\f_`beURQTU\_S_^dbQbY_\_cU]`\UQT_bUccUbQ^
SbUT_cU^ce`Q\QRbQU^d_T_\_bU\QSY_^QT_S_^\QSeQ^dQTU\cQ\QbY_U\
`QW_TU\cQ\QbY_TU\]UcfU^SYT_iQ\_aeUTYZYUcU^XQRUbTQT_SeU^dQ
`_bU\]UcU^Sebc_#"& 
3_^d_T_U\²3†TYW_TU2U\\_³cUXQSQSQbW_TUe^QbU\QSY†^S_^
dbQSdeQ\RQcQTQU^U\cQ\QbY_bUV\UZQ^T_U^cecTYc`_cYSY_^Uc\QWbQ^]e
dQSY†^aeUUcdQRQ\\UfQ^T_Q\Qc_SYUTQTSXY\U^QQdbQ^cYdQbTUcTUe^
]_T_TU`b_TeSSY†^e^QSe\debQie^cYcdU]QTUbU\QSY_^Ucc_SYQ\UcTU
dY`_S_\_^YQ\Qe^_TUSQbvSdUbTUSYTYTQ]U^dUSQ`YdQ\YcdQ

< 1C 3?>4939?>5C 45 DB121:?

5\dbQRQZ_U^\_cdQ\\UbUcQbdUcQ^Q\UccUTUcQbb_\\QRQU^\Qc]Yc]QcS_^TY
SY_^UcTU`bUSQbYUTQTaeU\QfYTQTUcec_RbUb_c1]U^eT_\QXQRYdQ

#"
?`SYdQbd!)()
#"!
9RYTQbd!))!
#""
9RYTU]Qbd!)) 
#"#
9RYTU]Qbd!))#
#"$
9RYTU]
#"%
9RYTU]
#"&
3†TYW_3YfY\_`SYdQbd!))%`vW""&

!%%
SY†^TU\QbdUcQ^_°U^`QbdYSe\Qb\_c²SeQbd_cbUT_^T_c³TU\SU^db_TU\Qc
SYeTQTUc#"' °UbQQ\]Yc]_dYU]`_cedQ\\Ub8eU\WQTUSYbaeU\QUcdbUSXUj
i\QY^S_]_TYTQTUbQ^^_dQR\Uc@QbQWQ^QbUc`QSY_`Ub_dQ]RY}^`_b
aeU\Qc`bvSdYSQcSe\debQ\Uc`bU]_TUb^Qc^_UcdQR\USQ^e^QbWYTQcU`Q
bQSY†^TU\_cUc`QSY_c`‹R\YS_i`bYfQT_U\QbdUcQ^_S_\_SQRQVbUSeU^dU
]U^dUe^Q`QbdUTUcecY]`\U]U^d_cTUdbQRQZ_U^\QfQ`‹R\YSQUhXY
RYU^T_U^U\\Qcec`b_TeSd_c*

1\Q`eUbdQTUe^_TU\_cbQ^SX_c]vc`_RbUcXU
SX_‹^YSQ]U^dUTUbQ]QciSeRYUbd_`_bd_d_bQiaeU
dU^Qe^SeUb_QWeYcQTU`eUbdQUcdQRQcU^dQTQe^QVQ
]Y\YQTU\_SUb_cDbQRQZQRQ^cU^dQT_cU^e^_cSeUb_cTU
SQb^Ub_ UhdU^TYT_c RQZ_ \Q c_]RbQ TU e^Q `UaeU…Q
U^bQ]QTQfUbTU4U\Q^dUdU^Q^e^Q]QcQTUQbSY\\QbU
SY}^S_]`eUcdQiSQTQSeQ\cUW‹^cecQ…_ciSQ`QSYTQT
YRQXQSYU^T_Sv^dQb_c`\Qd_ciVeU^dUc #"( 

5\SQc_TUUcdQVQ]Y\YQTU\_SUb_cTU\QBY^S_^QTQTUFQ\`QbQc_fYcY
dQTQ`_b=Qbi7bQXQ]U^!(""UccY^TeTQUhdbU]_`Ub_^_`_bU\\_
]U^_cbU`bUcU^dQdYf_TU\QcS_^TYSY_^UcTUdbQRQZ_TU]eSX_c`UaeU…_c
dQ\\UbUcQbdUcQ^Q\UcTUdY`_VQ]Y\YQb?SXU^dQQ…_c]vcdQbTUSeQ^T_\_c
`b_R\U]Qcc_SYQ\UccUXQRQ^QWeTYjQT_icUXQRQY]`eUcd_e^`Qdb†^
TU]_TUb^YTQTaeUcUWbUWQRQS\QbQ]U^dU\_`‹R\YS_TU\_`bYfQT_\Q
=_^_WbQVQTUe^QVQ]Y\YQ_RbUbQTUCQ^dYQW_^_c]eUcdbQe^XUbbUb_°SQ
bb_SUb_dbQRQZQT_bY^TU`U^TYU^dUQieTQT_c†\_`_bceXYZ_]Qi_bbUQ
\YjQ^T_cec\QR_bUcU^U\]Yc]_cYdY_TUceSQcQU^e^²dQ\\UbS_^]UTY_c
ce]Q]U^dUbeTY]U^dQbY_ccY^^Y^W‹^Q`QbQd_]USv^YS_TU^eUfQY^fU^
SY†^aeUVQSY\YdUiQS_bdUU\dbQRQZ_UcSQc_TUXUbbQ]YU^dQciS_^\Qc`_
SQcaeUdYU^UU^bUWe\QbUcdQT_³ce`\YU^T_S_^Y^fU^dYfQ\QVQ\dQTUXU
bbQ]YU^dQc`Ub_\Y]YdQT_dUbbYR\U]U^dU`_bceSQbU^SYQTUSQ`YdQ\`QbQ
QTaeYbYb]QdUbYQ\Uc#") 
<_cdQ\\UbUc]vcWbQ^TUcQaeU\\_caeUU]`\UQRQ^]Q^_TU_RbQ
QcQ\QbYQTQ]vcQ\\vTU\^‹S\U_VQ]Y\YQbi\QcVvRbYSQc_]Q^eVQSdebQcTU\Q
cUWe^TQ]YdQTTU\cYW\_^_ceVbQ^TUUcSQcUjTUedU^cY\Y_ci]QaeY^Q
bYQc\_aeU\QcS_\_SQRQU^e^`\Q^_U^U\aeU\_c`UaeU…_cdQ\\UbUcQbdU
cQ^Q\Uc^_`_TQ^S_]`UdYb@bvSdYSQ]U^dU\Qd_dQ\YTQTTU\QcVvRbYSQcTU\

#"'
5\²SeQbd_bUT_^T_³UbQe^Q`YUjQY^TU`U^TYU^dUcYdeQT_WU^UbQ\]U^dUU^SQcQc
TU\SU^db_TU\QcSYeTQTUciTebQ^dU\Qc‹\dY]QcT}SQTQcTU\cYW\_H9HU^\_cS_^fU^dY\\_c
S_^e^Qc_\QQRUbdebQaeUTQRQc_RbU\QSQ\\U<_cSeQbd_cbUT_^T_c^_TYc`_^Q^TUQ\SQ^
dQbY\\QT_TUQWeQ`_dQR\U\UdbY^Qc^YS_SY^QE^QfYcY†^W\_RQ\TU\XQRYdQd`_`e\QbU^7bUj
<Uc]_efU]U^dc_`SYd`vWc!# !( F}QcUdQ]RY}^U\SQ`de\_999TUUcdU\YRb_
#"(
7bQXQ]_`SYdd_]_9`vW!($
#")
7eY\\Ub]_5c`Y^_jQB_ecUi:_bWU5bbvjebYjDQW\U=_^_WbQVQTUe^QVQ]Y\YQ_RbU
bQTUCQ^dYQW_CQ^dYQW_9]`bU^dQ<Yd_WbQVQY5^SeQTUb^QSY†^2QbSU\_^Q!) #`vW"!

!%&
‹\dY]_SeQbd_TUcYW\_TYc`_^Q^TU]QaeY^QbYQcY]`_bdQTQc°WU^UbQ\]U^
dU]ei]_TUb^Qc°iTUe^Q_bWQ^YjQSY†^TU\dbQRQZ_S_^V_b]UQ\]_T_
Y^TecdbYQ\TU`b_TeSSY†^*TYfYcY†^TU\dbQRQZ_]_^UdQbYjQSY†^S_]`\UdQTU
\_ccQ\QbY_cSQTU^SYQcTUdbQRQZ_TUdUb]Y^QTQc`_bU\bYd]_TU\Qc]vaeY
^QcUcdbYSdQZUbQbaeYjQSY†^TUVe^SY_^UcibU]e^UbQSY_^UcQ`\YSQSY†^U^
Q\We^_ccUSd_bUcTU\cYcdU]QTUcQ\QbY_`_b`YUjQccUfUb_S_^db_\i]Q^dU^Y
]YU^d_TU\QTYcSY`\Y^Q\QR_bQ\`_b]UTY_TUcQ^SY_^UcibUS_]`U^cQccQ\Q
bYQ\UccY^UhS\eYbU^SYUbd_cSQc_c\QedY\YjQSY†^TU]USQ^Yc]_cUhdbQUS_
^†]YS_cTU`bUcY†^°S_]_TUdU^SY†^iU^SQbSU\Q]YU^d_TUdbQRQZQT_bUc°
bUSebbYU^T_`QbQU\\_Q\TYc`_cYdYf_bU`bUcYf_UcdQdQ\
1`UcQbTUce]UZ_bUaeY`Q]YU^d_U\dbQRQZ_U^\QcVvRbYSQci]Q^eVQS
debQcSXY\U^QccUTUcQbb_\\QRQU^S_^TYSY_^Uc`QbdYSe\Qb]U^dUTebQc`QbQ
\_c_`UbQbY_c1TU]vcTU\QcQW_dQT_bQcZ_b^QTQcTUTYUjT_SU_]vcX_bQc
TU\QR_b\_c_RbUb_c°QTe\d_ci^Y…_cTUQ]R_ccUh_c°TURQ^c_`_bdQb\Q
VQ\dQd_dQ\TUS_^TYSY_^UcTUXYWYU^UiTU]UTYTQcTUcUWebYTQT<_cQSSY
TU^dUcQe^aeU]U^_cWbQfUcaeUU^\Qc]Y^QcUbQ^VbUSeU^dUcU^\_cUcdQ
R\USY]YU^d_cY^TecdbYQ\UciU^\_c`eUbd_c<_c`Qdb_^Uc^_UcdQRQ^_R\YWQ
T_cQ`QWQbY^TU]^YjQSY_^UcQ\_cXUbYT_cU^U\dbQRQZ__Q\_cVQ]Y\YQbUcTU
\QcfSdY]QcVQdQ\UcTU\_cQSSYTU^dUc\QR_bQ\UcC†\_\_cZ_b^Q\Ub_c\Q^SXU
b_ciV\UdUb_cTU\_cWbU]Y_c`_bdeQbY_c_bWQ^YjQT_c`_bU\5cdQT_W_jQRQ^
TU]_TUcd_cceRcYTY_c`_bU^VUb]UTQTQSSYTU^dUTU\dbQRQZ__VQ\\USY]YU^
d_Y^TU]^YjQSY†^`UbSYRYTQ`_bcecVQ]Y\YQbUc]vcSUbSQ^_cRQZ_S_^TY
SY_^Uc]eibUcdbYSdYfQc## 
5^U\cUSd_bVQRbY\iQbdUcQ^Q\\_c`b_R\U]Qc]vcWbQfUcUbQ^\_cTU
XYWYU^UiUhdU^cY†^TU\QcZ_b^QTQc\QR_bQ\Uc5^e^Y^V_b]U`bUcU^dQT_
Q\Q:e^dQTU8YWYU^UTUFQ\`QbQc_QS_]YU^j_cTU!(("TUc`e}cTUXQ
RUbfYcYdQT_Q\We^_cTU\_c`bY^SY`Q\UcdQ\\UbUcTU\QSYeTQT\_cT_cS_]Y
cY_^QT_c`_bUcU_bWQ^Yc]_TU^e^SYQRQ^\Q²^Y^We^QS_]_TYTQTaeU\_c
TeU…_cTUU\\_cKTU\_cdQ\\UbUcM`b_`_bSY_^Q^QcecdbQRQZQT_bUcQWbe
`Q^T_WbQ^SQ^dYTQTTUWU^dUU^cQ\_^Uc`_S_fU^dY\QT_cU^\_c`Yc_c
RQZ_cTUSQcQccYdeQTQcU^SQ\\UcX‹]UTQciUcdbUSXQccY^`QdY_^YcQ\YTQ
Q\We^Q Q\ Y^dUbY_b `QbQ cQdYcVQSUb cYaeYUbQ \Qc ^USUcYTQTUc ]vc ebWU^
dUc³##! 
5^\Q]Qi_bQTUUc_cdQ\\UbUc\_c_RbUb_cdbQRQZQRQ^U^dbU\Qc'
Xbci\Qc" # XbcS_^dQ^T_S_^T_cX_bQcTUTUcSQ^c_e^Q`QbQQ\]_b
jQbi_dbQ`QbQS_]UbUcTUSYbbUQ\YjQRQ^Z_b^QTQcTUT_SU_]vcX_bQc
\_aeUUbQS_^cYTUbQT_`_b\_cS_]YcY_^QT_cTU\Q:e^dQTU8YWYU^US_]_
²TU]QcYQT_`UbZeTYSYQ\`QbQ\QcQ\eT³ ##" 

##
FUbSQ`de\_F9
##!
@UdUbTU6YcSXUbiCQ\fQT_b4_^_c_²9^V_b]U`QcQT_Q\Q:e^dQTU8YWYU^U³5\
=UbSebY_FQ\`QbQc_"%TUU^Ub_TU!(("
##"
9RYT

!%'
 <Qc]Q\QcS_^TYSY_^UcU^aeUcUTUcQbb_\\QRQ^\QcVQU^QcU^VvRbYSQci
dQ\\UbUc`b_f_SQRQ^cUbY_cdbQcd_b^_cQ\QcQ\eTTU\_c_RbUb_c5^U\SQc_TU
\QcS_cdebUbQcaeUdbQRQZQRQ^S_^]vaeY^QcTUS_cUbcUcU…Q\QRQ^S_]_
U^VUb]UTQTUc]vcVbUSeU^dUc`b_TeSYTQc`_b\Qc\QbWQcZ_b^QTQc\QR_bQ\Uc*
\UeS_bbUQcdbQcd_b^_c]U^cdbeQ\UcYbbYdQSY_^UcTU\QUc`Y^QT_bcQ\XYcdU
bYQcS_^QdQaeU^UbfY_c_dU]R\_bUcS_^fe\cY_^Uci`Qbv\YcYcTU\Qc`YUb^Qc
TYc]U^_bbUQc]Udb_bbQWYQcQR_bd_ciTUdUbY_b_TU\QfYcdQ5\SYdQT_Y^V_b
]UQdbYReQUcdQcQ\dUbQSY_^UcTU\QcQ\eTTU\Qc_RbUbQcQ\dYU]`_TUdbQRQZ_
iQ\dY`_TU]_fY]YU^d_caeUUcdQRQ^_R\YWQTQcQbUQ\YjQbcU…Q\Q^T_aeUcY
RYU^e^Q`beURQTUUcUdY`_TUT_cX_bQcS_^Y^dUbbe`SY_^Uc^_cUbQ^_
SYfQ`QbQ\QcQ\eTc\_UbQU^e^\Q`c_]Qi_b<_cX_]RbUcaeUTUcU]`U…Q
RQ^\QR_bUccY]Y\QbUcdQ]RY}^ceVbQ^\QcS_^cUSeU^SYQcTU\WbQ^UcVeUbj_
TUc`\UWQT_Qe^aeUU^]U^_bWbQT_aeU\Qc]eZUbUc<_cTU\UWQT_cTU\Q
:e^dQTU8YWYU^UTUFQ\`QbQc_QTU]vcTUceWUbYb\QbUTeSSY†^TU\QcZ_b
^QTQcQSeQdb__SY^S_X_bQcTUdbQRQZ_S_^Y^dUbbe`SY_^UciQ\dUb^QbQ\_c
_`UbQbY_cU^U\ec_TU\Qc]vaeY^QcV_b]e\QRQ^T_cY^TYSQSY_^UcS_^SQ
bvSdUbY]`UbQdYf_*

E^Q`Ubc_^QaeUcUU^VUb]QQS_^cUSeU^SYQTU\
dbQRQZ_S_^]vaeY^QTUS_cUbTUQ\We^QTU\QcU^VUb]U
TQTUcQbbYRQ]U^SY_^QTQcTURUTUZQb`QbQcYU]`bUce
dbQRQZ_KM
<Qc`Ubc_^Qc^UbfY_cQc_XYcd}bYSQcaeU`QTUSU^TU
U^VUb]UTQTUc_bWv^YSQcQ\S_bQj†^_Q\`e\]†^S_]_
dQ]RY}^\QcaeUceVbU^U^VUb]UTQTUcedUbY^Qc_fQWY^Q
\Uc^_TURU^^e^SQdbQRQZQbS_^]vaeY^QTUS_cUb+iU^
d_T_SQc_cYQRbYWQ^Q\We^QTeTQc_RbUceUcdQT_TURU^
cYU]`bUS_^ce\dQbcY^VQ\dQbe^VQSe\dQdYf_### 

<Qc`b_`_cYSY_^UcV_b]e\QTQc`_b\Q:e^dQTU8YWYU^U\eUW_TUUc
deTYQbU\Y^V_b]UTUcecS_]YcY_^QT_cbUV\UZQRQ^\Q]QW^YdeTTU\`b_
R\U]Q]_cdbQ^T_TU`Qc_S_]_cec`bY^SY`Q\UcfSdY]QcUbQ^\Qc]eZU
bUci^Y…_c*

!¡5^\_cdQ\\UbUcU^aeUcUbU‹^Q^_RbUbQcU^]Q
i_b^‹]Ub_TUTYUjTURUbvS_bbUc`_^TUbQSQTQe^Q
`_b\_]U^_ce^Qce`UbVYSYUTUdbUc]Udb_cSeQTbQT_cTU
`Yc_ie^SeQbd_TU]Udb_SeQTbQT_`_bfU^dQ^Q
"¡ <_c `Yc_c i ]ebQ\\Qc TU \Qc cQ\Qc TURUbv^ cUb
U^dUbQ]U^dUcUS_c\YRbUcTUXe]UTQTUc
#¡<_c^Y…_c]U^_bUcTUcYUdUQ…_c^_`_Tbv^cUb
U]`\UQT_cU^\_cdQ\\UbUc<_c]U^_bUcTUT_SUQ…_c^_

###
9RYTU]

!%(
 TURUbQ^cUb_Se`QT_cU^dbQRQZ_UVUSdYf_]vcTU_SX_
X_bQcTYQbYQcS_^e^TUcSQ^c_TUX_bQi]UTYQQ\TQ<_c
TUT_SUQTYUSYcUYcQ…_c^_]vcTUTYUjX_bQcTYQbYQcTYfY
TYTQc`_bT_cTUcSQ^c_caeUce]U^Q\_]U^_cX_bQi]U
TYQ
$¡5\dbQRQZ_TU\_c^Y…_cU^\_cdQ\\UbUc^_`_TbvdU
^Ub\eWQbU^\_cTQcT_]Y^W_c^YVUcdYf_c
%¡5\dbQRQZ_TU\_c^Y…_cU^\_cdQ\\UbUcc†\_`_Tbv
XQSUbcUU^dbU\QcSY^S_TU\Q]Q…Q^Qi\Qc^eUfUTU\Q
^_SXU
&¡BUW\Q]U^d_cUc`USYQ\UcTUdUb]Y^Qbv^\QcVvRbY
SQcU^\QcSeQ\Uc^_TURUbv^cUbU]`\UQT_c\_c^Y…_ci
\_cdbQRQZ_c^_SYf_c_`U\YWb_c_caeUTURUbv^`b_XYRb
cU\Uc
'¡<Qc]eZUbUc]U^_bUcTUTYUSYcUYcQ…_cc†\_TURU
bv^dbQRQZQbU^\_cdQ\\UbUccYUdUX_bQcTYQbYQc\Qc]Qi_bUc
TUTYUSYcUYcc†\_TYUj5\dbQRQZ_TU\Qc]eZUbUcU^\_cdQ
\\UbUccUXQbvc†\_TUTQiU^dbU\QcX_bQcVYZQTQc`QbQ\_c
^Y…_c+cUcec`U^TUbv\_cTQcT_]Y^W_ciVUcdYf_cicUcec
`U^TUbv`_bX_bQi]UTY_TUTUcSQ^c_TYQbY_
(¡<Qc_RbUbQcaeU]Q^UZQ^]vaeY^QcTUS_cUbTU
RUbv^deb^QbcUU^UcUdbQRQZ_S_^Y^dUbfQ\_cTUT_cX_
bQcQ\_]vc
)¡ 1S_^c}ZUcU Q \_c TeU…_c TU dQ\\UbUc U\ ec_ TU
]_d_bUc]USv^YS_c`QbQUcdQc]vaeY^Qc ##$ 

<Qc`b_`eUcdQcTU\Q:e^dQTU8YWYU^UTUFQ\`QbQc_TU]eUcdbQ^
aeUVeUbQTU\Q`}cY]QcQ\eRbYTQT\QR_bQ\\Qc\QbWecY]QcZ_b^QTQcTUdbQ
RQZ_TU]eZUbUci^Y…_cU^dQ\\UbUcUY^TecdbYQcS_^cdYdeQ^e^`b_R\U]Q
TUS_^cYTUbQSY†^*^Y…_cTUcYUdUQT_SUQ…_ciQe^]U^_bUcbUQ\YjQRQ^
]vcTU_SX_X_bQcTU\QR_bQ\TQ+]eSXQSX_cTUT_SUQTYUSYc}YcQ…_c
c_`_bdQRQ^Z_b^QTQcTU]vcTUTYUjX_bQc+Z_fU^SYdQcU^UTQTQT_\UcSU^
dUTUcQbb_\\QRQ^dQbUQcTebQ^dU]vcTUTYUjX_bQcUdS}dUbQ
IU^_dbQcU]`bUcQc\QcYdeQSY†^^_UbQ]eSX_]UZ_b5^!(($\_c
X_bQbY_cTUdbQRQZ_TU\Q6vRbYSQ>QSY_^Q\TU7Q\\UdQcTU5gY^WiBQg\Y^c
TU\QSQ`YdQ\cUUhdU^TQ^TU\QccYUdUTU\Q]Q…Q^QQ\QccUYcTU\QdQbTUU^
Y^fYUb^_iTUcTU\Qc%# XbcQ\Qc!(# XbcU^fUbQ^_Ucd_UcZ_b^QTQcTU
Q\]U^_cTYUjiT_SUX_bQcUVUSdYfQcTU\QR_b`QbQX_]RbUc]eZUbUci^Y
…_cce`_^YU^T_aeU}cd_cTYc`ecYUbQ^TUe^QX_bQ`QbQQ\Y]U^dQSY†^##% 

##$
6@eWQ2_b^U:eQ^53\Qb[5TU\Q2QbbQ2U^YSY_Â\Q]_c7_^jv\Uj²:e^dQTU
8YZYU^UTUFQ\`QbQc_³FQ\`QbQc_U^Ub_"%TU!(("5\=UbSebY_FQ\`QbQc_$TUQRbY\
TU!(("
##%
<Q6vRbYSQ>QSY_^Q\TU7Q\\UdQc_`SYd`vW!$<QY^V_b]QSY†^U^dbUWQTQ`_bU\

!%)
 <QcS_^TYSY_^UcTUdbQRQZ_TU\_cbU_caeUbUQ\YjQRQ^QSdYfYTQTUcTU
dY`_QbdUcQ^Q\UbQ^`U_bUcaeU\QcTUcSbYdQcc_RbU\QcU]`bUcQcTUFQ\`QbQ
c_*U^e^_TU\_cdbUcdQ\\UbUcTU\Q`U^YdU^SYQbQTUUcQSYeTQTU^U\TU
jQ`QdUbQ\QR_bQRQ^Q\bUTUT_bTUSYU^`bUc_cU^e^`UaeU…_cQ\†^##& 
5^\QcY]`bU^dQcY^S\ec_U^\Qc]vcWbQ^TUci]_TUb^Qc\_c_`UbQbY_c
TUcU]`U…QRQ^cecVe^SY_^UcU^]UTY_TUe^QWbQ^Y^cQ\eRbYTQTicY^^Y^
We^QS_]_TYTQT5^e^QVUSXQdQ^`_cdUbY_bS_]_U\Q…_!) #e^`UbY†TY
S_TU\_c_RbUb_cTU\bQ]_TU^e^SYQRQU^\_ccYWeYU^dUcd}b]Y^_c\Qc
S_^TYSY_^UcTUdbQRQZ_TUe^_TU\_c`bY^SY`Q\UcUcdQR\USY]YU^d_cTUY]
`bU^dQ\Yd_WbQVQiU^SeQTUb^QSY†^TU\QSQ`YdQ\*

<Q9]`bU^dQ2QbSU\_^QU\WbQ^UcdQR\USY]YU^d_dY
`_WbvVYS_U\UcdQR\USY]YU^d_TU`bY]Ub_bTU^S_]_\_
\\Q]Q^cec`b_`YUdQbY_ccYU^dbQ]_cQ\cQ\†^TU\_cSQZYc
dQc^_dQ]_cU^U\QSd_aeUUc]vcXYWY}^YS_e^SQ\QR_j_
aeUTYSX_cQ\†^=YTUS_]_dbUc]Udb_cTUQ^SX_`_b
dbUY^dQTU\QbW_SQbUSUTUfU^dY\QSY†^ceVYSYU^dUU\SYU
\_UcTUfYTbY_\_aeUTQ]_dYf_QaeUcUUh`UbY]U^dU
e^Vb_Y^dU^c_U^U\Y^fYUb^_ie^SQ\_bc_V_SQ^dUU^U\
fUbQ^_+ U\ UcdQR\USY]YU^d_ SeU^dQ c_\Q]U^dU S_^ e^
c_\_KcYSMUcSecQT_idbQRQZQ^`_b\_WU^UbQ\S_]_SYU^d_
dbUY^dQ _`UbQbY_c+ ^_ `_cUU `QdY_ i \_c SQZYcdQc Ucdv^
_R\YWQT_cQXQSUbe^Q\Y]`YQKcYSMWU^UbQ\TUSQZQcd_T_c
\_cTQccvRQT_cTU^db_TU\cQ\†^`_b\_SeQ\dYU^U^aeU
Qc`YbQbU\]_bdVUb_`_\f_TUQ^dY]_^Y_i`\_]_+QdbQ
fYUcQQ\_\QbW_TUTYSX_cQ\†^e^QQSUaeYQaeU\_XQSU
Qe^]vcY^cQ\eR\UKcYSM##' 

CYdeQSY_^Uc`QbUSYTQccUbU`UdQ^U^_db_cU]`bUcQcTU\]Yc]_be
Rb_SeQ\aeYUbQVeUcUcedQ]Q…_##( 
<Qc\QR_bUcTUdY`_`U_^Q\S_]_S_^cdbeSSY†^TUSQ]Y^_ci_RbQc
`‹R\YSQcVQU^Qc`_bdeQbYQcUdScUTUcU^f_\fQ^RQZ_U\cYW^_TUe^Q
Uh`_\YQSY†^Y^dU^cYfQTU\Q]Q^_TU_RbQRQcQTQU^e^WbQ^UcVeUbj_
VcYS_TU\_cdbQRQZQT_bUcWU^UbQ\]U^dUcY^QieTQTUXUbbQ]YU^dQcU
Y]`\U]U^d_cQTUSeQT_c<QS_UbSY†^VcYSQc_RbUU\`U_^QZU^_UbQUh

bU`_bdUb_aeUfYcYd†\QU]`bUcQ^_`bUSYc†U\dYU]`_QS_bTQT_`QbQ\QQ\Y]U^dQSY†^TU\_c
_RbUb_c\Y]Ydv^T_cUQcU…Q\QbaeU²Qd_T_c\_cdbQRQZQT_bUccU\UccYbfUe^QRe^TQ^dUQ\
]eUbj_iU^d_T_U\TQ^_cQ\U^TU\QVvRbYSQ³9RYT
##&
4U6YcSXUbi4_^_c__`SYd
##'
²<_cUcdQR\USY]YU^d_cQ^dYXYZY}^YS_c³<Q9]`bU^dQ?bWQ^_TU\Q6UTUbQSY†^TU?RbU
b_cTUUcdUbQ]_Q…_99>¡!"!CQ^dYQW__SdeRbUTU!) #3ebcYfQcU^U\_bYWY^Q\
##(
5^!) "e^QS_]YcY†^]}TYSQ^_]RbQTQ`_bU\3_^cUZ_TU8YWYU^UTU^e^SY†\Q
Y^cQ\eRbYTQTbUY^Q^dUU^\Q9]`bU^dQ>QSY_^Q\\Q]vcWbQ^TUTU\`Qc

!&
dbQ…QUc`USYQ\]U^dUU^U\SQc_TU\_c`bUcYTYQbY_caeUbUQ\YjQRQ^dbQRQZ_c
V_bjQT_cU^\QS_^cdbeSSY†^TUSQ]Y^_ci_RbQc`‹R\YSQciU^U\QcU_TU\Qc
SYeTQTUc5cdUcYcdU]QXUbUTQT_TU\Q3_\_^YQcUbUV_bj†iUhdU^TY†TebQ^
dU\_c`bY]Ub_cTUSU^Y_cbU`eR\YSQ^_cc_RbUd_T_Q`QbdYbTU\QT}SQTQTU
!(# SeQ^T_U\`bY]Ub]Y^Ycdb_4YUW_@_bdQ\UcXYj_Y^cdQ\Qb`bUcYTY_c
Q]Re\Q^dUc_cUQZQe\QcTUXYUbb_]_^dQTQcc_RbUbeUTQcU^\QcaeUcUU^SU
bbQRQ^U^WbY\\QT_cQ\_cS_^TU^QT_c`_bSb]U^Uc]Qi_bUc`QbQcUbS_^Te
SYT_cQUZUSedQb\QR_bUcTUQ`UbdebQibU`QbQSY†^TUSQ]Y^_c5\dbQRQZ_S_]
`e\cYf_U^UcdUdY`_TU_RbQcUbQQ`\YSQT_dQ]RY}^Q\_c`U_^Uc\YRbUcaeYU
^UcTUcTU\Q}`_SQS_\_^YQ\UbQ^VbUSeU^dU]U^dUYTU^dYVYSQT_cS_]_²fQ
W_c³`_b\QcQed_bYTQTUcSQTQfUjaeU\Qc^USUcYTQTUcTU]Q^_TU_RbQ\_
bUaeUbQ^##) 
<_c`U_^Uc\YRbUcU]`\UQT_cU^UcdQcVQU^QcUbQ^S_^cYTUbQT_cdQ^
d_`_b\QcQed_bYTQTUcS_]_`_b\Q_`Y^Y†^T_]Y^Q^dUe^`U\YWb_`_dU^
SYQ\c_RbUU\aeUcUbUaeUbQe^QS_^cdQ^dUfYWY\Q^SYQ`QbQUfYdQbTUc†b
TU^Uci\UfQ^dQ]YU^d_c #$ 4UQ\\U^d_^SUcaeUcecS_^TYSY_^UcTUdbQ
RQZ_cUQcU]UZQbQ^U^]eSX_cQc`USd_cQ\QcTU\_c`bYcY_^Ub_cV_bjQT_c
5cdQcYdeQSY†^S_]U^j†QSQ]RYQbTUcTU]UTYQT_cTUcYW\_SeQ^T_\Q
S_^cdbeSSY†^TU\VUbb_SQbbY\QdbQZ_Q3XY\UQU]`bUcQbY_cUhdbQ^ZUb_c
S_]_U\^_bdUQ]UbYSQ^_=UYWWc`_bdQT_bUc°cUW‹^\_QcUfUbQT_`_b\Q
XYcd_bY_WbQVQ°TUe^Q]U^dQ\YTQT]vc]_TUb^QSQ`YdQ\YcdQaeYU^UcfQ
\_bQb_^Q\dQ]U^dU\QcSQ`QSYTQTUcTUdbQRQZ_TU\_c`U_^UcSXY\U^_c`b_
`_^YU^T_e^^eUf_dY`_TUbU\QSY_^Uc\QR_bQ\Uce^²dbQd_S_]_X_]
RbUc^_S_]_`Ubb_c³]vcQS_bTUS_^U\]_T_TU`b_TeSSY†^SQ`YdQ\Yc
dQaeU`eZQRQ`_b^QSUbU^3XY\U #$! 
<_cZ_b^Q\Ub_c`_bdeQbY_cQWbe`QT_cU^WbU]Y_cV}bbUQ]U^dU_bWQ
^YjQT_c`_bU\5cdQT_UcdQRQ^c_]UdYT_cQe^QcUbYUTUTYc`_cYSY_^Uc
bUW\Q]U^dQbYQcTUcdY^QTQcQQcUWebQb\QTYcSY`\Y^Q\QR_bQ\iceVbQ^QbRY
dbQbYUTQTUcTUd_T_dY`_S_]UdYTQc`_bcecce`UbY_bUc #$" <QcZ_b^QTQcTU
dbQRQZ_UbQ^TUT_SU_]vcX_bQcS_]__SebbQ`_bUZU]`\_U^U\SQc_
TU\_cZ_b^Q\Ub_ci\_cUcdYRQT_bUcTUFQ\`QbQc_aeYU^Ucc†\_U^!) #
TUc`e}cTUe^QS_]RQdYfQXeU\WQ_RdefYUb_^e^QbUTeSSY†^TUcecX_
bQbY_cTUdbQRQZ_ #$# 
<QcS_^TYSY_^Uc\QR_bQ\UcTU\_c_RbUb_c`_bdeQbY_ccUQcU]UZQRQ^
Q\QcTU_db_ccUSd_bUcTU\`U_^QZUU^fQcTU`b_\UdQbYjQSY†^*Y^dU^c_Uc

##)
CQ\QjQb<QRbQT_bUc_`SYd`vWc"#%"#)5\b}WY]U^TUdbQRQZ_cV_bjQT_cUc
Q^Q\YjQT_U^U\SQ`de\_FTU^eUcdb_\YRb_
#$
F}QcU`_bUZU]`\_²=U]_bYQTU\9^dU^TU^dUTUseR\U³3XY\\v^! TUQRbY\TU
!)'%U^=U]_bYQTU\9^dUbY_b`bUcU^dQTQQ\3_^WbUc_>QSY_^Q\`_bU\=Y^Ycdb_TU\bQ]_U^!('%
f_\"CQ^dYQW_9]`bU^dQ>QSY_^Q\!('%`vWc"(%"(&
#$!
CQ\QjQb<QRbQT_bUc_`SYd`vWc"#)i"$ +CUbWY_FY\\Q\_R_cB?bYWU^iQcSU^c_
TU\QRebWeUcQSXY\U^Q" UTYSY†^CQ^dYQW_5TYd_bYQ\E^YfUbcYdQbYQ!)((`vWc&%i&&
#$"
FUbSQ`de\_F9
#$#
@UdUb4UCXQj_EbRQ^G_b[UbcQ^T<QR_bE^Y_^cY^3XY\U!) "!) 'GYcS_^cY^
DXUGYcS_^cY^E^YfUbcYdi@bUcc!)(#`vWc! $! &

!&!
VeUbj_VcYS_SQbU^SYQTUbUSebc_cd}S^YS_cQTUSeQT_cUdS}dUbQ5^!($'5\
3_]UbSY_TUFQ\`QbQc_TU^e^SYQRQ\QVQ\dQTUY]`\U]U^d_c]^Y]_cU^\Qc
VQU^QcTU\`eUbd_°S_]_`Q\Q^SQcic_WQc°_SQcY_^Q^T_e^TUc`UbTYSY_TU
\QVeUbjQTUdbQRQZ_i^e]Ub_c_cQSSYTU^dUcU^\_caeU\_cZ_b^Q\Ub_cceVbQ^
S_^decY_^UcaeUQfUSUc\UcQSQbbUQRQ^\Q`}bTYTQTUQ\We^QTUcec`YUb^Qc
_RbQj_c#$$ 5^!(&%U\Y^WU^YUb_1T_\V_2Q\\QcQ\`bUcU^dQbQ\W_RYUb^_e^
`b_iUSd_TUdQZQ]QbTUcdY^QT_Q]UZ_bQb\QcY^cdQ\QSY_^Uc`_bdeQbYQciQVQSY
\YdQbU\dbQRQZ_TU\_cZ_b^Q\Ub_cTU\`eUbd_TUFQ\`QbQc_cU…Q\QRQ\QQecU^
SYQQRc_\edQTUQ`QbQd_c²S†]_T_ciUS_^†]YS_c³`QbQU\U]RQbaeUiTUcU]
RQbaeUTU\Qc`b_TeSd_c*

5cdQc_`UbQSY_^UccUXQSU^QSdeQ\]U^dU`_b]UTY_
TU\Q^SXQciSQcYUhS\ecYfQ]U^dU`_b\QVeUbjQTU\X_]
RbUcY^QehY\Y_TU]vaeY^Qc+`eUc\_cT_c]eU\\UcTU
7_iU^SXUQiTU2b_g^c†\_c_^ceVYSYU^dUc`QbQU\U]
RQbaeU i TUcU]RQbaeU TU e^Q `UaeU…Q `QbdU TU \Qc
]UbSQTUbQcUh`_bdQTQcUY]`_bdQTQc#$% 

<Qc\QbWecY]QcZ_b^QTQc\QR_bQ\UcQVUSdQRQ^Q\S_^Ze^d_TU\_cdbQ
RQZQT_bUcebRQ^_cY^S\ecYfUQQaeU\\_caeU^_cUTUcU]`U…QRQ^U^Uh
`\_dQSY_^Uc]Y^UbQcY^TecdbYQc_RbQcicUbfYSY_c`‹R\YS_c_U^dQ\\UbUc
QbdUcQ^Q\Uc<_cU]`\UQT_cTUS_]UbSY_°U^dbU\_cSeQ\UccUS_^dQRQ^
^e]Ub_cQc]eZUbUc°UbQ^e^_TU\_cWbU]Y_c]vcQaeUZQT_c`_bU\]Yc
]_`b_R\U]Q5^!(('Q…_TU\QVe^TQSY†^TU\QC_SYUTQTTU5]`\UQT_cTU
3_]UbSY_TUCQ^dYQW_Ucd_cTU`U^TYU^dUcc_`_bdQRQ^Z_b^QTQcTUXQcdQ
aeY^SU_]vcX_bQcTU\QR_b<_c]vcQVUSdQT_cUbQ^\_cU]`\UQT_cTU
\_c^UW_SY_cTUb_`QiTUQRQbb_dUcaeYU^UcS_]U^jQRQ^cecQSdYfYTQTUc
Q\QccUYc_cYUdUTU\Q]Q…Q^QdUb]Y^Q^T_c†\_Q\Qc_^SU_T_SUTU\Q
^_SXUi\_cT_]Y^W_cTUc`e}cTU\]UTY_TQ#$& 

8 1391 5< DrB=9>? 45< C97<? *

E>1 DB1>C939É> 1F1>J141 @5B? 9>3?>3<EC1

<Q\QbWQdbQ^cYSY†^US_^†]YSQY^YSYQTQ`_S_TUc`e}cTU\Q9^TU`U^TU^
SYQ`b_TeZ_dbQcSU^TU^dQ\UcdbQ^cV_b]QSY_^UcU^\QUcdbeSdebQc_SYQ\TU
3XY\UiU^\QcbU\QSY_^UcU^dbU\QcS\QcUciWbe`_caeU\QS_]`_^Q^8Q

#$$
²DbQ^c`_bdUTURe\d_c`_b\_cZ_b^Q\Ub_c³5\3_]UbSY_TUFQ\`QbQc_FQ\`QbQc_
"$TU^_fYU]RbUTU!($'
#$%
1T_\V_2Q\\Qc²2QXQTUFQ\`QbQc_9^V_b]Uc_RbUU\`b_iUSd_TUdQZQ]QbU^U\\Q
`bUcU^dQT_Q\7_RYUb^_`_bU\Y^WU^YUb_1T_\V_2Q\\Qc³CQ^dYQW_!%TU]Qi_TU!(&%U^
1E38d_]_HHF9>¡%CQ^dYQW_!(&%`vWc%''&!"
#$&
C_SYUTQTTU5]`\UQT_cTU3_]UbSY_TUCQ^dYQW_BUcU…QXYcd†bYSQTU\QC_SYUTQT
TU5]`\UQT_cTU3_]UbSY_TUCQ^dYQW_!(('Q!)#'CQ^dYQW_!)#'`vW&

!&"
SYQVY^UcTU\cYW\_H9H\Qc`bY^SY`Q\UcQSdYfYTQTUcUS_^†]YSQccUXQ\\QRQ^
`\U^Q]U^dUY^cUbdQcU^U\]_T_TU`b_TeSSY†^SQ`YdQ\YcdQQUcQcQ\debQc
T_]Y^Q^dUU^U\`Qc1e^aeUceRcYcdQ^Y]`_bdQ^dUcbUcQRY_cTU\QcV_b
]QcUS_^†]YSQcS_\_^YQ\UcU^Uc`USYQ\U^U\QWb_}cd_cUcdQRQ^Q\cUbfY
SY_TU\_c_RZUdYf_cTU\QUS_^_]QSQ`YdQ\YcdQ<Q]edQSY†^XQSYQ\Qc_SYU
TQTY^TecdbYQ\Q`UcQbTU\QQecU^SYQTUbUf_\eSY†^Y^TecdbYQ\cUU^S_^dbQ
RQRYU^QfQ^jQTQ<QcTUV_b]QSY_^UciS_^dbQTYSSY_^UcaeUU^WU^TbQRQ\Q
dbQ^cYSY†^XQSYQ\Q]_TUb^YTQTUS_^†]YSQTUZQRQ^ce]QbSQU^]‹\dY`\Uc
]Q^YVUcdQSY_^UcTU\QfYTQc_SYQ\
<_cUVUSd_cc_RbU\Qc]QcQcdbQRQZQT_bQcUbQ^^_d_bY_c5\`U_^QZU
TU_bYWU^S_\_^YQ\^_XQRQTUcQ`QbUSYT_`_bS_]`\Ud_`Ub_ce]UdQ
]_bV_cYcU^`b_\UdQbYQT_QWbS_\Q]Y^Ub_UY^TecdbYQ\cUQSU\UbQRQiS_^
c_\YTQRQ5\`b_`Y_QbdUcQ^QT_ebRQ^_XQRQS_^_SYT_dbQ^cV_b]QSY_^Uc
Y]`_bdQ^dUc<QQ…UZQbUW\Q]U^dQSY†^S_\_^YQ\XQRQTUcQ`QbUSYT_Te
bQ^dUU\`bY]UbdUbSY_TU\cYW\_TUZQ^T_Q\_c]U^UcdbQ\Uc\YRbQT_cQ\_c
fQYfU^UcTU\QUS_^_]Q]_TUb^Q*U\`b_SUc_TUTYVUbU^SYQSY†^c_SYQ\TU\
QbdUcQ^QT_cYWeY†e^Sebc_jYWjQWeUQ^dU #$' 4UcUWeb_Q\We^_cTUcec
cUW]U^d_ccUXQRQ^Xe^TYT_iU^Wb_cQT_\Qc]QcQc`U_^Q\Uc_`b_\UdQ
bYQc`Ub__db_c°]ei^e]Ub_c_c°XQRQ^\_WbQT_]Q^dU^UbcUUY^S\e
c_U^Q\We^_cSQc_cTUcQbb_\\QbcUXQcdQU\`e^d_TUU^S_^dbQbcUU^\_c
e]RbQ\UcTU\QRebWeUcQ]Q^eVQSdebUbQ°Y^TecdbYQ\
<QebRQ^YjQSY†^dQ]RY}^cUXQRQQSU\UbQT_iQe^aeU\Q`_R\QSY†^
SXY\U^QcUWeQfYfYU^T_U^ceY^]U^cQ]Qi_bQU^\Qcj_^QcbebQ\UcU\
S_]`_^U^dUebRQ^_SbUSQTU]Q^UbQc_cdU^YTQUY]`_^QSQTQfUj]vc
cecUcW_Q\QfYTQTU\`Qc
5^dbU?µ8YWWY^ci2Q\]QSUTQ3XY\UXQRQTQT_e^cQ\d_S_^cYTUbQ
R\UXQSYQ\Q]_TUb^YTQT5^U\`\Q^_US_^†]YS_}cdQQce]Q\QV_b]QTU
e^ ]_TU\_ `bY]QbY_ Uh`_bdQT_b `\U^Q]U^dU Y^cUbd_ U^ U\ ]UbSQT_
]e^TYQ\5^cecce`eUcd_ciUhYWU^SYQccUU^S_^dbQRQ^\QcS\QfUcTUe^
TUcQbb_\\_²VbecdbQT_³Y^S_]`\Ud__TUV_b]QT_Sei_cS_cd_c`bY^SY`Q\Uc
bUSQQ^S_^`QbdYSe\QbbeTUjQc_RbUU\]e^T_`_`e\Qb

#$'
<QSe\]Y^QSY†^TU\`b_SUc_TUUhdY^SY†^TU\QbUW\Q]U^dQSY†^iTU\QcS_b`_bQ
SY_^UcQbdUcQ^Q\UcTU_bYWU^S_\_^YQ\UcQ^Q\YjQTQU^U\SQ`de\_F9

!&#
 31@ÅDE<?999

<1C3?>4939?>5C45F941

¤3 É=? 1@B?H9=1B>?C 1 <1 3E5CD9É> /

¤3†]_fYfYUb_^\_ccUSd_bUc`_`e\QbUcTebQ^dUU\cYW\_H9H/¤3ev\UcVeU
b_^cecS_^TYSY_^UcTUUhYcdU^SYQ/
<QXYcd_bY_WbQVQXQU^dbUWQT_Y]`_bdQ^dUcU\U]U^d_cTUbUc`eUc
dQQieTQ^T_Q\QS_^V_b]QSY†^TUY]vWU^UcaeU^_cQSUbSQ^Q\QbUS_^c
dbeSSY†^TU\QS_dYTQ^UYTQTTU\²RQZ_`eUR\_³TUSY]_^†^YS_CQRU]_c
RQcdQ^dU`_bUZU]`\_QSUbSQTU\QbUQ\YTQTYdY^UbQ^dUTU\QWbQ^]QcQ
`U_^Q\TUceVbUSeU^dUSYbSe\QSY†^`_bTYcdY^d_cU]`\U_cTURYT_Q\Q
UcdQSY_^Q\YTQTi`bUSQbYUTQTTU\_c]Yc]_cDQ]RY}^cUXQQSe]e\QT_
e^S_^_SY]YU^d_cYW^YVYSQdYf_c_RbU\QfYTQTUSYUbd_cUcdbQd_cTU\]e^
T_TU\_cdbQRQZQT_bUcS_]_\_cY^aeY\Y^_ci\_c]Y^Ub_c
4UcUWeb_\QcS_^TYSY_^UcTUUhYcdU^SYQVeUb_^dQ^fQbYQTQcS_]_
\_VeUb_^\_cU]`\U_c\QcbUQ\YTQTUcVQ]Y\YQbUcbUWY_^Q\Uc_\_SQ\Uci\_c
SYS\_c`_b\_caeUQdbQfUc†\QUS_^_]QTU\`Qc<QQ`b_hY]QSY†^Q\Q
SeUcdY†^`eUTUXQSUbcUTUcTUTYcdY^d_cv^We\_c5c`_cYR\UY^dU^dQb\QQ
`QbdYbTUe^QQjQb_cQ]UTYSY†^TU\_cY^WbUc_cTU\QcVQ]Y\YQcdbQRQZQT_
bQciTU\_cS_cd_cTU\QcceRcYcdU^SYQc9WeQ\]U^dU`_TbQ`bYfY\UWYQbcU
e^Q²U^dbQTQ³Q\`b_R\U]QTUcTU\Qc`_cYRY\YTQTUcUVUSdYfQcTUS_^ce]_
UcdeTY_]vcbYS_iS_]`\UZ_aeUU\Q^dUbY_biQaeUQ\_ccQ\QbY_ci`bUSY_c
XQRbQ aeU QWbUWQb e^Q cUbYU TU fQbYQR\Uc S_]_ \Qc bUWQ\Qc i U\
eceVbeSde_TURYU^Uc_]^Y`bUcU^dUcQ\_\QbW_TU\cYW\_5\SeQTb__RdU
^YT_ dU^TbQ Y^TeTQR\U]U^dU ]eSX_c ]QdYSUc `eUcd_ aeU U^dbU U\
TUQ]Re\QbTUe^`U†^dbQ^cXe]Q^dUiU\UZUbSYSY_TU\_VYSY_TUe^QbdU
cQ^_ebRQ^_XQRQ^TYVUbU^SYQcS_^cYTUbQR\UcTU\]Yc]_]_T_S_]_\Qc
XQRQU^dbU\QfYTQTUe^SQ]`UcY^_Y^aeY\Y^_TU\Qj_^QSU^dbQ\i\QTU
e^_RbUb_TU\QcWeQ^UbQc_cQ\YdbUbQcTU\>_bdU7bQ^TUE^Q\QfQ^TUbQ
e^QS_cdebUbQ_\Q`b_`YUdQbYQTUe^Q]_TUcdQS_SY^UbQaeUXQRYdQRQU^
e^S_^fU^dY\\_ebRQ^_\\Uf†cUWebQ]U^dUe^QfYTQTYcdY^dQTU\Q²SXY
^Q³U]`\UQTQU^SQcQTUe^Q²VQ]Y\YQTUSU^dU³i`b_RQR\U]U^dUdQ]
RY}^Q\W_TYVUbU^dUTU\Q]eZUbTU\_RbUb_Y^TecdbYQ\TU\‹\dY]_SeQbd_
TUcYW\_aeUXQRYd†U^Q\We^QcTU\Qc`bY]UbQc`_R\QSY_^Uc`QbQdbQRQZQ
T_bUcS_^cdbeYTQc`_b\QcU]`bUcQcE^^Y…_²XeQSX_³TU\QSQ\\U_TUe^
QcY\_def_Q^_TeTQb\_e^`QcQbTYcdY^d_TU\bUd_…_TUe^QVQ]Y\YQTU
165
Y^aeY\Y^_c_TU\_cXYZ_cTUQaeU\\_cQbdUcQ^_c²X_^bQT_cUY\ecdbQT_c³aeU
XYSYUb_^cei_U\YTUQbY_TU\Q²bUWU^UbQSY†^TU\`eUR\_³
<_cUZU]`\_c]U^SY_^QT_c^_cTU]eUcdbQ^aeU\_cVQSd_bUcaeU
Y^SYTYUb_^U^\QcS_^TYSY_^UcTUfYTQTUe^_ci_db_cVeUb_^]eifQbYQ
T_cdQ^d_S_]_`eUTUcUb\QV_b]QTUQ`bUXU^TUb\QSeUcdY†^
<QS_^TYSY†^Q]RYU^dQ\]vcY^]UTYQdQ°\QTU\QXQRYdQSY†^i\QTU\
RQbbY_°icecbU`UbSecY_^Ucc_RbU\QUhYcdU^SYQRY_\†WYSQTU\_ccUSd_bUc
`_`e\QbUcVeUU\`Qbv]Udb_]vcUfYTU^dUaeUW_\`U†\QcU^cYRY\YTQTTU
\_cS_^dU]`_bv^U_cS_^SU^dbQ^T_\Q]Qi_bSQ^dYTQTTU_`Y^Y_^UcbU
V\UhY_^UciUcdeTY_c<Q]Q^UbQTUXQRYdQb_cYcUaeYUbU\QbUQ\YTQTTU\
XvRYdQd`_`e\QbicecS_^cUSeU^SYQcc_RbU\QcQ\eTi\QfYTQTU\_cdbQRQZQ
T_bUciTU\bUcd_TU\\Qc_SYUTQTUc`_b\_]Yc]_e^QTU\QcQ`b_hY]Q
SY_^Uc]vcTYbUSdQcaeU`Ub]YdUcY]e\dv^UQ]U^dUU^dU^TUbS†]_UcdQ
TY]UcY†^TU\QS_^TYSY†^`_`e\QbcUS_^fYbdY†S_^U\`Qc_TU\dYU]`_
U^e^_TU\_cS_]`_^U^dUcTU\_cTURQdUcc_RbU\Q²SeUcdY†^c_SYQ\³

4 5C1BB?<<? EB21>? 8129D139É> @?@E<1B I C57B57139É> C?391<

5^U\SQ`de\_Q^dUbY_bQ`bUSYQ]_cS†]_\Qc`bY^SY`Q\UcSYeTQTUcSXY\U
^QcdefYUb_^e^SbUSY]YU^d_TU]_WbvVYS_TUc`e}cTU\Q9^TU`U^TU^SYQ
SbUSY]YU^d_aeUcUQSU\Ub†TUcTU]UTYQT_cTUcYW\_5^\QcSYeTQTUc]vc
Y]`_bdQ^dUcCQ^dYQW_FQ\`QbQc_3_^SU`SY†^3_`YQ`†DQ\SQ<QCU
bU^Q3XY\\v^U\Y^SbU]U^d_ebRQ^_cUQS_]`Q…†Q`QbdYbTU\QT}SQTQ
TU!($ _TU!(% cUW‹^\_cSQc_cTU\cebWY]YU^d_TU^eUf_cRQbbY_c
`_`e\QbUcaeUSQcYcYU]`bUcUUh`Q^TYUb_^VeUbQTUd_T_Y^dU^d_bUWe
\QT_b
<QfYfYU^TQ]vcSQbQSdUbcdYSQTU\_ccUSd_bUc`_`e\QbUcdQ^d_ebRQ
^_cS_]_bebQ\UcUbQU\bQ^SX_S_^cdbeSSY†^TUQT_RUdUSX_TU`QZQe
_db_c]QdUbYQ\Uc`bUSQbY_caeUU^ce`QbdU`_cdUbY_bdU^Qe^`UaeU…_
S_bbQ\<Qc^e]Ub_cQcTUcSbY`SY_^UcTU\_cS_^dU]`_bv^U_c°dQ^d_SXY
\U^_cS_]_UhdbQ^ZUb_c°Q\_\QbW_TU\cYW\_S_Y^SYTU^U^SQ\YVYSQb\_c
bQ^SX_cS_]_]YcUbQR\UcceSY_ciSQbU^dUcTU\_ccUbfYSY_cebRQ^_c]vc
U\U]U^dQ\Uc#$( 

#$(
5^dbU_dbQcTUcSbY`SY_^UcfUb`QbQU\SQc_TUFQ\`QbQc_*7bQXQ]_`SYd`vWc
!($i!(&+2_QbT_VDbQTUE;3_]]UbSYQ\DQbYVVcQ^TBUWe\QdY_^BUc_ebSUcQ^TDbQTU_VdXU
CUfUbQ\cCdQdUc_V5eb_`U1]UbYSQHF99H9H`vW"%)@QbQCQ^dYQW_*2U^ZQ]^FYSe…Q
=QS[U^^Q<QdbQ^cV_b]QSY†^TUCQ^dYQW_>_dQcUY^TYSQSY_^UcQ\Q9\ecdbU=e^YSY`Q\YTQTQ\
Ce`bU]_7_RYUb^_iQ\3_^WbUc_>QSY_^Q\Ze\Y_TU!('"CQ^dYQW_9]`bU^dQTU\Q<YRbUbQTU\
=UbSebY_!('"`vW(&@QbQ3ebYS†*²@b_iUSd_TU?bTU^Q^jQc_RbU=UZ_bQ]YU^d_TU
\Q8QRYdQSY†^@_`e\Qb³`bUcU^dQT_`_bU\9^dU^TU^dUQ\Q=e^YSY`Q\YTQTi`eR\YSQT_`_b
5\6Ubb_SQbbY\TU\Ceb'TUQW_cd_TU!()#SYdQT_`_b:QY]UFQ\U^jeU\Q=U^²5cdbeSdebQ
SY†^TU\Uc`QSY_`_`e\QbU^e^QSYeTQTY^dUb]UTYQ*3ebYS†!(' !) ³U^8Ycd_bYQ>¡"%
CQ^dYQW_!)) `vW"&"

166
 <Qc²bQ^SXUbQc³UcTUSYb\QQWbe`QSY†^TUUcdQc`bUSQbYQc]_bQTQccU
cYdeQRQ^XQcdQ\QT}SQTQTU!($ TU`bUVUbU^SYQU^\Qcj_^QcbebQ\Uc`Ub_Q
]UTYTQaeUcUTUcQbb_\\QRQU\`b_SUc_TUebRQ^YjQSY†^TUe^Q`QbdUTU\
`U_^QZUYdY^UbQ^dUS_]U^jQb_^QQW\edY^QbcUU^\_cceRebRY_cTU\QcSYeTQ
TUc4Uc`e}cTU!(& \QS_^SU^dbQSY†^TU\_cbQ^SX_cU^\Q`UbYVUbYQTU\_c
S_^W\_]UbQT_cebRQ^_cUbQe^VU^†]U^_S\QbQ]U^dUfYcYR\U_Se`Q^T_
e^QUhdU^cY†^]vcfQcdQaeU\Q²SYeTQT`b_`YQ³TUVY^YTQ`_b\QcQed_bYTQ
TUc #$) 

8QRYdQSY†^TUY^aeY\Y^_c
?bbUW_3_bd}c?bbUW_<eS_UdQ\_`SYd

?db_dY`_TUXQRYdQSY†^`_`e\Qb]eiS_]‹^U^\_cSU^db_cebRQ^_c
UbQU\²SeQbd_bUT_^T_³`YUjQY^TU`U^TYU^dUS_^e^Q‹^YSQQRUbdebQ\Q
`eUbdQiaeUTQRQQ\QSQ\\U5cdQc`YUjQcUcdQRQ^eRYSQTQcU^SQcQcbUcY
TU^SYQ\UcU^U\SU^db_TU\QcSYeTQTUcU^SeQbdUbQcidQ]RY}^TebQ^dU
\Qc‹\dY]QcT}SQTQcTU\cYW\_H9HU^S_^fU^dY\\_c<QcS_^TYSY_^UcTU
fYTQTUcec]_bQT_bUcUbQ^TUe^Q`bUSQbYUTQTUhdbU]Q5^\_c²SeQbd_c
bUT_^T_c³Q\YWeQ\aeUU^\_cbQ^SX_c^_XQRQ^TUcQWŽUc\UdbY^QcS_
SY^Qc^YQWeQ`_dQR\U@Ub_QTYVUbU^SYQTUQaeU\\_cUcdQc`YUjQc^_S_^
dQRQ^S_^`QdY_1\\cUQ]_^d_^QRQ^VQ]Y\YQc^e]Ub_cQcTUSY^S_cUYc
cYUdU_]vc`Ubc_^QccUS_SY^QRQicU\QfQRQcYU^T_\QSQ\\UU\R_dQTUb_
TURQcebQc#% 4U\]Yc]_]_T_aeU\_cbQ^SX_c\_c²SeQbd_cbUT_^T_c³
UbQ^VeU^dUTUWbQ^\eSb_`QbQcecTeU…_caeYU^UcQbbU^TQRQ^UcdQc
XQRYdQSY_^Uc]YcUbQR\UcQ`bUSY_cU\UfQT_ccY^bUQ\YjQbZQ]vcWQcd_cTU
bU`QbQSY_^Uc5\²SeQbd_bUT_^T_³VeUc_RbUd_T_TebQ^dU\Qc`bY]UbQc
T}SQTQcTU\QBU`‹R\YSQ\QfYfYU^TQSQbQSdUbcdYSQTUQbdUcQ^_cidU^TU
#$)
CQ\QjQb<QRbQT_bUc_`SYd`vWc""(i"")
#%
?cfQ\T_=Qb^B<QcXQRYdQSY_^Uc`QbQ_RbUb_cCQ^dYQW_9]`bU^dQE^YfUbcYdQbYQ
!) #`vW!#

167
b_caeUQ\aeY\QRQ^TYSXQc`YUjQcU^U\SU^db_TU\QcSYeTQTUcXQSYU^T_TU
U\\QcceXQRYdQSY†^idQ\\Ub
5\SQc_]vcU]R\U]vdYS_i`_b\_dQ^d_U\]vcS_^_SYT_iUcdeTYQ
T_TUTUcQbb_\\_ebRQ^_U^U\3XY\UTUSY]_^†^YS_UcU\TUCQ^dYQW_#%! 
5^\QSYeTQTSQRUSUbQTU\`QcU\SbUSY]YU^d_ebRQ^_cUQS_]`Q…†Q
`QbdYbTU\_cQ…_cSeQbU^dQTU\^QSY]YU^d_TURQbbY_c`_`e\QbUcS\QbQ
]U^dUcUWbUWQT_cTU\QSYeTQT²SYfY\YjQTQ³_SYeTQT`b_`YQ]U^dUdQ\U^
\QSeQ\cUU^S_^dbQRQ^\_cUTYVYSY_cicUbfYSY_c`‹R\YS_c\_c`bY^SY`Q\Uc
^UW_SY_ci\_cRQbbY_cbUcYTU^SYQ\UcTU\_ccUSd_bUcQS_]_TQT_c<QUh
`Q^cY†^TU\QSQ`YdQ\VeUQ^dUcaeU^QTQU\SbUSY]YU^d_TUcecceRebRY_c
`_`e\QbUcTU\QcVQ]_cQc²bQ^SXUbQc³TU\QcaeUXQR\QRQ^\_cS_^dU]
`_bv^U_cTU\_cUcdbQd_cce`UbY_bUcY^aeYUd_c`_bceWbQ^TUcQbb_\\_
CY^U^dbQbQTUdQ\\QbU\`b_SUc_TUV_b]QSY†^TUUcd_cRQbbY_cceVY
SYU^dU]U^dU_RcUbfQT_`_b\_cQed_bUcSYdQT_c^_c\Y]YdQbU]_cQbUSQ\
SQb\Q`b_Ve^TQUcSYcY†^dUbbYd_bYQ\°c_SYQ\aeUcU`b_TeZ_U^\Q`bY^SY`Q\
ebRUSXY\U^QTUcTUVY^UcTU\_cQ…_c!($ UcSYcY†^aeUcUQSU^deQbQ
]QbSQ^T_\QcSQbQSdUbcdYSQcTU\QSYeTQTXQcdQ\QQSdeQ\YTQT #%" 5\TYf_b
SY_U^dbU\Q²SYeTQT`b_`YQ³icecQbbQRQ\Uc`_`e\QbUc]vcUhdU^c_ci`_
R\QT_cSQbU^dUcTUSQcYd_T_c\_ccUbfYSY_cibQcW_cTUe^QSYeTQT²TUSU^
dU³VeU_RZUd_TU\Q`bU_Se`QSY†^TUS_^^_dQT_cbU`bUcU^dQ^dUcTU\Qc
S\QcUcce`UbY_bUcTUcdQSv^T_cUU^dbUU\\_cU\Y^dU^TU^dU2U^ZQ]^FYSe
…Q=QS[U^^Q5\U]`bU^TUT_bVe^SY_^QbY_`‹R\YS_cU`b_`ec_QS_
]YU^j_cTU\QT}SQTQTU!(' dbQ^cV_b]Qb`b_Ve^TQ]U^dU\QSQ`YdQ\
@QbQU\\_dbQd†TUU\Y]Y^Qb\QcbQ^SXUbQcbUQ\YjQb_RbQc`‹R\YSQcTUcQ^Y
TQTiXUb]_cUQ]YU^d_ic_RbUd_T_Y^dU^d†cU`QbQb\Q²SYeTQT`b_`YQ³
TU\Q`UbYVUbYQ`_`e\QbQdbQf}cTU\QS_^cdbeSSY†^TUe^3Q]Y^_TU3Y^
debQ#%#Cec`b_iUSd_cc†\_defYUb_^e^}hYd_`QbSYQ\=eSX_cbQ^SX_cVeU
b_^TU]_\YT_ccUbUQ\YjQb_^^e]Ub_c_cdbQRQZ_cTUXUb]_cUQ]YU^d_TU
\Q²SYeTQTSe\dQ³cUdUb]Y^†U\3Q]Y^_TU3Y^debQU^Q\We^_cdbQ]_ci
\QTUcdbeSSY†^TU\_cbQ^SX_c`b_f_S†e^QbUTYcdbYReSY†^TU\Q`b_`YU
TQT*U^Q\We^_c\eWQbUccUS_^cdbeiUb_^SQcYdQc]vcXYWY}^YSQc`Ub_VeU
bQTU\Q^Y\\_SYbSe\Qb`b_\YVUbQb_^\_cbQ^SX_ciS_^fU^dY\\_cVQ\d_cTUd_T_
cUbfYSY_ebRQ^_aeU\UfQ^dQb_^e^cY^^‹]Ub_TUecebUb_c#%$ 
<_c`_RbUccUQ\UZQb_^]vcTU\SU^db_TU\QSQ`YdQ\ibUS_^cdbeiUb_^
cecbQ^SX_cU^\eWQbUc]vcQ`QbdQT_c<QSYeTQT`_`e\QbU\²QTeQbQVbY
SQ^_³cUW‹^U\d}b]Y^_TUFYSe…Q=QS[U^^QcYWeY†SbUSYU^T_VeUbQTU\
S_^db_\TU\QcQed_bYTQTUc<QTYfYcY†^TU\QebRUcU`b_Ve^TYj†=YU^dbQc

#%!
FUb^_dQ!%!
#%"
4UBQ]†^²CQ^dYQW_TU3XY\U!(% !) <]YdUcebRQ^_c³_`SYd
#%#
FYSe…Q=QS[U^^Q<QdbQ^cV_b]QSY†^_`SYdiE^Q…_U^\Q9^dU^TU^SYQTUCQ^dYQ
W_<_aeUUc\QSQ`YdQ\i\_aeUTURUbQcUb=U]_bYQ\UTQU^cecUcY†^TUY^cdQ\QSY†^U\%TU=Qi_TU
!('#CQ^dYQW_9]`bU^dQTU\Q<YRbUbQTU\=UbSebY_!('#
#%$
BQ]†^CeRUbSQcUQeh=U]_bYQcTU_SXU^dQQ…_cCQ^dYQW_5TYd_bYQ\>QcSY]YU^d_
!)#&d_]_9`vW" !

168
U\SQcS_SU^dbQ\cUU]RU\\USQ\_cRQbbY_c`_`e\QbUccYWeYUb_^SQbUSYU^
T_TU`QfY]U^d_QWeQ`_dQR\UQ\e]RbQT_`‹R\YS_fYWY\Q^SYQ`_\YSYQ\i
_db_ccUbfYSY_c
CYRYU^\_c`_TUbUc`‹R\YS_ccUTYUb_^SeU^dQTUaeU\_cRQbbY_c`_
`e\QbUcbU`bUcU^dQRQ^U^dbU_db_ce^`b_R\U]QcQ^YdQbY_WbQfU`QbQU\
S_^Ze^d_TU\QSYeTQTd_TQc\QcdU^dQdYfQcTUbUV_b]QebRQ^QVbQSQcQb_^
Q\SX_SQbS_^dbQ\QSUbbQTQbUcYcdU^SYQTU\_c`b_`YUdQbY_cTUcYdY_ciTU
bQ^SX_caeUfUQ^U^\_c`b_iUSd_cTUSQ]RY_e^QdU^dQT_S_^dbQcecY^
dUbUcUciS_^dbQU\TUbUSX_TU`b_`YUTQTWQbQ^dYjQT_`_b\Q3_^cdYde
SY†^#%% 
@Ub_TUcTUUcQ]Yc]QT}SQTQS_]U^j†Q_RdU^UbcUSYUbd_S_^cU^
c_U^dbU`b_`YUdQbY_cTUcYdY_ciQed_bYTQTUc`QbQY^cdQebQbe^]^Y]_TU
_bTU^ibQSY_^Q\YTQTU^U\SbUSY]YU^d_TU\QcSYeTQTUc`bY^SY`Q\Uc5\
S_]`b_]Yc_cUdbQTeZ_U^U\Y]`e\c_TU\QUTYVYSQSY†^TUe^^eUf_dY`_
TUfYfYU^TQ`_`e\QbaeUXQRQS_]U^jQT_QXQSUbceQ`QbYSY†^U^TYcdY^
dQcSYeTQTUcTUcTU\_cQ…_ccUcU^dQCUdbQdQRQTU\²S_^fU^dY\\_³S_^c
dbeSSY†^aeU`Ub]YdQe^QedY\YjQSY†^Y^dU^cYfQTU\ceU\_#%& 
1e^aeUU\d}b]Y^_cUQ`\YSQRQQTYfUbc_cY^]eUR\UcU\]vcS_]‹^
TUU\\_cUbQe^QWbQ^SQcQS_\USdYfQS_]`eUcdQTU`YUjQcQ\Y^UQTQcS_^e^
`UaeU…_Q\Ub_Q\VbU^dU5^SQTQSeQbd_cUQ\RUbWQRQe^QVQ]Y\YQTYcdY^
dQ5^dbUT_cS_bbYTQcTU`YUjQccUUhdU^TQe^`QdY_\QbW_iQ^W_cd_TU
ec_S_]‹^`QbQd_T_c\_cQbbU^TQdQbY_cCeS_^cdbeSSY†^UbQWU^UbQ\
]U^dUTU]QdUbYQ\\YWUb_<_cdUSX_cUcdQRQ^V_b]QT_c`_bdUZQc]Q\e^Y
TQcaeUQ]U^eT_UbQ^cY]`\Ucdb_j_cTU\QdQ_TUZUbW_^UccU^dQTQc
U^U\RQbb_`b_TeSYU^T_U^U\Y^fYUb^_^e]Ub_cQcW_dUbQcS_^cecUSeU
\QTUY^e^TQSY_^Uc5\^YfU\TU\`Yc_UbQSQcYcYU]`bUY^VUbY_bQ\TU\QSQ
\\UWU^UbQ^T_]Qi_bXe]UTQT
5\‹^YS_TUcQWŽUTU\S_^fU^dY\\_UbQe^QQSUaeYQTUQWeQS_bbYU^dU
aeU`QcQRQQdQZ_QRYUbd_QbbQcdbQ^T_\_cUhSbU]U^d_cTU\UcSecQT_`QbQ
U\ec_S_]‹^TUd_TQc\QcVQ]Y\YQc7bQSYQcQ\QQ]`\YQSY†^TU\cUbfYSY_
Y]`e\cQTQ`_bFYSe…Q=QS[U^^QU^!('#\_cS_^fU^dY\\_ccQ^dYQWeY^_c
S_]U^jQb_^QS_^dQbS_^QWeQ`_dQR\U@Ub_U\QWeQUbQce]Y^YcdbQTQ

#%%
<QWeUbbY\\Q`_\dYS_QT]Y^YcdbQdYfQZeTYSYQ\U^dbUQ\We^_cQ\d_cVe^SY_^QbY_c`‹
R\YS_cTUcU_c_cTUY^db_TeSYb]UZ_bQcU^\QS_^TYSY†^ebRQ^Qi\_c`b_`YUdQbY_cTUbQ^
SX_c]_fYT_cUhS\ecYfQ]U^dU`_bceQVv^TU\eSb_^_UbQ^eUfQCUTUcQbb_\\QRQTUcTU
]eSX_Q^dUcTU\_c`b_iUSd_cTUbUV_b]QTUFYSe…Q=QS[U^^Q<Q`bU^cQTU\Q}`_SQcU
XYj_US_TUUc_cTURQdUcFUbU^dbU_db_c\_ccYWeYU^dUcQbdSe\_c*²<_cbQ^SX_c³5\6Ubb_
SQbbY\CQ^dYQW_"&TUZe\Y_TU!(%)+²BQ^SX_c¥5^ae}dYU]`_cfYfY]_c³5\6Ubb_SQbbY\
CQ^dYQW_"&TUTYSYU]RbUTU!(%)+²BQ^SX_c³3_]e^YSQT_VYb]QT_`_b:eQ^=YWeU\
1bbQdU<eYc1bbQdU2Ub^QbT_1bbQdU:_c}FYSU^dU<QbbQ^Â\fQb_<QbbQ^i=QbQTU\
3Qb]U^?bU\\Q5\9^TU`U^TYU^dUCQ^dYQW_!$TUTYSYU]RbUTU!(&'+²<QTUcdbeSSY†^TU
bQ^SX_c³5\9^TU`U^TYU^dUCQ^dYQW_!)TU^_fYU]RbUTU!(&'C_RbUU\^UW_SY_TU\QfY
fYU^TQ`_`e\QbU^CQ^dYQW_f}QcUB_]Ub_²1bbQRQ\UcfYfYU^TQicQ\eT³U^¤Ae}XQSUbS_^
\_c`_RbUc/_`SYd`vWc!"!!"'
#%&
CQ\QjQb<QRbQT_bUc_`SYd`vW"#$

169
`_be^`Y\†^‹^YS_aeU]Q^dU^Q\\U^_`_b]UTY_TUe^SX_bb_S_^dY^e_
e^WbQ^TU`†cYd_TU\aeU\_cXQRYdQ^dUcUhdbQQ^U\\aeYT_S_^e^dYUcd__
RQ\TU\_aeUS_^dbYReQQ\QTYVecY†^TUW}b]U^UcY^VUSSY_c_c5\\QfQT_
dQ^d_TU\Q`b_`YQVQ]Y\YQS_]_U\aeUbUQ\YjQRQ^\Qc^e]Ub_cQc\QfQ^TUbQc
aeUXQRYdQRQ^U^\_cS_^fU^dY\\_c`_bSeU^dQTU_dbQcVQ]Y\YQcTU\fUSY^TQ
bY_cUXQSQQ\R_bTUTU\QQSUaeYQ<QS_SY^QS_]‹^SeQ^T_UhYcdQUbQe^
Q`QbdQT_UcdbUSX_i_cSeb_>_XQRQ^TU`†cYd_cTURQcebQ`_b\_aeU\_c
XQRYdQ^dUcc_\Q^Qbb_ZQb\QcQ\QQSUaeYQV_b]v^T_cUdQS_caeU`b_f_SQRQ^
VbUSeU^dUcQ^UWQ]YU^d_cU^d_T_U\S_^fU^dY\\_iXQcdQU^\_cUTYVYSY_cfUSY
^_c

<QfQ^TUbQcU^e^S_^fU^dY\\_
?bbUW_3_bd}c?bbUW_<eS_UdQ\_`SYd

5\XQSY^Q]YU^d_UbQWbQ^TU*U^SQTQ`YUjQfYfQ^VQ]Y\YQcTUXQcdQcUYce
_SX_`Ubc_^QcaeUeceQ\]U^dUS_]`QbdQ^U\UhYWe_Uc`QSY_S_^Q^Y]Q\Uc
XQSYU^T_Q‹^]vcWbQ^TUU\TUcQcU_i]vcY^cQ\eRbU\QXQRYdQSY†^
E^]Qi_bT_]_U^SQbWQT_TUS_RbQb\_cQbbYU^T_ccU]Q^Q\UcXQ
RYdQRQU^\Qc`YUjQcaeUTQRQ^Q\QSQ\\UU^\QcaeUVbUSeU^dU]U^dU]Q
^UZQRQe^RebTU\aeUUbQQ\]Yc]_dYU]`_SQcQTUZeUW_dQRUb^Qi]_^
dU`_`bYfQT_`QbQ\_cY^aeY\Y^_c5\]Qi_bT_]_QSe]e\QRQU^ceSeQb
d_]eUR\Ucid_T_dY`_TU_RZUd_cU]RQbWQT_cQ\QcVQ]Y\YQcQdbQcQTQcU^
U\`QW_TU\QbbYU^T_#%'

#%'
=Qb^_`SYd`vWc(!#+6@eWQ2_b^U5\U]U^d_cTU8YZYU^Ud_]_9`vW"&%
SYdQT_`_b31\dQ]YbQ^_U^²1`e^dUc`QbQe^UcdeTY_c_RbUXQRYdQSY_^UcTU_RbUb_c³U^
BUfYcdQ3XY\U^QTU8YZYU^Ud_]_99>¡$CQ^dYQW_!()&`vW'+BYSQbT_4vfY\Q2_jQ²<Q
]_bdQ\YTQTTU\_c^Y…_cU^CQ^dYQW_*cecSQecQcYcecbU]UTY_c³U^BUfYcdQ3XY\U^QTU8YZYU
^Ud_]_FCQ^dYQW_!())`vWc##$i##%

170
 5\Q\aeY\UbTUe^Q`YUjQTUS_^fU^dY\\_TU^_]vcTUT_SU]Udb_cSeQ
TbQT_cS_cdQRQXQSYQVY^UcTU\cYW\_%% ]U^ceQ\Uc3_]_U\]Udb_SeQ
TbQT_fQ\Qe^]vhY]_TU#cUSQ\Se\QRQaeUU\`b_`YUdQbY_TUTeSQce
SQ`YdQ\SQcYTe`\YSQT_U^e^Q…_²EcebQiS_^fU^dY\\_XQ^\\UWQT_QcUb`Q\Q
RbQccY^†^Y]Qc³S_^S\eQ`_bQaeU\\_cQ…_cU\Qed_bTUe^_c`b_iUSd_cTU
XQRYdQSY_^Uc`QbQ_RbUb_cQ\S_^cdQdQbUcdQcYdeQSY†^#%( <QQVYb]QSY†^^_UbQ
UhQWUbQTQ<_cS_^fU^dY\\_cbU`bUcU^dQRQ^e^QVeU^dUcUWebQTU\eSb_`QbQ
cec`b_`YUdQbY_cQSQ]RY_TUe^QRQZcY]QY^fUbcY†^Y^YSYQ\aeUSQcY^e^SQ
UbQcUWeYTQTUWQcd_cTU]UZ_bQ]YU^d__bU`QbQSY†^<_cS_^dU]`_bv^U_c
S_Y^SYTQ^cY^UhSU`SY†^U^TUcSbYRYb\QcS_^TYSY_^UcTUfYTQTU\_cQbbU^
TQdQbY_cS_]_]Q\cY]QcQdbYRei}^T_\Uc\Q`bY^SY`Q\bUc`_^cQRY\YTQTTU\Qc
U`YTU]YQci\QU\UfQTQ]_bdQ\YTQT
<Q c_\eSY†^ Q\ `b_R\U]Q TU \Q fYfYU^TQ `_`e\Qb Q`_bdQTQ `_b U\
S_^fU^dY\\_VeU]vcQ`QbU^dUaeUbUQ\5^`_S_cQ…_cU\Qce^d_cUS_^fYb
dY†U^\QY]QWU^]vcQ`_SQ\`dYSQiQ\Qb]YcdQTU\QS_^TYSY†^TU\_c`_
RbUcU^U\`QbQTYW]QTU\Q²SeUcdY†^c_SYQ\³@QbQ\QU\YdU_`_b\_]U^_c
`QbQ cec cUSd_bUc ]vc S_^cSYU^dUc \_c bQ^SX_c SeQbd_c bUT_^T_c i
S_^fU^dY\\_cbU`bUcU^dQRQ^U^U\SQ]RY_TUcYW\_°iQ‹^TUcTUQ^dUc°
e^Qc^dUcYcTUd_T_c\_c]Q\Uci`U\YWb_cTU\QS_^TYSY†^_RbUbQi`_`e
\Qb@U\YWb_cQ^YdQbY_Q^dUcaeU^QTQ`_bcUbV_S_cTUY^VUSSY_^UciTU
S_^dQWY_cTUU`YTU]YQcaeUcUUhdU^TQ^`_bd_TQ\Q`_R\QSY†^QVUSdQ^
T_XQcdQ\_ccUSd_bUcc_SYQ\Uc]vcU\UfQT_c@U\YWb_]_bQ\iQaeU\QcfY
fYU^TQcY^S†]_TQcUY^cQ\eRbUcU^WU^TbQRQ^*

KMd_T_c\_cfYSY_ciTU\Yd_cQaeUU\X_]RbU`eU
TQ\\UWQb*\QU]RbYQWeUj\QY]`bUfYcY†^\QY^]_bQ\YTQT
U\ ZeUW_ KM KaeUM c_^ U\ bUce\dQT_ VQdQ\ Q aeU \\UWQ
QaeU\aeUVQ\d_TUe^X_WQbU^aeUQ\RUbWQbcU_SebbUQ
\QdQRUb^QQRecSQb\QTYcdbQSSY†^TUceUc`bYdeU^\Qc
]Q\QcS_]`Q…QcaeU\_Qbb_ZQ^U^\Q`U^TYU^dU #%) 

@U\YWb_c_SYQ\`eUcd_aeU*

KMU\_RbUb_cY^X_WQb^_U^SeU^dbQ^Y^W‹^\Qj_
aeU\_e^QQ\QVQ]Y\YQ^YQ\Qc_SYUTQT*`_bU\S_^dbQbY_
cYU]`bUcU\UU^S_^dbQbvTYc`eUcd_QU^b_\QbcUU^\QcVY
\QcTU\_c`b_]_d_bUcTUTYcdebRY_cibUfeU\dQcTUcTU
aeU^_dYU^U^QTQaeU\_\YWeUQceVQ]Y\YQi\UXQWQaeU
bYTQceUhYcdU^SYQ#& 

#%(
²<Q9^cdYdeSY†^<U_^H999Ce_RZUd_iceTUcQbb_\\_=U]_bYQTU\CUSbUdQbY_TU\
3_^cUZ_³U^:e\Y_@}bUj3Q^d_<QcXQRYdQSY_^Uc`QbQ_RbUb_c5cdeTY_`bUcU^dQT_Q\QC_SYUTQT
TU6_]U^d_6QRbY\CQ^dYQW_9]`bU^dQi<YRbUbQ5bSY\\Q!()(`vW"!%
#%)
=Qb^_`SYd`vW&
#&
9RYT

171
 1`QbdYbTU\QT}SQTQTU!(( U\Qce^d_TU\QcXQRYdQSY_^Uc`QbQ_RbU
b_cQ`QbUSU\YWQTQQ\Q`bU_Se`QSY†^`_b\Q²SeUcdY†^c_SYQ\³5^e^UcdeTY_
TU\dU]QU^SQbWQT_`_b\QC?6?61cU`\Q^dUQRQXQSYQU\d}b]Y^_TU\cYW\_*

KM\QY]`_bdQ^SYQc_SYQ\aeUdYU^UU\]UZ_bQ]YU^
d_TU\QXQRYdQSY†^U^\QS\QcU_RbUbQceY^V\eU^SYQU^\Q
cQ\eRbYTQT`‹R\YSQi`bYfQTQceY^V\eU^SYQU^\Q]_bQ\
U^\QUTeSQSY†^U^\QcS_cde]RbUciU^\QS_^cdYdeSY†^
TU\QVQ]Y\YQ#&! 

CY]Y\QbUc`bU_Se`QSY_^UcS_^Uc`USYQ\}^VQcYcU^\_cQc`USd_c]_
bQ\Uci`_\dYS_cTU\QSeUcdY†^]Q^YVUcdQRQ^\Q9W\UcYQi\_cSQd†\YS_cS_^
cUbfQT_bUcTU\QcS\QcUcce`UbY_bUc5cd_ccUSd_bUcfUQ^U^U\QSSUc_TU
\_c_RbUb_cQ\Q`b_`YUTQTTUcecfYfYU^TQc\Q]vcc†\YTQWQbQ^dQTU²`Qj
TU_bTU^iTUbUc`Ud_³S_^dbQ\QcdU^dQdYfQcTU`U^UdbQSY†^TU\c_SYQ\Yc
]_iTU\Q^QbaeYc]_#&" 
<Qc]e^YSY`Q\YTQTUcTU\QcSYeTQTUc`bY^SY`Q\UciTYcdY^d_ccUSd_bUc
TU\QU\YdU°`_\dYS_cUS\UcYvcdYS_cY^TecdbYQ\UcVY\v^db_`_c]}TYS_cU
XYWYU^YcdQc°`\Q^dUQb_^\Q^USUcYTQTTUTQbe^Qc_\eSY†^QTUSeQTQQUcdU
`b_R\U]Q4UcTUS_]YU^j_cTU\_cQ…_c_SXU^dQcUU\QR_bQb_^^e]Ub_
c_c`b_iUSd_cTUXQRYdQSY_^Uc`QbQ_RbUb_c1\We^_cS_bbUc`_^TQ^Q
Y^YSYQdYfQc]e^YSY`Q\Uc_`Qb\Q]U^dQbYQc`Ub_\Q]Qi_bQTUU\\_cUc`U
SYQ\]U^dU\_caeUcUdbQTeZUb_^U^S_^cdbeSSY†^UVUSdYfQTUfYfYU^TQc
VeUb_^U\Vbed_TUY^cdYdeSY_^Uc`bYfQTQc#&#
4ebQ^dUUc_cQ…_ccU]e\dY`\YSQb_^\QcY^YSYQdYfQcTUSQ`YdQ\YcdQc
°Y^TYfYTeQ\UciQWbe`QT_c°`QbQUh`\_dQbU\^UW_SY_TU\QS_^cdbeSSY†^
TUfYfYU^TQc`_`e\QbUc<Q]Qi_bQTU\_c`b_iUSd_c^_\_Wb†`\Qc]QbcU
U^S_^cdbeSSY†^UVUSdYfQTUXQRYdQSY_^Uc²RQbQdQcUXYWY}^YSQc`QbQ_RbU
b_c³S_]__VbUSQce`eR\YSYTQT<QC?6?61`b_dQW_^Yj†fQbYQcdU^dQdY
fQcY^VbeSde_cQcTUUTYVYSQSY†^TUfYfYU^TQc`QbQ`_RbUc<Q]Yc]QceUb
dUTUcWbQSYQTQS_bbYUb_^\_c`b_iUSd_c`bUcU^dQT_c`_b\_cTY`edQT_c
7bUW_bY_@Y^_SXUd1bdU]Y_7edY}bbUji6bQ^SYcS_BYfQcFYSe…Q #&$ 
C†\_U^!) &SeQ^T_\Q²SeUcdY†^c_SYQ\³iQcUXQRQUh`bUcQT_U^
fY_\U^dQcXeU\WQc`b_\UdQbYQcQX_WQTQcU^cQ^WbU`_b\QcVeUbjQcQb]QTQci

#&!
@}bUj3Q^d_<QcXQRYdQSY_^Uc_`SYd`vWc$i%
#&"
²<Q9^cdYdeSY†^³U^@}bUj3Q^d_<QcXQRYdQSY_^Uc_`SYd`vW"!'
#&#
E^QUh`_cYSY†^TUdQ\\QTQTUUcd_c`b_iUSd_ciTU\_caeUcU]U^SY_^Q^QS_^dY
^eQSY†^U^7bUj<Uc]_efU]U^dc_`SYd`vWc!$'!&#F}QcUdQ]RY}^B_]Ub_²1bbQ
RQ\UcfYfYU^TQicQ\eT³U^¤Ae}XQSUbS_^\_c`_RbUc/_`SYd`vWc!"&i!"'
#&$
²8QRYdQSY_^Uc`QbQ_RbUb_c³<Q<YRUbdQTDQ\SQ")TU^_fYU]RbU!(()+=Qb^_`
SYd`vWc#$i$%$&+@}bUj3Q^d_<QcXQRYdQSY_^Uc_`SYd`vWc" &i" '+²8QRYdQSY_^Uc
`QbQ_RbUb_c³U^2_\Ud^TU\QC_SYUTQTTU6_]U^d_6QRbY\>¡!!CQ^dYQW_^_fYU]RbUTU!()#
`vWc$%%i$%&

172
`_\YSYQ\UcVeUTYSdQTQ\Q`bY]UbQ\UiTUXQRYdQSY_^Uc_RbUbQc<Ui>¡!((#
1^dUbY_b]U^dUU\5cdQT_SXY\U^_c†\_cU`bU_Se`†TUcYcdU]QdYjQb\QcTYcdY^
dQcTYc`_cYSY_^Uc\UWQ\UcTYc`UbcQcU^TYfUbc_cdUhd_cbUVe^TY}^T_\QcU^e^Q
\Ui]e^YSY`Q\TU!()"aeUUcdQR\USY†S_]_QdbYReSY†^TU\Qc]e^YSY`Q\YTQ
TUc\QfYWY\Q^SYQU^\QS_^cdbeSSY†^TUbQ^SX_cQTU]vcTU\QSbUQSY†^TU\
3_^cUZ_TU8YWYU^UQ\aeUcU\U_d_bWQb_^`_TUbUcVYcSQ\YjQT_bUcU^]QdUbYQ
TUebRQ^Yc]_XYWYU^UicQ\eRbYTQT

3_^fU^dY\\_]Q^TQT_QTU]_\Ub
3_^cUZ_Ce`UbY_bTU8QRYdQSY_^Uc?RbUbQc=U]_bYQTUce\QR_b!)!!!)!"
CQ^dYQW_9]`bU^dQi5^SeQTUb^QSY†^3XY\U!)!"

<_c‹^YS_c`b_iUSd_cTUXQRYdQSY_^Uc`QbQ_RbUb_caeU\_WbQb_^S_
RbQbfYTQU^Q\We^QcSYeTQTUcQ^dUcTU\d}b]Y^_TU\cYW\_VeUb_^\_cY]`e\
cQT_c`_bY^cdYdeSY_^Uc`bYfQTQc_`_bQ\We^_cTU\_c]vcY]`_bdQ^dUcUcdQ
R\USY]YU^d_cY^TecdbYQ\UcTU\Q}`_SQ
<Qc`bY^SY`Q\UcS_b`_bQSY_^Uc`bYfQTQcaeU\UfQ^dQb_^XQRYdQSY_^Uc
`QbQ_RbUb_cVeUb_^Q\We^Qcc_SYUTQTUc_Ve^TQSY_^UcSQd†\YS_°S_^cUb
fQT_bQcS_]_\QcY^cdYdeSY_^Uc<U†^H999iC_VQ3_^SXQTU\QSQ`YdQ\i\Q
E^Y†^C_SYQ\TU?bTU^iDbQRQZ_TUFQ\`QbQc_aeUS_^dQRQ^S_^VY^Q^SYQ
]YU^d_QTUSeQT_WbQSYQcQY]`_bdQ^dUcT_^QSY_^Uci\UWQT_cdUcdQ]U^
dQbY_c<Qc]_dYfQSY_^UcTU_bTU^`_\dYS_ibU\YWY_c_TUUcdQcY^YSYQdYfQc
UbQ^]vc_]U^_cUh`\SYdQcS_^VYbY}^T_\Uce^SQbvSdUb]QbSQTQ]U^dU
cU\USdYf_ibUcdbY^WYT_ #&% 1`UcQbTUdQ\Uc\Y]YdQSY_^UcU\\QcVeUb_^`Y_
^UbQcU^\Q]QdUbYQ
?dbQc`_R\QSY_^Uc`QbQdbQRQZQT_bUcS_^cdbeYTQcXQSYQVY^UcTUcYW\_
`_bY^YSYQdYfQ`bYfQTQVeUb_^\Q3_\_^YQ?RbUbQ_bWQ^YjQTQ`_b\QC_SYU

#&%
@}bUj3Q^d_<QcXQRYdQSY_^Uc_`SYd`vWc" ("")

173
TQTTUCQcdbUcTUCQ^dYQW_U^\Q`_R\QSY†^?fQ\\Ui\Qc`_R\QSY_^Uc5SXQebbU^
FQ\Ub_aeU^_UbQe^Q`_R\QSY†^_RbUbQ`b_`YQ]U^dUdQ\cY^_e^S_^Ze^d_
TU`UaeU…QcSQcQc`QbQVQ]Y\YQc]_TUcdQci`_S_^e]Ub_cQcFQ\T}ciCQ^
FYSU^dUU^\Q]Yc]QSYeTQT#&& 
1cY]Yc]_Q\We^_cWbQ^TUcUcdQR\USY]YU^d_cY^TecdbYQ\UcS_]U^jQ
b_^QTUcQbb_\\QbTebQ^dU\Q‹\dY]QT}SQTQTU\QSU^debYQe^QUcdbQdUWYQTU
\_SQ\YjQSY†^TU\Q]Q^_TU_RbQU^\QcSUbSQ^QcTUcecUcdQR\USY]YU^d_c
²Y]YdQ^T_e^QReU^QS_cde]RbUTU\_cSU^db_cY^TecdbYQ\UcUeb_`U_caeU
dYU^U^Uc`USYQ\SeYTQT_U^`b_`_bSY_^QbQcec_RbUb_c\_c]UTY_c]vcU\U
]U^dQ\UcTU\QfYTQbUdU^Y}^T_\_cU^U\`b_`Y_\eWQbT_^TUdbQRQZQ^³#&' 
4UUcdU]_T_cebWYUb_^fQbYQc`_R\QSY_^Uc`QbQ_RbUb_ciU]`\UQ
T_cQ\bUTUT_bTUSYUbdQcU]`bUcQcdQ\UcS_]_\QBUVY^UbQTU1j‹SQbTU
FY…QTU\=Qb#&( \QVvRbYSQTUU\QR_bQSY†^TU]QTUbQc²6bQ^SYcS_4QX\³
\QSebdYU]RbUTU1\SYTUc>QW^~bU\QSUbfUSUbQTU7eR\Ubi3_ecY…_\Q
TUcdY\UbQTUFU^debQ8Ub]Q^_ci7bQ]e^d\Q6vRbYSQ>QSY_^Q\TU7Q
\\UdQcTU5gY^W8Ub]Q^_ci3QiQ\We^Qc_dbQcVvRbYSQcTU\QSQ`YdQ\#&) 
5\Q\SQ^SUTUUcdQcUh`UbYU^SYQcVeUU^ceS_^Ze^d_]ei\Y]YdQT_
<QUcSQcQSQ^dYTQTTUfYfYU^TQcS_^cdbeYTQc^_U^dbUWQRQcY^_e^Qc_\e
SY†^\Y]YdQTQQe^^‹]Ub_]eiUhYWe_TUVQ]Y\YQc_RbUbQc1TU]vcd_
T_c\_c`\Q^UcXQRYdQSY_^Q\Uc_`UbQRQ^S_^SbYdUbY_cTUcU\USdYfYTQTaeU
UhS\eQ^Q\Q]Qi_bQTU\_cdbQRQZQT_bUciQVeUbQ`_baeUQ`e^dQRQ^c†\_
Q\cUSd_bce`UbY_bTUU\\_cQbdUcQ^_ci_RbUb_cSQ\YVYSQT_c_`_baeU\Qc
UhYWU^SYQcTUdY`_bU\YWY_c_i]_bQ\TU\QcQc_SYQSY_^UcSQd†\YSQc²cUb
SQcQT_SQd†\YS_i]_bQ\³bUcdbY^WQ^S_^cYTUbQR\U]U^dUcecRU^UVYSY_c
Q\UhS\eYbTU`QbdYTQQ\Qc^e]Ub_ccY]QcVQ]Y\YQc`_`e\QbUcS_^cdYdeYTQc
cY^QSd_V_b]Q\TU]QdbY]_^Y_8QSYQVY^UcTUcYW\_TYfUbc_c_RcUbfQT_
bUcS_^cdQdQRQ^\QY^UhYcdU^SYQTUY^cdYdeSY_^UcaeUbUe^YUbQ^\QcS_^TY
SY_^UcUcU^SYQ\Uc`QbQ\QS_^cdbeSSY†^TUSQcQc`_`e\QbUc #' 
C†\_Q`QbdYbTU!) !S_]U^jQb_^QSbUQbcUQ\We^Qcc_SYUTQTUcS__
`UbQdYfQc`QbQ\QQTaeYcYSY†^TUfYfYU^TQcidUbbU^_cQRQZ_`bUSY_]UTYQ^
dUe^cYcdU]QTUSe_dQcTUcdY^QTQcQ`QWQb\QQ]_bdYjQSY†^i\_cY^dUbUcUc
1\YWeQ\aeUU^_db_cbeRb_c²c_SYQ\Uc³U^UcdU`\Q^_U\5cdQT_i\_c
`_TUbUc\_SQ\UcSYbSe^cSbYRYUb_^ce`Q`U\Q\QcY]`\UVYZQSY†^TUbUW\QcWU
^UbQ\UcS_^SUb^YU^dUcQ\QUTYVYSQSY†^TUXQRYdQSY_^Uc`_`e\QbUc_U^Q\
We^_cSQc_cQ_d_bWQb`bYfY\UWY_ciUh_^UbQSY_^UcQVY^TUUcdY]e\Qb\Q
S_^cdbeSSY†^TUfYfYU^TQc`_bU]`bUcQbY_c`bYfQT_c>_XeR_U^S_^cU

#&&
?`SYd`vWc"# "#"
#&'
=QbYQ^_=Qbd^Uj_`SYd`vW!&!
#&(
:DQTU_<Qc_:<QUhXYRYSY†^SXY\U^Q_`SYd`vWHHHF99+@}bUj3Q^d_<Qc
XQRYdQSY_^Uc_`SYd`vWc"#""#$+3Y^SeU^dQQ…_c_`SYd`vWc! i!!
#&)
=QbYQ^_=Qbd^Uj_`SYd`vWc' !"(!&!i"$&+<Qc_<QUhXYRYSY†^_`SYd
`vWcH9iH<F
#'
@}bUj3Q^d_<QcXQRYdQSY_^Uc_`SYd`vWc"#)i"$ CY]Y\QbUcSbdYSQcc_RbU\Q
VQ\dQTUY^TU`U^TU^SYQ`Ubc_^Q\i`_\dYSQTU\_c_RbUb_caeUfYfQ^U^UcQc`_R\QSY_^Uc
V†b]e\QB?cfQ\T_=Qb^U^<QcXQRYdQSY_^Uc_`SYd`vW$'

174
SeU^SYQ^Y`\Q^^YQSSY†^TUS_^cdbeSSY†^TUSQcQc`_b`QbdUTU\5cdQT_
_TU\Qc]e^YSY`Q\YTQTUc^YcYaeYUbQU^QaeU\\QcU]`bUcQcVYcSQ\Uc°S_]_
\_cVUbb_SQbbY\Uc°U]`\UQT_bQcTUWbQ^SQ^dYTQTTU]Q^_TU_RbQ
<QcQed_bYTQTUcVQ\\Qb_^Y^S\ec_U^ce`Q`U\VYcSQ\YjQT_bTU\Se]
`\Y]YU^d_TU\QcTYc`_cYSY_^Uc\UWQ\UcTUcdY^QTQcQ`bUcUbfQb\QXYWYU^U
4URYT_Q\QbUcYcdU^SYQTU\_cY^dUbUcUcY^f_\eSbQT_cU^U\^UW_SY_TU\Q
XQRYdQSY†^`_`e\QbbQbQ]U^dUcUQ`\YSQb_^\_cTYcdY^d_cbUW\Q]U^d_c
@_b_dbQ`QbdU\Q<UiTU?bWQ^YjQSY†^i1dbYReSY_^UcTU\Qc=e^YSY`Q\Y
TQTUcTU\""TUTYSYU]RbUTU!()!TUcU]RQbQjQRQQ\5cdQT_TUcec_R\Y
WQSY_^UcU^`_\dYSQTUcQ\eRbYTQTUhSU`d_U^\_bU\QdYf_Q@_\YSQCQ^Y
dQbYQcUW‹^\_TUVY^YT_`_be^Q\UiTU\# TUTYSYU]RbUTU!((&dbQ^c
VYbYU^T_Q\Qc]e^YSY`Q\YTQTUcd_T_\_bU\QSY_^QT_S_^\QcQ^YTQTiS_^
db_\TUS_^cdbeSSY†^TUfYfYU^TQc #'! 
5^\QQ\R_bQTQTU\cYW\_HHe^UcdeTY_c_RbUU\dU]QcU…Q\QRQaeUQ
`UcQbTUcecQ]`\YQcVQSe\dQTUc\Qc]e^YSY`Q\YTQTUc²WU^UbQ\]U^dU^_
XQ^XUSX_^QTQc_RbU\Q]QdUbYQ+U^`bY]Ub\eWQb`_b^_]Q\aeYcdQbcU
S_^\_cSQ`YdQ\YcdQcaeUc_^U\U]U^d_cU\USd_bQ\Uc+iU^cUWe^T_\eWQb
`_baeUUcdQc]UTYTQcXYWY}^YSQcc_^UcU^SYQ\]U^dUd}S^YSQci^_\QcQ`bU
SYQ^cY^_]ei`_SQc`Ubc_^Qc³ #'" 
C†\_Q`QbdYbTUU^d_^SUc\_c`_TUbUc`‹R\YS_cS_]U^jQb_^QVYZQb
TYc`_cYSY_^Uc]vcU^}bWYSQc`QbQdbQdQbTUc_\eSY_^Qb\QcSeUcdY_^Uc]vc
ebWU^dUcbU\QdYf_cQRQbbY_cifYfYU^TQc`_`e\QbUc5^!) &VeUf_dQTQ\Q
`bY]UbQ\Uic_RbUXQRYdQSY_^Uc_RbUbQc\QaeUceVbY†]_TYVYSQSY_^UcU^
!) )!)!!!)!"i!)!&<QSbUQSY†^TUe^3_^cUZ_Ce`UbY_bTU8QRYdQ
SY_^Uc?RbUbQcS_^Q]`\YQcVQSe\dQTUc`QbQ_bTU^QbU\cQ^UQ]YU^d__\Q
TUcdbeSSY†^TUfYfYU^TQcY^cQ\eRbUc`QbQUcdY]e\Qb\QY^YSYQdYfQ`bYfQTQ
U^VQf_bTU\QS_^cdbeSSY†^TUSQcQcXYWY}^YSQci`QbQUTYVYSQbfYfYU^TQc
`_bce`b_`YQSeU^dQS_^V_^T_cT_^QT_c_\UWQT_c`_bU\5cdQT_VeU\Q
bUc`eUcdQdQbTQTU\`_TUb`_\dYS_QUcdUTbQ]Q^QSY_^Q\
1UcQcQ\debQc\QSeUcdY†^TU\QXQRYdQSY†^`_`e\QbXQRQQ\SQ^jQT_
^YfU\UcTUUhdbU]QWbQfUTQT5^!)!"e^QUcdQTcdYSQ\UfQ^dQTQ`_b\Q`_
\YSQTQRQSeU^dQTU\QUhYcdU^SYQTU!%'$S_^fU^dY\\_cU^CQ^dYQW_aeU
Q\RUbWQRQ^Qe^Q`_R\QSY†^TU'% # XQRYdQ^dUcbU`QbdYT_cU^Q`U^Qc
"&)'"`YUjQc_cUQe^`b_]UTY_TU"'(`Ubc_^Qc`_bSeQbd_`Ub_S_^
e^WbQ^^‹]Ub_TU`YUjQcT_^TUcUQ]_^d_^QRQ^cUYc_SX_iXQcdQTYUj
`Ubc_^Qc#'# D_T_c\_cdUcdY]_^Y_caeU`eUTU^bUS_WUbcU`QbUSU^Y^TYSQb
aeUU^bUQ\YTQTU\`b_]UTY_TUXQRYdQ^dUc`_bSeQbd_UbQRQcdQ^dU]vc
U\UfQT_aeUU\S†]`ed__VYSYQ\QSUbSv^T_cU]vcRYU^Q\Qc‹\dY]QcSYVbQc
5\`b_R\U]QiQ^_UbQc†\_TUCQ^dYQW_i\QcWbQ^TUcSYeTQTUc+cU
XQRQWU^UbQ\YjQT_`bvSdYSQ]U^dUU^d_T_c\_cSU^db_cebRQ^_cTU\`Qc

#'!
=Qb^<QcXQRYdQSY_^Uc_`SYd`vW# 
#'"
9RYT
#'#
3_^cUZ_Ce`UbY_bTU8QRYdQSY_^Uc?RbUbQc=U]_bYQTUce\QR_b!)!!!)!"CQ^dYQW_
9]`bU^dQi5^SeQTUb^QSY†^3XY\U!)!"`vW%"

175
8QSYQU^d_^SUc\Q]QW^YdeTTU\QSeUcdY†^TUcR_bTQRQQ]`\YQ]U^dU\QcSQ
`QSYTQTUcS_^ZeWQTQcTU\5cdQT_iTU\QY^YSYQdYfQ`bYfQTQdQ^d_SQbYdQdYfQ
S_]_U]`bUcQbYQ\5\`bY^SY`Q\`b_WbUc_\_WbQT_TUcTUU\TUcSeRbY]YU^
d_TU\Q²SeUcdY†^c_SYQ\³°RQcUTUd_T_c\_cTU]vc°UbQU\bUS_^_SY]YU^d_
WU^UbQ\YjQT_TU\`Q`U\TU\5cdQT_iTU\Qc]e^YSY`Q\YTQTUcU^\QcQ\eRbY
TQT`‹R\YSQi`_bS_^cUSeU^SYQU^U\]UZ_bQ]YU^d_TU\QS_^TYSY†^TU\
XvRYdQd`_`e\Qb5bQ`_bQcTUSYb\_U\bUS_^_SY]YU^d__VYSYQ\TU\QS_^V\YS
dYfQ²SeUcdY†^c_SYQ\³

3Q]`Q]U^d_TUdbQRQZQT_bUcTU\Q_VYSY^QcQ\YdbUbQ@ede^SXQbQDQbQ`QSv
2_eTQdi3 <CQ\YdbUbQcTUDQbQ`QSv9aeYaeU!(()

5cdbUSXQ]U^dU\YWQT_cQ\QSeUcdY†^TU\QfYfYU^TQ`_`e\QbQ`QbUSQ^
\_c`b_R\U]QcTUcQ\eRbYTQTiTUcUbfYSY_cebRQ^_cCYRYU^\QcY]`\UY^UhYc
dU^SYQTUQ\We^_cTUUcd_ccUbfYSY_cQWeQ`_dQR\UQ\SQ^dQbY\\QT_UdS_cec
Y^ceVYSYU^SYQcTUcQWŽUc\Y]`YUjQTUSQ\\UcUdS^_`\Q^dU†TebQ^dU\Q
}`_SQS_\_^YQ\Y^S_^fU^YU^dUcTU]QcYQT_WbQfUc°TURYT_Q\QUcSQcUjTU
`_R\QSY†^°U\SbUSY]YU^d_ebRQ^_aeUcU`b_TeZ_TUc`e}cTU\Q9^TU
`U^TU^SYQi]eiUc`USYQ\]U^dUQ`QbdYbTU\QcT}SQTQcTU!($ i!(% TY_
QUcd_cQce^d_ce^QTY]U^cY†^XQcdQU^d_^SUcTUcS_^_SYTQ #'$ 
<QcSeUcdY_^Uc]vcWbQfUcUbQ^\QcbU\QSY_^QTQcS_^U\QWeQ°U\QRQc
dUSY]YU^d_TU\Q`_R\QSY†^i\_cTUcQWŽUcTUQWeQccUbfYTQc°`_bcUb\Qc
`bY^SY`Q\UcSQecQcTU\QUh`Q^cY†^TU]_bdVUbQcU`YTU]YQcaeUQc_\QRQ^
`UbY†TYSQ]U^dU\QcSYeTQTUcSXY\U^Qc5cd_c`b_R\U]Qc^_U^S_^dbQb_^
c_\eSY†^TUVY^YdYfQU^QaeU\\Q}`_SQ5^CQ^dYQW_U\Q\SQ^dQbY\\QT_cU
S_^cdbei†bUSY}^U^!) &iU^_dbQcSYeTQTUc]vcdQbTQ]U^dU<QbUT

#'$
E^TUcQbb_\\_TUUcd_cdU]QcU^B_]Ub_²1bbQRQ\UcfYfYU^TQicQ\eT³U^¤Ae}
XQSUbS_^\_c`_RbUc/_`SYd`vWc!"'!#!+7bUj<Uc]_efU]U^dc_`SYd`vWc!&(!')

176
TUQWeQ`_dQR\US_]U^j†QY^cdQ\QbcUU^U\cUSd_bS}^dbYS_TU\QSQ`YdQ\U^
!(&$TURYU^T_S_^dU^dQbcU\_cRQbbY_c`_`e\QbUcS_^`Y\Qc`‹R\YSQciQaeU
U\cUbfYSY_TU]_b†fQbYQcT}SQTQcU^\\UWQbXQcdQU\\_c5^\QcTU]vcSYeTQ
TUc_SebbYbQ]eSX_]vcdQbTU#'% 
?db_c`b_R\U]QcSQbQSdUbcdYS_cTU\_cRQbbY_c`_`e\QbUcUbQ^\_c
bU\QSY_^QT_cS_^\Q\Y]`YUjQTUSQ\\Uc\QbU]_SY†^TURQcebQci\Q`b_
dUSSY†^`_\YSYQ\<QTUVY^YSY†^TU\bQTY_ebRQ^_TU\QcSYeTQTUc`_b\Qc
Qed_bYTQTUcUTY\YSYQccYW^YVYSQRQaeU\_cWbQ^TUcQbbQRQ\Uc`_`e\QbUc
VeUbQ^WU^UbQ\]U^dUUhS\eYT_cTU\\]YdU_VYSYQ\TU\QcebRUci`_b\_dQ^
d_cY^QSSUc_QUc_ci_db_ccUbfYSY_c`‹R\YS_caeUTQ^T_\YcQi\\Q^Q
]U^dUQRQ^T_^QT_cQceceUbdU5^_db_cSQc_cSeQ^T_\_cRQbbY_c`_
`e\QbUccUeRYSQRQ^TU^db_TU\_c\]YdUcebRQ^_c_VYSYQ\UcdQ\Uc`bUcdQ
SY_^UcUbQ^^_d_bYQ]U^dUY^ceVYSYU^dUc
<Q]QbWY^QSY†^c_SYQ\cU]Q^YVUcdQRQQdbQf}cTUe^Q²cUWbUWQSY†^
c_SYQ\cUW‹^UcdbQd_c³TUQSeUbT_S_^\QV†b]e\QU]`\UQTQ`_b1b]Q^T_
TUBQ]†^U^e^UcdeTY_c_RbU\QSYeTQTTUCQ^dYQW_<QTYfYcY†^QT]Y^Yc
dbQdYfQ\Q\_SQ\YjQSY†^TUVvRbYSQcUY^TecdbYQc\QTYcdbYReSY†^TU\Q`b_dUS
SY†^`_\YSYQ\U\WbQT_TUQ\VQRUdYjQSY†^U\cUbfYSY_TUQWeQ`_dQR\UUdS
UbQ^_db_cdQ^d_cVQSd_bUcTUcUWbUWQSY†^c_SYQ\U^\QSQ`YdQ\ #'& VU^†]U^_
aeUcUbU`UdQU^TYfUbcQcSYeTQTUc]Q^YVUcdv^T_cUU^Q\We^QcTUU\\Qc°
S_]_FQ\`QbQc_°TU]Q^UbQQ‹^]vcQSU^deQTQ#'' 
5\bUS_^_SY]YU^d_`_b\QcQed_bYTQTUcTU\QWbQfUTQTTU\S_^Ze^d_
TUUcd_c`b_R\U]QccUXYj_SQTQfUj]vcUh`\SYd_TUcTU\QT}SQTQTU
!(' Uc`USYQ\]U^dUQbQjTU\QQSSY†^TU\Y^dU^TU^dUFYSe…Q=QS[U^^Q
U^\QSYeTQTTUCQ^dYQW_1e^aeU^_cUQ`_bd†^Y^We^Qc_\eSY†^TUV_^
T_cUU^cQiQb_^bUc`eUcdQc`QbSYQ\UcaeUTUXQRUbcYT_Q`\YSQTQcTU
]Q^UbQSQRQ\i`Ub]Q^U^dUXQRbQ^cYW^YVYSQT_e^]UZ_bQ]YU^d_cYW^Y
VYSQdYf_TU\QXYWYU^U`‹R\YSQc_RbUd_T_U^\_cRQbbY_c`_`e\QbUc5^\Q
\eSXQS_^dbQ\QcU`YTU]YQccU\_WbQb_^Q\We^QcQfQ^SUc]Q^YVUcdv^T_cU
`_bUZU]`\_e^Q]Qi_b`b_\YZYTQT`_b`QbdUTU\Q@_\YSQTU1cU_U^U\
S_]RQdUTUQ\We^QcU`YTU]YQcS_]_QS_^dUSY†U^!(('SeQ^T_CQ^dYQ
W_VeUQj_dQT_`_bU\S†\UbQ #'( 

#'%
D_b^Ub__`SYd`vWc"""#i!# !#!+@b_c`USd_TU\Q3_]`Q…QTU1WeQ@_dQR\UTU
FQ\`QbQc_FQ\`QbQc_9]`bU^dQTU\Q@QdbYQ!(&#+1WeQ`_dQR\UiTUcQWeUci_db_cdbQRQZ_cbU\Q
dYf_cQ\QXYZYU^UicQ\eRbYTQTTU\`eUR\_=U]_bYQ`bUcU^dQTQQ\3_^cUZ_4U`QbdQ]U^dQ\TU8YZYU^UTU
DQ\SQDQ\SQ9]`bU^dQTU\Q<YRUbdQT!()$+4UBQ]†^CQ^dYQW_TU3XY\U!%$!!))!_`
SYd`vWc" &i" 'F}QcUdQ]RY}^\_c1^Q\UcTU\9^cdYded_TU9^ZU^YUb_cTU3XY\UTUcTUS_]YU^
j_cTUcYW\_XQcdQ!)!%5^UcdQ`eR\YSQSY†^cU`eUTU^U^S_^dbQb^e]Ub_cQcY^V_b]QSY_^Uc
c_RbU`b_iUSd_ci_RbQcTUY^cdQ\QSY†^TUbUTUcTUQWeQ`_dQR\UiQ\SQ^dQbY\\QT_U^TYcdY^dQc
SYeTQTUcTU\`Qc
#'&
4UBQ]†^²<]YdUcebRQ^_c³_`SYd
#''
<QcUWbUWQSY†^UbQbUS_^_SYTQ`_b\Qc`b_`YQcQed_bYTQTUc@QbQU\SQc_TUFQ\`Q
bQc_fUb=U]_bYQaeUU\=Y^Ycdb_TU5cdQT_U^U\TU`QbdQ]U^d_TU\9^dUbY_b`bUcU^dQQ\3_^WbUc_>Q
SY_^Q\TU!(&#CQ^dYQW_9]`bU^dQ>QSY_^Q\!(&#`vW$)
#'(
1>1=9f_\!$'"3_bbUc`_^TU^SYQY^V_b]UciSeU^dQcTU\Q9^dU^TU^SYQQ…_!(('
²=U]_bYQTU\9^dU^TU^dUTUCQ^dYQW_Q\=Y^Ycdb_TU\9^dUbY_b1…_!(('³VZc!("'

177
 ²<Q1TU\Y^Q³!((&
=ebY†TUS†\UbQU^<QCUbU^QU\!%TUVURbUb_TU!(((
3_\USSY†^=ecU_8Ycd†bYS_>QSY_^Q\CQ^dYQW_TU3XY\U

178
 <Qd_]QTUS_^SYU^SYQTU\`U\YWb_bU`bUcU^dQT_`_b\QY^cQ\eRbYTQT
TU\_cRQbbY_ciU\XQRYdQd`_`e\QbVeU]eiWbQTeQ\CedbQTeSSY†^U^]UTY
TQcUVYSQSUcVeUQ‹^]vc\U^dQSQcYcYU]`bUQT_`dQTQcc†\_Q`QbdYbTU\Y^Y
SY_TU\^eUf_cYW\_<QdQbTQ^jQ^_cUTURY†Q\QVQ\dQTUe^QfYcY†^S\QbQc_RbU
\QcdQbUQc]vcebWU^dUccY^_Q\QbUcYcdU^SYQTU\_cY^dUbUcUcUS_^†]YS_cU^
ZeUW_`b_`YUdQbY_cTUbQ^SX_cS_^fU^dY\\_cicYdY_ci`_b\QVQ\dQTUbUSeb
c_cTU\_c_bWQ^Yc]_c`‹R\YS_ci`bYfQT_cQaeYU^UcS_bbUc`_^TQQ`_bdQb
c_\eSY_^Uc<Qc_bWQ^YjQSY_^Uc`_`e\QbUcUc`USYQ\]U^dU]edeQ\YcdQcQ‹^
]eiT}RY\Uc`QbQY^V\eYbU^UcUdY`_TUTUSYcY_^Ucic_RbUd_T_Y^c`YbQTQc
`_be^QYTU_\_WQTUQed_ceVYSYU^SYQiTUS_\QR_bQSY†^S_^\_ccUSd_bUc
T_]Y^Q^dUcY^dUbUcQT_cU^\Q²bUWU^UbQSY†^TU\`eUR\_³^_cU`\Q^dUQb_^
ZQ]vc°`_b\_]U^_cXQcdQ!() °U^d}b]Y^_cTUbUYfY^TYSQSY†^`QbQUhYWYb
TU\_c`_TUbUc`‹R\YS_ce^QbbUW\_TUV_^T_QUcdQcTebcY]QcS_^TYSY_^Uc
TUfYTQTU\_cdbQRQZQT_bUc
5\TUcQcU_QRQ^T_^_i`bUSQbYUTQTTU\QcXQRYdQSY_^UcTU\²RQZ_
`eUR\_³dU^Q^ceS_bbU\Qd_U^U\TUcQcU_QRQ^T_^_i`bUSQbYUTQTTU\_c
RQbbY_c `_`e\QbUc V_b]Q^T_ e^ d_T_ Ze^d_ Q \Qc U^VUb]UTQTUc \Q
U\UfQTcY]Q]_bdQ\YTQTU\Q\S_X_\Yc]_\Q`b_cdYdeSY†^\QTYcWbUWQSY†^
VQ]Y\YQbiTU]vc]Q\UcVcYS_ci]_bQ\UcTU\QS_^TYSY†^`_`e\Qb¤3†]_
QdQSQbe^Qc`USd_TU\QSeUcdY†^cY^dbQdQb\_c_db_c/8UQaee^QY^dUbb_
WQ^dU`\Q^dUQTQQd_T_cQaeU\\_c°bYS_ci`_RbUc°`bU_Se`QT_c`_b\Q
²SeUcdY†^c_SYQ\³
5\`Qbv]Udb_]vcY]`QSdQ^dU°^_U\‹^YS_°aeU`Ub]YdQV_b]QbcU
e^QYTUQQSUbSQTU\QcS_^TYSY_^UcTUfYTQTU\_ccUSd_bUc`_`e\QbUcdQ^
d_ebRQ^_cS_]_bebQ\UcUbQ\QdQcQTU]_bdQ\YTQT1e^aeUQX_bQcQRU
]_caeUc†\_\QcUcdQTcdYSQcTU\‹\dY]_SeQbd_TUcYW\_c_^bU\QdYfQ]U^dU
VYQR\Ucd_T_`QbUSQY^TYSQbaeU\Q]_bdQ\YTQTU^3XY\UUbQe^QTU\Qc
]vcU\UfQTQcTU\]e^T__SSYTU^dQ\iaeU\UZ_cTUTYc]Y^eYbVeUU^Qe
]U^d_TebQ^dU\_c‹\dY]_cQ…_cTU\QSU^debYQ5^dbU!($(i!('"\QdQcQ
TU]_bdQ\YTQTQ\SQ^j†e^`b_]UTY_Q^eQ\TU"#%&¿ #') _"$!¿cU
W‹^_db_cSv\Se\_cC†\_TebQ^dUU\`Ub_T_!('&°!((%\QUcdQTcdYSQbU
WYcdbQe^QRQZQcYdev^T_cUU^"!'¿`Ub_\eUW_U\QcSU^c_VeUfUbdYWY
^_c_*# #¿U^dbU!((&i!(()i#!"¿U^dbU!()"i!()& #( C†\_Q\
Uh`YbQb\QSU^debYQ\QdQcQTU]_bdQ\YTQTUh`UbY]U^d†e^QUcdQRY\YjQSY†^
cUWeYTQTUe^Q\YWUbcY]QRQZQcYdev^T_cUXQSYQ!) "U^# )¿ #(!

#')
BYSQbT_4vfY\Q2_jQ²1`e^dUcc_RbUU\]_fY]YU^d_Y^dUb^_TU\Q`_R\QSY†^TU
3XY\U9c_RbU\Qc`bY^SY`Q\UcSYbSe^cdQ^SYQcaeUdYU^U^c_RbU}\e^Q^_dQR\UY^V\eU^
SYQ³U^BUfYcdQ=}TYSQTU3XY\U>¡'i(CQ^dYQW_U^Ub_iVURbUb_TU!(''`vW"& 
#(
²1SdQcTU\3_^cUZ_Ce`UbY_bTU8YZYU^U@‹R\YSQ³4YQbY_?VYSYQ\TU\QBU`‹R\YSQTU
3XY\UCQ^dYQW_&TUQW_cd_TU!()'
#(!
4Qd_c`b_`_bSY_^QT_c`_b\Q3_]YcY†^TU\Q3v]QbQTU4Y`edQT_cU^SQbWQTQTU
UcdeTYQb\_c`b_iUSd_cc_RbUXQRYdQSY_^Uc`QbQ_RbUb_cbU`b_TeSYT_c`_b=Qb^_`SYd
`vW!&

179
 <QQ\dQdQcQTU]_bdQ\YTQTUc`USYQ\]U^dUU^dbU\_c`_RbUcbUTe^TQRQ
U^e^\U^d_SbUSY]YU^d_TU]_WbvVYS_Q`UcQbTU\QU\UfQTQ^QdQ\YTQTaeU
Y^aeYUdQRQQ\_cX_]RbUcTU5cdQT_iQd_TQcQaeU\\Qc`Ubc_^Qc`bU_Se`QTQc
`_b\Q²SeUcdY†^c_SYQ\³<QccYdeQSY_^Uc]vcWbQfUccU`bUcU^dQRQ^U^\Qc
SYeTQTUc<Qc]Q\QcS_^TYSY_^UcTUfYTQfYfYU^TQcUcdbUSXQci]Q\S_^cdbeY
TQcedY\YjQSY†^TUQWeQcS_^dQ]Y^QTQcQ\Y]U^dQSY†^ifUcdeQbY_Y^QTUSeQ
T_cUdSWU^UbQ\]U^dU`U_bUcaeUU^U\SQ]`_ce]QT_cQ\QVQ\dQSQcYd_dQ\
TUS_^_SY]YU^d_cTUXYWYU^Ui`bUfU^SY†^TUU^VUb]UTQTUcTU\²RQZ_`eU
R\_³U^e^]QbS_WU^UbQ\TUY]`bUfYcY†^WeRUb^Q]U^dQ\iVQ\dQTUUcdbeSde
bQcQTUSeQTQc`QbQfU\Qb`_b\QcQ\eTTU\Q`_R\QSY†^c_RbUd_T_TU\_ccUSd_
bUc ]vc ]_TUcd_c UbQ^ U\ _bYWU^ TU \Qc U^VUb]UTQTUc i U`YTU]YQc
deRUbSe\_cYcfYbeU\QS†\UbQdYVecUhQ^dU]vdYS_dYVecQRT_]Y^Q\cQbQ]
`Y†^S_aeU\eSXUWbY`UUdSaeUSQecQRQ^U\]Qi_b^‹]Ub_TU]eUbd_c
U^dbU\_c`_RbUcTU\QcSYeTQTUc#(" 
<QTUc`b_`_bSY†^U^dbU\Q]_bdQ\YTQTTU\Qcj_^QcbebQ\UciTU\Qc
j_^QcebRQ^QcUbQQ‹^]Qi_bcYcUS_]`QbQRQ^\_c^TYSUcTU\SQ]`_
S_^\_cTU\QcSYeTQTUc`bY^SY`Q\Uc5^}cdQc‹\dY]Qc\QdQcQTU]_bdQ\Y
TQT`QbUSUXQRUbcYT_]vcU\UfQTQaeUU^SeQ\aeYUb_db_`e^d_TU\
`Qc1c`QbQCQ^dYQW_cUSQ\Se\QaeUU^dbU!(&%i!(("\QdQcQTU]_b
dQ\YTQTQ^eQ\XQRbQ_cSY\QT_U^#%¿TUcSQbdQ^T_\_cQ…_cTUU`YTU
]YQTUfYbeU\QU^\_caeUcUQ\jQRQ`_bU^SY]QTU$ ¿ #(# Q\SQ^jQ^T_
Q%#)%¿U^!() %'"$¿U^!()!i% ¿U^!()"dbYcdUb}S_bTQ\
aeUS_^dbYRei†\QU`YTU]YQTUY^V\eU^jQaeUQj_d†\QSQ`YdQ\UcUQ…_i
U\cYWeYU^dU@_bUcQbQj†^\QdQcQTU]_bdQ\YTQTTUCQ^dYQW_VeUQ\dcY
]Q U^ !()#* %&#!¿ `Ub_ S_]U^j† Q TUcSU^TUb Q `QbdYb TU !()$
$&!$ cYdev^T_cU U^ !()( U^ #'#¿ #($ 5^FQ\`QbQc_TebQ^dU
\_c ‹\dY]_c \ecdb_c TU\ cYW\_ \Q cYdeQSY†^ `QbUSU XQRUb cYT_ `U_b* U^
!((%\QdQcQTU]_bdQ\YTQTVeUTU%%(&¿+U^!(((Q\SQ^j†\QUhdbQ_b
TY^QbYQSYVbQTU'&$'¿f_\fYU^T_XQSYQ!()$Q^YfU\Uc²^_b]Q\Uc³
S_^e^$'' ¿#(% 8Qi^TYSUcaeU`Ub]YdU^`U^cQbaeUUcdQTbQ]vdY
SQcYdeQSY†^cU]Q^def_UY^S\ec_U]`U_b†U^Q\We^QcSYeTQTUcQ\S_
]U^jQbU\cYW\_HH5^!) "\Q3_]YcY†^TU\Q3v]QbQTU4Y`edQT_c
U^SQbWQTQTU\_c`b_iUSd_cTUXQRYdQSY_^Uc`QbQ_RbUb_ccU…Q\QRQaeU

#("
C_RbU\QS_^SU`SY†^TU\QXYWYU^UicQ\eRbYTQT`‹R\YSQ\QV_b]QTUU^VbU^dQb\Qc
U^VUb]UTQTUciU`YTU]YQc\_cY^TYSQT_bUcTUcQ\eTi\QcUWbUWQSY†^c_SYQ\VbU^dUQ\QU^
VUb]UTQTf}QcU*B_]Ub_²3_^TYSY_^UcTUfYTQ³_`SYd+²1bbQRQ\UcfYfYU^TQicQ\eT³
U^¤Ae}XQSUbS_^\_c`_RbUc/_`SYd`vWc!#!!% +BU^}CQ\Y^Qc²CQ\eTYTU_\_WQiTUcQ
bb_\\_c_SYQ\U^3XY\U!(# !)% ³U^3eQTUb^_cTU8Ycd_bYQ>¡#CQ^dYQW_Ze\Y_TU!)(#
`vWc))!"&+7bUj<Uc]_efU]U^dc_`SYd`vWc!(!"$(+Â\fQb_7†^W_bQ5²<QU`YTU
]YQTUS†\UbQU^CQ^dYQW_!((&!(((³U^4Y]U^cY†^8Ycd†bYSQTU3XY\U>¡! CQ^dYQW_
!))#!))$`vWc! (!#$
#(#
B_]Ub_²3_^TYSY_^UcTUfYTQ³_`SYd`vW$(
#($
B_T_\V_=ebY\\_²<Q]_bdQ\YTQTU^CQ^dYQW_³U^BUfYcdQ3XY\U^QTU8YZYU^Ud_]_
F>¡$&CQ^dYQW_!())`vW$!
#(%
=Qb^_`SYd`vW!(

180
U^CQ^dYQW_\Q]_bdQ\YTQT\\UWQRQQ\$ $%iXQcdQ% ¿¥iQUbQe^QRQZQ
^_dQR\UbUc`USd_TU\_cb}S_bTcQ\SQ^jQT_cTYUjQ…_cQ^dUciaeUU^
3_^SU`SY†^cUXQRQ^`bUcU^dQT_Q\We^_cSQc_c°ce`_^U]_caeUU^
Q…_cTUU`YTU]YQ°TUXQcdQ! ¿ #(& 
<QU\UfQTcY]Q]_bdQ^TQTY^VQ^dY\ #(' Uh`\YSQRQSQcY`_bcYc_\QUcdQc
TUc]UcebQTQcSYVbQc5^dbU!(& i!(&)\Qc]eUbdUcTU^Y…_cTUSUb_QcYU
dUQ…_cbU`bUcU^dQRQ^%'$"TU\d_dQ\TU`Ubc_^QcVQ\\USYTQcU^U\`Qc+
U^dbU!(' i!(')U\%)!iU^dbU!(( i!(($U\%'"#(( =vcdQbTU
SeQ^T_cUU]`UjQb_^QS_^dQRY\YjQbS_]_e^TQd_Q`QbdU\QcTUVe^SY_^Uc
TUY^VQ^dUcU^dbUSUb_ie^Q…_cU`eT_Q`bUSYQb]UZ_b\Q]QW^YdeTTU\Q
]_bdQ^TQTTURUR}ciceY^SYTU^SYQU^\Q]_bdQ\YTQTWU^UbQ\*U^!()#U\
TUSUc_TU\_c\QSdQ^dUcbU`bUcU^d†U\#&(#TUd_TQc\Qc`Ubc_^QcVQ\\USY
TQcQ^YfU\^QSY_^Q\+U^!()$U\#'(%iU^!()%U\#($!#() <QWbQ^
]Qi_bQTUUc_cSQc_cUcdQRQS_^cdYdeYTQ`_bXYZ_cTU\QWU^dU`_RbUS_^
e^QVeUbdUY^SYTU^SYQTU\U\U]U^d_SYdQTY^_ #) 
<QcYdeQSY†^cQ^YdQbYQTU\_ccUSd_bUc`_`e\QbUcebRQ^_c`_TQcUb
SQ\YVYSQTQcY^dU]_bQUhQWUbQb°S_]_\_XQSQ^]eSX_c]}TYS_c°TU
dbvWYSQ<QSQecQ`bY^SY`Q\UbQUfYTU^dUE^_TU\_c]vc`bUcdYWY_c_cVQ
Se\dQdYf_cTU\Q}`_SQU\4b=ebY\\_\QcY^dUdYjQRQU^e^QVbQcUQ\S_^
S\eYbU\cYW\_*²\Q]YcUbYQTU\`eUR\_Uc]Qi_bTU\QaeUcUSbUU³ #)! 
IQdQ^d_c]Q\UccUce]QRQU\Q\S_X_\Yc]_V\QWU\_aeUcUW‹^d_T_c
\_c^TYSUcYRQU^Qe]U^d_S_^cdYdei}^T_cUZe^d_Q\QY^QTUSeQTQfYfYU^
TQ`_`e\QbU^e^_TU\_cdU]QcSU^dbQ\UcTU\_cTURQdUcc_RbU\Q²SeUcdY†^
c_SYQ\³aeUcUWU^UbQ\YjQb_^U^3XY\UQ`QbdYbTU\_cQ…_c_SXU^dQiQ`QbU
SYU^T_S_]_e^_TU\_c]Qi_bUc_RcdvSe\_c`QbQ\Q²bUWU^UbQSY†^TU\`eU
R\_³Q\QaeUQc`YbQRQ^dQ^d_cUSd_bUcTU\QcS\QcUcTYbYWU^dUcS_]_\_c^‹
S\U_c]vcQfQ^jQT_cTU_RbUb_ciQbdUcQ^_c#)" 

#(&
?`SYd`vW!&
#('
5cdUS_^SU`d_^USUcYdQcUb`bUSYcQT_@_b²]_bdQ\YTQTY^VQ^dY\³\QWU^UbQ\YTQTTU
\_c]}TYS_ciQ^Q\YcdQcSXY\U^_cTebQ^dUSQcYd_T_U\cYW\_H9HU^dU^TQ^\Q]_bdQ\YTQT
TU^Y…_cTUSUb_QcYUdUQ…_c5^S_^cUSeU^SYQ\QcUcdQTcdYSQcTU\Q}`_SQ^_S_^cYTUbQ
RQ^\_c]eUbd_cTUSUb_Qe^Q…_S_]_e^QSQdUW_bQQ`QbdUcY^_cY]`\U]U^dUTUSUb_Q
cYUdUQ…_cC†\_TUcTUS_]YU^j_cTU\QT}SQTQTU!() U\bUWYcdb_TUTUVe^SY_^UcS_]U^
j†QS\QcYVYSQb\_c^Y…_cVQ\\USYT_c]U^_bUcTU'Q…_cU^Wbe`_c`_bQ…_TUUTQTi`_b
]UcUcTebQ^dUU\`bY]UbQ…_TUfYTQ
#((
5T_eQbTC~fU<U3XY\YdU\aeµY\Ucdd_]U9FQ\`QbQc_9]`bU^dQTU\=UbSebY_
!('&`vWH9+CUcd_3U^c_:U^UbQ\_`SYdd_]_`bY]Ub_`vWHHHF999+=ebY\\__`SYd
`vW$%
#()
=ebY\\__`SYd`vW$&
#)
7bUj<Uc]_efU]U^dc_`SYd`vWc!)!" $
#)!
=ebY\\__`SYd`vW$)
#)"
C_RbUU\Q\S_X_\Yc]_U^dbU\_c^e]Ub_c_cUcSbYd_ciU^cQi_cTU\Q}`_SQcUTUc
dQSQ^*1T_\V_=ebY\\_²5RbYUTQTY\_SebQ³U^BUfYcdQ3XY\U^QTU8YZYU^Ud_]_F>¡$&CQ^
dYQW_!())`vWc!'%!($+FYSU^dU4QW^Y^_?\YfYUbY²5\Q\S_X_\Yc]_U^3XY\U³U^1E3X
d_]_<HH999CQ^dYQW_!(((`vWc%!&

181
 9^TYWU^dUcQ^SYQ^_ccYW\_H9H
3_\USSY†^=ecU_8Ycd†bYS_>QSY_^Q\CQ^dYQW_TU3XY\U

182
 3?>3<EC9É>
45<1@B9=5B1@1BD5

5<45C3E2B9=95>D?45<1²3E5CD9É>C?391<³

<_c`b_R\U]QcTU\XvRYdQd`_`e\QbcQ\eTQdU^SY†^]}TYSQicQ\eRbYTQT
`‹R\YSQUcdbUSXQ]U^dU\YWQT_cQ\_c`b_SUc_cTUebRQ^YjQSY†^iTUY^Tec
dbYQ\YjQSY†^aeUQSQRQ]_cTUbUcU…QbVeUb_^U^U\3XY\UTUSY]_^†^YS_
°_`_b\_]U^_cXQcdQ!() °Q\We^QcTU\Qc]Q^YVUcdQSY_^Uc]vc^_d_
bYQcTU\Q²SeUcdY†^c_SYQ\³ #)#5cdQ²SeUcdY†^c_SYQ\³aeUS_]U^j†QcUb
_RZUd_TU^e]Ub_c_cUcdeTY_cTURQdUciS_^db_fUbcYQcQ`QbdYbTU\QT}
SQTQTU!(( #)$ XQcYT_TUVY^YTQ`_b:Q]Uc?=_bbYc`QbQU\`Ub_T_
aeUcUUhdYU^TUTUcTU]UTYQT_cTUUcUTUSU^Y_XQcdQ]UTYQT_cTU\_c
Q…_c!)" S_]_\Qd_dQ\YTQTTU*

KMS_^cUSeU^SYQcc_SYQ\Uc\QR_bQ\UcUYTU_\†WYSQc
TU\QY^TecdbYQ\YjQSY†^iTU\QebRQ^YjQSY†^^QSYU^dUc*
e^Q^eUfQVeUbjQTUdbQRQZ_TU`U^TYU^dUTU\cYcdU]QTU
cQ\QbY_c\QQ`QbYSY†^TU`b_R\U]QcSQTQfUj]vcS_]`\U
Z_c `UbdY^U^dUc Q fYfYU^TQ _RbUbQ QdU^SY†^ ]}TYSQ i
cQ\eRbYTQT+\QS_^cdYdeSY†^TU_bWQ^YjQSY_^UcTUcdY^Q
TQcQTUVU^TUb\_cY^dUbUcUcTU\Q^eUfQ²S\QcUdbQRQZQT_
bQ³+XeU\WQciTU]_cdbQSY_^UcSQ\\UZUbQcdQ\fUjSX_aeUc

#)#
C_RbUU\cebWY]YU^d_TU\Q]_TUb^Q²SeUcdY†^c_SYQ\³U^3XY\UTebQ^dUU\‹\dY]_
SeQbd_TU\cYW\_H9HicebU\QSY†^S_^`b_SUc_cTU]vc\QbWQTebQSY†^f}QcU^eUcdb_Ucde
TY_Y^db_TeSd_bY_Qe^QQ^d_\_WQc_RbUU\dU]Q*CUbWY_7bUjD_c_S_]`Y\QSY†^iUcdeTY_
SbdYS_<Q²SeUcdY†^c_SYQ\³U^3XY\U9TUQciTURQdUc`bUSebc_bUc!( $!) "CQ^dYQW_5TY
SY_^UcTU\Q4YbUSSY†^TU2YR\Y_dUSQc1bSXYf_ci=ecU_c3U^db_TU9^fUcdYWQSY_^Uc4YU
W_2Qbb_c1bQ^Q3_\USSY†^6eU^dUc`QbQ\Q8Ycd_bYQTU\QBU`‹R\YSQf_\F99!))%`vWc
)$$
#)$
1`QbdUTU\_c^e]Ub_c_cQbdSe\_cTU`UbY†TYS_c`QbQ\_cQ…_c!(( S_^fYU^U
]U^SY_^Qb\_ccYWeYU^dUcU^cQi_c*1eWecd_?bbUW_<eS_²<Q3eUcdY†^C_SYQ\³`eR\YSQTQ
U^!(($`_bU\`UbY†TYS_<Q@QdbYQTUFQ\`QbQc_bU`b_TeSYTQ]vcdQbTUS_]_V_\\Ud_
CQ^dYQW_9]`bU^dQ2QbSU\_^Q!()'+::<QbbQ^JQ…Qbde²5\cUbfY\Yc]_`_\dYS_i\_aeU
UhYcdUU^U\V_^T_TU\QcXeU\WQcU^3XY\U³U^BUfYcdQ5S_^†]YSQd_]_999>¡!#CQ^dYQW_
!(((`vWc$#%$$$+:eQ^5^bYaeU<QWQbbYWeU<QfUbTQTUbQSeUcdY†^c_SYQ\CQ^dYQW_9]
`bU^dQ3UbfQ^dUc!(((+=Q\QaeQc3_^SXQ²5\]_fY]YU^d__RbUb_U^3XY\U³U^BUfYcdQ
5S_^†]YSQd_]_999>¡!!CQ^dYQW_!(((`vWc"&#"($D_T_cU\\_cXQ^cYT_bU`b_TeSY
T_c^dUWbQ]U^dUU^7bUj<Q²SeUcdY†^c_SYQ\³_`SYd`vWc#!%##!i#$!#&"

183
 Qb]QT_cU^dbU\_cdbQRQZQT_bUci\Q`_\YSQ_\_c]Y\YdQbUci
SYUbdQ`_`e\QbYTQTTU\QcYTUQcUhdbU]YcdQcS_^e^QS_^
cYWeYU^dUY^V\eU^SYQc_RbU\_cTYbYWU^dUcTU\_cdbQRQZQT_
bUc#)% 

1e^aeUcec]Q^YVUcdQSY_^Uc]vcUhdbU]Qc\Qc]QcQSbUc^__Se
bbYUb_^S_^SYUbdQVbUSeU^SYQcY^_Q`QbdYbTU\QXeU\WQWU^UbQ\TU!() 
UcS\Qb_aeU_dbQccYdeQSY_^UcUc`USYQ\]U^dU\_c`b_R\U]QcTUcQ\eT
cQ\eRbYTQT`‹R\YSQ\QS_^cdYdeSY†^TU_bWQ^YjQSY_^Uc`QbQ\QTUVU^cQTU
\_cdbQRQZQT_bUcQcS_]_e^]Q\UcdQbSQTQfUj]Qi_bTU\_c`_RbUcUc
dQRQ^`bUcU^dUcTUcTUQ\We^QcT}SQTQc¤@_bae}\QTYcSecY†^c_RbUUcd_c
dU]QcS_Rb†VeUbjQc†\_Q`QbdYbTU\_cQ…_c_SXU^dQ/¤CUdbQdQRQTUe^
TUcSeRbY]YU^d_dQbT_`_b`QbdUTU\Q_`Y^Y†^Se\dYfQTQTUe^`b_R\U
]QaeUcUQbbQcdbQRQTebQ^dUfQbY_cTUSU^Y_c/?RYU^¤cU`bUcU^SYQRQU\
cebWY]YU^d_TUe^VU^†]U^_^eUf_°SQecQT_`_b\QebRQ^YjQSY†^i\Q
Y^TecdbYQ\YjQSY†^°Y]`_cYR\UTUTUdUSdQbQ^dUcTU\Q7eUbbQTU\@QSVYS_/
>eUcdb_ UcdeTY_ c_RbU \Qc S_^TYSY_^Uc TU fYTQ TU \_c cUSd_bUc
`_`\QbUcebRQ^_c°Uc`USYQ\]U^dU\_c`b_R\U]QcTU\XvRYdQdiTU\QcQ
\eT#)& °`Ub]YdUTUcSQbdQb\QXY`†dUcYcTUe^Qc‹RYdQ`UbSU`SY†^TU\QSeUc
dY†^Q`QbdYbTU\(( <_cc^d_]QcTU\]Q\UbQ^UfYTU^dUcQ^dUcTUUcQ
VUSXQ S_]_ \_ TU]eUcdbQ^ SYUbd_c dbQRQZ_c `eR\YSQT_c `_b ]}TYS_c
XYWYU^YcdQc i Q\We^_c `_\dYS_c fYcY_^QbY_c S_]_ 2U^ZQ]^ FYSe…Q
=QS[U^^Q#)' 
<QbUc`eUcdQQUcdQY^dUbb_WQ^dU`eUTUU^S_^dbQbcUU^SYUbd_cVU^†
]U^_cbU\QSY_^QT_cS_^\QUf_\eSY†^US_^†]YSQic_SYQ\TU3XY\UTUcTU
\Q9^TU`U^TU^SYQXQcdQ\_cQ…_c!(( 
5^`bY]Ub\eWQbUc^USUcQbY_TUcdQSQbU\UVUSd_QSe]e\QdYf_TU\Qc
SeUcdY_^Uc\YWQTQcQ\QebRQ^YjQSY†^i\QY^TecdbYQ\YjQSY†^<QcS_^cUSeU^
SYQcTU\TUcQbb_\\_US_^†]YS_TU\_cQ…_ccUcU^dQcUdU^dQi_SXU^dQcU

#)%
:Q]Uc?=_bbYc<Qc}\YdUc\_cY^dU\USdeQ\UciU\S_^cU^c_5cdeTY_TU\QSeUcdY†^c_SYQ\i
U\cYcdU]QTUbU\QSY_^UcY^TecdbYQ\UcU^3XY\UCQ^dYQW_5TYd_bYQ\TU\@QSVYS_!)&'`vW')
#)&
E^QfYcY†^]vcTUdQ\\QTQU^7bUj<Uc]_efU]U^dc_`SYd`vWc!# "$(
#)'
FYSe…Q=QS[U^^Q<QdbQ^cV_b]QSY†^_`SYd+E^Q…__`SYdC_RbU\_c`b_R\U
]QcTUXYWYU^Ui\QcQ\eRbYTQT`‹R\YSQfUbU^dbU_db_c*1T_\V_=ebY\\_²2bUfUcQ`e^dUc
`QbQcUbfYbQ\QUcdQTcdYSQ]}TYSQiQ\Q^_c_\_WQSXY\U^QcDbQRQZ_TUcdY^QT_Q\3_^WbU
c_WU_WbvVYS_Y^dUb^QSY_^Q\VbQ^S}c`_bU\T_Sd_bT_^1T_\V_=ebY\\_³U^1E3XCQ^dYQ
W_U^Ub_TU!('%`vWc!#$ +@QR\_J_bbY\\Q²BUcU…QTU\QcSQecQcTU\Q]_bdQ\YTQTTU
\_c^Y…_cU^CQ^dYQW_i]UTY_cTUUfYdQb\Qc3_]e^YSQSY†^TUT_^@QR\_J_bbY\\QQ\QVQ
Se\dQTTU=UTYSY^Q³U^1E3Xd_]_HF999>¡$CQ^dYQW_QRbY\TU!(&!`vWc$%%$& 
C_RbU\_ccQ\QbY_c\QU]YWbQSY†^TUdbQRQZQT_bUc]U^TYSYTQTi_db_cdU]QcbU\QdYfQcQ\Q
S_^TYSY†^TU\_c`_RbUcf}QcU`_bUZU]`\_\Qc`_\}]YSQcc_cdU^YTQc`_b\_c`UbY†TYS_c
cQ^dYQWeY^_c5\6Ubb_SQbbY\i5\9^TU`U^TYU^dUU^!('"i\QcUbYUTUQbdSe\_cTU\`_\dYS_S_^
cUbfQT_bJ_b_RQRU\B_TbWeUj`eR\YSQT_cRQZ_U\dde\_²<QSeUcdY†^_RbUbQ³`_b5\9^TU
`U^TYU^dUU^cecUTYSY_^UcTU\!#!$!&i!'TUTYSYU]RbUTU!('&<_cdUhd_c^dUWb_cTU
\_cTURQdUcTU!('"QcS_]_\_cQbdSe\_cTUB_TbWeUjTU!('&cUU^SeU^dbQ^bU`b_Te
SYT_cU^7bUj<Q²SeUcdY†^c_SYQ\³_`SYd`vWc!&#"$%i"%%"'(

184
ce]Qb_^Q\_c`b_R\U]Qc`b_f_SQT_c`_b\QebRQ^YjQSY†^²cQ\fQZU³XvRYdQd
cQ\eTXYWYU^U`‹R\YSQTU\QcT}SQTQcQ^dUbY_bUc<QcUbYUTU]_bdVUbQc
U`YTU]YQcTU\_cQ…_ccUdU^dQi_SXU^dQXYj_]vcWbQfUci^_d_bYQc\QciQ
`bUSQbYQcS_^TYSY_^UcTUfYTQTU\_ccUSd_bUc`_`e\QbUcDQ]RY}^cUQSbU
SU^dQb_^\_c`U\YWb_c°Uc`USYQ\]U^dUcQ^YdQbY_c°aeU\QcYdeQSY†^TU\_c
`_RbUcQSQbbUQRQ`QbQU\bUcd_TU\Qc_SYUTQT4ebQ^dU\QcU`YTU]YQc`UcU
QaeUU\]Qi_b^‹]Ub_TUfSdY]QccUS_^dQRQ^cYU]`bUU^dbU\_cTUc`_cU
T_c^_XQRQe^Q]ebQ\\QSXY^QaeUcU`QbQbQ\_c`_RbUcTU\_cbYS_c
<QQdUbbQT_bQ]_bdQ\YTQTU^`QbdYSe\Qb\QY^VQ^dY\UbQcU…Q\QTQ`_b
\_cdUbbQdU^YU^dUcUY^TecdbYQ\UcS_]_\QSQecQTU\QUcSQcUjTU]Q^_TU
_RbQ`b_f_SQTQ`_bU\V\eZ_TUdbQRQZQT_bUcQWbS_\QcXQSYQ\Qcj_^Qc]Y
^UbQcCYRYU^\QdQcQTU^QdQ\YTQTUbQQ\dQQ\QU\UfQTQ]_bdQ^TQTcUQWbU
WQRQe^QVeUbdUdU^TU^SYQQ\QU]YWbQSY†^TU\_cdbQRQZQT_bUcSXY\U^_c
^_S_]`U^cQTQ`_b\QS_bbYU^dUY^]YWbQd_bYQ8QRQU^d_^SUce^QbQj†^
US_^†]YSQ aeU U]`eZQRQ Q \_c `Qdb_^Uc Q RecSQb c_\eSY_^Uc `QbQ \Q
²SeUcdY†^c_SYQ\³
9WeQ\]U^dUS_^dbYReiUb_^Q\QUS\_cY†^TUTURQdUcc_RbU\Q²SeUc
dY†^c_SYQ\³bQj_^UcTUdY`_YTU_\†WYS_i`_\dYS_<Q7eUbbQTU\@QSVYS_
SQ]RY†Q\]U^_c`QbSYQ\]U^dU\Q`UbSU`SY†^aeU\QU\YdUSXY\U^QdU^Q
TU\Qc]QcQc`\URUiQc<_cb_d_ccUS_^fYbdYUb_^U^\_cX}b_UcaeUXQRQ^
S_^aeYcdQT_`QbQ3XY\UbYSQcbUWY_^UcWbQSYQcQceS_bQZUicQSbYVYSY_1\Q
cY]`\US_^]YcUbQSY†^SbYcdYQ^QcUQWbUWQRQ^QX_bQ\_ccU^dY]YU^d_c^Q
SY_^Q\YcdQcXUbYT_c`_b\QY]QWU^TU²TUWU^UbQ]YU^d_TU\QbQjQ³aeU
`b_iUSdQRQ^\QUc`Q^d_cQ]_bdQ\YTQT\QcX_bbYR\UcS_^TYSY_^UcTUfYTQ
U^\_cbQ^SX_cS_^fU^dY\\_ciSeQbd_cbUT_^T_c+U\Q\S_X_\Yc]_\Q`b_c
dYdeSY†^\QcU^VUb]UTQTUciU`YTU]YQcS_^cecUSeU\QTU]Y\\QbUcTU
]eUbd_ci\QTUcY^dUWbQSY†^TU\QVQ]Y\YQU^\_ccUSd_bUc`_`e\QbUc*

=YU^dbQcaeUU\RQZ_`eUR\_Ucd}ce]UbWYT_U^\Q
]YcUbYQ]YU^dbQcfYfQU^\Q`b_]YcSeYTQTX_bbYR\UTU\_c
bQ^SX_c^_c_\Q]U^dUdU^TbU]_cS_^TYSY_^UcVcYSQc
aeUXQWQ^Y^UfYdQR\U\Q]_bdQ\YTQTTU\_c`vbfe\_ccY^_
dQ]RY}^e^VU^†]U^_]vcWbQfU\QVQ\dQTU\_ccU^dY
]YU^d_cTUVQ]Y\YQU^aeU^eUcdbQc_SYQRY\YTQTcUXQ\\Q
RQcQTQ<QfYTQTU\bQ^SX_XQS_^fUbdYT_\QVY\YQSY†^U^
e^`b_R\U]QSQcYcYU]`bUY^c_\eR\UifYU^UQQSU^deQb
]vc d_TQfQ \Qc S_^cUSeU^SYQc TU \Q ce`UbcdYSY†^ aeU
XQSU]YbQb\Q]eUbdUTU\_c^Y…_cS_^e^QdbU]U^TQY^
TYVUbU^SYQKM
=QdUbYQ\i]_bQ\]U^dU\QQd]†cVUbQTU\bQ^SX_Uc
e^QQd]†cVUbQ]Q\cQ^QiTYc_\fU^dUiaeU^_c_\Q]U^dU
`bUcU^dQQ\UcdQTYcdQU\`b_R\U]QTU\Q]_bdQ\YTQTTU\_c
`vbfe\_ccY^_dQ]RY}^U\`b_R\U]Q]vcWbQfUd_TQfQTU
\QS_^cdYdeSY†^TU\UcdQT_SYfY\TU\Q_bWQ^YjQSY†^Ve^TQ

185
 ]U^dQ\TU\QVQ]Y\YQ`b_R\U]QV_b]YTQR\UU^aeUXQcdQ
QX_bQ^_cUXQVYZQT_\QQdU^SY†^iaeUUcdv\\Q]QT_QXQSUb
e^Q`U\YWb_cQQ`QbYSY†^U^e^d}b]Y^_QSQc_^_\UZQ^_#)( 

5bQ\Q²]YbQTQX_bb_bYjQTQ³TU\QU\YdUc_RbUU\]e^T_²RvbRQb_³TU
\_ccUSd_bUc`_`e\QbUc#)) 
6Y^Q\]U^dU U^ UcdQ d_]Q TU S_^SYU^SYQ TU \Q U]UbWU^SYQ TU \Q
²SeUcdY†^c_SYQ\³`_b`QbdUTUUcS\QbUSYT_cbU`bUcU^dQ^dUcTU\QU\YdU
`Uc†TU]Q^UbQcYW^YVYSQdYfQ\QV_b]QSY†^TU^‹S\U_c`b_\UdQbY_c]vcUc
dQR\Uci^e]Ub_c_cDQ]RY}^`QbUSUXQRUbY^V\eYT_\Q\U^dQ`Ub_`b_WbU
cYfQS_^cdYdeSY†^TU\_ccUSd_bUc`_`e\QbUcU^ceZUd_c_SYQ\Qc`YbQ^T_Q\Q
Qed_^_]Q°`_\dYSQYTU_\†WYSQi_bWQ^YjQdYfQ°VbU^dUQ\QcTYcdY^dQcVbQS
SY_^UcTU\QS\QcUT_]Y^Q^dUD_T_\_SeQ\SQecQRQTUcQj†^idU]_bcU^
dY]YU^d_caeUQ\We^_cS_^fUbdQ^U^e^\\Q]QT_TUQdU^SY†^*

CYU\`b_\UdQbYQT_cUTUcQbb_\\Q^_cce]UbWYbvU^
e^QTUUcQccYdeQSY_^UcY^SYUbdQci\\U^QcTUY^aeYUdeTUc
aeUY]`_cYRY\YdQ^U\]_fY]YU^d_S_]UbSYQ\icec`U^TU^
c_RbUe^Qc_SYUTQT\QQ]U^QjQUfYTU^dUTUe^dbQcd_b
^_$ 

#)(
?bbUW_<eS__`SYd`vWc#$i#%
#))
B_]Ub_²¤3†]_c_^\_c`_RbUc/³_`SYd`QccY]
$
?bbUW_<eS__`SYd`vWc$'i$(

186
C57E>41@1BD5

!('
 31@ÅDE<?9F

<1C@B9=5B1C5H@5B95>391C@?<ÅD931C
45<²21:?@E52<?³!(! !(# 

<QbUf_\eSY†^TU\QY^TU`U^TU^SYQ\QdY^_Q]UbYSQ^QXQcYT_SQbQSdUbYjQ
TQS_^ZecdUjQS_]_e^QSd_U]Y^U^dU]U^dUQbYcd_SbvdYS_ $ ! 3XY\U^_
S_^cdYdei† e^Q UhSU`SY†^ <Q S_^dYU^TQ `_b \Q 9^TU`U^TU^SYQ VeU
\YTUbQTQ`_b\QQbYcd_SbQSYQSbY_\\Q5^bUQ\YTQT^_`_TQcUbTYVUbU^dU
>Y^W‹^_db_cUSd_bc_SYQ\TU\QfYUZQc_SYUTQTS_\_^YQ\UcdQRQU^S_^TY
SY_^UcTUQce]YbUcU`Q`U\@_bcebYaeUjQY\ecdbQSY†^Y^dUbUcUc`bU`Q
bQSY†^i`bUcdYWY_UcTUSYb`_bU\S_^Ze^d_TUSQbQSdUbcdYSQcY^XUbU^dUc
QceS_^TYSY†^c_SYQ\}cdQUbQ\Q‹^YSQS\QcUSQ`QjTUU^SQRUjQb\Q\eSXQ
S_^dbQU\`_TUbY]`UbYQ\iUSXQb\QcRQcUcTUe^5cdQT_^QSY_^Q\$ " 1e^
aeUU^TUVY^YdYfQ\Q9^TU`U^TU^SYQ\\Uf†UcUcU\\_icecbUce\dQT_cY^]U
TYQd_cVeUb_^e^]Ub_bUSQ]RY_TU\`_TUbTU\5cdQT_i\QS_^S\ecY†^TU
e^²^eUf_`QSd_S_\_^YQ\³$ # \QU]Q^SY`QSY†^^_Ucdef_UhU^dQTUS_^
V\YSd_cc_SYQ\Uce^QTUSeiQc]Q^YVUcdQSY_^UcVeU\Q_`_cYSY†^TUfQcd_c
cUSd_bUcSQ]`UcY^_caeU^UWv^T_cUQQSU`dQbU\^eUf__bTU^Y]`eUcd_
`_b\QQbYcd_SbQSYQ`QdbY_dQQTXYbYUb_^Q\QSQecQbUQ\YcdQ $ $ 

< ?C C53D?B5C @?@E<1B5C I <1 <E381 @?B <1 9 >45@5>45>391

<_cV_bZQT_bUcTU\Q9^TU`U^TU^SYQ^USUcYdQRQ^U\Q`_i_TU\QcS\QcUc
Y^VUbY_bUc`QbQV_b]QbceVeUbjQ]Y\YdQb<QQbYcd_SbQSYQ`QdbY_dQTURY†
UcV_bjQbcU`_bce]QbQ\_cU\U]U^d_c`_`e\QbUcQce`b_iUSd_@Ub_U\
cY]`\UTYcSebc_`QdbY†dYS_^_UbQceVYSYU^dU`QbQQW\edY^QbU^d_b^_cei_

$ !
@YUbbU3XQe^e8Ycd_bYQTU1]}bYSQ<QdY^Q2eU^_c1YbUc5TYd_bYQ\E^YfUbcYdQbYQ
!)'&`vW&#
$ "
CUbWY_FY\\Q\_R_cB²5\RQZ_`eUR\_U^U\`U^cQ]YU^d_TU\_c`bUSebc_bUcTU
!(! ³U^1E3X>¡!" CQ^dYQW_SeQbd_dbY]UcdbUTU!)& `vW#&
$ #
E^Q]`\Y_TUcQbb_\\_TUUcdUS_^SU`d_QUcSQ\QS_^dY^U^dQ\U^De\Y_8Q\`UbY^
4_^WXY8Ycd_bYQS_^dU]`_bv^UQTU1]}bYSQ<QdY^Q!$ UTYSY†^=QTbYT1\YQ^jQ5TYd_bYQ\
!))#`vWc( "!"
$ $
1^Q=QbQ3_^dQT_b2Q^TYTQZUiWeUbbY\\Q<_c@Y^SXUYbQ*e^SQc_TURQ^TYTQZUc_SYQ\
!(!'!(#" CQ^dYQW_ dUcYc TU =QUcdbQ U^ 8Ycd_bYQ Q^TY^Q 6<13C? AeYd_5SeQT_b
!)()

!()
Q\²RQZ_`eUR\_³<QYTU^dYVYSQSY†^S_^\Q^QSY†^^_dU^QU^d_^SUcU^\_c
cUSd_bUc`_`e\QbUc\Q`b_Ve^TYTQTaeUQ\SQ^j†S_^U\S_bbUbTU\cYW\_5\
`QdbY_dYc]_S_]U^j†QTUcQbb_\\QbcUU^dbUQ\We^_ccUSd_bUcTU\`eUR\_
TebQ^dU\Q\eSXQ`_b\Q9^TU`U^TU^SYQ`Ub_ceS_^c_\YTQSY†^QRQbS†e^
`Ub_T_TUfQbYQcT}SQTQc<QVYTU\YTQTQ\BUi_\QcY]`\UY^deYSY†^TU
`UbdU^U^SYQQe^S_^W\_]UbQT_c_SYQ\TUS_^d_b^_c]Q\TUVY^YT_c`Ub_
SQbQSdUbYjQT_`_bce`_RbUjQiceceR_bTY^QSY†^Q\QQbYcd_SbQSYQUbQ^
bUQ\YTQTUc]vcVeUbdUc_UfYTU^dUcU^dbU\_ccUSd_bUc`_`e\QbUcQ\Y^YSYQb
cUU\`b_SUc_TUU]Q^SY`QSY†^`_\dYSQU^3XY\U3_]_}cd_c²^_dU^Q^
^QTQaeUWQ^QbU^\Q^QSY†^SQbUSQ^TUcU^dYT_TU^QSY_^Q\YTQT³$ % 
<Q`_cYSY†^c_SYQ\TU\_cTYbYWU^dUc`QdbY_dQcUbQ]vce^_RcdvSe\_
aeUe^QQieTQ`QbQS_^SYdQb\QQTXUcY†^`_`e\Qb7bQ^TUc]QcQcTUSQ]
`UcY^_cVeUb_^U^b_\QT_c`_b\QVeUbjQ_cY]`\U]U^dUcYWeYUb_^°S_^
]Qi_b_]U^_bS_^fYSSY†^°\Qc†bTU^UcTUcecQ]_cS_^fUbdYT_cU^\TU
bUcTU\]_fY]YU^d_Y^TU`U^TU^dYcdQ@Ub_Q\]Yc]_dYU]`_dQ^d_`_b
bQj_^UcYTU_\†WYSQc°VYTU\YTQTQ\BUiiQ\Q9W\UcYQQ`UW_Q\QdbQTYSY†^e
_dbQc°S_]_`_be^QbUQSSY†^\†WYSQY^cdY^dYfQfQcd_ccUSd_bUc`_`e\Q
bUcUc`USYQ\]U^dUSQ]`UcY^_c`bUVYbYUb_^S_]RQdYbU^\_cUZ}bSYd_c_
WeUbbY\\QcbUQ\YcdQcS_^dbQcec`Qdb_^Uc`QdbY_dQcfYceQ\YjQT_cS_]_U\
U^U]YW_TYbUSd_ceU^U]YW_bUQ\$ & 
E^Q]_dYfQSY†^TUUcdUdY`_VeU\QaeUU]`eZ†U^]Qbj_TU!(!(
U^9\\Q`U\Q\_cY^TY_cTU\QbUTeSSY†^TU3XQ\Y^WQQ`_iQT_c`_bSQ]`U
cY^_cTU\QbUWY†^Q\UfQ^dQbcUU^S_^dbQTU\_cQbYcd†SbQdQc`QdbY_dQcTU\Q
j_^Q1SQeTY\\QT_c`_bU\Y^TWU^QFYSU^dU@QY\\Q^dUiU\]UcdYj_6bQ^SYc
S_3QbfQZQ\e^_cSeQdb_SYU^d_cX_]RbUcQb]QT_cTUSXej_ciWQbb_dUc
Ybbe]`YUb_^U^\QfY\\QTU9\\Q`U\U\!)TU]Qbj_Q\_cWbYd_cTU²¥fYfQU\
bUi³i²¥]eUbQ^\_c`QdbY_dQc³<QSQecQY^]UTYQdQTU\]_fY]YU^d_UbQU\
TUcS_^dU^d_aeUXQRQ`b_f_SQT_U^dbU\_cY^TWU^QcU\^_]RbQ]YU^d_
TUe^^eUf_²SQSYaeU³_ZeUjTU\QbUTeSSY†^`_b\QcQed_bYTQTUcbU`e
R\YSQ^Qc4eU…_cTU\`_R\QT_\_cQ]_dY^QT_c`ecYUb_^U^\YRUbdQTQ\_c
bUS\edQc aeU TURQ^ cUb U^fYQT_c `QbQ bUV_bjQb \Q WeQb^YSY†^ TU
3_aeY]R_<_c`bY^SY`Q\Uc`b_`YUdQbY_cTU\Qj_^Q°7QRbYU\<QbbQ^QT
]Y^YcdbQT_bTUbU^dQcVYcSQ\UcTU\TYcdbYd_i=YWeU\9bQbbvjQfQ\]Qi_bQj
W_`_cUUT_bTUWbQ^TUcXQSYU^TQc°_bWQ^YjQb_^QcecdbQRQZQT_bUcTU
`U^TYU^dUci\_WbQb_^Q`\QcdQb\QbURU\Y†^]QdQ^T_Q3QbfQZQ\id_]Q^
T_SQcY]UTY_SU^dU^QbTU`bYcY_^Ub_c<Q^_dYSYQ`b_`QWQTQU^e^]_
]U^d_TUWbQ^dU^cY†^TURYT_Q\QbUSYU^dUTUbb_dQ`QdbY_dQU^3Q^SXQ
BQiQTQ`b_f_S†Q\Qb]QU^@Ud_bSQ<Q<YWeQiFQ\`QbQc_iQaeU\Qce
R\UfQSY†^`_`e\QbUbQQdbYReYTQQe^QS_^c`YbQSY†^bUQ\YcdQ $ ' 

$ %
:_X^<i^SX<QcbUf_\eSY_^UcXYc`Q^_Q]UbYSQ^Qc!( (!("&2QbSU\_^Q5TYd_bYQ\
1bYU\!)'&`vW!$)
$ &
3_^dQT_b_`SYd
$ '
2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_H9`vWc$ $$ &

!)
 ?db_ccUSd_bUcTUdbQRQZQT_bUcU^dbUU\\_cQbdUcQ^_cebRQ^_ciSQ]`U
cY^_cTU\Qj_^QSU^dbQ\Q`_iQb_^Q\RQ^T_`QdbY_dQc_RbUd_T_Q`QbdYbTU\
`Ub_T_TUBUS_^aeYcdQUc`Q…_\Q!(!$°!(!'QSQecQTU\QcQbRYdbQbYUTQ
TUciSbeU\TQTUc`Ub`UdbQTQc`_b\Qcdb_`QcbUQ\YcdQcE^S_\QR_bQT_bTU\
`UbY†TYS_TU\W_RYUb^_`QdbY_dQQS_]YU^j_cTU\Q@QdbYQ>eUfQUh`\YSQbQ
UcdUVU^†]U^_TYSYU^T_aeU*

<Q`\URUSXY\U^Q^_dU^Q_`Y^Y†^+`Ub_S_]_^_
`_TQdU^Ub\QTURQ`QbdYSY`QbTU\Qj_dU5\ceSUc_S_
bbUc`_^TY†Q\Sv\Se\_<Q_RbQTU\VeUbdUTUCQ^dQ<eSQ
cU`e\d†]eSX_c`QYcQ^_cRQZ_\_c`U…QcS_caeUcUXQSQ
`bUSY`YdQb`QbQQ\\Q^QbU\SUbb_*i\_cdQ\QfUbQc]QdQRQ^
Q\_caeUcUU^S_^dbQRQ^Y^TUVU^c_c+XQcdQaeUS_^_
SYU^T_]QaeY^Q\]U^dUcecTUbUSX_cU]`UjQb_^cebU
`bUcQ\YQQcUcY^Q^T_QfQbY_cTU\_cQWbUc_bUcXQcdQV_b
]Qb`QbdYTQc`QbQQdQSQb\_c $ ( 

<QQSSY†^TUQWYdQT_bUc`QdbY_dQcSeiQVYWebQ]vcTUcdQSQTQVeUbQ
U\\UWU^TQbY_WeUbbY\\Ub_=Q^eU\B_TbWeUj $ )ce`_SQ`YdQ\YjQbU\_TY_
XQSYQ\_c_Se`Q^dUc_bWQ^YjQ^T_QSSY_^UcTU]_^d_^UbQcaeUX_cdY\YjQ
b_^iTYc`UbcQb_^\QcVeUbjQcbUQ\YcdQc
5^3_^SU`SY†^\Qc`b}TYSQcUY^V\eU^SYQcTU\_cVbQ^SYcSQ^_cVbQi
1^d_^Y_TU?bYXeU\QiVbQi2U\dbv^S_^dbYReiUb_^Q_bYU^dQbQ\_cQbdU
cQ^_ci_`UbQbY_cTU\_c_RbQZUcdUhdY\UcSei_c`b_`YUdQbY_cUbQ^bUQ\Yc
dQc XQSYQ \Q SQecQ Y^TU`U^TU^dYcdQ @QbdYTQbY_c TU e^ QfQ^jQT_
YWeQ\YdQbYc]_?bYXeU\Qi2U\dbv^\UfQ^dQb_^e^Q`_cYSY†^aeUQ^Q\YjQbU
]_c ]vc QTU\Q^dU S_^cYcdU^dU U^ `b_`eW^Qb Q\ ]Yc]_ dYU]`_ \Q
Y^TU`U^TU^SYQ`_\dYSQi\QU]Q^SY`QSY†^TU\²RQZ_`eUR\_³TU\ieW_TU
\QQbYcd_SbQSYQSbY_\\Q $! 
<QcWeUbbQcTU\Q9^TU`U^TU^SYQU^3XY\UQ\YWeQ\aeUU^_db_c`Q
cUcXYc`Q^_Q]UbYSQ^_cQce]YUb_^\QV_b]QTUe^QfUbTQTUbQWeUbbQSY
fY\$!! <QTYfYcY†^U^dbU`QdbY_dQcibUQ\YcdQcU^U\cU^_TU\QS\QcUT_]Y
^Q^dUcUbU`UdQU^dbU\_ccUSd_bUc`_`e\QbUc`Ub_cYWeYU^T_`QedQci]Q

$ (
²3_^dY^‹QU\QbdSe\_bU]YdYT_cec`U^c_U^U\^‹]Q^dUbY_b³FYfQ\Q@QdbYQ7Q
jUdQTU\Ce`bU]_7_RYUb^_TU3XY\UCQ^dYQW_"!TU]Qi_TU!(!'
$ )
C_RbU=Q^eU\B_TbWeUjf}QcU*2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_H
`vWc$"%$#"$("$)%d_]_H9`vWc$ $$!'i%% %&!+4YUW_2Qbb_c1bQ^Q8Ycd_bYQ:U
^UbQ\TU\Q9^TU`U^TU^SYQTU3XY\Ud_]_9FCQ^dYQW_9]`bU^dQTU\6Ubb_SQbbY\!(%'`vWc
#!)#%$i#&"#'&+5^SY^Q_`SYdd_]_'`vWc!))" &$$#$$($)(%! i%$%%%$+1\U
ZQ^Tb_3XU\}^B5\WeUbbY\\Ub_=Q^eU\B_TbWeUjiceXUb]Q^_3Qb\_cCQ^dYQW_@bU^cQ<QdY
^_Q]UbYSQ^Q!)&$+BYSQbT_<QdSX]Q^=Q^eU\B_TbWeUjCQ^dYQW_5TYd_bYQ\>QcSY]U^
d_!)'%
$!
=QbSU\_CUWQ\\²<Qc\eSXQcTUS\QcUcU^\Qc`bY]UbQcT}SQTQcTU\QBU`‹R\YSQ
!(! !($&³U^1E3X>¡!"%CQ^dYQW_`bY]UbdbY]UcdbUTU!)&"`vW!'(
$!!
<i^SX_`SYd

!)!
^YVUcdQSY_^Uc`b_`YQcTUQSeUbT_S_^cec`QbdYSe\QbUcS_^TYSY_^Ucc_SYQ
\UcUS_^†]YSQc}d^YSQcSe\debQ\UcibUWY_^Q\Uc
5\aeYURbU`b_TeSYT_TebQ^dUUcdU`Ub_T_QWeTYj†\_c`b_R\U]Qc
c_SYQ\Uc*XQ]RbU_`bUcY†^Y^ZecdYSYQ<_cT_Se]U^d_cTU\Q}`_SQ^_c
XQR\Q^°U^`QbdYSe\QbU^\Qc`b_fY^SYQcTU\ceb°TU]QcQcTUTUcQ]`QbQ
T_cU^SQ]`_ciSYeTQTUcXeiU^T_TU\QcXQ]Rbe^QciTU\Qc\UfQcV_bj_
cQc+TU\Y^aeYUdQ^dUQe]U^d_TU\RQ^TYTYc]_iTU\Q`b_\YVUbQSY†^TU
WeUbbY\\Qc°`QdbY_dQcibUQ\YcdQc°aeUS_]UdQ^d_T_dY`_TUQRec_c]e
SXQcfUSUccY^TYcSbY]Y^QSY†^`_\dYSQTU^Y^W‹^dY`_5bQ\Q²WeUbbQQ
]eUbdU³_²WeUbbQTUfQ^TQ\QZU³aeUSQbQSdUbYj†U^]eSX_c`QcUcXYc`Q
^_Q]UbYSQ^_cU\^QSY]YU^d_TU\_cUcdQT_cY^TU`U^TYU^dUcTebQ^dUU\
`bY]UbSeQbd_TU\cYW\_H9H$!" <_cVQSd_bUcYTU_\†WYS_°Se\debQ\Uc°Q`UW_
Q\_bTU^i\_cfQ\_bUcdbQTYSY_^Q\Uc°UhQSUbRQT_c`_b\_cQRec_ciTU`bU
TQSY_^UcbUQ\YjQTQc`_b\_cUZ}bSYd_c`QdbY_dQccUS_^fYbdYUb_^U^V_b]Y
TQR\UcU\U]U^d_cTUbUSXQj_Q\QSQecQY^TU`U^TU^dYcdQU^dbUfQcd_ccUS
d_bUcSQ]`UcY^_cTU\ceb<QcbUc`eUcdQcVeUb_^TYfUbcQc*TUcTU\QcY]`\U
XeTQ`QbQUfYdQbU\U^b_\Q]YU^d_XQcdQ\QY^S_b`_bQSY†^QRQ^TQcTU
cQ\dUQT_bUc_Q]_^d_^UbQcbUQ\YcdQci\QS_^V_b]QSY†^iTUcQbb_\\_TU
e^Q`_TUb_cQRQ^TQ°WeUbbY\\UbQ\QTU\_cXUb]Q^_c@Y^SXUYbQaeUU^
dbU!(!'i!(#"]Q^def_\QcRQ^TUbQcTU\QVYTU\YTQTQ\BUicU]RbQ^T_
\QY^aeYUdeTU^\Qcj_^QccebSU^dbQ\idbQcQ^TY^Q<QWeUbbY\\QSQ]`UcY
^QbUQ\YcdQTU\_c@Y^SXUYbQVeUe^SQc_TU²RQ^TYTYc]_c_SYQ\³U^U\aeU
S_^fUbWQ^U\TUcS_^dU^d_c_SYQ\VbU^dUQ\QUh`\_dQSY†^iU\TUcS_^dU^d_
`_\dYS_°YTU_\†WYS_Q^dU\QdbQcd_SQSY†^TU\_cfQ\_bUcdbQTYSY_^Q\UcTU\Q
c_SYUTQTSQ]`UcY^Q$!# 
<QQSdYdeTTU\_c]Q`eSXUcVeU]ei`USe\YQb<Q1bQeSQ^Q^_V_b
]QRQ`QbdUTU\Qc_SYUTQTXYc`Q^_°SbY_\\Qi`_b\_dQ^d_\Q\eSXQ`_b\Q
9^TU`U^TU^SYQ\UcUbQU^`bY^SY`Y_QZU^Q<_cY^TWU^QcVeUb_^QbbQcdbQ
T_cQ\S_^V\YSd_dbQdQ^T_TUQ`b_fUSXQb\_`QbQcec`b_`Y_cY^dUbUcUc<Qc
TYcdY^dQc`QbSYQ\YTQTUcQTXYbYUb_^Qe^_e_db_SQ]`_cUW‹^\QcS_^TYSY_
^Uc\_SQ\Uc<_cQRQZY^_ciS_cdY^_ccUQ\YQb_^S_^\_c`QdbY_dQcTebQ^dU\Q
@QdbYQFYUZQ@Ub_\Q]Qi_bQTU\QcdbYReccUe^Y†Q\QSQecQTU\BUi\eUW_
TUe^`Qb\Q]U^d_SU\URbQT_U^3XY\\v^U^!(!#S_^\_cZUVUcbUQ\YcdQc
T_^TU `QbdYSY`Qb_^ SQSYaeUc TU \Q S_cdQ `UXeU^SXUc QbbYRQ^_c i
R_b_Q^_c=vcdQbTUU^VURbUb_TU!(!$e^`Qb\Q]U^d_S_^S\eYT_U^
dbU7Q^jQi^e]Ub_c_cZUVUcQbQeSQ^_cS_^VYb]†\QQ\YQ^jQQ\bUS_^_
SUb\_cUc`Q…_\Uc\QVb_^dUbQTU\2_°2_S_]`b_]UdY}^T_cU\_cSQSY
aeUcQSQ]RY_TUU\\_U^TQbceQ`_i_Q\RQ^T_bUQ\YcdQ
<Q QSdYfQ `_cYSY†^ `b_Uc`Q…_\Q TU \Q ]Qi_bQ TU \_c Wbe`_c
]Q`eSXUccUUh`\YSQ`bY^SY`Q\]U^dU`_bU\bUS_^_SY]YU^d_TU\QVb_^dU

$!"
C_RbU\QWeUbbQTU²fQ^TQ\QZU³_`Y\\QZUTebQ^dU\Q@QdbYQFYUZQf}QcU2Qbb_c1bQ
^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_9H`vWc!( !($+3_^dQT_b_`SYd`vWc#)$"
$!#
3_^dQT_b_`SYd`QccY]

!)"
bQ`_b\_c`QbdYTQbY_cTU6Ub^Q^T_F99<_cSbY_\\_cQc`YbQRQ^QSbUQbe^
5cdQT_^QSY_^Q\aeUY^S\eiUbQ\Q1bQeSQ^Q]YU^dbQcaeU\Q3_b_^QXQ
RQUcdQRY\YjQT_\QVb_^dUbQ<QQSSY†^TUSQ`YdQ^UcTUQ]YW_c\U^WeQbQ
SUciSQSYaeUcbU]e^UbQT_c`_bU\UbQbY_bUQ\]vc\QQSdYfQ`b_`QWQ^TQ
Q^dY`QdbY_dQTUSYUbdQcS_^WbUWQSY_^UcbU\YWY_cQc°U^`QbdYSe\Qb\QcVbQ^
SYcSQ^_c°VeUb_^_db_cVQSd_bUcTU\QQ\YQ^jQ]Q`eSXUS_^\_cUZ}bSYd_ci
]_^d_^UbQc bUQ\YcdQc C†\_ e^Qc `_SQc `QbSYQ\YTQTUc S_]_ Q\We^Qc
QRQZY^QciS_cdY^QcS_^S\eiUb_^QSeUbT_cS_^\_cZUVUc`QdbY_dQc<Qc`bY
]UbQccU]Q^defYUb_^VYU\UcQUc_cQSeUbT_c]YU^dbQcaeU\QcS_cdY^QccU
e^YUb_^Q\Qc]_^d_^UbQcbUQ\YcdQcTU2U^QfYTUcDQ]RY}^SQRUS_^cYW
^QbaeU\QcbYfQ\YTQTUcdbQTYSY_^Q\UcQ\Y^dUbY_bTU\Qc_SYUTQT]Q`eSXU
VeUb_^U\U]U^d_cY]`_bdQ^dUcU^U\Q\Y^UQ]YU^d_S_^e^_e_db_cUSd_b
1\QQ\YQ^jQTUe^Wbe`_S_^\_cbUQ\YcdQcbUc`_^TQQ]U^eT_U\`QSd_
TUe^Wbe`_bYfQ\S_^\_c`QdbY_dQcifYSUfUbcQ^_cYU^T_UhdbQ…_U\SQ]
RY_TUQ\YQ^jQc$!$ <Q`_R\QSY†^Y^TWU^QTU\cebTU\2_°2_S_^cdYdeQ
e^Qc_SYUTQTS\QbQ]U^dUcUWbUWQTQTU\Qc_SYUTQTXYc`Q^_°SbY_\\QQe^
aeU^_SQbU^dUTUf^Se\_c`_\dYS_ciUS_^†]YS_cS_^U\\Q\_aeUUh`\Y
SQ\QS_]`\UZYTQTTU\Q`_cYSY†^]Q`eSXUU^\Qc\eSXQc`_b\Q9^TU`U^
TU^SYQ
<_cUcS\Qf_c^UWb_cU^SQ]RY_V_b]QRQ^`QbdUTU\Qc_SYUTQTSXY
\U^_S_\_^YQ\CYRYU^UbQ^`_S_^e]Ub_c_c°e^_cSeQdb_]Y\_SY^S_
]Y\°Q\S_]U^jQbU\]_fY]YU^d_aeUSe\]Y^QbQS_^\Q9^TU`U^TU^SYQ
dQ]RY}^ceVbYUb_^U\UcdbU]USY]YU^d_WU^UbQ\aeUQVUSd†Q\`QcE^Q
`QbdUS_^cYTUbQR\UTU\_cUcS\Qf_cTUCQ^dYQW_cU]_fY\Yj†U^Ve^SY†^TU
cec`b_`Y_cY^dUbUcUc3eQ^T_U^_SdeRbUTU!(!!U\W_RYUb^_`QdbY_dQ
`b_]e\W†\Q\UiTU²\YRUbdQTTUfYU^dbU³UcTUSYb\QTUS\QbQSY†^TU\YRUb
dQT`QbQd_TQ`Ubc_^QaeU^QSYUbQU^3XY\USeQ\aeYUbQaeUVeUcU\QS_^
TYSY†^TUcec`QTbUc\Q`b_XYRYSY†^TUY^db_TeSYbUcS\Qf_cU^U\`QciU\
bUS_^_SY]YU^d_TU\TUbUSX_TUX_]RbUc\YRbUcQ\_caeU`QcQ^T_TU
dbv^cYd_`_b3XY\UcUTUdefYUcU^]vcTUcUYc]UcUc\QbUQSSY†^TU\_cUc
S\Qf_cTU\QSQ`YdQ\^_cUXYj_Uc`UbQb1`UcQbTUaeU\Q\Ui^_QR_\Q\Q
UcS\QfYdeTiQaeU\_caeUXQRQ^^QSYT_UcS\Qf_cU^U\dUbbYd_bY_^QSY_
^Q\cUWeYbQ^cY}^T_\_$!% ceUVUSd_cYS_\†WYS_VeUU^_b]UU^dbU\_cX_]
RbUcTUS_^TYSY†^cUbfY\*

$!$
D_]vc7eUfQbQ<_cQbQeSQ^_cU^\QbUf_\eSY†^TU\Q9^TU`U^TU^SYQCQ^dYQW_9]
`bU^dQ3UbfQ^dUc!)! +:_c}2U^W_Q8Ycd_bYQTU\`eUR\_]Q`eSXUCYW\_H9HiHH" UTYSY†^
CQ^dYQW_5TYSY_^UcCEB!)('`vWc!#%!$)
$!%
C3<d_]_93_^WbUc_>QSY_^Q\TU!(!!²CUcY†^TU\!!TU_SdeRbUTU!(!!³`vWc
!##i!#$+²2Q^T_TU\Q:e^dQTU7_RYUb^_c_RbU\Q\YRUbdQTTU\_cUcS\Qf_cU^!%TU_Sde
RbUTU!(!!³_`SYd`vW#' +²2Q^T_³CQ^dYQW_!%TUTYSYU]RbUTU!(!!U^=Q^eU\
1^d_^Y_DQ\QfUbQBUf_\eSY_^UcTU3XY\UCQ^dYQW_DQ\\UbUc7bvVYS_c²3†^T_b³3_\USSY†^
TUXYcd_bYQT_bUciTUT_Se]U^d_cbU\QdYf_cQ\Q9^TU`U^TU^SYQTU3XY\Ud_]_HH9H
!)#'`vWc%# i%#!+²3_^dY^eQSY†^TU\5hdbQSd_TU\QCUcY†^TU\Qc3_bdUcc_RbU\Q5c
S\QfQdebQ³1eb_bQTU3XY\UCQ^dYQW_# TUQRbY\TU!(!"

!)#
 5cY^SbUR\U°TUSQU\S_b_^U\bUQ\YcdQ=Q^eU\TU
DQ\QfUbQU^ce4YQbY_cUSbUd_°\QY]`bUcY†^aeUXYj_U^
\_cv^Y]_cTU\_cUcS\Qf_cU\RQ^T_Q^dUSUTU^dUKU\TU
SbUd_c_RbU\Q\YRUbdQTTUfYU^dbUMU\_bWe\\_i_cQTQ
aeUXQ^S_^SURYT_S_^\QUc`UbQ^jQTU\Q\YRUbdQTVede
bQTUcecXYZ_c<_c`b_`Y_cUcS\Qf_ccUS_^SU`d‹Q^iQU^
QaeU\\QUcVUbQS_^dQ\aeU]Q^YVYUcdU^U\`QdbY_dYc]_Q\
^eUf_7_RYUb^_5cSQc_cY^We\Qb\_aeUcU]Q^YVUcd†Q
`_S_cTQcTU`eR\YSQT_UcdURQ^T_CU]Q^S_]e^Qb_^
d_T_c\_cSbYQT_cK_cUQ\_cUcS\Qf_cMUXYSYUb_^e^QR_\
cQ`QbQaeUe^QR_WQT_\UcXYSYUbQe^QbU`bUcU^dQSY†^Q
\Q:e^dQ`YTY}^T_\Ucce\YRUbdQT]UTYQ^dUe^WU^Ub_c_
_VbUSY]YU^d_TUaeUcU\UcTYUbQQb]Qc`QbQTUVU^TUb\Q
`QdbYQ<Q\YWQUbQTU]vcTU# id_T_cU\\_cUcdQRQ^iQ
Qb]QT_cTUSeSXY\\_c`b_^d_c`QbQQSdYfQbe^QceR\UfQ
SY†^U^U\`eUR\_TUSeiQcbUce\dQcXQi]vcTUcYUdUU^
\QSvbSU\aeUVeUb_^\QcSQRUjQcTU\`b_iUSd_S_^U\VY^
TUXQSUb\QcUc`USe\QSY_^Uc^USUcQbYQc $!& 
<_cUcS\Qf_cTURYUb_^S_]`bQbce\YRUbdQTQSQ]RY_TU\²Y]`eUcd_TU
cQ^WbU³*\Q`b_]UcQaeU?µ8YWWY^c\UcV_b]e\QbQU^=U^T_jQTU_d_bWQb\Uc\Q
\YRUbdQTQSQ]RY_TUceY^WbUc_f_\e^dQbY_Q\_cUZ}bSYd_c`QdbY_dQcVeUSe]`\Y
TQSeQ^T_\QQ]U^QjQbUQ\YcdQXQRQ`UbTYT_Y]`_bdQ^SYQ$!' 
4UUcdU]_T_\Q\eSXQ`_b\Q9^TU`U^TU^SYQTU3XY\UVeU\Q`bY]UbQ
_SQcY†^U^aeU\_ccUSd_bUc`_`e\QbUcTU\Qc_SYUTQTXYc`Q^_°SbY_\\QcU
Y^S_b`_bQb_^Q\Q`_\dYSQbUc`_^TYU^T_Q\_c\\Q]QT_cTUe^_e_db_cUSd_b
TU\QcS\QcUcT_]Y^Q^dUciU^Ve^SY†^TU\_aeUU\\_cS_^cYTUbQRQ^\QTUVU^
cQTUcec`b_`Y_cY^dUbUcUc5cdQYbbe`SY†^Qe^aeUY^S_^cdQ^dUTYc`UbcQ
\Y]YdQTQS_^db_\QTQiU^ReU^Q]UTYTQ²`bU`_\dYSQ³ $!( S_^cdYdei†e^

$!&
DQ\QfUbQ_`SYd`vW%#!?db_Sb_^YcdQbUQ\YcdQU\VbQY\U=U\SX_b=Qbd^UjTQ
SeU^dQTU\_c]Yc]_cXUSX_c`Ub_cU…Q\QaeU\QcQed_bYTQTUcTUdefYUb_^QfUY^dUSQRUSY
\\QcTUUcdU]_fY]YU^d_²S_^dU^YU^T_Q\_cTU]vcS_^Q]U^QjQcS_^\_aeUcUc_cUWQb_^
`_bTU`b_^d_³=U\SX_b=Qbd^Uj=U]_bYQXYcd†bYSQc_RbU\QBUf_\eSY†^TU3XY\UTUcTUU\SQe
dYfUbY_TU6Ub^Q^T_F99XQcdQ!(!$FQ\`QbQc_9]`bU^dQ5eb_`UQ!($(`vW!"$
$!'
@_S_c]UcUcTUc`e}cTU\dbYe^V_TU3XQSQReS_U\4YbUSd_bCe`bU]_XYj_cQRUb
Qcecdb_`QcaeU\Q`b_]UcQTU\YRUbQSY†^TU\_cc_\TQT_cUcS\Qf_ccUXQbQUVUSdYfQe^QfUj
aeUcU²bUS_^aeYcdQcU3XY\U³SeQ^T_U\5cdQT_cUXeRYUcU²TUcU]RQbQjQT_TUU^U]YW_c³
²?bTU^7U^UbQ\TU\5Z}bSYd_³Ze^Y_$TU!(!'U^1bSXYf_>QSY_^Q\1bSXYf_TUT_^2Ub^Qb
T_?µ8YWWY^c?bTU^UcTU\TQd_]_HH999CQ^dYQW_9^cdYded_7U_WbvVYS_=Y\YdQb!)&!
`vW%%<_cUcS\Qf_cfQb_^Uc²TUcTU\QUTQTTUT_SUQ…_cY^S\ecYfU³`UbdU^USYU^dUcQ\_c
²Ueb_`U_c³bUcYTU^dUcU^3XY\UVeUb_^Y^S_b`_bQT_cTUVeUbjQQ\UZ}bSYd_`QdbY_dQXQSYQ
\Q]Yc]Q}`_SQAeY^dQ^QJQ…Qbde4QT_U^U\@Q\QSY_TU\Ce`bU]_7_RYUb^_QfUY^dUi
dbUcTU]Qi_TU]Y\_SX_SYU^d_cTYUjicYUdU²5\Ce`bU]_4YbUSd_b3_b_^U\TU\_c5Z}bSY
d_cTU\Q@QdbYQT_^8Y\QbY†^TU\QAeY^dQ^QUdSUdS³U^_`SYd`vW"(#
$!(
8QSU]_c^eUcdb_U\S_^SU`d_TUTUcS_^dU^d__\eSXQ²`bU`_\dYSQ³TU5bYS:
8_RcRQg]BURU\TUc`bY]YdYf_c5cdeTY_c_RbU\QcV_b]QcQbSQYSQcTU\_c]_fY]YU^d_cc_SYQ\UcU^
\_ccYW\_cH9HiHH2QbSU\_^Q5TYd_bYQ\1bYU\!)(#`vW!!

!)$
Q^dUSUTU^dUie^QV†b]e\Q`bUT_]Y^Q^dUTUS_^f_SQd_bYQ`_\dYSQTU\`eU
R\_WU^UbQTQ`_b\QcTYcdY^dQcVbQSSY_^UcTU\QcS\QcUcTYbYWU^dUcY^dUbUcQ
TQcU^WQ^QbQ\Q]QcQ`QbQY^S\Y^Qb\QRQ\Q^jQQceVQf_bU^\Qc\eSXQc`QbdYTQ
bYQc4YSXQ²V†b]e\Q³aeUcUbU`UdYbQQ\_\QbW_TUd_T_U\cYW\_`bUT_]Y^†
SQcYcY^Q\dUbQSY_^UcicY^S_^dbQ`Uc_Q\We^_XQcdQ!(% @_cdUbY_b]U^dUQ\
`b_TeSYbcUe^Y^WbUc_]vcQSdYf_S_^cSYU^dUicYcdU]vdYS_TU\_ccUSd_bUc
`_`e\QbUcebRQ^_cUc`USYQ\]U^dU\_cQbdUcQ^_cU^\QfYTQ`_\dYSQQ`QbU
SUbQ^_dbQcV_b]QcTUS_^f_SQd_bYQibU`bUcU^dQSY†^`_\dYSQTUUc_ccUSd_
bUc@_bU\]_]U^d_UcTUSYbTUcTU\Q@QdbYQFYUZQXQcdQ`_b\_]U^_c!($%
_!(% \Q‹^YSQV_b]QTUY^S_b`_bQSY†^`_\dYSQTU\Qc]QcQc`_`e\QbUcVeU
\QaeUS_bbUc`_^TQQ\QS_^f_SQd_bYQ]UbQ]U^dUedY\YdQbYQUcTUSYbdbQTY
SY_^Q\
>__RcdQ^dU\_Q^dUbY_b`QbUSU‹dY\TUcdQSQbTebQ^dUU\`Ub_T_
Ve^TQSY_^Q\TU\5cdQT_^QSY_^Q\T}SQTQcTU!(! i!(" T_cXUSX_c
`QbdYSe\Qb]U^dUY^dUbUcQ^dUcU]RbY_^UcTUQ\We^_cVU^†]U^_caeUcU
TUcQbb_\\QbQ^U^\QcT}SQTQc`_cdUbY_bUc*\QQSSY†^TU\Qc²debRQc³ebRQ
^QciU\`bY]UbY^dU^d_`_bS_^cdYdeYbQ\`eUR\_\\Q^_U^ceZUd_`_\dYS_
Qed†^_]_

< 1C ² DEB21C ³EB21>1C

5\XYcd_bYQT_bY^W\}c5bYS:8_RcRQg]XQTUVY^YT_\Q²debRQebRQ^Q³
S_]_*

KMU\]_fY]YU^d_TUd_TQc\QcS\QcUcebRQ^Qc`_
RbUcU^SQ]Y^QTQcQ\\_Wb_TUSQ]RY_c`_\dYS_c_US_^†
]YS_c]UTYQ^dU\QQSSY†^TYbUSdQ°UcTUSYb`_bU\]_d^
_\QbURU\Y†^°`Ub_e^]_fY]YU^d_aeUd_TQfQ^_UcdQ
RQY^c`YbQT_`_b^Y^We^QYTU_\_WQUc`USVYSQ+_cYUc
aeUU^S_^dbQRQ\QUh`bUcY†^TUcecQc`YbQSY_^UcU^Q\
W‹^ ]_T_ \_ XQSQ U^ d}b]Y^_c dbQTYSY_^Q\Uc i S_^
cUbfQT_bUc\Q´]eSXUTe]RbUTU\Q9W\UcYQiTU\BUiµ
5bQe^]_fY]YU^d_´`bU`_\dYS_µiS_]_dQ\VU^†]U^_
`bY]YdYf_U^^eUcdb_cU^dYT_ $!) 

CUdbQdQTUe^VU^†]U^_d`YS_TU\QcSYeTQTUc`bUY^TecdbYQ\Uc
S_]`eUcd_ `_b U\ TUcXUbUTQT_ S_]‹^ cY^ aeU cec SQbQSdUbcdYSQc

$!)
8_RcRQg]BURU\TUc_`SYd`vWc!&'i!&(5\S_^SU`d_²`bU`_\dYS_³TUUcdU
Qed_b^_dYU^USQbWQ`Ui_bQdYfQ@QbQ8_RcRQg]\QcWU^dUc`bU`_\dYSQcc_^QaeU\\Qc²aeU
d_TQfQ^_XQ^TQT__QSQRQ^TUTQbS_^e^\U^WeQZUUc`USVYS_U^U\aeUUh`bUcQbcec
Qc`YbQSY_^Ucd_SQ^dUcQ\]e^T_³IQWbUWQaeU²`UcUQaeU`_bU\\_cec]_fY]YU^d_c`QbdY
SY`Q^]eSXQcfUSUcTU\QSUWeUbQiTU\QY^cUWebYTQTTU\dUbbU^_U^aeUcU]eUfU^SeQ^
T_cU\UcS_]`QbQS_^\_caeU\\Q]Q]_c]_TUb^_c^YSQbUSU^TUY]`_bdQ^SYQ^Yc_^]Qb
WY^Q\Uc³?`SYd`vW!!

!)%
²`bU`_\dYSQc³cYW^YVYSQbQ^QecU^SYQUh`\SYdQ_Y]`\SYdQQSUbSQTU\_`_\
dYS_CecTYcdebRY_c²cY^YTUQc³°S_^dbQU\TUcU]`\U_`_b\QbURQZQTU\S_cd_
TU\QcceRcYcdU^SYQc_`_b_db_c]_dYf_c°^_UbQ^cY]`\U]U^dU`b_dUcdQ<Q
debRQdQ]RY}^Uc`UbQRQ_RdU^UbQ\W‹^RU^UVYSY_TUcecQc_^QTQcUcTUSYb
aeU\QcQed_bYTQTUcQVUSdQTQc`_bceQSSY†^\UXYSYUbQ^S_^SUcY_^UcY^]U
TYQdQc?dbQcSQbQSdUbcdYSQcTU\QdebRQS\vcYSQUbQ^ce_`_cYSY†^Q\_cbYS_ci
`_TUb_c_c^_^USUcQbYQ]U^dUS_^dbQ\QcQed_bYTQTUc_VYSYQ\UcTU\5cdQT_
_TU\QSYeTQTiceX_cdY\YTQTS_^dbQ\_cV_bQcdUb_c@Ub_ceQTcSbY`SY†^
`bY]UbQQ\QcYTU_\_WQcdbQTYSY_^Q\Uc²\Q]eSXUTe]RbUTU\Q9W\UcYQiTU\
BUi³^_UbQe^bQcW_Y^]edQR\U1e^aeU}cQdQ]RY}^UbQe^QV_b]QTU
`b_dUcdQc_SYQ\U^U\V_^T_\Q]eSXUTe]RbU^_UcdQRQbUQ\]U^dUfY^Se\Q
TQQ^Y^W‹^]_^QbSQW_RUb^Q^dU_cYcdU]QCeS_]‹^TU^_]Y^QT_b^_
UbQe^`b_WbQ]Q`_cYdYf_iQaeUcec]_fY]YU^d_cSQbUSQ^TU}\cY^_U\_TY_
XQSYQU\bYS_ie^SYUbd_YWeQ\YdQbYc]_<QdebRQUbQdbQTYSY_^Q\YcdQQVQ\dQTU
Q\W_]UZ_b<_c^eUf_c]_fY]YU^d_cZQS_RY^_c^QSY_^Q\Uc_c_SYQ\YcdQcd_
]QbQ^Q\]U^_c`QbSYQ\]U^dUU\bU\Uf_XQcdQaeUU\QfQ^SUTU\`b_SUc_
TUY^TecdbYQ\YjQSY†^ceRcdYdeiUbQQ\²RQZ_`eUR\_³`_b\Q]_TUb^QS\QcUdbQ
RQZQT_bQY^TecdbYQ\SQbQSdUbYjQTQ`_bce_bWQ^YjQSY†^ic_\YTQbYTQTTebQ
TUbQU^S_^dbQ`_cYSY†^Q\Q]eSXUTe]RbUS\vcYSQTU\QcQc_^QTQcY^dUb]Y
dU^dUciRbUfUc$" 
5\S_^SU`d_`eUTUcUbfv\YT_U^U\Q^v\YcYcTUbUQ\YTQTUcTYcdY^dQcQ\Q
Ueb_`UQ
5^\QXYcd_bYQTU\_c]_fY]YU^d_c`_`e\QbUcebRQ^_cSXY\U^_cTU\
cYW\_H9HdQ]RY}^Uc`_cYR\UTUdUSdQb\QQSSY†^TU\Qc²debRQc³ebRQ^Qc
`bUY^TecdbYQ\Uc>_cYU]`bUQ`QbUSU^d_TQc\QcSQbQSdUbcdYSQcTU\]_TU
\_ S\vcYS_ TUcSbYd_ `_b 8_RcRQg] cY^ U]RQbW_ SYUbd_c U\U]U^d_c
U]UbWU^TUcTUU\QWYdQT_`Ub_T_TU\QWUcdQY^TU`U^TU^dYcdQ?db_c
cebWYbv^]vcdQbTU
<Q ]eSXUTe]RbU Ucdef_ `bUcU^dU TUcTU !(!  >_ _RcdQ^dU ce
`bUcU^SYQUbQd_TQfQe^cY]`\UdU\†^TUV_^T_aeUSQecQRQSYUbdQcY^
aeYUdeTUcQ\_cQSd_bUcQbYcd_SbvdYS_cTU\`b_SUc_`_\dYS_aeUU]`UjQRQ
QTUcQbb_\\QbcUU^U\`Qc
3eQ^T_U^Ze\Y_TUUcUQ…_U\W_RUb^QT_b7QbSQ3QbbQcS_TUSbUd†
\QUh`e\cY†^Q<Y]QTUdbUcSbY_\\_c°:_c}1^d_^Y_?fQ\\U:_c}1^d_^Y_
TUB_ZQci2Ub^QbT_FUbQi@Y^dQT_°QSecQT_cTUS_]`\_dQbS_^dbQU\
`_TUbbUQ\U\²`_`e\QSX_³XYj_cU^dYbce`bUcU^SYQU^U\S_^fe\cY_^QT_
Q]RYU^dUTUCQ^dYQW_iFQ\`QbQc_1fUSUccUdbQdQRQc†\_TUU\U]U^d_c
TU\_cRQZ_cV_^T_cU]`\UQT_cS_]_]Qd_^UcQceU\T_`_b\QcQed_bYTQ
TUcS_\_^YQ\Uc`QbQY]`_^Ub\QQ`\YSQSY†^TUe^Q]UTYTQY]`_`e\Qb5c
\_aeU_SebbY†U^U\`eUbd_U\! TUZe\Y_SeQ^T_e^QWU^dUTU\W_RUb^Q
T_bV_b]†e^SeUb`_TUSeQbU^dQ_SY^SeU^dQY^TYfYTe_c]eSX_cTU
U\\_cU\UWYT_cU^dbU²\_c]QbY^Ub_c]vcRQ^TYT_ciTUQ\]Q]vcQfUjQTQS_^

$"
?`SYd`vWc!&%!) 

!)&
\Qc]YbQcTUbUcYcdYbSeQ\aeYUb_`_cYSY†^aeUcUXYSYUbQ`_b`QbdUTU\_c
bU_c³$"! 
@Ub_U^_dbQc_`_bde^YTQTUcUbQ\Q]eSXUTe]RbUaeUQSdeQRQUc
`_^dv^UQ]U^dU]_fY\YjQTQ`_bU\S\Y]QTUY^aeYUdeTWU^UbQ\aeU`b_
f_SQRQ^\_cQS_^dUSY]YU^d_c`_\dYS_caeUS_]U^jQRQ^QbU]USUbU\_b
TU^S_\_^YQ\<Qc]e\dYdeTY^QbYQc]Q^YVUcdQSY_^UcTU`b_dUcdQTU\!!iTU\
!#TUZe\Y_TU!(! U^CQ^dYQW_bUe^YUb_^Q`QdbYSY_ci`\URUi_cU^^‹
]Ub_TUdbUc]Y\_]vc`Ubc_^Qc`Ub_dbQcU\Q`QbU^dUQ]RYU^dUTUe^Q
^Y]YTQTc_SYQ\U^S_^dbQTU\TUc`_dYc]_TU\QQed_bYTQTcUTUcQbb_\\QRQ
U^\QS\QcU`QdbYSYQU\dU]_bQ\Q²SXec]Q³*

BUS_bTQ^T_ _db_c QSSYTU^dUc TU\ W_RYUb^_ TU

3QbbQcS_cUQcUWebQRQQTU]vcaeU\_cQWU^dUcTU}cdUbU
e^Q^debRQcTU]Q\XUSX_bUcS_]_\QcaeUCUWe_bWQ^Y
jQRQU^FQ\`QbQc_i\QcQb]QRQ^TU`e…Q\Uc`QbQSQUbU^
e^]_]U^d_TQT_c_RbU\_c`QdbY_dQc]vcSQbQSdUbYjQT_c
Sei_UhdUb]Y^Y_cUTQRQS_]_bUceU\d_U^\_cS_^cUZ_cTU
`Q\QSY_1WbUWvRQcUU^\_cS_bbY\\_caeUe^_TU\_cQWU^
dUcTU3QbbQcS__VbUSQ\Q\YRUbdQTQ\_cUcS\Qf_caeUQSe
TYUcU^QcUbfYbQ\W_RYUb^_iaeUcU`bUcdQcU^QQ`bUcQb_
TQb]eUbdUQcecQ]_c$"" 

E^ Q\d_ _VYSYQ\ bUQ\YcdQ TYbQ U^ e^ Y^V_b]U bUTQSdQT_ Q\ bUi TU
5c`Q…QaeUU^QaeU\\Q_`_bde^YTQTU\3Q`Ydv^7U^UbQ\QdbYReiU^T_
U\S\Y]QTUQWYdQSY†^Q`Ubc_^Qc]Q\Y^dU^SY_^QTQcXQRQTU^e^SYQ
T_Q²Z†fU^UcaeUTUcUQRQ^\QS_^VecY†^`QbQcec`UbfUbc_cVY^UciU\
b_R_KM³ $"# 
5\Q]RYU^dUSQbWQT_TUdU^cY†^cU`bUcdQRQ`QbQ\Q`b_\YVUbQSY†^TU
d_TQS\QcUTUbe]_bUciTUdU]_bUc<QTU`_cYSY†^TU7QbSQ3QbbQcS_^_
\_Wb†SQ\]QbS_]`\UdQ]U^dU\_cv^Y]_c5^cU`dYU]RbU°]UcU^U\aeUcU
S_^SbUdQbQU\`Qc_TU\`_TUbQ]Q^_cTU\QQbYcd_SbQSYQSbY_\\Q°f_\fY†QQV\_
bQbU^\QSQ`YdQ\U\]YUT_Q\QXUjTU\²RQZ_`eUR\_³*

5\TQ(S_]_Q\Qc)TU\Q^_SXUS_bbY†\Q^_dYSYQ
bU`U^dY^Q]U^dUaeUc_RbU_SXU^dQi_SX_`bUc_caeUcU
XQ\\QRQ^U^\QSvbSU\`‹R\YSQUcdQRQ^TUS_]‹^QSeUbT_

$"!
DQ\QfUbQ_`SYd`vW!#F}QcUdQ]RY}^2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYd
d_]_F999`vW!$(
$""
2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_F999`vWc!%(i!%)
$"#
=Q^eU\?\QWeUb6U\Y‹BU\QSY†^TU\__SebbYT_U^U\BUi^_TU3XY\UTUcTUU\"%TU]Qi_
TU!(! XQcdQ\QUbUSSY†^TUce:e^dQ7eRUb^QdYfQ5TYSY†^9^db_TeSSY†^i^_dQcTU7eY\\Ub
]_2bQf_1CQ^dYQW_2YR\Y_dUSQTU\9^cdYded_?µ8YWWY^YQ^_TU3XY\U9FcUbYU6eU^dUc
TU\Q5]Q^SY`QSY†^!)()`vW"%

!)'
 `QbQV_b]QbQcQ\d_Q\Q7eQbTYQ]QdQb\_cSU^dY^U\Qci1\SQY
TUKM$"$ 

CY^U]RQbW_Qe^\Q`\URU`Ub]Q^USQ]vcRYU^`QcYfQcY^`b_dQW_
^Yc]_cYU^T_QbbQcdbQTQQ]_fY\YjQSY_^UcUc`_bvTYSQcC†\_]ei_SQcY_
^Q\]U^dUcecQSSY_^UcbUc`_^TQ^Qe^QTUVU^cQS_^cSYU^dUiS_\USdYfQ
TUcecY^dUbUcUc5\Q]_dY^Q]YU^d_TUSYU^d_dbUY^dQbUS\edQcTU\SeQbdU\
CQ^@QR\_TU\QSQ`YdQ\TUcdY^QT_cQcUbU^fYQT_cU^QehY\Y_TU2eU^_c
1YbUcU\#!TU]Qj_TU!(!!VeUe^SQc_UhSU`SY_^Q\@Ub_cedbvWYS_
cQ\T_TUT_c]eUbd_ciT_SUXUbYT_cWbQfUc$"% S_^cdYdei†U\Y^YSY_TUe^Q
^e]Ub_cQcUbYUTUQSd_cTUbURU\TQ°]_dY^UcTUcUbSY_^UcY^ceR_bTY^Q
SY_^Uc°U^\_cSeUb`_cQb]QT_caeUcU`b_\_^WQbQ^Q\_\QbW_TU\QcWeU
bbQcTU\Q9^TU`U^TU^SYQ
<Q`b_Ve^TYjQSY†^TU\QSbYcYciU\Y^YSY_TU\QcQSSY_^UcR}\YSQc`_^
TbQQ\Qc]QcQcU^]_fY]YU^d_
1\`b_TeSYbcUU\W_\`UTU5cdQT_TU\_cXUb]Q^_c3QbbUbQU\!%TU
^_fYU]RbUTU!(!!}cd_cY]`ecYUb_^Q\3_^WbUc_>QSY_^Q\iQ\Q:e^dQ
5ZUSedYfQ\QS_^f_SQd_bYQTUe^QQcQ]R\UQ`_`e\QbU^\Q`\QjQ]Qi_bS_^
`QbdYSY`QSY†^TU²d_T_c\_cfUSY^_ccY^UhSU`SY†^`b_`_^Y}^T_\UcU^
d_TQ\QUhdU^cY†^TUce\YRUbdQT`QbQ]Q^YVUcdQbceccU^dY]YU^d_c³$"& 
4}SQTQc]vcdQbTUU^ce8Ycd_bYQ:U^UbQ\TU3XY\U2Qbb_c1bQ^QTYbQ
aeU²\QQcQ]R\UQaeU`UTQ3QbbUbQY]`_bdQRQe^Q`U\YWb_cQY^^_fQSY†^
`_bSeQ^d_cU`bUdU^TQTQb`QbdUU^\QTUSYcY†^TU\_c^UW_SY_c`‹R\YS_cQ
\QcdebRQc`_`e\QbUccYU]`bUVvSY\UcTUcUb]Q^UZQTQc`_bSQeTY\\_cQeTQ
SUciQ]RYSY_c_c³$"' <Q`UbSU`SY†^TUe^Q`QbdUTU\QU\YdUbU`bUcU^dQTQ
U^U\3_^WbUc_iU^\Q:e^dQTUW_RYUb^_VeUcY]Y\QbQ\QaeUUh`bUcQ2Q
bb_c1bQ^Q@Ub_U\W_\`UTUVeUbjQTU\_c3QbbUbQY]`ec_TYSXQQcQ]R\UQ*

3_]_Q\Qc%TU\QdQbTU°SeU^dQe^Sb_^YcdQbUQ\Yc
dQ°U^dbQb_^Q\3QRY\T_c_RbU# fUSY^_cTUbU`bUcU^
dQSY†^iaeUbYU^T_U\UfQb\Qf_je^QWQfY\\QTU\`_`e\Q
SX_QS_cde]RbQT_QVYWebQbU^_dbQc_SQcY_^UcVeUb_^\eUW_
bU`bY]YT_c`_b\_cceZUd_cTUQed_bYTQTiU^`QbdYSe\Qb
4=Q^eU\1\Te^QdU\UcQTfYbdY†aeUU^U\\_c^_bUcYTQ
\QfUbTQTUbQbU`bUcU^dQSY†^TU\`eUR\_TUaeUXQRQ^
QRecQT_XQcdQQaeiaeUTURQUcSeSXQbcUU\cU^dY]YU^
d_iUh`bUcY_^UcTU\Qc`Ubc_^QcTUSQbvSdUbY\ecdbQSY†^

$"$
DQ\QfUbQ_`SYd`vW&&
$"%
?`SYd`vWc"%$i"%%
$"&
2Q^T_`QbQcUbVYb]QT_`_b\Q:e^dQ5ZUSedYfQaeUQS_]`Q…QRQU\_VYSY_U^fYQT_
Q}cdQ`_b:eQ^:_c}3QbbUbQU\!%TU^_fYU]RbUTU!(!!bU`b_TeSYT_`_bDQ\QfUbQ_`
SYd`vWc& $i& %
$"'
2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_F999`vWc$& i$&!

!)(
 i_R\YWQSY_^UcS_]_fUbTQTUbQ]U^dUY^dUbUcQT_cU^U\
RYU^`‹R\YS_$"( 

IQe^aeUUcdQc`Q\QRbQccUW‹^U\]Yc]_Sb_^YcdQXYSYUb_^U^]eTU
SUbQd_T_c\_c`bUcU^dUc`_bS_]‹^QSeUbT_UcTUSYb`_b]UTY_TUe^Q
dbQ^cQSSY†^cUU\YWYUb_^S_]_bU`bUcU^dQ^dUc`_`e\QbUcQ=Q^eU\B_Tb
WeUj:eQ^1^d_^Y_3QbbUbQQ\SQ`Ydv^TUWbQ^QTUb_c=Q^eU\1bQ_ciQ\SQ
`Ydv^TU]Y\YSYQc:_c}7ej]v^d_T_cU\\_cTU\RQ^T_SQbbUbYcdQQ\QcQj†^U\
Q\Q]vcbQTYSQ\TU\QbUf_\eSY†^$") 
¤AeYU^UcS_]`_^Q^UcdQ²WQfY\\QTU\`_`e\QSX_QS_cde]RbQTQQ
VYWebQbU^_dbQc_SQcY_^Uc³/5\QR_WQT_bUQ\YcdQ=Q^eU\1^d_^Y_DQ\Q
fUbQ`bUcU^dUU^TYSX_S_]YSY_Q^_d†U^ce4YQbY_aeU}cd_cUbQ^²Uc
SbYRQ^_c`b_SebQT_bUcbUSU`d_bUcUcSbYRYU^dUciTU]vcWU^decSQTU\
`eUR\_³ $#  ? cUQ \UdbQT_c TU \Qc SQ`Qc ]UTYQc i U\U]U^d_c TU\ ²RQZ_
`eUR\_³\Q²WU^decSQ³aeU^_S_^cYTUbQRQTYW^_cTUYTU^dYVYSQb1
`UcQbTUceY]`bUSYcY†^iRbUfUTQTQ]R_cbU\Qd_cbUfU\Q^aeUcUSd_bUc
TU\²`_`e\QSX_³_TU\Q²WU^decSQ³UcdQRQ^²QS_cde]RbQT_cQVYWebQbU^
_dbQc_SQcY_^Uc³iaeUe^QfUj]vcdbQdQRQ^TUXQSUb_bcef_j$#! 5bQ
e^Y^YSY_°Q‹^]eid]YT_UY^S_^cYcdU^dU°TU`QbdYSY`QSY†^U^\QfYTQ
`_\dYSQ 5bQ \Q ]eSXUTe]RbU aeU Ybbe]`Q S_^ cec ]Q^YVUcdQSY_^Uc
Y^dUb]YdU^dUciRbUfUc
<QbUQSSY†^TU\QU\YdUbUQ\YcdQTUc`USXQTQU^cecY\ecY_^UcTUbUSe
`UbQbU\S_^db_\TU\QcYdeQSY†^cUUh`bUc†QdbQf}cTUe^`Qcae^]Q^ec
SbYd_aeUS_]U^j†QSYbSe\QbU\!&TU^_fYU]RbU5\d_^_Yb†^YS_TU\T_
Se]U^d_bUV\UZQRQRYU^U\bUSXQj_TU\_c²cQbbQSU^_c³Q\QY^db_]YcY†^TU
\_ccUSd_bUc`_`e\QbUcU^\QfYTQ`_\dYSQ`b_`YSYQTQ`_b\QVbQSSY†^]vc
bQTYSQ\TU\QQbYcd_SbQSYQ`QdbY_dQ*

2Q^T_5\3_^WbUc__cS_^f_SQ@eUR\_SXY\U^_Q
cecbU`bUcU^dQ^dUc\_cUcSbYRQ^_c`b_SebQT_bUc`Q`U\Yc
dQcUcSbYRYU^dUcTU_VYSY^Q]_j_cfQWQRe^T_c_SY_c_c

$"(
=U\SX_b=Qbd^Uj_`SYd`vW!"(<QcSebcYfQcc_^^eUcdbQc
$")
9RYT+DQ\QfUbQ_`SYd`vW&!#+2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_F999
`vWc$&&i$&'
$#
DQ\QfUbQ_`SYd`vW&!#
$#!
5\`Q`U\TUcU]`U…QT_`_bUcd_c]_TUcd_cU\U]U^d_cTU\QcSQ`Qc]UTYQcU^\Qc
\eSXQcTU\Q9^TU`U^TU^SYQ^_XQcYT_UcdeTYQT_Q‹^@QbUSU_`_bde^_cU…Q\QbS_]_`Yc
dQ`QbQVedebQcY^fUcdYWQSY_^UcaeUU\TUc`UbdQb`_\dYS_bUTe^T†U^QSSY_^UcTUcdY^QTQc
QTUVU^TUbcecY^dUbUcUcUc`USVYS_c8QSYQVY^UcTU\Q@QdbYQFYUZQU^VURbUb_TU!(!$\_c
UcSbYRQ^_cTUeT_bUcTU\Qc`YUjQcaeUQ\aeY\QRQ^S_]_XQRYdQSY†^c_\YSYdQb_^Q\3QRY\T_
TUCQ^dYQW_²\Qcec`U^cY†^TU\QUZUSeSY†^S_^aeUcUXQ\\Q^Q`UbSYRYT_c³²3QRY\T_TU!%
TUVURbUb_TU!(!$³U^:D=UTY^QS_]`Y\QT_b1SdQcTU\3QRY\T_TUCQ^dYQW_TebQ^dUU\
`Ub_T_\\Q]QT_TU\Q@QdbYQFYUZQ!(! !(!$CQ^dYQW_9]`bU^dQ3UbfQ^dUc!)! `vW
# #

!))
 fYUZ_cTUcSQRQ\QjQT_c`_RbUd_^UcQ]RYSY_c_c`QbQX_iQ
\Qc)TU\Q]Q…Q^Q5\3QRY\T__cSQ\YVYSQTUReU^_c`QdbY_
dQc+VY^TUfeUcdbQTUSYcY†^ceceUbdUVedebQ8_]RbUcTU
RYU^S_^TUc]QbaeUcUc]Qi_bQjW_cfUSY^_cX_^bQT_c
fYbde_c_cSQbWQT_cTUVQ]Y\YQRYU^Uci_R\YWQSY_^UcUcdQT
]UdYT_cU^feUcdbQcSQcQc`QbQY]`UTYbe^fUZv]U^aeU
TURUcUbU\\eTYRbY_iUh`e\c_cTU\Qc`eUbdQcTU\3QRY\T_*
`bUfU^YTU\v^Y]_`QbQceVbYb\Qc\UiUcTU\QdYbQ^Q4QT_
U^CQ^dYQW_Q!&TU>_fYU]RbUTU!(!!$#" 

<QbUQSSY†^`_\dYSQTU\QBUS_^aeYcdQ!(!$°!(!'`ec_]_]U^dv^UQ
]U^dUVY^QUcQc`bY]UbQcUh`UbYU^SYQc@Ub_XQSYQVY^UcTU\`Ub_T_Q\TU
RY\YdQbcUU\T_]Y^Y_Uc`Q…_\f_\fY†QQV\_bQbTU]Q^UbQ^dYTQU\TUcS_^
dU^d_`bU`_\dYS_TU\²RQZ_`eUR\_³
<QcdebRQcebRQ^QcQS_]`Q…Qb_^\QcQSSY_^UcTU\_cWeUbbY\\Ub_c
`QdbY_dQcSeQ^T_}cd_c_Se`Qb_^`UaeU…QcSYeTQTUcS_]_CQ^6Ub^Q^
T_i=U\Y`Y\\QTebQ^dUU\fUbQ^_TU!(!'<_ccQaeU_cQ\_cSQeTQ\Uc`‹
R\YS_cicebU`Qbd_U^dbU]_^d_^Ub_ci`_R\QT_bUc`b_f_SQb_^U\bUW_SY
Z_TU\Q`\URU$## 
4Uc`e}c TU \Q TUbb_dQ bUQ\YcdQ U\ !" TU VURbUb_ TU !(!' U^
3XQSQReS_CQ^dYQW_aeUT†²cY^W_RYUb^_icY^TUVU^c_bUcTU\_bTU^
`‹R\YS_³$#$ 6eUU^d_^SUcSeQ^T_\QcdebRQcebRQ^QccUUh`bUcQb_^`\U
^Q]U^dU`_b`bY]UbQfUjCUW‹^2Qbb_c1bQ^QU\!#TUVURbUb_*

4UcTU\Qc`bY]UbQcX_bQcTU\Q]Q…Q^QcUTUZQb_^
fUbWbe`_cTUWU^dUaeUbUS_bbQ^\QcSQ\\UcTQ^T_WbYd_c
TU¥fYfQ\Q`QdbYQi]Q^YVUcdQ^T_e^S_^dU^d_aeUbQiQ
RQU^U\TU\YbY_1\We^_cTUU\\_ccUTYbYWYUb_^Q\_cSeQb
dU\Uci`ecYUb_^U^\YRUbdQTQ\_cY^TYfYTe_caeUcUXQ\\Q
RQ^`bUc_c`_bcUbc_c`USX_c_cTU\TU\Yd_TU`QdbY_dYc]_
5^U\SUbb_CQ^dQ<eSQVeUb_^\YRUbdQT_c]vcTUT_cSYU^
d_cX_]RbUcTU\`eUR\_QaeYU^UccUdU^QQ\\U^U^SYU
bb_`QbQXQSUb\_cdbQRQZQbU^\QS_^cdbeSSY†^TU\QcV_bdQ
\UjQc5cd_c`QcQb_^QU^Wb_cQb\QcdebRQcaeUQ]U^QjQ
RQ^de]e\de_cQ]U^dU\QdbQ^aeY\YTQTTU\Q`_R\QSY†^
5\TUc_bTU^^QSYT_TUQaeU\UcdQT_TUS_cQc^_dQb
T†U^Q`QbUSUb1\WbYd_TU¥fYfQ\Q`QdbYQ¥]eUbQ^\_c

$#"
?`SYd`vW&!'2Qbb_c1bQ^Q`eR\YSQe^QfUbcY†^\YWUbQ]U^dUTYVUbU^dUTUUcdU
T_Se]U^d_U^8Ycd_bYQ:U^UbQ\_`SYdd_]_F999`vW$&(E^QUh`bUcY†^TUcY]Y\Qb
bUSXQj_Q\QQc_^QTQTU\!%TU^_fYU]RbU`Ub_UcdQfUj`b_fU^YU^dUTUe^U\U]U^d_]_
TUbQT_TU\RQ^T_`QdbY_dQU^3QbdQTU4Y_^Yc_DUbbQcQiBUZ_^QcecQ]YW_cCQ^dYQW_!)TU
VURbUb_TU!(!$CQ^dYQW_64:77Q\\QbT_!(!$`vW)
$##
2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_H`vWc$(#$(%i$)!$)"
$#$
?`SYd`vW&!%

"
 cQbbQSU^_c¥]eUbQ^\_cW_T_cKMU\`_`e\QSX_S_
]U^j†QY^fQTYb\QcSQcQcTU\_cS_]UbSYQ^dUc_Ve^SY_
^QbY_c`‹R\YS_caeU`_bXQRUbcYT_S_^cUZUb_cTU\W_
RYUb^_TU=QbS†cUXQRQ^QdbQT_U\_TY_`_`e\Qb1\
We^QcTUUcQcSQcQcVeUb_^cQaeUQTQcQdb_`U\\QTQ]U^dU
cY^aeU^QTYUcU`bUcU^dQbQQS_^dU^UbQ\_cQcQ\dQ^dUc
<QcdebRQcY^fQTYUb_^dQ]RY}^U\`Q\QSY_TU\_cW_RUb^Q
T_bUcKMS_^U\TUcU_TUcQaeUQbU\WeQbTQ°b_`QTU
=QbS†iTUTUcdbeYb\_c]eUR\UciS_bdY^QZUcaeUXQRQ
dbQT_TU5eb_`Q$#% 

<Q]eSXUTe]RbUU^QbTUSYTQTUcdb_j†\_cSeQTb_cTU\_cW_RUb^Q
T_bUcTU3XY\UaeUcUU^S_^dbQRQ^U^U\`Q\QSY_i_db_cTUdY`_bU\YWY_c_
TU e^Q YW\UcYQ <_c S_]UbSYQ^dUc Y^aeYUd_c `_b cec `b_`YUTQTUc
bUQSdYfQb_^e^SeUb`_TU]Y\YSYQcebRQ^QcTU^_]Y^QT_²RQdQ\\†^TU\
S_]UbSY_³aeUXQRQ^V_b]QT_XQSQQ\We^_cQ…_c`QbQ`b_dUWUbcUS_^
dbQ\_c\QTb_^UciS_^dbQ\_cTUc†bTU^UcTU\Q`\URU<Q`bUcU^SYQTUUcdU
SeUb`_Qb]QT_]vcU\^_]RbQ]YU^d_`_b\_c`QdbYSY_cTUe^W_RUb^Q
T_bY^dUbY^_°U\QSQeTQ\QT_]Qi_bQjW_6bQ^SYcS_BeYjDQW\U°`ecYUb_^
d}b]Y^_Q\_cQbbURQd_c`_`e\QbUc $#& 
4ebQ^dU\QT}SQTQcYWeYU^dUUc`USYQ\]U^dUTebQ^dUU\`Ub_T_TU
WbQ^Y^UcdQRY\YTQT`_\dYSQaeUSQbQSdUbYj†\_cQ…_c!("#Q!(# \Qcdeb
RQccQ^dYQWeY^QcbUQ^eTQb_^ce`bUcU^SYQY^dUb]YdU^dU<Qc`b_Ve^TQc
TYfYcY_^UcU^U\cU^_TU\QU\YdUSbUQRQ^_SQcY_^Uc`b_`YSYQc`QbQU\\_5\
bUSebc_Q\Qc]QcQc`_b`QbdUTU\QcTYcdY^dQcVbQSSY_^UcTU\QQbYcd_SbQSYQ
cUS_^fYbdY†U^Q\W_XQRYdeQ\<QXYcd_bY_WbQVQdbQTYSY_^Q\^_cSeU^dQaeU
BQ]†^6bUYbUTYc_\fY†U\3_^WbUc_TU!("#S_^\Q`bUcY†^TU\QcdebRQci
aeUU\]Yc]_VY^defYUb_^\_cS_^WbUc_cTU!("$i!("% $#' @Ub_U\\\Q]Q
T_i\Q]Q^Y`e\QSY†^TU\Qc]QcQccYU]`bUU^dbQ…Qe^`U\YWb_*ce]_fY
]YU^d_`eUTUQTaeYbYbQed_^_]QiUcSQ`QbQd_T_S_^db_\
<QWeUbbQSYfY\TU!(")°!(# VeUU\]_]U^d_]vcv\WYT_TUUcdU`U
b_T_5\")TU^_fYU]RbUTU!(")e^`QbTUcU]Q^QcQ^dUcTU\QRQdQ\\Q
TU?SXQWQfQ\_c`Y`Y_\_cTUCQ^dYQW_bUe^YUb_^Q²dbUcSYU^dQc`Ubc_^Qc
TUSU^dUc³S_^UhS\ecY†^TU²\Q`\URUTUQbdUcQ^_c³V_b]Q^T_S_^U\\_c
e^SeUb`_`QbQ]Y\YdQbTUcdY^QT_QfU\Qb`_b\QcUWebYTQTTU\QSYeTQT$#( 
5^FQ\`QbQc_U\]Yc]_`QbdYT__`d†`_be^QdvSdYSQTYcdY^dQ@QbQXQSUb
VbU^dUQ\QSbdYSQcYdeQSY†^U\SQRY\T_`Y`Y_\_TUUcU`eUbd_TUSYTY†Q`_

$#%
?`SYd`vWc&!%i&!&
$#&
?`SYd`vWc&!&&!)
$#'
5^SY^Q_`SYdd_]_)`vW%)&
$#(
²3QbdQTU4^BQ]†^=QbYQ^_TU1bYcVUSXQTQU^CQ^dYQW_U\# TU^_fYU]RbU
TU!(")³U^<eYcFQ\U^SYQ1i3\QeTY_<†`UjCBUS_`Y\QSY†^`bUcU^dQSY†^i^_dQc
1bSXYf_TUT_^2Ub^QbT_?µ8YWWY^cCQ^dYQW_1SQTU]YQ3XY\U^QTU\Q8Ycd_bYQ!)(%d_]_
HHH999`vW('

" !
iQbcUU^\_ccUSd_bUc`_`e\QbUc`QbQTUVU^TUb\QSYeTQTbU`QbdY}^T_\UcQb
]Qci]e^YSY_^UcQS_]YU^j_cTUTYSYU]RbUTU\]Yc]_Q…_<Q]UTYTQVeU
d_dQ\]U^dUY^UVYSQj*²3_]_UbQTUUc`UbQb\_U\`eUR\_U^\eWQbTUXQSUb
VbU^dUQ\QcVeUbjQcTU\^UQaeUQ]QWQRQ^\QSYeTQTcUU^dbUdef_U^cQaeUQb
^UW_SY_c_cUVeUQceSQcQ\\Ufv^T_cU\QcQb]Qc³$#) 
1 \_c `_S_c TQc \Q ]eSXUTe]RbU Qb]QTQ bUQSSY_^QRQ VebY_
cQ]U^dUQ^dU\QY^dUbfU^SY†^°c_\YSYdQTQ`_b\QcQed_bYTQTUc`Y`Y_\Qc°TU
e^RQbS_TUWeUbbQRbYdv^YS_U^\QWeUbbQSYfY\<_cUhdbQ^ZUb_cbUcYTU^dUc
U^\QSYeTQTi\_c\TUbUcW_RYUb^YcdQcaeUXQRQ^`b_]_fYT_\QY^dUbfU^
SY†^VeUb_^cUbYQ]U^dUQ]U^QjQT_c*²1\Q]Q^USUbTU\TQ'KTUTYSYU]
RbUMFQ\`QbQc_UbQe^SQ]`_TURQdQ\\QTUe^UhdbU]_Q_db_U^aeU
^QTYUcQRQS_^dbQaeYU^`U\UQRQ5\`eUR\_cURQdQS_^\QWeQbTYQV_b
]QTQ`_b\_cUhdbQ^ZUb_ci\QWU^dUTU_bTU^U]`U…QTQU^cQ\fQb\_c³$$ 
<eUW_Q\cUbbUSXQjQT_`_b\QcVeUbjQc]Y\YdQbUcTU\W_RYUb^_*

KMU\`eUR\_Qb]QT_U^fUjTUS_^dY^eQbQ\SU^
db_iU]`UjQb\Q]QdQ^jQTUUhdbQ^ZUb_cfY}^T_\__Se
`QT_`_b\QcVeUbjQcTU\^UQ`bUVYbY†aeUTQbcUU^\_c
QbbQRQ\UciU^dbUWQbcUQ\QdQbUQ]vcTUceQWbQT_TU
cQaeUQb\_c`UaeU…_cTUc`QSX_ccY^U]`U…Qb^eUf_c
S_]RQdUcS_^\QWeQbTYQSfYSQiS_^\Qcdb_`QcQ`_cdQTQc
U^\Qc`\QjQc$$! 

5^fc`UbQcTU\QRQdQ\\QTU?SXQWQfQ!$TUTYSYU]RbUTU!(")
aeUdU^TbQ\eWQbU^dbU\QcT_cVQSSY_^UcaeUcUTYc`edQRQ^U\`_TUbU^
\QcSUbSQ^QcTU\QSQ`YdQ\cUXQRQTUcQdQT_²U\Uc`bYdeTUTUc_bTU^iTU
bQ`Y…QTU\QcS\QcUcc_SYQ\UcY^VUbY_bUc³U^`QbdYSe\QbS_^dbQ\_cUhdbQ^ZU
b_c$$" 1\`b_TeSYbcU\QRQdQ\\Qi\Qc^UW_SYQSY_^UcaeUY^]UTYQdQ]U^dU
defYUb_^\eWQbU^dbU\_cZUVUcTUQ]R_cUZ}bSYd_cQ`b_fUSXv^T_cUTU\
TUcWeQb^USY]YU^d_U^aeUXQRQaeUTQT_\QSYeTQT*

5^Q\We^_cRQbbY_cQ`QbdQT_cdebRQcTU\`_`e\Q
SX_S_]UdQ^TUcTU\Q]Q…Q^QfUbW_^j_c_cTUc†bTU
^UcQcQ\d_cQ\QcfU^dQcTUQbdSe\_cQ\Y]U^dYSY_ciQ‹^Q
Q\We^QcSQcQc`QbdYSe\Qb]U^dUQ\QcaeUUbQ^XQRYdQTQc
`_bUhdbQ^ZUb_c]Q^YVUcdQ^T_S_^dbQ}cd_ce^QY^TYW^Q
SY†^fUbTQTUbQ_VY^WYTQ`_b\Q`QbdYSY`QSY†^aeUU^\Q
S_^dYU^TQSYfY\d_]QRQ^Q\We^_cTUU\\_c $$# 

$#)
?`SYd`vW$'$
$$
9RYT
$$!
9RYT
$$"
2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_HF`vW$%&
$$#
?`SYd`vW$&#

" "
 E^dUcdYW_U\_µXYWWY^YcdQBQ]†^=QbYQ^_TU1bYcTUcSbYRYbQ\_c
QS_^dUSY]YU^d_cbUV\UZQ^T_U\X_bb_baeU`b_f_SQb_^U^\QU\YdU*

8QcYT_QiUbU\TQ]vcX_bbYR\UaeUcUXQfYcd_U^TYUSY
^eUfUQ…_cTUbUf_\eSY†^<_]Yc]_VeUaeUQS\QbQcUU\TQ
aeU\UfQ^dQbcU`QbdYTQcTUb_d_cTUT_cSYU^d_cdbUcSYU^d_ci
]vciU^dbQbQ\cQaeU_`_bd_TQc\QcSQcQcTUTYcdQ^SYQTU\Q
`\QjQS_]_SeQdb_SeQTbQc`_bd_T_c\_cQbbQRQ\Uc`_bd_TQc
\QcSXQSbQcS_]_cUb`_bd_T_BU^SQi\QcSXQSbQcTUQbbYRQ
3XY]RQ3Q…QTY\\QUdS
4UaeUcUQSQR†U\VeUW_\Qcdb_`QcTUT_^:_Qae^
K@bYUd_MTUSQRQ\\UbQcUTYc`UbcQb_^cUfY^YUb_^Qae
cUbUe^YUb_^S_^d_T_cUcd_cb_d_c\_cXeQc_ciXQRQ
`QbdYTQcTUaeY^YU^d_ccUYcSYU^d_c`_bTYVUbU^dUc`e^
d_ccQaeUQ^T_U^dbUUcdQ`QbdYTQaeUdU^QT_^:_Q
ae^aeU\Q\\Q]QRQ^TU\1\RQ $$$ 

<QVebYQTU\Qc]QcQccUTUcSQbW†S_^`QbdYSe\QbfY_\U^SYQU^S_^dbQ
TU\S_^ce\QT_TU6bQ^SYQ*

KM^_TUZQb_^S_cQQ\We^Q+`QbQU^dbQbb_]`YU
b_^\Qc`eUbdQcKM^_TUZQb_^e^Q`eUbdQaeU^_XYSYU
bQ^`UTQj_ce^QfU^dQ^Q^_TUZQb_^aeU^_\QQbbQ^SQ
bQ^+icU\_\\UfQb_^d_T_d_T_\UcQaeUQb_^+i\_aeU^_
`_TQ^SQbWQb\_XQSQ^`UTQj_cI\Qb_dUbQcQSQRQ\_c
`UTQj_cTUceUbdUXQcdQ\_cUcSQ\_^UcTU\_cQ\d_cd_T_c
QRQZ_iXUSX_c`UTQj_cUc`UZ_c]UcQcKM`Ub_^Ye^Q
_\\Q\UTUZQb_^$$% 

1\bUd_]QbU\S_^db_\TU\QcYdeQSY†^\QcQed_bYTQTUcTUcSQbWQb_^ce
SU\_S_bbUSdYf_c_RbU\Q`\URUbUf_\d_cQ*U\ZeUjTU\SbY]U^TUCQ^dYQW_
U\cU^QT_b`Y`Y_\_=Qbd^?bZUbQU]`\U†]}d_T_cTbQS_^YQ^_c>_Y^c
dbei†^Y^W‹^`b_SUc_`Ub_Q`Qbd†TUU^dbU\_c^e]Ub_c_cY^TYfYTe_c
Q`bUcQT_c`_bc_bdU_QfUY^dYSY^S_2Qbb_c1bQ^QSeU^dQaeU*

5^\Q]Q…Q^QTU\!%TUTYSYU]RbUVeUb_^\\UfQ
T_c}cd_cQ\QSQ\\UTUBUS_\UdQiQ\\Q]QbbQT_c`_b
cUSSY_^UcTUQSY^S_U^_dbQcdQ^dQcUcSQ\QcQ`_iQTQc

$$$
²3QbdQTU4^BQ]†^=QbYQ^_TU1bYcVUSXQTQU^CQ^dYQW_U\!#TUTYSYU]RbU
TU!(")³U^FQ\U^SYQ1i<†`Uj1bSXYf_TUT_^2Ub^QbT_?µ8YWWY^c_`SYdd_]_HHH999
`vWc! &! '
$$%
?`SYd`vW! 'E^bU\Qd_TUUcd_cY^SYTU^dUciTUcecbU`UbSecY_^UcTY`\_]vdY
SQcU^2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_HF`vWc$&#$&)F}QcUdQ]RY}^\Q
cUSSY†^²9^dUbY_b³TU\=UbSebY_TUFQ\`QbQc_TU\_cTQc!&i!'TUTYSYU]RbUTU!(")

" #
 U^\Qc`QbUTUcTU\S_^ce\QT_TU6bQ^SYQcUQ`\YSQb_^Q
SQTQe^_TUU\\_cSYU^Qj_dUccY^aeUfQ\YUbQ^`b_dUc
dQc^YUhSecQcTUY^Se\`QRY\YTQT=eSX_cQ…_c]vcdQb
TUcUbUS_bTQRQ^d_TQfQU^d_T_QaeU\RQbbY_\_cTU
dQ\\UcTUQaeU\\QUcSU^QTUX_bb_bi\_cWbYd_cTU\Qc
fSdY]Qc$$& 

5^bUQ\YTQT\Q`bUcU^SYQTU\QcdebRQcU^CQ^dYQW_cUXQRQS_^
fUbdYT_U^e^`U\YWb_S_^U\aeU\QcQed_bYTQTUci\QcS\QcUcQS_]_TQ
TQc^_`_TQ^TUZQbTUS_^dQb5^\QcZ_b^QTQcde]e\de_cQcTU_SdeRbU
TU!("%U^\_c]_dY^UcTUU^Ub_TU!("'iTUZe\Y_TU!("(iU^_dbQc
Qc_^QTQc`_`e\QbUcU\S_]UbSY_²`QcQRQ`_bX_bQciQfUSUc`_bTQc
U^dUb_cTUY^aeYUdeTiTUQ\Qb]Q`_bU\dU]_bTUe^cQaeU_³ $$' @QbQ
XQSUbVbU^dUQUcU`U\YWb_U\=Y^YcdUbY_TU7eUbbQTYc`ec_`_bTUSbUd_
U\ ' TU QW_cd_ TU !("( \Q V_b]QSY†^ TU e^ ²UcSeQTb†^ TU\ _bTU^³
SeUb`_ TU SQRQ\\UbQ TU T_cSYU^d_c X_]RbUc VY^Q^SYQT_ `_b \_c
S_]UbSYQ^dUc i S_]`eUcd_ `_b `Ubc_^Qc TU\ ]Yc]_ WbU]Y_ i cec
TU`U^TYU^dUc $$( 
CYS_]`QbQ]_c\_cXUSX_cbUcU…QT_cS_^\QTUVY^YSY†^TU8_Rc
RQg]TU\Q²debRQebRQ^Q³S_^S\eYbU]_caeUQ\We^QcTUcecSQbQSdU
bcdYSQc^_S_Y^SYTU^<Q²debRQS\vcYSQ³^_UcdQRQY^c`YbQTQ`_b^Y^We
^QYTU_\_WQUc`USVYSQ_cY\_UcdQRQUbQ]vcRYU^`_be^YTUQbY_TU
dY`_ dbQTYSY_^Q\ _ S_^cUbfQT_b <Qc debRQc cQ^dYQWeY^Qc TU !(!' U^
SQ]RY_Q`QbUSYUb_^S\QbQ]U^dUU^_`_cYSY†^Q\`_TUbbUQ\YcdQ5\]_
fY]YU^d_ Y^dUb]YdU^dU TU \_c cUSd_bUc `_`e\QbUc SQ`YdQ\Y^_c `QbUSY†
U^S_^dbQbe^Q]UZ_bSQecQ*\Q`QdbY†dYSQie^QYTU_\_WQ]vcQfQ^jQ
TQ* \Q bU`eR\YSQ^Q @Ub_ Q ^eUcdb_ ZeYSY_ Uc_ ^_ Uc \_ UcU^SYQ\ =vc
cYW^YVYSQdYf_ aeU \Qc S_^cYW^Qc `QdbY†dYSQc TU \Q `\URU VeUb_^ ce fY_
\U^SYQ U^ S_^dbQ TU \Q `b_`YUTQT `bYfQTQ i \_c c]R_\_c TU\ `_TUb
`_\dYS_ibU\YWY_c_UcTUSYbceS_]‹^_TY_Q\_cbYS_ci`_TUb_c_c
5^bUQ\YTQT\QcdebRQcTU\`Ub_T_Y^TU`U^TU^dYcdQTU9\\Q`U\CQ^6Ub
^Q^T_ =U\Y`Y\\Q CQ^dYQW_ FQ\`QbQc_ Q\ YWeQ\ aeU _dbQc V_b]Qc TU
TUcS_^dU^d_c_SYQ\TU\Q]Yc]Q}`_SQS_]_U\RQ^TYTYc]_i\Qc]_^
d_^UbQccU]Q^dU^Q^SQcYcYU]`bUU^e^UcdQTY_`bU`_\dYS_@QbQaeU
U\²RQZ_`eUR\_³QSSUTYUbQQ\^YfU\TU\Q`_\dYSQVQ\dQRQU^dbU_dbQcS_^TY
SY_^Uc\QUcdbeSdebQSY†^TUe^TYcSebc_dU^TYU^dUQceS_^cdYdeSY†^U^
ceZUd_Qed†^_]_e^TYcSebc_SQ`QjTUY^dUb`U\Qb\_TQb\US_^VYQ^jQiT_
dQb\_TUe^QYTU^dYTQT`_cYdYfQaeU\_TYVUbU^SYQbQU^cecY^dUbUcUciQc`Y
bQSY_^UcTU\QQbYcd_SbQSYQbUf_\eSY_^QbYQ1e^SeQ^T_XeR_e^QdU^dQdYfQ
`Y_^UbQS_]_fUbU]_cQS_^dY^eQSY†^UcUTYcSebc_^_`bU^TY†

$$&
2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_HF`vW$&&
$$'
?`SYd`vW"&&
$$(
9RYT

" $
 < 1 @B?3<1=1 45 6B1I 1 >D?>9? 45 ? B98E5<1 *@B9=5B 9>D5>D?
@?B 3?>CD9DE9B E> CE:5D? 1EDÉ>?=? @?@E<1B

1^d_^Y_TU?bYXeU\QUbQe^VbQY\UVbQ^SYcSQ^_TU\QSYeTQTTU3_^SU`
SY†^aeUXQRQUZUbSYT_\QR_bUcS_]_`b_VUc_bTUdU_\_WQiVY\_c_VQ5^
!(!!V_b]QRQ`QbdUTU\RQ^T_TU:eQ^=Qbd^UjTUB_jQcUcTUSYbTU\
Q\QbQTYSQ\TU\QbUf_\eSY†^$$) 
1VY^UcTUQW_cd_TUUcUQ…_Q\cUbTUbb_dQT_U^CQ^dYQW_`_bU\
Wbe`_]_TUbQT_TU\QQbYcd_SbQSYQSbY_\\QU\T_Sd_bB_jQcf_\fQQ3_^
SU`SY†^5^`_S_cTQc\_cbUf_\eSY_^QbY_c`U^aeYcdQc\_WbQb_^cec`bY^
SY`Q\Uc_RZUdYf_c?bYXeU\Q\Q^j†e^Q`b_S\Q]QTU]QbSQT_dY^dUbQTYSQ\
i`_`e\QbU^\QaeUTU^e^SYQRQQ\_cQbYcd†SbQdQci\\Q]QRQQaeYdQbcec
`_TUbUcQ\_cTY`edQT_cTU3_^SU`SY†^°U\S_^TUTU\Q=QbaeY^QU\SQ
^†^YW_1Wecd^EbbUZ_\QiU\`bUcRdUb_:eQ^3UbTv^°QSecv^T_\_cTU
`UbdU^USUb Q\ RQ^T_ bUQ\YcdQ $% 5\%TUcU`dYU]RbUe^SQRY\T_QRYUbd_
TUcdYdei†Q\_cTY`edQT_c`b_fY^SYQ\Uc°UhSU`deQ^T_Q\bUQSSY_^QbY_S_^
TUTU\Q=QbaeY^Q°iTUcYW^†Q_dbQc`Ubc_^QcU^cebUU]`\Qj_5^dbU
U\\_cVYWebQRQ?bYXeU\QDQ]RY}^cUU\YWY†e^Q^eUfQZe^dQTUW_RYUb^_
`b_fY^SYQ\T_dQTQTUQ]`\Y_c`_TUbUcQe^aeUceR_bTY^QTQQ\W_RYUb^_
^QSY_^Q\3QcYQ\]Yc]_dYU]`_U\$TUcU`dYU]RbUdbYe^VQRQU^CQ^dYQ
W_\QZ_b^QTQbUf_\eSY_^QbYQTYbYWYTQ`_b\_cXUb]Q^_c3QbbUbQaeUY]
`ec_e^Q^eUfQZe^dQTUW_RYUb^_TU`eb†Q\3_^WbUc_TUU\U]U^d_c
]_TUbQT_cibUQ\YcdQciTY_e^^eUf_be]R_Q\]_fY]YU^d_^QSY_^Q\<Q
bUf_\eSY†^Y^WbUcQRQU^e^QVQcU]vcbQTYSQ\ $%! 
5\"#TUcU`dYU]RbU?bYXeU\Q`bUcU^d†Q\3_^WbUc_>QSY_^Q\bUe^Y
T_U^CQ^dYQW_cec`_TUbUcTUTY`edQT_`_b3_^SU`SY†^`bUcdQ^T_Q\
TQcYWeYU^dUZebQ]U^d_ $%" 4UcTUQ\\cUTUTYS†QQdQSQbQ\S_^TUTU\Q
=QbaeY^QiQ_db_c`Ubc_^QZUcQSecv^T_\_cTUS_^c`YbQbU^S_^dbQTU\
W_RYUb^_`QdbY_dQ$%# 1S_]YU^j_cTU^_fYU]RbUU\3_^WbUc_>QSY_^Q\
bUSYRY†e^_VYSY_TU\QZe^dQTU3_^SU`SY†^QS_]`Q…Q^T_\QbU^e^SYQ
TU\S_^TUTU\Q=QbaeY^QQceSQbW_TUS_]Q^TQ^dUTU\RQdQ\\†^TUY^
VQ^dUbQTUce`b_fY^SYQ$%$ 6bQi1^d_^Y_dbYe^VQRQU^ce\eSXQS_^dbQ\_c
U\U]U^d_c]vcbUdQbTQdQbY_c`Ub_^_U^cecbQTYSQ\Uc`\Q^UcTUbUV_b]Q
`_\dYSQic_SYQ\

$$)
4_]Y^W_1]e^vdUWeYC_\Qb²4_cVbQ^SYcSQ^_cbUf_\eSY_^QbY_c³ U^B3X87
>¡! (CQ^dYQW_Ze\Y_TYSYU]RbUTU!)$&`vWc%i&
$%
C3<d_]_93_^WbUc_>QSY_^Q\TU!(!!²@b_S\Q]QbUf_\eSY_^QbYQTU\`QTbUVbQ^
SYcSQ^_VbQY1^d_^Y_?bYXeU\Q³`vWc#%'#%)5cdU]Q^YVYUcd_dQ]RY}^VeUbU`b_TeSYT_U^
U\4YQbY_cUSbUd_TU\S_b_^U\bUQ\YcdQ=Q^eU\1^d_^Y_DQ\QfUbQ_`SYd`vWc$%"$&!
$%!
2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_F999`vWc$ "$ &
$%"
C3<d_]_93_^WbUc_>QSY_^Q\TU!(!!²CUcY†^U^"#TUcUdYU]RbUTU!(!!³
`vW)#+?`SYd²CUcY†^U^"$TUcU`dYU]RbUTU!(!!³`vW)&+DQ\QfUbQ_`SYd`vW$%"
$%#
1TU]vcTU\QiQSYdQTQ²@b_S\Q]QbUf_\eSY_^QbYQ³fUbC3<d_]_93_^WbUc_
>QSY_^Q\TU!(!!²CUcY†^U^#TU_SdeRbUTU!(!!³`vWc!!#i!!$
$%$
?`SYd²CUcY†^U^$TU^_fYU]RbUTU!(!!³`vW!&%

" %
 1^Q\YSU]_c\_c`bY^SY`Q\UcUZUcTUceQbU^WQ$%% 
!CecTUcdY^QdQbY_c
?bYXeU\Q^_Y^dUb`U\QQd_TQ\Qc_SYUTQTSXY\U^Q1e^aeUU\U^SQRU
jQ]YU^d_TUce`b_S\Q]QUcdvTYbYWYT_Q\²`eUR\_TU3XY\U³cY^TYcdY^SY†^
TUS\QcUcU\dU^_bTUcec`Q\QRbQc^_TUZQTeTQcTUaeUcUTYbYZUQ\_ccUSd_
bUc`_`e\QbUc*²3_^f_c_db_cXQR\_Y^VU\YSUc\_caeUV_b]vYcU\RQZ_`eU
R\_³$%& 5\\_cc_^*

KM\_cQbdUcQ^_cbUTeSYT_cQWQ^QbUcSQcQ]U^dU
U\`Q^TUSQTQTQTUc`e}cTUY^]U^c_cceT_bUciVQdY
WQc+KM\_c\QRbQT_bUcaeUY^SUcQ^dU]U^dUdbQRQZQ^U^
U\Se\dYf_TU`_SQccY]YU^dUc`QbQcecQ]_ci]_bYbU\\_c
TUXQ]RbUKM+\_c`_RbUc]Y^Ub_ccU`e\dQT_cU^\Qc
U^dbQ…QcTU\QdYUbbQd_T_U\Q…_`QbQQ\Y]U^dQb\QS_TY
SYQTU\_cUeb_`U_cKM$%' 

"<_cSQecQ^dUcTU\QcTUcTYSXQcTU\`eUR\_
5\cQSUbT_dUS_^cQWbQ\QbW_c`QcQZUcTUce`b_S\Q]QQTU^e^SYQb\Qc
TUcWbQSYQciceVbY]YU^d_cTU\`eUR\_\\Q^_*

=eSX_dYU]`_XQSUaeUcUQRecQTU^eUcdb_^_]
RbU`QbQVQRbYSQbfeUcdbQTUcTYSXQF_c_db_cY^_SU^dUc
S__`UbvYcQ\_cTUcYW^Y_cfY\UcTU\_c]Q\fQT_cQS_cde]
RbQT_cQceVbYbU\Teb_ieW_aeU_c`ec_U\TUc`_dYc]_
`QbQ aeU QW_RYQT_c S_^ \Q VeUbjQ i U\ `_TUb ^_
`eTY}cUYc \UfQ^dQb \_c _Z_c i TUcSeRbYb feUcdb_c TUbU
SX_c$%( 

1Sd_cUWeYT_cU…Q\QS_]_bUc`_^cQR\UcQ\QReb_SbQSYQUc`Q…_\Qi
Q\QQbYcd_SbQSYQSbY_\\Q*²5\Y^VQ]UY^cdbe]U^d_TUUcdQcUbfYTe]RbUaeU
_cXQ_`bY]YT_\QbW_dYU]`_UcU\TY\QdQT_bQ^W_TU^_R\UcU]`\UQT_c
idde\_caeUc_cdYU^U^U\\eZ_S_^feUcdb_ceT_bicUQ\Y]U^dQ^TUfeUcdbQ
cQ^WbU³$%) 
<Q_`bUcY†^TU^e^SYQTQ`_bU\VbQ^SYcSQ^_bUf_\eSY_^QbY_^_Uc
c†\_US_^†]YSQDQ]RY}^Uc`_\dYSQ<QQbYcd_SbQSYQcQ^dYQWeY^QUcQSe
cQTQTU]_^_`_\YjQbU\`_TUb*

$%%
@QbQUcdUUVUSd_XU]_ccUWeYT_U^cec`bY^SY`Q\Uc\Y^UQ]YU^d_cU\Q^v\YcYc`b_
`eUcd_`_b<eYc3_bfQ\v^=U^cedbQRQZ_DbUcTYcSebc_c`_`e\QbUcTebQ^dUU\cYW\_H9HCQ^
dYQW_!))#Y^}TYd_`bUcU^dQT_U^^eUcdb_Sebc_²5\cebWY]YU^d_TUe^]_fY]YU^d_
`_`e\QbebRQ^_U^e^Qc_SYUTQTU^dbQ^cYSY†^Q\SQ`YdQ\Yc]_*3XY\U!(# !() ³Y]`QbdY
T_TebQ^dUU\`bY]UbcU]UcdbUTU!))#U^U\=QWYcdUbTU8Ycd_bYQTU\QE^YfUbcYTQTTU
CQ^dYQW_TU3XY\U
$%&
²@b_S\Q]QbUf_\eSY_^QbYQ³_`SYd`vW#%)
$%'
?`SYd`vW#%'
$%(
9RYT
$%)
9RYT

" &
 <Q^_R\UjQTUCQ^dYQW_cUQRb_W†Qc\QQed_bYTQT
aeUQ^dUcWbYdQRQS_]`UdYbc†\_Q\`eUR\_S_]_cYUcde
fYUbQ^UhS\eT_cTUUcdUSeUb`_bUc`UdQR\U\_caeUS_^c
dYdeiU^\Q]Qi_bi]vc`bUSY_cQ`QbdUTU}\iSbU†e^Q
Ze^dQ`b_fYcY_^Q\aeUTYbYWYUcU\QccYWeYU^dUc_`UbQSY_
^Uc
KM>_S_^dU^d_c\_c^_R\UcY^dbYWQ^dUcTUCQ^dYQ
W_S_^XQRUbS_XQbdQT_\QQed_bYTQTTU\_c`eUR\_cU^
\Q U\USSY†^ TU TY`edQT_c bU`bUcU^dQ^dUc `QbQ aeU
bUSQiUcU^U^\_cTUceVQSSY†^SeQ^T_fYUb_^aeUUcdQ
`bUSQeSY†^aeUXQRQd_]QT_ce]Q\YSYQ^_UbQceVY
SYU^dUQU^dbUWQbQ\`QbdYT_TU\QY^aeY^YTQT`_baeUQ\
We^_c`eUR\_c]U^_cSYUW_c`ecYUb_^\_c_Z_cU^`Ubc_
^QcVYU\UciUcSbe`e\_cQcU^U\TUcU]`U…_TUce_R\YWQ
SY†^USXQb_^]Q^_TU_db_QbRYdbY_dQ^Y\UWQ\UY^ZebY_
c_Q\Q\YRUbdQTUYWeQ\TQT`_`e\QbS_]_U\`bY]Ub_
5cdUVeUQ…QTYbcUYcTY`edQT_c]vcTU\_cUcdY`e\QT_c`_b
CQ^dYQW_`QbQS_^UcdUUhSUc_c_V_SQbU\^‹]Ub_TU\_c
fYbde_c_ciVYU\Uc`QdbY_dQc $& 

#<QcU`QbQSY†^TUQWeQcQ\Y^dUbY_bTU\Qc_SYUTQT
?bYXeU\QUcdQR\USUe^QTYcdY^SY†^S\QbQU^dbUe^²^_c_db_c³ie^
²U\\_c³²`Ub_TUe^]_T_dQ\aeUXQie^QS_bbU\QSY†^U^dbUQ]R_cU^
d}b]Y^_caeUU\RYU^UcdQbTU\QQbYcd_SbQSYQcUc_cdYU^UKMU^U\ceVbY
]YU^d_TU\`eUR\_³$&! *

=YU^dbQcf_c_db_cceTvYcU^feUcdb_cdQ\\UbUc+]YU^
dbQcWQcdvYcfeUcdb_ceT_biVeUbjQcc_RbUU\QbQT_+]YU^
dbQcfU\vYcS_^U\VecY\Q\X_]Rb_Q\QWeQQ\c_\iQd_TQc
\QcY^S\U]U^SYQcTU\dYU]`_Uc_ccU…_bUcS_^TUc]Qb
aeUcUciSbejQT_cTeUb]U^U^dbU\Y]`YQccvRQ^QciU^
]e\\YT_cS_\SX_^UcaeU\Uc`b_`_bSY_^QfeUcdb_dbQRQ
Z_+cUTYfYUbdU^U^ZeUW_ciWQ\Q^dU_c`b_TYWQ^T_U\TY
^Ub_aeU_cSXe`Q^S_^TYVUbU^dUcQbRYdbY_caeU^_YW
^_bvYc+i^_dYU^U^_db_cSeYTQT_caeUc_\YSYdQbS_^U\
Vbed_TUfeUcdb_cceT_bUc]Qi_bUcU]`\U_cibU^dQc]vc
`Y^WŽUcaeUXQ^TUcQ\YbTUfeUcdbQc]YcUbQR\UcUhYcdU^
SYQccY^f_\fUb_ccYaeYUbQU\]U^_bQWbQTUSY]YU^d_Q^
dUccTUc`bUSY_ce\dbQZUcRQ\T_^Uci_`bUcY†^ $&" 

$&
?`SYd`vWc#%'i#%(
$&!
3_bfQ\v^DbUcTYcSebc_c_`SYd`vW!#
$&"
²@b_S\Q]QbUf_\eSY_^QbYQ³_`SYd`vW#%)

" '
 $5\UcR_j_TUe^`b_iUSd_YWeQ\YdQbY_
6bQi1^d_^Y_^_\_WbQTUVY^YbS\QbQ]U^dUe^`b_WbQ]Q`_\dYS_ic_
SYQ\CY^U]RQbW_dbQjQTU]Q^UbQWU^UbQ\\_cS_^d_b^_cTUe^Qc_SYUTQT
]QbSQTQ`_b\QYWeQ\TQTU^dbU\_cX_]RbUc`b_SebQ^T_TUc\UWYdY]Qb\Q
Y^cdYdeSY†^QbYcd_SbvdYSQ`_bY^ZecdQiQ^dY^QdebQ\*

1S_bTQ_caeUc_YcX_]RbUcTU\Q]Yc]Q^QdebQ\U
jQaeU\_cS_^TUc]QbaeUcUci^_R\Uc+aeUSQTQe^_TU
f_c_db_cUcS_]_SQTQe^_TUU\\_cY^TYfYTe_cTUUcU
SeUb`_WbQ^TUibUc`UdQR\UaeUcU\\Q]QC_SYUTQT+aeU
Uc ^USUcQbY_ aeU S_^_jSQ^ i \Uc XQWvYc S_^_SUb UcdQ
YWeQ\TQTaeUU\\_cTUdUcdQ^S_]_TUcdbeSd_bQTUceaeY
]}bYSQ^_R\UjQ
KM>__\fYT}YcZQ]vcaeU\QTYVUbU^SYQTUbQ^W_ci
S\QcUcVeUY^fU^dQTQTU\_cdYbQ^_c`QbQdU^UbU^\_c^_
R\Uc_db_cdQ^d_cVbU^_cS_^aeUceZUdQbU^\QUcS\QfYdeT
Q\RQZ_`eUR\_cYU]`bUQ]YW_TUce\YRUbdQTKM $&# 

¤3ev\Ucc_^\QcY^V\eU^SYQcYTU_\†WYSQcTUceTYcSebc_/
=QbSU\_CUWQ\\°cY^SYdQbVeU^dUc°c_cdYU^UaeU?bYXeU\Qd_]†YTUQc
TU4e^cCS_d_B_WUb2QS_^i7eY\\Ub]_TU?SSQ]aeUXQRQ\UT_Q
B_eccUQe2e_^Qb_ddYi=QbQdi`b_RQR\U]U^dUQ\UhZUceYdQ`UbeQ^_
FYjSQbT_i7ej]v^ $&$ 5c`_cYR\UdbQdv^T_cUTUe^Q`Ubc_^QSe\dYfQTQ
aeUQ\We^_cTUUcd_cQed_bUccUS_^dQbQ^U^dbUcec\USdebQc<_cS_^SU`
d_cTUYWeQ\TQT^QdebQ\U^dbU\_cX_]RbUc`eUTU^fU^YbdQ^d_TU\TYcSeb
c_Y\ecdbQT_VbQ^S}cU^`QbdYSe\QbTU\QS_bbYU^dUb_eccUQe^YQ^Q\Q]vc
QfQ^jQTQiTU]_SbvdYSQTU\cYW\_HF999S_]_TU\QS_^SU`SY†^dbQTYSY_
^Q\SbYcdYQ^Q5\YTUQbY_TU?bYXeU\QcUU^S_^dbQbQU^d_^SUc²U^U\Uh
dbU]_ YjaeYUbT_ TU\ `U^cQ]YU^d_ Y\ecdbQT_ Q\\ T_^TU Q dbQf}c TU
B_eccUQeTUfYU^UU^`bUbb_]v^dYS_iQ\Q`QbcUfY^Se\Q_S_^cdYdeiUQ
\_c]_fY]YU^d_c`\URUi_cicQ^cSe\_ddYcdQc³ $&% 

%5\SQ]Y^_QcUWeYb*\QS_^cdYdeSY†^TUe^ceZUd_Qed†^_]_`_`e
\Qb
?bYXeU\Q\\Q]QQ\`eUR\_Q\UfQ^dQbcUQ_bWQ^YjQbcUQUh`bUcQbcUi
QQbbURQdQbU\`_TUbQ\QQbYcd_SbQSYQ`_b]UTY_TUe^Q^eUfQbUf_\eSY†^
aeUY]`_^WQ\QYWeQ\TQT*

5\bU]UTY_UcfY_\U^d_`Ub_^USUcQbY_KM
<UfQ^dQTU\WbYd_`QbQaeUcU`Q^aeUUcdvYcfYf_c

$&#
9RYT
$&$
CUWQ\\²<Qc\eSXQc³_`SYd`vW!'(
$&%
3_bfQ\v^DbUcTYcSebc_c_`SYd`vW!%

" (
 KM:e^dQ_cU^SQRY\T_QRYUbd_U^aeUSQTQe^_Uh`_^WQ
\YRbU]U^dUce`QbUSUbiQbbURQdQT\UcfeUcdb_c`_TUbUcQ
Uc_cX_]RbUcfU^Q\UcY^TYW^_cTUfeUcdbQS_^VYQ^jQi
ceRcdYdeT\Uce^_cfUbTQTUb_ciVYU\Uc`QdbY_dQcaeUQc`Y
bU^QfeUcdbQVU\YSYTQTiaeU^_TUcUU^_dbQcfU^dQZQc^Y
S_^fU^YU^SYQ`QbQcaeU\QcaeUU\\_c]Yc]_c`b_`_bSY_
^Q^Qce`eUR\_$&& 

5\\\Q]QT_UcQ\QfUjVUbf_b_c_i`bUSYc_CUdbQdQTUY^SYdQbQ\`eU
R\_ Q S_^cdYdeYbcU U^ ceZUd_ Qed†^_]_ Y^TU`U^TYU^dU dQ^d_ TU \_c
²cQbbQSU^_c³_bUQ\YcdQcS_]_TU\QQbYcd_SbQSYQSbY_\\Q*²4Uc`UbdQT
`eUcibUS\Q]QTfeUcdb_cTUbUSX_ceceb`QT_c2_bbQTcYUc`_cYR\UTU\
^‹]Ub_TU\_cfYfYU^dUcQUc_ccUbUc]Q\fQT_caeUcU_`_^U^QfeUcdbQ
TYSXQ i \UfQ^dQT c_RbU cec beY^Qc e^ ]_^e]U^d_ UdUb^_ Q \Q YWeQ\
TQT³$&' 
<QS_^f_SQd_bYQQ\²RQZ_`eUR\_³^_def_US_CeTUcdY^QdQbY_°\Q
]QcQ`_`e\Qb°UbQQ‹^e^S_^W\_]UbQT_XUdUbU_W}^U_TUY^TYfYTe_c
Y\UdbQT_cY]ReYT_cTUe^Q]U^dQ\YTQTdbQTYSY_^Q\ic_]UdYT_cQe^Q
_`bUcY†^aeUUbQQ\]Yc]_dYU]`_}d^YSQic_SYQ\CUbWY_FY\\Q\_R_cXQ
TYSX_aeU\QcYTUQcTU?bYXeU\Q²VeUb_^S_]_e^QdU]`UcdQTVeUbQTU
}`_SQaeU\eUW_cU_\fYTQi^QTQcYW^YVYSQ³ $&( 4UU\\_^_SQRUTeTQU^
d}b]Y^_cY^]UTYQd_c<QS_^cdYdeSY†^TU\`eUR\_U^ceZUd_Qed†^_]_Q
\QaeUQc`YbQRQU\`bY]UbbUf_\eSY_^QbY_c_SYQ\TU^eUcdbQXYcd_bYQbU`e
R\YSQ^QaeUTQbQS_]_e^QdQbUQ`U^TYU^dUTebQ^dU]eSX_dYU]`_Cec
SQ]Y^_cc_^\_caeUQX_bQY^dU^dQ]_cbUcU…Qb

5 < =?F9=95>D? 45 <?C <1>385B?C =1B9>5B?C @5C314?B5C

I ?DB?C C53D?B5C @?@E<1B5C 45 F 1<@1B1ÅC? 5> !("%*
E>1 5H@5B95>391 ?B979>1<

5\]_fY]YU^d_bUYfY^TYSQdYf_TUcU^SQTU^QT_`_b\_c\Q^SXUb_c]QbY^U
b_ci`UcSQT_bUcTUFQ\`QbQc_QVY^UcTUcU`dYU]RbUTU!("%Q\aeUcU
ce]Qb_^_db_ccUSd_bUc`_`e\QbUci\_c_`_cYd_bUcQ\W_RYUb^_TUBQ]†^
6bUYbUS_^cdYdeiUe^SQc_UhSU`SY_^Q\TebQ^dUd_TQ\Q`bY]UbQ]YdQTTU\
cYW\_TUVecY†^UcdbUSXQbUQ\UcTUSYb^_]UbQ]U^dU]Q^Y`e\Qd_bYQTU
e^]_fY]YU^d_bUYfY^TYSQdYf_`_`e\QbS_^e^_TUSQbvSdUb`_\dYS_
4_cTUSbUd_cWeRUb^Q]U^dQ\Uc`b_f_SQb_^\Q]_fY\YjQSY†^5\(TU
Ze\Y_TU!("%U\]Y^Ycdb_TU8QSYU^TQiTU=QbY^QBQVQU\3_bbUQTUCQQ

$&&
²@b_S\Q]QbUf_\eSY_^QbYQ³_`SYd`vW#%)
$&'
9RYT
$&(
FY\\Q\_R_c²5\RQZ_`eUR\_³_`SYd`vW$)

" )
TUSbUdQRQU\TUcQb]UTU\_cReaeUcTU\QUcSeQTbQaeU^_UcdQRQ^U^cUbfY
SY_QSdYf_<Q]UTYTQTUZQRQcY^dbQRQZ_^YbUSebc_cQ\QcdbY`e\QSY_^UcQ\Qc
SeQ\UccU\UcTURQ^fQbY_c]UcUcTUceU\T_5\TUc`YT_cUUVUSdeQbQcY^
XQSUb\UcQR_^_TUcecbU]e^UbQSY_^Uc5\W_RUb^QT_bTUFQ\`QbQc_U\
WU^UbQ\:_c}9W^QSY_JU^dU^__µXYWWY^YcdQS_^_SYT_XYj_cQRUbU^e^Q^_dQ
TYbYWYTQQ\=Y^Ycdb_\_cY^S_^fU^YU^dUcTUUcdQTUSYcY†^<QcbU\QSY_^Uc
U^dbU Q]RQc Qed_bYTQTUc cU TUWbQTQb_^ bv`YTQ]U^dU @_S_ TUc`e}c
JU^dU^_U^fY†QCQ^dYQW_e^_c`bYcY_^Ub_cUc`Q…_\Uc`_b^_S_^dQbS_^\_c
bUSebc_c^USUcQbY_c`QbQce]Q^dU^SY†^U^FQ\`QbQc_5\]Y^Ycdb_3_bbUQ
S_^TU^†QJU^dU^_Q`QWQb\_cWQcd_cTU\QS_^TeSSY†^TUUc_c`bUcYTYQbY_c
]_dYfQ^T_\QbU^e^SYQTUUcdU‹\dY]_QceSQbW_TUW_RUb^QT_bBUSXQjQTQ
\QTY]YcY†^`_bU\4YbUSd_bCe`bU]_6bUYbUJU^dU^_`Ub]Q^USY†U^ce
`eUcd_U^FQ\`QbQc_$&) 
5\`b_R\U]QTUV_^T_\QSUcQ^dQTU\QcdbY`e\QSY_^UcicecceU\T_c
Y]`QW_cceRcYcdQ@_S_cTQc]vcdQbTU_dbQ]UTYTQTU\]Y^Ycdb_3_bbUQ
`b_f_S†U\UcdQ\\YT_TUe^fQcd_]_fY]YU^d_TU`b_dUcdQSYeTQTQ^Q5\!)
TUQW_cd_cUTUSbUdQRQaeU\QSQbWQiTUcSQbWQTU]UbSQTUbQcU^U\`eUb
d_TUFQ\`QbQc_cUXYSYUbQU^T_SUU]RQbSQSY_^UcTU\5cdQT_ic†\_S_^
cecU]`\UQT_c<QcSQ^_QcTU`UcSQT_bUcTURQ^]QdbYSe\QbcUi]Q^dU
^UbcUQ`beTU^dUTYcdQ^SYQTU\_cReaeUcQVY^TUUfYdQbU\S_^dbQRQ^T_
<_cY^VbQSd_bUcQUcdQcTYc`_cYSY_^UccUfUbQ^S_^TU^QT_cQceVbYbTYUj
Q…_cTU`bUcYTY_<_cR_dUcTU\_c`UcSQT_bUcU^dbQTQ\Q^_SXUUcdQRQ^
_R\YWQT_cQf_\fUbQdYUbbQ`Ub]Q^USYU^T_QTYc`_cYSY†^TU\BUcWeQbT_
3UbSQTUaeY^YU^d_c`UcSQT_bUcicecVQ]Y\YQcaeUTQRQ^SQcYd_dQ\]U^dU
TUc`b_fYcd_cTUbUSebc_c<QTUSYcY†^]Y^YcdUbYQ\`b_f_S†Y^TYW^QSY†^
WU^UbQ\U^FQ\`QbQc_*^_c†\_\_c\Q^SXUb_ci`UcSQT_bUccUfUbQ^QVUS
dQT_cdQ]RY}^\_cUbQ^\_cS_]UbSYQ^dUciSQ`YdQ^UcTUReaeUc$' 
5\S_^dUhd_`_\dYS_TU\]_]U^d_°TUUhQSUbRQSY†^TU\Qc\eSXQc
U^dbU_µXYWWY^YcdQciQ^dY_µXYWWY^YcdQcU^dbU\QSQ`YdQ\i\Qc`b_fY^SYQci
U^dbUVUTUbQ\YcdQcie^YdQbY_c°VQf_bUSY†\QWUcdQSY†^TUe^fQcd_]_fY
]YU^d_`_\dYS_ic_SYQ\U^FQ\`QbQc_TUS\QbQY^c`YbQSY†^_`_cYd_bQaeU
TUcR_bT†\QcbUYfY^TYSQSY_^UcY^YSYQ\UcTU\QWU^dUTU]Qb<QcTU]Q^TQc
TU_db_cWbe`_cS_]_\_cS_]UbSYQ^dUcQVUSdQT_c`_b\QfYWY\Q^SYQQTeQ
^UbQi`_b\QcdQbYVQcTUSQbWQiTUcSQbWQY]`eUcdQc`_b\_cV\UdUb_cQed_
bYjQT_c`_bU\5cdQT_\QSbdYSQcYdeQSY†^U^aeUcUU^S_^dbQRQ^fQcd_c
cUSd_bUcTUdbQRQZQT_bUc]vc\QQSSY†^TU\_c_`_cYd_bUcQ\W_RYUb^_XY
SYUb_^U\bUcd_

$&)
2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_HF`vWc%%(i%%)
$'
²BU`bUcU^dQSY†^TU\3QRY\T_TUFQ\`QbQc_c_RbUTUb_WQSY†^TU\TUSbUd_TUSQb
WQiTUcSQbWQTU\_cReaeUc³FQ\`QbQc_!#TU_SdeRbUTU!("%U^4YQbY_TU4_Se]U^d_c
TU\7_RYUb^_CQ^dYQW_"(TU_SdeRbUTU!("%+=U\SX_b3_^SXQiD_b_3XY\UTebQ^dU\_cQ…_c
TU!("$Q!("(=U]_bYQXYcd†bYSQ\UTQU^\QcUcY†^c_\U]^UTU\QE^YfUbcYTQTTU!"TU_SdeRbUTU
!(&"CQ^dYQW_9]`bU^dQ>QSY_^Q\!(&"`vWc%$i%%+2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\
_`SYdd_]_H9F`vWc%%(i%%)

"!
 <QcYdeQSY†^TU\Q`_R\QSY†^`_bdU…Q²TUcTU\Q^VY]QS\QcUQ\Qce`U
bY_b³cUd_b^QRQSQTQfUj]vcQ^WecdY_cQ*²cU^_dQRQ^U^\QcSQ\\Uc\Qc\vWbY
]Qci\QTUcUc`UbQSY†^³ $'! 
5\SQRY\T_TUFQ\`QbQc_²^_`eT_cUbc_bT_³Q\QcaeUZQcTU\QSYe
TQTQ^Q5\(TUcU`dYU]RbUTYbYWY†e^_VYSY_Q\W_RUb^QT_bJU^dU^_
TUcSbYRYU^T_S_^WbQ^TbQ]QdYc]_\QTYVSY\cYdeQSY†^`_b\QaeUQdbQfU
cQRQ\Q`_R\QSY†^iUhYWYU^T_\QQT_`SY†^TU]UTYTQcebWU^dUc`QbQ`Q
\YQbdQ\Uc]Q\Uc*

<Q^USUcYTQTUc\Qce`bU]Q\UiaeUY]`U\UQ\Qc
_dbQc aeU \U c_^ ]ei ceRQ\dUb^Qc+ `QbdYU^T_ TU UcdU
`bY^SY`Y_iTU\XUSX_`_cYdYf_TUU\\QSbUUU\3QRY\T_
aeUU\7_RYUb^_TURUU]`U…Qbcec]vcUVUSdYf_cV_^
T_c`QbQcQdYcVQSUbUcdQebWU^SYQ`‹R\YSQTU\]_]U^d_
_fU^TUb\_cQbdSe\_caeUXQiU^Q\]QSU^UcXQcdQ\QSQ^
dYTQT^USUcQbYQ_QT_`dQbU^e^Q`Q\QRbQSeQ\aeYUb_db_
W}^Ub_TUQbRYdbY_$'" 

@UTb_6}\YhFYSe…Q`bUcU^dUU^d_^SUcU^FQ\`QbQc_TUZ†U^dbUfUb
U^cec=U]_bYQc^dY]Qc\QY^dU^SY_^Q\YTQT`_\dYSQU^\QWUcdQSY†^TU\
]_fY]YU^d_*

=UXQ\\QRQe^Q^_SXUd_]Q^T_d}S_^Q\We^Qc`Ub
c_^QcaeUXQRQ^`b_]_fYT_UcdQS_^fUbcQSY†^ie^_
TYZ_aeUUbQVvSY\S_^]_fUbQ\`eUR\_`QbQUcdQR\USUbe^
bUS\Q]_Q\W_RYUb^_i_db_cU_VbUSY†Q`_^UbU^\QcUc
aeY^Qce^S_^fYdU`QbQU\TQcYWeYU^dUQ^_]RbUTU\
@b_SebQT_bTU\3QRY\T_ $'# 

<QUcdbQdQWU]QTY_cecVbed_c+Q\TQcYWeYU^dU°# TUcU`dYU]RbU°SUb
SQTU]Y\X_]RbUccUS_^WbUWQb_^U^\Q`\QjQTUCQ^1Wecd^Q\\\Q]QT_TU
\_cSQbdU\UcQ`†SbYV_c<Q]QcQUhYWY†\QbUe^Y†^TUe^3QRY\T_QRYUbd_Q^dU
U\SeQ\Uh`_^UbcecTU]Q^TQc$'$ <QQcQ]R\UQTUSQcYe^]Y\\QbTU`Ubc_^Qc
QS_bT†^__RUTUSUbTUSbUd_Q\We^_VYb]QT_`_b3_bbUQTUCQQc_\YSYdQbQ\
W_RYUb^_TU\QbU`‹R\YSQ\QTUb_WQSY†^TU\_cTUSbUd_caeU\_c\UcY_^QRQ^
\QS_^cdbeSSY†^TUe^]eU\\U\Qce`bUcY†^TU\Y]`eUcd_TU`QdU^dUcU\Uc

$'!
=Q^YVYUcd_Q\_c@eUR\_cTU\QcbQj_^UcaeU]_fYUb_^Q\_cfUSY^_cTU\QSYeTQTi`eUbd_TU
FQ\`QbQc_`QbQ\_cceSUc_cTU\# TUcU`dYU]RbU‹\dY]_CQ^dYQW_$TU_SdeRbUTU!("%
$'"
²?VYSY_TU\3QRY\T_TUFQ\`QbQc_Q\7_RUb^QT_b:_c}9W^QSY_JU^dU^_³FQ\`Q
bQc_(TUcU`dYU]RbUTU!("%U^=Q^YVYUcd_Q\_c@eUR\_c_`SYd
$'#
²=U]_bYQc^dY]QcTUT_^@UTb_6}\YhFYSe…Q³S_^`b†\_W_i^_dQcTU<eYcFQ
\U^SYQ1fQbYQU^213X8>¡"$CQ^dYQW_`bY]UbdbY]UcdbUTU!)$#`vWc) i)!
$'$
?`SYd`vW)!

"!!
dQR\USY]YU^d_TU\dbYRe^Q\TU\S_^ce\QT_i\Q\YRUbdQTTUVQRbYSQbSYWQbb_c$'% 
E^QcUWe^TQQSdQcecSbYdQ`_be^QcaeY^YU^dQc`Ubc_^Qc$# ^_VYb]Qb_^
`_b^_cQRUbXQSUb\_]Q^YVUcdQRQaeU*

5\`eUR\_d_T_XQc_\YSYdQT_S_^\Q]Qi_bU^UbWQ
TUceccU^dY]YU^d_ccUU\UfUbUSebc_Q\Qce`UbY_bYTQT
`QbQaeUTUSbUdU\QbU^_fQSY†^TU\QSdeQ\S_]Q^TQ^dU
TU\bUcWeQbT_T_^1^d_^Y_FUbWQbQiTU\dUc_bUb_]Y
^Ycdb_TU]QbY^QT_^:_c}TU\3Qb]U^1\]Q^SXU`bY^SY
`Q\]U^dUU^dbU_db_c]_dYf_caeUcU_]YdU^`_baeU
\_cSbUUQed_bUcTU\Qc]UTYTQcUbb†^UQcdYbv^YSQci\\U
^QcTUYW^_bQ^SYQS_^aeUcUXQ_`bY]YT_\Q]YcUbQR\U
Y^TecdbYQTU\QS\QcUTU`UcSQT_bUc\Q^SXUb_ciR_dUb_c
QdQSv^T_\UcTU]_T_Y^VQ]Ucec`b_`YUTQTUc$'& 

<_cVYb]Q^dUcZe^d_S_^TUSYTYb^__RUTUSUbTUSbUd_Q\We^_VYb]Q
T_`_bU\]Y^Ycdb_3_bbUQTUCQQ`UTQ^\QbU]_SY†^TU_db_cVe^SY_^Q
bY_cQSecQT_cTUcUbbUc`_^cQR\UcTU\_c`b_R\U]QcU\^_]RbQ]YU^d_TU
XQRYdQ^dUcTU\QSYeTQT`QbQ\_c`eUcd_c`‹R\YS_ci\QedY\YjQSY†^TU\Q]Y
dQTTU\`bUce`eUcd_TUSQ]Y^_c`QbQQbbUW\QbU\TUAeY\\_dQi\QSQ\\UTU\
U]RQbSQTUb_U^FQ\`QbQc_?dbQcbUYfY^TYSQSY_^UcTUSQbvSdUb\_SQ\aeU
bUV\UZQRQ^U\Y^dUb}cWU^UbQ\VeUb_^U^Wb_cQ^T_U\`UdYd_bY_Q\QcQed_bY
TQTUc*\QbUUTYVYSQSY†^TU\dU]`\_TU\Q=UbSUT+U\bUcdQR\USY]YU^d_TU\
Q^dYWe_X_c`YdQ\TU3QbYTQT‹^YS_\eWQbQ\aeU`_TQ^QSeTYb\_c`_RbUc
U^SQc_TUU^VUb]UTQT+i\QQcYW^QSY†^TU& TU\Qc`bY]UbQcU^dbQ
TQcTU\QQTeQ^QTU\`eUbd_`QbQU\`QW_TU\QWeQb^YSY†^TU\Q`\QjQ$'' 
5\W_RUb^QT_bJU^dU^_XQSY}^T_cUUS_TU\cU^dYbTU\QSYeTQTQ^Q
\_SQ\XYj_`b_]e\WQb`_bRQ^T_\QcbUc_\eSY_^UcTU\QQcQ]R\UQ`_`e\Qb
iU\]Yc]_TQU^fY†e^_VYSY_Q\W_RYUb^_QcUWebv^T_\UaeU\QSYeTQT
`Ub]Q^USQU^\Q]vcQRc_\edQ^_b]Q\YTQT $'( 
5\bUWYT_b:_c}<eYc1iSY^U]Qe^_TU\_c`bY^SY`Q\Uc`b_]_d_bUc
TU\]_fY]YU^d_cUU^SQ]Y^†XQSYQ\QSQ`YdQ\S_]_TU\UWQT_TU\]e^YSY
`Y_`_bdU…_U^SQbWQT_TU`bUcU^dQb\QcaeUZQci`UdYSY_^UcQ\W_RYUb^_
SU^dbQ\5\4YbUSd_bCe`bU]_bUQSSY_^†TebQ]U^dU*\QbU^e^SYQTUJU^
dU^_aeUXQRQcYT_bUSXQjQTQQ]UTYQT_cTUcU`dYU]RbUVeUQSU`dQTQi
U^cebUU]`\Qj_VeUTUcYW^QT_U\S_b_^U\:_c}=Q^eU\2_bW_…_TUSY

$'%
3_^SXQiD_b__`SYd`vW%&
$'&
?`SYd4_Se]U^d_>¡" `vW# '
$''
1>1=9f_\& FQ\`QbQc_!(""!("'3QbdQTUBQ]†^CU`‹\fUTQiBQ]†^
FYQSX_Q\Cb7_RUb^QT_b@_\dYS_i=Y\YdQbTUFQ\`QbQc_FQ\`QbQc_# TUcU`dYU]RbU
TU!("%V$'&+3_^SXQiD_b__`SYd`vWc# 'i# (+B_RUbd_8Ub^v^TUjFQ\`QbQc_U^
!("'FQ\`QbQc_9^`bU^dQFYSd_bYQ!)"'`vW!'(
$'(
1>1=9f_\& FQ\`QbQc_!(""!("'3QbdQTU9W^QSY_JU^dU^_Q\=Y^Ycdb_
TU5cdQT_TU\4Uc`QSX_TU\9^dUbY_bFQ\`QbQc_# TUcU`dYU]RbUTU!("%V$&&

"!"
TY}^T_cUU\U^f_TUdb_`Qc`QbQQ`\QcdQbU\]_fY]YU^d_`_bdU…_SQ\YVYSQT_
TUcUTYSY_c_5\SQRY\T_TUFQ\`QbQc_^_cUY^dY]YT†Q`bUcdv^T_cUQbUcYcdYb
Q\QVeUbjQ]Y\YdQb]UTYQ^dU\QVeUbjQ]Y\YdQb5^dbUdQ^d_\Q1cQ]R\UQTUBU
`bUcU^dQ^dUcTUCQ^dYQW_T_]Y^QTQ`_b\_c_µXYWWY^YcdQcdbQd†TUQ`b_fU
SXQb\QS_ie^debQ`QbQXQSUbaeUU\5ZUSedYf_\QbUS_^_SYUcUS_]_Qed_bYTQT
ce`UbY_bE^RbUfUS_^Qd_cUTYSY_c_Y]`e\cQT_`_bTYSXQQcQ]R\UQVeU
S_^db_\QT_`_b6bUYbUU\(TU_SdeRbU`Ub_Q`UcQbTUcedbYe^V_iU^fYcdQTU
\QbUcYcdU^SYQU^S_^dbQTQU\W_RYUb^_USX†`YUQdbvcVbU^dUQ\QbUcYcdU^SYQ
`_bdU…Q1iSY]U^Q]Q\bUSYRYT_`_bU\4YbUSd_bCe`bU]_icec]Y^Ycdb_cQ
S_]YU^j_cTU_SdeRbU`eT_bUWbUcQbQceSYeTQT\\UfQ^T_\QReU^Q^eUfQTU
\QQ^e\QSY†^`_bU\W_RYUb^_TU\_cTUSbUd_caeUXQRQ^_bYWY^QT_\Q`b_dUcdQ
TU\# TUcU`dYU]RbU$') 
5\"%TU_SdeRbUU\WU^UbQ\6bUYbUSe]`\Y†ce`b_]UcQQR_\YU^T_
U\bUW\Q]U^d_iTUSbUd_TUSQbWQiTUcSQbWQTURYT_Q\QY]`_cYRY\YTQTTU
TQb\USe]`\Y]YU^d_cY^_SQcY_^Qb²`UbZeYSY_cTUWbQfUdbQcSU^TU^SYQ
`eUccU`bYfQQ]eSX_cY^TYfYTe_cTU\_cbUSebc_cU^aeUdU^Q^fY^Se\Q
TQceceRcYcdU^SYQicU_SQcY_^Q^Q\S_]UbSY_U^d_b`USY]YU^d_caeUQ
d_TQS_cdQTURU^UfYdQbcUKM³ $( 
<Q]_fY\YjQSY†^TU\Q`_R\QSY†^`_bdU…QXQRQdbYe^VQT_`Ub_U\
W_RUb^QT_bJU^dU^_TURY†`QWQbU\S_cd_`_\dYS_TUceS_\ecY†^S_^\Qc
TU]Q^TQc`_`e\QbUc<eUW_aeUcebU^e^SYQTUVY^YdYfQQ\_cSQbW_cSYfY\Uc
i]Y\YdQbUccUXYSYUbQUVUSdYfQU\!%TU_SdeRbUdU]Ub_c_TUcUbQbbUcdQT_
`_bcUbc_c`USX_c_Q^dU\_c_Z_cTU\W_RYUb^_TUXQRUbY^cdYWQT_U\]_fY
]YU^d_SYeTQTQ^_cUQcY\†QR_bT_TU\QVbQWQdQ2bYd_^TU\Q]QbY^QTU
WeUbbQRbYdv^YSQ1\TQcYWeYU^dU!&TU_SdeRbUU\=Y^Ycdb_TU\9^dUbY_b
\UU^fYQRQe^Q_bTU^TUTUcdYUbb_5\"%TU\]Yc]_]UcjQb`QRQ\QVbQWQdQ
TUCe=QZUcdQT2bYdv^YSQ\\UfQ^T_QR_bT_QJU^dU^_iQ_db_cUhY\YQT_c$(! 
=UcUc]vcdQbTUU^]Qi_TU!("&U\W_RYUb^_\_TQRQTURQZQU^U\5Z}bSY
d_$(" 1^dUcTU`QbdYbU\UhW_RUb^QT_bTYbYWY†e^QUhdU^cQ^_dQQ\W_RYUb^_
ZecdYVYSQ^T_cecQSd_ciS_^TU^Q^T_cUfUbQ]U^dU\Q`_\dYSQTU\]Y^YcdUbY_
Se\`QR\UcUW‹^ceSbYdUbY_TU\_c]Q\UcaeU\\UfQb_^Q\Q`_R\QSY†^TUFQ\
`QbQc_Q]_fY\YjQbcUU^TUVU^cQTUcecTUbUSX_c$(# 

$')
1>1=9f_\& FQ\`QbQc_!(""!("'3QbdQTU9W^QSY_JU^dU^_Q\Cb=Y^Yc
db_TU5cdQT_iTU\4Uc`QSX_TU\9^dUbY_bFQ\`QbQc_)TU_SdeRbUTU!("%V$( +3_^
SXQiD_b__`SYd`vWc%'&%+2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\d_]_H9F_`SYd`vWc
%& %'%
$(
²4USbUd_CQ^dYQW_i_SdeRbUTU!("%³4YQbY_TU4_Se]U^d_cTU\7_RYUb^_CQ^dYQ
W_"(TU_SdeRbUTU!("%
$(!
2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_H9F`vWc%'"i%'#
$("
4USbUd_cTU4U`QbdQ]U^d_TU7eUbbQ²?db_³CQ^dYQW_]Qi_"$TU!("&U^
BUWYcdb_TUT_Se]U^d_cTU\7_RYUb^_CQ^dYQW_%TUZe^Y_TU!("&
$(#
5cdQ^_dQVUSXQTQU\"!TU_SdeRbUQR_bT_TU\QVbQWQdQ2bYd_^TUC=2cebdQ
U^FQ\`QbQc_UcbU`b_TeSYTQ^dUWbQ]U^dU`_b=U\SX_b3_^SXQiD_b_U^_`SYd`vWc
#!%#!)

"!#
 E^UVUSd_`UbfUbc_TU\Q`b_dUcdQSYeTQTQ^QTUFQ\`QbQc_VeU\Q_b
TU^TQTQ`_bU\W_RYUb^_]UTYQ^dUTUSbUd_TU\"&TU_SdeRbUTU!("%TU
`_^Ub`\U^Q]U^dUU^fYW_be^cU^QT_S_^ce\d_TU\"'TU^_fYU]RbUTU
!(!)aeU`b_XYRQ\Qc`UdYSY_^Uc`_`e\QbUc`_b`bUcdQbcU`QbQ²QRec_c³i
QSdYfYTQTUc²cUTYSY_cQc³$($ <Q`bY]UbQ]Q^YVUcdQSY†^²]_TUb^Q³TU`b_dUc
dQc_SYQ\TU\QUbQbU`eR\YSQ^QcUcQ\TQRQTU]Q^UbQQ]RYWeQCe`bY^SY`Q\
bUYfY^TYSQSY†^UbQQSU`dQTQ`Ub_U\U]RbY_^QbY_]_fY]YU^d_`_`e\QbaeU
\eSXQbQ`_bU]UbWUbU^\QcT}SQTQccYWeYU^dUcTURY†U]`UjQb`_bS_^aeYc
dQbU\TUbUSX_]vcU\U]U^dQ\*U\TU`UdYSY†^
¤3ev\VeUU\cYW^YVYSQT_TUUcdUY^c†\Yd_]_fY]YU^d_/¤3ev\UcVeUb_^
cec`b_iUSSY_^Uc/5\XYcd_bYQT_b=QbSU\_CUWQ\\\_S_^cYTUb†QSUbdQTQ
]U^dUS_]_\Q²`bY]UbQbUcYcdU^SYQTU\_cdbQRQZQT_bUcaeUcU`b_iUSd†
S_^VeUbjQc_RbU\QS_bbU\QSY†^`_\dYSQTU\`Qc³$(% @Ub_VeUe^SQc_Uh
SU`SY_^Q\TebQ^dUd_TQ\Q`bY]UbQ]YdQTTU\cYW\_dQ^d_`_b\QWbQ^SQ^
dYTQTTU`QbdYSY`Q^dUc°fQbY_c]Y\UcTU`Ubc_^Qc°`_b\QS_^fUbWU^SYQTU
bUYfY^TYSQSY_^UcTUTYcdY^d_ccUSd_bUc`_`e\QbUcTUSQ`Qc]UTYQciQ‹^
QS_]_TQTQcS_]_SYUbd_cS_]UbSYQ^dUcS_^\QcbUYfY^TYSQSY_^Uc\_SQ
\UcS_]_`_b\QVecY†^TUd_TQcUcdQcTU]Q^TQcS_^\Q_`_cYSY†^`_\dYSQ
U^e^QS_ie^debQVQf_bQR\UDQ]RY}^VeUe^]_fY]YU^d_‹^YS_U^ce
}`_SQ`_b\QedY\YjQSY†^TUfQbYQTQcV_b]QcTU\eSXQaeUY^S\eQ^TUcTU
\QbUQ\YjQSY†^TUQcQ]R\UQc`_`e\QbUc\QQWYdQSY†^\QTYVecY†^TU`b_S\Q
]QcU\U^f_TUTU\UWQT_c`_bdQT_bUcTU\QcbUYfY^TYSQSY_^UcQ^dU\Qc
Qed_bYTQTUcXQcdQ\Q`bU`QbQSY†^TUe^QbUcYcdU^SYQQb]QTQQ\W_RYUb^_
SU^dbQ\6U^†]U^_c`QbUSYT_cf_\fUbQ^Q`b_TeSYbcUU^3XY\Uc†\_Q`Qb
dYbTU\_cQ…_cSY^SeU^dQU^Uc`USYQ\TebQ^dU\QcWeUbbQcSYfY\UcTU!(%!i
!(%)SeQ^T_\QcS_^dbQTYSSY_^UcQ\Y^dUbY_bTU\QS\QcUT_]Y^Q^dU`Ub
]YdYbQ^\QYbbe`SY†^]QcYfQTU\TUcS_^dU^d_`_`e\Qb8QcdQU^d_^SUc\_c
UcdQ\\YT_ccUbQ^QYc\QT_c*fY_\U^dQciVeWQSUcceR\UfQSY_^Uc]Y^UbQcQ\
We^_cS_^dQT_c]_fY]YU^d_cbUYfY^TYSQdYf_cTUSQbvSdUbWbU]YQ\U^dbU
\_cQbdUcQ^_cebRQ^_ciU^`Ub_T_c`bUU\USd_bQ\UcS_]_\_cTU!(")i
!($%°!($&\QY^S_b`_bQSY†^TUQ\We^_c^‹S\U_cTUQbdUcQ^_cQ\Q\eSXQ
`_\dYSQU^\QcSYeTQTUc`bY^SY`Q\UcTU`bUVUbU^SYQQ`_iQ^T_Q\QcVeUb
jQc_`_cYd_bQc

< 1 3?>F?31D?B91 @?<ÅD931 9>CDBE=5>D1< ? DB14939?>1<

<QS_^f_SQd_bYQ`ebQ]U^dUedY\YdQbYQiS_ie^debQ\TU\²RQZ_`eUR\_³VeU
\QV_b]QTUbU\QSY†^`_\dYSQ]vcS_bbYU^dUU^dbU\QU\YdUi\_ccUSd_bUc
`_`e\QbUcTebQ^dUWbQ^`QbdUTU\cYW\_H9H >_cURecSQRQe^QQTXUcY†^
c†\YTQ`Ub]Q^U^dUi`QbdYSY`QdYfQTU\`eUR\_cY^_cY]`\U]U^dU`bQW

$($
2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_H9F`vW%'%
$(%
CUWQ\\²<Qc\eSXQc³_`SYd`vW!(#

"!$
]vdYSQY^]UTYQdQ`QbQY^S\Y^Qb\QRQ\Q^jQQVQf_bTUQ\W‹^RQ^T_U^
`eW^Q$(& 
4ebQ^dUU\`Ub_T_aeUcYWeY†Q\Q9^TU`U^TU^SYQUcdUdY`_TUS_^
f_SQd_bYQcUUh`bUcQRQU^\_c`UbY†TYS_c\\Q]QT_caeU\_cTYcdY^d_cRQ^
T_c`_\dYS_cU^`eW^Q`Y`Y_\_c`U\eS_^UcUcdQ^aeUb_cVUTUbQ\YcdQc
_µXYWWY^YcdQcXQSQ^U^TYbUSSY†^TU\_ccUSd_bUc`_`e\QbUcebRQ^_c
Uc`USYQ\]U^dU\_cQbdUcQ^_cQVY^TU\_WbQbe^QS_bbU\QSY†^TUVeUbjQc
VQf_bQR\UQcec`b_iUSd_c5\`Ub_T_TU²Q^QbaeQ³_TU²\eSXQ`_b\Q
_bWQ^YjQSY†^TU\QBU`‹R\YSQ³!("#°!(# VeU`QbdYSe\Qb]U^dUbYS_U^
\\Q]Q]YU^d_cTUUcdQ^T_\U1e^aeUU^SYUbdQc_SQcY_^UcQ\We^_cWbe
`_cTUdbQRQZQT_bUc\_WbQRQ^Q`b_fUSXQb\QcS_ie^debQc`b_f_SQTQc`_b
Ucd_cU^VbU^dQ]YU^d_c`QbQ\UfQ^dQbcec`b_`YQcbUYfY^TYSQSY_^Uc\_]vc
S_]‹^UbQe^Q]_fY\YjQSY†^TUcUW]U^d_cTU\`eUR\_\\Q^_U^`_cTU\_c
_RZUdYf_cTUQ\We^QcTU\QcVQSSY_^UcU^`eW^QU^U\cU^_TU\QU\YdU5\
²RQZ_`eUR\_³S_^cdYdeQe^Q]UbQVeUbjQTUSX_aeU_S_]__SebbQS_^
e^QVbQSSY†^TU\QbdUcQ^QT_]QcQU\USd_bQ\aeU\_cRQ^T_cdbQdQRQ^TU
WQ^QbU^`Ub_T_cTUf_dQSY_^Uc9^TYVUbU^dUcQ\Qc]_dYfQSY_^Uc_`bY^
SY`Y_cU^QbR_\QT_c`_b\_c`QbdYT_cU^\eSXQ\_ccUSd_bUc]vc]YcUbQR\Uc
i]QbWY^Q\UcTU\Q`\URUebRQ^QUcdQRQ^TYc`eUcd_cQfU^TUbcUQ\]UZ_b
`_cd_b_U^ceTUVUSd_QcUWeYbQQaeU\\_caeU\Uc`Ub]YdYUcU^_RdU^Ub
RU^UVYSY_cS_^SbUd_cUY^]UTYQd_cU^e^S_^dUhd_`_\dYS_Y^UcdQR\U5^
\QcS\QcUcTYbYWU^dUciQcUS_^VYWebQRQ^dYTQ]U^dU\QY]QWU^TU\²b_d_³
TU\aeUXQRQaeUTUcS_^VYQb
8QSYQVY^UcTUQaeU\`Ub_T_e^]QbY^_Y^W\}c<_^WUfY\\UF_gU\\
TUcSbYRQS_^dbQj_c]eifYf_ciU^}bWYS_c`b†hY]_ccY^TeTQQ\QfYcY†^
TU\QcS\QcUcT_]Y^Q^dUcQ\Q]QcQ`_`e\QbBUVYbY}^T_cUQ\QcYdeQSY†^
`_\dYSQTU!(")cU…Q\QRQaeU*

5\3_^WbUc_fY†S\QbQ]U^dUaeUQe^aeUXQcdQU^
d_^SUcXQRQ\YRbQT_RYU^ceccUcY_^Uc^_`_TQ^S_^dY
^eQbU^\QSQ`YdQ\cY^`U\YWb_S_^cdQ^dUTUcUb`UbdebRQ
TQcTUc`e}caeUfQbY_cTUcecY]`_`e\QbUc]YU]Rb_c
XQRQ^cYT_Q]U^QjQT_c`_b\_cb_d_c_c°SYUbd_cX_]RbUc
TU\QcS\QcUcc_SYQ\Uc]vcRQZQcTUCQ^dYQW_aeUbUc`_^
TU^Q\_caeUU^9dQ\YQcU\\Q]Q\QjjQb_^Y
<_cb_d_c_cQc\\Q]QT_c`_bQ^TQbXUSX_c`UTQ
j_cc_^V_b^YT_cfQWQ]e^T_ccY^4Y_c^Y\Ui^YS_^

$(&
>eUcdb_S_^SU`d_TUS_^f_SQd_bYQ`_\dYSQY^cdbe]U^dQ\UccY]Y\QbQ\aeU<eYc1\
RUbd_B_]Ub_TU^_]Y^QS_^f_SQd_bYQ`_\dYSQdbQTYSY_^Q\<eYc1\RUbd_B_]Ub_<QC_SYU
TQTTU\Q9WeQ\TQT<_cQbdUcQ^_cTUCQ^dYQW_TU3XY\Uicec`bY]UbQcUh`UbYU^SYQc`_\dYSQc!(" 
!(%!2eU^_c1YbUc9^cdYded_D_bSeQd_TYDU\\QCUbYU8Ycd_bYQSeQTUb^_>¡! !!)'(
`vWc#(icYWeYU^dUc8U]_c`bYfY\UWYQT_U\f_SQR\_²Y^cdbe]U^dQ\³`_baeUbUV\UZQTU
]Q^UbQ]vc`bUSYcQ\Qc]_dYfQSY_^UcU]Y^U^dU]U^dU`bQW]vdYSQc]Q^Y`e\Qd_bYQciS_
ie^debQ\YcdQcTUcecWUcd_bUc

"!%
 ]UTY_c_cdU^cYR\UcTUfYfYbaeUcYRYU^bQbQcfUSUccU\Uc
fUU^}`_SQcTUdbQ^aeY\YTQTSeQ^T_`Ub]Q^USU^U^
QSUSX_U^\_cRQbbY_cTU7eQ^WeQ\i\Q3XY]RQ`e\e\Q^
S_]_\_R_cU^\QcSQ\\UcU^\QUh`USdQdYfQTUcQaeU_
SeQ^T_cU_VbUSUQ\We^QbUiUbdQ_bUf_\eSY†^<Q`bUcU^
SYQTUUcQcVYWebQcUcSev\YTQciTUQc`USd_cQ\fQZUU^\Q
@\QjQ_U^_db_ccYdY_c`‹R\YS_cS_^SebbYT_cUccUWeb_
Y^TYSY_Q\_cXQRYdQ^dUcTUCQ^dYQW_TUaeUcUQ`b_hY]Q
Q\We^QbUfeU\dQ`_\dYSQ`eUccQRU^TUcTUdYU]`_Qdbvc
aeUc_^QWU^dUccYU]`bU\Ycd_c`QbQd_]Qb`QbdUU^SeQ\
aeYUbQdb_`U\QaeUcU`b_iUSdU$(' 

<QcYdeQSY†^US_^†]YSQic_SYQ\TU\`Ub_T_!(! !(# cU`bUcdQRQ

TUV_b]QQT]YbQR\U`QbQ\Q]Q^Y`e\QSY†^`_\dYSQTU\²RQZ_`eUR\_³
S_]_QcY]Yc]_`QbQ\QQSSY†^TU\QcdebRQcebRQ^QciQTUcSbYdQc<QTU
fQcdQSY†^TU\_cSQ]`_ci\Q`}bTYTQTU\QcS_cUSXQc\QcbUaeYcYSY_^Uc
V_bj_cQc\_cTUc`\QjQ]YU^d_cTU`_R\QSY†^TebQ^dU\_cQ…_cTUWeUbbQ
\QbeY^QTU^e]Ub_c_cQbdUcQ^_c`_bSe\`QTU\QY^fQcY†^TU]Q^eVQSde
bQc UhdbQ^ZUbQc TebQ^dU \_c Q…_c fUY^dU i U^ WU^UbQ\ U\ S\Y]Q TU
TUc_bWQ^YjQSY†^ibU\QZQ]YU^d_WU^UbQT_`_b\_cU^VbU^dQ]YU^d_c`_\
dYS_ci]Y\YdQbUcXQRQ^U]`U_bQT_\QS_^TYSY†^TU\QcS\QcUcY^VUbY_bUc
5\T}VYSYdTU\QcQbSQcVYcSQ\UcXQSQQ‹^]vcWbQfU\QcYdeQSY†^+WbQ^
TUcS_^dY^WU^dUcTUc_\TQT_ci]QbY^Ub_c`Ub]Q^USQ^Y]`QW_cTebQ^
dU\QbW_c]UcUc$(( S_^cdYdeiU^T_e^QVeUbjQ`_dU^SYQ\`QbQbURU\Y_^Uci
]_dY^Uc`b_]_fYT_c`_bSQeTY\\_cSYfY\Uci]Y\YdQbUc
1\_c]Y\UcTUY^TYWU^dUcTU\Qc`b_fY^SYQcTU\cebaeUTUQ]Re\QRQ^
`_b\_cSQ]`_cQ]U^QjQRQ^\QcSYeTQTUciQ\Y]U^dQRQ^U\RQ^TYTYc]_i
\Qc]_^d_^UbQccUce]QRQ^\_cTUcfQ\YT_cTU\QcSYeTQTUc$() <QSUcQ^dQ
Y^SU^dYfQRQ\QU]YWbQSY†^Q\_c`QcUcfUSY^_c8QSYQVY^UcTU!("'\QcY
deQSY†^Q\SQ^jQRQbYRUdUcTUWbQ^TbQ]QdYc]_cUW‹^\_bUfU\QT_`_be^Q
Y^V_b]QSY†^TU`bU^cQ*

5\@Ub‹i`b_fY^SYQc\Y]db_VUcUcdv^`\QWQTQcTU
SXY\U^_caeURecSQ^dbQRQZ_*^_XQie^ReaeU`b_SU
TU^dUTU^eUcdb_c`eUbd_caeU^_\\UfUQ\QcS_cdQcUhdbQ
…Qc Z†fU^Uc TU d_TQc S\QcUc ^Y `QcQ e^ TQ cY^ aeU

$('
<_^WUfY\\UF_gU\\=U]_bYQcTUe^_VYSYQ\_`SYdU^=UTY^QFYQZUc_`SYd
d_]_99`vW"&!
$((
F}QcUQ\We^_cUZU]`\_cTUUcdQSbdYSQcYdeQSY†^U^1>1=89^dU^TU^SYQTU
FQ\`QbQc_!("%!("&_VYSY_cTU\7_RUb^QT_bQ\=Y^Ycdb_TU5cdQT_TU8QSYU^TQTU\"i#
TU]Qi_TU!("&cV
$()
5^!("!U\3QRY\T_5S\UcYvcdYS__bWQ^Yj†e^QceRcSbY`SY†^U^dbUU\S\Ub_TU\QSQ
`YdQ\`QbQQieTQbQ²\_cY^VU\YSUc³TU\Q²TUcWbQSYQTQ`b_fY^SYQ³TU3_^SU`SY†^²=Y^YcdU
bY_TU8QSYU^TQ³<Q7QjUdQ=Y^YcdUbYQ\TU3XY\UCQ^dYQW_(TUTYSYU]RbUTU!("!

"!&
 dbQ^c]_^dU^\QS_bTY\\UbQ]YcUbQR\UcaeUXeiU^TU\_SY_
iaeUbQbcY]QfUjfeU\fU^
<_cTU\Yd_c_bYWY^QT_cTU\QXQ]RbUc_^UhSUcYf_c
i^_d_bYQ]U^dU]vci]Qi_bUcU^U\Y^fYUb^_U^aeU
SUcQ^\Qc\QR_bUc*iRQcdQQ]Q^YVUcdQb\QTYVUbU^SYQ\Q
cY]`\UY^c`USSY†^TU\QcSvbSU\Uci\YcdQcTUcQ^SY_^Q
T_cK5^\QS_^cdbeSSY†^TU\_cTYaeUcTUUcdUb_cU
_RcUbf†e^Q^_dQR\UQV\eU^SYQTUZ_b^Q\Ub_ci`QbQ^_
TUc`UTYb\_cS_^TebUjQcU\Uc`b_`ec_U\TYQbY_TUe^
bUQ\_\_cT_cdUbSY_cTU\Z_b^Q\TUQaeU\dYU]`_iQ\_c
^Y…_cU\TU]UTY_bUQ\QT_`dQ^T_UcdUQbRYdbY_TUTY\Q
dQbU\QehY\Y_aeU]U^TYWQRQ^i‹^YS_aeU`Ub]YdQ^
\_cV_^T_c?SebbQ^QSU^dU^QbUc^_U^S_^dbQ^T_T_^
TUU]`\UQbcU $) 

@_S_c]UcUc]vcdQbTUU^]Qbj_TU!("(_db_`UbY†TYS_U\BUZYcdb_
=e^YSY`Q\TUCQ^dYQW_UfQ\eQRQTU]Q^UbQUhQWUbQTQ\QTY]U^cY†^TU
Ucd_c`b_R\U]Qc3_^d_T_Q`UcQbTU\QUfYTU^dUTUc]UcebQTU\QcSYVbQc
U^dbUWQTQc`_bTYSX_†bWQ^_TU`bU^cQcedUcdY]_^Y_UcbUfU\QT_bTU\Q
`UbSU`SY†^TU\`b_R\U]QiTU\UcdQT_TUv^Y]_TUe^Q`QbdUTU\Q_`Y
^Y†^CUW‹^U\SYdQT_`UbY†TYS_\QcYdeQSY†^c_SY_US_^†]YSQXQRQU]
`U_bQT_dUbbYR\U]U^dUTUcTUaeUU\`QcXQRQTUZQT_TU`UbdU^USUbQ\Q
]_^QbaeQUc`Q…_\Q*

5cY^^UWQR\UaeU3XY\UU^UcdQT_TUS_\_^YQTU\Q
5c`Q…QQe^aeUS_^]U^_cY\ecdbQSY†^`bY^SY`Y_ciT_SdbY
^QcdU^QTU^db_TUcSeQ^d_^USUcYdQRQd_TQc\QcS\Q
cUcTU\UcdQT_UcdQRQ^_Se`QTQci^_^_cSYbSe^TQRQ^
]vcTUdbUcSYU^dQc]Y\VQ]Y\YQc]U^TYWQcaeU`_bVQ\dQ
TU_Se`QSY†^Q]QWQ^e^QcQ\d_Q\Q`b_`YUTQT5^T_SU
Q…_caeUUcdv`Ub]YdYTQ\QY\Y]YdQTQ\YRUbdQTTUS_]Ub
SY_c†\_XU]_cfYcd_\\UWQbQ\Y^VY^Yd_\Q]YcUbYQ`‹R\YSQ
i\Q_RcdbeSSY†^TUd_T_c\_cSQ]Y^_c`QbQQTaeYbYb\Q
ceRcYcdU^SYQ`_b]UTY_TU\dbQRQZ_ $)! 

5\QbdUcQ^QT_]eiW_\`UQT_`_b\QSbYcYccUY^S_b`_b†`e^deQ\
]U^dUQ\Qc\eSXQc`_\dYSQcTU\`Ub_T_bUc`_^TYU^T_Q\_c\\Q]QT_cTU

$)
²3_^dY^eQU\QbdYSe\_c_RbU\Q`b_dUSSY_^Q\QY^TecdbYQiS_]UbSY_TU\`QYc³5\
=_^Yd_b9]`QbSYQ\CQ^dYQW_!TUTYSYU]RbUTU!("'
$)!
²5\BUZYcdb_³BUZYcdb_=e^YSY`Q\CQ^dYQW_!"TUQRbY\TU!("(3ebcYfQcU^U\_bY
WY^Q\5^U\]Yc]_QbdSe\_cUcU…Q\QRQU^dbUWQ^T_SYVbQcYWeQ\]U^dUUhQWUbQTQcaeUdQ^
c†\_U^\QSQ`YdQ\]vcTUTYUj]Y\]eZUbUcaeUQ^dUcdbQRQZQRQ^U^]Q^eVQSdebQccUU^
S_^dbQRQ^\YRbQTQcQ\QRQ^T_^_i\Q`b_cdYdeSY†^TURYT_Q\QQRe^TQ^SYQTU`b_TeSd_c
Y]`_bdQT_c

"!'
\_cRQ^T_cU^`eW^Q@QbQbUV_bjQbce`_TUbTUS_^f_SQd_bYQ\QcTYcdY^dQc
VQSSY_^UcTU\QU\YdUY]`e\cQb_^Q`QbdYbTU\QcUWe^TQ]YdQTTU\_cQ…_c
fUY^dU\QSbUQSY†^TU²c_SYUTQTUcTUQbdUcQ^_c³S_^VY^Uc]UbQ]U^dUY^c
dbe]U^dQ\UcUcTUSYbTUcdY^QTQcQQSe]e\QbVeUbjQcS_^dbQcecbYfQ\UcU^
`Ub_T_cU\USd_bQ\Uc_U^_SQcY_^UcTUTYc`edQfY_\U^dQ`_bU\`_TUb<_c
SQc_cTUdUSdQT_cU^dbU!("&i!(")S_bbUc`_^TU^`\U^Q]U^dUQUcdQ
dY`_\_WQTU²S_^f_SQd_bYQ`_\dYSQY^cdbe]U^dQ\_dbQTYSY_^Q\³
5^!("&`_S_Q^dUcTU\QQ`UbdebQTU\QccUcY_^UcTUe^^eUf_3_^
WbUc_>QSY_^Q\VYZQTQ`QbQU\$TUZe\Y_$)" Q\We^_c_`_cYd_bUcQ\W_RYUb^_
TUBQ]†^6bUYbUQS_bTQb_^cUSbUdQ]U^dUWQ^QbU\Q`_i_U\USd_bQ\TU\_c
QbdUcQ^_c5\`bY]Ub`Qc_S_^cYcdY†U^\_WbQb\QQTXUcY†^TUSeQdb_TUUc_c
dbQRQZQT_bUcaeUcUbfYbQ^TUY^cdbe]U^d_`QbQS_^aeYcdQbU\Q`_i_TU\_c
TU]vcE^Q²c_SYUTQTTUQbdUcQ^_c³VeUSbUQTQ`QbQUc_cUVUSd_c`Ub_e^Q
SQbdQY^dUbSQ]RYQTQU^dbUT_cTU\_cWUcd_bUcTU\QYTUQU^\QaeUcUbUfU
\QRQTU]Q^UbQS\QbQU\cU^dYT_TU\Q_`UbQSY†^SQi†U^]Q^_cTUT_c
]U^UcdbQ\UcTU\RQ^T_S_^dbQbY_aeU\Q`eR\YSQb_^U\!%TUQRbY\TU!("&
XQSYU^T_VbQSQcQb\Q]Q^Y_RbQ_`_cYd_bQCec`bY^SY`Q\Uc`QcQZUcbUfU\Q
RQ^\Q]QW^YdeTTU\Q]Q^Y`e\QSY†^BUVYbY}^T_cUQ\QQc_SYQSY†^QbdUcQ^Q\
TUbUSYU^dUSbUQSY†^U\Qed_bTU\Q]YcYfQY^V_b]QRQQceQ]YW_aeU*

KM\_cQbdUcQ^_ccUXQ\\Q^U^]eiReU^`YUiaeU
iQXQ^TUc`bUSYQT_fQbYQc_VUbdQcaeU\UcXQ^XUSX_\_c
Q^dY°]Y^YcdUbYQ\Uc5\\_cUcdv^]eiRYU^U^decYQc]QT_ci
cUS_^SU`d‹Q^dQ^Y^TU`U^TYU^dUcS_]_U\aeU]vc5\
Q]YW_=BXQTQT_`beURQcTUcedQ\U^d_iT_^615
\_QieTQTUe^]_T_aeU^QTQTUZQaeUTUcUQb5\cUSbUd_
‹^YSQ]U^dUbUcYTUU^SeQdb_TUU\\_c\_cSeQ\UcQ`QbU^
dQ^T_\YRUbdQTY^dUb}c`_b\_cc_SY_ciTUc`bU^TY]YU^d_
TYbYWU^Q\bUcd_S_^\Q]Qi_bVQSY\YTQT
D_T_fQRYU^icYU\\_c^_TUcSeRbU^U\`QcdU\icU
TYfYTU^TUcTUQX_bQi_dUbUc`_^T_TU\dbYe^V_3_^\_c
Y^YSYQT_cU^U\cUSbUd_XU]_cQS_bTQT_aeUU^\Qc\YcdQc
^_Q`QbUjSQ^_db_cceZUd_ccY^_QaeU\\_caeU^_Ucd}^
]QbSQT_c`_b\Q_`Y^Y†^`‹R\YSQS_]_SQRUSY\\QcTU`Qb
dYT_`Ub_aeU`_bbU\QSY_^UcTUVQ]Y\YQi_db_c]_dYf_c
Y^TUVUSdYR\U]U^dU^_c`UbdU^UjSQ^
?`_bde^Q]U^dUdU\QcbU]YdYb}iQe^aeU^_U^S_^
dbQbvcU^U\\Q^_]RbUcS_^_SYT_ciTUcQRUb`eUTUccY^
U]RQbW_UcdQbcUWeb_aeUd_T_cU\\_c^_XQbv^_dbQS_cQ
aeU\_aeU^_c_db_caeUbQ]_c$)# 

$)"
2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_HF`vWc#!#$
$)#
1\QC_SYUTQTTU1bdUcQ^_cCQ^dYQW_9]`bU^dQBU`eR\YSQ^Q!%TUQRbY\TU!("&<Qc
Y^YSYQ\Uc=B`QbUSU^S_bbUc`_^TUbQ=Q^eU\BU^WYV_i\QcTU\VYb]Q^dU4:2Q4YUW_
:_c}2U^QfU^dU

"!(
 IU^cUWeYTQU^dbUWQRQU\ZeYSY_c_RbU\_cQbdUcQ^_caeUY^c`YbQRQTY
SXQ_`UbQSY†^`_\dYSQ*

D‹cQRUcaeU\_cQbdUcQ^_cTU^eUcdb_`Qcc_^]Y
cUbQR\Uc RQZ_ d_T_c Qc`USd_c i aeU YW^_bQ^ QRc_\edQ
]U^dUSeQ^d_dYU^UbU\QSY†^S_^]QdUbYQc`_\dYSQc+TU
S_^cYWeYU^dU^_`_TbQ]_cXQRUbU^S_^dbQT_WU^Y_c
]vcQ`b_`†cYd_`QbQ\\UfQbQTU\Q^dU^eUcdb_c`\Q^Uci
QbbeY^QbS_^U\\_c`QbQcYU]`bUXQcdQU\^_]RbUTU\YRU
bQ\Uc
5\`QbdYT_]Y^YcdUbYQ\XQcdQ\QVUSXQ^_XQRecSQ
T_U\Q`_i_TU\_cQbdUcQ^_ciUcd_]UXQSUSbUUbaeU
c_^ ]ei `_TUb_c_c ]ei c_RUbRY_c _ ]ei Ucd‹`YT_c+
`Ub_cUQ\_aeUVeUbUTU}cd_i_^_dU^W_U\]U^_bSeY
TQT_U^bQj†^TUaeUcecUcVeUbj_ccUbv^^e\_ccYQdU^
TU]_cQ\QS\QcUTU]UTYTQcaeUcUXQ^d_]QT_iaeU
_]Yd_bUVUbYbdU`_baeUU\S_^TeSd_bTU}cdQfQU^SQbWQ
T_TUS_]e^YSvbdU\Qc>_cUTURU^VYQbQ\Q`\e]Q
5\@bUcYTU^dUaeUTURUU\UWYbcUU^U\]UcU^dbQ^dU
UcFid_T_^eUcdb_U]`U…_\_fQ]_cQbUTeSYbQaeU
`QbQU\cYWeYU^dUcUQbUU\USd_5cdUZ_fU^^_cXQcUbfYT_
]eSX_icY^}\d_T_cU\_XeRYUbQ^\\UfQT_\_cTYQR\_c
<Qc]Q^_cceRQ\dUb^QcTUaeUcUfQ\U\U`UWQ^]eSXQc
cQ^WbQci}cdQcbUV\eiU^c_RbU^_c_db_c`Ub_d_T_\_
ceVbY]_cS_^`QSYU^SYQcUWeb_cTUaeUS_^UcdQWU^dU
fQ^QaeUTQb\_c`Y`Y_\_cU^\Qc`b†hY]QcU\USSY_^UcbU
TeSYT_cQ\Q]vcfUbW_^j_cQ^e\YTQT
5^VY^^eUcdb_c`\Q^UcUcdv^S_]RY^QT_cTUdQ\
ceUbdUaeUc†\_`_b_SebbU^SYQcce]Q]U^dUUhdbQ_bTY
^QbYQc`eUTU^VQ\\QbD_T_TU`U^TUTU\QVYTU\YTQTTU
^eUcdb_c Y^YSYQT_c 8QRYU^T_ cYT_ dQ^ S_^cUSeU^dUc
TUcTUU\&TU_SdeRbUQSvcUbQQWbQfYQb\_ccYQ\Y]U^dvcU
]_c\Q]vc`UaeU…QTUcS_^VYQ^jQ $)$ 

5^UcdUSQc_cUbU‹^U^TU\Q]Q^UbQ]vc]Q^YaeUcdQd_TQc\QcSQ
bQSdUbcdYSQcTU\QS_^f_SQd_bYQ`_\dYSQY^cdbe]U^dQ\_dbQTYSY_^Q\*cUSbU
d_]Q^Y`e\QSY†^i]QaeYQfU\Yc]_TUcec`b_]_d_bUc+Y^WU^eYTQTiTUc
S_^_SY]YU^d_TU\_cfUbTQTUb_c_RZUdYf_c`_b`QbdUTU\_cQbdUcQ^_c>_
_RcdQ^dUTURUUfYdQbcU\QdU^dQSY†^TUXQSUbTU}\e^`QbQTYW]Qe^Q
dY`_\_WQfv\YTQTU\QS_^f_SQd_bYQdbQTYSY_^Q\Q\²RQZ_`eUR\_³TUcS_^_
SYU^T_\QUhYcdU^SYQTU^e]Ub_c_c]QdYSUcU^U\WbQT_TUQTXUcY†^°Uc
`_^dv^UQ_Y^TeSYTQ°TUTUdUb]Y^QT_cU\U]U^d_c`_`e\QbUcQSYUbd_c

$)$
9RYT

"!)
RQ^T_c`_\dYS_cTU\QU\YdUCY^Y^SebbYbU^UcUUbb_b`_TU]_cS_^cYTUbQb
UcdUUZU]`\_RQcdQ^dUbU`bUcU^dQdYf_TUe^UcdY\_TU\\Q]Q]YU^d_Q\`eU
R\_U^bUQ\YTQT‹^YS_TebQ^dU\Qc`bY]UbQcT}SQTQcbU`eR\YSQ^Qc
5\QWYdQT_Q…_TU!(")_VbUSY†U\dUbbU^_]vcV}bdY\`QbQ\QV_b]Q
SY†^ TU c_SYUTQTUc TU QbdUcQ^_c TU ²dY`_ Y^cdbe]U^dQ\³ :_c} JQ`Y_\Q
SeU^dQ aeU U\ S_b_^U\ `U\eS†^ 5^bYaeU 3Q]`Y^_ V_b]† U^ \Q SQ\\U
=_^ZYdQce^Qc_SYUTQTS_^^e]Ub_c_c]YU]Rb_cTYfYTYTQU^dbUccUSSY_
^UcaeUcUS_]e^YSQRQ^iU^dU^TQ^`_b]UTY_TUcecbUc`USdYfQcS_]Y
cY_^Uc*²\Q`bY]UbQTU`Ubc_^QcY]`_bdQ^dUc+\QcUWe^TQTUY^TYfYTe_c
TU]U^_cSQdUW_bQ+i\QdUbSUbQTUQbdUcQ^_c³ $)% 5\]Yc]_JQ`Y_\QS_^
dU]`_bv^U_TUUcd_cceSUc_cQdbYReiUQ\@QbdYT_@U\eS†^\QV_b]QSY†^_
U\V_]U^d_TU_dbQc_SYUTQTTUQbdUcQ^_caeUQ\YWeQ\aeU\QQ^dUbY_bUbQ
²^_d_bYQ]U^dUX_cdY\Q\W_RYUb^_³`Y`Y_\_TU\Q}`_SQ $)& 4YcdY^d_cXYcd_
bYQT_bUcXQ^XUSX_RbUfcY]Qc]U^SY_^UcQUcdQc_SYUTQTTU]U^UcdbQ
\UcS_\_Sv^T_\QRQZ_U\`Qdb_SY^Y_TU\_c`U\eS_^Uc_TU\_cUcdQ^aeUb_c
5^dbU\_cQed_bUcaeUcUbUVYUbU^QU\\QTUcdQSQ=QbSU\_CUWQ\\aeYU^
c_cdYU^U°cY^SYdQbVeU^dUc°aeUU^d_^SUc²\_c`_bdQ\UQ^_c°\Q<_WYQ6Y\Q^
db_`Q°QieTQb_^Q\dY`†WbQV_FYSd_bY^_<Q^UjQ_bWQ^YjQb\Q`bY]UbQC_
SYUTQTTU1bdUcQ^_cS_^`Q`U\QSdYf_U^\Q`_\dYSQSXY\U^Q³`Ub_aeU\eU
W_TUS_^aeYcdQbU\`_TUbU^SQbSU\Qb_^Q\TYbYWU^dU`_`e\QbiTYc_\fYU
b_^cec_SYUTQT$)' 
¤3ev\VeUbUQ\]U^dU\Q`QbdYSY`QSY†^QbdUcQ^Q\U^\QS_ie^debQ`_\
dYSQTU!(")/¤3ev\VeU\QQSSY†^iU\cU^dYT_TUUcQc_SYUTQTTUQbdUcQ
^_c/¤6eUe^SQc_QYc\QT_/¤BUc`_^TY†Qe^QcY]`\UY^cdbe]U^dQ\YjQSY†^
`_\dYSQTU\cU^dYbTU\QbdUcQ^QT_`_be^_TU\_cRQ^T_cTU\QU\YdU/<Q
XYcd_bYQUcSbYdQXQTUZQT_UcQcY^dUbb_WQ^dUccY^bUc`eUcdQciUc`b_RQR\U
aeUQ^dU\QUcSQcUjTUVeU^dUc]eSX_cQc`USd_cTUUcdQUh`UbYU^SYQ`Y_
^UbQaeUTU^U^\Qc_]RbQCY^U]RQbW_\_cT_Se]U^d_cTU\Q}`_SQ
U^dbUWQ^ ]vc Y^V_b]QSY_^Uc aeU \Qc bUS_WYTQc XQcdQ QX_bQ `_b \Q
XYcd_bY_WbQVQ^QSY_^Q\

$)%
:_c}JQ`Y_\QBUSeUbT_cTUdbUY^dQQ…_c2eU^_c1YbUc5TYd_bYQ\6bQ^SYcS_TU1WeY
bbU!)'$`vW"%'
$)&
9RYT
$)'
CUWQ\\²<Qc\eSXQc³_`SYd`vW!(!<Q<_WYQ6Y\Q^db_`Q3XY\U^QVeUVe^TQTQ
U^CQ^dYQW_U^]Qbj_TU!("'CeFU^UbQR\U=QUcdb_VeUU\Uh@bUcYTU^dUTU\QBU`‹R\Y
SQWU^UbQ\=Q^eU\2\Q^S_5^SQ\QTQ5^dbUcec_bWQ^YjQT_bUccUS_^dQRQ^=Q^eU\:_c}
7Q^TQbY\\Qc=Q^eU\BU^WYV_D_]vc?fUZUb_iFYSd_bY^_7QbbYT_]YU]Rb_cTU\Wbe`_
`_\dYS_UcdQ^aeUb_TUVY^UcTU\_cQ…_cfUY^dUiS_]YU^j_cTU\_cdbUY^dQ3_]_UccQRYT_
Q]UTYQT_cTUUcdQ‹\dY]QT}SQTQ\_cT_c`bY]Ub_ccUTYcdQ^SYQb_^TU@_bdQ\UcV_b]Q^T_
U\Wbe`_`XY\_`_\YdQ?fUZUb_i7QbbYT_cU]Q^defYUb_^Y^S_^TYSY_^Q\]U^dUVYU\UcQ\]Y
^Ycdb_XQcdQce]eUbdU5\`b_`Y_@_bdQ\UcZQ]vcQTXUbY†Q\_WYQ]Qc†^YSQQ\We^QBU^}
7QbSQFQ\U^jeU\Q5\_bYWU^Q`QbU^dUTU\Q6bQ^S]Qc_^UbQU^3XY\Ui\QBUc`UdQR\U<_WYQcY]R†
\YSQ²6Y\Q^db_`Q3XY\U^Q³CQ^dYQW_9]`bU^dQE^YfUbcYdQbYQ!)$)4UUcdUUcdeTY_]_^_
WbvVYS_cUTUc`bU^TUe^QfYcY†^RQcdQ^dU]vc]QdYjQTQc_RbU\Q6Y\Q^db_`Q3XY\U^Q+cYRYU^
Q\We^_cTUcecY^dUWbQ^dUcdQ]RY}^VeUb_^²`_bdQ\UQ^_c³^_Uc`_cYR\UQTZeTYSQbdQ\SQ
bvSdUbQ\Q<_WYQU^ceS_^Ze^d_S_]_\_XYj_CUWQ\\

""
 5^!(")TURQ^bUQ\YjQbcUU\USSY_^UcTUQcQ]R\UQcTUSQRY\T_ciTU
U\USd_bUc`QbQTUcYW^Qb@bUcYTU^dUTU\QBU`‹R\YSQ<QUhQSUbRQSY†^TU\Q
S_]`UdU^SYQU^dbUU\W_RYUb^_`Y`Y_\_i\_cTYcdY^d_cWbe`_c_`_cYd_bUc
WU^Ub†e^S\Y]Q`_\dYS_`QbdYSe\Qb]U^dUS_^V\YSdYf_FY_\U^SYQcTUc†bTU
^UcQSecQSY_^UcTUVbQeTUU^\QcY^cSbY`SY_^UcU\USd_bQ\UcSQbQSdUbYjQb_^
\QSQ]`Q…Qi\QcU\USSY_^UcU^TYcdY^d_c\eWQbUcTU\`QcE^QUhdbQ_bTY^Q
bYQSQ^dYTQTTU`b_S\Q]Qci`Q^V\Ud_cTUWbQ^QWbUcYfYTQTS_^dbQ\_cQTfUb
cQbY_cZe^d_Q\QcQ^TQ^QTQc\Q^jQTQcTUcTU^e]Ub_c_c`UbY†TYS_cTUWeU
bbY\\Q`_\dYSQS_^dbYReQ^QQe]U^dQb\QdU^cY†^ $)( 
5^UcUS_^dUhd_S_]U^j†Q_`UbQbe^U\U]U^d_^eUf_CY\QcQ^dU
bY_bUcS_^cdYdeSY_^UcXQRQ^bUcdbY^WYT_]vc_]U^_ccUfUbQ]U^dUU\
TUbUSX_QceVbQWY_QQaeU\\_cSYeTQTQ^_c`_cUUT_bUcTUSYUbdQbYaeUjQ_
^YfU\TUY^cdbeSSY†^\Q3_^cdYdeSY†^TU!("(U^SQ]RY_bUS_^_SQUcU
TUbUSX_QaeYU^UcV_b]QbQ^`QbdUTU\Qc]Y\YSYQcSfYSQc $)) 4UUcdQ]Q
^UbQ\QY^cSbY`SY†^TUU\USd_bUcbUQ\YjQTQU^]Qbj_TUUcUQ…_SQcYTe
`\YS†U\TU\QcU\USSY_^UcQ^dUbY_bUc<_c^eUf_cY^cSbYd_cUbQ^U\U]U^
d_c`_`e\QbUc°TU\SQ]`_iTU\QSYeTQT°S_^dv^T_cUU^dbUU\\_c^e]U
b_c_c QbdUcQ^_c 5^ CQ^dYQW_ i U^ Q\We^Qc `b_fY^SYQc cU V_b]Qb_^
Qc_SYQSY_^Uc_S\eRUc`_\dYS_cQ\_caeUY^WbUcQb_^Y^TYfYTe_cTU\²RQZ_
`eUR\_³CUW‹^2Qbb_c1bQ^Q*

<QUhYcdU^SYQTUdQ\UcQc_SYQSY_^UcU^e^Q}`_SQU^
aeU\QcS\QcUcc_SYQ\UcY^VUbY_bUcUcdQRQ^ce]YTQcQ\Q
]Qi_bYW^_bQ^SYQiU^aeUUbQ^`_S_c\_cQbdUcQ^_caeU
cQRQ^\UUbUbQTU]eiUcSQcQY]`_bdQ^SYQU^U\bUce\dQ
T_ TU \_c S_]YSY_c `Ub_ S_^dbYReQ Q Qe]U^dQb \Q
UhYdQSY†^`‹R\YSQiTY__bYWU^QTUc†bTU^UciQ\QfY_\U^
SYQS_^aeUQ\We^QcTUU\\QcVeUb_^TYceU\dQc`_b\_cS_^
dbQbY_c_`_b\QcQed_bYTQTUcceRQ\dUb^Qc % 

5^CQ^dYQW_U\RQ^T_UcdQ^aeUb_VeUU\aeUTUc`\UW†\Q]Qi_bQSdY
fYTQTXQSYQU\QbdUcQ^QT_i\_ccUSd_bUc`_`e\QbUc8QSYQS_]YU^j_cTU
!(")cUS_^cdYdei†e^Qc_SYUTQTTUQbdUcQ^_cU^CQ^dYQW_Sei_cTYbYWU^
dUc`bY^SY`Q\UcVeUb_^=QbS_cTU7Q^Q6bQ^SYcS_TU2_bZQ?\YfUbQiU\
dY`†WbQV_`UbeQ^_FYSd_bY^_<Qi^Uj % ! <QcY]`bU^dQcU^\QcaeUcU`e

$)(
2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_HF`vWc#$!#$%
$))
3_^cdYdeSY†^@_\dYSQTU\QBU`‹R\YSQTU3XY\U!("(CQ^dYQW_9]`bU^dQTUBBU^
WYV_!("(`vW"
%
2Qbb_c1bQ^Q8Ycd_bYQ:U^UbQ\_`SYdd_]_HF`vW#$%
% !
5^Q\We^_cY]`bUc_cTU\Q}`_SQQ`QbUSU^dQ]RY}^S_]_=QbS_c7Q^Q6bQ^SYc
S_2_bZQc?\YfUbQiFYSd_bY^_<Q^Uc6bQ^SYcS_2_bZQc_TU2_bZQcUbQe^QbdUcQ^_]ei
S_^_SYT_U^CQ^dYQW_5^!(!'iQVYWebQRQS_]_]QUcdb_]Qi_bTU\WbU]Y_TUcY\\Ub_ci
U^\QcUSSY†^S_bbUc`_^TYU^dUQTYSX_WbU]Y_TU\Qc\YcdQcTU²fUSY^_c`eTYU^dUc³TU\Q
SQ`YdQ\`QbQU\`QW_TU\QS_^dbYReSY†^]U^ceQ\FY\\QbbUQ\²<YcdQTUU\USSY†^TU]QUcdb_c

""!
R\YSQRQ^cecTUS\QbQSY_^Uc\_cQ`_i_cQcS_]_\_cQdQaeUcTU\Q`bU^cQTU
e^_e_db_RQ^T_QTU]vcTU_db_cY^TYSY_cY^TYSQRQ^aeUU\Wbe`_TU\_c
UcdQ^aeUb_c`Qdb_SY^QRQ_`_b\_]U^_cQ`_iQRQ\QY^YSYQdYfQQe^SeQ^T_
\_cTYbYWU^dUcQbdUcQ^Q\Uc`b_S\Q]QbQ^bUYdUbQTQ]U^dUceY^TU`U^TU^SYQ
bUc`USd_QSeQ\aeYUb`QbdYT_5\$TU]Qbj_\QV\Q]Q^dUc_SYUTQTTQRQQS_
^_SUbQ\Q_`Y^Y†^`‹R\YSQ\QcRQcUcc_RbU\QcSeQ\UccUUcdQR\USQ\QC_SYUTQT
TU1bdUcQ^_cTU\@Qc% " 
=ei`b_^d_\QC_SYUTQTTU1bdUcQ^_cVeU`bUcQTU\QdQaeUTU\_c`U
bY†TYS_cW_RYUb^YcdQcaeUTU^e^SYQRQ^ceY^cdbe]U^dQ\YjQSY†^`_b`Qb
dU TU _`_cYd_bUc 5\ S\eR _VYSYQ\YcdQ \Q C_SYUTQT TU \_c 3_^cdYdeSY_^Q\Uc
Y^SbY]Y^†Q\Q²_TY_cQVQSSY†^TU\_cUcdQ^aeUb_c³TUXQRUb²`b_iUSdQT_
i`eUcd_U^`\Q^dQ\QV_b]QSY†^TUe^S\eRTUQbdUcQ^_c`QbQTYbYWYbUcQ
]QcQY^_SU^dUQceQ^d_Z_`_b]UTY_TU\U^WQ…_i\QS_^USSY†^TUdbUc_
SeQdb_QWU^dUccei_c\_c‹^YS_cY^YSYQT_cU^ceccUSbUd_c³ % # 
<QcTYcU^cY_^UccebWYUb_^U^U\`b_`Y_cU^_TU\S\eRQbdUcQ^Q\¤CU
QT]YdYbQU\Y^WbUc_TUUhdbQ^ZUb_c/¤4URQ^Y^f_\eSbQbcUcecQVY\YQT_cU^
\Qc\eSXQc`_\dYSQcaeUS_^]_fQ^Q\`Qc/<Q`bU^cQ`QbdYTQbYQTU\W_
RYUb^_`Y`Y_\_Qe^aeUSQ\YVYS†TU\QeTQR\U\QY^YSYQdYfQTU\_c]U^UcdbQ
\UcaeU²`bUdU^TU^bUe^YbcUiQ`bU^TUbcecTUbUSX_cS_]_U\USd_bUc³
S_^cYTUb†aeU`bUfY_Qce`QbdYSY`QSY†^U^\QfYTQ`_\dYSQUc_cdbQRQZQ
T_bUc^USUcYdQRQ^Q\SQ^jQb²\Q]_bQ\YTQTSYfY\TUaeUSQbUSU^U^WU^U
bQ\³iXQSUb²QRZebQSY†^TUUcQ]Q\QVUaeU\_cXQSUdU]YR\UcicYU]`bU
K\_cMdYU^UQRQdYT_ciXUSX_cKcYSMQ\_RZUd_TU\TUc`bUSY_`‹R\YS_³% $ 
1^dUcTU`QbdYSY`QbU^`_\dYSQ\_cQbdUcQ^_cTURQ^cUb*

KM ReU^_KcM `QTbUKcM TU VQ]Y\YQ VYU\KUcM Q]Y

W_KcMTUSU^dUKcMU^cec]Q^UbQcfUbQjKUcM`e^deQ\
KUcMU^cecdbQd_cTUdUcdQb\QU]RbYQWeUjaeU\_cbYTYSe
\YjQiU\ZeUW_aeU\_cQbbeY^QKcUbM²bUc`Ude_c_cTU\Q

]Qi_bUcTU\_cWbU]Y_c³CQ^dYQW_i]Qbj_%TU!(!'U^1bSXYf_TU4_^2Ub^QbT_?µ8YWWY^c
?bWQ^YjQSY†^]Y\YdQbd_]_HF9CQ^dYQW_9^cdYded_7U_WbvVYS_=Y\YdQb!)%&`vW!$)+
C3<d_]_999CU^QT_3_^cUbfQT_b!(!)!(" ²CUcY†^)#?bTY^QbYQU^!(TUZe^Y_TU
!(!)³1^Uh_>‹]$&`vW$"5^QRbY\TU!(!)2_bZQc_Se`QRQU\SQbW_TU]QUcdb_]Q
i_bTU\WbU]Y_TUdQ\QRQbdUb_ciU^UcQS_^TYSY†^UbQU\U^SQbWQT_TUS_^VUSSY_^Qb\Q\Yc
dQTUcecS_\UWQcTU\QSQ`YdQ\`QbQU\`QW_TU\QS_^dbYReSY†^]U^ceQ\C3<d_]_99CU
^QT_3_^cUbfQT_b!(!(!(!)²CUcY†^(#?bTY^QbYQ³_`SYd1^Uh_>‹]&("`vW$)%
% "
>_^_cXQcYT_`_cYR\UU^S_^dbQbTYSX_]Q^YVYUcd_CY^U]RQbW_XU]_cXQ\\QT_
bUVUbU^SYQcQceUhYcdU^SYQiQ\TQ$TU]Qbj_S_]_VUSXQTU\\Q^jQ]YU^d_`‹R\YS_TU\Q
c_SYUTQTU^\QSQbdQU^fYQTQ`_b²e^SQb`Y^dUb_³Q\_c²CU…_bUc5TYd_bUcTU\3U^dY^U\Q³
5\3U^dY^U\QCQ^dYQW_!!TU]Qbj_TU!(")iU^U\`Q^V\Ud_BUVedQSY†^Q\1fYc_Y]`_bdQ^dcY
]_TU\_cQbdUcQ^_cCQ^dYQW_9]`bU^dQTU\Q9^TU`U^TU^SYQ!#TUQRbY\TU!(")
% #
<QC_SYUTQTTU\_c3_^cdYdeSY_^Q\UcQ\_c<YRUbQ\UcCQ^dYQW_9]`bU^dQBU`eR\YSQ^Q
!(")
% $
²1bdUjQ^_c³5\6Q^Q\CQ^dYQW_"$TU]Qbj_TU!(")

"""
 \UiiQKcYSMcecce`UbY_bUci`b_`_^UbcU`_b]_TU\_Q\Q
]Qi_bQTU\_cQbdUcQ^_cUhdbQ^ZUb_caeUS_^]eSX_c]U
^_cU\U]U^d_caeUU\\_cXQSU^ceceUbdUS_^c†\_cUbX_^
bQT_c% % 

CUW‹^U\`UbY†TYS_W_RYUb^YcdQTQT_U\QdbQc_TU\_cdbQRQZQT_bUc
SXY\U^_cUbQY^S_^SURYR\UaeU}cd_c`bUdU^TYUbQ^_Se`QbcUTU\_c^UW_
SY_c`‹R\YS_c*²ZQ]vc^YQ‹^U^dbU^eUcdb_cRvbRQb_cY^TWU^QccQ\TbQ
TUe^QSQb`Y^dUbQ_jQ`QdUbQe^_Q]Q^TQbU\5cdQT_U\UZ}bSYd__TYS
dQb\Qc\UiUcc†\_`_b\QSQ\YTQTTUjQ`QdUb_c_SQb`Y^dUb_c³ % & 
5cdU`e^d_TUfYcdQSX_SQRQS_^U\TU\_cc_SYUdQbY_cQbdUcQ^_cE^_
TUU\\_ce^²jQ`QdUb_³cQ\Y†U^TUVU^cQTU\QcQc`YbQSY_^UcTUcecS_]
`Q…Ub_cSeUcdY_^Q^T_U\]_^_`_\Y_`_\dYS_aeUcUQbb_WQRQ\QU\YdU*

4UaeUe^QbdUcQ^_cY^dQ\U^d_^_TURUceRYbQ\Q
`bY]UbQ]QWYcdbQdebQ^YcQ\YbTUcedYU^TQQ]Q^TQbU\
UZ}bSYd_+cY^U]RQbW_aeUXQiQ\We^_caeUS_^_SU^\Q
]Y\YSYQDQ]`_S_U^SeU^db_Q`d_`QbQUcdUTUcdY^_Qe^
QR_WQT_aeUc†\_cUXQaeU]QT_\Qc`UcdQ…Qc`QbQU^
dU^TUb\QcTYc`_cYSY_^UcTU\_cbUiUcTU5c`Q…QE^S_
]UbSYQ^dUaeU^_XQcQ\YT_TUTUdbvcTUce]_cdbQT_b+
e^XQSU^TQT_SbYQT_U^ceUcdQ^SYQ`b_RQ^T_U\ReU^
SQRQ\\_i\QSUQ^T_U\]UZ_bd_b_\_cXU]_cdU^YT_TU
Q\SQ\TUciTUbUWYT_bUcU^fQbYQc}`_SQc+`_b\_aeUSbU_
aeU^_cU^USUcYdQ]eSXQSYU^SYQ`QbQUcd_cU]`\U_c % ' 

5^dbU\_c`b_`Y_cQbdUcQ^_c\Q`_\}]YSQVeUceRYU^T_TUd_^_1\
Y^YSY_\_cT_cWbe`_cU^aeUcUUcSY^TY†\Qc_SYUTQTcUQSecQRQ^TUaeU
bUb\\UfQbQWeQcQ\]_\Y^_TUQ\W‹^`QbdYT_@b_^d_\QTYcSecY†^cUcQ\T†
S_^\QUh`e\cY†^TUe^QVbQSSY†^Q\`QbUSUb]Y^_bYdQbYQ5\cUSd_bU^SQ
RUjQT_`_b7Q^Q2_bZQi<Q^UjY^V_b]†QS_]YU^j_cTUQRbY\aeU\_c
`\QdUb_c:_c}B_TbWeUji:eQ^TU4Y_c5c`UZ_\_c`Y^d_bUc:_c}2bQf_i
=Q^eU\7QbQiU\\_]Y\\Ub_:_c}CQ^dQ=QbQU\bUdbQdYcdQ:_c}=_bQ\UcU\
cQcdbU:_c}3Q…QciU\R_d_^Ub_=Q^eU\CY\fQ % ( ²VQ\dQ^T_Q\_cTURUbUcQ

% %
9RYT
% &
9RYT
% '
5\JQ`QdUb_3_^dUcdQSY†^Q\QbdSe\_Y^cUbd_`_bU\5TYd_bTU\6Q^Q\U^ce^‹]Ub_!¡CQ^
dYQW_9]`bU^dQBU`eR\YSQ^Q"(TU]Qbj_TU!(")
% (
5\cQcdbU:_c}3Q…QciQVYWebQRQU^\Qc\YcdQcTUS_^dbYReiU^dUcTU\`Ub_T_!(!'
!(!)+\_]Yc]__SebbQS_^U\`\QdUb_:_c}B_TbWeUjU^!(!'!(!(3Qb\_cCdeQbT_?i
:eQ^5ijQWeYbbU5CQ^dYQW_3_^dbYReiU^dUcQed_bYTQTUcVe^SY_^QbY_cQWU^dUcTY`\_]vdYS_ci
S_^ce\QbUc!(!'!(!)CQ^dYQW_1SQTU]YQ3XY\U^QTU\Q8Ycd_bYQ!)%"`vWc(i!%+C3<
d_]_99CU^QT_3_^cUbfQT_b!(!(!(!)CUcY†^(#?bTY^QbYQ_`SYd1^Uh_>‹]&( 
`vW$)$

""#
aeUcUS_]`b_]UdYUb_^cUXQ^cU`QbQT_TU\QQc_SYQSY†^`_baeU^_`_
TQ^QbbQcdbQb\QQd_]Qb`QbdUU^^Y^We^_TU\_c`QbdYT_cU^aeUUcdvTYfYTY
TQ\QSYeTQT³% ) 
5\Wbe`_Uh`e\cQT_S_^dbQQdQS†`‹R\YSQ]U^dUTU^e^SYQ^T_Qcec
bYfQ\Uc`_bXQRUbXUSX_TUWU^UbQb²\Qc_SYUTQT`‹R\YSQKMU^cUSbUdQ³i
`_bUhS\eYbQ\_c]U^UcdbQ\UcUhdbQ^ZUb_c`Ub_Q‹^SeQ^T_^UW†U\XQ
RUbdbQdQT_TUS_^TeSYbQ\QQc_SYQSY†^XQSYQe^`QbdYT_Y]`\SYdQ]U^dU
S_^VYb]†\QQSecQSY†^TUcecQTfUbcQbY_cQ\`b_S\Q]QbceQ`_i_Q\VUTU
bQ\YcdQ:_c}=YWeU\9^VQ^dU%! <Q`_\}]YSQQTaeYbY†e^cQR_b]eiQWbY_
1\QcTUS\QbQSY_^UcTUe^cUSd_bcUceSUTQ^\QcbUVedQSY_^UcTU\_db_U^
Y]`bUc_cceU\d_ciU^SQbdQc`eR\YSQTQc`_b\Q`bU^cQ\\UWQ^T_Y^S\ec_
QSYbSe\Qb`Q^V\Ud_cQ^†^Y]_c_Q`†SbYV_caeUVeUb_^\eUW_TU^e^SYQ
T_cS_]_dQ\Uc%!! @_bce`QbdU\Q`bU^cQW_RYUb^YcdQ_QTfUbcQbYQTU\_c
UcdQ^aeUb_cbUd_]†\QQSecQSY†^\Q^jQTQ`_b\_cTYcYTU^dUcTUS_]`\_d
i]Q^Y`e\QSY†^TU\_cQbdUcQ^_c*

CUQcUWebQi^_c_db_c^_cXU]_c`UbceQTYT_TU
U\\_aeUQWU^dUccUSbUd_c\QTYbYWU^K\QC_SYUTQTMcY^
aeUcecS_]`_^U^dUcSeiQ]Qi_bQ]QbSXQcY^TeTQTU
ReU^QVUS_^_jSQ^U\`e^d_QT_^TU\Q\\UfQ^^YdQ]`_
S_\_cY^dUbUcUcaeUfQ^Qc_cdU^Ub%!" 

2_bZQc7Q^Qi<Q^Uj\_WbQb_^U\S_^db_\TU\QQc_SYQSY†^iTU^e^
SYQb_^Q^dU\_c]U^UcdbQ\Uc²\Qc]QaeY^QSY_^UcaeUcU`b_iUSdQ^`QbQ
TYfYTYb^_c³%!# <Qc_\YSYdeTTUY^WbUc_Q\QC_SYUTQTU\UfQTQU\!"TUQRbY\
`_bT_c`_\dYS_cVeUe^v^Y]U]U^dUbUSXQjQTQ²U^bQj†^TU^_cUbQbdU
cQ^_c³%!$ +TU\]Yc]_]_T_\_VeUb_^\QcSbdYSQciQdQaeUcUhdUb^_c<_c
Uh`e\cQT_cQSecQb_^Q\_cTYbYWU^dUcTU\QC_SYUTQTTU1bdUcQ^_cTUcUbY^c
dbe]U^d_cTU\_cUcdQ^aeUb_cSU^dbQ^T_U\VeUW_U^FYSd_bY^_<Q^Uj

% )
1fYc_Y]`_bdQ^dcY]_CQ^dYQW_9]`bU^dQBU`eR\YSQ^Q'TUQRbY\TU!(")
%!
BUVedQSY†^Q\1fYc__`SYd4Qc]vcdQbTUUcdUWbe`_Qed_TU^_]Y^QT_²\_c1b
dUcQ^_caeUc_cdYU^U^\QSQecQ@_`e\Qb³bUYdUb†ceQ`_i_`_\dYS_Q9^VQ^dUU^e^Q`b_S\Q
]QY]`bUcQU^\Q]Yc]QY]`bU^dQaeU\QQ^dUbY_b1\Q^QSY†^CQ^dYQW_9]`bU^dQTU\Q
9^TU`U^TU^SYQ!(TUQRbY\TU!(")
%!!
5\Y]`bUc_ceU\d_E^_c]YU]Rb_cTU\QC_SYUTQTTU1bdUcQ^_cS_^dUcdQ^SeQdb_`Q\QRbQc
Q\Q^†^Y]_dYde\QT_²BUVedQSY†^Q\QfYc_Y]`_bdQ^dcY]_³CQ^dYQW_9]`bU^dQBU`eR\YSQ^Q
!&TUQRbY\TU!(")aeUQ`QbUSY†VYb]QT_`_b\QcY^YSYQ\Uc=TU7i62TU?ce`eUc
dQ]U^dU=QbS_TU7Q^Qi6bQ^SYcS_TU2_bZQ?\YfUbQcYU^T_bU`b_TeSYT_`_bU\`UbY†TY
S_5\6Q^Q\TUCQ^dYQW_U\"$TUQRbY\TU!(")VeUTU^e^SYQT_S_]_Q`†SbYV_`_b=QbS_c
7Q^QU^²4UcSeRbY]YU^d_Qe^Q`eUbSQce`UbSXUbQ³5\@U^aeYcd_CQ^dYQW_"(TUQRbY\
TU!(")
%!"
²C_SYUTQTUc³5\3U^dY^U\QCQ^dYQW_!(TUQRbY\TU!(")
%!#
62_bZQc?\YfUbQ1\_cQbdUcQ^_cTUCQ^dYQW_CQ^dYQW_9]`bU^dQTUBBU^WYV_"#
TU]Qbj_TU!(")
%!$
9]`bUc_dYde\QT_1\QC_SYUTQTTU1bdUcQ^_cVYb]QT_`_b:=<QbbUQbU`b_TeSYT_
`_bU\`UbY†TYS_5\1fYcQT_bTUFQ\`QbQc_FQ\`QbQc_"!TUQRbY\TU!(")

""$
5\S\eRTU\_cQbdUcQ^_cSUbb†VY\QcTUdbvccei_iTU^e^SY†QQaeU\\_caeU
Q^TQRQ^²S_bbYU^T_\Qf_jTUaeUUcdQ]_cQ\UcdQ^S_Y^TeSYT_c`_bU\TU
\Q]Yc]QS\QcUF<KFYSd_bY^_<Q^UjM³ %!%ibUYdUb†ceQ`_i_Q\TYbYWU^dU
Y^SbY]Y^QT_iceY^TU`U^TU^SYQbUc`USd_TU\_c`QbdYT_c %!&<Q`_\}]YSQ
Q\SQ^j†]Qi_bfYW_biS_^VecY†^*<Q^UjVeUQSecQT_TUXQRUb`QbdYSY`Q
T_U^e^QbUe^Y†^Ze^d_Q\_cTYbYWU^dUcVUTUbQ\YcdQci`Y`Y_\_c:_c}=Y
WeU\9^VQ^dU5^bYaeU3Q]`Y^_@UTb_@bQT_=_^dQ^Ubi=Qbd^?bZUbQ
1SecQSY†^QRcebTQ*`Y`Y_\_ciVUTUbQ\YcdQcUbQ^U^d_^SUcQTfUbcQbY_c`_
\dYS_c5\dY`†WbQV_`UbeQ^_TUc]Y^dY†SQdUW†bYSQ]U^dUUcQcQVYb]QSY_
^UcQdbYRei}^T_\QcQ\TUcU_TUU^WQ…QbQ\_c]U^UcdbQ\UciQ^e^SY†U\!
TU]Qi_aeU²cY^cU`QbQb]UTU\_c`bY^SY`Y_caeU]U\YWQ^QU\\_cK\_cQbdU
cQ^_cMTUcTUUcdQ^_SXUbU^e^SY_`_bSeQbdQfUjU\SQbW_`QbQUfYdQbTU
UcdU]_T_U\aeUcU]UUcd}`bUcU^dQ^T_Q\`‹R\YS_S_]_Y^cdbe]U^d_TU
]QaeY^QSY_^UcaeUTUcS_^_jS_KM³%!'
<Q`_\dYSQTU`QbdYT_cXQRQY]`bUW^QT_d_dQ\]U^dU\_cTURQdUci
\Q QSSY†^ TU e^ cYW^YVYSQdYf_ cUSd_b TU\ QbdUcQ^QT_ cQ^dYQWeY^_ %!( 5\
QRQ^TUbYjQ]YU^d_VeUWU^UbQ\>_c†\_\_cTYcYTU^dUcd_]Qb_^`QbdYT_
S_]_iQcUXQTYSX_`_bU\Wbe`_²Y^VQ^dY^_³1S_]YU^j_cTU]Qi_\_c
TYbYWU^dUcTU\QC_SYUTQTTU1bdUcQ^_c\Q^jQb_^QdQaeUc`‹R\YS_cU^S_^
dbQTU²\_caeU`b_S\Q]Q^U\_bTU^U^\Qc`b†hY]QcU\USSY_^Uc³i²Q`e
bQ^U\\U^WeQZUTU\Q]U^dYbQ³ %!)QdQSQ^T_QRYUbdQ]U^dUTQc]vcdQbTUQ\
²`QbdYT_TU\]Y^YcdUbY_³`_bedY\YjQb²\QY^dbYWQi\QSvRQ\Q³icU]RbQbU\²Uc`
bYdeTUTYcS_bTYQ³%" E^_TU\_c`bY^SY`Q\UcTYbYWU^dUcTU\Qc_SYUTQT6bQ^
SYcS_TU2_bZQ?\YfUbQVYWeb†S_]_SQ^TYTQd_Q\QcU\USSY_^UcTU\SQRY\T_
TUCQ^dYQW_#i$TU]Qi_%"! iTU\Q1cQ]R\UQ%""`_b\Q\YcdQTU²QbdUcQ^_c
i`_`e\QbUc³TU^_]Y^QSY†^QT_`dQTQU^UcQ_`_bde^YTQT`_bU\Wbe`_
UcdQ^aeUb_%"#

%!%
<Qc_SYUTQTTUQbdUcQ^_cXQSU`bUcU^dUQ\`‹R\YS_cUbVQ\cQ\Qc^eUfQcY]`edQSY_^UcS_^
aeUdbQdQ^TUTYcS_bTQb\_cCQ^dYQW_9]`bU^dQBU`eR\YSQ^Q")TUQRbY\TU!(")
%!&
9RYT
%!'
F<Q^Uc1\`‹R\YS_CQ^dYQW_9]`bU^dQTUBBU^WYV_!¡TU]Qi_TU!(")
%!(
1VY^UcTUQRbY\\QC_SYUTQTTU1bdUcQ^_cTUS\QbQRQUcdQbS_]`eUcdQ`_b²%(!ceVbQ
WQ^dUc³SYVbQcY^TeTQUhQWUbQTQ<Qc_SYUTQTTUQbdUcQ^_cXQSU`bUcU^dUQ\`‹R\YS__`SYd
%!)
<QcC_SYUTQTUcTU1bdUcQ^_c@b_S\Q]Q8QRYdQ^dUcTU3XY]RQi3Q…QTY\\QCQ^dYQ
W_9]`bU^dQTU\Q6UTUbQSY†^!¡TU]Qi_TU!(")
%"
C_SYUTQTUcTU1bdUcQ^_c1\@‹R\YS_CQ^dYQW_9]`bU^dQTUBBU^WYV_"#TU
]Qi_TU!(")3_]_cU_RcUbfQbvdQ^d_U^UcdUf_\Q^dUS_]_U^U\Q^dUbY_bceQed_bQ
UcQdbYReYTQQ\Qcc_SYUTQTUcTUQbdUcQ^_c5cY]`_cYR\UUcdQR\USUbcYc†\_cUdbQdQTUe^QRec_
TU\U^WeQZU_cYUVUSdYfQ]U^dUXQRQ^cebWYT_^eUfQcQc_SYQSY_^UcQbdUcQ^Q\UcU^\QSQ
`YdQ\
%"!
<YcdQTU<YRUbQ\Uc4U^_]Y^QTQTU1bdUcQ^_ci@_`e\QbUc<YRUbdQTiE^Y†^@_b\Q\UY
YWeQ\aeUZejWQiQ]`QbQ>Y^We^_TUUcd_c`Q^V\Ud_cdYU^UVUSXQ^Y`YUTUY]`bU^dQ5^
Q]R_cVYWebQ2_bZQS_]_SQ^TYTQd_Q\3QRY\T_
%""
E^Y†^<YRUbdQTi?bTU^F_\Q^dUcY^VUSXQ^Y`YUTUY]`bU^dQ6bQ^SYcS_TU2_bZQ
?\YfUbQQ`QbUSUS_]_SQ^TYTQd_Q\Q1cQ]R\UQ
%"#
2_bZQc^_dbYe^V†U^UcQ_`_bde^YTQT`Ub_U^!(#!VeUU\USd_S_^WbUcQ\`_b\Q

""%
 5^dbUdQ^d_U\!!TUQRbY\cebWY†U^CQ^6U\Y`Ue^QC_SYUTQTTU1bdUcQ^_c
TU1S_^SQWeQaeUU^dQR\†bv`YTQ]U^dUbU\QSY_^UcS_^ceX_]†\_WQTU\Q
SQ`YdQ\%"$ Cec_RZUdYf_cQ^e^SYQT_cU^e^]Q^YVYUcd_UbQ^TUSQbvSdUb
UcU^SYQ\]U^dU`_\dYS_Qe^SeQ^T_Q\We^QcbUYfY^TYSQSY_^UcUc`USVYSQc
TU\QbdUcQ^QT_VYWebQRQ^U^ce`b_WbQ]Q*

!¡U\c_cd}^TU^eUcdbQ3_^cdYdeSY†^"¡\QcWQbQ^
dQcaeUU\\Q^_c_VbUSU#¡\QUdUb^QVU\YSYTQTTU\Q@QdbYQ
$¡\QU\USSY†^TU\=QWYcdbQT_aeU`bUcYTQ\_cTUcdY^_cTU
\Q>QSY†^i%¡\QTU\_caeUbYZQ^^eUcdbQ@b_fY^SYQUcS_
WYU^T_Q\_c]vcYT†^U_caeU\UZ_cTU\TUc`_dYc]_‹^Y
SQ]U^dU`b_TejSQ^\QcRU^UVYSU^SYQcTU\Qc]vhY]Qc\Y
RUbQ\Uci`b_dUZQ^\QcQbdUVQSdebQcKcYSM%"% 

5\‹\dY]_`e^d_TU\`b_WbQ]QTU\Qc_SYUTQTcQ^VU\Y`U…Q]eUcdbQ
S†]_\QTU]Q^TQTU`b_dUSSY_^Yc]_Q\QQSdYfYTQT]Q^eVQSdebUbQ°Q]U
^QjQTQ`_b\QcY]`_bdQSY_^UcUhdbQ^ZUbQc°S_^cdYdei†TUcTU]eidU]`bQ
^_e^QTU\QcRQ^TUbQcTU\eSXQTU\_cQbdUcQ^_c^QSY_^Q\Uc5^\QcT}SQ
TQc`_cdUbY_bUcUcdQbUYfY^TYSQSY†^cUS_^fUbdYbQU^e^_TU\_c`bY^SY`Q
\UcU\U]U^d_cQW\edY^QT_bUcTUe^]_fY]YU^d_`_`e\QbQSQeTY\\QT_`_b
UcUWbe`_c_SYQ\<QS_ie^debQTU!(")^_c`Ub]YdUQ`bUSYQb°U^`QbdYSe
\QbQdbQf}cTU\QcXeU\\QcTU\QC_SYUTQTTU1bdUcQ^_cTU1S_^SQWeQ°e^QTU
\Qc`bY]UbQc]Q^YVUcdQSY_^UcTUUcdQQc`YbQSY†^`_`e\Qb
<Qc_SYUTQTcQ^VU\Y`U…QdQ]RY}^ceVbY†\QcQ^TQ^QTQcTU\Q`bU^cQ
W_RYUb^YcdQaeUSbYdYSQRQceY^cdbe]U^dQ\YjQSY†^`_b`_\dYS_c_`_cYd_
bUcVUTUbQ\YcdQcQ]}^TU_dbQcQSecQSY_^UccY^We\Qb]U^dUbUfU\QT_bQc
TUSYUbdQcbUYfY^TYSQSY_^UcQbdUcQ^Q\Uc1c`_bUZU]`\_e^`UbY†TYS_
cQ^dYQWeY^_TU^e^SY†\QUhYcdU^SYQTUe^T_Se]U^d_VYb]QT_`_bU\VU
TUbQ\YcdQ=Qbd^?bZUbQU^U\aeUce`QbdYT_cUS_]`b_]UdQU^SQc_TU
dbYe^V_U^\QcU\USSY_^Uc*

!¡Q`b_XYRYb\QY^db_TeSSY†^TUd_TQc\Qc]Q^eVQS
debQcaeU`eUTU^VQRbYSQbcUU^dbU^_c_db_c°"¡QbUcdQR\U
SUb\_cWbU]Y_ccecQbQ^SU\Uc_bTU^Q^jQc#¡QbU`Qb
dYbU^dbUU\\_ci\_cTU]vc`_RbUc\Qc`b_`YUTQTUcTUd_
T_c\_cbYS_c%"& 

1cQ]R\UQ`b_fY^SYQ\TUCQ^dYQW_<eYcFQ\U^SYQ1fQbYQS_]`Y\QT_b1^Q\UcTU\QBU`‹R\Y
SQd_]_99CQ^dYQW_9]`bU^dQE^YfUbcYdQbYQ!)%!`vW!"#
%"$
1\Q>QSY†^_`SYd
%"%
C_SYUTQTTU1bdUcQ^_cTU\QSQ`YdQ\TU\Q@b_fY^SYQTU1S_^SQWeQY^cdQ\QTQU^!!TUQRbY\
TU!(")9]`bU^dQTU6@2`_b:46QZQbT_cV`b_RQR\U]U^dUTUQRbY\TU!(")<Qc
SebcYfQcc_^^eUcdbQc
%"&
²C_SYUTQTUc³5\3U^dY^U\QCQ^dYQW_# TUQRbY\TU!(")3ebcYfQcU^U\_bYWY^Q\

""&
 1ed}^dYS__VQ\c_TYSX_T_Se]U^d_]eUcdbQRYU^Q\We^QcQc`YbQSY_
^UcTU\QbdUcQ^QT_TUSY]_^†^YS_aeUQ\_\QbW_TU\cYW\_Ybv^cebWYU^T_
SQTQfUjS_^]Qi_bVeUbjQi`UbcYcdU^SYQ
4UcWbQSYQTQ]U^dU\QdbQjQTU\QC_SYUTQTTU1bdUcQ^_cTUCQ^dYQW_
°TU\]Yc]_]_T_aeU\QcTUceX_]†\_WQQS_^SQWŽY^Q°cU`YUbTUU^fc
`UbQcTU\UcdQ\\YT_TU\QWeUbbQSYfY\TU!(")°!(# 5\]Yc]_`Q`U\TU
<Q^Uj°U\TYbYWU^dUaeUQ\SQ^jQbQ]Qi_b^_d_bYUTQTS_^fYbdY}^T_cUQ
\Q`_cdbUU^U\`bUSebc_bTU\]edeQ\Yc]_U^3XY\UQ\Ve^TQbU^!(%#\Q
C_SYUTQTTUDY`†WbQV_cTUCQ^dYQW_°U^\QS_ie^debQTU!(")`Ub]Q^USU
Q‹^U^\QcU]Y_RcSebYTQT¤1`_i†UVUSdYfQ]U^dUQ@_bdQ\UciceWbe`_/
<_YW^_bQ]_c<QcQSecQSY_^UcTUS_\ecY†^TU\dY`†WbQV_S_^VUTUbQ\YcdQc
i`Y`Y_\_c`Ub]YdU^TeTQbQSUbSQTU\Qc_\YTUjTUceQ\YQ^jQS_^\_cUcdQ^
aeUb_c@Ub_dQ]`_S_`eUTUQVYb]QbcUaeUXQiQ_`dQT_`_bc_cdU^UbQ
_db_cWbe`_c`_\dYS_cCec`b_dUcdQcTUY^_SU^SYQQ\`bUcU^dQb`_bSeQbdQ
fUjcebU^e^SYQQ\SQbW_TU`bUcYTU^dUTU\QC_SYUTQT`QbUSU^cY^SUbQc*
²=Y SQbvSdUb ^_ Uc QS_]_TQT_ `QbQ \Q ce`UbSXUbQ ^Y `QbQ ceVbYb
fY\Y`U^TY_c³%"'
3QcY^QTQcQRU]_cQSUbSQTU\VY^TU\QC_SYUTQTTU1bdUcQ^_cTU\@Qc
=_Yc}c@_R\UdUDb_^S_c_QVYb]†aeU\QQc_SYQSY†^Teb†fQbY_cQ…_ciTY_
ceQ`_i_Q\_cW_RYUb^_cTU:_c}D_]vc?fQ\\Ui:_Qae^@bYUd_XQcdQ\Q
]eUbdUTU@_bdQ\UcU^!(#'QWbUWQ^T_aeU<Q^Uj`eR\YS†U^!($!U\
`UbY†TYS_5\1bdUcQ^_aeUQ`_iQRQ\QU\USSY†^TU\WU^UbQ\2e\^UcQ\Q
`bUcYTU^SYQTU\QBU`‹R\YSQ?cUQXQRbQ`bUcdQT_ceS_^Sebc_Q\RQ^
T_S_^cUbfQT_b%"( 5\]Yc]_Qed_bc_cdef_aeUQ…_c]vcdQbTU<Q^UjQ
`UdYSY†^TU1^Tb}c2U\\_°U^d_^SUcbUTQSd_bTU\TYQbY__VYSYQ\TU\W_RYUb
^_°bU_bWQ^Yj†\QC_SYUTQTTU1bdUcQ^_ci`eR\YS†e^cU]Q^QbY_\\Q]QT_
1bdUcQ^_c%") CUWQ\\QcUfUb†`_bU\S_^dbQbY_aeUe^QfUjTeU…_cTU\`_
TUb@_bdQ\UcicecQ]YW_cTUSbUdQb_^\QTYc_\eSY†^TU\QC_SYUTQTTU1bdU
cQ^_cibU\UWQb_^Q\dY`†WbQV_QDQ\SQ%# 
5hQ]Y^U]_cQ]RQcfUbcY_^Uc
5\bUTQSd_bQ^†^Y]_TU\VeWQj1bdUcQ^_TU!($!c†\_cU`eR\YSQ
b_^cUYc^‹]Ub_ccU`bUcU^dQRQQc]Yc]_S_]_²e^SQb`Y^dUb_³^QSY
T_U^!(! %#! <Q^UjU^SQ]RY_UbQdY`†WbQV_iXQRQ^QSYT_U^!'))
U^<Y]Q%#" 1TU]vcUccQRYT_aeUU\bUTQSd_bTUUcU`UbY†TYS_VeUU^
bUQ\YTQT BQ]†^ BU^WYV_%## U\]Yc]_`_\dYS_UcdQ^aeUb_TUSeiQY]

%"'
1\@‹R\YS__`SYd
%"(
=_Yc}c@_R\UdUDb_^S_c_3YU^Q…_cTUQSSY†^TU\]edeQ\Yc]_SXY\U^_U^U\`b_WbUc_
c_SYQ\CQ^dYQW_TQSdY\_WbQVYQT_!)%#`vWc"$#i"$$
%")
?`SYd`vW"$$
%#
CUWQ\\²<Qc\eSXQc³_`SYd`vWc!(!i" $
%#!
5\1bdUcQ^_CQ^dYQW_!'TUZe^Y_TU!($!
%#"
²4_^FYSd_bY^_<Q^Uj³5\7edU^RUbWCQ^dYQW_"$TUcU`dYU]RbUTU!((&
%##
BQ‹\CY\fQ3Qcdb_BQ]†^BU^WYV_!')%!(&!CQ^dYQW_5TYSY_^UcTU\_c1^Q\Uc
TU\QE^YfUbcYTQTTU3XY\U!)%'`vWc!)" i#%

""'
`bU^dQXQRQ^cQ\YT_\Q]Qi_bQTU\_c`b_S\Q]Qci`Q^V\Ud_cTU\QC_SYUTQTTU
1bdUcQ^_cTU!(")<QcUcSQccY]QcbUVUbU^SYQcc_RbU\QceUbdUS_bbYTQ`_bUcdQ
Qc_SYQSY†^TUc`e}cTU\dbYe^V_S_^cUbfQT_bU^S_^dbQTQcU^\_cT_Se]U^
d_cTU\_c\ecdb_c`_cdUbY_bUcY^TYSQ^]vcRYU^aeU°dQ\S_]_\_cU…Q\QCUWQ
\\°e^QfUjU^U\`_TUb@_bdQ\UcicecQ]YW_ccUTUcU]RQbQjQb_^UY^S\ec_
bU`bY]YUb_^Q\_cQbdUcQ^_caeU\_cXQRQ^cUbfYT_U^!(")1\]U^_c}cU
UbQU\bU`b_SXUaeUXQSYQ!($%i!($&\UV_b]e\QRQ^Q\We^_c†bWQ^_cTU\Q
_`_cYSY†^\YRUbQ\Q\UcdQ^aeUb_BQ]†^BU^WYV_CUW‹^cecQSecQT_bUcXQ
RbQU^d_^SUc]Q^Y_RbQT_U^dbU\_c]U^UcdbQ\UcedY\Yjv^T_\_c`QbQ\eUW_
TQb\Uce^²`QW_beY^³*

DUcdYW_TUUcdQfUbTQTc_^\_c]Yc]_cXUSX_caeU
UhQ]Y^QT_cbUce\dQaeUc†\_U\]QUcdb_2_bZQc\_Wb†cUb
QcQ]R\UcdQiTU\SeQ\ETi_db_ccUbUQ^`_baeUdU^Q^
aeUTUSYb\UFCSeQ^T_UcdQRQbUe^YTQ\QcQ\Q%#$ e^cU
We^T_KQbdUcQ^_\\UW†QcUbM`_bdUb_TU\Q3v]QbQTU
TY`edQT_c%#% iU\dUbSUb_Uc^QTQ]vcaeUY]`bUc_b%#& 
UcdQcVeUb_^\QcWbQ^TUcQTaeYcYSY_^UcaeUQ\SQ^jQb_^
\_cQbdUcQ^_cU\Q…_fUY^dY^eUfUTUc`e}cTUUh`_^Ubce
fYTQ`_bSbUUbQETcU…_bBKBU^WYV_MiQ_db_c]U^_c
U]RecdUb_caeUET%#'

%#$
FUb^_dQ%"#6bQ^SYcS_TU2_bZQ?\YfUbQ2_bZQcU^U\T_Se]U^d_SYdQT_S_^dY
^e†TUcTUU\CU^QT_\UfQ^dQ^T_\QRQ^TUbQ`b_dUSSY_^YcdQTU\QbdUcQ^QT_5\" TU]Qbj_
TU!(#!`bUcU^d†e^`b_iUSd_TUTUSbUd_TUcdY^QT_QXQSUb²Se]`\YbU\BUW\Q]U^d_TU3_
]UbSY_U^\_cQbdSe\_caeU`b_XYRUY^db_TeSYb\QcUc`USYUciQbdUVQSd_caeUcUY^TYSQ^U^
U\\_ciaeUcU`b_TeSU^_VQRbYSQ^U^U\`Qc³C3<d_]_H9H!(# !(#"²3v]QbQTU
CU^QT_bUcCUcY†^$&U^"#TUcUdYU]RbUTU!(#!³`vWc""%i""&F}QcUQTU]vc²9^V_b
]UTU\QS_]YcY†^`Qb\Q]U^dQbYQc_RbU\Q]_SY†^TU\TY`edQT_T_^6bQ^SYcS_TU2_bZQ
?\YfUbQ`QbQaeUcU`b_XYRQ\QY^dUb^QSY†^TUQbdSe\_caeUcU`b_TejSQ^_VQRbYaeU^U^
U\`Qc³CQ^dYQW_i1RbY\"#TU!(#!U^5cSbYd_cTUT_^=Q^eU\TUCQ\Qc_`SYdd_]_99
`vWc$%#$%%
%#%
5^bUQ\YTQT=QbS_c7Q^Q_=QbS_cTU7Q^QXQRQcYT_`_bdUb_TU\CU^QT_
TUcTU\_c`bY]Ub_cdYU]`_cTUUcdQQcQ]R\UQ@QbdYSY`†U^\QWeUbbQTU9^TU`U^TU^SYQi
aeUT†]Q^S_S_]_S_^cUSeU^SYQTU\QcXUbYTQcbUSYRYTQcU^e^QRQdQ\\Q<\UW†QcUbSQ`Y
dv^TU\2QdQ\\†^>¡#TU7eQbTYQc3fYSQccYU^T_UhY]YT_TUUcdUcUbfYSY_`_bU\3_^WbUc_
>QSY_^Q\U^]Qi_TU!(# 6Q\\USY†U\"'TU]Qbj_TU!(#%C3<d_]_HF999!(")
!(# ²:e^dQTU\3_^WbUc_CUcY†^!¡U^&TUVURbUb_TU!(")³`vW!+²CUcY†^"¡U^!)
TUVURbUb_TU!(")³`vW$+²:e^dQTU\3_^WbUc_CUcY†^$¡U^!!TU]Qbj_TU!(")³`vW
! +²3_^WbUc_TU@\U^Y`_dU^SYQbY_cCUcY†^")U^!(TU]Qi_TU!(# ³`vWc#"&i#")+
C3<d_]_H9H!(# !(#"²3v]QbQTUCU^QT_bUcCUcY†^# U^"TUQW_cd_TU!(#!³
`vWc!%)i!&!+²3_]YcY†^@Ub]Q^U^dUCUcY†^"¡U^""TU_SdeRbUTU!(#!³`vW"(&+
C3<d_]_HH999!(#$!(#&²3v]QbQTUCU^QT_bUcCUcY†^!#5cdbQ_bTY^QbYQU^"'
TU]Qbj_TU!(#%³`vWc")&i")'
%#&
rcdUcUbQFYSd_bY^_<Q^UjUZUbSYU^T_ce`b_VUcY†^TUdY`†WbQV_U^\Q9]`bU^dQ
6YcSQ\
%#'
5hdbQSd_TUe^QbdSe\_TU<Q7QSUdQTUFQ\`QbQc_bU`b_TeSYT_`_b5\1bdUcQ^_
?`_cYd_bCQ^dYQW_'TUU^Ub_TU!($&<_cRY†WbQV_cTUBQ]†^BU^WYV_iTUceXUb]Q^_

""(
 @Ub_\_cQbdUcQ^_c^_c†\_XQRQ^bUSYRYT_²U\`QW_TU3XY\U³`_b`QbdU
TU\_cUcdQ^aeUb_cdQ]RY}^XQRbQ^ceVbYT_\Qc`UbcUSeSY_^UcTU\W_RYUb
^_`Y`Y_\_iU^cUWeYTQ\QcTU\_cW_RYUb^_cS_^cUbfQT_bUc*

KM ]eSX_c TU \_c ]vc S_]`b_]UdYT_c VeUb_^

`bUc_c`_b\QQed_bYTQTTUU^d_^SUcQS_^cUSeU^SYQTU
\_cQSd_cTUY\UWQ\YTQTUcaeU\_c`bUSYcQRQ^Q`bQSdYSQb
U]`\UQ^T_`QbQU\\_U\S_XUSX__\QcUTeSSY†^KcYSMi
TUc`e}c\_cQRQ^T_^Qb_^U^\Qc`bYcY_^UccY^cYaeYUbQ
cQ\eTQb\Uc\_caeUdQ^d_\UcQTe\QRQ^U^U\]_]U^d_TU
cUb\Uc‹dY\Uc
4Uc`e}cTUUcdU`bY]Ub`Qc_cUTY_U\cUWe^T_SQb
Wv^T_\UcS_^U\TUc`bUSY_UY^ZebYQc
DQ\ S_cQ ceSUTY† Q \_c _VYSYQ\Uc QbdUcQ^_c TU \_c
SeUb`_cSfYS_caeYU^UcQdde\_aeU^_UbQ^SQRQ\\Ub_c
cU\Uc`bUSYc†XQSUbcebU^e^SYQiSeQ^T_}cd_ccUUhSe
cQRQ^Q`QcQb`_bdQ\TUcX_^_bcU\UcQ]U^QjQRQS_^
`bYcY_^UciS_^\QS†\UbQTUcecZUVUc1cS_^S\ei†U\`Qb
dYT_TUQbdUcQ^_cTUU^d_^SUcKM %#(

CY\QedY\YjQSY†^i]vcdQbTUU\TUcSQbdUibU`bUcY†^TU\_cc_SYUdQbY_c
QbdUcQ^_c\eUW_TU\dbYe^V_UcdQ^aeUb_°`U\eS†^`QbUSURYU^`b_RQTQ\Q
fUbcY†^TU`UbcUSeSY†^TUFYSd_bY^_<Q^Uj`_bU\W_RYUb^_S_^cUbfQT_b
aeUTQQ]Q\dbQUbSeQ^T_S_^cdQdQ]_caeUUcdU\TUbS_^dY^e†Y^S\ec_
TUc`e}cTU\Q]eUbdUTU@_bdQ\UcUZUbSYU^T_ce`eUcd_TUTYbUSd_bTU\Q
9]`bU^dQ6YcSQ\*²U\dUbSUb_Uc^QTQ]vcaeUY]`bUc_b³ %#) 
¤Def_QSdYfYTQT`_\dYSQ<Q^UjU^dbU!(")i!(%#/¤6eU`UbcUWeYT_
`_b@_bdQ\Uci\eUW_bU^UW†TUcec`_cYSY_^Uc_RdU^YU^T_S_]_`QW_\Q
TYbUSSY†^TU\QY]`bU^dQTU\W_RYUb^_/¤@QbdYSY`†°S_]_c_cdYU^U^Q\We
^_cQed_bUc°U^\QC_SYUTQTTU\Q9WeQ\TQTU^!(% UcdQfUjS_^dbQU\W_
RYUb^_S_^cUbfQT_b/¤3ev\VeUU\TUcdY^_TUcec`bY^SY`Q\UcS_]`Q…Ub_c/
6eUbQTU\SQc_TU6bQ^SYcS_TU2_bZQc?\YfUbQ°TY`edQT_`_bCQ^dYQW_
U^dbU!(#!i!(##°SQcY^QTQcUcQRUTUU\\_cCeceUbdUVeUQ‹^]vc
_RcSebQ%$ 

=Q^eU\XQ^YW^_bQT_U\`Q`U\ZeWQT_U^bU\QSY†^S_^U\]e^T_QbdUcQ^Q\`_bU\`bY]Ub_
TUU\\_cU^!(")F}QcU*CY\fQ3Qcdb_BQ]†^BU^WYV__`SYd+?cfQ\T_BU^WYV_4_^=Q
^eU\BU^WYV_CefYTQice_RbQCQ^dYQW_5TYd_bYQ\1^Tb}c2U\\_!)(#
%#(
5\1bdUcQ^_?`_cYd_bCQ^dYQW_'TUU^Ub_TU!($&_`SYd
%#)
1TU]vcU^fc`UbQcTU\QWeUbbQSYfY\TU!(%!<Q^UjY^dUWbQbve^QS_]YcY†^TU
QbdUcQ^_cSbUQTQ`_bY^YSYQdYfQTU\QcQed_bYTQTUcS_^cUbfQT_bQcF}QcUSQ`de\_F999
%$
1VY^UcTU_SdeRbUTU!(#&e^`UbY†TYS_TU\QSQ`YdQ\Q^e^SY†aeUU\'TU\]Uc
cYWeYU^dUcUbU]QdQbQ\QSQcQTU=QbS_c7Q^Q²1fYc_c³5\9^d}b`bUdUCQ^dYQW_"&TU_Sde
RbUTU!(#&1…_c]vcdQbTU`_SQccU]Q^QcQ^dUcTUSe]`\YbcUU\T}SY]_`bY]UbQ^YfUb
cQbY_TU\QRQdQ\\QTU<YbSQiU^e^QSQbdQTYbYWYTQQ_db_†bWQ^_TU`bU^cQ²e^_cQbdUcQ

"")
 5cdQcY^dUbb_WQ^dUccUWeYbv^`\Q^dUQTQc`QbQ^eUcdbQXYcd_bY_WbQVQ
^_c†\_`_b\Q^QdebQ\SebY_cYTQTaeUTUc`YUbdQ\QcU^TQTU<Q^UjicecS_]
`Q…Ub_ccY^_`bY^SY`Q\]U^dU`_baeUU\SeQbd_TUcYW\_aeU]UTY†U^dbU
\QVe^TQSY†^TU\Q`bY]UbQc_SYUTQTTUQbdUcQ^_cTUCQ^dYQW_i\QC_SYUTQT
E^Y†^TU\_cDY`†WbQV_cTU\Q]Yc]QSYeTQTVeUe^`Ub_T_TU\U^dQ]QTebQ
SY†^TU\QbdUcQ^QT_iTU_db_ccUSd_bUcTU\`eUR\_\\Q^_]QTebQSY†^aeU
S_]U^jQbQQ`\Qc]QbcUQ`QbdYbTU!(%#U^U\cebWY]YU^d_TU\]edeQ\Yc]_
S_]_S_\e]^QfUbdURbQ\TU\]_fY]YU^d_`_`e\Qb

5 < C1<4? 45< @5BÅ?4?

<Qf_bvWY^UaeUcQSeTY†Q\Qc_SYUTQTSXY\U^QU^dbU!(! i!(# ^_`Qc†

cY^TUZQbXeU\\QcU^\QS_^SYU^SYQ`_\dYSQTUcYW^YVYSQdYf_ccUSd_bUcTU\
]e^T_`_`e\Qb1bbQcdbQT_cQ\S_^V\YSd_`_b\QcS\QcUcTYbYWU^dUc_Y^f_
\eSbQT_cSQcYY^cdY^dYfQ]U^dU`QbQTUVU^TUb\_aeUS_^cYTUbQRQ^cec`b_
`Y_cY^dUbUcUc^e]Ub_c_cU\U]U^d_cTU\²RQZ_`eUR\_³fYfYUb_^e^TUc
`UbdQbUXYSYUb_^cec`bY]UbQcUh`UbYU^SYQc`_\dYSQcce]v^T_cUQQ\We
^_cTU\_cRQ^T_cU^`eW^Q_TUcQbb_\\Q^T_V_b]Qc`b_`YQc²`bU`_\dY
SQc³TU`b_dUcdQc_SYQ\
5^U\`\Q^_]vc`b_`YQ]U^dU`_\dYS_\QceR_bTY^QSY†^QQ\We^Q
VbQSSY†^`QbdYTQbYQTU\QcS\QcUcT_]Y^Q^dUcVeU\Qd†^YSQWU^UbQ\@Ub_
Y^S\ec_U^TYSX_dUbbU^_Q\We^QcTUUcdQcUh`UbYU^SYQc`Y_^UbQc\_WbQ
bQ^cU^dQbRQcUc`QbQU\e\dUbY_bTUcQbb_\\_TU\QS_^SYU^SYQi\Q_bWQ^Y
jQSY†^`_`e\Qb<QbUSU`dYfYTQTTU\TYcSebc_bU`eR\YSQ^_U^Y]`_bdQ^
dUccUW]U^d_cTU\QbdUcQ^QT_ebRQ^_VeUe^U\U]U^d_aeU]QbSQbQe^Q
S_^cdQ^dU`bUTYc`_cYSY†^TUUcd_ccUSd_bUcXQSYQ\QY^S_b`_bQSY†^Q\_c
S_^V\YSd_c`_\dYS_cSU^dbQ\UcTebQ^dUU\bUcd_TU\cYW\_1\]Yc]_dYU]`_
iQ`UcQbTU\Qc]Q^Y`e\QSY_^UcTU\QS_^f_SQd_bYQY^cdbe]U^dQ\XQSYQU\
`eUR\_\\Q^_\_c_SYQ\i\_`_\dYS_aeUTQb_^UcdbUSXQ]U^dUfY^Se\QT_c
TUcTUUcdQcdU]`bQ^Qc\YTUc1ccUUfYTU^SY†TebQ^dUQ\We^QcYbbe`SY_
^UcTU\²RQZ_`eUR\_³U^SYUbd_cU`Yc_TY_cTU\QWUcdQY^TU`U^TU^dYcdQ
S_^_SQcY†^TU\]_fY]YU^d_TU`b_dUcdQSYeTQTQ^QTUFQ\`QbQc_ U^
!("%iU^\QS_ie^debQTU!(")°!(# SeQ^T_cU_bWQ^YjQb_^\Qc`bY]U
bQcc_SYUTQTUcTUQbdUcQ^_cc_RbURQcUcaeUVeUb_^cY]e\dv^UQ]U^dU`_
\dYSQciWbU]YQ\Uc5\`b_dUSSY_^Yc]_US_^†]YS_i\QbUV_b]Q_ce`bUcY†^

^_c³TYUb_^QS_^_SUbe^Q\YcdQTUSY^SeU^dQiT_c]U^UcdbQ\UcUh`e\cQT_cTU\_cSeUb`_c
SfYS_cTUc`e}cTUUcQRQdQ\\Q1\\VYWebQU\dU^YU^dU=QbS_c7Q^QTU`b_VUcY†^RQbRUb_
<Q:ecdYSYQCQ^dYQW_!(TU]Qbj_TU!($!4UdbQdQbcUTU\TYbYWU^dU`_`e\QbTU!(")UcdQ
Y^V_b]QSY†^cUbUVUbYbQQ\QUhU^SY†^TU\Q_R\YWQSY†^TU`bUcdQbcUbfYSY_U^\Q7eQbTYQ
>QSY_^Q\TUSYTYTQ`_bU\3_^WbUc_TU@\U^Y`_dU^SYQbY_cQTeSYU^T_cec_R\YWQSY_^UcTU
`_bdUb_TUUcdU_bWQ^Yc]_C3<d_]_HF999_`SYd`vWc#"&i#")

"#
TU\cUbfYSY_U^\Q7eQbTYQ>QSY_^Q\cUbQ^TUcTUU^d_^SUc\QcWbQ^TUcRQ^
TUbQc]_fY\YjQT_bQcTU\Q`\URUebRQ^Q`Ub]YdYU^T_aeU\Qe^Y†^U^dbU\_
c_SYQ\i\_`_\dYS_`bUT_]Y^QbQ`_bc_RbUU\SQbvSdUb]Q^Y`e\Qd_bY_UY^c
dbe]U^dQ\TU\QS_^f_SQd_bYQaeUU]Q^QRQTUcTU\_Q\d_TU\Q`Ybv]YTUc_
SYQ\

"#!
 31@ÅDE<?F

5<Br79=5>@?BD1<91>?
I5<49C39@<9>1=95>D?
45<?CC53D?B5C@?@E<1B5C

5\dbYe^V_TU\QS_Q\YSY†^S_^cUbfQT_bQU^\QRQdQ\\QTU<YbSQiU\!&TUTU
QRbY\TU!(# SUbb†e^SYS\_TUY^UcdQRY\YTQT`_\dYSQi]QbS†U\S_]YU^
j_TU\_aeUU\XYcd_bYQT_bS_^cUbfQT_b1\RUbd_5TgQbTcRQedYj†²U\5cdQ
T_U^V_b]Q%$!rcdU^_VeUcY^_e^\QbW_`Ub_T_TUT_]Y^Y_cY^S_^dbQ
`Uc_TU\QQbYcd_SbQSYQ
4ebQ^dUce`bY]UbQVQcUUcTUSYb\Q\\Q]QTQ²BU`‹R\YSQ1ed_SbvdY
SQ_3_^cUbfQT_bQ³!(# !(&!\QXUWU]_^QTU\_cdUbbQdU^YU^dUci\Q
RebWeUcQS_]UbSYQ\TUCQ^dYQW_i\QbUWY†^SU^dbQ\cUUZUbSY†TU]Q^UbQ
UhS\eiU^dU*^_c†\_aeUTQb_^]QbWY^QT_cTU\R\_aeUT_]Y^Q^dU\_ccUS
d_bUc`_`e\QbUci\_cY^SY`YU^dUcWbe`_c]UTY_c+dQ]RY}^`Ub]Q^USYUb_^
Q`QbdQT_cTU\QS_^TeSSY†^TU\5cdQT_cYW^YVYSQdYf_cY^dUbUcUcbUWY_^Q\Uc
bU`bUcU^dQT_c`_b_dbQcVbQSSY_^UcTU\QQbYcd_SbQSYQaeUQ\Y]U^dQbQ^
U^\QcT}SQTQc`_cdUbY_bUc\QcVY\QcTU\Q_`_cYSY†^\YRUbQ\5\`_TUbVeU
]_^_`_\YjQT_`_be^cUSd_bTU\Q_\YWQbaeQQaeU\S_]`eUcd_`_b²U\
Wbe`_]vcU^Se]RbQT_S_^V_b]QT_`_b\_c`_cUUT_bUcTU]Qi_bQjW_c
\QcVQ]Y\YQcaeUXQRQ^dU^YT_dde\_cTU^_R\UjQiaeUcUU^SUbbQRQ^U^
ceUc`bYde`QSQd_]ei\YWQTQcQ\Q9W\UcYQiTYcSbUdQ]U^dU_bWe\\_cQcTU
ceWbQ^TUjQQ\TUQ^Q5cdUWbe`_UbQUcU^SYQ\]U^dUcQ^dYQWeY^_³ %$"

5 < @5C? 45 <1 >?385

<_cfU^SUT_bUcTU<YbSQi\_cWU^UbQ\Uc@bYUd_i2e\^UcVeUb_^TUcYW^Q
T_c`_bU\RQ^T_fU^SUT_b`QbQ_Se`QbU\SQbW_TU@bUcYTU^dUTU\QBU
`‹R\YSQTebQ^dU\_cT_c`bY]Ub_cTUSU^Y_cS_^cUbfQT_bUc!(#!!($!i
!($!!(%!@Ub_U\fUbTQTUb_QbdVYSUiTYbUSd_bTU\QS_Q\YSY†^dbYe^VQ^

%$!
1\RUbd_5TgQbTcFYfUc<Q6b_^TQ1bYcd_SbvdYSQU^3XY\UCQ^dYQW_5TYd_bYQ\E^YfUb
cYdQbYQ!)("
%$"
CUbWY_FY\\Q\_R_cB@_bdQ\Uce^QVQ\cYVYSQSY†^XYcd†bYSQCQ^dYQW_5TYd_bYQ\E^YfUb
cYdQbYQ!)()`vW! &

"##
dUU^!(# VeUU\S_]UbSYQ^dU4YUW_@_bdQ\UcaeYU^UZUbSY†TebQ^dUfQ
bY_cQ…_cU\SQbW_TU@bY]Ub=Y^Ycdb_TU\`bUcYTU^dU@bYUd_@_bdQ\UcY^c
`Yb†UY]`\U]U^d†U\_bTU^cQ^SY_^QT_`_b\Q3_^cdYdeSY†^TU!(##*e^
5ZUSedYf_VeUbdUaeUUZUbSQe^`_TUbQ\dQ]U^dUSU^dbQ\YjQT_Qed_bYdQ
bY_Q\\]YdUTU\_QRYUbdQ]U^dUTYSdQd_bYQ\<Q^eUfQ3_^cdYdeSY†^UbQ\Q
Uh`bUcY†^ZebTYSQTU\QT_]Y^QSY†^cY^S_^dbQ`Uc_TU\QQbYcd_SbQSYQ]vc
bQ^SYQ %$# 
<Q²BU`‹R\YSQ3_^cUbfQT_bQ³VeUU^bUQ\YTQT\QbU`‹R\YSQTU\_c
dUbbQdU^YU^dUci\QRebWeUcQS_]UbSYQ\TU\Qj_^QSU^dbQ\TU\S\Ub_iTU
\_cSQeTY\\_c]Y\YdQbUc5\\_cUbQ^\QS_\e]^QfUbdURbQ\TU\_bTU^c_SYQ\
_bTU^aeUcUW‹^\QTUcSQb^QTQiQSUbdQTQV†b]e\QTU@_bdQ\Uc²cU]Q^
dYU^UU^3XY\U`_bU\`Uc_TU\Q^_SXU³%$$ 5\²`Uc_TU\Q^_SXU³UbQ\Q
]QbWY^QSY†^Se\debQ\i`_\dYSQTU\QY^]U^cQ]Qi_bQTU\`eUR\_SXY\U
^_TUQaeU\\Q}`_SQce]U^dQ\YTQT`bU]_TUb^QbUce\dQ^dUTU\QUcdbeS
debQc_SY_US_^†]YSQXUbUTQTQTU\Q3_\_^YQ5bQcUW‹^U\]Yc]_]Y^Yc
db_²\QdU^TU^SYQSQcYWU^UbQ\TU\Q]QcQQ\bU`_c_³²WQbQ^dQTU\QcUWe
bYTQT`‹R\YSQ³%$% E^`UcQT_iQ^SUcdbQ\VQbT_YTU_\†WYS_aeUcUfY_bU
V_bjQT_`_b\Q_bYU^dQSY†^i\Qc]UTYTQc`_\dYSQcUS_^†]YSQcic_SYQ\Uc
TU\_cW_RYUb^_cS_^cUbfQT_bUc
5^\_US_^†]YS_ic_SYQ\\QTUSYTYTQ_bYU^dQSY†^`bY]QbY_°Uh`_b
dQT_bQTU\_cW_RYUb^_c`U\eS_^UcVQf_bUSQ°U^e^`bY]Ub]_]U^d_°
\Q`Ub]Q^U^SYQTU\]_T_TU`b_TeSSY†^S_\_^YQ\S_^ceS_b_\QbY_TU
V_b]Qc`bUSQ`YdQ\YcdQcTUbU\QSY_^Uc\QR_bQ\Uc*Y^aeY\Y^QZU`QW_TUcQ\Q
bY_c^_]_^UdQbYjQT_cVYSXQc]UTY_cTU`b_TeSSY†^QbdSe\_cTUS_^
ce]_`UbcYcdU^SYQTU]USQ^Yc]_cUhdbQUS_^†]YS_cTUQSe]e\QSY†^
UdS}dUbQ<Q]Q^dU^SY†^TUTYSX_]_TU\_Y]`\YSQRQ°S_]_Q^Q\YjQbU
]_cU^cUWeYTQ°e^QbeTQ`_\dYSQTUcdY^QTQQQcUWebQb\QTYcSY`\Y^QiU\
_bTU^c_SYQ\cUbYQ]U^dUQVUSdQT_c`_b\QcS_^]_SY_^Uc`_\dYSQcTU\`U
b_T_!(! !(# 
1cY]Yc]_\QXUWU]_^QTU\QdYVe^TYcdQciS_]UbSYQ^dUcTU\QbU
WY†^ SU^dbQ\ \UcY_^QRQ Q cUSd_bUc TU \Qc S\QcUc T_]Y^Q^dUc S_]_ \_c
`b_`YUdQbY_c ]Y^Ub_c c_RbU aeYU^Uc bUSQQ^ U\UfQT_c Y]`eUcd_c 1
U\\_cUce]QRQU\QSQ`QbQ]YU^d_TU\_cbUSebc_cVYcSQ\Uc`_bCQ^dYQW_i
\Qc`b_fY^SYQcSU^dbQ\UcaeUQVUSdQRQdQ^d_Q\QbUWY†^]Y^UbQTU\^_b

%$#
3V:e\Y_8UYcU7_^jv\Uj1…_cTUV_b]QSY†^iQ`bU^TYjQZU`_\dYS_c!(! !(# CQ^
dYQW_5TYd_bYQ\E^YfUbcYdQbYQ!)'(5cdUQed_bQdbYRei†Q\Q3_^cdYdeSY†^TU!(##U\]}
bYd_TUXQRUbS_^dU^YT_SYUbdQcdbQ^cQSSY_^Uc_S_]`b_]Yc_c`_\dYS_c°S_]_U\]USQ^Yc
]_TU\Qc\UiUc`UbY†TYSQc_S_^cdYdeSY_^Q\Uc°aeUXQRbQ^`_cYRY\YdQT_U\QfQ^SUTU]_
SbvdYS_?`SYd`vWc"!%icYWeYU^dUc
%$$
²3QbdQTU4YUW_@_bdQ\UcQ:_Qae^D_S_b^Q\³FQ\`QbQc_!&TUZe\Y_TU!(#"U^
5b^Ucd_TU\Q3beji7eY\\Ub]_6U\Y‹3bej5`Ycd_\QbY_TU4_^4YUW_@_bdQ\Uc!("!!(#'d_]_
99CQ^dYQW_!)#'`vW""(
%$%
9RYT

"#$
dU3_`YQ`†S_]_Q\Qj_^QQWbS_\QTU\cebSeiQSQRUSUbQUbQ3_^SU`
SY†^%$&5cdQcTUcYWeQ\TQTUcU^\QbU`QbdYSY†^TU\QcSQbWQciTU\_cRU^UVY
SY_cdU^Q^ceS_bbU\Qd_U^U\`\Q^_`_\dYS_*Q]R_cWbe`_cTU\QcU\YdUcTU
\QcbUWY_^UcVb_^dUbYjQccUU^S_^dbQRQ^]QbWY^QT_cTUXUSX_TU\UZUbSY
SY_TU\`_TUbSU^dbQ\i`_b\_dQ^d_`b_S\YfUcQ\QS_^dUcdQSY†^TU\_bTU^
`_\dYS_
5\U\YdYc]_Uh`bUcQT_U^U\ceVbQWY_SU^cYdQbY_ %$' i\QVQ\dQSQcYQRc_
\edQTU\YRUbdQTUcbUQ\Uc`QbQ\_c_`_cYd_bUcUbQ^\Qc`bY^SY`Q\UcUh`bUcY_
^UcTU\Qed_bYdQbYc]_S_^cUbfQT_b<QY^dUbfU^SY†^TU\5ZUSedYf_iTUcec
QWU^dUcU^\QcU\USSY_^UcUbQQRYUbdQiTUcSQbQTQ4UUcdQ]Q^UbQcUce
SUTQ^\_c]Y^YcdUbY_c`Qb\Q]U^d_ciW_RYUb^_ccY^]vcdbQ^cQSSY†^aeU
\QaeU`_TQTQbcUU^dbU\_cTYcdY^d_cWbe`_cQc_SYQT_cQ\R\_aeUS_^cUb
fQT_b1^dU\QY]`_cYRY\YTQTQRc_\edQTU\\UWQbQ\`_TUb`_b\QcfQc\UWQ
\Uc^_\UaeUTQRQQ\Q_`_cYSY†^cY^_U\bUSebc_TU\_c]_dY^UcceR\UfQ
SY_^UciWeUbbQcSYfY\Uc@Ub_\_c²UcdQT_cTUcYdY_³\QQSSY†^TU\_cS_^cU
Z_cTUWeUbbQ`Ub]Q^U^dUc\Qc\UiUcTUY]`bU^dQiTUZeYSY_cUZUSedYf_ci
U\S_^Ze^d_TU²VQSe\dQTUcUhdbQ_bTY^QbYQc³S_^aeU\_c`bUcYTU^dUcUbQ^
Y^fUcdYT_c`_bU\@Qb\Q]U^d_Q^dUSeQ\aeYUbcYdeQSY†^S_^cYTUbQTQ`U\Y
Wb_cQ`QbQ\QUcdQRY\YTQTTU\_bTU^`_\dYS_ic_SYQ\UbQ^Qb]Qc`_TUb_c
cY]QcaeU`Ub]YdQ^Q\Wbe`_T_]Y^Q^dUQVYQ^jQbce`_TUbibUTeSYbQ\Q
Y]`_dU^SYQQ\_c_`_cYd_bUc%$(

%$&
FYdQ\U_`SYdd_]_999`vWc!%'!& 
%$'
<Q3_^cdYdeSY†^TU!(##QS_bT†U\TUbUSX_QceVbQWY_Q\_cX_]RbUc]Qi_bUcTU
fUY^dYSY^S_Q…_cU^SQc_TUcUbc_\dUb_c_]Qi_bUcTUfUY^dYe^_cYUbQ^SQcQT_caeU
ce`YUbQ^\UUbiUcSbYRYbiaeUVeUbQ^`_cUUT_bUcTUe^Q`b_`YUTQTY^]eUR\U_e^SQ`YdQ\
Y^fUbdYT_²U^Q\We^QUc`USYUTUWYb__Y^TecdbYQ³5\fQ\_bTU\Q`b_`YUTQTY^]eUR\U_TU\
SQ`YdQ\cUVYZQRQU^SQTQ`b_fY^SYQSQTQTYUjQ…_c]UTYQ^dUe^Q\UiUc`USYQ\DQ]RY}^
`_TQ^QSSUTUbQ\Q²SYeTQTQ^QQSdYfQ³aeYU^UcUZUbSYUbQ^e^Q²Y^TecdbYQ_QbdU³_W_jQ
bQ^TUe^U]`\U_Sei_cU]_\e]U^d_c_`b_TeSd_cVeUbQ^`b_`_bSY_^Q\UcQ\Qc`b_`YUTQ
TUcY^]eUR\Uc_SQ`YdQ\UccU…Q\QT_cS_^Q^dUbY_bYTQT<Q\UiVe^TQ]U^dQ\cec`U^TQUh
`bUcQ]U^dUTUcecTUbUSX_c`_\dYS_cQ\_ccYbfYU^dUcT_]}cdYS_c3_^cdYdeSY†^TU\QBU`‹R\Y
SQTU3XY\UZebQTQi`b_]e\WQTQU\"%TU]Qi_TU!(##CQ^dYQW_9]`bU^dQTU\Q?`Y^Y†^
!(##`vW&@_cdUbY_b]U^dUe^Q\UiS_]`\U]U^dQbYQUcdQR\USY†aeU`QbQW_jQbTUTU
bUSX_Qf_d_\_cSYeTQTQ^_cTURQ^`_cUUb²e^Q`b_`YUTQTY^]eUR\UTU]Y\`Uc_c_e^
SQ`YdQ\U^WYb_TUT_c]Y\³`b_XYRYU^T_Uh`bUcQ]U^dUaeU²VeUbQ^SQ\YVYSQT_cS_]_U\US
d_bUc\_cc_\TQT_cSQR_cicQbWU^d_cTU\UZ}bSYd_`Ub]Q^U^dUi\_cZ_b^Q\Ub_ci`U_^UcWQ
…Q^Uc³BQ]†^C_d_]Qi_bFQ\T}c8Ycd_bYQTU3XY\URQZ_U\W_RYUb^_TU\WU^UbQ\4:_Qae^@bYU
d_" UTYSY†^CQ^dYQW_9]`bU^dQ<Yd_WbQVQi5^SeQTUb^QSY†^5c]UbQ\TQ!) f_\9
`vWc"' i"'!
%$(
E^Q^v\YcYcTU\Qc`bY^SY`Q\UcTYc`_cYSY_^UcTU\Q3_^cdYdeSY†^TU!(##iTUce
cYW^YVYSQT_`_\dYS_U^FY\\Q\_R_c@_bdQ\Uc_`SYd`vWc! '!!"F}QcUdQ]RY}^:e\Y_
3}cQb:_RUd5^cQi_SbdYS_TU\TUcQbb_\\_US_^†]YS_c_SYQ\TU3XY\UCQ^dYQW_5TYd_bYQ\E^YfUb
cYdQbYQ!)%%`vWc###%E^Y^dUbUcQ^dUUcdeTY_QSUbSQTU\SQbvSdUbUhS\eiU^dUbUc`US
d_TU_dbQcVbQSSY_^UcTU\QQbYcd_SbQSYQTU\b}WY]U^`_bdQ\YQ^_iTUcecTURY\YTQTUcY^db^
cUSQcU^:_bWU>‹…UjB²5cdQT_SbYcYcTUXUWU]_^QiWeUbbQU^3XY\U!(# !($!³U^
1^TUc>¡&CQ^dYQW_!)('`vWc!#'!()

"#%
 5 < 49C39@<9>1=95>D? 45 <?C C53D?B5C @?@E<1B5C

5\bU\QZQ]YU^d_TU\QTYcSY`\Y^Qc_SYQ\iU\TURY\YdQ]YU^d_TU\S_^db_\Uc
dQdQ\c_RbUfQcd_ccUSd_bUcTU\Q`_R\QSY†^TebQ^dUU\`Ub_T_TU\QcWeU
bbQcTU\Q9^TU`U^TU^SYQiTU\_c`bY]Ub_cQ…_cTU\Q_bWQ^YjQSY†^TU\Q
BU`‹R\YSQ!(! °!(# `\Q^dUQRQQ\_cfU^SUT_bUcTU<YbSQi\QQSeSYQ^
dUdQbUQTUbUcdQebQb`\U^Q]U^dUU\Y]`UbY_TU\QcZUbQbaeQcdbQTYSY_^Q
\Uc@_b_dbQ`QbdU\_cQ\R_bUcTU\QdbQ^cYSY†^Q\]_T_TU`b_TeSSY†^
SQ`YdQ\YcdQaeUcUQ^e^SYQRQ^U^\Q]Yc]Q}`_SQUhYWQ^e^TYcSY`\Y^Q
]YU^d_TU\Q]Q^_TU_RbQU^Ve^SY†^TU\QUS_^_]QTU\Vedeb_S_^TY
SY†^aeUU\dbQRQZQT_bTUdY`_S_\_^YQ\UcdQRQ]ei\UZ_cTU\\U^Qb%$)
4UcTUU\Y^YSY_TU\Q²BU`‹R\YSQ3_^cUbfQT_bQ³cecTYbYWU^dUc`b_SU
TYUb_^cYcdU]vdYSQ]U^dUQc_]UdUbiTYcSY`\Y^QbQ\²RQZ_`eUR\_³IQe^
aeUdQ]RY}^TYbYWYUb_^ceSU\_S_bbUSdYf_U^S_^dbQTU\_cbUcd_cTU\Q
_`_cYSY†^`Y`Y_\QTUbb_dQTQU^U\SQ]`_TURQdQ\\QUcY^^UWQR\UaeU\Q
`_\dYSQQ`\YSQTQQ\_ccUSd_bUc`_`e\QbUcVeU`QbdYSe\Qb]U^dUU^}bWYSQ
CUbU_bWQ^Yj†\Q7eQbTYQ>QSY_^Q\Q\QaeUcUY^S_b`_bQb_^^e]Ub_
c_cQbdUcQ^_ci_db_cU\U]U^d_c`_`e\QbUcRQZ_\QTYbUSSY†^TU_VYSYQ\UcTU
\QcS\QcUcce`UbY_bUcU^SQbWQT_cTUTYcSY`\Y^Qb\_cedY\YjQb\_cS_]_VeUbjQ
TUSX_aeUS_^dbQ\Q_`_cYSY†^iS_]_]QcQU\USd_bQ\W_RYUb^YcdQ %% 
5\cYcdU]QTUdbQRQZ_cV_bjQT_cXUbUTQT_TU\Q}`_SQS_\_^YQ\i
`Ub`UdeQT_`_b\_c`bY]Ub_cW_RYUb^_cbU`eR\YSQ^_c%%!QTaeYbY†TY]U^
cY_^Uc]vcSbeU\UcUY^Xe]Q^Qc5\W_RUb^QT_bTUCQ^dYQW_TUSbUd†U^
Ze^Y_TU!(# \Q`UbcUSeSY†^TU\_cfQW_ciceTUcdY^_Q_RbQc`‹R\YSQc_
Q\X_c`YSY_cUW‹^ceSQ\YTQTiUTQTUcS_^cYTUbQ^T_S_]_dQ\UcQ²\_c
aeUdU^YU^T_\Qb_RecdUj^USUcQbYQ³UcdefYUcU^²f_\e^dQbYQ]U^dUcY^_Se

%$)
C_RbUU\TYcSY`\Y^Q]YU^d_TU\_ccUSd_bUc`_`e\QbUcTebQ^dUU\`Ub_T_S_\_^YQ\
f}QcU1\UZQ^TbQ1bQiQ5c`Y^_jQ<QfQWQ^SYQS_\_^YQ\*_SY_cYTQTfQWQRe^TUbQi]Q\U^dbUdU^Y
]YU^d_3XY\U*!&(#!(!$cU]Y^QbY_TUY^fUcdYWQSY†^`QbQ_`dQbQ\WbQT_TU<YSU^SYQT_U^
8e]Q^YTQTUcS_^]U^SY†^U^8Ycd_bYQCQ^dYQW_E^YfUbcYTQTTU3XY\U6QSe\dQTTU6Y
\_c_VQi8e]Q^YTQTUc4U`QbdQ]U^d_TU3YU^SYQc8Ycd†bYSQc!))%
%%
@_bceY]`_bdQ^SYQU^U\U^SeQTbQ]YU^d_c_SYQ\c_RbUd_T_U^cebU\QSY†^S_^
\_cQbdUcQ^_c\Q7eQbTYQ>QSY_^Q\UcQ^Q\YjQTQcU`QbQTQ]U^dU]vcQTU\Q^dUF}QcUQSv`Y
dUc_RbU\Q7eQbTYQ>QSY_^Q\U^U\SQ`de\_F9
%%!
1]_T_TUUZU]`\_SYdQ]_cQ\We^_cSQc_cTU\Q`Ub]Q^U^SYQTUUcdUcYcdU]Q
TebQ^dU\Qc`bY]UbQcQT]Y^YcdbQSY_^Uc`QdbY_dQc1S_]YU^j_cTU]Qbj_TU!(!)U\CU^Q
T_QS_bT†]Q^TQbe^_VYSY_Q\4YbUSd_bCe`bU]_Y^V_b]v^T_\UaeUU\U^SQbWQT_TU\Q
bUQ\YjQSY†^TUe^_cdbQRQZ_cU^U\SQ^Q\TU=QY`‹c_\YSYdQRQ²SYU^`bUcYTYQbY_c]vc³`QbQ
S_^S\eYb\Qc_RbQcU^e^]UcceWYbYU^T_aeU}cd_c`_TbQ^cUb²Ueb_`U_c³UcTUSYbUc`Q
…_\UcC3<d_]_99!(!(!(!)CU^QT_3_^cUbfQT_b²CUcY†^$!5cdbQ_bTY^QbYQU^)TU
]Qbj_TU!(!)³`vW##%5^Ze\Y_TU\]Yc]_Q…_2Ub^QbT_?µ8YWWY^c`b_]e\W†e^bU
W\Q]U^d__d_bWQ^T_QdbYReSY_^UcQ\_cSQRY\T_c`QbQTUcdY^QbQ\_c`bUcYTYQbY_cQ\Qc_RbQc
`‹R\YSQc2Ub^QbT_?µ8YWWY^c:_Qae^TU5SXUfUbbQ@Q\QSY_4YbUSd_bYQ\TUCQ^dYQW_TU
3XY\UZe\Y_&TU!(!)²5\4YbUSd_bCe`bU]_TU\5cdQT_TU3XY\UXQRYU^T_bUSYRYT_TU\
5hS]_CU^QT_U\bUW\Q]U^d_cYWeYU^dU]Q^TQcU`eR\YaeU`QbQce_RcUbfQ^SYQ³7QjUdQ
=Y^YcdUbYQ\TU3XY\UCQ^dYQW_! TUZe\Y_TU!(!)5^]Qbj_TU!(" U\3QRY\T_TUCQ^dYQ

"#&
`QSY†^³%%" <QcQed_bYTQTUc`b_fY^SYQ\UcQT_`dQb_^]UTYTQccY]Y\QbUc %%# 
4Yc`_cYSY_^Uc]vcdQbTQcU^TebUSYUb_^\QccQ^SY_^UcQ\QfQWQ^SYQ5^
!(%#\Q]vhY]QQed_bYTQTTU\TU`QbdQ]U^d_TUCQ^dYQW__bTU^†\Q`Ub
cUSecY†^iQ`bUXU^cY†^TU\_cfQW_cceTUcdY^_Q\_cdbQRQZ_c`‹R\YS_c
`_be^`Ub_T_aeU^_RQZQbQTUcUYc]UcUc^YUhSUTYUbQe^Q…_S_^cY
TUbQ^T_S_]_dQ\Uc²cY^TYcdY^SY†^TUSQ\YTQT\_c]Qi_bUcTUTYUjicYUdU
Q…_caeUS_^cQ\eTib_RecdUjceVYSYU^dU`QbQdbQRQZQbQ^TU^cY^_Se`Q
SY†^ ^USUcYdv^T_\Q `QbQ fYfYb³ %%$ <Qc`Ubc_^QcQS_]_TQTQcaeUTQRQ^
UhSU`deQTQcTUUcdQcQ^SY†^
@Ub_\Qc]UTYTQc]vccYW^YVYSQdYfQcVeUb_^\Qcd_]QTQc`_bU\`bY^SY
`Q\Y^c`YbQT_bTU\QBU`‹R\YSQ3_^cUbfQT_bQ@QbQdUb]Y^QbS_^\QcUbYU
TUceR\UfQSY_^UcaeUXQRQ^`b_dQW_^YjQT_\_c`bYcY_^Ub_cTU\`U^Q\TU
\QYc\QTU:eQ^6Ub^v^TUjU^TYSYU]RbUTU!(#!U^VURbUb_TU!(#$iU^
QW_cd_TU!(#%@_bdQ\UcXYj_dbQc\QTQbU\`bUcYTY_Q\S_^dY^U^dUic_]U
dUbQ\_cS_^TU^QT_cQe^cYcdU]QTUdbQRQZ_cV_bjQT_cRU^UVYSY_c_`QbQ
U\5cdQT_1TeSYU^T_VQ\dQTUbUSebc_c`QbQ\QS_^cdbeSSY†^TUe^UcdQR\U
SY]YU^d_`U^Q\QS_bTUS_^\_c`bY^SY`Y_cTUcedYU]`_U\]Y^Ycdb_Y^fU^
d†U^!(#&U\cYcdU]QTU²`bUcYTY_Q]Re\Q^dU³Ucd_UcZQe\QcTUXYUbb_
]_^dQTQcc_RbUSQbbUdQc`QbQcQSQbQ\_cbU_cQdbQRQZQbU^\QS_^cdbeSSY†^
TUSQ]Y^_ce_dbQc_RbQc`‹R\YSQc %%% <Qc²ZQe\Qcb_TQ^dUc³bUSYRYUb_^\Q
S_^TU^QTUTYcdY^d_ccUSd_bUc4UcTU\QcS_\e]^QcTU\`UbY†TYS_5\FQ\TY
fYQ^_6UTUbQ\TYbYWYT_`_b:_c}=YWeU\9^VQ^dUTUcdQSQT_`b†SUbTU\Q
9^TU`U^TU^SYQcU\Q^jQb_^Q\We^QcTU\QcSbdYSQc]vcQWeTQcS_^dbQ\Q
SvbSU\Q]Re\Q^dUTU@_bdQ\Uc1^dUcaeU^QTQcUTU^e^SYQRQU\Qdb_`U\\_
Q\QTYW^YTQTTU\_c`bUc_c*

4UcTUaeUcUQ^e^SY†ceS_^cdbeSSY†^iU\_RZUd_
QaeUcUTUcdY^QRQ^^_c`QbUSY†e^`b_iUSd_Y^Xe]Q
^_iQ\]Yc]_dYU]`_TU^Y^W‹^`b_fUSX_`QbQU\`‹
R\YS_*Zecd_UcUcdQR\USUb`U^QcS_^dbQ\_cSbY]Y^Q\Uc

W_TYbYWY†e^QbU`bUcU^dQSY†^Q\CU^QT_`QbQaeUcU\UVQSY\YdQbQ^`bUc_c`QbQXQSUbU\QcU_
TU\QSYeTQTC3<d_]_9F!(" CU^QT_3_^cUbfQT_b²CUcY†^"!!?bTY^QbYQU^!'TU
]Qbj_TU!(" ³`vWc#&#(CQdYcVQSYU^T_UcdQcTU]Q^TQcU\CU^QT_QS_bT†Q\]UccY
WeYU^dU`_^UbU\`bUcYTY_i\_c`bUcYTYQbY_cRQZ_\QTU`U^TU^SYQTU\SQRY\T_`QbQaeU\_c
TUcdY^QcU²Q\_]vc^USUcQbY_³C3<d_]_9F_`SYdCU^QT_3_^cUbfQT_b²CUcY†^"" ?b
TY^QbYQU^!$TUQRbY\TU!(" ³`vWc((i()
%%"
5\3YeTQTQ^_@UTb_TUEbY_^T_7_RUb^QT_b<_SQ\TU\4U`QbdQ]U^d_TUCQ^dYQW_SS
CQ^dYQW_9]`bU^dQTU\Q?`Y^Y†^Ze^Y_"(TU!(# `vW)
%%#
1c`_bUZU]`\_e^TUSbUd_TU9^dU^TU^SYQVUSXQT_U^BQ^SQWeQU\"'TU^_
fYU]RbUTU!(#!UcdQR\USY†\_cYWeYU^dU*²CUbv^`UbcUWeYT_c\_cfQW_ciTUcdY^QT_cQ_RbQc
`‹R\YSQcCUU^dU^TUbv`_bfQW_Q\aeUdU^YU^T_b_RecdUj^USUcQbYQcUXQ\\Uf_\e^dQbYQ
]U^dUcY^_Se`QSY†^³1>1=9f_\('!("(!(#!V$) fdQ
%%$
2Q^T_:U^UbQ\TU@_\YSQ`QbQU\TU`QbdQ]U^d_TUCQ^dYQW_CQ^dYQW_9]`bU^dQTU\Q
C_SYUTQT]Qi_!#TU!(%#`vW!"
%%%
C_d_]Qi_bFQ\T}c8Ycd_bYQTU3XY\URQZ_U\W_RYUb^__`SYdd_]_9`vWc$&&$&)

"#'
 `Ub_^_QS_]`Q…Qb\QcTU`QTUSY]YU^d_caeUTUcdbeiQ^
cecQ\eTiQRbUfYU^cecTQc¤I`eUTUTUZQbTU`b_TeSYb
Ucd_cUVUSd_cceU^SYUbb_U^\_cSQbb_cdQ^d_U^\Qc^_
SXUciTQcS_]_U^\QcX_bQcaeU^_c_^TUdbQRQZ_cY^
dU^Ube^_]vcUc`QSY_aeUU\aeU_Se`QceSeUb`_/ %%& 

DQ]RY}^cUcU…Q\QRQceQRc_\edQY^UVYSQSYQS_]_U\U]U^d_bUWU^U
bQT_bTU\_cS_^TU^QT_c*

CYQ\We^_cKbU_cMXQ^\\UWQT_KQMced}b]Y^_cY^
cUbfSdY]QcTU\_cbYW_bUcTU\QY^dU]`UbYU_TUc`UTQjQ
T_c`_b\_ccQR\UciRQi_^UdQcc†\_XQRbv^Q^cYQT_\Q\Y
RUbdQT`QbQYbQU^dbUWQbcUQd_T_W}^Ub_TUSb]U^Uc
SbUiU^T_fU^WQbQcU\e\dbQZUQ\QXe]Q^YTQTS_]UdYT_
U^cec`Ubc_^Qc%%' 

<Q_`_cYSY†^QUcdUSQcdYW_cebWQY^S\ec_TUcTUU\Y^dUbY_bTU\SQ]
`_S_^cUbfQT_b*1^Tb}c2U\\_SeiQccY]`QdQciQ`_i_Q\_cW_RYUb^_c
`U\eS_^UcUbQ^Q]`\YQ]U^dUS_^_SYTQcUh`bUc†QdbQf}cTU\Q`bU^cQ
_`Y^Y_^UcTUcUfUbQS_^TU^QQ\cYcdU]QTUSQbb_cQ]Re\Q^dUc*

KMRQcdQbQQSeQ\aeYUbQ`_b`_S_Xe]Q^_icU^
cYR\UaeUVeUcU°TUSQU^!($"°U\QSUbSQbcUQQaeU\\Qc
ZQe\QcQ]Re\Q^dUcU^aeUSU^dU^QbUcTUX_]RbUciQSU^
Q`Y…QT_ciQXUbb_ZQT_cceVbYU^T_U^`\U^_QYbU\_cbYW_
bUcTU\QcUcdQSY_^Uci\_cTUe^QUcdbYSdQiS_^dY^eQfYWY
\Q^SYQ`QbQaeUTUcXUSXQcUS_^Y^TYW^QSY†^e^SQcdYW_
dQ^SbeU\UY^UVYSQjQ\]Yc]_dYU]`_dQ^TYc`U^TY_c_i
TU\aeU\Qc_SYUTQT^_TUbYfQU\]U^_b`b_fUSX_%%( 

@QbQU^d_^SUc\_cW_RUb^Q^dUcXQRQ^S_]U^jQT_QQS_ZUbQ\We^Qc
TUUcdQcSbdYSQc=Q^eU\=_^dd]Y^Ycdb_TU:ecdYSYQ3e\d_U9^cdbeSSY†^
@‹R\YSQbUS_^_SY†U^!($!Q`b_`†cYd_TUe^QceR\UfQSY†^TU`bUcYTYQ
bY_c²aeU^_cU`eT_S_bdQbcY^_S_^e^UcSQb]YU^d_X_bbYR\UaeUS_^c

%%&
²3Qbb_cQ]Re\Q^dUc³5\FQ\TYfYQ^_6UTUbQ\CQ^dYQW_!TUU^Ub_TU!(#(
%%'
²3Qbb_cQ]Re\Q^dUc³5\FQ\TYfYQ^_6UTUbQ\CQ^dYQW_%TU_SdeRbUTU!($!E^`Qb
TUQ…_c]vcdQbTUSeQ^T_cUTYcSedQU\bUU]`\Qj_TU\QcZQe\Qcb_TQ^dUc`_be^QSvbSU\
`U^YdU^SYQbYQU\`UbY†TYS_VUTUbQ\YcdQQWbUWQRQe^SebY_c_QbWe]U^d_Qce_`_cYSY†^Q\
`bUcYTY_Q]Re\Q^dUrcdUXQRbQV_b]QT_`QbdUTU²\_c`\Q^UcTU\_cSYUW_cQbdVYSUc`QbQ
XQSUb]vci]vc_TY_c_U\cYcdU]QbU`eR\YSQ^_UY^f_SQb\Q]_^QbaeQS_]_bU]UTY_TU
d_T_c\_c]Q\UcKM³5\FQ\TYfYQ^_6UTUbQ\CQ^dYQW_!)TUZe\Y_TU!($#3ebcYfQcU^U\
_bYWY^Q\
%%(
1^Tb}c2U\\_²5\`bUcYTY_Q]Re\Q^dU³QbdSe\_Q`QbUSYT_U^5\1bQeSQ^_U^!($"
ibU`b_TeSYT_U^?RbQcS_]`\UdQcTU4_^1^Tb}c2U\\_f_\9HCQ^dYQW_@UTb_7BQ]bUj
9]`bUc_b!((%`vWc$ !$ %<QSYdQUcTU\Q`vW$ #

"#(
dUb^†Q\7_RYUb^_iQ\_cSYeTQTQ^_c³aeUUcUcYcdU]Q\UZ_cTUQieTQbQ\Q
S_bbUSSY†^TU\_cTU\Y^SeU^dUc^_XQSQcY^_TYc`_^Ub\_cQ²S_]UdUbSeQ\
aeYUbW}^Ub_TUQdU^dQT_c³%%) <_c`b_iUSd_cTUbUU]`\Qj_TU\QcZQe\Qcb_
TQ^dUc`_b\QY^cdQ\QSY†^TUe^`bUcYTY_U^\QYc\Q=_SXQ_U^\QYc\QTU3XY
\_}%& VeUb_^TUcUSXQT_c`_bbQj_^UcTUcUWebYTQTi`_baeU\Q\UZQ^QTU
QaeU\\QcYc\QcTYVYSe\dQbQ\QcY^c`USSY_^UcTU\QcQed_bYTQTUcTUW_RYUb^_
<Qc_\eSY†^`b_`eUcdQVeU\QS_^cdbeSSY†^TUe^QSvbSU\`U^YdU^SYQbYQU^
\QcSUbSQ^QcTU\QSQ`YdQ\%&! @Ub_\Q]QdUbYQ\YjQSY†^TUUcdU`b_iUSd_dQbT†
fQbY_cQ…_c8QSYQ]UTYQT_cTU\QT}SQTQTU\_cSeQbU^dQU\=Y^YcdUbY_TU
:ecdYSYQ`b_SUTY†Q²Xe]Q^YjQb³U\²`bUcYTY_TU\_cSQbb_c³TUcYW^Q^T_e^
]}TYS_ie^cQ^WbQT_b`QbQ\QQdU^SY†^TU\_cbUS\ec_cce]Y^YcdbQ^T_fUc
deQbY_QUcd_c‹\dY]_ciS_^cdbeiU^T_e^_bQd_bY_`QbQ\_c_VYSY_cbU\YWY_
c_c%&" 1VY^UcTU!($'Q‹^^_cUQSQRQRQTUS_^cdbeYb\Q`U^YdU^SYQbQTU
CQ^dYQW_*U^\Qc`_SQcSU\TQcdUb]Y^QTQccUQ]_^d_^QRQ^SeQdb_`Ubc_^Qc
U^e^Uc`QSY_`bUfYcd_`QbQe^Qc_\Q%&# >__RcdQ^dUUcdQcYdeQSY†^UbQfQ\_
bQTQS_]_e^`b_WbUc_bUc`USd_Q\QQ^dUbY_b*

4U d_T_c ]_T_c cY S_^cYTUbQ]_c U\ \Q]U^dQR\U

Qc`USd_ TU ^eUcdb_c SQbb_c TU UcU `bUcYTY_ QdUbbQ^dU
aeU]QbdYbYjQRQU\SeUb`_cY^`b_`U^TUbQ\Q]UZ_bQ
]_bQ\TU\Q\]Q+aeUb_RecdUSQU^cecU^_\QcY^S\Y^QSY_
^Uc`UbfUbcQciaeU\\UfQRQQ\]vcUhdbU]QT_\]YdUTU
TUWbQTQSY†^Q\cUb]Yc]_TU^eUcdbQUc`USYU+cYS_^cY
TUbQ]_cUcdQcZQe\QcTURUcdYQcVUb_SUcS_^cecSXQbS_c
TUY^]e^TYSYQaeU\UccUbfQ^TUQ\V_]RbQicecV}dYTQc
UhQ\QSY_^UcaeUbUc`YbQRQ^cY^SUcQbQd_TQX_bQ+cYS_^

%%)
=U]_bYQ`bUcU^dQTQQ\3_^WbUc_>QSY_^Q\U^!($!`_bU\=Y^Ycdb_TU5cdQT_U^U\4U`Qb
dQ]U^d_TU:ecdYSYQ3e\d_U9^cdbeSSY†^@‹R\YSQCQ^dYQW_9]`bU^dQi<Yd_WbQVQTU\5cdQT_
!($!`vW&5\\UfQ^dQ]YU^d_TU`bYcY_^Ub_c_SebbYT_U\)TU]Qbj_TU!($!def_e^
cQ\T_dbvWYS_CUW‹^U\`QbdUTU\S_]Q^TQ^dUTU\QWeQb^YSY†^TU\`bUcYTY_Q]Re\Q^dUe^
RQ\Q^SU`b_fYc_bY_UcdQR\USYT_`_S_cTQcTUc`e}cTU\_cXUSX_cU^QaeU\\Q_SQcY†^`UbU
SYUb_^fUY^dYcYUdU`bYcY_^Ub_ccUYcaeUTQb_^XUbYT_ciVQ\dQ^T__db_cfUY^dUU^dbU\_cSeQ
\Uc`_TbQ^S_^dQbcUQ\We^_c]eUbd_ciXUbYT_c5^dbU\_cWeQbTYQ^Ucc†\_XeR_dbUcXUbY
T_c²BUfeU\dQU^U\`bUcYTY_Q]Re\Q^dU³5\1bQeSQ^_CQ^dYQW_!)TU]Qbj_TU!($!
%&
=U]_bYQ`bUcU^dQTQQ\3_^WbUc_>QSY_^Q\U^!($"`_bU\=Y^Ycdb_TU\4Uc`QSX_TU:ecdY
SYQ3e\d_U9^cdbeSSY†^@‹R\YSQCQ^dYQW_9]`bU^dQi<Yd_WbQVQTU\5cdQT_!($"`vWc!$
i!%+2U\\_²5\`bUcYTY_Q]Re\Q^dU³_`SYd
%&!
=U]_bYQaeU`bUcU^dQQ\3_^WbUc_>QSY_^Q\U^!($#U\=Y^Ycdb_TU5cdQT_U^U\4U`QbdQ
]U^d_TU:ecdYSYQ3e\d_U9^cdbeSSY†^@‹R\YSQCQ^dYQW_9]`bU^dQTU\5cdQT_!($%`vWc!
i!!
%&"
=U]_bYQaeU`bUcU^dQQ\3_^WbUc_>QSY_^Q\U^!($&U\=Y^Ycdb_TU\TUc`QSX_TU:ecdYSYQ
3e\d_U9^cdbeSSY†^@‹R\YSQCQ^dYQW_!($&`vW! 
%&#
6E\\_Q3<Q@U^YdU^SYQbQTUCQ^dYQW_<_aeUXQcYT_\_aeUUcY\_aeUTURYUbQcUb
CQ^dYQW_9]`bU^dQTU²<_cDYU]`_c³!('(`vW'

"#)
 cYTUbQ]_cd_T_Ucd_^_`_TU]_c]U^_cU^S_^cU^dYbU^
aeUU\`bUcYTYQbY_TU\_cSQbb_cXQ]UZ_bQT_X_iTUS_^TY
SY†^S_^cYTUbQR\U]U^dU%&$ 

5\dbQRQZ_V_bjQT_²Xe]Q^YjQT_³ceRcYcdY†Q‹^\QbW_dYU]`_U^3XY
\U%&% <QcZQe\QcTUcQ`QbUSYUb_^`Ub_\_cbU_c°S_^_cY^WbY\\_c°cYWeYU
b_^`_b]eSX_cQ…_cbUQ\YjQ^T_\QR_bUcTUdY`_S_]`e\cYf_U^\QcSQ\\Uc
iSQ]Y^_cTU\`Qc%&& IQ\Y^dUbY_bTU\_c`b_`Y_cbUSY^d_cSQbSU\QbY_ccU
Y^cdQeb†°Q`QbdYbTU\(TUQW_cd_TU!(% °U\dbQRQZ__R\YWQT_TU\_cS_^
TU^QT_c%&' 
<Q`U^QTUQj_dUc+\QbUW\Q]U^dQSY†^TU\Q]U^TYSYTQTQdbQf}cTU
\YSU^SYQc_d_bWQTQc`_b\QcQed_bYTQTUc`QbQceUZUbSYSY_²\UWQ\³+\QfYWU^
SYQU^\QcbUWY_^Uc]Y^UbQcTU\^_bdUTU\`QcTU\cYcdU]QTU²`Q`U\UdQc³
]UTYQ^dU\QcSeQ\UcTURQ^QSbUTYdQbceU]`\U_\_ccYbfYU^dUcT_]}cdYS_c
WQ…Q^Uc_`UbQbY_cTU]Y^QciTU]vcdbQRQZQT_bUcTUdY`_`U_^Q\VeUb_^
_dbQcdQ^dQcTYc`_cYSY_^UcQT_`dQTQc_bUQVYb]QTQc`_b\_cW_RYUb^_cTU
\_cTUSU^Y_cS_^cUbfQT_bUc`QbQQcUWebQbU\TYcSY`\Y^Q]YU^d_iS_^db_\
c_SYQ\TU\²RQZ_`eUR\_³1e^aeU\Q]Qi_bQTUUcdQc`bvSdYSQcTQdQRQTU
\Q}`_SQS_\_^YQ\iQ\We^Qc`UbcYcdYUb_^TebQ^dU\QBU`‹R\YSQ<YRUbQ\
SQRUcU…Q\QbaeURQZ_\_cW_RYUb^_c²`U\eS_^Uc³ceQ`\YSQSY†^VeU]vc
fQcdQicYcdU]vdYSQaeUXQcdQQ^dUcTU!(# 5bQe^QUh`bUcY†^TU\QVY\_
c_VQ`_\dYSQaeU@_bdQ\UccY^dUdYjQbQQT]YbQR\U]U^dU`_S_Q^dUcTUce
]eUbdU*²@Q\_iRYjS_SXeU\_ZecdQi_`_bde^Q]U^dUQT]Y^YcdbQT_cc_^

%&$
²3vbSU\`U^YdU^SYQbYQ³5\@b_WbUc_CQ^dYQW_$TU_SdeRbUTU!($'
%&%
8QSYQVY^UcTU\QT}SQTQTU!(% \Q`bU^cQS_^dY^eQRQXQSY}^T_cUUS_Qe^aeU
]vcUc`_bvTYSQ]U^dUTUUcdQbUQ\YTQTF}QcU`_bUZU]`\_²@bUcYTYQbY_c³5\=UbSebY_
FQ\`QbQc_&TUZe\Y_TU!(%(
%&&
5\bUSebc_Q\dbQRQZ_V_bjQT_`QbQ\QS_^cdbeSSY†^TUY]`_bdQ^dUc_RbQcTUY^VbQ
UcdbeSdebQUbQe^QYTUQVeUbdU]U^dUQbbQYWQTQU^cUSd_bUcTU\QU\YdU5^!(%#5\=UbSebY_
TUcQbb_\\†e^QSQ]`Q…QTU_`Y^Y†^U^VQf_bTU\dbQRQZ_TUbU_cU^U\dU^TYT_TU\Q\^UQ
V}bbUQU^dbUCQ^dYQW_iFQ\`QbQc_²>eUfQQ`\YSQSY†^TU\_cdbQRQZ_cV_bjQT_cCeU^cQi_
U^U\VUbb_SQbbY\³5\=UbSebY_FQ\`QbQc_""TUVURbUb_TU!(%#+²DbQRQZ_cV_bjQT_c³5\
=UbSebY_FQ\`QbQc_"TU]Qbj_TU!(%#+²6Ubb_SQbbY\³5\=UbSebY_FQ\`QbQc_""TU
]Qbj_TU!(%#²6Ubb_SQbbY\TUCQ^dYQW_QFQ\`QbQc_³5\=UbSebY_FQ\`QbQc_$TUQRbY\
TU!(%#CY^U]RQbW_UcdQc_`Y^Y_^UcVeUb_^bURQdYTQc`_b\Q`bU^cQ\YRUbQ\aeUS_^cYTU
bQRQ\QedY\YjQSY†^TU\dbQRQZ_TU\_cS_^TU^QT_cS_]_e^²U\U]U^d_TUTUc]_bQ\YjQSY†^
TU\Qc]QcQc³²5\VUbb_SQbbY\TUFQ\`QbQc_³5\@b_WbUc_CQ^dYQW_"&TUVURbUb_TU!(%#+
²DbQRQZ_cV_bjQT_c³5\@b_WbUc_CQ^dYQW_$TU]Qbj_TU!(%#
%&'
E\\_Q_`SYd`vWc!%i!&5\\USd_bY^dUbUcQT_U^`b_Ve^TYjQbceS_^_SY]YU^d_
c_RbUUcd_cdU]QcU^S_^dbQbve^Q^v\YcYcU^RQcUQ\QcSQdUW_bQcV_eSQe\d^YQ^Qcc_RbUU\
`Qc_U^3XY\UTUe^cYcdU]QTUSQcdYW_cSQbQSdUbYjQT_`_bceUc`USdQSe\QbYTQTi\Qc`UbfY
fU^SYQcS_\_^YQ\UcQe^cYcdU]Q`U^YdU^SYQbY_U^=QbS_1^d_^Y_<U†^<U†^CYcdU]QSQbSU
\QbY_U^3XY\UFYcY_^UcbUQ\YTQTUci`b_iUSd_c!(!&!)!&S_]`Y\QSY†^iUcdeTY_`bU\Y]Y^Qb
CQ^dYQW_5TYSY_^UcTU\Q4YbUSSY†^TU2YR\Y_dUSQc1bSXYf_ci=ecU_c3U^db_TU9^fUcdY
WQSY_^Uc4YUW_2Qbb_c1bQ^Q3_\USSY†^6eU^dUc`QbQ\Q8Ycd_bYQTU\QBU`‹R\YSQf_\F999
!))&`vWc)#$1WbQTUjS_Q\Qed_b\Q`_cYRY\YTQTTUXQRUbS_^_SYT_ce]Q^ecSbYd_Q^
dUcTUcUb`eR\YSQT_

"$
\_cUc`USVYS_cS_^aeUcUSebQSeQ\aeYUb`eUR\_`_bY^fUdUbQTQcaeU
cUQ^cec]Q\QcS_cde]RbUc³%&( 
<_cQj_dUci`Q\_cUbQ^U\SQcdYW_]vc_`b_RY_c_iTUdUcdQT_`_b
U\`eUR\_5cdQ`e^YSY†^TU_bYWU^S_\_^YQ\cU]Q^def_fYWU^dU°S_^
Q\We^QcY^dUbbe`SY_^Uc°TebQ^dUd_TQ\QBU`‹R\YSQ3_^cUbfQT_bQ
FQbYQcfUSUccUXQRQY^dU^dQT_QR_\YbUcdQQbbQYWQTQ`bvSdYSQ2Ub
^QbT_?µ8YWWY^cXQRQ]Q^YVUcdQT_cUb`QbdYTQbY_TU\Qce`bUcY†^TU\Qc
`U^QcTUd_b]U^d__`_^Y}^T_cUQ\QQed_bYjQSY†^TQTQ`_bU\CU^QT_
`QbQceQ`\YSQSY†^Q\_cbU_cS_^VUc_cTUXebd_`QbQQbbQ^SQb\Uc\QS_^VU
cY†^TU\`QbQTUb_TU\QcUc`USYUcb_RQTQc%&)@QbQ\QS_^SU`SY†^Y\ecdbQTQ
TU\=Q^TQdQbY_Q`\YSQb\_cQj_dUcU^Uc_cSQc_ccYW^YVYSQRQ²Q^dYSY`Qb\Q
`U^QQ\QS_]`b_RQSY†^TU\SbY]U^iQ\QcU^dU^SYQ³iUh`_^UbQ]eSX_c
Y^_SU^dUcQceVbYbQaeU\SQcdYW_Y^VQ]Q^dUQTU]vcTUS_^cdYdeYbe^RQ\
T†^`QbQU\`QcQ^dU\_c_Z_cTU\_cUhdbQ^ZUb_caeUfUbQ^U^U\d_b]U^
d_²Q\We^_cbQcdb_cTU\W}^Ub_TU^eUcdb_cQ^dYWe_c_`bUc_bUc³ %'  <Q
]Qi_bQTU\_ccU^QT_bUc^_S_]`QbdQdQ\UcUcSb‹`e\_c2QcdQRQcUW‹^
QbWe]U^dQRQ^aeU\_cZeUSUcVeUbQ^VQSe\dQT_c`QbQQ`\YSQbU\d_b]U^
d_c†\_U^QaeU\\_cSQc_caeUS_^dQbQ^S_^\QQ`b_RQSY†^TU\Q3v]QbQ
TU:ecdYSYQ\QSeQ\fU\QbQ`_baeUU\SQcdYW_^_bUSQiUbQc_RbUY^_SU^
dUc%'!?µ8YWWY^cY^cYcdY†U^\Q^USUcYTQTTUY]YdQbU\UZU]`\_Ueb_`U_
TUb_Wv^T_\_`_bS_^cYTUbQb\_Y^Xe]Q^_ %'"`Ub_\Q`_cYSY†^TU\CU^QT_
`bUfQ\USY†4UUcdQ]Q^UbQU\]Yc]_SeUb`_\UWYc\QdYf_QS_bT†U^]Qb
j_TU!(""\QQ`\YSQSY†^TU\Q`U^QTUfUY^dYSY^S_Qj_dUcQ\_cfQW_c`\U
RUi_cc_c`USX_c_ciU^U]YW_cTU\Q9^TU`U^TU^SYQaeUS_^dbQfY^YUcU^
\Q`b_XYRYSY†^TU`_bdQbQb]Qc %'#
@Ub_]ei`_S_TUc`e}c°U\)TUQW_cd_TU\]Yc]_Q…_°3Q]Y\_
8U^baeUjTY`edQT_cUSbUdQbY_TU\Q3_^fU^SY†^@bU`QbQd_bYQ`b_`e
c_QcecS_\UWQc\QbUf_SQSY†^TU\Q`U^Q]Y\YdQbTU`Q\_ciRQaeUdQc<Qc

%&(
²3QbdQTU4YUW_@_bdQ\UcQ6Ub^Q^T_EbjQb7QbVYQc³CQ^dYQW_!TUQRbY\TU!(#'
U^3beji6U\Y‹_`SYdd_]_999`vW$(&
%&)
C3<d_]_999CU^QT_3_^cUbfQT_b!(!)!(" ²CUcY†^!#"?bTY^QbYQU^" TU
cUdYU]RbUTU!(!)³`vW""&+²CUcY†^!$)?bTY^QbYQU^"%TU_SdeRbUTU!(!)³`vWc
#!(#" 
%'
C3<d_]_999CU^QT_3_^cUbfQT_b!(!)!(" ²CUcY†^!$)?bTY^QbYQ_`SYd
`vWc#!)i#" 4UXUSX_\_cQj_dUc`QbUSU^XQRUbcUQ`\YSQT_S_^]Qi_bSYbSe^c`USSY†^
TebQ^dUU\W_RYUb^_TU\`bY]Ub4YbUSd_bCe`bU]_cYU^T_`bvSdYSQS_]‹^`_b`QbdUTU
\QcQed_bYTQTUc`b_fY^SYQ\Uci\_SQ\Uc`UTYbQed_bYjQSY†^Q\W_RYUb^_SU^dbQ\Q^dUcTUUZU
SedQbTYSXQ`U^QF}QcUQ]_T_TUUZU]`\_Q\We^Qcc_\YSYdeTUcTUUcdUdY`_TebQ^dU\_c
Q…_c!(!)i!(" U^1>1=9f_\!"9^dU^TU^SYQTU3_\SXQWeQ!(! !(#!VZc!$$
!("!(#i!(%
%'!
C3<d_]_999CU^QT_3_^cUbfQT_b!(!)!(" ²CUcY†^!%#?bTY^QbYQU^")TU
_SdeRbUTU!(!)³`vWc## i#####$
%'"
C3<d_]_999CU^QT_3_^cUbfQT_b!(!)!(" ²CUcY†^!%&?bTY^QbYQU^%TU
^_fYU]RbUTU!(!)³`vWc#$$i#$'#$(
%'#
C3<d_]_FCU^QT_3_^cUbfQT_b!("!!(""²CUcY†^$##?bTY^QbYQU^")TU
]Qbj_TU!(""³`vW%()i%)!

"$!
SYVbQcTUfSdY]QcVQdQ\UcTUUcdUSQcdYW_U^U\X_c`YdQ\]Y\YdQbTU^e^SYQTQc
`_bU\²VbQY\UTU\QReU^Q]eUbdU³UbQ^UcSQ\_VbYQ^dUc*cYUdUX_]RbUcVQ\\USY
T_c`_bXQRUbbUSYRYT_T_cSYU^d_c`Q\_cTebQ^dUU\]UcQ^dUbY_bidbUc^eU
f_cTUSUc_cU^\_c`_S_cTQcS_bbYT_cTU\]UcU^Sebc_ %'$<Q`b_`_cYSY†^
QR_\YSY_^YcdQVeUTYcSedYTQTebQ^dUSQcYT_c]UcUc%'%+QVY^UcTUcU`dYU]RbU
\Q3_^fU^SY†^QS_bT†bUU]`\QjQb\Q`U^QTU`Q\_cU^U\UZ}bSYd_S_]_cU
Q`\YSQRQXQcdQUcU]_]U^d_SYU^_T_cSYU^d_c`Q\_cQ\_cTUcUbd_bUc`_b
e^Q]U^_bTUXQcdQfUY^dYSY^S_`Q\_c²S_^fQbY\\QTU]Y]RbUaeU^_UhSU
TQU\Wb_c_bTU\QRQaeUdQTU\VecY\`_bU\TU\Yd_TU`bY]UbQTUcUbSY†^cY^
SYbSe^cdQ^SYQQWbQfQ^dUiT_SU`_bfQTUS_bbUSSY†^³ %'& CY^U]RQbW_U\
W_RYUb^_TU?µ8YWWY^c^_Q\SQ^j†QS_^cQWbQbU\dbYe^V_TU\QdU^TU^SYQ
QR_\YSY_^YcdQTU\Qc`U^QcTU`Q\_ciTUQj_dUcCeSQTQ°QS_]YU^j_cTU
!("#°TUZ†`U^TYU^dUUcdQQc`YbQSY†^TU\4YbUSd_bCe`bU]_iTUQ\We^_c
TY`edQT_cS_]_3Q]Y\_8U^baeUj
3_bbUc`_^TY†Q\bUSY}^^_]RbQT_4YbUSd_bCe`bU]_BQ]†^6bUY
bUTUSbUdQb°cYWeYU^T_U\S_^cUZ_TU\Q:e^dQTUCQ^YTQT°\Qce`bUcY†^
TU\²SQcdYW_TU`Q\_c³U^U\5Z}bSYd_`_bS_^cYTUbQb\_²]_bdVUb_U^U\
`QccUW‹^\QS_^cdQ^dU_RcUbfQSY†^aeUcUXQXUSX_U^U\X_c`YdQ\]Y\Y
dQb³%''1\_c`_S_c]UcUc°U^Ze^Y_TU!("#°U\SeUb`_\UWYc\QdYf_QS_bT†
\QTUb_WQSY†^TU\Q`U^QTUQj_dUcU^d_T_U\dUbbYd_bY_^QSY_^Q\i`_S_
TUc`e}cU\^eUf_ZUVUTU5cdQT_`b_]e\W†\Q\UiaeUS_^cQWbQRQU\dbYe^
V_TU\QdU^TU^SYQQR_\YSY_^YcdQTU\_cSQcdYW_cVcYS_c%'(
>__RcdQ^dU\Q]UTYTQXe]Q^YdQbYQVeUTUS_bdQTebQSY†^*\Q\UWYc
\QdebQcYWeYU^dU\QbUcdQR\USY†Q`UcQbTU\Q_`_cYSY†^TU3Q]Y\_8U^b
aeUji_db_cS_^WbUcQ\UciTUcTU!("%f_\fY†QQ`\YSQbcUUcdQcQ^SY†^
²S_]_Q^dUccU`bQSdYSQbQ³Q\_cQed_bUcTUSYUbd_cTU\Yd_c %')XQSY}^T_cU
SQTQfUj]vcbUSebbU^dUTebQ^dU\QcT}SQTQcTU!(# i!($ 1VY^UcTU

%'$
C3<d_]_F93_^fU^SY†^@bU`QbQd_bYQi3_bdUTUBU`bUcU^dQ^dUc!(""!("#²CU
cY†^) QU^)TUQW_cd_TU!(""³`vWc%'i%(
%'%
C3<d_]_F93_^fU^SY†^@bU`QbQd_bYQi3_bdUTUBU`bUcU^dQ^dUc!(""!("#²CU
cY†^!!U^!#TUQW_cd_TU!(""³`vWc'"i'$+²CUcY†^!(U^")TUQW_cd_TU!(""³`vWc
!!&i!!'+²CUcY†^"%U^'TUcUdYU]RbUTU!(""³`vWc!$$!$%i!$(+²CUcY†^")U^!$TU
cUdYU]RbUTU!(""³`vWc!&&i!&'
%'&
C3<d_]_F93_^fU^SY†^@bU`QbQd_bYQi3_bdUTUBU`bUcU^dQ^dUc!(""!("#²CUcY†^
##U^"%TUcUdYU]RbUTU!(""³`vWc!)!i!)"
%''
6bUYbUBYfUbQ²@Q\_cU^U\5Z}bSYd_CU`b_XYRUUcdUSQcdYW_³CQ^dYQW_"%TUQRbY\
TU!("#U^BYSQbT_1^WeYdQ<UiUc`b_]e\WQTQcU^3XY\UTUcTU!(! XQcdQU\!¡TUZe^Y_TU!)!"
d_]_9!(! !(%)CQ^dYQW_9]`bU^dQ<Yd_WbQVQi5^SeQTUb^QSY†^2QbSU\_^Q!)!"
`vW!!)
%'(
C3<d_]_F993_^WbUc_TU@\U^Y`_dU^SYQbY_ciCU^QT_3_^cUbfQT_b!("#²CUcY†^
#)U^"'TUZe^Y_TU!""#³`vWc"#%i"#)+6bUYbU=QbYQ^_TU5WQ…Q²1j_dUcCUce`bY
]UUcdQ`U^Q³U^1^WeYdQ_`SYdd_]_9`vW!"!
%')
1bSXYf_TU\Q9^dU^TU^SYQTU3_aeY]R_f_\#(FQ\\U^Qb(TUQW_cd_TU!("%3YdQT_
`_b=QbQ1^W}\YSQ9\\Q^UcU^²1j_dUcQ\QbY_i\Ui4YcSY`\Y^Q]YU^d_TU\Q]Q^_TU_RbQ
U^\Q]Y^UbQTU1dQSQ]Q!(!'!(% ³U^@b_`_cYSY_^Uc>¡!)CQ^dYQW_Ze\Y_TU!)) 
`vW)(

"$"
QW_cd_TU!(% e^Q…_Q^dUcTUUh`YbQbcecUWe^T_]Q^TQd_`bUcYTU^SYQ\
U\WU^UbQ\2e\^Uc`b_]e\W†e^Q\UiaeUQR_\QU\SQcdYW_TUQj_dUci\_
bUU]`\QjQRQ`_b`bUcYTY_ %( `Ub_U^cU`dYU]RbUTU!(%"`_S_c]UcUc
TUc`e}cTUdUb]Y^QTQ\QWeUbbQSYfY\iiQQVYQ^jQT_U^U\`_TUbU\RQ^T_
S_^cUbfQT_bcUTYcSedY†U^\Q3v]QbQTU4Y`edQT_ce^`b_iUSd_TU\UiTUc
dY^QT_QbUcdQR\USUbTYSXQ`U^Q=eZYSQX_]RbUTUS_^VYQ^jQTU=Q^eU\
=_^dd\\Uf†\Qf_jSQ^dQ^dUU^VQf_bTU\Q]UTYTQbUcdQebQSY_^YcdQ<eUW_TU
`b_S\Q]QbceY^dbQ^cYWU^SYQU^S_^dbQTU\_c\QTb_^UcicQ\dUQT_bUcTUSQ
]Y^_ci\Q^USUcYTQTTU²U]`\UQbd_T_U\bYW_b`_cYR\U`QbQUhdY^WeYb\_c
TU\d_T_³Uh`ec_\_cQbWe]U^d_cTU\S_^cUbfQTebYc]_*

KMU^\Qc}`_SQcU^aeU^_cUXQQj_dQT_^_cXU
]_cfYcd_`\QWQT_cTU]e\dYdeTTU\QTb_^UcaeUXQ^Y^
fQTYT_\QcSQ\\UcTU\Qc`_R\QSY_^Uc\Qc_SYUTQTi\_cSQ
]Y^_c`‹R\YS_c+\_c]Y^UbQ\UcXQ^cYT_fSdY]QcdQ]RY}^
TU \_c \QTb_^Uc 5^ !(#' cU _bWQ^Yj†  U\ ]Y^UbQ\ TU
3XQ…QbSY\\_S_^\Q`U^QTUQj_dUci]UTYQ^dUUcdQ`U^Q
cUUfYdQb_^\_cVbUSeU^dUcb_R_c+`U^QUVYSQccY]Q`_b
]eSXQcSYbSe^cdQ^SYQccYU^T_e^Q]ei`QbdYSe\Qb\QTU
aeUUc\Q]vcdU]YR\U`QbQd_T_cQaeU\\_caeUcUQfUjQ^
QfYfYbTU\b_R_i\Q‹^YSQaeU`eUTUXQSUb\UcbUcdYdeYb
\_b_RQT_KM%(! 

<_cTY`edQT_cQ`b_RQb_^U\bUcdQR\USY]YU^d_TU\Q`U^QTUQj_dUc
`_bfUY^dYSeQdb_f_d_cS_^dbQcYUdUi\_ccU^QT_bUc\QQ`b_RQb_^e^v^Y
]U]U^dUcYU^T_`b_]e\WQTQ\Q\UiQS_]YU^j_cTU_SdeRbU`_bU\@bUcY
TU^dU=_^dd%(" 
<_cQj_dUci\_c`Q\_cS_]_SQcdYW_`QbQ\Qc`Ubc_^QcS_^cYTUbQTQc

%(
F}QcUU\`b_SUc_TUTYcSecY†^iTUQ`b_RQSY†^TU\`b_iUSd_TU\UiU^C3>TU
!(% 3v]QbQTU4Y`edQT_c²CUcY†^!#U^(TUZe\Y_TU!(% ³`vW!&+3v]QbQTU4Y`edQT_c
²CUcY†^!$U^! TUZe\Y_TU!(% ³`vWc!"'!##+3v]QbQTU4Y`edQT_c²CUcY†^"$U^"TU
QW_cd_TU!(% ³`vW#"+3v]QbQTUCU^QT_bUc²CUcY†^TU\"TUQW_cd_TU!(% `vW"%"+
3v]QbQTUCU^QT_bUc²CUcY†^TU\"#TUQW_cd_TU!(% ³`vW#% +4_Se]U^d_c_VYSYQ\Uc
4U`QbdQ]U^d_TU:ecdYSYQ3e\d_U9^cdbeSSY†^`‹R\YSQ=Q^eU\2e\^Uc=vhY]_=eZYSQ
²@b_iUSd_TU\UY³CQ^dYQW_QW_cd_")TU!(% 5\1bQeSQ^_CQ^dYQW_#!TUQW_cd_TU!(% +
=Q^eU\2e\^Uc=vhY]_=eZYSQ²1j_dUcCUcecdYdeiUUcdQ`U^Q`_b\QTU`bUcYTY_³CQ^
dYQW_")TUQW_cd_TU!(% U^1^WeYdQ_`SYdd_]_9`vW%""@_SQccU]Q^QcQ^dUcTU
\QQT_`SY†^TUUcdQ]UTYTQcUXQRQc_]UdYT_Q\QS_^cYTUbQSY†^TU\_cTY`edQT_ce^@b_
iUSd_TU\UY`bUcU^dQT_`_b\Q3_]YcY†^=Y\YdQbTU\Q3v]QbQTU4Y`edQT_cc_RbU]_TYVYSQSY†^TU\_c
QbdSe\_cTU\Q_bTU^Q^jQaeUY]`_^U^\Q`U^QTU`Q\_cCQ^dYQW_9]`bU^dQTU\@b_WbUc_
!(% 5\dUhd_dQ]RY}^VeU`eR\YSQT_U^5\@b_WbUc_CQ^dYQW_#%i&TUQW_cd_TU!(% 
%(!
C3>TU!(%"3v]QbQTU4Y`edQT_c²CUcY†^#(?bTY^QbYQU^&TUcUdYU]RbUTU
!(%"³`vW#!<QTYcSecY†^U^\Q3v]QbQcUUhdYU^TUXQcdQ\Q`vW#$
%("
?`SYd`vW#$+C3>TU!(%"3v]QbQTUCU^QT_bUc²CUcY†^TU\"'TUcUdYU]RbU
TU!(%"³`vW"(+=Q^eU\=_^ddCY\fUcdbU?SXQWQfQ²1j_dUcCUbUcdQR\USUUcdQ`U^Q³
CQ^dYQW_(TU_SdeRbUTU!(%"U^1^WeYdQ_`SYdd_]_9`vW& #

"$#
TU\Y^SeU^dUc`_b\QcQed_bYTQTUcceRcYcdYUb_^TebQ^dU]eSX_dYU]`_Qe^
RQZ_\Q²BU`‹R\YSQ<YRUbQ\³Q`UcQbTU\QcSbdYSQci\QcReU^QcY^dU^SY_^Uc
TUQ\We^_c`_\dYS_c<Q`bvSdYSQUcdQRQU^bUQ\YTQTdU^Qj]U^dUU^bQYjQTQ
U^\Q]U^dQ\YTQTTU\QS\QcUT_]Y^Q^dU5^!('"SeQ^T_cUTURQdQ^eUfQ
]U^dUU^U\@Qb\Q]U^d_iU^\Q`bU^cQQSUbSQTU\Qce`bUcY†^TUUcdQcQ^
SY†^B_RUbd_C_e`Ubc_cdU^QaeUTebQ^dUe^Q…_i]UTY_U^UZUbSYSY_TU
cecVe^SY_^UcS_]_ceRTU\UWQT_XQRQ_bTU^QT_U^ceZebYcTYSSY†^%(
Qj_dUc²TUcTUU\^‹]Ub_TUfUY^dYSY^S_XQcdQSY^SeU^dQ³Qe^aeU`bUSYcQ
RQ²ZQ]vce^_c†\_`QbQQbbQ^SQbe^QS_^VUcY†^i\Y]`Y}\Q`b_fY^SYQ\\U^Q
S_]_UcdQRQTU\QTb_^UcicY^U\QehY\Y_TU^Y^W‹^_db_ZeUjcQ\f_]Yc`b_
`Y_cY^c`USd_bUciSU\QT_bUcaeUce`UUcS_WUb³%(# <_cQj_dUcUbQ^cUW‹^
UcdUVe^SY_^QbY_]Y\fUSUc`bUVUbYR\UcQ\_cX_bb_bUcTU\QcSvbSU\UcU
Y^VY^YdQ]U^dU]vcXe]Q^_caeU]Q^TQbQQ\WeYU^Qe^Q`bYcY†^TUT_^TU
cQ\TbQ]vc`UbfUbdYT_aeUQ^dUcC†\_TURQ^cUbQR_\YT_cU^U\UZ}bSYd_\Q
]QbY^Qi\Q`_\YSQ*²KMU^Ucd_cbQ]_ccUTURUXQSUb\_`_cYR\U`QbQSe\dYfQb
U\X_^_bi\QSYfY\YjQSY†^`Ub_U\RQ^TYT_S_]_RQ^TYT_TURUcUbdbQdQ
T_³%($ 
5cdQc_`Y^Y_^UcUbQ^]eiS_]e^UcU^U\cU^_TU\QU\YdUTYbYWU^dU
<_c`QbdYTQbY_cTU\]Q^dU^Y]YU^d_TU\Q`e^YSY†^S_b`_bQ\XYSYUb_^`bU
fQ\USUbcec`e^d_cTUfYcdQQ\`b_TeSYbcU\QTYcSecY†^TU\`b_iUSd_TU\Ui
QR_\YSY_^YcdQ`bUcU^dQT_U\&TUZe^Y_TU!('"`_b\_cTY`edQT_c:_c}
=Q^eU\2Q\]QSUTQ7eY\\Ub]_=QddQ9cYT_b_5bbvjebYji@UTb_>FYTU
\Q%(% 5\=Y^Ycdb_TU\9^dUbY_bQe^SeQ^T_bUS_^_SQaeU\Q`U^QTUQj_
dUcUbQTUc]_bQ\YjQT_bQQbWe]U^d†aeUceQ`\YSQSY†^UcdQRQbUcdbY^WYTQ
Q\_c\QTb_^UcbUY^SYTU^dUcS_^e^]vhY]_TUSY^SeU^dQQj_dUc`_bSQTQ
]UcTU`bYcY†^`bUfYQS_^VYb]QSY†^TU\QcU^dU^SYQ`_b\Q3_bdUCe`bU
]Q@_b\_TU]vc`\Q^dUQb_^Q\We^_cTY`edQT_c\_cQj_dUcc†\_`_TQ^
QT]Y^YcdbQbcUS_]_SQcdYW_`_cdUbY_bQ\QcU^dU^SYQZQ]vcS_]_]UTY_
`QbQ_RdU^Ube^QS_^VUcY†^<QbUQ\YTQTTYcdQRQRQcdQ^dUTU\Q^_b]Q
ZebTYSQ*\_cQj_dUccUWeQ^cYU^T_°S_]_\_TU^e^SY†:_c}=Q^eU\2Q\
]QSUTQ°e^²]UTY_TUY^fUcdYWQSY†^U^\_c`b_SUc_c³UcTUSYbe^Qd_b
debQTUcdY^QTQQQbbQ^SQbS_^VUcY_^Uc<Q]Qi_bQTU\Qc_RZUSY_^UcQ\Q
Y^YSYQdYfQQR_\YSY_^YcdQ^_Qce]QTYbUSdQ]U^dU\QTUVU^cQTU\SQcdYW_
S_b`_bQ\cY^__dbQcbQj_^UcCYcUTYcSedUcece`bUcY†^`\Q^dU†e^TY`e
dQT_dQ]RY}^XQRbQaeUY^S\eYbU^\QQWU^TQ\Q`U^QTU`Q\_caeUcU
WeQ`bQSdYSv^T_cUU^U\5Z}bSYd_i\Q7eQbTYQ>QSY_^Q\1^dUdQ\UcbU`Q
b_ci_`_cYSY_^Uc2Q\]QSUTQbUdYb†ce`b_iUSd_%(& 

%(#
²BU]YdYT_c1\5TYd_bTU\6Ubb_SQbbY\³5\6Ubb_SQbbY\CQ^dYQW_"'TUZe^Y_TU
!('"
%($
9RYT
%(%
C3>TU!('"3v]QbQTU4Y`edQT_c²CUcY†^" ?bTY^QbYQU^&TUZe^Y_TU!('"³
`vW!&
%(&
?`SYd²CUcY†^$ ?bTY^QbYQU^!!TUZe^Y_TU!('"³`vWc%'%)

"$$
 <Q`U^QTUQj_dUcceRcYcdY†U^\Q\UWYc\QSY†^XQcdQ]UTYQT_cTU\cYW\_
HH`Ub_ceQ`\YSQSY†^TUcTUVY^UcTU\QSU^debYQQ^dUbY_bUbQiQ]eSX_]U
^_cVbUSeU^dUaeUU^\Q}`_SQTU\_cW_RYUb^_cS_^cUbfQT_bUcCYRYU^e^Q\Ui
TU\#TUQW_cd_TU!('&UcdQR\USY†U\SQcdYW_TUfUY^dYSY^S_Qj_dUc`_bSQTQ
cUYc]UcUcTU`bUcYTY_`QbQ\_cTU\Yd_cTUXebd__b_R_U^WU^UbQ\e^TUSbUd_
`eR\YSQT_`_bU\5ZUSedYf_Q\_c`_S_cTQc_bTU^†aeUcQ\f_U^\_cSQc_cTU
S_^TU^QT_c`bUfYQ]U^dUQ\Q]Yc]Q`U^QcUcec`U^TYUbQceQ`\YSQSY†^XQc
dQaeUU\3_^cUZ_TU5cdQT_VeUcUS_^ce\dQT_9WeQ\cec`U^cY†^TURQ_SebbYb
cY\_cQVUSdQT_cUbQ^]eZUbUcifQb_^Uc]U^_bUcTUTYUSYc}YcQ…_c%('1`QbdYb
TUU^d_^SUcU\@bUcYTU^dUTU\QBU`‹R\YSQUZUbSY†U^\Q]Qi_bQTU\_cSQc_c
ceVQSe\dQTTUY^Te\dQb`QbQUhY]YbTUUcdQ`e^YSY†^Q\Qc]eZUbUcQ\_c^Y…_c
Q\_cfYUZ_ciQ\_c^_bUY^SYTU^dUc%((<Q^_b]QZebTYSQcUQTQ`d†Q\QbUQ\YTQT*
TUc`e}cTU\QbWQcTYcSecY_^Uce^Q^eUfQ\UiQ`b_RQTQU^!((#\Y]Yd†U\SQc
dYW_TUQj_dUcQ\_cSQc_cTUbUY^SYTU^SYQTUXebd__b_R__TUb_R_S_^fY_\U^
SYQ_Y^dY]YTQSY†^U^\Qc`Ubc_^Qcic†\_Q\_cfQb_^UcTUTYUSY_SX_QSY^SeU^
dQQ…_cTUUTQT%()CY^U]RQbW_UcdQc]UTYTQc^_ce`bY]YUb_^\QY^fUdUbQTQ
`bvSdYSQ`_\YSYQ\iZeTYSYQ\TUQ`\YSQb\_cQj_dUcS_]_d_bdebQ`QbQ_RdU^UbS_^
VUcY_^UcS_]_bUfU\QbQe^T}SQTQ]vcdQbTUU\TY`edQT_4Q^YU\6U\Y‹Q\`bU
cU^dQbe^`b_iUSd_TU\UiTUQR_\YSY†^TU\Q`U^Q%) 5\SQ]RY_TUcYW\_U^S_^
db†Q\_c\UWYc\QT_bUcS_^Vb_^dQT_cQ\Q]Yc]QTYcSecY†^TUS_]YU^j_cTU\Q
UbQbU`eR\YSQ^Q%)!*\_cQj_dUccUWeQ^cYU^T_e^Y^cdbe]U^d_TUT_]Y^QSY†^
S_^cYTUbQT_S_]_Y^TYc`U^cQR\U`_b]eSX_c]YU]Rb_cTU\QU\YdU

%('
3>3v]QbQTU4Y`edQT_cCUcY_^Uc?bTY^QbYQc!('&²CUcY†^#$ ?bTY^QbYQU^"&TU
QW_cd_TU!('&³`vWc%'"i%'#
%((
CUW‹^\_cTQd_cUcdQTcdYS_c`bUcU^dQT_c`_b\Q3_]YcY†^TU3_^cdYdeSY†^<UWYc
\QSY†^i:ecdYSYQTU\Q3v]QbQTU4Y`edQT_cTebQ^dU\_cSeQdb_Q…_cS_bbYT_cU^dbUQW_cd_
TU!('&iZe\Y_TU!(( U^\Qc`b_fY^SYQcTU1S_^SQWeQFQ\`QbQc_CQ^dYQW_3_\SXQWeQ
3ebYS†iDQ\SQcUXQRQ^S_^TU^QT_Q)#)bU_c`_bXebd__b_R_Q'#$)%Qj_dUc+TU\_c
SeQ\UccUXQRQY^Te\dQT_Q'$$`_bS_]`\Ud_iQ!$ cUXQRQY^Te\dQT_`QbdUTU\_cQj_
dUcXQRY}^T_cUQ`\YSQT_²c†\_³! #"%Qj_dUcQ!)%bU_cd_T_cfQb_^UcC3>CUcY_^Uc
?bTY^QbYQcTU\Q3v]QbQTU4Y`edQT_c!(( ²CUcY†^"" ?bTY^QbYQU^"'TUZe\Y_TU!(( ³
`vW"($
%()
C3>CUcY_^Uc?bTY^QbYQcTU\Q3v]QbQTU4Y`edQT_cU^!(( ²CUcY†^"" ?bTY^QbYQ
U^"'TUZe\Y_TU!(( ³`vWc"($"(%+C3>!(("CUcY_^Uc?bTY^QbYQcTU\Q3v]QbQTU4Y
`edQT_c!(("²CUcY†^!( ?bTY^QbYQU^!(TUZe\Y_TU!(("³`vW"&#+²CUcY†^%' ?bTY^Q
bYQU^!"TUcU`dYU]RbUTU!(("³`vWc&! &!!+C3>CUcY_^Uc?bTY^QbYQcTU\Q3v]QbQTU
CU^QT_bUc!(("²CUcY†^#" ?bTY^QbYQU^!!TUcU`dYU]RbUTU!(("³`vW#$)*C3>CU
cY_^Uc?bTY^QbYQcTU\Q3v]QbQTUCU^QT_bUcU^!((#²CUcY†^" ?bTY^QbYQU^&TUZe^Y_TU
!((#³`vWc!'" +²CUcY†^#& ?bTY^QbYQU^"$TUQW_cd_TU!((#³`vWc$ i$ !
%)
3v]QbQTU4Y`edQT_c2_\Ud^TUCUcY_^Uc?bTY^QbYQcU^!()$²CUcY†^%" _bTY^QbYQ
U^!(TUQW_cd_TU!()$³`vW(%&
%)!
5\^eUf_TURQdUcUTUcQbb_\\†Q`b_`†cYd_TUe^`b_iUSd_TU\UiTUQR_\YSY†^TU
\Q`U^QTU]eUbdUiTU\Q`U^QTUQj_dUc`bUcU^dQT_QVY^UcTU!) `_b=Q\QaeQc3_^
SXQTYbYWU^dUTU\@QbdYT_4U]_SbvdYS_iTY`edQT_`_b3_^SU`SY†^iDQ\SQXeQ^_3v]QbQTU
4Y`edQT_cCUcY_^Uc5cdbQ_bTY^QbYQcU^!) !) !²CUcY†^#  5cdbQ_bTY^QbYQU^")TUTYSYU]
RbUTU!) ³`vWc&#(i&#)

"$%
 <QbUW\Q]U^dQSY†^TU\Q]U^TYSYTQTdQ]RY}^UbQS_^SURYTQS_]_e^
]UTY_TUQcUWebQbU\_bTU^i\Q]_bQ\YTQT`‹R\YSQ`Ub_cY^TeTQU^UcdU
SQc_\Qc]_dYfQSY_^UcTU\QcQed_bYTQTUciTU\Q_`Y^Y†^Se\dYfQTQUbQ^]vc
S_]`\UZQc4ebQ^dU]eSX_dYU]`_°SQcYXQcdQVY^UcTU\QSU^debYQ°U^VUb
]UTQT`_RbUjQY^TYWU^SYQY^S\ec_\_SebQXQcdQ]UTYQT_cTU\cYW\_
UbQ^`QbQ\QWU^UbQ\YTQTTU\Q_`Y^Y†^cY^†^Y]_c_S_^SU`d_c]eiSUbSQ
^_c<Qc`b_`YQcQed_bYTQTUcS_^Ve^TQ^\Q\eSXQS_^dbQ\QcU^VUb]UTQTUc
i\Q`_RbUjQ_]vcRYU^S_^dbQ\Qc]Q^YVUcdQSY_^Uc]vcfYcYR\UcUYbbYdQ^dUc
TUUcdQ‹\dY]QS_]_\Q]U^TYSYTQT5bQe^QfYcY†^S_^TYSY_^QTQdQ^d_`_b
\_cS_^_SY]YU^d_cSYU^dVYS_cS_]_`_b\_c`bUZeYSY_cc_SYQ\UcTU\Q}`_SQ%)" 
E^_TU\_c_RZUdYf_cTU\_cX_c`YSY_cUbQ\QbUWe\QSY†^TU\Q]U^TYSY
TQT]UTYQ^dUU\_d_bWQ]YU^d_TU²\YSU^SYQc³`QbQaeUSYUbd_cY^TYWU^dUccU
`eTYUbQ^S_^cQWbQbQU\\QTU]Q^UbQ²_VYSYQ\³1c`_bUZU]`\_QVY^UcTU
!(# \QTYbUSSY†^TU\8_c`YSY_TUCQ^dYQW_\Q^j†e^\\Q]QT_Q\Q_`Y^Y†^
`‹R\YSQ`QbQaeUTU^e^SYQbQQd_T_c\_c]U^TYW_c^_Qed_bYjQT_c°U^bUQ
\YTQT]ei^e]Ub_c_c°`bUSYcQ^T_aeUc†\_T_c`U^cY_^YcdQcTUUcUQcY\_
S_^dQbQ^S_^ce`Ub]Yc_`QbQY]`\_bQb\QSQbYTQT`‹R\YSQ%)# 5\2Q^T_7U^U
bQ\TU@_\YSQTU\TU`QbdQ]U^d_TUCQ^dYQW_TU!(%#`b_XYRY†Uh`bUcQ]U^dU\Q
]U^TYSYTQTUhSU`deQ^T_c†\_QQaeU\\_caeU\_XYSYUbQ^U^RU^UVYSY_TU\
8_c`YSY_TU3QbYTQTi\_caeUS_^dQbQ^S_^Qed_bYjQSY†^UcSbYdQTU\Q9^dU^
TU^SYQ%)$5^_dbQcSYeTQTUciU^TYVUbU^dUc`Ub_T_c\_cX_c`YSY_cdefYUb_^
\Q]YcY†^TUU\Y]Y^QbU\`_bTY_cU_1VY^UcTU!(&(SeQ^T_VY^Q\Yj†\QS_^c
dbeSSY†^TU\UTYVYSY_`QbQU\8_c`YSY_TU3_`YQ`†\Q9^dU^TU^SYQTU1dQSQ
]QTUSbUd†U\d}b]Y^_TU\Qc\YSU^SYQcTU]U^TYSYTQTi_bTU^†\QU^dbQTQ
TU\_c\Y]_c^Ub_cU^U\X_c`YSY__U\SUcUTUcecQSdYfYTQTUcRQZ_`U^QTU
QbbUcd_i`eUcdQQTYc`_cYSY†^TU\QZecdYSYQQ\_cY^VbQSd_bUc %)%
5\cYcdU]QTU²`Q`U\UdQc³U^\Qcj_^Qc]Y^UbQcXQRQcYT_S_^SURYT_
`_b\QcQed_bYTQTUcS_\_^YQ\UcS_]_e^]UTY_`QbQWQbQ^dYjQbU\_bTU^cU
TU^dQbYjQbS_]`e\cYfQ]U^dU\Q]Q^_TU_RbQS_^db_\Qbcec]_fY]YU^d_ci
QcUWebQbce`b_fYcY†^QRe^TQ^dUiT†SY\`QbQ\_c`Qdb_^Uc<QBU`‹R\YSQ
²`U\eS_^Q³bUQVYb]†U\ec_TU\Qc²`Q`U\UdQc³1S_]YU^j_cTU!(#!U\9^
dU^TU^dUi3_]Q^TQ^dU7U^UbQ\TU1b]QcTU\Q`b_fY^SYQTU3_aeY]R_
WU^UbQ\:_c}=QbQ2U^QfU^dU`eR\YS†e^RQ^T_`QbQcUbQ`\YSQT_U^U\

%)"
B_]Ub_²3_^TYSY_^UcTUfYTQ_`SYd`vWc#(&+7bUj<Uc]_efU]U^dc_`
SYd`vWc""#"$(+3\QeTYQ3QbbY\\_6i@Q]U\Q6YWeUb_Q²<Q\_SebQU^U\3XY\UTUSY]_
^†^YS_³U^4Y]U^cY†^8Ycd†bYSQTU3XY\U>¡! CQ^dYQW_!))#!))$`vWc!('!)"
%)#
²8_c`YSY_³<Q?`Y^Y†^CQ^dYQW_#!TUZe\Y_TU!(# 
%)$
2Q^T_:U^UbQ\TU@_\YSQ_`SYd`vWc!"i!#
%)%
²=U^TYSYTQTCU`b_XYRU]U^TYWQbU^\QcSQ\\UcTU\QSYeTQT9^dU^TU^SYQTU
1dQSQ]Q3_`YQ`†U^Ub_"'TU!(&(³U^2_\Ud^=e^YSY`Q\TU\4U`QbdQ]U^d_TU3_`YQ`†
BUS_`Y\QSY†^TU\Qc<UiUc?bTU^Q^jQcBUW\Q]U^d_cTYc`_cYSY_^UcTU\Q@_\YSQUdSCQ^dYQW_
9]`bU^dQTU\QBU`‹R\YSQ!('!`vW$&'

"$&
]Y^UbQ\TU1baeUb_cSeiQcTYc`_cYSY_^UcY\ecdbQ^RYU^U\dY`_TU]UTYTQc
QT_`dQTQcU^d_TQ\QbUWY†^*

!¡9^]UTYQdQ]U^dUaeUU\_VYSYQ\cUXQWQSQbW_TU\
]Y^UbQ\cec`U^TUbvd_TQSXY^WQ^QfU^dQ`b_XYRYTQR_
\_cSQ^SXQTUWQ\\_cUdSaeUcU`b_XYRQ^`_b\Q_bTU^Q^
jQTU\bQ]_
"¡>_`Ub]YdYbvaeU^Y^W‹^Y^TYfYTe_`Ub]Q^UjSQ
cY^_Se`QSY†^\SYdQU^U\]Y^UbQ\iSeQ^d_cQ\\\\UWeU^
dU^Tbv^`bUSYcQ]U^dUaeU`bUcU^dQbcU`QbQQSbUTYdQbU\
_RZUd_TUcefYQZU_\_c`Qdb_^UcS_^aeYU^cUXQ^S_]
`b_]UdYT_QcUbfYbUhSU`SY_^v^T_cUKcYSMc†\_\_cTeU
…_cTU\_cdbQRQZ_c
#¡ >Y^W‹^ dbQRQZQT_b `_Tbv cUb S_^SUbdQT_ XQ
RYU^T_ QRQ^T_^QT_ ce Q^dYWe_ `Qdb†^ cY^ e^ T_Se
]U^d_aeUQSbUTYdU^_^USUcYdQb\_
$¡D_T_]UdQ\aeUcUS_^TejSQTU\]Y^UbQ\TURU
fU^YbS_^\QR_\UdQTUS_^TeSSY†^fYcQTQ`_bU\_VYSYQ\
5cdQ R_\UdQ cUbv XUSXQ `_b U\ ]Qi_bT_]_ TeU…_ TU
]Y^QUdSUh`bUcQ^T_U\^‹]Ub_TUSQbWQc_`Uc_D_TQ
SQbWQaeUcUU^SeU^dbUcUYcTQcU^U\]Y^UbQ\SQUbvU^
S_]Yc_ i cUbv `QbdYR\U U^dbU U\ Q`bUXU^c_b TU^e^
SYQ^dUiX_c`YdQ\
%¡D_T_Y^TYfYTe_aeUcQ\WQTUUcdQSYeTQT\\UfQ
bv`QcQ`_bdUTU\QQed_bYTQTS_]`UdU^dUKM %)& 

<QQSSY†^TU\QcQed_bYTQTUcbUc`_^TQQ\_cbUaeUbY]YU^d_cTU\_c
`Qdb_^Uc°Uc`USYQ\]U^dU\_c]Y^Ub_cTU\>_bdU3XYS_°Q^cY_c_c`_b`_
^Ubd}b]Y^_Q\b_R_TU]Y^UbQ\Uc\Q²SQ^WQ\\Q³\QVeWQS_^QTU\Q^d_c
cQ\QbYQ\Uci_dbQcV_b]QcTUbUcYcdU^SYQ`U_^Q\Q\Q`b_\UdQbYjQSY†^E^Q
UcdbQdUWYQS_^Ze^dQTU\5cdQT_iTU\_cU]`bUcQbY_c]Y^Ub_ccUTUcQbb_\\†
Q`QbdYbTU\QS_^c_\YTQSY†^TU\b}WY]U^`_bdQ\YQ^_4UcTU!(#$cUY]`\U
]U^dQb_^SeQdb_]UTY_c`bY^SY`Q\UcTUQSSY†^`QbQU\TYcSY`\Y^Q]YU^d_
TU\QTcS_\Q]Q^_TU_RbQTU\Q]Y^UbQ^_bdY^Q*\QY^cdQ\QSY†^TUZUVUc
]Y\YdQbUcc_RbU\QZebYcTYSSY†^TU\_c`bY^SY`Q\UciQSY]YU^d_c1baeUb_ci
3XQ…QbSY\\_+U\S_^db_\i\QVYcSQ\YjQSY†^TU\QUhdbQSSY†^TU]Y^UbQ\Uc
TUcTU\QcVQU^QcQ\_cSU^db_cTURU^UVYSY_+U\UcdQR\USY]YU^d_TUSeUb`_c
TU`_\YSQU^\Qc]Y^QcVY^Q^SYQT_c`_b\_c]Yc]_cU]`bUcQbY_ci`eUcd_c
QceTYc`_cYSY†^ic_RbUd_T_\Q`UbcUSecY†^TU\_cS_]`bQT_bUcTU]Y
^UbQ\b_RQT_i\Q_RcdQSe\YjQSY†^TUceRU^UVYSY_S\Q^TUcdY^_ %)' 

%)&
:_c}=QbQ2U^QfU^dUi1^d_^Y_2QcSe…v^²2Q^T_³<QCUbU^Q!#TUU^Ub_TU
!(#!<Q2Q^TUbQDbYS_\_b<QCUbU^Q!%TUU^Ub_TU!(#!
%)'
9\\Q^Uc²1j_dU³_`SYd`QccY]

"$'
 <_c²bUW\Q]U^d_cTU]Y^Qc³iTU`_\YSQ°S_^TYc`_cYSY_^UccY]Y\QbUc
Q\QcTU1baeUb_cbU`b_TeSYTQc]vcQbbYRQ°VeUb_^U\S_]`\U]U^d_TUUcdQ
`_\dYSQCUdbQdQRQTUT_R\UWQb\QbUcYcdU^SYQ`U_^Q\Q\Q`b_\UdQbYjQSY†^
U\Y]Y^Q^T_d_T_c\_cbUcaeYSY_cdQ^d_US_^†]YS_cS_]_c_SYQ\Uc°aeUQ‹^
\U`Ub]YdQ^SYUbd_cUc`QSY_cTU\YRUbdQT5\\_Uh`\YSQU\QdQaeUQ\QcSXY^WQ
^Qci_db_c\eWQbUcTUc_SYQRY\YTQT`_`e\Qb%)( 
<Qc²`Q`U\UdQc³cUUhdU^TYUb_^Y^S\ec_U^SYUbdQcj_^QcTU\QbUWY†^
QWbS_\QSU^dbQ\1c`_bUZU]`\_e^TUSbUd_TU9^dU^TU^SYQUcdQR\USY†
XQSYQVY^UcTU^_fYU]RbUTU!(#!aeUU^\QZebYcTYSSY†^TUBQ^SQWeQ*
²>QTYU`_TbvQT]YdYbY^aeY\Y^_c_cYbfYU^dUccY^SUbdYVYSQT_TU\‹\dY]_
Q]_QaeYU^XQiQcUbfYT_ibUfYcQSY†^TU\1\SQ\TUTUe^TYcdbYd_RQZ_\Q
]e\dQTUTYUj`Uc_c`Uc_cTQ…_ci`UbZeYSY_c³%)) 
5\S_^Ze^d_TUUcdQci_dbQc]UTYTQc`_\dYSQcUS_^†]YSQcibU`bU
cYfQcU^e^S_^dUhd_TUUh`Q^cY†^TU\QUS_^_]Q`bY]QbY_Uh`_bdQT_
bQVQSY\Yd†\QS_^c_\YTQSY†^TU\R\_aeUXUWU]†^YS_TebQ^dU\QcT}SQTQc
TU!(# i!($ <Qc_SQcY_^UcTUS_^dUcdQSY†^`_\dYSQVeUb_^UhSU`SY_
^Q\Uc*\Q_`_cYSY†^aeUTQRQbUTeSYTQQQSdYfYTQTUcS_^c`YbQdYfQcTUcdY^Q
TQcQ\VbQSQc_iQS_^dQTQc]_fY\YjQSY_^UcTebQ^dU\QcS_ie^debQcU\USd_
bQ\Uc@Ub_TUc`e}cTU\Q]eUbdUTU@_bdQ\Uc!(#'e^QbU\QdYfQ\YRUbQ\Y
jQSY†^TU\b}WY]U^`Ub]YdY†Q\Q_`_cYSY†^bU^_fQbe^QfYUZQV†b]e\QTU
S_^f_SQd_bYQQ\`eUR\_\\Q^_

%)(
9RYT
%))
1>1=9f_\('!("(!(#!_`SYdV$)

"$(
 31@ÅDE<?F9

?B71>9J139?>5CB59F9>493139?>5C
I<E381C@?@E<1B5C4EB1>D5
<1C@B9=5B1C4r3141CB5@E2<931>1C

< 1C 6?B=1C 45 ?B71>9J139É> 7B5=91<

1\Y^YSY_TUUcdU\YRb_fY]_cS†]_\Q_bWQ^YjQSY†^S_b`_bQdYfQTU\_cQb
dUcQ^_cQce]Y†V_b]QcRQcdQ^dU\QhQcTebQ^dU\Q}`_SQS_\_^YQ\<QUhYc
dU^SYQTUWbU]Y_cS_^]QbSQTQY^V\eU^SYQbU\YWY_cQi\QbUW\Q]U^dQSY†^
`_b\QQed_bYTQT`‹R\YSQTU\QcQSdYfYTQTUcTU\QcTYcdY^dQc`b_VUcY_^Uc
VeUb_^cecSQbQSdUbcdYSQc`bY^SY`Q\Uc
<QdU^TU^SYQXQSYQU\bU\QZQ]YU^d_TU\QcQ^dYWeQc^_b]QcTUbQY
WQ]RbU]UTYUfQ\aeUbUWQ^\QQSdYfYTQTTUUcdUcUSd_bTU\QfYTQUS_^†
]YSQcUQSU\Ub†S_^U\QTfU^Y]YU^d_TU\QBU`‹R\YSQ5\]_fY]YU^d_
²^QdebQ\³TU\QUS_^_]Q`_cY^TU`U^TU^dYcdQi\Qc]UTYTQcQT_`dQTQc
`_b\Qc^eUf_cW_RUb^Q^dUc°Y]ReYT_cTU\SbUT_TU\Q\YRUbdQTUS_^†]Y
SQ°dUb]Y^Qb_^U^`_S_c\ecdb_cTUc`e}cTU\dbYe^V_TU=QY`‹S_^\Q
Q…UZQbUW\Q]U^dQSY†^S_\_^YQ\
4ebQ^dUSYUbd_dYU]`_°\QT}SQTQTU!(" RvcYSQ]U^dU°ceRcYcdYU
b_^Qc`USd_cTU\QQ^dYWeQ`_\dYSQ<Q_bWQ^YjQSY†^TU\_cWbU]Y_ccYWeY†
dU^YU^T_e^bUS_^_SY]YU^d_\UWQ\iU\5cdQT_S_^dY^e†TYSdQ^T__Q`\Y
SQ^T_bUW\Q]U^d_caeUVYZQRQ^TUbUSX_ciTURUbUciTUcYW^QRQ^bU`bU
cU^dQ^dUc°\_c]QUcdb_c]Qi_bUc°VbU^dUQ\_c`_TUbUc`‹R\YS_c<QcQe
d_bYTQTUcTU\UWQRQ^U^Ucd_cbUc`_^cQR\UcWbU]YQ\Uc\QS_^VUSSY†^TU\Qc
\YcdQcTU]YU]Rb_cTU\]Yc]__VYSY_`QbQU\S_Rb_TU\QcS_^dbYReSY_^Uc
]U^ceQ\Uc& 1S_]YU^j_cTU]Qbj_TU!(!'UcTUSYb`_S_cTQcTUc`e}c
TU\Y^WbUc_TU\5Z}bSYd_<YRUbdQT_bQCQ^dYQW_cUUcdQR\USY†e^Q²\YcdQTU
U\USSY†^TU]QUcdb_c]Qi_bUc³VYWebQ^T_U^U\\QSQd_bSUWbU]Y_c& !4e

&
C3<d_]_99CU^QT_3_^cUbfQT_b!(!(!(!)²CUcY†^%$?bTY^QbYQU^")TU
]Qbj_TU!(!)³`vW#)!²CUcY†^&) 5cdbQ_bTY^QbYQU^"(TUQRbY\TU!(!)³`vWc$$&
i$$'
& !
FY\\QbbUQ\²<YcdQTUU\USSY†^³_`SYd`vW!$)6YWebQ^U^UcdQ\YcdQ\_ccYWeYU^
dUcWbU]Y_c*SQb`Y^dUbQ`\QdUbQcQcdbUbQSQ\TUbUbQcY\\UbQ`Y^debQXUbbUbQX_ZQ\Q
dUbQR_dUbQdU^UbQSQ^dUbQRQbRUbQSQbb_SUbQiQ\RQ…Y\UbQ

"$)
bQ^dUU\dbYU^Y_!(!'!(!)cUS_^dQb_^TYUSY^eUfUUc`USYQ\YTQTUcQbdUcQ
^Q\UcTYUSYcYUdUTU\QcSeQ\UcaeUTQb_^ceZUdQcQS_^dbYReSY†^CYcUS_^
cYTUbQaeUQ\We^_c_VYSY_cUcdQRQ^Q`U^QcbU`bUcU^dQT_c`_be^__T_c
]QUcdb_ccU`eUTUS_^cYTUbQb\QUhYcdU^SYQTUQ`b_hY]QTQ]U^dU_^SU
WbU]Y_cQbdUcQ^Q\UcU^\QSQ`YdQ\TU3XY\UTebQ^dUU\`Ub_T_TU\Q@QdbYQ
>eUfQ*

3eQTb_>¡!&
=15CDB?C1BD5C1>?C45C1>D917?5>!(!'°!(!)
?VYSY_c 5^b_\QT_cS_]_ 6eUbQTUb_\ D_dQ\
S_^dbYReiU^dUc

1b]Ub_c ! !
2QbRUb_c !& "$ $
2_dUb_c ( & !$
2_dYSQbY_c ! !
2b_^SUb_c ! !
3Q^dUb_c $ $
3Qb^YSUb_c & $ !
3Qbb_SUb_ciSQb`Y^dUb_c "# # %#
3YWQbbUb_c " "
3_bT_^Ub_c ! !
8UbbUb_c !% !% #
8_ZQ\QdUb_c " "
@Y^d_bUc % $ )
@\QdUb_c "$ !$ #(
BU\_ZUb_c " "
CQcdbUc "& "&
CY\\Ub_c ' '
DQ\QRQbdUb_c ) )
CY^Uc`USYVYSQSY†^ ! !

D_dQ\ !$! !! "%!

5^\Qc\YcdQcTUS_^dbYReiU^dUcQ`QbUSUS_]_²]QUcdb_³cY^Y^TYSQSY†^TU_VYSY_
6eU^dU*3Qb\_cCdeQbT_i:eQ^5ijQWeYbbUCQ^dYQW_3_^dbYReiU^dUc_`SYd`vWc!°$!

CYcUebWQU^UcdUbUQWbe`Q]YU^d_dbYU^Q\cUS_^cdQdQbvaeUXQSYQ
!(!)U^\Qc\YcdQcTUS_^dbYReiU^dUcTU\QSQ`YdQ\VYWebQRQ^c†\_cYUdUWbU
]Y_cQbdUcQ^Q\Uc°TUSQb`Y^dUb_cXUbbUb_cR_dUb_c`Y^d_bUc`\QdUb_c
RQbRUb_cidQ\QRQbdUb_c°aeUQWbe`QRQ^Qe^d_dQ\TU!&)]QUcdb_c& " 5\
Qe]U^d_TU\^‹]Ub_TUQbdUcQ^_cceZUd_cQ\`QW_TU\QS_^dbYReSY†^^_
UbQcY^†^Y]_TU`b_c`UbYTQT5^bUQ\YTQT\QcYdeQSY†^US_^†]YSQTU\_c
]U^UcdbQ\UcTYcdQRQ]eSX_TU\QX_\WebQ9^f_SQ^T_\Q²Y^_`YQTU\_c
QbdUcQ^_cTU\`Qc³iU^`QbdYSe\Qb\QTU\_cSQ`YdQ\Y^_caeUU^ceS_^

& "
C3<d_]_99CU^QT_3_^cUbfQT_b!(!(!(!)²CUcY†^(#_bTY^QbYQU^"!TU
]Qi_TU!(!)³`vWc$('i$)"$)%

"%
Ze^d_^_Q\SQ^jQRQ^QbUe^Ybe^QS_^dbYReSY†^]U^ceQ\TUT_cSYU^d_c
`Uc_cU\CU^QT_`b_`ec_U^Ze^Y_TUUcUQ…_Q\4YbUSd_bCe`bU]_UhY
]Yb\_cTUTYSX_`QW_<Q`QbdYSY`QSY†^]QcYfQTU\_cQbdUcQ^_cU^\QcVY
\QcTU\_cSeUb`_cSfYS_ciTU`_\YSQUbQS_^cYTUbQTQ`_b\_ccU^QT_bUc
S_]_e^Q`_bdUceVYSYU^dU<QWbQ^ZUbQQS_bTQTQXQbQaeUU\cUbfYSY_
SfYS_VeUbQQSU`dQT_²S_^`\QSUb³?µ8YWWY^cQS_bT†U\RU^UVYSY_c_\YSY
dQT_& # 
5^_dbQcSYeTQTUcQ\`QbUSUbcU`b_TeZ_e^`b_SUc_`QbUSYT_Q\TU
CQ^dYQW_& $ 
3_]_XU]_c]U^SY_^QT_\_cdbQcd_b^_cTU\Q9^TU`U^TU^SYQXQ
RQ^S_^dbYReYT_QQ\dUbQbU\iQTURY\YdQT_Ve^SY_^Q]YU^d_dbQTYSY_^Q\TU
\_cWbU]Y_cicebU\QSY†^S_^\_c`_TUbUc`‹R\YS_c & % >_UcdQRQS\Qb_U^
dbUUcd_c‹\dY]_cQaeY}^S_bbUc`_^TQUhQSdQ]U^dU\QdeYSY†^c_RbU\_c
WbU]Y_cTUQbdUcQ^_c5^cU`dYU]RbUTU!(" U\3QRY\T_TUCQ^dYQW_TY
bYWY†e^Q^_dQQ\CU^QT_`QbQaeUTUdUb]Y^QbQQae}SeUb`_S_]`UdQ\Q
ZebYcTYSSY†^c_RbU\_c]U^UcdbQ\Uc<QbUc`eUcdQTU\†bWQ^_\UWYc\QdYf_
QS\Qb†\QTeTQbUQVYb]Q^T_\Q`_\dYSQdbQTYSY_^Q\CUW‹^U\CU^QT_3_^
cUbfQT_bS_bbUc`_^TQQ\1ie^dQ]YU^d_²bUW\Q]U^dQbU\_bTU^`_\dYS_
TUceUcdQR\USY]YU^d_idQ\\UbUccU…Q\Q^T_U\]_T_iV_b]QS_^aeUTU
RU^bU`QbdYbcU\_cQ`bU^TYSUcSeYTQ^T_U\UcdQT_U^aeUcUXQ\\U^`QbQ
`QcQbQ_VYSYQ\Uci\QcSQ\YTQTUcTUaeUTURU^UcdQbQT_b^QT_c`QbQcUb
]QUcdb_cQRbYbdYU^TQc`‹R\YSQcKM³ & & 
C_RbU\QRQcUTU\bUW\Q]U^d_Q`b_RQT_`_bU\†bWQ^_]e^YSY`Q\
QSdeQbQ\Q:ecdYSYQ_bTY^QbYQ`QbQTYbY]Yb\_cS_^V\YSd_caeUcebWYUbQ^
U^dbU\_cQbdUcQ^_c1TU]vccU`bUfUQaeU*

KMcYcU`bUcU^dQcU\QTYVYSe\dQTTUWbQTeQb\QUcdY
]QSY†^ZecdQTU\Qc_RbQc\_c]Yc]_cZeUSUc`bUfY_U\
Y^V_b]UTU\_c]QUcdb_c]Qi_bUcTU\WbU]Y_]Q^TQbv^
cQdYcVQSUb\_aeUS_bbUc`_^TQ`QWQb`_bU\\Qc`_b^_cUb

& #
C3<d_]_999CU^QT_3_^cUbfQT_b!(!)!(" ²CUcY†^)!?bTY^QbYQU^!!TU
Ze^Y_TU!(!)³`vWc"!i""+7QjUdQ=Y^YcdUbYQ\TU3XY\UCQ^dYQW_"&TUZe^Y_TU!(!)
& $
1S_]YU^j_cTU!(" U\CU^QT_Y^V_b]QRQ`_bY^dUb]UTY_TU:eQ^1Wecd^1\
SQ\TUQ\4YbUSd_bCe`bU]_QSUbSQTU\b}WY]U^TUU\USSY†^TU`b_SebQT_bUci]QUcdb_c
]Qi_bUcTU\_cWbU]Y_cTUd_TQc\QcSYeTQTUc`b_`_^YU^T_aeUcUcYWeYUbQU\]_TU\_Y]
`UbQ^dUU^\QSQ`YdQ\7QjUdQ=Y^YcdUbYQ\TU3XY\UCQ^dYQW_(TUU^Ub_TU!(" 
& %
1VY^UcTUVURbUb_TU!(!'U\WU^UbQ\TUQbdY\\UbQ@UTb_BUWQ\QT_TU\Q@\QjQ
U^SQbWQT_TU_bWQ^YjQb\Q]QUcdbQ^jQTU\UZ}bSYd_Y^V_b]QRQQ?µ8YWWY^cQSUbSQTU\Qc
TYVYSe\dQTUcTUcedQbUQTURYT_Q\²S_]`\Ud_QRQ^T_^_³U^aeUcUU^S_^dbQRQ^\_cWbU
]Y_cTUCQ^dYQW_cY^bUS_^_SUbQ]QUcdb_c]Qi_bUcaeUUZUbSYUbQ^Qed}^dYSQQed_bYTQT
c_RbUU\\_c²?bWQ^YjQSY†^TU\Q]QUcdbQ^jQTU\5Z}bSYd_³`YUjQ!"(U^1bSXYf_>QSY_^Q\
1bSXYf_TU4_^2Ub^QbT_?µ8YWWY^c_`SYdd_]_HF9`vW!$'
& &
C3<d_]_9FCU^QT_3_^cUbfQT_b!(" ²CUcY†^"('5cdbQ_bTY^QbYQU^!$TU
_SdeRbUTU!(" ³1^Uh_>‹]& (?VYSY_TYbYWYT_Q\Ce`bU]_4YbUSd_b?SdeRbU!$TU
!(" `vW$%%

"%!
 `_cYR\U]Ud_TYjQbQbQ^SU\UcaeUcU…Q\U^\QS_]`U^cQ
SY†^S_^aeUTURU`bU]YQbcUU\dbQRQZ_TUSQTQe^QTU
\Qc_RbQcaeU`eUTU^`bUcU^dQbcUQ\_cQbdUcQ^_c& ' 

<QceRcYcdU^SYQTU\QfYUZQ_bWQ^YjQSY†^WbU]YQ\dQ]RY}^cUbfQ`QbQ
_db_cVY^Uc1c`_bUZU]`\_U\BUW\Q]U^d_`QbQ\Q=QUcdbQ^jQTU\5cdQT_
`b_]e\WQT_`_b2Ub^QbT_?µ8YWWY^cU^Ze\Y_TU!(!(UcdQR\USQaeU
²SQTQWbU]Y_TU\_caeUQ\\dbQRQZU^dU^TbvcebUc`USdYf_ZUVUaeUcUbv
Q\\cebUc`USdYf_]QUcdb_]Qi_biTU\_cZ_b^Q\Ub_c_`U_^UcU\]Qi_b
T_]_D_T_cS_^bUc`_^cQRY\YTQTi^_]RbQ]YU^d_TU\Ce`UbY^dU^TU^
dU³& ( 5\dUhd_`bUSYcQRQaeU\Q^_b]QTURQSe]`\YbcUU^d_T_]_]U^
d_Y^TU`U^TYU^dU]U^dUTUaeY}^UcVeUbQ^\_c_`UbQbY_c<_c_RbUb_c^_
`_TQ^cUbQT]YdYT_c^YTUc`UTYT_ccY^S_^cU^dY]YU^d_TU\Ce`UbY^dU^
TU^dU_ZUVUce`UbY_b^_]RbQT_`_bU\W_RYUb^_5cdUVe^SY_^QbY_UZUb
SQ\QQed_bYTQTc_RbU\_cWbU]Y_c*TUS_]‹^QSeUbT_S_^U\S_]YcQbY_
VYZQRQ\_ccQ\QbY_cTU\_c_`UbQbY_ci\_cZUVUcTUWbU]Y_UcdQRQ^_R\YWQT_c
Q`bUcU^dQb\USQTQaeY^SUTQc\Qc\YcdQcTUdbQRQZQT_bUc & ) 
5\SQc_TU\Q]QUcdbQ^jQUbQQd`YS_>_cUdbQdQRQTU\Ve^SY_^Q
]YU^d_dbQTYSY_^Q\TUSeUb`_cTU_VYSY_caeUUZUbSQ^\QR_bUcbUW\Q]U^
dQTQc`_bU\`_TUb`‹R\YS_Q\]Yc]_dYU]`_aeUS_^cUbfQRQ^ceSQbvS
dUbTU`UaeU…Qce^YTQTUcUS_^†]YSQcY^TU`U^TYU^dUccY^_TU\QedY\YjQ
SY†^TU\Q_bWQ^YjQSY†^WbU]YQ\dbQTYSY_^Q\U^VQU^QcTU^T_\UcU]Y°
Y^TecdbYQ\5bQe^QV_b]QTUdbQ^cYSY†^TU\Q^dYWe_Q\^eUf_]_T_TU
`b_TeSSY†^
<QdU^TU^SYQWU^UbQ\Q`e^dQRQcY^U]RQbW_Q\QU\Y]Y^QSY†^TU\_c
WbU]Y_ciQ\Q`\U^QY^cdQebQSY†^TU\Q\YRbUS_]`UdU^SYQ8QSYQ]UTYQ
T_cTU\_cQ…_cfUY^dUTU\cYW\_H9HUcU`b_SUc_cUXQ\\QRQRQcdQ^dUQfQ^
jQT_5^!("&cUce`bY]YUb_^fQbY_cWbU]Y_cU^dbUU\\_cU\TU`Q^QTU
b_cUcdQR\USY}^T_cUaeU²SeQ\aeYUbQ`Ubc_^QcUQX_]RbU_]eZUbUc\Y
RbUQUZUbSUbceY^TecdbYQU^U\Q]QcYZ_iU\`Q^`_TbvUh`U^TUbcUU^
SeQ\aeYUb\eWQbS_^\Q]Yc]Q\YRUbdQTTU`bUSY_^‹]Ub_i`Uc_aeU\Qc
TU]vcUc`USYUcS_^\Qc_\QbUcdbYSSY†^TUcecQ\eRbYTQTS_]_aeUTQ
Y^TYSQT_³&! 
5^_db_ccUSd_bUcU^SQ]RY_\QcQ^dYWeQcV_b]QcTU_bWQ^YjQSY†^i
TUbU\QSY†^S_^\_c`_TUbUc`‹R\YS_c`QbUSU^XQRUb`UbcYcdYT_]vcdYU]
`_5^!(")\_cURQ^YcdQcTUCQ^dYQW_c_\YSYdQb_^Q\QcQed_bYTQTUcU\
^_]RbQ]YU^d_TUe^]QUcdb_]Qi_bU^SQbWQT_TU`bUcU^dQbU\bUW\Q
]U^d_S_bbUc`_^TYU^dU1SSUTYU^T_QceTU]Q^TQ}cdQcQS_bTQb_^aeU
\_c`b_`Y_c`UdYSY_^QbY_c`b_`ecYUbQ^Q\Q=e^YSY`Q\YTQTQQ\WeYU^TUcec
& '
9RYT
& (
?µ8YWWY^c3bej²BUW\Q]U^d_`QbQ\Q=QUcdbQ^jQ³!&TUZe\Y_TU!(!(7QjUdQ=Y
^YcdUbYQ\TU3XY\UCQ^dYQW_"%TUTYSYU]RbUTU!(!(
& )
9RYT
&!
9^VQ^dU3Q]`Y^_²4U`QbdQ]U^d_TU\9^dUbY_b³4YQbY_TU4_Se]U^d_cTU\7_RYUb^_
CQ^dYQW_"!TUU^Ub_TU!("&

"%"
VY\Qc`QbQ_Se`QbUcUSQbW_i`bUcU^dQbQ^U\bUW\Q]U^d_ &!! 5cU]Yc]_
Q…_U\WbU]Y_TUSQbbUdUb_cTU\QSQ`YdQ\`YTY†Q\]e^YSY`Y_\QbUcdYdeSY†^
TU\Q`\QjeU\QTU\Q3_]`Q…QTU\QSeQ\XQRQ^cYT_cUdU^dQicYUdUTU
U\\_cTUc`_ZQT_c`_bU\ZeUjTU`_\YSQebRQ^Q<QQed_bYTQTUTY\YSYQQS_b
T†\QTYfYcY†^TU\QcSQbbUdQcTU\WbU]Y_U^SeQdb_Wbe`_cYWeQ\UccYdeQTQc
U^_db_c`e^d_cTU\QSQ`YdQ&!" 
¤3ev^d_dYU]`_d_]†U\`b_SUc_TUUhdY^SY†^TU\_cWbU]Y_cTU
SU`QS_\_^YQ\/>_\_cQRU]_cUhQSdQ]U^dU<QUcSQcQT_Se]U^dQSY†^
TYc`_^YR\Uc_RbUU\dU]QXQSUTYVSY\\QbUS_^cdbeSSY†^TUUcdU`b_SUc_TU
dbQ^cYSY†^5^d_T_SQc_\_cWbU]Y_cS_^SQbQSdUbcdYSQcTUS_VbQTQcbU
\YWY_cQc`QbUSU^XQRUbceRcYcdYT_TUc`e}cTU\Q9^TU`U^TU^SYQC_RbU
UcdQRQcUXQSYQS_]YU^j_cTU!($$@UTb_@Q\QjeU\_c1cdQRebeQWQe^
TY`edQT_S_^cUbfQT_bTUUc`bYdeY^aeYUd_SQbYdQdYf_UY^^_fQT_b&!# Y^
dU^d†e^Q_bYWY^Q\Uh`UbYU^SYQaeUQ`e^dQRQQ²`_^UbU^S_^dQSd_Q\Qc
S\QcUcY^VUbY_bUcTU\Qc_SYUTQTS_^QaeU\\_cSYeTQTQ^_caeUcUY^dUbU
cQ^`_b]UZ_bQbceS_^TYSY†^+UcdQR\USUbS_bbYU^dUc`_bT_^TUTUcSYU^
TQ^XQcdQU\\_c\QcYTUQcaeUiQUcdv^TYVe^TYTQcU^\Q`QbdUSe\dQiaeU
e^ TYaeU Y^ce`UbQR\U S_^dYU^U U^ \]YdUc `_b TUcWbQSYQ ]ei UcdbU
SX_c³&!$ 
<QYTUQTU@Q\QjeU\_cS_^cYcdQU^Q`b_fUSXQbQ\We^QcS_VbQTQcWbU
]YQ\UcaeU\\UfQRQ^e^Q\v^WeYTQUhYcdU^SYQiTQb\Uce^^eUf_Y]`e\c_
QWbUWQ^T_Q\Qc`bvSdYSQcbU\YWY_cQc\Q]QdbYSe\QSY†^U^\Q3QZQTU1X_bb_c
TU\_c@_RbUcbUSYU^dU]U^dUSbUQTQ`_bU\W_RYUb^_ &!% \QQcYcdU^SYQQ\Qc

&!!
²CUcY†^TU\!!TUQRbY\³BUZYcdb_=e^YSY`Q\CQ^dYQW_"&TUQRbY\TU!("(
&!"
²CUcY†^TU\"TUcU`dYU]RbU³BUZYcdb_=e^YSY`Q\CQ^dYQW_#TU_SdeRbUTU!("(+
²CUSbUdQbQTU\3QRY\T_³CQ^dYQW_cU`dYU]RbU#TU!("(BUZYcdb_=e^YSY`Q\CQ^dYQW_!#
TU_SdeRbUTU!("(
&!#
C_RbU@Q\QjeU\_cUhYcdU^^e]Ub_cQcbUVUbU^SYQcU^TYcdY^d_c\YRb_ciQbdSe\_c
8U]_c_`dQT_`_b]U^SY_^Qb\QcS_^dbYReSY_^UcTUe^`QbTUQed_bUc*=QhY]Y\YQ^_1
CQ\Y^Qc3BQcW_cTU\\QYSQT_SQd†\YS_SXY\U^_fY^Se\QT_Q\QC_SYUTQT>QSY_^Q\TU1WbYSe\debQi
2U^UVYSU^SYQ!(#(!($)=U]_bYQ`QbQ_`dQbQ\WbQT_TU<YSU^SYQdebQU^DU_\_WQCQ^dYQ
W_E^YfUbcYTQT3Qd†\YSQTU3XY\U9^cdYded_TUDU_\_WQ!)'%5\dUcYcdQY^S\eiUe^Q
QRe^TQ^dURYR\Y_WbQVQbUVUbYTQQUcdU`Ubc_^QZU_`SYd`vWc"%("&!DQ]RY}^^_c`Q
bUSU^Y^dUbUcQ^dUc\QcY^V_b]QSY_^Uc`b_`_bSY_^QTQc`_b:eQ^7eY\\Ub]_@bQT_QSUbSQTU
\QcSbdYSQcV_b]e\QTQcU^U\@Qb\Q]U^d_`_b@Q\QjeU\_cQ\SQbvSdUbQbYcd_SbvdYS_TU\Qc_
SYUTQTSXY\U^Q\QcTUcYWeQ\TQTUcc_SYQ\UciU\Uc`bYdee\dbQ]_^dQ^_TU\S\Ub_:eQ^7eY
\\Ub]_@bQT_²5\`b_R\U]Qc_SYQ\U^U\`U^cQ]YU^d_TU\_cSQd†\YS_cTU\cYW\_H9H³U^
FYWY\YQf_\">¡!!CQ^dYQW_Ze\Y_TU!)'(`vW")+²5\]_fY]YU^d__RbUb_SXY\U^_U^U\
cYW\_H9H³U^BUfYcdQTU<UWYc\QSY†^i4_Se]U^dQSY†^U^4UbUSX_i3YU^SYQcC_SYQ\Uc>¡!CQ^
dYQW_U^Ub_VURbUb_i]Qbj_TU!)')`vW$$
&!$
CQb]YU^d_²E^dbYRe^_TU\Q`\URU³5\@b_WbUc_CQ^dYQW_"TUQRbY\TU!($$U^
?RbQcd_]_H_`SYd`vW#%'
&!%
5cdQSQZQTUQX_bb_c_VYSYQ\VeUY^QeWebQTQU\!&TUcU`dYU]RbUTU!($#bUSYRYU^
T_U\Q`_i_TU^e]Ub_cQc`Ubc_^Q\YTQTUc\QYSQciUS\USYvcdYSQc5\cYcdU]QTUf_d_SU^cYdQ
bY_Y]`eUcd_`_b\QcQed_bYTQTUcY]`UTQd_T_S_^db_\TU\_c`_RbUcc_RbU\_cV_^T_caeU
TU`_cYdQRQ^1\SQR_TUTYUjQ…_c\_cW_RUb^Q^dUcbUS_^_SYUb_^ceVbQSQc_*\_cQX_bbQ^
dUcUbQ^]eiUcSQc_c<QSQZQS_^dY^e†\\UfQ^T_e^QfYTQ\v^WeYTQXQcdQVY^UcTU\QT}SQTQ

"%#
S\QcUcTUTYReZ_\Y^UQ\i²\Q`bUTYSQSY†^U^VY^TU\Q]_bQ\Q`_iv^T_\Q
U^\_cY^dUbUcUc`_cYdYf_cTU\QfYTQ³&!& 
@Ub_\Q}`_SQTU\QcS_VbQTQcTUdY`_WbU]YQ\XQRQdUb]Y^QT_TUVY
^YdYfQ]U^dU5\TY`edQT_iceQ]YW_U\Y^dU^TU^dUTUCQ^dYQW_:_c}=Y
WeU\TU\Q2QbbQTURYUb_^S_^dU^dQbcUS_^`_^UbQ\cUbfYSY_TUcec`\Q
^Uc\Q3_VbQTQTU\CQ^d_CU`e\Sb_TUUhYcdU^SYQcUSe\Qb`Ub_cY^^Y^We^Q
RQcUWbU]YQ\@Q\QjeU\_cTU^e^SY†QRec_ciTY\Q`YTQSY_^UcU^\QQT]Y^Yc
dbQSY†^TU\_cV_^T_cTUUcQc_SYUTQTi\eUW_TU`\Q^dUQbcec_RZUdYf_c
\_Wb†XQSUbU\UWYbQ4U\Q2QbbQS_]_XUb]Q^_]Qi_b_Se`Q^T_U\]Yc
]_U\SQbW_TU]Qi_bT_]_<QZUbQbaeQTU\Q9W\UcYQfY_S_^]Q\_c_Z_c
\QY^db_]YcY†^TUe^\QYS_U^e^T_]Y^Y_aeUS_^cYTUbQRQcei_+`_bU\\_
U\@b_fYc_bTU\_RYc`QT_TUCQ^dYQW_TUS\Qb†^e\Q\QU\USSY†^`b_XYRYU^
T_Q@Q\QjeU\_c]UjS\QbcUU^\_cQce^d_cTU\QS_^WbUWQSY†^ &!' 
5\S_^V\YSd_Q\SQ^j†]Qi_bUc`b_`_bSY_^UciQaeU\QY^WUbU^SYQTU
\Q9^dU^TU^SYQVeUS_^dUcdQTQ`_bU\1bj_RYc`_TURYU^T_Y^dUbfU^YbU\
3_^cUZ_TU5cdQT__bWQ^Yc]_aeUS_^VYb]†U\TUbUSX_TU\QQed_bYTQT
`b_fY^SYQ\`QbQVYcSQ\YjQbU\Ve^SY_^Q]YU^d_TU\QXUb]Q^TQT4UcTUU^
d_^SUc@Q\QjeU\_ci4U\Q2QbbQdefYUb_^\Qc]Q^_c\YRbUc`QbQQSdeQb*\Q
3_VbQTQTU\CQ^d_CU`e\Sb_Y^cdQ\†U^!($%e^Q5cSeU\QTU4YReZ_<Y^UQ\
`QbQ\_cQbdUcQ^_cicecXYZ_c+U^!($%!($&i!($'_bWQ^Yj†VYUcdQcSfY
S_°bU\YWY_cQcS_^_SQcY†^TU\Q^YfUbcQbY_TU\Q9^TU`U^TU^SYQiS_^f_S†
QS_^db_fUbdYTQc`b_SUcY_^UcTUCU]Q^QCQ^dQU^!($&i!($' &!( 

TU!(% 8QSYQU^d_^SUcU\UcSv^TQ\_SeRbY†TU_`b_RY_Q\QY^cdYdeSY†^*U\QT]Y^YcdbQT_b
VeUQSecQT_TUUcdQVQiVbQeTU`_bXQRUbcec`U^TYT_QbRYdbQbYQ]U^dUcec`QW_ciTU]vc
_`UbQSY_^Uc^UWv^T_cUQTQbUh`\YSQSY_^UcC†\_U\"QW_cd_TU!(&!VeUQ`b_RQT_e^
`b_iUSd_TU\UiaeUQed_bYj†Q\@bUcYTU^dUTU\QBU`‹R\YSQ`QbQaeUU^U\`\Qj_TUe^Q…_
Y^fYbdYUbQXQcdQ_SX_]Y\`Uc_c`QbQSeRbYbU\T}VYSYdUhYcdU^dUU^\QSQZQ5\""TU\]Yc]_
]UccU`b_]e\W†e^Q\UiaeUSbU†e^Q^eUfQSQZQTUQX_bb_cRQZ_bUc`_^cQRY\YTQTTU\
5cdQT_CQb]YU^d_²9^V\eU^SYQTU\Q9^cdbeSSY†^`bY]QbYQU^\QcS_cde]RbUciU^\Q]_bQ\
`‹R\YSQ³U^?RbQc_`SYdd_]_H99`vW"&+²3_]e^YSQT_c3QZQTUQX_bb_cTU\_c`_
RbUc³5\6Ubb_SQbbY\CQ^dYQW_"$TUTYSYU]RbUTU!(%(+²3QZQTU1X_bb_cTU\_c@_RbUc³5\
6Ubb_SQbbY\CQ^dYQW_)TUZe\Y_TU!(%)+²3QZQTU1X_bb_cTU\_c@_RbUc³5\6Ubb_SQbbY\CQ^
dYQW_!&TU_SdeRbUTU!(%)+²3QZQTU1X_bb_cTU\_c@_RbUc³5\6Ubb_SQbbY\CQ^dYQW_"%
TU_SdeRbUTU!(%)+²3_]e^YSQT_c3QZQTU1X_bb_cTU\_c@_RbUc³5\6Ubb_SQbbY\CQ^dYQ
W_!&TUTYSYU]RbUTU!(%)+²3_]e^YSQT_c3QZQTU1X_bb_cTU\_c@_RbUc³5\6Ubb_SQbbY\
CQ^dYQW_!#TUU^Ub_TU!(& +²3QZQTU1X_bb_TU\_c@_RbUc³5\6Ubb_SQbbY\CQ^dYQW_"#
TUU^Ub_TU!(& +²3_]e^YSQT_c3QZQTU1X_bb_cTU\_c@_RbUc³5\6Ubb_SQbbY\CQ^dYQW_
$TUVURbUb_TU!(& +²3QZQTU1X_bb_cTU\_c@_RbUc³5\6Ubb_SQbbY\CQ^dYQW_#TU]Qbj_
TU!(& +²3_]e^YSQT_c3QZQTU1X_bb_cTU\_c@_RbUc³5\6Ubb_SQbbY\CQ^dYQW_! TUQRbY\
TU!(& +²3_]e^YSQT_3QZQTU1X_bb_cTU\_c@_RbUc³5\6Ubb_SQbbY\CQ^dYQW_!(TUZe
^Y_TU!(& +²BU]YdYT_3QZQTU1X_bb_cTU\_c@_RbUc³5\6Ubb_SQbbY\CQ^dYQW_"!TUTY
SYU]RbUTU!(&!+²3QZQTU1X_bb_cTU\_c@_RbUc³5\6Ubb_SQbbY\CQ^dYQW_!TU]Qi_TU
!(&"+5^SY^Q_`SYdd_]_H999`vWc$%#$%$
&!&
CQb]YU^d_²E^dbYRe^_³_`SYd`vW#%(
&!'
?`SYd`vW#%)+CQ\Y^Qc_`SYd`vWc!$)!%$
&!(
=U]_bYQaeUU\9^dU^TU^dUTUCQ^dYQW_`bUcU^dQQ\Ce`bU]_7_RYUb^_c_RbUU\UcdQT_TU\Q

"%$
 @Q\QjeU\_c`U^cQRQUcdQR\USUbU^CQ^dYQW_e^Q²\_^ZQTU\QcQbdUc³
UcTUSYbe^\_SQ\T_^TUUcdefYUbQTU`_cYdQT_e^bUWYcdb_WU^UbQ\TUd_
T_c\_cQbdUcQ^_cTUCQ^dYQW_icUUh`ecYUbQ^S_\USSY_^UcTUTYReZ_cY^c
dbe]U^d_c]vaeY^Qc_RbQcTUQbaeYdUSdebQ`UbY†TYS_ciTYQbY_cY^Tec
dbYQ\Uc &!) 4U^e^SYQT_`_b\Q`bU^cQ_`_cYd_bQS_]_e^QcY]`\U]Q^Y_
RbQU\USd_bQ\TUcdY^QTQQQbbURQdQbU\ceVbQWY_Q\_cQbdUcQ^_c &" U\`b_
iUSd_TU\Y^aeYUd_TY`edQT_^_\_Wb†S_^SbUdQbcUcY^_`QbSYQ\]U^dUXQ
SYQVY^UcTUUcQT}SQTQ5^!($(e^`QbTUTUSbUd_cWeRUb^Q]U^dQ\UcQe
d_bYjQb_^\QcUh`_cYSY_^UcTUQbdUcUY^TecdbYQi\Qc]Q^YVUcdQSY_^Uc\YdU
bQbYQcTUU\_WY_TUSYUbd_cX}b_UcTebQ^dU\Qc6YUcdQc@QdbYQcaeU@Q\QjeU
\_cY^SQ^cQR\U]U^dUS_^dY^eQRQ`b_]_fYU^T_1\Q…_cYWeYU^dUU\]Y
^YcdUbY_bUW\Q]U^d†\QcUh`_cYSY_^UcUY^cdYdei†\_c`bU]Y_cTU]_bQ\Y
TQT@Ub_Ucd_c`bU]Y_cc†\_ceRcYcdYUb_^XQcdQ!(%$TURYT_Q\TUc`bUcdY
WY_U^U\aeUSQiUb_^&"! 
5^dbUdQ^d_TUcTUU\`b_`Y_S\Ub_XQRQcebWYT_e^Q^eUfQY^YSYQdY
fQU^TYbUSSY†^TU\_c]U^UcdbQ\Uc`Ub_S_^e^Q_bYU^dQSY†^]eSX_]vc
dbQTYSY_^Q\aeU\QTU@Q\QjeU\_c5^!(%"VbQi6bQ^SYcS_@QSXUS_QieTQ
T_`_be^]_TUcd_QbdUcQ^_ie^Uc`Q…_\QfUSY^TQT_U^U\`QcVe^T†
U^CQ^dYQW_\Q3_^WbUWQSY†^_8Ub]Q^TQTTU\1T_bQR\U3_bQj†^TU:Uc‹c@QbQ
U\\_S_^d†TUcTUU\S_]YU^j_S_^U\Q`_i_]QdUbYQ\TUQ\We^_cSbUiU^dUc
TU\QcS\QcUc`eTYU^dUc<_c_RZUdYf_cTU\QS_VbQTQUbQ^TUdY`_^UdQ]U^
dU`YQT_c_iSQbYdQdYf_*cecY^dUWbQ^dUcbUjQRQ^QcYcdQ^Q]YcQS_]e\WQ
RQ^VbUSeU^dU]U^dUbUQ\YjQRQ^\USdebQcbU\YWY_cQcfYcYdQRQ^U^VUb]_c
U^cecT_]YSY\Y_cQ\_cQcY\QT_cTU\X_c`YSY_Q\_c`bUc_cTU\QSvbSU\i

`b_fY^SYQQce]Q^T_CQ^dYQW_9]`bU^dQTU\@b_WbUc_cU`dYU]RbUTU!($&`vWc"#i"$+
²@b_SUcY†^TU\FYUb^UcCQ^d_³5\@b_WbUc_CQ^dYQW_#!TU]Qbj_TU!($'+²¥7bQ^6YUcdQ
3fYSQ³5\@b_WbUc_CQ^dYQW_!&TUcU`dYU]RbUTU!($'+²3b†^YSQSXY\U^Q=U]_bYQaeU
U\=Y^Ycdb_TU5cdQT_U^\_cTU`QbdQ]U^d_cTU:ecdYSYQ3e\d_U9^cdbeSSY†^`‹R\YSQ`bU
cU^dQQ\3_^WbUc_>QSY_^Q\TU!($'³5\=UbSebY_FQ\`QbQc_!!TU_SdeRbUTU!($'+CQ\Y
^Qc_`SYd`vWc!%$!(!i!(#!('
&!)
²3YbSe\Qb]Qcd_T†^dYSQ³4YQbY_TUCQ^dYQW_CQ^dYQW_"%TUVURbUb_TU!($&CU
W‹^2Qbb_c1bQ^Q@Q\QjeU\_cQSQbYSY†TebQ^dU\QbW_dYU]`_\QYTUQTUUcdQR\USUbU^3XY\U
Uh`_cYSY_^UcQ^eQ\UcTUQbdUUY^TecdbYQS_]_\QcaeUXQRQfYcd_U^6bQ^SYQ_d_bWQ^T_
`bU]Y_cQ\Q]_bQ\YTQTiQ\QfYbdeT2Qbb_c1bQ^QE^TUSU^Y_TU\Q8Ycd_bYQTU3XY\U!($!
!(%!CQ^dYQW_9]`bU^dQi5^SeQTUb^QSY†^E^YfUbcYdQbYQ!) &d_]_99`vW%"
&"
9RYT+²3_bbUc`_^TU^SYQQbdUcQ^Q³5\1bdUcQ^_?`_cYd_bCQ^dYQW_$TU]Qbj_TU
!($&
&"!
2Qbb_c1bQ^QE^TUSU^Y__`SYdd_]_99`vWc$ #i$ $@Q\QjeU\_ccUWeYbQ
XQcdQU\VY^TUcecTQc]eiQSdYf_U^\QTUVU^cQTU\_bTU^S_^cUbfQT_b5^!(%!cUTUcdQS†
U^\QSbUQSY†^TUe^QWeQbTYQTU_bTU^U^CQ^dYQW_TUcdY^QTQQ\eSXQbU^S_^dbQTU\bU
^QSY]YU^d_TU\QcdU^TU^SYQcYWeQ\YdQbYQcDQ]RY}^S_^dY^e†ceQSSY†^XQSYQU\]e^T_Qb
dUcQ^Q\FUbSQ`de\_F99Ce]eUbdUQSQUSY†U^TYSYU]RbUTU\]Yc]_Q…_²¥@Q\QjeU\_c³
5\=UbSebY_FQ\`QbQc_"'TUTYSYU]RbUTU!(%!+²@Q\QjeU\_c³5\=UbSebY_FQ\`QbQc_")
TUTYSYU]RbUTU!(%!

"%%
_bWQ^YjQRQ^S_\USdQc`QbQ_RbQc`Qci_db_cUZUbSYSY_c`YQT_c_c&""<Q
8Ub]Q^TQT_bWQ^Yj†UcSeU\Qc^_Sdeb^Qc`QbQ`Ubc_^QcTUQ]R_ccUh_c
XQSYQ!(%(XQRQTYUSYcYUdUTUUcd_cUcdQR\USY]YU^d_cU^Ve^SY_^Q]YU^
d_idQ\\UbUc`QbQU^cU…QbQ\_cXYZ_cTU\_cQc_SYQT_ciQ\_c^Y…_c`_RbUc
U^WU^UbQ\\_c_VYSY_cTUSQb`Y^dUbQdQ\\QT_cQcdbUbQXUbbUbQijQ`QdU
bQ&"#5\TUcQbb_\\_TU\QS_VbQTQVeU]eifU\_jCUW‹^cecTYbYWU^dUcQ\
SQR_TUe^\ecdb_QTU]vcTU\QccUSSY_^UcU^\_cRQbbY_cTU\Q3XY]RQ
Ie^WQi2U\}^CQ^=YWeU\CQ^@QR\_i_db_cTU\QSQ`YdQ\Ve^SY_^QRQ^
X_]†\_WQcU^DQ\QWQ^dUBQ^SQWeQCQ^6Ub^Q^T_3ebYS†FQ\`QbQc_
CQ^6U\Y`Ui_dbQc\_SQ\YTQTUcd_dQ\YjQ^T_Q\We^_c]Y\UcTU]YU]Rb_c&"$
<Q3_^WbUWQSY†^QTaeYbY†ibUSYRY†^e]Ub_c_cRYU^UcbQSUc<Qc
TYcU^cY_^UccebWYUb_^U^cecU^_TURYT_Q\Q`bUdU^cY†^TUQ\We^_cc_
SY_cTUbU`QbdYb\_cXQRUbUcU^dbUcec]YU]Rb_cU^dQR\Q^T_U^!(&(e^Q
TU]Q^TQQ^dU\_cdbYRe^Q\Uc<QXUb]Q^TQTcUTYfYTY†*e^cUSd_b`Qc†Q
V_b]Qb`QbdUTU\Q3_VbQTQTU\CQWbQT_3_bQj†^TU:Uc‹cVe^TQTQ`_bQed_
TU\Qbj_RYc`_TUCQ^dYQW_TU!TUZe^Y_TU!(&(+U\_db_Wbe`_cUTU^_
]Y^†1c_SYQSY†^@QdbY†dYSQTU\3_bQj†^TU:Uc‹cbUSYRYU^T_ce`Ubc_^Q\YTQT
ZebTYSQU^!(' C†\_U^!((%\QZecdYSYQTYSd†cU^dU^SYQ`Ub_`QbQU^
d_^SUcTU\QS_VbQTQ_bYWY^Q\\QTU\_c²`USX_…_c³S_]_cU\UXQRQ
YTU^dYVYSQT_U^cedYU]`_^_aeUTQRQ^QTQ&"%
1e^aeU`_cdUbY_b]U^dUcUXQaeUbYT_fUbU^UcdQY^cdYdeSY†^\Q`bU
Sebc_bQTU\]edeQ\Yc]_U^3XY\U&"&\Q8Ub]Q^TQTTU\1T_bQR\U3_bQj†^TU
:Uc‹cTYcdQRQ]eSX_TUU\\_>_c†\_`_baeUceY^dU^SY†^TUV_b]QSY†^
TUSQZQcTUQX_bb_`QbQSQc_cTUU^VUb]UTQTi_dbQcTUcWbQSYQcVeU]ei
dQbTQ!(%(U^S_]`QbQSY†^S_^U\Ve^SY_^Q]YU^d_TU]edeQ\UcQed†
^_]QcTUdbQRQZQT_bUcTUcTU!(%#cY^_dQ]RY}^°ic_RbUd_T_°`_baeU
^_`_cUQ\QSQbQSdUbcdYSQ]vcUcU^SYQ\TUe^Qc_SYUTQTTUc_S_bb_c]e

&""
=Q^eU\TU\Q3bejF<Q8Ub]Q^TQTTU\1T_bQR\U3_bQj†^TU:Uc‹cVe^TQTQU^CQ^dYQ
W_`_bU\bUfUbU^T_`QTbUVbQY6bQ^SYcS_@QSXUS_CQ^dYQW_9]`bU^dQTU\6Ubb_SQbbY\!(%(
`vWc" "%i#&$ 
&"#
?`SYd`vWc$'i$(i% %"
&"$
?`SYd`vWc%$i%%+=Q^eU\TU\Q3bejFFYTQTU\XUb]Q^_T_^QT_TU\QBUS_\UdQ
6bQ^SYcSQ6bQY1^Tb}c7QbSQCQ^dYQW_9]`bU^dQTU\6Ubb_SQbbY\!(%(`vWc$(!$($
&"%
:eQ^7eY\\Ub]_@bQT_²5\]_fY]YU^d__RbUb_SXY\U^_U^U\cYW\_H9HCQ^dYQW_³
U^BUfYcdQTU<UWYc\QSY†^i4_Se]U^dQSY†^U^4UbUSX_i3YU^SYQcC_SYQ\Uc>¡%CQ^dYQW_Ze\Y_
TU!)')`vWc")i# 
&"&
5cdQdUcYcXQcYT_c_cdU^YTQ`_b:eQ^7eY\\Ub]_@bQT_U^²5\]_fY]YU^d__RbUb_
SXY\U^_U^U\cYW\_H9H³_`SYd`vW$%5\Qed_bRQcQceQVYb]QSY†^U^\QTUS\QbQSY†^TU
Y^dU^SY_^UcTU\cQSUbT_dUSb_^YcdQTU\QS_^WbUWQSY†^TUV_b]QbSQZQcTUQX_bb_iTUQieTQ
]edeQ`QbQcecY^dUWbQ^dUc4U\Q3bej<QXUb]Q^TQT_`SYd`vW%#3QRUXQSUb^_dQb
aeUTYSX_`\Q^VeUV_b]e\QT_U^]Qbj_TU!(%(SeQ^T_iQVe^SY_^QRQ^TUcTUXQSQfQ
bY_cQ…_cc_SYUTQTUcTUc_S_bb_c]ede_cTUdY`†WbQV_cU^CQ^dYQW_iFQ\`QbQc_iS_]U^
jQRQQ`b_iUSdQbcU\QVe^TQSY†^TU_dbQcY^cdYdeSY_^UcTU\Q]Yc]Q^T_\UF}QcUU^UcdU
\YRb_U\SQ`de\_9H@_b\_TU]vcU\]Yc]_@bQT_U^e^QbdSe\_`eR\YSQT_`_S_c]UcUc
Q^dUc`\Q^dUQaeU\Q`bY]UbQ]edeQ\TUdbQRQZQT_bUcVeU\QTUdY`†WbQV_cTUCQ^dYQW_Ve^
TQTQU^!(%#:eQ^7eY\\Ub]_@bQT_²?bWU^UcTU\]_fY]YU^d_\QR_bQ\SQd†\YS_+^_dQc
`QbQceUcdeTY_³U^FYWY\YQf_\">¡)CQ^dYQW_]Qi_TU!)'(`vW$"

"%&
de_c*\QS_dYjQSY†^TUd_T_ccec]YU]Rb_c`QbQQieTQbcUU^dbUcU^\_c
SQc_c`bUfYcd_c`_bcecUcdQded_cCYRYU^\_cU^dYUbb_cTU\_cXUb]Q^_c_
S†VbQTUcUbQ^S_cdUQT_c`_b\Q3_^WbUWQSY†^ &"' \QY^cdYdeSY†^TUVbQi
@QSXUS_^_dU^Qe^SQbvSdUb]edeQ\*U\VY^Q^SYQ]YU^d_`b_fU^QU^\_
Ve^TQ]U^dQ\TU\QcT_^QSY_^UciQ`_bdUcTUQ\We^_cTUf_d_cQS_]_TQ
T_c+\Q]QcQTUQbdUcQ^_ciTU_db_cU\U]U^d_c`_`e\QbUc`_TQW_jQbTU
dQ\UcRU^UVYSY_c`Ub_U\\_^_cUTUTeSQTUe^Q_R\YWQSY†^UcdQdedQbYQ
<QcQieTQc`bY^SY`Q\UcTU\Q8Ub]Q^TQTTU\1T_bQR\U3_bQj†^TU:Uc‹cUbQ^
TU^T_\UUc`YbYdeQ\iQaeU\\QcTUdY`_]QdUbYQ\^_UbQ^cYcdU]vdYSQccY^_
QbRYdbQbYQc_WbQdeYdQciQaeUTU`U^TQ^TU\Qf_\e^dQTTU\QS_VbQTQ
DQ]`_S_UhYcdQe^QWUcdY†^TU]_SbvdYSQTU\QY^cdYdeSY†^*\_cdbQRQZQ
T_bUcUbQ^TYbYWYT_c`_b\_cS\}bYW_ciTUf_d_cQS_]_TQT_cc†\_UbQ^_R
ZUd_TUceSQbYTQTiceZUd_cTUe^Q_RbQSeiQTY]U^cY†^Ve^TQ]U^dQ\UbQ
TUdY`_bU\YWY_c_iUc`YbYdeQ\CUdbQdQRQTUe^QS_VbQTQbU\YWY_cQiSQbYdQ
dYfQ+U^^Y^We^SQc_TUe^QXUb]Q^TQTTUc_S_bb_S_]_\QcaeUcUXQ
RQ^V_b]QT_U^5c`Q…QTebQ^dU\QcUWe^TQ]YdQTTU\cYW\_HF99i`b_\Y
VUbQT_TebQ^dU\QSU^debYQcYWeYU^dU
<QS_]`QbQSY†^S_^U\`QcYR}bYS_`eUTUQieTQbQ\QS_]`bU^cY†^
TU\SQc_SXY\U^_
<QXYcd_bYQT_bQ5\U^QCv^SXUjTU=QTQbYQWQU^e^UcdeTY_QS_dQT_
Q\QUh`UbYU^SYQ]QTbY\U…Q`Ub_SeiQcS_^S\ecY_^Uc`_TbQ^cUbQ`\YSQ
R\UcQ\SQc_Uc`Q…_\U^WU^UbQ\XQSQbQSdUbYjQT_\QcXUb]Q^TQTUcTUc_
S_bb_TU\cYW\_HF999S_]_Y^cdYdeSY_^UcU^\QcSeQ\Uc\QQieTQ^_UbQe^Q
S_^SUcY†^WbQSY_cQ°S_]_XQRQ_SebbYT_dbQTYSY_^Q\]U^dUU^\QcS_VbQ
TQcTU\1^dYWe_B}WY]U^°cY^_e^QbUdbYReSY†^aeUS_bbUc`_^TQ\_]vc
UcdbYSdQ]U^dU`_cYR\UQ\_Q`_bdQT_`_bSQTQXUb]Q^_IQ^_cUdbQdQRQTU
²SQbYTQT³_TU²\Y]_c^Q³cY^_TU²c_S_bb_³edY\Yjv^T_cUSQTQfUj]vcU\
d}b]Y^_U^U\S_^dUhd_TU\c_S_bb_]ede_<QcS_VbQTQcTU\1^dYWe_B}
WY]U^dU^Q^e^Q\QbWQ`bvSdYSQTUWUcdY†^TUQieTQ]edeQ`Ub_TUQie
TQU]Y^U^dU]U^dUUc`YbYdeQ\]UTYQ^dU\QSU\URbQSY†^TU]YcQciceVbQWY_c
`_b\QcQ\]QcTU\_cS†VbQTUcTYVe^d_ciQ\QX_bQTU\VQ\\USY]YU^d_U^\_c
U^dYUbb_c<QcXUb]Q^TQTUcTUc_S_bb_Qe^aeUS_^dY^eQb_^Q`_bdQ^T_
ceRfU^SY_^UcU^\_cVe^UbQ\UcQWbUWQb_^QceQSSY†^\_cQehY\Y_ccYcdU]v
dYS_cU^\QcU^VUb]UTQTUciU^\Q`bYcY†^1TYVUbU^SYQTU\QcQ^dYWeQcS_
VbQTQcU^\QcXUb]Q^TQTUcTUc_S_bb_`bY]†U\Q`_i_]QdUbYQ\ &"(

&"'
4U\Q3bej<Q8Ub]Q^TQT_`SYd`vW$!
&"(
5\U^QCv^SXUjTU=QTQbYQWQ²4U\Q´SQbYTQTVbQdUb^Q\µQ\´c_S_bb_]‹de_µ*\Qc
XUb]Q^TQTUcTUc_S_bb_TU=QTbYTU^U\cYW\_HF999³U^CQ^dYQW_3QcdY\\_UTYd_bC_\Y
TQbYTQTTUcTUQRQZ_DbQRQZQT_bUciC_S_bb_c=ede_cU^\Q5c`Q…Q3_^dU]`_bv^UQ=QTbYTE7D
3U^db_TU5cdeTY_c8Ycd†bYS_ci3_^VUTUbQSY†^>QSY_^Q\TU=edeQ\YTQTUcTU@bUfYcY†^
!))$`vWc#!% 1d_TQc\eSUc\Q8Ub]Q^TQTTU\1T_bQR\U3_bQj†^TU:Uc‹c^QSYTQU^3XY\U
Q]UTYQT_cTU\cYW\_H9HcUQcU]UZQRQ]vcQ\QcS_VbQTQcTU1^dYWe_B}WY]U^aeUQ\Qc
XUb]Q^TQTUcTUc_S_bb_SUbSQ^QcU^]eSX_cQc`USd_cQ\Q]edeQ\YTQTTU\Q}`_SQS_^
dU]`_bv^UQ

"%'
 <Q`bY]UbQ]YdQTTU\cYW\_H9HcUSQbQSdUbYj†`_b\QUhdY^SY†^TU\_c
WbU]Y_cS_\_^YQ\Uci`_be^Q]QbSQTQQecU^SYQTU_bWQ^YjQSY_^UcQbdU
cQ^Q\UcaeU_Se`QbQ^U\Uc`QSY_TUZQT_`_b}cd_c>_cU`b_TeZ_U^3XY
\Ue^VU^†]U^_S_]_U\_SebbYT_U^5c`Q…QQ\QRbYbcUTUc`e}cTU\Q
]eUbdUTU6Ub^Q^T_F99!(##U\`b_SUc_TUbe`debQTUVY^YdYfQS_^U\
1^dYWe_B}WY]U^*\QQR_\YSY†^°U^TYSYU]RbUTU!(#&°TU\_cWbU]Y_c
S_]_Y^cdYdeSY_^UcbUWe\QT_bQcTU\UZUbSYSY_`b_VUcY_^Q\VeUcUWeYTQ
]ei\eUW_°U^VURbUb_TU!(#)°`_be^QbUQ\_bTU^aeU_d_bW†\YRUbdQT
`QbQ\QQc_SYQSY†^TU^T_\U]edeQ\YcdQ4UUcdQ]Q^UbQe^Q`QbdUY]
`_bdQ^dUTU\Qc]edeQ\UcaeUcebWYUb_^U^U\`QcYR}bYS_def_e^QVY\Q
SY†^TYbUSdQS_^\_cQ^dYWe_cWbU]Y_caeUXYSYUb_^ceQ`_bdUQ\cebWY
]YU^d_TU\]edeQ\Yc]_]_TUb^_&") 5^3XY\U\_cWbU]Y_cS_\_^YQ\UccU
UhdY^WeYUb_^cY^aeUcUUcdQR\USYUbQU^dbUU\\_ci\Qcc_SYUTQTUcTUc_S_
bb_c]ede_cTU\QcUWe^TQ]YdQTTU\cYW\_H9He^`eU^dU_bU\QSY†^TU
S_^dY^eYTQT<Qcc_SYUTQTUcTUQbdUcQ^_ccebWYTQcU^CQ^dYQW_i<_c1^
TUcU^!(")QTU]vcTUcUbUV]UbQcdefYUb_^e^SQbvSdUb]QbSQTQ]U^
dU`_\dYS_iSQbUSYUb_^TUbUQ\`b_iUSSY†^WbU]YQ\<_cURQ^YcdQcTUCQ^
dYQW_iFQ\`QbQc_S_^cdYdeiUb_^e^SQc_UhSU`SY_^Q\*cec]_fY]YU^d_c
bUYfY^TYSQdYf_cTU!(")!($"i!($'UfYTU^SYQ^\QUhYcdU^SYQTUQ\W‹^dY`_
TU_bWQ^YjQSY†^`Ub_\QUcSQcQT_Se]U^dQSY†^TYc`_^YR\U^_^_c`Ub]Y
dUQcUfUbQbcYUbQ`Ub]Q^U^dUe_SQcY_^Q\&# DQ^c†\_\_cZ_b^Q\Ub_ci\Q^
SXUb_c`_bdeQbY_cS_^dQb_^S_^_bWQ^YjQSY_^Ucc†\YTQ]U^dUY]`\Q^dQ
TQc`Ub_}cdQcdefYUb_^°S_]_fUbU]_cQS_^dY^eQSY†^°e^SQbvSdUb]ei
`USe\YQb

7 B5=9?C ?B71>9J14?C @?B 5< 5 CD14?

4UcTUVY^UcTU\QT}SQTQTU!(# S_]U^j†QcebWYbe^QV_b]QceYWU^UbYc
TU_bWQ^YjQSY†^S_b`_bQdYfQU^dbU\_cdbQRQZQT_bUc`_bdeQbY_c*\_cWbU
]Y_c_bWQ^YjQT_cbUW\Q]U^dQT_ciTYbYWYT_c`_bU\5cdQT_
@_bUcSQcUjTUbUSebc_cXQcdQ\QT}SQTQTU!(' U\VYcS_^_`eT_T_
dQbQ\`eUbd_TUFQ\`QbQc_TUY^cdQ\QSY_^UcQTUSeQTQcTYaeU]eU\\UQ\
]QSU^UcUdS`QbQbUc`_^TUbQ\V_b]YTQR\UY^SbU]U^d_TU\dbvVYS_S_
]UbSYQ\5\dbQRQZ_TUSQbWQiTUcSQbWQTU\_cReaeUccUbUQ\YjQRQSQcYcY^
Y]`\U]U^d_ciTU]Q^UbQ]ei`U^_cQ*\_cRQbS_cV_^TUQT_cU^\QRQXQ
UbQ^SQbWQT_ciTUcSQbWQT_c]UTYQ^dUU\U]`\U_TU\Q^SXQcaeU^_`_

&")
CQ^dYQW_3QcdY\\_²<Qcc_SYUTQTUcTUc_S_bb_c]ede_cU^\Q5c`Q…Q3_^dU]`_
bv^UQ³U^3QcdY\\_UTYd_b_`SYd`vWc!")F}QcUdQ]RY}^*6bQ^SUcS1^TbUe=Qbd^Uj
7Q\\UW_²4Yc_\eSY†^WbU]YQ\iS_^cdYdeSY†^c_SYUdQbYQ*\_cd}b]Y^_cTU\f^Se\_FQ\U^SYQ
!(#$!(&(³U^3QcdY\\_UTYd_b_`SYd`vWc%!&)
&#
DU]QdbQdQT_U^U\QSv`YdU²<_c]_fY]YU^d_cbUYfY^TYSQdYf_ciTU`b_dUcdQc_SYQ\³
TUUcdU]Yc]_SQ`de\_

"%(
 3QbWQT_bTU]eU\\UD_]}!(&(
3_\USSY†^=ecU_8Ycd†bYS_>QSY_^Q\CQ^dYQW_TU3XY\U

"%)
TQ^\\UWQbXQcdQ\Q_bY\\QTU\Q`\QiQ`_baeUXQRbQ^aeUTQT_fQbQTQc`_b
U\`Uc_TU\QSQbWQ@QbQdbQc\QTQb\Qc]UbSQ^SQcTUcTUiXQSYQ\Q_bY\\Q\_c
Z_b^Q\Ub_cTURQ^\\UfQb\_cQX_]Rb_4U\Q]Yc]Q]Q^UbQcUdbQ^c`_bdQ
RQ^\_cRe\d_cU^dbU\Q`\QiQi\_cQ\]QSU^Uc1\WbQ^UcVeUbj_iTUcWQcdU
VcYS_TU\_cdbQRQZQT_bUccUce]QRQ^\_cbYUcW_c`_bQSSYTU^dUcTU\dbQRQ
Z_iU^VUb]UTQTUcQSQecQTU\Qc\QbWQc`Ub]Q^U^SYQcU^U\]Qb5\cYcdU]Q
UbQ]eiWbQf_c_`QbQ\_cY^dUbUcUcTU\S_]UbSY_*\Qc_`UbQSY_^UcUbQ^\U^
dQciU\`QW_TU\Q^SXQciTUZ_b^Q\Ucc_\QcUbU\UfQT_<_cY^dUbUcUcTU\
5cdQT_`_bce`QbdUUcdQRQ^S_]`b_]UdYT_ciQaeUWbQ^`QbdUTUcec
Y^WbUc_c`b_fU^Q^TU\S_Rb_TUTUbUSX_cQTeQ^Ub_c&#! 
@QbQcQ\fQWeQbTQbcecY^dUbUcUci\_cTU\S_]UbSY_UfYdQ^T_\Qc`}b
TYTQcTUdUbY_b_ib_R_TU]UbSQTUbQcQTU]vcTU\S_^dbQRQ^T_U\5c
dQT_TUSYTY†U^!(#'S_^cdYdeYbe^WbU]Y_TUZ_b^Q\Ub_c`_bdeQbY_cU^
FQ\`QbQc_c_RbUSei_]_TU\_cUSbUQb_^_db_cWbU]Y_cTUdbQRQZQT_bUc
U^TYVUbU^dUc`eUbd_cTU\QBU`‹R\YSQ
<_c WbU]Y_c `_bdeQbY_c VeUb_^ SeYTQT_cQ]U^dU bUW\Q]U^dQT_c
S_^db_\QT_ciTYcSY`\Y^QT_c`_bU\5cdQT_icecQWU^dUc<Qc^_b]QdYfQc`b_
]e\WQTQc`_b\QcQed_bYTQTUcUcdQRQ^TUcdY^QTQcQbUWYbd_T_c\_cQc`USd_c
TUceQSdYfYTQTdQ^d_QaeU\\_cbU\QSY_^QT_cS_^U\dbQRQZ_\_ccQ\QbY_ci\Qc
dQbYVQcS_]_\_cbU\QdYf_cQ\QTYcSY`\Y^Q\QccQ^SY_^Uc\QRU^UVYSU^SYQi\Qc
`U^cY_^Uc<_cTUSbUd_c\QcTYc`_cYSY_^UcUc`USYQ\Uci\_cbUW\Q]U^d_c
`QbQUcd_cSeUb`_cVeUb_^^e]Ub_ccY]_cQ\_\QbW_TU\cYW\_H9H
5\`bY]UbbUW\Q]U^d_`b_]e\WQT_U\"!TUQRbY\TU!(#'UcdQR\U
SY†e^WbU]Y_TUZ_b^Q\Ub_cU^U\`eUbd_TUFQ\`QbQc_`QbQaeUTU]Q
^UbQUhS\ecYfQbUQ\YjQbQ\QSQbWQiTUcSQbWQTU\Qc]UbSQTUbQcUhdbQ^ZU
bQcaeUTURQ^TU`_cYdQbcUU^\_cQ\]QSU^UcTU\QQTeQ^QCUbQ^""%
Z_b^Q\Ub_cTYcdbYReYT_cU^aeY^SUSeQTbY\\QcTUaeY^SUX_]RbUc SQTQ
e^QRQZ_\QTYbUSSY†^TUbU`bUcU^dQ^dUcTYbUSd_cTU\`_TUb5ZUSedYf_E^
ZUVUce`UbY_bTU^_]Y^QT_SQ`QdQj]Qi_bTYbYWQQ\WbU]Y_U\SeQ\cU
U^S_^dbQRQ Q ce fUj ceR_bTY^QT_ Q e^Q S_]YcY†^ QT]Y^YcdbQdYfQ
S_]`eUcdQ`_be^Q\SQYTUTU\QQTeQ^QiT_cS_]UbSYQ^dUcaeUTebQRQ^
dbUcQ…_cU^cecVe^SY_^Uc&#" 
<QcYW^YVYSQdYfQ`bUcU^SYQTU\_cbU`bUcU^dQ^dUcTU\S_]UbSY_TU
]eUcdbQaeUcUdbQdQRQQ^dUcaeU^QTQTUbUc`_^TUbQ\_cbUaeUbY]YU^

&#!
1\T_IvfQb=5\WbU]Y_TUZ_b^Q\Ub_ci\Q^SXUb_cTUFQ\`QbQc_!(#'!(%)5dQ`QTU
V_b]QSY†^dUcYc`QbQ_`dQbQ\WbQT_TU=QWYcdUb1bdYe]]U^SY†^8Ycd_bYQCQ^dYQW_E^Y
fUbcYTQTTUCQ^dYQW_TU3XY\U6QSe\dQTTU8e]Q^YTQTUc4U`QbdQ]U^d_TU8Ycd_bYQ
!)((`vWc%$&'icYWeYU^dUc
&#"
4U`QbdQ]U^d_TU8QSYU^TQBUW\Q]U^d_idQbYVQ`QbQU\WbU]Y_TUZ_b^Q\Ub_cTU\`eUbd_
TUFQ\`QbQc_CQ^dYQW_QRbY\"!TU!(#'5\=UbSebY_FQ\`QbQc_"%TUQRbY\TU!(#'+2_\U
d^TU\Qc?bTU^Uci4USbUd_cTU\7_RYUb^_D_]_9F<YRb_F99Q…_!(#'>¡)FQ\`QbQc_
!($&`vWc%!'%""+1>1=8f_\!&$9^dU^TU^SYQTUFQ\`QbQc_!(#'?VYSY_TU\
Y^dU^TU^dUQ\Cb=Y^Ycdb_TU5cdQT_U^U\4U`QbdQ]U^d_TU8QSYU^TQFQ\`QbQc_"TU
]Qi_TU!(#'cV

"&
d_cTUUcUcUSd_baeUQc`YbQRQQTYc`_^UbTU]Q^_TU_RbQceVYSYU^dU]U^
dUSQ\YVYSQTQiTYcSY`\Y^QTQ`QbQcecQSdYfYTQTUcTUUh`_bdQSY†^UY]`_bdQ
SY†^SeUcdY†^bUS_^_SYTQY]`\SYdQ]U^dUU^TYcdY^d_cdUhd_c_VYSYQ\Uc
5\bUW\Q]U^d_TU!(#'UcdQR\USY†\QcRQcUc`QbQ\QV_b]QSY†^TUe^Q
SQZQTUQX_bb_cTU\WbU]Y_c_RbU\QRQcUTU\_cTUcSeU^d_cTU\_ccQ\QbY_c
e^bUQ\`_b`Uc_5cd_cV_^T_c`Ub]YdQ^\QQcYW^QSY†^TUSeQdb_bUQ
\UcTYQbY_cQ\_cZ_b^Q\Ub_cU^VUb]_cTebQ^dUe^]vhY]_TU_SX_TQc
5^SQc_TUX_c`YdQ\YjQSY†^\QSQZQ`QWQRQT_cbUQ\UcTYQbY_cQ\QVQ]Y\YQ
TU\_RbUb_U^VUb]_3eQ^T_VQ\\USQU\dbQRQZQT_b\QSQZQQce]Q\_cWQc
d_cTU\U^dYUbb_iU^dbUWQRQ"%QcecTUeT_c]vcSUbSQ^_c<QY^fQ\YTUj
SQecQTQ`_bQSSYTU^dUcTU\dbQRQZ_`_TQcYW^YVYSQbU^dbU"i&]U^ceQ
\Uc²cUW‹^U\]}bYd_TU\Z_b^Q\Ub_iU\ZeYSY_TU\QS_]YcY†^³<_cceRcY
&##
TY_cQe]U^dQRQ^SeQ^T_U\d_dQ\TU\_cV_^T_cce`UbQRQ\_c! 
<QSQZQTUQX_bb_cUbQ`bUcU^dQTQ`_b\QcQed_bYTQTUci`_b\Qc`Ub
c_^Q\YTQTUcTU\QS\QcUTYbYWU^dUS_]_e^]_TU\_U^ceW}^Ub_e^`bU
Sebc_baeUXQRQaeUY]YdQb5^!($"4_]Y^W_6QecdY^_CQb]YU^d_XQ
SQceU\_WY_U^\Q`bU^cQi`b_`_^Q\QYTUQTUSbUQbe^QY^cdYdeSY†^cY
]Y\QbU^FQ\`QbQc_TUcdY^QTQQUhdU^TUbcUQ_dbQcSYeTQTUcc_RbU\QRQcU
TU\QSQZQTU\WbU]Y_TUZ_b^Q\Ub_c*

<Q_bWQ^YjQSY†^TU\WbU]Y_TUZ_b^Q\Ub_cceS_^
dQSd_Y^]UTYQd_S_^\_cS_]UbSYQ^dUcSYUbd_TUcU^f_\
fY]YU^d_TU\QbQj†^aeUU^U\\_ccU_RcUbfQd_T_Ucd_
`bUcdQbQe^WbQ^TUQ`_i_DYU^U^SQ`QdQSUciZUVUcaeU
`eUTU^Q]_^UcdQb\_ciTQb\UcU\UZU]`\_`eUcaeUV_b
]Q^T_ e^ SeUb`_ S_]`QSd_ c_^ cecSU`dYR\Uc TU Y^
V\eU^SYQY^]UTYQdQbUe^Y}^T_cUiS_]e^YSv^T_cUU^
dbUccecTeTQcice]_T_TUfUb &#$ 

5cdQ_bWQ^YjQSY†^TU\dbQRQZ_TY_Vbed_c*U^\Qc\QR_bUcTUSQbWQi
TUcSQbWQbUQ\YjQTQcU^dYUbbQTYc]Y^eiUb_^\_cb_R_cU\S_^dbQRQ^T_i
\_cTQ…_cU^\Qc]UbSQTUbQcCY^U]RQbW_\_c]Yc]_c`b_R\U]QcceRcYc
dYUb_^iQe]U^dQb_^U^\QUdQ`QTU\QVQU^QaeUcUbUQ\YjQRQU^\Qc\Q^
SXQcaeUdbQ^c`_bdQRQ^\Q]UbSQTUbQU^dbU\QcRQbS_ci\Q`\QiQ<QcQe
d_bYTQTUcY^dU^dQb_^TYfUbcQcc_\eSY_^Uc
5\!TUcU`dYU]RbUTU!($"U\W_RYUb^_c_\YSYd†Q\3_^WbUc_\QQ`b_
RQSY†^TUe^`b_iUSd_TU\UiaeUQed_bYjQbQQ\@bUcYTU^dUTU\QBU`‹R\Y

&##
²9^dUbY_b4U`QbdQ]U^d_TU8QSYU^TQ³5\=UbSebY_FQ\`QbQc_"%TUQRbY\TU
!(#'2QZ_UcdUdde\_cUbU`b_TeSU^dUWb_U\²BUW\Q]U^d_idQbYVQ`QbQU\WbU]Y_TUZ_b
^Q\Ub_cTU\`eUbd_TUFQ\`QbQc_³`b_]e\WQT_U\"!TUQRbY\`_bU\`bUcYTU^dU@bYUd_iU\
]Y^Ycdb_D_S_b^Q\
&#$
²3QZQcTU1X_bb_³5\=UbSebY_FQ\`QbQc_!&TUZe\Y_TU!($"i!#TUQW_cd_TU
!($"U^CQb]YU^d__`SYdd_]_H`vW!$

"&!
SQQTYSdQb_bTU^Q^jQcS_^VeUbjQTU\Ui`QbQ\_cWbU]Y_cTUZ_b^Q\Ub_ci
TUV\UdUb_cTUFQ\`QbQc_iTU_db_c`eUbd_cTU\QbU`‹R\YSQ5\`b_iUSd_
Y]`\YSQRQ\QY^S_b`_bQSY†^TU\_c\Q^SXUb_c`Qdb_^UcTU\Q^SXQibU]U
b_cQWbU]Y_ccY]Y\QbUcQ\_cTU\_cZ_b^Q\Ub_c`QbQUfYdQbU\TUcQ`QbUSY
]YU^d_TU]UbSQTUbQcXQSYU^T_aeU\QbUc`_^cQRY\YTQTTU\Qc`}bTYTQc
VeUbQS_]`QbdYTQ`_bd_T_c\_cY^dUWbQ^dUcTU\SeUb`_ &#% 1VY^UcTU!($#
U\3_^WbUc_>QSY_^Q\Qed_bYj†Q\5ZUSedYf_`QbQ`b_]e\WQbUcQc_bTU^Q^
jQcTebQ^dUe^Q…_`Ub_U\")TUTYSYU]RbUTU!($%U\]Yc]_†bWQ^_\U
WYc\QdYf_`b_\_^W†_db_Q…_\QQed_bYjQSY†^&#& 
5\`b_R\U]QTU\S_^dbQRQ^T_QTaeYbQU^dbUdQ^d_SQbQSdUbUcQ\Qb
]Q^dUc5\!TU]Qi_TU!($$U\Y^dU^TU^dUTUFQ\`QbQc_U^fY†e^_VY
SY_Q\]Y^Ycdb_TU8QSYU^TQU^U\aeU\UcU…Q\QRQaeUUhYcdQ*

KMe^Q`b_Ve^TQY^]_bQ\YTQTiU^fYSYQ]YU^d_U^
\_c\Q^SXUb_caeUcU_Se`Q^TUS_^TeSYbTUQR_bT_\Q
SQbWQTU\_cReaeUc+idQ^d_cc_^\_cb_R_ccUW‹^\_cU]
`\UQT_cTU\Q1TeQ^QaeUcUUZUSedQ^U^U\QSd_TU\dbQ^c
`_bdUidQ^QdbUfYT_cicedY\Uc\_c]UTY_caeUcUU]`\UQ^
aeUUcdv^Q`e^d_TUSbUUbaeU\QS\QcUd_TQTU\Q^SXUb_c
cUXQ\\QS_bb_]`YTQiaeUUcY]`_cYR\UbUXQRY\YdQb\QQ^dU
U\`‹R\YS_`_b]UTY_TUSQcdYW_c`QbSYQ\UccY^_cUd_]Q
e^Q]UTYTQaeU\QS_]`bU^TQd_TQU^dUbQ&#' 

@QbQ`_^UbQdQZ_QUcdQcYdeQSY†^U\Y^dU^TU^dU:_Qae^@bYUd_`b_
`_^QTYfUbcQcc_\eSY_^UcU^dbUU\\Qc\QS_^cdbeSSY†^TUe^]eU\\UaeU
`Ub]YdYUbQbUQ\YjQb\QSQbWQiTUcSQbWQTU\_cReaeUcTYbUSdQ]U^dUcY^
dU^UbaeUbUSebbYbQ\_c\Q^SXUb_c?db_]UTY_`b_`eUcd_°U\aeUU^TU
VY^YdYfQcU`ec_U^`bvSdYSQe^`QbTUQ…_c]vcdQbTU°VeU\QY^S_b`_bQ
SY†^TU\_c\Q^SXUb_cQ\WbU]Y_TU\_cZ_b^Q\Ub_c&#( bU`edQT_S_]_]vc
`b_R_`_bU\S_]UbSY_i\QcQed_bYTQTUccUW‹^cUTUc`bU^TUTU]eSX_c
dUcdY]_^Y_cTU\Q}`_SQ
<QVecY†^TUQ]R_cSeUb`_ccU`b_TeZ_U^!($&5\"!TUQRbY\TU
UcUQ…_VeU`b_]e\WQT_U\BUW\Q]U^d_idQbYVQ`QbQU\WbU]Y_TUZ_b^Q\Ub_ci
\Q^SXUb_cTUFQ\`QbQc_&#)5\dUhd_`eR\YSQT_RQZ_\QVYb]QTU\`bUcYTU^dU

&#%
²9^dUbY_b4U`QbdQ]U^d_TU8QSYU^TQ³CQ^dYQW_cU`dYU]RbU!TU!($"5\=Ub
SebY_FQ\`QbQc_!'TUcU`dYU]RbUTU!($#
&#&
²9^dUbY_b4U`QbdQ]U^d_TU8QSYU^TQ³CQ^dYQW_cU`dYU]RbU!TU!($"5\=Ub
SebY_FQ\`QbQc_!'TUcU`dYU]RbUTU!($#+C3<d_]_HHH9993v]QbQTUCU^QT_bUc
!($#²CUcY†^$ 5cdbQ_bTY^QbYQU^"'TU^_fYU]RbUTU!($#³`vW%'#
&#'
1>1=8f_\" (FQ\`QbQc_!($$²?VYSY_TU\9^dU^TU^dUTUFQ\`QbQc_
Q\Cb=Y^Ycdb_TU5cdQT_U^U\4U`QbdQ]U^d_TU8QSYU^TQ³FQ\`QbQc_!TU]Qi_TU
!($$cV
&#(
9RYT
&#)
BUW\Q]U^d_idQbYVQ`QbQU\WbU]Y_TUZ_b^Q\Ub_ci\Q^SXUb_cTUFQ\`QbQc_1…_TU!($&
CQ^dYQW_9]`bU^dQTU\@b_WbUc_!($&

"&"
2e\^UciTUce]Y^Ycdb_TU\9^dUbY_b:_c}:_Qae^@}bUjUce^ReU^UZU]
`\_TU\Q_bWQ^YjQSY†^iTU\QTYbUSSY†^TUUcdUdY`_TUY^cdYdeSY_^Uc`_b
\_cbU`bUcU^dQ^dUcTU\5cdQT_1\\cUUcdQR\USQU\]_^_`_\Y_TU\WbU]Y_
TUZ_b^Q\Ub_ci\Q^SXUb_cTUFQ\`QbQc_U^\_cdbQRQZ_cTUSQbWQiTUcSQb
WQTU]UbSQTUbQcUhdbQ^ZUbQcTUcTU\_cRQbS_cXQcdQ\_cQ\]QSU^UcTU
QTeQ^Q_TU`QbdYSe\QbUcifYSUfUbcQ<QTYbUSSY†^TU\WbU]Y_aeUTQRQU^
]Q^_cTUe^QT]Y^YcdbQT_b^_]RbQT_iS_^VYb]QT_`_bU\@bUcYTU^dU
TU\QBU`‹R\YSQ4UUcdUVe^SY_^QbY_TU`U^TQ^T_cU]`\UQT_c°U\!Ubi
U\"¡S_]Q^TQ^dU°QSei_SQbW_aeUTQRQ^cUYcSYU^d_cX_]RbUcTYfYTYT_c
U^fUY^dUSeQTbY\\QcTUdbUY^dQY^TYfYTe_cSQTQe^Q &$ 
5\BUW\Q]U^d_TU!($&^_]_TYVYS†\_cTUcSeU^d_c`_b`\Q^Y\\QUcdQ
R\USYT_cU^QaeU\TU!(#'`Ub_\_cTUbUSX_cTU\_cdbQRQZQT_bUcaeUTQb_^
cUfUbQ]U^dU\Y]YdQT_c`_b\QQed_bYTQTSeQcY_]^]_TQTU\QT]Y^YcdbQ
T_b5cdUbUc`_^cQR\UdU^QVQSe\dQTUc`QbQQe]U^dQb_TYc]Y^eYb\QSQ^dY
TQTTU`\QjQc^_]RbQbQ\_cS_]Q^TQ^dUc\_cSQ`QdQSUcTUSeQTbY\\Qci
_db_cU]`\UQT_c+UcdQRQQed_bYjQT_`QbQd_]QbcQ^SY_^UcTYcSY`\Y^QbYQc
S_^dbQ \_c Z_b^Q\Ub_c \_c \Q^SXUb_c _ cec ceR_bTY^QT_c Y^]UTYQd_c
S_]Q^TQ^dUcSQ`QdQSUce_db_c+i`_TQTUdUb]Y^QbcUW‹^ce`b_`Y_SbYdU
bY_U\]_^d_TU\Qc`U^cY_^Uc`QbQ\QcfYeTQci\_cXYZ_cTU\_cdbQRQZQT_bUc
VQ\\USYT_cU^cUbfYSY_UdS}dUbQ<QTYcSY`\Y^QTURQQcUWebQbcU]UTYQ^dUe^
TUdQ\\QT_cYcdU]QTUcQ^SY_^UcaeUYRQ^TUcTU\Qcec`U^cY†^TU\dbQRQZ_
cY^cQ\QbY_XQcdQU\U^f_Q`bYcY†^TU\_c_RbUb_cU^\_cSQc_cTUVQ\dQc
S_^cYTUbQTQcS_]_TU\Yd_ci\QUh`e\cY†^TU\WbU]Y_&$! 
5^\Q`bvSdYSQ\QY]`\U]U^dQSY†^`\U^QTUUcdQc^_b]Qci\_cbUce\
dQT_cUc`UbQT_c`_b\QcQed_bYTQTUcc†\_cU\_Wb†TUc`e}cTUSYUbd_dYU]
`_5^QW_cd_TU\]Yc]_Q…_!($&U\QT]Y^YcdbQT_bTU\WbU]Y_Y^V_b]†
Q\QZe^dQTYbUSdYfQTU\_cUcdQR\USY]YU^d_cTURU^UVYSU^SYQTUFQ\`QbQc_
aeUTUcTU\QY^cdQebQSY†^TU\^eUf_bUW\Q]U^d_cec]YU]Rb_ccUU^S_^
dbQRQ^U^²e^QS_]`\UdQS_^]_SY†^³\_aeUY]`UTQ\QQ`\YSQSY†^TU
cecTYc`_cYSY_^Uc5\QecU^dYc]__U\QRQ^T_^_TU\dbQRQZ_TU\_c\eWQbUc
VYZQT_c`_b\_cZUVUc`QbQYbQ\_c`e^d_c]vc\eSbQdYf_c\QTUc_RUTYU^SYQQ
\Qc†bTU^Ucce`UbY_bUci_dbQcfY_\QSY_^UcTU\QTYcSY`\Y^QUbQ^VbUSeU^
dUc`b_f_SQ^T_QdbQc_cU^\Qc\QR_bUc3_]_\Q]Qi_bQTU\_cZ_b^Q\U
b_ciV\UdUb_c`UbdU^USQ^Q\Q7eQbTYQ3fYSQUcdQRQ^`b_dUWYT_c`_b\Q
ZebYcTYSSY†^]Y\YdQb\_aeU\_cUhY]QTU\_cSQcdYW_c`bUfYcd_cU^U\bUW\Q
]U^d_XQSYU^T_Y]`_cYR\U\Q`UTQW_WQS_bbUSdYfQTUcecce`UbY_bUc
=_fYT_`_b\QcaeUZQcTUUcd_c‹\dY]_cU\W_RYUb^_TUSbUd†U\!)TUQW_c
d_TU!($&\Qce`bUcY†^TU\QZebYcTYSSY†^]Y\YdQbc_RbU\_cdbQRQZQT_bUc
`_bdeQbY_cU^\_cSQc_cTUVQ\dQciTU\Yd_caeUS_]UdYUcU^U^U\UZUbSYSY_
TUcecVe^SY_^Uc`b_VUcY_^Q\Uc&$" 

&$
9RYT
&$!
9RYT
&$"
²=U]_bYQaeU`bUcU^dQQ\Q:e^dQ4YbUSdYfQTU\_cUcdQR\USY]YU^d_cTURU^UVYSU^

"&#
 5cdQ]UTYTQTU\QQed_bYTQT^_S_^cYWeY†cY^_e^]UZ_bQ]YU^d_
`QbSYQ\TU\QTYcSY`\Y^Q\QR_bQ\`Ub_U\]Q\UcdQbTU\_cdbQRQZQT_bUcceR
cYcdY†TURYT_QdbUcTYc`_cYSY_^UcTU\^eUf_bUW\Q]U^d_*\QRQZQTU\QdQbY
VQ\QY^cdQebQSY†^TU\QSeQTbY\\QTUcU]Q^Qi\Q_R\YWQSY†^TUdbY`e\Qb\Qc
\Q^SXQcS_^Z_b^Q\Ub_c`_bU\dUbbU^_S_bbUc`_^TYU^dU<_c]_dYf_cTU
TUcS_^dU^d_cUZecdYVYSQRQ^`\U^Q]U^dU<Q`b_`YQ:e^dQ4YbUSdYfQTU\_c
UcdQR\USY]YU^d_cTURU^UVYSU^SYQ\_bUS_^_SQU^\_cT_c`bY]Ub_cSQc_c
cU…Q\Q^T_aeU\QRQZQTU\QdQbYVQTQ…QRQdQ^d_Q\_cdbQRQZQT_bUc°]vc
Q‹^U^e^QSYeTQTdQ^SQbQS_]_FQ\`QbQc_°S_]_Q\_cV_^T_cTU\Q
Y^cdYdeSY†^BUc`USd_TU\QSeQTbY\\QTUcU]Q^Q\QZe^dQS_^cdQdQRQ\Q
Y^SQ`QSYTQTTU\QZUbQbaeQ`QbQU^S_^dbQbe^Qc_\eSY†^cQdYcVQSd_bYQ
`QbQ\_cZ_b^Q\Ub_ciV\UdUb_c\_aeU`b_f_SQRQ^e]Ub_cQc`QbdYTQcf_\e^
dQbYQciUh`e\cY_^Uc²`_baeUU\TUcS_^dU^d_XQ\\UWQT_Q\`e^d_TUY^ce
R_bTY^QSY†^]vcTUe^QfUj³ &$# 
@_b_db_\QT_\_c]_TUcd_cRU^UVYSY_caeU_RdU^Q^\_cdbQRQZQT_
bUccUU^S_^dbQRQ^bUWYT_ciS_^TYSY_^QT_c`_bUcU]Yc]_cYcdU]QTU
bU\QSY_^UcTUdbQRQZ_TUdY`_Qed_bYdQbY_i`QdUb^Q\YcdQ<Q]Qi_bQTU\_c
`b_fUSX_caeUU\bUW\Q]U^d_\UcQS_bTQRQTU`U^TQ^TU\Q_`Y^Y†^TU\
QT]Y^YcdbQT_bcY^aeUUhYcdYUbQ^Y^We^Q`_cYRY\YTQT`QbQ\_cQcQ\QbYQT_c
TUQ`U\QbQe^QY^cdQ^SYQce`UbY_b<_aeU_SebbQdQ^d_U^U\_d_bWQ
]YU^d_TU\Qc`U^cY_^UcQ\_cVQ]Y\YQbUcS_]_U^\QcQieTQc`_bU^VUb]U
TQT&$$ <_ccYWeYU^dUcQbdSe\_cTU\bUW\Q]U^d_TU!($&c_^ReU^_cUZU]
`\_cTU\`_TUbTYcSbUSY_^Q\TU\QT]Y^YcdbQT_b*

%$5\1T]Y^YcdbQT_bcY\_XQ\\QbU`_bS_^fU^YU^dU
SU\URbQbve^S_^dbQd_S_^U\1T]Y^YcdbQT_bTU\X_c`YdQ\
TUSQbYTQT`QbQ\QQcYcdU^SYQTU\_cY^TYfYTe_cTU\WbU
]Y_U^cecU^VUb]UTQTUcS_^ce\dQ^T_Q\UVUSd_\Q]Q
i_bUS_^_]Q
%%=YU^dbQc\_cY^TYfYTe_cTU\WbU]Y_cUXQ\\U^
U^VUb]_cU^U\X_c`YdQ\cUbv^c_S_bbYTQccecVQ]Y\YQc
S_^T_cbUQ\UcTYQbY_ccY\_dYU^U`_bS_^fU^YU^dUU\1T]Y^Yc
dbQT_bcYU^T_TU\SQbW_TU\QDUc_bUbQU\`QW_TUUcdQc
QcYcdU^SYQc&$% 

SYQTUFQ\`QbQc_Q\=Y^YcdUbY_c_RbU\Qc]UZ_bQc`\Q^dUQTQcU^U\Q…_!($&Y\QcaeUTU
cUQU]`bU^TUbU^U\`bUcU^dUTU!($'³FQ\`QbQc_!(TU]Qi_TU!($'5\=UbSebY_FQ\
`QbQc_!$TUQW_cd_TU!($'
&$#
9RYT
&$$
5\"!TU_SdeRbUTU!(%%5\=UbSebY_TU^e^SYQRQ\QbYWYTUji\Q]Q\Qf_\e^dQTS_^
\QaeU\_cZUVUcTU\WbU]Y_TUZ_b^Q\Ub_cTUFQ\`QbQc_Q`\YSQRQ^\QTYc`_cYSY†^TUcdY^QTQ
Q`bUcdQbQieTQQ\_cdbQRQZQT_bUcfSdY]QcTUQSSYTU^dUcTU\dbQRQZ_@bUdUhdQ^T_aeUUhYc
dQe^]}TYS_bU]e^UbQT_`QbQUcUcUbfYSY_\_cZUVUccU^UWQRQ^Q`QWQb\_cX_^_bQbY_c
TU_db_cVQSe\dQdYf_caeUQdU^TQ^Q\_cZ_b^Q\Ub_cU^SQc_cTUebWU^SYQ
&$%
BUW\Q]U^d_idQbYVQ_`SYd`vW!%<QcSebcYfQcc_^^eUcdbQc

"&$
 @_cdUbY_b]U^dU\QSQbdQR\Q^SQaeUdU^QU\QT]Y^YcdbQT_b`QbQ
TUdUb]Y^QbaeY}^UcW_jQbQ^TU\QQieTQ]}TYSQVeUce`bY]YTQcYU^T_
QS_bTQT_Qed_]vdYSQ]U^dUUcUTUbUSX_Qd_T_c\_c]YU]Rb_cTU\WbU
]Y_TUZ_b^Q\Ub_cTUFQ\`QbQc_*U\TUSbUd_TU\(TU]Qbj_TU!('!VYb
]QT_`_bU\`bUcYTU^dU@}bUjQ`b_R†\_cQSeUbT_cd_]QT_c`_b\Q:e^dQ
4YbUSdYfQTU\_cUcdQR\USY]YU^d_cTURU^UVYSU^SYQTUFQ\`QbQc_aeUVY
ZQRQ^e^ceRcYTY_TYQbY_TUSY^SeU^dQSU^dQf_cQ\_cZ_b^Q\Ub_cU^VUb]_c
TebQ^dUaeY^SUTQc`QbQQaeU\\_caeUUbQ^dbQdQT_cQT_]YSY\Y_iTebQ^
dUd_TQ\QU^VUb]UTQT`QbQaeYU^UccUX_c`YdQ\YjQRQ^ &$& 
5\U^_b]U`_TUbTYcSbUSY_^Q\TU\QT]Y^YcdbQT_bUbQedY\YjQT_S_]_
U\U]U^d_TU`bUcY†^`_\dYSQc_RbU\_cdbQRQZQT_bUc`_cUUT_bUcTU²SQ\Y
VYSQSY_^UcU\USd_bQ\Uc³`QbQaeUf_dQbQ^`_b\Qc\YcdQcW_RYUb^YcdQc<QbU
cYcdU^SYQ_U\TUc_RUTUSY]YU^d_QUcQcTYbUSdYfQc`_TQcYW^YVYSQb\Q]Qb
WY^QSY†^TU\bUVbQSdQbY_TU\QcVY\QcTU\WbU]Y_`UbTYU^T_TU`Qc_cec
S_dYjQSY_^UciRU^UVYSY_c5^]Qi_TU!($)5\=UbSebY_TUFQ\`QbQc_TU
^e^SYQRQ\QUh`e\cY†^TUT_cSQ`QdQSUciTUTYUjZ_b^Q\Ub_cQ\We^_cUbQ^
Q^dYWe_c]YU]Rb_cTU\QY^cdYdeSY†^_db_cUbQ^Y^fv\YT_cTU\dbQRQZ_`_b
XQRUbf_dQT_S_^dbQU\W_RYUb^_*²5^e^QX_bQe^´VYQdµTU\QT]Y^YcdbQ
T_b\_cXQTUc`_ZQT_TU\_cQX_bb_cTU]eSX_cQ…_caeUcU\UcbUcUbfQRQ
TU\Z_b^Q\TUcedbQRQZ_S_dYTYQ^_ic_^Qbb_ZQT_cQ\QfUZUj_Ucdb_`UQ
T_cQ]U^TYWQb`QbQcecVQ]Y\YQce^cecdU^d_aeUU\\_cSbUQ^QcUWebQ
T_³&$' 3_]_U\QT]Y^YcdbQT_b^_TURQbU^TYbSeU^dQcQ^QTYU`_bdQ\Uc
]UTYTQciS_]_\_cdbQRQZQT_bUc^_`_TQ^Q`U\QbQ^dU^Y^We^QY^cdQ^
SYQU\`UbY†TYS_`_bdU…_`_TQS_^S\eYbTU^e^SYQ^T_\Q²Y]`e^YTQT
`QbQ\_cU]`\UQT_c\Q]YcUbYQ`QbQ\_cZ_b^Q\Ub_c³ &$( 
<_c‹^YS_c\]YdUcQ\QQed_bYTQTTU\QT]Y^YcdbQT_bfU^Q^²TUcTU
QbbYRQ³iS_^SUb^Q^c_RbUd_T_Q\QWUcdY†^TU\_cV_^T_cTU\WbU]Y_
CUW‹^U\bUW\Q]U^d_TU!($&Uc_cbUSebc_cUcdQRQ^QSQbW_TU\dUc_bUb_
TU`QbdQ]U^dQ\+U^cUWeYTQQ`QbdYbTU!(%!\QS_^cUbfQSY†^TU\_cSQ`Y
dQ\UcTU\WbU]Y_aeUT†S_^VYQTQQ\Q:e^dQTU2U^UVYSU^SYQTUFQ\`QbQ
c_S_]`eUcdQ`_bU\9^dU^TU^dUTU\Q`b_fY^SYQ\_cQT]Y^YcdbQT_bUcTU\
X_c`YdQ\TU\SU]U^dUbY_iTU\X_c`YSY_e^bUWYT_bU\dUc_bUb_TU`Qb
dQ]U^dQ\i²T_cSYeTQTQ^_cTUReU^^_]RbU³ &$) 5cdU_bWQ^Yc]_VYZQRQ
U\`bUce`eUcd_TU\WbU]Y_*\QDUc_bUbQTU`QbdQ]U^dQ\bUSYRQd_TQc\Qc
U^dbQTQciXQSQd_T_c\_c`QW_c+U\QT]Y^YcdbQT_bbUWe\QbYjQRQ\Q]QbSXQ
TU\_cV_^T_cTUcYW^QT_c`_b\QZe^dQiTUSbUdQRQ\_c`QW_caeUTURQ
XQSUb\QdUc_bUbQcUW‹^U\`bUce`eUcd_Q`b_RQT_`_b\Q]Yc]QZe^dQ
3_]_`eUTU_RcUbfQbcU\_cdbQRQZQT_bUcaeUS_]`_^Q^\_cWbU
]Y_c`_bdeQbY_c^_dU^Q^^Y^W‹^]USQ^Yc]_TUS_^db_\c_RbU\QQT]Y

&$&
5\9^TU`U^TYU^dUCQ^dYQW_!$TU]Qbj_TU!('!
&$'
5\=UbSebY_FQ\`QbQc_"!TU]Qi_TU!($)
&$(
9RYT
&$)
²5\WbU]Y_³5\3_]UbSY_TUFQ\`QbQc__`SYd

"&%
^YcdbQSY†^i\QedY\YjQSY†^TU\_cXQRUbUcTUcecSQZQcTUQX_bb_\_aeU
VQSY\YdQRQ\_cQRec_c\_cQSd_cQbRYdbQbY_ci\Qc]Q\fUbcQSY_^Uc<_cZ_b^Q
\Ub_ci\Q^SXUb_caeUTQRQ^ceZUd_cQ\QReU^Qf_\e^dQTTUcecZUVUciTU
\_c_bWQ^Yc]_cTUS_^db_\SbUQT_c`_bU\W_RYUb^_\_caeU^_cUSQbQSdU
bYjQRQ^`bUSYcQ]U^dU`_bceSU\_U^\QTUVU^cQTU\_cY^dUbUcUc_RbUb_c
=vcQ‹^\QTYcSY`\Y^QTU\dbQRQZ_UbQbUV_bjQTQ`_b^_b]QcaeUbUcUb
fQRQ^SYUbd_cRU^UVYSY_cS_]_`_bUZU]`\_\Qc`U^cY_^UcQ\_cY^fv\YT_c
TU\ dbQRQZ_ Q QaeU\\_c aeU XeRYUcU^ ²dbQRQZQT_ VYU\]U^dU i cY^ ]Q\Q
^_dQ³&% 
?dbQcTYc`_cYSY_^UcS_^dU^YTQcU^TYfUbc_cdUhd_cTUTYVUbU^dUc`U
b_T_cQ`e^dQRQ^XQSYQU\]UZ_bQ]YU^d_TU\QTYcSY`\Y^Q\QceZUSY†^Q\Q
Qed_bYTQTi\Qce`UbUh`\_dQSY†^TU\_cdbQRQZQT_bUc`_bdeQbY_cU^RU^UVY
SY_TU\S_]UbSY_iTU\5cdQT_1cU^!(#(U\3_]Q^TQ^dUTU\2QdQ\\†^
>¡"TUWeQbTYQcSfYSQcTUFQ\`QbQc_XQSQ`bUcU^dUQ\QcQed_bYTQTUcaeU
Q^dU\QY]`_cYRY\YTQTTUV_b]QbXQcdQUcU]_]U^d_e^QRQ^TQTU]‹cYSQ
`_bSQbU^SYQTUbUSebc_cicQRUT_bTU\QUhYcdU^SYQTU!  U^\QSQZQ
TU\WbU]Y_TUZ_b^Q\Ub_c`_bS_^SU`d_TUY^dUbUcUcXYj_bUe^Yb²Qd_T_U\
WbU]Y_id_]v^T_\UcceS_^cU^dY]YU^d_KMd_T_cS_^dUcdQb_^e^v^Y]U
]U^dUTUaeUUbQ^]eiWecd_c_cU^SUTUb\_cUh`bUcQT_cY^dUbUcUc`QbQ
QieTQTU\c_cd}^TU\Q]‹cYSQaeUcU`YU^cQSbUQbKM³&%! 
@_bce`QbdUU\BUW\Q]U^d_TU=eU\\UTU\=Y^YcdUbY_TU\9^dUbY_b`e
R\YSQT_U^!(%!U^cecUSSY†^@_\YSQTU=eU\\UUcdQR\USQaeUU^SQc_
TUdU]`UcdQTQ\QQ\debQTUUcdQY^cdQ\QSY†^\Qc`\Q^SXQcTU\ceU\_cUbQ^
bUdYbQTQc`_b\_cZ_b^Q\Ub_ciV\UdUb_caeUdU^Q^²\Q_R\YWQSY†^TUS_^Se
bbYbWbQdeYdQ]U^dUQUcdUS_bd_dbQRQZ_³&%" 5\QbdSe\_%(TU\]Yc]_UcdQ
ded__bTU^QRQaeUcYQ\W‹^Y^TYfYTe_`UbdU^USYU^dUQe^_e_db_WbU]Y_
cU^UWQRQQ_RUTUSUbU\SQ`Ydv^TU\`eUbd_²TUc`e}cTUe^ce]QbY_i
fUbYVYSQTQ\QY^V_b]QSY†^Y]`_^TbvQ\TUc_RUTYU^dUe^Q`U^QTUSeQdb_
TQcTUdbQRQZ_WbQdeYd_U^U\]eU\\U³&%# 
5^\_cSQc_cTUb_R__TUcQ`QbUSY]YU^d_TU]UbSQTUbQcU\bUW\Q
]U^d_TU!($&Q\YWeQ\aeU\Qd_dQ\YTQTTU\_cbUW\Q]U^d_c`_cdUbY_bUc
TU\_c_db_c`eUbd_cTU\`Qc`bUfUQaeUcY\_cQed_bUcTU\_cTU\Yd_c^_
UbQ^YTU^dYVYSQT_c\QSeQTbY\\QTU\cUSd_bcUbQS_^cYTUbQTQS_\USdYfQ]U^
dUbUc`_^cQR\UiTURUbQbUUU]R_\cQbU\]_^d_TUcec`}bTYTQcQ\_c`b_
`YUdQbY_c<QY^TU]^YjQSY†^cUXQbQ`_b]UTY_TUTUcSeU^d_cQ\_ccQ\Q
bY_cTU\_cdbQRQZQT_bUcCYU\TY^Ub__RdU^YT_^_Q\SQ^jQRQQSeRbYbU\
]_^d_TU\Qc]UbSQ^SQcb_RQTQcU\T}VYSYdcUbQbUcdYdeYT_S_^\QcbU]e

&%
BUW\Q]U^d_idQbYVQ_`SYd`vW!$
&%!
1>1=8f_\!&)9^dU^TU^SYQTUFQ\`QbQc_!(#(!(#)²?VYSY_TU\3_
]Q^TQ^dUTU\2QdQ\\†^>¡"TU7eQbTYQc3fYSQcTUFQ\`QbQc_Q\7_RUb^QT_bTU\Q`\QjQ
3_]Q^TQ^dU7U^UbQ\TU1b]Qc³FQ\`QbQc_"%TU_SdeRbUTU!(#(cV
&%"
²3_^S\ecY†^TU\BUW\Q]U^d_TU\=eU\\U³QbdSe\_%'5\=UbSebY_FQ\`QbQc_#
TU^_fYU]RbUTU!(#!
&%#
9RYT

"&&
^UbQSY_^Uc_RdU^YTQc`_b\Q]Yc]QSeQTbY\\QU^SeQ\aeYUb_dbQVQU^QbUQ
\YjQTQ`_bSeU^dQTU_db_cS_]UbSYQ^dUc &%$ 1\We^_cQ…_cTUc`e}cUcdQ
^_b]QVeU]_TYVYSQTQ`Ub_Q^dU\_c^e]Ub_c_cbUS\Q]_ci`bUcY_^UcTU\
S_]UbSY_iTUQed_bYTQTUcY^dUb]UTYQc &%% TebQ^dUU\cUWe^T_]Q^TQd_
`bUcYTU^SYQ\TU=Q^eU\=_^dde^TUSbUd_TU\=Y^Ycdb_TU8QSYU^TQTU\
!#TUVURbUb_TU!(%'bUcdQR\USY†\QQ^dYWeQ`bvSdYSQUcdY`e\Q^T_aeU
cUWeYbQcYU^T_bUc`_^cQR\U²S_]_Q^dUc\QSQZQTUTYSX_7bU]Y_KTUZ_b
^Q\Ub_cMQ\Qc`}bTYTQcaeUbUce\dU^Q^eQ\]U^dUU^\_cQ\]QSU^UcVYcSQ
\Uc`_bbQj†^TUVQ\dQcTU]UbSQTUbQc³ &%& 
@_cdUbY_b]U^dU^_XeR_]_TYVYSQSY_^Uc
<Q`U^Q\YjQSY†^TU\_cZ_b^Q\Ub_c\\UWQRQQ\\]YdUTUbUc`_^cQRY\Y
jQb\_c`_b\Qc`}bTYTQci\_cUbb_bUcTU\_cU]`\UQT_cTUQTeQ^Qc<QTYc
`_cYSY†^UbQdQ^Y^ZecdQaeUXQcdQQ\We^_cS_]UbSYQ^dUcTUFQ\`QbQc_cU
cY^dYUb_^_R\YWQT_cQ]Q^TQbe^QSQbdQTU`b_dUcdQQ\=UbSebY_U^!(&$
cU…Q\Q^T_U^dbU_dbQcS_cQcaeU²^_UcZecd_^Y\UWQ\KMaeU`UcUc_RbU
\QSQZQTU\7bU]Y_\QdUbSUbQ`QbdUTU\QbUc`_^cQRY\YTQTaeUQVUSdQQ\_c
WeQbTQQ\]QSU^UciTU]vcU]`\UQT_cS_]_\_`bUfYU^U\Q?bTU^Q^jQTU
1TeQ^Qc³`bUWe^dQ^T_]vcQTU\Q^dU²¤IUcZecd_ibQj_^QR\UaeUcUXQWQ
bUc`_^cQR\UcQ\_cQX_bb_cTU\_cZ_b^Q\Ub_c`_b\_aeU}cd_c^_XQ^fYcd_
^Yd_SQT_iaeU^YcYaeYUbQU\\_c`eUTU^SeYTQb/³ &%' 
<QS_^dbQ`QbdYTQTU\`_TUbQRc_\ed_iTU\Qed_bYdQbYc]_TU\QT]Y
^YcdbQT_biTU\_cS_]Q^TQ^dUcTU\WbU]Y_cUU^S_^dbQRQU^\QbU\QSY†^
Q]U^eT_`QdUb^Q\YcdQUhYcdU^dUU^dbUZUVUciceR_bTY^QT_c5\QT]Y^Yc
dbQT_bi\_cS_]Q^TQ^dUcTUVU^TQ^Q^dU\QcQed_bYTQTUc\_cY^dUbUcUc
Y^TYfYTeQ\UcTU\_cdbQRQZQT_bUc_TU\S_\USdYf_SeQ^T_cebWQTUcTUU\
UhdUbY_be^QQ]U^QjQU^ceS_^dbQ1c`_bUZU]`\_U^!(%)SeQ^T_
dUb]Y^†\QWeUbbQSYfY\TUc`e}cTU\QbU_bWQ^YjQSY†^TU\WbU]Y_TUZ_b
^Q\Ub_cTUFQ\`QbQc_cU`b_TeZ_e^QY]`_bdQ^dU`QbQ\YjQSY†^TUQSdYfY
TQTUcaeUQVUSd†Q]eSX_cZ_b^Q\Ub_caeUaeUTQb_^cY^Y^WbUc_c5\S_
]Q^TQ^dU:=2U^dUjc_\YSYd†Q\QT]Y^YcdbQT_baeU`ecYUbQQceTYc`_
cYSY†^]Y\`Uc_c`QbQXQSUbQ\We^_cQTU\Q^d_cQ\_c_RbUb_c]vc^USUcYdQ
T_c&%( IUcdUSQc_^_VeUU\‹^YS_1\_\QbW_TU\cYW\_^e]Ub_cQcQSSY_
^UcTU\Q]Yc]Q^T_\UY\ecdbQ^RYU^\QY]`_bdQ^dUT_cYcTU`QdUb^Q\Yc]_

&%$
9RYT
&%%
@b_`_cYSY_^Uc_bUVUbU^SYQcQ\Q]UTYTQTUcdY^QTQQXQSUbQce]YbQ\_cZ_b^Q\U
b_ce^dUbSY_TU\fQ\_bTU\Qc`}bTYTQcU^*1>1=8f_\# !9^dU^TU^SYQTUFQ\`QbQ
c_!(%$?VYSY_TU\'TUQW_cd_TU!(%$V%"%+?VYSY_QTZe^d_TU\$TUQW_cd_TU!("%
VZc%"&%#!+1>1=8f_\#!&9^dU^TU^SYQTUFQ\`QbQc_!(%%?VYSY_TU\$TUZe^Y_
TU!(%%V#((
&%&
²7bU]Y_TUZ_b^Q\Ub_cTUFQ\`QbQc_³5\6Ubb_SQbbY\CQ^dYQW_!'TUVURbUb_TU
!(%'
&%'
²7bU]Y_TUZ_b^Q\Ub_c³5\=UbSebY_FQ\`QbQc_"#TUZe\Y_TU!(&$
&%(
1>1=8f_\#(%9^dU^TU^SYQTUFQ\`QbQc_!(%)?VYSY_TU\9^dU^TU^dU
Q\=Y^Ycdb_TU8QSYU^TQFQ\`QbQc_")TUcU`dYU]RbUTU!(%)cV+²7bU]Y_TUZ_b^Q\U
b_c³5\=UbSebY_FQ\`QbQc_!!TU_SdeRbUTU!(%)

"&'
aeUUhYcdQU^\QS_]`\UZQbU\QSY†^U^dbUZUVUcidbQRQZQT_bUcTUUcdQcY^c
dYdeSY_^Uc_bWQ^YjQTQc`_bU\5cdQT_&%) 
<_cWbU]Y_cTUZ_b^Q\Ub_cV\UdUb_ci\Q^SXUb_cTU\_c_db_c`eUbd_c
aeUcUV_b]Qb_^TebQ^dU\QcUWe^TQ]YdQTTU\cYW\_\_XYSYUb_^c_RbU\Q
RQcUTU\_c]_TU\_c`bUSebc_bUcTUFQ\`QbQc_i3_aeY]R_cQ\f_Q\We
^QcTYVUbU^SYQc`b_fU^YU^dUcTU\_c`QbdYSe\QbYc]_c\_SQ\Uc && 
<_cWbU]Y_c`_bdeQbY_cSei_cbQcW_c]vcSQbQSdUbcdYS_cUcdQRQ^iQ
TUVY^YT_cXQSYQ]UTYQT_cTUcYW\_cU`bUcU^dQ^S_]_e^SQc_‹^YS_dQ^
d_`_bcedbY`\USQbvSdUbTUU]`bUcQcS_]UbSYQ\UcSQZQcTUQX_bb_ic_SYUTQTUc
TUc_S_bb_c]ede_cS_]_`_bce_bWQ^YjQSY†^`_b\QcQed_bYTQTUcTU\5cdQ
T_i`_b\QcbU\QSY_^UcU^S_^cUSeU^SYQ`QbdYSe\Qb]U^dUS_]`\UZQc°Qe
d_bYdQbYc]_`QdUb^Q\Yc]_TU`U^TU^SYQS_^dbQTYSSY_^UciS_^fUbWU^
SYQc°aeUUcdQR\USQ^U^cecU^_\_c_RbUb_c\_c]Q^T_c]UTY_ci\_cbU
`bUcU^dQ^dUcTU\VYcS_6Y^Q\]U^dU^_UcdvTU]vcbUS_bTQbaeUU^e^Q
}`_SQU^aeU\Qd_dQ\YTQTTU\_cdbQRQZQT_bUcSQbUSQQRc_\edQ]U^dUTU
`b_dUSSY†^c_SYQ\Ucd_cWbU]Y_c_bWQ^YjQT_c`_bU\5cdQT_Q`UcQbTUcec
\Y]YdQSY_^UciTU\QTYbUSSY†^bWYTQiQed_bYdQbYQQ\QaeUUcdQRQ^c_]UdY
T_ccecY^dUWbQ^dUcVeUb_^\Qc`bY]UbQcUcdbeSdebQcTU`bUfYcY†^`_`e\Qb
aeUUhYcdYUb_^U^3XY\U

< ?C =?F9=95>D?C B59F9>4931D9F?C I 45 @B?D5CD1 C?391<

3_]_cUXQY^TYSQT_\QWbQ^]QcQTU\_cdbQRQZQT_bUcSXY\U^_cTU\cYW\_
H9HVeUTUdY`_²`U_^Q\³CecS_^TYSY_^UcTUfYTQiTUdbQRQZ_\UY]`bY
]YUb_^e^SQbvSdUbdbQcXe]Q^dUY^TYcSY`\Y^QT_iTcS_\_Ce\eSXQ]vc
`Ub]Q^U^dUVeUS_^dbQ\Q`b_\UdQbYjQSY†^`_b\QS_^cUbfQSY†^TUce`b_
`YQQed_^_]Q<QcfQbYQTQcV_b]QcaeUQTaeYbY†TYSXQbUcYcdU^SYQXQ^

&%)
5^\Q^_dQ! ) U^dbUWQ]_cQ\We^QcbUV\UhY_^Ucc_RbUU\S_^SU`d_TU`QdUb^Q\Yc
]_Q`\YSQT_Q\QbUQ\YTQTc_SYQ\SXY\U^QTU\cYW\_H9H
&&
1TU]vcTU\_cTUFQ\`QbQc_i3_aeY]R_XU]_cS_^ce\dQT_\_ccYWeYU^dUcbUW\Q
]U^d_cTUWbU]Y_cTUdbQRQZQT_bUc`_bdeQbY_c*²BUW\Q]U^d_`QbQ\_cWbU]Y_cTUZ_b^Q\U
b_ci\Q^SXUb_cTU\_c`eUbd_cTUDQ\SQXeQ^_Y5\D_]}³5\1bQeSQ^_CQ^dYQW_!%TUTY
SYU]RbUTU!(%%+²BUW\Q]U^d_TUZ_b^Q\Ub_c`QbQU\`eUbd_TU3Q\TUbQ³5\3_`YQ`Y^_3_
`YQ`†"(TU_SdeRbUTU!(%&+²BUW\Q]U^d_TUZ_b^Q\Ub_c`QbQU\`eUbd_TU8eQcS_³5\
1bQeSQ^_CQ^dYQW_! TU_SdeRbUTU!(%(+²BUW\Q]U^d_`QbQU\7bU]Y_TU:_b^Q\Ub_cTU\
`eUbd_TU3Q\TUbQ³5\1bQeSQ^_CQ^dYQW_"$TUTYSYU]RbUTU!(%(+²DQbYVQYBUW\Q]U^d_
`QbQU\7bU]Y_TU:_b^Q\Ub_cTU1^d_VQWQcdQ³4YQbY_?VYSYQ\TU\QBU`‹R\YSQTU3XY\UCQ^dYQ
W_"$TU]Qbj_TU!(($+²BUW\Q]U^d_`QbQU\7bU]Y_TU:_b^Q\Ub_cTU1bYSQ³4YQbY_?VY
SYQ\TU\QBU`‹R\YSQTU3XY\UCQ^dYQW_!%TU]Qi_TU!(((+²BUW\Q]U^d_`QbQU\7bU]Y_TU
:_b^Q\Ub_cTU9aeYaeU³4YQbY_?VYSYQ\TU\QBU`‹R\YSQTU3XY\UCQ^dYQW_""TUZe^Y_TU!(((+
²DQbYVQ`QbQU\7bU]Y_TU:_b^Q\Ub_cTU1bYSQ³4YQbY_?VYSYQ\TU\QBU`‹R\YSQTU3XY\UCQ^
dYQW_"$TUTYSYU]RbUTU!(((+²BUW\Q]U^d_TU\7bU]Y_TU:_b^Q\Ub_cTU9aeYaeU³4YQ
bY_?VYSYQ\TU\QBU`‹R\YSQTU3XY\UCQ^dYQW_#TUU^Ub_TU!(()+²BUW\Q]U^d_`QbQU\7bU
]Y_TU:_b^Q\Ub_cTUDQ\SQXeQ^_³4YQbY_?VYSYQ\TU\QBU`‹R\YSQTU3XY\UCQ^dYQW_! TU
_SdeRbUTU!(()

"&(
cYT_RYU^UcdeTYQTQc`_bTYfUbc_cXYcd_bYQT_bUc*S_]UbSY_`_`e\QbdbQRQ
Z_]Y^Ub_Qed†^_]_²`YbaeY^U_³QbdUcQ^QT_SQ]`UcY^YjQSY†^Y^TU
`U^TYU^dUTU\\QdYVe^TY_U]YWbQSY†^^_]QTYc]_RQ^TYTYc]_iU^_SQ
cY_^UcQSSY_^UcS_\USdYfQcTUfY_\U^SYQc_SYQ\Uc`USYQ\]U^dUU^U\]e^
T_TU\Q]Y^UbQ&&! CUdbQdQRQTUUh`bUcY_^UcUc`_^dv^UQcUY^_bWv^YSQc
TUTUcS_^dU^d_c_SYQ\TUQ^XU\_cTUQed_^_]Qi\YRUbdQT@Ub_^Y^We
^QTUU\\Qc`_TQcUbfYbTURQcU`QbQ\QS_^cdYdeSY†^TUe^]_fY]YU^d_
`_`e\Qb>Y^We^QS_]`_bdQRQ_bWQ^YjQSY†^`Ub]Q^U^dU_RZUdYf_cS\Q
bQ]U^dUTUVY^YT_ciS_^SYU^SYQ^dYTQTUcecY^dUbUcUc`QbdYSe\QbUcS_]_
cUSd_bc_SYQ\5bQ^U^TUVY^YdYfQV_b]Qc`bU]_TUb^QcTU`b_dUcdQc_
SYQ\&&" Cev]RYd_WU_WbvVYS_`_bUhSU\U^SYQUbQ^\Qcj_^QcbebQ\Uci]Y
^UbQc5\]_fY]YU^d_`_`e\Qb_bWQ^YjQT_^QSUbQU^SQ]RY_U^\QcSYe
TQTUcU^d_b^_Q\Q`b_TeSSY†^QbdUcQ^Q\i]Q^eVQSdebUbQQ\_ccUbfYSY_c
ebRQ^_ci\QQSdYfYTQT`_bdeQbYQCec`bY^SY`Q\UcQ^Y]QT_bUccUbQ^QbdU
cQ^_ci_RbUb_ccUTU^dQbYjQT_cQTcSbYd_cQTYSXQc]Q^YVUcdQSY_^UcTU\Q
fYTQUS_^†]YSQ<Q_bWQ^YjQSY†^`QbQ\QQieTQ]edeQ\Qc`UdYSY_^UcV_b
]Q\UcQ\5cdQT_i\_c`Qdb_^Uc\Q`eR\YSQSY†^TU`UbY†TYS_c`_`e\QbUcU\
TUcQbb_\\_TUQSSY_^UcbUYfY^TYSQdYfQc°XeU\WQci_dbQc°U^Q`_i_Q`UdY
d_bY_cRYU^TUVY^YT_cQcS_]_e^QY^^UWQR\UY]RbYSQSY†^S_^\QcSeUc
dY_^Uc`_\dYSQcVeUb_^SQbQSdUbYjQ^T_TUcTU]eidU]`bQ^_Q\U]UbWU^
dU]_fY]YU^d_`_`e\Qb
5\SQbvSdUbQbdUcQ^Q\TU\Qc²Y^TecdbYQc³SXY\U^QcY]`bUW^†\_cQ^XU
\_ciTU]Q^TQcTU\_cdbQRQZQT_bUcebRQ^_cTebQ^dU]eSX_dYU]`_<_c
`bY^SY`Q\Uc]_fY]YU^d_cbUYfY^TYSQdYf_cTU\Q`bY]UbQ]YdQTTU\cYW\_i
SYUbdQ]U^dUTUc`e}cTUUcQ}`_SQUcdefYUb_^]QbSQT_c`_bU\cU\\_TU\Q
\eSXQTU\`UaeU…_`b_TeSd_bS_^dbQ\QS_]`UdU^SYQTU\QY^TecdbYQUh
dbQ^ZUbQaeUY^fQTQU\`QcS_^cec`b_TeSd_c]Q^eVQSdebQT_cDQ\Uc
]_fY]YU^d_ccUdbQTeZUb_^U^`UdYSY_^UcQ\5cdQT_`QbQ\_WbQbaeU}cdU
SQ]RYQbQce`_\dYSQTUQbQ^SU\UcQTeQ^Ub_cU\UfQ^T_\_cTUbUSX_cTU
Y]`_bdQSY†^TU\_c`b_TeSd_cUhdbQ^ZUb_caeUS_]`UdQ^S_^\_c^QSY_

&&!
<Q\YdUbQdebQXYcd†bYSQc_RbUUcd_cVU^†]U^_c^_UcUcSQcQ<Y]Ydv^T_^_cQ\cYW\_
H9H`eUTU^cU…Q\QbcUU^dbU_db_c*CQ\QjQb<QRbQT_bUc_`SYdi²5]`bUcQbYQT_`_`e
\Qb³_`SYd+9\\Q^Uc²1j_dUcQ\QbY_i\Ui³_`SYd+:QY]UFQ\U^jeU\Q=2Q^TYTQZUbebQ\
U^3XY\U3U^dbQ\3ebYS†!(% !) CQ^dYQW_5TYSY_^UcTU\Q4YbUSSY†^TU2YR\Y_dUSQc
1bSXYf_ci=ecU_c3U^db_TU9^fUcdYWQSY_^Uc4YUW_2Qbb_c1bQ^Q3_\USSY†^C_SYUTQTi
3e\debQf_\9!))!+:e\Y_@Y^d_F²3_bdQbbQSUcSbYQbVQ]Q5\`U_^QZUU^\QVQcUY^YSYQ\
TU\SYS\_cQ\YdbUb_!(% !(')³U^8Ycd_bYQf_\"'CQ^dYQW_!))#`vWc$"%$$'+:e\Y_
@Y^d_FiFUb†^YSQFQ\TYfYQ?²@U_^UcSXY\U^_cU^dYUbbQcR_\YfYQ^Qc*\Q`bUcU^SYQ\QR_
bQ\SXY\U^QU^1^d_VQWQcdQ!($ !(')³U^@_R\QSY†^iC_SYUTQT>¡"DeSe]v^TYSYU]RbU
TU!))$`vWc! #!#"+:e\Y_@Y^d_FFUb†^YSQFQ\TYfYQ?i8Ub^v^FU^UWQc2²@U_^Uc
SXY\U^_cU^\QcdYUbbQcTU\cQ\YdbU!(% !(')*8Ycd_bYQTUe^QU]YWbQSY†^dU]`bQ^Q³U^
3_^dbYReSY_^UcSYU^dVYSQcidUS^_\†WYSQc>¡! )CQ^dYQW_E^YfUbcYTQTTUCQ^dYQW_TU3XY\U
!))%`vWc$'%!
&&"
E^Q]`\Y_TUcQbb_\\_TUUcdUS_^SU`d_U^8_RcRQg]BURU\TUc`bY]YdYf_c_`
SYd`QccY]

"&)
^Q\UcibURQZQ^T_\_cQbQ^SU\UcaeU`QWQRQ^\Qc]QdUbYQc`bY]QcY]`_b
dQTQcedY\YjQTQc`_b\_cVQRbYSQ^dUcTU\`QcCUdbQdQRQTU_RdU^Ub°cUW‹^
\_cd}b]Y^_cU]`\UQT_c`_bcec`b_dQW_^YcdQc°²`b_dUSSY†^Q\QcQbdUc³_
²`b_dUSSY†^Q\QY^TecdbYQ^QSY_^Q\³
<QcXeU\WQcTU_RbUb_c`QbQQ`_iQbbUYfY^TYSQSY_^UccQ\QbYQ\Uc_`_b
]UZ_bUcS_^TYSY_^UcTUdbQRQZ_VbU^dUQcec`Qdb_^UcQ]U^eT_QcY]Y\Q
R\UcQ\cUSd_bQbdUcQ^Q\VeUb_^UcSQccY]Qc<_c_`UbQbY_cTU\QcY^Tec
dbYQcQbdUcQ^Q\Uc°\_cQ`bU^TYSUci_VYSYQ\Uc°Q`QbUSYUb_^TebQ^dU]eSX_
dYU]`_S_^Ve^TYT_cU^e^Q]Yc]QTU]Q^TQZe^d_Q\_c`UaeU…_c`Qdb_
^_c°\_c²]QUcdb_c³_ZUVUcTUdQ\\Ub°aeUS_^cdYdeQ^\QSQ`Qce`UbY_bTU
\_cdbQRQZQT_bUc]Q^eQ\Uc\Q]vcY^cdbeYTQ`_\YdYjQTQiS_^]Qi_bSQ`Q
SYTQTTU_bWQ^YjQSY†^&&# 
E^QTU\Qc`bY]UbQc`UdYSY_^UcTUUcdUdY`_VeU\Q`bUcU^dQTQU\!TU
QW_cd_TU!("&Q\Qc]vhY]QcQed_bYTQTUcTU\5cdQT_`_b:_c}:_Qae^
4QjU^bU`bUcU^dQSY†^TU\_cSebdYT_bUcijQ`QdUb_cTUCQ^dYQW_`QbQ
_RdU^Ub\Q`b_XYRYSY†^TUY^WbUc_Q\`QcTU\Qc]Q^eVQSdebQcUhdbQ^ZU
bQcTUcebeRb_<QbU`bUcU^dQSY†^TU\_c`b_TeSd_bUcTU\SeUb_S_^cdY
deQe^fUbTQTUb_]Q^YVYUcd_TUSbdYSQQ\\YRbUSQ]RYc]_<Q²bU`U^dY^Q
S_^SebbU^SYQe^QY]`beTU^dU\YRUbdQTi_dbQcY^dU]`UcdYfQc]vhY]Qc³
UbQ^cY^TYSQTQcS_]_\QcSQecQ^dUcTU\Q]YcUbYQQ\QaeUcUXQ\\QRQ^bU
TeSYT_c²\Q]Qi_b`QbdUTU\_cX_]RbUciU\d_dQ\TU\Qc]eZUbUci^Y…_c³
TUc`_ZQT_cTUceVeU^dUTUY^WbUc_c`_bSe\`QTU\QcY]`_bdQSY_^Uc&&$ 
<_cQbdUcQ^_cTU\SeUb_iTU\SQ\jQT_^_cU\Y]YdQRQ^QUh`_^Ubcec`b_
`YQcT_\U^SYQcWbU]YQ\Uc+\QcYdeQSY†^WU^UbQ\TU\_ccUSd_bUc`_`e\QbUc
W_\`UQT_c`_b\QUhSUcYfQQ`UbdebQS_]UbSYQ\TU\`Qci`_b\QS_^cYWeYU^
dUVQ\dQTUdbQRQZ_UbQUh`eUcdQS_^dbQj_cU^}bWYS_cicU\UfQ^dQRQS_^
VeUbjQ\QRQ^TUbQTU\QY^TecdbYQ\YjQSY†^@Ub_^_e^QY^TecdbYQ\YjQSY†^
SeQ\aeYUbQ^_e^QcUbfY\Y]YdQSY†^TU\]_TU\_Ueb_`U_cY^_e^QY^Tec
dbYQ\YjQSY†^`_`e\QbTUQSeUbT_Q\Qc^USUcYTQTUciSQbQSdUbcdYSQcTU\
`Qc*

<QY^TecdbYQKMQS\Y]QdQiT_]YSY\YQ\QcQbdUcTUc
S_^_SYTQcU^aeU\_cUhdbQ^ZUb_c\\UfQ^\QfU^dQZQTU
dYU]`_iS_^_SY]YU^d_c5\\QTUcdYUbbQ\QY]`beTU^dU
]U^TYWeUjXQRYdeQ\aeUTUcX_^bQQ\`QciU^fY\USU\_c
v^Y]_c6_]U^dQU\Se\dYf_^_c†\_TU\Qc`bY]UbQc]Q
dUbYQcQaeUTQV_b]QifQ\_bcY^_TU\QcaeUS_^ce]U^
iaeU^_`b_TeSU^cecU]`\UQT_c@QbQ\QU\QR_bQSY†^

&&#
3_]_cUXQUh`\YSQT_U^\Q`bY]UbQ`QbdUTU\\YRb_\_cdY`†WbQV_cU^S_^cdQ^dU
Qe]U^d_Q`QbdYbTU\_cQ…_cSeQbU^dQVeUb_^e^QTU\Qc`_SQcSQdUW_bQcTUdbQRQZQT_bUc
QcQ\QbYQT_caeU\_Wb†bUe^YbcY]Y\QbUcSQbQSdUbcdYSQc
&&$
²C_RbU\Q`b_dUSSY†^v\QY^TecdbYQiS_]UbSY_TU\`QYc³5\=_^Yd_b9]`QbSYQ\CQ^
dYQW_"$TU^_fYU]RbUTU!("'

"'
 TU\QcaeUS_^cdYdeiU^\QY^TecdbYQ`_`e\Qb^_^USUcYdQ
]_cTU]QUcdb_c]_TU\_c^YTUQbdSe\_cUhdbQ…_c^Y
TU]vcUcd]e\_aeUQ\S_^ce]_Y^S_^SY\YQR\US_^\QbY
fQ\YTQTaeUTUcQ\YU^dQic_V_SQU^\QSe^Q\_c`bY]Ub_c
`b_WbUc_c<QY^UhSecQR\U^USUcYTQTTUcUbfYbcUTUcec
`b_TeSd_cQcUWebQceY^SbU]U^d_iS_]_^_XQie^
`e^d_TU\`QcT_^TU^_`eUTQXQSUbcU\_]Yc]_cUTY
cY`QU\VQ^dQc]QTU\]_^_`_\Y_S_^aeUcUc_cdYU^U\Q
Y^db_TeSSY†^TU]Q^eVQSdebQcaeU^_cbUdYU^U^U^e^
UcdQT_S_\_^YQ\TYVUbU^dU`Ub_QSQc_dQ^Teb_S_]_U\
aeUQSQRQ]_cTUcQSeTYb&&% 

E^]_fY]YU^d_cY]Y\QbQ\Q^dUbY_bVeUU\aeU`b_dQW_^YjQb_^U^
!(")\_cURQ^YcdQcTUCQ^dYQW_QVUSdQT_c`_b\QcY]`_bdQSY_^UcTU]eU
R\Uc@QbQbUS\Q]Qb`b_dUSSY†^Q\QcQed_bYTQTUcTUcYW^Qb_^Q:TU\Dbv^
cYd_3vbTU^QcS_]_cebU`bUcU^dQ^dUaeYU^`YTY†Q\Q=e^YSY`Q\YTQTaeU
cUQbbUW\QbQ²U\TUc†bTU^_QRQ^T_^_U^aeUXQ^UcdQT_cYU]`bU\_c_VY
SYQ\UcTUUcdUbQ]_TU\QY^TecdbYQ³ &&& 
@QbQ\_WbQbUcdU_RZUdYf_\_cURQ^YcdQccQ^dYQWeY^_c`UTQ^aeUcU
^_]RbQcUe^]QUcdb_TU\WbU]Y_ie^²Y^c`USd_bTUQbdUc³`QbQaeUTU
S_]‹^QSeUbT_TYbY]YUcU^\QcaeUZQciSQcdYWQcU^\_cTUVUSd_caeUcUS_
]UdYUcU^`_b\_c_VYSYQ\Uc_]QUcdb_ciQVeUcU`_bY^Se]`\Y]YU^d_U^cec
S_^dbQd_c_QRQ^T_^_TUcedbQRQZ_<Q`UdYSY†^°S\QbQ]U^dUY^c`YbQTQ
U^\Q^_cdQ\WYQ`_b\QQ^dYWeQbUW\Q]U^dQSY†^S_\_^YQ\°VeUTUcUSXQTQ
`_b\QcQed_bYTQTUcaeU\QS_^cYTUbQb_^Y^S_^cdYdeSY_^Q\UY^S_]`QdYR\U
S_^\QY^fY_\QRY\YTQTTU\TUbUSX_TU`b_`YUTQT&&' 
5^!($"\_cWbU]Y_cTUURQ^YcdQcTUCQ^dYQW_iFQ\`QbQc_f_\fYUb_^
Q\QSQbWQ`bUcU^dQ^T_QdbQf}cTU\]Yc]_`_bdQf_je^Qc_\YSYdeTQ\W_
RYUb^_`QbQaeUU\QfQ\‹_aeUcUXQSQU^\QcQTeQ^QcTU\_c]eUR\Uc`b_
SUTU^dUcTU\UhdbQ^ZUb_cUbUQ\YjQbQc_RbUe^QUcSQ\Q]eSX_]vcU\UfQ
TQQVY^TU`b_dUWUbQ\_cVQRbYSQ^dUc^QSY_^Q\Uc>__RdefYUb_^^QTQ*U\
]Y^Ycdb_TU\bQ]_S_^dUcd†aeUUcUdY`_TUTUSYcY_^Ucc†\_`_TQ^cUb
d_]QTQc`_bU\`_TUb<UWYc\QdYf_U\aeUcUU^S_^dbQRQU^d_^SUcU^bU
SUc_5^dbUdQ^d_e^QTebQSQ]`Q…QTU`bU^cQTU\_c\YRbUSQ]RYcdQcU^
S_^dbQTU\Q`UdYSY†^TUcQ\U^d†Q\_cURQ^YcdQciQcebU`bUcU^dQ^dU&&( 
5^cU`dYU]RbUTU!($'\_cVQRbYSQ^dUcTU]eUR\Uci\_cURQ^YcdQc
c_\YSYdQb_^Q\@Qb\Q]U^d_aeUWbQfQbQVeUbdU]U^dU\_cTUbUSX_cTUY]
`_bdQSY†^TU]eUR\UcUhdbQ^ZUb_cU^ce]Qi_bQ^_bdUQ]UbYSQ^_cQ\U

&&%
9RYT
&&&
²3QbdQTU:TU\Dbv^cYd_3vbTU^Qc³5\@b_WbUc_$TUQW_cd_TU!($#
&&'
9RYT
&&(
5\@b_WbUc_CQ^dYQW_$TUQW_cd_TU!($#+CQb]YU^d_²<Qc]QTUbQc³5\=UbSebY_
FQ\`QbQc_$TUQRbY\TU!($"U^CQb]YU^d__`SYdd_]_H`vWc!) !)%

"'!
]Q^UcRU\WQciVbQ^SUcUcibUTeZUbQ\_caeU`UcQRQ^c_RbU\_c]QdUbYQ
\Uc`QbQ\QVQRbYSQSY†^5\]_fY]YU^d_dUb]Y^†U^e^VbQSQc_*Q\YWeQ\aeU
U^\Qc_SQcY_^UcQ^dUbY_bUc\Qc_\YSYdeTTU\_cQbdUcQ^_c^_U^S_^db†e^Q
QS_WYTQVQf_bQR\UU^\QcQed_bYTQTUciU\")TU^_fYU]RbUTUUcU]Yc]_
Q…_VeU`eR\YSQT_e^TUSbUd_\YRUbQ^T_TU`QW_TUd_T_TUbUSX_Q\_c
]eUR\UcY]`_bdQT_c&&) 
<Qc`UdYSY_^Uc`b_dUSSY_^YcdQcU^\_cQ…_c`_cdUbY_bUcS_bbYUb_^\Q
]Yc]QceUbdU>__RdefYUb_^bUc`eUcdQc`_cYdYfQc\QTU]Q^TQTUbUV_b
]QTU\Q?bTU^Q^jQTU1TeQ^Qc`bUcU^dQTQU^Ze\Y_TU!(% S_^U\Q`_
i_ TU dbUc ]Y\ VYb]Q^dUc+ \Qc TU !(%' i !(%( Q^dU U\ =Y^YcdUbY_ TU
8QSYU^TQ+^Y\QaeUdbUcSYU^d_cZUVUcTUdQ\\UbTUCQ^dYQW_FQ\`QbQc_i
DQ\SQU\UfQb_^Q\@bUcYTU^dUTU\QBU`‹R\YSQU^!('%`_bY^dUb]UTY_TU
SY^S_bU`bUcU^dQ^dUc&' 
?dbQcRQdQ\\QcTU\_c`UaeU…_cVQRbYSQ^dUc]Q^eVQSdebUb_cTU\Qc
`bY]UbQcT}SQTQcbU`eR\YSQ^QcVeUb_^\Qc\YRbQTQcS_^dbQ\QcdU^TU^SYQc
]_^_`_\YcdQcTUS_]UbSYQ^dUciUc`USe\QT_bUcQ]`QbQT_c`_bU\`_TUb
`_\dYS_<Q]vcS}\URbUTUUcdQc\eSXQcVeU\QaeU`b_dQW_^YjQb_^\_cSY
WQbbUb_cU^S_^dbQTU\UcdQ^S_TU\dQRQS_QS_bTQT_U^!("$`_bU\5cdQ
T_SXY\U^_Q\QVYb]Q@_bdQ\Uc3UQi3_]`Q…Q
5^fYbdeTTUUcUS_^dbQd_U\W_RYUb^_S_^SUTY†Q@_bdQ\UcicecQc_
SYQT_cU\`bYfY\UWY_UhS\ecYf_TUfU^TUbdQRQS_cTUd_T_cdY`_c&'! AeYU
^UcXQRQ^Uh`\_dQT_XQcdQU^d_^SUcU\beRb_TYc`_^Q^TUe^`\Qj_`U
bU^d_bY_TUaeY^SUTQc`QbQfU^TUbd_TQccecUhYcdU^SYQcQ\_c]_^_`_
\YcdQcQ\`bUSY_VYZQT_`_b}cd_c5\5cdQT_WQbQ^dYjQRQS_^cecdb_`Qc\Q
UZUSeSY†^TU\S_^fU^Y_aeU`bUfUQU\]_^_`_\Y_`QbQ\_cUcdQ^aeUb_c
aeUTQ^T_\_cQbdUcQ^_cSYWQbbUb_cTUc`b_fYcd_cTUd_T_bUSebc_`QbQc_
RbUfYfYbE^Q\QbWQWeUbbY\\QUcdQ\\†U^dbU\_c]_^_`_\YcdQcQ`_iQT_c`_b
U\5cdQT_i\_cVQRbYSQ^dUcTUSYWQbb_cQVUSdQT_c`_b\Q]UTYTQ<_cSYWQ
bbUb_cTU^e^SYQbQ^\Q`UbcUSeSY†^aeUTUcQdQb_^U^ceS_^dbQ\_c²QcU^
dYcdQcKUcdQ^aeUb_cMicecQR_bbUSYR\UccQd}\YdUc*Q\\Q^Q]YU^d_c^_Sdeb^_c
cY^`bUcU^SYQTUZeUjS_]`UdU^dUTv^T_^_cW_\`UciU^SQbSU\v^T_^_c
KMi\QU\UfQSY†^TUe^SeQbd_`_TUbS_\_cQ\U^]UTY_TUe^QBU`‹R\Y
SQSeiQU]Q^SY`QSY†^cUS_^cYWeY†ic_cdYU^US_^^eUcdbQcQ^WbU³&'" 
<_cSYWQbbUb_c°X_]RbUci]eZUbUc°cUS_^SUbdQb_^iU\UfQb_^dbUc
bU`bUcU^dQSY_^UcQ^dU\_c`_TUbUc`‹R\YS_cU^\_c‹\dY]_c]UcUcTU!("$
1\fUbbUSXQjQTQccec`UdYSY_^Uc\_c`b_TeSd_bUcQbdUcQ^Q\UcReb\Qb_^\Qc

&&)
²@b_dUSSY†^Q\QcVvRbYSQc³5\@b_WbUc_CQ^dYQW_$TUcU`dYU]RbUTU!($'
&'
²FUbTQTUcQV_\Y_³<Q9^TecdbYQ3XY\U^QCQ^dYQW_# TU_SeRbUTU!('&5\]_fY
]YU^d_`b_dUSSY_^YcdQTU\QcUWe^TQ]YdQTTU\_cQ…_ccUdU^dQUcTUcQbb_\\QT_TUdQ\\QTQ
]U^dUU^U\SQ`de\_H99
&'!
E^Qc^dUcYcc_RbUU\Qce^d_TU\UcdQ^S_U^FY\\Q\_R_c@_bdQ\Uc_`SYd`vWc$'
& 
&'"
C3<d_]_H9F3_^WbUc_>QSY_^Q\!("'²CUcY†^!"#U^! TUU^Ub_TU!("'³
1^Uh_>¡# `vWc""i"#

"'"
`bvSdYSQc ]_^_`_\YcdQc Se\dYfQ^T_ U\ dQRQS_ i VQRbYSQ^T_ S\Q^TUc
dY^Q]U^dUcec`b_TeSd_c5^VbU^dQTQQ_dbQcTYVYSe\dQTUc\Q3_]`Q…Q
TU\UcdQ^S_aeURb†5\5cdQT_TUSYTY†c_]UdUb\QQZeYSY_cY^U]RQbW_
\_cUcdQ^aeUb_c_RdefYUb_^e^RU^UVYSY_c_QSeUbT_TUY^TU]^YjQSY_^Uc
`_b`QbdUTU\VYcS_5cdU‹\dY]_bUSe`Ub†U\]_^_`_\Y_TU\QY]`_bdQSY†^
i²`YSQT_³TUdQRQS_aeUTQ^T_\YRbU°UcTUSYbQRYUbdQQ\_cSYWQbbUb_c°
\QU\QR_bQSY†^ifU^dQTUSYWQbb_c &'# @Ub_\QfYSd_bYQTU\_c`b_TeSd_bUc
VeU`QbSYQ\iQaeU\Q\YRUbQ\YjQSY†^TUSbUdQTQc†\_S_]`bU^TQ\QVQRbYSQ
SY†^TUSYWQbbY\\_cTUX_ZQ_TU`Q`U\aeUTQ^T_UhS\eYT_c\_c`eb_ci
dQRQS_`YSQT_5^SQRUjQT_c`_b:_c}=QbQ1cd_bWQ\_cSYWQbbUb_cU\UfQ
b_^QS_]YU^j_cTUU^Ub_TU!("'e^Q`UdYSY†^Q\3_^WbUc_>QSY_^Q\
TU^e^SYQ^T_\Qd_bSYTQY^dUb`bUdQSY†^TQTQQ\Q]UTYTQTUQR_\YSY†^TU\
]_^_`_\Y_`_b9W^QSY_5ijQWeYbbUVQSd_b^_]RbQT_`QbQU\UcdQ^S_TU
dQRQS_ci\Q²`UbcUSeSY†^Y^aeYcYd_bYQ\³TUcQdQTQU^ceS_^dbQ`_bUcdU
U\UfQT_`Ubc_^QZU<QbU`bUcU^dQSY†^TU\_c`UaeU…_c`b_TeSd_bUcV_b
]e\QRQe^QWbQfUQSecQSY†^TUQRec_ciTUS_bbe`SY†^*

5cS_^cdQ^dUaeUT_^<_bU^j_BUiUcXUb]Q^_`_
\dYS_TUTYSX_VQSd_baeU]_^_`_\YjQRQU^dYU]`_aeU
U\UcdQ^S_UcdQRQU^`_TUbTU\_cQcU^dYcdQcQX_bQU^U\
TQdbQRQZQ\_aeUQ^_c_db_ccU^_c`b_XYRUc_`bUdUhd_
cUbTUSeU^dQTU\5cdQT_C_c`USXv^T_^_c^_cY^Ve^TQ
]U^d_aeUcUXQ_Se\dQT_U\]UZ_bdQRQS_`_bQaeU\\_c
QcU^dYcdQcicUUcdvUh`U^TYU^T_`_bUcQfQbUce\dQ^T_
e^`UbZeYSY_U^_b]UQ\6YcS_U\aeUbUTe^TQU^RU^UVY
SY_TU\QVQ]Y\YQTU\VQSd_b+i`_bTUS_^dQT_Q^_c_db_c
aeUS_]`bQ^T_U\dQRQS_U^U\UcdQ^S_\\UfQ]_c\_`U_b
iQe^`bUSY_UhSUcYf_<_cUc`Q…_\UcVeUb_^]U^_cSbeU
\UcU^\QcS_\_^YQcS_^\_c]Yc]_cQ]UbYSQ^_c &'$ 

<Q3_]YcY†^TU8QSYU^TQTU\3_^WbUc_>QSY_^Q\]Q^YVUcd†ceUh
dbQ…UjQbUc`USd_TU\Q]Q…_cQTYcdY^SY†^U^dbUSYWQbb_c`eb_cTUX_ZQi
TU`Q`U\_TUdQRQS_`YSQT_`QbQS_^dY^eQbS_^\Qc`bvSdYSQc]_^_`†\Y
SQciceS_]`bU^cY†^`_bU\²S\Q]_bTU\_cY^VU\YSUc³aeUTYbYWQ^ce`U
dYSY†^Q\QbU`bUcU^dQSY†^^QSY_^Q\5^S_^cUSeU^SYQ`b_`_^QaeU\Q\Ui
aeU`Ub]YdQ\Q\YRbU]Q^eVQSdebQTU\dQRQS_TURQSe]`\YbcUcY^^Y^We
^QUhS\ecY†^&'% 1\_c`_S_c]UcUcU\3_^WbUc_>QSY_^Q\TUS\QbQRQ\YRbU

&'#
C3<d_]_H9993_^WbUc_>QSY_^Q\!("&!("'²CUcY†^'(U^")RYcTUcUdYU]
RbUTU!("&³`vWc!" !"!+²CUcY†^( U^# RYcTUcUdYU]RbUTU!("&³`vWc!"%!"(
&'$
C3<d_]_H9F3_^WbUc_>QSY_^Q\!("&!("'²CUcY†^!"#U^! TUU^Ub_TU
!("'³1^Uh_>¡#!`vW"#
&'%
C3<d_]_H9F3_^WbUc_>QSY_^Q\!("'²CUcY†^!$$U^!&TUVURbUb_TU!("'³
`vWc!$&i!$(

"'#
\QVQRbYSQSY†^TUd_TQS\QcUTUSYWQbb_ciU\@bUcYTU^dUTU\QBU`‹R\YSQU\
`Y`Y_\_6bQ^SYcS_1^d_^Y_@Y^d__bTU^QRQU\Se]`\Y]YU^d_TUUcdQbU
c_\eSY†^&'& @Ub_\eUW_TU\QY^cdQebQSY†^TU\b}WY]U^`_bdQ\YQ^_\QVe^
SY†^TU`YSQT_UY]`_bdQSY†^VeUceRQcdQTQ`UbY†TYSQ]U^dUQe^`e…Q
T_TUS_]`Q…QcTUdY`_]_^_`†\YS_ &'' 
1\We^_ccUSd_bUc`_`e\QbUc\UfQ^dQRQ^`UdYSY_^UcU^S_^dbQTUSYUb
dQcTYc`_cYSY_^UcbUW\Q]U^dQbYQci\UWQ\UcTU\QcQed_bYTQTUcbU`eR\YSQ^Qc
aeU\UcY_^QRQ^cecY^dUbUcUciRU^UVYSYQRQ^QU]`bUcQbY_cQS_]_TQT_c
E^]_fY]YU^d_TUUcdQcSQbQSdUbcdYSQcVeUU\aeU`b_dQW_^YjQb_^"#%
R_TUW_^Ub_cU^!("#`QbQ\_WbQb\QTUb_WQSY†^TU\QbdSe\_$¡TU\BUW\Q
]U^d_TU1RQcd_caeU\Uc`b_XYRQ\QfU^dQTU\`Q^aeUTQ^T_UcdUbe
Rb_U^]Q^_cTU\_cTeU…_cTU`Q^QTUbQcQdbQf}cTUcec`eUcd_cQT°X_S
<_c`UaeU…_cS_]UbSYQ^dUcTUQbdSe\_cTU`bY]UbQ^USUcYTQTcUTYbYZYU
b_^Q\3_^WbUc_3_^cdYdeiU^dU`QbQXQSUb_bce²T}RY\iQ`QWQTQf_j³
<_cR_TUW_^Ub_cUf_SQb_^ceSbdYSQcYdeQSY†^*\QSQbUcdQTU\dbYW_SXQb
aeYWbQcQi_db_c`b_TeSd_cXQRQTYc]Y^eYT_\QcfU^dQcTUcTUU\Q…_
Q^dUbY_b+U\UcdQ^S_TU\dQRQS_\_c\YS_bUci\_c^QY`UcXQRQbUTeSYT_cec
edY\YTQTUcQ\Q]YdQT²iTUU\\QccU\\Uf†e^Q`QbdUU\Q\SQRQ\Ub_aeUcY^
`YUTQT^YQdU^SY†^QSYbSe^cdQ^SYQQ\We^QS_RbQSYUbdQSQ^dYTQTTUd_T_
]Uc†^Qe^U\]vc`UaeU…_³&'( <QS_^dbYReSY†^TU`QdU^dUcXQRQQWbQ
fQT_cecYdeQSY†^*Q^dU\QY]`_cYRY\YTQTTU`QWQb\Q^e]Ub_c_cY^TYfY
Te_ccUXQRQ^fYcd__R\YWQT_cQSUbbQbcecfU^dQc5\]_^_`_\Y_TU\Q
fU^dQTU`Q^c_\YSYdQT_`_b\_c²QfQbYU^d_c`Q^QTUb_c³UbQU\W_\`UTU
WbQSYQU^S_^dbQTUcec]_TUcd_c^UW_SY_cC†\_\Q\YRUbdQTTUS_]UbSY_
TUUcdUfYdQ\Q\Y]U^d_`_TQUfYdQbcebeY^Qd_dQ\&') 
E^]_fY]YU^d_]vcQ]`\Y_°aeUY^f_\eSb†UcdQfUjQ²\_cQbdYcdQc³
TUTYVUbU^dUcWbU]Y_cTU\QSQ`YdQ\°cUTUcQbb_\\†U^dbU!($&i!($(E^
RQ^T_TU\Y^dU^TU^dU4U\Q2QbbQ`eR\YSQT_U\"TUVURbUb_TU!($&TU
SbUdQ^T_\Q`b_XYRYSY†^TUX_b^_ciVbQWeQcU^U\SQcS_SU^dbQ\TU\QSYe
TQT`b_f_S†e^QS_^]_SY†^S_^cYTUbQR\UU^dbU\_cXUbbUb_cSQ\TUbU
b_cSQbb_SUb_cSQb`Y^dUb_cd_^U\Ub_c`Q^QTUb_cZQR_^Ub_cfU\Ub_ci
_db_cQbdUcQ^_cSeiQcY^TecdbYQcUbQ^cY^TYSQTQc`_b\QQed_bYTQTTUcUb
SQecQ^dUcTUY^SU^TY_cbeYT_c]_\Ucd_ciS_^dQ]Y^QSY†^TU\QYbU<Qc
VbQWeQciVe^TYSY_^UcTURQ^dbQc\QTQbcUQ\_cRQbbY_c`UbYV}bYS_cTU\Q
3Q…QTY\\QIe^WQiTU\Q3Q…QTQiQ\cebTU\SQ^Q\TUCQ^=YWeU\<QcSXY
]U^UQcTURQ^dU^Ub`_b\_]U^_ccYUdUfQbQcTUQ\d_ &( 

&'&
C3<d_]_H9F3_^WbUc_>QSY_^Q\!("'²CUcY†^"!#U^"&TU]Qi_TU!("'³
`vWc$!"i$!#+²CUcY†^"!'U^!¡TUZe^Y_TU!("'³`vWc$" i$"!
&''
CQ\QjQb²5]`bUcQbYQT_`_`e\Qb³_`SYd`vWc!)'" !
&'(
C3<d_]_F9993_^WbUc_3_^cdYdeiU^dU!("#²CUcY†^)%?bTY^QbYQU^!)TUTY
SYU]RbUTU!("#³`vW%)!
&')
?`SYd`vW%)"
&(
²5\9^dU^TU^dUTU\Q`b_fY^SYQTUCQ^dYQW_³U^<_cQbdYcdQcFQ\`QbQc_9]`bU^
dQi<YRbUbQTU\=UbSebY_]Qi_TU!($(`vWc$i%

"'$
 <_c`b_TeSd_bUcY^f_SQ^T_U\TUbUSX_TU`b_`YUTQTWQbQ^dYjQT_
`_b\Q3_^cdYdeSY†^bUVedQb_^\_cQbWe]U^d_cTU\9^dU^TU^dU*\_cdQ\\U
bUcQbdUcQ^Q\Uc^_XQRQ^cYT_SQecQTU^Y^W‹^Y^SU^TY_TebQ^dU]vcTU
]UTY_cYW\_U\S_]RecdYR\UU]`\UQT_°cQ\f_U\SQbR†^TU\U…QaeUUcdQ
RQ^TYc`eUcd_cQTUZQbTUecQb°^_UbQS_^dQ]Y^Q^dU_^_]vcaeUU\aeU
S_^ce]Q^\QcS_SY^QcSQcUbQc &(! 5^SeQ^d_Q\_cbeYT_cTUSQ^\_cVQRbY
SQ^dUc`_`e\QbUc*

KMSYdQbU]_c_db_c]eSX_]vc]_bdYVYSQ^dUc+i
cY^U]RQbW_Uc`bUSYc_d_\UbQb\_c`_baeUd_T_Uc`bUSY
c_U^\QfYTQ5^\_cSeQbdU\UcaeUdQ]RY}^Ucdv^U^U\
SU^db_TU\Q`_R\QSY†^Q\fU^YbU\Q\RQcUd_SQ\QTYQ^Q°
QcQ]R\UQQ\Qc^eUfUTU\Q]Q…Q^Q°`_S_]vcdQbTUdb_
`Q°\\Q]QTQU^\QdQbTU°iU^\Q^_SXUbUdbUdQ5\cUbU
^_WbYdQSQTQSeQbd_TUX_bQcY^]vcedY\YTQTaeUQfYcQb
U^\QaeUfYfY]_ciUc`Q^dQbQ\\QTb†^S_^ce`VQ^_°U\
VQ\dUU\fUbTe\Ub_U\^Y…_SQTQ]_]U^d_°U\]U^UcdU
b_c_SQTQY^cdQ^dU`QbQbUSYRYbe^Q\Y]_c^Q°U\cQSUbT_
dU\QcS_]e^YTQTUc\QcS_VbQTQcbUjQ^ceccQ\]_c`QbQ
S_^TeSYbU\Q`QbQd_]_bde_bY_5\fYU^d_cY\RQ]eSXQc
fUSUc U^ U\ Q…_+ \Q dYUbbQ cU UcdbU]USU TU SeQ^T_ U^
SeQ^T_+\QcSQ]`Q^QcbU`YSQ^T_R\Q^\\Q]Q^iSQTQ
Y^cdQ^dUSQ]`Q^Q5\`Ubb_\QTbQU\WQd_]Qe\\QU\QfU
SQ^dQ+iU^VY^d_T_Uc]_bdYVYSQ^dUU^UcdQ]YcUbQR\U
fYTQ`Ub_d_T_Uc^USUcQbY_id_T_dYU^Uce_RZUd_ice
VY^¥1cc_^\QcS_cde]RbUcaeUU\X_]RbUaeYUbU]UZ_
bQb&("

@_b\_TU]vc\QfUbTQTUbQSQecQTU\_cY^SU^TY_cXQRQaeURecSQb
\QU^_db_\QT_*U^\QcWbQ^TUcSQ^dYTQTUcTUS_]RecdYR\UQSe]e\QTQcU^
\QcSQcQcQS_]_TQTQcU^ce\eZ_]Q^YVUcdQT_U^S_\WQTebQcQT_b^_c
U]`Q`U\QT_cWbQ^TUcUcdeVQcdUSX_cRbY\\Q^dUcWbQSYQcQ\QWeQbbvci_dbQc
]QdUbYQcY^V\Q]QR\Uc<Qc_\eSY†^Q\`b_R\U]Q^_`QcQRQ`_bU\dbQc\QT_
TU\_cdQ\\UbUccY^_`_b\QQT_`SY†^TUe^QcUbYUTU]UTYTQcTU`bUfU^
SY†^S_]_cUb\QQTUSeQTQfYWY\Q^SYQTUcUbU^_ciQWU^dUcTU`_\YSQiU\
]Q^dU^Y]YU^d_TUS_]`Q…QcTUR_]RUb_cRYU^bUV_bjQTQciQ`UbQTQc
TU\_cY]`\U]U^d_c^USUcQbY_c &(# 
<QQ`\YSQSY†^TU\TUSbUd_TU\9^dU^TU^dUSQecQbQU^_b]Uc]Q\UcQ
\_c`UaeU…_cVQRbYSQ^dUc*WbQ^TUcWQcd_c_SQcY_^QT_c`_bU\dbQc\QT_TU
\_cdQ\\UbUciQbbYU^T_TU^eUf_c\_SQ\Uc`\UYd_cZeTYSYQ\Uc`_bY^Se]`\Y

&(!
<_cQbdYcdQc_`SYd`vWc"&
&("
?`SYd`vW&
&(#
?`SYd`vWc! i!!

"'%
]YU^d_TU\_cS_^dbQd_cTUQ\aeY\UbTUcec\_SQ\Uc`}bTYTQTUdYU]`_`_b
TUc`\QjQ]YU^d_cTUcecX_WQbUcXQcdQ\_c^eUf_c\eWQbUcTUdbQRQZ_QTU
]vcTU\QSUcQ^dQTU]vcTUaeY^YU^d_c_RbUb_cTebQ^dUU\\QbW_`Ub_
T_aeUTU]Q^TQbQU\QbbUW\_TU\_cdQ\\UbUc&($ 
>__RcdQ^dUU\QbWe]U^d_]vcUVYSQjUcWbY]YT_`_b\_cQbdUcQ^_c
VeUU\TUbUSX_TU`b_`YUTQTWQbQ^dYjQT_`_b\Q3_^cdYdeSY†^*²KM^eUc
dbQSQbdQVe^TQ]U^dQ\QcUWebQ´\QY^fY_\QRY\YTQTTUd_TQc\Qc`b_`YUTQTUc
cY^TYcdY^SY†^™i\Q^eUcdbQdQ\Uc\Q`_cUcY†^aeUdU^U]_c`_be^dYU]`_
Y^]U]_bYQ\Uce^Q`b_`YUTQTbUQ\i`_cYdYfQKM³QVYb]Qb_^S_^Rb_
<QTYc`_cYSY†^WeRUb^QdYfQ^_UcdQRQTUQSeUbT_S_^\QcTYc`_cYSY_^Uc
S_^cdYdeSY_^Q\UcC†\_`_b\Ui`_TbQTUSYTYbcU\QU^QZU^QSY†^TUcec`b_
`YUTQTUciTUbUSX_c+YWeQ\]U^dU\Q\UiTURUbQTUdUb]Y^QbU\]_T_TU
e^QQTUSeQTQY^TU]^YjQSY†^C†\_U^d_^SUc\_cQbdUcQ^_ccUc_]UdUbQ^
`Ub_TU_db_]_T__RUTUSUbQ^`Ub_ZQ]vccUbQ^S_^fU^SYT_c&(% 
<QUcdbQdUWYQ\UWQ\YcdQTU\_cQbdUcQ^_cTY_bUce\dQT_c*TebQ^dUfQbY_c
Q…_c\_WbQb_^`QbQ\YjQb\QQ`\YSQSY†^TU\TUSbUd_Q]`Qbv^T_cUU^e^
TYSdv]U^VQf_bQR\UQcec`_cYSY_^UcU]YdYT_`_bU\VYcSQ\TU\Q3_bdUCe
`bU]QU^!($(BUSY}^Q]UTYQT_cTU\QT}SQTQTU!(& iQ^dU\QQbbU
]UdYTQS_^ZeWQTQTU\Q9^dU^TU^SYQiTU^e]Ub_c_cfUSY^_c`QdbYSY_ccU
S_^ce]†\QUbbQTYSQSY†^TUcecdQ\\UbUc5^\_cQ…_ccYWeYU^dUccUfUbYVY
SQbQ^`b_SUc_ccY]Y\QbUcU^FQ\`QbQc_iDQ\SQ<QTUbb_dQUbQU\bUV\UZ_
TU\QSbYcYciTURY\YTQTTU\_c`UaeU…_c`b_TeSd_bUc &(& 
9WeQ\]U^dU\UWQ\YcdQVeU\Q\eSXQaeU\_c`UcSQT_bUcTU2eSQ\U]ei
\QTUcU]R_SQTebQTU\b_BQ`U\TUcQbb_\\Qb_^TebQ^dUU\W_RYUb^_TU
2Ub^QbT_?µ8YWWY^c`QbQTUVU^TUbceVeU^dUTUdbQRQZ_1]U^QjQTQce
QSdYfYTQT`_b\_c\QdYVe^TYcdQcfUSY^_cQ\QcS_cdQcTU\Q\QWe^QTU2eSQ\U
]ei\QR_SQTU\b_BQ`U\aeU\UcY]`UTQ^e_RdQSe\YjQRQ^U\ec_TU\Qc
`\QiQcU^U\vbUQTUSYU^fQbQcTUcTU\Q]vcQ\dQ]QbUQUY^cdQ\QRQ^Qcec
Y^aeY\Y^_cU^QaeU\\_c`QbQZUc`QbQQVYb]QbceT_]Y^Y_\_c`UcSQT_bUc
bU`bUcU^dQT_c`_b:eQ^:_c}CQ\VQdUU\UfQb_^U^cU`dYU]RbUTU!(!)e^Q
`UdYSY†^Q\CU^QT_`QbQ_RdU^UbS_^VYb]QSY†^TUceTUbUSX_TUeceVbeS
d_TU\Q`\QiQDQ]RY}^c_\YSYdQRQ^U\UcdQR\USY]YU^d_TUe^Q]QdbSe\QTU
`UcSQT_bUcTU\_cSY^S_`U_^UcS_^SUTYT_cQSQTQSXY^SX_bb_iTU\_c
QbbYUb_cS_^TeSd_bUcQTU]vcTU\^_]RbQ]YU^d_TUe^ZeUjTU`\QiQ^dU
Wb_UY^TU`U^TYU^dUTU\_cXQSU^TQT_cTU2eSQ\U]eiCQ^d_4_]Y^W_\Q

&($
?`SYd`vWc"i#
&(%
?`SYd`vWc!!i!"
&(&
CQ\QjQb²5]`bUcQbYQT_`_`e\Qb³_`SYd`vWc" !"! 1`UcQbTU\TUcQ\_Z_Q\
We^_cQbdUcQ^_c^_cUTYUb_^`_bfU^SYT_ciS_^dY^eQb_^dbQdQ^T_TUbUcdQR\USUbcUU^U\
SQcS_SU^dbQ\TU\QSYeTQT5^!(&(e^QY^V_b]QSY†^TU`bU^cQcU…Q\QRQaeU\_cQ\]YT_
^Ub_c²aeUUcdQRQ^TUcdUbbQT_c`_bQ^dYWe_cTUSbUd_cTU\Q9^dU^TU^SYQQ\_db_\QT_TU\
b_iU^e^\eWQbT_^TU\Q`_R\QSY†^UcUcSQcQUcdv^f_\fYU^T_QUcdQR\USUbcUU^\QSYeTQT
S_^WbQfU`UbZeYSY_TU\_cfUSY^_caeUcUfU^_R\YWQT_cQbUc`YbQbS_^cdQ^dU]U^dUe^QYbU
Y^VUSdQT_³²<_cQ\]YT_^Ub_c³5\9^TU`U^TYU^dUCQ^dYQW_#!TU]Qbj_TU!(&(

"'&
Qed_bYjQSY†^`QbQS_^cdbeYbXQRYdQSY_^UcU^\QcSYU^fQbQcTU`\QiQi\QUh
`e\cY†^TUU\\QcTU\_cY^aeY\Y^_cY^cdQ\QT_c`_b\_cdUbbQdU^YU^dUc&(' 
<Q`UdYSY†^VeUUcSeSXQTQ*U\4YbUSd_bCe`bU]_TUS\Qb†aeU\_c
TeU…_cTUVe^T_c^_`_TQ^Y]`UTYbU\dbQRQZ_TU\_c`UcSQT_bUc`_bcUb
\QbYRUbQTU\]QbTUec_S_]‹^TYSdQ^T_U^cU`dYU]RbUTU!(!)e^bU
W\Q]U^d_aeUbUQVYb]QRQUcdU`bY^SY`Y_Q\`bUSYcQbaeU\_c`b_`YUdQbY_c
TUVe^T_cS_\Y^TQ^dUcS_^\QbYRUbQ^_`_TbQ^TUcdY^Qb\Q`QbQcecVY^Uc
`QbdYSe\QbUciS_^`UbZeYSY_TU\QS_]e^YTQT<_c`UcSQT_bUcTYc`_^
TbQ^TU_SXU^dQfQbQcTU`\QiQTUcTU\Q]vcQ\dQ]QbUQ`QbQS_^cdbeYb
cecXQRYdQSY_^UciXQSUbceccU]RbQT_c<QcTU]vc`UdYSY_^Uc°V_b]Q
SY†^TUe^Q]QdbSe\QTUcYW^QSY†^TUe^ZeUjTU`\QiQiUbbQTYSQSY†^TU
\_cY^aeY\Y^_c°VeUb_^Y^S\eYTQcU^U\bUW\Q]U^d_ &(( 
<_cXQSU^TQT_c^_cUTYUb_^`_bfU^SYT_c*U\QbbU^TQdQbY_TU\Q
XQSYU^TQTU2eSQ\U]e`bUcU^d†U^QW_cd_TU!("!e^bUS\Q]_Q^dUU\
CU^QT_`YTYU^T_e^QQS\QbQSY†^Q\bUW\Q]U^d_TU!(!)U^U\cU^dYT_TU
U^dU^TUb`_b`\QiQU\Uc`QSY_S_]`bU^TYT_U^dbU\Q\^UQTU\Q]vcQ\dQ
]QbUQ_bTY^QbYQi_dbQ`QbQ\U\QaeUVeUbQQ_SXU^dQfQbQcTUTYcdQ^SYQ
UcdQR\USYU^T_aeUU^UcdUUc`QSY_\_c`UcSQT_bUc^_`_TbQ^dU^Ub^UW_
SY_cUhdbQ…_cQce_VYSY_5\CU^QT_QSSUTY†Q\Q`UdYSY†^TU\_cQWbYSe\d_
bUcaeUTQ^T_]vcTUe^SU^dU^QbTU`UcSQT_bUcbUTeSYT_cQe^eceVbeS
d_\Y]YdQT_TU\Qc`\QiQcU^TYc`edQ &() 
<Qc\eSXQc`b_`YQ]U^dU_RbUbQci`U_^Q\UcVeUb_^]vcRYU^UcSQ
cQcTebQ^dUd_TQ\Q`bY]UbQ]YdQTTU\cYW\_CY^TeTQQ\We^Q\Qc]vccYW
^YVYSQdYfQccUTUcQbb_\\Qb_^U^U\]e^T_TU\Q]Y^UbQRQZ_\QV_b]QTU
Uh`\_cY_^UcTUYbQTU\`U_^QZUVbU^dUQ\QcTebQcS_^TYSY_^UcTUUh`\_dQ
SY†^<QceR\UfQSY†^]Y^UbQaeUUcdQ\\†U^3XQ…QbSY\\_U\%TUZe\Y_TU
!(#'VeUe^QTU\Qc]vcfY_\U^dQc5\]_fY]YU^d_cU_bYWY^†Q^dUU\Qj_
dQ]YU^d_`‹R\YS_TUe^dbQRQZQT_bQSecQT_TUb_R_TU]Y^UbQ\Uc<Q
bURU\Y†^Teb†fQbYQccU]Q^QcS_cdQ^T_\QfYTQTU\`Qdb†^6Ub^Q^T_7Q
\\_QcUcY^QT_`_bcecdbQRQZQT_bUc &) 
5^U\v]RYd_]vcUc`USVYSQ]U^dUebRQ^_\_c]_fY]YU^d_cTU`b_
dUcdQ_RbUbQVeUb_^]vcbQb_c1e^aeU\QcS_^TYSY_^UcTUdbQRQZ_UbQ^
]vcRU^}f_\QcaeUU^\Q]Y^UbQU\`U_^QZU]Q^YVUcdQRQdU^TU^SYQccY

&('
C3<d_]_999CU^QT_3_^cUbfQT_b!(!)!(" ²CUcY†^!#"?bTY^QbYQU^" TU
cUdYU]RbUTU!(!)³`vW""%i""'
&((
?`SYd²CUcY†^!#$5cdbQ_bTY^QbYQU^"%TUcUdYU]RbUTU!(!)³`vW"#)+2Ub
^QbT_?µ8YWWY^c:_Qae^5SXUfUbbQ²5\4YbUSd_bCe`bU]_TU\5cdQT_TU3XY\UTUQSeUb
T_S_^U\5hS]_CU^QT_³7QjUdQ=Y^YcdUbYQ\TU3XY\UCQ^dYQW_!&TU_SdeRbUTU!(!)
&()
C3<d_]_FCU^QT_3_^cUbfQT_b!("!!(""²CUcY†^#'&?bTY^QbYQU^!#TU
QW_cd_TU!("!³`vWc"&&i"&'+2Ub^QbT_?µ8YWWY^c:_Qae^TU5SXUfUbbQ@Q\QSY_4Y
bUSd_bYQ\U^CQ^dYQW_TU3XY\UCUdYU]RbU#TU!("!²5\4YbUSd_bCe`bU]_TU\QBU`‹R\Y
SQTUQSeUbT_S_^U\5hS]_CU^QT_³7QjUdQ=Y^YcdUbYQ\TU3XY\UCQ^dYQW_!TUcU`dYU]
RbUTU!("!
&)
9\\Q^Uc²1j_dU³_`SYd`vWc! (i! )

"''
]Y\QbUc*Y^SQ`QSYTQT`QbQS_^cdbeYb_bWQ^YjQSY_^UcTUTUVU^cQibU`bU
cU^dQSY†^TUcecY^dUbUcUc`Ub_e^QU\UfQTQcU^cYRY\YTQTVbU^dUQQRec_c
iQdb_`U\\_cS_^cYTUbQT_cS_]_Y^QSU`dQR\Uc`_bceQ\d_WbQT_TUY^ZecdY
SYQiQbRYdbQbYUTQT6bU^dUQcYdeQSY_^UcTUUcdQ^QdebQ\UjQ\_c`U_^Uc
`_TQ^S_^fUbdYbcUU^e^`U\YWb_`QbQU\_bTU^`‹R\YS_5c\_aeU_Se
bbY†XQSYQVY^UcTU^_fYU]RbUTU!(#%U^\Q^eUfQfY\\QTUCQ^2Ub^QbT_
SeQ^T__^SUbU_ccUVeWQb_^cYU^T_TUdU^YT_c`_b\_cc_\TQT_c9^V_b
]QT_U\ZeUjTU\Q\_SQ\YTQT]Q^T†Qj_dQbQT_cTU\_cSQ`debQT_c`Ub_
Q\S_^_SUbcU\Q^_dYSYQiQ^dUcaeUcUUZUSedQbQU\SQcdYW_²cUS_]`\_dQ
b_^]vcTUSYU^`U_^UcaeUcUXQ\\QRQ^dbQRQZQ^T_U^\QQSUaeYQTUT_^
:QfYUb5bbvjebYj`QbQYbQ\YRbQbQ\_cbU_c³ &)! 
<QbURU\Y†^`U_^Q\c†\_`eT_cUbc_V_SQTQ]UTYQ^dU\QY^dUbfU^SY†^
TU\SebQ`vbb_S_TU\ZeUjiTU_db_cXQRYdQ^dUcTU\QfY\\QaeU`b_fYcd_c
TUQb]QcTUVeUW_\_WbQb_^TYc`UbcQbQ\_cdbQRQZQT_bUcQ]_dY^QT_cQe^
aeU^_\_WbQb_^QdbQ`QbQ^Y^We^_²5\bUce\dQT_XQcYT_°Y^V_b]QRQe^
`UbY†TYS__`_cYd_b°aeUTQbcec`U^c_U\dbQRQZ_TU\QQSUaeYQiaeUU\
SQcdYW_cUUZUSedQcU^_c†\_U^\_cT_cQaeUXQRQS_^TU^QT_U\ZeUjcY^_
U^\_c_db_c^eUfUaeUXeRYUb_^TUceVbYb\Q]Yc]Q`U^Q`_bU\\UfQ^dQ
]YU^d_TU\_cdbQRQZQT_bUcTU\QQSUaeYQ³&)" 
?dbQcYdeQSY†^TUUcdUdY`_cU`b_TeZ_U^FQ\`QbQc_U\"!TUZe\Y_
TU!(%(SeQ^T_T_c_VYSYQ\UcTU\Q`_\YSQY^dU^dQb_^TUdU^Ub°`_bSbUUb
aeUcUdbQdQRQTUe^fQW_°Qe^SQ`QdQjTU\WbU]Y_TUZ_b^Q\Ub_cTU\Q
1TeQ^QaeUcUU^S_^dbQRQU^U\bUSY^d_TU\_c1\]QSU^Uc6YcSQ\UccY^ce
W_bbQaeU\_YTU^dYVYSQbQS_]_dQ\<_cS_]`Q…Ub_cTU\QVUSdQT_\_TU
VU^TYUb_^Y]`YTYU^T_\QQSSY†^TU\_c`_\YSYQ\UcWU^Ubv^T_cUe^Y^SY
TU^dUTUS_^cYTUbQR\Uc`b_`_bSY_^Uc*

1\bQd_f_\fY†e^_TU\_c_VYSYQ\UcQS_]`Q…QT_TU
]vcTUSeQbU^dQc_\TQT_cTU`_\YSQS_^v^Y]_TUS_^
TeSYb`bUc_Q\`bUdU^TYT_SQ`QdQjCecTU]vcS_]`Q…U
b_cUcTUSYb]vcTUdbUcSYU^d_cZ_b^Q\Ub_caeUcUXQ\\Q
RQ^bUe^YT_ccU_`ecYUb_^QdQ\]UTYTQiS_]_fYUcU^
Q\_c`_\YSYQ\UcTYc`eUcd_cQ_RUTUSUb\Qc_bTU^UcTUce
ZUVU^_VQ\d†aeYU^TYUcU\Qf_jTUQ\Qb]Q¥1\Qc`YUTbQc
¥1\Qc`YUTbQcWbYd_aeUVeUY^]UTYQdQ]U^dUbU`UdYT_
`_bSYU^R_SQci`eUcd_Y^cdQ^dv^UQ]U^dU`_b_RbQ&)# 

CUW‹^\QY^V_b]QSY†^`UbY_TcdYSQ\QY^dUbfU^SY†^`UbceQcYfQTUe^
]Qi_bTU\Q`_\YSQ`ec_VY^Q\QQc_^QTQ`U_^Q\ &)$ 
<Qc²debRQcebRQ^Qc³bU`bY]YTQcTU]Q^UbQcUfUbQ`_b\QBU`‹R\Y

&)!
²1S_^dUSY]YU^d_^_dQR\U³5\FQ\TYfYQ^_6UTUbQ\CQ^dYQW_!TUTYSYU]RbUTU!(#%
&)"
9RYT
&)#
²<_cZ_b^Q\Ub_cTU\Q1TeQ^Q³5\=UbSebY_FQ\`QbQc_""TUZe\Y_TU!(%(
&)$
9RYT

"'(
SQ3_^cUbfQT_bQcU]Q^YVUcdQb_^^eUfQ]U^dUTUc`e}cTU\Q]eUbdUTU
@_bdQ\Uc2Qbb_c1bQ^QcU…Q\QaeUU^]Qi_TU!(#)\\UW†QCQ^dYQW_e^
²QUb_^QedQ³UcdQT_e^YTU^cUaeUQ^e^SY†aeUcUU\UfQbQU^e^W\_R_Q
`QbdYbTU\Q`\QjQ`bY^SY`Q\S_RbQ^T_e^QU^dbQTQQ\_cQcYcdU^dUc7bQ^
SQ^dYTQTTUSebY_c_cc_RbUd_T_TU_bYWU^`_`e\QbS_^SebbY†Q_RcUb
fQbUcUUc`USdvSe\_Y^}TYd_U^3XY\U*

1`U^QccUXQRQ^Q^e^SYQT_\_cdbQRQZ_c`bU`QbQ
d_bY_cU\QUb_^QedQQ^e^SY†aeU^_`_TQUVUSdeQbcU\Q
QcSU^cY†^ `_baeU U\ W\_R_ dU^Q e^Q `UaeU…Q b_debQ
KM1e^aeUcUQ^e^SY†Q\`‹R\YS_aeUd_T_Y^TYfYTe_
Q\bUdYbQbcUTU\Q`\QjQbUSYRYbQ\_cT_cbUQ\UcaeUXQRQ
`QWQT_\Q`\URUSbUi†aeUd_T_QaeU\\_^_UbQ]vcaeU
e^QTUcfUbW_^jQTQUcdQVQCe`bY]UbY]`e\c_VeUUSXQb
cUc_RbUU\QUb_^QedQc_RbUU\W\_R_ic_RbU\_cTU]vc
Q`QbQd_ciTUcdb_jQb\_d_T_9^dUbfY^_\Q`_\YSQ5\QUb_
^QedQVeU\\UfQT_Q\QSvbSU\`QbQ`_^Ub\_QcQ\f_TU\Q
`\URU@Ub_}cdQ]vci]vcY^TYW^QTQSQbW†fY_\U^dQ
]U^dUS_^dbQ\Q`_\YSQKM8YSYUb_^SQUbKMe^QfUb
TQTUbQ\\efYQTU`YUTbQcc_RbU\_c`_\YSQcTUbbYRQb_^Q
Q\We^_cTU\_cSQRQ\\_caeU]_^dQRQ^i_R\YWQb_^Q\_c
_db_cQbUdb_SUTUb
<Q`\URUaeUT†U^d_^SUcTeU…QTU\Q`\QjQD_TQc
\Qc`eUbdQcaeUSQQ^c_RbU}cdQ\QTU\Q3QcQTU7_RYUb
^_\QTU\QbUcYTU^SYQTU\@bUcYTU^dUUdSUcdQRQ^`Ub
VUSdQ]U^dUSUbbQTQc5^\Q`\QjQcU_Qe^QTUc_bTU^QTQ
WbYdUbQiS_]U^jQRQ^Q`QbdYb`YUTbQcc_RbU\QcfU^dQ^Qc
=YU^dbQcdQ^d_TUcTU\QcXQRYdQSY_^UcTU\@bUcYTU^dUcU
QfYc†`_bU\Y^dUbY_bQ\SeQbdU\WU^UbQ\TUR_]RUb_c
8QRQQ\\e^UcSeQTb†^TUSQRQ\\UbQTUe^_c!% Q!(
X_]RbUcCQ\YUb_^}cd_cQ`bUcebQTQ]U^dU]_^dQT_cU^
ReU^_cSQRQ\\_ccQR\UU^]Q^_iSQiU^T_S_]_e^bQi_
c_RbU\Q`\URUbU`QbdQ^W_\`UcQTYUcdbQicY^YUcdbQKM
Q^dUcTU\_cSebUSUbd_T_XQRQU^dbQT_U^_bTU^+i\_c
XUbYT_caeUXQRQ^aeUTQT_U^U\ceU\_`_baeU^_`_
TQ^XeYbUbQ^bUS_WYT_cidbQ^c`_bdQT_cQ\X_c`YdQ\ &)%

CUdbQdQRQQd_TQc\eSUcTUe^QSd_TU`b_dUcdQc_SYQ\cY^_RZUdYf_c
S\Qb_c`b_`Y_TU\Q]eSXUTe]RbU`bUY^TecdbYQ\U^\QaeUcUS_^Ve^TQ^
d_T_c\_cTUcXUbUTQT_cTU\QSYeTQT5\TUcS_^dU^d_ibUcU^dY]YU^d_c_
SYQ\cUUh`bUcQRQe^QfUj]vcTU]Q^UbQY^cdY^dYfQU^S_^dbQTU\_cbU
`bUcU^dQ^dUci\_cc]R_\_cTU\`_TUb

&)%
2Qbb_c1bQ^QE^TUSU^Y__`SYdd_]_9`vWc)&i)'

"')
 E^SQbvSdUbTYcdY^d_def_U\]_fY]YU^d_\\UfQT_QTU\Q^dU`_b\_c
_RbUb_cTU\QccQcdbUbQcTUCQ^dYQW_U^!($)6eUe^QTU\Qc`bY]UbQc
XeU\WQcU^bUQ\YTQT\Q`bY]UbQXeU\WQTUdbQRQZQT_bUcebRQ^_cTU\Q
SeQ\cUdYU^U^^_dYSYQc`bUSYcQcCYRYU^cUYW^_bQSQcYd_T_QSUbSQTUce
WUcdQSY†^iTUcQbb_\\_cQRU]_caeUcUdbQd†TUe^QSd_TU`b_dUcdQTURY
T_Q\QcbURQZQcTUcQ\QbY_cY]`eUcdQc`_b\_c`Qdb_^UcCeUS_TURY†cUb
Y]`_bdQ^dUU^U\Q]RYU^dUc_SYQ\TU\Q}`_SQ3_]U^dQ^T_U\S\Y]QTU
U^VbU^dQ]YU^d_aeUSQbQSdUbYj†U\S_^V\YSd_5\=UbSebY_S_]U^d†Q\Qb
]QT_\_`Ub^YSY_c_aeUcYW^YVYSQRQaeU²U]`YUSU^Q]Q^YVUcdQbcUUcQc
`bUdU^cY_^UcTU\SQ`YdQ\iUcQc`b_dUcdQcTU\dbQRQZ_³ &)& bUc`_^cQRY\YjQ^
T_dQ^d_Q\_c`Qdb_^Uc`_bS_Q\YWQbcU`QbQ²cYdYQbTUXQ]RbUQcec_`UbQ
bY_c³S_]_Q\_c_RbUb_c`_b²`UbTUbTQcTUdbQRQZ_i`_b`UbTUbcecXv
RYd_cTU_RUTYU^SYQiTUTYcSY`\Y^Q³iXQSYU^T_VY^Q\]U^dUe^\\Q]QT_Q
\QcQed_bYTQTUc`QbQaeUS_^defYUcU^e^UZU]`\_aeU`_TQ`b_`QWQbcU*
²5cdQc`b_dUcdQcU^]QcQ^_c_^e^`b_WbUc_TU\Q\YRUbdQTcY^_e^`bY^
SY`Y_TUTUc†bTU^aeUUcVeUbjQbU`bY]YbU^ce]Q^YVUcdQSY†^Y\UWQ\icY
^_cUXQSU]Q…Q^Q`_b\Q]U^_bSQecQ`_Tbv^U^Q\Qb]QQ\QSYeTQTU^
SQTQ]_]U^d_³&)' 
<QXeU\WQcQcdbUbY\UbQ\QS_^cUSeU^SYQTUe^`b_SUc_TUTYVUbU^SYQ
SY†^Q\Y^dUbY_bTUQ\We^_cbeRb_cTU\QQSdYfYTQT]Q^eVQSdebUbQ5^U\
SQc_Uc`USVYS_TU\QccQcdbUbQccUdbQdQRQ°S_]_\_bUfU\QbQe^QTYcSe
cY†^`Qb\Q]U^dQbYQQ\We^_cQ…_cTUc`e}c°TU\QS_^SU^dbQSY†^TU\WbeU
c_TU\Q`b_TeSSY†^TUb_`QXUSXQTU\QSYeTQTTUCQ^dYQW_U^]Q^_cTU
T_SUQfUY^dUcQcdbUc`_cUUT_bUcTUSQ`YdQ\UcY]`_bdQ^dUc5cd_c`Qdb_^Uc
TUcQcdbUbQUcdQRQ^VbQ^aeUQ^T_U\e]RbQ\TU\QbdUcQ^QT_iS_^cdYdei}^
T_cUU^e^QU]RbY_^QbYQRebWeUcQ]Q^eVQSdebUbQ*_Se`QRQ^Q²e^Q
]e\dYdeTTU]eZUbUcY^VU\YSUc³QaeYU^Uc`QWQRQ^e^²`UaeU…cY]_cQ\Q
bY_³iUh`_bdQRQ^WbQ^TUc`QbdYTQcTUb_`Q`QbQ2_\YfYQi_db_c`QcUc5^
Q\We^_cSQc_c\_c`b_`YUdQbY_cTUdQ\UcU]`bUcQc^_UbQ^cQcdbUccY^_cY]
`\UcSQ`YdQ\YcdQcaeUU]`\UQRQ^Q]QUcdb_cS_bdQT_bUciQ_VYSYQ\Uc`QbQ
\QUh`\_dQSY†^TU\^UW_SY_@Ub_Q\YWeQ\aeU\_cQbdUcQ^_cceVbQ^\QS_]
`UdU^SYQTU\Q`b_TeSSY†^UhdbQ^ZUbQibUYfY^TYSQRQ^U\`b_dUSSY_^Yc]_
`QbQceY^TecdbYQdQ\S_]__SebbY†U^!(%$SeQ^T_c_\YSYdQb_^aeU^_cU
bURQZQbQ^\_cTUbUSX_cTUY^dUb^QSY†^TU\Qb_`QXUSXQ=vcY^V\eiU^dUc
aeU\_c]U^UcdbQ\UcTU\Q`bY]UbQ]YdQTTU\cYW\_\_cU]`bUcQbY_cTU\Q
S_^VUSSY†^fYUb_^cQdYcVUSXQce`UdYSY†^*U\CU^QT_TUcUSX†\QYTUQTU
TYc]Y^eYb\_cQbQ^SU\Uc`QbQ\_c`b_TeSd_cTU\beRb_TU\QS_^VUSSY†^&)( 
>__RcdQ^dU\QQ\Qb]Q`UbY_TcdYSQ\_c]_fY]YU^d_cXeU\WecdYS_c
^_\\UWQRQ^QS_^VYWebQbd_TQfQe^QS_bbYU^dUTU]QcYQT_Y^aeYUdQ^dU

&)&
²3_Q\YcY_^Uci`b_dUcdQc³5\=UbSebY_FQ\`QbQc_!'TUVURbUb_TU!($)
&)'
9RYT
&)(
C3>TU!(%$3v]QbQTUCU^QT_bUc²CUcY†^"!U^"#TUQW_cd_TU!(%$³`vWc
!'&!')

"(
<QbUcYcdU^SYQQ\Q`b_\UdQbYjQSY†^Uh`bUcQTQU^U\RQ^TYTYc]_U\fQWQ
Re^TQZU\QU]YWbQSY†^\Q²SQ^WQ\\Q³i_dbQcV_b]QcTUbURU\TQc_SYQ\
²`bY]YdYfQ³UbQQVY^TUSeU^dQce^S_]RQdUTUbUdQWeQbTYQTU\Q]QcQ
`_`e\Qb`bUY^TecdbYQ\<_cUcdQ\\YT_cTUYbQ]Y^UbQQ‹^SeQ^T_fY_\U^
d_cUbQ^Uc`_bvTYS_c+\QcbUc`Ude_cQcbU`bUcU^dQSY_^UcQbdUcQ^Q\UcUbQ^
SQcYcYU]`bUY]`_dU^dUci\QcXeU\WQc_RbUbQc`bvSdYSQ]U^dUe^QSebY_
cYTQTUh†dYSQ<Qc`bY]UbQcQ]U^QjQccUbYQcQ\_bTU^c_SYQ\fU^TbQ^Q\
YWeQ\aeUU^U\`QcQT_TU\_c`b_`Y_cS_^V\YSd_caeUTYfYTQ^Q\QU\YdU
QbbQcdbQ^T_S_^cYW_Q\_ccUSd_bUc`_`e\QbUciSbUQ^T_S_ie^debQcVQf_
bQR\Uc`QbQaeU}cd_cUh`bUcQbQ^]vc\YRbU]U^dUcec`b_`Y_cQ^XU\_c

E >1 B59F9>493139É> @?<ÅD931 6E>41=5>D1< *

<1 B56?B=1 ? 12?<939É> 45< C5BF939? 5> <1 7 E1B491 > 139?>1<

<Q7eQbTYQ3fYSQ_>QSY_^Q\dU^QbQSUcU^\QcQ^dYWeQc]Y\YSYQcS_\_^YQ
\UcU^SQbWQTQcTUTUVU^TUb\QcVb_^dUbQciSYeTQTUcU^\QcaeU^_XQRQ
db_`QTU\^UQTURYU^T_UcdQbTYc`eUcdQcQ]QbSXQbQSeQ\aeYUb`e^d_TU\
`Qc U^ SQc_ TU `U\YWb_ TU Y^fQcY†^ UhdbQ^ZUbQ _ TU S_^]_SY†^ Y^dU
bY_b&)) <Qc]Y\YSYQcS_\_^YQ\UcXQRQ^W_jQT_TU`bUcdYWY_i`bYfY\UWY_c
S_^cdYdei}^T_cUU^`YUjQY]`_bdQ^dU`QbQU\]Q^dU^Y]YU^d_TU\_bTU^
c_SYQ\*

5^ \Q cUWe^TQ ]YdQT TU\ cYW\_ HF999 ce

bUc`_^cQRY\YTQTXQRQcYT_`b_WbUcYfQiWbQdYVYSQTQ`_b
U\W_SUTU\VeUb_]Y\YdQbQcS_]_`_bU\QVYQ^jQ]YU^d_
TU\QUcdbeSdebQc_SYQ\UcdQR\USYTQiQaeUQ\Q_VYSYQ\YTQT
cUY^S_b`_bQRQ^Y^TYfYTe_cTU\_cUcdbQd_cc_SYQ\UcQ\d_ci
\Qdb_`QcUV_b]QRQS_^\_cWbe`_cceRQ\dUb^_cTU\QSYe
TQTiTU\SQ]`_' 

4ebQ^dU\Q@QdbYQFYUZQ!(! !(!$dQ^d_\_c`QdbY_dQcS_]_\_cbUQ
\YcdQccUQ`_iQb_^U^\Qc]Y\YSYQcSei_cS_^dY^WU^dUcUbQ^°Q\YWeQ\aeUU^
U\`QcQT_S_\_^YQ\°]eSX_]vc^e]Ub_c_caeU\_cTU\UZ}bSYd_TU\^UQ' ! 
C_RbU\QRQcUTUUcd_cSeUb`_c\_cf_SQ\UcTU\Q:e^dQTU7_RYUb^_`QdbY_
dQaeUVe^SY_^†XQcdQ]Qbj_TU!(!$TYc`ecYUb_^aeUd_T_c\_cXQRYdQ^
dUcTUCQ^dYQW_TUaeY^SUQSeQbU^dQi^eUfUQ…_cTUUTQTcU_bWQ^YjQbQ^
U^]Y\YSYQcTURQbbY_cRQZ_\QTYbUSSY†^TUcebUc`USdYf_`bUVUSd_

&))
B_RUbd_8Ub^v^TUj@_^SU²<Q7eQbTYQ>QSY_^Q\TU3XY\U1`e^dUcc_RbUce_bY
WU^i_bWQ^YjQSY†^³U^8Ycd_bYQ>¡!)CQ^dYQW_!)($`vWc%#!!#+2Qbb_c1bQ^Q8Ycd_
bYQ:U^UbQ\_`SYdd_]_F99`vW#$$
'
8Ub^v^TUj@_^SU_`SYd`vW&%
' !
?`SYd`vWc&&'"

"(!
 4ebQ^dU\_cW_RYUb^_cTUBQ]†^6bUYbU!("#°!("&i6bQ^SYcS_
1^d_^Y_@Y^d_!("'°!(")cU`b_`ecYUb_^TYcdY^d_c`b_iUSd_cTUbUV_b
]QcTUcdY^QTQcQ]UZ_bQb\Q_bWQ^YjQSY†^iTYcSY`\Y^QTU\_cSeUb`_cSfY
S_c' " 1\We^_c\_WbQb_^cUbY]`\U]U^dQT_c`Ub_U\S_^fe\cY_^QT_Q]
RYU^dU`_\dYS_TU\Q}`_SQi\QTYc`_cYSY†^TU\Q3_^cdYdeSY†^TU!("(aeU
_d_bWQRQU\TUbUSX_QceVbQWY_Q\_c]Y\YSYQ^_cSfYS_cS_^fYbdY†Q\Q7eQb
TYQ>QSY_^Q\U^e^_RZUd_TUTYc`edQTU\QcTYcdY^dQcVQSSY_^Uc5\RQ^T_
W_RUb^Q^dUQdbQf}cTU\S_^db_\TU\QZUbQbaeQTU\Q7eQbTYQ3fYSQUcdQ
RQU^S_^TYSY_^UcTUedY\YjQbQ\_c]Y\YSYQ^_cS_]_²bURQ…_U\USd_bQ\³5\
`b_SUTY]YU^d_UbQcY]`\U`Ub_UVYSQj*\_cS_]Q^TQ^dUcTU\Q7eQbTYQ
²Secd_TYQRQ^³UcTUSYbS_^VYcSQRQ^\Qc²SQ\YVYSQSY_^Uc³U\USd_bQ\UcTU\_c
QbdUcQ^_c_RbUb_ciSQ]`UcY^_caeUcUbfQ^RQZ_cec†bTU^UcS_]_]Y\Y
SYQ^_ciXQSQ^ec_TUU\\QcU^U\]_]U^d_TU\QcU\USSY_^UcU^dbUWv^T_
\QcQ`Ubc_^QcTUbUS_^_SYTQVY\YQSY†^W_RYUb^YcdQ<Q_`_cYSY†^TU^e^SYQ
RQ^QdebQ\]U^dUdQ\UcVbQeTUccY^\_WbQbQ\dUbQbUcdU`b_SUTY]YU^d_' # 
5^U^Ub_TU!(# UcTUSYb`_S_c]UcUcQ^dUcTU\dbYe^V_TUVY^YdYf_
TU\RQ^T_S_^cUbfQT_b\QZe^dQ`bUcYTYTQ`_b:_c}D_]vc?fQ\\U_bWQ
^Yj†U^CQ^dYQW_dbUcRQdQ\\_^UcTUY^VQ^dUbQSfYSQiTYSd†e^UcdQded__
bUW\Q]U^d_`b_fYcY_^Q\`QbQceTYcSY`\Y^Q' $ 
>__RcdQ^dUce\QbWQXYcd_bYQ\Qc]Y\YSYQcSfYSQc^_Q\SQ^jQb_^ce
]Qi_bbU\UfQ^SYQS_]_U\U]U^d_cS\QfUcU^\Q]Q^dU^SY†^TU\_bTU^
`_\dYS_ic_SYQ\cY^_TUc`e}cTU\dbYe^V_UcdQ^aeUb_°`U\eS†^TU\QRQdQ
\\QTU<YbSQi6eUU\`b_`Y_@_bdQ\UcaeYU^TYbYWY†UcdQUf_\eSY†^1`QbdYb
TUU^d_^SUc\Q7eQbTYQ>QSY_^Q\U]`Uj†QQTaeYbYb]Qi_bc_\YTUjUY]
`_bdQ^SYQ5bQe^Q]Q^UbQTUS_^dbQ`UcQb\QY^V\eU^SYQTU\UZ}bSYd_°U^
SeiQcVY\QccUbfQ^^e]Ub_c_c_VYSYQ\Ucic_\TQT_caeUcY]`QdYjQRQ^S_^
\_cTUbb_dQT_c`Y`Y_\_c°S_\_Sv^T_\_U^e^Q`_cYSY†^TUTURY\YTQTbU\Q
dYfQaeUQcUWebQRQcece]YcY†^Q\`_TUbSYfY\ ' % 

' "
?`SYd`vWc'$')+C_d_]Qi_bFQ\T}c8Ycd_bYQTU3XY\URQZ_U\W_RYUb^__`SYd
d_]_9`vW%&+C3<d_]_H99!("&!("'²CUcY†^!&U^!)TUZe\Y_!("&³`vW!'#i
!'%+C3<d_]_H999!("&!("'²3_^WbUc_>QSY_^Q\CUcY†^%(U^$TUcU`dYU]RbUTU
!("&³`vWc!(i" ²3_^WbUc_>QSY_^Q\CUcY†^! )U^!¡TUTYSYU]RbUTU!("&³`vWc
#!#i#!&#!(²3_^WbUc_>QSY_^Q\CUcY†^!!!U^&TUTYSYU]RbUTU!("&³`vWc#"%
²3_^WbUc_>QSY_^Q\CUcY†^!!(U^!)TUTYSYU]RbUTU!("&`vW#&)+C3<d_]_H9F
!("'²3_^WbUc_>QSY_^Q\CUcY†^!"&U^!'TUU^Ub_TU!("'³`vWc#)i$ 
' #
5cdQc`bvSdYSQcVeUb_^_RZUd_TU^e]Ub_ccY]QcTU^e^SYQcU^`Q^V\Ud_c`b_S\Q
]QciQbdSe\_cTU`bU^cQ4ebQ^dU!(")U^`QbdYSe\QbSYbSe\Qb_^WbQ^SQ^dYTQTTUY]
`bUc_cQSecQ^T_Q\QcQed_bYTQTUcTU`b_]_fUbTYSX_cQdb_`U\\_cFUb`YUjQcS_^cUbfQTQc
U^*3_\USSY†^TU1^dYWe_c@UbY†TYS_c3XY\U^_cTU:_c}D_bYRY_=UTY^Qf_\e]U^#$#8
CQ\QTU\]Yc]_^_]RbUTU\Q2YR\Y_dUSQ>QSY_^Q\9]`bUc_cSXY\U^_c!(")!(# TU\Q
2YR\Y_dUSQ1]UbYSQ^QTU4YUW_2Qbb_c1bQ^Qd_]_!(U^\QCQ\QTU\]Yc]_^_]RbUTU\Q
2YR\Y_dUSQ>QSY_^Q\iCQ\Q4_]Y^W_5TgQbTc=QddUTU\Q2YR\Y_dUSQTU\Q3QcQ3U^dbQ\TU
\QE^YfUbcYTQTTU3XY\UF}QcUU\Q…_!(")U^U\VYSXUb_Sb_^_\†WYS_
' $
C_d_]Qi_bFQ\T}c8Ycd_bYQTU3XY\URQZ_U\W_RYUb^__`SYdd_]_9`vW%&+8Ub
^v^TUj@_^SU_`SYd`vW(!
' %
1\QY^:_hU<QcVeUbjQcQb]QTQcU^U\cYcdU]Q`_\dYS_SXY\U^_CQ^dYQW_5TYd_bYQ\E^Y
fUbcYdQbYQ!)' `vW$$+FY\\Q\_R_c@_bdQ\Uc_`SYd`vWc! #! %

"("
 DQ]RY}^cUbUV_bj†Q\Q7eQbTYQ>QSY_^Q\S_]_e^U\U]U^d_TU
S_^db_\c_SYQ\i`_\dYS_TU\_ccUSd_bUc`_`e\QbUc`_bU\R\_aeUU^U\
`_TUb5^\Q†`dYSQTU@_bdQ\Ucc†\_\QTYcSY`\Y^QY]`eUcdQ`_b\_cRQdQ
\\_^UcSfYS_cUbQe^U\U]U^d_TU²]_bQ\YjQSY†^³UVYSQjTU\²RQZ_`eU
R\_³<QUTeSQSY†^\U`QbUSQe^]UTY_TU]QcYQT_\U^d_i`_S_QSSUcY
R\UQ\QWbQ^]QcQ`_b\_]U^_cTebQ^dUe^`Ub_T_bU\QdYfQ]U^dU\Qb
W_<Q7eQbTYQ3fYSQS_^ceUc`bYdeTUSeUb`_ceTYcSY`\Y^Q]Y\YdQbcec
SQcdYW_cU\Y^Se\SQ]YU^d_TU\cU^dYT_TU\TURUbaeUQ\\cUXQSQQ\_c
]Y\YSYQ^_c\U`QbUSQe^]UTY_Y^S_]`QbQR\U]U^dU]vc`_TUb_c_`QbQ
S_^db_\Qb]_TUbQbiS_^dU^Ub\_cTUc]Q^Uc`_`e\QbUc ' & 
@_bdQ\UcY]`bY]Y†`Ubc_^Q\]U^dUcecU\\_Qed_bYdQbY_U^\Q_bWQ^Y
jQSY†^TUQ\We^_cTU\_c`bY]Ub_cTUcdQSQ]U^d_cSfYS_cSbUQT_cTUc`e}c
TU\dbYe^V_S_^cUbfQT_b5^!(#!VeU^_]RbQT_S_]Q^TQ^dUTU\$¡RQ
dQ\\†^TU\Q7eQbTYQ>QSY_^Q\TUCQ^dYQW_+Q\Q…_cYWeYU^dU°Q`b_fUSXQ^
T_cedbQc\QT_QFQ\`QbQc_TUc`e}cTUXQRUbbU^e^SYQT_QceSQbW_TU
]Y^Ycdb_°VeU^_]RbQT_`_be^TUSbUd_TU\W_RYUb^_`QbQ_bWQ^YjQb\Q
VeUbjQSfYSQTUUcU`eUbd_4UcTU_SdeRbUTU!(#"XQcdQVY^UcTU!(##cU
QR_S†Q\QdQbUQ5^`_S_c]UcUc_bWQ^Yj†e^QTYfYcY†^TU]Y\aeY^YU^d_c
WeQbTYQc^QSY_^Q\UcTYcdbYReYT_cU^T_cS_]`Q…QcTUQbdY\\UbQe^Uc
SeQTb†^TUSQRQ\\UbQie^RQdQ\\†^TUY^VQ^dUbQ+}cdU‹\dY]_S_\_SQT_
RQZ_ce`b_`YQTYbUSSY†^' ' 
<Q7eQbTYQ>QSY_^Q\cUS_^c_\YT†S_^fYbdY}^T_cUU^e^_TU\_c`Y\Q
bUcTU\QBU`‹R\YSQ3_^cUbfQT_bQ*\Q3_^cdYdeSY†^TU!(##UcdQR\USY†U^
ceQbdSe\_!%&\Q_R\YWQSY†^TU\cUbfYSY_TU]Y\YSYQc' ( \_aeUcYW^YVYSQRQ
ceY^cdYdeSY_^Q\YjQSY†^TUVY^YdYfQ5^QW_cd_TU\]Yc]_Q…_Qc_\YSYdeTTU\
W_RYUb^_\Q3v]QbQTU4Y`edQT_cTUS\Qb†WQcd_^QSY_^Q\U\aeUSQecQbQ^
\QcWeQbTYQcSfYSQcU^Qb]Q]U^d_fUcdeQbY_SeQbdU\Uci]‹cYSQc' ) iQS_
]YU^j_cTUcU`dYU]RbUU\@bUcYTU^dUTU\QBU`‹R\YSQ`b_]e\W†\Q\UibUc
`USdYfQ'! 5^!(#%ceS_^dY^WU^dUQ\SQ^jQRQ\_cdbUY^dQiSY^S_]Y\X_]
RbUciQVY^UcTU_SdeRbUTU!(#&e^TUSbUd_VYZ†S_]_Z_b^QTQcTU²Y^cdbeS
SY†^^USUcQbYQ³`QbQ\Q7eQbTYQ3fYSQ\_cTQcT_]Y^W_ '!! E^QT}SQTQ
]vcdQbTUS_^dQRQS_^e^QVeUbjQTUQ\bUTUT_bTUcUcU^dQ]Y\X_]RbUc'!" 

' &
C_d_]Qi_bFQ\T}c8Ycd_bYQTU3XY\URQZ_U\W_RYUb^__`SYdd_]_9`vWc%&i%'
' '
?`SYd`vWc%'i#$%#$&+8Ub^v^TUj@_^SU_`SYd`vWc(%) +FY\\Q\_R_c@_b
dQ\Uc_`SYd`vWc! $i! %
' (
3_^cdYdeSY†^TU\QBU`‹R\YSQTU3XY\UZebQTQi`b_]e\WQTQU\"%TU]Qi_TU!(##CQ^
dYQW_9]`bU^dQTU\Q?`Y^Y†^!(##`vW$$
' )
C3<d_]_HH99!(##!(#$²3v]QbQTU4Y`edQT_cCUcY†^!!U^!"TUZe\Y_TU
!(##³`vWc%%i%(²3v]QbQTU4Y`edQT_cCUcY†^!)U^# TUQW_cd_TU!(##³`vWc)'i))
'!
²=Y\YSYQ3fYSQ³5\3_^cdYdeSY_^Q\CQ^dYQW_"$TUQW_cd_TU!(##+²=Y\YSYQSfYSQ
CUTUS\QbQWQcd_^QSY_^Q\U\aeUSQecUUcdUcUbfYSY_³CQ^dYQW_#TUcU`dYU]RbUTU!(##
1^WeYdQ_`SYd`vW"")
'!!
8Ub^v^TUj@_^SU_`SYd`vW)#
'!"
=U]_bYQaeUU\=Y^Ycdb_TU5cdQT_U^\_cTU`QbdQ]U^d_cTU7eUbbQi=QbY^Q`bUcU^dQQ\
3_^WbUc_>QSY_^Q\TU!($&CQ^dYQW_9]`bU^dQTU\_cDbYRe^Q\Uc!($&`vW! i!!

"(#
 <_c]}d_T_cU]`\UQT_c`QbQU\bUS\edQ]YU^d_TU\Qdb_`QUbQ^e^
VYU\bUV\UZ_TU\QTYSdQTebQ\UWQ\aeUU\RQ^T_S_^cUbfQT_bXQRQY]`eUcd_
Q\QcS\QcUc`_RbUcTU\`Qc*c†\_\_cdbQRQZQT_bUc]Q^eQ\UcU^`QbdYSe\Qb
\_cQbdUcQ^_cU^U\v]RYd_ebRQ^_UbQ^Q\YcdQT_c`_b\QVeUbjQ`QbQ`bUcdQb
cUbfYSY_U^\Q7eQbTYQ>QSY_^Q\@Qdbe\\QcTUc_\TQT_cbUQ\YjQRQ^fUbTQTU
bQcSQSUbQcXe]Q^QcU^\QcSQ\\UcT_]YSY\Y_cidQ\\UbUcTU\QcSeQ\Uc^_
UcSQ`QRQ^^YcYaeYUbQ\_c]U^UcdbQ\UcUhdbQ^ZUb_cQfUSY^TQT_cU^U\`Qc
5^U^Ub_TU!(##U\S†^ce\VbQ^S}cU^CQ^dYQW_°TU]Q^YVYUcdQcY]`QdQ
`_b\Q_bYU^dQSY†^S_^cUbfQT_bQTU\W_RYUb^_SXY\U^_°TQRQSeU^dQQ\
]Y^YcdUbY_`QbYcY^_TU\_c]}d_T_cUh`UTYdYf_cTUbUS\edQ]YU^d_*

5\T_]Y^W_!#TUUcdU]Uce^QbdUcQ^_VbQ^S}c
UcdQR\USYT_iSQcQT_QaefY^_QQfYcQb]UaeU\_cc_\TQ
T_cbUS_bbQ^\QSYeTQTU^d_T_c\_ccU^dYT_ccQSQ^T_
TUcecSQcQc_`UbcYWeYU^T_U^\QcSQ\\UcQd_T_cQaeU
\\_caeU\Uc`QbUSQ^UhdbQ^ZUb_ccY^TYcdY^SY†^Q]U^Q
jQ^T_]Q\dbQdQ^T__Y^S\ec_XYbYU^T_QaeYU^UccU^U
WQRQ^QcUWeYb\_c
KMVbQ^SUcUcQ\U]Q^Uc^_bdUQ]UbYSQ^_cSYeTQ
TQ^_cTUTYcdY^d_cUcdQT_cTU\Q1]}bYSQUc`Q…_\Q+d_T_c
UbQ^ S_^TeSYT_c TU fYfQ VeUbjQ i S_^ fY_\U^SYQ Q \_c
SeQbdU\UcTUcYW^QT_c`QbQ\QV_b]QSY†^TUUcdQ^eUfQ
Uc`USYUTU²7eQbTYQ3fYSQ³>Y^We^Q_bTU^UcSbYdQ^Y^
W‹^QSdQTU\QQed_bYTQT`‹R\YSQ`QbQ]_cdbQbQaeYU^Uc
aeUbQ^cQRUbae}Uc\_aeUcU\UcUhYWQ+^Y^We^QbUc
`eUcdQQ\Qc`bUWe^dQcTYbYWYTQcQUc_cSYUW_cY^cdbe]U^
d_cTUe^Qf_\e^dQTTUcS_^_SYTQ*XQRQaeU]QbSXQb_
Uc`UbQbd_T_dY`_TUe\dbQZUc
I ^_ cU dbQdQRQ TU V_b]Qb e^ SeUb`_ Q`QbdU TU
UhdbQ^ZUb_ccY^_TUY^S_b`_bQbU^\QcS_]`Q…Qc²SfY
SQc³ Q d_T_c \_c Ueb_`U_c aeU UZUbSQ^ `b_VUcY_^Uc
]Q^eQ\Uc'!# 

5\beT_dbQdQ]YU^d_Q\_cUhdbQ^ZUb_c°aeUW_jQRQ^TU\Q`b_dUSSY†^
aeU\UcRbY^TQRQ^\_cbU`bUcU^dQ^dUcTY`\_]vdYS_cTUcecbUc`USdYf_c
`QcUc'!$ °`Ub]YdUce`_^UbaeUU\WbQT_TUfY_\U^SYQUZUbSYT_`_b\QcQe
d_bYTQTUc`_bdQ\YQ^Qcc_RbU\_cdbQRQZQT_bUc^QSY_^Q\UcaeU^_S_^dQRQ^
S_^^Y^W‹^dY`_TU`b_dUSSY†^UbQQ‹^]Qi_b
5\SQc_TU6bQ^SYcS_C_d_]eSXQSXYd_TUT_SU_dbUSUQ…_cTUUTQT

'!#
1=15B63@3XY\Y>¡&QfbY\!(#"T}SU]RbU!(##<UddbUTe3_^ce\7}
^}bQ\Qe=Y^YcdbUCQ^dYQW_\U!'ZQ^fYUb!(##4YbUSdY_^@_\YdYaeU>¡)VZc! )!!#<Q
dbQTeSSY†^Uc^eUcdbQ
'!$
<_cS†^ce\Uc`bUcU^dQb_^e^Q`b_dUcdQQ^dUU\W_RYUb^_SXY\U^_9RYT

"($
QieTQ^dUTUSYWQbbUbQiTUce`Qdb†^U\SYWQbbUb_4_]Y^W_7ej]v^
TU^e^SYQT_`_b\Q`bU^cQU^!(#%S_^VYb]Q^eUcdbQc_c`USXQ5\%TU
]Qi_TUUcUQ…_e^Q`QbdYTQTU\2QdQ\\†^>¡$TUSfYS_cQ\]Q^T_TU\
cQbWU^d_3Y`bYQ^_8ebdQT_cU`bUcU^d†U^\QSYWQbbUbQTU7ej]v^cY
deQTQU^\QSQ\\U@eU^dUTU\QSQ`YdQ\i_bTU^†Q\^Y…_aeU\QcYWeYUcUQ
VY^TUTQbSe]`\Y]YU^d_Q\RQ^T_aeUTYc`_^QaeU\_cUcaeY^Ub_cSYWQ
bbUb_ci_db_cQbdUcQ^_ccUU^b_\QbQ^U^TYSX_RQdQ\\†^7ej]v^`QW†
SQb_cefQ^_Y^dU^d_TUbUcYcdYbQ\`b_SUTY]YU^d_TU\Q`Qdbe\\QaeUQb
]QTQTURQi_^UdQcbQ`dQRQQ\Y^VQ^dU*TUc`e}cTUe^S_^Vec_U^VbU^dQ
]YU^d_ S_^ \_c c_\TQT_c VeU Q`bUcQT_ i TU^e^SYQT_ `_b U\ cQbWU^d_
8ebdQT_7ej]v^`Qc†T_c]UcUcU^\QSvbSU\Q^dUcTUcUbQRceU\d_`_b
U\dbYRe^Q\i`eUcd_U^\YRUbdQT '!% 
5\cUbfYSY_U^\Q7eQbTYQ>QSY_^Q\UbQe^QTebQSQbWQc_RbU\QcUc
`Q\TQcTU\_c`_RbUc=vcd_TQfQSeQ^T_Q`UcQbTU\_`bUcSbYd_U^\Q
3_^cdYdeSY†^c†\_U\\_cUbQ^\\Q]QT_cQU^b_\QbcUU^cecVY\QcS_]_c_\
TQT_ciceR_VYSYQ\Uc<_c]vc`eTYU^dUc^_Se]`\Q^UcQ_R\YWQSY†^<Q
Q^_]Q\QUbQUfYTU^dUiUhdU^TYTQ5^!(##fQbY_c]UcUcTUc`e}cTU`b_
]e\WQTQ\Q^eUfQ3_^cdYdeSY†^U^e^`UbY†TYS_bUTQSdQT_`_b\_cUcdQ^
aeUb_c=Q^eU\iBQ]†^BU^WYV_S_^^_dQT_cTYbYWU^dUcTU\QS_Q\YSY†^
W_RYUb^YcdQ\QY\UWQ\YTQTcUS_^cdQdQRQS_^Y]`_dU^SYQ*

KMSeQ^T_Uc`UbvRQ]_c\Q]vcQSdYfQS__`UbQ
SY†^TU`QbdUTUQaeU\\_cSYeTQTQ^_caeU`_bTYfUbc_c
]_dYf_ccUXQ\\Q^]vcY^dUbUcQT_caeU_db_cU^\QS_^
cUbfQSY†^TU\_bTU^icUWebYTQT`‹R\YSQXU]_cfYcd_
S_^ cU^dY]YU^d_ ^UWQbcU ]eSX_c Q Se]`\Yb S_^ UcdQ
_R\YWQSY†^aeU\UY]`_^Uce`b_`YQS_^fU^YU^SYQi\Q
TU\`‹R\YS_CY\QS\QcU]U^_cY\ecdbQTQi]vc]U^UcdU
b_cQcQSbYVYSQU\`Q^iceTUcSQ^c_¤S_^ae}b_cdb_`eU
TU^\_cX_]RbUcUTeSQT_ci`eTYU^dUcbUcYcdYbcecUbfY
SY_/<Q\Ui\\Q]QYWeQ\]U^dUQd_T_c+i\QbQj†^]Q^TQ
aeUSQTQe^_`QWeUU\RYU^aeUW_jQ¤@_bae}]_dYf_
`eUccecdbQU^Q\We^_c`QTbUcQcecXYZ_cX_\WQjQ^Uc
]eSX_cTUU\\_cTU\Se]`\Y]YU^d_TUUcdUTURUbcQWbQ
T_aeU\UcY]`_^U\Q`QdbYQ/'!& 

'!%
²CeSUc_UcSQ^TQ\_c_³5\4QiU\7_\`UCQ^dYQW_"$TU]Qi_TU!(#%+²CeSUc_Uc
SQ^TQ\_c_3_^S\ecY†^³5\4QiU\7_\`UCQ^dYQW_#TUZe^Y_TU!(#%+5\4QiU\7_\`UCQ^
dYQW_!'TUZe^Y_TU!(#%+²CU…_bUc5TYd_bUc³1\SQ^SUQ\^‹]Ub_#¡TU\4QiU\7_\`UCQ^dYQ
W_"'TUZe^Y_TU!(#%+²BU]YdYT_c³5\4QiU\7_\`UCQ^dYQW_!%TUZe\Y_TU!(#%<QfUb
cY†^TU\QZUbQbaeQTU\Q7eQbTYQ3fYSQcUU^SeU^dbQU^\QSQbdQTU\3_]Q^TQ^dURQdQ
\\†^>¡$=Q^eU\7QbSQ`eR\YSQTQU^\QcUSSY†^²BU]YdYT_c³5\4QiU\7_\`UCQ^dYQW_
"'TUQW_cd_TU!(#%
'!&
²=Y\YSYQ³_`SYd5\3_^cdYdeSY_^Q\CQ^dYQW_"$TUQW_cd_TU!(##

"(%
 FUY^dUQ…_cTUc`e}cUcdQcYdeQSY†^^_XQRQSQ]RYQT_5\=UbSebY_
TU]QbSQT_dY^dU_VYSYQ\YcdQTU^e^SYQRQ\QTUcYWeQ\TQTTUdbQd_aeUbU
SYRQ^\_c_VYSYQ\UcTUU\UfQT__bYWU^c_SYQ\°bQbQfUj`bUcU^dUcU^\_c
UZUbSYSY_ci`QbQTQcTU\Q7eQbTYQ°i\_cQbdUcQ^_cc_RbUaeYU^UcbUSQQ
d_T_U\`Uc_TUcec_R\YWQSY_^Uc*

¤@_bae}]_dYf_cU`Ub]YdU\QY^QcYcdU^SYQTU\_c
_VYSYQ\Uc`_bae}^_cUXQSUW_jQbTUYWeQ\`bYfY\UWY_Q\
QbdUcQ^_aeUTUTYSQU\‹^YS_TQTUTUcSQ^c_Q\cUbfYSY_
TU\SeQbdU\/¤CU\\Q]QUcd_YWeQ\TQTQ^dU\Q\Ui/CY\_c
_VYSYQ\Uc ^_]RbQT_c cU bUcUbfQ^ \Qc WbQ^TUc `QbQTQc
`QbQUhXYRYbcedQ\\U¤@_bae}QUcd_cSQRQ\\Ub_c`bUdU^
cY_c_c^_cU\UcTQTURQZQicU^_]RbQ^U^ce\eWQbQZ†
fU^UcU^decYQcdQcaeUcU`Q^S_bbUc`_^TUbQ\QS_^VYQ^
jQS_^aeUcU\UcX_^bQ/CYe^c_\TQT_VQ\dQceVbUe^Q
`bYcY†^*U\cQbWU^d_dYU^UaeUU]`\UQbU\TQ\e^UcS_^
`UbZeYSY_TUceR_\cY\\_U^RecSQTU\_cVQ\d_c¤`_bae}
^_cUUZUSedQYWeQ\_`UbQSY†^S_^\_c_VYSYQ\Uc/ '!'

<QbQj†^TUUcdQcTYcSbY]Y^QSY_^UcUbQS\QbQ`QbQ\_cS_^dU]`_
bv^U_cUc`USYQ\]U^dU`QbQaeYU^UcS_^dUcdQRQ^U\_bTU^`_\dYS_S_^
cUbfQT_b*

5^\QWeQbTYQSfYSQUhYcdUe^QZUbQbaeQc_SYQ\]vc
RYU^aeU]Y\YdQbSeiQcWbQTQSY_^UccUXQSU^^_dQbU^
UcdQV_b]Q*U\`eUR\_`_RbU_Se`Q\Qc`\QjQcTUc_\TQT_+
U\`UaeU…_ZUVUTUY^TecdbYQU\]QUcdb_TUdQ\\UbU\]Ub
SQTUb]_TUcd_V_b]Q^\QcS\QcUcU^SQTQRQdQ\\†^+\_c
X_]RbUcaeU_Se`Q^`_cYSY_^Ucce`UbY_bUcQ\QcTUUc
d_c`_b\QY^TecdbYQ`_b\QbYaeUjQ`_b\Qc`bU_Se`QSY_
^Uc_`_bU\dbQZUS_^cdYdeiU^\Q_VYSYQ\YTQTTUcTUceRdU
^YU^dUXQcdQS_]Q^TQ^dUTURQdQ\\†^'!(

5\cdQdeci\QY^V\eU^SYQc_SYQ\UcTUSYb\Q`_cYSY†^TUS\QcUUbQ^]vc
`_TUb_c_caeU\_cdUhd_c\UWQ\Uc<QT_]Y^QSY†^_\YWvbaeYSQcU]_cdbQ
RQTUc^eTQU^\QTUcYWeQ\TQTVbU^dUQ\cUbfYSY_TU\Qc]Y\YSYQc
@QbQ\QWU^dUXe]Y\TU°\_c‹^YS_cU^TUVY^YdYfQc_RbUaeYU^UcbU
SQQY^Uh_bQR\U]U^dUUcdQ_R\YWQSY†^S_^cdYdeSY_^Q\°U\U^b_\Q]YU^d_

'!'
²3_]e^YSQT_c7eQbTYQ>QSY_^Q\³5\=UbSebY_FQ\`QbQc_!&TUZe^Y_TU!(%#
F}QcUdQ]RY}^²3_]e^YSQT_c2QdQ\\†^>e]#SfYS_³5\=UbSebY_FQ\`QbQc_"TUQW_c
d_TU!(%#
'!(
²<Q7eQbTYQ3fYSQ³`eR\YSQT_U^U\`UbY†TYS_cQ^dYQWeY^_1SdeQ\YTQTbU`b_Te
SYT_U^5\1]YW_TU\@eUR\_3_^SU`SY†^")TU^_fYU]RbUTU!(%(

"(&
bU`bUcU^dQRQe^QY]`_bdQ^dUSQbWQUS_^†]YSQe^Q\Y]YdQSY†^TUce\Y
RUbdQT`Ubc_^Q\iTUceY^TU`U^TU^SYQ`_\dYSQQTU]vcTUVbUSeU^dUc
fUZQSY_^UciXe]Y\\QSY_^Uc
3QbWQUS_^†]YSQiQaeU\_cdbQRQZQT_bUcY^S_b`_bQT_cQ\_cSeUb
`_cSfYS_c°TU`b_]UTY_dbUcTQcQ\]Uc°bUSYRQ^e^QY^TU]^YjQSY†^
]eiY^VUbY_bQ\cQ\QbY__Y^WbUc_aeUTUZQRQ^TU`UbSYRYbTebQ^dU\QcZ_b
^QTQcTUQecU^SYQQ\dbQRQZ_`_bSe]`\YbcecTURUbUc]Y\YdQbUc5^!(% 
5\1]YW_TU\@eUR\_†bWQ^_TU\QC_SYUTQTTU\Q9WeQ\TQTUfQ\eQRQcec`}b
TYTQc*

E^QbdUcQ^_`_bd}b]Y^_]UTY_WQ^QcUYcbUQ\Uc
`_bTQ*U^\QWeQbTYQ\UQR_^Q^‹^YSQ]U^dUe^bUQ\i
]UTY_SQ^dYTQT]YcUbQR\UQe^`QbQU\Q\Y]U^d_TUe^Q
`Ubc_^Q+ TU ]Q^UbQ aeU U]`\Uv^T_cU dbUc fUSUc `_b
]Uce^SfYS_U^SeRbYb\QcWeQbTYQcQaeUX_icU\U_R\Y
WQTUZQTUWQ^QbTYUSY_SX_bUQ\UcaeU\Uc_^Y^TU]^Y
jQT_cS_^SeQdb_bUQ\Uci]UTY_aeUbUSYRUS_]_TYQbY_
U^U\cUbfYSY_4UQaebUce\dQaeUU\c_\TQT_SfYS_U^\Q
QSdeQ\YTQT`YUbTUd_]Q^T_U\Z_b^Q\]vcRQZ_TU\QbdU
cQ^_T_SUbUQ\Uci]UTY_`_b]Uc '!)

1Ucd_c`UbZeYSY_ccUce]QRQ\Q_R\YWQSY†^Y]`eUcdQQSQTQc_\TQT_
SfYS_TU`b_SebQbcU`_bcec`b_`Y_c]UTY_cU\e^YV_b]UUhYWYT_`_bU\
cUbfYSY_c_`U^QTUcUfUb_cSQcdYW_c<_cdbQRQZQT_bUcaeU^_UcdQRQ^U^
S_^TYSY_^UcTUc_\fU^dQbU\WQcd_TUe^e^YV_b]UU^ReU^UcdQT_`QbQ
UfYdQb\QccQ^SY_^Ucc_\Q^VQ\dQbQ\QcS_^f_SQd_bYQcTU\cUbfYSY_cYU^T_
`UbcUWeYT_c`_b`QbdYTQcTUc_\TQT_cU^SQbWQT_cTUQ`bUXU^TUbQ\_c
QecU^dUc`b_TeSY}^T_cUVbUSeU^dUcY^SYTU^dUcaeUcUcQ\TQRQ^S_^XU
bYT_ciU^_SQcY_^UcXQcdQS_^QcUcY^Qd_ciceYSYTY_c '" 
=vc`UcQTQUbQ\QcYdeQSY†^TUaeYU^Uc`UbdU^USQ^Q\_cSeUb`_c
SfYS_cTUSQRQ\\UbQ*QTU]vcTU\e^YV_b]UTURQ^QcUWebQb\Q]Q^dU^
SY†^TU\SQRQ\\_i\Q]_^debQ '"!
1e^aeUU\BUW\Q]U^d_`QbQ\Q7eQbTYQ>QSY_^Q\`b_XYRQ²QRc_\edQ
]U^dU³Q\_cZUVUce_VYSYQ\UcUhYWYbQ\Qdb_`QS_^dbYReSY†^U^TY^Ub_`QbQ
U\fUcdeQbY_e_db_cVY^UcUcdQR\USQaeU\Qc²`bU^TQcY^TYc`U^cQR\Uc³TU
RQ²SQTQY^TYfYTe_`b_`_bSY_^vbcU\Qc`_bc³'"" <QWQRU\Qc_RbU\QcUc`Q\

'!)
²7eQbTYQc>QSY_^Q\Uc³1bdSe\_9995\1]YW_TU\@eUR\_CQ^dYQW_"&TUQRbY\TU
!(% 
'"
9RYT+²7eQbTYQc>QSY_^Q\Uc³5\1]YW_TU\@eUR\_CQ^dYQW_!#TU]Qi_TU!(% +
²7eQbTYQ>QSY_^Q\³5\@b_WbUc_CQ^dYQW_!TU]Qbj_TU!(%#+²<_ccQi_^UcTU\RQdQ\\†^
SfYS_³5\1]YW_TU\@eUR\_3_^SU`SY†^!%TUTYSYU]RbUTU!(%(
'"!
²7eQbTYQc³_`SYd5\1]YW_TU\@eUR\_CQ^dYQW_!#TU]Qi_TU!(% 
'""
BUW\Q]U^d_`QbQ\Q7eQbTYQ>QSY_^Q\TU\QBU`‹R\YSQCQ^dYQW_9]`bU^dQTU\QBU
`‹R\YSQ!($(`vW!'

"('
TQcTU\_c`_RbUcUbQ`_b\_dQ^d_`UbVUSdQ]U^dU\UWQ\@Ub_\QcdU^cY_^Uc
aeUWU^UbQRQ\Q_R\YWQSY†^TUQed_VY^Q^SYQ]YU^d_TU\e^YV_b]U`_TQ^
cUbWbQfcY]QccYUbQ^Q`\YSQTQcTU]Q^UbQY^V\UhYR\U`_be^QZUVQdebQUh
dbU]QTQ]U^dUQed_bYdQbYQ5c\_aeU_SebbY†U^U\SeQbdU\SfYS_>¡#TU
CQ^dYQW_QS_]YU^j_cTU^_fYU]RbUTU!(%(SeQ^T_e^]Qi_bTUQ`U\\Y
T_<Qd_bbUUhYWY†aeUcecc_\TQT_ccU`bUcU^dQcU^Qe^QbUfYcdQS_^SXQ
aeUdQR\Q^SQ<_c²SfYS_c³QbWe]U^dQb_^aeU\QSUcQ^dQaeUQVUSdQRQQ
]eSX_cdbQRQZQT_bUcS_^fUbdQU\Se]`\Y]YU^d_TUUcQ_bTU^U^e^cQSbY
VYSY_]eiWbQ^TU<Qd_bbU\_cY^ce\d†dbQdv^T_\_cTUURbY_ciTUbb_SXQT_
bUc5\TQTU\QbUfYcdQc†\_Q\We^_cc_\TQT_ccU`bUcU^dQb_^S_^\QSXQaeU
dQbUaeUbYTQ+\_cTU]vc^_XQRQ^`_TYT_`b_`_bSY_^vbcU\Q*

5\]Qi_bS_]U^j†QY^ce\dQb\_c`b_^e^SYQ^T_e^
TYcSebc_cU]UZQ^dUQ\TU\T_]Y^W_Q^dUbY_b<_cc_\TQ
T_cS_]U^jQb_^Qd_cUbS_^UcQ]Q\YW^Qd_cUSY\\QaeUdQ^
QdYU]`_ceU\U^U]`\UQb\_cX_]RbUcTU^eUcdb_`eUR\_
5^d_^SUcU\]Qi_bXYj_cQ\YbTU\QVY\QQ\SQR_TUSQjQT_
bUc@QR\_CY\fQiTUc`e}cTUTQb\UQ\We^_c`\Q^Qj_c\_
]Q^T†`bUc_Q\SQ\QR_j_<QS_]`Q…Q`YTY†Qf_SUcQ
TYSX_CY\fQiU^UcdUQ`eb_U\]Qi_b]Q^T†cQ\YbTU\
SeQbdU\Q\_cc_\TQT_cTUZQ^T_U^}\Qd_TQc\QcS\QcUc
E^QfUjU^\QSQ\\U\_cc_\TQT_c`YTYUb_^TU^eUf_
\Q\YRUbdQTTUCY\fQ1\_bcecf_SUcU\]Qi_b]Q^T†aeU
\_cX_]RbUcaeUXQRQ^aeUTQT_U^U\SeQbdU\d_]QbQ^
VecY\iSQbWQbQ^Q\QRQi_^UdQc_RbUU\`eUR\_E^QX_c
dY\YTQTTUUcdQS\QcU`b_TeZ_U\UVUSd_aeUTURQUc`UbQb
cU*\_cc_\TQT_cd_]Qb_^`YUTbQciQ\fUbcUQ]U^QjQT_c
`_b\QcRQi_^UdQcTUcSQbWQb_^Q\We^Qc`UTbQTQc<QbQ
RYQTU\]Qi_b^_S_^_SY†\]YdUc*XYj_bU`QbdYbSQbde
SX_cQRQ\QQ\_cX_]RbUcaeU\_QS_]`Q…QRQ^i]Q^
T†b_]`UbU\VeUW_c_RbU\_cc_\TQT_c@_bV_bde^Q\_c
SQR_ccQbWU^d_cTU\RQdQ\\†^defYUb_^`beTU^SYQTUXQ
SUbcecVeUW_c`_bQ\d_i^QTYUVeUXUbYT_8QicY^U]
RQbW_aeYU^^_cQcUWebQaeUXeR_dbUcXUbYT_c'"#

1fUSUcSeQ^T_\Q]QcQTU\_c²SfYS_c³UcdQRQS_]`eUcdQ`_bcY]
`\UcWQ…Q^UcQWbS_\Qc°SeUcdY†^]eiVbUSeU^dUU^\_c`eUR\_cij_^Qc
T_^TU\_cQbdUcQ^_cUbQ^`_S_^e]Ub_c_c°U\5cdQT_\UcU^dbUWQRQe^Y
V_b]UcfYUZ_cQ]U^eT_dQ^Y^S_]`\Ud_ciWQcdQT_caeU^YcYaeYUbQcU

'"#
²¥@_RbUcSfYS_c³5\=UbSebY_FQ\`QbQc_(TU^_fYU]RbUTU!(%(5\Y^SYTU^dU
bUSYRY†Q]`\YQS_RUbdebQTU`bU^cQ5\`UbY†TYS_cQ^dYQWeY^_<Q1SdeQ\YTQT\_]U^SY_^†
U^e^QbdSe\_dYde\QT_²<Q7eQbTYQ3fYSQ³U\SeQ\VeUbU`b_TeSYT_U^3_^SU`SY†^`_b
5\1]YW_TU\@eUR\_U^ceUTYSY†^TU\")TU^_fYU]RbUTU!(%(

"((
\_WbQRQTQbe^Qc`USd_TUSeUb`_Q\_cS_^dY^WU^dUc5^]Qbj_TU!($(
e^`UbY†TYS_dQ\aeY^_QcUWebQRQaeUQ\RQdQ\\†^TU\Q7eQbTYQ>QSY_^Q\
TU\QSYeTQTXQRQ^\\UWQT_²T_cSYU^d_cSQcQSQcb_dQciQ`_\Y\\QTQci_db_c
dQ^d_cVecY\UccY^V_b^YdebQ³ '"$ 
<QcUhQSSY_^UcUS_^†]YSQcQ\_c]Y\YSYQ^_cUbQ^]‹\dY`\Uc5^!(' 
U\U^d_^SUcZ_fU^TY`edQT_:_c}=Q^eU\2Q\]QSUTQcU…Q\QRQU^\Q3v
]QbQaeU*

8QcYT_S_cde]RbUTUcTUXQSU]eSX_dYU]`_aeU
SeQ^T_\_cSQ]Y^_c`‹R\YS_ccU`_^U^Y^dbQ^cYdQR\UccU
\\Q]QQ\Q7eQbTYQ>QSY_^Q\`QbQbU`QbQb\_ciS_]`_^Ub
\_c@Ub_^_UcUcd_c†\_`eUc`QbQUcdUdbQRQZ_^_cU\Uc
TQQ\_cc_\TQT_cZ_b^Q\TU^Y^We^QS\QcU+`Ub_ae}TYW_
Z_b^Q\^YcYaeYUbQcU\UcTQ^\QcXUbbQ]YU^dQc^USUcQbYQc
¤3QRUQ\W_]vcQdU^dQd_bY_i]vcQRecYf_S_^dbQ\Q\YRUb
dQTi\QcWQbQ^dQcY^TYfYTeQ\Uc/ '"%

<QcfUZQSY_^UciXe]Y\\QSY_^UcceVbYTQc`_b\QWU^dUXe]Y\TUY^S_b
`_bQTQQ\_cSeUb`_cSfYS_cUbQ^^e]Ub_cQciTUfQbYQTQ^T_\U1\_c
VbUSeU^dUcSQcdYW_c°SQ\QR_j_`b_XYRYSY†^TUcQ\YTQcQj_dUc`Q\_c'"& i
SU`_'"'°cUce]QRQU\Q]U^eT_dYbv^YS_S_]`_bdQ]YU^d_TU\_cZUVUc
aeUQSdeQRQ^Y]ReYT_cTUe^]QbSQT_cU^dY]YU^d_TUce`UbY_bYTQTc_
SYQ\bUc`USd_TUcecceR_bTY^QT_c
<Q²]_bQ\YjQSY†^³TU\`eUR\_U^\Q7eQbTYQ>QSY_^Q\UbQU^dU^TYTQ
`_b\QcQed_bYTQTUcS_]_\QceZUSY†^`QcYfQTU\_c`_RbUcQ\QZUbQbaeQ
]Y\YdQbQ\_bTU^c_SYQ\iQ\`_TUb`_\dYS_4UQ\\U^d_^SUcaeUe^_TU\_c
_RZUdYf_cTU\U^SeQTbQ]YU^d_TU\_cQbdUcQ^_ci_db_cU\U]U^d_c`_`e\Q
bUcU^\Q7eQbTYQ3fYSQVeUbQceedY\YjQSY†^S_]_]QcQU\USd_bQ\W_RYUb
^YcdQ'"( iVeUbjQTUSX_aeUS_^dbQ\_c_`_cYd_bUci\_c]_fY]YU^d_c`_`e
\QbUc*

<_cQbdUcQ^_cQ\Q\YcdQbcUU^\Q7eQbTYQ>QSY_^Q\
°TUSQ5\1]YW_TU\@eUR\_°fQ^QU^dbUWQbcUQ\Qf_\e^
dQTTUQ\We^_cZUVUcaeU\_cUh`\_dQ^U^RU^UVYSY_TU\_c

'"$
²2QdQ\\†^3fYS_³5\1\VQDQ\SQ!!TU]Qbj_TU!($(
'"%
²<Q7eQbTYQ>QSY_^Q\³3v]QbQTU4Y`edQT_cCUcY†^) UhdbQ_bTY^QbYQU^'TU
^_fYU]RbUTU!(' U^BQVQU\CQWbUT_2QUjQi5TeQbT_4Uf}cFQ\T}cS_]`Y\QT_bUc
4YcSebc_cTU:_c}=Q^eU\2Q\]QSUTQ9S_^_WbQVQCQ^dYQW_5TYSY_^UcTU\Q4YbUSSY†^TU2Y
R\Y_dUSQc1bSXYf_ci=ecU_c3U^db_TU9^fUcdYWQSY_^Uc4YUW_2Qbb_c1bQ^Q3_\USSY†^
6eU^dUc`QbQ\Q8Ycd_bYQTU\QBU`‹R\YSQf_\9!))!`vW$#
'"&
C_RbUSQcdYW_cVcYS_cQTUcUbd_bUc_bTU^QT_c`_bU\`b_`Y_@_bdQ\Ucf}QcUFY\\Q
\_R_c@_bdQ\Uc_`SYd`vWc!%!i!%"
'"'
²7eQbTYQ^QSY_^Q\³<Q1SdeQ\YTQTCQ^dYQW_$TUTYSYU]RbUTU!(%(
'"(
@b_SUTY]YU^d_Uh`\YSQT_U^U\SQ`de\_F99

"()
 aeU]Q^TQ^4UUcdQ]Q^UbQSY^SeU^dQ]Y\SfYS_cTU
bbQ]QT_cU^d_TQ\QBU`‹R\YSQc_^_db_cdQ^d_cU^U]Y
W_cS_^aeUU\`eUR\_cUU^S_^dbQbQQceVbU^dUU^U\TQ
TU\Q\eSXQ¥<_cSfYS_cXQ^cYT_XQcdQQX_bQZeWeUdUc
TU\`_TUb'")

=eSXQcf_SUcQe^TUcTUU\`b_`Y_SQ]`_S_^cUbfQT_bcU\UfQ^dQ
RQ^`QbQTU^e^SYQb\QQbRYdbQbYUTQTaeUcYW^YVYSQRQXQSUbbUSQUbUcU`U
cQT_cUbfYSY_TU]Q^UbQUhS\ecYfQc_RbU\_cdbQRQZQT_bUc]Q^eQ\Uc1\We
^Qc`Ubc_^Qc°S_]_CQb]YU^d_aeYU^VeUe^QSdYf_c_cdU^UT_bTU\_c
W_RYUb^_cTU2e\^Uci=_^dd°cU…Q\QRQ^\QS_^dbQTYSSY†^aeUUhYcdQU^
S_^VYQbU\]Q^dU^Y]YU^d_TU\_bTU^c_SYQ\QaeYU^Uc]U^_cY^dUb}cdU
^Q^U^XQSUb\_*

5^3XY\UU^T_^TU\Q3_^cdYdeSY†^UhS\eiUTU\Q
SYeTQTQ^QQ\`b_\UdQbY_cU\UXQ^U^dbUWQT_\QcQb]Qc
`QbQaeUTUVYU^TQ\QS\QcU`b_`YUdQbYQQ\Q‹^YSQQ\Q
aeUU\_bTU^Y^dUbUcQ+U\`QbdYT_TU]†SbQdQbU`eR\YSQ^_
TUcUSXQTUd_TQ`QbdYSY`QSY†^TU\W_RYUb^_QUcU`eU
R\_fUbTQTUb_^‹S\U_TU\QbU`‹R\YSQU^>_bdUQ]}bY
SQ]YU^dbQcU^6bQ^SYQ`_bUc_]Yc]_^_cU\UQT]YdU
U^\Q]Y\YSYQQ\QaeUc†\_Ucdv^\\Q]QT_c\_c`b_`YUdQ
bY_cKM<Qc]Y\YSYQcdQ\UcSeQ\UcUcdv^_bWQ^YjQTQcX_i
U^3XY\UY]`_bdQ^e^QcUbfYTe]RbUY]`eUcdQ`_b\Q
c_SYUTQTSe\dQQ\Q]eSXUTe]RbUY^Se\dQU\T_]Y^Y_
TU\_c`b_`YUdQbY_cc_RbU\_c`b_\UdQbY_ce^QWQbQ^dQTU
_bTU^S_]_c_^cYU]`bU]_]U^dv^UQ]U^dUd_TQc\Qc
cUbfYTe]RbUc'# 

@_bUcd_c]_dYf_c\QbUV_b]QTU\cUbfYSY_U^\Q7eQbTYQ>QSY_^Q\VeU
e^QbUYfY^TYSQSY†^`Ub]Q^U^dUTU\_c_RbUb_ciQbdUcQ^_c1\We^_c`U
TQ^\YcQi\\Q^Q]U^dUcece`bUcY†^+_db_ce^QbU`QbdYSY†^]vcUaeYdQdY
fQU^dbUd_T_c\_cSYeTQTQ^_cUcTUSYbU\UcdbYSd_Se]`\Y]YU^d_TU\Q
3_^cdYdeSY†^4UcTUaeUUcdUcUbfYSY_]Y\YdQb_R\YWQd_bY_`Ub]Q^U^dU
`QbQ\_c`_RbUccUWU^UbQ\Yj†iU]`Uj†QQVUSdQbQTUSU^QcTU]Y\UcTU
`Ubc_^QcVeUb_^^e]Ub_cQc\Qc`UdYSY_^UcTUbUV_b]Q_TUQR_\YSY†^TU\
cUbfYSY_U^\Q7eQbTYQ3fYSQ5^!($%U\=Y^Ycdb_TU7eUbbQi=QbY^Q

'")
²<_c7eQbTYQc>QSY_^Q\Uc³1bdSe\_95\1]YW_TU\@eUR\_CQ^dYQW_!!TUQRbY\
TU!(% 
'#
CQb]YU^d_²<Q=Y\YSYQi\Q`_\dYSQ³5\@b_WbUc_CQ^dYQW_"TUQRbY\TU!($%
?RbQcf_\9H_`SYd`vW" "i" $3ebcYfQcU^U\_bYWY^Q\3_^SU`d_ccY]Y\QbUccUfYUb
dU^U^U\QbdSe\_5TYd_bYQ\²<Q7eQbTYQ>QSY_^Q\³TU\`Ub_TYS_5\3_]UbSY_FQ\`QbQc_
""TUVURbUb_TU!($)

")
Y^V_b]†Q\3_^WbUc_>QSY_^Q\aeUU\W_RYUb^_bUSYRQbUYdUbQT_cbUS\Q
]_c`QbQaeUcUUh_^UbQbQTUUcdQ_R\YWQSY†^°U^`QbdYSe\QbU^FQ\`QbQ
c_°Q\_cQbdUcQ^_cV_bjQT_cQQRQ^T_^QbcecdQ\\UbUccY^U]RQbW_bUSXQ
j†UcQcTU]Q^TQcdQ\S_]_\_XQbQ^cecceSUc_bUc*

>QTYU]UZ_baeUU\W_RYUb^_S_^_SU\QWbQfUTQT
TUUcdUY^S_^fU^YU^dU^Y]YbQS_^v^Y]_]vcTUcQWbQ
TQT_U\cQSbYVYSY_aeUcUY]`_^UQ\QcS\QcUcY^TecdbY_cQc+
`Ub_dYU^UU\cU^dY]YU^d_TUbUS_^_SUbaeUc_^RYU^
TYVSY\UcTUQT_`dQb\_cbUSebc_cS_^fU^YU^dUc`QbQ`_
^Ub\UbU]UTY_<QcbU^dQc`‹R\YSQc^_`Ub]YdU^Qe]U^
dQbU\UZ}bSYd_`Ub]Q^U^dUdQ]`_S_Uc`_cYR\U`_b\Q
]Yc]QbQj†^SbUQbSeUb`_cTU`_\YSQaeUcUU^SQb
WeU^Q\YfYQ^T_Q\UZ}bSYd_TU\QSecd_TYQTU\_cbU_ci
_dbQcVe^SY_^Uc`b_`YQ]U^dUTUZecdYSYQUhdbQ…QcQce
Y^cdYdeSY†^aeU\UUcdv^U^U\TQU^S_]U^TQTQc+]U^_c
Q‹^`eUTUS_^dQbcUS_^aeU\QcbU^dQc]e^YSY`Q\Ucce
VbQWeU^Ucd_cWQcd_c'#!

<QcVe^SY_^UcTU\_cSfYS_cUbQ^UVUSdYfQ]U^dU]‹\dY`\Uc1\Qc
]U^SY_^QTQc`_bU\]Y^Ycdb_U^QaeU\\Q_SQcY†^cUce]QbQ^_dbQc4Uc
TU\QT}SQTQTU\cUcU^dQ\_cSfYS_c`bUcdQb_^e^Q`_i_TU`bY]Ub_bTU^
U^\QfYWY\Q^SYQTU\Q6b_^dUbQQbQeSQ^Q*²5\UZ}bSYd__bWQ^YjQRQe^QUh
`UTYSY†^Q\Y^dUbY_bTUcdbeQcQaeUQRQSQcdYWQRQicUYRQ<QcWeQbTYQc
SfYSQcaeUTQRQ^bUcWeQbTQ^T_\Q`_R\QSY†^SXY\U^Q³ '#" 1\TUc`\QjQbcU
XQSYQU\^_bdUd_TQ\Qdb_`QfUdUbQ^QTU\QbUWY†^TebQ^dU\Q7eUbbQTU\
@QSVYS_UcdQcVe^SY_^UcTU\Q7eQbTYQ3fYSQcUfYUb_^bUV_bjQTQc'## 
@_TUb_cQcbQj_^UcTU5cdQT_iTUS_^db_\`_\dYS_ic_SYQ\cUS_^VQRe\Q
RQ^U^S_^dbQTU\QcdU^TU^SYQcQR_\YSY_^YcdQc_bUV_b]YcdQc
E^QTU\QcbQbQc_SQcY_^UcU^aeUU\5cdQT_S_^cY^dY†U^bUTeSYbcec

'#!
=U]_bYQaeU`bUcU^dQQ\3_^WbUc_>QSY_^Q\TU!($%U\=Y^Ycdb_TU5cdQT_U^U\TU`QbdQ
]U^d_TU7eUbbQi=QbY^QCQ^dYQW_9]`bU^dQ3XY\U^Q!($%`vWc!"i!#5\]Q\UcdQbTU
\_c]YU]Rb_cTU\Q7eQbTYQ>QSY_^Q\UbQ`QbdYSe\Qb]U^dUQWeT_U^FQ\`QbQc_E^Q…_
TUc`e}cTUUcdQ^UWQdYfQTU\=Y^Ycdb_TU7eUbbQU\dU]QVeU^eUfQ]U^dUUf_SQT_`_be^
]YU]Rb_TU\Q3_]YcY†^TU7eUbbQTU\Q3v]QbQTU4Y`edQT_caeYU^Q\bUVUbYbcUQ\²TYc
Wecd_S_^aeU\_cSfYS_ccU`bUcU^dQ^QXQSUbU\cUbfYSY_QaeUcU\UcS_]`U\U³Uh`bUc†ce
dU]_bVbU^dUQ\Q]Q^Y`e\QSY†^TU\TUcS_^dU^d_`QbQ\QbUQ\YjQSY†^TU²dU^dQdYfQcSbY]Y
^Q\Uc³<Qc_\eSY†^`b_`eUcdQUbQ\QQ]`\YQSY†^TU\^‹]Ub_TU`\QjQcTU\UZ}bSYd_`Ub]Q
^U^dUQVY^TUbUTeSYb\QcVe^SY_^UcTU\Q7eQbTYQ>QSY_^Q\C3>TU!($&3v]QbQTU
4Y`edQT_c²CUcY†^!"U^! TUZe\Y_TU!($&³`vW! 
'#"
<eYc3Qb\_c@QbU^dY^Y1bQeSQ^_ciSXY\U^_c1cY]Y\QSY†^i`U^UdbQSY†^Uc`_^dv^UQTU
\Q1bQeSQ^Q!(%!!(("dUcYc`QbQ_`dQbQ\WbQT_TU<YSU^SYQT_U^8Ycd_bYQCQ^dYQW_
@_^dYVYSYQE^YfUbcYTQT3Qd†\YSQTU3XY\U!)(&`vW""'
'##
?`SYd`vWc""'"# 

")!
`bUdU^cY_^UcTUbUS\edQ]YU^d_`QbQ\Q7eQbTYQ>QSY_^Q\VeUU^!($'
SeQ^T_bU^e^SY†`_bTUSbUd_TU\# TU_SdeRbUQ_bWQ^YjQbbUWY]YU^
d_cTUSQRQ\\UbQ\Y]Ydv^T_cUQQWbe`Qb\_c`_bUcSeQTb_^Uc_S_]`Q…Qc
ceU\dQcTQ^T_\QccYWeYU^dUcbQj_^Uc*

AeUQS_^cUSeU^SYQTU\QTY\QdQTQUhdU^cY†^aeU
QaeU\\_cQRbQjQ^K\_cbUWY]YU^d_cM^_Uc`_cYR\UbUe^Yb
\_cY^TYfYTe_cTUaeUcUS_]`_^U^cY^`bYfQb\Uc`_bQ\
We^_cTQcTU\dbQRQZ_TUUcdUSfYS_]UTY_TU_RdU^Ub
\QceRcYcdU^SYQTUcecVQ]Y\YQcicY^SQecQbQTU]vce^
WbQfU`UbZeYSY_Q\_c`b_`YUdQbY_ciQ\QQWbYSe\debQTU\
`Qc'#$

<Qc `bUcY_^Uc TU \_c \QdYVe^TYcdQc Y^dUbUcQT_c U^ S_^cUbfQb e^Q

QRe^TQ^dUbUcUbfQTU]Q^_TU_RbQ\Y]YdQb_^U^QaeU\\Q_`_bde^YTQT
\_c `b_iUSd_c TU Uh`Q^cY†^ TU \Q 7eQbTYQ 3fYSQ '#% <QS_^dbQTYSSY†^
U^dbUU\Y^dUb}cTU\5cdQT_iU\TUQ\We^_ccUSd_bUcTU\QS\QcUT_]Y^Q^
dUQ]`\YQRQU\SQ]`_TUS_^dUcdQSY†^Q\QY^cdYdeSY†^]Y\YSYQ^Q5\TU
RQdUc_RbUU\dU]QUcdQbQ`bUcU^dUU^\QfYTQ`_\dYSQ^QSY_^Q\XQcdQVY
^UcTUcYW\_D_TQc\QcS_bbYU^dUc_`_cYd_bQc\UfQ^dQb_^U^Q\W‹^]_
]U^d_ \Q RQ^TUbQ TU \Q bUV_b]Q TU\ cUbfYSY_ TU \Q 7eQbTYQ >QSY_^Q\
S_]_e^Q]Q^UbQTUTURY\YdQbQcecQTfUbcQbY_cU^U\W_RYUb^_iTUWQ
^QbQ`_i_cU^dbU\_ccUSd_bUc`_`e\QbUcE^SQc_`QbQTYW]vdYS_TUUcdQ
`_\dYSQVeU\QY^dUbfU^SY†^TU:_c}=Q^eU\2Q\]QSUTQU^\QcUcY†^TU
\Q3v]QbQTU4Y`edQT_cTU\'TU^_fYU]RbUTU!(' 5^QaeU\\Q_`_b
de^YTQTU\TY`edQT_`_b3QbU\]Q`ecU_`ec_Q\f_d_TU\`bUce`eUcd_
TU\Q7eQbTYQ>QSY_^Q\SeUcdY_^Q^T_\QfQ\YTUjTUTYSXQY^cdYdeSY†^Q\
]U^_cdQ\S_]_Ve^SY_^QRQXQcdQU^d_^SUc2Q\]QSUTQTUcUcdY]†\_c
T_cQbWe]U^d_caeUUcWbY]Q^\_c`QbdYTQbY_cTU\]Q^dU^Y]YU^d_TU\Q
7eQbTYQ3fYSQ°bUcWeQbTQb\QY^dUWbYTQTTU\dUbbYd_bY_^QSY_^Q\iS_^
dU^Ub U\ SQeTY\\Yc]_ ]Y\YdQb° `_b S_^cYTUbQb aeU SQbUSQ^ TU Ve^TQ
]U^d_bUQ\5\TYbYWU^dU\YRUbQ\TU^e^SY†\QY^ZecdQbU`QbdYSY†^TUce
cUbfYSY_U^dbU\QcTYcdY^dQcSQdUW_bQcTUSYeTQTQ^_c\Q`UcQTQSQbWQVY
^Q^SYUbQaeUcYW^YVYSQRQ`QbQU\5cdQT_U\]Q^dU^Y]YU^d_TUUc_cSeUb
`_c\QedY\YjQSY†^S_]_]QcQU\USd_bQ\TU\_c]Y\YSYQ^_c`_b\_cW_RYUb
^_ci_db_cQRec_c5^ceS_^SU`d_\QSQecQbUQ\TUceUhYcdU^SYQUbQ
cY]`\U]U^dU²Qb]QbQ\`QcS_^U\TY^Ub_TU\`QcU^S_^dbQTU\Qc]Q
^YVUcdQSY_^UcTU\`Qc³Q^dU\_SeQ\`b_`ec_\Qce`bUcY†^TU\cUbfYSY_
QSdYf_U^\Qc]Y\YSYQc]YU^dbQccUbU_bWQ^YjQRQS_^cUbfQ^T_cebUWYc

'#$
²9^c`USSY†^:U^UbQ\TU7eQbTYQc3fYSQc³CQ^dYQW__SdeRbU# TU!($'5\1\VQ
DQ\SQ!#TU^_fYU]RbUTU!($'
'#%
?db_UZU]`\_TUUcdQc`bUcY_^UcQSbUSU^dQTQcTebQ^dU\QWeUbbQSYfY\TU!(%!U^
²5\S\Q]_bTU\XQSU^TQT_³5\=UbSebY_FQ\`QbQc_"(TU_SdeRbUTU!(%!

")"
db_QVY^TUbUc`UdQb\QTYc`_cYSY†^S_^cdYdeSY_^Q\ '#& 1\`_S_dYU]`_°Q
S_]YU^j_cTUZe^Y_TU!('!°QS_]`Q…QT_TUe^`QbTUcecS_\UWQc
`bUcU^d†e^`b_iUSd_TU\UiTUcec`U^cY†^TUcUbfYSY_TU\Q7eQbTYQ
>QSY_^Q\XQcdQU\!TUQW_cd_TU\]Yc]_Q…_ '#' 8QSYQVY^UcTU\QT}SQ
TQ cYWeYU^dU TebQ^dU ce `Ub_T_ `bUcYTU^SYQ\ TURY† U^VbU^dQb e^Q
SQ]`Q…QTUR_YS_dQ\Q7eQbTYQ>QSY_^Q\TUcQbb_\\QTQ`_bU\ @QbdYT_
4U]_SbvdYS_'#( 
4UUcdQ]Q^UbQ\Q]Y\YSYQ°\eWQbTU_`bUcY†^iTUce]YcY†^TU\_c
`_RbUc°cUdbQ^cV_b]QRQU^TUdUb]Y^QTQc_SQcY_^UcU^e^v]RYd_TU
`_\YdYjQSY†^iTUbUcYcdU^SYQQ\Q_`bUcY†^TUS\QcUUZUbSYTQc_RbU\_cdbQ
RQZQT_bUc`_bU\5cdQT_i\QZUbQbaeQ]Y\YdQb<QbUYfY^TYSQSY†^TU\QbU
V_b]Q_TU\QQR_\YSY†^TU\cUbfYSY_U^cecVY\QccUS_^fUbdYbQQ\_\QbW_
TUfQbYQcT}SQTQcU^e^_TU\_cUZUcUcdbeSdebQT_bUcTU\]_fY]YU^d_
`_`e\Qb

'#&
²<Q7eQbTYQ>QSY_^Q\³U^CQWbUT_i4Uf}c_`SYdf_\e]U^9`vWc$!$)
'#'
C3>3v]QbQTU4Y`edQT_cCUcY_^Uc_bTY^QbYQc!('!²CUcY†^! ?bTY^QbYQU^&
TUZe^Y_TU!('!³`vWc$i%
'#(
F}QcUU\SQ`de\_HF999

")#
 31@ÅDE<?F99

5<B5>139=95>D?45<1
3?>F?31D?B91@?<ÅD9319>CDBE=5>D1<
4EB1>D5<14r314145!($

<\_bU]_c\_c]Q\Uc
4U\dbYe^V_VQdQ\
AeUS_^]Y\TUcWbQSYQc
CUQTaeYbY†U^Ie^WQi

?X`_RbUSXY\U^_
4UZQcdUdeceU\_
CebSQ^T_\_c]QbUcS_^bv`YT_feU\_

3_^XQjQ…QdQ^dQ
U^T_\_bWU]Y]_c
IU\XYZ_i\QUc`_cQ
5^XQ]RbUfYfY]_c

8Y]^_^eUf_!($ '#)

9 >DB?4E339É>

5^!($ TUc`e}cTUe^QT}SQTQTUW_RYUb^_S_^cUbfQT_bcU`bUcU^d†
`_b`bY]UbQfUje^Q_`_bde^YTQT`QbQaeU\Q_`_cYSY†^`eTYUbQbUQ\YjQb
U^CQ^dYQW_i_dbQcSYeTQTUcTU]_cdbQSY_^UcU^dbU\_ccUSd_bUc`_`e\QbUc
5^U^Ub_cU_bWQ^Yj†e^QC_SYUTQT@QdbY†dYSQU^SQbWQTQTUbUe^Yb
V_^T_c`QbQQ`_iQb\Q`bU^cQ_`_cYd_bQiVY^Q^SYQbQSdYfYcdQcaeUTYcdbYRe
iUbQ^Y]`bUc_cU^dbU\QcS\QcUcdbQRQZQT_bQc<QbUQSSY†^TU\W_RYUb^_^_
cUXYj_Uc`UbQb*U\TYbUSd_bTU\`UbY†TYS__`_cYd_b5\4YQR\_@_\dYS_:eQ^
>YS_\vcÂ\fQbUjVeUQSecQT_Q^dUU\DbYRe^Q\TU9]`bU^dQTUXQRUbS_
]UdYT_U^cecUcSbYd_c\_cTU\Yd_cTUcUTYSY†^UY^ZebYQc

'#)
²8Y]^_^eUf_³<Q=_SY†^CQ^dYQW_!#TUQW_cd_TU!($ 

")%
 5\! TUVURbUb_TQTU\`b_SUc_cUbUe^YUb_^VbU^dUQ\dbYRe^Q\
fQbY_cSU^dU^QbUcTU`Ubc_^QcUc`USYQ\]U^dUU\U]U^d_c`_`e\QbUciUc
deTYQ^dUcTYbYWYT_c`_bQ\We^_cQSdYfYcdQcTU\Q_`_cYSY†^QVY^TUXQSUb
`bUcY†^c_RbUU\ZebQT_Â\fQbUjVeUS_^TU^QT_Q\`QW_TUe^Q]e\dQTU
" `_bU\SQbW_TUcUTYSY†^`Ub_QRceU\d_`_bU\TUY^ZebYQc\_aeUVeU
VUcdUZQT_S_]_e^QWbQ^fYSd_bYQ`_b\_c_`_cYd_bUcbUe^YT_cU^e^RQ^
aeUdUU^\QbUcYTU^SYQTUe^_TUcec`bY^SY`Q\UcTYbYWU^dUc'$ *²<Q`_R\Q
TQaeYj_U^dbQbdQ]RY}^Q\QSQcQT_^TUcUSU\URbQRQU\dbYe^V_iS_]_
cU\USUbbQbQ^\Qc`eUbdQcU]`Uj†QQ`UTbUQb\QS_^dQ\VebYQaeUVeU
^USUcQbY_c_\YSYdQbU\QehY\Y_TU\QcfY\Y`U^TYQTQcQed_bYTQTUc³'$! 
<QS_^f_SQd_bYQ`_\dYSQY^cdbe]U^dQ\TU\`eUR\_cUWeQ`\U^Q]U^
dUfYWU^dU<Q_`_cYSY†^bU^_f†cec\\Q]QT_cQ\_ccUSd_bUc`_`e\QbUcY^
f_SQ^T_ceccQSbYVYSY_cTebQ^dU\QWeUbbQS_^dbQ\Q3_^VUTUbQSY†^@Ub‹°
2_\YfYQ^Q cQSbYVYSY_c ^_ bUS_]`U^cQT_c `_b U\ b}WY]U^ `U\eS†^ <Q
]‹cYSQTU\8Y]^_TUIe^WQiVeUQ`b_fUSXQTQ`QbQTYVe^TYb\QcUcdb_VQcTU
e^QSQ^SY†^TUSbdYSQQ\W_RYUb^_*

1\X}b_USQ^dQT\U
i^_]vcaeUQ}\
<_cTU]vc\\_bQ]_c
4UcTYSXQdQ^SbeU\

5bbQ^dUcfQWQ]_c
cY^dU^UbTUcdY^_
<_caeUS_^fQ\_b
\QcQ^WbUfUbdY]_c

5\`QW_TU3XY\U
UcU\WQ\QbT†^
4U\RbQf_c_\TQT_
4U\VYU\cUbfYT_b

>_]vcS_]`Q…Ub_c
<QUc`QTQU]`e…Qb
@QbQaeUe^dYbQ^_
CU\\UWeUQQVYQ^jQb '$"

'$
4YUW_2Qbb_c1bQ^QE^TUSU^Y_TU\Q8Ycd_bYQTU3XY\U!($!!(%!d_]_9CQ^dYQ
W_9]`bU^dQi5^SeQTUb^QSY†^E^YfUbcYdQbYQ!) &`vWc(!(&+5^SY^Q_`SYdd_]_H9
`vWc% )i%! +C_d_]Qi_bFQ\T}c8Ycd_bYQTU3XY\URQZ_U\W_RYUb^__`SYdd_]_9F`vWc
!(%!)#
'$!
5^SY^Q_`SYdd_]_H9`vW%! 
'$"
²8Y]^_^eUf_³_`SYd

")&
 1\Q…_cYWeYU^dUS_bbUc`_^TQU\UWYbe^^eUf_@bUcYTU^dUTU\QBU
`‹R\YSQ4Uc`e}cTUe^QT}SQTQTUW_RYUb^_TU\WU^UbQ\@bYUd_U\R\_
aeUS_^cUbfQT_bTUdU^dQRQc†\YTQ]U^dUU\`_TUbIQe^aeUTUcTUXQSQ
fQbY_cQ…_cXQRQ^cebWYT_Q\We^QcTYcYTU^SYQcU^cecU^_aeUY^dU^dQ
b_^\UfQ^dQb\QSQ^TYTQdebQTU\`U\eS†^:_Qae^D_S_b^Q\\Q_`SY†^TU\
5ZUSedYf_cQ\YU^dU`_bU\WU^UbQ\=Q^eU\2e\^UcSeRYUbd_TUW\_bYQ`_b
\QfYSd_bYQTUIe^WQiQcUWeb†U\dbYe^V_U\USd_bQ\TUUcdU‹\dY]_]Y\YdQb
<QS_^SUbdQSY†^TU\U^\QSU]QdbY]_^YQ\TU2e\^UcS_^\QXYZQ]Qi_bTU\
WU^UbQ\6bQ^SYcS_1^d_^Y_@Y^d_SQ^TYTQd_TU\QdU^TU^SYQ`Y`Y_\Qi\Y
RUbQ\S_^dbYRei†Q\QQb]_^QU^dbU\QcVQSSY_^UcTU\QU\YdU '$# 
3_^d_T_\QS_ie^debQcU`bUcd†`QbQaeU\QcTYcdY^dQcdU^TU^SYQcaeU
Qc`YbQRQ^QS_\_SQbQe^_TU\_ccei_cU^U\cY\\†^`bUcYTU^SYQ\bUQ\YjQbQ^
SYUbd_dbQRQZ_TU`b_`QWQ^TQU^dbU\_ccUSd_bUc`_`e\QbUcU^`QbdYSe\Qb
U^TYbUSSY†^TU\QcS\QcUciceR_VYSYQ\UcTU\Q7eQbTYQ>QSY_^Q\aeUS_]_
Uc cQRYT_ UbQ^ ]Qi_bYdQbYQ]U^dU QbdUcQ^_c i W_jQRQ^ TU\ TUbUSX_ Q
f_d_'$$ <_c`QbdYTQbY_cTU@Y^d_`eR\YSQb_^5\=Y\YSYQ^_i5\8_]RbUTU\@eU
R\_\_cTU2e\^Uc5\1bdUcQ^_i\_cTUD_S_b^Q\5\@QYcQ^_3_]_TUS_c
de]RbUe^QcUbYUTUY]`bUc_cceU\d_cbUV_bjQb_^\_c\\Q]Q]YU^d_cQ\`eU
R\_<Qc`_\}]YSQc]vcVeUbdUcVeUb_^\Qc`b_dQW_^YjQTQc`_b\_ccUWeYT_
bUcTU2e\^Uci@Y^d_UcTUSYb`_b\QcSQ^TYTQdebQc`bY^SY`Q\Uc5\1bdUcQ
^_UTYdQT_`_bU\fYUZ_`_\dYS_UcdQ^aeUb_BQ]†^BU^WYV_U^SeRYUbd_
RQZ_\QVYb]QTUe^]YcdUbY_c_²SQb`Y^dUb_³`b_RQR\U]U^dUe^QbdY\eWY_
`QbQQdbQUbcY]`QdQc`_`e\QbUc`ec_U\QSU^d_U^U\_bTU^i\Q`b_c`UbY
TQT\_WbQTQTebQ^dUU\`bY]UbTUSU^Y_S_^cUbfQT_biU^b_cdb†Q\_c\YRUbQ
\Uc\QY^S_^cUSeU^SYQTUceTYcSebc_XQSYQU\²RQZ_`eUR\_³*

>_c_db_cK\_cQbdUcQ^_cM^_aeUbU]_cQ\R_b_d_c
^YbUfeU\dQc*^_aeUbU]_cS_^fUbdYb^_cU^`eUR\_c_RUbQ
^_cUW‹^^_cQS_^cUZQ^\_cSQRQ\\Ub_caeUcUbUSbUQ^U^
fUb`QTUSUbQ\`_RbUDQ\fUjU\\_ccUbv^\_c`bY]Ub_cU^
TQb^_cTU`Q\_cS_]_^_c\_TYUbQ^U^_db_dYU]`_Q

'$#
E^bU\Qd_`_b]U^_bYjQT_TUUcd_cQS_^dUSY]YU^d_cU^5^SY^Q_`SYdd_]_H9
`vWc%!(%")
'$$
<Q3_^cdYdeSY†^TU!(##XQRQVYZQT_\Q_R\YWQSY†^TUcQRUb\UUbiUcSbYRYb`QbQ
dU^UbTUbUSX_Qf_d_`Ub_e^QbdSe\_dbQ^cYd_bY_TU\]Yc]_dUhd_XQRQUcdQR\USYT_aeU
UcQTYc`_cYSY†^^_cUSe]`\YbQcY^_TUc`e}cTU!($ @_bS_^cYWeYU^dUXQcdQUcUQ…_cU
SQ\YVYSQRQ^UcTUSYbW_jQRQ^TU\TUbUSX_QceVbQWY_d_T_c\_cc_\TQT_cSfYS_c@QbQcU
WeYbS_^dQ^T_S_^dQ^cYW^YVYSQdYfQ]QcQceVbQWQ^dUe^_cT_c]Y\f_d_cTUe^d_dQ\TUSeQ
db_]Y\T_cSYU^d_cf_dQ^dUcU^CQ^dYQW_aeU\_cS_]Q^TQ^dUcTU\Q7eQbTYQ>QSY_^Q\
]Q^UZQRQ^QceQ^d_Z_QdbQf}cTU\`b_SUTY]YU^d_TUbUS_ZUb\QcSQ\YVYSQSY_^Uc\_cW_RYUb
^YcdQcY^fU^dQb_^e^QT_SdbY^QY^dUb`bUdQdYfQTU\Q3_^cdYdeSY†^cUW‹^\QSeQ\\QS_^TY
SY†^TUcQRUb\UUbiUcSbYRYbc†\_cUbQQ`\YSQR\UQaeYU^UccUY^cSbYRYUbQ^`_b`bY]UbQfUj
TUc`e}cTU!($ `Ub_^_Q\_caeU\_XeRYUbU^XUSX_Q^dUcTUUcUQ…_5cdQY^dUb`bUdQ
SY†^VeUcQ^SY_^QTQ`_be^Q\UiTU\!"TU^_fYU]RbUTU!($"2Qbb_c1bQ^QE^TUSU^Y_
_`SYdd_]_9`vW))

")'
 ^_]RbUTU\Q\YRUbdQTiTUUc_aeU\\Q]Q^`bY^SY`Y_c5\
\YRUbQ\Yc]_cUbvS_cQ]eiReU^QKM`Ub_XQR\Q^T_
U^dbU^_c_db_cKMaeUSQbWeUU\TYQR\_S_^}\`_baeU
ecdUTUciQcQRU^aeUU\WQd_UcSQ\`QT_XeiUTU\QWeQi
i_^_Ucd_i`QbQaeU]UbUWQ\U^\Qc_RUbQ^Q`_b]UTY_
TUe^`Q`U\Y]`bUc_iTUc`e}c]U\QaeYdU^Q`_bbQj_c
\_c]Yc]_caeU]UXQRQ^XUSX_U\_RcUaeY_'$%

@_bce`QbdU\Q^QSYU^dU_`_cYSY†^\YRUbQ\\UfQ^d†\QcRQ^TUbQcTU\Q
YWeQ\TQTTU^e^SYQ^T_\QcTYcSbY]Y^QSY_^Ucc_SYQ\UcaeU\QBU`‹R\YSQ
`U\eS_^QXQRQ]Q^dU^YT_`Ub`UdeQ^T_\Q_TYQTQXUbU^SYQS_\_^YQ\*

¤7_jQQSQc_U\X_^bQT_QbdUcQ^_TU\Qc`bUbb_WQdY
fQcS_^cYW^QTQcU^\Q\Ui/¤CU\U]YbQQSQc_S_^QaeU\\Q
S_^cYTUbQSY†^aeUcU`b_TYWQQ\_caeUbU`bUcU^dQ^\Q
_`e\U^SYQ_fQ^bUfUcdYT_cTU\QQ`QbYU^SYQcTUe^X_]
RbURYU^_`e\U^d_/>_cU…_b5\QbdUcQ^_U\\QRbQT_b
aeU^_defYUb_^\QceUbdUTU^QSUbS_^e^Q`U\\YT_bUde]
RQ^dU^YU\cU^_TU\QbYaeUjQc_^cUbUcTUWbQTQT_ci
U^fY\USYT_cQ\_c_Z_cTU\aeU\\UfQQ\We^_TUUc_cQSSYTU^
dUcTU\QfQ^YTQTXe]Q^Q_TU\QY^S_^cdQ^dUV_bde^Q'$&

<_c\YRUbQ\UcQWYdQRQ^\QcbUYfY^TYSQSY_^Uc`_`e\QbUc]vccU^dYTQc
QaeU\\Qc aeU U\ _bTU^ S_^cUbfQT_b ^UWQRQ TU ]Q^UbQ ]vc `Q\`QR\U
=eSX_ci]eifQbYQT_cUbQ^\_cRYU^UcaeUU\Vedeb_W_RYUb^_TU\WU^U
bQ\@Y^d__d_bWQbQQ\_cdbQRQZQT_bUc*

2QZ_ceQT]Y^YcdbQSY†^KMdU^Tb}Yc]UZ_bUc\UiUc
ifeUcdbQcTURY\YTQTUc^_cUbv^SQcdYWQTQcTU\]_T_aeU
\_c_^U^U\TQaeUTQ^T_Y^VQ]QT_c`QbQcYU]`bU=U
bUVYUb_U^UcdQ`QbdUQ\QRvbRQbQ`U^QTUQj_dUcU\W_
bb_i\QUcSQ\UbQKM5cQc`bYcY_^UcQ]Re\Q^dUcU^aeU
cU_cU^SYUbbQS_]_cYVe}bQYcRUcdYQcVUb_SUciU^aeUcU
_cXQSUceVbYbd_b]U^d_cS_^dY^e_caeUUaeYfQ\U^Qe^Q
]eUbdU\U^dQcUbv^QR_\YT_cdQ^`b_^d_S_]_ceRQQ\
]Q^T_ce`bU]_U\WU^UbQ\@Y^d_U^Sei_dYU]`_ZQ]vc
Uh`UbY]U^dQcdUYcUcdQcUhaeYcYdQcSbeU\TQTUcKM<\UWQ
b}YcS_^U^dUbQS_^VYQ^jQQ^dU\_cZeUSUci^_S_^U\dU
]_baeU_cSQecQ\QY^TYVUbU^SYQidQ\fUjU\TUc`bUSY_
S_^aeUceU\U^bUSYRYbcU5\bYS_iU\`_RbUcUbv^YWeQ\Uc
Q^dU\Q`bUcU^SYQZeTYSYQ\KMFeUcdbQY^TecdbYQ_c`b_

'$%
5\1bdUcQ^_CQ^dYQW_""TUZe^Y_TU!($!
'$&
²9WeQ\TQT³5\8_]RbUTU\`eUR\_CQ^dYQW_" TUZe^Y_TU!($!

")(
 `_bSY_^QbvQRe^TQ^dUcbUSebc_cKM`_baeUU\WU^UbQ\
@Y^d_S_^cedQ\U^d_iTUSYcY†^`_bfeUcdb_cY^dUbUcUc
XQbv aeU QTU\Q^dU^ \Qc QbdUc 8QRbv ]eSXQc UcSeU\Qc
`QbQaeUUTeae}YcQfeUcdb_cXYZ_ci^_`Ub]Q^UjSQ^U^
\QYW^_bQ^SYQ_bWU^TU\_cfYSY_c'$'

1`UcQbTU\QcSbdYSQciTU\_cQdQaeUcTUbYW_bU^dbU\_c`QbdYTQbY_c
TU@Y^d_2e\^UciD_S_b^Q\\QTYcSecY†^cU]Q^def_U^d}b]Y^_cbU\QdY
fQ]U^dU]_TUbQT_c5^bUQ\YTQTU^U\cU^_TU\QU\YdUXQRQ^QSeUbT_c
UcU^SYQ\Uc°]Q^dU^SY†^TU\_bTU^c_SYQ\iTU\cYcdU]QbU`eR\YSQ^_°i
`_bdQ^d_\Q`_\}]YSQUbQQ‹^²e^]UTY_TUUh`bUcY†^TU\QcV_b]QcTU
S_^cU^c_Q\Y^dUbY_bTU\QS\QcUTYbYWU^dUSXY\U^QQcS_]_TU\QcV_b]Qc
TUTYcU^c_`_cYR\U³'$( 5\dbYe^V__VYSYQ\YcdQiU\SQ]RY_TUW_RYUb^_°S_^
\_cQS_cde]RbQT_cVbQeTUcUY^dUbfU^SY†^U\USd_bQ\TU\5ZUSedYf_TU^e^
SYQT_cS_]_cUXQSQXQRYdeQ\]U^dU`_b\Q_`_cYSY†^ '$) °cU`b_TeZ_cY^
]Qi_bUcdbQcd_b^_c '% <QS_^f_SQd_bYQdbQTYSY_^Q\Q\`eUR\_\\Q^_cUWeQ
cYU^T_e^U\U]U^d_cUSe^TQbY_TU\Q\eSXQ`_\dYSQ<Q]_fY\YjQSY†^U^
Q`_i_Q>YS_\vcÂ\fQbUji\QQWYdQSY†^TUcQbb_\\QTQ`_b\Q_`_cYSY†^U^\Qc
U\USSY_^UcTU!($!VeUb_^Uh`UbYU^SYQcQYc\QTQc5\`_TUb`U\eS†^cU
UZUbSQQ‹^SQcYcY^S_^dbQ`Uc_`Ub_QaeU\\Qc`UbdebRQSY_^UcUbQ^c^d_
]QcTUe^QUf_\eSY†^US_^†]YSQc_SYQ\`_\dYSQiSe\debQ\aeUcUWUcdQ
RQU^\QQbYcd_SbvdYSQiZUbQbaeYjQTQc_SYUTQTSXY\U^Q

5 < ² =?F9=95>D? 3E<DEB1< 45 !($"³

I 5< B56?BJ1=95>D? 45 <1 ?@?C939É>

3_]_XQcYT_bUcU…QT_U^U\cUWe^T_SQ`de\_TUUcdU\YRb_\QcUh`_bdQ
SY_^UcSXY\U^QcdQ^d_QWbS_\QcS_]_]Y^UbQcS_]U^jQb_^QS_^_SUbe^
QeWU^_dQR\UQ`QbdYbTU\QT}SQTQTU!($ 5\U^bYaeUSY]YU^d_TU\QcS\Q

'$'
5\8_]RbUTU\`eUR\_CQ^dYQW_"%TUZe^Y_TU!($!
'$(
1^Q=QbQCdefU^²@_\}]YSQiSe\debQ`_\dYSQSXY\U^Q!($ !(% ³U^8Ycd_bYQ
>¡"%CQ^dYQW_!)) `vW"")
'$)
4U^e^SYQcc_RbUVbQeTUcUY^dUbfU^SY†^TU\5ZUSedYf_U^U\`b_SUc_U\USd_bQ\U^*
3QbdQcTUe^`_\QS_c_RbU\Q`_\dYSQU^3XY\U>¡!CQ^dYQW_9]`bU^dQTU3_\_S_\_!#TUZe
\Y_TU!($ i>¡"CQ^dYQW_9]`bU^dQTU3_\_S_\_"$TUQW_cd_TU!($ +1`e^dUcbU\QdY
f_cQ\QQT]Y^YcdbQSY†^WeRUb^QdYfQTU4_^6bQ^SYcS_1^ZU\BQ]bUjTU3_`YQ`†FQ\`QbQc_
9]`bU^dQ<YRUbQ\" TUQW_cd_TU!($ <QbUc`eUcdQQUcdU‹\dY]_T_Se]U^d_cUU^SeU^
dbQU^3_^dUcdQSY†^Q\_cSeQTUb^_cdYde\QT_cUh`UTYU^dUcc_RbU\QcY^VbQSSY_^UcTU\UYS_]UdYTQc`_b
fQbY_cVe^SY_^QbY_c`‹R\YS_cTU\TU`QbdQ]U^d_TU3_`YQ`†iQ`e^dUcbU\QdYf_cQ\QS_^TeSdQWeRUb
^QdYfQTU46bQ^SYcS_1^ZU\BQ]YbUcU^U\]Yc]_TU`QbdQ]U^d_CQ^dYQW_9]`bU^dQi<Yd_WbQ
VQTU\5cdQT_!($ 
'%
2Qbb_c1bQ^QE^TUSU^Y__`SYdd_]_9`vWc)(! "

"))
cUcce`UbY_bUciU\Qe]U^d_TU\_cY^WbUc_cVYcSQ\Uc'%! U^e^S_^dUhd_TU
UcdQRY\YTQT`_\dYSQcUdbQTeZ_TUcTU\_c`bY]Ub_cQ…_cTU\TUSU^Y_`bUcY
TU^SYQ\TU\WU^UbQ\2e\^UcU^e^Y]`_bdQ^dUTUcQbb_\\_TU\QSe\debQiTU
\QUTeSQSY†^U^dbU\_ccUSd_bUcc_SYQ\Uc]vcQS_]_TQT_c1]U^eT_cU
cU…Q\QU\Q…_!($"S_]_U\TU\QUS\_cY†^TUe^Q`bY]UbQWU^UbQSY†^TU
Y^dU\USdeQ\UcbU`eR\YSQ^_cS_Y^SYTYU^T_S_^\QVe^TQSY†^TUY]`_bdQ^
dUcY^cdYdeSY_^UcSe\debQ\UciTUU^cU…Q^jQ5^!($#U\W_RYUb^_Ve^T†\Q
E^YfUbcYTQTTU3XY\U°RQZ_U\Y]`e\c_iTYbUSSY†^TU\fU^Uj_\Q^_1^Tb}c
2U\\_°i\Q5cSeU\Q>_b]Q\TU@bUSU`d_bUcWbQSYQcQ\S_^Sebc_TU\QbWU^
dY^_4_]Y^W_6QecdY^_CQb]YU^d_5^!($)^QSUb_^\Q5cSeU\QTU2U\\Qc
1bdUc_bWQ^YjQTQ`_bU\`Y^d_bYdQ\YQ^_1\UccQ^Tb_3YSQbU\\Y\Q5cSeU\Q
TU1baeYdUSdebQRQZ_\QTYbUSSY†^TU\QbaeYdUSd_VbQ^S}c6bQ^|_Yc2be^Ud
TU2QY^Uci\Q5cSeU\QTU1bdUci?VYSY_cTYbYWYTQ`_bU\VbQ^S}c:e\Uc:Q
bYUj1\Q…_cYWeYU^dUcUSbU†U\3_^cUbfQd_bY_>QSY_^Q\TU=‹cYSQ'%" 
5\]_fY]YU^d_Se\debQ\dQ]RY}^S_Rb†VeUbjQVeUbQTU\QcY^cdYdeSY_
^UcTU\5cdQT_<_c\YdUbQd_c`b_TeZUb_^fQbYQcbUfYcdQc*U^FQ\`QbQc_ceb
WYUb_^<QBUfYcdQTUFQ\`QbQc_`eR\YSQTQQ`QbdYbTUVURbUb_TU!($"`_b
e^Wbe`_TUY^dU\USdeQ\UcQbWU^dY^_cS_^TeSYT_c`_bFYSU^dU6YTU\<†`Uj
i5\=ecU_TUQ]RQc1]}bYSQcTUcTUQRbY\TU\]Yc]_Q…_RQZ_\QTYbUSSY†^
TU:eQ^7QbSQTU\B_e^\YdUbQd_`UbY_TYcdQi`_\dYS_aeUXQRQTUcU]
`U…QT_SQbW_cTU]Y^Ycdb_TU5cdQT_U^5SeQT_b@Ub‹i3_\_]RYQ@_S_
TUc`e}cRQZ_U\Y]`e\c_TU:_c}FYSd_bY^_<QcdQbbYQcU_bWQ^Yj†U^CQ^dYQ
W_\QC_SYUTQT<YdUbQbYQaeU\\UW†QZeWQbe^Y]`_bdQ^dU`Q`U\U^\QTYVecY†^
TUYTUQciU^\QV_b]QSY†^Y^dU\USdeQ\TU\QZefU^deTSe\dYfQTQ1\We^_cTU
cec]YU]Rb_cVe^TQb_^5\CU]Q^QbY_TUCQ^dYQW_aeUQe^aeU]Q^def_e^Q
`_cYSY†^`_\dYSQY^TU`U^TYU^dUcU`b_^e^SY†QRYUbdQ]U^dUU^S_^dbQTU\
]Y^YcdUbY_U^\Q`_\}]YSQcecSYdQTQc_RbU\Q]Q^dU^SY†^TU\QUhYWU^SYQTU
cQRUb\UUbiUcSbYRYb`QbQS_^cUbfQbU\TUbUSX_QceVbQWY_'%# 
5\²]_fY]YU^d_Se\debQ\TU!($"³S_]`bU^TY†d_TQc\QcbQ]QcTU\Q
QSdYfYTQT\YdUbQbYQ*`_UcQSbdYSQ`UbY_TYc]_TbQ]QSeU^d_UdS}dUbQ
<QE^YfUbcYTQTTU3XY\UY]`e\c†U\UcdeTY_TU\Q8Ycd_bYQ^QSY_^Q\UcdQ
R\USYU^T_S_^Sebc_cQ^eQ\UcTUdbQRQZ_cc_RbU\Q]QdUbYQ=YU^dbQcdQ^
d_3\QeTU7Qi`eR\YSQRQ\_c`bY]Ub_cf_\‹]U^UcTUce8Ycd_bYQ6cYSQi
@_\dYSQTU3XY\US_^cQWbQT_cQ\QR_dv^YSQi\Qj__\_WQQ\]Yc]_dYU]
`_aeU`b_cUWeQcecdbQRQZ_cTU`bU`QbQSY†^TU\Q`QbdUXYcd†bYSQTUce
WYWQ^dUcSQU]`bUcQ'%$ 
1\bUVUbYb^_cQ\Q_RbQ\YdUbQbYQTUUcdQWU^UbQSY†^^_`eUTUaeU
TQbQ\]QbWU^U\Y]`_bdQ^dU`Q`U\TUcU]`U…QT_`_b^e]Ub_c_cY^dU\US
deQ\UcUhdbQ^ZUb_c\Q]Qi_b`QbdUTUU\\_cbUVeWYQT_c`_\dYS_c5^dbU

'%!
<_cY^WbUc_cTU\5cdQT_`QcQb_^TU"'&!'((U^!($!Q$$"&) 'U^!(%!FY
dQ\U_`SYdd_]_#`vW"% 
'%"
2Qbb_c1bQ^QE^TUSU^Y__`SYdd_]_99`vWc#)&$ %
'%#
?`SYdd_]_9`vWc"( ")#
'%$
?`SYdd_]_9`vWc")#")&

#
U\\_ccUTUcdQSQb_^\_cQbWU^dY^_cCQb]YU^d_<†`Uj1\RUbTYi=YdbUi\_c
fU^Uj_\Q^_cCY]†^B_TbWeUji1^Tb}c2U\\_
5\^_dQR\UTUcQbb_\\_TU\QcY^TecdbYQcWbvVYSQcTebQ^dUUcQT}SQTQ
VeUU\S_]`\U]U^d_^QdebQ\TU\QbYSQQSdYfYTQT`UbY_TcdYSQi\YdUbQbYQ
<QcY]`bU^dQcSXY\U^QcS_]U^jQb_^Q`eR\YSQb_RbQcTU1\UhQ^TbU4e
]Qc5eW~^UCeU7U_bWUCQ^T6UfQ\CSbYRU`_UcQcTUJ_bbY\\Q5c
`b_^SUTQ2ib_^+_RbQcXYcd†bYSQcTU<Q]QbdY^U@bUcS_dd9bfY^WiTUVY
\_c_VQ`_\dYSQiUS_^_]Qc_SYQ\TU2Q\]UcDXYUbc7eYj_d=YW^Udi
_db_c
DQ]RY}^VeUbU\UfQ^dU\QY^V\eU^SYQaeUUZUbSYUb_^U^_db_cT_]Y
^Y_cTU\QfYTQSe\debQ\TU\QcS\QcUcce`UbY_bUcQ\We^_cUeb_`U_cY^cdQ\Q
T_cU^U\`Qc5^\QcQbdUc`\vcdYSQccUTUcdQSQb_^T_cQbdYcdQcTUbU^_]
RbU*U\Q\U]v^:UQ^=QebYSUBeWU^TQcaeUfYfY†U^3XY\UU^dbU!(#$i
!($ TUZQ^T_^e]Ub_c_cSeQTb_ciTYReZ_c+iU\VbQ^S}cBQi]_^T°1Wec
dUAeY^jQSaeUW_j†TUWbQ^}hYd_TebQ^dU\_cQ…_cTUceUcdQTQU^U\
dUbbYd_bY_^QSY_^Q\<QU^cU…Q^jQcUSe^TQbYQiSYU^dVYSQVeUVeUbdU]U^
dUY^V\eU^SYQTQ`_bU\cQRY_`_\QS_9W^QSY_4_]Ui[_S_^dbQdQT_`_bU\
W_RYUb^_SXY\U^_U^!(#(TUc`e}cTUXQRUbfYfYT_bUVeWYQT_U^6bQ^SYQ
e^QfUjVbQSQcQTQ\QbUf_\eSY†^TU!(#!U^ce`Qc
5cdQ]U]_bQR\UQ`UbdebQTU\_ccUSd_bUcSe\dYfQT_cTU\Qc_SYUTQT
SXY\U^QXQSYQ\QSe\debQi\QcY^V\eU^SYQcUhdbQ^ZUbQc°Uc`USYQ\]U^dUUe
b_`UQc°S_^d†S_^e^QcUbYUTUSYbSe^cdQ^SYQcaeUVQSY\YdQb_^\QbU^_fQ
SY†^Y^dU\USdeQ\TUe^QVbQSSY†^TU\QU\YdUi`_bceY^dUb]UTY_TUQ\We
^_ccUSd_bUcc_SYQ\UcceR_bTY^QT_cS_]_VeUU\SQc_TU\QSQ`Qce`UbY_b
TU\_cQbdUcQ^_cTU\QcSYeTQTUc`bY^SY`Q\Uc1\Qe]U^d_TU\QbYaeUjQ
QbYcd_SbvdYSQiVYcSQ\\QUcdQRY\YTQT`_\dYSQi\QS_^V\eU^SYQTU^e]Ub_
c_cY^dU\USdeQ\UcQbdYcdQciSYU^dVYS_cUhdbQ^ZUb_ccUQWbUWQRQ^VQSd_bUc
TUdY`_c_SYQ\dQ\UcS_]_\QS_^V_b]QSY†^iS_^c_\YTQSY†^TUSYUbdQcS\Q
cUcicUSd_bUcc_SYQ\UcU^\_caeUU\]_fY]YU^d_Se\debQ\TU!($"U^S_^
db†cec`bY^SY`Q\UcQ`_i_c*U\U]`bUcQbYQT_]Y^Ub_^_bdY^_\QY^dU\USdeQ
\YTQT\YWQTQQ\TUcQbb_\\_TU\_ccUbfYSY_cTU`U^TYU^dUcTU\5cdQT_°U^
`QbdYSe\Qb\QU^cU…Q^jQ°iU\QbdUcQ^QT_ebRQ^_6eUU^Ucd_ccUSd_bUc
T_^TU\QcY^V\eU^SYQcbU^_fQT_bQccUXYSYUb_^cU^dYbS_^]Qi_bVeUbjQ
<QbUSU`dYfYTQTVbU^dUQ^eUfQcY^V\eU^SYQciU\TUcU_TUSQ]RY_^_cU
SYbSe^cSbYRY†Q\v]RYd_Se\debQ\DQ]RY}^cUUhdU^TY†Q\`\Q^_`_\dYS_
5\]_fY]YU^d_Se\debQ\TU\QT}SQTQTU!($ def_UcdbUSXQcfY^Se\Q
SY_^UcS_^U\U^VbU^dQ]YU^d_`_\dYS_ic_SYQ\aeUS_]U^jQRQQY^SeRQb
cUiaeUSe\]Y^†U^!(%!i!(%)U^\_cSQ]`_cTURQdQ\\Q5\TURQdUU^dbU
S\QcYSYc]_ib_]Q^dYSYc]_`_bUZU]`\_^_VeUe^Q]UbQ`_\}]YSQQSQ
T}]YSQ'%% 1\\cUUh`bUcQb_^S_^]Qi_b_]U^_bS\QbYTQTS_^SU`SY_

'%%
<_c`bY^SY`Q\UcTURQdUcSe\debQ\UcTU\Q}`_SQcUU^SeU^dbQ^bU`b_TeSYT_cU^
:e\Y_4ebv^3cU\USSY†^i^_dQc5\]_fY]YU^d_\YdUbQbY_TU!($"CQ^dYQW_E^YfUbcYTQT
TU3XY\U9^cdYded_@UTQW†WYS_4U`QbdQ]U^d_TU3QcdU\\Q^_!)%'5^U\SQ]`_TU\Q
_bd_WbQVQUc`USYQ\]U^dU\Qc`_\}]YSQcU^dbU2U\\_iCQb]YU^d_f}QcU<YTYQ3_^dbUbQc

# !
^UcTYfUbWU^dUcQSUbSQTU\_bTU^iTU\QUf_\eSY†^c_SYQ\aeUdU^TYUb_^Q
TYVUbU^SYQbcU]vc^dYTQ]U^dUS_^U\`Qc_TU\dYU]`_3_^cUbfQT_bUci
\YRUbQ\UccUU^VbU^dQb_^U^U\`\Q^_TU\Qc\UdbQciTU\_c]_TU\_cSe\debQ
\UcQ^dUcTU\\UWQbQ\_cSX_aeUcQb]QT_cTU\QT}SQTQTU!(% CY^`bU
dU^TUbUh`\YSQbTU]Q^UbQ]Q^YaeUcdQ\Q`_\}]YSQU^dbUS\QcYSYcdQci
b_]v^dYS_cfQSYv^T_\Q`_bS_]`\Ud_TUceQc`USd_dU†bYS_iQSQT}]YS_
SQRUQVYb]QbaeUU\TURQdUbUSeRbY†Q\]Yc]_dYU]`_\Q`eW^Q`_\dYSQ
TU\Q}`_SQ
8QSYQ!($"S_]U^jQRQ^Q]Q^YVUcdQbcU\_c`bY]Ub_cc^d_]QcTU
e^Q_`_cYSY†^cUbYQQ\`_TUb`U\eS†^Y^cdQebQT_U^!(# <QcVeUbjQc
S_^dUcdQdQbYQcaeUcUVeUb_^UcdbeSdebQ^T_Q\_\QbW_TU\QT}SQTQ`b_
fU^Q^TUTYcYTU^SYQcQ\Y^dUbY_bTU\S_^cUbfQTebYc]_`Ub_c_RbUd_T_
TU\bUV_bjQ]YU^d_TU\SQ]`_\YRUbQ\
DbUc`UbY†TYS_c\YRUbQ\UccUS_^cdYdeiUb_^U^f_SUb_c`‹R\YS_cTU\Q
_`_cYSY†^*5\CYW\_Ve^TQT_U^CQ^dYQW_U^!($$`_b:_c}FYSd_bY^_<Qc
dQbbYQ+U\4YQbY_TUCQ^dYQW_SbUQT_U^Ze\Y_TU!($%`_bU\S_b_^U\`Y`Y_\_
@UTb_7_T_ii<Q7QSUdQTU\3_]UbSY_TUFQ\`QbQc_aeUTUcTUceVe^TQ
SY†^U^!($"S_]_†bWQ^_]UbQ]U^dU]UbSQ^dY\cUTUc`\Qj†`Qe\QdY^Q
]U^dUQ\SQ]`_TU\Q`_\dYSQTYVe^TYU^T_e^]U^cQZU\YRUbQ\TUd_^_
]_TUbQT_CebUTQSd_bQ]UTYQT_cTU\QT}SQTQUbQ:eQ^>U`_]eSU^_
5c`UZ_'%& @Ub_\_c_`_cYd_bUcfUQ^\Y]YdQTQccecQSSY_^Uci`_cYRY\YTQTUc
TU}hYd_`_bU\`_TUbSQcY_]^]_T_aeUU\cYcdU]Q`_\dYS_Y^cdYdeSY_
^Q\S_^VUbQQ\RQ^T_T_]Y^Q^dUi]vc`QbdYSe\Qb]U^dUQ\ZUVUTU5cdQ
T_5^U\`\Q^_U\USd_bQ\\Q_`_cYSY†^^_`_TQbU`bUcU^dQbe^bYUcW_cU
bY_`QbQU\W_RYUb^_aeUQdbQf}cTU\S_^db_\TU\Q`QbQd_QT]Y^YcdbQdYf_
ibU`bUcYf_TU\5cdQT_cUQcUWebQRQ\Q_RdU^SY†^TUS†]_TQc]Qi_bQcU^
U\`Qb\Q]U^d_iU^dbU\_cU\USd_bUc`QbQ@bUcYTU^dUTU\QBU`‹R\YSQ
>__RcdQ^dUS_]_cU`eT_Q`bUSYQbU^!($ i!($!\QcVYcebQcS_
]U^jQRQ^QQ`QbUSUbdbQc\QcQ`QbYU^SYQcTU]_^_\YdYc]_TU\R\_aeUS_^
cUbfQT_b@_bce`QbdU\QQWYdQSY†^`_\dYSQ\YRUbQ\bUV_bjQTQ`_b\QcY^
V\eU^SYQcTU\b_]Q^dYSYc]_Ueb_`U_WQ^QRQdUbbU^_U^dbU\QZefU^deT
UcdeTYQ^dY\UY^dU\USdeQ\
5^!($$XYSYUb_^cec`bY]UbQcUh`UbYU^SYQc`_\dYSQc6bQ^SYcS_2Y\
RQ_i5ecURY_<Y\\_Z†fU^UcaeU`_S_cQ…_cTUc`e}c_Se`QbQ^\eWQbUc
TUcdQSQT_cU^\QC_SYUTQTTU\Q9WeQ\TQT5^QRbY\2Y\RQ_i<Y\\_`b_^e^

68Ycd_bYQTU\QcYTUQc_bd_WbvVYSQcU^3XY\UCQ^dYQW_5TYSY_^UcTU\Q4YbUSSY†^TU2YR\Y_dU
SQc1bSXYf_ci=ecU_c3U^db_TU9^fUcdYWQSY_^Uc4YUW_2Qbb_c1bQ^Q!))#`vWc#!
!##
'%&
2Qbb_c1bQ^QE^TUSU^Y__`SYdd_]_99`vWc&"&%icYWeYU^dUc+1^Q=QbQ
:Qc]U^CUdQ\=UTY_cYW\_TU\Q`bU^cQSXY\U^Q!(!"!(&"2YR\Y_WbQVQSbdYSQiQ^_dQTQTUQ^
dYWe_c`UbY†TYS_cSXY\U^_cCU]Y^QbY_TUdde\_`QbQ_`dQbQ\dde\_TURYR\Y_dUSQbY_T_Se]U^
dQ\YcdQCQ^dYQW_9^cdYded_@b_VUcY_^Q\TUCQ^dYQW_5cSeU\QTU2YR\Y_dUS_\_WQi4_Se]U^
dQSY†^!))!`vWc)&)'i")&")'

# "
SYQb_^U^SU^TYT_cTYcSebc_cU^\_cVe^UbQ\UcTU:_c}=YWeU\9^VQ^dUS}
\URbU`QdbY_dQ]YU]Rb_TU\Q`bY]UbQ:e^dQTU7_RYUb^_Y]`e\c_bTU
\QQR_\YSY†^QRc_\edQTU\QUcS\QfYdeTVUTUbQ\YcdQVUbfYU^dUiU^U]YW_TU
S\QbQT_TU\S\UbYSQ\Yc]_iTU\VQ^QdYc]_bU\YWY_c_ '%' 
5\!TUZe^Y_2Y\RQ_Y^YSY†\Q`eR\YSQSY†^TUceS_^db_fUbdYTQC_SYQ
RY\YTQT3XY\U^QU^\QaeUcY^TYSQRQS_]_VQSd_bUcTU\QdbQc_TU3XY\UQ\Q
dbQTYSY†^]_^vbaeYSQ\Qc\UiUc\QcS_cde]RbUc\QcYTUQcTU5c`Q…Qi\Q
bU\YWY†^SbYcdYQ^QTUc^QdebQ\YjQTQ`_bU\S\Ub_SQd†\YS_<Q`b_Ve^TQUcSY
cY†^UhYcdU^dUU^dbUbYS_ci`_RbUci\QUh`_\YQSY†^TUUcd_c‹\dY]_c`_b
\_c`bY]Ub_cUbQ^TU^e^SYQTQcU^UcdUdUhd_aeU\UfQ^dQ\QcRQ^TUbQcTU
\Q\YRUbdQTi\QYWeQ\TQT`_\dYSQic_SYQ\ '%( 
5\U^decYQcdQTYcS`e\_SXY\U^_TU<Q]U^^QYcVeUQdQSQT_`_b\Q
9W\UcYQiQSecQT_Q^dU\QZecdYSYQ`_bcUTYSY†^R\QcVU]YQUY^]_bQ\YTQT '%) 
6eUQRceU\d_TU\`bY]UbSQbW_cYU^T_S_^TU^QT_`_b\_cT_c‹\dY]_cQ\
`QW_TUe^Q]e\dQ@_bY^cdYWQSY†^TU\S\Ub_C_SYQRY\YTQT3XY\U^QVeU
²aeU]QTQ`_b]Q^_TUfUbTeW_³@Ub_cefYRbQ^dUTUVU^cQTebQ^dUU\
ZeYSY_dbQ^cV_b]†Q2Y\RQ_U^QSecQT_bUY^V\Q]†Q^e]Ub_c_cQbdUcQ^_c
iQ\QZefU^deTSe\dYfQTQTU\QSQ`YdQ\aeUY^V\eU^SYQTQ`_bU\b_]Q^dYSYc
]_i\QcYTUQc\YRUbQ\UccU_`_^Q]Qi_bYdQbYQ]U^dUQ\W_RYUb^_S_^cUb
fQT_b'& 5\TUc`YT_TU2Y\RQ_TUceSQbW_TU`b_VUc_bTU\9^cdYded_>Q
SY_^Q\\Q_bTU^Y]`QbdYTQ`_b\QZUbQbaeQTU\Q9W\UcYQQ`b_VUc_bUci
cQSUbT_dUc`QbQaeUS_]RQdYUbQ^cecdU_bQciVY^Q\]U^dUceUhY\Y_f_\e^
dQbY_ U^ 5eb_`Q `_S_c ]UcUc TUc`e}c ^_ XYSYUb_^ cY^_ Qe]U^dQb ce
`bUcdYWY_U^dbU\_cZ†fU^UcTU\QS\QcUQS_]_TQTQ '&! 
D_T_cUcd_cVQSd_bUcQieTQb_^QWU^UbQbe^^eUf_S\Y]Q`_\dYS_Q
]UTYTQaeUcUQSUbSQRQ^\QcU\USSY_^UcTU`Qb\Q]U^dQbY_ciTU@bUcYTU^

'%'
2Qbb_c1bQ^QE^TUSU^Y__`SYdd_]_9`vWc$(&$)"+4_]Y^W_CQ^dQ=QbQ
FYTQTU4_^:_c}=YWeU\9^VQ^dUCQ^dYQW_7eY\\Ub]_=YbQ^TQ5TYd_b!) "`vWc!#&i
!#'
'%(
6bQ^SYcS_2Y\RQ_²C_SYQRY\YTQT3XY\U^Q³5\3bU`‹cSe\_>¡"d_]_"CQ^dYQW_
!TUZe^Y_TU!($$`vWc%') <_cXYcd_bYQT_bUcS_^cUbfQT_bUc°Uc`USYQ\]U^dU6bQ^SYc
S_1^d_^Y_5^SY^Qi:QY]U5ijQWeYbbU°XQ^SQ\YVYSQT_UcdUdUhd_iU\`U^cQ]YU^d_TU2Y\
RQ_U^WU^UbQ\S_]_S_^Vec_UY^S_XUbU^dU4YSXQ]YbQTQXQcYT_c_]UdYTQQSbdYSQ`_b
<eYc3_bfQ\v^=vbaeUjaeYU^XQQ`_bdQT_c†\YT_cQbWe]U^d_c`QbQTU]_cdbQb\QS_XU
bU^SYQ\QfYcY†^TU\QXYcd_bYQ\_cce`eUcd_cdU†bYS_c`bUSYc_ciU\`b_iUSd_`_\dYS_Uh
`bUcQT_U^C_SYQRY\YTQT3XY\U^Q<eYc3_bfQ\v^=²DU_bQi`_\dYSQU^´C_SYQRY\YTQT
3XY\U^QµTU6bQ^SYcS_2Y\RQ_³U^BUfYcdQTU\Q6QSe\dQTTU8e]Q^YTQTUc1…_!>¡!CQ^
dYQW_E^YfUbcYTQTTUCQ^dYQW_TU3XY\U!))%`vWc)!)(
'%)
²1SecQSY†^VYcSQ\³5\3bU`‹cSe\_>¡$d_]_"CQ^dYQW_!¡TUQW_cd_TU!($$
`vWc! )!!!
'&
²:ebY4UVU^cQTU\QbdSe\_C_SYQRY\YTQT3XY\U^Q³5\3bU`‹cSe\_>¡$d_]_"
CQ^dYQW_!TUQW_cd_TU!($$`vWc!!#!#!5cdUdUhd_XQcYT_bU`b_TeSYT_U^CUbWY_
7bUjD_c_²6bQ^SYcS_2Y\RQ_bUc`_^TUQ^dUcecZeUSUcQ\_cSQbW_cTU´cUTYSY_c_R\QcVU
]_UY^]_bQ\µ³U^=Q`_SX_>¡#(CQ^dYQW_cUWe^T_cU]UcdbUTU!))%`vWc"(!")&
'&!
1b]Q^T_4_^_c_2Y\RQ_icedYU]`_" UTYSY†^CQ^dYQW_DQ\\UbUcTU\Q5]`bU
cQJYWJQW!)!#`vWc"%i"&+2Qbb_c1bQ^QE^TUSU^Y__`SYdd_]_9`vWc$)&% &

# #
dUTU\QBU`‹R\YSQ4UcTU!($%cU]Q^YVUcd†e^QQWYdQSY†^Y^eceQ\U^\Q
BU`‹R\YSQ3_^cUbfQT_bQ_RcUbfv^T_cU`_b`bY]UbQfUjU^\Q`QbdYSY`Q
SY†^`_\dYSQ`_`e\QbQ\We^QcdU^TU^SYQcQ\QQed_^_]QU^bU\QSY†^S_^
\QS_^TeSSY†^aeUdbQTYSY_^Q\]U^dUXQRQ^UZUbSYT_\_cRQ^T_cTU\Q
U\YdU

< ?C 1BD5C1>?C I ?DB?C 5<5=5>D?C @?@E<1B5C

5> <1 3?IE>DEB1 @?<ÅD931 45 !($%!($&

4ebQ^dUU\cUWe^T_cU]UcdbUTU!($%cUY^YSY†U\`Ub_T_`bUU\USd_bQ\U^
fYcdQcQ\QU\USSY†^TU@bUcYTU^dUTU\QBU`‹R\YSQU^Ze^Y_TU\Q…_cYWeYU^
dU5^`bY^SY`Y_^QTQTURQTYcdY^WeYbUcdQS_ie^debQTU_dbQcQ^dUbY_bUc
TU\]Yc]_dY`_5^ce]U]_bYQ`bUcU^dQTQQ\3_^WbUc_>QSY_^Q\U\" TU
QW_cd_TU!($%=Q^eU\=_^ddQ\QcQj†^=Y^Ycdb_TU\9^dUbY_bTU\WU^UbQ\
2e\^UcQVYb]QRQS_^Y^TYcY]e\QTQcQdYcVQSSY†^aeUU\_bTU^i\Q`QjY^dU
bY_bUSXQRQ^²SQTQTQ]vcX_^TQcbQSUcU^U\S_bQj†^TU\_cSXY\U^_c³'&" 
cY^dUdYjQ^T_U^e^QVbQcUTUc`b_fYcdQTUQ]RYWŽUTQT\QS_^VYQ^jQQTaeYbY
TQ`_b\_cTYbYWU^dUcS_^cUbfQT_bUcTUc`e}cTUdbUc\ecdb_cTU`_TUbSQcY
QRc_\ed_*²>_XQiU^^eUcdbQ`bUcU^dUS_^TYSY†^c_SYQ\W}b]U^UcTUQ\We
^QT_\U^SYQaeUY^c`YbUdU]_bUcQSUbSQTU\`_bfU^YbTU\QBU`‹R\YSQ_aeU
`eUTQSQecQb\Q`_cdbQSY†^TU\_bTU^`_\dYS_³'&# 
CY^U]RQbW_\QQSdYfYTQTTU\Q_`_cYSY†^bUT_R\QTQ`_bQ`_i_c
`b_fU^YU^dUcTU\QTYcYTU^SYQTU\RQ^T_W_RYUb^YcdQSbU†e^S\Y]QTU
QWYdQSY†^Y^}TYd_TUcTU\QY^cdQebQSY†^TU\QBU`‹R\YSQ3_^cUbfQT_bQ
5cdQ`_\dYSQcURQcQRQU^Y^cYcdU^dUc\\Q]QT_cQ\_cQbdUcQ^_ci_db_cU\U
]U^d_c`_`e\QbUcaeU`bUcdQRQ^cUbfYSY_U^\Q7eQbTYQ>QSY_^Q\U^e^Q
`Ubc`USdYfQTU_bWQ^YjQSY†^TUWbe`_cTU²c_\TQT_cSfYS_c³aeUS_^dbQ
RQ\Q^SUQbQ^\QY^V\eU^SYQTU\W_RYUb^_5\_RZUdYf_QRYUbdQ]U^dU`b_S\Q
]QT_`_b\_c_`_cYd_bUcUbQ\Q_RdU^SY†^TUU\USSY_^UccY^Y^dUbfU^SY†^
WeRUb^Q]U^dQ\3_]_fUbU]_cU^cUWeYTQ\QQd]†cVUbQS_^dUcdQdQbYQ
VQSY\Yd†\QU]UbWU^SYQTUQ\We^Qcf_SUc`b_`YQcTU\`eUR\_\\Q^_VU^†]U
^_^eUf_U^\QfYTQ`_\dYSQ^QSY_^Q\
4UcTU]UTYQT_cTU!($%\Q_`_cYSY†^QSU^de†cedbQRQZ_U^TYbUS
SY†^TU\QbdUcQ^QT_i\_cWeQbTYQc^QSY_^Q\Uc5^Ze\Y_cU`eR\YSYd†U^
CQ^dYQW_\QY^YSYQdYfQU]`bU^TYTQU^FQ\`QbQc_TUbUS_\USSY†^TUV_^
T_c`QbQUcdQR\USUbe^QY]`bU^dQTUQbdUcQ^_c '&$ 1\]Yc]_dYU]`_\Q
`bU^cQ\YRUbQ\Y^cYcdQU^\QTU^e^SYQTU\_cQdb_`U\\_cQbRYdbQbYUTQTUcU

'&"
=U]_bYQaeU`bUcU^dQQ\3_^WbUc_>QSY_^Q\TU!($%U\=Y^Ycdb_TU5cdQT_U^U\4U`QbdQ]U^
d_TU\9^dUbY_bCQ^dYQW_QW_cd_TU!($%CQ^dYQW_9]`bU^dQTU\Q?`Y^Y†^!($&`vW&
'&#
9RYT
'&$
²<_cQbdUcQ^_c³i²1\_cQbdUcQ^_cTUCQ^dYQW_³4YQbY_TUCQ^dYQW_CQ^dYQW_"&TU
Ze\Y_TU!($%

# $
Y\UWQ\YTQTUcTU\b}WY]U^Y]`UbQ^dUTUcTU!(# @Ub_\QcYdeQSY†^`b_`Y
SYQ`QbQWU^UbQb]_fY\YjQSY†^SYeTQTQ^Qc†\_cU`b_TeZ_QbQjTUe^`b_
R\U]Q`_\dYS_ZeTYSYQ\E^QQSecQSY†^`bUcU^dQTQQVY^UcTUQW_cd_Q^dU
U\ZebQT_TUY]`bU^dQU^S_^dbQTU\UhS_b_^U\`Y`Y_\_@UTb_7_T_ibU
TQSd_bTU\`UbY†TYS__`_cYd_b4YQbY_TUCQ^dYQW_`Ub]YdY†Q\_cQTfUbcQ
bY_cTU\W_RYUb^_WU^UbQbe^S\Y]QTUQWYdQSY†^ '&% 5\%TUcU`dYU]RbUcU
`b_TeZUb_^Q\We^Qc]Q^YVUcdQSY_^Uc`_`e\QbUcU^VQf_bTU\TYbYWU^dU
\YRUbQ\5^dbUdQ^d_e^Y^TYfYTe_TUcS_^_SYT_°:_c}CQ^=Qbd^°cU`bU
cU^d†Q^dU\QZecdYSYQTUS\QbQ^T_cUbU\Qed_bTU\QbdSe\_Y^SbY]Y^QT_1
d_TQc\eSUccUdbQdQRQTUe^QbTYT`\Q^YVYSQT_`_b7_T_i5\!"²debRQc
]_fYTQc`_bQ\We^_c]_j_cTUS_^TYSY†^ce`UbY_bcUQWYdQRQ^TQ^T_
WbYd_cTUcQV_bQT_cU^X_^_bTU\QSecQT_iTUceTUVU^c_b³ '&&5\!#TQ
TU\VQ\\_TU\ZebQT_\_c]Q^YVUcdQ^dUcTU\²RQZ_`eUR\_³S_^f_SQT_c`_b
SQbdU\Uc`QbQQ`_iQbQCQ^=Qbd^_Se`Qb_^`_b\QVeUbjQ\QcQ\QTU\Zej
WQT_icecQ\bUTUT_bUc5\fUbUTYSd_TUY^_SU^SYQ^_Y]`YTY†\_cTUc]Q
^Uc`_`e\QbUc4_cQWYdQT_bUc°=Qbd^?bZUbQS_^_SYT_TYbYWU^dU`Y`Y_
\_TU\_cQ…_cfUY^dUi@QcSeQ\3eUfQc°U^SQRUjQRQ^\Qcde]e\de_cQc
]Q^YVUcdQSY_^Uc*²<QVeUbjQTU`_\YSQaeUaeYc_TYc`UbcQbUc_cWbe`_c
VeUbUSYRYTQQ`UTbQTQcTU\_aeUbUce\dQb_^Q\We^_cc_\TQT_cXUbYT_c
C_]UdY}^T_cUQ\Qc†bTU^UcTUcecZUVUcTUUfYdQb\QUVecY†^TUcQ^WbU
\_c`_\YSYQ\UccUTUVU^TQ^W_\`UQ^T_S_^ceccQR\Ucc†\_TU`\Q^_`Ub_
Q^dUcTU]eSX_TYc`UbcQb_^Q\_cQ]_dY^QT_c³ '&'
5\_bTU^VeUbUcdQR\USYT_`Ub_^eUf_cU\U]U^d_cS_]`\_dQbQ^
S_^dbQTU\Q²`QjfU^USYQ^Q³`b_`YSYQTQ`_bU\`_TUbS_^cUbfQT_b
4UcTUQW_cd_e^_RbUb_dY`†WbQV_\\Q]QT_CQ^dYQW_BQ]_c`Ub_
]vcS_^_SYT_`_bU\Q`_T_TU²U\AeURbQTY^_³XQRQS_]U^jQT_QUTY
dQbU^e^Q]_TUcdQY]`bU^dQe^`UbY†TYS_dYde\QT_5\4eU^TU'&(CUW‹^
2Qbb_c1bQ^QBQ]_c²cUTQRQ`_bQ`†cd_\TU\Q]vcUhQWUbQTQTU]_SbQ
SYQ³iU^\QS_^dYU^TQ`_\dYSQTUQaeU\]_]U^d_TY_]eUcdbQcTU²e^Q
Y]`\QSQR\UUhQ\dQSY†^S_^dbQ\_c`_TUb_c_ciQ\_VeUbQ^`_bU\UZUbSYSY_
TU\]Q^T_iQ`_b\Q`_cUcY†^TUSeQ^dY_c_cRYU^UcTUV_bde^Q³ '&)
<Q`_\dYSQ`bUS_^YjQTQ`_b²U\AeURbQTY^_³TUcTU\QcS_\e]^QcTU
ce`UbY†TYS_Qe^aeUS_^VecQdU^TQQbURQcQb\_c\Y]YdQT_c`\Q^dUQ

'&%
C_RbUUcdU`Ubc_^QZUf}QcU=QbQ1^W}\YSQ9\\Q^Uc?²4U\]Yd_`QdbY†dYS_Q\
`_cYdYfYc]_]Y\YdQb5\`U^cQ]YU^d_TU\S_b_^U\@UTb_7_T_i³U^=QbY_2Ubb_cUdQ\5\
`U^cQ]YU^d_U^3XY\U!(# !)! CQ^dYQW_>eUcdbQ1]}bYSQ5TYSY_^Uc!)('`vWc"'$$
'&&
2Qbb_c1bQ^QE^TUSU^Y__`SYdd_]_99`vW&(
'&'
?`SYd`vWc&)i' 
'&(
BQ]_cdU^QQ\QcQj†^dbUY^dQidbUcQ…_cTUUTQT+UbQ_bYe^T_TUFQ\`QbQc_
XQRY}^T_cUQfUSYTQ^T_`_S_Q^dUcU^\QSQ`YdQ\cUW‹^S_^cdQU^cec`b_`YQcTUS\QbQSY_
^UcU^e^`b_SUc_`_bS_^c`YbQSY†^QVY^UcTU\]Yc]_Q…_1>1=9f_\!& !(#"
!($&3QecQcUWeYTQS_^dbQU\S_b_^U\4_^@UTb_7_T_iiS_bbU_c5^U\TU\Yd_TUS_^c`YbQSY†^1…_
TU!($%i!($&²3_^VUcY†^TU\bU_T_^CQ^d _ BQ]_c²CQ^dYQW_"!TU^_fYU]RbUTU
!($% VZc (  fdQ("
'&)
?`SYd`vW(#

# %
]YU^d_cTU\Q_`_cYSY†^\YRUbQ\9^dUb`U\Q^T_Q\_c²QbdYcdQc³UcTUSYbQ
\_cQbdUcQ^_c\UcbUS_bTQRQaeUU\\_c]Yc]_cUbQ^\_cbUc`_^cQR\UcTUce
`b_`YQ_`bUcY†^°`_b^_`QbdYSY`QbU^\QcU\USSY_^Uc°i\UcQS_^cUZQRQ
U\UWYbS_]_bU`bUcU^dQ^dUcQcec`b_`Y_cQ]YW_cQcecS_]`Q…Ub_c'' 
@Ub_BQ]_cSQbUSQTUe^Q\^UQS_XUbU^dU*U^_dbQc_`_bde^YTQTUc\\Q
]QRQQ\_cdbQRQZQT_bUcQSQ]RYQb\_cX_]RbUcU^U\`_TUbU\YWYU^T_Q
²_db_c`Qdb_^Uc_bU`bUcU^dQ^dUcaeU]YbU^`_b^eUcdb_RYU^³ ''! 5^U\
`\Q^_`_\dYS_\QS_Y^SYTU^SYQS_^\Q_`_cYSY†^\YRUbQ\U^cecQdQaeUcQ\
W_RYUb^_U^Uc`USYQ\S_^dbQU\]Y^Ycdb_=_^ddUbQUfYTU^dU ''" @UcUQ
U\\_e^d_^_]vcYbbUfUbU^dUS_^dbQ\_c`_TUb_c_ciU\dU]`bQ^_i`Ub
cYcdU^dU\UfQ^dQ]YU^d_TUe^QcUbYUTUbUYfY^TYSQSY_^UcQbdUcQ^Q\Uc°`b_
dUSSY†^Q\QY^TecdbYQ^QSY_^Q\iQR_\YSY†^TU\cUbfYSY_U^\Q7eQbTYQ>Q
SY_^Q\''# °\UTQRQ^e^cUcW_`b_`Y_]vcbQTYSQ\iSUbSQ^_Q\_cdbQRQZQ
T_bUcQ\TYcSebc_TUUcdUQed}^dYS_dbYRe^_`_`e\Qb
²5\AeURbQTY^_³cQRQaeUce\QR_bUbQTYVSY\4URQTUbb_dQb\QY^
TYVUbU^SYQi\_cXvRYd_c`_S_Y\ecdbQT_cTU\_cdbQRQZQT_bUc*²4U^QTQcYb
fUU\XQSUbceTQb\Qc`bU^cQciVQdYWQbQ^eUcdb_cUcSbYd_bUccYf_c_db_c^_
\U}Yc³\UcTUSQQdbQf}cTUe^Q^e^SY_`eR\YSQT_U^\Q`bU^cQQWbUWQ^
T_U^cUWeYTQ*²Uc`_cYR\UaeUUcd}YcQ\Q\SQ^SUTUd_T_`_baeUcY^f_c_
db_c^QTQcU`eUTUXQSUb³''$ 
DQ]RY}^dU^QaeUfU^SUb\QTUcS_^VYQ^jQUhYcdU^dUU^dbUU\\_c`_b
Se\`QTU\TUcSb}TYd_U^aeUXQRQ^SQT_\_cbU`UdYT_c\\Q]QT_cQ\]UZ_
bQ]YU^d_TU\`eUR\_\Q^jQT_cU^}`_SQcU\USd_bQ\Uc`_b\_cTYcdY^d_c`Qb
dYT_c9^dUb`U\Q^T_Q\4eU^TUQdbQf}cTU\QcS_\e]^QcTUe^`UbY†TYS_
\YRUbQ\²e^_cSQb`Y^dUb_c³\UbUS_bTQRQ^aeUU^VY^TUSeU^dQc]eSX_c
XQRQ^`b_]UdYT_\_]Yc]_i^QTYUXQRQSe]`\YT_*

¤>_UcfUbTQTdQ]RY}^aeUcYU]`bUU^UcdQc]Yc
]QcSYbSe^cdQ^SYQccU^_cXQXQR\QT_U^ce]Yc]_\U^
WeQZUi^_cXQ^`b_]UdYT_`b_dUWUb\QcQbdUc/¤I^_Uc
fUbTQTbU`UdY]_caeU^_c_db_cU^Ucd_c]Yc]_cSQc_c
XU]_cS__`UbQT_QUcdQR\USUbe^ReU^W_RYUb^_^_
c†\_S_^^eUcdb_ccUbfYSY_ccY^_dQ]RY}^Uh`_^YU^T_
^eUcdbQ]Yc]QUhYcdU^SYQ/¤ISev\Uc\QbUS_]`U^cQaeU
XU]_cbUSYRYT_`_b^eUcdb_ccQSbYVYSY_c/KM*UcdQbcYU]
`bUUcS\QfYjQT_cU^U\SeQbdU\U^WeQbTYQcUZUbSYSY_ci
TU]vcWQRU\Qc''%

''
²3Q\YVYSQSY_^Uc³5\4eU^TUCQ^dYQW_'TUQW_cd_TU!($%
''!
²1\_cCCSQb`Y^dUb_c³5\4eU^TUCQ^dYQW_!"TUVURbUb_TU!($&
''"
²5\4eU^TU³5\4eU^TUCQ^dYQW_'TU^_fYU]RbUTU!($%
''#
²3eUb`_c3fYS_c³5\4eU^TUCQ^dYQW_'TU^_fYU]RbUTU!($%+²3eUb`_cSfY
S_ciQbdYcdQc³5\4eU^TUCQ^dYQW_!"TUVURbUb_TU!($&
''$
²1fYc_c^eUf_c³4YQbY_TUCQ^dYQW_CQ^dYQW_%TUQW_cd_TU!($%
''%
²3_bbUc`_^TU^SYQ³4YQbY_TUCQ^dYQW_CQ^dYQW_!(TUQW_cd_TU!($%

# &
 Ce`UbQ^T_]eSX_c_RcdvSe\_c²5\4eU^TUTU\_c1bdUcQ^_c³`UbcU
fUb†U^ceQSSY†^<QQWYdQSY†^]Q^dU^YTQU^dbU\_cdbQRQZQT_bUccQ^dYQ
WeY^_c`_bBQ]_ci\_cTUc†bTU^Uc`_`e\QbUcTU\!#TUcU`dYU]RbUSQe
cQb_^Q\Qb]QU^\QcS\QcUcQS_]_TQTQcE^_cT_cSYU^d_c_dbUcSYU^d_c
SQRQ\\Ub_cU^ce]Qi_bQ\YWQT_cQ\RQ^T_S_^cUbfQT_b`Ub_dQ]RY}^
Q\We^_cTUdU^TU^SYQ\YRUbQ\bUQSSY_^Qb_^SbUQ^T_U\!"TU_SdeRbUe^Q
C_SYUTQTTU\?bTU^<QY^YSYQdYfQXQRQS_bbUc`_^TYT_Q\S_]UbSYQ^dUCQ^
dYQW_CQ\Qc+ceTYbUSSY†^aeUT†QSQbW_TU\XQSU^TQT_BQ]†^5bbvje
bYj''& 1…_c]vcdQbTUU\Vedeb_`bUcYTU^dU\YRUbQ\4_]Y^W_CQ^dQ=Q
bQaeYU^cYU^T_e^Z_fU^UcdeTYQ^dUU^!($%_Se`QbQU\`eUcd_TUcU
SbUdQbY_U^\QC_SYUTQTTU\?bTU^ZecdYVYSQbQceQ\YQ^jQS_^\_c`U\eS_^Uc
bUS_^_SYU^T_Y]`\SYdQ]U^dUU\feU\_aeUXQRQdU^YT_U^!($%\QQWYdQ
SY†^`\URUiQVeUbQTU\S_^db_\TU\Q_`_cYSY†^\YRUbQ\*²=U`QbUSQe^
e\dbQZUQ\QcU^cQdUjiX_^bQTUjSXY\U^QfUbVYWebQbS_]_SQeTY\\_TU`Qb
dYT_TUYTUQcTU`bY^SY`Y_cQ\AeURbQTY^_BQ]_cQ\VbQY\U=Q…v^i
_db_c³ ''' 
<QS_]`UdU^SYQU^dbUW_RYUb^YcdQci_`_cYd_bUccUSU^db†U^WQ^Qb
U\Q`_i_TU\QbdUcQ^QT_iTU\_cc_\TQT_cSfYS_cU^ce]Qi_bQTU\]Yc
]_cUSd_bc_SYQ\<QC_SYUTQTTU\?bTU^edY\YjQ^T_\QUh`UbYU^SYQQSe]e
\QTQ`_bU\UcdQ^aeUb_BQ]†^BU^WYV_U^!(")U^cedbQRQZ_TU`b_]_
SY†^TU\QC_SYUTQTTU1bdUcQ^_ciU^!($!U^d_b^_Q\Q`eR\YSQSY†^TU\
1bdUcQ^_\Q^j†U\&TU^_fYU]RbU²`_bU^SQbW_TU\QC_SYUTQTTU\?b
TU^³U\`UbY†TYS_5\1bdUcQ^_TU\?bTU^''( <QcS_VbQTQc4U\CQ^d_CU`e\
Sb_TU\3vb]U^TUÂ^Y]QcTUCQ^2U^Yd_i\QcfU^UbQR\Uc†bTU^UcdUbSUbQc
cYbfYUb_^`QbQU^cQ^SXQbceRQcUc_SYQ\ '') <QY^YSYQdYfQTU\_c`QbdYTQbY_c
TU\²_bTU^³cUUhdU^TY†Q\Qc`b_fY^SYQc '( 
@_bce`QbdU\_c\YRUbQ\Uc]vcQfQ^jQT_c\YTUbQT_c`_b@UTb_6}\Yh
FYSe…Q:eQ^>YS_\vcÂ\fQbUj:_c}FYSd_bY^_<QcdQbbYQi=Q^eU\2Y\RQ_

''&
²9^cdQ\QSY†^TU\QC_SYUTQTTU\?bTU^³5\?bTU^CQ^dYQW_" TU_SdeRbUTU
!($%+2Qbb_c1bQ^QE^TUSU^Y__`SYd`vWc'!'#+9cYT_b_5bbvjebYj8Ycd_bYQTU\QQT]Y
^YcdbQSY†^5bbvjebYjCQ^dYQW_2YR\Y_dUSQTU5cSbYd_bUcTU3XY\Uf_\H9999]`bU^dQTU\Q
4YbUSSY†^7U^UbQ\TU@bYcY_^Uc!)#%`vWc"%$"%&+5^SY^Q_`SYdd_]_H99`vWc$)
%"
'''
4_]Y^W_CQ^dQ=QbQ²3QbdQQed_RY_WbvVYSQ³U^BUfYcdQ3XY\U^Q1…_9D_]_99
>¡HCQ^dYQW_]Qbj_TU!)!(`vW$) CUdbQdQTUe^QSQbdQTYbYWYTQQ2U^ZQ]^FYSe…Q
=QS[U^^QVUSXQTQU^CQ^dYQW_U\"&TUTYSYU]RbUTU!(&$?`SYd`vWc$()$)#
''(
5\1bdUcQ^_TU\?bTU^CQ^dYQW_&TU^_fYU]RbUTU!(!!C_RbUUcdU`UbY†TYS_f}Q
cUCY\fQ3Qcdb_BQ]†^BU^WYV__`SYd`vWc$ %!
'')
²1\_cQbdUcQ^_c³5\?bTU^CQ^dYQW_"&TU_SdeRbUTU!($%
'(
²1SdQTUY^cdQ\QSY†^TU\QC_SYUTQTTU\?bTU^TU\TU`QbdQ]U^d_TUAeY\\_dQ³5\
?bTU^CQ^dYQW_#TUTYSYU]RbUTU!($%+²C_SYUTQTTU\?bTU^³4YQbY_TUCQ^dYQW_CQ^dYQ
W_)TUTYSYU]RbUTU!($%+²C_SYUTQTTU?bTU^U^3_^SU`SY†^³4YQbY_TUCQ^dYQW_CQ^
dYQW_" TUTYSYU]RbUTU!($%+²C_SYUTQTTU\?bTU^TUFQ\`QbQc_³5\?bTU^CQ^dYQW_
!#TU]Qbj_TU!($&+²3_bbUc`_^TU^SYQ³5\1bdUcQ^_TUFQ\`QbQc_FQ\`QbQc_!%TU]Qb
j_TU!($&F}QcUQTU]vcU\U`Ycd_\QbY_TUS_bbUc`_^cQ\UcTU\Qc_SYUTQTU^AeY\\_dQ

# '
XUb]Q^_TU6bQ^SYcS_`UbSYRYU^T_aeUU\`bY^SY`Q\RU^UVYSYQbY_TU
UcdQ_`UbQSY†^cUbQU\W_RYUb^_S_^cUbfQT_bSbUQb_^`_S_cTQcTUc
`e}c!'TU_SdeRbU\QC_SYUTQT4U]_SbvdYSQTUcdY^QTQQS_^dbQbbUcdQb\Q
Y^V\eU^SYQTU\QC_SYUTQTTU\?bTU^E^_cdbUcSYU^d_cZ†fU^Uc²UcS_WYT_cTU
CQ^dYQW_iTU\Qc`b_fY^SYQc\Q]Qi_b`QbdUUcdeTYQ^dUcU^TUbUSX_i\\U
fQ^T_\_c]vcY\ecdbUciW\_bY_c_c^_]RbUc³TU\QbU`‹R\YSQS_^cdYdeQ^
\QVeUbjQTUUcdUQbYcd_SbvdYS_S\eR'(! 1VY^TUQdbQUbQ\_cQbdUcQ^_cXQSYQ
\QcVY\Qc\YRUbQ\UcTUSYTYUb_^U^SQbWQbQe^_TUcec]YU]Rb_cU\Ucde
TYQ^dU=Q^eU\7eUbbUb_\QSbUQSY†^TUe^Qc_SYUTQTQT°X_S<Q_bWQ^Y
jQSY†^Ve^TQTQU\"#TU_SdeRbU`_b7eUbbUb_VeURQedYjQTQC_SYUTQTTU
1bdUcQ^_cTU3Qe`_\YSv^5\_RZUdYf_`b_S\Q]QT_UbQ`ebQ]U^dU`_\dYS_i
UfYTU^SYQRQ\Qd_dQ\TU`U^TU^SYQTU\QQc_SYQSY†^QbdUcQ^Q\bUc`USd_TU
\QTYbUSSY†^SU^dbQ\TU\Q_`_cYSY†^*

CYU^T_U\‹^YS_VY^TU\_cc_SY_cdbQRQZQb`QbQ_RdU
^Ube^Qf_dQSY†^\YRbUTUd_TQY^V\eU^SYQUhdbQ…QiVe
^UcdQKMSQTQSeQ\cUU^SQbWQTUY^fYdQbQd_T_ccec
Q]YW_caeUcUQ^]QUcdb_cTUdQ\\Ub_dU^WQ^e^Q_Se
`QSY†^X_^bQTQ`QbQaeUS_^SebbQ^Q\QcUcY†^Y^]U
TYQdQaeUcUSU\URbQbvU\ZeUfUcfUY^dYdb}cTU\S_bbYU^dU
TU]_T_aeUQY]YdQSY†^TU\QC_SYUTQT3Qe`_\YSv^
V_b]Q\YSU^_dbQcXQcdQUcdQR\USUbU\^‹]Ub_TUSeQdb_
c_SYUTQTUc ]QdbYSUc TU QbdUcQ^_c d_TQc \Qc SeQ\Uc
_RbQ^T_TUQSeUbT_\_WbQbv^S_]e^YSQb\QY^TU`U^
TU^SYQiTYW^YTQTS_^aeUTURU^`bUcdQbceceVbQWY_U^
\Qc`b†hY]QcU\USSY_^Uc'("

@QbQU^VbU^dQb\_cdbQRQZ_cU\USd_bQ\UccUQS_bT†S__bTY^QbcUS_^\Q
C_SYUTQT@QdbY†dYSQ3U^dbQ\Ucd_UcU\UcdQT_]Qi_bTU\Q_`_cYSY†^\YRU
bQ\'(# 
5\QbdUcQ^_iceR_VYSYQ\TU\Q7eQbTYQ>QSY_^Q\BQ]†^=_^TQSQ
VeUU\UWYT_`bUcYTU^dUTU\QC_SYUTQT3Qe`_\YSv^i=Q^eU\7eUbbUb__Se

=U\Y`Y\\Q3ebYS†CQ^6Ub^Q^T_@QbbQ\FQ\\U^Qb3XY\\v^@edQU^T_BQ^SQWeQ=_\Y^Q
AeYbYXeUCQ^6U\Y`UBU^W_3QeaeU^Uc<QCUbU^Q<_c1^TUc3_U\U]eDQ\SQXeQ^_
3_^SU`SY†^9\\Q`U\@Ud_bSQ3_^SXQ\3_^cdYdeSY†^<Qc3Q…Qc<Q<YWeQ<Y^QbUciCQ^
6Ub^Q^T_`eR\YSQT_U^5\?bTU^CQ^dYQW_U^cecUTYSY_^UcTU"&i# TU^_fYU]RbU#'
!$"!i"$TUTYSYU]RbUTU!($%(TUU^Ub_i!"TUVURbUb_TU!($&
'(!
4YQbY_TUCQ^dYQW_CQ^dYQW_!(TU_SdeRbUTU!($%3_^c‹\dUcUdQ]RY}^U\bU\Qd_
TU@UTb_6}\YhFYSe…Qc_RbU\QW}^UcYcTUUcdQc_SYUTQT@6FFY^TYSQSY†^TU\_c`bY^SY`Y_c
UYTUQcaeUXQ^cUbfYT_U^3XY\UTUQ`_i_Q\Q_`_cYSY†^U^\QcU\USSY_^Uc`_`e\QbUcTU!($&<Y]Q
9]`bU^dQTU\3_]UbSY_!($&`vWc#$i#%
'("
²¥FYfQ\QTU]_SbQSYQC_SYUTQTTU1bdUcQ^_c3Qe`_\YSv^³4YQbY_TUCQ^dYQW_CQ^
dYQW_"%TU_SdeRbUTU!($%
'(#
9RYT

# (
`†U\`eUcd_TUcUSbUdQbY_CUW‹^\_c`b_`QWQ^TYcdQcTU\Q_`_cYSY†^]vc
TUdbUcSYU^d_c]U^UcdbQ\UcXQRQ^`QbdYSY`QT_U^U\QSd_Ve^TQSY_^Q\
`Ub_²`QbQ`_TUb]Q^dU^UbU\_bTU^U^\QbUe^Y†^cUS_^fY^YUb_^U^
SU\URbQbcecQSeUbT_cS_^U\^‹]Ub_TU\_caeUVYb]Q^iaeUU\bUcd_`Q
cQcUQ_bWQ^YjQbcUU^TYVUbU^dUcc_SYUTQTUc³'($ 4UUcdU]_T_c†\_cUcU^
dQiT_cQbdUcQ^_c`eTYUb_^Y^dUWbQb\QQc_SYQSY†^VYWebQ^T_U^dbUU\\_c
²U\AeURbQTY^_³CQ^dYQW_BQ]_ciQ\We^_c_db_caeUQ\SQ^jQbQ^e^Q
TUcdQSQTQ`QbdYSY`QSY†^U^\Qc\eSXQc`_\dYSQcTU\_cQ…_cSY^SeU^dQ
S_]_@Qe\Y^_<†`UjiU\`b_`Y_=_^TQSQ'(% 
@_^YU^T_U^`bvSdYSQ\QYTUQTUSbUQb_dbQcQWbe`QSY_^Uc`_\dYSQc
TUdbQRQZQT_bUcQVY^UcTU\]Yc]_]UcTU_SdeRbUcUQ^e^SYQRQU\^QSY
]YU^d_TU\QC_SYUTQTTU1bdUcQ^_cTU3_\_S_\_S_]`eUcdQTUcUcU^dQi_SX_
c_SY_c`bUcYTYT_c`_b>YS_\vc1bR_\UTQ '(& @_S_TUc`e}ccUV_b]QRQe^Q
dUbSUbQQc_SYQSY†^`_`e\Qb\QC_SYUTQTTU1bdUcQ^_cTU<QedQb_D_TQcUcdQ
RQ^Q^Y]QTQc`_bU\S_]‹^`b_`†cYd_TU²dbQRQZQbbUS`b_SQ]U^dUU^\Q
_`_cYSY†^e^YU^T_cecf_d_cQVY^TUaeUcYVeUcU`_cYR\UWQ^Qb\QcU\US
SY_^UciU\UWYbe^]Q^TQdQbY_aeUTURY}^T_\UcceUhQ\dQSY†^\_c]YbUS_^
RU^Uf_\U^SYQi\Uc_YWQU^ZecdYSYQ³ '(' 
CecQc_SYQT_cTURQ^WQ^QbQ_dbQc`Ubc_^QcicUW‹^\_`b_iUSdQT_
Q`_bdQbQ\_]U^_ce^bUQ\]U^ceQ\`QbQU\UcdQR\USY]YU^d_TUe^QY]
`bU^dQ<QC_SYUTQT3Qe`_\YSv^QSde†S_]_S}\e\Q]QTbUTUcTUcecUTUU^
SQ\\UCQ^dQB_cQ+\QC_SYUTQT3_\_S_\_cebWYTQTUcecU^_aeUT†UcdQR\USY
TQU^U\RQbbY_TU\Q3XY]RQU^SQcQTU\cQcdbU<eYcAeUfUT_i\QC_SYU
TQT<QedQb_def_S_]_QcYU^d_U\T_]YSY\Y_TU=YWeU\FUbQU^SQ\\U3_]
`Q…Q5\ec_TUe^QS_SQbTQS_^\_cS_\_bUc^QSY_^Q\Uc°Q\YWeQ\aeU\_c
bU`eR\YSQ^_cTU\QBUf_\eSY†^6bQ^SUcQ°TYcdY^WeYbQQ\_c]Y\YdQ^dUc'(( 
1e^aeU\QY^V\eU^SYQTUUcd_cS\eRUcU^dbU\_ccUSd_bUc`_`e\QbUc
VeU]eibUTeSYTQ°`b_RQR\U]U^dU\Qcc_SYUTQTUc3_\_S_\_i<QedQb_^_
Q\SQ^jQb_^QTUcQbb_\\QbQSdYfYTQTUccYW^YVYSQdYfQc°ce^QSY]YU^d_SQec†
SYUbd_Y]`QSd_`_\dYS_iQaeUe^QSQ^dYTQTY]`_bdQ^dUTUcecQVY\YQT_c
UbQ^ceR_VYSYQ\UcTU\Q7eQbTYQ>QSY_^Q\
<Qcc_SYUTQTUc3Qe`_\YSv^3_\_S_\_i<QedQb_cY]R_\YjQRQ^U\UcVeUb
j_TU\\YRUbQ\Yc]_`_bTYc`edQb\Q]QcQQbdUcQ^Q\Q\RQ^T_S_^cUbfQT_bi
`_b^_TUZQbcUTUcR_bTQb`_b\QYjaeYUbTQU^ce\eSXQS_^dbQU\W_RYUb^_

'($
²C_SYUTQTTU1bdUcQ^_cSXY\U^_c³4YQbY_TUCQ^dYQW_CQ^dYQW_"%TU_SdeRbUTU
!($%5\TYcSebc_TU=Q^eU\7eUbbUb_U^\QbUe^Y†^Ve^TQSY_^Q\i\QcVU\YSYdQSY_^UcTU\Q
C_SYUTQT4U]†SbQdQQ\QC_SYUTQTTU1bdUcQ^_cVeUb_^`eR\YSQTQc`_bU\4YQbY_TUCQ^dYQW_CQ^
dYQW_"'TU_SdeRbUTU!($%
'(%
²¥FYfQ\Q4U]_SbQSYQ³_`SYd
'(&
²C_SYUTQTTU1bdUcQ^_cTU3_\_S_\_³4YQbY_TUCQ^dYQW_CQ^dYQW_#!TU_SdeRbU
TU!($%
'('
1>1=9f_\!& !(#"!($&3QecQcUWeYTQ_`SYd²4US\QbQSY†^TU\`bY
]UbdUcdYW_BQ]†^=_^TQSQ³&TU^_fYU]RbUTU!($%V!'
'((
?`SYdVZc!&fdQ!'i!'fdQ

# )
`U\eS†^6bed_TUUcdUT_R\US_]RQdUVeUU\`UbY†TYS_5\1bdUcQ^_?`_cY
d_b`eR\YSQT_`_b`bY]UbQfUjU\!!TUTYSYU]RbUTU!($%U^bUc`eUcdQ
Q\`b_W_RYUb^YcdQ5\1bdUcQ^_TU\?bTU^'() 
5\1bdUcQ^_?`_cYd_bcU`\Q^dUQRQS_]_e^`UbY†TYS_TU_`_cYSY†^
XUSX_`_bi`QbQ\_cQbdUcQ^_c`Ub_UbQU^bUQ\YTQT°Q\YWeQ\aeU\Qcc_
SYUTQTUc3Qe`_\YSv^3_\_S_\_i<QedQb_°e^]Ub_Y^cdbe]U^d_TU\Q_`_
cYSY†^\YRUbQ\`QbQS_^aeYcdQb\QccY]`QdQc`_`e\QbUc@QbQU\\_QWYdQRQ
e^QcUbYUTUbUYfY^TYSQSY_^UcVeUbdU]U^dUQbbQYWQTQcU^dbU\_c]U^UcdbQ
\Uc*\QU\Y]Y^QSY†^TU\QcdbQRQcQ\QY^TecdbYQ\Q`b_XYRYSY†^TU\Q\YRbU
Y]`_bdQSY†^TU\_c`b_TeSd_cVQRbYSQT_cU^U\`Qc\QTYc]Y^eSY†^TU\_c
dbYRed_ci\Qce`bUcY†^TU\cUbfYSY_]Y\YdQbSfYS_aeUbUSQQUhS\ecYfQ]U^
dUc_RbU\_c`_RbUcicebU`QbdYSY†^S_^]Qi_bUaeYTQTU^dbU\_cbYS_c') 
5bQ^\Qc]Yc]QcRQ^TUbQcaeU5\4eU^TUfU^Q\UfQ^dQ^T_TUcTUXQSQ
dbUc]UcUcBUV\UZQ^T_\QY]`_bdQ^SYQQS_bTQTQ`_b\Q_`_cYSY†^\YRUbQ\
Q\dbQRQZ_`_\dYS_U^dbU\_cceR_VYSYQ\Ucic_\TQT_cTU\Q7eQbTYQ3fYSQ
5\1bdUcQ^_?`_cYd_bTU^e^SYQRQ\_cQdb_`U\\_cifUZv]U^UcaeUceVbQ^\_c
dbQRQZQT_bUcaeU`bUcdQRQ^cUbfYSY_U^cecVY\QcU^Uc`USYQ\QaeU\\_ccY^
TYSQT_cS_]__`_cYd_bUc')! 
>__RcdQ^dUcec`e^d_cTUS_Y^SYTU^SYQ\QbYfQ\YTQT^_dQbTQbQU^
]Q^YVUcdQbcUU^dbUU\TYVec_Wbe`_bU`bUcU^dQT_`_bBQ]_c°aeUS_]_
cQRU]_cV_b]QRQ`QbdUTU\QC_SYUTQT3Qe`_\YSv^°i\_cTYbYWU^dUcTU\Q
_`_cYSY†^\YRUbQ\
CY^U]RQbW_\QcS_^dbQTYSSY_^UcU^dbUQ]RQcS_bbYU^dUcaeUTQb_^
]_]U^dv^UQ]U^dU_Se\dQc`_b\_cceSUc_cTUVY^UcTU!($%5^^_fYU]
RbUQe]U^d†\QdU^cY†^`_\dYSQ5\`bY]Ub_TUUcU]UcVeUb_^QbbUcdQ
T_c@UTb_7_T_i:eQ^>YS_\vcÂ\fQbUj=Q^eU\7eUbbUb_BQ]†^=_^
TQSQCQ^dYQW_BQ]_ciQ\We^_ccQbWU^d_cTU\_cSeUb`_cSfYS_cTUCQ^
dYQW_cYU^T_c_]UdYT_cQ`b_SUc_`_bTU\Yd_TUS_^c`YbQSY†^1\TQceR
cYWeYU^dUSQiUb_^QSecQT_cTU`UbdU^USUbQe^QbQ]YVYSQSY†^TU\Q]Yc
]QS_^c`YbQSY†^=Q^eU\2Y\RQ_:eQ^:_c}iCY\fUcdbUCUWe^T_<Qj_:eQ^
7eUbbUb_XUb]Q^_TU=Q^eU\U\cQcdbU1Wecd^B_TbWeUjU\R_dUb_
5cdURQ^FQ\U^jeU\Qi:_c}1Wecd^3UbTQ ')" IQe^aeU\QQSecQSY†^^_
`eT_cUb`b_RQTQ`_b\QcQed_bYTQTUcU\ZeYSY_i\Q`bYcY†^TU\_cY^SbY]Y
^QT_ccUQ\QbWQb_^]vcTU\QSeU^dQS_^dbYReiU^T_QQWeTYjQb\QcS_^
dbQTYSSY_^UcU^dbUU\W_RYUb^_i\Q_`_cYSY†^')# 

'()
5\1bdUcQ^_?`_cYd_bCQ^dYQW_!!TUTYSYU]RbUTU!($%
')
5\1bdUcQ^_?`_cYd_bCQ^dYQW_"!TUU^Ub_TU!($&
')!
5\1bdUcQ^_?`_cYd_bCQ^dYQW_UTYSY_^UcTU\!#" "$i#!TUTYSYU]RbUTU!($%
iTU\'TUU^Ub_TU!($&
')"
1>1=9f_\!& !(#"!($&3QecQcUWeYTQ_`SYd=TU\Q2QbbQ²3_]Q^
TQ^SYQ:bQ\TU1b]Qc1\6YcSQ\`QbQaeU\_QWbUWeUQcecQ^dUcUTU^dUc³CQ^dYQW_!"TU
^_fYU]RbUTU!($%V#$
')#
5bbvjebYj8Ycd_bYQTU\QQT]Y^YcdbQSY†^_`SYd`vWc"%'i"%(+2Qbb_c1bQ^QE^
TUSU^Y__`SYdd_]_99`vWc'&( +5^SY^Q_`SYdd_]_H99`vWc%"i%#<Q`bU^cQ

#!
 5\W_\`UbU`bUcYf_TU\W_RYUb^_TQ…†WbQfU]U^dUU\dbQRQZ__`_cY
d_bU^\QRQcU`_`e\Qb<_cQbdUcQ^_c]YU]Rb_cTU\Q7eQbTYQ>QSY_^Q\
c_]UdYT_cQY^dUbb_WQd_bY_bUfU\Qb_^\Qc]Q^Y`e\QSY_^UcTU\QcaeUXQ
RQ^cYT__RZUd_CY^TeTQdbQdQRQ^TU]Y^Y]YjQbce`QbdYSY`QSY†^`Ub_
SQcYd_T_cQaeU\\_caeUQT]YdQ^Q\We^QbU\QSY†^S_^\_cXUSX_cS_Y^SY
TQ^U^cU…Q\QbaeUXQRQ^Y^WbUcQT_Q\Qc²\_WYQc³TUQbdUcQ^_cc†\_`QbQ
TYcSedYbdU]QcbU\QSY_^QT_cS_^U\UZUbSYSY_TU²\QcQbdUc³_cUQTUcec
_VYSY_c+aeUU^TYSXQcc_SYUTQTUccYRYU^XQRQ^UcSeSXQT_TYcSebc_c
S_^dbQU\W_RYUb^_\_c_RZUdYf_c`_\dYS_c`b_S\Q]QT_c^_XQRQ^cYT_
_db_caeUU\_RdU^UbU\USSY_^UcX_^UcdQc5^\Qc²\_WYQc³^_XQRQ^bUSY
RYT_TY^Ub_^Y`bURU^TQc+U^bUQ\YTQT`QbQceVe^SY_^Q]YU^d_UbQSQcY
Y^^USUcQbY_S_^dQbS_^VY^Q^SYQ]YU^d_`eUcd_aeUcUbUe^Q^U^SQcQTU
\_c`b_`Y_cQVY\YQT_c@_b‹\dY]_U\`Q`U\`b_dQW†^YS_cYU]`bUbUSQQU^
\_c`_\dYS_cTU\QU\YdU\YRUbQ\<_cTUS\QbQ^dUccUXQRQ^Y^S_b`_bQT_
SeQ^T_\Q_bWQ^YjQSY†^UcdQRQSbUQTQi\_c`b_]_d_bUcTU\_c`b_^e^SYQ
]YU^d_c`_\dYS_cS_^dbQU\W_RYUb^_°bUcYcdYT_c`_b\_c]U^UcdbQ\Uc°
cYU]`bUXQRQ^cYT_cU…_bYd_cS_]_7eUbbUb_2Y\RQ_iU\4YQR\_@_\dYS_
C†\_Q\We^_cQbdUcQ^_cbUS_^_SYUb_^XQRUbUcSeSXQT_TYcSebc_cfUbTQ
TUbQ]U^dUceRfUbcYf_c`Ub_Q\YWeQ\aeUU^\_cTU]vcSQc_cXQSQ^bU
SQUbceQed_bQUhS\ecYfQ]U^dUU^\_cSQRQ\\Ub_c
5\Q\RQ…Y\>YS_\vc1bR_\UTQ`bUcYTU^dUTUe^QTU\Qcc_SYUTQTUcTU
QbdUcQ^_cTUS\Qb†aeUU^\QcbUe^Y_^UccU]UjS\QRQ^Q\We^_ccU…_bUc
²<QbbQ^Uc³i²JQ…Qbdec³iaeUQe^aeUU\_RZUd_TU\_cS\eRUcUbQc_\Q
]U^dUY]`UTYb\QfU^dQTUSQ\YVYSQSY_^UcU\USd_bQ\UciQcUWebQbU\USSY_
^Uc\Y]`YQcTebQ^dU\QcbUe^Y_^UcQ\We^_cQbdUcQ^_cXQRQ^`b_^e^SYQ
T_TYcSebc_cQdQSQ^T_Q\W_RYUb^_²QbbQcdbQT_c`_b\QY^V\eU^SYQTUe^
SQRQ\\UbYd_2Y\RQ_aeUdU^Q^Q\QUc`Q\TQiaeUU\aeUS_^]vcU]`USY^_
`b_]_fQU\TUc†bTU^UbQU\Z_fU^aeU\\Q]Q^U\4YQR\_@_\dYS_³')$ 
5\cQcdbU:_Qae^2Qbb_ccQbWU^d_TU\RQdQ\\†^SfYS_>¡#QcUWeb†
aeUQcYcdY†Q\Qc_SYUTQTTUQbdUcQ^_cTU\QSQ\\UCQ^dQB_cQ*

_`_cYd_bQSbYdYS†QYbQTQ]U^dU\_cU^SQbSU\Q]YU^d_cSQ\YVYSQ^T_U\ce`eUcd_S_]`\_dTU
cY]`\UY^fU^SY†^TU\W_RYUb^_iTU^e^SYQ^T_\QcY^Xe]Q^QcS_^TYSY_^UcTUTUdU^SY†^
TU\_cY^Se\`QT_c<Q`bYcY†^TU\_cQbdUcQ^_c:_c}1Wecd^3UbTQcQcdbUiBQ]†^=_^
TQSQ`bUcYTU^dUTU\QC_SYUTQT3Qe`_\YSv^]YU]Rb_cTU\Q7eQbTYQ>QSY_^Q\VeU`b_Ve
cQ]U^dUTU^e^SYQTQ`_b\_c`UbY†TYS_cTU\Q_`_cYSY†^²@bYcY_^Uc³4YQbY_TUCQ^dYQW_
CQ^dYQW_(TU^_fYU]RbUTU!($%+²CCBBTU\1bdUcQ^_?`_cYd_b³5\1bdUcQ^_?`_cYd_b
CQ^dYQW_!#TUTYSYU]RbUTU!($%+²3_bbUc`_^TU^SYQQbdUcQ^Q³5\1bdUcQ^_?`_cYd_bCQ^
dYQW_" TUTYSYU]RbUTU!($%+5\1bdUcQ^_?`_cYd_bCQ^dYQW_"$TUTYSYU]RbUTU!($%+²5\
4YQbY_³4YQbY_TUCQ^dYQW_CQ^dYQW_"'TUTYSYU]RbUTU!($%+²CU…_bUc5TYd_bUcTU\1bdU
cQ^_?`_cYd_b³5\1bdUcQ^_?`_cYd_bCQ^dYQW_'TUU^Ub_TU!($&+²3_bbUc`_^TU^SYQQbdU
cQ^Q³5\1bdUcQ^_?`_cYd_bCQ^dYQW_!#TUU^Ub_TU!($&<QT_Se]U^dQSY†^S_]`\UdQTU\
`b_SUc_cUU^SeU^dbQU^1>1=9f_\!& !(#"!($&
')$
1>1=9f_\!& !(#"!($&3QecQcUWeYTQS_^dbQ_`SYd²4US\QbQSY†^TU\
cUWe^T_dUcdYW_>YS_\vc1bR_\UTQ³CQ^dYQW_'TU^_fYU]RbUTU!($%V" 

#!!
 KM`_baeU\UTYZYUb_^aeUU\‹^YS__RZUd_aeUdU
^QUbQU\TUdbQdQbQ\We^_cQce^d_cc_RbU\QcQbdUciS_^
cUWeYbaeU^_cUY^db_TeZUcUTU\UhdbQ^ZUb_b_`QXUSXQ
^Y_db_cQbdUVQSd_caeU`eTYUcU^U\QR_bQbcUU^U\`QcKiM
aeU\_cQed_bUc`bY]YdYf_cTUUcdQc_SYUTQT_\_WYQcVeU
b_^T_^6bQ^SYcS_BQi_cT_^=Q^eU\7eUbbUb_@bQT_
T_^6bQ^SYcS_@}bUjie^cU…_baeU\\Q]Q^U\4YQR\_
@_\dYS_')%

<eUW_QcUfUb†XQRUbbU^e^SYQT_QceSQbW_TUfYSU`bUcYTU^dUTU\Q
c_SYUTQTTUQbdUcQ^_cQ\fUbY^cUbdQU^U\4YQbY_TUCQ^dYQW_e^QTUS\QbQ
SY†^S_^ce^_]RbUU^\QaeUcUQdQSQRQQ\W_RYUb^_iaeUU^e^QbU
e^Y†^U\Z_fU^\YRUbQ\=Q^eU\7eUbbUb_²XQR\†`QbQ`UbceQTYbQe^_c
QbdUcQ^_cQVYb]Qb\QQSdQaeUbUcYcdQ^Y^cSbYRYbTYSY}^T_\UcaeUUbQ^
e^_cSXY\U^_cS_RQbTUciaeUQ\\cU^USUcYdQRQ^S_bQj_^UcWbQ^TUccY^
aeUKcUMdU^WQ`bUcU^dU_dbQS_cQKM³')& 
:_c}7Q]R_QS_]UbSYQ^dUicQbWU^d_TU\]Yc]_RQdQ\\†^SfYS_aeU
U\`bYcY_^Ub_Q^dUbY_bXYj_TUS\QbQSY_^Uc]eicY]Y\QbUc`bUSYcQ^T_aeU
²SeQ^T_cUbUcYcdQ^e^QcSeQ^dQc`Ubc_^QcQVYb]QbU\QSdQ\UfQ^dQTQU^\Q
SQ\\UTUCQ^dQB_cQU\cUSbUdQbY_T_^=Q^eU\7eUbbUb_@bQT_\_cUhSYdQRQ
Q VYb]Qb TYSY}^T_\Uc aeU Q\\ ^_ cU ^USUcYdQRQ^ QbdUcQ^_c S_RQbTUc
KM³')' 
<_]Yc]_dUcdYVYS†=Q^eU\=U^QR_dUb_icQbWU^d_TU\RQdQ\\†^
TUWeQbTYQc^QSY_^Q\Uc>¡" ')( Ie^_TU\_c`bY^SY`Q\UcY^Se\`QT_cBQ
]†^=_^TQSQcQcdbUic_\TQT_SfYS_TU\]Yc]_RQdQ\\†^bUc`_^cQRY\Y
j†°S_]_\_XQRQ^XUSX__db_c°Q=Q^eU\2Y\RQ_QSecv^T_\_TUXQ
RUb`b_`eUcd_U\dYbQ^YSYTY_]UTYQ^dUU\ec_TU\`e…Q\ ')) <_c`\Q^Uc
cUTYSY_c_c TU \Q _`_cYSY†^ VeUb_^ bUS_^_SYT_c `_b fQbY_c QbdUcQ^_c
S_^dv^T_cUU^dbUU\\_cU\R_dUb_icQbWU^d_TU\RQdQ\\†^>¡"TUWeQb
TYQc^QSY_^Q\Uc5cdURQ^FQ\U^jeU\Qe^_TU\_c`bY^SY`Q\UcY^Se\`QT_c
U^U\`b_SUc_( <QS_^VUcY†^TUCQ^dYQW_BQ]_cU^SQ]RY_VeU]ei
`QbSQiXvRY\Cec`Q\QRbQc^_S_]`b_]UdQ^Q^QTYUU^^Y^W‹^TU\Yd_+
d_T_c\_cXUSX_cTUS\QbQT_ccUQZecdQRQ^Q\Q\UWQ\YTQT*

')%
1>1=9f_\!& !(#"!($&3QecQcUWeYTQS_^dbQ_`SYd²4US\QbQSY†^TU\
SeQbd_dUcdYW_:_Qae^2Qbb_c³CQ^dYQW_(TU^_fYU]RbUTU!($%V""
')&
?`SYdV""fdQ
')'
1>1=9f_\!& !(#"!($&3QecQcUWeYTQS_^dbQ_`SYd²4US\QbQSY†^TU\
aeY^d_dUcdYW_:_c}7Q]R_Q³CQ^dYQW_(TU^_fYU]RbUTU!($%V"#
')(
1>1=9f_\!& !(#"!($&3QecQcUWeYTQS_^dbQ_`SYd²4US\QbQSY†^TU\
^_fU^_dUcdYW_=Q^eU\=U^Q³CQ^dYQW_!"TU^_fYU]RbUTU!($%V#%fdQ
'))
1>1=9f_\!& !(#"!($&3QecQcUWeYTQS_^dbQ_`SYd²4US\QbQSY†^TU\
#%dUcdYW_BQ]†^=_^TQSQ`_bcUWe^TQfUj³CQ^dYQW_!(TU^_fYU]RbUTU!($%V'#
(
1>1=9f_\!& !(#"!($&3QecQcUWeYTQS_^dbQ_`SYd²3_^VUcY†^TU\
bU_5cdUfQ^FQ\U^jeU\Q³CQ^dYQW_!$TU^_fYU]RbUTU!($%VZc$)%!fdQi²3_^VUcY†^
TU\bU_5cdUfQ^FQ\U^jeU\Q³+CQ^dYQW_#TUTYSYU]RbUTU!($%V!$"

#!"
 @bUWe^dQT_* aeU `QbdU dU^WQ U^ \Q S_^c`YbQSY†^
aeUcUce`_^UU^\Q_bTU^TUce`bYcY†^TYZ_*aeU^Y^We
^Q`_bcUb\Q`bY]UbQfUjaeU_iUXQR\QbTUcU]UZQ^dU
TU\Yd_ibUc`_^TU
@bUWe^dQT_*cYcQRUaeU_dbQc`Ubc_^QcXQiQ^UZU
SedQT__TYSX_Q\W_aeUQbWe\\QU\Y^dU^d_TUS_^c`YbQ
SY†^TYZ_*aeU^_\_cQRU^Y\_XQ_YT_TUSYbibUc`_^TU
QWbUWQ^T_aeU^_ce`_^UaeUU^ce`QdbYQXQiQX_]RbU
dQ^TUc^QdebQ\YjQT_aeU`YU^cUU^dQ^cU]UZQ^dUTU\Yd_
@bUWe^dQT_*cYcQRUaeUXQiQ^XQRYT_bUe^Y_^Uc
TUQbdUcQ^_cS_^U\dde\_TUc_SYUTQTUcSev\UbQce_R
ZUd_iaeYU^UcVeUbQ^cecQSd_bUcTYZ_aeUcYiaeUce
_RZUd_Ve^TQT_U^\_c`bY^SY`Y_cVe^TQ]U^dQ\UcTU\Q
3_^cdYdeSY†^TU\5cdQT_UbQdbQRQZQb\YRbU]U^dUU^\Qc
U\USSY_^UcTU\_c^eUf_cbU`bUcU^dQ^dUcTU\Q>QSY†^
cUW‹^U\UcdQded_TU\Q]Yc]Q3QbdQiaeUU^SeQ^d_Q
\_cQed_bUcaeU`b_]_fYUb_^UcdQcQc_SYQSY_^Uc`_\dY
SQcc_^U\]Yc]_S_^VUcQ^dUU^SeQ^d_XQS_^SebbYT_
`Ub_aeU^_cQRUVYZQ]U^dUaeYU^UcXQiQ^cYT_\_cQed_
bUccY^U]RQbW_aeU`bUce]UaeU\_XQiQcYT_T_^=Q
^eU\7eUbbUb_@bQT_e^cU…_bBQi_ciQ\W‹^_db_aeU
^_bUSeUbTQ( !

3_]_^QTQ\_Y^Se\`QRQU\VYcSQ\^_def_]vcbU]UTY_aeU\YRUbQb
\_UcU]Yc]_TQ²5\4eU^TUTU\_cQbdUcQ^_c³S_^dY^e†ce\QR_bTUQWY
dQT_bi`b_`QWQ^TYcdQU^U\²RQZ_`eUR\_³cQ^dYQWeY^_1`QbdYbTU\!$TU
U^Ub_TU!($&`eR\YS†e^^eUf_`UbY†TYS_dYde\QT_5\@eUR\_edY\YjQ^T_
S_]_\U]Q\Q]Yc]QVbQcUTU<Q]U^^QYcaeUceS_\UWQ5\1bdUcQ^_?`_cY
d_b*²<QSQecQTU\`eUR\_Uc\QSQecQcQ^dQSQecQTU4Y_c*U\\QdbYe^VQbv³
Cec S_^SU`SY_^Uc `_\dYSQc U YTU_\†WYSQc Uh`bUcQTQc SQcY cYU]`bU TU
]Q^UbQS_^VecQUbQ^SUbSQ^QcQ\QcTU\`UbY†TYS_\YRUbQ\@QbQ5\@eUR\_*
²<QVeUbjQ]_bQ\UcdvU^U\QbdUcQ^_+`_baeUU\QbdUcQ^_S_]`_^UU^\Q
^QSY†^U\]Qi_b^‹]Ub_*5\QbdUcQ^_dQ]RY}^bU‹^U\QVeUbjQ]Qi_b
4U\QbdUcQ^_cQ\UU\U\USd_biU\c_\TQT_³( " 
CUW‹^U\`_cde\QT_TU\²4eU^TU³dbQ^cV_b]QT_U^²@eUR\_³\Qc_
SYUTQTcUTYfYTQU^cYUdU²S_b`_bQSY_^Uc³*\QRbQT_bUcQbdUcQ^_c`b_fUU
T_bUcWQ…Q^UcXQSU^TQT_ciS_]UbSYQ^dUc5\`b_WbQ]Q`_\dYS_`b_`Q
WQ^TUQT_`_b²U\`\URUi_³BQ]_c°S_]_}\]Yc]_WecdQRQU^\\Q]QbcU°
cUcY^dUdYjQRQU^TYUj`e^d_cSU^dbQ\Uc*TYfYTYb\Qc_SYUTQTU^\QcS_b`_bQ
SY_^UcSYdQTQci*

( !
1>1=9f_\!& !(#"!($&3QecQcUWeYTQS_^dbQ_`SYd²3_^VUcY†^TU\
bU_T_^CQ^d_BQ]_c³+CQ^dYQW_!%TU^_fYU]RbUTU!($%VZc( fdQi(!
( "
5\@eUR\_CQ^dYQW_"%TUU^Ub_TU!($&

#!#
 KM²ceRTYfYTYbSQTQe^QTUU\\QcU^cecTYVUbU^dUc
`b_VUcY_^Uc`QbQTQb_Se`QSY†^Qd_T_c\_cY^TYfYTe_c
cY^UhSU`SY†^iSeYTQbTU\QceUbdUTUSQTQe^_U^`Qb
dYSe\Qb³+²U]`\UQb\QcVeUbjQcTU\X_]RbUU^UZUbSYSY_c
‹dY\Uc`b_`Y_c`QbQcecUh_icQSQb\_TU\_cY^^USUcQbY_c
i`_S_`b_TeSdYf_cU^aeUQSdeQ\]U^dUcUU^SeU^dbQ^
bUcUbfQ^T_Q\Q]eZUbSeQ^d_U\\Qc`eUTQ^TUcU]`U…Qb
`QbQaeU^_cUQ^dQ^]YcUbQR\UcS_]_c_^³+²`b_dUWUb
\QcQbdUci`b_XYRYb\QY^dUb^QSY†^TU\QcS_cQcaeU`_b
S_^fU^YU^SYQWU^UbQ\TURQ^dbQRQZQbcUU^U\`Qc³+UcdQ
R\USUb^e]Ub_cQcQc_SYQSY_^Uc`_\dYSQc`QbQUTeSQbQ
\_cSYeTQTQ^_cS_\_^YjQbU\`QcTU`bUVUbU^SYQS_^cec
`b_`Y_cXQRYdQ^dUc²Q^dUcaeUbUWQ\Qb\_Q\UhdbQ^ZUb_³+
²aeU\_c]}TYS_cfe\WQbYSU^\Q]UTYSY^QbUSUdU^U^Uc
`Q…_\icUQ^bU^dQT_c`QbQaeU`eUTQ^SebQbQ\`_RbUi
^_`b_\_^WeU^\QcU^VUb]UTQTUcUc`USe\Q^T_S_^\Q
cQ\eT³+²aeU\QcR_dYSQc`UbdU^UjSQ^Q\Qc_SYUTQT`QbQ
aeU\Q]UTYSY^QcUT}WbQdYciUfYdQbTUUcdU]_T_\QRvb
RQbQecebQTU\_cR_dYSQbY_c³+²aeUU\cQSUbT_SY_cUQbU^
dQT_`QbQaeU^_cUUc`USe\US_^\QcS_cQccQWbQTQc^Y
S_^\_cSQTvfUbUcTU\_c]eUbd_c+`QbQaeUU\`_RbU^_
\_cU^dYUbbUU^ceSQcQ³+Y^S_b`_bQSY†^TUd_T_c\_cc_\
TQT_cTU\^UQcY^UhSU`SY†^²U^U\`eUR\_U^\QS\QcUTU
Y^cdbeSd_b³+²QR_\Yb\Q`U^QTU]eUbdUiTQbe^SQcdYW_TU
ceZUSY†^cY^QVbU^dQQ\TU\Y^SeU^dUU^\QSQcQ]QUcdbQ^
jQTU\WbU]Y_QaeU`UbdU^UjSQ³( #

1TU]vcTUe^`bY^SY`Y_WU^UbQ\TUVY^YT_U^\QTYfYcQ*²<QUTeSQSY†^
BU`eR\YSQ^QiWU^UbQ\Uc\Q`bY]UbQQdU^SY†^TU\W_RYUb^_³ ( $
1`UcQbTUcecY]`bUSYcY_^UciSQbU^SYQcU\`b_WbQ]QTU\²AeURbQ
TY^_³TUQfQ^jQT_S_bdUTU]_SbvdYS_bUV\UZQRQe^Q]Qi_bbQTYSQ\YTQT
aeU\Qc`b_`_cYSY_^UcTU\QU\YdU\YRUbQ\+dQ]RY}^]_cdbQRQe^QcU^cYRY\Y
TQT`_bSYUbd_c`b_R\U]Qc°S_]_U\TU\Q]eZUb°S_]`\UdQ]U^dUQecU^
dUcTU\Qc`bU_Se`QSY_^UcTU\QcS_bbYU^dUc`_\dYSQcTU\Q}`_SQ*²<Qc
]eZUbUcdQ]RY}^^USUcYdQ^aeYU^\QcbU`bUcU^dU`_baeU`QTUSU^]vc
aeUU\X_]RbUU^\Qc_SYUTQT<Q]eZUbUcU^U\UcdQT_QSdeQ\e^SeUb`_
SQbWQT_TU^USUcYTQTUccY^RbQj_c`QbQcQdYcVQSUb\Qc³ ( % 
6Y^Q\]U^dUQ\YWeQ\aeUce`bUTUSUc_b°5\4eU^TU°e^\U^WeQZU
]vcvc`Ub_i]vc²S\QcYcdQ³aeUU\U]`\UQT_`_b\Qc`eR\YSQSY_^Uc\YRUbQ
\UcTYcdY^WeQQ5\@eUR\_TU\²AeURbQTY^_³BQ]_c6_b]e\QSY_^UcS_]_

( #
²?bTU^³5\@eUR\_CQ^dYQW_""TUVURbUb_TU!($&
( $
²=vhY]Qc³5\@eUR\_CQ^dYQW_(TU]Qbj_TU!($&
( %
5\@eUR\_CQ^dYQW_(TU]Qbj_TU!($&

#!$
\QcYWeYU^dUYRQ^cY^TeTQ]vc\UZ_cTU\_aeUU\\YRUbQ\Yc]_TU\QU\YdU
ZejWQRQ^USUcQbY_`QbQQdbQUbQceSQ]`_Q\_cdbQRQZQT_bUc*

3_]`Q…Ub_c TU d_T_c \_c S_\_bUc i `b_VUcY_^Uc+

^_c_db_caeUS_]`_^U]_c\Q]QcQTU\`eUR\_\QS\QcU
`_RbUQ\dQ]U^dUTUc`bUSYQTQQaeYU^^_cUQdbYReiU^Y
U\]U^_bbQcW_TUfYbdeTQaeYU^cUY^ce\dQU^\_c`U
bY†TYS_ccUTUc`bUSYQU^\QdbYRe^QifY_\U^dQU^\_cSeQb
dU\Uc `QbQ ^UW_SYQb S_^ ^eUcdbQ f_\e^dQT i `Ubc_^Qc
S_]_fY\UcY^cdbe]U^d_c¤Ae}]UTY_TURUbU]_cd_SQb
`QbQ^_cUbdQ^QRQdYT_cS_]_c_]_ci`QbQ^_ceVbYbU\
XQ]RbUTUc^eTUjid_TQc\Qc`\QWQcaeU^_cTUWbQTQ^
bUTeSY}^T_^_cTUX_]RbUcQ\QS_^TYSY†^TURUcdYQci
TUX_]RbUc\YRbUcQ\QS_^TYSY†^TUUcS\Qf_c/¤Ae}XQ
bU]_c`QbQ^_cUWeYbcYU^T_U\ZeWeUdUi\QReb\QTU\_c
X_]RbUcaeU`_b]UTY_TU^eUcdb_f_d__ceVbQWY_U\U
fQ]_cQ\bQ^W_TU]QWYcdbQT_c`QbQbUWYb\_cTUcdY^_cTU
\Q^QSY†^aeU^_c_db_cS_]`_^U]_c/ ( &

5\Sebc_d_]QT_`_b\QQSSY†^TUBQ]_cU^d_b`USQ\_c`\Q^UcTU\Q
_`_cYSY†^\YRUbQ\@UTb_6}\YhFYSe…Qe^_TUcec`bY^SY`Q\Uc\TUbUcS_^
dQbQ`_S_c]UcUc]vcdQbTUaeU²5\AeURbQTY^_³°e^X_]RbU²cY^`bY^
SY`Y_ccY^YTUQcVYZQccY^Se\debQcY^^QTQaeU`eTYUbQVYZQb\QQdU^SY†^
TUe^X_]RbU]UTYQ^Q]U^dUY\ecdbQT_³ ( '°XQRQUcdQT_U^ceSQcQQ
]UTYQT_cTUU^Ub_TU!($&*

KM i `_b XQRUb\U TYSX_ aeU XQRQ cYT_ ]ei

Y^_`_bde^_e^QbdSe\_aeUXQRQ`eR\YSQT_c_RbU\Q
YWeQ\TQT`QbUSY†]eiY^S†]_T_+Q`UcQbTUaeUi_\U
TYZUTUaeU\QYWeQ\TQT\UWQ\UbQe^T_W]QbU`eR\YSQ^_
`Ub_^_e^QYWeQ\TQTQRc_\edQ^_`eTYU^T_cUbYWeQ\U\
fYbde_c_Q\SbY]Y^Q\^YU\X_]RbUY^TecdbY_c_Q\fQW_i
U^U]YW_TU\dbQRQZ_( ( 

<Q`_\}]YSQcUXYj_`‹R\YSQ<QcQS_]UdYTQcS_^dbQU\dY`†WbQV_cU
ceSUTYUb_^U^\Q`bU^cQi^_dQ^c†\_U^QaeU\\QS_^db_\QTQ`_b\_c`U\e
S_^Uc1VY^UcTUU^Ub_U\4YQbY_TUCQ^dYQW_`eR\YSQRQe^Teb_QdQaeUU^
S_^dbQTU\`UbY†TYS_UTYdQT_`_bBQ]_c*

KMU\\U^WeQZUTU\@eUR\_^_^_cXQ`QbUSYT_RYU^
`eUcXQSU`b_f_SQSY_^UcaeUQSUbSv^T_cU\Q}`_SQU\US

( &
²5\@eUR\_Qd_T_c\_c`eUR\_c³5\@eUR\_CQ^dYQW_!%TUVURbUb_TU!($&
( '
@6FFY^TYSQSY†^TU\_c`bY^SY`Y_c_`SYd`vW$&
( (
?`SYd`vWc$&i$'

#!%
 d_bQ\TURUfU^WQbcU^UWQ^T_U\f_d_Qe^QQT]Y^YcdbQSY†^
aeU`_TU]_cSQ]RYQb\UWQ\]U^dUi^_`_bbUf_\eSY_^Uc
4YSUU\@eUR\_aeUT_^TU\QYWeQ\TQT^_UhYcdU\Q\YRUbdQTUc
]U^dYbQ+TURY†Q…QTYb\QYWeQ\TQT\UWQ\`eUcUcUcdQ\Q‹^Y
SQaeU`eUTUUhYcdYbU^\Qc_SYUTQT( ) 

<QcTYVUbU^SYQcU^dbUQ]RQcfUbdYU^dUc°\Q\YRUbQ\QbYcd†SbQdQi\Q`\U
RUiQbQTYSQ\°aeUTQRQ^cY^dUdYjQTQc`‹R\YSQ]U^dUU^UcUdUhd_@QbQ\Q
`bY]UbQU\SQ]RY_TURQXQSUbcU]UTYQ^dU\QcU\USSY_^Uci`_b\QfQY^c
dYdeSY_^Q\\Y]Ydv^T_cUQQcUWebQb\QYWeQ\TQT\UWQ\TU\_cSYeTQTQ^_c
@QbQ\QcUWe^TQ°W}b]U^TU\Vedeb_\YRUbQ\Yc]_`_`e\Qb°\QdbQ^cV_b]
SY†^TURQQ`e^dQbQ\QYWeQ\TQTc_SYQ\^_TUcSQbdQ^T_\QQSSY†^bUf_\e
SY_^QbYQU^SQc_TU^USUcYTQT (! 
@_bce`QbdUU\d_^_TU\@eUR\_cUd_b^QRQSQTQfUj]vcTeb_S_^dbQ
U\W_RYUb^_S_^cUbfQT_b5^U\UTYd_bYQ\TU\c}`dY]_^‹]Ub_`eR\YSQT_
U\(TU]Qbj_²U\@\URUi_³BQ]_cUhS\Q]QRQ*

>_XQif_dQSY_^UccYXQif_dQSY_^UcXQi]eUbdUc
1]YW_ciS_]`Q…Ub_c¤XQcdQSeQ^T_cUbU]_cd_^d_c_
Y\ec_c/CYU]`bUUcdQbU]_cUc`UbQ^T_aeU\_cbYS_cU^\Q
bU`bUcU^dQSY†^^QSY_^Q\XQWQ^Q\W_TU`b_fUSX_`_b\_c
`_RbUc/¤>_UcceVYSYU^dU\QUh`UbYU^SYQaeUdU^U]_c/
KM<Ufv^dUcUU\`eUR\_ifQ]_cQTQb^_ce^QRbQj_TU
Q]_bVbQdUb^Q\Q\Q1\Q]UTQ*fU^WQ^\_c`bUc_cQW_jQb
TUUcdUS_^dU^d_i`UbT_^Ud_T_U\]e^T_WU^Ub_cQ

( )
²1\@eUR\_^e]"³4YQbY_TUCQ^dYQW_CQ^dYQW_"'TUU^Ub_TU!($&3ebcYfQcU^
U\_bYWY^Q\
(!
CQ^dYQW_BQ]_ccQRQaeU]eSX_cTU\_cQdQaeUcU^ceS_^dbQ`b_fU^Q^TU\Qc
`b_`YQcVY\Qc_`_cYd_bQcBUc`_^TYU^T_Qe^QcSbdYSQc`eR\YSQTQc`_b5\1bdUcQ^_?`_cYd_b
U^V_b]QTUSQbdQQ^†^Y]QVYb]QTQ`_b²e^_c\YRUbQ\Uc³²U\AeURbQTY^_³cU…Q\QRQU^
e^Q]YcYfQbU`b_TeSYTQU^UcU]Yc]_`UbY†TYS_QS_]YU^j_cTUU^Ub_TU!($&*²KMS_
^_jS_aeYU^Ucc_^\_caeUWbQdeYdQ]U^dUXQ^aeUbYT_XQSUb]UQ`QbUSUbU^U\`‹R\YS_S_^
e^Q]Q^SXQaeU^_dU^W_C}dQ]RY}^XQcdQ\QUfYTU^SYQU\]_dYf_aeU\_cY]`e\cQQUc
SbYRYbU^]YS_^dbQic}dQ]RY}^aeYU^XQ\\UfQT_Q\Q`bU^cQU\S_]e^YSQT_Ucd_i`b_^d_
QS_^dUcdQbiQX_bQ^_\_XQW_TU\]_T_aeUTURYUbQ`_baeU^_aeYUb_U^dbQbU^TYcSe
cY_^Uc`UbZeTYSYQ\UciaeUcecSYdQ^\QTYfYcY†^i`_b_dbQ`QbdU\Q`bU^cQ^_cUXQXUSX_
`QbQS_cQc`Ubc_^Q\UccYaeYUbU^aeU\_ccQdYcVQWQTYbZQ^cUQ]aeUUcd_i`b_^d_QXQSUb
\_*`_bQX_bQc†\_]UZecdYVYSQb}S_]_XUTYSX_³5\1bdUcQ^_?`_cYd_bCQ^dYQW_'TUU^Ub_
TU!($&<QbU\QSY†^U^dbUU\Wbe`_TUBQ]_ci\_cSQRQ\\Ub_cTU\Q_`_cYSY†^\YRUbQ\UbQ
U^bUQ\YTQTRQcdQ^dUS_]`\UZQCYRYU^UhYcdQe^QS_Y^SYTU^SYQVe^TQ]U^dQ\\Q\eSXQ
S_^dbQU\W_RYUb^_`U\eS†^aeUcUdbQTeSQU^e^QS_\QR_bQSY†^]Q^YVYUcdQQ`_i_c]e
de_cU^cecbUc`USdYf_c`UbY†TYS_cUTYSY†^_SQcY_^Q\TU\_c†bWQ^_cTU`bU^cQTUe^Wbe
`_U^\QY]`bU^dQTU\Q\YQT_\QciQcU…Q\QTQcSQbQSdUbcdYSQcTUQ]RQcS_bbYU^dUcXQSQ^
cebWYbY]`_bdQ^dUcTUcQSeUbT_c<_cQdQaeUcQ\²AeURbQTY^_³bU`b_TeSYT_c`_b5\1bdUcQ
^_?`_cYd_bUbQ^\QUh`bUcY†^TU\QcS_^dbQTYSSY_^UcQ\Y^dUbY_bTU\QQ\YQ^jQ

#!&
 ]U^dUQceQTfUbcQbY_BUe^YT_U\`eUR\_cYQ\W‹^SeUb
`_cU_`_^US_^c‹]Q\_U^fU^}^U\_^_cUS_^cYU^dQQ
^Y^W‹^dbQYT_bU^\QSQ\\UKM¥1RQZ_U\5ZUSedYf_¥FYfQ\Q
<YRUbdQT¥FYfQ\QBU`‹R\YSQ(!!

5\\\Q]Q]YU^d_ceRfUbcYf_cYbfY†TU`bUdUhd_Q\QcQed_bYTQTUc`QbQ
TUcQdQb\QbU`bUcY†^U^S_^dbQTU\²AeURbQTY^_³iTU\S_^Ze^d_TU\Q_`_
cYSY†^5\_RZUdYf_TU\W_RYUb^_UbQVbU^Qb\_c`b_WbUc_cTU\_c_`_cYd_bUc
Uc`USYQ\]U^dUU^dbU\_cdbQRQZQT_bUcaeUcUbfQ^U^\_cSeUb`_cSfYS_c
9^f_SQ^T_U\SQbvSdUbcUTYSY_c_TU\QbdSe\_U\5ZUSedYf_`_bY^YSYQdYfQTU\
]Y^Ycdb_TU\9^dUbY_b=Q^eU\=_^ddTUSbUd†TebQ^dU\Q]Yc]QZ_b^QTQU\
5cdQT_TUCYdY_`_b\_c_SXU^dQiSY^S_TQcaeUVQ\dQRQ^`QbQ\QcU\USSY_
^Uci\QQ`UbdebQTU\Qc^eUfQcSv]QbQc (!" <Qcdb_`QcTU\UZ}bSYd_iTU\Q
7eQbTYQ>QSY_^Q\bUSYRYUb_^_bTU^TUQSeQbdU\QbcUi_bWQ^YjQb`Qdbe\\Qc
`QbQ²UfYdQbd_TQbUe^Y†^aeU`QcUTUSY^S_`Ubc_^QcXQSY}^T_\QcTYc`Ub
cQb³(!# <Q`eR\YSQSY†^TU5\@eUR\_VeUcec`U^TYTQ+\Qcc_SYUTQTUc4U]_Sbv
dYSQ3Qe`_\YSv^3_\_S_\_i<QedQb_VeUb_^`b_XYRYTQc+fQbY_c\TUbUc_`_cY
d_bUcVeUb_^QbbUcdQT_ccYU^T_Q\We^_cTUU\\_cUh`QdbYQT_cQ<Y]Q(!$ 
5^dbUUcd_c‹\dY]_ccUU^S_^dbQRQ@UTb_6}\YhFYSe…QQ`UcQbTUXQRUb
S_^TU^QT_`‹R\YSQ]U^dUU\UTYd_bYQ\TUCQ^dYQW_BQ]_c(!% 
5\W_\`UTUVeUbjQTU\QQed_bYTQTS_^ce]†\Qbe`debQU^dbU\QS_
bbYU^dU`_`e\QbbQTYSQ\TU\²@\URUi_BQ]_c³i\Q\YRUbQ\QbYcd_SbvdYSQ5\

(!!
5\@eUR\_CQ^dYQW_(TU]Qbj_TU!($&
(!"
E^QbUfYcY†^QSeSY_cQTU\_cQbSXYf_c_VYSYQ\UcTU\Q}`_SQTU]eUcdbQaeU\QTUSY
cY†^TU\QcQed_bYTQTUcTUTUSbUdQbU\UcdQT_TUUhSU`SY†^XQRQcYT_QT_`dQTQQ^dUcTU\(TU
]Qbj_UcTUSYbS_^Q^dUbY_bYTQTQ\Q`eR\YSQSY†^TU\VQ]_c_UTYd_bYQ\TU5\@eUR\_5^e^Q
SYbSe\QbQ\_cY^dU^TU^dUcVUSXQTQU\(TU]Qbj_TU!($&U\]Y^Ycdb_=_^dd\UcY^V_b]QRQ
aeU\Q^_SXUQ^dUbY_b_cUQU\'TU]Qbj_U\@bUcYTU^dUTU\QBU`‹R\YSQTUQSeUbT_S_^
U\3_^cUZ_TU5cdQT_XQRQTUS\QbQT_U\5cdQT_TUCYdY_U^\Q`b_fY^SYQTUCQ^dYQW_U^
fYcdQcTU\QcQSdYfYTQTUcS_^c`YbQdYfQcTU\_c_`_cYd_bUcQ\QcaeUcUXQRQQWbUWQT_UcQ
]Yc]Q^_SXU\Q`b_S\Q]Q²cUTYSY_cQ³TUBQ]_c1>1=9f_\)#=Q^eU\=_^dd3Yb
Se\QbQ\_c9^dU^TU^dUcCQ^dYQW_]Qbj_(TU!($&V!#&5\W_RYUb^_cUY]`ec_TU\S_^
dU^YT_TU\`UbY†TYS_`_`e\QbQ^dUcTUaeU}cdUcQ\YUbQQ\QSYbSe\QSY†^`_bQfYc_TU\TYbY
WU^dU\YRUbQ\@UTb_6}\YhFYSe…QaeYU^Q\dU^UbU^cec]Q^_cQ\We^_cUZU]`\QbUcTU\>¡'
TU\@eUR\_\Q^_SXUTU\'TU]Qbj_U^fY†e^_TUU\\_cQ\9^dU^TU^dU²TYSY}^T_\UaeUQ\
KTQMcYWeYU^dUcUYRQQ`eR\YSQbiaeU\Q_`_cYSY†^bU`b_RQRQ\QcT_SdbY^QciU\\U^WeQZU
TUQaeU\UcSbYd_³@6FFY^TYSQSY†^TU\_c`bY^SY`Y_c_`SYd`vW$'5\`b_`Y_`bUcY
TU^dU2e\^UcbQdYVYS†U^ce]U^cQZUQ\3_^WbUc_aeUU\TUSbUd_TU5cdQT_TUCYdY_XQRQ
cYT_QT_`dQT_U\'TU]Qbj_C3>TU!($&²4YcSebc_TU\@bUcYTU^dUTU\QBU`‹R\YSQU^
\QQ`UbdebQTU\3_^WbUc_>QSY_^Q\TU!($&³`vW!
(!#
1>12F=f_\#$\UWQZ_!(2U^ZQ]^FYU\3YbSe\QbbUcUbfQTQQ\_cZUVUcTU
\_cSeUb`_cTU\5Z}bSYd_3_]Q^TQ^SYQ:U^UbQ\TU1b]Qc>¡$"CQ^dYQW_]Qbj_(TU!($&
V#&&
(!$
2Qbb_c1bQ^QE^TUSU^Y__`SYdd_]_99`vWc('i((+5bbvjebYj8Ycd_bYQTU\Q
QT]Y^YcdbQSY†^_`SYd`vWc"& i"&!+5^SY^Q_`SYdd_]_H99`vWc%#i%$
(!%
@6FFY^TYSQSY†^TU\_c`bY^SY`Y_c_`SYd`vWc$'i$(+²FYSe…Q5\`bUdU^TYT_
Q]YW_TU\_cQbdUcQ^_c³5\@b_WbUc_CQ^dYQW_! TU]Qbj_TU!($&

#!'
dY`†WbQV_VeUQSecQT_`_b\_c\YRUbQ\UcTUXQRUbcYT_S_]`bQT_`_bU\]Y
^YcdUbY_`QbQ]_^dQbe^Q`b_f_SQSY†^*

5\_b_cU`b_TYWQQ]Q^_c\\U^QcS_]_aeU^QTQ
\UcSeUcdQ`QbQS_]`bQbX_]RbUcaeUcUfU^TU^VvSY\
]U^dUCUTYbYWU^\Qc]YbQTQcQ\AeURbQTY^_i\UU^
SeU^dbQ^cY^TYVYSe\dQTQ\We^QCUTUSYTUQe^QdbQYSY†^
Qe^QVQbcQ`bU`QbQTQiU\^‹]Ub_'TU\@eUR\_cQ\U
Q^e^SYQ^T_e^QbUf_\eSY†^Ve^UcdQbUf_\eSY†^TUYTUQc
bUf_\eSY†^TU`bY^SY`Y_c1RQZ_U\UZUSedYf_QRQZ_U\UZUSedYf_
QRQZ_U\UZUSedYf_QRQZ_U\UZUSedYf_iXQRQ^dQ^d_cUZUSedYf_c
aeUi_XU`UbTYT_\QSeU^dQ5\TYW^_TYcS`e\_TU4CY
]†^UZUSed†RYU^U\`\Q^dbQjQT_`_bU\]Y^YcdUbY_i^_
TUZ†TUcebdYbceUVUSd_ (!&

<QcU`QbQSY†^TUQWeQcUbQd_dQ\*BQ]_cUbQ²e^VQde__e^\_S_³ce
\\Q]Q]YU^d_UbQ²e^UcSbYd_Y^]e^T_e^\YRU\_Y^VQ]Qd_bY_TU\Q`bU^
cQ^QSY_^Q\³cecYTUQc²^_`_TQ^cUbU^]Q^UbQQ\We^QceWUbYTQc`_be^
`QbdYT_Y\ecdbQT_S_]_U\\YRUbQ\³iU\@QbdYT_<YRUbQ\^_`_TQ²XQSUbcU
bUc`_^cQR\UTU\_aeUUcSbYRYUbQe^X_]RbUSeQ\aeYUbQ³(!' 
3_]_cUXQTYSX_\QbU`bUcY†^WeRUb^Q]U^dQ\dQ]RY}^Q\SQ^j†Q
\_cbU`bUcU^dQ^dUcTU\Q_`_cYSY†^`_`e\Qb5\²AeURbQTY^_³VeUc_]UdY
T_QZeYSY_U^bURU\TQ`_bXQRUb`eR\YSQT_QbdSe\_cTU`bU^cQS_^cY
TUbQT_ccUTYSY_c_c4US\QbQT_Se\`QR\UVeUS_^TU^QT_²QTUcdYUbb_VeU
bQTU\QBU`‹R\YSQKM`_bU\d}b]Y^_TU_SX_Q…_caeUcUS_^dQbv^TUc
TUaeUVeUbUQ`bUXU^TYT_i_T_S_^QbbUW\_QTUbUSX_³(!( 5^dbUdQ^d_
U\VbQ^SYcSQ^_=Q^eU\1^d_^Y_=Q…v^Y^dU^d†_bWQ^YjQbU^CQ^dYQW_\Q
bUcYcdU^SYQQ\Qc]UTYTQcTUVeUbjQTU\QQed_bYTQTXQSYU^T_c_^Qb\Qc
SQ]`Q^Qc`QbQS_^f_SQbQ\`eUR\_6eUQ`bUcQT_iU^fYQT_QFQ\`QbQ
c_(!) 7be`_cTU]Q^YVUcdQ^dUcTU\²RQZ_`eUR\_³cQ^dYQWeY^_cUQ`_TU
bQb_^TUQ\We^_cSQ]`Q^QbY_cUSXQb_^Q\feU\_\QcSQ]`Q^QciQdQSQb_^
\QSQcQTUBQ]†^BU^WYV_i\QcY]`bU^dQcTU\_c`UbY†TYS_cVQf_bQR\UcQ\
W_RYUb^_U^cQ…v^T_cUS_^U\_VYSYQ\YcdQ5\1bQeSQ^_SQecv^T_\UcUbY_c

(!&
²5\4YQbY_³4YQbY_TUCQ^dYQW_CQ^dYQW_"TUZe^Y_TU!($&3ebcYfQcU^U\_bYWY^Q\
(!'
9RYT
(!(
²CU^dU^SYQc3_^dbQT_^CQ^dYQW_BQ]_cYT_^=Q^eU\5c`UZ_`_bU\TU\Yd_aeU
U^\QcU^dU^SYQcUUh`bUcQ³CQ^dYQW_Ze\Y_"%TU!($&7QSUdQTU\_cDbYRe^Q\UcYTU\Q9^c
dbeSSY†^@‹R\YSQCQ^dYQW_#TU_SdeRbUTU!($&<QdbQjQTUCQ^dYQW_BQ]_ccU`YUbTU\eU
W_TUceS_^TU^Q2Qbb_c1bQ^QQVYb]QRQ^_XQRUbU^S_^dbQT_^Y^We^QbUVUbU^SYQ`_cdU
bY_bc_RbU}\\_aeU\_XQSQce`_^UbaeUVQ\\USY†`_S_TUc`e}c_aeU^_f_\fY†Q`QbdYSY
`QbU^\QfYTQ`‹R\YSQE^TUSU^Y__`SYdd_]_99`vW) @_b^eUcdbQ`QbdU`U^cQ]_c
aeUceS_^TU^QU^bURU\TQ`eUTUXQRUbU]`eZQT_Q\²AeURbQTY^_³Q\\UfQbe^QUhYcdU^
SYQS\Q^TUcdY^Q_QQRQ^T_^QbU\`Qc
(!)
?`SYdd_]_99`vW(%i(&+5^SY^Q_`SYdd_]_H99`vW%%

#!(
TQ…_c(" <Q]QcQS_bUQRQ\QcS_^cYW^QcTUe^`Q^V\Ud_TYcdbYReYT_U^WbQ^
TUcSQ^dYTQTUcaeUbUV\UZQRQ^U\SQbvSdUb`\URUi_ibQTYSQ\TU\]_fY]YU^d_
5^U\\Qc`_TQQTYfY^QbcUVvSY\]U^dU\QY^V\eU^SYQTU\²AeURbQTY^_³iTU
cecS_]`Q…Ub_c*²>_^USUcYdQ]_cdbUc`_TUbUcC†\_^USUcYdQ]_cT_c5\
`_TUbZeTYSYQ\fUbRQ\iU\`_TUb\UWYc\QdYf_¥1RQZ_U\5ZUSedYf_¥1RQZ_\_c
bYS_c³("! 
5\_bTU^S_^cUbfQT_bcUY]`ec_U^CQ^dYQW_<QcU\USSY_^Uc`Qb\Q
]U^dQbYQcTU\")i# TU]Qbj_cUbUQ\YjQb_^U^S_^TYSY_^Uc]eiVQf_bQ
R\Uc`QbQU\W_RYUb^_CY^U]RQbW_\Q_`_cYSY†^^_SUZ†U^cecUcVeUbj_c
@b_S\Q]†\QQRcdU^SY†^U^\QSQ`YdQ\iU^_db_cTU`QbdQ]U^d_cV}bbUQ]U^
dUS_^db_\QT_c`_bU\`_TUb5ZUSedYf_iTYc`ed†S_^WbQ^QbT_b°Qe^aeU
S_^UcSQc_}hYd_°\_cceVbQWY_cQ\_VYSYQ\Yc]_U^U\bUcd_TU\`Qc
<QcYdeQSY†^]vcv\WYTQcU`b_TeZ_U^FQ\`QbQc_<QY^dUbfU^SY†^
TU\_cQWU^dUcTU\W_RYUb^_QTZeTYS†%)'f_d_cTUU\USd_bUcQ\SQ^TYTQd_
S_^cUbfQT_bic†\_%" Q@UTb_6}\YhFYSe…QQRQ^TUbQT_TU\Q_`_cYSY†^
Qd_TQc\eSUcU\fUbTQTUb_fU^SUT_b<_c_`_cYd_bUcTU\²RQZ_`eUR\_³
U^dbU\_caeUcUS_^dQRQ^Q\We^_cceR_VYSYQ\Ucic_\TQT_cTU\Q7eQbTYQ
3fYSQbUcYcdYUb_^Q\VbQeTUU^VbU^dv^T_cUS_^\Qcdb_`QcTU\W_RYUb^_
U^\Q]UcQTU\Q`Qbb_aeYQTU\1\]U^TbQ\BUSXQjQT_cQcQR\Qj_cSe\QdQ
j_ciTUcSQbWQcTUVecY\UbQ\_cdbQRQZQT_bUccUbUdYbQb_^RQdY}^T_cU`Q\
]_Q`Q\]_XQcdQU\UcdUb_i`eU^dUTU:QY]U1\\S_^cdbeiUb_^RQbbYSQ
TQciQb]QT_cTU`YUTbQcQWeQ^dQb_^TebQ^dU]vcTUe^QX_bQ\_cQdQ
aeUcTU\QVeUbjQQb]QTQ<_cbUVeUbj_cTUdb_`Qci`YUjQcTUQbdY\\UbQ
S_^TeSYT_c`_bU\WU^UbQ\:_Qae^@bYUd_dUb]Y^Qb_^S_^\Q_RcdY^QTQ
bUcYcdU^SYQ TU \_c ]Q^YVUcdQ^dUc ("" 1\TQcYWeYU^dUU\]Y^Ycdb_=_^dd
U^fY†QFQ\`QbQc_e^QS_]`Q…QTUY^VQ^dUbQifUY^dUc_\TQT_cTUSQRQ
\\UbQ("# 5\W_RYUb^__Se\d†U\RQ\Q^SUTU\QcfSdY]QcTU\QZ_b^QTQTU\
# TU]Qbj_`Ub_TYcdY^d_cdUcdY]_^Y_cS_Y^SYTQ^U^cU…Q\QbaeU\_c
]eUbd_ciXUbYT_cUbQ^^e]Ub_c_c ("$ 

("
²3YbSe\QbTU\QC_SYUTQTTU\?bTU^³CQ^dYQW_T_]Y^W_(TU]Qbj_TU!($&5\
?bTU^!#TU]Qbj_TU!($&+²=_d^TU\`_`e\QSX_U^CQ^dYQW_³5\BU\v]`QW_3_^SU`
SY†^"#TU]Qbj_TU!($&
("!
1=15B64YbUSdY_^@_\YdYaeU>¡("3@3XY\Y>¡! !($%!($&<UddbUTU=
3Qj_ddUQe=Y^YcdbUTUc1VVQYbUc5dbQ^W~bUcFQ\`QbQc_\U! ]Qbc!($&3_^ce\Qd7}^U
bQ\TU6bQ^SUQe3XY\YVZc!'%i!'&CUW‹^e^`UbY†TYS_W_RYUb^YcdQ\_c]Q^YVUcdQ^dUc
WbYdQRQ^ceY^dU^SY†^TU²TUcdbeYbU\W_RYUb^_`_b\QVeUbjQTUcecRbQj_cTUc`_ZQbQ\_cbYS_c
TUcecRYU^UciU^dbQbU\\_cU^`_cUcY†^TUd_T_c\_cTUcdY^_c`‹R\YS_c³²5\?bTU^³5\
?bTU^CQ^dYQW_!#TU]Qbj_TU!($&3ebcYfQcU^U\_bYWY^Q\
(""
2Qbb_c1bQ^QE^TUSU^Y__`SYdd_]_99`vWc)!)&
("#
1>1=9f_\""&9^dU^TU^SYQTUFQ\`QbQc_!($&!(%!?VYSY_TU\=Y^YcdU
bY_TU\9^dUbY_bQ\9^dU^TU^dUTUFQ\`QbQc_CQ^dYQW_!TUQRbY\TU!($&\UWQZ_%
("$
²=_d^TU\`_`e\QSX_U^FQ\`QbQc_³5\=UbSebY_FQ\`QbQc_#!TU]Qbj_TU
!($&+²@QbdU?VYSYQ\c_RbUU\]_d^TU\Q^_SXUTU\\e^Uc³+²BQ]_TU@_\YSQ³i²5\9^dU^
TU^dUTU\Q@b_fY^SYQQ\_cXQRYdQ^dUcTUFQ\`QbQc_³5\@b_WbUc_CQ^dYQW_#TUQRbY\TU
!($&@UTb_6}\YhFYSe…Qc_cdef_aeUXeR_fUY^dYT†c]eUbd_ci]vcTUSY^SeU^dQXUbYT_c

#!)
 <QU\USSY†^TUcU^QT_bUc°Y^TYbUSdQcUW‹^\_UcdY`e\QT_`_b\Q3_^c
dYdeSY†^TU!(##°QcUWeb†S_]_cYU]`bU_SebbY†XQcdQ\QbUV_b]QS_^cdYde
SY_^Q\TU!('$\Qd_dQ\YTQTTU\_cUcSQ…_c`QbQ\_c`QbdYTQbY_cTU\W_RYUb^_
<_cS_]YSY_c]e^YSY`Q\UcdQ]`_S__VbUSYUb_^TYVYSe\dQTUciU^\QcU\USSY_
^Uc`bUcYTU^SYQ\UcU\WU^UbQ\2e\^UcVeUbUU\UWYT_`_b\Qe^Q^Y]YTQTTU
\_cceVbQWY_cU]YdYT_c`_b\_cU\USd_bUc("%
5\cYcdU]Q`_\dYS_Y^c`YbQT_`_b@_bdQ\UcUY]`eUcd_`_b\QQbYcd_
SbQSYQS_^cUbfQT_bQU^!(# cUWeQVe^SY_^Q^T_S_]_\_XQRQ^`bUfYc
d_cecWUcd_bUc
CY^U]RQbW_e^U\U]U^d_^eUf_cUXQRQY^db_TeSYT_U^\Q`_\dY
SQSXY\U^Q*\QQ`QbYSY†^TU\Qc`bY]UbQcf_SUc`b_`YQcTU\²RQZ_`eUR\_³
ebRQ^_5^bUQ\YTQTcUdbQdQRQd_TQfQTUe^VU^†]U^_]QbWY^Q\`Ub_
]eicYW^YVYSQdYf_U^e^Qc_SYUTQTQbYcd_SbvdYSQTUcdY^QTQQ]Q^dU^UbcU
WbQSYQcQ\²`Uc_TU\Q^_SXU³<Q_`_cYSY†^Q\\Q^jQb\\Q]QT_cQ\`eUR\_
S_^VeUbdUS_^dU^YT_TU]QW†WYS_XQRQWU^UbQT_e^]_fY]YU^d_aeU
Q]U^QjQRQS_^c_RbU`QcQb\Q<QYbbe`SY†^TU\_c²b_d_c³TU\_cTUcXUbU
TQT_cU^\Q`_\dYSQ^QSY_^Q\S_^ceccUSeU\QcTUTUc†bTU^Uc\U^WeQZU
YbbUc`Ude_c_ifY_\U^SYQUbQU^TUVY^YdYfQe^_TU\_c]Qi_bUcbU`b_SXUc
aeUU\`U\eS_^Yc]_U^U\W_RYUb^_\Q^jQRQQ\`Y`Y_\QZUbUceSYdQT_U^
!($%°!($&bUWQ…Y^QbU`UdYTQU^Y^^e]UbQR\Uc_SQcY_^UcTebQ^dUU\bUc
d_TU\cYW\_`_b\_cS_^cUbfQT_bUcQ\_c\YRUbQ\UcSXY\U^_c*²4UcTUXQSU
]vcTUe^Q…_Qdbvc°TUSQU\_VYSYQ\YcdQ5\@b_WbUc_TUc`e}cTU\QZ_b^QTQ
TU\# TU]Qbj_U^FQ\`QbQc_°\_cb_d_cXQ^cYT_`QbQ\Q?`_cYSY†^\_
aeU\QQbSY\\QUc`QbQU\QbdYcdQ*\QXQd_SQT_ibUd_SQT_XQcdQY]`bY]YbQ
e^QWbQ^`QbdUUcQV_b]QcUTYSY_cQiQ\dQ^UbQaeUdYU^U³+QWbUWQ^T_]vc
QTU\Q^dU*²5\]Q\Uc]vc`b_Ve^T_idU]YR\UBUcYTUU^U\S_^dQWY_Y^dU
\USdeQ\U^\QTU`bQfQSY†^TU\Q\]QU^\QUc`USYUTUUTeSQSY†^TU`bUcYfQ
TUd_T__bTU^aeU\Q?`_cYSY†^XQUcdQT_Y^Se\SQ^T_e^Q…_S_^cUSedY
f_c_RbUU\Uc`bYdeTU^eUcdbQ`\URU³("&
BUd_]Q^T_U\]Yc]_bU`b_SXUU\]Y^Ycdb_=_^ddTYbQ`_S_dYU]
`_TUc`e}caeU\_c_`_cYd_bUcQ^dU\QY]`_cYRY\YTQTTUWQ^QbU\Q`_i_

F}QcUcebU\Qd_c_RbU\QcU\USSY_^Uci\Q]QdQ^jQTUFQ\`QbQc_U^@6FFY^TYSQSY†^TU\_c
`bY^SY`Y_c_`SYd`vWc%!%#3QcYe^SeQbd_TUcYW\_TUc`e}cU\]Yc]_TYbYWU^dU`_\dY
S_UfQ\e†U^cUdU^dQ\_c]eUbd_ciU^_db_cdQ^d_c\_cXUbYT_c@UTb_6}\YhFYSe…Q3QbdQc
c_RbU\QcYdeQSY†^TU\QBU`‹R\YSQi\QSbYcYcU\USd_bQ\FQ\`QbQc_9]`bU^dQTU\=UbSebY_!(' 
`vW"!<_cY^VQecd_cQS_^dUSY]YU^d_cTUFQ\`QbQc_^_VeUb_^_RZUd_TU^Y^We^QY^fUc
dYWQSY†^`Qb\Q]U^dQbYQ`bvSdYSQTUcS_^_SYTQTebQ^dU\QBU`‹R\YSQ3_^cUbfQT_bQ5\CU
^QT_U^cebUc`eUcdQQ\]U^cQZU`bUcYTU^SYQ\TUQ`UbdebQTU\3_^WbUc_>QSY_^Q\cU\Y]Y
d†QUh`bUcQbceT_\_bVU\YSYdv^T_cUU]`Ub_TUaeU²dQ\UcceSUc_c^_XQiQ^dU^YT_]Qi_b
dbQcSU^TU^SYQ³i]Q^YVUcd†ceUc`UbQ^jQTUaeUU\W_RYUb^_`bUfU^TbQibU`bY]YbQ^eU
fQcdU^dQdYfQcTUTUc_bTU^C3>TU!($&3v]QbQTUCU^QT_bUc²CUcY†^!!TU\'TUZe\Y_
TU!($&³`vW')
("%
2Qbb_c1bQ^QE^TUSU^Y__`SYdd_]_99`vWc)&! "
("&
²=_d^TUFQ\`QbQc_³5\@b_WbUc_CQ^dYQW_#TUQRbY\TU!($&

#"
TU²\_cX_]RbUccU^cQd_ci`U^cQT_bUcRecSQb_^cec`b_c}\Yd_cU^\Qc^VY
]QcS\QcUcTU\Qc_SYUTQTdQ^VvSY\UcQ\QcUTeSSY†^i^_`UbT_^Q^T_]UTY_
Q\We^_`_bY^cQ^_aeUVeUcUdbQdQb_^TUY^TYc`_^Ub\QcUY^c`YbQb\UcU\_TY_
S_^dbQ\QcS\QcUcQS_]_TQTQc³ ("'
<Qc_\eSY†^`QbQ\_cUc`bYdecS_^cUbfQT_bUc^_`_TQcUbcY^_U\
U^TebUSY]YU^d_TU\Qc]UTYTQcTYcSY`\Y^QbYQcY]`eUcdQcQ\QSXec]QU^
fYcdQcTUaeU°S_]_\_`\Q^dUQRQ5\@b_WbUc_°²e^QfUjTUc`UbdQTQ\Q`\U
RUiaeUXQU^dbQT_U^UcdUSQ]Y^_iQ^_cUTeUb]U^e^SQ^YbUdb_SU
TU³("(>_XQRQ`eUc²_db_]UTY_]vcUVYSQjTUY]`_^UbQ\Q`\URUe^Q
fUj`UbfUbdYTQaeUU\TU\QVeUbjQ_`_^UbQceU\U]U^d_TUQSSY†^UcU
]Yc]_U\U]U^d_]vc`_TUb_c_i_bWQ^YjQT_i`_baeUU\T_\_bVcYS_Uc
S_]_`QbQU\\QS_]_U\]QbdY\\_aeUY^SbecdQ^eUfQcYTUQcT_^TU\QcdYU
^U]Q\QcKM³ (")

("'
=U]_bYQaeUU\]Y^Ycdb_TU\4Uc`QSX_TU\4U`QbdQ]U^d_TU\9^dUbY_b`bUcU^dQQ\3_^WbUc_
>QSY_^Q\TU!($&CQ^dYQW_9]`bU^dQTU\Q?`Y^Y†^cV`vWc!i"
("(
²=_d^³_`SYd
(")
9RYT

#"!
 31@ÅDE<?F999

<1C?39541445<197E1<414
I<17E5BB139F9<45!(%!

CQ\eT`QdbYQQT_bQTQ
cQ\eT`QdbYQ_`bY]YTQ*
BUSYRU^eUfQfYTQ
4U\YRUbdQTiX_^_b

1\jQ_X`eUR\_SXY\U^_
<QVQjdbYcdUi\\_b_cQ
1\Qf_jWU^Ub_cQ
4UYWeQ\TQTiTUe^Y†^*
IS_^`\Q^dQfU\_SU
CQ\fQU\`b_Ve^T_QRYc]_
AeUU\VYUb_TUc`_dYc]_
2QZ_de`\Q^dQQRbY†

=QbSXQTU\Q9WeQ\TQT!(% (# 

< ?C 613D?B5C 45 E>1 >E5F1 3?IE>DEB1

<Q\eSXQTUVQSSY_^UcQ\Y^dUbY_bTU\@QbdYT_@U\eS†^_3_^cUbfQT_bcUY^dU^
cYVYS†TebQ^dU\QcUWe^TQ]YdQTTU\QT}SQTQTU!($ 3eQ^T_U\WU^UbQ\
2e\^UcY^YSY†cecUWe^T_`Ub_T_S_]_:UVUTU5cdQT_U^!($&S_^VY†\Q
TYbUSSY†^TUceWQRY^UdUQ=Q^eU\3Q]Y\_FYQ\`Ubc_^QZUVeUbdU]U^dU
S_]RQdYT_`_bU\cUSd_b`U\eS†^U^SQRUjQT_`_b=Q^eU\=_^ddaeYU^
Qc`YbQRQQ\YWeQ\aeUU\]U^SY_^QT_]Y^Ycdb_QceSUTUbQ2e\^UcU^U\
SQbW_`bUcYTU^SYQ\FYQ\\\U^†\_c`eUcd_c`‹R\YS_cS_^cecVQ]Y\YQbUci`Qb
dYTQbY_c`b_f_SQ^T_e^]Qi_bU^S_^_TUcecQTfUbcQbY_c (#!
5^\QcU\USSY_^Uc`Qb\Q]U^dQbYQcTU!($)WbQSYQcQ\QQS_cde]RbQ

(#
²=QbSXQTU\Q9WeQ\TQT³5\@b_WbUc_CQ^dYQW_#!TU_SdeRbUTU!(% 
(#!
2Qbb_c1bQ^QE^TUSU^Y__`SYdd_]_99`vWc!$#!$$i"$&"%"

#"#
TQY^dUbfU^SY†^U\USd_bQ\(#" dbYe^VQb_^SQcYd_T_c\_cSQ^TYTQd_cTU\]Y
^YcdUbY_`Ub_\_cTYcdY^d_ccUSd_bUc_`_cYd_bUc\_WbQb_^XQSUbU\UWYbSeQ
db_TY`edQT_cU^TYcdbYd_cY]`_bdQ^dUc*U^\Q`b_fY^SYQTU1dQSQ]QQ\bYS_
]Y^Ub_=YWeU\7Q\\_`_b3_`YQ`†iQ\`UbY_TYcdQ\YRUbQ\:_c}:_Qae^
FQ\\UZ_`_bFQ\\U^Qbi6bUYbY^Q+U^\QbUWY†^SU^dbQ\Q\_cS_^cUbfQT_
bUc_`_cYd_bUcQ\]Y^YcdUbY_FYQ\1^d_^Y_7QbSQBUiUc`_b\Q<YWeQi
=Q^eU\1^d_^Y_D_S_b^Q\`_bFQ\`QbQc_(## 
1\YWeQ\aeUU^_SQcY_^UcQ^dUbY_bUcTebQ^dU\QSQ]`Q…QU\USd_bQ\
\_cRQ^T_cTUc`\UWQb_^UcVeUbj_c`QbQSQ`dQbU\f_d_TU\_cQbdUcQ^_ci
WeQbTYQcSfYS_c3_]_TUS_cde]RbU\QSQ]`Q…Q]vcY^dU^cQ`QbQ\_
WbQbUcdU_RZUdYf_\QTUcQbb_\\Qb_^\_c_`_cYd_bUcY^S\eiU^T_U^UcdQSQ
dUW_bQQaeYU^UcS_]_=_^ddD_S_b^Q\i7QbSQBUiUcTUcQbb_\\QRQ^
e^Q_`_cYSY†^²TUcTUQTU^db_³TU\`U\eS_^Yc]_`_bcecS_^dbQTYSSY_
^UcS_^U\ZUVUTUWQRY^UdU=Q^eU\3Q]Y\_FYQ\5^FQ\`QbQc_`_b
UZU]`\_\_c`QbdYTQbY_cTU\QSQ^TYTQdebQTU=Q^eU\1^d_^Y_D_S_b^Q\
UTYdQb_^5\@_bdU…_<YRbUTYcdbYReYT_WbQdeYdQ]U^dUU^dbU\_ccUSd_bUc
`_`e\QbUc1dbQf}cTUcecS_\e]^Qc\_c`U\eS_^UcTUc`\QjQT_cTU\]Y^Yc
dUbY_`b_]UdQ^U^dbU_dbQcS_cQc²U\QbbUW\_TU\Q]Y\YSYQSfYSQ\QTYc
]Y^eSY†^TUcecdQbUQcibUSQbW_cKMWeUbbQQ\QdYbQ^QKiMSUcQSY†^TU\
T_]Y^Y_TUe^QVQ]Y\YQ³(#$ 
1\`_S_dYU]`_U^Ze^Y_TU\]Yc]_Q…_S_]_S_^cUSeU^SYQTUe^Q
cUbYUTUTUcQfU^YU^SYQcU\`bUcYTU^dU2e\^Uc`YTY†\QbU^e^SYQTUFYQ\
U^dbQ^T_Q\]Y^YcdUbY_\_c`U\eS_^Uc:_c}:_Qae^@}bUj1^d_^Y_7QbSQ
BUiUci=Q^eU\1^d_^Y_D_S_b^Q\(#% QRbY}^T_cUe^QSbYcYc`_\dYSQTUY^
c_c`USXQTQcS_^cUSeU^SYQc
5\Wbe`_TUFYQ\`Qc†TUSYTYTQ]U^dUQ\Q_`_cYSY†^S_^fYbdY}^T_cU
U^²\YRUbQ\³iSe\]Y^Q^T_e^QSUbSQ]YU^d_iQY^YSYQT_TUcTUU\]Y^YcdU
bY_e^Y†cecVeUbjQcQ\QcTU\_c\YRUbQ\UcTU]vcQ^dYWe__bYWU^aeUS_^
dQRQ^S_^UcSQc_cTY`edQT_c1ccUS_^cdYdei†e^Q]Qi_bQ_`_cYd_bQU^
\Q3v]QbQaeU`b_Seb†fUdQbTYcdY^dQcY^YSYQdYfQcWeRUb^Q]U^dQ\UcibU
S_bdQb\_c`_TUbUcTU\5ZUSedYf_ (#&5cdQ²Vb_^TQ\YRUbQ\³S_]_\QSQ\YVYSQ
bQ1\RUbd_5TgQbTc(#'cYW^YVYS†U^\_cXUSX_cU\^QSY]YU^d_U^!($)TU
e^@QbdYT_<YRUbQ\TYcdY^d_TU\TU\_c`Y`Y_\_cTU\_cQ…_cfUY^dU
5\Q…_!($)VeUTUY^dU^cQQSdYfYTQT`_\dYSQ<QQWYdQSY†^_bYWY^Q
TQU^U\@Qb\Q]U^d_WQ^†\QcSQ\\UcTU\SU^db_TUCQ^dYQW_T_^TU`QbdY
TQbY_ci_`_cYd_bUcTU\W_RYUb^_cUbUe^Q^`QbQS_]U^dQb\_cQS_^dUSY

(#"
C_RbUUcdUVU^†]U^_f}QcUQdde\_TUUZU]`\_U\V_\\Ud_<_c]Y^YcdUbYQ\UcYcec
_`_cYd_bUcU^FQ\`QbQc_CQ^dYQW_9]`bU^dQTU\_cDbYRe^Q\Uc!($)
(##
2Qbb_c1bQ^Q8Ycd_bYQTUe^TUSU^Y__`SYdd_]_99`vWc"''"(%
(#$
 ²1 \_c XQRYdQ^dUc TU FQ\`QbQc_³ 5\ @_bdU…_ <YRbU FQ\`QbQc_ !' TU ]Qbj_ TU
!($)
(#%
2Qbb_c1bQ^Q8Ycd_bYQTUe^TUSU^Y__`SYdd_]_99`vWc"(&"))
(#&
?`SYd`vWc") ")!icYWeYU^dUci"))#!'
(#'
5TgQbTcFYfUc<Q6b_^TQ1bYcd_SbvdYSQ_`SYd`vW('

#"$
]YU^d_ci]Q^YVUcdQbcec_`Y^Y_^Uc\\UWQ^T_U^_SQcY_^UcQ]_fY\YjQb
f_SYVUbQ^dUc²`_R\QTQc³`QbQQ]UTbU^dQbQQTfUbcQbY_c`_\dYS_c (#(
1VY^UcTU_SdeRbU\_c_`_cYd_bUcVe^TQb_^U\3\eRTU\QBUV_b]QS_^
U\`b_`†cYd_TU*²9C_cdU^Ub`_b\_c]UTY_c\UWQ\UcQ\_cbU`bUcU^dQ^dUc
TU\Q_`_cYSY†^U^\Q3v]QbQTU4Y`edQT_c+99@b_`QWQb`_b\Q`Q\QRbQi
`_b\Q`bU^cQ\QcYTUQcTU]_SbvdYSQc+999CUSe^TQb\QQSSY†^TU\Q`bU^cQ
\YRUbQ\U^U\Uc`bYdeTU\Qc]QcQc+KiM9F=Q^dU^Ub\Qe^Y†^TU\_cReU
^_c`QdbY_dQc³ (#) 
Ce`bUcYTU^dUVeUU\`_UdQCQ\fQT_bCQ^VeU^dUc+fYSU`bUcYTU^dU
CQ^dYQW_@}bUj<QbbQ^+icUSbUdQbY_c\_cZ†fU^Uc\YRUbQ\Uc=Q^eU\BUSQ
RQbbU^i2U^ZQ]^FYSe…Q=QS[U^^Q ($ 5^dbU\_c]vcS_^c`YSe_c]YU]
Rb_cTU\S\eRcUS_^dQRQ^\_cS\Q^UcFYQ\i5bbvjebYjRQcUUcU^SYQ\°U^U\
TUSYbTU1\RUbd_5TgQbTc°TUUcdQ²Vb_^TQ\YRUbQ\³ ($!5^dbUcec]vcQSdY
f_c]Y\YdQ^dUccUTUcdQSQRQU\Z_fU^CQ^dYQW_1bS_cTUcYW^QT_`_b\Q:e^
dQ3U^dbQ\`QbQU^SQbWQbcUTU\QTYcdbYReSY†^TU\_c`UbY†TYS_c_`_cYd_
bUc²U^dbU\_c`QdbY_dQcTU\Qc`b_fY^SYQc³ ($"
5\3\eRTU\QBUV_b]Q°Q\aeU\_c`QbdYTQbY_cTU\W_RYUb^__`ecYUb_^
U\3\eR7QbbYT_ ($# °def_S_bdQfYTQFYSe…Q=QS[U^^QSeU^dQaeUU^U^U
b_TU!(% S_^U\SQ\_bTU\fUbQ^_cec`bY^SY`Q\Uc]YU]Rb_ccU]QbSXQ
b_^QcecXQSYU^TQcQTYbYWYb\_cdbQRQZ_cTU\QS_cUSXQcU…Q\Q^T_aeU
²}cdQ]vcaeU_dbQSQecQVeUU\]†fY\UVYSQjTU\QUhdY^SY†^TUe^3\eR
SeiQ_bWQ^YjQSY†^QbYcd_SbvdYSQ`_b_dbQ`QbdUXQRQU^SYUbd_]_T_
fUTQT_U\QSSUc_Q\_cT_cWbQ^TUcU\U]U^d_cTUfYdQ\YTQTTUd_TQ_bWQ
^YjQSY†^`_\dYSQ*\QZefU^deTiU\`eUR\_³($$
8QcdQUcU]_]U^d_\QQSdYfYTQT`_\dYSQcU]Q^dU^Q°`_b\_fYcd_°
U^U\]QbS_`_\dYS_]vcdbQTYSY_^Q\5\`eUR\_\\Q^_Q`QbUSQS_]_U\

(#(
C_RbU\QQWYdQSY†^`_\dYSQU^!($)i\_c`bY]Ub_c]UcUcTU!(% fUb:_c}FYSd_
bY^_<QcdQbbYQ²4YQbY_TU4_^:_c}FYSd_bY^_<QcdQbbYQTUcTUZe^Y_TU!($)XQcdQ]Qbj_
TU!(%"³U^BUfYcdQ3XY\U^Q1…_9d_]_9>¡!CQ^dYQW_QRbY\TU!)!'+`vWc)(! '+_`
SYdU^BUfYcdQ3XY\U^Q1…_9d_]_9>¡99CQ^dYQW_]Qi_TU!)!'`vWc" %"" +_`
SYdU^BUfYcdQ3XY\U^Q1…_9d_]_9>¡999CQ^dYQW_Ze^Y_TU!)!'`vWc#""#")+_`
SYdU^BUfYcdQ3XY\U^Q1…_9d_]_9>¡9FCQ^dYQW_Ze\Y_TU!)!'`vWc$$'$$)+_`
SYd U^ BUfYcdQ 3XY\U^Q 1…_ 9 d_]_ 9 >¡ F CQ^dYQW_ QW_cd_ TU !)!' `vWc %#(%% 
F}QcUQTU]vc2U^ZQ]^FYSe…Q=QS[U^^Q8Ycd_bYQTU\Q:_b^QTQTU\" TUQRbY\TU!(%!
E^QRQdQ\\QU^\QcSQ\\UcTUCQ^dYQW_CQ^dYQW_BQVQU\:_fUb5TYd_b!('(`vWc)!)
(#)
²5cdQded_cTU\3\eRTU\QBUV_b]QQ`b_RQT_cU^cUcY†^`bU`QbQd_bYQTU\"$TU
_SdeRbUTU!($)³3YdQT_c`_bFYSe…Q=QS[U^^QU^8Ycd_bYQTU\Q:_b^QTQ_`SYd`vW
""5\dUhd_^dUWb_TU\_c²5cdQded_cTU\QC_SYUTQTBUV_b]YcdQ³U^1>12F=f_\
#%`YUjQ""VZc"$ "$"
($
FYSe…Q=QS[U^^Q8Ycd_bYQTU\Q:_b^QTQ_`SYd`vW"#
($!
5TgQbTcFYfUc<Q6b_^TQ1bYcd_SbvdYSQ_`SYd`vW('
($"
1>12F=f_\$&3QbdQTUCQ^dYQW_1bS_cQ@UTb_6}\YhFYSe…QCQ^dYQW_
!(TUTYSYU]RbUTU!($)V!!!
($#
FYSe…Q=QS[U^^Q8Ycd_bYQTU\Q:_b^QTQ_`SYd`vWc!)"!+2Qbb_c1bQ^QE^
TUSU^Y_d_]_99_`SYd`vW#&"
($$
FYSe…Q=QS[U^^Q8Ycd_bYQTU\Q:_b^QTQ_`SYd`vW"(

#"%
WbQ^QecU^dUTU\S_^V\YSd_\Y]Ydv^T_cU\_c`QbdYT_cQ\_c\\Q]Q]YU^d_ci
XQ\QW_cTUbedY^QQdbQf}cTU\_c`UbY†TYS_cQVY^TUQdbQUb\_cceVbQWY_c
TUQaeU\\_cQbdUcQ^_caeUW_jQRQ^TUTUbUSX_Qf_d_
@Ub_\QSbYcYc`_\dYSQaeUcUQRbY†U^!($)S_Y^SYTY†S_^U\TUdUbY_
b_US_^†]YS_TUbYfQT_TU\QSbYcYcUeb_`UQTU!($'°!($(iS_^\QcbU`Ub
SecY_^UcYTU_\†WYSQcaeUdefYUb_^U^3XY\U\QcbUf_\eSY_^UcTU!($(U^
U\FYUZ_3_^dY^U^dUd_T_\_SeQ\WU^Ub†°Q`QbdYbTU!(% °e^QS_ie^de
bQVQf_bQR\U`QbQe^Q`QbdYSY`QSY†^`_\dYSQ`_`e\Qb]vc]QcYfQi`b_\_^
WQTQaeUTebQ^dU\QcS_ie^debQcU\USd_bQ\UcQ^dUbY_bUc
<QcTYVYSe\dQTUc`_b\QcaeUQdbQfUc†\QUS_^_]QSXY\U^QTURYT_Q
\_cUVUSd_cTU\QSbYcYcTU\_cQ…_c!($'°!($(U^5eb_`QV_]U^dQb_^U\
TUcS_^dU^d_`_`e\Qb5^dbU!($'i!($(\QcbU^dQcTU\QQTeQ^QRQZQb_^
TUEC!()$& QEC!&('$ +\QcbU^dQc`‹R\YSQcTUEC$% !( Q
($%
EC#$"! 5\fQ\_bd_dQ\TU\S_]UbSY_TU3XY\US_^\_c`QcUcUh
dbQ^ZUb_cUh`_bdQSY_^UcUY]`_bdQSY_^UcbUe^YTQcSQi†TU!(%! )%$
U^!($'Q!&)%$)%"U^!($(UcTUSYbe^Q]Ub]QTU]vcTU(%U^
e^ Q…_($&  5\ TUcSU^c_ TU \Q QSdYfYTQT S_]UbSYQ\ QSQbbU† TebQc S_^cU
SeU^SYQc`QbQ\_ccUSd_bUc`_`e\QbUcUc`USYQ\]U^dUQe]U^d_TU\QTUc
_Se`QSY†^<_ccYWeYU^dUc`vbbQV_cd_]QT_cTUe^TYQbY_TUFQ\`QbQc_
`b_iUSdQ^e^QY]QWU^TU\QcYdeQSY†^UhYcdU^dUU^!($(U^UcQ_db_bQ
QSdYfcY]Q`\QjQ]UbSQ^dY\*

5cdU`eUR\_Q^dUcU^]_fY]YU^d_S_^dY^e_X_i
bU`bUcU^dQ\QYTUQTU\QTUSQTU^SYQ5\dbQRQZ_UcSQcUQ
SQTQTQ]vci\UZ_cTUcUbe^`e^d_TUQdbQSSY†^ce
Y^TecdbY_cQ`_R\QSY†^U]YWbQ`_bVQ\dQTU_Se`QSY_^Uc
CecSQ\\UcUcdv^cY\U^SY_cQc\_cS_SXUc\QcbUS_bbU^c_\Qc
i^_cU_iU]vcaeUce]_^†d_^_beYT_1\\QT_TU\Q
1TeQ^Q\_cdbQRQZQT_bUcUcdv^S_^\_cRbQj_cSbejQT_ci
`U^cQdYf_c+U\dUQdb_UcdvfQS_\_cdbYRe^Q\UcTUSbUdQ^
T_U]RQbW_cKM>_XQiUc`USe\QT_bUcU\S_]UbSY_XQ
TUcQ`QbUSYT_UcdvS_]_]eUbd_<QcR_TUWQcQ^dUc\\U
^QcTU^eUcdb_cVbed_cX_iUcdv^fQSQc+\Q`b_`YUTQT
ebRQ^QXQRQZQT_\Q]YdQT+e^QT}SY]Q`QbdUTU\_cUTY
VYSY_cUcdv^c_\YdQbY_c`_bVQ\dQTU`_R\QT_bUc+\_cQ\aeY
\UbUcRQZQ^]vci]vc ($'

5^CQ^dYQW_\QcYdeQSY†^UbQQ‹^]vcc_]RbQCUW‹^\_TUcSbYd_`_b
CQb]YU^d_U^!(% \QSYeTQTXQRQ`UbTYT_ceQ^dYWe_Rb_US_^†]YS_

($%
38e]eT3_^SU^dbQSY†^3eQTb_1JbU`b_TeSYT_`_b3QbY_\QiCe^[U\U^
_`SYd`vWc!"#!"%
($&
5cdQTcdYSQ3_]UbSYQ\TU\QBU`‹R\YSQTU3XY\US_bbUc`_^TYU^dUQ\Q…_TU!($(FQ\`Q
bQc_9]`bU^dQTU\=UbSebY_!(% 
($'
²@Ubc`USdYfQTUFQ\`QbQc_³<QBUV_b]QFQ\`QbQc_"!TUZe\Y_TU!($(

#"&
U^RU^UVYSY_TUFQ\`QbQc_ ($(dbQ^cV_b]v^T_cUU^e^SU^db_`_\dYS_i
QT]Y^YcdbQdYf_TUUcSQcQU^fUbWQTebQUS_^†]YSQaeUQ\RUbWQRQe^Q
`_R\QSY†^SQTQfUj]vcSQbU^dUTUVeU^dUcTUdbQRQZ_*

CQ^dYQW_cUfQYbbU]YcYR\U]U^dUU^ceS_]UbSY_
U^ceY^TecdbYQ5cX_ie^QSYeTQTTUU]`\UQT_c`b_
SebQT_bUciQR_WQT_c+TUbU^dYcdQcaeUfYfU^TU\Y^dU
b}cTUcecSQ`YdQ\Uc+TUS_^fU^d_caeUS_^ce]U^aeYU
dQ]U^dUU\eceVbeSd_TUceT_dQSY†^`YQT_cQTUdbUccY
W\_c+TUZ†fU^UcTUVQ]Y\YQaeU^_cQRU^U^ae}_Se`Qb
cU aeU ^_ dYU^U^ Y^TecdbYQ S_^_SYTQ ]eSXQc fUSUc
_Se\dQ^T_RQZ_\QcUhdUbY_bYTQTUcU\UWQ^dUcTUe^Qc_
SYUTQTbUVY^QTQ\Qc`U^ebYQci\QcUcdbUSXUSUcTU\QY^
TYWU^SYQ+ i TURQZ_ TU d_T_c Ucd_c UcS_]Rb_c TU e^Q
c_SYUTQTaeUfQQTUZQbTUfYfYbe^^e]Ub_c_`eUR\_
`QbQaeYU^VQ\dQ^Q`\YSQSY†^iTUcQbb_\\_QceY^TecdbYQ
aeUTUSQUTUTQU^TQcY^Y^cdbeSSY†^`b_VUcY_^Q\
ceVYSYU^dU`QbQS_]`UdYbS_^\_cY^TecdbYQ\UcUhdbQ^ZU
b_caeU\_cS_^SXQRQ^ ($)

@_bUcdQcbQj_^Uc°cUW‹^U\]Yc]__RcUbfQT_b°cUWU^UbQbQU^!(%
e^S\Y]QbUf_\eSY_^QbY__`bUbUf_\eSY_^QbY_aeUUSXQRQU^RbQj_cTU
\_cQWYdQT_bUcQWbQ^TUcS_^dY^WU^dUcTUX_]RbUcTYc`eUcd_cQ\QQSSY†^
QVY^TU]UZ_bQbceSbdYSQcYdeQSY†^*

8Qi`eUce^QbUf_\eSY†^U^CQ^dYQW_5cdQ`_R\Q
SY†^^_R\U_`\URUiQbYSQ_`_RbUUcdvTUc_Se`QTQ_
cec_Se`QSY_^Uc^_\UTQ^\_RQcdQ^dU`QbQTUcU^f_\fUb
cUKM
5cdQc ]QcQc TU X_]RbUc cUSbUdQ]U^dU \QRbQT_c
`_bU\]Q\UcdQbTU\QS_^ce^SY†^WU^UbQ\UcdQbv^TYc
`eUcdQcQUSXQbcUQ\SeU\\_TU\W_RYUb^_d_TQfUjaeU
XQiQaeYU^\UcTYWQaeUU\W_RYUb^_cUKcYSMdYU^U\QSe\
`QTUU\\_(% 

<QY^cUWebYTQT]QdUbYQ\TUfQcd_ccUSd_bUcTU\Q`_R\QSY†^°dQ^bQ
bQ]U^dUUf_SQTQU^\_cUcdeTY_cc_RbUUcdU`Ub_T_°V_b]QRQ\QRQcU
c_RbU\QSeQ\cUUcdbeSdebQbQU\]_fY]YU^d_c_SYQ\i`_\dYS_S_^dUcdQdQ
bY_TU!(% i!(%!aeUbU]USUbQQ\cYcdU]Q`_bdQ\YQ^_

($(
1aeY}^bUSXQjQ^YdU]U^/1=_^dd_`SYdIQ^_cXU]_cbUVUbYT_QUcdQcYdeQSY†^
U^U\SQ`de\_99
($)
?`SYd`vW"
(%
9RYT

#"'
 @Ub_\Q`_RbUjQiU\TUcS_^dU^d_c_SYQ\QSe]e\QT_TebQ^dU\QbW_
dYU]`_^_S_^TeSQ^VQdQ\]U^dUQ\QWUcdQSY†^TUe^UcdQT_TUS_cQc
S_]_U\aeUQ^Q\YjQbU]_cQS_^dY^eQSY†^<Q`USe\YQbS_ie^debQ`_\dY
SQ°U\bUVeUbj_TU\Q_`_cYSY†^\YRUbQ\`_b\QTYcYTU^SYQfYQ\YcdQTU\`U\e
S_^Yc]_°iU\VUb]U^d_YTU_\†WYS_`b_fU^YU^dUTU\QbUf_\eSY_^UcUeb_
`UQcTU!($(U^`QbdYSe\Qb\QVbQ^SUcQVeUb_^\_cU\U]U^d_caeUcUS_]
RY^Qb_^`QbQWUcdQbe^Q^_fUT_cQUh`UbYU^SYQ`_\dYSQ
5^\QS_^V\eU^SYQaeUcU`b_TeZ_U^dbU\QZefU^deT\YRUbQ\QbYcd_SbvdY
SQi\_c^‹S\U_c]vc`_\YdYjQT_cTU\QbdUcQ^QT_\QY^V\eU^SYQTU\²$(³Ueb_
`U_VeU]eiY]`_bdQ^dUFYSe…Q=QS[U^^QQSd_bUXYcd_bYQT_bTUUcU`b_
SUc_S_]YU^jQce\YRb_<_c:Yb_^TY^_c3XY\U^_cTYSYU^T_aeU²\QbUf_\eSY†^
VbQ^SUcQTU!($(def_U^3XY\Ue^US_`_TUb_c_³(%! CeQVYb]QSY†^^_Uc
UhQWUbQTQ 5\ ²$(³ VbQ^S}c Q `UcQb TU \Qc ^_dYSYQc S_^VecQc W_\`U†
VeUbdU]U^dU\_cUc`bYdecTU\QZefU^deT\YRUbQ\iQcU^cYRY\YjQT_c`_bU\\Y
Rb_<Uc7Yb_^TY^cTU<Q]QbdY^U(%" 3QTQ`_\dYS_\YRUbQ\QT_`d†e^^_]RbU
TU\_c`bY^SY`Q\Uc`b_dQW_^YcdQcTU\Q`bY]UbQBUf_\eSY†^6bQ^SUcQ\Q
²7bQ^BUf_\eSY†^³*<QcdQbbYQVeU2bYcc_d+=Q^eU\BUSQRQbbU^cU\\Q]†2Qb
RQb_eh+6bQ^SYcS_2Y\RQ_QRbQj†U\Q`_T_TUFUbW^YQeT+ceXUb]Q^_=Q
^eU\U\TUCQY^d:ecd+BQVQU\FYQ\VeU3Q]Y\\U4Uc]_e\Y^c+4_]Y^W_CQ^dQ
=QbQcUXYj_\\Q]Qb<_efUd+=QbSYQ\7_^jv\Uj@UdY_^+\_cXUb]Q^_c=Y
WeU\<eYci7bUW_bY_FSd_b1]e^vdUWeYVeUb_^DXU_T_bUi3XQb\Uc<Q]U
dX+U\cQSUbT_dUTY`edQT_5ijQWeYbbUd_]†U\^_]RbUTUCY~iUcceY^c`YbQ
T_b+ceS_\UWQDQV_b†U\TUB_eWUdTU<µ9c\U+6bQ^SYcS_=Qb^U\TUB_RUc
`YUbbUiCQ^dYQW_1bS_c°`b_RQR\U]U^dUY^dU^dQ^T_cY]R_\YjQbU\Q\Q]vc
`\URUiQibQTYSQ\TU\]_fY]YU^d_°cUTY_QS_^_SUbS_]_=QbQd(%# 

< 1 6E>4139É> 45 <1 C ?395414 45 <1 9 7E1<414

5\Y]`e\c_b_]v^dYS_`b_f_SQT_`_b\Qc^_dYSYQc`b_fU^YU^dUcTU6bQ^SYQ
XYj_aeUQ\We^_cZ†fU^Uc_`_cYd_bUcTUUcdYb`UQbYcd_SbvdYSQ`U^cQbQ^U^
^eUfQcV_b]QcTUS_^f_SQd_bYQ`_`e\Qb<_c]vcY^V\eU^SYQT_c`_b\Qc
^eUfQcYTUQcc_SYQ\UcS_]`bU^TYUb_^\Q^USUcYTQTTUe^YbcUS_^U\`eUR\_

(%!
2U^ZQ]^FYSe…Q=QS[U^^Q<_c:Yb_^TY^_cSXY\U^_cf_\9CQ^dYQW_2YR\Y_dUSQ
TU1ed_bUc3XY\U^_c9]`bU^dQTU\3_]UbSY_!) "`vW%3bYcdYv^7Qj]ebYXQ`b_\_
WQT_e^QUTYSY†^]vcbUSYU^dUCQ^dYQW_5TYd_bYQ\E^YfUbcYdQbYQ!)()`b_Ve^TYjQ^T_
\QUh`\YSQSY†^TU\UhdbQ_bTY^QbY_}hYd_TUUcdQ_RbQU^3XY\U²<_c7Yb_^TY^_cSXY\U^_ci
ce}`_SQ³U^_`SYd`vWc'!)
(%"
5cdU\YRb_def_e^WbQ^}hYd_U^dbU\Q_`Y^Y†^Se\dYfQTQSXY\U^QFYSe…Q=QS
[U^^Q SeU^dQ aeU U\ `bY]Ub UZU]`\Qb \\UWQT_ Q\ `Qc cU fU^TY† U^ cUYc _^jQc TU _b_
cU…Q\Q^T_QTU]vcaeU²<Q]QbdY^UYbbQTY†Q^dU^eUcdb_c_Z_cK\_cTU\_cZ†fU^Uc\YRUbQ
\UcM ce W\_bYQ TUc\e]RbQT_bQ S_]_ cY ce VYWebQ VeUcU \Q TU e^ `bUSebc_b <Q]QbdY^U
TUcTU!($(Q!(%(VeUe^cU]YTY_cS_]_=_Yc}c³FYSe…Q=QS[U^^Q<_c:Yb_^TY^_c_`
SYd`vW!!
(%#
?`SYd`vWc"$")

#"(
\\Q^_QVY^TUY^S_b`_bQb\_TU]Q^UbQTYVUbU^dUQ\Q\eSXQ`_\dYSQ<_c
`bY^SY`Q\UcWUcd_bUcTU\Y]`e\c_bU^_fQT_bVeUb_^CQ^dYQW_1bS_ce^_TU
\_cVe^TQT_bUcTU\3\eRTU\QBUV_b]QaeUXQRQbUcYTYT_U^@QbcXQcdQ
!($'U]`Q`v^T_cUTU\YTUQbY_bU`eR\YSQ^_TU]_SbvdYS_i\YRUbQ\(%$i
6bQ^SYcS_2Y\RQ_bUSY}^bUWbUcQT_Q3XY\UU^VURbUb_TU!(% TUc`e}cTU
XQRUbfYfYT_e^UhY\Y_f_\e^dQbY_U^5eb_`QQbQjTU\QS_^TU^QTUce\Y
Rb_C_SYQRY\YTQT3XY\U^QU^!($$5^@Qbc2Y\RQ_XQRQVbUSeU^dQT_Q5T
WQbTAeY^Ud=YSXU\Udi<Q]U^^QYccecY^c`YbQT_bUcYTU_\†WYS_c (%%iQcYc
dYT_Q\QcXYcd†bYSQcZ_b^QTQcTUZe^Y_TU!($((%&

BUdbQd_TU6bQ^SYcS_2Y\RQ_
CQ\Q=UTY^Q2YR\Y_dUSQ>QSY_^Q\CQ^dYQW_TU3XY\U

(%$
FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vWc# % *:e\Y_3}cQb:_RUd
CQ^dYQW_1bS_c1b\UWeYi\QC_SYUTQTTU\Q9WeQ\TQTE^C_SYQ\YcdQEd†`YS_3XY\U^_CQ^dYQW_5TY
d_bYQ\3e\debQ!)$#+7QRbYU\CQ^XeUjQCQ^dYQW_1bS_c3_]e^YcdQ]Y\\_^QbY_iSQ\QfUbQCQ^
dYQW_5TYd_bYQ\TU\@QSVYS_!)%&+3bYcdYv^7Qj]ebY²5\`U^cQ]YU^d_`_\dYS_ic_SYQ\TU
CQ^dYQW_1bS_c³U^8Ycd_bYQ>¡"!CQ^dYQW_!)(&`vWc"$)"'$+9^db_TeSSY†^QCQ^dYQW_
1bS_c*3QbdQQ6bQ^SYcS_2Y\RQ_i_db_cUcSbYd_cCQ^dYQW_5TYd_bYQ\E^YfUbcYdQbYQ!)) 
(%%
FYSe…Q=QS[U^^Q8Ycd_bYQTU\Q:_b^QTQ_`SYd`vWc% & *@UTb_@QR\_6YWeU
b_Q8Ycd_bYQTU6bQ^SYcS_2Y\RQ_CQ^dYQW_9]`bU^dQTU\3_bbU_!()$+1b]Q^T_4_^_c_
2Y\RQ_icedYU]`__`SYd+5\`U^cQ]YU^d_fYf_TU6bQ^SYcS_2Y\RQ_CQ^dYQW_5TYd_bYQ\>QcSY
]U^d_!)$ +@UTb_>3bej2Y\RQ_i<QcdQbbYQCQ^dYQW_9]`bU^dQ3XY\U!)!&+5\Qc
EWQbdU66bQ^SYcS_2Y\RQ_QWYdQT_biR\QcVU]_5^cQi_c_SY_`_\dYS_c_RbUe^X_]RbUice}`_SQ
CQ^dYQW_5TYd_bYQ\E^YfUbcYdQbYQ!)&%
(%&
>Y^We^_TUUcd_cSXY\U^_c`QbUSUXQRUbZeWQT_U\]vc]^Y]_`Q`U\U^\QQWYdQ

#")
 :e^d_Q_db_cZ†fU^UcY^dU\USdeQ\Uc°U\`_UdQ5ecURY_<Y\\_iU\]‹cY
S_:_c}JQ`Y_\Q]YU]Rb_cTUe^QY^SY`YU^dUS\QcU]UTYQ°iQ\_cQbdUcQ
^_c1]Rb_cY_<QbbUSXUTQc_]RbUbUb_(%' i3USY\Y_3UbTQcQcdbU1b
S_ci2Y\RQ_S_^cdYdeiUb_^QVY^UcTU]Qbj_TU!(% \QC_SYUTQTTU\Q9WeQ\
TQT 1TU]vc TU UcdQc cUYc `Ubc_^Qc aeU `QbdYSY`Qb_^ Q \Q `bY]UbQ bU
e^Y†^cU`eUTU^S_^cYTUbQbdQ]RY}^S_]_Y^dUWbQ^dUcTU\Wbe`_Y^YSYQ\
TU\S\eRYWeQ\YdQbY_Q\_cZ†fU^UcQbYcd†SbQdQc6bQ^SYcS_@bQT_i=Q^eU\
7eUbbUb_U\]Yc]_aeUQVY^UcTU!($%XQRQVe^TQT_\QC_SYUTQTTU1b
dUcQ^_cTU3Qe`_\YSv^iQ\cQcdbUBeTUcY^T_B_ZQcY^S_b`_bQT_cT_cTQc
]vcdQbTU9WeQ\]U^dUY^dUbfU^YUb_^U^\QUdQ`QVe^TQSY_^Q\U\fUdUbQ
^_c_\TQT_TU\QcWeUbbQcTU9^TU`U^TU^SYQ<eSYQ^_@Y…Q2_bS_c[YiU\
QbdUcQ^_BQ]†^=_^TQSQaeYU^U^!($%XQRQ`bUcYTYT_\QC_SYUTQT
3Qe`_\YSv^QVY\YQT_cQ\QdUbSUbQbUe^Y†^ (%( :_c}JQ`Y_\QU^ceV_\\Ud_
c_RbU\QXYcd_bYQTUUcdQc_SYUTQTXQR\QTU_dbQ`Ubc_^QY^S_b`_bQTQZe^
d_QUcd_cT_c‹\dY]_cSei_^_]RbUiQ^_bUS_bTQRQSeQ^T_UcSbYRY†ce
bU\Qd_(%) 5\^‹S\U_Y^YSYQ\TU\QC_SYUTQTTU\Q9WeQ\TQTaeUTQRQS_^cdYdeY

SY†^c_SYQ\i`_\dYSQaeU`bUSUTY†Q\_cQS_^dUSY]YU^d_cVbQ^SUcUcTU!($(^YU^\QcZ_b^Q
TQc`QbYcY^QcTUVURbUb_iZe^Y_TU!($(CQ^dYQW_1bS_cU]`bU^TY†e^\QbW_fYQZUTUbU
WbUc_Qce`QdbYQQVY^UcTUZe\Y__S_]YU^j_cTUQW_cd_TU!($'4Uc`e}cTU`QcQb`_b9^
W\QdUbbQi\_c5cdQT_cE^YT_c\\UW†QFQ\`QbQc_U\"$TUVURbUb_TU!($(U\]Yc]_TQTU
\QQRTYSQSY†^TU\bUi<eYc6U\Y`UTU?b\UQ^c3eQ^T_UcdQ\\†\QbUf_\eSY†^TUVURbUb_
6bQ^SYcS_2Y\RQ_cUU^S_^dbQRQbUQ\YjQ^T_e^fYQZUaeU\_\\Uf†QfYcYdQbfQbY_c`QcUcUeb_
`U_cBUWbUc†Q@QbcU^Ze^Y_TU!($(Q\SQ^jQ^T_Zecd_Q`bUcU^SYQb\QcS}\URbUcicQ^
WbYU^dQcZ_b^QTQc`Ub_cY^Y^dUbfU^YbU^U\\Qc1…_c]vcdQbTUQ\UcSbYRYbe^_cQ`e^dUcQe
d_RY_WbvVYS_cTYbQcY]`\U]U^dU*²1cYcdQ\QWbQ^Y^cebbUSSY†^TUZe^Y_³²1`e^dUcSb_
^_\†WYS_c4U\Q]U]_bYQ³U^1b]Q^T_4_^_c_& UTYSY†^5\`U^cQ]YU^d_fYf_TU6bQ^
SYcS_2Y\RQ_CQ^dYQW_5TYd_bYQ\>QcSY]U^d_!)$ `vW!'(>eUcdbQcY^fUcdYWQSY_^UcU^
\_cQbSXYf_cVbQ^SUcUc`QbUSU^S_^VYb]Qb\_QVYb]QT_Q^dUbY_b]U^dU*^_XQibQcdb_cTU
1bS_ciTU2Y\RQ_U^\_c1bSXYf_c>QSY_^Q\Uc^YU^\_c1bSXYf_cTU\Q@_\YSQ`QbYcY^Q5^
Ucd_c‹\dY]_cbU`_cYd_bY_cbUfYcQ]_cY^VbeSde_cQ]U^dU\Qc`YUjQcTU\QcUbYU1T_Se]U^
d_cQ^dUbY_bUcQ!('!QaeU\\_cS_^SUb^YU^dUcQ\_cQS_^dUSY]YU^d_cTU!($(SY^S_SQZQc
iTU\RYU^Y_!($)!(% cUbYU1Q$#">_XQi^Y^We^Q]U^SY†^Q\_cVedeb_cVe^TQT_bUc
TU\QC_SYUTQTTU\Q9WeQ\TQT5\\_cdQ]`_S_VYWebQ^U^\QcVYSXQcTU\_cc_c`USX_c_c_TU\_c
Y^TYfYTe_caeU\Q`_\YSQVbQ^SUcQTURQfYWY\Qb5cfUbTQTaeUe^QSQ^dYTQTY]`_bdQ^dU
TU\_cQbSXYf_cTU\Q`_\YSQVeUb_^aeU]QT_c`_b\_cVUTUbQT_cTebQ^dU\Q3_]e^QU^
!('!`Ub_d_T_`QbUSUTUcSQbdQb\QXY`†dUcYcTUe^Q`QbdYSY`QSY†^`_\dYSQQSdYfQTU1b
S_ci2Y\RQ_TebQ^dUceUcdQTQU^6bQ^SYQE^QQ`bUSYQSY†^_`eUcdQU^3bYcdYv^7Qj]ebY
5\²$(³SXY\U^_9WeQ\YdQbY_cbUV_b]YcdQcbQTYSQ\Uc]Qc_^Uc iR_]RUb_cCQ^dYQW_5TYd_bYQ\
E^YfUbcYdQbYQ!))"`vW&$
(%'
5^Q\We^_cT_Se]U^d_cTU\Q}`_SQVYWebQS_]_1]Rb_cY_<QbbUSXUQ
(%(
1\We^_cXYcd_bYQT_bUcQTZeTYSQb_^Q<eSYQ^_@Y…Q2_bS_c[Y\QSQ\YTQTTUQbdUcQ
^_5^bUQ\YTQTcUdbQdQRQTUe^Q^dYWe_c_\TQT_aeUXQRQ`QbdYSY`QT_U^\QcWeUbbQcTU\Q
9^TU`U^TU^SYQiTQT_TURQZQTU\QcVY\QcTU\UZ}bSYd_Q\Y^YSY_TU\QBU`‹R\YSQ3_^cUbfQT_
bQ6UbfYU^dU\YRUbQ\cUTUcU]`U…†S_]_`eR\YSYcdQU^TYcdY^d_c]UTY_cTU`bU^cQCUYW^_
bQSev\VeUce`b_VUcY†^U^\QfYTQSYfY\1\VbUT_<QcdbQ>_bQ]ReU^Q²<_c`bY]Ub_c`_\QS_c
U^3XY\U³U^=Q`_SX_>¡#)CQ^dYQW_`bY]UbcU]UcdbUTU!))&`vWc!$%!$(1WbQTUjS_
Q\Qed_bQ\We^QcY^V_b]QSY_^Ucc_RbUUcdU`Ubc_^QZU
(%)
:_c}JQ`Y_\Q<QC_SYUTQTTU\Q9WeQ\TQTYcecU^U]YW_cCQ^dYQW_2YR\Y_dUSQTU1ed_

##
T_`_b_^SU_T_SU`Ubc_^Qc*cUYcY^dU\USdeQ\Uc°T_cTUU\\_cTU\_ccUS
d_bUc]UTY_c°e^Uhc_\TQT_iSeQdb__SY^S_QbdUcQ^_cbUV\UZv^T_cU
U^ceS_]`_cYSY†^\QQ\YQ^jQ_S_^fUbWU^SYQaeUS_]U^jQRQQWUcdQbcU
U^dbU\QZefU^deT\YRUbQ\i\_c^‹S\U_c]vcQfQ^jQT_cTU\QbdUcQ^QT_
<QV_b]QSY†^TUUcdUS\eRbU`bUcU^dQRQe^QY^^_fQSY†^Y]`_bdQ^
dUbUc`USd_Q\QcV_b]QcdbQTYSY_^Q\UcTUS_^f_SQd_bYQ`_\dYSQUcTUSYb
]UbQ]U^dUY^cdbe]U^dQ\UcTU\`eUR\_`_b`QbdUTU\QU\YdUQ\]U^_cU^
\QS_^SU`SY†^TUCQ^dYQW_1bS_caeYU^TUcTU]eidU]`bQ^_`\Q^dU†
S_^S\QbYTQTaeU\_cVY^Uc`UbcUWeYT_cUbQ^TYcdY^d_cTU\_caeUXYcd†bYSQ
]U^dUcUXQRQ^`\Q^dUQT_\_c\YRUbQ\Uc<Qc`Q\QRbQcaeUTYbYWYUbQQJQ
`Y_\QQ\Y^fYdQb\_QV_b]Qb`QbdUTU\Q_bWQ^YjQSY†^U^WUcdQSY†^Qc\_UfY
TU^SYQRQ^*²KM^eUcdb_cdbQRQZ_c^_c†\_TURU^dU^Ub`_b_RZUd_U\
dbYe^V_TUe^SQ^TYTQd_`b_WbUcYcdQcY^_dQ]RY}^cQSQbQ\`eUR\_TU\Q
fUbW_^j_cQdedU\QaeUcU\UdYU^UceZUd_8UXQR\QT_iQS_^e^_c`_S_c
Q]YW_cfUbTQTUbQ]U^dUTU]†SbQdQc^_cbUe^YbU]_c]Q…Q^QiUc`Ub_
aeUecdUT^_cQS_]`Q…U³(& 
@_cdUbY_b]U^dU1bS_c]Q^YVUcdQbQU^]vcTUe^Q_`_bde^YTQTU^
`QbdYSe\QbU^ceVQ]_cQSQbdQQ2Y\RQ_TUcTU\Q`bYcY†^U^CQ^dYQW_U^
!(%"ce`U^cQ]YU^d_c_SYQ\]vcbQTYSQ\iTUVY^YT_aeUU\TU\Q]Qi_bQ
TUcecS_]`Q…Ub_cTUU]`bUcQ (&!@Ub_\QC_SYUTQTTU\Q9WeQ\TQT^e^SQ
Qce]Y†d_T_U\YTUQbY_TU1bS_c4UcTUe^S_]YU^j_cU_d_bW†]vcY]`_b
dQ^SYQQ\_cQc`USd_c_bWQ^YjQdYf_cbU\UWQ^T_Qe^cUWe^T_`\Q^_\_c`b_
WbQ]vdYS_cCecUcdQded_c`bUfUQ^\Q_bWQ^YjQSY†^TUWbe`_cTUe^]vhY
]_TUfUY^dYSeQdb_`Ubc_^Qc_bWQ^YjQTQc`_bRQbbY_c5cdQ²YTUQSQbR_^Q
bYQ³TU1bS_c (&"aeU`_cdUbY_b]U^dUVeUQRQ^T_^QTQUcdQRQ]_dYfQTQ
`_bU\TUcU_TU²XQSUb]vcUVYSQSUc\_cUcVeUbj_cY^TYfYTeQ\Uc+XQSUbceb
WYbTU\Q]e\dYdeTQaeU\\_cX_]RbUcTU]vcSQ`QSYTQTi`bUcdYWY_aeUTU
RQ^cUb\_cTYbUSd_bUcTU\QC_SYUTQTi\_aeU^_UbQTU]U^_bY^dUb}c
^_Q\Qb]Qb\QS_^_SYTQcec`YSQSYQTU\7_RYUb^_S_^e^QWbQ^bUe^Y†^³(&#
5\Wbe`_Y^YSYQ\>¡!cUbfYbQTUS}\e\Q]QTbUTU\QSeQ\cUTUc`bU^
TUbQ^^eUf_cWbe`_cQ]UTYTQaeUQe]U^dQcUU\bUS\edQ]YU^d_QieTQ^

bUc3XY\U^_c7eY\\Ub]_5=YbQ^TQ5TYd_b!) "`vWc)i! FYSe…Q=QS[U^^QaeU^_

V_b]†`QbdUTUUcdU^‹S\U_Y^YSYQ\]U^SY_^QU^dbU\_cVe^TQT_bUcTU\QC_SYUTQTQ\Z_fU^
=Q^eU\ BUSQRQbbU^ `b_VUc_b TU US_^_]Q `_\dYSQ TU\ 9^cdYded_ >QSY_^Q\ i Q\ jQ`QdUb_
=Q^eU\<‹SQbUcFYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vWc&"i&#@b_RQR\U
]U^dUUcdU‹\dY]_VeUU\`Ubc_^QZU_\fYTQT_`_bJQ`Y_\Q<Qc`b_VUcY_^UcTU\_cQbdUcQ^_c
TYbYWU^dUcTU\S\eRYWeQ\YdQbY_\QcXU]_c_RdU^YT_S_^ce\dQ^T_U\\YRb_SYdQT_U^UcdQ^_dQ
(&
JQ`Y_\Q<QC_SYUTQTTU\Q9WeQ\TQT_`SYd`vW(
 
(&!
 3QbdQ TU CQ^dYQW_ 1bS_c Q 6bQ^SYcS_ 2Y\RQ_ =U^T_jQ I]` TU \Q <
   <  !(%"
@b_RQR\U]U^dUU\`YUTUY]`bU^dQTUUcdUV_\\Ud_cUQVQ\c_XQRYU^T_cQ\YT_U^bUQ\YTQT
S\Q^TUcdY^Q]U^dUTU\Qc`bU^cQcTU:e\Y_2U\Y^U^CQ^dYQW_TU3XY\UF}QcU\QcbQj_^UcU^
\QcaeUcUQVYb]QUcdQce`_cYSY†^U^7bUj<Q²SeUcdY†^c_SYQ\³_`SYd`vW!"'
(&"
FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vW(!
(&#
JQ`Y_\Q<QC_SYUTQTTU\Q9WeQ\TQT_`SYd`vW!%

##!
T_Q\_c_bWQ^Yc]_cbUSY}^UcdQR\USYT_c`bUcdv^T_\Uc]Y\YdQ^dUcXQcdQaeU
`eTYUcU^QSdeQbQed†^_]Q]U^dUD_T_]YU]Rb_TU\Qc_SYUTQTdU^Q
TUbUSX_QfYcYdQbQ\_c_db_c^‹S\U_ci`QbdYSY`QbU^cecTYcSecY_^UccY^
TUbUSX_Qf_d_QS_^TYSY†^TU]_cdbQbceSQb^}_R_\Ud_TUc_SY_QS_b
TQT_`_bU\Wbe`_>¡!4UUcQ]Q^UbQcUUc`UbQRQS_^db_\Qb_\Y]YdQb\Q
Y^VY\dbQSY†^ `_\YSYQ\ D_T_c \_c Wbe`_c W_jQRQ^ TU YWeQ\TQT TU TUbU
SX_c(&$ 5^\QdUbSUbQbUe^Y†^\QV\Q]Q^dU_bWQ^YjQSY†^`_b`b_`_cYSY†^
TU\QbdUcQ^_@Y…QQT_`d†U\^_]RbUTUC_SYUTQTTU\Q9WeQ\TQTQ\YWeQ\aeU
U\QSeUbT_TUdbQdQ]YU^d_TUSYeTQTQ^_S_^UhS\ecY†^TU\TUcU…_b(&%
5\`b_WbQ]QTU\Qc_SYUTQTVeUcY^U]RQbW_\_ceVYSYU^dU]U^dU
WU^UbQ\`QbQcUbQSU`dQT_`_bSeQ\aeYUb\YRUbQ\5\_RZUdYf_TUS\QbQT_UbQ
cY]`\U]U^dU²\QQc_SYQSY†^`QbQS_^cUWeYb\QfYTQTU\QVbQdUb^YTQTU^
^_c_db_c]Yc]_cU^^eUcdbQcY^cdYdeSY_^Uc`_\dYSQcic_SYQ\UcU^^eUc
dbQcS_cde]RbUcU^^eUcdbQcSbUU^SYQc³(&& 
<Qc^dUcYcYTU_\†WYSQTU\^QSYU^dUS\eRcUU^S_^dbQRQU^\QV†b]e
\QTUQT]YcY†^Y^fU^dQTQ`_b2Y\RQ_aeUUhYWQaeU\_c^eUf_c]YU]Rb_c
cUS_]`b_]UdYUcU^Q²bUS_^_SUb\QY^TU`U^TU^SYQTU\QbQj†^S_]_
Qed_bYTQTTUQed_bYTQTUc*`b_VUcQbU\`bY^SY`Y_TU\Qc_RUbQ^QTU\`eU
R\_S_]_RQcUTUd_TQ`_\dYSQiU\TURUbiU\Q]_bTU\QVbQdUb^YTQT
e^YfUbcQ\S_]_fYTQ]_bQ\³(&' 
FYSe…Q=QS[U^^QT}SQTQc]vcdQbTUQ\UcSbYRYb\QXYcd_bYQTUUcdU
`Ub_T_S_]U^dQbQaeU\QcT_c‹\dY]Qc`b_`_cYSY_^Uc*

KM^__VbUSQ^cUbYQTYVYSe\dQT`_bSeQ^d_U^f_\
fQ^\QU^e^SYQSY†^TU`bY^SY`Y_c]vc_]U^_cfQW_ci
`ebQ]U^dU ]_bQ\Uc TU \Q c_SYUTQT Xe]Q^Q @Ub_ U\
bUS_^_SY]YU^d_Uh`\SYd_i`bUfY_TU\QbQj†^\QQ^dYWeQ
TY_cQTU8URUbdS_]_ce`bU]_T_W]QUbQ\Q]vcQe
TQj`b_f_SQSY†^aeUXQcdQQaeU\TQcUXeRYUcUXUSX_Q\
S_]`QSd_QVUbbQT_ibUSU\_c_SQd_\YSYc]_TU\`QciQ\_c
`bUSU`d_c]Yc]_cTU\QS_^cdYdeSY†^aeUSbUQRQ^e^Q
bU\YWY†^‹^YSQi_VYSYQ\(&(

@_bUcQcbQj_^Uc\Q`bY]UbQ]vhY]QVeUTebQ]U^dUS_]RQdYTQQ\
Y^dUbY_bTU\^‹S\U_Ve^TQT_b`Ub_cUY]`ec_WbQSYQcQ\Q`_i_aeU\URbY^
TQb_^\_cQbdUcQ^_c(&) 
<_cUcdQded_cTU\QC_SYUTQTTU\Q9WeQ\TQTTUZQRQ^e^Q`eUbdQQRYUb

(&$
²5cdQded_cTU\QC_SYUTQTTU\Q9WeQ\TQT³U^JQ`Y_\Q <QC_SYUTQT_`SYd
`vWc!"!$
(&%
?`SYd`vW! 
(&&
?`SYd`vWc!!i!"
(&'
9RYT
(&(
FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vWc&(i&)
(&)
JQ`Y_\Q<QC_SYUTQT_`SYd`vWc! i!!CUW‹^FYSe…Q=QS[U^^QaeUVeUe^

##"
dQQV_b]e\QSY_^Uc]vcQfQ^jQTQcQ\UcdQR\USUb\Q`_cYRY\YTQT`QbQaeU
²U^SeQ\aeYUbQTU\_cWbe`_c`eUTQdU^Ub_bYWU^\Q`b_`_cYSY†^TUe^Q
bUV_b]QQT]Y^YcdbQdYfQic_SYQ\³ (' 
¤3ev\VeU\QSQecQTUUcdU\Y]YdQT_`b_WbQ]Q/ ('! ¤6eUU\bUV\UZ_TU
\Qc\Y]YdQSY_^UcTU\`U^cQ]YU^d_i\QYTU_\_WQ°\YRUbQ\QfQ^jQTQ°TU\Q
]Qi_bQTUcecVe^TQT_bUc/¤6eUdQ\fUje^QdvSdYSQTUcdY^QTQQQdbQUb
XQSYQcecVY\QcQ\_c\TUbUcTU\iQVU^USYT_3\eRTU\QBUV_b]Q/¤6eUQSQc_
U\bUce\dQT_TU\QY^V\eU^SYQTU\_c`bY]Ub_c`_\dYS_c\YRUbQ\UcaeUS_
]U^jQRQ^QY^WbUcQbQ\QC_SYUTQTTU\Q9WeQ\TQT/
<QT_Se]U^dQSY†^TYc`_^YR\U^_`Ub]YdUU^dbUWQbe^QbUc`eUcdQ
SQdUW†bYSQ+]vcRYU^ceWYUbUe^QS_^Ze^SY†^TUd_T_cUc_cVQSd_bUc1\
We^_cXUSX_cRYU^S_^_SYT_cY^TYSQ^aeU\QcS_^dbQTYSSY_^UcaeUQdbQ
fUcQRQ^Q\S\eRYWeQ\YdQbY_TUcTUceVe^TQSY†^UbQ^Y]`_bdQ^dUc
5^`bY]Ub\eWQbUc`bUSYc_cU…Q\Qb\QcT_c]_dYfQSY_^UcRvcYSQc
°`QbSYQ\]U^dUS_^dbQTYSd_bYQc°aeUUcdefYUb_^`bUcU^dUcU^\QVe^TQ
SY†^TUUcdQc_SYUTQT<Q`bY]UbQVeUS_]_UccQRYT_\QTUQ\We^_cZ†
fU^Uc_\YWQbSQcTU\3\eRTU\QBUV_b]QaeURecSQRQ^]UTY_c]vcUVYSQSUc
`QbQS_]RQdYbQ\W_RYUb^_S_^cUbfQT_biaeUS_]`bU^TYUb_^\Q^USU
cYTQTTUY^S_b`_bQbQ\`eUR\_\\Q^_Q\QRQdQ\\Q`_\dYSQ?RZUdYf_QVY^
TU SeU^dQc dbQTYSY_^Q\ Uc TUSYb ]UbQ]U^dU Y^cdbe]U^dQ\ <eUW_ i
`b_RQR\U]U^dURQZ_\QY^V\eU^SYQTU\_cQbdUcQ^_caeU`QbdYSY`Qb_^U^
ceSbUQSY†^idQ]RY}^TUQ\We^_cY^dU\USdeQ\UcS_]_1bS_ci2Y\RQ_
aeUcU^dQ^e^QcY^SUbQ`bU_Se`QSY†^`_b\QceUbdUTU\`eUR\_\QC_SYU
TQTTU\Q9WeQ\TQTdbQd†TU]Q^dU^UbcUU^e^`\Q^_TUQSSY†^U]Y^U^dU
]U^dUc_SYQ\TU`bUcSY^TU^SYQTU\Q`_\dYSQ`QbdYTQbYQCUW‹^S_^cdQ
U^U\dUcdY]_^Y_TUe^_TUcecVe^TQT_bUcU\]‹cYS_:_c}JQ`Y_\Q*

4UcTU\Qc`bY]UbQcbUe^Y_^Uc`eT_VvSY\]U^dUS_
^_SUbcUaeU\_cVY^UcaeUQ^Y]QRQ^Q\QbUe^Y†^UbQ^
]vcRYU^c_SYQ\UcaeU`_\dYS_c+`eUc`_be^S_^fU^Y_
dvSYd_ XQRQ]_c XUSX_ S_]`\UdQ QRcdbQSSY†^ TU d_TQ

QSdYf_]Y\YdQ^dUYWeQ\YdQbY_\_c_`_cYd_bUcQUcdU`bUSU`d_VeUb_^JQ`Y_\Q<Y\\_iBUSQRQ
bbU^FYSe…Q=QS[U^^Q8Ycd_bYQTU\Q:_b^QTQ_`SYd`vWc&)i' 
('
JQ`Y_\Q<QC_SYUTQT_`SYd`vW!#
('!
<Q]_TUbQSY†^`b_WbQ]vdYSQTU\_cTYbYWU^dUcYWeQ\YdQbY_c^_VeU_RcdvSe\_
S_]_fUbU]_cU^cUWeYTQ`QbQaeUcUTUcU^SQTU^QbQU^ceS_^dbQe^QVebYRe^TQSQ]
`Q…QTU\Q`bU^cQS_^cUbfQT_bQ2Qbb_c1bQ^QQVYb]QaeU²\QY^dUbfU^SY†^TU2Y\RQ_i
TU1bS_cQaeYU^UccUQdbYReQ^\_c`b_`†cYd_c]vc^UWb_cTUTUc_bWQ^YjQSY†^c_SYQ\i
\QcYTUQcS_]e^YcdQcaeUQWYdQb_^Q\Q6bQ^SYQU^!($(TUc`UbdQRQ^e^fUbTQTUb_dU
bb_bU^WU^dUaeUSbUQ_b`bUTYSQb\QTYc_\eSY†^TU\QVQ]Y\YQU\bU`Qbd_TU\QcV_bde
^Qcid_TQc\QcQR_]Y^QSY_^UcaeU\QYW^_bQ^SYQQdbYReQQ\_cTYcS`e\_cicUSdQbY_cTU
CQY^dCY]_^iTU6_ebYUb5\Q`_T_TU´cQ^cY]_^YQ^_µX_]RbUcY^4Y_c^Y\UicUW‹^U\
S_]‹^TU\QWU^dUUbQQ`\YSQT_Qd_T_U\aeUV_]U^dQRQ\Qc_SYUTQTTU\QYWeQ\TQT³
2Qbb_c1bQ^QE^TUSU^Y__`SYdd_]_99`vWc#' i#'!

###
 SeUcdY†^TU`QbdYT_ic_RbUd_T_TU\QTUSQ^TYTQd_`QbQ
\Q`bUcYTU^SYQTU\QbU`‹R\YSQCYTUc`e}c\QC_SYUTQTcU
`b_^e^SY†U^_`_cYSY†^Q\W_RYUb^_Se\`QVeUTU\_c
`UbY†TYS_c]Y^YcdUbYQ\UcaeU\UTUS\QbQb_^UcQWeUbbQi
SQ\e]^YQcaeUUcdQRQ]ei\UZ_cTU]UbUSUb('"

FYSe…Q=QS[U^^QaeU^_V_b]†`QbdUTU\^‹S\U_Ve^TQT_b('#S_^
dUcdQUcdQfUbcY†^QcUWebQ^T_aeU²\QbQj†^KY^f_SQTQU^\QV†b]e\QTU
QT]YcY†^MUbQU\TYcVbQj\QSQ^TYTQdebQTU=_^ddU\fUbTQTUb_i‹^YS_
_RZUdYf_³('$
3eQ\aeYUbQaeUXQiQcYT_\QY^dU^SY†^Y^YSYQ\TUcecVe^TQT_bUc\_
SYUbd_UcaeU\QC_SYUTQTTU\Q9WeQ\TQTcUY^S_b`_b†°_VeUQbbQcdbQTQ°bv
`YTQ]U^dUQ\QRQdQ\\Q`_\dYSQaeU\Q_`_cYSY†^S_]U^jQRQQ\YRbQbS_^
dbQ\QSQ^TYTQdebQTU=Q^eU\=_^ddU\]vccUWeb_ceSUc_bS_^cUbfQT_b
TU\`bUcYTU^dU2e\^Uc5\!TUQRbY\\QV\Q]Q^dUQc_SYQSY†^Y^YSY†RQZ_\Q
TYbUSSY†^TU5ecURY_<Y\\_\Q`eR\YSQSY†^TU\`UbY†TYS_5\1]YW_TU\@eU
R\_cU…Q\Q^T_S\QbQ]U^dUceU^dbQTQU^\QQbU^Q`_\dYSQ*

AeUbU]_c aeU U\ `eUR\_ cU bUXQRY\YdU TU fUY^dU

Q…_cTUQdbQc_iTUdY^YUR\QcAeUbU]_caeU\_caeUbU
`bUcU^dQ^X_i\_c`bY^SY`Y_cTUUc_cVQdQ\UcfUY^dUQ…_c
SQYWQ^TUb_TY\\QcQ^dUU\`eUR\_aeUcU\UfQ^dQQbUSe
`UbQbce`eUcd_
AeUbU]_caeU4=Q^eU\=_^ddVQdQ\Q\Qc\YRUbdQ
TUc`‹R\YSQcVQdQ\Q\QUTeSQSY†^VQdQ\Q\QBU`‹R\YSQcU
Q^e\U`QbQcYU]`bUiaeUTUc†\_S_]_e^]_^e]U^d_
TU\QZecdYSYQiWU^Ub_cYTQTTUe^`eUR\_('%

IQS_^dY^eQSY†^U\†bWQ^_YWeQ\YdQbY_`b_S\Q]QRQceQ`_i_QBQ
]†^5bbvjebYjSQ^TYTQd_TU\Q_`_cYSY†^¥U\]Yc]_QSQeTQ\QT_`Ubc_
^QZUaeUXQRQ`bUcYTYT_`_S_cQ…_cQ^dUc\QC_SYUTQTTU\?bTU^
¤Ae}XQRQceSUTYT_U^dQ^`_S_cTQc/
1e^aeU\Qc]U]_bYQcTUSQbvSdUbQed_RY_WbvVYS_TU\_cT_c`bY^SY
`Q\UcSb_^YcdQcTU\QXYcd_bYQTU\QC_SYUTQTTU\Q9WeQ\TQT°JQ`Y_\QiFYSe
…Q=QS[U^^Q°^_QS\QbQ^UcdU`e^d_`QbUSYUbQaeUU\`Q`U\TUcU]`U
…QT_U^UcdQTUVY^YSY†^S_^dY^WU^dU`_b\_cUh`UbY]U^dQT_c`_\dYS_c\Y
RUbQ\UcaeUcUY^S_b`_bQb_^dU]`bQ^Q]U^dUQ\Q_bWQ^YjQSY†^YWeQ\YdQ
bYQ°=Q^eU\7eUbbUb_i6bQ^SYcS_@bQT_1\Te^QdU°VeUTUSYcYf_5\\_ccYb

('"
JQ`Y_\Q<QC_SYUTQT_`SYd`vW!!
('#
5cdU`Ubc_^QZU]Y\Yd†U^U\Wbe`_>¡&TU\QC_SYUTQTTU\Q9WeQ\TQTU^U\SeQ\VeU
^_]RbQT_cUSbUdQbY_U\!(TUZe^Y_TU!(% FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`
SYd`vW(#
('$
FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vW'"
('%
²>eUcdbQ]QbSXQY^eUcdb_cVY^Uc³5\1]YW_TU\@eUR\_CQ^dYQW_!TUQRbY\TU!(% 

##$
fYUb_^TU²`eU^dU³S_^U\QW_^YjQ^dU3\eRTU\QBUV_b]Q`QbQ`b_]_fUb
cee^Y†^S_^\QC_SYUTQTTU\Q9WeQ\TQT ('& 5^`_S_cTQc}cdUUbQe^XU
SX_S_^ce]QT_*U\!$TUQRbY\cUbUQ\Yj†\QbUe^Y†^TUVecY†^°aeUFYSe
…Q=QS[U^^QSQ\YVYSQbQ]vcdQbTUTU²cY]`\UQRc_bSY†^³ ('' U\YWYU^T_
e^Q^eUfQZe^dQTYbUSdYfQTU\S\eRYWeQ\YdQbY_Y^dUWbQTQc†\_`_b`Ubc_
^QcTU\^‹S\U__bYWY^Q\*`bUcYTU^dU*5ecURY_<Y\\_+cUSbUdQbY_c*=Q^eU\
7eUbbUb_i:_c}JQ`Y_\Q+TYbUSd_bUc*CQ^dYQW_1bS_c6bQ^SYcS_2Y\RQ_
1]Rb_cY_<QbbUSXUTQ6bQ^SYcS_@bQT_1\Te^QdUiBeTUcY^T_B_ZQc ('( 
C†\_Q\We^_c]UcUc]vcdQbTU°Q`QbdYbTUZe\Y_°S_]U^jQbQ^QVYWebQb
U^}\\_c`_\dYS_c\YRUbQ\UcTU]Qi_bbU^_]RbU
CUXQRQTQT_U\`bY]Ub`Qc_`QbQ\QS_^fUbcY†^TU\S\eRYWeQ\YdQbY_
U^`QbdYT_TU\Q_`_cYSY†^@Ub_TebQ^dUQ\W‹^dYU]`_°XQcdQZe^Y_TU\
]Yc]_Q…_°]Q^def_bQcW_c_bYWY^Q\UcaeU\_TYVUbU^SYQRQ^TUe^Q_b
WQ^YjQSY†^`_\dYSQdbQTYSY_^Q\1]UTY_SQ]Y^_U^dbUU\`QbdYT_`_\dY
S_i\Qcc_SYUTQTUcTUUTeSQSY†^i²bUWU^UbQSY†^`_`e\Qb³aeU`b_\YVU
bQbQ^U^3XY\UTebQ^dU\QcUWe^TQ]YdQTTU\cYW\_H9H\QC_SYUTQTTU\Q
9WeQ\TQT]QbSQRQe^WYb_Y]`_bdQ^dUU^U\dY`_TUS_^f_SQd_bYQQ\`eU
R\_iU^U\`\Q^dUQ]YU^d_TUQ\We^QcTUcecbUYfY^TYSQSY_^Uc
@Ub_ceS_bdQfYTQ°]U^_cTU_SX_]UcUc°UcdQbQ]QbSQTQ`bvSdYSQ
]U^dUTUcTUe^S_]YU^j_`_b\QcQ]RYWŽUTQTUciS_^dbQTYSSY_^Uc1e^
aeUU\Y^WbUc_]QcYf_TU\_c`_\dYS_c\YRUbQ\UccU`b_TeSYbQQ`QbdYbTU\cU
We^T_cU]UcdbUTUUcUQ…_iQU^]Qbj_Q\We^_cTUU\\_c\_c]vcfYcY_^Q
bY_c°S_]_<QcdQbbYQ°`bUcY^dYUb_^aeU\Q_`_cYSY†^^USUcYdQRQe^^eUf_
dY`_TUY^cdbe]U^d_`_\dYS_iaeU\Q^QSYU^dU_bWQ^YjQSY†^TU1bS_c2Y\
RQ_iTUcecQ]YW_cQbdUcQ^_c`_TQ`b_`_bSY_^Qb\QRQcUTU]QcQc\Q]c
dYSQi\QVeUbjQ^USUcQbYQ`QbQdbYe^VQbU^\Q\eSXQS_^dbQU\`_TUb`U\eS†^
5\" TU]Qbj_U\TY`edQT_<QcdQbbYQ`bUcU^d†Q^dU\_cTUcQ\U^dQT_c
_`_cYd_bUcbUSY}^bUWbUcQT_cTUcecXQSYU^TQcQ\QSQ`YdQ\e^@b_iUSd_TU
bU_bWQ^YjQSY†^TU\@QbdYT_<YRUbQ\(')CeTYQW^†cdYS_cUbUce]QU^e^QVbQcU*
²<Q_`_cYSY†^^_UhYcdUi^_UhYcdU`_baeUSQbUSUTUVeUbjQciTU_`Y
^Y†^³CUW‹^<QcdQbbYQ\Q_`_cYSY†^^_S_^dQRQS_^VeUbjQc`_baeU^_
dU^QTYbUSSY†^^YSQeTY\\_SQbUSQTUe^YTQTTU_bWQ^YjQSY†^iTUcYcdU
]Q+^_Y^c`YbQRQY^dUb}ci^_dU^QbU\QSY_^Uc(( 5\ZeYSY_c_RbUU\SQ^TY
TQd_`bUcYTU^SYQ\TU\_c_`_cYd_bUcTYVSY\]U^dU`_TQcUb]vccUfUb_*

('&
FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vWc'$')
(''
?`SYd`vW'%
('(
?`SYd`vW(!
(')
²@b_iUSd_TUbU_bWQ^YjQSY†^TU\@QbdYT_<YRUbQ\bUTQSdQT_`_bU\TY`edQT_4_^
:_c}FYSd_bY^_<QcdQbbYQU\" TU]Qbj_TU!(% ³U^_`SYd1`}^TYSUc`vWc9F999F}QcU
dQ]RY}^*<QcdQbbYQ²4YQbY_³_`SYdU^BUfYcdQ3XY\U^Q1…_9d_]_9>¡999CQ^dYQW_
Ze^Y_TU!)!'`vWc#"'#")+_`SYdU^BUfYcdQ3XY\U^Q1…_9d_]_9>¡9FCQ^dYQW_Ze\Y_
TU!)!'`vWc$$'$$)+_`SYdU^BUfYcdQ3XY\U^Q1…_9d_]_9>¡FCQ^dYQW_QW_cd_TU
!)!'`vWc%#(%$ 
((
9RYT

##%
 4_^BQ]†^5bbvjebYj^_UcS_^_SYT_`_b\_caeU
\UXQ^`b_S\Q]QT_ceSQ^TYTQd_i`_bS_^cYWeYU^dU^_
XQiU^dbU}\iU\\_c\QcY]`QdQ\QcbU\QSY_^UcS_bTYQ\Uc
aeUTURUXQRUbU^dbUe^SQ^TYTQd_ie^`QbdYTQbY_<U
Z_cTUUcd_\QcYdeQSY†^TU\Cb5bbvjebYjUcTeT_cQce
S_^TeSdQU^U\cU^QT_TebQ^dUU\Q…_`QcQT_\UXQSU
Q`QbUSUbV\eSdeQ^dUiXQcdQSYUbd_`e^d_cU`QbQT_UY^
TU`U^TYU^dUTU\_c`b_WbUcYcdQcTU\_c_`_cYd_bUc5cd_
\UXQXUSX_`UbTUb\QS_^VYQ^jQTUQ\We^_cU\`bUcdYWY_
TUaeU_db_c\U]YbQb_^b_TUQT_Q\`bY^SY`Y_TUce`b_
S\Q]QSY†^iXQaeUTQT_TUdQ\]Q^UbQcUWbUWQT_TUce
`QbdYT_aeUce^_]RbU^_`eUTUcUbfYbX_i`QbQU^SeQ
TUb^Qb`QbQZe^dQbUc_cU\U]U^d_cTYc`Ubc_c((!

5\S\eRYWeQ\YdQbY_Ucdef_`eUcTUcTU]eidU]`bQ^_U^\Q]YbQTU
\_cTYbYWU^dUc\YRUbQ\Uc]vcUcS\QbUSYT_ciVeU`UbSYRYT_`_b}cd_cS_]_e^
Y^cdbe]U^d_ aeU `_TbQ `Ub]YdYb\Uc UhdU^TUb ce Y^V\eU^SYQ 4U UcdU
]_T_Q\bUVUbYbcUU^ce4YQbY_Q\Q`bY]UbQQ`QbYSY†^TU\1]YW_TU\@eUR\_
<QcdQbbYQ\_XQSQSQdQ\_Wv^T_\_TU²^eUcdb_TYQbY_`_`e\Qb³ ((" i5\@b_WbU
c_Q\S_]U^dQbU\]Yc]_QS_^dUSY]YU^d_`bUcU^dQRQQ\`UbY†TYS_YWeQ\Y
dQbY_S_]_²U\US_TU\QC_SYUTQTBUV_b]YcdQTU`b†hY]QY^cdQ\QSY†^³ ((#

4 5 12B9< 1 :E>9? 45 !(% *<1 5D1@1 45< ² DB121:? C?391< ³

1`UcQbTUcedU]`bQ^QTUVY^YSY†^`_\dYSQiTU\QY^S_b`_bQSY†^Q]UTYQ
T_cTUQRbY\TU]eSX_c]YU]Rb_cTU\3\eRTU\QBUV_b]Q\Qc_SYUTQTVe^
TQTQ `_b 1bS_c i 2Y\RQ_ ^_ VeU TebQ^dU cec `bY]Ub_c ]UcUc TU fYTQ U\
`bY^SY`Q\ SU^db_ `_\dYS_ TU \Q _`_cYSY†^ 5^ \_ UcU^SYQ\ }cdQ S_^dY^e†
QWbe`v^T_cUTebQ^dUQ\W‹^dYU]`_U^U\\\Q]QT_@QbdYT_@b_WbUcYcdQ_<YRU
bQ\Qe^aeUU^bYW_bUc^USUcQbY_cU…Q\QbaeU\_c\Qj_cU^dbUQ]R_cSU^
db_cUbQ^UfYTU^dUciSQTQTQ]vcUcdbUSX_c
@_b\_TU]vce^QVQ\dQTUTUVY^YSY†^S\QbQTU\QcVb_^dUbQc]Y\YdQ^
dUcUbQe^QSQbQSdUbcdYSQTU\QcQWbe`QSY_^Uc`_\dYSQcTU\Q}`_SQ<_c

((!
FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vWc999+<QcdQbbYQ²4YQbY_³
_`SYd`vWc#"'#"(5hYcdU^Q\We^QcTYVUbU^SYQcU^dbUQ]RQcfUbcY_^UcTU\dUhd_TU<QcdQ
bbYQ@_bUZU]`\_U^\Q`bY]UbQVeU^dUcUTYSU*²KM\QcbU\QSY_^UcTUS_^VYQ^jQaeUTURU
XQRUbU^dbUe^SQ^TYTQd_ie^`QbdYTQbY_³=YU^dbQcaeUU^\QcUWe^TQVeU^dUQ`QbUSUU\
d}b]Y^_SQeTY\\_U^fUjTUSQ^TYTQd_<QcSebcYfQcc_^^eUcdbQc
(("
<QcdQbbYQ²4YQbY_³_`SYd`vW%$!
((#
²5\1]YW_TU\@eUR\_³5\@b_WbUc_CQ^dYQW_"TUQRbY\TU!(% 1\_c`_S_cTQc
U^ceUTYSY†^TU\(TUQRbY\5\@b_WbUc_Q^e^SYQRQQceccecSbY`d_bUcaeUQ`QbdYbTUUcQVUSXQ
^_bUSYRYbQ^5\1]YW_TU\@eUR\_TU\Q_VYSY^QTUceY]`bU^dQcY^_TU\QC_SYUTQTBUV_b]YcdQ_
3\eRTU\QBUV_b]Q

##&
²`QbdYT_c³°i]ei`QbdYSe\Qb]U^dUU\@Y`Y_\__<YRUbQ\°cUU^S_^dbQRQ^Q
]UTY_SQ]Y^_U^dbU\QcfYUZQcV_b]QcTUc_SYQRY\YTQT`_\dYSQ]vcSUbSQ
^QcQ\QdUbde\YQiQ\RQ^T_iU\`QbdYT_`_\dYS_`b_`YQ]U^dUdQ\5\S\eR
`_\dYS_TU]QdbYjUcU^SYQ\]U^dUVbQ^SUcQ°S_]_VeUU\SQc_TU\Q`b_
`YQC_SYUTQTTU\Q9WeQ\TQT°cUbQU\Uc\QR†^TUdbQ^cYSY†^XQSYQ\QS_^cdY
deSY†^TU`QbdYT_cS\QbQ]U^dUUcdbeSdebQT_c (($ 
8QSYQ]UTYQT_cTU!(% \_cS_^d_b^_cTU\@QbdYT_@b_WbUcYcdQUbQ^
TYVec_cU^S_^dbv^T_cUQ\We^_cTUcecY^dUWbQ^dUcU^\QC_SYUTQTTU\Q
9WeQ\TQTi_db_cU^cec]vbWU^Uc5cdQ]Yc]QcYdeQSY†^`Ub]YdY†Q\QV\Q
]Q^dU_bWQ^YjQSY†^YWeQ\YdQbYQS_^cQWbQbcUTebQ^dUUcdU`bY]Ub`Ub_T_
TU]Q^UbQ`bY_bYdQbYQXQSYQ\QQSdYfYTQTaeUSQbQSdUbYj†ce_bYWY^Q\`Ub
VY\*\QUTeSQSY†^i²bUWU^UbQSY†^³]_bQ\i]QdUbYQ\TU\`eUR\_
5\QSU^d_Ucdef_`eUcd_U^\Q\\UWQTQQ\_cQbdUcQ^_cY^dU^dQ^T_
QdbQUbTU`bUVUbU^SYQQ\_cZUVUcTUdQ\\Ub`_b\QY^V\eU^SYQaeUUZUbSQ^
c_RbUcecceR_bTY^QT_c ((% 4ebQ^dUUcdQUdQ`QcUTYcSedYUb_^e^QcUbYUTU
`b_iUSd_cdU^TYU^dUcQ\_WbQb\QbUV_b]Q`_\dYSQiU\]UZ_bQ]YU^d_TU\Qc
S_^TYSY_^UcTUfYTQTU\_ccUSd_bUc`_`e\QbUcicUY^YSYQb_^Sebc_ciS_^
VUbU^SYQcTUTYfUbcQ^T_\UTUcdY^QT_cQU\UfQbU\UcdQT_Se\debQ\i]_bQ\
TU\_cdbQRQZQT_bUcQ`Qbdv^T_\_cTU\fYSY_U\ZeUW_iU\Q\S_X_\Yc]_((& 

(($
E^TUcQbb_\\_TUUcd_cdU]QcU^7Qj]ebY5\²$(³SXY\U^__`SYd`QccY]F}QcU
dQ]RY}^TU\]Yc]_XYcd_bYQT_b*²<QY^V\eU^SYQTU\S\eRbU`eR\YSQ^_VbQ^S}cU^\QcV_b]Qc
TUc_SYQRY\YTQT`_\dYSQSXY\U^QcTU\QcUWe^TQ]YdQTTU\cYW\_H9H³U^U\\YRb_TUTYfUbc_c
Qed_bUc6_b]QcTUc_SYQRY\YTQTU^3XY\U!($ !)$ CQ^dYQW_6e^TQSY†^=QbY_7†^W_bQ!))"
`vWc!"%!#&
((%
<Qc`b_VUcY_^UcTUQaeU\\_cQbdUcQ^_caeU]vccUTUcdQSQb_^U^\QC_SYUTQTTU\Q
9WeQ\TQTUbQ^\QccYWeYU^dUc*1]Rb_cY_<QbbUSXUTQc_]RbUbUb_bUWU^dUTUe^dQ\\UbicQb
WU^d_TUe^SeUb`_TU7eQbTYQc3fYSQc+BeTUcY^T_B_ZQccQcdbU+:_c}3USY\Y_3UbTQcQcdbU+
=Q^eU\<‹SQbUcjQ`QdUb_+BQ]†^=_^TQSQcQcdbUUhcQbWU^d_TU\Q7eQbTYQ>QSY_^Q\
U^SQbSU\QT_TebQ^dUfQbY_c]UcUcU^!($&`_bbQj_^Uc`_\dYSQc+@Qe\Y^_<†`UjdQ\QRQbdU
b_ZUVUTUdQ\\Ub+:eQ^1bQfU^QcQcdbU]YU]Rb_TU\Q7eQbTYQ>QSY_^Q\+:_c}CQ^d_cFQ\U^
jeU\QdY`†WbQV_+:_c}=QbQ<†`UjSQb`Y^dUb_5cdQ\YcdQ°U^\QaeUcUY^S\eiU^_db_c^_]
RbUc Sei_c _VYSY_c ^_ cU YTU^dYVYSQ^° Ucdv U^ U\ 1>14C= < $"(" >¡ `b_fYcY_^Q\
DQ]RY}^c_^cU…Q\QTQc`_bFYSe…Q=QS[U^^QU^8Ycd_bYQTU\QZ_b^QTQ_`SYd`vW!%%i
U^²2_\Ud^TU\QdYbQ^Q³5\@b_WbUc_CQ^dYQW_!%TU_SdeRbUTU!(% 
((&
5^!(% cUQ^e^SYQb_^U^CQ^dYQW_TYfUbcQcY^YSYQdYfQcTUcdY^QTQcQTQbY^cdbeS
SY†^Q\_cQbdUcQ^_cicUSd_bUc`_`e\QbUcU^WU^UbQ\<_c`Qdb_SY^QT_bUcUbQ^TUfQbYQT_
cYW^_YTU_\†WYS_1`QbdUTU\QcY^YSYQdYfQcYWeQ\YdQbYQccUS_^dQb_^_dbQcQ\U^dQTQcQ\`QbU
SUb`_b\_c`QbdYTQbY_cTU\W_RYUb^_
1]UTYQT_cTU]Qbj_:4TU3Qcdb_@QdY^_e^TYbUSd_bTUUcSeU\Qc`bY]QbYQcY^V_b
]QRQQSUbSQTU\QQ`UbdebQTUe^QUcSeU\Q^_Sdeb^Q`QbQQbdUcQ^_cU^\QSQ\\U>eUfQTUCQ^
4YUW_aeUVe^SY_^QbQQ`QbdYbTUQRbY\U^U\\_SQ\TU\Q]Yc]QUcSeU\Q]e^YSY`Q\TU^Y…_c
CUW‹^ce`b_]_d_biQcUU^S_^dbQRQ^Y^cSbYd_cSYU^d_SY^SeU^dQ]U^UcdbQ\UcaeUcUWeYbQ^
Sebc_cTU\USdebQUcSbYdebQT_SdbY^Qi]_bQ\SbYcdYQ^QXYcd_bYQcQWbQTQQbYd]}dYSQicYcdU]Q
\UWQ\ TU `Uc_c i ]UTYTQc ²5cSeU\Q ^_Sdeb^Q TU QbdUcQ^_c³ <Q DbYRe^Q CQ^dYQW_ !) TU
]Qbj_TU!(% 
1S_]YU^j_cTUZe^Y_9W^QSY_1Se…QUhTYbUSd_bTU\Q5cSeU\Q>_b]Q\Q^e^SYQRQ\Q
Q`UbdebQQ`QbdYbTU\!TUZe\Y_TU_dbQUcSeU\Q^_Sdeb^Q`QbQQbdUcQ^_caeUVe^SY_^QbQU^
U\S_^fU^d_WbQ^TUTU>@CQ^1Wecd^<Qc]QdUbYQcY]`QbdYTQccUbQ^*\USdebQUcSbYdebQ

##'
 5^dbU\_c`b_iUSd_cTU]UZ_bQTU\QS_^TYSY†^`_`e\Qbc_]UdYT_cQ
TYcSecY†^`‹R\YSQU^Uc_c]UcUccUS_^dQb_^\_cTU2Y\RQ_c_RbUUcSeU
\Qc`bY]QbYQcic_RbURQ…_c`‹R\YS_cU²XYWYU^UTU\Q\]QiTU\SeUb`_³+U\
TUB_ZQcc_RbURQcUc`QbQe^²RQ^S_TU_RbUb_c³iU\TU1bS_cc_RbU
²=_^dUcTU@YUTQT³<QcS\QcUciS_^VUbU^SYQc`_`e\QbUccUbUQ\YjQRQ^U^
\Q^_SXUS_^WbQ^QcYcdU^SYQTUdbQRQZQT_bUcCQ^dYQW_1bS_cQR_bTQRQ
TYfUbc_cdU]Qc`_\dYS_c+6bQ^SYcS_2Y\RQ_U^cU…QRQVY\_c_VQ+=Q^eU\BU
SQRQbbU^US_^_]Q`_\dYSQ+:_c}JQ`Y_\Q]‹cYSQ+U\cQcdbUBeTUcY^T_
B_ZQcS_cdebQ+>YS_\vcFY\\UWQcQbYd]}dYSQie^^UWb_TU\Qc1^dY\\Qc°=b
=__bU°aeUXQRQcYT_S_SY^Ub_TUe^RQbS_Q^dUcTUTUcUbdQbTQRQ\US
SY_^UcTUY^W\}c((' 
4ebQ^dUUcd_c]UcUc5\1]YW_TU\@eUR\_TU^e^SY†e^QcUbYUTU`b_
R\U]QcaeUQaeUZQRQ^Q\_ccUSd_bUc`_`e\QbUc*]Q\QcS_^TYSY_^UcTU
fYTQVQ\dQTUXYWYU^UU^SQ\\UciRQbbY_c`_`e\QbUc]_bdQ^TQT`_bedY\Y
jQSY†^TUQWeQcS_^dQ]Y^QTQcSQbUcdQTUSYUbd_c`b_TeSd_c+Qdb_`U
\\_cTU\Q`_\YSQ+VQ\dQTUUcSeU\Qc+]Q\QQdU^SY†^TYc`U^cQTQQ\_c`_
RbUcU^\_cX_c`YdQ\Uc+VQ\dQTU`b_dUSSY†^Q\Q²Y^TecdbYQ^QSY_^Q\³U\
QbdUcQ^QT_Y^ZecdYSYQciQbRYdbQbYUTQTUcaeUceVbQ^\_cU\U]U^d_c`_
`e\QbUc aeU cUbfQ^ U^ \_c SeUb`_c SfYS_c ((( 3YUbdQcbUYfY^TYSQSY_^Uc
`_`e\QbUc°S_]_U\`b_dUSSY_^Yc]_`QbQ\QcQbdUcQ^Qci\Qc]UZ_bQceb
RQ^Qc°\\U^QRQ^Q\We^_cfQS_cTU\bUTeSYT_`b_WbQ]QTU\QC_SYUTQTTU
\Q9WeQ\TQT<Q`bY_bYTQTUcdQRQTQTQcY^U]RQbW_Q\QbUV_b]QQ\cUbfY
SY_]Y\YdQbU^\Q7eQbTYQ>QSY_^Q\\_aeUS_bbUc`_^TQdQ^d_Qe^cU^dY
]YU^d_`b_Ve^TQ]U^dUQbbQYWQT_U^\_cQbdUcQ^_cS_]_Q\Qc`bU_Se
`QSY_^UcTU\_c_`_cYd_bUc`_bY]`UTYb\Q²edY\YjQSY†^`_\dYSQ³TUUc_c

QbYd]}dYSQiTYReZ_\Y^UQ\QTU]vcTUS_^_SY]YU^d_cTUQbaeYdUSdebQ3QTQQ\e]^_`QWQbQ
e^Q]_TUcdQSe_dQQSQ]RY_TU\QSeQ\bUSYRYbQ\QY^cdbeSSY†^i]QdUbYQ\UcS_\Qb²5cSeU\Q
^_Sdeb^QTUQbdUcQ^_c³<QDbYRe^QCQ^dYQW_%TUZe^Y_TU!(% 
@_bUc_c]Yc]_cTQccUQfYcQRQ`Ub_UcdQfUj`_b\QcS_\e]^QcTUe^`UbY†TYS__`_
cYd_baeUU\!TUZe\Y_cUQRbYbQ^U^d_T_c\_cUcdQR\USY]YU^d_cTUUTeSQSY†^`bY]QbYQTU\Q
SQ`YdQ\e^QUcSeU\Q^_Sdeb^Q`QbQQbdUcQ^_c²1\_c1bdUcQ^_c³5\@b_WbUc_CQ^dYQW_!#TU
Ze^Y_TU!(% 
@_b\_fYcd_\QY^cdbeSSY†^UbQe^QQc`YbQSY†^TYVe^TYTQU^U\]e^T_QbdUcQ^Q\i`_b
U\\_cUS_^fUbdQU^e^dU]QaeU\Q\eSXQ`_\dYSQdU^TQQbUSe`UbQb
(('
FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vWc(#i($+JQ`Y_\Q<QC_SYUTQT
TU\Q9WeQ\TQT_`SYd`vWc"(i")
(((
²<_cWeQbTYQc^QSY_^Q\Uc³5\1]YW_TU\@eUR\_CQ^dYQW_!!TUQRbY\"&TUQRbY\i!%
TU]Qi_TU!(% +²@Q^`QbQU\`eUR\_³i²3_bbUc`_^TU^SYQ5\`Q^³5\1]YW_TU\@eUR\_
CQ^dYQW_!#TUQRbY\TU!(% +²<Q`_\YSQTUCQ^dYQW_³5\1]YW_TU\@eUR\_CQ^dYQW_!'TU
QRbY\ TU !(% + ²8e]Q^YTQT `QbQ U\ `_RbU³ 5\ 1]YW_ TU\ @eUR\_ CQ^dYQW_ !# TU ]Qi_ TU
!(% +²>USUcYTQTUcTU\QS\QcU`_RbUQaeUTURUQdU^TUbU\9^dU^TU^dUTUCQ^dYQW_³5\
1]YW_TU\@eUR\_CQ^dYQW_!%TU]Qi_TU!(% +²<_cfYZY\Q^dUc³5\1]YW_TU\@eUR\_CQ^dYQW_
!&TU]Qi_TU!(% +²5TeSQSY†^Q\QS\QcU]vc^USUcYdQTQ³5\1]YW_TU\@eUR\_CQ^dYQW_"
TU]Qi_TU!(% +²5\`eUR\_cUU^fU^U^Q³ 5\1]YW_TU\@eUR\_CQ^dYQW_")TU]Qi_TU
!(% +  ²@b_dUSSY†^ Q \Q Y^TecdbYQ ^QSY_^Q\³ 5\ 1]YW_ TU\ @eUR\_ CQ^dYQW_ #! TU ]Qi_ TU
!(% 

##(
SeUb`_c`_bU\W_RYUb^_iWQ^QbU^U\\_cY^V\eU^SYQ`QbQUfU^deQ\]U^dU
`b_]_fUb\UfQ^dQ]YU^d_c_W_\`UcTUVeUbjQ (()
DQ]RY}^VeUTYVe^TYTQ\QYTUQTU\QQc_SYQSY†^*

@QbQaeUU\`eUR\_S_^_jSQe^_TU\_c]UTY_c]vc
Y^V\eiU^dUcU^ceUTeSQSY†^U^ceb_RecdUjiU^ce]_
bQ\YTQTI`QbQaeUU\7_RYUb^_bUc`UdU\Q\YRUbdQTTU
Qc_SYQSY†^cY^aeUS_^U\`bUdUhd_TU\QQ\Qb]Q\QQX_
WeUi\QQ^e\UQ`U^QcS_]YU^jQQTUcQbb_\\QbcU () 

8Qi`eUce^QSYUbdQS_bbUc`_^TU^SYQU^dbUU\`bY]Ub`Ub_T_TU
\QfYTQTU\QC_SYUTQTi\Q`eR\YSQSY†^TU\1]YW_TU\@eUR\_CUdbQdQTUe^Q
UdQ`QTU]Qi_bY^TU`U^TU^SYQ`_\dYSQi_bWQ^YjQdYfQbUc`USd_TU\Q_`_
cYSY†^\YRUbQ\dbQTYSY_^Q\
@Ub_\QcS_^dbQTYSSY_^UcaeUUhYcdQ^U^U\cU^_TU\QC_SYUTQTTU\Q
9WeQ\TQTi\Qc`bUcY_^UcaeUUZUbSQ^c_RbUU\\QdQ^d_\_cS_^cUbfQT_bUc
°QdbQf}cTUfY_\U^dQcSQ]`Q…QcTU`bU^cQiTU\QY^VY\dbQSY†^`_\YSYQ\°
S_]_\_c\YRUbQ\UcifYQ\YcdQcQWbe`QT_cU^cecSU^vSe\_cdbQTYSY_^Q\Uc
defYUb_^_SQcY†^TU]Q^YVUcdQbcUQRYUbdQ]U^dUQbQjTU\QSeUcdY†^bU
\YWY_cQ2QZ_U\dde\_²5\4_W]QTU\_c8_]RbUc<YRbUc³5\1]YW_TU\
@eUR\_S_]U^j†Q`eR\YSQbU\"&TUQRbY\\_c`bY]Ub_cSQ`de\_cTU\Q
S_^db_fUbdYTQ_RbQTU<Q]U^^QYc@Q\QRbQcTUe^SbUiU^dU@_S_TUc`e}c
cQ\YUb_^Q\QfU^dQ\_c2_\UdY^UcTU\Uc`bYdeTU6bQ^SYcS_2Y\RQ_S_^cYTU
bQTQYWeQ\]U^dU`_b\_cSbSe\_cS\UbYSQ\UciS_^cUbfQT_bUcS_]_e^Q
²_RbQY]`Q³<QBUfYcdQ3Qd†\YSQU^SQRUj†\_cQdQaeUcU^S_^dbQTU2Y\
RQ_i\_cYWeQ\YdQbY_c\Q^jQ^T_e^Q^QdU]QaeUUbQbU\YWY_c_i`_\dYS_
Q\QfUjCUW‹^U\†bWQ^_S\UbYSQ\U^dbU\_cU^U]YW_cQRYUbd_c_U^]Qc
SQbQT_cTU\QbU\YWY†^cUU^S_^dbQRQ^\_cc_SYQ\YcdQciS_]e^YcdQc@Ub_
dQ]RY}^Y^S\eQU^UcQSQdUW_bQQ*

KM \_c bUf_\eSY_^QbY_c aeU ^_ dYU^U^ ]vc 4Y_c

aeU\QQ]RYSY†^+\_caeU`bUTYSQ^\QY^ceR_bTY^QSY†^
^YUWQ^\QQed_bYTQTiZecdYVYSQ^\QTUc_RUTYU^SYQ*\_caeU

(()
1S_]YU^j_cTUZe^Y_U\TY`edQT__`_cYd_b6Ub^Q^T_EbjQb7QbVYQc`bUcU^d†e^
`b_iUSd_TU\Uic_RbUbUV_b]QTU\Q7eQbTYQ>QSY_^Q\aeU`bUfUQceTYfYcY†^U^QSdYfQi
`QcYfQCUbfYbQ^U^\QWeQbTYQQSdYfQ\_cX_]RbUc]vcQ`d_cU^dbU\_cTYUSY_SX_i\_cSY^
SeU^dQQ…_cTUUTQTTebQ^dUe^`Ub_T_]vhY]_TUTYUjQ…_caeUTQ^T_UhY]YT_cTUUcdQ
_R\YWQSY†^ U^dbU _db_c \_c `U_^Uc WQ…Q^Uc i \_c cYbfYU^dUc T_]}cdYS_c ²@b_iUSd_ TU \UY
c_RbUbUV_b]QTU\Q7eQbTYQ>QSY_^Q\`bUcU^dQT_Q\Q3v]QbQTU4Y`edQT_c`_bU\cU…_b
4_^ 6Ub^Q^T_ EbjQb 7QbVYQc³ 5\ @b_WbUc_ CQ^dYQW_ !' TU Ze^Y_ i !( TU Ze^Y_ TU !(% 
F}QcUdQ]RY}^\_cS_]U^dQbY_cc_RbUU\`b_iUSd_*²BUV_b]QTU\UY_bWv^YSQTU\Q7eQbTYQ
>QSY_^Q\³5\@b_WbUc_CQ^dYQW_!(TUZe^Y_TU!(% iU\5TYd_bYQ\TU\]Yc]_`UbY†TYS_TU\
!)TUZe^Y_TU!(% 
()
²1c_SYQSY†^`_`e\Qb³5\1]YW_TU\@eUR\_CQ^dYQW_! TU]Qi_TU!(% D_T_U\
dUhd_SYdQT_Q`QbUSUTUcdQSQT_S_^SebcYfQcU^U\_bYWY^Q\

##)
 _Se`QT_c U^ bU\QZQb d_T_c \_c f^Se\_c aeU \YWQ^ Q \_c
X_]RbUcdbQRQZQ^`_bQbb_ZQbQ\Qc_SYUTQTU^\QcY]Q
X_bbYR\UTU\QQ^QbaeQ+\_caeUY^f_SQ^T_XY`†SbYdQi
]U^dYb_cQ]U^dU\_ccQ^d_c^_]RbUcTUVbQdUb^YTQTi\Y
RUbdQT^_dYU^U^_db_UcdQ^TQbdUaeUU\UcdQ^TQbdUTU\
Sb]U^+\_caeUTUc`e}caeU`QbQU\UfQbcUQc]Yc]_c
XQ^U]`eZQT_Q\Y^SQed_`eUR\_`_bU\Ve^Ucd_cU^TUb_
TU\QcbUf_\eSY_^Uc\Uc`_^U^\Qc`\Q^dQcQ\SeU\\_icUQ\Y
]U^dQ^S_^cecQ^WbU ()!

5\`UbY†TYS_YWeQ\YdQbY_UbQcY^TYSQT_S_]_²e^Q`eR\YSQSY†^Q^dYSbYc
dYQ^Q³icecbUTQSd_bUc²`_bU\c_\_XUSX_TUU\_WYQb_Y^cUbdQbU^cecS_\e]
^Qc\Qc@Q\QRbQcTUe^SbUiU^dU³UbQ^²c_c`USX_c_ciX_cdY\UcQ\Q9W\UcYQ³ ()"<Q
BUfYcdQ3Qd†\YSQS_^TU^†\Q`eR\YSQSY†^TU\Q_RbQTU\UhS_]e\WQT_cQSUbT_
dUVbQ^S}c`_bcUbe^\YRb_TUQ^v\YcYci]UTYdQSY†^VY\_c†VYSQQVYb]Q^T_aeU
²\QTeTQc_\Q]U^dUUce^Sb]U^>_UcfUbTQTUb_SbUiU^dUU\aeU^_bU
^e^SYQQce`b_`Y_`U^cQ]YU^d_`QbQQSU`dQbU\TU\Q9W\UcYQ³ ()# 
4ebQ^dUfQbYQccU]Q^QcU\TURQdU`_\dYS_cUSU^db†U^\QSeUcdY†^bU\Y
WY_cQ<QBUfYcdQ3Qd†\YSQUcdYW]QdYj†Q<Q]U^^QYc2Y\RQ_\_cYWeQ\YdQbY_ci\Q
`bU^cQ\YRUbQ\e^YU^T_°S_]_iQ\_XQRQXUSX_°\QTUVU^cQTU\QVUQ\QTU\
_bTU^c_SYQ\()$ CecQdQaeUcUbQ^cUSe^TQT_c`_b\Q`bU^cQQRYUbdQ]U^dU
]Y^YcdUbYQ\<QDbYRe^QS_^TU^†\Qc²\USdebQcfU^U^_cQc³iS_\_S†U\U`dUd_
TU²Q^QbaeYcdQc³QcecTYVec_bUcQSecv^T_\_cTUQjejQbU\_TY_TU\_c`_RbUc
S_^dbQ\_cbYS_cU^\_TQbU\^_]RbUTUUcd_c‹\dY]_cTUc`bUSYQb\QQed_bY
TQTTUc]_bQ\YjQb\_cQbdUcQ^_ci\Q^jQb²QdQaeUcWb_cUb_cTUcdY^QT_cQS_^
fUbdYb\Q`QSVYSQWeQbTYQ^QSY_^Q\U^Y^cdbe]U^d_TUTUc_bTU^³ ()% 
5\bUTQSd_bTU\`UbY†TYS_YWeQ\YdQbY_VeUcUfUbQ]U^dUQ]_^UcdQT_
`_bU\`bUcRdUb_\YRUbQ\9W^QSY_FSd_b5ijQWeYbbUaeYU^\UQ^e^SY†aeU
U\@QbdYT_<YRUbQ\bU`eTYQbQ\Q`eR\YSQSY†^cY}cdQ`UbcYcdQU^ceUbb_b ()& 

()!
²E^QfQ^SUY]`_³<QBUfYcdQ3Qd†\YSQCQ^dYQW_%TU]Qi_TU!(% 
()"
9RYT
()#
²C_\U]^US_^TU^QSY†^TU\Qc@Q\QRbQcTUe^SbUiU^dU³<QBUfYcdQ3Qd†\YSQCQ^dYQW_
!!TU]Qi_TU!(% 
()$
F}QcUU^dbU_db_cQTU]vcTU\_ciQSYdQT_c\_ccYWeYU^dUcQbdSe\_c*²3_^dUcdQ
SY†^Q^eUcdb_cQTfUbcQbY_c³<QBUfYcdQ3Qd†\YSQCQ^dYQW_!!TU]Qi_TU!(% +²<_aeUUc
e^Y]`_³i²1TfUbdU^SYQcQ\`eUR\_³<QBUfYcdQ3Qd†\YSQCQ^dYQW_!!TU]Qi_TU!(% +
²1\1]YW_TU\@eUR\_³<QBUfYcdQ3Qd†\YSQCQ^dYQW_"$TU]Qi_TU!(% +²<QY]`YUTQT
cY^]vcSQbQ³i²1\3_]UbSY_TUFQ\`QbQc_>‹]Ub_''$³<QBUfYcdQ3Qd†\YSQCQ^dYQW_!
TUZe^Y_TU!(% +²5cdbQf_TU\=UbSebY_³i²1\3_]UbSY_TUFQ\`QbQc_>‹]') ³<Q
BUfYcdQ3Qd†\YSQCQ^dYQW_!"TUZe^Y_TU!(% 
()%
²<_cQ^QbaeYcdQc³<QDbYRe^QCQ^dYQW_$TU]Qi_!(% 5^\Q]Yc]QUTYSY†^cU
bU`b_TeSU^dUWb_U\QbdSe\_dYde\QT_²E^QfQ^SUY]`_³TU<QBUfYcdQ3Qd†\YSQTU\TQ
Q^dUbY_bSYdQT_]vcQbbYRQF}QcUdQ]RY}^U\5TYd_bYQ\TU<QDbYRe^QCQ^dYQW_(TU]Qi_
TU!(% 
()&
FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vWc! &i! '

#$
<eUW_U\"$TUZe^Y_U\Qbj_RYc`_FQ\TYfYUc_`eR\YS†e^Q`Qcd_bQ\TU
S_^TU^Q°Y^S\eiU^T_Q<_c2_\UdY^UcTU\5c`bYdeTU2Y\RQ_°iTY_Y^cdbeS
SY_^UcQ\S\Ub_`QbQaeUVeUcU\UTQTebQ^dUdbUcTQcVUcdYf_cQ\`YUTU\
Q\dQbQ\QX_bQTU\_c_VYSY_cTYfY^_c ()'<Q`bU^cQW_RYUb^YcdQQ`b_fUSX†
\Q_SQcY†^`QbQQdQSQbQ\_c²XUbUZUc³YWeQ\YdQbY_ciXQcdQ5\@b_WbUc_TUdU^
TU^SYQ\YRUbQ\aeUU^e^`bY]Ub]_]U^d_XQRQQ`b_RQT_\Q`eR\YSQ
SY†^TU\UcSbYd_TU2Y\RQ_cUbUdbQSd†Xe]Y\TU]U^dU ()(
5\`b_`Y_1]YW_TU\@eUR\_TURY†SUTUbQ^dUU\S‹]e\_TU`bUcY_^Uc*
U\&TU]Qi_U\†bWQ^_YWeQ\YdQbY_Q^e^SY†aeUXQRYU^T_d_]QT_S_^_
SY]YU^d_TU\Q`b_XYRYSY†^TU<Qc`Q\QRbQcTUe^SbUiU^dU`_be^QU^SS\YSQ
TU7bUW_bY_HF9cec`U^TQ\Q`eR\YSQSY†^TUUcQ_RbQ²Q`UcQbTU^_
XQRUbXQ\\QT_QKceMZeYSY_U\]_dYf_TUdQ\`b_XYRYSY†^³ ())
<QcTYfUbWU^SYQcc_RbU\QSeUcdY†^bU\YWY_cQU^dbU\_cbUTQSd_bUcTU
5\1]YW_TU\@eUR\_i\_cTYbYWU^dUcTU\@QbdYT_@b_WbUcYcdQ_<YRUbQ\`_S_
TYc`eUcd_cQY^TYc`_^UbcUQRYUbdQ]U^dUS_^\Q9W\UcYQ`b_f_SQb_^U\TUc
Q`QbUSY]YU^d_TU\`UbY†TYS_YWeQ\YdQbY_aeUcQ\Y†Q\QfU^dQ`_b‹\dY]Q
fUjU\#TUZe^Y_CeUS\Y`cU]QbS†U\VY^TUe^Q`bY]UbQUdQ`QTU\QfYTQ
TU\QC_SYUTQTTU\Q9WeQ\TQT) 
4ebQ^dUUcdQVQcUQ`UcQbTU\QcY^YSYQdYfQcdU^TYU^dUcQbUfQ\_bYjQb
\QS_^TYSY†^`_`e\Qb\Qc_SYUTQTdef_e^SbUSY]YU^d_]vcRYU^]_TUc
d_CecQTXUbU^dUcTYVSY\]U^dUcUS_^dQRQ^`_bSU^dU^Qc`b_RQR\U]U^
dU\_c]vcQSdYf_cUbQ^c†\_Q\We^QcTUSU^QcTUQbdUcQ^_ciZ†fU^Uc\YRU
bQ\Uc<Q]QcQ`_`e\Qb`Ub]Q^USY†Q\UZQTQTUce_bWQ^YjQSY†^U^Uc`U
SYQ\\_cb_d_c_TUcXUbUTQT_c°`U_^UccYbfYU^dUcT_]}cdYS_cfQWQRe^T_c
]QbWY^Q\Uc°QaeYU^UcS_^cSYU^dU]U^dUcUdbQd†TUUfYdQb<Q]Qi_bQTU
\_c\YRUbQ\UcTU\QU\YdU°Q‹^Q\QUh`USdQdYfQ°dQ]`_S_cUY^S_b`_b†Qcec
VY\Qc@Ub_U\\_^_dQbTQbQU^_SebbYb

()'
?`SYd`vWc! 'i! (
()(
?`SYd`vWc! )i!! 
())
²<_cbUTQSd_bUcTU\²1]YW_TU\@eUR\_³Q\_cbUTQSd_bUcTU<QBUfYcdQ3Qd†\YSQ³
5\1]YW_TU\@eUR\_CQ^dYQW_&TU]Qi_TU!(% 
)
5\XYcd_bYQT_b<eYc1\RUbd_B_]Ub_SQ\YVYSQUcdU`Ub_T_TU\QC_SYUTQTTU\Q9WeQ\
TQTS_]_²VQcUc_SYQ\YcdQ³<QC_SYUTQTTU\Q9WeQ\TQT<_cQbdUcQ^_cTUCQ^dYQW_TU3XY\U_`
SYd`vW%'>_S_]`QbdY]_cUcdQSQbQSdUbYjQSY†^]vcQ‹^SeQ^T_ceQed_bbUS_^_SUaeU
²\_cZ†fU^UcYWeQ\YdQbY_cTYUb_^Q\Q_bWQ^YjQSY†^TU\QC_SYUTQT]vcY]`_bdQ^SYQaeUQ\Qc
V_b]e\QSY_^Uc`b_WbQ]vdYSQc³9RYT`vW%'1^dUcTUB_]Ub_U\`U^cQ]YU^d_TU1bS_c
VeUSQ\YVYSQT_TU²c_SYQ\YcdQed†`YS_³`_b:e\Y_3}cQb:_RUdCQ^dYQW_1bS_c1b\UWeY_`SYd
i_db_cQed_bUc3_]_fUbU]_c]vcQTU\Q^dU\Qc`b_`_cYSY_^UcTUbUV_b]Qc_SYQ\R_caeU
ZQTQc`_bCQ^dYQW_1bS_cU^ceVQ]_cQ3QbdQQ6bQ^SYcS_2Y\RQ_UcSbYdQU^!(%"U^\QSvbSU\
TUCQ^dYQW_TUc`e}cTU\Q]eUbdUTU\S\eRYWeQ\YdQbY_iTU\QTUbb_dQTU\Q_`_cYSY†^U^\Q
WeUbbQSYfY\TU!(%!Q`UcQbTUcUb^_d_bYQ]U^dU]vcQfQ^jQTQci]UZ_bUcdbeSdebQTQcaeU
\QcTUcecSQ]QbQTQcTYVSY\]U^dU`_TbQ^cUbQcY]Y\QTQcQ\`U^cQ]YU^d_²c_SYQ\YcdQ³²ed†
`YS_³_²SYU^dVYS_³cY^_cY]`\U]U^dUTU]_SbvdYS_bUV_b]YcdQ_\YRUbQ\`b_WbUcYcdQS_]_
XQcYT_TU]_cdbQT_`_bfQbY_cQed_bUcFUb*FYdQ\U_`SYdd_]_999`vWc"!&""!+7Qj]e
bY5\²$(³SXY\U^__`SYd`vWc)#i)$i²5\`U^cQ]YU^d_`_\dYS_ic_SYQ\³_`SYd

#$!
 4 5 :E>9? 1 >?F95=2B5 45 !(% *
9>CDBE=5>D? 45 <1 @?<ÅD931 <925B1<

5\$TUZe^Y_5\1]YW_TU\@eUR\_VeUbUU]`\QjQT_`_b<Q2QbbQ`UbY†TYS_
aeUaeUT†RQZ_\QTYbUSSY†^TU=Q^eU\2Y\RQ_XUb]Q^_TU6bQ^SYcS_
5cdUXUSX_]QbS†U\‹\dY]_`Qc_aeUVQ\dQRQQ\QC_SYUTQTTU\Q9WeQ\TQT
`QbQU^dbQbTU\\U^_U^U\S_^V\YSd_`_\dYS_dbQTYSY_^Q\1`UcQbTUTUS\Q
bQbcUceSUc_bQTU\`bY]Ub`_bdQf_jYWeQ\YdQbY_iTU_VbUSUbcecS_\e]^Qc
Q²\_c_RbUb_caeUTUcUU^`eR\YSQb\_c]Q\UcaeUWbQfQ^ceUhYcdU^SYQi
\_cTUcQX_W_cTUcecQ\]QcYbbYdQTQc`_b\Q_`bUcY†^iU\ceVbY]YU^d_³) ! 
U\^eUf_†bWQ^_^QSQ`b_S\Q]Q^T_ceSQ\YTQTTU`UbY†TYS_`Qb\Q]U^
dQbY_*²<Q2QbbQfYU^UQ\SQ]`_TU\TYQbYc]_`QbQVYcSQ\YjQb\_cQSd_cTU\Q
\UWYc\QdebQKM³ ) " 
4ebQ^dU\Q^eUfQVQcUcU`b_TeZ_U\Y^WbUc_U^]QcQTU\_c\YRUbQ\Uc
Q\S\eRYWeQ\YdQbY_Uc`USYQ\]U^dUTUc`e}cTU\QQWbUcY†^`_\YSYQ\TU\!)
TUQW_cd_²<QC_SYUTQTTU\Q9WeQ\TQTU^Ze^Y_Ze\Y_iQW_cd_TU!(% °S_
]U^dQbQQ…_c]vcdQbTUFYSe…Q=QS[U^^Q°UbQU\3\eRTU\_c:QS_RY^_c
QRYUbd_Q\Qc`eUbdQcTU\Q3_^fU^SY†^³) # CUW‹^U\]Yc]_`_\dYS_°XYc
d_bYQT_b\QVecY†^TU\Qc_SYUTQTS_^\_c`QbdYTQbY_cTU\Q_`_cYSY†^cU
XQRQbUQ\YjQT_²Q`UcQbTU\QcbUcYcdU^SYQc`ebQ]U^dUdU†bYSQcTU2Y\
RQ_³) $ <QbQj†^TU\QU^dbQTQU^]QcQTU\_c\YRUbQ\UcQ\Q_bWQ^YjQSY†^
YWeQ\YdQbYQUbQcY]`\Ui`bQW]vdYSQ+<QcdQbbYQ\QUh`bUc†XQSYQVY^UcTU
QW_cd_TYSYU^T_aeU\QC_SYUTQTTU\Q9WeQ\TQTUbQ²U\‹^YS_U\U]U^d_TU
`_TUbaeU\UaeUTQQ\Q_`_cYSY†^³ ) % 
@Ub_\QdbQ^cV_b]QSY†^TU\S\eRYWeQ\YdQbY_U^Y^cdbe]U^d_TU\Q
_`_cYSY†^^_cU`b_TeZ_cY^dU^cY_^UcU^ceY^dUbY_b<Qc²bUcYcdU^SYQc
`ebQ]U^dUdU†bYSQcTU2Y\RQ_³Q\QVecY†^S_^\_c\YRUbQ\Uc]U^SY_^QTQc
`_bFYSe…Q=QS[U^^QdefYUb_^e^QdbQTeSSY†^`bvSdYSQRQcdQ^dU]vc
vc`UbQ 5^ Ze\Y_ SeQ^T_ QbbUSYQRQ \Q SQ]`Q…Q S\UbYSQ\°S_^cUbfQT_bQ
S_^dbQ\_cYWeQ\YdQbY_cQSQecQTU\Q`eR\YSQSY†^TU\_c2_\UdY^UcTU\5c`bY
de=Q^eU\7eUbbUb_°TUS_^_SYTQdbQiUSd_bYQ\YRUbQ\°Y^f_SQ^T_\Q^U
SUcYTQTTU^UedbQ\YjQbUc_cQdQaeUc`b_`ec_\QUh`e\cY†^TU2Y\RQ_C†\_
\QTUSYTYTQ_`_cYSY†^TU\_cQbdUcQ^_ciTUQ\We^_cY^dU\USdeQ\UcU^dbU
\_caeUcUS_^dQRQ^BUSQRQbbU^<Y\\_i1bS_c\_Wb†UfYdQb\Q]QbWY^QSY†^
TU\Qed_bTU<_c2_\UdY^UcTU\5c`bYde ) & 6Y^Q\]U^dUS_]_c_\eSY†^TU

) !
²<Q2QbbQ³<Q2QbbQCQ^dYQW_$TUZe^Y_TU!(% 
) "
9RYT
) #
FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vW! $
) $
9RYT
) %
<QcdQbbYQ²4YQbY_³_`SYdU^BUfYcdQ3XY\U^Q1…_9d_]_99>¡F99CQ^dYQW_
_SdeRbUTU!)!'`vW"!%
) &
<QcfUbcY_^UcTUFYSe…Q=QS[U^^QiTUJQ`Y_\Qc_RbUUcdUY^SYTU^dUc_^\YWUbQ
]U^dUTYVUbU^dUc5\`bY]Ub_c_cdYU^UaeU7eUbbUb_c_\YSYd†\QUh`e\cY†^TU2Y\RQ_TU\
4YbUSd_bY_TU\QC_SYUTQT`b_`_^YU^T_U^S_^dbQ`QbdYTQYWeQ\]UTYTQ`QbQc]Yc]_FY

#$"
S_]`b_]Yc_°bUcU^dYTQ`_b]eSX_cS_]_e^QfUbTQTUbQS\QeTYSQSY†^°
iQT_`dQTQ`_be^QT}RY\]Qi_bQcU`eR\YS†e^UcSeUd_S_]e^YSQT_U^
U\aeUcUcU…Q\QRQ*²<QC_SYUTQTTU\Q9WeQ\TQTTUS\QbQaeUU\SYeTQTQ^_
2Y\RQ_^_cUXQUh`bUcQT_ZQ]vcU^ceccUcY_^UcS_^dbQ\_cT_W]QcTU
^eUcdbQcQ^dQbU\YWY†^³ ) ' 
1e^aeU \Q ]Q^Y_RbQ S_^dbQ 2Y\RQ_ i `_b ce Y^dUb]UTY_ S_^dbQ
QaeU\\_caeU`bUdU^TQ^]Q^dU^UbQ\QC_SYUTQTTU\Q9WeQ\TQTU^U\]Qb
S_TUceTUVY^YSY†^Y^YSYQ\VbQSQc†\QY^V\eU^SYQTU\_c\YRUbQ\UcSbUSQ
Ze^d_Q\QY^S_b`_bQSY†^TU^eUf_cY^dUWbQ^dUc5^UcQ]Yc]QbUe^Y†^
VeUU\UWYT_U\TY`edQT_BQVQU\FYQ\S_]_]YU]Rb_TU\QZe^dQTYbUSdYfQ
U^bUU]`\Qj_TU5ecURY_<Y\\_JQ`Y_\Q`bYfY\UWYQT_dUcdYW_TUUc_cXU
SX_ccU…Q\QbQaeU`_b²`bY]UbQfUjcUfUQU^\QC_SYUTQTe^TY`edQT_
iU^}\e^Q`Ubc_^QU^TUS\QbQTQ_`_cYSY†^Q\W_RYUb^_³ ) ( 
<QUVUbfUcSU^SYQ`_\dYSQi\QSbUSYU^dUY^V\eU^SYQTU\_cTYbYWU^dUc
_`_cYd_bUc°aeUS_Y^SYTUS_^U\Q\UZQ]YU^d_TU1bS_cTU\QTYbUSdYfQ°\\U
f†Q\Qc_SYUTQTQY^dUbfU^YbSQTQfUj]vcU^\Q\eSXQ`_\dYSQS_^dY^WU^
dU<QQSSY†^QWbUcYfQTU\W_RYUb^_iTUcec`QbdYTQbY_cS_^dbYRei†TUSYTY
TQ]U^dUQSe\]Y^QbceUf_\eSY†^<Q`bU^cQ_VYSYQ\YcdQ\QQdQSQRQQSecv^
T_\QTUbUQ\YjQbbUe^Y_^UccUSbUdQc`b_`QWQbT_SdbY^QcTYc_\fU^dUciTU
cUbe^cY]`\UU^WU^Tb_TU\Q_`_cYSY†^\YRUbQ\<QDbYRe^Q_VbUSQQcec
\USd_bUc\QTUcSbY`SY†^]vcS_]`\UdQTUQaeU\\QcY^YUcdbQ_bWQ^YjQSY†^*

<Q_`_cYSY†^XQV_b]QT_XQSUQ\W‹^dYU]`_e^S\eR
S_^U\dde\_TUC_SYUTQTTU\Q9WeQ\TQTKMDYU^UcecbU
e^Y_^UcUcdUS\eRU^U\\eWQb]Yc]_U^aeUcUS_^WbUWQ\Q
:e^dQ3U^dbQ\TU\Q?`_cYSY†^<_c]YU]Rb_cTUUcdUS\eR
XQ^cYT_S_]YcY_^QT_c`QbQV_b]QbWbe`_c_c_SYUTQTUc
TU`U^TYU^dUc_ceRQ\dUb^QcTUQaeU\\Q4UUcd_cWbe`_c
TURU^cQ\YbQcefUjS_]YcY_^QT_c`QbQV_b]Qb_db_c^eU
f_ciaeU`_bVQ\dQTUTU^_]Y^QSY†^XQcdQQX_bQ\\Q]Q
bU]_c^_c_db_cWbe`_cTUcUWe^TQcUbYUKm
<QcbUe^Y_^UcTUUcdQcc_SYUTQTUcaeUcUfUbYVYSQ^
U^TYfUbc_c\eWQbUcTU\Q`_R\QSY†^c_^TYfUbcQci]YcdU
bY_cQciU^U\\QccUUhYWUU\cUSbUd_TU\_aeUcUdbQdQi
U^Uc`USYQ\QSUbSQTU\_cTYcSebc_caeU`b_^e^SYQ^\Qc
`Ubc_^Qc]Q^TQTQc`_bUcdU_RZUd_`_bU\S\eRSU^dbQ\
CURecSQTU`bUVUbU^SYQ`QbQV_b]Qb\QcQ`Ubc_^QcaeU

Se…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vWc!! i!!!5\cUWe^T_Qed_bcUbUVYU
bUc†\_Qe^Q`UdYSY†^TUUh`e\cY†^TU2Y\RQ_TU\Qc_SYUTQTJQ`Y_\Q<QC_SYUTQT_`SYd
`vWc!(i!)
) '
JQ`Y_\Q<QC_SYUTQT_`SYd`vW!)
) (
9RYT

#$#
 `_b\QUcSQcQUTeSQSY†^aeUXQ^bUSYRYT__VbUSU^]vc
VQSY\YTQT`QbQ`bUcdQbcUQ\QcUTeSSY†^iQ\U^WQ…_8Qc
dQQX_bQUcdv^V_b]QTQcU^ce]Qi_b`QbdU`_bQ`bU^TY
SUce_VYSYQ\UcTUTYfUbc_c_VYSY_cQ\We^QWU^dUcY^_Se
`QSY†^ie^QReU^Q`QbdUTUQaeU\\Q_dbQaeUTUcTU…Q
d_T_dbQRQZ_iaeUcY^`QdbY]_^Y_`_b^_XQRUb\_dU^Y
T__XQRUb\_TYcY`QT_cU`b_`_^UU^S_^dbQb\_U^\QbU
feU\dQiU^U\dbQcd_b^_
<Qc T_SdbY^Qc aeU cU `bUTYSQ^ U^ Ucd_c S\eRc
X_bb_bYjQbQ^Q\Qc_SYUTQTcYVeUcU^RYU^S_^_SYTQcCU
`bY^SY`YQ_bTY^QbYQ]U^dU`_bcecdbQUbQ\_cQVY\YQT_cQ
d_TQQed_bYTQTbU\YWY_cQi\QY^TU`U^TU^SYQQRc_\edQi
S_]`\UdQTU\QbQj†^U^]QdUbYQTUbU\YWY†^KM) )

@_S_dYU]`_TUc`e}ccUUhYWQceTYc_\eSY†^`bUdUhdQ^T_ce`eUcd_c
TUc†bTU^UcU^cecbUe^Y_^Uc
<eUW_S_]U^jQb_^\QcQWbUcY_^UcVcYSQc
<Q^_SXUTU\!&TUQW_cd_TUc`e}cTUaeUVeUbQY^cdQ\QTQU^U\
`_`e\QbRQbbY_TU<Q3XY]RQTUCQ^dYQW_U\Wbe`_>¡'TU\Qc_SYUTQT\Q
SQcQU^\QaeUcUTUcQbb_\\QRQ\QcUcY†^VeUQdQSQTQ`_bfQbY_cX_]RbUc)! 
5\`e^d_]vcv\WYT_cUQ\SQ^j†\Q^_SXUTU\!)TUQW_cd_SeQ^T_
`_S_TUc`e}cTUXQRUbS_^S\eYT_\QaeY^dQbUe^Y†^WU^UbQ\TU\QC_
SYUTQTTU\Q9WeQ\TQTQ\QaeUXQRQQcYcdYT_e^WbQ^^‹]Ub_TUc_
SY_c°_SX_SYU^d_ccUW‹^JQ`Y_\Q )!!°ce\_SQ\cYdeQT_U^\QUcaeY^Q^_b
_bYU^dUTU\QcSQ\\Uc=_^ZYdQciCQ^1^d_^Y_VeUQcQ\dQT_`_be^Wbe`_
TU\‹]`U^UcQb]QT_cTUSeSXY\\_ciWQbb_dUcRQZ_\QS_^TeSSY†^TU9cY
Tb_:QbQQ\YQc²U\3XQ^SXUb_³cQbWU^d_TU\RQdQ\\†^^‹]Ub_"TUSfY
S_cTUCQ^dYQW_iS_^_SYT_QWU^dUTU\Q`_\YSQ<QU^SQb^YjQTQRQdQ\\Q
U^dbUQWbUc_bUciQWbUTYT_cVY^Q\Yj†S_^^e]Ub_c_cXUbYT_ciS_^\QTU
dU^SY†^TUQ\We^_cQdQSQ^dUc4UY^]UTYQd_\QZecdYSYQ_bTY^QbYQQRbY†
e^ce]QbY_`QbQY^cdbeYbe^`b_SUc_ )!"

) )
K5TYd_bYQ\M<QDbYRe^QCQ^dYQW_%TUZe^Y_TU!(% <_cQdQaeUc`_\dYS_cS_^
dY^WU^dUcTUUcdU†bWQ^_S_^cUbfQT_bQ\QcdU^TU^SYQc\YRUbQ\UcUYWeQ\YdQbYQccUfYUb_^
S_]`\U]U^dQT_c`_be^QcUbYUTUQbdSe\_cdU†bYS_c`eR\YSQT_cU^dbUU\"'TUZe^Y_iU\#
TUZe\Y_RQZ_U\dde\_²4U\c_SYQ\Yc]_YTUceQ`\YSQSY†^U^3XY\U³
)!
FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vWc!% !%!<Q`bU^cQW_RYUb
^YcdQ`QbUSQ_baeUcdQbe^QSQ]`Q…QTUcdY^QTQQXQSUbQ`QbUSUb\QcQWbUcY_^UcU^S_^dbQ
TU\QC_SYUTQTS_]_bUce\dQT_TUcec`b_`YQcTYcU^cY_^Uc5\!$TUQW_cd_<QDbYRe^QXQ
RQ`eR\YSQT_e^QRbUfUY^V_b]QSY†^QSUbSQTU²de]e\d_c³U^\QccUcY_^UcTU\Qc^_SXUc
`QcQTQcS_^S\eiU^T_aeU²\QcbUe^Y_^UcTUQbdUcQ^_cKMcUTYceU\fU^`_S_Q`_S_i\_c
]Yc]_caeU\Qc`b_]_fYUb_^XQ^S_^_SYT_aeUc_^VeUbjQcY^]Q^UZQR\Uc`_b]Q^_cdQ^
Y^Uh`UbdQcS_]_\QcceiQciaeUUcQcVeUbjQTURQ^S_]U^jQbU\QdQaeU`_bcec`b_`Y_c
TYbUSd_bUc³
)!!
JQ`Y_\Q<QC_SYUTQTTU\Q9WeQ\TQT_`SYd`vW"%
)!"
4UdQ\\QT_cQ^dUSUTU^dUcc_RbU\QcQSdYfYTQTUcTU\²3XQ^SXUb_³U\QcQ\d_Q\S\eR

#$$
 <Q^_dYSYQTU\QcQ\d_W_\`U†VeUbdU]U^dU\_cUc`bYdecTU\_ccQ^dYQ
WeY^_ciU^`_SQccU]Q^Qc\_c]YU]Rb_cTU\Q9WeQ\TQT`QcQb_^TUcUYc
SYU^d_ce_SX_SYU^d_cQ]UTYQT_cTUQW_cd_QT_c]Y\QVY^UcTUcU`dYU]
RbU)!# S_^fYbdY}^T_cUU^\Q`e^dQTU\Q^jQTU\Q_`_cYSY†^Q\W_RYUb^_
S_^cUbfQT_b)!$ 4ebQ^dUUcQccU]Q^QccUTUcQbb_\\†e^Q^dQW_^Yc]_SQTQ
fUj]vc`b_^e^SYQT_U^dbU\_c_`_cYd_bUc]QcYfQ]U^dUY^S_b`_bQT_cQ
\QQc_SYQSY†^YWeQ\YdQbYQU^dbUU\\_cfQbY_cTY`edQT_ciU\W_RYUb^_
5\\U^WeQZU`_\dYS_cUU^TebUSY†<_cY]`bUc_ci\_cQbdSe\_c`eR\Y
SQT_c`_b\Q`bU^cQTUQ]R_cRQ^T_cU^`QbdYSe\Qb\Q_`_cYd_bQQTaeY
bYUb_^\QfYbe\U^SYQ`b_`YQTU\_c`Ub_T_cTUY^SeRQSY†^TUe^QWeUbbQ
SYfY\)!%1\TQcYWeYU^dUTU\QcQ\d_²\_c]YU]Rb_cTU\QC_SYUTQTTU\Q
9WeQ\TQT³`eR\YSQb_^e^`Q^V\Ud_U^U\aeUcUS_^S\eQ*²CU^_c`b_XYRU
bUe^Yb^_ccU^_cQdQSQ^^eUcdb_cTUbUSX_ccQWbQT_ccU^_cY^SYdQQ\Q
fY_\U^SYQ3QYWQc_RbUU\7_RYUb^_QSdeQ\\QcQ^WbUaeUcUTUbbQ]Qbv`_b
\QTUVU^cQTU\_cTUbUSX_cTU\X_]RbUE^S_RQbTUcUbvU\aeUQRQ^T_
^Uce`eUcd_³)!&
3_]U^dQ^T_U\QcQ\d_S_^dbQ\QcUTUYWeQ\YdQbYQ<Q2QbbQcU^dU^SYQRQ*

5\ `eUR\_ _RbUb_ aeU V_b]Q \Q C_SYUTQT TU \Q

9WeQ\TQTfU^WQbvUcUe\dbQZUcQ^WbYU^d_aeUcU\UXQXU
SX_
3eYTQT_f_c_db_caeUXQR}Yc\Q^jQT_U\QcUcY^Qd_
Q\QSQ\\U`‹R\YSQ`_baeUfU^TbvU\TQU^aeU\QcQ^WbU
`YTQcQ^WbUU^aeU\QfU^WQ^jQbeZQdUbbYR\U

YWeQ\YdQbY_i\QS_^]_SY†^`‹R\YSQaeUcUcecSYd†Q\TYVe^TYbcU\Q^_dYSYQcUU^SeU^dbQ^
U^\Q_RbQTUFYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vWc!#%!( 5^\_c
Q^Uh_cTU\]Yc]_\YRb_U\Qed_bY^S_b`_bQ\_cT_Se]U^d_cTU\ce]QbY_\UfQ^dQT_`_bU\
ZeUjTU\SbY]U^@UTb_EWQbdUiU\`QbdU_VYSYQ\TU\S_]Q^TQ^dUTUcUbU^_cc_RbUTYSX_
QcQ\d_?`SYd`vWcHF9<99<Qc`YUjQcTU\`b_SUc_\\UfQT_QTU\Q^dU`_bU\ZeUjce]QbYQ^
dU:_c}:_Qae^FQ\T}cFQ\T}caeUY^S\eiU^\QcTUS\QbQSY_^UcTU\_c`b_dQW_^YcdQcidUcdY
W_cTU\_cQS_^dUSY]YU^d_cVeUb_^`eR\YSQTQciQ^Q\YjQTQc`_b1RU\FQ\T}c1U^²5\QcQ\
d_Q\QC_SYUTQTTU\Q9WeQ\TQTU^QW_cd_TU!(% ³U^B3X87>¡!!&CQ^dYQW_Ze\Y_TYSYU]
RbUTU!)% `vWc!)%"#'<QbUc`_^cQRY\YTQTTYbUSdQTU\Q`_\YSQi\Qc]Q^Y_RbQcTU\W_
RYUb^_`QbQQ`QWQbU\UcSv^TQ\_^_]RbQ^T_e^VYcSQ\]Y\YdQbaeUTQ^c†\YTQ]U^dUTU]_c
dbQTQcU^UcdUdbQRQZ_
)!#
FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vW!''
)!$
JQ`Y_\QSeU^dQaeUU^\_cSY^S_`bY]Ub_cTQcTUc`e}cTU\QQWbUcY†^\_cc_SY_c
cUdbY`\YSQb_^S_^dv^T_cUU^dbU\_c^eUf_c`QbdYTQbY_c\_cTY`edQT_cEbjQb<QbbQ^5bbv
jebYj2U\\_?fQ\\Ui7_^jv\UjJQ`Y_\Q<QC_SYUTQTTU\Q9WeQ\TQT_`SYd`vW"'<Q
`bU^cQ_`_cYd_bQY^V_b]†c_RbU^e]Ub_cQcQTXUcY_^Uc5\""TUQW_cd_cUY^S_b`_bQb_^
dbUY^dQi_SX_^eUf_cc_SY_cQ\Wbe`_>¡&S_^dv^T_cUU^dbUU\\_c\_cSYdQT_c5bbvjebYj<Q
bbQ^i7_^jv\Uj@QbQ\U\Q]U^dUQ\Wbe`_>¡#Y^WbUcQRQ^T_SU^eUf_c]Y\YdQ^dUc²C_SYU
TQTTU\Q9WeQ\TQT³5\@b_WbUc_CQ^dYQW_"#TUQW_cd_TU!(% 
)!%
F}QcUQTU]vcTU\_cQbdSe\_cSYdQT_c]vcQTU\Q^dU²<Q=Qc_bSQU^3XY\U³i
²8_bbYR\UQcUcY^Qd_³5\@b_WbUc_CQ^dYQW_" TUQW_cd_TU!(% 
)!&
8_bb_b_c_QdU^dQT_CQ^dYQW_9]`bU^dQTU\QBU`‹R\YSQ!(% 

#$%
 1^_SXUQ\We^_cSYeTQTQ^_cY^TUVU^c_cXQ^QdU
bbQT_QUcUWbe`_TURQ^TYT_cU^fYQT_c`_bU\`_TUb+
SeQ^T_\_c]Yc]_cSYeTQTQ^_ccUQb]U^icUbUe^Q^
¤ae}VeUbjQXQRbvceVYSYU^dU`QbQfU^SUb\_c/ )!'

Ie^`QbTUTQc]vcdQbTU°U^ceUTYSY†^TU\""TUQW_cd_°QWbUWQ
RQ*²5\W_RYUb^_aeU`QWQQcUcY^_c`QbQY^]_\QbQ\_cSYeTQTQ^_cUc]vc
aeUQcUcY^_*UccQ\fQZU]_^cdbe_c_W_RYUb^_TURQ^TYT_c³ )!(
5\@b_WbUc_VeUQ‹^]vcUh`\SYd_Se\`Q^T_TUQ^dU]Q^_Q\W_RYUb
^_`_bS_^TeSYbQ\`QcQ\U^VbU^dQ]YU^d_VbQdbYSYTQ*

CY\QbUV_b]Qc_SYQ\cUXQSUY]`_cYR\U*cY\QbUf_\e
SY†^`QSVYSQcUS_]RQdU`_b\_cbUdb†WbQT_cS_^\QcfQc
TUXUSX_KMU\`eUR\_fUZQT_i_`bY]YT_KMcQRbvQ
aeUQdU^UbcU+i\_cbUdb†WbQT_cU^SQRUjQT_c`_b=_^dd
iU\WU^UbQ\2e\^UcKMcUbv^\_c‹^YS_cbUc`_^cQR\UcTU
^eUcdbQcTUcWbQSYQccYQ\d}b]Y^_TUcU]UZQ^dUfQ^_c
U^S_^dbQ]_cU^dbU\_cX_bb_bUcTU\QWeUbbQSYfY\iTU\Q
bUf_\eSY†^)!)

@_bce`QbdU\Q`bU^cQ_VYSYQ\YcdQbUc`_^TQTUcTUe^Q`_cYSY†^TU
VU^cYfQ`bUcU^dQ^T_U\Y^SYTU^dUS_]_e^QTYc`edQU^dbUYWeQ\YdQbY_c )" 
²S_^cUSeU^SYQ^QdebQ\TU\QX_bQU^aeUcUXQSU\QbUe^Y†^TU\QS\QcU
TU`Ubc_^QcaeUQcYcdU^QU\\QiTU\QSYbSe^cdQ^SYQTUcUbS\Q^TUcdY^Qi
UcdQb`_bS_^cYWeYU^dUVeUbQTU\Q\SQ^SU`b_dUSd_b+TU\QfYWY\Q^SYQTU\Q
Qed_bYTQTTU\Q`_\YSQ³)"! 
1`QbdYbTUU^d_^SUc\_cQS_^dUSY]YU^d_ccUceSUTYUb_^Qe^bYd]_
fUbdYWY^_c_
<Q\eSXQ`_\dYSQaeU\YRbQRQ^W_RYUb^YcdQci_`_cYd_bUcU^_db_`e^
d_TU\`Qcdef_bU`UbSecY_^UcQ^YfU\^QSY_^Q\5^CQ^6U\Y`U`b_fY^SYQ
TU1S_^SQWeQcUfYfQe^QQWeTQ`eW^QU^dbUQ]R_cRQ^T_c1VY^UcTU
Ze^Y_U\9^dU^TU^dUTU\Q`b_fY^SYQ:_c}=Q^eU\>_f_QaeUXQRQ`eUc
d_d_T_dY`_TUdbQRQcQT]Y^YcdbQdYfQcQ\Q`eR\YSQSY†^TU\`UbY†TYS_\YRU
bQ\5\1S_^SQWŽY^_dUb]Y^†`_bU^SQbSU\QbQceTYbUSd_bBQ]†^<QbQE^

)!'
²<_cbU`eR\YSQ^_cU^dbUWQT_cQ\`e…Q\TU\QcUcY^_³<Q2QbbQCQ^dYQW_" TU
QW_cd_TU!(% 
)!(
²5\W_RYUb^_Y\_cQcUcY^_c³<Q2QbbQCQ^dYQW_""TUQW_cd_TU!(% 
)!)
²<_cbUdb†WbQT_c³5\@b_WbUc_CQ^dYQW_"#TUQW_cd_TU!(% 
)"
²?SebbU^SYQTUQ^_SXU³<QDbYRe^QCQ^dYQW_" TUQW_cd_TU!(% 5\†bWQ^_
cU]Y_VYSYQ\TU\W_RYUb^_ceRcSbYRY†U^cecUTYd_bYQ\UcTU]Q^UbQ]U^_cU^}bWYSQ\Q]Yc
]QdUcYc5\1bQeSQ^_CQ^dYQW_""i"#TUQW_cd_TU!(% 
)"!
5TYd_bYQ\<QDbYRe^QCQ^dYQW_"!TUQW_cd_TU!(% 5^U\5TYd_bYQ\TU\""TU
QW_cd_TU!(% TU\]Yc]_`UbY†TYS_cUfeU\fUQY^cYcdYbU^\QdUcYcTU\S_^V\YSd_U^dbUYWeQ
\YdQbY_cS_]_\QSQecQTU\_cY^SYTU^dUcTU\!)TUQW_cd_

#$&
TY`edQT_TU\Q_`_cYSY†^6Ub^Q^T_EbjQb7QbVYQcU\Uf†e^QaeUZQQ^dU
1^d_^Y_FQbQc=Y^Ycdb_TU\9^dUbY_b1\cUbbUSXQjQT_U\bUS\Q]_`_bU\
]Y^Ycdb_\_c_`_cYd_bUc`bUcU^dQb_^e^QQSecQSY†^U^ceS_^dbQU^\Q
3v]QbQTU4Y`edQT_c )"" 
5\!#TUcU`dYU]RbUe^`YaeUdUTUc_\TQT_cc_b`bU^TY†Q\QceRYTQ
TU\QSeUcdQTU3XQSQReS_e^RYb\_SX_aeUcUTYbYWQQCQ^6U\Y`U5^ce
Y^dUbY_bYRQ6bQ^SYcS_@bQT_°TYbYWU^dUTU\QC_SYUTQTTU\Q9WeQ\TQT°Ze^
d_Q_dbQ`Ubc_^Q`_bdQ^T_e^SQZ†^aeUS_^dU^Q]Y\cUYcSYU^d_cSQbde
SX_cTURQ\Q`QbQVecY\@_S_TUc`e}ccUcQRQaeU6Ub^Q^T_EbjQb7Qb
VYQci=Qbd^?bZUbQU\fUdUbQ^_`Y`Y_\_TU\_cQ…_cfUY^dUi_db_c_`_cY
d_bUccUU^S_^dbQRQ^S_]`b_]UdYT_cU^e^QS_^c`YbQSY†^TUcdY^QTQQ
ceR\UfQb\Q`b_fY^SYQTU1S_^SQWeQS_^dbQU\W_RYUb^_S_^cUbfQT_bE^Q
cUbYUTUQbbUcd_cdUb]Y^†`_bTUcRQbQdQbU\`\Q^TU\_cS_^ZebQT_c)"# 
1e^aeU\QQSdeQSY†^TU\_c`Ubc_^QcY]`\YSQTQcU^\Q²S_^c`YbQSY†^
TU\_cSQbdeSX_c³VeU°S_]_ZecdQ]U^dU\_cU…Q\QbQFYSe…Q=QS[U^^Q°
²QYc\QTQcY^S_^UhY_^Uc^YS_^ce\dQ³i²U\U\U]U^d_YWeQ\YdQbY_KM]Q^
dU^QcUU^SYUbdQQSdYdeTUc`USdQ^dUiTUcQb]QTQ³ )"$ U\Y^SYTU^dUVeUTU
WbQ^edY\YTQT`QbQ\_c_RZUdYf_cTU\W_RYUb^_<Q`_\QbYjQSY†^TU\QcYdeQ
SY†^`_\dYSQcUTQRQU^U\dUbbU^_]vcVQf_bQR\U`QbQU\`_TUbS_^cUbfQ
T_b*\QC_SYUTQTTU\Q9WeQ\TQTQ`UcQbTUcUbQZU^QQ\QcS_^VQRe\QSY_^Uc
TU\_cfYUZ_cU\U]U^d_c`Y`Y_\_ccUS_^fUbdQU^e^VvSY\R\Q^S_TU\QdQ
aeU]Y^YcdUbYQ\)"% 4YcSebc_cS_]_U\TU\†bWQ^_\YRUbQ\5\@b_WbUc_U^ce
UTYd_bYQ\TU\%TU_SdeRbU^_XQSQ^cY^_bUV_bjQb\QdUcYc_VYSYQ\YcdQTUcU
TYSY†^*²3eQ^T_e^W_RYUb^_S_^fYUbdU\QQT]Y^YcdbQSY†^TUZecdYSYQU^
Y^cdbe]U^d_TU_`bUcY†^c†\_aeUTQe^Uh`UTYU^dUcQ\fQT_b+\QbURU
\Y†^³)"&
@_bce`QbdU<Q2QbbQU^`UbVUSdQcY^d_^QS_^\Q`Ubc`USdYfQY^ce
bbUSSY_^Q\TU\Q_`_cYSY†^\YRUbQ\Uh`\YSQRQQcec\USd_bUc\QcbQj_^UcaeU
XQSQ^TUcUQR\U\QbUf_\eSY†^*

CUdbQdQTU\\UfQbQUVUSd_\QbUV_b]QTU\Q3_^cdYde
SY†^bUV_b]QQ^cYQTQi`UTYTQ`_b\_c`eUR\_c¤iae}
ceSUTU/\QVQ\Q^WUTU\W_RYUb^_cU_`_^UQU\\_iTUS\Q
bQaeU^_`Ub]YdYbvdQ\bUV_b]QiXQSUQ\QbTUTUdbYe^
VQbS_^dbQU\d_bbU^dUTU\Q_`Y^Y†^`‹R\YSQKM
CU`YTUQ\Qc3v]QbQcU\TUc`QSX_TU\UiUc‹dY\Uci
TUY^dUb}cWU^UbQ\iU\]Y^Ycdb_cU_`_^UidbYe^VQKM

)""
FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vWc!!"!!)
)"#
?`SYd`vWc!)"!)(
)"$
9RYT
)"%
K5TYd_bYQ\M<QDbYRe^QCQ^dYQW_!$TUcU`dYU]RbUTU!(% +K5TYd_bYQ\M5\1bQe
SQ^_CQ^dYQW_!)TU^_fYU]RbUTU!(% +²¥¥¥¥BUf_\eSY†^³<QDbYRe^QCQ^dYQW_"!TU
cU`dYU]RbUTU!(% 
)"&
²<_c`b_SUTY]YU^d_cZeTYSYQ\Uc³5\@b_WbUc_CQ^dYQW_%TU_SdeRbUTU!(% 

#$'
 1XUcdv^\QcS_bdUcTUcdYdeiU^T_ZeUSUcX_^bQT_c
cY^Uh`bUcQbSQecQi\_aeUUc]vcY^fU^dv^T_\Qc
>_ RQZU]_c Q \Q S_]`\YSYTQT TU UZUSedYf_ Q \Qc
dU^dQdYfQcTUQcUcY^Qd_c+°^_c_^TUU]_c\QQbRYdbQbYUTQT
TU\Qc`bYcY_^Uc^_+`_baeUU^dQ\SQc_^eUcdbQbQj†^cU
_VecSQ^eUcdb_S_bQj†^cUU^SYU^TUic†\_WbYdQQ\QVeUb
jQ\\Q]QQ\_c`eUR\_cQ\QbUf_\eSY†^
1X_bQRYU^cY`_b\QcfQc`QSVYSQc^QTQcU`eUTU
_RdU^Ub ¤ae} bUSebc_ aeUTQ Q \_c aeU `YTU^ \Q bUV_b
]Q/)"'

<QUcSQ\QTQS_^dY^e†<Q`b_S\Q]QSY†^_VYSYQ\U\!)TU_SdeRbUTU
\QSQ^TYTQdebQ=_^ddS_^U\Q`_i_TU\`bUcYTU^dU2e\^Uc\\Uf†Q\_c_`_
cYd_bUcQ\QUhQSUbRQSY†^<Q2QbbQTY_U\d_^_Q\Q^e^SYQbaeUce^_]Y
^QSY†^S_]_SQ^TYTQd_Q\Q`bUcYTU^SYQcYW^YVYSQRQ²Qed_bYjQb\QbUf_\e
SY†^³IQWbUWQRQ*²=_^ddUce^dYbQ^_S_^_SYT_RQZ_SbeU\cY^bU\YWY†^
icY^_dbQ`QdbYQaeUU\aeUZYT_TU\_caeUXQSUceVbYb=_^ddUcU\U^U]Y
W_]vcTUS\QbQT_TU\`_RbU³)"(
<Q`\U^QY^S_b`_bQSY†^TU\QC_SYUTQTTU\Q9WeQ\TQTQ\QRQdQ\\Q`_\
dYSQ^_cYW^YVYS†e^QRQ^T_^_TUcec_RZUdYf_cidQbUQcY^YSYQ\UcTU²bUWU
^UbQSY†^`_`e\Qb³cY^_cY]`\U]U^dU\QY^cUbSY†^TUUcdQcQSdYfYTQTUc
TU^db_TUe^QUcdbQdUWYQ`_\dYSQTUSYTYTQ]U^dU_`_cYd_bQ<QcS\QcUci
S_^VUbU^SYQc`_`e\QbUcS_^dY^eQb_^*cUQWbUWQb_^^eUfQc]QdUbYQc\US
debQWbQ]vdYSQWU_WbQVQRQY\U8Ycd_bYQCQWbQTQ8Ycd_bYQ1^dYWeQU
8Ycd_bYQTU3XY\UicU`b_iUSd†\QbUQ\YjQSY†^TUSebc_cTYeb^_cTU\USde
bQiUcSbYdebQ`QbQ^Y…_c)")
1\]Yc]_dYU]`_U\bUcdbY^WYT_ifQW_`b_WbQ]QYWeQ\YdQbY_Y^YSYQ\
VeUU^bYaeUSYT_S_^bUYfY^TYSQSY_^Uc]vc`bUSYcQc5^cU`dYU]RbU\Q
:e^dQ4YbUSdYfQTU\Qc_SYUTQTTU\QSQ`YdQ\U^e^QSQbdQU^fYQTQQceX_
]†\_WQTUCQ^6U\Y`UUh`bUcQRQce`\QdQV_b]Q+

@YTQ]_c bUV_b]Q TU \Q 3_^cdYdeSY†^ °ceVbQWY_

e^YfUbcQ\°Sb}TYd_]_bQ\_UTeSQSY†^Sb}TYd_]QdUbYQ\
_Sb}TYd_WQbQ^dYT_\YRUbdQTTUS_]UbSY_\YRUbdQTTU
S_^SYU^SYQU\Y]`eUcd_c_RbUU\SQ`YdQ\i^_U\Y]`eUcd_
c_RbUU\dbQRQZ_TU\`_RbUQR_\YSY†^TU\_cdbQRQZ_c`‹

)"'
²@_bae}aeUbU]_c\QbUf_\eSY†^³<Q2QbbQCQ^dYQW_!%TU_SdeRbUTU!(% 
)"(
²=_^ddSQ^TYTQd_³<Q2QbbQCQ^dYQW_"!TU_SdeRbUTU!(% 
)")
FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vW"!&+JQ`Y_\Q<QC_SYUTQT
TU\Q9WeQ\TQT_`SYd`vWc"(i")+²C_SYUTQTTU\Q9WeQ\TQT³5\@b_WbUc_CQ^dYQW_!"TU
_SdeRbUTU!(% 8QSYQVY^UcTU_SdeRbUU\`UbY†TYS_YWeQ\YdQbY_`eR\YSQRQe^Q\YcdQTU
cYUdUSebc_cY]`QbdYT_cTU\e^UcQcvRQT_U^dbUccQ\_^UcTYcdY^d_c²5cSeU\QcTU\QC_SYU
TQTTU\Q9WeQ\TQT³<Q2QbbQCQ^dYQW_"&TU_SdeRbUTU!(% 

#$(
 R\YS_c`QbQ\_cTU\Y^SeU^dUcbUV_b]QTU^eUcdb_cS†TY
W_cbUV_b]QTU\QWeQbTYQ^QSY_^Q\]vcfYTQ`QbQ\Qc
]e^YSY`Q\YTQTUcU^e^Q`Q\QRbQ°\YRUbdQT`QbQU\X_]
RbU`QbQce`Q\QRbQ`QbQQc_SYQbcU`QbQdbQRQZQb`QbQ
UZUbSUbcec_RUbQ^Q )# 

5^dbUdQ^d_\QcVY\QcYWeQ\YdQbYQcS_^dY^eQRQ^SbUSYU^T_6eU^USU
cQbY__Se`Qbe^\_SQ\]vcWbQ^TU`QbQ\QcbUe^Y_^UcWU^UbQ\Uc<QQcQ]
R\UQTU\!$TU_SdeRbUVeU\Q]vc^e]Ub_cQTUd_TQc\QcbUQ\YjQTQcXQcdQ
U^d_^SUcCUY^S_b`_bQb_^SY^SeU^dQ^eUf_c]Y\YdQ^dUcFQbY_cQbdUcQ^_c
XYSYUb_^ec_TU\Q`Q\QRbQTUcdQSv^T_cU\_cTYcSebc_c`b_^e^SYQT_c`_b
<†`Uj>UbYi<QbbUSXUTQ )#! 1\d}b]Y^_TU\QbUe^Y†^]Y\aeY^YU^d_c
c_SY_cTUcVY\Qb_^TUdbvcTU2Y\RQ_aeYU^`_bdQRQU^cec]Q^_ce^`UaeU
…_vbR_\TU\Q\YRUbdQTTUVY^cY]Q]_cdQSY\\Q]e\dYS_\_b )#" 
5\`_TUbS_^cUbfQT_bbUc`_^TY†`_^YU^T_TYVYSe\dQTUcQ\QUh`Q^
cY†^YWeQ\YdQbYQ5\"%TU_SdeRbUcU`eR\YS†e^RQ^T_TU\Y^dU^TU^dUTU
CQ^dYQW_aeU\Y]YdQRQcUfUbQ]U^dU\_cTUbUSX_cTUQc_SYQSY†^TUbU
e^Y†^iTU]Q^YVUcdQSY†^TU\Qc_`Y^Y_^Uc`_\dYSQc9^f_SQ^T_\QcTYVYSe\
dQTUcQ\dbv^cYd_TU\Qc`Ubc_^Qc`_b\QcSQ\\Uci\_c`_cYR\UcTUc†bTU^UcaeU
\Qc]Q^YVUcdQSY_^UcYWeQ\YdQbYQc`eTYUbQ^U^WU^TbQb\QQed_bYTQTSQ`YdQ
\Y^QTYc`ec_aeUQ\d}b]Y^_TU\QccUcY_^UcTU\Qc_SYUTQT\_cS_^SebbU^
dUcTURQ^²TYc_\fUbcUU^U\QSd_³)## @Ub_]vcWbQfUUbQaeUU^fYbdeTTU
S_^cYTUbQbS_]_c_SYUTQTUccUSbUdQc°i`_b\_dQ^d_Y\SYdQc°Q²QaeU\\Qc

)#
²<Q:e^dQ4YbUSdYfQTU\QC_SYUTQTTU\Q9WeQ\TQTU^CQ^dYQW_QcecXUb]Q^_cTU
\QC_SYUTQT1S_^SQWŽY^QiTU\QC_SYUTQTTUCQ^6U\Y`UTU1S_^SQWeQ³5\@b_WbUc_CQ^
dYQW_!TU_SdeRbUTU!(% 
)#!
²C_SYUTQTTU\Q9WeQ\TQT³5\@b_WbUc_CQ^dYQW_!%TU_SdeRbUTU!(% 
)#"
²¥<Q\YRUbdQTfYfU³<Q2QbbQCQ^dYQW_!%TU_SdeRbUTU!(% +FYSe…Q=QS[U^
^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vW" &<_c`QbdYTQbY_cTU\W_RYUb^_S_^dUcdQRQ^UcQc
SYVbQc*\_c`QbdYSY`Q^dUcU^TYSXQbUe^Y†^Q`U^QcXQRbQ^cYT_e^SeQbd_TU\_cQ^e^SYQ
T_c`_b\Q`bU^cQYWeQ\YdQbYQ<QDbYRe^QCQ^dYQW_!)TU_SdeRbUTU!(% ?db_`UbY†TYS_
_VYSYQ\YcdQVYZQRQU^c†\_²dbUcSYU^d_cfUY^dY‹^c_SY_c^Ye^_]vc^Ye^_]U^_c³\_cQcYc
dU^dUcQ\QQcQ]R\UQTU\Qc_SYUTQT1U\\_ccUXQRbQ^QWbUWQT_^e]Ub_c_cSebY_c_cTe
bQ^dU\Q]Q^YVUcdQSY†^SQ\\UZUbQ²=Q^YVUcdQSY†^TU\\e^Uc³5\3_^cUZUb_TU\@eUR\_!)TU
_SdeRbUTU!(% @_bce`QbdU<QcdQbbYQQ^_d†U^ce4YQbY_]vcTUcUYcSYU^d_cc_SY_cS_^
SebbU^dUcQ\QQcQ]R\UQ=vcQ\\vTU\QTYcSecY†^c_RbU\QcSQ^dYTQTTU`QbdYSY`Q^dUc\_
SYUbd_UcaeU\Q]Q^YVUcdQSY†^SQec†e^QfYfQY]`bUcY†^U^d_T_c\_cSbSe\_c5\]Yc]_
<QcdQbbYQSeU^dQaeUU^\Q^_SXUTU\" TU_SdeRbU²cUbUe^YUb_^U^\QSQcQTU\S\}bYW_5i
jQWeYbbUS_]__SXU^dQ_`_cYd_bUcS_^`bUcU^SYQTU4B5bbvjebYj`QbQQS_bTQb\QQcYc
dU^SYQTUd_TQc\Qc`Ubc_^Qc^_dQR\UcQ\QC_SYUTQTTU\Q9WeQ\TQT³QWbUWQ^T_aeU²UcdU
`U^cQ]YU^d_UbQcQ\fQT_bU^\QcSYbSe^cdQ^SYQc<QC_SYUTQTTU\Q9WeQ\TQTUbQ^eUcdbQ
‹^YSQVeUbjQ^eUcdb_‹^YS_Q`_i_`_`e\Qb³1>12F=f_\#%4YQbY_TUT_^:_c}FYSd_
bY^_<QcdQbbYQV!"!+<QcdQbbYQ²4YQbY_³_`SYdU^BUfYcdQ3XY\U^Q1…_9d_]_99>¡
F999CQ^dYQW_^_fYU]RbUTU!)!'`vW# %
)##
²9^dU^TU^SYQTUCQ^dYQW_"%TU_SdeRbUTU!(% ³5\FUbTQTUb_3XY\U^_CQ^dYQW_
"&TU_SdeRbUTU!(% 5cdUTUSbUd_dQ]RY}^UcdvY^S\eYT_U^\_cQ^Uh_cTUFYSe…Q=QS
[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vWcH<9FH<F99

#$)
U^aeUc†\_c_^QT]YdYT_c\_cQVY\YQT_c+U^aeUcUceZUdQQ}cd_cQSYUbdQc
S_^TYSY_^Uc_`b_]UcQciaeUcUUhS\eiUQd_TQ`Ubc_^QaeU^_\\UfQe^
R_\Ud__cYW^_S_^fU^YT_cecdbQi}^T_cU`_bS_^cYWeYU^dUTU\QY^c`US
SY†^TU\QQed_bYTQTiTU\Q`_\YSQ³)#$ TUSbUdQbQaeUQTU]vcTUcUbQ^e^
SYQTQcQ\Q9^dU^TU^SYQ`_b\_]U^_cS_^e^TQTUQ^dYSY`QSY†^*²<QcbU
e^Y_^UcTU\QC_SYUTQTTU\Q9WeQ\TQT_TUSeQ\aeYUb_dbQTU\Q]Yc]QS\Q
cUcUbv^`‹R\YSQc+cY^aeU`eUTQY]`UTYbcU\QU^dbQTQQY^TYfYTe_caeU
aeYUbQ^QcYcdYbQ`bUdUhd_TU^_UcdQbQVY\YQT_c³)#% <QcY^VbQSSY_^UcQ\TU
SbUd_cUbQ^SQcdYWQTQcS_^`U^QcTU`bYcY†^_]e\dQccUW‹^\_cSQc_c)#& 
5\TUSbUd_U^SeUcdY†^cYW^YVYSQRQ\Q^UWQSY†^TU\Q`_cYRY\YTQTTU
S_^cdYdeYbQc_SYQSY_^Uc_`QbdYT_c`_\dYS_c`\U^Q]U^dUQed†^_]_c1
`UcQbTUceY^TYW^QSY†^\QZe^dQTYbUSdYfQTU\QC_SYUTQTTU\Q9WeQ\TQT
bUQSSY_^†S_^²\QeTQR\U]Q^cUTe]RbU³\Y]Ydv^T_cUQ`eR\YSQbQ\TQ
cYWeYU^dUe^Q`b_dUcdQaeUbUV\UZQRQ²ce`QSYU^SYQiceUc`bYdeTU\UWQ\Y
TQT³)#' 4U^e^SYQ^T_U\Qdb_`U\\_\QTYbUSSY†^TU\Qc_SYUTQTcUS_^V_b
]QRQS_^Q^e^SYQbe^QS_^TU^Q]_bQ\*

D_T_SYeTQTQ^_aeUaeYcYUbU`U^UdbQbU^\QcUcY†^
WU^UbQ\cY^c_]UdUbcUQ\QcS_^TYSY_^UcTU\QY^S_b`_
bQSY†^aeUdU^U]_cTUbUSX_TUUhYWYbiaeUQ\UWQbUU\
RQ^T_S_]_e^QQed_bYTQT`QbQfY_\Qb^eUcdbQQc_SYQ
SY†^\_S_^cYTUbQ]_cS_]_]Q\SYeTQTQ^_S_]_cU
SeQjTU\_cT}c`_dQciS_]_QcUcY^_TU\TUbUSX_]vc
`bUSY_c_aeUdU^U]_c)#(

BU]QSXQ^T_cebU`b_RQSY†^]_bQ\Q\Q]UTYTQQed_bYdQbYQU\"&TU
_SdeRbU\QZe^dQTYbUSdYfQTU\QC_SYUTQTTU\Q9WeQ\TQT`eR\YSQRQ\Q\UdbQ
TUe^XY]^_QdbYReYT_Q5ecURY_<Y\\_dYde\QT_<Q9WeQ\YdQbYQ*

>QSYcdU`QdbYQQ]QTQ
¥7bYdQ^T_\YRUbdQT
¥@_bdY]_bYbcQRbU]_c
?dbYe^VQ\Q9WeQ\TQTKM
¥AeUFYfQ\QBU`‹R\YSQ
¥AeUfYfQ\QBUV_b]Q
CUQUcdQ^eUcdbQ^_b]Q
IU\c]R_\_TUE^Y†^

)#$
9RYT
)#%
9RYT
)#&
9RYT
)#'
FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vWc"!#i"!$
)#(
<Q:e^dQ4YbUSdYfQTU\QC_SYUTQTTU\Q9WeQ\TQT²1\_cSXY\U^_c³<Q2QbbQCQ^
dYQW_"&TU_SdeRbUTU!(% DQ]RY}^bU`b_TeSU^UcdQTUS\QbQSY†^5\@b_WbUc_CQ^dYQW_
"&TU_SdeRbUTU!(% +FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vW"!$iJQ`Y_
\Q<QC_SYUTQTTU\Q9WeQ\TQT_`SYd`vW#'

#%
 AeUSQYWQU\TUc`_dYc]_
4U\Q`Q^TY\\QY^VQ]U
IaeUUcdUf_d_Y^V\Q]U
4U3XY\UU\S_bQj†^)#)

²5cdb_VQcS_^dbQRQ\Qc³i²SQ^d_TU\SYc^U³cU^dU^SYQbQ]vcdQbTU
FYSe…Q=QS[U^^QQ\S_]U^dQbUcdUU`Yc_TY_U^ceXYcd_bYQTUQaeU\`U
b_T_)$ 
5\"(TU_SdeRbUU\S\eRYWeQ\YdQbY_SU\URb†°RQZ_\Q`bUcYTU^SYQ
TU=Q^eU\BUSQRQbbU^°ceT}SY]Qi‹\dY]QcUcY†^WU^UbQ\5^]UTY_
TU\QU]_SY†^iTU\U^decYQc]_TU\YbQ^dUTUe^_cT_c]Y\_T_c]Y\
aeY^YU^d_cc_SY_c°TU\_cSeQ\UcT_cSYU^d_cSY^SeU^dQi_SX_cUY^S_b
`_bQb_^UcUTQ°<eSYQ^_@Y…Q6bQ^SYcS_=Qb^:_c}=QbQ<†`Uji
6bQ^SYcS_2Y\RQ_`b_^e^SYQb_^RU\\_cTYcSebc_c )$!5\QbdUcQ^_<†`Uj
\eUW_ TU TU^e^SYQb \Q ²Ve^UcdQ }`_SQ TU fUY^dU Q…_c³ TU W_RYUb^_c
`U\eS_^Uc `b_S\Q]† S_]_ ²e^YSQ dQR\Q TU cQ\fQ]U^d_³ \Q QT_`SY†^
TU\ `b_WbQ]Q TU \Q C_SYUTQT TU \Q 9WeQ\TQT ²`QbdYSe\Qb]U^dU QaeU\\Q
`QbdUaeUTYSUaeU^eUcdb_W_RYUb^_XQTUcUbTU]_SbvdYS_`eb_aeU
XQiQe^Qc_\Q3v]QbQi}cdQXUSXQ`_bU\f_d_e^YfUbcQ\S_^cdYdeiU^T_
TUUcdQ]Q^UbQd_T_c\_c`_TUbUcUcTUSYbU\\UWYc\QdYf_U\UZUSedYf_i
U\ZeTYSYQ\³ )$"
BUVYbY}^T_cUQ\_cQ`bUcd_cTU\b}WY]U^`QbQQ`\QcdQb\QQc_SYQSY†^
2Y\RQ_U^e^QTUcecSQbQSdUbcdYSQcY^dUbfU^SY_^UcSQbWQTQcTUb_]Q^dY

)#)
²<Q9WeQ\YdQbYQ³<Q2QbbQCQ^dYQW_"&TU_SdeRbUTU!(% 
)$
FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vW"!$i"!%1\_c`_S_cTQc
e^^eUf_XY]^_YWeQ\YdQbY_UbQTQT_QS_^_SUb`_b\Q`bU^cQ\YRUbQ\²=QbSXQTU\Q9WeQ\
TQT³5\@b_WbUc_CQ^dYQW_#!TU_SdeRbUTU!(% 
)$!
²CUcY†^ZU^UbQ\TU\QC_SYUTQTTU\Q9WeQ\TQT³5\@b_WbUc_CQ^dYQW_")TU_Sde
RbUTU!(% <QcSYVbQcTUS_^SebbU^dUcQUcdQbUe^Y†^fQbQ^cUW‹^\QcVeU^dUc=YU^dbQc
5\@b_WbUc_XQR\QRQU^UcdUQbdSe\_TU²]vcTUdbUc]Y\SYeTQTQ^_cU^dbU\_cSeQ\UcXQRbQ^
T_c]Y\_RbUb_ci]Y\`Ubc_^QcQS_]_TQTQc³U^ceUTYSY†^TU\TQcYWeYU^dUSYVbQRQU^dbUc
]Y\\Qc`Ubc_^QcaeU\_WbQb_^Y^WbUcQbQ\\_SQ\iU^e^Qc]Y\aeY^YU^dQc\QcaeU^_`eTYU
b_^U^dbQb`_bVQ\dQTUUc`QSY_²C_SYUTQTTU\Q9WeQ\TQT³5\@b_WbUc_CQ^dYQW_# TU_S
deRbUTU!(% FYSe…Q=QS[U^^QU^dbUWQSYVbQcS_^dbQTYSd_bYQc5^ce4YQbY_S_]U^jQT_
QUcSbYRYbUcU]Yc]_TQQ^_d†e^QS_^SebbU^SYQ²aeU^_RQZQbQTU]Y\aeY^YU^d_cQcYc
dU^dUcU^dbU\QcSeQ\UcXQRQ^_]U^_cTUT_cSYU^dQc`Ubc_^QcTUTYcdY^SY†^³2U^ZQ]^
FYSe…Q=QS[U^^Q²4YQbY_TUT_^2U^ZQ]^FYSe…Q=QS[U^^QTUcTUU\")TU_SdeRbUTU
!(% XQcdQU\!%TUQRbY\TU!(%!³U^B3X87>¡"CQ^dYQW_cUWe^T_dbY]UcdbUTU!)!!
`vW!&"5^e^QSQbdQTYbYWYTQQce`QTbUU^\Q]Yc]QVUSXQQcUWeb†²U^bYWeb_cQY]`Qb
SYQ\YTQT³aeU\QQcYcdU^SYQVeUTU²dbUc]Y\X_]RbUc³1>12F=f_\##3QbdQTU2U^
ZQ]^FYSe…Q=QS[U^^QCQ^dYQW__SdeRbU"(TU!(% V")$@Ub_U^ce_RbQXYcd†bYSQ
c_RbUUcd_cceSUc_cUcSbYdQ]eSX_cQ…_cTUc`e}cQ`_iv^T_cUU^ce4YQbY_iU^_dbQcVeU^
dUcQVYb]QaeU\QSQ^dYTQTTU`QbdYSY`Q^dUc²^_RQZQRQTUT_c]Y\aeY^YU^d_cc_SY_c³FY
Se…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vW"""
)$"
²4YcSebc_TU\SYeTQTQ^_:_c}=QbQ<†`Uj`b_^e^SYQT_U\"(TU\`bUcU^dUTU\
`QcQT_U^\QWbQ^cUcY†^ZU^UbQ\TU\QC_SYUTQTTU\Q9WeQ\TQT³<Q2QbbQCQ^dYQW_'TU
^_fYU]RbUTU!(%!<QcSebcYfQcc_^^eUcdbQc

#%!
SYc]_QWYdQ^T_e^bQ]Y\\UdUTUV\_bUcQ^e^SY†\_cY^S_XUbU^dUc]UTY_c
S_^aeUU\S\eRYWeQ\YdQbY_S_^dQRQXQSUbVbU^dUQ\QbU`bUcY†^*

3YeTQTQ^_cU\beYT_TU\dQ]R_b\QTYcdbYReSY†^TU
Y^cdbe]U^d_cTU]eUbdUU\Qb]Q]U^d_TU\_cSQ…_^Uc
U\Q`bUcd_i\QcSQbbUbQcTU\_cSQRQ\\_cd_T__cQ^e^SYQ
aeUcUdbQdQTU]QdQb\QC_SYUTQTTU\Q9WeQ\TQTIU^dbU
^_c_db_c¤ae}XQSU]_c/3YeTQTQ^_c\QC_SYUTQTTU\Q
9WeQ\TQTcUQb]QTUV\_bUc )$#

1S_^dY^eQSY†^=Q^eU\7eUbbUb_\Ui†\QS_^S\ecY†^TU\]UUdY^W
Q`b_RQTQ`_b\QQS\Q]QSY†^e^v^Y]UTU\_c`QbdYSY`Q^dUc*

<QC_SYUTQTTU\Q9WeQ\TQTbUSXQjQ\QSQ^TYTQdebQ
=_^dd`_baeUbU`bUcU^dQ\_cUcdQT_cTUcYdY_\QcTU`_b
dQSY_^Uc\_cTUcdYUbb_c\_cdbYRe^Q\Uc]Y\YdQbUc\QS_
bbe`SY†^ZeTYSYQ\U\QcUcY^Qd_TU\`eUR\_U\d_b]U^d_
U^\_c`b_SUTY]YU^d_cTU\QZecdYSYQSbY]Y^Q\\Q\UiTU
Y]`bU^dQ\QecebQ\QbU`bUcY†^TUd_TQc\QcS_cQcQaeU
`eUTUUhdU^TUbcUS_^`UbZeYSY_TU\_cY^dUbUcUc^QSY_
^Q\UciUc`USYQ\]U^dUS_^bUc`USd_Q\TUbUSX_TUQc_SYQ
SY†^)$$

E^TUcVY\UTU\_cYWeQ\YdQbY_c`_bU\SU^db_TUCQ^dYQW_SUbb†QaeU
\\Q]U]_bQR\UZ_b^QTQ<Q:e^dQ4YbUSdYfQTU\Qc_SYUTQTU\Uf†e^QbU`bU
cU^dQSY†^Q\@bUcYTU^dUTU\QBU`‹R\YSQ`QbQ`b_dUcdQbU^S_^dbQTU\TU
SbUd_TU\9^dU^TU^dU)$%
5^\_cTQccYWeYU^dUc\_cYWeQ\YdQbY_ci\YRUbQ\UcbU`YdYUb_^cec`Q
cU_cTUcQVYQ^T_U\RQ^T_TU\QQed_bYTQT`b_fY^SYQ\ )$&<QUVUbfUcSU^SYQ
cUUhdU^TY†U^dbUSYUbd_cWbe`_cTU]eZUbUcTU\QU\YdU_`_cYd_bQ<QYTUQ
TUS_^cdYdeYbe^S\eR`_\dYS_VU]U^Y^_S_]U^j†QWUb]Y^Qb5\S_^cUb
fQTebYc]_bYTYSe\Yj†iUcdYW]QdYj†TebQ]U^dU\QY^YSYQdYfQ*

)$#
FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vW""#3ebcYfQcU^U\_bYWY
^Q\JQ`Y_\QU^dbUWQe^QfUbcY†^\YWUbQ]U^dUTYVUbU^dUTUUcdQc`Q\QRbQc`Ub_ceS_^dU^Y
T_UcU\]Yc]_<QC_SYUTQT_`SYd`vW$#
)$$
²CUcY†^ZU^UbQ\³_`SYd<QDbYRe^QCQ^dYQW_")TU_SdeRbUTU!(% +FYSe…Q
=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vWc""#i""$+JQ`Y_\Q<QC_SYUTQT_`SYd
`vW$$
)$%
²BU`bUcU^dQSY†^XUSXQQ\@bUcYTU^dUTU\QBU`‹R\YSQ`_b\Q:e^dQ4YbUSdYfQTU\Q
C_SYUTQTTU\Q9WeQ\TQT³5\@b_WbUc_CQ^dYQW_")TU_SdeRbUTU!(% 5\T_Se]U^d_Q`Q
bUSUVYb]QT_`_b@Qe\Y^_<†`UjCQ^d_cFQ\U^jeU\Q:_c}JQ`Y_\QBQVQU\FYQ\1]Rb_cY_
<QbbQSXUQ>YS_\vcFY\\UWQc:eQ^1bQfU^Q=Q^eU\7eUbbUb_=Q^eU\BUSQRQbbU^6bQ^
SYcS_2Y\RQ_iCQ^dYQW_8UbbUbQrcdQVeU\Q‹\dY]Q]UcQTYbUSdYfQTU\Qc_SYUTQT
)$&
FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vWc""%"$ 

#%"
 E^S\eRTU]eZUbUc`QbQYbbYdQb\Qc`QcY_^Uc°TU
SQ<QDbYRe^Q°`QbQQ^Y]QbU\VeUW_TU\QTYcS_bTYQ
`QbQU^SU^TUb\_c_TY_ccUbQe^S\eRTUXQb`QcTU
RbeZQc]Q\}VYSQc<QS†\UbQi\Qc`QcY_^UcbU^S_b_cQc
QVUQ^U\RU\\_icUbU^_cU]R\Q^dUTU\Q]eZUb>_c_db_c
dU^U]_cdQ]RY}^]eZUbUcUXYZQci^_`Ub]YdYbU]_c
aeUcUU^dbUWeU^QTYcSecY_^Uc`_\dYSQcaeU^_c_^TU
cebUc_bdU )$'

<QcX_bQcTU\Q9WeQ\TQTUcdQRQ^S_^dQTQc5\W_RYUb^_`bU`QbQRQ
U\W_\`UTUVeUbjQaeU`_^TbQVY^Q\QQWYdQSY†^
5^dbUdQ^d_\Q`bU^cQ_VYSYQ\YcdQTUcQbb_\\QRQe^QY^dU^cQ_VU^cYfQ
YTU_\†WYSQU^S_^dbQTU\QcT_SdbY^QcYWeQ\YdQbYQc5\3_^cUZUb_TU\@eUR\_
`eR\YSQT_TUcTU]UTYQT_cTUcU`dYU]RbUQ\UbdQRQQ\_cQbdUcQ^_cc_RbU
\_c]Q\UcaeU\UcQSQbbUQbQe^QbUf_\eSY†^*Q\YWeQ\aeUU^6bQ^SYQU^
!($(}cdQ`b_f_SQbQ\Qcec`U^cY†^TUd_T_c\_cdbQRQZ_caeU\UcTQRQ^U\
cecdU^d_)$(DQ]RY}^TU^e^SYQRQ\QcYU]RbQTU_TY_cTU`_RbUcS_^dbQ
bYS_ci\_c`b_`†cYd_cTU\QC_SYUTQTTU\Q9WeQ\TQTTU²dbQUbQ3XY\U\Q\e
SXQU^dbU`b_`YUdQbY_ci`b_\UdQbY_c³ )$)5\S\eRYWeQ\YdQbY_UbQc†\_e^Q
]Q^Y_RbQ`QbQS_^aeYcdQbf_d_c`eUcd_aeUcecfUbTQTUb_c]U^d_bUc^_
`UbdU^USQ^Q\]e^T_TU\dbQRQZ_*

K<QC_SYUTQTTU\Q9WeQ\TQTMcUS_]`_^UTUe^Q
S\QcUTU\Qc_SYUTQTTYbYWYTQ`_b_dbQTU`Ubc_^QcaeU
YW^_bQ^iUcSeSXQ^iTUTYbUSd_bUcaeUcQRU^iXQR\Q^
5^dbU\_cTYbUSd_bUci\_cTYbYWYT_cXQie^Q\^UQTYfYc_
bYQaeUU\^_]RbUTU9WeQ\TQT^_R_bbQbvZQ]vc
4YUj_T_SUX_]RbUc`_\dYS_c`UbdU^USYU^dUcQ
\QS\QcU`b_`YUdQbYQUTeSQT_cU^\_cS_\UWY_cfUcdYT_c
Q \Q Ueb_`UQ UcSbYd_bUc e _bQT_bUc dYU^U^ `_b
ceR_bTY^QT_c Q ce Y^V\eU^SYQ `Q\QRbQ i `b_`†cYd_c
SU^dU^QbUcTU_RbUb_c`_b\_WU^UbQ\cY^`bU`QbQSY†^
Q\We^Q TU UTeSQSY†^ \\UfQ^T_ _db_ fUcdYT_ i SeiQ
_Se`QSY†^U^\Qc_SYUTQTUcUcSeSXQb\_cTYcSebc_cTU
cecY^YSYQT_bUc<Q`Q\QRbQ 9WeQ\TQT^_aeYUbUTUSYb
aeU cUQ^ YWeQ\Uc U^dbU c S_cQc dQ^ TYfUbWU^dUc cY^_
]UTYQ^dUU\T_W]QTU\QYWeQ\TQT]QUcdb_ciTYcS`e
\_c _bQT_bUc i QeTYd_bY_ cU bUe^U^ U^ e^ _RZUd_ S_
]‹^SeiQY]`_bdQ^SYQQ\SQ^SU`_\dYS_iS_^cUSeU^

)$'
²3\eRTU]eZUbUc³<QDbYRe^QCQ^dYQW_&TU^_fYU]RbUTU!(% 
)$(
²<QcbUf_\eSY_^Uc³5\3_^cUZUb_TU\@eUR\_CQ^dYQW_!$TUcU`dYU]RbUTU!(% 
)$)
²<QcYTUQcQRcdbQSdQcY\_cX_]RbUcTU`bY^SY`Y_c³5\3_^cUZUb_TU\@eUR\_CQ^dYQ
W_" TU_SdeRbUTU!(% 

#%#
 SYQcY^Se]RUQ\_cTYbUSd_bUcUh`_^UbiUh`\YSQbQ\_c
_db_c )% 

?db_c†bWQ^_cTU\`U\eS_^Yc]_Ze^d_S_^Y^cYcdYbU^\Q]Q^Y`e\Q
SY†^TU\_cQbdUcQ^_c`_b`QbdUTU\_c_`_cYd_bUcSeUcdY_^QRQ^\QedY\YTQT
TU\_cSebc_ciS_^VUbU^SYQc`_`e\QbUc<_cdbQRQZQT_bUc^__RdU^TbQ^
^QTQ`b_fUSX_c_QcYcdYU^T_QU\\Qc+\QcS\QcUccUdUb]Y^QbQ^e^QfUj`Q
cQTQc\QcU\USSY_^UcQ\YWeQ\aeUU\Q]_bTU\_c_`_cYd_bUc`_bU\`eU
R\_)%!<QDbYRe^Q\UfQ^dQRQ\Q`_cYSY†^]vcTebQ*^_RQcdQRQS_^bUW\Q
]U^dQbU\Ve^SY_^Q]YU^d_TU\QC_SYUTQTTU\Q9WeQ\TQT_TU_bWQ^YjQSY_
^UccY]Y\QbUc*²<Q]_TQTU\_cS\eRcKMTURQcUbQX_WQTQU^ce_bYWU^
UcdUbY\YjQTQU^cec`bY]Ub_cbUd_…_c`QbQaeU^_\\UWeU]vcdQbTUU\
]_]U^d_T_\_b_c_TUdU^UbaeUbUSebbYbQ]UTYTQccUbYQciU^}bWYSQc³)%"
CQb]YU^d_VeUU\U^SQbWQT_TUSe\]Y^Qb\QS_^dbQ_VU^cYfQYTU_\†
WYSQTU\b}WY]U^U^S_^dbQTU\_cYWeQ\YdQbY_c5\%TU^_fYU]RbUQ`QbU
SY†U^CQ^dYQW_ceS}\URbU`Q^V\Ud_1aeYU^bUSXQjQ^YdU]U^/1=_^dd1
aeYU^c_cdYU^U^YTUcUQ^/1=_^ddAeYU^UcU^d_^SUcU\SQ^TYTQd_/=_^dd)%#5cdU
T_Se]U^d_VeUcY^TeTQe^_TU\_cQ^v\YcYcS_^dU]`_bv^U_c]vc`Ubc
`YSQSUcc_RbU\QcYdeQSY†^TUQaeU\]_]U^d_1dbYReiU^T_U\S\Y]QTU
TUcS_^dU^d_c_SYQ\Q\QbUSUcY†^CQb]YU^d_c_cdef_aeUXQRQe^QbUf_
\eSY†^U^]QbSXQU^CQ^dYQW_)%$1ce]YU^T_\QTUVU^cQTU\_bTU^S_^
cUbfQT_bU\Y\ecdbUUhY\YQT_QbWU^dY^_bU`YdY†\QcTU^e^SYQciQV_b]e\Q
TQcU^S_^dbQTU\_cYWeQ\YdQbY_c`_b\_c`QbdYTQbY_cTU\b}WY]U^SbYdYS†
\Qc`b_`_cYSY_^UcTU\_c_`_cYd_bUc`QbQcQ\YbTU\QSbYcYci`\Q^dU†S_]_
c_\eSY_^UcU\_bTU^\QcUWebYTQTi\QbUWe\QbYTQTTU\QQT]Y^YcdbQSY†^
`QbQ `_TUb QdbQUb SQ`YdQ\Uc ^QSY_^Q\Uc i UhdbQ^ZUb_c aeU Y]`e\cQbQ^
_RbQcTU`b_WbUc_dQ\UcS_]_\QS_^cdbeSSY†^TUe^SQ]Y^_TUVYUbb_VU
bb_SQbbY\U^dbUCQ^dYQW_iFQ\`QbQc_*

¤3b}YcaeU\QC_SYUTQTTU\Q9WeQ\TQTS_^cec`Q
cU_cicec\eSXQcicecUcSe`_cQ\9^dU^TU^dUXQbv]e

)%
²4U\_cS\eRc³5\3_^cUZUb_TU\@eUR\_CQ^dYQW_!"TU_SdeRbUTU!(% 3ebcYfQcU^
U\_bYWY^Q\
)%!
5TYd_bYQ\5\FUbTQTUb_3XY\U^_CQ^dYQW_"&TU_SdeRbUTU!(% CYRYU^\QcSbdY
SQcQ\QcY^YSYQdYfQcTUUTeSQSY†^`_`e\QbTU\QC_SYUTQTTU\Q9WeQ\TQT^_UbQ^^eUfQcQX_
bQQTaeYbQ^]Qi_bfYbe\U^SYQFUbK5TYd_bYQ\M<QDbYRe^QCQ^dYQW_&TUZe^Y_TU!(% 
)%"
K5TYd_bYQ\M<QDbYRe^QCQ^dYQW_"&TU_SdeRbUTU!(% 1VY^TUQ`_bdQbQbWe
]U^d_cQVQf_bTUce`UdYSY†^TUTYc_\eSY†^UcdU`UbY†TYS_bU`b_TeZ_U\²@b_iUSd_TU\UY
c_RbU\QTYc_\eSY†^TU\_c3\eRc`bUcU^dQT_Q\Q1cQ]R\UQVbQ^SUcQ`_b<U_^6QYSXUb
=Y^Ycdb_TU\9^dUbY_bU^\QcUcY†^TU\"&TUU^Ub_TU!($)³<QDbYRe^QCQ^dYQW_")TU
_SdeRbUTU!(% 5^cecUTYSY_^UcTU\_cTQccYWeYU^dUc<QDbYRe^QS_^dY^e†bU]QSXQ^T_
\Q]Yc]QYTUQ
)%#
1aeY}^bUSXQjQ^YdU]U^_`SYd
)%$
5^U\cUWe^T_SQ`de\_XU]_cSYdQT_UcdUdUhd_Q\bUVUbYb^_cQ\QTUSQTU^SYQUS_
^†]YSQTU\QSQ`YdQ\TUcTU]UTYQT_cTU\_cQ…_cSeQbU^dQiQ\U]`eZUaeUU^SQ]RY_
]Q^YVUcdQRQFQ\`QbQc_

#%$
 SX_`_b\QbUQ\YjQSY†^TU\SQ]Y^_TUXYUbb_/¤3b}YcaeU
cUQfU^debQ^Qc^_]vccUYc]Y\\_^UcTU`Uc_c`QbQaeU
TQbTUc`QbbQ]QT_cU^\_cSQ]`_cU^]QdUbYQ\UcY^cUbfY
R\Uc/¤3b}YcaeU`b_f_SQ^T_\QbUfeU\dQaeUU^d_TQc
`QbdUcXQQbbeY^QT_\QcWbQ^TUcU]`bUcQcU^3XY\UcUfQ
Q`_^Ub]Q^_QdbQRQZ_caeU^USUcYdQ^Q…_c`QbQTQb
`b_TeSd_/CYQc\_SbUU^\_c`bUTYSQT_bUcTUQc_^QTQc
aeUS_^ce`Q^cU\_S_]Q^@Ub_\_cSQ`YdQ\YcdQc\_cece
bUb_cc_^`_b\_WU^UbQ\]eibeT_ci\_U^dYU^TU^d_T_
Q\bUf}c>QSY_^Q\Uc_UhdbQ^ZUb_cQ`_iQ^Q=_^ddS_^ce
Y^V\eZ_S_^cec`Uc_c`_baeU=_^ddUc`QbQU\\_c\QcU
WebYTQTY^TYfYTeQ\=_^ddUc\QdbQ^aeY\YTQT`‹R\YSQ\Q
Qed_bYTQT\QReU^QVUQT]Y^YcdbQdYfQ1}\cUTYbYWU^Q‹^
X_iaeU^_Uc`bUcYTU^dU`QbQ`b_`_^Ub\U\_c`\Q^UcTU\
SQ]Y^_TUXYUbb_\_c]UTY_cTUbUQ\YjQb\_S_^fU^dQZQ
TU\`‹R\YS_`_baeUcQRU^aeU^_cUQRQ^T_^Q^Qc^_
]vcQY\ecY_^UcQaeY]UbQcT_bQTQcaeU]eSXQcfUSUc
c_^fUbTQTUbQc`\T_bQcS_^aeUU\UW_c]_c_b`bU^TU
Q\_c]Y^Ycdb_cY^SQed_c`Ub_Q]YW_cTU\_RbY\\Q^dUiV_c
V†bYS_)%%

5cU]Yc]_TQUcdQ\\†e^]_d^TU\Q7eQbTYQ3fYSQTUCQ^6U\Y`U
U^U\aeU\QC_SYUTQTTU\Q9WeQ\TQTTU\QSYeTQTQ`QbUSQTYbUSdQ]U^dU
Y^f_\eSbQTQ)%&\_aeUcYbfY†TU`bUdUhd_Q\W_RYUb^_`QbQTUSbUdQbU\'
TU^_fYU]RbUU\5cdQT_TUCYdY_U^\Qc`b_fY^SYQcTU1S_^SQWeQiTUCQ^
dYQW_)%' 5\)TU^_fYU]RbUU\9^dU^TU^dUTUCQ^dYQW_Y^f_SQ^T_U\²QSd_
bUf_\eSY_^QbY_icUTYSY_c_KMS_^SURYT_`bU`QbQT_iUZUSedQT_³`_b\Q
C_SYUTQTTU\Q9WeQ\TQTTUCQ^6U\Y`UiS_^cYTUbQ^T_²aeUTYSXQc_SYUTQT
XQcYT_`b_]_fYTQiV_]U^dQTQ`_bY^TYfYTe_cQVY\YQT_cU^\QaeURQZ_U\
]Yc]_^_]RbUUhYcdUU^CQ^dYQW_*AeUQ]RQcc_SYUTQTUccUXQ^]Q^dU
^YT_cYU]`bUU^bU\QSY_^UcUcdbUSXQc_RbQ^T_cUW‹^\Qc]Yc]QcRQcUci
`b_`_^Y}^T_cU\_c]Yc]_cVY^Uc³ )%(TUSbUd†\Q`b_XYRYSY†^TU\QC_SYUTQT
TU\Q9WeQ\TQT²_SeQ\aeYUb_dbQTU\Q]Yc]QS\QcU³ )%)

)%%
9RYT`vW!&
)%&
5^\QcUSSY†^TUUcdUSQ`de\_c_RbU\Qcc_SYUTQTUcYWeQ\YdQbYQcTU`b_fY^SYQc^_c
bUVUbYbU]_cQ\SQc_TU\Q9WeQ\TQTcQ^VU\Y`U…Q
)%'
6bQ^SYcS_1^ZU\BQ]bUji5fQbYcd_TU\3Q]`_²2Q^T_TU9^dU^TU^SYQTUCQ^dYQ
W_³^_fYU]RbU'TU!(% 5\1bQeSQ^_CQ^dYQW_'TU^_fYU]RbUTU!(% DQ]RY}^VeU
`eR\YSQT_`_b<QDbYRe^QCQ^dYQW_(TU^_fYU]RbUTU!(% 
)%(
6bQ^SYcS_1^ZU\BQ]bUji5fQbYcd_TU\3Q]`_4_Se]U^d_c_VYSYQ\Uc4U`QbdQ
]U^d_TU\9^dUbY_b²9^dU^TU^SYQTUCQ^dYQW_³CQ^dYQW_^_fYU]RbU)TU!(% 5\1bQeSQ
^_CQ^dYQW_)TU^_fYU]RbUTU!(% DQ]RY}^VeU`eR\YSQT_`_b<QDbYRe^QCQ^dYQW_)
TU^_fYU]RbUTU!(% 
)%)
9RYTE^QfYcY†^S_]`\UdQTU\Qc]_dYfQSY_^UcTU\W_RYUb^_`QbQTUSbUdQb\Qc]U
TYTQcTUU]UbWU^SYQU^²4_Se]U^d_c?VYSYQ\Uc4U`QbdQ]U^d_TU\9^dUbY_b5c`_cYSY†^

#%%
 <QbUcYcdU^SYQTU\_cYWeQ\YdQbY_cQ\Qc]UTYTQcbU`bUcYfQcTU\W_RYUb^_
VeU^e\QFYSe…Q=QS[U^^QSeU^dQU^ce4YQbY_aeUU\ZeUfUc'TU^_fYU]
RbUQ\cUbTUS\QbQT_U\5cdQT_TUCYdY_cUTYbYWY†Q\QY]`bU^dQTU\TYQbY_5\
@b_WbUc_T_^TUU^S_^db†bUe^YT_cQ@UTb_EWQbdU:_c}1^d_^Y_1\U]`Qb
dU6UTUbYS_5bbvjebYj2be^_<QbbQ^i_db_c`_\dYS_c\YRUbQ\Uc<QTUSU`
SY†^TU\S_]RQdYf_]Y\YdQ^dUVeUU^_b]U<_cSQeTY\\_cTU\Q_`_cYSY†^*

KM^QTQXQRQ^YTUQT_^Y^W‹^`U^cQ]YU^d_^eU
f_XQRQSbejQT_`_bcecSUbURb_c^YXQRQU^cecS_bQj_
^Uc_db_ccU^dY]YU^d_caeUU\TUe^QT}RY\Uc`UbQ^jQ_e^
WbQ^dU]_bCUbUVUbQ^]‹deQ]U^dU\_cbe]_bUcaeUSYb
Se\QRQ^c_RbU1S_^SQWeQiaeUiQUbQ^TUe^QfYSd_bYQ
S_]`\UdQ c_RbU \Qc db_`Qc aeU XQRQ^ cQ\YT_ TU Qae
E^_cQcUWebQRQ^aeU\Qcdb_`QcbURU\TUccUTYcSY`\Y^QRQ^
`QbQTUVU^TUbcU_db_caeUQfQ^jQRQ^c_RbUCQ^dYQW_U^
^‹]Ub_TUSY^S_]Y\+QWbUWvRQcUaeUU\RQdQ\\†^FQ\TYfYQ
aeUfU^QU^SQ]Y^_`QbQCQ^dYQW_cUXQRQceR\UfQT_
S_^dbQ U\ 7_RYUb^_ bUWbUcQT_ Q FQ\`QbQc_ i X}SX_cU
TeU…_TU\QcV_bdQ\UjQciReaeUcTUQaeU\`eUbd_)& 

<QdU^dQdYfQTUQ\We^_cZ†fU^UcYWeQ\YdQbY_c°S_]_FYSe…Q=QS[U^
^Qi=Q^eU\2Y\RQ_°TU_bWQ^YjQbQ\W‹^dY`_TUbUc`eUcdQVeUb_^fQ^Qc
1]R_c]Y\YdQ^dUccUTYbYWYUb_^QCQ^=YWeU\T_^TUcUTUSQaeUcUXQ
RQbUe^YT_e^Wbe`_TUdbUcSYU^d_cQbdUcQ^_c`Ub_QRQ^T_^Qb_^ce
`b_`†cYd_Q]UTY_SQ]Y^_Q\U^dUbQbcUaeUU\S_^W\_]UbQT_cUXQRQ
TYceU\d_²`_b^_dU^UbQb]Qc^YcYaeYUbQ`YUTbQcS_^aeUXQSUbVbU^dUQ
\_c7bQ^QTUb_ciQ\Ie^WQiaeUcUQSUbSQRQ^QTYc`UbcQb\_c³ )&! 
1\TQcYWeYU^dU:_c}=YWeU\3QbbUbQFYSe…Q=QS[U^^Qi:_c}1^
d_^Y_1\U]`QbdUTYcU…Qb_^e^`\Q^TUcdY^QT_Q`b_f_SQbe^\UfQ^dQ
]YU^d_TU\RQdQ\\†^FQ\TYfYQU^SQ]Y^_XQSYQCQ^dYQW_`_b_bTU^TU\
W_RYUb^_iQd_]Qb`_bQcQ\d_U\SeQbdU\TU1bdY\\UbQ<QcQb]QcS_^aeYc
dQTQccUbQ^TYcdbYReYTQcQ\`eUR\_<Qc`QbdYTQcU^SQbWQTQcTUTQbU\W_\
`UcUbQ^\QcTU\cQcdbUYWeQ\YdQbY_BeTUcY^T_B_ZQc²aeUdU^QQ`_cdQTQ
ceWU^dUU^U\DQZQ]QbSUbSQTU\QAeY^dQ3YVeU^dUcd_T_cU\\_cX_]
RbUcbUceU\d_c³Q\_cSeQ\UccUXQRQ^ce]QT_SeQbU^dQ`U_^UcTU\cUS
d_bi\QTU=U\SX_bEWQbdUTUdbUY^dQ_SeQbU^dQY^TYfYTe_c\Q]Qi_bQ
TUU\\_cc_\TQT_cTU\UcSeQTb†^SfYS_TUBU^SQ)&" >QTQ_SebbY†*\QcTYc
SbU`Q^SYQcU^dbU\_cZ†fU^Uc]Y\YdQ^dUci\_cfYUZ_c`_\dYS_c\YRUbQ\UciQ\

XUSXQ`_bU\cU…_b=Y^Ycdb_TU\9^dUbY_bQC5U\@bUcYTU^dUTU\QBU`‹R\YSQ³CQ^dYQW_
^_fYU]RbU'TU!(% <QDbYRe^QCQ^dYQW_!#TU^_fYU]RbUTU!(% 
)&
FYSe…Q=QS[U^^Q²4YQbY_³_`SYd`vWc!'$i!'%
)&!
?`SYd`vW!'(
)&"
?`SYd`vWc!(#i!($

#%&
`QbUSUb\QY^VY\dbQSY†^TUQWU^dUcTU\W_RYUb^__R\YWQb_^Q`_c`_^Ub
²`QbQ]UZ_bUcTQc³\Q`b_iUSdQTQbURU\Y†^ )&#
<QQRc_\edQY^SQ`QSYTQTTUbUc`eUcdQTU\QC_SYUTQTTU\Q9WeQ\TQT
Q\W_\`UTUVeUbjQTU\W_RYUb^_VeUU\bUce\dQT_TYbUSd_TU\dY`_TU_b
WQ^YjQSY†^QcQ]R\UQbYQQT_`dQT_TUcTU]UTYQT_cTUQ…_ )&$ iTU\TYc
Sebc_`QSYVYcdQi\UWQ\YcdQTUcecTYbYWU^dUcaeUS_]_2Y\RQ_XQRQ^
Q^e^SYQT_Qcec]Y\YdQ^dUcaeU\Qc_SYUTQTcUQb]QbQ²TUV\_bUc³)&%<Q
S_^dbQTYSSY†^U^dbUU\d_^_fY_\U^d_TU\_cQbdSe\_cTUce`bU^cQi\_c
QSd_cTU\_cYWeQ\YdQbY_cUbQV\QWbQ^dU3eQ^T_U\W_RYUb^_TUSbUd†U\
5cdQT_TUCYdY_^Y^We^_TU\_cSeQdb_]Y\_SY^S_]Y\Qc_SYQT_caeU
2Y\RQ_XQRQQ^e^SYQT_bUc`_^TUbQ^S_]_e^c_\_X_]RbUcUXYj_
`bUcU^dUU^\QcSQ\\UcTUCQ^dYQW_ )&&<Q_`_cYSY†^^_QdY^†Q^QTQ+Q`U
^QcS_^SYRY†\QYTUQTUbUQ\YjQbU^U\SU^db_TU\QSYeTQTe^`QcU_TU
`b_dUcdQTU\QcTQ]QcaeUU^TQcQ^dUbY_bUcXQRQ^`U^cQT_S_^cdY
deYbcU U^ S\eR `_\dYS_ 1^dU \Qc Q]U^QjQc TU\ RQ^T_ S_^cUbfQT_b U\
`b_iUSd_VeUTUcUSXQT_)&' 
5\`_TUbTU\5cdQT_\Q_RUTYU^SYQiU\dU]_bdbQTYSY_^Q\Q\QQed_bY
TQTVeUb_^]vcVeUbdUcaeU\QY^_bWv^YSQf_SYVUbQ^dUUY^S_XUbU^dUC_
SYUTQTTU\Q9WeQ\TQT

)&#
?`SYd`vWc!(#!((
)&$
<Q_bWQ^YjQSY†^²SQbR_^QbYQ³TUWbe`_cTUfUY^dYSeQdb_X_]RbUcYTUQTQ`_b1b
S_cXQRQcYT_QRQ^T_^QTQTUcTUXQSQfQbY_c]UcUc<_cWbe`_cTURQcU`_TQ^Y^S_b`_
bQb]vc]Y\YdQ^dUc@Ub_\Q]Qi_bTURY\YTQT_bWv^YSQTU\QC_SYUTQTTU\Q9WeQ\TQTbUcYTQ
U^U\SQbvSdUbQcQ]R\UYcdQTUceUcdbeSdebQ<_cWbe`_cTURQcUaeU\_WbQb_^S_^cdYdeYbcU
VeUb_^`_aecY]_cQ\`QbUSUb^_]vcTUcUYccYU^T_\QQcQ]R\UQWU^UbQ\U\‹^YS_f^Se
\_TU\QY^]U^cQ]Qi_bQTU\_cYWeQ\YdQbY_cS_^cec_SYUTQTCYRYU^UcdQcQcQ]R\UQcQRYUb
dQcVQSY\YdQb_^\QY^S_b`_bQSY†^TUSU^dU^QbUcTU^eUf_c]Y\YdQ^dUcU^`_aecY]_c]UcUc
U\\Qj_U^dbU\QRQcUi\_cQSdYfYcdQcTU\^‹S\U_TYbYWU^dUVeUcYU]`bU]eiT}RY\5bQ`_b\_
dQ^d_SQcYY]`_cYR\UaeUU\S\eRYWeQ\YdQbY_S_^]U^_cTU_SX_]UcUcTUfYTQiUcSQcQ
S_^cYcdU^SYQYTU_\†WYSQ`eTYUbQQTQ`dQbcUQ\Qc^eUfQcS_^TYSY_^Ucic_RbUfYfYbU^\QS\Q^
TUcdY^YTQT
)&%
5^U\UTYd_bYQ\TU\`bY]Ub^‹]Ub_TU\1]YW_TU\@eUR\_cU`_TQ\UUb*²@b_S\Q]Q
]_cU^Q\dQf_j\QbUf_\eSY†^iQSU`dQ]_cU\dde\_TUbUf_\eSY_^QbY_c+`Ub_XQWQ]_cS_
^_SUbQ\Q^QSY†^U^dUbQaeU_TYQ]_c\QbUf_\eSY†^`_b\QfY_\U^SYQiaeU^eUcdb_‹^YS_
_RZUd_UcU\`b_WbUc_TU\QcYTUQcS_^QieTQTU\Q`b_`QWQ^TQUcSbYdQiXQR\QTQicYbfY}^
T_^_cTU]UTY_c`QSVYS_c³²5\1]YW_TU\@eUR\_Q\_cbU`eR\YSQ^_cU^3XY\U³5\1]YW_
TU\@eUR\_CQ^dYQW_!TUQRbY\TU!(% 
)&&
FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vWc"(!i"("
)&'
E^`UbY†TYS_W_RYUb^YcdQcUbUVUbQQ\QY^YSYQdYfQVU]U^Y^Q_`_cYd_bQTU\QcY
WeYU^dU]Q^UbQ*²@QbQUcdQdQbTUUcdv^U]`\QjQTQc\QccU…_bQcYWeQ\YdQbYQc`QbQ`QcUQbcU
U^\QQ\Q]UTQCYcev^Y]_Uc]_cdbQbQ\W_RYUb^_Sev^dQUcceS_^VYQ^jQi\QcUWebYTQT
aeU\UcY^c`YbQcUQ^\QcRYU^fU^YTQc@Ub_cYcev^Y]_UcTUcQVYQbQ\QQed_bYTQTTUc`bUcdY
WYQb\Qc]UTYTQcTUcUWebYTQTi_`_^UbVQ\TQcQ\UcdQT_TUcYdY_\Ucb_WQ]_caeUbUV\UhY_
^U^c_RbUceTUcQS_bTQT_U]`U…_C†\_\Qc]eZUbUcTU\Q8Q\\UU^\QbUf_\eSY†^VbQ^SUcQ
d_]Qb_^e^QQSdYdeTbUf_\eSY_^QbYQ+i^eUcdbQccU…_bQccUbUc`UdQ^XQcdQUfYdQb\Q`_cYRY\Y
TQTTUS_]`QbQSY_^UcTUcT_b_cQcCYXeRYUcUv^Y]_TUReb\QbQ\QQed_bYTQTU^Ucd_c`Q
cU_c^_c_db_c\UcbUS_]U^TQbU]_caeUU^\eWQbTUSQ…_^Uc`_^WQ^TUdbUSX_U^dbUSX_
\QcR_]RQcTUQ`QWQbY^SU^TY_cE^Q]eZUb]_ZQTQiSXe`QTQUcU^U]YW_fU^SYT_iTUc
Qb]QT_³<QDbYRe^QCQ^dYQW_(TU^_fYU]RbUTU!(% 

#%'
 @QbQU\W_RYUb^_VeUdQbUQVvSY\TUSQ`YdQbiTUc_bWQ^YjQbS_]`\UdQ
]U^dUQ\S\eRYWeQ\YdQbY_5^`_S_cTQce^QWbQ^`QbdUTUcec\TUbUci
\_c]vcS_^c`YSe_c]YU]Rb_cTU\Q_`_cYSY†^\YRUbQ\VeUb_^QbbUcdQT_c
5ecURY_<Y\\_:_c}JQ`Y_\Q5SXQWŽUU\QR_WQT_FY\\Qbb_U\\_cQbdUcQ^_c
>UbYi:_c}=QbQ<†`Uj=Q^eU\7eUbbUb_i_db_cVeUb_^TU`_bdQT_cQ\
cebTU\`Qc7bQSYQcQcecY^V\eU^SYQciQS_]`_^U^TQcS_^U\W_RYUb^_
2be^_<QbbQ^VeUbU\UWQT_Q3X_Q`Qi6UTUbYS_5bbvjebYjTUcdUbbQT_Q
<Y]QQ\YWeQ\aeU\_cZUVUc\YRUbQ\Uc:_c}1^d_^Y_1\U]`QbdUi:_c}FYSd_
bY^_<QcdQbbYQiU\YWeQ\YdQbY_CQ^dYQW_1bS_c)&(
E^`e…QT_TUVYWebQcYWeQ\YdQbYQci\YRUbQ\Uc°U^dbUU\\_c6bQ^SYcS_
2Y\RQ_=Q^eU\BUSQRQbbU^U\ZeUj@UTb_EWQbdU:_c}=YWeU\3QbbUbQ
XYZ_TU\`b†SUbTU\Q9^TU`U^TU^SYQi2U^ZQ]^FYSe…Q=QS[U^^Q°
\_Wb†UcSQ`QbQ\QcTUdU^SY_^UciU^\QS\Q^TUcdY^YTQTS_]U^j†Q`\Q^Y
VYSQbe^QbUc`eUcdQQ\W_\`UTUVeUbjQTU\QQed_bYTQT )&)
2Y\RQ_bUTQSd†U\!'TU^_fYU]RbUe^RbUfUR_\Ud^]Q^ecSbYd_5\
9WeQ\YdQbY_TUcdY^QT_QcUbTYcdbYReYT_U^dbUcecTUc_bWQ^YjQT_ciTUcS_^
SUbdQT_ccUWeYT_bUc5\dUhd_UbQe^ReU^bUV\UZ_TU\Uc`bYde]cdYS_U
Y^WU^e_TUceQed_bie^Q]eUcdbQTU\QTbQ]vdYSQY]`_dU^SYQTU\QTY
ceU\dQQc_SYQSY†^*

>eUcdbQC_SYUTQTXQcYT_`b_XYRYTQ
>eUcdbQC_SYUTQTbUfYfYbv
CU^_cXQ`b_XYRYT_bUe^Yb^_cQ\Q\ejTU\c_\*^_c
bUe^YbU]_cT_^TUaeYUbQaeUXQiQT_c_]vcS_bQj_^Uc
ReU^_c
5c`bUSYc_cQRUbc_`_bdQb\QcS_^dbQbYUTQTUc
5\`_bfU^Ybc†\_`UbdU^USUQ\_caeUdYU^U^\QVeUb
jQTU\QVUi\QVeUbjQTU\_cQSd_c
!¡3QTQc_SY_S_^cUbfUceRY\\UdU
"¡AeU^eUcdbQ`Q\QRbQSe^TQ`_bTURQZ_\QdYUbbQ
i\\UWQbvU\TQU^aeUcU\UfQ^dU
¥7eUbbQQ\TUc`_dYc]_¥7eUbbQY^SUcQ^dU¥AeU^_
fYfQdbQ^aeY\_
=_cdbQbU^d_T_]_]U^d_aeUc_]_cReU^_cSYe
TQTQ^_c
6bQ^SYcS_2Y\RQ_
3QTQc_SY_`b_SebU`QcQbcUiS_]e^YSQbcUUcdQc\
^UQc
I_ dbQRQZ_ cY^ SUcQb ?bWQ^YSU^ Wbe`_c TU S_^fUbcQ
SY†^)' 

)&(
FYSe…Q=QS[U^^Q²4YQbY_³_`SYd`vW!'&+8Ycd_bYQTU\QZ_b^QTQ_`SYd
`vWc"( i"(!i")&# '
)&)
FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vWc# 'icYWeYU^dUc
)'
3YdQT_`_bFYSe…Q=QS[U^^QU^8Ycd_bYQTU\QZ_b^QTQ_`SYd`vW# (<QcSeb
cYfQcc_^^eUcdbQc

#%(
 <QS_^cdYdeSY†^TUWbe`_cTU]UbQS_^fUbcQSY†^UbQ\Q‹^YSQS_^
cYW^QaeUU\`bY^SY`Q\TU\_c\TUbUcYWeQ\YdQbY_cQ‹^U^\YRUbdQTUcdQRQ
U^S_^TYSY_^UcTUTQbQcec]Y\YdQ^dUc1`UcQbTU\QcTUS\QbQSY_^UcdbYe^
VQ\YcdQcTUQ\We^_cTUcecTYbYWU^dUc )'!\QC_SYUTQTTU\Q9WeQ\TQTXQRQ
]eUbd_
5\bUTeSYT_Wbe`_TUTYbYWU^dUci]Y\YdQ^dUcYWeQ\YdQbY_caeUcYWeY†
QSdeQ^T_U^\QS\Q^TUcdY^YTQT^_XYj_cY^_cUbfYbTUQ`_i_Q\_c`\Q^Uc
S_^c`YbQdYf_ciW_\`YcdQcTU\_cSQeTY\\_c\YRUbQ\Uc4UcTUVY^UcTU!(% i
XQcdQU\TUcU^SQTU^Q]YU^d_TU\QWeUbbQSYfY\TU!(%!cUceSUTYUb_^\_c
S_]`\_dcidU^dQdYfQcTUTUbb_SQbQ\W_RYUb^_QdbQf}cTUe^W_\`UaeU
TURQ`QbdYbTUe^YTQTUcTU\UZ}bSYd_iTU\Q7eQbTYQ>QSY_^Q\@QbQU\\_
\_cZUVUcTU\Q_`_cYSY†^S_^dQRQ^S_^U\S_^Sebc_TU^e]Ub_c_cYWeQ\Y
dQbY_caeUcUbfQ^U^\QcVY\QcTUUcdU‹\dY]_SeUb`_Qb]QT_\_cSeQ\Uc
bUSYRYbQ^Q`_i_TU_db_cWbe`_cTU]Y\YdQ^dUc`bY^SY`Q\]U^dUQbdUcQ
^_c<Q_`_cYSY†^QSQbYSYQRQU\]Yd_TUe^QceR\UfQSY†^U^\QaeUcUU^
dbU]UjS\QRQ^U\`edcXi\QZ_b^QTQbUf_\eSY_^QbYQ²Q\Q`QbYcY^Q³ )'"
@Ub_\_cf^Se\_cTU\Q_`_cYSY†^S_^U\`eUR\_cUXQRQ^XUSX_Q‹^
]vcVbvWY\UcTUcTU\Q`b_S\Q]QSY†^TU\5cdQT_TUCYdY_<Q`QbdYSY`QSY†^
QbdUcQ^Q\U^\QcbUTUcS_^c`YbQdYfQcVeU]^Y]Q1`U^Qce^`e…QT_TU
QbdUcQ^_cYWeQ\YdQbY_ccUY^dUWb†QU\\QcU^dbU^_fYU]RbUTU!(% i\QZ_b
^QTQTU\" TUQRbY\TU!(%!<_c_`_cYd_bUcQc`YbQRQ^S_^dQbS_^U\c_c
d}^`_`e\QbiQ\We^_cTUcec]Y\YdQ^dUcS_]_4_]Y^W_CQ^dQ=QbQi
2U^ZQ]^FYSe…Q=QS[U^^Q]Q^defYUb_^S_^dQSd_S_^\_cdbQRQZQT_bUc
iQcUQTYVe^TYU^T_U^dbUU\\_cU\]U^cQZU\YRUbQ\°Uc`USYQ\]U^dUTUc`e}c
TU\\UfQ^dQ]YU^d_TU\UcdQT_TUUhSU`SY†^U^TYSYU]RbUTU!(% \_aeU
`Ub]YdY†\QbUQ`QbYSY†^TU\_c`UbY†TYS_cS\QecebQT_c°iQcUQ_bWQ^YjQ^
T_Q\We^Qc²`QbdYTQc³TYc`eUcdQcQQSdeQbU^U\]_]U^d_^USUcQbY_)'#CY^

)'!
E^]Q^ecSbYd_S\Q^TUcdY^_VUSXQT_U\!TUTYSYU]RbUTU!(% QVYb]QRQ*²5\W_
RYUb^_XQaeUbYT_TYc_\fUb\QC_SYUTQTTU\Q9WeQ\TQT<QC_SYUTQTTU\Q9WeQ\TQTUhYcdU
5\W_RYUb^_dU]YU^T_\QfUbTQTXQSUbbQT_^eUcdbQcY]`bU^dQcidU^U]_cTYQbY_c5\W_
RYUb^_XQbUT_R\QT_U\^‹]Ub_TUcecUc`Qci_VbUSUTY^Ub_`QbQaeU^_cTU\QdU^i`QcUQ
]_c`_b\QcSQ\\UcTU\QSQ`YdQ\KM<Qc`eUbdQcTU\bQ^SX_TU\Y^aeY\Y^_S_]_\Q]_TUc
dQSQcQTU\QbdUcQ^_Ucdv^QRYUbdQcQ\aeUXeiUTU\W_RYUb^_³1>12F=f_\#)@UbY†
TYS_caeUS_bbQ^]Q^ecSbYd_cTebQ^dUU\cYdY_V!" 
)'"
BU\Qd_cTUdQ\\QT_cTUUcU`Ub_T_TUS_]`\_dci_bWQ^YjQSY†^TU^‹S\U_cS\Q^TUc
dY^_cU^FYSe…Q=QS[U^^Q²4YQbY_³_`SYdU^B3X87>¡"CQ^dYQW_cUWe^T_dbY]Uc
dbUTU!)!!`vWc!%)!)&+>¡#CQ^dYQW_dUbSUbdbY]UcdbUTU!)!!`vWc$$)$'$>¡$
CQ^dYQW_SeQbd_dbY]UcdbUTU!)!!`vWc%(#%)#+8Ycd_bYQTU\QZ_b^QTQ_`SYd`vWc")%
$')
)'#
5\" TUTYSYU]RbUTU!(% FYSe…Q=QS[U^^QQ^_d†U^ce4YQbY_*²DbQRQZ}Y^SU
cQ^dU]U^dUU^`bU`QbQbU\v^Y]_TU\`eUR\_fYcYdQ^T_Q\_cQbdUcQ^_cU^cecdQ\\UbUci
XQR\v^T_\Ucc_RbU\Q^USUcYTQTTUbUQSSY_^QbS_^dbQU\dbYcdUUcdQT_TU_`bUcY†^U^aeU
^_cXQ\\Q]_ciTU\QcUc`UbQ^jQcaeUdU^Q]_cTUaeU\eSYUbQ^TQc]UZ_bUc@QbQXQSUb
]vcUVYSQj]YdQbUQ]UUSX}Q\_cR_\cY\\_c^_TY^Ub_aeUTUWbQTQQ\_RbUb_X_^bQT_i
`QdbY_dQcY^_SYU^^‹]Ub_cTU<Q2QbbQaeUYRQTUZQ^T_U^SQTQSeQbd_1\cQ\Yb\UcbUS_
]U^TQRQaeUcY_Q^Q\W‹^TQU\d_aeUTUWU^UbQ\QK`QbQcUbS_^f_SQT_cQ\Q7eQbTYQ

#%)
U]RQbW_U\^eUf_dY`_TUQSdYfYTQT°S\Q^TUcdY^QiS_^c`YbQdYfQ°i\QTUc
S_^VYQ^jQTU\_cTYbYWU^dUc_`_cYd_bUcbUc`USd_TU\²RQZ_`eUR\_³bUTe
SQ^TbvcdYSQ]U^dU\Qc`_cYRY\YTQTUcTU\_WbQbU\Q`_i_QSdYf_TU\_ccUS
d_bUc`_`e\QbUc
1]UTYQT_cTUU^Ub_TU!(%!6bQ^SYcS_2Y\RQ_=Q^eU\BUSQRQ
bbU^BQVQU\FYQ\>YS_\vcFY\\UWQciU\SQZYcdQTUY]`bU^dQCQ^d_cFQ\U^
jeU\Q`bUcU^dQb_^e^UcSbYd_Q\Y^dU^TU^dUTUCQ^dYQW_bUS\Q]Q^T_\_c
\YRb_ciU^cUbUcTU\S\eRYWeQ\YdQbY_DQ]RY}^Q^e^SYQRQ^\QbUQ`UbdebQ
Q`QbdYbTU\!TUVURbUb_TU\QcUcSeU\QcTU\Qc_SYUTQT*cUdbQdQRQTUbUUc
dbeSdebQbU\S\eRXQSYU^T_SQc__]Yc_TU\_cTUSbUd_caeU\_XQRQ^`b_
XYRYT_<QbUc`eUcdQTU\QQed_bYTQT`b_fY^SYQ\VeUU^}bWYSQ*\_cVYb]Q^
dUcTU\Q`UdYSY†^VeUb_^`eUcd_cQ^dU\QTYcie^dYfQTU`QWQbe^Q]e\dQ
`_bY^VbQSSY†^Q\QcTYc`_cYSY_^Uc\UWQ\Uc_cUbU^SQbSU\QT_c<_cYWeQ\Y
dQbY_cTURYUb_^Y^S\Y^QbcUiU\VbQSQc_`_bbU_bWQ^YjQb\UWQ\]U^dU\QC_
SYUTQTTU\Q9WeQ\TQTcU\\†TUVY^YdYfQ]U^dUcec`_cYRY\YTQTUcTUbU^QSY
]YU^d_)'$
<QSUbSQ^QTU\QU\USSY†^`bUcYTU^SYQ\i\QY^]Y^U^SYQTU\QSQ^TY
TQdebQ_VYSYQ\TU\S_^cUbfQT_b²Teb_³=Q^eU\=_^dd°\_aeUcYW^YVYSQRQ
cedbYe^V_SQcYcUWeb_TQTQc\QcSQbQSdUbcdYSQcTU\cYcdU]QU\USd_bQ\i\Qc
S_cde]RbUc`_\dYSQcTU\Q}`_SQ°^_XQSQ^cY^_QSbUSU^dQb\QTUcUc`U
bQ^jQTU\Q_`_cYSY†^)'%?\fYTQ^T__TUZQ^T_TU\QT_]eSX_c²`bY^SY
`Y_c³}cdQbU^e^SY†QceSQ^TYTQd_BQ]†^5bbvjebYj`QbQQ`_iQb\Q`_c
de\QSY†^`bUcYTU^SYQ\TU\WU^UbQ\:_c}=QbQTU\Q3bej\UfQ^dQTQTUcTU
VURbUb_`_b\_cY^dUbUcUcbUWY_^Q\UcTU3_^SU`SY†^)'& 1\XQSUb\_\Q_`_
cYSY†^TQRQ]eUcdbQcTUWbQ^TURY\YTQTi_`_bde^Yc]_`_\dYS_*¥4U\Q
3bej Ze^d_ Q ce d_ :_Qae^ @bYUd_ i ce `bY]_ =Q^eU\ 2e\^Uc XQRQ
S_^cdYdeYT_U^!(# U\UcdQT_]Qi_bTU\QS_Q\YcY†^S_^cUbfQT_bQaeU
Q`\Qcd†]Y\YdQb]U^dUQ\_c`Y`Y_\_c)''

>QSY_^Q\McUU^SUbbQcU^U^cecSQcQci^_QSeTYUcU^QcecSeQbdU\Uc³FYSe…Q=QS[U^^Q
²4YQbY_³U^B3X87>¡#CQ^dYQW_dUbSUbdbY]UcdbUTU!)!!`vW$&"
)'$
?`SYd`vW$&'+K5TYd_bYQ\M<QDbYRe^QCQ^dYQW_!%TUU^Ub_TU!(%!+2Qbb_c
1bQ^QE^TUSU^Y__`SYdd_]_99`vWc%#"i%##
)'%
<Q`b_S\Q]QSY†^TU\QSQ^TYTQdebQ_VYSYQ\cUS_^SbUd†`_SQccU]Q^QcTUc`e}cTU\
" TUQRbY\F}QcUU\V_\\Ud_3Q^TYTQd_Q\Q`bUcYTU^SYQTU3XY\U`QbQ!(%!4=Q^eU\=_^dd
1^dYWe_=Y^Ycdb_TU5cdQT_Y@bUcYTU^dUTU\QCe`bU]Q3_bdUTU:ecdYSYQCQ^dYQW_9]`bU^dQTU
:e\Y_2U\Y^Y3_]`Q…Q]Qi_TU!(%!
)'&
1>12F=f_\#%\UWQZ_)1RTYSQSY†^TUT_^BQ]†^5bbvjebejQ\Q@bUcY
TU^SYQTU\QBU`‹R\YSQQRbY\)TU!(%!V#&<QSQ^TYTQdebQTU\WU^UbQ\4U\Q3bejceb
WY†QS_]YU^j_cTUVURbUb_S_]_e^QUh`bUcY†^TU\bUWY_^Q\Yc]_Q^dY`U\eS†^TU\_c`U^
aeYcdQcQWbe`QT_cU^\QC_SYUTQT@QdbY†dYSQTU3_^SU`SY†^²@b_S\Q]QSY†^TU\QSQ^TYTQdebQ
3bej³<QDbYRe^QCQ^dYQW_!)TUU^Ub_TU!(%!F}QcUdQ]RY}^*FYSe…Q=QS[U^^Q8Yc
d_bYQTU\QZ_b^QTQ_`SYd`vWc#%%#&(+2Qbb_c1bQ^Q8Ycd_bYQTUe^TUSU^Y__`SYd
d_]_99`vWc%#%%%%
)''
5\Q`_i_Q4U\Q3bej`b_f_S†fYfQcTYcU^SY_^UcU^U\cU^_TU\Q_`_cYSY†^bU
QWbe`QTQU^d_^SUcU^U\\\Q]QT_@QbdYT_@b_WbUcYcdQaeUY^S\eQe^Q]Qi_bQTU\YRUbQ\Uc

#&
 <Q_`SY†^U\USd_bQ\TU\Q_`_cYSY†^\YRUbQ\cQ^dYQWeY^Q^_VeU_Rc
dvSe\_`QbQS_^dY^eQbU^\QfQTU\QS_^c`YbQSY†^DU]YU^T_\QTUS\QbQ
SY†^TUe^^eUf_5cdQT_TUCYdY_aeU\QQ^YaeY\QbQ`_bS_]`\Ud_ceS‹
`e\QTYbYWU^dUbUQWbe`QTQU^e^QdUbde\YQRQedYjQTQ3\eR<U`U\\UdYUb¥_dbQ
bU]U]_bQ^jQQ\Q6bQ^SYQbUf_\eSY_^QbYQTUSYTY†U^cecUcY†^TU\!&
TUQRbY\U\\UfQ^dQ]YU^d_Qb]QT_U^\QSQ`YdQ\ )'(
5\]_d^TU\" TUQRbY\TU!(%!)')`b_^dQ]U^dUQ`\QcdQT_`_b\Qc
VeUbjQcTU\W_RYUb^_iU^U\aeU`QbdYSY`Qb_^\_cc_\TQT_cTU\bUWY]YU^
d_FQ\TYfYQTYbYWYT_c`_bU\S_b_^U\EbbY_\Q]eUbd_U^\QQSSY†^U^
S__bTY^QSY†^S_^\_c\YRUbQ\UciQ\We^_cbUTeSYT_cWbe`_cTUYWeQ\YdQbY_c
Q\_caeUcUce]Qb_^Uc`_^dv^UQ]U^dUSYUbd_cU\U]U^d_c`_`e\QbUc)( 

]vcQ\We^_c\TUbUcYWeQ\YdQbY_c=Q^eU\i6bQ^SYcS_2Y\RQ_iQ\We^_cbU`bUcU^dQ^dUcTU\
WU^UbQ\4U\Q3bejY^S_b`_bQT_ce\dUbY_b]U^dU6Y^Q\]U^dUU\"$TU]Qbj_TU!(%!TUc
`e}cTUdbUccUcY_^UcTU\QZe^dQTYbUSdYfQTU\`QbdYT_S_^cQWbQTQcQTYcSedYbU\`e^d_`bU
fQ\USY†\Q_`Y^Y†^TU<QcdQbbYQ`QbdYTQbY_TU\QVecY†^TUd_T_c\_c_`_cYd_bUcS_^dbQU\
`QbUSUbTU@UTb_EWQbdUaeUUcdQRQ`_bU\Q`\QjQ]YU^d_QVY^TUY]`_^Ub\QXUWU]_^Q
TU\Q_`_cYSY†^TUCQ^dYQW_c_RbU3_^SU`SY†^FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ
_`SYd`vWc#&)#)#@Ub_Y^S\ec_TUc`e}cTUUcdUQSeUbT_5bbvjebYjcYWeY†cYU^T_S_^
cYTUbQT_S_]_e^QSQbdQTUdbYe^V_`_bQ\We^_ccUSd_bUcF}QcU5\e\dY]_QSU^d_TUe^SXY\U
^_CQ^dYQW_9]`bU^dQ3XY\U^QZe\Y_TU!(% 
)'(
?`SYd`vWc$$'$$)
)')
BU\Qd_cTU\\UfQ^dQ]YU^d_U^FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd
`vWc$( & '+4Q^YU\BYaeU\]U<QbUf_\eSY†^TU\" TUQRbY\TU!(%!CQ^dYQW_5TYd_bYQ\
1^Tb}c2U\\_!)&&F}QcUdQ]RY}^\QfUbcY†^iQ\We^Qc_`Y^Y_^UcTU\S_^cUbfQTebYc]_
U^*=_d^TUCQ^dYQW_CQ^dYQW_cY^`YUTUY]`bU^dQ"!TUQRbY\TU!(%!<QDbYRe^QX_ZQ
f_\Q^dUUTYdQTQ`_bU\`UbY†TYS_TU\]Yc]_^_]RbUCQ^dYQW_9]`bU^dQTU:e\Y_2U\Y^Y
3Q" TUQRbY\TU!(%!+²3_bbUc`_^TU^SYQ³²<QYWeQ\TQT\QVbQdUb^YTQTc_cdU^YTQcS_^
\QcQb]Qc*\QbUf_\eSY†^³²8USX_cTYfUbc_c³i²5\dU^YU^dU8ebdQT_³<QDbYRe^QCQ^dYQ
W_"!TUQRbY\TU!(%!+²5\†bTU^UcdvbUcdQR\USYT_³i²8USX_cTYfUbc_c³<QDbYRe^QCQ^
dYQW_""TUQRbY\TU!(%!+²9^dUbY_b@QbdUaeU`QcQQ\Ce`bU]_7_RYUb^_U\ZUVUTU\Q4Y
fYcY†^3_b_^U\T_^=Q^eU\7QbSQTU\__`UbQT_`_b\Qcdb_`QcTUce]Q^T_U\T_]Y^W_
" TUQRbY\³CQ^dYQW_QRbY\" TU!(%!²3_]Q^TQ^SYQ:U^UbQ\TUQb]Qc³K5TYd_bYQ\M
²=U^dYbQY^VQ]U³i²8USX_cfQbY_c³+<QDbYRe^QCQ^dYQW_"#TUQRbY\TU!(%!+²=_d^U^
CQ^dYQW_³<QDbYRe^QCQ^dYQW_%i&TU]Qi_TU!(%!+5\3QjQT_bCQ^dYQW_"""#"$"%
i"&TUQRbY\TU!(%!
)(
5^fc`UbQcTU\" TUQRbY\\Q:e^dQ3U^dbQ\TU\Q?`_cYSY†^_bTU^†Q\_cQbdUcQ
^_cBeTUcY^T_B_ZQci=Q^eU\<‹SQbUcaeUUbQcQbWU^d_TU\RQdQ\\†^>¡!TU\Q7eQbTYQ
>QSY_^Q\_bWQ^YjQbT_c`UaeU…_cWbe`_cTU_RbUb_caeUaeUTQb_^RQZ_U\]Q^T_TU
6bQ^SYcS_2Y\RQ_i=Q^eU\BUSQRQbbU^cUSe^TQT_c`_bU\QbdUcQ^_1]Rb_cY_<QbbUSXU
TQCUW‹^FYSe…Q=QS[U^^Q°QSdYf_S_]RQdYU^dUU^\QY^cebbUSSY†^°Q\Qc! TU\Q^_SXU
TU\!)TUQRbY\c†\__^SU`Ubc_^QcUcdQRQ^Q\S_bbYU^dUTU\\UfQ^dQ]YU^d_aeUcU`bU`QbQ
RQ`QbQU\TQcYWeYU^dU>Y^We^_TUU\\_cUbQ_RbUb__QbdUcQ^_5\" TUQRbY\c†\_XeR_
T_c`UaeU…_c^‹S\U_cTUYWeQ\YdQbY_caeUd_]Qb_^\QcQb]Qc5^U\`bY]Ub_TUU\\_c`QbdY
SY`Qb_^\_cdbQRQZQT_bUcBeTUcY^T_B_ZQc=Q^eU\<‹SQbUc@Qe\Y^_<†`Uj4_]Y^W_<Q
bb_cQcQbWU^d_TU\RQdQ\\†^>¡%:eQ^FQbWQcbU`QbdYT_bTUe^QdYU^TQTUjQ`Qd_cidQ\
fUje^`Qb]vcUcTUSYbcUYce_SX_`Ubc_^Qc6_b]QRQ^`QbdUTU\cUWe^T_Wbe`_QTU
]vcTU2Y\RQ_iBUSQRQbbU^1]Rb_cY_<QbbUSXUTQaeYU^UbQQ\]Yc]_dYU]`_cQbWU^d_
TUSfYS_ci_db_cT_c_dbUcdbQRQZQT_bUc1]R_c^‹S\U_cd_dQ\YjQRQ^Q`U^QcTYUj_aeY^
SU`Ubc_^QcFYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vWc$($$(&

#&!
VeUU\XYd_aeU]QbS†\QTUcdbeSSY†^TUVY^YdYfQTUd_TQ_`_cYSY†^UVYSQj
U^CQ^dYQW_<QcUc`UbQ^jQcTU`_cYdQTQc`_b\_c_`_cYd_bUcU^\_cc_\TQ
T_cSfYS_ccUfYUb_^VbecdbQTQc3_\_SQT_cU^\QTYcie^dYfQTU\QVYTU\YTQT
Q\QC_SYUTQTTU\Q9WeQ\TQT°T_^TU\_c\\Q]QRQceQ]_b°i\Q7eQbTYQ>Q
SY_^Q\°T_^TU\_c\\Q]QRQcedU]_b°\_c²SfYS_c³XQRbQ^_`dQT_`_b
UcdQ‹\dY]QS_^dbYReiU^T_Q\QTUbb_dQTU\]_d^`b_dQW_^YjQT_`_bcec
Q^dYWe_c\TUbUc)(!CUW‹^Q\We^_c`b_dQW_^YcdQc_dUcdYW_cTU\_cXUSX_c
\Q]QcQ`_`e\Qb^_cUce]†Q\Q\jQ]YU^d_FYSe…Q=QS[U^^Qc_cdYU^U
aeU\QQSdYdeTQce]YTQ`_b\QWU^UbQ\YTQTTU\_cU\U]U^d_c`_`e\QbUc
aeUTUQ]Re\QRQ^`_b\QcSQ\\UcVeUTUUcde`_b¤3†]_Uh`\YSQbdQ\QSdY
deT/CUW‹^U\]Yc]_`Ubc_^QZU`_baeU*

1\X_]RbUTUdQ\\UbVQ\dvRQ\U\QS_XUcY†^TU\QYTUQ
U\VeUW_TU\S_^fU^SY]YU^d_\QbQj†^TUcecQSbYVYSY_
`_baeU QaeU\\_c X_]RbUc aeU cU fUQ^ UdUb^Q]U^dU
ce`UTYdQT_c`_be^QS\QcUce`UbY_bi_\YWvbaeYSQ^_cU
TQRQ^SeU^dQTU\_cY^dUbUcUcQSei_^_]RbUUcQ]Yc]Q
S\QcUUh`\_dQT_bQ\Uc`UTQQX_bQcefYTQ@_bUcd_S_^
UhSU`SY†^ TU SY^SeU^dQ _ SYU^ X_]RbUc bUceU\d_c \Q
]Qi_b`QbdUZUVUcTUdQ\\Ub_Z†fU^UcQ`bU^TYSUcU\]Q
i_b^‹]Ub_cUbUcYcdQUfYTU^dU]U^dUQ^eUcdbQfYcdQQ
d_]Qb\QcQb]Qc)("

<_cQbdUcQ^_ccY]`QdYjQRQ^S_^\Q²bUf_\eSY†^³`Ub_^_]Q^YVUcdQ
RQ^f_\e^dQTTUcUWeYb\Q<Q²debRQ]e\dQ³U^SQ]RY_QaeU\\QaeUTUc
TU\_cQbbQRQ\UcXQRQcUWeYT_Q\_cY^cebbUSd_c²c†\_`UTQTY^Ub_+`Ub_
Q\]Yc]_dYU]`_`UTQVecY\Uc³)(#@Ub__db_cdUcdY]_^Y_cTYbUSd_cU^dbU
WQ^e^QfYcY†^RQcdQ^dUTYVUbU^dUQSUbSQTU\QQSdYdeT`_`e\QbE^_TU
U\\_c^_cTYSUaeU²Q\Qc)1=]vc_]U^_c\\UWQ2Y\RQ_S_^aeY^YU^d_cQ
cUYSYU^d_cX_]RbUcTU\`eUR\_S\QcU_RbUbQU^ce]Qi_b`QbdUQb]QT_c
TUUcS_`UdQce^_c_db_cTURQi_^UdQc`Q\_cUdSicUS_\_S†Q\QfQ^WeQb
TYQTU\Qdb_`QVbU^dUQ\X_c`dQ\TUCQ^:eQ^TU4Y_cKM)($
?db_`b_dQW_^YcdQTU\\UfQ^dQ]YU^d_U\ceRdU^YU^dU:_c}1^d_^Y_
7edY}bbUjaeU`U\U†Ze^d_QEbbY_\QSeU^dQaeU\Q]QbSXQTU\Qcdb_`Qc
ceR\UfQTQcTUcTU\Q@\QjQTU1b]QcXQcdQ\Q1\Q]UTQ`_bSQ\\U5cdQT_cU
TUcQbb_\\†²U^]UTY_TUe^U^decYQc]_aeUbQiQRQU^\Q\_SebQ³QWbU
WQ^T_aeUQ\\\UWQbQ\QQbdUbYQ`bY^SY`Q\TU\QSYeTQTQe^S_cdQT_TU\Q
YW\UcYQTUCQ^6bQ^SYcS_\_c]Y\YdQbUcY^cebbUSd_ccUU^S_^dbQRQ^²b_TUQ
T_c`_bd_TQc`QbdUcTUe^Y^]U^c_`eUR\_+dQ^d_aeUcYU^Uc_c]_]U^

)(!
BYaeU\]U_`SYd`vW%'
)("
FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vWc%!(i%!)
)(#
?`SYd`vW%!)
)($
1>12F=f_\#%4Qd_cc_RbUU\" TUQRbY\TU4_^1^ZU\FQcaeUjV"#'fdQ

#&"
d_cXeRY}bQ]_cdU^YT_Qb]Qci]e^YSY_^UccU`_TbQ^XQRUbQb]QT_dbUc
]Y\X_]RbUc`_b\_]U^_cdQ\UbQU\U^decYQc]_S_^aeU^_c`UTQ^Qb
]Qc`QbQQieTQb^_c³ )(%
E^dUcdY]_^Y_`QbUSYT_UcU\TUe^c_\TQT_TUSQjQT_bUcTU\_c
SeUb`_cSfYS_caeYU^QVYb]QaeU\Q]Qi_bQTU\_c]eUbd_cUbQWU^dUTU\
`eUR\_aeUQb]QT_cTU`YUTbQc`Q\_ciRQi_^UdQccUXQRQ^U^VbU^dQT_
Q\Qcdb_`QcTU\W_RYUb^_*²5^U\>¡"KRQdQ\\†^SfYS_McU`bUcU^dQb_^
]eSX_c]eSXQSX_cTU\QSQ\\UaeUY^S_^dY^U^dU]U^dUVeUb_^Qb]QT_c
KMi]eSX_cTUU\\_c]ebYUb_^³)(&
<Q]Qi_b`QbdUTU\_c`bYcY_^Ub_cdQ]RY}^`b_fU^Q^TU\²RQZ_`eU
R\_³CUW‹^U\RQ\Q^SUTU\ZUVUTU\QRbYWQTQTU`_\YSQTebQ^dU\QZ_b^Q
TQcUQ`bUXU^TYUb_^²]vcTUSYU^d_fUY^dUSYeTQTQ^_ciRQcdQ^dUQb]Q
]U^d_³i²]vcTUT_cSYU^d_cX_]RbUcTU\`eUR\_b_d_cTU\_caeU`Q
bUSQ^ XQRUb d_]QT_ `QbdU U^ U\ ]_d^ ]eSX_c TU U\\_c S_^ SeSXY
\\_c³)('
>_XQRbQcYT_`_bVQ\dQTUQ`_i_iU^decYQc]_`_`e\QbaeU\Qce
R\UfQSY†^VbQSQc†cY^_]vcRYU^`_bce]Q\Q`bU`QbQSY†^i`_bU\V}bbU_
S_^db_\TU\W_RYUb^_c_RbU\Q]Qi_bQTU\_cSeUb`_cQb]QT_cTU\5cdQ
T_@_bY^cdY^d_S_^fYSSY†^_cU^SY\\Q]U^dU`_bQ`b_fUSXQbe^Q_`_b
de^YTQTTUcQaeU_S_]_c_cdefYUb_^Q\We^_cS_^dU]`_bv^U_c )((\Q
]QcQdU^TQQQ`_iQbUcdUdY`_TU\UfQ^dQ]YU^d_cQe^SeQ^T_\Qc_\YTUj
TUceUc`bYdeS_]RQdYf_TUZQbQ]eSX_aeUTUcUQb )()5^bUQ\YTQT\Q²bU
f_\eSY†^³\YRUbQ\^_XQRQSQ\QT_X_^T_U^U\`eUR\_cQ^dYQWeY^_TUc
`UbdQ^T_c†\_e^QcY]`QdQUc`_^dv^UQ`Ub_^_e^VUbf_b]Y\YdQ^dU5\
]Yc]_SQbvSdUbU\YdYcdQTU\]_fY]YU^d_\QTUcS_^VYQ^jQTUcecTYbYWU^
dUcU^U\²RQZ_`eUR\_³]Q^dU^YT_Q\]QbWU^TU\Q`bU`QbQSY†^TU\]_
d^\UU^QZU^QRQU\Q`_i_TU\Q‹^YSQVeUbjQc_SYQ\SQ`QjTU`_^UbU^
ZQaeUQdbQf}cTU²\QSbdYSQTU\QcQb]Qc³Q\`_TUbS_^cUbfQT_b)) 

)(%
1>12F=f_\#%1`e^dUcTU\_cceSUc_cTU\" TUQRbY\U^aeUdef_`QbdU
T_^:_c}1^d_^Y_7edY}bbUjCQ^dYQW_Ze\Y_)TU!(&(VZc&(fdQi&)
)(&
1>12F=f_\#%4Qd_cc_RbU\QbUf_\eSY†^TU\" TUQRbY\TU!(%!3_^fUb
cQSY†^S_^e^c_\TQT_TUSQcQT_bUcTUSfYS_cQRbY\""TU!(%!V""
)('
1>1=9BUf_\eSY†^TU!(%!f_\"($`b_fY^SYQTUCQ^dYQW_?VYSY_TU\:UVUTU
\Q2bYWQTQTU@_\YSQQ\9^dU^TU^dUTUCQ^dYQW_CQ^dYQW_QRbY\"!TU!(%!cV
)((
@_bUZU]`\_1^WU\FvcaeUjcUW‹^U\SeQ\\_cU\U]U^d_c`_`e\QbUc²^_QcYcdU^Q
UcdQS\QcUTUUc`USdvSe\_ccY^_`QbQb_RQbiU^We\\Ybd_T_\_aeU`Y\\Q^³1>12F=f_\
#%4Qd_cc_RbUU\" TUQRbY\_`SYdV"#(fdQ
)()
5\]Yc]_FvcaeUjc_cdYU^UaeU²U\`eUR\_e^QfUj_i†\_c`bY]Ub_cdYb_cTUcQ`Q
bUSY†S_]_RQ^TQTQ³9RYT
))
<QcdQbbYQVeUQ‹^]vcvSYT_i`Ui_bQdYf_aeUFYSe…Q=QS[U^^QU^cefQ\_bQSY†^
TU\QQSdYdeT`_`e\QbTebQ^dU\QZ_b^QTQTU\" TUQRbY\3_]U^dQ^T_\_cceSUc_cQ^_d†
U^ce4YQbY_*²4UcTU\eUW_QTfUbdaeUQaeU\]_fY]YU^d_UcdQRQ]Q\TYbYWYT_aeU^_\\U
fQRQdbQjQcTUQSYUbd_iaeUU\`eUR\_^_QSeTQQ\d_aeUTUbURQd_^Y\U`bUcdQRQQ`_i_5\
`eUR\_S_^cUSeU^dU]U^dUQceY]RUSY\YTQTcUXQRQTYbYWYT_Q\_cSeQbdU\UcTUcecSeUb
`_ciTUQ\\UbQS_^TeSYT_Q<Q=_^UTQU^QehY\Y_TU\W_RYUb^_³CY^U]RQbW_QS_^dY
^eQSY†^U\YTU†\_W_\YRUbQ\bUS_^_SY†aeUXQSYQ\QcTYUjTU\Q]Q…Q^Q²e^Q]e\dYdeTTU

#&#
 <Q_`_cYSY†^ZeW†ce‹\dY]QSQbdQU\USd_bQ\ ))!
1VY^UcTUZe^Y_cUbUQ\YjQb_^\_cS_]YSY_c`QbQU\USd_bUcTU@bUcY
TU^dUTU\QBU`‹R\YSQ))"<_cSQ^TYTQd_cTU\W_RYUb^_fU^SYUb_^VvSY\
]U^dUU^CQ^dYQW_iU^\Q]Qi_bQTU\Qc`b_fY^SYQc5\dbYe^V_TU=Q^eU\
=_^ddUcdQRQQcUWebQT_))#<Q_`_cYSY†^Q\UW†VbQeTUi^e\YTQTTU\QSd_
U\USd_bQ\))$ 1`QbdYbTUUcU]_]U^d_\QQSSY†^TUcec`QbdYTQbY_ccUU^
]QbS†U^e^Q`Ubc`USdYfQS\QbQ]U^dUY^cebbUSSY_^Q\CecUc`UbQ^jQci
UcVeUbj_c cU S_^SU^dbQb_^ U^ 3_^SU`SY†^ i 3_aeY]R_ bUWY_^Uc
dbQTYSY_^Q\]U^dUS_^dUcdQdQbYQcQ\W_RYUb^_SU^dbQ\
5^3_^SU`SY†^bUcYTQU\WU^UbQ\4U\Q3bejaeYU^U^ceT_R\USQ
\YTQTTU9^dU^TU^dUTU\Q`b_fY^SYQiZUVUTU\UZ}bSYd_TU\cebcUXQRQ
S_^fUbdYT_U^e^`_bdQf_jTU\_cY^dUbUcUcbUWY_^Q\Uc5^3_aeY]R_UhYc
dQe^QbYSQS\QcU`b_`YUdQbYQTU]Y^Qc\UcY_^QTQ`_b\Q`_\dYSQQbQ^SU\Q
bYQTU\_cW_RYUb^_c`U\eS_^Uc\_aeUS_^dbYReQQbUV_bjQbe^`_TUb_c_
]_fY]YU^d__`_cYd_bS_]`eUcd_`_bYWeQ\YdQbY_ci\YRUbQ\Uc

< 1C C?3954145C 45 <1 9 7E1<414 45 @B?F9>391C

<QUh`UbYU^SYQYWeQ\YdQbYQUcTUSYb\QS_^cdYdeSY†^TUS\eRUc_c_SYUTQTUc
`_\dYSQcS_^VeUbdU`QbdYSY`QSY†^TUU\U]U^d_c`_`e\QbUcTebQ^dUU\RYU
^Y_!(% °!(%!cUbU`YdY†U^Q\We^Qc`b_fY^SYQc>_cUdbQd†°S_]_`bU
dU^TQU\RQ^T_S_^cUbfQT_b°TUcY]`\Uc²ceSebcQ\Uc³TU\QC_SYUTQTTU\Q
9WeQ\TQTcQ^dYQWeY^QS_\eTYTQcU^e^]Yc]_S_]`\_dS_^dbQU\5cdQT_i
U\_bTU^UcdQR\USYT_`Ub_\QcY]Y\YdeTTUcec`bY^SY`Y_c\Q`QbdYSY`QSY†^

SYeTQTQ^_cVbQdUb^YjQRQ^S_^\_cQ]_dY^QT_ci`QcQRQ^TUaeY^YU^d_c\_caeUXQRQ^d_
]QT_\QcQb]Qc³<QcdQbbYQ²4YQbY_³U^BUfYcdQ3XY\U^Q1…_9d_]_99>¡F999CQ^dYQ
W_!)!'`vWc#!&i#!'
))!
E^ReU^UZU^`\_TU\Q\YdUbQdebQ`_\dYSQ\YRUbQ\TUQaeU\\_c]UcUcUcU\V_\\Ud_TU
>YS_\vc@bQTU\4=Q^eU\=_^ddSQ^TYTQd_Q\Q@bUcYTU^SYQTU\QBU`‹R\YSQ`b_`eUcd_`_bU\]Y
^YcdUbY_TUQRbY\FQ\`QbQc_9]`bU^dQTU\3_]UbSY_]Qi_TU!(%!
))"
3_]_U^_SQcY_^UcQ^dUbY_bUc\QcU\USSY_^UcTYUb_^\eWQbQY^cYcdU^dUc\\Q]QT_c
TU\_cRQ^T_cU^`eW^QU^TYbUSSY†^TU\_cQbdUcQ^_ciWeQbTYQc^QSY_^Q\Uc`QbQS_^aeYc
dQbcecf_d_c1`QbdUTU^e]Ub_c_cQbdSe\_cTU`UbY†TYS_cSYbSe\Qb_^WbQ^SQ^dYTQTTU
`b_S\Q]QcRQZ_\QV_b]QTUY]`bUc_cceU\d_c<Q_`_cYSY†^`bYfQTQTUQ\We^_cTUcec†b
WQ^_cTU`bU^cQVeU`QbdYSe\Qb]U^dU`b_\VYSQU^UcdUdY`_TU\\Q]QT_cDQ^c†\_U^\Q
SQ`YdQ\U\]Yc]_TQTU\QU\USSY†^\_c_`_cYd_bUcTYVe^TYUb_^\QccYWeYU^dUc`b_S\Q]Qc*
1\_cQbdUcQ^_cX_^bQT_cCQ^dYQW_9]`bU^dQTU\@b_WbUc_"&TUZe^Y_TU!(%!+8Ub]Q^_c
TU\`eUR\_CQ^dYQW_9]`bU^dQTU\@b_WbUc_"&TUZe^Y_TU!(%!+<_cfUdUbQ^_cCQ^dYQW_
"&TUZe^Y_TU!(%!+1\`eUR\_CQ^dYQW_9]`bU^dQTU\@b_WbUc_"&TUZe^Y_TU!(%!
))#
DbYe^V_VY^Q\TU\QSQ^TYTQdebQ=_^ddCQ^dYQW_9]`bU^dQTU:e\Y_2U\Y^Y3QZe
^Y_"&TU!(%!
))$
=Q^YVYUcd_TU\@QbdYT_TU?`_cYSY†^Q\_c`eUR\_cTU\QBU`‹R\YSQc_RbU\Q^e\YTQTTUaeU
QT_\USU^\QcU\USSY_^UcXUSXQcU^\_cTQc"%i"&TUZe^Y_‹\dY]_CQ^dYQW_9]`bU^dQTU:e\Y_
2U\Y^i3QQW_cd_TU!(%!

#&$
U^U\\QcTUY]`_bdQ^dUcS_^dY^WU^dUcTUQbdUcQ^_ciWeQbTYQc^QSY_^Q\Uc
U\UcdY\_TUS_^f_SQd_bYQ`_`e\QbaeUTUcQbb_\\Qb_^iQe^U\^_]RbUUc
S_WYT_°C_SYUTQTTU\Q9WeQ\TQT°`_b\_]U^_cU^dbUcSQc_cCQ^6U\Y`U
<_c1^TUci3_`YQ`†`Ub]YdU^QcY]Y\Qb\QcQ\QUh`UbYU^SYQYWeQ\YdQbYQ
@Ub_QTYVUbU^SYQTU\QSQ`YdQ\T_^TU\QC_SYUTQTTU\Q9WeQ\TQT^_
\_Wb†`UcQbTU]Q^UbQcYW^YVYSQdYfQQ\Y^dUbY_bTU\Q7eQbTYQ>QSY_^Q\U^
`b_fY^SYQc\_cS\eRUcYWeQ\YdQbY_cU^S_^dbQb_^ce`bY^SY`Q\RQcUTUcecdU^
dQSY†^U^\_cSeUb`_cTUc_\TQT_cSfYS_c5cd_cS\eRUccUS_^cdYdeiUb_^
`_b\_WU^UbQ\S_]__bWQ^YjQSY_^UcS_]`eUcdQcSQcYUhS\ecYfQ]U^dU`_b
U\U]U^d_c`_`e\QbUccY^aeUcUY^dUWbQbQ^QU\\_c\Q]Qi_bQTU\_c`Ub
c_^QZUcTU\QU\YdU\YRUbQ\aeU`bUVYbYUb_^V_b]Qb_bWQ^YjQSY_^UccU`QbQ
TQc
<QC_SYUTQTTU\Q9WeQ\TQTTUCQ^6U\Y`UVeUVe^TQTQQ]UTYQT_cTU
cU`dYU]RbUTU!(% ))% `_bBQ]†^<QbQSQ`Ydv^TU\Q7eQbTYQ3fYSQTU
UcQSYeTQTQVY^TUQWbe`QbQ²\_]vcX_^bQT_TU\QS\QcU\QR_bY_cQ³))&
CY]e\dv^UQ]U^dUcebWY†\QC_SYUTQT1S_^SQWŽY^QS_]`eUcdQ`_b²\_c
`b_X_]RbUc_db_^S_c³TU\Q]Yc]Q\_SQ\YTQT ))'UcdQR\USY}^T_cUU^dbU
Q]R_cS\eRUcUcdbUSXQcbU\QSY_^UcTUS_\QR_bQSY†^U^ce\eSXQS_^dbQU\
`_TUbS_^cUbfQT_b
5^CQ^6U\Y`U\QY^]U^cQ]Qi_bQTU\Q`_R\QSY†^iTU\QcQed_bYTQ
TUc]e^YSY`Q\UcUbQ^`QbdYTQbYQcTU\Q_`_cYSY†^5\9^dU^TU^dU^_]RbQ
T_`_bU\W_RYUb^_cUU^S_^dbQRQ`_\dYSQ]U^dUQYc\QT_<Q`beURQTU
VeUbjQU^dbUQ]R_cRQ^T_cQ\SQ^j†ce]vhY]_TUcQbb_\\_TebQ^dU\Q`bY
]QfUbQTU!(% *QS_]YU^j_cTU_SdeRbUfQbY_ccQbWU^d_cTU\Q7eQbTYQ
>QSY_^Q\VeUb_^TQT_cTURQZQTURYT_Qce]Y\YdQ^SYQU^U\S\eRYWeQ\YdQ
bY_TU\]Yc]_]_T_aeUQ^dUc\_XQRQcYT_ce\TUbU\SQ`Ydv^BQ]†^
<QbQ1\YWeQ\aeUU^CQ^dYQW_\Qc]UTYTQcbU`bUcYfQcU^TebUSYUb_^U\
\U^WeQZU TU \Q _`_cYSY†^ cQ^VU\Y`U…Q \Q aeU Q dbQf}c TU\ `UbY†TYS_
YWeQ\YdQbY_5\1S_^SQWŽY^_QdYjQRQU\VeUW_TU\QbUfeU\dQ`_`e\QbS_^dbQ
U\Qed_bYdQbYc]_`U\eS†^))(
6eUU^UcUS_^dUhd_aeUe^Y^SYTU^dUaeUU^_dbQcSYbSe^cdQ^SYQc
XQRbQSQbUSYT_TUY]`_bdQ^SYQ`b_f_S†e^\UfQ^dQ]YU^d_TU\_cYWeQ\Y
dQbY_ciTU\S_^Ze^d_TU\Q_`_cYSY†^
5\$TU^_fYU]RbUU\Y^dU^TU^dUceRb_WQ^dU2\Qc=QbT_^UcTY_
_bTU^TUbUdYbQbe^QRQ^TUbQSXY\U^QS_\_SQTQU^\QU^dbQTQTU\QC_SYU
TQTTU\Q9WeQ\TQTU^\QaeUcU\UQ\QS_^cYW^QBUc`Ud_Q\Q\UiFQ\_bS_^dbQ

))%
²1‹\dY]QX_bQ¥8_^_bQ\_c1S_^SQWŽY^_c³5\1S_^SQWŽY^_CQ^6U\Y`U!(TUcU`
dYU]RbUTU!(% 
))&
²C_SYUTQTUc`_`e\QbUc³5\1S_^SQWŽY^_CQ^6U\Y`U"!TUcU`dYU]RbUTU!(% 
))'
9RYTF}QcUQTU]vcU\²1SdQTU\QC_SYUTQT1S_^SQWŽY^Q³iU\`b_iUSd_TUQSeUb
T_Q`b_RQT_`_b\QC_SYUTQTTU\Q9WeQ\TQTTUCQ^6U\Y`UY^cUbd_cU^UcdU]Yc]_QbdSe
\_5\²1SdQTU\QC_SYUTQT1S_^SQWŽY^Q³dQ]RY}^VeU`eR\YSQTQ`_b5\@b_WbUc_CQ^dYQW_
"$TUcU`dYU]RbUTU!(% 
))(
FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vWc"% "%#

#&%
\QQbRYdbQbYUTQT@_S_TUc`e}cUbQQbbUcdQT_BQ]†^<QbQQ\`bUcU^dQbcU
`QbQbUS\Q]QbS_^dbQ\Q]UTYTQTU\QQed_bYTQT5cdUXUSX_\\Uf†Q\_c
YWeQ\YdQbY_ci\YRUbQ\UcQTUcU^SQTU^QbU\Q]_dY^Q]YU^d_WU^UbQ\5\%TU
^_fYU]RbU<QbQVeU\YRUbQT_Ze^d_Q\_cTU]vc`bUc_c<Q9^dU^TU^SYQ
VeUQdQSQTQiU\9^dU^TU^dUbUce\d†XUbYT_iU^SQbSU\QT_<QbQVeU`b_
S\Q]QT_`_b\_cc_\TQT_c3_]Q^TQ^dUTU\RQdQ\\†^SfYS_TU\QSYeTQTi
3_]Q^TQ^dUU^Qb]QcTU\Q`b_fY^SYQE^SQRY\T_`bUcYTYT_`_bU\Q\SQ\
TUTUcYW^†e^v^Y]U]U^dUe^Q²:e^dQWeRUb^QdYfQ`b_fYcY_^Q\³²ceZU
dQQ\QQed_bYTQTce`bU]Q³UcTUSYbQ\@bUcYTU^dUTU\QBU`‹R\YSQ1\TQ
cYWeYU^dUU\`_TUb\_SQ\Y^cebbUSSY_^Q\U^fY†e^Q^_dQTUce]YcY†^Q\
:UVUTU5cdQT_`bUSYcQ^T_aeU\QbURU\Y†^cQ^VU\Y`U…QUbQc†\_S_^dbQU\
Y^dU^TU^dU=QbT_^Uc5\W_RYUb^_TU\WU^UbQ\2e\^Uc^UW†\QfQ\YTUjTU
\_cQbWe]U^d_cTU\_cceR\UfQT_ciU^fY†db_`QcaeUQ`\QcdQb_^\QbURU
\Y†^cYbfY}^T_cUTUU\\QS_]_`bUdUhd_`QbQTYc_\fUbQ\_cS\eRUcYWeQ\YdQ
bY_cTUCQ^6U\Y`UiCQ^dYQW_QSecQT_cTUV_b]Qb`QbdUTU\Q]Yc]QS_^c
`YbQSY†^)))
5^bUQ\YTQT\QC_SYUTQTTU\Q9WeQ\TQTTUCQ^6U\Y`UUbQe^Q_bWQ^Y
jQSY†^Qed†^_]QcY^^Y^W‹^\Qj_TUTU`U^TU^SYQTUceX_]†\_WQcQ^
dYQWeY^Q:_c}JQ`Y_\QU^ce_`‹cSe\_UcSbYd_S_^`_cdUbY_bYTQTQUcdQ
S_ie^debQ`_b\_dQ^d_cY^QVQ^Uc`_\dYS_cS_^dY^WU^dUc! ^UW†dUb
]Y^Q^dU]U^dUaeUU\S\eRYWeQ\YdQbY_TUCQ^dYQW_XeRYUcUUcdQT_²U^
S_]RY^QSY†^³S_^U\TUCQ^6U\Y`UiS_^d†aeU\_c]Y\YdQ^dUccQ^dYQWeY
^_ccUU^dUbQb_^TU\^QSY]YU^d_TU\Qc_SYUTQTcQ^VU\Y`U…QQdbQf}cTU\
1S_^SQWŽY^_†bWQ^_TU`bU^cQTUUcdQ‹\dY]Q! !5\]U^cQZUTUcQ\eT_TU
\QZe^dQTYbUSdYfQTU\QC_SYUTQTTU\Q9WeQ\TQTSQ`YdQ\Y^QQceX_]†\_WQTU
CQ^6U\Y`U`eR\YSQT_`_b\Q`bU^cQ_`_cYd_bQTU\QSQ`YdQ\ ! "^_VeUU^
fYQT_QceTUcdY^QdQbY_! #

)))
²@_b]U^_bUc³i²>eUf_c`_b]U^_bUc³5\@b_WbUc_CQ^dYQW_&TU^_fYU]RbUTU
!(% +K5TYd_bYQ\M²>_dYSYQcTU1S_^SQWeQ³i²1‹\dY]QX_bQ³5\1bQeSQ^_CQ^dYQW_'TU
^_fYU]RbUTU!(% +K5TYd_bYQ\Mi²1dU^SY†^1‹\dY]QX_bQ³<QDbYRe^QCQ^dYQW_&TU^_
fYU]RbUTU!(% +²9^dUbY_b³K5TYd_bYQ\Mi²1‹\dY]QX_bQ³<QDbYRe^QCQ^dYQW_'TU^_
fYU]RbUTU!(% +²¥¥FYfQ3XY\U³²3_bbUc`_^TU^SYQ³iK5TYd_bYQ\M<QDbYRe^QCQ^dYQW_(
TU^_fYU]RbUTU!(% +²>_dYSYQc‹\dY]QcTU1S_^SQWeQ³<QDbYRe^QCQ^dYQW_)TU^_fYU]
RbUTU!(% +²4_Se]U^d_c?VYSYQ\Uc4U`QbdQ]U^d_TU\9^dUbY_b³i3_bbUc`_^TU^SYQ³5\
1bQeSQ^_CQ^dYQW_)TU^_fYU]RbUTU!(% +=_d^U^CQ^6U\Y`UY5cdQT_TUCYdY_c\9]`bU^
dQTU:e\Y_2U\Y^i3Q!(% +FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vWc"%%
"&'i"'"")!
!
5^U\_SQc_TUcefYTQJQ`Y_\QQT_`d†`_cYSY_^UcQRYUbdQ]U^dUS_^cUbfQT_bQc
UcTUSYb\Qc]Yc]QcaeUXQRQS_]RQdYT_TebQ^dUceZefU^deT@Ub_^_cUTUcTYZ_QSUbSQ
TU\_aeUUcSbYRY†c_RbU\QC_SYUTQTTU\Q9WeQ\TQT5cd_XQSU]vcfQ\UTUb_cedUcdY]_^Y_
TUc`UZQ^T_\QcTeTQcaeU`eTYUbQ^cebWYbQSUbSQTUcefUbQSYTQT
! !
JQ`Y_\Q<QC_SYUTQT_`SYd`vWc$'i$(
! "
²<Q:e^dQ4YbUSdYfQTU\QC_SYUTQTTU\Q9WeQ\TQTU^CQ^dYQW_QcecXUb]Q^_cTU
\QC_SYUTQT1S_^SQWŽY^QYTU\Q9WeQ\TQTTUCQ^6U\Y`UTU1S_^SQWeQ³U^²C_SYUTQTTU\Q
9WeQ\TQT³5\@b_WbUc_CQ^dYQW_!TU_SdeRbUTU!(% 
! #
JQ`Y_\Q<QC_SYUTQT_`SYd`vW$(

#&&
 CYRYU^U\dUcdY]_^Y_TUFYSe…Q=QS[U^^Q`QbUSYUbQS_^dUcdQb\Qc
QVYb]QSY_^UcTUceQ^dYWe_SQ]QbQTQTUVY^YU^T_Q\S\eRcQ^VU\Y`U…_
S_]_²e^QceSebcQ\TU\QC_SYUTQTTU\Q9WeQ\TQTTUCQ^dYQW_³U^`QbdU
bU\QdYfYjQcec`b_`YQcQVYb]QSY_^UcQ\QVYb]QbaeU\QQWbe`QSY†^`b_fY^
SYQ^Q²_RbQRQY^TU`U^TYU^dU]U^dU³Qe^aeU²XQRQQT_`dQT_cec]Yc
]_cUcdQded_cTYfYcQci`b_`†cYd_c³ ! $<QS_^S\ecY†^TUFYSe…Q=QS[U^
^Q°Q\YWeQ\aeU\QcQSQTQU^d_^SUc`_bU\W_RYUb^_i\_cS_^cUbfQT_bUc°
Uc Ubb†^UQ Cec `b_`YQc Y^V_b]QSY_^Uc \_ TUc]YU^dU^* \Q `b_hY]YTQT
YTU_\†WYSQU^dbUQ]RQcc_SYUTQTUcUbQ]eiWbQ^TU+dQ\fUjXQcdQcU`_
TbQXQR\QbTUYTU^dYTQT`Ub_\QY^TU`U^TU^SYQ_bWv^YSQi`_\dYSQTU\Q
C_SYUTQTTU\Q9WeQ\TQTTUCQ^6U\Y`U^_`eUTUQ^eUcdb_ZeYSY_cUb`eUc
dQcUbYQ]U^dUU^TeTQ>_XQi^QTQaeU`beURUe^QbU\QSY†^TU²SU^db_³
i²ceSebcQ\³U^dbUQ]RQc_bWQ^YjQSY_^Uc ! %
<_]Yc]_`eUTUc_cdU^UbcUbUc`USd_Q_dbQcUh`UbYU^SYQc²YWeQ\YdQ
bYQc³TU`b_fY^SYQaeUQ^Q\YjQbU]_c]vcQTU\Q^dU ! &
6eUbQTU\U\U]U^d_iQ]U^SY_^QT_°S_^cdYdeSY†^TUe^Q_bWQ^YjQ
SY†^^UdQ]U^dU`_`e\QbTYcdY^dQTU\QV_b]QTQ`_b\QU\YdU\YRUbQ\°\QUh
`UbYU^SYQYWeQ\YdQbYQcQ^VU\Y`U…QcUTYcdY^WeY†TU\QcQ^dYQWeY^Q`_baeU
TebQ^dUcecS_bd_cT_c]UcUcTUUhYcdU^SYQ^_TUcQbb_\\†QSdYfYTQTUcTU
UTeSQSY†^`_`e\Qb>QSYTQS_^VY^Uc`ebQ]U^dU`_\dYS_c\QC_SYUTQTTU\Q
9WeQ\TQTTUCQ^6U\Y`UcUS_\_S†bv`YTQ]U^dUU^`_cYSY†^TUbe`debQS_^
U\_bTU^S_^cUbfQT_b5cdQbe`debQcUUh`bUc†TUTYcdY^dQc]Q^UbQcQ^dUc
TU\²]_d^³TU\%TU^_fYU]RbU<QaeU]vcbUSQ\SQRQ\Q`bU^cQQTYSdQQ\
W_RYUb^_UbQ\Q`b}TYSQTU²T_SdbY^QcceRfUbcYfQciQ^dYS_^cdYdeSY_^Q\Uc³

! $
FYSe…Q=QS[U^^Q8Ycd_bYQTU\QZ_b^QTQ_`SYd`vW"$)3ebcYfQcU^U\_bYWY
^Q\2Y\RQ_`_bce`QbdUQ\XQSUbU\RQ\Q^SUTU\QUh`UbYU^SYQYWeQ\YdQbYQc_cdef_aeU*²<Q
c_SYUTQTS_^dY^eQRQcecdbQRQZ_ciUhdU^TQTYQbYQ]U^dUceQSSY†^i`b_`QWQ^TQ<QbU
`‹R\YSQU]`UjQRQQcU^dYb\Qc`Q\`YdQSY_^UcTUCQ^dYQW_<QQc_SYQSY†^cUUhdU^TY†QFQ\
`QbQc_Q3_aeY]R_iQ1S_^SQWeQ³6bQ^SYcS_2Y\RQ_<QbUf_\eSY†^U^3XY\Ui\_c]U^cQZUc
TU\`b_cSbYd_<Y]Q9]`bU^dQTU\3_]UbSY_!(%#`vW&!3_]_`eUTUQ`bUSYQbcUce
V†b]e\QUcQ]RYWeQ*Q`QbdYbTUU\\Q^_Uc`_cYR\UTUTeSYbcYcUdbQdQRQTU\Q]Yc]Q_bWQ^Y
jQSY†^S_^bQ]YVYSQSY_^UcU^TYcdY^dQc`b_fY^SYQc_TU\QYTUQTUQc_SYQSY†^YWeQ\YdQbYQ
UhdU^TYTQQTYcdY^d_c`e^d_cTU\`QcQ`QbdYbTU\]_TU\_cQ^dYQWeY^_
! %
1e^QS_^S\ecY†^cY]Y\QbQ\Q^eUcdbQ\\UWQ\QQed_bQTUe^Q]_^_WbQVQc_RbU\Q
Uh`UbYU^SYQ`_\dYSQQS_^SQWŽY^QTUUc_cQ…_c;QbY^CSX]edjUbC<QbUf_\eSY†^TU!(%!
U^1S_^SQWeQdUcYc`QbQ_`dQbQ\WbQT_TU\YSU^SYQdebQU^XYcd_bYQCQ^dYQW_@_^dYVYSYQ
E^YfUbcYTQT3Qd†\YSQTU3XY\U9^cdYded_TU8Ycd_bYQ!)($`vW$)
! &
3bYcdYv^7Qj]ebYc_cdYU^U\_S_^dbQbY_QcUWebQ^T_aeU²U^3XY\U\QC_SYUTQT
TU\Q9WeQ\TQTdef_cUTUcQTU]vcTUCQ^dYQW_U^FQ\`QbQc_<_c1^TUcCQ^6U\Y`U<Q
CUbU^Qi`_cYR\U]U^dUDQ\SQ³7Qj]ebY5\²$(³SXY\U^__`SYd`vW! "1Sd_cUWeYT_
]QdYjQceQcUfUbQSY†^cU…Q\Q^T_aeU²Ucd_cWbe`_cVeUbQTU\^_]RbU`_S_dU^Q^TU\]_
TU\_Y^dU^dQT_U^CQ^dYQW_³iQWbUWQaeU²UbQ^SU^db_cTUQWYdQSY†^`_\dYSQS_^dbQU\
7_RYUb^_icecbU`bUcU^dQ^dUc\_aeUVeU`QbdYSe\Qb]U^dUS\Qb_U^U\SQc_TUCQ^6U\Y`U³
9RYT@Ub_]vcQTU\Q^dUfeU\fUQc_cdU^Ub\QYTUQTUe^QQc_SYQSY†^S_^cUTUc\_SQ\UcU^
TYcdY^d_c`e^d_cTU\`QcQ\`eR\YSQbe^]Q`QU^U\aeUcU]eUcdbQ\Q²BUTTU>‹S\U_cTU
\QC_SYUTQTTU\Q9WeQ\TQT!(% !(%!³?`SYd`vW! %

#&'
bUQ\YjQTQ`_bBQ]†^<QbQU^U\cU^_TUceQc_SYQSY†^`QbQaeUcec]Y\Y
dQ^dUcU^SQc_TU\YdYWY_^_bUSebbYUbQ^ZQ]vcQ\_cZeUSUc\UWQ\]U^dUUc
dQR\USYT_ciaeUU^\_`_cYR\UbUcYcdYUcU^Qcec†bTU^Uci]Q^TQd_c! '
5^\QfUSY^QSYeTQTTU<_c1^TUccUTUcQbb_\\†Q`QbdYbTU_SdeRbUTU
!(% e^]_fY]YU^d_`QbUSYT_Q\TUCQ^6U\Y`U`Ub_TU]U^_bUc`b_`_b
SY_^UcTURYT_Q\Q]Qi_bY^V\eU^SYQTU\_c`QbdYTQbY_cTU\b}WY]U^U^UcQ
SYeTQT5\"%TU_SdeRbUcUY^cdQ\Qb_^T_cQWbe`QSY_^Uc_`_cYd_bQc*\QC_
SYUTQT@QdbY†dYSQS_]`eUcdQTUSY^SeU^dQ`Ubc_^QcQS_]_TQTQci\QC_SYU
TQTTU\Q9WeQ\TQTY^dUWbQTQ`_be^SU^dU^QbTUU\U]U^d_c`_`e\QbUc! (
@QbQ\U\Q]U^dUU\]Yc]_Q…_!(% _QS_]YU^j_cTU!(%!UhYcdYUb_^
U^3_^SU`SY†^seR\UDQ\SQiFQ\`QbQc_²c_SYUTQTUc`_\dYSQcTU\Q]Yc
]Q^QdebQ\UjQaeU\QTU\QC_SYUTQTTU\Q´9WeQ\TQTµ³! ) aeUQe^aeUTUZQ
b_^`_SQcXeU\\QcTURYUb_^XQRUbQSdeQT_U^dUbbU^_V}bdY\QZejWQb`_b
\Q`QbdYSY`QSY†^aeU\_cQbdUcQ^_ci_db_cdbQRQZQT_bUcdefYUb_^TebQ^dU
\QWeUbbQSYfY\TU!(%!
<Q]vcY]`_bdQ^dUTU\Qcc_SYUTQTUc`_`e\QbUcTU`b_fY^SYQVeUcY^
TeTQ\QC_SYUTQTTU\Q9WeQ\TQTTU<QCUbU^QSbUQTQ`_b@UTb_@QR\_
=e…_jU^!(%!\QaeUZeW†e^Y]`_bdQ^dU`Q`U\U^U\\UfQ^dQ]YU^d_
_`_cYd_bU^U\>_bdUaeUTY_S_]YU^j_Q\QWeUbbQSYfY\

< 1 @1BD939@139É> @?@E<1B 5> <1 7E5BB1 39F9< 45 !(%!

4Uc`e}cTU\Q`\QcdQ]YU^d_TU\_c]_dY^UcTUCQ^6U\Y`U%Q\(TU^_fYU]
RbUTU!(% iTUCQ^dYQW_" TUQRbY\TU!(%!iTU\QTUcdbeSSY†^TU\Qc
c_SYUTQTUcTU\Q9WeQ\TQTTUUcQcSYeTQTUc\_cUcVeUbj_cTU\_c_`_cYd_bUc
cUS_^SU^dbQb_^U^U\^_bdU`b_fY^SYQTU3_aeY]R_iU^U\cebUc`U
SYQ\]U^dUU^\Qc`b_fY^SYQcTUDQ\SQi3_^SU`SY†^
5^<QCUbU^QSYeTQTSQRUSUbQTU\Q`b_fY^SYQTU3_aeY]R_`_S_
TUc`e}cTUS_^_SYT_c\_cceSUc_ccQ^dYQWeY^_cTU\" TUQRbY\cUS_^cdY
dei†U\%TU]Qi_e^S\eR_`_cYd_bRQedYjQT_C_SYUTQT@QdbY†dYSQTU<QCUbU
^QaeU`b_S\Q]†S_]_SQ^TYTQd_Q@bUcYTU^dUTU\QBU`‹R\YSQQ\WU^U
bQ\4U\Q3beji`b_dUcd†S_^dbQ\QcY^WUbU^SYQcWeRUb^Q]U^dQ\UcU^\Qc
U\USSY_^Uc! ! :e^d_Q\Qc`Ubc_^Q\YTQTUc\YRUbQ\Uc\_SQ\UcVYWebQRQ^U^
\QC_SYUTQT@QdbY†dYSQe^^‹S\U_TUQbdUcQ^_cU^SQRUjQT_c`_b@UTb_@Q
R\_=e…_jU^dbU\_caeUcUS_^dQRQ^\_cSQb`Y^dUb_c:_c}=QbQ3_fQbbe

! '
1>1=9BUf_\eSY†^TU!(%!f_\"($9^dU^TU^SYQTU1S_^SQWeQ2\Qc=Qb
T_^Uc3QbdQQ\ZeUj\UdbQT_TU\Q`b_fY^SYQCQ^6U\Y`U^_fYU]RbU%TU!(% cVZc
! (
²¥FYfQ\QE^Y†^TU1S_^SQWeQ³5\1S_^SQWŽY^_"(TU^_fYU]RbUTU!(% 5cdU
QbdSe\_dQ]RY}^Q`QbUSUU^5\@b_WbUc_CQ^dYQW_"TU^_fYU]RbUTU!(% 
! )
1>1=99^dU^TU^SYQTUCQ^dYQW_f_\"($9^dU^TU^SYQTUCQ^dYQW_CQ^
dYQW_!$TUQRbY\TU!(%!cVZc
! !
2U^ZQ]^FYSe…Q=QS[U^^Q8Ycd_bYQTU\_cTYUjQ…_cTU\QQT]Y^YcdbQSY†^=_^dd<U
fQ^dQ]YU^d_icYdY_TU<QCUbU^Q9]`bU^dQ3XY\U^QCQ^dYQW_!(&"!(&#f_\9`vWc#"#%

#&(
RYQciBQVQU\CQ\Y^QcU\cQcdbU=Q^eU\FYTQebbUie^XUbbUb_TUQ`U\\YT_
B_c1^dU\Q`Ubc`USdYfQTU\QcU\USSY_^Uc=e…_jd_]†\QY^YSYQdYfQTU
bUe^Ybe^Wbe`_TU]U^UcdbQ\Uc`QbQVe^TQbU\"TUZe^Y_\QC_SYUTQT@Q
dbY†dYSQTU1bdUcQ^_c\QaeU]ei`b_^d_SQ]RY†TU^_]RbUQT_`dQ^T_U\
TUC_SYUTQTTU\Q9WeQ\TQT! !!4UUcdQ]Q^UbQQ\YWeQ\aeUU^_dbQcSYeTQ
TUcTU`b_fY^SYQTebQ^dUU\RYU^Y_!(% !(%!\QcVeUbjQc_`_cYd_bQccU_b
WQ^YjQRQ^cU`QbQTQ]U^dUTUQSeUbT_QS\Qb_cSbYdUbY_cTUTYcdY^SY†^
c_SYQ\*\Qc`Ubc_^QcQS_]_TQTQcU^\QC_SYUTQT@QdbY†dYSQ\_c`_RbUcU^\Q
C_SYUTQTTU\Q9WeQ\TQT
5\S\eRYWeQ\YdQbY_cUbU^U^cUcUY^c`YbQRQU^\Q`QcQTQUh`UbYU^SYQ
TUceX_]†\_W_cQ^dYQWeY^_TYceU\d_U\Q…_Q^dUbY_b+QTU]vcTU\_cdbQ
RQZ_cU\USd_bQ\UccU`bU`QbQRQ^²`b_iUSd_cTU]UZ_bQ]_bQ\³U^dbU\_c
aeUcUTUcdQSQRQe^_TUcdY^QT_QbUe^YbV_^T_c`QbQUcdQR\USUbe^QUc
SeU\Q`QbQQbdUcQ^_ci`QbQc_S_bbUbQ\_cY]`UTYT_c`_bU^VUb]UTQTUc
TYVe^TYU^T_e^QYTUQ`bUSebc_bQTU\QcVedebQcc_SYUTQTUc]edeQ\YcdQc
5^dbUQ]RQcc_SYUTQTUccUUcdQR\USYUb_^\Qj_cTUS__`UbQSY†^`QbQ
Q`_iQb\QcSQ^TYTQdebQcTU\Q_`_cYSY†^U^\QcU\USSY_^UcTU\"%TUZe^Y_
1`UcQbTU\VbQeTU_VYSYQ\\Q_`_cYSY†^WQ^†\QcS_]YSY_cU^\Q`b_fY^SYQ
TU3_aeY]R_<_c`QbdYTQbY_cTU\W_RYUb^_UhQSUbRQT_c`bUcY_^Qb_^i
_RdefYUb_^aeUU\9^dU^TU^dUTYc_\fYUbQU\!!TUZe\Y_\QQc_SYQSY†^TYbY
WYTQ`_b@UTb_@QR\_=e…_j`_bS_^cYTUbQb\Qe^`U\YWb_`QbQU\_bTU^
UcdQR\USYT_ ! !"E^SU^dU^QbTUQbdUcQ^_cU^SQRUjQT_c`_b=e…_jbUc
`_^TYUb_^`eR\YSQ^T_U^\Q`bU^cQe^QXe]Y\TU`b_dUcdQU^\QaeUUh
`\YSQRQ^U\SQbvSdUbRU^}VYS_\UWQ\i^_S_^c`YbQdYf_TUce_bWQ^YjQSY†^
ibUSQ\SQRQ^ce_RUTYU^SYQQ\_c`_TUbUcS_^cdYdeYT_c*

>_c_db_cbUc`UdQ^T_S_]_cYU]`bUXU]_cbUc`U
dQT_\_cTUSbUd_cibUc_\eSY_^UcTU\cU…_b9^dU^TU^dUi
d_T_SeQ^d_U]Q^QTU\Q\Ui`b_dUcdQ]_cQ^dU\Q^QSY†^
iU\]e^T_aeUcYU]`bUcUbU]_cVYU\UcQ\QBU`‹R\YSQi
aeUQ‹^SeQ^T__Se`U]_ce^WbQT_Y^VUbY_bU^\QUc
SQ\Qc_SYQ\UcdQbU]_ccYU]`bUTYc`eUcd_cQQehY\YQb\Q
SQecQTU\_bTU^iTU\Q\YRUbdQT ! !#

5\]Yc]_TQTUU^aeUcU_bTU^†\QTYc_\eSY†^TU\S\eRYWeQ\YdQbY_
cUbU^U^cUTUcU]RQbSQRQU^U\fUSY^_`eUbd_TU3_aeY]R_e^QS_]`Q
…QTU\RQdQ\\†^TU\^UQIe^WQiTUcdY^QTQQ]Q^dU^UbQbQiQ\Q_`_cYSY†^
\_SQ\<Q7eQbTYQ3fYSQVeUTUcQb]QTQcUUhdbQZUb_^\Qc\\QfUcTU\_cVe
cY\Uci\Qdb_`QTU\Ie^WQiVeUQ\_ZQTQU^U\SU^db_TU\QSYeTQT@Ub_UcdQc

! !!
?`SYd`vWc#%#)
! !"
?`SYd`vWc#)$$+²<Q`b_dUcdQTU\!#³5\@_bfU^Yb<QCUbU^Q!)TUZe\Y_TU
!(%!
! !#
FYSe…Q=QS[U^^Q8Ycd_bYQTU\_cTYUjQ…_c_`SYd`vWc$$i$%

#&)
]UTYTQccUbUfU\Qb_^S_]`\UdQ]U^dUY^UVYSQSUc<QC_SYUTQTTU\Q9WeQ\
TQTQ`UcQbTU\Q`b_XYRYSY†^TU\9^dU^TU^dUiTU\QcTUS\QbQSY_^UcTU
QSQdQ]YU^d_TU\Q]UTYTQ`_b`QbdUTUcec]YU]Rb_ccUWeQVe^SY_^Q^
T_@UTb_@QR\_=e…_jbUe^QQcec^e]Ub_c_c`QbdYTQbY_c°aeUiQUbQ^
Q\bUTUT_bTUdbUcSYU^d_c°Q\QcQ\YTQTU\QSYeTQTU^U\SUbb_TU\Q3bej
T_^TU`b_^e^SYQRQU^SU^TYT_cTYcSebc_c ! !$FYSe…Q=QS[U^^QaeYU^
TUc`e}cTUce`QbdYSY`QSY†^U^\QZ_b^QTQcQ^dYQWeY^QTU\" TUQRbY\XQ
RQUcSQ`QT_Q<QCUbU^QZe^d_Q:_c}=YWeU\3QbbUbQiBYSQbT_BeYjVeU
e^ dUcdYW_ `bYfY\UWYQT_ TU UcdQc QcQ]R\UQc Ce Uh`bUcYfQ `\e]Q \Qc
TUcSbYRYbQQc*

I_ S_^dU]`\} e^Q dQbTU QaeU\\Q UcSU^Q U^dUbQ

]U^dU^eUfQiaeU`b_TeSQe^QY]`bUcY†^fYfQiTUcS_
^_SYTQ?QTUcTU\QTYcdQ^SYQ\Qf_jfYRbQ^dUTU\Z_fU^
dbYRe^_K=e…_jMaeYU^Q\UcdY\_TU2Y\RQ_SeiQcQbU^
WQcXQRQQT]YbQT_U^\_cS\eRcYWeQ\YdQbY_cTUCQ^dYQW_
Y^f_SQRQU^ceY^c`YbQSY†^\_c`bUSU`d_cUfQ^W}\YS_cU\
^_]RbUTU:UceSbYcd_ce`bU]_\YRUbdQT_bi\QcdU_bQc
TUYWeQ\TQTc_SYQ\aeU\QVY\_c_VQcQ^cY]_^YQ^QXQRQ
`eUcd_TU]_TQBUc`_^TQ^\UQSQTQ`QecQ\_cS\Q]_
bUc TU \Q ]eSXUTe]RbU ]YU^dbQc aeU TUcSU^TYU^T_
XQSYQ\QSYeTQTcUfUQ^Wbe`_cTUWU^TQb]UcaeUQdYc
RQRQ^\QbUe^Y†^S_^QSdYdeTSQcYbUc`Ude_cQ+iQ‹^]vc
QRQZ_U^\_cR_bTUcTUe^SQ^Q\aeUbYUWQ\_cZQbTY^Uc
TU\Q`_R\QSY†^cU_cdU^dQRQ^Wbe`_cTUWU^dY\UccU…_
bYdQccU^dQTQcQYb_cQ]U^dUU^\QfUbTUS_\Y^QQWeQbTQ^
T_ aeU TUcVY\QbQ U\ S_bdUZ_ `QbQ _VbUSUb\U S_b_^Qc i
Q`\Qec_c! !%

<Q\\UWQTQTUFYSe…Q=QS[U^^Q3QbbUbQiBeYjS_^Y^cdbeSSY_^Uc
`bUSYcQcTU\QTYbUSSY†^TU\Q_`_cYSY†^`QbQTUcU^SQTU^Qb\QY^cebbUS
SY†^V_bdQ\USY†Q\_c\YRUbQ\UccUbU^U^cUc1`UcQbTU\TUcQb]UTU\Q7eQb
TYQ3fYSQ°U^\QaeU`bUcdQRQ^cUbfYSY_^e]Ub_c_cQbdUcQ^_c°iTU\Q\U
ZQ]YU^d_TU\bUWY]YU^d_Ie^WQiTU\SU^db_TU\QSYeTQT`QbQUfYdQbce
S_^dQSd_S_^\Q`_R\QSY†^\QVeUbjQQb]QTQTU\W_RYUb^_S_]U^j†Q
TUcS_]`_^UbcUQSU\UbQTQ]U^dUQ^dU\Q`bUcY†^aeUUZUbSQ^c_RbUU\\Q
\_cTYcdY^d_ccUSd_bUcc_SYQ\UcaeUS_]`_^Q^U\RQ^T__`_cYd_b<_cYWeQ
\YdQbY_cVbQdUb^YjQRQ^S_^\_cc_\TQT_c\_cTYbYWU^dUc\YRUbQ\UcedY\YjQRQ^
cecS_^dQSd_c`Ubc_^Q\Uc`QbQWQ^QbQ\Q_VYSYQ\YTQTiQ\Qdb_`Q<Qc]eZU

! !$
?`SYd`vWc$)i% 
! !%
?`SYd`vW% 

#'
bUcdQ]RY}^S_\QR_bQRQ^U^\Q]Yc]QdQbUQ<QcTUcUbSY_^UcTUc_\TQT_c
UbQ^]QcYfQc*Q\WbYd_TU²¥FYfQ3bej³U^Wb_cQRQ^\QcVY\QcTU\Q_`_cY
SY†^IU^\QS\Q^TUcdY^YTQTU\3\eRBUf_\eSY_^QbY_Y^cdQ\QT_U\!(TUQW_c
d_RQZ_\QS_^TeSSY†^TU3QbbUbQiU^U\aeU`QbdYSY`QRQ^Ze^d_Q\_cbU
`bUcU^dQ^dUcTU\Q_`Y^Y†^\YRUbQ\\_cYWeQ\YdQbY_cbU`bUcU^dQT_c`_b@U
Tb_ @QR\_ =e…_j TYbYWQ U\ dbQRQZ_ TUcdY^QT_ Q `bU`QbQb \Q ceR\UfQ
SY†^! !&
1\Q`b_S\Q]QSY†^_VYSYQ\QVY^UcTUQW_cd_TU\dbYe^V_TU\SQ^TYTQd_
=Q^eU\=_^ddQ\Q`bUcYTU^SYQTU\QBU`‹R\YSQ ! !'\Q_`_cYSY†^bUc`_^
TY†Y]`\U]U^dQ^T_ceUcdbQdUWYQTUbURU\Y†^
5\3\eRBUf_\eSY_^QbY_cUbU^U^cUTYcSedY†\QdvSdYSQaeUTURQQT_`
dQbcU=e…_jQ`_iQT_`_b>YS_\vc=e^YjQWQ°U\²X_]RbU]vc`_`e\Qb
TU\QSYeTQT³cUW‹^FYSe…Q=QS[U^^Q°i`_b\_cTYbUSd_bUcTU`bU^cQ
CQ^d_c3QfQTQi>YS_\vcÂ\fQbUjTUVU^TY†\QdUcYcTU\²SQbvSdUbUhS\ecYfQ
]U^dU`_`e\QbTU\QY^cebbUSSY†^UZUSedv^T_cUU\QcQ\d_Q\SeQbdU\SfY
S_`_b\_cQVY\YQT_cTU\Q9WeQ\TQTQ\aeU\Qdb_`QfUdUbQ^QfU^TbQQ`bUc
dQbceQTXUcY†^c†\_SeQ^T_UcdefYUcUS_^ce]QT_³ ! !(5^SQ]RY_\_c
_VYSYQ\UcTUSQbbUbQUbQ^`QbdYTQbY_cTUcUbU\\_c]Yc]_caeYU^UcS_]U^
jQbQ^U\Q\jQ]YU^d_! !)
5\S_]Yd}]Y\YdQbU^SQbWQT_TUTYbYWYbU\\UfQ^dQ]YU^d_UbQ`_b\_
fYcd_e^_bWQ^Yc]_TUVbU^dU‹^YS__`_cYd_bU^U\aeUcUUh`bUcQRQ^TYcdY^
dQc†`dYSQcUY^dUbUcUc<QS_^dbQTYSSY†^c_RbU\QdvSdYSQQU]`\UQb_Se\
dQRQT_cS_^SU`SY_^Uc_`eUcdQcc_RbU\QS_^TeSSY†^TU\QWeUbbQSYfY\*
²WeUbbQ`_`e\Qb³_UZ}bSYd_`b_VUcY_^Q\
<QY^cebbUSSY†^aeUUcdQ\\†U^<QCUbU^QU\'TUcU`dYU]RbUTU!(%!
VeUU\`bY]UbQSd_]Y\YdQbTU\QWeUbbQSYfY\aeUcUUhdU^TY†bv`YTQ]U^dU
XQSYQ_dbQcbUWY_^UcTU\`Qc5^\Q`bvSdYSQcUdbQd†TUe^QbURU\Y†^UcU^
SYQ\]U^dU`_`e\Qb<_c]YU]Rb_cTU\QC_SYUTQTTU\Q9WeQ\TQTTYbYWYT_c
`_b=e…_j3_fQbbeRYQcCQ\Y^QcFYTQebbUiB_cQb]QT_cTU`e…Q\Uc
WQbb_dUcibUf†\fUbUccUd_]Qb_^U\SeQbdU\SfYS_Q\_cWbYd_cTU²¥FYfQ\Q
BU`‹R\YSQ³²¥FYfQ<Q9WeQ\TQT³\_aeUQSde†S_]_TUd_^Q^dU`QbQ\Q
Y^S_b`_bQSY†^TU\bUcd_TU\Q`_R\QSY†^ ! " *

6eUUcdUU\Y^cdQ^dU°SeU^dQFYSe…Q=QS[U^^Q°U^
aeU\QY^cebbUSSY†^cUXYj_WU^UbQ\U^d_T_U\`eUR\_
KM3_bbQ^`_bd_TQc\QcfUbUTQc\_cc_\TQT_cTU\Q
WeQbTYQ^QSY_^Q\\_cZ†fU^UcTU\_cS_\UWY_c^Y…_cfQW_c

! !&
?`SYd`vWc%!&!
! !'
²<Q`b_S\Q]QSY†^³i²@b_S\Q]QSY†^TU\cU…_b=_^dd`QbQ@bUcYTU^dUTU\QBU
`‹R\YSQ³5\=UbSebY_FQ\`QbQc_!TUcU`dYU]RbUTU!(%!
! !(
FYSe…Q=QS[U^^Q8Ycd_bYQTU\_cTYUjQ…_c_`SYdd_]_9`vW&!
! !)
9RYT
! "
?`SYd`vWc&''%

#'!
 TU\QSQ\\UfYUZ_cY^fv\YT_cWbe`_cTUSQ]`UcY^_cQSQ
RQ\\_]Y^Ub_caeUXQRQ^RQZQT_Q\Qfc`UbQQ\`QWQ
]U^d_TU\cvRQT_KM<_cQbbYUb_c]Yc]_ci\_cfU^TU
T_bUcTU\UWe]RbUcTUZQRQ^cecSQRQ\WQTebQciS_bbQ^
`_b\QcfUbUTQcXQSYU^T_c_^QbcecUc`eU\QciXQcdQ\_c
c_\TQT_cTU\QWeQb^YSY†^TU\Ie^WQicU]UdQ^Q\SeQb
dU\TUSfYS_ci`UTQ^e^VecY\cY^aeU\UcY]`_bdQbQ
]UTYbcUS_^cecSQ]QbQTQccYUcd_c^_XQRQ^TUUcdQb
UcUTQU^\QcVY\QcTU\`eUR\_! "!

4U\Q\jQ]YU^d_cUbU^U^cUcebWY†e^_bWQ^Yc]_TU`_TUbTU^_]Y
^QT_3_^cUZ_TU\@eUR\_aeUTUcYW^†9^dU^TU^dUQ:_c}=YWeU\3QbbUbQ
<QQed_bYTQTY^cebbUSSY_^Q\_bWQ^Yj†]Y\YSYQcS_]`eUcdQcTUdbUcSYU^d_c
SfYS_ciT_cSYU^d_c]Y^Ub_caeUS_^cdYdeiUb_^\QRQcUTU\5Z}bSYd_BUcdQe
bQT_b@UTb_@QR\_=e…_jVeUTUcYW^QT_S_]Q^TQ^dUTU\RQdQ\\†^9WeQ\
TQTS_]`eUcd_]Qi_bYdQbYQ]U^dU`_b_RbUb_ciQbdUcQ^_cTU\Qc_SYUTQT
TU\]Yc]_^_]RbU5\UZ}bSYd_bUf_\eSY_^QbY_V_b]†RQdQ\\_^UcTUf_\e^
dQbY_cS_^\_cdbQRQZQT_bUcTU\QcVe^TYSY_^UcTU<Q]RUbdiTU7eQiQSv^
@_cdUbY_b]U^dUcUS_^cdYdeiUb_^]Y\YSYQcS_^\_c]Y^Ub_cTU\QbUWY†^
5^?fQ\\U6bUYbY^Q8eQcS_2QZ_i_db_c`e^d_c\Q`_R\QSY†^cU`\UW†TU
]Q^UbQU^decYQcdQQ\QbURU\Y†^>__SebbY†\_]Yc]_U^FQ\\U^QbT_^
TUQVY^UcTUcU`dYU]RbU\QS_Q\YSY†^TU\_cW_RYUb^YcdQcS_^\_cUhY\YQT_c
QbWU^dY^_c\_Wb†TUdU^UbU\]_fY]YU^d_ ! ""
1\Y^dUbY_bTU\VbU^dU‹^YS__`_cYd_bTU\^_bdUS_UhYcdQ^T_cS_
bbYU^dUc*\QaeUV_b]QRQ^\_ccUSd_bUc`_`e\QbUcZe^d_QU\U]U^d_cQbYc
d†SbQdQciRebWeUcUc]vcbQTYSQ\UcS_]_U\SQeTY\\_]Y\YdQb:_c}=YWeU\
3QbbUbQiU\`_\dYS_>YS_\vc=e^YjQWQi\QTU\QU\YdU]_TUbQTQ_Y^
S\ec_VbQ^SQ]U^dUS_^cUbfQT_bQS_]_U\S_b_^U\:ecd_1bdUQWQbU`bU
cU^dQ^dUTU\WU^UbQ\4U\Q3bej<QcS_^dbQTYSSY_^UcU^dbUQ]RQcfUb
dYU^dUc^_c†\_cU]Q^YVUcdQb_^U^\Q]Q^UbQTUS_^TeSYb\QWeUbbQ+dQ]
RY}^U^bU\QSY†^S_^\Qc]UTYTQc`_\dYSQciUS_^†]YSQcaeUcU`\Q^dUQ
RQ^Q\QbUf_\eSY†^=YU^dbQcaeU\_c`bY]Ub_cUbQ^`QbdYTQbY_cTUbUQ\Y
jQbe^QcUbYUTUUh`b_`YQSY_^Uc+\_ccUWe^T_cS_^1bdUQWQQ\QSQRUjQ
cU_`_^Q^TUSYTYTQ]U^dUQU\\Qc
5\`_TUbbUf_\eSY_^QbY_TU<QCUbU^Q\_Wb†]Q^dU^UbcUXQcdQU\!'
TUTYSYU]RbUceSe]RYU^T_TUc`e}cTU]vcTUT_c]UcUcTUU^SQb^YjQ
TQbUcYcdU^SYQQ\QfQ^SUTU\QcVeUbjQcWeRUb^Q]U^dQ\Uc]vc^e]Ub_cQc
i]UZ_bQb]QTQc<QS_]`_cYSY†^TU\Qcdb_`QcaeU`b_dQW_^YjQb_^U\‹\
dY]_QSd_TU\QbUf_\eSY†^cUbU^U^cUUcTU]_cdbQdYfQTU\fQcd_Q`_i_`_
`e\QbaeU\QY^cebbUSSY†^S_^SYd†U^\QbUWY†^*\_ccUYcSYU^d_cTUVU^c_bUc

! "!
?`SYd`vWc'%i'&
! ""
?`SYd`vWc( !'%+²3_`YQ`†³5\=UbSebY_FQ\`QbQc_)TU_SdeRbUTU!(%!

#'"
TU\QSYeTQTUbQ^SYU^Y^TY_cSXQ^W_cdbUcSYU^d_cc_\TQT_cSfYS_cU^ce
]Qi_bQQbdUcQ^_ciT_cSYU^d_c]Y^Ub_cceR\UfQT_cU^U\]YbQT_bTU
2bY\\QT_b! "#
5\]_fY]YU^d_TU<QCUbU^QUcdef_VeUbdU]U^dU]QbSQT_`_b\Q
YTU_\_WQTU]_SbvdYSQUYWeQ\YdQbYcdQTU\QC_SYUTQTTU\Q9WeQ\TQTbUV\UZQ
TQU^cecc]R_\_c*\Q]_^UTQQSe…QTQ`_bdQRQQTU]vcTU\Q]U^SY†^
¥FYfQU\7U^UbQ\3bejU\\U]QTU\QbUf_\eSY†^VbQ^SUcQ*<YRUbdQT6bQdUb^Y
TQT9WeQ\TQT5\XY]^_TUceUZ}bSYd_S_^_SYT_S_]‹^]U^dUS_]_<Q
3_aeY]RQ^Q`b_S\Q]QRQ\_c]Yc]_cfQ\_bUc*

9^SbecdQTU^U\Q\]QU\`bY^SY`Y_
4U\QcQ^dQVbQdUb^QYWeQ\TQT+
4U\Q`QdbYQU^\QcQbQcTYfY^Qc
¥4U\_c\YRbUcU\XY]^_U^d_^QT

3QbQ`QdbYQ\QQdb_jdYbQ^Q
CecQ^WbYU^d_`U^T†^U\Uf†
IdecW\_bYQcdec\UiUcTYfY^Qc
3_^TUc`bUSY_VUb_jY^ce\d†+

=QcdeWbYd_TUbQRYQifU^WQ^jQ
IQ3_aeY]R_UcSeSX†S_^QbT_b
IU^decXYZ_ce^]eb_dU_VbUSU
4U\UQ\dQT`QdbY_dYc]_ifQ\_b ! "$

=vcQ\^_bdUU^\Q`b_fY^SYQTU1dQSQ]Q\QbURU\Y†^aeUS_]U^j†
U^_SdeRbUdQ]RY}^Qce]Y†\QV_b]QTUe^fQcd_]_fY]YU^d_`_`e\Qb
<_c]Y^Ub_cTU3XQ…QbSY\\_d_]Qb_^U\S_^db_\TU\]Y^UbQ\i\_c_RbUb_c
TU\VUbb_SQbbY\U^S_^cdbeSSY†^TU3Q\TUbQQ3_`YQ`†TUcU^SQTU^Qb_^
e^QXeU\WQU^Q`_i_Q\QY^cebbUSSY†^icUQ`_TUbQb_^TU\VUbb_SQbbY\
Y]`YTYU^T_U\dbQc\QT_TU\Qcdb_`QcW_RYUb^YcdQc5\"&TUTYSYU]RbUUcdQ
\\†U^3_`YQ`†e^]_d^Q^e^SYQT_`_b\QVQ^VQbbYQTU\_c]‹cYS_cTUe^
RQdQ\\†^aeUcUQ`_TUb†TU\Qb]Q]U^d_\YRUb†Q\_c`bUc_ci\UcU^dbUW†
Qb]Qc5\Q\jQ]YU^d_VeUcUSe^TQT_`_b_db_cc_\TQT_ci`_be^Wbe`_TU
SeQbU^dQ_SY^SeU^dQdbQRQZQT_bUcQb]QT_caeUcUXQRQ^S_^SU^dbQT_U^
\QSQcQTUe^SYWQbbUb_TUQ`U\\YT_1j_\Q ! "%
5\`_TUbcebWYT_TU\QY^cebbUSSY†^S_`YQ`Y^QcUQ`_i†U^U\5Z}bSY
d_TU\_c<YRbUcV_b]QT_Q\SQ\_bTU\QbURU\Y†^^_]Rb†e^^eUf_9^dU^

! "#
FYSe…Q=QS[U^^Q8Ycd_bYQTU\_cTYUjQ…_c_`SYdd_]_99`QccY]F}QcUQTU
]vcBedX9debbYQWQ:<Q3_]e^QiU\cYdY_TU<QCUbU^QU^!(%!CQ^dYQW_5TYd_bYQ\AeY]Q^
d‹!)'#
! "$
FYSe…Q=QS[U^^Q8Ycd_bYQTU\_cTYUjQ…_c_`SYdd_]_9`vW! '
! "%
²5\"&TUTYSYU]RbU³5\3_`YQ`Y^_3_`YQ`†!#TUU^Ub_TU!(%"

#'#
TU^dU2Ub^QbTY^_FQbQ_^QUhYWY†S_^dbYReSY_^UcV_bj_cQcQ\_cbYS_c
`b_`YUdQbY_cTU\Qj_^Q_R\YW†Q\_cS_]UbSYQ^dUcQQRbYbcec^UW_SY_c
Qce]Y†\QQT]Y^YcdbQSY†^TU\VUbb_SQbbY\iUTYd†5\4YQbY_TU\_c<YRbUc! "& 
<Q²BUf_\eSY†^TU\_c<YRbUc³\_Wb†bUcYcdYbXQcdQU\(TUU^Ub_TU
!(%"VUSXQTUceTUbb_dQU^\QRQdQ\\QTU<Y^TUb_cTUc`e}caeU\QY^ce
bbUSSY†^SbeSYcdQXQRQVbQSQcQT_U^U\ceb1`UcQbTUceS_bdQTebQSY†^
U\]_fY]YU^d_ceRfUbcYf_QdQSQ]U…_TUVY^UcTU!(%!iS_]YU^j_cTU
!(%"def_e^Q`b_Ve^TYTQTifQ\_bcY]R†\YS_dQ\fUj]Qi_baeUU\TU_dbQc
j_^QcTU\`Qc5\SQbvSdUbTU²WeUbbQc_SYQ\³WU^UbQ\YjQTQaeU\UY]`e
cYUb_^\_ccUSd_bUc`_`e\QbUc^_UcSQ`†Q\QcQed_bYTQTUc\_SQ\UcaeU
TU^e^SYQRQ^S_^Q\Qb]Q²\_c]_dY^UcTUb_d_caeU^_cU`b_`_^U^cY^_
U\cQaeU_TU\fUSY^TQbY_i\Q]eUbdUTU\_caeUdYU^U^]vcV_bde^Q³Qc
S_]_\Qc²TYQbYQcY^dU^d_^QcTUbUf_\eSY_^UcTUb_d_c³ ! "'U^\QcaeU`Qb
dYSY`QRQ^WbQ^TUc]QcQcTUTUc`_cUT_c! "(
<Q`UbSU`SY†^TU\`U\YWb_`_b`QbdUTU\QU\YdUcUbUV\UZQRQRYU^U^\Q
TUcSbY`SY†^TU\Q\jQ]YU^d_TU]Y^Ub_ci`U_^UcTU3XQ…QbSY\\_TU\"&i
"'TU_SdeRbUiTUcecbU`UbSecY_^UcU^\QbUWY†^aeU:eQ^CUWe^T_6_^
dQ^Ub_c9^dU^TU^dUTU\Q`b_fY^SYQdbQjQRQ`QbQU\=Y^Ycdb_TU\9^dUbY_b*

1\QcdbUcTU\Q]Q…Q^QTU\"'KTU_SdeRbUM\\UW†Q
\Q9^dU^TU^SYQe^Uh`bUc_S_]e^YSv^T_]UaeU\_c]Y
^Ub_cib_d_cTU3XQ…QbSY\\_cUXQRQ^Q`_TUbQT_TU\
SeQbdU\iQ`bUcQT_\QWeQb^YSY†^iaeUQ\_cWbYd_cTU
FYfQ3bejcQaeUQRQ^U\S_]UbSY_iUcdQR\USY]YU^d_TU
:eQ^7_T_i
KMCUW‹^\_cY^V_b]UcTU\ZUVUTU\QVeUbjQaeU
]Q^T}S_^dbQ\_cRQ^TYT_cicUW‹^d_TQc\Qc^_dYSYQcaeU
cUXQ^bUS_WYT_ZQ]vcXQceVbYT_^Y^We^Q`_R\QSY†^TU
3XY\Ue^cQaeU_]vcS_]`\Ud_]vc`b_Ve^T_<_c\QTb_
^UcU^^‹]Ub_TU]Y\`_b\_]U^_cTUc`UTQjQb_^i
QbbeY^Qb_^SeQ^d_^_`eTYUb_^UcS_^TUb_\\UfQbcUS_^
cYW_+cY^_\\UWQdQ^`b_^d_U\QehY\Y_XQRbQ^cYT_Y^SU^
TYQT_c\_cUTYVYSY_cTU\`eUR\_iTU\Qc]Y^QcSei_QSdeQ\
RU^UVYSY__VbUSQ^SUR_QQaeU\\QcRQ^TQcTUcQ\fQZUc
4UcWbQSYQTQ]U^dU^_`eT_\QTYfYcY†^SQcdYWQbS_^
\QcUfUbYTQTaeUd_T_cTUcUvRQ]_cUcdUSbY]U^@_baeU
\_cRQ^TYT_cQcaeUTYfYcQb_^\Qc`_\fQbUTQc\UZQ^QcTU
\_cSQbbeQZUciTUSQRQ\\UbQcUUcS_^TYUb_^U^\Qc]Y\

! "&
FYdQ\U_`SYdd_]_999`vWc"#$"#&
! "'
1>1=9BUf_\eSY†^TU!(%!f_\"($3QbdQTU:eQ^CUWe^T_6_^dQ^Ub_cQ\
=Y^Ycdb_TU\9^dUbY_b3_`YQ`†"TU^_fYU]RbUTU!(%!VZc)&))
! "(
<QcQed_bYTQTUcSQ\Se\QRQ^aeUU^\QbURU\Y†^icQaeU_TU3XQ…QbSY\\__SebbYTQ
QVY^UcTU_SdeRbUTU!(% `QbdYSY`Qb_^`_b\_]U^_c]Y\`Ubc_^QcTU\QcSeQ\UcSYU^d_
dbUY^dQicUYcVeUb_^TUdU^YTQc9RYT

#'$
 WeQbYTQcaeU_VbUSU3XQ…QbSY\\_i\_caeU`_bQ\\aeU
TQRQ^Q`QbUSQ^Xe]Y\TUcibU^TYT_c_U]RbYQWQT_c
E^_c_\_aeUcUQdbUfY†Q\QbUcYcdU^SYQaeUT†U^U\cY
dY_FQbY_caeUcUY^c_\U^dQb_^_aeUXeiUb_^Q\_b\Q
f_jTUbU^TYbcUVeUb_^XUbYT_c
BUcdQR\USYT_U\_bTU^d_T_c\_cY^TYfYTe_cTU\Q
TYfYcY†^cU_Se`Qb_^TUbUS_WUb\_cUVUSd_ci]UbSQTU
bQcaeU\_c\QTb_^UcdU^Q^UcS_^TYTQcU^\Q`_R\QSY†^
i\Qc]Y^Qc@Ub_Qe^aeUUc]eSX_\_aeUcU\UcXQaeY
dQT_cefQ\_bUVUSdYf_Uc^QTQ`_bU\]Q\dbQd_ibeY^QU^
aeUQ`QbUSU^TYSX_cUVUSd_c
@Ub_Q‹^SeQ^T_cUbUS_WYUbQd_T_\_b_RQT_^_
SebQbQ]_c\QXUbYTQ`b_Ve^TQaeU\QWeUbbQSYfY\QSQRQ
TUXQSUbQ\Q]_bQ\YTQTTU\Q`b_fY^SYQCY\QSbYcYcQSdeQ\
TebQe^`_S_]vcTUdYU]`_cY^_cUQbbQcQTUe^QfUj
UcQWeQbYTQTUbUf_\d_c_ciRQ^TYT_caeUcUXQV_b]QT_
U^<QCUbU^QS_^Sei_Q]`Qb__bUVeWY_Ucdv^S_^dQ^
T_\_ccUYc]Y\\QTb_^UcaeUXQiU^UcdUTU`QbdQ]U^d_
dU]_]eSX_cU…_b=Y^Ycdb_aeUcUbU`YdQ^Qae\QcX_bbY
R\UcUcSU^QcTU3XQ…QbSY\\_cY^aeUd_TQ\QXUb_YSQTUSY
cY†^TUUcdUfUSY^TQbY_cUQceVYSYU^dU`QbQUfYdQb\Qc ! ")

<_c²]_dY^UcTUe^^eUf_W}^Ub_³TU6bUYbY^QTU3XQ…QbSY\\_ice
`eUR\_:eQ^7_T_iSQecQb_^Q\Qb]QU^\QS\QcUTYbYWU^dU<Q`bU^cQW_
RYUb^YcdQSQ\YVYS†Qcec`b_dQW_^YcdQcTU²S_]e^YcdQc³UhSYdQT_c`_bU]YcQ
bY_cTU\_cbUf_\eSY_^QbY_cTU<QCUbU^Q! # Qe^SeQ^T_bUS_^_SY†S_]_
SQecQTYbUSdQTU\_cceSUc_cU\bUdbQc_U^U\`QWQTU\_ccQ\QbY_cTU\_c]Y^U
b_cTU3XQ…QbSY\\_! #! <Q]_dYfQSY†^TUV_^T_UbQ`eUcc_SYQ\+\QWeUbbQ
SYfY\i\QcTYfYcY_^UcU^U\cU^_TU\QU\YdUXQRQ^`b_`_bSY_^QT_\Q_SQcY†^
`b_`YSYQ`QbQaeUU\TUcS_^dU^d_`U_^Q\cUUh`bUcQbQQ\YWeQ\aeUU^
_`_bde^YTQTUcQ^dUbY_bUcTU]Q^UbQfY_\U^dQ²cQ\fQZU³Qe^aeUUcdQfUj
SeRYUbdQS_^\QcS_^cYW^QcTUe^QSQecQ`_\dYSQCY]Y\QbUcUcSU^QcTUcQ
aeU_c_SebbYUb_^U^@Ud_bSQU\%TU]Qbj_TU!(%"SeQ^T_e^Wbe`_TU
`QbdYTQbY_cTU\Q_`_cYSY†^Q`_iQT_`_b]Y^Ub_cTU\Qj_^QcUU^cU…_bU†
TebQ^dUQ\We^QcX_bQcTU\QfY\\QQ`_TUbv^T_cUTUVecY\Uc\Q^jQcicQR\Uc
TU\SeQbdU\Q^dUcTUcUbTUcQ\_ZQT_c`_b\Qcdb_`QcW_RYUb^YcdQc! #" 

! ")
9RYTU]
! #
²FQ`_bTU\QaeY^SU^Q³5\=UbSebY_FQ\`QbQc_&TU^_fYU]RbUTU!(%!F}QcU
dQ]RY}^²3_`YQ`†³5\=UbSebY_FQ\`QbQc_'TU^_fYU]RbUTU!(%!
! #!
²5\ceSUc_TU3XQ…QbSY\\_³5\=UbSebY_FQ\`QbQc_(TU^_fYU]RbUTU!(%!
! #"
1bSXYf_TU\Q9^dU^TU^SYQTU1S_^SQWeQf_\#!SQbdQU^fYQTQ`_bU\W_RUb^QT_bTU
@Ud_bSQQ\9^dU^TU^dUTU1S_^SQWeQ@Ud_bSQ)TU]Qbj_TU!(%"U^=Y\d_^7_T_i?
²4_Se]U^d_c`QbQU\UcdeTY_TUXYcd_bYQbUWY_^Q\³U^FQ\\UcBUfYcdQTUUcdeTY_cbUWY_^Q\Uc
>¡!<Q<YWeQ!))%`vWc!! !!"

#'%
 5\`bY^SY`Q\dUQdb_TU_`UbQSY_^UcTU\QWeUbbQSYfY\VeUU\ceb5\U`Y
SU^db_TU\QS_^dUcdQSY†^Q\S_^cUbfQTebYc]_iSU^dbQ\Yc]_cQ^dYQWeY^_
Ucdef_bQTYSQT_U^3_^SU`SY†^5^UcdQ`b_fY^SYQU\Q`_i_SQcYe^v^Y]U
U^d_T_c\_ccUSd_bUcc_SYQ\UcQ\QSQ^TYTQdebQTU\WU^UbQ\4U\Q3bejUbQ
\QUh`bUcY†^°Q\YWeQ\aeUU^U\^_bdU°TU\QV_b]QSY†^TUe^fQcd_VbU^dU
‹^YS__`_cYd_baeUS_]`bU^TQTUcTU\_cWbQ^TUc`b_`YUdQbY_cQWbS_\Qc
XQcdQ\QcdbYRecY^TWU^Qc`QcQ^T_`_b\_cQbdUcQ^_cidbQRQZQT_bUcebRQ
^_c<QSQ^TYTQdebQTU\WU^UbQ\VeUc_cdU^YTQ`_be^S\eR`_\dYS_QTX_S
\QC_SYUTQT@QdbY†dYSQTU3_^SU`SY†^SbUQTQU^Ze^Y_TU!(%!! ##Q\QaeU\_c
`QbdYTQbY_cTU\W_RYUb^__`ecYUb_^\QC_SYUTQTTU\?bTU^! #$5\dbYe^V_TU
\_c_`_cYd_bUc`U^aeYcdQcVeUb_de^T_*d_T_c\_cU\USd_bUc`QbQ\QTUcYW^Q
SY†^TU@bUcYTU^dUTU\QBU`‹R\YSQVeUb_^SbeSYcdQc
5\\YRUbQ\Yc]_U^S_^db†U^\Qj_^QTU3_^SU`SY†^i<Q6b_^dUbQU\
Q]`\Y_SQ]`_TUQ\YQ^jQcaeU`_TQ^RbY^TQb\UU\bUWY_^Q\Yc]_`U^aeYc
dQ\Qc`QbSYQ\YTQTUcQbQeSQ^Qci\QcQc`YbQSY_^UcTU\_ccUSd_bUc`_`e\Q
bUc5\QRbe]QT_bdbYe^V_TU\QSQ^TYTQdebQTU\WU^UbQ\4U\Q3bejiU\
S_^db_\aeUUZUbSQ^cec`QbdYTQbY_cc_RbU\Qc`bY^SY`Q\UcY^cdYdeSY_^Uc
UcdQdQ\Uci\_SQ\Uc°Y^S\eiU^T_Q\UZ}bSYd_°VQSY\Yd†\QY^cebbUSSY†^bUWY_
^Q\S_^dbQU\W_RYUb^_SU^dbQ\<_ccUSd_bUc`_`e\QbUcebRQ^_ccUY^S_b
`_bQb_^U^]Y\YSYQc_bWQ^YjQTQc`_bU\RQ^T_SbeSYcdQ°\YRUbQ\`Ub_Q\
`QbUSUb^_cUS_^cdYdeiUb_^_bWQ^YjQSY_^Uc²`\URUiQc³°S_]_U^<QCU
bU^Qi_db_c\eWQbUc°aeUQce]YUbQ^Ze^d_Q\_cU\U]U^d_c]vcbQTYSQ\Uc
TU\QU\YdU_`_cYd_bQU\`Q`U\TUQ\QYjaeYUbTQTU\]_fY]YU^d_ ! #%
5^\Qj_^QSU^dbQ\icebTU\`Qc\QV_b]Q`bY^SY`Q\TU\QQSdYfYTQT
]Y\YdQbY^cebbUSSY_^Q\VeUb_^\QcWeUbbY\\Qc_]_^d_^UbQcY^TWU^Qci
SQ]`UcY^QcUcdY]e\QTQc`_b\_cQWU^dUcSbeSYcdQc`Ub_U^\QcaeUU\RQ^
TYTYc]_TUfYUZQdbQTYSY†^bebQ\°Uh`bUcY†^fY_\U^dQ²`bY]YdYfQ³TU\S_^
V\YSd_c_SYQ\°ZeUWQe^`Q`U\Ve^TQ]U^dQ\*

<Qc]Y\YSYQcTU\Q6b_^dUbQ°c_cdYU^Ue^UcdeTY_c_
TU UcdU VU^†]U^_° cU TUcdQSQ^ U^ !(%! `_b cec
TU`bUTQSY_^UcCUU^SeU^dbQ^\QcSQbQSdUbcdYSQcdbQTY
SY_^Q\UcTU\Q²WeUbbQ`_`e\Qb³*U\QdQaeUiU\`Y\\QZUTU
\QcXQSYU^TQcQTfUbcQbYQcU\b_R_TUWQ^QT_\_c\Qj_c
S_^U\]e^T_Y^TWU^QaeU_VbUSUcecX_]RbUcicec
bUVeWY_c<_cQbQeSQ^_c`QbdYSY`Q^U^UcdQ\eSXQZe^d_Q
\_cY^cebWU^dUc! #&

! ##
¥FYfQ\Q<YRUbdQTC_SYUTQT@QdbY†dYSQTU3_^SU`SY†^1SdQ3_^SU`SY†^9]`bU^dQTU\
3_bbU_!'TUZe^Y_TU!(%!
! #$
²1SdQTU\?bTU^TU3_^SU`SY†^³<_c1fYc_cCQ^dYQW_"&TUZe^Y_TU!(%!
! #%
5\bU\Qd_]vcTUdQ\\QT_c_RbU\_cQS_^dUSY]YU^d_cTU!(%!U^3_^SU`SY†^i\Q
j_^QcebcYWeUcYU^T_\Q_RbQS\vcYSQTUFYSe…Q=QS[U^^Q8Ycd_bYQTU\_cTYUjQ…_c_`
SYdd_]_c9999FiF
! #&
:QSaeUcB_ccYW^_\²7eUbbU`_`e\QYbUUdc_SY}d}TQ^c\Uc]_efU]U^dcb}f_\edY_

#'&
 5^bUQ\YTQTU^UcdQbUWY†^cUbU`UdQU\VU^†]U^__SebbYT_TebQ^
dU\QcWeUbbQcTU9^TU`U^TU^SYQ*\Qc\eSXQcY^dUcdY^QcTU\Qc_SYUTQTSXY
\U^QbU`UbSedQ^UY^f_\eSbQRQ^Q\Qc_SYUTQT]Q`eSXU@_b\Qc]Yc]Qc
bQj_^UcaeUU^U\`QcQT_°Y^dUbUcUc`QbdYSe\QbUcTU\QcdbYRec`b_R\U]Qc
`Ubc_^Q\UcU^dbUcecZUVUc`UbSU`SY†^TU`_cYRY\YTQTUcTU_RdU^Ub]Q
i_bUcRU^UVYSY_cUdS°\Qc`QbSYQ\YTQTUcQbQeSQ^QcS_^dbQZUb_^Q\YQ^jQc
S_^e^_e_db_RQ^T_Qe^aeUTU`bUVUbU^SYQS_^\_c_`_cYd_bUcSbeSYc
dQc<QWeUbbQTUfQ^TQ\QZUQc_\†\QbUWY†^ ! #' 
=vcQ\^_bdUU^\Qc`b_fY^SYQcSU^dbQ\UcdQ]RY}^cUTUcQbb_\\Qb_^
WeUbbY\\QcS_^SQbQSdUbcdYSQccY]Y\QbUcU^\QcaeU`QbdYSY`QRQ^SQ]`UcY
^_c`U_^UcTUcUbd_bUcTU\UZ}bSYd_fQWQRe^T_ciQ\We^_cU\U]U^d_c
`_`e\QbUc_bYWY^QbY_cTU\QcSYeTQTUcE^QcYdeQSY†^TUUcdUdY`__SebbY†
U^3QcQR\Q^SQ`b_fY^SYQTUFQ\`QbQc_cUW‹^\_Y^V_b]QT_U^^_fYU]
RbUTU!(%!`_bU\7_RUb^QT_bTU\fUSY^_TU`QbdQ]U^d_TUAeY\\_dQQ\
=Y^Ycdb_TU\9^dUbY_b<QQed_bYTQTTU`QbdQ]U^dQ\TQRQSeU^dQTUY^V_b
]QSY_^UcaeUcU…Q\QRQ^aeU²U^\QXQSYU^TQTU\3_\\YWeQii\eWQbUcQT
iQSU^dUcU^U\4U`QbdQ]U^d_TU3QcQR\Q^SQXQiWU^dUbUe^YTQU^V_b]Q
TU=_^d_^UbQiaeUU^3ebQe]QXQi_dbQ+aeUQ]RQcVeUbjQccUS_]e
^YSQ^`_b]UTY_TUQWU^dUc\_cSeQ\UcU^WQ^SXQ^WU^dUcTUFQ\`QbQc_i
\Q\\UfQ^QQ]R_c`e^d_c³! #( 
<_cQWU^dUcTU\QdQT_cUbQ^e^Z_fU^TU\QAeURbQTQ1\fQbQT_`b_
RQR\U]U^dUe^SQ]`UcY^_i²e^dQ\5cS_RQbaeUVeU_UccQbWU^d_TU
e^_TU\_cSeUb`_cSfYS_cTUY^VQ^dUbQTUFQ\`QbQc_³ ! #) 5cdQTU^e^
SYQ°Q\YWeQ\aeU_db_cdUcdY]_^Y_c°bUfU\QaeUTUc`e}cTU\VbQSQc_TU\Q
Y^cebbUSSY†^U^\Qj_^QSU^dbQ\\_cU\U]U^d_c]vc`_\YdYjQT_cTU\QbdUcQ
^QT_aeUU^]eSX_cSQc_ccUbfQ^U^\Q7eQbTYQ>QSY_^Q\TUcU]`U…Q
b_^e^QY]`_bdQ^dUVe^SY†^QieTQ^T_Q\bUS\edQ]YU^d_TUS_]RQdYU^
dUcU^\Qcj_^QcebRQ^QcicYbfYU^T_TUQWU^dUcTUU^\QSUU^dbU\QcSYeTQ
TUciU\SQ]`_
5^3ebYS†U\S\Y]QTUQWYdQSY†^bUf_\eSY_^QbYQ`b_TeZ_U\"%TU
^_fYU]RbU U\ Q]_dY^Q]YU^d_ TU\ UcSeQTb†^ SfYS_ i \Q TUcUbSY†^ TU
e^QReU^Q`QbdUTUcecY^dUWbQ^dUc ! $ 1\_c`_S_cTQccU`b_TeSQe^
XUSX_ cY]Y\Qb `Ub_ TU ]Qi_b dbQcSU^TU^SYQ U^ DQ\SQ* \_c SYU^d_
_SXU^dQX_]RbUcTU\RQdQ\\†^SfYS_TU\QSYeTQTcUQ\jQb_^i²Q\WbYd_
TUbUf_\eSY†^U\`eUR\_d_T_cUQ\Qb]†\\U^v^T_cUTUWU^dU\QcSQ\\Uci

^^QYbUcSXY\YU^cQeH9H~cY~S\U³TQ^c3QXYUbcTUc1]}bYaeUc<QdY^Uc@QbYcC}bYU²CSYU^SUc
TU\µ8_]]U³>¡!%!UbcU]UcdbU!)''`vW$"<QdbQTeSSY†^Uc^eUcdbQ
! #'
@QbU^dY^Y_`SYd`vWc%%%&
! #(
1>1=9BUf_\eSY†^TU!(%!f_\"($`b_fY^SYQTUFQ\`QbQc_?VYSY_TUBQ
]†^2eUbQcQ\=Y^Ycdb_TU\9^dUbY_b7_RYUb^_4U`QbdQ]U^dQ\AeY\\_dQ^_fYU]RbU)TU
!(%!cVZc
! #)
9RYT
! $
FYSe…Q=QS[U^^Q8Ycd_bYQTU\_cTYUjQ…_c_`SYdd_]_9F`vW")!

#''
\Q `\QjQ³! $! <Qdb_`QTU\^UQbU`bY]Y†U\\UfQ^dQ]YU^d_*dbUcSfYS_c
SQiUb_^U^\QRQ\QSUbQi\_cTU]vccUbY^TYUb_^4_cSQRUSY\\QcTU\QbU
feU\dQVeUb_^VecY\QT_c1\SQUb\Q^_SXU\QSYeTQTUcdQRQRQZ_U\S_^
db_\TU\Qcdb_`Qc\UQ\UcQ\W_RYUb^_ ! $" 
5^FQ\`QbQc_UhYcdY†e^S\eR`_\dYS_TU^_]Y^QT_C_SYUTQTTU\Q
6bQdUb^YTQT`b_RQR\U]U^dUTUdY`_YWeQ\YdQbY_c_RbUU\SeQ\cUTYc`_^U
TU]ei`_SQY^V_b]QSY†^5^fc`UbQcTU\QcU\USSY_^Uc`bUcYTU^SYQ\Uc
<Q6bQdUb^YTQTXYj_e^\\Q]Q]YU^d_²Q\_cQbdUcQ^_c³`QbQTUbb_dQb\QSQ^
TYTQdebQ=_^dd! $#5\cYWeYU^dUUhdbQSd_TUe^QbdSe\_TU\Q`bU^cQW_
RYUb^YcdQQbb_ZQQ\We^Qc\eSUcc_RbUU\SQbvSdUbTUUcdQ_bWQ^YjQSY†^*

<_cS\eRcTU!($)U^FQ\`QbQc_S_^dY^eQT_cTUc
`e}cRQZ_U\^_]RbUTUC_SYUTQTTU\QYWeQ\TQTU^CQ^dYQ
W_CQ^6U\Y`Ui<QCUbU^QibU^_fQT_cS_^SQ\_bRQZ_U\
^_]RbUTUC_SYUTQTTU\QVbQdUb^YTQTiC_SYUTQTTU\_bTU^U^
UcdQSYeTQT^_cXQ^TQT_U\Ve^Ucd_`bUcU^dUTUdebRQb
\QdbQ^aeY\YTQT`‹R\YSQiTUY^TeSYbU^UcdQc`QSVYSQc
`_R\QSY_^UcU\W}b]U^VQdQ\TU\QQ^QbaeQ! $$

<_c\Qj_cU^dbU<Q6bQdUb^YTQTi\_cTUbb_dQT_cYWeQ\YdQbY_ccQ^dYQWeY
^_cUbQ^S_^_SYT_c4UcUWeb_fQbY_cTUUcd_c‹\dY]_cU^S_^dbQb_^bUVe
WY_iQ`_i_U^dbUcecQ]YW_c`_bdU…_c! $%iUc`b_RQR\UaeUUcdQQc_SYQSY†^
cYbfYUbQTUY^cdbe]U^d_`QbQ\QY]`\U]U^dQSY†^TU\_c`\Q^UcY^cebbUSSY_
^Q\UcSeQ^T_\QfQU\USd_bQ\^_TY_\_cVbed_cUc`UbQT_c`_b\Q_`_cYSY†^
1e^aeU\QT_Se]U^dQSY†^TYc`_^YR\U^_`Ub]YdU`b_RQbUcdQXY`†
dUcYc\_SYUbd_UcaeUU^FQ\`QbQc_^e]Ub_c_cQbdUcQ^_c`QbdYSY`Qb_^
QSdYfQ]U^dUU^U\TUcU^SQTU^Q]YU^d_TU\QbURU\Y†^1S_]YU^j_cTU
cU`dYU]RbUU\9^dU^TU^dUceRb_WQ^dUTU\Q`b_fY^SYQcU…Q\QRQaeUU\`b_
iUSd_TUe^Q²S_^c`YbQSY†^³cUXQ\\QRQ²UhdU^TYT_Q\`QbUSUbS_^RQcdQ^
dUWU^UbQ\YTQTU^\QS\QcUTU\_cQbdUcQ^_cQ\We^_cY^TYfYTe_cTU\Qdb_
`Q]ei`_S_ciiQTUQ^dU]Q^_fYWY\QT_ci]eSX_c_db_cTUe^Q`_cYSY†^
]vcQS_]_TQTQKM³! $& 

! $!
²=_d^U^DQ\SQ³5\=UbSebY_FQ\`QbQc_!TUTYSYU]RbUTU!(%!
! $"
9RYTF}QcUdQ]RY}^FYSe…Q=QS[U^^Q8Ycd_bYQTU\_cTYUjQ…_c_`SYdd_]_9F
`vWc" !i" "
! $#
²1\_cQbdUcQ^_c³5\@b_WbUc_CQ^dYQW_"'TUZe^Y_TU!(%!
! $$
²<QbU_bWQ^YjQSY†^QT]Y^YcdbQdYfQ³5\=UbSebY_FQ\`QbQc_"#TUcU`dYU]RbUTU
!(%!3ebcYfQcU^U\_bYWY^Q\
! $%
5^Ze\Y_TU!(%!U\UhTYbYWU^dUTU\QC_SYUTQTTU\Q9WeQ\TQTTUCQ^dYQW_<eSYQ^_
@Y…QV_b]e\QRQe^\\Q]QT_`‹R\YS_Qcec²XUb]Q^_c³TU\QC_SYUTQTTU\Q6bQdUb^YTQT`QbQ
S_^cUWeYbQieTQ`QbQ\_c`UbcUWeYT_c`_\dYS_c²1\`eUR\_TUFQ\`QbQc_8Ub]Q^_cTU
\QC_SYUTQTTU\Q6bQdUb^YTQT³5\@b_WbUc_CQ^dYQW_"&TUZe\Y_TU!(%!
! $&
1>1=9BUf_\eSY†^TU!(%!f_\"($`b_fY^SYQTUFQ\`QbQc_?VYSY_>¡!#"!
TU:CQ^dYQW_=U\_Q\=Y^Ycdb_TU\9^dUbY_b9^dU^TU^SYQTUFQ\`QbQc_FQ\`QbQc_cU`
dYU]RbU&TU!(%!cV

#'(
 5\ZeYSY_TU\QQed_bYTQT^_UbQUbb†^U_<_c_`_cYd_bUcS_^c`YbQRQ^
QSdYfQ]U^dU`QbQTUcU^SQTU^Qbe^\UfQ^dQ]YU^d_U^U\`bY^SY`Q\`eUbd_
TU\`QcSei_S_^db_\UbQS_^cYTUbQT_UcdbQd}WYS_1VY^UcTUQW_cd_XQ
RQcYT_TUcSeRYUbd_e^`\Q^ceRfUbcYf_U^U\aeUcUU^S_^dbQRQ^Y^f_\e
SbQT_cU\SQ`Ydv^:QSY^d_>Y…_TU\RQdQ\\†^3QbQ]`QWeUU\cQcdbU9W^Q
SY_4ebv^U^SeiQSQcQcUU^S_^db†e^TU`†cYd_TU]e^YSY_^UcifQbYQc
`Ubc_^Q\YTQTUc\YRUbQ\Uc! $' 
CYRYU^UcdU`bY]UbY^dU^d_QR_bd†cYU^T_cec`b_dQW_^YcdQcTUcSe
RYUbd_cic_]UdYT_cQ`b_SUc_ ! $( _db_c]Y\YdQ^dUc\YRUbQ\UcS_^dY^eQb_^
`bU`QbQ^T_^eUfQcZ_b^QTQcbUf_\eSY_^QbYQc
5\#TU_SdeRbUVbQSQc†_dbQdU^dQdYfQ1\bUTUT_bTUT_cSYU^d_c]Y\Y
dQ^dUc°U^ce]Qi_bQcQcdbUc°TYbYWYT_c`_bU\VbQY\UUc`Q…_\:_c}=QbQ
@QcSeQ\iU\cQcdbUYWeQ\YdQbY_BeTUcY^T_B_ZQccUS_^SU^dbQb_^U^U\
S\Qecdb_TUCQ^d_4_]Y^W_Q\QUc`UbQTUe^QcU…Q\TUQdQaeUU^S_^dbQ
TU\Qcdb_`QcTU\W_RYUb^_3_]_\Q_bTU^aeUTURQTQb\UcBQVQU\2Y\RQ_
XUb]Q^_TU6bQ^SYcS_i=Q^eU\^_\\UW†\QQSSY†^TURY†cUbQ^e\QTQ+
cY^U]RQbW_\QcQed_bYTQTUccUY]`ecYUb_^bv`YTQ]U^dUTUUcd_cXUSX_c
Qe^aeU TU ]Q^UbQ S_^VecQ CQRUT_b U\ 9^dU^TU^dU 2\Q^S_ 5^SQ\QTQ
bUSYU^dU]U^dUbUQce]YT_U^cecVe^SY_^UcaeU]eSX_cTU\_cS_^VQ
Re\QT_cUbQ^cQcdbUc]Q^T†QQbbUcdQbQ\TQcYWeYU^dUQSeQ^d_]YU]Rb_
TU\WbU]Y_XeRYUcUU^\QSYeTQTaeU^_VeUcUTUbUS_^_SYTQVY\YQSY†^
_VYSYQ\YcdQ*]vcTUSYU^`Ubc_^QcaeUUZUbSQ^UcU_VYSY_VeUb_^bU\UWQT_c
_U^fYQT_cQ\_c`_^d_^Uc ! $) 
<QQWYdQSY†^Q^dYWeRUb^Q]U^dQ\S_^dY^e†8QcdQU\]Yc]_TQTU\
\UfQ^dQ]YU^d_Qb]QT_cYWeY†Ve^SY_^Q^T_e^dQ\\UbS\Q^TUcdY^_U^U\
aeUcUVQRbYSQRQ^²`QcaeY^UcY^ce\dQ^dUcUY^SU^TYQbY_c³cUW‹^Y^V_b]Q
RQQ\W_RYUb^_U\Q\]YbQ^dU2\Q^S_5^SQ\QTQ ! % 
BUV_bjQT_c`_b\Q\\UWQTQQFQ\`QbQc_TU\dU^YU^dUS_b_^U\:_c}
1^d_^Y_BYaeU\]UaeUdbQQY^cdbeSSY_^Uc`bUSYcQc`QbQ`_^UbcUQ\QSQ
RUjQTU\_c`\Q^UcY^cebbUSSY_^Q\Uc\_c_`_cYd_bUc`bU`QbQb_^`_bcUhdQ
_c}`dY]QfUje^^eUf_S_^Qd_@Ub_\QcVeUbjQcbUf_\eSY_^QbYQc`_bdU…Qc
cUXQRQ^fYcd_cUbYQ]U^dUTURY\YdQTQc`_b\Qc`UbcUSeSY_^Uc4U\_cdbUc

! $'
FYSe…Q=QS[U^^Q8Ycd_bYQTU\_cTYUjQ…_c_`SYdd_]_9F`vWc!''i!'(
! $(
²C_b`bUcQ_`_bde^Q³5\=UbSebY_FQ\`QbQc_&TUcU`dYU]RbUTU!(%!+²3_^aeYc
dQT_bUcTU@U^S_³5\=UbSebY_FQ\`QbQc_(TUcU`dYU]RbUTU!(%!+²3XY\U3_bbUc`_^
TU^SYQ`QbQU\UcdbQ^ZUb_@_\dYSQ³5\=UbSebY_TU\FQ`_bFQ\`QbQc_"%TUcU`dYU]RbUTU
!(%!
! $)
FYSe…Q=QS[U^^Q8Ycd_bYQTU\_cTYUjQ…_c_`SYdd_]_9F`vWc!(!!($<Q
TUcdQSQTQ`QbdYSY`QSY†^cQcdbUbY\U^UcdQc\eSXQc`_\dYSQc`QbUSUQ^e^SYQbe^QS_^cdQ^dU
`QbQU\bUcd_TU\cYW\_*\_ccQcdbUcSQb`Y^dUb_cidY`_WbvV_cdQ\fUj]vcaeU_db_cWbU]Y_c
Q`_bdQbv^U\]Qi_b^‹]Ub_TUTYbYWU^dUcQ\]_fY]YU^d_`_`e\Qb
! %
1>1=9BUf_\eSY†^TU!(%!f_\"($`b_fY^SYQTUFQ\`QbQc_?VYSY_>¡!&"!
TU\9^dU^TU^dU=Q^eU\2\Q^S_5^SQ\QTQQ\]Y^Ycdb_TU\9^dUbY_bFQ\`QbQc__SdeRbU"(
TU!(%!cV

#')
SYU^d_cX_]RbUcY^YSYQ\Ucc†\_e^QcSeQ^dQcTUSU^QcUcdefYUb_^U^S_^
TYSY_^UcTUd_]Qb\QcQb]QcU\"(TU_SdeRbUE^Wbe`_TUTYUSYcYUdUS_]
RQdYU^dUcU^ce]Qi_bQcQcdbUcRQZ_\QS_^TeSSY†^TUBeTUcY^T_B_ZQc
iTU=Q^eU\FY\\Qb¥Q]R_cTU\]Yc]_WbU]Y_cUQ`_TUbQb_^TU\SeQb
dU\>¡"! %!*

3_]_ `_b U^SQ^d_ °SeU^dQ FYSe…Q =QS[U^^Q°

SeRbY}b_^cUTUWU^d_\_cSUbb_cY^]UTYQd_c_SebbYUb_^
U^db_`U\\_cZ_b^Q\Ub_cTU\Q`\QiQidQ^Y^cdQ^dv^U_i
fUXU]U^dUVeUU\U^decYQc]_TU\`eUR\_aeU`_S_c]Y
^ed_cTUc`e}cTUQcQ\dQT_U\SeQbdU\^_XQRQe^c_\_
VecY\`QbQU^dbUWQb\_Q\_caeU\\UWQRQ^`YTYU^T_QWbY
d_caeU\UcTYUbQ^Qb]Qc ! %"

2\Q^S_5^SQ\QTQTYbYWY†`Ubc_^Q\]U^dU\QbUc`eUcdQTU\Qcdb_`Qc
W_RYUb^YcdQc<_cS_]RQdUccUTUcQbb_\\Qb_^U^U\cUSd_bTU\Q@\Q^SXQTQ
U^dbU\_cSUbb_ciU\]QbTU\Q`\QjQTU\Q1TeQ^QQ\QTU\Q=e^YSY`Q\Y
TQT1\QccUYcTU\QdQbTUU\9^dU^TU^dUS_^db_\QRQ\Q`\QjQ]e^YSY`Q\TU
T_^TUXQRQ\_WbQT_TUcQ\_ZQbQe^QcT_c]Y\_dbUc]Y\`Ubc_^Qc<_c
Y^cebbUSd_ciWbe`_cQYc\QT_cTUU\U]U^d_c`_`e\QbUcaeUcU\UcXQRQ^
e^YT_cUbUdYbQb_^Q\_cSUbb_cTUcTUT_^TUS_^dY^eQb_^bUQ\YjQ^T_QdQ
aeUcS_^dbQ_db_c_RZUdYf_c@Ub_cecUcVeUbj_cVeUb_^fQ^_c*U\QcQ\d_
S_^dbQ\Q`bYcY†^TUcdY^QT_Q\YRUbQbQ\_c`bUc_c`_\dYS_cVbQSQc†DQ]
`_S_`b_c`Ub†\QQS_]UdYTQaeU\Q^jQb_^e^_cT_cSYU^d_cX_]RbUcQb
]QT_cWbQSYQcQ\cQaeU_TUe^QQb]UbQU^S_^dbQTU\Qcdb_`QcTU2\Q^
S_5^SQ\QTQS_^SU^dbQTQcU^\Q`\QjQTU\QFYSd_bYQ5\cQ\T_TU\QZ_b^Q
TQVeUTUfQbYQcTUSU^QcTU]eUbd_ciXUbYT_c! %#
<QbURU\Y†^XQRQcYT_Q`\QcdQTQ@QbQQVYQ^jQbceT_]Y^Y_\Q9^dU^
TU^SYQSe\]Y^†`_S_cTQc]vcdQbTUU\`b_SUc_TU_bWQ^YjQSY†^Y^YSYQ

! %!
?`SYd`vWc!($!)"<QQSdYfQ`QbdYSY`QSY†^TU\_ccQcdbUcU^`_\dYSQVeUe^Q
S_^cdQ^dUU^!(%!5^]Qbj_XQRQSYbSe\QT_e^Q`b_S\Q]QTUUcd_cdbQRQZQT_bUc\\Q
]Q^T_Q\Q\eSXQS_^dbQU\RQ^T_S_^cUbfQT_b²<_cQbdUcQ^_ciX_]RbUc`_RbUcTU\Q
`b_fY^SYQTUFQ\`QbQc_QcecYWeQ\UcTU_db_c`eUR\_c³<Q<YRUbdQTFQ\`QbQc_!#TU
]Qbj_TU!(%!DQ]RY}^cUU^SeU^dbQbU`b_TeSYTQU^5\@b_WbUc_CQ^dYQW_!$TU]Qb
j_TU!(%!
! %"
FYSe…Q=QS[U^^Q8Ycd_bYQTU\_cTYUjQ…_c_`SYdd_]_9F`vW!)"<Q`bU^
cQW_RYUb^YcdQU^dbUW†e^QfUbcY†^TYcdY^dQi`_S_S_^fY^SU^dUTUUcd_cXUSX_cCUW‹^
U\`bY^SY`Q\`UbY†TYS_TU\QSYeTQT²\_cY^cebbUSd_cQ`_TUbQT_cTU\QcQb]Qc`bY^SY
`YQb_^QbU`QbdYb\Qc*cQ\Q^VeUbQTU\SeQbdU\iQSeQ^dQ`Ubc_^QU^S_^dbQRQ^\Q_R\YWQ
RQ^Qd_]QbQb]QXQSY}^T_\UcU\`e^d_U^SQc_TUbUcYcdYbcU3eQ^T_XYSYUb_^cecQ\YTQ
Q\Q`\QjQQSbUSU^dQb_^U\^‹]Ub_S_^\_cSebY_c_cUSXQT_cQ\SU^db_RQZ_\QQ]U^QjQ
TUXQSUb\UcVeUW_U^U\QSd_³²<QUc`UbYU^SYQ³5\=UbSebY_FQ\`QbQc_# TU_SdeRbUTU
!(%!
! %#
FYSe…Q=QS[U^^Q8Ycd_bYQTU\_cTYUjQ…_c_`SYd`vWc!)#!)(+²<QQc_^Q
TQ³5\=UbSebY_FQ\`QbQc_"(TU_SdeRbUTU!(%!+²3b†^YSQ\_SQ\³5\=UbSebY_FQ\`Q
bQc_# TU_SdeRbUTU!(%!

#(
T_U^cU`dYU]RbU! %$TUcUYcSeUb`_cTUe^Q²7eQbTYQTU\?bTU^³S_]
`eUcdQTU²WU^Ub_c_c`QdbYSY_c³ ! %%
5^CQ^dYQW_U^SQ]RY_^_XeR_Q\dUbQSY_^UcQ\_bTU^`‹R\YS_Te
bQ^dUU\cUWe^T_cU]UcdbUTU!(%!<QcbU`bUcY†^i\Qc`UbcUSeSY_^UcQ\
cUbTUS\QbQT_U\5cdQT_TUCYdY_U^^_fYU]RbUTU!(% iTUc`e}cTU\
Q`\QcdQ]YU^d_TU\]_d^TU\" TUQRbY\TU!(%!TUZQb_^Q\_c_`_cYd_bUc
U^e^QcYdeQSY†^TUUhdbU]QTURY\YTQT=YU^dbQc]Q^defYUb_^Q\We^_c
†bWQ^_cTU`bU^cQS_^dY^eQb_^ce\QR_bTUSbdYSQQ\W_RYUb^_iTUQ`_
i_Q\QSQ^TYTQdebQTU\WU^UbQ\4U\Q3bej`Ub_^_UcdefYUb_^U^S_^TY
SY_^UcTUbUQ\YjQb^Y^We^Q]_fY\YjQSY†^cYW^YVYSQdYfQ5\RQ^T_\YRUbQ\TU
RY†bUSebbYbU^CQ^dYQW_Q_db_c]}d_T_c*\QQWYdQSY†^ceRdUbbv^UQ]Q^
dU^YTQ `_b \Q QSSY†^ TU ]eZUbUc TU \Q U\YdU i TU `b_S\Q]Qc Y]`bUcQc
S\Q^TUcdY^Q]U^dUFYSe…Q=QS[U^^QcU…Q\QaeU²QVQ\dQTUSQeTY\\_ci
]UTY_cTUQSSY†^\Qc]eZUbUcU^dbQb_^U^\Q\YjQ`_\dYSQS_^d_T_U\Qb
T_bi\QVUTUcecUh_³bUQ\YjQ^T_`_b\QcSQ\\Uce^QfUbTQTUbQ²WeUbbQTU
SXYc]Uci`_^TUbQSY_^UcTU]U^dYbQci^_fU^QcTUVQ\c_cQ^†^Y]_ciTU
`b_S\Q]QcY^SU^TYQbYQc³! %&
<Qc_SYUTQTcUWeQS_^QdU^SY†^UcdQcQSSY_^Uc5\" TU]Qi_e^Q
TU\UWQSY†^TUTQ]QcTU\QQbYcd_SbQSYQ\YRUbQ\°fYQ\YcdQ°Q\We^Qc²S_^dbQ
bYQ^T_Uh`bUcQ]U^dU\Qf_\e^dQTTUcecUc`_c_c³cUW‹^e^`UbY†TYS_
W_RYUb^YcdQ°cU`bUcU^dQRQQ^dUU\WU^UbQ\4U<Q3bejTUfYcYdQU^\QSQ
`YdQ\`QbQTUSYTYb\_QU^VbU^dQbcUQ=_^dd ! %'1\QVe^SY†^TU\QVY\Qb]†
^YSQTU\!)TUZe\Y_c†\_S_^SebbYUb_^VQ]Y\YQcTU\@QbdYT_3_^cUbfQT_b
cecSYdQ^T_]eSX_cS_]U^dQbY_c\QQecU^SYQTU\QccU…_bYdQcTU\QcVQ]Y
\YQcTU\Q_`_cYSY†^ ! %(I]vcdQbTUU^\QWeUbbQSYfY\\QcTQ]Qc_`_cYd_
bQcbUc`_^TYUb_^Q\Qcb_WQdYfQcTU\Qbj_RYc`_TUCQ^dYQW_U^VQf_bTU\Q
`QjQ\QcaeUQcYcdQ^c†\_\QccU…_bQc`U\eS_^QcS_^b_WQdYfQc`_bU\
dbYe^V_TU\WU^UbQ\4U\Q3bej ! %)
@Ub_\Q`bUcU^SYQTU\²RQZ_`eUR\_³cQ^dYQWeY^_°dQ^]QcYfQU^\Qc
]Q^YVUcdQSY_^Uc`_\dYSQcTU!(% °UbQSQcYY]`UbSU`dYR\UU^!(%!CY
RYU^\QSQ^TYTQdebQTU\WU^UbQ\4U\Q3bej`QbUSY†Y^Ve^TYbQ\We^QcUh
`USdQdYfQcU^SYUbd_ccUSd_bUcTU\QbdUcQ^QT_TU\QSQ`YdQ\iQ^_cUdbQdQ
RQTU\U^decYQcdQY]`e\c_TU\Q…_Q^dUbY_bcY^_]vcRYU^TU\QS\vcYSQUc
`UbQ^jQU^e^\TUbbUTU^d_bU^Q\WeYU^aeU`_bcec_\QQSSY†^VeUcU
SQ`QjTUSQ]RYQbU\Sebc_TU\_cQS_^dUSY]YU^d_crcUUbQU\cU^dYT_TU

! %$
²7eQbTYQTU`b_`YUTQT³5\=UbSebY_FQ\`QbQc_"#TUcU`dYU]RbUTU!(%!
! %%
²3b†^YSQ\_SQ\7eQbTYQTU\?bTU^³5\=UbSebY_FQ\`QbQc_%TU^_fYU]RbU
TU!(%!
! %&
FYSe…Q=QS[U^^Q8Ycd_bYQTU\_cTYUjQ…_c_`SYdd_]_9F`vW!&'
! %'
²<QdebRQVU]U^Y^Q³4YQbY_TU1fYc_cCQ^dYQW_""TU]Qi_TU!(%!E^QTUVU^
cQTU\QQSSY†^TUUcdQc]eZUbUcU^²<QccU…_bQcYU\:U^UbQ\3bej³5\@b_WbUc_CQ^dYQW_!
TUZe^Y_TU!(%!
! %(
²CQ^dYQW_³5\=UbSebY_FQ\`QbQc_"!TUZe\Y_TU!(%!
! %)
²CQ^dYQW_B_WQdYfQc³5\=UbSebY_FQ\`QbQc_""TU_SdeRbUTU!(%!

#(!
\Qc`Q\QRbQcaeUe^_TU\_cT_SU_dbUSUQbdUcQ^_caeUU^ce`eUcdQbU
`bUcU^dQSY†^TUcecS_]`Q…Ub_cTU\QSQ`YdQ\TYbYWY†Q\WU^UbQ\4U\Q
3bejU\!'TU]Qi_*

4Qc QSYQW_c XQ^ `bUSUTYT_ Q feUcdb_ QbbYR_

5^SQ`_dQT_^eUcdb_X_bYj_^dU`_\dYS_Xe^TYTQ\QBU
`‹R\YSQU^e^SQ_cdU^URb_c_^eUcdb_cTUbUSX_cQ^e\Q
T_cd_TQc\QcWQbQ^dQcc_SYQ\UcS_^Se\SQTQcidU]R\Q^
T_`_be^`_bfU^Yb]vc^UWb_idUbbYR\Ud_TQfQfeUcdbQ
`bUcU^SYQXQcYT_U\c_\aeUXQ`U^UdbQT_\Q^_SXUXQ
fU^YT_QbUQ^Y]Qb\Q\YRUbdQTUh`YbQ^dUiQTUZQb^_c
fYc\e]RbQbe^`_bfU^YbTUfU^debQ
KM8e^TYT_cU^\QTUcUc`UbQSY†^iQ^_c`bU`Qbv
RQ]_cQ]_bTUb^eUcdbQcSQTU^QcTUUcS\Qf_ciTUf_bQb
^eUcdb_ Y^TUVY^YT_ U]RbedUSY]YU^d_ SeQ^T_ XQR}Yc
fU^YT_f_ccU…_biXU]_cSbUT_fUb^eUcdb_WU^Y_de
dU\QbiU\Qcdb_aeUTURUS_^TeSYb^_cQ\‹\dY]_\]YdUTU
\QfU^debQc_SYQ\
CYcU…_bbU`_cQ]_cdbQ^aeY\_cU^^eUcdbQVU+c_Yc
^eUcdb_‹^YS_cQ\fQT_b9^VU\YSUcTU^_c_db_ccY^eUcdbQc
Uc`UbQ^jQccQ\U^VQ\\YTQc! & 

<QY]`bUcY†^TU`b_S\Q]QcS\Q^TUcdY^QcQSQbW_TUe^Z_fU^dY`†
WbQV_i\Q\QR_bTUU^\QSUU^dbU\QY]`bU^dQi\_c\TUbUc_`_cYd_bUcQ‹^
_Se\d_cU^\QSQ`YdQ\bUQ\YjQTQ`_b\QUc`_cQTUe^cQ^WbQT_b! &!VeUb_^
`b_RQR\U]U^dU\Qc‹^YSQcQSSY_^UcU^\QcaeUQ`QbUSYUb_^S_]`b_]UdY
T_cU\U]U^d_cTU\Q`\URUcQ^dYQWeY^Q<QS_Q\YSY†^\YRUbQ\fYQ\YcdQSbeSYc
dQiQ^_S_^dQRQS_^RQcU`_`e\Qb_bWQ^YjQTQU^\QSQ`YdQ\
5\"%iU\"&TUZe^Y_cUbUQ\YjQb_^\Qcf_dQSY_^Uc`QbQTUcYW^Qb\_c
U\USd_bUc`bUcYTU^SYQ\Uc<QS_]`bQTUf_d_cU\²QSQbbU_³TUVQ\c_cU\US
d_bUci\QY^dY]YTQSY†^VcYSQTU\_c_`_cYd_bUcQcUWebQb_^e^QVvSY\fYSd_
bYQTU\_VYSYQ\Yc]_ ! &"
CYQ\We^_TU\_c`QbdYT_cTU]_cdb†SYUbdQY^YSYQdYfQS_^SbUdQXQSYQ
\_ccUSd_bUc`_`e\QbUccQ^dYQWeY^_cTUc`e}cTU\" TUQRbY\}cUVeUU\
3_^cUbfQT_b
5\"TUQW_cd_bU`bUcU^dQ^dUcTUTYcdY^d_cWbU]Y_cQbdUcQ^Q\UcY^
fYdQT_c`_bU\9^dU^TU^dUTUCQ^dYQW_S_^SebbYUb_^Qe^QbUe^Y†^U^\Q
aeU\Q]vhY]QQed_bYTQT`b_fY^SYQ\\UcUh`bUc†ceTUcU_TUXQSUbSeQ^
d_UcdefYUbQTUce`QbdU`QbQ`b_]_fUb²U\QTU\Q^dQ]YU^d_TU\QY^Tec

! &
FYSe…Q=QS[U^^Q8Ycd_bYQTU\_cTYUjQ…_c_`SYdd_]_999`vW'%
! &!
?`SYdd_]_9F`vWc!&'i!&(
! &"
:=7Y\\Yc²<QU\USSY†^`bUcYTU^SYQ\TU!(%!³U^213X8>¡#$CQ^dYQW_`bY
]UbcU]UcdbUTU!)$&`vWc#!$"

#("
dbYQiU\`b_WbUc_TU\QcQbdUc³Uc`USYQ\]U^dUQ\QSUbSQbcU\QUh`_cYSY†^
^QSY_^Q\TUVYUcdQc`QdbYQcE^QS_]YcY†^TUcUYc]U^UcdbQ\Uc°SeQdb_Uh
dbQ^ZUb_ciT_c^QSY_^Q\Uc°VeUU\UWYTQQVY^TUY]`e\cQb\Q]_bQ\YjQSY†^
TU\_c_RbUb_ce_VYSYQ\UcceRQ\dUb^_cS_^TYSY†^cY^UaeQ^_^°cUW‹^\_c
]QUcdb_cTUdQ\\Ub°`QbQU\\_Wb_TUTYSX_`b_WbUc_ ! &#1\_c`_S_cTQc
U\9^dU^TU^dUTUcYW^†]UTYQ^dUTUSbUd_e^QS_]YcY†^`bUcYTYTQ`_b}\
]Yc]_`QbQ²S\QcYVYSQbS_^\QTURYTQY]`QbSYQ\YTQT³\Qc_RbQc`QbdYSY`Q^
dUcU^\QUh`_cYSY†^:e^d_QfQbYQc`Ubc_^Q\YTQTUcS_^cUbfQT_bQc°S_]_
@UTb_@Q\QjeU\_ci:_c}7Q^TQbY\\Qc°VYWebQRQ^fUY^dYcYUdUQbdYcdQciQbdU
cQ^_c5^dbUUcd_c‹\dY]_ccUS_^dQRQ^\_c^_]RbUcTUFYSd_bY^_<Q^Uj
i6Ub]^FYfQSUdQVedeb_c`QTbUcVe^TQT_bUcTU\]_fY]YU^d_]edeQ\YcdQ
iQc_SYQdYf_`_`e\Qb ! &$
<QbU`bUcY†^UbQS_]`\U]U^dQTQS_^\QS__`dQSY†^i\QcUTeSSY†^
<Q`bUfU^SY†^TU^eUfQcQc_^QTQcQdbQf}cTU\QS_^cdYdeSY†^TUVeUbjQc
`QbQ]Y\YdQbUcQTYSY_^Q\UcS_]`\UdQRQU\TYc`_cYdYf_TUcUWebYTQTTU\
W_RYUb^_U^\QSQ`YdQ\5\]Yc]_TQU^aeUcUbUe^Q^\_cQbdUcQ^_c\Qc
Qed_bYTQTUcTUcYW^Qb_^e^QS_]YcY†^`QbQ`b_]_fUbU^dbU\_cfUSY^_c
QS_]_TQT_cdQ^d_^QSY_^Q\UcS_]_UhdbQ^ZUb_c\QV_b]QSY†^TUSeUb
`_cTUY^VQ^dUbQiTUSQRQ\\UbQTUe^Q7eQbTYQTUCQ^dYQW_TUcdY^QTQQ
TUVU^TUb\Q`b_`YUTQTCebU`bUcU^dQ^dUi`bY^SY`Q\`b_]_d_bUbQU\
]Yc]cY]_@UTb_@Q\QjeU\_c ! &%aeYU^S_^cYTUbQRQ*

AeUU^]UTY_TU\QY^fQcY†^e^YfUbcQ\TU\QcYTUQc
c_SYQ\YcdQcYTUQcaeUS_]_U^U\bUcd_TU\]e^T_fQ^
dQ]RY}^Se^TYU^T_U^3XY\UUbQ\\UWQTQ\QX_bQTU\U
fQ^dQbe^QdbY^SXUbQ`QbQY]`UTYbceTUcR_bTUi\\UWQ
TQdQ]RY}^\Q_SQcY†^`QbQdYbQbe^Q\^UQTYfYc_bYQU^
dbUR\Q^S_ci^UWb_cUcTUSYbU^dbUS_^cUbfQT_bUcibQ
TYSQ\Uc+U^dbUQaeU\\_cKMaeUbUc`UdQ^\Q`b_`YUTQTi

! &#
²CQ^dYQW_³5\=UbSebY_FQ\`QbQc_%TUQW_cd_TU!(%!
! &$
²5c`_cYSY†^^QSY_^Q\³5\=UbSebY_FQ\`QbQc_!$TUQW_cd_TU!(%!<QY^V\eU^
SYQ_Q\]U^_c\QSQ`QSYTQTTUS_^f_SQd_bYQTU\_ccUSd_bUcS_^cUbfQT_bUcc_RbUQ\We^_c
TYbYWU^dUcQbdUcQ^_cXQSYQS_]YU^j_cTU\QT}SQTQTU!(% UcY^^UWQR\UE^Q^eUfQ]Q
^YVUcdQSY†^`‹R\YSQTUUcdUVU^†]U^_cUTY_U^!(%$S_^_SQcY†^TU\VQ\\USY]YU^d_TU:_c}
7Q^TQbY\\Qc`Ubc_^QZUS_^cUbfQT_baeUcUXQRQTUcdQSQT_`_b`bUTYSQbU^dbU\_c]U^Uc
dbQ\UcU\YTUQ\`U\eS†^TUbU\YWY†^_bTU^`b_`YUTQTidbQRQZ_CecUhUaeYQcVeUb_^S_c
dUQTQc`_bQbdUcQ^_cTU\QSQ`YdQ\QSeiQSQRUjQcUU^S_^dbQRQ^6Ub]^FYfQSUdQ:_Qae^
4QjDbv^cYd_3vbTU^Qc=YWeU\CQ\Y^QciBQVQU\FY\\Qbb_U\TUc_RbUcQ\YU^dUQSdeQSY†^U^
Q…_c`_cdUbY_bUcU^U\]_fY]YU^d_]edeQ\YcdQ?bQSY†^V‹^URbUaeUU\TYUjYcYUdUTU]Qbj_TU\
`bUcU^dUQ…_`bUTYS†U\@bUcR4_^:eQ^2EWQbdUU^\QcUhUaeYQcaeU\_cQbdUcQ^_cTUCQ^dYQW_S_c
dUQb_^`QbQX_^bQb\QY\ecdbU]U]_bYQTU\cU…_b4_^:_c}7Q^TQbY\\QcY7Q^TQbY\\QcU^U\dU]`\_TU
^eUcdbQcU…_bQTUUcdQSQ`YdQ\CQ^dYQW_9]`bU^dQTU\QC_SYUTQT!(%$
! &%
²7eQbTYQTUCQ^dYQW_³5\=UbSebY_FQ\`QbQc_&TUQW_cd_TU!(%!+²<Q7eQbTYQ
TUCQ^dYQW_³5\=UbSebY_FQ\`QbQc_'TUQW_cd_TU!(%!+²7eQbTYQTUCQ^dYQW_³5\@b_
WbUc_CQ^dYQW_)TUQW_cd_TU!(%!+²2QdQ\\†^TU\_bTU^³5\@b_WbUc_CQ^dYQW_!(TUQW_c
d_TU!(%!

#(#
 \QfYTQTU\_cX_]RbUcQSQdQ^\QcQed_bYTQTUci_RUTU
SU^\Qc\UiUc+iU^dbU\_c_db_cS_]_\_cYWeQ\YdQbY_caeU
d_T_\_aeYUbU^\\UfQbQcQ^WbUiVeUW_ ! &&

1]UTYQT_cTU^_fYU]RbUU\V\Q]Q^dUSeUb`_`QbQ]Y\YdQbXQSQce
UcdbU^_U^c_SYUTQT`_b\QcSQ\\UcTUCQ^dYQW_bUQ\YjQ^T_e^QSUbU]_
^YQTU²RQedYc]_TUUZUbSYSY_TUVeUW_³! &'5\_bTU^S_^cUbfQT_bUcdQRQ
`\U^Q]U^dUQcUWebQT_U^\QSQ`YdQ\
<QTUbb_dQTU\Q_`_cYSY†^U^\QRQdQ\\QTU<_^W_]Y\\QU^TYSYU]RbU
TU!(%!i\QSQTQTU<QCUbU^QQS_]YU^j_cTUU^Ub_TU\Q…_cYWeYU^dU
`b_\_^W†TebQ^dUe^QT}SQTQ\QfYTQTU\QBU`‹R\YSQ3_^cUbfQT_bQ5cd_c
XUSX_cTUQb]QcdQ]RY}^`ecYUb_^d}b]Y^_Qe^QUdQ`QTUUh`UbYU^SYQc
`_\dYSQcU^\QaeUcUfYUb_^Y^f_\eSbQT_cfQcd_ccUSd_bUcTUdbQRQZQT_bUc

5 < 21<1>35 @1B1 <?C C53D?B5C @?@E<1B5C

1\UcdeTYQb\QS_ie^debQ`_\dYSQTUUcd_cQ…_c`eUTUS_^S\eYbcUaeUU^
\_bU\QSY_^QT_S_^\Q`QbdYSY`QSY†^`_\dYSQTU\_ccUSd_bUc`_`e\QbUc
Uc`USYQ\]U^dUebRQ^_ccU`b_TeZ_e^cQ\d_Y]`_bdQ^dUe^QYbbe`SY†^
XQcdQU^d_^SUcTUcS_^_SYTQU^U\`QcCYRYU^UcY]`_cYR\U]UTYbS_^
UhQSdYdeTU\WbQT_TU]QcYfYTQTiU\^YfU\TUY^dUbfU^SY†^TU\_cdbQRQZQ
T_bUc]Q^eQ\UcU^QaeU\\Qc\eSXQcUcY^^UWQR\UaeUceY^S_b`_bQSY†^Q
\QRQdQ\\Q`_\dYSQ°TUcTU\QcY]`\UQcYcdU^SYQQ]Q^YVUcdQSY_^UcXQcdQ\Q
`QbdYSY`QSY†^U^]_^d_^UbQciU^QSSY_^UcY^cebbUSSY_^Q\Uc`QcQ^T_
`_bce]Y\YdQ^SYQU^S\eRUc`_\dYS_cibUTUcS_^c`YbQdYfQc°VeUe^VU^†
]U^_RQcdQ^dUUhdU^TYT_Uc`USYQ\]U^dUU^dbU\_cQbdUcQ^_ci\_c]YU]
Rb_cTU\Q7eQbTYQ>QSY_^Q\
<QSbUQSY†^TUc_SYUTQTUcYWeQ\YdQbYQcU^CQ^dYQW_CQ^6U\Y`U<Q
CUbU^QiU^_dbQcSYeTQTUcdQ]RY}^VeUe^Q]Q^YVUcdQSY†^^eUfQTYcdY^
dQTU\QQS_cde]RbQTQS_^f_SQd_bYQ`_\dYSQY^cdbe]U^dQ\TUcUSd_bUcTU
\QU\YdU5^!(% !(%!cUS_^cdYdeiUb_^`_b`bY]UbQfUjU^dYTQTUcS_^f_
SQSY†^TU`Ub]Q^U^SYQaeU`bUdU^TQ^`UbTebQb]vcQ\\vTU\QS_ie^debQ
U\USd_bQ\CUdbQdQRQTUQc_SYQSY_^UcbU\QdYfQ]U^dURYU^UcdbeSdebQTQc°Q
fUSUcS_^`b_WbQ]QciUcdQded_c°Q\QcaeUS_^SebbQ^TU]Q^UbQQSdYfQi
bUWe\Qb Y]`_bdQ^dUc S_^dY^WU^dUc TU dbQRQZQT_bUc 1\We^Qc TU U\\Qc
S_]_`_bUZU]`\_\QC_SYUTQTTU\Q9WeQ\TQTTUCQ^dYQW_UbQ^_bWQ^YjQ
SY_^Uc`\ebYS\QcYcdQcU^\QaeU]Y\YdQRQ^]YU]Rb_cTU\QU\YdU\YRUbQ\Ze^d_
Q\_cQbdUcQ^_cQce]YU^T_\_cSQRQ\\Ub_c\QVe^SY†^TYbYWU^dU5^_db_c
SQc_cU^SQ]RY_S_]__SebbY†U^CQ^6U\Y`U<_c1^TUci<QCUbU^Q\_c
S\eRUcYWeQ\YdQbY_cVeUb_^QWbe`QSY_^UcS_]`eUcdQcUcU^SYQ\_UhS\ecYfQ

! &&
²CQ^dYQW_=Y^fY\\Ui@Q\QjeU\_c³5\=UbSebY_FQ\`QbQc_!"TUQW_cd_TU!(%!
! &'
²CQ^dYQW_7eQbTYQTUCQ^dYQW_³5\=UbSebY_FQ\`QbQc_!'TU^_fYU]RbUTU
!(%!

#($
]U^dU`_bU\U]U^d_c`_`e\QbUcaeUQSdeQRQ^`QbQ\U\Q]U^dUQ\Qc_bWQ
^YjQSY_^UcTU\\YRUbQ\Yc]_TU\QWU^dUTUSU^dU<_cUVUSd_cTUUcdQcUWbUWQ
SY†^c_SYQ\Q\Y^dUbY_bTU\S_^W\_]UbQT_\YRUbQ\^_VeUb_^^UWQdYf_c+Q\
S_^dbQbY_U\\_`Ub]YdY†aeU\_cS\eRUc\YRUbQ\Uc`_`e\QbUccU`UbVY\QbQ^
TU]Q^UbQ]vcY^TU`U^TYU^dUcU^dQ^T_e^`bUSUTU^dUaeUcUbQbUS_
WYT_T}SQTQc]vcdQbTU`_bU\]_fY]YU^d_`_`e\Qb
5cdQcUh`UbYU^SYQcbU`bUcU^dQb_^e^Qbe`debQS_^\QcS_^f_SQd_bYQc`_\
dYSQcedY\YdQbYQc_dbQTYSY_^Q\UcU^\Q]UTYTQU^aeUQ\We^QcQc_SYQSY_^Uc
`_`e\QbUccU`\Q^dUQb_^`_b`bY]UbQfUj\QbUQ\YjQSY†^TU`b_iUSd_cTU²bU
WU^UbQSY†^TU\`eUR\_³Sebc_cS_^VUbU^SYQc]_^dUcTU`YUTQTUdS
1e^aeU\QTUbb_dQTU\Q_`_cYSY†^U^\QWeUbbQSYfY\i\QbU`bUcY†^`_cdUbY_b
Q^YaeY\Qb_^dQ\UcY^YSYQdYfQci`b_f_SQb_^\QQd_]YjQSY†^TU\_c^‹S\U_cTU
dbQRQZQT_bUc`_\dYSQ]U^dUQSdYf_cU\`bUSUTU^dUXQRQaeUTQT_cU^dQT_
1`UcQbTUUcdUcQ\d_SeQ\YdQdYf_iSeQ^dYdQdYf_\QY^dUbfU^SY†^`_\
dYSQbUWe\QbTU\Q]QcQdbQRQZQT_bQcYWeY†cYU^T_e^VU^†]U^_bUcdbY^WY
T_QSYUbd_cWbe`_c]Y^_bYdQbY_cUc`USYQ\]U^dU\_cQbdUcQ^_cebRQ^_c
<Q\eSXQTU\_c`QbdYT_cdbQTYSY_^Q\UcS_^dY^e†cYU^T_QZU^QQ\QWbQ^]Q
i_bQTU`U_^Uc]Y^Ub_ciSQ]`UcY^_c<Q]Qi_bY^S_b`_bQSY†^`_`e
\QbQ\QQSdYfYTQT`_\dYSQcU\_Wb†U^QaeU\\_c\eWQbUcU^aeUUhYcdQ^_b
WQ^YjQSY_^UcaeUTUcQbb_\\Qb_^e^dY`_TUQSdYfYTQTUcaeUcYW^YVYSQRQ^
Q\W‹^RU^UVYSY_S_^SbUd_`QbQ\_cdbQRQZQT_bUcS_]_\QcS\QcUci`b_iUS
d_cTU\QC_SYUTQTTU\Q9WeQ\TQTTUCQ^dYQW_5^_db_c`e^d_cTU\`Qc
°Uc`USYQ\]U^dUU^\Qcj_^Qc]Y^UbQcibebQ\Uc°\Q`QbdYSY`QSY†^TU\²RQZ_
`eUR\_³def_\QcSQbQSdUbcdYSQcTU\Q²WeUbbQc_SYQ\³TUcSbYdQcQ^dUbY_b
]U^dU`Ub_cY^aeUUhYcdYUcUe^S_]`b_]Yc_`b_Ve^T_TU\Qc]QcQc\Q
R_bY_cQcS_^\_c`b_iUSd_cTU\Q_`_cYSY†^<QbU\QdYfQY^TYVUbU^SYQ`_`e
\QbVbU^dUQ\Q\eSXQTU`QbdYT_cUh`\YSQU^ReU^Q]UTYTQU\VbQSQc_TU
\Q_`_cYSY†^U^Z_b^QTQcS\QfUcS_]_\QcTU^_fYU]RbUTU!(% iQRbY\TU
!(%!U^CQ^dYQW__\QTU_SdeRbUTU!(%!U^FQ\`QbQc_5cQUbQ\Q\‹SYTQ
S_^cdQdQSY†^XUSXQ`_bCQ^dYQW_1bS_cU^ceSQbdQQ6bQ^SYcS_2Y\RQ_
UcSbYdQU^\QSvbSU\TUCQ^dYQW_U^_SdeRbUTU!(%"*

5\]eiSQcd_KcYSM^‹]Ub_TUSYeTQTQ^_c`_RbUc
aeUU^!(% UcdefYUb_^U^S_^dQSd_S_^ETcU]_cdbQ
b_^QbTYU^dUc`_b\QbUV_b]Q°]_TUbQT_ci\\U^_cTU`Q
SYU^SYQiTUbUcYW^QSY†^°XQcdQaeUQ\We^_cX_]RbUcTU
\QS\QcUTUSU^dU\_caeYcYUb_^UhQc`UbQb`_bU\QcUcY^Qd_
aeUdQ^cY^UcSb‹`e\_Y^dU^dQb_^
@Ub_\_caeUU^d_^SUcUcdefYUb_^U^S_^dQSd_S_^
ETVeUb_^]ei`_S_cQcUcaeU`_TU]_cTUSYbaeU\Q
S\QcU`_RbUQ‹^^_XQd_]QT_`QbdUU^^eUcdbQcWeUbbQc
SYfY\Uc
CU`QbUETQ\_c`QdbY_dQcf_\e^dQbY_caeUcUQb]Q
b_^U^FQ\`QbQc_3_aeY]R_i3_^SU`SY†^i\_cc_\TQ

#(%
 T_caeU`U\UQb_^U^<_^W_]Y\\Q`U\UQRQ^`_bU\`Q
db†^2e\^Uc_`_bU\`Qdb†^3bej°`U\UQRQ^`_b\QS_]Y
TQfUcdeQbY_i`QWQ°icUbQUhdbQ…_aeUTU_db_]_T_
XeRYUcUceSUTYT_°fU^SUT_b3bej_fU^SUT_b2e\^UcU\
Y^aeY\Y^_`Ub]Q^USQY^aeY\Y^_iU\`U†^`U†^CYTU
_db_]_T_XeRYUcUcYT_cYQ\We^_TU\_cT_cWU^UbQ\Uc
XeRYUcU_VbUSYT_edY\YTQTUc`bvSdYSQc]QdUbYQ\UcfYcY
R\UcQ\`U†^U\_db_WU^UbQ\XeRYUcUaeUTQT_cY^c_\TQ
T_cQ^dUcaeUcUU]`U…QcU\QQSSY†^! &(

I]vcQTU\Q^dUU^VQdYjQ^T_UcdQYTUQ1bS_cTUSQQceSQ]QbQTQ*

1\`_RbU¤ae}\UY]`_bdQRQ^\QcbUV_b]QcTUaeU
dQ^fQWQ]U^dUXQR\QRQe^_TU\_c`QbdYT_c/8UfYcd_e^
bUdbQd_TU3bejQ`_iQT_U^e^QS_\e]^QQ`\QcdQTQ`_b
\Q3_^cdYdeSY†^U^\QcaeUcU\UU^UcdQc`Q\QRbQc<YRUbdQT
TU\ceVbQWY_
¤5bQ}cdQ\QedY\YTQT`bvSdYSQ]QdUbYQ\ifYcYR\UaeU
U\@QbdYT_<YRUbQ\TQRQQ\QWbQ^]Qi_bQTU\Q^QSY†^/1
Uc_c^eUfUT}SY]_cTU^eUcdbQ`_R\QSY†^`QbQaeYU^\Q
U\USSY†^Uce^cQY^UdUTUY^S_]`bU^cYR\UdbQ]_iQ°aeU
U^dbUWQceSQ\YVYSQSY†^Q\`Qdb†^`QbQaeUf_dU`_b}\°
`QbQaeYU^^_XQi]vcQed_bYTQTaeUU\SQ`bYSX_TU\
ceRTU\UWQT_]vc\UiaeUU\SU`_T_^TU\_]UdU^TU
SQRUjQSeQ^T_cUTU]Q^TQ
>_Uc`_bVQ\dQTUY^dU\YWU^SYQaeUU\`_RbU^_XQ
d_]QT_`QbdUU^^eUcdbQcS_^dYU^TQc`_\dYSQc>_Uc
`_baeUcUQY^SQ`QjTUXQSUb\QbUf_\eSY†^°cUXQ]_c
dbQT_Y^TYVUbU^dU`_baeU`_S_XeRYUcUWQ^QT_S_^U\
dbYe^V_TU\_c`Y`Y_\_c°i^QTQ`UbTQS_^\Q`Ub]Q^U^
SYQU^U\`_TUbTU\@QbdYT_@U\eS†^! &)

@_S_c]UcUcTUc`e}cQ\XQSUbceRQ\Q^SU2Y\RQ_Q`e^dQbQQ\]Yc
]_VU^†]U^_*

¤Ae}VQ\dQRQQ\QbUf_\eSY†^/5\Q\]QTU\QbUf_\e
SY†^\Qc]QcQc\QYWeQ\TQTrcdQUbQ\Qe^YTQT\QS_]RY
^QSY†^U\ZUVUaeUVQ\dQRQU\UcdQ^TQbdUaeU^_aeYcYUb_^
XQSUbV\Q]UQb<QbUf_\eSY†^cU`UbTY†`_baeU^_VeU\Q
bUf_\eSY†^<_cSQeTY\\_cdU]YUb_^_^_SbUiUb_^U^\Q
\†WYSQYWeQ\YdQbYQiceSe]RYUb_^¤3_^ae}UZ}bSYd_ae}
YTUQae}Qed_bYTQTS_^ae}SQ`YdQ\SbUQ^bUcYcdYb_`_

! &(
3QbdQTUCQ^dYQW_1bS_cQ6bQ^SYcS_2Y\RQ__`SYd`vW! 
! &)
?`SYd`vWc! i!!

#(&
 ^UbifU^SUbQ\QYTUQTU\Q_\YWQbaeQ/>_XQRQcY^_e^Q
dvSdYSQ*U^]QcQE^UZ}bSYd_*\Qc]QcQcE^Q`Q\QRbQ*\Qc
]QcQcE^QYTUQe^cQ^deQbY_e^QQed_bYTQTe^UcdQ^
TQbdUcQWbQT_aeUUbQ^USUcQbY_TUc`\UWQb*\QYWeQ\TQT
5cd_^_cUXYj_+^_`_TQ]_cTU_db_]_T_fU^SUbQ\SQ
`YdQ\Q\Qe^YTQTQ\`QcQT_Q\_b_Q\QS_bbe`SY†^Q\Q
Y^dbYWQiQ\SbY]U^S_^ZebQT_c
<Q bUf_\eSY†^ cU `UbTY† `_baeU ^_ VeU \Q bUf_\e
SY†^! ' 
@Ub_]vcQ\\vTU\WbQT_TU`QbdYSY`QSY†^bUQ\TU\²RQZ_`eUR\_³U^\Qc
ZecdQc`_\dYSQcTUQaeU\RYU^Y_\QTY]U^cY†^cY]R†\YSQTU\_cU^cQi_cYWeQ
\YdQbY_cVeUTUWbQ^dbQcSU^TU^SYQU^\QS_^cdbeSSY†^`_cdUbY_bTU\Y]QWY
^QbY_S_\USdYf_iTU\QYTU^dYTQTTU\_ccUSd_bUc`_`e\QbUc3_]_XQcU…Q
\QT_S_^ZecdUjQ<eYc1\RUbd_B_]Ub_Q\bUVUbYbcUQ\Q9WeQ\TQTcQ^dYQWeY
^Q²\QUh`UbYU^SYQTU\QC_SYUTQT`Qc†QS_^fUbdYbcUU^Q\W_QcS_]_\Q
`YUTbQY^YSYQ\TUe^QXYcd_bYQ]vc]cdYSQaeUbUQ\TUUcd_ccUSd_bUc5^
U\\Q\_bUQ\cUS_]RY^†S_^\_Y]QWY^QT_Q`b_fUSXQ^T_U`Yc_TY_cbUQ\
]U^dU_SebbYT_cS_^_db_caeUV_bZQb_^Q`_cdUbY_bYcec`b_dQW_^YcdQci
_db_c`b_iUSdQT_c`_baeYU^UccUcU^dQ^cecceSUc_bUc³ ! '!
@_b‹\dY]_TURUTUcdQSQbcUaeU\QU^SbeSYZQTQ`_\dYSQTU\_cQ…_c
!(% !(%!WU^Ub†e^S\Y]Q`b_`YSY_`QbQaeUQ\We^_cWbe`_cTUdbQRQZQ
T_bUcY^dU^dQbQ^SbUQbe^^eUf_dY`_TU_bWQ^Yc]_WbU]YQ\*\Qc_SYUTQT]e
deQ\YcdQ6eUb_^U^cQi_cUV]Ub_cRQ\ReSUQ^dUcaeUTUZQb_^]ei`_S_c
bQcdb_cCY^U]RQbW_cU\Uc`eUTUQdbYReYbSYUbdQY]`_bdQ^SYQ`_bdbQdQb
cUTUUh`UbYU^SYQc`bUSebc_bQcTUd_T_e^`Ub_T_TU_bWQ^YjQSY†^TU\
]_fY]YU^d_`_`e\QbaeUcUQRbYbQU^\_cQ…_c`_cdUbY_bUc<Q`bU^cQTU
\Q}`_SQcUXYj_US_TUT_cY^YSYQdYfQc°`b_RQR\U]U^dU^_VeUb_^\Qc‹^Y
SQc°+Q]RQcU^FQ\`QbQc_
<Q`bY]UbQVeUe^QdU^dQdYfQTUV_b]QSY†^TUe^QC_SYUTQTTU1bdUcQ
^_c5\# TUZe\Y_TU!(% Q`QbUSY†U^U\`Ub_TYS_BUV_b]QTUUcQSYeTQT
e^\\Q]Q]YU^d_Q\_cQbdUcQ^_cTUFQ\`QbQc_`QbQSbUQb*

KMe^Qc_SYUTQT`QbQ`b_dUWUb^_c]‹deQ]U^dU
e^_cQ_db_cdQ^d_U^^eUcdbQc^USUcYTQTUcVcYSQcS_]_
]_bQ\Uc\Qe^YV_b]YTQTTU^eUcdbQcYTUQci]UTY_cTU
QTU\Q^d_U^WU^UbQ\S_^UhS\ecY†^TU]YbQc`_\dYSQci
cU`Qbv^T_^_cTU\_c`QbdYT_caeUQSdeQ\]U^dUcUTYc`e
dQ^`_bS_^cYTUbQb\_cQ]R_c`UbZeTYSYQ\UcQ\QTU\Q^d_
TU^eUcdbQS\QcU ! '"

! '
2Y\RQ_<QbUf_\eSY†^U^3XY\U_`SYd`vWc' i'!
! '!
<eYc1\RUbd_B_]Ub_²<YRUbQ\UciQbdUcQ^_c³U^¤Ae}XQSUbS_^\_c`_RbUc/_`
SYd`vW''
! '"
²E^QUc`UbQ^jQVQ\\YTQ³<QBUV_b]QFQ\`QbQc_# TUZe\Y_TU!(% 

#('
 CU`b_`_^QS_^cdYdeYbe^QTYbUSSY†^S_]`eUcdQ`_bdbUcQbdUcQ^_c
U\UWYT_c`_bcecS_]`Q…Ub_cU\`QW_TUe^TUbUSX_TUY^WbUc_TUe^
`Uc_iTUSeQdb_bUQ\UcTUS_dYjQSY†^]U^ceQ\TUcdY^QT_cQceRfU^Yb\_c
WQcd_caeU_SQcY_^QbQ\QU^VUb]UTQT_U\VQ\\USY]YU^d_TUQ\W‹^c_SY_
C_b`bU^TUU^UcdUS_]e^YSQT_\QV_b]QSQdUW†bYSQS_^aeUcUbUSXQjQ
dQ^d_Q\YRUbQ\UcS_]_QS_^cUbfQT_bUcS_\_SQT_cU^e^]Yc]_^YfU\TU
^_SYfYTQT`QbQ²\QS\QcU³5cd_XQSUQ‹^]vcY^dUbUcQ^dUTYSX_\\Q]Q
]YU^d_iQaeU^_UbQS_bbYU^dUU^U\3XY\UTU]UTYQT_cTU\cYW\_H9HdQ\
QVYb]QSY†^TUY^TU`U^TU^SYQTUcUSd_bUc`_`e\QbUcbUc`USd_TU\QcVeUb
jQc`_\dYSQcTU\QU\YdU
5\cUWe^T_`b_iUSd_Q`e^dQRQQ\QSbUQSY†^TUe^QC_SYUTQTTUSQb
`Y^dUb_cTUbYfUbQiTUSQ\QVQdUc5cdQY^cdYdeSY†^Ve^TQTQQS_]YU^j_cTU
!(%!\\UW†QS_^dQbS_^UcdQded_c°`eR\YSQT_cU^SQcdU\\Q^_UY^W\}c°aeU
UcdQR\USQ^e^cYcdU]QTUTU`†cYd_cU^e^QSQZQS_]‹^ceS_\_SQSY†^Q
Y^dUb}ci\QTYcdbYReSY†^TU\QcedY\YTQTUcU^dbUcec]YU]Rb_cQ\VY^Q\YjQb
SQTQQ…_<QC_SYUTQTTUSQb`Y^dUb_ciSQ\QVQdUcTUFQ\`QbQc_aeUbUQWbe`QRQ
QSXY\U^_ciUhdbQ^ZUb_c`b_RQR\U]U^dUQe^WbQ^`_bSU^dQZUTUQ^W\_
cQZ_^UcUbQdQ]RY}^TUdY`_]edeQ\YcdQCecUcdQded_c`bUfUQ^ceRcYTY_c
`QbQ\_cc_SY_cU^VUb]_c_Y]`_cYRY\YdQT_c`QbQU\dbQRQZ_iQieTQcQ\_c
VQ]Y\YQbUcU^SQc_TUVQ\\USY]YU^d_TUe^Qc_SYQT_<QY^cdYdeSY†^TURQ
Se]`\YbQTU]vc\QcVe^SY_^UcTUdbYRe^Q\`QbQTYbY]Yb\_c`\UYd_caeU
cebWYUcU^U^dbUcec]YU]Rb_c`_bdbQRQZ_cXUSX_cU^S_]‹^`b_XYRY}^
T_\UcTYbYWYbcUQ\Q:ecdYSYQ`QbQ\Qc_\eSY†^TUUc_cTYVUbU^T_c@QbQUfY
dQbTYfYcY_^UcU^dbU\_cQc_SYQT_ccUcU…Q\QRQe^Q^_b]QaeU]UTYQdYjQ
TQXQbQUcSeU\QU^`bvSdYSQ]U^dUd_TQc\Qc]edeQ\UcSXY\U^QcTU\QcU
We^TQ]YdQTTU\cYW\_*²\_c]YU]Rb_cTU\Qc_SYUTQT^_Y^dUbfU^Tbv^U^
Qce^d_cbU\YWY_c_c`_\dYS_c_`bU_Se`QSY_^Uc^QSY_^Q\Uc^Y`Ub]YdYbv^
aeUdQ\UcQce^d_ccUQ^TYcSedYT_cU^cecbUe^Y_^Uc³! '#
1]RQcdU^dQdYfQcbUQ\YjQTQcU^e^S_^dUhd_TUQWeT_S_^V\YSd_`_\
dYS_`bUVYWebQRQ^\_aeUcUbQ\QV_b]Q`bY^SY`Q\TU_bWQ^YjQSY†^TU\_c
dbQRQZQT_bUcebRQ^_cSXY\U^_cTebQ^dUfQbYQcT}SQTQc4UUcdQ]Q^UbQU\
`Ub_T_aeU]UTY†U^dbU\QcWeUbbQcSYfY\UcTU!(%!i!(%)cU`bUcU^d†
`QbQU\\_cRQZ_e^cYW^_^eUf_*U\TU\_c`bY]Ub_c`Qc_cUhYd_c_c`QbQ\Q
Qed__bWQ^YjQSY†^TU\_cdbQRQZQT_bUcU^Y^cdYdeSY_^Uc]edeQ\YcdQcTU
]Q^UbQd_dQ\]U^dUY^TU`U^TYU^dUTU\QVbQSSY†^\YRUbQ\TU\QcS\QcUcT_
]Y^Q^dUc

! '#
²1c_SYQSY†^TUY^TecdbYQ\Uc³5\3_]UbSY_TUFQ\`QbQc_FQ\`QbQc_!'TUU^Ub_TU
!(%!3QRUcU…Q\QbaeUUcdQTYc`_cYSY†^cUbvbUd_]QTQ`_bSQcYd_TQc\Qcc_SYUTQTUcTUc_S_
bb_c]ede_cVe^TQTQc`_cdUbY_b]U^dU`Ub_TU]Q^UbQ]U^_cbWYTQiQaeUc†\_cU`b_XY
RYbv\QTYcSecY†^TUdU]Qc`_\dYS_c_bU\YWY_c_cU^\_c\_SQ\Uc]edeQ\YcdQcS_^cUbfQ^T_\_c
Qc_SYQT_c`\U^Q\YRUbdQTTUQSSY†^U^dQ^d_Y^TYfYTe_cVeUbQTU\bUSY^d_TU\Qc_SYUTQT

#((
 31@ÅDE<?9H

<1C@B9=5B1CC?3954145C=EDE1<9CD1C
!(%#!(%(

5 < 496Å39< 3?>D5HD? @?<ÅD93?

<QTUbb_dQTU\Q_`_cYSY†^U^\_cSQ]`_cTURQdQ\\QXQSYQVY^UcTU!(%!
SUbb†e^`Ub_T_TUfYfU^SYQc`_\dYSQc_bYWY^Q\UcTUfQcd_ccUSd_bUcTU
dbQRQZQT_bUc<QTUcdbeSSY†^TU\QUcdbeSdebQcU^aeU}cd_ccUY^S_b`_
bQb_^Q\Q\eSXQ`_\dYSQ°Ze^d__Q\\QT_TU\QU\YdU\YRUbQ\°i\QbU`bU
cY†^WU^UbQ\YjQTQS_^dbQ\QcQSdYfYTQTUc`_\dYSQcS_^dUcdQdQbYQcTUZQb_^
Q\_cWbe`_cTUQbdUcQ^_ci_RbUb_c]vc`_\YdYjQT_cQRQ^T_^QT_cQce
`b_`YQceUbdU
4UcSQbdQTQ U^ \_ Y^]UTYQd_ \Q `_cYRY\YTQT TU SeQ\aeYUb bUV_b]Q
`_\dYSQcYW^YVYSQdYfQ\QfQUcS_WYTQ`_bQ\We^_ccUSd_bUc`_`e\QbUcVeU
\QQed__bWQ^YjQSY†^U^c_SYUTQTUcaeUcQdYcVYSYUbQ^cec^USUcYTQTUc]vc
ebWU^dUc5cd_c_bWQ^Yc]_cTURQ^cUb`_\dYSQ]U^dU^Uedb_ciSQ`QSUc
TUQWbe`QbQd_T_c\_cdbQRQZQT_bUcTUSYUbd_cWbU]Y_cdbQcU\_RZUdYf_TU
\QQieTQ]edeQU^SQc_TUU^VUb]UTQTSUcQ^dQY^fQ\YTUj_TUSUc_TU
Q\We^_TUcec]YU]Rb_c
5\S\Y]QTU`_cWeUbbQSYfY\U]`eZQRQQ\Q`beTU^SYQiQ\Q`_\YdYSYc
]_VY^WYT__bUQ\1\QbU`bUcY†^TU!(%!i!(%"cUce]Qb_^TYcdY^dQc
TYc`_cYSY_^UcTU\QcQed_bYTQTUcTUcdY^QTQcQ`bUfU^YbiS_^db_\Qb]_
fY]YU^d_cTUS_^dUcdQSY†^`_\dYSQic_SYQ\D_TQc\QcQSdYfYTQTUcTU\Q
`_R\QSY†^TURQ^aeUTQbRQZ_U\S_^db_\TU\Q`_\YSQiTU\_cbU`bUcU^
dQ^dUcTU\5ZUSedYf_<_cY^dU^TU^dUccUU^SQbWQb_^TUY]`\U]U^dQb
dQ\Uc ]UTYTQc 5^ CQ^dYQW_ `_b dbQdQbcU TU \Q SQRUSUbQ `_\dYSQ TU\
`Qc\QcbUc_\eSY_^UcTU\_cQWU^dUcTU\`_TUbVeUb_^`QbdYSe\Qb]U^dU
UcdbYSdQc =UTYQ^dU e^ RQ^T_ WU^UbQ\ TU `_\YSQ `eR\YSQT_ U\ !# TU
]Qi_TU!(%#U\Y^dU^TU^dU6bQ^SYcS_Â^WU\BQ]bUjUcdQR\USY†cUfU
bQc^_b]Qc`QbQ\QS_^cdYdeSY†^iVe^SY_^Q]YU^d_TUSeQ\aeYUbdY`_TU
Qc_SYQSY†^_S_^WbUWQSY†^1^dUcTUY^YSYQbcecQSdYfYTQTUcUcdQcY^cdY
deSY_^UcTURQ^c_\YSYdQb`_bUcSbYd_e^`Ub]Yc_Q\9^dU^TU^dUVYZQ^T_
S\QbQ]U^dU\_cQce^d_caeUcU`b_`_^Q^dbQdQbU\\eWQbTQciX_bQc
U^aeUdU^TbQceccUcY_^Ucc_`U^QTUcUbTYceU\dQc`_b\Q9^dU^TU^
SYQiU\`QW_TUVeUbdUc]e\dQc`_b`QbdUTUcecTYbYWU^dUc`b_]_d_bUc

#()
i QieTYcdQc! '$  <Q `_\YSQ UcdQRQ Qed_bYjQTQ `QbQ fYcYdQb ²\YRbU]U^dU
cYU]`bUaeU\_UcdY]US_^fU^YU^dU³\QcQc_SYQSY_^UcQed_bYjQTQci\Q
Qed_bYTQT`b_fY^SYQ\cUbUcUbfQRQ\QVQSe\dQTTUTYc_\fUbQQaeU\\Qcc_
SYUTQTUcaeUVQ\dQbQ^Q\Se]`\Y]YU^d_TUUcdQcbUW\Qc*

KM_aeUTUcfYv^T_cUTU\_cQce^d_caeUTUS\QbQ
b_^cU`b_`_^Q^dbQdQb_Q\dbQdQbTUU\\_ccUU]YdQ^
TU`Q\QRbQ_`_bUcSbYd_T_SdbY^Qc_YTUQcaeUQZeYSY_
TU\Q9^dU^TU^SYQcUQ^Y^]_bQ\Uc_aeUdYU^TQ^Q`b_
]_fUb\QbURU\Y†^+U^Sei_SQc_TURUbv^TYc_\fUbcUcY^
bUcYcdU^SYQde]e\d_^YQ\WQjQbQQ\Q`bY]UbQY^dY]QSY†^
TU\Q`_\YSQ! '%

5\RQ^T_TU`_\YSQ`b_XYRQ\QceRTYfYcY†^TU\QcQc_SYQSY_^Uci\Q
]e\dY`\YSQSY†^TUcec\eWQbUcTUbUe^Y†^+U\SQ]RY_TU\eWQbTUbUe^Y_
^UcTURQcUbQfYcQT_`bUfYQ]U^dUQ\Q9^dU^TU^SYQic†\_`_TbQUVUSdeQb
cUS_^\YSU^SYQUcSbYdQTU}cdQ<QcY^VbQSSY_^UcQ\Q^_b]QdYfQcUbQ^SQc
dYWQTQcS_^]e\dQci`U^QcTUXQcdQSeQbU^dQTQcTU`bYcY†^ ! '& 
5\_bTU^S_^cUbfQT_bbUY^QRQi\QcY]`\UQc_SYQSY†^TU\_cSYeTQ
TQ^_caeUTQRQRQZ_\Q]YbQTQcec`YSQjTU\QQed_bYTQT5^UcUS_^dUhd_
cebWYUb_^\Qc`bY]UbQcc_SYUTQTUcTUc_S_bb_c]ede_cTUdbQRQZQT_bUc
<QYTUQ]edeQ\YcdQ^_UbQ^eUfQU^3XY\U+TebQ^dU\_cQ…_cSeQbU^dQcU
XQRQ^TYVe^TYT_TYcdY^d_c`b_iUSd_c°e^_U^!($%TU\]QUcdb_1bQ
fU^QTeU…_TUe^QY]`_bdQ^dUcQcdbUbQTU\QSQ`YdQ\aeUS_^d†S_^U\
Q`_i_ TU\ RQ^T_ S_^cUbfQT_b ! ''  i _db_ TU 6Ub]^ FYfQSUdQ XQSYQ
!($'°`Ub_^Y^We^_TUU\\_ccUXQRQS_^SbUdQT_<QUh`UbYU^SYQTU
!(% °!(%!\QcYTUQccU]RbQTQc`_b\_cYWeQ\YdQbY_ciU\Q\UZQ]YU^d_TU
\Q`_cYRY\YTQTTUe^QbUV_b]Q`_\dYSQic_SYQ\QieTQb_^QSbUQb\QcS_^
TYSY_^UcceRZUdYfQc`QbQaeUU\c_S_bb_]ede_VeUcUQT_`dQT_S_^VeUb
jQiS_^fYSSY†^`_bQ\We^_ccYW^YVYSQdYf_c^‹S\U_cTUdbQRQZQT_bUc

< ?C @9?>5B?C *D9@É7B16?C I 1BD5C1>?C

<Q²TUSQ^QTU\]edeQ\Yc]_SXY\U^_³VeU\QC_SYUTQTDY`_WbvVYSQTUCQ^dYQ
W_Ve^TQTQU\!(TUcU`dYU]RbUTU!(%#U^e^QSd_`‹R\YS_aeUbUe^Y†Q
_RbUb_ciQ\We^_cTeU…_cTUY]`bU^dQTU\QSQ`YdQ\<_cVY^Uc`b_`eUcd_c
UbQ^Ze^dQbV_^T_cTU`bUfYcY†^i_VbUSUbUTeSQSY†^WU^UbQ\WbQdeYdQQ\_c
QTXUbU^dUcCe`bY^SY`Q\`b_]_d_bVeUU\dY`†WbQV_`UbeQ^_FYSd_bY^_
<Q^UjU\]Yc]_aeUU^!(")XQRQQ^Y]QT_\QUV]UbQC_SYUTQTTU1bdU

! '$
2Q^T_:U^UbQ\TU@_\YSQ_`SYd`vW"
! '%
?`SYd`vW#
! '&
?`SYd`vWc#i$
! ''
²7bU]Y_TUQbdUcQ^_c³5\?bTU^CQ^dYQW_!"TU^_fYU]RbUTU!($%

#)
cQ^_cTU\`Qc5^cecY^YSY_c\QS_]`_cYSY†^TU\Q]edeQ\dY`_WbvVYSQVeU
RQcdQ^dUXUdUb_W}^UQ<QY^dUWbQRQ^_RbUb_ci`b_VUcY_^Q\UcWbvVYS_c
U]`\UQT_ci`UbY_TYcdQcTUY]`bU^dQcTUUcdQR\USY]YU^d_cTUV_d_WbQRQ
T_iU]`bUcQcUTYd_bQcTUTYQbY_cibUfYcdQcDQ]RY}^QTXUbQ^Q\We^_c
`b_`YUdQbY_cTUY]`bU^dQS_]_cUXQcU…Q\QT_Q^dUbY_b]U^dU1\We^_c
TU\_cdbQRQZQT_bUcaeU]vccUTUcdQSQRQ^U^\QV\Q]Q^dUQWbe`QSY†^iQ
XQRQ^Y^YSYQT_e^`b_SUc_TU]_fY\YTQTc_SYQ\QcSU^TU^dUWbQSYQcQ\
UZUbSYSY_TUcec_VYSY_c5^U\`bY]UbTYbUSd_bY_Ze^d_Q\`bUcYTU^dU<Q
^UjVYWebQRQU\fYSU`bUcYTU^dU:QSY^d_>‹…UjaeYU^cUS_^fUbdYbQ`_S_
TUc`e}cU^`b_`YUdQbY_TU\QY]`bU^dQ<QBU`‹R\YSQiUTYd_bTU\TYQbY_TU\
]Yc]_^_]RbU+i_Se`Q^T_U\SQbW_TUTYbUSd_bQ`QbUSQ:_c}CQ^d_c
FQ\U^jeU\Q]vcdQbTUTYbUSd_bTU\Q9]`bU^dQ>QSY_^Q\iUTYd_bTU\`U
bY†TYS__VYSYQ\5\1bQeSQ^_?db_TU\_cVe^TQT_bUc:_c}BQY]e^T_=Qb
d^UjcUbQbUWU^dUTU\TYQbY_<Qr`_SQ! '( 
<_cdY`†WbQV_cTU\QcUWe^TQSYeTQTTU\`QccYWeYUb_^U\UZU]`\_TU
cecS_\UWQcTU\QSQ`YdQ\4_cQ…_c]vcdQbTUU\&TU]Qi_TU!(%%bUc
`_^TYU^T_Qe^QS_^f_SQd_bYQTUB_]v^FYQ\! ') :eQ^3Qb\_cFQ\TYfYUc_
U9cYTb_?Sv^cUbUe^YUb_^]vcTUdbUY^dQdbQRQZQT_bUcTUY]`bU^dQ`QbQ
Ve^TQb\QC_SYUTQTDY`_WbvVYSQTUFQ\`QbQc_ ! ( <QQcQ]R\UQcUbUQ\Yj†TU
]Q^UbQS\Q^TUcdY^Q`_b`bUSQeSY†^Q\QbU`bUcY†^TU\W_RYUb^_Q‹^
VeUbdUQbQjTU\Q`QcQTQWeUbbQSYfY\<Q`bY]UbQ]UTYTQQT_`dQTQVeUU\
^_]RbQ]YU^d_TUe^QS_]YcY†^U^SQbWQTQTUc_\YSYdQbU\`Ub]Yc_TU\Qc
Qed_bYTQTUc`QbQS_^cdYdeYb\UWQ\]U^dU\QQc_SYQSY†^rcdQ^_dQbT†U^

! '(
<_cbUcdQ^dUc]YU]Rb_cTU\Q`bY]UbQTYbUSdYfQVeUb_^U\_RbUb_BQ]†^CY\fQcU
SbUdQbY_i@UTb_<U†^?\YfQdUc_bUb_?db_cVe^TQT_bUcTU\QE^Y†^DY`_WbvVYSQVeUb_^
:_c}BQY]e^T_=Qbd^Uj`_cdUbY_b]U^dUbUWU^dUTU\TYQbY_<Qr`_SQ+6bQ^SYcS_=Q\T_
^QT_i@UTb_7_^jv\UjTU\Q6eU^dUd_T_cU\\_c]YU]Rb_cTU\QS_]YcY†^bUTQSd_bQTU\_c
UcdQded_cDQ]RY}^V_b]Qb_^`QbdUTU\^‹S\U_Y^YSYQ\*?^_VbU:<\Q^Y\\_cTUTUcdQSQTQ
`QbdYSY`QSY†^U^U\]_fY]YU^d_]edeQ\YcdQTebQ^dUfQbYQcT}SQTQc1Wecd^2QUjQ5\UedU
bY_CY\fQU\`bU^cYcdQ:eQ^1Xe]QTQU\U^SeQTUb^QT_b=YWeU\>‹…Uj:QbQi\_cdY`†WbQ
V_c1^d_^Y_C_\c_^Q5e\Q\Y_1bWQ^T_…Q@UTb_:1WeY\Q?^_VbU1bQ_c:_c}=_bv^2Qb
d_\_=UTY^Q=QbYQ^_FUWQ4Q^YU\2QXQ]_^TUc4Q^YU\3Qcdb_CQ]eU\7†]Uj@_<e
SUb_6bQ^SYcS_=Q\T_^QT_<Y^_2Uj_QY^DQTU_4_^_c_i=Q^eU\?bdYj=U]_bYQaeUU\
4YbUSd_bY_TU\QE^Y†^TU\_cDY`†WbQV_cTUCQ^dYQW_`bUcU^dQQ\Q8_^_bQR\U3_]YcY†^TU2U\\Qc1bdUc
U9^cdbeSSY†^TU\Q5c`_cYSY†^TU!(((CQ^dYQW_9]`bU^dQTU²5\@b_WbUc_³!(((`vWc')+
4_Se]U^d_cc_RbUc_SYUTQTUcUY^cdYdeSY_^UcTYfUbcQc5c`_cYSY†^>QSY_^Q\TU!(((CQ^dYQW_9]
`bU^dQ>QSY_^Q\!(((`vWc" $i" %
! ')
5\SQc_TUB_]v^FYQ\S_^cdYdeiU_db_UZU]`\_`QbQTYW]vdYS_TU\QcSU^c_c_SYQ\
TU]eSX_cTYbYWU^dUcTU\WbU]Y_TU\_cdbQRQZQT_bUcTUY]`bU^dQ>QSYT_U^FQ\`QbQc_
U^!(##S_]U^j†QTUcU]`U…QbcUS_]_SQZYcdQQ\_caeY^SUQ…_cBv`YTQ]U^dUVeU`b_
]_fYT_QSb_^YcdQiQbUTQSd_bDbQRQZ†Q\W‹^dYU]`_U^5\4YQbY_TUFQ\`QbQc_iQ`QbdYbTU
!(%)U^5\=UbSebY_TUUcQ]Yc]QSYeTQT6eUe^UcSbYd_bTUSYUbd_bU^_]RbUQed_bTU
SeQTb_cTUS_cde]RbUccQY^UdUcSeU^d_c^_fU\QcUdS}dUbQ6Q\\USY†U^!()&CY\fQ3Qcdb_
@bU^cQi`UbY_TYc]__`SYd`vWc!&!i!&"
! (
5\QSdQTUVe^TQSY†^VeUVYb]QTQc†\_`_bfUY^dU`Ubc_^Qc²1SdQTUVe^TQSY†^
TU\QC_SYUTQTDY`_WbvVYSQTUFQ\`QbQc_³U^2_\Ud^?VYSYQ\TU9^V_b]QSY_^UcTU\QC_SYUTQT
DY`_WbvVYSQ>¡'#FQ\`QbQc_&TU]Qi_TU!)%%`vW&

#)!
_RdU^UbcU*U\)TUZe\Y_TU\]Yc]_Q…_TUc`e}cTUQ^Q\YjQb\_cUcdQded_c
`bUcU^dQT_c`_b\_cdY`†WbQV_c\Q9^dU^TU^SYQTUFQ\`QbQc_TY_ceQ`b_
RQSY†^`QbQU\Ve^SY_^Q]YU^d_TU\Q]edeQ\E^TYbUSd_bY_TUVY^YdYf_`bU
cYTYT_`_b6bQ^SYcS_=_\Y^Q`eT_QR_SQbcUTUcTUU^d_^SUcQSeQdb_dQ
bUQcS_^cYTUbQTQc`bY_bYdQbYQc*V_b]Qbe^QSQZQTUQX_bb_c+`b_SebQbU\
QTU\Q^d_ TU \Q dY`_WbQVQ+ `bUcdQb c_S_bb_c Q \_c ]YU]Rb_c aeU cU
Y]`_cYRY\YdQbU^`QbQU\dbQRQZ_+iQieTQbQ\QceRcYcdU^SYQTU\QcVQ]Y\YQcTU
\_cc_SY_caeUVQ\\USYUbQ^! (!4ebQ^dUU\`bY]UbQ…_cUS_]U^j†QS_^cdY
deYbe^QRYR\Y_dUSQRQcQTQU^Q\We^QcT_^QSY_^UcicUT_d†TUU^cUbUcQ\Q
cQ\QTUbUe^Y_^Uc5\RQ\Q^SUQ\SQR_TUUc_c`bY]Ub_c]UcUcVeUS_^cYTU
bQT_`_cYdYf_! ("
4UcTUcec`bY]Ub_cQ…_cTUUhYcdU^SYQ\Qc_SYUTQTTUc_S_bb_c]e
de_cTU\_cdY`†WbQV_c`_bdU…_cUcdQR\USY†S_bTYQ\UcbU\QSY_^UcS_^cec
X_]†\_WQcTU<Y]QiTU2eU^_c1YbUccYbfYU^T_cec5cdQded_cTU]_TU\_
QUcQcY^cdYdeSY_^UcUhdbQ^ZUbQc<QC_SYUTQTDY`_WbvVYSQR_^QUbU^cU\\UW†Y^
S\ec_Q`b_`_^UbQ\QTUFQ\`QbQc_QTXUbYbQ\S_^fU^Y_aeU]Q^dU^Q
S_^ \Q TU =_^dUfYTU_ `QbQ Q\SQ^jQb \Q e^YTQT TU \_c dY`†WbQV_c
ceTQ]UbYSQ^_c! (#1e^aeU\QYTUQ^_Q\SQ^j†QS_^SbUdQbcUTURYT_Q\_c
QS_^dUSY]YU^d_c`_\dYS_caeUUcdQ\\Qb_^`_S_TUc`e}cU^3XY\UU\\_Y^
TYSQaeU\QcbU\QSY_^UcU^dbUUcdQcZ†fU^Ucc_SYUTQTUcTU\_cdY`†WbQV_c
ceTQ]UbYSQ^_cUbQ^RQcdQ^dUUcdbUSXQc
<QdUbSUbQY^cdYdeSY†^]edeQ\YcdQaeU\_Wb†ce`UbQb\QUdQ`QU]
RbY_^QbYQU^aeU]_bQ^]eSX_c`b_iUSd_cTUUcdUdY`_VeU\Q1c_SYQSY†^
TU1bdUcQ^_cTUFQ\`QbQc_Ve^TQTQ`_b=QdU_=UbSQTY^_2Qbd_\_]}BY_
R†:_c}B3_^dbUbQc<_bU^j_:ecdY^YQ^_7Ub†^Y]_2ebW_ci:_c}=Q
bQ=_bQ! ($ U\!#TU]Qi_TU!(%(UcTUSYbTebQ^dUU\`Ub_T_TUY^dU^

! (!
4_Se]U^d_cc_RbUc_SYUTQTUc_`SYd`vWc") ")#+²2bUfUXYcd_bYQTU\QC_SYUTQT
DY`_WbvVYSQ!(%%&TU]Qi_!)#%³U^2_\Ud^?VYSYQ\TU9^V_b]QSY_^UcTU\QC_SYUTQTDY`_Wbv
VYSQTUFQ\`QbQc_>¡'FQ\`QbQc_&TU]Qi_TU!)#%`vWc$&+²8Ycd_bYQTU^eUcdbQC_
SYUTQT³U^2_\Ud^?VYSYQ\TU9^V_b]QSY_^UcTU\QC_SYUTQTDY`_WbvVYSQ>¡'#FQ\`QbQc_&TU
]Qi_TU!)%%`vWc'!)
! ("
²=U]_bYQ`bUcU^dQTQ`_bU\cU…_b6bQ^SYcS_=_\Y^QS_bbUc`_^TYU^dUQ\Q…_
!(%%³C_SYUTQTDY`_WbvVYSQTUFQ\`QbQc_=U]_bYQTU'%Q…_c!(%%!)# FQ\`QbQc_
9]`bU^dQi<Yd_WbQVQE^YfUbc_!)# `vWc! i!!+²<Q=U]_bYQTU\QC_SYUTQTU^!(%%³
U^2_\Ud^?VYSYQ\TU\QC_SYUTQTDY`_WbvVYSQ>¡'#FQ\`QbQc_&TU]Qi_TU!)%%`vWc" i
"!
! (#
<QcSQbdQcTU\QC_SYUTQTDY`_WbvVYSQTU1ehY\Y_c=ede_cTU<Y]Q!#TU]Qbj_TU
!(%'iTU\QC_SYUTQTDY`_WbvVYSQR_^QUbU^cU" TU^_fYU]RbUTU!(%(VeUb_^`eR\YSQTQc
U^U\2_\Ud^TU\Q^_dQQ^dUbY_b`vW!&
! ($
²5\U^S_TU\_cc_SY_cVe^TQT_bUc³U^5cdQded_cTU\Q1c_SYQSY†^TU1bdUcQ^_cFQ\
`QbQc_9]`bU^dQTU\Q@QdbYQ!('#CUW‹^Q\We^_cQed_bUc=Q^eU\=e…_ji:eQ^1Wec
d^3_b^UZ_aeYU^`_cdUbY_b]U^dUVeUbQVe^TQT_bTU\QC_SYUTQT@b_dUSd_bQTU3YWQbbUb_cTU
FQ\`QbQc_i]YU]Rb_TU^e]Ub_cQcc_SYUTQTUc_RbUbQcdQ]RY}^V_b]Qb_^`QbdUTU\^‹
S\U_Y^YSYQ\TUUcdQ]edeQ\?cfQ\T_<†`Uj4YSSY_^QbY_2Y_WbvVYS_?RbUb_TU3XY\UCQ^dYQW_
9]`bU^dQi5^SeQTUb^QSY†^2U\\QfYcdQ!)!"`vW3"#+@UTb_CUWe^T_@bQT_4YSSY_^Q
bY_2Y_WbvVYS_TU\_c4U]†SbQdQcTU3XY\UCQ^dYQW_9]`bU^dQ3UbfQ^dUc!)"#`vW( +CU

#)"
cQQWYdQSY†^`_\dYSQaeUSe\]Y^†U^\QWeUbbQSYfY\TU!(%) ! (% <Q]edeQ\
TU\_cQbdUcQ^_c`_bdU…_c`b_S\Q]QRQS_]__RZUdYf_c²\QVbQdUb^YTQTiU\
c_S_bb_]ede_TU\_cQbdUcQ^_c³\Q`b_]_SY†^TU²\QY^cdbeSSY†^\Q
]_bQ\YTQTiU\RYU^UcdQbQVY^TUaeU`eUTQ^S__`UbQbUVYSQj]U^dUQ\
RYU^`‹R\YS_³! (& 
3_]_\_cUcdQded_c`bUfUQ^aeUc†\_\_cQbdUcQ^_c`_TQ^cUbS_^
cYTUbQT_cS_]_c_SY_cUVUSdYf_c°S_^TUbUSX_Qf_jiQf_d_°`_S_cTQc
TUc`e}cTUY^cdQ\QTQ\Qc_SYUTQTQ\We^_cQc_SYQT_c`b_`ecYUb_^UXYSYU
b_^Q`b_RQbe^Q]_SY†^aeUS_^SUTY†U\²TUbUSX_TUc_SY_cUVUSdYf_c³Q
d_T_c\_cVe^TQT_bUcaeU^_VeUbQ^QbdUcQ^_c ! (' @b_^dQ]U^dUcUTUcYW
^†e^QS_]YcY†^`QbQ`UTYbQ\W_RYUb^_\QQ`b_RQSY†^TU\_cUcdQded_c
Ucd_UccebUS_^_SY]YU^d_\UWQ\! (( 5^V_b]Q`QbQ\U\Q:_c}BQ]†^3_^
dbUbQcbU`bUcU^dQ^dU\UWQ\TU\QV\Q]Q^dUQc_SYQSY†^U\Uf†e^Qc_\YSYdeT
Q\QS_]YcY†^]e^YSY`Q\TU2U^UVYSU^SYQ`QbQS_\_SQb\QRQZ_ce`b_dU
SY†^<Q]e^YSY`Q\YTQT`_bdU…QTUc`e}cTUUcdeTYQbcecUcdQded_c\UQS_b
T†ce`Qdb_SY^Y_U^fYbdeTTUcecRU^}VYS_ci\_QR\Uc_RZUdYf_c ! () 5bQe^
cYW^_Y^Uaef_S_*U\^eUf_dY`_TU_bWQ^YjQSY†^U]`UjQRQQcUbQSU`dQ
T_`_b\QcQed_bYTQTUci\Q_`Y^Y†^²Se\dYfQTQ³
1`QbdUTUUcdQcdbUcY^cdYdeSY_^UcaeU\_WbQb_^SY]U^dQbcUcUY^dU^
d†TebQ^dUUcdU`Ub_T_\QSbUQSY†^TUc_SYUTQTUc]edeQ\YcdQcTUTYfUbcQ
^T_\U1e^aeUd_TQcVeUb_^TUUV]UbQTebQSY†^cec_\QUhYcdU^SYQbU
fU\QaeU\QYTUQ]edeQ\YcdQS_]U^jQRQQUh`Q^TYbcUU^dbU\_cdbQRQZQT_
bUcebRQ^_c5^CQ^dYQW_cUbUQ\YjQb_^dbUcdU^dQdYfQcWU^UbQ\]U^dU_\fY
TQTQcaeU\\Q]Q^\QQdU^SY†^
5^!(%&T_cY^TecdbYQ\UcUhdbQ^ZUb_c\_ccU…_bUc3_SadbQdQb_^TU

WQ\\4UcQbb_\\_TU\SQ`YdQ\Yc]__`SYd`vW"("CY^U]RQbW_U\^_]RbUTU3_b^UZ_^_cU
U^SeU^dbQU^U\U\U^S_TU\_cc_SY_cVe^TQT_bUcSYdQT_]vcQbbYRQ=e…_jVYWebQQ\\c†\_
S_^U\>¡%"UcTUSYb^_V_b]Q`QbdUTU\Wbe`_TUcUYc²`b_]_d_bUc³3_b^UZ_i=e…_j
dQ]`_S_Q`QbUSU^U^dbU\QcTYUj`Ubc_^QcaeUS_^V_b]Qb_^U\`bY]UbS_^cUZ_WU^UbQ\^Y
U^dbU\_c^eUfUY^dUWbQ^dUcTU\QTYbUSdYfQ`b_fYc_bYQTU\QQc_SYQSY†^U\UWYTQU\]Yc]_
TQTUceVe^TQSY†^5cdU‹\dY]_SeUb`_UbQU\cYWeYU^dU*`bUcYTU^dU*BQ]†^3_^dbUbQc+
fYSU`bUcYTU^dUc*4_]Y^W_=_^dQ\fQi=QdU_=UbSQTY^_+cUSbUdQbY_*2Qbd_\_]U_BY_R†+
dUc_bUb_*<_bU^j_:ecdY^YQ^_3Qcdb_+TYbUSd_bUc*BQ]†^3vSUbUc@UTb_8U^baeUj3Y
`bYQ^_1RQbSQ6bQ^SYcS_@QbUTUc=e…_ji3_b^UZ_dQ]`_S_Y^dUWbQb_^U\cUWe^T_S_^
cUZ_^Y\QcUWe^TQTYbUSdYfQU\UWYTQU\!(TUZe\Y_TU!(%(111FC_SYUTQTTU1bdUcQ^_c
TUFQ\`QbQc_<YRb_TU1SdQc>¡!4UcTUU\!#TU]Qi_TU!(%(XQcdQU\")TU^_fYU]RbUTU!(&#
VZc"#i"(F}QcUdQ]RY}^2_TQcTU4YQ]Q^dUTU\Q1c_SYQSY†^TU1bdUcQ^_cTUFQ\`QbQc_=U
]_bYQTU'%Q…_c!(%(!)##FQ\`QbQc_9]`bU^dQi<Yd_WbQVQE^YfUbc_!)##`vW%
! (%
1SdQTUVe^TQSY†^111F<YRb_TU1SdQc>¡!_`SYdVZc!(i!)
! (&
5cdQded_cU^111F<YRb_TU1SdQc>¡!_`SYdVZc"!%+²5cdQded_cTU\Q1c_
SYQSY†^TU1bdUcQ^_c³5\=UbSebY_FQ\`QbQc_!%TU]Qi_TU!(%(
! ('
111F<YRb_TU1SdQc>¡!_`SYdV"$
! ((
?`SYdV"'
! ()
²C_SYUTQTTU1bdUcQ^_cTUFQ\`QbQc_³5\=UbSebY_FQ\`QbQc_'TUQW_cd_TU
!(%(

#)#
_bWQ^YjQbe^Qc_SYUTQTTUc_S_bb_c]ede_c`QbQ\_cdbQRQZQT_bUcTUce
SebdYTebQ5cdQY^YSYQdYfQ`Qdb_^Q\dU]`bQ^Q`Y_^UbQTU_dbQccY]Y\QbUc
aeUS_]U^jQbQ^QTUcQbb_\\QbcUdbUcT}SQTQc]vcdQbTU^_TUZQRQ^Y^
W‹^Uc`QSY_Q\QQed__bWQ^YjQSY†^i\QY^YSYQdYfQTU\_cdbQRQZQT_bUc*\Q
QT]Y^YcdbQSY†^\QS_^dQRY\YTQTi\QWQbQ^dQTU\_cV_^T_cTU\Qc_SYUTQT
UcdQRQ^QSQbW_TU\U]`bUcQbY_5h`UbYU^SYQQYc\QTQ\QYTUQ`QdUb^Q\Yc
dQ! ) TU\_ccU…_bUc3_SaVeUQ\QRQTQ`_bQ\We^_ccUSd_bUcTU\Q_`Y^Y†^
Y\ecdbQTQaeU\Q`b_`ecYUb_^S_]_]_TU\_Q\_cZUVUcTUdQ\\UbQcec_VY
SYQ\Uci_RbUb_c`_bS_^cYTUbQb°S_]_\_XQSQ5\6Ubb_SQbbY\°aeU`QbQ\_c
Y^TecdbYQ\Uc\Qc]edeQ\UcUbQ^²e^]UTY_UVYSQjTUSY]U^dQbU\_bTU^i
ReU^b}WY]U^U^\_Y^dUbY_bTUcecU]`bUcQcTUXQSUb]vcS_^cdQ^dU\Q
QcYcdU^SYQTUcec_RbUb_cTUS_bbUWYb_TU]YdYWQbcecfYSY_ci`_b‹\dY]_
TUXQSUb]vc\\UfQTUbQciQ‹^]vcQ]QR\Uc\QcdQbUQcaeUcUY]`_^U^Q
cecTU`U^TYU^dUc³! )! 
5\`b_iUSd_^_`QbUSUXQRUbdU^YT_]eSX_}hYd_Q`UcQbTUSYUbd_c
Qc`USd_cV\UhYR\UcaeU`_TQ^XQSUb\_QdbQiU^dU`QbQ\_c_RbUb_cSebdYT_
bUc*\QQTXUcY†^Q\Qc_SYUTQTTUc_S_bb_c]ede_cUbQf_\e^dQbYQi\_c_`U

! )
5^\_c`QcUcTU]Qi_bTUcQbb_\\_Y^TecdbYQ\U\`QdUb^Q\Yc]_XQcYT__RZUd_TU
^e]Ub_c_cUcdeTY_cCUW‹^\QXYcd_bYQT_bQVbQ^SUcQ=YSXU\\U@Ubb_dU\`QdUb^Q\Yc]_ce
`_^UQ\_]U^_cdbUcU\U]U^d_c*!¡@bUcU^SYQVcYSQTU\`Qdb†^U^U\\eWQbTU`b_TeSSY†^+
"¡<U^WeQZUi`bvSdYSQcTUdY`_VQ]Y\YQbU^dbUU\`Qdb†^i\_c_RbUb_c+#¡1TXUcY†^TU\_c
dbQRQZQT_bUcQUcU]_T_TU_bWQ^YjQSY†^=YSXU\\U@Ubb_d²<UbUWQbTTU\µ1edbU*\Uc`Q
db_^cVbQ^|QYcfec`Qb\Uc_efbYUbc!(( !)!$³TQ^c<U`Qdb_^QdTU\QcUS_^TUY^TecdbYQ\Y
cQdY_^}deTUcbQccU]R\}Uc`Qb=<}fi<UR_iUb@QbYcrTYdY_^c?efbY~bUc!)')`vW")$
<QbUfYcdQVbQ^SUcQ<U=_efU]U^dC_SYQ\S_^cQWb†ce>¡!$$@QbYcZeY\\UdcU`dU]RbU!)((
Q\dU]Q²@QdUb^Q\Yc]_cTUQiUbiTUX_i³RQZ_\QTYbUSSY†^TU=QbYQ^^U4UR_eji5^U\
UTYd_bYQ\dYde\QT_²¤@Ub]Q^U^SYQTU\`QdUb^Q\Yc]_/³`vWc#!&4UR_ejiU^dbUWQe^Qc^
dUcYc]ei‹dY\TU\QcQ`b_hY]QSY_^UcQ\²`QdUb^Q\Yc]_³V_b]e\QTQc`_bUc`USYQ\YcdQcTUTY
VUbU^dUc`QcUc
>_c`QbUSUaeUe^QTUVY^YSY†^TUUcdUS_^SU`d_QTUSeQTQ`QbQU\UcdeTY_TU\QbUQ
\YTQTc_SYQ\SXY\U^QTUSY]_^†^YSQTURUbQS_^cYTUbQbTU]Q^UbQV\UhYR\U\_cdbUcU\U]U^d_c
SQbQSdUbcdYS_cTUcSbYd_c`_b@Ubb_d1c`_bUZU]`\_U^U\SQc_TU\_cWbU]Y_c`_bdeQbY_c
SXY\U^_cXQiaeUdU^UbU^SeU^dQU^fUjTU\Q`bUcU^SYQVcYSQTU\`Qdb†^\QTU\_cbU`bU
cU^dQ^dUcTU\5cdQT_4U]Q^UbQWU^UbQ\`_TbQTUVY^YbcUU\`QdUb^Q\Yc]_U^\QcbU\QSY_
^UcU^dbUU\SQ`YdQ\i\QVeUbjQTUdbQRQZ_U^U\3XY\UTUSY]_^†^YS_]vc`QbdYSe\Qb]U^dU
TebQ^dU\QcUWe^TQ]YdQTTU\cYW\_S_]_e^QUcdbQdUWYQTU\_c`Qdb_^UciTU\5cdQT_TUc
dY^QTQQVYZQbiQTYcSY`\Y^Qb\Q]Q^_TU_RbQcUW‹^\Qc^USUcYTQTUcTU\Q`b_TeSSY†^iTU\
S_]UbSY_TUe^Qc_SYUTQTU^dbv^cYd_XQSYQU\SQ`YdQ\Yc]_Y^TecdbYQ\5cdbQdUWYQU^\QaeU
U\Qc`USd_²S_^cU^dY]YU^d_³TU\_c_RbUb_cUcVe^TQ]U^dQ\\_aeU\QTYVUbU^SYQTU_dbQc
`_\dYSQcaeU`UbcYWeYU^T_\_c]Yc]_c_RZUdYf_ccURQcQ^`bY^SY`Q\]U^dUU^\QS_UbSY†^
VcYSQiUS_^†]YSQTU\_cdbQRQZQT_bUcE^UcdeTY_]vc`b_Ve^T_TURUbQUcdQR\USUbTYVU
bU^SYQcU^dbUU\`QdUb^Q\Yc]_²dbQTYSY_^Q\³TU\_cWbQ^TUcdUbbQdU^YU^dUciU\U]UbWU^dU`Q
dUb^Q\Yc]_²Y^TecdbYQ\³5^UcdU‹\dY]_SQc_U\_RZUdYf_UcU^SYQ\^_`QbUSUXQRUbcYT_`ebQ
icY]`\U]U^dU\QS_^cUbfQSY†^TU]Q^_TU_RbQQRe^TQ^dUVYU\iRQbQdQQc`YbQSY†^dbQTY
SY_^Q\TU\_c\QdYVe^TYcdQccY^_c_RbUd_T_U\TYc`_^UbTUVeUbjQTUdbQRQZ_SQ\YVYSQTQi
QTQ`dQTQQ\Qc^USUcYTQTUcTU\Q]_TUb^Q`b_TeSSY†^Y^TecdbYQ\
! )!
²1\_cZUVUcTUdQ\\UbYQ\_cQbdUcQ^_c³5\6Ubb_SQbbY\CQ^dYQW_!(TU_SdeRbUTU
!(%&

#)$
bQbY_caeUSQ]RYQbQ^TUU]`bUcQ`_TQ^_`dQb`_bS_^dY^eQb_TUZQbTU
`UbdU^USUbQ\QQc_SYQSY†^cQ\f_U^SQc_TUUh`e\cY†^TU\QVvRbYSQ²`_b
]Q\QS_^TeSdQ³ ! )" <QX_bQTU\`QdUb^Q\Yc]_Y^TecdbYQ\^_XQRQ\\UWQ
T_d_TQfQQ3XY\U<QY^TecdbYQ]Q^eVQSdebUbQcUU^S_^dbQRQUcSQcQ]U^
dUTUcQbb_\\QTQi\Q]QcQ\QR_bQ\c_RbU\QaeUTUcSQ^cQRQUcdUcUSd_b^_
XQRQQTaeYbYT_Q‹^\_cXvRYd_ci\QTYcSY`\Y^Q`b_`YQTU\QVeUbjQTUdbQ
RQZ_Y^TecdbYQ\5^UcQcS_^TYSY_^UcUbQ]eiTYVSY\aeU`b_c`UbQbQe^Q
YTUQS_]_\QTU\_ccU…_bUc3_Sa<QcdU^dQdYfQc]vccYW^YVYSQdYfQc^_
`_TQ^Q`_iQbcUTebQ^dU\QbW_dYU]`_cY^_U^U\QbdUcQ^QT_iU^SYUbd_c
WbU]Y_cTU_RbUb_cSQ\YVYSQT_c°S_]_\_cdY`†WbQV_c°aeU`_b\QcSQbQS
dUbcdYSQcTUcedbQRQZ_Y^cdbeSSY†^i`_cYSY†^c_SYQ\UcdQRQ^U^S_^TY
SY_^UcTUQce]Ybe^`\Q^aeUY]`\YSQRQQed_TYcSY`\Y^QS_^cdQ^SYQ`b_
RYTQT`\Q^YVYSQSY†^Q\QbW_`\Qj_iUc`bYdeTU`bUfYcY†^
6eUbQTU\_cSQc_cbU\QdYfQ]U^dUUhYd_c_cTU\_cdY`†WbQV_ccQ^dYQWeY
^_ciTU\_cQbdUcQ^_cidY`†WbQV_c`_bdU…_ciQ]U^SY_^QT_cXQSYQVY^Uc
TU!(%'cUQcYcdY†U^CQ^dYQW_QT_cdU^dQdYfQc`QbQ\U\QcTUS_^cdYdeSY†^
TUc_SYUTQTUc]edeQ\YcdQcTUQbdUcQ^_c5^bUQ\YTQTcUdbQd†TU`b_iUS
d_c_`eUcd_caeUS_]`YdYUb_^U^dbUc
E^_TUU\\_ccQ\Y†Q\Q\ej`‹R\YSQU^e^QbUe^Y†^bUQ\YjQTQU^U\
DUQdb_TU\QBU`‹R\YSQU\&TUTYSYU]RbUTUUcUQ…_Q\QaeUQcYcdYUb_^
e^_caeY^YU^d_c]U^UcdbQ\Uc5^UcQ_`_bde^YTQTcUU\YWY†S_]_`bUcY
TU^dUTU\QVedebQ_bWQ^YjQSY†^Q6Ub]^FYfQSUdQiS_]_cUSbUdQbY_Q\
Uh TYbYWU^dU YWeQ\YdQbY_ 1]Rb_cY_ <QbbUSXUTQ QS_bTv^T_cU QSU`dQb
S_]_c_SY_cQd_T_c\_cQbdUcQ^_caeU\_c_\YSYdQcU^i²bUSXQjQbQ\_c
`U_^Uc³ ! )# 
<Q`Ubc_^Q\YTQTTUce`bY^SY`Q\TYbYWU^dUUbQe^Y]v^`_TUb_c_aeU
`_dU^SYQRQUcdQY^YSYQdYfQ3_^cYTUbQT_²`QTbUTU\]edeQ\Yc]_SXY\U^_³
6Ub]^FYfQSUdQbUe^QSeQ\YTQTUcTU`b_RYTQT]_TUcdYQ`UbcUfUbQ^SYQ
iU^dbUWQQ\QSQecQTU\_cdbQRQZQT_bUcaeU\_S_^fYbdYUb_^U^e^]_TU
\_`QbQfQbYQcWU^UbQSY_^UcTU]Y\YdQ^dUc_RbUb_c>QSYT_U^CQ^dYQW_U^
!(")^_Q\SQ^j†QS_^_SUbQce`QTbUe^Uhc_\TQT_QbWU^dY^_TU\5Z}b
SYd_<YRUbdQT_bFYfQSUdQVeUSbYQT_`_bce]QTbUe^QXe]Y\TU\QfQ^TU
bQaeYU^S_\_S†QceXYZ_Q\QUTQTTUdbUSUQ…_cS_]_Q`bU^TYjU^e^
dQ\\UbTUSQb`Y^dUbQQcUWebQ^T_Q\]Yc]_dYU]`_ceUTeSQSY†^U^Uc
SeU\QcfUc`UbdY^Qc5\Z_fU^6Ub]^S_^dY^e†ceV_b]QSY†^QcYcdYU^T_Q
Sebc_cTUTYReZ_WU_]UdbQdbYW_^_]UdbQi_dbQc]QdUbYQcXQcdQS_^
fUbdYbcUU^S_^cdbeSd_b\eUW_QbaeYdUSd_RQZ_\QTYbUSSY†^TU\QbaeYdUS
d_VbQ^S}c3\QeTU2be^Ud4UcRQY^UcCecSeQ\YTQTUcXe]Q^Qci`b_VUcY_
^Q\Uc`Ub]YdYUb_^QFYfQSUdQXQSUbe^QSQbbUbQUhYd_cQ*RQZ_ceTYbUSSY†^
cUS_^cdbeiUb_^^e]Ub_c_cUTYVYSY_c`‹R\YS_ci`bYfQT_c3eQ^T_QVY^Uc
TU!(%'Y^dU^d†`_bcUWe^TQfUj\QSbUQSY†^TUe^Qc_SYUTQT]edeQ\YcdQ

! )"
²C_SYUTQTTUc_S_bb_c]ede_c³5\6Ubb_SQbbY\CQ^dYQW_!'TU_SdeRbUTU!(%&
! )#
²BUe^Y†^TUQbdUcQ^_c³5\6Ubb_SQbbY\CQ^dYQW_'TUTYSYU]RbUTU!(%'

#)%
U^!($'`QbUSUXQRUbbUQ\YjQT_e^`bY]UbU^cQi_iQUbQe^Q`Ubc_^Q
\YTQTbU\QdYfQ]U^dUS_^_SYTQ
6Ub]^FYfQSUdQU^SQb^QRQQT]YbQR\U]U^dUQ\²dbQRQZQT_bX_^Uc
d_³\Q²bUWU^UbQSY†^TU\`eUR\_³i\QSbUU^SYQU^\_cfQ\_bUc\QYS_cbU`e
R\YSQ^_c]edeQ\YcdQciS__`UbQdYfYcdQcaeUVeUb_^U\SY]U^d_YTU_\†WYS_
TU\_c]Y\YdQ^dUc`_`e\QbUcSXY\U^_cTUce}`_SQ
5^`_\dYSQc_cdef_\Qc`_cYSY_^Uc\YRUbQ\Uc]vc`b_WbUcYcdQcCUW‹^
Q\We^_cQed_bUcU^!(% XQRbQ]Y\YdQT_U^\QC_SYUTQTTU\Q9WeQ\TQT
`Ub_UcdQQVYb]QSY†^`eUTUcUb`eUcdQU^TeTQQ\Q\ejTUQ\We^_cQ^dU
SUTU^dUcU^dbUWQT_cU^U\SQ`de\_Q^dUbY_b5^d_T_SQc_TUcTUceS_\Q
R_bQSY†^S_^<QbbUSXUTQUcdef_\YWQT_QQSdYfYTQTUci`Ubc_^QcaeUU^
SQb^QRQ^U\YTUQbY_\YRUbQ\! )$

BUdbQd_TU6Ub]^FYfQSUdQ
3_\USSY†^=ecU_8Ycd†bYS_>QSY_^Q\CQ^dYQW_TU3XY\U

! )$
FYfQSUdQ`eT_`_bVY^S_^SbUdQbce`b_iUSd_]edeQ\YcdQU^!(&"Ve^TQ^T_\Q
C_SYUTQTTU1bdUcQ^_c²<QE^Y†^³TUCQ^dYQW_\Q]vcY]`_bdQ^dUTU\QcY^cdYdeSY_^UcTUc_S_
bb_c]ede_cSXY\U^QcTU\cYW\_H9H6eUce`bY]Ub`bUcYTU^dUiU^UcQSQ\YTQTS_^dbYRei†
TU]Q^UbQTUSYcYfQQ\QSbUQSY†^TUceUcSeU\Q^_Sdeb^Q
6UbfYU^dU`QbdYTQbY_TU\S__`UbQdYfYc]_dbQd†cY^]eSX_}hYd_TU`_`e\QbYjQbUcdQ
V_b]QTUQc_SYQSY†^U^dbU\_cdbQRQZQT_bUcUc`USYQ\]U^dUU^FQ\`QbQc_!(''SYeTQTQ\Q
aeUcUdbQc\QT†QfYfYbU^!(&%1\\VeU]YU]Rb_TU\Q1c_SYQSY†^TU1bdUcQ^_cUY^dUWbQ^dU
f_\e^dQbY_TU\Q3_]`Q…QTU2_]RUb_cU^CQ^dYQW_XQRQcYT_e^_TU\_cVe^TQT_bUcTU

#)&
 1cVeU`UbSYRYT_U^QaeU\\_cTQc`_bU\RQ^T_S_^cUbfQT_b<QbUc
`eUcdQ^_dQbT†*QS_]YU^j_cTU^_fYU]RbU_db_Wbe`_V_b]e\†e^\\Q]Q
T_`QbQS_^cdYdeYbe^QQc_SYQSY†^TUQbdUcQ^_cU^d_b^_QSeQdb__RZUdYf_c*

²BUW\Q]U^dQbU\dbQRQZ_TU\_c_RbUb_cc_RbUe^cYc
dU]QQTUSeQT_Q\QfUjaeU]_bQ\YjQT_bTU`b_fUSX_
`QbQU\\_c³+²V_b]Qbe^SQ`YdQ\`_b]UTY_TUUb_WQSY_
^Ucf_\e^dQbYQc`QbQc_S_bb_c]ede_cU^dbU\_cc_SY_c
aeU `_b TUcWbQSYQ ^_ Ucd}^ Q`d_c `QbQ U\ dbQRQZ_³+
²`b_]_fUb\QY\ecdbQSY†^`QbQaeUSQTQe^_S_]`bU^TQ
\_]UZ_b`_cYR\U\_cTUbUSX_cTU\SYeTQTQ^_³+i²UcdbU
SXQb\_cf^Se\_cTUS_^VbQdUb^YTQTiS_]e^YSQbcUd_T_
`U^cQ]YU^d_‹dY\³! )%

5\Qed_bTU\QS_^f_SQd_bYQ°aeUVYb]QRQS_^\QcY^YSYQ\Uc67]ei
`b_RQR\U]U^dU6Ub^Q^T_7QbTY_\°VYZQRQ]eiS\QbQ]U^dU\Q_bYU^dQ
SY†^S_^cUbfQT_bQTU\QVedebQQc_SYQSY†^UcdQR\USYU^T_S_]_\U]Q\Q
]vhY]Q²?bTU^U^<YRUbdQT³QTU]vcTUe^QcUbYUTU`bY^SY`Y_cTUcdY
^QT_cQS_]RQdYb\Q`_\YdYjQSY†^i\QcdU^TU^SYQc`b_WbUcYcdQcUYWeQ\YdQ
bYQcU^U\cU^_TU\QbdUcQ^QT_*

<Q`_\dYSQiQ^_cUbve^]_dYf_TUY^aeYUdeT^Y
]U^_cTQbvaeUXQSUbU^\_]U^_bQ\QcQed_bYTQTUc+
Q^dUc`_bU\S_^dbQbY_*cY^cUbfY\Yc]_^Y`bUdU^cY†^UW_c
dQTU^Y^W‹^W}^Ub_S_]_Q]Q^dUcTU\_bTU^\_QSQdQ
bU]_cic_cdU^TbU]_cU^SeQ^d_`eUTQ^^eUcdb_cT}RY
\UcUcVeUbj_c

UcUSeUb`_5^!(&%TebQ^dU\QWeUbbQS_^dbQ5c`Q…Q_bWQ^Yj†e^2QdQ\\†^3fYS_TUF_
\e^dQbY_ci`_cdUbY_b]U^dU`QbdYSY`†U^^e]Ub_cQcY^YSYQdYfQcTUcUbfYSY_`‹R\YS_
1SUbSQTUcec_`SY_^Uc`_\dYSQcQ`QbdU\QS_\QR_bQSY†^S_^U\UhYWeQ\YdQbY_<QbbU
SXUTQSQRUcU…Q\Qbce`_cdUbY_bQ`_i_Q\QcSQ^TYTQdebQc`bUcYTU^SYQ\Uc\YRUbQ\UcTU:_c}
D_]vcEb]U^UdQU^!(' TU2U^ZQ]^FYSe…Q=QS[U^^Q\YRUbQ\TU]_SbvdYS_U^!('%
iTU4_]Y^W_CQ^dQ=QbQU^!((!5^!(("Q\QUTQTTU%#Q…_cceVbY†e^QdQaeUaeU\_
`QbQ\Yj†`_bU\bUcd_TUcefYTQ@_RbUiQ\UZQT_TU\QQSdYfYTQTTUcR_bTQ^dUTUcecQ…_cTU
ZefU^deTFYfQSUdQbUSYRY†U\Q`_i_US_^†]YS_i]_bQ\TU\Qc_bWQ^YjQSY_^UcTUdbQRQZQ
T_bUc=ebY†U^FQ\`QbQc_U\"!TUVURbUb_TU!() 
C_RbUcefYTQice`U^cQ]YU^d_fUb*<†`Uj4YSSY_^QbY__`SYd`vWcFY&F+BQ‹\
D_bbUc=CU]R\Q^jQTU6Ub]^FYfQSUdQCQ^dYQW_5TYSY†^TU\QC_SYUTQTTU1bdUcQ^_c²<Q
E^Y†^³9]`bU^dQ²5\1\SvjQb³!)%#+5TeQbT_4Uf}cF²5\`U^cQ]YU^d_TU6Ub]^FY
fQSUdQiU\]edeQ\Yc]_U^\QcUWe^TQ]YdQTTU\cYW\_H9H³U^=QbY_2Ubb_c3UdQ\5\
`U^cQ]YU^d_U^3XY\U!(# !)! CQ^dYQW_>eUcdbQ1]}bYSQ5TYSY_^Uc!)('`vWc(%! %+
=ibYQ]GQicRUbW²BUSeUbT_TU\1baeYdUSd_6Ub]^FYfQSUdQ³5\=UbSebY_CQ^dYQW_!(
TU]Qbj_TU!)) +<eYc3_bfQ\v^=vbaeUj²=edeQ\Yc]_iU]Q^SY`QSY†^*U\TYcSebc_TU
6Ub]^FYfQSUdQ³U^BUfYcdQTU\Q6QSe\dQTTU8e]Q^YTQTUcQ…_#>¡#CQ^dYQW_E^YfUbcY
TQTTUCQ^dYQW_TU3XY\U!))'`vWc''((
! )%
²1c_SYQSY†^TU1bdUcQ^_c³5\6Ubb_SQbbY\CQ^dYQW_! TU^_fYU]RbUTU!(%'

#)'
 CYXQSU]_c`UdYSY_^UccYaeUbU]_cQ\We^QbUV_b
]QTUedY\YTQTc_SYQ\ZQ]vccUXQbvcY^dbQc`QcQbU\Sb
Se\_TU\Q\Ui<QfY_\U^SYQUc\QQ^QbaeQ+\QQ^QbaeQUc
U\]vc`_TUb_c_U^U]YW_TU\`b_WbUc_@QbQdQ^^_R\U
VY^S_]RQdYbU]_cd_T_Uc`bYdeTU`QbdYT_iTUUhQ\dQTQc
YTUQc+^eUcdb_VY^cUbv`eUcd_RYU^Q\d_iQ\QVQjTU\Q
>QSY†^*?bTU^U^\Q<YRUbdQT
4US_^cYWeYU^dUcUS_]`bU^TUbviQaeU^eUcdbQ
c_SYUTQT^_UcYWeQ\YdQbYQiaeUUcdQbv`ebWQTQTUd_TQ
YTUQc_SYQ\YcdQiTU]QW†WYSQ>_XQRbv`eUcQ^dQW_^Yc]_
TU\`_RbUS_^dbQU\bYS_+\QcQ^QbQj†^\Q`UbVUSdQVY\_
c_VQU^cU…Q^\_S_^dbQbY_! )&

1S_]YU^j_cTUTYSYU]RbUcY]e\dv^UQ]U^dUQcecbYfQ\UcTU\_db_
Wbe`_UcdUcUSd_b`eR\YS†TebQ^dUfQbY_cTQcU^\Q`bU^cQe^\\Q]QT_
`QbQS_^cdYdeYb\QE^Y†^TU\_cQbdUcQ^_cTUCQ^dYQW_`QbQc_S_bbUbcU]edeQ
]U^dU1\\cUUcdY`e\QRQaeU\QSQZQTU\Qc_SYUTQTWeQbTQbQ^_c†\_\_c
QX_bb_cTU\_c]U^UcdbQ\Uc²cY^_U\TUd_TQ`Ubc_^QX_^bQTQaeUaeYU
bQS_^dbYReYbQ\c_S_bb_TUcY]Yc]QiTUceccU]UZQ^dUc³ ! )'
5\^‹S\U_`b_]_d_bTUUcdQY^YSYQdYfQ_bWQ^Yj†e^QbUe^Y†^U^U\
]Yc]_DUQdb_TU\QBU`‹R\YSQT_cTQcTUc`e}cTU\QQcQ]R\UQTU\cUSd_b
TUFYfQSUdQi<QbbUSXUTQ\_WbQ^T_Ze^dQbQ`U^QcT_cSYU^d_c_dbUcSYU^
d_cQbdUcQ^_cTU\_cSeQ\Ucc†\_^_fU^dQie^_QTXYbYUb_^Q\Q^QSYU^dU
_bWQ^YjQSY†^! )(<QQcQ]R\UQTU\(TUTYSYU]RbU°`bUcYTYTQdU]`_bQ\
]U^dU`_b<eYc1bYcdQ°TUcYW^†e^QZe^dQSU^dbQ\TUTYUSY_SX_]YU]
Rb_c`b_`YUdQbY_ciTYUSY_SX_ce`\U^dUcQS_bT†TYcSedYbU\`b_iUSd_TU
UcdQded_cQS_]YU^j_cTU\]UccYWeYU^dUiU\YWY†e^QTYbUSdYfQU^SQRUjQ
TQ`_b1^d_^Y_?\YfQbUc! ))
5^dbUdQ^d_ \Q _bWQ^YjQSY†^ bYfQ\ QT_`d† U\ ^_]RbU TU C_SYUTQT
@b_WbUcYcdQTU1bdUci?VYSY_c1S_]YU^j_cTU!(%(U\Uf†e^Qc_\YSYdeTQ\
W_RYUb^_`QbQaeU}cdUd_]QcU]UTYTQcTUcdY^QTQcQ²`b_dUWUb\QY^
TecdbYQ ^QSY_^Q\³ 4YSXQ `b_dUSSY†^ UbQ U^dU^TYTQ `_b cec TYbYWU^

! )&
9RYT3ebcYfQcU^U\_bYWY^Q\
! )'
²<QE^Y†^TU\_cQbdUcQ^_cTUCQ^dYQW_`QbQc_S_bbUbcU]edeQ]U^dU1bdUcQ^_c
U^ZU^UbQ\TUUcdQSQ`YdQ\³5\6Ubb_SQbbY\CQ^dYQW_$%&'i(TUTYSYU]RbUTU!(%'
! )(
5\6Ubb_SQbbY\TU\)TUTYSYU]RbUTU!(%'TY_e^QSYVbQTUdbUcSYU^d_cQbdUcQ^_c
`Ub_U\`b_`Y_`bUcYTU^dUTUUcdQC_SYUTQTU^e^QSQbdQ`eR\YSQTQU^U\]Yc]_`UbY†TYS_
U\!%TUTYSYU]RbUTU!(%'UcdY]†U^T_cSYU^dQc`Ubc_^Qc\QSQ^dYTQTTUQcYcdU^dUcQ\Q
QcQ]R\UQ
! ))
5\UaeY`_TYbYWU^dUU\UWYT_U^UcQ_SQcY†^VeUU\cYWeYU^dU*`bUcYTU^dU*1^d_^Y_
?\YfQbUc+cUSbUdQbY_*BQVQU\?\YfQbUc6\UdSXUb+]YU]Rb_cdYde\QbUcTU\Q:e^dQ3U^dbQ\*:_c}
1^d_^Y_4QjCUWe^TY^_BYfUb_6Ub^Q^T_7QbTY_\CQ^dYQW_2_\d_^:eQ^<eYc1bYcdQ
BQVQU\?\YfQbUc@UTb_7_^jv\UjBQVQU\=_^dUTY_SQ1^d_^Y_=Q^c_CQ\fQT_b?\YfQbUc
FYSU^dU4Qj=QbYQ^_FQbWQcBQ]†^AeY^dQ^Y\\Q1^Tb}c3Q]`_=Q^eU\2UbWeUSY_
3Qb\_c2ebW_i3Qb\_c4UbicU5\6Ubb_SQbbY\CQ^dYQW_!%TUTYSYU]RbUTU!(%'

#)(
dUc !! ^_S_]_e^Q\jQTU\_cTUbUSX_cTUY^dUb^QSY†^TU\_c`b_TeS
d_c UhdbQ^ZUb_c cY^_ S_]_ ²\Q RQZQ TU \_c TUbUSX_c TU \_c QbdSe\_c
Y^dUb^QT_cU^UcdQT_TUU\QR_bQSY†^QVY^TU`_TUbS_]`UdYbU^^eUc
db_c`bUSY_cS_^\Qc]Q^eVQSdebQcfU^YTQcTU\UhdUbY_b³ !! !
<Q`UdYSY†^°Y^c`YbQTQ`_b\QcYdeQSY†^TUSUcQ^dQU^\QaeUcUU^
S_^dbQRQ^^e]Ub_c_c]U^UcdbQ\UcQdbYReYTQ`_bcecQed_bUcQ²\QY]`_b
dQSY†^cY^\]YdUTU\_c`b_TeSd_cUhdbQ^ZUb_c³!! "°Uh`bUcQRQ\QS_^dY^eY
TQTTU\QcbUYfY^TYSQSY_^UcQbdUcQ^Q\UcTUcTU\_cQ…_cfUY^dU5\\_Uh`\YSQ
U\]Qi_b}hYd_\_WbQT_U^dbU\_ccUSd_bUc`_`e\QbUc`_b\QC_SYUTQT@b_WbU
cYcdQTU1bdUci?VYSY_cU^\QS_]`UdU^SYQS_^cebYfQ\S_^cUbfQT_bQ5cdQcY^
d_^QS_^\QcQc`YbQSY_^UcdbQTYSY_^Q\UcTU\QbdUcQ^QT_Uh`\YSQdQ]RY}^
\QWbQ^TYVUbU^SYQU^dbU\QdbQiUSd_bYQ`_cdUbY_bTU\_cTYbYWU^dUcTUQ]
R_c^‹S\U_c5^!(&"FYfQSUdQFUbWQbQ7_^jv\Uj=QbT_^UcZe^d_Q
_db_c]Y\YdQ^dUcTU\QC_SYUTQT@b_WbUcYcdQTU1bdUci?VYSY_cXYSYUb_^e^Q`_b
dUTUSYcYf_`QbQ\QSbUQSY†^TU\QC_SYUTQTTU1bdUcQ^_c²<QE^Y†^³TUCQ^dYQ
W_UcTUSYb\Q`bY]UbQWbQ^]edeQ\`\ebYWbU]YQ\TU\_cdbQRQZQT_bUcTU\Q
SQ`YdQ\<_cTYbYWU^dUcTU\QE^Y†^TU\_cQbdUcQ^_cCQ^dYQW_`QbQc_S_bbUbcU
]edeQ]U^dUU^SQ]RY_cUUS\Y`cQb_^bv`YTQ]U^dU*^Y^We^_`QbdYSY`†U^
\QVe^TQSY†^TU\QC_SYUTQTTU1bdUcQ^_c²<QE^Y†^³idQ^c†\_e^_TUU\\_c
°@UTb_7_^jv\UjU^\QC_SYUTQTDY`_WbvVYSQ°Q\SQ^j†`_cdUbY_b]U^dUQdU
^UbVYWebQSY†^U^U\]_fY]YU^d_]edeQ\YcdQ`_`e\Qb
@Ub_U^d_T_SQc_^Y^We^QTUUcdQc_bWQ^YjQSY_^Uc`Y_^UbQc\_Wb†
c_RbUfYfYbQ\debRe\U^d_RYU^Y_`_\dYS_!(%(!(%)

!!
1`QbdUFYfQSUdQi<QbbUSXUTQY^dUWbQRQ^\QTYbUSdYfQTU\QC_SYUTQT@b_WbUcYcdQTU
1bdUci?VYSY_c2Qbd_\_FUbWQbQ6bQ^SYcS_CQ^T_fQ\D_]vc7_^jv\Uji@UTb_=QbT_^Uc
²BUe^Y_^UcTUQbdUcQ^_c³5\6Ubb_SQbbY\CQ^dYQW_&TUVURbUb_TU!(%(
!! !
1]Rb_cY_<QbbUSXUTQ²1\cU…_b8JQed_bTU\QSQbdQQ\cU…_b=Y^Ycdb_TU
8QSYU^TQU^´5\6Ubb_SQbbY\µ^‹]Ub_&%'³5\6Ubb_SQbbY\CQ^dYQW_&TUVURbUb_TU!(%(
!! "
²3_]e^YSQT_c3QbdQTUD7Q\6Ubb_SQbbY\³VURbUb_$TU!(%(5\6Ubb_SQbbY\
CQ^dYQW_&TUVURbUb_TU!(%(

#))
 31@ÅDE<?H

<?CDB121:14?B5C5><1
3?IE>DEB1@?<9D93145!(%(
I<17E5BB139F9<45!(%)

1\SU]_c^eUcdbQcf_SUc
3Q^dU]_c\QUc`UbQ^jQ
<eSXQ^T_`_b\QQ\YQ^jQ
4U@QdbYQi<YRUbdQT
AeUU\f_d_^_R\UicQ^d_
AeU`YTUe^Q²1cQ]R\UQ
3_^cdYdeiU^dU³cUQ
5\SQ^d_`_`e\Qb

<Q3_^cdYdeiU^dUSQ^SY†^`_`e\Qb!(%(!! #

5 < 3?>D5HD? @?<ÅD93? I 53?>É=93? 5> !(%(

5\UcSU^QbY_`_\dYS_SXY\U^_TU!(%(bU`b_TeZ_^e]Ub_c_cU\U]U^d_c
`bUcU^dUcU^!(% <QS_^dbQTYSSY†^U^dbU\QSQ`YdQ\i\Qc`b_fY^SYQcUh
`bUcY†^TU\Q\eSXQU^dbU\_ccUSd_bUcTU\QcS\QcUcT_]Y^Q^dUccUQSU^
de†TebQ^dUU\W_RYUb^_TU=Q^eU\=_^ddTURYT_Qce]QbSQTQ`_\dYSQ
SU^dbQ\YcdQ!! $ 
<QUcSYcY†^TU\fYUZ_@QbdYT_3_^cUbfQT_b_@U\eS†^`b_f_SQTQ`_b\Q
²SeUcdY†^TU\cQSbYcdv^³U^!(%%Q]`\Y†U\VbU^dU_`_cYd_b5\S_^V\YSd_

!! #
@eR\YSQTQ`_b`bY]UbQfUjU^5\3_`YQ`Y^_3_`YQ`†"'TU^_fYU]RbUTU!(%(+
bU`b_TeSYTQU^5\1]YW_TU\@eUR\_3_^SU`SY†^! TUTYSYU]RbUTU!(%(U^<Q1cQ]R\UQ
3_^cdYdeiU^dUCQ^dYQW_!!TUTYSYU]RbUTU!(%(iU^_db_cY]`bUc_cCeQed_bVYb]QRQS_^
U\cUeT†^Y]_TU=Q…Y\
!! $
FYdQ\U_`SYdd_]_999`vWc"$)"%$5\Qed_bcU…Q\QaeU\Q`_\dYSQWeRUb^Q
]U^dQ\Q\WbQfQb\_cTUbUSX_cTUY]`_bdQSY†^TU\S_RbUiTU\Q`\QdQW_\`UQRQ\_cY^dUbU
cUcTU\_c`b_`YUdQbY_c]Y^Ub_cTU\^_bdUiQ\TUcdY^QbU\WbeUc_TU\_cbUSebc_cVYcSQ\Uc
WU^UbQT_c`_b\QcUh`_bdQSY_^UcTU\Qc`b_fY^SYQcUhdbU]QcTU\`QcU^_RbQcTUY^VbQUc
dbeSdebQU^RU^UVYSY_TU\QbUWY†^SU^dbQ\SQecQRQe^VeUbdUTUcS_^dU^d_U^U\U]`bUcQ
bYQT_]Y^Ub_^_bdY^_iU^\_cdUbbQdU^YU^dUcTU\Qj_^Qceb

$ !
aeU_`ec_Q\5ZUSedYf_°`QbdYTQbY_TU\QTUVU^cQTU\_cY^dUbUcUcTU\5cdQ
T_°Q\Q9W\UcYQ°T_]Y^QTQ`_b\_ce\dbQ]_^dQ^_c°`b_f_S†U\^QSY]YU^
d_TU\@QbdYT_>QSY_^Q\_=_^ddfQbYcdQTUdU^TU^SYQbUWQ\YcdQaeUVeU\Q
‹^YSQRQcUTUQ`_i_`_\dYS_TU\W_RYUb^_5cdU`QbdYT_UcdQRQY^dUWbQT_
UcU^SYQ\]U^dU`_bU\U]U^d_cTU\QRebWeUcQS_]UbSYQ\iVY^Q^SYUbQTU
CQ^dYQW_iFQ\`QbQc_TUdUbbQdU^YU^dUcTU\QbUWY†^SU^dbQ\TUU]`bU
cQbY_caeUcUXQRQ^U^bYaeUSYT_U^\QS_^cdbeSSY†^TU_RbQc`‹R\YSQci
TUQ\d_cVe^SY_^QbY_cUcdQdQ\Uc6bU^dUQ}\cU\UfQ^d†e^Q]`\Y_S_^W\_
]UbQT__`_cYd_bS_]`eUcd_`_b\QXRbYTQVecY†^\YRUbQ\°S_^cUbfQT_bQU^
\QaeU`QbdYSY`QRQ^\_c\YRUbQ\UcTU!(%!\Qc_`_cYSY_^UcbUWY_^Q\UcTU\
^_bdUiTU\cebi\_cS_^cUbfQT_bUce\dbQ]_^dQ^_caeUXQRQ^b_d_S_^
U\W_RYUb^_1U\\_ccUQWbUWQbQ^fQcd_ccUSd_bUcTU_RbUb_cQbdUcQ^_c
`U_^UcSQ]`UcY^_c]Y^Ub_ciQ\We^QcdbYRecY^TWU^QcTU\ceb
5\Qed_bYdQbYc]_TU\QQT]Y^YcdbQSY†^=_^dd\Qc]UTYTQcbU`bUcYfQc
S_^dbQ\_c_`_cYd_bUcTUbb_dQT_cU^!(%!!! % i\QSbYcYcUS_^†]YSQY^dUb
^QSY_^Q\VeUb_^_db_cVQSd_bUcaeUS_^dbYReiUb_^Q\QQWeTYjQSY†^TU\
S_^V\YSd_`_\dYS_icedbQ^cV_b]QSY†^U^WeUbbQSYfY\
<QSbYcYcUS_^†]YSQ]e^TYQ\`b_f_S†U^3XY\Ue^QRQZQTU\_c`bU
SY_cTU\S_RbUTU\QXQbY^QiTU\dbYW_QTU]vcTUe^QTbvcdYSQTYc]Y^e
SY†^TU\QUh`_bdQSY†^TUUcd_c`b_TeSd_caeUS_^dbYReQ^TU]Q^UbQ
TUSYcYfQQ\\U^Qb\QcQbSQcVYcSQ\UcCUW‹^5^SY^QQ^YfU\Y^dUb^QSY_^Q\cU
S_^dbQZ_U\Sb}TYd_i*

KM\QcWbQ^TUcSQcQcUh`_bdQT_bQcUeb_`UQcS_
]U^jQb_^QS_RbQbcecSb}TYd_cS_^dbQ\QcSQcQcbUfU^TU
T_bQcUc`QbSYTQcU^U\]e^T_rcdQcdefYUb_^QcefUj
aeUS_RbQbQcecS\YU^dUcS_^\_SeQ\QWbQfQb_^\QbUc
dbYSSY†^TU\Sb}TYd_iU\Q\jQTU\_cY^dUbUcUc+iS_]_VQ\
dQRQ^]UbSQ^SQcS_^Sei_fQ\_bQdU^TUb\_c`QW_cU^
5eb_`QcUfYUb_^_R\YWQT_cQUh`_bdQb\Q]_^UTQTU
dUb]Y^Q^T_e^QS_^dbQSSY†^]_^UdQbYQaeUQcedeb^_
bUQSSY_^†U^U\cU^dYT_TUQWbQfQb\QS_^dbQSSY†^TU\
Sb}TYd_KM1VY^UcTUQW_cd_TU!(%'\QS_^dbQSSY†^
]_^UdQbYQiSbUTYdYSYQcUXYj_dQ^Y^dU^cQaeU\QcdbQ^cQS
SY_^Uc S_]UbSYQ\Uc cU `QbQ\YjQb_^ S_]`\UdQ]U^dU U^
FQ\`QbQc_KM<QSbYcYcUS_^†]YSQdU^QVQdQ\]U^dU
aeUbU`UbSedYbc_RbU\_cQWbYSe\d_bUc]Y^Ub_cUY^Tec
dbYQ\Uc3_^\QS_bdQUhSU`SY†^TUQ\We^_c]Y^Ub_caeU
defYUb_^Q\SQ^SUcS_]_VeUU\SQc_TUEb]U^UdQcUfYU
b_^_R\YWQT_cQbUTeSYbcecdbQRQZ_cQQRQ^T_^Qb_Q
Q`\QjQb\QcWbQ^TUcY^cdQ\QSY_^Uci]UZ_bQcaeUXQRQ^

!! %
@UTb_@QR\_6YWeUb_Q8Ycd_bYQTU\QBUf_\eSY†^3_^cdYdeiU^dU!(%(!(%)CQ^dYQ
W_9]`bU^dQ@_bdU…Q!()%`vWc"%!()

$ "
 U]`bU^TYT_=eSX_cXYSYUb_^aeYURbQcbeYT_cQcKM
5\`bUSY_TU\Q`b_`YUTQTbebQ\RQZ†U^e^$  !! &
<QSbYcYcS_Y^SYTY†S_^\QTUSQTU^SYQTU\QcUh`_bdQSY_^UcQWbS_\Qc
Q3Q\YV_b^YQi1ecdbQ\YQiS_^U\d}b]Y^_TU\QeWU^QfYUb_i]UbSQ^dY\aeU
U\TUcSeRbY]YU^d_TU\_b_U^UcQcbUWY_^UcXQRQTQT_QFQ\`QbQc_<Q
Y^QeWebQSY†^TU\VUbb_SQbbY\TU\Ydc]_TU@Q^Q]vU^!(%%dQ]RY}^Y^
V\ei†U^\QTUSQTU^SYQTU\`bY^SY`Q\`eUbd_SXY\U^_CYRYU^U\SYUbbUTU
\_c]UbSQT_cSQ\YV_b^YQ^_iQecdbQ\YQ^_VeUS_]`U^cQT_`_b\QQ`UbdebQ
TU^eUf_cSU^db_cS_]`bQT_bUc !! 'U\cUWe^T_`Ub_T_`bUcYTU^SYQ\TU
=Q^eU\=_^ddS_^cdYdei†²SeQ^T_]U^_ce^Q`QecQU^U\SbUSY]YU^d_
US_^†]YS_aeUcU`b_TeZ_U^3XY\UTUcTUS_]YU^j_cTU\QT}SQTQTU
!(# ³!! (1Ucd_cVQSd_bUccUQWbUW†U\UcdQ^SQ]YU^d_U^\Q`b_TeSSY†^
TU`\QdQi\Qc]Q\QcS_cUSXQcTU!(%'i!(%(SQecQ^dUcTUcUbYQcTYVYSe\dQ
TUcVY^Q^SYUbQcQ\_cQWbYSe\d_bUc !! )
5\]Q\UcdQbQ\SQ^j†QfQcd_ccUSd_bUcTU\U]`bUcQbYQT_U^`QbdYSe
\QbQ\_c]Y^Ub_cTU\^_bdUaeUS_^V_b]Qb_^e^QTU\QcRQcUcc_SYQ\Uc
]vcY]`_bdQ^dUcTU\QS_^dUcdQSY†^Q\`_TUbSU^dbQ\<QRQZQTU\`bUSY_
TU\S_RbU`b_f_S†U^3_`YQ`†cec`U^cY†^TUS_]`bQcdbQc`Qc_TU]Y
^QciTYc]Y^eSY†^TU\QR_bUcUhdbQSdYfQc<QY^TecdbYQVe^TYT_bQdQ]RY}^
VeUQVUSdQTQQ\cUbcec`U^TYTQc\QcVQU^QcTU\QR_bU_TU]Y^UbQ\UcTURQZQ
\UiC†\_S_^dY^e†\QUh`\_dQSY†^TU\_c]Y^UbQ\UcTUQ\dQ\UiTUcdY^QT_c
Q\QUh`_bdQSY†^<_cS_]UbSYQ^dUci`b_`YUdQbY_cTU]Y^QcS_`YQ`Y^_c
Se\`Qb_^Q\W_RYUb^_TU\QWbQfQ]YU^d_TU\QcYdeQSY†^*
9]`eUcd_c _^Ub_c_c c_RbU \_c `b_TeSd_c aeU U\
]Y^Ub_`_b`bY]UbQfUjaeYjvQbbQ^SQQ\QcU^dbQ…QcTU\
SUbb_TUc`e}cTU\QbW_cQ…_cTUdbQRQZ_iTUY^WU^dUc
ce]QcU]`\UQTQcU^\QUh`\_dQSY†^TUe^fU^Ub_Ucd}bY\
3_^dbYReSY_^UcQRbe]QT_bQcc_RbU\_c`b_TeSd_c
TU\QdYUbbQaeUU^^Y^We^Q`QbdUc_^]vcS_cd_c_ci
]U^_cQRe^TQ^dUcaeUU^^eUcdb_fQ\\U
3_^dbYReSY_^Uc c_RbU \Qc Y^TecdbYQc c_RbU \Q Uh
`_bdQSY†^TU^eUcdbQc`QcdQci]Y^UbQ\Uc`Ub_S_^dbYRe
SY_^UcY^UaeYdQdYfQcSQ`QSUcTUQX_WQbU^WUb]U^\_c
U\U]U^d_cTU\dbQRQZ_
<Qc]e\dQcS_^aeUcUQV\YWUQ\`eUR\_cUU\UfQ^
Q^eQ\]U^dUQe^Qce]Q]Qi_bTU\QaeU`b_TeSU^Q\We
^QcQTeQ^QcTU\`Qc!!! 

!! &
5^SY^Q_`SYdd_]_H999`vWc%()%)!
!! '
FUbSQ`de\_99QSv`YdU²5\]QbS_US_^†]YS_WU^UbQ\³
!! (
3QbY_\QiCe^[U\_`SYd`vW#$
!! )
9RYT=vcQ^dUSUTU^dUcc_RbUUcdQSbYcYcU^FYdQ\U_`SYdd_]_999`vWc"%#i"%$
!!!
²CYdeQSY†^TU3_`YQ`†³5\3_`YQ`Y^_3_`YQ`†!)TUVURbUb_TU!(%(

$ #
 <Q`QbQ\YjQSY†^TU\QcVe^TYSY_^UcQVUSd†Q\Qc]Y^QcTUSQbR†^TU
\QbUWY†^TU3_^SU`SY†^TUT_^TU`b_fU^QU\S_]RecdYR\U`QbQ\QY^
TecdbYQU\QR_bQT_bQTU]UdQ\Uc8QSYQVY^UcTU!(%(e^QbUSUcY†^WU^U
bQ\YjQTQ`QbUSQQ]U^QjQbQ\QUS_^_]QSXY\U^Q*\QcTYVYSe\dQTUcU^\Q]Y
^UbQ`b_f_SQb_^SUcQ^dQiUcSQcUjTUQbdSe\_cTUS_^ce]_TU`bY]UbQ
^USUcYTQT`UbZeTYSQ^T_Q\Q`b_`YQQWbYSe\debQ !!!!<_cY^dUbUcUc\UcY_^Q
T_cUbQ^^e]Ub_c_cibUQSSY_^Qb_^QdbQf}cTUcec`_bdQf_SUccU…Q\Q^
T_\QcbUc`_^cQRY\YTQTUcTU\W_RYUb^_5\UTYd_bYQ\TU\=UbSebY_TU\'TU
TYSYU]RbUTUc`e}cTUTUcSbYRYbUcdQcYdeQSY†^cU…Q\QRQS_^d_^_QSecQ
T_b*

D_TQc UcdQc SQ\Q]YTQTUc aeU V_b]Q^ e^Q ce]Q

RYU^QV\YWU^dU`_bSYUbd_iaeUQ]U^QjQ^Xe^TYbQ\`Qc
U^e^QfUbTQTUbQ`Qbv\YcYcY^TecdbYQ\XQR\Q^RYU^Q\d_
S_^dbQU\_]Y^_c_TUbUSX_aeUWbQfQ\QUh`_bdQSY†^TU
]UdQ\UcU^RQbbQSeiQce`bUcY†^XU]_c`UTYT_dQ^dQc
fUSUc
KM¤@bUVUbYbQ^^eUcdb_cUcdQTYcdQcfUbceSe]RYb
UcQcY^TecdbYQcQdU^UbaeUTUSYTYbcU`_b\Qce`bUcY†^TU
e^TUbUSX_aeUfYcYR\U]U^dU\Qc`UbZeTYSQ/
KM¤@_bae}^_TUSYTYbcUQce`bY]YbU\Y]`eUcd_
aeUWbQfQ\QUh`_bdQSY†^TU\S_RbUU^RQbbQiU^UZUciQ
aeU^_cUSbUU_`_bde^_iUcdbYSdQ]U^dU^USUcQbY_ce
`bY]YbU\aeU`UcQc_RbU\_c]UdQ\UcU^WU^UbQ\/
4UUcdQ]UTYTQ^_`eUTU^bUce\dQbcY^_WbQ^TUc
RYU^UcQ\`Qc
<Q]Y^UbQQTaeYbYbQ^eUf_TUcQbb_\\_
<Qc\QR_bUcTUS_RbUcU]e\dY`\YSQbQ^
<QcVe^TYSY_^UcbUT_R\QbQ^ceQSdYfYTQT
<Q Uh`\_dQSY†^ TU\ SQbR†^ TU\ CeT QSbUSUbQ
S_^cYTUbQR\U]U^dUid_TQc\QcY^TecdbYQc`QbdYSY`QbQ^
TUUcdUVQf_bQR\U]_fY]YU^d_
¤>_\_SbUUQcU\W_RYUb^_/@eUcRYU^\_U]`\QjQ
]_cU^d_^SUc`QbQaeUTUQaeQcUYc]UcUc+aeYjv^_cUQ
^USUcQbY_dQ^d_dYU]`_`QbQaeUQcYcdQS_^^_c_db_cQ\
U^dYUbb_TU\Qc]vcRU\\QcUc`UbQ^jQcTU\`Qc°\Q]Y^U
bQU^U\>_bdUiU^U\Ceb!!!"

5^U\`\Q^_`_\dYS_\QVecY†^\YRUbQ\S_^cUbfQT_bQ_Rdef_Y]`_b
dQ^dUc}hYd_cU^!(%(5^\QcU\USSY_^Uc`Qb\Q]U^dQbYQcTU]Qbj_cecSQ^
TYTQd_cdbYe^VQb_^Q`UcQbTU\QY^dUbfU^SY†^_VYSYQ\U^FQ\`QbQc_<Q

!!!!
²5\S_RbUiU\SQbR†^³5\=UbSebY_FQ\`QbQc_'TUTYSYU]RbUTU!(%(
!!!"
9RYT

$ $
CUbU^Q3_`YQ`†CQ^dYQW_FYSd_bYQi<Y^QbUc@Ub_U\5ZUSedYf_edY\YjQ^
T_ceY^V\eU^SYQU^U\CU^QT_\_Wb†Q^e\Qb_bUTeSYbU\UVUSd_TUUcdQc
fYSd_bYQc_`_cYd_bQcQdbQf}cTU\_c`b_SUTY]YU^d_cTUbUfYcY†^^e\YTQTi
cQ^SY†^TU\QcU\USSY_^Uc !!!# 
<QUVUbfUcSU^SYQ`_\dYSQcUUhdU^TY†TebQ^dUd_T_U\Q…_QTYcdY^
d_cUcSU^QbY_c<QVecY†^\UfQ^d†S_]_RQ^TUbQTU\eSXQ\QbUV_b]QTU\Q
3_^cdYdeSY†^@_\dYSQTU\5cdQT_`_be^Q1cQ]R\UQ3_^cdYdeiU^dU5\
`_TUbQed_SbvdYS_TU\@bUcYTU^dUTU\QBU`‹R\YSQTURQdUb]Y^Qb<QYTUQ
bUS_bbY†U\`QcQdbQf}cTUS_bbY\\_cTYQbY_cV_\\Ud_c`b_S\Q]QciU^\Qc
Ucdb_VQcTUe^QSQ^SY†^`_`e\Qb*

FU^WQQRQZ_\QXY`†SbYdQSQbdQ
AeUQe^c_\_X_]RbUU\`_TUbXQS_^VYQT_
3_^cec\UiUcQRcebTQcaeUXQTQT_
<_c5cdQT_cTUCYdY_dQ]RY}^
AeUU\`_TUbcUTYfYTQiaeU\YRbU
@eUTQU\@eUR\_UcS_WUbcec3_^WbUc_c
Cec3QRY\T_ccec:eUSUciQ‹^Uc_c
=Q^TQdQbY_caeUX_i^_]RbQc†\_}\

3UcUU\@eUR\_TUcUbU\ZeWeUdU
4U]Q^T_^UccY^\Ui+fUbTQTUbQc
<Qc`Q\QRbQcX_ifQ^QcaeY]UbQc
4U]_SbQSYQi:ecdYSYQcUbv^
If_\fYU^T_Q\Q`QdbYQcecVeUb_c
CUQ\SU3XY\US_^^_R\UU^dUbUjQ
IcecXYZ_cS_^VUQceSQRUjQ
E^W_RYUb^_Y\ecdbQT_dU^Tbv^!!!$ 

<_cTURQdUc^_cU\Y]YdQb_^Q\@Qb\Q]U^d_ !!!% 1\YWeQ\aeUU^!(%

i!(%!\_c_`_cYd_bUcV_b]Qb_^S\eRUc`_\dYS_cU^CQ^dYQW_FQ\`QbQc_
CQ^ 6U\Y`U DQ\SQ 3_^SU`SY†^ <_c Â^WU\Uc <Q CUbU^Q 3Q\TUbQ i
3_`YQ`†!!!&<_cRQ^aeUdUc]Q^YVUcdQSY_^Uc`‹R\YSQciQWYdQSY†^_`_cY
d_bQQdbQf}cTU\Q`bU^cQQcS_]_\_cS\vcYS_c\\Q]QT_cTUQ]R_cRQ^
T_cQ\_cQbdUcQ^_cTebQ^dU\_c`Ub_T_cTUSQ]`Q…QU\USd_bQ\SbUQb_^

!!!#
6YWeUb_Q8Ycd_bYQ_`SYd`vWc%#i%$<QcTU^e^SYQcTUVbQeTUcUYbbUWe\QbY
TQTUcU^\QcU\USSY_^Uci\QfYcY†^_`_cYd_bQTU\QSbYcYc`_\dYSQTU!(%(VeUb_^TQTQcQ
S_^_SUbQdbQf}cTU\=Q^YVYUcd_TU\Q_`_cYSY†^TUCQ^dYQW_Q\QBU`‹R\YSQCQ^dYQW_9]`bU^dQ
TU\@Qc!(%(
!!!$
²<Q3_^cdYdeiU^dU³_`SYd
!!!%
CU]R\Q^jQcTU\_cS_^WbUcQ\Uc]vcTUcdQSQT_cU^=Qbd^@Q\]Q<_c_bQT_bUcTU\
SY^SeU^dQi_SX_FQ\`QbQc_9]`bU^dQi<YRbUbQTU\=UbSebY_!(& 
!!!&
6YWeUb_Q8Ycd_bYQ_`SYd`vW!!#

$ %
e^QQd]†cVUbQS_^]_SY_^QTQ`b_`YSYQQ\QY^S_b`_bQSY†^TU\_ccUSd_
bUc`_`e\QbUcQ\QRQdQ\\Q`_\dYSQ

< 1 @1BD939@139É> 45 <?C DB121:14?B5C EB21>?C

5> <1 179D139É> @?<ÅD931 45 !(%(

<_cdbQRQZQT_bUcaeU`bY]Ub_cUY^S_b`_bQb_^QSdYfQ]U^dUQ\Q\eSXQ
`_\dYSQU^!(%(VeUb_^Q\We^_cQbdUcQ^_ci_RbUb_caeUcUXQRQ^TUcdQ
SQT_]Y\YdQ^T_U^U\RQ^T__`_cYd_bU^!(% i!(%!U^`QbdYSe\Qb\_cUh
YWeQ\YdQbY_c5^\QbUTQSSY†^TU\`UbY†TYS_<Q1cQ]R\UQ3_^cdYdeiU^dU`bY^
SY`Q\ †bWQ^_ TU \Q _`_cYSY†^ U^ CQ^dYQW_ S_\QR_bQb_^ 1]Rb_cY_
<QbbUSXUTQi:_c}TU\3Qb]U^Db_^S_c_+U^FQ\`QbQc_=Q^eU\<‹SQbUc
`QbdYSY`†U^\QSQ]`Q…QU\USd_bQ\c_cdU^YU^T_Q\_cSQ^TYTQd_c\YRUbQ\Uc
5^\QY^cebbUSSY†^TU!(%)Ze^d_Q\_c^_]RbUcTUQ^dYWe_cYWeQ\YdQbY_c
S_]_U\cUbU^U^cU@UTb_@QR\_=e…_jVYWebQb_^dbQRQZQT_bUc]edeQ\Yc
dQcaeUXQSQ^cec`bY]UbQcUh`UbYU^SYQc`_\dYSQccYU^T_]ei`b_RQR\U
aeU\QQSSY†^TUcQbb_\\QTQ`_b\_cfUdUbQ^_cYWeQ\YdQbY_cQ\Y^dUbY_bTU\Qc
`bY]UbQcc_SYUTQTUcTUc_S_bb_c]ede_cXQiQcYT_TUSYcYfQU^U\bUS\e
dQ]YU^d_TU\_c^eUf_cS_]RQdYU^dUcTU\QSQecQ\YRUbQ\
1S_^dY^eQSY†^QR_bTQbU]_cU\`b_SUc_TUY^S_b`_bQSY†^TUdbQRQZQ
T_bUcQ\QQSdYfYTQT`_\dYSQU^fc`UbQcTU\UcdQ\\YT_TU\Q^eUfQWeUbbQSYfY\
5^FQ\`QbQc_^e]Ub_c_c]U^UcdbQ\UccUe^YUb_^Q\QcVY\QcTU\Q
_`_cYSY†^`QbQ\eSXQbS_^dbQU\W_RYUb^_TU=Q^eU\=_^dd<_cTYbYWU^
dUc\YRUbQ\Uc`eR\YSQb_^TUcTUU^Ub_Q^_fYU]RbUTU!(%(U\`UbY†TYS_5\
3YeTQTQ^_aeUQed_TUVY^YT_S_]_U\²†bWQ^_TU\`eUR\_³UcdQRQTUcdY
^QT_QS_^cUWeYbU\Q`_i_`_\dYS_TU\_c_RbUb_ciQbdUcQ^_c5\\YRUbQ
\Yc]_`_bdU…_cU`b_^e^SY†QdbQf}cTUcecS_\e]^QcU^VQf_bTUQ\We^Qc
]UTYTQcTUcdY^QTQcQWQ^Qb\QcY]`QdQTU\_ccUSd_bUc`_`e\QbUcS_]_\Q
bUV_b]QTU\_cQbQ^SU\Uc`Ub_]Q^YVUcdv^T_cUS_^dbQbY_Q\`b_dUSSY_^Yc
]_i`QbdYTQbY_TU\Q]vcQ]`\YQ\YRUbdQTS_]UbSYQ\\QSbUQSY†^TUSQ
ZQcTUQX_bb_cic_SYUTQTUcTUc_S_bb_c]ede_ci\QbUV_b]QTU\cUbfYSY_
U^\Q7eQbTYQ>QSY_^Q\!!!'CecbUTQSd_bUcTU^e^SYQb_^Q\We^_c`b_R\U
]Qc aeU QVUSdQRQ^ Q \_c dbQRQZQT_bUc °S_]_ \Q \\Q]QTQ ²SbYcYc Y^Tec
dbYQ\³!!!( i\_cQdb_`U\\_cQ\_cZ_b^Q\Ub_c`_bdeQbY_c!!!)+QdQSQb_^Q\W_RYUb
^_!!"  i Q`_iQb_^ \Qc SQ^TYTQdebQc `Qb\Q]U^dQbYQc TU Â^WU\ 3ecd_TY_

!!!'
²@b_WbQ]QTU\Q_`_cYSY†^TUFQ\`QbQc_³5\3YeTQTQ^_FQ\`QbQc_!(TU]Qb
j_TU!(%(
!!!(
²<YRUbdQTU\USd_bQ\³5\3YeTQTQ^_FQ\`QbQc_# TUU^Ub_TU!(%(
!!!)
²FUZQSY_^UcQ\_cZ_b^Q\Ub_c³5\3YeTQTQ^_FQ\`QbQc_#TUVURbUb_TU!(%(
!!"
FUbU^dbU_db_cQbdSe\_c*²@_\dYSQTU\@bUcYTU^dU³i²5\@bUcYTU^dUQW_RYQT_
RQZ_ce`_\dYSQ³5\3YeTQTQ^_FQ\`QbQc_#TUVURbUb_TU!(%(+²>eUcdbQ\^UQTURQdQ
\\Q³5\3YeTQTQ^_FQ\`QbQc_"'TU]Qbj_TU!(%(

$ &
7Q\\_:_c}FYSd_bY^_<QcdQbbYQi=YWeU\:_c}CQ^dQ=QbQ !!"!S_^dY^eQ^
T_ce\QR_bTUQWYdQSY†^`_\dYSQQ^dYWeRUb^Q]U^dQ\`_S_TUc`e}cTU\Qc
U\USSY_^Uc
5\3YeTQTQ^_VeUcYU]`bUe^`UbY†TYS_U]Y^U^dU]U^dU`_\dYS_e^
Y^cdbe]U^d_TU\QS_^f_SQd_bYQTU\\YRUbQ\Yc]_XQSYQ\_ccUSd_bUc`_`e
\QbUcaeUQSdeQRQTU^db_TU\_cSv^_^UcdbQTYSY_^Q\Uc>_cUdbQdQRQTU
e^†bWQ^_WU^eY^Q]U^dU_RbUb__QbdUcQ^Q\@UcUQU\\_U\@QbdYT_<YRU
bQ\\_Wb†Y^cdQ\QbU^FQ\`QbQc_e^QcUbYUTUS\eRUc`_\dYS_c²T_^TUe^
]YU]Rb_TU\TYbUSd_bY_`bUcYTQ\QcbUe^Y_^UcTU\`eUR\__RbUb_iTU\_c
X_]RbUcaeUQSU`dQRQ^ce`b_WbQ]Q³ !!""
=eSX_cQbdUcQ^_cY^WbUcQb_^QUcQcQc_SYQSY_^Uc_`QbdYSY`Qb_^U^
\Qc]Q^YVUcdQSY_^Uc`_\dYSQcaeU`UbY†TYSQ]U^dU_bWQ^YjQRQ^\_c\YRUbQ
\UcTU\3\eRTU\Q?`_cYSY†^U^U\DUQdb_TU\QFYSd_bYQ_U^U\CQ\†^TU\Q6Y\Qb
]†^YSQ!!"#S_^dbYReiU^T_°Q`UcQbTU\QS\QecebQTUd_T_c\_cS\eRUc`_
\dYS_cTUSbUdQTQ`_bU\9^dU^TU^dU`_S_cTQcQ^dUcTU\_cS_]YSY_c!!"$ °
Q\dbYe^V_U\USd_bQ\TU\Q_`_cYSY†^QVY^UcTU]Qbj_TU!(%(1\XQSUbU\
RQ\Q^SUTUe^QTUQaeU\\QcUh`UbYU^SYQcU\`UbY†TYS_TU\\YRUbQ\Yc]_
`_bdU…_TYbQaeU*

<Q`Q\QRbQTU\3YeTQTQ^_dbQj†\Q`QedQQUcQcTYc
SecY_^UcTU\3\eRTU\Q_`Y^Y†^T_^TU\QcS\QcUc_RbUbQc
bUc`YbQb_^`_b\Q`bY]UbQfUjU\QebQTU\QVY\_c_VQi
T_^TUdefYUb_^\Q`bY]UbQc_c`USXQTUceTYW^YTQTiTU
ceY]`_bdQ^SYQ*\_cQbdSe\_cTU\3YeTQTQ^_cUbfQ^TU
U`WbQVUQ^dYSY`QT_Q\_cTYcSebc_cTU\S\eR+\QYTUQfUb
dYTQiTUc`QbbQ]QTQ`_b\Q]Q…Q^QYRQQS_^TU^cQbcU
`_b\Q^_SXURQZ_\Q`bUcY†^TU\_cSeUb`_ciU\SQ\_b
S_]e^YSQdYf_TU\U^decYQc]_ !!"%

5\ RQ^T_ _VYSYQ\YcdQ dQ]RY}^ Y^dU^d† WQ^Qb Q`_i_ U^dbU U\

QbdUcQ^QT_CecbUce\dQT_cVeUb_^]vc]_TUcd_c4UcTU\QcUWe^TQaeY^
SU^QTUVURbUb_XQcdQVY^UcTU]Qbj_\_c^QSY_^Q\Uc_bWQ^YjQT_cU^U\
3\eRW_RYUb^YcdQ!!"& dbQdQb_^TUS_^dbQbbUcdQb\QY^V\eU^SYQTU\3YeTQTQ^_
!!"!
5\3YeTQTQ^_FQ\`QbQc_"'TU]Qbj_TU!(%(
!!""
6YWeUb_Q8Ycd_bYQ_`SYd`vW$($
!!"#
1>12F=f_\$)1^†^Y]_1`e^dUcXYcd†bYS_cTU\QbUf_\eSY†^TU6URbUb_
U^FQ\`QbQc_VZc!''!(!+6YWeUb_Q8Ycd_bYQ_`SYd`vWc$($i$('+²BUe^Y†^`_\dYSQ
U^FQ\`QbQc_³<Q1SdeQ\YTQTCQ^dYQW_!TU]Qbj_TU!(%(+²FQ\`QbQc_³<Q1SdeQ\YTQT
CQ^dYQW_$TU]Qbj_TU!(%(+²3\eRTU\Q?`Y^Y†^CUcY_^SeQbdQTU(TU]Qbj_!(%(³5\
3_`YQ`Y^_3_`YQ`†UTYSY_^UcTU\!&!'!(i!)TU]Qbj_TU!(%(+²3\eRTU\Q_`_cYSY†^³
<Q1SdeQ\YTQTCQ^dYQW_" TU]Qbj_TU!(%(
!!"$
²3\QecebQTU\_cS\eRcU^FQ\`QbQc_³Ce`\U]U^d_Q<Q1SdeQ\YTQT>¡$"TU\cvRQT_
" TU]Qbj_TU!(%(+²3\QecebQTU\_cS\eRcU^FQ\`QbQc_³<Q1SdeQ\YTQTCQ^dYQW_""TU
]Qbj_TU!(%(
!!"%
²5\´3YeTQTQ^_µcYWeUce]QbSXQ³5\3YeTQTQ^_FQ\`QbQc_!"TUZe^Y_TU!(%(
!!"&
1>12F=f_\$)1^†^Y]_1`e^dUcXYcd†bYS_c_`SYdVZc!(!!(#

$ '
`eR\YSQ^T_5\@eUR\_²`UbY†TYS_TU\_cSYeTQTQ^_c³`Qcae^`ebQ]U^
dUU\USd_bQ\YcdQaeU^_\UfQ^d†^Y^We^QbUYfY^TYSQSY†^`_`e\Qb5\]Yc]_
SQbvSdUbdef_ceUV]Ub_ceSUc_b5\1bdUcQ^_TYcdbYReYT_WbQdeYdQ]U^dU
TebQ^dU\QcU]Q^Q`bUfYQQ\QcU\USSY_^Uc5\`Ubc_^QZUS\QfUTU\dbQRQZ_
]_^ddfQbYcdQU^dbU\_ccUSd_bUc`_`e\QbUcTUFQ\`QbQc_UbQU\U^SQbWQ
T_TU\QTYVecY†^TUQ]R_c`UbY†TYS_cU\QSdYfcY]_5ecURY_>Y…_ZUVU
TUSQb`Y^dUbQU^Sei_\_SQ\cU_bWQ^YjQb_^Q\We^QcbUe^Y_^UcTUQbdU
cQ^_cU^\QcaeUcU`_cde\†\QbUYfY^TYSQSY†^TU`b_dUSSY†^Q\Q²Y^TecdbYQ
^QSY_^Q\³aeU\Q_`_cYSY†^XQRQQRQ^T_^QT_U^RU^UVYSY_TU\Q\YRUb
dQTS_]UbSYQ\!!"'
@Ub_S_]_cUXQcU…Q\QT_VeU\Q_`_cYSY†^\YRUbQ\aeYU^WQ^†]vc
Q`_i_c`_`e\QbUc@QbQU\\_S_^dQRQS_^\QQTXUcY†^TUQ\We^_c]U^Uc
dbQ\UcaeUcUTUcdQSQb_^U^\Qc\YTUc`_\dYSQcS_]_U\UhYWeQ\YdQbY_=Q
^eU\<‹SQbUc!!"( i2Qbd_\_]}BY_R†!!")aeYU^VeUbQU^]Qi_TUUcU]Yc
]_Q…_e^_TU\_cVe^TQT_bUcTU\Q1c_SYQSY†^TU1bdUcQ^_cTUFQ\`QbQc_
<Q`bUcU^SYQTUU\U]U^d_c`_`e\QbUcdU^TQQbUV_bjQbU\Q\Q]vcbQTYSQ\
TU\ \YRUbQ\Yc]_ aeU U^SQRUjQRQ^ U^ QaeU\ `eUbd_ ²FYSU^dU FQbWQc i
FQbWQc\eSXQT_bTU\`eUR\_dbYRe^YSY_fQ\YU^dUaeUcQRQdbQTeSYbU^U\
\U^WeQZU`_`e\Qb\_ccU^dY]YU^d_ci\_c`b_`†cYd_caeUY^dUbfU^Q^U^\Q
`_\dYSQ+<U_^QbT_14_TTc\YRUbQ\bUf_\eSY_^QbY_TU!(%!KiMKM@U
Tb_@QcSeQ\<eZv^\YRUbQ\dQ]RY}^TUQ\We^QS_^cYTUbQSY†^U^\QcS\QcUc
dbQRQZQT_bQc³ !!# 
<QcS_^dbQTYSSY_^UcU^dbUUcdUcUSd_biU\TU\_c\YRUbQ\Uc]vcdbQTY
SY_^Q\Uc bU`bUcU^dQT_c `_b Â^WU\ 3ecd_TY_ 7Q\\_ :_c} FYSd_bY^_
<QcdQbbYQiCQ\ecdY_3_R_QV\_bQb_^bv`YTQ]U^dU<_cbQTYSQ\Uc\_WbQb_^
\QXUWU]_^Q*Q`UcQbTUXQRUbcYT_]QbWY^QT_cTU\Q\YcdQ\YRUbQ\`_b\_c
U\U]U^d_c]_TUbQT_cFQbWQc4_TTci<eZv^dUb]Y^Qb_^Y]`_^YU^T_
cecSQ^TYTQd_c`QbQ\QU\USSY†^TU]e^YSY`Q\Uc!!#!<QcdQbbYQi7Q\\_cUQ\U
ZQb_^TU\TYbUSd_bY_\YRUbQ\1\_c`_S_c]UcUcU^QW_cd_TU\]Yc]_Q…_
@UTb_@QcSeQ\<eZv^Y^YSY†cUSbUdQ]U^dU\_cdbQRQZ_c`QbQ`bU`QbQb\Q
Y^cebbUSSY†^!!#"<_cTYbYWU^dUc\YRUbQ\UcaeU\_XQRQ^QS_]`Q…QT_Te

!!"'
²<Q9^dU^TU^SYQcUTYceU\fU³5\3YeTQTQ^_FQ\`QbQc_! TUVURbUb_TU!(%(+
3QbdQTU5ecURY_>Y…_Q\_cCC55TU\@eUR\_5\@eUR\_FQ\`QbQc_"%TUVURbUb_TU!(%(
>Y…_dQ]RY}^VYWebQVYb]Q^T_U\QSdQTU\QcSQ^TYTQdebQc`Qb\Q]U^dQbYQc]_^ddfQbYcdQcTU
FQ\`QbQc_`eR\YSQTQcU^5\@eUR\_FQ\`QbQc_!)TUVURbUb_TU!(%(
!!"(
²3_]e^YSQT_cCU…_bbUTQSd_bTU\3YeTQTQ^_³5\3YeTQTQ^_FQ\`QbQc_"'TU
]Qbj_TU!(%(
!!")
6YWeUb_Q8Ycd_bYQ_`SYd`vW$(&
!!#
?`SYd`vW$(#?dbQcU]R\Q^jQTUUcd_cTYbYWU^dUcU^1>12F=f_\$)
1^†^Y]_1`e^dUcXYcd†bYS_c_`SYdV!'"
!!#!
1>12F=f_\$)1^†^Y]_1`e^dUcXYcd†bYS_c_`SYdVZc!('!((fdQ
F}QcUQTU]vc6YWeUb_Q8Ycd_bYQ_`SYd`vWc$("i$(#$)$i$)%
!!#"
<eZv^S_]RY^†\QQSSY†^\UWQ\S_^\QY\UWQ\1`b_fUSXQ^T_ceSQbW_TUS_^SUZQ\
U\"TUQW_cd_`bUcU^d†Q\Q]e^YSY`Q\YTQTTUFQ\`QbQc_e^`b_iUSd_TUQSeUbT_`QbQ
_bWQ^YjQb\QcVUcdYfYTQTUcTU\!(TUcU`dYU]RbUTU]Q^UbQdQ\TUQc_SYQbQ\QcdbQTYSY_^Q\Uc

$ (
bQ^dU\QSQ]`Q…QU\USd_bQ\^_VeUb_^Y^V_b]QT_c*U\SQRUSY\\QTU\QbURU
\Y†^c†\_cUQ`_i†U^dbQRQZQT_bUcTUceU^dUbQS_^VYQ^jQQaeU\\_caeU
Q^†^Y]Q]U^dUXQRQ^cYT_\_cTYVec_bUcTU\`UbY†TYS_`_`e\Qb5\`e^
d_TUbUe^Y†^TU\_cS_^VQRe\QT_cUbQ\QSYWQbbUbQi`U\eaeUbQTU:_c}
FQ\U^jeU\QcYdeQTQSUbSQTU\`eU^dUTU\:QY]UU^\QSQ\\UTU\QFYSd_bYQ
aeUUbQQTU]vce^_TU\_c\eWQbUcTUTYcdbYReSY†^TU\3YeTQTQ^_!!##<Q
dvSdYSQU]`\UQTQ`_b\_cbUf_\eSY_^QbY_cVeU\QXQRYdeQ\*

<Q S_]YcY†^ `bY^SY`Q\ TU aeU VeU S_]YcY_^QT_

FQ\U^jeU\QUbQ\QTUQdbQUbcU\Qf_\e^dQTTU\QcS\QcUcTU\
RQdQ\\†^#¡TU\^UQQSei_UVUSd_cU_bWQ^YjQRQ^]U
bYU^TQcQ\QcaeUS_^fYTQRQQ\_cSQR_cicQbWU^d_cd_
]Q^T_cYU]`bU\Q`bUSQeSY†^TU^_bUe^Yb\_c5cd_cU
XQSQU^TYVUbU^dUcX_bQci\_SQ\YTQTUcQ\QcaeUQcYcdQ^
dQ]RY}^TYVUbU^dUcS_^fYTQT_c@QbQU\TUcU]`U…_TU
Ucd_cRQ^aeUdUcXeR_^USUcYTQTTUfQbY_cQWU^dUc\_c
SeQ\UccURecSQb_^U^dbU\QS\QcUTU\`eUR\_iSQTQe^_
TU U\\_c bUSYRQ cec Y^cdbeSSY_^Uc TYbUSdQ]U^dU TU
FQ\U^jeU\Q!!#$

S_^cYW^Qc`QdbY†dYSQc_dbQcTUQfQ^jQT_cYW^_\YRUbQ\*²<QTU]_SbQSYQUcU\W_RYUb^_TU\Q
]Qi_bQ<Qc]Qi_bQcc_^\QcS\QcUc`_`e\QbUc<Qc]Qi_bQcW_RYUb^Q^U\YWYU^T_KM
@b_dUSSY†^Q\QY^TecdbYQTU\`_RbU9WeQ\TQTU^U\bU`Qbd_TU\QcS_^dbYReSY_^Uc9WeQ\
TQTU^\QQ`\YSQSY†^TU\Qc`U^QcKMBUV_b]QTU\Q3_^cdYdeSY†^³²6YUcdQcTUcUdYU]RbU
U^FQ\`QbQc_³5\3_`YQ`Y^_3_`YQ`†!)TUQW_cd_TU!(%(F}QcUdQ]RY}^²" cUcY_^_b
TY^QbYQU^$TUQW_cd_TU!(%(³5\3YeTQTQ^_FQ\`QbQc_"%TUQW_cd_TU!(%(?db_bUWY
T_b5cdQ^Yc\Q_<i^SXTY_QS_^_SUbU\]Yc]_TQe^`b_iUSd_cY]Y\Qb²E^TYUji_SX_U^
bUW\Q³5\3YeTQTQ^_FQ\`QbQc_$TUQW_cd_TU!(%(+²<QcVYUcdQcTUcUdYU]RbUU^FQ\`Q
bQc_³5\3_`YQ`Y^_3_`YQ`†!)TUQW_cd_TU!(%(1VY^UcTUQW_cd_FQbWQc<eZv^i
4_TTc`bUcU^dQb_^e^`b_iUSd_TUQSeUbT_Q\Q=e^YSY`Q\YTQTTUcdY^QT_QbUcUbfQbQcYU^
d_cTU^db_TU\QYW\UcYQ`QbQ\_cQbdUcQ^_cU^\Q]YcQTUWbQSYQTU\!(TUcU`dYU]RbU²5\
`QdbY_dYc]_`bU]YQT_`_b\Q=e^YSY`Q\YTQT³5\3YeTQTQ^_FQ\`QbQc_"(TUQW_cd_TU
!(%(<QY^YSYQdYfQVeUbUSXQjQTQ`_b\QS_]YcY†^]e^YSY`Q\U^SQbWQTQTUceUcdeTY_²BU
aeYUcUQdY^`QSU³5\3YeTQTQ^_FQ\`QbQc_!TUcU`dYU]RbUTU!(%)
!!##
1>12F=f_\$)1^†^Y]_1`e^dUcXYcd†bYS_c_`SYdVZc!()!()fdQ
¤AeY}^UbQU\SYWQbbUb_`U\eaeUb_FQ\U^jeU\Q/@UTb_@QR\_6YWeUb_Q\_YTU^dYVYSQ
c†\_`_bceQ`U\\YT_8Ycd_bYQ_`SYd`vWc$)%i$)&@_bce`QbdU<eZv^U^e^QSQbdQ
`eR\YSQTQU^e^`UbY†TYS_cUbUVYbY†Q}\S_]_:_c}6eU^dUcFQ\U^jeU\Q²<_c`b_SUc_cTU
FQ\`QbQc_³<Q1SdeQ\YTQTCQ^dYQW_!#TU^_fYU]RbUTU!(%(<_]Yc]_XYj_=Q^eU\<‹
SQbUcU\Q^dYWe_YWeQ\YdQbY_TU!(% 1>12F=f_\$)3_^fUbcQSY†^S_^=<‹SQbUc
U\"$TUQW_cd_TU!(&"V"#$¤CUdbQdQRQQSQc_TU:_c}6bQ^SYcS_FQ\U^jeU\QU\c_SY_Ve^
TQT_b>¡'!TU\Q1c_SYQSY†^TU1bdUcQ^_cTUFQ\`QbQc_/¤?dQ\fUjUbQ:_c}1^d_^Y_FQ\U^
jeU\Qc_SY_Ve^TQT_b>¡'#TU\Q]Yc]Q]edeQ\/¤?cY]`\U]U^dUe^QdUbSUbQ`Ubc_^Q/
4UdUb]Y^Qb\_S_^UhQSdYdeT`eUTU^_cUbe^UZUbSYSY_Y^‹dY\cYS_^cYTUbQ]_cS_]_fUbU
]_c]vcQTU\Q^dU\Q`QbdYSY`QSY†^TU_db_c]YU]Rb_cTU\Qc_SYUTQTTUc_S_bb_c]ede_c
TU\_cQbdUcQ^_c`_bdU…_cU^U\]_fY]YU^d_Y^cebbUSSY_^Q\TU\"(TUVURbUb_TU!(%)
!!#$
1>12F=f_\$)1^†^Y]_1`e^dUcXYcd†bYS_c_`SYdV!()fdQ

$ )
 <eUW_\QdvSdYSQTU\Qc_SYQRY\YTQTWQcdb_^†]YSQcUUhdU^TY†XQSYQ
_db_ccUSd_bUc*dQ]RY}^cUY^fYd†Q`QbdYSY`Qb²QQ\We^_cY^TYfYTe_cTU\Q
S\QcU_RbUbQQaeYU^UccUSbUi†QWbUWQb`QbQ]UZ_bQcUWebQbU\ ]_fY
]YU^d_³!!#%
CY^ U]RQbW_ Q ]UTYQT_c TU _SdeRbU \Q S_^c`YbQSY†^ VeU TUcSe
RYUbdQiTUcRQbQdQTQ`_b\QcQed_bYTQTUc*e^cQbWU^d_TU\#¡TU\^UQY^
V_b]†Qcecce`UbY_bUcc_RbU\QS_^c`YbQSY†^U^]QbSXQ+\Q_bWQ^YjQSY†^
VeUY^VY\dbQTQ<eZv^ifQbY_cTUcecS_]`Q…Ub_c°U^dbU\_caeUcUS_^dQ
RQ^Q\We^_ccQbWU^d_cTU\SeUb`_TU\^UQiQ\We^_cQbdUcQ^_c°VeUb_^
U^SQbSU\QT_cic_]UdYT_cQ3_^cUZ_TU7eUbbQD_T_c\_cbU_cVeUb_^
S_^TU^QT_cQ]eUbdUC†\_<eZv^VeUQRceU\d_`Ub_U\Y^dU^TU^dU>_f_Q
`b_\_^W†ce`bYcY†^U^fYbdeTTU\5cdQT_TUCYdY_U^aeUcUU^S_^dbQRQ
FQ\`QbQc_<_c`b_`Y_cQR_WQT_cTUVU^c_bUcQ`U^QcdefYUb_^dYU]`_TU
c_\YSYdQbQ\3_^cUZ_TU5cdQT_U\Y^Te\d__\QS_^]edQSY†^TU\Q`U^Q`QbQ
cecS\YU^dUc*SQcYd_T_cU\\_cVeUb_^U^SQbSU\QT_c`_b\QQed_bYTQT>_
_RcdQ^dU\QccU^dU^SYQcQ]eUbdU^_cUUZUSedQb_^+\_cbU`bUcU^dQ^dUcTU\
W_RYUb^_S_^SU^dbQT_cU^XQSUbVbU^dUQS_]`\_dc]UZ_b_bWQ^YjQT_c
cUS_^dU^dQb_^S_^WeQbTQbQcec`bYcY_^Ub_c!!#&
5^3_`YQ`†_dbQTU\QcUcSQcQcSYeTQTUcT_^TU\Q_`_cYSY†^\_Wb†
dbYe^VQbU^\QcU\USSY_^Uc`Qb\Q]U^dQbYQcceRQcUTUQ`_i_`_`e\QbVeU
U\3U^db_TU1bdUcQ^_ci?RbUb_c3_\_SQT_RQZ_\QTYbUSY†^TU@UTb_@QR\_
JQ`QdQUcdU_bWQ^Yc]_aeU\\UW†QdU^Ube^_cSYU^d_SY^SeU^dQQc_SYQ
T_cVe^SY_^QRQ`QbQ\U\Q]U^dUQ\QZe^dQ`_\dYSQTU\Q_`_cYSY†^aeUTY
bYWQ U\ QSQeTQ\QT_ U]`bUcQbY_ ]Y^Ub_ @UTb_ <U†^ 7Q\\_ i Q\ 3\eR
3_^cdYdeiU^dUV_b]QT_`_bZ†fU^UcTU\QU\YdU\YRUbQ\CUbUUTYdQRQQc\Q
UhYd_cQV†b]e\QTU\RYU^Y_!(% !(%!TUSbUQSY†^TU_bWQ^YjQSY_^UccU
WbUWQTQccUW‹^U\_bYWU^c_SYQ\TU\_cQTXUbU^dUc`Ub_S__bTY^QTQcU^
ceS_]‹^QSdYfYTQT_`_cYd_bQ!!#'@_bce\QT_5\3_`YQ`Y^_]Q^dU^QS_^
]eSX_}hYd_e^S\Y]QTUQWYdQSY†^c_RbUd_T_U^dbU\_cQbdUcQ^_c\_c
SeQ\Uc°cUW‹^e^_TU\_c]U]_bYQ\YcdQcTU\QWeUbbQSYfY\°_Se`QRQ^²cec
bQd_cTU_SY_U^TYcSedYb\_c`bY^SY`Y_c`b_S\Q]QT_cU^TYSX_TYQbY_³!!#(
5^DQ\SQ\Q_`_cYSY†^\_Wb†]_^dQbdbUcSU^db_cTU_RbUb_ciQbdU
cQ^_cS_]`eUcd_cSQTQe^_`_bcUcU^dQX_]RbUcCe_bWQ^YjQT_bVeUU\
QSdYfYcdQ:eQ^1^d_^Y_@Q^T_\\UWQT_Q\QSYeTQTQS_]YU^j_cTUcU`dYU]
RbUTU!(%(S_^\Q]YcY†^aeU\UU^S_]U^TQbQ\QTYbUSSY†^TU\@QbdYT_
<YRUbQ\TU_bWQ^YjQbe^S_]Yd}bUf_\eSY_^QbY_aeU`bU`QbQbQ\QY^cebbUS

!!#%
?`SYdV!) 
!!#&
?`SYdVZc!) fdQ!)"fdQ+²<QS_^fUbcQSY†^TU\TQ³5\=UbSebY_FQ\`QbQc_!%
TUQW_cd_TU!(%(+²@bYcY_^Uc³5\=UbSebY_FQ\`QbQc_!$TU_SdeRbUTU!(%(+²@bYcY_^Uc
U^FQ\`QbQc_³<Q1SdeQ\YTQTCQ^dYQW_!)TU_SdeRbUTU!(%(+²<_c`b_SUc_cTUFQ\`QbQ
c_³<Q1SdeQ\YTQT!#TU^_fYU]RbUTU!(%(+6YWeUb_Q8Ycd_bYQ_`SYd`vWc$)%$)(
!!#'
6YWeUb_Q8Ycd_bYQ_`SYd`vWc"'#"'(
!!#(
1>12F=f_\$(1^cU\]_3QbQRQ^dUc8Ycd_bYQTU\Q3_^cdYdeiU^dUVZc!'
i!(

$!
SY†^U^UcQUcdbQd}WYSQ`b_fY^SYQ5\S_]Yd}bUf_\eSY_^QbY_S_]`eUcd_
`_b@Q^T_idbUc`Ubc_^QZUc\_SQ\UcTYbYWY†\_cdbQRQZ_cTUS_^cdYdeSY†^
TU\_cSU^db_c_RbUb_cQSeiQSQRUjQcUS_\_SQb_^cYUdUdbQRQZQT_bUcTU
Q`U\\YT_c7_^jv\Uj6Ub^v^TUjB_ZQc@}bUj?dQUWeY3_R_iB_SXQ4U
Y^]UTYQd_\_cbUf_\eSY_^QbY_ccUTUTYSQb_^QWQ^QbU\Q`_i_TUQ\We^_c
cQbWU^d_ciSQR_cTU\2QdQ\\†^DQ\SQ5\^‹S\U_TUS_^c`YbQT_bUccUQ]
`\Y†*Q\Qc`_SQccU]Q^QccUV_b]†c_RbU\QRQcUTUQ\We^Qc`Ubc_^Q\Y
TQTUc\_SQ\Uce^QZe^dQ`b_fY^SYQ\`QbQTYbYWYbU\dbQRQZ_ceRfUbcYf_1e^
aeU\QS_^VQRe\QSY†^VeUTUcSeRYUbdQ`_b\_cUc`QcW_RYUb^YcdQcUY^]U
TYQdQ]U^dU TUcRQbQdQTQ `_b \Qc Qed_bYTQTUc U^ _SdeRbU U\ VUb]U^d_
bUf_\eSY_^QbY_^_VeUTUcdbeYT_S_]_aeUTQbQTU]_cdbQT_T_c]UcUc
]vcdQbTUQ\UcdQ\\Qb\QWeUbbQSYfY\ !!#)
3_^SU`SY†^VeUQ\YWeQ\aeUU^_`_bde^YTQTUcQ^dUbY_bUce^_TU\_c
`bY^SY`Q\UcV_S_cTUS_^dUcdQSY†^TU\`_TUbSU^dbQ\<_c`QbdYTQbY_cTU\
W_RYUb^_i\Q_`_cYSY†^bYfQ\YjQb_^U^cec\\Q]QT_cQ\`eUR\_U^`QbdYSe
\QbU^TYbUSSY†^TU\QbdUcQ^QT_<Q_`_cYSY†^Ve^T†U^]Qbj_TU!(%(e^
`UbY†TYS_aeUbUd_]QRQU\^_]RbUTU\`bY]Ubf_SUb_TU\QC_SYUTQTTU\Q
9WeQ\TQT5\1]YW_TU\@eUR\_`U^aeYcdQcUS_^cQWb†SU\_cQ]U^dUQce]Y
cY†^S_^f_SQ^T_Q\_c]U^UcdbQ\Uc*²3_]`Q…Ub_cQbdUcQ^_c*^_^_cTUZU
]_cQbbUTbQb`_b\_c`bU`QbQdYf_cX_cdY\UcTU\QQed_bYTQT+c_^Y]`_dU^dUc
S_^dbQ\Q_`Y^Y†^WU^UbQ\i\UWQ\]U^dUUh`bUcQTQTUd_T_e^`eUR\_³!!$ 
=YU^dbQcdQ^d_U\_VYSYQ\YcdQ3_bbU_TU\CebdbQdQRQTU^UedbQ\YjQb\Q
`b_`QWQ^TQ_`_cYd_bQ*

1bdUcQ^_cTUcS_^VYQTTUQaeU\\_caeUcU\\Q]Q^
\_cQ]YW_cTU\`eUR\_icYU]RbQ^U^feUcdb_Uc`bYde
YTUQcTUc]_bQ\YjQT_bQciceRfUbcYfQcU^fUjTUXQR\Qb_c
TUfeUcdb_cTURUbUcc_SYQ\UciTUcU…Q\Qb_cU\SQ]Y^_
]vcUh`UTYd_`QbQ\\UWQbQ\S_\]_TU\Q\YRUbdQTKM
5\\_cS_\_SQ^e^`e…Q\U^\Qc]Q^_cTUe^`eUR\_TUc
SQbbYQT_icU…Q\Q^cefSdY]QiUcQfSdY]QUc\Q\Ui\Q
RQcUTUd_TQQed_bYTQT !!$!

!!#)
1>12F=f_\% 1`e^dUcTU4_^:_c}4_]Y^W_3Q^d_]Qi_" TU!(&"
c_RbU\QBUf_\eSY†^TUDQ\SQVZc!!%!"!+²2_\Ud^TU\dUbb_b³5\1]YW_TU\@eUR\_3_^SU`
SY†^%TU^_fYU]RbUTU!(%(+²DQ\SQ³5\1]YW_TU\@eUR\_3_^SU`SY†^!'TU^_fYU]RbU
TU!(%(+²<_c`bUc_cTUDQ\SQ³5\1]YW_TU\@eUR\_3_^SU`SY†^!)TU^_fYU]RbUTU!(%(+
²@bUc_cTUDQ\SQ³5\1]YW_TU\@eUR\_3_^SU`SY†^""TU^_fYU]RbUTU!(%(+²@bUc_c`_\
dYS_cTUDQ\SQ³5\1]YW_TU\@eUR\_3_^SU`SY†^! TUTYSYU]RbUTU!(%(+6YWeUb_Q8Ycd_
bYQ_`SYd`vWc%!(%" 
!!$
F_\Q^dUdYde\QT_1\_c1bdUcQ^_cTU\8_^_b3_^SU`SY†^9]`bU^dQTU\QE^Y†^!'
TUQRbY\TU!(%(+U^SeQTUb^QT_Ze^d_Q\`UbY†TYS_5\1]YW_TU\@eUR\_TU3_^SU`SY†^
U^dbU\QcUTYSY_^UcTU\!'iTU\"!TUQRbY\TU!(%(3_\USSY†^TU\QCUSSY†^@UbY†TYS_cTU
\Q2YR\Y_dUSQ>QSY_^Q\
!!$!
²DbYe^V_TU\@QbdYT_>QSY_^Q\³5\3_bbU_TU\Ceb3_^SU`SY†^!&TU]Qbj_TU
!(%(

$!!
 1]R_c`UbY†TYS_c]e\dY`\YSQb_^\_cS_]e^YSQT_cVYb]QT_c`_b²Q\
We^_cQbdUcQ^_c³Q`_iQ^T_QcecbUc`USdYf_c`QbdYT_cQcS_]_\QcY^V_b
]QSY_^Ucc_RbU]Q^YVUcdQSY_^UcTU\QSQ]`Q…QU\USd_bQ\S_^WbQ^`bU
cU^SYQTU]U^UcdbQ\Uc !!$"@Ub_QTYVUbU^SYQTU\__SebbYT_U^_dbQcSYe
TQTUcQ`UcQbTUcecUcVeUbj_c^Y^We^_TU\_cRQ^T_cU^`eW^Q\_Wb†
U^!(%(SbUQbUcdbeSdebQc]vc_]U^_c`Ub]Q^U^dUc`QbQY^S_b`_bQbQ
\_cdbQRQZQT_bUcQ\QS_^dYU^TQ`_\dYSQ
<_c`QbdYTQbY_cTU\W_RYUb^_]_^dQb_^QS_]YU^j_cTUQ…_\QC_SYU
TQT@U^aeYcdQTUUV]UbQTebQSY†^QVY^TUS_^SYdQbQ`_i_cU^U\QbdUcQ
^QT_`QbQ\QSQ^TYTQdebQ`Qb\Q]U^dQbYQTUBQVQU\C_d_]Qi_b !!$#
<Qc`b_XYRYSY_^Uci]UTYTQcbU`bUcYfQcTU\Q9^dU^TU^SYQQ^e\Qb_^
\_cQ^XU\_cTU\Q_`_cYSY†^<Q^USUcYTQTTUS_^dQbS_^e^S\eR`_\dYS_
S_^SQ`QSYTQTTUS_^f_SQd_bYQXQSYQTYcdY^d_ccUSd_bUcc_SYQ\UcUbQUfY
TU^dU<_c\YRUbQ\Uc`U^aeYcdQc\_bUS_^_SQ^`Ub_^_VeUb_^SQ`QSUcTU
Y]`\U]U^dQbe^`b_iUSd_TUUcUdY`_!!$$C†\_U^!(%)TebQ^dU\QWeUbbQ
SYfY\\Q_`_cYSY†^bUWY_^Q\UcdQbQU^S_^TYSY_^UcTUQ`b_fUSXQb\QVeUb
jQS_]RQdYfQTU\_cdbQRQZQT_bUc_bWQ^YjQ^T_]_^d_^UbQci]Y\YSYQc
<QQSdYfYTQT`_\dYSQVeU`QbdYSe\Qb]U^dUY^dU^cQU^CQ^dYQW_Te
bQ^dU!(%(@QbQSQ^Q\YjQbU\Q`_i_TU\_cdbQRQZQT_bUcTebQ^dU\QSQ]`Q
…QU\USd_bQ\\_c_`_cYd_bUcY^cdQ\Qb_^QS_]YU^j_cTUUcUQ…_\QC_SYU
TQT@_\dYSQTU?RbUb_c<QS_^f_SQd_bYQY^YSYQ\Y^dU^d†`b_iUSdQbe^QY]Q
WU^TUY^TU`U^TU^SYQVbU^dUQd_T_c\_c`QbdYT_cedY\YjQ^T_`QbQUcUVY^
e^\U^WeQZU²S\QcYcdQ³TUcdY^QT_QQdbQUbQ\_cU\U]U^d_c`_`e\QbUc5\
_RZUdYf_Q^e^SYQT_UbQ^_fUT_c_iQ]RYSY_c_+cUdbQdQRQTU²S_^cdYdeYb
`_b`bY]UbQfUjU^3XY\Ue^`QbdYT_Q`QbdUaeUbU`bUcU^dUWU^eY^Q]U^
dU\QcYTUQc\YRUbQ\Uci\Q]UZ_bQTU\QS_^TYSY†^TU\`eUR\_³ !!$%`bUSYcQ^
T_U\`b_iUSd_U^\_ccYWeYU^dUcd}b]Y^_c*

4Uc`bU^TUbcUTU\_cX_]RbUcTUVbQSaeU`_bS_^
fYSSY†^^e^SQcUXQ^`b_`eUcd_c_cdU^UbS_^U^UbWQ\_c
Y^dUbUcUcTU\Q]Qi_bQTU\`eUR\_aeU\QV_b]Q^\_cQb
dUcQ^_ci_RbUb_c+dbQRQZQb`QbQcQSQbdbYe^VQ^dUTU\Qc
eb^QcU\USd_bQ\UcQX_]RbUcaeU^__\fYTU^Q\`eUR\_Q\
TQcYWeYU^dUTU\QU\USSY†^_`QbQTUZQb`_b\_]U^_c
cU^dQT_U\`bY^SY`Y_TUaeUU\`eUR\_U]Q^SY`QT_TU\_c
QTe\QT_bUc`_\dYS_cS_]`bU^TUaeU\US_^fYU^UV_b]Qb

!!$"
@_bUZU]`\_²=Q^YVUcdQSY†^TU\@QbdYT_>QSY_^Q\³5\3_bbU_TU\Ceb3_^SU`SY†^
!%TU]Qbj_TU!(%(
!!$#
²<_c`QbdYT_c`_\dYS_c³5\3_bbU_TU\Ceb3_^SU`SY†^"TU]Qbj_TU!(%(
!!$$
²CUS_bbU³5\1]YW_TU\@eUR\_3_^SU`SY†^&TUTYSYU]RbUTU!(%(+²1c_SYQ
SY†^³5\1]YW_TU\@eUR\_3_^SU`SY†^! TUTYSYU]RbUTU!(%(+²3\eRc³5\1]YW_TU\@eU
R\_3_^SU`SY†^!%TUTYSYU]RbUTU!(%(
!!$%
²C_SYUTQT@_\dYSQTU1bdUcQ^_c³5\=UbSebY_FQ\`QbQc_")TUU^Ub_TU!(%(

$!"
 SQecQQ`QbdU`_baeU}\UcU\]Qi_b^‹]Ub_iTQbQS_
^_SUbU^VY^aeUcQRUdU^Ub]YbQcU\UfQTQcU^`_\dYSQU
Y^dUbfU^Yb UVYSQj]U^dU U^ \Q `QbdU aeU \Uc d_SQ U^ \Q
`b_c`UbYTQT^QSY_^Q\KM !!$&

5\fUbTQTUb_SQbvSdUbTUdQ^`b_]UdUT_bQY^YSYQdYfQ^_dQbT†U^
QV\_bQb*QS_]YU^j_cTUVURbUb_U^e^QSYbSe\QbQ\_cQbdUcQ^_cTU`b_
fY^SYQU\V\Q]Q^dUS\eRQ^e^SYQRQaeUce²_RZUd_UhS\ecYf_³UbQdbQRQZQb
`_b\QU\USSY†^Q\@Qb\Q]U^d_TU\Qc\YcdQcTUSQ^TYTQd_cTU\Q_`_cYSY†^
cY^TYcdY^SY†^TU`QbdYT_cbUVUbU^SYQY]`\SYdQQ\Q`bUcU^dQSY†^S_^Ze^
dQTUSQ^TYTQd_cTU\QVecY†^\YRUbQ\S_^cUbfQT_bQ !!$'
1WYdQ^T_\QS_^cYW^Q²@QdbYQi<YRUbdQT³ !!$(UcdUS\eR`_\dYS_cUUc
dbeSdeb†cYWeYU^T_U\]_TU\_`_\YS\QcYcdQTU\QC_SYUTQTTU\Q9WeQ\TQT
3_^dbQbYQ]U^dUQ\_Q^e^SYQT_U^ce^_]RbU^_UcdQRQY^dUWbQT_c†\_
`_bQbdUcQ^_cdQ]RY}^`UbdU^USQ^Q}\S_^^_dQT_c]YU]Rb_cTU\QU\Y
dU\YRUbQ\*Ze^d_Q`Ubc_^Q\YTQTUcTU\QcVQ]Y\YQcFYQ\i=QddQcUS_TUQRQ^
U\UhYWeQ\YdQbY_<eSYQ^_@Y…QiU\dY`†WbQV_7_^jv\UjTU\QY]`bU^dQTU\
6Ubb_SQbbY\
@Ub_\Qe^Y†^`_\dYSQTUQbYcd†SbQdQcidbQRQZQT_bUc^_UcdQRQUhU^
dQTUS_^dbQTYSSY_^Uc<Q`_\dYSQTUVecY†^S_^\_cS_^cUbfQT_bUcVeU
S_]RQdYTQU^\QQcQ]R\UQ`‹R\YSQTU\!%TU]Qbj_`_bU\dY`†WbQV_7_^
jv\UjU]`Ub_VeUTUVU^TYTQ`_bU\QSQeTQ\QT_Cb=QddQ\_WbQ^T_Y]
`_^UbcUS_]_\^UQ_VYSYQ\<Q^USUcYTQTTUe^YbVeUbjQcS_^dbQU\W_RYUb
^_VeUU\QbWe]U^d_TUSYcYf_aeU`Ub]YdY†U\dbYe^V_TU\Q\^UQVecY_^Yc
dQ<_cQbdUcQ^_cTURYUb_^S_^dU^dQbcUS_^\Q_`SY†^TU\²]Q\]U^_b³
TUSYTYTQTUQ^dU]Q^_iQcecUc`Q\TQc`_b\Qc`Ubc_^Q\YTQTUcTU\Q_`_cY
SY†^!!$)5\1SdQTU\QQcQ]R\UQUh`bUc†U\]Q\UcdQbiU\Q`_i_QbUWQ…Q
TYU^dUcaeU\_c]U^UcdbQ\UcU^dbUWQb_^Q\QVecY†^*

<Qc_SYUTQTTUQbdUcQ^_cS_^fU^SYTQTUaeU\QTY
fYcY†^TU\_c`QbdYT_cQcUWebQbQU\dbYe^V_S_]`\Ud_TU\
W_RYUb^_dbYe^V_aeUcUbQe^QTUcX_^bQ`QbQ3XY\Ui
S_^fU^SYTQQ\]Yc]_dYU]`_aeU^eUcdb_X_^_bi^eUc
dbQY^TU`U^TU^SYQTURU^aeUTQbQcQ\f_TU\QcY^TYW^Qc
SQ\e]^YQcQaeU`eUTUTQb\eWQbU\WbQ^TUQSd_TU`Q

!!$&
9RYT
!!$'
²3YbSe\QbQ\_cQbdUcQ^_c³5\=UbSebY_FQ\`QbQc_&TUVURbUb_TU!(%(
!!$(
²BUe^Y†^`_\dYSQTUQbdUcQ^_c³<Q1SdeQ\YTQTCQ^dYQW_&TU]Qbj_TU!(%(
!!$)
1`QbdYbTU\!#TU]Qbj_UcTUSYbe^`QbTUTQcQ^dUcTU\QQcQ]R\UQTU\S\eR
TUQbdUcQ^_c<Q1SdeQ\YTQT`eR\YS†U^d_TQccecUTYSY_^Uc\Q\YcdQTUSQ^TYTQd_cQTY`edQ
T_c`QbQCQ^dYQW_²bUS_]U^TQT_c³`_b\Q²:e^dQ4YbUSdYfQTU\_cdbQRQZ_cTU\Q?`_cYSY†^³
<_c²`b_`YUdQbY_c³_dYde\QbUcUbQ^6bQ^SYcS_TU2_bZQC_\QbU\WU^UbQ\=QbS_c=QdebQ^Q
=Q^eU\1^d_^Y_D_S_b^Q\@UTb_:_c}2Qbb_ci4_]Y^W_CQ^dQ=QbQ

$!#
 dbY_dYc]_ i QR^UWQSY†^ aeU `b_`_^U]_c Q ^eUcdb_c
S_]`Q…Ub_c
@B?D5CD1 *S_^dbQ\Q\YcdQTUbU`bUcU^dQ^dUc`QbQU\
S_^WbUc_TU\`QbdYT_aeUcUdYde\Q\YRUbQ\S_^cUbfQT_bK\Q
VecY†^M`_baeUQ\V_b]QbcUUcQ\YcdQ^_XQcYT_S_^ce\dQTQ
\Q_`Y^Y†^TU\`eUR\_+`Ub_TUcUQ^T_WeYQT_`_b\QZecdY
SYQ_`_^Ube^QRQbbUbQQ\_cQRec_caeU^_cQ]U^QjQ^Q
d_T_cU^RYU^TU\Q`QdbYQcUQTXYUbUQf_dQb`_bUcQ]Yc
]Q\YcdQaeU\QS_^SYU^SYQbUSXQjQi`_b\QSeQ\QR_WQ^U^
\Qc`bUcU^dUcSYbSe^cdQ^SYQc\_cTUbUSX_cfY_\QT_c\Qc\U
iUc`Yc_dUQTQci\Q`b_c`UbYTQTTU3XY\UU^`U\YWb_!!% 

<QC_SYUTQT@_\dYSQTU1bdUcQ^_c!!%! cU`\UW†S_]`\UdQ]U^dUQ\_c`\Q
^UcTU\QVecY†^1\_c`_S_cTQcU\XRbYT_²@QbdYT_\YRUbQ\S_^cUbfQT_b³`e
R\YSQRQcec\YcdQcTUU\USd_bUc`QbQcU^QT_bUcU^\QSQ`YdQ\5^SQRUjv^T_\Q
Q`QbUSQU\e\dbQ]_^dQ^_Qbj_RYc`_TUCQ^dYQW_1\YWeQ\aeUU^U\SQc_TU
\_cSQ^TYTQd_cQTY`edQT_d_T_c\_c]YU]Rb_cTU\Q\YcdQUbQ^S_^cUb
fQT_bUce\dbQ]_^dQ^_ci\YRUbQ\UcTU\QU\YdU>Y^We^_UbQ_RbUb__QbdUcQ
^_!!%"
<QS_^f_SQd_bYQ`_\dYSQTU\Q_`_cYSY†^cQ^dYQWeY^QcUTUcQbb_\\†
U^d_^SUcTU\Q]Q^UbQ]vcdbQTYSY_^Q\>_XeR_°S_]_U^!(% °e^Q
dU^dQdYfQTUQdbQUbQ\_ccUSd_bUc`_`e\QbUcQe^`b_iUSd_TU²bUWU^UbQ
SY†^TU\`eUR\_³cY^_cU^SY\\Q]U^dU\QQWYdQSY†^TUe^`b_WbQ]QTU
bUV_b]QcWU^UbQ\UciTUQ\We^QcbUYfY^TYSQSY_^Uc`b_`YQcTU\_cdbQRQZQ
T_bUcS_^e^\U^WeQZUie^UcdY\_YWeQ\]U^dUdbQTYSY_^Q\5\²@QbdYT_\YRU
bQ\S_^cUbfQT_b³`b_`ec_\QbUV_b]QTU\Qc\UiUcTUU\USSY_^UcTUY]`bU^
dQTU]e^YSY`Q\YTQTUciTUb}WY]U^Y^dUbY_b+\QbUV_b]QTU\Q7eQbTYQ
3fYSQTU\QQT]Y^YcdbQSY†^TUZecdYSYQiTU\cYcdU]QTUS_^dbYReSY_^Uc+
\QQR_\YSY†^TU\UcdQ^S_iTU\Q`U^QTU]eUbdU`_bTU\Yd_c`_\dYS_c+S_]
RQdYb\Q`QbdYTQTUWQcd_ccUSbUd_cTU\`bUce`eUcd_iXQSUbUVUSdYf_U\TU
bUSX_TUQc_SYQSY†^ !!%#<_c`Q^V\Ud_cU\USd_bQ\UcSYbSe\Qb_^`_b\_cSeQb

!!%
²C_SYUTQT`QdbY†dYSQTUQbdUcQ^_c³Ce`\U]U^d_Q<Q1SdeQ\YTQT>¡#'TU\\‹^Uc!%
TU]Qbj_TU!(%(5cdUQbdSe\_VeU`eR\YSQT_^eUfQ]U^dU`_b<Q1SdeQ\YTQTU^ceUTYSY†^
TU\!&TU]Qbj_C_RbU\Q]Yc]QQcQ]R\UQiU\Q`_i_`_S_U^decYQcdQTU\_cQbdUcQ^_cQ\_c
SQ^TYTQd_cTU\QVecY†^f}QcUdQ]RY}^*²1S\QbQSY†^³i²1]QT_cS_]`QdbY_dQcQbdUcQ^_c³
<Q1SdeQ\YTQTCQ^dYQW_!'TU]Qbj_TU!(%(+²1\We^Qc`Q\QRbQcc_RbU\Q‹\dY]QbUe^Y†^
`_\dYSQTUQbdUcQ^_c³<Q1SdeQ\YTQTCQ^dYQW_!(TU]Qbj_TU!(%(+²<Q`b_dUcdQTU\_c
QbdUcQ^_c³<Q1SdeQ\YTQTCQ^dYQW_!)TU]Qbj_TU!(%(
!!%!
1e^aeUU^Q\We^_cT_Se]U^d_ccU]U^SY_^QQ\QC_SYUTQT@_\dYSQTU?RbUb_c+U^
_db_cQ\QC_SYUTQT@_\dYSQTU1bdUcQ^_c_cY]`\U]U^dUQ\QC_SYUTQTTU1bdUcQ^_cTUCQ^dYQW_
iQ‹^QfUSUcQ\QC_SYUTQT@QdbY†dYSQTU1bdUcQ^_ccUdbQdQU^bUQ\YTQTTU\Q]Yc]Q_bWQ^Y
jQSY†^
!!%"
²5\USd_bUc`QbQcU^QT_bUc³<Q1SdeQ\YTQTCQ^dYQW_"%TU]Qbj_TU!(%(
!!%#
²C_SYUTQT`_\dYSQTUQbdUcQ^_c³_`SYd+<Q1SdeQ\YTQTCQ^dYQW_!#TU]Qbj_TU
!(%(

$!$
dU\UcdQ\\UbUciRQbbY_c`_`e\QbUc1\_cc_\TQT_cTU\Q7eQbTYQ>QSY_^Q\
cU\Uc_VbUSY†e^QbU`QbdYSY†^]vcZecdQiUaeYdQdYfQTU\cUbfYSY_]Y\YdQb
`Ub]Q^U^dUaeU`UcQRQTU]Q^UbQSQcYUhS\ecYfQc_RbUU\\_c !!%$ 1\_c
XQRYdQ^dUcTU\Qc]cUbQcbQ^SXUbQcTU\_cceRebRY_cTU\QSQ`YdQ\cU\Uc
`b_]UdY†Y]`UTYb\QTUcdbeSSY†^TUcecfYfYU^TQc`b_iUSdQTQ`_b\QcQe
d_bYTQTUc*

5\W_RYUb^_QSdeQ\dQ^TUc`†dYS_idQ^QbRYdbQbY_
XQ\\UfQT_ceQbRYdbQbYUTQTXQcdQTUc`_ZQb_cTUfeUcdbQ
`b_`YUTQTTUfeUcdb_cbQ^SX_cQ`bUdUhd_TUaeUQVUQ^
\QSYeTQTCYcUSe]`\Uce]Q^TQd_]vcTUSY^S_]Y\
Y^VU\YSUcdU^Tbv^aeUQRQ^T_^QbcecSQcQcU^]UTY_TU\
Y^fYUb^_icY^cQRUbT_^TUbUVeWYQbcU
5cU]Q^TQd_UcQbRYdbQbY_UcY^S_^cdYdeSY_^Q\+i^_
TURU\\UfQbcUQUVUSd_cYe^S_^WbUc_TUTY`edQT_cY^TU
`U^TYU^dUc\\Q]QS_^dYU]`_QSeU^dQcQ\_c]Q^TQdQ
bY_caeU\_TYSdQb_^5\UWYTf_c_db_cQUc_cTY`edQT_c+
`Ub_^_fQYcQRecSQb\_cU^\Q\YcdQTU\W_RYUb^_`_baeU
UcQ\YcdQ^_S_^dYU^U]vc^_]RbUcaeU\_cTU\_c`Q\QSYU
W_cTU\`bUcYTU^dU=_^ddaeUXQ^Q`b_RQT_U\TUc`_Z_
aeUcU_caeYUbUXQSUb
KMCYQ`bUSYQYcfeUcdbQVQ]Y\YQQfeUcdbQc]eZUbUc
QfeUcdb_cXYZ_ccYaeUb}YcdU^Ube^dUSX_RQZ_U\SeQ\
S_RYZQb_c U^ U\ Y^fYUb^_ f_dQT `_b \_c TY`edQT_c
Y^TU`U^TYU^dUcaeU`UTYbv^ZecdYSYQ`QbQf_c_db_c !!%%

5\`QbdYT_TUW_RYUb^_WQ^†\QcU\USSY_^Uc`Qb\Q]U^dQbYQcTU\")TU
]Qbj_U^CQ^dYQW_<Q_`_cYSY†^TU^e^SY†VbQeTUifY_\U^SYQcS_]UdYTQc
`_be^Q²debRQQ^TbQZ_cQiUhSYdQTQ`_bU\\YS_b³TYbYWYTQ`_b²VedbUcY
d_c³]_^ddfQbYcdQc !!%&<_cbUce\dQT_cTU\QcS_]YSY_c]e^YSY`Q\UcTU\!(
TUQRbY\VeUb_^cY]Y\QbUcQ\_cTUS_^WbUcQ\UcCY]Y\QbUcVeUb_^dQ]RY}^
\QcQSecQSY_^Uci`b_dUcdQcTU\QVecY†^!!%'5\_VYSYQ\Yc]_S_^cUbfQRQ`_b
\_fYcd_e^QY]`_bdQ^dUSQ`QSYTQTTU]Q^Y`e\QSY†^iS_^db_\TUcUW]U^

!!%$
3YfYS_cTU\TU`QbdQ]U^d_TUCQ^dYQW_CQ^dYQW_9]`bU^dQTU\@Qc"'TU]Qbj_TU
!(%(
!!%%
8QRYdQ^dUcTU\_cceRebRY_cTUCQ^dYQW_CQ^dYQW_9]`bU^dQTU\@Qc"'TU]Qbj_
TU!(%(<QQ\dUb^QdYfQ`b_`eUcdQ`_b\Q_`_cYSY†^VeU`b_XYRYb\QS_^cdbeSSY†^TU^eU
f_cbQ^SX_c`Ub_`Ub]YdYb`_bbQj_^UcXe]Q^YdQbYQci`_bbUc`Ud_Q\TUbUSX_TU`b_`YU
TQT\QceRcYcdU^SYQTU\_caeUiQUhYcdQ^²1dQaeUQ\Q`b_`YUTQT³Ce`\U]U^d_Q<Q1SdeQ
\YTQT>¡$(TU\cvRQT_"'TU]Qbj_TU!(%(
!!%&
²<QcU\USSY_^UcTUCQ^dYQW_³Ce`\U]U^d_UcdbQ_bTY^QbY_Q<Q1SdeQ\YTQT>¡$(TU\
]QbdUc# TU]Qbj_TU!(%(
!!%'
²<QcU\USSY_^UcTU]e^YSY`Q\YTQTUc³Ce`\U]U^d_Q<Q1SdeQ\YTQTTU\\e^Uc!)TU
QRbY\TU!(%(

$!%
d_cTU\]e^T_`_`e\QbRQcQT_U^\_cbUc_bdUcaeU\UU^dbUWQRQce]Q^U
Z_TU\`_TUbUcdQdQ\
<QC_SYUTQT@_\dYSQTU1bdUcQ^_c]_^dQTQS_^_RZUdYf_c`ebQ]U^dU
U\USd_bQ\UcTUZ†TUVe^SY_^Qb<Q_`_cYSY†^cU\Y]Yd†Q\QQSSY†^]vcdbQTY
SY_^Q\SU^dbv^T_cUU^U\dbQRQZ_`UbY_TcdYS_i`Qb\Q]U^dQbY_iU^\QbUQ
\YjQSY†^TU²RQ^aeUdUc`QdbY†dYS_c³QcU]UZQ^jQTU\_cbU`eR\YSQ^_cVbQ^
SUcUcTU!($'i!($(!!%(<eUW_cUS_^cdYdei†e^^eUf_S\eR`_\dYS_U\
3\eRTU\QE^Y†^Sei_†bWQ^_TUUh`bUcY†^VeUTUcTUVY^UcTU_SdeRbU<Q
1cQ]R\UQ3_^cdYdeiU^dUS_\_SQTQRQZ_\QTYbUSSY†^TU2U^ZQ]^FYSe…Q
=QS[U^^Q@Ub_\Q`bUcU^SYQ`_`e\QbU^\Q^eUfQ_bWQ^YjQSY†^UbQUcSQc
cY]Q*<QbbUSXUTQDb_^S_c_=_\Y^QiCQ]Q^YUW_UbQ^U\U]U^d_cQYc\Q
T_cU^]UTY_TU^e]Ub_c_c`Ubc_^QZUcTU\QcS\QcUcce`UbY_bUc!!%)
<Q QWYdQSY†^ _`_cYd_bQ U^ CQ^dYQW_ def_ `eUc S_]_ ceZUd_c i
TUcdY^QdQbY_c`bY^SY`Q\UcQ\_c]YU]Rb_cTU\QU\YdU<QS_^f_SQSY†^Qe^Q
QcQ]R\UQS_^cdYdeiU^dUTUcdY^QTQQWU^UbQbe^QY^cdYdeSY_^Q\YTQTQ\dUb^Q
dYfQQ\QTU\`QbdYT_TUW_RYUb^_QVY^UcTU!(%(^_`eT_]_fY\YjQbQe^
`_bSU^dQZUcYW^YVYSQdYf_TU\]e^T_`_`e\Qb5\W_RYUb^_\_Wb†VvSY\]U^
dUQ^e\Qb\QbUe^Y†^TU\!"TUTYSYU]RbUiU^SQbSU\QbQfQbYQcTUSU^QcTU
]Y\YdQ^dUcVecY_^YcdQcaeU`bUdU^TQ^S_]U^jQbQUSXQb\QcRQcUcTUe^
^eUf__bTU^Q]YU^d_S_^cdYdeSY_^Q\!!& 4UcTUQaeU\]_]U^d_°TU]Q^U
bQcY]Y\QbQ\__SebbYT_Q`QbdYbTU\QTUS\QbQSY†^TU\5cdQT_TUCYdY_U^
TYSYU]RbUTU!(%(°\Q_`_cYSY†^^_bUQ\Yj†^Y^W‹^QSd_dbQcSU^TU^dUU^
CQ^dYQW_CecTYbYWU^dUccU\Y]YdQb_^QY^cdYWQb\QbURU\Y†^aeUUcdQ\\†U^
U^Ub_TU!(%)U^\Qc`b_fY^SYQccY^S_^dQbS_^\QU^UbWQiU\S_bQZU`QbQ
U^SQRUjQbU\\_c]Yc]_c\QY^cebbUSSY†^U^\QSQ`YdQ\ !!&!

!!%(
5cdUdY`_TU]Q^YVUcdQSY_^UccUTUcQbb_\\†dQ^d_U^\QSQ`YdQ\S_]_U^Q\We^Qc
SQRUSUbQcTU`b_fY^SYQ*²2Q^aeUdU<URYQdv^³5\3_`YQ`Y^_3_`YQ`†")TUQRbY\TU!(%(+
²2QY\U³5\3_`YQ`Y^_3_`YQ`†$TU]Qi_TU!(%(+²2Q^aeUdU³<Q1SdeQ\YTQTCQ^dYQW_!"
TU_SdeRbUTU!(%(+²CQ^dYQW_2Q^aeUdU³5\=UbSebY_FQ\`QbQc_!#TU_SdeRbUTU!(%(+
²2Q^aeUdU`QdbY†dYS_³i²5\RQ^aeUdUYU\dUQdb_³<Q1SdeQ\YTQTCQ^dYQW_"!TU_SdeRbU
TU!(%(+²CQ^dYQW_2Q^aeUdU`QdbY†dYS_³5\=UbSebY_FQ\`QbQc_"!TU_SdeRbUTU!(%(+
²<QSbejQTQTU\Q_`Y^Y†^³i²2Q^aeUdU`QdbY†dYS_³5\1]YW_TU\@eUR\_3_^SU`SY†^")TU
_SdeRbUTU!(%(+²2Q^aeUdU`QdbY†dYS_³5\=UbSebY_TU\fQ`_bFQ\`QbQc_#!TU_SdeRbU
TU!(%(+²2Q^aeUdU`QdbY†dYS_U^CQ^dYQW_3_^S\ecY†^³5\1]YW_TU\@eUR\_3_^SU`SY†^
!TU^_fYU]RbUTU!(%(5\RQ^T_W_RYUb^YcdQdQ]`_S_cU`bYf†TU\Qc_SYQRY\YTQTWQcdb_
^†]YSQ`QbQbUe^YbQcecQTU`d_cF}QcU*²2Q^aeUdUW_RYUb^YcdQ³<Q1SdeQ\YTQTCQ^dYQW_
"#TUcU`dYU]RbUTU!(%(+²2Q^aeUdU^QSY_^Q\U^CQ^dYQW_³5\1]YW_TU\@eUR\_3_^SU`
SY†^!TU_SdeRbUTU!(%(
!!%)
6YWeUb_Q8Ycd_bYQ_`SYd`vWc!!'!$ icYWeYU^dUc
!!&
BU\Qd_c`_b]U^_bYjQT_cc_RbU\QS_^f_SQd_bYQ\_cQS_^dUSY]YU^d_cTU\!"TU
TYSYU]RbUicecS_^cUSeU^SYQcY^]UTYQdQcU^*1>12F=f_\$)=Y4YQbY_TU`bYcY†^
`_b2U^ZQ]^FYSe…Q=QS[U^^QVZc"#&"&'+²CeSUc_cTUCQ^dYQW_³5\1]YW_TU\@eUR\_
3_^SU`SY†^" TUTYSYU]RbUTU!(%(+²3_bbUc`_^TU^SYQcCQ^dYQW_³5\1]YW_TU\@eUR\_
3_^SU`SY†^""TUTYSYU]RbUTU!(%(+6YWeUb_Q8Ycd_bYQ_`SYd`vWc!!'!()
!!&!
@UTb_@QR\_6YWeUb_Q`b_dQW_^YcdQUXYcd_bYQT_bTU\QWeUbbQSYfY\TU!(%)bUc
`_^cQRY\Yj†Q\_cTYbYWU^dUc_`_cYd_bUcTUCQ^dYQW_`_b\QTUbb_dQceRbQiQ^T_ceVQ\dQTU

$!&
 < ?C DB121:14?B5C 5> <1 7E5BB1 39F9< 45 !(%)

4UcTUS_]YU^j_cTUU^Ub_TU!(%)TU]Q^UbQ`UbVUSdQ]U^dUcY^Sb_^Y
jQTQcU`b_TeZ_U^TYcdY^dQcSYeTQTUcibUWY_^UcU\\UfQ^dQ]YU^d_TU\Q
VecY†^S_^dbQU\W_RYUb^_TU=Q^eU\=_^dd<Q\eSXQ]Y\YdQbTU\Q_`_cY
SY†^cUUh`bUc†TUV_b]QTYfUbcQQ\_\QbW_TU\`Qc*WeUbbY\\QcbebQ\UcU^
\Qj_^QSU^dbQ\iceb+WeUbbY\\QcebRQ^Qc_Y^dU^d_cY^cebbUSY_^Q\UcU^
FQ\`QbQc_CQ^6U\Y`UiDQ\SQ+WeUbbQ]†fY\TU`_cYSY_^UcU^U\>_bdU
3XYS_‹^YSQj_^QT_^TU\_cVecY_^YcdQc\_WbQb_^V_b]Qbe^UZ}bSYd_bUWe
\QbWbQSYQcQ\QY^V\eU^SYQi`_TUbTU\_cbYS_c`b_`YUdQbY_c]Y^Ub_c
3_\_SQT_RQZ_U\\YTUbQjW_TU\QcVQ]Y\YQc=QddQi7Q\\_UcdUcUSd_b
c_SYQ\ V_b]† U^ U\ ^_bdU TU\ `Qc e^ Q]`\Y_ VbU^dU aeU Y^S\eQ Q \_c
S_^cUbfQT_bUcTYcYTU^dUcQ\_c\YRUbQ\UcTU!(%!Q\`U_^QZU]Y^Ub_iQ
fQcd_ccUSd_bUcTUSQ]`UcY^_c_RbUb_ciQbdUcQ^_cebRQ^_c
5\\UfQ^dQ]YU^d_S_^dbQU\`_TUbSU^dbQ\UcdQ\\†U\%TUU^Ub_U^\_c
SU^db_c]Y^Ub_cTU3XQ…QbSY\\_i:eQ^7_T_i5^3_`YQ`†@UTb_@QR\_
JQ`QdQQ\QSQRUjQTU\_c]Y\YdQ^dUcTU\3U^db_TU1bdUcQ^_ci?RbUb_cTU
bUSYU^dUSbUQSY†^cUQ`_TUb†TU\SeQbdU\TU\QSYeTQTi_db_cWbe`_ccU
`_cUcY_^Qb_^ TU\ bUcd_ TU \_c `e^d_c UcdbQd}WYS_c TU \Q SYeTQT !!&" 5\
²RQZ_`eUR\_³S_`YQ`Y^_cUe^Y†Q\]_fY]YU^d_QdbQf}cTUQSSY_^UcTY
bUSdQcaeUdU^Q^ce`b_`Y_cU\\_*

BU^TYTQ\QSvbSU\iQRYUbdQce`eUbdQ`bY^SY`Q\U\
`_`e\QSX_aeUcUWeQ\QcVeUbjQcS_^cdYdeiU^dUccU\Q^
j†VbU^}dYS_XQSYQceY^dUbY_bTUcdb_jQ^T_\QcbUZQcTU
\Qc`bYcY_^Uci\QcRQbbQcTUXYUbb_TU\_cSQ\QR_j_ciTQ^
T_\YRUbdQTQ\_cbU_c
1\We^_cTU\_cY^TYfYTe_caeUV_b]QRQ^U^\Q]e
SXUTe]RbUQ^†^Y]QaeUY^fQTY†\QSvbSU\dU^Q^TUe
T_cQ\\TUdU^YT_ci}cd_cQ\bUS_RbQbce\YRUbdQTcUTYbY
WYUb_^Q\QccQ\QcS_^dYWeQcTU\ZejWQT_T_^TUTUcdbeiU
b_^Q\We^_c`b_SUc_ci_db_cT_Se]U^d_cb_Rv^T_cU
\_cY^cdbe]U^d_cTU\_cTU\Yd_caeUXQRQ^cUbfYT_Q\_c
TU\Y^SeU^dUc`QbQS_]UdUbcecSb]U^Uc !!&#

<_cbU_c\YRUbQT_ccUe^YUb_^QY^TYfYTe_cUh`e\cQT_cTU\Q`_\YSQi
RQZ_ \Q S_^TeSSY†^ TU T_c TU }cd_c ‹\dY]_c °TU Q`U\\YT_c 1WeQi_ i
@YjQbb_°ceR\UfQb_^Q\_cc_\TQT_cTU\QWeQbTYQTU\QSvbSU\iQc_]UdYT_c

`bUfYcY†^ceY^TUSYcY†^i`ecY\Q^Y]YTQT8Ycd_bYQ_`SYd`vWc"!&"!(# (# )"'$i

"'%i$%)$&"
!!&"
1>12F=f_\$(3QbQRQ^dUc_`SYdVZc"(#!
!!&#
6YWeUb_Q8Ycd_bYQ_`SYd`vW")'

$!'
Q\QcVeUbjQcS_^cdYdeiU^dUc1U\\_ccUce]Qb_^\_c`_\YSQcTYcdbYReYT_cU^
\QfQ`‹R\YSQicUTYbYWYUb_^XQSYQU\SeQbdU\TU\QSQ\\UIe]RU\C†\_\Q
TUSYTYTQQSdYdeTTU7Q\\_iJQ`QdQQ\]Q^T_TU\_cS_^cdYdeiU^dUc\_Wb†
S_^ZebQbU\`U\YWb_*\QbUfeU\dQUc`_^dv^UQTU\QdebRQS_`YQ`Y^QVeU
c_V_SQTQ`_b\QcVeUbjQcTU\^QSYU^dU`_TUb@UTb_<U†^7Q\\_VeU^_]
RbQT_9^dU^TU^dUTU\Q`b_fY^SYQi7U^UbQ\TU\5Z}bSYd_3_^cdYdeiU^dU!!&$
@Ub_\QS_^f_SQd_bYQY^cebbUSSY_^Q\Q\`eUR\_QRbY†°e^QfUj]vc°
\QcS_]`eUbdQcTU\TYaeUaeUQcUWebQRQU\_bTU^c_SYQ\<QfY_\U^SYQ`_
`e\QbU^Uc`USYQ\\QTU\`U_^QZU]Y^Ub_cUTUcU^SQTU^†U^SQTQe^_TU
\_cQ\jQ]YU^d_caeUcU`b_TeZUb_^U^\QbUWY†^UhdU^TY}^T_cUXQSYQQ\
We^QcSYeTQTUc*cQaeU_ciTUcdbeSSY_^UccU`b_TeSQ^Q\`Qc_TU\_c]Y
^Ub_c1VY^TUQcecdQbQ\QcS\QcUcQS_]_TQTQci_RdU^UbceQ`_i_Q\W_
RYUb^_\Q`bU^cQ_VYSYQ\YcdQUcdYW]QdYj†U\]_fY]YU^d_TU\^_bdUSQ\YVY
Sv^T_\_TU²ceR\UfQSY†^TU\_cfQW_cS_^dbQ\Q`b_`YUTQTQTaeYbYTQ`_b
U\dbQRQZ_TU_db_c³!!&%5\WbYd_TUQ\Qb]Q^_UcdQRQTUc`b_fYcd_TUVe^
TQ]U^d_4UXUSX_U\U^SeQTbQ]YU^d_TU\_ccUSd_bUc`_`e\QbUcVeU
e^QdQbUQbeTQ`QbQU\U]`bUcQbYQT_]Y^Ub_!!&&5^e^_TUcec`bY]Ub_c
TUSbUd_c`b_]e\WQT_U\&TUU^Ub_@UTb_<U†^7Q\\_WQbQ^dYjQRQ\Q
`b_`YUTQT`bYfQTQ*

KM dU^YU^T_ U^ SeU^dQ aeU U^ \Qc QSdeQ\Uc SYb

Se^cdQ^SYQc`Ubc_^Qc]Q\Y^dU^SY_^QTQc`eUTU^QdU^dQb
S_^dbQ\QcUWebYTQTiS_^dbQ\Qc`b_`YUTQTUcUY^dUbUcUc
TU\_cSYeTQTQ^_cK`_b\_aeUM\QcQed_bYTQTUcSQcdYWQ
bv^Uc_cTU\Yd_cS_^\Qc`U^Qc]vccUfUbQc`QbQ\_SeQ\

!!&$
1>12F=f_\$(3QbQRQ^dUc_`SYdV#!?db_bU\Qd_c_RbU\QY^cebbUSSY†^
S_`YQ`Y^QU^U\]Yc]_f_\e]U^UcU\TU:>=eZYSQ1`e^dUcTU\QbUf_\eSY†^TU\%TU
U^Ub_TU%)fUbYVYSQTQU^3_`YQ`†VZc"&##F}QcUQTU]vc6YWeUb_Q8Ycd_bYQ_`SYd
`vWc")'# !
!!&%
²CeSUc_cTU3_`YQ`†³5\3_bbU_TU\Ceb3_^SU`SY†^"%TUU^Ub_TU!(%)
!!&&
5\cYWeYU^dUUhdbQSd_TUe^QbdSe\_`eR\YSQT_U^5\3_`YQ`Y^_e^Q…_Q^dUcTU
\QWeUbbQSYfY\bUV\UZQ\QS_^SYU^SYQaeU\QS\QcU`b_`YUdQbYQdU^QQSUbSQTU\Q^dQW_^Yc]_
TUS\QcUcUhYcdU^dUU^\QcUh`\_dQSY_^Uc]Y^UbQcBUVYbY}^T_cUQ\QcYdeQSY†^TU\]Y^UbQ\
TU3Ubb_2\Q^S_Q\QcS_^dY^eQcbY…QcU^dbUcecdbQRQZQT_bUciQ\QY^cUWebYTQTbUY^Q^dU
cUS_^S\eQQVYb]Q^T_aeU²cU`eUTUTUSYbiQcY^dU]_bTUe^TUc]U^dYT_aeUQaeU\TYc
dbYd_cUS_]`_^UTUT_cS\QcUcTU]_bQT_bUce^_cS_bb_]`YT_cY^]_bQ\UcYbbUc`Ude_
c_cRvbRQb_caeUc_^\_cRQbbUdUb_ciQ`YbUci_db_c\_cQT]Y^YcdbQT_bUci]Qi_bT_]_c
aeUV_b]Q^U\bUfUbc_TUUcQ]UTQ\\QiaeUcUU^SeU^dbQ^U^\eSXQQRYUbdQS_^\_c`bY]U
b_c^Y]vc^Y]U^_caeUcUU^S_^dbQRQ^^_XQ]eSX_U^\QBU`‹R\YSQ1bWU^dY^Qe^YdQ
bY_ciVUTUbQ\Uc³²3Ubb_2\Q^S_³5\3_`YQ`Y^_3_`YQ`†)TUVURbUb_TU!(%(1dbQf}cTU
\QcS_\e]^QcTU\]Yc]_`UbY†TYS_dQ]RY}^cUV_b]e\QRQ^aeUZQcU^S_^dbQTU_dbQcSQdU
W_bQcTUdbQRQZQT_bUcS_]_\_ccYbfYU^dUcT_]}cdYS_c\_c_RbUb_cQWbS_\Qci\_cbU`QbdY
T_bUcTU`Q^²DbQRQZQT_bUc³5\3_`YQ`Y^_3_`YQ`†(TUZe\Y_TU!(%(<QUcSQcUjTU
]Q^_TU_RbQaeUZQ`Ub]Q^U^dUTU\_ccUSd_bUc`Qdb_^Q\UcUbQQdbYReYTQUhS\ecYfQ]U^dU
Q\QY^ceVYSYU^dUbU`bUcY†^TU\QfQWQ^SYQ²5cSQcUjTUdbQRQZQT_bUc³5\3_`YQ`Y^_3_`YQ
`†!)TUZe\Y_TU!(%(

$!(
 cUS_^cdYdeiUe^SeUb`_SYfY\TUcUWebYTQTU^bUcWeQbT_
iSecd_TYQTU\Qc`b_`YUTQTUc !!&'

5\^eUf_`_TUbSbU†bv`YTQ]U^dUe^QVeUbjQ]Y\YdQb`QbQXQSUb
VbU^dUQ\QbUQSSY†^TU\W_RYUb^_TU=_^dd1e^aeU\_ccUSd_bUc`_`e\Q
bUcUbQ^\_c\\Q]QT_cQcUb\QRQcUTU\S_^dY^WU^dUQb]QT_TU\QBUf_\e
SY†^3_^cdYdeiU^dU\QU\YdUVecY_^YcdQY]`\U]U^d†\Q_bWQ^YjQSY†^TUVeUb
jQc ]Y\YdQbUc aeU QcUWebQbQ^ ce TYbUSSY†^ TU\ `b_SUc_ 5^ TYcdY^dQc
\_SQ\YTQTUccUS_^cdYdeiUb_^SeUb`_cTU]Y\YSYQ^_cf_\e^dQbY_cU^\_caeU
cUY^dUWbQb_^^e]Ub_c_cU\U]U^d_c`_`e\QbUc*U^3_`YQ`†cUSbU†e^
RQdQ\\†^TUQbdUcQ^_cRQZ_\QTYbUSSY†^TU\cQbWU^d_]Qi_b1Wecd^BQ
]_ci@UTb_@QR\_JQ`QdQbUSYRY†U\WbQT_TUS_b_^U\TU\5cdQT_=Qi_b
@Ub_dQ]RY}^cUUcdQR\USYUb_^SeUb`_cTUTUVU^cQTU\Q`b_`YUTQTRQcQ
T_cU^S_]UbSYQ^dUci_db_c`b_`YUdQbY_c5^3_`YQ`†cUV_b]†e^Q7eQb
TYQTU`b_`YUTQTQ\Ycdv^T_cUU^U\\Q²d_T_c\_c`b_`YUdQbY_ciWU^dUfYcYR\U
TU\`eUR\_cY^TYcdY^SY†^TU^QSY_^Q\YTQT³ !!&(+U^3XQ…QbSY\\_\QU\YdUdU
]Ub_cQTU\QcQc_^QTQc`U_^Q\UcV_b]†U\RQdQ\\†^\_cJeQf_c3_^cdY
deiU^dUc S_]`eUcd_ `_b Z†fU^Uc TU ce ]UTY_ c_SYQ\ !!&) i U^ 3Q\TUbQ
1^cU\]_3QbQRQ^dUc7_RUb^QT_b^_]RbQT_`_bU\^eUf_`_TUbTUc
`e}cTUQ`\QcdQbe^]_d^TUc_\TQT_cTU\RQdQ\\†^SÅfYS_SbU†e^Q7eQb
TYQTUcUWebYTQTTU²fUSY^_c`bUcdYWY_c_c³QSei_]Q^T_S_\_S†Q\S†^ce\
^_bdUQ]UbYSQ^_=bCYfU^d!!' 
5^\Qcj_^QcS_^db_\QTQc`_b\_cW_RYUb^YcdQc\QcQed_bYTQTUcd_]Q
b_^]UTYTQccY]Y\QbUc*U^<QCUbU^QQ`U^QcS_^_SYTQ\Q^_dYSYQTU\Q
Y^cebbUSSY†^S_`YQ`Y^QU\Y^dU^TU^dU=vhY]_1bWŽU\\Uc_bWQ^Yj†e^Q
7eQbTYQTU\_bTU^U^b_\v^T_cU²\_c]vc^_dQR\UcfUSY^_c³Q\\QT_TU\_c
]QUcdb_cTUdQ\\UbaeU\QQed_bYTQTS_^cYTUb†²`beTU^dUQT]YdYbU^cec
VY\Qc³!!'!5\SeUb`_`QbQ]Y\YdQbTURQ²_RbQbS_^ce`bUcdYWY_c_RbUU\`eU
R\_`_S_Y\ecdbQT_aeU`eTYUbQSbUUb\\UWQT_U\SQc_TUcQdYcVQSUbQ^dY
We_cbU^S_bUc³<Q`bUfU^SY†^TU\Y^dU^TU^dU1bWŽU\\UcUbQZecdYVYSQTQ*
cecdU]_bUcTUaeUQ\^_U^S_^dbQbe^QbUcYcdU^SYQQb]QTQTUS_^cYTUbQ
SY†^\QbURU\Y†^²U^Wb_cQbQS_^cYTUbQR\U]U^dUcecVY\QcS_^WU^dUTU\
`eUR\_i^_`_S_c]Y^Ub_c³cUfYUb_^S_^VYb]QT_c`_S_TUc`e}c !!'"
²3_^dU^UbQ\Q`\URU³iS_]RQdYbU\\UfQ^dQ]YU^d__`_cYd_bUbQ^\QcT_c

!!&'
1>12F=f_\$(=eZYSQ_`SYdVZc"'fdQi"(+6YWeUb_Q8Ycd_bYQ_`SYd
`vW# $
!!&(
1>12F=f_\$(3QbQRQ^dUc_`SYdV$#F}QcUdQ]RY}^U^U\]Yc]_f_\e
]U^=eZYSQ_`SYdVZc"&ifdQQTU]vcTU\dUcdY]_^Y_TU\fYQZUb_Q\U]v^@Qe\DbUed\Ub
1^TQ^jQcTUe^Q\U]v^U^3XY\U!(%!!(&#CQ^dYQW_5TYd_bYQ\TU\@QSVYS_!)%(`vW"$)
!!&)
3QbQRQ^dUc_`SYdV$%
!!'
3QbQRQ^dUc_`SYdVZc###'+6YWeUb_Q_`SYd`vWc# &#" 
!!'!
1>12F=f_\$(3QbdQTU=vhY]_1bWŽU\\UcQ\=Y^Ycdb_<QCUbU^QU^Ub_
)TU!(%)VZc!)#i!)$
!!'"
?`SYdVZc!)$i!)%

$!)
SQbQcTU\Q`_\dYSQ]_^ddfQbYcdQQS_]YU^j_cTU!(%)+TU\]Yc]_]_T_
S_]_\Q`_\dYSQTU\QVecY†^Q`e^dQRQQTUbb_SQbQ\W_RYUb^_edY\YjQ^T_
\QU^UbWQTU\Qc]QcQc`Ub_VbU^Q^T_ibU`bY]YU^T_cecTUcR_bTUc
5\5Z}bSYd_3_^cdYdeiU^dU\_Wb†Q\We^_cdbYe^V_cY]`_bdQ^dUc5\]_fY
]YU^d_ceRfUbcYf_cUUhdU^TY†`_bd_T_U\^_bdUS_^SYdQ^T_^e]Ub_cQc
QTXUcY_^Uc*

E^Q^e]Ub_cQ]eSXUTe]RbUb_TUQRQU\SQ]`Q
]U^d_S_]`eUcdQU^ce]Qi_b`QbdUTU`QYcQ^_caeU
Uc`UbQRQ^e^VecY\`QbQY^WbUcQbQ\UZ}bSYd_bUf_\eSY_^Q
bY__`QbQbUU]`\QjQbQ\_caeUSQiUbQ^U^U\S_]RQdU
KM4UcTU" \UWeQcTU\^_bdUTU3_`YQ`†S_]_
cUb 3Ubb_ TU\ 3_RbU @Q`_c_ i 3XQ…QbQ\ \\UWQRQ^ Q\
SQ]`Q]U^d_TU@YSXY^SXQUcV_bjQT_c]Y^Ub_cQ`UTYb
e^`eUcd_TUS_]RQdUU^\QcVY\QcS_^cdYdeiU^dUc
ITU<QCUbU^QU^fYQRQ^`b_`Y_c`_b\QfQdUbbUc
dbU`YTYU^T_Qb]Q]U^d_`QbQceR\UfQbcUS_^dbQ\QQe
d_bYTQTTU\Y^dU^TU^dU=vhY]_Â^WU\1bWŽU\\Uc!!'#

<QfYSd_bYQ_RdU^YTQU\!$TU]Qbj_U^\QRQdQ\\QTU<_c<_b_cQRbY†
\Qc`eUbdQcTU<QCUbU^QQ\Qcdb_`QcTU7Q\\_5^UcdQSYeTQTU\Q`_i_
`_`e\QbQ\QY^cebbUSSY†^XQRQcYT__bWQ^YjQT_`_bfQbY_cbUf_\eSY_^Q
bY_cTU!(%!U^dbU\_caeUcUTUcdQSQRQ@UTb_@QR\_=e…_jU\Uh\TUb
YWeQ\YdQbY_aeU`ec_ceQcSU^TYU^dUc_RbU\_c_RbUb_ciQbdUcQ^_cQ\cUb
fYSY_TU\QSQecQS_^cdYdeiU^dU!!'$
1`UcQbTUcecbUfUcUcY^YSYQ\UcU\W_RYUb^_\_Wb†bU_bWQ^YjQbcec
VeUbjQcaeUY^V\YWYUb_^U\")TUQRbY\e^QTUbb_dQUcdbQd}WYSQQ@UTb_
<U†^ 7Q\\_ U^ \Q RQdQ\\Q TU 3Ubb_ 7bQ^TU 5\ SQeTY\\_ TU \Q ]Y^UbQ
^_bdY^QXei†Q1bWU^dY^Q`Ub_e^Q`QbdUTUcecdb_`QcS_^dY^e†U\S_]
RQdUS_^dbQU\UZ}bSYd_W_RYUb^YcdQXQcdQcUbQ`\QcdQT_cTUVY^YdYfQ]U^dU
U\!"TU]Qi_<QBUf_\eSY†^3_^cdYdeiU^dUXQRQdUb]Y^QT_U^U\^_bdUTU\
`Qc!!'%
5^dbUdQ^d_\QbURU\Y†^S_^dbQU\W_RYUb^_cUXQRQTUcQbb_\\QT_U^
_db_c UcSU^QbY_c 5^ \Q j_^Q SU^dbQ\ UcdQ\\Qb_^ fQbY_c ]_fY]YU^d_c
Y^cebbUSSY_^Q\UcebRQ^_c
1\Y^YSYQbcU\QWeUbbQSYfY\U^U\^_bdU\Q_`_cYSY†^`_bdU…Q^_cU
U^S_^dbQRQ `bU`QbQTQ `QbQ Qce]Yb \Q \eSXQ Qb]QTQ 5\ VbQSQc_ TU \Q
S_^c`YbQSY†^TU<eZv^XQRQTUcRQbQdQT_\_c`\Q^Uc_`_cYd_bUc `Ub_
]eSXQc`Ubc_^Qc^_bU^e^SYQRQ^Q\QYTUQTU_bWQ^YjQbe^\UfQ^dQ]YU^
d_S_^dbQU\W_RYUb^_5^UcUS_^dUhd_Q]UTYQT_cTU^_fYU]RbUTU

!!'#
6YWeUb_Q8Ycd_bYQ_`SYd`vW##!
!!'$
?`SYd`vWc#%$$ %
!!'%
?`SYd`vWc$ &$%(

$"
!(%(\QZe^dQTYbUSdYfQTU\@QbdYT_<YRUbQ\TUCQ^dYQW_U^fY†QFQ\`QbQc_
Q\`_UdQ7eY\\Ub]_2\Ucd7Q^Q`QbQTYbYWYbU\]_fY]YU^d_U^S_\QR_bQ
SY†^ S_^ \_c `bY^SY`Q\Uc ZUVUc \YRUbQ\Uc TU \Q SYeTQT E^_ TU }cd_c
8_bQSY_=Q^dUb_\Q`_bcecdbQRQZ_cS_^]UbSQ^SQcicecbU\QSY_^UcS_^
Z_b^Q\Ub_cTU\`eUbd_UcdQRQ\\Q]QT_QZeWQbe^`Q`U\S\QfUU^U\`b_iUS
d_Y^cebbUSSY_^Q\ !!'&
@QbQQb]QbcU\_cS_^c`YbQT_bUcS_]`bQb_^VecY\UcQ\SQ`Ydv^TUe^Q
W_\UdQ^_bdUQ]UbYSQ^QiS_^dQ^T_S_^\QS_]`\YSYTQTTUQ\We^_cZ_b^Q
\Ub_c`_bdeQbY_c`bU`QbQb_^\QcS_^TYSY_^Uc`QbQQ`_TUbQbcUU^U\]_
]U^d_^USUcQbY_TUe^Q`QbdYTQTUSQZ_^UcTUVecY\UcRU\WQcTU`_cYdQTQ
U^\_cQ\]QSU^UcTU\QQTeQ^Q<_cZ_b^Q\Ub_c6bQ^SYcS_i@UTb_3eQTbQ
iBeVY^_3YcdUb^QcVeUb_^\_cU^SQbWQT_cTUdbQ^c`_bdQbXQcdQU\\eWQbTU
\QcbUe^Y_^Uc\QcQb]QcS_]`bQTQcQ\]QbY^_UcdQT_e^YTU^cU<QcY^c
dbeSSY_^UcTU2\Ucd7Q^QUbQ^XQSUbUcdQ\\Qb\QbURU\Y†^TU]Q^UbQcY]e\
dv^UQS_^\QaeUcU`b_iUSdQRQU^U^Ub_TU!(%)U^_db_c`e^d_cTU\`Qc
`Ub_U\`_UdQSQbUSQTU\QcT_dUcTUe^ReU^S_^c`YbQT_b*SY^S_fUSUc
TY_\Q_bTU^TU`bU`QbQSY†^TU\\UfQ^dQ]YU^d_i_dbQcdQ^dQc]Q^T†U^
U\‹\dY]_]Y^ed_\QS_^dbQ_bTU^TU`_c`_^Ub\_5\TUcv^Y]_S_]U^j†
Q Se^TYb U^dbU \_c bUf_\eSY_^QbY_c U^dbU \_c aeU cU S_^dQRQ^ e^_c
dbUcSYU^d_QZ_b^Q\Ub_cV\UdUb_ci\Q^SXUb_c2\Ucd7Q^QVeUQbbUcdQT_i
=Q^dUb_\QQce]Y†\QS_^TeSSY†^TU\]_fY]YU^d_<QVUSXQVYZQTQ`QbQce
UcdQ\\YT_VeUU\"(TUVURbUb_Q]UTY_TQ4YcdY^d_cWbe`_cTURQ^QdQSQb
TYfUbc_c_RZUdYf_c+U\aeUTURQQ`_TUbQbcUTU\QQTeQ^QcUbQS_]Q^TQ
T_`_b2Qbd_\_]}BY_R†TYbYWU^dUTU\Q1c_SYQSY†^TU1bdUcQ^_c6bQ^SYc
S_FY\\QiCQ^dYQW_>Yh_^!!''
5cdUWbe`_Se]`\Y†ce]YcY†^*\_cVecY\UcRU\WQcVeUb_^TYcdbYReYT_c
U^dbU^e]Ub_c_cZ_b^Q\Ub_c=YU^dbQcdQ^d_e^Wbe`_TUS_]RQdYU^dUc
TYbYWYT_`_b=Q^dUb_\QU^dbU\_caeUcUTUcdQSQRQU\V\UdUb_CQ^dYQW_
D_bbUZ†^Qb]QT_cc†\_TUQ\We^_cbUf†\fUbUci`e…Q\UcQdQSQRQY^VbeS
de_cQ]U^dU\Q9^dU^TU^SYQ=vcU\U]U^d_c`_`e\QbUccUe^YUb_^Q\]_
fY]YU^d_<QbUQSSY†^TU\QcQed_bYTQTUc^_dQbT†U^]Q^YVUcdQbcU*T_c
S_]`Q…QcTUVecY\Ub_cQdQSQb_^Q\_cceRfUbcYf_cU^U\cUSd_bTU<Q@\Q^
SXQTQFQbY_cSeUb`_cTU\UZ}bSYd_iTU\Q]QbY^QQieTQb_^Q\Q`_\YSQQ
bUSXQjQb\_cQdQaeUciQUVUSdeQb\Q`UbcUSecY†^TU\_cQ]_dY^QT_caeUQ\
SQUb\QdQbTUiQfU^SYT_cXeQ^`_b\_cSUbb_ciaeURbQTQc?db_c]Y\Y
dQ^dUc^_\\UWQb_^QQSdeQb*\_cQbdUcQ^_caeUcUbUe^Q^U^e^QR_TUWQ

!!'&
1>12F=f_\$)8_bQSY_=Q^dUb_\Q<QbUf_\eSY†^TUFQ\`QbQc_TU\"(TU
VURbUb_TU!(%)CQ^dYQW_^_fYU]RbUTU!(''VZc!$$i!$%5cdQ]U]_bYQXQcYT_`eR\Y
SQTQU^213X8>¡#"CQ^dYQW_`bY]UbcU]UcdbUTU!)$%`vWc%'&(F}QcUQTU]vc6Y
WeUb_Q8Ycd_bYQ_`SYd`vW$)(
!!''
1>12F=f_\$)=Q^dUb_\Q_`SYdVZc!$%!% +U^U\]Yc]_f_\e]U^
1^†^Y]_<QbUf_\eSY†^TUFQ\`QbQc_TU\"(TUVURbUb_TU!(%)VZc!&(i!&)+6YWeUb_Q
8Ycd_bYQ_`SYd`vWc$))i% 

$"!
TU\QSQ\\UIe^WQiVeUb_^TU^e^SYQT_ciQ`bUcQT_c`_b\Q`_\YSQaeU
Y^SQed†cUdU^dQiSY^S_VecY\UciT_cSQ^Qcd_cTU]e^YSY_^Uc+U^\QSQ\\U
ZeU\QTU\3Qb]U^_db_cdbQRQZQT_bUcQ\SQ^jQb_^QQb]QbcU`Ub_S_]UdYU
b_^\QY]`beTU^SYQTU`b_RQb\_cVecY\UcTUcSQbWQ^T_dYb_cQ\QYbU<_c
WbQ^QTUb_cQSQRQ\\_TU\Q`_\YSQSQiUb_^c_RbUU\\_cicY^Y^dY]Qb\UcbU^
TYSY†^\_ccQR\UQb_^TUZQ^T_QcUYce_SX_XUbYT_c3eQdb_]eUbd_ciTYU
SY_SX_XUbYT_cVeUb_^\QcRQZQcTU\QcVeUbjQcTU\W_RYUb^_U^\_cTYcdY^
d_cS_]RQdUcTUUcUTQ!!'(<QcSYVbQcTU]eUbd_ciXUbYT_cTU\`eUR\_i
\_cY^cebbUSd_c^_VeUb_^TQTQcQS_^_SUb`_b\QcQed_bYTQTUc`Ub_e^
`UbY†TYS_`b_WeRUb^Q]U^dQ\SQ\Se\†aeUcUdbQdQRQTUcUdU^dQe_SXU^
dQ`Ubc_^Qc!!')5\²]_d^TUb_d_c`_`e\QSX_U^SQRUjQT_`_bX_]RbUc
SQcYTUcS_^_SYT_cU^dbU\QWU^dUTUSU^dUiX_^bQTQ³S_]_\_SQ\YVYSQbQ
e^†bWQ^_TU`bU^cQ_VYSYQ\YcdQ!!( XQRQcYT_QX_WQT_U^cQ^WbU1\TQ
cYWeYU^dUUbQVecY\QT_U\Z_fU^1RU\QbT_FY\\Qbe^_TU\_cVe^TQT_bUcTU
\QC_SYUTQTDY`_WbvVYSQ`_bXQRUb`eUcd_VeUW_Q\Q`eUbdQTU\QY^dU^TU^
SYQTebQ^dU\QY^cebbUSSY†^!!(!
@_S_c]UcUc]vcdQbTUU\!(TUcU`dYU]RbUTU\]Yc]_Q…_TUc`e}c
TUdUb]Y^QTQ\QWeUbbQSYfY\UcdQ\\†e^^eUf_\UfQ^dQ]YU^d_U^FQ\`QbQ
c_aeUS_cd†\QfYTQQ\WU^UbQ\FYTQebbUE^QfUj]vc\_ccUSd_bUc`_`e\Q
bUcVeUb_^\QS_\e]^QfUbdURbQ\TU\QbURU\Y†^*\_cd_bdY\\Ub_cifU^TUT_
bUcTU]_dUiTUVbedQdbQ^c`_bdQb_^U^cecSQ^Qcd_c\Qc]e^YSY_^UcQ\_c
Q]_dY^QT_cTU\RQdQ\\†^SfYS_i_db_cSYfY\UcaeUS_]RQdYUb_^Ze^d_Q
U\\_c=_fY]YU^d_QYc\QT_\QceR\UfQSY†^`_bdU…QTU\Qc6YUcdQc@QdbYQc
VeUQ`\QcdQTQbv`YTQ]U^dU`_b\Qcdb_`Qc\UQ\UcQ\W_RYUb^_ !!("
1\S_]`QbQbUcdQcceR\UfQSY_^UcS_^\QTU\"(TU_SdeRbUTU!(%!U^
\Q]Yc]QSYeTQTcUS_^cdQdQ^Q\We^_cU\U]U^d_c^eUf_caeU`eUTU^

!!'(
1>12F=f_\$)=Q^dUb_\Q_`SYdVZc!% !%)5^U\]Yc]_f_\e]U^*
1^†^Y]_<QbUf_\eSY†^_`SYdVZc!&)!'!+@QbdU_VYSYQ\TU4_^:_fY^_>_f_Qc_RbU\Q
bUf_\eSY†^TUFQ\`QbQc_FQ\`QbQc_]Qbj_"TU!(%)VZc!)$!)(+BU\QSY†^TUT_^C
3_R_c<Y]Q!"TUZe^Y_TU!(& VZc!))""(fdQiBU\QSY†^TU1=Qb^<Y]Q!'TU
]Qi_TU!(& VZc"")"#"F}QcUdQ]RY}^*²@_b]U^_bUcTU\]_d^TUQiUb³5\3_]UbSY_TU
FQ\`QbQc_FQ\`QbQc_!TU]Qbj_TU!(%)+²=_d^TUFQ\`QbQc_@QbdU_VYSYQ\TU\cU…_b
9^dU^TU^dUTU\Q`b_fY^SYQ³FQ\`QbQc_]Qbj_"TU!(%)5\=UbSebY_FQ\`QbQc_(TU
]Qbj_TU!(%)+6YWeUb_Q8Ycd_bYQ_`SYd`vWc% % "
!!')
²1c_^QTQTU\"(³5\3_]UbSY_TUFQ\`QbQc_"TU]Qbj_TU!(%)5cdQcSYVbQcTU
RQZQcU^dbU\Q`_R\QSY†^SYfY\`eUTU^cUbS_^cYTUbQTQcS_]_RQcdQ^dUQ`b_hY]QTQcQ\Q
bUQ\YTQTiQaeUU^UcdU]Yc]_QbdSe\_`eR\YSQT_Q^dUcaeUU\`QbdU_VYSYQ\TU\9^dU^TU^dU
cUTYUbQQS_^_SUbcUVYZQU^dbUfUY^dUQfUY^dYSY^S_\_c]eUbd_ciXUbYT_cTU\Qcdb_`QcTU\
W_RYUb^_\_aeUS_bbUc`_^TU`UbVUSdQ]U^dUQ\QcfUY^dYT†cfSdY]QcbUS_^_SYTQc`_b\Q
Qed_bYTQT
!!(
²@_b]U^_bUcTU\]_d^³_`SYd
!!(!
3_]_^_dQQ^dU`U^‹\dY]QF}QcUdQ]RY}^*1>12F=f_\$)=Q^dUb_\Q_`
SYdVZc!%)!&!+4_Se]U^d_cc_RbUc_SYUTQTUcUY^cdYdeSY_^UcTYfUbcQc5c`_cYSY†^>QSY_^Q\TU
!(((_`SYd`vW")#
!!("
1>12F=f_\$)=Q^dUb_\Q_`SYdVZc!&%!&'+6YWeUb_Q8Ycd_bYQ_`SYd
`vW% "

$""
XQRUbY^SYTYT_U^\QY^S_b`_bQSY†^TUU\U]U^d_c`_`e\QbUcQ\]_fY]YU^
d_Y^cebbUSSY_^Q\5^!(%)°QTYVUbU^SYQTU!(%!°XQRQU^FQ\`QbQc_e^
`QbTUc_SYUTQTUc]edeQ\YcdQcbU\QdYfQ]U^dUS_^c_\YTQTQc<Q_`_cYSY†^
`_TQS_^dQbUfU^deQ\]U^dUS_^\QUhYcdU^SYQTUUcdQc_bWQ^YjQSY_^Uc
TU dbQRQZQT_bUc `QbQ `_^Ub\Qc Q\ cUbfYSY_ TU ce `_\dYSQ TU bURU\Y†^
Q^dYWeRUb^Q]U^dQ\3_]_UccQRYT_U^\QSYeTQTVe^SY_^QRQ^TUcTU
XQSQfQbY_cQ…_c\QC_SYUTQTDY`_WbvVYSQi\Q1c_SYQSY†^TU1bdUcQ^_c\QcaeU
Q`UcQbTUdU^Ube^QSQ^dYTQT]vc_]U^_cbUTeSYTQTUQc_SYQT_cfQbYQc
TUSU^QcU^SQTQe^QTUU\\QcUbQ^e^QY^cdQ^SYQTU_bWQ^YjQSY†^Y]`_b
dQ^dU`QbQe^QU\YdUTUdbQRQZQT_bUcDQ]RY}^TURUS_^cYTUbQbcU\QUhYc
dU^SYQTU\_cWbU]Y_cTUZ_b^Q\Ub_ci\Q^SXUb_caeUQ`UcQbTUUcdQb
V}bbUQ]U^dU_bWQ^YjQT_c`_bU\5cdQT_S_^cdYdeQ^e^dUbbU^_V}bdY\`QbQ
\Q`b}TYSQbUf_\eSY_^QbYQQSQecQTU\QcTebQcS_^TYSY_^UcTUdbQRQZ_iTU\
Qed_bYdQbYc]_TU\_cZUVUc^_]RbQT_c`_bU\W_RYUb^_ !!(#
CY^U]RQbW_\QcUfYTU^SYQcY^TYSQ^aeU\Q`QbdYSY`QSY†^TUdbQRQZQ
T_bUcU^\QY^cebbUSSY†^`_bdU…QTU\"(TUVURbUb_^_VeU²_bWv^YSQ³Uc
TUSYb^_cUTY_QdbQf}cTU\QcUcdbeSdebQcTU\Qcc_SYUTQTUcTUc_S_bb_c
]ede_c cY^_ TU ]Q^UbQ ²Y^_bWv^YSQ³ _ cUQ Uc`_^dv^UQ Y^TYfYTeQ\
@b_RQ\U]U^dUQcQSdeQb_^2Qbd_\_]}BY_R†e^_TU\_cVe^TQT_bUci
`bY]UbcUSbUdQbY_TU\Q1c_SYQSY†^TU1bdUcQ^_cU\Z_fU^1RU\QbT_FY\\QbTU
\QC_SYUTQTDY`_WbvVYSQi\_cZ_b^Q\Ub_cV\UdUb_ci\Q^SXUb_c]U^SY_^QT_c
]vcQbbYRQ<Qcc_SYUTQTUc]edeQ\YcdQci\_cWbU]Y_c`_bdeQbY_c`b_`_b
SY_^Qb_^U\\eWQbTUU^SeU^db_iTYcSecY†^aeUVQSY\Yd†\_cbUS\edQ]YU^
d_c`Ub_\QcQTXUcY_^UcQ\QBUf_\eSY†^3_^cdYdeiU^dUi\_cS_]`b_]Yc_c
]Y\YdQ^dUcVeUb_^S_]_UcTQR\UY]QWY^QbTUSYcY_^UcTUdY`_`Ubc_^Q\
5^CQ^6U\Y`UU\UcSU^QbY_U^aeUcUTUcU^f_\fY†U\Q\jQ]YU^d_VeU
]vcdbQTYSY_^Q\<Q_`_cYSY†^S_^dQRQU^UcdQSYeTQTS_^c†\YT_cQ`_i_c
Uc`USYQ\]U^dUU^dbU\_ccUSd_bUc`_`e\QbUcU^SeiQ]U]_bYQUcdQRQQ‹^
VbUcSQ \Q Uh`UbYU^SYQ TU \Q C_SYUTQT TU \Q 9WeQ\TQT BQ]†^ <QbQ \TUb
YWeQ\YdQbY_TU!(%!VeUZe^d_Q_dbQc`Ubc_^Q\YTQTUc\_SQ\Uce^_TU\_c
WUcd_bUcTU\]_fY]YU^d__`_cYd_bU^!(%(!(%)<QbURU\Y†^cQ^VU\Y`U…Q
UcdQ\\†U\!"TUVURbUb_TU!(%)RQZ_U\Ucd]e\_TU\\UfQ^dQ]YU^d_S_`YQ
`Y^_<QfYSd_bYQVeUbv`YTQ<QcQed_bYTQTUcTUcYW^QTQc`_bU\^eUf_
`_TUb_bWQ^YjQb_^\QTUVU^cQTU\QSYeTQTi\QUhdU^cY†^TU\]_fY]YU^d_
XQSYQ _db_c `e^d_c TU \Q bUWY†^ @edQU^T_ SQi† U^ ]Q^_c TU \_c
S_^cdYdeiU^dUc>e]Ub_c_cdbQRQZQT_bUccUY^S_b`_bQb_^Q\QVeUbjQ]Y\Y

!!(#
E^_RcUbfQT_bVbQ^S}c`b_S\YfUQ\W_RYUb^_TU=_^ddaeUTUZ†UcdQ]`QTQU^\Q
BUfeUTUc4Ueh=_^TUccefYcY†^QSUbSQTU\QcYdeQSY†^SXY\U^QTU\Q}`_SQceRbQi†\QUhYc
dU^SYQTU\WbU]Y_TUZ_b^Q\Ub_cTU\`eUbd_TUFQ\`QbQc_ceS_]`b_]Yc_S_^U\]_fY]YU^
d_bUf_\eSY_^QbY_\Qc]UTYTQcd_]QTQc`_bU\W_RYUb^_`QbQ²TUcdbeYbceVeUbjQS_\USdYfQ³
U\bU^S_bUhYcdU^dUU^dbUUcd_cdbQRQZQT_bUcice`QbdYSY`QSY†^U^U\\UfQ^dQ]YU^d_TU\!(
TUcU`dYU]RbUTU\]Yc]_Q…_13_SXed3XY\UU^!(%)QbdSe\_d_]QT_TU\QBUfYcdQTU
1]R_c=e^T_cd_]_"$U^dbUWQ$ CQ^dYQW_9]`bU^dQ>QSY_^Q\!(& `vW$&

$"#
dQbTU\QbURU\Y†^cYU^T_`QbdYSe\Qb]U^dUTUcdQSQTQ\QQSdeQSY†^TU\_c
QRQcdUb_caeUV_b]Qb_^e^UcSeQTb†^TUSQRQ\\UbQQ\]Q^T_TU5cdU
RQ^i6QecdY^_<QRbQ<Q7eQbTYQ3fYSQTUcQb]QTQ`_b\QcQed_bYTQTUc
]_^ddYcdQcaeUbUSU\QRQ^\QccY]`QdQc_`_cYd_bQcTUcecY^dUWbQ^dUccU
`\UW†Q\_cceRfUbcYf_c5\W_RYUb^__bWQ^Yj†U\Q^YaeY\Q]YU^d_TU\`_
TUbY^cebbUSSY_^Q\TUCQ^6U\Y`UfQ\Y}^T_cUTU\QbYfQ\YTQTaeUUcdQSYe
TQTQbbQcdbQRQS_^cefUSY^QTU<_c1^TUc!!($5\`_TUbbUf_\eSY_^QbY_
\\Q]†Q\Q`_R\QSY†^Q_VbUSUbe^QbUcYcdU^SYQU^SQb^YjQTQ*

KMUc`bUSYc_aeUU\fUSY^TQbY_d_T_\_cX_]RbUc
\Qc]eZUbUc\_c^Y…_ccQ\WQ^Q\QSQ\\UifQiQ^QUcdY]e
\QbQ\_cdbQRQZQT_bUcaeUdU^U]_cU]`\UQT_cU^cQ^ZUQb
d_TQc\QcQfU^YTQcTU\QSYeTQT5cdQ^T_QciQ^_`_
Tbv^`U^UdbQbicY`U^UdbQ^\_cQRbQcQbU]_cS_^^eUc
db_cVeUW_cTUcTU\QcfU^dQ^QcCYUc`bUSYc_UcSQb]U^dQb
Q\_cRQ^TYT_caeU^_cY^fQTU^Uc^USUcQbY_aeUSQTQ
SYeTQTQ^_d_]UceQb]Qi`UbcYWQTU]eUbdUQd_T_c\_c
aeUc†\_aeYUbU^b_RQb^eUcdbQ`b_`YUTQT!!(%

<QceR\UfQSY†^cQ^VU\Y`U…QVeUSbeU\]U^dUQ`\QcdQTQU\"(TUVURbU
b_`_b\Qcdb_`QcW_RYUb^YcdQcTUc`e}cTUSQd_bSUTQcTUU^SQb^YjQT_c
S_]RQdUcU^aeU`UbUSYUb_^\_cSYU^c_\TQT_cSfYS_caeUTUVU^TQ^\Qc
dbY^SXUbQcQTU]vcTU^e]Ub_c_cSYfY\Uc<QcbU`bUcQ\YQcTU\Qcdb_`Qc
fU^SUT_bQcVeUb_^TebcY]Qc*\QSYeTQTVeUcQaeUQTQUY^SU^TYQT_c^e
]Ub_c_cUTYVYSY_c\Qc_\TQTUcSQbUV_bjQTQ`_b`QYcQ^_cTU<_c1^TUc
fY_\†Q]eZUbUciUZUSed†ce]QbYQ]U^dUQTUVU^c_bUcTU\Q`\QjQiQSYfY
\Uc!!(&
<Q_`_cYSY†^cQ^dYQWeY^QVeU°`_b`ecY\Q^Y]YTQTS_]_cU…Q\†@U
Tb_@QR\_6YWeUb_Q_`_b_dbQcbQj_^Uc°Y^SQ`QjTU_bWQ^YjQbe^Q\jQ
]YU^d_aeU`ecYUbQU^ZQaeUQ\W_RYUb^__aeUQ\]U^_c\__R\YWQbQQ
S_^SU^dbQbWbQ^SQ^dYTQTTUdb_`QcU^\QSQ`YdQ\Q\YfYQ^T_Q\_c_`_cYd_
bUcTU\^_bdUiTU\ceb6eUbQTU\QSYbSe\QSY†^TUe^`UbY†TYS_iQ\We^_c
Y]`bUc_cS\Q^TUcdY^_cU^CQ^dYQW_c†\_cU`b_TeZ_e^QTUc_bWQ^YjQTQ
dU^dQdYfQTUbURU\Y†^Q^dYWeRUb^Q]U^dQ\6eUU\\\Q]QT_²]_d^TU\_c
SfYS_c³TU\!#TUVURbUb_TU!(%)@bUcU^dQT_S_]_e^QSd_Uc`_^dv^U_
TU²e^Wbe`_TU`QYcQ^_c³`_bU\\YRUbQ\@UTb_@QR\_6YWeUb_QU^ce8Yc
d_bYQTU\QBUf_\eSY†^3_^cdYdeiU^dU!!('QaeU\\QQc_^QTQ`QbUSUXQRUbVbQSQ

!!($
1>12F=f_\$)?VYSY_TU:_c}D_]vcTU\Q6eU^dUQ\=Y^Ycdb_7_RYUb^_
4U`QbdQ]U^dQ\1^TUcCQ^dQB_cQVURbUb_!#TU!(%)VZc%&& 5^U\]Yc]_f_\e]U^*
=U]_bv^Te]c_RbU\QbUf_\eSY†^TUCQ^6U\Y`U`_bT_^GFYTQ\VZc!! !""
!!(%
1>12F=f_\$)\UWQZ_c_RbU\QbUf_\eSY†^TUCQ^6U\Y`UQ…_!(%)S_`YQ
TUe^Q`b_S\Q]QV%#
!!(&
6YWeUb_Q8Ycd_bYQ_`SYd`vWc% '%!%
!!('
?`SYd`vW$&(

$"$
cQT_`_b\QY^TUSYcY†^UY^S_^cUSeU^SYQTU\_cTYbYWU^dUc_`_cYd_bUcaeU
TUZQb_^\YRbQTQQceceUbdUQ\QRQcU`_`e\QbTUc`e}cTUY^f_\eSbQb\QU^
\QQfU^debQ1\]U^_cUcQVeU\QfUbcY†^TU\UhYWeQ\YdQbY_1]Rb_cY_<Q
bbUSXUTQaeYU^UcSbYRY†e^dUcdY]_^Y_U^U\aeUcUQVYb]QaeU*

5\cvRQT_!"TUVURbUb_`_b\Q^_SXUcUXYj_cQRUb
Q\_c_`_cYd_bUc`UbcUWeYT_caeUQ\TQcYWeYU^dUdU^TbQ
\eWQbe^]_fY]YU^d_`_`e\QbAeUQ\Qc'TU\Q]Q…Q^Q
cUXQ\\QbQ^% X_]RbUcQb]QT_cS_^`e…Q\Uci`Ycd_\Qc
U^\QSQ\\UTU\_cDUQdY^_cS_^dYWeQQ\Q=_^UTQ+aeU%
X_]RbUc]vcQb]QT_cTU\Q]Yc]Q]Q^UbQUcdQbQ^U^
\Q3Q…QTQb_TUQ^T_\_cSeQbdU\UcSfYS_cS_^U\_RZUd_
TUd_]Qb\QcQb]QciU^dbUWQb\Qc+Q\`eUR\_cU\UXYj_cQ
RUbQTU]vcaeUcUS_^dQRQS_^) SQjQT_bUcaeUXQ
RQ^U^U\SeQbdU\TU\Q]QUcdbQ^jQTUSei_\eWQbcU`_
TQ^cQSQbQ\We^QcQb]QcS_]_cQR\Uc\Q^jQcKM
CUTYZ_*aeUQ\UcdbeU^T_TUe^_cf_\QT_bUcTYc`Q
bQT_cU^fQbY_c`e^d_cTU\QSYeTQTTURQ^\Q^jQbcUc_
RbU\Q=_^UTQi\_cSeQbdU\Uc\_cX_]RbUcS_^fU^YT_c
S_^UcU_RZUd_FQbY_cceZUd_cTUY^V\eU^SYQcU_R\YWQb_^
Q`bUcU^dQbcUQ\`‹R\YS_U\TQTU\QbUf_\eSY†^QVY^TU
TYbYWYbcUQ\`eUR\_!!((

<_cQ^e^SYQT_cf_\QT_bUccUXYSYUb_^cU^dYbS_^e^QX_bQTUQdbQc_
U\T_]Y^W_!#TUVURbUb_*

KMi\_cX_]RbUcTU\`eUR\_cUbUe^YUb_^U^\Q
3Q…QTQUc`UbQ^T_Q\Qc`Ubc_^QcaeUXQRQ^`b_]UdYT_
TYbYWYb\_>Y^We^Q`Ubc_^QTUY^V\eU^SYQcUfUQU^dbU\Q
]e\dYdeTiU\`eUR\_UcdQRQd_T_TUcQb]QT_XQRYU^T_
U\W_RYUb^_]Q^TQT_WeQbTQbU^U\3eQbdU\TU1bdY\\U
bQd_T_c\_cVecY\UcTU\QWeQbTYQ^QSY_^Q\CU^_dQRQU^
U\`eUR\_U^decYQc]_ibUc_\eSY†^<QWeQbTYQTU\X_c
`YdQ\CQ^:eQ^TU4Y_cVeUd_]QTQidQ]RY}^\QTU\`bUcY
TY_aeUcUS_]`_^QTU""X_]RbUcie^_VYSYQ\ !!()

>e]Ub_c_cU\U]U^d_c`_`e\QbUccUTYbYWYUb_^U^TUc_bTU^iQ\c_^
TUe^dQ]R_bQ\3Q]`_TU=QbdUS_^Y^dU^SY_^UcTUQdQSQb\Q=_^UTQ
@Ub_\QcVeUbjQcTU\W_RYUb^_`QcQRQ^TU]Y\T_cSYU^d_cX_]RbUcU^dbU
c_\TQT_cWU^TQb]Uci`_\YSQcE^TUcdQSQ]U^d_TUSQRQ\\UbQQdQS†Q

!!((
1>12F=f_\$)1`e^dUcTU1]Rb_cY_<QbbUSXUTQc_RbU\_cceSUc_cTU\%)
V!#'
!!()
?`SYdVZc!#'i!#(

$"%
\_cY^cebbUSd_cid_]†]eSX_c`bUc_c\_caeUVeUb_^Qj_dQT_cQ\TQcY
WeYU^dUE^_TUU\\_ce^Z_fU^TUTYUSYcYUdUQ…_c\\Q]QT_:_c}CUWe^T_
ÂWeY\Q°XYZ_TUe^QbdUcQ^_aeUXQRQceVbYT_SvbSU\ibU\UWQSY†^U^
!(%!°VeUc_b`bU^TYT_`_bdQ^T_T_c`QaeUdUcTUSQbdeSX_cS_^RQ\Q5\
SQcdYW_VeUUZU]`\QbYjQT_b*

<_cS_]Q^TQ^dUc@Q^d_ZQiCQ^=Qbd^aeUbYU^T_
Y^TQWQb \Q `b_SUTU^SYQ TU Ucd_c `QaeUdUc ]Q^TQb_^
Q]QbbQbQ\Z_fU^ÂWeY\QiTQb\U# Qj_dUc@Q^d_ZQUcdQ
RQU^e^\QT_iCQ^=Qbd^TU\_db_iQSQTQ`QbdYTQTU
% Qj_dUc\U`bUWe^dQRQ^Q]R_ccYS_^_SQQ<QbbUSXU
TQ+T†^TUUcdQRQiTUT_^TUXQRQcQSQT_\_c`QaeUdUc
5\TUcWbQSYQT_Z_fU^`UbTY†U\S_^_SY]YU^d_iSQcYTUc
db_jQT_`_b\_cQj_dUcVeU`eUcd_U^e^SQbbUd†^i]Q^
TQT_Q\Q`_\YSQTUcTUT_^TUcU\UQfYc†Q\QVQ]Y\YQ`QbQ
aeU\_]Q^TQbQQSebQbTUceSeU^dQ!!) 

4ebQ^dUU\bUcd_TU\S_^V\YSd_e^_bTU^SQcY`UbVUSd_bUY^QbQU^\Q
SQ`YdQ\!!)!
5^DQ\SQcUTUcQbb_\\†\QUh`UbYU^SYQ`_\dYSQ]vcbQTYSQ\TU\QBU
f_\eSY†^3_^cdYdeiU^dU1\YWeQ\aeUU^FQ\`QbQc_\_c`bY]Ub_cdbQRQZ_c
S_^c`YbQdYf_c_bTU^QT_c`_b\QTYbUSSY†^TU\Q_`_cYSY†^XQRQ^QR_bdQ
T_U^_SdeRbUTU!(%(1\cUbQ`bYcY_^QT_@Q^T_iQ\We^_cTUcecQ]Y
W_cS_bbUc`_^TY†Q\QWbYSe\d_bBQ]†^1^d_^Y_FQ\\UZ_cd_]Qb\QTYbUS
SY†^TU\]_fY]YU^d_!!)"1`b_fUSXQ^T_ceS_^_SY]YU^d_TU\Qj_^Qi\_c

!!)
9RYT
!!)!
1VY^UcTU]Qbj_TU\]Yc]_Q…_\Q`_\YSQSQ`deb†U^U\SQ\\UZ†^TU\Q4_]^YSQ
Q\_cdY`†WbQV_c1]QT_b1\UZQ^Tb_FvjaeUjU8Y`†\Yd_FvjaeUjU^SQbWQT_cTUXQSUbVe^
SY_^Qbe^QY]`bU^dQS\Q^TUcdY^QaeUTebQ^dU]eSX_dYU]`_XQRQ\Q^jQT_²`QcaeY^Uc
Y^SU^TYQbY_c³:e^d_Q\_cSQZYcdQcSQiUb_^dY`_cY^cdbe]U^d_ci\Q`bU^cQedY\jQTQ`QbQ\Q
Y]`bUcY†^TU\Qc`b_S\Q]Qc²9]`bU^dQcUSbUdQ³9^V_b]QSY†^Q`QbUSYTQU^5\6Ubb_SQbbY\
CQ^dYQW_"(TU]Qbj_TU!(%)bU`b_TeSYTQ`_b5\=UbSebY_FQ\`QbQc_")TU]Qbj_TU
!(%)
!!)"
<QXYcd_bY_WbQVQi\_cT_Se]U^d_cTU\Q}`_SQcUS_^dbQTYSU^U^SeQ^d_Q\_bY
WU^c_SYQ\iU\_VYSY_TUFQ\\UZ_c@UTb_@QR\_6YWeUb_Q\_SQbQSdUbYj†S_]_²e^XYZ_TU\
`eUR\_³²e^SYeTQTQ^_]_TUcd_XYZ_TUcec_RbQc³8Ycd_bYQ_`SYd`vWc%" i%""5^
Q\We^_c`UbY†TYS_cTU!(%)e^_TUSei_cQbdSe\_cSYdQ]_c]vcQTU\Q^dUcUc_cdYU^UaeU
UbQ]Qi_bT_]__QT]Y^YcdbQT_bTUe^]_\Y^_<eYcFYdQ\UQVYb]QaeUcUdbQdQRQTUe^
_RbUb_]_\Y^Ub_9^dUb`bUdQSY†^_`SYdd_]_999`vW"'$@Ub_U\dUcdY]_^Y_TUe^_TU
cecSQ]QbQTQcU^U\cYdY_TUDQ\SQU\TU\Z_fU^:_c}:QfYUbTU<eaeUbUfU\QaeUFQ\\UZ_c
UbQU^bUQ\YTQTe^QWbYSe\d_baeUW_jQRQTUSYUbdQ`b_c`UbYTQTCUW‹^\QfUbcY†^TUce
S_]`Q…Ub_TUQb]QcU\\TUbdQ\aeY^_²fU^TY†dbUY^dQReUiUcTUceSXvSQbQ`QbQS_]`bQb
Qb]Qc³QTU]vcTUQ`_bdQb\U…Q`Qcd_cUWQT_iQ^Y]Q\UcTUce`b_`YUTQT`QbQ\QbUcYcdU^
SYQTU\QSYeTQT1>12F=f_\% \UWQZ_!(1`e^dUcc_RbU\_c]_^d_^Ub_cTUDQ\SQ
`_b:_c}:QfYUbTU<eaeU<Y]Q]Qi_!&TU!(& V$( E^QSeSY_c_UcdeTY_]_^_WbvVY
S_c_RbU\QWeUbbQSYfY\U^DQ\SQ^_cbUfU\Q\Q`_cYSY†^c_SYQ\QS_]_TQTQTUUcdU`Ubc_^Q
ZU*_bYWY^QbY_TU@QbbQ\XQRQfU^TYT_ceXUbU^SYQ`QdUb^QU^!(% `_be^Qce]Qce`U

$"&
S_^dQSd_cTUceUh`UbYU^SYQbUf_\eSY_^QbYQU^!(%!`bU`Qb†SeYTQT_cQ
]U^dUU\\UfQ^dQ]YU^d_!!)#5\!)TUU^Ub_Q\]Q^T_TUe^QVeUbjQTU
SYU^X_]RbUcS_]`eUcdQTU\QRbQT_bUc_RbUb_ciQbdUcQ^_ccUQ`_TUb†
TU\SeQbdU\TU`_\YSQ]YU^dbQcceQ]YW_=Q^eU\FQbWQc\_Wb†\QbU^TY
SY†^i\QQTXUcY†^TU\Qdb_`QTU²SfYS_c³E^QfUjTeU…_cTU\QSYeTQT
\_cY^cebbUSd_c`b_S\Q]Qb_^9^dU^TU^dUQFQ\\UZ_cCecVeUbjQcSbUSYUb_^
bv`YTQ]U^dUc_RbU\QRQcUTU^e]Ub_cQcQTXUcY_^Uc!!)$
<QVQ\dQTUQb]Q]U^d_cTU\_cbURU\TUcdQ\aeY^_cVeUce`\YTQS_^
Y^WU^Y_*

KMFQ\\UZ_c\_cQb]†TUVecY\Uc]QSXUdUci\Q^jQc
XUSXQcTU`Q\_cS_^S\Qf_cU^\_cUhdbU]_cKM
1\We^QcSQcQcTUc†\YTQS_^cdbeSSY†^VeUb_^Qc`Y
\\QTQcKcYSM`QbQcUbfYbTUVeUbdUciTUcTUcec]ebQ\\Qc
SeRYUbdQcTUd_^UbQcc_cdefYUb_^\_cbUf_\eSY_^QbY_cce
RQ^TUbQ
KMdbQ^cV_b]†U^\Q^jQciSQcS_cTUWbQ^QTQc\_c
RQbb_dUcTU\QcfU^dQ^QcU^`b_iUSdY\Ucd_T_U\`\_]_
aeUXQRQU^\Q`_R\QSY†^U^SebU…Qc\QcSQbbUdQcTUdbv
VYS__bTY^QbY_iU^dbY^SXUbQc\Qc`YUTbQcTU\QcQSU
bQc!!)%

<_cTYbYWU^dUcTU\]_fY]YU^d_^_UcSQdY]Qb_^UcVeUbj_c`QbQQcU
WebQb\Q\UQ\dQTiQbT_bS_]RQdYU^dUTU\Qdb_`Q*SQTQc_\TQT_bUSYRQe^
`Uc_TYQbY_ibQSY†^TUSQb^U+e^]U^T_SY^_aeUXQRQcYT_VbQY\UT_]Y

bY_bQ\_c!' SYVbQ^QTQTUc`bUSYQR\U`QbQ\Q}`_SQ+QfUSY^TQT_U^DQ\SQTUcTU!(%(
QbbU^TQRQZe^d_QceXUb]Q^_7_^jQ\_\QXQSYU^TQ²@b_c`UbYTQT³`_b# Q^eQ\UcQ
e^dUbbQdU^YU^dUVbQ^S}c1^TbUg<4QYdc]Q^DXU@U_`\UCXQ\\2U1\\*<YRUbQ\BURU\\Y_^Q^T
@_`e\Qb=_RY\YjQdY_^Y^3XY\U!(# !(& @X44YccUbdQdY_^E^YfUbcYdi_VGYcS_^cY^=Q
TYc_^!))%`vWc"")"#$CYRYU^Ucd_cQ^dUSUTU^dUc^_UhS\eiU^\Q`_cYRY\YTQTTUaeU
FQ\\UZ_ccUTUcU]`U…QbQcY]e\dv^UQ]U^dUS_]_QT]Y^YcdbQT_bTUe^]_\Y^_USXQ`_b
dYUbbQceSQbQSdUbYjQSY†^S_]_²_RbUb_]_\Y^Ub_³
!!)#
:_c}:QfYUbTU<eaeUTUfUY^dYcYUdUQ…_cTUUTQTU^U\]_]U^d_TUQaeU\\_cce
SUc_cU^U\Y^dUbUcQ^dcY]_bU\Qd_TUceUh`UbYU^SYQZe^d_QFQ\\UZ_ciQ\Qc]_^d_^UbQc
aeUcUTUcQbb_\\Qb_^`_cdUbY_b]U^dUU^\QbUWY†^QVYb]QaeUXQRQS_]RQdYT_Ze^d_Q
FQ\\UZ_ciQ\`QTbUTU}cdUU^U\\UfQ^dQ]YU^d_TU\" TUQRbY\TU!(%!U^\QcSQ\\UcTUCQ^
dYQW_cYU^T_XUbYT_U^e^Q`YUb^Q5^U^Ub_TU!(%)U\\TUbTU\QS_^c`YbQSY†^TUDQ\SQ
\U`b_`ec_V_b]Qb`QbdUTU\QVeUbjQaeUcUQ`_TUbQbQTU\QSYeTQT1>12F=f_\% 
\UWQZ_!(<eaeU_`SYdV$##5cdUdUcdY]_^Y_S_^dbQTYSUQ@UTb_@QR\_6YWeUb_QaeYU^
QVYb]†aeUU\SQeTY\\_dQ\aeY^_TU!(%)²^_XQRQd_]QT_e^Q`QbdYSY`QSY†^TYbUSdQU^\Q
`_\dYSQ³8Ycd_bYQ_`SYd`vW%""1\]Yc]_dYU]`_Qbb_ZQ\eSUcQSUbSQTU\QS_^dY^eY
TQTXYcd†bYSQTU\_c]Y\YdQ^dUcbUf_\eSY_^QbY_cTU!(%!i!(%)
!!)$
1>12F=f_\% \UWQZ_!(<eaeU_`SYdVZc$'#i$'$+6YWeUb_Q8Ycd_
bYQ_`SYd`vWc%" i%"!
!!)%
6YWeUb_Q8Ycd_bYQ_`SYd`vWc%"!%"#

$"'
^YS_XQSQaeU}cd_c_iUbQ^\Q]YcQTUcTU\QcdbY^SXUbQc`b_]UdY}^T_\Uc
\QQRc_\eSY†^U^\_cTQcTUQdQaeU!!)&
=ei`b_^d_U\^eUf_`_TUbbURQc†\_c_RZUdYf_cTU\Q_`_cYSY†^\Y
RUbQ\5^SY^QQVYb]QaeUFQ\\UZ_c*
KMQ`_iv^T_cUU^cecXeQc_cU^\_cQbdUcQ^_ciU\
`eUR\_i]_fY\YjQ^T_\QcVeUbjQcTYc_\fU^dUcaeUT_b]Y
dQ^U^U\V_^T_TUd_TQc_SYUTQTXYj_cU^dYbcevc`UbQ
TYSdQTebQQ\QQ\dYfQQbYcd_SbQSYQdQ\aeY^QcY^TYcdY^SY†^
TURQ^T_c9]`ec_Se`_cTUWeUbbQQ\S_]UbSY_iQ\_c
XQSU^TQT_cicUQ`_TUb†TUSeQ^d_^USUcYdQRQ`QbQ_b
WQ^YjQbceUZ}bSYd_ !!)'
3eQdb_SYU^d_c_aeY^YU^d_cX_]RbUcTU\`eUR\_UbQ^\QRQcUTUQ`_
i_]Y\YdQbTUUcdQY^c†\YdQUh`UbYU^SYQTUTYSdQTebQTUS_bdUZQS_RY^_5\
`_TUbbUf_\eSY_^QbY_dQ\aeY^_S_^SYd†U\_TY_TUWbQ^`QbdU\QS\QcUT_
]Y^Q^dUdQ^d_TU\_c`QbdYTQbY_cTU\W_RYUb^_S_]_TUQ\We^_cQSQeTQ
\QT_c_`_cYd_bUcTU\QbUWY†^TUcS_^dU^d_cS_^\Qc]UTYTQcTUbUaeYcY
SY†^i\_cdbYRed_cY]`eUcd_c`_bFQ\\UZ_c5\3_bbU_TU\Ceb`UbY†TYS_W_
RYUb^YcdQTUSQQUcdU`b_`†cYd_*²<_cSYeTQTQ^_cTUe^QTU\Qc]vcY]
`_bdQ^dUc`_R\QSY_^UcTU\QBU`‹R\YSQUcdv^c_]UdYT_cQ\Q`bU`_dU^SYQ
_]^]_TQTUe^cY]`\U]Qi_bT_]_TU]_\Y^_³ !!)(9^cYcdYU^T_c_RbUU\
TUcR_bTUTU\QS_^TeSSY†^VecY_^YcdQaeUbU`bUcU^dQRQ\QUh`UbYU^SYQ
aeUcUfYfQU^DQ\SQU\]Yc]_`UbY†TYS_bU`b_TeSQe^QbdSe\_TU\3_
]UbSY_aeUTUcSbYRQTUcTUU\`e^d_TUfYcdQTU\]_^ddfQbYc]_\QSbdYSQ
cYdeQSY†^TU\QU\YdU\_SQ\*

5\SQRUSY\\QFQ\\UZ_cXQXUSX_`QWQbXQcdQ% `Uc_c
QfQbY_cY^TYfYTe_cbYS_cTU\Q_`_cYSY†^bUcYTU^dUU^DQ\
SQ`QbQaeUcU\Uc`Ub]YdQcQ\YbTU\QSYeTQT4U]Q^UbQ
aeUU\`QcQ`_bdUcUfU^TUX_iRYU^SQb_U^DQ\SQ`_b\_c
`b_WbUcYcdQcaeUcUTYSU^`QbdYTQbY_cTU\QVecY†^E^`_S_
SQb_i`UcQT_UcUcdUTUbUSX_+`Ub_^_Uc]eiTUcU^dYb
aeUcU\UcUhYZQQ\_c_`_cYSY_^YcdQc`_baeUUcd_cW_\`Uci
RQbRQbYTQTUcaeUcU\UcfYU^U^TU]Q^_TUcecQ]YW_c
\UcXQbv^bUS_^_SUbaeUcYU]`bUXQi`U\YWb_U^V_]U^
dQbU\TUc_bTU^`_baeUcYU]`bU\_XQiU^ZeWQbS_^VeU
W_>_XQi`U_bSe…QaeU\QTU\]Yc]_`Q\_!!))

<__SebbYT_U^QaeU\\QSYeTQT^_`_TQcUbe^QcY]`\U²SeUcdY†^TU

!!)&
1>12F=f_\% \UWQZ_!(<eaeU_`SYdVZc$(!$(#
!!)'
5^SY^Q_`SYdd_]_H999`vW#!&
!!)(
²1c`USd_TU\QBU`‹R\YSQ³5\3_bbU_TU\Ceb3_^SU`SY†^!)TUVURbUb_TU!(%)
!!))
²<_aeU^_cUc`UbQ³5\3_bbU_TU\Ceb3_^SU`SY†^""TUVURbUb_TU!(%)

$"(
`QbdYT_c³+UbQQ\W_]eSX_]vcdbQcSU^TU^dUUbQ²e^QSeUcdY†^TUfYTQ_
]eUbdU`QbQU\`Qc³iQaeUU^\Q†`dYSQ_VYSYQ\YcdQQ\\cU_VbUSQU^`UaeU
…QUcSQ\Q\_aeUceSUTUbQQ^YfU\^QSY_^Q\U^SQc_TUdbYe^V__`_cYd_b!" 
<QbUQSSY†^TU\`_TUbSU^dbQ\^_cUXYj_Uc`UbQb*e^QY]`_bdQ^dU
VeUbjQ]Y\YdQbS_\_SQTQRQZ_\Qc†bTU^UcTU\WU^UbQ\=Q^eU\7QbSQVeU
U^fYQTQ`QbQc_V_SQb\QY^cebbUSSY†^+U\9^dU^TU^dUTU\=Qe\UcUe^Y†Q
U\\QQ`_bdQ^T_e^Q`UaeU…QTYfYcY†^ !" !
5\QcQ\d_Q\QSYeTQTS_]U^j†U\'TUVURbUb_<Qcdb_`QcTU\W_RYUb
^_\_WbQb_^_Se`QbQ\We^_cRQbbY_c<_cbURU\TUccUQdbY^SXUbQb_^U^\Q
`\QjQbUcYcdYU^T_fQbY_cQdQaeUc5\!$TU\]Yc]_]UcU\UZ}bSYd_bUSXQj†
U^\QRQ^TQcebTU\=Qe\UQe^TUcdQSQ]U^d_Y^cebWU^dUaeUTUcTU3XY
\\v^cUTYbYWQQ`bUcdQbQieTQQ\_cdQ\aeY^_c@_bQaeU\\_cTQcFQ\\UZ_c
VeUXUbYT_QRQ\QU^e^Q`YUb^QcYU^T_bUU]`\QjQT_`_bFQbWQcrcdU
_`d†`_b`Qb\Q]U^dQbS_^\QcVeUbjQcW_RYUb^YcdQc]Q^YVUcdv^T_cU`Qb
dYTQbY_TU\QbU^TYSY†^ !" "5\TUcv^Y]_\QTUce^Y†^i\Qccec`YSQSYQcSe^
TYUb_^U^dbU\_ccYdYQT_c*²<_cc_\TQT_cS_]U^jQb_^Q`UTYbce`QWQiQ
Q]_dY^QbcUiTUcTUaeUFQbWQcQ^e^SY†\Qcec`U^cY†^TUQb]QccUQe
]U^d†U\TUcS_^dU^d_TYSYU^T_aeUUbQfU^dQ³ !" #
<QceUbdUTU\`_TUbbUf_\eSY_^QbY_UcdQRQUSXQTQ*²FQbWQccQ\Y†U\
\e^UcQ\Qc! TU\Q^_SXUiXeR_]eSXQS_^VecY†^iR_bbQSXUbQc1\_db_
TQQ\Qc&U^db†U\U^U]YW_*\QcdbY^SXUbQcUcdQRQ^TUcYUbdQc³ !" $
5bQU\""TUVURbUb_1\_c`_S_cTQcFQ\\UZ_c]ebY†TUWQ^WbU^Q
=eSX_cTUcec`QbdYTQbY_ccUbY^TYUb_^_VeUb_^XUSX_c`bYcY_^Ub_ccYU^
T_c_]UdYT_cQ`b_SUc_ !" %1\We^QcTUSU^QcTUX_]RbUcaeU\_WbQb_^
UcSQ`QbcUbU_bWQ^YjQb_^S_]_]_^d_^UbQTYbYWYT_c`_b3U\UT_^Y_3_
bbUQiTUcQbb_\\Qb_^TYfUbcQcQSSY_^UcQb]QTQcU^\Qcj_^QcTU3ebYS†
CQ^6Ub^Q^T_iBQ^SQWeQU^dbQ^T_U^S_^dQSd_S_^\QcWeUbbY\\QcTU
_db_cZUVUc\YRUbQ\Uc!" &
<QTYSdQTebQTUFQ\\UZ_cU^DQ\SQVeU\Q‹^YSQUh`UbYU^SYQTU²`_
TUb`_`e\Qb³TebQ^dU\QWeUbbQSYfY\TU!(%)5^\QcTU]vcSYeTQTUci
SQ]`Q]U^d_c]Y^Ub_cQ`UcQbTU\_cTUcR_bTUcTUcQaeU_cifY_\U^SYQc
TU\`U_^QZU\QTYbYWU^SYQ_`_cYd_bQ\_Wb†SQ^Q\YjQbiTYbYWYbU\]_fY]YU^
d_5^DQ\SQ`_bU\S_^dbQbY_cUfYfY†e^QcYdeQSY†^U^\QaeUe^QQ\YQ^jQ

!"
²5\]_d^TUDQ\SQ<QU\USSY†^TU9^dU^TU^dU³`eR\YSQT_U^5S_TUDQ\SQbU`b_
TeSYT_`_b5\6Ubb_SQbbY\CQ^dYQW_!(TU]Qbj_TU!(%)
!" !
6YWeUb_Q8Ycd_bYQ_`SYd`vW%"#
!" "
1>12F=f_\% \UWQZ_!(<eaeU_`SYdVZc$'$$( $("i$($+6YWeUb_Q
8Ycd_bYQ_`SYd`vW%"#%"%
!" #
1>12F=f_\% \UWQZ_!(<eaeU_`SYdV$'$
!" $
9RYT
!" %
1>12F=f_\% 4YfYcY†^@QSYVYSQT_bQTU\CebDQ\SQVURbUb_"(TU!(%)
VZc"%)"&$+²FQ\\UZ_c³2_\Ud^TU\Q4YfYcY†^<YRUbdQT_bQTU\>_bdU<QCUbU^Q!)TUQRbY\TU
!(%)+6YWeUb_Q8Ycd_bYQ_`SYd`vWc%"#%"%
!" &
1>12F=f_\% \UWQZ_!(<eaeU_`SYdVZc$'%$')

$")
TUS\QcUcS_^e^QdbQcSU^TU^dU`bUcU^SYQTUcUSd_bUc`_`e\QbUcVeUY]
`e\cQTQ°dQ^d_`_b\Qc^USUcYTQTUcTU\QWeUbbQS_]_`_b\QQed_^_]YjQ
SY†^aeU\_WbQU^U\\QU\U\U]U^d_`\URUi_°Qd_]Qb]UTYTQcaeUSeUc
dY_^QRQ^\Q`b_`YUTQT`bYfQTQi`_bS_^cUSeU^SYQd_T_U\_bTU^Q]YU^
d_c_SYQ\<QedY\YjQSY†^TU\QTYSdQTebQS_^dbQ\QWU^UbQ\YTQTTU\QS\QcUT_
]Y^Q^dUSQbQSdUbYj†UcdQUh`UbYU^SYQ`_bcebU\QdYfQY^TU`U^TU^SYQbUc
`USd_TU\QcVbQSSY_^UcTU\QU\YdUQ`UcQbTUXQ\\QbcUY^cUbdQU^U\]QbS_
TU\\UfQ^dQ]YU^d__`_cYd_b
=vcQ\^_bdUU^\Qcj_^QcTU3ebYS†CQ^6Ub^Q^T_iBQ^SQWeQcU
TUcQbb_\\Qb_^QSSY_^UcTU]_^d_^UbQcSQ]`UcY^QcRQZ_U\]Q^T_TU:_c}
4_\_bUc6Ub^Q^T_Yc:_c}=YWeU\3QbbUbQ6_^dUSY\\Qi_db_cSQeTY\\_c
<eUW_TUe^QcUbYUTUbUfUcUc`QbSYQ\UcUcdQcVeUbjQcceVbYUb_^e^QTUbb_
dQTUVY^YdYfQVbU^dUQ\Qcdb_`QcTU\W_RYUb^_U^\QRQdQ\\QTU@YSXYWeQ_Q\
^_bdUTUBU^W_U\"TU]Qbj_TU\]Yc]_Q…_ !" '
<QcYdeQSY†^U^\Qj_^QTU3_^SU`SY†^i\Q6b_^dUbQVeUU^!(%)
RQcdQ^dUTYcdY^dQQ\QTU\QWeUbbQSYfY\TU!(%!5cdQfUjU\W_RYUb^_XQRQ
d_]QT_\Q`bUSQeSY†^TUcU`QbQbTU\_cQ\d_c]Q^T_cTU\5Z}bSYd_Q\_c
`QbdYTQbY_cTU\Q_`_cYSY†^@_bUc_`_aecY]_c_VYSYQ\UccU`\UWQb_^Q
\QbURU\Y†^i\QVecY†^^_`eT_S_^dQbS_^e^UZ}bSYd_bUWe\QbS_]_U\TU\
WU^UbQ\4U\Q3bejU^!(%!@_b_dbQ`QbdUQ\We^_ccUSd_bUcTUWbQ^TUc
`b_`YUdQbY_cQWbS_\QcaeUU^!(%!XQRQ^c_cdU^YT_]QcYfQ]U^dUU\Q\
jQ]YU^d_S_^dbQU\`_TUbSU^dbQ\QX_bQ`_b]YUT_Q\QY^cUWebYTQTiU\
TUc_bTU^_`dQb_^`_bbUcdQbcUQ\]_fY]YU^d__RYU^Q`_iQbQ\W_RYUb
^_<QS_^cUSeU^SYQTUUcdQQSdYdeTc_RbU\QQSdYfYTQTTU\QcWeUbbY\\Qc
bebQ\UcTU\Q_`_cYSY†^XQcYT_RYU^ceRbQiQTQ`_b:QSaeUcB_ccYW^_\U^
ceS_]`QbQSY†^S_^\QcYdeQSY†^TU!(%!*

<QcWeUbbY\\Qc`QbUSU^]vcQed†^_]Qci]vcQYc\Q
TQc*\QfY_\U^SYQ`_`e\Qb`bUcU^dQe^SQbvSdUbc_SYQ\]vc
]QbSQT_^UdQ]U^dU]vcX_cdY\Q\QWbQ^`b_`YUTQTU\
S_^dU^YT_TUWeUbbQTU\_c`_RbUcS_^dbQ\_cbYS_ccU
]Q^YVYUcdQQXS_^]vcQc`UbUjQ<Qc]_^d_^UbQcTU\QbU
WY†^TU1bQeS_V_b]QTQc`_bSQ]`UcY^_c`_RbUcdbQdQ^
TUQ\YQbcUQ\_c]Y^Ub_cTU<_dQiTU3_b_^U\5cdQSbYcYc
UcU\‹\dY]_c_RbUcQ\d_TUe^]e^T_`_`e\QbQbSQYS_
Q]U^QjQT_`_b\QQ`b_`YQSY†^`b_WbUcYfQTU\QdYUbbQ
bUSXQjQT_`_be^Qc_SYUTQT]vcUcdQR\UiZUbQbaeYjQTQ
Ic_RbUd_T_U\XUSX_^eUf_UcaeU\QQSSY†^TU\_cY^
TWU^QcdQ]RY}^d_]Qe^SQbvSdUb]vcQed†^_]_iS_^c
SYU^dUi]Q^YVYUcdQS_^fYW_b\QTUdUb]Y^QSY†^TUTUVU^
TUb\QdYUbbQY^TWU^QS_^dbQSeQ\aeYUbeceb`QSY†^!" (

!" '
6YWeUb_Q_`SYd`vWc%"'%#%
!" (
B_ccYW^_\_`SYd`vWc$"i$#3ebcYfQcU^U\_bYWY^Q\<QdbQTeSSY†^Uc^eUcdbQ

$#
 <QQed_^_]QTU\_cSQ]`UcY^_c`_RbUciTU\_cY^TWU^QcVeUVQf_
bUSYTQ`_b\QdvSdYSQ]Y\YdQbTU\Q_`_cYSY†^aeUQ\^_`_TUbS_^dQbS_^
e^UZ}bSYd_bUWe\Qb^_UcS_WY†°S_]_U^_dbQcj_^QcTU\`Qc°\QfQTU
\QcY^cebbUSSY_^UcebRQ^QccY^_\QTU]_^d_^UbQciWeUbbY\\QcbebQ\Uc
`QbQ Y^dU^dQb TUcTU U\ SQ]`_ \Q d_]Q TU \Qc SYeTQTUc S_]_ _SebbY†
UVUSdYfQ]U^dUS_^DQ\SQXeQ^_iD_]} !" )1e^aeUU\WbeUc_TU\QcVeUb
jQc]Y\YdQbUcTU\QVecY†^Ucdef_S_]`eUcdQ`_bSQ]`UcY^_cUY^TWU^Qc
S_^\_caeU\_c\TUbUc\YRUbQ\UcS_^S\eiUb_^Q\YQ^jQc^e]Ub_c_cdbQRQ
ZQT_bUcebRQ^_ccUY^S_b`_bQb_^QU\\QcS_]_VeUU\SQc_TU\_cQbdUcQ
^_caeUS_^V_b]QRQ^\Q]Qi_bQTU\_ccUYcSYU^d_cX_]RbUcaeU\_WbQ
b_^ Q`_TUbQbcU TU DQ\SQXeQ^_ i D_]} i aeU Y^dU^dQb_^ Y^VbeS
de_cQ]U^dUd_]QbcU3_^SU`SY†^U\(TUVURbUb_BUVYbY}^T_cUQU\\_e^
†bWQ^_W_RYUb^YcdQceRbQiQRQ\Q^_d_bYQQecU^SYQTU\_cTYbYWU^dUc_`_
cYd_bUcU^QaeU\\QQSSY†^*²^Y^We^Q`Ubc_^QSQbQSdUbYjQTQTU\`QbdYT_TU
_`_cYSY†^d_]†`QbdUQ\We^Q+^Y^We^_TU\_cZUVUcaeUcYU]`bUXQ^Q`Q
bUSYT_TYbYWYU^T_\Qc]Q^Y_RbQcTUUcUSbSe\_TY_\Q]U^_bcU…QTUS_^
dbYReYbQ\V_]U^d_idbYe^V_TU\QceR\UfQSY†^KM³!"! 
<Q`bU^cQW_RYUb^YcdQS_^cSYU^dUTU\QccY]`QdQcaeUTUc`UbdQRQ
\QSQecQS_^cdYdeiU^dUU^dbU\_cdbQRQZQT_bUc\Q^jQRQ\\Q]QT_c`QbQ^Ue
dbQ\YjQb\QY^V\eU^SYQTU\Q_`_cYSY†^*
¥1\UbdQQbdUcQ^_c>__cTUZ}YcQ\eSY^Qb`_b\_cVQ\c_c
XQ\QW_cTU\_c]_^d_^Ub_cTU\_cSYfY\YjQT_bUcTU1bQe
S_+^__cTUZ}YccQSbYVYSQb`_baeUQ\We^_cQ]RYSY_c_c\_
WbU^cecTUcU_c`QbQTQb_ce^`e^dQ`Y}iXQSUb_cb_TQb
`_b\_cUcSQ\_^UcTU\QTUcWbQSYQXQcdQ\\UWQbQce‹\dY]_
WbQT_dQ\fUjXQcdQU\SQTQ\c_¥1\UbdQQbdUcQ^_c8Qie^Q
debRQaeU_cU^WQ…QS_bb_]`UiTUWbQTQ+UcdQTQdU^d_c
`QbQ^_SQUbU^\_c\Qj_caeU_cdYU^TU^U^\QcbUTUcaeU
`bU`QbQ^`QbQf_c_cdb_cS_^]Q…QSQedU\_cQ !"!!

?db_U\U]U^d_^_fUT_c_U^UcdQbUWY†^U^!(%)TebQ^dUiTUc`e}c
TU\d}b]Y^__VYSYQ\TU\QWeUbbQSYfY\ !"!"VeUb_^\_cQ\jQ]YU^d_c]Y^Ub_c

!" )
E^UZU]`\_TUUcdUdY`_TUVeUbjQ]Y\YdQb_`_cYd_bQ\_U^S_^dbQ]_cU^\Q]_^d_
^UbQaeUU\"%TUU^Ub_TU!(%)d_]†`_bQcQ\d_icQaeU†\Q`_R\QSY†^TU>UWbUdUCUW‹^
e^Y^V_b]U`bUcU^dQT_Q\W_RYUb^_`_b\Q]vhY]QQed_bYTQTTU\Qj_^Q\_c]YU]Rb_cTU
TYSXQ`QbdYTQUbQ^Y^TWU^Qc`bUcYTYQbY_cUcSQ`QT_cTU\QcSvbSU\Uc²Q\We^_cUc`Q…_\Uc
]Q\Y^dU^SY_^QT_ci_db_cQaeYU^Uc\QUh`USdQdYfQTU\`Y\\QZUXQRQXUSX_U^b_\QbcUU^\Q
]_^d_^UbQ³1>12F=f_\% 3QbdQTU3CQQfUTbQQ\=Y^Ycdb_1^ZU\UcU^Ub_"(TU
!(%)V" 
!"!
²<Qc]_^d_^UbQcYcecZUVUc³5\3_bbU_TU\Ceb3_^SU`SY†^!%TUVURbUb_TU!(%)
:e^d_Q\_cQbdUcQ^_ccUTUcdQS†U^\QZ_b^QTQTU\(TUVURbUb_B_cQbY_?bdYj\Q=_SXY
bUf_\eSY_^QbYQfUdUbQ^QTU\QWeUbbQSYfY\TU!(%!6YWeUb_Q8Ycd_bYQ_`SYd`vW%&%
!"!!
²3beU\TQT\YRUbQ\³5\3_bbU_TU\Ceb3_^SU`SY†^!'TUVURbUb_TU!(%)
!"!"
<QWeUbbQSYfY\cUTUcQbb_\\†TUcTUS_]YU^j_cTUU^Ub_XQcdQ]Qi_TU!(%)`Ub_

$#!
TU<_dQi3_b_^U\5^VURbUb_aeY^YU^d_c]Y^Ub_cTU3_b_^U\cUY^S_b
`_bQb_^Q\Qcdb_`QcY^cebWU^dUcSeQ^T_e^QS_]`Q…QTUY^VQ^dUbQ
Q]_dY^QTQU^1bQeS_XYj_ceU^dbQTQU^UcQ\_SQ\YTQT5^<_dQcU`b_
TeZUb_^TYfUbc_cS_^Qd_cTUceR\UfQSY†^TU]Y^Ub_cTebQ^dUU\S_^V\YS
d_<eUW_U^cU`dYU]RbUTU\]Yc]_Q…_UcdQ\\†e^^eUf_\UfQ^dQ]YU^
d_U^<_dQicUXYSYUb_^`bU`QbQdYf_c`QbQbUQ\YjQb_db_U^3_b_^U\=Qe
bYSY_1`_\_^Y_ceRTU\UWQT_TU<_dQU^e^_VYSY_Q\9^dU^TU^dUTU\Q
`b_fY^SYQTUZ†e^bU\Qd_TUdQ\\QT_TUUcdUU`Yc_TY_bUV\UZQ^T_U\dU]_b
aeU`b_TeZ_U^dbU\_ccUSd_bUc`eTYU^dUcTU\Q\_SQ\YTQT8UQaecec
`QcQZUc]vcY]`_bdQ^dUc*

5\TYUSY_SX_S_]_Q\QcTYUjTU\TQcUQ]_dY^Q
b_^\_c`U_^UcS_]_U^^‹]Ub_TUSeQdb_SYU^d_c`_S_
]vc_]U^_cQb]QT_cS_^WQbb_dUcTYbYWY}^T_cUQ\Q
WeQbTYQUXYSYUb_^`UTQj_c\Qc`eUbdQcifU^dQ^QcTUTY
SXQSQcQicebU`QbQSY†^^_RQZQbvTU% `Uc_cXYbYU
b_^WbQfU]U^dUQ\_VYSYQ\TUWeQbTYQT_^6Ub]^B_c
Q\S_b^UdQ:_c}5`YTY_2QUcQQ`_bbUQ^T_i]Q\dbQdQ^T_
U^ce]_WbQT_Qd_T_c\_cY^TYfYTe_cTU\Qdb_`Qi]ei
`QbdYSe\Qb]U^dUQ\aeUceRcSbYRU8YSYUb_^`UTQj_c\_c
VecY\UcaeUdU^Q]_c`QbQU\cUbfYSY_TU\QWeQbTYQiTU
]vcQb]QcaeUQ\\U^S_^dbQb_^KM !"!#

<eUW_TUU^e]UbQb\_ccQaeU_ciTUcdbeSSY_^UcTUdYU^TQcS_]UdY
T_c`_b\_c]Y^Ub_cceR\UfQT_cU\ceRTU\UWQT_TU<_dQS_^dY^eQRQQc*

KMiVY^Q\]U^dUCb9^dU^TU^dU^_TUZQb_^TU
cQSQd_`_bXQSUb`eUcU\_VYSYQ^dUQ`U^Qc`eT_cQ\fQb
cecY^dUbUcUciceVQ]Y\YQQR_bT_TU\_cReaeUcV_^TUQ
T_cU^\QRQXQ1\TQcYWeYU^dU`U^cQRQ^U^e^Y†^S_^
\_c`U_^UcTU3_b_^U\i@\QiQ>UWbQcQ\dUQbd_TQc\Qc
dYU^TQcUY^dUbUcUcTU\_cfUSY^_cTUUcdU`eUR\_`QbQ
UfYdQb dQ]Q…_c ]Q\Uc i UcSU^Qc dQ^ TUcQcdb_cQc T_^
1Wecd^@QSXUS_KMKcYWeUe^Q\YcdQS_^cUYc^_]RbUcM
iTU]vcfUSY^_cTUUcdU`eUR\_^_cbUe^Y]_ciQb]Q]_c
S_^\QcUcS_`UdQci\Q^jQcaeU`eTY]_cbUS_WUbU^^‹
]Ub_TUfUY^dYSY^S_X_]RbUcS_^SeiQVeUbjQQdQae}Q

\QbURU\Y†^aeU`b_dQW_^YjQb_^\_cY^TWU^QcTU\Q6b_^dUbQQ`b_fUSXQ^T_\QS_ie^debQ
cU`b_\_^W†TebQ^dUd_T_U\Q…_!(%)i\_c`bY]Ub_c]UcUcTU!(& <eUW_TUS_^ce]QTQ
\QTUbb_dQ_`_cYd_bQ^e]Ub_c_cSXY\U^_caeUXQRQ^cYT_ZUVUcTU]_^d_^UbQccUbUVeWYQ
b_^U^dUbbYd_bY_QbQeSQ^_@QbU^dY^Y_`SYd`vWc%&&%
!"!#
²3QbdQTU=QebYSY_1`_\_^Y_ceRTU\UWQT_TU<_dQQ\9^dU^TU^dUTU\Q`b_fY^
SYQ³<_dQcU`dYU]RbU" TU!(%)5\3_bbU_TU\Ceb3_^SU`SY†^""TUcU`dYU]RbUTU!(%)

$#"
 \_c]_^d_^Ub_caeU^_RQZQbQ^TUdbUcSYU^d_ciU^T_c
X_bQc TU e^ `UaeU…_ dYb_dU_ TUcRQ^TQ]_c Q d_T_c
aeUTQ^T_U^U\SQ]`_SY^S_]eUbd_cie^Q]eZUbi
d_]Q^T_TYUSYc}Yc`bYcY_^Ub_caeUdU^W_U^\QRQbbQi
U^U\SU`_bUcWeQbTQT_c`_b\_c]Yc]_cSYeTQTQ^_c
\_caeU`YU^c_bU]YdYbQFC`_bU\fQ`_b²3\_TQ³`_b
aeU`_bdYUbbQ^_Uc`_cYR\UXQSUb\_`_baeU\_caeYdQ
bQ^ U^ ce dbv^cYd_ \_c `U_^Uc TU 3_b_^U\ i TUZQbQ^
Reb\QTQc\Qc]UTYTQcd_]QTQc`_b\QQed_bYTQT !"!$

<_c`vbbQV_cdbQ^cSbYd_cTU]eUcdbQ^aeUVbU^dUQ\Qc]Q^YVUcdQSY_^Uc
TUbURU\TQUY^TYcSY`\Y^Qc_SYQ\TU\_cdbQRQZQT_bUcTU\Qj_^QU^e^S_^
dUhd_TUTUcQbdYSe\QSY†^iTURY\YdQ]YU^d_TU\`_TUbUcdQdQ\\_c]YU]Rb_c
TU\QcS\QcUcQS_]_TQTQccU_bWQ^YjQRQ^`QbQce`\Yb\QcSQbU^SYQcTU\Q`Q
bQd_bU`bUcYf_Y^SQ`QSYdQT_`_bcc_\_TUY]`_^UbU\_bTU^5cdUVU^†
]U^_cUbU`YdY†U^fQbYQc_SQcY_^UcTebQ^dU\QWeUbbQSYfY\5^\Q]Yc]Q
bUWY†^U^U\`eUbd_TUDQ\SQXeQ^_T_ccU]Q^QcQ^dUcTUce_Se`QSY†^
`_b\Qcdb_`QcbURU\TUc\_c`bY^SY`Q\UcfUSY^_cTU\QSYeTQTcUbUe^YUb_^
`QbQ²`b_dUcdQbS_^dbQd_T_Q]QW_TUcUTYSY†^e_db_SeQ\aeYUbTUc_bTU^
aeU`eUTQS_]UdUbcUU^SQc_TUQ\We^QbUfeU\dQS_^dbQ\Q`b_`YUTQT³i
_bWQ^YjQb_^e^QC_SYUTQTTU?bTU^aeU_VbUSY†ceccUbfYSY_cQ\7_RUb^Q
T_b!"!%@QbQ\U\Q]U^dUU^3_^SU`SY†^cUUcdQR\USY†e^Q7eQbTYQTU?bTU^
S_]`eUcdQ`_bZ†fU^UcTU\QU\YdUi²\Qc`Ubc_^Qc]vcbUc`UdQR\UcTU\QSYe
TQT³aeUbUS_bbQ\QcSQ\\UcTebQ^dU\Q^_SXUQVY^TUfU\Qb`_b²\QcUWebY
TQTTU\Qc`Ubc_^Qci\QS_^cUbfQSY†^TUcecY^dUbUcUc³ !"!&

< 1 7E5BB1 C?391<

<QWeUbbQSYfY\TU!(%)U^dbUU\W_RYUb^_TU=_^ddi\QVecY†^TU\QcTYc
dY^dQc _`_cYSY_^Uc \YRUbQ\Uc S_^cUbfQT_bUcS\UbYSQ\Uc bUWY_^Q\YcdQc
UdSdbQZ_Q`QbUZQTQe^QWeUbbQc_SYQ\TU`_RbUcS_^dbQbYS_cS_^SQbQS
dUbcdYSQcQ‹^]vc]QbSQTQcaeUU^!(%!1\_cQdQaeUcQ\Q`b_`YUTQT
`bYfQTQaeUcYW^YVYSQb_^\_ccQaeU_ciTUcdbeSSY_^UcTU\`U_^QZUU^\_c
SQ]`Q]U^d_c]Y^Ub_ciU\RQ^TYTYc]_i`Y\\QZUTU\Qc]_^d_^UbQcSQ]
`UcY^QcUY^TWU^QcU^U\SU^db_icebTU\`QccUce]Qb_^\Qc]UTYTQc
dbYRedQbYQciTUbUaeYcYSY†^TU\QTYSdQTebQTUS_bdUZQS_RY^_TUFQ\\UZ_c
U^DQ\SQaeUW_\`UQb_^Q\_]vcS_^c`YSe_TU\QcS\QcUcQS_]_TQTQc<Q
`eUcdQU^]_fY]YU^d_TUUcQc]QcQc`Qe`}bbY]Qc²cQ\fQZUc³U²YW^_bQ^
dUc³UbQQVY^TUSeU^dQce^_TU\_c`bY^SY`Q\UcbU`b_SXUcaeU\Q`bU^cQ
i\Qc`Ubc_^Q\YTQTUcW_RYUb^YcdQcTYbYWQ^Q\QVecY†^*

!"!$
9RYT
!"!%
²DQ\SQXeQ^_³5\3_bbU_TU\Ceb3_^SU`SY†^"'TUU^Ub_TU!(%)
!"!&
²7eQbTYQTU\_bTU^³5\3_bbU_TU\Ceb3_^SU`SY†^"'TUU^Ub_TU!(%)

$##
 KM\_c]Y^Ub_cXQ^QRQ^T_^QT_cecVQU^QciU^
dbUWQT_c Q\ `Y\\QZU Qc_\Qb_^ U\ `eUbd_ TU 3Q\TUbQ cQ
aeUQ^T_\QSYeTQTTU3_`YQ`†KM@Q^TY\\QcTUcQ\dUQ
T_bUcQc_\Q^^eUcdb_cSQ]`_cQ\WbYd_TU¥fYfQ3bejKM
<_ccQ\fQZUcQbQeSQ^_cTUcdbeiU^d_T_SeQ^d_U^SeU^
dbQ^+aeU]Q^fQ\Y_cQccU]U^dUbQc+\\UfQ^S_^cYW_SeQ^
d_cQ^Y]Q\Uc`eUTU^U^S_^dbQb+cQaeUQ^\Qc`_R\QSY_^Uc
iS_]UdU^d_T_dY`_TUUhSUc_cKM !"!'

@QbQ\_c]_^ddfQbYcdQc\_cSQeTY\\_cTU\QY^cebbUSSY†^°cQ\f_Q\We
^QcUhSU`SY_^UcS_]_7Q\\_°UbQ^X_]RbUcTU\Q`\URUcY^VYWebQSY†^
c_SYQ\S_]_²e^FQ\\UZ_c]Qi_bT_]_TUe^]_\Y^_X_]RbU_cSeb_cY^
`bUcdYWY_TU^Y^W‹^W}^Ub_³_²e^Ve\Q^_TUdQ\TUcS_^_SYT_Qe^U^\Q
]Yc]Q`b_fY^SYQaeUdbQcd_b^QZ_fU^SbYQT_U^U\SQ]`_S_^dbQT_Q\Q
SbQTUWQ\\_ciTU`_dbY\\_cKM³!"!(
4Uc`e}cTUTUbb_dQTQ\QY^cebbUSSY†^U\_VYSYQ\Yc]_S_^dY^eQbQ
bU`b_SXQ^T_Q\QVecY†^U\XQRUbQRYUbd_\QSQZQTU@Q^T_bQTU\_c]_fY
]YU^d_c`_`e\QbUcBUVYbY}^T_cUQ\\UfQ^dQ]YU^d_]Y^Ub__SebbYT_U^
<_dQU^cU`dYU]RbUTU!(%)5\3_bbU_TU\Ceb\_QdbYReQQ\VUb]U^d_TUZQ
T_`_b\QWeUbbQSYfY\U^U\`eUR\_*

1ae}cUTURUcY^_UcQ\Q`QcQTQbUf_\eSY†^\QVe
^UcdQTUc]_bQ\YjQSY†^TU\Qc]QcQc5^SQcYd_TQ\QUh
dU^cY†^TU\QbU`‹R\YSQTUceTQ^_bdUcU\UfQ^dQ^Qc_
^QTQcU^dbU\QcS\QcUc]vcY^VUbY_bUcTU\Qc_SYUTQTS_^
U\_RZUd_TUb_RQbiU^dbUWQbQ\`Y\\QZUTUe^Q`\URUTUc
U^VbU^QTQ\Qc`b_`YUTQTUcU\dbQRQZ_TU\_cSYeTQTQ^_c
\QR_bY_c_ci`QSVYS_c!"!)

!"!'
²1c`USd_TU\QBU`‹R\YSQ³_`SYd
!"!(
²<Qc]_^d_^UbQcYcecZUVUc³_`SYd5\TYcSebc_TU\_VYSYQ\Yc]_c_RbUUcdU`e^d_
UbQRQcdQ^dUS_^dbQTYSd_bY_CYU\d_^_WU^UbQ\S_bbUc`_^TUQ\Q^dUbY_b]U^dUTUcSbYd_U^
SYUbd_cT_Se]U^d_ccU`eUTUQ`bUSYQbe^QY^dUb`bUdQSY†^TYQ]UdbQ\]U^dU_`eUcdQQSUb
SQTU\`b_dQW_^Yc]_`bY^SY`Q\U^\QcVY\QcTU\Q_`_cYSY†^5^e^V_\\Ud_TU\Q}`_SQcUc_c
dU^QaeU*²KM\_cbUf_\eSY_^QbY_cTU3XY\Uc_^\_cX_]RbUci\QcS\QcUc\\Q]QTQcU^d_T_
`QcTU\]e^T_QcUb\_c]vcVYb]Ucc_cdU^UT_bUcTU\_bTU^³5h`\YSYdv^T_cU]vcQTU\Q^
dU*²CYaeUb}YcfUbQ\_cQed_bUcTUdbQcd_b^_c^_fQivYcQ\_cSeQbdU\Uc^YQ\_cceRebRY_cTU\
RQZ_`eUR\_5\S_^c`YbQT_bTU3XY\U^_UcX_]RbUTU`_^SX_^YTUR\ecQ+^_Uce^dQRUb
^QbY_URbY_TUcQ^WbU+^_UcU\XQ]RbYU^d_aeU]Y^QiQR_bbUSU\Qc_SYUTQTaeU^_\UTQ
`Q^+^_Uc\Qc_\TQTUcSQTUcU^VbU^QTQide]e\deQbYQ^YXQiQae`bUd_bYQ^_cUcdbU\Ydj^Y
ZU^jQb_c*^eUcdb_S_^c`YbQT_bQ^TQU^S_SXUifYcdUTUcUTQi`Q…_+dYU^UdYUbbQcdYU^U
fQcQ\\_cdYU^U]Y\\_^UcdbUcU\U]U^d_cTU_bTU^aeU}\S_^fYUbdUU^Qb]QcTUWeUbbQTU
Q^QbaeQiTUS_^VecY†^³5\W_RYUb^_Y\QbUf_\eSY†^CQ^dYQW_9]`bU^dQTU\6Ubb_SQbbY\
!(%)`vW!(
!"!)
²4Uc_bTU^U^<_dQ³5\3_bbU_TU\Ceb3_^SU`SY†^""TUcU`dYU]RbUTU!(%)

$#$
 9^S\ec_5\=UbSebY_TUFQ\`QbQc_aeUTUVU^TQ°TUcTUcebUQ`QbY
SY†^U\)TU]Qbj_TU!(%)XQRQcYT_S\QecebQT_TebQ^dUdbUc]UcUc`_b
\QcQed_bYTQTUc°e^Q`_cYSY†^]_TUbQTQTUQ`_i_SbdYS_Q\W_RYUb^_
i\\Q]QRQQdbQf}cTUcecS_\e]^QcQ\QbUS_^SY\YQSY†^TUQ]R_cRQ^T_c
S_Y^SYTQU^\_UcU^SYQ\S_^UcQcbUSbY]Y^QSY_^Uc*U\dbQRQZ_TU\Q_`_cY
SY†^^_S_^TeSQcY^_Q\QTUcQbdYSe\QSY†^TU\QQed_bYTQTS_^cdYdeYTQQ
\QbeY^QUS_^†]YSQiQ\QQ^QbaeQaeUd_T_TUcdbeiU !"" 
4UcS_^dQ^T_U\d_^_`_\}]YS_iceUc`bYde`QbdYTQbY_dQ\UcbU`b_
SXUcbUV\UZQRQ^e^XUSX_Y^TYcSedYR\U*\Q‹\dY]QWeUbbQSYfY\XQRQ`b_f_
SQT_°Q‹^]vcaeUU^!(%!°U\bU\QZQ]YU^d_TU\QTYcSY`\Y^Qc_SYQ\Uc`U
SYQ\]U^dUU^U\SQ]`UcY^QT_iU\`U_^QZU]Y^Ub_ibebQ\5^Uc_ccUSd_
bUccUUh`bUcQRQTU]Q^UbQ]vcfY_\U^dQibQTYSQ\U\VU^†]U^_TUWeUbbQ
c_SYQ\S_^dbQ\_c`b_`YUdQbY_c5^dbU\_c]U^UcdbQ\Uci_RbUb_c]vcSQ\YVY
SQT_cU\\_Q`QbUSQTU]_T_]eSX_]vcQdU^eQT_Y^S\ec_U^DQ\SQ
T_^TUUcd_cQSd_bUc`b_dQW_^YjQb_^Ze^d_Q`U_^UciXQSU^TQT_cS_^dUc
dQdQbY_c\QUh`UbYU^SYQ`_\dYSQ]vcbQTYSQ\<_cQbdUcQ^_ci_RbUb_c\YWQ
T_cQ\Q`b_TeSSY†^QbdUcQ^Q\ebRQ^QUfYTU^SYQRQ^]vcY^S\Y^QSY†^`_b
\Q\eSXQ`_\dYSQdbQTYSY_^Q\`QbdYSY`QSY†^U^S\eRUcQcQ]R\UQc]Q^Y
VUcdQSY_^Uc_U^ceTUVUSd_`_bU\Y^WbUc_QUcdbeSdebQcS\Q^TUcdY^QcTU
SQbvSdUbY^cebbUSSY_^Q\U^\QcaeUSQTQ]Y\YdQ^dUbUc`_^TUQe^QTYcSY`\Y
^QiQ`\Q^UcTUQSSY†^S\QbQ]U^dUUcdQR\USYT_c<Q]Qi_bTYcSY`\Y^Qi
VQSY\YTQTTUY^S_b`_bQSY†^Q\_cS_^V\YSd_c`_\dYS_cSU^dbQ\UcaeU]Q^Y
VUcdQRQU\QbdUcQ^QT_bUV_bjQRQ^\Q`bUVUbU^SYQTU\_c_`_cYd_bUc`_b
Ucd_ccUSd_bUc`_`e\QbUcU^TUdbY]U^T_TU\`U_^QZUQ\aeUcUbUSebbQ
S_^]eSXQTUcS_^VYQ^jQ

< 1C 3?>C53E5>391C 45 <1 45BB?D1

<QTUbb_dQ_`_cYd_bQdef_^UVQcdQcS_^cUSeU^SYQc`QbQ\QcRYc_…Qc_bWQ
^YjQSY_^Uc]edeQ\YcdQc`_`e\QbUc<QbU`bUcY†^WeRUb^Q]U^dQ\Q\W_\
`UQbQ\_cdbQRQZQT_bUcS_]`b_]UdYT_cS_^\Q_`_cYSY†^TUcdbei†_TU
RY\Yd†SQcYcY^UhSU`SY†^Q\Qc`bY]UbQcc_SYUTQTUcTUc_S_bb_c]ede_c
aeUXQRQ^cYT_SbUQTQcTebQ^dU\_cQ…_caeU`bUSUTYUb_^\QWeUbbQSY
fY\Y^S\ec_QaeU\\Qc`_\dYSQ]U^dU²^UedbQ\Uc³5^]UTY_TU\QQWYdQSY†^
TU!(%(iTU\_cU^VbU^dQ]YU^d_cQb]QT_cTU!(%)`UbUSYUb_^\QcbUSY}^
SbUQTQcE^Y†^TU\_c1bdUcQ^_cTUCQ^dYQW_`QbQc_S_bbUbcU]edeQ]U^dUi\Q
C_SYUTQT@b_WbUcYcdQTU1bdUci?VYSY_cTU\Q]Yc]QSYeTQT?dbQcTU]Qi_b
c_\YTUjS_bbYUb_^\Q]Yc]QceUbdU*UcUVeUU\SQc_TU\QE^Y†^TU\_cDY`†
WbQV_cTUCQ^dYQW_iTU\QC_SYUTQTDY`_WbvVYSQTUFQ\`QbQc_1]RQcQc_SYQ
SY_^UcceVbYUb_^\Q`UbcUSeSY†^TU\W_RYUb^_TURYT_Q\QQSdYfYTQTS_^
dUcdQdQbYQTU]eSX_cTUcec]YU]Rb_c*U\\_SQ\TU\QE^Y†^TU\_cDY`†WbQ

!""
5\=UbSebY_FQ\`QbQc_UTYd_bYQ\UcTU\)!!!%!'i!(TU]Qbj_TU!(%)

$#%
V_cTUCQ^dYQW_VeUQ\\Q^QT_Q\We^_cTYbYWU^dUcVeUb_^U^SQbSU\QT_c_b
TU^v^T_cU\QTYc_\eSY†^TU\Q]edeQ\CeX_]†\_WQTUFQ\`QbQc_dQ]
RY}^SUc†cecQSdYfYTQTUcQSQecQTU\QbU`bUcY†^*e^_TUcecVe^TQT_bUc
1RU\QbT_FY\\QbVeUVecY\QT_Q\VbQSQcQb\QY^cebbUSSY†^+_db_cc_SY_cVeU
b_^Q`bUcQT_ciTU`_bdQT_cQTYVUbU^dUc\eWQbUc\UZQ^_cTU^db_TU\`Qc
DbUY^dQQ…_c]vcdQbTUQ\XQSUbe^RQ\Q^SUTUQaeU\\QY^VQecdQ}`_SQU\
TYbUSd_bY_TU\QE^Y†^TU\_cDY`†WbQV_cTUCQ^dYQW_Uh`\YSQRQU^d}b]Y^_c
aeUdQ]RY}^`_TbQ^Q`\YSQbcUQ\QC_SYUTQTDY`_WbvVYSQTUFQ\`QbQc_\Qc
SQecQcTU\QTYc_\eSY†^TU\QQc_SYQSY†^*
5\`bY]Ub`Ub_T_TU\QC_SYUTQTDY`_WbvVYSQ\\UWQ
Qced}b]Y^_\Q`_\dYSQY]`UTQaeU\_cX_]RbUcaeU\Q
S_]`_^Q^S_^dY^eQbQ^bUe^Y}^T_cU`QbQXQSUbcebWYb
\QYTUQ
<QUVUbfUcSU^SYQ`_\dYSQi\QWeUbbQSYfY\U^aeUcU
U^S_^dbQRQU^feU\d_U\`QcU^Uc_cQ…_cfY^_Q`QbQ\Y
jQb\_cdbQRQZ_cc_SYQ\Uc
3QTQc_SY_dU^Qce_`Y^Y†^_`UbdU^USQQe^Sb
Se\_TU`QbdYT_+\QQb]_^QTURQY^dUbbe]`YbcUSeQ^T_
cUdbQdQRQTU]QdUbYQdQ^TU\YSQTQ
5\^U†VYd_aeUU^`Q…Q\UcXQRQcYT_]YbQT_S_^
bUSU\_cTURQQ^YaeY\QbcU5\VQ^QdYc]_TU\Q}`_SQ`_b
_dbQ`QbdUXQSQWeUbbQQ\QY^cdYdeSY†^`eUccU\Q]YbQ
RQS_]_c_c`USX_cQiU^SQTQe^_TUcec]YU]Rb_ccU
SbUQfUbQe^]Qc†^U^`Ubc_^Q
5bQdQ\\QTUcS_^VYQ^jQaeUY^c`YbQRQe^dY`†WbQV_
aeU`UbdU^USQQ\Qc_SYUTQTTUc_S_bb_]ede_aeUcU
\UcbUdYbQRQ\QQ]YcdQTicU\UcSUbbQRQ^\Qc`eUbdQcTU\Qc
SQcQcCUSbUQ`U\YWb_cQQ\Q^eUfQQc_SYQSY†^i^QTYU
`b_SebQRQbQcdbUQbcecVY^Uc!""!
<Q1c_SYQSY†^TU1bdUcQ^_cTUFQ\`QbQc_VeU\Q‹^YSQ_bWQ^YjQSY†^
]edeQ\YcdQaeU\_Wb†S_^dY^eQbcecQSdYfYTQTUccY^cUbTU]QcYQT_QVUSdQ
TQTUc`e}cTU\QWeUbbQSYfY\1`UcQbTU\QcS_^]_SY_^Uc`_\dYSQcS_^dY
^e†ce\U^d_`Ub_c_cdU^YT_SbUSY]YU^d_*U\!(TUTYSYU]RbUTU!(%)
S_^dQRQS_^T_cSYU^d_cTYUjc_SY_c+cUYc]UcUc]vcdQbTUU\!(TUZe^Y_
TU!(& dU^QT_cSYU^d_cfUY^dY^eUfUQc_SYQT_c!"""
?db_ccUSd_bUcTUdbQRQZQT_bUcaeU^_`_cUQ^_bWQ^YjQSY_^UcQed†
^_]QcdQ]RY}^ceVbYUb_^\QcS_^cUSeU^SYQcTUce`QbdYSY`QSY†^U^U\]_
fY]YU^d_ceRfUbcYf_TU!(%)rcUVeUU\SQc_TU\_cZ_b^Q\Ub_cTU\`eUbd_
TUFQ\`QbQc_QWbe`QT_cU^WbU]Y_`_bU\5cdQT_5\WbU]Y_VeUTYceU\d_

!""!
=U]_bYQaeUU\4YbUSd_bY_TU\QE^Y†^TU\_cDY`†WbQV_cTUCQ^dYQW_`bUcU^dQQ\Q8_^_
bQR\U3_]YcY†^_`SYd`vW!!
!"""
²1c_SYQSY†^TUQbdUcQ^_c³5\=UbSebY_FQ\`QbQc_!!TUcU`dYU]RbUTU!(& 

$#&
ibU_bWQ^YjQT_`_b\QcQed_bYTQTUc!""#<_cdbQRQZQT_bUcS_]`b_]UdYT_c
U^\QVbQSQcQTQY^cebbUSSY†^QTU]vcTU\QccQ^SY_^Uc`U^Q\UcceVbYUb_^
_dbQcTUdY`_US_^†]YS_*U\=Y^YcdUbY_TU8QSYU^TQTUSbUd†U\"#TU]Qb
j_TU!(%)aeU²\_cZ_b^Q\Ub_caeUUcdefYUb_^`bUc_cQS_^cUSeU^SYQTU\
]_d^aeUUcdQ\\†U^FQ\`QbQc_KMiVeUb_^S_^TU^QT_cZeTYSYQ\]U^dU
^_`_Tbv^_`dQbQ\_cQX_bb_caeUdU^WQ^U^\QDUc_bUbQTU\SeUb`_³!""$
:e^d_Q\Qc]UTYTQcbU`bUcYfQc\QcQed_bYTQTUcTU\WbU]Y_°aeUUbQ^
bU`bUcU^dQ^dUcTU\5cdQT_°bUSebbYUb_^Q_db_c]}d_T_cTUcdY^QT_cQ\_
WbQbe^]UZ_bQ]YU^d_TU\QTYcSY`\Y^QiTU\U^SeQTbQ]YU^d_TU\`U_^QZU
`_bdeQbY_@QbdYSe\QbY]`_bdQ^SYQcU\UTY_Q\QUTeSQSY†^S_^SURYTQdQ^
d_ S_]_ Y^cdbeSSY†^ RvcYSQ]U^dU \USdebQ UcSbYdebQ i cQRUb S_^dQb
S_]_V_b]QSY†^YTU_\†WYSQbUc`Ud_TU\_bTU^iTU\QcZUbQbaeQcc_SYQ
\UcE^Q…_TUc`e}cTUTUbb_dQTQ\QbURU\Y†^U\$TU]Qbj_TU!(& cU
Y^QeWeb†\QUcSeU\Q^_Sdeb^QTU\WbU]Y_TUZ_b^Q\Ub_ci\Q^SXUb_cU^
`bUcU^SYQTU\1T]Y^YcdbQT_bTUe^²WbQ^^‹]Ub_TUfUSY^_cbUc`UdQ
R\Uc³iTUe^_cT_cSYU^d_cdbQRQZQT_bUc !""%5^ceTYcSebc_>QdXQ^=YUbc
3_hQT]Y^YcdbQT_bTU\QS_b`_bQSY†^VYZQRQS\QbQ]U^dU\QY^dU^SY_^Q\Y
TQT`_\dYS_`UTQW†WYSQTUUcdQY^YSYQdYfQaeUS_bbUc`_^TQQe^QSYUbdQ
d_]QTUS_^SYU^SYQTU\QcQed_bYTQTUcTU\VU^†]U^_aeUT_cT}SQTQc
]vcdQbTUcUS_^SU`deQ\YjQbQS_]_²SeUcdY†^c_SYQ\³5hX_bdQ^T_Q\_c
dbQRQZQT_bUcQ\dbQRQZ_iQ\UcdeTY_\UcTUSQ*
5]`bU^TUTS_^QbT_b\QcU^TQaeU_c\\UfQbvQ\Q
YWeQ\TQT>_Q\QYWeQ\TQTfe\WQb]U^dUTUSQ^dQTQcY^_
Q\QfUbTQTUbQYWeQ\TQTSY]U^dQTQc_RbUe^QRQcUTU
Y^dU\USdeQ\YTQTi]_bQ\YTQT>__cQ\eSY^}YcS_^\QcQb
WeSYQciSQ`SY_SYTQTUcTU\_cc_SYQ\YcdQcUYWeQ\YdQbY_c
aeU`bUTYSQ^UcQT_SdbY^Q_`_bVQ\dQTUS_bTebQ_`_b
VQ\dQTUVU!""&

<QUTeSQSY†^S_]_]UTY_TU`b_WbUc_iTU²bUWU^UbQSY†^³TU\Q
S\QcU_RbUbQQTaeYbYbQe^QY]`_bdQ^SYQ]Qi_bS_Y^SYTYU^T_U^UcdQ

!""#
1>1=8f_\#(#9^dU^TU^SYQTUFQ\`QbQc_1\_VYSY_>¡!'!]Qbj_!¡TU
!(%)cViTUSbUd_TU=_^ddU^CQ^dYQW_]Qbj_"#TU!(%)cVF}QcUQTU]vc\QTYcSe
cY†^`Qb\Q]U^dQbYQTU\`b_iUSd_TU\UiaeUbU_bWQ^Yj†\_cWbU]Y_cTUZ_b^Q\Ub_ci\Q^SXU
b_cTUd_T_c\_c`eUbd_cTU\QBU`‹R\YSQ*C3>TU!(& 3v]QbQTU4Y`edQT_c²CUcY†^"&
?bTY^QbYQU^"TU_SdeRbUTU!(& ³`vWc"$""$$+3v]QbQTUCU^QT_bUc²CUcY†^"'
?bTY^QbYQU^%TU_SdeRbUTU!(& ³`vW"%'
!""$
²?bWQ^YjQSY†^TU\WbU]Y_TUZ_b^Q\Ub_cY\Q^SXUb_c³5\6Ubb_SQbbY\CQ^dYQW_"(
TU]Qbj_TU!(%)F}QcUdQ]RY}^U\_VYSY_`bUfY_Q\=Y^Ycdb_TU8QSYU^TQbUTQSdQT_`_b
:>U`_]eSU^_:QbQ9^c`USd_bTU?VYSY^QcVYcSQ\UcU^CQ^dYQW_U\!$TU]Qbj_TU!(%)
U^1>1=8f_\#(#9^dU^TU^SYQTUFQ\`QbQc_cV
!""%
²5cSeU\Q`QbQ\_cZ_b^Q\Ub_c³5\=UbSebY_FQ\`QbQc_%TU]Qbj_TU!(& 
!""&
²4YcSebc_\UT_U^U\QSd_TU\QY^QeWebQSY†^TU\QUcSeU\Q^_Sdeb^QTU\WbU]Y_
TUZ_b^Q\Ub_cY\Q^SXUb_cTUUcdU`eUbd_`_bU\QT]Y^YcdbQT_bTUUcdUWbU]Y_4>QdXQ^
=YUbc3_hU\T_]Y^W_$TU]Qbj_TU!(& ³5\=UbSebY_FQ\`QbQc_'TU]Qbj_TU!(& 

$#'
fQ\_bQSY†^dQ^d_\_c_`_cYd_bUciW_RYUb^YcdQcS_]_\Qc`b_`YQcU^dYTQTUc
]edeQ\YcdQcaeUU]`UjQbQ^Q`b_\YVUbQbU^\QcSYeTQTUcSXY\U^Qc
4UUcdQ^eUfQUh`UbYU^SYQTU`QbdYSY`QSY†^U^e^S_^V\YSd_`_\dYS_
bUceU\d_`_bU\U^VbU^dQ]YU^d_Qb]QT_\_c^‹S\U_cTUdbQRQZQT_bUceb
RQ^_cS_^]Qi_bSQ`QSYTQTTU_bWQ^YjQSY†^S_^S\eYbQ^aeUU\TURQdUi
\QQSdYfYTQT`_\dYSQTURUbQ^UcdQbQecU^dUcTU\Qcc_SYUTQTUc]edeQ\Yc
dQc5\²Q`_\YdYSYc]_³cUbQ\QWQbQ^dQTUc_RbUfYfU^SYQiReU^Ve^SY_^Q
]YU^d_TUQaeU\\QcQc_SYQSY_^UcCY^U]RQbW_UcdU`bY^SY`Y_WU^UbQ\
]U^dUbUc`UdQT_^_cUbQe^QRQbbUbQY^VbQ^aeUQR\U`QbQ\Q`_\YdYjQSY†^
TU\_cQbdUcQ^_ci_RbUb_c1`QbdYbTUU^d_^SUc\Q`_\dYSQcUUh`bUcQbQ
cY]`\U]U^dUTU]Q^UbQTYVUbU^dU

$#(
 31@ÅDE<?H9

!(&!!(')*<1@B9=5B161C5455H@1>C9É>
45<1C?B71>9J139?>5C@?@E<1B5C

5\`Ub_T_aeU]UTY†U^dbU\Q\YRUbQ\YjQSY†^`_\dYSQ_SebbYTQ`_S_TUc
`e}cTU\d}b]Y^_TU\QWeUbbQSYfY\TU!(%)iU\Y^YSY_TU\QWeUbbQTU\
@QSVYS_!(')VeUVUSe^T_U^^QSY]YU^d_ciTUcQbb_\\_TUfQbYQTQc_b
WQ^YjQSY_^Uc`_`e\QbUcU^TYcdY^d_cSU^db_cebRQ^_c<Qc]vc^e]Ub_
cQcibU`bUcU^dQdYfQcVeUb_^\Qcc_SYUTQTUc]edeQ\YcdQc°aeUQ]U^eT_
Se]`\Q^Ve^SY_^UcTUUTeSQSY†^QX_bb_i_dbQcUh`bUcY_^UcTUc_SYQ
RY\YTQT`_`e\Qb°`Ub_dQ]RY}^cebWYUb_^S__`UbQdYfQciQc_SYQSY_^Uc
TUdY`_bUSbUQdYf_°Se\debQ\c_SYUTQTUcVY\Qb]†^YSQcTU_RbUb_c5^Q\
We^_cSQc_c\Qc]edeQ\UcUc`USYQ\]U^dU\QcaeUQWbe`QRQ^QdbQRQZQT_
bUcTUe^]Yc]_WbU]Y__bWQ^YjQb_^XeU\WQci]_fY]YU^d_cbUYfY^TYSQ
dYf_c`bUVYWebQ^T_\Qc²c_SYUTQTUcU^bUcYcdU^SYQ³TUVY^UcTUcYW\_

< 1C =EDE1<5C

<Qc`bY]UbQcc_SYUTQTUcTUc_S_bb_c]ede_cSbUQTQcTUc`e}cTU\QWeU
bbQSYfY\aeU\_WbQb_^dU^Ub\QbWQfYTQVeUb_^\Qc²c_SYUTQTUcTUQbdUcQ
^_c³5^U\\QccUQWbe`QRQ^QbdUcQ^_ci_RbUb_ccY^TYcdY^SY†^TU_VYSY_
S_^UhS\ecY†^TU\_c`U_^UcicYbfYU^dUcT_]}cdYS_ci^e]Ub_c_c`U
aeU…_c`Qdb_^_cTUdQ\\UbUcQbdUcQ^Q\Uc<Qc‹^YSQc]edeQ\UcTUdY`_WbU
]YQ\aeU\_WbQb_^\\UfQbe^QUhYcdU^SYQfYW_b_cQ`_bQaeU\\Q}`_SQVeU
b_^\QcQ^dYWeQcc_SYUTQTUcTUdY`†WbQV_cTUCQ^dYQW_iTUFQ\`QbQc_
aeUbU^QSYUb_^TebQ^dU\QcUWe^TQ]YdQTTU\_cQ…_ccUcU^dQC†\_XQSYQ
VY^UcTUUcQT}SQTQic_RbUd_T_Q`QbdYbTU\_cQ…_ccUdU^dQ`b_\YVUbQ
b_^\Qc]edeQ\UcTUe^]Yc]__VYSY_S_UhYcdYU^T_S_^cec`bUTUSUc_bQc
TUdY`_]e\dYWbU]YQ\
<Q`bUSebc_bQTU\Qcc_SYUTQTUcTUQbdUcQ^_cVeU\QaeUS_]U^j†Q
WUcdQbcUU^CQ^dYQW_U^!(&!WbQSYQcQ\QY^YSYQdYfQTU6Ub]^FYfQSUdQi
TUe^Wbe`_TUdbQRQZQT_bUcU^dbU\_caeUcUS_^dQRQ^fQbY_cTUcecS_]
`Q…Ub_cTU\QUV]UbQC_SYUTQT@b_WbUcYcdQTU1bdUci?VYSY_cTU\_cQ…_c!(%'
!(%(5^_SdeRbUTU!(&!cUbUe^YUb_^T_cSYU^d_c^_fU^dQ]U^UcdbQ\Uc
cQ^dYQWeY^_cU^U\`QdY_TU\3_^cUbfQd_bY_>QSY_^Q\TU=‹cYSQiQ`b_RQ
b_^\QcRQcUc`QbQ\QS_^cdYdeSY†^TUe^QQc_SYQSY†^aeU\\UfQbQU\^_]

$#)
RbUTUC_SYUTQTTU\QE^Y†^Cec_RZUdYf_ccUbQ^\QY^cdQ\QSY†^TUe^QSQZQ
TUQX_bb_cTUcdY^QTQQc_S_bbUbQd_T_c\_cQbdUcQ^_cU^VUb]_cY]`_cY
RY\YdQT_c_Q^SYQ^_c°cY^]YbQ]YU^d_TU^QSY_^Q\YTQT°QcS_]_Qcec
VQ]Y\YQcU^SQc_TUVQ\\USY]YU^d_TU\Qc_SYQT_DQ]RY}^cU`b_iUSdQRQ\Q
bUQ\YjQSY†^TUS\QcUcTUSQb`Y^dUbQQbaeYdUSdebQQ\RQ…Y\UbQTYReZ_\Y
^UQ\i_dbQc]QdUbYQcU^X_bQbY_fUc`UbdY^_5\`b_WbQ]QTU\Q^QSYU^dU
Y^cdYdeSY†^UcdY`e\QRQaeUcUTURQ²`bUcSY^TYbQRc_\edQ]U^dUU^cecbU
e^Y_^UcTUd_TQY^dUbfU^SY†^`_\dYSQ³TYc`_cYSY†^aeUXQbQUcSeU\Q
U^dbUcecX_]†\_WQc!""'E^QcUWe^TQbUe^Y†^UVUSdeQTQU\"'TU\]Yc
]_]UcQ\QaeUQcYcdYUb_^cUdUcSYU^d_c_SXU^dQQbdUcQ^_c^_]Rb†e^
3_^cUZ_TUdbUY^dQie^Q`Ubc_^QcUcTUSYbe^bU`bUcU^dQ^dU`_bSQTQ
fUY^dYSY^S_QcYcdU^dUcU^SQbWQT_TU`bU`QbQb\QVe^TQSY†^_VYSYQ\TU\Q
^eUfQQc_SYQSY†^!""(5cdQcU\\Uf†QSQR_VY^Q\]U^dUU\%TUU^Ub_TU
!(&"`Ub_c†\_S_^SebbYUb_^QU\\QSYU^d_cUcU^dQiT_c`Ubc_^QcFQbY_c
SU^dU^QbUcTU`QbdYSY`Q^dUcU^\Qc`bY]UbQcTYcSecY_^UcXQRQ^aeUTQT_
U^U\SQ]Y^_!"")
2QZ_\QS_^TeSSY†^TU6Ub]^FYfQSUdQ !"# \QC_SYUTQTTU1bdUcQ^_c
²<QE^Y†^³TUCQ^dYQW_cUU^SQ]Y^†bv`YTQ]U^dUQ\QSbUQSY†^TUe^
`\Q^dU\TUUTeSQSY†^`_`e\Qb@QbQU\\_S_^d†S_^U\Q`_i_TU\QcQed_
bYTQTUcTU\W_RYUb^_TU\QVecY†^\YRUbQ\S_^cUbfQT_bQiTU^e]Ub_cQc
`Ubc_^Q\YTQTUc\YRUbQ\UcE^TUSbUd_TU\=Y^YcdUbY_TU\9^dUbY_bTU\!!
TUVURbUb_TU\]Yc]_Q…_`ec_QTYc`_cYSY†^TU\QC_SYUTQTTU1bdUcQ^_c
e^cQ\†^TUe^Q^dYWe_UTYVYSY_`‹R\YS_`QbQXQSUbVe^SY_^Qb\Q`b_
iUSdQTQUcSeU\Q!"#!5\" TUZe\Y_cUY^QeWeb†\Q5cSeU\Q>_Sdeb^QTU1bdU
cQ^_cbUWU^dQTQ`_b²<QE^Y†^³QcYcdYU^T_Q\QSUbU]_^YQU\@bUcYTU^
dUTU\QBU`‹R\YSQ:_c}:_Qae^@}bUjifQbY_c]Y^Ycdb_cTU5cdQT_FYfQ
SUdQQ`b_fUSX†\Q_`_bde^YTQT`QbQ`\Q^dUQbQ\:UVUTU5cdQT_Q\We^Qc
bUYfY^TYSQSY_^Uc`Ub]Q^U^dUcTU\_c]U^UcdbQ\Uc*UhU^SY†^TU\cUbfY
SY__R\YWQd_bY_\_cTQcT_]Y^W_U^\Q7eQbTYQ3fYSQ`b_dUSSY†^Q\Q

!""'
²BUe^Y†^TUQbdUcQ^_c³5\6Ubb_SQbbY\CQ^dYQW_"#TU_SdeRbUTU!(&!
!""(
²C_SYUTQTTUc_S_bb_c]ede_c³5\6Ubb_SQbbY\CQ^dYQW_")TU_SdeRbUTU!(&!
!"")
4_Se]U^d_cc_RbUc_SYUTQTUc_`SYd`vW!#'+D_bbUc=Qbd^Uj_`SYd`vWc!$
i!%
!"#
<Q`bY]UbQTYbUSdYfQVeU\QcYWeYU^dU*`bUcYTU^dU*6Ub]^FYfQSUdQBe`Y_+`bY]Ub
fYSU`bUcYTU^dU*=Q^eU\CQ\fQdYUbbQ+cUSbUdQbY_*:_c}1Wecd^7_^jv\Uj+dUc_bUb_*BQVQU\TU\
3vb]U^FY\\Qb_U\?db_cVe^TQT_bUcTUcdQSQT_cQ\We^_cTUU\\_c]YU]Rb_cTU\`bY]Ub
S_^cUZ_VeUb_^*=QdU_=QbT_^Uc:_c}=QbQ7_^jv\Uj=YWeU\DQ^WeYÂ^WU\CQccYceY
j_:_c}CQ^d_cFQ\U^jeU\Q:_Qae^FQ\T}c7†]Uj:_c}D_]vc7_^jv\Uj<_bU^j_1bU
^Qc:eQ^3\QfYZ_5\QcD_b_4_]Y^W_B_TbWeUj:_c}TU\3Qb]U^D_\UT_=YWeU\8U
bbUbQ:eQ^CvUj@Qcd_b1bQ^TQ2Qbd_\_]}FUbWQbQ:_c}TU\Dbv^cYd_3vbTU^Qc6Ub^Q^
T_3Qb]_^Q@UTb_:_c}4vfY\Q4_]Y^W_@Y^d_@QcSeQ\BYfUb_c<Y^_@Y^_i:_c}TU\3Qb
]U^CQ^T_fQ\@Q^dQ\U†^F}\YjCY\fQiDbYcdv^3_b^UZ_=U]_bYQXYcd†bYSQTU\QC_SYUTQTTU
1bdUcQ^_c<QE^Y†^CQ^dYQW_!(()`vW&
!"#!
²5cSeU\Q`QbQQTe\d_c³5\6Ubb_SQbbY\CQ^dYQW_"'TUVURbUb_TU!(&"+4_Se]U^
d_cc_RbUc_SYUTQTUc_`SYd`vW!#'

$$
Y^TecdbYQiQieTQQ\QV_b]QSY†^TU\_c]U^UcdbQ\Uc !"#"<QC_SYUTQTTU
1bdUcQ^_cTUCQ^dYQW_^QSQSe]`\YU^T_e^QVe^SY†^dbY`\U*]edeQ\YcdQ
UTeSQdYfQibUYfY^TYSQdYfQ !"##
5^QRbY\TU\]Yc]_Q…_cebWY†\QC_SYUTQTTU1bdUcQ^_cTU<QCUbU^Q
S_^SURYTQ_bYWY^Q\]U^dUS_]_e^Qc_SYUTQT`_bQSSY_^UcTUcdY^QTQQ
XQSUbSbUSUbU\SQeTQ\S_]‹^bU`QbdY}^T_cUU^dbUcecc_SY_c\_cRU^UVY
SY_cSQTQQ…__\Qc`}bTYTQccUW‹^U\Q`_bdUTUSQ`YdQ\i\QQ^dYWŽUTQTTU
SQTQe^_!"#$5^UcdQ†`dYSQ\_c`bY]Ub_cUcdQded_cTU\Q]edeQ\cUbU^U^
cUTYcdY^WeQ^U\²cY]`\Uc_SY_TU`_cYdQbY_U^dbv^cYd_³TU\²c_SY_QSSY_
^YcdQ³`eTYU^T_cUbU\UWYT_cTYbUSd_bUcc†\_QaeU\\_cQc_SYQT_caeU`_
cUiUbQ^Q\_]U^_cdbUcQSSY_^UcQTU]vcTUcQRUb\UUbiUcSbYRYb²bUWe
\Qb]U^dU³dU^Ub²ReU^QS_^TeSdQ³icUb]Qi_bTUfUY^dUQ…_c !"#%1`U
cQbTUUcdQcTYVUbU^SYQSY_^UcU^U\]_]U^d_TU\f_d_d_T_c\_cc_SY_c
UbQ^S_^cYTUbQT_cYWeQ\Uce^X_]RbUe^f_d_Y^TU`U^TYU^dU]U^dU
TU\QcQSSY_^UcaeU`_cUQ^1\_c`_S_c]UcUc°U^Ze\Y_TU\]Yc]_Q…_°
\QV\Q]Q^dUQc_SYQSY†^cU_bYU^d†U^e^cU^dYT_^UdQ]U^dU]edeQ\YcdQ*
cec^eUf_c5cdQded_cS_]`\U]U^dQb_^\_c_RZUdYf_cY^YSYQ\UcQWbUWQ^T_
_db_cTUdY`_c_\YTQbY_S_]_\_cc_S_bb_cUS†^†]YS_ci]}TYS_`QbQc_
SY_cU^VUb]_cUdS}dUbQ!"#&@Ub_\QcUh`USdQdYfQcTU\_cQbdUcQ^_ccUbU^U^
cUccUfYUb_^bv`YTQ]U^dUTUVbQeTQTQc4Uc`e}cTUe^QS_bdQUhYcdU^SYQ
\Qc_SYUTQTcUTYc_\fY†`_bQSeUbT_TUcec`b_`Y_c]YU]Rb_cCebU_bWQ
^YjQSY†^cU`b_TeZ_bUSY}^U^QW_cd_TU!(&)QT_`dQ^T_U\^_]RbUTU
C_SYUTQTTUC_S_bb_c=ede_cTU1bdUcQ^_cTU<QCUbU^Q !"#'
3_^dU]`_bv^UQ]U^dUcUTYcSedQU^3_`YQ`†U\`b_iUSd_TUSbUQ
SY†^TUe^Q]edeQ\aeUS_^SYdQRQU\Y^dUb}cTUTYcdY^d_ccUSd_bUcc_SYQ
\Uc*TU\_c_RbUb_ciQbdUcQ^_c`Ub_dQ]RY}^TU\_c]vcS_^^_dQT_cbU
`bUcU^dQ^dUcTU\S_]UbSY_iTU\U]`bUcQbYQT_]Y^Ub_\_c]Yc]_caeU
`_bQaeU\\Q}`_SQVe^TQb_^U\TUcdQSQ]U^d_]vcQfQ^jQT_TU\\YRUbQ\Yc
]_SXY\U^_U\@QbdYT_BQTYSQ\5\! TU^_fYU]RbUTU!(&"\_c`b_]_d_
bUcTU\QY^YSYQdYfQ]edeQ\YcdQ_bWQ^YjQb_^e^]UUdY^W`‹R\YS_T_^TUcU
`bUcU^d†U\`b_iUSd_TUc_SYUTQTTUc_S_bb_c]ede_c`QbQQbdUcQ^_c
Â^WU\3ecd_TY_7Q\\_°ZUVUTU\QbURU\Y†^^_bdY^QS_^dbQU\`_TUbSU^
dbQ\U^!(%)°i_db_c]YU]Rb_cTU\U]`bUcQbYQT_]Y^Ub_TU\QbUWY†^
`QbdYSY`Qb_^U^\QbUe^Y†^iSbYdYSQb_^U\`b_iUSd_`_bbUcdbY^WYbcUQ\_c

!"#"
6Ub]^FYfQSUdQ²4YcSebc_TU\`bUcYTU^dUTU\Qc_SYUTQTTU\QE^Y†^\UT_U^U\
QSd_TUceY^cdQ\QSY†^U\T_]Y^W_" TUZe\Y_TU!(&"³5\6Ubb_SQbbY\CQ^dYQW_""TUZe\Y_
TU!(&"
!"##
<QUh`UbYU^SYQTU\QUcSeU\QTU²<QE^Y†^³UcQ^Q\YjQTQU^U\SQ`de\_H9F
!"#$
1>1=:f_\#('9^dU^TU^SYQTU3_aeY]R_!(' !('#cV+5cdQded_cTU\Q
C_SYUTQTTU1bdUcQ^_cTU<QCUbU^Q<QCUbU^Q9]`bU^dQTU<QCUbU^Q!(&"`vWc!i"
!"#%
5cdQded_cTU\QC_SYUTQTTU1bdUcQ^_cTU<QCUbU^Q_`SYd`vW'
!"#&
5cdQded_cTU\QC_SYUTQTTU1bdUcQ^_cTU<QCUbU^Q`QbQSbUQbe^Q²3QZQ5S_^†]YSQ³<Q
CUbU^Q9]`bU^dQTU\@eUR\_Ze\Y_TU!(&"
!"#'
4_Se]U^d_cc_RbUc_SYUTQTUc_`SYd`vW#')

$$!
]U^UcdbQ\Uc6eUSQ\YVYSQT_TU²]UjaeY^_³`_baeU²bUTeSQcecRU^UVY
SY_cQe^WbU]Y_TUdUb]Y^QT_U^\eWQbTUUhdU^TUb\_Q\QWU^UbQ\YTQT
S_]_TURQcUb`QbQaeU^_cUQT]YdYUbQ\QdQSXQTUUW_cdQ_UcdbU
SX_³!"#(CUW‹^\QS_^SU`SY†^TU7Q\\_²\Q`Q\QRbQQbdUcQ^_³TURQ²S_]
`bU^TUbQd_T_X_]RbUaeUdbQRQZUSeQ\aeYUbQcUQ\QUcVUbQU^aeU\Q
ceUbdU\UXQiQS_\_SQT_³`_b\_aeU\Q`b_iUSdQTQc_SYUTQTTURQUcdQb
QRYUbdQQd_T_ci^_UhS\ecYfQ]U^dUQ\_cdbQRQZQT_bUc]Q^eQ\Uc³!"#)
<QWbQ^Y^V\eU^SYQc_SYQ\US_^†]YSQi`_\dYSQTU7Q\\_icecQ]Y
W_c^e]Ub_c_cU^QaeU\\QbUe^Y†^`Ub]YdY†aeUdQ\S_^SU`SY†^cUY]
`ecYUbQQS_bTv^T_cURQedYjQb\QU]UbWU^dUY^cdYdeSY†^S_]_C_SYUTQT
TU2U^UVYSU^SYQTU3_`YQ`†<QS_]YcY†^U^SQbWQTQTUbUTQSdQbcecUcdQde
d_cbUV\UZ†UcdQdU^TU^SYQ*TUcec`bY]Ub_cSY^S_Y^dUWbQ^dUc°:_c}>YS_
\vc=eZYSQ6Ub^Q^T_3XQxdU\8Ub^v^6bYdYc1^WU\3ecd_TY_7Q\\_i@U
Tb_@QR\_JQ`QdQ°c†\_U\‹\dY]_TUU\\_cU\SQeTY\\_`_`e\QbTU!(%)
dU^Qe^QbU\QSY†^UcdbUSXQS_^\_c]U^UcdbQ\Uci\_c_RbUb_c@QbQbUU
aeY\YRbQbe^`_S_\QS_]`_cYSY†^TU\QS_]YcY†^U^\Q]Yc]QbUe^Y†^
cUQS_bT†\QY^S_b`_bQSY†^TUT_cQbdUcQ^_c:_c}7eQTQ\e`U@YjQbb_i
:eQ^FQ\U^jeU\Q!"$ @Ub_U^TUVY^YdYfQ\Q_bYU^dQSY†^`\ebYS\QcYcdQ^_
`bUfQ\USY†i\_cdbQRQZQT_bUccU_bWQ^YjQb_^`_bce`b_`YQSeU^dQV_b
]Q^T_U\# TU^_fYU]RbUTU!(&"\QC_SYUTQTTU1bdUcQ^_cTU3_`YQ`†Ce
QSdQTUVe^TQSY†^VYb]QTQ`_bSY^SeU^dQidbUc`Ubc_^QcUh`\YSQRQaeU
\_cQbdUcQ^_cTU\QSYeTQTTUcUQ^T_QT_`dQbe^Q]UTYTQ²aeU\_ccQ\fU
TU\S_^V\YSd_TUcec^_d_bYQciSbUSYU^dUc^USUcYTQTUcaeU\_cXQS_\_SQ
T_`_bVQ\dQTU`b_dUSSY†^Q\QY^TecdbYQTU\`Qc³XQRQ^bUceU\d_\Q
SbUQSY†^TUe^Qc_SYUTQTTUcdY^QTQQ²`b_`_bSY_^Qbc_S_bb_c]ede_c
U^cec^USUcYTQTUciQb]_^YjQbU\cUbfYSY_TU\QS\QcU_RbUbQU^d_T_ccec
bQ]_cTU\QY^TecdbYQQaeUcUS_^dbQYWQUcdQR\USYU^T_cUWebYTQTU^cec
S_^dbQd_ciU^SQ]Y^Q^T_Q\_c_RbUb_c`_bU\cU^TUb_TU\_bTU^iTU\Q
US_^_]Q³!"$!
3_]_]UTYTQc`bvSdYSQc`QbQU\\_Wb_TUdQ\Uc_RZUdYf_ccU`bUfUQ
\QV_b]QSY†^TUe^V_^T_S_]‹^aeUcYbfYUbQTUWQbQ^dQQ\_cS_^dbQd_c
aeUSQTQe^_TU\_cc_SY_cXYSYUbQU^U\UZUbSYSY_TUce_VYSY_U\UcdQR\U
SY]YU^d_TUe^QSQZQTUQX_bb_cQVY^TUV_b]Qbe^]_^dUTU`YUTQTaeU
`bUcdQbQQieTQQ\_cQc_SYQT_cSUcQ^dUc_Y^TYWU^dUciQcecVQ]Y\YQc\Q
Ve^TQSY†^TUe^QUcSeU\QTUY^cdbeSSY†^`bY]QbYQ`QbQ\_cQbdUcQ^_cicec
XYZ_ci_dbQcY^YSYQdYfQcRU^}VYSQc!"$"
3_]_cU`eUTUS_^cdQdQbQ`QbdYbTU!(&"S_]U^jQb_^Q`b_\YVUbQb

!"#(
²3_`YQ`†5\]UUdY^WTUQiUb³<QCUbU^Q<QCUbU^Q!!TU^_fYU]RbUTU!(&"
!"#)
9RYT
!"$
9RYT
!"$!
²1SdQTUY^cdQ\QSY†^TU\QC_SYUTQTTU1bdUcQ^_cTU3_`YQ`†³5\3_`YQ`Y^_3_
`YQ`†" TUQRbY\TU!(''
!"$"
9RYT

$$"
\Qcc_SYUTQTUc]edeQ\YcdQcU^dbUQ\We^_ccUSd_bUcTUdbQRQZQT_bUcebRQ
^_ci`_S_TUc`e}ccUbUQ\YjQb_^\_c`bY]Ub_cY^dU^d_c`QbQS_^cdYdeYb
S__`UbQdYfQcTU`b_TeSSY†^5\S\Y]QTU]Qi_b\YRUbdQT`_\dYSQUhYcdU^
dUU^U\`QcQ`QbdYbTU\Q\\UWQTQQ\W_RYUb^_TU\`bUcYTU^dU:_c}:_Qae^
@}bUj!(&!!('!Q`_iQT_QS_]YU^j_cTUce]Q^TQd_`_bd_TQc\QcS_
bbYU^dUc`_\dYSQcS_^dbYRei†TU]Q^UbQY]`_bdQ^dUQ\Q]e\dY`\YSQSY†^
TUUcQcY^YSYQdYfQc
:e^d_S_^VQSY\YdQb\QSbUQSY†^TU^eUfQc]edeQ\Uc\QTYcdU^cY†^
`_\dYSQQieT†Q\bU^QSY]YU^d__Q\QbUQSdYfQSY†^TUQaeU\\Qcc_SYUTQ
TUcTUc_S_bb_c]ede_caeUXQRQ^cYT_TYceU\dQcU^dbQT_U^bUSUc__
TYc]Y^eYT_cU^cYR\U]U^dUceQSdYfYTQTQbQjTU\QWeUbbQSYfY\TU!(%)
<QC_SYUTQTDY`_WbvVYSQTUFQ\`QbQc_TYUj]QTQ`_b\QbU`bUcY†^cUXQ
RQ]Q^dU^YT_TebQ^dUSQcY_SX_Q…_cU^\UdQbW_d_dQ\5^bUQ\YTQT
XQRQTUcQ`QbUSYT_C†\_T_cTUcecTYbYWU^dUc°U\`bUcYTU^dUB_aeU
4Q^YU\iU\dUc_bUb_<_bU^j_FYQ\°dbQdQb_^TUcQ\fQbU\`QdbY]_^Y_TU
\QY^cdYdeSY†^QVY^TU`_TUbbUQSdYfQb\QQ\W‹^TQ5\\__SebbY†bUSY}^
U^ _SdeRbU TU !((& BUc`_^TYU^T_ Q e^Q `UdYSY†^ TU U]`\UQT_c i
_RbUb_cTU\QcY]`bU^dQcTU5\=UbSebY_<Q@QdbYQi5\3_]UbSY_Ucd_c
TYbYWU^dUcS_^f_SQb_^U\!#TU_SdeRbUTU!(&&Qe^QbUe^Y†^U^\_c
cQ\_^UcTU\TYQbY_<Q@QdbYQQ\QaeUQcYcdYUb_^dbUY^dQiSeQdb_dbQRQZQ
T_bUcTUY]`bU^dQaeUTUcYW^Qb_^e^TYbUSd_bY_U^SQbWQT_TU\QbU_b
WQ^YjQSY†^ !"$#<Q]edeQ\YTQTTU\_cdY`†WbQV_c`_bdU…_cXQRQcYT_bU
S_^cdYdeYTQ !"$$
<QC_SYUTQTDY`_WbvVYSQTUCQ^dYQW_aeUdQ]RY}^XQRQcYT_fYbdeQ\
]U^dUTYceU\dQQSQecQTU\Qc`UbcUSecY_^Uc`_\dYSQcQcec\TUbUcVeU
bU_bWQ^YjQTQQS_]YU^j_cTU!(&(`_bY^YSYQdYfQTU\`UbY_TYcdQ2eU^Q
fU^debQ=_bv^5^e^QbUe^Y†^bUQ\YjQTQU^U^Ub_:eQ^3Qb\_cFQ\TY
fYUc_BYSQbT_7_^jv\UjDYRebSY_1fQbYQ6Ub]^B_TbWeUji_db_cdY
`†WbQV_cTUcYW^Qb_^Q=_bv^S_]_`bUcYTU^dU`b_fYc_bY_U^SQbWv^
T_\U\QbUTQSSY†^TU\_cUcdQded_ci\Q`bU`QbQSY†^TUe^QbUe^Y†^]vc
Q]`\YQ <Q bUS_^cdYdeSY†^ TU \Q ]edeQ\ RQZ_ U\ ^_]RbU TU C_SYUTQT
E^Y†^TU\_cDY`†WbQV_cTUCQ^dYQW_cUS_^SbUd†U^e^QQcQ]R\UQbUQ\YjQ
TQU\"(TUVURbUb_TU!(&)U^e^QTU\QccQ\QcTU\3eQbdU\7U^UbQ\TU
2_]RUb_c5cU]Yc]_TQ\_c^_fU^dQidbUcQcYcdU^dUcU\YWYUb_^e^Q

!"$#
5\TYbUSd_bY_aeUT†S_^V_b]QT_TU\QcYWeYU^dU]Q^UbQ*`bUcYTU^dU*:eQ^7
1bQ_c+fYSU`bUcYTU^dU*7QRbYU\DQ`YQ+cUSbUdQbY_*D_]vc:7_^jv\Uj+`b_cUSbUdQbY_*@UTb_
3QbR_^Ubi+dUc_bUb_*=QbYQ^_B_]v^+TYbUSd_bUc:eQ^B6Qb]UbB_aeU4Q^YU\i4Q]Yv^
1\_c²8Ycd_bYQTU^eUcdbQC_SYUTQT³_`SYd`vW!!+²C_SYUTQTDY`_WbvVYSQ³U^C_SYUTQT
DY`_WbvVYSQTUFQ\`QbQc_=U]_bYQTU'%Q…_c_`SYd`vW(
!"$$
KD_]vc:7_^jv\UjM=U]_bYQTU\QC_SYUTQTDY`_WbvVYSQTUFQ\`QbQc_TUcTUcebU_b
WQ^YjQSY†^XQcdQU\# TU_SdeRbUTU!((!!(&&!((!FQ\`QbQc_9]`bU^dQTU²<Q@QdbYQ³
!((!`vWc&i'+²<_bU^j_FYQ\³<_c5S_cTU\DQ\\UbFQ\`QbQc_!"TU]Qbj_TU!(((+²8Yc
d_bYQTU^eUcdbQC_SYUTQT³_`SYd

$$#
TYbUSdYfQ`b_fYc_bYQ`bUcYTYTQ`_b:_c}CQ^d_cFQ\U^jeU\Q !"$% iQ`b_RQ
b_^\_cUcdQded_caeUbUWYbQ^ceVe^SY_^Q]YU^d_ !"$&
D_T_U\`Ub_T_aeUfQTUcTU!(&"XQcdQ!() VeUTUUS\_cY†^TU\
]_fY]YU^d_]edeQ\YcdQiQc_SYQdYf_`_`e\Qb<QUdQ`Q!(&"!(')VeUU\
`bY]Ub]_]U^d_TUTYVecY†^QWbQ^UcSQ\QTU\QYTUQ]edeQ\YcdQ
6eUbQTU\QciQ]U^SY_^QTQc]edeQ\UcTUQbdUcQ^_cTUCQ^dYQW_<Q
CUbU^Qi3_`YQ`†iTU\QcbUS_^cdbeYTQcQc_SYQSY_^UcTUdY`†WbQV_cTU
CQ^dYQW_iFQ\`QbQc_cebWYUb_^U^Uc_cQ…_cc_SYUTQTUcTUQbdUcQ^_cU^
<_c1^TUcCQ^6U\Y`U<Y^QbUcDQ\SQCQ^6Ub^Q^T_3_^cdYdeSY†^3e
bYS†FQ\\U^Qb=U\Y`Y\\Q3XY\\v^3_^SU`SY†^@QbbQ\<_cÂ^WU\UcCQ^
3Qb\_c3_aeY]R_FYSe…QBQ^SQWeQi_dbQcSYeTQTUcQTU]vcTUTYVU
bU^dUc]edeQ\UcaeUdQ]RY}^QWbe`QRQ^Q`Ubc_^QccY^TYcSbY]Y^QSY†^
TU_VYSY_c
CYRYU^]eSXQcTUUcdQcY^cdYdeSY_^Uc]e\dYWbU]YQ\Uc`_^Q^S_]_
S_^TYSY†^TUY^WbUc_\Q`UbdU^U^SYQQ\QS\QcU_RbUbQ_Q\QbdUcQ^QT_U^\Q
`bvSdYSQQWbe`QRQ^Qe^Uc`USdb_]eiQ]`\Y_TU`Ubc_^Qc^_\Y]YdQT_Q
\_c]Ub_cdbQRQZQT_bUc]Q^eQ\Uc4UcTU]eidU]`bQ^_cUY^S_b`_bQb_^
U^TYfUbcQcc_SYUTQTUcTUQbdUcQ^_ce^`_bSU^dQZU^_TUc`bUSYQR\UTUS_
]UbSYQ^dUcVe^SY_^QbY_c`‹R\YS_ciQ\We^_cY^dU\USdeQ\Uc<QC_SYUTQTTU
1bdUcQ^_cTUC_S_bb_c=ede_cU9^cdbeSSY†^BU`eR\YSQ^Q4U]_SbvdYSQTU<_cÂ^WU
\UcVe^TQTQU^!(&)_VbUSQe^ReU^UZU]`\_°dQ\fUj]vcQSU^deQT_aeU
U^_dbQcY^cdYdeSY_^UcTUceW}^Ub_°TUXUdUb_WU^UYTQTU^ceS_]`_cYSY†^
c_SY_`b_VUcY_^Q\*TU\_cSeQbU^dQi_SX_Ve^TQT_bUcTU\_cSeQ\UccUS_^
cUbf†bUWYcdb_QSUbSQTUcec_Se`QSY_^Ucc†\_fUY^dYc}YcUZUbSQ^_VYSY_cd
`YSQ]U^dUQbdUcQ^Q\UcS_]_SQb`Y^dUb_cQcdbUjQ`QdUb_SYWQbbUb_`Y^
d_bd_^U\Ub__`\QdUb_:e^d_Q\_cSeQ\UccUTUcdQSQRQ\Q`bUcU^SYQTU^eU
fUS_]UbSYQ^dUcSY^S_Ve^SY_^QbY_cZeTYSYQ\UcU^dbUU\\_cU\`bY]Ub`bUcY
TU^dUiU\`bY]UbcUSbUdQbY_TU\Q]edeQ\e^QR_WQT_e^S_RbQT_be^
`UbY_TYcdQe^QWbYSe\d_be^fQSe^QT_bU\Q\SQYTUTU\QSvbSU\iU\]Qi_b
T_]_TU\SU]U^dUbY_!"$'@Ub_UcdUVU^†]U^_UbQQ‹^\Y]YdQT_+\Q]Qi_
bQTU\Qcc_SYUTQTUcTUQbdUcQ^_c`QbUSUXQRUbS_^cUbfQT_XQcdQ\Q7eU
bbQTU\@QSVYS_e^QS_]`_cYSY†^^UdQ]U^dUQbdUcQ^Q\Q`UcQbTUaeU\Q
Q`UbdebQXQSYQ_dbQc`b_VUcY_^UcUbQe^QbUQ\YTQTVvSY\TU`Q\`Qb
1\]Yc]_dYU]`_cUTUcQbb_\\QRQU\]edeQ\Yc]_c_RbUe^QRQcU
^UdQ]U^dUWbU]YQ\4ebQ^dUUcdU`Ub_T_cUVe^TQb_^\QC_SYUTQT@b_dUS

!"$%
<QTYbUSdYfQaeUT†S_]`eUcdQS_]_cYWeU*`bUcYTU^dU*:_c}CQ^d_cFQ\U^jeU\Q+
fYSU`bUcYTU^dU*2eU^QfU^debQ=_bv^+cUSbUdQbY_*1Wecd^CQ\Qc+`b_cUSbUdQbY_*>YSQ^_b
3QRbQ\Uc+f_SQ\Uc`b_`YUdQbY_c*4Q^YU\7†]UjFYSU^dUÂ\fQbUji6bQ^SYcS_=QbdU\+f_SQ
\Ucce`\U^dUc*1Wecd^EbYRUi6U\YSYQ^_7_^jv\Uj5\dUc_bUb_TURQcUbTUcYW^QT_U^\_c
TQccYWeYU^dUc`_b\Q]Yc]QTYbUSdYfQ5\6Ubb_SQbbY\CQ^dYQW_"TU]Qbj_TU!(&)
!"$&
=U]_bYQaeUU\4YbUSd_bY_TU\QE^Y†^TU\_cDY`†WbQV_cTUCQ^dYQW__`SYd`vWc!#
i!$+4_Se]U^d_cc_RbUc_SYUTQTUc_`SYd`vWc" &i" '
!"$'
2_TQcTU_b_TU\QC_SYUTQTTUC_S_bb_c=‹de_cTU?RbUb_cTU<_cÂ^ZU\Uc!¡TU>_fYU]
RbUTU!(&)!¡TU>_fYU]RbUTU!)!)<_cÂ^ZU\UcDY`_WbQVQTU:Db_^S_c_!)!)`vW)

$$$
d_bQTU3YWQbbUb_cTUFQ\`QbQc_!(&)\QE^Y†^@b_dUSd_bQTU3YWQbbUb_cTU
CQ^dYQW_!('!\Q6bQdUb^YTQTTU3Qbb_SUb_cTUCQ^dYQW_!('"\QC_SYUTQT
TUCQcdbUcTUCQ^dYQW_!('"\QE^Y†^TUCQcdbUcTUFQ\`QbQc_!('#\QC_
SYUTQT²3_\†^³TUJQ`QdUb_cTUCQ^dYQW_!('#\QE^Y†^6bQdUb^Q\TU8UbbUb_c
i3Qbb_SUb_cTUFQ\`QbQc_!('%i\Q`bY]UbQ]edeQ\TUSYTYTQ]U^dUQ^
S\QTQU^cUSd_bUc]UTY_c\QC_SYUTQTTUC_S_bb_c=ede_cU^dbU9^cdYded_bUcU
9^cdYdedbYSUcTUFQ\`QbQc_!('#U^\QaeUS_^SebbQ^dQ]RY}^`_b`bY
]UbQfUj`Ubc_^QcTUQ]R_ccUh_c !"$(
IQe^aeU\QUh`Q^cY†^TU\Q]edeQ\YTQTU^dbU\QcSQ`Qc]UTYQcc†\_
S_]U^jQbQQd_]QbfeU\_Q`QbdYbTU\_cQ…_c_SXU^dQU\UZU]`\_TU\_c
`b_VUc_bUc`_bdU…_cdef_Q\W‹^US_*U^!('%cUS_^cdYdeiUb_^U^CQ^dYQW_
\QE^Y†^TU5]`\UQT_c!"$) i\QE^Y†^6bQdUb^Q\cYU^T_UcdQ‹\dY]Qe^QTU\Qc
`Y_^UbQcTU\]edeQ\Yc]_]Uc_SbvdYS_cY^RQcUWbU]YQ\Q\UcdQR\USUbS_]_
`bY]UbQS_^TYSY†^TUY^WbUc_TUcec]YU]Rb_cU\²`_cUUbe^QbU^dQ`b_
VUcY†^_U]`\U_aeU\UcT}\_^USUcQbY_`QbQfYfYbX_^bQTQ]U^dU³!"% 
5\e^YfUbc_TU\Q]edeQ\YTQTcUTYfUbcYVYS†]vcQ‹^TUcTUVY^UcTU
\_cQ…_ccUcU^dQ1`QbdYbTU!(&'\Q9W\UcYQ3Qd†\YSQi\_cS_^cUbfQT_bUc
S_]U^jQb_^QVe^TQb²c_SYUTQTUcSQd†\YSQcTU_RbUb_c³Y^db_TeSYU^T_
\QfQbYQ^dUS_^cUbfQT_bQS_^VUcY_^Q\U^e^]_fY]YU^d_]edeQ\YcdQXQc
dQU^d_^SUcUhS\ecYfQ]U^dU\QYS_i\YRUbQ\!"%!
<Q`b_WbUcY†^TU\c_S_bb_]ede_TebQ^dUQaeU\\_cQ…_c`eUTUcY^
dUdYjQbcUU^Q\We^QcSYVbQcRQcdQ^dUcYW^YVYSQdYfQc*cYU^!(&"UhYcdQ^Q`U
^QcdbUc]edeQ\UcVe^SY_^Q^T_U^d_T_U\`QcU^!(' UcdQciQUbQ^dbU
SUQ`b_hY]QTQ]U^dUiXQSYQ!(')!(( cUS_^dQRQ^dbUY^dQi^eUfUY^c
dYdeSY_^UcTUUcdUdY`_!"%"5\bYd]_TUSbUSY]YU^d_TU\]edeQ\Yc]_cUQSU
\UbQbQ`_cdUbY_b]U^dU<QcQ^WbQTU]Y\YdQ^dUc`_`e\QbUc`b_f_SQTQ
`_b\Q7eUbbQTU\@QSVYS_c†\_VeUe^`Qb}^dUcYcaeU^_\_Wb†Q\dUbQbU^
U\\QbW_`\Qj_UcdUY^SbU]U^d_*XQSYQ!() cUS_^dQRY\YjQRQ^Q\bUTUT_b
TUcUdU^dQicUYcc_SYUTQTUcTUc_S_bb_c]ede_caeUSeRbQ^`bvSdYSQ
]U^dUd_T_U\dUbbYd_bY_^QSY_^Q\UcdQ^T_bU`bUcU^dQTQcU^U\\Qc\QSQcY
d_dQ\YTQTTU\_c_VYSY_c]Q^eQ\UcebRQ^_c !"%#

!"$(
FUb\_cUcdQded_cTUc_SYUTQTUcS_^cYW^QT_cU^\QRYR\Y_WbQVQTUUcdU\YRb_
!"$)
5cdQded_cTU\QC_SYUTQT²E^Y†^TU5]`\UQT_c³CQ^dYQW_9]`bU^dQTU6UTUbYS_
CSXbUR\Ub!('%
!"%
5cdQded_cTU\QE^Y†^6bQdUb^Q\C_SYUTQTTUC_S_bb_c=ede_c1`b_RQT_c`_bU\Ce`bU
]_7_RYUb^_CQ^dYQW_9]`bU^dQ>QSY_^Q\!('%`vW$
!"%!
<QcQc_SYQSY_^UcSQd†\YSQcTU_RbUb_cdefYUb_^T_R\UY]`_bdQ^SYQ*`_\dYS_YTU_
\†WYSQS_]_Y^cdbe]U^d_U^\Q\eSXQS_^dbQU\\YRUbQ\Yc]_i\Q\QYSYjQSY†^TU\5cdQT_i\Q
c_SYUTQTSXY\U^QQTU]vcTU]edeQ\YcdQ`b_`YQ]U^dUdQ\@_bUcdQcbQj_^UcceSQc_UcQ^Q
\YjQT_U^\_cSQ`de\_cH9FiHF99
!"%"
=_Yc}c@_R\UdUDb_^S_c_<Q_bWQ^YjQSY†^cY^TYSQ\U^3XY\Ui_db_cUcdeTY_cc_SYQ\Uc
CQ^dYQW_9]`bU^dQBQ]†^2bYQc!)"&`vW"$
!"%#
9RYT<QcSYVbQcY^TYSQTQcdQ^d_U^UcdQ^_dQS_]_U^\QQ^dUbY_b^_Y^S\eiU^Q
\Qc]edeQ\UcaeU^_XQRQ^c_\YSYdQT_bUS_^_SY]YU^d__VYSYQ\TU\W_RYUb^_

$$%
 5 < 3??@5B1D9F9C=?

5^V\QWbQ^dUS_^dbQcdUS_^\Q]edeQ\YTQTU\S__`UbQdYfYc]_`Ub]Q^USY†
U^UcdQT_U]RbY_^QbY__Q^}]YS_<Q]Qi_bQTU\QcY^YSYQdYfQcTUS_^c
dbeSSY†^TUS__`UbQdYfQcQR_bdQb_^U^U\UcdQTY_TU`b_iUSd_`UbUSYUb_^
Q\`_S_dYU]`_TUce^QSY]YU^d__\\UfQb_^e^QUhYcdU^SYQ\v^WeYTQaeU
U^TUVY^YdYfQ\QcS_^TeZ_Qe^Q]eUbdU]vc_]U^_cbv`YTQCY^U]RQb
W_\QcdU^dQdYfQcTUTUcQbb_\\_TUS__`UbQdYfQc^_VeUb_^UcSQcQc
5^Ze\Y_TU!(&#BQ]†^@YSQbdUQR_WQT_]QdU]vdYS_UY^WU^YUb_
TUSYUbd_bU^_]RbU!"%$Ve^T†U^CQ^dYQW_T_cUV]UbQcc_SYUTQTUcS__
`UbQdYfQc*e^QTUcQcdbUci_dbQTUjQ`QdUb_caeUVe^SY_^QRQ^U^cU^T_c
\_SQ\UccYdeQT_cVbU^dUQVbU^dUU^\QSQ\\U5cdQT_ !"%%1]RQcQc_SYQSY_^Uc
`UbcUWeQ^Q]RYSY_c_c_RZUdYf_caeU\_WbQb_^bUQ\YjQbcUTebQ^dUU\`Qb
TUQ…_cTUceUhYcdU^SYQ<QC_SYUTQTTUCQcdbUc\\UW†QdU^UbdQ\\UbUciQ\
]QS}^TUfU^dQU^U\SU^db_TU\QSYeTQT<QC_SYUTQTTUJQ`QdUb_c_C_SYU
TQTTU2_dUb_cUbQS_^_SYTQ`_bQ]R_c^_]RbUc`UbcUWeQ\_c]Yc]_c
VY^Uc@QbQ_RdU^UbbUSebc_c`QbQceVe^SY_^Q]YU^d_@YSQbdU\Q^j†e^Q
cecSbY`SY†^`‹R\YSQTU`b}cdQ]_cTU! Q^eQ\Uc`QWQTUb_cU^`b_TeS
d_cTUcedQ\\Ub!"%&
<QQS_WYTQTU\`‹R\YS_QS_]_TQT_VeU]eiReU^Q*T_cSYU^dQc`Ub
c_^Qc°U^dbUU\\QcS_^^_dQTQc`Ubc_^Q\YTQTUc\YRUbQ\UcS_]_:_Qae^
2\Ucd7Q^Q=Q^eU\:_c}2Q\]QSUTQ2U^ZQ]^FYSe…Q=QS[U^^QÂ^WU\
3ecd_TY_7Q\\_6UTUbYS_5bbvjebYji:_c}FYSd_bY^_<QcdQbbYQ°`bUcdQb_^
TY^Ub_`QbQ\QbUQ\YjQSY†^TU\`b_iUSd_!"%'<QcY^YSYQdYfQcTU@YSQbdUbUSY
RYUb_^U\Q`\Qec_e^v^Y]UTU\_c\TUbUcTU\QS\QcUTYbYWU^dU1TU]vc
TU\_ccecSbY`d_bUc\Q`bU^cQcY^TYcdY^SY†^TUdU^TU^SYQc`b_S\Q]†ce
Q`_i_Q\QcQc_SYQSY_^UcTUR_dUb_ciTUcQcdbUcVe^TQTQciTYbYWYTQc`_b
U\Z_fU^SYU^dVYS_5\6Ubb_SQbbY\]_^ddfQbYcdQ`UbSYRY†U^UcdQcc_SYUTQ

!"%$
BQ]†^@YSQbdU^QSY†U^CQ^dYQW_U^!(" 9^fU^d†e^cYcdU]QTU\_WQbYd]_c+fYQ
Z†Q6bQ^SYQU^!(%(5^@Qbc`eR\YS†e^Q_RbQdYde\QTQ<Q4YfYcY_^b}TeYdUwe^UQTTYdY_^
aeUbUSYRY†\QQ`b_RQSY†^TU\Q1SQTU]YQTU3YU^SYQcTU6bQ^SYQCecdQR\Qc\_WQbd]YSQc
Q\YWeQ\aeU_db_cT_c\YRb_cTU]QdU]vdYSQcVeUb_^Y]`bUc_cU^@QbcU^dbU!(%(i!(& 
4UbUWbUc_Q3XY\UcUWbQTe†TUY^WU^YUb_iQR_WQT_iVeU]YU]Rb_TU\Q6QSe\dQTTU3YU^
SYQc6cYSQci=QdU]vdYSQcTU\QE^YfUbYTQTTU3XY\U4Uc`e}cTUcecY^VbeSde_cQcdU^dQdYfQc
TUV_b]QSY†^TUc_SYUTQTUc_RbUbQcU^CQ^dYQW_cUdbQc\QT†U^!(&%QCQ^3Qb\_c`b_fY^
SYQTUseR\UT_^TUY^dU^d†SbUQbe^VQ\Q^cdUbY_cU]UZQ^dUQ\TU6_ebYUb<eUW_TU\VbQSQ
c_TUUcdQ^eUfQY^YSYQdYfQc_SYUdQbYQcUS_^cQWb†QcecY^fUcdYWQSY_^UcSYU^dVYSQcfYQZQ^T_
^eUfQ]U^dUQ6bQ^SYQXQSYQVY^UcTU\QT}SQTQTU!(( @UTb_@QR\_6YWeUb_Q4YSSY_^QbY_
2Y_WbvVYS_7U^UbQ\TU3XY\UCQ^dYQW_9]`bU^dQFYSd_bYQ!(((" UTYSY†^`vWc$""$"#Cec
_RbQccUS_^cUbfQ^U^\Q2YR\Y_dUSQ>QSY_^Q\TU6bQ^SYQU^@Qbc
!"%%
K5TYd_bYQ\M5\6Ubb_SQbbY\CQ^dYQW_# TUZe\Y_TU!(&#+BQ]bUj>US_SXUQ8Yc
d_bYQTU\]_fY]YU^d__`SYd`vW!&#
!"%&
²<QcQc_SYQSY_^UcTU_RbUb_cU^CQ^dYQW_³5\=UbSebY_FQ\`QbQc_")TUTYSYU]
RbUTU!(&#
!"%'
²C_SYUTQTTUR_dUb_c³5\9^TU`U^TYU^dUCQ^dYQW_(TU]Qbj_TU!(&$+²1c_SYQ
SY†^TUR_dUb_c³5\9^TU`U^TYU^dUCQ^dYQW_"!TU]Qbj_TU!(&$

$$&
TUce^UZU]`\_TUcUbY]YdQT_`_b_db_cWbU]Y_c_RbUb_cS_^cYTUbv^T_
\QcS_]_e^]UTY_`QbQdbQ^cV_b]QbQ\_RbUb_U^SQ`YdQ\YcdQi²S_^S\eYb
S_^U\`b_\UdQbYQT_³`eUcU^ceS_^SU`SY†^²\YRUbdQ^T_Q\dbQRQZ_TU\Q
dYbQ^QTU\SQ`YdQ\Q\_RbUb_TU\QTU`U^TU^SYQTU\]QUcdb_KU\\QcMce`bY
]U^U^WbQ^`QbdU\_cQWU^dUcY^dUb]UTYQbY_cidbQU^U\ReU^]UbSQT_+i
UcdQR\USYU^T_e^Qc_\YTQbYTQTS_]`\UdQU^dbUd_T_c\_cQc_SYQT_cVe^
TQ^e^QbUS`b_SQfYWY\Q^SYQaeUQcUWebQce]_bQ\YTQT³ !"%(5\=UbSebY_
WU^}bYSQ]U^dU\YRUbQ\`Ub_cY^TUVY^YSY†^`QbdYTQbYQfY_U^TYSXQcQc_
SYQSY_^UcU\bU^QSY]YU^d_TU\_cWbU]Y_cS_\_^YQ\Uci\Qce`UbQSY†^TU
]_fY]YU^d_cbUYfY^TYSQdYf_c°S_]_U\TU\_ccQcdbUcaeUU^Q…_cQ^dUbY_
bUcXQRQ^QWYdQT_\QcSQ\\UcTUCQ^dYQW_°`_b\QfQTUe^QbUTUVY^YSY†^
TU\_c_RZUdYf_cTU\_cdbQRQZQT_bUc*

KM\_c_RbUb_cTU\QSQ`YdQ\Q\USSY_^QT_c`_be^Q
TebQUh`UbYU^SYQTUTUcU^WQ…_cXQ^feU\d_\_c_Z_cQcY
]Yc]_cicUXQ^`UbceQTYT_TUaeUce`b_`Y_SQ`YdQ\UbQ
cedbQRQZ_ceY^TU`U^TU^SYQTU\Q_`bUcY†^TU\dQ\\Ub
UbQ\Qe^Y†^TUcecVeUbjQcice]UZ_b`b_dUSSY†^VYcSQ\
UcdQRQfY^Se\QTQU^ce`b_`YQbUW\Q]U^dQSY†^ !"%)

1`UcQbTUUc_cUcd]e\_c\QcQc_SYQSY_^UcTUcQcdbUciTUR_dUb_c
defYUb_^e^QUhYcdU^SYQRQcdQ^dUVeWQjTU\]Yc]_]_T_aeUe^Qc_SYU
TQTS__`UbQdYfQSbUQTQ`_S_TUc`e}c`_bU\]Yc]_@YSQbdUSei_SQc_
Q^Q\YjQbU]_c]vcQTU\Q^dU1\_c`_S_c]UcUce^QY^V_b]QSY†^TU`bU^
cQTQRQSeU^dQTU\`b_SUc_TUbv`YTQUhdY^SY†^TUQ]RQcY^cdYdeSY_^Uc*

1iUb^_]vc\\UWQRQQ^eUcdbQ^_dYSYQaeU\Qcc_
SYUTQTUc iQ Ve^TQTQc `QbQ \Q `b_TeSSY†^ U^ S_]‹^
\Q^WeYTUSQ^iQe^e^QTUU\\QcUcdQRQQ]U^QjQTQTU
TYc_\eSY†^_TUbeY^Q^_`_bVQ\dQQ\We^QTU\_c`_RbUc
Qc_SYQT_ccY^_dQ^c†\_`_bSQbU^SYQQRc_\edQTUSQ`Y
dQ\U\U]U^d_Y^TYc`U^cQR\U`QbQce`b_c`UbYTQTi`Ub
]Q^U^SYQ !"& 

E^Q‹\dY]QdU^dQdYfQTUcdY^QTQQcQ\fQb\QC_SYUTQTTUcQcdbUc]UTYQ^
dU\QQ`UbdebQTUe^QcecSbY`SY†^TUQSSY_^UcTU" SQTQe^Q !"&!^_
`eT_Y]`UTYbceTUcQ`QbUSY]YU^d_TU\]Yc]_]_T_aeUceX_]†\_WQ
TUjQ`QdUb_c

!"%(
K5TYd_bYQ\M5\6Ubb_SQbbY\CQ^dYQW_# TUZe\Y_TU!(&#_`SYd
!"%)
²<QcQc_SYQSY_^UcTU_RbUb_c³_`SYd
!"&
²1c_SYQSY_^UcTU_RbUb_c³5\9^TU`U^TYU^dUCQ^dYQW_"!TUQRbY\TU!(&%
!"&!
²1c_SYQSY†^TUcQcdbUc³5\9^TU`U^TYU^dUCQ^dYQW_%TUZe\Y_TU!(&%+²1c_SYQSY†^
TUcQcdbUc³5\9^TU`U^TYU^dUCQ^dYQW_"&TUZe\Y_TU!(&%

$$'
 8QSYQ\Q]Yc]Q}`_SQU^!(&$@YSQbdU`b_`ec_\QS_^cdYdeSY†^TU
e^Q_bWQ^YjQSY†^aeUVeUbQS__`UbQdYfQTUS_^ce]_cc_SYUTQTTUc_S_
bb_c]ede_ciSQZQTUQX_bb_c`_`e\Qb<_c_RZUdYf_cTUUcdU_bWQ^Yc]_
aeURQedYj†C_SYUTQTDbQRQZ_`QbQD_T_ccUbQ^cUW‹^\_UcdY`e\QT_U^cec
UcdQded_c*
KM`b_SebQbQcecc_SY_cQ\Y]U^d_ccQ^_ciRQbQd_c
SbeT_c_S_SYT_c]UTYQ^dU\Qce`bUcY†^U^\QcS_]
`bQcTUd_T_Y^dUb]UTYQbY_S_]_YWeQ\]U^dU\QS_^VUS
SY†^TUU\\_cU^WbQ^UcSQ\QUdSKMRQZQbU\`bUSY_TU\
QbbYU^T_TU\QcXQRYdQSY_^UcTU\_cc_SY_ccYcdU]Q^T_
`QbQU\\_\QWQbQ^dQTU\Qc_SYUTQTiKM`b_`_bSY_^Qb
\UcdbQRQZ_UcdQR\USYU^T_U^dbU\_cQc_SYQT_cU\SQ]RY_
TU\_c`b_TeSd_cdbQRQZQT_c`_bU\\_c]Yc]_c !"&"

<QYTUQSU^dbQ\TU\`b_iUSd_Q`e^dQRQQce`bY]Yb\_]vc`_cYR\U\_c
Y^dUb]UTYQbY_cU^dbUU\`b_TeSd_biU\S_^ce]YT_bS_]`bQ^T_\_cQbd
Se\_cQ\`_b]Qi_bS_]_e^Q]Q^UbQTUQRQbQdQb\_c`bUSY_cTU\_c`b_
TeSd_cTUS_^ce]_`_`e\Qb5\`\Q^S_^dU]`\QRQdQ]RY}^\QRQZQTU\
`bUSY_TU\QcXQRYdQSY_^Ucb_`QU^cUbUcT_]}cdYS_ci_db_cQbdSe\_c
`b_TeSY}^T_\_cU^Y^TecdbYQcTU\Q]Yc]Qc_SYUTQT!"&#@QbQ\\UfQbQSQR_
ce`b_`eUcdQ@YSQbdU\Q^j†e^^eUf_\\Q]Q]YU^d_Q\`‹R\YS_QVY^TUS_^
cUWeYb!  _VbUSYU^T_e^Y^dUb}cQ^eQ\TU! 5\Z_fU^]QdU]vdY
S_Q^e^SY†e^Q`Ub]Q^U^SYQU^U\SU^db_TU\QSYeTQTd_T_c\_cTQcTUc
TU\QcT_SUTU\TQXQcdQ\QcdbUcTU\QdQbTU`QbQTQbUh`\YSQSY_^UcQ\_c
Y^dUbUcQT_c!"&$1\YWeQ\aeU@b_eTX_^ceY^c`YbQT_b@YSQbdUUc`Ub†U^
fQ^_<QC_SYUTQTDbQRQZ_`QbQD_T_c^_`Qc†TUcUbe^ceU…_WU^Ub_c_
TUce`b_]_d_b
<Q1c_SYQSY†^TUDbQRQZQT_bUcTUFQ\`QbQc_S__`UbQdYfQVe^TQTQU\&
TUU^Ub_TU!(''`_b6Ub]^FYfQSUdQiSeQbU^dQi_SX_`Ubc_^QcTUTY
fUbc_c_VYSY_c^_def_]UZ_bceUbdU!"&%3bUQTQU^e^S_^dUhd_TUQWeTQ

!"&"
5cdQded_cTU\QC_SYUTQTdYde\QTQDbQRQZ_`QbQD_T_cCQ^dYQW_9]`bU^dQ>QSY_^Q\
!(&$
!"&#
9RYT
!"&$
5cdQded_cTU\QC_SYUTQTdYde\QTQ_`SYd
!"&%
<_c_VYSY_cTU\_cS_Ve^TQT_bUcaeUQS_]`Q…QRQ^QFYfQSUdQUbQ^\_ccYWeYU^dUc*
T_cSQb`Y^dUb_ce^UcSe\d_be^d_b^Ub_e^SQbb_SUb_T_cUcdeSQT_bUcT_cQ\RQ…Y\UcdbUc
`Y^d_bUcT_cU]`\UQT_cT_cbU\_ZUb_ce^jQ`QdUb_e^Q`QbQT_be^cQcdbUT_cXUbbUb_c
e^S_]UbSYQ^dUe^]Y\YdQbe^TYReZQ^dUe^²SQ`YdQ\YcdQ³e^`U\eaeUb_T_c\QfQ^TUbQci
e^Q]QTbUTUVQ]Y\YQ5\SQbb_SUb_UbQ5hUaeYU\3Q\}Ve^TQT_bU^!('%TU\QE^Y†^6bQdUb
^Q\TU8UbbUb_ci3Qbb_SUb_cTUFQ\`QbQc_6Ub]^FYfQSUdQE^Y†^i6bQdUb^YTQTTU\_cdbQRQZQT_
bUcc_cdU^YTQ`_b\QcQc_SYQSY_^UcS__`UbQdYfQc3_^VUbU^SYQ`_b6Ub]^FYfQSUdQ`b_VUc_bTUTYReZ_
\Y^UQ\i_b^Q]U^dQ\FQ\`QbQc_9]`bU^dQTU\²4URUb³!(''`vWc" "#5cdUdUhd_dQ]RY}^
VeUbU`b_TeSYT_U^<Q9^TecdbYQ3XY\U^QCQ^dYQW_"%TUQW_cd_TU!(''

$$(
SbYcYcUS_^†]YSQ\QS__`UbQdYfQ`_bdU…QcURQcQRQU^e^cYcdU]QTUQS
SY_^UcTU%SQTQe^Q`eTYU^T_`_cUUbSQTQc_SY_e^^‹]Ub_Y\Y]YdQ
T_Cec_RZUdYf_cUbQ^fQbYQT_ciQ]RYSY_c_c*Y^cdQ\QSY†^TUe^RQjQbT_^
TUcec]YU]Rb_c`eTYUbQ^fU^TUbcec`UbdU^U^SYQcU^SQc_TU^USUcYTQT
U^fUjTUcUbUh`\_dQT_cU^\QcSQcQcTU`bU^TQ+S_^cdbeSSY†^TUUTYVYSY_c
`QbQTQbdbQRQZ_QQ\RQ…Y\UcSQb`Y^dUb_ci`Y^d_bUcaeU^_VeUbQ^TeU…_c
TUdQ\\UbUcVYZ_c+UcdQR\USY]YU^d_TUUcSeU\QcT_]Y^YSQ\Uc`QbQY]`QbdYb
U^cU…Q^jQ`b_VUcY_^Q\Q\_c_RbUb_cUdS}dUbQ !"&&
1\We^Qcc_SYUTQTUcTUc_S_bb_c]ede_cY^dU^dQb_^V_b]QbS__`UbQ
dYfQcTUS_]`bQiTU`b_TeSSY†^°U^dbUUcdQc‹\dY]Qc\Q5]`bUcQ_C_SYUTQT
9^TecdbYQ\\Q^jQTQU^!(&%`_b\QC_SYUTQTTU1bdUcQ^_cTU3_`YQ`†!"&' iU\dQ
\\UbVU]U^Y^_TUS_cdebQ`b_iUSdQT_U^!(&(`_b\Q]Yc]QY^cdYdeSY†^
`QbQ\Qc]eZUbUci`QbYU^dUcSUbSQ^_cTU\_cc_SY_cTU\Q]edeQ\!"&( °`Ub_
\Q]Qi_bQcUcQ\T†U^VbQSQc_@_cdUbY_b]U^dUc†\_\QC_SYUTQTTUCQcdbUc
TUCQ^dYQW_°QS_]YU^j_cTU\QT}SQTQTU!(( ce`Ub_T_TUQeWU°\_Wb†
SbUQbe^QS__`UbQdYfQTUS_]`bQiTU`b_TeSSY†^<QS__`UbQdYfQcQcdbU
bY\QTaeYbY†dUbbU^_c`QbQfU^TUb\_c`_b\_dUcS_^WbQ^TUcVQSY\YTQTUcTU
`QW_Qcecc_SY_c !"&) UY^cdQ\†U^!(("e^dQ\\UbTUcQcdbUbQc_cdU^YT_`_b
QSSY_^UcTU! SQTQe^QS_^e^]vhY]_TUSY^S_QSSY_^Uc`_bc_SY_
<_cQSSY_^YcdQcdU^Q^\Q_R\YWQSY†^TU`bUVUbYb\Qc_RbQcTU\dQ\\UbQ\Qc
TU]vcdYU^TQcTUceW}^Ub_ !"' <QQc_SYQSY†^Ve^SY_^†UhYd_cQ]U^dUTe
bQ^dUfQbY_cQ…_cXQcdQaeUVeU\YaeYTQTQ`_b\QSbYcYcUS_^†]YSQTU\Q`_c
WeUbbQ*\_c]YU]Rb_cTU\QC_SYUTQTTUCQcdbUc^_`_TQ^cUWeYbS_dYjQ^T_
U\! TUcecQ\QbY__Y^WbUc_cU]Q^Q\S_]_\_XQRQ^XUSX_TebQ^dU\Q
}`_SQTUR_^Q^jQUS_^†]YSQ !"'!>Y^We^Q]edeQ\\_Wb†e^}hYd_cU]U
ZQ^dUU^U\SQ]`_TU\S__`UbQdYfYc]_C†\_\QC_SYUTQT5cSeU\QBU`eR\YSQ
^Q_bWQ^YjQSY†^c_SY_`_\dYSQ`_`e\QbS_^cYWeY†TUcQbb_\\QbU^dbU!(''
i!(("e^QS__`UbQdYfQTUS_^cdbeSSY†^ibU`QbQSY†^TUUTYVYSY_c\QC_SYU

!"&&
?`SYd`vWc""#!
!"&'
²5cdQded_cTU\QC_SYUTQT9^TecdbYQ\³5\3_`YQ`Y^_3_`YQ`†# TU]Qi_TU!(&%
!"&(
²@b_iUSd_TUbUW\Q]U^d_TU\dQ\\UbTUS_cdebQ³5\3_`YQ`Y^_3_`YQ`†!!TUZe
\Y_TU!(&(
!"&)
?^_VbU1fU^TQ…_6?bWQ^YjQSY†^C_SYQ\?RbUbQY5hv]U^TU3_^SYU^SYQ3_^VUbU^
SYQc\UTQcU^\QC_SYUTQTTU3Qb`Y^dUb_cY5RQ^YcdQc²6Ub]^FYfQSUdQ³U\")TU]Qbj_YU^\Q6UTUbQ
SY†^TU8UbbUb_c=USv^YS_cY3Q\TUbUb_cU\(TUQRbY\TU!) (CQ^dYQW_9]`bU^dQ5eb_`Q
!) #`vW)
!"'
²=_cdQSY\\Q³5\@bUSebc_bCQ^dYQW_!TUQRbY\TU!(("F}QcUdQ]RY}^²5\dQ\\Ub
TU\Qc_SYUTQTTUcQcdbUc³5\@bUSebc_bCQ^dYQW_!'TUQW_cd_TU!(("
!"'!
5\SQc_TU\_ccQcdbUccQ^dYQWeY^_cUbQbUQ\]U^dUUhSU`SY_^Q\<QUh`Q^cY†^TU
\QTU]Q^TQS_]UbSYQ\`b_TeSd_TU\Q7eUbbQTU\@QSVYS_ceS__`UbQdYfQ`b_TeSQe^Y
V_b]Uc`QbQU\UZ}bSYd_\_cReU^_ccQ\QbY_c_RdU^YT_cTUc`e}cTUQ\We^QcXeU\WQcTYbYWY
TQc`_b\Q]Yc]Q]edeQ\Ze^d_Q\QS_\QR_bQSY†^TU\_c`Qdb_^UcTU\Qc`bY^SY`Q\UccQcdbU
bQcTU\QSQ`YdQ\aeUTUcS_^dQRQ^U\! TU\_ccQ\QbY_ccU]Q^Q\UcTUcec_RbUb_cQVY\YQ
T_cQ\Qc_SYUTQTTUc_S_bb_c]ede_cU^dbUWv^T_\_TYbUSdQ]U^dUQ\QC_SYUTQTTUCQcdbUc
VeUb_^\QcSQecQcTU\QY^YWeQ\QTQSQ`QSYTQTTUQX_bb_TUUcdUWbU]Y_

$$)
TQTTUDQ\\UbUcaeUceSe]RY†YWeQ\]U^dUQ\SQR_TUQ\We^_cQ…_cQSQecQ
TU\QcTYVYSe\dQTUcUS_^†]YSQc!"'"
5\S__`UbQdYfYc]_TU\_c^‹S\U_c]vc_bWQ^YjQT_cTU\_cQbdUcQ^_c
i_RbUb_cTU\_cQ…_ccUdU^dQi_SXU^dQ°Q]U^eT_\_c]Yc]_caeUcU
QWbe`QRQ^U^\Qc]edeQ\Uc°Q`QbUSUQcS_]_e^QUc`UbQ^jQVbecdbQTQ
`_b\_cQ`eb_cUS_^†]YS_ci\QY^TYVUbU^SYQTUaeYU^UcTURQ^cUbcecc_c
dU^UT_bUc_RU^UVQSd_bUc²DQR\QTUcQ\fQSY†^³TU\_c`b_\UdQbY_cU^\Qc
SbYcYcUS_^†]YSQccUW‹^FYfQSUdQ !"'#U\S__`UbQdYfYc]_TURQ_VbUSUb
QTU]vc²\Q_`_bde^YTQTTUUcdQR\USUb`bY^SY`Y_cfUbTQTUbQ]U^dU‹dY\Uc
iS_^TeSU^dUc`QbQ`Ub`UdeQb\_cXvRYd_cTU_bWQ^YjQSY†^c_SYQ\UY^TYfY
TeQ\U^\QcS\QcUcdbQRQZQT_bQc³ !"'$
<QS_^SU`SY†^TU\S__`UbQdYfYc]_TUFYfQSUdQ°S_]`QbdYTQ`_b\Q
]Qi_bQTU\_c]Y\YdQ^dUc]edeQ\YcdQciS__`UbQdYfYcdQc°^_cURQcQRQU^U\
S_^SU`d_TU\eSXQTUS\QcUccY^_U^U\TUS__`UbQSY†^U^dbUSQ`YdQ\YcdQci
_RbUb_ccUW‹^U\SeQ\²d_T_ccU`bUcdQ^]ede_ccUbfYSY_ciQSbUSYU^dQ^ce
V_bde^Q³!"'%<QcY^V\eU^SYQcTU6_ebYUbUbQ^^_d_bYQciU\`b_`Y_\TUbTU
\_cdbQRQZQT_bUcSXY\U^_c\QcbUS_^_SQQRYUbdQ]U^dU !"'&5bQe^QUh`bU
cY†^TU\S_^SU`d_TU²bUWU^UbQSY†^TU\`eUR\_³aeU_db_TYbYWU^dU]e
deQ\YcdQTYVec_bTU\QYTUQS__`UbQdYfYcdQU\dY`†WbQV_`_bdU…_D_]vc:e
\Y_7_^jv\UjXQRQUh`eUcd_`_S_cQ…_cQ^dUc`\Q^dUQ^T_\Q^USUcYTQT*

KMaeU\_cTUcXUbUTQT_cTU\QV_bde^QS_]`bU^
TQ^TUe^QfUjaeU\Q]Q^UbQTU]UZ_bQbceS_^TYSY†^
^_UcdvSYVbQTQ‹^YSQ]U^dUU^ceRYbU\`bUSY_TUcedbQ
RQZ_cY^_U^Q`b_fUSXQb\_ce`UbV\e_KiaeUMKMfUQ^
aeU\Q‹^YSQ]Q^UbQTUbUTY]YbcUTU\Q]YcUbYQUcdvU^
U\QX_bb_iU^U]`\UQbUcQc`UaeU…QcUS_^_]QcU^c_
SYUTQTUcaeUS_]_\QcS__`UbQdYfQcTUS_^ce]_\Uc
_VbUSU^d_TQS\QcUTUcUWebYTQTUciWQbQ^dQc!"''

<Q`b}TYSQS__`UbQdYfYcdQ^_def_]Qi_bUS_*^Y\_cdbQRQZT_bUc]vc
`b_S\YfUcQ_bWQ^YjQbcU]_cdbQb_^]eSX_Y^dUb}cU^QTXUbYbQUcdQV_b]Q
TUQc_SYQSY†^`bUVYbYU^T_U\]edeQ\Yc]_+^Y\_cSQ`YdQ\YcdQccUTUZQb_^
S_^fU^SUbTU\Y^dUb}caeU\QcS__`UbQdYfQc`_TQ^bU`bUcU^dQb`QbQU\\_c
=eSX_cQ…_cTUc`e}cU^!) (e^S_^_SYT_TYbYWU^dU]edeQ\YcdQcY^dU
dYjQRQU\RQ\Q^SUTUUcdQcUh`UbYU^SYQcU^dbUcVbQcUc\Q`YTQbYQc*

!"'"
<QUh`UbYU^SYQTU\QC_SYUTQTTUDQ\\UbUcUcQ^Q\YjQTQZe^d_Q\QTU\_c`bY]Ub_c
Q…_cTU\QC_SYUTQT5cSeU\QBU`eR\YSQ^QF}QcUU\SQ`de\_H999
!"'#
FYfQSUdQ_`SYd`vW9F
!"'$
?`SYd`vW"
!"'%
9RYT
!"'&
?`SYd`vWc#'i#(
!"''
D_]vc:7_^jv\Uj<Qcc_SYUTQTUcS__`UbQdYfQcTUS_^ce]_FQ\`QbQc_9]`bU^dQ
TU<Q@QdbYQ!('#`vW"'

$%
 <Qcc_SYUTQTUcS__`UbQdYfQc^_XQ^cebWYT_U^dbU
^_c_db_c1SdeQ\]U^dU^_UhYcdU^Y^We^QaeUcU`Q]_c
`_b\_]U^_cU^CQ^dYQW_IcUW‹^`QbUSUdbQ^cSebbYbv
Q\W‹^dYU]`_Q^dUcTUaeU`eUTQ^SY]U^dQbcUiTQbcec
Vbed_c!"'(

5 C3E5<1C 45 DB121:14?B5C 69<1B=É>931C

45 ?2B5B?C I C?39129<9414 @?@E<1B

8QSYQVY^UcTUUcdU`Ub_T_S_]U^j†QS_^cdYdeYbcUe^^eUf_dY`_TU
_bWQ^YjQSY†^aeUY\ecdbQTUcTUe^v^We\_TYcdY^d_`Ub_Q\]Yc]_dYU]
`_S_]`\U]U^dQbY_Q\TU\]edeQ\Yc]_U\`b_SUc_TUQed_QVYb]QSY†^TU
e^QS_^SYU^SYQiTUe^QSe\debQ`_`e\Qb@b_SUc_aeU^_`eUTUU^dU^
TUbcUS_]_U\TU\QQVYb]QSY†^TUe^Q²Se\debQ³`b_`YQS_^dbQTYSd_bYQ_
QRc_\edQ]U^dUQed†^_]QTU\Q²Se\debQSXY\U^Q³TUUcdQ}`_SQUcTUSYb
TUQaeU\\QWU^UbQTQ`bUVUbU^dU]U^dU`_b\QcS\QcUcce`UbY_bUc<QcUh
`bUcY_^UcSe\debQ\Uc\YWQTQcQUcdU]_fY]YU^d_`QbUSU^cUbU\bUce\dQT_
TUe^Q\USdebQ`_`e\QbTU\YTUQbY_\YRUbQ\TU²bUWU^UbQSY†^TU\`eUR\_³
Uc`USYQ\]U^dUU^dbUU\QbdUcQ^QT_i\_c_RbUb_cSQ\YVYSQT_cTU\_c`bY^SY
`Q\UcSU^db_cebRQ^_c
4UcTU\Qc`bY]UbQcT}SQTQcbU`eR\YSQ^QccU`b_TeZ_e^Q\U^dQd_]Q
TUS_^SYU^SYQ`_b`QbdUTUcYW^YVYSQdYf_ccUSd_bUcTUdbQRQZQT_bUc]Q^eQ
\UcQSUbSQTUceUc`USYVYSYTQTifQ\_bTU^db_TU\QZUbQbaeQc_SYQ\<Q
`bU^cQ`_`e\QbTU\Q}`_SQUcbYSQU^UcdUdY`_TUQVYb]QSY_^Uc*U\²QbdU
cQ^_³U\²_RbUb_³_U\²Y^TecdbYQ\³d}b]Y^_Uaef_S_aeUQfUSUcTUcYW
^QQ\_c_RbUb_c]Q^eVQSdebUb_cU^SYUbdQc_SQcY_^UcQ\_cQbdUcQ^_ci
U^_dbQc_`_bde^YTQTUcQ\_cU]`bUcQbY_cTUUcdUbeRb_US_^†]YS_Uc\Q
RQcUTU\Qc_SYUTQTU\U\U]U^d_]vcQSdYf_ifQ\Y_c_U\U]U^d_aeUTURU
U\UfQbcUc_SYQ\US_^†]YSQSe\debQ\i]_bQ\]U^dUQ\cYdY_aeU\US_bbUc
`_^TU`_bceQ`_bdUQ\RYU^S_]‹^4YSX_QcSU^c_cUbQU\Vbed_TU\Q
U\UfQSY†^TU\²^YfU\]_bQ\UY^dU\USdeQ\TU\_c_RbUb_ciTU\`eUR\_U^
WU^UbQ\³QdbQf}cTU\Q`bvSdYSQTU\QX_bb_TU\c_S_bb_]ede_iTU\UcdQ
R\USY]YU^d_TUUcSeU\Qc`QbQdbQRQZQT_bUci_dbQcY^YSYQdYfQcTUcdY^QTQcQ
VQSY\YdQbU\\_Wb_TU\_c_RZUdYf_cTU]UZ_bQ]YU^d_c_SYQ\ !"')5cdUSbUT_
UbQe^ReU^bUV\UZ_TU\QcYTU_\_WQcTU`b_WbUc_TU\Q}`_SQi`_bU^TU
UbQS_]`QbdYT_S_^TYfUbc_c]QdYSUcdQ^d_`_b\Q`b_`YQU\YdUTU\_cdbQ
RQZQT_bUc_bWQ^YjQT_cU^\Qc]edeQ\Uci_dbQcQc_SYQSY_^Uc`_`e\QbUc

!"'(
1fU^TQ…__`SYd`vW!$
!"')
<_cd}b]Y^_cU^dbUS_]Y\\QccUbUVYUbU^Q\_c²Y^]U^c_cRU^UVYSY_caeUdbQUS_^
cYW_\QVe^TQSY†^TURYR\Y_dUSQc`_`e\QbUc³iXQ^cYT_cQSQT_cTUe^_VYSY_U^fYQT_U\"TU
]Qi_TU!('(`_b\QC_SYUTQTTUCQcdbUcTUCQ^dYQW_Q\=Y^Ycdb_TU\9^dUbY_b1>1=9f_\
("&9^dU^TU^SYQTUCQ^dYQW_!('(cV

$%!
S_]_`_bfQbYQTQcS_bbYU^dUcTU\QS\QcUT_]Y^Q^dU4UQ\\U^d_^SUc\Q
]e\dY`\YSQSY†^TU`b_iUSd_cTU\QcQed_bYTQTUcY^cdYdeSY_^Uc`bYfQTQc
`_\dYSQcbU\YWY_cQci_dbQciTU\Qc`b_`YQcc_SYUTQTUcTUc_S_bb_c]e
de_c`QbQSbUQbRYR\Y_dUSQc`_`e\QbUciUcSeU\QcTUi`QbQdbQRQZQT_bUc
E^QQc`YbQSY†^TUY^dUWbQSY†^c_SYQ\QdbQf}cTU\QUTeSQSY†^bUS_bbQQ
cYW^YVYSQdYf_ccUW]U^d_cTU\]e^T_`_`e\Qb!"( 
>eUcdbQQdU^SY†^cUXQSU^dbQT_U^QaeU\\QcUh`UbYU^SYQcWU^UbQ
TQc_S_`b_dQW_^YjQTQc`_b\Qc`b_`YQcQc_SYQSY_^Uc`_`e\QbUcU^S_\Q
R_bQSY†^S_^\QY^dU\USdeQ\YTQT\YRUbQ\E^QSQc_Q^Q\YjQT_]vcQTU\Q^
dUU\TU\Q5cSeU\Q>_Sdeb^QTU\QC_SYUTQTTU1bdUcQ^_c²<QE^Y†^³TUCQ^dYQ
W_\Q]vcY]`_bdQ^dUU^ceW}^Ub_TebQ^dUd_T_U\cYW\_H9H^_cXQcUb
fYT_TU]_TU\_`QbQU\UcdeTY_TU\QcY^YSYQdYfQcTUUTeSQSY†^`_`e\Qb
Y]`e\cQTQc`_b\Qc]Yc]Qc_bWQ^YjQSY_^UcTUdbQRQZQT_bUc !"(!@_bU\]_
]U^d_RQcdUcU…Q\QbaeU\QcUcSeU\Qc^_Sdeb^Qc_fUc`UbdY^QcTU_RbU
b_ciQbdUcQ^_cVeUb_^^e]Ub_cQcDQ^c†\_TebQ^dUU\`Ub_T_!(&"
!(')Ve^TQb_^UcdQR\USY]YU^d_cTUUcdUdY`_\Qcc_SYUTQTUcTUQbdUcQ^_c
TUFQ\`QbQc_!(&!TUS_bdQUhYcdU^SYQcYU^T_bUU]`\QjQTQ]vcQTU
\Q^dU`_bdQ\\UbUcTUXUbbUbQiTUSQbb_SUbQCQ^dYQW_!(&"DQ\SQ
!(&&\eUW_TUe^SYUbbUe^^eUf_`\Q^dU\U^!(&)3_`YQ`†!(&$
<Y^QbUc!(&'<QCUbU^Q!(&)bUU]`\QjQTQ`_b_dbQU^!('$FQ\\U
^Qb!(' 3_aeY]R_!('#bUSUc_ibUQ`UbdebQU^!('&i3XY\\v^
!('$!"("1TU]vcTUUcdQcUcSeU\QcTURUbQS_^cYW^QbcUe^QcUbYUTU
Y^YSYQdYfQcS_]`\U]U^dQbYQcTUUTeSQSY†^`_`e\QbS_]_`_bUZU]`\_
\_cSebc_cTUVbQ^S}cVcYSQiUS_^_]Q`_\dYSQ`QbQ_RbUb_cU^U\3_\UWY_
9^dUb^QSY_^Q\TUCQ^dYQW_aeUS_]U^j†QY]`QbdYbQVY^UcTU!('%7eY\\Ub
]_3TU<QbbQiQbUTQSd_bTU<Q9^TecdbYQ3XY\U^Q!"(#<QcS\QcUcUbQ^S_^
SURYTQcS_]_e^S_]`\U]U^d_Q\Q\QR_bbUQ\YjQTQ`_b\QUcSeU\Q^_Sdeb
^QTUQbdUcQ^_cbUWU^dQTQ`_b²<QE^Y†^³TUCQ^dYQW_iUcdQRQ^Uc`USYQ\
]U^dUTUcdY^QTQcQQaeU\\_cdbQRQZQT_bUcaeU`_bXQRYdQb\UZ_cTU\SU^

!"(
<QTYcdY^SY†^U^dbUUcSeU\Qc²TU³i²`QbQ³QbdUcQ^_cUcY]`_bdQ^dU`eUcd_aeU
TU^_dQU\_bYWU^TU\QY^YSYQdYfQ<QcUcSeU\Qc²TUQbdUcQ^_c³UbQ^SbUQTQc`_b\Qcc_SYUTQ
TUcTUQbdUcQ^_ciV_b]QRQ^`QbdUTUe^`b_iUSd_c_SYQ\iUTeSQdYf_]vcQ]`\Y_U\TU\
]edeQ\Yc]_<QcUcSeU\Qc²`QbQQbdUcQ^_c³U^SQ]RY_bUc`_^TQ^Q\QQSSY†^TUTYVUbU^
dUcWbe`_cTU\QS\QcUTYbYWU^dUY^dUbUcQT_cU^\QUTeSQSY†^i]_bQ\YjQSY†^TU\`eUR\_
F}QcUQ\bUc`USd_=Y\d_^7_T_i²=edeQ\Yc]_iUTeSQSY†^*\QcUcSeU\Qc^_Sdeb^QcTUQbdU
cQ^_c!(& !(( ³U^Ì\dY]Q4}SQTQ>¡"FY…QTU\=QbQW_cd_TU!))$`vWc'#()
!"(!
F}QcUU^U\SQ`de\_H9FU\QSv`YdU²5\QcUc_bQ]YU^d_TU\QcUcSeU\QcTUQbdUcQ
^_ci\QcS_^VUbU^SYQc`_`e\QbUc5\SQc_TU\Q5cSeU\Q2U^ZQ]^6bQ^[\Y^³
!"("
²=U]_bYQTU\QC_SYUTQTTU1bdUcQ^_cTUFQ\`QbQc_³5\1bdUcQ^_DQ\SQ!!TU
Ze\Y_TU!(&)+²5cSeU\Q`QbQQTe\d_c³_`SYd+<Q5cSeU\Q6UTUbYS_FQbU\Q@eR\YSQSY†^U^ce"%
Q^YfUbcQbY_FQ\`QbQc_9]`bU^dQFYSd_bYQ!)"#+4_Se]U^d_cc_RbUc_SYUTQTUc_`SYd
`vWc!#'icYWeYU^dUc#( #(!#)'i#)(
!"(#
CU]Q^QbY_TU\4YbUSd_bY_9^TecdbYQ\_C_SYUTQT>QSY_^Q\9^TecdbYQ\_bWQ^Yc]_
S_]`eUcd_`_bTYbYWU^dUc]edeQ\YcdQciQ\We^_c`Qdb_^UcTU]Q^eVQSdebQce^YT_cdbQcU\
S_]‹^_RZUdYf_TU\V_]U^d_Q\QY^TecdbYQ^QSY_^Q\DU]QdbQdQT_U^U\SQ`de\_H99

$%"
db__`_b_dbQcbQj_^Uc^_`_TQ^QcYcdYbQ\QUcSeU\QTU\Qc_SYUTQTTU
QbdUcQ^_c!"($
5cdQcUh`UbYU^SYQc`UTQW†WYSQcc_cdU^YTQc`_b\Qc_bWQ^YjQSY_^Uc
`_`e\QbUcbUc`_^TQ^Q\Q^USUcYTQTTU²Y\ecdbQSY†^³i²]_bQ\YjQSY†^³
TU\`eUR\_`b_S\Q]QTQ`_b\_cf_SUb_cTU\QcS\QcUcce`UbY_bUciTU\_c
`b_`Y_cdbQRQZQT_bUc]edeQ\YcdQcCeQSSY†^dU^QUVUSd_c\Y]YdQT_c<Qc
TYVYSe\dQTUcVY^Q^SYUbQcTU\QcY^cdYdeSY_^UcaeU\QcY]`e\cQRQ^\Qc]Q\Qc
S_^TYSY_^UcTUfYTQiTUdbQRQZ_TU\_c_RbUb_ciQbdUcQ^_caeUS_^cdY
deQ^ceQ\e]^QT_Q]}^TU_db_cVQSd_bUcS_]`\_dQRQ^S_^dbQ\_c_R
ZUdYf_c`UbcUWeYT_c`_bcecY]`e\c_bUc*\QSQ^dYTQTTUdbQRQZQT_bUcaeU
S_^SebbQ^QcecQe\QcUbQ]ei\Y]YdQTQ1\We^_cTYbYWU^dUcQbdUcQ^Q\Uc
S_]`bU^TYUb_^\Q^USUcYTQTTUUVUSdeQbe^dbQRQZ_]vcQ]`\Y_`QbQ\_
WbQb\QQ^cYQTQ²bUWU^UbQSY†^TU\`eUR\_³5\`b_iUSd_bUV_b]QT_bdU^Q
aeUS_]`bU^TUb_db_cQc`USd_cTU\QfYTQ*Ze^d_Q\Q²Y^cdbeSSY†^³XQRQ
aeUU^VbU^dQbU\`b_R\U]QTU\QcTYfUbcY_^Uc`_`e\QbUc5\Q\S_X_\Yc]_
U\ZeUW_i_dbQcTYfUbcY_^Uc²Y^]_bQ\Uc³\QVbUSeU^dQSY†^TU²SXY^WQ^Qc³
iTU]vc²\eWQbUcTU`UbTYSY†^³TURQ^cUbbUU]`\QjQT_c`_bQSdYfYTQTUc
iTYfUbcY_^UcaeUS_^dbYReiUbQ^QY^cdbeYbiTYW^YVYSQbQ\_cdbQRQZQT_bUc
<QdQbUQUbQdYdv^YSQ`eUcd_aeUU\_RZUdYf_]_bQ\YjQT_bU^S_^dbQRQcec
`bY^SY`Q\UcUcS_\\_cU^Q\We^QcTU\QcUh`bUcY_^Uc]vcQbbQYWQTQcTU\Q
c_SYQRY\YTQT`_`e\QbSei_SQbvSdUb²RvbRQb_³i`bU]_TUb^_SX_SQRQ
S_^U\`b_iUSd_TU]_TUb^YTQTY\ecdbQTQaeUcU`bUdU^TQ\UfQ^dQb@QbQ
XQSUbVbU^dUQUcdQcTYVYSe\dQTUcQ^dUciTebQ^dU\Q7eUbbQTU\@QSVYS_
S_]U^jQb_^QcebWYb\Qc`bY]UbQc²c_SYUTQTUcVY\Qb]†^YSQcTU_RbUb_c³
<QTU\QSQ`YdQ\VeU\Q`bY]UbQU^ceW}^Ub_cYbfYU^T_TU]_TU\_
`QbQ\QcaeU\UcYWeYUb_^`_cdUbY_b]U^dUCeWU^UbQSY†^VeUQRc_\edQ
]U^dUUc`_^dv^UQQ`QbdYbTUe^Wbe`_TUdbQRQZQT_bUcaeUcUbUe^Q^
XQSYQ!('!U^SQcQTU\TUcdQSQT_TYbYWU^dUQbdUcQ^_1TbYv^FvcaeUj`QbQ
cUWeYbSebc_cTURQY\U@_S_Q`_S_U\^‹S\U_TUQ`bU^TYSUcVeUS_^c_\Y
Tv^T_cUiU^cU`dYU]RbUTU!('"TUSYTY†V_b]Q\YjQbceUhYcdU^SYQQT_`
dQ^T_U\^_]RbUTUC_SYUTQTTU1]YW_ciTQbcUe^bUW\Q]U^d_1^dUcTU
aeUdbQ^cSebbYUbQe^Q…_XQSYQQRbY\TU!('#U\S\eRTURQY\UcUdbQ^cV_b
]†U^C_SYUTQT6Y\Qb]†^YSQTU?RbUb_cTUCQ^dYQW_:e^d_QFvcaeUjQSdeQ
RQDbYcdv^3_b^UZ__db_TYbYWU^dU]edeQ\YcdQSeiQS_^dbYReSY†^VeUTU
SYcYfQU^U\QSd_Ve^TQSY_^Q\ !"(%<QdbQ^cV_b]QSY†^_`UbQTQcYW^YVYSQRQ
aeUU\Wbe`_TUQ]YW_cY^YSYQ\cU`b_`_^Q_RZUdYf_c]vcQ]RYSY_c_c
rcd_cVeUb_^TUVY^YT_cU^cec`bY]Ub_cUcdQded_cS_]_\Q`b_`QWQSY†^TU

!"($
²3b†^YSQ³<Q9^TecdbYQ3XY\U^QCQ^dYQW_!(TUcU`dYU]RbUTU!('%
!"(%
1^d_^Y_=_bWQT_²3_^VUbU^SYQc\UYTQcU^\QC_SYUTQT6Y\Qb]†^YSQTU?RbUb_c
Ce_bYZU^Y`bY^SY`Y_c³<Qc>_fUTQTUcCQ^dYQW_"i#TUU^Ub_TU!(')+DbYcdv^3_b^UZ_
²3_^VUbU^SYQc\UYTQcU^\QC_SYUTQT6Y\Qb]†^YSQTU?RbUb_cCe_bYZU^Y`bY^SY`Y_c³<Qc
>_fUTQTUcCQ^dYQW_)TUU^Ub_TU!(')+<†`Uj_`SYd`vW3#+4_Se]U^d_cc_RbUc_SYUTQ
TUc_`SYd`vWc"#&i"#'

$%#
²\Q]‹cYSQU\RQY\Ui\QY\ecdbQSY†^U^dbUcec]YU]Rb_c³aeUc†\_`_TQ^
cUb_RbUb_c²_UZUbSUbe^Q`b_VUcY†^_Y^TecdbYQ³ !"(&<Q6Y\Qb]†^YSQTU
?RbUb_cTUCQ^dYQW_UbQ\Q`bUSebc_bQTU\Qcc_SYUTQTUc]YhdQcUcTUSYb
UcdQRQS_]`eUcdQ`_b`Ubc_^QcTUQ]R_ccUh_c !"('iUZU]`\YVYSQRQQ\Q
`UbVUSSY†^U\YTUQbY_TU\]_fY]YU^d_Qc_SYQdYf_`_`e\QbaeUcUfU^QTU
cQbb_\\Q^T_TUcTU]UTYQT_cTUcYW\_`eUc²U^SQb^QRQ\QYTUQTUQbbQ^
SQbQ\]Qi_b^‹]Ub_`_cYR\UTUS_]`Q…Ub_cTU\_cW_SUc`Ub^YSY_c_cTU
\QdQRUb^QibU]_\YU^TQiSQ]RYQbcecXvRYd_c`_bS_cde]RbUc]vc`e\
SbQciQTUSeQTQcQ\QSYfY\YjQSY†^QSdeQ\³ !"((
4YfUbcY_^UccQ^QcY\ecdbQSY†^]_bQ\YjQSY†^i]vcdQbTU`bvSdYSQ
TU\c_S_bb_]ede_U^dbUcecQc_SYQT_cUbQ^\_c_RZUdYf_cTU\Q^eUfQV_b
]QQc_SYQdYfQTU\QU\YdUTU\]e^T_`_`e\Qb!"()5\YTUQbY_cU]QdUbYQ\YjQ
RQQdbQf}cTUS\QcUcTU]‹cYSQRQY\UdUQdb_i_bQd_bYQbU`bUcU^dQSY_^Uc
\bYSQcidUQdbQ\Uc_bWQ^YjQSY†^TUS_^VUbU^SYQciS_^cdYdeSY†^TUe^QRY
R\Y_dUSQU^cecUTUc_SYQ\ITUcTU]eidU]`bQ^_cUUcdQR\USY†e^UcdbU
SX_f^Se\_S_^U\]_fY]YU^d_]edeQ\YcdQTU\aeU`b_fU^Q^WbQ^`QbdU
TUcecTYbYWU^dUci^_`_S_cTUcecQTXUbU^dUc!") 5\_RZUdYf_²bUWU^UbQ
T_bTU\`eUR\_³UbQU\`e^d_S_]‹^U^dbUQ]R_cdY`_cTU_bWQ^YjQSY†^
`_`e\Qb5\}^VQcYcTQT_`_b\Q6Y\Qb]†^YSQTU?RbUb_cQ\Q²Y\ecdbQSY†^³i
²]_bQ\YjQSY†^³Ze^d_Q\QccUfUbQc^_b]QcTUY^WbUc_iTUS_^TeSdQY]
`eUcdQcQ\_cc_SY_c`Ub]YdYUb_^fU^SUb\QSbdYSQY^cYTY_cQTU\_ccUSd_
bUcS_^cUbfQT_bUcie\dbQ]_^dQ^_c>Y^We^Q`Ubc_^QSQcdYWQTQ`_b\_c
DbYRe^Q\UcTU:ecdYSYQ²S_^`U^QQV\YSdYfQ_Y^VQ]Q^dU`_bSQc_`bU]UTY
dQT_³UbQQSU`dQTQU^cecU^_!")!3eQ\aeYUbS_]`_bdQ]YU^d_S_^cYTU
bQT_Y^S_^fU^YU^dU`_TQcUb_RZUd_TUcQ^SY_^UcaeUYRQ^XQcdQ\QUh
`e\cY†^TU\Qc_SYUTQT+\_cQc`YbQ^dUcaeU^_defYUbQ^e^Q`b_VUcY†^S\Q
bQ]U^dUUcdQR\USYTQUbQ^bUSXQjQT_ciQ\We^_cRQY\UcaeU`_TQ^TQb
`vRe\_QSbdYSQc]Q\Y^dU^SY_^QTQc°S_]_\QSeUSQi\QQeb_bQS_^_SYTQ
fe\WQb]U^dUS_]_U\cUbbeSX_°VeUb_^`b_XRYT_cU^\QcUTUc_SYQ\ !")"<Q
6Y\Qb]†^YSQTU?RbUb_cWQ^†`bUcdYWY_U^\_cSbSe\_cTU\QU\YdU\YRUbQ\iQ\
Y^dUbY_bTU\]_fY]YU^d_Qc_SYQdYf_`_`e\Qb=QbY_^B_ccTYbUSd_bTU²<Q
E^Y†^³TU1bdUcQ^_cTUSQTUcecY^dUWbQ^dUcU^!('&*

!"(&
5cdQded_cTU\QC_SYUTQT6Y\Qb]†^YSQTU?RbUb_cCQ^dYQW_9]`bU^dQTU\QBU`‹R\Y
SQ!('$`vWc#i$
!"('
?`SYd`vW#
!"((
4_Se]U^d_cc_RbUc_SYUTQTUc_`SYd`vW"#'
!"()
CYRYU^\_c`bY]Ub_c5cdQded_c!('$^_`bUfUQ^QSdYfYTQTUcTUdY`_]edeQ\YcdQ
S_^U\S_bbUbTU\dYU]`_}cdQcebWY†TU]Q^UbQUc`_^dv^UQ1`QbdYbTU!(')VeU`bvSdYSQ
S_bbYU^dUQe^aeU^_UcdQdeYTQaeUU^SQc_TUVQ\\USY]YU^d_TUe^Qc_SYQT_cecS_]`Q
…Ub_cQcYcdYUbQ^Q\Ve^UbQ\iQ`_bdQbQ^Q\W‹^c_S_bb_Q\QVQ]Y\YQ4_Se]U^d_cc_RbUc_SYUTQ
TUc_`SYd`vW"%!i"%#
!")
?`SYd`vWc"#&"%(
!")!
5cdQded_cTU\QC_SYUTQT6Y\Qb]†^YSQTU?RbUb_c_`SYd`vW$
!")"
4_Se]U^d_cc_RbUc_SYUTQTUc_`SYd`vWc"$!"$)

$%$
 >_cU\Y]YdQ^c†\_QV_b]QbceUTeSQSY†^U^U\RQY
\UiU\dbQd_^dY]_TUcQ\†^+fQ^]vcQ\\v+^_aeYUbU^aeU
ce_RbQcUQY^S_]`\UdQKMiXUQaeU\`_bae}XQ^
SbUQT_\QcS_^VUbU^SYQcaeUUcdY]e\Q^_R\YWQ^T_QSQTQ
Qc_SYQT_QTUTYSQbcUQ\UcdeTY_i\Qc\USdebQcTUReU^_c
\YRb_c`QbQU^S_^dbQbcUU^Q`dYdeTSeQ^T_U\SQc_\\U
WeUTUUh`\Q^QbU^UcQc\USdebQcS_^VUbU^SYQ\UcU\Vbed_
TUcecdbQRQZ_cY^dU\USdeQ\Uc !")#

E^`QbTUQ…_c]vcdQbTUU^!('(FvcaeUji3_b^UZ_Ve^TQb_^U^
3XY\\v^e^QcUWe^TQ6Y\Qb]†^YSQTU?RbUb_c4ebQ^dU\QWeUbbQiU^\_c
Q…_c`_cdUbY_bUcUcdU]_TU\_Qc_SYQdYf_`_`e\QbcUUhdU^TUbQQ^e]U
b_cQcSYeTQTUcTU\`QcSe]`\YU^T_e^`Q`U\Y]`_bdQ^dUU^U\UcdbUSXQ
]YU^d_TU\Qj_cTUQ]YcdQTiS_\QR_bQSY†^U^dbUdbQRQZQT_bUcTUTYcdY^
d_c_VYSY_ciTUQ]R_ccUh_c

!")#
=B_cc²5\3\eR6Y\Qb]†^YS_TU?RbUb_c³<QE^Y†^2_\Ud^TU\QC_SYUTQTTU
1bdUcQ^_cTUCQ^dYQW_>¡(CQ^dYQW_!TU_SdeRbUTU!('&

$%%
 31@ÅDE<?H99

<E381CB59F9>493139?>5C
I3??B49>139É>@?@E<1B
5>DB5!(&!I!(')

<QXUbbQ]YU^dQUc\QUc`QTQTU\ 5\_RbUb_Q^dU^QTYUcUXe]Y\\Q+
QbdU+ IQe^aeUceQ\]Q`QbUjSQcU^SY\\Q
4U\_RbUb_UcUcSeT_U\ceT_b+ <\UfQe^W}b]U^U^cTUQ\dYfUj
5\dbQRQZ_Uc\QXUbU^SYQTU\X_]RbU
IU\dbQRQZ_UcfYbdeTiUcX_^_b 5\cUbv\Q`Q\Q^SQaeUcYU]`bU
1\_c`eUR\_cfU^debQc`b_SebU*
5\_RbUb_TQY]`e\c_Q\QcQbdUc >_`Q\Q^SQcUbfY\aeUQcUWebU
1\QY^TecdbYQQ\S_]UbSY_iQ\Q <Q`bUjTU_db_+ceieW_TUc`e}c
SYU^SYQ+
3_^cecQ^QiRU^}VYSQY^V\eU^SYQ 5^cecfU^QcSYbSe\Q\QcQ^WbU
2b_dQU\vbR_\VU\YjTU\Q`Qj AeUXQSUQ\X_]RbUfQ\YU^dUi
`QdbY_dQ*
5\dbQRQZ_S_^ceU\QQ\aeUceVbU =YU^dbQcTUU\\Q\UaeUTUe^QW_dQ
<UTQQ\YU^d_VYb]UjQiS_^cdQ^SYQ CecTUbUSX_ccQRbvTYc`edQb
ITUceQ\]QXQSUXeYb\Q
YW^_bQ^SYQ 4U\TURUbU^\QcU^TQTU\]e^T_
AeUUcTU\]e^T_\Q`\QWQVQdQ\ CUWeYbvS_^Q^XU\_\QfQ+
CeRQ^TUbQce^_bdUiceWeQ
5\_RbUb_UcU\X_]RbU]vc\YRbU <YRUbdQTi@b_WbUc_cUbv !")$ 

B 53E5>D? I 31B13D5B9J139É> 75>5B1< 45 <?C @B9>39@1<5C

=?F9=95>D?C 45 @B?D5CD1 @?@E<1B

8QcdQVY^UcTU\Q7eUbbQTU\@QSVYS_\QXeU\WQ_RbUbQVeUe^VU^†]U^_
`_S_S_]‹^U^3XY\UCY^U]RQbW_TUcTU\QT}SQTQTU!(& \_c]_fY

!")$
34<²8Y]^_TU\_RbUb_³QRbY\TU!('%<QBQj†^CQ^dYQW_""TUcU`dYU]
RbUTU!(($<QcY^YSYQ\UcS_bbUc`_^TU^Q3_c]U4Q]Yv^<QW_c

$%'
]YU^d_cbUYfY^TYSQdYf_cTU\_cdbQRQZQT_bUcS_]U^jQb_^QbUSebbYb]vcQ
]U^eT_Q\Qb]QTU\QXeU\WQE^QbUfYcY†^TU\_c`bY^SY`Q\Uc]_fY]YU^
d_cTUdUSdQT_cTebQ^dUUcdU`Ub_T_TU]eUcdbQaeU\_cWbU]Y_c]vc^e
]Ub_c_ciS_^SQbQSdUbcdYSQc]vc²`b_\UdQbYQc³S_]_\_cTUdbQRQZQT_
bUc`_bdeQbY_c_QaeU\\_caeU`_bceSQ\YVYSQSY†^Y^WbUc_ciSQ`QSYTQT
TU_bWQ^YjQSY†^_Se`QRQ^e^bQ^W_ce`UbY_bU^U\cU^_TU\QS\QcU_RbU
bQiTU\QbdUcQ^QT_S_]_\_cdY`†WbQV_ccQcdbUci_db_cXQSQ^ec_TU
]Q^UbQ]vcbUWe\QbTUUcdQV_b]QTU\eSXQ
@QbQVQSY\YdQb\QS_]`QbQSY†^S_^\QcT}SQTQc`bUSUTU^dUcXU]_c
S\QcYVYSQT_U^T_cceRWbe`_cQ^dUciTUc`e}cTU!(& \QSb_^_\_WQTU
Uc_c]_fY]YU^d_cTUcTU\Q9^TU`U^TU^SYQXQcdQ\Q7eUbbQTU\@QSVYS_

3E14B?>¡!'
=?F9=95>D?C@?@E<1B5CB59F9>4931D9F?CI45@B?D5CD1C?391<
5><1C39E4145CI35>DB?C=9>5B?C45C45
<19>45@5>45>39181CD1!(') !")%

=?F9=95>D? <E71B 65381

@UdYSY†^TU`UcSQT_bUc 2eSQ\U]eiTUcU]R_SQTebQ !(!)

TU\b_BQ`U\
@UdYSY†^TUR_TUW_^Ub_c CQ^dYQW_ !("#
@UdYSY_^UcQ^dY]_^_`†\YSQc CQ^dYQW_ !("$
TUSYWQbbUb_c
=_fY]YU^d_TU\Q^SXUb_c FQ\`QbQc_ cU`dYU]RbU°
dbQRQZQT_bUc`_bdeQbY_ci_db_c _SdeRbUTU
cUSd_bUc`_`e\QbUc !("%

@UdYSY†^`b_dUSSY_^YcdQTU CQ^dYQW_ !("&

SebdYT_bUcijQ`QdUb_c

@UdYSY†^Q^dY]_^_`†\YSQTU CQ^dYQW_ !("'

\_cSYWQbbUb_c

BURU\Y†^]Y^UbQ 3XQ…QbSY\\_ ]Qbj_TU

!(#$

@UdYSY†^`b_dUSSY_^YcdQTU\_c CQ^dYQW_ !(")

URQ^YcdQc

4YcdebRY_c`U_^Q\Uc CQ^2Ub^QbT_ ^_fYU]RbUTU

!(#%

BURU\Y†^]Y^UbQ 3XQ…QbSY\\_ Ze\Y_TU!(#'

!")%
>_Y^S\eiU\_cQ]_dY^Q]YU^d_cTU`bYcY_^Ub_c^Y\QcceR\UfQSY_^UcQ\Y^dUbY_bTU
\QcVeUbjQcQb]QTQci\Q7eQbTYQ>QSY_^Q\

$%(
 =?F9=95>D? <E71B 65381

@UdYSY†^`b_dUSSY_^YcdQTUVQRbY CQ^dYQW_FQ\`QbQc_Ze\Y_QW_cd_
SQ^dUcTU]eUR\UciTUURQ^YcdQc TU!($"

=_fY]YU^d_TUXUbbUb_cSQ\TUbU CQ^dYQW_ !($&!($(

b_cSQbb_SUb_ci_db_cWbU]Y_c
S_^dbQ]UTYTQcTUTUcQ\_Z_

DU^dQdYfQQR_bdQTQTU\UfQ^dQ 1dQSQ]Q !($'

]YU^d_]Y^Ub_

8eU\WQTU_RbUb_cTUcQcdbUbQc CQ^dYQW_ VURbUb_TU

!($)

BURU\Y†^TU]Y^Ub_ci`U_^UcU^ 3XQ…QbSY\\_ "&i"'TU

U\S_^dUhd_TU\QWeUbbQSYfY\ _SdeRbUTU
!(%!

=_fY]YU^d_TU]Y^Ub_cTU_RbU >_bdU3XYS_ !(%!

b_cSQbbY\Q^_ci_db_cdbQRQZQT_bUc
TebQ^dU\QWeUbbQSYfY\

1]_dY^Q]YU^d_TU\_cQ\e]^_cTU CQ^dYQW_ TYSYU]RbUTU

\Q5cSeU\QTU1bdUci?VYSY_c !(%!

=_fY]YU^d_TUSYWQbbUb_c CQ^dYQW_ ]Qi_TU!(%#

=_fY]YU^d_TUjQ`QdUb_c FQ\`QbQc_ ]Qi_TU!(%#

8eU\WQ]Y^UbQ <_dQ !(%$

4YcdebRY_cTUZ_b^Q\Ub_c`_bdeQbY_c FQ\`QbQc_ "!TUZe\Y_TU

!(%(

=_fY]YU^d_TUQbdUcQ^_ci]Y^U >_bdU3XYS_ !(%)

b_cU^U\S_^dUhd_TU\QWeUbbQ
SYfY\

BURU\Y†^TUQbdUcQ^_cZ_b^Q\Ub_c FQ\`QbQc_ "(TU

iV\UdUb_c`_bdeQbY_c cU`dYU]RbUTU
U^U\S_^dUhd_TU\QWeUbbQSYfY\ !(%)

BURU\Y†^TUcUSd_bUc`_`e\QbUc DQ\SQ !)TUU^Ub_

U^U\S_^dUhd_TU\QWeUbbQSYfY\ TU!(%)

BURU\Y†^TU]Y^Ub_cTU\SQbR†^ <_dQ3_b_^U\ VURbUb_TU

U^U\S_^dUhd_TU\QWeUbbQSYfY\ !(%)

BURU\Y†^TU]Y^Ub_cTU\SQbR†^ <_dQ3_b_^U\ cU`dYU]RbUTU

!(%)

1]_dY^Q]YU^d_TU\_cQ\e]^_c CQ^dYQW_%TUTYSYU]RbUTU
TU\Q5cSeU\QTU1bdUci?VYSY_c !(%)

$%)
 =?F9=95>D? <E71B 65381

8eU\WQTU_RbUb_cTUcQcdbUbQc CQ^dYQW_ !(&!

@UdYSY†^cQ\QbYQ\TU_RbUb_cTU FQ\`QbQc_ " TU]Qbj_TU

cQcdbUbQ !(&!

8eU\WQTU`U_^UcTU\QS_^c CQ^@UTb_AeY\\_dQ !(&!

dbeSSY†^TU\d‹^U\TUCQ^@UTb_
VUbb_SQbbY\CQ^dYQW_FQ\`QbQc_

@UdYSY†^TUV\UdUb_ci\Q^SXUb_c FQ\`QbQc_ !(&"

`_bdeQbY_c

FY_\U^d_cTYcdebRY_c]Y^Ub_c <_dQ !(&#

BURU\Y†^TU]Y^Ub_c 3QbbYjQ\ !(&$

8eU\WQTU\Q^SXUb_c`_bdeQbY_c FQ\`QbQc_ !i"TU

TYSYU]RbUTU
!(&$

8eU\WQTU]Y^Ub_c 3XQ…QbSY\\_ QRbY\TU!(&%

1]_dY^Q]YU^d_TU\_ccYbfYU^dUc CQ^dYQW_ #TUcU`dYU]RbU

TU\8_c`YdQ\CQ^:eQ^TU4Y_c TU!(&'

@UdYSY†^TU\Q^SXUb_c FQ\`QbQc_ Ze\Y_TU!('!

@UdYSY†^TUV\UdUb_c FQ\`QbQc_ ""TUVURbUb_TU

!('"

=_d^]Y^Ub_ <_dQ ]Qi_TU!('"

8eU\WQTUV\UdUb_c`_bdeQbY_c FQ\`QbQc_ !i"TU]Qi_TU

!('"

1]_dY^Q]YU^d_TU\_cQ\e]^_c CQ^dYQW_ QW_cd_TU!('"

TU\Q5cSeU\QTU1bdUci?VYSY_c

8eU\WQTUSYWQbbUb_c CQ^dYQW_ QW_cd_TU!('"

8eU\WQTUdY`†WbQV_c CQ^dYQW_ #Q\(TU

cU`dYU]RbUTU
!('"

8eU\WQTUdY`†WbQV_c FQ\`QbQc_ cU`dYU]RbUTU

!('"

8eU\WQTU\Q^SXUb_c FQ\`QbQc_ ^_fYU]RbUTU

!('"

8eU\WQTU\Q^SXUb_c FQ\`QbQc_ ""TU]Qbj_TU

!('#

$&
 =?F9=95>D? <E71B 65381

8eU\WQTUS_SXUb_cTU\VUbb_SQ CQ^dYQW_ QRbY\TU!('#

bbY\ebRQ^_

8eU\WQTU\Q^SXUb_c FQ\`QbQc_ &TU]Qi_TU

!('#

8eU\WQTU\Q^SXUb_c FQ\`QbQc_ !'i!(TUZe\Y_

TU!('#

@UdYSY†^cQ\QbYQ\TU`_bdUb_c FQ\`QbQc_ Ze\Y_TU!('#

TU\@_TUb:eTYSYQ\

8eU\WQTUZ_b^Q\Ub_c`_bdeQbY_c FQ\`QbQc_ TU\!#TUVURbUb_

QVY^UcTU]Qbj_
TU!('$

8eU\WQTU]Y^Ub_c <_dQ Ze^Y_TU!('%

8eU\WQTUS_SXUb_cTU\Q\^UQ CQ^dYQW_ (TU_SdeRbUTU

TU\=QdQTUb_ !('%

8eU\WQTU_RbUb_cSYWQbbUb_c FQ\`QbQc_ TYSYU]RbUTU

!('%U^Ub_TU
!('&

CeR\UfQSY†^TU`U_^UcTU\Q 2_RQTY\\Q QW_cd_TU!('&

S_^cdbeSSY†^TU\Q\^UQV}bbUQ Y^]UTYQSY_^UcTU\=Qe\U

=UUdY^WTU`b_dUcdQQSQecQTU CQ^dYQW_ ! TUTYSYU]RbU

\QSbYcYcUS_^†]YSQi`UdYSY_^Uc TU!('&
`b_dUSSY_^YcdQc

8eU\WQTU_RbUb_cSYWQbbUb_c FQ\`QbQc_ U^Ub_TU!(''

=UUdY^WTU`b_dUcdQQSQecQTU FQ\`QbQc_ "!TUU^Ub_

TU\QSbYcYcUS_^†]YSQi TU!(''
`UdYSY_^Uc`b_dUSY_^YcdQc

=UUdY^WTU`b_dUcdQQSQecQTU 3XY\\v^ $TU]Qbj_TU

\QSbYcYcUS_^†]YSQi`UdYSY_^Uc TU!(''
`b_dUSSY_^YcdQc

8eU\WQTU\_cRQbbUT_bUcTU\Q CQ^dYQW_ TYSYU]RbUTU

1\Q]UTQ !(''

=UUdY^WTU`b_dUcdQQSQecQTU CQ^dYQW_ ! TUTYSYU]RbU

\QSbYcYcUS_^†]YSQi@UdYSY†^TU TU!(''
\_c_RbUb_cTU3XY\UQ\@bUcYTU^dUTU
\QBU`‹R\YSQ

=Q^YVUcdQSY_^UciQSSY_^UcTU CQ^dYQW_ TYSYU]RbUTU

²debRQc³QbQjTU\QUZUSeSY†^ !(''
TUe^bU_

$&!
 =?F9=95>D? <E71B 65381

=Q^YVUcdQSY_^Uc i TYcdebRY_c TU CQ^dYQW_ $TUVURbUb_

TU\_cSQbbUd_^Ub_cTU\QcU_ !('(

=Q^YVUcdQSY_^Uc`_`e\QbUc^QSY_ CQ^dYQW_ (TU_SdeRbUTU

^Q\YcdQciTU`b_dUcdQ`_b\QSbYcYc !('(
US_^†]YSQ

8eU\WQTUdY`†WbQV_cTU5\ CQ^dYQW_ U^Ub_TU!(')

5cdQ^TQbdU3Qd†\YS_

6eU^dUc*@UbY†TYS_cY]`bUc_ciT_Se]U^d_cTUQbSXYf_cTU\Q}`_SQSYdQT_cQ\VY^Q\TU\
\YRb_

E^Q^v\YcYcTUUcdQ\YcdQ°TUcUWeb_Y^S_]`\UdQ°`Ub]YdUcQSQbQ\
]U^_c\QccYWeYU^dUcS_^S\ecY_^Uc*!¡8QcdQ\QWeUbbQSYfY\TU!(%)\Qc
QSSY_^Uc bUYfY^TYSQdYfQc i TU `b_dUcdQ c_SYQ\ ]vc ]QcYfQc VeUb_^ \_c
`b_dQW_^YjQTQc`_b]Y^Ub_cQce]YU^T_VbUSeU^dU]U^dU\QV_b]QTU
fY_\U^dQc bURU\Y_^Uc+ "¡ <_c ]_fY]YU^d_c ebRQ^_c ]vc S_]e^Uc U^
}`_SQcTU`QjdefYUb_^S_]_`b_dQW_^YcdQcQ\_cQbdUcQ^_caeUbUS\Q
]QRQ^]UTYTQc`b_dUSSY_^YcdQc+#¡<_c`Ub_T_cTUWeUbbQSYfY\UbQ^
`b_`YSY_c`QbQ\QUh`bUcY†^fY_\U^dQTU\QcbUYfY^TYSQSY_^Uc`_`e\QbUci
`QbQ\QbUQ\YjQSY†^TUTYcdY^d_cQSd_cTU`b_dUcdQc_SYQ\+$¡<QcXeU\WQc
_RbUbQc`b_`YQ]U^dUdQ\UcVeUb_^]eibQbQcU^\QcvbUQcebRQ^Qc+%¡1
`QbdYbTU\QT}SQTQTU!(& iWbQSYQcQ\Y^SY`YU^dU`b_SUc_Y^TecdbYQ\YjQ
T_bQ\Q\YRUbQ\YjQSY†^`_\dYSQiQ\S_]YU^j_TUe^\QbW_`Ub_T_TU
`QjY^dUbY_b\QcXeU\WQcTU_RbUb_cebRQ^_cS_]U^jQb_^Q_Se`QbU\
`bY]Ub\eWQbU^\Qc\eSXQc`_`e\QbUcc_RbU`QcQ^T_Q]U^eT_U^VbU
SeU^SYQiU^SQ^dYTQTTU`Ubc_^QcY]`\YSQTQc\_c]_fY]YU^d_cTU]Y
^Ub_ci\Qc`UdYSY_^UcTUQbdUcQ^_c+&¡4ebQ^dU\_cQ…_ccUdU^dQUcd_c
S_^V\YSd_ccUY^dU^cYVYSQb_^iQ`QbUSYUb_^\Qc`bY]UbQcV_b]QcTUS__b
TY^QSY†^]vc_]U^_c`Ub]Q^U^dUU^dbU_RbUb_ciQbdUcQ^_cTUTYVU
bU^dUcSYeTQTUciTUTYcdY^d_c_VYSY_c+'¡<_c]_fY]YU^d_cbUYfY^TYSQdY
f_cTU_RbUb_c`U_^UciQbdUcQ^_cbUfYcdYUb_^Q`QbdYbTUU^d_^SUce^
SQbvSdUb]vcQed†^_]_bUc`USd_TU\QcS_ie^debQc`_\dYSQc`Ub_]vc
TU`U^TYU^dUTU\_c`Ub_T_cTUSbYcYcUS_^†]YSQ
E^QbUfYcY†^]vc`QbdYSe\QbYjQTQTU\_c`bY^SY`Q\Uc]_fY]YU^d_cTU\
`Ub_T_!(&!!(')^_c`Ub]YdUQTU^dbQb^_c]vcU^ceSQbQSdUbYjQSY†^

< 1C 8E5<71C 45 DB121:14?B5C @?BDE1B9?C

@_bU\WbQT_TUS_^SU^dbQSY†^i`_b\QcSQbQSdUbcdYSQcTUce_bWQ^YjQ
SY†^ S_b`_bQdYfQ \_c WbU]Y_c `_bdeQbY_c TU Z_b^Q\Ub_c \Q^SXUb_c i

$&"
V\UdUb_cVeUb_^TebQ^dU\Q]Qi_b`QbdUTU\cYW\_H9He^_TU\_ccUSd_bUc
TUdbQRQZQT_bUcaeU]vcbUSebbYUb_^Q\QXeU\WQS_]_U\U]U^d_TU`bU
cY†^`QbQcQdYcVQSUbcecbUYfY^TYSQSY_^UcCeS_]RQdYfYTQTibQTYSQ\Yc]_
def_ceS_^dbQ`QbdUU^\QQSdYdeTWU^UbQ\]U^dUY^dbQ^cYWU^dUTU\QcQed_
bYTQTUc5hS\eiU^T_Q\]e^T_]Y^Ub_\QcXeU\WQc]vccUfUbQ]U^dUbU
`bY]YTQcVeUb_^\Qc`b_dQW_^YjQTQc`_bUcd_cWbU]Y_c5\\_cUUh`\YSQ`_b
\Q]QW^YdeTifQbYUTQTTU\_cY^dUbUcUcQVUSdQT_cU^SQTQe^_TUUc_cS_^
V\YSd_c*U^SQc_TU`QbQ\YjQSY†^TU\Qc\QR_bUc`_bdeQbYQcceVbQ^`}bTYTQc
\_cUh`_bdQT_bUc\_cY]`_bdQT_bUc\_cWbQ^TUcS_]UbSYQ^dUciU\`b_`Y_
5cdQT_aeU_RdU^Qcec`bY^SY`Q\UcY^WbUc_cTU\_cTUbUSX_cTUQTeQ^Q
<QcbUYfY^TYSQSY_^UcTU\_cdbQRQZQT_bUc`_bdeQbY_c°U^Uc`USYQ\\QcTU
\Q^SXUb_ciV\UdUb_c°dU^Q^e^SQbvSdUb`USe\YQb=eSX_cTUU\\_cUbQ^dbQ
RQZQT_bUcY^TU`U^TYU^dUcaeU`_cUQ^ce`b_`Y_Y^cdbe]U^d_TUdbQRQZ_
\Q\Q^SXQaeUQbbU^TQRQ^Ze^d_QceccUbfYSY_cQ\_cS_]UbSYQ^dUciQ\5cdQ
T_Ce`_cYSY†^c_SYQ\cUcYdeQRQQ]UTY_SQ]Y^_U^dbUU\QbdUcQ^_iU\`b_\U
dQbY_dQ\fUj]vcSUbSQTUUcdU‹\dY]_?db_c`b_RQR\U]U^dU\Q]Qi_bQ^_
`_cUQ^]vcaeUce`b_`YQVeUbjQTUdbQRQZ_`Ub_S_]`QbdQ^\Q]U^dQ\Y
TQTi]eSXQcTU\QcbUYfY^TYSQSY_^UcTU\_c`bY]Ub_cTU\]Yc]_]_T_
S_]_\_c²_VYSYQ\Uc³iQ`bU^TYSUcTU\_cdQ\\UbUcQbdUcQ^Q\UcS_]`QbdQ^\Q
TUcec²]QUcdb_c³_ZUVUcTUdQ\\Ub
<_cV\UdUb_ci\Q^SXUb_c`_bdeQbY_cQ\YWeQ\aeU]eSX_cWbU]Y_cTU
_RbUb_ciQbdUcQ^_cTU\Q}`_SQfUQ^U^U\`b_dUSSY_^Yc]_e^Qc_\eSY†^
`QbQcec`b_R\U]Qcc_RbUd_T_SeQ^T_U\_bYWU^TU}cd_cUbQ_`QbUSQ
cUb\QS_]`UdU^SYQTU\QcU]`bUcQcSQ`YdQ\YcdQcaeUS_^dQRQ^S_^]UTY_c
TUdbQRQZ_]vc]_TUb^_cS_]_ceSUTY†`_bUZU]`\_U^!(&"SeQ^T_
\_cV\UdUb_ci\Q^SXUb_cTUFQ\`QbQc_`bUcU^dQb_^e^Q`UdYSY†^`QbQ`b_
XYRYbU\cUbfYSY_aeUXQSQe^QRQbSQQfQ`_bU^TYSX_`eUbd_ !")&
5^!(&$\_c]Yc]_cWbU]Y_cTUcU^SQTU^Qb_^e^QXeU\WQQ\cU^
dYbcUQ]U^QjQT_c`_b\QQ`b_RQSY†^TUe^Q_bTU^Q^jQTUQTeQ^QcaeU
S_^dU^QTYVUbU^dUcTYc`_cYSY_^UcTUdY`_\YRbUSQ]RYcdQU^dbUU\\Qc\Q
QR_\YSY†^TU\`bYfY\UWY_TUSQR_dQZU`QbQ\_cRQbS_caeUU^QbR_\QRQ^
`QRU\\†^SXY\U^_5^bUQ\YTQTS_]_QVYb]Q3\QeTY_F}\Yj²\QTUS\Q
bQSY†^_VYSYQ\TUaeUU\SQR_dQZUSXY\U^_aeUTQbQQRYUbd_Qd_TQc\Qc
RQ^TUbQcUbQc†\_\QbQdYVYSQSY†^TUZebUTUe^QcYdeQSY†^aeUXQRQUhYc
dYT_TUXUSX_`_b\_]U^_cTUcTU!(%)³ !")'@Ub_\Q^eUfQbUW\Q]U^dQ
SY†^QWbQfQRQ\QcS_cQcU^`UbZeYSY_TU\_cV\UdUb_cSXY\U^_ciQaeUUc
dQR\USQS_]_TUbUSX_WU^UbQ\`QbQd_TQc\Qc^QfUcUhdbQ^ZUbQc\_aeU
XQcdQ U^d_^SUc cU `Ub]YdQ Q dde\_ TU `bYfY\UWY_ \Y]YdQT_ Q Q\We^_c
Q…_c i Q Q\We^_c dY`_c TU U]RQbSQSY†^ <Q _bTU^Q^jQ TU !(&$ QTe
SYU^T_\Q\eSXQS_^dbQU\S_^dbQRQ^T_U^FQ\`QbQc_Y]`_^Q^eUfQci

!")&
K5TYd_bYQ\M5\6Ubb_SQbbY\CQ^dYQW_"$TU]Qbj_TU!(&"
!")'
F}\Yj8Ycd_bYQTU\Q]QbY^Q_`SYd`vW!$!

$&#
S_]`\YSQT_cbUaeYcYd_cQ\Qc\Q^SXQcaeU`bUdU^TQ^XQSUbdbQRQZ_cTUSQb
WQiTUcSQbWQTU\_cRQbS_cV_^TUQT_cU^U\`eUbd_5cd_cYW^YVYSQRQaeU
`_bSQTQcQ\YTQTU\QRQXQ\_c\Q^SXUb_cTURQ^S_^dQbS_^e^QQed_bYjQ
SY†^Uc`USYQ\5\WbU]Y_fY_U^U\\_e^QY^ZecdYSYQie^QS_^TYSY†^Y]`_cY
R\UTUSe]`\YbiQaeUcU`UbTUbQ]vcdYU]`_U^V_b]Q\YTQTUcReb_SbvdY
SQcaeUU^U\dbQRQZ_TUSQbWQiTUcSQbWQ`b_`YQ]U^dUdQ\Ce]_fY]YU^d_
VeUQ`_iQT_`_b5\=UbSebY_i\_cS_]UbSYQ^dUcTUFQ\`QbQc_Sei_cY^dUbU
cUcbQbQfUjS_Y^SYTQ^S_^\_cTU\_cdbQRQZQT_bUc`_bdeQbY_c@Ub_UcdQfUj
U\]U^SY_^QT_`UbY†TYS_S_^cYTUbQRQ\Q^eUfQ_bTU^Q^jQTUQTeQ^Qc
S_]_²e^QSQ\Q]YTQTaeU`UcQc_RbUd_T_U\]e^T_TUcTU\_cV\UdUb_ci
`UcSQT_bUcXQcdQ\_cSQ`YdQ\YcdQciWbQ^TUcY^TecdbYQ\Uc³ !")(
4Uc`e}cTUc_\YSYdQbQ\9^dU^TU^dU\QQ^e\QSY†^TU\Q_bTU^aeU\Uc
`b_XYRQcQ\YbVeUbQTU\QRQXQQbU]_\SQbReaeUc\_cV\UdUb_ccUTUS\Q
bQb_^U^XeU\WQU\!TUTYSYU]RbU5cU]Yc]_TQfUY^dUTUU\\_cVeUb_^
TUdU^YT_ciS_^TeSYT_cQ\QSvbSU\`_b^UWQbcUQdbQRQZQbU^U\U]RQbaeU
TU`QcQZUb_c1\cUWe^T_TQTU`Qb_U\W_RYUb^_SUTY†i_d_bW†Q\_c\Q^
SXUb_c\YSU^SYQ`Ub]Q^U^dU`QbQcQ\YbTU\QRQXQQ\U^SeU^db_TU\_c
RQbS_c<_c`bY^SY`Q\UcS_]UbSYQ^dUcTU\QSYeTQTQ\U^dQT_c`_bU\dbYe^
V_TU\_cV\UdUb_ccUbUe^YUb_^U\%TUTYSYU]RbUi`bUcU^dQb_^e^Q`UdY
SY†^Q\W_RYUb^_`QbQaeUbUV_b]QbQ^eUfQ]U^dU\Q_bTU^Q^jQ5cdQdU^
dQdYfQVbQSQc†iU\S†TYW_VeU]Q^dU^YT_XQcdQVY^UcTU!('"VUSXQU^aeU
VeU`b_]e\WQT_e^_^eUf_!"))
<_c`e^d_cTUVbYSSY†^U^dbUdbQRQZQT_bUc`_bdeQbY_cQed_bYTQTUci
S_]UbSYQ^dUcUbQ^]‹\dY`\Uc:e^d_Q\QcbUYfY^TYSQSY_^UccQ\QbYQ\Uc_TU
dQbYVQT_\QcTYc`_cYSY_^UcaeUbUW\Q]U^dQRQ^U\dbQRQZ_UbQ^VeU^dUTU
VbUSeU^dUcS_^V\YSd_c<Q`UdYSY†^`bUcU^dQTQQ\9^dU^TU^dUTUFQ\`QbQ
c_U^Ze\Y_TU!('!`_b\_cTeU…_cTU\Q^SXQQ`e^dQRQQ_RdU^Ub\Q
`b_]e\WQSY†^TUe^bUW\Q]U^d_aeUVYZQbQ^_b]QcbUc`USd_TU\_cY^TY
fYTe_caeUU\\_cS_^dbQdQbQ^QVY^TUUfYdQb\Qc`}bTYTQc_b_R_cTU]Ub
SQTUbQcE^QTU]Q^TQTUUcdUdY`_S_^dQRQ^QdebQ\]U^dUS_^d_T_U\
Q`_i_TU\S_]UbSY_!# 
<QXeU\WQTUV\UdUb_cTU\`eUbd_TUFQ\`QbQc_aeUdef_\eWQbU\!
i"TU]Qi_TU!('"cU_bYWY^†U^\QTUSYcY†^TU\S_]Q^TQ^dUTU\BUc
WeQbT_TUQ]QbbQbU^\QR_iQTUbUS\ecY†^QfQbYQcSXQ\e`Qc`_bXQRUb
QdbQSQT_Q\fQ`_bRbYdv^YS_@QSYVYSQ^dUcaeU\Q7_RUb^QSY†^]QbdY]Q
iU\BUcWeQbT_XeRYUbQ^fUbYVYSQT_\QfYcYdQTUV_^TU_iU^\Q^UWQdYfQ
TU\]Yc]_Ve^SY_^QbY_`QbQaeU\Qc\Q^SXQccQ\YUbQ^VeUbQTU\_c\]Y
dUcTU\QRQXQQ\QR‹caeUTQTUReaeUc`QbQbU]_\SQb<Q`eUcdQU^\Y

!")(
5\=UbSebY_FQ\`QbQc_"TUTYSYU]RbUTU!(&$
!"))
1>1=8f_\%!!9^dU^TU^SYQTUFQ\`QbQc_"¡cU]UcdbUTU!(&$9^dU^
TU^SYQTUFQ\`QbQc_^_fYU]RbU"%TU!(&$cV
!#
1>1=8f_\'%%9^dU^TU^SYQTUFQ\`QbQc_"¡cU]UcdbUTU!('!cV

$&$
RUbdQTTU\Q]Qi_bQTU\QcSXQ\e`QcXYj_SUcQbbv`YTQ]U^dUU\]_fY]YU^
d_TU\_cV\UdUb_c!# !
<QXeU\WQaeU`b_dQW_^YjQb_^\_c\Q^SXUb_cTUFQ\`QbQc_U\""TU
]Qbj_TU!('#dQ]RY}^def_ce_bYWU^U^\QQ`\YSQSY†^TU\Qc^_b]QcaeU
bUWQ^\QcVQU^Qc5\U^SQbSU\Q]YU^d_TUQ\We^_cTUU\\_cQSecQT_cTU
ceRYbQ\_cRQbS_cQ^dUcTU\SQ…_^Qj_aeUdbQTYSY_^Q\]U^dUcUdYbQRQSQTQ
]Q…Q^QS_]_cU…Q\TUY^YSY_TU\Qc\QR_bUcTUSQbWQiTUTUcSQbWQVeU\Q
SXYc`QaeUXYj_UcdQ\\QbU\S_^V\YSd_<QYbbUWe\QbYTQTTU\dYb_TU\SQ…_^Q
j_°QfUSUc]eidU]`bQ^_QfUSUc]eidQbTU°aeU`b_f_SQRQ`}bTYTQc
TUdYU]`_iQXQRQcYT_TU^e^SYQTQ`_b\_cdbQRQZQT_bUc<Q]UTYTQ
bU`bUcYfQd_]QTQU^S_^dbQTUQ\We^_c]YU]Rb_cTU\WbU]Y_`_be^Q
VQ\dQQdbYReYR\UQ\Q]Q\Q_bWQ^YjQSY†^TU\QTYbUSSY†^TU\`eUbd_TUcU^
SQTU^†\QQSSY†^TU`b_dUcdQ<_cXeU\WeYcdQcQSdeQb_^S_^TUSYcY†^*
aeYU^Uc`UbcYcdQ^U^aeUbUbdbQRQZQbVeUb_^TYceQTYT_cTU`Q\QRbQiTU
XUSX_1\We^Qc`UTbQTQcTYUb_^SeU^dQTU\_cUcaeYb_\Uc<Q`eUcdQU^
\YRUbdQTTU\_c\Q^SXUb_c`bUc_c`_bY^VbY^WYb\QcTYc`_cYSY_^UcbUW\Q]U^
dQbYQc`ec_d}b]Y^_Q\]_fY]YU^d_ !# "
5\WbU]Y_f_\fY†Q]_fY\YjQbcU`_SQccU]Q^Qc]vcdQbTU5\&TU
]Qi_cecY^dUWbQ^dUccUTUS\QbQb_^U^XeU\WQUhYWYU^T_bUQZecdUcU^cec
bU]e^UbQSY_^Uc5cU]Yc]_TQ\_cdbQRQZQT_bUcfYUb_^cQdYcVUSXQccec
TU]Q^TQcf_\fYU^T_QcecVQU^QcXQRYdeQ\Uc !# #
<QcbU`UbSecY_^UcTU\^eUf_]_fY]YU^d_VeUb_^S_^cYTUbQR\Uc*U\
S\Y]QTUQWYdQSY†^bUYfY^TYSQSY_^YcdQcUUhdU^TY†Q\_cZ_b^Q\Ub_c`_bdeQ
bY_c+\Qc`bY^SY`Q\UcSQcQcTUS_]UbSY_TU\QSYeTQTbUQSSY_^Qb_^iU\)TU
]Qi_U\UfQb_^e^Qc_\YSYdeTQ\ce`UbY^dU^TU^dUTUQTeQ^Qc`QbQ_RdU^Ub
\QQed_bYjQSY†^TUS_^dbQdQbZ_b^Q\Ub_c^_]QdbYSe\QT_cU^U\WbU]Y_
`QbQUVUSdeQb\_cdbQRQZ_cTUTUc`QSX_TU]UbSQTUbQc !# $5\WbU]Y_TU
Z_b^Q\Ub_cbUc`_^TY†TU^e^SYQ^T_QdbQf}cTUe^QSQbdQ`eR\YSQTQ`_b\Q
`bU^cQ\Q²Y\UWQ\YTQT³TU\Q`UdYSY†^TU\S_]UbSY_`eUcd_aeU\Q_bTU
^Q^jQi\QdQbYVQaeU\_bUWQ^dU^Q^ce_bYWU^U^e^Q\UiaeUc†\_U\
3_^WbUc_UcdQRQXQRY\YdQT_`QbQSQ]RYQbi\QcY^cdYWQSY_^UcTU\_cTU
`U^TYU^dUcTUQTeQ^QBUc`USd_TUcecQc`YbQSY_^Uc\_cZ_b^Q\Ub_ccU…Q
\QRQ^aeUVbU^dUQ\QcQ\jQcWU^UbQ\YjQTQcTU`bUSY_ciTUcQ\QbY_cU^_db_c
cUSd_bUcU\\_c^_dU^Q^_dbQQ\dUb^QdYfQaeUbUQZecdQb\_ccei_c1c`_b
UZU]`\_SYdQRQ^U\SQc_TU\_c\Q^SXUb_ciTU]vcdbQRQZQT_bUcTU\SQR_
dQZUaeUXQRQ^dbY`\YSQT_cecZ_b^Q\Uc`b_f_SQ^T_\Q`QbdYTQTU\WbU]Y_
TUZ_b^Q\Ub_cTU]eSX_cY^TYfYTe_c`QbQTUTYSQbcUQ\dbQRQZ_]UZ_bbU
]e^UbQT_TU\SQR_dQZU5cd_XQRQWU^UbQT_e^QUcSQcUjTUZ_b^Q\Ub_c

!# !
²FQ\`QbQc_³5\6Ubb_SQbbY\CQ^dYQW_#TU]Qi_TU!('"
!# "
5\=UbSebY_FQ\`QbQc_""TU]Qbj_TU!('#
!# #
5\=UbSebY_FQ\`QbQc_&TU]Qi_TU!('#+5\6Ubb_SQbbY\CQ^dYQW_'TU]Qi_TU
!('#
!# $
²5\WbU]Y_TUZ_b^Q\Ub_c³5\=UbSebY_FQ\`QbQc_!!TU]Qi_TU!('#

$&%
U^\QcSeQTbY\\QcTU\WbU]Y_\_aeU_R\YWQRQQcecY^dUWbQ^dUcQS_^dbQdQb
dbQRQZQT_bUcQ\dbY`\UTU\fQ\_b^_b]Q\`QbQbUQ\YjQb\Q\QR_bQS_bTQTQCec
bUYfY^TYSQSY_^UcUbQ^`_b\_dQ^d_`UbVUSdQ]U^dU\UWdY]QciZecdYVYSQ
TQc!# %
1e^aeUU\Qce^d_^_`Qc†Q]Qi_bUc\QY^aeYUdeTSe^TY†U^dbUcUS
d_bUcTU\QU\YdU`_bdU…Q*

@_baeU\__SebbYT_QX_bQS_^U\WbU]Y_TUZ_b^Q
\Ub_c°TUSQe^Q^†^Y]_\USd_bTU5\=UbSebY_°^_TURU
]YbQbcUS_]_e^XUSX_QYc\QT_iaeU`eUTU]_bYbU^ce
^QSY]YU^d_*^_U\\_Ucc^d_]QTUe^dbQcd_b^_c_SYQ\
aeU`eUTUQSQbbUQb\Qc]vcVe^UcdQcS_^cUSeU^SYQcQe^
`QbQ\_c]Yc]_caeU\_c`b_]eUfU^cY^_cU\U`_^Ue^
QdQZ_UVYSQjiaeU]QdU`QbQcYU]`bUUcUUc`bYdeTUS_
]e^Yc]_ aeU S_]YU^jQ Q WUb]Y^Qb U^ ^eUcdb_ `eU
R\_!# &

@_S_dYU]`_TUc`e}c4Q^YU\6U\Y‹e^Q`Ubc_^Q\YTQT]eiS_^_
SYTQTU\Q]Qc_^UbQ\_SQ\SbUi†^USUcQbY_`b_^e^SYQbe^QS_^VUbU^
SYQc_RbUU\dbQRQZ_i\QcXeU\WQcU^\Q5cSeU\QTU1Te\d_c2\Qc3eUfQc!# '
BUS_^_SYU^T_U^`bY^SY`Y_U\TUbUSX_QXeU\WQTU\_c_RbUb_ccUTU
TYS†TebQ^dUceUh`_cYSY†^QQdU]_bYjQbQcecQeTYd_bUcbUS_bTQ^T_U\
`U\YWb_aeUS_bbQ^\_cdbQRQZQT_bUcQ\XQSUbec_TU}\IQ`_iQRQceTU
]_cdbQSY†^U^dbU_db_cUZU]`\_cU^U\bUSYU^dU`Qb_TU\_cV\UdUb_c*
²8QiKMY^TecdbYQcU^aeUUc]eiVvSY\bUU]`\QjQbQ\_c_RbUb_caeU
‹\dY]Q]U^dUcUXQ^TUS\QbQT_U^XeU\WQ+U\S_]UbSY_^_c_`_bdQbQ
e^QXeU\WQ`b_\_^WQTQTUV\UdUb_ccY^UcdQR\USUb`_bceSeU^dQe^^U
W_SY_TUSQbWQiTUcSQbWQTU]UbSQTUbQciU]RQbaeUiTUcU]RQbaeU
TU`QcQZUb_c³!# (
<QTUcQj†^TU\_ccUSd_bUcTYbYWU^dUccUUh`bUc†U^U\@Qb\Q]U^d_
S_^]_dYf_TU\UcdQ\\YT_TUe^Q^eUfQXeU\WQTUV\UdUb_cTUFQ\`QbQc_
U^Ze\Y_TU\]Yc]_Q…_<QSQecQTUUcdUS_^V\YSd_VeUQ\YWeQ\aeUU^
_SQcY_^UcQ^dUbY_bUc\QQ`\YSQSY†^TU\_cbUW\Q]U^d_c]QbdY]_ciTU
\QcTYc`_cYSY_^UcQTeQ^UbQcaeU`b_XYRQ^Q\_c\Q^SXQcQSUbSQbcUQ\_c
ReaeUcQ^S\QT_cU^\QRQXQXQcdQaeUU\SQ`Ydv^TU\`eUbd_i\_cU]
`\UQT_cTU\BUcWeQbT_^_XeRYUcU^UVUSdeQT_e^QfYcYdQTUY^c`USSY†^
Q\Qc^QfUcbUSY}^\\UWQTQc5\!$TUZe\Y_fQbY_cV\UdUb_cXYSYUb_^SQc_

!# %
²5\WbU]Y_TUZ_b^Q\Ub_c³5\=UbSebY_FQ\`QbQc_!$TU]Qi_TU!('#
!# &
²5\WbU]Y_TUZ_b^Q\Ub_c³5\=UbSebY_FQ\`QbQc_!#TU]Qi_TU!('#
!# '
C_RbUUcdU`\Q^dU\SbUQT_ic_cdU^YT_`_b\Q]Qc_^UbQ`_bdU…Qf}QcUU\SQ`de
\_H9F
!# (
4Q^YU\6U\Y‹5\dbQRQZ_i\QcXeU\WQcTU_RbUb_c3_^VUbU^SYQc`_`e\QbUcTQTQcU^\Q
UcSeU\QdYde\QTQ²2\Qc3eUfQc³FQ\`QbQc_9]`bU^dQTU\Q@QdbYQ!('#`vW""

$&&
_]Yc_TUUcdQc^_b]Qc`_b\_aeUU\7_RUb^QT_b\UcY]`ec_e^Q]e\dQ5\
!'TUcTU\Qc`bY]UbQcX_bQcTU\Q]Q…Q^Q\_c\Q^SXUb_ccec`U^TYUb_^
cec\QR_bUcTUdbQ^c`_bdUTU]UbSQ^SQciTU`QcQZUb_cQ\_SeQ\U\S_]Q^
TQ^dUWU^UbQ\TU]QbY^QbUc`_^TY†TUSbUdQ^T_e^Q]e\dQQ\_cXeU\WeYc
dQciTUcdY^Q^T_\_cR_dUcTU\_cReaeUcTUWeUbbQ`QbQUVUSdeQbU\cUbfYSY_
1\TQcYWeYU^dU\_cTeU…_cTU\Q^SXQcTYUb_^ceRbQj_Qd_bSUbS_]`b_
]UdY}^T_cUQdbQf}cTUe^QSQbdQTYbYWYTQQ\9^dU^TU^dUQQSU`dQbU\`QW_
TU\Q]e\dQic_\YSYdv^T_\U²ceQehY\Y_i`b_dUSSY†^³²cY^`UbZeYSY_TU\Qc
]UTYTQcaeUTURQ^d_]QbcUS_^dbQ\_cSQRUSY\\Qc_`b_]_d_bUc³TU\]_fY
]YU^d_ !# )<QTYVUbU^SYQSY†^c_SYQ\UhYcdU^dUU^dbU\_c`Qdb_^UcTU\Q^
SXQQcY]Y\QR\UcQ\QbdUcQ^QT_icecQcQ\QbYQT_caeUT†TU]Q^YVYUcd_TU
]Q^UbQ]ei^dYTQU^UcdUTUcU^\QSU5^\_cS_^V\YSd_c`_cdUbY_bUcTU\Qc
²WU^dUcTU]Qb³U\`b_dQW_^Yc]_TU\_c_RbUb_cYbQU^Qe]U^d_5bQe^
cYW^_TU\QcdbQ^cV_b]QSY_^Ucc_SY_US_^†]YSQcaeUU\`QcUcdQRQUh`UbY
]U^dQ^T_U^cedbv^cYd_XQSYQU\SQ`YdQ\Yc]_
1S_]YU^j_cTU!('$\QcYdeQSY†^US_^†]YSQTU\`QccUTUWbQTQRQ
TU]Q^UbQcU^cYR\U`b_f_SQ^T_e^VeUbdUQe]U^d_TU\S_cd_TU\QfYTQ1\
Q\jQTU\_c`bUSY_cTU\_cQbdSe\_cTU`bY]UbQ^USUcYTQTcUce]QRQe^Q
VeUbdUTYc]Y^eSY†^TU\QQSdYfYTQT]QbdY]Q@QbQS_]`U^cQb\Q`}bTYTQ
TUce`_TUbQTaeYcYdYf_\_cZ_b^Q\Ub_cTU\`eUbd_TUFQ\`QbQc_`eTYUb_^
e^Qe]U^d_TU% TU\dQbYVQT_TUdbQ^c`_bdUVYZQ^T_e^QVUSXQd_`U`QbQ
_RdU^UbcQdYcVQSSY†^QceTU]Q^TQ !#! 
<QTU]Q^TQVeUbUSXQjQTQ1TU\Q^dv^T_cUQ\Q`_cYR\UXeU\WQ
e^TUSbUd_ce`bU]__bTU^†\QbU_bWQ^YjQSY†^TU\WbU]Y_<_cdbQRQZQ
T_bUc SUcQb_^ cec QSdYfYTQTUc U\ !# TU VURbUb_+ U\ QT]Y^YcdbQT_b TU
QTeQ^QcUh`e\c†QcecTYbYWU^dUcbUdef_\_cV_^T_cTUQX_bb_iQed_bY
j†Q\QcSQcQcTUS_]UbSY_`QbQaeUUVUSdeQbQ^\Qc_`UbQSY_^UcTUTUc
`QSX_TUQTeQ^QiTUSQbWQiTUcSQbWQTU\_cReaeUcS_^X_]RbUcS_^
dbQdQT_c`_bce`b_`YQSeU^dQ !#!!4ebQ^dUU\S_^V\YSd_°aeUTeb†SQcY
e^]Uci]UTY_°\_cZ_b^Q\Ub_cTURYUb_^U^VbU^dQb\QbU`bUcY†^`_\Y
SYQ\\QcdU^dQdYfQcTU\QcQed_bYTQTUc`_bSbUQbe^^eUf_WbU]Y_i\Qc
SQ]`Q…QcTUTUc`bUcdYWY_TU\Q`bU^cQU\S_]UbSY_i\_c`_TUbUc`‹R\Y

!# )
²3_^WbUc_>QSY_^Q\3v]QbQTU4Y`edQT_cCUcY†^5cdbQ_bTY^QbYQU^"'TU
_SdeRbUTU!('#³<QBU`‹R\YSQCQ^dYQW_")TU_SdeRbUTU!('#
!#!
²<_cZ_b^Q\Ub_cY\QZe^dQTURU^UVYSU^SYQ³5\=UbSebY_FQ\`QbQc_""TUU^U
b_TU!('$+²7bU]Y_TUZ_b^Q\Ub_c³5\=UbSebY_FQ\`QbQc_")TUU^Ub_TU!('$+²3eUc
dY†^Z_b^Q\Ub_c³5\=UbSebY_FQ\`QbQc_"%TU]Qbj_TU!('$
!#!!
1>1=8f_\!"')9^dU^TU^SYQTUFQ\`QbQc_"!((#9^dU^TU^SYQTU
FQ\`QbQc_FQ\`QbQc_!$TUVURbUb_TU!('$cV+²1fYc_7bU]Y_TUZ_b^Q\Ub_ci\Q^
SXUb_c³5\=UbSebY_FQ\`QbQc_!#TUVURbUb_TU!('$+5\=U^cQZUb_TU\@eUR\_CQ^dYQW_
"!TUVURbUb_TU!('$+6bQ^SYcS_5SXQebbU^²=U]_bYQTU\9^dU^TU^dUTUFQ\`QbQc_³
FQ\`QbQc_QRbY\TU!('%U^=U]_bYQTU\9^dUbY_b`bUcU^dQTQQ\3_^WbUc_>QSY_^Q\`_bU\=Y
^Ycdb_TU\bQ]_U^!('%CQ^dYQW_9]`bU^dQ>QSY_^Q\!('%`vW$%%

$&'
S_c!#!"<QY^dUb`bUdQSY†^cUW‹^\QSeQ\\QXeU\WQ°Q\YWeQ\aeU\QcQ^dUbY_
bUc°^_dU^Qe^QRQcU_ZecdYVYSQSY†^US_^†]YSQbUQ\VeUTUcQbb_\\QTQU^
bU`UdYTQc_`_bde^YTQTUc@_S_TUc`e}cTU\d}b]Y^_TU\]_fY]YU^d_U\
Y^dU^TU^dU6bQ^SYcS_5SXQebbU^Y^cYcdQU^UcQQbWe]U^dQSY†^BUVY
bY}^T_cUdQ^d_Q\Q‹\dY]QXeU\WQS_]_Q\QTU\Q…_`bUSUTU^dUc_cdU^Q
aeU*

KM`_b\_bUWe\Qb\QcXeU\WQcQS_^dUSYTQc^_XQ^
dU^YT_`_bSQecQ\_UhSUcYf_TU\dbQRQZ_^Yce]Q\QbU]e
^UbQSY†^+Y^cdYWQSY_^UcUhdUb^Qc`b_`†cYd_c]Q\U^Se
RYUbd_cS_^cUZ_cc_\Q`QT_ciUbb†^U_cXQ^cYT_\_caeU
XQ^Y]`e\cQT_Q\_cWbU]Y_cQbURU\QbcUS_^dbQU\dbQRQ
Z_`UbZeTYSQ^T_cecY^dUbUcUc+cY^aeUU^Qce^d_cTUdQ^
dQWbQfUTQTXQiQ^VQ\dQT_KM`Qdb_SY^Q^dUcS_\_SQT_c
U^U^Se]RbQT_c`eUcd_caeUXQ^`bUdU^TYT_`b_dUWUb
i`b_XYZQb\QcXeU\WQcfQ\Y}^T_cUTUXQ\QW_ci]UTY_c
fUTQT_cQd_T_X_]RbUaeUU^Q\W_cUUcdY]QiaeUdYU
^Ue^`UaeU…_Y^dUb}c`_bU\`Qci`_b\QS_cQ`‹R\Y
SQ!#!#

<Q]Yc]QdUcYcVeUbUd_]QTQe^Q…_TUc`e}c`_be^Ve^SY_^QbY_
ceRQ\dUb^_bUV\UZQ^T_aeU\QcS_^cUSeU^SYQcTUQaeU\]_fY]YU^d_XQ
RQ^cYT_]Qi_bUcTU\_aeU\QcQed_bYTQTUcXQRQ^aeUbYT_bUS_^_SUbU^
e^`bY]Ub]_]U^d_*²5cdQbURU\Y†^S_^dbQU\dbQRQZ_iS_^dbQd_T_U\_b
TU^UcdQR\USYT_VeUV_]U^dQTQU^]eSXQ`QbdU`_bY^cdYWQSY_^UcTU`Ub
c_^QcUhdbQ…QcQ\WbU]Y_iS_]_UbQ^QdebQ\`b_TeZ_`UbZeYSY_cY^SQ\Se
\QR\UcQ\_cY^dUbUcUcTU\S_]UbSY_TU\VYcS_iTU\Q]Yc]QY^cdYdeSY†^
KM³!#!$
<QXeU\WQ`_bdeQbYQTU!('$VeUU^}bWYSQ]U^dUbU`bY]YTQ*cec`bY^
SY`Q\UcTYbYWU^dUcVeUb_^QbbUcdQT_cU\WbU]Y_VeUTYceU\d_ibU_bWQ^YjQ
T_RQZ_RQcUciS_^TYSY_^UcTUe^bUW\Q]U^d_^eUf_aeU\\U^QRQiS_]

!#!"
1>1=8f_\!"')9^dU^TU^SYQTUFQ\`QbQc_"!((#1T]Y^YcdbQSY†^TU\
7bU]Y_TU:_b^Q\Ub_cY<Q^SXUb_cFQ\`QbQc_!"TUVURbUb_TU!((#KcYSMKTUcUWeb_cU
dbQdQTUe^Ubb_bTUdbQ^cSbY`SY†^TU\Q…_U^UcdUf_\e]U^TU\=Y^YcdUbY_TU8QSYU^TQ
TURYU^T_TUSYb!('#McV9^dU^TU^SYQTUFQ\`QbQc_FQ\`QbQc_(TU]Qbj_TU!('$cV
1\We^_c`_b]U^_bUcc_RbU\_c`bY]Ub_cTQcTU\S_^V\YSd_U^\QcUTYSY_^UcTU\!&!)i"
TUVURbUb_TU!('$TU5\=UbSebY_
!#!#
65SXQebbU^²=U]_bYQTU\9^dU^TU^dUTUFQ\`QbQc_TYbYWYTQQ\=Y^Ycdb_TU\
9^dUbY_b³FQ\`QbQc_!¡TU]Qi_TU!('$U^=U]_bYQTU\9^dUbY_baeUU\=Y^Ycdb_TU\bQ]_`bU
cU^dQQ\3_^WbUc_>QSY_^Q\U^!('$CQ^dYQW_9]`bU^dQ>QSY_^Q\!('$`vW"& 
!#!$
4_Se]U^d_cQ^Uh_cQ\Q=U]_bYQTU\9^dU^TU^dUTUFQ\`QbQc_FQ\`QbQc_
QRbY\TU!('%1^Uh_>¡(6UTUbYS_@Y^d_²9^V_b]UTU\7bU]Y_TU:_b^Q\Ub_c³FQ\`QbQ
c_VURbUb_! TU!('%U^=U]_bYQTU\9^dUbY_b`bUcU^dQTQQ\3_^WbUc_>QSY_^Q\`_bU\=Y^Ycdb_
TU\bQ]_U^!('%CQ^dYQW_9]`bU^dQ>QSY_^Q\!('%`vW%"#

$&(
`bU^TQd_TQc²\QcUhYWU^SYQci^USUcYTQTUcTU\ReU^cUbfYSY_ib}WY]U^
TU\SeUb`_³cUW‹^U\\U^WeQZU_VYSYQ\!#!%3_]_\_cXeU\WeYcdQccUbUcYcdQ^
QbUY^cSbYRYbcUiQVYb]Qb^eUf_cS_^dbQd_cQ\QbW_`\Qj_\QQed_bYTQTbUc
`_^TY†bUdU^YU^T_\_cV_^T_cTU\WbU]Y_*²5\U]`\U_TU\Qdb_`QTU\^UQ
`QbQVQSY\YdQbU\TUc`QSX_TU]UbSQTUbQc\QcTYc`_cYSY_^UcaeU`b_XYRQ^
\QU^dbQTQU^Q\]QSU^UcTUQTeQ^QQd_T_Y^TYfYTe_aeU^_`UbdU^USYUbQ
Q\WbU]Y_ifQbYQc_dbQcd_]QTQcS_^QSYUbd_i_`_bde^YTQT³i\QY^dUbfU^
SY†^TU\_cS_]UbSYQ^dUcaeU²Uc`_^dv^UQ]U^dU³V_b]e\Qb_^²e^QdQbYVQ
aeUcUS_]`b_]UdYUb_^QbUc`UdQb³!#!&cUS_^ZeWQb_^S_^_dbQc]UTYTQc
bU`bUcYfQc`QbQfU^SUbQ\_cXeU\WeYcdQc!#!'CY^U]RQbW_cUW‹^\_TUS\Q
bQT_`_bUcdU]Yc]_Ve^SY_^QbY_²\QbU_bWQ^YjQSY†^TU\WbU]Y_VeU]ei
\U^dQ+iQe^aeUQ]UTYTQaeUcUbUe^QWU^dUcUYRQ^UZUSedQ^T_Q\We^_c
dbQRQZ_cc†\_Q]UTYQT_cTUQRbY\cU`eT_S_^dQbS_^\QT_dQSY†^ceVYSYU^
dU`QbQXQSUbd_T_U\cUbfYSY_QaeUUcdUSeUb`_Ucdv_R\YWQT_³!#!(
1`UcQbTUceTUbb_dQ\_cZ_b^Q\Ub_c_RdefYUb_^aeUU^U\]_]U^
d_TU\QbU_bWQ^YjQSY†^TUceY^cdYdeSY†^\QcQed_bYTQTUcie^QS_]YcY†^
bU`bUcU^dQdYfQTU\S_]UbSY_TUFQ\`QbQc_bUS_^_SYUbQ^aeU²UVUSdYfQ
]U^dUUbQRQZ_U\Z_b^Q\aeUbUSYRQ^Ucd_cUcV_bjQT_c_RbUb_c³bQj†^
`_b\QaeUU\!$TU]Qbj_TU\]Yc]_Q…_\Q9^dU^TU^SYQXQRQTYSdQT_
S_^SQbvSdUbdbQ^cYd_bY_e^Q^eUfQdQbYVQ`QbQU\WbU]Y_U^Uc`UbQTUe^Q
TUVY^YdYfQU]Q^QTQTU\W_RYUb^_ !#!)3_]_U\5ZUSedYf_bUSYRY†\QQed_bY
jQSY†^S_bbUc`_^TYU^dUTU\3_^WbUc_U\""TUTYSYU]RbUTU!('%\QdQbY
VQTUVY^YdYfQc†\_S_]U^j†QbUWYbe^`QbTUQ…_cTUc`e}cTUVY^Q\YjQT_U\
S_^V\YSd_!#" BUSY}^U^cU`dYU]RbUTU!('&U\Y^dU^TU^dU5SXQebbU^Qe
d_bYj†Q\S_]Q^TQ^dUTU\WbU]Y_`QbQaeUbUY^dUWbQbQQ\cUbfYSY_Q\_c
dbQRQZQT_bUc\YSU^SYQT_c`_bce`QbdYSY`QSY†^U^U\S_^V\YSd_TU!('$
cYU]`bUaeUVeUcU^*

KMQSbUUT_bUcQU\\_`_bceS_^TeSdQiaeU]Q^Y
VYUcdU^aeUUcdv^TYc`eUcd_cQS_^TeSYbcUTUe^]_T_
TYfUbc_Q\aeU]_dYf†ceUh`e\cY†^RYU^U^dU^TYT_aeU
TURU^Y^WbUcQbS_]_cY]`\UcZ_b^Q\Ub_cicY^dU^UbTU
bUSX_Q\Qc`bUbb_WQdYfQci`bU]Y^U^SYQcaeUQ^dUcW_jQ

!#!%
9RYT
!#!&
9RYT
!#!'
=vcbUVUbU^SYQcQ\U]`\U_TU]Y\YdQbUc`QbQQ^e\QbU\UVUSd_TU\QXeU\WQU^5\
=UbSebY_FQ\`QbQc_!&TU]Qbj_TU!('$i²3eUcdY†^Z_b^Q\Ub_c³_`SYd<QcU`QbQSY†^
TUaeY^SUSQ`QdQSUcTU\WbU]Y_TUZ_b^Q\Ub_ci\Q^SXUb_cS_^cYTUbQT_c`_b\QcQed_bYTQ
TUcS_]_\_cY^cdYWQT_bUcTU\Q²ceR\UfQSY†^³TU\!#TUVURbUb_VeUQT_`dQTQ`_bU\`b_
`Y_Y^dU^TU^dU5SXQebbU^F}QcU1>1=8f_\!"')9^dU^TU^SYQTUFQ\`QbQc_"
!((#9^dU^TU^SYQTUFQ\`QbQc_FQ\`QbQc_"TU]Qi_TU!('$cV
!#!(
9RYT
!#!)
=U]_bYQaeUU\9^dU^TU^dUTUFQ\`QbQc_`bUcU^dQQ\Cb=Y^Ycdb_TU\9^dUbY_bU^S_^V_b
]YTQTQ\Q\Ui!('%'&FQ\`QbQc_9]`bU^dQTU\=UbSebY_!('&`vW!"#
!#"
9RYT

$&)
 RQ^iaeUU^^Y^W‹^SQc_cU\UcbUS_^_SUU\TUbUSX_TU
Q^dYWŽUTQTaeU`UbTYUb_^`_bcecVQ\dQc!#"!

5\W_\`UVeUQSecQT_`_b\_cdbQRQZQT_bUc`_bdeQbY_c*U^\_cQ…_ccY
WeYU^dUcQ`UcQbTU\QQWeTQSbYcYcUS_^†]YSQaeUQVUSd†Q\`Qc^_cU
bUWYcdbQb_^]_fY\YjQSY_^UcU^UcdUcUSd_bCebUcYcdU^SYQQ\QUh`\_dQSY†^
Qce]Y†_dbQcV_b]Qc@_bUZU]`\_VbUSeU^dU]U^dU\_cZ_b^Q\Ub_cTUFQ\
`QbQc_bUTeSQ^cedbQRQZ_Q\UcdbYSd_]^Y]_\Y]Ydv^T_cUQcQSQb\Qc
]UbSQTUbQcTU\Qc\Q^SXQccY^`_^Ub\QcU^\_cSQbbUd_^UcaeU\QcS_^Te
SQ^Q\_cQ\]QSU^UcTU\QQTeQ^QicY^dbQ^c`_bdQb\QcQTYSX_cQ\]QSU^Uc
_Q\_cSQbb_cTU\VUbb_SQbbY\S_]_`bUdU^TQ^\_cS_]UbSYQ^dUc5^Ze
^Y_TU!(("U\Y^dU^TU^dUTUFQ\`QbQc_51\dQ]YbQ^_U^SQbW†Q\S_
]Q^TQ^dUTU\WbU]Y_XQSUbTUcQ`QbUSUbUcQ²S_bbe`dU\Q³ !#""3_^dbQbYQ^
T_\QcQc`YbQSY_^UcTUS_]UbSYQ^dUcU]`bUcQbY_c`_\dYS_cibU`bUcU^
dQ^dUcTU\5cdQT_\_cWbU]Y_cTU\Q²WU^dUTU]Qb³S_^dY^eQbQ^TebQ^dU
]eSX_dYU]`_cYU^T_e^QVeU^dU`Ub]Q^U^dUTUS_^V\YSd_ciTUbUcYcdU^
SYQ_RbUbQ5^U\V\eZ_TU\eSXQc`_`e\QbUcaeUcU`b_TeZ_TUc`e}cTU\Q
7eUbbQTU\@QSVYS_iU^\Q²XeU\WQWbQ^TU³TU!() ce`Q`U\VeUcYU]`bU
`b_dQW†^YS_

< 1C 8E5<71C 45 D9@É7B16?C C1CDB5C I ?DB?C 7B5=9?C

4Uc`e}cTU\_cdbQRQZQT_bUc]QbdY]_c\_cdY`†WbQV_cTUCQ^dYQW_iFQ\
`QbQc_VeUb_^\_c_RbUb_c]UZ_b_bWQ^YjQT_ci]vc`bUTYc`eUcd_cQ\Q
QSdYfYTQTbUYfY^TYSQdYfQTebQ^dU\QcT}SQTQcTU!(& i!(' 8QSYQS_
]YU^j_cTU\_cQ…_ccUdU^dQcecc_SYUTQTUcTUc_S_bb_c]ede_cXQRQ^
\_WbQT_e^UaeY\YRbY_VY^Q^SYUb_Ve^SY_^QRQ^QTUSeQTQ]U^dUiW_jQ
RQ^TU`bUcdYWY_TU^db_iVeUbQTUceWbU]Y_<QVeUbjQTUUcdQc]edeQ\Uc
^_bUcYTQU^\QSQ^dYTQTTUQTXUbU^dUccY^_U^ce`b_`YQ_bWQ^YjQSY†^
1]UTYQT_cTUZe\Y_TU!('"UcTUSYbe^]Uci]UTY_Q^dUcTU\Qc`bY]U
bQcXeU\WQcTUdbQRQZQT_bUcTUY]`bU^dQ\QC_SYUTQTDY`_WbvVYSQTUFQ\`Q
bQc_S_^dQRQQ`U^QcS_^SY^SeU^dQie^c_SY_c`Ub_ceSQ`YdQ\TU`_cYdQ
!#"#
T_U^U\RQ^S_R_bTUQRQ\_c" 5^!('#\QE^Y†^TU\_cDY`†WbQV_c
TUCQ^dYQW_dU^QSYU^Qc_SYQT_cSYVbQRQcdQ^dU²UcSQcQ³cUW‹^\Q`b_`YQ

!#"!
1>1=8f_\!"')9^dU^TU^SYQTUFQ\`QbQc_"!((#9^dU^TU^SYQTUFQ\
`QbQc_FQ\`QbQc_!&TUcU`dYU]RbUTU!('&cV
!#""
5\=UbSebY_FQ\`QbQc_!)TUZe^Y_TU!(("
!#"#
²C_SYUTQTDY`_WbvVYSQ³5\=UbSebY_FQ\`QbQc_!&TUZe\Y_TU!('"+KD_]vc:e
\Y_7_^jv\UjM=U]_bYQTU\`bUcYTU^dUTU\QC_SYUTQTDY`_WbvVYSQTUFQ\`QbQc_\UYTQU^\QbUe^Y†^
ZU^UbQ\TU\!$TUZe\Y_TU!('"FQ\`QbQc_9]`bU^dQTU<Q@QdbYQ!('"`vWc$%i'+4Q
^YU\6U\Y‹5\QX_bb_i\Qcc_SYUTQTUcTUc_S_bb_c]ede_cFQ\`QbQc_9]`bU^dQTU\Q@QdbYQ
!('#`vW"'

$'
Uh`bUcY†^TUce`bUcYTU^dU:_c}CQ^d_cFQ\U^jeU\Q!#"$cYcUS_^cYTUbQRQ\Q
SQ^dYTQTTUdbQRQZQT_bUcTU\QY^TecdbYQUTYd_bYQ\aeUXQRQU^d_^SUcU^\Q
SYeTQT!#"% @Ub_ ce SQ`QSYTQT TU S_^f_SQd_bYQ Q\ YWeQ\ aeU \Q TU ce
X_]†\_WQTUFQ\`QbQc_UbQS_^cYTUbQR\U
5\UcdQ\\YT_cY]e\dv^U_TU\QXeU\WQTUdY`†WbQV_cU^TYcdY^dQcY]
`bU^dQcTU\QSQ`YdQ\QS_]YU^j_cTU!('"VeUe^QTU]_cdbQSY†^TUVeUbjQ
\_WbQTQ`_bU\WbU]Y_ice]edeQ\@QbQ`bU`QbQb\Q]_fY\YjQSY†^\_cTYbY
WU^dUcTU\QS_b`_bQSY†^_bWQ^YjQb_^e^]UUdY^W`‹R\YS_!#"&<QbUYfY^TY
SQSY†^TU\]_fY]YU^d_TU`b_dUcdQUbQU\Qe]U^d_TUbU]e^UbQSY_^UcQ
fUY^dYSY^S_SU^dQf_cTU`Uc_`_b]Y\cYW^_c!#"'1\We^QcY]`bU^dQc°S_]_
\QTU\`UbY†TYS_SQd†\YS_S_^cUbfQT_b5\9^TU`U^TYU^dU°bUSebbYUb_^QQ`bU^
TYSUcQVY^TUaeURbQbU\`Qb_ !#"( iQSecQb_^Q\_cXeU\WeYcdQcTUY^dY]YTQb
QQaeU\\_cdbQRQZQT_bUcaeU]Q^YVUcdQRQ^Y^dU^SY_^UcTUce]QbcUQ\QQS
SY†^!#")<QQSdYdeT`Qdb_^Q\TY_cecVbed_c*Q\SQR_TUSY^S_TQc\QXeU\WQ
VeUTUbb_dQTQ!## 
<QQecU^SYQSQcYd_dQ\TUe^Q\UWYc\QSY†^TU\dbQRQZ_TUZQRQQ\\YRbU
ZeUW_TU\QS_bbU\QSY†^TUVeUbjQcU^dbUU]`bUcQbY_ci_RbUb_c\Qc_\eSY†^
TU\_cS_^V\YSd_c<QUhdU^cY†^TU\VU^†]U^_TUXeU\WQc_RbUbQc`\Q^dUQ
RQe^`b_R\U]Q^eUf_Q\QS\QcU`Qdb_^Q\1^dU\QQecU^SYQTUe^Q`_\dYSQ
QSdYfQTU\5cdQT_\QcbUc`eUcdQc^_`_TQ^cY^_cUbY^TYfYTeQ\Uc3QTQ
U]`bUcQbY_UbQ\YRbUTUQ`\YSQbce`b_`YQUcdbQdUWYQTUbUWe\QSY†^TU\Qc
bU\QSY_^UcS_^\QVeUbjQTUdbQRQZ_1^dU\QcXeU\WQc\QdvSdYSQTU\bUSebc_
Q\_cQ`bU^TYSUcedY\YjQTQ`_b\_c`Qdb_^UcTUY]`bU^dQcUWU^UbQ\Yj†bv
`YTQ]U^dU=vcUVYSQjQ‹^`QbQ\_cY^dUbUcUc`Qdb_^Q\UcVeU\QedY\YjQSY†^
TU\Q]Q^_TU_RbQVU]U^Y^Q`QbQbUU]`\QjQbQ\_c_`UbQbY_caeU`QbQ\YjQ
RQ^cec\QR_bUc1c`_bUZU]`\_SeQ^T_U^QW_cd_TU!('"cUTUS\QbQb_^
U^XeU\WQ\_c_RbUb_cSYWQbbUb_cTUCQ^dYQW_`QbQbUSXQjQbU\SUbdYVYSQT_
aeU\_cTeU…_cTUSYWQbbUbQ\UcXQRQ^Y]`eUcd_Q\SQ]RYQbTUU]`\UQ
T_b\_c`Qdb_^Uc`b_SUTYUb_^QS_^dbQdQb]eZUbUc !##!IQS_]YU^j_cTU
U^Ub_TU!(''S_^_SQcY†^TU\]_fY]YU^d_XeU\WecdYS_TU\_c_RbUb_c

!#"$
9^V_b]U`QcQT_Q\QC_SYUTQTE^Y†^TU\_cDY`†WbQV_cTUCQ^dYQW_`_bU\@bUcYTU^dUTUU\\Q
U^\Q:e^dQ:U^UbQ\U\"%TUU^Ub_TU!('$CQ^dYQW_9]`bU^dQ>QSY_^Q\!('$`vW&
!#"%
5\SU^c_TU!('%S_^dQRY\Yj†U^CQ^dYQW_T_cSYU^d_cSY^SeU^dQiSY^S_dY`†WbQ
V_cTYUSY_SX_\Yd†WbQV_ciSeQbU^dQi_SX_U^SeQTUb^QT_bUc_cUQdbUcSYU^dQcfUY^dYe^Q
`Ubc_^QcU^\_c_VYSY_cTU\QcQbdUcWbvVYSQc8QSYQ!('"!('#}cd_cUbQ^`b_RQR\U]U^dU
e^`_S_]U^_c^e]Ub_c_c\_aeU`Ub]YdUce`_^UbaeU\QE^Y†^TU\_cDY`†WbQV_cbUQWbe
`QRQc†\_Q\#%_$ \_cdbQRQZQT_bUcTU\bQ]_
!#"&
²<QXeU\WQ³5\9^TU`U^TYU^dUCQ^dYQW_#TUcU`dYU]RbUTU!('"
!#"'
²8eU\WQTUdY`†WbQV_c³5\=UbSebY_FQ\`QbQc_%TUcU`dYU]RbUTU!('"
!#"(
²DY`†WbQV_c³5\9^TU`U^TYU^dUCQ^dYQW_%TUcU`dYU]RbUTU!('"
!#")
²<QXeU\WQ³_`SYd
!##
²1\Q\ejTU\_cXUSX_c³5\9^TU`U^TYU^dUCQ^dYQW_(TUcU`dYU]RbUTU!('"
!##!
²4Uc]U^dYT_³5\6Ubb_SQbbY\CQ^dYQW_!'TUQW_cd_TU!('"

$'!
SYWQbbUb_cTUFQ\`QbQc_`QbQ_RdU^Ub]UZ_bUccQ\QbY_cQ\We^_c`b_`YUdQ
bY_cTUSYWQbbUbQcdQ]RY}^U]`\UQb_^]eZUbUc`QbQbUU]`\QjQbQ\_c
XeU\WeYcdQc!##"
5^_db_cWbU]Y_cS_]_U\TU\_ccQcdbUcU\bUYfY^TYSQSY_^Yc]_`_bdQRQ
Q‹^U\cU\\_`b_`Y_TU\QcT}SQTQcQ^dUbY_bUc*U\Q^XU\_TU]UTYTQc`b_dUS
SY_^YcdQcSQbQSdUbcdYS_TU\_cZUVUcTUdQ\\UbcU]UjS\QRQS_^\QcTU]Q^TQc
cQ\QbYQ\UcTU\_c_`UbQbY_cU^e^S_^dUhd_TUSbUSYU^dUTYVUbU^SYQSY†^c_
SYQ\Q\Y^dUbY_bTU\Q]Yc]QS_b`_bQSY†^<_c]_fY]YU^d_cTUQaeU\\Q}`_SQ
VeUb_^e^ReU^bUV\UZ_TU\QcSQbQSdUbcdYSQcTUUcdUWbU]Y_aeUQ\YWeQ\
aeU_db_cdbQ^cYdQRQTU\`UaeU…_dQ\\UbQbdUcQ^Q\XQSYQV_b]Qc]vc]_TUb
^QcTU`b_TeSSY†^
4U\QcXeU\WQccQcdbUbY\UcaeUdefYUb_^\eWQbU^CQ^dYQW_iFQ\`QbQ
c_U^!(&!c†\_dU^U]_cY^V_b]QSY_^Uc]vc`bUSYcQcc_RbU\Q_SebbYTQ
U^UcdQ‹\dY]QSYeTQT5^]Qbj_TUUcUQ…_\_c_`UbQbY_cTUcQcdbUbQ
`_bdU…_cS_]U^jQb_^QbUe^YbcUS_^\QY^dU^SY†^TUS_^cdYdeYbe^QQc_
SYQSY†^!###3_]_bUce\dQT_TUdQ\UcbUe^Y_^UcU\" TUUcU]Uc]vcTU
e^SU^dU^QbTUU\\_c`bUcU^dQb_^e^Q`UdYSY†^Q\_cTeU…_cTUcQcdbUbQc
U^\QaeUcU…Q\QRQ^XQRUbQS_bTQT_²YbbUf_SQR\U]U^dU\_c`bUSY_caeU
XQ^TU\\UfQb`_b\Qc_RbQcaeUXQWQ^U^\_cdQ\\UbUcUhdbQ^ZUb_cQVY^TU
aeU ^_ cU S_]UdQ U\ QRec_ TU Uh`\_dvbcU\_c U^ cec ]vc SQb_c Y^dUbU
cUcKM³!##$
<_c`bUSY_cVYZQT_cUbQ^TUS\QbQT_c²Y^fQbYQR\Uc³QcUWebQ^T_aeU
`_b^Y^W‹^]_dYf_cUQSU`dQbQ^bURQZQcQ`UcQbTU\QTYVSY\cYdeQSY†^
U^\QaeUcUU^S_^dbQRQ^`_bVQ\dQTUdbQRQZ_ !##%C†\_e^TeU…_TUcQc
dbUbQQSU`d†\QcTU]Q^TQc<_c_`UbQbY_ccUbUe^YUb_^^eUfQ]U^dUU\
"#TU]Qbj_iQ`b_RQb_^e^_cUcdQded_cU^\_caeUcU`U^Q\YjQRQS_^
"%TU]e\dQ_U^ceTUVUSd_²e^]UcTU`bUcYTY_ebRQ^_³KcYSMQ\_c
Y^VbQSd_bUcTU\QdQbYVQ]^Y]QTUSYTYTQS_\USdYfQ]U^dU !##&<_cQSeUb
T_cTU\_c_RbUb_cSQecQb_^S_^]_SY†^*XeR_aeYU^Uc\_cQSecQb_^TU
`b_dQW_^YjQbe^QUc`USYUTU²Q\jQ]YU^d_³_]Q^Y_RbQ`_\dYSQTURYT_
Q\Q`_i_TUQ\We^_c`_\dYS_cQce]_fY]YU^d_ !##'@QbQ\_cY^dUWbQ^dUc
TU\WbU]Y_Y^f_\eSbQT_U^SQ]RY_}cdQVeU\Q`bY]UbQdU^dQdYfQ`_b
S_^cdYdeYbe^QSQZQTUQX_bb_`QbQQ`_iQbcU]edeQ]U^dUU^SQc_TU
XQ\\QbcUY]`_cYRY\YdQT_c`QbQU\dbQRQZ__U^cYdeQSY†^TUSUcQ^dQ6eU
dQ]RY}^e^QQSSY†^TUTUVU^cQTU\fQ\_bTU\Q]Q^_TU_RbQTYbYWYTQ
Uc`USYQ\]U^dUS_^dbQ\_c`Qdb_^UcUhdbQ^ZUb_c?cUQe^]_fY]YU^d_
d`YSQ]U^dU`b_\UdQbY_

!##"
²<_cSYWQbbUb_cTUFQ\`QbQc_³5\9^TU`U^TYU^dUCQ^dYQW_&TUU^Ub_TU!(''+
²FQ\`QbQc_<_ccYWQbbUb_cU^XeU\WQ³5\3_`YQ`Y^_3_`YQ`†)TUU^Ub_TU!(''
!###
²3\eRTUcQcdbUc³5\3_]UbSY_FQ\`QbQc_"!TU]Qbj_TU!(&!
!##$
²<_ccQcdbUc³5\3_]UbSY_FQ\`QbQc_"#TU]Qbj_TU!(&!
!##%
9RYT
!##&
9RYT
!##'
9RYT+²=vcc_RbU\_ccQcdbUc³5\3_]UbSY_FQ\`QbQc_"%TU]Qbj_TU!(&!

$'"
 <Q`b_\YVUbQSY†^TUXeU\WQcTebQ^dU\_cQ…_ccUdU^dQVeUe^VU^†]U
^_aeU^_`Qc†TUcQ`UbSYRYT_U^\QU\YdU1dbQf}cTUTYcdY^dQc`Ubc_^Q\Y
TQTUci]UTY_cTU`bU^cQcUUh`bUc†ceY^aeYUdeTicU`\Q^dU†°aeYjvc`_b
`bY]UbQfUj°\Q^USUcYTQTTUT_dQbcUTUe^Q\UWYc\QSY†^aeU`ecYUbQVbU
^_Q\TUcQbb_\\_TUUcdQc`b_dUcdQc`_`e\QbUc5^!('#Q…_TU^e]Ub_
c_cS_^V\YSd_c\QR_bQ\UcU^FQ\`QbQc_e^\USd_b^_YTU^dYVYSQT_U^fY†
e^QSQbdQQe^`UbY†TYS_TU\QSQ`YdQ\TU^e^SYQ^T_\QcYdeQSY†^i`b_`_
^YU^T_ \Q QT_`SY†^ TU ]UTYTQc \UWQ\Uc `QbQ Q`\QcdQb \Q QSdYfYTQT
bUYfY^TYSQdYfQTU\_cdbQRQZQT_bUc*

<QcYdeQSY†^TUFQ\`QbQc_`b_f_SQTQ`_b\QcXeU\
WQcbU`UdY]_cUcVe^UcdQiS_bbUc`_^TUQ\QcQed_bYTQ
TUc`_^UbS_d_QU\\QcS_^RbQj_TUVYUbb_
<QcXeU\WQcXQ^\\UWQT_X_iQe^Q\^UQaeUbQiQ
\_c\]YdUcTU\_Y]`_cYR\U<_cSQb^YSUb_ccU^YUWQ^Q
TQbQ\QSYeTQTe^_TU\_cU\U]U^d_cTU\QfYTQ+cUQ^e^
SYQ aeU ce YTUQ cU dbQ^c]YdU U^ d_T_c cU^dYT_c U^ \_c
]UbSQT_c`‹R\YS_c¤4URU\QQed_bYTQT`bUcU^SYQbY]`Q
cYR\U]UTYTQcdQ\Uc/
3_^dUcdU^`_b^_c_db_cd_T_c5\\_ce^v^Y]UccU
Qc_SYQbv^Q^eUcdbQYTUQ`QbQ`UTYb\QS_^TU^QSY†^TU
\_cSe\`QR\Ucice`\YSQbQ\QQed_bYTQTaeUXQWQbUSQUb
c_RbU\QcXeU\WQccedbU]U^TQS_^TU^QSY†^
E^Q\Ui_e^bUW\Q]U^d_TUcQ\fQSY†^`‹R\YSQcU
bQbUSYRYTQ`_bFQ\`QbQc_S_^d_T_c\_ccY^SUb_cQWbQ
TUSY]YU^d_cTU\QcS\QcUcX_^bQTQcifYfQT_S_^d_TQ\Q
UVecY†^TU\S_bQj†^!##(

< 1 3??B49>139É> @?@E<1B I <1 <E381 3?>DB1 <1 3B9C9C 53?>É=931

4EB1>D5 <1 C57E>41 =9D14 45 <?C 1s?C C5D5>D1 !##)

5^!('&XQSYQVY^UcTU\W_RYUb^_\YRUbQ\TU6UTUbYS_5bbvjebYjJQ…Qbde
e^QWbQ^SbYcYccQSeTQ\QUS_^_]QSXY\U^QE^QS_ie^debQY^dUb^QSY_
^Q\U^\QSeQ\\_c`bUSY_cTU\Qc]QdUbYQc`bY]QciQ\Y]U^d_cS_]U^jQb_^

!##(
²3_]e^YSQT_c1\5TU\QBU`‹R\YSQ<QcXeU\WQcU^FQ\`QbQc_³<QBU`‹R\YSQ
CQ^dYQW_"(TUQW_cd_TU!('#
!##)
>eUcdbQ`bY]UbQQ`b_hY]QSY†^QUcdUdU]QVeUUh`eUcdQU^*²3bYcYcUS_^†]YSQi
bUc`eUcdQ`_`e\Qb<QS_^fUbWU^SYQ`b_dUSSY_^YcdQU^3XY\U!('&!('(³@_^U^SYQ`bU
cU^dQTQU^\QcHF:_b^QTQcTU8Ycd_bYQ5S_^†]YSQ_bWQ^YjQTQc`_b\Q1c_SYQSY†^1bWU^dY
^QTU8Ycd_bYQ5S_^†]YSQi\QE^YfUbcYTQT>QSY_^Q\TU\3U^db_DQ^TY\)Q\!!TU_Sde
RbUTU!))&@eR\YSQTQU^=Q`_SX_>¡$!CQ^dYQW_`bY]UbcU]UcdbUTU!))'`vWc!%!
!'#

$'#
e^`b_SUc_TUTUS\Y^QSY†^XYcd†bYSQQVUSdQRQcUfUbQ]U^dUQ\QcUh`_bdQSY_
^Uc ^QSY_^Q\Uc <_c `bUSY_c TU\ S_RbU i TU \Q `\QdQ XQRQ^ RQZQT_
TbvcdYSQ]U^dUiU^]U^_b]UTYTQ\_cTU\dbYW_iTU\QXQbY^Q5\S_]UbSY_
UhdUbY_bTU\`QcXQRQU^dbQT_TUcTU!('#U^e^`Ub_T_TUSbYcYc`Ub]Q
^U^dU
1cY]Yc]_\QTUeTQ`‹R\YSQXQRQQe]U^dQT_S_^cYTUbQR\U]U^dU
TURYT_Q\_cSb}TYd_cS_^dbQT_ccecdbQiU^T_]eSX_cY^WbUc_cQ\5cdQT_
`_bS_^SU`d_TUY^dUbUcUciQ]_bdYjQSY_^Uc`b_f_SQ^T_e^Y]`_bdQ^dU
T}VYSYdVYcSQ\>e]Ub_cQcS_]`Q…Qc]Y^UbQcaeURbQb_^5\@Ub‹bUSe
`Ub† \Qc cQ\YdbUbQc TU DQbQ`QSv i 2_\YfYQ WbQf† \Qc WeQ^UbQc U^
1^d_VQWQcdQ1\QVeWQTUSQ`YdQ\UccUce]QRQU\Q\jQTU\QdQcQTUTUcSeU^
d_ciU\SYUbbUTU^e]Ub_cQcSQcQcS_]UbSYQ\Uc5\ceSUc_bTU5bbvjebYjU\
`bUcYTU^dU1^RQ\@Y^d_Y^dU^d†c_\eSY_^QbU\`b_R\U]QTU\QcVY^Q^jQc
TU\5cdQT_SbUQ^T_^eUfQcS_^dbYReSY_^UcibUcdbY^WYU^T_U\WQcd_`‹
R\YS_]UTYQ^dUU\TUcQb]UTUfQbY_cReaeUcTU\QQb]QTQi\QbUTeSSY†^
TUWbQdYVYSQSY_^UcQ\_cU]`\UQT_cVYcSQ\UciTU\_cUVUSdYf_cTU\UZ}bSYd_
CYRYU^UcdQc]UTYTQc\_WbQb_^c_\eSY_^Qb`QbSYQ\]U^dUU\`b_R\U]QVYc
SQ\^_VeUb_^ceVYSYU^dUc`QbQ`Q\YQb\QSbYcYcTU\_cU]`bUcQbY_c
<QTURQS\UUS_^†]YSQcU]Q^YVUcd†dQ]RY}^U^U\`\Q^_]_^UdQbY_*
UcSQcUQRQU\SYbSe\Q^dUS_]_S_^cUSeU^SYQTU\QUh`_bdQSY†^TU]_^U
TQTU_b_iTU`\QdQ`_bS_^SU`d_TU`QW_cTU\S_]UbSY_U^5eb_`Q+Qe
]U^d†U\Y^dUb}cTU\TY^Ub_iRQZ†U\SQ]RY_Y^dUb^QSY_^Q\ceRYU^T_U\
S_cd_TU\QfYTQ<Q`b_`YUTQTbQj\QbU^dQY^]_RY\YQbYQ\_cdde\_cTU
Sb}TYd_TU\5cdQT_i\_cTU\Sb}TYd_RQ^SQbY_cUTU`bUSYQb_^3eQ^T_\_c
RQ^S_c^_`eTYUb_^S_^fUbdYbcecRY\\UdUcU^]_^UTQ]Udv\YSQU\W_RYUb
^_aeU\UcTURQY]`_bdQ^dUcce]QcS_bbY†U^ceQehY\Y_Y]`e\cQ^T_\Q
Q`b_RQSY†^ TU e^Q \Ui TU Y^S_^fUbdYRY\YTQT TU \_c RY\\UdUc RQ^SQbY_c
!('(aeUTQRQQ}cd_cSebc_V_bj_c_U^d_TQc\QcdbQ^cQSSY_^UcTUcQ
dv^T_cU\QY^V\QSY†^!#$ 
<QS_^TYSY†^`_`e\QbcUfY_QWbQfQTQ`_b\QQ`QbYSY†^TUe^Q]_bd
VUbQU`YTU]YQTUfYbeU\QU^!('&aeUS_Rb†&#"$fYTQc\Q]Qi_b`QbdU
TUU\\QcU^\QSQ`YdQ\CQ^dYQW_\Q]U^d†\Q]eUbdUTU%'! `Ubc_^QcUcd_
UcSQcYU\$TUce`_R\QSY†^!#$!5^Q\We^_cSU^db_cebRQ^_c]U^_c`_
R\QT_c\_cUcdbQW_cTU\QfYbeU\QVeUb_^`b_`_bSY_^Q\]U^dUdQ^_]vc
Y]`_bdQ^dUcaeUU^\QSYeTQTSQRUSUbQTU\`Qc*U\`eUbd_TUCQ^1^d_

!#$
>eUcdbQc^dUcYcc_RbU\QSbYcYcUS_^†]YSQcURQcQU^\QccYWeYU^dUc_RbQc*3QbY_\Qi
Ce^[U\_`SYd`vWc#(i#)+<eYc?bdUWQ<_cU]`bUcQbY_c\Q`_\dYSQi\_c_bWU^UcTU\Q7eUbbQ
TU\@QSVYS_CQ^dYQW_3_^dbYReSY_^Uc@b_WbQ]Q6<13C?CQ^dYQW_TU3XY\U>¡"$QRbY\TU
!)($`vWc%!#+5^SY^Q_`SYdd_]_HF9`vWc%'('DQ]RY}^XU]_cS_^ce\dQT_U\
]U^cQZU`bUcYTU^SYQ\TU!(''*K1^RQ\@Y^d_M4YcSebc_TUCe5hSU\U^SYQU\@bUcYTU^dUTU\QBU`‹
R\YSQU^\QQ`UbdebQQ\3_^WbUc_>QSY_^Q\TU!(''CQ^dYQW_9]`bU^dQ>QSY_^Q\!(''
!#$!
:U^Qb_3_^dQbT_²3QecQcTU\Q`b_`QWQSY†^TU\QfYbeU\QU^3XY\UYTU\QUhSUcY
fQ]_bdQ\YTQTaeU`b_TeSU^cecU`YTU]YQcU^CQ^dYQW_³U^BUfYcdQ=}TYSQTU3XY\UQ…_F9
>¡&CQ^dYQW_!%TUTYSYU]RbUTU!(''`vW"!)

$'$
^Y_VeUTYUj]QT_+U^<_dQ1\d_°T_^TU\QU^VUb]UTQT\\UW†U^e^RQbS_
Q]UTYQT_cTU!(''°cUS_^dQb_^SYU^d_SeQbU^dQiT_cTUSUc_cTebQ^dU
\_c`bY]Ub_c_SX_]UcUc<QU`YTU]YQU^S_^db†U^UcU`_R\QT_]Y^Ub_
d_TQc\QcS_^TYSY_^Uc`QbQce`b_`QWQSY†^*U\)%TU\_cXQRYdQ^dUc^_
XQRQ^cYT_Y^_Se\QT_ciU\%bUcdQ^dUXQRQbUSYRYT_fQSe^QcTU]Q\Q
SQ\YTQT`_b\_dQ^d_S_]`\UdQ]U^dUY^UVYSQSUc5\XQSY^Q]YU^d_TU\Q
`_R\QSY†^U^bQ^SX_ci`YUjQcaeUQ\RUbWQRQ^QcYUdU_]vc`Ubc_^Qc+\Q
VQ\dQd_dQ\TUS_^TYSY_^UcXYWY}^YSQci\Q`b_]YcSeYTQTU^\QaeUS_^dY
^eQRQ^fYfYU^T_\_cU^VUb]_cS_^\_cTU]vcXQRYdQ^dUcVQSY\YdQb_^U\
S_^dQWY_!#$"5^\QSQ`YdQ\c†\_U\$$TUcecXQRYdQ^dUcUbQ^Y^_Se\QT_c
U^`b_]UTY_SQTQQ…_\_aeUcYW^YVYSQRQaeUSQcYd_dQ\YTQTTU\_ccUSd_
bUc`_`e\QbUcaeUTQRQcY^`b_dUSSY†^i\Q]_bdQ\YTQTcUU\UfQRQTURYT_
Q\WbQ^`_bSU^dQZUTU`_R\QSY†^V\_dQ^dU°\_cWQ…Q^UcTU_bYWU^bebQ\aeU
_cSY\QRQ^U^dbU\QSYeTQTi\_cSQ]`_cfUSY^_c°Q\_cSeQ\Uc^_\\UWQRQ\Q
]UTYTQ`bUfU^dYfQ!#$#@_bUcdQcbQj_^Uc\QfYbeU\QcUU^cQ…†S_^\_c]vc
`_RbUc<QU^VUb]UTQTQSdeQRQS_^S\Qb_cSbYdUbY_cTUcUWbUWQSY†^c_
SYQ\!#$$
<QS_]RY^QSY†^TUSbYcYcUS_^†]YSQiU`YTU]YQXYj_]vcTebQ\Q
fYTQTU\_ccUSd_bUc`_`e\QbUcXQSYQ!('&5\TUdUbY_b_c_SYQ\cUUh`bUc†
TU]‹\dY`\Uc]Q^UbQcUc`USYQ\]U^dUU^e^^_dQR\UQe]U^d_TU\QSbY
]Y^Q\YTQTdQ^d_U^\QcvbUQcbebQ\UcS_]_ebRQ^Qc
<QbUSUcY†^`ec_Q`beURQ\QSQ`QSYTQTTU_bWQ^YjQSY†^iTU]_fY\Y
jQSY†^TU\QbdUcQ^QT_iTU\QY^SY`YU^dUS\QcU_RbUbQebRQ^Q1TYVUbU^
SYQTU\__SebbYT_TebQ^dUSbYcYcQ^dUbY_bUcQ]UTYQT_cTU\_cQ…_ccU
dU^dQUcd_ccUSd_bUciQS_^dQRQ^S_^e^QcUbYUTU_bWQ^YjQSY_^Uc°]edeQ
\YcdQci_dbQc°aeU`_TQ^cUbfYbicYbfYUb_^`QbQ_bWQ^YjQb\QbUc`eUcdQ
TU\`eUR\_\\Q^_Q\QSbYcYc4UcTUU\`e^d_TUfYcdQTU\]_fY]YU^d_`_`e
\Qb\QWbQ^fYbdeTTU\QS_^]_SY†^TU\_cQ…_c!('&!('(VeU`bUSYcQ]U^
dUU\c_]UdUbQ`beURQQTYSX_c_bWQ^Yc]_cS_^dbYReiU^T_QS_^c_\YTQb
\_c\Qj_cXQcdQU^d_^SUc`_S_UcdbUSX_cU^dbUTYcdY^d_ccUW]U^d_cTU
dbQRQZQT_bUc _bWQ^YjQT_c IQ UhYcdQ^ ²c_SYUTQTUc TU QbdUcQ^_c³ U^
Q`b_hY]QTQ]U^dUfUY^dUSYeTQTUcVeUbQTUe^Qc_SX_]edeQ\UcTUSQ
bvSdUbWbU]YQ\U^CQ^dYQW_iFQ\`QbQc_aeUQWbe`QRQ^QdY`†WbQV_c
SYWQbbUb_cSQbb_SUb_cXUbbUb_ccQcdbUcijQ`QdUb_c=ei\YWQT_Q\TUcQ
bb_\\_TUUcdU]_fY]YU^d_Qc_SYQdYf_TU\_cdbQRQZQT_bUccebWY†e^S\eR
c_SY_`_\dYS_\QC_SYUTQT5cSeU\QBU`eR\YSQ^QUh`bUcY†^TUe^QfQ^jQT_

!#$"
:48UbbUbQB²5`YTU]YQTUfYbeU\QU^<_dQ4UcTUZe^Y_TU!(''QVURbUb_TU
!('(³U^BUfYcdQ=}TYSQTU3XY\UQ…_F9>¡! i!!CQ^dYQW_!%TU]Qi_TU!(')`vWc
#&'#'!+AeY^d_3U^c_:U^UbQ\_`SYd`vW<9
!#$#
4Q^YU\?`Qj_CY\fQ²4U\QcfQSe^QSY_^UcU^3XY\US_^S\ecY†^³]U]_bYQTU
`beURQ`QbQ_`dQbQ\WbQT_TU<YSU^SYQT_U^\Q6QSe\dQTTU=UTYSY^QU^BUfYcdQ=}TYSQTU
3XY\UQ…_F9>¡$CQ^dYQW_!%TU_SdeRbUTU!(''`vWc!'#i!'$
!#$$
3_^dQbT__`SYd`vW"!%

$'%
\YRUbQ\Yc]_TUbQYWQ]RbU`_`e\Qb<Qcc_SYUTQTUcTUQbdUcQ^_c`_bcUbU\
`e^d_TUS_^V\eU^SYQTUQbdUcQ^_c_RbUb_c`UaeU…_c`Qdb_^_cTUTYcdY^
d_c_VYSY_cibQ]QcTU\QQSdYfYTQTUS_^†]YSQi_db_cU\U]U^d_cTU\²RQZ_
`eUR\_³ebRQ^_ZeWQb_^e^`Q`U\`bU`_^TUbQ^dUU^\QSQ]`Q…Q`_b\Q
TUVU^cQTU\_cY^dUbUcUcTU\_ccUSd_bUc`_`e\QbUcQVUSdQT_c`_b\QSbYcYc
@Ub_dQ^bU\UfQ^dUS_]_\_Q^dUbY_bVeU\QS_^fUbWU^SYQaeUcU`b_TeZ_
TebQ^dUUcd_cQ…_cU^dbUU\QbdUcQ^QT_\QS\QcU_RbUbQi\_c`bY]Ub_c^‹
S\U_cTU\QRebWeUcQ]Q^eVQSdebUbQe^YT_cdbQc\QbUYfY^TYSQSY†^S_]‹^
TU\Q`b_dUSSY†^Q\QY^TecdbYQ^QSY_^Q\
<QSQ]`Q…QS_^dbQ\_cUVUSd_cTU\QS_^dbQSSY†^US_^†]YSQc_RbU
\Qc]QcQc`_`e\QbUcY^YSYQTQ`‹R\YSQ]U^dUU^TYSYU]RbUTU!('&VeU\Q
`bY]UbQY^cdQ^SYQTUS__bTY^QSY†^`Ub]Q^U^dUTUdbQRQZQT_bUcebRQ^_c
TUTYVUbU^dUc_VYSY_ciTYcdY^dQcSYeTQTUcU^\QXYcd_bYQTU3XY\U<Qcc_
SYUTQTUcTUQbdUcQ^_cTUCQ^dYQW_FQ\`QbQc_i3XY\\v^Ze^d_Q\_cSU^
db_c_TYbUSd_bY_cY^TecdbYQ\UcTUUcQci_dbQcSYeTQTUcVeUb_^\_c]_d_bUcTU
e^QSbejQTQTU\QbWQTebQSY†^°Q\bUTUT_bTUT_cQ…_c°TebQ^dU\QSeQ\
U\QbdUcQ^QT_i\QRebWeUcQY^TecdbYQ\idbQcU\\_c\QS\QcU_RbUbQY^dUb
`U\Qb_^`_b`bY]UbQfUjTU]Q^UbQS__bTY^QTQQ\`_TUb`_\dYS_SeUc
dY_^Q^T_U\]_TU\_TUTUcQbb_\\_US_^†]YS_\YRbUSQ]RYcdQY]`UbQ^dU
U^U\`Qc
<QS_^V\eU^SYQTUY^dUbUcUciTU`e^d_cTUfYcdQTU\_ccUSd_bUc\YWQ
T_cQ\QQSdYfYTQT]Q^eVQSdebUbQU]`Uj†QUh`bUcQbcUU^CQ^dYQW_U^
!('%QdbQf}cTU\QSbUQSY†^TUe^_bWQ^Yc]_TU^_]Y^QT_C_SYUTQT_
4YbUSd_bY_9^TecdbYQ\TUcdY^QT_QV_]U^dQbU\TUcQbb_\\_TU\QY^TecdbYQ5^
ceTYbUSdYfQVYWebQRQ^TYbYWU^dUc]edeQ\YcdQcS_]_:_c}1Wecd^7_^jv\Uj
U8Y`†\Yd_1SUfUT_Ze^d_Q`b_`YUdQbY_cTUY]`_bdQ^dUcU]`bUcQc]Q^e
VQSdebUbQcS_]_U\SebdYT_b:e\Y_DYVV_ei_dbQc`Ubc_^Q\YTQTUcTU\QcS\Q
cUc`eTYU^dUc@Qdb_SY^QT_`_bUcdU_bWQ^Yc]_U\!!TUcU`dYU]RbUTU
!('%Q`QbUSY†`_b`bY]UbQfUjU\cU]Q^QbY_<Q9^TecdbYQ3XY\U^QcYU^T_
ce`bY]UbbUTQSd_b7eY\\Ub]_3TU<QbbQiQiceQT]Y^YcdbQT_biWUbU^dU
U\bU\_ZUb_2U^ZQ]^5]`Qbv^
<Q9^TecdbYQ3XY\U^QcUS_^fYbdY†`b_^dQ]U^dUU^U\f_SUb_i`b_`Q
WQ^TYcdQTU\_c`QbdYTQbY_cTU\`b_dUSSY_^Yc]_
4UcTUcU`dYU]RbUTU!('%SeQ^T_cU]Q^YVUcdQb_^\_c`bY]Ub_c
c^d_]QcTU\QSbYcYc<Q9^TecdbYQ3XY\U^Q`b_`ec_\QYTUQTUe^Q]_fY\Y
jQSY†^`Ub]Q^U^dUU^`b_TU\`b_dUSSY_^Yc]_<_aeUcUdbQTeZ_U^\Q
`bUcU^dQSY†^TUe^QSQbdQTUdbUcSYU^d_c²Y^TecdbYQ\Uc³TUCQ^dYQW_FQ\
`QbQc_iDQ\SQQ\@bUcYTU^dUTU\QBU`‹R\YSQ`YTY}^T_\U\Q\YRUbQSY†^
S_]`\UdQTU\_cTUbUSX_cQTeQ^Ub_cTU\Qc]QdUbYQc`bY]QcY]`_bdQTQc
`QbQ\Q`b_TeSSY†^]Q^eVQSdebUbQ<_c^_]RbUcaeUQ`QbUSQ^U^\Q\Qb
WQ\YcdQbUV\UZQRQ^\QcYW^YVYSQdYfQS_^fUbWU^SYQTUQbdUcQ^_ciU]`bUcQ
bY_cVQRbY\Uc4U\]e^T_QbdUcQ^Q\i]edeQ\YcdQTUcdQSQRQ^\QcVYWebQcTU
:_c}1Wecd^7_^jv\Uj8Y`†\Yd_1SUfUT_=QbY_^B_cci:_c}<eSbUSY_
1bU\\Q^_5^dbU\_cY^TecdbYQ\Uc`b_`YQ]U^dUdQ\UcQ`QbUSQ^`Ubc_^Q\Y

$'&
TQTUcdQ^`b_]Y^U^dUcS_]_?SdQfY_2U^UTUddY@UTb_5gY^W\_cXUb]Q
^_cDYVV_e5eWU^Y_CQY^d=QSQbi:e\Y_2UbcdUY^QTU]vcTU2Q\V_eb<i_^i
3_]`Q…Q!#$%
1`UcQbTUceQ]`\YQRQcUc_SYQ\U\]_fY]YU^d_TU\_c]Q^eVQSdebUb_c
db_`Uj†S_^fQbYQcTYVYSe\dQTUcaeU\UbUcdQb_^VeUbjQU^e^`bY]Ub]_]U^
d_<QS_^f_SQd_bYQ\Q^jQTQTU\4YbUSd_bY_9^TecdbYQ\SeiQVY^Q\YTQTUbQbUQ\Y
jQb\_cUcdeTY_caeUS_^fU^TbQ`bUcU^dQbQ\QS_]YcY†^^_]RbQTQ`_bU\
W_RYUb^_`QbQ\QbUV_b]QTU\Q\UWYc\QSY†^QTeQ^UbQ!#$&def_`_S_}hYd_<_c
QcYcdU^dUcQ\Q`bY]UbQbUe^Y†^bUQ\YjQTQU\!"TUTYSYU]RbUU^U\DUQdb_
<bYS_TUCQ^dYQW_UcdefYUb_^²Vb_cTUc_bYU^dQT_cKiM`_S_^e]Ub_c_c³!#$'
<QY^db_]YcY†^TUSYUbd_S\eR`_\dYS_aeUU^\Q]Q…Q^QXQRQcUcY_^QT_U^
\Q]Yc]QcQ\QiaeU`bUdU^TY†QSQbbUQbQWeQc`QbQce]_\Y^_`b_`_^YU^T_
\QVYb]QTUe^`b_WbQ]QQ\_cS_^f_SQT_c`_bU\4YbUSd_bY_9^TecdbYQ\VeUe^Q
TU\QcSQecQcY^f_SQTQc`_b\_c_bWQ^YjQT_bUc`QbQUh`\YSQbU\VbQSQc_TU\
\\Q]Q]YU^d_!#$(@_b_db_\QT_S_]U^jQRQ^QQV\_bQb\QcS_^dbQTYSSY_^UcU^
U\cU^_TU\VbU^dU`b_TeSdYfYcdQ°`b_dUSSY_^YcdQ<Q9^TecdbYQ3XY\U^QaeU
TUcTUceT}SY]_^‹]Ub_XQRQTUZQT__VYSYQ\]U^dUTUQ`QbUSUbS_]_†b
WQ^_TU\4YbUSd_bY_9^TecdbYQ\aeUTQ^T_RQZ_\QUhS\ecYfQbUc`_^cQRY\YTQTTU
ce`b_`YUdQbY_iTYbUSd_b2U^ZQ]^5]`Qbv^!#$)S_]U^j†QUh`bUcQbSbdY
SQcQ\Q\QR_bTUUcU_bWQ^Yc]_*\Q]Qi_bQTU\QcVYb]QcbUS_\USdQTQcUbQU\
Vbed_UhS\ecYf_TU\dbQRQZ_TU\`UbY†TYS_U\Q`_bdUVY^Q^SYUb_TU\4YbUSd_bY_
9^TecdbYQ\Q\Q`eR\YSQSY†^XQRQcYT_]^Y]_i\_aeUUc`U_b}cdUcUUcdQbQ
Q`b_^dQ^T_QSbUQb_db_†bWQ^_TU`bU^cQU^fUjTUQ`_iQbU\iQUhYcdU^dU
1\XQRUbTU\_bWQ^Yc]_Y^TecdbYQ\YcdQc†\_aeUTQRQU\^_]RbQ]YU^d_TU
e^QS_]YcY†^bU`bUcU^dQdYfQQ^dUU\W_RYUb^_!#% 2U^ZQ]^5]`Qbv^U]
`Uj†Q`b_`QWQb\QYTUQTU\QV_b]QSY†^TU*

KMe^QWbQ^c_SYUTQTS_]`eUcdQTUd_T_c\_cY^
TecdbYQ\UcTU\`QcdU^YU^T_U^\QSQ`YdQ\TU\QBU`‹R\YSQ
e^TYbUSd_bY_S_]`eUcd_TUe^]YU]Rb_SQbQSdUbYjQT_
TUSQTQe^QTU\QcY^TecdbYQcUcdQR\USYTQc+TYbUSd_bY_aeU

!#$%
²1C5U\@bUcYTU^dUTU\QBU`‹R\YSQ³<Q9^TecdbYQ3XY\U^QCQ^dYQW_!#TU^_
fYU]RbUTU!('%+²3b†^YSQ\_SQ\³<QBU`‹R\YSQCQ^dYQW_"TU^_fYU]RbUTU!('%5cY^dU
bUcQ^dUS_^cYW^Qb\Q`QbdYSY`QSY†^TUQ\We^QcSQcQcS_]UbSYQ\UcS_]_2Q\V_eb<i_^i
3_]`Q…QTUTYSQTQcdQ^d_QQSdYfYTQTUcY]`_bdQT_bQcS_]_`b_TeSd_bQc5cdUT_R\USQ
bvSdUb`eUTUXQRUbcYT_e^VQSd_baeUY^XYRY†S_^U\S_bbUbTU\dYU]`_ceSU\_`b_dUSSY_
^YcdQ`Ub]YdYU^T_ceS_]`\Ud_QS_]_T_Q\]_TU\_\YRbUSQ]RYcdQ
!#$&
²1\_cY^TecdbYQ\Uc³<Q9^TecdbYQ3XY\U^QCQ^dYQW_$i!!TUTYSYU]RbUTU!('&
!#$'
K5TYd_bYQ\M<Q9^TecdbYQ3XY\U^QCQ^dYQW_!(TUTYSYU]RbUTU!('%
!#$(
9RYT
!#$)
²1fYc_Y]`_bdQ^dUQ\_ccecSbY`d_bUc³<Q9^TecdbYQ3XY\U^QCQ^dYQW_!#TU^_
fYU]RbUTU!('%
!#%
<Q9^TecdbYQ3XY\U^QCQ^dYQW_!(TUTYSYU]RbUTU!('%

$''
 fYWY\US_^cdQ^dU]U^dU\_cY^dUbUcUcTU\QY^TecdbYQU^WU
^UbQ\i`QbdYSe\QbS_]_dQ]RY}^`b_]eUfQd_TQc\Qc]UTY
TQcdU^TYU^dUcQ\TUcQbb_\\_iV_]U^d_Y^TecdbYQ\!#%!

5]`Qbv^RQedYj†ce`b_`eUcdQS_]_C_SYUTQTTU6_]U^d_TU\QY^Tec
dbYQUY^fYd†Q\_cbU`bUcU^dQ^dUcTUSQTQbQ]QQbdUcQ^Q\UY^TecdbYQ\QQTXU
bYbQU\\QVYb]Q^T_e^QSdQTUY^cdQ\QSY†^!#%"
3_^U\S_bbUbTU!('&SeQ^T_\QcYdeQSY†^cUQWbQf†\QYTUQ`b_dUS
SY_^YcdQS_]U^j†QWQ^QbQTU`d_cTv^T_cU^eUf_c`Qc_c`QbQV_b]Qb
e^QS__bTY^QSY†^U^SQbWQTQTUceY]`\U]U^dQSY†^@Ub_\Qc`_\}]YSQc
S_^dY^eQRQ^TUcQbb_\\v^T_cUU^dbU\_c`QbdYTQbY_cTU\`b_dUSSY_^Yc]_
5\"%TU]Qbj_cUZe^dQb_^U^U\DUQdb_<bYS_\_cY^TecdbYQ\UciZUVUcTU
dQ\\UbTU\QSQ`YdQ\`QbQdbQdQbU\dU]QTU\Q\YRUbQSY†^TU\_cTUbUSX_cQ
\Qc]QdUbYQc`bY]QcY]`_bdQTQccY^U]RQbW_\QbUe^Y†^VeUU]`Q…QTQ
`_b\Q`b_dUcdQ`eR\YSQTQU^\Qfc`UbQ`_b6bQ^SYcS_=YbQ\\UcbUTQSd_b
U^ZUVUTU<Q9^TecdbYQ3XY\U^QaeYU^TUc]Y^dY†d_TQ`QbdYSY`QSY†^U^U\
4YbUSd_bY_9^TecdbYQ\iU^\QS_^f_SQd_bYQcU…Q\Q^T_aeUU\dU]QTU\_c
TUbUSX_cTU\Qc]QdUbYQc`bY]QcaeUTQRQ_Rc_\Ud_TUcTUU\]_]U^d_U^
aeUU\W_RYUb^_iQXQRQQ`b_RQT_\Q^eUfQ_bTU^Q^jQTUQTeQ^QcDQ\
TYbUSd_bY_^_dU^Q`eUcbQj†^TUcUb !#%#
5\`b_dQW_^Yc]_bUSQi†c_RbU\Qcc_SYUTQTUc]edeQ\YcdQcQ\U^dQTQc
`_b<Q9^TecdbYQ3XY\U^Q5^QW_cd_TU\]Yc]_Q…_U]`Uj†Q`bU`QbQbcU
U^FQ\`QbQc_e^QWbQ^]Q^YVUcdQSY†^U^VQf_bTU\QbUV_b]QTU\Q_bTU
^Q^jQTUQTeQ^QcTUcdY^QTQQTU]vcQUSXQb\QcRQcUcTUe^QC_SYUTQTTU
6_]U^d_!#%$2U^ZQ]^5]`Qbv^bUT_R\†cedbQRQZ_TU_bWQ^YjQT_bi`b_
`QWQ^TYcdQU^TYbUSSY†^TU\Qc`b_fY^SYQc*e^fYQZUQ\]Yc]_`eUbd_`bU
cU^dQT_S_]_e^Q]Q^UbQTUUhdU^TUb\QTYVecY†^TUce`UbY†TYS_VeU
e^QReU^Q_SQcY†^`QbQbUV_bjQbU\]_fY]YU^d_iceY^V\eU^SYQU^QaeU
\\QSYeTQT!#%%@_S_TUc`e}ccUY^V_b]QRQTUdbQRQZ_ccY]Y\QbUcQ\_cTU\
`eUbd_ U^ \Q SQ`YdQ\ E^Q ^eUfQ TY^v]YSQ `QbUSQ bUU]`\QjQb Q\
\Q^WeYTUSYU^dU4YbUSd_bY_9^TecdbYQ\!#%&5^_SdeRbU\_cY]`e\c_bUcTUUcdQ
YTUQTYbYWYUb_^SQbdQcQe^QcUbYUTU`Ubc_^QcU^TYcdY^dQcSYeTQTUc`QbQ
Y^cdQb\QcQUcdQR\USUbe^²SU^db_TU`b_`QWQ^TQ³_cUQe^Q^eUfQC_SYU
TQT 9^TecdbYQ\ SQ`Qj TU U]`bU^TUb e^Q SQ]`Q…Q U^ bUW\Q S_^dbQ U\
\YRbUSQ]RYc]_ !#%'

!#%!
K5TYd_bYQ\M<Q9^TecdbYQ3XY\U^QCQ^dYQW_!TUU^Ub_TU!('&
!#%"
K5TYd_bYQ\M<Q9^TecdbYQ3XY\U^QCQ^dYQW_")TUU^Ub_TU!('&
!#%#
<Q9^TecdbYQ3XY\U^QCQ^dYQW_!TUQRbY\TU!('&
!#%$
²<QY^TecdbYQUc^eUcdbQcQ\fQSY†^³<Q9^TecdbYQ3XY\U^QCQ^dYQW_"&TUQW_cd_
TU!('&
!#%%
²BUfYcdQTU\QAeY^SU^Q³<Q9^TecdbYQ3XY\U^QCQ^dYQW_"&TUQW_cd_TU!('&
!#%&
<Q9^TecdbYQ3XY\U^QCQ^dYQW_!!TUcU`dYU]RbUTU!('&
!#%'
²BU_bWQ^YjQSY†^TU\QC_SYUTQTTU9^TecdbYQ\Uc³<Q9^TecdbYQ3XY\U^QCQ^dYQW_
# TU_SdeRbUTU!('&

$'(
 <_cTURQdUc^_UcSQcUQRQ^U^U\]e^T_`_`e\QbCUTYcSedQ^TYcdY^
dQcc_\eSY_^Uc`QbQS_]RQdYb\QSbYcYcaeUQVUSdQRQQ\_cdbQRQZQT_bUc5\S__
`UbQdYfYc]_UbQe^QTU\Qc`b_`eUcdQcaeUcUV_b]e\QRQ^S_]_cQ\YTQ`QbQ
\QQ^WecdYQ^dUcYdeQSY†^6Ub]^FYfQSUdQU\\TUb]edeQ\YcdQQfUSY^TQT_
U^FQ\`QbQc_Q`QbUSQS_]_U\`bY^SY`Q\Y]`e\c_bTUUcdUdY`_TUQc_SYQ
SY†^!#%(5]`Qbv^V_b]e\†e^QSbdYSQVbQdUb^Q\*\_cdbQRQZQT_bUc^_`_TQ^
TYc`UbcQbcecUcVeUbj_cU^cU]UZQ^dUcY^YSYQdYfQc<QdQbUQTU\]_]U^d_UbQ
\QC_SYUTQTTU6_]U^d_!#%)<Q_`SY†^aeU`bUfQ\USY†VeU\QSQ]`Q…QU^VQf_b
TU\`b_dUSSY_^Yc]_
5\)TU^_fYU]RbUcUbUe^YUb_^fQbY_c²Y^TecdbYQ\Uc³ !#& U^e^X_dU\
TUCQ^dYQW_`QbQ_bTU^Qb\_cTQd_cbUS_WYT_cS_^U\VY^TUY]`e\cQb\Q
bUV_b]QTU\Q_bTU^Q^jQTUQTeQ^Qc4_]Y^W_=_bU\bU`bUcU^dQ^dUTU
\_c]Q^eVQSdebUb_cTU3XY\\v^`bUcU^d†e^`b_iUSd_TUUcdQded_c`QbQ
\QVedebQC_SYUTQTTU6_]U^d_5\]Yc]_TU\UWQT_VeUTUcYW^QT_cUSbUdQ
bY_`Ub]Q^U^dUTU\QY^cdYdeSY†^U^WUcdQSY†^ !#&!
1`QbdYbTU\‹\dY]_dbY]UcdbUTU!('&U\]_fY]YU^d_`b_dUSSY_^YcdQ
S_]U^j†QS_RbQbVeUbjQ<QY^YSYQdYfQVeUd_]QTQUcdQfUj`_b\QC_SYU
TQTTUCQcdbUcTUCQ^dYQW_aeUUbQ`bUcYTYTQ`_b=Q^eU\8YTQ\W_<QY^fY
dQSY†^SebcQTQQ\QcTU]vc_bWQ^YjQSY_^Uc`_`e\QbUcTU\QSQ`YdQ\VYZQRQ
S_]__RZUdYf_²QS_bTQb\Qc]UTYTQcaeUTURU^d_]QbcUS_^U\VY^TU
]UZ_bQbU\UcdQT_TU\QY^TecdbYQ^QSY_^Q\³ !#&"
<QbUe^Y†^TU\_cTU\UWQT_cQbdUcQ^_cTU\!)TU^_fYU]RbUbUc_\fY†
²^_]RbQbT_cY^TecdbYQ\UcTUSQTQbQ]_TU\QY^TecdbYQ^QSY_^Q\`bY^SY
`Q\]U^dUTU\_cUcdQR\USYT_cU^\QSQ`YdQ\`QbQaeUUcdeTYU^cec^USUcY
TQTUc³i`bUcU^dQbe^Q`UdYSY†^Q\QcQed_bYTQTUc`QbQaeUU\@bUcYTU^dU
TU\QBU`‹R\YSQS_^f_SQbQQ\3_^WbUc_>QSY_^Q\QcUcY†^UhdbQ_bTY^QbYQ
`QbQTYcSedYbUcQc]UTYTQcid_]Qbe^QbUc_\eSY†^ !#&#5\]Yc]_TQdU^Q
\eWQbe^QQcQ]R\UQcY]Y\QbU^FQ\`QbQc_ !#&$

!#%(
<QcbUVUbU^SYQcQUcdQUh`UbYU^SYQQ`QbUSU^U^U\SQ`de\_H9
!#%)
²1\`QcYd_`_b\Qc`YUTbQc³<Q9^TecdbYQ3XY\U^QCQ^dYQW_"TUcU`dYU]RbUTU
!('&4UcTUS_]YU^j_cTU\]Yc]_Q…_5]`Qbv^XQRQV_b]e\QT_SbdYSQcQ\_c`b_iUSd_c
S__`UbQdYfYcdQcTUFYfQSUdQ`Ub_`_bbQj_^UcTYcdY^dQc*U^QaeU\\Q_SQcY†^XQRQSeUcdY_
^QT_U\Q\Ub_TUe^SbSe\_`_\dYS_U^aeUcUXQRQS_RYZQT_U\\TUb]edeQ\YcdQ`QbQ`bU
cU^dQbce`\Q^K5TYd_bYQ\M<Q9^TecdbYQ3XY\U^QCQ^dYQW_(TUU^Ub_TU!('&
!#&
5\d}b]Y^_²Y^TecdbYQ\Uc³U]`\UQT_U^3XY\UQ\_\QbW_TU\cYW\_H9HUc]eiUae
f_S_1fUSUcUbQcY^†^Y]_TU_RbUb_cVQRbY\Uc+U^_dbQc_`_bde^YTQTUcdQ\fUjU^\Q]Qi_
bQTU\Qc_SQcY_^UcUbQe^QS\QbQbUVUbU^SYQQ\_cQbdUcQ^_ciU^SYUbd_cSQc_ccUU^dU^TQ
`_bdQ\UcQ\_c`b_`YUdQbY_cTUY^TecdbYQc]Q^eVQSdebUbQc
!#&!
²<_cTQd_c`UTYT_cQ\_cY^TecdbYQ\Uc`_b\QS_]YcY†^TUW_RYUb^_³<Q9^TecdbYQ
3XY\U^QCQ^dYQW_!#TU^_fYU]RbUTU!('&
!#&"
²3YbSe\QbQ\_cY^TecdbYQ\UcTUCQ^dYQW_³<Q9^TecdbYQ3XY\U^QCQ^dYQW_"'TU^_
fYU]RbUTU!('&
!#&#
²7bQ^QcQ]R\UQTUY^TecdbYQ\UcTUCQ^dYQW_³<Q9^TecdbYQ3XY\U^QCQ^dYQW_"'
TU^_fYU]RbUTU!('&
!#&$
9RYT

$')
 <Q]_fY\YjQSY†^`‹R\YSQc_\YSYdQ^T_`b_dUSSY†^`QbQ\QY^TecdbYQ^Q
SY_^Q\TURed†U^U\1\SvjQb<bYS_TUCQ^dYQW_U\! TUTYSYU]RbUTU!('&
S_^e^]e\dYdeTY^QbY_]UUdY^WTU_RbUb_cQbdUcQ^_cUY^TecdbYQ\Uc<_c]Y\
aeY^YU^d_c`QbdYSY`Q^dUcQ`b_RQb_^U\dbQRQZ_bUQ\YjQT_`_b\QS_]YcY†^
^_]RbQTQU\!)TU^_fYU]RbUiQS_bTQb_^c_\YSYdQbQ\W_RYUb^_\Q\YRUbQSY†^
TUTUbUSX_c`QbQ\QY]`_bdQSY†^TUfUY^dU]QdUbYQc`bY]Qci\QbUV_b]QTU\Q
_bTU^Q^jQQTeQ^UbQU^e^cU^dYT_`b_dUSSY_^YcdQE^QS_]YcY†^QT°X_SUbQ
\QU^SQbWQTQTU`_^UbcUU^S_^dQSd_S_^d_T_c\_cSU^db_cY^TecdbYQ\UcTU\
`Qc`QbQc_\YSYdQbceQTXUcY†^Q\QcS_^S\ecY_^UcTU\Q]Q^YVUcdQSY†^iS_^
f_SQbQe^^eUf_QSd_T_^TUcU^_]RbQcU^\_cU^SQbWQT_cTU`bUcU^dQb\Qc
`UdYSY_^UcQ\W_RYUb^_<Q]Qi_bQTU\_cU\UWYT_cbUV\UZQRQ\QY^V\eU^SYQ
aeUU\QbdUcQ^QT_QdbQf}cTUcecY^cdYdeSY_^UcTUc_S_bb_c]ede_cU]`UjQ
RQQUZUbSUbTU^db_TU\R\_aeUY^TecdbYQ\YcdQ°`b_dUSSY_^YcdQ*8Y`†\Yd_
1SUfUT_ :eQ^ 3\QfYZ_ DbYcdv^ 3_b^UZ_ 2U^ZQ]^ 5]`Qbv^ 1\RUbd_
7Q^TQbY\\Qc=Q^eU\8YTQ\W_?^_VbU<\Q^Y\\_c@QcSeQ\?bdUWQ=QbY_^
B_cci=Q^eU\=_TUcd_C_jQU^dbU_db_cUbQ^\_cbU`bUcU^dQ^dUc]vcS_^
^_dQT_cTUUcdUcUSd_b!#&%<QYTUQ]QUcdbQTU\QTU]Q^TQUbQ\QS_^fUbcY†^
TU\QQTeQ^QU^²Y^cdbe]U^d_^YfU\QT_bTU\QcVeUbjQc`b_TeSdYfQc`b_`YQc
_QZU^Qc³`b_dUWYU^T_Qc\Q`b_TeSSY†^^QSY_^Q\VbU^dUQ\QS_]`UdU^SYQ
UhdbQ^ZUbQQ\QaeUcUQdbYReQ\QSbYcYcaeU`UcQRQc_RbU\_c`b_TeSd_bUc
^QSY_^Q\Uc!#&&
<QSQ]`Q…Q`b_dUSSY_^YcdQ\Q^jQTQ`_b<Q9^TecdbYQ3XY\U^Qi\Qc
c_SYUTQTUcTUQbdUcQ^_cTUCQ^dYQW_iFQ\`QbQc_cUTUcQbb_\\†bv`YTQ
]U^dU1\_c`_S_cTQcS_]U^j†QTYVe^TYbcUe^`b_iUSd_TUUcdQded_c
TU\Q^eUfQC_SYUTQT>QSY_^Q\9^TecdbYQ\Cec_RZUdYf_cUbQ^Q]RYSY_c_c*
`b_]_fUbU\V_]U^d_iU\QTU\Q^d_TU\QY^TecdbYQ^QSY_^Q\U^d_TQccec
bQ]QcUTYdQbe^`UbY†TYS_XQSUb`eR\YSQSY_^UcUc`USYQ\Ucc_RbU\QcQSdY
fYTQTUcY^TecdbYQ\UcdbQUb]QUcdb_cTUY^TecdbYQcY^UhYcdU^dUcU^U\`Qc
`QbQaeUU^cU…QcU^Q\_c^QSY_^Q\Uci_d_bWQb`bU]Y_cQ\_c_RbUb_ci
QbdUcQ^_caeUcUTYcdY^WeYUbQ^U^U\UZUbSYSY_TUcec_VYSY_c_aeUc_RbU
cQ\YUbQ^`_bceX_^bQTUji]_bQ\YTQT!#&'
@_bce`QbdU\_cS_]YcY_^QT_cTU\]UUdY^WTU\! TUTYSYU]RbUcUTYbY
WYUb_^Q\Qcc_SYUTQTUcTUQbdUcQ^_cTUd_T_U\`QcY^cdv^T_\QcQQ`_iQb
QSdYfQ]U^dU\QY^YSYQdYfQU]`bU^TYTQU^CQ^dYQW_bUS_WYU^T_VYb]QcTU
QTXUcY†^QdbQf}cTU\cYcdU]QTU]UcQcY^cdQ\QTQcU^TYcdY^d_c`e^d_cTU\Q

!#&%
²7bQ^]UUdY^WTUY^TecdbYQ\UcU^U\1\SvjQb<bYS_U^CQ^dYQW_³<Q9^TecdbYQ
3XY\U^QCQ^dYQW_!!TUTYSYU]RbUTU!('&+5\9^TU`U^TYU^dUCQ^dYQW_!"TUTYSYU]RbUTU
!('&+=QbSYQ\7_^jv\Uj²<_c_RbUb_cSXY\U^_cQ^dU\Q`b_dUSSY†^iU\\YRbUSQ]RY_³U^
BUfYcdQ5S_^†]YSQd_]_9F>¡!)CQ^dYQW_^_fYU]RbUTU!(((`vW$ #@eR\YSQT__bYWY
^Q\]U^dUS_]_V_\\Ud_U^CQ^dYQW_9]`bU^dQTU\QBU`‹R\YSQ!(''RQZ_U\cUeT†^Y]_
TU9W^_dec
!#&&
=QbSYQ\7_^jv\Uj_`SYd`vW" 
!#&'
²@b_iUSd_TU5cdQded_cTU\QC_SYUTQT>QSY_^Q\9^TecdbYQ\³<Q9^TecdbYQ>QSY_
^Q\CQ^dYQW_!!TUTYSYU]RbUTU!('&

$(
SYeTQT!#&(<QSQ`YdQ\TY_U\UZU]`\_S_\_Sv^T_cU]UcQcU^^_fU^dQidbUc
dQ\\UbUcQbdUcQ^Q\UcY^TecdbYQc]Q^eVQSdebUbQci\_SQ\UcS_]UbSYQ\Uc!#&)
5\]_fY]YU^d_dQ]RY}^S_Rb†VeUbjQU^`b_fY^SYQcE^QbUe^Y†^
`bU`QbQd_bYQTU²ZUVUcTUY^TecdbYQc³bUQ\YjQTQU^FQ\`QbQc_U\!TUU^Ub_
TU!(''TUcYW^†e^QS_]YcY†^TUbU`bUcU^dQ^dUcTU\QcTYcdY^dQcbQ]Qc
]Q^eVQSdebUbQcU^SQbWQTQTU\QS_^f_SQd_bYQQe^WbQ^QSd_`‹R\YS_6Ub
]^FYfQSUdQ`_b\_cSQb`Y^dUb_cS_^cdbeSd_bUc+BYSQbT_@Y^Y`_b\_ccQc
dbUc+:eQ^1Wecd^3_b^UZ_`_b\_cSYWQbbUb_c+5^bYaeU@\e]``_b\_cURQ
^YcdQc+<eYc?cdXQec`_b\_cS_bTU\Ub_c°U^dbU\_c]vcS_^_SYT_c°VeUb_^
^_]Y^QT_cZe^d_Q:e\Y_2UbcdUY^`_b\_cY^TecdbYQ\UcTUcdY\QT_bUci=b
2Q\V_eb`_b\_cVe^TYT_bUc5\QSdYfcY]_2U^ZQ]^5]`Qbv^i8_^_bY_
BYaeYUbYdQ]RY}^ZeWQb_^`Q`U\UcbU\UfQ^dUcU^\QY^YSYQdYfQ!#' 1\_c`_S_c
TQc°e^QfUjS_^_SYTQ\QQSU`dQSY†^TUe^Q`QbdUcYW^YVYSQdYfQTU\_cTU
cYW^QT_c°cUTY_`_bS_^cdYdeYTQ\QC_SYUTQTTU9^TecdbYQ\UcTUFQ\`QbQc_!#'!
5\]UUdY^Wdef_\eWQbU\"!TUU^Ub_U^U\3YbS_TU\QFYSd_bYQTUUcQ
SYeTQT5^dbU\_c^e]Ub_c_cQcYcdU^dUc°]Y\]Y\aeY^YU^dQciXQcdQT_c]Y\
`Ubc_^Qc cUW‹^ Q\We^Qc fUbcY_^Uc° XQRQ TU\UWQSY_^Uc TU CQ^dYQW_
AeY\\_dQi<Y]QSXU<QbU`bUcU^dQSY†^TUCQ^dYQW_°S_]`eUcdQ`_bSeQ
db_TYbYWU^dUcTU\QC_SYUTQTTU1bdUcQ^_c²<QE^Y†^³8Y`†\Yd_1SUfUT_1\
RUbd_7Q^TQbY\\Qc=Q^eU\8YTQ\W_i=_TUcd_C_jQ°\UfQ^d†S_^VeUbjQ\Q
YTUQTU\Qe^Y†^TU\_c_RbUb_c`QbQS_^cUWeYbU\]UZ_bQ]YU^d_TUcecY
deQSY†^iRecS†\QQ`b_RQSY†^`_b`QbdUTU\_c`bUcU^dUcTU\QcS_^S\ecY_
^UcTU\QSd_bUQ\YjQT_U\]Uc`bUSUTU^dUU^\QSQ`YdQ\7Q^TQbY\\Qc`b_^e^
SY†e^TYcSebc_]eiQ`\QeTYT_QdQSQ^T_\Q`_\dYSQTU\_cW_RYUb^_ci`Qb
\Q]U^d_cY^dUbUcQT_c‹^YSQ]U^dUU^VQf_bUSUbQ\_c`b_`YUdQbY_cQWbS_
\QcQdbQf}cTU_RbQcVY^Q^SYQTQcS_^U\TY^Ub_TU\Q^QSY†^°S_]_\QS_^c
dbeSSY†^TUVUbb_SQbbY\UcUcdQdQ\Uc°aeU\_cRU^UVYSYQbQ^SQcYUhS\ecYfQ
]U^dU3_^YWeQ\TebUjQVecdYW†Q\SQ`YdQ\UhdbQ^ZUb_`bUcU^dUU^U\`Qc*

5\2Q^S_>QSY_^Q\dYU^U!#% QSSY_^UcSXY\U^Qci
Q`U^Qc!% QSSY_^UcTUUhdbQ^ZUb_cicY^U]RQbW_\Q
TYbUSSY†^UcdvU^]Q^_cTUUcd_c‹\dY]_cSei_‹^YS_
WYb_Uc\QY]`_bdQSY†^icUTQ^\_cTY^Ub_c^QSY_^Q\Uc
e^_cS_^_db_ccY^bUc`_^cQRY\YTQT]eSXQcfUSUciS_^
U\‹^YS__RZUd_TUV_]U^dQbUcQY]`_bdQSY†^aeUUc\Q
]eUbdUTU^eUcdbQY^TecdbYQKM

!#&(
²3YbSe\QbQd_TQc\Qcc_SYUTQTUcTU_RbUb_cTU3XY\U³<Q9^TecdbYQ3XY\U^QCQ^
dYQW_"%TUTYSYU]RbUTU!('&
!#&)
²BUfYcdQTU\QAeY^SU^Q³<Q9^TecdbYQ3XY\U^QCQ^dYQW_"%TUTYSYU]RbUTU
!('&
!#'
²BUfYcdQTU\QAeY^SU^Q³<Q9^TecdbYQ3XY\U^QCQ^dYQW_!%TUU^Ub_TU!(''
!#'!
²7bQ^]UUdY^WU^FQ\`QbQc_³<Q9^TecdbYQ3XY\U^QCQ^dYQW_%TUVURbUb_TU
!(''

$(!
 FUTU\RQ^S_TUFQ\`QbQc_dYU^U!( QSSY_^Uc
SXY\U^Qci" UhdbQ^ZUbQciS_^S_bdQTYVUbU^SYQceSUTU
\_]Yc]_aeUU^U\_db_2Q^S_QcfQd_T_cU…_bUc5\S_
]UbSY_UhdbQ^ZUb_TUc`b_fYcd_TUSQ`YdQ\UcXQcU^dQT_cec
bUQ\UcU^3XY\UiS_^^eUcdbQ`b_`YQbYaeUjQXQS_^ce]Q
T_\Q]YcUbYQi\QY^Q^YSY†^U^aeUcUU^SeU^dbQX_i\Q
BU`‹R\YSQ!#'"

1`UcQbTU\QbUSU`dYfYTQTTU\`‹R\YS_Q\We^Qc_RZUSY_^UcY]`YTYU
b_^aeU\QcS_^S\ecY_^UcTU\Q]Q^YVUcdQSY†^bUQ\YjQTQU\! TUTYSYU]
RbUU^\QSQ`YdQ\VeUbQ^QT_`dQTQcTUY^]UTYQd_`_b\_cdbQRQZQT_bUc
`_bdU…_cTUSYTY}^T_cUU^SQ]RY_U\^_]RbQ]YU^d_TUe^QS_]YcY†^
`QbQceUcdeTY_!#'#
4UcTUUcUfUbQ^_U\]_fY]YU^d_cUUhdU^TY†bv`YTQ]U^dU`_bU\
`QcU^Uc`USYQ\`_b\Qcj_^QcSU^dbQ\iceb<QQSSY†^]Q^S_]e^QTQTU
\Qc]edeQ\UcTUdbQRQZQT_bUcTUCQ^dYQW_iFQ\`QbQc_TU\_cSU^db_c_
c_SYUTQTUcY^TecdbYQ\UcTU\Qc]Yc]QcSYeTQTUcTU<Q9^TecdbYQ3XY\U^Qi
]ei`QbdYSe\Qb]U^dUTUceTYbUSd_b2U^ZQ]^5]`Qbv^S_^fUbdYT_U^
U\`bY^SY`Q\Q^Y]QT_bTU\QSQ]`Q…QS_]U^j†QTQbbUce\dQT_c3_]Y
cY_^QT_`_bFQ\`QbQc_U\bU\_ZUb_5]`Qbv^Y^YSY†e^QWYbQ`_b\Qc`b_
fY^SYQcTU\ceb
5\'iU\!!TUVURbUb_cUZe^dQb_^\_c²ZUVUcTUY^TecdbYQc³TUDQ\SQ
4UUcQcbUe^Y_^UcU]UbWY†e^Q\YcdQTUbU`bUcU^dQ^dUc`_bbQ]QTUQSdY
fYTQT]Q^eVQSdebUbQcY]Y\QbQ\QTUFQ\`QbQc_5\Ve^TYT_b5TeQbT_
2b_g^U\XUbbUb_B_RUbd_GY\\YQ]cU\dY`†WbQV_=YWeU\8UbbUbQiU\cQc
dbUiTYbYWU^dU]edeQ\YcdQ=Qbd^=QSXYSQ_UbQ^\QcVYWebQc]vc`b_]Y
^U^dUcTU\QS_^fUbWU^SYQTUQbdUcQ^_c_RbUb_ciRebWeUcUc]Q^eVQSde
bUb_cdQ\aeY^_crcd_cQT_`dQb_^e^QcUbYUTUQSeUbT_cU^Q`_i_Q\_iQ
bUQ\YjQT_U^FQ\`QbQc_TUQ`b_RQSY†^TU\QcRQcUc`QbQ\QbUV_b]QTU
QTeQ^QcU\QR_bQTQcU^CQ^dYQW_iTUSYTYUb_^`b_]_fUbQSdYfQ]U^dUU\
]_fY]YU^d_U^\Q`b_fY^SYQE^QbUS_]U^TQSY†^Uc`USYQ\TU\3U^db__
4YbUSd_bY_9^TecdbYQ\TUDQ\SQQ^dUcecX_]†\_W_cTU_dbQcSYeTQTUcQ`_
iQbQ\Q\QR_bTU5]`Qbv^ !#'$

!#'"
?`SYd+²FQ\`QbQc_5\]UUdY^WTU\_cY^TecdbYQ\Uc³5\3_`YQ`Y^_3_`YQ`†")
TUU^Ub_TU!(''C_RbUUcdQbUe^Y†^f}QcUdQ]RY}^U\S_]U^dQbY_UTYd_bYQ\Q`QbUSYT_UcU
TQU^U\]Yc]_`UbY†TYS_RQZ_U\dde\_²<_cY^TecdbYQ\UccU]eUfU^³QcS_]_\QSbdYSQQ
\QcYTUQcTU7Q^TQbY\\QcU^U\QbdSe\_UTYd_bYQ\²5\]UUdY^WTU_RbUb_cU^FQ\`QbQc_³5\
3_`YQ`Y^_3_`YQ`†!'TUVURbUb_TU!(''5^dbU\_c^e]Ub_c_cbU`Qb_cQ\QcS_^SU`SY_
^UcTU7Q^TQbY\\QccUTUcdQS†\QV_b]e\QTQ`_bU\`UbY†TYS_U^\U^WeQQ\U]Q^Q4UedcSXU
>QSXbYSXdU^U^ceUTYSY†^TU\"$TUU^Ub_TU!(''bU`b_TeSYTQ`_b<Q9^TecdbYQ3XY\U^QU\
%TUVURbUb_TU\]Yc]_Q…_
!#'#
²FQ\`QbQc_5\]UUdY^W³_`SYd
!#'$
²BUe^Y†^TU_RbUb_cU^DQ\SQ7bQ^]UUdY^W³<Q9^TecdbYQ3XY\U^QCQ^dYQW_"&
TUVURbUb_TU!(''

$("
 CYWeYU^T_U\YdY^UbQbY_TU\S_]YcY_^QT_5]`Qbv^cUceSUTYUb_^U^
\Qc`bY^SY`Q\UcSYeTQTUcTU\ceb]UUdY^WciQSeUbT_ccY]Y\QbUcQ\_cTUDQ\SQ
5^3XY\\v^CQ^3Qb\_ci3_^SU`SY†^\_cSU^db_cY^TecdbYQ\UcQT_`dQb_^\Qc
]Yc]Qc]UTYTQc`bvSdYSQcTUcdY^QTQcQTUcQbb_\\Qb\QSQ]`Q…Q`b_dUSSY_
^YcdQ*bUUTYSY_^UcTU\Qc2QcUcTUbUV_b]QTU\Q?bTU^Q^jQTU1TeQ^QcUb_WQSY_
^Ucf_\e^dQbYQcU^f_TUS_]YcY_^UcQ_dbQcSYeTQTUc`QbQQieTQbQ\QS_^c
dYdeSY†^TU^eUf_cSU^db_cY^TecdbYQ\Uc5\]_TU\__bWQ^YjQdYf_UbQcYU]`bUU\
]Yc]_*U\TYbUSd_bY_TUSQTQSU^db_cUS_^cdYdeQc_RbU\QRQcUTUbU`bUcU^
dQ^dUc`_bSQTQbeRb_TU\QQSdYfYTQT]Q^eVQSdebUbQicUTUcYW^QRQ^S_]Y
cY_^Uc`QbQ\QUZUSeSY†^TUdQbUQc4UUcdQ]Q^UbQcUUh`bUcQRQ\QS_^V\eU^
SYQc_SYQ\U^U\R\_aeUY^TecdbYQ\YcdQ°`b_dUSSY_^YcdQ1c`_bUZU]`\_U^
3XY\\v^cUS_TUQRQ^\_cVe^TYT_bUcGY^dUbci3_]`Q…Q_\_cY^TecdbYQ\Uc
WQ\\UdUb_cGY\c_^i3_]`Q…QS_^U\SQbb_SUb_7eY\\Ub]_CUWe^T_4QfY
c_^`bUcYTU^dUTU\QC_SYUTQTTU1bdUcQ^_ciU^3_^SU`SY†^5eWU^Y_7_iU
^USXUi3_]`Q…Q`b_`YUdQbY_cTUfU\UbQciZQR_^UbQcU\cQcdbU<_bU^j_
1bU^QcVe^TQT_bi`bY]Ub`bUcYTU^dUTU\QC_SYUTQTTU1bdUcQ^_ci_db_c]e
deQ\YcdQcS_]_=Q^eU\=UbY^_!#'%
3_^dY^eQ^T_\QfQdbQjQTQiS_^U\Ucd]e\_TU\_cSU^db_cTU3XY
\\v^i3_^SU`SY†^]vc\QTY^v]YSQ`bUcU^SYQYdY^UbQ^dUTU\S_]YcY_^QT_
5]`Qbv^U\]_fY]YU^d_cU_bWQ^Yj†U^@QbbQ\FQ\TYfYQ<QE^Y†^B_
2eU^_i?c_b^_TebQ^dUU\_d_…_iU\Y^fYUb^_TU!(''8QSYQVY^UcTU
Ze\Y_cUXQRQ^S_^cdYdeYT_Q\bUTUT_bTUTYUjSU^db_cY^TecdbYQ\UcibUe^YT_
_^SU]Y\cUYcSYU^dQcVYb]QcTUQTXUcY†^Q\Qc2QcUcWU^UbQ\UcTU\QbUV_b]QTU
\Q?bTU^Q^jQTU1TeQ^QcDQ\UcbUce\dQT_c_RdU^YT_cU^`_S_]vcTUcYUdU
]UcUcXQSQ^QeWebQbQcec`b_]_d_bUce^Vedeb_`b_]Yc_bY_*Q\SQR_TU
e^^eUf_Q…_TUSQ]`Q…QUc`UbQRQ^S_^dQbS_^SeQbU^dQiT_cSU^db_ci
SYU^]Y\VYb]QcTUQTXUcY†^!#'&DQ]RY}^cUXQRQ^UcdQR\USYT_\Qj_cS_^
e^]_fY]YU^d_QbWU^dY^_TUcY]Y\QbUcSQbQSdUbcdYSQc !#''
1\]Yc]_dYU]`_cU]Q^YVUcdQRQe^QbQTYSQ\YjQSY†^TUSYUbd_cTYc
Sebc_caeUUfYTU^SYQRQ\_cUVUSd_c`_\dYS_cTU\Q`b_\_^WQTQbUSUcY†^
5\c_SYQ\Yc]_TU5cdQT_S_]_T_SdbY^QUS_^†]YSQVeUUf_SQT_S_]_\Q
c_\eSY†^Q\_c]Q\UcTU\`QcU^]vcTUe^Q_`_bde^YTQT*

!#'%
²3XY\\v^7bQ^]UUdY^WTUY^TecdbYQ\Uc³5\3_`YQ`Y^_3_`YQ`†!)TU]Qbj_TU
!(''+²<_c3U^db_c9^TecdbYQ\UcTUDQ\SQ3XY\\v^CQ^3Qb\_cY3_^SU`SY†^³<Q9^TecdbYQ
3XY\U^QCQ^dYQW_!!TUQRbY\TU!(''<Q4YcSecY†^3XY\\v^UTYSY_^UcTU" i#!TU]Qi_
iTU\&TUZe^Y_TU!('(
!#'&
²=_fY]YU^d_Y^TecdbYQ\³²3U^db_cY^TecdbYQ\UcTUFQ\TYfYQY?c_b^_³²3U^db_TU
?c_b^_³i²1SdQTUQTXUcY†^TU\_cZUVUcTUY^TecdbYQcTUB_2eU^_³<Q9^TecdbYQ3XY\U^Q
CQ^dYQW_"!TUZe\Y_TU!(''
!#''
K5TYd_bYQ\M<Q9^TecdbYQ3XY\U^QCQ^dYQW_!%TUU^Ub_TU!(''+²7bQ^]UUdY^W
U^FQ\`QbQc_³_`SYd+²C_SYUTQTTU9^TecdbYQ\UcTUFQ\`QbQc_³<Q9^TecdbYQ3XY\U^QCQ^
dYQW_%TUVURbUb_TU!(''C_RbUU\]_fY]YU^d_dbQcQ^TY^_f}QcU:_c}3Qb\_c3XYQbQ]_^
dU>QSY_^Q\Yc]_i\YRUbQ\Yc]_US_^†]YS_cU^1bWU^dY^Q!(& !(( 2eU^_c1YbUc5TYSY_^Uc
C_\Qb!)("U^`QbdYSe\Qb`vWc" %"#&

$(#
 <QcXeU\WQcTU_RbUb_cTU!('#°TUSQe^S_\QR_bQ
T_bTU\Q9^TecdbYQ3XY\U^QaeUVYb]QRQS_^U\cUeT†^Y]_
TU4Y†ZU^Uc°_cUQ\Qc\eSXQcU^dbUU\SQ`YdQ\i\_ccQ\QbY_c
XQcYT_U\_bYWU^TU\Q`b_`QWQ^TQY^TecdbYQ\aeUQ\`bU
cU^dUcUY^YSYQ+i}cdQ^_Uc]vcaeUU\`b†\_W_TUe^QWbQ^
bUf_\eSY†^c_SYQ\`QbQU\`_bfU^Yb
<Q XY`_SbUcQ XQ USXQT_ ]eSXQc bQSUc U^ UcdU
`QciUc`_bUcd_aeU\Q^eUfQ\eSXQUS_^†]YSQ^_cU
Y^YSYQS_^ce^_]RbUcY^_S_^dde\_c]vc_]U^_cU^
SeRYUbd_c
CY3XY\UdefYUbQe^dbYRe^_S_]_2Y\RQ_ie^c_SYQ
\YcdQS_]_FSd_b8eW_UbQTUQcUWebQbaeUU^`_S_c
]UcUcdU^TbQ]_cU^UcdQdYUbbQ\Q_bWQ^YjQSY†^TUe^
WbQ^`QbdYT_Y^TecdbYQ\
<_cc_\TQT_cc_^^e]Ub_c_c\Q\UWY†^UcY^]U^cQ
CU\UU^SeU^dbQU^d_TQc`QbdUc*U^\QcSX_jQcTU\Y^aeY
\Y^_S_]_U^\_cQ\RUbWeUcTU\`_RbUU^\QcQe\QcTU\Q
E^YfUbcYTQTS_]_U^\_cdQ\\UbUcTU\_RbUb_U^\_cX_]
RbUcTU`b_VUcY_^Uc\YRUbQ\UcS_]_U^\QcS\QcUcaeU]Q
^UZQ^e^V_b]†^_e^]QiUdU
¤Ae}VQ\dQ`QbQ_bWQ^YjQb\Q^eUfQUcSeU\QUS_^†
]YSQ/
5^]YS_^SU`d_VQ\dQ^ZUVUc`bU^cQci]vcaeUd_
T_cX_]RbUcTUS_bQj†^iTUSQbvSdUb !#'(

@Ub_\QbUQSSY†^TU\_c`QbdYTQbY_cTU\\YRbUSQ]RYc]_^_cUXQRQ
XUSX_Uc`UbQb4YfUbc_c`UbY_TYcdQc`_\dYS_ciUS_^_]YcdQcbUVedQb_^Q
dbQf}cTUTUS\QbQSY_^UcQbdSe\_cTU`bU^cQiV_\\Ud_c\Qc`UdYSY_^UcTU
QbdUcQ^_c_RbUb_cUY^TecdbYQ\Uc@QbQ\_cc_cdU^UT_bUcTU\Q_bd_T_hYQ
US_^†]YSQ\YRUbQ\U\`b_dUSSY_^Yc]_^_S_^cdYdeQ\Qc_\eSY†^Q\_c`b_
R\U]QcUS_^†]YS_cTU\`Qc`eUcd_aeU\_cS_^ce]YT_bUccUbQ^\_cQVUS
dQT_cQ\`QWQb]vcSQb_`_b\_c`b_TeSd_c^QSY_^Q\Uc@QbQUcd_ccUSd_bUc
UbQe^²Ubb_b³`bUcU^dQb\Qc_SYUTQTTYfYTYTQU^S\QcUcQ^dQW†^YSQcS_]_
XQRQ_SebbYT_U^]vcTUe^Q_`_bde^YTQTQ\_\QbW_TU\QSQ]`Q…QTU
\_c`b_dUSSY_^YcdQc!#')

!#'(
²3QbdQc9^TecdbYQ\Uc4UCQ^dYQW_QDQ\SQ³9VURbUb_TU!(''<Q9^TecdbYQ3XY\U
^Q"&TUVURbUb_TU!(''
!#')
5\`UbY_TYcdQi`_\dYS_S_^cUbfQT_bJ_b_RQRU\B_TbWeUjcUTUcdQS†U^UcdQ
SQ]`Q…QTUbUVedQSY_^UcFUbcecUbYUTUSY^S_QbdSe\_cQ`QbUSYT_cRQZ_U\dde\_TU²<Q
SeUcdY†^_RbUbQ³U^\QcUTYSY_^UcTU\_cTQc!#!$!&!'i" TUTYSYU]RbUTU!('&U^5\
9^TU`U^TYU^dU5cdU]QdUbYQ\cUU^SeU^dbQ^dUWbQ]U^dUbU`b_TeSYT_U^7bUj<Q²SeUcdY†^
c_SYQ\³_`SYd`vWc"%%"'#@_cYSY_^UccY]Y\QbUcQ\QcTUB_TbWeUjU^²5\]UUdY^WTU
\_c_RbUb_cTUFQ\`QbQc_³_`SYdi=QbSYQ\7_^jv\Uj²<_c_RbUb_cSXY\U^_c³_`SYd
`vWc$##i$#$

$($
 1`UcQbTU\QcSbdYSQcS_^dY^e†TUcQbb_\\v^T_cUU\]_fY]YU^d_TU
dbQRQZQT_bUciU]`bUcQbY_c]Q^eVQSdebUb_cTUcdY^QT_Q_RdU^Ub]UTYTQc
aeU`b_dUWYUbQ^\QY^TecdbYQ^QSY_^Q\ic_\eSY_^QbQ^\QQ^WecdY_cQcYdeQSY†^
TU_RbUb_ciQbdUcQ^_c`_bVQ\dQTUdbQRQZ_iU^SQbUSY]YU^d_TU\_cQbdSe\_c
TU`bY]UbQ^USUcYTQT5\! TUTYSYU]RbUTU!(''cUbUQ\Yj†e^^eUf_]UU
dY^WU^U\1\SvjQb<bYS_TUCQ^dYQW_1^dUe^QS_^SebbU^SYQUcdY]QTQU^Q
\_]U^_ccUYcSYU^dQcQcUdUSYU^dQc`Ubc_^Qc !#( \_cTYbYWU^dUc]edeQ\YcdQc
=Q^eU\8YTQ\W_i3Qb\_c7QbVYQc*

KM`Y^dQb_^\QdbYcdUY^TYWU^SYQTU\_c_RbUb_cicec
VQ]Y\YQciU\QRQdY]YU^d_TU\_c_VYSY_ciTU\QY^TecdbYQ5\
`bY]Ub_S_^TU^†S_^U^UbWQaeUUcdefYUcU^WbQfQT_c
S_^TUbUSX_cTUY^dUb^QSY†^\Qc`bY]UbQc]QdUbYQcicU
TUZQcU^U^dbQb\YRbUcTUTUbUSX_c\_cQbdSe\_c]Q^eVQS
debQT_cd_T_`QbQ]Qi_bbeY^QTU\QY^TecdbYQ!#(!

E^`b_iUSd_TUbU`bUcU^dQSY†^TYbYWYT_Q\@bUcYTU^dUTU\QBU`‹R\Y
SQRQedYjQT_@UdYSY†^TU\_c_RbUb_cTU3XY\UVeUQ`b_RQT_`_b\_c`QbdYSY
`Q^dUcU^U\QSd_1e^aeU\_cd}b]Y^_cU]`\UQT_cUbQ^]eibUc`Ude_c_c
\Qc_\YSYdeTY^dUb`U\QRQTYbUSdQ]U^dUQ\ZUVUTU\5cdQT_SeUcdY_^Q^T_\Q
`_\dYSQ\YRbUSQ]RYcdQQ`\YSQTQ`_bceW_RYUb^_i\QcQT]Y^YcdbQSY_^Uc
Q^dUbY_bUc<QUh`_cYSY†^TU\_c]Q\UcaeUc_`_bdQRQ^U\QbdUcQ^QT_i\Q
S\QcU_RbUbQQbb_ZQRQe^c_]Rb_RQ\Q^SUc_SYQ\*

<QcTYVYSe\dQTUcTU^eUcdbQ`_cYSY†^c_^RYU^S_^_
SYTQc+d_T_c\_c_VYSY_cUcdv^U^\Q]vcQRc_\edQ`QbQ\YjQ
SY†^iQ]U^QjQT_cTUe^QS_]`\UdQbeY^Q<QS_^cdbeS
SY†^TUUTYVYSY_caeUU^\Qc‹\dY]Qc}`_SQcXQ_Se`QT_
dQ^d_cRbQj_cU^\QSQ`YdQ\XQcYT_SQcYd_dQ\]U^dUcec
`U^TYTQU^bQj†^TU\QUcSQcUjTU^e]UbQbY_5\_VYSY_
TUQ\RQ…Y\UbQcUU^SeU^dbQQ^YaeY\QT_`_bUcdQcSYbSe^c
dQ^SYQc]YU^dbQcaeUU\WbU]Y_TUSQb`Y^dUb_cdQ^^e
]Ub_c_U^^eUcdbQ`_R\QSY†^cUfU`bYfQT_TUUcdQ]Q
^UbQTUce]vcS_^cdQ^dUi\eSbQdYfQ_Se`QSY†^ibUTeSY
T_Q\Q]vcQRc_\edQ^e\YTQT`_b\QY^db_TeSSY†^TU
]eUR\Uc]Q^eVQSdebQT_cU^U\UhdbQ^ZUb_

!#(
<QcSv\Se\_cc_RbUU\^‹]Ub_TUQcYcdU^dUcQUcdUQSd_VeUb_^]eifQbYQT_c1c
]YU^dbQcaeU5\=UbSebY_U^ceUTYSY†^TU\! TUTYSYU]RbUXQR\QRQTUcUYcSYU^dQcQcUdUc
SYU^dQc`Ubc_^QcU\2Qb†^Tµ1fbY\bU`bUcU^dQ^dUTY`\_]vdYS_TU6bQ^SYQU^3XY\UY^V_b
]†Qce]Y^YcdUbY_TU\bQ]_aeUU^TYSX_]UUdY^WXQRQ^`QbdYSY`QT_T_c]Y\_RbUb_c
1=15B63_bbUc`_^TQ^SU@_\YdYaeU" 3XY\Y!('$!(''<UddbUTe2Qb_^Tµ1fbY\Qe=Y
^YcdbUCQ^dYQW_\U!$T}SU]RbU!(''<}WQdY_^TU6bQ^SUQe3XY\Y4YbUSdY_^@_\YdYaeU>¡
""VZc$) $)!
!#(!
²BUe^Y†^TU_RbUb_c³5\=UbSebY_FQ\`QbQc_! TUTYSYU]RbUTU!(''

$(%
 1XdU^U]_c\QXUbbUbQQW_RYQTQ`_bYT}^dYSQSQecQ
iQ]vcU\WbQfv]U^TU\TUbUSX_c_RbUU\VYUbb_U^Rbed_+i
cY^U]RQbW_cU`Ub]YdU\QY^db_TeSSY†^TUQbdUVQSd_ccY^
TUbUSX_cQTeQ^Ub_c<QU^SeQTUb^QSY†^dQ]RY}^Uce^_
TU\_c_VYSY_caeU]vcceVbUUcd_c]Q\Uc`_baeU\QY^dUb^Q
SY†^TUcec]QdUbYQ\UcUcWbQfQTQS_^e^fUY^dYSY^S_`_b
SYU^d_iQ`UcQbTUUcd_c_^Y^db_TeSYT_ccY^TUbUSX_Q\We
^_\_c\YRb_cU]`QcdQT_c<QcQcdbUbQdQ^^e]Ub_cQU^
_`UbQbY_ciaeUTQ_Se`QSY†^Q]Y\UcTU]eZUbUccUU^
SeU^dbQX_iU^S_]`\UdQ`QbQ\YjQSY†^`_b\QWbQ^Y^db_
TeSSY†^TUdbQZUcS_^VUSSY_^QT_ci^_cU_Se\dQbvQ\U\UfQ
T_SbYdUbY_TUF5aeU\QVQ\dQTUdbQRQZ_`b_TeSYbv\Q]YcU
bYQU\fYSY_iU\SbY]U^aeUcUbv^\QTUcWbQSYQU^\QcVQ]Y
\YQci\QTUcX_^bQTU\`Qc5^\Q]Yc]QcYdeQSY†^cUXQ\\Q\Q
WU^UbQ\YTQTTU\_cTYfUbc_cWbU]Y_cUhYcdU^dUcU^\QSQ`Y
dQ\+icY^^Y^We^QUhQWUbQSY†^`_TU]_cQcUWebQbaeUUcd_
ceSUTUU^d_T_c\_cSU^db_cY^TecdbYQ\UcaeUUhYcdU^U^
\Qc`bY^SY`Q\UcSYeTQTUcTU\QbU`‹R\YSQ!#("

CU`UTQe^QfUj]vc`b_dUSSY†^`QbQ\Q²Y^TecdbYQ^QSY_^Q\³DQ]
RY}^cUQS_bT†U^fYQbe^QSYbSe\QbQ\_c`Qb\Q]U^dQbY_c`QbQaeUQaeU
\\_caeUS_]`QbdYUbQ^cec`_cYSY_^Uc\_Y^TYSQbQ^`_bUcSbYd_+^_]RbQb
e^QS_]YcY†^`Ub]Q^U^dU`QbQaeUS_^f_SQbQQ\_c_RbUb_cTU\QSQ`YdQ\
SeQ^T_\_UcdY]QbQ^USUcQbY_iSU\URbQb\QcU]Q^QcYWeYU^dUe^^eUf_
]UUdY^WT_^TUcU^_]RbQbQe^QS_]YcY†^`Ub]Q^U^dUTUTYUSY_SX_
`Ubc_^QcU^SQbWQTQcTU`b_]_fUbbUe^Y_^UciS__`UbQSY†^S_^\QcTU
]vcSYeTQTUcTU\`Qc!#(#5\Wbe`_TUcYW^QT_Y]`\U]U^d†UcdQcdQbUQci
Qce]Y†\QTUVU^cQ`‹R\YSQTU\Qc`_cYSY_^Uc`b_dUSSY_^YcdQcTebQ]U^dU
SbYdYSQTQc`_b\_c`QbdYTQbY_cTU\\YRbUSQ]RYc]_*

<Q\UiSXY\U^Q°TYZUb_^U^e^QSQbdQ`eR\YSQTQU^
e^`UbY†TYS_TU\QSQ`YdQ\°XQU^dbUWQT_Q\dbQRQZQT_bQ
d_T_c \_c bYW_bUc TU e^Q S_]`UdU^SYQ TUcUc`UbQTQ
¤AeY}^WQ^Qi]UTbQRQZ_UcdQ\Ui/<Q^QSY†^aeU^_c
U^fQcec]Q^eVQSdebQciU\SQ`YdQ\YcdQaeUdYU^US_]_
S_]`bQb\Qc¤AeY}^`YUbTUi]eUbU/5\`eUR\_SXY\U^_
aeUcY^dQ\\UbUccY^UTeSQSY†^Y^TecdbYQ\^_cQRU^YdYU

!#("
²@UdYSY†^TU\_c_RbUb_cTU3XY\U³5\3_`YQ`Y^_3_`YQ`†"'i"(TUTYSYU]RbU
TU!(''<QcS_^S\ecY_^UcTU\]UUdY^WVeUb_^`bUcU^dQTQcU\!&TUTYSYU]RbUQ\@bUcYTU^dU
TU\QBU`‹R\YSQ`_be^QTU\UWQSY†^TUcUYc`Ubc_^QcU^SQRUjQTQc`_b7QbVYQc²>_fUTQ
TUc³<Qc>_fUTQTUcCQ^dYQW_!'TUTYSYU]RbUTU!(''
!#(#
²BUe^Y†^TU_RbUb_c³_`SYd+5\=UbSebY_FQ\`QbQc_! TUTYSYU]RbUTU!(''

$(&
 ^U`QbQaeYU^dbQRQZQb^YT_^TUQ`bU^TUb8}QX`eUc
`UbTYTQ\QReU^Qf_\e^dQTUY^dU\YWU^SYQTU]Y\\QbUcTU
X_]RbUcaeUdYU^U^V_bj_cQ]U^dUaeUYbQ\QRbQb\QcdYU
bbQc`_be^cQ\QbY_TUVYSYU^dU_bUS_bbU^\QcSYeTQTUc
S_^U\S_bQj†^_`bY]YT_`_b\QY^aeYUdeT\QY^UcdQRY\YTQT
i\Q]YcUbYQ!#($

<QTUWbQTQSY†^TU\QcYdeQSY†^US_^†]YSQUhQc`Ub†\_cv^Y]_c`_
`e\QbUc1S_]YU^j_cTUTYSYU]RbUTU!(''\_cRQbbUT_bUcTU\Q1\Q]UTQ
TUCQ^dYQW_cUTUS\QbQb_^U^XeU\WQ`QbQ`b_dUcdQbS_^dbQ\QbURQZQTUe^
" TUceccQ\QbY_caeU\UcXQRQcYT_Y]`eUcdQ`_b\QcQed_bYTQTUcQVY^
TUXQSUbUS_^_]Qc!#(%1\Qc`_SQccU]Q^Qce^XUSX_TU_dbQ^QdebQ\UjQ
`b_f_S†\QYbbe`SY†^TU²debRQc³U^\QSQ`YdQ\=YWeU\:Ub†^Y]_DbYfY…_c
e^bU_S_]‹^TU_bYWU^SQ]`UcY^_VeUS_^TU^QT_Q]eUbdU`_bU\X_
]YSYTY_°Q\`QbUSUbQSSYTU^dQ\°TUe^S_]UbSYQ^dUUc`Q…_\5\@bUcYTU^dU
TU\QBU`‹R\YSQQ\^UWQbU\Y^Te\d_c_\YSYdQT_`_be^fQcd_]_fY]YU^d_SYe
TQTQ^_U^CQ^dYQW_iFQ\`QbQc_aeUY^S\eQTUcTU\Qc\_WYQc]Qc†^YSQc
XQcdQ\QcYW\UcYQcUfQ^W}\YSQc`QcQ^T_`_bWbe`_cTUZ†fU^Uc]eZUbUc
S_\_^YQcUhdbQ^ZUbQcifQbYQcc_SYUTQTUc]edeQ\YcdQc !#(&TUcQd†U\Veb_bTU
^e]Ub_c_c]Q^YVUcdQ^dUcTU\²RQZ_`eUR\_³cQ^dYQWeY^_*

3eQ^T_U\SQTvfUbTUDbYfY…_cVeUcQSQT_TU\SQbb_
U^\Q`eUbdQTU\SU]U^dUbY_e^QY^]U^cQ`_R\QTQTU
TUcSQ]YcQT_c`eUc^_cUTYfYcQRQe^c_\_QbdUcQ^_dbQ
d†TUQ`_TUbQbcUTU\SQZ†^S_^U\_RZUd_TUSQ^TU
XQSUb\UX_ie^QcX_^bQcU^\QYW\UcYQ+\QVeUbjQTU`_\Y
SQaeUSecd_TYQ^T_U\V}bUdb_XQRQYT_Ucdef_Q`e^d_
TUcUbY]`_dU^dU`QbQS_^dU^UbU\TUc_bTU^
FYcd_`_b\QcdebRQcaeU^_`_TQ^S_^cUWeYbce
_RZUd_cUbUdYbQb_^`_b\Q3Q…QTY\\QS_]UdYU^T_d_TQ
S\QcUTUTUc_bTU^UcQ\_cWbYd_cTU*¥=eUbQ@Y^d_¥1RQ
Z_U\@bUcYTU^dU¥FYfQFYSe…Q=QS[U^^Q¥1\Q=_^UTQ
Q`b_dUcdQbid_T_Ucd_S_^U\_R\YWQT_QS_]`Q…Q]YU^
d_TU`YUTbQcaeUXQSQ^SX_SQbe^QcS_^_dbQcQ^dUcTU
TYc`QbQb\Qc<\UWQTQaeUVeU\QS_]YdYfQS_^e^Ucdb}`Y
d_TYQR†\YS_VbU^dUQ\QSQcQTUQWU^SYQ`b_`YUTQTTU
e^Uc`Q…_\cYdeQTQU^\Q3Q…QTY\\Q\_cWbYd_cTU*¥=eU
bQU\W_T_cUXYSYUb_^_bie^QWbQ^YjQTQTU`YUTbQc
SQi†c_RbU\Q`eUbdQifU^dQ^QcTU\QSQcQKM

!#($
²<Q`Q\QRbQTU\dbQRQZ_³<_cDYU]`_cCQ^dYQW_# TUTYSYU]RbUTU!(''
!#(%
²>_fUTQTUc³<Qc>_fUTQTUcCQ^dYQW_%TUTYSYU]RbUTU!(''
!#(&
²>_fUTQTUc³<Qc>_fUTQTUcCQ^dYQW_" "!"""$i"%TUTYSYU]RbUTU!(''

$('
 3eQ^T_\QVeUbjQTU`_\YSQU^fYQTQTUcTUceSeQbdU\\\U
W†Q\\eWQbTU\TUc_bTU^iQ\_c_bYWY^Q\Uc`b_dUcdQ^dUcXQ
RQ^TUcQ`QbUSYT_!#('

1e^aeUcY^bU\QSY†^S_^\QSbYcYcUS_^†]YSQ\QQ`\YSQSY†^TU\Q`U^Q
SQ`YdQ\°Q]`\YQ]U^dUbUSXQjQTQ`_b\_ccUSd_bUc`_`e\QbUc°XQRQS_^
dbYReYT_QU^QbTUSUb\_cUc`bYdeciQQ\dUbQT_c`_b\Qc`bYfQSY_^Uc]QdU
bYQ\Uc!#((<QTU`bUcY†^dbQQS_^cYW_\QbUQ`QbYSY†^TU\QcdU]YTQc²deb
RQc³ebRQ^Qc
4ebQ^dU!('(cU`b_TeZUb_^fQbYQc]Q^YVUcdQSY_^UcUY^SYTU^dUc
U^dbUU\U]U^d_c`_`e\QbUci\Q`_\YSQU^CQ^dYQW_5\\e^Uc$TUVURbU
b_TQTU`QW_TU\_cSQbbUd_^Ub_cTU\QcU_TU\QSQ`YdQ\UcdQ\\Qb_^TYc
debRY_cU^\Q@\QjQTU1b]QcSeQ^T_Ucd_cdbQRQZQT_bUccUY]`ecYUb_^TU
\QTUSYcY†^TU\QcQed_bYTQTUcTUbURQZQb\UcceceU\T_U^cUcU^dQSU^dQf_c
S_]_]UTYTQTUQecdUbYTQTUS_^†]YSQ*

<Qc`b_dUcdQcS_]_Uc^QdebQ\^_cUXYSYUb_^Uc`U
bQbiU^SeUb`_cUTYbYWYUb_^\_cSQbbUd_^Ub_cQ\Q9^dU^
TU^SYQS_^U\_RZUd_TUTQb`QbdUTU\_aeUceSUTQi
Q]U^QjQ^T_TUS\QbQbcUU^XeU\WQcY^_cU\Uc`QWQRQ
^dUWbQ]U^dU
DefYUb_^ aeU S_^V_b]QbcU cY^ U]RQbW_ S_^ \Q
bURQZQicU]QbSXQb_^Q\TU`†cYd_TU\Q`_\YSQ1ae
S_]U^jQb_^ ^eUfQ]U^dU \Qc ]Q^YVUcdQSY_^Uc TU TUc
S_^dU^d_^UWv^T_cUQdbQRQZQb]YU^dbQc^_cU\Uc`QWQ
cUd_T_ceceU\T_
E^_VYSYQ\QS_]`Q…QT_TU_db_cWeQbTYQ^UcTU\
_bTU^XYSYUb_^_RUTUSUbQ\_caeUcUbUcYcdQ^Q\Qc_b
TU^UcTU\_cce`UbY_bUc
3UTYUb_^Q\VY^\_cSQbbUd_^Ub_c]U^_c^eUfUaeU
VeUb_^\\UfQT_cQ\Q`_\YSQU^SQ\YTQTTU`bUc_c !#()

5\(TU_SdeRbUe^Q]Q^YVUcdQSY†^^QSY_^Q\YcdQTU`b_dUcdQS_^dbQ
\Q]Q^UbQS†]_U\W_RYUb^_SXY\U^_\\UfQRQ\Qc^UW_SYQSY_^Ucc_RbU\Q
@QdQW_^YQS_^\QBU`‹R\YSQ1bWU^dY^QTUWU^Ub†U^fY_\U^d_cU^VbU^dQ
]YU^d_cU^dbU\Q`_\YSQiSY^S_]Y\]Q^YVUcdQ^dUcS_^e^cQ\T_TUfQbYQc

!#('
²>_fUTQTUc³<Qc>_fUTQTUcCQ^dYQW_"'TUTYSYU]RbUTU!(''3ebcYfQcU^U\
_bYWY^Q\
!#((
5\bU`eTY_`_`e\QbQ\Q`U^QTU]eUbdUUh`bUcQT_QdbQf}cTU\Q`_UcQXQcYT_
UcdeTYQT_`_b=QhY]Y\YQ^_CQ\Y^Qc3Q]`_cFUbc_c`_bU\VecY\Q]YU^d_5\TUcS_^dU^d_`_`e\Qb
Q^dU\Q`U^QTU]eUbdUU^3XY\UU^U\cYW\_H9HCQ^dYQW_6_^T_TU4UcQbb_\\_TU\Q3e\debQi
\Qc1bdUc!))#5\Qed_bcUbUVYUbUQ}cdUi_db_cSQc_caeUcecSYdQb_^]_fY\YjQSY_^Uc`_
`e\QbUcTU`b_dUcdQTebQ^dU\QcUWe^TQ]YdQTTU\cYW\_?`SYd`vW&icYWeYU^dUc
!#()
²<QSQ`YdQ\³<_cDYU]`_cCQ^dYQW_%TUVURbUb_TU!('(

$((
TUSU^QcTUXUbYT_c`_bQ]RQc`QbdUc<Q]_dYfQSY†^`QdbY†dYSQTU\QSd__Se\
dQRQQ`U^Qc\QVbecdbQSY†^c_SYQ\TUcec`b_dQW_^YcdQcQSQecQTU\QTUWbQTQ
SY†^TUcecS_^TYSY_^UcTUfYTQ<QcS_^cYW^QcTUZQRQ^dbQc\eSYbU\R\Q^S_
TU\QYbQ`_`e\Qb*¥QRQZ_\Q`_\YSQ¥]eUbQ^\_c`QS_cQcS_]_TYcdY^d_c
WbYd_cS_^dbQ\QcQed_bYTQTUcTUW_RYUb^_iU\bU`bUcU^dQ^dU_VYSYQ\TU3XY\U
U^\Qc^UW_SYQSY_^UcTY`\_]vdYSQc?dbQcf_SUc]vcbQTYSQ\UcQ‹^\\UWQRQ^
Q`UTYb\QTUcQ`QbYSY†^TU\Q`_\YSQ !#) CYRYU^\_c`b_dQW_^YcdQcTUUcd_c
XUSX_cbUSYRYUb_^`_b`QbdUTU\_VYSYQ\Yc]_SQ\YVYSQdYf_cdQ\UcS_]_²debRQc
VQ^vdYSQciXQ]RbYU^dQc³²`_`e\QSX_SYUW_UYW^_bQ^dU³]Q^Y`e\QT_`_b
`_\dYS_c_`_cYd_bUc!#)!UbQUfYTU^dUaeU\_ccU^dY]YU^d_cTU`QdbY_dYc]_
XUbYT_cU]UjS\QRQ^S_^\Qc`bY]UbQc]Q^YVUcdQSY_^Uc]QcYfQcTU\Q]_TUb
^Q²SeUcdY†^c_SYQ\³WU^UbQ^T_e^S\Y]QQWYdQT_iQ`QcY_^QT_5^_dbQcSYe
TQTUc\QVYURbU^QSY_^Q\YcdQdQ]RY}^S_^dbYRei†QQe]U^dQb\QdU^cY†^*e^
]UUdY^WbUQ\YjQT_U\!%TUTYSYU]RbUU^U\3YbS_TU\QFYSd_bYQTUFQ\`QbQc_
bUe^Y†Q]vcTUSY^S_]Y\`Ubc_^Qc!#)"
4YcdY^d_cVQSd_bUccUQSe]e\QRQ^iS_^SQdU^QRQ^WU^UbQ^T_e^QcY
deQSY†^TUSbYcYcW\_RQ\
<Q`b_Ve^TYjQSY†^TU\QSbYcYcUS_^†]YSQW_\`UQRQTebQ]U^dUQ\_c
cUSd_bUc`_`e\QbUcQe]U^dQ^T_\_ccYW^_c]vcUfYTU^dUcTU`_RbUjQi
]QbWY^Q\YTQT5\^_d_bY_Y^SbU]U^d_TU\QTU\Y^SeU^SYQU\RQ^TYTYc]_
i\Q]U^TYSYTQTU^S_^dbQRQQ]`\Y_US_U^\Q`bU^cQ5^CQ^dYQW_\Q`b_
\YVUbQSY†^TU`_bTY_cUb_cSQecQRQQ\Qb]Qi]_\UcdYQU^\_cSbSe\_cTU\Q
U\YdU8QSYQS_]YU^j_cTU!(')e^`UbY†TYS_\YRUbQ\TQRQSeU^dQTU\Q
UhYcdU^SYQU^\QSQ`YdQ\*

KMTUe^cY^^‹]Ub_TU]U^TYW_caeUcUQ`Y…QU^
\Qc`eUbdQcTU\_cdU]`\_cKMU^\_c`QcU_cU^\Qc`eUb
dQcTU\_cSQV}cU^\Q1\Q]UTQU^\Q`\QjQU^\QcdYU^
TQcU^SeQ^d_\eWQb`‹R\YS_UhYcdUKTUMdebRQcTU]e
SXQSX_cXQbQ`YU^d_cTU]eZUbUcZ†fU^UciU^UcdQT_TU
dbQRQZQbKaeUM]_\UcdQ^Q\QWU^dUS_^cecc‹`\YSQcicec
\vWbY]QcVY^WYTQc!#)#

!#)
²@QbdU_VYSYQ\TU\_cceSUc_cTU\(U^CQ^dYQW_³Ce`\U]U^d_Q\4URUbFQ\`QbQc_
! TU_SdeRbUTU!('(
!#)!
²<Q:efU^deT<YRUbQ\Y\_cceSUc_cTU\'YTU\(TU_SdeRbU³<Q:efU^deT<YRUbQ\
CQ^dYQW_!)TUcU`dYU]RbUTU!('(1e^aeU\QUTYSY†^SYdQTQTUUcdUcU]Q^QbY_\\UfQ\Q
VUSXQY^TYSQTQY^S\eiUQbdSe\_cS_]_U\^_]RbQT_aeUcUbUVYUbU^QceSUc_c`_cdUbY_bUc
Q\]UcTUcU`dYU]RbU
!#)"
²FQ\`QbQc_³2_\Ud^TU>_dYSYQc<QCUbU^Q!&TUTYSYU]RbUTU!('(
!#)#
²<QSQ`YdQ\³<_cDYU]`_cCQ^dYQW_!%TUU^Ub_TU!(')5^_dbQTUcecUTYSY_
^UcUcdU†bWQ^_TU`bU^cQQcUWebQRQaeUTebQ^dU\QX_bQTU\QbUdbUdQTU\TQQ^dUbY_bcU
XQRQ^S_^dQT__SXU^dQiSY^S_]U^TYW_cU^\Q@\QjQTU1b]Qc²<QSQ`YdQ\³<_cDYU]`_c
CQ^dYQW_'TUVURbUb_TU!(')

$()
 5\VU^†]U^_TU^e^SYQT_`QbUSUXQRUbQ\SQ^jQT_WbQ^TUc`b_
`_bSY_^UcQZejWQb`_b\QcQRe^TQ^dUc^_dQcTU\Q`bU^cQTU\Q}`_SQ
?db_TYQbY_U^e^_TUcec^e]Ub_c_cQbdSe\_cc_RbUU\dU]QQcUWebQ
RQaeU*

KMQ`U^QcQ^TQe^_`_b\QcSQ\\Uc]vcSU^dbQ\Uc
`_b\_c`_bdQ\UciWQ\UbQcTU\S_]UbSY_U^SeU^dbQXQcdQ
TYUj]U^TYW_cU^SQTQ]UTYQSeQTbQU\e^_S_^\Qc`YUb
^Qc]U^_cU\_db_cY^_Z_c}cdUde\\YT_QaeU\SYUW_VeUbQ
TU_db_caeUUhXYRU^QcaeUb_cQc\U`bQcTUVUSd_c^QecUQ
Re^T_ci]Y\\Y^TUjQcSei_c_\_bUSeUbT_S_^dbYcdQQ\Ucd†
]QW_!#)$

8QSYQVY^UcTU!('(\Q9W\UcYQbUT_R\†cecUcVeUbj_cSQbYdQdYf_cQe
]U^dQ^T_\Qc²?\\QcTU\@_RbU³_bWQ^YjQTQcU^TYcdY^d_cRQbbY_cTUCQ^
dYQW_TUcTUU\Q…_Q^dUbY_b!#)%
<QcYdeQSY†^UbQY^aeYUdQ^dUCY\_cfQWQRe^T_c`_bTY_cUb_cSUcQ^
dUci]QbWY^Q\UcTUd_TQS\QcU^_dU^Q^SQ`QSYTQT`QbQbUQ\YjQb]_fY\YjQ
SY_^Uc_bWQ^YjQTQcUbQ^`_b\_]U^_ce^QVeUbjQ`_dU^SYQ\aeU`_TQ
Ybbe]`YbU^V_b]QTU²debRQc³QTU]vcTUQVUQbS_^ce`bUcU^SYQ\Q²SYe
TQT`b_`YQ³iSQecQb]_\UcdYQiTUcQWbQT_Q\QU\YdU
@Ub_dQ]RY}^XQRQaeUS_^cYTUbQbQ\_cdbQRQZQT_bUc_bWQ^YjQT_c
<QSUcQ^dQi\QSQbUcdQTU\QfYTQQWeYZ_^UQRQ^Q\_c_RbUb_cY]
`e\cv^T_\_cQ]_fY\YjQbcUU^TUVU^cQTUcecY^dUbUcUc5\WbU]Y_TU\_c
dY`†WbQV_ccUfY_VeUbdU]U^dUQVUSdQT_`_bUcd_c`b_R\U]Qc@QbQXQSUb
VbU^dUQ\QSbYcYcUS_^†]YSQQ\We^QcY]`bU^dQcS_]_\QcTU5\6Ubb_SQbbY\
5\5cdQ^TQbdU3Qd†\YS_i5\=UbSebY_bUTeZUb_^\_cceU\T_cTU\_c_`UbQ
bY_c!#)&?dbQcS_]_\QTU<_cDYU]`_cTUc`YTYUb_^QdbQRQZQT_bUci\_c
bUU]`\QjQb_^`_b^eUfQc]QaeY^QbYQc!#)'@QbQS_\]_TU]Q\UccUQ^e^
SYQRQaeUU\W_RYUb^_Q`UcQbTUcUbU\`b_`YUdQbY_TUe^QTU\Qc]Qi_bUc
b_dQdYfQcTU\`QcU^SQbWQbQQ5eb_`Q\QUTYSY†^TUSYUbd_c\YRb_c!#)(<_c
dbQRQZQT_bUcTUY]`bU^dQTU\QSQ`YdQ\S_]U^jQb_^Q`eR\YSQbTUcTUVY
^UcTUTYSYU]RbUTU!('(e^cU]Q^QbY_°5\DY`†WbQV_°S_]_]eUcdbQTU

!#)$
²>_fUTQTUc³<Qc>_fUTQTUcCQ^dYQW_!#TUVURbUb_TU!(')
!#)%
²?\\QcTU\@_RbU³!'!1bj_RYc`QT_TUCQ^dYQW_TU3XY\U>‹]$"CQ^dYQW_
^_fYU]RbU"%TU!('(i²?\\QcTU\@_RbU³!) CQ^dYQW_TYSYU]RbU!$TU!('(U^2_\U
d^5S\UcYvcdYS_d_]_F99(TUZe^Y_TU!('(#!TUTYSYU]RbUTU!(( CQ^dYQW_!(($
`vWc#!'#!(i#"%
!#)&
²5bQ\_aeUUc`UbvRQ]_c³i²3b†^YSQ³5\DY`†WbQV_CQ^dYQW_!!TUU^Ub_TU
!(')+²3b†^YSQ³5\DY`†WbQV_CQ^dYQW_"%TUU^Ub_TU!(')
!#)'
²3b†^YSQ³5\DY`†WbQV_CQ^dYQW_"(TUTYSYU]RbUTU!('(+²3b†^YSQ³5\DY`†
WbQV_CQ^dYQW_!(TUU^Ub_TU!(')
!#)(
²3b†^YSQ³5\DY`†WbQV_CQ^dYQW_"(TUTYSYU]RbUTU!('(_`SYd+²<QdY`_WbQ
VQU]YWbQQ5eb_`Q³i²3b†^YSQ³5\DY`†WbQV_CQ^dYQW_$TUU^Ub_TU!(')

$)
\QUhYcdU^SYQTU²_RbUb_caeURecSQ^\Q\ej`_b]UTY_TU\QTYcSecY†^VbQ^SQ
idbQ^aeY\Q³!#))4UcTUcecS_\e]^QccUTU^e^SYQb_^\_c`b_R\U]QcaeU
QaeUZQRQ^Q\WbU]Y_icUUcdY]e\†\QbUcYcdU^SYQ_RbUbQQ\_cQRec_c`Qdb_^Q
\UcS_]_`_bUZU]`\_TebQ^dU\QXeU\WQTU\_cdY`†WbQV_cTU\5cdQ^TQbdU
3Qd†\YS_U^U^Ub_TU!(')U^`b_dUcdQ`_b\QbURQZQTUcQ\QbY_cTUSbUdQTQ
`_b\QU]`bUcQ!$ 8QRQY^aeYUdeT`Ub_dQ]RY}^v^Y]_TUbUSXQj_Q\_c
QRec_c\_aeUcUfY_bUV\UZQT_TebQ^dU\QS_^SebbYTQQcQ]R\UQTU\_c_RbU
b_cTU\QcY]`bU^dQcTUCQ^dYQW_aeUdef_\eWQbU\T_]Y^W_!"TUU^Ub_TU
!(')!$ !
5^dbUdQ^d_S_^dY^eQRQ\QSQ]`Q…Q`b_dUSSY_^YcdQ
5^QRbY\TU!('(e^Wbe`_TUS_^^_dQT_cY^TecdbYQ\UcU^SQRUjQT_c
`_b6UTUbYS_CdefU^TU\QVvRbYSQTU`Q…_cTU2eY^+2Q\V_eb<i_^i
3_]`Q…QTU\QVe^TYSY†^TU\QFYSd_bYQTUFQ\`QbQc_+6YU\TcCd_[Uci
S_]`Q…QTU\QVvRbYSQTUWQ\\UdQci4Q^YU\6b_cdTU\Q]Q^eVQSdebQTU
dUZYT_cTU\Q^QTUCQ^dYQW_TYbYWYUb_^e^Q^_dQQ\QS_]YcY†^TU\Q3v
]QbQTU4Y`edQT_cU^SQbWQTQTUTYcSedYb\Q^eUfQdQbYVQQTeQ^UbQ`b_
`eUcdQ`_bU\W_RYUb^_c_\YSYdv^T_\UaeUd_]QbQU^SeU^dQce`e^d_TU
fYcdQ!$ "5\]Yc]_Wbe`_TUU]`bUcQbY_cS_^V_b]†QVY^UcTUUcU]Uc
e^QTYbUSdYfQS_]`eUcdQ`_b6UTUbYS_CdefU^+1^cU\]_3bejFTU\Q
VvRbYSQTU`Q…_c+<eYc?cdXQecTU\QVvRbYSQTUZQbSYQ3Qb\_c7bUU^TU
\QVvRbYSQTUV†cV_b_ci:e\Y_2UbcdUY^TU\QbUVY^UbQTUQj‹SQbTUFY…Q
TU\=Qb5\SUbfUSUb_6UTUbYS_FQbU\Qi4_^Qd_=Y\\v^U^dQ^d_bU`bU
cU^dQ^dUTU\QC_SYUTQTTUDQ\\UbUcVeUb_^^_]RbQT_cTYbUSd_bUcce`\U^
dUc!$ #<QS_^fUbWU^SYQU^dbUY^TecdbYQ\UcQbdUcQ^_ci_RbUb_caeUTQRQ
cY]R_\YjQTQQdbQf}cTU\Q`bUcU^SYQTU\QC_SYUTQTTUDQ\\UbUcU^U\_bWQ
^Yc]_TU\_cY^TecdbYQ\Uc1\Qc`_SQccU]Q^QcU\R\_aeU`b_dUSSY_^YcdQ
cUS_^c_\YT†S_^\Q`QbdYSY`QSY†^TUbU`bUcU^dQ^dUcTUC_SYUTQT@b_dUSd_bQ
TU\Q9^TecdbYQiTU\QC_SYUTQTTU9^TecdbYQ\UcU^e^QbUe^Y†^TU\QTYbUSdYfQ
TU\QC_SYUTQTTUDQ\\UbUcU^\QaeUcUQS_bT†\Qe^Y†^TU\QcVeUbjQcY^dU
bUcQTQcU^cQSQbQ\QY^TecdbYQ^QSY_^Q\TUceUcdQT_TU`_cdbQSY†^!$ $
E^^eUf_]UUdY^Wdef_\eWQbU^CQ^dYQW_U^_SdeRbU!$ %iQ`QbdYbTU
VURbUb_TU!(')e^Wbe`_TUdbUY^dQTUcdQSQT_cTYbYWU^dUc]edeQ\YcdQc
\YWQT_cU^ce]Qi_bQQ\QC_SYUTQT5cSeU\QBU`eR\YSQ^QiQ\U]UbWU^dU@Qb

!#))
²4_c`Q\QRbQc³5\DY`†WbQV_CQ^dYQW_"(TUTYSYU]RbUTU!('(
!$
²3b†^YSQ³5\DY`†WbQV_CQ^dYQW_!!TUU^Ub_TU!(')_`SYd+²3b†^YSQ³5\DY
`†WbQV_CQ^dYQW_!(TUU^Ub_TU!(')_`SYdC_RbUUcdQXeU\WQf}QcUdQ]RY}^²<QSQ`Y
dQ\<_cSQZYcdQcTU²5\5cdQ^TQbdU³U^XeU\WQ³<_cDYU]`_cCQ^dYQW_!!TUU^Ub_TU!(')
!$ !
²3b†^YSQ³5\DY`†WbQV_CQ^dYQW_!(TUU^Ub_TU!(')_`SYd
!$ "
²>_fUTQTUc³<Qc>_fUTQTUcCQ^dYQW_"&TUQRbY\TU!('(
!$ #
²>_fUTQTUc³<Qc>_fUTQTUcCQ^dYQW_")TUQRbY\TU!('(
!$ $
²>_fUTQTUc³<Qc>_fUTQTUcCQ^dYQW_" TU]Qi_TU!('(
!$ %
 1=15B6 3_bbUc`_^TQ^SU @_\YdYaeU "! !('(!(') 3XY\Y <UddbU Te 2Qb_^
Tµ1fbY\Qe=GQTTY^Wd_^=Y^YcdbUTUc1VVQYbUc5dbQ^W~bUc<}WQdY_^TU6bQ^SUQe3XY\Y
CQ^dYQW_\U#!_Sd_RbU!('(V!"(

$)!
dYT_BU`eR\YSQ^_!$ &S_]U^jQb_^QUTYdQbe^^eUf_`UbY†TYS_5\DQ\\UbRQZ_\Q
TYbUSSY†^TU2eU^QfU^debQ=_bv^U\X_]RbUaeUe^QT}SQTQQ^dUcXQRQ
bU_bWQ^YjQT_\QE^Y†^TU\_cDY`†WbQV_cTUCQ^dYQW_
5\DQ\\UbfU^QQ\\U^QbU\WbQ^fQS_TUZQT_`_b\QTUcQ`QbYSY†^TU<Q
9^TecdbYQ3XY\U^QU^^_fYU]RbUTU!(''!$ '5^UcdQU]`bUcQcUSbYcdQ\YjQRQ
\Qe^Y†^TUTYVUbU^dUcc_SYUTQTUcTU_RbUb_ciQbdUcQ^_c5^ceS_]YcY†^
bUTQSd_bQVYWebQRQ^Ze^d_Q=_bv^6Ub]^FYfQSUdQS_^cYTUbQT_QUcQc
Q\debQcS_]_e^\TUbXYcd†bYS_TU\]edeQ\Yc]_^QSY_^Q\:eQ^1Wecd^
3_b^UZ_TYbYWU^dUTU\QC_SYUTQTTU1bdUcQ^_cTUFQ\`QbQc_i\_cTYbUSdYf_c
TU\QC_SYUTQTTU1bdUcQ^_c²<QE^Y†^³TUCQ^dYQW_:_c}=YWeU\2Qce\d_ce
`bUcYTU^dU U^ !('' =QbY_^ B_cc `bUcYTU^dU U^ !('( 8Y`†\Yd_
1SUfUT_=Q^eU\8YTQ\W_1\UZQ^Tb_4U`QccYUbDbYcdv^3_b^UZ_aeYU^
QTU]vcTU`UbdU^USUbQ²<QE^Y†^³TU1bdUcQ^_cXQRQcYT_U\Ve^TQT_bTU
\Qcc_SYUTQTUcVY\Qb]†^YSQcTU_RbUb_cTUCQ^dYQW_iTU3XY\\v^i=Q^eU\
=_TUcd_C_jQaeUdQ]RY}^_Se`QRQe^SQbW_TYbYWU^dUU^\QC_SYUTQTTU
CQcdbUcTUCQ^dYQW_6bQ^SYcS_=YbQ\\UcTU\Q^dYWe_UaeY`_TUbUTQSSY†^TU
<Q9^TecdbYQ3XY\U^QUbQ_db_U\U]U^d_aeUUfYTU^SYQRQ\QS_^dY^eYTQTTU
\Q\eSXQ`_b\Q`b_dUSSY†^Q\QY^TecdbYQ^QSY_^Q\!$ (
1`UcQbTUceQed_TUVY^YSY†^TU²†bWQ^_TU\_RbUb_iTU\Y^TecdbYQ\³
U\^eUf_`UbY†TYS_bU`bUcU^dQRQc_RbUd_T_Q\_cQbdUcQ^_ci_RbUb_c
W_\`UQT_c`_b\QSbYcYc5\}^VQcYcTUceTYcSebc_UcdQRQ`eUcd_U^\QTU
VU^cQTU\_cY^dUbUcUc`_`e\QbUc*

5\DQ\\UbdbQUS_]_U\`bY^SY`Q\TUcec`b_`†cYd_c
QR_WQb U^}bWYSQ]U^dU `_b \_c Y^dUbUcUc TU \Qc S\QcUc
_RbUbQUY^TecdbYQ\dQ^QRQdYT_c`_b\_cTUQbbYRQi^U
SUcQbY_UcS_^VUcQb\_dQ^T}RY\]U^dUTUVU^TYT_c`_b\_c
TUQRQZ_+Q^Y]QbUcdQTUVU^cQi`_^Ub_bTU^U^U\\Q
`_baeUU\fQ\_bcY^\QTYcSY`\Y^QicY^U\QSeUbT_`QbQU\
QdQaeUTU^QTQfQ\USeQ^T_XQiaeURQdYbQSYUbd_cS_^
ce]QT_cUcdbQd}WYS_c !$ )

<_c`e^d_c`b_WbQ]vdYS_cU^\_caeUcUcY^dUdYjQRQ\QTUVU^cQTU\_c
Y^dUbUcUcTU\QcS\QcUc\QR_bY_cQcUbQ^]vc_]U^_c\_c]Yc]_caeU\Qc
c_SYUTQTUc]edeQ\YcdQcfU^Q^\UfQ^dQ^T_TUcTUXQSQfQbY_cQ…_c*bUV_b
]QQTeQ^UbQU^e^cU^dYT_TU`b_dUSSY†^TU\QY^TecdbYQ^QSY_^Q\QR_\Y
SY†^TU\_c]_^_`_\Y_cTU\5cdQT_iTU\_c`QbdYSe\QbUcS_\_^YjQSY†^TU

!$ &
<QdU^dQdYfQTUS_^cdbeSSY†^TUe^@QbdYT_BU`eR\YSQ^_S_]_Uh`bUcY†^TUe^Q
S_bbYU^dUTU\YRUbQ\Yc]_QfQ^jQT_S_^VeUbdUY]`\Q^dQSY†^`_`e\QbUcQ^Q\YjQTQU^U\
SQ`de\_H999
!$ '
1\SQ^SUQ\>¡(%TU\Q9^TecdbYQ3XY\U^QCQ^dYQW_!'TU^_fYU]RbUTU!(''
!$ (
²3_]YcY†^bUTQSd_bQ³5\DQ\\UbCQ^dYQW_!TUVURbUb_TU!(')
!$ )
²>eUcdbQ`bY]UbQ`Q\QRbQ³5\DQ\\UbCQ^dYQW_!TUVURbUb_TU!(')

$)"
\Qc`b_fY^SYQcTU\cebS_^VQ]Y\YQcSXY\U^Qc`b_dUSSY†^TU\QcU]`bUcQc]Y
^UbQcTU\^_bdU²`QbQSbUQbQcSU^db_cTUdbQRQZ_`QbQU\`eUR\__RbUb_³
VQSY\YdQSY†^TU\_cdbQ^c`_bdUc]QbdY]_cidUbbUcdbUc`QbQQieTQbQ\S_]Ub
SY_U^dbU\Qc`b_fY^SYQcS_]_e^Q]Q^UbQTUQe]U^dQb\QcVeU^dUcTUdbQRQ
Z_ie^Q²ZecdQTYcdbYReSY†^TU\QcS_^dbYReSY_^Uc³!$! 1\]Yc]_dYU]`_5\
DQ\\Ub`b_S\Q]QRQ\Q^USUcYTQTTU\Qe^YTQTTU\QS\QcU_RbUbQTU\\UWQbQe^
QSeUbT_U^dbUcecTYcdY^d_ccUW]U^d_cQ^YfU\^QSY_^Q\²S_^U\_RZUd_TU
_RdU^UbaeU\_cbU`bUcU^dQ^dUcTU\`QcTYSdU^\Qc\UiUcaeUTURU^Q]`QbQb
cecY^dUbUcUc³ !$!!CUbUYfY^TYSQRQQRYUbdQ]U^dU\Q^USUcYTQTTUe^`b_WbQ
]QTU\`eUR\_`QbQcUbTUVU^TYT_U^U\3_^WbUc_`_bcecQed}^dYS_cbU`bU
cU^dQ^dUc5cd_cYW^YVYSQRQe^QSYUbdQV\UhYRY\YjQSY†^TU\QbWYTQ`_cdebQ
Q`_\dYSQTU\]_fY]YU^d_]edeQ\YcdQiQc_SYQdYf_`_`e\QbaeUiQcUfU^Q
Y^cY^eQ^T_TUcTUQ\We^_cQ…_c5bQdQ\fUjU\cYW^_TUe^QUf_\eSY†^UcdY
]e\QTQ`_b\QSbYcYc*U\c_S_bb_]ede_i_dbQcV_b]QcTUS__`UbQSY†^^_`Q
bUSQ^cUbSQ`QSUc`_bcc_\_cTUSQ]RYQbbQTYSQ\]U^dU\QS_^TYSY†^TU\_c
dbQRQZQT_bUc+UbQ^USUcQbY_bUV_b]Qb\Qc_SYUTQTce_bWQ^YjQSY†^US_^†]Y
SQicecY^cdYdeSY_^Uc`_\dYSQc
5\^eUf_QSUbSQ]YU^d_XQSYQ\Q`_\dYSQcU]Q^YVUcd†TUTYcdY^dQc]Q
^UbQc*\QS_^cdYdeSY†^U^!('&TU\QC_SYUTQT5cSeU\QBU`eR\YSQ^QS_]__bWQ
^YjQSY†^c_SY_`_\dYSQ`_`e\Qb`_bdQT_bQTUe^QfQ^jQT_\YRUbQ\Yc]_!$!"\Qc
Y^SebcY_^UcQR_\YSY_^YcdQcTU<Q9^TecdbYQ3XY\U^QU^dU]QcS\QbQ]U^dU`_
\dYS_cS_]_\Q`U^QTUQj_dUci\Q7eQbTYQ>QSY_^Q\ !$!#+\QcSQ^TYTQdebQcQ
TY`edQT_cTU\_cTYbYWU^dUc]edeQ\YcdQc8Y`†\Yd_1SUfUT_@QcSeQ\<QjQbdU
i:_c}BQ]†^3_^dbUbQcU^!('&_cY]`\U]U^dUS_]_\_XYj_U^fc`UbQc
TUe^QSQ]`Q…QU\USd_bQ\5\3XYS_dUUV]Ub_`UbY†TYS_TUCQ^6Ub^Q^T_
Qed_TUVY^YT_S_]_²TUVU^c_bTU\_cTUbUSX_cTU\`eUR\_i†bWQ^_TU\3\eR
TU\_c9^fYcYR\Uc³aeU`b_S\Q]†\Q^USUcYTQTTUU\UWYbQX_]RbUccQ\YT_cTU\
`eUR\_QS_]`Q…Ub_cTUdQ\\Ub!$!$
<QSbYcYcXQRQQVY^TUSeU^dQcUcdY]e\QT_\Q`_\YdYjQSY†^TU\]_
fY]YU^d_`_`e\Qb
@Ub_U\UcdQ\\YT_TU\Q7eUbbQTU\@QSVYS_cYW^YVYS†e^SQ]RY_Tbvc
dYS_<Qc^USUcYTQTUcTU`UbdbUSXQ]YU^d_R}\YS_Y^SU^dYfQb_^TYfUbcQc
QSdYfYTQTUc]Q^eVQSdebUbQcQWbS_\QciS_]UbSYQ\Uc+U\bUS\edQ]YU^d_
TUc_\TQT_cTYc]Y^ei†S_^cYTUbQR\U]U^dU\QTUc_Se`QSY†^+\QTe`\YSQ
SY†^TU\WQcd_`‹R\YS_U^dbU!('(i!((#VY^Q^SYQT_U^WbQ^]UTYTQ

!$!
9RYT
!$!!
9RYT
!$!"
5\cebWY]YU^d_iSQbQSdUbYjQSY†^TU\QC_SYUTQT5cSeU\QBU`eR\YSQ^Qc_^QR_bTQT_c
U^U\SQ`de\_H999
!$!#
²<Q`U^QTUQj_dUcYU\`b_dUSSY_^Yc]_³<Q9^TecdbYQ3XY\U^QCQ^dYQW_!%TUZe
\Y_TU!('&+²1R_\YSY†^`Qe\QdY^QTU\QWeQbTYQ^QSY_^Q\³<Q9^TecdbYQ3XY\U^QCQ^dYQW_
!&TU_SdeRbUTU!('&
!$!$
²1]YcS_]`Q…Ub_cTUdQ\\Ub³5\3XYS_dUCQ^6Ub^Q^T_!$TUQW_cd_TU!('(+
²=UUdY^WTU_RbUb_c³5\3XYS_dUCQ^6Ub^Q^T_"(TUQW_cd_TU!('(

$)#
S_^e^QVeUbdUU]YcY†^iS_^e^Y^SbU]U^d_TU\QcU^dbQTQcVYcSQ\UcWbQ
SYQcQ\QcUh`_bdQSY_^UcUhdbQ_bTY^QbYQcTUcQ\YdbUi\QQTaeYcYSY†^TUe^Q
SQ`QSYTQT`b_TeSdYfQQTYSY_^Q\VeUb_^\_cVQSd_bUcaeU`ecYUb_^VY^Q\Q
SbYcYcUS_^†]YSQ!$!%
<Q]_fY\YjQSY†^U^VQf_bTU\`b_dUSSY_^Yc]_i_dbQc]Q^YVUcdQSY_
^UcTUUVUbfUcSU^SYQc_SYQ\VeUb_^TUdU^YTQc`_bU\Y^YSY_TU\S_^V\YSd_
R}\YS_TebQ^dUU\fUbQ^_TU!(')5\DQ\\UbSUc†TU`eR\YSQbcUQVY^UcTU
]Qbj_TUUcUQ…_5\U]UbWU^dU@QbdYT_BU`eR\YSQ^_cUTUcfQ^USY†Q^dUc
TUU^bQYjQbcUU^\QRQcUc_SYQ\<QSQ]`Q…QTU\Qc_bWQ^YjQSY_^Uc]edeQ
\YcdQc^_Q\SQ^j†cec_RZUdYf_c*\Q`_\dYSQUS_^†]YSQTU\W_RYUb^_^_VeU
]_TYVYSQTQU^U\cU^dYT_TUcUQT_`_b\_cdbQRQZQT_bUciU]`bUcQbY_c
]Q^eVQSdebUb_c!$!&
>__RcdQ^dU\_cUcVeUbj_cTUc`\UWQT_ccYbfYUb_^`QbQUcdbUSXQbi
c_\YTYVYSQb\QcbU\QSY_^UcU^dbU\Qc_bWQ^YjQSY_^Uc`_`e\QbUc 4ebQ^dU
QaeU\\_cQ…_ccUV_b]†e^Uc`Uc_dUZYT_TUS_^dQSd_cibU\QSY_^UcV_b
]Q\UcUY^V_b]Q\UcU^dbU\Qc]edeQ\Uci_dbQcY^cdYdeSY_^UcTUdbQRQZQT_
bUc5cdU`b_SUc_^_UbQ^eUf_+fU^QTUcQbb_\\v^T_cUTUcTU\QT}SQTQ
Q^dUbY_b`Ub_\QSQ]`Q…Q`b_dUSSY_^YcdQTU\QcUWe^TQ]YdQTTU\_cQ…_c
cUdU^dQ\_Q]`\YVYS†TU]Q^UbQS_^cYTUbQR\U3_^Q^dUbY_bYTQTQ\QSbY
cYc\_cTYbYWU^dUcTUTYVUbU^dUcY^cdYdeSY_^UcTUc_S_bb_c]ede_cXQRQ^
Y^dU^dQT_UcdQR\USUb²bU\QSY_^UcVbQdUb^Q\Uc³i\\UWQbQ\QS_^S\ecY†^TU
²QSeUbT_cTUbUSY`b_SYTQT³_²`QSd_cTUQ\YQ^jQ³]UTYQ^dU\_cSeQ\UcT_c
]edeQ\UccUS_]`b_]UdQ^QQS_WUbiQdbQdQbS_]_Qe^_TU\_ccei_cQ
SeQ\aeYUb]YU]Rb_TU\Qc_SYUTQTXUb]Q^QaeUcUdbQc\QTQbQTUSYeTQT
8QcdQU^d_^SUccUXQRQ^S_^SbUdQT_`_aecY]QcY^YSYQdYfQcTUUcQ^T_
\U!$!'@Ub_Q`QbdYbTU\_cQ…_c_SXU^dQ\QbUTTUbU\QSY_^UcSbUQTQTe

!$!%
3QbY_\QiCe^[U\_`SYd`vW$"
!$!&
5\Q\jQTU\QcdQbYVQcQTeQ^UbQcTU"%U^!(&$Q"'%U^!(''iQ#%U^!('(
^_S_bbUc`_^TY†Qe^Q`_\dYSQTU\QbW_Q\YU^d_cY^_Q\]Ub_Q\TUcU_WeRUb^Q]U^dQ\TU
bUTeSYbU\T}VYSYdVYcSQ\QdbQf}cTU\Qe]U^d_TU\_cTUbUSX_cTUY]`_bdQSY†^5\UVUSd_`b_
dUSSY_^YcdQTU\Q]UTYTQVeUTUS_bdQTebQSY†^
!$!'
4_cUZU]`\_cTUY^dU^d_cTUS__bTY^QSY†^TU\Qc_bWQ^YjQSY_^Uc`_`e\QbUcQ^
dUbY_bUcQ\QSQ]`Q…Q`b_dUSSY_^YcdQVeUb_^\_c`b_dQW_^YjQT_c`_b\QC_SYUTQTTU1bdUcQ^_c
TU3_`YQ`†i\QC_SYUTQTTU\Q9WeQ\TQTTU3_^SU`SY†^1]UTYQT_cTU!(&(=YWeU\2UbYc_
`bUcYTU^dUTU\Q]edeQ\^_bdY^Q`b_`ec_Q\_cTYbYWU^dUcTUceX_]†\_WQTUFQ\`QbQc_
UcdbUSXQb\_c\Qj_cU^dbUQ]RQci\QC_SYUTQTTU1bdUcQ^_cTUDQ\SQUY]`e\cQb\QVe^TQSY†^
TUU^dYTQTUccY]Y\QbUcU^SQTQ`eUR\_²=U]_bYQ\UTQ`_bU\@bUcYTU^dUTU\QC_SYUTQT
TU1bdUcQ^_cTUFQ\`QbQc_U^\Q:e^dQ7U^UbQ\SU\URbQTQU\")TUZe\Y_TU!(&(³5\1bdU
cQ^_DQ\SQ!!TUZe\Y_TU!(&(@_bce`QbdU\QC_SYUTQTTU\Q9WeQ\TQTTU3_^SU`SY†^Ve^TQ
TQU^]Qi_TU!(' Q`UcQbTU^_cUbe^QQc_SYQSY†^]edeQ\YcdQcY^_]vcRYU^e^QY^cdY
deSY†^TUUTeSQSY†^`_`e\QbcUS_^fYbdY†Q`_S_Q^TQbU^e^`_\_QW\edY^QT_bTU\Qc_b
WQ^YjQSY_^Uc_RbUbQciQbdUcQ^Q\UcTU\ceb1S_]YU^j_cTUU^Ub_TU!('#ce`UbY†TYS_<Q
9WeQ\TQTTYcdbYReYT_U^SUbSQTUfUY^dU`eUR\_ciSYeTQTUcY^V_b]QRQaeU\Qcc_SYUTQ
TUcTUQbdUcQ^_cTU<_cÂ^WU\UcCQ^3Qb\_cDQ\SQ@QbbQ\i3XY\\v^XQRQ^QTXUbYT_Q\Q
C_SYUTQTTU\Q9WeQ\TQTiQ`_iQRQ^ce`UbY†TYS_9^V_b]QSY†^bU`b_TeSYTQ`_b5\=UbSebY_
FQ\`QbQc_(TUU^Ub_TU!('#

$)$
bQ^dU\QSQ]`Q…QQ^dYSbYcYcVbeSdYVYS†U^dbU_dbQcV_b]QcU^\Q]e\dY`\Y
SQSY†^TUdQ\Uc`QSd_c
IXQSYQ\Q]Yc]Q}`_SQ\QcbU\QSY_^UcVbQdUb^Q\UcU^dbU\Qc]edeQ\Uc
TUcR_bTQb_^U\SeQTb_^QSY_^Q\IQU^!(&)\Qcc_SYUTQTUcTUQbdUcQ^_c
TUCQ^dYQW_iTU<Y]QXQRQ^QS_bTQT_aeU\_cQc_SYQT_cTUSQTQe^QTU
U\\QcU^SQc_TUbUcYTYbU^\QSQ`YdQ\TU\Q]edeQ\XUb]Q^QcUbQ^S_^cY
TUbQT_cS_]_]YU]Rb_cTU\Qc_SYUTQT\_SQ\RU^UVYSYv^T_cUS_^d_T_c
\_cW_SUci`U^cY_^UcaeUTUdUb]Y^QcU^\_cbUc`USdYf_cUcdQded_c!$!(iU^
!('"\Qc_SYUTQTTUc_S_bb_c]ede_cTU\WbU]Y_TUdY`†WbQV_cTU=_^
dUfYTU__VbUSY†Q\QC_SYUTQTDY`_WbvVYSQ2_^QUbU^cU²\\UfQbQSQR_TUcTUiQ
\Qe^Y†^TUQ]RQcQc_SYQSY_^Uc³!$!)@_S_Q^dUcU^\QcS_\e]^QcTU\†b
WQ^_TU\_cdY`†WbQV_cTU2eU^_c1YbUccUXQRQ`b_`eUcd_²\Qe^Y†^TU
e^]Y\\QbTU_RbUb_c`_RbUci_cSeb_c³TYcU]Y^QT_cU^3XY\UEbeWeQii
1bWU^dY^Q!$" CQRU]_cQTU]vcaeU`_bUc_cQ…_cUhYcdQ^Q\We^_c\Q
j_cTUQ]YcdQTU^dbU\QC_SYUTQTDY`_WbvVYSQ2_^QUbU^cUicecX_]†\_WQcTU
CQ^dYQW_iFQ\`QbQc_9WeQ\]U^dUXQ^aeUTQT_S_^cYW^QTQc\QcS_bTYQ
\UcbU\QSY_^UcaeU]Q^dU^Q^\Qcc_SYUTQTUcTUQbdUcQ^_cTUCQ^dYQW_i
=U^T_jQ!$"!4UUcdU]_T_cUTQRQ^\_c`bY]Ub_c`Qc_c`QbQ\QS_^cdYde
SY†^TUe^]_fY]YU^d_]edeQ\YcdQceTQ]UbYSQ^_SeiQcY^cdYdeSY_^Uc
`Y_^UbQcXQRQ^cYT_\QcQc_SYQSY_^UcTUdY`†WbQV_cTUCQ^dYQW_iFQ\`Q
bQc_

!$!(
=U]_bYQTU\@bUcYTU^dUTU\QC_SYUTQTTU1bdUcQ^_cTUCQ^dYQW_\UTQU^\QZe^dQZU^UbQ\
U\)TUU^Ub_TU!(' CQ^dYQW_9]`bU^dQ>QSY_^Q\!(' `vWc$&
!$!)
1^Q\UcTU\QC_SYUTQTDY`_WbvVYSQ2_^QUbU^cUd_]_9>¡%2eU^_c1YbUc!%TU_S
deRbUTU!('"`vW$)
!$"
²C_SYUTQTDY`_WbvVYSQ=_^dUfYTUQ^Q³1^Q\UcTU\QC_SYUTQTDY`_WbvVYSQ2_^QUbU^
cUd_]_9>¡#2eU^_c1YbUc!TUcU`dYU]RbUTU!('"
!$"!
²3_bbUc`_^TU^SYQ³<QE^Y†^2_\Ud^TU\QC_SYUTQTTU1bdUcQ^_cTUCQ^dYQW_
>¡$CQ^dYQW_!TU]Qi_TU!('&`vWc"(i")

$)%
 31@ÅDE<?H999

<?CDB121:14?B5CI<113D9F9414@?<ÅD931
5>DB5!(&!I!(')

¤8 135B ? >? 8135B @?<ÅD931 /

<QTUcdbeSSY†^TUSQcYd_TQc\Qc_bWQ^YjQSY_^Uc]edeQ\YcdQcaeUXQRQ^
cebWYT_TebQ^dU\_cQ…_cSY^SeU^dQi\Qc]UTYTQcbU`bUcYfQc°TUdU^SY_
^UcbU\UWQSY_^UcbUcdbYSSY_^UcTU\_cTUbUSX_cTUQc_SYQSY†^UdS°d_
]QTQc`_bU\W_RYUb^_TU=Q^eU\=_^ddTebQ^dUiTUc`e}cTU\QWeU
bbQSYfY\TU!(%)`b_f_SQb_^e^QbUQSSY†^TUVU^cYfQU^dbU\_cdbQRQZQ
T_bUcY^dUbUcQT_c`_bU\c_S_bb_]ede_<Q`U^Q\YjQSY†^TU\QcQSdYfY
TQTUc`_\dYSQc_`_cYd_bQcc_RbUd_T_cY}cdQcUbQ^`bQSdYSQTQc`_bWbe
`_c_Y^TYfYTe_cTURQZQUhdbQSSY†^c_SYQ\\\Uf†Q]eSX_c^‹S\U_cTU
_RbUb_ciQbdUcQ^_cQ`b_XYRYb\QTYcSecY†^i\QQSdYfYTQT`_\dYSQU^\Qc
Qc_SYQSY_^Uc]edeQ\YcdQcaeUcUSbUQb_^_bU^QSYUb_^Q`QbdYbTU\_c
Q…_ccUcU^dQ<Q\YRUbQ\YjQSY†^TU\W_RYUb^_TU@}bUj!(&!°!('!^_
Q\dUb†]Qi_b]U^dUUcdQbUQSSY†^TUVU^cYfQ*SQcYd_TQc\Qc_bWQ^YjQSY_
^Uc`_`e\QbUcY^cSbYRYUb_^U^cecUcdQded_c\Q`b_XYRYSY†^TUTYcSedYb
dU]Qc`_\dYS_c_bU\YWY_c_cU^ceccUTUcc_SYQ\Uc\\UWQ^T_U^Q\We^_c
SQc_cXQcdQUcdQR\USUbaeU²ZQ]vc³S_^dbYReYbQ^²TYbUSdQ_Y^TYbUSdQ
]U^dUQQ`_iQb`QbdYT_`_\dYS__bU\YWY_c_³ !$""
CY^U]RQbW_dQ\Uc`b_S\Q]QSY_^UcTUQ`_\YdYSYc]_^_S_bbUc`_^
TQ^cYU]`bUQ\QbUQ\YTQTaeUcUfYfQQ\Y^dUbY_bTUQaeU\\Qc_bWQ^YjQSY_
^Uc1\UcdQbS_]`eUcdQc_`_b\_]U^_cTYbYWYTQcVbUSeU^dU]U^dU`_b
dbQRQZQT_bUcaeUcY]`QdYjQRQ^S_^U\\YRUbQ\Yc]_U^cecTYVUbU^dUcfQ
bYQ^dUcbU`bUcU^dQTQc`_bU\@QbdYT_<YRUbQ\i]vcdQbTU`_bU\@QbdYT_BQ
TYSQ\UcdQc]edeQ\Uc]Q^YVUcdQRQ^e^QdU^TU^SYQ²^QdebQ\³QQ`_iQb\Qc
S_bbYU^dUc\YRUbQ\Uc
1`UcQbTUcec`b_S\Q]QSY_^UcTU^UedbQ\YTQT`_\dYSQe^_TU\_c`bY
]Ub_cQSd_c`‹R\YS_cbUQ\YjQT_c`_b\QV\Q]Q^dUC_SYUTQTTU1bdUcQ^_c²<Q
E^Y†^³TUCQ^dYQW_VeUU\X_]U^QZUaeUbY^TYUb_^cecTYbYWU^dUcU^SQRU
jQ^T_QcUYcSYU^d_c]U^UcdUbQ\UcQ\^eUf_@bUcYTU^dUTU\QBU`‹R\YSQU\

!$""
1ccUS_^cYW^QRQ`_bUZU]`\_U^\_c5cdQded_cTU\QC_SYUTQT@b_dUSd_bQTU3YWQbbU
b_cFQ\`QbQc_9]`bU^dQTU\Q@QdbYQ!('&`vWc$i%

$)'
\YRUbQ\]_TUbQT_:_c}:_Qae^@}bUjU\)TUVURbUb_TU!(&"!$"#<QTU]_c
dbQSY†^TUbUc`Ud_aeUcUY^cSbYRQU^e^Q]RYU^dUTUZ_\W_bY_WU^UbQ\YjQ
T_VeUbUYdUbQTQQVY^UcTU\]Yc]_]UcQ\QfeU\dQTUe^fYQZUQFQ\`QbQc_
TU\:UVUTU5cdQT_>__RcdQ^dU\_cQbdUcQ^_cTU\QSQ`YdQ\]QbSQb_^ceTU
cU_TUQed_^_]QVbU^dUQY^YSYQdYfQcTU\]Yc]_dY`_TUcQbb_\\QTQc`_b
_db_ccUSd_bUcE^QbUe^Y†^TUaeY^YU^d_c]U^UcdbQ\UcbUSXQj†Q]QR\U
]U^dU\QY^fYdQSY†^TU\@QbdYT_<YRUbQ\`QbQ`QbdYSY`QbU^e^Q²_fQSY†^S_
]‹^³Q\`bUcYTU^dU@}bUji^_]Rb†e^QS_]YcY†^U^SQbWQTQTU`bU`QbQb
\_cVUcdUZ_ccY^Qc_SYQbcUQ\QcS_]YcY_^UcTUcYW^QTQc`_b\Q]e^YSY`Q\YTQT
i`_b\QZe^dQTUfUSY^_cQVY^TUaeUcec]Q^YVUcdQSY†^VeUbQ²Y^TU`U^
TYU^dUTUd_TQ_dbQS\QcUTU\Qc_SYUTQTaeU^_cUQ\QS\QcU_RbUbQ³!$"$
¤5c\SYd_`U^cQbaeU<Q²E^Y†^³cUXQRQdbQ^cV_b]QT_U^Y^cdbe
]U^d_TU\Q`_\dYSQTU\QVecY†^\YRUbQ\S_^cUbfQT_bQ/4U^Y^W‹^]_T_
CecQWQcQZ_cQ\^eUf_]Q^TQdQbY_UbQ^`QbdUTU\S_^dUhd_TUfYbdeQ\e^Q
^Y]YTQTaeUbUY^QRQU^d_T_c\_ccUSd_bUc`_\dYS_cTU\`QcQS_]YU^j_c
TU\^eUf_aeY^aeU^Y_D_T_c\_c`QbdYT_cQ`\QeTQ^\Q\\UWQTQTU@}bUj
Q\SQbW_TU@bUcYTU^dU*\_c\YRUbQ\UcicecQ\YQT_cTU\]_]U^d_\_cS_^
cUbfQT_bUcS\UbYSQ\UcQcS_]_\_c^QSY_^Q\Uc_]_^ddfQbYcdQccUTUcXQ
SQ^U^U\_WY_cQ\^eUf_:UVUTU5cdQT_dbQdQ^T_TUY^S\Y^Qb\_XQSYQce
\QT_5bQU^d_^SUc`UbVUSdQ]U^dU\†WYS_aeUe^X_]U^QZUTUUcUdY`_
VeUcUS_^cYTUbQT_`_b\_cTYbYWU^dUc]edeQ\YcdQcS_]_e^QSd_^_`QbdY
TYcdQcY^_]UbQ]U^dU`QdbY†dYS_e^Q]Q^YVUcdQSY†^TU\Qe^YTQT^QSY_
^Q\bUU^S_^dbQTQTUc`e}cTUT_ccQ^WbYU^dQcWeUbbQcSYfY\UcQ\QfUjaeU
e^QQSSY†^TUcdY^QTQQS_^fU^SUbQ\@bUcYTU^dUTU\Q^USUcYTQTTUQ`\Y
SQbe^Q`_\dYSQTU`b_dUSSY†^Q\QQSdYfYTQTQbdUcQ^Q\E^Q`_cYSY†^cY]Y
\QbQ\QTU<Q²E^Y†^³VeUQT_`dQTQ`_b\Q1c_SYQSY†^TU1bdUcQ^_cTUFQ\`Q
bQc_cY^aeUU^^Y^We^_TUQ]R_cSQc_cUcd_U^WU^TbQbQbU`b_SXUc_
dU^cY_^UcY^dUb^Qc!$"%@_bce`QbdU\_cZ_b^Q\Ub_cTU\]Yc]_`eUbd_S_^
_SQcY†^TU\QfYcYdQTU\]Q^TQdQbY_TYVe^TYUb_^]QcYfQ]U^dUe^_cfUb
c_cdYde\QT_c²¥FYfQ@}bUj³U^\_caeUcUUh`bUcQRQ^ceTYSXQUY\ecY†^*

!$"#
²5\_RcUaeY_Q\@bUcYTU^dUTU\QBU`‹R\YSQ³5\6Ubb_SQbbY\CQ^dYQW_!!TUVURbU
b_TU!(&"+²BUfYcdQTU\QcU]Q^Q³5\DYU]`_FQ\`QbQc_!(TUVURbUb_TU!(&"
!$"$
²BUSU`SY†^TU\@bUcYTU^dUTU\QBU`‹R\YSQ³5\6Ubb_SQbbY\CQ^dYQW_"&TUVURbU
b_TU!(&"+²<_cQbdUcQ^_ci\QbUSU`SY†^TU\@bUcYTU^dU³5\6Ubb_SQbbY\CQ^dYQW_"$TUVU
RbUb_TU!(&"+²BUe^Y†^TUQbdUcQ^_c³5\DYU]`_FQ\`QbQc_"'TUVURbUb_TU!(&"+²BU
SU`SY†^Q\@bUcYTU^dUTU\QBU`‹R\YSQ³5\6Ubb_SQbbY\CQ^dYQW_"'TUVURbUb_TU!(&"+²BU
SU`SY†^QC5U^UcdQSQ`YdQ\³5\DYU]`_FQ\`QbQc_'TU]Qbj_TU!(&"
!$"%
²<QC_SYUTQTTU1bdUcQ^_cTUC_S_bb_c=‹de_cTUFQ\`QbQc_QC5U\@bUcYTU^
dUTU\QBU`‹R\YSQT_^:_c}:_Qae^@}bUj³5\DYU]`_FQ\`QbQc_!"TU]Qbj_TU!(&"
<_cQbdUcQ^_c`_bdU…_cQ`b_fUSXQb_^\Q_SQcY†^`QbQ`UTYb\UQ\@bUcYTU^dU`b_dUSSY†^
`QbQ\QY^TecdbYQ^QSY_^Q\<QUfQcYfQbUc`eUcdQTU\=Q^TQdQbY_Vbecdb†\QcUc`UbQ^jQcTU
\_c`UaeU…_c`b_TeSd_bUc+²@UTc`b_dUSSY†^<_cW_RYUb^_cdYU^U^`_bSYUbd_\Q_R\YWQ
SY†^TUQ]`QbQbQSQTQSeQ\U^U\W_SU\UWdY]_TUcecTUbUSX_ciTU]Q^dU^UbU\_bTU^
`‹R\YS_5cdQUc\Q]UZ_b`b_dUSSY†^aeU_c`eUTU^TQb<QWeUbbQiU\TUc†bTU^Qd_T_c
`UbZeTYSQ^i]vcQ\_cQbdUcQ^_c`_baeU\QWeUbbQiU\TUc†bTU^]QdQ^U\dbQRQZ_³²@Q\Q
RbQcTU\Cb@bUcYTU^dU³5\DYU]`_FQ\`QbQc_(TU]Qbj_TU!(&"

$)(
 2YU^fU^YT_cUQccU…_b
1UcdU`eUR\_aeUdUQT_bQ
AeUdUdYU^UdQ^d_Q]_b
3_]_U\ZY\WeUb_Q\QQeb_bQ
IQcU…_baeUdUXQcTYW^QT_
1UcdU`eUR\_fYcYdQb+
@b_S‹bQ\UU\RYU^UcdQb*
¥=YbQaeUUc]eiTUcWbQSYQT_
5\`eUR\_cU…_b`QTUSU
I`QTUSUcY^SUcQb
I^_`eUTUiQWQ^Qb
5\cecdU^d_aeUQ`UdUSU
@Ub_\\U^_TUS_^VYQ^jQ
4Uce`QdbYQU\`_bfU^Yb
3_^VQcU…_bfYfYb
IU^d`_^UceUc`UbQ^jQ !$"&

I\_cTYcdY^d_cWbU]Y_cTU\QSYeTQTcUS_^WbUWQb_^U^\QcSQ\\Uc`QbQ
QS\Q]QbQ\:UVUTU5cdQT_]UjS\v^T_cUiVbQdUb^YjQ^T_S_^U\\_c²]e
SX_cSQRQ\\Ub_c³\_aeU\UTQRQQ\QVYUcdQ°cUW‹^\QQ`bUSYQSY†^TUe^
`UbY†TYS_\_SQ\°²e^SQbvSdUbTU]_SbvdYS_iVbQdUb^Q\]eiS_^V_b]US_^
\QcYTUQcT_]Y^Q^dUc³ !$"'
<QcYdeQSY†^aeU`bUfQ\USY†TUc`e}cTUUcdUS_bd_`Ub_T_TUe^Q^Y
^YTQTV_b]Q\U^\QfYTQ`_\dYSQ^QSY_^Q\SeQ^T_U\]Q^TQdQbY_cUY^S\Y
^†XQSYQ\QQ\YQ^jQS_^cUbfQT_bQ°\YRUbQ\SbU†\QcS_^TYSY_^Uc`QbQaeU
\Qcc_SYUTQTUc]edeQ\YcdQcceVbYUbQ^^eUfQ]U^dU\_cUVUSd_cTU\Qc\eSXQc
`_\dYSQc<Qc`bUcY_^Uc`b_fU^YU^dUcTUTYVUbU^dUccUSd_bUcaeUU^SQb^Q
RQ^ U\ \YRUbQ\Yc]_ QcSU^TU^dU `QbQ aeU \Qc Qc_SYQSY_^Uc TU c_S_bb_c
]ede_c\UcU^dbUWQbQ^e^Q`_i_SQTQfUj]vcVbQ^S_iTUSYTYT_S_^dbY
ReQ^°c_RbUd_T_TebQ^dU\_c`Ub_T_cU\USd_bQ\Uc°QSYUbd_c`_cYSY_^Q
]YU^d_cTU\Qc_bWQ^YjQSY_^UcTUdbQRQZQT_bUcSQecQVbUSeU^dUTUdU^
cY_^UciTYfYcY_^Uc1c_SebbY†S_^e^Q`bY]UbQc_SYUTQTTU_RbUb_ciQb
dUcQ^_ccebWYTQU^3XY\\v^XQSYQ!(&&aeUVbQSQc†°cUW‹^\QQ`bUSYQSY†^
TUe^TYbYWU^dU]edeQ\YcdQTU\Q]Yc]QSYeTQTUh`bUcQTQQ…_c]vcdQb
TU°²`_baeU\Qc]YbQcaeUZecdQ]U^dU`UbcUWeQ^UbQ`QbQdbQRQZQbU^
`_\dYSQU^S_^dbv^T_cUfQbY_c^_dQR\UcU^U\\Q³ !$"(DQ]RY}^cU`eUTU^
SYdQb°U^dbU_db_c°\_cSQc_cTUe^QY]`_bdQ^dUcQ^WbQTU]Y\YdQ^dUc_Se
bbYTQU^\Q1c_SYQSY†^TU1bdUcQ^_cTUFQ\`QbQc_QVY^UcTU\Q]Yc]QT}SQTQ

!$"&
²<_cV\UdUb_c³5\6Ubb_SQbbY\CQ^dYQW_!%TUVURbUb_TU!(&"
!$"'
²5c`\}^TYTQ_fQSY†^³5\DYU]`_FQ\`QbQc_!$TUVURbUb_TU!(&"
!$"(
²2_\Ud^TU\QcC_SYUTQTUcC_SYUTQTTU1bdUcQ^_c²<QE^Y†^³TU3XY\\v^=U
]_bYQ\UTQ`_bU\@bUcYTU^dUTU\QC_SYUTQTU^\Q:e^dQ:U^UbQ\TU\#TUcUdYU]RbUTU
!(("³5\@bUSebc_bCQ^dYQW_!$TU_SdeRbUTU!(("

$))
_S_]YU^j_cTU\QcYWeYU^dU`_bSe\`QTU\_aeUFYfQSUdQTU^_]Y^QbQ
\QcdU^dQdYfQcTUQ\We^_caeU`bUdU^TQ^S_^fUbdYb\Q]edeQ\U^²V_S_TU
Qc`YbQSY_^Uc`_\dYSQc_U^Y^cdbe]U^d_TU`_TUbWeRUb^QdYf_³!$")+TU\Q
C_SYUTQTTU1bdUcQ^_c²<QE^Y†^³TU3XY\\v^Ve^TQTQU^!(&(aeUceVbY†
e^QTYfYcY†^U^!('!`_bbQj_^Uc`_\dYSQc`UbTYU^T_\Q]YdQTTUcec
QTXUbU^dUc!$# iTU\QcTYcS_bTYQc`b_f_SQTQcU^U\cU^_TU\QC_SYUTQTTU
1bdUcQ^_cTU3_`YQ`†QVY^UcTU\_cQ…_ccUdU^dQ`_b\QcdU^dQdYfQcTUS_^
db_\`_\dYS_TU\9^dU^TU^dUTU\Q`b_fY^SYQQdbQf}cTU\U^f_TUVe^SY_
^QbY_cVYU\UcQ\W_RYUb^_!$#!
<Q\^UQQT_`dQTQ`_b\Qcc_SYUTQTUc]edeQ\YcdQcVeUU\bUV_bjQ]YU^
d_TU\`bY^SY`Y_TU^UedbQ\YTQTU^\Q\eSXQ`_\dYSQ`QbdYTYcdQcY^QRQ^
T_^Qbe^QQSSY†^aeUcUY^cSbYRQTYbUSdQ]U^dUU^\Q†`dYSQTU\`b_WbU
c_iTU\Q²bUWU^UbQSY†^]QdUbYQ\i]_bQ\TU\`eUR\_³`bUS_^YjQTQ`_b\Qc
S_bbYU^dUc\YRUbQ\Uc<_c`_cYSY_^Q]YU^d_c`_\dYS_cTUQ\We^_cWbe`_c
TUdbQRQZQT_bUcU^Q`_i_TUSYUbdQcS_bbYU^dUc_SQ^TYTQd_ccU`b_TeZU
b_^VeUbQTU\Qcc_SYUTQTUcTUc_S_bb_]ede_`_bY^dUb]UTY_TUQc_SYQ
SY_^Uc_TUS\eRUcQT°X_S<Q`QbdYSY`QSY†^TUTYbYWU^dUciTU]Y\YdQ^dUc
]edeQ\YcdQcU^Ucd_cS\eRUccUTY_Qdde\_`Ubc_^Q\cY^S_]`b_]UdUb_VY
SYQ\]U^dUQcecY^cdYdeSY_^Uc\QcaeUTUUcdQ]Q^UbQUcdefYUb_^U^S_^
TYSY_^Uc°cQ\f_U^SQc_cS_]_\_c]U^SY_^QT_c]vcQbbYRQ°TU]Q^dU^Ub
ceSQbvSdUb_bYWY^Q\
<Q‹^YSQUhSU`SY†^Q\QbUW\QTU^UedbQ\YTQT`_\dYSQTebQ^dUQaeU
\\QcT}SQTQcVeU\QC_SYUTQTTU1bdUcQ^_cTUDQ\SQCeSQbdQVe^TQSY_^Q\
VUSXQTQU\!TUZe\Y_TU!(&&VYZQRQS_]__RZUdYf_c`bY^SY`Q\UcQTU]vc
TU\_cTUdY`_^UdQ]U^dU]edeQ\YcdQ²\QY^cdbeSSY†^TU\QS\QcU_RbUbQ
`QbQXQSUb\US_^_SUbcecTURUbUcc_SYQ\UcbU\YWY_c_ci`_\dYS_c³i_RbQb
TU]_T_aeUQdbQf}cTU\QTYcSecY†^cUV_b]QbQ²e^c_\_SeUb`_aeU\U
XQWQbUc`UdQR\UdQ^d_U^U\UZUbSYSY_TUcecTUbUSX_c`_\dYS_cS_]_U^
\QUh`bUcY†^TUceccU^dY]YU^d_ciTUcU_cU^SeQ^d_dU^WQ^bU\QSY†^S_^
U\RYU^`‹R\YS_³!$#"
3_^dbQbYQ]U^dUQ\Q]Qi_bQTUcecX_]†\_WQc`QbQ\Q]edeQ\dQ\
aeY^Q\Q`_\dYSQS_^cdYdeQe^Q`bU_Se`QSY†^Y]`_bdQ^dU*cecTYbYWU^
dUcbUYfY^TYSQRQ^QRYUbdQ]U^dUe^`b_WbQ]Q`_\dYS_iU\TUbUSX_iTU
RUbTU\_cQbdUcQ^_cTU`QbdYSY`QbU^\QfYTQ`_\dYSQ1S_]YU^j_cTU
!(&'RQZ_\Q`bUcYTU^SYQTU:_c}<eSbUSY_1bU\\Q^_\Qc_SYUTQTU\QR_b†
e^`b_WbQ]QaeUVeU`bUcU^dQT_Q\_cSQ^TYTQd_cQTY`edQT_`QbQaeUcU
S_]`b_]UdYUbQ^Q\eSXQb`_bce`eUcdQU^`bvSdYSQSeQ^T_VeUcU^U\UWY

!$")
1>12F=f_\#&%3_bbUc`_^TU^SYQ(3QbdQTU6Ub]^FYfQSUdQQ2U^ZQ
]^FYSe…Q=QS[U^^QFQ\`QbQc_]Qi_!'TU!('%\UWQZ_#&V#!#
!$#
²C_SYUTQTTU1bdUcQ^_c²<QE^Y†^³TU3XY\\v^=U]_bYQ³_`SYd
!$#!
²C_SYUTQTTU1bdUcQ^_c³5\3_`YQ`Y^_3_`YQ`†"TUU^Ub_TU!('(+²C_SYUTQT
TU1bdUcQ^_cTU3_`YQ`†5\3_`YQ`Y^_3_`YQ`†#!TUTYSYU]RbUTU!('(
!$#"
²1^Q\UcTU\QC_SYUTQTTU1bdUcQ^_cTUDQ\SQ1SdQTU9^cdQ\QSY†^³DQ\SQZe\Y_
!¡TU!(&&5\1bdUcQ^_DQ\SQ!(TU^_fYU]RbUTU!(&&

%
T_c5\`b_WbQ]QS_]`bU^TQ\Q`b_dUSSY†^TU\QY^TecdbYQ^QSY_^Q\\Q
UhdU^cY†^i\Q`_`e\QbYjQSY†^TU\QU^cU…Q^jQ\QbUV_b]QTU\Q\UiTU
Y]`bU^dQ\QbUV_b]QTU\Qc\UiUcTUb}WY]U^Y^dUbY_b`QbQTQbfUbTQTUbQ
Y]`_bdQ^SYQUY^TU`U^TU^SYQQ\Qc]e^YSY`Q\YTQTUc\Q_bWQ^YjQSY†^TU
\Q7eQbTYQ>QSY_^Q\²dQ\S_]_\_`bUcSbYRU\Q3_^cdYdeSY†^³Ucd_UcTU
]Q^UbQYWeQ\YdQbYQiTU]_SbvdYSQ\QQR_\YSY†^TU\_c]_^_`_\Y_cTU\
5cdQT_iT_dQSY†^`QW_TUceU\T_cQ\_cSebQcTU\Qc`Qbb_aeYQc!$##4_c
TU\_cSQ^TYTQd_cQaeYU^Uc\QC_SYUTQTTU1bdUcQ^_cTUDQ\SQ_VbUSY†ceQ`_
i_\_cbQTYSQ\Uc=Q^eU\1^d_^Y_=QddQi@UTb_<U†^7Q\\_SbYdYSQb_^
Q\We^_cQc`USd_cTU\Q`b_`eUcdQQbdUcQ^Q\CYRYU^QSU`dQb_^U\Q`_i_
_VbUSYT_i]Q^YVUcdQb_^ceQSeUbT_S_^\Q]Qi_bQTUcec`e^d_cUh`bU
cQb_^cebUSXQj_Q\`b_dUSSY_^Yc]_iQ\QT_dQSY†^TU`vbb_S_c`_bS_^
cYTUbQb\_cS_^dbQbY_cQ\Q\YRUbdQTUS_^†]YSQiQ\Q\YRUbdQTTUS_^SYU^
SYQ!$#$<_cTYbYWU^dUc]edeQ\YcdQcdQ\aeY^_cTUVU^TYUb_^Uc_c`e^d_cTU
ce`\QdQV_b]QUh`\YSQ^T_aeU\QV†b]e\Q²`b_dUSSY†^Q\QY^TecdbYQ³S_
bbUc`_^TQQ\Q^USUcYTQTTUUh`bUcQbce*

KMTUcU_TUaeUQ\QcS\QcUc_RbUbQcTU\`QccU\Uc
`b_`_bSY_^Ue^fQcd_SQ]`_TUQSSY†^id_TQc\QcVbQ^
aeYSYQciVQSY\YTQTUc`_cYR\Uc`QbQU\]UZ_bQ]YU^d_]_
bQ\i]QdUbYQ\TUcecbUc`USdYf_c_VYSY_cUY^TecdbYQc+`bUc
dQ^T_QcY]Yc]_d_TQc\QcWQbQ^dQci\YRUbdQTUc^USUcQ
bYQcQ\QcTYfUbcQcQc_SYQSY_^UcTUQaeU\W}^Ub_UcdQR\U
SYTQci`_bUcdQR\USUbcUU^\QbU`‹R\YSQ !$#%

4UUcdQ]Q^UbQcUXQbQUVUSdYfQ\Q\YRUbdQTUS_^†]YSQTUVU^TYTQ
`_b\_cZUVUcbQTYSQ\Uc<QbU]e^UbQSY†^TU\_cSebQccUZecdYVYSQRQS_]_
e^Q]UTYTQ`beTU^dU²TQT_U\UcdQT_QSdeQ\TUQdbQc_iVQ^QdYc]_TU
\Qc]QcQc³TUcdY^QTQQce`bY]Yb\_cTUbUSX_c`Qbb_aeYQ\UccY^aeUU\\_
ce`ecYUbQe^QdU^dQT_U^S_^dbQTU\Q\YRUbdQTTUS_^SYU^SYQcY^_]vc
RYU^cebUQVYb]QSY†^ !$#&

!$##
²@b_WbQ]Q`_\dYS_TU\QC_SYUTQTTU1bdUcQ^_cTUDQ\SQ³5\1bdUcQ^_DQ\SQ)
TUVURbUb_TU!(&'
!$#$
²9]`_bdQ^dUc^_dQc³5\1bdUcQ^_DQ\SQ)TU]Qbj_TU!(&'<QSQbdQTU=QddQi
7Q\\_Q\_cTYbYWU^dUc]edeQ\YcdQcdQ\aeY^_c`eR\YSQTQRQZ_UcdUdde\_UcdvVUSXQTQU^
3_`YQ`†U\!'TUVURbUb_TU!(&'?db_SQ^TYTQd_:eQ^>5c`UZ_Uh`bUc†_`Y^Y_^UcTU
bUSXQj_cY]Y\QbUcQ\QTU\_cSQeTY\\_cbQTYSQ\Ucc_RbU\QSeUcdY†^TU\QT_dQSY†^TU`vbb_
S_c²3_^dUcdQSY†^TU4_^:eQ^>5c`UZ_Q\QC_SYUTQTTU1bdUcQ^_cTUDQ\SQ³5\6Ubb_SQ
bbY\CQ^dYQW_!$TU]Qbj_TU!(&'4Q^YU\2Qbb_c7bUjU^SQ]RY_^_U^db†U^`_\}]YSQ
Q\QR†`‹R\YSQ]U^dUQ\QC_SYUTQTTU1bdUcQ^_cTUDQ\SQ`Ub_bUSXQj†\QSQ^TYTQdebQaeU\U
_VbUSQ^`_bS_^cYTUbQbaeUe^Q`Ubc_^QU]`\UQTQ`_bU\W_RYUb^_S_]_UbQce`b_`Y_
SQc_^_TURQcUb]YU]Rb_TU\3_^WbUc_²=vcc_RbUDQ\SQ³5\6Ubb_SQbbY\CQ^dYQW_!)TU
VURbUb_TU!(&'
!$#%
?`SYd<QbUc`eUcdQTU1bU\\Q^_iCY\fQdYU^UVUSXQ!TU]Qbj_TU!(&'
!$#&
9RYT

% !
 <Q`_\}]YSQbUfU\QRQ\QcS_^dbQTYSSY_^UcUhYcdU^dUcU^dbU\QSQ`Q
]vc`_\YdYjQTQTU\QbdUcQ^QT_TU\Q}`_SQi\QU\YdU`b_WbUcYcdQ\YRUbQ\_
bQTYSQ\@QbQUcdQ‹\dY]Q\Q\YRUbdQTUS_^†]YSQ]vcS_]`\UdQV_b]QRQ
`QbdUTUe^SbUT_aeUS_]`QbdQS_^U\S_^Ze^d_TUceS\QcUcY^aeUU\\_
\UY]`YTYUbQ\eSXQb`_b\Q_RdU^SY†^TU`bYfY\UWY_cUc`USYQ\UcaeUVQf_bU
SYUbQ^Q\_ccUSd_bUcaeUbU`bUcU^dQRQ<_cQbdUcQ^_ci_RbUb_cfUQ^
U^SQ]RY_U^U\`b_dUSSY_^Yc]_\Q]UZ_bTUVU^cQS_^dbQ\QS_]`UdU^
SYQTU\_c`b_TeSd_cUhdbQ^ZUb_ciU\Ucd]e\_]vc`_TUb_c_`QbQ\QY^Tec
dbYQ]Q^eVQSdebUbQiQbdUcQ^Q\
<QQVYb]QSY†^TU\TUbUSX_°iXQcdQTU\TURUb°TU\_cdbQRQZQT_bUcTU
`QbdYSY`QbU^\QfYTQ`_\dYSQTU\`QcVeUc_cdU^YTQS_^VeUbjQ`_b\_cTYbY
WU^dUcTU\QC_SYUTQTTU1bdUcQ^_cTUDQ\SQ4ebQ^dU\QcT}SQTQcTU!(& i
!(' ^Y^We^Q_bWQ^YjQSY†^`_`e\Qb`\Q^dU†UcU`bY^SY`Y_S_^dQ^dQS\QbY
TQTUY^cYcdU^SYQ\_aeU\UfQ\Y†^e]Ub_cQcSbdYSQciQdQaeUcY^S\ec_TU\
`b_`Y_]_fY]YU^d_]edeQ\YcdQBUc`_^TYU^T_QQaeU\\_caeU`bUTUSQ^
aeUU\W_RYUb^_TYc_\fUbQ\Qc_SYUTQTcY}cdQcUY^]YcSeQU^SeUcdY_^Uc
`_\dYSQc<eSbUSY_1bU\\Q^_\_cdbQdQRQTU²Y^VQ]UcSQ\e]^YQT_bUc³!$#' i
U\`UbY†TYS_5\1bdUcQ^_UTYdQT_`_b\Q]edeQ\dQ\aeY^Q`_\U]YjQ^T_S_^
e^`UbY†TYS_TU\]Yc]_^_]RbUUTYdQT_U^\QSQ`YdQ\QVYb]QRQaeU*

>_Uc\QQRcdU^SY†^TUe^QS_cQ\_aeU`eUTUTQb
Q\ X_]RbU S_]`\UdQ SQ`QSYTQT c_RbU U\\Q ]Yc]Q+ Uc Q\
S_^dbQbY_ceUcdeTY_ceQ^v\YcYcceUZUbSYSY_S_^cdQ^dU
U^e^Q`Q\QRbQD_T_\_aeUcUTUcUQQ`bU^TUbUc^USU
cQbY_dU^Ub\_TU\Q^dU`bQSdYSQb\_iUhQ]Y^Qb\_+bU\UWQb
\_Q\QUc`Q\TQUcTUcS_^_SUb\_YW^_bQb\_
¤3†]_`eUcU\QbdUcQ^_`_TbvcUbReU^`_\dYS_
cY^_Se`QbcUTU`_\dYSQ/¤>_Uc}cdUe^S_^dbQcU^dYT_
e^QRcebT_/!$#(

@QbQ5\1bdUcQ^_TUDQ\SQY^SYdQbQ\_cdbQRQZQT_bUcQQRcdU^UbcUTU
`QbdYSY`QbU^`_\dYSQUaeYfQ\QQ^UWQb\QUhYcdU^SYQTU\QY^TU`U^TU^SYQ
iTU\Q\YRUbdQTU^3XY\U^UWQb\QbU`‹R\YSQidbQ^cV_b]QbU\`QcU^e^
`QcTUUcS\Qf_c!$#)5cdUY^dUb}c`_b\Q`_\dYSQ^_cYW^YVYSQRQS_]_cUXQ
fYcd_U^U\SQc_TUcecbU\QSY_^UcS_^U\@QbdYT_BQTYSQ\e^Q`_i_Y^S_^TY
SY_^Q\Qe^`QbdYT_^YcYaeYUbQSeQ^T_\QcS_^fUbWU^SYQcUbQ^UfYTU^dUc
<QC_SYUTQTTU1bdUcQ^_c`bUdU^TQS_^cUbfQbceY^TU`U^TU^SYQi`b_S\Q
]QRQceY^dU^SY†^TU²^_QTXUbYbcUQ^Y^W‹^`QbdYT_`_\dYS_^YV_b]Qb

!$#'
:<eSbUSY_1bU\\Q^_²1]YcS_^SYeTQTQ^_c³DQ\SQVURbUb_!'TU!(&'5\6Ubb_
SQbbY\CQ^dYQW_!)TUVURbUb_TU!(&'
!$#(
²5\1bdUcQ^_TUCQ^dYQW_³5\1bdUcQ^_DQ\SQ(TUZe^Y_TU!(&'3ebcYfQcU^U\
_bYWY^Q\
!$#)
9RYT

% "
dQ]`_S_e^^eUf_SbSe\_S_^dU^TU^SYQccYcdU]vdYSQcXQSYQe^T_\_
SeQ\aeYUbQ³!$$ 
1`QbdYbTU\QU\USSY†^TU=Qbd^=QSXYSQ_Ze^Y_TU!(&(Q\SQbW_
TU`bUcYTU^dUTU\QY^cdYdeSY†^cUQSbUSU^dQb_^\Qc`bUcY_^Uc`QbQaeU\Q
C_SYUTQTTU1bdUcQ^_cTUDQ\SQQRQ^T_^QbQ\QQSdYfYTQT`_\dYSQ5cdQc`bU
cY_^Uc`b_fU^Q^c_RbUd_T_TU\_cSbSe\_cS_^cUbfQT_bUciSQd†\YS_c
]_\Ucd_c`_b²\_cQdQaeUcaeUUcdQQc_SYQSY†^XQS_^cdQ^dU]U^dUTYbYWYT_
S_^dbQ\QbU\YWY†^icec]Y^Ycdb_c³i`_b²\Q`QbdUdQ^QSdYfQaeUU^Q\We^Qc
_SQcY_^UcXQd_]QT_U^\Q`_\dYSQ³!$$!E^Q…_]vcdQbTUXQSYQVY^UcTU
!(&)U\`Uc_S_]RY^QT_TU\Qc`bUcY_^UcUhdUb^QciTU\_c`b_R\U]QcY^
dUb^_c ce]Q^ Q \Q c_SYUTQT TU c_S_bb_c ]ede_c TU \_c QbdUcQ^_c
dQ\aeY^_cU^e^\UdQbW_TU\SeQ\^_cQ\TbQXQcdQS_]YU^j_cTU\QT}SQTQ
cYWeYU^dU

=UUdY^WU^U\SUbb_CQ^dQ<eSQTUc_\YTQbYTQT
S_^\Q\eSXQTU9^TU`U^TU^SYQTU3eRQcU`dYU]RbUTU!('$
FYSe…Q=QS[U^^QÂ\Re]TU\CQ^dQ<eSQ_`SYd

? B71>9J139?>5C 14  8?3 @1B1 9>3?B@?B1B

1 <?C DB121:14?B5C 1 <1 <E381 @?<ÅD931

4ebQ^dU\_cQ…_ccUcU^dQicUdU^dQcUSbUQb_^TYfUbcQcc_SYUTQTUc_S\e
RUcS_^U\Uh`bUc__RZUdYf_TUY^S_b`_bQbQ\QS\QcU_RbUbQiQbdUcQ^QT_Q

!$$
²E^QUc`\YSQSY†^³5\1bdUcQ^_DQ\SQ"TU]Qbj_TU!(&'
!$$!
²C_SYUTQTTU1bdUcQ^_c³5\?RbUb_3Qd†\YS_Ce`\U]U^d_Q\>¡$$DQ\SQ!#TU
QW_cd_TU!(&(

% #
\Q\eSXQ`_\dYSQ1\We^QcY^cdYdeSY_^UcTUUcdUW}^Ub_^_UbQ^]vcaeU
cY]`\UcU]Q^QSY_^UcTU\_c`QbdYT_ciS_Q\YSY_^Uc`_\dYSQcaeUcebWQ^
TebQ^dU\QcSQ]`Q…QcU\USd_bQ\UcbUc`_^TYU^T_°Q\_]vc°Q\U^decYQc
]_`b_f_SQT_`_bTYSX_c`b_SUc_cU^U\Uc`bYdeTUSYUbd_ccUSd_bUcTU
dbQRQZQT_bUci`_bU^TUceUhYcdU^SYQUbQ]eiUV]UbQ
rcUVeUU\SQc_TUfQbYQc_bWQ^YjQSY_^Uci`eR\YSQSY_^UcSbUQTQcTe
bQ^dU\QSQ]`Q…Q`bUfYQQ\QU\USSY†^`bUcYTU^SYQ\TU!('!<QSQ^TYTQdebQ
`QbQ@bUcYTU^dUTU\QBU`‹R\YSQTU\QSQeTQ\QT_U]`bUcQbY_]Y^Ub_UY^
TecdbYQ\:_c}D_]vcEb]U^UdQ\UfQ^dQTQ`_be^QS_Q\YSY†^TU^QSY_^Q\Uc
bQTYSQ\Uci\YRUbQ\UcY^TU`U^TYU^dUcS_^dbQU\\YRUbQ\TU\`QbdYT_TUW_RYUb
^_6UTUbYS_5bbvjebYjJQ…Qbde\_Wb†S_^SYdQbe^QQTXUcY†^^_TUc`bUSYQ
R\UU^U\cU^_TU\_cdbQRQZQT_bUc_bWQ^YjQT_c6Ub]^FYfQSUdQ:eQ^
1Wecd^3_b^UZ_8Y`†\Yd_1SUfUT_i_db_cTYbYWU^dUc]edeQ\YcdQc`QbdYSY
`Qb_^QSdYfQ]U^dUU^\QSQ]`Q…QTUEb]U^UdQ@QbQ`b_]_fUbU\Q`_i_
`_`e\QbQ\SQ^TYTQd_TU\\YRUbQ\Yc]_TYcYTU^dUcUS_^cdYdei†U^CQ^dYQW_
e^QC_SYUTQT@_\dYSQTU?RbUb_c`bUcYTYTQ`_b1SUfUT_aeYU^TUcTU!(&(
_Se`QRQU\`eUcd_TU`bUcYTU^dUU^\QC_SYUTQTTU1bdUcQ^_c²<QE^Y†^³!$$"
1VY^TUS_^dbQbbUcdQbceY^V\eU^SYQ\_c`QbdYTQbY_cTU5bbvjebYj]_^dQb_^
e^3\eR3U^dbQ\4U]_SbvdYS_TUcdY^QT_QQdbQUbQ\_cQbdUcQ^_ci`eR\YSQb_^
5\DbQRQZQT_b²`UbY†TYS_TU\`eUR\_³`Ub_ceY]`QSd_VeU]eibUTeSYT_
U^dbU\_ccUSd_bUc`_`e\QbUc:QSY^d_>‹…Uje^_TU\_cVe^TQT_bUcTU\Q
E^Y†^TUDY`†WbQV_cTUCQ^dYQW_S_^fUbdYT_QUcQcQ\debQcU^`b_`YUdQbY_TU
Y]`bU^dQiTU`UbY†TYS_UbQ\Q‹^YSQVYWebQTUSYUbdQdbQiUSd_bYQU^U\]_
fY]YU^d_]edeQ\YcdQaeU`_TQUhXYRYbU\SQ^TYTQd__VYSYQ\!$$#
?db_c_bWQ^Yc]_cbUc`_^TQ^Q_RZUdYf_c]vcQ]`\Y_ciQ]RYSY_c_c
idbQdQRQ^TUS_]RY^Qb\QcQSdYfYTQTUcUcdbYSdQ]U^dU`_\dYSQcS_^\QcTU
dY`_]edeQ\YcdQiUTeSQdYf_Ucd_UcTU²bUWU^UbQSY†^]QdUbYQ\i]_bQ\
TU\`eUR\_³Y^c`YbQTQcUh`\SYdQ_Y]`\SYdQ]U^dUU^\QUh`UbYU^SYQTU
\QC_SYUTQTTU\Q9WeQ\TQTTU1bS_ci2Y\RQ_`Ub_QTQ`dQTQcQ\Qc^eUfQc
S_^TYSY_^UcTU\Q}`_SQ
<QE^Y†^<YRUbQ\Ve^TQTQU^FQ\`QbQc_U^QRbY\TU!(&"i\QE^Y†^
@_\dYSQTU?RbUb_cV_b]QTQU^\Q]Yc]QSYeTQTQVY^UcTU!(&#`_bQbdUcQ
^_cY^cSbYd_cU^\Qc\YcdQcU\USd_bQ\UcS_^\QVY^Q\YTQTTUdbQRQZQb`_bSYUbd_c
SQ^TYTQd_cU^\QcU\USSY_^UcTU!(&$S_bbUc`_^TQ^Q\]_TU\_TUS\eR
`ebQ]U^dU²`_\dYS_³aeU\UfQ^dQRQQ\We^QccU^dYTQcbUYfY^TYSQSY_^Uc`_
`e\QbUc°S_]_U\`b_dUSSY_^Yc]_Q\QY^TecdbYQ^QSY_^Q\U^U\SQc_TU\Q
E^Y†^<YRUbQ\!$$$°`Ub_ceSUbSQ^QS_^\Q1c_SYQSY†^TU1bdUcQ^_cTUFQ\`QbQ
c_UbQ^_d_bYQ*Q\_]U^_cSY^S_TU\_cTYUSYc}YcY^dUWbQ^dUcTU\S_]Yd}TY

!$$"
²<QbUe^Y†^TU\3YbS_³Ce`\U]U^d_Q\DbQRQZQT_b>¡"CQ^dYQW_"TU]Qi_TU
!('!
!$$#
²9^cdQ\QSY†^TU\3\eR3U^dbQ\4U]_SbvdYS_c_cdU^UT_bTU\SQ^TYTQd_`_`e\Qb
T_^6UTUbYS_5bbvjebYj³Ce`\U]U^d_Q\DbQRQZQT_b>¡!"CQ^dYQW_"TU]Qi_TU!('!
!$$$
²<Q_`e\U^SYQi\Q]YcUbYQ³<QE^Y†^<YRUbQ\FQ\`QbQc_"(TUZe^Y_TU!(&"

% $
bUSd_bTU\QE^Y†^<YRUbQ\UbQ^_XQRQ^cYT_TYbYWU^dUcTU\Qc_SYUTQTTU
c_S_bb_c]ede_c=Q^eU\=e…_j=Q^eU\1=Q^dUb_\Q=QdU_=UbSQTY
^_2U^ZQ]^7edY}bbUji<_bU^j_:ecdY^YQ^_ !$$%i_SX_TU\_c^eUfU
]YU]Rb_cdYde\QbUcTU\Q`bY]UbQTYbUSdYfQTU\QE^Y†^@_\dYSQTU?RbUb_c
^_]RbQTQQVY^UcTU^_fYU]RbUTU!(&#_Se`QRQ^_XQRQ^_Se`QT_SQb
W_cTYbYWU^dUcTU\Q]Yc]Q]edeQ\S_]U^jQ^T_`_b@UTb_2U^dUjce
`bUcYTU^dUi6bQ^SYcS_=Q^dUb_\QcecUSbUdQbY_ !$$&<QE^Y†^@_\dYSQTU
?RbUb_ccUS_^cdYdei†S_]_e^QQc_SYQSY†^TYVUbU^dUTU\_cS\eRUcU\USd_bQ
\UcTU\QU\YdU\YRUbQ\SU\_cQTUceY^TU`U^TU^SYQXQcdQU\`e^d_TUbUSXQ
jQb\Qc`b_`_cYSY_^UcTUVecY†^S_^\Q1cQ]R\UQ5\USd_bQ\iU\3\eRBUV_b]YcdQ
TU\Q]Yc]QSYeTQTV_b]e\QTQc`_b\Q‹\dY]QTUUcdQcU^dYTQTUc !$$'
<QC_SYUTQTE^Y†^BU`eR\YSQ^QTU\@eUR\__bWQ^YjQTQU^CQ^dYQW_Q
VY^UcTU!(&$ie^_TUSei_cVe^TQT_bUcUbQ1]Rb_cY_<QbbUSXUTQU\
S_^_SYT_YWeQ\YdQbY_TU!(% cU`\Q^dUQRQ_RZUdYf_caeUUbQ^cY]e\dv
^UQ]U^dUc_SYQ\Uci`_\dYS_c*²KMdbQRQZQb`_bU\`b_WbUc_]_bQ\ic_
SYQ\TU\`eUR\_+`_b\QY\ecdbQSY†^iQTU\Q^d_Y^dU\USdeQ\TU\QcS\QcUcdbQ
RQZQT_bQc+KiM`_bUcdbUSXQb\_cf^Se\_cTUe^Y†^iVbQdUb^YTQTU^dbU\_c
]YU]Rb_cTU\QVQ]Y\YQTU]_SbvdYSQ³ !$$(
1e^aeU\Q`b_`QWQ^TQi\QTYVecY†^TU\QcYTUQc\YRUbQ\UcVeUbQ^ce
_RZUdYf_`bY^SY`Q\\QE^Y†^BU`eR\YSQ^QTU\@eUR\_`bUfUQe^QcUbYUTUQSdY
fYTQTUcTUcdY^QTQcQ]QdUbYQ\YjQbU\²`b_WbUc_]_bQ\ic_SYQ\TU\`eUR\_³
Q^e^SYQT_`_bcecUcdQded_cS_]_`_bUZU]`\_\QQieTQVY^Q^SYUbQQ\_c
Qc_SYQT_cU^SQc_TUU^VUb]UTQTQ\_cVQ]Y\YQbUcTU\_cc_SY_cVQ\\USYT_c_
Q\_c]edY\QT_cU^QSSYTU^dUcaeUcUU^S_^dbQbQ^Y^SQ`QSYdQT_c`QbQU\dbQ
RQZ_!$$)@Ub_UcdQcVe^SY_^UcTUdY`_]edeQ\YcdQUbQ^cUSe^TQbYQciUcdQRQ^
ceR_bTY^QTQcQce_RZUdYf_`bY^SY`Q\TUSQbvSdUb^UdQ]U^dU`_\dYS_CU
dbQdQRQU^bUQ\YTQTTUe^S\eR`_\dYS_`_`e\QbaeU`bUdU^TQQ]`\YVYSQb
ceRQcUTUQ`_i_TUcQbb_\\Q^T_Q\We^QcQSdYfYTQTUc]edeQ\YcdQc

!$$%
²<QE^Y†^<YRUbQ\³5\=UbSebY_FQ\`QbQc_"!TUQRbY\TU!(&"
!$$&
²BUe^Y†^TUQbdUcQ^_c³5\=UbSebY_FQ\`QbQc_# TU^_fYU]RbUTU!(&#<_c
cYWeYU^dUc]YU]Rb_cdYde\QbUcTU\QTYbUSdYfQTU\QE^Y†^TU?RbUb_cUbQ^_XQRQ^cYT_TYbY
WU^dUcTU\Q1c_SYQSY†^TU1bdUcQ^_cTUFQ\`QbQc_*@UTb_2U^dUj1Wecd^?\QfQbbQ:_c}
1Wecd^3_b^UZ_6bQ^SYcS_=Q^dUb_\Q=QdU_=UbSQ^TY^_=Q^eU\=e…_j7Ub†^Y]_
2ebW_ci<eYc@YjQbb_`bUcYTU^dUU^UZUbSYSY_TU\Qc_SYUTQTTUQbdUcQ^_c1e^aeUYW^_
bQ]_c\QdbQiUSd_bYQTU:eQ^6bQ^SYcS_2UQc_SdQf_Y^dUWbQ^dUTU\QTYbUSSY†^TUUcdUS\eR
`_\dYS_^_c`QbUSUY^dUbUcQ^dUS_^cYW^QbaeUU^U\<YRb_TU1SdQc>¡!TU\Q1c_SYQSY†^TU
1bdUcQ^_cTUFQ\`QbQc_VYWebQU^U\SQbW_TUfYSU`bUcYTU^dUTebQ^dUU\cUWe^T_cU]UcdbU
TU!(&#e^dQ\:eQ^6bQ^SYcS_3UQc@_TbQ`UbVUSdQ]U^dUdbQdQbcUTU:eQ^6bQ^SYcS_2UQc
TU\QY^V_b]QSY†^`UbY_TcdYSQ<_cce`\U^dUcUbQ^:_c}1^d_^Y_?\]UT__db_TYbYWU^dU
TU\Q]edeQ\BQi]e^T_<Q^W\UiCQ^dYQW_B_cQci5^bYaeU<eSUb_TU\_cSeQ\UcSQbUSU
]_cTUQ^dUSUTU^dUc
!$$'
²@b_`_cYSY_^UcTUe^Y†^³5\=UbSebY_FQ\`QbQc_"!TU]Qbj_TU!(&$+²>_XQi
e^Y†^³5\=UbSebY_FQ\`QbQc_""TU]Qbj_TU!(&$
!$$(
²5cdQded_cTU\QC_SYUTQTE^Y†^BU`eR\YSQ^Q³5\3_`YQ`Y^_3_`YQ`†#TUU^U
b_TU!(&%
!$$)
9RYT

% %
 5\3\eRTU?RbUb_cTUCQ^dYQW_Ve^TQT_QS_]YU^j_cTU!(' `_^QU\
QSU^d_U^\QcdQbUQcTUc_SYQRY\YTQTU^U\cU^_TU\QS\QcU_RbUbQS_]_e^Q
]Q^UbQTUTYVe^TYb\QcYTUQc\YRUbQ\UcCecUcdQded_ccUVYZQRQ^`_b_RZUd_*

KM_VbUSUbe^`e^d_TUbUe^Y†^aeUVQSY\YdU\Qc
bU\QSY_^Uc i S_]e^YSQSY_^Uc S_^SUb^YU^dUc Q\ WYb_ _
`b_VUcY†^TU\_cY^TYfYTe_caeUQ}\`UbdU^UjSQ^ie^
SU^db_`QbQQS_WUbi`b_]_fUb`U^cQ]YU^d_ci]UTYTQc
‹dY\UcQ\`QcU^\QUcVUbQTU\QQSdYfYTQTc_SYQ\iU^`QbdY
Se\Qb\QcaeUdYU^TQ^Q\TUcQbb_\\_`bvSdYS_TU\QcY^cdY
deSY_^UcTU]_SbvdYSQc!$% 

1`UcQbTUceRbUfUTebQSY†^iTU\SQbvSdUbY^cdbe]U^dQ\aeUQ]U
^eT_\_cQ^Y]QRQUcd_cS\eRUcVeUb_^UcSeU\QcTUQ`bU^TYjQZUU^\QcaeU
bUQ\YjQb_^cec`bY]UbQcUh`UbYU^SYQc`_\dYSQc^e]Ub_c_cdbQRQZQT_bUc
aeUS_^dY^eQbQ^U^Q…_c`_cdUbY_bUcdbQdQ^T_TUTQbe^Q`b_iUSSY†^
`_\dYSQQcecQSdYfYTQTUcc_SYQ\Uc1c_SebbY†U^dbUdQ^d_c_db_cS_^:_c}
BQ]†^3_^dbUbQci=Q^eU\=e…_jTU\Q1c_SYQSY†^TU1bdUcQ^_cTUFQ\`Q
bQc_`b_dQW_^YcdQcU^\Q\eSXQU\USd_bQ\]e^YSY`Q\TU!(&'S_b_^QTQ
S_^\QU\USSY†^TU=e…_jQ\SQbW_TUbUWYT_biU^ZecdQc`_\dYSQc`_cdU
bY_bUcaeUU\UfQbQ^Q3_^dbUbQcQ\SQbW_TUTY`edQT_ !$%!

E >1 31=@1s1 @?<ÅD931 45 =1C1C *

5< @ 1BD94? < 925B1< 4 5=?3BÂD93? I <1 31>4941DEB1 @B5C945>391<
45 2 5>:1=Å> F 93Es1 = 13;5>>1 !('%!('&

<Q]eUbdUTU\QVecY†^\YRUbQ\°S_^cUbfQT_bQTebQ^dU\_c‹\dY]_cQ…_cTU\
`Ub_T_`bUcYTU^SYQ\TU6UTUbYS_5bbvjebYjJQ…Qbde!('!!('&TY_
`Qc_Qe^^eUf_R\_aeU`_\dYS_S_^XUWU]_^Q\YRUbQ\\Q1\YQ^jQ<YRU
bQ\RQcQTQU^\_c`QbdYT_c<YRUbQ\iBQTYSQ\aeU`bUT_]Y^QbQXQcdQU\
W_RYUb^_TU2Q\]QSUTQ<QSQ^TYTQdebQ²`Ubc_^Q\³Ucd_UccY^Q`_i_
_VYSYQ\TU2U^ZQ]^FYSe…Q=QS[U^^QVeUU\_bYWU^TUe^Q^eUfQQWbe
`QSY†^\YRUbQ\*U\@QbdYT_<YRUbQ\4U]_SbvdYS_TYcdY^d_TU\`QbdYT_TUW_
RYUb^_aeU\_Wb†U^`_S_c]UcUcTUcQbb_\\Qbe^UcdY\_TUSQ]`Q…QU\US
d_bQ\XQcdQU^d_^SUcY^}TYd_U^3XY\U

!$%
5cdQded_cTU\3\eRTU\_c?RbUb_cTUCQ^dYQW_CQ^dYQW_9]`bU^dQ>QSY_^Q\!(' 
`vW#
!$%!
²<Q^eUfQ]e^YSY`Q\YTQT3_\QR_bQSY†^³5\=UbSebY_FQ\`QbQc_!%i!'TU
QRbY\TU!(&'+²<Q^eUfQ]e^YSY`Q\YTQT³5\=UbSebY_FQ\`QbQc_&TU]Qi_TU!(&'3_^
dbUbQcVeUU\UWYT_TY`edQT_`_bFQ\`QbQc_U^!('&_RdU^YU^T_#)$%ceVbQWY_cUcd_Uc
\QcUWe^TQ]Qi_bQTU`QbdQ]U^dQ\7Ub]v^Ebj‹QFQ\U^jeU\Q8Ycd_bYQ`_\dYSQTU3XY\Ui
ceUf_\eSY†^U\USd_bQ\4UcTU!(! Q!))"CQ^dYQW_5TYd_bYQ\:ebTYSQTU3XY\U!))"`vW
""'

% &
 5\^eUf_`QbdYT_V_b]QT_`QbQc_cdU^Ub\QcQ]RYSY_^Uc`bUcYTU^
SYQ\UcTUce\TUbiVe^TQT_bS_]U^j†QWUcdQbcUU^VURbUb_TU!('%U^
\QcSYeTQTUcTU\cebCe`bY]Ub^‹S\U_cU_bWQ^Yj†XQSYQU\! TUVURbUb_
U^ DQ\SQXeQ^_+ \eUW_ cU SbUQb_^ QWbe`QSY_^Uc U^ 3_b_^U\ 3XY\\v^
DQ\SQAeYbYXeUCQ^3Qb\_c=_\Y^QCQ^6Ub^Q^T_BQ^SQWeQiCQ^2Ub
^QbT_CYWeYU^T_cefUbdYWY^_c_TUc`\QjQ]YU^d_XQSYQU\^_bdUU\%TU
]Qbj_cUS_^cdYdei†\QQWbe`QSY†^TUCQ^dYQW_`QbQcUWeYbUhdU^TY}^T_
cUQ_dbQc`b_fY^SYQc1\`_S_dYU]`_FYSe…Q=QS[U^^QSbUi†XQRUb_R
dU^YT_\Q^UedbQ\YTQT`bUcYTU^SYQ\UcTUSYb\QcUWebYTQTTUaeU^_XQ
RbQe^QSQ^TYTQdebQ_VYSYQ\XUSX_QRc_\edQ]U^dU^_fUT_c_U^\QfYTQ
`_\dYSQ^QSY_^Q\3_^dQ\S_^fYSSY†^U\" TUQRbY\TU\]Yc]_Q…_bU^e^
SY†QceSQbW_TUY^dU^TU^dUTUCQ^dYQW_`QbQTUTYSQbcUS_]`\UdQ]U^dU
Q\QSQ]`Q…QU\USd_bQ\ !$%"5\&TU]Qi_TY_QS_^_SUbce`b_WbQ]QQdbQ
f}cTUe^=Q^YVYUcd_`b_`_^YU^T_U^dbU_dbQc]UTYTQcSbUQbU\bUWYcdb_
SYfY\QR_\Yb\_cVeUb_cUS\UcYvcdYS_iSYfY\TU]_SbQdYjQbU\`QcbUcdbY^WYU^
T_Q\We^QcVQSe\dQTUcTU\5ZUSedYf_`b_]_fUb\QTUcSU^dbQ\YjQSY†^`_\
dYSQiQT]Y^YcdbQdYfQS_\_^YjQb\Q1bQeSQ^Qi\eSXQb`_bU\²]UZ_bQ]YU^
d_WbQTeQ\`Ub_Y^SUcQ^dUTU\QcS\QcUcTUcXUbUTQTQc³ !$%#
5\U^decYQc]_`b_f_SQT_`_b\QSQ^TYTQdebQTU\Y^dU^TU^dUTUCQ^
dYQW_VeUTUcR_bTQ^dU<_cTUcVY\Uc]UUdY^WciRQ^aeUdUcU^\_caeU`QbdY
SY`QRQe^WbQ^^‹]Ub_TUU\U]U^d_c`_`e\QbUciTU\QS\QcU]UTYQ°U]
`\UQT_c`‹R\YS_ci]YU]Rb_cTU\QSQ`Qce`UbY_bTU\QbdUcQ^QT_°TYUb_^
QceSQ]`Q…Qe^Qd_^Q\YTQTie^UcdY\_^e^SQQ^dUcfYcd_U^U\`Qc!$%$
<QQWYdQSY†^Q\SQ^j†QcUSd_bUcVU]U^Y^_c*U^<QCUbU^QU^\QcY^c
SbY`SY_^UcU\USd_bQ\UcQVY^UcTU!('%Y^dUb`bUdQ^T_U^ceVQf_bU\fQS_
U^\Q\UiTUU\USSY_^UcQ\We^Qc]eZUbUcbUS\Q]Qb_^U\TUbUSX_TUceVbQ
WY_4YUjTUU\\QcQ\SQ^jQb_^QY^cSbYRYbcUQ^dUcaeUU\W_RYUb^_SQcQbQ\Q
Y^dUb`bUdQSY†^!$%%1\We^_c`UbY†TYS_cfYSe…YcdQccUXYSYUb_^US_TUUcdU
Q^XU\_Q`_bdQ^T_c†\YT_cQbWe]U^d_caeUS_^dbYReiUb_^Q]Q^dU^Ub\Q
UVUbfUcSU^SYQE^_TUU\\_c5\3XYS_dUQed_TUVY^YT_S_]_²`UbY†TYS_
Xe]_bcdYS_ i TU SQbYSQdebQc³ cU bUW_SYZ† S_^ \Q `QbdYSY`QSY†^ TU \Qc

!$%"
BYSQbT_4_^_c_4_^2U^ZQ]^FYSe…Q=QS[U^^QCefYTQcecUcSbYd_cicedYU]`_
!(#!!((&CQ^dYQW_9]`bU^dQE^YfUbcYdQbYQ!)"%`vWc#" #"#+9\YQ 3_bd}ci:_bTY
6eU^dUc4YSSY_^QbY_`_\dYS_TU3XY\U!(! !)&&CQ^dYQW_5TYd_bYQ\?bRU!)&'`vW"(!+
3bYcdYv^JUWUbc1²8Ycd_bYQ`_\dYSQTU\W_RYUb^_TU1^RQ\@Y^d_³U^8Ycd_bYQ>¡&CQ^
dYQW_!)&'`vWc(!!
!$%#
=Q^YVYUcd_&TU]Qi_TU!('%3YdQT_U^3bYcdYv^JUWUbc11^RQ\@Y^d_8Ycd_bYQ
`_\dYSQTUceW_RYUb^_CQ^dYQW_5TYd_bYQ\E^YfUbcYdQbYQ!)&)`vWc!'i!(F}QcUdQ]RY}^
4_^_c__`SYd`vWc#"#i#"$
!$%$
4_^_c__`SYd`vW#"&icYWeYU^dUcCUW‹^U\U^cQiYcdQS_^cUbfQT_b1\RUbd_
5TgQbTcFYSe…Q=QS[U^^Q*²3bUi†\\UWQTQ\QX_bQTU\Qc\eSXQcWU^eY^Q]U^dUTU]_Sbv
dYSQcTU_`Y^Y†^Q\UcdY\_TU>_bdUQ]}bYSQ³5TgQbTcFYfUc<Q6b_^TQ1bYcd_SbvdYSQ_`SYd
`vW!%&
!$%%
5^SY^Q_`SYdd_]_!%`vW% %

% '
]eZUbUcU^\QcQcQ]R\UQc`_\dYSQciQR_bT†e^QfQbYQTQWQ]QTU`e^d_c
bU\QdYf_cQ\QS_^TYSY†^VU]U^Y^Q*

<Q\UiXQ^UWQT_U\f_d_Q\Q]eZUb+¥`Ub_UcaeU\Q
\UiXQcYT_XUSXQ`_bX_]RbUc
5\S_^WbUc_^YUWQceccY\\_^UcQ\Q]eZUb+¥`Ub_Uc
aeUU\S_^WbUc_UcV_b]QT_`_bX_]RbUc
IcY^U]RQbW_¥Sev^dQc]eZUbUc_Se`QbQ^U^\Q
`bU^cQiQ‹^U^U\S_^WbUc_e^\eWQb]vcTYcdY^WeYT_
aeU]eSX_cX_]RbUc¤1SQc_\Q]eZUb^_dYU^U`QdbYQ
^_dYU^UcU^dY]YU^d_cTUZecdYSYQTU\UWQ\YTQT^Y\UY]
`_bdQU\`b_WbUc_iU\RYU^UcdQbTU\`Qc/
<Q]eZUbdYU^Ud_TQc\QcSQbWQcTU\X_]RbU`Ub_
^_dYU^UcecTUbUSX_c^Ycec\YRUbdQTUc<Q]eZUb`QWQ
S_^dbYReSY_^Uc`Ub_^_VYWebQ`QbQ^QTQQ^dU\_cS_^
dbYReiU^dUc+Q^dUU\S†TYW_SYfY\iQ^dUU\S†TYW_`U^Q\\Q
]eZUbdYU^U\Qc]Yc]Qc`U^Qc\_c]Yc]_cSQcdYW_ci\Qc
]Yc]QcWQRU\QcaeUU\X_]RbU+`Ub_\Q]eZUb^_`eUTU
_Se`Qb^Y^W‹^`eUcd_`‹R\YS_+`QbQ\QcSQbWQci`QbQ\Qc
Se_dQccUXQSUTU\X_]RbUiTU\Q]eZUb\QYWeQ\TQT
Q^dU\Q\Ui+`Ub_`QbQ\Q]eZUb^_XQiY^cdYded_^Ye^YfUb
cYTQTUc^YUTeSQSY†^ce`UbY_b5^VY^\Q]eZUbUcYWeQ\
Q\X_]RbUS_]_RUcdYQTUSQbWQ`Ub_^_S_]_TUbU
SX_S_]_\YRUbdQTS_]_VeUbjQS_]_`_TUbS_]_
Y^dU\YWU^SYQ!$%&

<_]vcTUcdQSQT_VeUcY^U]RQbW_\QQTXUcY†^TU^e]Ub_c_c_RbU
b_ciQbdUcQ^_c`QbdYTQbY_cTU\QcYTUQc\YRUbQ\UcQ\QSQ]`Q…QTUFYSe…Q
=QS[U^^Q=ei`b_^d_U\@QbdYT_<YRUbQ\4U]_SbvdYS_Y^YSY†cecQdQaeUc
S_^dbQ²\Q_\YWQbaeQ³QVYb]Q^T_aeUce_RZUdYf_UbQ²TUVU^TUb\_cTUbU
SX_cTU\`eUR\_S_^dbQ\QcY^dbYWQc_\YWvbaeYSQcTUe^_c`_S_cX_]RbUc
aeUU^U\`QcaeUbQ^S_^cdYdeYbcUU^TeU…_cQRc_\ed_cTUcec TUcdY
^_c³!$%'5cdQc`_cYSY_^Uc\UbUcdQb_^U\Q`_i_TUcUSd_bUcQbYcd_SbvdYS_cU
Y^S\ec_\UfQ\YUb_^\QX_cdY\YTQTTU\Wbe`_\YRUbQ\]vcQfQ^jQT_bU`bUcU^
dQT_`_bU\@QbdYT_BQTYSQ\E^QS_^fU^SY†^TU\@QbdYT_<YRUbQ\4U]_SbvdY
S_SU\URbQTQU^CQ^dYQW_RQZ_\Q`bUcYTU^SYQTU=Q^eU\7eUbbUb_ !$%(Uc
dQR\USY†e^`b_WbQ]QaeUbUd_]Q^T_\QcYTUQcTUe^]Q^YVYUcd_`eR\YSQ
T_`_bU\SQ^TYTQd_U\'TU]Qi_S_^dU]`\QRQU^dbU_db_c`e^d_c\QcU
`QbQSY†^TU\Q9W\UcYQTU\5cdQT_\QQR_\YSY†^TU\_cVeUb_cU\UcdQR\USY

!$%&
²<Q]eZUbU^\QcQcQ]R\UQc`‹R\YSQc³5\3XYS_dUFQ\`QbQc_" TUQRbY\TU!('&
!$%'
3_bd}ci6eU^dUc_`SYd`vW"("
!$%(
BUS_bTU]_caeUU^!($%7eUbbUb_XQRQVe^TQT_\QC_SYUTQTTU1bdUcQ^_cTU3Qe
`_\YSv^iU^!(% VeUTYbYWU^dUTU\QC_SYUTQTTU\Q9WeQ\TQT

% (
]YU^d_TU\bUWYcdb_SYfY\\Q\YRUbdQTU\USd_bQ\\QbUcdbYSSY†^TU\QcVQSe\
dQTUcTU\5ZUSedYf_\QTUcSU^dbQ\YjQSY†^`_\dYSQiQT]Y^YcdbQdYfQ\QQe
d_^_]Q]e^YSY`Q\\Q\YRUbdQTTUU^cU…Q^jQUdS}dUbQ!$%)
<QQWYdQSY†^SQ\\UZUbQcecSYd†U^VbU^dQ]YU^d_cU^dbU`QbdYTQbY_cTU
FYSe…Q=QS[U^^Qi\_cTU\_c_db_cSQ^TYTQd_c\YRUbQ\Uc5\]vcWbQfUcU
`b_TeZ_U\(TUcU`dYU]RbUU^FQ\`QbQc_U^dbU\_cfYSe…YcdQci\_cQTYSd_c
TU1]e^vdUWeY`b_f_SQ^T_\Qbe`debQTUVY^YdYfQU^dbUU\QRQ^TUbQT_\Y
RUbQ\TU]_SbvdYS_i<Q=_^UTQaeUcUY^S\Y^†TUVY^YdYfQ]U^dU`_b1^RQ\
@Y^d_<_cS_^cUbfQT_bUcU^e^WUcd_TUfU^WQ^jQS_^dbQU\_VYSYQ\Yc]_Q
VY^UcTU!('%cU`\UWQb_^Q\QSQ^TYTQdebQTUFYSe…Q=QS[U^^QWU^UbQ^
T_VeUbdUcdU^cY_^UcaeUdUb]Y^Qb_^S_^e^Y]`_bdQ^dUTUc`bU^TY]YU^d_
TUcUSd_bUc`_`e\QbUcTU\@QbdYT_<YRUbQ\4U]_SbvdYS_
@Ub_Q\_\QbW_TU\QSQ]`Q…QcUXQRQ^TUcQbb_\\QT_U\U]U^d_c
^eUf_caeUTYcdY^WeU^QUcdQSQ^TYTQdebQTU_dbQcTU\Q]Yc]Q}`_SQU^
`QbdYSe\Qb\_cUcVeUbj_c`QbQ_RdU^Ube^QQ]`\YQ]_fY\YjQSY†^TUcUSd_
bUc]UTY_ci`_`e\QbUc@QbQ\_WbQb\_S_^dQRQS_^TYVUbU^dUc]UTY_c
cYU^T_U\]vcY]`_bdQ^dU\Q`b_`YQ`Ubc_^Q\YTQTTU\QRQ^TUbQT_5\Uh
Y^dU^TU^dUTUCQ^dYQW_`_bdQRQ\QQebU_\QTUce]Y\YdQ^SYQYWeQ\YdQbYQU^
!(% iTUce`QbdYSY`QSY†^U^\QcWeUbbQcSYfY\UcTU!(%!i!(%)CeQfQ^
jQT_\YRUbQ\Yc]_i\QcS_bTYQ\UcbU\QSY_^UcaeU]Q^dU^QS_^^e]Ub_c_c
dbQRQZQT_bUc_bWQ^YjQT_cU^]edeQ\Ucic_SYUTQTUcTUUTeSQSY†^`_`e
\Qb\U`Ub]YdYUb_^\_WbQbU\Q`_i_U^decYQcdQTUY]`_bdQ^dUccUSd_bUc
`_`e\QbUcU^`QbdYSe\QbTUQ\We^_cTYbYWU^dUc]edeQ\YcdQcTUbUS_^_SY
T_ `bUcdYWY_ U Y^V\eU^SYQ U^dbU cec S_]`Q…Ub_c 5\ SQc_ TU 6Ub]^
FYfQSUdQcY^TeTQU\]vcVQ]_c_ibUc`UdQT_TUTYSX_c\TUbUcY\ecdbQ
RYU^e^QTU\QcbQj_^UcaeU]_dYfQRQ\QQTXUcY†^TU]eSX_cdbQRQZQT_
bUcQ\Q`_cde\QSY†^TUFYSe…Q=QS[U^^Q9^dUbb_WQT_U^]Qi_TU!('%
`_bU\SQ^TYTQd_\YRUbQ\TU]_SbvdYS_QSUbSQTUceS_]`b_]Yc_`_\dYS_
FYfQSUdQ°aeUU^d_^SUcfYfQU^FQ\`QbQc_°bUc`_^TQQ‹^S_^SQedU\Q*
²KM]Y`b_SUTUbUcicUbvU^dUbQ]U^dU\YRbU`eUcU^dQ^Y]`_bdQ^dU
Qce^d_c_iS_]_U\]QbdY\\Ub__bU]QdQ^dUaeUTQb}d_TQ\QS__`UbQSY†^
aeU`eUTQQ\SQ^TYTQd_aeU]vc`b_`U^TQQ\VU\Yj`_bfU^YbTU^eUcdbQ
`QdbYQi_ZQ\vcUQETU\]vcQfU^dQZQT_³ !$& 
1\Qc`_SQccU]Q^QcU\)TUZe\Y_FYfQSUdQ]Q^YVUcdQRQQFYSe…Q
=QS[U^^QUcdQb²`UbVUSdQ]U^dUTUQSeUbT_S_^\Q]QbSXQTU\Q]ei`_
`e\QbSQ^TYTQdebQQSU`dQTQ`_b\QWU^UbQ\YTQTTU\Q^QSY†^SXY\U^Q³i\U
Uh`_^QQ\We^QcTU\QcbQj_^UcaeUUh`\YSQRQ^ceTUSYcY†^*

=U WecdQ U\ cYcdU]Q QT_`dQT_ `_b ET TU XQSUb

`_\dYSQQ\Q\ejTU\]e^T_U^dUb_`eUcUcd_cYW^YVYSQ

!$%)
3_bd}ci6eU^dUc_`SYd`vW"("
!$&
1>12F=f_\#&%3_bbUc`_^TU^SYQ(3QbdQTU6Ub]^FYfQSUdQQ2U^ZQ]^
FYSe…Q=QS[U^^QFQ\`QbQc_]Qi_!'TU!('%_`SYdV#!$

% )
 X_^bQTUjU^\QcQc`YbQSY_^Uc`QdbY†dYSQcTU\aeUcY^Uc
Sb‹`e\_c^YS_RQbTU]YbQ]YU^d_dbQRQZQ`_bUcSQ\_^Qb
U\`eUcd_aeUXQTUcUbfYb`QbQW\_bYQTU\Q@QdbYQ+UcdU
`bUSUTU^dUTUcS_^_SYT_Q‹^U^3XY\UUcU\]UZ_bS_]
`b_RQ^dUi]vcU\_SeU^dU`b_WbQ]QTU\_aeUcUbvU\Uc
`bYdeVbQ^S_i\YRUbQ\TU\SQ^TYTQd_ !$&!

<QSQ^TYTQdebQfYSe…YcdQ^_cUQ`_iQRQc†\_U^U\SQbYc]QTU\QRQ^TU
bQT_DQ]RY}^cUT_d†TUQTUSeQT_c]UTY_c`_\dYS_c`QbQS_^SYdQb\QQT
XUcY†^`_`e\QbCUUTYdQb_^^e]Ub_c_c`UbY†TYS_cTUWeUbbY\\Q`_\dYSQU^
TYcdY^dQcSYeTQTUcicU`ec_Uc`USYQ\}^VQcYcU^QWYdQb`e^d_c`b_WbQ]vdYS_c
`QbQQdbQUbQ\_cdbQRQZQT_bUcE^_TUUc_c`UbY†TYS_c5\@eUR\_`eR\YSQT_
U^\QSQ`YdQ\iSei_bUTQSd_bUbQ<eYc3Qb\_c7QbVYQcTUcdQSQT_TYbYWU^dUTU
\QSQ]`Q…Q`b_dUSSY_^YcdQaeUS_]U^j†QTUcQbb_\\QbcUUcU]Yc]_Q…_
`_^QU\QSU^d_U^\QbUQ\YjQSY†^TU_RbQc`‹R\YSQcS_]_\QSQ^Q\YjQSY†^TU\
=Q`_SX_i\QS_^cdbeSSY†^TUXQRYdQSY_^Uc_RbUbQcaeUbUQSdYfQbQ^\Q
US_^_]QcQSv^T_\QTU\]QbQc]_U^aeUcUU^S_^dbQRQ*

3_^UcdQcc_\QcU]`bUcQc°TUSQQcec\USd_bUc°dU^
TbQ]_c Q CQ^dYQW_ S_^fUbdYT_ U^ e^ Y^]U^c_ dQ\\Ub
T_^TUd_T_c\_c_RbUb_cdU^TbQ^e^dbQRQZ_S_^dY^e_
1\RQ…Y\UcSQb`Y^dUb_cXUbbUb_cdbQRQZQT_bUcU^WU^U
bQ\d_T_ccUbQ^Y^ceVYSYU^dUc`QbQUcQc_RbQcS_\_cQ\Uc
5\S_^ce]_TU]QdUbYQ\UciceQSQbbU_cUbQUhdbQ_bTY^Q
bY_iS_]_S_^cUSeU^SYQY^]UTYQdQcUQ^Y]QbQ^d_TQc
\QcY^TecdbYQcTUT_^TUbUce\dQbQe^S_]`\Ud_RYU^Uc
dQbFUbQ]_cU^d_^SUcQ\QSbYcYcXQSUbcec]Q\UdQcQ`Q
c_c`bUSY`YdQT_ciTUUcU]_T_CQ^dYQW_U^\eWQbTU
`bUcU^dQbU\Qc`USd_U^VUb]Yj_aeUcU\U^_dQQSdeQ\
]U^dUcU_cdU^dQbQS_^QaeU\\Qb_RecdUji\_jQ^QaeU
c_^`b_`YQcTUe^QcYdeQSY†^X_\WQTQiQRe^TQ^dU !$&"

<QQTXUcY†^TU\_cdbQRQZQT_bUc]edeQ\YcdQcQ\QSQ]`Q…QTUFYSe
…Q=QS[U^^QVeU]QcYfQ !$&#

!$&!
1>12F=f_\#&%3_bbUc`_^TU^SYQ(3QbdQTU6Ub]^FYfQSUdQQ2U^ZQ]^
FYSe…Q=QS[U^^QFQ\`QbQc_Ze\Y_)TU!('%\UWQZ_#&V#!%
!$&"
²5\SQ^TYTQd_`_`e\QbY\_c_RbUb_c³5\@eUR\_CQ^dYQW_)TU]Qbj_TU!('&
!$&#
5^S_^dbQcdUS_^U\cYW^YVYSQdYf_Q`_i_TUTYbYWU^dUc`_`e\QbUcQ\QSQ^TYTQdebQ
TUFYSe…Q=QS[U^^Q1^RQ\@Y^d_`_TQUhXYRYbS_^dQTQcVYWebQcTUbUS_^_SYTQdbQiUS
d_bYQU^U\]e^T_TU\_cdbQRQZQT_bUc5^dbU}cd_cQTU]vcTU:QSY^d_>‹…UjUTYd_bTU\
TYQbY_<QBU`‹R\YSQcUS_^dQRQU\`bUcdYWY_c_\TUbYWeQ\YdQbY_1]Rb_cY_<QbbUSXUTQ²=Q
^YVUcdQSY†^TU\3\eRTU\QE^Y†^<YRUbQ\³<QBU`‹R\YSQCQ^dYQW_# TU^_fYU]RbUTU
!('%+²7bQ^]UUdY^WU^AeY\\_dQ³i²3\eR<YRUbQ\³<QBU`‹R\YSQCQ^dYQW_!%TUTYSYU]
RbUTU!('%+²3\eR<YRUbQ\>e]"3Q\\UTUCQ^9cYTb_>‹]&'³5\5\USd_bCQ^dYQW_!
TUVURbUb_TU!('&

%!
 5^\QSQ`YdQ\U\S_^_SYT_TYbYWU^dUTU\QC_SYUTQTTU1bdUcQ^_c²<Q
E^Y†^³8Y`†\Yd_1SUfUT_VeU`b_S\Q]QT_SQ^TYTQd_QTY`edQT_`_bU\
@QbdYT_<YRUbQ\4U]_SbvdYS_ibUSYRY†U\Q`_i_TU\Q1cQ]R\UQ\YRUbQ\TU1bdU
cQ^_c²<Q5]Q^SY`QSY†^³!$&$
5^FQ\`QbQc_`bvSdYSQ]U^dUd_TQ\Q1c_SYQSY†^TU1bdUcQ^_c`QbdYSY
`†U^\QSQ]`Q…QiU^U\`QbdYT_fYSe…YcdQ !$&%E^TYbUSd_bY_`b_fYc_bY_
TUdbQRQZQT_bUc\YRUbQ\UcTU]_SbvdYS_c°U^dbU\_caeUcUS_^dQRQ^6Ub
]^FYfQSUdQ:eQ^1Wecd^3_b^UZ_i:_c}BQ]†^3_^dbUbQc°S_^f_S†Q
e^]UUdY^WU^U\SYbS_TU\QFYSd_bYQ`QbQ`b_S\Q]QbQ\SQ^TYTQd__RbUb_
TU\QS_\USdYfYTQTU^\QcU\USSY_^Uc`Qb\Q]U^dQbYQcTU]Qbj_ !$&&
CUYcQc`YbQ^dUcQ\QY^fUcdYTebQ°:_c}BQ]†^3_^dbUbQc6Ub]^FY
fQSUdQ:eQ^1Wecd^3_b^UZ_<_bU^j_:ecdY^YQ^_2Qbd_\_]}BY_R†i
=Q^eU\=e…_j!$&' °cUTYc`edQb_^\_cf_d_cTU\_c]Y\aeY^YU^d_cQcYcdU^
dUcQ\QQcQ]R\UQbUQ\YjQTQU\!$TUU^Ub_TU!('&5\U\UWYT_VeU:_c}
BQ]†^3_^dbUbQcVe^TQT_bi`bY]Ub`bUcYTU^dUTU\Q1c_SYQSY†^TU1bdU
cQ^_cTU\QSYeTQT<QcS_^dbQTYSSY_^UcaeUQdbQfUcQRQ^Q\_ccUSd_bUc
`_`e\QbUcS_]`b_]UdYT_cS_^FYSe…Q=QS[U^^QcU]Q^YVUcdQb_^U^d_^
SUc`_b`bY]UbQfUj=YU^dbQcQ\We^_cU^SQRUjQT_c`_bFYfQSUdQ`b_`_
^Q^aeUQ^dUcTUTUcYW^QbU\SQ^TYTQd_SQTQQc`YbQ^dUQ\QY^fUcdYTebQ
Uh`\YSQbQ²fUbRQ\]U^dU_`_bUcSbYd_U\`b_WbQ]QTUcecYTUQc`QbQbU
`bUcU^dQbU^U\S_^WbUc_\_cY^dUbUcUcTU\QS\QcU_RbUbQU^\_S_^SUb
^YU^dUQ]UZ_bQbTU\QcQbdUcicec_`UbQbY_c³_db_cS_]_=Q^eU\=e
…_ji\_cTYbUSd_bUcTU\Q]UcQU\USd_bQ\TU\`QbdYT_S_^cYTUbQRQ^ce`Ub
V\e_dQ\dbv]YdUQbWe]U^dQ^T_aeUU\]_T_TU`U^cQbTUd_T_c\_c`_c
de\Q^dUcUbQRYU^S_^_SYT_<QU\USSY†^bUQ\YjQTQU^S_^TYSY_^UcTeT_
cQcQbb_Z†dbUcSYU^d_cSeQbU^dQidbUcf_d_c`QbQ3_^dbUbQcS_^dbQT_cSYU^
d_ccUcU^dQiSY^S_`QbQFYfQSUdQi]ei`_S_c`QbQ\_cbUcdQ^dUcSQ^TYTQ

!$&$
²4_c`Q\QRbQc³5\@eUR\_CQ^dYQW_"$TUU^Ub_TU!('&+²1\W_TUd_T_³5\@eU
R\_CQ^dYQW_'TUVURbUb_TU!('&+²BUe^Y†^³5\9^TU`U^TYU^dUCQ^dYQW_!)TUVURbUb_TU
!('&
!$&%
<QQSdYfYTQT`_\dYSQ^_UbQe^Q^_fUTQT`QbQ\_cTYbYWU^dUcQbdUcQ^Q\Uc`_bdU
…_cFQbY_cTUU\\_c°=Q^eU\=e…_j:_c}BQ]†^3_^dbUbQci<_bU^j_:ecdY^YQ^_°XQRQ^
cYT__UbQ^bUWYT_bUcTU\Q=e^YSY`Q\YTQTTUFQ\`QbQc_²3_]e^YSQT_c³<Q@QdbYQFQ\
`QbQc_"(TUU^Ub_TU!('&:eQ^1Wecd^3_b^UZ_Ve^TQT_bTU\Q1c_SYQSY†^TU1bdUcQ^_c
iTU\QC_SYUTQTTU3YWQbbUb_cTU\Q]Yc]QSYeTQT]Y\YdQRQTUcTU!(&&U^U\@QbdYT_BQTYSQ\
1`UcQbTUceVY\YQSY†^`QbdYTQbYQU^!('%cUce]†Q\QSQ]`Q…QfYSe…YcdQ67Q\\UWeY\\_c
<_bSQ4_^:eQ^1Wecd^3_b^UZ_CefYTQicec`bY^SY`Y_cFQ\`QbQc_DY`_WbQVQ>QSY_^Q\i
5^SeQTUb^QSY†^!(()`vW!'
!$&&
²1cQ]R\UQ<YRUbQ\4U]_SbvdYSQTUFQ\`QbQc_³i²BUe^Y†^TU\QS\QcU_RbUbQ³
<Q@QdbYQFQ\`QbQc_!#TUU^Ub_TU!('&+²BUe^Y†^TU\QS\QcU_RbUbQ³5\9^TU`U^TYU^dU
CQ^dYQW_!%TUU^Ub_TU!('&
!$&'
3_^dbUbQc3_b^UZ_:ecdY^YQ^_BY_R†i=e…_jUbQ^Ve^TQT_bUciTYbYWU^dUc
S_^^_dQT_cTU\Q1c_SYQSY†^TU1bdUcQ^_cTUFQ\`QbQc_3_b^UZ_XQRQcYT_QTU]vce^_TU
\_c`bY]Ub_cc_SY_cTU\QC_SYUTQT@b_dUSd_bQTU3YWQbbUb_cTUFQ\`QbQc_SbUQTQU^!(&)6Ub
]^FYfQSUdQTUc`e}cTUXQRUbVe^TQT_iTYbYWYT_TebQ^dUQ\We^_cQ…_c\QC_SYUTQTTU
1bdUcQ^_c²<QE^Y†^³TUCQ^dYQW_cUXQRQY^S_b`_bQT_Q\Q]edeQ\TUQbdUcQ^_cTUFQ\`Q
bQc_U^!(&%Q…_TUcedbQc\QT_QUcQSYeTQT

%!!
d_caeUTQ^T_]vcTUT_cSYU^dQc`Ubc_^QccY^f_dQb!$&(FYfQSUdQU^SQb
dQQFYSe…Q=QS[U^^QTU^e^SYQbQ\Q`eUcdQU^ZeUW_TU²]Y\`b_SUTY
]YU^d_cY^TYW^_cTUe^`QbdYT_\YRUbQ\iTU]_SbvdYS_³²\Q]Q\TQTTU\_c
TYbUSd_bUcTU\Q]UcQU\USd_bQ\³aeUXQRQ^XUSX_f_dQbfQbYQcfUSUcQQ\
We^Qc`Ubc_^Qc\_c²c_bT_cSQ]Re\\_^Uc³\QcVQ\cQc^_dYSYQc`b_`Q\QTQc
`_b²\_c`_\YdYaeUb_c=e…_ji1b_c³cY^`_bU\\_`_^UbU^TeTQ\QReU^Q
VUTU\dbYe^VQT_b!$&)
1`UcQbTU\QcTYcU^SY_^Uc\QSQ]`Q…QfYSe…YcdQU^FQ\`QbQc_°Q\
YWeQ\aeUU^_dbQcSYeTQTUc°VeUe^UcSU^QbY_`b_`YSY_`QbQ\Q]Q^YVUc
dQSY†^TU\QcT_\U^SYQciQ^XU\_c`_`e\QbUcU^Uc`USYQ\QaeU\\_caeUSQ
bQSdUbYjQRQ^Q\QbdUcQ^QT_:eQ^1Wecd^3_b^UZ_VeUU\`_bdQf_jTUUc
d_ccU^dY]YU^d_cS_^_SQcY†^TUe^]UUdY^WSU\URbQT_U^VURbUb_TU!('&
@QbQU\TYbYWU^dUQbdUcQ^_^Y^We^QTU\Qc`b_]UcQcXUSXQc`_b\_c`_\dY
S_cU^`Ub_T_c`bUU\USd_bQ\UccUXQRQS_^fUbdYT_U^bUQ\YTQT1`UcQb
TU\Q\\UWQTQQ\`_TUbTUdQ\UcX_]RbUc²U\W_RYUb^_cYWeUcYU^T_U\d_T_
`_TUb_c_U\]e^YSY`Y_U^SQTU^QT_Q\cY\\†^TU\Q=_^UTQ\QWeQbTYQ
^QSY_^Q\c_]UdYTQQ\b}WY]U^]vcTUc`†dYS_aeUY]QWY^QbcU`eUTUi\Q
Y^TecdbYQQRbe]QTQS_^\QcVbQ^aeYSYQcaeUW_jQ\QUhdbQ^ZUbQiX_cdY\YjQ
TQ`_b\Qc\UiUcTUQTeQ^Qc]QbSXQQceTUSQTU^SYQ³ !$' 
<QSQecQTUUc_c]Q\UccUW‹^3_b^UZ_bQTYSQRQU^U\_bYWU^iS_]
`_cYSY†^TU\@Qb\Q]U^d_>Y^We^_TU\_cSeUb`_c\UWYc\QdYf_c`QcQT_c
XQRQcYT_U\Vbed_TU\Qf_\e^dQT^QSY_^Q\TU\]Yc]_]_T_S_]_^Y^
W‹^`Qb\Q]U^dQbY_XQRQcYT_Y^TecdbYQ\_RbUb__QbdUcQ^_C†\_\_c\QdY
Ve^TYcdQcQR_WQT_ciQ\d_cU]`\UQT_cVYcSQ\UcXQRQ^_Se`QT_SQbW_c
`Qb\Q]U^dQbY_c5\@QbdYT_<YRUbQ\4U]_SbvdYS_SQ]RYQbQUcdQcYdeQSY†^
TQ^T_²QSQTQSeQ\ce`QbdUTUQSSY†^U^\_cTUcdY^_cTUce`QdbYQXQSYU^
T_aeUd_TQc\Qc`b_VUcY_^UcS_]_U\S_]UbSY_\QcSYU^SYQc\QcQbdUc\Qc
\UdbQc\Q]QbY^QUdScUQ^bU`bUcU^dQTQcU^U\cU^_TU\S_^WbUc_³!$'!<Q
SQ^TYTQdebQTUFYSe…Q=QS[U^^QiU\Y^cdbe]U^d_`_\dYS_SbUQT_`QbQ
\UfQ^dQb\Q_VbUSQ^e^Uc`QSY_`QbQ\QUh`bUcY†^TU\QcfYUZQcbUYfY^TYSQ
SY_^Uc`_`e\QbUc<Q_SQcY†^UbQ`b_`YSYQ*\QSbYcYcUS_^†]YSQaeUcQSe
TQQ\`Qc\QcTYfYcY_^UcU^U\cU^_TU\QU\YdUU^`QbdYSe\Qb\QcTU\SQ]`_
\YRUbQ\iU\TYcSebc_`_`e\YcdQTU\QRQ^TUbQT_iceSbSe\_S_^dbYReQ^Q
SbUQbe^S\Y]QaeUY^SYdQRQQ^e]Ub_c_cU\U]U^d_c`_`e\QbUcQ`QbdYSY
`QbU^UcdQ^eUfQUh`UbYU^SYQ`_\dYSQ
<QWYbQTU\SQ^TYTQd_`bUcYTU^SYQ\\YRUbQ\TU]_SbvdYS_Q\Qc`b_fY^

!$&(
²1cQ]R\UQ<YRUbQ\4U]_SbvdYSQ7bQ^bUe^Y†^TU_RbUb_c³<Q@QdbYQFQ\`QbQ
c_!%TUU^Ub_TU!('&+²FQ\`QbQc_1cQ]R\UQ<YRUbQ\4U]_SbvdYSQ³5\3_`YQ`Y^_3_`YQ
`†"!TUU^Ub_TU!('&+²>_dQiQSdQ³i²1cQ]R\UQTU\QS\QcU_RbUbQ³<Q@QdbYQFQ\`QbQ
c_!&TUVURbUb_TU!('&
!$&)
1>12F=f_\#&%3_bbUc`_^TU^SYQ(3QbdQTU6Ub]^FYfQSUdQQ2U^ZQ]^
FYSe…Q=QS[U^^QFQ\`QbQc_U^Ub_!(TU!('&\UWQZ_#&V#!'
!$'
²1cQ]R\UQ<YRUbQ\4U]_SbvdYSQ³<Q@QdbYQFQ\`QbQc_"!TUVURbUb_TU!('&
!$'!
9RYT

%!"
SYQcTU\cebTUcTUU\!$TUVURbUb_Q\%TU]Qbj_TU!('&VeUU\]_]U^
d_TU]Qi_b]_fY\YjQSY†^`_`e\QbTU\QSQ]`Q…Q<Q`bUcU^SYQTU\_cdbQ
RQZQT_bUcU^UcdQUdQ`QUcdQRQcY]R_\YjQTQ`_be^_TU\_cSY^S_]YU]
Rb_cTUceS_]YdYfQ<eYc3Qb\_c7QbVYQcU^SQ\YTQTTU²TU\UWQT_TU\Q
S\QcU_RbUbQTUCQ^dYQW_³i`_b\Qc^e]Ub_cQcTU\UWQSY_^UcTUQbdUcQ^_c
i_RbUb_caeU]QbSQRQ^ceQTXUcY†^TU]Q^UbQY^TU`U^TYU^dUTU\_c
_db_ccUSd_bUc1c`_bUZU]`\_\QcSb†^YSQcTU\Q}`_SQY^V_b]QRQ^aeU
Q\`QcQb`_b\QUcdQSY†^TUCQ^2Ub^QbT_SeQ^T_U\dbU^cUTUdef_²e^Q
TY`edQSY†^TU\QS\QcU_RbUbQ`bUcYTYTQ`_bU\U^decYQcdQi`QdbY_dQQbdUcQ
^_6UTUbYS_3_^dbUbQc`Qc†QVU\YSYdQbQ\cU…_bFYSe…Q=QS[U^^Q!$'"5cQ
]Yc]Q^_SXUcUbUQ\Yj†e^]UUdY^WU^3ebYS†S_^\QQcYcdU^SYQTU²^_
]U^_cTU]Y\`Ubc_^Qc\Q]Qi_b`QbdUTU\QS\QcU_RbUbQ³ !$'#5\!%TUVU
RbUb_U\QRQ^TUbQT_\YRUbQ\TU]_SbvdYS_VeUbUSYRYT_U^\QUcdQSY†^TU
DQ\SQ°cYU]`bUcUW‹^\Q]Yc]QSb†^YSQ°`_b²^_]U^_cTUcUYcQcYUdU]Y\
`Ubc_^Qc\Q]Qi_bQTU\`eUR\_³cYU^T_QS\Q]QT_U^\QcSQ\\UcTU\QSYe
TQT`_baeY^SUQfUY^dU]Y\`Ubc_^Qc`QbQcUbfYd_bUQT_]vcdQbTU`_b²^_
]U^_cTU]Y\_RbUb_c³S_^SU^dbQT_cVbU^dUQ\X_dU\U^aeUcUQ\_ZQRQ!$'$
1\TQceRcYWeYU^dU`_S_TUc`e}cTU\\UWQbTUY]`b_fYc_Q<Y^QbUciUc
`QbSYbcU\Q^_dYSYQ²\_cQbdUcQ^_cU^^‹]Ub_TU]vcTUdbUcSYU^d_ccUbU
e^YUb_^U^e^QUc`QSY_cQR_TUWQiU^fYQb_^e^QS_]YcY†^Qc_\YSYdQb\Q
`bUcU^SYQTU\SQ^TYTQd_iTUcecQ]YW_c³ !$'%
5\""TUVURbUb_\\UW†Q3_^SU`SY†^5\bUSYRY]YU^d_ce`Ub†Q\_c
Q^dUbY_bUc*Q\bUTUT_bTUTYUj]Y\`Ubc_^QcQS_]`Q…Qb_^Q\SQ^TYTQd_U^
ce]QbSXQTU\QUcdQSY†^Q\X_dU\²RQZ_e^QbS_TUV\_bUc\\UfQT_`_bQb
dUcQ^_c³!$'&1\TQcYWeYU^dUU^e^]UUdY^WaeUbUe^Y†QdbUc]Y\`Ubc_
^Qc\_c]U^UcdbQ\UcTU\QSYeTQTbU`bUcU^dQT_c`_bBQ]†^CUWe^T_
8QbbYUd\UU^dbUWQb_^e^Q]UTQ\\QTU_b_S_^\QY^cSbY`SY†^*²<_c_RbU
b_cTU3_^SU`SY†^Q\Y\ecdbUTUVU^c_bTUcecTUbUSX_c2U^ZQ]^FYSe
…Q=QS[U^^Q³!$''
1cebUWbUc_QCQ^dYQW_e^QWbQ^SQ^dYTQTTUQTU`d_c°aeY^SU]Y\
cUW‹^e^`UbY†TYS_fYSe…YcdQ°\_QS_]`Q…†XQcdQU\SYbS_DbQYdT_^TUcU
bUQ\Yj†e^QTU\_c]Qi_bUcQcQ]R\UQcTU\QSQ]`Q…Q !$'(
@Ub_Q`UcQbTU\U^decYQc]_`_`e\QbfQbY_cVQSd_bUcVbU^Qb_^U\

!$'"
5\fYQZUTU\Cb2U^ZQ]^FYSe…Q=QS[U^^QQ\Qc`b_fY^SYQcTU\CebVURbUb_!$]Qbj_%
TU!('&FQ\`QbQc_9]`bU^dQTU\Q@QdbYQ!('&`vW'
!$'#
?`SYd`vW)
!$'$
?`SYd`vW! 
!$'%
?`SYd`vW!#
!$'&
?`SYd`vW"!
!$''
?`SYd`vW"#+²>eUf_cdbYe^V_cTU\SQ^TYTQd_TU\_c`eUR\_c³5\6Ubb_SQbbY\
CQ^dYQW_"%TUVURbUb_TU!('&8QbbYUd!(%!!((!^_UbQQbdUcQ^_cY^_`_UdQ`UbY_
TYcdQiUcSbYd_b@UTb_@QR\_6YWeUb_Q4YSSY_^QbY_2Y_WbvVYS_SXY\U^_!%% !(('CQ^dYQW_
9]`bU^dQFYSd_bYQ!(('`vW"!'
!$'(
²1\W_TUd_T_³5\@eUR\_CQ^dYQW_)TU]Qbj_TU!('&

%!#
U]`eZU\YRUbQ\TU]_SbvdYS_@_be^Q`QbdU\QdbQTYSY_^Q\Y^dUbfU^SY†^
TU\5ZUSedYf_VQf_bUSY†QRYUbdQ]U^dUQ@Y^d_iQ\_cSQ^TYTQd_cQ`Qb\Q
]U^dQbY_cibUWYT_bUcTU\_VYSYQ\Yc]_bUe^YT_cU^\Q1\YQ^jQ<YRUbQ\5^
\_c]UcUc`bUfY_cQ\QcU\USSY_^UccU`b_TeZ_e^Q_\UQTQTUSQ]RY_cTU
Y^dU^TU^dUcW_RUb^QT_bUciZUVUcTU\Q7eQbTYQ>QSY_^Q\UhS\eiU^T_
TUUc_c`eUcd_cQ\_c`QbdYTQbY_cTUFYSe…Q=QS[U^^QQ\YWeQ\aeUQ^e
]Ub_c_cU]`\UQT_c`‹R\YS_c@_b_db_\QT_U\SQbvSdUb`_`e\YcdQTU\Q
SQ]`Q…QfYSe…YcdQ\UXYj_`UbTUb]eSX_cQ`_i_cU^dbUcUSd_bUc`_\dY
S_c°S_]_\_c^QSY_^Q\Uc_]_^ddfQbYcdQc°aeUU^Q\W‹^]_]U^d_XQ
RQ^QSQbYSYQT_\QYTUQTUf_dQb`_bU\UhY^dU^TU^dUTUCQ^dYQW_
5^\QcU\USSY_^Uc`Qb\Q]U^dQbYQcTU\"&TU]Qbj_iQcU`eT_Q`bU
SYQbU\`Uc_TUUcd_cU\U]U^d_cS_^ZeWQT_cS_^\Qc]UTYTQcTUVeUbjQi
U\S_XUSX_YWeQ\]U^dUdbQTYSY_^Q\UcS_^aeU\_cW_RYUb^_cTU\QUbQ
`_bdQ\YQ^QY^dUbfU^Q^U^\_cS_]YSY_c*\_cbUce\dQT_c_RdU^YT_c`_bU\
@QbdYT_<YRUbQ\4U]_SbvdYS_VeUb_^]QWb_cDQ\fUj\_]vccYW^YVYSQdYf_TUc
TUU\`e^d_TUfYcdQTU\Q`QbdYSY`QSY†^ibU`bUcU^dQSY†^`_`e\QbU^\Q
fYTQ`_\dYSQVeU\QU\USSY†^`QbQU\SQbW_TUTY`edQT_`_bFQ\`QbQc_TU\
QbdUcQ^_:_c}BQ]†^3_^dbUbQc!$')@Ub_VeUe^\_Wb_QYc\QT_+U^CQ^dYQ
W_^_cU_Rdef_U\]Yc]_bUce\dQT_TURYT_Q\QTYc`UbcY†^TU\f_d_`_`e
\Qb U^ T_c SQ^TYTQdebQc QbdUcQ^Q\Uc aeU S_]`YdYUb_^ U^dbU c* \Q TU\
fYSe…YcdQ8Y`†\Yd_1SUfUT_i\QTU\\YRUbQ\TUW_RYUb^_@QcSeQ\<QjQbdU
Q`_iQT_`_be^Q1cQ]R\UQTUQbdUcQ^_cY^TU`U^TYU^dUcSUbSQ^QQ\@QbdYT_
BQTYSQ\1]R_cVeUb_^TUbb_dQT_c!$( 5\TUcU^\QSUTU\_cS_]YSY_c]e
^YSY`Q\UcTU\!&TUQRbY\VeU]ei`QbUSYT_5^CQ^dYQW_cUU^VbU^dQb_^
^eUfQ]U^dU1SUfUT_i<QjQbdU*^Y^We^_VeUU\UWYT_ !$(!<QY^dUbfU^SY†^
TU\QcQed_bYTQTUcVeUTUcSQbQTQU^TYcdY^dQcSYeTQTUcTU`b_fY^SYQUc
`USYQ\]U^dUU^FQ\`QbQc_T_^TU\QfY_\U^SYQTU\_cQWU^dUcTU\`_TUb
S_\_SQT_cRQZ_\QTYbUSSY†^TU\Y^dU^TU^dU5SXQebbU^Q\SQ^j†^YfU\Uc
]Qi_bUc!$("
6Y^Q\]U^dU\QS_^db_fUbdYTQe^Y†^S_^\_cS_^cUbfQT_bUc`b_f_
S†e^QTYfYcY†^TU\@QbdYT_<YRUbQ\4U]_SbvdYS_=eSX_c`QbdYTQbY_cTU
FYSe…Q=QS[U^^Qc_RbUd_T_TUcUSd_bUc]UTY_ci`_`e\QbUc^_`_
TQ^ QSU`dQb e^Q Q\YQ^jQ S_^dbQ ^QdebQ S_^ ²\_c S\UbYSQ\Uc³ Q \_c aeU
QSecQRQ^TUTUc\UQ\dQTiTUcUb\_cSe\`QR\UcTU\QTUbb_dQTU\_cT_c
SQ^TYTQd_c \YRUbQ\Uc TU]_SbvdYS_c U^ \Qc U\USSY_^Uc ]e^YSY`Q\Uc TU
CQ^dYQW_<_cS_^cUbfQT_bUcUhYWYUb_^QFYSe…Q=QS[U^^Qe^`b_^e^

!$')
²BUce\dQT_TU\UcSbedY^Y_³<Q@QdbYQFQ\`QbQc_#TUQRbY\TU!('&+Ebj‹Q_`
SYd`vW"$!
!$(
²5\"&TU]Qbj_³i²<_c_RbUb_cYcecQc`YbQSY_^Uc³5\@eUR\_CQ^dYQW_#TUQRbY\
TU!('&+²CYU]`bU\_]Yc]_³5\@eUR\_CQ^dYQW_)TUQRbY\TU!('&1SUfUT__Rdef_
%("!ceVbQWY_ci<QjQbdU$' "Ebj‹Q_`SYd`vW"$!
!$(!
²<_cSQ^TYTQd_cQbdUcQ^_c³5\@eUR\_CQ^dYQW_")TUQRbY\TU!('&
!$("
F}QcU\QSQbdQTU\SYWQbbUb_:eQ^1Wecd^3_b^UZ_Q<eYc37QbVYQcVUSXQTQU^
FQ\`QbQc_U\"%TUQRbY\TU!('&i`eR\YSQTQU^5\@eUR\_CQ^dYQW_")TUQRbY\TU!('&

%!$
SYQ]YU^d_5\SQ^TYTQd_i\Q]Qi_bQTU\`QbdYT__`d†`_b\QUh`e\cY†^
TU \_c S_^dUcdQdQbY_c 1RU\ CQQfUTbQ ]e^YSY`Q\ bUSY}^ U\USd_ i :_c}
5ecdQaeY_ 7_b_cdYQWQ <Q ]UTYTQ cU fUbYVYS† U^ e^Q S_^SebbYTQ bU
e^Y†^fYSe…YcdQU^U\DUQdb_<bYS_TUCQ^dYQW_U^\Q^_SXUTU\)TU
]Qi_ !$(#<_cTYcYTU^dUcbUc`_^TYUb_^U\W_\`UedY\YjQ^T_\QcQb]QcTU
\Q`bU^cQiU\]UUdY^WE^Y]`bUc_VYb]QT_`_b²fQbY_cZUVUcTUdQ\\Ub³
Y^fYd†²Q\_c_RbUb_cTUCQ^dYQW_³Q*

KM`b_dUcdQbS_^dbQ\Q\YcdQTUU\USd_bUc`b_S\Q]Q
TQQ^_]RbUTU\@QbdYT_<YRUbQ\4U]_SbvdYS_\YcdQS_]
`eUcdQU^ce]Qi_b`QbdUTUS_^cUbfQT_bUcU^SeiQc
]Q^_cU\@QbdYT_<YRUbQ\S_\_SQceceUbdUcY^XQRUbbU
SYRYT_WQbQ^dQQ\We^QaeUTUcfQ^UjSQ^eUcdb_c\UWdY
]_cdU]_bUc³KiM²S_^dbQU\QRQ^T_^_U^aeUcUTUZQ
Q\QS\QcU_RbUbQiU\TUcT}^aeUcUTU]eUcdbQ`_bU\\QQ
aeYU^U^UcQ\YcdQ^_cUXQQS_bTQT_bU`bUcU^dQSY†^Q
`UcQbTU\_cdde\_caeUdYU^U`QbQUc`UbQb\Q !$($

<QQ^e^SYQTQ`b_dUcdQdef_\eWQbU\T_]Y^W_!!TUZe^Y_U^U\DUQ
db_TUFQbYUTQTUcTU\QSQ`YdQ\*\_c`QbdYSY`Q^dUcTUS\QbQb_^QFYSe…Q
=QS[U^^Q²dbv^cVeWQTU\QTU]_SbQSYQ³iQS_bTQb_^cU`QbQbcUTU}\²`_b
\QS_^TeSdQaeUX_i_RcUbfQiU\QRQ^T_^_U^aeUXQTUZQT_cecQ^dYWe_c
`bY^SY`Y_c³!$(%
5cdUQSd_]QbS†U\aeYURbUTUVY^YdYf_TU\QRQcU`_`e\QbTU\QSQ^TY
TQdebQfYSe…YcdQ1e^aeU\_cTYbYWU^dUcQbdUcQ^_c]vcbU\UfQ^dUc°S_]_
FYfQSUdQi1SUfUT_°S_^dY^eQb_^RbY^Tv^T_\UceQ`_i_ic†\_e^_c`_
S_c°S_]_2eU^QfU^debQ=_bv^°cYWeYUb_^Q\_cTYcYTU^dUc\QcQ^WbQ
UbQY^^UWQR\U@bYfQT_TUe^Q`QbdUcYW^YVYSQdYfQTUceRQcU`_`e\QbiTU
\_cQ`_i_c`_\dYS_caeUU^e^]_]U^d_XQRQ^]YbQT_S_^^UedbQ\YTQT
RU^Uf_\U^dUcec`bUdU^cY_^UcU\" TUZe^Y_U\@QbdYT_<YRUbQ\4U]_SbvdYS_
QT_`d†`_bUcdbUSXQ]Qi_bQ\QTUSYcY†^TUQRQ^T_^Qb\Q\eSXQU\USd_bQ\
1Sd_cUWeYT_FYSe…Q=QS[U^^QbU^e^SY†`‹R\YSQ]U^dUQ`bUcU^dQbcUQ

!$(#
²<QbUe^Y†^TUQ^_SXUU^U\DUQdb_<bYS_³5\9^TU`U^TYU^dUCQ^dYQW_! TU
]Qi_TU!('&+²<_cdbQYT_bUcTU\`eUR\_³5\@eUR\_CQ^dYQW_!#TU]Qi_TU!('&5\Q]
RYU^dUQ`QcY_^QT_aeUb_TU†QUcdQbe`debQcU`eUTUQ`bUSYQbYWeQ\]U^dUU^_db_cQbdSe
\_c`eR\YSQT_c`_b\_c`QbdYTQbY_cTUFYSe…Q=QS[U^^Q*²<_cdbQYT_bUcTU\`eUR\_³5\
@eUR\_CQ^dYQW_!#TU]Qi_TU!('&+²E^dbv^cVeWQU^UcSU^Q³5\9^TU`U^TYU^dUCQ^dYQ
W_!#TU]Qi_TU!('&+²3_]e^YSQT_c³5\9^TU`U^TYU^dUCQ^dYQW_!&TU]Qi_TU!('&+
²<QdbQYSY†^TUT_^1RU\CQQfUTbQ4UcSeRYUbdQ`_b}\]Yc]_³5\9^TU`U^TYU^dUCQ^dYQW_
!)TU]Qi_TU!('&+²@_RbUc`YW]U_c³5\@eUR\_CQ^dYQW_")TU]Qi_TU!('&+²<_cdbv^c
VeWQcfYSe…YcdQc³5\3XYS_dUFQ\`QbQc_!'TUZe^Y_TU!('&+²1RU\CQQfUTbQYceVQbcQ³5\
@eUR\_CQ^dYQW_!)TUZe^Y_TU!('&
!$($
²<_c=eZYSQcU^SQ]`Q…Q7_b_cdYQWQi1RU\CQQfUTbQcUY^cdQ\Q^U^FQbYUTQTUc³
5\6Ubb_SQbbY\CQ^dYQW_!!TUZe^Y_TU!('&
!$(%
²7bQ^]UUdY^W³5\6Ubb_SQbbY\CQ^dYQW_!#TUZe^Y_TU!('&

%!%
\_cS_]YSY_c`bUcYTU^SYQ\Uci`bUS_^Yj†\QQRcdU^SY†^!$(&<QU\USSY†^TU
1^RQ\@Y^d_cUUVUSde†°S_]_TUS_cde]RbU°cY^TYVYSe\dQTUc<Q`bY]U
bQ`QbdYSY`QSY†^]QcYfQU^e^QSQ]`Q…Q`bUcYTU^SYQ\dUb]Y^†U^e^WbQ^
TUcU^SQ^d_

< 1 C ?395414 5 C3E5<1 B 5@E2<931>1

@_S_TUc`e}cTU\QTUSU`SY_^Q^dUUh`UbYU^SYQ`_\dYSQfYfYTQ`_b\_ccUS
d_bUc`_`e\QbUc]_fY\YjQT_c`_b\QSQ^TYTQdebQTUFYSe…Q=QS[U^^Q
cebWY†e^Q^eUfQ_bWQ^YjQSY†^c_SY_`_\dYSQ`_`e\QbSei_c_RZUdYf_c
S_^dbQcdQRQ^S_^QaeU\\_c`ebQ]U^dUU\USd_bQ\UcaeUSQbQSdUbYjQRQ^Q\Q
]Qi_bQTU\QcQc_SYQSY_^Uc_S\eRUc`_\dYS_cTUcdY^QT_cQWQ^Qb\QccY]
`QdQcTU\²RQZ_`eUR\_³5\]Yc]_Q…_!('&S_]U^j†QV_b]QbcURQZ_U\
Y]`e\c_TU4_^Qd_=Y\\v^QSQeTQ\QT_`Ubc_^QZU\YRUbQ\]ei\YWQT_Q\_c
_RbUb_ciQbdUcQ^_c!$('\QC_SYUTQT5cSeU\QBU`eR\YSQ^Q\Q]vcY]`_bdQ^dU
TU\Qcc_SYUTQTUc`_\dYSQc`_`e\QbUcTU\Q}`_SQdQ^d_`_bceY^V\eU^SYQ
S_]_`_b\QTebQSY†^TUceQSSY†^XQcdQ!(('_!(((5\²cUSbUd_³TU
ce}hYd_bUcYTQU^\QQSUbdQTQS_]RY^QSY†^TU\QcdQbUQc`b_`YQ]U^dU
`_\dYSQcS_^\QcTUdY`_²bUWU^UbQT_bTU\`eUR\_³Ucd_UcU]Y^U^dU]U^
dUUS_^†]YSQcic_SYQ\Uc
Cec`b_]_d_bUccU`b_`_^Q^S_^cdYdeYbe^SU^db_TUSe\debQi`b_
`QWQ^TQQ\cUbfYSY_TU\_ccUSd_bUc`_`e\QbUc²dbQRQZQb`_bU\`b_WbUc_
]_bQ\ic_SYQ\TU\`eUR\_+`_b\QY\ecdbQSY†^iQTU\Q^d_Y^dU\USdeQ\TU\Qc
S\QcUcdbQRQZQT_bQc+`_bUcdbUSXQb\_cf^Se\_cTUe^Y†^iTUVbQdUb^YTQT
TU\_c]YU]Rb_cTU\QVQ]Y\YQTU]_SbvdYSQ³ !$((1`UcQbTU^_cUbe^Q

!$(&
²1SdQTU\@QbdYT_<YRUbQ\4U]_SbvdYS_TU\TU`QbdQ]U^d_TUCQ^dYQW_CUcY†^TU\
" TUZe^Y_TU!('&³<Q@QdbYQFQ\`QbQc_"&TUZe^Y_TU!('&+BYSQbT_4_^_c_4_^
2U^ZQ]^_`SYd`vWc##$i##%
!$('
4_^Qd_=Y\\v^!(")!) bYS_QWbYSe\d_bVY\v^db_`_=Y\Yd†U^TYVUbU^dUc_b
WQ^YjQSY_^UcTUQfQ^jQTQc`_cYSY_^Uc\YRUbQ\Uc4U\Q]Yc]Q]Q^UbQaeU\_cTYbYWU^dUc
`_`e\QbUc]edeQ\YcdQcS_^\_caeU]Q^dU^QUcdbUSX_cf^Se\_cQ`QbdYbTU\QT}SQTQTU
!(' ceVbY†e^`b_SUc_TUbQTYSQ\YjQSY†^`_\dYSQ5^!('&VeUe^_TU\_c`bY^SY`Q\Uc_b
WQ^YjQT_bUcTU\QC_SYUTQT5cSeU\QBU`eR\YSQ^QiU^!(''TU\QC_SYUTQTTUDQ\\UbUcSbUQTQ
`_b\Q`bY]UbQ5^!(("cUS_^d†U^dbU\_cc_cdU^UT_bUcTU5\@bUSebc_b†bWQ^_TU\Qcc_
SYUTQTUc_RbUbQcTU\QSQ`YdQ\DQ]RY}^S__`Ub†U^\QVe^TQSY†^TU\`UbY†TYS_<QBQ
j†^!(($i`bUcd†QieTQUS_^†]YSQQTYVUbU^dUc_bWQ^YjQSY_^Uc`_`e\QbUc]eSXQcTU
\QcSeQ\Uc\_TUS\QbQb_^]YU]Rb_X_^_bQbY_5^!(('`QbdYSY`†U^\QVe^TQSY†^TU\@Qb
dYT_4U]_SbvdYS_5^!(((VeUU\UWYT_TYbUSd_bTUUcQS_\USdYfYTQTi`b_S\Q]QT_SQ^TYTQ
d_QTY`edQT_`_bCQ^dYQW_>_def_QSdYfYTQT`_\dYSQTebQ^dU\QWeUbbQSYfY\TU!()!
`Ub_U^!()"U\bUSY}^bUS_^cdbeYT_@QbdYT_4U]_SbvdYS_\_TUcYW^†SQ^TYTQd_QcU^QT_b
6Q\\USY†U^CQ^dYQW_U\!&TUQW_cd_TU!) 1^QS\Ud_5c`Y^_jQ2ecd_c8_]U^QZUQ\Q
]U]_bYQTU4_^Qd_=Y\\v^U^U\# UbQ^YfUbcQbY_TUceVQ\\USY]YU^d_CQ^dYQW_9]`bU^dQE^Y
fUbcYdQbYQ!) #
!$((
²5cdQded_cTU\QC_SYUTQT5cSeU\QBU`eR\YSQ^Q³<Q9^TecdbYQ3XY\U^QCQ^dYQW_
!%TUU^Ub_TU!(''

%!&
_bWQ^YjYQSY†^UcdbYSdQ]U^dU_RbUbQ_QbdUcQ^Q\°QT]YdQU^cecU^_QSeQ\
aeYUb`Ubc_^Q^QSY_^Q\_UhdbQ^ZUbQS_^dQ\TUaeU\\U^QcU\_cbUaeYcYd_c
TU²bUS_^_SYTQX_^bQTUjiReU^QS_^TeSdQ³°cec_RZUdYf_cU\UcdY\_TU
S_^f_SQd_bYQ i U\ WbeUc_ TU cec S_]`_^U^dUc \U TQRQ^ e^ cUcW_
]QbSQTQ]U^dU `_`e\Qb Ce QSSY_^Qb Q`QbUSQ Y^c`YbQT_ `_b U\ YTUQ\
²bUWU^UbQT_bTU\`eUR\_³Q^e^SYQT_U^cec_RZUdYf_c5\\_cUbUV\UZQRQU^
U\Q^XU\_TUUcdQR\USUbe^QUcSeU\Q^_Sdeb^QU^\QUhYWU^SYQQcec]YU]
Rb_cTU²]_bQ\YTQTTUS_b_iTUSU^SYQU^U\dbQd_c_SYQ\³iU^\QcQ^SY†^
TUUh`e\cY†^`bUfYcdQU^\_cUcdQded_c`QbQ\_cc_SY_cS_^TU^QT_cQ`U^Qc
Y^VQ]Q^dUc`_b\_cTU\Yd_cTUb_R__QcUcY^Qd_`bU]UTYdQT_5^\_YTU_\†
WYS_UbQ^_d_bYQe^QVY\YQSY†^TYbUSdQS_^\QiQ]dYSQC_SYUTQTTU\Q9WeQ\
TQTTU]UTYQT_cTUcYW\_<_cc_SY_cQ\Y^WbUcQbTURQ^XQSUbcei_c\_c
]Yc]_c`bUSU`d_caeU2Y\RQ_`b_`ecYUbQQ\_cYWeQ\YdQbY_cU^!(% *²BUS_
^_SUbU\`bY^SY`Y_TU\Qc_RUbQ^QTU\`eUR\_S_]_RQcUTUd_TQ`_\dYSQ
iU\TURUbiU\Q]_bQ\QVbQdUb^YTQTe^YfUbcQ\S_]_fYTQ]_bQ\³!$()
5^dbUcec]UdQcTUdY`_c_SYQ\\QC_SYUTQT5cSeU\QBU`eR\YSQ^QcU`b_
`_^Q\Q_bWQ^YjQSY†^TUS__`UbQdYfQcTU`b_TeSSY†^U^dbU\_c_RbUb_cTU
CQ^dYQW_FQ\`QbQc_i_dbQcSYeTQTUc1cVeU`b_`eUcdQ\QYTUQTU\QSbUQ
SY†^TUe^QC_SYUTQTTUDQ\\UbUcQR_SQTQQbU`QbQbiS_^cdbeYbUTYVYSY_cQ
S_]`bQbifU^TUb]QdUbYQ\UcTUS_^cdbeSSY†^iUcdQR\USUb`_cdUbY_b]U^dU
jQ`QdUbQccQcdbUbQcSQb`Y^dUbQciTU`†cYd_c`QbQU\S_^ce]_TUQ\Y]U^
d_c5\`b_iUSd_TU\QC_SYUTQTTUDQ\\UbUcS_^dU]`\QRQ\QfU^dQTUQSSY_^Uc
TU"% i\QWQbQ^dQ`QbQ\_c_RbUb_cQSSY_^YcdQcTUcUb`bUVUbYT_c`QbQ
UZUSedQb\_cdbQRQZ_caeUbUQ\YjQbQ\QQc_SYQSY†^ !$) 5\`\Q^VeU`_`e\QbYjQ
T_`_b\_c`UbY†TYS_caeUcUQed_TUVY^Q^S_]_†bWQ^_cTU\]_fY]YU^d_
`_`e\Qb5^CQ^dYQW_U\cU]Q^QbY_<Q9^TecdbYQ3XY\U^Q`eR\YS†Y^UhdU^c_
U\`b_iUSd_QTU]vcTUTYcdY^d_cS_]e^YSQT_cTU\QC_SYUTQT5cSeU\QBU`e
R\YSQ^QTUcdY^QT_cQTQb\U`eR\YSYTQT@_bce`QbdU5\?RbUb_TUFQ\`QbQc_
cU…Q\QRQQ`b_`†cYd_TU\`\Q^S__`UbQdYfYcdQbUSYU^dU]U^dUTYVe^TYT_*

3_^RQcdQ^dUU^decYQc]_XQcYT_bUSYRYTQ`_b\_c
_RbUb_cTUFQ\`QbQc_\QYTUQTUV_b]Qbe^QQc_SYQSY†^
`QbQVe^TQbdQ\\UbUciU^\_cSeQ\UccU`b_`_bSY_^UU^cU
…Q^jQidbQRQZ_Q\_c_RbUb_c5cdQYTUQaeUcUdbQdQTU
bUQ\YjQb`_bY^c`YbQSY†^TU\Q5cSeU\QBU`eR\YSQ^QTU
CQ^dYQW_SeU^dQiQS_^U\Q`_i_TU]vcTUSeQdb_SYU^
d_cQSSY_^YcdQc !$)!

!$()
9RYT
!$)
<†`Uj_`SYd`vW"=+²C_SYUTQTBU`eR\YSQ^Q³5\?RbUb_FQ\`QbQc_!%TUZe
^Y_TU!(''+²1\_c_RbUb_cTU3XY\U³5\?RbUb_FQ\`QbQc_$TUZe\Y_TU!(''+²C_SYUTQT
TUDQ\\UbUc1\_c_RbUb_cTU3XY\U³CQ^dYQW_Ze^Y_TU!(''<Q9^TecdbYQ3XY\U^QCQ^dYQ
W_"%TUQW_cd_TU!(''
!$)!
²C_SYUTQTTUDQ\\UbUc³5\?RbUb_FQ\`QbQc_!#TUZe\Y_TU!(''

%!'
 <QC_SYUTQTTUDQ\\UbUcUcdQRQS_^SURYTQTU^db_TUe^]QbS_TUQe
d_^_]Qd_dQ\VbU^dUQ\5cdQT_TURYT_QaeUcec`b_]_d_bUc !$)" XQRQ^
S_^cdQdQT_U\VbQSQc_TUY^YSYQdYfQcaeUXQRQ^`bUdU^TYT_S_^dQbS_^ce
S_^Sebc_*

KM]eSXQcc_SYUTQTUcTUQbdUcQ^_cXQ^c_\YSYdQT_
TU\_cW_RYUb^_cceRfU^SY_^Uc_QehY\Y_c`QbQbUQ\YjQb
Q\We^_c^_R\UcVY^UcaeUcUXQ^`b_`eUcd_<QcS_^cU
SeU^SYQcTUUcUcYcdU]QXQ^cYT_icUbv^Ve^UcdQc2QZ_
U\`bUdUhd_TUe^Q`b_dUSSY†^QS_bTQTQS_]_WbQSYQi
S_^ U\ TY^Ub_ TU \Q ^QSY†^ \_c W_RUb^Q^dUc XQ^
RQcdQbTUQT_]eSXQcTUUcQcQc_SYQSY_^UcUY^db_TeSYT_
U^U\\QcU\Uc`bYdeTU`QbdYT_=QcUcU^_UcU\‹^YS_
TQ…_U\`bY^SY`Q\S_^cYcdUU^aeU\_c_RbUb_ccUXQRY
d‹Q^Q^_XQSUb^QTQcY^U\RU^U`\vSYd_TU\QQed_bYTQT+
`YUbTU^e^Q`QbdUTUceY^TU`U^TU^SYQiUccQRYT_aeU
U^\QcTU]_SbQSYQcU\SYeTQTQ^_^USUcYdQTUe^QQ]`\YQ
Qed_^_]Q`QbQcUbQ\QfUjSU^c_biZecd_Q`bUSYQT_bTU
\QcQSSY_^UcTU\_cTU\UWQT_cQ\`_TUb!$)#

5bQ`_b\_dQ^d_e^Y^cdbe]U^d_`QbQU\]UZ_bQ]YU^d_i`b_WbUc_
TU\QS\QcU\QR_bY_cQc_cdU^YT_`_bU\\Q]Yc]QU^U\S_^dUhd_TUSbYcYc
US_^†]YSQaeUcQSeTQU\`QciaeUW_\`UQRQ`bUVUbU^dU]U^dUQ\_cdbQ
RQZQT_bUc<QS__`UbQdYfQU^WU^TbQTQ`_b\QC_SYUTQT5cSeU\QBU`eR\YSQ
^QcUTYbYWQQ\_c_RbUb_c`bUcU^dv^T_cUS_]_e^Q²]UTYTQcQ\fQT_bQ³
_VbUSY}^T_\UcdbQRQZ_S_^cdQ^dUQ\]Yc]_dYU]`_aeUe^QSQZQTUQX_
bb_c`QbQTU`_cYdQb²TUcSQ^cQTQ]U^dU³cecUS_^_]Qc !$)$
1S_]YU^j_cTUcU`dYU]RbUTU!(''\_cQSSY_^YcdQcTU\QV\Q]Q^dU
C_SYUTQTTUDQ\\UbUcQ`b_RQb_^cecUcdQded_ciU\YWYUb_^e^QTYbUSdYfQS_]
`eUcdQ`_b4_^Qd_=Y\\v^1]Rb_cY_<QbbUSXUTQ:_c}=QbQ5cdUfUj
<_bU^j_=_bQ\UcDbYcdv^3_b^UZ_:eQ^2=ebY\\_i>QjQbY_FQbQc!$)%<Q
Y^QeWebQSY†^_VYSYQ\def_\eWQbU^CQ^dYQW_U\# TUcU`dYU]RbUS_^e^Q
VYUcdQQ\QaeUQcYcdYUb_^^e]Ub_c_cdbQRQZQT_bUcQTU]vcTU\@bUcYTU^dU

!$)"
rcd_cUbQ^*4_^Qd_=Y\\v^<_bU^j_=_bQ\Uc2U^ZQ]^5]`Qbv^1]Rb_cY_<Q
bbUSXUTQ:eQ^3\QfYZ_=_Yc}c7_^jv\Uj:_c}9W^QSY_CY\fQ6bQ^SYcS_1fU^TQ…_DbYcdv^
3_b^UZ_5ecURY_CQ\fQc=Q^eU\=_TUcd_C_jQ<eYc?bdYj?\QfQbbYUdQ:_c}=QbQ5cd}fUj
i6bQ^SYcS_:QfYUb7eUfQbQ<Q]Qi_bQTUU\\_cUbQ^TYbYWU^dUc]edeQ\YcdQc_TUcdQSQT_c
Q^Y]QT_bUcTU\QSQ]`Q…QU^VQf_bTU\`b_dUSSY_^YcdQaeUcUTUcQbb_\\QRQU^Uc_c]_]U^
d_c
!$)#
²C_SYUTQTBU`eR\YSQ^Q³5\?RbUb_FQ\`QbQc_!%TUZe^Y_TU!(''
!$)$
²1\_c_RbUb_cTU3XY\U³_`SYd
!$)%
²C_SYUTQTTUDQ\\UbUc³<Q9^TecdbYQ3XY\U^QCQ^dYQW_!!TUcU`dYU]RbUTU!(''+
1>1=8f_\! (C_\YSYdeTUc`QbdYSe\QbUc! UbSeQdbY]UcdbU!('(²5cdQded_cTU\Q
C_SYUTQTTUDQ\\UbUc³cV

%!(
TU\QBU`‹R\YSQQS_]`Q…QT_TUcec]Y^Ycdb_c<QcdQbbYQi1]e^vdUWeY!$)&
<_cTYbYWU^dUcTU\QC_SYUTQT5cSeU\QBU`eR\YSQ^QiTU\QC_SYUTQTTUDQ\\U
bUcDbYcdv^3_b^UZ_i2U^ZQ]^5]`Qbv^aeUXYSYUb_^ec_TU\Q`Q\QRbQ
Q`b_fUSXQb_^\Q_`_bde^YTQT`QbQ`UTYbQ\:UVUTU5cdQT_\QQ`\YSQSY†^
TU]UTYTQc`b_dUSSY_^YcdQc`QbQ\QY^TecdbYQ^QSY_^Q\Uc`USYQ\]U^dU\Q
bUV_b]QTU\Q\UiTUQTeQ^Qc5\`bUcYTU^dU1^RQ\@Y^d_VeUUfQcYf_U^
ceRbUfUQ\_SeSY†^\Y]Ydv^T_cUQVU\YSYdQbQ\_c`b_]_d_bUcTU\QS__`U
bQdYfQQcU…Q\QbaeU\QS\QcU_RbUbQXQRQS_]`bU^TYT_Sev\UbQceTURUb
U^\_c]_]U^d_cTUSbYcYcUS_^†]YSQ`_b\_caeUQdbQfUcQRQU\`QciQ
Uh`bUcQbe^cY]`\UQ^XU\_*²5cdU`Qc_]UbUSUbv\QQdU^SY†^TU\QcS\QcUc
QS_]_TQTQcii_Uc`Ub_aeUU\Q`_i_i`b_dUSSY†^QaeUcUXQSUQSbUU
T_bQ\QS\QcU_RbUbQ^_cUXQbvUc`UbQb³!$)'
<QC_SYUTQTTUDQ\\UbUcdb_`Uj†S_^cUbYQcTYVYSe\dQTUc<QSbYcYcUS_
^†]YSQ\Y]YdQRQTUV_b]QcUfUbQ\Qc`_cYRY\YTQTUcTUU^S_^dbQb]USU
^QcTYc`eUcd_cQc_S_bbUb\QE^Q…_TUc`e}cTUceVe^TQSY†^\QcYdeQ
SY†^UbQSbdYSQ4_^Qd_=Y\\v^cUTYbYWY†Q\=Y^Ycdb_TU8QSYU^TQ`QbQ
`UTYb\UaeUc_\YSYdQbQQ\3_^WbUc_>QSY_^Q\e^QceRfU^SY†^Q^eQ\TU
# TebQ^dUe^`Ub_T_TUSY^S_Q…_c1SQ]RY_TUUcdQQieTQ\Q
S__`UbQdYfQcUS_]`b_]UdQQbUQ\YjQbTebQ^dUU\]Yc]_`Ub_T_\_c
dbQRQZ_cU^SQbWQT_c`_bU\W_RYUb^_²cY^bU]e^UbQSY†^Q\We^Qic_\Q
]U^dU`_bU\S_cd_TU`b_TeSSY†^³ !$)(5^\Q`bvSdYSQU\\_Y]`\YSQRQ
TUcTUSYbcU°Q\]U^_c`QbSYQ\]U^dU°bUc`USd_TU\QcTUS\QbQSY_^UcY^Y
SYQ\UcTUQed_^_]QVbU^dUQ\`_TUb<QTebQbUQ\YTQTUS_^†]YSQU]
`eZQRQQ\_cS__`UbQdYfYcdQcQRecSQbQd_TQS_cdQQ`_i_ciS\YU^dUc`QbQ
`_TUb c_RbUfYfYb <_c bUce\dQT_c Y^YSYQ\Uc VeUb_^ TUSU`SY_^Q^dUc <Q
c_SYUTQT`bUcU^d†cec`b_`eUcdQcU^d_T_c\_cdbQRQZ_cTQT_cQ\YSYdQ
SY†^`‹R\YSQfYU^T_SQcYcYU]`bUVbecdbQTQccecUc`UbQ^jQc8QSYQVY
^UcTU!('(c†\_cUXQRQ^WQ^QT_dbUcS_^dbQd_c5\bUcd_cUXQRQ`Ub
TYT_`_bTYcdY^dQcbQj_^UcY^S\ec_`_b\QY^fUdUbQTQ`bUVUbU^SYQ`_b
\_VQRbYSQT_U^U\UhdbQ^ZUb_ !$))
<QbUQSdYfQSY†^US_^†]YSQaeU`b_TeZ_\Q7eUbbQTU\@QSVYS_RU
^UVYSY†Q\QC_SYUTQTTUDQ\\UbUc*\_cU^SQbW_cTUZQb_^TUUcSQcUQbi\_cRU
^UVYSY_c_RdU^YT_c`Ub]YdYUb_^TU]_]U^d_ce`UbQbceQ^WecdYQ^dUcY
deQSY†^VY^Q^SYUbQ5^]Qi_TU!(( 4_^Qd_=Y\\v^Y^V_b]QRQaeU\_c
S_^dbQd_cSU\URbQT_cU^\_aeUYRQS_bbYT_TU\`bY]UbcU]UcdbUQcSU^

!$)&
5\6Ubb_SQbbY\CQ^dYQW_"TU_SdeRbUTU!(''
!$)'
²C_\U]^UY^QeWebQSY†^TU\QC_SYUTQTTUDQ\\UbUcTUCQ^dYQW_³<Q9^TecdbYQ
3XY\U^QCQ^dYQW_!#TU_SdeRbUTU!(''
!$)(
4YQbY_?VYSYQ\TU\QBU`‹R\YSQTU3XY\UCQ^dYQW_!!TUU^Ub_TU!(')+²<QSQ`YdQ\³
<_cDYU]`_cCQ^dYQW_!"TUU^Ub_TU!(')
!$))
=U]_bYQaeUU\3_^cUZ_4YbUSdYf_TU\QC_SYUTQTTUDQ\\UbUc`bUcU^dQQ\_cQSSY_^YcdQcS_
bbUc`_^TYU^dUQ\cU]UcdbUaeUfU^SUU\`bUcU^dU]UcCQ^dYQW_9]`bU^dQY<Yd_WbQVQTU\QC_S
TU9^cdbeSSY†^@bY]QbYQ!('(`vWc#%+²<QC_SYUTQTTUDQ\\UbUcY\Q=e^YSY`Q\YTQTTU
CQ^dYQW_³5\3XYS_dUCQ^6Ub^Q^T_%TUcU`dYU]RbUTU!('(

%!)
 !%
TQ^Q\Qce]QTU"% >__RcdQ^dUQ^dUcTU\d}b]Y^_TU\S_^V\YS
d_R}\YS_\QS__`UbQdYfQcUU^S_^dbQRQ^eUfQ]U^dUU^SbYcYc*Q\QcTYVYSe\
dQTUcUS_^†]YSQc°Q`UcQbTU\QceRfU^SY†^VYcSQ\°cUce]QRQ^QSecQSY_
^UcY^dUb^QcTU]Q\_c]Q^UZ_cTUcecV_^T_ciTUQRec_cTU`_TUb`_b
`QbdUTU\_c`bY^SY`Q\UcQSSY_^YcdQc<Q`_cYRY\YTQTTUce\YaeYTQSY†^TU
VY^YdYfQUbQUf_SQTQQRYUbdQ]U^dU`_bQ\We^_cc_SY_c?db_cbUcYcdQ^dU
^Qj]U^dUUcdQQ\dUb^QdYfQ`_bS_^cYTUbQb\QS_^dbQbYQQ\Y^dUb}cTU\_cdbQ
RQZQT_bUc!% !5fYTU^dU]U^dU\QC_SYUTQTTUDQ\\UbUc^_XQRQcYT_\QdQR\Q
TUcQ\fQSY†^TU\_c_RbUb_caeUXQRQ^S_^SURYT_cecY^c`YbQT_bUc
@Ub_\QQSdYfYTQTTU\QC_SYUTQT5cSeU\QBU`eR\YSQ^Q^_cU\Y]YdQRQQ\
TUcQbb_\\_TUUcdQUh`UbYU^SYQS__`UbQdYfYcdQCec]Qi_bUcUcVeUbj_c\_c
S_^cQWb†Q\TUcQbb_\\_TUdQbUQcTUdY`_`_\dYS__bWQ^YjQdYf_ibUYfY^TY
SQdYf_`_`e\Qb5^U\fUbQ^_TU!(')S_^SYRY†QdbQf}cTU\QC_SYUTQTTU
DQ\\UbUc\QbUQ\YjQSY†^TUe^²3_^WbUc_TU_RbUb_c³ !% " aeU^_Q\SQ^j†Q
S_^SbUdQbcUU^UcQ_`_bde^YTQTTURYT_Q\UcdQ\\YT_TU\Q7eUbbQTU\@QS
VYS_5^U\`\Q^_`_\dYS_\Q5cSeU\QBU`eR\YSQ^QcUS_^cdYdei†U^\Q`e^dQ
TU\Q^jQTUe^QS_bbYU^dUTU\YRUbQ\Yc]_`_`e\QbaeUUcdQR\USY†bU\QSY_
^UcTUS__`UbQSY†^S_^U\\YRUbQ\Yc]_Y^cdQ\QT_U^U\W_RYUb^_<QcQe
d_bYTQTUcQ`b_RQb_^\_cUcdQded_cTUceQXYZQTQ\QC_SYUTQTTUDQ\\UbUc\Q
TUS\QbQb_^\UWQ\]U^dUY^cdQ\QTQiVYZQb_^U\!%TUU^Ub_TU!('(S_]_
VUSXQ`QbQU]`UjQbcec_`UbQSY_^Uc!% #
@_bce`QbdU\QC_SYUTQT5cSeU\QBU`eR\YSQ^QQ`\QeTQ\QcbUV_b]Qc
aeUQceZeYSY_`Ub]YdYbQ^e^QQ]`\YQSY†^TU\QTU]_SbQSYQiTU\_cTU
bUSX_cTU\`eUR\_iQ`_bdQRQe^QSdYf_Q`_i_`_\dYS_Q\_cW_RYUb^_ci
\TUbUc\YRUbQ\Uc1cVeUS_]_U^!((!\Q5cSeU\QBU`eR\YSQ^QbU`bUcU^
dQTQ`_b=Q^eU\8YTQ\W__VbUSY†\QSQ^TYTQdebQQ\Q`bUcYTU^SYQTU\QBU
`‹R\YSQQ4_]Y^W_CQ^dQ=QbQ!% $@Ub_U\c_cd}^^_UbQc†\_U\USd_bQ\+

!%
=U]_bYQaeUU\3_^cUZ_4YbUSdYf_TU\QC_SYUTQTTUDQ\\UbUc`bUcU^dQQ\_cQSSY_^YcdQc3_
bbUc`_^TYU^dUQ\cU]UcdbUaeUfU^SUU\`bUcU^dU]UcCQ^dYQW_9]`bU^dQTU\QBU`‹R\YSQ]Qi_
TU!(( `vW#
!% !
²=_cdQSY\\Q³5\@bUSebc_bCQ^dYQW_! TUZe^Y_i&TUZe\Y_TU!(("+²C_SYUTQT
TUDQ\\UbUc³5\@bUSebc_bCQ^dYQW_!%TUZe\Y_TU!(("+²BUV\UhY_^Uc³5\@bUSebc_bCQ^dYQ
W_""TUZe\Y_TU!(("+²2_\Ud^TU\Qcc_SYUTQTUcC_SYUTQTTUDQ\\UbUc³5\@bUSebc_bCQ^
dYQW_""TUZe\Y_TU!(("+²=_cdQSY\\Q³i²2_\Ud^TU\Qcc_SYUTQTUcC_SYUTQTTUDQ\\UbUc
S_^S\ecY†^³5\@bUSebc_bCQ^dYQW_²=_cdQSY\\Q³CQ^dYQW_")TUZe\Y_"i%TUQW_cd_TU
!(("+²2_\Ud^TU\Qcc_SYUTQTUcC_SYUTQTTUDQ\\UbUc:e^dQ:U^UbQ\UcdbQ_bTY^QbYQU^"'
TUQW_cd_TU!(("³5\@bUSebc_bCQ^dYQW_#!TUQW_cd_"i'TUcU`dYU]RbUTU!(("
!% "
²7QSUdY\\Q3_^WbUc_TU9^TecdbYQ\Uc³5\9^TU`U^TYU^dUCQ^dYQW_&TU]Qbj_TU
!(')+²>_fUTQTUc³<Qc>_fUTQTUcCQ^dYQW_! TU]Qbj_TU!(')
!% #
1>1=8f_\! (C_\YSYdeTUc`QbdYSe\QbUc!Ub SeQdbY]UcdbU!('(FYcdQQ\
6YcSQ\TU\Q3_bdUCe`bU]QTU:ecdYSYQCQ^dYQW_"(TUTYSYU]RbUTU!(''i4USbUd_TU\
6YcSQ\TU\Q3_bdUCe`bU]QTU:ecdYSYQCQ^dYQW_$TUU^Ub_TU!('(cV
!% $
5^U\`b_SUc_TU^_]Y^QSY†^TU\SQ^TYTQd_\YRUbQ\Q\Q`bUcYTU^SYQTU\QBU`‹
R\YSQU^!((!Y^dUbfY^YUb_^TU]Q^UbQTUcdQSQTQfQbY_cTYbYWU^dUcTU\]_fY]YU^d_]edeQ
\YcdQ<QY^fYdQSY†^TU\"TU]Qbj_TU\Q1cQ]R\UQ<YRUbQ\TUFQ\`QbQc_QcecS_bbU\YWY_^Q
bY_cTUd_T_U\`Qc`QbQQT_`dQbe^QV†b]e\QTU]_SbvdYSQi`QbdYSY`QdYfQ`QbQ\QTUcYW^Q

%"
dQ^_]vcY]`_bdQ^dUaeU\_cceVbQWY_c`_`e\QbUcQ`_bdQT_cQ\QSQecQ\Y
RUbQ\UbQcedbQRQZ_TUQWYdQSY†^i]_fY\YjQSY†^c_SYQ\4UUcdQ]Q^UbQ
U^VURbUb_TU!(')\Qc_SYUTQT_bWQ^Yj†\QQTXUcY†^`_`e\QbQ\W_RYUb
^_Q`b_`†cYd_TU\S_^V\YSd_S_^2_\YfYQUh`bUcQ^T_ceVYTU\YTQTQ\QSQe
cQ`QdbY†dYSQ`_b]UTY_TUe^]UUdY^WU^\QSQ`YdQ\!% %4U\]Yc]_]_T_
U^U^Ub_TU!((%SeQ^T_U\`bUcYTU^dUCQ^dQ=QbQVeUfSdY]QTUe^
QdU^dQT_\Q5cSeU\QBU`eR\YSQ^Q`bU`Qb†e^Q]Q^YVUcdQSY†^TUbU`eTY_Q
\QQWbUcY†^iTUc_\YTQbYTQTS_^U\:UVUTU5cdQT_ !% &
5\]_fY]YU^d_^eS\UQT_U^d_b^_Q\Q5cSeU\QBU`eR\YSQ^Q^_cU\Y
]Yd†QU^dbUWQbQ`_i_Q\\YRUbQ\Yc]__VYSYQ\IQU^fc`UbQcTU\UcdQ\\YT_
TU\Q7eUbbQTU\@QSVYS_cU`\Q^dU†\Q^USUcYTQTTUSbUQbe^`QbdYT_aeU
VeUbQ\QUh`bUcY†^TUe^QS_bbYU^dUTU\YRUbQ\Yc]_`_`e\Qb4UcTU\Qc
S_\e]^QcTU5\DQ\\UbcU`bUTYS†\Qe^Y†^TU\_c_RbUb_cicUY^SYd†Q²\_c
ZUVUcTU\QcTYcdY^dQcVbQSSY_^Uc³U^aeUcUXQ\\QRQTYfYTYTQ\QS\QcU_RbUbQ
QbUe^YbcUU^e^]UUdY^W`QbQWU^UbQbe^`b_WbQ]QS_]‹^aeUVeUbQ²\Q
RQ^TUbQRQZ_\QSeQ\cUe^YUbQ^d_TQc\QcVbQSSY_^UccY^TUZQb`_bUcd_
cecQc`YbQSY_^Uc`QbdYSe\QbUc³ !% '<Qe^Y†^TQbQ\QVeUbjQ^USUcQbYQQ\_c
dbQRQZQT_bUc`QbQU^fYQbQ\3_^WbUc_QX_]RbUcaeUcUS_]`b_]UdYUbQ^
QTUVU^TUbcecY^dUbUcUciWQbQ^dYjQbQaeU\QcTUSYcY_^Uc`_\dYSQccUd_
]QbQ^U^Ve^SY†^TUU\\_c]Yc]_c*

<_cQRec_cTU\W_RYUb^_icecbU`bUcU^dQ^dUc\\UWQ
bQ^QXQSUbcU]eiTYVSY\Uc`_bU\dU]_bQ\QbU`bUcY†^

SY†^TU\SQ^TYTQd_VeUVYb]QTQ`_bSeQbU^dQicYUdU`Ubc_^QcU^SQRUjQTQc`_bU\QSQeTQ
\QT_1Wecd^5TgQbTc1\\VYWebQb_^\_cS_^_SYT_c\TUbUc]edeQ\YcdQc:eQ^1Wecd^3_b
^UZ_6Ub]^FYfQSUdQ:_c}BQ]†^Cv^SXUjD_]vc:7_^jv\Uji=Q^eU\8YTQ\W_D_T_c
U\\_cTU\UWQT_cQSbUTYdQT_cQ\Q7bQ^3_^fU^SY†^<YRUbQ\aeUcUbUe^Y†Q\]UccYWeYU^dU
U^\Q]Yc]QSYeTQTQ\YWeQ\aeU=QbY_^B_ccTUbUS_^_SYTQdbQiUSd_bYQU^\QE^Y†^TU\_c
DY`†WbQV_cTU\QSQ`YdQ\<Q7bQ^3_^fU^SY†^<YRUbQ\SU\URbQTQU^FQ\`QbQc_U^QRbY\TU!((!
FQ\`QbQc_9]`bU^dQTU\=UbSebY_!((!`vWc(i)i!%""C_RbU\Q`QbdYSY`QSY†^TU
=Q^eU\8YTQ\W_f}QcUdQ]RY}^\QY^V_b]QSY†^TU<Q<YRUbdQTTUDQ\SQbU`b_TeSYTQU^
²=_cdQSY\\Q³5\@bUSebc_bCQ^dYQW_""TUQRbY\TU!(("
!% %
²2ej†^5cSeU\QBU`eR\YSQ^QCUcY†^5cdbQ_bTY^QbYQ³5\DQ\\UbCQ^dYQW_!"TUVU
RbUb_TU!(')+²1fYc_c5cSeU\QBU`eR\YSQ^QCUcY†^5cdbQ_bTY^QbYQ³5\DQ\\UbCQ^dYQW_!#
TUVURbUb_TU!(')+²7bQ^]UUdY^W`QdbY†dYS_³5\DQ\\UbCQ^dYQW_!$TUVURbUb_TU!(')+
²2ej†^7bQ^]UUdY^W`QdbY†dYS_U^\Q@\QjQTU1b]Qc1\QcSY^S_TU\QdQbTU]Q…Q^QT_
]Y^W_!&TUVURbUb_³5\DQ\\UbCQ^dYQW_!&TUVURbUb_TU!(')+²<QSQ`YdQ\³<_cDYU]`_c
CQ^dYQW_!&TUVURbUb_TU!(')+²3b†^YSQ5\]UUdY^WTUQiUb³5\DQ\\UbCQ^dYQW_!'TUVU
RbUb_TU!(')+²7QSUdY\\QY^dUbY_b³5\9^TU`U^TYU^dUCQ^dYQW_!(TUVURbUb_TU!(')+²<Q
SQ`YdQ\³<_cDYU]`_cCQ^dYQW_!(i!)TUVURbUb_TU!(')+²3b†^YSQ1\TYbUSd_bY_TU\QC_
SYUTQT5cSeU\QBU`eR\YSQ^Q³5\DQ\\UbCQ^dYQW_"&TUVURbUb_TU!(')
!% &
²<Q5cSeU\QBU`eR\YSQ^Q³i²<QC_SYUTQT5cSeU\QBU`eR\YSQ^QQ\`eUR\__RbUb_
TUCQ^dYQW_³<QBQj†^CQ^dYQW_"$TUU^Ub_TU!((%+²5\WbQ^]UUdY^WTUQiUb³i²5\
]UUdY^WTUQiUb³<QBQj†^CQ^dYQW_"&TUU^Ub_TU!((%+²3b†^YSQ³<QBQj†^CQ^dYQW_
"(TUU^Ub_TU!((%
!% '
²<QVeUbjQTU\Qe^Y†^³5\DQ\\UbCQ^dYQW_#TUVURbUb_TU!(')

%"!
 `_`e\QbaeUY^TeTQR\U]U^dUcecSYdQbQ\QS\QcU_RbUbQ
UcdQ^T_e^YTQRQZ_e^]Yc]_`b_WbQ]Q+icY\\UWQRQ^Q
bUQ\YjQbcUU\SQcdYW_^_cUXQbQUc`UbQb`_baeU\QS\QcU
_RbUbQVeUbdU`_bcee^Y†^cQRbQY]`_^Ub\_SQc_aeU
U\W_RYUb^_^_\_Y]`ecYUbQ
<QS\QcU_RbUbQe^YTQcQRbQi`_TbQUSXQbQRQZ_e^
]Y^YcdUbY_SeQ^T_XeRYUbQ]_dYf_+cQRbQXQSUbSQUbQ
e^Y^dU^TU^dU_Qe^W_RUb^QT_baeUTUcS_^_SYUbQ^\Q
\UiaeUQRecQbQ^TUU\\Q_aeU^_Se]`\YUbQ^S_^U\TU
RUbTUdbQRQZQb`_bU\QTU\Q^d_TUcecTU`QbdQ]U^d_c!% (

1\]Yc]_dYU]`_cUTQRQ^\_c`Qc_c^USUcQbY_c`QbQ_bWQ^YjQbe^
@QbdYT_BU`eR\YSQ^_1S_]YU^j_cTUU^Ub_TU!(')cUS_^cdYdei†e^TYbUS
d_bY_U^SQRUjQT_`_b8Y`†\Yd_1SUfUT_i2eU^QfU^debQ=_bv^ !% )@_S_
TUc`e}c:QfYUb3Q]Y\_1\RUbd_7Q^TQbY\\QciDbYcdv^3_b^UZ_bUTQSdQb_^
e^`b_iUSd_TU`b_WbQ]Q !%! aeUVeUQ`b_RQT_U\! TUVURbUb_`_b\Q
Ze^dQTYbUSdYfQTU\Q^†fU\_bWQ^YjQSY†^`_\dYSQ5TeSQSY†^`_`e\Qb_R\Y
WQd_bYQ²XQSYU^T_aeU}cdQcUQ‹dY\`QbQ\QfYTQTU\QcY^TecdbYQciTU\Qc
QbdUc³+`b_dUSSY†^TU\dbQRQZ_^QSY_^Q\cUW‹^U\]_TU\_fYWU^dUU^5cdQ
T_cE^YT_c+bUV_b]QTU\cYcdU]QTUS_^dbYReSY_^UccUW‹^\_`bUcSbYd_
`_b\Q3_^cdYdeSY†^+Y^S_]`QdYRY\YTQTU^dbU\_cSQbW_cTU`Qb\Q]U^dQbY_
iQcQ\QbYQT_TU\5cdQT_+QR_\YSY†^TU\UcdQ^S_iTU_db_c]_^_`_\Y_ci
bUV_b]QTU\Q7eQbTYQ>QSY_^Q\²U^\QV_b]QTU]_SbvdYSQUcdQR\USYTQ
`_b \Q 3_^cdYdeSY†^³ VeUb_^ \_c `e^d_c `b_WbQ]vdYS_c QT_`dQT_c U^
QaeU\\Q_SQcY†^!%!!
1\Qc`_SQccU]Q^Qc°TebQ^dU\QcUWe^TQaeY^SU^QTU]Qbj_°S_
]U^j†Qd_]QbV_b]QU\`QbdYT_S_^\Q_bWQ^YjQSY†^TUce`bY]UbS\eR
U^\QSQ`YdQ\!%!"<eUW_cUTUSYTY†ce`QbdYSY`QSY†^U^\QcU\USSY_^Uc
`Qb\Q]U^dQbYQc\UfQ^dQ^T_\QSQ^TYTQdebQQTY`edQT_`_bCQ^dYQW_TU
4_^Qd_ =Y\\v^ i cU Q`_i† Q\ Y^TU`U^TYU^dU 1^cU\]_ 3bej FUbWQbQ
QR_WQT_UY^TecdbYQ\TUTUcdQSQTQ`QbdYSY`QSY†^U^\QSQ]`Q…Q`b_dUS
SY_^YcdQ U^ ce `_cde\QSY†^ Q\ ]Yc]_ SQbW_ i SYbSe^cSbY`SY†^ U\USd_
bQ\!%!#E^\\Q]Q]YU^d_TU²_RbUb_cU\USd_bUcTU\TU`QbdQ]U^d_³U^VQ

!% (
²<_aeUXQbQ\Qe^Y†^TU\_c_RbUb_c³5\DQ\\UbCQ^dYQW_$TUVURbUb_TU!(')
!% )
²>_fUTQTUc³<Qc>_fUTQTUcCQ^dYQW_(TUU^Ub_TU!(')4UcTUU\`bY]Ub^‹
]Ub_TU5\DQ\\UbS_bbUc`_^TYU^dUQ\!TUVURbUb_TU!(')S_]U^j†QQ`QbUSUbU^\QcUS
SY†^²1fYc_c³e^QRbUfUY^V_b]QSY†^Q^e^SYQ^T_\QcbUe^Y_^UcTU\QZe^dQTYbUSdYfQTU\
@QbdYT_BU`eR\YSQ^_\_c\e^Uc]QbdUci]Y}bS_\Uc
!%!
²2ej†^³5\DQ\\UbCQ^dYQW_!"TUVURbUb_TU!(')
!%!!
²2ej†^@b_WbQ]QTU\@QbdYT_BU`eR\YSQ^_³5\DQ\\UbCQ^dYQW_!"!$i!%TU
VURbUb_TU!(')
!%!"
²3b†^YSQ@QbdYT_BU`eR\YSQ^_³5\DQ\\UbCQ^dYQW_" TU]Qbj_TU!(')
!%!#
5cdQ`_cYSY†^cUUh`bUc†Ve^TQ]U^dQ\]U^dUQdbQf}cTU\Q`\e]QTUFYSU^dUB_
ZQciB_ZQcU^\QcS_\e]^QcTU5\DQ\\UbFUbU^dbU_db_c*²5\SQ^TYTQd_TU\@QbdYT_BU`e
R\YSQ^_³5\DQ\\UbCQ^dYQW_"!TU]Qbj_TU!(')+²1^cU\]_3bejFUbWQbQ³5\DQ\\Ub"%

%""
f_bTU3bejFUbWQbQU^dbU\_caeUVYWebQRQ^\_cTYbYWU^dUc]edeQ\YcdQc
=QbY_^B_cc1\UZQ^Tb_4U`QccYUbi:_c}2U^Yd_?µBYQ^ie^]UUdY^WQ\
aeUQcYcdYUb_^e^QcdbUcSYU^dQc`Ubc_^QcSUbbQb_^\QSQ]`Q…QU\USd_bQ\
TU\_cbU`eR\YSQ^_c!%!$
@Ub_\QWUcdQSY†^TU\@QbdYT_BU`eR\YSQ^_`_b\QC_SYUTQT5cSeU\QBU
`eR\YSQ^QcUXQRQfYcd_TYVYSe\dQTQ`_be^QdU]`bQ^QTYcYTU^SYQcebWY
TQU^cecU^_3QcYQ\Uh`YbQb!('(VeUb_^Uh`e\cQT_cQ\We^_c]Y\YdQ^
dUcbU`eR\YSQ^_caeUQSecQRQ^Q\TYbUSd_bY_TU\Q5cSeU\QBU`eR\YSQ^Q
TU^_bUc`UdQb\_cUcdQded_cTU_Se`QbTU]Q^UbQcY]e\dv^UQ\_c`eUc
d_cTYbYWU^dUcU^\Qc_SYUTQTiU^U\`QbdYT_iTUaeUbUbU^dbUWQbce
Q`_i_Qe^SQ^TYTQd_^_Qed}^dYSQ]U^dU_RbUb_<_cTYcYTU^dUc°TU
UcSQcQ_^e\QVYWebQSY†^c_SY_`_\dYSQQ^dUbY_b°Y^dU^dQb_^cY^]eSX_
}hYd_ S_^cdYdeYb e^Q UV]UbQ Y^cdQ^SYQ Q\dUb^QdYfQ aeU TU^_]Y^Qb_^
1cQ]R\UQ4U]_SbvdYSQ !%!%1e^aeU\_cUh`e\cQT_c^_\_WbQb_^QbbQcdbQb
S_^cYW_Q\QRQcU`_`e\QbTU\Q5cSeU\QBU`eR\YSQ^QiTU\@QbdYT_BU`eR\Y
SQ^_TURY\YdQb_^U\USd_bQ\]U^dUce`_cYSY†^<_cbUce\dQT_cTU\_cS_
]YSY_c^_S_bbUc`_^TYUb_^Q\QcUc`UbQ^jQcTU\QZ_fU^_bWQ^YjQSY†^
`_\dYSQ*4_^Qd_=Y\\v^_Ref_c†\_"%#'ceVbQWY_ci1^cU\]_3bejFUb
WQbQ#!%$f_d_cUcd_Uc‹\dY]_i`U^‹\dY]_bUc`USdYfQ]U^dUU^dbU
SQd_bSUSQ^TYTQd_ccY^S_^cYTUbQbQ\We^_cf_d_cTYc`Ubc_cU^VQf_bTU
_dbQc`Ubc_^Qc !%!&5^\QcU\USSY_^Uc]e^YSY`Q\UcTU\"%TUQRbY\\_cbU
ce\dQT_cVeUb_^YWeQ\]U^dUTUcVQf_bQR\Uc`QbQ\_cbU`eR\YSQ^_c*4_

TU]Qbj_TU!(')+²<QVQbcQTU\_c]Qi_bQ\Uc³i²2ec†^E^‹\dY]_QSeUbT_³5\DQ\\UbCQ^
dYQW_"&TU]Qbj_TU!(')+²>eUcdbQ`_cYSY†^i^eUcdb_cTURUbUcU^\QX_bQ`bUcU^dU³i
²?`_cYSY†^TU\_c]Qi_bQ\UcQ\QSQ^TYTQdebQY^TU`U^TYU^dUTU4_^1^cU\]_3bejFUb
WQbQ³5\DQ\\UbCQ^dYQW_"'TU]Qbj_TU!(')+²3Q]`_^UedbQ\4_^1^cU\]_3bejFUb
WQbQSQ^TYTQd_TU\_cU\USd_bUcY^TU`U^TYU^dUc`QbQTY`edQT_`_bU\TU`QbdQ]U^d_TU
CQ^dYQW_³5\DQ\\UbCQ^dYQW_")TU]Qbj_TU!(')<Q^_dYSYQTU\Q`b_S\Q]QSY†^TU\Q
SQ^TYTQdebQTU4_^Qd_=Y\\v^`_be^QQcQ]R\UQU\USd_bQ\TU\@QbdYT_BU`eR\YSQ^_Q`QbU
SUU\!&TU]Qbj_U^²>_fUTQTUc³<Qc>_fUTQTUcCQ^dYQW_!'TU]Qbj_TU!(')
!%!$
²1\_c_RbUb_cY^TU`U^TYU^dUc³i²3b†^YSQ³5\DQ\\UbCQ^dYQW_")TU]Qbj_TU
!(')
!%!%
²<QSQ`YdQ\³<_cDYU]`_cCQ^dYQW_#TUU^Ub_TU!(')+²1\_cc_SY_cTU\Q´5cSeU
\QBU`eR\YSQ^QµYQ\_cU\USd_bUcTU\QSQ`YdQ\³<_cDYU]`_cCQ^dYQW_%TUU^Ub_TU!(')+
²>_fUTQTUc³<Qc>_fUTQTUcCQ^dYQW_&TUU^Ub_TU!(')+²3_]e^YSQT_c³<Qc>_fUTQTUc
CQ^dYQW_'TUU^Ub_TU!(')+²3Q]`_^UedbQ\FUbTQTQ]QbWQ1\_c_RbUb_cTUCQ^dYQ
W_³<_cDYU]`_cCQ^dYQW_)TUU^Ub_TU!(')+²3Q]`_^UedbQ\1\`‹R\YS_³<_cDYU]`_c
CQ^dYQW_! TUU^Ub_TU!(')+²<QSQ`YdQ\³<_cDYU]`_cCQ^dYQW_!!!""(i# TUU^Ub_
TU!(')5\‹^YS_U\U]U^d_TU^_d_bYUTQT`‹R\YSQTU\Q1cQ]R\UQ4U]_SbvdYSQUbQ<eYc3Qb
\_c7QbVYQcTUTUcdQSQTQ`QbdYSY`QSY†^U^\QSQ]`Q…Q`b_dUSSY_^YcdQiU^\QSQ^TYTQdebQ
`bUcYTU^SYQ\TUFYSe…Q=QS[U^^Q
!%!&
1SdQTU\UcSbedY^Y_ZU^UbQ\TUCU^QT_bUcY4Y`edQT_c`_bU\4U`QbdQ]U^d_TUCQ^dYQW_
CQ^dYQW_9]`bU^dQTU\9^TU`U^TYU^dU$TUQRbY\TU!(')F}QcUdQ]RY}^*³2ej†^³5\
DQ\\UbCQ^dYQW_#!TU]Qbj_TU!(')+²<QSQ`YdQ\³<_cDYU]`_cCQ^dYQW_&TUQRbY\TU
!(')+²7QSUdY\\Q5\USSY_^UcU^CQ^dYQW_³5\9^TU`U^TYU^dUCQ^dYQW_(TUQRbY\TU!(')

%"#
^Qd_=Y\\v^aeUQc`YbQRQQe^`eUcd_TUS_^SUZQ\`_bU\TU`QbdQ]U^d_
TUCQ^dYQW_\_Wb†Q`U^Qc! #ceVbQWY_c !%!'
5\@QbdYT_BU`eR\YSQ^_^_`b_c`Ub†U^!(')cY^U]RQbW_U\]_fY
]YU^d_`b_dUSSY_^YcdQiQc_SYQdYf_U^U\aeUcebWY†`_b`bY]UbQfUj\QYTUQ
TUSbUQbe^`QbdYT_`_`e\QbcYWeY†TUcQbb_\\v^T_cU`_dU^SYQT_`_b\QC_
SYUTQT5cSeU\QBU`eR\YSQ^Q_bWQ^YjQSY†^c_SY_`_\dYSQaeUU^SQb^QRQU\
SeUb`_TUYTUQcaeUUbQ^U\`QdbY]_^Y_S_]‹^TU\]_fY]YU^d_`_`e\Qb
5^U\cU^_TU\]_fY]YU^d_c_SYQ\`_`e\Qb\QQSSY†^TU\Q5cSeU\Q
BU`eR\YSQ^QVeUS_^cYTUbQR\U3_]_\_fUbU]_c]vcQTU\Q^dUQ`QbdYbTU
\_cQ…_c_SXU^dQcec]Y\YdQ^dUcUcdY]e\Qb_^\QS__bTY^QSY†^TU\Qcc_SYU
TQTUc]edeQ\YcdQcQdbQf}cTU`UbY†TYS_cS_]_5\@bUSebc_bi<QBQj†^i
`QbdYSY`Qb_^QSdYfQ]U^dUU^\QcSQ]`Q…QcU\USd_bQ\Uc`bUcU^dQ^T_cec
`b_`Y_cSQ^TYTQd_cQ`Qb\Q]U^dQbY_cibUWYT_bUc\_WbQ^T_XQSUbdbYe^
VQbfQbY_c]e^YSY`Q\UciQ`_iQ^T_Q\_cQRQ^TUbQT_c\YRUbQ\UcU^\QcU\US
SY_^Uc`bUcYTU^SYQ\Uc
<QYTU_\_WQTUUcdUS\eR`_TbQTUVY^YbcUS_]_bU`eR\YSQ^Q\YRUbQ\
iTU]_SbvdYSQTUQfQ^jQTQ`bUSebc_bQTU\QcYTUQci`bY^SY`Y_caeU]e
SX_cTUcec]Y\YdQ^dUcSbYcdQ\YjQbQ^Q…_c]vcdQbTUU^!(('U^\QSbUQSY†^
TU\@QbdYT_4U]_SbvdYS_>_UbQ°S_]_iQXU]_cc_cdU^YT_°e^QQc_SYQSY†^
`ebQ]U^dU_RbUbQ_QbdUcQ^Q\^YdQ]`_S_cUY^c`YbQRQU^U\YTUQbY_c_SYQ
\YcdQcUW‹^cUTUTeSQS\QbQ]U^dUTU\TYcSebc_TUcecTYbYWU^dUc*

KMU^^eUcdb_cU^_c_SYQ\^_TYcdY^WeY]_cbQ]YVY
SQSY†^TUS\QcUciQ\\d_T_cc_]_c\_cc_cdU^UT_bUcTU
e^WbQ^`bY^SY`Y_*\QbU`‹R\YSQRQZ_\Q}WYTQTU\QTU]_
SbQSYQe^YfUbcQ\TYfYcQ‹^YSQaeU^_cU`QbQQ\_RbUb_TU\
SQ`YdQ\YcdQiUcdQR\USU\QS_^VbQdUb^YTQTU^d_TQ\Q`bvS
dYSQQaeUQc`YbQTYUSY^eUfUcYW\_cQUcdQ`QbdU!%!(

?bWQ^YjQSY†^bUV_b]YcdQ\QC_SYUTQT5cSeU\QBU`eR\YSQ^QcU]Q^dU
^QTYcdQ^dUTU\Q1c_SYQSY†^9^dUb^QSY_^Q\TUDbQRQZQT_bUcQe^aeUbUS_^_
SQU^U\\Qe^SU^db_Y]`_bdQ^dU`QbQU\bUQWbe`Q]YU^d_TUdbQRQZQT_
bUcTUTYcdY^d_c`QcUc*

?dbQTU\QcQc_SYQSY_^UcTU_RbUb_caeUUhYcdU
U^5eb_`QQSdeQ\]U^dU°cU\UQU^e^_TUcec]Q^YVYUc
d_c°Uc\QS_^_SYTQS_^U\^_]RbUTU<Q9^dUb^QSY_^Q\i
cYRYU^cecYTUQccUW‹^^eUcdbQ_`Y^Y†^^_c_^TU\d_T_

!%!'
1SdQTU\UcSbedY^Y_ZU^UbQ\TU]e^YSY`Q\Uc`_bU\TU`QbdQ]U^d_TUCQ^dYQW_CQ^dYQW_
9]`bU^dQTU\9^TU`U^TYU^dU"%TUQRbY\TU!(')
!%!(
1\_SeSY†^TU\TYbYWU^dUbU`eR\YSQ^_:QfYUb3Q]Y\_U^\QQcQ]R\UQU\USd_bQ\bUQ
\YjQTQU\!&TU]Qbj_TU!(')²>_fUTQTUc³<Qc>_fUTQTUcCQ^dYQW_!'TU]Qbj_TU!(')
_`SYd

%"$
 cQ^QciZeYSY_cQcdYU^U^e^`_TUbRQcdQ^dUWbQ^TUU^\_c
`eUR\_c`bY^SY`Q\UcTU\W\_R_5^7Y^URbQdef_\eWQbU\
`bY]UbS_^WbUc_SU\URbQT_`QbQV_b]QbQaeU\\QY^cdYde
SY†^ i TUc`e}c XQ XQRYT_ YT}^dYSQc QcQ]R\UQc U^
<QecQ^Q2becU\Qci2QcY\UQ+dU^YU^T_QSdeQ\]U^dUce
SU^db_WU^UbQ\U^<_^TbUci^e]Ub_cQcceSebcQ\UcU^
SYeTQTUcY]`_bdQ^dUcTU5eb_`Qi1]}bYSQ !%!)

<Q5cSeU\QBU`eR\YSQ^QUbQ\QUh`bUcY†^TUe^`b_SUc_TU]QTebQ
SY†^`_\dYSQTU\QU\YdUTU\]_fY]YU^d_`_`e\Qb1TcSbYdQQ\QWbQ^S_bbYU^
dU\YRUbQ\TU\Q}`_SQbU`bUcU^dQRQe^QdU^dQdYfQ`_bce`UbQb\Qc\Y]YdQSY_
^UcTU\\YRUbQ\Yc]__VYSYQ\5^UcdQ†`dYSQS_Y^SYTQ^^e]Ub_c_cdbQRQZQ
T_bUc]Q^eQ\UcSYUbd_cY^dU\USdeQ\Uci_dbQc`Ubc_^Qc`b_fU^YU^dUcTU\_c
cUSd_bUc]UTY_c5bQU\Vbed_TUe^QcUbYUTUUh`UbYU^SYQc*TU\TUcQbb_\\_
TU\]_fY]YU^d_c_SYUdQbY_`_`e\QbTU]_fY\YjQSY_^Ucc_SY_`_\dYSQcS_]_
\QSQ]`Q…Q`b_dUSSY_^YcdQTU\QcUWe^TQ]YdQTTU\_cQ…_ccUdU^dQiTUce
SUcYfQcY^SebcY_^UcTU\_cdbQRQZQT_bUcU^\QQbU^Q`_\dYSQ^QSY_^Q\<Q5c
SeU\QBU`eR\YSQ^QUbQe^Y^dU^d_S_^cSYU^dU`_bY^db_TeSYbTU]Q^UbQ
S_^cdQ^dUi_bWQ^YjQTQQ\]e^T_`_`e\QbU^\Q\eSXQ`_\dYSQ
8UbUTUbQTU\QcdbQTYSY_^UcTU\QC_SYUTQTTU\Q9WeQ\TQT\QC_SYUTQT
5cSeU\QBU`eR\YSQ^QbUe^Qd_TQc\QcSQbQSdUbcdYSQcTU\QQc_SYQSY†^`_\dYSQ
TU²bUWU^UbQSY†^`_`e\Qb³aeUY^dUWbQRQU^ceQSSY†^\QcTY]U^cY_^Uc
c_SY_US_^†]YSQUTeSQdYfQbUYfY^TYSQdYfQi`_\dYSQTUdY`_WU^UbQ\CY^cUb
Q‹^e^`QbdYT_`_\dYS_bU`bUcU^dQRQe^QUdQ`QY^dUb]UTYQU^dbU\Qc_bWQ
^YjQSY_^Uc]edeQ\YcdQcS__`UbQdYfYcdQciTUQed_UTeSQSY†^TUdbQRQZQT_bUc
iU\`QbdYT_`_`e\QbSei_c]YU]Rb_cS_^dbYReYbQ^]vcdQbTUQSbUQb!%" 

¤< 1 @ B9=5B1 9 >D5B>139?>1< 5> 3 89<5 /

=QbSU\_CUWQ\\e^_TU\_cXYcd_bYQT_bUc²]QbhYcdQcS\vcYS_c³^QSY_^Q
\Uc !%"!c_cdef_U^fQbY_cTUcecdbQRQZ_caeUUhYcdY†e^^‹S\U_TU\Q1c_

!%!)
²C_SYUTQTTUDQ\\UbUc1\_c_RbUb_cTU3XY\U³_`SYd
!%"
3_^fYU^UbUSQ\SQb\QUcdbUSXQY]RbYSQSY†^U^dbU\QcTYVUbU^dUc_bWQ^YjQSY_^Uc
c_SYQ\Uc`_`e\QbUci\_cS\eRUcc_SY_`_\dYS_cU^Uc`USYQ\\Q5cSeU\QBU`eR\YSQ^QUhYcdU^
dUXQSYQVY^UcTU\QT}SQTQTU!(' 5cdUVU^†]U^_UbQ`UbSU`dYR\UdQ^d_U^dbU\_cTYbY
WU^dUcTUUcdQc_bWQ^YjQSY_^UcS_]_U^ceRQcU5\SeQTb_>¡!(^_cU^dbUWQe^QS\QbQ
]eUcdbQTUUcdQcbU\QSY_^UcQ^YfU\TU\_c\TUbUcDQ]RY}^Uc`_cYR\US_^cdQdQbaeU\_c
SQc_cTUS_]‹^]Y\YdQ^SYQc_SYUdQbYQU^dbU`Ubc_^QcTUUcSQcQS_^^_dQSY†^^_UbQ^bQ
b_cE^UZU]`\__RdU^YT_Q\QjQb\_U^S_^dbQ]_cU^e^QRbUfUY^V_b]QSY†^TU`bU^cQ
TUS_]YU^j_cTU!(')aeUTQRQSeU^dQTU\VQ\\USY]YU^d_TU\Z_fU^6UTUbYS_7_^jv\Uj
UhcUSbUdQbY_TU\QC_SYUTQT6Y\Qb]†^YSQTU?RbUb_cTUCQ^dYQW_i]YU]Rb_TU\QC_SYUTQT
5cSeU\QBU`eR\YSQ^QiTU\QC_SYUTQTTU1bdUcQ^_c²<QE^Y†^³²2ej†^³5\DQ\\UbCQ^dYQW_&
TUVURbUb_TU!(')
!%"!
<QUh`bUcY†^`UbdU^USUQ7QRbYU\CQ\QjQbS__bTY^QT_bTU\cU]Y^QbY_TUXYcd_

%"%
SYQSY†^9^dUb^QSY_^Q\TUDbQRQZQT_bUc19D_@bY]UbQ9^dUb^QSY_^Q\U^FQ\
`QbQc_Q`QbdYbTU!('" !%""CecQVYb]QSY_^UcXQ^cYT_bUd_]QTQc`_b
_db_cQed_bUccY^aeU^QTQ`Ub]YdQXQcdQQX_bQ`b_RQb\QcCUWQ\\Q`_i†
ceXY`†dUcYcU^T_cXUSX_c5\`bY]Ub_Uce^QVbQcUcQSQTQTUe^QSQbdQ
Y^V_b]UVUSXQTQU^<YcR_QU\(TUZe^Y_TU!('!TU6bQ^SYcS_=_bQ!%"#
Q6bYUTbYSX5^WU\caeYU^UbQU^UcQ}`_SQcUSbUdQbY_`QbQ\_c`QcUcTU
\U^WeQ\QdY^QU^U\3_^cUZ_7U^UbQ\TU\Q9^dUb^QSY_^Q\U^<_^TbUc*
²CUXQ^TQT_\_c`bY]Ub_c`Qc_c`QbQ\QS_^cdYdeSY†^TUe^^‹S\U_TU
\Q9^dUb^QSY_^Q\U^FQ\`QbQc_³ !%"$5\cUWe^T_U\U]U^d_UcU\\YRb_TU\
SXY\U^_5TeQbT_TU\Q2QbbQ6bQ^SYcS_2Y\RQ_Q^dU\QcQSbYcdQ`eR\YSQT_
U^!('"5^ce_RbQ4U\Q2QbbQbUQ\Yj†e^QQ`QcY_^QTQTUVU^cQTU\TY
bYWU^dUYWeQ\YdQbY_cUTUS\Qb†`QbdYTQbY_TU\²c_SYQ\Yc]_³`Ub_SbdYS_
TU\²c_SYQ\Yc]_bUf_\eSY_^QbY_³_²S_]e^Yc]_³i`bUTYZ_\QY^UfYdQRY\Y
TQTTU\cebWY]YU^d_TU\Q9^dUb^QSY_^Q\U^3XY\UTURYT_Q\QTUcWbQSYQ
TQS_^TYSY†^TUcecdbQRQZQT_bUc !%"%5cdQTUS\QbQSY†^TU`bY^SY`Y_c\\U
f†QCUWQ\\QQVYb]QbaeU4U\Q2QbbQXQRQcYT_U\²`_bdQf_j³TU\QcUS
SY†^SXY\U^QTU\Q9^dUb^QSY_^Q\ !%"&Qe^aeUbUS_^_SY†U^_db_TUcec
dbQRQZ_caeU^_XQRQ`_TYT_TUdUb]Y^QbaeY}^UcVeUb_^\_c_bWQ^YjQ
T_bUcTU\Wbe`_i\QSQ^dYTQTTUY^dUWbQ^dUc !%"'
¤5hYcdY†bUQ\]U^dUe^^‹S\U_TU\Q@bY]UbQ9^dUb^QSY_^Q\U^3XY\U
TebQ^dU\QT}SQTQTU!(' />QTQUc]U^_ccUWeb_<_cXUSX_cc_RbU\_c
aeUCUWQ\\Q`_i†cecQVYb]QSY_^Ucc_^UVUSdYfQ]U^dU]eiTYcSedYR\Uc
5^`bY]Ub\eWQb`_baeU=_bQU^ceSQbdQQ5^WU\ccU\Y]Yd†QQ^e^SYQb
cY]`\UcdbQRQZ_c`bU`QbQd_bY_c`QbQ\QSbUQSY†^TUe^^‹S\U_SXY\U^_
SeiQceUbdU`_cdUbY_bcYWeUcYU^T_e^U^YW]Q<eUW_`_baeU^_cUU^
dYU^TUS†]_TU\QfQWQTUS\QbQSY†^TU`bY^SY`Y_cc_SYQ\YcdQcV_b]e\QTQ
`_b4U\Q2QbbQcU`eUTQTUTeSYbe^S_]`b_]Yc_]Y\YdQ^dUQSdYf_TUUcdU
`Ubc_^QZUU^\QcVY\QcTU\Q9^dUb^QSY_^Q\CY]`QdQ_TUS\QbQSY†^TU`bY^

bYQTU3XY\U_bWQ^YjQT_`_bCEBU^CQ^dYQW_U^dbUZe\Y_i^_fYU]RbUTU!)(%²CUcY†^$
<QY^dUb`bUdQSY†^]QbhYcdQS\vcYSQTU\Q8Ycd_bYQTU3XY\U³5h`_cYd_b*7QRbYU\CQ\QjQb
U^²8Ycd_bY_WbQVQSXY\U^Q³_`SYd`vW!&
!%""CUWQ\\4UcQbb_\\_TU\SQ`YdQ\Yc]__`SYd`vW"( icYWeYU^dUc+²2Y_WbQVQC_SYQ\
TU\Q6YSXQCQ\QbY_³U^=Q`_SX_d_]_99>¡"CQ^dYQW_!)&$`vW!"%+²<Q3_]]e^Ui
\_cUhS_]]e^QbTcU^e^cYW\_TU1]}bYSQ<QdY^Q³U^2_\Ud^TU\QE^YfUbcYTQTTU3XY\U>¡
! )!! CQ^dYQW_QRbY\]Qi_TU!)'!`vWc# i#!
!%"#
?bWQ^YjQT_bTU\@QbdYT_C_SYQ\YcdQ?RbUb_5c`Q…_\@C?5
!%"$
CUWQ\\4UcQbb_\\_TU\SQ`YdQ\Yc]__`SYd`vW"( +²<Q3_]]e^U³_`SYd
`vW#!
!%"%
5TeQbT_TU\Q2QbbQ6bQ^SYcS_2Y\RQ_Q^dU\QcQSbYcdQBUVedQSY†^TUe^V_\\Ud_CQ^
dYQW_9]`bU^dQ5\6Ubb_SQbbY\!('"F}QcUUc`USYQ\]U^dUU\SQ`de\_F9²5\c_SYQ\Yc
]_³TU\QdUbSUbQ`QbdU
!%"&
CUWQ\\²2Y_WbQVQ³_`SYd`vW!"%
!%"'
CUWQ\\4UcQbb_\\_TU\SQ`YdQ\Yc]__`SYd`vW"(!

%"&
SY`Y_cUce^QS_cQ+S_]`b_]Yc_]Y\YdQ^dUbUQ\Uc_dbQ<QXY`†dUcYcTU
CUWQ\\Q`QbUSUU^bUce]YTQcSeU^dQcS_]_e^QcY]`\UU\eSeRbQSY†^
aeU^Y^W‹^XUSX_T_Se]U^dQT_`Ub]YdU`b_RQb
>QTQ`Ub]YdUTU]_cdbQb_dbQcQVYb]QSY_^UccY]Y\QbUcTU\]Yc]_XYc
d_bYQT_bdU^TYU^dUcQUcdQR\USUbe^\Qj_bUWe\QbU^dbU\Q1c_SYQSY†^9^dUb
^QSY_^Q\TUDbQRQZQT_bUc19Di^‹S\U_c]Y\YdQ^dUcU^3XY\UTebQ^dU\Qc
T}SQTQcTU!(' i!(( bUS_bTU]_cTU`Qc_aeU\Q9^dUb^QSY_^Q\VeU
TYceU\dQ_VYSYQ\]U^dUU^!('&CUWQ\\c_cdef_`_bUZU]`\_aeU\Qcc_
SYUTQTUcTUdY`†WbQV_cTUCQ^dYQW_iTUFQ\`QbQc_²cebWYUb_^ S_]_
]edeQ\Uc`beTX_^YcdQciTUbUcYcdU^SYQ5^!('!i!((!SeQ^T_cUdbQd†
TUSbUQbcUSSY_^UcTU\Q19DSXY\U^Qccec]YU]Rb_c]vcQeTQSUcdbQdQ
b_^TUdbQ^cV_b]Qb\QcU^}cdQcCeSUTY†TUXUSX_`Ub_^_TUV_b]Q@_b
\QfQUc`Q…_\QQTXYbYUb_^Q\QVbQSSY†^ZebQcYQ^Q`Ub_cY^SQ]RYQb\UcTU
^_]RbU³!%"(
4U\]Yc]_]_T_aeUU^U\SQc_Q^dUbY_b^_Uc`_cYR\U`b_RQbdQ\Uc
QVYb]QSY_^Uc]vcQ‹^SeQ^T_U\`b_`Y_CUWQ\\bUS_^_SY†^_XQRUbU^
S_^dbQT_XQcdQUcU]_]U^d_!)'!U^\_cQbSXYf_cTU\QC_SYUTQTDY`_
WbvVYSQTUFQ\`QbQc_\_cT_Se]U^d_caeUUfYTU^SYQbQ^U\\Qj_S_^\Q9^
dUb^QSY_^Q\!%")DQ]`_S_cUcQRUTUTUcSeRbY]YU^d_c`_cdUbY_bUcaeUXQ
iQ^QfQ\QT_UcdQXY`†dUcYc
@QbQS_]YU^j_cTU\QT}SQTQTU!(( cUTURU^S_^cdQdQb\Qc]Yc]Qc
Y^SUbdUjQcCUWQ\\^eUfQ]U^dUSYd†U\1\]Q^QaeUTU\QFQ^WeQbTYQ`QbQ
!())aeU:_c}9^WU^YUb_c`eR\YS†U^2eU^_c1YbUcU^!()(T_^TUcUQVYb
]QRQaeU²U^!((!e^^‹S\U_bUTeSYT_TUY^dUb^QSY_^Q\YcdQcTU=_^dU
fYTU_cUVeUQ3XY\Ui`_S_dYU]`_TUc`e}cS_]e^YS†Q\Q6UTUbQSY†^TU\
EbeWeQi\Q_bWQ^YjQSY†^TUcUSSY_^UcU^FQ\`QbQc_iCQ^dYQW_TU3XY\U
CUYW^_bQcYc_RbUfYfYUb_^Q\QVe^TQSY†^³!%# 
CUWQ\\Uh`\YS†UcdQVQ\dQTUY^V_b]QSY_^Uc`_b\QTYc_\eSY†^TU\Q
cUSSY†^ebeWeQiQiQVYb]†aeU\_cdY`†WbQV_cSXY\U^_cQVY\YQT_cQ\Q9^dUb
^QSY_^Q\S_^dY^eQb_^U^S_^dQSd_U`Ycd_\QbS_^\QccUSSY_^UcUc`Q…_\Qc
`Ub_cY^Y^TYSQb^Y^We^QVeU^dUU^\QaeUcU`eTYUbQfUbYVYSQbUcdQQcUfU
bQSY†^!%#!
<Q]Yc]QY^S_^cYcdU^SYQU]`Q…Q\QcQVYb]QSY_^UcTUUcdUQed_bbUc
`USd_TU\QY^V\eU^SYQYTU_\†WYSQaeUXQRbQ^UZUbSYT_Q\We^_cSU^dU^QbUc
TUS_]e^Ub_cVbQ^SUcUc\\UWQT_cQ=QWQ\\Q^UcTUc`e}cTU\QTUbb_dQTU\Q
3_]e^QTU@Qbc !%#"<_cS_^_SY]YU^d_cQSdeQ\Ucc_RbU\QY^]YWbQSY†^Q
UcQbUWY†^XQ^USXQT_`_bdYUbbQfUbcY_^UcS_]_\QcTUCUWQ\\i_db_cXYcd_

!%"(
CUWQ\\²<Q3_]]e^U³_`SYd`vW# 
!%")
9RYT
!%#
:_c}9^WU^YUb_c1\]Q^QaeUC_SYQ\YcdQTU\QFQ^WeQbTYQ`QbQ!())SYdQT_`_b=Qb
SU\_CUWQ\\U^²<Q3_]]e^U³_`SYd`vW#!
!%#!
9RYT
!%#"
CUWQ\\²<Q3_]]e^U³_`SYd

%"'
bYQT_bUcB_RecdYQ^_FUbQQed_bTU\`bY]UbdbQRQZ_XYcd_bY_WbvVYS_c_RbU
\QS_\_^YQTU=QWQ\\Q^Uc`eR\YSQT_U^!()'c_cdef_aeUU\W_RUb^QT_b
4YUW_4eR\}1\]UYTQTURY†TUcXQSUbcUTUe^_cdbUcSYU^d_cVbQ^SUcUc²\Q
]Qi_b`QbdUTUU\\_cS_]e^YcdQc³`_bS_^cdYdeYbe^VQSd_bTU`UbdebRQ
SY†^!%##=QdU_=QbdY^YSUbeTYd_XYcd_bYQT_bTU\QbUWY†^XQTUc]_^dQT_
™
TUcTUcebQjdQ\UcQcUbSY_^Uc`QbdYU^T_`_bSeUcdY_^Qb\Qce`eUcdQY^]Y
WbQSY†^]QcYfQTUS_]e^Ub_cQ=QWQ\\Q^UcTebQ^dU!('#°!('$UfQ\eQ^
T_U^Q`U^Qc]UTY_SU^dU^Qb\_cVbQ^SUcUc\\UWQT_cU^QaeU\\Q}`_SQU^
dbU\_cSeQ\Uc²XQRQYWeQ\]U^dUQ\We^_caeUU^dYU]`_`QcQT_XQRQ^
cYT_`QbdYTQbY_cTU\Q3_]e^Q³iS_^S\eiU^T_aeU²\_cS_]]e^QbTc^_cU
`eTYUb_^S_^dQb`_bTUSU^Qc^Y]U^_c`_bSU^dU^QbUcU^U\S_^dY^WU^dU
Y^]YWbQd_bY_WQ\_QbbYRQT_Q@e^dQ1bU^QcU^U\Y^YSY_TU\_cQ…_c' ³!%#$
1TU^dbv^T_^_c]vcU^U\Qce^d_`_TU]_cUfQ\eQbQdbQf}cTUe^Q
VeU^dUTU`bY]UbQ]Q^_°U\dUcdY]_^Y_TU\`b_`Y_W_RUb^QT_b4eR\}
1\]UYTQ°\QbUQ\TY]U^cY†^TU\Q`bUcU^SYQTU\_cUhS_]e^Ub_cU^\Q
bUWY†^BUS_bTQ^T_\_ceSUTYT_e^`QbTUQ…_cQ^dUcU^e^_VYSY_TUcdY
^QT_QbUc`_^TUbe^QY^dUb`U\QSY†^`Qb\Q]U^dQbYQQce]Y^Ycdb_TUdedU
\QU\W_RUb^QT_b]QWQ\\v^YS_c_cdU^QaeU*

KMQ]UTYQT_cTU!('%XeR_aeUXQSUbcQ\YbTU
@e^dQ 1bU^Qc Q ]eSX_c S_\_^_c VbQ^SUcUc U YdQ\YQ^_c
aeUXQRQ^fU^YT_Q`bY^SY`Y_cTU\'$`_bcUb`Ub^YSY_cQ
ce`bUcU^SYQU^\QS_\_^YQ<Q]Qi_b`QbdUTUU\\_cUbQ^
S_]e^YcdQcXeYT_cTU6bQ^SYQ!%#%

@Ub_Q\bUfYcQb\QS_bbUc`_^TU^SYQU^fYQTQQ\=Y^Ycdb_TUBU\QSY_^Uc
5hdUbY_bUc`_bU\]Yc]_Ve^SY_^QbY_TebQ^dU!('%Uc`_cYR\U`UbSYRYbaeU

!%##
B_RecdYQ^_FUbQ<QS_\_^YQTU=QWQ\\Q^UcYDYUbbQTU\6eUW_!($#Q!()'CQ^dYQ
W_9]`bU^dQTU\Q7QSUdQ!()'`vW" %
!%#$
=QdU_=QbdY^YS8Ycd_bYQTU\QBUWY†^=QWQ\\v^YSQ@e^dQ1bU^QcE^YfUbcYTQTTU
=QWQ\\Q^Uc!))"f_\9`vW%"!5^e^_TUcecdbQRQZ_cUcdUXYcd_bYQT_bY^TYfYTeQ\YjQQ
dbUY^dQY^]YWbQ^dUcVbQ^SUcUc\\UWQT_cQ\QbUWY†^U^U\`Ub_T_Q\eTYT_=QdU_=QbdY^YS
²?bYWU^iUf_\eSY†^TU\QY^]YWbQSY†^UhdbQ^ZUbQU^\QS_\_^YQUhdbQ^ZUbQTU=QWQ\\Q^Uc
U^dbU!(' i!() ³U^1^Q\UcTU\9^cdYded_TU\Q@QdQW_^YQf_\&@e^dQ1bU^Qc`vWc%$!
?db_UcdeTY_c_TU\QXYcd_bYQTU\QbUWY†^Q^_d†aeUcUW‹^\QcSYVbQcSU^cQ\Uce^QT}SQTQ
]vcdQbTU!((%fYfQ^U^\QS_\_^YQTU=QWQ\\Q^UcSYU^d_dbUcVbQ^SUcUcaeYU^UcQ`UcQb
TUdU^Ub²U^WbQ^`QbdUce_bYWU^U^\_cce`eUcd_cS_]e^YcdQcVbQ^SUcUcTU\7_RUb^QT_b
4eR\}1\]UiTQ³TU]_cdbQbQ^S_^U\S_bbUbTU\dYU]`_²aeUUbQ^U\U]U^d_c‹dY\UciUVUS
Ð
™ 
dYf_cidbQ^aeY\_cVQSd_bUcTU`b_WbUc_KM³<e[Q2_^QSYS4_bYS2BUce]U^XYcd†bYS_TU\
5cdbUSX_i\Q3_\_^YQTU=QWQ\\Q^Uc@e^dQ1bU^Qc@eR\YSQT_`_b²<Q>eUfQr`_SQIeW_Uc
\QfQ³U^Ub_!)#']Qi_!)#)`vWc!&!i!&#
!%#%
18=B53_\_^YjQSY†^7_RUb^QSY†^TU=QWQ\\Q^Uc<]YdUc!(''_VYSY_TU\
7_RUb^QT_bTU=QWQ\\Q^Uc4YUW_4eR\}1\]UYTQQ\=Y^Ycdb_TUBU\QSY_^Uc5hdUbY_bUci
3_\_^YjQSY†^@e^dQ1bU^QcQW_cd_"'TU!(''cV1WbQTUjS_Q:_c}4Qj2QXQ]_^TUcec
Y^V_b]QSY_^Ucc_RbUU\1bSXYf_8Ycd†bYS_TU\=Y^YcdUbY_TUBU\QSY_^Uc5hdUbY_bUcaeU]U
VQSY\YdQb_^\QR‹caeUTQTU\_cT_Se]U^d_cSYdQT_cU^UcdQi\Qc`b†hY]Qc^_dQc

%"(
\_cfUdUbQ^_cTU\Q3_]e^QUbQ^]vcRYU^UcSQc_cTU^db_TU\S_^dY^WU^dU
TUY^]YWbQT_c5\Wbe`_TUY^]YWbQ^dUc]vcS_^V\YSdYf_cVeUU\S_]`eUcd_
`_b`_S_]vcTUe^SU^dU^QbTUS_\_^_cTUTYfUbcQc^QSY_^Q\YTQTUcU^
fYQT_c`_bU\]Y^Ycdb_`\U^Y`_dU^SYQbY_TU3XY\UU^\QcBU`‹R\YSQcTU\@\Q
dQaeUQbbYRQb_^U^T_cRQbS_cQ@e^dQ1bU^Qc`b_SUTU^dUcTU2eU^_c
1YbUcSQcYQ\Uh`YbQb!('#iU^\_c`bY]Ub_cTQcTU!('$=eSX_cTUU\\_c
\_WbQb_^Y^cUbdQbcUU^U\`b_SUc_TUS_\_^YjQSY†^TU\QbUWY†^+_db_ccY^
U]RQbW_fYUb_^VbecdbQTQccecUc`UbQ^jQc*U\dbQRQZ_UcSQcUQRQ_^_UbQU\
aeUQ^XU\QRQ^C†\_U\Teb_i]Q\`QWQT__VYSY_TU`U†^U^\Q]Y^UbQTU\
SQbR†^`_TQUfU^deQ\]U^dUQRbYbcUS_]_`Ubc`USdYfQ\QR_bQ\5\TUc
S_^dU^d_Se^TY†U^dbU\_cbUSY}^\\UWQT_c+QSQeTY\\QT_c`_be^jQ`QdUb_
TUQ`U\\YT_B_ehi7bY\\}`b_dUcdQb_^iTYbYWYUb_^e^QbU`bUcU^dQSY†^Q\
S†^ce\TU6bQ^SYQU^3XY\U<QQed_bYTQTbUWY_^Q\S_^dbQdQS†QSecv^T_\_c
TU`UbUj_c_ciTUTY\Q`YTQb\_cbUSebc_caeUU\5cdQT_SXY\U^_XQRQ`eUc
d_QceTYc`_cYSY†^`QbQQieTQb\_cQY^cUbdQbcU4eR\}1\]UYTQTUSbUd†ce
Uh`e\cY†^XQSYQ=_^dUfYTU_Q]UTYQT_cTU]Qi_TU!('%!%#&5\Y^SYTU^dU
^_def_]Qi_bUcS_^^_dQSY_^Uc`_\dYSQc6eUU\bUce\dQT_TU\TUcS_^dU^
d_c_SYQ\TU\_cY^]YWbQ^dUcaeUfYUb_^VbecdbQTQccecUc`UbQ^jQcicYRYU^
U^dbUU\\_cXQRQe^`e…QT_TUVYU\UcS_]e^Ub_c°²defUaeUXQSUbQbbYQb
\QRQ^TUbQb_ZQaeUUcdQRQU^QbR_\QTQU^T_cSQcQcTUVbQ^SUcUc³!%#'TYbQ
`_cdUbY_b]U^dUU\7_RUb^QT_b°Q\Qc`_SQccU]Q^Qc\QSeUcdY†^XQRQ
aeUTQT_ce`UbQTQ`_b\Q]UTYTQTUVeUbjQTU\QQed_bYTQT*

²4U\ WbQ^ ^‹]Ub_ TU VbQ^SUcUc aeU fY^YUb_^ TU

2eU^_c1YbUci=_^dUfYTU_XQSUe^Q…_i]UTY_°QcUWe
bQRQ4eR\}1\]UYTQU\&TUZe\Y_TU!('%°Q`U^QcaeU
TQ^fUY^dUXQRY}^T_cUVeWQT_\_cTU]vcTUc`e}cTU
S_^ce]Yb\_cffUbUcaeU\Q^QSY†^\UcTY_³IbUVYbY}^T_
cUQaeYU^UcXQRQ^\UfQ^dQT_\QRQ^TUbQb_ZQcUS_]
`\QSQU^QVYb]Qb*²6U\Yj]U^dUcU…_b=Y^Ycdb_UcUU\U
]U^d_XQTUcQ`QbUSYT_KM³ !%#(

!%#&
18=B54_Se]U^d_cfQbY_c3_\_^YjQSY†^!(& !('$\UWQZ_3_]e^YSQ
SY_^UcTU9^dU^TU^dUi7_RUb^QT_bTU=QWQ\\Q^Uc!(&'Q!('%_VYSY_TU\7_RUb^QT_b
TU=QWQ\\Q^UcÉcSQbFYU\@e^dQ1bU^QcU^Ub_#TU!('$VZc"# ifdQ+3_\_^YjQSY†^
7_RUb^QSY†^TU=QWQ\\Q^Uc!('#!('%_VYSY_cTU\7_RUb^QT_bTU =QWQ\\Q^Uc?cSQb
FYU\Q\=Y^Ycdb_TUBU\QSY_^Uc5hdUbY_bUci3_\_^YjQSY†^@e^dQ1bU^QcU^Ub_$iVURbU
b_#TU!('$cV+=U]_bYQTU\7_RUb^QT_bTU=QWQ\\Q^Uc?cSQbFYU\@e^dQ1bU^Qc
]Qi_!¡TU!('$cV+_VYSY_TU\7_RUb^QT_bTU=QWQ\\Q^Uc?cSQbFYU\Q\=Y^Ycdb_@\U^Y
`_dU^SYQbY_TU3XY\UU^\QcTU\@\QdQ@e^dQ1bU^Qc]Qi_"&TU!('$+=U]_bYQTU\7_
RUb^QT_bTU=QWQ\\Q^Uc4YUW_4eR\}1\]UYTQ@e^dQ1bU^Qc_SdeRbUTU!('$cV+_VY
SY_c TU\ 7_RUb^QT_b TU =QWQ\\Q^Uc 4YUW_ 4eR\} 1\]UYTQ Q\ =Y^Ycdb_ TU BU\QSY_^Uc
5hdUbY_bUci3_\_^YjQSY†^@e^dQ1bU^QcVURbUb_"'i]Qi_!&TU!('%cV
!%#'
18=B53_\_^YjQSY†^7_RUb^QSY†^TU=QWQ\\Q^Uc!('#!('%_VYSY_TU\
7_RUb^QT_bTU=QWQ\\Q^Uc4YUW_4eR\}1\]UYTQQ\=Y^Ycdb_TUBU\QSY_^Uc5hdUbY_bUci
3_\_^YjQSY†^@e^dQ1bU^QcZe\Y_&TU!('%cV
!%#(
9RYT

%")
 <Q`QcQTQTUe^_c`_S_cUhS_]e^Ub_cU^U\UhdbU]_cebTU3XY\U
VeUUV]UbQicY^_dbQcS_^cUSeU^SYQcaeU\QcbUcU…QTQcCeQSSY†^aeUT†
SYbSe^cSbYdQQ\Y^dUbY_bTUceS_]e^YTQT^QSY_^Q\°_U^U\]UZ_bTU\_c
SQc_c°U^U\bQTY_TU\_cY^]YWbQ^dUcUhdbQ^ZUb_ccY^Q\SQ^jQbQ\U\U]U^
d_SXY\U^_<QcRQbbUbQc\Y^WecdYSQciSe\debQ\UcaeU\_ccU`QbQRQ^TU\_c
^QdebQ\UcTU\`QcU^ceWbQ^]Qi_bQTU_bYWU^SQ]`UcY^_^_`_TQ^
ce`UbQbcUU^dQ^`_S_dYU]`_TUUcdQTQQ`U^Qce^Q…_i]UTY_<_c
UhdbQ^ZUb_cTUUc`bYde]vc\UfQ^dYcS_TURYUb_^QRQ^T_^QbU\dUbbYd_bY_
^QSY_^Q\ E^ `UaeU…_ Wbe`_ TU VbQ^SUcUc U^SQRUjQT_c `_b e^ dQ\
=_e\Y^YUbaeUS_^dY^e†TebQ^dUQ\We^QccU]Q^QcQdYjQ^T_U\TUcS_^
dU^d_TU\_cY^]YWbQ^dUcVeUQbbUcdQT_ibU]YdYT_Q\:eUjTU\SbY]U^TU
FQ\`QbQc_!%#)5\bUcd__`d†`_b\QY^dUWbQSY†^bUc`UdQ^T_U\_bTU^c_SYQ\
UhYcdU^dUU^U\`QcbUSU`d_b
1\Q]Yc]QS_^S\ecY†^`eUTU\\UWQbcUS_^ce\dQ^T_U\dUcdY]_^Y_TU
:eQ^23_^dQbTYe^S_^dU]`_bv^U_aeUTUZ†S_^cYW^QTQccecUh`UbYU^
SYQcU^\QbUWY†^]QWQ\\v^YSQTebQ^dU\QcUWe^TQ]YdQTTU\QT}SQTQTU
!(( CYRYU^bQdYVYSQ\QSYVbQTUdbUcSYU^d_cVbQ^SUcUc\\UWQT_cQ`QbdYbTU
!('"TUZQUcdQR\USYT_aeU\QS_]`_cYSY†^TU\_cY^]YWbQ^dUcTYcdQRQ
]eSX_TUcUbX_]_W}^UQ*

8QRQU^dbUU\\_cQWbYSe\d_bUcbUWe\Qb]U^dUS_^
dbQdQT_cU^5eb_`Qi2eU^_c1YbUcU^SQ\YTQTTUS_\_
^_c`_bU\7_RYUb^_TU3XY\U+Z†fU^Ucb_]v^dYS_cU^
RecSQTUQfU^debQciTUU]_SY_^UcVeUbdUc+]QbY^Ub_c
TUcUbd_bUc+e^Q\UWY†^TUTUc`\Q^dQT_cTU\ceU\_`QdbY_
`_bTYfUbcQcSQecQc+i]eSX_cY\ec_cU^`_cTUbYaeUjQc
aeU\UcRbY^TQRQU^ceY]QWY^QSY†^U\]e^T_Q]UbYSQ
^_C_RbUcQ\Q^TU\QWU^UbQ\YTQT`_bceUc`bYdecQWQji
bUceU\d_e^Wbe`_TUS_]e^Ub_cUhS_]RQdYU^dUcU^\Q
Y^cebbUSSY†^TU\_cVUTUbQT_cTU]Qbj_TU!('!U^@Qbc
aeYU^Uc]vcQV_bde^QT_caeU_db_cTUcecS_bbU\YWY_^Q
bY_cS_^ceXeTQQ`bUcebQTQXQRQ^\_WbQT_cecdbQUbcU
Q\_cVecY\Q]YU^d_cU^]QcQaeUdefYUb_^cedbvWYS_UcSU
^QbY_U^U\SU]U^dUbY_TU\²@~bU<QSXQYcU³!%$ 

E^QT}SQTQ]vcdQbTUU^dbU!((%i!(()3_^dQbTYdef_\Q_`_bde
^YTQTTUS_^_SUb`Ubc_^Q\]U^dUQfQbY_cTU\_cUhS_]e^Ub_cQ^_dQ^

!%#)
18=B53_\_^YjQSY†^7_RUb^QSY†^TU=QWQ\\Q^Uc!('%!('&_VYSY_TU\7_
RUb^QT_bTU=QWQ\\Q^Uc4YUW_4eR\}1\]UYTQQ\=Y^Ycdb_TUBU\QSY_^Uc5hdUbY_bUci3_
\_^YjQSY†^@e^dQ1bU^QcVURbUb_&TU!('&<QcVeU^dUc^_Y^cY^eQ^\QUhYcdU^SYQTU\Q
j_cU^dbU=_e\Y^YUbi\_cUhS_]]e^QbTcUh`e\cQT_c`_S_Q^dUcTU\dUbbYd_bY_SXY\U^_
!%$
:eQ^23_^dQbTY<Q`UaeU…QRQRU\]QWQ\\v^YSQ!(((!(()@e^dQ1bU^Qc4YbUS
SY†^TU2YR\Y_dUSQc1bSXYf_ci=ecU_c=ecU_TU\Q@QdQW_^YQ!)'%`vW!$

%#
T_U^cebU]U]RbQ^jQ²^QTQXU`_TYT_QTfUbdYbU^U\\_caeU^_VeUbQ^
cU^dY]YU^d_cTUQSU^TbQT_`QdbY_dYc]_iQ\dYfQSQRQ\\Ub_cYTQT³ !%$!C†\_
T_cQ^dYWe_cVUTUbQT_c°=b=i=bH°VeUb_^Uf_SQT_cS_^Q\W‹^
^YfU\TUTUdQ\\U`_b3_^dQbTY*^Y^We^_TUU\\_cTUcQbb_\\QRQQSdYfYTQT
`_\dYSQ!%$"
5\]Yd_TU\QY^V\eU^SYQYTU_\†WYSQi`_\dYSQTU\_cUhS_]e^Ub_c
VbQ^SUcUccUTUcfQ^USUY^S_^dY^U^dYQ\Q\ejTU\_cXUSX_ciTU\bQj_^Q]YU^
d_bYWeb_c_CYRYU^\Q\\UWQTQQ3XY\UTUQ\We^_c`QbdYSY`Q^dUcU^\Q3_
]e^QTU@Qbc^_`eUTUcUb`eUcdQU^TeTQQX_bQdU^U]_c\QSUbdUjQaeU
ce^‹]Ub_VeU]ei]_TUcd_iceQSSY†^UY^V\eU^SYQ`_\dYSQ`bvSdYSQ
]U^dU^e\QCQRYU^T_aeUQ\We^_ccQ\YUb_^Uh`e\cQT_c`_b\QQed_bYTQT
bUWY_^Q\UcUfYTU^dUaeUQaeU\\_caeU`Ub]Q^USYUb_^U^U\dUbbYd_bY_
^QSY_^Q\^_TUcQbb_\\Qb_^QSdYfYTQT`_\dYSQS_]`_bdv^T_cUS_]_SeQ\
aeYUbY^]YWbQ^dUTUcU_c_TU_RdU^Ub}hYd_US_^†]YS_ibUS_^_SY]YU^d_
c_SYQ\U^U\`QcTUQS_WYTQ<QQW_^YjQ^dU9^dUb^QSY_^Q\°Q\QaeU`_b\_
TU]vc`UbdU^USQc†\_e^Q]Y^_bQTU\_c`b_dQW_^YcdQcTU\\UfQ^dQ]YU^
d_`QbYcY^_°^_`_TQU^S_^dbQbU^\_cY^]YWbQ^dUcVbQ^SUcUc\_cQWU^dUc
`QbQceY]`\Q^dQSY†^U^UcdQbU`‹R\YSQceTQ]UbYSQ^Q
CY^U]RQbW_S_]_d_TQYTUQaeUQTaeYUbUSQbQSdUbcdYSQc]dY
SQc\QY]QWU^TU\Q9^dUb^QSY_^Q\QSdeQ^T_U^3XY\UTUcTU\QT}SQTQTU
!(' XQcYT_`UbcYcdU^dUibU\QdYfQ]U^dUY]`Ub]UQR\UQ\Qc]vcU\U
]U^dQ\UcUfYTU^SYQcXYcd†bYSQc
8Ub^v^BQ]bUj>US_SXUQ`_bUZU]`\_c_cdef_TU]Q^UbQ]vc
fQWQ U Y]`bUSYcQ aeU CUWQ\\ aeU \Q @bY]UbQ 9^dUb^QSY_^Q\ UZUbSY† e^Q
]ei ^_dQR\U i fYW_b_cQ Y^V\eU^SYQ U^ U\ TUcQbb_\\_ TU\ ]_fY]YU^d_
_RbUb_^QSY_^Q\@Ub_\_cQbWe]U^d_c`QbQQ`_iQbceXY`†dUcYcVeUb_^
Q‹^]vcWU^}bYS_ciUc`USe\QdYf_caeU\_cTUceS_\UWQ*UhYcdU^SYQTU
S_^TYSY_^Ucc_SYQ\UciUS_^†]YSQcUh`\_dQSY†^SQ`YdQ\YcdQS\QcU_RbU
bQiQbdUcQ^QT_U^\QcaeU`_TQV\_bUSUbe^]_fY]YU^d_TUUcUdY`_
]Q^YVUcdQSY†^TU\Qc]Yc]QcS_bbYU^dUcYTU_\†WYSQcaeUU^5eb_`QQ\
We^QcTUU\\QcTUQ`QbYSY†^]ei`_cdUbY_bQ\d}b]Y^_TU\Q9^dUb^QSY_
^Q\TYVecY†^TUQ\We^Q\YdUbQdebQc_SYQ\YcdQU]YWbQSY†^Q3XY\UTUUh
S_]e^Ub_cTUc`e}cTU!('!Y^aeYUdeT]Q^YVUcdQTQ`_bQ\We^_c]U
TY_cTU\QU\YdUVbU^dUQ\Q`_cYRY\YTQTTU\QY]`\Q^dQSY†^U^U\`QcTU
UcQ_bWQ^YjQSY†^UdS}dUbQ !%$#4YSX_TU_db_]_T_*^Y^W‹^Y^TYSY_cU
bY_^Y]U^_c`beURQQ\We^QTUe^QQSSY†^_bWQ^YjQTQTU\Q1c_SYQSY†^
9^dUb^QSY_^Q\TUDbQRQZQT_bUcU^UcdU`Qc
¤3†]_Uc`_cYR\UU^d_^SUcQcUfUbQbaeUUhYcdYUb_^e^__fQbY_c
^‹S\U_cTU\Q@bY]UbQ9^dUb^QSY_^Q\_TUcecXUbUTUb_cU^3XY\UTebQ^

!%$!
9RYT
!%$"
?`SYd`vWc!$i!%
!%$#
8Ub^v^BQ]bUj>US_SXUQ²¤Def_Y^V\eU^SYQ\Q@bY]UbQ9^dUb^QSY_^Q\U^3XY
\U/³U^@bY^SY`Y_c>¡! #CQ^dYQW_cU`dYU]RbU_SdeRbUTU!)&$`vWc#$%"

%#!
dU\_cQ…_ccUdU^dQiS_]YU^j_cTU\_c_SXU^dQ/5cfUbTQTaeUSYUbdQc
cU…Q\Uc`Ub]YdU^`U^cQbaeUe^QYbbQTYQSY†^TYVecQTU\QcYTUQcTU\Q
19DS_]U^jQRQQXQSUbcUcU^dYbU^dbUSYUbd_c^‹S\U_cTUdbQRQZQT_bUcU
Y^dU\USdeQ\Uc ^QSY_^Q\Uc !%$$ _Y^S\ec_aeUcUXQRQ^UcdQR\USYT_SYUb
d_c S_^dQSd_c U^dbU QaeU\ SU^db_ Y^dUb^QSY_^Q\ i Q\We^_c SXY\U^_c
`Ub_^QTQ`Ub]YdU°U^U\UcdQT_QSdeQ\TU^eUcdb_cS_^_SY]YU^d_cc_
RbUU\`e^d_°QVYb]QbTU]Q^UbQSUbdUbQ\Q`bUcU^SYQTUe^QQSSY†^
]Y\YdQ^dU_bWQ^YjQTQi`Ub]Q^U^dUTU\_cY^dUb^QSY_^Q\YcdQcU^3XY\U
U^QaeU\\Q}`_SQ !%$%
<QUf_\eSY†^TU\]_fY]YU^d_`_`e\QbXQcdQ!() TURUUh`\YSQbcU
SQcYUhS\ecYfQ]U^dU`_b\QQSSY†^TUVQSd_bUcU^T†WU^_cc_RbU\_cSeQ
\Uc_`UbQRQ^\QcY^V\eU^SYQcYTU_\†WYSQc`b_fU^YU^dUcTU5eb_`QcY^
aeUcUQ`_cYR\UQdbYReYbQdQ\UcY^V\eZ_ce^QQSSY†^`_\dYSQ_bWQ^YjQTQ
>_VeUU\c_SYQ\Yc]_\QYTU_\_WQ_bWQ^YjQT_bQTU\]_fY]YU^d_`_`e
\QbXQcdQ!() cY^_e^Q\USdebQ`\URUiQTU\`b_`Y_YTUQbY_\YRUbQ\>Y
cYaeYUbQ \_c UcSQc_c UhdbQ^ZUb_c aeU `QbdYSY`QRQ^ U^ U\ cU^_ TU UcdU
]_fY]YU^d_ QSdeQb_^ S_]_ TYVec_bUc TU \Q YTU_\_WQ c_SYQ\YcdQ <_c
`_S_cSQc_cS_^_SYT_cY^TYSQ^aeU]vcRYU^}cd_ccUce]Qb_^ibUV_b
jQb_^U\_RZUdYf_²bUWU^UbQT_bTU\`eUR\_³TU\QcQc_SYQSY_^Uc_RbUbQc
iQbdUcQ^Q\UcE^_TU\_cS_^dQT_cY^]YWbQT_caeUcUY^S_b`_bQb_^Q\Q
]edeQ\YTQT TU \_c dbQRQZQT_bUc SXY\U^_c U\ ceYj_ Â^WU\ CQccY aeYU^
VeUbQe^_TU\_cVe^TQT_bUcTU\QC_SYUTQTTU1bdUcQ^_c²<QE^Y†^³TU
CQ^dYQW_^_c_VbUSUe^ReU^UZU]`\_TUUcdQ_`SY†^YTU_\†WYSQ*

@b_dUWUbQ\QcS\QcUc_RbUbQc°TUSQU^e^TYcSebc_
`b_^e^SYQT_ U^ !(($° bUS_^_SUb U^ U\\Qc U\ `bY]Ub
U\U]U^d_TU\`b_WbUc_^QSY_^Q\iV_b]Qb\QcU^\QcUfUbQ
UcSeU\QTU\TURUbiTU\dbQRQZ_UcQ\UZQb`QbQcYU]`bU
cU…_bUcTUUcdQ`QdbYQaeUbYTQU\`Qe`UbYc]_U\c_SYQ

!%$$
5^\Q}`_SQTU\Q3_]e^QTU@QbcU\be]_b`‹R\YS_U^3XY\UQ^e^SYQRQaeU
fQbY_c SXY\U^_c TU ^_d_bYUTQT `_\dYSQ _ \YdUbQbYQ UcdQRQ^ QVY\YQT_c Q \Q 9^dUb^QSY_^Q\
`Ub_^Y^We^_TUU\\_cQce]Y†\QTUVU^cQ`‹R\YSQTU\Q3_]e^QiTU\_cS_]e^Ub_cFUb
U^1^Uh_c²<Q3_]e^QTU@QbcBUQSSY_^UcU^3XY\UcUW‹^U\S†^ce\VbQ^S}cU^CQ^dYQ
W_³
!%$%
5^_db_dUhd_CUWQ\\]U^SY_^†\Qce`eUcdQQSSY†^TUQ^QbS_cY^TYSQ\YcdQc\\UWQ
T_cTUcTU=_^dUfYTU_²]vc_]U^_cU^!(()³rcd_cUbQ^F=Qbj_bQddY1\VbUT=e\\Ub
2Ub^QbT@_ebiCQ\_]_^i@bY]CUW‹^U\]Yc]_XYcd_bYQT_b²`QbdYUb_^TU\EbeWeQi
`QbQ SbUQb \Q CUSSY†^ 3XY\U^Q TU \Q @bY]UbQ 9^dUb^QSY_^Q\ U^ ce `QbdU RQ[e^Y^YcdQ³
`Ub_Q\`QbUSUbceQSSY†^U^3XY\USQbUSY†TUY]`_bdQ^SYQiQaeUCUWQ\\^_U^dbUW†]Q
i_bUc Y^V_b]QSY_^Uc c_RbU U\\_c =QbSU\_ CUWQ\\ ²<_c Ueb_`U_c U^ \Q Y^YSYQSY†^ TU\
Q^QbS_cY^TYSQ\Yc]_\QdY^_Q]UbYSQ^_³U^3Q`YdQ\UcU]`bUcQbY_ci_RbUb_cUeb_`U_cU^1]}bY
SQ<QdY^Q1SdQcTU\&¡3_^WbUc_TU189<15cd_S_\]_9^cdYded_TU5cdeTY_c<QdY^_Q
]UbYSQ^_cTU\QE^YfUbcYTQTTU5cd_S_\]_=_^_WbQVQc>¡(*!!)(#`vW"''

%#"
 \Yc]_U\^YXY\Yc]_idQ^dQc_dbQc`\QWQcTU\QcfYUZQcc_
SYUTQTUc `b_R\U]Qc dU^URb_c_c i `b_Ve^T_c Q^dU \_c
SeQ\UcdYU]R\Q^X_iS_^ZecdYSYQ\_c`bY]Ub_cUcdQTYcdQc
TU\Q5eb_`Q !%$&

<Q^edbYU^dUYTU_\†WYSQTU\]_fY]YU^d_^_UbQQ‹^U\c_SYQ\Yc]_
cY^_U\\YRUbQ\Yc]_`_`e\Qb

5 < <925B1<9C=? @?@E<1B

5\VU^†]U^_`_\dYS_]vcY]`_bdQ^dUU^U\]e^T_TU\_cdbQRQZQT_bUc
TebQ^dU\QcT}SQTQcTU!(& i!(' VeUU\`UbVY\Q]YU^d_TUe^QS_bbYU^
dUTU\YRUbQ\Yc]_`_`e\QbCecbQSUcQbbQ^SQRQ^TUUh`UbYU^SYQcQ^dUbY_
bUc*TU\QC_SYUTQTTU\Q9WeQ\TQTTU\Q`QbdYSY`QSY†^`_`e\QbU^\QcWeU
bbQcSYfY\UcTU!(%!i!(%)TU]_fY\YjQSY_^Uc]vc\UZQ^QcS_]_\QcTU
!($%!($&U^d_b^_Q\QQSSY†^TU\²AeURbQTY^_³BQ]_cicec`QbdYTQ
bY_cicUWebQ]U^dUTUfYfU^SYQcQ‹^]vc`bUd}bYdQc5\WbQTeQ\cebWY
]YU^d_TUUcdQdU^TU^SYQ`_\dYSQcUU^db_^SQRQdQ]RY}^S_^\QbUYdU
bQTQ V_b]e\QSY†^ TU fYUZQc bUYfY^TYSQSY_^Uc TU \Qc ]QcQc \QR_bY_cQc
TU]Q^TQc`bUcU^dUcTUcTU\_c`bY]Ub_cQ…_cTUfYTQbU`eR\YSQ^Q*`b_
dUSSY_^Yc]_`QbQ\QY^TecdbYQ^QSY_^Q\ibUV_b]Q_QR_\YSY†^TU\cUbfY
SY_U^\Q7eQbTYQ>QSY_^Q\`_bSYdQb\Qc]vcVbUSeU^dUc4ebQ^dU\Qc
T}SQTQcTU!(& i!(' UcdQcU^cYRY\YTQT`_\dYSQd_]†SeUb`_E^QcU
bYUTUUh`UbYU^SYQcS_\USdYfQcdQ^d_c_SYQ\UcS_]_`_\dYSQcQVYb]Qb_^
ce`UbVY\+U\TUcQbb_\\_TU\]_fY]YU^d_Qc_SYQdYf_TUQbdUcQ^_ci_RbU
b_c cU fY^Se\† S_^ ]_fY\YjQSY_^Uc `_\dYSQc i c_SY_`_\dYSQc Uc`USYQ\
]U^dUTebQ^dU\_cQ…_ccUdU^dQ*\QcSQ]`Q…Qc`bUcYTU^SYQ\UcTUEb]U
^UdQiFYSe…Q=QS[U^^Q\QSQ]`Q…Q`b_dUSSY_^YcdQi\QS_^cdYdeSY†^
TUY^cdQ^SYQcTU`QbdYSY`QSY†^`_\dYSQ`_`e\QbS_]_\QC_SYUTQT5cSeU\Q
BU`eR\YSQ^QiU\@QbdYT_BU`eR\YSQ^_<QUhdU^cY†^TU\TUbUSX_QceVbQ
WY_Q`QbdYbTU\QbUV_b]QU\USd_bQ\TU!('$Q]`\YVYS†U\VU^†]U^_<Q
Y]RbYSQSY†^ U^dbU \_ c_SYQ\ i \_ `_\dYS_ cU XYj_ ]vc UcdbUSXQ S_]_
aeUTQU^UfYTU^SYQU^U\cYWeYU^dUSeQTb_aeU]eUcdbQ\QdbQiUSd_bYQ
TUSQcY]UTY_SU^dU^QbTUTYbYWU^dUcTU\]_fY]YU^d_`_`e\QbU^dbU\_c
Q…_c!('%i!(')

!%$&
²6YUcdQcTU\Q´E^Y†^TU1bdUcQ^_cµ4YcSebc_TU4_^1^ZU\CQccY³<QBQj†^CQ^
dYQW_""TUcU`dYU]RbUTU!(($

%##
 3eQTb_>¡!(
@1BD939@139É>4549B975>D5CI13D9F9CD1C@?@E<1B5C
5>9>9391D9F1CC?391<5CI@?<ÅD931C5>DB5!('%I!(') !%$'

`b_dUSSY_^YcdQ

BU`eR\YSQ^_
6Y\Qb]†^YSQc

C_SYUTQTTU
BU`eR\YSQ^Q
TU?RbUb_c

=QS[U^^Q
=edeQ\Uc

3Q]`Q…Q
3Q]`Q…Q

C_SYUTQT

DQ\\UbUc

5\DQ\\Ub
@QbdYT_
5cSeU\Q
FYSe…Q
1SUfUT_8Y`†\Yd_ H H H H H H

1bU\\Q^_<eSbUSY_ H H H

1bU^Qc<_bU^j_ H H

ÂfY\Q6bQ^SYcS_:QfYUb H / H

2Qce\d_:=YWeU\ H H

3Q]Y\_:QfYUb H H

3\QfYZ_:eQ^ H H H H H

3_^dbUbQc:_c}BQ]†^ H H H

3_b^UZ_:eQ^1Wecd^ H H H H

3_b^UZ_DbYcdv^ H H H H H H

4QfYc_^7eY\\Ub]_CUWe^T_ H H

4U`QccYUb1\UZQ^Tb_ H H

5]`Qbv^2U^ZQ]^ H H

5cd}fUj:_c}=QbQ H

6\_bUcBej:_c}= / H

7Q^TQbY\\Qc1\RUbd_ H H H H

7QbVYQc<eYc3Qb\_c H H H H

7_^jv\Uj:_c}1Wecd^ H H H

7_^jv\Uj=_Yc}c H / H H

7eUbbQ2UjQ6bQ^SYcS_ H H H

7eUfQbQ6bQ^SYcS_: H / H H H

7ej]v^1^d_^Y_ H H H

!%$'
C†\_XU]_c]QbSQT_S_^e^QH\Q`QbdYSY`QSY†^TU\Qc`Ubc_^Qc^_]RbQTQcU^
QaeU\\QcY^YSYQdYfQcc_RbU\QcaeUcUdYU^U`beURQT_Se]U^dQ\3eQ^T_^_XQcYT_`_cYR\U
\_WbQbSUbdUjQQ`_iQTQU^VeU^dUcTU\Q}`_SQ`Ub_UhYcdU^VeUbdUcY^TYSY_cTUY^f_\eSbQ
]YU^d_XU]_cS_\_SQT_e^cYW^_TUY^dUbb_WQSY†^5c]ei`b_RQR\UaeUU\^YfU\TU`Qb
dYSY`QSY†^cUQ`_b\_dQ^d_cU^cYR\U]U^dU]Qi_baeUU\bUV\UZQT_U^UcdUSeQTb_

%#$
 `b_dUSSY_^YcdQ

BU`eR\YSQ^_
6Y\Qb]†^YSQc

C_SYUTQTTU
BU`eR\YSQ^Q
TU?RbUb_c

=QS[U^^Q
=edeQ\Uc

3Q]`Q…Q
3Q]`Q…Q

C_SYUTQT

DQ\\UbUc

5\DQ\\Ub
@QbdYT_
5cSeU\Q
FYSe…Q
8YTQ\W_=Q^eU\ H H H H

<QbbUSXUTQ1]Rb_cY_ H H

<QjQbdU@QcSeQ\ H / H

<U†^BYSQbT_ / H

<\Q^Y\\_c?^_VbU H H

=QSXYSQ_=Qbd^ H H

=UcQcD_]vc H H

=UjQ=Q^eU\1^d_^Y_ H H / H

=Y\\v^4_^Qd_ H H H

=YbQ\\Uc6bQ^SYcS_ H H H

=_bQ\Uc<_bU^j_ H H H H

=_bv^2eU^QfU^debQ H H H H

=ebY\\_:eQ^2QedYcdQ H H H

?bdUWQ@QcSeQ\ H H H H H H

?bdYj?\QfQbbYUdQ<eYc H H /

B_ZQciB_ZQcFYSU^dU / H H

B_cc=QbY_^ H H H

CQ\Qc6\_bU^SY_ / H H

Cv^SXUj1bcdYTUc H H H H

CY\fQ:_c}9W^QSY_ H H /

C_jQ=Q^eU\=_TUcd_ H H H H / H

FQbQc>QjQbY_ H / H H

FvcaeUj1TbYv^ H H H

FYfQSUdQ6Ub]^ H H H H

J‹…YWQ6Ub^Q^T_ / H

6eU^dUc*9^V_b]QSY_^UcTU`bU^cQTU\Q}`_SQc_RbUU\USSY_^UcTUTYbYWU^dUcTUQc_
SYQSY_^Uc`_`e\QbUciSQ]`Q…Qc`_\dYSQcDQ]RY}^cUXQbUfYcQT_\Q\YcdQS_]`\UdQTU\_c
Qc_SYQT_caeUQ`QbUSUU^U\1C1ECBUWYcdb_TU\QC_SYUTQTTU1bdUcQ^_c²<QE^Y†^³TU
CQ^dYQW_!(&"!)!"

%#%
 <QUS\_cY†^TU\QS_bbYU^dU\YRUbQ\`_`e\QbUbQ\QUh`bUcY†^U^U\`\Q
^_`_\dYS_TU\UdX_cS_\USdYf_UcdbeSdebQT_U^d_b^_Q\QcYTUQcTUS__`U
bQSY†^iTU²bUWU^UbQSY†^TU\`eUR\_³TYVe^TYTQc`_b\_cTUcdQSQ]U^
d_c]vcQfQ^jQT_cTU\\YRUbQ\Yc]_aeUXQRQ^Q^Y]QT_TUcTUe^S_
]YU^j_Q\Qcc_SYUTQTUci]Y\YdQ^dUc`_`e\QbUc4UUcdU]_T_\_c_SYQ\i
\_`_\dYS_\UZ_cTUS_^cdYdeYbcUU^e^QQ^dY^_]YQcUXQRQ^`_dU^SYQT_
]edeQ]U^dUTQ^T_V_b]QQ\\YRUbQ\Yc]_`_`e\Qb
>_UbQ^WbQ^TUcV_b]e\QSY_^UcdU†bYSQc\_c`bY^SY`Q\UcbQcW_cTU
UcdQdU^TU^SYQ<QQTcSbY`SY†^Q\_c`bY^SY`Y_cWU^UbQ\UcTU\\YRUbQ\Yc]_
VeUSQcYcYU]`bUYbbUcdbYSdQ`_b`QbdUTU\_c]Y\YdQ^dUc`_`e\QbUcXQcdQU\
UcdQ\\YT_TU\Q7eUbbQTU\@QSVYS_*\QYSYTQTd_\UbQ^SYQ`b_WbUc_Y^cdbeS
SY†^QVYQ^jQ]YU^d_TU\QcY^cdYdeSY_^UcbU`bUcU^dQdYfQcbU`eR\YSQ^Qc
TUcQbb_\\_TU\QY^TecdbYQi\QUS_^_]Q^QSY_^Q\UbQ^Q\We^QcTU\Qc
WbQ^TUcRQ^TUbQcaeUU\\YRUbQ\Yc]_`_`e\QbS_]`QbdQS_^U\\YRUbQ\Yc]_
TU\QcS\QcUcTYbYWU^dUc_\YRUbQ\Yc]__VYSYQ\
CY^U]RQbW_`Qe\QdY^Q]U^dUcebWQ^TYcSbU`Q^SYQcicU`b_TeSQ^
TUcU^SeU^db_cU^dbUU\\YRUbQ\Yc]_TU\QcS\QcUcT_]Y^Q^dUciU\TU\]e^
T_`_`e\Qb*\QQc`YbQSY†^`b_dUSSY_^YcdQSX_SQRQS_^U\YTUQbY_\YRUbQ\
]vcYbbUcdbYSd_i\QTU]Q^TQTUQR_\YSY†^_bUV_b]QTU\cUbfYSY_U^\Q
7eQbTYQ>QSY_^Q\cYRYU^UbQQ\U^dQTQ`_b\QcS_bbYU^dUc_`_cYd_bQcUc
`USYQ\]U^dUU^`Ub_T_c`bUU\USd_bQ\UcZQ]vcUbQ\\UfQTQQ\Q`bvSdYSQ
SeQ^T_Uc_c]Yc]_ccUSd_bUc\\UWQRQ^Q\W_RYUb^_<_aeUcUXYj_]vc
UfYTU^dUSeQ^T_U\\YRUbQ\Yc]_QSSUTY†Q\`_TUbQ`QbdYbTU!(&!<QTU
SU`SY†^VeU`b_WbUcYfQ*XQSYQS_]YU^j_cTU\QT}SQTQTU!(( cUXQRQ^
`b_RQT_d_T_dY`_TUS_]RY^QSY_^Uc]Y^YcdUbYQ\Uc°U^dbU\YRUbQ\UciS_^
cUbfQT_bUciU^dbUTYcdY^dQcS_bbYU^dUc\YRUbQ\UcS_^`bUcSY^TU^SYQTU\_c
S_^cUbfQT_bUc°i^Y^We^QTU\QcWbQ^TUcQc`YbQSY_^UcTU\]_fY]YU^d_
`_`e\QbXQRQcYT_S_^cQWbQTQ`_b\QQSSY†^TU\_cW_RUb^Q^dUc@Ub_`_b
c_RbU`e^d_c`b_WbQ]vdYS_cUc`USVYS_cceRcYcdQe^]Q\UcdQbc_bT_`_b
\QVQ\dQTU]UZ_bQcceRcdQ^SYQ\UcTU\QS_^TYSY†^TU\_cdbQRQZQT_bUc@_b
Uc_cQ…_cd_]QbQV_b]QTUVY^YdYfQ\QS_bbYU^dU\YRUbQ\`_`e\QbU^e^`b_
SUc_aeUYbQTUe^QSbUSYU^dUTYVUbU^SYQSY†^XQcdQe^Qbe`debQTUVY^YdY
fQXQSYQVY^UcTU\_cQ…_c_SXU^dQS_^U\\YRUbQ\Yc]__VYSYQ\
5\cebWY]YU^d_TU\QdU^TU^SYQTU\YRUbQ\Yc]_`_`e\QbUce^ReU^
UZU]`\_TU\QcbU\QSY_^UcaeUcUUcdQR\USU^U^dbUU]Yc_bUcibUSU`d_bUc
TU]U^cQZUciTYcSebc_cU^SeQ\aeYUbc_SYUTQT3_]_cU…Q\Q<eYc1\RUb
d_B_]Ub_\QcV_b]QcTU`QbdYSY`QSY†^`_\dYSQ^_cebWU^TU\Q]UbQY^
fU^SY†^TU\_ccUSd_bUc`_`e\QbUc*

CeSQbvSdUbceRQ\dUb^_Y]`\YSQ`bUSYcQ]U^dUaeU
^_`eUTU^Y]`_^Ub^Y`b_`_^UbbUW\QcTUZeUW_*\QcaeU
_bTU^Q^U\Ve^SY_^Q]YU^d_TU\Qc_SYUTQTiU\cYcdU]Q
`_\dYS_\QcaeUUcdQR\USU^\Qc`_cYRY\YTQTUcTUY^S_b`_
bQSY†^@Ub_UcdQccYdeQSY_^UcbUQ\UcZeUWQ^U^SQTQS_

%#&
 ie^debQS_^\QcY]vWU^Uc^_^USUcQbYQ]U^dUVYU\UcaeU
TUU\\QcU\QR_bQ^\_ccUSd_bUc`_`e\QbUc !%$(

1ccUTYVe^TY†U^dbUSYUbd_cUcdbQd_cTU\]e^T_`_`e\Qbc_RbUd_T_
Q`QbdYbTU\Q\YRUbQ\YjQSY†^`_\dYSQTUS_]YU^j_cTU\QT}SQTQTU!(& 
\QY]QWU^TUe^Qc_SYUTQT]vcQRYUbdQi]†fY\`_cYR\UTUbUV_b]Qbi
TU]_SbQdYjQbU^RU^UVYSY_TU\_cY^dUbUcUcTU\_cdbQRQZQT_bUc<QcfQc
UcS_WYTQcVeUb_^S_]_UccQRYT_US_^†]YSQcc_SYQ\Uci`_\dYSQc*S_^c
dYdeSY†^iTUcQbb_\\_TU]edeQ\UcS__`UbQdYfQcUcSeU\QcTUQbdUcQ^_c
c_SYUTQTUcVY\Qb]†^YSQcTU_RbUb_c`Ub_dQ]RY}^`QbdYSY`QSY†^QSdYfQU^
\Q`_\dYSQ^QSY_^Q\`bUVUbU^SYQ\]U^dUU^\QcVY\QcTU\Q²WbQ^VQ]Y\YQ\Y
RUbQ\³IQe^aeU\QY^dU^SY_^Q\YTQTTU\_c`b_`QWQ^TYcdQcTU\TYcSebc_
\YRUbQ\XQiQcYT_TU]Q^Y`e\QSY†^TU\²RQZ_`eUR\_³UcTUSYb]UbQ]U^
dUedY\YdQbYQ\QbUSU`SY†^TU\]U^cQZU`_b\QcRQcUc`_`e\QbUcTURQY^U
fYdQR\U]U^dU`b_TeSYbcUTU]Q^UbQ]UTYQdYjQTQ`_bce`b_`YQfYcY†^TU\
]e^T_cecUh`UbYU^SYQcice`QbdYSe\Qb`_cYSY†^c_SYQ\4UUcdQ]Q^UbQ
\QS_^TYSY†^`_`e\QbQSdeQRQS_]_VY\db_dbQ^cV_b]QT_bTU\TYcSebc_TU\Q
U\YdU\YRUbQ\QSU`dQ^T_TUdUb]Y^QT_cQc`USd_cbUSXQjQ^T_e^_ci]_
TYVYSQ^T__db_cE^cY^SbUdYc]_`_\dYS_U\\YRUbQ\Yc]_`_`e\QbUbQU\bU
ce\dQ^dUTUTYSX_`b_SUc_TU\USdebQ`\URUiQTU\YTUQbY_\YRUbQ\4ebQ^dU
\_cQ…_c_SXU^dQUcdUTUcQbb_\\_Q\SQ^jQbQceWbQT_TU`\U^Q]QTebQ
SY†^

!%$(
<eYc1\RUbd_B_]Ub_²@QbdYSY`QSY†^`_\dYSQiTU]_SbQSYQ!(( !)($³U^<UQ^
Tb_87edY}bbUji<eYc1\RUbd_B_]Ub_CUSd_bUc`_`e\QbUcSe\debQi`_\dYSQ2eU^_c1YbUcU^
\QU^dbUWeUbbQ2eU^_c1YbUc5TYd_bYQ\CeTQ]UbYSQ^Q!))%`vW! '

%#'
 31@ÅDE<?H9F

31DÉ<93?CI=1C?>5C*
4?C1C@53D?C45<1<E381459>6<E5>391C
45<?CC53D?B5C49B975>D5C
5>DB5<?CDB121:14?B5C?B71>9J14?C

5\cebWY]YU^d_TUe^]_fY]YU^d_TUdbQRQZQT_bUciceSbUSYU^dUTYc`_cY
SY†^Q]UjS\QbcUU^\Qc\eSXQc`_\dYSQcU^e^S_^dUhd_TUQWbQfQ]YU^d_
TU\QcS_^dbQTYSSY_^UcU^\QcUcVUbQcT_]Y^Q^dUcQSQecQTU\QcWbQ^TUc
`_\}]YSQcTU\Q}`_SQ°\Q\YRUbdQTTUU^cU…Q^jQi\Qc²\eSXQcdU_\†WYSQc³
U^d_b^_Q\_c`b_iUSd_c\YRUbQ\UcdU^TYU^dUcQce`bY]YbU\²`bYfY\UWY_
US\USYvcdYS_³\QYSYjQb\_cSU]U^dUbY_cY^cdQebQbU\]QdbY]_^Y_SYfY\icU
`QbQb\Q9W\UcYQTU\5cdQT_°QSU^deQb_^TUcTU]UTYQT_cTU\QT}SQTQTU
!(& \QcdU^dQdYfQcTU\_ccUSd_bUc]vcUhdbU]_cTU\_cSQ]`_cU^S_^V\YS
d_`QbQWQ^QbY^V\eU^SYQcU^dbU\_ccUSd_bUc`_`e\QbUc !%$)5\SQd_\YSYc]_
S_^cUbfQT_b_²e\dbQ]_^dQ^_³iU\\YRUbQ\Yc]_]vcbQTYSQ\e^QTUSeiQc
Uh`bUcY_^UcYTU_\†WYS__bWQ^YjQSY_^Q\Uc]vcY]`_bdQ^dUcUbQ\Q]Qc_^U
bQTUcQbb_\\Qb_^Q`QbdYbTUU^d_^SUce^QU^SQb^YjQTQS_]`UdU^SYQ`_b
WQ^QbQ`_i_cU^U\]e^T_`_`e\Qb
1e^aeU\Q\QR_bTU\Q9W\UcYQi\_cS_^cUbfQT_bUcU^dbU\_cdbQRQZQ
T_bUcdef_e^SQbvSdUbVeUbdU]U^dU`_\dYS_c†\_TUcTUVY^UcTU\Q7eU
bbQTU\@QSVYS_cU`eUTUY^S\eYb\Q`bY]UbQUdQ`Q!(&&°!(')TU\QSdY
fYc]__bWv^YS_SQd†\YS_°S_^cUbfQT_bU^U\cU^_TU\QbdUcQ^QT_iTU\Q
S\QcU_RbUbQS_]_e^U\U]U^d_TU\S_^V\YSd_`_\dYS_TU\Q}`_SQiQaeU
QTYVUbU^SYQTU\Qc]edeQ\Uci_dbQc_bWQ^YjQSY_^UcTUdbQRQZQT_bUcTU
dU^TU^SYQcTU]_SbvdYSQci\YRUbQ\Uc\QcQc_SYQSY_^UcSQd†\YSQcTU_RbUb_c
^_VeUb_^U\Vbed_TU\Q_bWQ^YjQSY†^bU\QdYfQ]U^dUUc`_^dv^UQ_Qed†
^_]QTU\_cdbQRQZQT_bUc<QTYbUSSY†^UZUbSYTQU^U\\Qc`_bU\S\Ub_i\Q
U\YdUS_^cUbfQT_bQVeUcYU]`bUY^TUc]U^dYR\U*TUcTUceVe^TQSY†^XQcdQ
\QWUcdY†^TU\_cQc`USd_c]vcbedY^QbY_c`QcQ^T_^QdebQ\]U^dU`_bcec
TUVY^YSY_^UcYTU_\†WYSQci`_\dYSQcd_T_aeUT†U^]Q^_cTU\_cU\U]U^

!%$)
C_RbUU\S_^V\YSd_U^dbU\QYSYTQTiS_^VUcY_^Q\Yc]_fUbBYSQbT_;bURcUdQ\3Qd_
\YSYc]_i\QYSYc]_<QcRQcUcT_SdbY^QbYQcTU\S_^V\YSd_U^dbU\Q9W\UcYQiU\UcdQT_U^3XY\UCUYcUcde
TY_cCQ^dYQW_5TYSY_^Uc>eUfQE^YfUbcYTQT!)(!

%#)
d_cTU\QcS\QcUcce`UbY_bUcaeUQcUWebQRQ^ceVe^SY_^Q]YU^d_CUdbQdQ
RQQd_TQc\eSUcTUe^QV_b]QTUS_^f_SQd_bYQ`_\dYS_°YTU_\†WYSQdbQ
TYSY_^Q\bUV_bjQTQ`_bU\]edeQ\Yc]_i_dbQcQSdYfYTQTUcTUcdY^QTQcQ
XQSUb\Q]vcQdbQSdYfQ
5^U\SQc_iQQ^Q\YjQT_TU\QcQc_SYQSY_^UcaeUUh`bUcQRQ^e^QS_
bbYU^dUTU]_SbvdYSQi\YRUbQ\`eUTUXQR\QbcUTU²Qed_^_]Q³Q\]U^_c
_bWQ^YjQdYfQTURYU^T_U^dU^TUbcUceY^S\Y^QSY†^XQSYQU\\YRUbQ\Yc]_
S_]_e^QcY]`QdQ]vc_]U^_cUc`_^dv^UQaeU\Qc\\UfQRQQS_^fUbWUb
S_^TYcdY^dQcdU^TU^SYQc\YRUbQ\UccY^aeUU\\_cYW^YVYSQbQe^Q`}bTYTQ
Qed_]vdYSQTUY^TU`U^TU^SYQ_e^Q\Y^UQ]YU^d_Y^S_^TYSY_^Q\S_^\Qc
TYcdY^d_cWbe`_caeUcUbUS\Q]QRQ^TU\@QbdYT_<YRUbQ\_S_^U\@QbdYT_
BQTYSQ\!%% <Q_RbQTU\Q]Qc_^UbQcU`UbVY\†Q\Y^dUbY_bTUUcdU]_fY
]YU^d_`Ub_QcU]UZQ^jQTU\QQSSY†^S\UbYSQ\°S_^cUbfQT_bQ^_VeU\Q
Uh`bUcY†^²Uc`_^dv^UQ³TU\QfYTQTU\Qc]edeQ\UcTUdbQRQZQT_bUccY^_
TUe^QUcdbQdUWYQTUSYTYTQU^\Qc\_WYQcTUcTUT_^TUcUY^c`YbQRQiTYbY
WQU\dbQRQZ_TU\_c]Qc_^UcU^dbUU\²RQZ_`eUR\_³Uc`USYQ\]U^dUQdbQ
f}cTU\QcUcSeU\Qc^_Sdeb^Qci_dbQcY^YSYQdYfQcTUUTeSQSY†^`_`e\Qb
3Qd†\YS_ci]Qc_^UcdbQdQb_^TUWQ^QbUc`QSY_cRQcUcTUQ`_i_U^
dbU\_cdbQRQZQT_bUc+\_c`bY]Ub_cS_^cdbeiU^T_e^]_fY]YU^d_S_]`\U
dQ]U^dU^eUf_iQaeUceQcSU^TYU^dU`_\dYS_UbQ^e\_U^\Qc]edeQ\Uc
UhYcdU^dUcXQcdQ]UTYQT_cTU\_cQ…_ccUcU^dQ+\_ccUWe^T_cdbQdQ^T_TU
Y^ZUbdQbcUU^U\]_fY]YU^d_TU]_SbvdYS_i\YRUbQ\TUdbQRQZQT_bUcQdbQ
f}cTU\QQSdYfYTQTTUcecY^dU\USdeQ\Uc

5 < 31D?<939C=? 3?>C5BF14?B

<Qc_bWQ^YjQSY_^UcSQd†\YSQcTU_RbUb_ccebWYUb_^S_]_`b_TeSd_TUe^Q
`_\dYSQ`bUfYQ]U^dUTYcU…QTQaeUY\ecdbQRQe^SQ]RY_TUQSdYdeTTU\Q
9W\UcYQi\_cS_^cUbfQT_bUcbUc`USd_TU\_c`_RbUcCeW}^UcYcUcdef_Uc
dbUSXQ]U^dUbU\QSY_^QTQS_^\_cS_^V\YSd_c`_\dYS_cTU\Q}`_SQiS_^\Q
Ybbe`SY†^TUcYW^YVYSQdYf_ccUSd_bUcTUdbQRQZQT_bUcebRQ^_cU^\QUcSU^Q
`_\dYSQic_SYQ\
¤5^ae}S_^cYcdY†U\SQ]RY_TUQSdYdeTTU\S\Ub_i\_cSQd†\YS_cS_^
cUbfQT_bUc/

!%%
5^^eUcdbQS_^SU`SY†^\Q²Qed_^_]Q³TU\Qc_bWQ^YjQSY_^Ucc_SYQ\Uc^_`eUTU
cUbU^dU^TYTQTU]Q^UbQbWYTQ_YTUQ\3_]_d_T_cUW]U^d_TU\Qc_SYUTQTU^aeUUcdv^
Y^cUbdQc}cdQcceVbU^\QY^V\eU^SYQTUTYcdY^dQcVeUbjQc`_\dYSQcS_bbYU^dUcYTU_\†WYSQci
Wbe`_cTU`bUcY†^<QQed_^_]Q^_S_^cYcdUU^e^QQcU`cYQYTU_\†WYSQi_bWQ^YjQdYfQaeU
WQbQ^dYSU\QV_b]e\QSY†^iQ`\YSQSY†^TUe^Q`_\dYSQQRc_\edQ]U^dU\YRbUTUY^V\eU^SYQc
UhdUb^Qc<QQed_^_]QUc\QSQ`QSYTQTTU\Q_bWQ^YjQSY†^TUTUSYTYb`_bcY]Yc]QTU
]Q^UbQTU]_SbvdYSQU^dbUTYcdY^dQc_`SY_^UccY^S_]`b_]UdUbcec_RZUdYf_cUcU^SYQ\Uc
5cUfYTU^dUaeUcY^^UWQbU\Y^V\eZ_aeUU]Q^QRQTUcTU\QU\YdUc†\_\QS_bbYU^dU]edeQ
\YcdQiQc_SYQdYfQ`_`e\QbTUdU^TU^SYQ\QYSQi\YRUbQ\cUQSUbSQRQQe^]_TU\_cY]Y\Qb

%$
 CYRYU^\Q9W\UcYQ3Qd†\YSQSXY\U^Qdef_TUcTUdU]`bQ^_e^Q`bU_Se
`QSY†^`_b\_c`_RbUcTebQ^dUU\cYW\_H9HicYWeYU^T_\QUf_\eSY†^WU
^UbQ\TU\Q`UbSU`SY†^TU\`b_R\U]Qc_SYQ\U^\_ccUSd_bUcT_]Y^Q^dUc
`eUTU^TYcdY^WeYbcUT_c`Ub_T_cTUceQSSY†^²_bWv^YSQ³XQSYQU\]e^
T_`_`e\Qb>_cUdbQdQTUT_c]_]U^d_cRYU^TU\Y]YdQT_ciQaeUQ`Qb
dYbTU\cUWe^T_`Ub_T_]vcaeUU\bUU]`\Qj_TUe^QV_b]QTUQSSY†^
`_b_dbQcU`b_TeZ_\QS_UhYcdU^SYQTUTYcdY^dQc]Q^UbQcTUQ`b_hY]QbcU
Q\Q²SeUcdY†^c_SYQ\³SQ]RYQ^T_U\QSU^d_i\QY]`_bdQ^SYQ`_\dYSQTU
U\\Qc

!<QQSSY†^dbQTYSY_^Q\

4ebQ^dUUcdQUdQ`Q°aeUcUUhdU^TY†XQcdQ]UTYQT_c_VY^UcTU\QT}SQTQ
TU!(& °\Q9W\UcYQU\SbSe\_TUVYU\UcTU\QU\YdU]vcSUbSQ^_cQ\S\Ub_i
\_c`_\dYS_cS_^cUbfQT_bUcaeU\_cbU`bUcU^dQRQ^cU\Y]YdQb_^Q_bWQ^Y
jQbY^cdYdeSY_^UcTURU^UVYSU^SYQTUcdY^QTQcQ`bUcdQbc_S_bb_cQ\_c`_
RbUcUY^TYWU^dUcQSbUQbQ\We^_cdQ\\UbUcS_^U\VY^TUUTeSQbi]_bQ\Y
jQbQ\`eUR\_iWU^UbQbY^WbUc_c`QbQ\_c]vcTUc`_cUT_c^Y…_c]eZU
bUcc_\QcTUc_Se`QT_cUdS}dUbQ5cdQUdQ`QS_Y^SYTY†U^WU^UbQ\S_^
U\`Ub_T_U^aeU\Q`bU_Se`QSY†^TU\QcS\QcUcT_]Y^Q^dUc`_b\_c`_
RbUc^_bUfUcdQU\SQbvSdUb`_\dYS_aeUQTaeYbY†]vcdQbTUQ\`\Q^dUQbcU
S_^WbQ^VeUbjQ\_cTURQdUcc_RbU\Q²SeUcdY†^c_SYQ\³8QcdQU^d_^SUc\_c
cUSd_bUc`_`e\QbUcUbQ^Q\_]vc_RZUd_TUS_^]YcUbQSY†^iSQbYTQTSbYc
dYQ^Q3_]_cecY^SebcY_^UcU^\QUcSU^Q`_\dYSQXQRQ^cYT__SQcY_^Q
\UciSQcYcYU]`bUS_]_RQcUTUQ`_i_TUe^_e_db_cUSd_bTU\QcS\QcUc
ce`UbY_bUcU\²RQZ_`eUR\_³^_UbQQ‹^`UbSYRYT_S_]_e^`U\YWb_bUQ\
`QbQ\QUcdQRY\YTQTTU\Qc_SYUTQT<QQecU^SYQTUY^aeYUdeT`Ub]YdQQ
\_cbUTQSd_bUcTU\`b_c`USd_TU\`bY]Ub^‹]Ub_TU<QBUfYcdQ3Qd†\YSQ
`eR\YSQT_U^]Qbj_TU!($#QVYb]QbS_^cQdYcVQSSY†^aeU²SQcY^_XQi
S\QcUU^\Qc_SYUTQTaeU^_cUcYU^dQY]`U\YTQQ]QbSXQb`_bU\ReU^cU^
TUb_iaeUd_T_`QbUSU`bUcQWYQb\Q`b_^dQbUQ\YjQSY†^TU]UZ_bQcU^TY
fUbc_cbQ]_cTU\Q`‹R\YSQ`b_c`UbYTQT³ !%%!
5\TURUbTU\S\Ub_iTU\_cSQd†\YS_cTU\QcS\QcUcce`UbY_bUcS_^cYc
dQU^S_^cUSeU^SYQU^²]_bQ\YjQb³Q\`eUR\_iUZUbSUb\QSQbYTQT`QbQ
QdU^eQb\_cbYW_bUcTUe^QS_^TYSY†^aeUcUTUc`bU^TQTU\_bTU^^Qde
bQ\SbUQT_`_b4Y_c
<QcY^cdYdeSY_^UcSQd†\YSQcTUcY]`\USQbYTQTVeUb_^^e]Ub_ccY]Qc
i]eifQbYQTQcE^QTUU\\Qc\QC_SYUTQT2U^}VYSQTUCU…_bQcVe^TQTQU^
CQ^dYQW_U\!'TUU^Ub_TU!($$cUTUcdQSQRQ`_b\QQ]`\YdeTTUcec`b_
iUSd_caeUQ`e^dQRQ^Q*

!%%!
²@b_c`USd_³U^<QBUfYcdQ3Qd†\YSQCQ^dYQW_)TU]Qbj_TU!($#

%$!
 KM`b_]_fUb\Qc]UZ_bQc]QdUbYQ\UcY^dU\USdeQ\Uc
ibU\YWY_cQcTUaeUc_^cecSU`dYR\Uc\QcS\QcUc`_RbUc+Y^
db_TeSYb\QcbUV_b]QcaeUTU]Q^TQU\UcdQT_`bUcU^dU
TU\QUTeSQSY†^TU\Qc^Y…QcU^\_cS_\UWY_ciUcSeU\Qci
`b_`_^UbQ\QcQed_bYTQTUcS_]`UdU^dUcSeQ^d_S_^dbY
ReiQQ\RYU^VcYS_i]_bQ\TU\_cY^TYfYTe_cTUQ]R_c
cUh_caeUcUXQ\\Q^U^\Qc`bYcY_^UcSQcQcTUS_bbUSSY†^
X_c`YdQ\UciTU]vcUcdQR\USY]YU^d_cTUSQbYTQT !%%"

5\(TUcU`dYU]RbUTU\]Yc]_Q…_cUY^QeWeb†U^\QSQ`YdQ\\QC_SYU
TQT3bYcdYQ^QSei__RZUdYf_UbQQieTQbQ\_cY^TYWU^dUcTU\Q²S\QcUTUSU^
dU³UcTUSYbQQaeU\\_ccUSd_bUcTU\QS\QcU]UTYQRQZQTUc`_cUT_cTU
V_bde^QiTU`b_VUcY†^5cdQQc_SYQSY†^cUS_]`_^Q]vc_]U^_cTU\
]Yc]_dY`_TUY^TYfYTe_caeUcecX_]†\_WQcTU\Q}`_SQ*²`Ubc_^QcbUc
`UdQR\UcUS\UcYvcdYS_cTYcdY^WeYT_cU]`\UQT_ci]QWYcdbQT_c³ !%%#
<Q]vcY]`_bdQ^dUTU\QcY^cdYdeSY_^UcSQbYdQdYfQcVeU\QC_SYUTQTCQ^
FY^SU^dUTU@Qe\Ve^TQTQU^CQ^dYQW_U^!(%$CYWeYU^T_U\]_TU\_TU
cecX_]†^Y]QcUeb_`UQc`bUcdQRQc_S_bb_cQT_]YSY\Y_QU^VUb]_cfYU
Z_cifYeTQcS_^]eSX_cXYZ_cQTU]vcTUTYcdbYReYbbQSY_^UcQ\Y]U^dQbYQc
`QbQ\_c`_RbUcU^ceS_SY^UbQTU\QSQ`YdQ\!%%$5^_SdeRbUTU!(%%Y^Qe
Web†e^Y^dUb^QT_TU^_]Y^QT_3QcQTUDQ\\UbUcT_^TUcUU^cU…QRQ^`b_
VUcY_^UcQbdUcQ^Q\UcQ^Y…_ciQT_\UcSU^dUc !%%%<QcQSdYfYTQTUcTU\Qc3_^
VUbU^SYQcTUCQ^FYSU^dUTU@Qe\defYUb_^e^TUcQbb_\\_fU\_j*U^!(%)S_^
dQRQS_^T_SUS_]YcY_^UcU^SQbWQTQcTU_db_cdQ^d_cTYcdbYd_c`_`e\QbUc
TU\QSQ`YdQ\!%%&<Q3QcQTUDQ\\UbUccYWeY†Ve^SY_^Q^T_TebQ^dUU\bUcd_
TU\cYW\_*U^!(((]Q^dU^QQT_cSYU^d_cfUY^dYT†c^Y…_cQcY\QT_cRQZ_\Q
TYbUSSY†^TU\_c8Ub]Q^_cTU\Qc5cSeU\Qc3bYcdYQ^Qc!%%'5^FQ\`QbQc_\Q
]Yc]Qc_SYUTQTVeUVe^TQTQU^!(&#`_be^cQSUbT_dU]UbSUTQbY_RQZ_
U\^_]RbUTU3_^VUbU^SYQTUCQ^FYSU^dUTU@Qe\bUe^YU^T_fQbYQcT_SU^Qc

!%%"
²C_SYUTQTTUCU…_bQc³5\@b_WbUc_CQ^dYQW_!(TU^_fYU]RbUTU!($$
!%%#
5\@b_WbUc_CQ^dYQW_)TUcU`dYU]RbUTU!($$
!%%$
:_Qae^<QbbQ^7Q^TQbY\\Qc²=U]_bYQc_RbU\_cdbQRQZ_cTU\Q3_^VUbU^SYQ3U^
dbQ\TUCQ^FYSU^dUTU@Qe\aeU\Ui†ce@bUcYTU^dUU\@4:_Qae^<QbbQ^7Q^TQbY\\QcU^
\QcUcY†^c_\U]^USU\URbQTQU\" TUZe\Y_TU!(%&³U^<QBUfYcdQ3Qd†\YSQ>¡$%"CQ^dYQ
W_"TUQW_cd_TU!(%&`vWc!%)$!%)'+²1c_SYQSY_^UcTU_RbUb_c³5\9^TU`U^TYU^dU
CQ^dYQW_"!TUQRbY\TU!(&%
!%%%
<QbbQ^7Q^TQbY\\Qc_`SYd+5\=UbSebY_FQ\`QbQc_# TU_SdeRbUTU!(%%²3QcQ
TUDQ\\UbUcTUCQ^FYSU^dUTU@Qe\³5\6Ubb_SQbbY\CQ^dYQW_&TUcU`dYU]RbUTU!(&"=vc
Y^V_b]QSY_^Ucc_RbUUcdQY^cdYdeSY†^U^5cdQded_cYBUW\Q]U^d_TU\Q3QcQTUDQ\\UbUcTUCQ^
FYSU^dUTU@Qe\TUCQ^dYQW_CQ^dYQW_9]`bU^dQTU²<Q5cdbU\\QTU3XY\U³!('&
!%%&
:_Qae^<QbbQ^7Q^TQbY\\Qc²=U]_bYQc_RbU\_cdbQRQZ_cTU\Q3_^VUbU^SYQ3U^
dbQ\TUCQ^FYSU^dUTU@Qe\aeU\Ui†ce@bUcYTU^dUU\@bUcRdUb_4_^:_Qae^<QbbQ^
7Q^TQbY\\QcU^\QcUcY†^c_\U]^USU\URbQTQU\!!TUQW_cd_TU!(%)³U^<QBUfYcdQ3Qd†\Y
SQ>¡%))d_]_9HCQ^dYQW_" TUQW_cd_TU!(%)`vWc!(!!($
!%%'
²3_^VUbU^SYQcTUCQ^FYSU^dUTU@Qe\³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_"!TUZe
\Y_TU!(((

%$"
TU`Ubc_^Qc`YQT_cQcTU\QcS\QcUc`eTYU^dUcdbQcU\_RZUdYf_TUTQbQieTQ
QT_]YSY\Y_Q\_cTUcfQ\YT_c1\YWeQ\aeUU^\QcS_^VUbU^SYQcTU\QSQ`YdQ\
SQTQ]YU]Rb_RecSQRQ²cec³`_RbUciUcS_WQU^dbUU\\_cQ\_c]vc^USU
cYdQT_ci\_c`bUcU^dQRQQ\QS_^VUbU^SYQ\QaeUTUc`e}cTUUhQ]Y^Qb\_c
SQc_c`_b]UTY_TUS_]YcY_^UcQS_bTQRQ\_cc_S_bb_caeUUcdY]QRQ^U
SUcQbY_!%%(1\\dQ]RY}^cUUcdQR\USY†e^Q3QcQTUDQ\\UbUc`QbQ\_cXYZ_cTU
\_c`_RbUc!%%)5^\Q]Yc]Q}`_SQ\QS_^VUbU^SYQcUY^cdQ\†U^3_^SU`SY†^
i<QCUbU^QVYWebQ^T_cYU]`bUU^cecTYbUSd_bY_cU]Y^U^dUc_RYc`_ci
Qed_bYTQTUc\_SQ\Uc_bUWY_^Q\Uc=vcdQbTU\QY^YSYQdYfQcUUhdU^TY†Q
DQ\SQi_dbQcSYeTQTUc !%& 
5cdU]_TU\_TUQc_SYQSY†^TUSQbYTQTSbYcdYQ^QcU`b_`QW†Q\_\Qb
W_TU\cYW\_<QC_SYUTQTCQ^<eYcTU7_^jQWQaeUQT]Y^YcdbQRQe^dQ\\Ub
TUS_cdebQ`QbQ^Y…QciZ†fU^Uc`_RbUc`bUcU^dQRQSQbQSdUbcdYSQccY]Y\Q
bUc!%&!1S_]YU^j_cTU\QT}SQTQTU!(' cUVe^T†\Q3QcQTU\@Qdb_SY^Y_TU
CQ^:_c}TUcdY^QTQTU]Q^UbQ`bUVUbU^SYQ\Q]Q^dU^UbiTQbUTeSQSY†^
U^cU…Q^jQ`bY]QbYQY^cdbeSSY†^bU\YWY_cQiQ`bU^TYjQZUTUe^_VYSY_Q
\_cXYZ_cTU`Ubc_^QcaeUXQRYU^T_dU^YT_V_bde^Q\QXQRQ^`UbTYT_!%&"
5\S_^Ze^d_TUUcdQci_dbQcQc_SYQSY_^UcTU\]Yc]_dY`_VeUb_^S_^
cYTUbQTQc`_bcec`b_]_d_bUcS_]_²_RbQcTUSQbYTQT³Qe^aeUU^UcdbYS
d_bYW_b\QSQbYTQT^_UbQ`QbQU\\_cU\VY^`bY^SY`Q\cY^_U\]UZ_b]UTY_
`QbQS_^cUWeYb\Q²cQ^dYVYSQSY†^³TUcec]YU]Rb_ciTU\_c`_RbUcQaeYU
^Ucc_S_bbQ^ !%&#5\Q`_\YdYSYc]_TUS\QbQT_TU\Qc²_RbQcSQbYdQdYfQc³^_
\UcY]`UTQc_cdU^UbidU_bYjQbU\SQbvSdUb^QdebQ\TU²\QTUcYWeQ\TQTTU
V_bde^Qci\QY^TYWU^SYQaeU\QcYWeU³²S_^TYSY†^^USUcQbYQTU\X_]RbU
U^\QdYUbbQ³!%&$²5\S_]e^Yc]_aeUdYU^TUQ^YfU\Qb\Qc`b_`YUTQTUc³UbQ
UcdYW]QdYjQT_`_bcUb²QTU]vcTUY^]_bQ\i`UbdebRQT_bTU\bU`_c_`‹
R\YS_Ucd}bY\iaeY]}bYS_³ !%&%CUW‹^TYSX_c`bY^SY`Y_c\Q`_RbUjQTURQ

!%%(
²3_^VUbU^SYQTUCQ^FYSU^dUTU@Qe\³5\=UbSebY_FQ\`QbQc_")TUTYSYU]RbU
TU!(&#+²3_^VUbU^SYQ3U^dbQ\TUCQ^FYSU^dUTU@Qe\³5\=UbSebY_FQ\`QbQc_" TU]Qi_
TU!(&$
!%%)
²3QcQTUdQ\\UbUc³5\=UbSebY_FQ\`QbQc_!"TUcU`dYU]RbUTU!(&%
!%&
²3_VbQTQTUCQ^FYSU^dUTU@Qe\³5\3_bbU_TU\Ceb3_^SU`SY†^'TU]Qi_TU
!(&#+²3_^VUbU^SYQTUCQ^FYSU^dUTU@Qe\³3_^SU`SY†^"TUZe^Y_TU!(&#+²3_^VUbU^
SYQTUCQ^FYSU^dUTU@Qe\³3_^SU`SY†^# TUZe\Y_TU!(&#+5\1bQeSQ^_CQ^dYQW_"!TU
QRbY\TU!(&(
!%&!
²<QC_SYUTQTCQ^<eYcTU7_^jQWQQ\_cZ†fU^Uc_RbUb_c³5\9^TU`U^TYU^dUCQ^
dYQW_#TU]Qi_TU!(&'
!%&"
²5cdQded_cTU\Q3QcQTU\@Qdb_SY^Y_TUCQ^:_c}³=Y^YcdUbY_TU:ecdYSYQ3e\d_U
9^cdbeSSY†^@‹R\YSQCQ^dYQW_Ze^Y_!&TU!('#5\1bQeSQ^_CQ^dYQW_#TU_SdeRbUTU
!('#
!%&#
3Qb\_cBYc_@Qdb†^²3_^VUbU^SYQTUCQ^FYSU^dUTU@Qe\U^3_^SU`SY†^³3_^
SU`SY†^Ze\Y_"!TU!(&'U^<QBUfYcdQ3Qd†\YSQd_]_H999>¡)'"CQ^dYQW_!'TUQW_cd_
TU!(&'`vWc"#&i"#'
!%&$
²3_^VUbU^SYQcTUCQ^FYSU^dUTU@Qe\³QbdSe\_"¡U^<QBUfYcdQ3Qd†\YSQ>¡#&$
CQ^dYQW_!&TUZe^Y_TU!(%$`vW(')
!%&%
9RYT

%$#
cUbS_^cYTUbQTQS_]_²e^Q\UiTU\QXe]Q^YTQT³Q^e^SYQTQ`_b\_cdUh
d_ccQWbQT_cQ\QaeUU\SQd_\YSYc]_TURQbUc`_^TUbS_^U\UZUbSYSY_TU\Q
SQbYTQTU^dU^TYTQ^_S_]_e^Q\Y]_c^Q`QcQZUbQcY^_S_]_e^QU^cU
…Q^jQQ\_c`_RbUcTUQ]_bQ\dbQRQZ_TU`bUfYcY†^iUS_^_]Q !%&&CYU^
T_\QbU\YWY†^U\‹^YS_S_^ceU\_TU\`_RbUU^ceTUcWbQSYQce‹^YSQS_]
`U^cQSY†^c†\_\QSUWeUbQ`_TQXQSUbaeUQ\We^_c\_c\YRUbQ\Uc]Qc_
^UcibQTYSQ\UccUUcV_bjQbQ^U^QbbURQdQb\UcceSbUU^SYQWU^UbQ^T_e^
`U\YWb_`QbQ\Q`QjiU\_bTU^c_SYQ\
5cdQY^fQbYQR\U`_cYSY†^TU\Q9W\UcYQ3Qd†\YSQSXY\U^QTebQ^dUd_T_
U\cYW\_H9HVeUe^QTU\QcRQcUcdU†bYSQcTUceUcdbUSXQQ\YQ^jQS_^\_c
S_^cUbfQT_bUcQ\]Yc]_dYU]`_aeUe^QTU\Qc]_dYfQSY_^Uc`QbQaeU
U\S\Ub_i\_cSQd†\YS_c]Y\YdQ^dUccU\Q^jQbQ^U^e^QQSSY†^TU`b_cU\YdYc
]_`_\dYS_bU\YWY_c_U^dbU\_ccUSd_bUc`_`e\QbUcTebQ^dU\Qc‹\dY]Qc
T}SQTQcTU\QSU^debYQ

"E^Q^eUfQUdQ`Q*\Qc`bY]UbQcc_SYUTQTUcSQd†\YSQcTU_RbUb_c

5^!(&'U\S_\UWY_TU`vbb_S_cTUCQ^dYQW_d_]†\QTUSYcY†^TUS_^cdY
deYbU^SQTQ`Qbb_aeYQQc_SYQSY_^UcSQd†\YSQcTU_RbUb_ccYbfYU^T_TU
cU…Q\`QbQe^QY^dUbfU^SY†^]vcTYbUSdQ]U^dU`_\dYSQTU\Q9W\UcYQU^\_c
]UTY_c`_`e\QbUc5\`bY]Ub_U^TUcQbb_\\Qb\Q^eUfQ_bYU^dQSY†^VeU
5cdQ^Yc\Q_?\UQU\`vbb_S_TU\RQbbY_CQ^dQ1^Q !%&'SbUQ^T_U\&TUQW_c
d_TU!(&'\QC_SYUTQT3Qd†\YSQTU?RbUb_cTUCQ^dQ1^QCUW‹^U\QSdQTU
Ve^TQSY†^VYb]QTQ`_b_SXU^dQiSeQdb_dbQRQZQT_bUc\QV\Q]Q^dUQc_
SYQSY†^aeUTQRQRQZ_\QTYbUSSY†^TU\SebQ?\UQiceZUdQQ\QQed_bYTQT
TY_SUcQ^QCec_RZUdYf_ccUbQ^*²UcdbUSXQb\QcbU\QSY_^Uc^dY]QciSbYcdYQ
^QcU^dbU\_c_RbUb_c]UTYQ^dUbUe^Y_^Uc`‹R\YSQciVbUSeU^dUc³²cQ\fQb³
Q\_c_RbUb_cQcecVQ]Y\YQciS_]`QdbY_dQc²TU\S_^dQWY_TU\`b_dUcdQ^dYc
]_iTUd_TQYTUQ_Qc_SYQSY†^S_^dbQbYQQ\Uc`bYdeTU\QcQ^dQ9W\UcYQ
3Qd†\YSQ³Ze^d_S_^U\UcdQR\USY]YU^d_TUe^QSQZQTUQX_bb_cie^QSQZQ
TUc_S_bb_c]ede_c!%&(
<_cU^SQbWQT_cTUbUTQSdQb\_cUcdQded_cc_]UdYT_cQ\QQ`b_RQSY†^
TU\`bU\QT_TY_SUcYQ^_VeUb_^U\`b_`Y_SebQ?\UQ\_c`bUcRdUb_c6bQ^
SYcS_3Q…Qci4_]Y^W_3QbbU…_i\_c\QYS_c:_c}CQ^d_c3YVeU^dUc:eQ^
>U`_]eSU^_:QbQ:eQ^FYSU^dUTU=YbQ:_c}=Q^eU\?\UQ@UTb_@QR\_
?\UQ=QSQbY_?ccQ=YWeU\CU]Ybi=Q^eU\:_c}4_]^WeUj@_cdUbY_b

!%&&
9RYT
!%&'
4Qd_cRY_WbvVYS_cTUUcdUcQSUbT_dUU^<eYc6bQ^SYcS_@bYUd_TU\B_4YSSY_^QbY_
2Y_WbvVYS_TU\S\Ub_bUWe\QbCQ^dYQW_9]`bU^dQ3XY\U!)""`vW$!%
!%&(
²1SdQ³5\6Ubb_SQbbY\CQ^dYQW_!%TUQW_cd_TU!(&'+²C_SYUTQT3Qd†\YSQTU?RbU
b_c1SdQ³CQ\†^`Qbb_aeYQ\TUCQ^dQ1^QCQ^dYQW_QW_cd_$TU!(('5\9^TU`U^TYU^dU
CQ^dYQW_!&TUQW_cd_TU!(&'

%$$
]U^dUU\SeUb`_TYbUSdYf_TU\QQc_SYQSY†^aeUT†S_]`eUcd_`_bU\QR_
WQT_@QcSeQ\:QbQ\_cURQ^YcdQcBQ]†^AeY^dQ^Y\\Qi:_c}TU\3Qb]U^
@QbbQU\U^SeQTUb^QT_b6bed_3QcdY\\_U\cQcdbU=Q^eU\AeYb_WQU\S_
]UbSYQ^dU1Wecd^3XQ^TYQU\dQ\QRQbdUb_:eQ^:_c}3Q…QcU\R_dUb_
:_c}=UbSUTUc=QdebQ^QiU\XUbbUb_8Ub]†WU^Uc2QcSe…v^QTU]vcTU
@UTb_>7QbSQaeYU^cUW‹^U\QSdQVe^TQSY_^Q\²Qe^SeQ^T_^_`Ub
dU^USUQ\QS\QcU_RbUbQcUXQ`bUcdQT_R_^TQT_cQ]U^dUQTUcU]`U…Qb
\QcUSbUdQbQ³ !%&)
<QY^YSYQdYfQbUSYRY†\Q`b_^dQQ`b_RQSY†^TU\Qbj_RYc`_TUCQ^dYQ
W_)TUQW_cd_TU!(&'i\QC_SYUTQT3Qd†\YSQTU?RbUb_cTUCQ^dQ1^QcU
S_^fYbdY†U^e^UZU]`\_QcUWeYb`_b\_cTU]vcSebQci]UTY_cSQd†\YS_c
TUd_T_U\`Qc1\_c`_S_c]UcUccUY^dU^dQRQ\QSbUQSY†^TUc_SYUTQTUc
X_]†\_WQcU^DQ\SQ3_^cdYdeSY†^@QbbQ\i_dbQc\_SQ\YTQTUc !%' @Ub_\Q
S_^cdYdeSY†^TUe^QbUTTUQc_SYQSY_^UcSQd†\YSQcTUdbQRQZQT_bUcSX_S†
S_^U\]_fY]YU^d_]edeQ\YcdQTUdU^TU^SYQ\QYSQ\YRUbQ\iTU]_SbvdYSQ
S_^U\aeU`bUdU^TQS_]`UdYb
5^DQ\SQ\QC_SYUTQTTU1bdUcQ^_c3Qd†\YS_cVe^TQTQ`_bU\cQSUbT_dU
=YWeU\BQVQU\@bQT_U^_SdeRbUTU\]Yc]_Q…_cU`bUcU^dQRQS_]_bY
fQ\TU\QC_SYUTQTTU1bdUcQ^_c1]UTYQT_cTUUcU]Uc\QQc_SYQSY†^S_^
VUcY_^Q\bUYfY^TYS†]vcTUSYU^Y^cSbYd_cUY^V_b]†aeUXQRQ`bUcU^dQ
T_cecUcdQded_cQ^dU\QcQed_bYTQTUcUY^YSYQT_S\QcUcTUVe^TQ]U^d_cTU
\QVUWbQ]vdYSQSQcdU\\Q^QiQbYd]}dYSQQ^e^SYQ^T_\QQ`UbdebQTUe^
Sebc_TUTYReZ_\Y^UQ\!%'!<QSbUQSY†^TU\QC_SYUTQTTU1bdUcQ^_c3Qd†\YS_c
bU`bUcU^dQRQe^TUcQV_`QbQ\QC_SYUTQTTU1bdUcQ^_cTUDQ\SQ`eUcd_aeU
\QQc_SYQSY†^S\UbYSQ\`bUdU^TQTUcQbb_\\QbU\]Yc]_dY`_TUQSdYfYTQTUc
TYc`edv^T_\UU\]_^_`_\Y_TU\Q_bWQ^YjQSY†^TU\_ccUSd_bUc`_`e\QbUc
1dbQf}cTU\QcS_\e]^QcTU5\1bdUcQ^_\Q]edeQ\\QYSQTU^e^SYQRQU\²_c
SebQ^dYc]_³TU\QY^cdYdeSY†^SQd†\YSQQbdUcQ^Q\U\Qed_bYdQbYc]_TUceTY
bUSSY†^QSecQTQTU²SU\URbQbQSeUbT_ciTU\YRUbQSY_^Uc‹^YSQiUhS\ecY
fQ]U^dU`_bU\ZUVUTU\Q3_b`_bQSY†^cY^aeU^QTYUTYcSedQcY^aeU
^QTYUXQR\UcY^aeUe^c_\_cYW^_TUQ`b_RQSY†^_TUcQ`b_RQSY†^cQ\WQ
TU\QcVY\QcTU\_cSQd†\YS_c]YU]Rb_c³!%'"
DQ]RY}^cUSbYdYSQRQce`b}TYSQTU²_TY_Q\b_ZYc]_³\Q`b_`QWQSY†^
TUZeUW_cS_]_U\RY\\QbU^fUjTU]_bQ\YjQb\QcS_cde]RbUci\Q`b_XYRY
SY†^XUSXQ`_bU\SebQQ\_cQc_SYQT_cTU\UUbSeQ\aeYUb`UbY†TYS_!%'#CY^
dUdYjQ^T_cecSQbW_cS_^dbQ\QU^dYTQTS\UbYSQ\\_c]edeQ\YcdQcdQ\aeY^_c
c_cdU^Q^aeU\Q^eUfQ_bWQ^YjQSY†^^_bU`bUcU^dQRQcY^_e^QdU^dQdYfQ
TU²bUQ\YjQb`\Q^Uc`_\dYS_ciUh`\_dQbQ]Q^cQ\fQU\VQ^QdYc]_UYW^_bQ^

!%&)
²C_SYUTQTSQd†\YSQTU_RbUb_c³5\1bdUcQ^_DQ\SQ!)TUQW_cd_TU!(&'
!%'
²C_SYUTQT3Qd†\YSQTU?RbUb_c³5\9^TU`U^TYU^dUCQ^dYQW_"(TU]Qi_TU!(&(
!%'!
5\?RbUb_3Qd†\YS_DQ\SQ!'TU_SdeRbUTU!(&'
!%'"
²C_SYUTQT3Qd†\YSQTU?RbUb_c³5\1bdUcQ^_DQ\SQ'TU_SdeRbUTU!(&'
!%'#
9RYT

%$%
SYQTU\Qc]QcQc`_`e\QbUc³!%'$@_bce`QbdU\Q`bU^cQS\UbYSQ\S_^cUbfQ
T_bQTUf_\fQ\_cQdQaeUcQSecQ^T_Q\QC_SYUTQTTU1bdUcQ^_cTU`b_`QWQb
\QY]`YUTQTi\QYbbU\YWY†^U^U\`eUR\_iTU^_cUb]vcaeUU\Vbed_TU
²e^`\Q^`_\dYS_]Q\Y^dU^SY_^QT_³!%'%
@_bd_T_c\QT_c\QbUQSSY†^VeUcY]Y\Qb*TUcTUU\S_]YU^j_cUY^cdQ\†
e^Q^_d_bYQX_cdY\YTQTU^dbU\Qcc_SYUTQTUcTUc_S_bb_c]ede_cTUSQbvS
dUbS_^VUcY_^Q\i\QcTUY^c`YbQSY†^\QYSQ
<QdU^dQdYfQTUY]`\Q^dQSY†^²_bWv^YSQ³TU\Q9W\UcYQ3Qd†\YSQU^\_c
cUSd_bUc`_`e\QbUcTUQSeUbT_Q`Qdb_^Uc]vc]_TUb^_cTUQSSY†^c_
SYQ\bU`bUcU^dQRQe^QY^^_fQSY†^Y]`_bdQ^dUbUc`USd_TU\Q`_\dYSQTU
cQbb_\\QTQXQcdQU^d_^SUcIQ^_cUdbQdQRQc†\_TUUfQ^WU\YjQbXQSUbSQ
bYTQTi`bUTYSQbfQ\_bUc]_bQ\UcCY^TUcSeYTQbUcd_cQc`USd_cU\^eUf_
dY`_TU_bWQ^YjQSY†^S_^cdYdeQe^QV_b]QTUY^dUbfU^SY†^`_\dYSQ]vc
TUSYTYTQU^U\²RQZ_`eUR\_³5cd_UbQUh`\YSYdQT_`_b5\9^TU`U^TYU^dU
TYQbY_S_^cUbfQT_bU^U\aeUcUUh`bUcQRQ^\Qc`_cYSY_^UcTU\_cSQd†\Y
S_ce\dbQ]_^dQ^_cQ\`\Q^dUQbaeU\QcQc_SYQSY_^UcSQd†\YSQcTUdbQRQZQ
T_bUcSe]`\Q^QTU]vcTU\QVe^SY†^TUY^cdbeSSY†^bU\YWY_cQi]_bQ\
\QV_b]QSY†^TUSYeTQTQ^_c`bUTYSQ^T_`QbQUcUVY^²U\bUc`Ud_TURYT_
Q\Qc\UiUc\Q_RUTYU^SYQQ\QcQed_bYTQTUcS_^cdYdeYTQcic_RbUd_T_\Q
WbQ^TUce]YcY†^S_^aeUTURU^bUSYRYb\Qc]vc\YWUbQcY^cY^eQSY_^UcTU
\Q9W\UcYQ3Qd†\YSQ³!%'&D_T_U\\_QS_]`Q…QT_TUfY_\U^d_cQdQaeUcS_^
dbQU\`b_dUcdQ^dYc]_i\_c\YRUbQ\UcQaeYU^UccUQSecQRQTU^_`bQSdYSQb
U\²fUbTQTUb_\YRUbQ\Yc]_³!%''
<Qc`_cdbY]UbQcTU\_cQ…_ccUcU^dQ]QbSQb_^U\S_]YU^j_TUe^Q
^eUfQUdQ`QTU\QQSSY†^c_SYQ\i`_\dYSQTU\Q9W\UcYQU^U\cU^_TU\_c
dbQRQZQT_bUcebRQ^_c9^YSYQdYfQc]eiTYfUbcQccUceSUTYUb_^TebQ^dUU\
TUSU^Y_aeU`bUSUTY†\Q7eUbbQTU\@QSVYS_<_cS_^cUbfQT_bUciU\S\U
b_cUf_\SQb_^U^]‹\dY`\UcTYbUSSY_^UcQ\QS_^aeYcdQTU`_cYSY_^UcU^U\
]e^T_`_`e\QbE^RbUfUbUSeU^d_^_cTQY^TYSY_cQSUbSQTU\QfQbYUTQT
TUUcVeUbj_cTUc`\UWQT_c
8QSYQVY^UcTU!(' \_ce\dbQ]_^dQ^_cY^dU^dQb_^SbUQbe^QC_SYUTQT
TU\DUQdb_TU\?RbUb_S_]`b_]UdY}^T_cUTYbUSdQ]U^dUU^UcdUUcVeUbj_U\
TYbYWU^dUS_^cUbfQT_b3Qb\_cGQ\[Ub=Qbd^Uj!%'(5^!('"\_c]Yc]_c
cUSd_bUcS\UbYSQ\S_^cUbfQT_bUcVe^TQb_^c_RbURQcUcS_^VUcY_^Q\Uc\Q
1c_SYQSY†^TUCUbfYSY_c=ede_cTUCQ^FYSU^dU6UbbUb9^c`YbQTQU^ce\U]Q²BU

!%'$
9RYT
!%'%
²3_]e^YSQT_c5\S\Ub_TUDQ\SQY\QC_SYUTQTTU1bdUcQ^_cTU\]Yc]_`eUR\_³
5\9^TU`U^TYU^dUCQ^dYQW_"'TUQRbY\TU!(&'
!%'&
²C_SYUTQTSQd†\YSQTU_RbUb_c³5\9^TU`U^TYU^dUCQ^dYQW_!"TUcU`dYU]RbUTU
!(&'
!%''
9RYT
!%'(
5^U\TYbUSd_bY_VYWebQRQ^Ze^d_QGQ\[Ub=Qbd^Uj*=QbS_c=U^Q5^bYaeU2QU
jQi1\UZQ^Tb_1RQc_\_²C_SYUTQTTU\DUQdb_TU\?RbUb_³5\9^TU`U^TYU^dUCQ^dYQW_&TU
TYSYU]RbUTU!(' 

%$&
\YWY†^@QdbYQ3QbYTQTiDbQRQZ_³\Q^eUfQY^cdYdeSY†^dU^QS_]_VY^Q\Y
TQTU\c_S_bb_TUcec]YU]Rb_c²dQ^d_U^cecU^VUb]UTQTUcS_]_U^U\
TQTUceVQ\\USY]YU^d_³!%')5^!('&cU_bWQ^Yj†U^CQ^dYQW_\QC_SYUTQTTU
\QE^Y†^iTU\@b_WbUc_dQ]RY}^TUS_bdU]edeQ\YcdQS_^VUcY_^Q\!%( <Q`bY
]UbQS_^TYSY†^TUQT]YcY†^UbQcUb²3Qd†\YS_1`_cd†\YS_iB_]v^YS_S_
^_SYT_`_bcebU\YWY_cYTQTiReU^QS_^TeSdQ³!%(!5\_RZUdYf_TU`b_SebQbQ
cec]YU]Rb_c²U\]Qi_b`b_WbUc_iTUcQbb_\\_]QdUbYQ\UY^dU\USdeQ\`_cY
R\U³cUdbQTeSQQdbQf}cTUc_S_bb_cQ\_cc_SY_cU^VUb]_ciSUcQ^dUc`b_
iUSd_cTUS_]`bQTUe^QSQcQTUdQ\\UbUcTUcdY^QTQQ`b_`_bSY_^QbdbQRQZ_
Q\_cQc_SYQT_ciV_b]QSY†^`b_VUcY_^Q\`QbQcecXYZ_cQ\]Yc]_dYU]`_
aeUY^cdbeSSY†^`bY]QbYQ !%("CeSQbvSdUbbU\YWY_c_cUbUQVYb]QRQQ\`b_`_
^UbcU\QUTYVYSQSY†^TUSQ`Y\\Qce_bQd_bY_cU^\_c\_SQ\UcaeUcUS_^cdbeiU
cU^`QbQaeU\_cc_SY_c`eTYUbQ^Se]`\YbS_^\Qc`bvSdYSQcbU\YWY_cQcUcdQ
R\USYTQc`_b\QZe^dQTYbUSdYfQ !%(#<Qc_SYUTQTcUS_^cQWbQRQQ²\QCQ^dcY
]QDbY^YTQT³idU^Q`_b`Qdb_^QQ\QFYbWU^TU\3Qb]U^UcdQR\USY}^T_cU
\Q_R\YWQSY†^TUVUcdUZQbceTQ²TU\]UZ_b]_T_`_cYR\U³ !%($
@QbQ\U\Q]U^dUcUbUV_bj†_bU_bYU^d†U\dbQRQZ_QcYcdU^SYQ\TUdY`_
]vcdbQTYSY_^Q\XQSYQU\]e^T_`_`e\QbY]`bY]Y}^T_\Ue^Qd†^YSQ]vc
QWbUcYfQi]Y\YdQ^dUU^S_^dbQTU\\YRUbQ\Yc]_i\Q]Qc_^UbQ5^FQ\`Q
bQc_`_bUZU]`\_U\`bUcRdUb_=QbYQ^_3QcQ^_fQQ`_iQT_`_bU^Se]
RbQT_c`Ubc_^QZUcVe^T†U^]Qbj_TU!('"\QC_SYUTQT3Qd†\YSQTU9^cdbeS
SY†^@bY]QbYQiTUDQ\\UbUc`QbQU\`eUR\_U^QRYUbdQS_]`UdU^SYQS_^\Q²Uc
SeU\QQdUQ³2\Qc3eUfQci\Q²`b_`QWQ^TQTYc_\fU^dUiS_bbe`d_bQ³TU\Q
]Qc_^UbQ!%(%
@Ub_^_VeUcY^_XQSYQVY^UcTUQaeU\\QT}SQTQSeQ^T_cebWY†\Qc
]vcY]`_bdQ^dUTU\Qc_bWQ^YjQSY_^UcSQd†\YSQcTUdbQRQZQT_bUcSbUQTQc
TebQ^dUUcdU`bY]Ub`Ub_T_TU\QSdYfYc]_S\UbYSQ\S_^cUbfQT_b1S_
]YU^j_cTU!('(U\`_\dYS_S_^cUbfQT_b1RT†^3YVeU^dUcTY_\_c`bY]U
b_c`Qc_c`QbQ\QVe^TQSY†^TUe^Q1c_SYQSY†^3Qd†\YSQTU?RbUb_c5^\Q
S_^SU`SY†^TU3YVeU^dUcUcdQY^cdYdeSY†^TURQcUbe^Uc\QR†^]vcTU\Q
SQTU^QTU_bWQ^YjQSY_^Uci`eR\YSQSY_^UcSQd†\YSQcS_^cUbfQT_bQcaeU

!%')
²5cdQded_cTU\Q1c_SYQSY†^TUcUbfYSY_c]‹de_cTUCQ^FYSU^dU6UbbUb³4U`QbdQ
]U^d_TU:ecdYSYQ3e\d_U9^cdbeSSY†^@‹R\YSQCQ^dYQW_TYSYU]RbU"'TU!('"5\1bQeSQ
^_CQ^dYQW_&TU]Qbj_TU!('#
!%(
Ce`bY]UbQZe^dQTYbUSdYfQQed_bQTU\_c5cdQded_cUcdQRQS_]`eUcdQ`_b*FYSU^
dU7_^jv\Uj4_]Y^W_7_^jv\Uj@UTb_1bbY_\Q3\U]U^dU2QbQX_^Q:eQ^:_c}FvcaeUj
1^QS\Ud_B_c:_c}=YWeU\7_^jv\Uj=YWeU\1bbUT_^T_:_c}4_\_bUc5c`Y^_jQi:_c}
BQ]†^Cv^SXUj5cdQded_cTU\QC_SYUTQTTU\QE^Y†^iTU\@b_WbUc_CQ^dYQW_9]`bU^dQTU\Q
5cdbU\\QTU3XY\U!('&`vW!&
!%(!
?`SYd`vW&
!%("
?`SYd`vWc%i&
!%(#
?`SYd`vW&
!%($
?`SYd`vW!%
!%(%
²C_SYUTQT3Qd†\YSQTU9^cdbeSSY†^@bY]QbYQYTUDQ\\UbUc`QbQU\`eUR\_³5\9^
TU`U^TYU^dUCQ^dYQW_"!TU]Qbj_TU!('"

%$'
Ze^d_QcecS_bbU\YWY_^QbY_cfU^QVe^TQ^T_TUcTUXQSQfQbY_cQ…_cS_^
U\`b_`†cYd_TU²Qc_SYQbQ\_cSQd†\YS_cUcdbUSXQbcecVY\QcTYcSY`\Y^Qbcec
VeUbjQciQTYUcdbQb\_c`QbQ\Qc\eSXQcTU\QfYTQ`‹R\YSQ³ !%(&DQ\UbQU\SQc_
TU\QC_SYUTQTTU1]YW_cTU\@Qc_bWQ^YjQTQ`_b3YVeU^dUcU^!(&%S_^U\
RU^U`\vSYd_TU\Qbj_RYc`_FQ\TYfYUc_+TU\3bSe\_3Qd†\YS_TU\Q:efU^deT
9\ecdbQTQiTU\_c`UbY†TYS_c<Q5cdbU\\QTU3XY\U†bWQ^_TU\Q`bY]UbQTU
UcdQcQWbe`QSY_^Uc5\5cdQ^TQbdU3Qd†\YS_]vc\YWQT_Q\S\Ub_aeUQ\@Qb
dYT_3_^cUbfQT_b5\FUbTQTUb_<YRUbQ\CQ^6U\Y`UQTU]vcTU<QBUfYcdQ
3Qd†\YSQTU\TYQbY_S_^cUbfQT_b5\9^TU`U^TYU^dUiTU]eSX_c_db_caeU
UhYcdYUb_^U^TYcdY^d_c`Ub_T_c!%('
D_TQcUcdQc_bWQ^YjQSY_^Uci\QSQcYd_dQ\YTQTTUTYSXQc`eR\YSQSY_
^UcdU^Q^e^VY^`_\dYS_RYU^TUVY^YT_*\Q\eSXQS_^dbQ\QcbUV_b]Qc\Y
RUbQ\UcU^Uc`USYQ\S_^dbQQaeU\\QcaeUQ`e^dQRQ^Q\Q\QYSYjQSY†^TU\Qc
Y^cdYdeSY_^UcTU\5cdQT_`b_iUSd_cTUSU]U^dUbY_c\QYS_c]QdbY]_^Y_
SYfY\ibUWYcdb_SYfY\E^Q`bU_Se`QSY†^]vcUc`USVYSQ]U^dUbU\YWY_cQU\
S_]RQdUS_^dbQU\QfQ^SUTU\`b_dU^dQ^dYc]_dQ]RY}^VeUe^Q]_dYfQ
SY†^`_TUb_cQTUceSbejQTQ!%((5\S\Ub_i\_cS_^cUbfQT_bUc]QbSXQRQ^
UcdbUSXQ]U^dUe^YT_cQ\QRQdQ\\QUY]`e\cQRQ^TU]Q^UbQS_^Ze^dQ\Qc
QSdYfYTQTUc c_SY_`_\dYSQc 1e^aeU _SQcY_^Q\]U^dU cebWQ^ `UaeU…Qc
TYVUbU^SYQcU^dbUbU\YWY_c_cicUW\QbUcU^\_Ve^TQ]U^dQ\U\VbU^dUUcdQ
R\USYT_U^dbU\Q9W\UcYQiU\@QbdYT_3_^cUbfQT_bUbQ\_ceVYSYU^dU]U^dU
X_]_W}^U_`QbQ`b_iUSdQbe^QY]QWU^‹^YSQXQSYQU\UhdUbY_b !%()
>__RcdQ^dU\Q^edbYTQbUTTUY^cdYdeSY_^UcSQd†\YSQcXQcdQRYU^
QfQ^jQTQ\QT}SQTQTU!(' ^_UhYcdQe^Qc_SYUTQTaeUdbQRQZQbQU^dbU
U\²RQZ_`eUR\_³*

KMdU^Q]_cS_]_QRQ^T_^QT_Q\`eUR\__RbUb_
°TYbQQ…_c]vcdQbTU1RT†^3YVeU^dUc°Q`U^QcQdU^
TYT_ U^ \Qc c_SYUTQTUc TU `YUTQT 5bQ ebWU^dU \\UfQb
^eUcdbQQSSY†^i^eUcdbQY^V\eU^SYQQUcQc]QcQc`_`e\Q
bUcdQ^`_TUb_cQc`_bU\^‹]Ub_idQ^Uh`eUcdQcQ\Q
cUTeSSY†^TU\Qc]Q\QcT_SdbY^Qc`_bceVQ\dQQRc_\edQTU
`bU`QbQSY†^`QbQbUcYcdYbQU\\Qc !%) 

!%(&
1RT†^3YVeU^dUc=U]_bYQcd_]_99CQ^dYQW_5TYd_bYQ\>QcSY]U^d_!)#&
`vWc!$(i!$)
!%('
5^dbU\Qc`eR\YSQSY_^UcTYbYWYTQcUc`USVYSQ]U^dUXQSYQ\QS\QcU_RbUbQiU\QbdU
cQ^QT_aeUSYbSe\Qb_^Q^dUcTU\QY^YSYQdYfQTU3YVeU^dUcS_^fYU^USYdQb5\?RbUb_3Qd†\YS_
DQ\SQ!(&'5\DQ\aeY^_DQ\SQ!(&(i5\=U^cQZUb_TU\@eUR\_CQ^dYQW_!(' 
!%((
F}QcUQdde\_TUUZU]`\_U\QbdSe\_²C_SYUTQTSQd†\YSQTU_RbUb_c³`eR\YSQT_
U^\QcUSSY†^²3_]e^YSQT_c³TU5\9^TU`U^TYU^dUCQ^dYQW_!"TUcU`dYU]RbUTU!(&'
!%()
@QbQe^Q]UZ_bS_]`bU^cY†^QSUbSQTU\QcS_^dbQTYSSY_^UcU^dbU\QYS_cibU\YWY_
c_cf}QcUQTU]vcTU\Qc=U]_bYQcTU3YVeU^dUcU\\YRb_TU3bUcSU^dU5bbvjebYj1\W_TU\_
aeUXUfYcd_CQ^dYQW_5TYd_bYQ\>QcSY]U^d_!)#$
!%)
3YVeU^dUc_`SYdd_]_99`vW!$)

%$(
 3YVeU^dUc`b_`ec_U^d_^SUcQ\cQSUbT_dUBQ]†^Â^WU\:QbQSbUQb
e^QQc_SYQSY†^SQd†\YSQTU_RbUb_cU^\QSQ`YdQ\aeU`eTYUcUUhdU^TUbcU
U^cUWeYTQQ\Qc`b_fY^SYQc:e^d_cbUTQSdQb_^e^`b_iUSd_TUUcdQded_c
aeUVeUc_]UdYT_Q\QS_^cYTUbQSY†^TU\Qbj_RYc`_TUCQ^dYQW_aeYU^TY_
ceQ`b_RQSY†^]UTYQ^dUTUSbUd_U\'TU]Qi_TU!('(5\cQSUbT_dUBQ
]†^Â^WU\:QbQVeUTUcYW^QT_TYbUSd_b_cUSbUdQbY_WU^UbQ\4_]Y^W_
6Ub^v^TUj3_^SXQaeUXQRQcYT_e^_TU\_cVe^TQT_bUcTU\3bSe\_3Q
d†\YS_TU\Q:efU^deT_Se`†U\`eUcd_TU`bUcYTU^dUQ^dU\Q^UWQdYfQTU
1RT†^3YVeU^dUcTUQce]YbUcUSQbW_iÂ^WU\3FYSe…QU\TUcUSbUdQbY_
WU^UbQ\!%)!
<Q1c_SYQSY†^3Qd†\YSQTU?RbUb_cQc`YbQRQ\_WbQb²\Q]_bQ\YjQSY†^Y^c
dbeSSY†^i\Qe^Y†^TU\_c_RbUb_cSQd†\YS_c³ !%)"5cdU_RZUdYf_}dYS_`QbdQ
TU\QS_^cdQdQSY†^TU²\QdbYcdUcYdeQSY†^U^aeUcUU^SeU^dbQ\QS\QcU_RbU
bQ³aeUXQSQ^cecVe^TQT_bUc !%)#@Ub_U^\QS_^SU`SY†^TU1RT†^3Y
VeU^dUci=YWeU\Â^WU\:QbQcU]UZQ^dUUcdQT_TUS_cQcUbQU\bUce\dQT_
TU\QQVYSY†^TU\_RbUb_`_b²\QcdQRUb^QciTU]vc\eWQbUcTU`UbTYSY†^
T_^TU]Q\WQcdQceccQ\QbY_c]U^_cSQRQcecQ\eTi`_bS_^cYWeYU^dUXQSU
\QTUcWbQSYQTU\QVQ]Y\YQTQ…QQ\Qc_SYUTQTiS_]`b_]UdU\QUdUb^QceUb
dUTUceQ\]Q³!%)$
5\_bYWU^\QSQecQTU\_cfYSY_c^_UbQUf_SQT_S_]_dQ]`_S_\_
UbQ^\QcS_^TYSY_^UcbUQ\UcTUfYTQiTUdbQRQZ_TU\_c_RbUb_caeUcU`bU
dU^TQ]_bQ\YjQb !%)%<Q`b}TYSQTU\Q]_bQ\SbYcdYQ^QU\UZU]`\_TQT_`_b
\_cQ^Y]QT_bUcTU\QQc_SYQSY†^`UbdU^USYU^dUcQ\QcS\QcUcce`UbY_bUc
\QQSdYfYTQTS_\USdYfQU^e^S_^dUhd_]_bQ\UTYVYSQ^dUi\QcQSdYfYTQTUc
]edeQ\YcdQciSe\debQ\UcUbQ^\QcQb]QcTU\_cQSdYfYcdQcSQd†\YS_c`QbQ
S_]RQdYbQaeU\\Qc\QSbQc@_bU\\_\Q1c_SYQSY†^3Qd†\YSQTU?RbUb_cY]YdQ^
T_QcecS_^W}^UbUcUeb_`UQc`bUdU^TQUcdQR\USUbSbSe\_c_RbUb_cU^
TYcdY^d_cRQbbY_ciSYeTQTUcTUcdY^QT_cQ²cQdYcVQSUb\Qc^USUcYTQTUcbU\Y
WY_cQcc_SYQ\Uci]_bQ\UcTU\Y^TYfYTe_³ !%)&
<_c`b_]_d_bUcTU\QY^cdYdeSY†^cUUcV_bjQb_^`_bTQbe^]vhY
]_TU`eR\YSYTQTQcecY^YSYQdYfQc3QTQY^QeWebQSY†^TUe^SbSe\_UbQ
]_dYf_TUe^c_\U]^UQSd_`‹R\YS_5\3bSe\_TU?RbUb_cTUCQ^BQVQU\

!%)!
?`SYdd_]_99`vWc!( i!(!
!%)"
5cdQded_cTU\Q1c_SYQSY†^3Qd†\YSQTU?RbUb_cUcdQR\USYTQU^CQ^dYQW_!('(CQ^dYQW_
9]`bU^dQ5\9^TU`U^TYU^dU!('(`vW%
!%)#
?`SYd`vW#
!%)$
9RYT
!%)%
<_cSQd†\YS_c]Y\YdQ^dUc^_UbQ^\_c‹^YS_cU^XQSUbWQ\QTUY^SQ`QSYTQT`QbQ
TUdUSdQb\QcSQecQcTUV_^T_TU\Q]YcUbYQi\_cfYSY_c`_`e\QbUcCeTYcSebc_UbQS_]`QbdY
T_U^]eSX_cQc`USd_c`_b\QWU^UbQ\YTQTTU\QU\YdUY^S\ec_`_b^e]Ub_c_c\YRUbQ\Uc
@Ub_TebQ^dU]eSX_dYU]`_VeUU^U\SQ]`_TU\\YRUbQ\Yc]_T_^TUcebWYUb_^\_cQ^v\YcYc
]vc`U^UdbQ^dUcUYS_^_S\QcdQcc_RbU\Q²SeUcdY†^c_SYQ\³F}QcU7bUj<Q²SeUcdY†^c_SYQ\³
_`SYd
!%)&
?`SYd`vWc#i$

%$)
`bY]Ub_U^ceW}^Ub_U^U\`QcVeUY^QeWebQT_U^CQ^dYQW_U\")TU
Ze\Y_TU!('(U^e^QSd_`bUcYTYT_`_bU\_RYc`_TU@_`Qiv^Q\aeU
QcYcdYUb_^^e]Ub_c_c]YU]Rb_cTU\Qc`bY^SY`Q\UcVQ]Y\YQcSQd†\YSQcTU
\QSQ`YdQ\!%)'5^U\]_]U^d_TUceY^QeWebQSY†^S_^dQRQS_^SY^SeU^
dQY^cSbYd_ciW_jQRQTU\Q`_i_TU\Qc]eZUbUcSQd†\YSQcTU\QQ\dQc_SYU
TQTaeU_bWQ^YjQb_^e^QC_SYUTQT@b_dUSd_bQTU\Q1c_SYQSY†^3Qd†\YSQTU
?RbUb_c!%)(5\]Yc]_`b_d_S_\_cUbU`YdY†SQTQfUjaeUcebWY†e^^eUf_
SbSe\__RbUb_1cU\TU\RQbbY_Ie^WQiVeUY^QeWebQT_c_\U]^U]U^
dUU\"$TU_SdeRbUTU\]Yc]_Q…_U^e^QSd_U^U\aeU`QbdYSY`Qb_^
Q\We^QcTU²\Qc`bY^SY`Q\UcVQ]Y\YQcSQd†\YSQcTU\Qc_SYUTQTTUCQ^dYQ
W_³!%))
<_c]UTY_cedY\YjQT_c`QbQQdbQUbQ\_c_RbUb_cVeUb_^fQbYQT_c1
dbQf}cTU\Q`bU^cQSQd†\YSQS_^cUbfQT_bQcUTY_`eR\YSYTQTQ\QY^YSYQdYfQ
icUXYSYUb_^\\Q]QT_c`QbQ\_WbQb\QQTXUcY†^TU\_ccUSd_bUc`_`e\Q
bUc!& 5\SbSe\_TU\RQbbY_Ie^WQiQRbY†e^QUcSeU\QfUc`UbdY^Q`QbQdbQ
RQZQT_bUc`_S_TUc`e}ccUY^cdQ\†e^Q`UaeU…QRYR\Y_dUSQe^RY\\Qbe^
`YQ^_UdS}dUbQCY^U]RQbW_\_cbUce\dQT_c^_VeUb_^\_cUc`UbQT_c`_b
\_c`b_]_d_bUcTU\QYTUQ@QcQTQ\QSebY_cYTQTiU\U^decYQc]_TU\_c`bY
]Ub_c]_]U^d_caeUcUWU^Ub†U^dbUQ\We^_c_RbUb_c\QY^TYVUbU^SYQi
\QX_cdY\YTQT°]Q^YVUcdQTQU^b_R_cbUYdUbQT_cTU\_cU^cUbUcTU\Qc_SYU
TQT°S_]U^jQb_^QTQbSeU^dQTU\Q1c_SYQSY†^3Qd†\YSQTU?RbUb_c1U\\_
cUce]QRQ\QQWeTYjQSY†^TU\QSbYcYcUS_^†]YSQXQSYQVY^UcTU!('(<Q
`QbQ\YjQSY†^TU^e]Ub_cQc_RbQc`‹R\YSQci`bYfQTQcXYSYUb_^Qe]U^dQb
`U\YWb_cQ]U^dU\QSUcQ^dQ3_]_bUcU…Q]_cU^U\SQ`de\_Q^dUbY_bU^
CQ^dYQW_cUbUQ\YjQb_^fQbY_cQSd_cTU`b_dUcdQi\Qc]edeQ\Uc\QYSQcTUcQ

!%)'
²@bY]UbSbSe\_TU_RbUb_c³5\=UbSebY_FQ\`QbQc_# TUZe\Y_TU!('(+²5\3b
Se\_TU?RbUb_c³5\=U^cQZUb_TU\@eUR\_CQ^dYQW_#TUQW_cd_TU!('(
!%)(
<QC_SYUTQT@b_dUSd_bQcUT_d†TUe^QTYbUSdYfQS_]`eUcdQTUSQd_bSUTQ]QcSei_c
Q`U\\YT_cbUV\UZQRQ^ceQ\dQQ\Seb^YQ5\\QcUbQ^*1TU\QYTQ@bQTU\TUB_ZQc1]U\YQ2QcSe
…v^TU6Ub^v^TUj3Qb]U^@Q\QSY_cTUFQbQc3Qb]U^AeYb_WQTUEb]U^UdQ6U\Y`Q?ccQ
6bQ^SYcSQ?ccQ9cQRU\?fQ\\UTU9…YWeUj7UbdbeTYc?fQ\\UTU5bbvjebYj=QWTQ\U^Q2b_g
^UTU?ccQBYdQ3YVeU^dUcTU3YVeU^dUcB_cQ1\Te^QdUTUGQeWXB_cQbY_6Ub^v^TUj
3_^SXQiFYSd_bYQ@bYUd_TU<QbbQ^²@bU^cQTUCQ^dYQW_1c_SYQSY†^SQd†\YSQTU_RbUb_c³
Y^V_b]QSY†^TU\`UbY†TYS_5\5cdQ^TQbdU3Qd†\YS_TUCQ^dYQW_bU`b_TeSYTQ`_b5\=UbSebY_
FQ\`QbQc_"&TUZe\Y_TU!('(
!%))
3YVeU^dUc_`SYdd_]_99`vW!%"
!&
E^QTUUcdQcS_^f_SQd_bYQcY\ecdbQU\SQbvSdUbUh†WU^_Q\]_fY]YU^d_TUdbQRQZQ
T_bUcaeUdef_U\]edeQ\Yc]_SQd†\YS_U^cec_bWU^Uc8QSYQ]UTYQT_cTUQW_cd_TU!('(
e^U^YW]vdYS_3Y68UbbUbQ]ei`_S_S_^_SYT_U^dbU\_c_RbUb_cTUCQ^dYQW_cUW‹^
ce`b_`YQTUS\QbQSY†^XYj_e^\\Q]Q]YU^d_QcecS_]`Q…Ub_cTUdbQRQZ_`QbQe^YbcUU^U\
3bSe\_3Qd†\YS_TU?RbUb_cbUSYU^dU]U^dUY^QeWebQT_²3_]e^YSQT_c1\_c_RbUb_cTUCQ^
dYQW_³<QF_jTU\Qc@b_fY^SYQcCQ^dYQW_!%TUQW_cd_TU!('(<QQecU^SYQTUTYbYWU^dUc
`_`e\QbUcS_^_SYT_ci\UWYdY]QT_cU^dbU\_c_RbUb_ciQbdUcQ^_cSQbQSdUbYj†TebQ^dU\Qb
W_dYU]`_Q\Qc_bWQ^YjQSY_^UcTUdbQRQZQT_bUcSQd†\YS_c5\Y^S_^dbQbbUcdQR\U`b_dQW_^Yc
]_TUSebQci`Ubc_^QcTU`_cYSY†^QS_]_TQTQQSde†S_]_`_TUb_cQ\Y]YdQ^dU`QbQ\Q
U]UbWU^SYQTUe^QWU^UbQSY†^TUQed}^dYS_cTYbYWU^dUc\QR_bQ\UcSQd†\YS_c

%%
bb_\\Qb_^e^QSQ]`Q…Q^QSY_^Q\U^`b_TU\QQT_`SY†^TU]UTYTQc`b_
dUSSY_^YcdQcaeUdef_e^Q]`\Y_US_U^dbU\_cdbQRQZQT_bUc6Y^Q\]U^dU
U\UcdQ\\YT_TU\QWeUbbQS_^dbQ@Ub‹i2_\YfYQQS_]YU^j_cTU!(')iU\
VUbf_b`QdbY†dYS_WU^UbQ\YjQT_TUQaeU\\_c]UcUcdUb]Y^Qb_^`_b\YaeY
TQbQ\Q1c_SYQSY†^3Qd†\YSQTU?RbUb_cQ\Q\YcdQbcU^e]Ub_c_cTU\_cY^dU
WbQ^dUcTU\_cSbSe\_cU^U\UZ}bSYd_i\Q]QbY^QCUW‹^\QS_^VUcY†^TUce
Ve^TQT_b1RT†^3YVeU^dUc²U^QRbY\TU!(')U\SbSe\_UcdQRQTUcYUbd_
i^_cUfUQ]Q^UbQTUbUQ^Y]Qb\_`_baeU\Q7eUbbQTU\@QSVYS_d_]Q
RQSQTQTQ]vc`b_`_bSY_^Uc³ !& !
<Q1c_SYQSY†^3Qd†\YSQTU?RbUb_ccUY^c`YbQRQU^_dbQc_bWQ^YjQSY_^Uc
TU\]Yc]_W}^Ub_UhYcdU^dUcU^QaeU\\Q}`_SQU^5eb_`QS_]_\_cSb
Se\_cTU_RbUb_ciQbdUcQ^_c\_c7UcU\\U^fUbUY^USbUQT_cU^1\U]Q^YQ`_b
U\cQSUbT_dU1T_\V_;_\`Y^Wi\eUW_U^6bQ^SYQ`_b1WecdY^3_SXY^
]YU]Rb_ U]Y^U^dU TU \Q 6Q\Q^WU 3Qd†\YSQ =_^dQ\U]RUbd =QebYSU
=QYW^U^TU\Q3_^Wb}WQdY_^TUCQY^dFY^SU^dTU@Qe\U\S_^TU1\RUbdTU
=e^TY`edQT_]YU]Rb_TU\Q1SQTU]YQ6bQ^SUcQFbYW^Qe\dBU^}TU
\QD_ebTU@Y^<}_^7QedYUbi_db_c9^YSYQdYfQcTU\]Yc]_dY`_cUTUcQ
bb_\\Qb_^U^_db_c`QcUc<Q9W\UcYQ3Qd†\YSQQ`_iQRQ_VYSYQ\]U^dUUcd_c
`b_iUSd_c*U^QRbY\TU!('#U\`Q`Q@_9HT_^†T_c]Y\VbQ^S_cQ²\Q
?RbQ³VbQ^SUcQiS_^TUS_b†Qcec`bY^SY`Q\UcTYbYWU^dUc+<U†^H999TUc
TUceQcSU^cY†^Q\`Q`QT_U^!('(S_^dY^e†c_cdU^YU^T_cecdbQRQZ_ciQ
aeUS_Y^SYTQ^S_^\Q^eUfQ_bYU^dQSY†^c_SYQ\TU\Q9W\UcYQaeUU\]Yc]_
`\Qc]QbQQ…_c]vcdQbTUU^\QU^SS\YSQBUbe]>_fQbe]1e^aeUU^3XY
\U\Qc`bY]UbQcQc_SYQSY_^UcSQd†\YSQcTU_RbUbQccebWYUb_^U^!(&'\_c
²SbSe\_cSQd†\YS_cTU_RbUb_c³QcU]UZQ^jQTU\_caeUUhYcdQ^U^5eb_
`QTQdQ^TU!('(cYWeYU^T_]eiTUSUbSQ\QUh`UbYU^SYQVbQ^SUcQ!& "<Q
QSSY†^TU\_c]Y\YdQ^dUcSQd†\YS_cSXY\U^_c^_dU^Q^QTQTUUhSU`SY_^Q\+
S_bbUc`_^TQQe^Q`_\dYSQWU^UbQ\TU\Q9W\UcYQb_]Q^QaeUcU^edbQTU
\Qc`QbdYSe\QbYTQTUcTU\QcYdeQSY†^`_\dYSQ^QSY_^Q\TUQaeU\\Q}`_SQ
<QTUcY^dUWbQSY†^TU\Q1c_SYQSY†^3Qd†\YSQTU?RbUb_cTebQ^dU\Q7eU
bbQTU\@QSVYS_^_cYW^YVYS†e^SUcUS_]`\Ud_TU\QQSdYfYTQTTU\_c²e\
dbQ]_^dQ^_c³U^dbU\_c`_RbUccY^_ceQTQ`dQSY†^Q^eUfQcS_^TYSY_^Uc
`_S_`b_`YSYQc`QbQU\Y]`e\c_TU\Q_bWQ^YjQSY†^_RbUbQi`_`e\QbY^
S\ec_`QbQQaeU\\QcTUdY`_`QdUb^Q\YcdQiQed_bYdQbYQ4ebQ^dUU\S_^V\YS

!& !
?`SYdd_]_99`vW!%&
!& "
CUW‹^U\S_^TU1\RUbdTU=e^\_c²SbSe\_c³^QSYUb_^U^6bQ^SYQU^!('!Q
`QbdYbTU\]_TU\_TUe^SbSe\_TUZ†fU^Uc_RbUb_caeUVe^SY_^QRQU^@QbcU^e^Q^Uh_
TU\Q3_^WbUWQSY†^TU\_c8Ub]Q^_cTUCQ^FYSU^dUTU@Qe\E^cUWe^T_^‹S\U_VeUSbUQT_Q
S_]YU^j_cTU!('"U^U\RQbbY_TU2U\\UfY\\Ui_db_U^=_^d]QbdbU+\eUW_cUUhdU^TYUb_^
Q<i_^iQd_TQ6bQ^SYQ1VY^UcTU]Qi_TU!('%SeQ^T_cUbUQ\Yj†cebUe^Y†^WU^UbQ\²\Q
?RbQ³dU^QSYU^d_dbUY^dQS_]Yd}cSYU^d_SY^SeU^dQSbSe\_ciTYUSY_SX_]Y\]YU]Rb_c
TU\_cSeQ\UcaeY^SU]Y\UbQ^_RbUb_c3_]dU1\RUbdTU=e^=Qf_SQdY_^c_SYQ\UC_efU^Ybc
TU\QV_^TQdY_^TU\µ?UefbUTUc3UbS\Uc3QdX_\YaeUc?efbYUbc!('!!('%@QbYc@<UdXYU\\Ueh
5TYdUeb!)! `vWc%("'(

%%!
d_R}\YS_U\QSdYfYc]_SQd†\YS_cUS_^SU^db†U^QSdYfYTQTUcTUdY`_SQbYdQ
dYf_TUS_bdU]vcdbQTYSY_^Q\S_]_\QcTU\3\eRTU?RbUb_cTU\QSQ\\UCQ\Qc
TU\QSQ`YdQ\T_^TUcUV_b]†e^Q²?\\QTU\@_RbU³aeUTQRQQ\Y]U^d_Q
\_cTUcfQ\YT_ciU^SYUbdQc_SQcY_^Uc_bWQ^YjQRQVYUcdQc`QbQ\_cdbQRQZQT_
bUc!& # _\QcTU\1cY\_TU\Q@QdbYQVe^TQT_U^Ze\Y_TU!(')`_bU\Y^VQdYWQ
R\UBQ]†^Â^WU\:QbQS_^U\Q`_i_TU\QC_SYUTQT@b_dUSd_bQVU]U^Y^Q
`QbQS_RYZQbQXe}bVQ^_cTUWeUbbQ!& $

< 1 =1C?>5BÅ1 I <1C 9>9391D9F1C 45 54E3139É> @?@E<1B

!<QcY^YSYQdYfQc`b_`YQc

<Q`bY]UbQQSdYfYTQT_bWv^YSQTU\Q]Qc_^UbQSXY\U^QXQSYQ\_cdbQRQZQ
T_bUc]Q^eQ\Uc`QbUSUcYdeQbcUU^!(&$SeQ^T_\Q7bQ^<_WYQTY_\_c
`Qc_c^USUcQbY_c`QbQY^cdQ\QbU^FQ\`QbQc_e^Qc_SYUTQTTU^_]Y^QTQ
@b_dUSd_bQTU\DbQRQZ_QVY^TU²`b_`U^TUbQ\Q]_bQ\YjQSY†^Q\QUTeSQSY†^
iQ\`b_WbUc_TU\QcS\QcUcdbQRQZQT_bQc³`bUfY}^T_cU\QVe^TQSY†^TUUc
SeU\Qc`QbQQTe\d_c\Q_bWQ^YjQSY†^TUUh`_cYSY_^UcY^TecdbYQ\UciU\_d_b
WQ]YU^d_TU`bU]Y_cQ^eQ\UcQ\_cQbdUcQ^_caeU]vccUTYcdY^WeYUbQ^
²`_bceReU^QS_^TeSdQiceY^dU\YWU^SYQ`b_VUcY_^Q\³!& %5^^_fYU]RbU
TU\]Yc]_Q…_cec`b_]_d_bUcc_\YSYdQb_^\QQ`b_RQSY†^TU\_cUcdQded_c
`_bU\W_RYUb^_\QaeUVeUS_^SUTYTQU\$TUQW_cd_TU!(&%!& &@Ub_Q^dU
\Qc`b_dUcdQci`bUcY_^UcTU\Q9W\UcYQicecQ\YQT_cU\W_RYUb^_TU\QVe
cY†^\YRUbQ\°S_^cUbfQT_bQf_\fY†c_RbUceTUSYcY†^Q^e\Q^T_\Q`Ubc_^Q
\YTQTZebTYSQbUSY}^S_^SUTYTQRQZ_`bUdUhd_TUXQRUbS_^Ve^TYT_\_c
UcdQded_cTU\QC_SYUTQT@b_dUSd_bQTU\DbQRQZ_S_^\_cTU\Q1c_SYQSY†^TU1b
dUcQ^_cTUFQ\`QbQc_!& '
<QQSSY†^TU\_ce\dbQ]_^dQ^_cbU`bUcU^dQT_cU^U\W_RYUb^_XQ

!& #
²3\eRTU?RbUb_c³5\9^TU`U^TYU^dUCQ^dYQW_!'TUcU`dYU]RbUTU!(')
!& $
²1cY\_TU\Q@QdbYQ³5\9^TU`U^TYU^dUCQ^dYQW_)TUZe\Y_TU!(')1\d}b]Y^_TU
\QWeUbbQUcdUQcY\_Q]`\Y†cecQSdYfYTQTUcY^cdQ\Q^T_e^TU`QbdQ]U^d_TU^_]Y^QT_@U^
cY_^QT_TU\3Qb]U^TUTYSQT_QQS_WUbQ\_cXe}bVQ^_cTU_VYSYQ\UciZUVUcTU\UZ}bSYd_]eUb
d_cTebQ^dUU\S_^V\YSd_iVQSY\YdQb\Uc\QbUQ\YjQSY†^TUUcdeTY_ccUSe^TQbY_cie^YfUbcYdQbY_c
5\9^TU`U^TYU^dUCQ^dYQW_" TUVURbUb_TU!((&
!& %
²C_SYUTQT@b_dUSd_bQTU\DbQRQZ_5cdQded_cTU\QC_SYUTQT@b_dUSd_bQTU\DbQ
RQZ_UcdQR\USYTQU^FQ\`QbQc_³5\6Ubb_SQbbY\CQ^dYQW_(TUQW_cd_TU!(&%
!& &
²C_SYUTQT@b_dUSd_bQTU\DbQRQZ_³5\6Ubb_SQbbY\CQ^dYQW_"TUcU`dYU]RbUTU
!(&%
!& '
2U^ZQ]^?fYUT_<Q]Qc_^UbQU^3XY\U2_caeUZ_XYcd†bYS_<Q3_\_^YQ\Q9^TU`U^
TU^SYQ\QBU`‹R\YSQ@bY]UbQ`QbdUXQcdQ!) CQ^dYQW_9]`bU^dQi<Yd_WbQVQE^YfUbc_
!)")`vW!''

%%"
RQ`b_f_SQT_U\VbQSQc_TU\Q`bY]UbQY^YSYQdYfQY^TU`U^TYU^dUTU\Q
]Qc_^UbQSXY\U^QU^TYbUSSY†^TU\_c`_RbUc5cdU`bY]UbY^SYTU^dU
S_^\_cS\UbYSQ\UcU^\QS_]`UdU^SYQ`_bS_^aeYcdQb`_cYSY_^Uc U^U\
]e^T_`_`e\Qb\\Uf†Q\Q]Qc_^UbQQQVY^QbceUcdbQdUWYQ1`QbdYbTU
U^d_^SUccecUcVeUbj_ccUS_^SU^dbQb_^dQ^d_U^\QSbUQSY†^TUY^cdYde
SY_^Uc`b_`YQcTUUTeSQSY†^`_`e\QbS_]_U^U\Q`_bdUTUSeQTb_cY^
dU\USdeQ\Uc`QbQ\QV_b]QSY†^TU\_cSeUb`_cTU`b_VUc_bUcU^\QcUcSeU
\Qc^_Sdeb^Qc`Qdb_SY^QTQc`_b\Qcc_SYUTQTUcTUQbdUcQ^_c5^dbU\Qc
`bY]UbQccUTUcdQS†\QC_SYUTQTTU9^cdbeSSY†^@bY]QbYQTUFQ\`QbQc_V_b
]QTQU^^_fYU]RbUTU!(&(²S_^U\UhS\ecYf__RZUd_TUV_]U^dQb\Q
U^cU…Q^jQi\QUTeSQSY†^TU\`eUR\_³ !& (5cdQfUj\QdU^dQdYfQ]Qc†^YSQ
def_]UZ_bceUbdU*cecUcdQded_cVeUb_^Q`b_RQT_cbv`YTQ]U^dU`_bU\
W_RYUb^_"$TU^_fYU]RbUTU!(&)iceQSdYfYTQTVbeSdYVYS†Ve^TQ^T_
fQbY_cUcdQR\USY]YU^d_cUTeSQSY_^Q\UcU^dbUU\\Qc\QUcSeU\Q²2\Qc3eU
fQc³VURbUb_TU!('"aeUQdU^TUbQQ^Y…_cTebQ^dUU\TQiQTe\d_c
U^X_bQbY_fUc`UbdY^_i\QUcSeU\QCQb]YU^d_QRbY\TU!('$
<Q_bYU^dQSY†^`UTQW†WYSQTYSX_cUcd_c`\Q^dU\UcbUc`_^TQ`\U
^Q]U^dUQ\QS_^SU`SY†^]Qc†^YSQUcTUSYb`bUcSY^TU^SYQQRc_\edQ
TUU^cU…Q^jQbU\YWY_cQSQdUSYc]_\QaeUUbQbUU]`\QjQTQ`_bU^cU
…Q^jQc]_bQ\UcY\ecdbQTQcS_^UZU]`\_ccQSQT_cTU\QXYcd_bYQcQWbQTQ
5cd_WU^Ub†e^QVeUbdU_`_cYSY†^TU\S\Ub_i\_cS_^cUbfQT_bUc5^e^Q
UhdU^cQSYbSe\QbTYbYWYTQQ\_cSebQcU\"&TU^_fYU]RbUTU!('"U\W_
RUb^QT_bUS\USYvcdYS_TUFQ\`QbQc_SQ\YVYS†\QUcSeU\Q²2\Qc3eUfQc³TU
²UcSeU\QQdUQ³iTU]Q^UbQWU^UbQ\Qd_T_c\_cUcdQR\USY]YU^d_cTU\
]Yc]_dY`_S_]_²WUb]U^TU\Q3_]e^QU^3XY\U³ !& ) <Q `_\}]YSQ
S_^dY^e†QdbQf}cTU^e]Ub_c_cQbdSe\_cTU`UbY†TYS_ci_`‹cSe\_c`e
R\YSQT_c`_bQ]R_cRQ^T_c5bQe^QVQSUdQTU\Q²\eSXQbU\YWY_cQ³SU^
dbQTQU^UcdQ_`_bde^YTQTU^\QSeUcdY†^TU\QUTeSQSY†^TU\_cZ†fU^Uc
iTU\_ccUSd_bUc`_`e\QbUc
<Q]Qc_^UbQbUT_R\†cecUcVeUbj_cU^UcQTYbUSSY†^+^_SbU†Qc_
SYQSY_^UcTU_RbUb_cS_]_\_XYj_U\S\Ub_cY^_aeUQSde†Ze^d_Q\Qc
]edeQ\UcV_b]QTQc`_b\_c`b_`Y_cdbQRQZQT_bUc<Qc\_WYQcQ`_bdQb_^
cecY^dU\USdeQ\Uc`QbQS_^cdYdeYbU\`b_VUc_bQT_TU\QcUcSeU\Qc^_Sdeb
^Qc ]Q^dU^YTQc `_b \_c ]edeQ\YcdQc U Y]`e\cQb_^ \Q bUQ\YjQSY†^ TU
²S_^VUbU^SYQc `_`e\QbUc³ c_RbU fQbYQT_c dU]Qc TYVe^TYU^T_ \Q S_^
SU`SY†^]Qc†^YSQTU\QfYTQiTU\Q_bWQ^YjQSY†^TU\Qc_SYUTQT

!& (
C_SYUTQTTU9^cdbeSSY†^@bY]QbYQ5cdQded_cQ`b_RQT_c`_bU\@bUcYTU^dUTU\QBU`‹R\YSQU
9^V_b]U\UT_`_bU\CUSbUdQbY_4Q^YU\<QcdQbbYQU^\QbUe^Y†^WU^UbQ\TU\"#TUTYSYU]RbUTU!(&)
FQ\`QbQc_9]`bU^dQTU<Q@QdbYQ!(&)`vW%
!& )
3YdQT_`_b?fYUT__`SYd`vWc"' i"'!

%%#
" 5\QcUc_bQ]YU^d_TU\QcUcSeU\QcTUQbdUcQ^_ci\QcS_^VUbU^SYQc`_`e
\QbUc5\SQc_TU\Q5cSeU\Q2U^ZQ]^6bQ^[\Y^

<QQieTQU^dbUWQTQQ\QcUcSeU\QcTUQbdUcQ^_c`_b\_c]Qc_^UcVeUe^Q
Uh`bUcY†^TU\QS_^fUbWU^SYQTU`e^d_cTUfYcdQU^dbU\_cdbQRQZQT_bUc
_bWQ^YjQT_cU^U\]_fY]YU^d_`_`e\QbTUdU^TU^SYQ\QYSQ\YRUbQ\iTU
]_SbvdYSQi\QY^dU\USdeQ\YTQT\YRUbQ\i]Qc†^YSQ@Ub_Q\]Yc]_dYU]
`_\QS_\QR_bQSY†^U^dbU]Qc_^UcidbQRQZQT_bUc]edeQ\YcdQcVeU\Q_SQ
cY†^`QbQ\QUh`bUcY†^TUS_^dbQTYSSY_^UcU^dbUQ]R_ccUSd_bUc<_aeU
UcdQRQU^ZeUW_UbQ\QTYbUSSY†^UVUSdYfQTU\QcUcSeU\Qc¤<Qc]edeQ\UcTU
RUbQ^cUbcY]`\Uc²`Qdb_SY^QT_bQc³UcTUSYb`b_fUUT_bQcTUV_^T_c/_
`_bU\S_^dbQbY_¤dU^TbQ^TUbUSX_QTUVY^Yb\Q_bYU^dQSY†^TUTYSX_c
UcdQR\USY]YU^d_ciQY^dUbfU^YbU^ceWUcdY†^/¤5\SeUb`_TU`b_VUc_bUc
UcdQbQceZUd_Q\QTYbUSSY†^TU\Q]edeQ\²`Qdb_SY^QT_bQ³TU\QUcSeU\Q_
QSdeQbQTU]Q^UbQS_]`\UdQ]U^dUQed†^_]Q/<QUh`UbYU^SYQTU\cU
We^T_`Ub_T_TUfYTQTU\QUcSeU\Q^_Sdeb^QTU²<QE^Y†^³TU1bdUcQ^_c
TUCQ^dYQW_°`bY^SY`Q\`\Q^dU\TUUTeSQSY†^`_`e\QbSbUQT_`_be^Qc_
SYUTQTTUc_S_bb_c]ede_cU^3XY\UTebQ^dUU\cYW\_H9H°UcU\]UZ_b
UZU]`\_TU\QS_^dbQTYSd_bYQS_\QR_bQSY†^TU\_cY^dU\USdeQ\Uc]Qc_^Uc
S_^\_cdbQRQZQT_bUc]edeQ\YcdQc
<_cS_]YU^j_cTUUcdUUcdQR\USY]YU^d_RQedYjQT_U^U\]_]U^d_
TUceVe^TQSY†^!(&"5cSeU\QTU@b_WbUc_TU\Qc1bdUcUcdefYUb_^\\U^_c
TUTYVYSe\dQTUc!&! dQ^d_]QdUbYQ\UcS_]_`UTQW†WYSQci`_\dYSQcE^]_
]U^d_`QbdYSe\Qb]U^dUSbdYS_cUfYfY†XQSYQVY^UcTU!('!iS_]YU^j_c
TU!('"SeQ^T_e^Wbe`_TUZ†fU^Uce\dbQ]_^dQ^_cQ`b_fUSXQ^T_\Q
TUcUbSY†^TUQ\We^_c`b_VUc_bUc\_cbU]`\Qj†i\_Wb†U\S_^db_\TU\TY
bUSd_bY_TU\`\Q^dU\C†\_e^QU^}bWYSQbUQSSY†^TU\Q²E^Y†^³TU1bdUcQ
^_ciTU\_cQ^dYWe_c`b_VUc_bUc\YRUbQ\UcaeUbUc`_^TYUb_^QceTU]Q^
TQTUQieTQY]`YTYUb_^aeUcUS_^ce]QbQ\Q]Q^Y_RbQS_^cUbfQT_bQ
Ce`UbQ^T_Ucd_ci_db_c_RcdvSe\_c\QUcSeU\QVe^SY_^†XQcdQVY^UcTU
!('"SeQ^T_U\Y^dU^TU^dUTUCQ^dYQW__bTU^†\QTU]_\YSY†^TUceUTY
VYSY_5^]Qbj_TU!('$TUc`e}cTUXQRUb_RdU^YT_TU\=Y^YcdUbY_TU
9^cdbeSSY†^@‹R\YSQU\`Ub]Yc_`QbQedY\YjQb\_c\_SQ\UcTUe^QUcSeU\Q
`‹R\YSQcUY^YSY†e^^eUf_`Ub_T_TU\QUcSeU\Q^_Sdeb^QTUQbdUcQ^_c
RQedYjQTQe^Q…_]vcdQbTU2U^ZQ]^6bQ^[\Y^Q`UdYSY†^TUcec`b_VUc_
bUc!&!!5\SQ]RY_TU^_]RbU\YWQT_Q\VbQSQc_TUe^QdU^dQdYfQTUVecY†^
S_^\Q5cSeU\Q>_Sdeb^QTU1bdUcQ^_c1RbQXQ]<Y^S_\^ !&!"SbUQTQ`_b]Qc_

!&!
5\^_]RbUcY]R_\YjQRQaeUce_RZUdYf_^_UbQ\Q]UbQY^cdbeSSY†^cY^_U\QSSUc_
TU\_cdbQRQZQT_bUcQ^YfU\Ucce`UbY_bUcTUSe\debQcUW‹^cUTUc`bU^TUTUT_Se]U^d_cTU
\Q}`_SQ
!&!!
2U^ZQ]^4vfY\Q<QbbQ^<Q5cSeU\Q6bQ^[\Y^!(&"!('&FQ\`QbQc_9]`bU^dQ
TU\4URUb!('&`vWc%)
!&!"
1C1EC<YRb_4YQbY_TU\Q5cSeU\Q6bQ^[\Y^S_]`bU^TYT_cQ…_c!('$!('%!('&

%%$
^UccY]R_\YjQRQU\Y^YSY_TUe^QUdQ`QU^\QfYTQTU\QUcSeU\QTU²<Q
E^Y†^³TU1bdUcQ^_cUdQ`QU^\QaeU\QY^V\eU^SYQ]Qc†^YSQcUbQTUdUb]Y
^Q^dU<_cTYbUSd_bUcTU\`\Q^dU\UTeSQSY_^Q\i\QY^]U^cQ]Qi_bQTUcec
`b_VUc_bUcic_cdU^UT_bUcVeUb_^]Qc_^UcS_^dbYReiU^T_QTQb\Ue^Q
_bYU^dQSY†^TUSYTYTQ]U^dUbQSY_^Q\YcdQ\QYSQi\YRUbQ\Q\S_^dU^YT_TU\_c
`\Q^UcTUUcdeTY_iQ\Q`UTQW_WQU]`\UQTQ
1e^aeUUcdQ_bYU^dQSY†^UbQS_]`QbdYTQ`_b\_cdbQRQZQT_bUcaeU
TYbYWQ^²<QE^Y†^³^_dQbTQb_^U^]Q^YVUcdQbcUQ\We^QcS_^dbQTYSSY_
^UcU^dbU\QTYbUSSY_^UcTU\Q]edeQ\iTU\Q5cSeU\Q6bQ^[\Y^5^Ze\Y_TU
!('&U\R_\Ud^TU\QC_SYUTQTTU1bdUcQ^_cY^V_b]QaeU²e\dY]Q]U^dUUcdv
Q`QbUSYU^T_e^QX_ZQY^dYde\QTQ<Q5cSeU\Q\QSeQ\`_bU\]QdUbYQ\aeU
S_^dYU^Ui`_b\_c`b_`†cYd_caeU`UbcYWeUTQ]_dYf_c`QbQSbUUbcUQ_RbQ
dQ]RY}^TU\_c`b_VUc_bUcTU\Q5cSeU\Q6bQ^[\Y^³ !&!#5\SYdQT_`UbY†TYS_
`UbdU^USQU^bUQ\YTQTQ\`b_VUc_bQT_TU\Q5cSeU\Q<Y^S_\^`Ub_U\XU
SX_UbQbUfU\QT_bTU\QY^S_]e^YSQSY†^aeUUhYcdQU^dbUQbdUcQ^_ci`b_
VUc_bUc1\_c`_S_c]UcUcU^_SdeRbUTU\]Yc]_Q…_U\QSdQTUbUe^Y_
^UcTU²<QE^Y†^³S_^cYW^QRQaeUU\TYbUSd_b@QcSeQ\<QjQbdU`\Q^dU†\Q
^USUcYTQTTU²`b_SUTUbQ\TUc\Y^TUTU\_cY^dUbUcUc]QdUbYQ\UcTU\Q5c
SeU\Q`UbdU^USYU^dUcQ\QC_SYUTQTTU\_cTU\SeUb`_TU`b_VUc_bUc+`_b
aeUXQ^_dQT_S_^VbUSeU^SYQaeUcUbUSYRU^_RcUaeY_c`QbQ\Q5cSeU\Q
`_b\_c`b_VUc_bUciU^^QTQVYWebQ\QC_SYUTQT³ !&!$
<QcUcSQbQ]ejQcUbQ^Q‹^]U^_bUc`Ub_bUV\UZQRQ^e^QdU^TU^SYQ
aeUS_^dY^eQbQTUcQbb_\\v^T_cU
<Q`b_`U^cY†^TU\SeUb`_T_SU^dUQQSdeQbQed†^_]Q]U^dUUbQ
`\U^Q]U^dUS_XUbU^dUS_^ceS_^SU`SY_^Uci]_dYfQSY_^Uc<_c]QUc
db_cTU\Q5cSeU\Q6bQ^[\Y^UbQ^²Z†fU^Uc\YRUbQ\Uc³aeUY^cSbYRQ^ceQS
SY†^TUUTeSQSY†^`_`e\QbU^U\S_^dUhd_TU\Q\eSXQS_^dbQ\_cS_^cUb
fQT_bUciU\S\UbYSQ\Yc]_>__RcdQ^dU\Qc^e]Ub_cQcS_Y^SYTU^SYQcbUc
`USd_TU\_c_RZUdYf_cTU\QUcSeU\QaeUUhYcdQ^U^dbU\_c\TUbUcTU²<Q
E^Y†^³TU1bdUcQ^_ciUcU^‹S\U_TUY^dU\USdeQ\Uc]Qc_^Uci\YRUbQ\UcaeU
TQRQU^UfYTU^SYQaeU`QbQUcd_c‹\dY]_cce\QR_bcUY^cUbdQRQU^]QbS_

XQcdQU\!#TUQW_cd_TU!(''VZc(#(&())"i)$<_c`bY]Ub_cTYbUSd_bUcTU\Q5cSeU\Q<Y^
S_\^VeUb_^*BQ]†^2Q…QT_c5c`Y^_jQi<eYc2Qbb_c2_bW_…_+U^dbUcec`bY^SY`Q\UcQie
TYcdQccUS_^dQRQ^:_c}D_]vcEb]U^UdQi:_c}=Q^eU\2Q\]QSUTQ=vcY^V_b]QSY_^Uc
c_RbU\_cS_]YU^j_cTUUcdU`\Q^dU\U^5cSeU\Q^_Sdeb^QTUQbdUcQ^_c1RbQXQ]<Y^S_\^
=U]_bYQ`bUcU^dQTQ`_bU\cUSbUdQbY_TU\QUcSeU\QCQ^dYQW_9]`bU^dQTU6UTUbYS_CSXbUR\Ub
!('%+K<eYc2Qbb_c2_bW_…_i@UTb_@QR\_CUWe^T_=e…_jMC_\U]^UTYcdbYReSY†^TU`bU
]Y_cQ\_cQ\e]^_cTU\Q5cSeU\Q^_Sdeb^QTUQbdUcQ^_c1RbQXQ]<Y^S_\^U^"&TU^_fYU]RbUTU
!('&CQ^dYQW_9]`bU^dQTU\QBU`‹R\YSQ!('&+?fYUT__`SYd`vWc#("#($
!&!#
<QE^Y†^2_\Ud^TU\QC_SYUTQTTU1bdUcQ^_cTUCQ^dYQW_>¡&CQ^dYQW_!TUZe\Y_
TU!('&`vW$"
!&!$
²CUcY†^U^!"TU_SdeRbUTU!('&³<QE^Y†^2_\Ud^TU\QC_SYUTQTTU1bdUcQ^_cTU
CQ^dYQW_>¡(CQ^dYQW_!TU_SdeRbUTU!('&`vW'%

%%%
TU\eSXQ`_\dYSQS_^dY^WU^dUQTYVUbU^SYQTU\_cdbQRQZQT_bUc]edeQ\Yc
dQcaeUdbQdQRQ^TU]Q^dU^UbSYUbdQY^TU`U^TU^SYQTU\QcS_bbYU^dUc
`_\dYSQcQ`UcQbTUcecY^^UWQR\Uc`bUVUbU^SYQc`_b\QSQecQ\YRUbQ\
@Ub_dbQdU]_cTUfUbU^ae}S_^cYcdQ\Q_bYU^dQSY†^iU\cU^dYT_TU\
dbQRQZ_`UTQW†WYS_TU\_c]Qc_^UcU^dbU\_cdbQRQZQT_bUc
6bQ^SYcS_FQ\T}cFUbWQbQcUSbUdQbY_TU\SeUb`_TU`b_VUc_bUcTU\Q
5cSeU\Q6bQ^[\Y^`\Q^dUQRQaeUU\*

KM Q^dQW_^Yc]_ \QdU^dU U^dbU \_c aeU aeYUbU^

XQSUbTU\QUcSeU\QU\]vcQSdYf_TU\_cU\U]U^d_cTUbU
V_b]QiQaeU\\_caeU`bUdU^TU^S_^fUbdYb\QU^U\RQ\eQb
dUTU\QcYTUQciQc`YbQSY_^UcTU_dbQ}`_SQcUXQSUSQTQ
TQ]vc]Q^YVYUcd_icUQWbQfQU^dbU^_c_db_cU^`bUcU^
SYQTU\UcdQT_T_SU^dUQ\aeUd_T_cTUcUQbQ^fUb]Qb
SXQbU^U\cU^dYT_TUcecS_^fYSSY_^Uc!&!%

5^\Q\eSXQU^dbUU\S_^VUcY_^Q\Yc]_i\Q\QYSYTQT\QUTeSQSY†^TU\
`eUR\_UbQS_^SURYTQ`_bUcd_cZ†fU^UcY^dU\USdeQ\UcS_]_e^S_]`\U]U^
d_TU\QQSSY†^TU\_c`_\dYS_ciTU\W_RYUb^_\YRUbQ\U^aeYU^UccUTU\U
WQRQ\QS_^TeSSY†^TU\QcbUV_b]Qc*

=YU^dbQc^eUcdb_cX_]RbUc`‹R\YS_ccU_Se`Q^U^
S_bbUWYb\Qc\UiUcUhdYb`Q^T_TUU\\Qcd_T_c\_cfYSY_cTU
\QXUbU^SYQS_\_^YQ\d_SQQ\_cZ†fU^UcQ\_c_RbUb_ciQ
d_T_c\_cX_]RbUcTUdbQRQZ__Se`QbcUU^\QbUWU^UbQ
SY†^TU\`eUR\_UcdQR\USYU^T_UcSeU\Qc\QYSQcT_^TUcU
T}e^QU^cU…Q^jQU]Y^U^dU]U^dU]_bQ\S_^V_b]UQ\Qc
^USUcYTQTUcTU\Q}`_SQTQ^T_S_^VUbU^SYQc`‹R\YSQc
`QbQQaeU\\_caeU^_`eUTQ^QcYcdYbQ\QUcSeU\QiVe^
TQ^T_RYR\Y_dUSQc`_`e\QbUcaeUS_^dbYReiQ^Q\QTYVe
cY†^TU\_cS_^_SY]YU^d_c‹dY\UciTU\QfUbTQTSYU^dVY
SQ`_baeUUcQUc\Q‹^YSQ]Q^UbQTUXQRYdeQbQ\X_]RbU
Q\QfYTQ\YRbUTv^T_\U\Q\YRUbdQTTU\`U^cQ]YU^d_iQcU
Webv^T_\U\QY^fY_\QRY\YTQTTUceS_^SYU^SYQ!&!&

5\SQbvSdUb]Y\YdQ^dUTU\QQSSY†^`UTQW†WYSQTU\_c]QUcdb_cbUcQ\
dQRQSeQ^T_}cd_cUh`_^Q^\Q_bYU^dQSY†^TU\QU^cU…Q^jQTU\QXYcd_
bYQCUW‹^6bQ^SYcS_FQ\T}cFUbWQbQcUSbUdQbY_TU\QUcSeU\QU^!('%TY
SXQQcYW^QdebQcUbfQ`QbQ*

!&!%
²5cSeU\Q6bQ^[\Y^=U]_bYQ\UYTQ`_bU\cUSbUdQbY_TU\SeUb`_TU`b_VUc_bUcU^
\QTYcdbYReSY†^TU`bU]Y_cSU\URbQTQU\TQ#TUTYSYU]RbUTU!('&³<QE^Y†^2_\Ud^TU\Q
C_SYUTQTTU1bdUcQ^_cTUCQ^dYQW_>¡)CQ^dYQW_!TUTYSYU]RbUTU!('&`vW')
!&!&
?`SYd`vW)"

%%&
 KM`bUcU^dQbe^SeQTb_Q^Y]QT_TU\Q]QbSXQ
`b_WbUcYfQTU\QXe]Q^YTQTQdbQf}cTU\_ccYW\_cXQSYU^
T_^_dQbS_]_\_cU^U]YW_cTUd_T_QTU\Q^d_\_cU^U
]YW_cTUd_T_`b_WbUc_XQ^cYT_cYU]`bU\Q`bU_Se`Q
SY†^i\QYW^_bQ^SYQQb]Qc`_TUb_cQcS_^\QcSeQ\Uc\Q
Q]RYSY†^XQaeUbYT_QX_WQbU^d_TQc`QbdUc\QcWbQ^TUc
YTUQcTUbUV_b]QiTU\YRUbdQT !&!'

@b_VUc_bUciTYbYWU^dUc]edeQ\YcdQcS_]`QbdQ^\Q]Yc]QS_^SU`
SY†^\QYSQi\YRUbQ\TU\QUTeSQSY†^]QbSQ^T_e^QTYVUbU^SYQ^_dQR\U
bUc`USd_TU\S_^SU`d_dbQTYSY_^Q\*

<QE^Y†^TU1bdUcQ^_ciU\Wbe`_TUZ†fU^Uc\YRUbQ
\UcQaeYU^UcU\\QXQU^S_]U^TQT_\QTYbUSSY†^TUUcdQ
UcSeU\QXQ^\\UWQT_QS_^fU^SUbcUTUaeU`QbQXQSUb\Q
bUQ\]U^dU‹dY\UbQ]U^UcdUbUcdQR\USUb\Qc_RbUU\`YUTU
\Q]vcQ]`\YQ\YRUbdQTQRbYU^T_cec`eUbdQcY^TYcdY^dQ
]U^dUQd_T_U\aeUTUcUUY^cdbeYbcUcY^UhYWYb\U`bY]U
b_e^Q`b_VUcY†^TUVUbU\YWY_cQKM !&!(

<Q\YRUbdQTTUS_^SYU^SYQUbQUcSbe`e\_cQ]U^dUbUc`UdQTQ8QcdQ
]UTYQT_cTU\QT}SQTQTU!(' \QcQcYW^QdebQcTU]_bQ\ibU\YWY†^XQRQ^
S_UhYcdYT_1`QbdYbTUU^d_^SUc\QS_^SU`SY†^\QYSQi\YRUbQ\TU\QUTe
SQSY†^Y]`ec_U^\Q5cSeU\Q6bQ^[\Y^U\bUU]`\Qj_TU\QS\QcUTUSQdUSYc
]_`_be^QTU²]_bQ\³Y]`QbdYTQU^\_cdbUc`bY]Ub_cSebc_c_cUSSSY_
^UcUbQ^SY^S_U^d_dQ\!&!)5cQi_dbQcY^^_fQSY_^UcU^U\`\Q^_`UTQ
W†WYS_UcdQRQ^U]`Q`QTQcTU\QYTUQaeU²U\S_^_SY]YU^d_TU\_cbQ]_c
TUUcdeTY_SeQ\aeYUbQaeUcUQ\QY]`_bdQ^SYQaeUQU\\_ccU\UcQdbYReiQ
QYc\QTQ]U^dU^_UcU\_RZUd_TU\QY^cdbeSSY†^cY^_U\]UTY_TUaeUU\\Q
cUfQ\U`QbQUTeSQbQ\Y^TYfYTe_VQf_bUSYU^T_ce`UbVUSSY_^Q]YU^d_Y^
dU\USdeQ\i]_bQ\³!&" 
5\`\Q^dU\TU\_cQbdUcQ^_ccQ^dYQWeY^_cdU^Qe^QS\QbQce`UbY_bYTQT
c_RbUU\S_]‹^TU\QcUcSeU\Qc`bY]QbYQc*SQTQe^_TUcecSebc_c_cUS
SY_^UcS_^dQRQS_^fQbY_c`b_VUc_bUcTUQSeUbT_S_^\QSQ^dYTQTTUQcYW
^QdebQc<_cQ\e]^_ccURU^UVYSYQRQ^S_^e^cYcdU]Q`UTQW†WYS_`QbUSY
T_Q\TU\_c\YSU_cce]v^T_cUe^QSQbQSdUbcdYSQ`_S_S_bbYU^dUU^\Qc
UcSeU\QcTU\Q}`_SQ*\_c`b_VUc_bUc^_bUSebbQ^QSQcdYW_cS_b`_bQ\Uc^Y

!&!'
5cSeU\Q^_Sdeb^QTUQbdUcQ^_cDbQRQZ_Y^cdbeSSY†^d_\UbQ^SYQ4YcdbYReSY†^TU`bU
]Y_cQcecQ\e]^_cU\TQ%TU4YSYU]RbUTU!('%CQ^dYQW_9]`bU^dQTU\Q<YRbUbQTU\=Ub
SebY_!('%`vW'
!&!(
?`SYd`vW("
!&!)
?`SYd`vW($
!&"
?`SYd`vW(#

%%'
Q]Q\_cdbQd_cfUbRQ\UcDQ]`_S_cU`bQSdYSQRQU\Q`bU^TYjQZU]U]_bc
dYS_!&"!<QU^cU…Q^jQY]`QbdYTQTU^_dQRQ\Q`bU`_^TUbQ^SYQTU\QcQcYW
^QdebQcXe]Q^cdYSQciSYU^dVYSQcTYcdbYReYTQcU^SY^S_cUSSY_^Uc*\USde
bQWbQ]vdYSQXYcd_bYQ3_^cdYdeSY†^`_\dYSQWU_WbQVQVbQ^S}c]_bQ\
ae]YSQVcYSQXYWYU^UiTYReZ_\Y^UQ\!&""
1TU]vcTU\QY^cdbeSSY†^U^dbUWQTQU^\_cSebc_cbUWe\QbUcU\SeUb
`_TU`b_VUc_bUc_bWQ^YjQRQSXQb\Qc`UbY†TYSQcQRYUbdQcQdbQRQZQT_bUc^_
Y^cSbYd_cU^\QUcSeU\Q`QbQ*

KMUh`\YSQbU\`_bae}iU\S†]_TU]eSX_cVU^†]U
^_cTU\Q^QdebQ\UjQiTU]eSX_cVU^†]U^_cTU\QfYTQ
c_SYQ\+`QbQY^TYSQb\UcKQ\_cdbQRQZQT_bUcM\Q]Q^UbQTU
QTaeYbYb]Qi_b`b_WbUc_U^cefYTQTUX_WQbi`QbQ`_
^UbQ^dUcefYcdQ\QfYTQTU\_cX_]RbUcaeUXQ^dU^YT_
Y^V\eU^SYQTUSYcYfQU^\_cTUcdY^_cTU\_c`eUR\_cQVY^
TUTUaeUY^c`Ybv^T_cUU^cecQ\d_cUZU]`\_cce`YUbQ^
TYW^YVYSQbceUhYcdU^SYQ!&"#

<QcUh`UbYU^SYQcTU²S_^VUbU^SYQc`_`e\QbUc³cUceSUTYUb_^U^TYc
dY^dQc Y^cdQ^SYQc Q^Y]QTQc `_b \_c ]Qc_^Uc U^ CQ^dYQW_ FQ\`QbQc_ i
_dbQcSYeTQTUc1fUSUcUcdQcQSdYfYTQTUcUbQ^_bWQ^YjQTQcU^S_^Ze^d_
S_^\Qcc_SYUTQTUcTUc_S_bb_c]ede_cicecUcSeU\Qc^_Sdeb^QcS_]_
_SebbY†S_^\QcSXQb\QcTU\Q5cSeU\Q6bQ^[\Y^+U^_dbQc_SQcY_^UcVeUb_^
Y]`QbdYTQc`_b_bWQ^Yc]_cSbUQT_c`_b\_c`b_`Y_c]Qc_^UcS_]_\Q
5cSeU\Q3eUfQcTUFQ\`QbQc__RYU^UbQ^S_^f_SQTQcTU]Q^UbQQ]`\YQ
`_be^Q\_WYQ]Qc†^YSQUcTUSYbQc_SYQ^T_`QbQcebUQ\YjQSY†^QQ\We^_c
Y^dU\USdeQ\Uc\YRUbQ\Uc^_QVY\YQT_cQ\Q?bTU^iUfU^deQ\]U^dUQQ\We
^_cTYbYWU^dUc]edeQ\YcdQc1UcdU‹\dY]_dY`_TUS_^f_SQd_bYQS_bbUc`_^
TYUb_^`_bUZU]`\_\QcS_^VUbU^SYQc_bWQ^YjQTQcU^CQ^dYQW_`_bTUSY
cY†^TU\Q\_WYQ²:ecdYSYQi<YRUbdQT³ !&"$

!&"!
?`SYd`vWc($i(&
!&""
5cSeU\Q^_Sdeb^QTUQbdUcQ^_cDbQRQZ_Y^cdbeSSY†^_`SYd`vWc%!"
!&"#
?fYUT__`SYd`vW"'(3ebcYfQcU^U\_bYWY^Q\1\We^QcS_^VUbU^SYQcTYSdQTQc
U^!('$VeUb_^*²<_cUc`QSY_ci\_c]e^T_ccYTUbQ\Uc³`_b5TeQbT_TU\Q2QbbQ+²5\`b_
WbUc_iceTUcQbb_\\_U^\QXYcd_bYQ³`_b:eQ^5^bYaeU<QWQbbYWeU²<_cfYU^d_cicecSQe
cQc³`_b4_]Y^W_FCQ^dQ=QbQ+²6bQ^[\Y^³`_b6bQ^SYcS_FQ\T}cFUbWQbQ+²?ZUQTQc_
RbU\QS_^TYSY†^TU\_RbUb_i]UTY_cTU]UZ_bQb\Q³`_b6Ub^Q^T_CQ^dQ=QbQ+²5\QYbU³
`_b9c]QU\FQ\T}cFUbWQbQ+²5\SQ]Y^_TU\SbY]U^³`_b2U^ZQ]^4vfY\Q<+²>_SY_^UcTU
WU_\_WQ³`_b:_bWU<QWQbbYWeU+²BU\QSY_^UcTU\Q]_bQ\i\QbU\YWY†^³`_b6bQ^SYcS_FQ\
T}cFUbWQbQ5cSeU\Q^_Sdeb^QTUQbdUcQ^_c3_^VUbU^SYQc`‹R\YSQcTQTQc`_bU\SeUb`_TU`b_VU
c_bUcU^U\Q…_TU!('$CQ^dYQW_9]`bU^dQTU\Q<YRbUbQTU\=UbSebY_!('%
!&"$
5^dbUU\\Qc*²<_cXQRYdQ^dUc`bY]YdYf_cTU3XY\U³`_b4YUW_2Qbb_c1bQ^Q+²5\
QX_bb_i\Qcc_SYUTQTUcTUc_S_bb_c]ede_c³²5bb_bUc`bU_Se`QSY_^Ucice`UbcdYSY_^Uc
`_`e\QbUc³i²5cdURQ^7YbQbTiceY^cdYded_\QYS_³`_b4Q^YU\6U\Y‹+²8YWYU^UU^WU^UbQ\³
²3_c]_d_\_WQi2b_]Qd_\_WQ³²7Y]^vcdYSQ³i²<Q5]RbYQWeUj³`_bBQ]†^1\\U^TU@Q

%%(
 @UbcYWeYU^T_U\_RZUdYf_TUTQbZe^d_Q\QUTeSQSY†^WU^UbQ\e^Q
V_b]QSY†^`bvSdYSQ\Q5cSeU\Q6bQ^[\Y^S_]U^j†U^!('&QY]`QbdYbSeb
c_cTUdY`_WbQVQU^e^dQ\\Ub`b_`Y_1`UcQbTU\QcTYVYSe\dQTUc°dQ^d_
]QdUbYQ\UcS_]_TUUcSQcUjTU`Ubc_^Q\SQ\YVYSQT_°U\dQ\\Ubdef_e^TU
cQbb_\\_UhYd_c_S_^fYbdY}^T_cUTU`Qc_U^e^QVeU^dUTUY^WbUc_c`QbQ
U\UcdQR\USY]YU^d_UTeSQSY_^Q\@_bUc_c]Yc]_cQ…_c\QUcSeU\QQ\SQ^j†
e^Y^^UWQR\UWbQT_TU`b_c`UbYTQT\\UWQ^T_QS_^dQbS_^RYU^`b_fYc
d_c\QR_bQd_bY_cTUVcYSQiae]YSQQTU]vcTUe^dQ\\UbTUTYReZ_ie^Q
RYR\Y_dUSQS_^cdYdeYTQc_RbU\QRQcUTUT_^QSY_^UcTU`_\dYS_c\YRUbQ\Uc
iTU\`b_`Y_W_RYUb^_!&"%
>__RcdQ^dUcecVbed_c\QS_\QR_bQSY†^U^dbU\_cY^dU\USdeQ\Uc]Q
c_^Uci\_cdbQRQZQT_bUc]edeQ\YcdQcVeU]Y^QTQ`_bTYcdY^dQcS_^dbQTYS
SY_^Uc5^!(("cebWY†e^S_^V\YSd_U^dbU\_c`b_VUc_bUcTU\QUcSeU\Qi
²<QE^Y†^³TU1bdUcQ^_caeU`ec_d}b]Y^_QQaeU\\QUh`UbYU^SYQ`UTQW†
WYSQ5cdQfUjU\SeUb`_T_SU^dU`bUdU^TQQSSUTUbQe^QY^TU`U^TU^
SYQS_]`\UdQbUS_^_SYU^T_Q²<QE^Y†^³c†\_S_]_²Ve^TQT_bQi`b_
dUSd_bQ³TU\UcdQR\USY]YU^d_UTeSQSY_^Q\ibUYfY^TYSQ^T_`QbQcU\TU
bUSX_UhS\ecYf_TUS_^dbQdQbQ_db_c`b_VUc_bUc !&"&
5\]_]U^d_UbQ`b_`YSY_`QbQ\QcQc`YbQSY_^UcTU\_cY^dU\USdeQ\Uc
iQaeU\QC_SYUTQTTU1bdUcQ^_ccUTURQdQTUcTUVY^UcTU\QT}SQTQQ^dUbY_b
U^e^QY^aeYUdQ^dUSbYcYcVY^Q^SYUbQ<QSbYcYcUS_^†]YSQaeUQVUSd†Q
3XY\UTebQ^dU\QcUWe^TQ]YdQTTU\_cQ…_ccUdU^dQi\_cQ\YcdQ]YU^d_cTU
\Q7eUbbQTU\@QSVYS_bUTeZUb_^S_^cYTUbQR\U]U^dUU\^‹]Ub_TUQc_
SYQT_cTU\Q]edeQ\²<QE^Y†^³def_aeUTYc]Y^eYbU^% ceQ`_bdUVY
^Q^SYUb_Q\QUcSeU\Q5^Ze\Y_TU!(("U\`bUcYTU^dUTU²<QE^Y†^³TU1b
dUcQ^_cY^V_b]†Q\Q:e^dQ7U^UbQ\aeU\QTYbUSdYfQcUXQRQfYcd__R\YWQTQ
QXQSUbe^\\Q]QT_Q\QWU^Ub_cYTQTTUVY\v^db_`_c`QbQS_^dY^eQbceR
fU^SY_^Q^T_U\`\Q^dU\UTeSQSY_^Q\DQ]RY}^]U^SY_^QRQS_]_U\U
]U^d_c^UWQdYf_c*\QTU]_bQTU\SeUb`_TU`b_VUc_bUcU^Y^V_b]Qbc_RbU
ce`b_`YQS_]`_cYSY†^Q\TYbUSd_bY_TU\Q]edeQ\ice^UWQdYfQU^QSU`dQb
QQ\e]^_c]U^_bUcTUfUY^dUQ…_ccYU^T_^_d_bY_aeUfQbY_cTU\_cS_^

T^+²<QcS__`UbQdYfQcTUS_^ce]_³i²5\`Q`U\i\QY]`bU^dQ³`_bD_]vc:7_^jv\Uj+
²1bdU`QbQcUbVU\Yj³`_b3Qb\_cBU^QbT+²B_\TU\QY^dU\YWU^SYQU^\Q`b_TeSSY†^³`_b
5fQbYcd_1C_eR\UddU+²<Q\USdebQ³`_b9W^QSY_@Q\]QBYfUb_c+²9TUQc_RbU\Q3_^cdYdeSY†^
TU3XY\U³`_b1RbQXQ];‰^Y^W
!&"%
²5cSeU\Q6bQ^[\Y^=U]_bYQ\UYTQ`_bU\cUSbUdQbY_³_`SYd`vWc('i((+5c
SeU\Q^_Sdeb^QTUQbdUcQ^_cDbQRQZ_Y^cdbeSSY†^_`SYd`vWc(! 
!&"&
²2_\Ud^TU\Qcc_SYUTQTUcC_SYUTQTE^Y†^TU1bdUcQ^_cCUcY†^_bTY^QbYQU^!!
TUQRbY\TU!(("³5\@bUSebc_bCQ^dYQW_!%TUQRbY\TU!(("+²=_cdQSY\\Q³i²2_\Ud^TU\Qc
c_SYUTQTUcC_SYUTQTE^Y†^TU1bdUcQ^_cCUcY†^_bTY^QbYQU^"#TU]Qi_TU!(("³5\
@bUSebc_bCQ^dYQW_"'TU]Qi_TU!(("+²2_\Ud^TU\Qcc_SYUTQTUcC_SYUTQTE^Y†^TU
1bdUcQ^_cCUcY†^UcdbQ_bTY^QbYQTU\TYbUSd_bY_U^"(TU]Qi_TU!(("³5\@bUSebc_bCQ^
dYQW_#TUZe^Y_TU!(("

%%)
c_SY_cdU^Q^XYZ_c]U^_bUcTUUcQUTQTaeUcUTUcU]`U…QRQ^S_]_
Q`bU^TYSUcTUTYcdY^d_c_VYSY_caeUTUcUQRQ^Y^WbUcQbQ\Q5cSeU\QiaeU
^_\_XQ^`_TYT_S_^cUWeYbQSQecQTUTYSXQTYc`_cYSY†^!&"'
<QcTUcQfU^YU^SYQcU^dbUQ]R_cUcdQ]U^d_cS_^dY^eQb_^QWbQfv^
T_cUQ\_\QbW_TU\cUWe^T_cU]UcdbUTU!(("<Q‹\dY]QZe^dQWU^UbQ\TU
\Qc_SYUTQTTUc_S_bb_c]ede_cbUQ\YjQTQU^TYSYU]RbUQS_bT†\Q\YaeY
TQSY†^TU\_cU^cUbUcTU\QUcSeU\QE^QS_]YcY†^U^SQRUjQTQ`_bU\`bU
cYTU^dU=Q^eU\8YTQ\W_cUU^SQbW†TU^UW_SYQbS_^U\SeUb`_TU`b_VU
c_bUc\QQ`\YSQSY†^TU\QSeUbT_@Ub_Q^dUcXYj_e^Q‹\dY]QdU^dQdYfQTU
QbbUW\_`\Q^dUQ^T_dbUcUhYWU^SYQcQ\_c`b_VUc_bUc*
!¡BUS_^_SY]YU^d_TU\`Qdb_^Qd_TU\Q]edeQ\c_RbU\QUcSeU\Q\_
aeUY]`\YSQRQceTUbUSX_Qce`bY]Yb_]_TYVYSQbU\`\Q^TUUcdeTY_cTU\
`\Q^dU\TUU^cU…Q^jQ
"¡BUS_^_SY]YU^d_S_]_`b_`YUTQTTU\QC_SYUTQTTU1bdUcQ^_c\_c
_RZUd_c_U^cUbUcS_]`bQT_cS_^Ub_WQSY_^Uc`QbdYSe\QbUcXUSXQcU^VQ
f_bTU\QUcSeU\Q
#¡AeUdbQ^c]YdYUbQ^Q\QZe^dQWU^UbQ\aeU²<QE^Y†^³bUQ\YjQbQ
U^U^Ub_TU!((#\_cQ^dUSUTU^dUcbU\QdYf_cQ\QUcSeU\QWQcd_cUb_WQ
SY_^Ucb_WQ^T_Q\`bUcYTU^dUTU\UcdQR\USY]YU^d_UTeSQSY_^Q\aeUQcYc
dYUbQQTYSXQQcQ]R\UQ !&"(
<Q^UWQdYfQTU\_c`b_VUc_bUcQQSU`dQbdQ\UcS_^TYSY_^Uc\\Uf†Q²<Q
E^Y†^³TU1bdUcQ^_cQUhYWYb\Uc\QU^dbUWQTU\Q5cSeU\Q`QbQaeU_db_Wbe
`_TU`UTQW_W_ccUXYSYUbQSQbW_TUU\\Q5\S_^V\YSd_cUUhQSUbR†5\`b_
VUc_bQT_^UW†Q\Q_bWQ^YjQSY†^QbdUcQ^Q\cecTUbUSX_cc_RbUU\UcdQR\U
SY]YU^d_\_Wb†aeUU\W_RYUb^_Q`_iQbQU\TUc`_Z_id_]†QceSQbW_U\
`\Q^dU\UTeSQSY_^Q\fYU^T_Se]`\YT_ceQ^XU\_TUY^TU`U^TU^SYQ !&")
<QC_SYUTQTTU1bdUcQ^_c`_bce`QbdU_bYU^d†cecUcVeUbj_cXQSYQ\QSbUQ
SY†^TUe^Q5cSeU\Q°dQ\\Ub !&# BUSY}^XQSYQVY^UcTUcYW\_TUc`e}cTUe^Q

!&"'
²=U]_bYQaeUU\`bUcYTU^dUTU\QE^Y†^TU1bdUcQ^_c`bUcU^dQQ\Q:e^dQ:U^U
bQ\TUZe\Y_TU!(("³5\@bUSebc_bCQ^dYQW_""TUZe\Y_TU!(("+²<Q5cSeU\Q6bQ^[\Y^Ycec
QSdeQ\Uc`b_VUc_bUc³<QBQj†^CQ^dYQW_"&TUZe\Y_TU!(($
!&"(
=U]_bYQaeUU\@bUcYTU^dUTU\QE^Y_^TU1bdUcQ^_c`bUcU^dQQ\Q:e^dQ7U^UbQ\U^U^Ub_
TU!((#CQ^dYQW_9]`bU^dQTU²<Qr`_SQ³!((#`vWc$i%
!&")
²<Q5cSeU\Q6bQ^[\Y^YcecQSdeQ\Uc`b_VUc_bUc³_`SYd<QQT]Y^YcdbQSY†^UhS\e
cYfQTU\SeUb`_TUUTeSQT_bUc^_\_Wb†cQSQbTU\\UdQbW_Q\Q5cSeU\Q6bQ^[\Y^5^!() ce
TYbUSd_bTQRQSeU^dQTU^e]Ub_cQcTYVYSe\dQTUc*Y^SYUbdQcYdeQSY†^US_^†]YSQRQZQQcYc
dU^SYQ`b_]UTY_TUQ\e]^_ciXQcdQ²YbbUWe\QbYTQTU^\QQcYcdU^SYQTU\_c`b_VUc_bUc³
S_^cYTUbQT_UcdU‹\dY]_`b_R\U]QS_]_e^]Q\U^T}]YS_aeU]Y^QRQQ\QY^cdYdeSY†^
K:_c}11\V_^c_M=U]_bYQ`bUcU^dQTQ`_bU\4YbUSd_bTU\Q5cSeU\Q2U^ZQ]^6bQ^[\Y^Q\SeUb`_
TU`b_VUc_bUcTUTYSXQUcSeU\Q5^cUcY†^SU\URbQTQU\%TUTYSYU]RbUTU!() CQ^dYQW_9]`bU^dQ
3UbfQ^dUc!()!Uc`USYQ\]U^dU`vWc!$i!%
!&#
²<QWbQ^VYUcdQTUX_Y³²1\Q´E^Y†^TU1bdUcQ^_cµ5^\QS_\_SQSY†^TU\Q`bY]U
bQ`YUTbQTUce5cSeU\QDQ\\Ub³i²3b†^YSQ³<QBQj†^CQ^dYQW_"!TUcU`dYU]RbUTU!(($+
²6YUcdQcTU\Q´E^Y†^TU1bdUcQ^_cµ³_`SYd²>_dQcYdU\UWbQ]Qc³i²3b†^YSQ³<QBQj†^
CQ^dYQW_""TUcU`dYU]RbUTU!(($+²¥1TU\Q^dU³5\@QTbU3_R_cCQ^dYQW_"#TUcU`dYU]
RbUTU!(($

%&
T}SQTQTUWUcdY†^Qed†^_]QTU\_cUTeSQT_bUci\eUW_TUe^SYUbbUTU
fQbY_cQ…_c\Q]edeQ\`eT_bUSe`UbQbceUcSeU\QfUc`UbdY^QRQedYjv^T_
\Q6Ub]^FYfQSUdQU^X_]U^QZUQceVe^TQT_bVQ\\USYT_U^!() 5\^eU
f_^_]RbUcY]R_\YjQRQU\SQ]RY_TUXUWU]_^QaeUcUXQRQ`b_TeSYT_
U^ U\ S_^dbQTYSd_bY_ U`Yc_TY_ TU S_\QR_bQSY†^ U^dbU \_c dbQRQZQT_bUc
]edeQ\YcdQci\QY^dU\USdeQ\YTQT\YRUbQ\i]Qc†^YSQ5cdU]Qi_bWbQT_TU
Qed_^_]Q^_UbQU\]Ub_bUce\dQT_TU\__SebbYT_Q\Y^dUbY_bTUT_cY^c
dYdeSY_^Uc°\Q]edeQ\iceUcSeU\Q°cY^_dQ]RY}^U\bUV\UZ_TU\QUf_\eSY†^
TU\S_^Ze^d_TU\]_fY]YU^d_`_`e\Qb

# 5\7eQTU\@eUR\_*e^QUh`UbYU^SYQTU`bU^cQ]Qc†^YSQ`_`e\QbiQ\
We^_cU\U]U^d_cTU\Q_bYU^dQSY†^YTU_\†WYSQTU\Q]Qc_^UbQXQSYQ
\_cdbQRQZQT_bUc

@_bY^YSYQdYfQTU\Q\_WYQ:ecdYSYQi<YRUbdQTTUCQ^dYQW_^QSYTQTUe^Q`b_
`_cYSY†^TU\4bBQ]†^1\\U^TU@QT^aeYU^XQRQcYT_U\`bY]Ub`bUcY
TU^dUTU\Q5cSeU\Q2\Qc3eUfQcTUFQ\`QbQc_iU\Y^c`YbQT_bTU\Qc²S_^VU
bU^SYQc`_`e\QbUc³_bWQ^YjQTQc`_b\Q]Yc]Q\_WYQU^!('$cQ\Y†Q\QSYb
Se\QSY†^U\`UbY†TYS_5\7eQTU\@eUR\_Q`QbdYbTU\!"TUZe^Y_TU!('%!&#!
1e^SeQ^T_\Q]Qc_^UbQ^_UbQ]U^SY_^QTQcecT_SdbY^QcUbQ^TYVe^
TYTQcQdbQf}cTUcecS_\e]^QcQ`e^dQ^T_`bY_bYdQbYQ]U^dUXQSYQ\QcS\Q
cUcRQZQcTU\Qc_SYUTQTCUW‹^ceTUS\QbQSY†^TUY^dU^SY_^UcU\`UbY†TY
S_cUbQ²UcSbYd_`bY^SY`Q\]U^dU`QbQQaeU\\Q`QbdUTU\Qc_SYUTQTaeU^_
`_cUU\_c]UTY_cTUQTaeYbYb\QY^cdbeSSY†^U^\_c\YRb_ciQ`_baeUce
UTeSQSY†^^_XQcYT_ceVYSYU^dU]U^dUTUcQbb_\\QTQiQ`_baeU^_dYU^U
U\dYU]`_^USUcQbY_`QbQTUTYSQbcUQe^UcdeTY_\QbW_iTUdU^YT_³!&#"
5\7eQTU\@eUR\_TUcQbb_\\†e^Q_bYU^dQSY†^S_^V_b]UQcec_bWU
^UcUcTUSYb\QTUe^†bWQ^_]Qc†^YS_TYbYWYT_Q\QS\QcU_RbUbQiU\Qb
dUcQ^QT_`Ub_U^U\SeQ\^_cUbUV\UZQRQ^\_c`e^d_cTUfYcdQTU\_ccUSd_
bUc`_`e\QbUc^Y\QfYTQTUcec_bWQ^YjQSY_^Uc6eUe^†bWQ^_UhdUb^_Q
\_cdbQRQZQT_bUcaeU^_Qc_SY†QcecTYbYWU^dUcQ\QcdQbUQcTUbUTQSSY†^i
TYVecY†^_cUQe^Y^cdbe]U^d_TUS_^f_SQd_bYQ`_\dYSQedY\YdQbYQ_dbQ
TYSY_^Q\CeUcdY\_VeU²]_bQ\YjQT_b³Y^dU^dQ^T_Y^Se\SQb\Q^USUcYTQTTU
\QY^cdbeSSY†^U\QX_bb_i_dbQcfYbdeTUcQ\QS\QcU_RbUbQCe_bYU^dQSY†^
bQSY_^Q\YcdQi\YRbU`U^cQT_bQ^_\UY]`UTQ]Q^YVUcdQbe^QSUbbQTQ_`_
cYSY†^QSeQ\aeYUbfU\UYTQTTUQed_^_]Q_Y^TU`U^TU^SYQ`_\dYSQTU\_c
dbQRQZQT_bUc@_\U]YjQ^T_S_^\QYTUQTU\QQed_bbU`bUcU^dQSY†^U^\Qc
3v]QbQci]e^YSY`Q\YTQTUc°iQRQcdQ^dUTYVe^TYTQU^dbUQ\We^_ccUW
]U^d_cTU\]e^T_`_`e\Qb°UcTUSYb\Q^USUcYTQTTUU^fYQbQQaeU\\_c

!&#!
1`QbUSQT_cfUSUcQ\]Uc+Q\SQ^j†Q`eR\YSQbTYUSYcYUdU^‹]Ub_c
!&#"
²>eUcdb_c`b_`†cYd_c³5\7eQTU\@eUR\_CQ^dYQW_!"TUZe^Y_TU!('%

%&!
SeUb`_cQ_RbUb_ciQbdUcQ^_cV_b]Q^T_`QbQU\\_S\eRUciQc_SYQSY_^UcS_]
`eUcd_cUhS\ecYfQ]U^dU`_bdbQRQZQT_bUc5\7eQTU\@eUR\_SQ\YVYSQRQTYSXQ
YTUQTU²Ubb†^UQi`Ub^YSY_cQ`QbQU\QbdUcQ^_]Yc]_i`QbQU\RYU^WU^UbQ\
TU\`Qc³!&##<QQbWe]U^dQSY†^TU\†bWQ^_]Qc†^YS_cURQcQRQU^U\S_^
SU`d_TUYTU^dYTQTTUY^dUbUcUcTU\QcS\QcUcc_SYQ\UcYTUQS_]`QbdYTQ`_b
d_T_c\_ccUSd_bUcT_]Y^Q^dUc*

CYQe^S_^WbUc_cUVeUbQQXQSUbQbdUVQSd_c`b_`Y_
i^QdebQ\cUbQUcS_WUbQbdUcQ^_c`QbQcUb]YU]Rb_cTU
}\`Ub_S_]_Q^eUcdbQcSv]QbQccUfQQTYSdQbibUV_b
]Qb\UiUci^_QXQSUbQbdUVQSd_cT}RUcUU\UWYb`QbQU\\Qc
Q`Ubc_^QcU^dU^TYTQcU^\Q]QdUbYQiaeUTU^WQbQ^dQc
TUX_^bQTUj\QR_bY_cYTQTi`QdbY_dYc]_
KM5hdbQ…Qd_TQfQe^]Q\]eiWbQfU\Q_`Y^Y†^
TUaeU^_c_Se`QU\\QdYU^TUQTUcdbeYb\QYWeQ\TQTUcdQ
R\USYTQ`_b^eUcdbQ3_^cdYdeSY†^`_\dYSQYWeQ\TQTaeU
`_S_ Q `_S_ cU Ybv Y^db_TeSYU^T_ U^ \Qc S_cde]RbUc
3_^dbQU\\QfYU^UQTQb`bUSYcQ]U^dUUcUQVv^TUQ\We^_c
TU^eUcdb_c_RbUb_cTUU\UWYb‹^YSQ]U^dU_RbUb_c5\
QbdUcQ^_aeUaeYUbUcUbbU`bUcU^dQT_`_be^S_]`Q…U
b_`_bU\c†\_XUSX_TUcUbQbdUcQ^_dQ]RY}^dYU^TUcY^
aeUbUb\_dQ\fUjQUcdQR\USUbe^QS\QcUc_SYQ\QbUe^YbU^
e^Wbe`_]vc_]U^_cS_^cYTUbQR\UQ\_cSYeTQTQ^_c
aeUcUTUTYSQ^QSYUbdQcQbdUc`QbQU\UWYbTUU^dbUU\\_cQ
\_c]Q^TQdQbY_cTU\`eUR\_FY_\U^dQQc\QYWeQ\TQTQSQ
bbUQ^T_e^]Q\Q\`Qc!&#$

5Y^cYcdYU^T_U^UcdQcYTUQc5\7eQTU\@eUR\_QWbUWQRQ*

5^U\S_^WbUc_^_cUfQQbU`bUcU^dQb\_cY^dUbUcUc
TUS\QcUc_TUY^TecdbYQccUfQQbU`bUcU^dQb\_cWbQ^TUc
Y^dUbUcUciTUbUSX_cc_SYQ\UcaeUS_]_XU]_cTYSX_
c_^TUd_T_U\]e^T_i^_TU\Q`b_VUcY†^e_VYSY_TU
dUb]Y^QT_c
>YU^3XY\UXQidQ]`_S_Y^dUbUcUc`‹R\YS_cTU\_c
QbdUcQ^_cU^_`_cYSY†^Q_db_cY^dUbUcUc+U^dbU^_c_db_c
^_UhYcdUcYaeYUbQU\fYUZ_i]Q\S_]`bU^TYT_Q^dQW_^Yc
]_TUSQ`YdQ\YcdQciQcQ\QbYQT_caeUdQ^d_c]Q\UcXQdbQ
T_Q\Q5eb_`Q<_cQbdUcQ^_cdYU^U^Qae\_c]Yc]_cY^
dUbUcUcaeU\_cQR_WQT_cS_]UbSYQ^dUcQWbYSe\d_bUc

!&##
²<QcU\USSY_^Uc`_\dYSQci\_cQbdUcQ^_c³5\7eQTU\@eUR\_CQ^dYQW_#!TUZe\Y_
TU!('%
!&#$
9RYT

%&"
 ]Y^Ub_cUdS+U\aeUXQiQ`Qj\YRUbdQTZecdYSYQWQbQ^
dQcbUc`Ud_]ede_`QbQ\_cTUbUSX_cTUd_T_c\_cSYe
TQTQ^_cSeQ\aeYUbQaeUcUQce_Se`QSY†^U^\Qc_SYU
TQT !&#% 

<Q`_cYSY†^YTU_\†WYSQTUcQbb_\\QTQ`_b\_c]Qc_^Ucc_RbU\QcSeUc
dY_^UcaeU`bU_Se`QRQ^Q\]e^T_TU\dbQRQZ_TUc^eTQRQceSQbvSdUb
UcU^SYQ\]U^dU\YRUbQ\RebWe}c1d_T_c\_cSYeTQTQ^_cY^S\eiU^T_Q\_c
_RbUb_ccU\UcbUS_^_SQ^cecTUbUSX_c`_\dYS_cTU\]Yc]_]_T_S_]_
cUQSU`dQRQ^TUbUSX_cc_SYQ\UcS_]_U\TUbUSX_QXeU\WQ`Ub_cU`bU
S_^YjQRQe^QUhdbU]Q]_TUbQSY†^U^ceec_5\]Qc†^4Q^YU\6U\Y‹U^
e^QTU\Qc²S_^VUbU^SYQc`_`e\QbUc³TYSdQTQcU^!('"U^\Q5cSeU\Q2\Qc
3eUfQcTUFQ\`QbQc_c_RbUU\dU]Q²5\dbQRQZ_i\QcXeU\WQcTU_RbUb_c³
bUS_]U^T†QceQeTYd_bY_]UcebQU^U\ec_TUUcdUTUbUSX_i\QedY\YjQ
SY†^TU²]UTY_c]vcS_^SY\YQd_bY_c³+bUSQ\S†\_cY^S_^fU^YU^dUcaeU\Qc
XeU\WQcbU`bUcU^dQRQ^`QbQ\_c_RbUb_c*cec`U^cY†^TU\dbQRQZ_i`}bTY
TQTUY^WbUc_cVbU^dUQe^SQ`YdQ\YcdQS_\_SQT_U^]UZ_b`_cYSY†^`QbQ
bUcYcdYb\Q`QbQ\YjQSY†^TUVQU^QciS_^TU^†\Qc`bUcY_^UcUZUbSYTQc`_b
\_cXeU\WeYcdQcc_RbU\_c^_XeU\WeYcdQc`QbQ_R\YWQb\_cQY^S_b`_bQbcU
U\\Qc!&#&@bUSUTYU^T_Q\7eQTU\@eUR\_6U\Y‹Uh`_^QU^cecS_^VUbU^
SYQc\Q]Yc]QYTUQQSUbSQTU\Qe^YTQTTUY^dUbUcUcTU\SeUb`_c_SYQ\*²<_c
dbQRQZQT_bUcTURU^dU^Ub`bUcU^dUaeU\_cSQ`YdQ\YcdQc^USUcYdQ^TUU\\_c
S_]_U\\_cTU\_cSQ`YdQ\YcdQcaeUTUS_^cYWeYU^dUTURU^fYfYbS_]_Q]Y
W_ccY^aeU^Y^W‹^SX_aeUcUbY_\\UWeUQQ\dUbQbcecReU^QcbU\QSY_^Uci
aeU`QbQ]Q^dU^Ub}cdQcTURUbcUbQcYTe_cU^U\dbQRQZ_i_RcUbfQbe^Q
S_^TeSdQY^dQSXQR\U³!&#'`b_^e^SYv^T_cU`_b\QQ\dUb^QdYfQbU`bUcU^dQ
TQ`_b\QY^cdbeSSY†^U\QX_bb_iU\]edeQ\Yc]_ !&#(
@eUTUS_^cdQdQbcUaeUTebQ^dUd_TQUcdQ`bY]UbQUdQ`Q°i]vcQ\\v
TUU\\Q°\Q\QR_b]Qc†^YSQU^TYbUSSY†^TU\_ccUSd_bUc`_`e\QbUcQce]Y†
\QcSQbQSdUbcdYSQcTUe^QQSSY†^UhdUbY_bQ\Y^SY`YU^dU]_fY]YU^d_TUdbQ
RQZQT_bUc`Ub_UcdQR\USYU^T_Q\We^_c\Qj_cS_^}cdUQdbQf}cTUcecY^Y
SYQdYfQcTUUTeSQSY†^`_`e\QbCe_bYU^dQSY†^YTU_\†WYSQVeUU\bQSY_^Q
\Yc]_iU\\YRUbQ\Yc]_RebWe}cCecQWU^dUc\_cY^dU\USdeQ\Uc]Qc_^Uc<Q
QSSY†^TYbUSdQTU\Q]Qc_^UbQQ\Y^dUbY_bTU\Qc]edeQ\UciTU]vcc_SYU
TQTUc`_`e\QbUc`QbUSUXQRUbcYT_e^XUSX_]vcRYU^UhSU`SY_^Q\>_
_RcdQ^dUUc`bUSYc_cU…Q\QbaeUfQbYQc]edeQ\UcedY\YjQRQ^S_]_U]R\U

!&#%
9RYTU]
!&#&
4Q^YU\6U\Y‹5\dbQRQZ_i\QcXeU\WQcTU_RbUb_c3_^VUbU^SYQc`_`e\QbUcTQTQcU^\Q
UcSeU\QdYde\QTQ²2\Qc3eUfQc³FQ\`QbQc_9]`bU^dQTU\Q@QdbYQ!('#`vWc" i"!"(
# 
!&#'
9RYT`vWc"&i"'
!&#(
4Q^YU\6U\Y‹5\QX_bb_i\Qcc_SYUTQTUcTUc_S_bb_c]ede_c3_^VUbU^SYQc`_`e\QbUc
TQTQcU^\QUcSeU\QdYde\QTQ²2\Qc3eUfQc³FQ\`QbQc_9]`bU^dQTU\Q@QdbYQ!('#

%&#
]Qc\QUcSeQTbQiU\S_]`vcc]R_\_cS_^_SYTQ]U^dU]Qc†^YS_c1c_Se
bbQ`_bUZU]`\_U^\Qc_SYUTQTTUc_S_bb_c]ede_cTU\_cQbdUcQ^_c`_bdU
…_c!&#)CYRYU^Ucd_^_Uc`beURQS_^S\eiU^dUTU\Q`bUcU^SYQTU\Q]Qc_^U
bQU^cecU^_TUZQQRYUbdQ\Q`_cYRY\YTQTTUUh`\_bQbe^QY^V\eU^SYQ]vc
dQ^WYR\UTUcecQVY\YQT_cU^U\TUcQbb_\\_TU\]_fY]YU^d_TUdbQRQZQT_bUc
TU\cYW\_H9H8QcdQQX_bQU\‹^YS_SQc_ceVYSYU^dU]U^dUS_^_SYT_TUS_^
dbYReSY†^]Qc†^YSQTYbUSdQU^U\TUcQbb_\\_TU\Q]edeQ\YTQTUcU\TU\cQc
dbU<_bU^j_1bU^QcVe^TQT_bi`bY]Ub`bUcYTU^dUU^!('&TU\QC_SYUTQTTU
C_S_bb_c=ede_cTU1bdUcQ^_cTU3_^SU`SY†^=Qc†^ibQTYSQ\1bU^QcTUZ†U\cU\\_
TU\Q]Qc_^UbQU^ceQSdYfYTQT]edeQ\YcdQ+U\QSdQTUVe^TQSY†^TUce]e
deQ\S_]YU^jQS_^\QV†b]e\QTUS\QbQY^c`YbQSY†^]Qc†^YSQ*

KM U^ ^_]RbU TU 4Y_c i TU \Q 3_^VbQdUb^YTQT

E^YfUbcQ\!&$ 

!&#)
F}QcU5cdQded_cTU\Q1c_SYQSY†^TU1bdUcQ^_cTUFQ\`QbQc_FQ\`QbQc_9]`bU^dQTU
<Q@QdbYQ!((&
!&$
3YdQT_`_b3Qb\_cCSXU^UYTUbi6bQ^SYcS_JQ`QdQCY\fQU^<YRb_TU?b_TU\Q8Ycd_
bYQTU3_^SU`SY†^S_^]_dYf_TU\SeQbd_SU^dU^QbY_3_^SU`SY†^<Yd_WbQVQ3_^SU`SY†^C1
!)% `vW")!

%&$
 31@ÅDE<?HF

5<1C35>C?45<=?F9=95>D??2B5B?
!((#!() 

< 1 7 E5BB1 45< @ 13Å693? I 5< =?F9=95>D? @?@E<1B

5\UcdQ\\YT_TU\QWeUbbQS_^dbQ@Ub‹i2_\YfYQ`b_TeZ_U^3XY\Ue^QfYW_
b_cQbUQSSY†^`QdbY†dYSQU^d_TQc\QcS\QcUcc_SYQ\Uc²4UcTUd_T_`e^d_
TUfYcdQ°XQ_RcUbfQT_S_^]eSXQZecdUjQe^XYcd_bYQT_b°\Q]_fY\YjQSY†^
^QSY_^Q\aeUTU]Q^T†U\S_^V\YSd_U^3XY\UTUZ†U^UfYTU^SYQe^QS_XU
cY†^c_SYQ\ie^cU^dYT_TU\Q^QSY_^Q\YTQTTUbQSUc`b_Ve^TQc³!&$!I`QbQ
\_ccUSd_bUc`_`e\QbUc\QWeUbbQ²S_^cdYdei†e^Q_`_bde^YTQTTU_RZUdYfY
jQbcecf^Se\_cS_^\Q^QSY†^Uc`USYQ\]U^dUQe^aeU^_TUV_b]QUhS\e
cYfQQdbQf}cTUceY^S_b`_bQSY†^Q\QcVeUbjQcQb]QTQcU^d_^SUc\QUh
`bUcY†^Y^]UTYQdQTU\QYTU^dYTQT^QSY_^Q\³!&$"
5^\Qc]Yc]Qc`b_fY^SYQcTUDQbQ`QSvi1^d_VQWQcdQ`UbdU^USYU^
dUcXQcdQU^d_^SUcQ@Ub‹i2_\YfYQbUc`USdYfQ]U^dUU\^e]Ub_c_S_^
dY^WU^dUTU`U_^UcSXY\U^_c]Q^YVUcd†ceQTXUcY†^Q\QSQecQ`QdbY†dYSQ
Y^S_b`_bv^T_cUQ\_cUZ}bSYd_cUh`UTYSY_^QbY_cU^fYQT_c`_bCQ^dYQW__
`bUcdv^T_\Ucd_T_dY`_TUQieTQ<QcbYfQ\YTQTUc^QSY_^Q\UcUh`bUcQTQc
U^bUYdUbQTQc_`_bde^YTQTUcQ^dUcTU\UcdQ\\YT_TU\QWeUbbQRQZ_\QV_b
]QTUS_^V\YSd_ciU^VbU^dQ]YU^d_cU^dbUdbQRQZQT_bUcSXY\U^_cidbQRQZQ
T_bUc`UbeQ^_ciR_\YfYQ^_c^edbYUb_^U\TUcQbb_\\_TU\`QdbY_dYc]_U^
\Q]QcQSXY\U^Q`U_^Q\U^\Qj_^QTU\cQ\YdbU !&$#@_bd_TQc`QbdUccU]Q^Y
VUcd†S_^VeUbjQU\^QSY_^Q\Yc]_`_`e\QbBUV\UhY_^Q^T_c_RbUUcdUVU
^†]U^_:e\Y_@Y^d_XQ`\Q^dUQT_ceWUbU^dUcXY`†dUcYcQSUbSQTUcec
SQecQcQ\_\QbW_TU\cYW\_H9HCY^]U^_c`bUSYQb\_c`b_Ve^T_cVQSd_bUc
TUTUcU^SeU^db_iQ^dQW_^Yc]_aeUUhYcdQ^U^dbU\QU\YdUiU\²RQZ_`eU
R\_³UcdUXYcd_bYQT_bUcdY]QaeUU\]UcdYjQZU}d^YS_iSe\debQ\XQRbQ
SbUQT_Y]`_bdQ^dUcf^Se\_cU^dbUQ]R_c`_\_cTU\Qc_SYUTQTSXY\U^Q
<QfYTQdbQ^cXe]Q^dUXQRbQS_^dbYReYT_QWU^UbQbU^U\`U_^QZUe^Q
^_SY†^]vcQ]`\YQTUceUc`QSY_TU`UbdU^U^SYQaeUS_Y^SYTQS_^U\

!&$!
?bdUWQ<_cU]`bUcQbY_c_`SYd`vW!
!&$"
9RYT
!&$#
@Y^d_²3_bdQbbQSUc³_`SYd+@Y^d_iFQ\TYfYQ²@U_^UcSXY\U^_c³_`SYd

%&%
^‹S\U_RvcYS_TU\dUbbYd_bY_^QSY_^Q\U\>_bdU3XYS_iU\FQ\\U3U^dbQ\
<Q]_fY\YTQTVcYSQ\_\\Uf†`b_RQR\U]U^dUQbUS_^_SUb_S_^cdbeYbe^Q
SYUbdQQVY^YTQTSe\debQ\S_^cUSd_bUc`_`e\QbUcTU_dbQc\_SQ\YTQTUc_bU
WY_^UcQ`b_hY]v^T_cUQdbQf}cTU\dYU]`_Q\_cfQ\_bUcS_]e^UcTU\Q
²SXY\U^YTQT³4UUcdU]_T_²U\`U_^QZU`eT_XQSUb\QcfUSUcTU´dbQ^c]Y
c_bSe\debQ\µbUc`USd_TU\_c^‹S\U_c`_`e\QbUc]vcQcU^dQT_cS_^dbYRe
iU^T_QS_XUcY_^QbQe^_ci_db_cU^d_b^_Qe^Qc_SYQRY\YTQTS_]‹^³!&$$
>eUcdbQc`b_`YQcY^fUcdYWQSY_^UcS_^VYb]Q^\QY]`bUcY†^TUe^QU^
decYQcdQbUc`eUcdQ`QdbY†dYSQTU\`eUR\_\\Q^_TebQ^dUU\S_^V\YSd_R}\YS_
<_SeQ\^_UhS\eiU`_bce`eUcd_\QUhYcdU^SYQTU]Q^YVUcdQSY_^UcTU
bUSXQj__TUcY]`\UY^TYVUbU^SYQVU^†]U^_aeUS_UhYcdY†S_^U\Q^dU
bY_bS_]_Uc`_cYR\UQ`bUSYQbQdbQf}cTU\_cUZU]`\_cTU\UfQcV_bj_cQc
SYdQT_c`_bU\XYcd_bYQT_bGY\\YQ]CQdUbbUVUbYT_c`bY^SY`Q\]U^dUQ\SQ]
`UcY^QT_ TU \Q bUWY†^ SU^dbQ\ !&$% DQ]`_S_ cU ^YUWQ \Q ]Q^Y`e\QSY†^
S_^cSYU^dUTU\Q_`Y^Y†^`‹R\YSQ`_bcUSd_bUcU]`bUcQbYQ\UcY^dUbUcQT_c
U^e^Qc_\eSY†^R}\YSQQ\TYVUbU^T_S_^2_\YfYQS_]_XQcYT_TU]_cdbQ
T_`_b<eYc?bdUWQbUc`USd_TU\QQSSY†^TU\Q3_]`Q…QTUCQ\YdbUci
6Ubb_SQbbY\TU1^d_VQWQcdQ!&$&@Ub_^_Uc]U^_cSYUbd_aeUU\S_]`_bdQ
]YU^d_`_`e\Qb]vcfYcYR\Ui`b_RQR\U]U^dU]Qi_bYdQbY_°c_RbUd_T_U^
\Qc`bY^SY`Q\UcSYeTQTUciU^\QbUWY†^TU\cQ\YdbU°VeU\QVecY†^U^e^
S_]‹^UcVeUbj_TUWeUbbQ^QSY_^Q\
4ebQ^dU\_c`bY]Ub_c]UcUcTU\S_^V\YSd_defYUb_^\eWQbTUSU^QcTU
]UUdY^Wci]Q^YVUcdQSY_^Uc`QdbY†dYSQcTUTYfUbcQ^T_\UQ\_\QbW_TU\`Qc
TUcdQSv^T_cUcYU]`bUU^U\\Qce^Q^edbYTQ`bUcU^SYQTUdbQRQZQT_bUc<Q
QTXUcY†^TU\Qc]QcQc\QR_bY_cQcQ\QSQecQTU3XY\UcUUh`bUc†TU]‹\dY
`\UcV_b]QciQdbQf}cTUfQbYQT_cSQeSUc1fUSUcbUc`_^TYU^T_Q\_c\\Q]Q
T_cTU\W_RYUb^_i\Qc`Ubc_^Q\YTQTUcTU\QU\YdUTYbYWU^dU`Ub_U^^e]U
b_cQc_`_bde^YTQTUcS_]_bUce\dQT_TUS_^f_SQd_bYQcaeUU]Q^QRQ^TU\
`b_`Y_]_fY]YU^d_`_`e\QbTUcec_bWQ^YjQSY_^Ucc_SYQ\Uci`_\dYSQc
1\Qc]_fY\YjQSY_^Uc_bWQ^YjQTQc`_b\QC_SYUTQT5cSeU\QBU`eR\YSQ^QTe
bQ^dU\Qc`bY]UbQccU]Q^QcTU\U^VbU^dQ]YU^d_R}\YS_cUceSUTYUb_^e^Q
cUbYUTUY^YSYQdYfQcQce]YTQc`_b\Qc_bWQ^YjQSY_^Uc_RbUbQciQbdUcQ^Q\Uc
1S_]YU^j_cTU]Qbj_TU!(')\QC_SYUTQTTUCQcdbUcTUCQ^dYQW__VbU
SY†Q\=Y^Ycdb_TU7eUbbQS_bdQbU^V_b]QWbQdeYdQT_c]Y\dbQZUc`QbQU\
UZ}bSYd_iS_^VUSSY_^Qb`QbdUTUU\\_cS_]_e^QS_^dbYReSY†^Q\UcVeUb
j_R}\YS_TU\W_RYUb^_Bv`YTQ]U^dUiU^d}b]Y^_c]eiU\_WY_c_c`QbQ\_c

!&$$
:e\Y_@Y^d_FQ\\UZ_c²¤@QdbYQ_S\QcU/<QWeUbbQTU\@QSVYS_i\QbUS_^VYWebQSY†^TU
\QcYTU^dYTQTUc`_`e\QbUcU^U\3XY\US_^dU]`_bv^U_³@_^U^SYQ`bUcU^dQTQU^\QcHF:_b
^QTQcTU8Ycd_bYQ5S_^†]YSQ_bWQ^YjQTQc`_b\Q1c_SYQSY†^1bWU^dY^QTU8Ycd_bYQ5S_^†
]YSQi\QE^YfUbcYTQT>QSY_^Q\TU\3U^db_DQ^TY\)Q\!!TU_SdeRbUTU!)&&Y^}TYd_<Q
SYdQdUhdeQ\UcTU\Q`vW!%1WbQTUjS_Q\Qed_bU\XQRUb]UVQSY\YdQT_U\dUhd__bYWY^Q\
!&$%
GY\\YQ]CQdUb3XY\UQ^TdXUGQb_VdXU@QSYVYS>URbQc[QE^YfUbcYdi_V>URbQc[Q
@bUcc!)()`vWc'%("
!&$&
?bdUWQ<_cU]`bUcQbY_c_`SYd`QccY]

%&&
cQcdbUc]edeQ\YcdQcU\]Y^Ycdb_TU\bQ]_QSU`d†U\Q`_i_ !&$'CYWeYU^T_U\
UZU]`\_\QC_SYUTQTTUDQ\\UbUcXYj_ceQ`_bdU`b_TeSYU^T_WbQ^TUcSQb`Qc
`QbQ\_c`bY^SY`Q\UcZUVUcTU\UZ}bSYd_Uh`UTYSY_^QbY_TU\^_bdU!&$(<_cWUc
d_c^QSY_^Q\YcdQcTU\Qc_bWQ^YjQSY_^Uc`_`e\QbUccU]e\dY`\YSQb_^*\QC_SYU
TQTTU1bdUcQ^_c²<QE^Y†^³TUCQ^dYQW_c_\YSYd†Q\QcTU]vcY^cdYdeSY_^Uc_RbU
bQc\QTUcYW^QSY†^TUT_cTU\UWQT_c`QbQS_^V_b]Qbe^S_]Yd}`QdbY†dYS_
U^SQbWQT_TU\QbUS_\USSY†^TUV_^T_c`QbQQieTQbQ\QcfYeTQciXe}bVQ^_c
TUWeUbbQ!&$)+U^FQ\`QbQc_6Ub]^FYfQSUdQS_^f_S†Q\_cQ\RQ…Y\UcSQb`Y^
dUb_ciXUbbUb_c`QbQV_b]Qbe^SeUb`_TUjQ`QT_bUcTUcdY^QT_Q\QS_^c
dbeSSY†^TUV_bdYVYSQSY_^Uci\_cZ_b^Q\Ub_cTU\`eUbd__bWQ^YjQb_^e^Qcec
SbY`SY†^R}\YSQ!&% +U^\QSQ`YdQ\\_cdQ\QRQbdUb_cTU\Q]QUcdbQ^jQTUQbdY\\U
bQcUS_^SUbdQb_^`QbQU^dbUWQbe^]_TUcd_Q`_bdUVY^Q^SYUb_Q\QZe^dQTU
ceRcYTY_c`QbQ\QWeUbbQ !&%!i\_cdY`†WbQV_cTU\TYQbY_<_cDYU]`_cV_b]e\Q
b_^e^\\Q]QT_QcecS_\UWQcTU\QcTU]vcY]`bU^dQcTU\QSYeTQT`QbQV_b
]Qbe^RQdQ\\†^cecSYdQ^T_\QVUbf_b_cQQTXUcY†^TU\WbU]Y_ !&%"
@QbQ\U\Q]U^dUQUcdQcY^YSYQdYfQcQed†^_]QcTU\QcQc_SYQSY_^Uc`_`e
\QbUcQ\We^_cTUcec]vcS_^^_dQT_cTYbYWU^dUccUY^S_b`_bQb_^Q\]_fY
]YU^d_`QdbY†dYS_WU^UbQ\TU\QSYeTQTQ^Q<_c^_]RbUcTU:QSY^d_>‹…Uj
=Q^eU\8YTQ\W_i4_^Qd_=Y\\v^Q`QbUSYUb_^U^\Q\QbWQ\YcdQTU`Ubc_^Qc
aeUS_^f_SQb_^Qe^]UUdY^WTUQ`_i_Q\W_RYUb^_bUQ\YjQT_U^CQ^dYQW_U\
&TUQRbY\TU!(')!&%#i=Y\\v^VeUTUcYW^QT_]YU]Rb_TU\QS_]YcY†^U^SQb
WQTQTUU^dbUWQb\QcS_^S\ecY_^UcQ\@bUcYTU^dUTU\QBU`‹R\YSQ!&%$
4ebQ^dUU\bUcd_TU\S_^V\YSd_\Qc_bWQ^YjQSY_^UcTUdbQRQZQT_bUc
S_^dY^eQb_^ ]Q^YVUcdQ^T_ ce Uc`bYde ^QSY_^Q\YcdQ* U^ _SdeRbU TU
!(( \QC_SYUTQT6Y\Qb]†^YSQTU?RbUb_cTUCQ^dYQW_Y^fYd†Q\QcTU]vcQc_
SYQSY_^Uc`_`e\QbUcQSU\URbQbS_^e^QVYUcdQU\Q^YfUbcQbY_TU\QSQ`de
bQTU\8evcSQb`_b\Q]QbY^QSXY\U^Q !&%%+U^]Qbj_TU!((!SeQ^T_f_\

!&$'
²7QSUdY\\Q³5\9^TU`U^TYU^dUCQ^dYQW_!!TU]Qbj_TU!(')+²<QSQ`YdQ\³<_c
DYU]`_cCQ^dYQW_!"TU]Qbj_TU!(')+²>_fUTQTUc³<Qc>_fUTQTUcCQ^dYQW_! TU]Qb
j_TU!(')+²7QSUdY\\Q³5\9^TU`U^TYU^dUCQ^dYQW_!"TU]Qbj_TU!(')
!&$(
²7QSUdY\\Q3Qb`Qc³5\9^TU`U^TYU^dUCQ^dYQW_!#TUQRbY\TU!(')
!&$)
²7QSUdY\\Q³5\9^TU`U^TYU^dUCQ^dYQW_"&TUQRbY\TU!(')
!&%
²DU\}WbQV_c³<_cDYU]`_cCQ^dYQW_)TUQRbY\TU!(')
!&%!
²>_fUTQTUc³<Qc>_fUTQTUcCQ^dYQW_"&TUQRbY\TU!(')
!&%"
²<_cdY`†WbQV_cTU²<_cDYU]`_c³QcecS_\UWQcTU\QSQ`YdQ\³<_cDYU]`_cCQ^
dYQW_!%TUQRbY\TU!(')+²<QSQ`YdQ\³<_cDYU]`_cCQ^dYQW_!&TUQRbY\TU!(')+²>_fU
TQTUc³<Qc>_fUTQTUcCQ^dYQW_!'TUQRbY\TU!(')+²<QSQ`YdQ\³<_cDYU]`_cCQ^dYQW_
!'TUQRbY\TU!(')3QRUTUcdQSQbaeUU^dbU\_cSQd_bSUdY`†WbQV_cVYb]Q^dUcTUUcdU\\Q
]Q]YU^d_c†\_VYWebQe^TYbYWU^dU]edeQ\YcdQS_^_SYT_@UTb_>FvcaeUj3YeTQT\_aeU
UcdQbQbUV\UZQ^T_U\WbQT_TUUc`_^dQ^UYTQTTU\QS_^f_SQd_bYQ
!&%#
²7QSUdY\\Q9^fYdQSY†^Q]UUdY^W³5\9^TU`U^TYU^dUCQ^dYQW_%TUQRbY\TU!(')
²7QSUdY\\Q@b_S\Q]Q³5\9^TU`U^TYU^dUCQ^dYQW_&TUQRbY\TU!(')
!&%$
²7QSUdY\\Q2_\Ud^TU\QWeUbbQ³5\9^TU`U^TYU^dUCQ^dYQW_(TUQRbY\TU!(')
!&%%
1CEDC<YRb_TU1SdQcTU4YbUSd_bY_!(( !((#CUcY†^_bTY^QbYQTU\4U^!'TU
_SdeRbUTU!(( V'#

%&'
 BUSU`SY†^Q=Q^eU\2QaeUTQ^_U^FQ\`QbQc_!((!
3_\USSY†^=ecU_8Ycd†bYS_>QSY_^Q\CQ^dYQW_TU3XY\U

BUSU`SY†^Q=Q^eU\2QaeUTQ^_U^CQ^dYQW_
1bS_TU\_c_RbUb_cU^\Q1\Q]UTQ!((!
3QcdUT__`SYdd_]_999`vW!%%'

%&(
 8UbYT_TU\Q7eUbbQTU\@QSVYS_XQSYQ!(( 
3_\USSY†^=ecU_8Ycd†bYS_>QSY_^Q\CQ^dYQW_TU3XY\U

%&)
fYUb_^Q\QSQ`YdQ\\Qcdb_`QcfYSd_bY_cQcU^SQRUjQTQc`_bU\WU^UbQ\=Q^eU\
2QaeUTQ^_bUc`_^TYU^T_Qe^QY^YSYQdYfQTU\QC_SYUTQT5cSeU\QBU`eR\YSQ
^Q\Qcc_SYUTQTUcTU_RbUb_ciQbdUcQ^_c`bU`QbQb_^e^QbS_dbYe^VQ\i
TYcdY^dQcTU]_cdbQSY_^UcU^X_^_bTU\_cc_\TQT_c !&%&iQVY^UcTUZe\Y_TU
!(("\_c\TUbUcTU\]_fY]YU^d_]edeQ\YcdQTUFQ\`QbQc__VbUSYUb_^e^
RQ^aeUdUU^X_^_bTU\]Y^Ycdb_TU7eUbbQ:_c}6bQ^SYcS_FUbWQbQ!&%'
@Ub_\Q]Q^YVUcdQSY†^]vc]QcYfQiUc`_^dv^UQTU\QQTXUcY†^TU
\_ccUSd_bUc`_`e\QbUcQ\QSQecQ`QdbY†dYSQVeUU\U^b_\Q]YU^d_f_\e^
dQbY_TU^e]Ub_c_cdbQRQZQT_bUcU^U\UZ}bSYd_Uh`UTYSY_^QbY_TU\^_b
dU1e^aeUU\WbeUc_TU\Qcdb_`QcUcdef_S_]`eUcd_`_bSQ]`UcY^_ci
]Y^Ub_c^_Uc]U^_cSYUbd_aeUcYW^YVYSQdYf_cS_^dY^WU^dUcTU_RbU
b_c i QbdUcQ^_c ebRQ^_c VeUb_^ \\Q]QT_c Q Q\YcdQbcU _ \_ XYSYUb_^ Uc
`_^dv^UQ]U^dU8QSYQVY^UcTU!(( U\d_dQ\TUUVUSdYf_cTU\UZ}bSYd_i
\Q7eQbTYQ>QSY_^Q\Q\SQ^jQRQ\_c$"!(!Y^TYfYTe_c+TU}cd_c"$
XQRQ^QSeTYT_f_\e^dQbYQ]U^dUU^c†\_cUYc]UcUcbUc`_^TYU^T_Q\
\\Q]QT_TU\]Y^Ycdb_:_c}6bQ^SYcS_FUbWQbQ !&%(
<Qc_bWQ^YjQSY_^Uc`_`e\QbUccUbUcY^dYUb_^U^Uc`USYQ\TebQ^dU
U\`bY]UbRYU^Y_TU\S_^V\YSd_<QcQ^WbQ`b_f_SQTQ`_b\Q`QbdYTQQ\_c
SQ]`_cTURQdQ\\QTU^e]Ub_c_c]Y\YdQ^dUciTYbYWU^dUcQVUSd†cUbYQ
]U^dU Q\ ]_fY]YU^d_ ]edeQ\YcdQ i TU ²bUWU^UbQSY†^ TU\ `eUR\_³ 5\
]_fY]YU^d_`b_dUSSY_^YcdQTU\_cQ…_c!('&!('(iU\V\Q]Q^dU@QbdYT_
BU`eR\YSQ^_cUTYc_\fYUb_^U^]UTY_TU\QUeV_bYQ^QSY_^Q\YcdQ<QQSdY
fYTQTTU]eSXQcc_SYUTQTUcTUc_S_bb_c]ede_ccUbUTeZ_TU]Q^UbQ
S_^cYTUbQR\UTebQ^dU\_cQ…_c!(')i!(( iU^Q\We^_cSQc_cUcdQRQZQ
cU`b_\_^W†XQcdQVY^UcTU\QWeUbbQ1c`_bUZU]`\_U\`bUcYTU^dUTU
\QC_SYUTQTTU1bdUcQ^_c²<QE^Y†^³TUCQ^dYQW_Y^V_b]QRQU^QRbY\TU
!(("aeU\_c]YU]Rb_cTUce]edeQ\aeUU^e^Q}`_SQXQRQ^R_bTUQ
T_U\]Y\\QbcUU^S_^dbQRQ^bUTeSYT_cQ\QSeQbdQ`QbdUQSQecQTU\Q

!&%&
?`SYdCUcY†^UcdbQ_bTY^QbYQU^"$TUVURbUb_KTU!((!MVZc!!'i!!(iCUcY†^
_bTY^QbYQTU\4YbUSd_bY_U^&TU]Qbj_(!VZc!!'!"!5\WU^UbQ\2QaeUTQ^_cU^UW†Q
TUdU^UbcURQZ_U\QbS_dbYe^VQ\Y^cdQ\QT_U^\Q1\Q]UTQTU\Qc4U\YSYQcQUcSeSXQbQ\bU`bU
cU^dQ^dUTU\_c_RbUb_c=Q^eU\8YTQ\W_5\]e^T_Qc_SYQdYf_`_`e\QbY^dUb`bUd†\QQSdY
deTTU\S_^^_dQT_]Y\YdQbS_]_²e^QWbQfUi`‹R\YSQY^ZebYQQ\Qc`Ubc_^QcTU\_c`bUcY
TU^dUcTU\_cTYbUSd_bUcTUd_TQc\Qcc_SYUTQTUciQ\_c_RbUb_cU^WU^UbQ\³?`SYdCUcY†^
_bTY^QbYQTU\4YbUSd_bY_U^" TU]Qbj_KTU!((!MVZc!""!"#E^]Q^YVYUcd_TU`b_dUcdQ
VeU`eR\YSQT_`_b\_cTU\UWQT_cTU\Qc_bWQ^YjQSY_^Uc\QR_bQ\Uc?`SYdCUcY†^_bTY^QbYQ
TU\TYbUSd_bY_#TUQRbY\(!V!"%
!&%'
<QSU^QVeU`bUcYTYTQ`_bU\SYWQbbUb_:eQ^1Wecd^3_b^UZ_5^dbU\QcSQbdQcTU
QTXUcY†^\UTQcU^UcQ_`_bde^YTQTcUTUcdQS†e^QaeU\\UfQRQ\QVYb]QTUfQbY_cTU\_c
`bY^SY`Q\Uc\TUbUcTU\]_fY]YU^d_TUdbQRQZQT_bUc*=Q^eU\=_TUcd_C_jQ=Q^eU\8YTQ\
W_DbYcdv^3_b^UZ_@QcSeQ\?bdUWQ:eQ^3\QfYZ_3\U]U^dU2QbQX_^QFYSd_bY^_CdU\\Qi
_db_c²=_cdQSY\\Q³5\@bUSebc_bCQ^dYQW_"TUQW_cd_TU!(("
!&%(
8_]RbUciS_cQcTebQ^dU\QWeUbbQCUbYUTUQbdSe\_cUTYd_bYQ\UcTU²<Q@QdbYQ³UcSbYd_c
S_^]_dYf_TU\Q`eR\YSQSY†^TU\Q]U]_bYQTUWeUbbQTU!((!FQ\`QbQc_9]`bU^dQTU\Q@Q
dbYQ!(("`vWc&"&&

%'
`QbQ\YjQSY†^TUdbQRQZ_ci`_b\QWeUbbQ !&%)5^3_aeY]R_\QUcSeU\Q^_S
deb^QTU\QC_SYUTQTTU1bdUcQ^_cVeUS\QecebQTQQVY^UcTU!(')TURYT_Q\Q
S_^V\QWbQSY†^i^_VeUbUQRYUbdQcY^_TebQ^dUU\dUbSUbdbY]UcdbUTU!((#
TUc`e}cTU\d}b]Y^_TU\S_^V\YSd_!&& <QC_SYUTQTTU1bdUcQ^_cTU\@b_WbUc_TU
@QbbQ\TUZ†TUVe^SY_^QbXQSYQVY^UcTU!(')SeQ^T_\Q]Qi_b`QbdUTUcec
]YU]Rb_cd_]†\QcQb]Qc`QbQ]QbSXQbQ\^_bdU`b_f_Sv^T_cUceTYc_\e
SY†^!&&!<_cbUS\edQ]YU^d_c]QcYf_cTUdbQRQZQT_bUcU^U\UZ}bSYd_i\Q]Q
bY^Q^_c†\_b_RQRQ^Y^dUWbQ^dUcQ\QcQc_SYQSY_^Uc`_`e\QbUcdQ]RY}^
TYc]Y^eQ^TbvcdYSQ]U^dU\Q\\UWQTQTU_dbQc`Ubc_^QcaeU`eTYUbQ^_Se
`Qbcec`eUcd_cQSU^deQ^T_\QQ^U]YQTU]eSXQc_bWQ^YjQSY_^Uc !&&"<Q
]Qi_bQTUU\\Qc`_b\_]U^_cQaeU\\QcaeUXQRQ^^QSYT_ifYfYT_S_]_
`b_TeSd_TU\QQSdYfYTQT`b_`YQTU\_cdbQRQZQT_bUc\_WbQb_^c_RbUfYfYb
?dbQcS_]_\Qc`bY]UbQcQc_SYQSY_^UcSQd†\YSQcTU_RbUb_cSbUQTQc`_bU\
S\Ub_i\_cS_^cUbfQT_bUc`UbUSYUb_^bv`YTQ]U^dU
5\`Ub_T_!(')!((#^_VeUTUbUdb_SUc_d_dQ\`QbQU\]_fY]YU^d_
dbQRQZQT_b1`UcQbTU\QRQZQTU]Y\YdQ^dUcTU\QbUTeSSY†^_cec`U^cY†^
TUQ\We^QcQSdYfYTQTUccebWYUb_^^eUfQcY^YSYQdYfQccUbUV_bj†\QfYTQY^
dUb^QTUQ\We^QcQc_SYQSY_^UcicUQSU^de†\QS_\QR_bQSY†^U^dbUU\\Qc
<QcfYcYdQcTUTYbYWU^dUcTUe^QSYeTQTQ_dbQcUXYSYUb_^VbUSeU^dUc\Q
WbQ^]Qi_bQTU\Qc]edeQ\Uc]Q^dU^Q^²bU\QSY_^UcVbQdUb^Q\Uc³S_^
cecS_^W}^UbUci\QVYb]QTU²QSeUbT_cTUbUSY`b_SYTQT³_²`QSd_cTU
Q\YQ^jQ³RY\QdUbQ\Uci]e\dY\QdUbQ\UccUXYj_S_]‹^4ebQ^dUUc_cQ…_c
cUcecSbYRYUb_^QSeUbT_cRY\QdUbQ\UcTUbUSY`b_SYTQTU^dbU\Qcc_SYUTQ
TUcTUQbdUcQ^_cTUCQ^dYQW_i3_^SU`SY†^!(("CQ^dYQW_i3XY\\v^
!(("CQ^dYQW_i<QCUbU^Q!((#QTU]vcTUe^`QSd_]e\dY\QdUbQ\
U^dbU\Qc]edeQ\UcTU3XQ…QbQ\<QCUbU^QCQ^dYQW_i3XY\\v^!(("
]UTYQ^dUU\SeQ\\QcSeQdb_Y^cdYdeSY_^UccUS_]`b_]UdQ^Q`bUcdQbQcYc
dU^SYQ]edeQQSeQ\aeYUbQTUcec]YU]Rb_ciQ²dbQRQZQb`_bd_T_c\_c
]UTY_caeU\UcUc`_cYR\U`_baeU\Qcc_SYUTQTUcTUceUc`USYUcU]e\dY
`\YaeU^icYU^T_e^_U\VY^aeUd_TQcU\\Qc`UbcYWeU^dbQRQZQb`_bdU^Ub
e^Q\UiS_]‹^³ !&&#
<QYTUQTU_RbQb`_b\QUhdU^cY†^ie^YVYSQSY†^TU\]_fY]YU^d_Qc_

!&%)
²=_cdQSY\\Q³5\@bUSebc_bCQ^dYQW_!%TUQRbY\TU!(("
!&&
²C_SYUTQTTU1bdUcQ^_cTU3_aeY]R_³<QBUV_b]Q<QCUbU^Q'TU_SdeRbUTU
!(("+²C_SYUTQTTU1bdUcQ^_cTU3_aeY]R_BUe^Y†^ZU^UbQ\SU\URbQTQU\!$TU_SdeRbU
TU!((#³<QBUV_b]Q<QCUbU^Q!&TU_SdeRbUTU!((#
!&&!
4_Se]U^d_cc_RbUc_SYUTQTUc_`SYd`vW$!$
!&&"
F}QcUSeQTb_c>¡!)i" 
!&&#
²C_SYUTQTTU1bdUcQ^_cTU<QCUbU^Q³<QBUV_b]Q<QCUbU^Q"(TUQRbY\TU!((#
1]_T_TUUZU]`\_TU\_c`QSd_cTUQ\YQ^jQf}QcU\_ccecSbYd_cU^dbU\Qc]edeQ\UcTUCQ^
dYQW_i3XY\\v^iTUCQ^dYQW_i3_^SU`SY†^²>_dYSYQcTYfUbcQc³<Q4YcSecY†^3XY\\v^!$TU
]Qbj_TU!(("+²<_SQ\YTQT³<Q4YcSecY†^3XY\\v^# TU]Qbj_TU!(("+5\@bUSebc_bCQ^
dYQW_!TUZe\Y_TU!(("+²<QRUbY^d_³5\@bUSebc_bCQ^dYQW_(TUZe\Y_TU!(("

%'!
SYQdYf_`_`e\QbWQ^†dUbbU^_VQSY\YdQTQ`_b\_cVbUSeU^dUcfYQZUciS_^dQS
d_cU`Ycd_\QbUcTU\_cTYbYWU^dUc]edeQ\YcdQcTUd_T_U\`Qc5^U^Ub_TU
!((!\QC_SYUTQTTU1bdUcQ^_cTU3_aeY]R_`b_`ec_QTYUjY^cdYdeSY_^UcXUb
]Q^Qc\QVYb]QTUdbQdQT_cTUQ\YQ^jQi\QbUQ\YjQSY†^TUe^dbQRQZ_S_^Ze^
d_`QbQ_RdU^Ub\QTUcSU^dbQ\YjQSY†^QT]Y^YcdbQdYfQTU\Qc`b_fY^SYQci
`QbQaeUQ\VY^Q\YjQb\QWeUbbQ\QcQc_SYQSY_^Uc_RbUbQccUUhdU^TYUcU^`_b
U\\Yd_bQ\TU\^_bdUiU^U\bUcd_TU\`Qc !&&$
5\UcdbUSXQ]YU^d_TU\QS_\QR_bQSY†^U^dbU\Qc_bWQ^YjQSY_^Uc`_
`e\QbUc^_cUdbQTeZ_TUV_b]QY^]UTYQdQU^e^SbUSY]YU^d_Y]`_bdQ^
dUTU\^‹]Ub_TU]edeQ\Uc4ebQ^dU\QWeUbbQc†\_cUSbUQb_^^eUfQc
c_SYUTQTUc TU c_S_bb_c ]ede_c U^ 1^W_\ !((! i 3XQ…QbQ\ !((!
`Ub_\QcY^cdYdeSY_^UcTUbUSbUQSY†^iTUQSSY†^Se\debQ\cU]e\dY`\YSQ
b_^cYW^YVYSQdYfQ]U^dU@_bQaeU\\_cQ…_ccebWYUb_^\Qcc_SYUTQTUc6Y
\Qb]†^YSQTU?RbUb_cTUFQ\`QbQc_!((!6Y\Qb]†^YSQ1bdeb_@bQdCQ^dYQ
W_!((!6Y\Qb]†^YSQ:_c}=YWeU\9^VQ^dUCQ^dYQW_!(("6Y\Qb]†^YSQ
6bQ^SYcS_2Y\RQ_CQ^dYQW_¤!((#/i\QC_SYUTQTTUC_S_bb_=ede_9^dU\US
deQ\CQ^dYQW_!((#SeiQfQcdQWQ]QTUQSdYfYTQTUcS_]`bU^TQ*SQ^
d_RQY\UbU`bUcU^dQSY_^UcdUQdbQ\Uc\YdUbQdebQ_bWQ^YjQSY†^TUS_^VU
bU^SYQcc_RbUdU]QcSYU^dVYS_c\YdUbQbY_cVY\_c†VYS_cUXYcd†bYS_cQTU
]vcTU\`Qdb_^Qd_TUe^QUcSeU\Q^_Sdeb^Q1^Tb}c2U\\_U^e^RQbbY_
`_`e\QbTU\QSQ`YdQ\ !&&%
<Qcc_SYUTQTUcVY\Qb]†^YSQcTU_RbUb_ccUS_^cdYdeiUb_^TUcTUVY
^UcTU\QT}SQTQTU!(' U^e^Y]`_bdQ^dU`e^d_TUU^SeU^db_TUY^
dUbSQ]RY_TUYTUQciTUUh`UbYU^SYQcU^dbUX_]RbUci]eZUbUcTUTYc
dY^d_c_VYSY_caeU`Ub]YdY†\QQ]`\YQSY†^TU\Q_bWQ^YjQSY†^TU\`eU
R\_\\Q^_]vcQ\\vTU\QcVb_^dUbQcTU\QQSdYfYTQT]edeQ\YcdQ>e]Ub_
c_c\TUbUc\QR_bQ\UcTU\QWU^UbQSY†^TU\_cQ…_ccUdU^dQi_SXU^dQXY
SYUb_^ceQ`bU^TYjQZUQc_SYQdYf_U^UcdQcY^cdYdeSY_^Uc4UcTUU\`e^d_
TUfYcdQTU\QVQSY\YdQSY†^TUS_^dQSd_ciTU\QSYbSe\QSY†^TUYTUQciTU
`b_iUSd_cU^U\cU^_\QU\YdU]Y\YdQ^dUTU\_cdbQRQZQT_bUcebRQ^_cU\
`Q`U\TU\QcVY\Qb]†^YSQcTU_RbUb_cVeUS_]`QbQR\UQ\TU\Qcc_SYUTQ
TUcTUQbdUcQ^_c_bWQ^YjQTQcc_RbUe^QRQcU^_WbU]YQ\CecbU`bUcU^
dQ^dUcaeUQ]U^eT_dQ]RY}^UbQ^TYbYWU^dUc]edeQ\YcdQc`QbdYSY`Q
b_^QSdYfQ]U^dUU^U\`b_SUc_TUS_^cdbeSSY†^TU\]_fY]YU^d_`_`e
\Qb<Qcc_SYUTQTUcVY\Qb]†^YSQcTU_RbUb_cVeUb_^e^QV_b]QTUc_SYQ
RY\YTQT`_`e\Qb\YWQTQQ\S_^SU`d_TUQed_UTeSQSY†^i²bUWU^UbQSY†^
TU\`eUR\_³aeUQieT†Q\QV_b]QSY†^TU^eUf_cQSdYfYcdQcTU\QSQecQ
TU\_cdbQRQZQT_bUc*U^cecVY\QcXYSYUb_^ceQ`bU^TYjQZUc_SYUdQbY_^e
]Ub_cQc]eZUbUcaeUQ\SQR_TU`_S_cQ…_ccUS_^cdYdeiUb_^U^\QS_
\e]^QfUbdURbQ\TU\]edeQ\Yc]_VU]U^Y^_IU\Q`_bdUTUUcdQcQc_SYQ

!&&$
<QBUV_b]Q<QCUbU^Q" TUU^Ub_TU!((!
!&&%
5cdQded_cTU\QC_SYUTQTTUC_S_bb_=ede_9^dU\USdeQ\CQ^dYQW_9]`bU^dQFYSd_bYQ
!((#

%'"
SY_^UcQ\`b_SUc_TUSbYcdQ\YjQSY†^TU\Qe^YTQT`_\dYSQTU\]_fY]YU^
d_`_`e\QbdQ]RY}^VeUcYW^YVYSQdYf_ !&&&
<_cQ…_cTU\Q²7eUbbQTU\cQ\YdbU³Q`UcQbTU\QcQ^WbQ]Y\YdQ^dUU^
\Qc_bWQ^YjQSY_^UcTUdbQRQZQT_bUciTU\Q]QbUQTUVUbf_b`QdbY†dYS_VeU
b_^Q…_cTU`bU`QbQSY†^i]QTebQSY†^TU\_cSeQTb_cTU\]_fY]YU^d_
`_`e\QbU^`QbdYSe\QbTebQ^dU\QUdQ`QVY^Q\TU\S_^V\YSd_!(("!((#1
`QbdYbTUU^d_^SUccUbUV_bj†\QS_\QR_bQSY†^U^dbUTYcdY^d_ccUW]U^d_c
TU\]_fY]YU^d_icUY^YSY†e^`b_SUc_TUbUSe`UbQSY†^TU\]e^T_c_SYU
dQbY_QieTQT_`_b\_cbUd_b^_c]QcYf_cTUc_\TQT_caeUcUUcSQ\_^Qb_^
TUcTU\Q_Se`QSY†^TU<Y]Q`_b\Qcdb_`QcSXY\U^QcU^Ub_TU!((!XQcdQ
U\d}b]Y^_TU\QWeUbbQZe\Y_TU!((#
5\cYWeYU^dUSeQTb_c_RbU\QSQ^dYTQTTU^eUf_cQTXUbU^dUc`_b
Q…_]eUcdbQe^Qc`USd_TU\QbUSe`UbQSY†^TU\QC_SYUTQTTU1bdUcQ^_c
²<QE^Y†^³TUCQ^dYQW_

3eQTb_>¡!)
31>D941445>E5F?CC?39?C9>7B5C14?C1<1
C?395414451BD5C1>?C²<1E>9É>³45C1>D917?
5>DB5!('#I!((%

1s? 31>D941445>E5F?CC?39?C

!('# $
!('$ !"#
!('% ! )
!('& !#%
!('' "'
!('( !"
!(') ±
!(( !
!((! '
!((" %'
!((# $'
!(($ '(
!((% %"
6eU^dU*1C1ECBUWYcdb_TU\QC_SYUTQTTU1bdUcQ^_c²<QE^Y†^³TUCQ^dYQW_!(&"!)!"
VZc"(&'

!&&&
>eUcdbQcQVYb]QSY_^UccURQcQ^U^e^Q]eUcdbQTUSY^SeU^dQi_SX_\TUbUc
`_`e\QbUcTUQSdeQSY†^c_RbUcQ\YU^dUTebQ^dUU\`Ub_T_!('&!(('4UU\\_cQ\_]U
^_cfUY^dYSY^S_VeUb_^c_SY_ce_Se`Qb_^`eUcd_cTYbYWU^dUcU^c_SYUTQTUcVY\Qb]†^Y
SQcTU_RbUb_c5hQ]Y^Q^T_]vcTUdQ\\QTQ]U^dUU\]_cdbQbY_idbQdQ^T_TUTUcSeRbYb

%'#
 3_]_aeUTQU^UfYTU^SYQU^!(("cUY^fYbdY†\QdU^TU^SYQQ\QfUbdY
WY^_cQRQZQTU^eUf_cQTXUbU^dUcTU\Q`bY^SY`Q\c_SYUTQTTUc_S_bb_c
]ede_cCYRYU^\Q]UZ_bQaeUcUQ^e^SY†TebQ^dUQaeU\Q…_^_\_Wb†
YWeQ\QbU\UhSU`SY_^Q\bYd]_TUSbUSY]YU^d_Q\SQ^jQT_XQcdQ!('&U\Qe
]U^d_TU\QSUcQ^dQQSQecQTU\QSbYcYcUS_^†]YSQUh`\YSQ\QSQTQ\YRbUTU
\QSQ^dYTQTTUQTXUcY_^UcU^!(''i!('(\QdU^TU^SYQbUWbUcYfQTU\_c
`bY]Ub_cQ…_cTU\QWeUbbQS_]U^j†QSQ]RYQb!&&'
5^\Qc]edeQ\UcTUdY`_WbU]YQ\aeUQWbe`QRQ^QdbQRQZQT_bUcQ\
dQ]U^dUSQ\YVYSQT_c°S_]_\_cTUY]`bU^dQciQbdUcWbvVYSQc°U\]Yc]_
VU^†]U^_cUbU`b_TeZ_`Ub_TU]Q^UbQ]vcQdU^eQTQ?db_cVQSd_bUc
°`bY^SY`Q\]U^dUU\SQbvSdUbUc`USYQ\YjQT_TU\Qc\QR_bUcTUUcd_c_`U
bQbY_c°\_cS_\_SQRQ^bU\QdYfQ]U^dUQ\QRbYW_TU\QcS_^dY^WU^SYQcTU\Q
WeUbbQ3_^d_T_\QdU^TU^SYQQ\UcdQ^SQ]YU^d_TebQ^dU\_c`bY]Ub_c
Q…_cTU\S_^V\YSd_iQ\QbUQSdYfQSY†^TUcTUaeUU]`UjQb_^\_cbUd_b^_c
]QcYf_cTUc_\TQT_c`QbUSUS_^VYb]QbcUU^SQc_cS_]_U\TU\QC_SYU
TQTDY`_WbvVYSQTUFQ\`QbQc_

U\SQ]Y^_XQSYQe^QSdYf_S_]`b_]Yc_`_\dYS_`b_WbUcYcdQTUUcd_cSeQTb_ccU_RdYU
^U^bUce\dQT_caeUS_^VYb]Q^U\`Q`U\TU\QcVY\Qb]†^YSQcTU_RbUb_cTUcSbYd_]vc
QbbYRQ5^UVUSd_TU\_cfUY^dYSeQdb_TYbYWU^dUcTU\@QbdYT_4U]_SbvdYS_aeUVYWebQ^U^
UcdQ\YcdQQ\_]U^_caeY^SUdefYUb_^e^Q`QbdYSY`QSY†^TUcdQSQTQU^e^Q²VY\Qb]†^Y
SQ³_cUQ&"%TUUcUceRd_dQ\S_^dbQc†\_#'%TUSeQTb_cTU]†SbQdQcaeUQ`Q
bU^dU]U^dU^_`QcQb_^`_b\Qc²VY\Qb]†^YSQc³5^U\SQc_TU]Y\YdQ^dUc]edeQ\YcdQc
aeU^_QTXYbYUb_^Q\@QbdYT_4U]_SbvdYS_cUS_^cdQdQU\VU^†]U^_Y^fUbc_*c†\_^eUfU
TUe^d_dQ\TUdbUY^dQiT_cUcTUSYbQ`U^Qc"(!"VeUb_^c_SY_cS_^_SYT_cTUe^Q
²VY\Qb]†^YSQ³S_^dbQfUY^dYdb}c_cUQ'!('aeU^_\_VeUb_^CY^dU]_bQe^QWU
^UbQ\YjQSY†^QRecYfQcU`eUTUS_^S\eYbaeU\Q`UbdU^U^SYQQ\Qcc_SYUTQTUcVY\Qb]†^Y
SQcTU_RbUb_cTebQ^dU\QcT}SQTQcTU!(' i!(( VeUe^QTU\QcfQc]vccUWebQc`QbQ
\QY^S_b`_bQSY†^TUU\U]U^d_c`_`e\QbUcQ\QQSdYfYTQT`_\dYSQ`b_WbUcYcdQ<QVbU
SeU^dU edY\YjQSY†^ TU \_c \_SQ\Uc TU UcdQc Qc_SYQSY_^Uc `QbQ bUe^Y_^Uc TU S__bTY^Q
SY†^TU\Qc_bWQ^YjQSY_^Uc`_`e\QbUciU^_SQcY_^Uc`QbQ\QbUQ\YjQSY†^TUQ\We^Qc
QcQ]R\UQcTUSQbvSdUbU]Y^U^dU]U^dU`_\dYS_S_]__SebbY†U^dbU_db_cSQc_cS_^
]_dYf_TU\QVe^TQSY†^TU\@QbdYT_4U]_SbvdYS_U\" TU^_fYU]RbUTU!(('U^\QcUTU
TU\Q6Y\Qb]†^YSQTU?RbUb_cTUCQ^dYQW_dQ]RY}^bQdYVYSQ^^eUcdbQQ`bUSYQSY†^F}QcU
\_cSbYdUbY_cTUcU\USSY†^TU\Q]eUcdbQi\_c^_]RbUcTUcecY^dUWbQ^dUcU^\Q^_dQ
!)$'
!&&'
CUW‹^e^T_Se]U^d_TYbYWYT_U^QRbY\TU!(("`_b\QC_SYUTQTTU1bdUcQ^_c²<Q
E^Y†^³Q\_cdbQRQZQT_bUccQ^dYQWeY^_c`QbQY^SYdQb\_cQY^S_b`_bQbcUQce_bWQ^YjQSY†^
c†\_`Ub]Q^USQU^cecVY\Qc\QSeQbdQ`QbdUTU\_cSQcY]Y\QVY\YQT_cTUQ^dQ…_²QSQecQ
TU\Q`QbQ\YjQSY†^TU\_cdbQRQZ_caeUXQ^QaeUZQT_U^}`_SQc`QcQTQcQ\_cWbU]Y_cTU
QbdUcQ^_ciQ\QWeUbbQ]Yc]Q³U^aeUcUWeQU^feU\d_U\`Qc²=_cdQSY\\Q³5\@bUSebc_b
CQ^dYQW_!%TUQRbY\TU!(("<QSbYcYcTU\Q]edeQ\dQ]RY}^cU]Q^YVUcdQRQTebQ^dUU\
‹\dY]_\ecdb_U^\QVQ\dQTUU^decYQc]_TU\_cc_SY_c`_bQSeTYbQ\QcbUe^Y_^UcWU^UbQ
\Uc²BUe^Y†^ZU^UbQ\³5\@bUSebc_bCQ^dYQW_!TUZe\Y_TU!(("@Ub_Q^e^SYQ^T_U\
fYbQZUaeUcU`b_TeSYbQXQSYQVY^UcTU\QWeUbbQ\QZe^dQWU^UbQ\TU\)TUZe\Y_TUUcU
Q…_S_^d†S_^\QQcYcdU^SYQTU]vcTUSY^SeU^dQQVY\YQT_c\_aeUVeUS_^cYTUbQT_e^
}hYd_TQTQc\QcS_^TYSY_^UcTU\]_]U^d_²<QbUe^Y†^TU\T_]Y^W_³5\@bUSebc_bCQ^
dYQW_!%TUZe\Y_TU!(("

%'$
 3eQTb_>¡"

31>D941445>E5F?CC?39?C9>7B5C14?C1<1
C?395414D9@?7BÂ693145F1<@1B1ÅC?
5>DB5!('#I!((&

1s? 31>D941445>E5F?CC?39?C

!('# #

!('$ "

!('% %

!('& $

!('' #

!('( #'

!(') %

!(( (

!((! ##

!((" "(

!((# !!

!(($ !#

!((% #

!((& !'

6eU^dU*1CDFBUZYcdb_TUY^S_b`_bQSY_^UcVZc!$

CY]Y\QbUcdU^TU^SYQcQ\QbUQSdYfQSY†^cU_RcUbfQb_^U^_dbQc]e
deQ\UcbU`UbSedYU^T_`_cYdYfQ]U^dUU^U\`b_SUc_TUbUQWbe`Q]YU^d_
iS__bTY^QSY†^aeU\_cQSdYfYcdQcTU\]_fY]YU^d_`_`e\QbfU^Q^Y]
`e\cQ^T_TUcTU\QT}SQTQ`bUSUTU^dU

%'%
 !((%!() *<1 @B?<965B139É> 45 <1C 8E5<71C ?2B5B1C

!<QcS_^cUSeU^SYQcTU\QfYSd_bYQSXY\U^QU^\Q7eUbbQTU\@QSVYS_

²?RbUb_c*8Q\\UWQT_\Q}`_SQU^aeU\_c_RbUb_ce^YT_c
U^e^Qc_\QiWbQ^VQ]Y\YQTURU^dbQRQZQb`_bcc_\_c
cY^Uc`UbQb^QTQTU\_caeUUcdv^VeUbQTUceSbSe\_`_b
ce]UZ_bQ]YU^d_]_bQ\ic_SYQ\`b_`U^TYU^T_`_bd_T_c
\_c]UTY_c\UWQ\Uci`_cYR\UcQe^Q`b_^dQiUVYSQjbUWU^U
bQSY†^aeU\_cS_^TejSQQS_^aeYcdQbcecTUbUSX_cU^U\
dUbbU^_TU\QZecdYSYQiTU\QUaeYTQTTUbUSX_caeU\UXQ^
cYT_e^QcfUSUcfe\^UbQT_ci_dbQcTUcS_^_SYT_c
1QaeU\\_c_RbUb_cY^dUbUcQT_cU^\QceUbdUVedebQTUcec
XYZ_cS_]_cUbUc]_bQ\UcUY\ecdbQT_c\\Q]QT_cQ_Se`Qb
`QbQU\`_bfU^YbU\`eUcd_TUbUc`Ud_iS_^cYTUbQSY†^QaeU
UcQSbUUT_bU^d_TQfUbTQTUbQbU`‹R\YSQU\_RbUb_UZU]
`\Qb+bUc`Ud_iS_^cYTUbQSY†^TUSY]_caeUd_TQfQ^_cU
dYU^UU^^eUcdb_`Qc`QbQU\XYZ_TU\dbQRQZ_i\QVQdYWQ*
QUc_c_RbUb_c^_cTYbYWYbU]_c³ !&&(

<QcS_^cUSeU^SYQcUS_^†]YSQc`_\dYSQcic_SYQ\UcTU\dbYe^V_SXY
\U^_U^\Q7eUbbQTU\@QSVYS_VeUb_^S_^cYTUbQR\Uc*U\`QccUXQRQ
dbQ^cV_b]QT_U^`b_`YUdQbY_TUe^QTU\QcbUWY_^Uc]Y^UbQc]vcbYSQcTU\
]e^T_
5^dbU!(')i!(()\QcUh`_bdQSY_^UcTUcQ\YdbUQe]U^dQb_^U^Q\bU
TUT_bTU' S_^fYbdY}^T_cUUcdU`b_TeSd_U^U\UZUTU\TUcQbb_\\_^Q
SY_^Q\<_cY^WbUc_cVYcSQ\Uc`QcQb_^TU!%#)(%&(!`Uc_-##`U^Y
aeUcQ"($!)$!'!`Uc_-# `U^YaeUcU^!(( \\UWQ^T_U^!() Q
%#" "%$(!`Uc_-"$`U^YaeUc5\fQ\_bd_dQ\TU\QcUh`_bdQSY_^Uc
`Qc†TU$" &)$##U^!('%Q% ()%% !U^!(( iQ&'&'("&"U^
!() 5^\_c]Yc]_cQ…_c\QcY]`_bdQSY_^Uc`QcQb_^TU""')$& (Q
")'!& $iQ&'(() ')!&&)
5\S_^cdQ^dUSbUSY]YU^d_TU\_cY^WbUc_cVYcSQ\UcWbQSYQcQ\Q`_bdU
TU\_cTUbUSX_cTUQTeQ^QQcUWebQRQe^Q`b_c`UbYTQT^e^SQQ^dUcQ\
SQ^jQTQ5\5cdQT_`eT_TYc`_^UbTUS_^cYTUbQR\Ucce]Qc`QbQ\QbUQ\Y
jQSY†^TUWbQ^TUcdbQRQZ_cTUY^VbQUcdbeSdebQ<QcY]`\UU^e]UbQSY†^
TU\Qc_RbQcbUQ\YjQTQcTebQ^dU\QQT]Y^YcdbQSY†^TU\`bUcYTU^dU2Q\

!&&(
@b_S\Q]QTYVe^TYTQS_^]_dYf_TUe^]UdY^WTU_RbUb_cSU\URbQT_TebQ^dU\_c
`bY]Ub_c]UcUcTU!(($U^3_^SU`SY†^bU`b_TeSYTQ`bY]Ub_`_b5\1bdUcQ^_TU2eU^_c
1YbUcU^e^QbdSe\_dYde\QT_²<_c_RbUb_cU^3XY\U³U^ceUTYSY†^TU\'TUQRbY\TU!(($
i\eUW_`_b<Q<eSXQ?RbUbQTU=_^dUfYTU_U\!$TUQRbY\TU\]Yc]_Q…_
!&&)
8Ub^v^BQ]bUj>US_SXUQ2Q\]QSUTQi\QS_^dbQbbUf_\eSY†^TU!()!" UTYSY†^
CQ^dYQW_5TYd_bYQ\E^YfUbcYdQbYQ!)&)`vW!#

%'&
]QSUTQ!((&!()!Y\ecdbQU\V_b]YTQR\UY]`e\c_aeU\_cY^WbUc_cWU^U
bQT_c`_b\Q]Y^UbQTYUb_^Q\QfYTQUS_^†]YSQTU\Q^QSY†^*dU^TYT_TU
]vcTU]Y\[Y\†]Udb_cTU\^UQcV}bbUQcbU`QbQSY†^TUWbQ^SQ^dYTQTTU
SQ]Y^_cS_^cdbeSSY†^TU^e]Ub_c_cUTYVYSY_c`‹R\YS_cY^dU^TU^SYQc
X_c`YdQ\UcUcSeU\QcSvbSU\UcUdSdU^TYT_TU\^UQcdU\UWbvVYSQcicUbfY
SY_cTUQWeQ`_dQR\US_^cdbeSSY†^TU]eU\\Uci_dbQcY^cdQ\QSY_^Uc`_b
deQbYQcUdS}dUbQE^^eUf_]Y^YcdUbY_U\TU9^TecdbYQci?RbQc@‹R\YSQc
cY]R_\YjQRQUcdUQVv^TU`b_WbUc_iTUcQbb_\\_US_^†]YS_U^SQb^QT_U^
U\cUSd_b]vcTY^v]YS_i]_TUb^_TU\QU\YdUTYbYWU^dU
<QS_^dbQ`QbdYTQTU\QbYaeUjQVYcSQ\VeUU\QSU^deQ]YU^d_TU\SQ
bvSdUb]_^_`b_TeSd_bTU\QUS_^_]QSXY\U^Q4U]Q^UbQ]vc]QbSQTQ
aeUU^U\`QcQT_\QbYaeUjQ^QSY_^Q\bU`_cQRQU^e^`b_TeSd_U\cQ\YdbU
`b_f_SQ^T_e^Q`b_Ve^TQTYcd_bcY†^TU\TUcQbb_\\_US_^†]YS_5\`QW_
TUTUbUSX_cTUUh`_bdQSY†^TU\^YdbQd_iTU\i_T_bU`bUcU^dQRQU\%"
TU\_cY^WbUc_cVYcSQ\Uc_bTY^QbY_cU^!(( +U^!((%iQSeRbQ^U\##'
iU^!() iQQ\SQ^jQRQ^U\%" !&' @_bQ…QTYTebQU\²SYS\_TU\cQ\YdbU³
cYW^YVYS†e^bv`YT_S_^db_\TU\_ciQSY]YU^d_cTU^YdbQd_`_b\_cSQ`YdQ
\YcdQcUhdbQ^ZUb_cUc`USYQ\]U^dURbYdv^YS_c5\T_]Y^Y_V_bv^U_c_RbU
U\cQ\YdbUVeUU\Vbed_TUe^XvRY\ZeUW_Uc`USe\QdYf_TUS_]`bQTUR_^_c
U]YdYT_c`_bU\5cdQT_SXY\U^_aeU_`d†`_be^Q`QbdYSY`QSY†^U^\QS_
]UbSYQ\YjQSY†^TU\`b_TeSd_QdbQf}cTU\S_Rb_TU\Y]`eUcd_TUcSQbdQ^
T_\Q`_cYRY\YTQTTUQdbYReYbcU\Q`b_`YUTQTi\QWUcdY†^TYbUSdQTU\_c
iQSY]YU^d_c
<Q`_\dYSQTU\W_RYUb^_TU2Q\]QSUTQ`QbUSUXQRUbbUc`_^TYT_Q\
Q^XU\_TUb_]`Ub_\Y]YdQbUcdQT_R\UTU`U^TU^SYQbUc`USd_TUe^
`b_TeSd_iTU\SQ`YdQ\]_^_`†\YS_UhdbQ^ZUb_5\\_Wb_TUe^UaeY\YRbY_
]vcQb]†^YS_U^dbUU\5cdQT_i\_cSQ`YdQ\YcdQc^QSY_^Q\UciUhdbQ^ZUb_c
U^\QTYcdbYReSY†^TU\Q`b_`YUTQTcQ\YdbUbQi\QY^fUbcY†^TU\_cY^WbUc_c
UhdbQ_bTY^QbY_cU^\QY^TecdbYQ\YjQSY†^TU\`QcVeUb_^_RZUdYf_cSU^dbQ
\UcTU\²`bUcYTU^dU]vbdYb³E^^eUf_]Q`Q`_\dYS_cUTYReZ†TebQ^dU
ceQT]Y^YcdbQSY†^*\_cS_^V\YSd_cdbQTYSY_^Q\UcaeU_`_^Q^QS_^cUbfQ
T_bUci\YRUbQ\UcbUWQ\YcdQcie\dbQ]_^dQ^_c\QYS_ciSQd†\YS_c]Y\YdQ^dUc
cUfYUb_^c_RbU`QcQT_c`_be^bUQ\Y^UQ]YU^d_TUVeUbjQcU^Ve^SY†^TU\
Q`_i__U\bUSXQj_Q\_c`b_iUSd_cTU\ZUVUTU5cdQT_<Q\eSXQTU\Q²Vb_^
TQQbYcd_SbvdYSQ³S_^dbQU\`_TUb`bUcYTU^SYQ\cUU^dbU]UjS\†S_^\Q`eW
^QU^dbU\_c`QbdYTQbY_cYbbUcdbYSd_cTU\fYUZ_]_TU\_TUTUcQbb_\\_`bY
]QbY_Uh`_bdQT_bi\_cTU\`b_iUSd_TUcQbb_\\YcdQTU2Q\]QSUTQ<QcTYfY
cY_^UccUQSU^deQb_^U^\Q²WbQ^VQ]Y\YQ\YRUbQ\³>e]Ub_c_c\YRUbQ\Uc
XYSYUb_^SQecQS_]‹^S_^cecU^U]YW_ce\dbQ]_^dQ^_c+\_c\TUbUcbQTY
SQ\UcdQ]RY}^V_b]Qb_^`QbdUTU\VbU^dU‹^YS__`_cYd_b1\We^_cSQ`YdQ
\YcdQcRbYdv^YS_cS_]_:_X^DX_]Qc>_bdXU\²bUiTU\cQ\YdbU³Q`_iQb_^

!&'
?`SYd`vW!$

%''
QSdYfQ]U^dUQ\Q_`_cYSY†^<Qc_SYUTQTSXY\U^QcUU^S_^db†U^e^Qd_\\Q
TUb_aeUc†\_U\U^VbU^dQ]YU^d_Qb]QT_VeUSQ`QjTUbUc_\fUb
5\TUcQbb_\\_TU\Qc_bWQ^YjQSY_^Uci\eSXQc`_`e\QbUcTebQ^dU\_cQ…_c
_SXU^dQdef_ce`bY^SY`Q\`e^d_TUQbbQ^aeUU^\QcdbQ^cV_b]QSY_^UcUS_^†
]YSQcbUce\dQ^dUcTU\QUh`Q^cY†^dUbbYd_bYQ\XQSYQU\^_bdUQUh`U^cQcTU
@Ub‹i2_\YfYQiXQSYQU\cebQS_cdQTU\_c]Q`eSXUc<QUcdbeSdebQc_SYQ\
ceVbY†`b_Ve^TQc]_TYVYSQSY_^Uc*\Q`_R\QSY†^ebRQ^QcQ\d†TU\"'U^!('%
QQ\bUTUT_bTU\#(U^!() +U^\QcbUWY_^UccebU…QcbUSYU^dU]U^dUQbbURQ
dQTQcQ\_cY^TWU^QccebWY†e^Q^eUfQS\QcUTU`b_`YUdQbY_cQWbS_\Qc]vc
²]_TUb^Q³i²RebWeUcQ³+U^DQbQ`QSvi1^d_VQWQcdQcUS_^c_\YTQb_^Y]`_b
dQ^dUcS_^SU^dbQSY_^Uc`b_\UdQbYQc]Y^Ub_c`_bdeQbY_ci_RbUb_cY^TecdbYQ
\UcidQ]RY}^SbUSY†\QS\QcU_RbUbQU^\QcSYeTQTUc`bY^SY`Q\UcTU\Qj_^Q
SU^dbQ\5\Y^SbU]U^d_TU\`b_\UdQbYQT_cUQSU\Ub†WbQSYQcQ\QS_^cdbeSSY†^
TU\^UQcV}bbUQc\QbUQ\YjQSY†^TU^e]Ub_cQc_RbQc`‹R\YSQc\QQSdYfYTQT
]Y^UbQTU\>_bdU7bQ^TUi\QUh`\_dQSY†^TUSQbR†^U^U\Ceb=Y\UcTU^eU
f_c`eUcd_cTUdbQRQZ__VbUSYUb_^Q\_cSQ]`UcY^_c\Q`_cYRY\YTQTTUcQSeTYb
U\`UcQT_ieW_TU\_c\QdYVe^TYcdQc_RdU^Ub\Q\YRUbdQTTU]_fY]YU^d_ci
]UZ_bUccQ\QbY_c8Ub^v^BQ]bUj>US_SXUQUcdY]†aeUXQSYQ!() \QS\QcU
_RbUbQUcdQRQS_^cdYdeYTQ`_be^QcSYU^d_SY^SeU^dQ]Y\`Ubc_^QcUcd_UcU\
T_R\UTU!(')CY]e\dv^UQ]U^dUi`_b\Qc]Yc]QcSQecQcTYc]Y^eQU\SQ]
`UcY^QT_Qe]U^dQRQ\QS\QcU]UTYQQ\Q\Ub_TU\TUcQbb_\\_TU\Q`QbQd_QT
]Y^YcdbQdYf_icUQSbUSU^dQRQ\QY^V\eU^SYQUS_^†]YSQi`_\dYSQTU\QReb
WeUcQY^TecdbYQ\!&'!1e^aeU\QcSYVbQcU^dbUWQTQc`_bUcdUXYcd_bYQT_b`eU
TQ^cUbSeUcdY_^QTQciQaeU\_cSU^c_cTU\Q}`_SQY]`YTU^e^QS\QcYVYSQSY†^
UhQSdQTU\_cdbQRQZQT_bUc]Q^eQ\UcTURYT_Q\QVbUSeU^dUQ]Q\WQ]QTUQb
dUcQ^_ciTU_RbUb_c_TUdbQRQZQT_bUcebRQ^_cQWbS_\Qci]Y^Ub_cU^U\cU^_
TUe^]Yc]_beRb_!&'"^_Uc]U^_cSYUbd_aeUU^WbQ^TUc\^UQcceTUcSbY`
SY†^TU\SbUSY]YU^d_TU\`b_\UdQbYQT_UcS_bbUSdQ
5^cUWe^T_d}b]Y^_cUTURUcU…Q\QbU\UVUSd_U^\QS_]RQdYfYTQT
`_`e\QbaeUSQec†U\U]`U_bQ]YU^d_TUcecS_^TYSY_^UcTUfYTQU^\_c
Q…_c`_cdUbY_bUcQ\Q7eUbbQTU\@QSVYS_3_]_cUbUS_bTQbv\QS_^V\Q
WbQSY†^`ec_d}b]Y^_Q\QSbYcYcUS_^†]YSQWbQSYQcQe^^eUf_TY^Q]Yc
]_WU^UbQT_`_b\Qc^USUcYTQTUc`b_`YQcTU\QWeUbbQ<QSbUQSY†^TU
^eUf_cU]`\U_ccUS_^ZeW†S_^U\U^b_\Q]YU^d_]Y\YdQbTUTUSU^QcTU
]Y\UcTUdbQRQZQT_bUc*U\dbQRQZ_cUXYj_]vcQRe^TQ^dUiQfUSUcXQc
dQ]UZ_bbU]e^UbQT_ !&'#CY^U]RQbW_\Q`b_c`UbYTQTTU\Q`_cWeUbbQ
^_Q\SQ^j†QRU^UVYSYQbceRcdQ^SYQ\]U^dUQ\QcS\QcUc\QR_bY_cQc+e^Q^eUfQ
SbYcYcUcdQ\\†`_S_TUc`e}cTU\d}b]Y^_TU\S_^V\YSd_5\`Q`U\]_^UTQ

!&'!
BQ]bUj>US_SXUQ8Ycd_bYQTU\]_fY]YU^d__`SYd`vWc!)!!)$
!&'"
F}QcU^eUcdbQS\QcYVYSQSY†^TU\Q`_R\QSY†^QSdYfQRQcQTQU^\_cSU^c_cTU\_cSU^
c_cTU!(%$!(&%!('%!((%i!()%SQ`de\_99QSv`YdU²<_cdbQRQZQT_bUcTebQ^dU\QcU
We^TQ]YdQTTU\cYW\_H9H³
!&'#
4UcQV_bde^QTQ]U^dU^_cUTYc`_^UTUcUbYUccQ\QbYQ\UcTU\_ccUSd_bUcQbdUcQ

%'(
U]YdYT_`_bU\5cdQT__RQZ_ceWQbQ^dQTebQ^dU\QSbYcYcTU\Q`bUWeUbbQ
ceVbY†e^QVeUbdUTU`bUSYQSY†^U^dbU#&i$(5\S_]UbSY_cUfY__R\Y
WQT_QSQ^SU\QbcecSb}TYd_cU^5eb_`QU^]_^UTQUh`_bdQ^T_\_cUcSe
T_ci`Uc_cVeUbdUcTU_b_i`\QdQ\_aeUS_^c_\YT†U\b}WY]U^TU`Q`U\
]_^UTQ@Ub_S_]_}cdUSQi†QQ\bUTUT_bTU\Q]YdQTTU\fQ\_bTU\QQ^dY
WeQ]_^UTQ\_c`bUSY_cTU\Qc]UbSQTUbQcUc`USYQ\]U^dU\_cTU\_cQbd
Se\_cTU`bY]UbQ^USUcYTQTceRYUb_^U^e^Q`b_`_bSY†^Q‹^]Qi_b<Qc
dbQ^cQSSY_^UcTU`U^TYU^dUcTU\QcV\eSdeQSY_^UcTU\_cY^dUbSQ]RY_cY^
dUb^QSY_^Q\UccUd_b^Qb_^]vcY^UcdQR\Uc<QY^V\QSY†^W_\`U†TebQ]U^dU
Q\_ccUSd_bUc`_`e\QbUcaeUQX_bQS_^dQRQ^S_^]Qi_bSQ`QSYTQTTU_b
WQ^YjQSY†^
?db_VQSd_bTYVSY\TU]UTYb`Ub_^_`_bU\\_]U^_cbUQ\VeU\QbU
fQ\_bYjQSY†^TU\Q`b_`YQY]QWU^aeUcU_`Ub†U^U\Uc`bYdeTU\_cdbQRQ
ZQT_bUc3_^cSYU^dUcTUceQ`_bdUTUSYcYf_Q\QfYSd_bYQSXY\U^QU^\QWeU
bbQTU\cQ\YdbU_bWe\\_c_cTUceS_bQZUXQ\QWQT_c`_b\QcQed_bYTQTUci\Qc
`Ubc_^Q\YTQTUcTU\QcS\QcUcT_]Y^Q^dUc\_cb_d_cS_]U^jQb_^QbUYfY^TY
SQbS_^]vcVeUbjQce`QbdUU^\Q`b_c`UbYTQT^QSY_^Q\aeUXQRQ^QieTQ
T_QSbUQbTUbbQ]Q^T_cecQ^WbUU^\_cSQ]`_cTURQdQ\\QiceceT_bU^
\Qc]Y^QcSQ]`_c`eUbd_cdQ\\UbUciVvRbYSQc<Q7eUbbQTU\@QSVYS_VeU
cUW‹^:Q]Uc?=_bbYce^QTU\Qc²Uh`UbYU^SYQc\YRUbQT_bQc³Ze^d_Q\Q
Y^S_b`_bQSY†^TU]Y\UcTUSQ]`UcY^_cU^\QY^TecdbYQaeUS_^dbYReiU
b_^QTQbQ\_cdbQRQZQT_bUcSXY\U^_c²e^cU^dYT_TU`Ubc_^Q\YTQTiTUTYW
^YTQTaeU^_XQRQ^\_WbQT_^e^SQS_^_SUb`_b_db_c]UTY_ciaeU^_
`_TQ^cQSbYVYSQbQX_bQ³ !&'$5cdQfUbTQTUbQ²bUf_\eSY†^cYS_\†WYSQ³TU\
b_d_SXY\U^_VeUcY^TeTQe^_TU\_cVQSd_bUcaeUVQf_bUSYUb_^`_TUb_cQ
]U^dU\Q`b_WbUcY†^SQcYWU_]}dbYSQTU\_c]_fY]YU^d_cbUYfY^TYSQdYf_ci
TU`b_dUcdQc_SYQ\TUQbdUcQ^_c_RbUb_ci]Y^Ub_c

^Q\UY^TecdbYQ\TebQ^dUU\`Ub_T_UcdeTYQT_C†\_SYdQbU]_c`Ub_QcY]`\Udde\_Y^
V_b]QdYf_cY^aeUcUQ`_cYR\UcQSQbQ\We^QS_^S\ecY†^UhdU^cYfQQ_db_ccUSd_bUc\QUf_
\eSY†^TU\_ccQ\QbY_c^_]Y^Q\UcTU\_cdbQRQZQT_bUcQWbS_\QcCecZ_b^Q\UccU]Q^defYU
b_^UcdQR\UcU^"'%SU^dQf_cTebQ^dUd_T_U\`Ub_T_!('!!(( +Uh`UbY]U^dQb_^e^
Q\jQY]`_bdQ^dUU^dbU!((!i!((%`QcQ^T_Q# SU^dQf_c+^_fQbYQb_^TebQ^dUU\aeY^
aeU^Y_!((&!() if_\fYUb_^QSbUSUbU^\_cQ…_c`_cdUbY_bUc5^dbU!()!i!()%Q\SQ^
jQb_^e^`b_]UTY_TU#%SU^dQf_ciU^!()&!) iQcUcYdeQRQ^U^$"%SU^dQf_c1b
^_\T:2QeUb<Qc_SYUTQTbebQ\SXY\U^Q4UcTU\QS_^aeYcdQUc`Q…_\QQ^eUcdb_cTQcCQ^dYQ
W_5TYd_bYQ\1^Tb}c2U\\_!))$
!&'$
=_bbYc_`SYd`vW! &

%')
%(
BUcd_cXe]Q^_cTUSXY\U^_c`UbeQ^_ciR_\YfYQ^_cSQT_cU\"&TU]Qi_TU!(( 3_\USSY†^=ecU_8Ycd†bYS_>QSY_^Q\CQ^dYQW_TU3XY\U
 3eQTb_>¡"!
=?F9=95>D?C@?@E<1B5CB59F9>4931D9F?CI45@B?D5CD1
C?391<5><1C39E4145CI35>DB?C=9>5B?C
5>DB5I!(( I!() !&'%

=?F9=95>D? <E71B 65381

8eU\WQTUZ_b^Q\Ub_c`_bdeQbY_c @YcQWeQ Ze\Y_TU!((

8eU\WQTUZ_b^Q\Ub_c`_bdeQbY_c 9aeYaeU ]Qbj_TU!((!

8eU\WQTUZ_b^Q\Ub_c]Y^Ub_c =Y^QTU2eU^Q U^Ub_TU!(("

5c`UbQ^jQ1dQSQ]Q

8eU\WQTU_RbUb_cTU\QVe^TYSY†^ 9aeYaeU VURbUb_TU!(("

DQbQ`QSv

8eU\WQTUdbQRQZQT_bUc`_bdeQbY_c =UZY\\_^UcTU\>_bdU cU`dYU]RbUTU

DQbQ`QSv !(("

8eU\WQTUSQ]Y^Ub_c 9aeYaeU8eQ^dQZQiQ ]Qi_TU!(("

=_d^]Y^Ub_ 3Q^d†^]Y^Ub_TU cU`dYU]RbUTU

CQ^dQB_cQ !(("

8eU\WQTU_RbUb_cTUWeQ^UbQc 8eQ^Y\\_cDQbQ`QSv VURbUb_TU!((#

@UdYSY†^TUU]`\UQT_cTUdYU^TQc 9aeYaeU ]Qbj_TU!((#

TUb_`QiTUSQ\jQT_

8eU\WQTU_RbUb_cTUWeQ^UbQc 8eQ^Y\\_cDQbQ`QSv "$i"%TU

cU`dYU]RbUTU
!((#

=_d^]Y^Ub_ =Y^QIQRbYS_iQ _SdeRbUTU!((#

DQbQ`QSv

=_d^TU_RbUb_cTUWeQ^UbQc @QRU\\†^TU@YSQ VY^UcTUTYSYU]RbU

DQbQ`QSv TU!((#

=_d^TU_RbUb_ccQ\YdbUb_c ?VYSY^QFYbWY^YQ VURbUb_TU!(($

DQbQ`QSv

9^SYTU^dUc =Y^QTUCYUbbQ7_bTQ Ze\Y_TU!(($

1^d_VQWQcdQ

=_fY]YU^d_TU`b_dUcdQiQ]_dY^Q CQ^dYQW_ Ze\Y_TU!(($

]YU^d_TU\_cQ\e]^_cTU\Q5cSeU\Q
TU1bdUci?VYSY_c

!&'%
>_Y^S\eiUQ]_dY^Q]YU^d_cTU`bYcY_^Ub_c^YceR\UfQSY_^UcQ\Y^dUbY_bTU\Qc
VeUbjQcQb]QTQci\Q7eQbTYQ>QSY_^Q\

%(!
 =?F9=95>D? <E71B 65381

9^SYTU^dUc =UZY\\_^Uc QW_cd_TU!(($

8eU\WQTUdY`†WbQV_c CQ^dYQW_ cU`dYU]RbUTU

!(($

8eU\WQTU\_c_RbUb_cTU\Q=QUc CQ^dYQW_ # TU ^_fYU]RbU

TU
dbQ^jQTU6Ubb_SQbbY\UcTU\5cdQT_ !(($

=_d^]Y^Ub_ =Y^Q=_SXQ VURbUb_TU!((%

8eU\WQTU_RbUb_cTUWeQ^UbQc @e^dQTU<_R_c QW_cd_TU!((%

DQbQ`QSv

8eU\WQTU`U\eaeUb_c 9aeYaeU cU`dYU]RbUTU

!((%

8eU\WQTU\Q^SXUb_c @YcQWeQ cU`dYU]RbU TU

!((%

=_d^TU]Y^Ub_c 3Ubb_7_bT_ cU`dYU]RbUTU

DQbQ`QSv !((%

8eU\WQTU_RbUb_c 1cS_dv^1^d_VQWQcdQ _SdeRbUTU!((%

=_d^TU_RbUb_cTUWeQ^UbQc 8eQ^Y\\_cDQbQ`QSv TYSYU]RbUTU

!((%

=_d^]Y^Ub_ 8eQ^dQZQiQDQbQ`QSv TYSYU]RbUTU

!((%

8eU\WQTUZ_b^Q\Ub_c`_bdeQbY_c 9aeYaeU _SdeRbUTU!((&

8eU\WQTUV\UdUb_c 9aeYaeU ^_fYU]RbUTU

!((&

8eU\WQTU`Q\Q^aeUb_c 9aeYaeU ]Qi_TU!(('

8eU\WQTU\Q^SXUb_c 9aeYaeU ]Qi_TU!(('

8eU\WQTUZ_b^Q\Ub_c`_bdeQbY_c @YcQWeQ Ze^Y_TU!(('

8eU\WQTUZ_b^Q\Ub_c`_bdeQbY_c 9aeYaeU !"Q\"$TU

cU`dYU]RbUTU
!(('

=_fY]YU^d_TU]Y^Ub_c 3_b_^U\ !(('

8eU\WQTUV\UdUb_c 1bYSQ U^Ub_TU!(((

9^SYTU^dUc 3Q\Q]Q VURbUb_TU!(((

8eU\WQTU]Y^Ub_c 3_`YQ`† ]Qbj_TU!(((

%("
 =?F9=95>D? <E71B 65381

8eU\WQTUfU^TUT_bUcTU`UbY†TYS_c 9aeYaeU ]Qbj_TU!(((

=Q^YVUcdQSY_^UcifY_\U^d_cY^SYTU^dUc CQ^dYQW_ ")TUQRbY\TU

TU`b_dUcdQS_^dbQQ\jQTUdQbYVQTU\ !(((
VUbb_SQbbY\ebRQ^_

=Q^YVUcdQSY_^UcTUQ`_i_Q\_cTYbYWU^dUc CQ^dYQW_FQ\`QbQc_ ]Qi_TU!(((

U^SQbSU\QT_cTU\@QbdYT_4U]_SbvdYS_ 3_^SU`SY†^i3XY\\v^

8eU\WQTU\Q^SXUb_c FQ\`QbQc_ ]Qi_TU!(((

=_fY]YU^d_TUZ_b^Q\Ub_ciSQbbUdUb_c FQ\`QbQc_ ]Qi_TU!(((

8eU\WQTUSYWQbbUb_c CQ^dYQW_ ]Qi_TU!(((

=_fY]YU^d_TU_RbUb_c`Q^YVYSQT_bUc 9aeYaeU Ze^Y_TU!(((

9^SYTU^dUc CQ^dQB_cQTU8eQbQ Ze^Y_TU!(((

DQbQ`QSv

8eU\WQTU]Y^Ub_cTU\SQbR†^ @U^S_ Ze^Y_Ze\Y_TU

!(((

=Q^YVUcdQSY_^UcTU`b_dUcdQS_^dbQU\ CQ^dYQW_iFQ\`QbQc_ !TUZe\Y_TU!(((

`b_iUSd_TUY]`eUcd_Q\WQ^QT_
QbWU^dY^_

8eU\WQTU_RbUb_c`Q^YVYSQT_bUc CQ^dYQW_ Ze\Y_TU!(((

8eU\WQTUSQbbUdUb_c 9aeYaeU Ze\Y_TU!(((

8eU\WQTUdY`†WbQV_c CQ^dYQW_ Ze\Y_TU!(((

=_fY]YU^d_TU_RbUb_cVUbb_fYQbY_c CQ^dYQW_ Ze\Y_TU!(((

=_fY]YU^d_TUS_bdQT_bUcTUSQb^U CQ^dYQW_ Ze\Y_TU!(((

8eU\WQTU_RbUb_c`Q^YVYSQT_bUc DQ\SQ Ze\Y_TU!(((

8eU\WQTU_RbUb_c`Q^YVYSQT_bUc FQ\`QbQc_ Ze\Y_TU!(((

8eU\WQTU`U_^UcU^SQbWQT_cTU\ FQ\`QbQc_ Ze\Y_TU!(((

QcU_`‹R\YS_

=_fY]YU^d_TUdbQRQZQT_bUcTUdbQ^fQc CQ^dYQW_ Ze\Y_TU!(((

9^SYTU^dUc 3Q\UdQ:e^^ Ze\Y_TU!(((

DQbQ`QSv

8eU\WQTUdY`†WbQV_cTU5\=UbSebY_ FQ\`QbQc_ Ze\Y_TU!(((

8eU\WQTUfU^TUT_bUcTU5\=UbSebY_ FQ\`QbQc_ Ze\Y_TU!(((

%(#
 =?F9=95>D? <E71B 65381

8eU\WQTU`U\eaeUb_c CQ^dYQW_ QW_cd_TU!(((

8eU\WQTU_RbUb_c`Q^YVYSQT_bUc <QCUbU^Q cU`dYU]RbUTU

!(((

<UfQ^dQ]YU^d_ TU Z_b^Q\Ub_c TU\ dU^TY <_dQ cU`dYU]RbU TU

T_TU\Q\^UQV}bbUQiTU]Y^Ub_c !(((

9^SYTU^dUc 3Q^d†^TU8eQbQi cU`dYU]RbU

_VYSY^QccQ\YdbUbQc _SdeRbUTU!(((
@bY]YdYfQiBQ]bUj
DQbQ`QSv

8eU\WQTUZ_b^Q\Ub_cTU\Q5cdQSY†^ CQ^dYQW_ U^Ub_TU!(()

3U^dbQ\

8eU\WQTUZ_b^Q\Ub_cTU\Q5cdQSY†^ FQ\`QbQc_ U^Ub_TU!(()

2Qb†^

=_d^TU_RbUb_cU^WQ^SXQT_cU^U\ U^Ub_TU!(()
fQ`_b1iQSeSX_

=_fY]YU^d_TU_RbUb_cTU\Q]Y^Q <Q CUbU^Q VURbUb_ TU !(()

B_TUYd_

9^SYTU^dUcU^\Q]Y^Q@Q^Yj_ CQ^dQB_cQTU8eQbQ VURbUb_ TU !(()

DQbQ`QSv

8eU\WQTUWU^TQb]UcTU\Q@U^YdU^ CQ^dYQW_ ]Qbj_TU!(()

SYUbQ

=_fY]YU^d_TUCYUbbQ7_bTQ 1^d_VQWQcdQ ]Qbj_TU!(()

=_fY]YU^d_TU_RbUb_cVUbb_fYQbY_c <QbQaeUdU1bQeS_ ]Qbj_TU!(()

8eU\WQTUZ_b^Q\Ub_cTU\QS_^cdbeSSY†^ DQ\SQ3_^cdYdeSY†^ QRbY\TU!(()

TU\Q\^UQV}bbUQ

8eU\WQTUdbQRQZQT_bUcTUdbQ^fQc CQ^dYQW_ QRbY\TU!(()

8eU\WQTU_RbUb_cTU\Q]Y^Q1bdeb_ 1^d_VQWQcdQ QRbY\TU!(()

@bQd

8eU\WQTUZ_b^Q\Ub_cTU\QS_^cdbeSSY†^ <_c1^TUc ]Qi_TU!(()

TU\Q\^UQTU\VUbb_SQbbY\DbQcQ^TY^_

8eU\WQTUZ_b^Q\Ub_cTU\QS_^cdbeSSY†^ 8eQcS_ Ze^Y_TU!(()

TU\Q\^UQV}bbUQ

%($
 =?F9=95>D? <E71B 65381

=_fY]YU^d_TU_RbUb_cTU\QSQ^Q\YjQ CQ^dYQW_ cU`dYU]RbU TU

SY†^TU\b_=Q`_SX_ !(()

=_fY]YU^d_ TU S_SXUb_c CQ^dYQW_ cU`dYU]RbU TU

!(()

8eU\WQTU_RbUb_cVUbb_fYQbY_c 3_^SU`SY†^ ^_fYU]RbU TU

!(()

=_fY]YU^d_TU_RbUb_c @\QiQ2\Q^SQ ^_fYU]RbUTU

1^d_VQWQcdQ !(()

8eU\WQTU_RbUb_cTU\QVe^TYSY†^ 3_aeY]R_ TYSYU]RbUTU

²7eQiQSv^³ !(()

8eU\WQTU_RbUb_cTU\QS_^cdbeSSY†^ DQ\SQ3_^cdYdeSY†^ TYSYU]RbUTU

TU\Q\^UQTU\VUbb_SQbbY\ !(()

8eU\WQTU_RbUb_cTU\QS_^dbeSSY†^ DQ\dQ\ TYSYU]RbUTU

TU\Q\^UQV}bbUQTU\Q_VYSY^Q !(()
<QedQb_CQ^dQ<eYcQ

²=UUdY^WTU\QSQb^U³ 9aeYaeU #!TUU^Ub_TU

!()

8eU\WQTUSQbbUd_^Ub_cTU\Q`_\YSQ CQ^dYQW_ &TUVURbUb_TU

ebRQ^Q !()

8eU\WQci]Q^YVUcdQSY_^UcTU_RbUb_c DQ\SQ3_^cdYdeSY†^ !"Q\")TUQRbY\

TU\QS_^cdbeSSY†^TU\Q\^UQV}bbUQ TU!()

8eU\WQWU^UbQ\ DQbQ`QSv1^d_VQWQcdQ Ze\Y_TU!()

iFQ\`QbQc_

8eU\WQTUQRQcdUb_c AeY\\_dQ )TUZe\Y_TU!()

8eU\WQciQWYdQSY†^TUTYcdY^d_c CQ^dYQW_AeY\\_dQDQ\SQ Ze\Y_TU!()

cUSd_bUcTUdbQRQZQT_bUc i_dbQcSYeTQTUc

8eU\WQTU]QaeY^YcdQci]USv^YS_c FQ\`QbQc_ Ze\Y_TU!()

Y^W\UcUci_db_cUhdbQ^ZUb_c

8eU\WQTU_RbUb_cTUcQcdbUbQc CQ^dYQW_ Ze\Y_TU!()

8eU\WQTUZ_b^Q\Ub_c`_bdeQbY_c @YcQWeQ "i#TUcU`dYU]

RbUTU!()

%(%
 =?F9=95>D? <E71B 65381

@UdYSY†^TU\_c_RbUb_cTU\Q=QUc FQ\`QbQc_ !(TUcU`dYU]RbU

dbQ^jQTUVUbb_SQbbY\UcQ\@bUcYTU^dU TU !()
TU\QBU`‹R\YSQ

8eU\WQTU]QdQbYVUc CQ^dYQW_ _SdeRbUTU!()

8eU\WQTU\Q^SXUb_cTU\QRQXQ 3_^cdYdeSY†^ TYSYU]RbUTU

!()

6eU^dUc*@UbY†TYS_cY]`bUc_ciT_Se]U^d_cTUQbSXYf_cTU\Q}`_SQSYdQT_cQ\VY^Q\TUUcdU
\YRb_<Q]Qi_bQTU\_c]_fY]YU^d_c_SebbYT_cU^DQbQ`QSvXQ^cYT_d_]QT_cTU:e\Y_
@Y^d_FQ\\UZ_c14UcUbd3bQT\U*CdQdU6_bUYW^5^dbU`bU^UebcQ^TG_b[UbcY^3XY\Uµc5Qb\i>YdbQdU
!(' !() QTYccUbdQdY_^`bUcU^dUTd_dXUVQSe\di_VdXUWbQTeQdU_VIQ\UE^YfUbcYbiY^SQ^
TYTQSiV_bdXUTUWbUU_V4_Sd_b_V@XY\_c_`Xi>Ug8QfU^3_^^USdYSedIQ\UE^YfUbcYdi
!))!

3_]_aeUTQU^UfYTU^SYQXQcdQS_]YU^j_cTU!(((\QcXeU\WQcVeU
b_^`b_dQW_^YjQTQcUcU^SYQ\]U^dU`_b]Y^Ub_ci_RbUb_c`_bdeQbY_ccUS
d_bUcT_^TUQ]U^eT_°Uc`USYQ\]U^dUU^U\SQc_TU\_c`bY]Ub_c°\QV_b
]QTU`QW_]vcS_]‹^UbQ\QVYSXQ°cQ\QbY_U]YdYTQ`_b\Q`b_`YQS_]`Q
…QiSei_‹^YS_ec_`_cYR\UUbQcUbSQ]RYQTQ`_bQbdSe\_cTU`bY]UbQ
^USUcYTQTU^\Qc`e\`UbQcTU\Q]Yc]QU]`bUcQQ`bUSY_c^_d_bYQ]U^dU
]vcU\UfQT_caeUU^U\S_]UbSY_^_b]Q\ !&'&5^U\v]RYd_TU\Q]Y^UbQ
dQ^d_`_bceVbUSeU^SYQS_]_`_bcedU]`bQ^QQ`QbYSY†^\QcXeU\WQci
]_dY^UcTU\_cdbQRQZQT_bUcTU\QcWeQ^UbQciTU\QccQ\YdbUbQcdQbQ`QaeU
…QcVeUb_^\Qc`bY^SY`Q\Uc]Q^YVUcdQSY_^UcTUbURU\TQc_SYQ\TebQ^dU\Q
`bY]UbQ]YdQTTU\QT}SQTQTU!(( 5^\Q]Qi_bQTU\_cSQc_ccUdbQdQRQ
TU]_fY]YU^d_c]vcSUbSQ^_cQ\]_d^dbQTYSY_^Q\aeUQ\QXeU\WQ`b_
`YQ]U^dUdQ\iUh`bUcQRQ^Q]U^eT_TU]Q^UbQfY_\U^dQiTUc_bWQ^YjQ
TQ\Q`b_dUcdQ_RbUbQ`_bU\\_Wb_TUbUYfY^TYSQSY_^UccQ\QbYQ\Uci]UZ_
bUcS_^TYSY_^UcTUdbQRQZ_5bQ^]_fY]YU^d_cY^dUb]YdU^dUciVeWQSUc
aeU^_`QbUSU^XQRUbS_^dQT_S_^U\bUc`Q\T_TU_bWQ^YjQSY_^Uc!&''CY^

!&'&
5\UcdeTY_c_RbU\QVYSXQcQ\QbY_bUQ\YjQT_`_b=QbSU\_CUWQ\\TU]eUcdbQaeUUcdQ
V_b]Q`QbdYSe\Qb]U^dUY^TYW^QTUbU]e^UbQSY†^TU\QVeUbjQTUdbQRQZ_QVUSdQRQQfQcd_c
cUSd_bUcTUdbQRQZQT_bUc1\_c]Y^Ub_cU^`bY]Ub\eWQb`Ub_dQ]RY}^Q\_cSQ]`UcY^_ciQ
d_T_cQaeU\\_c\YWQT_cTYbUSdQ_Y^TYbUSdQ]U^dUQ\QUS_^_]Q]Y^UbQUh`_bdQT_bQS_]_
\_cV\UdUb_cUcdYRQT_bUc]e\Ub_cSQbbY\Q^_cV_W_^Ub_cSQ\TUbUb_ciXUbbUb_c=QbSU\_
CUWQ\\²2Y_WbQVQC_SYQ\TU\Q6YSXQCQ\QbY_³U^=Q`_SX_d_]_99>¡"CQ^dYQW_!)&$
`vWc)'!#!5\RY^_]Y_VYSXQcQ\QbY_`e\`UbQU^\QbUWY†^TU\cQ\YdbUXQcYT_UcdeTYQT_
`_bCUbWY_7_^jv\Uj=YbQ^TQ8_]RbUci]eZUbUcTU\Q`Q]`Q_`SYd`vWc'$(&
!&''
:e\Y_@Y^d_FQ\\UZ_c²<QSQ\TUbQTU\TUcYUbd_<_cdbQRQZQT_bUcTU\WeQ^_i\_c
Y^YSY_cTU\QSeUcdY†^c_SYQ\³U^@b_`_cYSY_^Uc>¡!)CQ^dYQW_Ze\Y_TU!)) `vWc!"#!$!
i²<QdbQ^cYSY†^\QR_bQ\³`vWc"!)""%

%(&
U]RQbW_U\QSSY_^QbTU\`U_^QZU]Y^Ub_dQ]RY}^S_]U^j†TebQ^dUUc_c
Q…_cQUh`UbY]U^dQbe^QdbQ^cYSY†^XQSYQV_b]Qc]vc]_TUb^QcTU`b_dUcdQ
c_SYQ\CUW‹^\__RcUbfQT_`_b:e\Y_@Y^d_*

5^e^S_]YU^j_cUQ`bUSYQe^S\Qb_`bUT_]Y^Y_TU
bUc`eUcdQcdbQTYSY_^Q\UcTUbURU\TQUc`_^dv^UQUY^TYfY
TeQ\U^dbU]UjS\QT_cS_^Y^dU^d_cTUVeWQXQSYQe^QUhYc
dU^SYQ]U^_cbUWY]U^dQTQ3_^U\S_bbUbTU\_cQ…_ccY^
U]RQbW_U]`YUjQ^Q`UbVY\QbcUQSSY_^UcTU_dbQ^QdebQ\U
jQ]vcU^bQYjQTQcU^ce^eUfQS_^TYSY†^\QR_bQ\ifYdQ\
CebWU^Qc\Qc`bY]UbQcXeU\WQcd_TQfQRQcdQ^dUUV]UbQc
iQ`QbU^dU]U^dUS_^`_SQ`\Q^YVYSQSY†^5\`_TUbU]`bU
cQbYQ\UcQ‹^TU]QcYQT_c†\YT_S_]_`QbQU^VbU^dvbcU\U
cYcdU]vdYSQ]U^dU!&'(

1`QbdYbTU!(((\QcXeU\WQc_RbUbQccUTUcQbb_\\Qb_^S_^e^QQcY
TeYTQTY^}TYdQU^\QcSYeTQTUcY^f_\eSbQ^T_e^QWbQ^fQbYUTQTTUcUS
d_bUc1TU]vcTU\_cdY`†WbQV_cV\UdUb_c\Q^SXUb_ciSYWQbbUb_c`QbQ
aeYU^UcUcdQV_b]QTU\eSXQ^_S_^cdYdeQe^Q^_fUTQTbUSebbYUb_^Q
U\\Q\_cVUbb_fYQbY_c`Q^YVYSQT_bUcSQbbUdUb_cS_SXUb_cdbQRQZQT_bUcTU
dbQ^fQc_RbUb_cSQbbY\Q^_ciTU_dbQc_RbQc`‹R\YSQc<_cS_^V\YSd_c]vc
Y]`_bdQ^dUcU^U\v]RYd_ebRQ^_°dQ^d_`_bceVbUSeU^SYQS_]_`_bcec
bU`UbSecY_^Uc°VeUb_^\_c`b_dQW_^YjQT_c`_b\_c_RbUb_c`_bdeQbY_c
dY`†WbQV_c`Q^YVYSQT_bUciVUbb_fYQbY_c
1dbQf}cTU\UcdeTY_TUQ\We^_cTUUcd_c]_fY]YU^d_cY^dU^dQbU
]_cUcdQR\USUbe^QdY`_\_WQTU\QcXeU\WQcTebQ^dU\QT}SQTQTU!(( 

"<Qc`bY^SY`Q\UcXeU\WQc

<QcbUYfY^TYSQSY_^UcTU\_cdbQRQZQT_bUc`_bdeQbY_cUh`bUcQRQ^\QTY
fUbcYTQT TU S_^TYSY_^Uc cUW‹^ \_c TYVUbU^dUc WbU]Y_c i bUWY_^Uc !&')
=YU^dbQc\QcTU]Q^TQcTU\_cZ_b^Q\Ub_cQ`e^dQRQ^Q\Qe]U^d_TUcQ\Q
bY_ciQce`QW_U^TY^Ub_\_cV\UdUb_c_\Q^SXUb_c°bU]e^UbQT_ccU
W‹^\QSQ^dYTQTTUdbQRQZ_bUQ\YjQT_°UhYWQ^\QbUfQ\_bYjQSY†^TU\`bU
SY_TUceccUbfYSY_c`QWQT_c`_bU\S_]UbSY_\_WbQ^T_QfUSUccecSYdQb
U\Q`_i_TU\_c`b_`YUdQbY_cTU\Q^SXQcQaeYU^UcS_^fU^QU\bUQZecdU
TU\dQbYVQT_S_]__SebbY†TebQ^dU\QXeU\WQTU\Q^SXUb_cTU\`eUbd_

!&'(
@Y^d_²<QdbQ^cYSY†^\QR_bQ\³_`SYd`vW"!)
!&')
@QbQU\SQc_dQbQ`QaeU…_S_^ce\dQb:e\Y_@Y^d_FQ\\UZ_c²5^U\SQ]Y^_TU\Q
]Q^S_]e^Q\*_bWQ^YjQSY_^Uc_RbUbQcU^\Q`b_fY^SYQTUDQbQ`QSv!(( !()%³U^3eQTUb
^_cTU8Ycd_bYQ>¡!$CQ^dYQW_TYSYU]RbUTU!))$`vWc(!!#%1WbQTUjS_Q\Qed_bU\XQ
RUb]UVQSY\YdQT_U\]Q^ecSbYd_Q^dUcTUce`eR\YSQSY†^

%('
TUFQ\`QbQc_U^]Qi_TU!(((Q\UhYWYbU\Q\jQTU\QcdQbYVQcU^`_bSU^dQZUc
aeU_cSY\QRQ^U^dbUU\##iU\% !&( 
CYUhSU`deQ]_cQ\_c]Y^Ub_c`_TU]_cS_^cdQdQbaeU\QcXeU\WQc
TUdbQRQZQT_bUc`_bdeQbY_ccYWeYUb_^cYU^T_\Qc]vcfY_\U^dQc5^U\SQc_
bUSY}^]U^SY_^QT_TU`Qb_TU\_c\Q^SXUb_caeUVeUQS_]`Q…QT_`_b
e^]_fY]YU^d_cY]Y\QbTUZ_b^Q\Ub_ciSQbbUdUb_c\_cXeU\WeYcdQcUZUb
SYUb_^`bUcY_^Ucc_RbU\_cdbQRQZQT_bUcaeUcU]Q^defYUb_^Q\]QbWU^
TU\S_^V\YSd_`b_TeSY}^T_cUY^SYTU^dUcQ`UTbQTQc\_aeU]_dYf†U\
QbbUcd_`_b`QbdUTU\Q`_\YSQTUQ\We^_cdbQRQZQT_bUcQSecQT_cTUQWbU
cY†^Q\_c^_XeU\WeYcdQc!&(!<QcUfUbYTQTS_^aeUUcdUdY`_TU]_fY]YU^
d_cUbQ^bU`bY]YT_c`_b\QcQed_bYTQTUccUbUV\UZ†U^\QTUSYcY†^TU\Q
ZecdYSYQ*\_cdbYRe^Q\UcS_^TU^Qb_^Q\_cTUdU^YT_cQcUcU^dQTQcTU`bY
cY†^iQ\`QW_TU$ TU]e\dQce]QS_^cYTUbQR\U`QbQU\R_\cY\\_TU\_c
\Q^SXUb_c!&("1`UcQbTU\QbU`bUcY†^iTU\_c]QWb_cbUce\dQT_c_RdU^Y
T_c\_cQe]U^d_cVeUb_^]eiY^VUbY_bUcQ\_c_\YSYdQT_UcdUS_^V\YSd_
cYbfY†TUTUd_^Q^dU`QbQ_db_caeUTQ^T_U^UfYTU^SYQaeUU\Qb]QTU\Q
XeU\WQUcdQRQcYU^T_QT_`dQTQS_^U^decYQc]_`_b^eUf_ccUW]U^d_c
TU\]e^T_TU\dbQRQZ_*QTU]vcTU\_cZ_b^Q\Ub_ciSQbbUdUb_cTUFQ\`QbQ
c_\_c\Q^SXUb_cTU\`eUbd_SQbR_^Ub_TU3_b_^U\S_]U^jQb_^e^`Qb_
TU\QR_bUcU\""TU\]Yc]_]Uc`QbQ`bUcY_^Qb`_bU\Qe]U^d_TUcQ\Q
bY_c!&(#
:e^d_Q\QcTU]Q^TQccQ\QbYQ\UccU]Q^dU^QU^Ucd_cWbU]Y_c\QTYc`_
cYSY†^TU\eSXQU^S_^dbQTU\QcQbRYdbQbYUTQTUcTU\_cZUVUc*U^cU`dYU]RbU
TU!(('\_cZ_b^Q\Ub_cTU\`eUbd_TU9aeYaeUc_cdefYUb_^e^Q`b_\_^WQTQ
XeU\WQ`QbQ\_WbQb\QTUcdYdeSY†^TU\S_]Q^TQ^dUTU\WbU]Y_QaeYU^QSecQ
RQ^TUdU^Ube^S_]`_bdQ]YU^d_QRecYf_iQbRYdbQbY_<Q]_dYfQSY†^`_b
S_^aeYcdQbe^dbQd_TYW^_`_TQcUbdQ^_]vcVeUbdUaeU\QcTU_bTU^UcdbYS
dQ]U^dUcQ\QbYQ\D_TQc\Qc]Q^Y_RbQcTU\QTYbUSSY†^TU\WbU]Y_iTU\Qc
Qed_bYTQTUc`b_fY^SYQ\UcVbQSQcQb_^VbU^dUQ\QVYb]UjQTU]_cdbQTQ`_b\_c
Z_b^Q\Ub_c5\!"TUcU`dYU]RbUU\9^dU^TU^dUTUSbUd†\Q\YRUbdQT`QbQU]
RQbSQbcQ\YdbUiTUcU]RQbSQbSQbR†^i\U…QS_^`Ubc_^QcUhdbQ…QcQ\WbU]Y_
CY^U]RQbW_\_cXeU\WeYcdQccU^UWQb_^Qf_\fUbQcecVQU^Qc5\S_]Q^TQ^
dUTU\WbU]Y_QRbY†e^bUWYcdb_°]QdbSe\Q`QbQbUU]`\QjQbQ\_cdbQRQZQT_
bUcU^`Qb_bUSebbYU^T_QWU^dUfU^YTQTU\QccQ\YdbUbQciTU`eUbd_ccYdeQ
T_c]vcQ\ceb<QV_b]QSY†^TUSeQTbY\\QcS_^^eUf_cU\U]U^d_c^_TY_\_c
bUce\dQT_cUc`UbQT_c*\QY^Uh`UbYU^SYQTU\_cb_]`UXeU\WQcS_^c`Yb†S_^
dbQUcdU`\Q^5\S_]Q^TQ^dUVeUcec`U^TYT_5\]_fY]YU^d_TU\_cZ_b^Q\U
b_cYaeYaeU…_cdef_e^TUcU^\QSUcQdYcVQSd_bY_!&($

!&(
²<QXeU\WQTU\_c\Q^SXUb_c³5\=UbSebY_FQ\`QbQc_")TU]Qi_TU!(((
!&(!
²<_c\Q^SXUb_ci\Q`_\YSQ³5\=UbSebY_FQ\`QbQc_# TU]Qi_TU!(((
!&("
²3QbYd_\UcSeUcdQ³5\6Ubb_SQbbY\CQ^dYQW_!TUZe^Y_TU!(((
!&(#
5\9^TU`U^TYU^dUCQ^dYQW_# TU]Qi_TU!(((
!&($
2>C=3_bbUc`_^TU^SYQQ:_c}=Q^eU\2Q\]QSUTQd_]_9!((#!(('5c`UTYU^
dUc_RbU\QXeU\WQTU9aeYaeU`YUjQc#(R$(cV

%((
 <_cdY`†WbQV_ccYWeYUb_^cYU^T_e^_TU\_cWbU]Y_cTUdbQRQZQT_bUc
SQ\YVYSQT_c]UZ_b_bWQ^YjQT_c*QVY^UcTU\_cQ…_c_SXU^dQS_^dQRQ^S_^
]edeQ\UcU^CQ^dYQW_FQ\`QbQc_9aeYaeUi3_^SU`SY†^aeUS_]RY^Q
RQ^°S_]_iQ\_XQRQ^XUSX_\QcT_c`bY]UbQcTebQ^dU\QT}SQTQQ^dU
bY_b°\QcQSdYfYTQTUc^UdQ]U^dU]edeQ\YcdQcS_^QaeU\\QcTUSQbvSdUbbUY
fY^TYSQdYf_<QcXeU\WQci`UdYSY_^UcTU\_cdY`†WbQV_cY^S\eQ^dQ^d_\Q
TUVU^cQTU\`bUSY_TU\Q]Q^_TU_RbQS_]_U\]UZ_bQ]YU^d_TU\QcS_^
TYSY_^UcTUdbQRQZ_cYU^T_UcdU‹\dY]_e^U\U]U^d_bU\QdYfQ]U^dU^eU
f_U^\QcTU]Q^TQc_RbUbQc1\]Yc]_dYU]`_\_cWbU]Y_cTUdY`†WbQV_c
\_WbQb_^TUcQbb_\\QbTebQ^dUUc_cQ…_ce^Q\d_^YfU\TUS__bTY^QSY†^i
TUc_\YTQbYTQTU^dbUdbQRQZQT_bUcTUTYfUbcQcU]`bUcQciXQcdQTUTYcdY^
dQcSYeTQTUcS_]_QS_^dUSY†TebQ^dU\_cT_c`bY^SY`Q\UcS_^V\YSd_cTU\_c
Q…_c_SXU^dQ
1VY^UcTUQW_cd_TU!(($S_]U^j†U^\QSQ`YdQ\e^]_fY]YU^d_
bUYfY^TYSQdYf_TU\_cdY`†WbQV_caeUcUdbQ^cV_b]†U^XeU\WQQS_]YU^
j_cTUcU`dYU]RbU5\_RZUdYf_UbQ\Qce`bUcY†^TU\dbQRQZ_^_Sdeb^_i
T_]Y^YSQ\!&(%<QTU]Q^TQVeUbv`YTQ]U^dUQSU`dQTQ`_b\_cTeU…_c
TU\Qc`bY^SY`Q\UcY]`bU^dQcTU\QSYeTQTC†\_U\`b_`YUdQbY_TU5\6U
bb_SQbbY\QT_`d†e^QQSdYdeTY^dbQ^cYWU^dU`b_f_SQ^T_\Q`b_\_^WQSY†^
TU\`Qb_U^ceU]`bUcQ<Qc_\YTQbYTQTTU\WbU]Y_cUUh`bUc†S_^`b_^
dYdeTc_RbUd_T_U^FQ\`QbQc_T_^TU\QC_SYUTQTDY`_WbvVYSQ_bWQ^Yj†
U\'TUcU`dYU]RbUe^]UUdY^WTUQ`_i_TebQ^dUU\SeQ\]vcTUcUdU^dQ
dY`†WbQV_ccUS_]`b_]UdYUb_^`_bUcSbYd_Q^_YbQdbQRQZQbQCQ^dYQW_
]YU^dbQcTebQbQ\QXeU\WQiQbUS_WUbVYb]QciV_^T_c`QbQcecS_]`Q
…Ub_cTU\QSQ`YdQ\ !&(&
1]UTYQT_cTUZe\Y_TU!(((°]Uc`QbdYSe\Qb]U^dUbYS_U^S_^V\YS
d_c\QR_bQ\Uc°\_cdY`†WbQV_ccQ^dYQWeY^_c°Q\YWeQ\aeUcecS_\UWQci\_c
fU^TUT_bUcTU\TYQbY_5\=UbSebY_TUFQ\`QbQc_°cUTUS\QbQb_^U^XeU\
WQ5\]_fY]YU^d_UcdQ\\†U^\QY]`bU^dQTU\TYQbY_5\6Ubb_SQbbY\`Ub_
QTaeYbY†]vcVeUbjQU^\_c`UbY†TYS_c<Q<YRUbdQT5\USd_bQ\5\9^TU`U^TYU^
dU<QDbYRe^Qi<Qr`_SQ5^d_T_cU\\_ccU\UfQ^d†S_]_bUYfY^TYSQSY†^
S_]‹^e^Qe]U^d_TU\cQ\QbY_TU"%Q# SU^dQf_c`_b]Y\\UdbQcS_]
`eUcdQc5^\_cTYQbY_cTU\Q]Q…Q^QUcd_UcY]`bUc_cU^\Q^_SXUUhY

!&(%
²5\WbU]Y_TUdY`†WbQV_cYcefUbTeW_³<QBQj†^CQ^dYQW_#TUcU`dYU]RbUTU
!(($+²1\_cdY`†WbQV_cTU3XY\U³<QBQj†^CQ^dYQW_$TUcU`dYU]RbUTU!(($
!&(&
²<_cdY`†WbQV_cTUFQ\`QbQc_³i²=UUddY^W³KcYSM<QBQj†^CQ^dYQW_(TUcU`
dYU]RbUTU!(($+²<_cdY`†WbQV_cTUFQ\`QbQc_Q^eUcdb_cS_]`Q…Ub_cTUCQ^dYQW_³<Q
BQj†^CQ^dYQW_!"TUcU`dYU]RbUTU!(($5\]_fY]YU^d_def_Q]`\YQbUc_^Q^SYQ:eQ^
BQVQU\1\\U^TU`Ubc_^Q\YTQTTU`b_^e^SYQTQdU^TU^SYQ\YRUbQ\iQ^dYS\UbYSQ\Uh`bUc†Q
dbQf}cTU\QcS_\e]^QcTUce`UbY†TYS_e^Q`_cYSY†^TUc_\YTQbYTQTS_^\_cdY`†WbQV_c
²2ecSQ^T_\Q\YRUbdQT³5\@QTbU3_R_cCQ^dYQW_"#TUQW_cd_TU!(($CeceSUc_bU^UcU
]UTY_TU`bU^cQU\dY`†WbQV_]edeQ\YcdQ2eU^QfU^debQ=_bv^S_^dY^e†Q`_iQ^T_U\
]_fY]YU^d_bUYfY^TYSQdYf_²=Y_`Y^Y†^³5\@QTbU3_R_cCQ^dYQW_!!TUcU`dYU]RbUTU
!(($

%()
WYUb_^e^$ TUQe]U^d_iU^\_cTU\QdQbTU" !&('<_c`Qdb_^Uc_VbU
SYUb_^\Q]YdQTic†\_U\! i%bUc`USdYfQ]U^dUQQaeU\\_caeU^_dbQRQ
ZQRQ^d_T_c\_cTQcTU\QcU]Q^Q<_cXeU\WeYcdQc`b_`ecYUb_^S_]_c_\e
SY†^TUS_]`b_]Yc_e^Qe]U^d_TU\" `QbQd_T_dY`_TUdbQRQZ_ci`QbQ
d_T_c\_c_RbUb_c1\cUbbUSXQjQTQUcdQ_VUbdQSUcQb_^cec\QR_bUcU\!&TU
Ze\Y_<_cXeU\WeYcdQcV_b]Qb_^`YaeUdUc`QbQX_cdYWQbQ\Q]Y^_bQaeUS_^
dY^e†\QR_bQ^T_UY]`UTYb\U\QU^dbQTQQ\QcY]`bU^dQc<_cU]`bUcQbY_c
bUc`_^TYUb_^Q\_ZQ^T_iQ\Y]U^dQ^T_U^U\cYdY_TUdbQRQZ_Q\`Ubc_^Q\^_
XeU\WeYcdQ`QbQU\eTYb\QQSSY†^TUR_YS_dQ\QU^dbQTQicQ\YTQTU\QcVQU^Qc
DQ]RY}^bUS\edQb_^dY`†WbQV_cU^_dbQcSYeTQTUc@Ub_\_cdbQRQZQT_bUcTU
\Qc`_SQcY]`bU^dQcSei_c`b_`YUdQbY_cQSSUTYUb_^bv`YTQ]U^dUQ\Qc`UdY
SY_^UcTU]UZ_bQccQ\QbYQ\UcedY\YjQb_^\_cbUSebc_cbUSY}^S_^aeYcdQT_c
`QbQQieTQbQcecS_]`Q…Ub_caeUS_^dY^eQRQ^U^XeU\WQ!&((
<_c_RbUb_c`Q^YVYSQT_bUcS_]U^jQb_^QTUcQbb_\\QbVbUSeU^dUcQSSY_
^UcbUYfY^TYSQdYfQcQ`_iQT_c`_bXeU\WQcXQSYQVY^UcTU\QT}SQTQTU!(( 
DQ^c†\_U^dbUZe^Y_icU`dYU]RbUTU!(((XU]_cS_^dQRY\YjQT_SY^S_]_fY
]YU^d_cU^TYVUbU^dUcSYeTQTUc!&()`bUVYWebQ^T_\QWbQ^SQ`QSYTQTTU\e
SXQaeUU\WbU]Y_S_]U^j†Q]Q^YVUcdQbQ`QbdYbTU\QXeU\WQWU^UbQ\TU
!() 
<QS_]RQdYfYTQTTU\_c`Q^YVYSQT_bUcUbQUcdY]e\QTQ`_b\_cRQZ_c
cQ\QbY_ci\Qc\QbWecY]QcZ_b^QTQcTUT_SUaeY^SUiXQcdQTYUSYcYUdUX_bQc
TUdbQRQZ_Y^S\eiU^T_deb^_cTU^_SXU<_c`Qdb_^Uc\_WbQb_^Y]`UTYb
TebQ^dU]eSX_dYU]`_SeQ\aeYUbV_b]QTU_bWQ^YjQSY†^iTU`b_dUcdQTU
Ucd_cdbQRQZQT_bUcS_^dQ^T_`QbQU\\_S_^U\Q`_i_TU\QcQed_bYTQTUc4U
UcdQceUbdUSeQ^T_\_c_RbUb_cTU\Q`Q^QTUbQ1efbQTFY\\Q\†^i=QVVUd
TU\QSQ`YdQ\cUTUS\QbQb_^U^XeU\WQU\!!TU]Qbj_TU!((#\_c`b_`YUdQ
bY_cUfYdQb_^\QcS_^fUbcQSY_^UcicU\Y]YdQb_^QS_^TeSYbQ\_cXeU\WeYcdQc
Q\QS_]YcQbQTU`_\YSQT_^TUVeUb_^QbbUcdQT_c !&) >__RcdQ^dUQ`U
cQbTU\QY^dbQ^cYWU^SYQ`Qdb_^Q\XQSYQVY^UcTU\Q]Yc]QT}SQTQ\QcbUY
fY^TYSQSY_^UcTU\_c_RbUb_c`Q^YVYSQT_bUcUbQ^Y^S_^dU^YR\UciQe^aeU
\Q`bY]UbQbUQSSY†^TU\_cU]`bUcQbY_cUbQY^dU^dQbaeURbQb\QcXeU\WQc
]UTYQ^dU\QbU`bUcY†^ceUhdU^cY†^Q^e]Ub_cQc`Q^QTUbQc°QfUSUcQ
d_T_c\_cUcdQR\USY]YU^d_cTU\W}^Ub_TUe^QSYeTQT°XQSQ`_S_fYQR\U
UcdUdY`_TUc_\eSY†^6eU\_aeU_SebbY†U^!(((<QXeU\WQTU\_c`Q^YVY
SQT_bUcTUCQ^dYQW_S_]U^j†U\%TUZe\Y_S_^\Q`bUcU^dQSY†^TUe^Q
`UdYSY†^Q\_cTeU…_cTU`Q^QTUbQc5\T_Se]U^d_TU\_c`b_\UdQbY_cQ^
dUcTUV_b]e\Qb\QcbUYfY^TYSQSY_^UcTU\WbU]Y_Uh`_^Q\QcSQecQcTUce

!&('
²8eU\WQTUdY`†WbQV_c³5\6Ubb_SQbbY\CQ^dYQW_!'TUZe\Y_TU!(((i!)TUZe\Y_
TU!(((+²8eU\WQTUdY`†WbQV_c³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_!'TUZe\Y_TU!(((+5\
=UbSebY_FQ\`QbQc_"!TUZe\Y_TU!(((
!&((
5\=UbSebY_FQ\`QbQc_"!TUZe\Y_TU!(((
!&()
FUbSeQTb_>¡"!
!&)
5\6Ubb_SQbbY\CQ^dYQW_!"TU]Qbj_TU!((#

%)
]Q\UcdQb*U\`b_iUSd_TU\Ui`bUcU^dQT_Q\3_^WbUc_>QSY_^Q\TUcdY^QT_Q
VYZQbe^Y]`eUcd_Q\WQ^QT_UhdbQ^ZUb_Y]`_bdQT_\_aeUdbQUbQS_]_
S_^cUSeU^SYQTYbUSdQU\Qe]U^d_TU\`bUSY_TU\QSQb^UU\dbY`\UcUW‹^
\_cSv\Se\_cTU\_c_RbUb_cUY^TYbUSdQ]U^dUU\Q\jQTUd_T_c\_c`bUSY_c
TU\_c`b_TeSd_cQ\Y]U^dYSY_c+\QdQcQTUSQ]RY_TUcVQf_bQR\UaeUbUSQQ
c_RbU\_cS_^ce]YT_bUc`_RbUccY^aeUU\W_RYUb^_d_]QbQ]UTYTQcUVYSQ
SUc`QbQS_bbUWYbUcdQcYdeQSY†^+U\]Q^dU^Y]YU^d_TU\Sebc_V_bj_c_TU\
`Q`U\]_^UTQ+\QcUhdU^eQ^dUcZ_b^QTQcTUTYUSYcYUdUX_bQcTUdbQRQZ_Te
bQ^dUdbUcSYU^d_ccUcU^dQiSY^S_TQcQ\Q…_Ucd_UccY^TUcSQ^c_T_]Y^Y
SQ\i\Qc]e\dQcY]`eUcdQc`_bQecU^dYc]_\QR_bQ\UaeYfQ\U^dUcQ\T_R\U
TU\_ccQ\QbY_cU^SQc_TUQecU^SYQQ\dbQRQZ_ !&)!
<Q`UdYSY†^_RbUbQ]UjS\QRQU^cecaeUZQc\_c]Q\UcUc`USVYS_cTU\
WbU]Y_S_^\_caeUUbQ^S_]e^UcQd_T_U\`eUR\_dbQRQZQT_b6U^†]U
^_]vcY^dUbUcQ^dUQ‹^cYcUd_]QU^SeU^dQaeUU\WbU]Y_^_dU^QdbQ
TYSY†^TU_bWQ^YjQSY†^U^]edeQ\Uc_U^_db_dY`_TUQc_SYQSY_^Uc@QbQ
`Q\YQbUcdQSQbU^SYQ\_c_`UbQbY_c`Q^YVYSQT_bUcTU\QSQ`YdQ\cUTYUb_^U^
QaeU\\Q_SQcY†^e^QS__bTY^QSY†^S_]`eUcdQTU_SX_`Ubc_^Qc!&)"aeU
`bUcU^d†Q^_]RbUTUcecS_]`Q…Ub_c\QcTU]Q^TQcQ\_c`Qdb_^Uc*\Y]Y
dQSY†^TU\QZ_b^QTQ\QR_bQ\QT_SUX_bQcQe]U^d_TUcQ\QbY_cU^e^% 
U\Y]Y^QSY†^²QRc_\edQUY^S_^TYSY_^Q\³TU\Qc]e\dQc`_bQecU^SYQcQ\dbQ
RQZ_ce`bUcY†^TU\dbQRQZ_T_]Y^YSQ\i`QW_TUcQ\QbY_c`_bcU]Q^QcTU
cUYcTQcU\T_]Y^W_U^\Q]Q…Q^Q !&)#
5\Uc`bYdeTU\eSXQTU\_c`Q^YVYSQT_bUccUbUSQ\SQRQU^\QTUSYcY†^
TUSUcQb\QcVQU^QcU\]Yc]_TQiXQcdQaeU\Q]Qi_bQTU\_cU]`bUcQbY_c
^_QSU`dQbQ^cecS_^TYSY_^UcDQ]RY}^QS_bTQb_^*²3_]`b_]UdUbcU
RQZ_\QVUTU\X_^_biU^^_]RbUTUcecXYZ_cQ]Q^dU^UbUcd_cQSeUbT_c
cY^aeU^Y^We^_`eUTQQT]YdYbdbQRQZ_U^_dbQcS_^TYSY_^UcaeU\QcQS_b
TQTQcRQZ_\Q`U^QTUcUbS_^cYTUbQT_dbQYT_bKM³ !&)$
<QXeU\WQcUXYj_UVUSdYfQY^]UTYQdQ]U^dUU^\QcSeQbU^dQiT_c
`Q^QTUbQcTU\QSQ`YdQ\<Q`bY]UbQbUQSSY†^TU\_c`Qdb_^UciTU\QcQe
d_bYTQTUcVeUdbQdQbTUaeURbQbU\]_fY]YU^d_]UTYQ^dU\QbU`bUcY†^1\
cUWe^T_TQ5\5cdQ^TQbdU3Qd†\YS_TQRQSeU^dQTU\QQSdYdeTTU\QcQed_
bYTQTUc U^ d}b]Y^_c aeU ^_ TUZQRQ^ TeTQc QSUbSQ TU ce f_\e^dQT TU
Q`\QcdQb\Q`b_dUcdQ_RbUbQ*²<Q`_\YSQXQQ`bUXU^TYT_Q]eSX_cTU\_c
`Q^QTUb_cTUS\QbQT_cU^XeU\WQ8Qi_bTU^UcdbYSdQTUd_]Qb\_cQd_T_c
icYUc`_cYR\U_R\YWQb\_c^eUfQ]U^dUQdbQRQZQb³ !&)%

!&)!
²8eU\WQTU\_c`Q^QTUb_c³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_&TUZe\Y_TU!(((+
²>_dYSYQcTYfUbcQc³<Q4YcSecY†^3XY\\v^&TUZe\Y_TU!(((
!&)"
Cec]YU]Rb_cVeUb_^*4Q^YU\7QbQi2Q\T_]Ub_:QbQB_cQ\Y^_FY\\QcUSQ5TeQb
T_7_^jv\Uj4Ub]Y^Y_D_b_:_c}CQ^d_c@bYUd_7U^Qb_7QZQbT_iDU_T_b_FU\QcS_5\
fYQ?`SYd
!&)#
²8eU\WQTU\_c`Q^QTUb_c³_`SYd
!&)$
?`SYd
!&)%
²@bYcY†^TU\_c`Q^QTUb_c³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_&TUZe\Y_TU!(((

%)!
 CY^U]RQbW_\QVeUbjQTU\]_fY]YU^d__R\YW†Q\QcQed_bYTQTUcQSUcQb
\QbU`bUcY†^iQ\_cU]`bUcQbY_cQ^UW_SYQbS_^cecdbQRQZQT_bUc5\&TUZe\Y_
U\QR_WQT_1fU\Y^_3_^dQbT_TYbYWU^dUTU\@QbdYT_4U]_SbvdYS__Rdef_aeU
U\ZeUj_bTU^QbQ\Q\YRUbQSY†^TUfUY^dYSY^S__RbUb_cTUdU^YT_cU\TQQ^dU
bY_b!&)&5\'TUZe\Y_cUbUe^YUb_^SY^S_bU`bUcU^dQ^dUcTUSQTQ`QbdUS_^
=Q\QaeQc3_^SXQcUSbUdQbY_TU\@QbdYT_4U]_SbvdYS_TUcYW^QT_]UTYQT_b
`_bQSeUbT_S_]‹^5\QfU^Y]YU^d_Q\SQ^jQT_cQdYcVYj_e^QReU^Q`QbdUTU
\QcbUYfY^TYSQSY_^UcTU\_cdbQRQZQT_bUcCec`bY^SY`Q\Uc`e^d_cUcdY`e\Q
b_^e^bUQZecdUcQ\QbYQ\TU"%+\Qce`bUcY†^TU\Qc]e\dQc`_bQecU^dYc]_
\QR_bQ\iceceRcdYdeSY†^`_be^QS_^dbYReSY†^TU% SU^dQf_caeUTURQ^
cUb`QWQT_cQ\_RbUb_bUU]`\QjQ^dUQ]UTYQc`_b\_c`Qdb_^UciU\dbQRQZQT_b
QecU^dU+U\UcdQR\USY]YU^d_TUe^QSQZQTUQX_bb_`QbQ\_c_RbUb_c`Q^YVYSQ
T_bUcS_^V_^T_cTU`_cYdQT_cSQTQcU]Q^Q`_bQ]RQc`QbdUcQVY^TUSeRbYb
\_cWQcd_cTUQecU^SYQciS_^cdYdeYbe^`UaeU…_SQ`YdQ\+\QU\Y]Y^QSY†^TU\
dbQRQZ_T_]Y^YSQ\i\QSbUQSY†^TUe^QSv]QbQTUS_^SY\YQSY†^`QbQQbRYdbQb
\_cS_^V\YSd_cU^dbUSQ`YdQ\YcdQcidbQRQZQT_bUc_U^dbU\_c`b_`Y_c_RbUb_c!&)'
<QQcQ]R\UQTU\_cY^TecdbYQ\UcbUe^YTQU\]Yc]_TQbQdYVYS†\_cQSeUbT_ci
d_]†_dbQc]UTYTQcTUcdY^QTQcQS_^db_\QbceQ`\YSQSY†^i`Q\YQbcecUVUSd_c
US_^†]YS_c<Qc]vcY]`_bdQ^dUc`_bcebU`UbSecY†^c_RbU\_cS_^ce]YT_
bUcVeUb_^U\d}b]Y^_TU\QTYcdbYReSY†^TU`Q^QT_]YSY\Y_]UTYQ^dUSQbbU
dQci\QVYZQSY†^TU`bUSY_S_]‹^iTUe^`Uc_]vhY]_`_bSQTQ`Q^\_aeU
UaeYfQ\QQe^QbUTeSSY†^TUce`Uc__cUQe^QQ\jQTU`bUSY_!&)(
5\}hYd__RdU^YT_`_b\_c_RbUb_c`Q^YVYSQT_bUcTU\QSQ`YdQ\QieT†
Q\TUcQbb_\\_TU]_fY]YU^d_ccY]Y\QbUcU^FQ\`QbQc_DQ\SQ3_^SU`SY†^
i_dbQcSYeTQTUc1\_c`_S_cTQcTU\QSeUbT_VYb]QT_U^CQ^dYQW_\_c
_`UbQbY_cTU\Qc`Q^QTUbQcTUFQ\`QbQc_`bUcU^dQb_^e^`\YUW_TU]Q^
TQ^T_Qe]U^d_ccQ\QbYQ\UcTU% iU\d}b]Y^_TU\dbQRQZ_T_]Y^YSQ\!&))
5\bUQZecdUTUbU]e^UbQSY_^UcVeUQSU`dQT_TUY^]UTYQd_`_b\_cU]`bU
cQbY_caeUUc`UbQRQ^`_TUbbUcQbSYbcUTUUcdQ`}bTYTQ]UTYQ^dUe^Q\jQ
TU\_c`bUSY_cie^QbUTeSSY†^TU\`Uc_TU\`Q^<Qce`bUcY†^TU\dbQRQZ_
T_]Y^YSQ\VeUbUSXQjQTQ\_aeU`b_f_S†U\UcdQ\\YT_TU\QXeU\WQ<_c
`Qdb_^Uc bUc`_^TYUb_^ S_^dbQdQ^T_ dbQRQZQT_bUc TU _dbQc SYeTQTUc i
TUc`YTYU^T_Q\_cXeU\WeYcdQc!' 
5^DQ\SQ\_c_`UbQbY_cTU\]Yc]_WbU]Y_cUbUe^YUb_^U\!!TUZe
\Y_iQS_bTQb_^^_dbQRQZQb]YU^dbQc\_cU]`\UQT_bUc^_bUc`_^TYUbQ^TU
]Q^UbQcQdYcVQSd_bYQQcecbUYfY^TYSQSY_^UcTU]UZ_bQccQ\QbYQ\UciTU`QW_

!&)&
²<_c`Q^QTUb_cU^\YRUbdQT³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_'TUZe\Y_TU!(((
!&)'
²1bbUW\_U^dbU\_cTeU…_cTU`Q^QTUbQicec_`UbQbY_c³5\6Ubb_SQbbY\CQ^dYQW_
(TUZe\Y_TU!(((+<Q4YcSecY†^3XY\\v^! TUZe\Y_TU!(((
!&)(
9RYT+²5\`Q^³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_!!TUZe\Y_TU!(((
!&))
5\=UbSebY_FQ\`QbQc_!$i!(TUZe\Y_TU!(((
!'
²<QXeU\WQTU\_c`Q^QTUb_c³5\6Ubb_SQbbY\CQ^dYQW_"!TUZe\Y_TU!(((

%)"
cU]Q^Q\<QQSdYdeTS_^SY\YQT_bQTU\_cU]`bUcQbY_cS_^dbYRei†QQS_bdQbce
TebQSY†^_RdU^Y}^T_cUe^bUQZecdUcQ\QbYQ\TU\! \QUhU^SY†^TU\dbQRQ
Z_T_]Y^YSQ\iU\`QW_`_bTQcS_bbYT_c !' !
@_S_TUc`e}cQVY^UcTUQW_cd_TU!(((\_cdbQRQZQT_bUc`Q^YVYSQT_
bUcTU3_^SU`SY†^cU`ecYUb_^U^]_fY]YU^d_`bUcU^dQ^T_e^QcUbYUTU
TU]Q^TQcQcec`Qdb_^Uc<QUh`_cYSY†^TUcec]_dYfQSY_^UcUbQ]eicU]U
ZQ^dUQ\QTUcecS_]`Q…Ub_cTU\QSQ`YdQ\*WbQ^TUcQ\jQcTU\_cQbdSe\_cTU
`bY]UbQ^USUcYTQTTUcfQ\_bYjQSY†^TU\_ccQ\QbY_c`_bSe\`QTU\QRQZQTU\
SQ]RY_`}bTYTQTU`_TUbTUS_]`bQ5^S_^cUSeU^SYQ`UTQ^aeUU\cQ\Q
bY_TU\_c_RbUb_cVeUcUVYZQT_U^##iaeUU\TU\_c]QUcdb_cTUX_b^_ciU\
TU\_c_`UbQbY_caeUVQRbYSQRQ^U\`Q^²SXY\U^_³Qe]U^dQbQU^\Q]Yc]Q
`b_`_bSY†^1\]Yc]_dYU]`_^_]RbQb_^S_]_bU`bUcU^dQ^dUQD_]vc
B_c?fQ\\U`bUcYTU^dUTU\QQWbe`QSY†^\_SQ\TU\@QbdYT_4U]_SbvdYS_`QbQ
aeUcUU^SQbWQbQTUTYcSedYbS_^\_cU]`bUcQbY_c\QSeUcdY†^TU\Qc]e\dQc
`_bQecU^SYQcQ\dbQRQZ_i_db_c`b_R\U]Qc<Q`UdYSY†^VYZ†U\# TUQW_cd_
S_]_`\Qj_]vhY]_`QbQ_RdU^Ube^QS_^dUcdQSY†^cQdYcVQSd_bYQ<QbUc
`eUcdQTU\_cY^TecdbYQ\Uc`Q^QTUb_cVeUU^}bWYSQiS__bTY^QTQ*\_ccQ\Q
bY_cTU\_c_`UbQbY_caeUVQRbYSQRQ^U\`Q^²VbQ^S}c³cUbQ^X_]_WU^UYjQ
T_cQ`QbdYbTU\!TUcU`dYU]RbU`bUSYcQ^T_aeUU^^Y^W‹^SQc_}cd_cc_
RbU`QcQbQ^\_c# ]U^ceQ\Uc+\Qc]e\dQcVeUb_^VYZQTQcU^!% `_bSQTQ
^_SXUTUY^QcYcdU^SYQQ\dbQRQZ_iU^% SU^dQf_c`_b\_cTUVUSd_cU^\QVQ
RbYSQSY†^TU\Q]QcQ<_c`Qdb_^UccUS_]`b_]UdYUb_^Q^_S_^dbQdQb_`U
bQbY_cTU_db_cU]`bUcQbY_c]YU^dbQc}cd_c^_`bUcU^dQbQ^e^SUbdYVYSQT_
TUcec‹\dY]_cU]`\UQT_bUcDQ]RY}^VYZQb_^^eUf_c`bUSY_ci`Uc_c`QbQ
U\`Q^`b_XYRYUb_^\Qc²iQ`Qc³iU\bUSYR__SQ]RY_TU`Q^Vb_aeU\_cbU
`QbdYT_bUcUVUSdeQRQ^S_^VbUSeU^SYQiUcdQR\USYUb_^e^Q]e\dQTU"
U^RU^UVYSY_TU\X_c`YdQ\TUSQbYTQTTU\QSYeTQTU^SQc_TUY^VbQSSY†^Q
Ucd_cQSeUbT_c!' "
1cVbU^dUQ\Q_\UQTQbUYfY^TYSQdYfQTUcec_RbUb_c\_cU]`bUcQbY_c
`Q^QTUb_c`bU`QbQRQ^bUc`eUcdQcS_^SUbdQTQc\\Q]Q^T_U^SQc_TU^U
SUcYTQTQ\QcVeUbjQcTU\_bTU^`QbQQ`\QcdQbdQ\Uc]_fY]YU^d_c5c\_aeU
QS_^dUSY†U\#TUcU`dYU]RbUTU!(((U^<QCUbU^QQ\UcdQ\\Qbe^QXeU\
WQTU\_c_`UbQbY_c`Q^YVYSQT_bUc*\_c`Qdb_^UcbUSebbYUb_^Q\Q`_\YSQ
aeU`ec_X_]RbUcTUcecVY\Qc`QbQbUU]`\QjQbQ\_cXeU\WeYcdQc !' #
4UUcdQcUbYUTUXeU\WQccQ\YUb_^\_cW}b]U^UcTUe^WbU]Y_aeUcU

!' !
²8eU\WQTU\_c`Q^QTUb_cU^DQ\SQ³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_!$TUZe\Y_
TU!(((+<Q4YcSecY†^3XY\\v^!#TUZe\Y_TU!(((F}QcUdQ]RY}^5\8UbQ\T_!"TUZe\Y_
TU!(((SYdQT_`_b9b]Q3QbbQcS_DQ`YQi@UTb_=_\Y^Q<UdU\YUb3_^TYSY_^UcTUfYTQiS_^
TeSdQc_SYQ\TU\`b_\UdQbYQT_Y^TecdbYQ\TUDQ\SQ!('%!)"!dUcYc`QbQ_`dQbQ\WbQT_TU<YSU^
SYQdebQU^5TeSQSY†^U^8Ycd_bYQi7U_WbQVQDQ\SQE^YfUbcYTQTTUDQ\SQ6QSe\dQTTU
5cdeTY_c7U^UbQ\Uc4U`QbdQ]U^d_TU8Ycd_bYQi7U_WbQVQ!)()`vW" 
!' "
<Q4YcSecY†^3XY\\v^# TUQW_cd_TU!(((
!' #
²<QXeU\WQTU`Q^QTUb_c³<QBUV_b]Q<QCUbU^Q&TUcU`dYU]RbUTU!(((

%)#
SQbQSdUbYjQbQU^\QcT}SQTQccYWeYU^dUc`_bceS_]RQdYfYTQTibQTYSQ\Yc]_
6bU^dUQ\QUhdU^cY†^]QcYfQTU\_cS_^V\YSd_c\_cTeU…_cTU`Q^QTUbQc^_
bU^e^SYQRQ^Q\Qc`bUcY_^UcUhdbQUS_^†]YSQc°S_]_U\U]`\U_TU`_\YSQc
`QbQbU`bY]YbiQcUWebQb\QS_^dY^eYTQTTU\Q`b_TeSSY†^°cY^U]RQbW_\Q
edY\YjQSY†^TU]}d_T_c`ebQ]U^dUbU`bUcYf_c^_`eT_QSQ\\QbU\TUcS_^
dU^d_@QbQ\_c_RbUb_cUcdQc`bY]UbQc\eSXQcS_b_^QTQcS_^Q\We^_c}hYd_c
`QbSYQ\UcVeUb_^e^Y^SU^dYf_`QbQTQbcUV_b]QcTU_bWQ^YjQSY†^`Ub]Q
^U^dU\_aeUS_]U^j†QS_^SbUdQbcUU^Q\We^QcSYeTQTUcXQSYQVY^UcTU\
`Ub_T_UcdeTYQT_
1`QbdYbTU\]Yc]_Q…_!(((°Q…_TU\QUS\_cY†^TU\QXeU\WQ_RbU
bQU^3XY\U°\_cdbQRQZQT_bUcVUbb_fYQbY_ciSQbbY\Q^_cYbbe]`YUb_^S_^VeUb
jQU^\QUcSU^Qc_SYQ\
<_c]_fY]YU^d_cTUSQbbY\Q^_c^_UbQ^^eUf_c4UcTU\_c`bY]Ub_c
dYU]`_cTU\QS_^cdbeSSY†^TU\^UQcV}bbUQcXQRQ^TUcQbb_\\QT_QSSY_
^UcRQcdQ^dUfY_\U^dQcUh`\_cY_^UcTUbQRYQcY]Y\QbUcQ\QcTU\_c]Y^Ub_c
iQ]U^eT_Ze^d_QU\\_ccecSYdQ^T_\QTUcS_^VYQ^jQiQdU^dQfYWY\Q^SYQ
TU\QcQed_bYTQTUcaeUS_^cYTUbQRQ^ce`bUcU^SYQS_]_VeU^dUTU`b_
R\U]QciTUQWYdQSY†^
1S_]YU^j_cTUcU`dYU]RbUTU!(((cU`b_TeZ_e^_TUUcd_c]_fY
]YU^d_cU^U\`eUR\_]Y^Ub_TU<_dQ<QSXYc`Q`bU^TY†`bY]Ub_U^dbU
\_c]Y^Ub_cYbbYdQT_c`_b\_c^e]Ub_c_cTUc`YT_ci\Q`bUdU^cY†^TU\Qc
Qed_bYTQTUcTUY^S_b`_bQb\_cQ\cUbfYSY_U^\Q7eQbTYQ>QSY_^Q\5^dbU
dbUcSYU^d_ciSeQdb_SYU^d_c]Y^Ub_ci_RbUb_cSQbbY\Q^_cTUcdbeiUb_^U\
SeQbdU\TU`_\YSQcUQ`_TUbQb_^TU\Qb]Q]U^d_i\YRUbQb_^Q\_cTUdU
^YT_cTUTYSv^T_cUU^cUWeYTQQcQaeUQbU\S_]UbSY_<_cU^VbU^dQ]YU^
d_cS_^\QcVeUbjQcTU\_bTU^TUc`QSXQTQcTUbUVeUbj_TUcTU\QfUSY^QSYe
TQTTU3_b_^U\cUcQ\TQb_^cUW‹^e^`UbY†TYS_TU]†SbQdQS_^fQbY_c
]eUbd_ciXUbYT_c!' $1\_c`_S_cTQcSU^dU^QbUcTU[Y\†]Udb_c]vcQ\
^_bdU°U^@QRU\\†^°UcdQ\\†_db_]_d^TUSQbbY\Q^_caeUdUb]Y^†S_^
XUbYT_ciU\Q`bUcQ]YU^d_TUcecSQRUSY\\Qc !' %
5^QRbY\TU!() \_cdbQRQZQT_bUcTU\QS_^cdbeSSY†^TU\Q\^UQV}
bbUQDQ\SQ°3_^cdYdeSY†^`b_dQW_^YjQb_^e^]_fY]YU^d_]vc`UbcYcdU^
dUiS_^SQbQSdUbcdYSQcTYcdY^dQc5cdQfUj^_cUdbQd†TUe^Q]_dY^Q]YU^
d_S\vcYS_cY^_TUQSSY_^Uc]vcSUbSQ^QcQ\QQSdYfYTQTbUYfY^TYSQdYfQ]_
TUb^Q]_dYfQTQc`_bU\^_`QW_TU\_ccQ\QbY_c`_b\_cceRS_^dbQdYcdQc

!' $
9^V_b]QSY_^UcU^dbUWQTQc`_b<QDbYRe^QTUCQ^dYQW_i<Q<YRUbdQT3Qd†\YSQTU
3_^SU`SY†^bU`b_TeSYTQc`_b5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_$i&TUcU`dYU]RbUTU!(((
RQZ_\_cdde\_c²7bQfcY]_cTUc†bTU^UcU^<_dQ³i²<_cceSUc_cTU<_dQ³bUc`USdYfQ]U^
dU+²5\]_d^TU<_dQ³5\@QTbU@QTY\\QCQ^dYQW_&TUcU`dYU]RbUTU!(((F}QcUQTU]vc
1>1=9 f_\ !%!# =e^YSY`Q\YTQTUc <Y^QbUc=Qe\UseR\U3_^SU`SY†^ i 2_2_
!(((T_Se]U^d_c>¡ c!&'!(&i!)%VUSXQT_cU^3_^SU`SY†^U\%TUcU`dYU]RbU!i!!
TU_SdeRbUTU!(((bUc`USdYfQ]U^dUcV
!' %
²Ce]QicYWeU³5\@QTbU@QTY\\QCQ^dYQW_!!TUcU`dYU]RbUTU!(((

%)$
TebQ^dUdbUccU]Q^Qc<QXeU\WQi\Qc]Q^YVUcdQSY_^UcTU`b_dUcdQS_]U^jQ
b_^U\!"TUQRbY\SeQ^T_e^_cT_cSYU^d_cSQbbY\Q^_ccU`bUcU^dQb_^Q\Q
cUTUTU\Q9^dU^TU^SYQ`b_fY^SYQ\U^DQ\SQ`QbQbUS\Q]Qb\_QTUeTQT_!' &
1e^aeUSQbUSU]_cTUY^V_b]QSY_^UcQSUbSQTU\bUce\dQT_VY^Q\TU\]_fY
]YU^d_cQRU]_caeUcUTUcQbb_\\†TebQ^dU\QcUWe^TQaeY^SU^QTUQRbY\Q
\_\QbW_TUd_TQ\Q\^UQV}bbUQiaeUQce]Y†TYcdY^dQcV_b]Qc*SUcUTU\QR_
bUc²]Q^YVUcdQSY_^Uc`b_^e^SYQTQ]U^dUX_cdY\UcS_^dbQ\_cbU`bUcU^dQ^
dUcceRQ\dUb^_cTU\_cceRS_^dbQdYcdQci´dbQdUb_cµ³UdS`b_f_SQ^T_\QY^
dUbfU^SY†^TU\QcQed_bYTQTUc`QbQU\\_Wb_TUe^Qc_\eSY†^aeUS_^dU]
`\QbQ\QcQdYcVQSSY†^TUe^QbUYfY^TYSQSY†^Qd_TQc\eSUc`\U^Q]U^dUZecdY
VYSQTQ!' '
<_c]_fY]YU^d_cTU_RbUb_cVUbb_fYQbY_c`b_`YQ]U^dUdQ\Uc]QaeY
^YcdQcSX_VUbUcTU]vaeY^QcQfQ`_b]USv^YS_cUdSUbQ^U^SQ]RY_
e^VU^†]U^_bUSYU^dUQ\U^dQT_VbUSeU^dU]U^dU`_bU\Q^XU\_TU`_^Ub
d}b]Y^_Q\QcTYcSbY]Y^QSY_^UcU^\_ccQ\QbY_ciU^U\_d_bWQ]YU^d_TU
\_c`eUcd_c]vcSQ\YVYSQT_caeU\QTYbUSSY†^TU\_c6Ubb_SQbbY\UcTU\5c
dQT_XQSQU^RU^UVYSY_TU\_cdbQRQZQT_bUcUhdbQ^ZUb_cUc`USYQ\]U^dU
^_bdUQ]UbYSQ^_cUcS_cUcUcUY^W\UcUciU^TUdbY]U^T_TU\_c^QSY_^Q
\Uc!' (<QcS_^dbQTYSSY_^UcU^dbUU\`Ubc_^Q\TUTYcdY^dQc^QSY_^Q\YTQTUc
cUQWeTYjQb_^Q\`e^d_TU`b_TeSYbcUU^Ze\Y_TU!() U^\Q]QUcdbQ^jQ
TUFQ\`QbQc_e^QXeU\WQTU]QaeY^YcdQci]USv^YS_cUhdbQ^ZUb_cU^ce
]Qi_bQY^W\UcUcaeU`b_dUcdQRQ^`_bU\^_]RbQ]YU^d_TUe^ZUVUSXY
\U^_!' )E^`QbTU]UcUcTUc`e}c°U\!(TUcU`dYU]RbU°]vcTUaeY^YU^
d_cdbQRQZQT_bUc^QSY_^Q\UcTU\Q]Yc]Q]QUcdbQ^jQU\UfQb_^e^Qc_\YSY
deTQ\`bUcYTU^dU2Q\]QSUTQ`QbQTUVU^TUbQe^ZUVUSXY\U^_iQSecQbQ
\_cUcS_cUcUcTU]_^_`_\YjQb\_c\QR_bUcTYbUSdYfQci]UZ_bSQ\YVYSQTQcTU

!' &
²@b_fY^SYQcDQ\SQ³<Q<YRUbdQT5\USd_bQ\CQ^dYQW_!$TUQRbY\TU!() 
!' '
²@b_fY^SYQcDQ\SQ³<Q<YRUbdQT5\USd_bQ\CQ^dYQW_"&i"(TUQRbY\TU!() +²6U
bb_SQbbY\UcU^S_^cdbeSSY†^³i²6Ubb_SQbbY\TUDQ\SQQ3_^cdYdeSY†^³<Q<YRUbdQT5\USd_bQ\
CQ^dYQW_")TUQRbY\TU!() 
!' (
E^Q]Q^YVUcdQSY†^TU\Q]_\UcdYQaeUSQecQRQU^\_cdbQRQZQT_bUc^QSY_^Q\UcU\
²UhdbQ^ZUbYc]_³TU\QTYbUSSY†^TU\_c6Ubb_SQbbY\UcTU\5cdQT_cU`eUTUQ`bUSYQbU^U\
QbdSe\_UTYd_bYQ\²>QSY_^Q\YSU]_c\_c6Ubb_SQbbY\UcTU\5cdQT_³TU\`UbY†TYS_`_`e\Qb<Q
BQj†^CQ^dYQW_'TU^_fYU]RbUTU!(($
!' )
²8eU\WQTU]QaeY^YcdQci]USv^YS_cY^W\UcUc³5\=UbSebY_FQ\`QbQc_!$TUZe
\Y_TU!() +²<QXeU\WQTU\_c]QaeY^YcdQc³i²=QaeY^YcdQc`bUc_c³5\3_]UbSY_FQ\`QbQ
c_!%TUZe\Y_TU!() +²=QUcdbQ^jQTU\_cVUbb_SQbbY\Uc³5\6Ubb_SQbbY\CQ^dYQW_!%TUZe
\Y_TU!() +²<QXeU\WQTU\_c]QaeY^YcdQcY^W\UcUc³5\=UbSebY_FQ\`QbQc_!&TUZe\Y_TU
!() +²FU^dQZQcTU\QXeU\WQTU]QaeY^YcdQcUcdbQ^ZUb_c³5\3_]UbSY_FQ\`QbQc_!&TU
Ze\Y_TU!() +²8eU\WQTU]QaeY^YcdQci]USv^YS_cY^W\UcUc³5\6Ubb_SQbbY\CQ^dYQW_!&TU
Ze\Y_TU!() +²<QXeU\WQTU\_c]QaeY^YcdQc³4_^3bYcd†RQ\CQ^dYQW_!'TUZe\Y_TU!() +
²<QXeU\WQTU]QaeY^YcdQcY^W\UcUc³5\=UbSebY_FQ\`QbQc_!)TUZe\Y_TU!() +²<QXeU\
WQTU]QaeY^YcdQc³5\=UbSebY_FQ\`QbQc_"!TUZe\Y_TU!() +²FQ\`QbQc_8eU\WQ³<Q
F_jTU3XY\U9aeYaeU""TUZe\Y_TU!() +²5\Qce^d_TU\_c]QaeY^YcdQci]USv^YS_c³<Q
F_jTU3XY\U9aeYaeU"%TUZe\Y_TU!() 

%)%
S_]UdUbb_R_ciTUTUcQdQb`UbcUSecY_^UcU^S_^dbQTU\_cXYZ_cTU\`QcQVY^
TU_Se\dQbcec`b_`Y_cQSd_cY\UWQ\Uc !'! 
?dbQcbUYfY^TYSQSY_^UcS_]_\QbU\QdYfQQ\QVbUSeU^SYQTU\`QW_TU
\_ccQ\QbY_cdQ]RY}^\_WbQb_^dbQTeSYbcUU^]_fY\YjQSY_^UcTUbUc_^Q^
SYQ`‹R\YSQ5c\_aeUceSUTY†U^!(($SeQ^T_\_c_RbUb_cTU\Q=QUcdbQ^
jQTUCQ^dYQW_TU\_c6Ubb_SQbbY\UcTU\5cdQT_bUS\Q]Qb_^\QSQ^SU\QSY†^
TUcecZ_b^Q\UcQ\d}b]Y^_TUSQTQcU]Q^QU^\eWQbTU\`QW_aeY^SU^Q\
aeUcU\UcXQSQ<QTYbUSSY†^TU\QU]`bUcQU^fUjTUQSU`dQb\Q`UdYSY†^
_RbUbQTUSYTY†UVUSdeQb\_c`QW_ce^QfUjQ\]Uc5\#TU^_fYU]RbU]vc
TUdbUcSYU^d_c_RbUb_cUVUSdeQb_^e^QXeU\WQTU`b_dUcdQaeUQe^aeU
cUUhdU^TY†c†\_TebQ^dUQ\We^QcX_bQcTURYT_Q\QY^dUbfU^SY†^TU`_\Y
SQcVeUbdU]U^dUQb]QT_cSQec†bUfeU\_U^\Q_`Y^Y†^iWU^Ub†TYcdY^
dQcUh`bUcY_^UcTUcY]`QdQTU\]_fY]YU^d_`_`e\Qb !'!!
<QQcYTeYTQTi\QQ]`\YdeTTU\Qc]_fY\YjQSY_^UcTU\_cVUbb_fYQbY_c
Qe]U^d†S_^cYTUbQR\U]U^dUTebQ^dU!(()cYU^T_e^_TUcecbUce\dQT_c
\QSbUQSY†^°U^cU`dYU]RbUTU\]Yc]_Q…_°TU\Q`bY]UbQ]edeQ\TU\WbU
]Y_\QC_SYUTQTTU@b_dUSSY†^=edeQTU=QaeY^YcdQci6_W_^Ub_c!'!"5\S‹]e
\_TUUh`UbYU^SYQcQSe]e\QTQcU^S_bd_cQ…_cS_]U^jQRQQcQ\TQbcUU^
e^cQ\d_XQSYQV_b]QcTU_bWQ^YjQSY†^`Ub]Q^U^dU
<Q`b_\YVUbQSY†^TU\QQSdYfYTQTbUYfY^TYSQdYfQU^dbU!((&i!(()aeU
Se\]Y^†S_^\QXeU\WQWU^UbQ\U^DQbQ`QSv1^d_VQWQcdQiFQ\`QbQc_U^
Ze\Y_TU!() S_^SUb^Y†Qe^QWbQ^fQbYUTQTTUWbU]Y_c_RbUb_cdQ^d_Q
\_caeUdU^Q^dbQTYSY†^_bWQ^YjQdYfQS_]_QQaeU\\_caeUTQRQ^cec`bY
]Ub_c`Qc_cU^\Q\eSXQc_SYQ\_bWQ^YjQTQcY^S_^dQbQ‹^S_^UcdbeSdebQc
UcdQR\UcTUS__bTY^QSY†^<QSQbQSdUbcdYSQS_]‹^]vcVbUSeU^dUTUUc
d_c]_fY]YU^d_cVeUcedU^TU^SYQQc_RbU`QcQbU\]QbS_TU\QU]`bUcQi
QUcdQR\USUbS__bTY^QSY_^UcQ^YfU\TUd_TQ\QSYeTQT\_aeUbUT_R\QRQ
ceVeUbjQibU`UbSecY†^
5^dbU\_cWbU]Y_caeUiQ`_cUQ^Uh`UbYU^SYQQc_SYQdYfQ]edeQ\Yc
dQcUS_^dQRQ^\_c_RbUb_cSYWQbbUb_cSeiQV_b]QS_^dbQSdeQ\\QR_bQ\
UbQU\dbQRQZ_QTUcdQZ_Ucd_Uce^cQ\QbY_`QWQT_cUW‹^\_`b_TeSYT_
1e^aeUXQSYQU\d}b]Y^_TU\_cQ…_c_SXU^dQXU]_cbUWYcdbQT_e^Q
c_\QXeU\WQTU_`UbQbY_cSYWQbbUb_c°\Q_SebbYTQU^CQ^dYQW_QVY^UcTU
]Qi_iS_]YU^j_cTUZe^Y_TU!(((°UcdUS_^V\YSd_VeUY]`_bdQ^dU`_b\Q

!'!
2>C=3_bbUc`_^TU^SYQQ:_c}=Q^eU\2Q\]QSUTQd_]_9F!() !()!3QbdQTU
\_c_RbUb_cTU\Q=QUcdbQ^jQQ:_c}=Q^eU\2Q\]QSUTQFQ\`QbQc_!(TUcU`dYU]RbUTU
!() `YUjQ$VZc"!%%
!'!!
²<_c_`UbQbY_cTU\Q=QUcdbQ^jQTU\VUbb_SQbbY\³<QBQj†^CQ^dYQW_"$TU_Sde
RbUTU!(($+²E^QTYc`_cYSY†^Y^S_^ce\dQTU\TYbUSd_bTUVUbb_SQbbY\Uc³<QBQj†^CQ^dYQ
W_"%TU_SdeRbUTU!(($+²<QTYbUSSY†^TU\_c6Ubb_SQbbY\UcTU\5cdQT_³<QBQj†^CQ^
dYQW_%TU^_fYU]RbUTU!(($
!'!"
@_S_cQ…_cTUc`e}cU\!"TU]Qbj_TU!()#UcdQc_SYUTQTQT_`dQbQU\^_]RbUTU
CQ^dYQW_GQdd=Q^eU\=_iQÂ\Q]_c²8Ycd_bYQTU\Q6UTUbQSY†^CQ^dYQW_GQdd³@bY]UbQ
`QbdUU^BUfYcdQCQ^dYQW_GQddQ…_HHH9>¡"'(CQ^dYQW_Ze\Y_TU!)'#`vWc%!'

%)&
SQ^dYTQTTU`Ubc_^QcY^f_\eSbQTQc`_bceUS_i`_bU\^eUf_dY`_TU_bWQ
^YjQSY†^aeUcUU^WU^Tb†TebQ^dUceTUcQbb_\\_<QbUYfY^TYSQSY†^TU\_c
_RbUb_cSYWQbbUb_cTU\QSQ`YdQ\VeUU^QaeU\\Q_SQcY†^U\bUQZecdUTU\Qc
bU]e^UbQSY_^UcU^e^SeQbd_TUSU^dQf_`_bU\QdQT_TUSYWQbbY\\_cVQRbY
SQT_c!'!#1\We^_c`Qdb_^UcQSSUTYUb_^Q\_c_\YSYdQT__db_cbUSXQjQb_^\Qc
UhYWU^SYQcTUcec_`UbQbY_ciTUSYTYUb_^U^SQbWQb\QVQRbYSQSY†^TUSYWQbbY
\\_cQ]eZUbUcaeUcUbQ^bU]e^UbQTQce^SeQbd_TUSU^dQf_]U^_caeU
\_cX_]RbUc5^\QfYcY†^TUUcd_cU]`bUcQbY_c\QS_^dbQdQSY†^TU]Q^_
TU_RbQVU]U^Y^QUbQe^Q]UTYTQaeU\Uc`Ub]YdYbQfU^SUb\QXeU\WQibU
TeSYbTU]Q^UbQTebQTUbQU\S_cd_TU\QVeUbjQTUdbQRQZ_@QbQQ\SQ^jQb
UcdU‹\dY]__RZUdYf_cU`b_`_^Q^_R\YWQbQaeUSQTQ_RbUbQQT]YdYUbQ
e^QQ`bU^TYj`QbQV_b]QbU^`_S_dYU]`_e^`Ubc_^Q\ceVYSYU^dU]U^dU
^e]Ub_c_`QbQcQdYcVQSUb\Qc^USUcYTQTUcTUd_TQc\QcSYWQbbUbQcTU\QSYe
TQT!'!$<QUcdbQdUWYQTU\_c_RbUb_cbUQWbe`QT_cQ`QbdYbTU\" TU]Qi_
U^d_b^_Qe^QUcdbeSdebQ`Ub]Q^U^dUTUSQbvSdUbbUYfY^TYSQdYf_UcTUSYb
`b_d_cY^TYSQ\\Q1cQ]R\UQTU\7bU]Y_TU3YWQbbUb_cVeUU\R_YS_dTU\_c`Qdb_
^UcaeUbUSXQjQbQ^\Q`UdYSY†^TUcec_`UbQbY_c!'!%
1e^aeUUcdQ]UTYTQdef_e^UVUSd_]YdYWQT_iQaeU^_S_^d†S_^
U\Q`_i_TUd_T_U\WbU]Y_cUW‹^\QcY^V_b]QSY_^UcTU`bU^cQU^\QbU
e^Y†^]vc^e]Ub_cQbUQ\YjQTQQS_]YU^j_cTUZe^Y_`QbdYSY`Qb_^`_S_
]vcTUdbUcSYU^dQc`Ubc_^Qc !'!&_cUQQ\bUTUT_bTU\Q]YdQTTU\_cSYWQ
bbUb_cTU\QSQ`YdQ\`_b\_]U^_c`Ub]YdY†\QS_^c_\YTQSY†^TU\Q1cQ]
R\UQTU\7bU]Y_TU3YWQbbUb_cU^dQ^d_UcdbeSdebQ`QbQ\U\QQ\Q]edeQ\TU\
]Yc]_WbU]Y__bYU^dQTQXQSYQ\QQSSY†^bUYfY^TYSQdYfQUcd_UcXQSYQe^Q
QSdYfYTQTTU^T_\UcY^TYSQ\_`b_d_cY^TYSQ\5cdU_bWQ^Yc]_°e^_TU\Qc
`bY]UbQcY^cdQ^SYQcbUYfY^TYSQdYfQcTUSQbvSdUb`Ub]Q^U^dUTU\_c_RbU
b_cSXY\U^_c°]Q^dU^QReU^QcbU\QSY_^UcS_^\QC_SYUTQTTU3YWQbbUb_c
FYSe…Q=QS[U^^QY^cdYdeSY†^TUc_S_bb_]ede_Q\QSeQ\`UbdU^USQ^
]eSX_cTUcec`b_`Y_cTYbYWU^dUciQTXUbU^dUc !'!'S_^V_b]Q^T_e^]_
TU\_TUQSSY†^S_]`\U]U^dQbY_U^dbUe^Q_bWQ^YjQSY†^]edeQ\YcdQie^QTU
dY`_cY^TYSQ\_`b_d_cY^TYSQ\<Q1cQ]R\UQTU\7bU]Y_TU3YWQbbUb_ccU`UbVY
\QRQdQ]RY}^`_be^S\Qb_S_]`b_]Yc_`_\dYS_bUV\UZQT_QdbQf}cTU\Qc
S_\e]^QcTUce`UbY†TYS_<Q:ecdYSYQQRYUbdQ]U^dUQRQ^TUbYjQT_S_^U\
@QbdYT_4U]_SbvdYS_!'!(

!'!#
²=vcc_RbU\QXeU\WQTUSYWQbbUb_c³5\9^TU`U^TYU^dUCQ^dYQW_#!TU]Qi_TU
!(((+²<QS_^dUcdQSY†^Q^eUcdbQSYbSe\Qb³<Q:ecdYSYQCQ^dYQW_"#TUZe^Y_TU!(((
!'!$
²=vcc_RbU\QXeU\WQTUSYWQbbUb_c³_`SYd
!'!%
²<QS_^dUcdQSY†^Q^eUcdbQSYbSe\Qb³_`SYd+²>_dQcSQ]RYQTQc³<Q:ecdYSYQCQ^
dYQW_"!TUZe\Y_TU!(((
!'!&
²<QXeU\WQTU\_cSYWQbbUb_c³5\9^TU`U^TYU^dUCQ^dYQW_&TU]Qi_TU!(((
!'!'
FQbY_cTYbYWU^dUcTU\Q1cQ]R\UQ_Se`QRQ^Q\]Yc]_dYU]`_SQbW_cTYbUSdYf_c
U^\Q]edeQ\TUSYWQbbUb_c5cUUbQU\SQc_TUce`bUcYTU^dUibUTQSd_bU^ZUVUTU<Q:ecdY
SYQ†bWQ^__VYSYQ\TU\WbU]Y_:Y^}c5<†`UjTU\dUc_bUb_=Q^eU\:3U\YciTU\cUSbUdQbY_
:eQ^TU4<UYd_^
!'!(
<Q:ecdYSYQVeU`eR\YSQTQ`_b`bY]UbQfUjU\"#TUZe^Y_TU!(((CeSbUQSY†^S_

%)'
 6Y^Q\]U^dUSQRUTUcdQSQbU^dbU\_cWbe`_cTUdbQRQZQT_bUcaeUTYU
b_^cec`bY]Ub_c`Qc_cU^\QQSSY†^bUYfY^TYSQdYfQXQSYQVY^UcTU\QT}SQTQ
TU!(( Q\_cS_SXUb_cTUSQbb_cTUU]`bUcQc`bYfQTQcTUdbQ^c`_bdUebRQ
^_5^^_fYU]RbUTU!(()e^]_fY]YU^d_bUYfY^TYSQdYf_TUS_SXUb_cTU\Q
SQ`YdQ\`ec_TUbU\YUfU\QcS_^TYSY_^UcTUdbQRQZ_TUUcdUWbU]Y_5\%TU
^_fYU]RbU\_cS_SXUb_c`bUcU^dQb_^e^Q`UdYSY†^Q\Q9^dU^TU^SYQTUCQ^
dYQW_TUS\QbQ^T_aeUQ\^_`_TUbSe]`\YbS_^\QSe_dQTYQbYQUhYWYTQ`_b
\_cU]`bUcQbY_cTURYT_Q\QS_]`UdU^SYQTU\Qc^eUfQc\^UQcTUVUbb_SQbbY\
ebRQ^_iTU\dU\}V_^_QS_bTQRQ^dbQRQZQb\YRbU]U^dUiU^dbUWQbQcec`Qdb_
^Ucc†\_\_aeUWQ^QbQ^TebQ^dUU\TQQSQ]RY_TU\!"%XQRYdeQ\c_RbU\Q
ce]Qd_dQ\`UbSYRYTQ5^SQc_TU^__RdU^UbcQdYcVQSSY†^Y^]UTYQdQQ]U^Q
jQRQ^S_^TUcU^SQTU^Qbe^QXeU\WQ!'!)SQecQ^T_\QQ\Qb]QU^dbU\_cU]
`bUcQbY_cTU\dbQ^c`_bdUE^QbUe^Y†^TUSeQbU^dQiT_c`b_`YUdQbY_cTU
S_SXUcTUQ\aeY\UbTUcYW^†e^QS_]YcY†^V_b]QTQ`_bQ\We^_cTU\_cU]
`bUcQbY_c]vcY]`_bdQ^dUc\QSeQ\U^fY†e^QcUbYUTU`UdYSY_^UcQ\QcQed_bY
TQTUc]e^YSY`Q\UcU^dbUU\\Qc\Qc_\YSYdeT`QbQQe]U^dQb\QcdQbYVQcS_]_
V_b]QTUS_^dbQbbUcdQbU\UVUSd_US_^†]YS_TU\QcTU]Q^TQcTUcecS_SXU
b_c!'" 

#3_^S\ecY_^Uc

4U\UhQ]U^TU\S_^Ze^d_TU]_fY]YU^d_cbUYfY^TYSQdYf_ciTU`b_dUcdQ
`_`e\QbaeUcUTUcQbb_\\Qb_^TUcTUU\d}b]Y^_TU\Q7eUbbQTU\@QSVYS_
XQcdQ]UTYQT_cTU!() cUTUc`bU^TU^Q\We^QcS_^S\ecY_^Uc`b_fYc_
bYQc*
!¡4UcTU\QcUWe^TQ]YdQTTU\QT}SQTQTU!(( \QXeU\WQ_RbUbQcU
dbQ^cV_b]†U^e^VU^†]U^_S_bbYU^dUU^\Qc`bY^SY`Q\UcSYeTQTUciU^\Q
bUWY†^]Y^UbQTU\^_bdUUc`USYQ\]U^dUU^\Q`b_fY^SYQTUDQbQ`QSv
"¡5cdQcXeU\WQcS_^SUb^YUb_^dQ^d_QWbU]Y_cTUdbQRQZQT_bUc_b
WQ^YjQT_cU^]edeQ\UcS_]_Q_db_caeU^_S_^dQRQ^S_^_bWQ^YjQSY_
^UcUcdQR\Uc
#¡<Qcc_SYUTQTUcTUc_S_bb_c]ede_cQce]YUb_^VbUSeU^dU]U^dU
\Q_bWQ^YjQSY†^iTYbUSSY†^TU\_c]_fY]YU^d_cbUYfY^TYSQdYf_c`bUVYWe

bbUc`_^TQQe^QTUSYcY†^TU\Q1cQ]R\UQTU\7bU]Y_TU3YWQbbUb_cTU]Q^dU^Ube^`UbY†TYS_
_SQcY_^Q\U^U\aeUcUTUVU^TUbQ^cec`b_`Y_cY^dUbUcUc²i\_cTU\`eUR\_U^WU^UbQ\³
²1cQ]R\UQTU\7bU]Y_TU3YWQbbUb_c³<Q:ecdYSYQCQ^dYQW_"#TUZe^Y_TU!(((CeZUVU
TUbUTQSSY†^UbQ:Y^}c2<†`Uj]Y\YdQ^dUTU\@QbdYT_4U]_SbvdYS_5\`UbY†TYS_cQ\QTU\Qc
`bU^cQcTU\Q9]`bU^dQTU5\@QTbU@QTY\\QTU:eQ^BQVQU\1\\U^TUTYbYWU^dUTU\]Yc]_
`QbdYT_
!'!)
²<QXeU\WQTU\_cS_SXUb_cTU\cUbfYSY_`‹R\YS_³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_
'TU^_fYU]RbUTU!(()
!'"
²BUe^Y†^TU\_cU]`bUcQbY_cTUSQbbeQZUcYQSeUbT_cd_]QT_c³5\5cdQ^TQbdU
3Qd†\YS_CQ^dYQW_'TU^_fYU]RbUTU!(()

%)(
bQ^T_\QVe^SY†^Qce]YTQ`_cdUbY_b]U^dU`_b\Qcc_SYUTQTUcTUbUcYcdU^
SYQ\Qc]Q^S_]e^Q\Uci\_ccY^TYSQd_c
$¡5^Q\We^_cWbU]Y_cQ^dU\QY^UhYcdU^SYQTU_bWQ^YjQSY†^]e
deQ\YcdQcUS_^cdYdeiUb_^S__bTY^QSY_^UcTUXeU\WQ+U^_db_cSQc_cdQ
\UcS__bTY^QSY_^UcQSdeQb_^Ze^d_Q\Qc]edeQ\Uc\_WbQ^T_]_fY\YjQb
TU]Q^UbQS_^SUbdQTQQdbQRQZQT_bUcTUTYcdY^dQcU]`bUcQciXQcdQTU
d_TQe^QSYeTQT
%¡?SebbY†Q]U^eT_aeU\_c_RbUb_cZecdYVYSQb_^cecTU]Q^TQcUh
`_^YU^T_Ze^d_Q\QcaeUZQcUc`USVYSQcTUceWbU]Y_\_c]Q\UcaeUQV\Y
WQ^Q\S_^Ze^d_TU\`eUR\_dbQRQZQT_bQ\jQcSQbUcdQTU\QfYTQTUfQ
\eQSY†^TU\Q]_^UTQUdS}dUbQ
&¡<_c]_fY]YU^d_cTU\`U_^QZUebRQ^_icU]YebRQ^_S_]_\_cSQ
bbY\Q^_ccU]Q^defYUb_^U^e^UcdQT_SUbSQ^_Q\Q²WeUbbQc_SYQ\³TU\Qc
Uh`\_cY_^UcTU\_c]Y^Ub_cS_^\_cSeQ\UcdU^TQ^QS_^fUbWUbdQ^d_`_b
cecdU^TU^SYQcS_]e^UcS_]_`_bce`b_hY]YTQTWU_WbvVYSQ
'¡1\We^_cWbU]Y_caeUS_^dQRQ^S_^c†\YTQcY^cdYdeSY_^UcTUc_S_
bb_]ede_°S_]_\_cdY`†WbQV_c°VeUb_^SQ`QSUcTUTUcQbb_\\QbQSSY_^Uc
TUS__bTY^QSY†^iTUc_\YTQbYTQTaeUc_RbU`QcQb_^\QU]`bUcQY^f_\e
SbQ^T_U^SYUbdQc_SQcY_^UcQ\WbU]Y_TUd_TQ\QSYeTQT
(¡<QTURY\YTQTTU\Qc_bWQ^YjQSY_^Uc_RbUbQc\QY^Uh`UbYU^SYQTU
cecTYbYWU^dUci_db_cVQSd_bUc`b_`Y_cTU\SQbvSdUbY^SY`YU^dUTU\]_fY
]YU^d__RbUb_U^3XY\UVeUb_^SQecQcY]`_bdQ^dUcTU\VbQSQc_TU\Q
]Qi_bQTUUcd_c]_fY]YU^d_c
)¡<QcbUQSSY_^Uc`Qdb_^Q\UcVeUb_^fQbYQTQc`Ub_U\S_]‹^TU^_]Y
^QT_b]vcVbUSeU^dUVeUe^QSUbbQTQ_`_cYSY†^Q\QcTU]Q^TQc`b_\UdQbYQc
! ¡<QbUSebbU^SYQQ\QVeUbjQ`‹R\YSQi\QS_^dbQdQSY†^TUb_]`U
XeU\WQcUc`USYQ\]U^dU]eZUbUciZ†fU^UcQ`bU^TYSUcU^SYUbdQcbQ]Qc
]Q^eVQSdebUbQcVeUe^QTU\QcbUc`eUcdQc]vcS_bbYU^dUcTU\`Qdb_^Qd_
Y^TecdbYQ\VbU^dUQ\QcTU]Q^TQciXeU\WQc_RbUbQc
!!¡1e^aeU\QS_\QR_bQSY†^TU\5cdQT_S_^\_cU]`bUcQbY_c`QbQ
aeURbQb\QcXeU\WQcVeUbQY^TUVUSdYR\UU\U]`\U_TU\QfY_\U^SYQ`_b`Qb
dUTU\QcVeUbjQcTU\_bTU^VeUQ‹^]_TUbQT_cQ\f_U^\_cSQc_cTUUh`\_
cY_^UcTUYbQTU\`U_^QZU
!"¡5^TUVY^YdYfQi]vcQ\\vTUe^Q`_i_²Uc`_^dv^U_³²TUS\QcU³Q
\_c`Qdb_^Uc`QbUSUcUbaeU^_UhYcdQ`_b`QbdUTU\5cdQT_e^Q`_\dYSQ
S\QbQ]U^dUTUVY^YTQ`QbQU^dbUWQbe^QbUc`eUcdQe^YVYSQTQiS_XUbU^dU
Q\VU^†]U^_XeU\WecdYS_TUbUSYU^dU]QcYVYSQSY†^*\Q`_\YSQcU_Se`Q
RQdQ^d_U^bU`bY]YbSeQ\aeYUbdU^dQdYfQTU`Qb_S_]_U^UfYdQbcY]`\U
]U^dU\_cUhSUc_cTU\_cXeU\WeYcdQc5^_db_cSQc_c\QcQed_bYTQTUcY^
dUb]UTYQc]e^YSY`Q\YTQTUcY^dU^TU^SYQcdbQdQRQ^TU]UTYQbU^dbU\Qc
`QbdUcU^S_^V\YSd_`Ub_cY^aeUUcdQQSdYdeTS_bbUc`_^TYUbQQe^Q`_\
dYSQWU^UbQ\<QQecU^SYQTU\UWYc\QSY†^c_RbU\QcXeU\WQc¥U^`bY^SY`Y_
^_UbQ^^Y\UWQ\Uc^YY\UWQ\UcUbQU\bUV\UZ_TUUcdQ^eUfQcYdeQSY†^aeU
\QS\QcUT_]Y^Q^dUTURQU^VbU^dQb

%))
 < 1 E>9693139É> 45 <1C 45=1>41C @?@E<1B5C
I 5< ²3 ?>7B5C? ?2B5B? ³45 !((%

@QbQ\U\Q]U^dUQ\`b_SUc_TU`b_WbUcYfQe^YTQTiS__bTY^QSY†^`_\dYSQTU\
]_fY]YU^d_\YRUbQ\iTU]_SbvdYS_TUdbQRQZQT_bUcebRQ^_cTUS_]YU^j_cTU
\_cQ…_c_SXU^dQ!'"!cU`b_TeZ_e^`b_SUc_TUe^YVYSQSY†^SbUSYU^dUTU\Qc
TU]Q^TQc`_`e\QbUc5^bUQ\YTQTcUdbQdQRQTUe^]Yc]_`b_SUc_*Q\We^Qc
TU\Qc`bY^SY`Q\UcbUYfY^TYSQSY_^UcTUUcdU]_fY]YU^d_S_]_\QQT_`SY†^
TU]UTYTQc`b_dUSSY_^YcdQci\Qce`bUcY†^_bUV_b]QTU\cUbfYSY_TU\Q7eQb
TYQ>QSY_^Q\dU^Q^e^QS\QbQS_^^_dQSY†^`_\dYSQiQaeUSX_SQRQ^Vb_^
dQ\]U^dUS_^\Qc_bYU^dQSY_^UcVe^TQ]U^dQ\UcTU\_cW_RYUb^_cTU\Q_\Y
WQbaeQY^S\ec_S_^QaeU\\_cTUdU^TU^SYQ\YRUbQ\1cQ`UcQbTU\QQTXU
cY†^TU\]_fY]YU^d_`_`e\QbQ\_c`bY^SY`Y_c`_\dYS_cUYTU_\†WYS_cTU\\Y
RUbQ\Yc]_cUTUcQbb_\\†TU]Q^UbQ`Qe\QdY^Qe^QQSSY†^TUdY`_bUYfY^TYSQ
dYf_aeUS_^dbYRei†`_TUb_cQ]U^dUQ\Qbe`debQS_^U\\YRUbQ\Yc]__VYSYQ\i
Q\QR‹caeUTQTUe^QUh`bUcY†^`_\dYSQY^TU`U^TYU^dU5cdU]_fY]YU^d_
`_\dYS_ibUYfY^TYSQdYf_cUQSU\Ub†Q`QbdYbTU!(("5\@bUSebc_b`bY]Ub_<Q
BQj†^U^cUWeYTQVeUb_^cec`_bdQf_SUc+\QC_SYUTQT5cSeU\QBU`eR\YSQ^Qi\Q
C_SYUTQTTU1bdUcQ^_c²<QE^Y†^³TUCQ^dYQW_cec]U^d_bUci`bY^SY`Q\Uc_bWQ
^YjQT_bUc8QSYQ!((%\Qe^YVYSQSY†^iSU^dbQ\YjQSY†^TU\QcTU]Q^TQcTU\
]_fY]YU^d_Q\SQ^jQRQ^e^WbQT_bU\QdYfQ]U^dUU\UfQT_dbQTeSY}^T_cUU^
T_cY^YSYQdYfQcTUS_^cYTUbQR\UU^fUbWQTebQ
5^QW_cd_TU!((%\QC_SYUTQT5cSeU\QBU`eR\YSQ^QTUcQbb_\\†e^Y^
dU^c_dbQRQZ_QVY^TUS__bTY^Qb\QQSSY†^TU\QcQc_SYQSY_^Uc`_`e\QbUc
VbU^dUQ\Q^eUfQSbYcYcUS_^†]YSQaeUQVUSdQRQQ\`Qci]vc`QbdYSe\Qb
]U^dUQ\_cdbQRQZQT_bUc5\d}b]Y^_TU\Q7eUbbQTU\@QSVYS_XQRQcYW^Y
VYSQT_e^QRQZQ^_dQR\UTU\QQSdYfYTQTTUSYUbdQcbQ]QcTU\QY^TecdbYQ
]Q^eVQSdebUbQQe]U^dQ^T_TbvcdYSQ]U^dU\QSUcQ^dQU^Q\We^_ccUSd_
bUcE^_TU\_c]vcW_\`UQT_cUbQ\QY^TecdbYQTU\QS_^VUSSY†^*\QC_SYUTQT
TUCQcdbUcTUCQ^dYQW_SQ\Se\QRQU^QW_cd_TU!((%aeU\Q]Qi_bQTU\Qc]Y\
aeY^YU^dQc`Ubc_^Qc_Se`QTQcTebQ^dU\QWeUbbQU^VQRbYSQbU\fUcdeQbY_
`QbQU\UZ}bSYd_iTU\Qc]Y\dbUcSYU^dQcS_cdebUbQcU]`\UQTQc`_bU\S_^dbQ
dYcdQaeUQRQcdUSQTUb_`QTURbY^Q\_cSeUb`_cTU\^UQXQRQ^`UbTYT_
cedbQRQZ_!'""<Q5cSeU\QBU`eR\YSQ^QTUc`\UW†Y^WU^dUcUcVeUbj_c`QbQ\U
fQ^dQbe^QQ\dUb^QdYfQ5\!&i!)TUQW_cd__bWQ^Yj†bUe^Y_^UcU^\QcaeU
`QbdYSY`Qb_^Q\bUTUT_bTUcUcU^dQbU`bUcU^dQ^dUcTUTYVUbU^dUcc_SYUTQ
TUcTU_RbUb_ciQbdUcQ^_cQVY^TUTUSYTYb\QcQSSY_^Uc`QbQU^VbU^dQb\Q
cYdeQSY†^<_cQSdYfYcdQcTU\]_fY]YU^d_`_`e\QbQS_bTQb_^\QbUQ\YjQSY†^
TUe^]UUdY^Wi\QTUcYW^QSY†^TUe^QS_]YcY†^U^SQbWQTQTUc_\YSYdQbQ\
@bUcYTU^dUTU\QBU`‹R\YSQ\Q`b_dUSSY†^TU\QY^TecdbYQ^QSY_^Q\!'"#<Q

!'"!
F}QcUU\SQ`de\_HF9
!'""
²<QY]`_bdQSY†^TU\Qb_`QXUSXQ³5\6Ubb_SQbbY\CQ^dYQW_!TUcU`dYU]RbUTU
!((%

&
]Q^YVUcdQSY†^def_\eWQbRQZ_\Q`bUcYTU^SYQTU\cQcdbU=Q^eU\=_TUcd_
C_jQ`bY^SY`Q\\TUbTU\QC_SYUTQT5cSeU\QBU`eR\YSQ^QU\T_]Y^W_""TU
QW_cd_VbU^dUQ\UTYVYSY_TU\3_^WbUc_>QSY_^Q\<_c_bQT_bUc°U\]Yc]_
C_jQ@QcSeQ\<QjQbdU²SQ^TYTQd__RbUb_³U^\QcU\USSY_^UcTU!(("!'"$U\
TYbYWU^dUdY`†WbQV_=Q^eU\:Uc‹c=UZQi:_c}1Wecd^7_^jv\Uje^_TU
\_cVe^TQT_bUcTU²<QE^Y†^³TU1bdUcQ^_c°`YTYUb_^]UTYTQc`b_dUSSY_
^YcdQci]Q^YVUcdQb_^ce_`_cYSY†^Q\\YRbUSQ]RYc]_C_jQY^fYd†QQ`\Qe
TYbQQaeU\\_c`Qb\Q]U^dQbY_caeUXQRQ^c_cdU^YT_\Qc]Yc]Qc`_cYSY_^Uc
<QcS_^S\ecY_^UcTU\]UUdY^WcY^dUdYjQRQ^\QcbUYfY^TYSQSY_^UcTU\]e^T_
Qc_SYQdYf_Uh`bUcQ^T_\Qe^YTQT`b_WbQ]vdYSQQ\SQ^jQTQ`_bU\]_fY]YU^
d_`_`e\Qb*

5\`eUR\__RbUb_TUCQ^dYQW_KMQSeUbTQ`UTYbQC5
U\@bUcYTU^dUTU\QBU`‹R\YSQS_]_ZUVUce`bU]_TU\Q
^QSY†^*
!¡AeU^_cUbUdYbUe^c_\_RY\\UdUTU\QU]YcY†^TU\
W_RYUb^_i\QSQTeSYTQTTU\`bYfY\UWY_S_^SUTYT_Q\RY
\\UdURQ^SQbY_`_bU\SeQ\cU\UXQSUY^S_^fUbdYR\U+
"¡BUV_b]QTU\QdQbYVQTUQfQ\‹_cUY^WbUc_TUY^
TecdbYQ\UcU^\QS_]YcY†^QfQ\eQT_bQ+
#¡AeUcUWbQfUS_^e^SYU^d_`_bSYU^d_d_T_Qbd
Se\_TU\eZ_i\Qc]QdUbYQccY]Y\QbUcaeU^_cfU^WQ^TU\
UhdbQ^ZUb_+
$¡AeUcUY]`_^WQ^VeUbdUcTUbUSX_cc_RbUU\U^
f_TU`QcdQc]Udv\YSQcQ5eb_`Q+
%¡5S_^_]QcU^\Q8QSYU^TQ`‹R\YSQiaeU\_c
V_^T_cTU\UbQbY_^QSY_^Q\cUY^fYUbdQ^`bUVUbU^dU]U^
dUU^TQbU^cQ^SXUiTUcQbb_\\_Q\QcY^TecdbYQcTU\`Qc
3_]_]UTY_cS_^TeSU^dUcQUcdUVY^Ve^TQSY†^TU^eU
fQcUcSeU\QcTUQbdUci_VYSY_cUdS+i
&¡<YRUbQSY†^TUTUbUSX_cTUY]`_bdQSY†^TUd_TQ
XUbbQ]YU^dQ_Y^cdbe]U^d_ecQT_U^\QQWbYSe\debQ]Y
^UbQiTU]vcY^TecdbYQciQbdUc !'"%

<QS_]YcY†^U^SQRUjQTQ`_b=Q^eU\=_TUcd_C_jQi>YS_\vcEWQ\
TU`bUcYTU^dUifYSU`bUcYTU^dUTU\Q5cSeU\QBU`eR\YSQ^QbUc`USdYfQ]U^
dUVeUbUSYRYTQ`_bU\:UVUTU5cdQT_@Ub_\QQS_WYTQRbY^TQTQ`_bU\
`bUcYTU^dU4_]Y^W_CQ^dQ=QbQVeUe^QSd_`ebQ]U^dUcY]R†\YS_i`b_

!'"#
²<QSbYcYci\_c_RbUb_c³5\6Ubb_SQbbY\CQ^dYQW_!&i!(TUQW_cd_TU!((%+²=UU
dY^WTU_RbUb_c³5\6Ubb_SQbbY\CQ^dYQW_"!TUQW_cd_TU!((%
!'"$
F}QcUU\SQ`de\_HF9
!'"%
²=UUdY^WTU_RbUb_c³5\6Ubb_SQbbY\CQ^dYQW_"%TUQW_cd_TU!((%

& !
d_S_\Qb<_cTU\UWQT_c`_`e\QbUc_RdefYUb_^c†\_`b_]UcQcUhdbU]QTQ
]U^dUfQWQc_V†b]e\QcUfQcYfQc5\`bY]Ub]Q^TQdQbY_\Uc*

4YZ_aeUUc_cUbQ^Qce^d_c]eiS_]`\YSQT_ciS_]
`\UZ_ciaeUcU^USUcYdQRQ`_b\_dQ^d_UcdeTYQbi]UTY
dQb]eSX_`QbQS_^_SUb\_cQV_^T_i`U^UdbQbcURYU^TU
\Qc]UTYTQcaeUU^e^_e_db_cU^dYT_`eUTU^QT_`dQb
cU+aeU`_b\__RcSeb_aeUc_^cU`bUcdQ^Q`b_TeSYbVQ\
c_c]YbQWUciQ\eSY^QSY_^UcaeUSQbUSU^TURQcU !'"&

<Q`_cYSY†^TUCQ^dQ=QbQVbU^dUQ\QcY^aeYUdeTUcTU\_cdbQRQZQ
T_bUccUbUV\UZQRQU^\QS_^S\ecY†^TU\QRbUfUQ\_SeSY†^aeUTURY†`b_
^e^SYQb`QbQS_^dU^dQbQ\_c]Q^YVUcdQ^dUcaeUUc`UbQRQ^U^\_cQ\bUTUT_
bUcTUcebUcYTU^SYQ*²7QcdQT]U^_ciWeQbTQT]vc³ !'"'
<QcUWe^TQY^YSYQdYfQTUe^YVYSQSY†^iTUSU^dbQ\YjQSY†^TU\QcTU
]Q^TQc`_`e\QbUcVeUQ‹^]vcQ]RYSY_cQiQaeUQ`e^dQRQQ\QV_b]QSY†^
TUe^QS__bTY^QSY†^`Ub]Q^U^dUTU\Qcc_SYUTQTUc_RbUbQciQbdUcQ^Q\Uc
TUd_T_U\`QcCe`b_]_d_bVeU\QC_SYUTQTTU1bdUcQ^_c²<QE^Y†^³TU
CQ^dYQW_\Q`bY^SY`Q\i]vc`bUcdYWY_cQTU\Qc]edeQ\UcSXY\U^Qc1]UTYQ
T_cTU\_cQ…_c_SXU^dQ²<QE^Y†^³iQXQRQbUSe`UbQT_ceQ^dYWeQfYdQ
\YTQTidU^Qe^`Q`U\TUcdQSQT_U^U\cU^_TU\]_fY]YU^d_TUdbQRQZQ
T_bUc_bWQ^YjQT_c6eUbQTUcevbUQdbQTYSY_^Q\°\_c_RbUb_ciQbdUcQ^_c
TU\QSQ`YdQ\°cecQSdYfYTQTUcQ`e^dQRQ^Q`b_]_fUb\QS__bTY^QSY†^^Q
SY_^Q\TU\QcQc_SYQSY_^Uc`_`e\QbUc5^!(($²<QE^Y†^³`b_`ec_\QYTUQ
TU_bWQ^YjQbe^²3_^WbUc_?RbUb_³T_^TUTURQdYb\_c]UTY_c`QbQ`b_
dUWUb\_cY^dUbUcUcTU\_cdbQRQZQT_bUc!'"(5\`b_iUSd_VeURYU^QS_WYT_
U^U\]e^T_Qc_SYQdYf_i\QbUe^Y†^`eT_S_^SbUdQbcUU\" i"!TUcU`
dYU]RbUTU!((%U^\_c\_SQ\UcTU\QC_SYUTQT6Y\Qb]†^YSQ:_c}=YWeU\9^VQ^
dUTUCQ^dYQW_5cdefYUb_^`bUcU^dUcTU\UWQT_cTU\Qcc_SYUTQTUcTUQbdU
cQ^_ci_RbUb_cTU3XY\\v^FQ\`QbQc_CQ^6Ub^Q^T_BQ^SQWeQDQ\SQ
1^d_VQWQcdQ3_^SU`SY†^iCQ^dYQW_ !'")?dbQc_bWQ^YjQSY_^UcS_]_\Q
]edeQ\TU3_`YQ`†^_U^fYQb_^TU\UWQT_c`Ub_TYUb_^QS_^_SUbceQT
XUcY†^!'# 

!'"&
9RYT
!'"'
9RYT
!'"(
²3b†^YSQ³<QBQj†^CQ^dYQW_'TUU^Ub_TU!((%+²5\3_^WbUc_TU?RbUb_c³
<QBQj†^CQ^dYQW_!'TUU^Ub_TU!((%+²3_^WbUc_TU?RbUb_c³<QBQj†^CQ^dYQW_")
TUU^Ub_TU!((%+²3_^WbUc_TU?RbUb_c³5\6Ubb_SQbbY\CQ^dYQW_%i"!TUVURbUb_i"!TU
]Qbj_TU!((%+²2QcUcTU\`b†hY]_3_^WbUc__RbUb_³5\6Ubb_SQbbY\CQ^dYQW_"%TUQW_c
d_TU!((%
!'")
²4U\UWQT_cQ\3_^WbUc_?RbUb_³5\6Ubb_SQbbY\CQ^dYQW_!)TUcU`dYU]RbUTU
!((%+²3_^WbUc_TU_RbUb_c³5\6Ubb_SQbbY\CQ^dYQW_"$TUcU`dYU]RbUTU!((%
!'#
²3_^WbUc_³5\6Ubb_SQbbY\CQ^dYQW_"$TUcU`dYU]RbUTU!((%_`SYd

& "
 5\UfU^d_VeUQ]`\YQ]U^dUbU`bUcU^dQdYf_TU\]_fY]YU^d_`_`e\Qb
CecS_^S\ecY_^UcS_]`bU^TQ^e^QfQcdQWQ]QTUQc`USd_cc_SYQ\UcUS_^†
]YS_cibUYfY^TYSQdYf_cceRbQiv^T_cU\Q^USUcYTQTTUe^YVYSQSY†^TU\]_fY
]YU^d_<_cQSeUbT_cTU²c_SYQRY\YTQT³`bUfUQ^²\QSU\URbQSY†^TU`QSd_c
bUS`b_S_ciWU^UbQ\UcU^dbUd_TQc\Qcc_SYUTQTUcaeU`UbcYWQ^e^]Yc]_
_RZUd_³i²\Q`eR\YSQSY†^TUe^TYQbY__`UbY†TYS_aeUcYbfQTU†bWQ^_TU\_c
_RbUb_cTURYU^T_d_TQc\QcY^cdYdeSY_^UcS_^dbYReYb`QbQcec_cdU^Y]YU^
d_³!'#!\_aeU^_UbQcY^_\QbUQVYb]QSY†^iV_b]Q\YjQSY†^TU\Q`_\dYSQTUcQ
bb_\\QTQTUcTUXQSQQ\We^_cQ…_c`_b\Qc]edeQ\Uci\QC_SYUTQT5cSeU\QBU`e
R\YSQ^Q!'#"<QcTU]Q^TQcTUdY`_US_^†]YS_bUS_WQ^QaeU\\Qc\UfQ^dQTQc
TUcTUcYU]`bU`_bU\]e^T_Qc_SYQdYf_`_`e\Qb*`b_dUSSY†^TU\QY^TecdbYQ
^QSY_^Q\iUcdQR\USY]YU^d_TUS__`UbQdYfQc]edeQ\UciSQZQcTUQX_bb_<Q
‹^YSQbUYfY^TYSQSY†^`_\dYSQdQ]RY}^\\UfQRQU\cU\\_TU\QS_^dY^eYTQT*\Q
bUV_b]QTU\cUbfYSY_U^\Q7eQbTYQ>QSY_^Q\c_RbURQcUcTUUcdbYSdQYWeQ\TQT
`QbQd_T_c\_cSYeTQTQ^_c<Qf_\e^dQTTUcUWeYbQfQ^jQ^T_XQSYQ\Qe^YVYSQ
SY†^TU\QQSSY†^TU\QcQc_SYQSY_^Uc`_`e\QbUccUUh`bUcQRQQdbQf}cTU\
^_]RbQ]YU^d_TUe^QTYbUSdYfQaeUVe^SY_^QbQU^CQ^dYQW_S_^U\U^SQb
W_TUQ`\YSQb\QcS_^S\ecY_^UcTU\3_^WbUc_TU`Ub]Q^USUbU^S_^dQSd_
S_^d_TQc\QcY^cdYdeSY_^UciS_^`_TUbTUS_^f_SQbQe^^eUf_UfU^d_SeQ^
T_\_UcdY]QcU^USUcQbY__Qc_\YSYdeTTUQ\_]U^_cSY^S_c_SYUTQTUc!'##

> E5F1C ?B71>9J139?>5C I 6?B=1C 45 3??B49>139É> @?@E<1B

81391 69>5C 45 <1 4r3141 45 !((

!<QfYWU^SYQTU\]edeQ\Yc]_

<QY^TecdbYQ\YjQSY†^U\R__]TU\QUS_^_]QcQ\YdbUbQi\QbUQ\YjQSY†^TU
Y]`_bdQ^dUc_RbQc`‹R\YSQc`Ub]YdYUb_^U\TUcQbb_\\_iS_^c_\YTQSY†^TU
^‹S\U_c_RbUb_cTebQ^dU\_cQ…_c_SXU^dQ@Ub_S_]_iQXU]_cfYcd_\Q
`b_c`UbYTQT^QSY_^Q\^_cYW^YVYS†e^]UZ_bQ]YU^d_ceRcdQ^SYQ\TU\Qc
S_^TYSY_^UcTUfYTQTU\_ccUSd_bUc`_`e\QbUc5^\QcSYeTQTUcU\XQSY^Q
]YU^d_i\QY^cQ\eRbYTQTTU\QcXQRYdQSY_^Uc`_RbUcS_^cecUSeU\QTU
U`YTU]YQcU^VUb]UTQTUciTUUc`Q^d_cQ]_bdQ\YTQT`_^Q^U^U\dQ`U
dU\QTYcSecY†^c_RbU\Q²SeUcdY†^c_SYQ\³6eUbQTUe^Q]Qi_b_VUbdQTU
`eUcd_cTUdbQRQZ_\QS_^TYSY†^_RbUbQi`_`e\Qb^_XQRQ_RdU^YT_^Y^
W‹^RU^UVYSY_ceRcdQ^SYQ\TU\QVQRe\_cQbYaeUjQVYcSQ\QTaeYbYTQWbQSYQc
Q\QY^S_b`_bQSY†^Q\QUS_^_]Q^QSY_^Q\TU\Qc`b_fY^SYQccU`dU^dbY_

!'#!
²3_^S\ecY_^UcQaeUQbbYR†U\3_^WbUc_TU?RbUb_caeUVe^SY_^†U^CQ^dYQW_
U\"!TUcU`dYU]RbUTUUcdUQ…_³<Q4YcSecY†^3XY\\v^!'TUTYSYU]RbUTU!((%
!'#"
<_cQc`USd_c]vc`_\dYS_cTUUcdU`b_SUc_c_^dbQdQT_cU^U\`b†hY]_SQ`de\_
!'##
²3_^S\ecY_^Uc³_`SYd

& #
^Q\UcS_^aeYcdQTQcQ@Ub‹i2_\YfYQ5\5cdQT_SXY\U^_cUWeQcYU^T_e^5c
dQT_²Qc_SYQ\³*^Y^We^Q\UiQ]`QbQRQQ\_cdbQRQZQT_bUciUhSU`deQ^T_U\
SQc_Uc`USYQ\TU\_c`_bdeQbY_cdQ]`_S_UhYcdQ^cYcdU]QcTU`b_dUSSY†^
c_SYQ\TU\Q]QcQ\QR_bY_cQ>_XQRQZeRY\QSY†^^YQieTQU^SQc_TUU^VUb]U
TQTSUcQ^dQ_VQ\\USY]YU^d_TU\ZUVUTUVQ]Y\YQC†\_\QVY\Q^db_`Qi\QSQbY
TQTTU\Q²WU^dUTUSU^dU³`_TQ^`Q\YQbSYbSe^cdQ^SYQ\]U^dU\QTUcWbQ
SYQTQceUbdUTU\_c`_RbUc
1`UcQbTUce`bUSQbYUTQTU\]edeQ\Yc]__VbUSQQ\_cdbQRQZQT_bUc
S_^]Qi_bSQ`QSYTQTTUQX_bb_°Uc`USYQ\]U^dUQbdUcQ^_ci_RbUb_cSQ\Y
VYSQT_c°\Q`_cYRY\YTQTTUU^VbU^dQbUcdQcTYVYSe\dQTUcTU]UZ_b]Q^UbQ
aeU\QWbQ^]QcQTUcXUbUTQTQ5^SQc_TUU^VUb]UTQT\Qc]edeQ\Uc\Uc
ce]Y^YcdbQRQ^ ]}TYS_c i ]UTYSQ]U^d_c WbQdYc i e^Q `UaeU…Q QieTQ
]_^UdQbYQ TebQ^dU fQbYQc cU]Q^Qc 1\We^Qc Y^cdYdeSY_^Uc U^dbUWQRQ^
ceRcYTY_cQTYSY_^Q\Uc`QbQRQ…_cdUb]Q\Uc_TU]Qb=eSXQc_d_bWQRQ^
`U^cY_^UcfYdQ\YSYQc`QbQ\_cY^SQ`QSYdQT_c`_bU^VUb]UTQT_fUZUjiSQcY
d_TQcS_RbQRQ^Se_dQcUhdbQ_bTY^QbYQcQcecc_SY_c`QbQc_S_bbUbQ\QfYe
TQiQ\_cXYZ_cTU\S_]`Q…Ub_aeUXQRQVQ\\USYT_
<QY]`_bdQ^SYQTU\QQieTQ]QdUbYQ\fQbYQRQcUW‹^\Qc]edeQ\Uci\_c
QfQdQbUcTU\QcYdeQSY†^US_^†]YSQTU\`QciTU\_cQc_SYQT_c*U^}`_SQc
TUUcdbUSXUjSYUbd_cRU^UVYSY_cS_]_\_cceRcYTY_c`QbQRQ…_cdUb]Q\Uc_
TU]Qbc_\Q^cUbbUcdbY^WYT_c_ce`bY]YT_c+QcY]Yc]_`_TQ^XQSUbcU
]vcTbQS_^YQ^Qc\QcS_^TYSY_^Uc`QbQY^WbUcQbQ\Q_bWQ^YjQSY†^_`QbQ
QSSUTUbQSYUbdQc`bUcdQSY_^Uc@Ub_dQ^_]vcbU\UfQ^dUaeUUcUQehY\Y_
UbQU\TUcQbb_\\_TU\_c\Qj_cTUc_\YTQbYTQTU^dbU\_cQc_SYQT_c*U^SQc_TU
U^VUb]UTQT_TUVQ\\USY]YU^d_\Q]edeQ\cUcU^dQ_R\YWQTQQQieTQbTU
]Q^UbQ`Ubc_^Q\YjQTQQaeYU^Uc`QcQRQ^`_be^]_]U^d_TYVSY\fYcYdQ^
T_Q\_cU^VUb]_cQcecSQcQciQS_]`Q…Q^T_Q\_cTUeT_cQ\_cVe^UbQ\Uc
1\_cQc`USd_cU]Y^U^dU]U^dU`bvSdYS_ccUce]QRQ^\_cQdbQSdYf_c
TU\Ve^SY_^Q]YU^d_TU]_SbvdYS_iTU\Qc_SYQRY\YTQTU^dbU`Ubc_^QcTU
Y^dUbUcUci_bWU^Ucc_SYQ\Uc]vc_]U^_ccY]Y\QbUc*

<Q²E^Y†^TU1bdUcQ^_cTU3XY\\v^³°`b_S\Q]QRQ
e^]edeQ\YcdQU^!(($°dU\\Q]QZ_fU^_RbUb_+fU^Qcec
RbQj_c1aeXQ\\QbvcZUVUc`_bdYU\UWYT_ciaeU^_dUSeUc
dQ^e^SU^dQf_aeU^_Ucdv^`QbQ]Q^TQbdUcY^_`QbQ
cUbfYbdUaeU^_XQ^TUd_]Qbdec\vWbY]Qc`QbQ`QWQbS_^
U\\Qc\_cbUWQ\_cTUe^QfYTQVvSY\cY^UcVeUbj_^Y^_R\UjQ
_]YcUbQR\Uc\Qc_RUbRYQTUcecSbQ`e\_cQc_bWQc]vcc
`QbQU^ZeWQbUcQc\vWbY]QciTUf_\fUbdU\QUc`UbQ^jQ+Qae
U^S_^dbQbvcUZU]`\_c`QbQdeZefU^deT+QaeXQ\\Qbvc^_
\_cVbf_\_ci_\fYTQTYj_cS_]`Q…Ub_cTU\`\QSUbcY^_Q]Y
W_cfUbTQTUb_c`_baeU^_dUTUcS_^_SUbv^U^U\T_\_b+
S_^dbQU\TUc`bUSY_TU\_caeUdU_`bY]U^QaeU^S_^dbQ
bvcU\SQbY…_TU\_caeUTUZv^T_dU\YRbUdU`b_dUWU^

& $
 ¥5QZ_fU^_RbUb_dbQUde†R_\_cU]Q^Q\de^_]
RbQcU\TU`_cYdQbY_iUcU†R_\_^_cUXQTUY^fUbdYbcY^de
`Ub]Yc_^_XQTUcUbfYbQ\_bWe\\_^YcU^ceQ\YTQTTU
^QTYU+cY^_QQcUWebQbdedbQRQZ_aeUUc\QV_bde^QS_^
dbQ\_cbYUcW_cTU\QU^VUb]UTQTiUcd_dUUcU]Y^U^dU
]U^dU‹dY\+_RYU^XQTUcUbfYbQ\QcQ\eTTUdeXUb]Q^_
U^VUb]_iUcd_Uc¥cQ^d_U\]e^T_\_fU^UbQi4Y_c\_
RU^TYSU !'#$

5\]edeQ\Yc]_S_^_SY†e^Q^eUfQVQcUTUUh`Q^cY†^CebWYUb_^^eU
fQcc_SYUTQTUcTUQbdUcQ^_cUcTUSYbbUQWbe`Q]YU^d_cTUdbQRQZQT_bUccY^
TYcdY^SY†^TU_VYSY_U^DQ\SQXeQ^_!(($DQ\dQ\!(($9aeYaeU²5\@_b
fU^Yb³!(($i²<Q@b_dUSd_bQ³!((%FQ\TYfYQ!((%1^d_VQWQcdQ!((%
DQ\SQ!((&U^bUU]`\Qj_TU\QTUcQ`QbUSYTQ]edeQ\TU\QT}SQTQQ^dU
bY_bAeY\\_dQ!((&<Y]QSXU!(('CQ^2Ub^QbT_!(()9aeYaeU²9^
dUb^QSY_^Q\³!(()UdS}dUbQ
3_]_Uh`bUcY†^TU\QTYfUbcYTQTc_SYQ\`_\dYSQYTU_\†WYSQiSe\de
bQ\TU\]e^T_`_`e\Qb_`QbQbUc`_^TUbQ^USUcYTQTUc]eiUc`USVYSQc
cUV_b]Qb_^Q\We^QcY^cdYdeSY_^Uc`QbQ\U\QcQ\Qcc_SYUTQTUcTUQbdUcQ^_c
iQUhYcdU^dUc5^BQ^SQWeQcUS_^cdYdei†U^!(($e^QC_SYUTQTTU?RbUb_c!'#%
5^CQ^dYQW_cU_bWQ^Yj†U^!((&RQZ_U\\YTUbQjW_TU<_bU^j_=_bQ\UcU
8Y`†\Yd_1SUfUT_\Q1cQ]R\UQTU?RbUb_cU9^TecdbYQ\UcaeU`_^QYWeQ\}^VQ
cYcU^\QcQSdYfYTQTUc]edeQ\YcdQciTUUTeSQSY†^`_`e\Qb\_WbQ^T_UcdQ
R\USUbS_^U\Q`_i_TU\W_RYUb^_fQbYQcUcSeU\Qc^_Sdeb^QcU^RQbbY_c`_
`e\QbUc!'#&5^9aeYaeUU\cebWY]YU^d_TU\QC_SYUTQTTU1bdUcQ^_c²<Q@b_dUS
d_bQ³U^!((%VeUU\Vbed_TU\Q`_cYSY†^SbdYSQQT_`dQTQ`_be^QVbQSSY†^
TU\_cc_SY_cTU\Q]edeQ\²5\@_bfU^Yb³SbUQTQU\Q…_`bUSUTU^dUVbU^dUQ
\QY^cdbe]U^dQ\YjQSY†^`_\dYSQTU\Q_bWQ^YjQSY†^`_b`QbdUTUTYbYWU^dUc
TUUhdbQSSY†^c_SYQ\QS_]_TQTQIQUcdQ]_dYfQSY†^cUQWbUW†e^TUcU_TU

!'#$
K9cQQc6bQ^SYcS_BQ]bUjM5\_RbUb_i\QE^Y†^TUQbdUcQ^_cTU3XY\\v^3_^VUbU^SYQ
TQTQU^\QbUe^Y†^ZU^UbQ\TU\&TUU^Ub_TU!(($TUQaeU\\Qc_SYUTQT`_bU\c_SY_X_^_bQbY_cU…_b
9cQQc6bQ^SYcS_BQ]bUj3XY\\v^9]`bU^dQTU²5\DU\}WbQV_³!(($`vW'
!'#%
²3b†^YSQ³<QBQj†^CQ^dYQW_"#TUQW_cd_TU!(($+5cdQded_cTU\QC_SYUTQTTU
?RbUb_cTUBQ^SQWeQ6e^TQTQU\#TUQW_cd_TU!(($BQ^SQWeQ9]`bU^dQTU²5\6}^Yh³
!(($
!'#&
²1cQ]R\UQTU1bdUcQ^_cU9^TecdbYQ\Uc³5\6Ubb_SQbbY\CQ^dYQW_# TUTYSYU]RbU
TU!((&i%TUZe\Y_TU!(('+²<_cS_\UZY_c^_Sdeb^_c³5\7edU^RUbWCQ^dYQW_# TUZe\Y_
TU!(('+²9^QeWebQSY†^TUe^QUcSeU\Q³5\6Ubb_SQbbY\CQ^dYQW_!(TUQW_cd_TU!(('+
²@b_WbQ]QTU\Q1cQ]R\UQTU1bdUcQ^_cU9^TecdbYQ\Uc³i²=U]_bYQaeUU\`bUcYTU^dUTU
\QS_]YcY†^TYbUSdYfQTU\Q1cQ]R\UQTU1bdUcQ^_cU9^TecdbYQ\Uc`bUcU^dQQ\Q:e^dQ:U^U
bQ\³<Q1cQ]R\UQCQ^dYQW_"'TUQW_cd_TU!(('+²5cSeU\Q6Ub]^FYfQSUdQ³5\6Ubb_SQbbY\
CQ^dYQW_(TU^_fYU]RbUTU!(('+BUW\Q]U^d_Y^dUbY_b`QbQ\QcUcSeU\Qc^_Sdeb^QcTU\Q1cQ]
R\UQTU1bdUcQ^_cU9^TecdbYQ\UcCQ^dYQW_9]`bU^dQFYSd_bYQ!(((+²1cQ]R\UQTU1bdUcQ^_c
U9^TecdbYQ\Uc³5\6Ubb_SQbbY\CQ^dYQW_"TU]Qi_TU!(()

& %
QVYb]QSY†^°Q\]U^_cfUbRQ\°TUceYTU^dYTQTQbdUcQ^Q\ !'#'5^AeY\\_dQ
e^Wbe`_TU]Y\YdQ^dUcTU\@QbdYT_4U]_SbvdYS_UcSY^TYT_cTU\QC_SYUTQTTU
1bdUcQ^_cV_b]Qb_^U^!() \QC_SYUTQTTU1bdUcQ^_c:eQ^1Wecd^3_b^UZ_U^
QRYUbdQbYfQ\YTQTS_^\QY^cdYdeSY†^Q^dUbY_b !'#(
DQ]RY}^cUS_^cdYdeiUb_^]edeQ\UcS_]_\QC_SYUTQTE^Y†^6bQdUb^Q\
CQ^6Ub^Q^T_!((%!'#)\QC_SYUTQT@b_dUSd_bQTU9^fv\YT_cFQ\`QbQc_
!((%!'$ i\QC_SYUTQTTUC_S_bb_c=ede_c²=Q^eU\2\Q^S_5^SQ\QTQ³FQ\`QbQ
c_!() aeUQe^aeU^_cUQed_TUVY^Q^S_]_U^dYTQTUcUhS\ecYfQ]U^dU
`_`e\QbUcUcdQRQ^TUXUSX_S_]`eUcdQc`_b`Ubc_^QcTURQZQUhdbQSSY†^
c_SYQ\S_^SQbQSdUbcdYSQc]eicY]Y\QbUcQ\Qcc_SYUTQTUcTUQbdUcQ^_c!'$!
8QSYU^T_]vcS_]`\UZ_U\`Q^_bQ]QTU\Q]edeQ\YTQTQ\We^QcTU\Qc
_bWQ^YjQSY_^UcaeUbUYfY^TYSQRQ^QdbQf}cTUcec^_]RbUciTYcSebc_ce^Q
YTU^dYTQT_RbUbQiQbdUcQ^Q\^_cYU]`bUbUc`_^TQ^QceQ`QbU^dUcU\\_`_
`e\QbrcU`QbUSUXQRUbcYT_U\SQc_TUfQbYQcY^cdYdeSY_^UcUc`USYQ\]U^dU
Q\We^QccebWYTQcU^DQbQ`QSvTebQ^dU\_cQ…_c_SXU^dQS_]_\QC_SYUTQTTU
1bdUcQ^_ciC_S_bb_c=ede_c²5\@_bfU^Yb³TU9aeYaeUi\QC_SYUTQTTU1bdUcQ^_c²<Q
@b_dUSd_bQ³TU\Q]Yc]QSYeTQTU^\QcaeUU\`b_dQW_^Yc]_`bY^SY`Q\bUSQi†
U^S_]UbSYQ^dUcU]`bUcQbY_cU]`\UQT_c`‹R\YS_cUY^dU\USdeQ\UcbUV\UZQ^
T_U\UcdQT_TU²Y^TYWU^SYQ³U^aeUcUU^S_^dbQRQU\]_fY]YU^d_`_`e\QbU^
\QbUWY†^XQcdQVY^UcTU\_cQ…_c_SXU^dQ!'$"
?dbQc_bWQ^YjQSY_^UcS_]_e^Qc_SYUTQTTUc_S_bb_c]ede_cVe^

!'#'
@Y^d_²5^U\SQ]Y^_³_`SYd`vW)!icYWeYU^dUc
!'#(
²C_SY_cUc`e\cQT_c³<QC_SYUTQTAeY\\_dQ(TUZe^Y_TU!() +²<QC_SYUTQTTU
1bdUcQ^_c:eQ^1Wecd^3_b^UZ_³<QC_SYUTQTAeY\\_dQ""TUZe^Y_TU!() +²CUcY_^R_
bbQcS_cQU^\QC_SYUTQTTUJQ]QbQ³<QC_SYUTQTAeY\\_dQ&i!#TUZe\Y_TU!() 
!'#)
CUW‹^cecUcdQded_c\QC_SYUTQTE^Y†^6bQdUb^Q\UcdQRQS_]`eUcdQ²UcU^SYQ\]U^dU
TUQbdUcQ^_cTUY^TYfYTe_caeUdbQRQZU^U^Q\W‹^QbdUe_VYSY__aeUTYbYWQ^_RbQcTU
S_^cdbeSSY†^VvRbYSQcdQ\\UbUcdYU^TQcSQcQcTU\QR_bUdS³5cdQded_cTU\QC_SYUTQTE^Y†^
6bQdUb^Q\Ve^TQTQU\!¡TUU^Ub_TU!((%CQ^6Ub^Q^T_9]`bU^dQTU²<Q:efU^deT³`vW!
!'$
@UbdU^USQ^QUcdQY^cdYdeSY†^\_c]YU]Rb_cTU\3eUb`_TU9^fv\YT_ci\Qc`Ubc_
^QcaeUXeRYUcU^cUbfYT_U^U\5Z}bSYd__U^\Q7eQbTYQ>QSY_^Q\Uc`USYQ\]U^dUTebQ^dU
\Q7eUbbQTU\@QSVYS_²<Qcc_SYUTQTUcTU_RbUb_cTUFQ\`QbQc_³5\7edU^RUbWCQ^dYQW_
")TUU^Ub_TU!(('
!'$!
<QC_SYUTQT=Q^eU\2\Q^S_5^SQ\QTQQT]YdQQ²d_TQS\QcUTU`Ubc_^QcU^\QUhdU^
cY†^TU\Q`Q\QRbQ³ibUSXQjQRQU^cecU^_\Qc²TYcdY^SY_^UcTUS\QcUcSeUcdY_^Uc`_\dYSQc
_bU\YWY_cQc³1CC==25F<YRb_9TU\QC_SYUTQTTUC_SYUTQTTUC_S_bb_c=ede_c=Q^eU\
2\Q^S_5^SQ\QTQ²1SdQTUVe^TQSY†^TU\QC_SYUTQTTUC_S_bb_c=ede_c=Q^eU\2\Q^S_
5^SQ\QTQ³FQ\`QbQc_QRbY\%TU!() V!
!'$"
@Y^d_²5^U\SQ]Y^_³_`SYd`vWc(%)&CUW‹^U\UcdeTY_bUQ\YjQT_`_bUcdU
Qed_b\QVbQWY\YTQTTU\Qc_bWQ^YjQSY_^Uc`_`e\QbUcdQbQ`QaeU…QccU]Q^YVUcdQRQU^\Q
UV]UbQTebQSY†^TU\Q]Qi_bQTUU\\QcU\S_bd_^‹]Ub_TUcecY^dUWbQ^dUcceVQ\dQTU
YbbQTYQSY†^Uc`QSYQ\\Y]YdQTQcQ\QSYeTQTTU9aeYaeUiU\UfYTU^dU`b_dQW_^Yc]_TUU\U
]U^d_cTU\QcS\QcUcQS_]_TQTQcU^cecU^_DQ]`_S_VeUb_^SQ`QSUcTUTYfUbcYVYSQbcU
TebQ^dUUcQT}SQTQXQSYQv]RYd_cS_]_\QUTeSQSY†^ibUSbUQSY†^`_`e\QbU\S__`UbQdY
fYc]_iTU]vc`bvSdYSQcQc_SYQdYfQcaeUcUTUcQbb_\\QRQ^U^_dbQc`QbdUcTU\`Qc

& &
TQTQU^<_dQU^!() `b_S\Q]QRQ^cef_\e^dQTY^dUWbQT_bQTU`Ubc_^Qc
`b_fU^YU^dUcTUTYcdY^d_ccUSd_bUcc_SYQ\UcTUS\QbQ^T_S_^_bWe\\_aeUU^
cecU^_cUU^S_^dbQRQ^²TUcTUU\X_^bQT__RbUb_XQcdQU\]vcQSQeTQ\QT_
iX_^bQT_fUSY^_cY^TYcdY^SY†^TU^QSY_^Q\YTQT³ !'$#
5\`\ebYS\QcYc]_]edeQ\YcdQ^_UbQe^VU^†]U^_^eUf_5^\QcQ^dY
WeQcc_SYUTQTUcTUc_S_bb_c]ede_ccUfU^Q`b_TeSYU^T_e^`b_SUc_TU
SbUSYU^dUTYfUbcYVYSQSY†^TUceRQcUc_SYQ\5\S_]`_^U^dU_RbUb_iQbdUcQ
^Q\dU^TQQTYc]Y^eYbQ]UTYTQaeUY^WbUcQRQ^`Ubc_^Qc`b_fU^YU^dUcTU
_db_ccUW]U^d_cc_SYQ\UcU^`QbdYSe\QbU]`\UQT_c`b_VUcY_^Q\UciS_]Ub
SYQ^dUcE^UcdeTY_c_RbU\QC_SYUTQTTU1bdUcQ^_cTU<QCUbU^Q^_cbUfU\QaeUcY
U^\QUdQ`QY^YSYQ\TUcTU!(&!Q!(&)\Qd_dQ\YTQTTU\_cSYU^d__SX_c_SY_c
Y^cSbYd_c`_TQcUbSQ\YVYSQTQS_]_QbdUcQ^_c+TebQ^dU!(' !(')TU\_c
T_cSYU^d_c_SXU^dQie^]QdbYSe\QT_cc†\_&%'`UbdU^USQ^QUcdQSQdU
W_bQiU\#$#bUcdQ^dUUbQ^`b_VUcY_^Q\UciS_]UbSYQ^dUc4ebQ^dU\QT}
SQTQ!(( !(()TU%))c_SY_cY^WbUcQT_c\_c²SeU\\_cR\Q^S_c³S_]UbSYQ^
dUcU]`\UQT_c`QbdYSe\QbUcbU^dYcdQcUY^TecdbYQ\UcUbQ^U\$)(+i\_c
QbdUcQ^_cY^S\eiU^T_U^dbUU\\_cQ\_cQWbYSe\d_bUcU\% "<QdU^TU^
SYQcUQSU^deQbQTebQ^dU\Q‹\dY]QT}SQTQTU\cYW\_cYU^T_\_c²SeU\\_cR\Q^
S_c³U\%%TU\d_dQ\TU\_cQc_SYQT_ci\_cQbdUcQ^_c_dbQRQZQT_bUc]Q^eQ\Uc
U\$%bUcdQ^dU!'$$1e^cY^S_^dQbS_^UcdeTY_cSeQ^dYdQdYf_cc_RbUU\bUcd_
TU\Qcc_SYUTQTUcTUQbdUcQ^_cd_T_`QbUSUY^TYSQbaeUU^WbQ^TUc\^UQc
e^QdU^TU^SYQcY]Y\QbcU]Q^YVUcd†U^_db_cSQc_c
@Ub_\Q]Qi_bQTU\Qc^eUfQc]edeQ\UcUbQ^_bWQ^Yc]_caeUbUe^Q^
QdbQRQZQT_bUcTUe^]Yc]__VYSY__cUSd_bTU`b_TeSSY†^bUV\UZQ^T_U\`b_
SUc_TUSbUSYU^dUY^TecdbYQ\YjQSY†^Uc`USYQ\YjQSY†^iTYfYcY†^TU\dbQRQZ_*
3U^db_TUDQ`YSUb_cTUCQ^dYQW_!((%+C_SYUTQTTUCQcdbUcTUFQ\`QbQc_!((%+
C_SYUTQT6UTUbYS_CdefU^FQ\`QbQc_!((&aeUbUe^QQdbQRQZQT_bUcTU\Q
]UdQ\ebWYQ]USv^YS_cd_b^Ub_cSQ\TUbUb_cVe^TYT_bUcS_RbUb_c`\_]U
b_c+C_SYUTQT²2U^ZQ]^FYSe…Q=QS[U^^Q³TU3YWQbbUb_cTUCQ^dYQW_!((&+
C_SYUTQTTUJQ`QdUb_cTUFQ\`QbQc_²2U^ZQ]^FYSe…Q=QS[U^^Q³!((&+C_SYU
TQT6bQdUb^Q\TU@Y^d_bUcTUFQ\`QbQc_!((&+C_SYUTQTTU@Y^d_bUc²=YWeU\Â^WU\³
TUCQ^dYQW_!((&+E^Y†^TU=_j_cCQ^dYQW_!(('+C_SYUTQTTU?RbUb_c@Q^Y
VYSQT_bUcTU9aeYaeU!(('+C_SYUTQTTU5]`\UQT_cTU3_]UbSY_TUCQ^dYQW_!(('+
C_SYUTQT7bU]Y_TU6\UdUb_cTUFQ\`QbQc_²CQ^dQB_cQTU3_\]_³!(((+C_SYUTQT
=QbdY]QTUC_S_bb_c=ede_cTUFQ\`QbQc_!(((+C_SYUTQTDY`†WbQVYSQTU9aeY
aeU!(()+C_SYUTQTTU@b_dUSSY†^=edeQTU=QaeY^YcdQci6_W_^Ub_cCQ^dYQW_

!'$#
5\<QedQb_3_b_^U\#TUQRbY\TU!() 3YdQT_U^6YWeUb_QiCQ^T_fQ\_`SYd
`vW)#
!'$$
3Qb\_c2QbQX_^Q=_bWQT_Â^WU\8Ub^v^TUj>‹…Uji:eQ^@vUj@vUj9^dUWbQSY†^
TU\_cWbe`_cY^dUb]UTY_c*\QC_SYUTQTTU1bdUcQ^_cTU<QCUbU^Q!(&"!) cU]Y^QbY_`QbQ_`dQb
Q\dde\_TU`b_VUc_bTU5cdQT_U^8Ycd_bYQi7U_WbQVQ<QCUbU^QE^YfUbcYTQTTU<QCUbU
^Q6QSe\dQTTU8e]Q^YTQTUc4U`QbdQ]U^d_TU3YU^SYQcC_SYQ\Uc!)('`vWc' i'!<_c
`_bSU^dQZUcTU\`Ub_T_!(' !(')cU…Q\QT_cU^UcdQdUcYcS_^dYU^U^\UfUcUbb_bUcaeUXQ^
cYT_S_bbUWYT_c`_b^_c_db_cKC7DM

& '
!(()+C_SYUTQTTUC_S_bb_c=ede_cTU5]`\UQT_cTUFQ`_bUcFQ\`QbQc_!(()+
C_SYUTQTTU5]`\UQT_cTU3_]UbSY_TUDQ\SQ!(()+C_SYUTQTTU3_SXUb_cTU3QbbeQ
ZUcTU\CUbfYSY_@‹R\YS_²<Q9WeQ\TQT³CQ^dYQW_!() +C_SYUTQTTU1bdUcQ^_c²1^
d_^Y_3_cdQ³FQ\`QbQc_!() aeUS_^WbUWQRQQdbQRQZQT_bUc]UdQ\‹bWYS_c
TUY^TecdbYQcTU`b_`YUTQTTUSQ`YdQ\YcdQc`bYfQT_c+C_SYUTQTTUC_S_bb_c=e
de_ciTU1X_bb_TU1\RQ…Y\Uc5cdeSQT_bUci3Q^dUb_c²5\@_bfU^Yb³CQ^dYQW_!() +
C_SYUTQTTU1X_bb_iTUC_S_bb_c=ede_cTUDY`†WbQV_cTU3_^SU`SY†^!() +C_SYU
TQTTUDQ\QRQbdUb_cTUFQ\`QbQc_!() UdS}dUbQ!'$%
<Qc]edeQ\UcaeUbUe^Q^QdbQRQZQT_bUcTUe^]Yc]__VYSY__bQ]QTU
\Q`b_TeSSY†^]Q^defYUb_^UcdQSQbQSdUbcdYSQcY^]Qi_bUcQ\dUbQSY_^UcTe
bQ^dUU\`Ub_T_UcdeTYQT_Qe^aeUU^Q\We^_cSQc_c\Qc^_b]Qc`bUfUQ^
SYUbdQV\UhYRY\YTQT`QbQ`Ub]YdYbQe^`UaeU…_^‹]Ub_TU`Ubc_^QcUhdbQ…Qc
Q\WbU]Y_5^Q\We^QcY^cdYdeSY_^Uc\QcUhYWU^SYQcTUc_\fU^SYQUS_^†]YSQcU
fYUb_^bUV_bjQTQcQSU^deQ^T_U\SQbvSdUbU\YdYcdQTU\]edeQ\Yc]_bUc`USd_
TU\QWbQ^]QcQdbQRQZQT_bQ<QC_SYUTQTDY`_WbvVYSQTUFQ\`QbQc_`_bUZU]`\_
UhYWQQaeYU^UcTUcUQbQ^Y^S_b`_bQbcUe^Y^WbUc_TU²Q\_]U^_cdbUY^dQ
`Uc_c]U^ceQ\Uc³!'$&@Ub_]vcbU\UfQ^dUaeUSYUbdQcdU^TU^SYQcQ\QU\YdYjQ
SY†^TU\Q]edeQ\YTQTVeUceQT_`SY†^`_b^eUf_cifQbYQT_ccUSd_bUcc_SYQ
\Uc<QTYfUbcYTQTVeUe^QTU\QcSQbQSdUbcdSQc]vccYW^YVYSQdYfQcTU\]edeQ\Yc
]_Q`QbdYbTU\QT}SQTQTU\_c_SXU^dQ
@_bU\\_dQ]RY}^TURUbQ^cUbS_^cYTUbQTQcU^UcdQUh`Q^cY†^TU\
]edeQ\Yc]_Q\We^QcU^dYTQTUcQ`_iQTQciVY^Q^SYQTQc`QbSYQ\]U^dU`_b
\_c`b_`Y_cU]`bUcQbY_cS_]_\QC_SYUTQTTUC_S_bb_c=ede_cTU\Q6e^TY
SY†^²<YRUbdQT³CQ^dYQW_!(()5cdQ]edeQ\°aeUbUe^QQ\Qd_dQ\YTQT
TU\_c_RbUb_ciU]`\UQT_cTU\UcdQR\USY]YU^d_TU\_ccU…_bUcCdbYS[\Ubi
;Ž`VUb°UbQe^QUh`bUcY†^TU\`QdUb^Q\Yc]_`Qdb_^Q\aeUS_]U^jQRQQ
USXQbbQSUc]vcc†\YTQcQ\Q\Ub_TU\TUcQbb_\\_Y^TecdbYQ\CYRYU^\QcTYc
`_cYSY_^UcUcdQdedQbYQc`b_XYRQ^Q\_cTeU…_cTU\QVe^TYSY†^cUbc_SY_c
TU\QQc_SYQSY†^i`_b\_dQ^d_^_UbQ^U\UWYR\Uc`QbQSQbW_TYbUSdYf_Q\
We^_UcdQRQ^VQSe\dQT_c`QbQQcYcdYbQcecZe^dQcTYbUSdYfQciWU^UbQ\Uc
S_^TUbUSX_Qf_j5^SQc_TUTYfUbWU^SYQU^dbUQ\W‹^c_SY_iU\TYbUSd_
bY_TU\Qc_SYUTQTTUc_S_bb_c]ede_c\_c`Qdb_^UcQSdeQRQ^S_]_vbRY
db_ccYU^T_ceVQ\\_Y^Q`U\QR\U!'$'<QQ`QbYSY†^TUUcdUdY`_TU]edeQ\Uc
^_UbQU\bUce\dQT_TU\TUcQbb_\\_TU\]_fY]YU^d_`_`e\QbcY^_TU\QedY
\YjQSY†^`_b`QbdUTU\_cU]`bUcQbY_cTU\Qc`b_`YQc_bWQ^YjQSY_^UciV_b

!'$%
FUb\_cUcdQded_cTUc_SYUTQTUcS_^cYW^QT_cU^\QRYR\Y_WbQVQTUUcdU\YRb_
!'$&
5cdQded_cTU\QC_SYUTQTDY`_WbvVYSQTUFQ\`QbQc_aeUXQ^S_]U^jQT_QbUZYbTUcTUU\!¡
TUZe\Y_TU!((#FQ\`QbQc_9]`bU^dQTU<Q@QdbYQ!((#`vW'
!'$'
5cdQded_cTU\QC_SYUTQTTUC_S_bb_c=ede_cTU\Q6e^TYSY†^²<YRUbdQT³`b_`YUTQTTU\_c
cU…_bUcCdbYS[\Ubi;Ž`VUbVe^TQTQU\"(TUcU`dYU]RbUTU!(()CQ^dYQW_9]`bU^dQ3UbfQ^dUc
!(()+²C_SYUTQTTUC_S_bb_c=‹de_cTU\Q6e^TYSY†^´<YRUbdQTµ³U^2_\Ud^TU\QC_SYUTQT
TU6_]U^d_6QRbY\Q…_F9>¡! CQ^dYQW__SdeRbUTU!(()`vWc$''$')

& (
]QcTUc_SYQRY\YTQTTU\_cdbQRQZQT_bUc`QbQ`_^Ub\QcQ\cUbfYSY_TUceUcdbQ
dUWYQTUT_]Y^QSY†^@Ub_U\cebWY]YU^d_TUUcdQfQbYQ^dUUbQY^TYSY_TU\
`_TUbTUS_^f_SQd_bYQTU\Q]edeQ\YTQTiTU\QSbUSYU^dU`bU_Se`QSY†^TU
Q\We^_cY^TecdbYQ\Uc`_b\Q²SeUcdY†^c_SYQ\³ !'$(
5\5cdQT_dQ]`_S_YW^_b†\QcfU^dQZQcaeU`_TQRbY^TQbU\]edeQ
\Yc]_`QbQcec`b_`Y_ccUbfYT_bUc5^!(()TebQ^dU\QQT]Y^YcdbQSY†^TU\
`bUcYTU^dU2Q\]QSUTQcUVe^T†`_bY^YSYQdYfQWeRUb^Q]U^dQ\\QC_SYUTQT
TU@b_dUSSY†^=edeQTU5]`\UQT_c@‹R\YS_cTU3XY\UQRYUbdQQd_T_c\_cVe^
SY_^QbY_cVYcSQ\UcTUQ]R_ccUh_cY^S\eiU^T_Q\`Ubc_^Q\TU\_c6Ubb_SQ
bbY\UcTU\5cdQT_TU\UZ}bSYd_iTU\Q]QbY^Q5\TUcQbb_\\_TU\QY^cdYdeSY†^
VeUfUbdYWY^_c_*Q\Se]`\Ybe^Q…_TUfYTQiQS_^dQRQS_^! "!c_SY_cTYcdbY
ReYT_cU^dbUDQS^Qi3XY\_}CecSQbQSdUbcdYSQcS_bbUc`_^TQ^Q\]_TU\_
TU_bWQ^YjQSY†^]edeQ\YcdQReb_SbvdYSQ*Q\`Qdb_SY^Y_UcdQdQ\cUce]QRQe^
Ve^SY_^Q]YU^d_`QbUSYT_Q\TUe^Qc_SYUTQTS_]UbSYQ\S_^e^WUbU^dU
U^SQbWQT_TUUZUbSUb\Qc\QR_bUcTYbUSdYfQcS_dYTYQ^QcU^dbUT_cbUe^Y_^Uc
TU\S_^cUZ_TYbUSdYf_<QC_SYUTQTTU@b_dUSSY†^=edeQTU5]`\UQT_c@‹R\YS_cTU
3XY\U^_`_cUQ\_cbQcW_cTU\]_fY]YU^d_]edeQ\YcdQTU]_SbvdYS_`eUcSQ
bUSQS_]`\UdQ]U^dUTU\QcVe^SY_^UcTUc_SYQRY\YTQTCeWUcdY†^UbQTU
dY`_WUbU^SYQ\^_UhYcdYU^T__db_c\Qj_cTUe^Y†^U^dbU\_cQc_SYQT_caeU
\_cUcdQR\USYT_c`_bU\`QW_TUSe_dQciU\W_SUS_]‹^TURU^UVYSY_c5cdQ
Y^YSYQdYfQ^_cUY^c`YbQRQU^U\`b_iUSd_TU²bUWU^UbQSY†^TU\`eUR\_³TU\
]_fY]YU^d_]edeQ\YcdQ\QYS_iTU]_SbvdYS_cY^_U^\Q`bU_Se`QSY†^TU\
5cdQT_`_b`Q\YQbQ\We^_c`b_R\U]Qcc_SYQ\UcTUcecVe^SY_^QbY_cQ`_iv^
T_cUU^Q\We^_cTU\_c`bY^SY`Y_ci`bvSdYSQcTU\Q]edeQ\YTQT !'$)
ITU]Q^UbQ]vcWU^UbQ\U\Y^dUb}c`_bU\c_S_bb_]ede_TU]_cdbQT_
`_bU]`bUcQbY_c`_\dYS_ciVY\v^db_`_cTU\QcS\QcUcTYbYWU^dUcSeQ^T_^_
UbQ\QcY]`\UX_ZQTU`QbbQTUe^`\Q^TUY^cdbe]U^dQ\YjQSY†^`_\dYSQbUc
`_^TQQe^QUcdbQdUWYQTUY^dUWbQSY†^S_^db_\QTQiTUY\ecdbQSY†^TU\`eU
R\_S_]_e^QV_b]QTU`bUfU^YbTUcR_bTUcc_SYQ\Uc1ccUTUcQbb_\\†S_^
]Qi_bVeUbjQaeUU^\QT}SQTQQ^dUbY_bU\²]edeQ\Yc]_QcYcdU^SYQ\³dQ^d_TU

!'$(
BUS_bTU]_caeUXQSYQ!(%&e^`QbTUY^TecdbYQ\UcTU\QSebdYU]RbUXQRQ^Y^
dU^dQT__bWQ^YjQbU^CQ^dYQW_e^Qc_SYUTQTTUc_S_bb_c]ede_c²Q`Qdb_^QTQ³U^dbUcec
dbQRQZQT_bUcF}QcUSQ`de\_9H
!'$)
5cdQded_cTU\QC_SYUTQT@b_dUSSY†^=edeQTU5]`\UQT_c@‹R\YS_cTU3XY\U@b_iUSd_Q`b_
RQT_`_b\QCeRS_]YcY†^TU\4YbUSd_bY_CQ^dYQW_9]`bU^dQTU<_c4URQdUc!(()+5cdQded_c
TU\QC_SYUTQT@b_dUSSY†^=edeQTU5]`\UQT_c@‹R\YS_cTU3XY\U1`b_RQT_c`_bU\TYbUSd_bY_^_]
RbQT_U\!(TUQW_cd_TU!(()CQ^dYQW_9]`bU^dQTU²<_c4URQdUc³+K=YWeU\1FQ\\UZ_:M
CUWe^TQ]U]_bYQaeUU\ZUbU^dUTU\QC_SYUTQT@b_dUSSY†^=edeQTU5]`\UQT_c@‹R\YS_cTU3XY\U
`bUcU^dQQ\8_^_bQR\U4YbUSd_bY_Y]YU]Rb_cTU\Q9^cdYdeSY†^TQ^T_SeU^dQTU\Q]QbSXQTU\QC_
SYUTQTU^U\cUWe^T_cU]UcdbUTU!() CQ^dYQW_9]`bU^dQTU²<_c4URQdUc³!()!+K=YWeU\
1FQ\\UZ_:MDUbSUbQ]U]_bYQaeUU\ZUbU^dUTU\QC_SYUTQT@b_dUSSY†^=edeQTU5]`\UQT_c@‹R\Y
S_cTU3XY\U`bUcU^dQQ\8_^_bQR\U4YbUSd_bY_Y]YU]Rb_cTU\Q9^cdYdeSY†^TQ^T_SeU^dQTU\Q]Qb
SXQTU\QC_SYUTQTU^U\`bY]UbcU]UcdbUTU!()!CQ^dYQW_9]`bU^dQTU²<_c4URQdUc³!()!

& )
dU^TU^SYQ\QYSQS_]_SQd†\YSQUcTUSYbU\TUY^cdYdeSY_^UcaeUQ`UcQbTU
UcdQbS_^V_b]QTQc`_bU\U]U^d_c`_`e\QbUcVeUb_^²cecSYdQTQcQ\U^dQTQc
_QT_`dQTQc`_b`Ubc_^Q\YTQTUc_`_bS_\USdYf_cTU´^_dQR\UcµUhdbQ…_cQUcQ
RQcUc_SYQ\aeYU^UcS_^ceTY^Ub_UY^V\eU^SYQ\_QieTQb_^Qc_RbUfYfYbiU^
TYfUbcQ]UTYTQ\QcdedU\Qb_^iS_^db_\Qb_^³!'% 
CY^U]RQbW_\Q]Qi_bY^^_fQSY†^U^U\SQ]`_TU\]edeQ\Yc]_TebQ^
dUUcdU`Ub_T_VeU\QQ`QbYSY†^TU\Qc`bY]UbQcc_SYUTQTUcTUc_S_bb_c
]ede_cVU]U^Y^Qc*C_SYUTQTTU?RbUbQc>¡!TUFQ\`QbQc_!(('C_SYUTQTTU
C_S_bb_c=ede_c²5]Q^SY`QSY†^TU\Q=eZUb³CQ^dYQW_!(((C_SYUTQT²9\ecdbQ
SY†^TU\Q=eZUb³3_^SU`SY†^!(()C_SYUTQT²E^Y†^i6bQdUb^YTQTTU?RbUbQc³
FQ\`QbQc_!(()C_SYUTQT9WeQ\TQTTU?RbUbQcFQ\`QbQc_!() iC_SYUTQT
TU?RbUbQcTU9aeYaeU!() 
<QYTUQ]edeQ\YcdQXQRQcQ\YT_TU\WXUdd_`QbQQRbQjQbQ\_c]vcQ]`\Y_c
cUSd_bUc`_`e\QbUc5\`b_iUSd_TU²bUWU^UbQSY†^TU\`eUR\_³cUWeQTUcQ
bb_\\v^T_cUibUS\edQ^T_U^U\fQcd_iWU^Ub_c_SQ]`_TU\Q]edeQ\YTQTcec
]UZ_bUcQSdYfYcdQciUh`_^U^dUc

"5\]edeQ\Yc]_VU]U^Y^_

3_]_UccQRYT_U\dbQRQZ_VU]U^Y^_Ucdef_`bUcU^dUTUcTUS_]YU^j_cTU\
SQ`YdQ\Yc]_Y^TecdbYQ\U^3XY\U5^\QT}SQTQTU!(( \Qc]eZUbUciQS_^c
dYdeQ^e^`_bSU^dQZUY]`_bdQ^dUTU\`b_\UdQbYQT_VQRbY\cYU^T_Q]`\YQ
]U^dU]Qi_bYdQbYQcU^Q\We^_ccUSd_bUcS_]_\QY^TecdbYQdUhdY\iTU\QS_^
VUSSY†^CecS_^TYSY_^UcTUdbQRQZ_UbQ^]eiTUVYSYU^dUc<QY^cQ\eRbYTQT
bUY^Q^dUU^VvRbYSQcidQ\\UbUc\Qc\QbWQciUhdU^eQ^dUcZ_b^QTQc\QR_bQ\Uc
\_cRQZ_ccQ\QbY_ci\QVQ\dQTUe^cYcdU]QTU`bUfYcY†^c_SYQ\TUZQRQ^Q\Qc
_RbUbQc°U^ce]Qi_bQ]eiZ†fU^Uc°U^e^Q`_cYSY†^U^UhdbU]_`bUSQ
bYQUc`USYQ\]U^dUU^\_c]_]U^d_cTUSUcQ^dQiTUU^VUb]UTQT<QY^
TUVU^cY†^TU\QcdbQRQZQT_bQcUbQQ‹^]Qi_bQ\cUb\Qc]edeQ\Uc_bWQ^YjQ
SY_^Uc`ebQ]U^dU]QcSe\Y^Qc !'%!<QcS_cdebUbQcVeUb_^aeYU^UcTYUb_^

!'%
5\S_^SU`d_TU²]edeQ\Yc]_QcYcdU^SYQ\³Uh`eUcd_U^UcdQSYdQ\_XU]_cd_]QT_
TUe^Q^v\YcYcc_RbUU\SQc_Uc`Q…_\`Ub_`\U^Q]U^dUQ`\YSQR\UQ\QUh`UbYU^SYQSXY\U^Q
6U\YSYQ^_=_^dUb_i=QbYQ^_5cdURQ^TUFUWQ²1`b_hY]QSY†^dY`_\†WYSQQ\]edeQ\Yc]_
`_`e\Qbi_RbUb_U^5c`Q…Q*U\]edeQ\Yc]_QcYcdU^SYQ\³U^CQ^dYQW_3QcdY\\_S__bTY^Q
T_b<QXYcd_bYQc_SYQ\U^5c`Q…Q1SdeQ\YTQTi`Ubc`USdYfQc=QTbYTCYW\_FUY^dYe^_5TYd_
bUc!))!`vWc$&!i$&"
!'%!
<QUhS\ecY†^TU\Qc]eZUbUcTU\QcY^cdYdeSY_^UcTUc_S_bb_]ede_aeUcUfU^Q^
SbUQ^T_TUcTU]UTYQT_cTUcYW\_^_cUbUV\UZQRQU^\QcTYc`_cYSY_^UcUcdQdedQbYQcTUTY
SXQcc_SYUTQTUc>_cUdbQdQRQTUe^QTYcSbY]Y^QSY†^Uh`\SYdQcY^_]vcRYU^TUe^QUc`U
SYUTUS_^fU^SY†^^_UcSbYdQY]`\SYdQaeUcUWbUWQRQTUVQSd_Q\QcdbQRQZQT_bQc1^dU\Q
VQ\dQTU]Qi_bUcQ^dUSUTU^dUcTURU]_cUh`\YSQbUcdUVU^†]U^_`_b\QcY]`\UQTXUcY†^
TU\_cdbQRQZQT_bUc]edeQ\YcdQcQ\Q]_bQ\iQ\Qc^_b]QcT_]Y^Q^dUcU^\Qc_SYUTQTSXY\U
^QTU\Q}`_SQaeUQ`QbdQRQ^Q\Qc]eZUbUcTU^e]Ub_c_cT_]Y^Y_cTU\QQSdYfYTQTc_SYQ\

&!
U\`bY]Ub`Qc_`QbQSbUQbc_SYUTQTUcTUc_S_bb_c]ede_cUhS\ecYfQ]U^dU
VU]U^Y^Qc
<QY^cdYdeSY†^`Y_^UbQTU\]edeQ\Yc]_VU]U^Y^_U^3XY\U\QC_SYUTQT
TU?RbUbQcTUFQ\`QbQc_!'%"cebWY†WbQSYQcQe^QY^YSYQdYfQTU\QcS_cdebUbQcTU
e^dQ\\UbTU]_TQcTUUcQSYeTQT\\Q]QT_3QcQ7Ž^dUbT_^TUdbQRQZQRQ^
e^QccUdU^dQ]eZUbUc1\U^S_^dbQbcUWbQfU]U^dUU^VUb]Qe^QS_cdebUbQ
_dbQ_`UbQbYQ=YSQU\Q3vSUbUc`b_`ec_QcecS_]`Q…UbQc\QbUQ\YjQSY†^TU
e^QS_\USdQTUc_\YTQbYTQT<QYTUQVeURYU^QS_WYTQY^S\ec_U^dbU\_cU]
`\UQT_cTU\QdYU^TQiQe^aeU\QU^VUb]QVQ\\USY†U\TY^Ub_bUS_\USdQT_
cYbfY†`QbQS_cdUQb\_cVe^UbQ\UciU\UZU]`\_cYbfY†TUUcd]e\_`QbQ\QV_b]Q
SY†^TUe^Qc_SYUTQTTUc_S_bb_c]ede_c<QC_SYUTQT6Y\Qb]†^YSQTU?RbUb_cTU
FQ\`QbQc_Q\QaeU`UbdU^USQU\^‹S\U_`b_]_d_bTUUcdQY^YSYQdYfQ°=YSQU\Q
3vSUbUcB_cQ?`Qj_6\_bY^TQFvcaeUjTU7_^jv\Uj5^bYaeUdQ;_SXc3Qb
]U^@QbQTQi6YTU\YSYQ3Q]`_c°TY_ceQ`_i_`QbQ\QS_^V_b]QSY†^TU\Q
]edeQ\VU]U^Y^Q!'%#
5\`b_iUSd_WQ^†QTU`d_cS_^]eSXQbQ`YTUj*c†\_VeUb_^^USUcQ
bY_c_SX_TQc`QbQceS_^SbUSY†^<QbUe^Y†^`bU`QbQd_bYQ`QbQ\QS_^c
dYdeSY†^TU\QC_SYUTQTTU?RbUbQcdef_\eWQbU\!#TU^_fYU]RbUTU!(('
U^U\\_SQ\TU\Q6Y\Qb]†^YSQTU?RbUb_c4Uc`e}cTUUcSeSXQb\_cTYcSebc_c
TU=YSQU\Q3vSUbUciB_cQ?`Qj_U\SU^dU^QbTUS_cdebUbQc`bUcU^dUcTUSY
TY†SbUQbe^Qc_SYUTQTTUc_S_bb_c]ede_cie^QSQZQTUQX_bb_cc_RbURQcUc
SQcYYT}^dYSQcQ\QcTU\QC_SYUTQTDY`_WbvVYSQTU\Q]Yc]QSYeTQT3QTQc_SYQ
`QWQbQe^TUbUSX_TUU^dbQTQTU( SU^dQf_cie^QSe_dQcU]Q^Q\_R\YWQd_
bYQTU" SU^dQf_c`QbQV_b]Qbe^V_^T_TUcdY^QT_QSeRbYb\_cWQcd_ci\Qc
QieTQcaeUcU`bUcdQbQ^U^\_cSQc_c`bUfYcd_c`_b\_cUcdQded_cDQ]RY}^cU
UhYWYbQe^TU`†cYd_f_\e^dQbY_TU`_b\_]U^_c! SU^dQf_c`QbQS_]U^jQb
\Q3QZQTU1X_bb_c5\TYbUSd_bY_aeUT†`bUcYTYT_`_b\QZ_fU^=YSQU\Q3vSU
bUc5\" TU^_fYU]RbUe^QQcQ]R\UQQ\QaeUQcYcdYUb_^]vcTUSYU^d_SY^
SeU^dQQTXUbU^dUciQ\We^_cY^fYdQT_cTUX_^_bU^dbU\_caeUcUS_^dQRQ^
fQbY_cbU`bUcU^dQ^dUcTU\]_fY]YU^d_]edeQ\YcdQS_^VYb]†Ucd_cQSeUbT_c
i`b_S\Q]†U\^QSY]YU^d__VYSYQ\TU\QC_SYUTQTTU?RbUbQc!'%$

!'%"
5\^_]RbU_VYSYQ\TUUcdQQc_SYQSY†^U^\QQSdeQ\YTQTUcC_SYUTQTTU?RbUbQcTUC_
S_bb_c=ede_cTUFQ\`QbQc_`Ub_U^cecY^YSY_cUbQS_^_SYTQS_]_C_SYUTQTTU?RbUbQci\eU
W_SeQ^T_cebWYUb_^_dbQcY^cdYdeSY_^UcTU\]Yc]_dY`_U]`Uj†QTU]_]Y^vbcU\UC_SYU
TQTTU?RbUbQc>¡!
!'%#
²<QbUe^Y†^TU\QcS_cdebUbQc³5\=UbSebY_FQ\`QbQc_!$TU^_fYU]RbUTU!(('+
²FQ\`QbQc_³Ce`\U]U^d_Q\>‹]%)TU²5\7edU^RUbW³CQ^dYQW_!)TU^_fYU]RbUTU!(('
!'%$
9RYT+²C_SYUTQTTU_RbUbQc³<_c5S_cTU\DQ\\UbFQ\`QbQc_!)TU^_fYU]RbUTU
!(('+²C_SYUTQTTU_RbUbQc³5\=UbSebY_FQ\`QbQc_"!TU^_fYU]RbUTU!(('+<eYc=YbQ^TQ
CU`‹\fUTQ8Ycd_bYQTU\Q]edeQ\YTQTCQ^dYQW_9]`bUc_bCQ\UcYQ^_c!)( `vWc#"#&<Q
TYbUSdYfQU\UWYTQVeU\QcYWeYU^dU*`bUcYTU^dQ*=YSQU\Q3vSUbUc+fYSU`bUcYTU^dQ*6\_bY^TQFvc
aeUjTU7_^jv\Uj+cUSbUdQbYQ*3Qb]U^@QbQTQ+`b_cUSbUdQbYQ*4U\VY^QFY\\Qbb_U\+dUc_bUbQ+@U
db_^Y\Q7TUJ‹…YWQ*ceRdUc_bUbQ*5^bYaeUdQ;_SXc+TYbUSd_bQc*Dbv^cYd_CTUB_ZQc6YTU\Y
SYQ3Q]`_c>QdQ\YQ7eYdUbQ^1]Q\YQDTU@YjQbb_B_cQ?`Qj_i1TU\Q>QfQbb_

&!!
 CUW‹^cecUcdQded_c\Q]edeQ\cUS_]`_^TbQ²TU_RbUbQciTUd_TQc
QaeU\\QcaeUQZeYSY_TU\TYbUSd_bY_`eUTQ^cUbQT]YdYTQcS_]_SQc_cUc`U
SYQ\Uc³`bUSYcv^T_cUaeU²TURU^U^dU^TUbcU`_b_RbUbQcQ\QcS_cdebUbQc
U^\_cTYcdY^d_cbQ]_cQ\QcdU\UWbQVYcdQcSYWQbbUbQcdY`†WbQVQcUdSUdS`Ub_
U^^Y^W‹^SQc_Q\Qc\QfQ^TUbQc_Q\QcU]`\UQTQcTUSQbvSdUbT_]}cdYS_³!'%%
<QQc_SYQSY†^SbUQTQ`_b\QcS_cdebUbQccUQRbQQd_TQc\Qc_RbUbQc
TUY^TecdbYQcicUbfYSY_cTUcSQbdQ^T_c†\_QQaeU\\QcaeUbUQ\YjQRQ^dbQ
RQZ_cQcY]Y\QR\UcQ\cUbfYSY_T_]}cdYS_5cdQTYcSbY]Y^QSY†^^_UbQ_bYWY
^Q\+cUdbQdQRQTU\QbUUTYSY†^UcdQfUjU^fUbcY†^VU]U^Y^QTU\]Yc]_
dY`_TU`b_XYRYSY†^TUY^WbUc_TU\`U_^QZUQ\Qc]edeQ\UcTUSbUdQTQ`_b
\_cQbdUcQ^_ci_RbUb_cSQ\YVYSQT_cTUcTU]UTYQT_cTUcYW\_:e^d_Q\_c
_RZUdYf_cUS_^†]YS_c\Qc_RbUbQc]edeQ\YcdQccU`b_`ecYUb_^²V_]U^dQb
\QY^cdbeSSY†^\Q]_bQ\YTQTiU\RYU^UcdQbQVY^TUaeUK\Qcc_SYQcM`eU
TQ^S__`UbQbUVYSQj]U^dUQ\RYU^`‹R\YS_³ !'%&<QcTU]vcTYc`_cYSY_^Uc
UcdQdedQbYQcUhYWU^SYQcTU]_bQ\YTQTiReU^QcQ\eT`b_XYRYSY†^TUdbQ
dQbU^U\cU^_TU\QY^cdYdeSY†^SeUcdY_^UcbU\YWY_cQcUdSUbQ^cY]Y\QbUc
Q\QcTU\Qc_dbQc]edeQ\UcTUSei_UZU]`\_cUY^c`YbQRQ\QC_SYUTQTTU
?RbUbQc!'%'
E^QTU\Qc`bY]UbQcdQbUQcQce]YTQcVeU\QbUS_\USSY†^TUV_^T_cTUc
dY^QT_cQS_]`bQbe^cU`e\Sb_`QbQ\QcQc_SYQTQc@QbQUcdUUVUSd_cUTUcQ
bb_\\Qb_^TYfUbcQcQSdYfYTQTUcTUcdQSv^T_cU\Q_bWQ^YjQSY†^TUe^RQjQb
\\Q]Q^T_Q\_cS_]UbSYQ^dUci`Ubc_^QcQS_]_TQTQcTU\QSYeTQTQQ`_iQb\_
S_^T_^QSY_^Uc!'%(
5\Y]`QSd_TU\QVe^TQSY†^TU\QC_SYUTQTTU?RbUbQcVeUS_^cYTUbQ
R\U+\QQS_WYTQTU\Q`bU^cQiTU\_ccUSd_bUcQS_]_TQT_c`bU_Se`QT_c
`_bU\]UZ_bQ]YU^d_TU\QS_^TYSY†^`_`e\QbVeUU^WU^UbQ\VQf_bQR\U
C†\_\_c]UTY_cS\UbYSQ\S_^cUbfQT_bUcbUQSSY_^Qb_^S_^QWbUcYfYTQT
_bWQ^YjQ^T_U^\Q]Yc]QSYeTQTe^QC_SYUTQT3Qd†\YSQTU?RbUbQc`QbQaeU
S_]`YdYUbQS_^\QU^dYTQTVU]U^Y^Q\QYSQ<QY^cdYdeSY†^SbUQTQ`_b=Y
SQU\Q3vSUbUcicecS_]`Q…UbQcS_^aeYcd†U^`_S_dYU]`_e^\eWQb`bY
fY\UWYQT_U^U\]_fY]YU^d_Qc_SYQdYf_TUdbQRQZQT_bUc3eQ^T_U^QW_c
d_TU!(((cUS_^cdYdei†\Q<YWQTUC_SYUTQTUc?RbUbQcTUFQ\`QbQc_`bY]U
bQS__bTY^QSY†^`Ub]Q^U^dUTU_bWQ^YjQSY_^Uc`_`e\QbUcSXY\U^Qc\Q
C_SYUTQTTU?RbUbQcVeUe^_TUcecaeY^SU]YU]Rb_cVe^TQT_bUc!'%)CecQS
dYfYTQTUcTUcR_bTQRQ^U\v]RYd_TU\c_S_bb_]ede_TUcQbb_\\Q^T_Y^Y

!'%%
=Y^YcdUbY_TU:ecdYSYQU9^cdbeSSY†^@‹R\YSQ²5cdQded_cTU\QC_SYUTQTTU?RbU
bQcTUFQ\`QbQc_³4YQbY_?VYSYQ\TU\QBU`‹R\YSQTU3XY\UCQ^dYQW_&TUVURbUb_TU!(()
!'%&
9RYT
!'%'
9RYT
!'%(
²<QC_SYUTQTTU?RbUbQcTUFQ\`QbQc_³5\=UbSebY_FQ\`QbQc_"'TUU^Ub_TU
!(((
!'%)
²<Q<YWQTU\QcC_SYUTQTUc?RbUbQc³5\=UbSebY_FQ\`QbQc_&TUQW_cd_TU!(((

&!"
SYQdYfQcTUdY`_`_\dYS_Se\debQ\S_]_U\WbQ^RQY\U_bWQ^YjQT_U^Ze^Y_TU
!(((`QbQVUcdUZQb\QU]Q^SY`QSY†^TU\_cUcS\Qf_cTU\2bQcY\Q\aeUVeUb_^
Y^fYdQT_cU\U]RQZQT_biU\S†^ce\TU2bQcY\`UbY_TYcdQcTUCQ^dYQW_iTU
FQ\`QbQc_ibU`bUcU^dQ^dUcTU\Q^eUfQc_SYUTQTTU_RbUbQcaeUQSQRQRQTU
Ve^TQbcUU^\QSQ`YdQ\!'& 
5\UZU]`\_TU\QcS_cdebUbQc`_bdU…QcVeUY]YdQT_`_bcecS_\UWQc
cQ^dYQWeY^Qc*U^TYSYU]RbUTU\]Yc]_Q…_!(('\Q`bU^cQY^V_b]QRQaeU
\Qc_RbUbQcTU\QS_^VUSSY†^TUCQ^dYQW_UcdQRQ^U]`U…QTQcU^_bWQ^Y
jQbe^Qc_SYUTQTTUc_S_bb_c]ede_c<QY^YSYQdYfQ`b_TeZ_bUQSSY_^UcS_^
dbQTYSd_bYQcU^dbU\_c`b_`YUdQbY_cTU\QcSeQdb__SY^S_WbQ^TUcdYU^TQcTU
b_`QVU]U^Y^QTU\eZ_TU\QSQ`YdQ\CYRYU^Q\We^_cU]`bUcQbY_cZejWQb_^
\QYTUQ²S_^fU^YU^dUi]_bQ\YjQT_bQ³_db_c\QU^S_^dbQb_^^_SYfQ`QbQ\_c
Y^dUbUcUc`Qdb_^Q\Uc!'&!<Q`bY]UbQbUe^Y†^TU\QcS_cdebUbQciU]`\UQTQc
TUSQcQcidQ\\UbUcTU]_TQTUCQ^dYQW_TUcdY^QTQQVe^TQbe^QSQZQTUQX_
bb_def_\eWQbU\!TUU^Ub_TU!(((U^U\\_SQ\TU\QC_SYUTQT6Y\Qb]†^YSQTU
?RbUb_cTU\QSQ`YdQ\1\We^QcTU\Qc`QbdYSY`Q^dUcUbQ^Uc`_cQcTU]YU]Rb_c
TU\Qcc_SYUTQTUc_RbUbQcTU\QSYeTQTaeU`bUcdQb_^ceQ`_i_Q\QcdbQRQZQ
T_bQc`QbQU\\Q^jQ]YU^d_TU\Q^eUfQ]edeQ\!'&"4ebQ^dUU\fUbQ^_S_^dY
^eQb_^\_cdbQRQZ_c`bU`QbQd_bY_c*U\!%TUU^Ub_cUU\YWY†e^QTYbUSdYfQ

!'&
²5\RQY\UTU\QC_SYUTQTTU?RbUbQcTUFQ\`QbQc_³5\9^TU`U^TYU^dUCQ^dYQW_&
TUZe^Y_TU!(((
!'&!
9^V_b]QSY†^Q`QbUSYTQU^<Q<YRUbdQT5\USd_bQ\bU`b_TeSYTQU^²<QcS_cdebUbQc
TUCQ^dYQW_³5\=UbSebY_FQ\`QbQc_!&TUTYSYU]RbUTU!(('
!'&"
²3QZQTUQX_bb_c`QbQS_cdebUbQc³5\6Ubb_SQbbY\CQ^dYQW_(TUU^Ub_TU!(((+
²=U]_bYQaeU\Q`bUcYTU^dQTU\QC_SYUTQTTUC_S_bb_c=‹de_c´5]Q^SY`QSY†^TU\Q
=eZUbµ`bUcU^dQQ\QZe^dQZU^UbQ\_bTY^QbYQSU\URbQTQU\'TU?SdeRbUTU!(((³<Q:ec
dYSYQCQ^dYQW_!'TU^_fYU]RbUTU!(((
5^e^QU^dbUfYcdQTU`bU^cQbUQ\YjQTQS_^]_dYf_TU\%"¡Q^YfUbcQbY_TU\Qc_SYU
TQT \Q cUSbUdQbYQ c_cdef_ aeU U^ \Q Ve^TQSY†^ TU \Q ]edeQ\ S_\QR_bQb_^ TYbYWU^dUc
_RbUb_cS_]_?bdYjCQ\TQ…QFvcaeUji_db_c²C_SYUTQT]edeQ\YcdQQ\cUbfYSY_TU\Q
]eZUbSe]`\U%"Q…_cTUfYTQU\$TU=Qbj_`b†hY]_³<Q8_bQCQ^dYQW_""TUVURbUb_
TU!)$ 5\Q`_i_`bUcdQT_`_b\_cX_]RbUcQUcdQc`bY]UbQc]edeQ\YcdQc_RbUbQcTU\Q
SQ`YdQ\UcbQdYVYSQT_`_bVeU^dUcTU\Q}`_SQ4UcTU]Qi_TU!(((\QC_SYUTQT6Y\Qb]†^YSQ
TU?RbUb_cTUCQ^dYQW_i\QC_SYUTQT5]Q^SY`QSY†^TU\Q=eZUbS_]U^jQb_^QUTYdQbS_^Ze^
dQ]U^dUU\`UbY†TYS_5\5S_6Y\Qb]†^YS_²>eUcdbQ`bY]UbQ`Q\QRbQ³5\5S_6Y\Qb]†^YS_
CQ^dYQW_!%TU]Qi_TU!(((1S_]YU^j_cTU_SdeRbUTU!() U^e^QbUe^Y†^TU\Q
E^Y†^TU\_cDY`†WbQV_cTU\Q]Yc]QSYeTQTcUTQRQSeU^dQTUe^Q^_dQTU\Qc_SYUTQTTU
c_S_bb_c]ede_cVU]U^Y^QbUaeYbYU^T_ceQieTQ`QbQXQSUb`b_`QWQ^TQaeUQdbQZUbQQ
cecU^_²U\]Qi_b^‹]Ub_TUc_SYQcaeU\UVeUbQ`_cYR\U³iVQSe\dQ^T_QSeQ\aeYUbc_SY_
QSdYf_TU\QY^cdYdeSY†^dY`_WbvVYSQ²`QbQaeU`eUTQ`bUcU^dQbfUbRQ\]U^dU_`_bUcSbYd_
S_]_c_SYQciQQcecUc`_cQcXUb]Q^Qc`QbYU^dUc_Q]YWQcaeU\\U^Q^\_cbUaeYcYd_c
aeUUhYWU^cecUcdQded_c³<QbUc`eUcdQTU\Q]edeQ\]QcSe\Y^QVeU`_cYdYfQ1CEDC
E^Y†^TU\_cDY`†WbQV_cTUCQ^dYQW_1SdQcTU4YbUSd_bY_!() !()$CUcY†^""_bTY^QbYQU^)
TU_SdeRbUTU!() cV@_S_TUc`e}c\Qc_RbUbQc]edeQ\YcdQcc_\YSYdQb_^Q\Q]Yc]Q_b
WQ^YjQSY†^]QcSe\Y^QaeU\UcVQSY\YdQbQU\\_SQ\TUcecUSbUdQbQ`QbQbUQ\YjQb\_cdbQRQZ_c
`bU`QbQdYf_cTUce`b_`YQVYUcdQQ^YfUbcQbY_<_cdY`†WbQV_cQieTQb_^^eUfQ]U^dUQcec
Q]YWQc?`SYdCUcY†^"'_bTY^QbYQU^$TUTYSYU]RbUTU!() cV

&!#
`bUcYTYTQ`_b=QbQ@beTU^SYQ7QbSQ!'&# iU\$TU]Qbj_TU!(((cUY^QeWe
b†_VYSYQ\]U^dU\QC_SYUTQTTUC_S_bb_c=ede_c²5]Q^SY`QSY†^TU\Q=eZUb³Sei_
_RZUdYf_UbQ²dbQRQZQb`_bU\RYU^UcdQb`b_WbUc_iSe\debQTU\UcdQT_TU\Q
]eZUbU^3XY\U³!'&$@Ub_Q`UcQbTUe^TUc`UWeU`b_]Yc_bY_e^`QbTU
Q…_c]vcdQbTUU^U^Ub_TU!() iQSQecQTU\QTUcQ`b_RQSY†^iUcSv^TQ\_
TUcQdQT_U^TYcdY^d_cSbSe\_c`_bce^_]RbUUcdYW]QdYjQT_TU²\YRUbdQbY_³
\Q]edeQ\TURY†QT_`dQbe^QTU^_]Y^QSY†^]vcbUSQdQTQiQS_bTUQ\Q]_
bQ\T_]Y^Q^dU*iQ^_cUbQ]vc²<Q5]Q^SY`QSY†^³dQ^c†\_²@b_dUSSY†^TU\Q
=eZUb³
5^3_^SU`SY†^cUbU`YdY†U\²]_TU\_³TU\QSQ`YdQ\1\We^_cbU
^_]RbQT_cTYbYWU^dUc]edeQ\YcdQc°<_bU^j_1bU^Qc=Q^eU\=UbY^_i
D_]vc B_c ?fQ\\U° S_^dbYReiUb_^ TU ]Q^UbQ TUSYcYfQ U^ Ze\Y_ TU
!(()Q\cebWY]YU^d_TU\Q]edeQ\VU]U^Y^QTU\QSYeTQT\QC_SYUTQT
²9\ecdbQSY†^TU\Q=eZUb³QieTQ^T_QcecUc`_cQciQ]YWQcU^\_c`bU`Q
bQdYf_c`QbQceVe^TQSY†^ !'&%
<QYTUQ]edeQ\YcdQXQRQ`bU^TYT_U^dbU\QcdbQRQZQT_bQc=ei`b_^
d_°U^TYSYU]RbUTU\]Yc]_Q…_°cebWY†TU]Q^UbQ]vcQed†^_]QaeUU^
\_cT_cSQc_cQ^dUbY_bUc\QC_SYUTQT²E^Y†^i6bQdUb^YTQTTU?RbUbQc³TUFQ\`Q
bQc_CeTUcQbb_\\_Y^YSYQ\VeUUh`\_cYf_1\_c`_S_cTQcTUcUbVe^TQTQ
U^U\]_]U^d_TU\QU\USSY†^TUce`bY]UbTYbUSd_bY_iQS_^dQRQS_^T_c
SYU^d_cSY^SeU^dQQVY\YQTQcU^dbU\QcaeUcUS_^dQRQ^Q\We^QcUhQTXUbU^
dUcTU\QC_SYUTQTTU?RbUbQc>¡!<QS_]e^YTQTTU_RZUdYf_c\QbU`UdYSY†^
TU\_c^_]RbUcTUQ\We^QcTYbYWU^dQcaeUiQXQRQ^VYWebQT_U^\QC_SYU
TQTTU?RbUbQc>¡!iU\dY`_TU_RbUbQcbUS\edQTQc`_bQ]RQcc_SYUTQTUc
ceWYUbU^aeUU\^QSY]YU^d_TU\Q²E^Y†^i6bQdUb^YTQTTU?RbUbQc³UbQU\`b_
TeSd_TUe^QUcSYcY†^TU\Q`bY]UbQ]edeQ\VU]U^Y^QTU\`Qc !'&&TU\

!'&#
5\TYbUSd_bY_UcdQRQS_]`eUcd_TU\QcYWeYU^dU]Q^UbQ*`bUcYTU^dQ*=QbQ@be
TU^SYQ7QbSQ+fYSU`bUcYTU^dQ*=YSQU\Q@bQT_+cUSbUdQbYQc*5\fYbQEWQbdUi5\fYbQ=_iQ+
dUc_bUbQ*1]U\YQ4_^_c_TU7_^jv\Uj+TYbUSd_bQc*=_TUcdQFQ\\QTQbUc1\RY^QIv…Uj
4_]YdY\Q9debbYUdQTUDQ`YQ+B_cQbY_CQ\TQ…Q:eQ^QB_\Tv^TU1\QbS†^1CC=@=
<YRb_TU\QcQSdQc_bTY^QbYQcYUcdbQ_bTY^QbYQcTU\QC_SYUTQTTUC_S_bb_c=ede_c²<Q5]Q^SY`Q
SY†^TU\Q=eZUb³CUSY†^TU\Q:e^dQ:U^UbQ\SU\URbQTQU\!%TU5^Ub_TU!(((VZc%%i%&
!'&$
?`SYdCUSY†^`bU`QbQd_bYQCQ^dYQW_!TUU^Ub_TU!(((V%#+=U]_bYQaeU
\Q`bUcYTU^dQ_`SYd
!'&%
?cfQ\T_<†`Uj4YSSY_^QbY_2Y_WbvVYS_?RbUb_TU3XY\U! UT3_^SU`SY†^9]
`bU^dQi5^SeQTUb^QSY†^@U^aeYcdQ!)! `vW%"5\`bY]UbTYbUSd_bY_VeUU\cYWeYU^
dU*`bUcYTU^dQ*6Y\_]U^Q3TU=UbY^_+fYSU`bUcYTU^dQ*6bQ^SYcSQ@UTbUb_c2+cUSbUdQ
bYQ*5\U^QETU@}bUj+`b_cUSbUdQbYQ*5\U^QGTU3\UQbi+dUc_bUbQ*6TU:_baeUbQ+TYbUS
d_bQc*JTU7QZQbT_3Qb]U\Q2TU8UbbUbQ6Y\_]U^Q=UbY^_3i3U\UcdY^Q<TU<\Q
^_c9RYT
!'&&
²?dbQc_SYUTQTTU_RbUbQc³5\=UbSebY_FQ\`QbQc_)TUTYSYU]RbUTU!(()+
²C_SYUTQTE^Y†^i6bQdUb^YTQTTU?RbUbQc³5\=UbSebY_FQ\`QbQc_# TUTYSYU]RbU
TU!(()5\`bY]UbTYbUSd_bY_TU\Q²E^Y†^i6bQdUb^YTQTTU?RbUbQc³U\UWYT_U\")TUTY
SYU]RbUTU!(()Ucdef_V_b]QT_`_b\QccYWeYU^dUc`Ubc_^Qc*`bUcYTU^dQ*2U^YW^QAeY
b_jTUBQ]_c+fYSU`bUcYTU^dQ*5]Y\YQ@_^SUTU9RQbbQ+cUSbUdQbYQ*J_Y\Q23bUc`_+`b_

&!$
]Yc]_]_T_aeU\QC_SYUTQTTUC_S_bb_c=ede_c²9WeQ\TQTTU?RbUbQc³S_^_SY
TQdQ]RY}^S_]_C_SYUTQTTU?RbUbQc>¡#TUFQ\`QbQc__bWQ^YjQTQU^^_
fYU]RbUTU!() !'&'3_]`\UdQ^T_UcdU`bY]Ub]_]U^d_TUTUcQbb_\\_
TU\]edeQ\Yc]_VU]U^Y^_U\"&TU]Qi_TU!() UbQY^QeWebQTQ\QC_SYU
TQTTU?RbUbQcTU9aeYaeUVbed_TU\Qc`bU_Se`QSY_^Uc`b_`YQcTU\QcdbQRQZQ
T_bQcU^ceT_R\US_^TYSY†^TU`b_\UdQbYQci]eZUbUc !'&(
3_]_cUS_^cdQdQbv\Qc`bY]UbQc]edeQ\UcVU]U^Y^QcdU^Q^]eSXQc
SQbQSdUbcdYSQcS_]e^Uc*ceRQcU`bY^SY`Q\UbQ^\QcS_cdebUbQciU^WU^UbQ\
_RbUbQcaeUUZUbSQ^_VYSY_cU^U\beRb_TUS_bdUiS_^VUSSY†^!'&)CY^U]RQb

cUSbUdQbYQ*5]Y\YQÂ\fQbUj+dUc_bUbQ*FYbWY^YQ3Q\}+ceRdUc_bUbQ*=QbQ1bQiQ+TYbUSd_bQc*
B_cQ D TU 6QbQc BQ]_^Q 3XQ`Qbb_ 3Qb]U^ 6Ub^v^TUj =UbSUTUc F TU 4_^QYbU
B_cQ?`Qj_2UQdbYjD_\UT_4_]YdY\Q8TU@Y^_<eT_fY^Q=TU3QcdU\\Q^_cDU_T_bQ
1Se…QiCQRY^QFTU@UbUYbQ+:e^dQTUS_^dQRY\YTQT*5^SQb^QSY†^8TU@QbbQ<YR_bYQ
FTU5cS_RQbi2UQdbYjD_\UT_4_cTUUcdQc_RbUbQcXQRQ^cYT_TYbYWU^dQcTU\QC_SYU
TQT>¡!*B_cQ?`Qj_e^QTUcec`bY^SY`Q\UcVe^TQT_bQciTYbUSd_bQU^cec`bY]Ub_c
dYU]`_ci<YR_bYQFTU5cS_RQbU^SQbWQTQTU\QS_^dQRY\YTQTTebQ^dUU\`bY]UbcU
]UcdbUTU!(()
!'&'
²C_SYUTQT9WeQ\TQTTU?RbUbQc³5\3_]UbSY_FQ\`QbQc_)TUcU`dYU]RbUTU
!() 1\Se]`\Ybce`bY]UbQ…_TUfYTQ`bUcYTQUcdQc_SYUTQT2bWYTQCY\fQaeYU^U^!(((
XQRQcYT_\QbU`bUcU^dQ^dUTU\QC_SYUTQTTU?RbUbQc>¡!U^\QS__bTY^QSY†^TUTYbYWU^dUc
aeUSbU†\Q<YWQTUC_SYUTQTUc?RbUbQcTUFQ\`QbQc_²E^QVYUcdQTU_RbUbQc³5\=UbSebY_FQ\
`QbQc_)TU^_fYU]RbUTU!()!F}QcUU^U\‹\dY]_QSv`YdUTUUcdUSQ`de\_\Q]U^SY†^Q
UcQQSdeQSY†^TU2bWYTQCY\fQ
!'&(
@Y^d_²5^U\SQ]Y^_³_`SYd`vWc! $! &
!'&)
BURUSQ3_^dU3_bfQ\v^U^cedUcYcc_RbU\Q]edeQ\YTQTVU]U^Y^QU^3XY\US_^c
dYdei†e^Q]eUcdbQTUT_cSYU^d_ccUdU^dQQTXUbU^dUcTUT_c]edeQ\Uc\Q²@b_dUSSY†^TU\Q
=eZUb³Uh²5]Q^SY`QSY†^TU\Q=eZUb³i\Q²5cdbU\\Q3XY\U^QTUCU…_bQc³Q]RQcU^CQ^dYQW_
TebQ^dU\_cQ…_c!()!!)# UcTUSYbU\`Ub_T_Y^]UTYQdQ]U^dU`_cdUbY_bQ\UcdeTYQT_
`_b^_c_db_cCY^`bUdU^TUbcQSQbS_^S\ecY_^UcTUVY^YdYfQc`QbQ^eUcdbQUdQ`QbU`b_TeSY
]_cQ\We^_cbUce\dQT_c_RdU^YT_c`_bBURUSQ3_^dUUcdY]Q^T_aeUe^Q]eUcdbQU^bUQ
\YTQT]eiTYVSY\TUS_^cdYdeYbTU\_cdbUc_SeQdb_`bY]Ub_cQ…_cTU\]edeQ\Yc]_VU]U^Y
^_U^3XY\U^_Qbb_ZQbQbUce\dQT_c]eiTYcdY^d_c
5cdQT_e_Se`QSY†^TU\Qcc_SYQc*S_cdebUbQci`b_VUcY_^UcSUbSQ^Qc*$&"+TeU…Qc
TUSQcQUXYZQcTUVQ]Y\YQ*")!+_db_c_VYSY_cS_^Uc`USYQ\YjQSY†^SXQ\UaeUbQcS_bT_^U
bQc]QaeY^YcdQcQ`\Q^SXQT_bQcV\_bYcdQcSQ]YcUbQciQ`QbQT_bQc*((+U]`\UQTQcT_
]}cdYSQc*#'+`b_VUcY_^Q\Uc`b_VUc_bQcTU^dYcdQc]Qdb_^QciS_^dQT_bQc*")+dbQRQ
ZQT_bQcY^TU`U^TYU^dUcS_]UbSYQ^dUciTeU…QcTUdQ\\Ub*")+U]`\UQTQc]UTYQc*!)
BURUSQ3_^dU3_bfQ\v^<Q]edeQ\YTQTVU]U^Y^Q*e^QfYcY†^c_SYQ\TU\Q]eZUbSXY\U^Q!() 
!)# dUcYc`QbQ_`dQbQ\WbQT_TU\YSU^SYQdebQU^8Ycd_bYQCQ^dYQW_E^YfUbcYTQTTU3XY
\U6QSe\dQTTU6Y\_c_VQ8e]Q^YTQTUci5TeSQSY†^4U`QbdQ]U^d_TU3YU^SYQc8Ycd†bY
SQc!)('`vWc!&)!'#i!) 
5c`_cYR\Uce`_^UbaeU\QcTYVUbU^SYQcU^dbUU\`Ub_T_UcdeTYQT_`_bUcdQQed_bQi
U\Q^dUbY_b!(('!() bUcYTU^`bY^SY`Q\]U^dUU^U\Q`QbUSY]YU^d_S_^U\S_bbUbTU\
dYU]`_TU`UaeU…_c`_bSU^dQZUcTUdbQRQZQT_bQcTUcUSd_bUc]UTY_c`b_VUcY_^Q\UciU]
`\UQTQciTUcYbfYU^dUcT_]}cdYSQcQSQecQTUe^QSYUbd_bU\QZ_U^\QQ`\YSQSY†^TU\Qc^_b
]QcUcdQdedQbYQc5\`Uc_TU\QcS_cdebUbQcTU_dbQc_RbUbQcTU\QcQSdYfYTQTUcTUS_bdUi
S_^VUSSY†^iTUTYfUbcQcdbQRQZQT_bQcTU\QY^TecdbYQiU\QbdUcQ^QT_TURY†cUbQ‹^]Qi_b
TebQ^dU\_c`bY]Ub_cQ…_cTU\]edeQ\Yc]_VU]U^Y^_

&!%
W_^_UbQ^TUdY`_S_b`_bQdYf_iQaeUQT]YdQ^QSeQ\aeYUbS\QcUTUdbQRQZQ
T_bQcUhSU`deQ^T_c_\Q]U^dUQ\QcU]`\UQTQcT_]}cdYSQcCeSbUQSY†^
S_^d†SQcYcYU]`bUS_^\QQieTQ°_Q\]U^_cS_^\QcY]`QdQ°TU\_cX_]RbUc
aeUTYbYWQ^\Qcc_SYUTQTUc]edeQ\YcdQciVY\Qb]†^YSQcTU_RbUb_c!'' 
DQ]RY}^Uc^_d_bYQ\QbQ`YTUjS_^aeUUcdQcc_SYUTQTUcVU]U^Y^QccU
Y^S_b`_bQb_^Q\]_fY]YU^d_`_`e\Qb<_c`bUZeYSY_cibUdYSU^SYQcUhYcdU^dUc
U^dbU\_cdbQRQZQT_bUcQVY\YQT_cQ\Qcc_SYUTQTUcTUc_S_bb_c]ede_cQc_SYQ
SY_^UcSe\debQ\UcbUSbUQdYfQciTU_db_dY`_VeUb_^fU^SYT_c`_bU\U^decYQc
]_]_cdbQT_`_b\Qc]eZUbUc]edeQ\YcdQci`_bU\S_^cdQ^dUQ`_i_aeUTUcTU
U\S_]YU^j_\UcQ`_bdQb_^\_c`bY^SY`Q\UcTYbYWU^dUcTU\]edeQ\Yc]_]QcSe
\Y^_4UUcdU]_T_TebQ^dUU\`bY]UbcU]UcdbUTU!(((SeQ^T_cU`bU`QbQ
RQ\QSbUQSY†^TU\Q<YWQTUC_SYUTQTUc?RbUbQcTUFQ\`QbQc_cU`b_TeZUb_^\Qb
WQcTYcSecY_^UcU^dbU\QcY^cdYdeSY_^Uc`Qdb_SY^Q^dUcTU\QY^YSYQdYfQQSUbSQ
TU\QUfU^deQ\QVY\YQSY†^Q\QQ\YQ^jQU^WUcdQSY†^TU\QbUSYU^dU]U^dUVe^TQ
TQC_SYUTQTTU?RbUbQc>¡!6Y^Q\]U^dUU\Y^WbUc_TU\Q_bWQ^YjQSY†^VU]U^Y
^QVeUQ`b_RQT_`_b\Q]Qi_bQTU\_c`bUSebc_bUcTU\Q<YWQ!''!1cY]Yc]_\Q
²5]Q^SY`QSY†^TU\Q=eZUb³]Q^def_TUcTUce^QSY]YU^d_QSdYfQcbU\QSY_^Uc
S_^\Qc]edeQ\UcTU\QSQ`YdQ\iTU`b_fY^SYQc*U^!(()VeUY^fYdQTQ`_b\QC_SYU
TQTTU1bdUcQ^_c²<QE^Y†^³Q`QbdYSY`QbU^U\`b_iUSd_TUVe^TQSY†^TUe^Q
<YWQTU?RbUb_cTUCQ^dYQW_!''" aeU^_\_Wb†S_^SbUdQbcUU^QaeU\\Q}`_SQ+QVY
^UcTU\]Yc]_Q…_\Q²5]Q^SY`QSY†^TU\Q=eZUb³cUe^Y†Q\Q]_SY†^TU\QC_SYU
TQTTU3Qb`Y^dUb_cTUFQ\`QbQc_TUcdY^QTQQY]`UTYb\QY^]YWbQSY†^TU_RbUb_c
UhdbQ^ZUb_c!''# ce]v^T_cUQe^QTU\QcSQ]`Q…Qc^QSY_^Q\UcaeUTUcQbb_
\\QRQ^\Qcc_SYUTQTUcTU_RbUb_ciQbdUcQ^_cY^V\eU^SYQTQc`_bU\@QbdYT_4U
]_SbvdYS_!''$<Q²9\ecdbQSY†^TU\Q=eZUb³TU3_^SU`SY†^^_\UcYRQQ\QjQWQ
]Q^dU^YU^T_UcdbUSXQcbU\QSY_^UcS_^cecX_]†\_WQcTU\`Qci_Se`Q^T_
e^\eWQb`bU]Y^U^dUU^\Qc_SYQRY\YTQT_RbUbQTUUcQSYeTQT!''%

!''
5\Q\YU^d_dQ]RY}^\\UW†TUcTUU\^QSYU^dU@QbdYT_4U]_SbvdYS_E^_TUcecTYbY
WU^dUcU\`UbY_TYcdQ:eQ^BQVQU\1\\U^TU\_Uh`bUc†U^U\QbdSe\_`UbY_TcdYS_²<Qc_RbU
bQcTUCQ^dYQW_³5\@QTbU@QTY\\QCQ^dYQW_!"TUU^Ub_TU!(((<QY^dUWbQSY†^TU\Qcc_
SYUTQTUcVU]U^Y^QcQ\]_fY]YU^d_]edeQ\YcdQVeUbQ`YTcY]Q1\SYdQT_UZU]`\_TU\QC_
SYUTQTTU?RbUbQc>¡!TUFQ\`QbQc_`eUTUQWbUWQbcUU\TU\Q²5]Q^SY`QSY†^TU\Q=eZUb³TU
CQ^dYQW_1\SQR_TUcYUdU]UcUcTUQSdYfYTQTce`bUcYTU^dQY^V_b]QRQaeU\Q]edeQ\VU
]U^Y^Q]Q^dU^QbU\QSY_^Uc²TUUcdbUSXQS_^VbQdUb^YTQT³S_^TYUjc_SYUTQTUc_RbUbQcTU
\QSQ`YdQ\²=U]_bYQaeU\Q`bUcYTU^dQ³_`SYd
!''!
²=U]_bYQ³5\=UbSebY_FQ\`QbQc_&TUQW_cd_TU!(((
!''"
1CC=@=<YRb_TU\QcQSdQc_bTY^QbYQcYUcdbQ_bTY^QbYQc_`SYdCUcY†^TUZe^
dQZU^UbQ\UcdbQ_bTY^QbYQSU\URbQTQU\(TU_SdeRbUTU!(()V'%
!''#
?`SYdCUcY†^TU\4YbUSd_bY_SU\URbQTQU\)TU^_fYU]RbUTU!(()
!''$
FUbSQ`de\_HF999 ™
!''%
5\5S_TU\QcC_SYUTQTUc3_^SU`SY†^!%TUQRbY\!TUZe^Y_i!TUQW_cd_TU!() 

&!&
#<Q]edeQ\YTQTTU\_cY^]YWbQ^dUcUhdbQ^ZUb_c

<Qcc_SYUTQTUcTUc_S_bb_c]ede_c_TU²RU^UVYSU^SYQ³TU\_cUhdbQ^ZUb_c
QfUSY^TQT_cU^U\`Qc]UbUSU^e^Q]U^SY†^Q`QbdU!''&3_^cdYdeYTQcTUc
TU]UTYQT_cTUcYW\_`_bWbe`_c^QSY_^Q\UcS_^WbUWQRQ^Q`Ubc_^QcTU
TYfUbcQc`b_VUcY_^Uci_bWU^Ucc_SYQ\Uc<Q`QbdYSY`QSY†^U^U\\QcTUY^TYfY
Te_cQS_]_TQT_c`b_VUcY_^Q\Uc\YRUbQ\UcU]`bUcQbY_cS_]UbSYQ^dUci
U\Q`_i_aeUQ]U^eT_\Uc`bUcdQRQ^\_cS_^ce\QT_cTUcecbUc`USdYf_c`Q
cUc\Uc`Ub]YdQ^U^dbUWQbQcecQc_SYQT_c]vcRU^UVYSY_caeU\_c_VbUSYT_c
`_b\Qc]edeQ\UcTU\`QcbUSU`d_brcdQ`QbUSUXQRUbcYT_e^QTU\QcbQj_^Uc
`bY^SY`Q\UcTU\Q]_TUcdcY]Q`QbdYSY`QSY†^TU\_cUhdbQ^ZUb_cU^\Qcc_SYU
TQTUc]edeQ\YcdQcSbUQTQc`_b_RbUb_ciQbdUcQ^_cSXY\U^_c`Ub_QRYUbdQcQ
`Ubc_^QcTUTYcdY^dQc^QSY_^Q\YTQTUc !'''

!''&
<Qc`bY^SY`Q\Uc_RbQcS_^ce\dQTQcc_RbUU\dU]Qc_^\QccYWeYU^dUc*2Q\T_]Ub_
5cdbQTQ²<QC_SYUTQTTUC_S_bb_c=ede_c²9dQ\YQ³CQ^dYQW_!(( !) *Uh`bUcY†^TUc_
SYQRY\YTQTiQTQ`dQSY†^TUe^QS_]e^YTQT]YWbQ^dU³U^6_b]QcTUc_SYQRY\YTQT_`SYd
`vWc! %!"#+=QdU_=QbdY^YS8Ycd_bYQTU\QBUWY†^=QWQ\\v^YSQ_`SYdf_\9`vWc&)&i
&)'+²9^]YWbQSY†^Uc`Q…_\QU^=QWQ\\Q^Uc³U^2Q\T_]Ub_5cdbQTQUTYd_b9^]YWbQSY†^
Uc`Q…_\QU^3XY\UCUbYU>eUf_=e^T_*3Y^S_cYW\_c>¡(CQ^dYQW_E^YfUbcYTQTTU3XY\U
6QSe\dQTTU6Y\_c_VQi8e]Q^YTQTUc4U`QbdQ]U^d_TU3YU^SYQc8Ycd†bYSQc!))$`vWc
"#$#i²@bUcU^SYQUY^]YWbQSY†^YdQ\YQ^QU^=QWQ\\Q^Uc³U^5cdbQTQUTYd_b@bUcU^SYQYdQ
\YQ^Q_`SYd`vWc!''!)"*<U_^QbT_=QjjUYTU7bQjYQ²9^]YWbQSY†^i]edeQ\Yc]_*\Q
C_SYUTQT9dQ\YQ^Q=ede_C_SS_bc_²3_^S_bTYQ³TU3_^SU`SY†^U^6_b]QcTUc_SYQRY\YTQT
_`SYd`vWc" %""#+<QebYU>_S[²<_cRbYdv^YS_cU^=QWQ\\Q^Uc³U^1^Q\UcTU\9^cdYded_
TU\Q@QdQW_^YQf_\!&@e^dQ1bU^Qc!)(%!)(&`vWc"#$#+3Qb]U^>_bQ]ReU^Q²@bU
cU^SYQUc`Q…_\QU^CQ^dYQW_TU3XY\U³U^5cdbQTQUTYd_b9^]YWbQSY†^Uc`Q…_\Q_`SYd
`vWc&'! (+²<Qcc_SYUTQTUcTUc_S_bb_c]ede_ciTURU^UVYSU^SYQE^QV_b]QTUY^dU
WbQSY†^c_SYQ\TU\_cY^]YWbQ^dUcUc`Q…_\Uc³U^3Qb]U^>_bQ]ReU^Q3iBU^}CQ\Y^Qc
=UTYd_bUc4U]_WbQVQ6Q]Y\YQUY^]YWbQSY†^U^5c`Q…Qi1]}bYSQCUbYU>eUf_=e^T_*
3Y^S_cYW\_c>¡&CQ^dYQW_E^YfUbcYTQTTU3XY\U6QSe\dQTTU6Y\_c_VQi8e]Q^YTQTUc
4U`QbdQ]U^d_TU3YU^SYQc8Ycd†bYSQc!))"`vWc!#%!& +:eQ^@Q^QT}cFQbWQci?dd_
bY^_?fQ\\U²=_^_WbQVQXYcd†bYSQTU\QS_\USdYfYTQTUc`Q…_\QU^\QSYeTQTTU1^d_VQWQc
dQ³U^5cdbQTQUTYd_b9^]YWbQSY†^Uc`Q…_\Q_`SYd`vWc"%&&+:eQ^7eY\\Ub]_@bQT_
²<_cUhdbQ^ZUb_cicecQWbe`QSY_^UcU^3XY\UTebQ^dUU\cYW\_HH!) !)!$³U^BUfYcdQ
TU<UWYc\QSY†^iT_Se]U^dQSY†^U^4UbUSX_i3YU^SYQcC_SYQ\UcQ…_9>¡!CQ^dYQW_U^Ub_]Qb
j_!)')`vWc$(%'+3_^cdQ^jQCSQW\Y_ddYBQfUbQ<QC_SYUTQTTUC_S_bb_c=ede_c9dQ\YQ!(( 
!)$'dUcYc`QbQ_`dQbQ\WbQT_TU<YSU^SYQT_U^8Ycd_bYQCQ^dYQW_@_^dYVYSYQE^YfUbcY
TQT3Qd†\YSQTU3XY\U6QSe\dQTTU8Ycd_bYQ7U_WbQVQi3YU^SYQc@_\dYSQc9^cdYded_TU
8Ycd_bYQ!))"+<eYc1FUbQ2QbbUbQ<Qc_bWQ^YjQSY_^UcYdQ\YQ^QcU^3XY\U<QC_SYUTQTTU
C_S_bb_c=ede_c²9dQ\YQ³!(( !)$'dUcYc`QbQ_`dQbQ\WbQT_TU<YSU^SYQdebQU^8Ycd_bYQ
CQ^dYQW_@_^dYVYSYQE^YfUbcYTQT3Qd†\YSQTU3XY\U6QSe\dQTTU8Ycd_bYQ7U_WbQVQi
3YU^SYQc@_\dYSQc9^cdYded_TU8Ycd_bYQ!))"
!'''
>eUcdbQSQbQSdUbYjQSY†^TU\Q]edeQ\YTQTTU\_cY^]YWbQ^dUcUhdbQ^ZUb_cU^
3XY\UcURQcQU^\_cdbQRQZ_cbUQ\YjQT_c`_b\_cXYcd_bYQT_bUcSYdQT_cU^\Q^_dQQ^dUbY_bi
U^\QS_^ce\dQTUQ\We^QcVeU^dUc`bY]QbYQc`b_TeSYTQc`_b\Qc`b_`YQc_bWQ^YjQSY_^UcTU
\Qc²S_\_^YQc³S_]_\_cUcdQded_cbUW\Q]U^d_cUY^V_b]UcTUQSdYfYTQTY^S\eYT_cU^\QRY
R\Y_WbQVQTUUcdU\YRb_

&!'
 E^QTU\Qc`bY]UbQc]edeQ\UcTUY^]YWbQT_cUhdbQ^ZUb_cU^3XY\UVeU
\QC_SY}d}VbQ^|QYcUTU2YU^VQYcQ^SUVe^TQTQU^CQ^dYQW_U^!($(1TU]vcTU
\_cc_S_bb_cQ\_cU^VUb]_c\QY^cdYdeSY†^RbY^TQRQQcecQTXUbU^dUcQieTQc
U^SQc_TUSUcQ^dQY^cdbeSSY†^`bY]QbYQiQ`bU^TYjQZUTUe^_VYSY_`QbQcec
XYZ_cceRfU^SY†^`QbQ\_cWQcd_cTUfYQZUTUcTUU\\eWQbT_^TUcUU^S_^dbQ
cU^iXQcdQU\`eUbd_TUFQ\`QbQc_`QbQQaeU\\_caeUTURYUbQ^cUbbU`QdbYQ
T_ci`QW_TU\_cWQcd_cTUcU`e\debQ!''(
4ebQ^dUd_TQ\QcUWe^TQ]YdQTTU\cYW\_U\]e^T_c_SYUdQbY_TU\Qc
²S_\_^YQc³UhdbQ^ZUbQcbUcYTU^dUcU^3XY\Ui]ei`QbdYSe\Qb]U^dU\Q]e
deQ\YTQTS_^_SY†e^Y]`_bdQ^dUTUcQbb_\\_8QSYQVY^UcTU\QSU^debYQUhYc
dQ^c_SYUTQTUcTUc_S_bb_c]ede_cTUQ\U]Q^UcRU\WQcRbYdv^YS_cVbQ^SU
cUcUc`Q…_\UcceYj_cYdQ\YQ^_c`UbeQ^_cR_\YfYQ^_ciTU_dbQc^QSY_^Q\YTQ
TUcU^fQbYQcSYeTQTUcTU\`Qc

3eQTb_>¡""
65381456E>4139É>I<?31<9J139É>45
1<7E>1C=EDE1<5C455HDB1>:5B?CB5C945>D5C5>389<5
C97<?H9H

>_]RbU >QSY_^Q\YTQT 1…_TUVe^TQSY†^ 3YeTQT

C_SY}d} 6bQ^|QYcU TU 6bQ^SUcQ !($( CQ^dYQW_

2YU^VQYcQ^SU

C_SYUTQT 1\U]Q^Q TU 1\U]Q^Q !(%$ CQ^dYQW_

2U^UVYSU^SYQ8Ž\VcfUbUY^

C_SYUTQT5c`Q…_\QTU 5c`Q…_\Q !(%$ FQ\`QbQc_

2U^UVYSU^SYQ

C_SYUTQT5c`Q…_\QTU 5c`Q…_\Q !(%$ CQ^dYQW_

2U^UVYSU^SYQ

C_SY}d}CeYccUTU2YU^ CeYjQ !(%% FQ\`QbQc_

VQYcQ^SUwFQ\`QbQc_

²E^Y_^U9dQ\YQ^Q³ 9dQ\YQ^Q !(%( FQ\`QbQc_

C_SYUdvTY=ede_
C_SS_bc_

4UedcSXUb;bQ^[U^ 1\U]Q^Q !(&# CQ^dYQW_

GYdgU^GQYcU^[QccU
3QZQ1\U]Q^QTU
C_S_bb_c=ede_c
`QbQU^VUb]_cfYeTQc
iXe}bVQ^_c

!''(
1=15B63_bbUc`_^TQ^SU3_]]UbSYQ\UCQ^dYQW_Te3XY\Y!(% !(%!f_\&
<UddbUTe" ZeY^!(% TU=3Qj_ddUQe=Y^YcdbU4YbUSdY_^3_]]UbSYQ\U>¡%$VZc! %
! (

&!(
 >_]RbU >QSY_^Q\YTQT 1…_TUVe^TQSY†^ 3YeTQT

C_SY}d} 6bQ^|QYcU TU 6bQ^SUcQceYjQ !(&) FQ\`QbQc_

CUS_ebc=edeU\cTU VbQ^SUcQi
FQ\`QbQc_ RU\WQVbQ^SUcQ

C_SYUTQT²9dQ\YQ^QTU 9dQ\YQ^Q !(' FQ\`QbQc_

2U^UVYSU^SYQ³

C_SY}d}RU\WUTU2YU^VQY 2U\WQ !('$ FQ\`QbQc_

cQ^SU Qe 3XY\Y

C_SY}d} VbQ^|QYcU TU 6bQ^SUcQ !('$ CQ^dYQW_

CUS_ebc=edeU\c

C_SYUTQT²=ecYSQ\iTU 9dQ\YQ^Q !('& 3_`YQ`†

2U^UVYSU^SYQ9dQ\YQ^Q³

C_SYUTQT5c`Q…_\QTU 5c`Q…_\Q !('( FQ\`QbQc_

2U^UVYSU^SYQ

C_SYUdwTY=ede_C_SS_bc_ 9dQ\YQ^Q !(( CQ^dYQW_

²<µ9dQ\YQ³

C_SYUTQTTUC_S_bb_c 9dQ\YQ^Q !((" 9aeYaeU

=ede_c ²2U^UVYSU^SYQ
9dQ\YQ^Q³

C_SY}d} VbQ^|QYcU TU 6bQ^SUcQ ¤!(($/ 3_^SU`SY†^

CUS_ebc=edeU\cTU
3_^SU`SY†^

C_SYUdw ²?`UbQYQ 9dQ\YQ^Q 9dQ\YQ^Q !((& 1^d_VQWQcdQ

TY=ede_C_SS_bc_³

C_SYUTQT5c`Q…_\QTU 5c`Q…_\Q !((& 9aeYaeU

2U^UVYSU^SYQ

C_SYUTQT@UbeQ^QTU @UbeQ^Q !((& 9aeYaeU

C_S_bb_c=ede_c

C_SYUdw9dQ\YQ^QTU=ede_ 9dQ\YQ^Q !(() DQS^Q

C_SS_bc_²HHCUddU]RbU³

C_SYUTQT5c`Q…_\QTU 5c`Q…_\Q !(() CQ^dYQW_

C_S_bb_c=ede_c

C_SYUTQT5c`Q…_\QTU 5c`Q…_\Q !() @YcQWeQ

2U^UVYSU^SYQ

3YbS_\_6U]Y^Y\U²CQ^dQ 9dQ\YQ^Q !()! 3_`YQ`†

3USY\YQ³

C_SYUdw9dQ\YQ^QTY=ede_ 9dQ\YQ^Q !()! 3_^SU`SY†^

C_SS_bc_²3_^S_bTYQ³

&!)
 >_]RbU >QSY_^Q\YTQT 1…_TUVe^TQSY†^ 3YeTQT

C_SYUTQT 9^dUb^QSY_^Q\ 9dQ\YQ^QU^cec !()" 9aeYaeU

BU`eR\YSQ^QTUC_S_bb_c Y^YSY_c]e\dY^Q
=ede_c²7YecU``U SY_^Q\Q`QbdYb
=QjjY^Y³ TU!()%

C_SYUTQTTU2U^UVYSU^SYQ 5c`Q…_\Q !()" DQ\SQ

5c`Q…_\Q

C_SYUTQT TU 2U^UVYSU^SYQ @_bdeWeUcQ !()# @e^dQ1bU^Qc

@_bdeWeUcQ

C_SYUTQTTU2U^UVYSU^SYQ 4YfUbcQc !()# CQ^dYQW_

TU\Q3_\_^YQ1cYvdYSQTU ^QSY_^Q\YTQTUc
CQ^dYQW_ QcYvdYSQc

C_SYUTQT2_\YfYQ^QTU 2_\YfYQ^Q !()# 9aeYaeU

C_S_bb_c=ede_c

C_SYUTQT3_c]_`_\YdQTU 4YfUbcQc !()# @e^dQ1bU^Qc

C_S_bb_c=ede_c ^QSY_^Q\YTQTUc

C_SYUTQT6Y\Q^db†`YSQ @UbeQ^Q !()$ CQ^dYQW_

@UbeQ^QTUC_S_bb_c
=ede_c TU CQ^dYQW_

C_SY}d} 6bQ^|QYcU TU CUS_ebc 6bQ^SUcQ !()$ 3_^SU`SY†^

=edeU\cTU3_^SU`SY†^

C_SYUTQT5c`Q…_\QTU 5c`Q…_\Q !()% @e^dQ1bU^Qc

C_S_bb_c=ede_c

C_SYUdwTY=ede_C_SS_bc_ 9dQ\YQ^Q !()% 9aeYaeU

²6bQdU\\Q^jQ9dQ\YQ^Q³

C_SYUTQT5c`Q…_\QTU 5c`Q…_\Q !()% 1^d_VQWQcdQ

2U^UVYSU^SYQ

6bQdU\\Q^jQ9dQ\YQ^QTY 9dQ\YQ^Q !()% @e^dQ1bU^Qc

=ede_C_SS_bc_

C_SYUTQT1ecdbQSQTU 3b_QdQ !()& @e^dQ1bU^Qc

C_S_bb_c=ede_c

C_SYUTQT5c`Q…_\QTU 5c`Q…_\Q !()& 9aeYaeU

C_S_bb_c=ede_c

4UedcdSXUb;bQ^[U 1\U]Q^Q !()' @e^dQ1bU^Qc

C_SYUTQT1\U]Q^QTU
C_S_bb_c=ede_c

C_SYUTQT5c`Q…_\QTU 5c`Q…_\Q !()' D_S_`Y\\Q

2U^UVYSU^SYQ

&"
 >_]RbU >QSY_^Q\YTQT 1…_TUVe^TQSY†^ 3YeTQT

C_SY}d} 6bQ^|QYcU TU CUS_ebc 6bQ^SUcQ RU\WQ !()' @e^dQ1bU^Qc

=edeU\cTU@e^dQ1bU^Qc iceYjQVbQ^SUcQ

C_SYUTQT@UbeQ^QTU @UbeQ^Q !()( FQ\`QbQc_

C_S_bb_c=ede_c

=edeQ\2U^UVYdC_SYUdi 2bYdv^YSQ !()) @e^dQ1bU^Qc

C_SYUTQT@UbeQ^QTU @UbeQ^Q !()) @YSQ

C_S_bb_c =ede_c TU @YSQ

C_SYUTQT5c`Q…_\QTU 5c`Q…_\Q !()) 1^d_VQWQcdQ

2U^UVYSU^SYQ

6eU^dU*F}QcU^_dQc!''&i!'''

<QUh`Q^cY†^TU\Q_bWQ^YjQSY†^]edeQ\YcdQTU\_cY^]YWbQ^dUccU
`b_TeZ_c_RbU\QRQcUTUe^]_TU\_S_]‹^aeUceVbY†]ei`_SQcfQbYQ
SY_^Uc<QY^]U^cQ]Qi_bQTU\Qc]edeQ\UcUhdbQ^ZUbQc_`d†`_bS_^WbU
WQbU^cecU^_Qd_T_dY`_TU`Ubc_^QcTUe^]Yc]__bYWU^^QSY_^Q\cY^
TYcSbY]Y^QSY_^UcTUdY`_c_SYQ\bU\YWY_c__`_\dYS_<Q`bUcSY^TU^SYQTU
`QbdYSY`QSY†^U^\Q`_\dYSQSXY\U^Qi\QTUcfY^Se\QSY†^S_^\Qc_bWQ^YjQSY_
^Uc`_`e\QbUcTU\`QcVeU`bvSdYSQ]U^dUd_dQ\TebQ^dUU\`Ub_T_SeRYUbd_
`_b^eUcdb_UcdeTY_5\SQc_TU\QC_SYUTQT9^W\UcQTU?RbUb_cTUFQ\`QbQc_aeU
V_b]†`QbdUTU\Q<YWQTUC_SYUTQTUc?RbUbQcTUcTUVY^UcTU\_cQ…_c_SXU^dQ
VeUUhSU`SY_^Q\
1‹^TUc`e}cTU!() \QQecU^SYQTU\_cY^]YWbQ^dUcUeb_`U_cU^
\Qc_bWQ^YjQSY_^Uc\QR_bQ\UcSXY\U^QccYWeY†cYU^T_\QbUW\QWU^UbQ\4e
bQ^dU\Q‹\dY]QT}SQTQTU\cYW\_cU`b_TeZ_e^]Qi_bQSUbSQ]YU^d_U^dbU
dbQRQZQT_bUc^QSY_^Q\UciUhdbQ^ZUb_c`Ub_ceQ\SQ^SUVeU]_TUcd_6eUbQ
TU\QSeUcdY†^XQcdQQX_bQ`_S_UcdeTYQTQTU\QbU\QSY†^U^dbU_RbUb_c
SXY\U^_c`UbeQ^_ciR_\YfYQ^_cTUc`e}cTU\Q7eUbbQTU\@QSVYS_U^\Q
bUWY†^TU\cQ\YdbUc†\_S_^_SU]_cT_cUZU]`\_cTUfY^Se\QSY†^_bWv^YSQ
U^dbU\_cY^]YWbQ^dUci\_cdbQRQZQT_bUc^QSY_^Q\UcS_bbUc`_^TYU^T_
Q]R_cQY^YSYQdYfQcTUbUcYTU^dUcYdQ\YQ^_c<Q`bUSebc_bQTUUcdQ`_\dYSQ
TUQSUbSQ]YU^d_VeU\QC_SYUTQT9^dUb^QSY_^Q\BU`eR\YSQ^QTUC_S_bb_c=ede_c
²7YecU``U=QjjY^Y³TU9aeYaeUVe^TQTQU^!()"aeUQRQ^T_^†ceY^YSYQ\
`UbVY\YdQ\YQ^_cUbUS_^cdYdei†QS_]YU^j_cTU!()%S_]_²Y^dUb^QSY_^Q\³
icU\Q^j†U^U^decYQcdQ`b}TYSQTU\YTUQbY_c_SYQ\YcdQ !'')1\_c`_S_cQ…_c

!'')
1\We^QcbUVUbU^SYQcQ\QC_SYUTQT9^W\UcQTU?RbUb_cU^U\QSv`YdUTUUcdUSQ`de\_
S_^cQWbQT_Q\Qc^eUfQcV_b]QcTU_bWQ^YjQSY†^_RbUbQi`_`e\Qb<QcY^V_b]QSY_^Ucc_

&"!
U^!()'U^@e^dQ1bU^Qc_db_^‹S\U_TU\Q]Yc]Q^QSY_^Q\YTQTU^SQRU
jQT_`_b<eYc<QVbQ^S_^Y5]Y\Y_2Qbd_\Y^Yi:_c}3_^dQbTYVe^T†\QE^Y†^
?RbUbQTU=QWQ\\Q^UcS_^cYTUbQT_U\`bY]Ub_bWQ^Yc]_c_SYUdQbY_\QR_bQ\
TU\QbUWY†^!'( 
@Ub_Y^S\ec_U^\QcY^cdYdeSY_^UcYdQ\YQ^QcQ\`QbUSUb]vc`b_S\YfUcQ\
S_^dQSd_S_^\_c^QdebQ\UcTU\`QcbUSU`d_b\QY^TYVUbU^SYQbUc`USd_TU\
QS_^dUSUb`_\dYS_SXY\U^_cUfY_WU^UbQ\]U^dUbUV_bjQTQ`_b\QYTU_\_WQ
]QjjY^YQ^QTU\Q]Qi_bQTUcecSeQTb_cTYbYWU^dUcUh`bUcQTQU^U\`bY^SY
`Y_TUS_^VbQdUb^YTQTU^dbU\_cYdQ\YQ^_ccY^TYcdY^W_cTUS\QcU^YTUbU\Y
WY†^iU^\QcSU\URbQSY_^UcTU\_cX}b_UcbU`eR\YSQ^_cUc`USYQ\]U^dU7QbY
RQ\TY4UUcdQ]Q^UbQU\Q`_\YdYSYc]_]Q^YVUcdQT_bUc`USd_TU\QS_^dUSUb
`_\dYS_SXY\U^_cUdbQ^cV_b]†U^e^VQSd_baeUTYVYSe\d†\QY^dUWbQSY†^bU
V_bjQ^T_U\QYc\Q]YU^d_iUhS\ecYfYc]_TU\_cY^]YWbQ^dUc!'(!
5\]Yc]_VU^†]U^_cUbU`YdY†SQcYcY^UhSU`SY_^UcU^d_TQc\QcS_
]e^YTQTUcUhdbQ^ZUbQc_Q\]U^_cU^\QcUeb_`UQc<Q]edeQ\YTQTTU\_c
Y^]YWbQ^dUcVeUe^QY^cdQ^SYQTUQS_WYTQ`QbQ\_caeU\\UWQRQ^ie^Uc
`QSY_VQf_bQR\UQ\Q]Q^dU^SY†^TU\QcbQSUcSe\debQ\Uci\QYTU^dYTQT
^QSY_^Q\TU\_cWbe`_cUh`QdbYQT_c`Ub_^_ZeW†°`_baeUU^^Y^We^
]_]U^d_cU\_`b_`ec_°e^`Q`U\TUdbQ^c]Yc_bTUUh`UbYU^SYQcUYTU_
\_WQcXQSYQ\_c]_fY]YU^d_cc_SYQ\Uci`_\dYS_cU^3XY\U<_cdbQRQZQT_
bUcSXY\U^_cS_^cdbeiUb_^cec`b_`YQc_bWQ^YjQSY_^Uci\_cY^]YWbQT_c\Qc
ceiQcYW^_bv^T_cUSQcY`_bS_]`\Ud_5\]_fY]YU^d_`_`e\QbSXY\U^_TU\
cYW\_H9HcUS_^cdYdei†c_RbU\QRQcUTUVeUbjQc`ebQ]U^dUU^T†WU^QciS_^
\QS_\QR_bQSY†^TUS_^dQTcY]_cUhdbQ^ZUb_cQT_`dQ^T_TU\FYUZ_=e^T_
c†\_\QcYTU_\_WQcU^R_WQaeU\\UWQRQ^S_^SYUbd_bUdbQc_Q\QdYdeTUcdQ^
QecdbQ\Uc

$ ?dbQc_bWQ^YjQSY_^Uc*\_WYQc_RbUbQcc_SYUTQTUcTUdU]`UbQ^SYQc_
SYUTQTUc]YhdQcUdS}dUbQ

4ebQ^dU\QT}SQTQTU!(( \QUh`Q^cY†^TU\QcQc_SYQSY_^Uc`_`e\QbUc
Qce]Y† V_b]Qc ]ei fQbYQTQc 5^dbU \_c ^eUf_c dY`_c TU _bWQ^YjQSY†^
aeUcebWYUb_^TebQ^dUQaeU\\_cQ…_cS_^fYU^UTUcdQSQb\Q`bY]UbQQc_

RbU\QC_SYUTQT7YecU``U=QjjY^Y\QcXU]_cd_]QT_TU:e\Y_@Y^d_FQ\\UZ_c²¤3eUcdY†^c_
SYQ\_SeUcdY†^`_\dYSQ/<Q\U^dQ`_\YdYjQSY†^TU\Qc_SYUTQT`_`e\QbdQbQ`QaeU…QXQSYQU\
VY^TUcYW\_!(()!) ³U^8Ycd_bYQ>¡# CQ^dYQW_!))'`vW"!!"&!1WbQTUjS_Q\
Qed_bU\XQRUb]U`Ub]YdYT_S_^_SUbcedUhd_Q^dUcTU`eR\YSQb\_
!'(
=QbdY^YS²@bUcU^SYQUY^]YWbQSY†^YdQ\YQ^Q³_`SYd`vW!(&
!'(!
<eYc1FUbQ2QbbUbQ<Qc_bWQ^YjQSY_^UcYdQ\YQ^QcU^3XY\U<QC_SYUTQTTUC_S_bb_c
=ede_c²9dQ\YQ³!(( !)$'dUcYc`QbQ_`dQbQ\WbQT_TU<YSU^SYQdebQU^8Ycd_bYQCQ^dYQW_
@_^dYVYSYQE^YfUbcYTQT3Qd†\YSQTU3XY\U6QSe\dQTTU8Ycd_bYQ7U_WbQVQi3YU^SYQc@_\
dYSQc9^cdYded_TU8Ycd_bYQ!))"`vWc#%i#&')i( 

&""
SYQSY†^Y^VQ^dY\iZefU^Y\`_`e\Qb\QC_SYUTQT6bQ^SYcS_2Y\RQ_Y^QeWebQTQ
U^CQ^dYQW_QS_]YU^j_cTU!((%`QbQUcdY]e\QbU\QX_bb_U^dbU\_cXYZ_c
TU\_c]Y\YdQ^dUc]edeQ\YcdQc !'("DQ]RY}^TUc`e^dQb_^Q\We^Qc\_WYQc]Q
c†^YSQcaeUQSdeQRQ^U^U\cU^_TU\QS\QcU_RbUbQiTU\QbdUcQ^QT_TU\Qc
SeQ\UcTUcWbQSYQTQ]U^dUXQ^aeUTQT_`_SQcXeU\\QcrcUVeUU\SQc_°
U^dbU_dbQc°TU\Qc<_WYQcTUDU]`UbQ^SYQFUY^dYe^_TU=Qi_TUCQ^dYQW_6bQ^
SYcS_2Y\RQ_i1bdeb_@bQdTUFQ\`QbQc_!'(#
@_bUcd_cQ…_ccUS_^cdYdeiUb_^\Qc`bY]UbQc²c_SYUTQTUcTUdU]`U
bQ^SYQ³Ucd_UcQc_SYQSY_^Ucf_\e^dQbYQcTU`Ubc_^QcU^ce]Qi_bQUh
Q\S_X†\YS_cbUe^YT_c`_bU\TUcU_TUQRcdU^UbcUd_dQ\]U^dUTUS_^ce]Yb
RURYTQcQ\S_X†\YSQc3bUQTQcU^e^Q`Ubc`USdYfQTU²bUWU^UbQSY†^³TU\Q
S\QcU_RbUbQTYSXQcY^cdYdeSY_^UcUbQ^U\Vbed_TU\Q`b}TYSQ]_bQ\YjQT_
bQTUU\U]U^d_cTU\Q_`Y^Y†^Y\ecdbQTQiTU\Qd_]QTUS_^SYU^SYQTU\_c
dbQRQZQT_bUcTUce`b_`YQTUWbQTQSY†^`_bU\Q\S_X_\Yc]_V\QWU\_S_^cY
TUbQT_e^QU^VUb]UTQTQ\QfUjaeUe^S_]`_^U^dUTU\Q²SeUcdY†^c_
SYQ\³<QC_SYUTQT²<_c8YZ_cTU\QDU]`UbQ^SYQ³Ve^TQTQU^CQ^dYQW_U\#!
TU]Qbj_TU!(()e^QTU\Qc`bY]UbQcTUUcdUdY`_U^\QSQ`YdQ\UbQe^
ReU^]_TU\_U^ceW}^Ub_CUdbQdQRQTUe^Qc_SYUTQT]YhdQUcTUSYb
S_]`eUcdQ`_bX_]RbUci]eZUbUc\_aeUUbQe^Q^_fUTQTiQaeUXQcdQ
U^d_^SUc\Qc‹^YSQc_bWQ^YjQSY_^Uc`_`e\QbUcaeUbUe^Q^Q`Ubc_^QcTU

!'("
²3b†^YSQ³<QBQj†^CQ^dYQW_!)TUU^Ub_TU!((%
!'(#
<QQSdeQSY†^UhS\ecYfQ_`bUVUbU^SYQ\TUUcdQc\_WYQcU^\_c]UTY_c`_`e\Q
bUc^_UhS\eQe^QY]`_bdQ^dU`bUcU^SYQU^cecU^_TUU\U]U^d_cTU\QcS\QcUcce`UbY_
bUc3_^_SU]_c`_bUZU]`\_\Q^†]Y^QTU\_cTYbYWU^dUcTU\Q<_WYQTUDU]`UbQ^SYQ1b
deb_@bQdU\UWYT_cU^QW_cd_TU!(('>_^_cUc`_cYR\U`bUSYcQbcY\QQRe^TQ^SYQTUQ`U
\\YT_c Q^W\_cQZ_^Uc i WUb]Q^_c Uc e^  bUV\UZ_ TU\ VU^†]U^_ Q^dUbY_b ²<_WYQ 1bdeb_
@bQdA92D³<_c5S_cTU\DQ\\UbFQ\`QbQc_!#TUQW_cd_TU!(('
8Ub^v^BQ]bUj>US_SXUQU^e^ZeYSY_]vcYTU_\†WYS_aeUXYcd†bYS_c_cdef_
aeUTU]Q^UbQ`QbQ\U\QQ\dbQRQZ_²TYfYcY_^YcdQ³TU\_cS_^cUbfQT_bUciTU\S\Ub_U^U\
cU^_TU\_cdbQRQZQT_bUc²U\U]U^d_cRebWeUcUcUZUSedQRQ^e^Q\QR_b`QbUSYTQSeQ^T_
dbQdQRQ^TUY]`UTYbaeU\Qcc_SYUTQTUc_RbUbQcVeUbQ^U\fUXSe\_TUTYVecY†^TUe^Q
S_^SYU^SYQ`b_\UdQbYQ`ebQ@QbQQ\SQ^jQbdQ\_RZUd_Y^TYfYTe_cTUUhdbQSSY†^RebWeUcQ
cUU^db_]UdQ^U^\QfYTQTUY^cdYdeSY_^UcTUdbQRQZQT_bUcU^SQ\YTQTTUc_SY_cX_^_bQ
bY_cS_^VUbU^SYQ^dUcY^dUbUcQT_c²RU^UVQSd_bUc³UdS1fUSUcUcd_c]Yc]_cU\U]U^d_c
S_bb_]`Q^QTYbYWU^dUc_RbUb_cedY\YjQ^T_U^dbU_db_c`b_SUTY]YU^d_cU\XQ\QW_U\
c_R_b^__cY]`\U]U^dUU\QRebWeUcQ]YU^d_aeUcU`b_TeSQ]UTYQ^dU\QQdbQSSY†^TU
_RbUb_cQY^cdYdeSY_^Ucd`YSQ]U^dURebWeUcQcS_]_\Q]Qc_^UbQT_^TUcUY]`bUW^Q
RQ^TU\QYTU_\_WQTU\QcQc`YbQSY_^UciTU\]_T_TUfYTQSQbQSdUbcdYS_TU\QRebWeU
cQ³BQ]bUj>US_SXUQ8Ycd_bYQ_`SYd`vWc"'#i"'$<_cUZU]`\_cSYdQT_cc_^
`bUSYcQ]U^dU\_cTU\Qc\_WYQc]U^SY_^QTQc]vcQbbYRQ6eUbQTU\QbUVUbU^SYQQe^Q
]dYSQ²S_^SYU^SYQ`b_\UdQbYQ`ebQ³U\dUhd_TUUcdUQed_b^_TQSeU^dQTU^Y^We^_TU
\_cVU^†]U^_caeUbUWQ^\QS_]`\UZQbU\QSY†^UhYcdU^dUU^dbU\Q]Qc_^UbQiU\]_fY
]YU^d_TUdbQRQZQT_bUcUh`\_bQT_cU^U\SQ`de\_`bUSUTU^dUTU^eUcdb_\YRb_\_aeU
\UY]`YTY†Uh`\YSQbXUSX_cSYdQT_cU^ce`b_`YQ_RbQdQ\UcS_]_\Q`QbdYSY`QSY†^TU\Qc
\_WYQc1bdeb_@bQdi6bQ^SYcS_2Y\RQ_U^U\\Q^jQ]YU^d_TU\Q<YWQTUC_SYUTQTUc?RbUbQcTU
FQ\`QbQc_\Q`bUcU^SYQTUe^bU`bUcU^dQ^dUTU\Q<_WYQ6bQ^SYcS_2Y\RQ_U^\Q`bY]UbQ
TYbUSdYfQTUTYSXQ\YWQUdS}dUbQ

&"#
Q]R_ccUh_cUbQ^\QcVY\Qb]†^YSQcTU_RbUb_cSei__RZUdYf_`bY^SY`Q\Q`Qb
dUTU\_cdbQTYSY_^Q\UcTUc_S_bb_c]ede_cS_^cYcdQU^²QT_`dQb`_bd_T_c
\_c]UTY_c`_cYR\Uc\_c`bY^SY`Y_cTUdU]`UbQ^SYQ³ !'($ i\QbUQ\YjQSY†^TU
QSdYfYTQTUcTUdY`_Se\debQ\S_]_²S\QcUcTU]‹cYSQSQ^d_iTUS\Q]QSY†^
`QbQ`b_SebQbQ\_cc_SY_cbUSbUQSY_^UcX_^UcdQciTUVY^QSe\debQ³!'(%4U
QSeUbT_S_^Ucd_c`b_iUSd_ci`bY^SY`Y_c²<_c8YZ_cTU\QDU]`UbQ^SYQ³`b_XY
RQ^QcecQTXUbU^dUc²VQRbYSQbS_]`bQbfU^TUbecQbKiMce]Y^YcdbQbQ_dbQc
`Ubc_^QcRURYTQcQ\S_X†\YSQc³RQZ_`U^QTUUh`e\cY†^TU\Y^VbQSd_bQS_]
`Q…QTQTUe^Q^_dQQ\Qcc_SYUTQTUcQ]YWQc`QbQY^V_b]Qb\UcTU\XUSX_!'(&
1VY^UcTU\_cQ…_c_SXU^dQ\QVe^TQSY†^TUc_SYUTQTUcTUc_S_bb_c
]ede_cVU]U^Y^Qcdef_S_]_S_^cUSeU^SYQY^TYbUSdQe^Q]UZ_bTYc`_cY
SY†^TU\_cdbQRQZQT_bUc`QbQQSU`dQbaeU\Qc]eZUbUcZeWQbQ^e^`Q`U\
QSdYf_U^\Qc_bWQ^YjQSY_^Uc`_`e\QbUcCebWYUb_^U^d_^SUc^eUfQcc_SYU
TQTUc]YhdQc6eUbQTU\QciQS_^_SYTQcY^cdYdeSY_^UcTUdU]`UbQ^SYQi

:eQ^QB_\Tv^TU1\QbS†^
<†`Uj4YSSY_^QbY__`SYd

!'($
5cdQded_cTU\QC_SYUTQT²<_c8YZ_cTU\QDU]`UbQ^SYQ³CQ^dYQW_9]`bU^dQi5^
SeQTUb^QSY†^TU=1=vbaeUj!(()`vW!
!'(%
9RYT
!'(&
?`SYd`vW"

&"$
\QcVY\Qb]†^YSQcTU_RbUb_ccUSbUQb_^]edeQ\UcS_]`eUcdQc`_bdbQRQZQT_
bUcTUQ]R_ccUh_c<Q`bUSebc_bQTUUcdU^eUf_dY`_TU_bWQ^YjQSY†^VeU
`b_RQR\U]U^dU\QC_SYUTQTTU9\ecdbQSY†^i@b_dUSSY†^=edeQ²<Q6bQdUb^YTQT³
Ve^TQTQQS_]YU^j_cTU!() U^CQ^dYQW_S_^_RZUdYf_cTU²Y\ecdbQSY†^³
QX_bb_ic_S_bb_]ede_!'('
4ebQ^dUUcQT}SQTQdQ]RY}^cUUcdQR\USYUb_^Qc_SYQSY_^UcaeUS_]
RY^QRQ^\QcQSdYfYTQTUc]edeQ\YcdQciSe\debQ\UcQRYUbdQcQd_T_dY`_TU`Ub
c_^QccY^TYcdY^SY†^TUS\QcUe_VYSY_<QC_SYUTQTTU9\ecdbQSY†^iC_S_bb_c=e
de_c²=Q^eU\B_TbWeUj³Ve^TQTQU^CQ^dYQW_U^!(($UbQU\`b_d_dY`_TU\Qc
Y^cdYdeSY_^Uc`\ebYS\QcYcdQcaeUcebWQ^QTXUbYTQcQ\]_fY]YU^d_`_`e\Qb
bUYfY^TYSQ^T_e^Uc`QSY_U^U\`b_iUSd_²bUWU^UbQT_bTU\`eUR\_³5^ce
cU^_S_^fYfQ^*

KMU^VbQdUb^Q\S_^c_bSY_U\`b_\UdQbY_iU\bYS_
U\U]`\UQT_`‹R\YS_iU\`QbdYSe\QbU\X_]RbUTU\dQ\\Ub
iU\X_]RbUTU\QSYU^SYQ+d_T_cS_^\Q_R\YWQSY†^`bUSY
cQTUY\ecdbQbcUic_S_bbUbcU]edeQ]U^dUe^_cS_^\Qc
\USSY_^UcTU\cQRUbi\QUh`UbYU^SYQ_db_cS_^\QcY^
V\eU^SYQc`Ubc_^Q\Uci\_cbUSebc_c`USe^YQbY_c !'((

3_]_iQXQcYT__RcUbfQT_U\VU^†]U^_`\ebYS\QcYcdQ^_UbQ^eUf_

!'('
5\9^TU`U^TYU^dUCQ^dYQW_!"TUVURbUb_TU!() 5\`Q`U\TUcU]`U…QT_`_b\Qc
]eZUbUcU^UcdQc_SYUTQTVeU]ei]_TUcd_Q\]U^_cU^cec`bY]Ub_cdYU]`_c5^U\U\U^
S_TUSeQbU^dQc_SY_cVe^TQT_bUcc†\_Q`QbUSU^_SX_`Ubc_^QcTUcUh_VU]U^Y^_]U^_c
TU!(TU\d_dQ\+cYU^T_Q`QbU^dU]U^dU\Q]Qi_bQTUU\\QcUc`_cQc_XUb]Q^QcTU_db_c
QTXUbU^dUc3_]_cUQ`bUSYQU^\Q\YcdQcYWeYU^dUU^\Q`bY]UbQTYbUSdYfQVYWebQRQc†\_
e^Q]eZUb_Se`Q^T_\_cSQbW_cTUdUc_bUbQif_SQ\@bUcYTU^dU*=Q^eU\1EbRY^Q+cUSbU
dQbY_c*17Ub]v^=e…_ji1\UZQ^Tb_EWQbdU2+dUc_bUbQ*:eQ^QB_\Tv^TU1\QbS†^+f_SQ
\Uc*:eQ^QB_\Tv^TU1\QbS†^i1^d_^Y_?bU\\Q^Q1
:eQ^QB_\Tv^TU1\QbS†^VeUe^Q`Ubc_^Q\YTQTS_^^_dQTQTU\]_fY]YU^d__RbUb_
i`_`e\Qb>QSY†U^CQ^dYQW_U^!(%!CUY^YSY†U^U\]e^T_c_SYUdQbY_U^\QcVY\QcTU\Q
C_SYUTQT6Y\Qb]†^YSQ²:_c}=YWeU\9^VQ^dU³TUCQ^dYQW_Q\QSeQ\QTXYbY†U^!((#Ze^d_S_^
ce]QbYT_U\TYbYWU^dU_RbUb_7U^Qb_1\QbS†^e^_TU\_cVe^TQT_bUcU^!(('TU\@QbdY
T_4U]_SbvdYS_:eQ^QB_\Tv^VeUU^cUWeYTQc_SYQTU\QC_SYUTQT6Y\Qb]†^YSQTU?RbUb_cTU
CQ^dYQW_!(('e^QTU\QcVe^TQT_bQcTU\Q²5]Q^SY`QSY†^TU\Q=eZUb³!(((T_^TU_Se
`†TYcdY^d_c`eUcd_cTYbYWU^dUcY^S\ec_U\TU`bUcYTU^dQ]YU]Rb_TU\Q3_^VUTUbQSY†^
?RbUbQ!()$Ve^TQT_bQTU\Q6Y\Qb]†^YSQ²1^d_^Y_@_e`Y^³!) "TU\UWQTQQ\Q3_^fU^
SY†^c_SYQ\_RbUbQ!) "S_\QR_bQT_bQbUWe\QbTUTYcdY^d_c`UbY†TYS_c_RbUb_cUdS}dUbQ
<†`Uj4YSSY_^QbY_!)!"_`SYd`vWcB!B#
!'((
²<Q^eUfQC_SYUTQT´=Q^eU\B_TbWeUjµ³<QBQj†^CQ^dYQW_&TU_SdeRbUTU
!(($<QS_^fYfU^SYQU^dbUU\U]U^d_cdQ^XUdUbU_W}^U_cUbQS_^V\YSdYfQ1`_S_Q^TQb
1^Tb}cJ‹…YWQbU^e^SY†QceSQ\YTQTTU`bUcYTU^dUiTUc_SY_TU\QY^cdYdeSY†^QbWe
]U^dQ^T_aeU\_XQSQ²`_bdU^UbU\T_R\UTUVUSd_TUcUbXYZ_TUQbdUcQ^_icUb\_i_]Yc
]_TUVUSd_cTUaeU]UU^_bWe\\USUb}d_TQ]YfYTQ³5\TYbUSd_bY_\UQSU`d†\QbU^e^
SYQ`Ub_bUSXQj†cecVe^TQ]U^d_c>YS_\vc<eZv^cUSbUdQbY_QSSYTU^dQ\²1\_c]YU]
Rb_cTU\QC_SYUTQT=Q^eU\B_TbWeUj³CQ^dYQW_U^Ub_"(TU!((%<QBQj†^CQ^dYQ
W_# TUU^Ub_TU!((%

&"%
U^U\]_fY]YU^d_TUdbQRQZQT_bUc*U^\Qcc_SYUTQTUcTUQbdUcQ^_ciU^_dbQc
_bWQ^YjQSY_^UcQ\dUb^QRQ^TYcdY^d_ccUW]U^d_cTU\]e^T_`_`e\Qb°QbdUcQ
^_c_RbUb_cU]`\UQT_cQ\We^_c`b_VUcY_^Q\Uc`UaeU…_cS_]UbSYQ^dUci
_db_c°Q\_caeUcUce]QRQ^Q]U^eT_SYUbdQc`Ubc_^Q\YTQTUcTU\QcS\QcUc
ce`UbY_bUcU^SQ\YTQTTURU^UVQSd_bUc_]YU]Rb_cX_^_bQbY_c@Ub_UbQ^
]Q^YVUcdQSY_^Uc\Y]YdQTQcTU\_c\Qj_caeUUhYcdQ^U^dbU\_ccUSd_bUcTYbY
WU^dUci\QU\YdUTU\_cdbQRQZQT_bUciTU\QY^V\eU^SYQaeU}cd_cUZUbSQ^c_RbU
QaeU\\Q5\bUcebWY]YU^d_TU_bWQ^YjQSY_^UcTUSYTYTQ]U^dUY^dUbS\QcYcdQc
°Y^c`YbQTQcaeYjvU^U\fYUZ_]_TU\_TU\QC_SYUTQTTU\Q9WeQ\TQT°UbQe^cYW
^_Y^Uaef_S_TU\QSbUSYU^dU`bU_Se`QSY†^TUY^TYfYTe_cTU\QS\QcUT_]Y
^Q^dU`_b\QRe\\QTQ²SeUcdY†^c_SYQ\³

%>eUfQcV_b]QcTUS__bTY^QSY†^_RbUbQi`_`e\Qb

1\dUb]Y^Qb\QT}SQTQTU!(( \QbUTTU_bWQ^YjQSY_^Uc`_`e\QbUc°]edeQ
\UcVY\Qb]†^YSQcSQZQcTUQX_bb_S__`UbQdYfQcc_SYUTQTUcTU²Y\ecdbQSY†^³
UdS°SeRbQd_TQc\QcSYeTQTUcWbQ^TUci]UTYQ^Qc5^Q\We^_cSU^db_ceb
RQ^_c°c_RbUd_T_U^CQ^dYQW_iFQ\`QbQc_°UcdUdUZYT_UbQ`QbdYSe\Qb]U^dU
TU^c_3_]_cUQ`bUSYQU^U\3eQTb_>¡"#U^!() dQ^c†\_U^FQ\`QbQc_
UhYcdQ^fUY^dYSY^S__bWQ^YjQSY_^Uc_RbUbQcaeUS_^dQRQ^S_^#$#$QTXU
bU^dUcie^Q\YWQaeUbUe^QQTYUSYcYUdUTUU\\QccY^S_^cYTUbQbQSeQdb_
c_SYUTQTUcTUU]`\UQT_caeUdU^Q^)#(]YU]Rb_c4YUSYcYUdUY^cdYdeSY_
^UcUbQ^TUc_S_bb_c]ede_cT_cTUQX_bb_cT_cTUbUSbUQSY†^iSeQdb_TU
dU]`UbQ^SYQic_S_bb_c]ede_c

3eQTb_>¡"#
C?3954145C?2B5B1C45F1<@1B1ÅC?!() 
>_]RbU 3Q^dYTQT >_]RbU 3Q^dYTQT
TUc_SY_c TUc_SY_c

C_SYUTQTDY`_WbvVYSQ )! C_SYUTQTCQ^dQB_cQTU "##

3_\]_V\UdUb_c
1c_SYQSY†^TU1bdUcQ^_c ')$ C_SYUTQTTU@Q^QTUb_c %"
C_SYUTQTTU3YWQbbUb_c ! C_SYUTQTTU1\RQ…Y\Uci (
5cdeSQT_bUc
C_SYUTQT6Y\Qb]†^YSQTU ( C_SYUTQTE^Y†^i $"%
?RbUb_c 6bQdUb^YTQTTU?RbUbQc
C_SYUTQT6bQ^SYcS_2Y\RQ_ % C_SYUTQT9^W\UcQTU?RbUb_c #
C_SYUTQTTU3Qb`Y^dUb_c !)! C_SYUTQTTU1X_bb_c &
DY`_WbvVYS_c
C_SYUTQTTUCQcdbUc % C_SYUTQT1bdeb_@bQd "%

C_SYUTQT 6UTUbYS_ CdefU^ ! " C_SYUTQT 5c]UbQ\TQ $&

&"&
>_]RbU 3Q^dYTQT >_]RbU 3Q^dYTQT
TUc_SY_c TUc_SY_c

C_SYUTQT E^Y†^ 6bQdUb^Q\ TU &! C_SYUTQT TU 7vcVYdUbc i ('

@Y^d_bUc 8_ZQ\QdUb_c
C_SYUTQT FYSe…Q =QS[U^^Q #!$ C_SYUTQT TU @U\eaeUb_c "&
C_SYUTQT 1]Q^dUc TU\ @b_WbUc_ )' C_SYUTQT @UbcUfUbQ^SYQ ")
C_SYUTQT TU ?RbUbQc "!$ C_SYUTQT 4bQ]vdYSQ TU $&
?RbUb_c
C_SYUTQT =QbdY]Q !%!

D_dQ\ #$#$

6eU^dU*²C_SYUTQTUcTU?RbUb_c³5\9^TU`U^TYU^dUCQ^dYQW_%TUVURbUb_TU!() 

3eQTb_>¡"$
C?3954145C455=@<514?C45F1<@1B1ÅC?!() 

>_]RbU 3Q^dYTQTTUc_SY_c

C_SYUTQT@b_dUSd_bQTU5]`\UQT_c #$

C_SYUTQT 9W^QSY_ 4_]Ui[_ #))

C_SYUTQT<QE^Y†^ %)

:eQ^ 6bQ^SYcS_ FUbWQbQ !$

D?D1< )#(

6eU^dU* 9RYT

5^U\`QccUS_^dQRQ^e^QcSYU^d_SY^SeU^dQQc_SYQSY_^Uc`_`e\Q
bUc°TU\QcSeQ\UccUdU^dQicUYcXQRQ^_RdU^YT_ce`Ubc_^Q\YTQTZebTY
SQ!'()°Qe^aeUU\`_bSU^dQZUTUdbQRQZQT_bUc_bWQ^YjQT_cUbQQ‹^]ei
RQZ_<Q]e\dY`\YSQSY†^TUUcdQcc_SYUTQTUc`\Q^dUQRQU\`b_R\U]QTU\Q
S__bTY^QSY†^QVY^TUQSbUSU^dQbceUVYSQSYQ<Q]UbQU^dU^dURY\QdUbQ\
`QSd_cTUQ\YQ^jQ_Y^S\ec_]e\dY\QdUbQ\^_\_WbQRQbUc`_^TUb`\U^Q
]U^dUQ\QcUhYWU^SYQcTUc_S_bb_]ede_TUbU`bUcU^dQSY†^VbU^dUQ\_c
`_TUbUc`‹R\YS_cUdSaeUcebWQ^U^U\]_fY]YU^d_`_`e\Qb5\²3_^WbU
c__RbUb_³bUQ\YjQT_U^CQ^dYQW_U^!((%XQRQcYT_S_^SURYT_S_]_e^

!'()
@_R\UdUDb_^S_c__`SYd`vW%'+BQ]bUj>US_SXUQ8Ycd_bYQ_`SYd`vW
"%&

&"'
`Qc_XQSYQU\UcdQR\USY]YU^d_TUe^QS__bTY^QSY†^^QSY_^Q\]vc`Ub]Q
^U^dUiV_b]Q\TU\Qc_bWQ^YjQSY_^UcTUdbQRQZQT_bUc`Ub_VeUbQTUcUb\Q
Uh`bUcY†^TUe^TUcU_i\QQVYb]QSY†^TUe^Q^USUcYTQTU\\_^_cU]QdUbYQ
\Yj†5\`b_R\U]QcUWeQ`\Q^dUQT_1`QbdYbTU!(('cUS_]U^jQb_^QS_^
SbUdQb\_c`bU`QbQdYf_c`QbQ\QSbUQSY†^TUS__bTY^QSY_^Uc`Ub]Q^U^dUcTU
\QcQc_SYQSY_^Uc_RbUbQciQbdUcQ^Q\Uc<Q`bY]UbQ°iTebQ^dU]eSX_dYU]`_
‹^YSQUh`UbYU^SYQUhYd_cQ°VeU\Q<YWQTUC_SYUTQTUc?RbUbQcTUFQ\`QbQc_
<QY^YSYQdYfQ`QbQ\QS_^cdYdeSY†^TUUcdQQ\YQ^jQVeUd_]QTQ`_b:=Q
^eU\CUWe^T_CevbUj`bUcYTU^dUTU\QE^Y†^TU3Qb`Y^dUb_cTUFQ\`QbQc_
aeYU^U^^_dQU^fYQTQQ\Qcc_SYUTQTUc`_`e\QbUcTU\QSYeTQT\QcY^fYd†Q
`QbdYSY`QbU^e^QbUe^Y†^U^U\\_SQ\TU\QC_SYUTQTTU1bdUcQ^_cU\!&TUTY
SYU]RbUTU!(('QVY^TUY^dUbSQ]RYQbYTUQcc_RbUU\]Ub_S_]`b_]Yc_TU
`QbdYSY`QbU^\_cVe^UbQ\UcTU\_cc_SY_cTUSeQ\aeYUbQTU\QcQc_SYQSY_
^Uc!') 4_SUc_SYUTQTUcQSeTYUb_^Q\QbUe^Y†^*TU1bdUcQ^_cDY`_WbvVYSQ

!')
=QbSU\_CUWQ\\dbQdQ^T_TUTU]_cdbQb\Q`bUS_jQSSY†^TU]Y\YdQ^dUc]QbhYcdQc
U^3XY\UQTZeTYS†\QY^YSYQdYfQTU\QVe^TQSY†^TU\Q<YWQTUC_SYUTQTUc?RbUbQcTUFQ\`QbQc_
QT_cdbQRQZQT_bUcQ\U]Q^UcQVY\YQT_cQ\Q9^dUb^QSY_^Q\*;Qb\CSXe\jQaeYU^YTU^dYVYS†
S_]_U\`bUcYTU^dUU^UZUbSYSY_TU\QC_SYUTQTE^Y†^TU3Qb`Y^dUb_ciceS_\UWQ1T_\VGQ\
dUb`bUcYTU^dUTU\3\eR?RbUb_²DUed_^YQ³CUWQ\\QcUWeb†aeUCSXe\jiGQ\dUbVeUb_^^_]
RbQT_c`bUcYTU^dUidUc_bUb_TU\Q<YWQbUc`USdYfQ]U^dUDQ]RY}^SYd†S_]_Ve^TQT_bUc
TUUcdQQ\YQ^jQQ\_cVbQ^SUcUc:UQ^8Q]_^Ti:_cU`X1^d_Y^U4}UiQ\SXY\U^_:_c}1Wec
d^3_b^UZ_aeYU^XQRQcYT_e^_TU\_cSbUQT_bUcTU\Q1c_SYQSY†^TU1bdUcQ^_cTU\QSYe
TQTCUWQ\\3Y^S_5^cQi_c_`SYd`vWc"(!i"("
<_cUbb_bUcS_^dU^YT_cU^dQ\UcQVYb]QSY_^Ucc_^^e]Ub_c_c
<QY^YSYQdYfQU^`b_TU\QSbUQSY†^TU\Q<YWQS_bbUc`_^TY†°S_]_iQ\_XU]_cY^TYSQ
T_RQcv^T_^_cU^\QcY^V_b]QSY_^UcTU\Q`bU^cQTU\Q}`_SQ°Q:eQ^=Q^eU\CUWe^T_Cev
bUjaeYU^UbQU\fYSU`bUcYTU^dUTU\QC_SYUTQTE^Y†^TU3Qb`Y^dUb_cU\UWYT_`QbQU\`Ub_T_
Ze\Y_TU!(('Ze\Y_!(((U^U\]_]U^d_TU\\Q^jQ]YU^d_TU\QYTUQTYSYU]RbUTU!(('
cYU^T_U^d_^SUcce`bUcYTU^dU5hUaeYU\3Q\}3XvfUj3eQ^T_cUVe^T†\Q<YWQQW_cd_TU
!(((CevbUjTUcU]`U…QRQU\SQbW_TU`bUcYTU^dUTU\QE^Y†^TU3Qb`Y^dUb_c;Qb\CSXe\j^_
UbQU^bUQ\YTQTcY^_e^_TU\_cSeQdb_TYbUSd_bUcdYde\QbUcTU\Q]edeQ\TUSQb`Y^dUb_cU\
`eUcd_TU`bUcYTU^dU\__Se`QbQfQbY_cQ…_c]vcdQbTUi:UQ^8Q]_^TcedUc_bUb_`Ub_
^Y^We^_TUU\\_cVYWebQU^\Q\QbWQ]U]_bYQ`bUcU^dQTQU\TQTU\QY^QeWebQSY†^_VYSYQ\TU
\Q<YWQTUC_SYUTQTUc?RbUbQc%TUQW_cd_`_bce`bY]Ub`bUcYTU^dUU\dY`†WbQV_D_]vc:
7_^jv\UjDUhd_^dUWb_`eR\YSQT_U^²<Q<YWQTU\QcC_SYUTQTUc?RbUbQc³5\=UbSebY_FQ\
`QbQc_&TUQW_cd_TU!(((5^\Q^_dQ`UbY_TcdYSQaeU`bUSUTUQ\Y^V_b]UcUS_^VYb]QU\
`Q`U\`bUSebc_bTUCevbUjQ\aeU\QC_SYUTQTTUJQ`QdUb_c²2U^ZQ]^FYSe…Q=QS[U^^Q³_VbU
SY†U^U\QSd_Ve^TQSY_^Q\TU\QQ\YQ^jQe^QdQbZUdQTU`\QdQS_^\QTUTYSQd_bYQ*²1\cU…_b
:eQ^=CUWe^T_CevbUj`b_]_d_bTU\Q<YWQTU?RbUb_c³CSXe\j^_VeU`_b\_dQ^d_^Y
U\`b_]_d_b^YU\`bY]Ub`bUcYTU^dUTU\Q<YWQdQ]`_S_VeUU\cUWe^T__U\dUbSUb_iQaeU
TebQ^dU\_cdbUc`bY]Ub_c`Ub_T_cUcQbUc`_^cQRY\YTQTbUSQi†U^D_]vc:7_^jv\Uj
1T_\VGQ\dUb:UQ^8Q]_^Ti:_cU`X1^d_Y^U4}UdQ]`_S_c_^]U^SY_^QT_cU^\_cT_Se
]U^d_cTU\Q}`_SQS_]_`b_]_d_bUc_`bY]Ub_cTYbYWU^dUcTU\Q<YWQ<_ciUbb_cTUCUWQ\\
bUc`USd_TU\ce`eUcd_`b_dQW_^Yc]_TUCSXe\jU^\QS_^cdYdeSY†^TUUcdQ`bY]UbQS__bTY
^QSY†^TUc_SYUTQTUc`_`e\QbUcVeUb_^cU…Q\QT_c`_b8Ub^v^BQ]bUj>US_SXUQ8Ycd_
bYQ_`SYd`vW"%&Qe^aeUUcdU‹\dY]_^_cUbUVYbY†Q4}U^YQ8Q]_^T1`UcQbTUU\\_
SYUbd_cQed_bUccUbY_ciUbeTYd_cS_]_:UQ^@YUbbU2\Q^S`QY^_`SYd`vWc("#i("$XQ^

&"(
E^Y†^TU3Qb`Y^dUb_c6UTUbYS_CdefU^3Qb`Y^dUb_cTUC_S_bb_c=ede_c6bQdUb^Q\TU
@Y^d_bUcTUJQ`QdUb_c2U^ZQ]^FYSe…Q=QS[U^^QTUCQcdbUci<_WYQcTUDU]`UbQ^
SYQ6bQ^SYcS_2Y\RQ_i1bdeb_@bQd!')!<QcTUSYcY_^UcQT_`dQTQcU^QaeU\\Q_`_b
de^YTQTc_RbU`QcQb_^S_^SbUSUcU\_RZUdYf_Y^YSYQ\*QTU]vcTUQ`b_RQb\Q
`b_`_cYSY†^_bYWY^Q\cUQ`b_R†\Q]_SY†^TUe^TU\UWQT_TU\QC_SYUTQT6U
TUbYS_CdefU^aeUQ`e^dQRQQ\QS_^cdYdeSY†^TUe^TYbUSd_bY_S_]`eUcd_`_b
T_cTU\UWQT_cTUSQTQY^cdYdeSY†^iU\S_]`b_]Yc_TU\QcU^dYTQTUcaeU
U^dbQbQ^Q\Q<YWQTUU^dbUWQbe^QSe_dQTUc_\YTQbYTQTU^VQf_bTU\c_SY_
aeUVQ\\USYUbQ!')"
5\# TUTYSYU]RbUTUc`e}cTUdbUccUcY_^UcdUb]Y^†U\dbQRQZ_`bU
`QbQd_bY_icUTUSYTY†\QbQdYVYSQSY†^TU\QSeUbT_`_bSQTQe^QTU\Qc_bWQ^Y
jQSY_^UcE^]Uc]vcdQbTU^eUfUY^cdYdeSY_^UcQSU`dQb_^U\`QSd_i`_S_
TUc`e}c_dbQcSY^S_cUe^YUb_^QU\\QcU\3bSe\_C_SYQ\TU?RbUb_ci\Qcc_SYUTQ
TUcTU?RbUbQc9^W\UcQTU?RbUb_c6Y\Qb]†^YSQTU?RbUb_ci@b_dUSd_bQTU3YWQbbUb_c
bUV_bjQ^T_\QS_Q\YSY†^U^WUcdQSY†^ !')#
4ebQ^dUfQbY_c]UcUc\_cTU\UWQT_cTU\QcQc_SYQSY_^Uc`_`e\QbUccU
S_^cQWbQb_^Y^dU^cQ]U^dUQ\QTYcSecY†^TU\_cUcdQded_ciTU\_c`bY^SY
`Y_cWU^UbQ\UcaeUTURUbQ^bUWYb\QfYTQTU\QVedebQVUTUbQSY†^5\`e^
d_bU\QSY_^QT_S_^\Q`QbdYSY`QSY†^VU]U^Y^QVeU]_dYf_TUe^`b_\_^
WQT_TURQdUcQ\Tv^T_cUS_^\QQ`b_RQSY†^TU\Q]Qi_bQ1cU\!TU
]Qi_2bWYTQCY\fQi=†^YSQ@TUÉbTU^UcTU\UWQTQcTU\QC_SYUTQTTU?RbU
bQc`bUcU^dQb_^cec`_TUbUcQ^dU\QS__bTY^QSY†^icUY^S_b`_bQb_^Q\_c
dbQRQZ_c`bU`QbQd_bY_c`QbQU\\Q^jQ]YU^d_TU\QQ\YQ^jQ !')$
<QY^cdQ\QSY†^TUVY^YdYfQTU\Q<YWQTUC_SYUTQTUc?RbUbQcTUFQ\`QbQc_def_
\eWQbU^e^QbUe^Y†^`‹R\YSQbUQ\YjQTQU^U\\_SQ\TU\Q1c_SYQSY†^TU1bdUcQ
^_cU\%TUQW_cd_TU!(((E^Q^e]Ub_cQQcYcdU^SYQ°U^\QaeUcUS_^dQRQe^
SU^dU^QbTU]eZUbUc°UcSeSX†U\Y^V_b]UTUD_]vc:7_^jv\Uji\_cTYcSeb
c_cTU\T_Sd_b7QSYd‹Qc_SY_TU\QY^cdYdeSY†^U^Sei_\_SQ\cUbUQ\YjQRQU\
QSd_+TU>QdQ\YQ7eYdUbQ^cUSbUdQbYQTU\QC_SYUTQTTU?RbUbQc+TU5]UdUbY_
EbRY^Q]YU]Rb_TU\Q6Y\Qb]†^YSQTU?RbUb_ciTU>YSQ^_b6\_bUc`bUcYTU^
dUTU\QC_SYUTQTTU3YWQbbUb_c!')%

cUWeYT_QCUWQ\\U^cecUbb_bUcQSbUTYdQ^T_\QdUcYcUaef_SQTUe^Q\QR_b]Y\YdQ^dUTU\_c
²Y^dUb^QSY_^Q\YcdQcQ\U]Q^Uc³bUQWbe`QT_cU^_bWQ^Yc]_cS_]_U\3\eR?RbUb_²DUed_^YQ³
TUFQ\`QbQc_iU\3U^db_²;Qb\=Qbh³TUCQ^dYQW_S_]`eUcd_TUQ\U]Q^UcVbQ^SUcUcRU\
WQciQecdbQS_cSeiQQSSY†^`_\dYSQU^e^QVUSXQdQ^dU]`bQ^QUc]eiTeT_cQ
!')!
²<Q<YWQTU\QcC_SYUTQTUc?RbUbQc³_`SYd
!')"
9RYT
!')#
9RYT
!')$
9RYT
!')%
9RYTU]3_^fYU^UTUcdQSQb\QY^V\eU^SYQTU\WbU]Y_TUdY`†WbQV_cU^\Q<YWQ5^
ce`bY]UbTYbUSd_bY_TUcUYc]YU]Rb_cU\UWYT_cQS_]YU^j_cTU!(((VYWebQRQ^T_cTYbY
WU^dUcTU\QC_SYUTQTDY`_WbvVYSQD_]vc:7_^jv\Uji6UTUbYS_J‹…YWQU^\_c`eUcd_cTU
`bUcYTU^dUicUSbUdQbY_bUc`USdYfQ]U^dU5\fYSU`bUcYTU^dUTU\QQ\YQ^jQUbQ=Q^eU\CUbUi
aeUQe^aeUQSdeQRQU^bU`bUcU^dQSY†^TU\Q1c_SYQSY†^TU1bdUcQ^_cUbQdQ]RY}^]Y\YdQ^

&")
 <Q<YWQcUTUcQbb_\\†fU\_j]U^dU*U^U\]_]U^d_TUceY^QeWebQSY†^
S_^dQRQS_^e^_c_SX_SYU^d_c]YU]Rb_c+e^Q…_i]UTY_]vcdQbTUQS_
]YU^j_cTUVURbUb_TU!() ceVeUbjQUbQTU!#&$`Ubc_^Qc`UbdU^USYU^
dUcQTYUSYcYUdUc_SYUTQTUc!')&
<QUh`UbYU^SYQ`_bdU…QcUS_^fYbdY†U^e^UZU]`\_QcUWeYb`_b\_c
dbQRQZQT_bUcTU_dbQcSYeTQTUc<_c]edeQ\YcdQccQ^dYQWeY^_cdbQdQb_^
cY^}hYd_TUY]YdQb\_c4UcTUU\cUWe^T_cU]UcdbUTU!(()\QC_SYUTQTTU
1bdUcQ^_c²<QE^Y†^³S_]U^j†Q`b_]_fUbU^dbU\Qcc_SYUTQTUcTU_RbU
b_ciQbdUcQ^_cTU\QSQ`YdQ\\QTYcSecY†^TUe^`b_iUSd_TUe^Q\YWQcY]Y
\QbQ\QTUFQ\`QbQc_ !')'5\S_^dUhd_`_\dYS_fc`UbQcTU\QWeUbbQSY
fY\UbQ`_S_VQf_bQR\UiUcdQYTUQc†\_cU]QdUbYQ\Yj†`QbSYQ\]U^dUU^!()$
Q\SbUQbcU\Q3_^VUTUbQSY†^?RbUbQTUC_SYUTQTUcE^YTQcTUCQ^dYQW_\QSeQ\`b_
]_fY†U^!()&Q^dUcTUTUcQ`QbUSUb\QV_b]QSY†^TUe^Q3_^VUTUbQSY†^
?RbUbQTU3XY\UTUUhYcdU^SYQ°cUW‹^BQ]bUj>US_SXUQ°`ebQ]U^dU^_
]Y^Q\!')(
1`UcQbTU\QVQ\dQTUe^_bWQ^Yc]_S__bTY^QT_biWbQSYQcQ\QcUc
dbUSXQcbU\QSY_^UcaeU]Q^dU^Q^TUcTUS_]YU^j_cTU\_cQ…_c_SXU^dQ
\Qcc_SYUTQTUc_RbUbQci`_`e\QbUcTU\QSQ`YdQ\iTU_db_c`e^d_cTU\`Qc
`_TQ^]_fY\YjQbcUTU]Q^UbQS_^SUbdQTQSeQ^T_UbQ^USUcQbY_<QC_
SYUTQTTU1bdUcQ^_c²<QE^Y†^³TUCQ^dYQW_QSdeQRQSQcYcYU]`bUS_]_`b_
]_d_bQiS__bTY^QT_bQTUUcdQcY^YSYQdYfQcWbQSYQcQ\`Uc_aeU\UTQRQceWbQ^
SQ^dYTQTTUQTXUbU^dUcSeQdb_SYU^d_cSY^SeU^dQc_SY_cQSdYf_cU^!() i
ce`bUcdYWY_XYcd†bYS_1c`_bUZU]`\_SeQ^T_U^Ze\Y_TU!(($\_cQ\e]
^_cTU\Q5cSeU\QTU1bdUci?VYSY_cTUCQ^dYQW_`b_dQW_^YjQb_^e^]_fY
]YU^d_TU`b_dUcdQTUcdY^QT_QbU]_fUbQ\9^c`USd_b7U^UbQ\TU\UcdQR\USY
]YU^d_Q\aeUQSecQRQ^TUTQb\Uce^dbQdQ]YU^d_Qed_bYdQbY_iTUWbQTQ^dU
²<QE^Y†^³d_]†\QY^YSYQdYfQTUbUe^YbQ\QcTU]vcc_SYUTQTUc_RbUbQcTU\Q
SYeTQT`QbQQ`_iQbQ\_c]eSXQSX_c!'))@_cdUbY_b]U^dUU^QRbY\TU!(((Q\
cUbU^SQbSU\QT_U\TYbUSd_bY_TU\@QbdYT_4U]_SbvdYS_S_]_S_^cUSeU^SYQTU\

dUTU\Q]edeQ\TUdY`†WbQV_c5\SQbW_TU`b_cUSbUdQbY_\__Se`QRQ:eQ^=CevbUjTU\Q
E^Y†^TU3Qb`Y^dUb_c+U\TUdUc_bUb_BQ]†^3_^dbUbQcTU\QC_SYUTQTTUJQ`QdUb_c²2U^ZQ]^
FYSe…Q=QS[U^^Q³iU\TUceRdUc_bUb_BYSQbT_:QbQTU\Q<_WYQ²6bQ^SYcS_2Y\RQ_³²>_dY
SYQcTYfUbcQc³<Q4YcSecY†^3XY\\v^)TUVURbUb_TU!(((
!')&
²C_SYUTQTUcTU?RbUb_c³_`SYd
!')'
1CEDCC_SYUTQTE^Y†^TU\_cDY`†WbQV_cTUCQ^dYQW_1SdQcTU4YbUSd_bY_!(()
!() CUcY†^TU\4YbUSd_bY_U^!(TUQW_cd_TU!(()cVCUcY†^TU\4YbUSd_bY_U^"%TU
_SdeRbUTU!(()cV+²C_SYUTQTTU1bdUcQ^_c<QE^Y†^³5\6Ubb_SQbbY\CQ^dYQW_!%TUQW_c
d_TU!() 
!')(
BQ]bUj>US_SXUQ8Ycd_bYQ_`SYd`vWc"&&"&(
!'))
²3b†^YSQC_SYUTQT²<QE^Y†^³Q\_c`bUcYTU^dUcTU\QcTYfUbcQcc_SYUTQTUcTU
_RbUb_cTU\QSQ`YdQ\³<QBQj†^CQ^dYQW_!"TUZe\Y_TU!(($+²5\`eUR\_UcdvTU`YU³<Q
BQj†^CQ^dYQW_!#TUZe\Y_TU!(($+²3b†^YSQ³<QBQj†^CQ^dYQW_!%!&i!'TUZe\Y_TU
!(($C_RbUUcdUS_^V\YSd_f}QcUQTU]vc²<Q5cSeU\QTU1bdUc³5\@QTbU3_R_cCQ^dYQW_
! i"$TUZe\Y_TU!(($

&#
Y^SU^TY_TU\_cdbQ^fQcTUCQ^dYQW_UcdQ]edeQ\S_^f_S†QcecX_]†\_WQc
TU\QSQ`YdQ\`QbQ_bWQ^YjQbS_^Ze^dQ]U^dU\Qc_\YTQbYTQTS_^\_cTUdU^Y
T_c!( 
=vcdQbTUTebQ^dU\Q‹\dY]QT}SQTQTU\cYW\_²<QE^Y†^³S_^dY^e†UZUb
SYU^T_U\`Q`U\TUS__bTY^QT_bQiQ^Y]QT_bQTU\QcQc_SYQSY_^Uc`_`e\Q
bUccQ^dYQWeY^Qc*U^^_fYU]RbUTU!()"U^U\]_]U^d_U^aeUQbQjTUe^
]_fY]YU^d_XeU\WecdYS_U^\_cdQ\\UbUcTU\VUbb_SQbbY\U\3_^cUZ_TU5cdQ
T_`bUcU^d†Q\_cSeUb`_c\UWYc\QdYf_ce^`b_iUSd_TU\UiTUcdY^QT_QY]`U
TYb\QcXeU\WQcbUc`_^TYU^T_Qe^Q`b_`eUcdQTU²<QE^Y†^³fQbYQcc_SYU
TQTUcTUdbQRQZQT_bUc`eR\YSQb_^e^=Q^YVYUcd_TU\_c_RbUb_cTUCQ^dYQW_Qcec
XUb]Q^_cTU\QBU`‹R\YSQbUTQSdQT_`_b@Q^dQ\U†^F}\YjCY\fQ`bUcYTU^dU
TU\Q]edeQ\TUQbdUcQ^_c!( !5^_dbQc_SQcY_^Uc²<QE^Y†^³Qce]Qc_\Q°i
S_^U\S_^cU^dY]YU^d_Uh`\SYd__Y]`\SYd_TUcecS_^W}^UbUc°\QbU`bU
cU^dQSY†^TU\]e^T__RbUb_i`_`e\QbTU\QSQ`YdQ\_Y^S\ec_TUd_T_U\
`Qc1cceSUTY†U^!()%SeQ^T_U\]Yc]_F}\YjQ^_]RbUTU²<QE^Y†^³
U\Uf†e^Q`UdYSY†^Q\CU^QT_`QbQ_RdU^Ub`b_dUSSY†^`QbQ\QY^TecdbYQTU\Q
cUTQVeU^dUTUdbQRQZ_`QbQ^e]Ub_cQc]eZUbUciU^!()'Q\`b_TeSYbcU
e^QSQbUcdQTU\`Q^SeQ^T_\Q]U^SY_^QTQc_SYUTQTTUc_S_bb_c]ede_c
`bUcU^d†e^`b_iUSd_bUTQSdQT_`_bU\]Yc]_TYbYWU^dUQ\Q=e^YSY`Q\Y
TQTTUCQ^dYQW_`YTYU^T_`b_dUSSY†^`QbQ\_ccUSd_bUc`_`e\QbUc !( "
@QbQ\U\Q]U^dUQUcdQcY^YSYQdYfQc²Y^cdYdeSY_^Q\Uc³cUTUcQbb_\\Qb_^
_dbQcY]`e\cQTQc`_bWbe`_cTUdbQRQZQT_bUc^eS\UQT_cU^d_b^_Q`e
R\YSQSY_^UcaeUTYVe^TYUb_^TebQ^dU\_cQ…_c_SXU^dQU\YTUQbY_TU\Q²bU
WU^UbQSY†^TU\`eUR\_³iTU\\YRUbQ\Yc]_`_`e\Qb5\@bUSebc_b²†bWQ^_TU
\Qcc_SYUTQTUc_RbUbQcTU\QSQ`YdQ\³!(("+<QBQj†^`eR\YSQTQ`_be^Q
c_SYUTQTS_]`eUcdQ`_b^e]Ub_c_cTYbYWU^dUc]edeQ\YcdQcTUTYcdY^dQc
SYeTQTUc!(($°!((%i5\7edU^RUbW!((&°!(((UTYdQT_`_be^Wbe`_
TUdY`†WbQV_cU^SQRUjQT_c`_b8Y`†\Yd_?\YfQbUcUcdY]e\Qb_^TUcTUCQ^
dYQW_\Qe^Y†^iS__bTY^QSY†^TU\QcQWbe`QSY_^UcTUdbQRQZQT_bUcTUd_T_
U\`Qc!( #
5^3_^SU`SY†^e^QTU\Qc`_SQc\_SQ\YTQTUc°UhSU`deQ^T_CQ^dYQ
W_iFQ\`QbQc_°T_^TUUhYcdQ^fQbYQc_bWQ^YjQSY_^Uc`_`e\QbUc\QC_SYU
TQTTU1X_bb_iC_S_bb_c=ede_cTU\_cDY`†WbQV_cY^dU^d†TUcTUce^QSY]YU^
d_QS_]YU^j_cTU!() UZUbSUbU^ceSYeTQTe^\YTUbQjW_cY]Y\QbQ\TU
²<QE^Y†^³U^\QSQ`YdQ\@QbQU\\_`eR\YS†Q`QbdYbTU\!TUQRbY\TU\]Yc
]_Q…_e^`UbY†TYS_aeY^SU^Q\5\5S_TU\QcC_SYUTQTUcaeUQc`YbQRQQ
S_^cQWbQbcU²QcUbfYbTUU\U]U^d_Y^cdbeSdYf_Q\QS\QcU_RbUbQ³iQ_VbU
SUb²e^fQcd_SQ]`_`QbQ\\UfQbQfQ^dUd_TQReU^QYTUQaeUdYU^TQQY^

!(
FUbSQ`de\_HF999
!( !
<†`Uj4YSSY_^QbY_2Y_WbvVYS_?RbUb__`SYd" UTYSY†^`vW)F
!( "
9RYT
!( #
5^U\`b†hY]_SQ`de\_c_^Q^Q\YjQTQc\QcUh`UbYU^SYQcTU5\@bUSebc_bi<QBQj†^
=vcY^V_b]QSY_^Ucc_RbU5\7edU^RUbWU^U\SQ`de\_HF999

&#!
db_TeSYb]UZ_bQcU^\QcTYfUbcQc`b_VUcY_^UcaeUS_]`_^U^\QWbQ^VQ]Y\YQ
_RbUbQ³!( $1`UcQbTU\UcVeUbj_TU\WbU]Y_TU\_cdY`†WbvV_c`U^aeYcdQcU\
`UbY†TYS_def_S_bdQfYTQi^_VeU]vcaeUe^Q^eUfQdU^dQdYfQf_\e^dQbYcdQ
TUTYVecY†^TUY^V_b]QSY_^Uc`QbQY^SU^dYfQb\QS__`UbQSY†^U^dbU\Qcc_
SYUTQTUc_RbUbQci`_`e\QbUccY^\\UWQbQcUbU\†bWQ^_TUe^fUbTQTUb_
SU^db_TUU^\QSUiS__bTY^QSY†^
4UcTUVY^UcTU\_cQ…_c_SXU^dQ_db_]UTY_QT_`dQT_`_bQ\We^Qc
_bWQ^YjQSY_^UcTUdbQRQZQT_bUc`QbQ`Q\YQb\QVQ\dQTU_bWQ^Yc]_cTUU^
\QSUTUSQbvSdUb`Ub]Q^U^dUVeU\QS__bTY^QSY†^i\QSU^dbQ\YjQSY†^TU
cecbUYfY^TYSQSY_^UcQdbQf}cTUe^Y^cdbe]U^d_`_\dYS_U\@QbdYT_4U]_
SbvdYS_SQ`QjTU_bWQ^YjQbUVYSYU^dUcSQ]`Q…QcQ^YfU\^QSY_^Q\

!( $
²>eUcdbQ`bY]UbQ`Q\QRbQ³5\5S_TU\QcC_SYUTQTUc3_^SU`SY†^!TUQRbY\TU
!() 

&#"
 31@ÅDE<?HF9

<13B9CD1<9J139É>45<1E>9414@?<ÅD931
45<=?F9=95>D?@?@E<1B

< 1 C ?395414 5 C3E5<1 B 5@E2<931>1 5 < @ B53EBC?B I <1C

31>4941DEB1C ?2B5B1C 45 !(("

<QSbUSYU^dUS_^V\eU^SYQTU\_cSeQTb_cTU\Qc`bY^SY`Q\Uc_bWQ^YjQSY_^Uc
_RbUbQci`_`e\QbUcdef_U^!(("e^Q_`_bde^YTQT`b_`YSYQ`QbQS_RbQb
e^^eUf_Y]`e\c_iU^S_^dbQbe^Q]Q^YVUcdQSY†^`_\dYSQ`_cYdYfQ
@QbdYTQbY_cTUe^\YRUbQ\Yc]_]eibQTYSQ\\_c\TUbUc]edeQ\YcdQc
]vcQSdYf_ciS_^_SYT_cTU\Q}`_SQUbQ^`_bdQT_bUcTUe^QfYcY†^`_\dY
SQTYcdY^dQTU\\YRUbQ\Yc]_TU\QcUcVUbQc_VYSYQ\UcTU\\YRUbQ\Yc]_TU\Qc
S\QcUcT_]Y^Q^dUc@QbQ\_cTYbYWU^dUc_RbUb_ciQbdUcQ^_cU\\YRUbQ\Yc]_
^_bU`bUcU^dQRQc†\_\Q\YRUbdQTbU\YWY_cQ\Qc\YRUbdQTUcY^TYfYTeQ\Uci
e^Qc_SYUTQT\QYSYjQTQcY^_dQ]RY}^ic_RbUd_T_e^QQc`YbQSY†^TUZec
dYSYQc_SYQ\Sei_UZUSU^dbQ\UbQ\Q\\Q]QTQ²`b_dUSSY†^TU\QcQbdUciTU\
dbQRQZ_³UcTUSYb\QY^cdQebQSY†^TUe^Q`_\dYSQ`b_dUSSY_^YcdQiTUV_
]U^d_Q\Q`b_TeSSY†^QbdUcQ^Q\UY^TecdbYQ\^QSY_^Q\5^U\`\Q^_`_\dY
S_\QcbUYfY^TYSQSY_^UcUcU^SYQ\UcTUUcdQS_bbYU^dUTU\YRUbQ\Yc]_`_`e
\QbcUWeQ^cYU^T_\QQ]`\YQSY†^TU\_cTUbUSX_cSYfY\UciSYeTQTQ^_c
`QbQXQSUb\_cUhdU^cYf_cQd_T_ccY^TYcdY^SY†^TUS\QcUi\QbUV_b]Q_
QR_\YSY†^TU\cUbfYSY_TU\Q7eQbTYQ>QSY_^Q\aeUbUSQQUhS\ecYfQ]U^
dUc_RbU\_cdbQRQZQT_bUc]Q^eQ\Uc<QcYTUQcS__`UbQdYfQci]edeQ\YcdQc
\QSbUU^SYQU^U\`b_WbUc_iU^\Q²bUWU^UbQSY†^TU\`eUR\_³QdbQf}cTU\Q
S__`UbQSY†^\QY^cdbeSSY†^iU\QX_bb_iVY^Q\]U^dU\QQVYb]QSY†^TUe^
SYUbd__bWe\\_TU²_RbUb_ciQbdUcQ^_cX_^Ucd_c³S_^cdYdeQ^U\SY]YU^d_
YTU_\†WYS_TUe^QfQcdQVbQ^ZQTUdbQRQZQT_bUcQW\edY^QT_cU^]edeQ\Uc
S__`UbQdYfQcc_SYUTQTUcVY\Qb]†^YSQci_dbQcU^dYTQTUc !( %
5cdUcUSd_bUbQU\^‹S\U_]vc`_\YdYjQT_TU\]e^T_`_`e\Qb+e^Q]Y
^_bQ_bWQ^YjQTQTUcdY^QTQQ]Q^dU^Ub\Qj_cTUS_^dbQTYSd_bYQS_\QR_

!( %
5^dbU\Qc^e]Ub_ccY]QcV_b]e\QSY_^UcTUUcdUYTUQbY_bUS_]U^TQ]_c\Q\USde
bQTUe^QbdSe\_aeUQe^aeUbUVUbYT_Qe^`e^d_Uc`USVYS_\QY^cdbeSSY†^Uce^ReU^
UZU]`\_TU\`b_iUSd_TUbUWU^UbQSY†^TU\`eUR\_*²9^cdbeiU^T_Q\`eUR\_\\UWQbU]_cQ\Q
TU]_SbQSYQ³<QBQj†^CQ^dYQW_"(TUQRbY\TU!(($

&##
bQSY†^S_^\QcS_bbYU^dUc\YRUbQ\UcaeUQ`QbdYbTU\W_RYUb^_U]`eZQRQ^
\Q\QYSYjQSY†^TU\Qc_SYUTQTSXY\U^Q
5\SQ^Q\TUUh`bUcY†^`_\dYSQ`_bUhSU\U^SYQTU\QU\YdUTUdbQRQZQ
T_bUcebRQ^_cVeUTUcTUVY^UcTU\_cQ…_ccUdU^dQiXQcdQ!(('\QC_SYU
TQT5cSeU\QBU`eR\YSQ^Q_bWQ^Yc]_aeU\_Wb†QWbe`QbQ\_c`bY^SY`Q\UcTY
bYWU^dUcTU\QcQc_SYQSY_^Uc`_`e\QbUcTUCQ^dYQW_iQQ\We^_c^‹S\U_c]Y
\YdQ^dUc]U^_cY]`_bdQ^dUcU^_dbQcSYeTQTUc<QcU\USSY_^Uc`Qb\Q]U^
dQbYQci]e^YSY`Q\UcTU!(("`Ub]YdYUb_^aeU\QS_^fUbWU^SYQTUUcd_c
\TUbUccU]Q^YVUcdQbQ`_\dYSQ]U^dU`_b`bY]UbQfUjQdbQf}cTU\Q`bU
cU^dQSY†^TUSQ^TYTQd_cQ`_iQT_c`_b\QC_SYUTQT5cSeU\QBU`eR\YSQ^QiU\
fQcd_S_^W\_]UbQT_]Y\YdQ^dU_bWQ^YjQT_U^\QcQc_SYQSY_^UcTUdbQRQZQ
T_bUc!( &
5\`bY]Ub`Qc_TQT_U^!(("`QbQU\bUV_bjQ]YU^d_TU\`b_SUc_TU
S_^fUbWU^SYQ aeU cU bU]_^dQRQ Q \_c Q…_c TU \Q SQ]`Q…Q Q^dYSbYcYc
!('&°!('(VeU\QSbUQSY†^TU\`UbY†TYS_5\@bUSebc_b²†bWQ^_TU\_c
_RbUb_c³Ucd_UcTU\Qc`bY^SY`Q\Ucc_SYUTQTUc`_`e\QbUcTU\QSQ`YdQ\Ce
TYbUSd_biUTYd_bVeU1TbYv^FvjaeUjU\Ve^TQT_bTU\QC_SYUTQT6Y\Qb]†
^YSQTU?RbUb_cTUCQ^dYQW_i]Y\YdQ^dUTU\QC_SYUTQT5cSeU\QBU`eR\YSQ^Q
aeYU^\_Wb†aeUQ\We^QcQc_SYQSY_^UcTUcYW^QbQ^bU`bUcU^dQ^dUcU^\Q
S_]YcY†^TUSU^cebQ_TUbUfYcY†^TU\`UbY†TYS_iQ`_iQbQ^VY^Q^SYUbQ
]U^dUceU]`bUcQ!( '<QS_^cdYdeSY†^TUUcdQS_]YcY†^cY^dUdYjQRQ\QS_^
fUbWU^SYQTU\^‹S\U_]vcQSdYf_i`_\YdYjQT_TUTYbYWU^dUc`_`e\QbUccQ^
dYQWeY^_c*Ze^d_Q1TbYv^FvcaeUjQ`QbUSQ^U\cQcdbU=Q^eU\8YTQ\W_Q
\QcQj†^`bUcYTU^dUTU²<QE^Y†^³TU1bdUcQ^_ciTYbUSd_bTU\QC_SYUTQT
5cSeU\QBU`eR\YSQ^Q+=Q^eU\=_TUcd_C_jQ`bUcYTU^dUTU\QC_SYUTQTTU
CQcdbUciTU\Q5cSeU\QBU`eR\YSQ^QiU\dQ\\QT_bDbYcdv^3_b^UZ_`bUcYTU^
dUTU\Q6Y\Qb]†^YSQTU?RbUb_cQ\QfUjaeU]YU]Rb_TU²<QE^Y†^³iTU\Q
5cSeU\QBU`eR\YSQ^Q!( (

!( &
4UcdQSQ]_cU\SQbvSdUbY^^_fQT_bTUUcdQUh`UbYU^SYQ`_bSeQ^d_\QcSQ^TYTQ
debQc\UfQ^dQTQc`_b\QC_SYUTQT5cSeU\QBU`eR\YSQ^QiU\@QbdYT_BU`eR\YSQ^_QS_]YU^j_cTU
!(')^_XQRQ^cecSYdQT_e^Q`_i_dQ^S\Qb_U^U\]e^T_`_`e\Qb^YdU^YT_\QdbQcSU^TU^
SYQaeU\_WbQb_^\Qc²SQ^TYTQdebQc_RbUbQc³TU!(("
!( '
²=_cdQSY\\QC_SYUTQT3_\†^TUJQ`QdUb_cCUcY†^_bTY^QbYQTU\4YbUSd_bY_U^
"&TUVURbUb_TU!(("³²2_\Ud^TU\QcC_SYUTQTUcC_SYUTQTE^Y†^TU1bdUcQ^_cCUcY†^
_bTY^QbYQTU\4YbUSd_bY_U^"(TUVURbUb_TU!(("³²2_\Ud^TU\QcC_SYUTQTUcC_SYUTQT
TUCQcdbUc:e^dQZU^UbQ\_bTY^QbYQSU\URbQTQU\"'TUVURbUb_TU!(("³5\@bUSebc_bCQ^
dYQW_!!TU]Qbj_TU!(("+1CEDC<YRb_TU1SdQcTU4YbUSd_bY_!(( !((#_`SYdCU
cY†^_bTY^QbYQTU\4YbUSd_bY_U^%TUVURbUb_KTU!(("MV!''
!( (
5^\Q`bY]UbQbUe^Y†^TU\QS_]YcY†^TUSU^cebQe^_TU\_cbU`bUcU^dQ^dUcTU\Q
C_SYUTQTTUCQcdbUcVeUe^dbQRQZQT_bTUQ`U\\YT_7ej]v^aeU^_VYWeb†\QcbUe^Y_^Uc`_cdU
bY_bUc5^QaeU\\Q_SQcY†^cUTUSYTY†\QQT]YcY†^TU\_c`bUcYTU^dUcTU\QC_SYUTQT6Y\Qb]†^Y
SQ²1bdeb_@bQd³dQ^`b_^d_S_]_}cdQUcdQR\USYUbQ²bU\QSY_^UcVbQdUb^Q\UcS_^\QcTU]vcc_
SYUTQTUc³TU\QSQ`YdQ\iTU\QC_SYUTQT²3_\†^³TUJQ`QdUb_cTUcTUU\]_]U^d_U^aeUVeU
bQ^ce`UbQTQccecTYfYcY_^UcY^dUb^Qc²2_\Ud^TU\QcC_SYUTQTUc3_]YcY†^3U^c_bQ³5\
@bUSebc_bCQ^dYQW_!TUQRbY\TU!(("@Ub_Ucd_cQSeUbT_c^_\_WbQb_^S_^SbUdQbcUi\QS_
]YcY†^TUSU^cebQaeUT†\Y]YdQTQQ\QcSeQdb_`Ubc_^Qc]U^SY_^QTQc]vcQbbYRQ

&#$
 5\@bUSebc_bQ`QbUSY†`_b`bY]UbQfUjU\$TU]Qbj_TU!(("Q\S_
]YU^j_e^QfUj\eUW_T_cfUSUc`_bcU]Q^QSeQ^T_\QC_SYUTQT5cSeU\Q
BU`eR\YSQ^QcU\Q^jQRQU^\QRQdQ\\QTU\QcU\USSY_^Uc`Qb\Q]U^dQbYQci]e
^YSY`Q\Uc`bUcU^dQ^T_²SQ^TYTQdebQc_RbUbQc³U^CQ^dYQW_i_dbQcSYeTQ
TUc!( )1e^aeUU\^eUf_`UbY†TYS_^_VYWeb†S_]_f_SUb_TU\Q5cSeU\Q
BU`eR\YSQ^QcY^_S_]_U\†bWQ^_TUUh`bUcY†^TU\QcY^cdYdeSY_^Uc_RbU
bQcTU\QSQ`YdQ\U^\_cXUSX_ccUbfQTUfUXSe\_Q\QcYTUQci`b_`eUcdQc
TUTYSX_S\eRc_SY_`_\dYS_YTUQcS_]`QbdYTQc`_b\_c\TUbUc`_`e\QbUc
5^!(("\QC_SYUTQT5cSeU\QBU`eR\YSQ^Qice†bWQ^_Y^V_b]Q\UbQ^U^bUQ
\YTQTU\²UcdQT_]Qi_b³TU\]e^T_c_SYUdQbY__RbUb_iQbdUcQ^Q\TU\QSQ
`YdQ\5cdU`Q`U\TUfQ^WeQbTYQUbQQSU`dQT_`_b\Q]Qi_bQTU\_cQSdYfYc
dQc`_`e\QbUcaeU^_]Y\YdQRQ^U^cecVY\Qc`Ub_aeUcUWeQ^cecS_^cYW
^Qci`b_`_cYSY_^Uc5\@bUSebc_bcUS_^fYbdY†U^e^TY^Q]YjQT_bTU\QfYTQ
iTU\`b_SUc_TUe^YTQTTU\Qc_bWQ^YjQSY_^UcTUdbQRQZQT_bUcTUd_T_U\
`Qc`eR\YSQ^T_\QcQSdQcTUcecbUe^Y_^UcSbYdYSQ^T_cecTURY\YTQTUci
Q`\QeTYU^T_cec}hYd_c5\@bUSebc_bTUVU^TY†\_cTUbUSX_ci\QTYW^YTQT
TU\_c_RbUb_cQdb_`U\\QT_c`_bU\5cdQT_i\_c`Qdb_^UcTU^e^SY†\Qc
]Q\QcS_^TYSY_^UcTUfYTQTU\`eUR\_i\QcSQbU^SYQcTU\_ccUbfYSY_c`‹
R\YS_c`b_`ec_\QbUQ\YjQSY†^TUe^3_^WbUc_^QSY_^Q\_RbUb_aeUcU
S_^SbUd†dbUcQ…_cTUc`e}ciQ`_i†\Qc`bY^SY`Q\UcbUYfY^TYSQSY_^UcTU\
]_fY]YU^d_*`b_dUSSY_^Yc]_ce`bUcY†^_`_b\_]U^_cbUV_b]QTU\
cUbfYSY_U^\Q7eQbTYQ>QSY_^Q\UhU^SY†^`QbQ\_cdbQRQZQT_bUcaeU`Ub
dU^USYUbQ^Q\Qcc_SYUTQTUc`_`e\QbUcQR_\YSY†^TU\Q`U^QTU]eUbdU
`_bSYdQb\Qc]vccYW^YVYSQdYfQc !(! 
<Qc²SQ^TYTQdebQc_RbUbQc³RbY^TQb_^e^Q_`_bde^YTQT`QbQQ]
`\YQb\Qe^YTQTTU\QcQc_SYQSY_^Uc`_`e\QbUcU^d_b^_QSeQdb_^‹S\U_cTU
dbQRQZQT_bUccQ^dYQWeY^_c`b_Ve^TQ]U^dUY]RbYSQT_cU^dbUc*\QC_SYUTQT
5cSeU\QBU`eR\YSQ^Q\Q²E^Y†^³TU1bdUcQ^_c\Q6Y\Qb]†^YSQTU?RbUb_ci\QC_
SYUTQTTUCQcdbUcS_bbUc`_^TYU^T_Q\Q5cSeU\QBU`eR\YSQ^QU\`Q`U\TUTY
bUSSY†^`_\dYSQiQ5\@bUSebc_bU\TUf_SUb_`‹R\YS_TU\S_^W\_]UbQT_
<QSQ]`Q…QTUQ`_i_Q\Qc²SQ^TYTQdebQc_RbUbQc³VeUS_^SURYTQ
`_bcecY^c`YbQT_bUcS_]_e^Q]Q^UbQTUTUVU^TUb\_cY^dUbUcUcTU\_c
dbQRQZQT_bUcQdbQf}cTU\QQSSY†^TU\_c]Yc]_cdbQRQZQT_bUcU^U\cU^_
TU\QbU`bUcU^dQSY†^^QSY_^Q\i]e^YSY`Q\<QceUbdUTU\_c_RbUb_cUcdQ

!( )
BUS_bTU]_caeU\Q\UiU\USd_bQ\TU!('$XQRQQ]`\YQT_U\TUbUSX_Qf_d_Qd_
T_c\_cX_]RbUc]Qi_bUcTUfUY^dYSY^S_Q…_caeUce`YUbQ^\UUbiUcSbYRYbiQfUY^dY‹^Q…_c
U^U\SQc_TU\_cX_]RbUcSQcQT_caeUSe]`\YUbQ^U\bUaeYcYd_TUQ\VQRUdYjQSY†^
!(!
C_RbUUcd_cdU]Qcf}QcUU^dbU_db_c*²E^Q^YfUbcQbY_aeU]UbUSUcUbbUS_bTQT_³
5\@bUSebc_bCQ^dYQW_" TU]Qi_TU!(("+²¤>_cUbQ]_c_YT_/³5\@bUSebc_bCQ^dYQW_")
TUZe\Y_TU!(("+²1\`eUcd_TU\TURUb³i=Q^eU\8YTQ\W_²1R_\YSY†^TU\Q7eQbTYQ>Q
SY_^Q\³5\@bUSebc_bCQ^dYQW_%TUQW_cd_TU!(("+²6Ubb_SQbbY\TU\ceb³5\@bUSebc_bCQ^
dYQW_# TUcU`dYU]RbUTU!(("+²<Q`U^QTU]eUbdU³5\@bUSebc_bCQ^dYQW_%TU_SdeRbU
TU!(("+²1fYfU]_c^eUcdb_cUcVeUbj_c³5\@bUSebc_bCQ^dYQW_'TU_SdeRbUTU!(("

&#%
RQU^cec`b_`YQc]Q^_c+}cd_c^_TURQ^VYQbcUU^\_c`_\dYS_caeUcU
cUbfQ^TUU\\_c+dQ\UbQ\QYTUQaeUWQ^QRQdUbbU^_TUcTUXQSQfQbY_c
Q…_c@_\U]YjQ^T_S_^e^`UbY†TYS_TUdbQSd_bTUUcdU`U^cQ]YU^d_5\
@bUSebc_b`bUSYcQRQU\cU^dYT_TU\Qc²SQ^TYTQdebQc_RbUbQc³*

<_aeU]_bdYVYSQQ<Qr`_SQ^_Uc`_bSYUbd_\QTYfY
cY†^U^S\QcUcc_SYQ\UcaeUdbQUS_^cYW_e^QSQ^TYTQdebQ
_RbUbQc_cdU^YTQ`_b_RbUb_c+\_aeUbUQ\]U^dUTURU
]_bdYVYSQb\QUcaeUe^_RbUb_dU^WQ\Q_cQTQTUaeUbUb
S_TUQbcUU^\QbU`bUcU^dQSY†^^QSY_^Q\S_^\_caeU^_
U]`e…Q^e^QXUbbQ]YU^dQicUTU^_]Y^Q^WU^dUTU
`_cYSY†^
¤1SQc_^_UhYcdU\QTYfYcY†^U^S\QcUcaeUS_]RQdU
<Qr`_SQ/
KM<Qr`_SQ`eUTUUcdQbcUWebQTUaeUUhYcdUU^
U\XUSX_\QTYfYcY†^U^S\QcUcc_SYQ\Uc^_c_db_c^_fQ]_c
QV_]U^dQb\QS_^SQ^TYTQdebQTU_RbUb_c+Q\S_^dbQbY_
aeUbU]_ccY]`\U]U^dUUZUbSYdQbe^TUbUSX_S_^cdYde
SY_^Q\^_c_\Q]U^dUU^RYU^TUe^Q`_bSY†^TU\`eU
R\_cY^_U^RYU^TUd_T_U\`eUR\_@Ub_ceSUTUbviU\\_
Uc\†WYS_aeUe^SQ^TYTQd_cQ\YT_TU^eUcdbQcVY\Qc^_c
_\fYTQbv]U^_caeUe^SQ^TYTQd_TU`_cYSY†^c_SYQ\<Q
TUVU^cQTU\_c_RbUb_c`_be^bU`bUcU^dQ^dU_RbUb_cUbv
\QS_cQ]vc^QdebQ\TU\]e^T_+Q\S_^dbQbY_\QTUVU^cQ
TU\_c]Yc]_c`_be^bU`bUcU^dQ^dUSQRQ\\Ub_`_TbQQdbY
ReYbcUQ`b_`†cYd_cTUS_^aeYcdQbcUe^Q`_`e\QbYTQTVv
SY\iU\\_cUb_bYWU^TUbUdbQY]YU^d_c`UbZeTYSYQ\Uc`_b
^_cecSYdQbQ^d_ZQTYjQcQ`bUSYQSY_^Uc !(!!

<QSQ]`Q…QU\USd_bQ\TU\QC_SYUTQT5cSeU\QBU`eR\YSQ^QS_]U^j†
U^CQ^dYQW_S_^e^]UUdY^WTU_RbUb_ciQbdUcQ^_cU\!)TU]Qbj_U^U\
DUQdb_<bYS_QVY^TU`b_S\Q]QbcebU`bUcU^dQ^dUQ\QcU\USSY_^Uc`Qb
\Q]U^dQbYQc<QQcQ]R\UQ`bUcYTYTQ`_b:eQ^1Wecd^7_^jv\Uje^_
TU\_cVe^TQT_bUciUh`bUcYTU^dUTU²<QE^Y†^³TU1bdUcQ^_cbUe^Y†Q
SYU^d_cUYc`Ubc_^QcaeU`b_S\Q]Qb_^Q@QcSeQ\<QjQbdUUhTYbYWU^dU
TU²<QE^Y†^³TU1bdUcQ^_ciTU\Q5cSeU\QBU`eR\YSQ^QS_]_SQ^TYTQd_Q
\QTY`edQSY†^!(!"E^cUWe^T_]UUdY^WbUQ\YjQT_U\"%TU]Qbj_U^U\
]Yc]_dUQdb_S_^WbUW†Q]vcTUSeQdb_SYU^dQc`Ubc_^QcQ]`\YVYSv^
T_cUU\US_TU\QSQ^TYTQdebQ !(!#

!(!!
²3Q^TYTQdebQ_RbUbQ³5\@bUSebc_bCQ^dYQW_!TUQRbY\TU!(("3ebcYfQcU^U\
_bYWY^Q\
!(!"
²=_cdQSY\\Q³5\@bUSebc_bCQ^dYQW_"%TU]Qbj_TU!(("
!(!#
9RYT

&#&
 @QcSeQ\<QjQbdU
<†`Uj_`SYd

1\_c`_S_cTQcS_]U^j†\QSQ]`Q…QTU\Qc²SQ^TYTQdebQc_RbUbQc³
Q\QcU\USSY_^Uc]e^YSY`Q\Uc5^CQ^dYQW_\QC_SYUTQT5cSeU\QBU`eR\YSQ^Q
_bWQ^Yj†e^QbUe^Y†^`‹R\YSQ`QbQTUcYW^QbSQ^TYTQd_cU\)TUQRbY\Q\Q
SeQ\VeUb_^Y^fYdQT_cd_T_c\_cdbQRQZQT_bUcaeUS_]`QbdQ^cec_RZUdY
f_c !(!$<Q^_]Y^QSY†^bUSQi†U^U\`bUcYTU^dUTU²<QE^Y†^³U\cQcdbU
=Q^eU\8YTQ\W_iU^:_c}1Wecd^7_^jv\UjU\YWY}^T_cUQTU]vc\Q
TU\UWQSY†^U^SQbWQTQTUV_b]Qbe^Q\YcdQS_^\QQcQ]R\UQTU\@QbdYT_<Y
RUbQ\ !(!%1\]Yc]_dYU]`_VeUb_^`b_S\Q]QTQc\Qc²SQ^TYTQdebQc_RbU
bQc³TU\_cTYbYWU^dUc]edeQ\YcdQc<_bU^j_1bU^Qci=Q^eU\=UbY^_iTU\
`UbY_TYcdQ8_bQSY_<QbQU^3_^SU`SY†^i\QcTU9cQQc6bQ^SYcS_BQ]
bUj4YUW_:2†baeUji:_c}TU\3FQbWQcU^3XY\\v^`_bdbQdQbcUU^Uc
d_c‹\dY]_cSQc_cTU`Ubc_^Q\YTQTUc\YRUbQ\UcaeU]Q^dU^Q^UcdbUSXQcbU
\QSY_^UcTUS_\QR_bQSY†^S_^\QC_SYUTQTTU1bdUcQ^_cTUUcQSYeTQT!(!&
<QcU\USSY_^Uc`Qb\Q]U^dQbYQcTU!(("VeUb_^`QbdYSe\Qb]U^dUfY_
\U^dQciVbQeTe\U^dQc<_cVbQeTUc_bWQ^YjQT_c`_bU\W_RYUb^_\YRUbQ\Q
VY^TUQcUWebQbcUe^QS†]_TQ]Qi_bQTUU\USd_bUcS_]U^jQb_^U^U\
]Yc]_]_]U^d_TU\QY^cdQ\QSY†^TU\Qc²Ze^dQcTU]Qi_bUcS_^dbYReiU^

!(!$
²2_\Ud^TU\QcC_SYUTQTUcC_SYUTQT5cSeU\QBU`eR\YSQ^Q³5\@bUSebc_bCQ^dYQ
W_(TUQRbY\TU!(("
!(!%
²2_\Ud^TU\QcC_SYUTQTUcC_SYUTQT5cSeU\QBU`eR\YSQ^QCUcY†^ZU^UbQ\U^)
TUQRbY\TU!(("³5\@bUSebc_bCQ^dYQW_!%TUQRbY\TU!(("
!(!&
²<QQSdYdeTTU\_c_RbUb_c³i²CUSSY†^^UedbQ\³<Q4YcSecY†^3XY\\v^!!TUQRbY\
TU!(("+²=_cdQSY\\Q³5\@bUSebc_bCQ^dYQW_!%TUQRbY\TU!(("9cQQc6BQ]bUjXQRQ
cYT_^_]RbQT_c_SY_X_^_bQbY_TU\Q²E^Y†^³TU1bdUcQ^_cTU3XY\\v^U^VURbUb_TU\]Yc]_
Q…_²>_dYSYQcTYfUbcQc³<Q4YcSecY†^3XY\\v^!&TUVURbUb_TU!(("

&#'
dUc³!((!U^SQbWQTQcTUS_^db_\Qb\_cS_]YSY_c5^Q\We^Qc\_SQ\YTQTUc
\_c`QbdYTQbY_cTU\W_RYUb^_\Y]YdQb_^\QcY^cSbY`SY_^UcQcecQ]YW_c5^
_db_c\QT_cS_]_U^CQ^dYQW_cU`ecYUb_^U^Ve^SY_^Q]YU^d_\Qc]UcQc
TUf_dQSY†^S_^VQ\c_cbUc`_^cQR\Uc_RYU^\QcQed_bYTQTUcU]YdYUb_^
SUbdYVYSQT_cTUT_]YSY\Y_fbWU^Uc`QbQVQSY\YdQbU\f_d_]‹\dY`\UTUcec
`QbdYTQbY_c5cdQc]UTYTQcUcdQRQ^TYbYWYTQc`bY^SY`Q\]U^dUS_^dbQ\_c
S_^cUbfQT_bUcaeU`bUS_^YjQb_^\QQRcdU^SY†^cQ\f_U^CQ^dYQW_iDQ\
SQ5\TQTU\QcU\USSY_^UcU^\QSQ`YdQ\Wbe`_cTUSYfY\Uc_bWQ^YjQT_c`_b
U\W_RYUb^_S_^U\Q`_i_TUSeUb`_cTU\UZ}bSYd_Y]`YTYUb_^\QU^dbQTQ
Q\_c\_SQ\UcTUf_dQSY†^Q\_c_`_cYd_bUc]vcS_^_SYT_c !(!'
5^bUQ\YTQTU\W_RYUb^_^_XQSQcY^_bU`UdYb\QcfYUZQc`bvSdYSQcTU
d_TQc\QcQT]Y^YcdbQSY_^UcQ^dUbY_bUc5\]Qi_bWbQT_TUfY_\U^SYQi\_c
]}d_T_c]vcS^YS_ciRbedQ\UccUUh`\YSQ^`_b\QQSU^deQSY†^TU\QcS_^
dbQTYSSY_^UcU^U\cU^_TU\QU\YdUQSQecQTU\_c`b_iUSd_cTU\QYSYjQSY†^
TU\5ZUSedYf_
3_^d_T_\_cbUce\dQT_cTU\_cS_]YSY_cTUQRbY\VeUb_^S_^cYTUbQ
T_ccQdYcVQSd_bY_c`_b\_cQ^Y]QT_bUcTU\Qc²SQ^TYTQdebQc_RbUbQc³@Qc
SeQ\<QjQbdU^_VeUU\UWYT_`_bSe\`QTU\VbQeTUU\USd_bQ\_bWQ^YjQT_`_b
cecQTfUbcQbY_c_RdU^YU^T__]UZ_bTYSX_²\US_^dQb_^³°S_]__RcUb
f†ZeSY_cQ]U^dUU\bU`bUcU^dQ^dUTY`\_]vdYS_TU6bQ^SYQ°%"' f_d_c!(!(
5^3_^SU`SY†^i3XY\\v^d_T_c\_c²SQ^TYTQd_c_RbUb_c³bUce\dQb_^U\U
WYT_cU^\_cS_]YSY_c]e^YSY`Q\UcTU\!%TUQRbY\!(!)<_cTYbYWU^dUci]Y
\YdQ^dUcTU\Q5cSeU\QBU`eR\YSQ^QiTU\Qc_bWQ^YjQSY_^Uc`_`e\QbUccUcY^
dYUb_^cQdYcVUSX_c!(" 9^S\ec_U^CQ^dYQW_T_^TU\QSQ^TYTQdebQ`Qb\Q
]U^dQbYQTU<QjQbdUVeUfU^SYTQU^\QcS_^TYSY_^UciQS_^_SYTQccec`Qb
dYTQbY_cS_^cYTUbQb_^XQRUb_RdU^YT_e^Q²fYSd_bYQ]_bQ\³i_bWQ^YjQb_^

!(!'
5^SY^Q_`SYdd_]_!)`vWc!#%!$!>e]Ub_c_ciTUdQ\\QT_cSQc_cTUYbbUWe
\QbYTQTUciQdb_`U\\_cVeUb_^TU^e^SYQT_c`_b\Q_`_cYSY†^S_^cUbfQT_bQF}QcUU^dbU
_db_c<QSQ]`Q…QU\USd_bQ\TU!(("U^U\4U`QbdQ]U^d_TUCQ^dYQW_CQ^dYQW_9]`bU^dQ²FYS
d_bYQ³!(("
!(!(
5\S_]U^dQbY_TU\TY`\_]vdYS_WQ\_SQ`dQRQd_TQ\QY]`_bdQ^SYQTUUcdQSQ^TY
TQdebQ1`U^QcS_^_SYT_c\_cbUce\dQT_cUcSbYRY†Qce=Y^Ycdb_U^@Qbc*²3_^dbQbYQ
]U^dUQ\_aeUcUfUU^_db_c`QcUc\QSQ`YdQ\TU3XY\UXQRQcYT_U\SU^db_TU\S_^cUbfQ
TebYc]_5cdQfUjU\U\U]U^d_S_^cUbfQT_bXQcYT_U\Y]Y^QT_`Ub_UcdQU\Y]Y^QSY†^
S_Y^SYTU S_^ Q\W_ S_]`\UdQ]U^dU ^eUf_ U^ 3XY\U* \Q Q`QbYSY†^ TU e^Q SQ^TYTQdebQ
_RbUbQ5\Cb<QjQbdU_Rdef_aeYUb_TUSYbaeU\US_^dQb_^%"' f_d_c³1=15B6
3@"$3XY\Y!(("4YbUSdY_^@_\YdYaeUC_ec4YbUSdY_^Te=YTY>¡"(%<UddbUTe2Q
b_^4µ1fbY\Qe=Y^YcdbU=TU6bUiSY^UdCQ^dYQW_\U&QfbY\!(("VZc!&!i!&"<QdbQ
TeSSY†^Uc^eUcdbQ
!(!)
²5\`eUR\_TU`YU³²<QS\QcU_RbUbQTU3XY\\v^³i²<_SQ\YTQT³<Q4YcSecY†^
3XY\\v^!(TUQRbY\TU!(("+²¥Ae}\USSY†^³5\@bUSebc_bCQ^dYQW_""TUQRbY\TU!(("+
²<_SQ\YTQT³<Q4YcSecY†^3XY\\v^""TUQRbY\TU!(("+²=_cdQSY\\Q³5\@bUSebc_bCQ^dYQ
W_&TU]Qi_TU!(("
!("
C_RbU\_cVUcdUZ_c_bWQ^YjQT_c`_b\_cdbQRQZQT_bUcSXY\\Q^UZ_cS_^c‹\dUcU²<_
SQ\YTQT³<Q4YcSecY†^3XY\\v^!!i" TU]Qi_TU!(("+²5\RQ^aeUdUTU\_c_RbUb_c³
<Q4YcSecY†^3XY\\v^"#TU]Qi_TU!(("

&#(
U\'TU]Qi_e^RQ^aeUdUTUVUcdUZ_Q\aeUQcYcdYUb_^^e]Ub_cQc`Ubc_
^QcTUcdQSv^T_cUU^dbU\_cS_]U^cQ\Uc\QcVYWebQc]vcbU`bUcU^dQdYfQc
TU\]_fY]YU^d_dbQRQZQT_bTU\QSQ`YdQ\ !("!
<QUh`UbYU^SYQTU\Qc²SQ^TYTQdebQc_RbUbQc³iU\dbQRQZ_S_^cdQ^
dUTUQ^Y]QSY†^TU\QfYTQQc_SYQdYfQbUQ\YjQT_`_b5\@bUSebc_bi\_c]Y
\YdQ^dUcTU\QC_SYUTQT5cSeU\QBU`eR\YSQ^QbUV_bjQb_^U\TUcQbb_\\_TU
\Qc_bWQ^YjQSY_^Uc`_`e\QbUcice`b_SUc_e^YdQbY_!(("]QbS†U\`e^
d_TUfYbQZUU^\QSbYcYcaeUceVbQ^UcQcQc_SYQSY_^UcTUcTUS_]YU^j_c
TU\Q7eUbbQTU\@QSVYS_<QfYSd_bYQSXY\U^QS_^dbQ@Ub‹i2_\YfYQiQ
UbQe^XUSX_S_^ce]QT_i\Q]Qi_bQTU\Qcdb_`QcXQRQ^cYT_TUc]_
fY\YjQTQc+c†\_`Ub]Q^USQ^U^@Ub‹Q\We^_cS_^dY^WU^dUc\Y]YdQT_c
U^SQbWQT_cTUbUTeSYb\QbUcYcdU^SYQTU\Qc]_^d_^UbQc5\bUd_b^_TU
^e]Ub_c_c dbQRQZQT_bUc \YRUbQT_c TU cec _R\YWQSY_^Uc ]Y\YdQbUc \Q
bUQSdYfQSY†^TUSYUbd_ccUSd_bUcTU\QUS_^_]QiQ\We^_cVQSd_bUc`_\
dYS_cS_]_U\}hYd_bU\QdYf_TU\Qc²SQ^TYTQdebQc_RbUbQc³TU!(("Qie
TQb_^QWU^UbQbe^`b_SUc_TU`b_Ve^TQbUS_]`_cYSY†^TU\Qc_bWQ^Y
jQSY_^UcTU\`eUR\_\\Q^_

< 1 C ?395414 5 C3E5<1 B 5@E2<931>1 < 1 B 1JÉ> 

<1C ² 31>4941DEB1C ?2B5B1C ³45 !((%
I 5< 1@?I? 1 <1 31>4941DEB1 @B5C945>391< 45 2 1<=13541 5> !((&

5^U\`\Q^_TU\QS__bTY^QSY†^TU\_cSeQTb_cTU\]_fY]YU^d_`_`e\Qb\Qc
`bY^SY`Q\UcY^YSYQdYfQcTU]UTYQT_cTU\_cQ…_c_SXU^dQS_^dY^eQb_^TU
cQbb_\\v^T_cUU^\QSQ`YdQ\CeRQcUUbQ^\_c]Y\YdQ^dUcTU\QWU^UbQSY†^
aeUfU^QS_^cdYdei}^T_cUTebQ^dU\Q‹\dY]QT}SQTQ5\^‹S\U_TUQSdYfYc
dQcTU5\@bUSebc_biTU\QC_SYUTQT5cSeU\QBU`eR\YSQ^Q`b_`ec_TUcTUZe^Y_
TU!(("\QYTUQTU\QSbUQSY†^TUe^Q²C_SYUTQTTU\Q`bU^cQTU\@eUR\_³
TUcdY^QTQQbUV_bjQb5\@bUSebc_bT_dv^T_\_TUe^QY]`bU^dQaeUQcUWebQ
bQceS_^dY^eYTQT!(""1VY^TU]QdUbYQ\YjQbU\`b_iUSd_^e]Ub_c_cdbQRQ
ZQT_bUccUbUe^YUb_^QS_]YU^j_cTUQW_cd_`QbQV_b]Qbe^Qc_SYUTQTTU
QSSY_^YcdQc@QcSeQ\?bdUWQ !("# i1^Tb}cJ‹…YWQVeUb_^TUcYW^QT_c`QbQTY
bYWYb`b_fYc_bYQ]U^dU\_cdbQRQZ_c+1Wecd^7_^jv\Uj=Q^eU\8YTQ\W_
?^_VbU<\Q^Y\\_c=YWeU\:_baeUbQi1TbYv^FvcaeUjbUSYRYUb_^\Q]YcY†^
TU`bU`QbQb\_cUcdQded_cibUW\Q]U^d_cTU\QU]`bUcQ !("$6Y^Q\]U^dU

!("!
²=_cdQSY\\Q³5\@bUSebc_bCQ^dYQW_!#TU]Qi_TU!(("
!(""
²5\S_]`\U]U^d_³5\@bUSebc_bCQ^dYQW_"$TUZe^Y_TU!(("+²1\_c_RbUb_c
Q]Q^dUcTU\`b_WbUc_³5\@bUSebc_bCQ^dYQW_"i%TUQW_cd_TU!(("
!("#
?bdUWQUbQUh`bUcYTU^dUTU\QC_SYUTQTTU1bdUcQ^_c²<QE^Y†^³5cU]Yc]_Q…_
XQRQUVUSdeQT_e^QWYbQQ\cebTU\`Qc`QbQUcdbUSXQb\Qj_ci^UW_SYQbQSeUbT_cTUbUSY
`b_SYTQTU^dbU²<QE^Y†^³i\Qcc_SYUTQTUc]edeQ\YcdQcTU`b_fY^SYQ
!("$
²¥<Q_RbQTU\\e^Uc³i²5cdbQSd_TU\QSdQ³5\@bUSebc_bCQ^dYQW_)TUQW_cd_TU
!(("

&#)
SeQ^T_U^cU`dYU]RbUTU\]Yc]_Q…_cUQ`b_RQb_^\_cUcdQded_ccUS_^c
dYdei†e^TYbUSd_bY_]vcQ]`\Y_dQ^d_`_b\QSQ^dYTQTTUY^dUWbQ^dUc
S_]_`_b\QfQbYUTQTTU_bWQ^YjQSY_^UciTUUh`UbYU^SYQcbU`bUcU^dQTQc
U^cecU^_FUY^dUQ…_cTU]edeQ\Yc]_iTUfYTQQc_SYQdYfQcUbUce]Q^U^
Uc_c^_]RbUc*?^_VbU<\Q^Y\\_c=Q^eU\=_TUcd_C_jQ=YWeU\:_baeUbQ
1TbYv^FvcaeUj1^Tb}cJ‹…YWQ=Q^eU\:Uc‹c=UZQiFYSU^dUCY\fQ>Qbb_
bU`bUcU^dQRQ^\QfYUZQi\Q^eUfQWU^UbQSY†^S_]`b_]UdYTQU^\QY^YSYQdY
fQaeU`bUdU^TQQcUWebQb\Q`eR\YSQSY†^TUe^TYQbY_aeUVeUcU²U\fUbTQ
TUb_†bWQ^_U^\Q`bU^cQTU\_c_RbUb_cTUd_TQ\QBU`‹R\YSQ³ !("%
<Q^eUfQU]`bUcQcUWUcd†\U^dQi\QR_bY_cQ]U^dU*5\@bUSebc_bTU
cQ`QbUSY†U^_SdeRbUTU!(("!("&`Ub_ceceSUc_b<QBQj†^cQ\Y†QSYbSe\Q
SY†^`_b`bY]UbQfUjbUSY}^U\!TUQRbY\TU!(($5\^eUf_`UbY†TYS_U^dU
bQ]U^dUVQRbYSQT_U^\QY]`bU^dQTU\Qc_SYUTQTTU\]Yc]_^_]RbUUbQ
U\†bWQ^_TU\]vcQ]`\Y_S_^W\_]UbQT_TUTYbYWU^dUci_bWQ^YjQSY_^Uc
`_`e\QbUcS_^cdYdeYT_XQcdQU^d_^SUcU^3XY\U!("'5^U\]_]U^d_TUS_
]U^jQbce`eR\YSQSY†^<QBQj†^S_^dQRQS_^# &QSSY_^YcdQcTU\_cSeQ
\UccYUdUUbQ^_bWQ^YjQSY_^UcbU`bUcU^dQTQcS_]_dQ\Ucc_SYUTQTUcTUCQc
dbUcTUCQ^dYQW_²<QE^Y†^³TU1bdUcQ^_cTUCQ^dYQW_6Y\Qb]†^YSQTU?RbUb_cTU
CQ^dYQW_6Y\Qb]†^YSQ:=9^VQ^dUTU1bdUcQ^_cTU3_^SU`SY†^i5cSeU\QBU`e
R\YSQ^Q+U\bUcd_UcTUSYb\Q]Qi_bQTU\QcQSSY_^Uc`UbdU^USQ^QS_^_
SYT_c]Y\YdQ^dUcTU\]e^T_Qc_SYQdYf_`_`e\QbUc`USYQ\]U^dUTU\QSQ`Y
dQ\`Ub_dQ]RY}^TUFQ\`QbQc_3_^SU`SY†^i_dbQcSYeTQTUc !("(CebUT
TUTYcdbYReYT_bUcS_^cdYdeYTQ`_b\_cQTXUbU^dUcTU\Qc]edeQ\UcVY\Qb]†
^YSQcTU_RbUb_ci_dbQc_bWQ^YjQSY_^Uc\\UW†QSeRbYbSQd_bSUSYeTQTUci
Qe^aeUcefYTQVeUQ`U^Qc]vc\QbWQaeU\QTUce`bUTUSUc_b!(")\_Wb†S_^
fUbdYbcUU^\Qf_j]vcQed_bYjQTQTU\]_fY]YU^d__RbUb_i`_`e\QbTUdU^
TU^SYQ\QYSQiTU]_SbvdYSQ`bUS_^YjQ^T_Y^SQ^cQR\U]U^dU\Qe^YTQT`_
\dYSQi_bWQ^YjQdYfQTU\QS\QcU_RbUbQ!(# 
<Q`_cYSY†^`_\dYSQTU<QBQj†^bUc`_^TQQ\`b_SUc_TUbQTYSQ\YjQ
SY†^iTUTUSQ^dQSY†^aeUU\]_fY]YU^d_`_`e\QbfU^QUh`UbY]U^dQ^

!("%
5cdQded_cTU\QC_SYUTQT<QBQj†^Q`b_RQT_cU\!!TUcUdYU]RbUTU!(("CQ^dYQW_5cdQ
R\USY]YU^d_dY`_WbvVYS_TU<Qr`_SQ!(("`vW#
!("&
Ce‹\dY]QUTYSY†^VeU\Q>¡$%S_bbUc`_^TYU^dUQ\!$TU_SdeRbU
!("'
5\SeUb`_TUbUTQSSY†^TU\`UbY†TYS_^_]RbQT_QVY^UcTUQRbY\TU!(($dQ]
RY}^UbQU\bUV\UZ_TU\Qe^YTQTTU]YbQcTUe^fQcd_cUSd_bTU\]e^T_Qc_SYQdYf_`_`e\Qb*
3\U]U^dU2QbQX_^Q1\UZQ^Tb_4U`QccYUb:_c}1Wecd^7_^jv\Uj3_c]U4Q]Yv^<QW_c
=Q^eU\:Uc‹c=UZQ:_c}2U^Yd_?µBYQ^=QbY_^B_cci@Q^dQ\U†^F}\YjCY\fQU^SQb^QRQ^
e^QdbQiUSd_bYQdQ^fQcdQS_]_\QTU\_c]YU]Rb_cTU\S_^cUZ_TYbUSdYf_SYdQT_c]vcQbbY
RQ<QBQj†^CQ^dYQW_!TU]Qi_TU!(($
!("(
²>†]Y^QTUQSSY_^YcdQcTU\QC_SYUTQT<QBQj†^i^‹]Ub_TUQSSY_^UcaeU`_
cUU^³<QBQj†^CQ^dYQW_" TUQRbY\TU!(($
!(")
5\‹\dY]_^‹]Ub_TU<QBQj†^U\"%)cQ\Y†Q\QSYbSe\QSY†^U\!)TUVURbUb_TU
!((%Ucd_UcTYUj]UcUci]UTY_TUc`e}cTUce`bY]UbQUTYSY†^
!(#
C_RbUUcdQYTUQf}QcUUc`USYQ\]U^dUU\QbdSe\_²FU^dQZQTU\Qe^Y†^U^dbU\Q
S\QcU_RbUbQ³<QBQj†^CQ^dYQW_" TUQW_cd_TU!(($

&$
T_TUcTU\_cQ…_cTU\Q`bUWeUbbQUcd_UcU\TUe^\YRUbQ\Yc]_`\URUi_
U^fQcTUSbUSYU^dUQ\UZQ]YU^d_TU\\YRUbQ\Yc]_TU\QcS\QcUcTYbYWU^dUc_
²\YRUbQ\Yc]_ _VYSYQ\³ 4US\Qbv^T_cU Q^dYS\UbYSQ\ i Q^dYS_^cUbfQT_b <Q
BQj†^bU`b_SXQRQQ\²\YRUbQ\Yc]_Y]`UbQ^dU³°U\TU\_cW_RYUb^_ci\_c
`QbdYT_caeU\_cQ`_iQRQ^°^_XQRUb]UZ_bQT_U^^QTQ°^Y`_\dYSQ^Y
c_SYQ\]U^dU°\QS_^TYSY†^TU\_cdbQRQZQT_bUc5\SQ]RY_`_\dYS_U^\Q
TYbUSSY†^TU\5cdQT_UbQY^dUb`bUdQT_S_]_U\SQ]RY_V_b]Q\TUe^b}WY
]U^aeUcUWeQcYU^T_UcU^SYQ\]U^dU_\YWvbaeYS_*²<QUcSU^QUccYU]`bU
\Q]Yc]Q°TUSQU\`UbY†TYS_`_`e\QbXQSYQVY^UcTUQW_cd_TU!(($°c†\_
XQXQRYT_SQ]RY_TUS_]UTYQ^dUci`QbQS_\]_TUTUcTYSXQcU\`‹R\YS_
`QWQSQTQfUj]vcSQb_U\]Yc]_Uc`USdvSe\_³ !(#!<Q`_\dYSQUS_^†]YSQ
TU\\YRUbQ\Yc]_W_RUb^Q^dUdQ]RY}^UbQSbYdYSQTQ`_b^_TQbcQdYcVQSSY†^
Q\QcTU]Q^TQcXYcd†bYSQcTU\]_fY]YU^d_1c<QBQj†^Ze^d_S_^Q\QRQb
U\\\Q]QT_TU\W_RYUb^_Q`b_`eUcdQ`‹R\YSQ`QbQSU\URbQbS_^dbQd_cTUc
dY^QT_cQ`b_fUUbTUfUcdeQbY_Q\UZ}bSYd_\_aeUTQbQ`_cYRY\YTQTUcQ\_c
`b_TeSd_bUc^QSY_^Q\Uc`QbQS_^aeYcdQbUcU]UbSQT_U^ZeYSYQRQQSUb
RQ]U^dU\Q]_TQ\YTQTU]`\UQTQaeUQ^e\QRQU\RU^UVYSY_Uc`UbQT_`_b
\_cdbQRQZQT_bUcUY^TecdbYQ\Uc*

@Ub_TUcWbQSYQTQ]U^dU\_cd}b]Y^_cU^aeUUcdvS_^
SURYT_U\TUSbUd_+\_cWbQf_c_cS_]`b_]Yc_cS_^aeUcU
_`bY]UQ\`_cde\Q^dU+\QcUbYQbUc`_^cQRY\YTQTaeU\UQVUS
dQ\QfQWeUTQTUY]`UbVUSSY†^TUQ\We^QcS\vece\QcTU\
S_^dbQd_Q^dUTYSX_i_dbQcfQbYQcSYbSe^cdQ^SYQcUfYTU^dU
]U^dU_`bUc_bQc`QbQU\Y^TecdbYQ\Q`QbUSU^Q\TUSYbTU
Q\We^_cUh`UbY]U^dQT_cS_]_UcS_\\_cU^_b]UcU^]U
TY_TU\Q`\QdUQTQUc`e]QQ\QY^TecdbYQ^QSY_^Q\UcS_\\_c
U^T_^TUcUWebQ]U^dUdYU^UaeUTUcdb_jQbcU\Q`bUdU^
cY†^TU\_RbUb_SXY\U^_
5\ \\Q]Q]YU^d_ Q \_c _RbUb_c ^QSY_^Q\Uc ^_ cUbQ TU
UcdU]_T_]vcaeUe^cU^SY\\_QbRYdbY_`QbQQSQ\\Qb\QcZec
dQcUhYWU^SYQciS\Q]_bU_cTU\_cdbQRQZQT_bUcSXY\U^_caeU
`YTU^`bUVUbU^dUQdU^SY†^`QbQcecUhSU\U^dUcdbQRQZ_c!(#"

I\Q`_\dYSQQTeQ^UbQTU\W_RYUb^_TUCQ^dQ=QbQUbQY]`eW^QTQ
`_bS_^cYTUbQbaeU\QbUV_b]QTU\QdQbYVQTUQTeQ^Qc^_dU^QTUbUV_b
]Q]vcaeUU\^_]RbU*

<_cTUbUSX_cTUY]`_bdQSY†^aeUWbQfQ^\Qc]UbSQTU
bQcUhdbQ^ZUbQc_RUTUSU^]vcQ\Q^USUcYTQTTU`b_SebQb

!(#!
²<Q`_\dYSQaeUS_^fYU^UQ\_cdbQRQZQT_bUc³<QBQj†^CQ^dYQW_")TUQW_cd_
TU!(($
!(#"
²FUcdeQbY_`QbQU\UZ}bSYd_³<QBQj†^CQ^dYQW_#TUQRbY\TU!(($

&$!
 SeQ^dY_cQbU^dQQ\5bQbY_>QSY_^Q\aeUQ\QS_^fU^YU^SYQ
TUY]`\Q^dQbe^cYcdU]QRYU^_bTU^QT_TU`b_dUSSY†^Q\Qc
Y^TecdbYQcTU\`QccecSU`dYR\UcTUU\QR_bQbQbdSe\_ccY]Y
\QbUcQ\_cY]`_bdQT_c !(##

<Q\YRUbQSY†^TUTUbUSX_cTUQTeQ^QTUd_T_`b_TeSd_UhdbQ^ZUb_
cecSU`dYR\UTUcUbdbQ^cV_b]QT_U^U\`QcUcd_UcTU\Qc]QdUbYQc`bY]Qc
Y]`_bdQTQciU\bUSQbW_TU\_cTUbUSX_cTUY]`_bdQSY†^c_RbU\_cQbdSe
\_cUhdbQ^ZUb_caeUcU`b_TeSQ^_`_TQ^`b_TeSYbcUU^3XY\UcUWeQ^
cYU^T_\UfQ^dQTQcS_]_bUYfY^TYSQSY_^UcSU^dbQ\UcVbU^dUQ\_cW_RYUb^_c
TU\Q_\YWQbaeQ!(#$@Ub_UcdQfUj\QSbdYSQQ`e^dQRQQe^W_RYUb^_TUdU^
TU^SYQ^UdQ]U^dU\YRUbQ\
CY^U]RQbW_Q‹^^_cU\\UWQRQQe^`e^d_TUbe`debQS_^U\²\YRU
bQ\Yc]_Y]`UbQ^dU³<QBQj†^iTUdbvccei_\QC_SYUTQT5cSeU\QBU`eR\YSQ
^QiU\S_^W\_]UbQT_TU_bWQ^YjQSY_^UciTYbYWU^dUc_RbUb_ci`_`e\Q
bUcTUdU^TU^SYQ`b_WbUcYcdQbU`bUcU^dQRQ^`_bU\]_]U^d_\Q`e^dQ
TU\Q^jQTUe^\YRUbQ\Yc]_`_`e\QbaeU`bUdU^TQU]`eZQbQ\_cbU`bU
cU^dQ^dUcTU\²\YRUbQ\Yc]__VYSYQ\³QQSdeQbTU]Q^UbQS_^cUSeU^dU!(#%
<Qc\UiUc\QYSQcc_RbUSU]U^dUbY_c\QYS_c]QdbY]_^Y_SYfY\ibUWYcdb_SY
fY\\Q\UiTUWQbQ^dQcY^TYfYTeQ\Uc\Y]YdQSY†^TU\_c`_TUbUcTU\QcQe
d_bYTQTUcZeTYSYQ\UciQT]Y^YcdbQdYfQc`QbQUVUSdeQbTUdU^SY_^Uc\Q\Ui
U\USd_bQ\TU!('$aeUUhdU^TQU\TUbUSX_QceVbQWY_Q\Q`_R\QSY†^QTe\
dQ]QcSe\Y^QaeUSe]`\YUbQU\bUaeYcYd_TUQ\VQRUdYc]_cY^S_^cYTUbQ
SY†^TUY^WbUc_!(#&i_dbQcbUV_b]QcS_^cdYdeSY_^Q\Uc`b_]e\WQTQcU^dbU
!(("i!((%VeUb_^Q`\QeTYTQc`_bUcdUR\_aeUTU_bWQ^YjQSY_^UciTYbY
WU^dUc\QR_bQ\Uc
4ebQ^dU\QcSQ]`Q…QcU\USd_bQ\Uc°U^!(("iU^!((%°!((&°cURec
SQRQ^icU_RdU^Q^SQcYcYU]`bUQSeUbT_cS_^\_c`QbdYT_c<YRUbQ\iBQTY
SQ\QVY^TUU\UWYbU^U\@Qb\Q]U^d__U^\Qc]e^YSY`Q\YTQTUcbU`bUcU^dQ^

!(##
²BUV_b]QTU\QdQbYVQQTeQ^UbQ³9<QBQj†^CQ^dYQW_"TUZe^Y_TU!(($
!(#$
²BUV_b]QTU\QdQbYVQQTeQ^UbQ³99<QBQj†^CQ^dYQW_#TUZe^Y_TU!(($
!(#%
<_cd}b]Y^_c²\YRUbQ\Yc]_Y]`UbQ^dU³²\YRUbQ\Yc]__VYSYQ\³i²\YRUbQ\Yc]_TUVbQS
iS_bRQdQ³UbQ^U]`\UQT_c`_b\_c`b_`Y_cdbQRQZQT_bUcaeUcUUh`bUcQRQ^QdbQf}cTU`U
bY†TYS_c`_`e\QbUcTebQ^dU\_cQ…_c_SXU^dQ`QbQbUVUbYbcUQ\\YRUbQ\Yc]_TU\QcS\QcUc
TYbYWU^dUc
!(#&
5cdQbUV_b]Q^_Y^db_TeZ_U\ceVbQWY_e^YfUbcQ\U^3XY\UIU\\_`_bTYfUbcQcbQ
j_^Uc5^`bY]Ub\eWQb`_baeU\Q\UiU\USd_bQ\TU!('$S_^SUb^Qc†\_Q\_cX_]RbUc`Ub
`UdeQ^T_\QUhS\ecY†^TU\Qc]eZUbUcUcTUSYbTU\Q]YdQTTU\_cXQRYdQ^dUcTU\`Qc<eU
W_`_baeUU^U\cU^_TU\Q`_R\QSY†^]QcSe\Y^Q\Q\UiY]`_^QbUcdbYSSY_^UcS_]_cQRUb
\UUbiUcSbYRYbi]QdbY]_^Y_SU\URbQT_\UWQ\]U^dU`QbQ\_cX_]RbUcU^dbUfUY^dY‹^ifUY^
dYSY^S_Q…_cTUUTQT\_aeU]QbWY^QRQTUXUSX_Qe^Q`QbdUY]`_bdQ^dUTU\Q]QcQ`_`e
\QbdQ^d_`_bU\RQZ_`_bSU^dQZUTUQ\VQRUdYjQT_cU^!((%c†\_U\#$$TU\_cXQRYdQ^dUc
cQRQ\UUbiQ`U^Qc"&#cQRQ\UUbiUcSbYRYbiUcd_c`_bSU^dQZUcUbQ^^_d_bYQ]U^dU]U
^_bUcU^dbU\_ccUSd_bUc`_`e\QbUcS_]_`_b\QU\UfQTQdQcQTUS_^SeRY^QZU^_bUS_^_
SYT_\UWQ\]U^dUaeUUhYcdQU^U\²RQZ_`eUR\_³

&$"
dUcTUTYSX_c`QbdYT_ciQ\We^_c²SQ^TYTQd_c_RbUb_c³3eQ^T_U\\_^_UbQ
`_cYR\U\QC_SYUTQT5cSeU\QBU`eR\YSQ^Q`bUcU^dQRQTU]Q^UbQY^TU`U^
TYU^dUcec²SQ^TYTQdebQc_RbUbQc³S_]_\QTU<QjQbdU`_bCQ^dYQW_U^
!(("5^TUdUb]Y^QT_cS_^dUhd_c`_\dYS_cU\Q`_i_RbY^TQT_Q\²\YRUbQ
\Yc]__VYSYQ\³`_bU\R\_aeU`_`e\Qb^eS\UQT_U^d_b^_Q\Q5cSeU\QBU`e
R\YSQ^QcUdbQTeSQU^]Q^YVUcdQSY_^UcTU]QcQS_]_QaeU\\QS_^f_SQ
TQU^CQ^dYQW_QVY^UcTUU^Ub_TU!((%`QbQTU^e^SYQbU\QdU^dQT_S_^
dbQU\`bUcYTU^dUCQ^dQ=QbQ`Ub_\_UcU^SYQ\TUceS_]`b_]Yc_`_\dY
S_`QcQRQ`_be^U^VbU^dQ]YU^d_S_dYTYQ^_*\Q\eSXQ`_b_Se`QbU\dUbbU
^_aeU\_cS_^cUbfQT_bUciU\S\Ub_aeUbQ^S_^aeYcdQbU^dbU\_cdbQRQZQ
T_bUc!(#'
<Q `_\YdYjQSY†^ Y]`e\cQTQ `_b \Q C_SYUTQT 5cSeU\Q BU`eR\YSQ^Q \Q
²E^Y†^³TU1bdUcQ^_cTUCQ^dYQW_i_dbQc_bWQ^YjQSY_^Ucc_SYQ\UcU^S_^dbQ
RQbUcYcdU^SYQcU^dbUcUSd_bUcTUdbQRQZQT_bUc]vcQ`UWQT_cQ\Q\UdbQTU
\QcTYc`_cYSY_^UcUcdQdedQbYQcaeU`b_XYRQ^QcecQc_SYQSY_^Uc\Q`QbdYSY
`QSY†^U^\eSXQc`_\dYSQc_bU\YWY_cQc5\dU]QVeUQ]`\YQ]U^dUTURQdY
T_U^U\]e^T_c_SYUdQbY_`_`e\Qb5^!(($\_cTYbYWU^dUcTU\QE^Y†^TU
\_cDY`†WbQV_cTUCQ^dYQW_]Q^defYUb_^e^Q`_\}]YSQ`‹R\YSQQdbQf}cTU
\QcS_\e]^QcTU<QBQj†^S_^\_c\TUbUcTU\QC_SYUTQTTU1bdUcQ^_c²<Q
E^Y†^³c_RbU\QSeUcdY†^TU\Q`QbdYSY`QSY†^`_\dYSQTU\Qc_bWQ^YjQSY_
^UcTUdbQRQZQT_bUc<_c\TUbUcTU\QE^Y†^TU\_cDY`†WbQV_cQ`UcQbTUce
cY]`QdQ`_bU\`UbY†TYS_<QBQj†^cU^UWQRQ^QU^dbUWQb\UU\Q`_i_²_VY
SYQ\³TUce_bWQ^YjQSY†^Uh`\YSQ^T_aeU\_cUcdQded_cTUce]edeQ\\Uc
`b_XYRQ^Y^]YcSeYbcUU^e^QU]`bUcQaeU`eTYUbcUdU^Ube^SQbvSdUb
`_\dYS__bU\YWY_c_!(#(@QbQ²<QE^Y†^³U^SQ]RY_U\c_cd}^Qe^`UbY†
TYS_TUTYSXQ^QdebQ\UjQ^_bU`bUcU^dQRQe^QfY_\QSY†^Qe^QTYc`_cYSY†^
UcdQdedQbYQS_]‹^TUQ]RQcc_SYUTQTUccY^_\QQ`\YSQSY†^UcdbYSdQTU\
`bY^SY`Y_Q^e^SYQT_U^\_cUcdQded_cTU\_cdY`†WbQV_cUcd_Uc²`b_SebQb
`_bd_T_c\_c]UTY_c\UWQ\UcU\RYU^UcdQb]_bQ\i]QdUbYQ\TU\_cQc_SYQ
T_c³!(#)CY^U]RQbW_`QbQ\QTYbUSdYfQTU\_cdY`†WbQV_cdQ\UcQbWe]U^
d_c^_`_TQ^XQSUb_\fYTQb\Q_`SY†^QRYUbdQ]U^dU\YRUbQ\TU\]U^SY_
^QT_`UbY†TYS_iceY^dU^SY†^TUS\QbQTQTU²dbQRQZQb`_bU\UcdQR\USY
]YU^d_TU\Q\YRUbdQTU^ceUcVUbQSYfY\]_bQ\i`_\dYSQ³ !($ 
@QbQ=Q^eU\8YTQ\W_i:BQVQU\3Qcdb_`bUcYTU^dUicUSbUdQbY_TU
²<QE^Y†^³bUc`USdYfQ]U^dU\QcbQj_^UcTU\_cTYbYWU^dUcdY`†WbQV_cUbQ^

!(#'
F}QcUU\SQ`de\_HF99
!(#(
²3b†^YSQ³3QbdQTU\QC_SYUTQTE^Y†^TU\_cDY`†WbQV_cTUCQ^dYQW_Q\QC_SYUTQTTU
1bdUcQ^_c²<QE^Y†^³TUCQ^dYQW_CQ^dYQW_QRbY\"!TU!(($<QBQj†^CQ^dYQW_!%TU]Qi_
TU!(($
!(#)
3QbdQTU\QC_SYUTQTTU1bdUcQ^_c²<QE^Y†^³TUCQ^dYQW_Q\QC_SYUTQTE^Y†^TU\_c
DY`†WbQV_cTUCQ^dYQW_CQ^dYQW_]Qi_!#TU!(($U^9RYT
!($
²>_dQTU\Q´E^Y†^TU\_cDY`†WbQV_cµQ\Q´E^Y†^TU1bdUcQ^_cµ³CQ^dYQW_]Qi_
" TU!(($<QBQj†^CQ^dYQW_"$TU]Qi_TU!(($

&$#
Ubb†^UQcQ\QfUjaeUS_^dbQTYSd_bYQcS_^\Q`b_`YQ`bvSdYSQTUUcQ]e
deQ\3_]_`beURQTUU\\_\Q`_cdebQTU\QE^Y†^TU\_cDY`†WbQV_cU^!((!
U^S_^dbQTU\QSQ^TYTQdebQ`bUcYTU^SYQ\TU\WU^UbQ\2QaeUTQ^_`b_S\Q
]QTQ`_b\_cS_^cUbfQT_bUcQTU]vcTUce`b_`YQ^UWQdYfQTUQ`_iQbQ
<QBQj†^²`_baeUceQSdYdeTS_^WbQde\QQ\_c`QbdYT_caeU]YbQ^S_^
]Q\_c_Z_cUcdQ`eR\YSQSY†^Y^TU`U^TYU^dU`_b^_UcdQbQ\Q\SQ^SUTUce
`_TUb_TUceY^V\eU^SYQ³!($!
5bQUfYTU^dUaeUU^UcdQ`_\}]YSQ²<QE^Y†^³TU1bdUcQ^_cQT_`dQRQ
U\`e^d_TUfYcdQTU<QBQj†^iTU\QC_SYUTQT5cSeU\QBU`eR\YSQ^QQ\QaeU
`UbdU^USQ^]eSX_cTUcec\TUbUc<Q`_\dYSQUbQ`UbSYRYTQ`_bUcd_c
TYbYWU^dUc]edeQ\YcdQcS_]_e^QbUQ\YTQTTU\QaeU^_`_TQUcSQ`Qb^Y^
W‹^Y^TYfYTe__Y^cdYdeSY†^²cY^WbQfU`UbZeYSY_TUceRYU^UcdQb³`eUcd_
aeUd_T_c\_cQSd_cUcdv^bU\QSY_^QT_c²S_^\QV_b]QTUW_RYUb^_S_^U\
dUhd_TU\Q\Uiice]Q^UbQTUQ`\YSQb\Q³!($"
<Q`_cYSY†^TU\_cZUVUcTU\QE^Y†^TU\_cDY`†WbQV_c^_cYW^YVYSQRQ
X_cdY\YTQT°QRYUbdQ_TYcY]e\QTQ°Q<QBQj†^iQ\`b_iUSd_`_\dYS_aeU\Q
Y^c`YbQRQ<Q^UWQdYfQTUQ`_iQb_VYSYQ\]U^dUQUcU`UbY†TYS_^_UbQ_Rc
dvSe\_`QbQaeUe^QSQ^dYTQTS_^cYTUbQR\UTUU\\_cY^S\eiU^T_Q\We^_c
aeU`_\U]YjQRQ^S_^\_cTU²<QE^Y†^³S_]_U\fYSU`bUcYTU^dUBQ]†^
<QbbQ^iU\cUSbUdQbY_1^d_^Y_2\Ucd9^VQ^dUVeUcU^QSSY_^YcdQcTU\QC_
SYUTQT²<QBQj†^³`b_`YUdQbYQTU\TYQbY_!($#E^bUSeU^d_TUfUY^dYSY^S_
`Ubc_^QcaeU_Se`Qb_^SQbW_cTYbUSdYf_cU^\QE^Y†^TU\_cDY`†WbQV_ciU^
ce3QZQTU1X_bb_U^!(($i!((%UdQ`QaeUS_bbUc`_^TUQ`b_hY]QTQ
]U^dUS_^U\TU\Q`eR\YSQSY†^TUTYSX_`UbY†TYS_TU]eUcdbQaeUTYUj
TUU\\_c$ TU\d_dQ\iQUbQ^QSSY_^YcdQcTU<QBQj†^U^QRbY\TU!(($
SeQ^T_U\TYQbY_S_^dQRQQ`U^QcS_^dbUccU]Q^QcTU`eR\YSQSY†^!($$I
^_UcY]`b_RQR\UaeUUcdU`_bSU^dQZUXQiQQe]U^dQT_`_cdUbY_b]U^dU
Qe^aeU\QSQbU^SYQTU_dbQc\YcdQc^_cY]`YTUTU]_cdbQb\_4Ud_T_c]_
T_c^eUcdb_bUSeU^d_]eUcdbQaeUQ`UcQbTUUcdQ`_cYSY†^TYSdQTQ]vc
RYU^`_be^UhSUc_TUSU\_U^U\bUc`Ud_TU\_cUcdQded_caeU`_bTYVUbU^
SYQcTUV_^T_U^dbU\_cTYbYWU^dUcdY`†WbQV_ciU\bUcd_TU\_cSeQTb_cTU\
]_fY]YU^d_TUdbQRQZQT_bUcTU\QSQ`YdQ\<QBQj†^UbQUVUSdYfQ]U^dUU\

!($!
²>_dQS_^dUcdQSY†^TU\QE^Y†^TU1bdUcQ^_cQ\QE^Y†^TUDY`†WbQV_c³CQ^dYQ
W_]Qi_")TU!(($<QBQj†^CQ^dYQW_#!TU]Qi_TU!(($
!($"
9RYT3ebcYfQcU^U\_bYWY^Q\
!($#
4UcTUU\Y^dUbY_bTU\`b_`Y_WbU]Y_dY`_WbvVYS_cUQ\jQb_^f_SUcTYcS_bTQ^dUc
S_^\Q`_cYSY†^Qce]YTQ`_b\_cTYbYWU^dUcTU\QE^Y†^TU\_cDY`†WbQV_c=Q^eU\:Uc‹c=UZQ
VeUU\`_bdQf_jTUUcdQTUcQj†^cU…Q\Q^T_\QY^S_^cUSeU^SYQaeUcYW^YVYSQRQ^UWQbce
Q`_i__VYSYQ\Q<QBQj†^UY^]YcSeYbcUU^U\\Q`_b]UTY_cUhdbQ_VYSYQ\Uc=:=UZQ²1\TY
bUSd_bY_TU\QE^Y†^TUDY`†WbQV_c³<QBQj†^CQ^dYQW_"&TU]Qi_TU!(($5cdU`\Q^
dUQ]YU^d_TYcYTU^dUaeUS_Y^SYTQ`\U^Q]U^dUS_^U\TU²<QE^Y†^³TU1bdUcQ^_cS_^dbY
ReYbQQQ\Y]U^dQbU\`_cdUbY_bb_]`Y]YU^d_TU=UZQS_^\QE^Y†^TU\_cDY`†WbQV_ci\QSbUQ
SY†^TUe^Q_bWQ^YjQSY†^`QbQ\U\QU^U\cU^_TU\]Yc]_WbU]Y_
!($$
²>†]Y^QTU\_cQSSY_^YcdQc³_`SYd

&$$
†bWQ^_bU`bUcU^dQdYf_TU\]_fY]YU^d_`_`e\QbaeUcec`b_]_d_bUcXQ
RQ^aeUbYT_`_dU^SYQb
8QSYQ]UTYQT_cTU\_cQ…_c_SXU^dQ\QUcdbQdUWYQTU\SQbdU\TU_b
WQ^YjQSY_^Uc`_`e\QbUc`QbUSQUcdQbc†\YTQ]U^dUQ^S\QTQU^U\SQ]`_
TU\\YRUbQ\Yc]_^__RcdQ^dU\QcSQbQSdUbcdYSQc`USe\YQbUcTUceS_^TYSY†^
c_SYQ\iQ`UcQbTU\QcS_^dbQTYSSY_^UcS_^U\\YRUbQ\Yc]__VYSYQ\
<QcSQ]`Q…QcU\USd_bQ\UcTU!((%i!((&`ecYUb_^^eUfQ]U^dUQ
`beURQ\Qc_\YTUjTU\_c\Qj_cTU\]_fY]YU^d_`_`e\QbS_^\_cSbSe\_c\Y
RUbQ\UcTU\QcUcVUbQc_VYSYQ\Uc5\!)TU^_fYU]RbUTU!(($\QQcQ]R\UQ
WU^UbQ\UhdbQ_bTY^QbYQTU\QC_SYUTQT²<QBQj†^³TUSYTY†TUVU^TUbe^Q
²`_\dYSQ^UdQ]U^dU\YRUbQ\³ !($%Uh`\YSQ^T_`_cdUbY_b]U^dUce`_cYSY†^
`_bU\Q^XU\_TUTUVU^TUb\QcbUV_b]QcbUSY}^f_dQTQcVbU^dUQ\`U\YWb_
bU`bUcU^dQT_`_bU\S_^cUbfQTebYc]_e\dbQ]_^dQ^_6bU^dUQ\QQ\dUb^Q
dYfQ²\YRUbQ\_S\UbYSQ\³\_cQSSY_^YcdQcTU²<QBQj†^³UcS_WQ^ceSQ]`_
cYdev^T_cUTU\\QT_TU\\YRUbQ\Yc]_`Ub_cY^`_bU\\_SUcQbTUUcdYW]QdY
jQb\Qc²bU^SY\\QcT_]}cdYSQc³i²TYfYcY_^UcSQcUbQc³TUUcdQS_bbYU^dU1\
]Yc]_dYU]`_cU…Q\QRQ^cY^b_TU_c\Q^USUcYTQTTU_bWQ^YjQbe^`Qb
dYT_\YRUbQ\Y^TU`U^TYU^dU_`_b\_]U^_ce^Q²QcQ]R\UQ\YRUbQ\TU]_
SbvdYSQ³aeUTUcYW^QbQU\SQ^TYTQd_TU\`eUR\__RbUb_TUCQ^dYQW_`QbQ
\Q`b†hY]Q\UWYc\QdebQ!($&@bUSYcQ^T_]vcUcQcYTUQciU^e^Q`Ubc`USdY
fQTU]vc\QbW_Q\SQ^SUaeUU\S_^dUhd_U\USd_bQ\\_cbUTQSd_bUcTU<Q
BQj†^`b_S\Q]QRQ^`_S_TUc`e}caeUUbQ]U^UcdUb²USXQb\QcRQcUcTU
e^`QbdYT_UcU^SYQ\]U^dUTU]_SbvdYS_U^Qb]_^QS_^U\`bY^SY`Y_TU
fUbTQTUbQ\YRUbdQT³bUSQ\SQ^T_aeU*

5c dQ^d_ ]vc ^USUcQbYQ ce _bWQ^YjQSY†^ SeQ^d_

aeUXQcdQU\TQ\_cY^dUbUcUc]vcfYdQ\UcTU\`QcXQ^
cYT_TUcQdU^TYT_c`_bS_]`\Ud_<QcS\QcUcdbQRQZQT_bQc
^_XQ^dU^YT_aeYU^QR_WeU`_bcecTUbUSX_cbeTQ]U^
dUTUcS_^_SYT_c+icYQ\WeYU^\_XQXUSX_cef_j^_XQ
dU^YT_US_`_baeUSQbUSQTU\Q`_i_^USUcQbY_`QbQTQb
\U`bUcdYWY_QcecZecdQcUhYWU^SYQc !($'

<QYTUQTUe^`QbdYT_Y^TU`U^TYU^dUTUdbQRQZQT_bUcXQRQcYT_
`b_`eUcdQ`Ub_`_bU\]_]U^d_\_]vcebWU^dUUbQU\bUV_bjQ]YU^d_TU\
R\_aeU\YRUbQ\VbU^dUQ\QbUQSSY†^S_^cUbfQT_bQ+UbQ^USUcQbY_WU^UbQb
Q\Y^dUbY_bTUTYSX_R\_aeUe^Q`_cYSY†^]vcbQTYSQ\QS_bTUS_^\_cY^
dUbUcUcTU\_c_RbUb_ciQbdUcQ^_c5cUVeUU\cU^dYT_TU\QcTUSYcY_^Uc

!($%
²3b†^YSQ³<QBQj†^CQ^dYQW_"!TU^_fYU]RbUTU!(($
!($&
²<_c_RbUb_cTUCQ^dYQW_Y\Q`_\dYSQ]Y\YdQ^dU³<QBQj†^CQ^dYQW_!TUTYSYU]
RbUTU!(($?dbQUh`bUcY†^TU\QTUSYcY†^TUSUbbQbVY\QcS_^dbQU\S_^cUbfQTebYc]_S\UbY
SQ\U^²<Qe^Y†^\YRUbQ\Uc^USUcQbYQ³<QBQj†^CQ^dYQW_" TU^_fYU]RbUTU!(($
!($'
²5\`QbdYT_TU\`_bfU^Yb³<QBQj†^CQ^dYQW_!&TUU^Ub_TU!((%

&$%
QT_`dQTQc`_b\_c`QbdYSY`Q^dUcU^\QQcQ]R\UQWU^UbQ\TU\"#TU^_fYU]
RbUTU!(($TU\QC_SYUTQT5cSeU\QBU`eR\YSQ^Q*

KMdbQRQZQb`_bd_T_c\_c]UTY_caeUUcd}^Qce
Q\SQ^SUiU]`\UQbd_T_c\_cbUSebc_caeU\Uc`Ub]YdQ\Q
\Ui`QbQ\\UfQbQ\3_^WbUc_iQ\=e^YSY`Y_X_]RbUcaeU
cQ\YU^T_TUcecVY\QcfQiQ^Q\\QcUb\_cbU`bUcU^dQ^dUc
WU^eY^_cTU\_cY^dUbUcUciQc`YbQSY_^UcTU\QS\QcU_RbU
bQTU3XY\UKM!($(

5\`\Q^VeUbQdYVYSQT_`_b\QQcQ]R\UQWU^UbQ\TU\Q5cSeU\QBU`eR\Y
SQ^QTU\&TUU^Ub_TU!((%\QSeQ\`QbQTQb\U]Qi_bUS_TUSYTY†\QQ`Ub
debQTUe^bUWYcdb_QRYUbd_Qd_T_c\_cSYeTQTQ^_caeUUcdefYUbQ^TU
QSeUbT_U^c_cdU^Ubce`_cYSY†^bUce]YTQU^e^QbdSe\_‹^YS_*

@b_`U^TUb `_b d_T_c \_c ]UTY_c \UWQ\Uc aeU \Q

3_^cdYdeSY†^TU\QBU`‹R\YSQS_^SUTUQd_T_Y^TYfYTe_
`QbQ\\UfQbQ\QbU`bUcU^dQSY†^^QSY_^Q\i\_SQ\QSYeTQ
TQ^_c^UdQ]U^dU_RbUb_cS_^V_b]UQ\Uc`bYdeTU\_c
UcdQded_cTU\Qc_SYUTQT!($)

1cS_]U^jQRQ\Q^eUfQSQ]`Q…QTU²SQ^TYTQdebQc_RbUbQc³
5\!&TUQRbY\TU!((%cUbUe^YUb_^U^FQ\`QbQc_RQZ_\Q`bUcYTU^
SYQTUÂ^WU\TU\Q3CQ^=Qbd^SYU^d_SY^SeU^dQdbQRQZQT_bUcQed_TUVY
^YT_cS_]_U\USd_bUcY^TU`U^TYU^dUcCUdbQdQRQTUXQSUbU^dbQbQ\Q=e
^YSY`Q\YTQTQ\_c]edeQ\YcdQc:eQ^1Wecd^3_b^UZ_=Q^eU\CUbUi3Qb
\_cCv^SXUj:e\Y_3XQYW^UQei=Q^eU\=e…_j<Q]_dYfQSY†^TUUcdQc
SQ^TYTQdebQcVeUUh`\YSQTQ`_bQ\We^_c_bQT_bUcaeUQVYb]Qb_^*

KMaeUiQUbQdYU]`_TUaeU\_c_RbUb_c`_bdU…_c
cY^TUZQbTUcUbVeUbjQQehY\YQbTU\_c`QbdYT_c\YRUbQ\i
bQTYSQ\cU`QbQT_c_e^YT_cdbQRQZQbQ^`_bU\UfQbY^TU
`U^TYU^dU]U^dUTUcecU^_Q\_c_RbUb_c]vcY\ecdbQT_c
i`bUcdYWY_c_c`QbQaeUQ^_]RbUTU\`eUR\_d_]U^`Qb
dUU^\QS_cQ`‹R\YSQQX_bQS_]_UTY\Uci]vcdQbTUcY
\_WbQRQUcdQR\USUbcUU\3bSe\_`_\dYS_TU?RbUb_cS_]_
TY`edQT_cQ\_cVedeb_cS_^WbUc_cKM !(% 

1`UcQbTUaeU\_cbUce\dQT_cTU\_cS_]YSY_cTU!((%VeUb_^TUSU`SY_
^Q^dUc°\QcSQ^TYTQdebQcQTY`edQT_TU4_^Qd_=Y\\v^`_bCQ^dYQW_i@Qc

!($(
²3b†^YSQ³<QBQj†^CQ^dYQW_"%TU^_fYU]RbUTU!(($
!($)
²5cSeU\QBU`eR\YSQ^Q³<QBQj†^CQ^dYQW_!%TUU^Ub_TU!((%
!(%
²BUe^Y†^`_\dYSQTU_RbUb_c³5\=UbSebY_FQ\`QbQc_!'TUQRbY\TU!((%

&$&
SeQ\<QjQbdU`_b3_^SU`SY†^ceVbYUb_^e^QUcdbU`Yd_cQTUbb_dQ !(%! °U\Q^
XU\_TUY^TU`U^TU^SYQ`_\dYSQUbQQd_TQc\eSUce^cU^dY]YU^d_SbUSYU^dU
U^dbU\_c\TUbUc`_`e\QbUc5\VU^†]U^_dU^TQQbU`UdYbcUY^S\ec_U^cY
deQSY_^Uc°S_]_\QcU\USSY_^Uc`bUcYTU^SYQ\Uc°U^\QcSeQ\Uce^Q²SQ^TYTQ
debQ_RbUbQ³UbQY]`U^cQR\U<QdvSdYSQTUQaeU\\_cTYbYWU^dUccUbQU^d_^
SUc\QTUe^Q`_i_S_^TYSY_^Q\Q\bU`bUcU^dQ^dUTU\\YRUbQ\Yc]__VYSYQ\
5\QRQ^TUbQT_TUcYW^QT_`_bU\W_RYUb^_`QbQ\QU\USSY†^`bUcYTU^
SYQ\VeUU\\YRUbQ\:_c}=Q^eU\2Q\]QSUTQ=Y^Ycdb_TU\9^dUbY_bTU\`bUcY
TU^dUCQ^dQ=QbQZ_fU^iRbY\\Q^dU`_\dYS_S_^fUbdYT_U^`_S_cQ…_c
U^U\`_bdQf_jTUe^QfQ^jQT_\YRUbQ\Yc]_<QSQ]`Q…Q`bUcYTU^SYQ\TU
2Q\]QSUTQUh`bUc†S_]_^Y^We^QXQcdQU^d_^SUc\QS_Y^SYTU^SYQTUY^
dUbUcUcU^dbU\_ccUSd_bUcTU\QRebWeUcQY^TecdbYQ\iU\]_fY]YU^d_`_
`e\Qb_bWQ^YjQT_<_ccYWeYU^dUc`vbbQV_cTU\TYcSebc_`b_WbQ]QTU2Q\
]QSUTQ`b_^e^SYQT_U\!'TUU^Ub_TU!((&U^U\]_]U^d_TU\Q`b_
S\Q]QSY†^TUceSQ^TYTQdebQQ\Q`bUcYTU^SYQTU\QBU`‹R\YSQ_VbUSQ^U\
]UZ_bdUbbU^_TUU^dU^dUU^dbUUc_ccUSd_bUc*

CYQUZU]`\_TUGQcXY^Wd_^iTU\QWbQ^bU`‹R\YSQ
TU\^_bdU`bUVUbY]_cS_^ce]Yb\Q`b_TeSSY†^^QSY_^Q\
Qe^aeU^_cUQdQ^`UbVUSdQiQSQRQTQS_]_\QUhdbQ^ZU
bQ+cYU\QWbYSe\d_bU\]Y^Ub_iU\VQRbYSQ^dUS_^cdbeiU^
cec‹dY\Uc_cec]vaeY^QcTU`_cYR\US_^cdbeSSY†^SXY\U^Q
U^\Qc]QUcdbQ^jQcTU\`Qc+cYU^cQ^SXQ]_ciXQSU]_c
]vcfQbYQTQ\Q`b_TeSSY†^TU\Q]QdUbYQ`bY]Q\QU\QR_
bQ]_cidbQ^cV_b]Q]_cU^cecdQ^SYQce_RZUd_c‹dY\Uc
`QbQ\QfYTQ_\QS_]_TYTQT`Ubc_^Q\cYU^^_R\USU]_cU\
dbQRQZ_Y^TecdbYQ\Qe]U^dQ^T_\_ccQ\QbY_cU^`b_`_b
SY†^Q\Q]Qi_bY^dU\YWU^SYQTUQ`\YSQSY†^`_b\QS\QcU
_RbUbQ+cYU\5cdQT_S_^cUbfQ^T_U\^YfU\TUcecbU^dQci
TUcecWQcd_cTUTYSQe^Q`_bSY†^TUcebYaeUjQQ\Q`b_
dUSSY†^TU\QY^TecdbYQ^QSY_^Q\c_cdU^Y}^T_\QiQ\Y]U^
dv^T_\QU^cec`bY]UbQc`beURQc+cYXQSU]_cS_^SebbYbQ\
5cdQT_S_^ceSQ`YdQ\icec\UiUcUS_^†]YSQciS_^SebbY
]_cd_T_cY^TYfYTeQ\_S_\USdYfQ]U^dUQ`b_TeSYb]vci
]UZ_biQS_^ce]Yb\_aeU`b_TeSY]_ce^QcQfYQ]vcVU
Se^TQSYbSe\Qbv`_bU\_bWQ^Yc]_Y^TecdbYQ\TU\QbU`‹
R\YSQie^]Qi_bWbQT_TUbYaeUjQiTURYU^UcdQb^_c
TQbv\Q`_cUcY†^TUUcdURYU^ce`bU]_TU`eUR\_dbQRQZQ
T_biX_^bQT_*fYfYbifUcdYb^_c`_b^_c_db_c]Yc]_c
1\QYTUQTUY^TecdbYQ^QSY_^Q\UcdvQc_SYQTQ\QTU
Y^]YWbQSY†^Y^TecdbYQ\i\QTUS_^cdYdeYb`_bU\dbQRQZ_

!(%!
=Y\\v^_Rdef_"%$f_d_ci<QjQbdU!'S_]_SQ^TYTQd_QTY`edQT_`b_`YUdQbY_i
$%!U^ce`_cde\QSY†^QTY`edQT_ce`\U^dUEbj‹Q_`SYd`vWc"'!i"'$

&$'
 Uc`USYQ\i]UZ_bbU]e^UbQT_U\X_WQbTUe^QS\QcU^e
]Ub_cQTU^eUcdb_`eUR\_aeU^_UcU\X_]RbUTUSYe
TQT^YU\Y^aeY\Y^_S\QcUdbQRQZQT_bQaeUfQWQU^U\dU
bbYd_bY_aeU`bUcdQceRbQj_Q\QcWbQ^TUcS_^cdbeSSY_
^UcaeUTQc_\TQT_cY^T_]QR\UcU^\QWeUbbQ+`Ub_aeU
U^}`_SQcTU`_cYR\UcQWYdQSY_^Ucc_SYQ\Uc_TUSbYcYcUS_
^†]YSQc`eUTUbU]_fUbY^dU^cQ]U^dU\QdbQ^aeY\YTQT
TU\_cUc`bYdec!(%"

C_RbUUcQcRQcUc\QQTXUcY†^TU\Q]QcQ`_`e\QbebRQ^QaeUW_jQ
RQTUTUbUSX_c`_\dYS_cUcdQRQ`bvSdYSQ]U^dUWQbQ^dYjQTQUc`USYQ\
]U^dU\QTU\_cdbQRQZQT_bUcQWbe`QT_cU^c_SYUTQTUc]edeQ\YcdQcTU
Se\debQ_TUbUSbUQSY†^T_^TU\_cU\USd_bUcUbQ^]vc^e]Ub_c_c
1^YfU\`_\dYS_Y^cdYdeSY_^Q\2Q\]QSUTQbUSYRY†U\Q`_i_TU\_c`Qb
dYT_c<YRUbQ\i>QSY_^Q\5\@QbdYT_BQTYSQ\aeUTebQ^dUTYUjQ…_cXQRQ
S_^cdYdeYT_S_^\_c\YRUbQ\Uc\Q1\YQ^jQ<YRUbQ\TUcS_^dU^d_`_b\QV_b]Q
S†]_\QSQ^TYTQdebQVeUY]`eUcdQ`_bcecc_SY_ccU_`ec_idbQd†cY^
S_^cUWeYb\_ TU _bWQ^YjQb e^Q SQ^TYTQdebQ Q\dUb^QdYfQ aeURbQ^T_ U\
VbU^dU‹^YS_TU\QcS_bbYU^dUc\YRUbQ\Uc3_]_\QWU^UbQ\YTQTTU\_cTYbY
WU^dUc\QR_bQ\UcaeUQ`_iQRQ^Q\\YRUbQ\Yc]__`d†`_bU\Qc`YbQ^dU_VY
SYQ\U\@QbdYT_BQTYSQ\`UbTY†]Y\YdQ^dUc_cY]`QdYjQ^dUcaeUU^ceWbQ^
]Qi_bQ^_\_WbQbQbUSe`UbQb@QcSeQ\<QjQbdU=Q^eU\=_TUcd_C_jQi
fQbY_c_db_cQ`UcQbTUceVY\YQSY†^bQTYSQ\c_cdefYUb_^\Q`_cde\QSY†^TU
2Q\]QSUTQY^YSYQ^T_e^`b_SUc_TUbe`debQTUQ\We^_c\TUbUc`_`e\Q
bUcS_^U\@QbdYT_BQTYSQ\!(%#
5\]_fY]YU^d_TUQTXUcY†^TU\`eUR\_\\Q^_Q\QRQ^TUbQT_`bUcY

!(%"
²4YcSebc_@b_WbQ]Q³U^<Q7bQ^3_^fU^SY†^<YRUbQ\SU\URbQTQU^FQ\`QbQc_U\!'
TUU^Ub_TU!((&FQ\`QbQc_9]`bU^dQTU²<Q@QdbYQ³!((&`vWc$!i$"@QbQe^QS_^
ce\dQUh`UTYdQTUUcdUdUhd_f}QcU²4YcSebc_TU:_c}=Q^eU\2Q\]QSUTQU^\Q7bQ^3_^
fU^SY†^<YRUbQ\>QSY_^Q\BQTYSQ\aeU\_`b_S\Q]†SQ^TYTQd_Q\Q`bUcYTU^SYQTU\QBU
`‹R\YSQFQ\`QbQc_!'TUU^Ub_TU!((&³<Qr`_SQ" TUU^Ub_TU!((&bU`b_TeSYT_U^
CQWbUT_i4Uf}c_`SYdf_\999`vWc!#)i!$#
!(%#
@QcSeQ\<QjQbdUZe^d_Q^e]Ub_cQc`Ubc_^Q\YTQTUcTU\QU\YdUiTU\]e^T_Qc_
SYQdYf_`_`e\QbS_]_8Y`†\Yd_1SUfUT_i1^d_^Y_2\Ucd9^VQ^dUVeUe^_TU\_cVYb]Q^dUc
TU\QS_^f_SQd_bYQQ\Q3_^fU^SY†^<YRUbQ\QS_]YU^j_cTU^_fYU]RbUTU!((%²9^fYdQSY†^
`QbQQTXUbYbcUQ\Q3_^fU^SY†^<YRUbQ\³5\6Ubb_SQbbY\CQ^dYQW_(TU^_fYU]RbUTU!((%+
²5\]UUdY^WU^U\DUQdb_TUFQbYUTQTUc³5\6Ubb_SQbbY\CQ^dYQW_! TU^_fYU]RbUTU!((%
?db_SQc_U]R\U]vdYS_VeUU\TU@QcSeQ\?bdUWQQbdYcdQ`Y^d_bTUTUcdQSQTQdbQiUSd_bYQ
U^U\]_fY]YU^d_]edeQ\YcdQ6YWeb†U^dbU\_cTU\UWQT_cbQTYSQ\UcQ\Q7bQ^3_^fU^SY†^
aeU`b_S\Q]†\QSQ^TYTQdebQTU2Q\]QSUTQ<Q7bQ^3_^fU^SY†^<YRUbQ\SU\URbQTQU^FQ\`Q
bQc_U\!'TUU^Ub_TU!((&_`SYd`vW!)3_^d_T_TURUS_^cYW^QbcU\Q`_cYSY†^TUQ\We
^_cTYbYWU^dUc]edeQ\YcdQcbQTYSQ\Uc_Y^TU`U^TYU^dUcS_]_<_bU^j_1bU^Qc=Q^eU\8Y
TQ\W_i1^d_^Y_@_e`Y^aeUcU]Q^defYUb_^X_cdY\UcQ\QSQ^TYTQdebQ2Q\]QSUTQTU
QSeUbT_S_^\QcTYbUSdYfQcTUce`QbdYT_²1SdeQ\YTQT`_\dYSQ1\_c\YRUbQ\UcibQTYSQ\UcTU
CQ^dYQW_³5\6Ubb_SQbbY\CQ^dYQW_$TU^_fYU]RbUTU!((%+²=UUdY^WU^3_^SU`SY†^³5\
6Ubb_SQbbY\CQ^dYQW_# TUTYSYU]RbUTU!((%

&$(
TU^SYQ\\YRUbQ\cUTUcQbb_\\†QdbQf}cTU\QcY^cdQ^SYQcQS_cde]RbQTQc*\Qc
]edeQ\Uc\_cS\eRUc`_\dYS_c`_`e\QbUcU^`QbdYSe\Qb\QC_SYUTQT5cSeU\Q
BU`eR\YSQ^Qi\_cS_]Yd}c_QcQ]R\UQcU\USd_bQ\UcQTX_SaeUV\_bUSQ^Te
bQ^dU\QcSQ]`Q…QcU\USd_bQ\Uc
5^3_^SU`SY†^\_c]Y\YdQ^dUcTU\]_fY]YU^d_`b_WbUcYcdQTUdbQRQ
ZQT_bUcTYUb_^S_]YU^j_Q\QSQ]`Q…QQ^dUcTU\Q`b_S\Q]QSY†^_VYSYQ\TU
\QSQ^TYTQdebQTU2Q\]QSUTQ`_b\Q7bQ^3_^fU^SY†^<YRUbQ\1S_]YU^
j_cTU!((&e^Wbe`_TUTU\UWQT_c_RbUb_cTUUcdQSYeTQTfYQZ†QCQ^dYQW_
`QbQc_\YSYdQbQ\TYbUSd_bY_TU\QC_SYUTQT5cSeU\QBU`eR\YSQ^QU\^_]RbQ
]YU^d_TUe^QS_]YcY†^aeU\QbU`bUcU^dQbQU^\Q]Q^YVUcdQSY†^aeUcU
bUQ\YjQbQU^\QSYeTQTcebU…QU\]Yc]_TQTU\Q3_^fU^SY†^<YRUbQ\!(%$5\
!'TUU^Ub_e^_c]Y\aeY^YU^d_cdbQRQZQT_bUcQcYcdYUb_^Q\]UUdY^W`bUcYTY
T_`_bU\cQcdbU4_]Y^W_:QbQaeUQ`_bd†ceQ`_i_Q2Q\]QSUTQ5hUaeYU\
:Y]}^UjTYbYWU^dUTU\QC_SYUTQT6Y\Qb]†^YSQTU?RbUb_cTU3_^SU`SY†^\Ui†U\
]Q^YVYUcd_U\USd_bQ\TU\Q5cSeU\QBU`eR\YSQ^QcYU^T_cUWeYT_`_b\QcY^dUb
fU^SY_^UcTU_db_c_bQT_bUcSei_c^_]RbUccY]R_\YjQRQ^\QS_^dY^eYTQTi
\Qe^YTQT`_\dYSQTU\]_fY]YU^d_TUdbQRQZQT_bUc*6\_bU^SY_2Q…QT_c
1RU\QbT_=UbY^_8_bQSY_<QbQiQ^_]RbUTU\Q5cSeU\QBU`eR\YSQ^QTU\Q
SQ`YdQ\>YS_\vcEWQ\TUi1^d_^Y_2\Ucd9^VQ^dU !(%%
CY]e\dv^UQ]U^dUSeQdb_TU\UWQT_cTU\QC_SYUTQT5cSeU\QBU`eR\YSQ
^Q°=Q^eU\=_TUcd_C_jQ@QcSeQ\<QjQbdU8Y`†\Yd_1SUfUT_i@QcSeQ\
?bdUWQ°QcYcdQ^Q\Q7bQ^3_^fU^SY†^<YRUbQ\aeUcUTUcQbb_\\QRQU^FQ\
`QbQc_bU`bUcU^dQ^T_Q\QS\QcU_RbUbQiU\QbdUcQ^QT_U^\QSQ]`Q…Q
TU\\YRUbQ\Yc]__VYSYQ\!(%&
<QSQ]`Q…Q`_`e\QbU^VQf_bTU2Q\]QSUTQcUTUcQbb_\\†RQZ_\QTY
bUSSY†^TU\QC_SYUTQT5cSeU\QBU`eR\YSQ^QiTU\4YbUSd_bY_5\USd_bQ\TU?RbUb_c
_bWQ^Yc]_SbUQT_`QbQVQSY\YdQb\QQTXUcY†^TU\_cdbQRQZQT_bUcQ\QRQ^TU
bQT_\YRUbQ\@_S_TUc`e}cTU\Q`b_S\Q]QSY†^TU\QSQ^TYTQdebQTU2Q\]Q
SUTQ<_bU^j_=_bQ\Uc°e^_TU\_cVe^TQT_bUcTU\QC_SYUTQTTUDQ\\UbUc°
bUe^Y†U^CQ^dYQW_Qe^Wbe`_TUdbQRQZQT_bUcQVY^TU_bWQ^YjQbU\Q`_i_
QUcdUSQ^TYTQd_TU]Q^UbQY^TU`U^TYU^dUTU\QQSSY†^TU\_c\YRUbQ\UcTU\
²WeQ^dUiU\VbQS³!(%'1]UTYQT_cTU]Qi_\Q5cSeU\QBU`eR\YSQ^QiU\4YbUS
d_bY_5\USd_bQ\TU?RbUb_cbUQ\YjQb_^U^\Q]Yc]QSYeTQTe^]UUdY^WTUc_cd}^
Q\Qc`YbQ^dU\YRUbQ\Q\SeQ\S_^SebbYUb_^e^QcSeQdb_]Y\`Ubc_^QcU^ce^Q
i_bQ_RbUb_ciQbdUcQ^_c5^SQRUjQT_c`_b=Q^eU\=_TUcd_C_jQ\_cQcYc
dU^dUcQS\Q]Qb_^S_^WbQ^U^decYQc]_Q1^YSUd_FQ\T}ci<eYc5c`Y^_jQ

!(%$
²<_cTU\UWQT_c_RbUb_cTU3_^SU`SY†^³5\8YZ_TU\@eUR\_CQ^dYQW_!$TUU^Ub_
TU!((&
!(%%
²=UUdY^WTU\_c_RbUb_cTU3_^SU`SY†^³5\8YZ_TU\@eUR\_CQ^dYQW_"!TUU^U
b_TU!((&+²4YcSebc_c³5\8YZ_TU\@eUR\_CQ^dYQW_"'TUU^Ub_TU!((&
!(%&
<QWbQ^3_^fU^SY†^<YRUbQ\SU\URbQTQU^FQ\`QbQc_U\!'TUU^Ub_TU!((&_`SYd
`vW# 
!(%'
²<_c_RbUb_cU^SQ]`Q…Q³5\3_^cdYdeiU^dU3_`YQ`†!TUQRbY\TU!(((

&$)
aeYU^UcXQR\Qb_^U^bU`bUcU^dQSY†^TU\4YbUSd_bY_5\USd_bQ\TU?RbUb_cQ5hU
aeYU\:Y]}^UjaeU\_XYj_`_b\_c_RbUb_cTU3_^SU`SY†^Q\VQb]QS}edYS_
:eQ^1bQiQ5cS†^iQ>YS_\vcEWQ\TUTYbUSd_bTU\`UbY†TYS_5\8YZ_TU\@eU
R\_aeYU^Uc\\UfQb_^\Q`Q\QRbQTU\Q5cSeU\QBU`eR\YSQ^QQBUY^Q\T_3Q\TU
b†^aeUY^dUbfY^_Q^_]RbUTU\QC_SYUTQTTU1bdUcQ^_cTUAeY\\_dQQ\Uh
²SQ^TYTQd__RbUb_³@QcSeQ\<QjQbdUiQ_db_c_bQT_bUc!(%(
5\dU^_bTU\_cTYcSebc_cTU\_c`_bdQf_SUcTU\Qc_bWQ^YjQSY_^Uc`_
`e\QbUcS_bbUc`_^TQ`\U^Q]U^dUQ\Q\^UQTUcQbb_\\QTQQ\_\QbW_TU\_c
Q…_cQ^dUbY_bUc*Q`_i_Q\\YRUbQ\Yc]_U^ce\eSXQS_^dbQ\_c²S_^cUbfQT_
bUce\dbQ]_^dQ^_c³iQ`\YSQSY†^TUe^Q`_\dYSQTU]_SbvdYSQVQf_bQR\UQ
\_cdbQRQZQT_bUc1bQiQ5cS†^U^U\]_]U^d_TUUh`\YSQb\QQTXUcY†^TU
\QC_SYUTQT5cSeU\QBU`eR\YSQ^QQ\SQ^TYTQd_2Q\]QSUTQcY^dUdYjQRQUcdQ
`_cYSY†^U^e^QV†b]e\Q`bUSYcQ*

<Q5cSeU\QBU`eR\YSQ^QQ\Q`_iQb\_S_^ceS_^dY^
WU^dU\_XQXUSX_Q^Q\YjQ^T_S_^cecQSd_c`QcQT_cice
`b_WbQ]Q`_\dYS_`QbQU\`_bfU^YbKM+XQd_]QT_U^
SeU^dQ\QcbUV_b]Qc²TUSU]U^dUbY_c\QYS_cTU]QdbY]_
^Y_ibUWYcdb_SYfY\³U^U\`QcQT_iXQfYcd_`QbQU\`_bfU^Yb
²\Q`b_dUSSY†^iTUcQbb_\\_TU\QcY^TecdbYQc\Q\YRUbdQTTU
\QcS_^SYU^SYQc\QTYVecY†^TU\QY^cdbeSSY†^\Q\YRUbdQT
TU\`eUR\_i\Q]eUbdUTU\_cRQ^aeUb_c³`\QWQVe^UcdQ
aeUSeQ\fQ]`Yb_cSXe`Q^\QcQ^WbUTU\`eUR\_!(%)

1\d}b]Y^_TU\QSd_e^_cT_c]Y\aeY^YU^d_cdbQRQZQT_bUcQS_]`Q
…QT_cTU^e]Ub_c_c²Z†fU^Uc\YRUbQ\Uc³cUTYbYZYUb_^QdbQf}cTU\QcSQ
\\UcTU\QSYeTQTQ\QSQcQTU2Q\]QSUTQ`QbQ]Q^YVUcdQb\UceQTXUcY†^5\
Q`_i_UbQU^bUQ\YTQTS_^TYSY_^Q\1ccU\_XYj_cQRUbU\TYbYWU^dU`_
`e\QbTU3_^SU`SY†^5hUaeYU\:Y]}^UjaeYU^\UbUS_bT†U^d}b]Y^_c
S_bdUcUc`Ub_U^}bWYS_caeU²cYU\SQ^TYTQd_^_Se]`\QS_^ce`b_WbQ
]QbUSdQ]U^dU\YRUbQ\}\\\UWQbQ^eUfQ]U^dUQ^dUU\@bUcYTU^dUQ`UTYb
\USeU^dQTUcecQSd_cU^^_]RbUTU\Q5cSeU\QBU`eR\YSQ^Q³ !(& 
<QbUc`eUcdQTU\`_\dYS_\YRUbQ\Q\_cdbQRQZQT_bUcaeUY^fQTQ^U\
`QdY_TUcebUcYTU^SYQicUQW\_]UbQRQ^U^\QSQ\\UVeUe^Q`b_]UcQTU
VYTU\YTQTQ\YTUQbY_\YRUbQ\iQ\QcUc`UbQ^jQc`_`e\QbUcTU`_cYdQTQcU^ce
`Ubc_^Q*

3e]`\YTS_^cdQ^dU]U^dUfeUcdb_cTURUbUcSfYS_c
iSbUUTaeUi_cQRb}dQ]RY}^Se]`\YbS_^\_c]_c?c

!(%(
²7bQ^QcQ]R\UQ\YRUbQ\TU_RbUb_c³5\3_^cdYdeiU^dU3_`YQ`†"%"&"'i"(TU
]Qi_TU!((&
!(%)
?`SYd1bdSe\_TU\"%TU]Qi_
!(&
<†`Uj_`SYd!)!"`vW$:

&%
 TUS\Qb_U^UcdUY^cdQ^dUi`_b]UTY_TUf_c_db_cQd_T_c
\_c_RbUb_cTU\QbU`‹R\YSQaeUcYU]`bUUcdefUS_^f_
c_db_ciaeU^e^SQ]UcU`QbQb}TUf_c_db_c !(&!

<QfYSd_bYQcY^S_^dU^TYU^dUcTU:_c}=Q^eU\2Q\]QSUTQU^\QcU\US
SY_^UcTU!((&`Ub]YdYbQ`_^UbQ`beURQTYSXQc`b_]UcQc

!(&!
²7bQ^QcQ]R\UQ³_`SYdQbdSe\_TU\"'TU]Qi_

&%!
 31@ÅDE<?HF99

5<31D?<939C=?3?>C5BF14?B
1<13?>AE9CD145E>1
21C5@?@E<1B45=1C1C

< 1 3?>CD9DE39É> 45 <1 E >9É> 3 1DÉ<931

I <?C 3ÅB3E<?C 31DÉ<93?C 45 ?2B5B?C

4UcTUVY^UcTU\QWeUbbQ\_cS_^cUbfQT_bUciU\S\Ub_bUd_]Qb_^U\dbQRQ
Z_TUSbUQSY†^TUSbSe\_c_RbUb_c5^]Qbj_TU!((#VeUVe^TQTQ\QC_
SYUTQTTU?RbUb_cTUCQ^:_c}SeiQQSUbdQTQS_]RY^QSY†^TU_RZUdYf_c]e
deQ\YcdQcibU\YWY_c_c\QS_^fUbdYbQU^`_S_cQ…_cU^\Q`bY^SY`Q\_bWQ^Y
jQSY†^SQd†\YSQ\QR_bQ\TU\`Qc1VY^UcTU!((#<QE^Y†^3Qd†\YSQTU3XY
\UUc`USYUTUceSUc_bQTU\QC_SYUTQTTU1]YW_cTU\@QcSbUQTQ`QbQ\eSXQb
S_^dbQ\_cQfQ^SUcTU\\YRUbQ\Yc]_ !(&" _bWQ^Yj†e^SbSe\_TU_RbUb_cU^
CQ^6U\Y`UWbQSYQcQ\QT_^QSY†^TUe^`b_`YUdQbY_TUUcdQbUWY†^UY^Qe
Web†U^QRbY\TU!(($e^\_SQ\`QbQe^SbSe\_TU_RbUb_cU^U\RQbbY_
`_`e\QbTU<Q3Q…QTY\\QU^CQ^dYQW_ !(&#1S_]YU^j_cTU!((#U\`QTbU
<Qc3QcQcSebQTU3XY\\v^Ve^T†e^QC_SYUTQT3Qd†\YSQTU?RbUb_caeU
]UcUc]vcdQbTUQcUWebQRQS_^dQbS_^Q\bUTUT_bTUdbUcSYU^d_c]YU]
Rb_c!(&$5^FQ\`QbQc_3_^SU`SY†^i_dbQcSYeTQTUc\_cY^dUWbQ^dUcTU
\QE^Y†^3Qd†\YSQY^dU^dQb_^cY^WbQ^}hYd_SbUQbWbe`_ccY]Y\QbUc
4Ud_TQcUcdQcdU^dQdYfQc\Qc‹^YSQcaeUdefYUb_^SYUbdQTebQSY†^
UhSU`deQ^T_\QC_SYUTQTTU?RbUb_cTUCQ^:_c}Q\QSeQ\^_cbUVUbYbU]_c
]vcQTU\Q^dUVeUb_^\QcTUCQ^6U\Y`Ui\QTU\RQbbY_TU<Q3Q…QTY\\Q
TUCQ^dYQW_5^UcdU‹\dY]_SbSe\_U\`b_`Y_`bUcYTU^dUTU\QE^Y†^
3Qd†\YSQU\QSdYfcY]_1RT†^3YVeU^dUcTUc`\UWQRQcecUcVeUbj_cS_^
\QQieTQTU4_]Y^W_6Ub^v^TUj3_^SXQUh`bUcYTU^dUTU\Q1c_SYQ
SY†^3Qd†\YSQTU?RbUb_cTU\Q`bUWeUbbQiTUe^QT_SU^QTUZ†fU^UcSQ

!(&"
K1RT†^3YVeU^dUcM<QcQc_SYQSY_^UcSQd†\YSQcCQ^dYQW_9]`bU^dQTU²5\9^TU`U^
TYU^dU³!((#`vWc$%%"
!(&#
3YVeU^dUc=U]_bYQc_`SYdd_]_99`vWc!()i!) " !i" "
!(&$
3QbdQVYb]QTQ`_b²fQbY_cfUbTQTUb_c_RbUb_c³`eR\YSQTQU^<Q4YcSecY†^3XY
\\v^")TU]Qi_TU!((#

&%#
d†\YS_cTU\QQ\dQc_SYUTQT@Ub_S_]_\_bUS_^_SQ3YVeU^dUcU\bUce\
dQT_UbQ²UcSQc_i]eiTUc`b_`_bSY_^QT_Q\QY^]U^cYTQTTU\cQSbYVY
SY_³TUcecQ^Y]QT_bUcaeUcU^dQ^aeU²Q`QbdQbQ\_c_RbUb_cTU\fYSY_
ibUWU^UbQbcecS_cde]RbUcUbQ_RbQce`UbY_bQKcecMVeUbjQc³ !(&%<QZU
bQbaeQTU\Q9W\UcYQ3Qd†\YSQQSSUTYU^T_U^d_^SUcQ\Q`UdYSY†^TU\
TYbYWU^dUS_^cUbfQT_bTUcYW^†Q\Z_fU^cQSUbT_dU@UTb_:_c}9^VQ^dU
`QbQ bUV_bjQb UcU dbQRQZ_ 9^VQ^dU \_Wb† S_^SbUdQb SYUbdQc Y^YSYQdYfQc
S_]_U\U^b_\Q]YU^d_TU\_cQc_SYQT_cU^e^QS_VbQTQ`YQT_cQ\QV_b
]QSY†^TU_dbQS_^WbUWQSY†^S_^\Qc]eZUbUci\_cXYZ_cTU}cd_ci\Q
S_^cdYdeSY†^TUe^dUbSUbWbe`_S_^\_c^Y…_caeUVbUSeU^dQRQ^\QUc
SeU\QTU\SbSe\_!(&&
5\d}b]Y^_TU\Q7eUbbQTU\@QSVYS_QRbY†e^Q^eUfQUdQ`QTU\QSdY
fYc]_SQd†\YS_S_^cUbfQT_bU^\QS\QcU_RbUbQi\_ccUSd_bUc`_`e\QbUc
UdQ`QaeUS_Y^SYTY†S_^U\TURQdU`_\dYS_^QSY_^Q\c_RbU\Qc]UTYTQc
\QYSYjQ^dUcQT_`dQTQc`_bU\W_RYUb^_\YRUbQ\<Q7bQ^1cQ]R\UQTU\Q
E^Y†^3Qd†\YSQbUe^YTQU^CQ^dYQW_QS_]YU^j_cTU^_fYU]RbUTU!(($
`QbQ`b_dUcdQbie^YbVeUbjQcS_^dbQ\QcbUV_b]Qc\QYSQcTU\QQT]Y^YcdbQ
SY†^TU\`bUcYTU^dUCQ^dQ=QbQbUcUbf†e^\eWQbUc`USYQ\U^cecTU\YRU
bQSY_^UcQ\Q²SeUcdY†^_RbUbQ³iTUVY^Y†e^Q\^UQTUQSSY†^`QbQ\_cSQ
d†\YS_cE^QTU\QcS_^S\ecY_^UcbU\QSY_^QTQS_^\Qc`eR\YSQSY_^UcSQd†
\YSQcUcdY]e\QRQQcec]Y\YdQ^dUcQ²V_]U^dQbTUe^]_T_Uc`USYQ\\_c
TYQbY_ci`UbY†TYS_cTUcdY^QT_cQ\QcS\QcUc]vc^e]Ub_cQci]U^_cVQf_
bUSYTQcTU\QV_bde^Q³!(&'<Qc²3_^S\ecY_^Ucc_RbU\_cSbSe\_c_RbUb_c³
S_^cdYdeiUb_^e^_TU\_cT_Se]U^d_c]vc`bUSYc_cc_RbUUcdQSeUcdY†^
`b_TeSYT_c `_b \_c cUSd_bUc SQd†\YS_S_^cUbfQT_bUc SXY\U^_c TebQ^dU
d_T_U\cYW\_*

3_^cYTUbQ^T_*
!¡AeUUce^`bY^SY`Y_Ve^TQ]U^dQ\TU\QSQbYTQT
SbYcdYQ^QaeU\_cVQf_bUSYT_c`_b\Q@b_fYTU^SYQS_^RYU
^UcTUV_bde^Q_S_^]vcU\UfQTQ`_cYSY†^c_SYQ\Q]`Q
bU^i`b_dUZQ^QcecXUb]Q^_caeUc†\_fYfU^TU\dbQRQZ_
TYQbY_iaeUUcdv^Uh`eUcd_cQ\QccUTeSSY_^UcTU\Ubb_b
iTU\fYSY_`QbQ]_bQ\YjQb\_cY\ecdbQb\_ciQieTQb\_cU^
\QcTYVYSe\dQTUcTU\QfYTQ+
"¡AeUQ\jQbU\^YfU\]_bQ\Y^dU\USdeQ\iUS_^†]Y
S_TUUcd_c_RbUb_cS_bbYWYU^T_cec]Q\_cXvRYd_cUc
e^_TU\_c]UTY_c]vcUVYSQSUcTUV_]U^dQb\QbYaeUjQi
`b_c`UbYTQTTU\Q^QSY†^i
#¡AeU\_cSbSe\_cSQd†\YS_cTU_RbUb_cc_^\QY^c

!(&%
3YVeU^dUc=U]_bYQc_`SYdd_]_99`vW"$)
!(&&
?`SYdd_]_99`vW"% 
!(&'
²1cQ]R\UQ3Qd†\YSQ³5\=UbSebY_FQ\`QbQc_(TU^_fYU]RbUTU!(($

&%$
 dYdeSY†^]vcQTUSeQTQ`QbQbUQ\YjQbQaeU\\Qc_RbQcTU
Y\ecdbQTQSQbYTQTiTUQSU^TbQT_`QdbY_dYc]_
<Q1cQ]R\UQQSeUbTQ*!¡5hX_bdQbQ\_cSQd†\YS_cQ
S_^dbYReYbWU^Ub_cQ]U^dUiQTUe^]_T_TYbUSd_iQ`_b
]UTY_TU\QE^Y†^3Qd†\YSQQVe^TQbic_cdU^Ube^__fQ
bY_cSbSe\_cU^SQTQe^QTU\QcSYeTQTUcTU\QBU`‹R\YSQ
cUW‹^\_UhYZQ^\Qc^USUcYTQTUc\_SQ\Uc"¡BUS_]U^TQb
]eiUc`USYQ\]U^dUQ\_cZUVUcTUdQ\\UbUciTUVvRbYSQcQ\
S_QieTQbQdQ^SbYcdYQ^Qi`QdbY†dYSQU]`bUcQ !(&(

<Q7bQ^1cQ]R\UQTU\QE^Y†^3Qd†\YSQ^_XQSQcY^_cYcdU]QdYjQb\Q
`bvSdYSQbUSYU^dUTUcec]Y\YdQ^dUcdbQdQ^T_TUdbQ^cV_b]Qb\QU^\^UQTU
QSSY†^X_]_W}^UQ`QbQd_T_c\_cSQd†\YS_c1`QbdYbTUU^d_^SUc\_c²`U
SX_…_c³TUc`\UWQb_^ce]Qi_bQSdYfYc]_U^TYbUSSY†^Q\QS\QcU_RbUbQi
\_ccUSd_bUc`_`e\QbUc1\QC_SYUTQTTU?RbUb_cTUCQ^:_c}Ve^TQTQU^
!((#cUQWbUW†U^CQ^dYQW_e^Q…_]vcdQbTUU\3bSe\_3Qd†\YS_TU?RbU
b_cTUCQ^d_4_]Y^W_IU^\Qc`b_fY^SYQccebWYUb_^SbSe\_cU^FQ\`QbQc_
<QCUbU^QDQ\SQ=U\Y`Y\\QiCQ^6U\Y`U !(&)
<QC_SYUTQTTU?RbUb_cTUCQ^:_c}Q\SQ^j†WbQ^^_d_bYUTQTQ`UcQbTU
aeU°cUW‹^\_bUSQ\SQRQ^cecTUdbQSd_bUc°\_c_RZUdYf_cTUQieTQ]edeQ
cUfUQ^_cSebUSYT_c`_bU\`b_cU\YdYc]_bU\YWY_c_<Qc]YcQci`b_SUcY_
^Uc`YQT_cQcU^\QcaeU\_cQc_SYQT_c\eSQ^cec]UTQ\\Qc\QcSXQb\Qc°\Q
]Qi_bQTU\QcfUSUcbU\YWY_cQc°iQ\We^_cbUdYb_cUc`YbYdeQ\Uc]U^ceQ\Uc
S_^cdYdeQ^\_]vcbU\UfQ^dUTUce\QR_bTebQ^dU\_c`bY]Ub_cQ…_cTU
UhYcdU^SYQ!(' <eUW_cecQSdYfYTQTUccUTYfUbcYVYSQb_^S_^\QSbUQSY†^TU
ceSebcQ\UcU^`b_fY^SYQiTUe^S_^cUZ_QSQbW_TU\_cWbU]Y_c\_cQTXU
bU^dUcUbQ^_bWQ^YjQT_ccU`QbQTQ]U^dU`_b_VYSY_c1\]Yc]_dYU]`_
cUV_b]Qb_^TYfUbcQc²TU\UWQSY_^Uc³_S_]YcY_^UcU^SQbWQTQcTU\_cU^
VUb]_cTU\Q²`YUTQT³`bvSdYSQcbU\YWY_cQcTU\_cWbU]Y_cTU\QcSQZQc
TUQX_bb_TU\QU^cU…Q^jQUcSeU\Qc^_Sdeb^QcifUc`UbdY^QcTUbUSbUQ
SY†^iTU`b_`QWQ^TQ!('!

!(&(
9RYT
!(&)
8Ub^v^>‹…Uj3i:QY]UFYfQ^S_75\dbQRQZQT_bSQd†\YS_cec_bWQ^YjQSY_^Uc\QR_
bQ\Uci\QbU\QSY†^S_^ce9W\UcYQ!(& !)"'dUcYc`QbQ_`dQbQ\WbQT_TU<YSU^SYQT_U^8e]Q
^YTQTUcS_^]U^SY†^U^8Ycd_bYQE^YfUbcYTQTTU3XY\U6QSe\dQTTU6Y\_c_VQ8e]Q^Y
TQTUci5TeSQSY†^4U`QbdQ]U^d_TU8Ycd_bYQ!)((`vW%'
!('
²C_SYUTQTTU1bdUcQ^_cTUCQ^:_c}³5\=U^cQZUb_TU\@eUR\_CQ^dYQW_!#TUZe
^Y_TU!((%+²<_c?RbUb_cTUCQ^:_c}³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_"%TU]Qbj_TU
!(()+²C_SYUTQTTU?RbUb_cTUCQ^:_c}³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_!%TUQRbY\TU
!(()<_c5cdQded_cbUV_b]QT_cU^!((&iU^!(()]Q^defYUb_^\Q]Yc]Q_bYU^dQSY†^
F}QcU²5cdQded_cTU\QC_SYUTQTTU?RbUb_cTUCQ^:_c}³U^2_\Ud^5S\UcYvcdYS_d_]_9H
!¡TUU^Ub_TU!((#")TUU^Ub_TU!(('CQ^dYQW_!(('`vWc!!"#!!$(+²C_SYUTQT
TU?RbUb_cTUCQ^:_c}>eUf_c5cdQded_c`QbQ\QC_SYUTQTTUCQ^:_c}³U^2_\Ud^5S\UcYvc
dYS_d_]_H9F!()(!) CQ^dYQW_!) !`vWc#&&#'!
!('!
²5cdQded_cTU\QC_SYUTQTTU?RbUb_cTUCQ^:_c}³_`SYd+²C_SYUTQTTU?RbUb_c

&%%
 5cdQc_SYUTQTQ\YWeQ\aeU\Qc_dbQcSbUQTQc`_b\QQ\YQ^jQS\UbYSQ\
S_^cUbfQT_bQcU\UfQ^dQRQS_]_bYfQ\TU\Qc_bWQ^YjQSY_^UcTU_RbUb_ci
QbdUcQ^_cTUdU^TU^SYQ\QYSQ\YRUbQ\iTU]_SbvdYSQ>_UbQUhdbQ…_`_b
\_dQ^d_aeU`b_\YVUbQbQ^\_cQdQaeUc]ede_c5\`UbY†TYS_<QBQj†^
`_bdQf_jTU\Qc_bWQ^YjQSY_^Uc`_`e\QbUcTU\QS_bbYU^dU\QYSQi\YRUbQ\
UbQSQ\YVYSQT_`_be^_TU\_ccQSUbT_dUcaeUQ^Y]QRQ^\QC_SYUTQTTU?RbU
b_cTUCQ^:_c}S_]_²TYQbY_Y]`_`_bUhSU\U^SYQ³ !('"@_bce`QbdUU\TU
^_cdQT_`UbY†TYS_UcdYW]QdYjQRQ\Qc`b_SUcY_^UcaeU\QC_SYUTQTCQ^:_c}
_bWQ^YjQRQQ^_]RbUTU\_c²QbdUcQ^_cX_^bQT_ciSQd†\YS_cTUCQ^dYQW_³
SQ\YVYSv^T_\QcTU²S_]UTYQbYTSe\Q³iQcecY^c`YbQT_bUcTU²XY`†SbYdQc
aeUY^‹dY\Uc`QbQWQ^Qb\QfYTQS_^cec]Q^_cfYfU^TU\ceT_bQZU^_+
]UTbQ^S_^ceVY^WYTQfYbdeTiQ`QbU^dQ^Q\_c_Z_cTUcecQ]_ce^Q`YU
TQTaeUZQ]vcXQdU^YT_SQRYTQU^cecS_bQj_^UcU]`UTUb^YT_c³ !('#
5^\Qc`b_fY^SYQccUbU`UdQU\U^VbU^dQ]YU^d_U^dbU\Qc]edeQ\Uc
\QYSQciS\UbYSQ\UcQVQ^QTQcU^QdbQUbQcecVY\QcQ\_cdbQRQZQT_bUc5^3XY
\\v^`_bUZU]`\_\QV\Q]Q^dUC_SYUTQT3Qd†\YSQTU?RbUb_cUbQQdQSQTQU^
]Qi_TU!((#U^\QcS_\e]^QcTU\`UbY†TYS_bQTYSQ\<Q4YcSecY†^`_b²Q\
We^_cfUbTQTUb_cQbdUcQ^_c³aeUQVYb]QRQ^aeUU^\Q]edeQ\bU\YWY_cQ
²Q`U^QcVYWebQ^dbUc_SeQdb_QbdUcQ^_cbUQ\]U^dUdQ\Uc*\_cTU]vcc_^
`U_^Uc_WQ…Q^Uc³!('$
1`UcQbTUdQ\UcU]RUcdYTQciTU\QS_]`UdU^SYQTUcecbYfQ\Uc\Qc
c_SYUTQTUcSQd†\YSQcTU_RbUb_cUh`UbY]U^dQb_^SYUbd_TUcQbb_\\_Q`Qb
dYbTU]UTYQT_cTU\_cQ…_c_SXU^dQ8QSYQVY^UcTU!((%\QbUTTU_bWQ
^YjQSY_^UcSQd†\YSQciQS_^dQRQS_^cYUdUSbSe\_c`QbQ\_c_RbUb_ci\Q²Ze
fU^deTY^cdbeYTQ³QTU]vcTUfUY^dYT†c`UbY†TYS_cTU\_cSeQ\UccUYcUbQ^
TYQbY_c!('%IQe^aeUd_T_cUc_c†bWQ^_cTU`bU^cQ^_cUTYbYWQ^UhS\ecY
fQ]U^dUQ\_c_RbUb_ciQ\_c`_RbUcS_]`QbdQ^e^Q`bU_Se`QSY†^S_
]‹^`_b\Q²SeUcdY†^c_SYQ\³<QcQc_SYQSY_^UcSQd†\YSQcTU_RbUb_c`ecYU
b_^U\QSU^d_U^\_cY^dUbUcUc]QdUbYQ\Ucic_SYQ\UcTUcec]YU]Rb_c`QbQ
XQSUbVbU^dUQ\QS_]`UdU^SYQTU\Qcc_SYUTQTUc\QYSQc4UdQ\V_b]QaeU
U^CQ^dYQW_TUc`e}cTUSeQdb_Q…_cTUdbQRQZ_U\3bSe\_3Qd†\YS_TU?RbU
b_cTUCQ^d_4_]Y^W_TYbYWYT_`_bU\SebQ@UTb_:_c}9^VQ^dU\_Wb†Q
]UTYQT_cTU!(((Y^cdQ\QbdQ\\UbUcTUSQb`Y^dUbQU^e^QSQcQSUTYTQ`_b

TUCQ^:_c}>eUf_c5cdQded_c³_`SYd+²5cdQded_cTU\QC_SYUTQTTU?RbUb_cTUCQ^:_c}³
5\@b_WbUc_<QCUbU^Q!'"$i"'TU]Qi_TU!(()
!('"
²B_]UbQTUQbdUcQ^_cX_^bQT_c³<QBQj†^CQ^dYQW_!"TUcU`dYU]RbUTU!(($
!('#
9RYT
!('$
3QbdQVYb]QTQ`_b_`SYd<Q4YcSecY†^3XY\\v^")TU]Qi_TU!((#
!('%
²4YcSebc_QSUbSQTU\Q´E^Y†^3Qd†\YSQµ`b_^e^SYQT_U^\Q`bY]UbQcUcY†^TU\Q
7bQ^TU1cQ]R\UQSU\URbQTQU\!TU^_fYU]RbUTU!((%U^U\WbQ^TY_c_UTYVYSY_TU\3b
Se\_3Qd†\YS_TUCQ^dYQW_³U^1RT†^3YVeU^dUc3_\USSY†^TUTYcSebc_cTU1RT†^3YVeU^dUc
d_]_99CQ^dYQW_5cSeU\QDY`_WbvVYSQ²<Q7bQdYdeT>QSY_^Q\³!)!&`vW&#

&%&
\QcQed_bYTQTUcUS\UcYvcdYSQc<_cdQ\\UbUc°bUcUbfQT_cQ\_cQbdUcQ^_caeU
²Ze^d_S_^`UbdU^USUbQQ\We^QQc_SYQSY†^SQd†\YSQ³VeUcU^²TUfYTQQbbU
W\QTQ³°UcdQRQ^S_^SURYT_cS_]_e^²]UTY_TUQ`bU^TUbi`UbVUSSY_^Qb
cUU^Q\W‹^_VYSY_cY^S_bbUbbYUcW_TU`UbTYSY†^³ !('&
<QS_^SU`SY†^TU\_cSbSe\_cSQd†\YS_cTU_RbUb_cUh`eUcdQ`_b
1RT†^3YVeU^dUcU^U\TYcSebc_`b_^e^SYQT_U\!TU^_fYU]RbUTU!(($
U^\QcUcY†^TUQ`UbdebQTU\Q`bY]UbQ7bQ^1cQ]R\UQTU\QE^Y†^3Qd†\Y
SQ`_TbQcUbSQ\YVYSQTQTU²Y^dUWbQ\³@QbQU\`_\dYS_S_^cUbfQT_b*

E^3bSe\_Uce^`UaeU…_]e^T_T_^TUU\_RbU
b_TURUU^S_^dbQbSeQ^d_^USUcYdQ`QbQce]UZ_bQ]YU^
d_i`b_WbUc_*SQ`Y\\QiSQ`U\\v^`Ub]Q^U^dUce`QTbU
ce`b_dUSd_bQR^UWQT_+Y^cdbeSSY†^bU\YWY_cQiS_^WbUWQ
SY†^TU`YUTQT+UcSeU\Q^_Sdeb^QaeU\U`b_SebUd_T_
W}^Ub_TUY^cdbeSSY†^Q`b_`YQTQQcec^USUcYTQTUci
UcSeU\Q TYeb^Q `QbQ cec XYZ_c+ SQZQ TU QX_bb_c aeU \U
XQWQS_^dbQUb\_cXvRYd_cTU`bUfYcY†^iUS_^_]Q+S_^
VUbU^SYQCQ^FYSU^dUTU@Qe\UhS\ecYfQ]U^dUTUcdY^QTQ
QfYcYdQbic_S_bbUbQT_]YSY\Y_Q\_cc_SY_cU^VUb]_c+RY
R\Y_dUSQaeU\U`b_`_bSY_^U\USdebQ]_bQ\‹dY\iQ]U^Q+
U^VY^fQbYQTQciWbQdeYdQcTYcdbQSSY_^UcUc`USYQ\]U^dU
`QbQ\_cTQcVUcdYf_cQbbQ^Sv^T_\_QcTU\_c\eWQbUcTU
`UbTYSY†^!(''

5cdQ^_SY†^Y^dUWbQRQU\U]U^d_cSQbQSdUbcdYS_cTU\Qcc_SYUTQTUc
TUQbdUcQ^_c\QYSQc\YRUbQ\UciTU]_SbvdYSQcS_]_\QcUcSeU\Qc^_Sdeb
^Qc\QcSQZQcTUQX_bb_\QcQSdYfYTQTUcbUSbUQdYfQcZe^d_Q\_cS_]`_^U^
dUcd`YS_cTU\Q`_\dYSQdbQTYSY_^Q\TU\Q9W\UcYQXQSYQ\_c`_RbUcS_]_\Q
_RbQTUSQbYTQTTU\Q3_^VUbU^SYQCQ^FYSU^dUTU@Qe\5\UTYVYSY_TU\3bSe\_
3Qd†\YS_TU?RbUb_caeUS_^cdbeQU^!(('\QE^Y†^3Qd†\YSQU^U\3Q]Y^_
3Y^debQRQbbY_cebTUCQ^dYQW_i\_c_RZUdYf_caeU\UVYZQRQ^cecVe^TQ
T_bUcY\ecdbQRQ^RYU^TYSX_cY^SbUdYc]_*cQ\QcTURY\\QbcQ\_^UcTU\USde
bQiTUS_^VUbU^SYQcWY]^QcY_UdSTUcdY^QT_cQYb²TUcdUbbQ^T_TU\S_
bQj†^TUUc_cTUcWbQSYQT_cK_RbUb_cM\_c]Q\_cXvRYd_cS_^dbQT_cU^\Q
_SY_cYTQT³!('(
<QY^cdbeSSY†^]_bQ\ibU\YWY_cQUbQ\QUc`Y^QT_bcQ\TU\_cSbSe\_c
<_c4URUbUcTUe^_RbUb_]YU]Rb_TU\QcQc_SYQSY_^UcSQd†\YSQcUc`USYUTU²DQ
R\QcTU\Q<Ui³TUQaeU\\QcY^cdYdeSY_^UcUhYWQ^Qcec]YU]Rb_caeU
Se]`\YUbQ^²VYU\iS_^SYU^jeTQ]U^dU\_cTURUbUcaeUY]`_^U\QBU\Y

!('&
²DQ\\UbUcTU\3bSe\_3Qd†\YS_TU?RbUb_cTUCQ^d_4_]Y^W_³5\9^TU`U^TYU^dU
CQ^dYQW_'TUZe^Y_TU!(((
!(''
3YVeU^dUc²4YcSebc_`b_^e^SYQT_U\!TU^_fYU]RbUTU!(($³_`SYd`vW$"
!('(
²3bSe\_TU?RbUb_c³5\9^TU`U^TYU^dUCQ^dYQW_%TUZe^Y_TU!(('

&%'
WY†^³i\UcbUS_]U^TQRQ^\\UfQbe^Q²fYTQX_^bQTQiSbYcdYQ^Q³UcV_bjQb
cU`_bTUcQbb_\\QbceY^cdbeSSY†^bU\YWY_cQX_^bQbce_VYSY_i\QS_^TYSY†^
U^\QaeU4Y_c\_cXQRQS_\_SQT_dU]UbQ4Y_ciX_^bQbQcecce`UbY_bUc
cUbReU^_cSYeTQTQ^_c`eb_cSQcd_cc_RbY_cdU]`\QT_cS_bdUcUciQdU^
d_ci`bQSdYSQb\QSQbYTQT !(')1cU\`bY]Ub_RZUdYf_TU\Q]vcY]`_bdQ^dU
c_SYUTQTSQd†\YSQTU_RbUb_c°\QTUCQ^:_c}°S_^cYcdQU^\Q²cQ^dYVYSQSY†^
TUcec]YU]Rb_c`_b]UTY_TU\QY]YdQSY†^TU\QcfYbdeTUcTUceCQ^d_
`b_dUSd_b³!(( 
<Qc`bY^SY`Q\Uc`bU_Se`QSY_^UcTU\_cSbSe\_ccUbUV\UZQRQ^U^U\
_bTU^TU\Qc`bY_bYTQTUc]QdUbYQ\UcTUcec\_SQ\Uc*\Qc`bY]UbQc`YUjQcaeU
d_T_SbSe\_TURQdU^UbUbQ^e^_bQd_bY_`QbQU\Se]`\Y]YU^d_TU\_c
TURUbUcbU\YWY_c_cie^QUcSeU\Q`QbQY]`QbdYb\QY^cdbeSSY†^TYQbYQiS_^
VUbU^SYQc`_`e\QbUc<QcTU`U^TU^SYQcTUcdY^QTQcQ\Qc²TYfUbcY_^UcX_
^UcdQc³cYRYU^Y]`_bdQ^dUcUbQ^U^TUVY^YdYfQcUSe^TQbYQc5\_bQd_bY_
UbQS_^cYTUbQT_S_]_\Q²cQfYQ³TU\SbSe\_ceUcU^SYQ+\QUcSeU\QS_]_
U\Y^cdbe]U^d_S_^U\SeQ\QTU]vcTU\QcS\QcUcTU\USdebQiUcSbYdebQ
`_TQ^_bWQ^YjQbcUS_^VUbU^SYQc`_`e\QbUc²c_RbU\_c`e^d_cTUBU\YWY†^
]vcQdQSQT_cc_RbU\Qc^_SY_^UcXYcd†bYSQc]vcVbUSeU^dU]U^dUQTe\dU
bQTQc`_b\QY]`YUTQTc_RbUUS_^_]Q`_\dYSQiT_]}cdYSQU^Qb]_^Q
S_^U\3Qd_\YSYc]_UdS}dUbQ³!((!
<_cSbSe\_cTU_RbUb_cSQd†\YS_cUcdQRQ^S_^SURYT_cS_]_e^QVQ
\Q^WUTUS_]RQdUbU\QdYfQ]U^dUU\YdYcdQTYbYWYTQS_^dbQ\_cU^U]YW_cTU
\QbU\YWY†^*²>_cU_cUhYZUaeUcUvYc]eSX_KcMcY^_aeUcUvYcReU^_c³
`bUTYSQRQ^cecQ^Y]QT_bUcQ\_cdbQRQZQT_bUc4UUcdQ]Q^UbQSQTQSb
Se\_\\UWQbQQcUb²e^fUbTQTUb_V_S_TUY\ecdbQSY†^iTU]_fY\YjQSY†^
`_`e\Qbe^`Ub`Ude_Q^dQW_^YcdQTU\S\eRe^cU]Y\\Ub_TUVQ]Y\YQccQ
^QcX_^bQTQciSbYcdYQ^Qc³!(("
3_]_cUQ`bUSYQbv\Qc]edeQ\UcSQd†\YSQcS_]`QbdQ^e^QcUbYUTU
`bY^SY`Y_cS_^\QcTUdY`_\QYS_*U\QVv^]_bQ\YjQT_bTU\`eUR\_\Q`b_RY
TQT\Q`bvSdYSQTU\QS__`UbQSY†^S_]_]UTY_TU]UZ_bQ]YU^d_TU\Q
S_^TYSY†^]QdUbYQ\TU\_cdbQRQZQT_bUcUbQ^U\S_]‹^TU^_]Y^QT_bTU
\Q]edeQ\YTQT<QS_^dbQTYSSY†^`bY^SY`Q\U^dbUU\\QccUTUbYfQRQTU\Q
VbQSdebQU^dbU\QYSYTQTibU\YWY_cYTQT*U^cU…Q^jQbU\YWY_cQfUbcecY\ecdbQ
SY†^`YUTQTS_^dbQ]_bQ\RebWeUcQ_RUTYU^SYQice]YcY†^fUbcecQe

!(')
²4URUbUcTUe^_RbUb_]YU]Rb_TU\QcQc_SYQSY_^UcSQd†\YSQc³5\=U^cQZUb_TU\
@eUR\_CQ^dYQW_"#TUVURbUb_TU!(($
!((
²5cdQded_cTU\QC_SYUTQTTU?RbUb_cTUCQ^:_c}³_`SYd1`QbdYbTU\QbUV_b]Q
UcdQdedQbYQTU!(()\_c_RZUdYf_c²]e^TQ^_c³Ucd_Uc]edeQ\YcdQcQTaeYbYUb_^]Qi_b
bU\YUfUVYZv^T_cUS_]__RZUdYf_c²\QcQdYcVQSSY†^\Q]_bQ\YTQTiU\RYU^UcdQbTU\QS\QcU
_RbUbQ]UTYQ^dU\Q`bvSdYSQTU\QbU\YWY†^iU\c_S_bb_]ede_U^\Qc^USUcYTQTUc]vcQ`bU
]YQ^dUcTU\QfYTQ³²C_SYUTQTTU?RbUb_cTUCQ^:_c}>eUf_c5cdQded_c³_`SYd`vW
#&&
!((!
²1\_c_RbUb_c³5\=U^cQZUb_TU\@eUR\_CQ^dYQW_!$TUVURbUb_TU!((&
!(("
9RYT

&%(
d_ce`UbQSY†^i]UZ_bQ]YU^d_c_SYQ\UbQ^Q\We^QcTU\Qc]Q^YVUcdQSY_^Uc
TUce_`_cYSY†^
?dbQTYVUbU^SYQdbQcSU^TU^dQ\UbQ\QbU\QSY_^QTQS_^U\]_T_TU
Ve^SY_^Q]YU^d_<QTU]_SbQSYQY^dUb^QUbQ\Q^_b]QWU^UbQ\U^\Qc_b
WQ^YjQSY_^Uc\QYSQciU\`b_dQW_^Yc]_bUSQQWU^UbQ\]U^dUU^\_c`b_
`Y_cdbQRQZQT_bUc<QcQc_SYQSY_^UcSQd†\YSQcTU_RbUb_cS_^cdYdeQ^U^
SQ]RY_e^]_TU\_²c_RbU`b_dUWYT_³`QdUb^Q\YcdQiZUbQbaeYjQT_TUY^
dUbfU^SY†^TU\QU\YdUU^U\]e^T_`_`e\Qb!((#<_cdbQRQZQT_bUcaeUQT
XUbQ^QUcdQcY^cdYdeSY_^UcSQbUSQ^TU\Q]vcU\U]U^dQ\Qed_^_]Qi
SQ`QSYTQTTUY^SYTYbU^ce_bYU^dQSY†^<QTU`U^TU^SYQTU}cd_cbUc`US
d_TU\_cSebQciSQRQ\\Ub_cUbQd_dQ\>_c†\_`_baeU\QY^YSYQdYfQTU\Q
SbUQSY†^TU\Qcc_SYUTQTUc_SbSe\_cTU_RbUb_cSQd†\YS_cbUSQQcYU]`bU
U^\_ccQSUbT_dUciU^\_c²`USX_…_c³TU\QcS\QcUcce`UbY_bUccY^_`_b
aeUQTU]vc\QcTYc`_cYSY_^UcUcdQdedQbYQcTUUcdQcQc_SYQSY_^UcWQbQ^dY
jQRQ^U\S_^db_\TU\_cS\}bYW_ciTU\_cY^TYfYTe_cTUQ\d_bQ^W_c_SYQ\
1c`_bUZU]`\_\_cUcdQded_cTU\QC_SYUTQTTU?RbUb_cTUCQ^:_c}UcdQR\U
SQ^aeU\_cSQbW_cTUTYbUSd_bWU^UbQ\ZUVUce`UbY_bTU\Qc_SYUTQT
fYSUTYbUSd_biTUTYbUSd_bUcTUcUSSY†^TURQ^cUb_Se`QT_c`_bcQSUbT_
dUcC†\_`_TQ^cUbTUcU]`U…QT_c`_b\QYS_c\_c`eUcd_cTU`bUcYTU^dU
fYSU`bUcYTU^dUcUSbUdQbY_`bUcYTU^dUcTUcUSSY†^iTUWbU]Y_cQ]}^TU
_db_cTU]U^_bY]`_bdQ^SYQ !(($@Ub_Y^S\ec_\_cTYbUSd_bUcTUcUSSY†^
TURQ^cUbS\}bYW_cUcdQR\USY}^T_cUaeUU\`bU\QT_`_TQTUcYW^Qb²e^
fYSUTYbUSd_bie^SQ`U\\v^cUW‹^\Qc^USUcYTQTUcTU\QcUSSY†^³!((%BUV_b
jQ^T_]vcQ‹^\Q_bYU^dQSY†^fUbdYSQ\YcdQiU\S_^db_\S\UbYSQ\_db_Qbd
Se\_TU\_cUcdQded_cTYc`_^QaeU*

D_T_c\_cUS\UcYvcdYS_cU]`\UQT_cTU\Qc_SYUTQT
c_^^_]RbQT_cTYbUSdQ]U^dU`_bU\_bTY^QbY_US\UcYvc
dYS_iTebQ^U^cecVe^SY_^UcdbUcQ…_c<_c_db_c]YU]
Rb_cTU\4YbUSd_bY_c_^^_]RbQT_cQ^eQ\]U^dUU^U\
]UcTUcU`dYU]RbU`_b\Q]Yc]QQed_bYTQTQaeYU^U\
4YbUSd_b7U^UbQ\\U`bUcU^dQbve^Q\YcdQTU\Qc`Ubc_^Qc
aeUS_^cYTUbU]vcQ`dQc`QbQ\_cTUcdY^_c+`Ub_\_c`bU
cYTU^dUcTUcUSSY†^iTUWbU]Y_cc_^^_]RbQT_cQ^eQ\
]U^dU`_bU\TYbUSd_bU^U\]Yc]_]Uc!((&

@QbQbU]QSXQbU\cYcdU]QTUcUWebYTQTUhYcdU^dUQ\Y^dUbY_bTU\Q

!((#
5\S_^SU`d_TU]_TU\_²c_RbU`b_dUWYT_³`QbQU\]edeQ\Yc]_SQd†\YS_TUSY]_
^†^YS_XQcYT_QSe…QT_`_b=_^dUb_iTUFUWQU^ceSQbQSdUbYjQSY†^TU\SQc_Uc`Q…_\?`
SYd`vWc$&#$&%
!(($
²5cdQded_cTU\QC_SYUTQTTU?RbUb_cTUCQ^:_c}³_`SYdQbdSe\_!"
!((%
?`SYdQbdSe\_!)
!((&
?`SYdQbdSe\_!#

&%)
C_SYUTQTTU?RbUb_cTUCQ^:_c}U\cQSUbT_dUaeU_Se`QRQU\`eUcd_TUTY
bUSd_bWU^UbQ\U^dbUcec^e]Ub_cQc`bUbb_WQdYfQcUhS\ecYfQcTYc`_^Q\Q
TU²cec`U^TUb\_cQSeUbT_cTU\4YbUSd_bY__3_^cUZ_cYU]`bUaeU\_c
S_^cYTUbU`UbZeTYSYQ\UcQ\_cY^dUbUcUcTU\QC_SYUTQT]YU^dbQcS_^ce\dQ
Q\_bTY^QbY_TY_SUcYQ^_³!(('
3_]_UcVvSY\TUce`_^UbS_^dQ\UcbUcWeQbT_c\QXUWU]_^QTU\_c
SebQciSQRQ\\Ub_cUcdQRQRYU^QcUWebQTQ<_cdbQRQZQT_bUc`_TQ^Q`_b
dQbce^‹]Ub_cecUc`UbQ^jQciceVU`Ub_ZQ]vce^`b_dQW_^Yc]_bUc
`USd_TU\QcSeUcdY_^Uc]vcdbQcSU^TU^dQ\UciQaeUU^U\]_fY]YU^d_
]edeQ\YcdQSQd†\YS_U\\_UbQUcdQdedQbYQ]U^dUY]`_cYR\U@Ub_^_cUdbQdQ
RQTUe^Q]UbQUcdbQdUWYQTUS_^db_\fUbdYSQ\TU\Q_bWQ^YjQSY†^iQaeUU\
]_T_TUVe^SY_^Q]YU^d_UbQ`UbVUSdQ]U^dUS_XUbU^dUS_^\QS_^SU`
SY†^`QdUb^Q\YcdQi_\YWvbaeYSQTU\SQd_\YSYc]_TUSY]_^†^YS_

5 < 3B539=95>D? 45 <1C 1C?39139?>5C 31DÉ<931C 45 ?2B5B?C I <1

5H135B2139É> 45 <1 3?=@5D5>391 5>DB5 31DÉ<93?C I <193?C 5> 5<
C5>? 45 <1 3<1C5 ?2B5B1 I 45< 1BD5C1>14?

<QY^V\eU^SYQTU\_cSbSe\_cSQd†\YS_cTU_RbUb_c^_VeU^QTQTUc`bUSYQ
R\UQ`QbdYbTU]UTYQT_cTU\_cQ…_c_SXU^dQ1`UcQbTU\US\Y`cUTUVY^YdY
f_TU\QE^Y†^3Qd†\YSQU^!(('\_cS_^cUbfQT_bUciU\S\Ub_S_^dY^eQb_^
bUQ\YjQ^T_e^dbQRQZ_U^TYbUSSY†^TU\Qc]QcQcdbQRQZQT_bQcU^S_]`U
dU^SYQS_^\QcS_bbYU^dUc\YRUbQ\UciTU]_SbvdYSQc`bY]Ub_i\eUW_S_^
\QcdU^TU^SYQcTU]_SbvdYSQcc_SYQ\YcdQciQ^QbaeYcdQc5cQ\QR_b\_Wb†
QW\edY^QbU^d_b^_Q\Q9W\UcYQi\_cS_^cUbfQT_bUcQe^QVbQSSY†^TU\QS\Q
cU_RbUbQiTU\QbdUcQ^QT_aeUU^SYUbdQcS_ie^debQc`_\dYSQcUbQ]_fY\Y
jQTQS_^dbQU\\YRUbQ\Yc]_icec`b_iUSd_ci]UTYTQcTU\QYSYjQSY†^TU\
5cdQT_1cVeUS_]_U^bUc`eUcdQQdQ\Uc]UTYTQc\_ccUSd_bUcSQd†\YS_°
S_^cUbfQT_bUc_bWQ^YjQb_^U^!(($i!((%e^QcUbYUTU]Q^YVUcdQSY_^Uc
`‹R\YSQccYU^T_\Q]vcY]`_bdQ^dUTUU\\Qce^QaeUdef_\eWQbU^CQ^dYQ
W_U\!!TUU^Ub_TU!((%iU^\QaeU`QbdYSY`Qb_^²]Y\aeY^YU^d_c_RbU
b_c³cUW‹^cec`b_]_d_bUc!(((
<QS_]`UdU^SYQU^dbU\QcQc_SYQSY_^UcSQd†\YSQci\QYSQc`_bS_^aeYc
dQbU\Q`_i_TU\_cdbQRQZQT_bUccUQSU^de†QbQjTU\QcbUV_b]Qc\QYSQc
TU\\YRUbQ\Yc]_S_]_aeUT†bUV\UZQT_U^\_cQdQaeUcaeUQ]R_cSQ]`_c
cU\Q^jQRQ^QdbQf}cTUcec`UbY†TYS_c<_cSbSe\_cSQd†\YS_c\\UWQb_^Q
TYc`edQb\UccecQTXUbU^dUcQ\Qc_bWQ^YjQSY_^Uc`_`e\QbUc\QYSQc`b_Te
SY}^T_cUY^S\ec_SQc_cTUT_R\U`UbdU^U^SYQQY^cdYdeSY_^UcS_]_\Q

!(('
?`SYdQbdSe\_$#
!(((
²=Y\aeY^YU^d_c_RbUb_c_\QVQbcQS\UbYSQ\³<QBQj†^CQ^dYQW_!$TUU^Ub_TU
!((%

&&
C_SYUTQTTU1bdUcQ^_c²<QE^Y†^³TUCQ^dYQW_i\QC_SYUTQTTU1bdUcQ^_cTUCQ^
:_c}!(()
5^_dbQc_SQcY_^Uc\QcY^YSYQdYfQcSQd†\YS_°S_^cUbfQT_bQcUbQ^Q‹^
]vcYbbYdQ^dUc`QbQ\QcQc_SYQSY_^Uc]edeQ\YcdQc\QYSQc4UUcdU]_T_
SeQ^T_\QcS_cdebUbQcTUFQ\`QbQc_Ve^TQb_^U^!(('\Q`bY]UbQc_SYU
TQT]edeQ\YcdQVU]U^Y^QTU\`QcQ\We^_ccQSUbT_dUc\QcSbYdYSQb_^Te
bQ]U^dUSbUQ^T_\eUW_e^QC_SYUTQTTU?RbUbQc3Qd†\YSQc!() 9WeQ\]U^dU
\QQSdYdeTTUQRYUbdQS_\QR_bQSY†^S_^\_c`Qdb_^UcTU\_cSbSe\_cSQd†\Y
S_cTU_RbUb_cbUV_bjQRQ\QQ^Y]_cYTQTaeU\Uc`b_VUcQRQ^\Qc_bWQ^YjQ
SY_^Uc\QYSQcTUdbQRQZQT_bUc>_UbQUhdbQ…_aeU\_c]YU]Rb_cTU\QcQc_
SYQSY_^UcS\UbYSQ\UccYWeYU^T_\Qc_bYU^dQSY_^UcTUcecTYbYWU^dUcQSdeQ
cU^S_]_b_]`UXeU\WQc1cU^Ze\Y_TU!(((Q\`b_TeSYbcU\QXeU\WQTU
\_cdY`†WbQV_cTU\QSQ`YdQ\\_c`_S_cdbQRQZQT_bUc]U^_cTUe^QT_SU
^QaeU`UbdU^USQ^Q\3bSe\_3Qd†\YS_TU?RbUb_cTUCQ^d_4_]Y^W_^_c†\_
`Ub]Q^USYUb_^²VYb]UcU^cec`eUcd_cSe]`\YU^T_bUc`Ude_cQ]U^dUce
TURUb³+dQ]RY}^QieTQb_^QXQSUbVe^SY_^Qb\QY]`bU^dQTU5\5cdQ^TQbdU
3Qd†\YS_QVUSdQTQ`_bU\S_^V\YSd_ !()!IQe^aeUU\SebQ@UTb_:_c}9^VQ^
dUaeUTYbYWQQ\3bSe\_bUS_^_SQaeUcecUcVeUbj_cTebQ^dUSeQdb_
Q…_ci]UTY_`_b_RdU^UbU\²bUcdQR\USY]YU^d_TU\dbQRQZ_SbYcdYQ^_³XQ
RQ^cYT_SQcYY^‹dY\Uc^_bU^e^SYQRQQce_RZUdYf_TUY^cdQebQbe^S\Y]Q
TUS__`UbQSY†^iTUVbQdUb^YTQTSbYcdYQ^QU^dbU\_c`Qdb_^Uci\_c_RbU
b_c9^VQ^dUUh`bUcQRQTU\QcYWeYU^dU]Q^UbQ\_c`bY^SY`Y_caeUWeYQRQ^
ceQSSY†^TUQSeUbT_Q\Q\^UQdbQjQTQQ^dUbY_b]U^dU`_b\QE^Y†^3Qd†
\YSQ*

>USUcQbY_UcTUcdbeYbUcUQ^dQW_^Yc]_aeUUhYcdU
U^dbUU\_RbUb_iU\`Qdb†^iXQSUbaeU}cdUcUQ`QbQ}\
e^`QTbUaeUfU\U`_bcecY^dUbUcUc]QdUbYQ\UcY^dU\US
deQ\Uci]_bQ\UcAeU\_cWbU]Y_cTU\_cTYcdY^d_c_VYSY_c
cUV_b]U^U^e^QY^cdYdeSY†^SQd†\YSQQ\Qc_]RbQTU\

!(()
1VY^UcTU!((%<QBQj†^TU^e^SYQRQU\SQc_TU\dbQRQZQT_b@QdbYSY_8UbbUbQbU
SYU^dU]U^dUVQ\\USYT_U\SeQ\XQRQ`UbdU^USYT_²S_]__RbUb_TU`bY^SY`Y_ciTUSbUU^
SYQcQe^]Yc]_dYU]`_Q\QC_SYUTQTTU1bdUcQ^_c²<QE^Y†^³iQ<QE^Y†^TUCQ^:_c}³
5^S_^dbv^T_cUU^VUb]_bUSebbY†`bY]Ub_Q\Qc_SYUTQTSQd†\YSQT_^TUbUSYRY†QieTQ
]QdUbYQ\TebQ^dUT_cTQc@_cdUbY_b]U^dUcUW‹^\QfUbcY†^TU\]Yc]_`UbY†TYS_cUTYbY
WY†Q²<QE^Y†^³\QaeU\_Q`_i†XQcdQce]eUbdU²<QC_SYUTQTTU1bdUcQ^_cTU´CQ^:_c}µ
Y\_aeU`b_]UdU³<QBQj†^CQ^dYQW_#TUTYSYU]RbUTU!(($1e^SeQ^T_^_^_cXQcYT_
`_cYR\USeQ^dYVYSQb\QT_R\U]Y\YdQ^SYQU^\Qc]edeQ\Uc\QYSQciS_^VUcY_^Q\UcS_^dU]`_
bv^UQ]U^dUUcdUVU^†]U^_`_TbQceWUbYbaeUU^\QRQcU\QbYfQ\YTQTUbQ]U^_cQSU^deQ
TQaeUU^\QcS‹`e\QcTYbYWU^dUciaeUe^cU^dYT_`bvSdYS__RdU^SY†^TURU^UVYSY_c]Q
dUbYQ\Uc\\UfQRQQQ\We^_cdbQRQZQT_bUcQQTXUbYbY^TYcdY^dQ]U^dUQe^Qe_dbQ_bWQ^YjQ
SY†^_QQ]RQcQ\]Yc]_dYU]`_
!()
BQ]bUj>US_SXUQ8Ycd_bYQ_`SYd`vW"'#
!()!
3QbdQTU@UTb_:_c}9^VQ^dUQ\4YbUSd_bTU5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_Ze\Y_
!(TU!(((5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_"$TUZe\Y_TU!(((

&&!
 dU]`\_T_^TUU^SeU^dbQU\_RbUb_e^X_WQbSbYcdYQ^_i
S_]`Q…Ub_caeU`QbdYSY`U^TUcecS_^ceU\_ciTUcec
Q]QbWebQci^_U^UcQcc_SYUTQTUc\QYSQcU^aeU`_b\_
]U^_cbUY^Qe^Uc`bYdeTUd_dQ\Y^TYVUbU^SYQU^\_aeU
bUc`USdQQ\_cY^dUbUcUcTU\Q\]QiaeU`QbQc_S_bbUbQcec
S_^c_SY_ccUY^c`YbQ^U^\_ccU^dY]YU^d_cXe]Q^_cTUVY
\Q^db_`Qi^_U^\_cfUbTQTUb_cTU\QSQbYTQTSbYcdYQ^Q
c_SYUTQTUc d_TQc Sei_c UcdQded_c \Uc `b_XYRU^ Q cec
]YU]Rb_cXQR\QbTUbU\YWY†^S_]_cYcUdbQdQcUTUe^
`eUR\_QdU_!()"

<_cY^c`YbQT_bUcTU\_cSbSe\_cSQd†\YS_c^_^UWQRQ^U\TUbUSX_Q
XeU\WQ@_bU\S_^dbQbY_Q`_iQRQ^QaeU\aeU²cUTUbYfQY^]UTYQdQ]U^dU
TU\Q\YRUbdQTY^TYfYTeQ\iUcdQ^cQWbQT_S_]_U\\Q³`Ub_Q\YWeQ\aeUU\
S_^Ze^d_TU\Q_`Y^Y†^S_^cUbfQT_bQQVYb]QRQ^aeUcYU^T_Ucd_²dQ^Zec
d_U^dU_bQUcY^S_^TeSU^dUU^\Q`bvSdYSQ³iQaeU\QcXeU\WQcQSQbbUQ
RQ^^UVQcdQcS_^cUSeU^SYQc`QbQ\_c_RbUb_c`b_f_SQ^T_U\Qe]U^d_TU
\_c`bUSY_ciU\SYUbbUTU\QcVvRbYSQc !()#BUS_^_SYU^T_\QUh`\_dQSY†^aeU
ceVbQ^\_cdbQRQZQT_bUcTUVU^TYU^T_ceTUbUSX_Q\TUcSQ^c_T_]Y^Y
SQ\!()$iTU^e^SYQ^T_U^SYUbdQc_SQcY_^UccecTebQcS_^TYSY_^UcTUdbQ
RQZ_\_c`_bdQf_SUcTU\Q9W\UcYQQdbYReQ^²UcdQ]Q^UbQTUdbQdQbQ\_c
_RbUb_c³Q\²`QWQ^Yc]_]_TUb^_aeUY^fQTU\_c`eUR\_cSYfY\YjQT_c³!()%
@QbQ\_cQSdYfYcdQcSQd†\YS_cU\_bYWU^TU\]Q\cUU^S_^dbQRQU^\QceRcdY
deSY†^TU\QcU^cU…Q^jQcSbYcdYQ^Qc`_b\Q²SYU^SYQ`QWQ^Q]_TUb^Q³TU
dY`_]QdUbYQ\YcdQaeUS_^cYTUbQRQidbQdQRQQ\_cdbQRQZQT_bUcS_]_]v
aeY^QcTU\QcSeQ\UcXQRQaeUcQSQbU\]Qi_bRU^UVYSY_`_cYR\U<Q²cU
We^TQ`QbdUTU\QQ`\YSQSY†^TU\QSYU^SYQ`QWQ^Q]_TUb^Q³cUbQcUW‹^
QaeU\Q^v\YcYc\QceR\UfQSY†^TU\_c_RbUb_ciTU\_c`_RbUcS_^dbQcec
_`bUc_bUc4UQ\\U^d_^SUc\QQ]U^QjQTU\c_SYQ\Yc]_S_^dbQ\QaeU\_c
SQd†\YS_cTURQ^\eSXQb]Q^dU^Y}^T_cUVYU\UcQ\QcU^cU…Q^jQcTU\SbYc
dYQ^Yc]_!()&5\]UZ_bQ]YU^d_TU\QS_^TYSY†^_RbUbQbUce\dQbQ`_bdQ^
d_TU\QQ`\YSQSY†^TUdQ\UcU^cU…Q^jQcdQ^d_`_b\_c`Qdb_^UcS_]_`_b
\_c_RbUb_cTU\QUTeSQSY†^TU\Q]_bQ\YjQSY†^iTU\QUfQ^WU\YjQSY†^
TU\_cdbQRQZQT_bUc]UTYQ^dU\QS__`UbQSY†^\QY^cdbeSSY†^i\QbUSbUQ
SY†^SbYcdYQ^QS_]_Q\dUb^QdYfQQ\`U\YWb_TU\Q\eSXQTUS\QcUc
<QX_cdY\YTQTU^dbU\_cTYbYWU^dUcTU\QcQc_SYQSY_^Uc\QYSQciSQd†\Y
SQcTUdbQRQZQT_bUc^_TYc]Y^ei†S_^\QUhdY^SY†^`Qe\QdY^QTU\Qc²\e

!()"
9RYT
!()#
²<QcXeU\WQc³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_! TUZe\Y_TU!(((
!()$
²5\TUcSQ^c_TU\_RbUb_Q^dUU\ReU^cU^dYT_TU\dbQRQZQT_b³5\=U^cQZUb_TU\
@eUR\_CQ^dYQW_!%TU^_fYU]RbUTU!('#
!()%
²<QS\QcU_RbUbQ³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_!#TUZe\Y_TU!(((
!()&
9RYT

&&"
SXQcbU\YWY_cQc³D_T_Y^TYSQaeUU\S\Y]QTUQ^Y]_cYTQTcU]Q^def_
TebQ^dU\QbW_cQ…_c5^cU`dYU]RbUTU!()$SeQ^T_U\SebQBQ]†^Â^
WU\:QbQY^QeWeb†U^FQ\`QbQc_ceC_SYUTQTE^Y†^C_SYQ\TU?bTU^iDbQRQ
Z_Wbe`_cTU_RbUb_c`UbdU^USYU^dUcQ_bWQ^YjQSY_^Uc\QYSQc_bWQ^YjQ
b_^e^Q]Q^YVUcdQSY†^TU`b_dUcdQQ\QU^dbQTQTU\dUQdb_U^U\aeUcU
SU\URbQRQU\QSd_Ve^TQSY_^Q\ !()'5^!) "U^U\SeQTb_TU\QY^fUcdYWQ
SY†^aeU\_c\\UfQbQQUcSbYRYbce=_^_WbQVQTUe^QVQ]Y\YQ_RbUbQTUCQ^
dYQW_7eY\\Ub]_5ijQWeYbbUB_ecUi:_bWU5bbvjebYjDQW\UcU`ecYUb_^
U^S_^dQSd_S_^²\Qc]vcS_^cSYU^dUci`bUcdYWY_cQcSQRUjQcTU\c_SYQ\Yc
]__RbUb_³aeYU^Uc\UcY^TYSQb_^aeU\QcU^cU…Q^jQcbU\YWY_cQc^_S_
Y^SYTQ^S_^\_aeU\QSe\debQTU\Q}`_SQQ`_bdQRQQ\QS\QcU_RbUbQ
S_]`Qbv^T_\Qc]vcRYU^S_^\_aeUcUTQRQU^U\`QcQT_Q\²Q^dYWe_
`eUR\_ Y^S_^cSYU^dU³ !()( <_c ]Yc]_c \TUbUc TUS\QbQb_^ `bUVUbYb e^Q
fUbTQTUbQ TYVecY†^ TU \_c `bUSU`d_c ]_bQ\Uc U^dbU \_c dbQRQZQT_bUc i
]U^_c `bvSdYSQc bU\YWY_cQc ]Q^YVUcdQ^T_ Q\ bUc`USd_ Q^dY`QdQ `_b \Q
C_SYUTQTTU?RbUb_cTUCQ^:_c}!())
4ebQ^dU\Q‹\dY]QT}SQTQTU\cYW\_H9H\Q`b_`QWQ^TQi\QQWYdQSY†^
^UdQ]U^dUQ^dYc_SYQ\YcdQTU\Q9W\UcYQ3Qd†\YSQiTU\Qc_bWQ^YjQSY_^Uc
RQZ_ceS_^db_\_Y^V\eU^SYQWQ^Qb_^dUbbU^_bUc`USd_TU\QQWYdQSY†^i
`b_`QWQ^TQQ^dY\QYSQiQ^dY\YRUbQ\TU\QT}SQTQQ^dUbY_b5\!(TUcU`dYU]
RbUTU!()!U\Qbj_RYc`_TUCQ^dYQW_=QbYQ^_3QcQ^_fQTY_QS_^_SUb
e^Q`Qcd_bQ\S_]U^dQ^T_\QU^SS\YSQBUbe]>_fQbe]U^\QaeUbUd_]†
\_c`bY^SY`Q\UcQbWe]U^d_cQ^dYc_SYQ\YcdQcTU\T_Se]U^d_`Q`Q\ !) >_
`Qc†]eSX_dYU]`_`QbQaeUU\ZUVUTU\Q9W\UcYQSXY\U^Qf_\fYUbQQ\QSQb
WQ5\"#TUQRbY\TU!()#3QcQ^_fQ`eR\YS†e^Q`Qcd_bQ\fY_\U^dQ]U^dU
Q^dYc_SYQ\YcdQU^\QaeUTU^e^SY†\Q`b_`QWQ^TQTUUcQS_bbYU^dUU^\Q
S\QcU_RbUbQiS_]RQdY†\_c`bY^SY`Y_cTUceT_SdbY^Q=_^cU…_b3QcQ^_
fQUcdYW]QdYj†\_c`_cde\QT_cc_SYQ\YcdQcceRbQiQ^T_aeU\QQR_\YSY†^TU
\Q`b_`YUTQT`bYfQTQ²dbQUbQS_^cYW_\QbeY^QTU\Qc_SYUTQTdQ\S_]_
4Y_c\QXQUcdQR\USYT_³²5^UVUSd_°QWbUWQRQU\`bU\QT_°\QS_]`\UdQ
S_]e^YTQTTU\_cRYU^UcTUV_bde^QTUcdbeYbQ\QTUcYWeQ\TQTTUS_^TY
SY_^Ucc_SYQ\UcU^aeUcUVe^TQ\Qc_SYUTQT³ !) !<QTYfYcY†^TU\Qc_SYUTQT

!()'
9^V_b]QSY_^Uc`eR\YSQTQc`_b5\=UbSebY_TUFQ\`QbQc_U^cecUTYSY_^UcTU\#i
$TUcU`dYU]RbUTU!()$3YdQTQc`_b:eQ^4YTYUb<QcQc_SYQSY_^UcTU_RbUb_cSQd†\YS_ciU\`b_
R\U]QTU\QfYfYU^TQ*\QE^Y†^C_SYQ\?bTU^iDbQRQZ_i\Q@_R\QSY†^?RbUbQTU<QE^Y†^FQ\`Q
bQc_E^YfUbcYTQT3Qd†\YSQTUFQ\`QbQc_9^cdYded_TU8Ycd_bYQ@b_WbQ]QTU=QWYcdUbU^
8Ycd_bYQCU]Y^QbY_TU8Ycd_bYQ5S_^†]YSQiC_SYQ\!))&Y^}TYd_`vW(
!()(
5ijQWeYbbUi5bbvjebYj_`SYd`vW&$
!())
9RYT
!)
²@Qcd_bQ\aeUU\9\\]_iBf]_cU…_bT_Sd_bT_^=QbYQ^_3QcQ^_fQQbj_RYc`_
TUCQ^dYQW_TU3XY\UTYbYWUQ\S\Ub_YVYU\UcQ\`eR\YSQb\Q5^SS\YSQTU^eUcdb_cQ^dcY]_
`QTbU<U†^H999c_RbU\QS_^TYSY†^TU\_c_RbUb_c³5\@_bfU^YbCQ^dYQW_"$TUcU`dYU]
RbUTU!()!5cdUT_Se]U^d_cUU^SeU^dbQbU`b_TeSYT_Y^UhdU^c_U^7bUj<Q²SeUcdY†^c_
SYQ\³_`SYd`vWc#')#('
!) !
@Qcd_bQ\aeUU\9\\]_iB]_Cb4b=QbYQ^_3QcQ^_fQQbj_RYc`_TUCQ^dYQW_TU3XY\U

&&#
U^S\QcUcc_SYQ\UcU^bYS_ci`_RbUcUbQS_^cYTUbQTQ`_bU\ZUVUTU\Q9W\U
cYQSXY\U^QS_]_Q\W_^QdebQ\bUce\dQ^dUTU\QbU`QbdYSY†^aeUU\3bUQ
T_bXQSQTU\QV_bde^QTU\_aeUcUTUTeSQaeUU\c_SYQ\Yc]_dU^TQQ
²dbQcd_b^Qb\QcRQcUcU^aeU4Y_cQed_bTU\Qc_SYUTQT\QXQUcdQR\USY
T_!) "5\TURUbTU\_c`_RbUcS_^cYcdQ`eUcU^QSU`dQbS_^bUcYW^QSY†^
cecYdeQSY†^iQaeU²ce`_RbUjQUce^dUc_b_`QbQ\QfYTQVedebQe^QcU]Y
\\QVUSe^TQ`QbQ\QS_cUSXQTU\QUdUb^YTQT³!) #
<QbUcYW^QSY†^SbYcdYQ^Q`bUTYSQTQ`_bU\Qbj_RYc`_TUCQ^dYQW_i
`_bd_TQ\QZUbQbaeQTU\Q9W\UcYQ3Qd†\YSQSXY\U^QTU\Q}`_SQcUS_]RY
^QRQS_]_XU]_cfYcd_S_^e^QSdYf_`b_cU\YdYc]_U^\_c]UTY_c`_`e
\QbUc!) $8QSYQVY^UcTU\_cQ…_c_SXU^dQiS_]YU^j_cTU\_c^_fU^dQ\Q
bUTTU_bWQ^YjQSY_^UcSQd†\YSQcTUdbQRQZQT_bUciQcUXQRQQ]`\YQT_RQc
dQ^dUCe`bUcU^SYQcUUhdU^TQ`_bTYcdY^d_cRQbbY_cTUCQ^dYQW_iU^
_dbQcSYeTQTUc
5^dbUUcdQcQc_SYQSY_^UccUTYcdY^WeQ^U\3bSe\_TU?RbUb_cTUCQ^
BQVQU\TUCQ^dYQW_aeUcU`b_`_^Q²QdbQUbi]_bQ\YjQbQ\QS\QcU_RbUbQ
`_bd_T_c\_c]UTY_c`_cYR\UccY^TUcTU…QbQe^\_cX_^Ucd_cUc`USdvSe
\_ci]_bQ\UcTYfUbcY_^Uc³!) %`Ub_c_RbUd_T_\QC_SYUTQTTU?RbUb_cTUCQ^

TYbYWUQ\S\Ub_i`eUR\_c_RbU\Q`b_`QWQ^TQTUT_SdbY^QcYbbU\YWY_cQciQ^dYc_SYQ\UcCQ^dYQW_9]
`bU^dQTU5]Y\Y_@}bUj<!()#`vW!#@QbQe^QS_^ce\dQUh`UTYdQTUUcdUdUhd_f}QcU
7bUj<Q²SeUcdY†^c_SYQ\³_`SYd`vWc$ !$! 
!) "
3QcQ^_fQ_`SYd`vW!$
!) #
?`SYd`vW!%<QVbQcUUcTUe^Qed_bUhdbQ^ZUb_2U\eY^_SYdQT_`_b3QcQ^_fQ
!) $
<Q9W\UcYQ`UbcYcdY†TebQ^dU]eSX_dYU]`_U^ce`_cYSY†^QRYUbdQ]U^dUQ^dYc_
SYQ\YcdQiU^\Q`b}TYSQTU\QbUcYW^QSY†^U^\_ccUSd_bUc`_`e\QbUc<Y]Ydv^T_^_cQ\SQ]
RY_TUcYW\_QTU]vcTU\QciQSYdQTQc`Qcd_bQ\UcTU=QbYQ^_3QcQ^_fQTUcdQSQ^\_ccYWeYU^
dUcT_Se]U^d_caeUUZU]`\YVYSQ^dQ\Uc`\Q^dUQ]YU^d_c*²5\c_SYQ\Yc]_U^3XY\U³U^<QBU
fYcdQ3Qd†\YSQ>¡!#!)CQ^dYQW_!TU]Qi_TU!()#`vWc! $)! %"+²>USUcYTQTTU
S_^cUbfQb\QVUU^U\`eUR\_³U^<QBUfYcdQ3Qd†\YSQ>¡!##$CQ^dYQW_!"TUQW_cd_TU
!()#`vWc!")'!"))+:_c}BQ]†^7edY}bbUj²<U†^H999i\QS\QcU_RbUbQ³4YcSebc_
`b_^e^SYQT_U^\Q7bQ^QcQ]R\UQ3Qd†\YSQU^X_^_bTU<U†^H999SU\URbQTQU^CQ^dYQW_
U\" TUQW_cd_TU!()#U^<QBUfYcdQ3Qd†\YSQ>¡!##&CQ^dYQW_"&TUQW_cd_TU!()#
`vWc!#$%!#$(+3Qb\_c3QcQ^eUfQ?`Qj_²E^Q_RbQTUebWU^dUSQbYTQT³U^<QBUfYcdQ
3Qd†\YSQ> _c!$i!%CQ^dYQW_!%TUVURbUb_i!TU]Qbj_TU!) "`vWc'#'(i!%!!&!
bUc`USdYfQ]U^dU+²<QcXeU\WQc³U^<QBUfYcdQ3Qd†\YSQ>¡!)CQ^dYQW_#TU]Qi_TU!) "
`vWc##'#$ +=YWeU\<U†^@bQT_²4YcSebc_cQWbQT_`b_^e^SYQT_`_bU\`R_T_^=YWeU\
<U†^@bQT_TYbUSd_bTU\QC_SYUTQT´?RbUb_cTUCQ^:_c}µU^\Q7bQ^1cQ]R\UQTU\@Q
db_SY^Y_TUCQ^:_c}³U^<QBUfYcdQ3Qd†\YSQ>¡" CQ^dYQW_!'TU]Qi_TU!) "`vWc
#)!#)%E^Q`_cYSY†^Qd`YSQU^U\cU^_TU\SQd_\YSYc]_S_^cUbfQT_bVeU\QUh`bUcQTQ`_b
U\\QYS_:eQ^5^bYaeU3_^SXQ`QbdYTQbY_TUe^Q\USdebQ²QSdYfQ³TU\QU^SS\YSQBUbe]>_
fQbe]F}QcUceU^cQi_3eUcdY_^Uc_RbUbQc=U]_bYQTU`beURQ`QbQ_`dQbQ\WbQT_TU<YSU^
SYQT_U^\Q6QSe\dQTTU<UiUcCQ^dYQW_9]`bU^dQ<Yd_WbQVQi5^SeQTUb^QSY†^2QbSU\_
^Q!())D_T_cUcd_cdbQRQZ_cXQ^cYT_bU`b_TeSYT_cU^7bUj<Q²SeUcdY†^c_SYQ\³_`
SYd`vWc#)'$! $!%$"$$%'%!'%#'%% i%%)%&#E^Q^v\YcYcTUU\\_cU^_`SYd`vWc
")#%
!) %
²3bSe\_3Qd†\YS_TU?RbUb_cTUCQ^BQVQU\³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_!$
TUcU`dYU]RbUTU!(((

&&$
:_c}aeUXQSYQ!() bUYfY^TYSQRQSeQbU^dQcUSSY_^UcU^TYVUbU^dUcSYeTQ
TUci`eUR\_cTU\`Qc!) &
E^QTUcecceSebcQ\Uc\QTU>Q^SQWeQU^\Q`b_fY^SYQTU3_\SXQ
WeQY\ecdbQRQU\TUcQbb_\\_Q\SQ^jQT_`_b\QY^cdYdeSY†^5^cU`dYU]RbU
TU!(((Ucd_UcQ`U^QcdbQ^cSebbYT_c_SX_]UcUcTUceVe^TQSY†^TU
S\QbQRQS_^dQbS_^SeQdb_SYU^d_cc_SY_ciQc`YbQ^dUcSYVbQ]eiU\UfQTQcY
cUS_^cYTUbQ\Q`UaeU…UjTUUcdQ`_R\QSY†^cYdeQTQU^e^Q`b_fY^SYQ
U]Y^U^dU]U^dUQWbS_\Q<Q]U^SY_^QTQcUSSY†^]Q^dU^Qe^QUcSeU\Q
ibUQ\YjQRQU\]Yc]_dY`_TUQSdYfYTQTUcaeUcecX_]†\_WQcCecQ^Y]Q
T_bUc`_^Q^`QbdYSe\Qb}^VQcYcU^\Q^USUcYTQTTU`b_`_bSY_^Qb²TYfUb
cY_^UcX_^UcdQc³Q\_cc_SY_cicecVQ]Y\YQcS_]_e^]UTY_TUS_]RQdYb
²\QU]RbYQWeUjUcSv^TQ\_cibUfeU\dQc³aeUcU`b_TeSQ^TebQ^dU\_cTQc
TU6YUcdQc@QdbYQc !) '
1cY]Yc]_U^!() \QC_SYUTQTTU?RbUb_cTUCQ^:_c}TU\QSQ`YdQ\bUY
fY^TYSQRQ]UTY_]Y\\QbTUY^dUWbQ^dUc1S_]YU^j_cTU\]Yc]_Q…_UcdQ
cUSSY†^TU\_c_RbUb_cZ_cUVY^_c_bWQ^Yj†U^U\UTYVYSY_TU\QYW\UcYQTU\Q
7bQdYdeT>QSY_^Q\e^²3_^Sebc_Y^TecdbYQ\³T_^TUVeUb_^Uh`eUcd_c\_c
dbQRQZ_cTUcecQc_SYQT_c_bWQ^YjQT_cU^SQd_bSUcUSSY_^Uc !) (IU^\_c
Q…_c`_cdUbY_bUc\QY^cdYdeSY†^S_^dY^e†bUV_bjv^T_cUdQ^d_U^\QSQ`YdQ\
S_]_U^\Qc`b_fY^SYQc5\^eUf_cYW\_U^S_^db†Q\_cZ_cUVY^_cRYU^Y]
`\Q^dQT_cQ^YfU\^QSY_^Q\*U^!) #cecTYbYWU^dUcQcUWebQRQ^aeU\Q_b
WQ^YjQSY†^dU^Q_SX_]Y\c_SY_cTYcdbYReYT_cU^]vcTUSY^SeU^dQcUSSY_
^Uc !) )
5^!()$cUSbUQb_^^eUf_cSbSe\_cSQd†\YS_cTU_RbUb_cU^Q\We^Qc
SYeTQTUcTU`b_fY^SYQ5\SebQBQ]†^Â^WU\:QbQ_bWQ^Yj†U^FQ\`QbQc_
\Q]U^SY_^QTQE^Y†^C_SYQ\TU?bTU^iDbQRQZ_ !)! ie^cQSUbT_dUTU3XY
\\v^QieTQT_`_b\_cS_^cUbfQT_bUcTUceSYeTQTVe^T†T_cSbSe\_cTU
_RbUb_cQVY^TUaeU}cd_c^_U^dbQbQ^U^²\QS_bbYU^dU]Q\TYdQTU\c_SYQ
\Yc]_Q^dUSei_TUcQbb_\\_cUUcdbUSXQ^idYU]R\Q^\Qc^QSY_^Uc³!)!!
<QQSSY†^TU\Q9W\UcYQiTU\_cSQd†\YS_cS_^cUbfQT_bUcXQSYQ\_c
]UTY_c`_`e\QbUccUfY_bUV_bjQTQ`_b\QU^SS\YSQBUbe]>_fQbe]`eR\Y

!) &
²3Ubdv]U^Y^TecdbYQ\TU\_c?RbUb_cTUCQ^:_c}³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQ
W_"TUU^Ub_TU!() 
!) '
²C_SYUTQTTU?RbUb_cTUCQ^:_c}U^>Q^SQWeQ³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQ
W_"&TUcU`dYU]RbUTU!(((
!) (
²C_SYUTQTTU?RbUb_cTUCQ^:_c}³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_!TUU^Ub_
TU!() +²3Ubdv]U^Y^TecdbYQ\TU\_c?RbUb_cTUCQ^:_c}³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQ
W_"TUU^Ub_TU!() 
!) )
5cdQded_c`QbQ\QC_SYUTQT²?RbUb_cTUCQ^:_c}³!())CQ^dYQW_9]`bU^dQ<Yd_WbQ
VQi5^SeQTUb^QSY†^3XY\U!) #`vWc%
!)!
4YTYUb_`SYd
!)!!
5hdbQSd_TU\TYcSebc_`b_^e^SYQT_`_b7eY\\Ub]_FYfYQ^YU^\Q3_^fU^SY†^3_^
cUbfQT_bQTU!()%`vW&)3YdQT_`_bBQ]bUj>US_SXUQU^8Ycd_bYQ_`SYd`vWc"%#
i"%$

&&%
SQTQU^]Qi_TU!()!`_b<U†^H9993eQdb_]UcUc]vcdQbTUU\Qbj_RYc
`_TUCQ^dYQW_U^ce`Qcd_bQ\TUS_]U^dQbY_TU\QU^SS\YSQY^SYdQRQQ\
5cdQT_QTYSdQb\UiUcaeUQieTQbQ^Q\_c_RbUb_ciQ\_c`QbdYSe\QbUcQUcdQ
R\USUbQc_SYQSY_^UcTUdY`_]edeQ\YcdQ1VY^TUTYVe^TYb\QU^SS\YSQU^
U\]e^T_TU\dbQRQZ_U\`bU\QT_`UTQQ\_cZUVUcTUdQ\\UbUciTUY^Tec
dbYQcaeU\QXYSYUbQ^SYbSe\QbU^dbU\_c_RbUb_c !)!"<QU^SS\YSQ`Q`Q\i\Q
`Qcd_bQ\TU\Qbj_RYc`_TUCQ^dYQW_defYUb_^S_]_UVUSd_Y^]UTYQd_U\
bUV_bjQ]YU^d_TU\Qc²_RbQcc_SYQ\Uc³SQd†\YS_S_^cUbfQT_bQcUhdU^TYU^
T_ceQSSY†^U^e^Q^eUfQTYbUSSY†^\QTU\XvRYdQd_RbUb_ !)!#
4UUcdQ]Q^UbQRQcv^T_cUU^\_ccU^dY]YU^d_cbU\YWY_c_cTU\]e^
T_`_`e\QbU^U\Q`_i_TU\QZUbQbaeQUS\USYvcdYSQiTU\QU\YdUSQd†\YSQi
S_]RY^Q^T_\QcQSSY_^UcTU]UZ_bQ]YU^d_]QdUbYQ\TU\_c`_RbUcS_^\Q
UfQ^WU\YjQSY†^i\Qc`b}TYSQcTU\Q]_bQ\SbYcdYQ^QU\c_SYUdQbYc]_SQd†\Y
S_USX†bQSUcU^cUSd_bUccYW^YVYSQdYf_cTU\`eUR\_dbQRQZQT_b1\QcTYc
dY^dQcT_SdbY^QcTUbUTU^SY†^c_SYQ\_`ec_\QTUbUTU^SY†^TYfY^QiQ\
YWeQ\YdQbYc]_iTU]_SbQdYc]_\QcYTUQcTUS_^V_b]Yc]_ceR_bTY^QSY†^
ibUc`Ud_Q\QcZUbQbaeQcc_SYQ\UcIU^U\S_]RQdUS_dYTYQ^_U^\QRQcU
c_SYQ\TYc`ed†`Q\]_Q`Q\]_U\dUbbU^_Q\\YRUbQ\Yc]_`bY]Ub_i]vc
dQbTUQ\c_SYQ\Yc]_iQ\Q^QbaeYc]_

!)!"
²@Qcd_bQ\³_`SYd
!)!#
E^TUcQbb_\\_TUUcdUdU]QU^7bUj<Uc]_efU]U^dc_`SYd`vWc!%%!%(+4Y
TYUb_`SYd

&&&
 31@ÅDE<?HF999

5<@1BD94?45=?3BÂD93? !)!$

< 1 3?>F5B75>391 45 :ÉF5>5C B14931<5C 45 9JAE95B41

I 49B975>D5C 45< =?F9=95>D? @?@E<1B

5\`b_SUc_TUbQTYSQ\YjQSY†^`_\dYSQaeUcU`b_TeZ_U^e^cUSd_bTU
dbQRQZQT_bUcebRQ^_cXQSYQ]UTYQT_cTU\QT}SQTQTU!(( cUS_]RY
^†S_^_db_TUcY]Y\QbUcSQbQSdUbcdYSQc`b_dQW_^YjQT_`_bZ†fU^Uc]Y
\YdQ^dUcbQTYSQ\UcU^U\cU^_TUce`QbdYT_1e^aeUU\@QbdYT_BQTYSQ\
UbQ\QUh`bUcY†^TU\QWbQ^RebWeUcQ]Y^UbQTUS_]UbSYQ^dUciRQ^
aeUb_cTUdU^TU^SYQ\QYSQibQSY_^Q\YcdQU^cecVY\QccUS_^dQRQ^Y]`_b
dQ^dUcS_^dY^WU^dUcTU\QcS\QcUc]UTYQciTU\_cdbQRQZQT_bUc]Q^eQ
\UcVe^TQ]U^dQ\]U^dUQbdUcQ^_c
E^ Wbe`_ TU Z†fU^Uc Y^dU\USdeQ\Uc `b_fU^YU^dUc TU \_c cUSd_bUc
]UTY_cTYbYWYT_c`_b\_cQR_WQT_c=Q\QaeQc3_^SXQi1fU\Y^_3_^
dQbT_Y^YSY†U^!(($\Q\eSXQU^U\@QbdYT_BQTYSQ\QVY^TU_RdU^UbaeU
}cdUQT_`dQbQe^QcUbYUTUQfQ^jQT_c`_cde\QT_c\YRUbQ\UcU^\_c`\Q^_c
US_^†]YS_`_\dYS_ic_SYQ\@QbQUcdUUVUSd_3_^SXQ3_^dQbT_ie^
bUTeSYT_Wbe`_TUQ]YW_c`bUcU^dQb_^Q^_]RbUTU\Q:efU^deTBQTY
SQ\TU\QSQ`YdQ\U\"#TU^_fYU]RbUTU!(($Q\QQcQ]R\UQTU\`QbdYT_
SU\URbQTQ U^ CQ^dYQW_ e^ `b_iUSd_ TU `b_WbQ]Q aeU S_^dU]`\QRQ
U^dbU_db_c`e^d_c\QUVUSdYfQTU]_SbQdYjQSY†^TU\QfYTQ`_\dYSQTU\
`QcY^cdQebQSY†^TU\ceVbQWY_e^YfUbcQ\Q\_cfUY^dY‹^Q…_cce`bUcY†^
TU\QS_^TYSY†^TU`_cUUbbU^dQ`QbQcUbTY`edQT__cU^QT_bUdS+\Q
`b_Ve^TYjQSY†^TU\`b_SUc_TU\QYSYjQSY†^f_d_TUe^Q\UiTUTYf_bSY_
ce`bUcY†^TU\_cf_d_c`Ub`Ude_ci_RUTYU^SYQ`QcYfQ]Q^dU^SY†^`_b
`QbdUTU\5cdQT_TUSU]U^dUbY_c‹^YS_ciS_]e^UcU^U\dUbbYd_bY_TU
SQTQ]e^YSY`Q\YTQTUdS+U\²`b_WbUc_³TU\QUTeSQSY†^QdbQf}cTU\Q
Y^cdbeSSY†^²UhS\ecYfQ]U^dU\QYSQiWbQdeYdQ³QcUWebQ^T_Qd_T_c\_c
SYeTQTQ^_c\QU^cU…Q^jQ`bY]QbYQiTUcQbb_\\Q^T_\QUTeSQSY†^d}S^Y

!)!$
E^Q`bY]UbQQ`b_hY]QSY†^QUcdUdU]Q\QUcR_jQ]_cU^^eUcdbQdUcYcT_Sd_bQ\
<Uc]_efU]U^dc_`SYd`vWc&##&)$E^QfUbcY†^]vcRbUfUVeU`eR\YSQTQRQZ_U\dde
\_²<_c`bY]Ub_cdYU]`_cTU\@QbdYT_4U]_SbvdYS_SXY\U^_!(('!()!³U^4Y]U^cY†^
8Ycd†bYSQTU3XY\U>¡(CQ^dYQW_!))!`vWc#!&"

&&'
SQQdbQf}cTUUcSeU\QcTUQbdUci_VYSY_cUdS}dUbQ !)!%@Ub_\_c`e^d_c
`bY^SY`Q\UciQ\]Yc]_dYU]`_\_c]vcS_^db_fUbdYT_cTUUcdU`b_WbQ
]QUbQ^QaeU\\_caeU`b_S\Q]QRQ^S_]_`_\dYSQTU\`QbdYT_²\Q]vc
TUSYTYTQ `b_dUSSY†^ Q \Q Y^TecdbYQ ^QSY_^Q\³ `b_`_^YU^T_ \Q \YRUbQ
SY†^TU\_cTUbUSX_cTUQTeQ^Q`QbQd_TQc\Qc]QdUbYQccecSU`dYR\UcTU
cUbdbQ^cV_b]QTQcU^U\`QciU\bUSQbW_TU\_cTUbUSX_cTUY]`_bdQ
SY†^ Q \_c QbdSe\_c ]Q^eVQSdebQT_c U^ U\ UhdbQ^ZUb_ cY]Y\QbUc Q \_c
aeU`b_TeZUbQ\QY^TecdbYQ^QSY_^Q\6Y^Q\]U^dUcU`\Q^dUQRQ\QceR
fU^SY†^TYbUSdQQ\QcVvRbYSQcY]`_bdQ^dUcaeUcUUcdQR\USYUbQ^U^3XY
\UQ\_cTUcSeRbY]YU^d_c‹dY\UciQ\_c]UZ_bUc`b_SUTY]YU^d_cY^Tec
dbYQ\Uc!)!&
<QS_Y^SYTU^SYQTU]eSX_cTUUcd_c`e^d_cS_^\QcTYcdY^dQc`\QdQ
V_b]Qc\UfQ^dQTQc`_b\Qc_bWQ^YjQSY_^UcTU_RbUb_ciQbdUcQ^_cUbQUfY
TU^dUCeQT_`SY†^`_b\_cQcQ]R\UcdQcXQRbQcYW^YVYSQT_e^Qbe`debQ
S_^U\SbUT_US_^†]YS_\YRbUSQ]RYcdQ`\U^Q]U^dUS_]`QbdYT_`_bU\
@QbdYT_BQTYSQ\3_]_U\\_^__SebbY†3_^SXQ3_^dQbT_iceWbe`_SQ]
RYQb_^TUdvSdYSQ<Q\eSXQ`_\dYSQ\YRbQTQXQcdQU^d_^SUcc†\_Q\Y^dUbY_b
TU\`QbdYT_VeUbUU]`\QjQTQ`_be^TURQdU`‹R\YS_QdbQf}cTU\QcS_\e]
^QcTUe^`UbY†TYS_TYbYWYT_`_b3_^dQbT_*<Q9WeQ\TQT
<Q9WeQ\TQTQ`QbUSY†`_b`bY]UbQfUjU^CQ^dYQW_U\!&TUcU`dYU]
RbUTU!((%Q^e^SYQ^T_ce]vcYbbUcdbYSdQVYTU\YTQTQ\@QbdYT_BQTYSQ\i
ceQ`UW_Q\`b_dUSSY_^Yc]_!)!'d_^_aeU]Q^def_XQcdQce‹\dY]_^‹]U
b_>_cUdbQdQRQTUe^²`UbY†TYS__RbUb_³cY^_TUe^†bWQ^_`_\dYS_aeU
`b_S\Q]QRQQRYUbdQ]U^dUceVY\YQSY†^`QbdYTQbYQiaeU\UfQ^dQRQSYUbdQc
RQ^TUbQcaeUS_Y^SYTQ^S_^\QcTU\]_fY]YU^d_`_`e\QbU^`QbdYSe\Qb
\QcTU\`b_dUSSY_^Yc]_4ebQ^dU]eSX_c]UcUccec`vWY^QcYW^_bQb_^\Q
fYTQTU\Qc_bWQ^YjQSY_^Uc_RbUbQciQbdUcQ^Q\UcTQ^T_SQRYTQQQbdSe
\_cUcdbYSdQ]U^dU²`_\dYS_c³C†\_Q`QbdYbTU\cUWe^T_cU]UcdbUTU!((&
iU^\Q]UTYTQaeU\QYTUQTUUcdQR\USUb\Qj_cc†\YT_cS_^U\]_fY]YU^d_
`_`e\QbYRQ]QTebQ^T_U^dbU\_cZ†fU^UcbQTYSQ\Uc<Q9WeQ\TQTS_]U^
j†Q`eR\YSQbTU]Q^UbQbUWe\QbQbdSe\_cUY^V_b]QSY_^Ucc_RbU\QcQc_
SYQSY_^UcTUdbQRQZQT_bUc
<Q`_\dYSQTUQSUbSQ]YU^d_TU\_cZ†fU^UcY^dU\USdeQ\UcbQTYSQ\Uc
XQSYQU\]_fY]YU^d_`_`e\Qb_bWQ^YjQT_def_aeUfU^SUbfQbYQcTYVYSe\
dQTUcaeUcUTUc`bU^TQ^TUce`b_`YQ]Y\YdQ^SYQU^U\@QbdYT_BQTYSQ\
@_be^\QT_cUfUQ^_R\YWQT_cQ]Q^dU^UbU\TURQdUQ\Y^dUbY_bTU\`Qb
dYT_cY^cUbUh`e\cQT_cTU}\QSQecQTU\QcTYfUbWU^SYQcSQTQfUj]vc]Qb
SQTQcS_^ceTYbUSSY†^@_b_db_TURQ^ce`UbQb\QcTYVUbU^SYQc`_\dYSQc

!)!%
=Q\QaeQc3_^SXQ1fU\Y^_3_^dQbT_@>Ebj‹QBQVQU\3Qcdb_7eY\\Ub]_6U
\Y‹7Q^Q²@b_iUSd_TU@b_WbQ]Q`bUcU^dQT_`_b\Q:efU^deTBQTYSQ\TUCQ^dYQW_Q\Q
1cQ]R\UQTU\@QbdYT_U^"(TU^_fYU]RbUTU!(($³<Q9WeQ\TQTCQ^dYQW_%TU_SdeRbU
TU!((%
!)!&
9RYT
!)!'
<Q9WeQ\TQTCQ^dYQW_!&TUcU`dYU]RbUTU!((%

&&(
aeUS_]_bQTYSQ\Uc]Q^dU^Q^S_^U\WbeUc_TU\_cQSdYfYcdQcTU\]_fY
]YU^d_`_`e\QbaeUU^!((&XQRQ^Q`_iQT_\QSQ^TYTQdebQ`bUcYTU^SYQ\
TU2Q\]QSUTQSQ^TYTQdebQTebQ]U^dUQdQSQTQTUcTU\QcS_\e]^QcTU<Q
9WeQ\TQTC†\_TUc`e}cTU\QU\USSY†^TU2Q\]QSUTQ\_c]Y\YdQ^dUcTU\Q\Q
YjaeYUbTYcdQTU\@QbdYT_BQTYSQ\\_WbQb_^SbUQb\QcS_^TYSY_^Uc`QbQe^Q
S_^fUbWU^SYQ`_\dYSQS_^\_cTYbYWU^dUc`_`e\QbUc@QbQU\\_VeU^USUcQ
bYQe^Q^eUfQQTUSeQSY†^TU\QdvSdYSQTUcQbb_\\QTQXQcdQU^d_^SUc\QaeU
cUUh`bUc†QdbQf}cTUe^QV\UhYRY\YjQSY†^TU\Q`_cYSY†^TU\_cZ†fU^UcbQ
TYSQ\UcQ^dUU\^eUf_W_RYUb^_i\QSbUQSY†^TUe^_bWQ^Yc]_TUS_^fUb
WU^SYQS_^\_c]Y\YdQ^dUc_RbUb_cTU\QSQ`YdQ\
<QbU_bYU^dQSY†^TU\Q`_cYSY†^VbU^dUQ\^eUf_W_RYUb^_\YRUbQ\cU
TY_U^U\dUbbU^_]vc`b_`YSY_*U\TU\Q`_\dYSQUS_^†]YSQ<Q9WeQ\TQT
Q`\QeTY†cY^bUcUbfQcU\Q^e^SY_TU\QSbUQSY†^TUe^]Y^YcdUbY_TUV_
]U^d_TU\QY^TecdbYQSQ\YVYSQ^T_UcdQ]UTYTQS_]_e^dbYe^V_TU\`b_
dUSSY_^Yc]_!)!(
<Q_bWQ^YjQSY†^TUS_^V\eU^SYQS_^\_c\TUbUcTU\]_fY]YU^d_`_
`e\QbVeU\QC_SYUTQTTU\Q9WeQ\TQTY^QeWebQTQU^CQ^dYQW_U\!'TU_Sde
RbUTU!((&:e^d_Q3_^SXQi3_^dQbT_VYWebQRQ^\_cS_^_SYT_cTYbYWU^
dUc_RbUb_ciQbdUcQ^Q\UcBeTUSY^T_3_b^UZ_DbYcdv^3_b^UZ_:_c}5
4Qj2U^Yd_TU\Q6eU^dU1^d_^Y_@_e`Y^i:_c}=Q^eU\CQ\TQ…Q>Y^
We^_TUU\\_cXQRQdU^YT_e^Q`QbdYSY`QSY†^TUcdQSQTQU^\QSQ]`Q…Q
`bUcYTU^SYQ\TU2Q\]QSUTQ\_aeUVQSY\Yd†Q‹^]vcU\QSUbSQ]YU^d_U^
dbUQ]R_ccUSd_bUc!)!)<Q^eUfQC_SYUTQTTU\Q9WeQ\TQTcUY^c`YbQRQU^ce
`bUTUSUc_bQTU\]Yc]_^_]RbUS_`YQ^T_VYU\]U^dUQaeU\\QVQ]_cQV†b
]e\QTU\b_]v^dYS_2Y\RQ_*²<Qc_SYUTQT`b_S\Q]Q\QY^TU`U^TU^SYQTU
\QbQj†^S_]_Qed_bYTQTTUQed_bYTQTUc\Qc_RUbQ^QTU\`eUR\_S_]_
RQcUTUd_TQ`_\dYSQ+U\TURUbiU\Q]_bQ\QVbQdUb^YTQTS_]_fYTQ]_
bQ\³!)" <QV\Q]Q^dU_bWQ^YjQSY†^cU`b_`_^Q²TUVU^TUb`_b]UTY_TU
\QS__`UbQSY†^TUd_T_ccecQc_SYQT_c\_cTUbUSX_cY^Q\YU^QR\UcUY]
`bUcSbY`dYR\UcTU\X_]RbU`b_`U^TUbQ\QU]Q^SY`QSY†^`_\dYSQc_SYQ\
iUS_^†]YSQTU\`eUR\_i`b_SebQb\QfYTQTU\QVbQdUb^YTQTU^dbU\_cQc_
SYQT_c³!)"!
<QTUSQ^dQSY†^`_\dYSQTU\_cY^dU\USdeQ\UcQW\edY^QT_cU^d_b^_Q
3_^SXQi3_^dQbT_cYWeY†e^Sebc_TUSbUSYU^dUbQTYSQ\YjQSY†^1\`b_
`_^UbU\UcdQR\USY]YU^d_TU\QQWbe`QSY†^TUS_^fUbWU^SYQS_^\_cdbQ
RQZQT_bUcU^QW_cd_TU!((&Ucd_c]Y\YdQ^dUc`\Q^dUQRQ^S_]_dQbUQc\Q

!)!(
²C@b_dUSSY†^³<Q9WeQ\TQTCQ^dYQW_!#TUTYSYU]RbUTU!((&
!)!)
1e^aeUUZUbSQ^_VYSY_cTYVUbU^dUcd_T_cUcd_cdbQRQZQT_bUcXQRQ^cYT_TYbYWU^
dUcTU\QC_SYUTQT6Y\Qb]†^YSQTU?RbUb_cTUCQ^dYQW_S_^VYb]Q^T_e^QfUj]vcU\Y]`_bdQ^
dU`Q`U\TU^Uh_aeUUcdQQc_SYQSY†^TUSQbvSdUbbUSbUQdYf_iSe\debQ\def_U^U\cU^_TU\
]_fY]YU^d_`_`e\Qb
!)"
²@b_iUSd_TU5cdQded_cTU\QC_SYUTQTTU\Q9WeQ\TQT³<Q9WeQ\TQTCQ^dYQW_!#
TUTYSYU]RbUTU!((&
!)"!
9RYT

&&)
SbUQSY†^TUe^Q²e^Y†^_RbUbQ³QR_SQTQQS_]RQdYb\Qe^Y†^SQd†\YSQ\Q
V_b]QSY†^TUe^QSQZQS_]‹^`QbQ\QTUVU^cQTUcec]YU]Rb_ciU\Y^YSY_
TU\Q\eSXQS_^dbQ\QY^dUbfU^SY†^_VYSYQ\iS\UbYSQ\U^\QcU\USSY_^UcTU
!(((!)""E^Q…_]vcdQbTUU^QW_cd_TU!(('SeQ^T_3_^SXQi3_^dQb
T_\YRbQRQ^\_c‹\dY]_cS_]RQdUcQ\Y^dUbY_bTU\bQTYSQ\Yc]_\Qc`_cYSY_
^Uc\UfQ^dQTQc`_b<Q9WeQ\TQTUbQ^TUe^dU^_bYTU_\†WYS_^e^SQQ^dUc
fYcd_U^3XY\U*²5\bQTYSQ\Yc]_`QbQ`b_c`UbQbdU^TbvaeUTUcSU^TUbQ\
`eUR\_iS_^fUbdYbcUU^Q\W_cU]UZQ^dUQ\c_SYQ\Yc]_TU]_SbvdYS_Q\U
]v^5\`eUR\__`bY]YT_cUe^YbvQ}\]UTYQ^dUU\\UfQ^dQT_UcVeUbj_
TU\_c]vcTYcdY^WeYT_cXYZ_cTU\dbQRQZ_³!)"#
@_S_TUc`e}cU^e^Q`_cYSY†^TUQRYUbdQbe`debQS_^U\@QbdYT_
BQTYSQ\°U\aeUUbQQcY]Y\QT_Q\_cTU]vc`QbdYT_c`_bceTUc`bU_Se`Q
SY†^`_b\_c`b_R\U]QcTU\`eUR\_°Q^e^SYQRQ\_c^eUf_c`bY^SY`Y_c*²5\
`eUR\_Uc`b_dUSSY_^YcdQ]QdUbYQ\YcdQic_SYQ\YcdQ+U\`eUR\_aeYUbUdbQRQ
Z_Y^cdbeSSY†^i\YRUbdQT+U\`eUR\_^_aeYUbUZUbQbaeQ^YS\QcUc^_aeYU
bU\QUh`\_dQSY†^TU\T}RY\`_bU\VeUbdUiUc_^_XQ^`b_SebQT_TvbcU\Q
ZQ]vc^eUcdb_cQ]YW_c³ !)"$
5\`b_SUc_XQSYQ\QV_b]QSY†^TU\@QbdYT_4U]_SbvdYS_\\UWQRQQce
d}b]Y^_+\QS_^V\eU^SYQU^dbU\_cZ†fU^UcTU\QYjaeYUbTQbQTYSQ\i\_cSeQ
Tb_cTU\]_fY]YU^d_`_`e\QbUbQUcdY]e\QTQ`_be^QcUbYUTU`UbY†TYS_c
Qed_YTU^dYVYSQT_cS_^\Q²4U]_SbQSYQ³S_]_5\8YZ_TU\@eUR\_`eR\YSQ
T_U^CQ^dYQW_TUcTU!((&`_b>YS_\vcEWQ\TUTYbYWU^dUTU\QC_SYUTQT
5cSeU\QBU`eR\YSQ^Q+<QF_jTU\Q4U]_SbQSYQUTYdQTQU^FQ\`QbQc_TUcTU
Ze^Y_TU!(('`_bU\]}TYS_6bQ^SYcS_7Q\\UWeY\\_c<_bSQi5\7edU^RUbW
`eR\YSQT_U^\QSQ`YdQ\Q`QbdYbTUcU`dYU]RbUTU!((&`_bU\TYbYWU^dU
dY`†WbQV_8Y`†\Yd_?\YfQbUcaeYU^TUcTU\QcS_\e]^QcTUce`UbY†TYS_
`\Q^dU†`bY]Ub_\Q^USUcYTQTTU\Qe^YTQTTU\QS\QcU_RbUbQi]vcdQb
TUZecd_Q^dUcTU\QVe^TQSY†^TU\@QbdYT_4U]_SbvdYS_QR_W†`_b\QS_^c
dYdeSY†^TUe^`QbdYT__RbUb_!)"%
5\7edU^RUbW\\UW†QdU^UbWbQ^US_U^U\cU^_TU\]_fY]YU^d_`_`e
\QbS_^fYbdY}^T_cUU^e^S_^dY^eQT_bTU\QcUh`UbYU^SYQcbU`bUcU^dQTQc
U^\_cQ…_cQ^dUbY_bUc`_b5\@bUSebc_bi<QBQj†^1`QbUSY†`_b`bY]UbQ
fUjU\"$TUcU`dYU]RbUTU!((&`_bY^YSYQdYfQTUdbUcdY`†WbQV_c°U\SYdQ
T_?\YfQbUc7bUW_bY_BBQ]bUji@UTb_>FvcaeUj3YeTQT°S_]_cY]
`\U†bWQ^_TUcdY^QT_QdbQRQZQb²`_b\_cY^dUbUcUciU^WbQ^TUSY]YU^d_
TU\WbU]Y_dY`†WbQV_³!)"&@b_^dQ]U^dUcUdbQ^cV_b]†U^e^†bWQ^_bU
`bUcU^dQdYf_TUd_TQc\Qcc_SYUTQTUcTUdbQRQZQT_bUcTU\QSQ`YdQ\TUdU^
TU^SYQ\QYSQiTU]_SbvdYSQ\\UWQ^T_QdU^UbY^S\ec_SYUbdQTYVecY†^U^

!)""
>YXY\²<QE^Y†^?RbUbQ³<Q9WeQ\TQTCQ^dYQW_"#TUQW_cd_TU!((&
!)"#
1fU\Y^_3_^dQbT_²9bvQ\Q\eSXQ³<Q9WeQ\TQTCQ^dYQW_!%TUQW_cd_TU!(('
!)"$
²¥>_Ucd_i]eUbd_³<Q9WeQ\TQTCQ^dYQW_""TUQW_cd_TU!(('
!)"%
5TYd_bYQ\5\7edU^RUbWCQ^dYQW_%TU^_fYU]RbUTU!(('
!)"&
²>eUcdb_`b_`†cYd_³5\7edU^RUbWCQ^dYQW_"$TUcU`dYU]RbUTU!((&

&'
`b_fY^SYQcTUcTUT_^TUbUSYRQbUWe\Qb]U^dUS_\QR_bQSY_^UcTU\Qc_b
WQ^YjQSY_^Uc`_`e\QbUc
1cQ^dUcTUSe]`\Ybe^Q…_TUUhYcdU^SYQU^Ze\Y_TU!(('\Qcc_
SYUTQTUcTU\QSQ`YdQ\Qce]Q^S_\USdYfQ]U^dU\QdQbUQTUQ`_iQb\QY^Y
SYQdYfQTU8Y`†\Yd_?\YfQbUcicecS_]`Q…Ub_cTUcYW^Q^T_e^S_]Yd}
S_]`eUcd_`_be^bU`bUcU^dQ^dUTUSQTQQc_SYQSY†^U^dbU\_caeUVYWe
bQRQ^fQbY_cTYbYWU^dUcaeUXQRQ^`QbdYSY`QT_U^\QcQ^dUbY_bUcUh`U
bYU^SYQcS_\USdYfQcTU`bU^cQ`_`e\Qb!)"'
4UUcdQ]Q^UbQ\QV_b]QSY†^TU\@QbdYT_4U]_SbvdYS_VeUU\bUce\
dQT_TUe^QT_R\US_^V\eU^SYQ*e^Q\Q`bY]UbQi]vcQ^dYWeQ\QTU\_c
QSdYfYcdQcTU\]_fY]YU^d_TU_RbUb_ciQbdUcQ^_caeUfU^QTUcQbb_\\v^
T_cUTUcTU\QT}SQTQQ^dUbY_b+\Q_dbQ]vcbUSYU^dU\QTUUcU]Yc]_
]_fY]YU^d_ S_^ \_c Z†fU^Uc Y^dU\USdeQ\Uc TU \Q YjaeYUbTQ bQTYSQ\ Ce
^QSY]YU^d_ VeU \Q SbYcdQ\YjQSY†^ `_\dYSQ TU UcU \QbW_ `b_SUc_ 5^ ce
cU^_cUSQ`YdQ\Yj†`_\dYSQ]U^dU\QiQ\QbWQdbQiUSd_bYQTU\]edeQ\Yc]_
iTU_dbQcV_b]QcTU_bWQ^YjQSY†^`_`e\QbTUcTU\QSQ]`Q…QQ^dYSbYcYc
TU\_cQ…_c!('&°!('(XQcdQ\QC_SYUTQTTU\Q9WeQ\TQTTU!((&`QcQ^T_
`_b\QcUh`UbYU^SYQcTU\QC_SYUTQTTU5cSeU\QBU`eR\YSQ^Q\_c`UbY†TYS_c
_RbUb_c i \Qc TYcdY^dQc Y^YSYQdYfQc TU S__bTY^QSY†^ TU \_c \TUbUc TU\
]_fY]YU^d_dbQRQZQT_b

< 1 6E>4139É> 45< @ 1BD94? 4 5=?3BÂD93?

5\VbQSQc_TU\_cbQTYSQ\UcTUYjaeYUbTQ`_bSQ]RYQb\Q_bYU^dQSY†^TUce
`QbdYT_\YTUbQT_U^QaeU\\Q}`_SQ`_bU\SQeTY\\_`Qb\Q]U^dQbY_5^bYaeU
=QS°9fUbVeU\QSQecQTYbUSdQTU\QSbUQSY†^TU\@QbdYT_4U]_SbvdYS_5\'
TU^_fYU]RbUTU!(('cUbUe^YUb_^U^\_ccQ\_^UcTU\QC_SYUTQT6Y\Qb]†
^YSQTU?RbUb_cTUCQ^dYQW_e^QccUcU^dQ`Ubc_^Qc*QbdUcQ^_c_RbUb_ciZ†
fU^UcbQTYSQ\UcaeYU^UcTUc`e}cTUe^Q\QbWQTYcSecY†^Q`b_RQb_^\Q
]_SY†^TU=Q\QaeQc3_^SXQTUVe^TQbe^`QbdYT_`_`e\QbaeUQRQ^T_
^QbQU\dUbbU^_`_\dYS_bU\YWY_c_U^aeUcUXQRQ]_fYT_\Q`_\dYSQ^Q
SY_^Q\`QbQS_^cQWbQbcUQSeUcdY_^Uc`_\dYS_c_SYQ\UciUS_^†]YSQc\U

!)"'
5\S_]Yd}aeUT†S_]`eUcd_S_]_cYWeU*`_bU\WbU]Y_TUdY`†WbQV_c2U^ZQ
]^?bdYj+`_bU\TUjQ`QdUb_c:54QjB+`_bU\TUcQcdbUc=Q^eU\=_TUcd_C_jQ+`_b
U\TUSQb`Y^dUb_cidQ\\QT_bUcDbYcdv^3_b^UZ_+`_bU\TU`Y^d_bUc<eYc2Qbd_\_]}4Qj+
`_bU\TUURQ^YcdQcB_T_\V_@QbbQWe}+`_bU\TUSYWQbbUb_c5^bYaeU5C_d_+`_bU\TU
c_]RbUbUb_cFYSd_bY^_CdU\\Q+`_bU\TUdQ\QRQbdUb_c:_c}1^d_^Y_CQ\Y^Qc+`_bU\TU
S_^cdbeSd_bUc8Y`†\Yd_1SUfUT_@_S_TUc`e}ccUY^S_b`_bQb_^Q}\1^d_^Y_@_e`Y^i
:eQ^4?bdYjU^bU`bUcU^dQSY†^TU\Q6Y\Qb]†^YSQTU?RbUb_c5\7edU^RUbWCQ^dYQW_"#TU
Ze\Y_TU!(('=vcdQbTU\_XYSYUb_^U^dbU_db_c*@Q^dQ\U†^F}\YjCY\fQ`_b\_c`Y^d_
bUc:_c}=Q^eU\CQ\TQ…Q`_b\_cSYWQbbUb_c1^d_^Y_2\Ucd9^VQ^dU`_b\_cdY`†WbQ
V_c:eQ^2QedYcdQBQ]bUj`_b\Q6Y\Qb]†^YSQ:_c}=YWeU\9^VQ^dUi5\_Y7_^jv\Uj`_b
\_c 9^fv\YT_c TU 7eUbbQ

&'!
fQ^dQ^T_\QRQ^TUbQTU\`b_dUSSY_^Yc]_5^Uc`UbQTUe^QQcQ]R\UQ]vc
Q]`\YQcU^_]Rb†e^QS_]YcY†^`QbQbUTQSdQbU\`b_WbQ]QTU\Q^eUfQ
S_\USdYfYTQT!)"(
DbUcTQc]vcdQbTUU\" TU^_fYU]RbUcUZe^dQb_^Q\bUTUT_bTU
T_cSYU^dQc`Ubc_^QcaeUQ`b_RQb_^U\`b_WbQ]QbUTQSdQT_`_b3_^SXQ
iU\YWYUb_^U\`bY]UbTYbUSd_bY_TU\@QbdYT_4U]_SbvdYS_U^U\aeUcUbUV\U
ZQRQVYU\]U^dU\Q^eUfQQ\YQ^jQTUdbQRQZQT_bUc]Q^eQ\UcS_^\_ccUSd_
bUc]vcbQTYSQ\YjQT_cTU\QY^dU\\YWU^djYQTU\QcSQ`Qc]UTYQc*`bUcYTU^dU*
1^d_^Y_@_e`Y^cQcdbU+fYSU`bUcYTU^dUc*1bdU]Y_7edY}bbUjcQcdbUi
=_Yc}c7_^jv\UjSQbb_SUb_+TYbUSd_bUc*7U^Qb_1\QbS†^QbdUcQ^_`Y^
d_b 1fU\Y^_ 3_^dQbT_ QR_WQT_ =Q^eU\ =U^UcUc dQ`YSUb_ :_c}
5\Qc4QjjQ`QdUb_:_c}9W^QSY_CY\fQSQb`Y^dUb_6beSde_c_7_^jv
\UjcQcdbU7Ub]v^3QRQ\\Ub_U]`\UQT_TUS_]UbSY_:eQ^BQVQU\
1\\U^TU `UbY_TYcdQ :eQ^ TU 4Y_c @}bUj S_^cdbeSd_b+ cUSbUdQbY_c*
=Q\QaeQc3_^SXQQR_WQT_i=_Yc}c1^QRQ\†^dQ`YSUb_dUc_bUb_*
:_c}=Q^eU\CQ\TQ…QSYWQbbUb_!)")
1e^aeU\_cdbQRQZQT_bUc]Q^eQ\UcS_^cdYdeQ^\Q]Qi_bQTU\TYbUS
d_bY_`QbQ^QTYUUbQe^]YcdUbY_aeU=Q\QaeQc3_^SXQUbQU\`bY^SY`Q\
Q^Y]QT_bTU\Q^eUfQ_bWQ^YjQSY†^UZUbSYU^T_TUXUSX_Ze^d_S_^ce
Q]YW_1fU\Y^_3_^dQbT_e^QQed_bYTQT]Qi_baeU\QaeUcecSQbW_c\Uc
S_^VUbQ^5\`Uc_TU\_c]Y\YdQ^dUcbQTYSQ\Uc`b_fU^YU^dUcTU\_ccUSd_
bUc]UTY_cY^dU\USdeQ\UcVeUTUdUb]Y^Q^dUTUcTUU\^QSY]YU^d_]Yc]_
TU\@QbdYT_4U]_SbvdYS_
4YSXQY^V\eU^SYQ^_VeUU\bUce\dQT_TUe^Q\eSXQTU`_cYSY_^UcU^
U\cU^_TU\Q^QSYU^dU_bWQ^YjQSY†^`_\dYSQcY^_]vcRYU^U\Vbed_TU
e^QS_^fUbWU^SYQRQcdQ^dUQb]_^Y_cQU^dbUcecT_ccUW]U^d_c`bY^SY`Q
\Uc*\QZ_fU^Y^dU\USdeQ\YTQTbQTYSQ\iU\QbdUcQ^QT_aeUS_]`QbdQ^e^Q
fYcY†^S_]‹^TU\_c`b_R\U]Qcc_SYQ\UciTUcecc_\eSY_^Uc5\`Q`U\TU
`bY]UbQY]`_bdQ^SYQaeUZeWQb_^TU^db_TU\@QbdYT_4U]_SbvdYS_3_^SXQ
3_^dQbT_1\\U^TUi_db_c`b_VUcY_^Q\Uc°S_]_VeUU\SQc_TU\_c`UbY_

!)"(
ÉcSQb1\V_^c_7_T_i=4_^=Q\QaeQc3_^SXQcefYTQcec_RbQcceW\_bYVYSQSY†^
CQ^dYQW_9]`bU^dQ2U\\QfYcdQ!)"#`vWc!)""+8}Sd_bTU@UdbYc7YUcU^8Ycd_bYQTU\
@QbdYT_4U]_SbvdYS_@_cYSY†^TU^db_TU\QUf_\eSY†^`_\dYSQ^QSY_^Q\CQ^dYQW_9]`bU^dQTU\Q
4YbUSSY†^7U^UbQ\TU@bYcY_^Uc!)$"`vW#
!)")
²BUe^Y†^TU\`QbdYT_TU]_SbvdYS_³5\=UbSebY_FQ\`QbQc_""TU^_fYU]RbUTU
!(('<Qc`b_VUcY_^UcY^TYSQTQcU^dbU`Qb}^dUcYcc_^\QcaeUTUS\QbQb_^\_c]Y\YdQ^dUc
]U^SY_^QT_cQ\cUbc_]UdYT_cQY^dUbb_WQd_bY_U^!(((`_bce`eUcdQbUc`_^cQRY\YTQTU^
U\Y^SU^TY_TU\_cSQbb_cTU\VUbb_SQbbY\ebRQ^_E^`QbTUU\\_c:eQ^TU4Y_c@}bUji:_c}
9W^QSY_CY\fQQVYb]Qb_^Q^dUcecZeUSUcXQRUbcYT_^_]RbQT_c]YU]Rb_cTU\TYbUSd_bY_
TU\`QbdYT_cY^XQRUbcYT_S_^ce\dQT_cF}QcU]vcQTU\Q^dU\QcbUVUbU^SYQcQ\_cT_Se]U^
d_cTUTYSXQSQecQSbY]Y^Q\>__RcdQ^dU\_Q^dUbY_bQVY^UcTU!() CY\fQVeUTUcYW^QT_
bU`bUcU^dQ^dUTU\@QbdYT_4U]_SbvdYS_U^CQ^dYQW_Q^dU\Qc]UcQcU\USd_bQ\Uc²3_]YcY_^Q
T_cTU\@QbdYT_4U]_SbvdYS_Q^dU\Qc]UcQcU\USd_bQ\Uc³5\1ZCQ^dYQW_! TU^_fYU]RbU
TU!() 

&'"
 =Q\QaeQc3_^SXQiceUc`_cQ!((&
3_\USSY†^=ecU_8Ycd†bYS_>QSY_^Q\CQ^dYQW_TU3XY\U

&'#
TYcdQc6bQ^SYcS_7Q\\UWeY\\_cU^FQ\`QbQc_iÂ^WU\3ecd_TY_?iQbj‹^
U^3XY\\v^°cUUh`\YSQ`_bU\`bUcdYWY_`Ubc_^Q\i`_b\QYbbQTYQSY†^TU
cecYTUQcXQSYQU\QbdUcQ^QT_icUSd_bUc_RbUb_cWbQSYQcQceY\ecdbQSY†^i
`_cYSY†^c_SYQ\5\`b_WbQ]QbUTQSdQT_`_b=Q\QaeQc3_^SXQQ`b_RQ
T_U\TQTU\QY^QeWebQSY†^TU\`QbdYT_cY^dUdYjQRQ\QS_^fUbWU^SYQTU
Ucd_ccUSd_bUcQ\QfUjaeUbUV\UZQRQU\QcSU^TYU^dUTU\_cY^dU\USdeQ\Uc*

1bd!¡5\`QbdYT_TU]_SbvdYS_dYU^U`_b_RZUd_\Q
U]Q^SY`QSY†^`_\dYSQc_SYQ\iUS_^†]YSQTU\`eUR\_
1bd"¡@QbQ\\U^QbUc_cVY^Uc`b_`_^UdbQRQZQb`_b
_RdU^Ub\QTURYTQbU`bUcU^dQSY†^U^\_cTYfUbc_cSeUb`_c
`_\dYS_c*3_^WbUc_]e^YSY`Y_cZe^dQcU\USd_bQ\UcUdS
1bd #¡ 9^cdbeSSY†^ _R\YWQd_bYQ WbQdeYdQ i \QYSQ
3_]RY^QSY†^TU\QU^cU…Q^jQ\YdUbQbYQS_^U\Q`bU^TY
jQZUTUQ\W‹^QbdUe_VYSY_5\5cdQT_TURU]Q^dU^UbU^
SQTQSQ`YdQ\TU`b_fY^SYQ`_b\_]U^_cUcSeU\Qc`b_VU
cY_^Q\Uci]ecU_cY^TecdbYQ\Uc
1bd$¡9^TU`U^TU^SYQTU\_c]e^YSY`Y_ciQed_^_
]QTU\_c`_TUbUcU\USd_bQ\Uc\UWYc\QdYf_ZeTYSYQ\iQT
]Y^YcdbQdYf_
1bd%¡9^S_]`QdYRY\YTQTQRc_\edQTUVe^SY_^Uc\U
WYc\QdYfQc]e^YSY`Q\Uc_U\USd_bQ\UcS_^d_T_SQbW_`‹
R\YS_bU]e^UbQT_
1bd&¡BUTeSSY†^TU\UZ}bSYd_`Ub]Q^U^dUice`bU
cY†^TU\QWeQbTYQ^QSY_^Q\+U^ceRcYTY_YWeQ\TQTQRc_
\edQTUSQbW_c]Y\YdQbUc
1bd'¡Ce`bU]QSQTU\5cdQT_c_RbUd_TQc\QcQc_
SYQSY_^UcaeUUhYcdU^U^cecU^_?bWQ^YjQSY†^`_bU\
5cdQT_TU\QQcYcdU^SYQ`‹R\YSQU^VQf_bTU\_cU^VUb]_c
Q^SYQ^_c_Y^fv\YT_cTU\dbQRQZ_
1bd(¡BUV_b]QTU^eUcdb_b}WY]U^QTeQ^Ub_U^
U\cU^dYT_TUUcdQR\USUb\Q]vcQ]`\YQ`b_dUSSY†^Q\Q
Y^TecdbYQ^QSY_^Q\\YRUbQ^T_\Q]QdUbYQ`bY]QbUSQb
WQ^T_\Qc]Q^eVQSdebQccY]Y\QbUcTU\UhdbQ^ZUb_iceR
fU^SY_^Q^T_\QcY^TecdbYQcY]`_bdQ^dUc\_cTUcSeRbY
]YU^d_c‹dY\Uci\_c]vcQSQRQT_c`UbVUSSY_^Q]YU^d_c
Y^TecdbYQ\Uc
1bd)¡1R_\YSY†^TU\_cY]`eUcd_cc_RbU\_cQbdSe
\_cTUQ\Y]U^dQSY†^iU\UZUbSYSY_TU\QcQbdUcUY^TecdbYQc
bUU]`\Qjv^T_\_c`_be^Y]`eUcd_`b_WbUcYf_c_RbU\_c
SQ`YdQ\UcaeU^_UhSUTQ^TU% `Uc_c !)# 

!)#
²@b_WbQ]QTU\@QbdYT_4U]_SbvdYS_1`b_RQT_U^:e^dQ7U^UbQ\U^" TU^_
fYU]RbUTU!(('³5\6Ubb_SQbbY\CQ^dYQW_")TU^_fYU]RbUTU!(('

&'$
 3_]_cU`eUTU_RcUbfQb\Qc`bY^SY`Q\UcdQbUQcaeUU\@QbdYT_4U
]_SbvdYS_cU`b_`_^QbUQ\YjQb`QbQU\Se]`\Y]YU^d_TUce_RZUdYf_SU^
dbQ\°³\QU]Q^SY`QSY†^`_\dYSQUS_^†]YSQic_SYQ\TU\`eUR\_³°cUS_^
SU^dbQRQ^U^T_cUZUc`bY^SY`Q\Uc*\QUVUSdYfQTU]_SbQdYjQSY†^TU\QfYTQ
`_\dYSQ^QSY_^Q\iU\`b_dUSSY_^Yc]_US_^†]YS_?dbQccU^dYTQcbUYfY^TY
SQSY_^UcTU\_ccUSd_bUc`_`e\QbUcS_]_\QQR_\YSY†^TU\Q7eQbTYQ>Q
SY_^Q\\Q_bWQ^YjQSY†^TUe^cYcdU]QTUQcYcdU^SYQ`‹R\YSQQSQbW_TU\5c
dQT_i\QbUV_b]QTU\cYcdU]QdbYRedQbY_dQ]RY}^UbQ^S_^dU]`\QTQc5\
`b_WbQ]Q^_QR_bTQRQU^^Y^We^_TUcec`e^d_cU\`b_R\U]QTU\QcbU\Q
SY_^UcU^dbUU\SQ`YdQ\i\QVeUbjQTUdbQRQZ_>Y\QcTU]Q^TQcTUcdY^QTQcQ
\_WbQbe^Qe]U^d_TU\fQ\_bTU\QVeUbjQTUdbQRQZ_^YU\]UZ_bQ]YU^d_
TU\QcS_^TYSY_^Uc\QR_bQ\Uci^YcYaeYUbQ\QQR_\YSY†^TU\TUc`†dYS_cYcdU
]QTUbU]e^UbQSY_^Uc`_bVYSXQcY]`UbQ^dUU^fQcd_ccUSd_bUcTU\Q`b_
TeSSY†^U^Uc`USYQ\U^\_ciQSY]YU^d_c]Y^Ub_ci`eUbd_cTU\^_bdU
UbQ^S_^cYTUbQT_cU^U\`b_WbQ]QTU]_SbvdYS_<QcS_^TYSY_^UcTUfYTQ
TU\_ccUSd_bUc`_`e\QbUcUbQ^TUVU^TYTQcU^\QUcVUbQTU\S_^ce]_QR_
\YSY†^TUY]`eUcd_ci^_U^U\v]RYd_TU\QcbU\QSY_^UcTU`b_TeSSY†^1
`UcQbTUaeUU^dbUcec]Y\YdQ^dUcicY]`QdYjQ^dUccUS_^dQRQ^^e]Ub_c_c
QcQ\QbYQT_cc†\_U\Wbe`_S_]`eUcd_`_b\_cQbdUcQ^_c`b_`YUdQbY_cTUe^
dQ\\UbU^S_^db†e^QUh`bUcY†^`bUSYcQU^\Q`\QdQV_b]QTU\@QbdYT_4U]_
SbvdYS_QdbQf}cTU\QbUYfY^TYSQSY_^UcTUQR_\YSY†^TU\_cY]`eUcd_cQ\Qc
QSdYfYTQTUc]Q^eVQSdebUbQci`b_dUSSY†^Q\QY^TecdbYQ^QSY_^Q\<_cQcQ\Q
bYQT_c c†\_ bUSYRYbQ^ \_c RU^UVYSY_c WU^UbQ\Uc aeU cU TUc`bU^TQ^ TU \_c
`e^d_cQ^dUbY_bUcS_]e^UcQd_T_c\_cWbe`_cT_]Y^QT_ccY^aeUU\`b_WbQ
]QTU]_SbvdYS_cUXYSYUbQUS_TU^Y^We^QTUcecTU]Q^TQcUc`USVYSQc
5^U\SQc_TU\SQ]`UcY^QT_\QcSQbU^SYQcUbQ^Q‹^]vcUfYTU^dUc
Cec`b_R\U]QciQc`YbQSY_^Uc^_UbQ^Uf_SQT_c^YcYaeYUbQTU]Q^UbQ
Y^TYbUSdQ1`U^QcXQRQe^QcY]`\U]U^SY†^Q\QS_^TYSY†^TU\SQ]`UcY
^_U^U\=Q^YVYUcd_TU\@QbdYT_4U]_SbvdYS_Q\`eUR\_TU3XY\UcY^^Y^We^Q
`b_`_cYSY†^*²5\`_RbUcUfUS_^TU^QT_YbbU]UTYQR\U]U^dUQ\QcU]YUc
S\QfYdeTTU\Y^aeY\Y^QZUQ\QcbeTQc\QR_bUcTU\QRQbbUdQiTU\QbQT_³ !)#!
>QTQ]vcC†\_e^`QbTUQ…_c]vcdQbTUQ\U\QR_bQbe^^eUf_`b_WbQ
]Q\_cTU]†SbQdQcS_^cYTUbQbQ^Q\We^QcY^SY`YU^dUc]UTYTQcU^VQf_b
TU\SQ]`UcY^QT_U\cUSd_b`_`e\Qb]vc^e]Ub_c_TU\Qc_SYUTQTSXY\U
^QTUQaeU\dYU]`_!)#"
5\@QbdYT_4U]_SbvdYS_UbQQ^dUcaeU^QTQU\`QbdYT_TU\_cQbdUcQ^_c
iTUQ\We^_ccUSd_bUcTU\QcSQ`Qc]UTYQcebRQ^QcCe`b_WbQ]Q`b_`_

!)#!
²=Q^YVYUcd_TU\@QbdYT_4U]_SbvdYS_Q\`eUR\_TU3XY\U³5\6Ubb_SQbbY\CQ^dYQ
W_")TU^_fYU]RbUTU!(('
!)#"
1`UcQbTU\QVQ\dQTU`_\dYSQbUc`USd_TU\QSeUcdY†^QWbQbYQTUcTU]eidU]`bQ
^_cUQ\jQb_^Q\We^Qcf_SUcU^U\^QSYU^dU`QbdYT_aeUUh`bUcQRQ^e^QY^aeYUdeT`_b\Q
ceUbdUTU\SQ]`UcY^QT_8QSYQ]UTYQT_cTU!(((3Qb\_c13beje^QSdYfYcdQTU]†SbQdQ
`\Q^dU†\_cbeTY]U^d_cTUe^Q`_\dYSQTUbUV_b]QTU\QWb_*²>USUcYdQ]_ce^Q\UiQWbQbYQ

&'%
^Qe^QdbQ^cV_b]QSY†^TU]_SbvdYSQTU\cYcdU]QUS_^†]YS_`_\dYS_i
c_SYQ\TU3XY\UU^\QaeUcUS_^cYTUbQbQ^Y]`_bdQ^dUcY^dUbUcUc`_`e\Q
bUc@Ub_QSQecQTUcec\Qj_cS_^U\]_fY]YU^d_`_`e\QbUhYcdQ^U^TY
SX_`QbdYT_\QcRQcUc`QbQ\QUh`bUcY†^TUSYUbdQcbUYfY^TYSQSY_^Uc`b_\U
dQbYQcQcS_]_\_cW}b]U^UcTUdU^TU^SYQc]vcbQTYSQ\Ucc_SYQ\YcdQci
Q^QbaeYcdQcaeUS_]U^jQbQ^Q]Q^YVUcdQbcUTUc`e}cTU\QWeUbbQSYfY\
TU!()!

5 < 45C@57E5

5\@QbdYT_4U]_SbvdYS_bUe^Y†U^`_S_dYU]`_e^Q`QbdUY]`_bdQ^dUTU\
cUSd_b]vcbU`bUcU^dQdYf_icU\USd_TU\c_SYUdQbYc]_`_`e\QbTU\Q}`_
SQ<QQTXUcY†^^_VeUcY^U]RQbW_Y^cdQ^dv^UQ_S_]`\UdQ5\`b_SU
c_TUS_^fUbWU^SYQU^dbU]edeQ\YcdQciZ†fU^UcbQTYSQ\UcTYbYWYT_c`_b
3_^SXQi3_^dQbT_TU]_b†Q‹^fQbY_c]UcUcTUc`e}cTU\QVe^TQSY†^
TU\`QbdYT_C†\_Q`QbdYbTU\QZ_b^QTQTU\Y^SU^TY_TU\_cdbQ^fQc")
TUQRbY\TU!(((iU\U^SQbSU\Q]YU^d_TUceTYbUSd_bY_def_e^TUcQbb_
\\_fUbTQTUbQ]U^dU^QSY_^Q\9^S\ec_Q`QbdYbTUUcQ^eUfQUdQ`QWbe
`_cY]`_bdQ^dUcTU\QS\QcU_RbUbQiTU\QbdUcQ^QT_S_^dY^eQb_^RQZ_\Q
Y^V\eU^SYQTU\_c`QbdYT_cdbQTYSY_^Q\Uc<QVe^TQSY†^TU\@QbdYT_4U]_
SbvdYS_U\" TU^_fYU]RbUTU!(('VeUe^`Qc_Y]`_bdQ^dUU^UcU`b_
SUc_TUS_^V\eU^SYQ`Ub_^_U\‹\dY]_4UXUSX_\QY^]U^cQ]Qi_bQ
TU\_cQcYcdU^dUcQ\QbUe^Y†^Y^QeWebQ\UbQ^TUCQ^dYQW_C†\_dbUcTU\U
WQT_c²`_b\QS\QcU_RbUbQTUFQ\`QbQc_³°=Q^eU\CUbUiTYbYWU^dUTU\Q
C_SYUTQTTUDY`†WbQV_c1Wecd^3_b^UZ_`bUcYTU^dUTU\Q1c_SYQSY†^TU1b
dUcQ^_ciU\]}TYS_6bQ^SYcS_7Q\\UWeY\\_c<_bSQbUTQSd_bTU<QF_jTU\Q
4U]_SbQSYQ° UcdefYUb_^ `bUcU^dUc U^ \Q QcQ]R\UQ Ve^TQSY_^Q\ ?db_c
S_]_\_c\TUbUc]edeQ\YcdQcTU3XY\\v^:_c}FYSd_bY^_6eU^dUQ\RQ`bU
cYTU^dUTU\Q1c_SYQSY†^TU1bdUcQ^_cCQ\_]†^?`Qj_FYSU^dU=QTQbYQ
WQ:eQ^TU\Q3bej6eU^dUciÂ^WU\3ecd_TY_?iQbj‹^Q\YWeQ\aeU<_
bU^j_1bU^QcVe^TQT_bi`bY^SY`Q\TYbYWU^dUTU\QC_SYUTQTTU1bdUcQ^_c
TU3_^SU`SY†^ !)##cU\Y]YdQb_^QU^fYQb]U^cQZUcTUcQ\eT_Q\QbUe^Y†^

aeU_bTU^U\QTYcdbYReSY†^TU\QcdYUbbQcTUcQ]`QbQTQcTU\Q>QSY†^+UcdQR\USY]YU^d_TU
S_\_^YQc^QSY_^Q\Uc+aeUcUVYZUe^\]YdU]vhY]e]Q\Q`_cUcY†^TU\dUbbYd_bY_aeU`eUTU
QTaeYbYbe^SYeTQTQ^_iaeUS_^SUTQQ\_caeUUhSUTYUb_^UcU\]YdUe^`\Qj_`beTU^dU
`QbQfU^TUbU\c_RbQ^dU³²4YcSebc_U^U\RQ^aeUdUTU]_SbvdYS_`_bU\cU…_b3Qb\_c1
3bej³<Q4YcSecY†^3XY\\v^#TUZe\Y_TU!(((3ebcYfQcU^U\_bYWY^Q\
!)##
<_bU^j_1bU^QcTUVY\YQSY†^]Qc†^YSQibQTYSQ\Q`UcQbTUUcdQUh`bUcY†^TUcY]
`QdQS_^U\^QSYU^dU@QbdYT_4U]_SbvdYS_^_Y^WbUc†Q\Q^eUfQ_bWQ^YjQSY†^`Ub]Q^USYU^
T_cYU]`bUU^\QcVY\QcTU\@QbdYT_BQTYSQ\<Q]Yc]QQSdYdeTQce]YUb_^\_c`_\dYS_cbQTY
SQ\Uc:_c}6bQ^SYcS_FUbWQbQi6bQ^SYcS_@eU\]QDe``UbaeYU^Uc]Q^TQb_^]U^cQZUcTU
cQ\eT_U^UcQ_`_bde^YTQT

&'&
S_^cdYdeiU^dUTU\@QbdYT_4U]_SbvdYS_ !)#$1\We^_ccUSd_bUcTU\]_fY]YU^
d_TUdbQRQZQT_bUcebRQ^_ccU]Q^defYUb_^TebQ^dUQ\W‹^dYU]`_Q\Q
Uh`USdQdYfQ_U^Q\We^_c`_S_cSQc_cQce]YUb_^`_cYSY_^UcTUVbQ^SQ
X_cdY\YTQTQ^dU\Q^eUfQ_bWQ^YjQSY†^aeU`bUdU^TQUbYWYbcUS_]_bU
`bUcU^dQ^dUTU\QS\QcU_RbUbQ
rcQVeU\Q`_cYSY†^QT_`dQTQ`_bT_c^‹S\U_cTUdbQRQZQT_bUcTU
FQ\`QbQc_QW\edY^QT_cU^d_b^_QcU^TQc`eR\YSQSY_^Uc*<Q9\ecdbQSY†^
DY`_WbvVYSQi<_c5S_cTU\DQ\\Ub5\`bY]Ub_TUUcd_c`UbY†TYS_caeUS_
]U^j†Q`eR\YSQbcUU^^_fYU]RbUTU!(('UbQU\†bWQ^_TUe^Wbe`_TU
TYbYWU^dUci]Y\YdQ^dUcTYcYTU^dUcTU\QC_SYUTQTDY`_WbvVYSQ`_bdU…QBU
e^YT_cU^d_b^_Qe^QQc_SYQSY†^aeU\\UfQRQU\]Yc]_^_]RbUTU\`U
bY†TYS_cU`b_`_^Q^`_^UbU\QSU^d_U^\Q²Y^cdbeSSY†^³TU\_cdbQRQZQ
T_bUcicUbfYbTUUS_QceWbU]Y_ !)#%5cdUWbe`_TUdY`†WbQV_cTYbYWYT_c
`_b:eQ^=YWeU\CQ^T_fQ\>YSQcY_CUWe^T_3QfYUcUci:_Qae^:6eU^
jQ\YTQ!)#& SbYdYS† \Q Qed_TUcYW^QSY†^ TU 7Q\\UWeY\\_c CUbUi i 3_b^UZ_
S_]_²bU`bUcU^dQ^dUcTU\QS\QcU_RbUbQTUFQ\`QbQc_³Q^dU\QbUe^Y†^
TUS_^cdYdeSY†^TU\@QbdYT_4U]_SbvdYS_i]Q^def_e^QQSdYdeTUhdbU]QTQ
]U^dUSbdYSQVbU^dUQ\Q^eUfQS_\USdYfYTQT !)#'@_S_cTQcQ^dUcTU\Qc
U\USSY_^Uc\UWYc\QdYfQcTU]Qbj_TU!(((\Qc`bY]UbQcQ\QcaeUU\@QbdYT_
4U]_SbvdYS_cU`bUcU^dQRQ<Q9\ecdbQSY†^DY`_WbvVYSQTUS\QbQRQaeU*

KM\QcTUS\Q]QSY_^Uc\_c_VbUSY]YU^d_ci\_c`b_WbQ
]QcTU\_c\\Q]QT_cbUTU^d_bUcTU\`eUR\_Ucdv^Y^TYSQ^
T_\Q^USUcYTQTTUaeUXQiQe^`bY^SY`Y_cQ^_iU\UfQT_
e^QT_SdbY^Q]_bQ\ZecdQifUbTQTUbQaeUbUW\U\QS_^SYU^
SYQTU\SYeTQTQ^_aeU\UU^cU…UQbUc`UdQb\_aeU}\UhYWU
cU\UbUc`UdUaeU\UU^cU…UQS_^SUTUb\_aeU}\aeUbbQcU
\US_^SUTYUbQ5^e^Q`Q\QRbQ*aeUXQiQU^U\`eUR\_S_^
SYU^SYQiaeUUcQS_^SYU^SYQdU^WQe^ZeUjcUfUb_U^U\CUb
Ce`bU]_aeUbYWU\_cTUcdY^_cTU\E^YfUbc_!)#(

!)#$
²9^QeWebQSY†^TUe^^eUf_`QbdYT_³<Q4YcSecY†^3XY\\v^"$TU^_fYU]RbUTU
!(('
!)#%
²>eUcdbQ`bY]UbQ`Q\QRbQ³<Q9\ecdbQSY†^DY`_WbvVYSQFQ\`QbQc_"'TU^_fYU]
RbUTU!(('+²<Q9\ecdbQSY†^DY`_WbvVYSQ³5\=UbSebY_FQ\`QbQc_"(TU^_fYU]RbUTU
!(('
!)#&
:_Qae^:6eU^jQ\YTQXQRQcYT_`bUcYTU^dUTU\QC_SYUTQTDY`_WbvVYSQTUFQ\`QbQ
c_TebQ^dUU\cUWe^T_cU]UcdbUTU!((&@_S_TUc`e}cTU\QVe^TQSY†^TU<Q9\ecdbQSY†^
DY`_WbvVYSQf_\fY†Q\Q]edeQ\i_Se`†`eUcd_cTYbYWU^dUc+U^U^Ub_TU!(((VeUU\UWYT_
`QbQU\SQbW_TUfYSU`bUcYTU^dU
!)#'
E^_TU\_cVe^TQT_bUcTU<Q9\ecdbQSY†^DY`_WbvVYSQ:eQ^2QedYcdQ2ecd_cQRQ^
T_^†UcdQ`_cYSY†^SbdYSQiS_^dbYRei†Q_bWQ^YjQbU\@QbdYT_4U]_SbvdYS_U^FQ\`QbQc_
!)#(
²<QcU\USSY_^Uci\_cTUbUSX_cTU\SYeTQTQ^_³<Q9\ecdbQSY†^DY`_WbvVYSQFQ\`Q
bQc_!(TU]Qbj_TU!(((

&''
 5\]Yc]_TQTU\QcU\USSY_^UcU\SYdQT_`UbY†TYS_`bUfUQ`QbQU\@Qb
dYT_4U]_SbvdYS_²e^bUce\dQT_QTfUbc_Q\\_Wb_TUcec`bUdU^cY_^Uc³iSQ\YVY
SQRQTU`_S_`beTU^dU²\Q`bYcQaeUcUXQ^TQT_\_cX_]RbUcaeUdbQdQ^TU
S_RYZQbcURQZ_\_c`\YUWeUcTUe^QRQ^TUbQTU]_SbvdYSQbUSY}^U^QbR_\Q
TQ³!)#)
<Q`_cdebQTU<_c5S_cTU\DQ\\UbU^S_^dbQTU\@QbdYT_4U]_SbvdYS_i
TUcec`bY^SY`Q\UcTYbYWU^dUcU^FQ\`QbQc_VeUQ‹^]vcfYbe\U^dQ5cdU
`UbY†TYS_°aeUVeU`eR\YSQT_Q`QbdYbTUZe\Y_TU!(('`_be^Wbe`_TU
Y^dU\USdeQ\UcidbQRQZQT_bUc`UbdU^USYU^dUcQQ\We^Qcc_SYUTQTUc]edeQ
\YcdQc*cQcdbUcSYWQbbUb_c`Y^d_bUc° !)$ cUSQbQSdUbYj†`_bcecfY_\U^d_c
QdQaeUcS_^dbQ<QF_jTU\Q4U]_SbQSYQicebUTQSd_bU^ZUVU6bQ^SYcS_7Q
\\UWeY\\_c<_bSQ<_c5S_cTU\DQ\\UbdQ]RY}^TUc]Y^dY†e^Qce`eUcdQTU\U
WQSY†^TU\_c_RbUb_cTUFQ\`QbQc_U^\Qc`Ubc_^QcTU7Q\\UWeY\\_c3_b
^UZ_iCUbUi`_bS_^cYTUbQbaeUQ‹^^_XQRQ\\UWQT_U\]_]U^d_U^
aeU\_c_RbUb_ccUS_^cdYdeiUbQ^U^`QbdYT_Y^TU`U^TYU^dU!)$!
E^QQSdYdeTYWeQ\]U^dUS_^dbQbYQQ\QV\Q]Q^dU_bWQ^YjQSY†^`_\dY
SQQce]Y†U^CQ^dYQW_\Q1cQ]R\UQTU1bdUcQ^_cU9^TecdbYQ\Uc5\(TUZe\Y_
TU!(((ceTYbUSd_bY_QS_bT†²d_]Qb]UTYTQc`QbQ_`_^UbcUQd_TQc\Qc
`bUdU^cY_^Uc aeU U\ @QbdYT_ 4U]_SbvdYS_ Ucdv TU]_cdbQ^T_³ `QbQ Sei_
UVUSd_ ^_]Rb† e^Q S_]YcY†^ U^SQRUjQTQ `_b ce `bUcYTU^dU <_bU^j_
=_bQ\UcU^SQbWQTQTUc_\YSYdQbe^QU^dbUfYcdQQ\:UVUTU5cdQT_!)$"
<QSbUQSY†^TU\@QbdYT_4U]_SbvdYS_^_S_^SYd†`_b\_dQ^d_e^Q`_
i_e^v^Y]UU^\_cTYcdY^d_ccUW]U^d_cidU^TU^SYQcTU\]_fY]YU^d_`_
`e\Qb<QYTUQTUaeUQ‹^^_UcdQRQ^TQTQc\QcS_^TYSY_^Uc`QbQ\QV_b
]QSY†^TUe^`QbdYT_`_\dYS_Y^TU`U^TYU^dUTU\_c_RbUb_cU^dU^TYU^
T_`_b²_RbUb_c³U^bUQ\YTQTQ\S_^Ze^d_TU\_cdbQRQZQT_bUc]Q^eQ\Uc
]vcQ\We^_cY^TYfYTe_cTU\QcSQ`Qc]UTYQcVeUTUVU^TYTQXQcdQU^\Q

!)#)
²<USSY_^UcaeU^_TURU^TUc`UbTYSYQbcU³<Q9\ecdbQSY†^DY`_WbvVYSQFQ\`QbQc_
"%TU]Qbj_TU!(((
!)$
5\`bY]UbTYbUSd_bY_TU<_c5S_cTU\DQ\\UbUcdQRQS_]`eUcd_TU\QcYWeYU^dU]Q^U
bQ*`bUcYTU^dU*:eQ^1bQ_c+cUSbUdQbY_*5^bYaeUB†XgUTUb+TYbUSd_bUc*51\\U^TUBF:F
1bU\\Q^_37CdU^gQ\\i<eYc5@}bUj²3b†^YSQ³<_c5S_cTU\DQ\\UbFQ\`QbQc_!&TUZe\Y_
TU!(('CeUTYd_bFSd_b:1bU\\Q^_cUS_^fUbdYbQTebQ^dU\Q‹\dY]QT}SQTQTU\cYW\_U^
e^_TU\_c`bY^SY`Q\UcTYVec_bUcTU\QcdU_bQcc_SYQ\YcdQcU^3XY\UF}QcU6bQ^SYcS_@TU
2~jUiFSd_b:1bU\\Q^_5\SQ`YdQ\iU\dbQRQZ_FQ\`QbQc_DY`_WbQVQ>QSY_^Q\!()&DUhd_
bU`b_TeSYT_^dUWbQ]U^dUU^7bUj<Q²SeUcdY†^c_SYQ\³_`SYd`vWc$#'$%%
!)$!
²<QS\QcU_RbUbQTUFQ\`QbQc_U\@QbdYT_4U]_SbvdYS_Y´<Q<YRUbdQT5\USd_bQ\µ
TUCQ^dYQW_<_c5S_cTU\DQ\\UbFQ\`QbQc_%TUTYSYU]RbUTU!(('
!)$"
2>C=3_bbUc`_^TU^SYQQ:_c}=Q^eU\2Q\]QSUTQd_]_999TUVURbUb_Q_SdeRbU
TU!(((3QbdQTU<_bU^j_=_bQ\UcQ:_c}=Q^eU\2Q\]QSUTQCQ^dYQW_#!TUZe\Y_TU
!(((V$#'CUYW^_bQcYU\5ZUSedYf_TY_Sebc_QUcdQc_\YSYdeTBUce\dQY^dUbUcQ^dUS_^cYW
^QbaeU1^d_^Y_2\Ucd9^VQ^dUaeYU^XQRQcYT_e^_TU\_ccUSbUdQbY_cTU\Q1cQ]R\UQTU
1bdUcQ^_cU9^TecdbYQ\UcU^!((&i!(('Y^WbUc†Q\@QbdYT_4U]_SbvdYS_D_T_`QbUSUY^TYSQb
aeUU\cebWY]YU^d_TU\^eUf_`QbdYT_Y^db_TeZ_e^Q\^UQTUaeYURbUU^U\cU^_TUfQbYQc
_bWQ^YjQSY_^Uc`_`e\QbUc

&'(
bUe^Y†^Ve^TQSY_^Q\`_bU\TYbYWU^dUdY`†WbQV_cQ^dYQWeY^_=Q^eU\:U
c‹c=UZQ!)$#5^UcQ_`_bde^YTQT=UZQ`\Q^dU†aeU*

1ceZeYSY_\_c_RbUb_ccUU^SeU^dbQ^U^\QQSdeQ\YTQT
]eiQ^QbaeYjQT_c`_baeUQTU]vcTU\QcfQbYQcQWbe`QSY_
^Uc `_\dYSQc aeU dYU^U^ _bWQ^YjQT_c XQi TYcdY^WeYT_c
_RbUb_caeUcUQ\UZQ^TU}cdQc\eSXQc`_baeUdQ\fUjcUXQ^
S_^fU^SYT_TUaeUQ^dUcTU\\UfQbbU`bUcU^dQ^dUcQ\3_^
WbUc_UcY^TYc`U^cQR\UdbQRQZQb`_bY\ecdbQbQ\Qc]QcQc`_b
XQSUb\UcS_]`bU^TUbcec]vc`bY]_bTYQ\UcTURUbUcX_i
Qe^aeU\UUbQT_\_b_c_TUSYb\_cUU^SeU^dbQUcd_e^dQ^d_
TUcSeYTQT_U^\QWbQ^]Qi_bQTUcecS_]`Q…Ub_c
3_^S\ei†TYSYU^T_aeUTU\_c#  _RbUb_caeUXQi
U^CQ^dYQW_c†\_XQ^VYWebQT_XQcdQ\QVUSXQU^\_cTYfUb
c_c]_fY]YU^d_c`_\dYS_cSeQ^T_]vcaeY^YU^d_cTU\_
aeUcUTUc`bU^TUaeU\_c")% bUcdQ^dUc^_cUXQ^`bU
_Se`QT_U^\_]vc]^Y]_TU\QS_cQ`_\dYSQ
3bUU aeU Ucd_ Uc e^ c^d_]Q bUfU\QT_b `QbQ aeU \_c
_RbUb_c`bY^SY`YU^`_bT_^TUTURYUbQ^XQRUb\_XUSX_iTU
UcdQ]Q^UbQ^_cUbU\ZeWeUdUTU\_cX_]RbUcTU]Q\QVU !)$$

5\dY`†WbQV_=UZQVeUbURQdYT_S_^}hYd_`_bdbUcY^dU\USdeQ\Uc°=Q\Q
aeQc3_^SXQ@UTb_@QR\_6YWeUb_Qi:eQ^BQVQU\1\\U^TU°iU\`e^d_
U^SeUcdY†^\Q`QbdYSY`QSY†^Y^TU`U^TYU^dUU^\QcTYcdY^dQcU\USSY_^Uc
VeUQ`b_RQTQ`_bd_T_c\_cQcYcdU^dUccQ\f_`_b=UZQ !)$%
1`UcQbTUUcdQcf_SUcTYcS_bTQ^dUcU\@QbdYT_4U]_SbvdYS_`eT_QWbe

!)$#
=Q^eU\:Uc‹c=UZQXQRQUZUbSYT_TYcdY^d_cSQbW_cTYbUSdYf_cU^\QC_SYUTQTE^Y†^
TU\_cDY`†WbQV_cTUCQ^dYQW_U^dbUU\\_cU\TUfYSU`bUcYTU^dUiU^ce3QZQTU1X_bb_TU\Q
SeQ\VeU`bUcYTU^dU5^!(($!((%cUS_^d†U^dbU\_cY]`e\c_bUcTU\`UbY†TYS_<QBQj†^
TUcTUSeiQcS_\e]^Qc`_\U]Yj†S_^\_cTYbYWU^dUcTU\Q]edeQ\TUceWbU]Y_`_b^_Q`_b
dQbe^Q`_i_TUSYTYT_Q\†bWQ^_TU`bU^cQ`_`e\QbDQ]RY}^UcSbYRY†QbdSe\_cc_RbUU\
dbQRQZ_^_Sdeb^_cQ\QbY_ci]UTY_c`QbQ]UZ_bQb\QS_^TYSY†^TUcecS_]`Q…Ub_c5^!((%
VeUe^_TU\_c_bQT_bUcTU\]UUdY^W_bWQ^YjQT_`_b\QC_SYUTQT5cSeU\QBU`eR\YSQ^QU^CQ^
dYQW_aeU`bUcU^d†`UdYSY_^UcQ\@bUcYTU^dUTU\QBU`‹R\YSQ5^!(('=UZQ`bUcYTQe^Q
Qc_SYQSY†^TU^_]Y^QTQ<YWQDY`_WbvVYSQTU\QSeQ\XU]_cU^S_^dbQT_`_SQcbUVUbU^SYQc
1\`QbUSUbcUdbQdQRQTUe^Q_bWQ^YjQSY†^S_^SURYTQUcU^SYQ\]U^dUS_]_e^QSQZQTU
QX_bb_cbYfQ\TU\QE^Y†^TUDY`†WbQV_cQ\QaeUU\]Yc]_QSdYfYcdQXQRQ`UbdU^USYT_²<Q
<YWQDY`_WbvVYSQ# =U]_bYQ\UYTQ`_bU\`bUcYTU^dUTU<Q<YWQU^\QcUcY_^ZU^UbQ\TU\"
TU_SdeRbUTU!(('³5\7edU^RUbWCQ^dYQW_!%i")TU_SdeRbUTU!(('DQ]RY}^XU]_c
TUdUSdQT_Y^TYSY_cTU\QY^S_b`_bQSY†^TU=UZQQe^QVbQSSY†^TU]†SbQdQUh`e\cQTQTU\
`QbdYT_U^!() 1\We^QcVQSUdQcTUce`U^cQ]YU^d_c_SYQ\U^\_ccYWeYU^dUcQbdSe\_cTU
ceQed_bQ*²1\TYbUSd_bY_TU\QE^Y†^TU\_cDY`†WbQV_c³_`SYd+²<_cdY`†WbQV_cTUCQ^
dYQW_³<QBQj†^CQ^dYQW_!&i)TUQW_cd_TU!(($
!)$$
²<QS\QcU_RbUbQ³_`SYd
!)$%
4U@UdbYc7YUcU^_`SYd`vW#

&')
`QbU^ceY^dUbY_bWbQ^`QbdUTU\_]vcbU`bUcU^dQdYf_TU\]_fY]YU^d_
`_`e\Qb3YUbdQc_bWQ^YjQSY_^Ucc_SYQ\UcS_]_\Q1cQ]R\UQTU\7bU]Y_TU
3YWQbbUb_cTUCQ^dYQW_cUQRQ^TUbYjQb_^QRYUbdQ]U^dUS_^\Q^QSYU^dU
QWbe`QSY†^`_\dYSQ!)$&3_^cYTUbQ^T_\QUdQ`QVe^TQSY_^Q\TU\@QbdYT_
4U]_SbvdYS_U^e^cU^dYT_Q]`\Y_e^_ccUYc_cYUdU]UcUcUcTUSYbXQcdQ
\Q\YRUbQSY†^TUceTYbUSd_bY_Q]UTYQT_cTUZe^Y_TU!(((`eUTU\\UWQb
cUVvSY\]U^dUQUcQS_^S\ecY†^c_RbUcebU`bUcU^dQdYfYTQTi\Qc_\YTUjTU
cec\Qj_cS_^U\]e^T_Qc_SYQdYf_`_`e\Qb
E^Q]eUcdbQTUSY^SeU^dQicUYcTUcdQSQT_cTYbYWU^dUc]edeQ\YcdQc
TU\`Ub_T_!('&!(('TUcTUS_]YU^j_cTU\QSQ]`Q…QQ^dYSbYcYcXQcdQ
\QVe^TQSY†^TU\@QbdYT_4U]_SbvdYS_^_cY^TYSQaeU`_b\_]U^_cfUY^dY
SY^S_QSdYfYcdQccUQVY\YQb_^QUcdQ_bWQ^YjQSY†^TebQ^dUU\²`Ub_T_Ve^
TQSY_^Q\³^_fYU]RbUTU!(('Ze^Y_TU!(((Ucd_Uce^$$&$<_c
dbUY^dQie^bUcdQ^dUc`QbUSU^^_XQRUbY^WbUcQT_Q\`QbdYT__cUQe^
%%#%TUUcU]Yc]_d_dQ\!)$'5cd_c`_bSU^dQZUcTURU^cUb]Q^UZQT_c
S_^`bUSQeSY†^5^UVUSd_cYRYU^UhYcdUcUWebYTQTQRc_\edQc_RbU\Q]Y

!)$&
F}QcU\QS_\USSY†^TU\†bWQ^_TU`bU^cQTUUcdQQc_SYQSY†^U^`QbdYSe\Qbce`bY
]UbUTYd_bYQ\<Q:ecdYSYQCQ^dYQW_"#TUZe^Y_TU!(((i²<QS_^TYSY†^TU\_RbUb_U^
^eUcdb_`QciU\]_T_TU]UZ_bQb\Q³<Q:ecdYSYQCQ^dYQW_"!TUZe\Y_TU!(((
!)$'
@QbQ\QS_^cdbeSSY†^TU^eUcdb_]eUcdbQbY_XU]_cedY\YjQT_\_ccYWeYU^dUcSbYdU
bY_c*\Qc`Ubc_^QccU\USSY_^QTQcTURQ^XQRUb`QbdYSY`QT_TU]Q^UbQTUcdQSQTQ^_c†\_U^
e^Q_fQbYQcQc_SYQSY_^Uc`_`e\QbUc]edeQ\Ucc_SYUTQTUcVY\Qb]†^YSQcTU_RbUb_cS__
`UbQdYfQcUdScY^_dQ]RY}^U^Q\We^QY^YSYQdYfQaeUdefYUbQe^Q\SQ^SU_`bUdU^cY†^TU
Q\SQ^SU^QSY_^Q\S_]_`_bUZU]`\_\QSQ]`Q…Q`b_dUSSY_^YcdQTU\_cQ…_c!('&!('(U\
`UbY†TYS_<QBQj†^U\Q`_i_Q\Qc²SQ^TYTQdebQc_RbUbQc³i\QcQSSY_^Uc`_\dYSQcTU\QC_
SYUTQT5cSeU\QBU`eR\YSQ^Q5cdQcUhYWU^SYQc`b_RQR\U]U^dUXQ^TUdUb]Y^QT_e^QbU`bU
cU^dQSY†^e^dQ^d_QRe\dQTQTUCQ^dYQW_*SeQbU^dQicUYc^_]RbUcc_RbUe^d_dQ\TUSY^
SeU^dQi_SX_U^TUdbY]U^T_TU\Qc`b_fY^SYQcbU`bUcU^dQTQcQ`U^Qc`_bT_SU`Ubc_^Qc
SeQdb_TUFQ\`QbQc_SeQdb_TU3_^SU`SY†^dbUcTU3XY\\v^ie^QTUDQ\SQ4Ud_TQc
]Q^UbQc\QY^V\eU^SYQSQcYcY^S_^dbQ`Uc_TU\_cSQ`YdQ\Y^_cU^U\]_fY]YU^d_`_`e\Qb
S_bbUc`_^TUU^WbQ^]UTYTQQ\QUhSUcYfQSU^dbQ\YjQSY†^TU\`Qc<_c]Yc]_cSbYdUbY_c
TUcSQbdQ^TU\Q]eUcdbQQQ\We^QcS_^^_dQTQcbU`bUcU^dQ^dUcTU\]edeQ\Yc]_VU]U^Y^_
\Q`bY]UbQ_bWQ^YjQSY†^TUUcdUdY`_\QC_SYUTQTTU?RbUbQc>¡!TUFQ\`QbQc_VeUVe^TQTQ
U^^_fYU]RbUTU!(('U\]Yc]_TQaeUU\@QbdYT_4U]_SbvdYS_aeU`_cdUbY_b]U^dUdefYU
b_^e^QTUcdQSQTQ`QbdYSY`QSY†^U^U\]_fY]YU^d__RbUb_
5\Q^v\YcYcTU\Q\YcdQTU^_]RbUcTY_U\cYWeYU^dUbUce\dQT_*
1TXUbU^dUcQ\@QbdYT_4U]_SbvdYS_*7U^Qb_1\QbS†^@bQT_=_Yc}c1^QRQ\†^1^d_
^Y_2\Ucd9^VQ^dU:eQ^2QedYcdQ2ecd_c7Ub]v^3QRQ\\Ub_5hUaeYU\3Q\}3XvfUj:eQ^
1Wecd^3_b^UZ_:eQ^TU\Q3bej6eU^dUc6UTUbYS_4Qj@YjQbb_4YUW_5cSQ^Y\\Q:_c}TU\
3Qb]U^6YWeUb_Q=_Yc}c7_^jv\Uj1bdU]Y_7edY}bbUj=Q^eU\8YTQ\W_5hUaeYU\:Y]}
^Uj@UTb_@QR\_:_baeUbQ=Q^eU\=U^UcUc1]QT_b4QjCU`‹\fUTQ:_c}54Qj8Y`†
\Yd_?\YfQbUc=UcQCQ\_]†^?`Qj_1^d_^Y_@_e`Y^:_c}=Q^eU\CQ\TQ…Q=Q^eU\CUbUi
FYSd_bY^_CdU\\Q
>_QTXUbU^dUcQ\@QbdYT_4U]_SbvdYS_*8Y`†\Yd_1SUfUT_9W^QSY_1\YQWQ:eQ^7eQ\
RUbd_1bQ_c3\U]U^dU2QbQX_^Q:_c}=YWeU\2Qce\d_:1bdeb_2\Y^:eQ^3\QfYZ_DbYc
dv^3_b^UZ_BQVQU\3_fQbbeRYQc=QebYSY_3bYcdY1\UZQ^Tb_4U`QccYUb9c]QU\5c`Y^_jQ
@bY]YdYf_5c`Y^_jQ:_c}1Wecd^7_^jv\Uj6bQ^SYcS_TU@Qe\Q<Q^TQ?^_VbU:<\Q^Y\\_c
@QcSeQ\<QjQbdU=Qbd^=QSXYSQ_=Q^eU\:Uc‹c=UZQ=Q^eU\=UbY^_<_bU^j_=_bQ\Uc

&(
\YdQ^SYQU^\QcVY\QcTU\@QbdYT_4U]_SbvdYS_TUfUY^dYSY^S_TUU\\_c^_`eUTU
QcUWebQbcUaeUe^SYUbd_`_bSU^dQZUTU\_cdbUY^dQie^bUcdQ^dUc^_cUXQiQ^
Y^S_b`_bQT_U^Q\W‹^]_]U^d_QcecVY\QcCY]`\U]U^dU^_XU]_cU^S_^
dbQT_`beURQcTUQTXUcY†^TebQ^dU\_c`bY]Ub_cdbUcQ…_cTUceUhYcdU^SYQ
@_bUc_XU]_cedY\YjQT_\QUh`bUcY†^²`_b\_]U^_c³Q\bUVUbYb^_cQ\$$&$
TUTYbYWU^dUc`_`e\QbUc]Y\YdQ^dUcTU\@QbdYT_4U]_SbvdYS_1TU]vcTURU
S_^cYTUbQbcUaeUQ\We^_c\TUbUcTUWbQ^bU^_]RbUS_]_VeUU\SQc_TU
DbYcdv^3_b^UZ_ifQbY_c_db_ccYRYU^^_Y^WbUcQb_^Q\Q^eUfQ_bWQ^YjQSY†^
cU]Q^defYUb_^cYU]`bU]eiSUbSQ^_cQU\\Q?db_cS_]_U\QbdUcQ^_`Y^d_b
iTUS_bQT_b@Q^dQ\U†^F}\YjQe^aeU`Ub]Q^USYUb_^U^U\@QbdYT_BQTYSQ\
Se\dYfQb_^e^Q`_cYSY†^]eiQ]Ycd_cQXQSYQU\@QbdYT_4U]_SbvdYS__bWQ^YjQ^
T_\Qc_\YTQbYTQTS_^cecTYbYWU^dUcU^SQbSU\QT_cQbQjTU\_cceSUc_cTU
QRbY\TU!(((
E^`bY]Ub]_]U^d_TUTUcQbb_\\_°Q‹^^_]eiQSU\UbQT_°TU\V\Q
]Q^dU`QbdYT_VeUU\aeUdbQ^cSebbY†U^dbUceVe^TQSY†^i\Q]Q^YVUcdQ
SY†^S_^dbQU\Q\jQTU\QdQbYVQTU\_cdbQ^fQcU^CQ^dYQW_
<Q`bU_Se`QSY†^Y^YSYQ\TU\TYbUSd_bY_`bUcYTYT_`_b1^d_^Y_@_e
`Y^VeU\Q_bWQ^YjQSY†^TU\`QbdYT_U^`b_fY^SYQci\Q`QbdYSY`QSY†^U^\Qc
U\USSY_^Uc\UWYc\QdYfQcTU\"%TU]Qbj_TU!(((CeSbUSY]YU^d_VeUU^e^
S_]YU^j_RQcdQ^dU\U^d_1e^aeUUhYcdQe^QS_bbYU^dUTUcY]`QdQ`_b
\Q^eUfQ_bWQ^YjQSY†^`_\dYSQQ\U^dQTQ`_b^e]Ub_c_c`UbY†TYS_c\_SQ
\UcTU_bYWU^bQTYSQ\_cY]`\U]U^dU`_`e\QbaeUcUQed_YTU^dYVYSQRQ^
RQZ_\QUdYaeUdQTU²TU]†SbQdQc³S_]_\QF_jTU\Q4U]_SbQSYQTUFQ\`Q
bQc_<Q<YRUbdQTTUDQ\SQ\Q4YcSecY†^TU3XY\\v^i_db_cTU]U^_bY]
`_bdQ^SYQ\QV_b]QSY†^TUQWbe`QSY_^Uc`QbdYTQbYQcU^\Qc`bY^SY`Q\Uc
SYeTQTUcTU`b_fY^SYQdQbT†fQbY_c]UcUc<__SebbYT_U^3XY\\v^UZU]
`\YVYSQ\QcTYVYSe\dQTUcTU\_cTU]†SbQdQc`QbQS_^cdYdeYbceS_\USdYfYTQT
VeUbQTUCQ^dYQW_1`UcQbTUceUfYTU^dU`_`e\QbYTQTU^dbU\_cQc_SYQ
T_ciTYbYWU^dUcTU\QC_SYUTQTTU1bdUcQ^_cSXY\\Q^UZQiTU\_c\\Q]QT_cQ
V_b]QbU\`QbdYT_XUSX_cTUcTU\QcS_\e]^QcTU<Q4YcSecY†^!)$(\QQWbe
`QSY†^\_SQ\TU\@QbdYT_4U]_SbvdYS_^_`eT_S_^cdYdeYbcUcY^_TUc`e}cTU
fQbY_cY^dU^d_cVQ\\YT_c5\`bY]Ub_def_\eWQbU\"&TUU^Ub_TU!(((Q\
bUQ\YjQbcUe^QbUe^Y†^iS_]YTQ`QbQ_bWQ^YjQbe^QY^cdQ^SYQ`QbdYTQbYQ
U^\QSYeTQT*Y^S_^fU^YU^dUcTU‹\dY]QX_bQY]`YTYUb_^\Q\\UWQTQTU
=Q\QaeQc3_^SXQ^__RdU^Y}^T_cUbUce\dQT_S_^SbUd_ !)$)@_S_TUc
`e}cU\!)TU]Qbj_U\]Yc]_3_^SXQU^fYQRQQ^_]RbUTU\TYbUSd_bY_
TU\`QbdYT_e^QSQbdQQ\TYbUSd_bTU<Q4YcSecY†^U^\QaeUY^fYdQRQ²Q\_c

2eU^QfU^debQ=_bv^:_c}2U^Yd_?µBYQ^1]QT_bB_TbWeUj=QbY_^B_ccFYSU^dUCY\
fQ>Qbb_=Q^eU\=_TUcd_C_jQ1TbYv^FvcaeUj@Q^dQ\U†^F}\YjCY\fQ6Ub]^FYfQSUdQ
1^Tb}cJ‹…YWQ
!)$(
@UbY†TYS_TYbYWYT_`_bÂ^WU\3?iQbj‹^]Y\YdQ^dUTU\Q]edeQ\TUQbdUcQ^_c
!)$)
<Q4YcSecY†^3XY\\v^"(TUVURbUb_TU!(((

&(!
TU]†SbQdQcTU3XY\\v^iTU]vc`eUR\_cTU\cebQVY^aeUcU_bWQ^YSU^i
cUSe^TU^U\]_fY]YU^d_`_\dYS_Y^YSYQT_U^CQ^dYQW_³!)% 
1`UcQbTUUcdQY^YSYQdYfQTU3_^SXQ\QcUSSY†^\_SQ\TU\`QbdYT_c†\_
`eT_cUbS_^dYdeYTQ`_b?iQbj‹^i\_cTYbYWU^dUc]edeQ\YcdQcCQ\_]†^
?`Qj_:eQ^TU\Q3bej6eU^dUci:_c}FYSd_bY^_6eU^dUQ\RQU\$TU]Qi_
TU!(((QieTQT_cU^WbQ^`QbdU`_bU\Y]`QSd_U]_SY_^Q\aeU`b_Te
Z_U\U^SQbSU\Q]YU^d_TU\TYbUSd_bY_TU]_SbvdYS_U^CQ^dYQW_!)%!5^FQ\
`QbQc_\QQWbe`QSY†^TU]†SbQdQVeUSbUQTQ]vcbv`YTQ]U^dU`Ub_}cQ
VeU\Q‹^YSQUhSU`SY†^<QcbUcdQ^dUccUV_b]Qb_^c†\_TUc`e}cTU\")TU
QRbY\TU!(((
5^UcdQcS_^TYSY_^Uc\Q`QbdYSY`QSY†^TU\@QbdYT_4U]_SbvdYS_U^\Qc
U\USSY_^UcTU]Qbj_TU!(((^_`_TQcUbcY^_]ei\Y]YdQTQiSU^dbQTQ
U^\QcSYeTQTUcU^\QcaeUS_^dQRQS_^Q\We^QVeUbjQ_bWQ^YjQTQCQ^dYQ
W_iFQ\`QbQc_5\!!TU]Qbj_U\TYbUSd_bY_TU]_SbvdYS_bUQ\Yj†e^Q
QcQ]R\UQ`‹R\YSQU^U\DUQdb_CQ^dQ<eSQTU\QSQ`YdQ\S_^\QVY^Q\YTQT
TUU\UWYbe^SQ^TYTQd_QTY`edQT_!)%"<_cSQcY]Y\QcYcdU^dUc`b_S\Q]Qb_^
`_bQ]`\YQ]Qi_bQQ4_^Qd_=Y\\v^QSQeTQ\QT_VY\v^db_`_TU\QbWQdbQ
iUSd_bYQ`_\dYSQU^\QcVY\Qc`_`e\QbUc5\TYbUSd_bY_VeUS_]YcY_^QT_
`QbQd_]Qbe^QTUSYcY†^bUc`USd_Q\QcSQ^TYTQdebQcQcU^QT_b !)%#\_aeU
cUdbQTeZ_U^e^Q`_i_Q\\YRUbQ\Y^TU`U^TYU^dU:_c}FYSd_bY^_<QcdQbbYQ
Q\\YRUbQ\=QbSYQ\=Qbd^UjiQ\_cbQTYSQ\Uc1T_\V_9Rv…Uj6UTUbYS_FQ
bU\Qi:_c}6bQ^SYcS_FUbWQbQ!)%$3Q^TYTQd_ce`\U^dUQTY`edQT_VeU^_]
RbQT_=Q\QaeQc3_^SXQaeYU^XQRQ_RdU^YT_e^QQ\dQf_dQSY†^U^U\
S_]YSY_`‹R\YS_TU\!!TU]Qbj_5^FQ\`QbQc_VeUb_^`bUcU^dQT_c1fU
\Y^_3_^dQbT_S_]_SQ^TYTQd_QTY`edQT_`b_`YUdQbY_i=Q^eU\CUbUi
S_]_ce`\U^dU
<_cbUce\dQT_cVeUb_^\_caeUcUUc`UbQRQ^i^_SQecQb_^]Qi_b
TUSU`SY†^Q\_c]Y\YdQ^dUcTU]†SbQdQciQaeU}cd_c^_SYVbQRQ^^Y^We^Q
Uc`UbQ^jQTUdbYe^V_U^QaeU\\QS_^dYU^TQU\USd_bQ\<QdbQTYSY_^Q\Y^dUb
fU^SY†^WeRUb^Q]U^dQ\Ve^SY_^†S_]_TUS_cde]RbU5\SQ^TYTQd_TU

!)%
3QbdQTU=Q\QaeQc3_^SXQQÂ^WU\3?iQbj‹^VUSXQTQU\!)TU]Qbj_TU!(((
`eR\YSQTQTU^db_TU\QbdSe\_²<QTU]_SbQSYQU^3XY\URQZ_U\`e^d_TUfYcdQc_SYQ\`_\
dYS_iUS_^†]YS_³<Q4YcSecY†^3XY\\v^" i"!TU]Qbj_TU!(((<QSYdQS_bbUc`_^TUQ
\Q`QbdUbU`b_TeSYTQU^\QUTYSY†^TU\"!TU]Qbj_
!)%!
<Q4YcSecY†^3XY\\v^$TU]Qi_TU!(((
!)%"
<QbUe^Y†^VeU`eR\YSYdQTQ`_bTYcdY^d_c]UTY_c3_]_U\`QbdYT_Q‹^^_TYc`_
^QTUe^†bWQ^_TU`bU^cQ_VYSYQ\\QY^fYdQSY†^cUXYj_`bY^SY`Q\]U^dUQdbQf}cTU\`UbY†
TYS_TU:eQ^BQVQU\1\\U^TU5\@QTbU@QTY\\QF}QcU\_cQbdSe\_c²¥1\`eUR\_³#TU]Qbj_
TU!(((+²5\@QbdYT_4U]_SbvdYS_³&TU]Qbj_TU!(((+²1\QTU]_SbQSYQU^CQ^dYQW_³!
TU]Qbj_TU!(((
!)%#
4U@UdbYc7YUcU^_`SYd`vW%
!)%$
3_]_cUbUS_bTQbv6UTUbYS_FQbU\Qi:_c}6bQ^SYcS_FUbWQbQQ\YWeQ\aeU6bQ^
SYcS_@eU\]QDe``UbXQRQ^U^fYQT_]U^cQZUc²TUQTXUcY†^³Q\RQ^aeUdUTUVe^TQSY†^
TU\@QbdYT_4U]_SbvdYS_U\" TU^_fYU]RbUTU!(('

&("
]†SbQdQ`_bCQ^dYQW_²_Rdef_³UcTUSYb\US_^dQRY\YjQb_^# )(f_d_cS_^dbQ
!$%$ TU\\TUbbQTYSQ\5^bYaeU=QS9fUb!)%%5^FQ\`QbQc_T_^TUU\`QbdY
T_cUXQRQ_bWQ^YjQT_Q`U^Qc_SX__TYUjTQcQ^dUcTU\_cS_]YSY_cU\b_R_
TUf_d_cVeUcUW‹^e^`UbY†TYS_TU]†SbQdQ²]eSX_]vcUcSQ^TQ\_c_aeU
U^CQ^dYQW_³*1fU\Y^_3_^dQbT_²ce]†³cUdUSYU^d_ccUcU^dQf_d_c !)%&
5\`UbY_TYcdQTU]†SbQdQ:eQ^BQVQU\1\\U^TUUh`bUc†U\cU^dY]YU^d_
TUcecSQ]QbQTQcUXYj_QdbQf}cTU\Qc`vWY^QcTUce`UbY†TYS_U\RQ\Q^SU
TU\Q`bY]UbQUh`UbYU^SYQU\USd_bQ\*

>_ Uc`UbvRQ]_c U\ dbYe^V_ U^ \Qc eb^Qc `eUc U\

@QbdYT_4U]_SbvdYS_c†\_XQ^QSYT_QiUb^_Q\SQ^j†Q
]Q^TQbbU`bUcU^dQ^dUcQ\Qc]UcQcSQ\YVYSQT_bQciS_^
dvRQ]_cQTU]vcS_^\QU^SQb^YjQTQWeUbbQaeU\_cSQRQ
\\UbYd_cTU\\YRUbQ\Yc]_iTU\`USX_…QZUTURQ^XQSUb^_c
TebQ^dU\Q\eSXQU\USd_bQ\+`Ub_QRbYWvRQ]_c\QUc`UbQ^
jQTUaeU^eUcdb_cU^U]YW_c^_ecQbQ^TUQb]QcdQ^
Y^VQ]Uc`QbQRQdYbQSYeTQTQ^_cX_^bQT_ci\UQ\UcTUVU^
c_bUcTUcecTUbUSX_c`_\dYS_c
<QTUbb_dQ^_XQY^db_TeSYT_U]`Ub_U\TUcQ\YU^
d_U^^eUcdbQcVY\Qc1\S_^dbQbY_S_^^eUf_cRb_cf_\
fUbvQ\QSQ]`Q…QU^\QS_^SYU^SYQTUaeU^Y^We^_TU\_c
fYUZ_c`QbdYT_c`_TbvTUSYb\_aeUU\@QbdYT_4U]_SbvdYS_*
²<_cdbUc]Y\idQ^d_cf_d_caeUXQ_RdU^YT_^eUcdb_SQ^
TYTQd_U\cU…_b=Y\\v^c_^\QUh`bUcY†^WU^eY^QTUe^
`e…QT_TUU\USd_bUcaeU^_fU^TU^ceS_^SYU^SYQ^Y
Qe^`_bd_T_c\_cdUc_b_cTUUcdU]e^T_³ !)%'

@QbQ\QcU\USSY_^Uc]e^YSY`Q\UcTUQRbY\U\@QbdYT_4U]_SbvdYS_`bU
cU^d†U^CQ^dYQW_e^Q\YcdQTU_SX_S_^_SYTQcVYWebQc*1^d_^Y_@_e`Y^
:_c}=Q^eU\CQ\TQ…Q1bdU]Y_7edY}bbUj=_Yc}c7_^jv\Uj4_^Qd_=Y
\\v^=Q\QaeQc3_^SXQ1fU\Y^_3_^dQbT_i:eQ^BQVQU\1\\U^TUU^U\
]Yc]__bTU^SeQdb_QbdUcQ^_ce^U]`bUcQbY_QSQeTQ\QT_T_cQR_WQT_c
ie^`UbY_TYcdQ!)%(@QbQS_^dbQbbUcdQbU\UVUSd_TUUcdQ\YcdQTUbUS_^_SY
T_Q`_i_`_`e\Qb\_c`QbdYT_cdbQTYSY_^Q\Uc`_cde\Qb_^QdbUcdbQRQZQT_

!)%%
²2_\Ud^5\USd_bQ\³<Q4YcSecY†^3XY\\v^$TUQRbY\TU!(((+4U@UdbYc7YUcU^
_`SYd`vW&5\Qed_bTUe^QSeSY_c_dbQRQZ_c_RbU\QUf_\eSY†^U\USd_bQ\cU…Q\QaeU
=Y\\v^_Rdef_")#"ceVbQWY_ci=QS9fUb!$''"Ebj‹Q_`SYd`vW"("5^d_T_SQc_\Q
TYVUbU^SYQU^dbU\QcSYVbQcU^S_^dbQTQcU^\QcVeU^dUcQ^dUbY_bUci\QcY^TYSQTQc`_bUcdU
Qed_bUc^VY]Q
!)%&
²2_\Ud^³_`SYd
!)%'
²4_c\_R_cS_^dbQe^S_bTUb_³5\@QTbU@QTY\\QCQ^dYQW_"'TU]Qbj_TU!(((
3ebcYfQcU^U\_bYWY^Q\
!)%(
²¥1\QTUbb_dQaeUUcU\dbYe^V_³5\@QTbU@QTY\\QCQ^dYQW_!$TUQRbY\TU!(((

&(#
bUc^_]U^_c`bUcdYWY_c_c*U\@QbdYT_<YRUbQ\TUW_RYUb^_Y^S\ei†U^ce\YcdQ
Q\Uh²SQ^TYTQd__RbUb_³@QcSeQ\<QjQbdU+U\3_^cUbfQT_bQÂ^WU\1Wecd^
8UbbUbQiU\BQTYSQ\Q:_c}1Wecd^7_^jv\Uj!)%)5\VbQeTUU\USd_bQ\QcUWeb†
U\bUcd_*\_cbUce\dQT_cVeUb_^cY]Y\QbUcQ\_cTU\QcU\USSY_^Uc`Qb\Q]U^dQ
bYQcQe^aeU`QbQbUW_SYZ_TU\_cTU]†SbQdQccecSQ^TYTQd_c_RdefYUb_^]vc
f_d_caeU\_cTU\@QbdYT_BQTYSQ\!)& 

5 < 9>35>49? 45 <?C DB1>FÅ1C

I 5< 5>31B35<1=95>D? 45< 49B53D?B9? 45=É3B1D1

<Q`bY]UbQWbQ^SQ]`Q…QTU]QcQcTU\@QbdYT_4U]_SbvdYS_VeU\Q^jQTQQ
S_]YU^j_cTUQRbY\TU!(((S_^U\_RZUdYf_TU_RdU^Ub\QbURQZQTU]U
TY_SU^dQf_TU\`bUSY_TU\`QcQZUTUcUWe^TQS\QcUU^\_cdbQ^fQcTU\Q
SQ`YdQ\<Q5]`bUcQTU\6Ubb_SQbbY\EbRQ^_TUCQ^dYQW_UbQe^QS_]`Q
…Q`bYfQTQaeUdU^QU\]_^_`_\Y_TU\_cdbQ^c`_bdUc`‹R\YS_cTU\QSYe
TQTWbQSYQcQe^QS_^SUcY†^TU\QcQed_bYTQTUc\QSeQ\\U`Ub]YdQS_^c
dbeYb\^UQcTUdbQ^fQcdYbQT_c`_bSQRQ\\_c<QdQbYVQTU`bY]UbQS\QcUUbQ
TUSY^S_SU^dQf_ci\QTUcUWe^TQS\QcUUcTUSYb\QaeU`QWQRQ^\_ccUS
d_bUc`_`e\QbUcTUT_ci]UTY_SU^dQf_c3_]_\Q]_^UTQTYfYcY_^QbYQ
TUUcdUfQ\_bUcSQcUQRQ\QU]`bUcQec†U^\_c`bY]Ub_cdYU]`_ce^cYcdU
]QTUVYSXQcTUce`b_`YQVQRbYSQSY†^<eUW_U^!((&\QQSe…QSY†^`_b
U\5cdQT_TUWbQ^SQ^dYTQTTU]_^UTQTUT_cSU^dQf_ci]UTY_fY^_Q
ceRcQ^QbU\`b_R\U]QTUcQ`QbUSYU^T_\QcVYSXQc@Ub_\QS_]`Q…QTU
dbQ^fQc`bUdUhdQ^T_UcSQcUjTU\Q^eUfQ]_^UTQTUSYTY†U^]Qbj_TU
!(((U\Q\jQTU\`QcQZUTUcUWe^TQS\QcUTUT_ci]UTY_QdbUcSU^dQf_c
5\TYbUSd_bY_TU\@QbdYT_4U]_SbvdYS__bWQ^Yj†e^QSQ]`Q…Q`QbQ_R
dU^Ub\QQ^e\QSY†^TUUcdQQ\jQaeUQVUSdQRQQ\`eUR\_TUCQ^dYQW_CU
S_^f_S†Qe^`bY]Ub]UUdY^WU\T_]Y^W_(TUQRbY\U^\Q1\Q]UTQ!)&!1\Qc
dbUci]UTYQTU\QdQbTUTUUcUTQiQ^dUe^Q^edbYTQS_^SebbU^SYQS_

!)%)
<Q4YcSecY†^3XY\\v^!#TUQRbY\TU!(((
!)&
@QbdYT_4U]_SbvdYS_@bY]UbQ]U]_bYQQ^eQ\`bUcU^dQTQ`_bU\4YbUSd_bY_Q\Q1cQ]
R\UQ:U^UbQ\TU\@QbdYT_>_f" TU!(('>_f" TU!(((CQ^dYQW_9]`bU^dQ7edU^RUbW
!(((`vW!$:eQ^BQVQU\1\\U^TUVYb]Q^T_S_^U\cUeT†^Y]_²5\@QTbU@QTY\\Q³TYbY
WY†e^QSQbdQQ\@bUcYTU^dU2Q\]QSUTQQdbQf}cTU\QcS_\e]^QcTU\`UbY†TYS_TU\]Yc]_
^_]RbU`QbQTU^e^SYQb²\QcU\USSY_^Uc]vcceSYQc³aeUXQRQ`bUcU^SYQT_U^cefYTQi\_c
Qdb_`U\\_cU^S_^dbQTU\@QbdYT_4U]_SbvdYS_S_]UdYT_c`_b\_c`QbdYTQbY_cTU\W_RYUb^_U^
\Qc]UcQcU\USd_bQ\Uc²<QU\USSY†^TU\T_]Y^W_³5\@QTbU@QTY\\QCQ^dYQW_!'TUQRbY\TU
!(((F}QcUQTU]vcQ\We^QcbUQSSY_^UcTU]Y\YdQ^dUcTU]†SbQdQcQ^dUU\VbQeTUU\USd_
bQ\Uh`bUcQTQcU^\Q`bY]UbQQcQ]R\UQWU^UbQ\TU\`QbdYT_SU\URbQTQTUc`e}cTU\_cS_
]YSY_c]e^YSY`Q\Uc²1cQ]R\UQTU\@QbdYT_4U]_SbvdYS_³5\@QTbU@QTY\\QCQ^dYQW_"$TU
QRbY\TU!(((
!)&!
@b_S\Q]QTU\4YbUSd_bY_TU\@QbdYT_4U]_SbvdYS_TYbYWYTQ¥1\@eUR\_TUCQ^dYQW_
U^²7bQ^bUe^Y†^U\T_]Y^W_(TU`bUcU^dUQ\QcdbUcTU\QdQbTUQ\bUTUT_bTU\QUcdQdeQTU
CQ^=Qbd^³5\@QTbU@QTY\\QCQ^dYQW_'TUQRbY\TU!(((

&($
]U^j†\Q]Q^YVUcdQSY†^U^]UTY_TU\QSeQ\V\Q]UQRQe^QRQ^TUbQb_ZQ
S_^V\USQTUbQcQje\UcaeU\\UfQRQU^U\SU^db_e^QUcdbU\\QR\Q^SQi\Q
]U^SY†^@QbdYT_4U]_SbvdYS_S_^SQbQSdUbUcRYU^fYcYR\Uc !)&"<eUW_TUUc
SeSXQb\_cTYcSebc_cTU\_cZUVUcTU]†SbQdQc\_c]Q^YVUcdQ^dUcQS_]`Q…Q
b_^QcecbU`bUcU^dQ^dUc@_e`Y^3_^SXQi:_c}@_3QRbUbQXQcdQ\QSQcQ
TU\`bUcYTU^dU2Q\]QSUTQ5\=Q^TQdQbY_QS_WY†VQf_bQR\U]U^dU\QcTU
]Q^TQc`_`e\QbUc]Q^YVUcdQ^T_Q\_cTYbYWU^dUcTU]†SbQdQcaeUXQbQ\_
aeUUcdefYUbQQceQ\SQ^SUUcTUSYb]Q^TQbQSe…Qb]Qi_bUcSQ^dYTQTUc
TU]_^UTQTUT_cSU^dQf_ci]UTY_`QbQaeU\QU]`bUcQbUcdQR\USYUbQU\
Q^dYWe_`bUSY_Ze^d_S_^_bTU^QbQ\9^dU^TU^dUTU\QSYeTQTaeUU^U\
SQc_TUaeUU\S_^dbQd_TYUbQ]QbWU^`QbQUhYWYb\QbUTeSSY†^\_XYSYUbQ
CYUcd_^_RQcdQRQ`b_SebQbQS_^fU^SUbQ\TYbUSd_bY_TU\6Ubb_SQbbY\Eb
RQ^_TU\QcfU^dQZQcaeU\UbU`_bdQbQf_\fUbQ\QQ^dYWeQdQbYVQ!)&#

DbQ^fQcU^@\QjQTU1b]QcCQ^dYQW_
3_\USSY†^=ecU_8Ycd†bYS_>QSY_^Q\CQ^dYQW_TU3XY\U

!)&"
²5\]UUdY^WTU\T_]Y^W_³5\6Ubb_SQbbY\CQ^dYQW_! TUQRbY\TU!(((
!)&#
9RYT+<Q<YRUbdQT5\USd_bQ\CQ^dYQW_)TUQRbY\TU!(((+²5\]UUdY^WTU\T_]Y^
W_³5\@QTbU@QTY\\QCQ^dYQW_! TUQRbY\TU!(((

&(%
 <QbUc`eUcdQTU\TYbUSd_bY_TU\QU]`bUcQQ\QSQbdQU^fYQTQ`_b\_c
S_]YcY_^QT_cTU\]UUdY^WTU\(TUQRbY\VeU]eiTYcdY^dQ !)&$*ce`bUcYTU^dU
U\QSQeTQ\QT_Cb=QddUS_^dUcd†TYSYU^T_aeUU^fUjTURQZQbU\`bUSY_\_
ceRYbQ^^eUfQ]U^dU?db_cQSSY_^YcdQc°U^dbUU\\_cU\]Y\\_^QbY_1Wecd^
5TgQbTc°_`Y^Qb_^aeU\Q]U^SY_^QTQS_]YcY†^^YcYaeYUbQ]UbUSQcUb
UcSeSXQTQVYZQ^T_Qc\QaeUcUbQU^TUVY^YdYfQ\Q`_cYSY†^TU\_cU]`bU
cQbY_c!)&%
5\S_^dbQcdUU^dbUQ]RQcQSdYdeTUc\QTU\QS_]`Q…QTUdbQ^fQc
c_cdU^YTQ`_b\Q_`_cYSY†^`Qb\Q]U^dQbYQUc`USYQ\]U^dU`_b\_cS_^cUb
fQT_bUcS\UbYSQ\UcQdbQf}cTUcec`UbY†TYS_c5\9^TU`U^TYU^dUi5\5cdQ^TQb
dU3Qd†\YS_!)&&i\QTU\`bUcYTU^dU2Q\]QSUTQQcS_]_\QUh`bUcQTQQdbQ
f}cTU\QcS_\e]^QcTU\`bUcdYWY_c_5\6Ubb_SQbbY\UbQUfYTU^dU<Q`_cYSY†^
TU\@bUcYTU^dUcUUh`\YSQRQ`_b\Q^USUcYTQTTU\W_RYUb^_TUQ]`\YQbce
RQcUc_SYQ\VbU^dUQ\QSUbbQTQ_`_cYSY†^aeU\UXQSQ^TUcTUU\3_^WbUc_
\_cS_^cUbfQT_bUcbQTYSQ\UciQ\We^_ccUSd_bUc\YRUbQ\Uc@Ub_U\Q`_i_
]vcTUSYTYT_i`Ub]Q^U^dUQ\QbUYfY^TYSQSY†^`_`e\QbVeUU\Uh`bUcQT_
`_b5\6Ubb_SQbbY\BUS_^_SYU^T_aeUU\@QbdYT_4U]_SbvdYS_XQRQ²TQT_
SeUb`_ifYTQQUcQZecdQaeUZQQ\QcS\QcUc`_RbUciTUcfQ\YTQcTU\Qc_SYU
TQT³UcdU`UbY†TYS_QVYb]QRQ*

=UUdY^Wc`_`e\QbUcS_]_U\TU\T_]Y^W_dQ^d_
`_bce_RZUd_S_]_`_b\QcS_^TYSY_^UcdbQ^aeY\QcibUc
`Ude_cQcTUceSU\URbQSY†^c_^e^Q^USUcYTQTY]`bUc
SY^TYR\UU^\QfYTQc_SYQ\i\Q]vcfU^dQZ_cQ]Q^YVUcdQ
SY†^TU\QS_^VYQ^jQaeUcUdYU^UU^U\ReU^cU^dYT_TU\
`‹R\YS_KM
CYSQTQKcYSMiSeQ^T_cU`b_TeSUe^QSd_fYde`UbQ
R\USeQ\aeYUbQiQ`_b`QbdUTU\QcQed_bYTQTUc_TU\_c
TU]vcU\U]U^d_cTU\QQSdYfYTQTc_SYQ\cU_bWQ^YjQe^
SU^db_TUbUcYcdU^SYQTU^db_TU\_bTU^\UWQ\aeUQce]Q
\QbU`bUcU^dQSY†^TU\_cY^dUbUcUc`UbZeTYSQT_ciUhYZQi
`b_f_aeUe^QTUSYcY†^TUZecdYSYQ`eUTUdU^UbcU\QcU
WebYTQTTU\}hYd_iaeUdQ\UcUcVeUbj_c^e^SQc_^`UbTY
T_c`QbQU\`b_WbUc_iU\RYU^UcdQbc_SYQ\ !)&'

!)&$
@eR\YSQTQRQZ_U\dde\_²<QbURQZQTU\`QcQZUU^\QY]`UbYQ\TU\_cSQbb_c³U^5\
6Ubb_SQbbY\CQ^dYQW_!!TUQRbY\TU!(((
!)&%
@QbdYT_4U]_SbvdYS_@bY]UbQ]U]_bYQQ^eQ\_`SYd`vW!'+7eY\\Ub]_;QU]
`VVUbFY\\QWbv^1cceSUTY†CQ^WbYU^d_cU`Yc_TY_cTU\Q\eSXQ_RbUbQU^3XY\UCQ^dYQW_DQ\\U
bUcTU1bQ^SYRYQ8Ub]Q^_c!)&"`vW' 
!)&&
BUVYbY}^T_cUQ\QcbUYfY^TYSQSY_^Uc`\Q^dUQTQc`_b\_cTU]†SbQdQcU^\Q]Q^YVUc
dQSY†^TU\(TUQRbY\5\5cdQ^TQbdU3Qd†\YS_TUSQ*²1aeU\\QcdU_bQcc_SYQ\UcTU\_cTU]_Sbv
dYS_cTU^eUcdb_`QcdU^Q^]QbSQTcY]_cQR_bQ`UbY†TYS_bUf_\d_c_iRYU^Q\QcS\QbQc
TUZQRQ^QU^dU^TUbaeU\_c_bQT_bUcXQRQ^\UT_Q\We^QTU\QcX_ZQcceU\dQcaeUcUbU`Qb
dYUb_^U^@QbcU^!(' ³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_)TUQRbY\TU!(((
!)&'
5\6Ubb_SQbbY\CQ^dYQW_! TUQRbY\TU!(((

&(&
 6_bdQ\USYTQ`_bUcd_cUcd]e\_c\QSQ]`Q…QS_^d†S_^†`dY]QcS_^TY
SY_^Uc`QbQ`b_c`UbQb5\TYbUSd_bY_TU\@QbdYT_4U]_SbvdYS_S_^f_S†Qe^Q
^eUfQ]Q^YVUcdQSY†^`QbQU\T_]Y^W_")TUQRbY\<Q`b_S\Q]Q`b_VecQ
]U^dUTYVe^TYTQ\_cTQcQ^dUbY_bUc\\Q]QRQQ\`eUR\_TUCQ^dYQW_QY]`_
^UbS_^ce`bUcU^SYQ]QcYfQ\QbURQZQc_\YSYdQTQ !)&(
<Q²Z_b^QTQTU\")TUQRbY\³XQaeUTQT_Y^cSbYdQU^\_cQ^Q\UcTU\Q
\eSXQc_SYQ\TU3XY\U1]U^eT_UcSYdQTQS_]_U\`bY]UbQSd_]QcYf_TU
`b_dUcdQTU\_cdbQRQZQT_bUcebRQ^_c1e^aeUU\\_^_UcUhQSd_S_]_XQ
cYT_TU]_cdbQT_U^UcdU\YRb_UcdQ]Q^YVUcdQSY†^\_Wb†e^US_cY^`bU
SUTU^dUc`_bce]QcYfYTQTi`_b\_cQSd_cTUfY_\U^SYQaeU\QQS_]`Q…Q
b_^
4U\QWbQ^SQ^dYTQTTUY^V_b]QSY_^UcTYc`_^YR\Ucc_RbU\QZ_b^QTQ
°QbdSe\_cTU`bU^cQY^V_b]Uc_VYSYQ\UcbU\Qd_cTUS\QbQSY_^UcTU`Ubc_
^QcQ`bUcQTQc`_b\Q`_\YSQi_db_cdUcdY]_^Y_cTU\Q}`_SQ°cUTUc`bU^
TU\QcYWeYU^dUc^dUcYcTU\_cXUSX_c
1`QbdYbTU\Qc!% XbcTU\")TUQRbY\^e]Ub_c_cWbe`_cTU`Ub
c_^QcTUUhdbQSSY†^`_`e\QbS_]U^jQb_^Q\\UWQbTUcTUTYcdY^d_c`e^d_c
TU\QSYeTQTQ\\eWQbT_^TUcUXQRQTUcQbb_\\QT_\Q`bY]UbQ]Q^YVUcdQ
SY†^1\QcSeQdb_TU\QdQbTUSeQ^T_cUY^YSY†U\]UUdY^We^Q]QcQaeU
_cSY\QRQU^dbU\Qc_SX_SYU^dQci\QcdbUc]Y\`Ubc_^QccUW‹^TYcdY^d_cdUc
dY]_^Y_ccUS_^SU^dbQRQU^d_b^_Q\]_^e]U^d_QCQ^=Qbd^`QbQUc
SeSXQb\QcQ\_SeSY_^UcTU1^d_^Y_@_e`Y^aeYU^`bUcYTQU\QSd_@_
CUWe^T_3QRbUbQi:eQ^BQVQU\1\\U^TU<_c\TUbUcTU]†SbQdQcY^V_b]Q
b_^QSUbSQTU\VbQSQc_TU\Qc^UW_SYQSY_^UciS_^TU^Qb_^cUfUbQ]U^dU
\QQSdYdeTTU\Q5]`bUcQTU\6Ubb_SQbbY\EbRQ^_1`UcQbTU\d_^_Teb_
TUcecTYcSebc_c\_c_bQT_bUcQS_^cUZQb_^Q\_c]Q^YVUcdQ^dUcWeQbTQb\Q
SQ\]QiTUcSQbdQbU\ec_TU\QVeUbjQ=Q\QaeQc3_^SXQ\Ui†\QcS_^S\e
cY_^UcTU\]UUdY^WU^\QcaeUcUc_\YSYdQRQQ\_c`_TUbUc`‹R\YS_caeUUhY
WYUbQ^Q\QS_]`Q…QTUdbQ^fQc\Q`eUcdQU^cUbfYSY_TU^eUfQc\^UQcU^
e^`\Qj_TUT_c]UcUcU\]UZ_bQ]YU^d_TU\cUbfYSY_i\Q]Q^dU^SY†^TU
\_cS_SXUccUW‹^\_cd}b]Y^_cTU\_cS_^dbQd_c\QbU`QbQSY†^iU\]Q^dU
^Y]YU^d_QTUSeQT_TU\QT_aeY^QT_TU\QcSQ\\UcedY\YjQTQc`_b\_cSQbb_c
ic_RbUd_T_\QQ^e\QSY†^TU\Q\jQTUSY^SeU^dQSU^dQf_cTUSbUdQTQU^
]Qbj_CU`UTQQTU]vcVeUbdUc]e\dQcU^SQc_TUaeU\QU]`bUcQ^_
cQdYcVYSYUbQUcdQcUhYWU^SYQciceQTaeYcYSY†^`_b`QbdUTU\Q=e^YSY`Q\Y
TQTTUCQ^dYQW_S_^V_b]UQ\S_^dbQd_UcdQR\USYT_S_^\QS_]`Q…Q`bY
fQTQ
3eQ^T_bUaeUbYT_`_b\Q]e\dYdeT1fU\Y^_3_^dQbT_S_]U^j†Q
`b_^e^SYQbe^TYcSebc_aeU^_UcdQRQS_^dU]`\QT_U^U\`b_WbQ]Qe^
`UaeU…_Wbe`_S_]`eUcd_`_be^QTUSU^QTUY^TYfYTe_ccYdeQT_cU^\_c
]vbWU^UcTU\QS_^SU^dbQSY†^TUdef_e^dbQ^fQ_R\YW†QRQZQbcU\_c
`QcQZUb_ci_bTU^†Q\S_SXUb_TUcU^WQ^SXQb\_cSQRQ\\_c?db_c]Q^YVUc

!)&(
²<Q`b_S\Q]Q³5\9^TU`U^TYU^dUCQ^dYQW_!TU]Qi_TU!(((

&('
dQ^dUcU^ce]Qi_bQZ†fU^Uc\_cY]YdQb_^TUdU^YU^T_if_\SQ^T_]vcdbQ^
fQc5\]UUdY^WS_^dY^e†1\We^Qcf_SUcdbQdQb_^TUSQ\]Qb\_cv^Y]_c+\eUW_
\_c_bWQ^YjQT_bUcTU\QSd_Y^dU^dQb_^TU`_^UbVY^Q\_cTUc†bTU^Uc]Qb
SXQ^T_XQSYQ\QSQcQTU\9^dU^TU^dUE^Q`QbdUTU\_cQcYcdU^dUc\_ccYWeY†
`Ub__db_cS_]U^jQb_^QY^SU^TYQb\_cSQbb_cf_\SQT_cTQ^T_QcY^YSY_Q
e^QUc`YbQ\TUfY_\U^SYQaeUTeb†d_TQ\QdQbTUUhdU^TY}^T_cU`_bTYcdY^
d_cRQbbY_cTU\QSQ`YdQ\
1\Qc!'# Xbcd_TQc\Qc\^UQcTU\6Ubb_SQbbY\EbRQ^_UcdQRQ^`QbQ
\YjQTQc<_cR_]RUb_c\Q`_\YSQ\QWeQbTYQ]e^YSY`Q\iXQcdQQ\We^_c
SeUb`_cTUUZ}bSYd_VeUb_^Y^SQ`QSUcTUS_^dU^Ub\QUh`\_cY†^TUYbQ
`_`e\QbaeUcUTUcU^SQTU^†c_RbU\_cRYU^UcTU\QS_]`Q…QE^RQ\Q^
SUQ\VY^Q\YjQb\QZ_b^QTQTQRQSeU^dQTUTYUSYcYUdUSQbb_cS_]`\UdQ]U^
dUaeU]QT_ciTYUSYcYUdU`QbSYQ\]U^dUTUcdbeYT_cDQ]RY}^cU]U^SY_
^QRQ\QTUfQcdQSY†^TU^e]Ub_cQcWQbYdQci\Q`}bTYTQTUfUY^dYT†cSQRQ
\\_c<_cXUbYT_ccUS_^dQRQ^`_bTUSU^Qc
5cQ]Yc]Q^_SXUiU^\Qc`bY]UbQcX_bQcTU\TQcYWeYU^dU\Qd_dQ\YTQT
TU\QTYbUSdYfQTU\@QbdYT_4U]_SbvdYS_°aeUQ\^_U^S_^dbQbQ\9^dU^TU^dUU^
ceT_]YSY\Y_XQRQ_bTU^QT_U\d}b]Y^_TU\Q]Q^YVUcdQSY†^°VeUQ`bUcQTQ
RQZ_\QQSecQSY†^TUXQRUbY^SYdQT_Q\Qc]QcQcQY^SU^TYQb\_cdbQ^fQc!)&)
<QZ_b^QTQTU\")TUQRbY\VeU`QbQ]eSX_ce^QbUfU\QSY†^RbedQ\TU
\Q²SeUcdY†^c_SYQ\³5\²RQZ_`eUR\_³TUCQ^dYQW_XQRQYbbe]`YT_fY_\U^
dQ]U^dUU^U\SU^db_TU\QSYeTQTU^`_cTUe^QbUYfY^TYSQSY†^aeUS_^
SUb^Q\QTUVU^cQTUce^YfU\TUfYTQ@Ub_QTYVUbU^SYQTU_SQcY_^UcQ^dU
bY_bUcUcdQfUj\_XQSQ]QcYfQ]U^dUiS_^f_SQT_`_be^Q_bWQ^YjQSY†^
`_\dYSQV_b]QTQ`_bcecU\U]U^d_c]vcY^cdbeYT_ci]UZ_bcYdeQT_cc_
SYQ\]U^dU\_aeUS_^cdYdeQe^VU^†]U^_`USe\YQb<QZ_b^QTQbU`bUcU^
d†e^fYbQZUU^\QfYTQTU\Z_fU^@QbdYT_4U]_SbvdYS_<_cQdQaeUcTU\QWbQ^
`bU^cQUc`USYQ\]U^dUS_^cUbfQT_bQiU\U^SQbSU\Q]YU^d_TUcecTYbY
WU^dUc\UTYUb_^e^`bUcdYWY_Q^dUU\`eUR\_aeUS_^dbYRei†TU]Q^UbQ
TUSYcYfQQceSbUSY]YU^d_1e^aeUd_T_cS_^TU^Qb_^U\Y^SU^TY_TU\_c
dbQ^fQci\_cQSd_cTUfY_\U^SYQQ\We^_c\_cQdbYReiUb_^Q\QY^cdYWQSY†^
TU\_c\TUbUcTU]†SbQdQc]YU^dbQcaeU_db_c\UcQTZeTYSQb_^e^QbUc
`_^cQRY\YTQTY^TYbUSdQ+e^_c`_S_cVY^Q\]U^dUS_]_VeUU\SQc_TU\TYQ
bY_5\6Ubb_SQbbY\c_cdefYUb_^\QY^_SU^SYQTU\_cZUVUcTU]†SbQdQcUY^cYc
dYUb_^c_RbU\QbUc`_^cQRY\YTQTTU\Q5]`bUcQTU\6Ubb_SQbbY\EbRQ^_U^
U\TUcU^SQTU^Q]YU^d_TU\QVebYQ`_`e\Qb !)' 

!)&)
<Qc`bY^SY`Q\UcVeU^dUcU^\QaeUQ`_iQ]_c^eUcdb_bU\Qd_c_^\_cT_Se]U^d_c
TU \Q SQecQ SbY]Y^Q\ cUWeYTQ S_^dbQ \_c ZUVUc TU]†SbQdQc i _dbQc `Ubc_^Qc QbbUcdQTQc
1>6:C3QecQc3bY]Y^Q\Uc\UWQZ_!& DQ]RY}^cUXQ^S_^ce\dQT_\QcUTYSY_^UcTU\#
TUQRbY\!"i#TU]Qi_TU!(((TU\_c`UbY†TYS_c5\6Ubb_SQbbY\5\9^TU`U^TYU^dU5\=UbSe
bY_<Q<YRUbdQT5\USd_bQ\i5\5cdQ^TQbdU3Qd†\YS_
!)'
<_c\TUbUcTU]†SbQdQc\UfQ^dQb_^ceTUT_QSecQT_bU^_dbQTYbUSSY†^c_cdU^YU^
T_aeU²\_cZUVUcTU`_\YSQi\_cbUWU^dUcTUWQbYd_ci\_cS_]Q^TQ^dUcTUWQbb_dUb_ci\_c
`bUcYTU^dUcTUSX_S\_^UcfYU^T_Q]U^QjQTQceY^V\eU^SYQcUS_^VQRe\Qb_^`QbQ`b_f_SQb

&((
 <Q`b_`YQQSdYdeTTU\W_RYUb^_^_Ucdef_UhU^dQTUS_^dbQTYSSY_
^Uc<Q`bU^cQ_`_cYd_bQQSec†Q\QcQed_bYTQTUcTUY^S_]`UdU^SYQU^\Q
`bUfU^SY†^ibU`bUcY†^TU\_c²QSd_cTUfQ^TQ\Yc]_³Y^cY^eQ^T_e^Q
S_]`\YSYTQT_VYSYQ\S_^\_c]Q^YVUcdQ^dUc5^d_T_SQc_aeUT†e^QY]
`bUcY†^TUTUc_bYU^dQSY†^U^\_cSbSe\_cTU`_TUbbUc`USd_TU\^eUf_
QSd_bbU`bUcU^dQT_`_bU\@QbdYT_4U]_SbvdYS_\_aeUcUUh`bUc†`_b`Qb
dUTU\W_RYUb^_U^ceSUcYf_cSQ]RY_cTU`_cYSY†^*TUe^QQSdYdeTSQedU
\_cQY^S\ec_XQ\QWQT_bQiS_^TUcSU^TYU^dUQe^QbU`bUcYfQU^SQbSU\Q
]YU^d_iU^ZeYSYQ]YU^d_TU\TYbUSd_bY_TUUcU`QbdYT_`QbQf_\fUb^eU
fQ]U^dUQe^Q`_cdebQTUcdY^QTQQWQ^Qb\QccY]`QdQcTU\_cTU]†SbQdQc
`QbQU\RQ^T_W_RYUb^YcdQ !)'!@QbQU\@QbdYT_4U]_SbvdYS_\Q`bYcY†^iU\

\_cTUc†bTU^UcaeUXQRQ^TUce]Y^YcdbQb`bUdUhd_Q\Q`bYcY†^iU^ZeYSYQ]YU^d_TU\4YbUS
d_bY_TU\@QbdYT_4U]_SbvdYS_³@QbdYT_4U]_SbvdYS_@bY]UbQ]U]_bYQQ^eQ\_`SYd`vW
!(4U]Q^UbQ]vc`bUSYcQe^_TU\_cTYbUSd_bUcTU\`QbdYT_:eQ^BQVQU\1\\U^TUc_cdef_
aeU²U\Y^SU^TY_iTUcdbeSSY†^TUdbQ^fQcU\")TUQRbY\VeUb_^_RbQUhS\ecYfQTUQ\We^_cUh
U]`\UQT_cTU\Q5]`bUcQcUSe^TQT_c`_b\Q`_\YSQ³²<QcQ^TQ^jQcTU\`YSXYbeSXU@\QjQ³5\
@QTbU@QTY\\QCQ^dYQW_!&TUZe^Y_TU!(((4UcdQSQT_U^U\_bYWY^Q\
!)'!
<Q`_cYSY†^TU\`bUcYTU^dU2Q\]QSUTQbUc`USd_TU\@QbdYT_4U]_SbvdYS_XQcYT__R
ZUd_TU^e]Ub_cQcY^dUb`bUdQSY_^UcUbb†^UQccY]`\YVYSQT_bQci]YcdYVYSQT_bQc5^dbU\_cXYc
d_bYQT_bUc²]QbhYcdQcS\vcYS_c³iceccUWeYT_bUce^QTU\Qc]vcS_bbYU^dUcXQS_^cYcdYT_U^
QdbYReYbQ2Q\]QSUTQe^Q`_cdebQTU`Ub]Q^U^dUcY]`QdQXQSYQ\Q_bWQ^YjQSY†^TU]†SbQ
dQcY]`QdQaeUXQRbQcYT_S_bbUc`_^TYTQS_^e^Q`_i_]vc_]U^_cS_^cdQ^dUTUUcdU
`QbdYT_QceW_RYUb^_8Ub^v^BQ]bUj>US_SXUQc_cdef_`_bUZU]`\_aeU\QS_^TeSdQ^_
bU`bUcYfQTU\]Q^TQdQbY_VbU^dUQ\Qc\eSXQc_RbUbQc²i\QcY]`QdQS_^aeU_RcUbf†\QV_b]Q
SY†^TU\@QbdYT_4U]_SbvdYS_SbU†U^\QcS\QcUcdbQRQZQT_bQce^cU^dY]YU^d_TUQT]YbQSY†^
`_b2Q\]QSUTQ³BQ]bUj>US_SXUQ2Q\]QSUTQ_`SYd`vW" ':e\Y_3}cQb:_RUdcU\Y]Y
d†QQVYb]QbaeU²\Q]Qi_b`QbdUTU\_c]YU]Rb_cTU\@QbdYT_4U]_SbvdYS_VeUb_^`QbdYTQ
bY_cTU2Q\]QSUTQ³:_RUd5^cQi_SbdYS__`SYd`vW'(=QbSU\_CUWQ\\Qce]Y†e^Q`_cY
SY†^]vc]QdYjQTQbUS_^_SYU^T_aeU\QQSdYdeT`bUcYTU^SYQ\VbU^dUQ\@QbdYT_4U]_SbvdYS_
SQ]RY†U^T_c_`_bde^YTQTUc*`Qc†TU\QcY]`QdQY^YSYQ\Qe^QQSdYdeTbU`bUcYfQQ\`b_Te
SYbcU\QZ_b^QTQTU\")TUQRbY\`QbQf_\fUbbv`YTQ]U^dUQe^^eUf_QSUbSQ]YU^d_dvSdYS_
CUWQ\\c_cdef_aeU²U\VY^TU\@bUcYTU^dUUbQUaeY\YRbQbe^QcYdeQSY†^`_\dYSQ@_b\_dQ^d_
TY_bUS_^_SY]YU^d_\UWQ\Q\^eUf_`QbdYT_³CUWQ\\3Y^S_U^cQi_c_`SYd`vW"!(CUW‹^
U\]Yc]_Qed_b\eUW_TU\U`Yc_TY_bU`bUcYf_TU\U^SQbSU\Q]YU^d_TU\TYbUSd_bY_TU]†SbQ
dQ²2Q\]QSUTQQcded_iVY^_`_\dYS_U^S_^db†U^\QU^UbWQTU\Qc]QcQciU^\QQeTQSYQTU
\_cTU]_SbvdYS_ce^`_TUb_c_`_cYR\UbUc`Q\T_`QbQceW_RYUb^_<Q_`_cYSY†^UVUSdeQRQ
Re\\YSY_cQc]Q^YVUcdQSY_^UcC†\_\_cTU]_SbvdYS_c`_TQ^UaeY\YRbQb\Qc\\Q]Q^T_Q\`eU
R\_FYb†U^bUT_^T_bUc`Q\T†\Qc`UdYSY_^Uc`_`e\QbUcY^Te\d†Q\_cTUdU^YT_ciVY^Q\]U^
dUY^fYd†Qd_T_U\TYbUSd_bY_TU]_SbvdYS_Q\@Q\QSY_TU\Q=_^UTQ3_]`b_]UdYT_ccUbv^
\_c]vc\UQ\UcS_]RQdYU^dUcRQ\]QSUTYcdQc4Uc`e}cTU\QTUbb_dQ]Y\YdQb=Q\QaeQc3_^
SXQ`QbdYSY`QbvU^d_T_c\_cS_]`\_dcTU\_cfU^SYT_c³9RYT`vW""!1`QbdUTUQ\We^Qc
Y^V_b]QSY_^UcUbb†^UQcS_]_U\²Y^Te\d_³i\Q²Y^fYdQSY†^³`bUcYTU^SYQ\Q\_cTU]†SbQdQcQ\
`Q\QSY_TUW_RYUb^_CUWQ\\`Qc†`_bQ\d_d_TQ\QUf_\eSY†^`_cdUbY_bTU\QcbU\QSY_^UcU^dbU
U\@QbdYT_4U]_SbvdYS_iU\W_RYUb^_TU2Q\]QSUTQU^`QbdYSe\Qb\QcTYcdY^dQcVQcUcTUQSUbSQ
]YU^d_iTYcdQ^SYQ]YU^d_U^dbUQ]RQcVeUbjQc<QVYb]U_`_cYSY†^TU\@QbdYT_4U]_SbvdYS_Q
SYUbd_cQSd_cTUW_RYUb^_iceTYfYcY†^TebQ^dU\QWeUbbQSYfY\QSQecQTU\Q_`SY†^Q^dYRQ\]Q
SUTYcdQTUe^Y]`_bdQ^dU^‹S\U_TUTYbYWU^dUcTU]†SbQdQcc_^_Se\dQTQcU^UcdQci_dbQc
TUcSbY`SY_^Uc@_b^eUcdbQ`QbdUY^dU^dQbU]_c]_cdbQbU^\Qc`b†hY]Qc`vWY^Qc\QS_^dbQ
TYSd_bYQbU\QSY†^U^dbUTU]†SbQdQciRQ\]QSUTYcdQc

&()
`b_SUc_ZeTYSYQ\QcecTYbYWU^dUccUS_^fYbdY†U^e^QY^UcdY]QR\UQieTQ
`QbQceSbUSY]YU^d_

5 < @B?35C? 1< 49B53D?B9? 45=É3B1D1 I

5< >E5F? 45C1BB?<<? 45< @1BD94?

5\ZeYSY_Q\_cZUVUcTU]†SbQdQccU\\Uf†QSQR_U^e^Q]RYU^dU`QcY_^Q\5\
5cdQ^TQbdU3Qd†\YS_^_fQSY\QRQU^S_]`QbQb\__SebbYT_U\")TUQRbY\S_^
\_cQS_^dUSY]YU^d_caeU`bUSUTYUb_^Q\Q3_]e^QTU@Qbc*²5\]_^cdbe_
aeU\\U^†TUUc`Q^d_Q\QSQ`YdQ\TU\Q6bQ^SYQU^!(' `QbUSQSUb^Ybcec
^UWbQcQ\Qcc_RbU\QSQ`YdQ\TU3XY\UQ]U^Qjv^T_\QS_^fQdYSY^Y_cTUbU
feU\dQcicQaeU_cTUY^dbQ^aeY\YTQTi`U\YWb_ccY^SeU^d_³!)'"@QbQ\_cbU
TQSd_bUcTU\`UbY†TYS_e\dbQ]_^dQ^_dQ\UcceSUc_cdU^Q^e^QSQecQ\YTQT
ie^QVY\YQSY†^YTU_\†WYSQ`bUSYcQaeU^_TURQcUbceRUcdY]QTQ*

5^UcdQc]Q^YVUcdQSY_^UcfY_\U^dQcTU\Veb_b`_`e
\QbcUfUQ\W_]vcaeUe^QbbURQd_]_]U^dv^U_*cUfU^
\_c`bY]Ub_cc^d_]QcTU\c_SYQ\Yc]_aeUQ\`bUcU^dU
XQSU^UcdbQW_cU^SQcYd_T_c\_c`QcUcUeb_`U_ciaeU
XQcdQX_iTQXQ^cYT_U^3XY\U`\Q^dQUh†dYSQaeU`QbU
SQ^_XQ\\QbQaedYUbbQU^aeUQbbQYWQbcU!)'#

CUbU`UdQe^QfUj]vcU\fYUZ_bU`b_SXUTU\_cS_^cUbfQT_bUcQ\\Y
RUbQ\Yc]_SXY\U^_TU\cYW\_H9H*XQRUbcYT_U\Q`bU^TYjTURbeZ_XQRUb
TUcQdQT_]UTYQ^dU\QTU]QW_WYQi\QTUcSQd_\YjQSY†^TU\`QcVeUbjQc
Y^SQ`QSUcTUS_^db_\Qb*

¤CYU\`eUR\_`YUbTUceVUU^\QbU\YWY†^SQd†\YSQ
aeYU^`_TbQXQSUb\UQSU`dQbceceUbdU/KMU\\YRUbQ\Yc
]_cUXQU]`U…QT_U^cU`QbQbQ\`eUR\_aeUdbQRQZQi
aeUceVbUTUUcdQcQ^dQbU\YWY†^aeU\_S_^V_bdQ\_Q\YU^
dQi\_S_^ceU\QU^cecQ]QbWQc`bYfQSY_^Uc1X_bQUcU
`eUR\_QaeYU^\UXQaeYdQT_U\‹^YS_VbU^_SQ`QjTU
`_^UbQbQiQcec`QcY_^Uci\Q‹^YSQS_]`U^cQSY†^aeU
`eUTUXQSUb\UQSU`dQbbUcYW^QTQ]U^dUU\\_dUTUce]Y
cUbYQcU\UfQ^dQS_^dbQU\]Yc]_]Q\TYSYU^T_TU\QQbYc
d_SbQSYQiTU\QbYaeUjQ!)'$

!)'"
²<QWbQ^Z_b^QTQS_^dbQ\Q5]`bUcQTU\6Ubb_SQbbY\EbRQ^_³5\5cdQ^TQbdU3Qd†
\YS_CQ^dYQW_!TU]Qi_TU!(((
!)'#
²AeYU^cYU]RbQfYU^d_cS_cUSXQbvdU]`UcdQTUc³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_
# TU]Qi_TU!(((
!)'$
9RYT

&)
 ?db_c`UbY†TYS_cY^S\eiU^T_<Q<YRUbdQT5\USd_bQ\\YRUbQ\TYcYTU^dU
aeUU^e^`bY]Ub]_]U^d_XQRQ^]YbQT_S_^SYUbdQRU^Uf_\U^SYQQ\^eUf_
`QbdYT_TYbYWYUb_^SbdYSQciQdQaeUcS_^dbQ\_cTU]†SbQdQcaeUU^`_S_cU
TYVUbU^SYQRQ^TU\QcU]YdYTQc`_b\_cS_^cUbfQT_bUc4U\QWbQ^`bU^cQc†\_5\
6Ubb_SQbbY\TUCQ^dYQW_Q`_i†Q\_cQSecQT_c!)'%+e^_c`_S_cS_]_5\8UbQ\T_TU
FQ\`QbQc_TUdU^TU^SYQbQTYSQ\]Q^defYUb_^e^QQSdYdeTTU]_TUbQSY†^i
TU^UedbQ\YTQTVQf_bQR\UQ\_c`b_SUcQT_c<_c`UbY†TYS_cTU]†SbQdQc`_bce
`QbdU`eR\YSQRQ^\QcSQbdQcaeUTUcTU\Q`bYcY†^]Q^TQRQ^3_^SXQi_db_c\
TUbUcTU\`QbdYT_QcecQ]YW_cicY]`QdYjQ^dUcY^cdv^T_\_cQ_bWQ^YjQbcUi
]_fY\YjQbcU4ebQ^dUQ\We^QccU]Q^QcU\@QbdYT_4U]_SbvbdYS_W_j†TUe^\eWQb
TU`bYfY\UWY_U^U\TURQdU`_\dYS_^QSY_^Q\<QSQecQSbY]Y^Q\S_^dbQcecTYbY
WU^dUc\UTY_Q‹^]Qi_b`_`e\QbYTQT
5\`b_SUc_S_^dbQU\TYbUSd_bY_TU\`QbdYT_dU^Qe^T}RY\QcYTUb_
ZebTYS_aeU\_cQR_WQT_cTU\QTUVU^cQiU\`b_`Y_=Q\QaeQc3_^SXQ
`eTYUb_^VvSY\]U^dU`b_RQb>QTQU^\QQSdYdeTTU\_c\TUbUcTU]†SbQ
dQc`_TQTU]_cdbQb\QY^SYdQSY†^Q\QfY_\U^SYQ1\S_^dbQbY_cecTYcSeb
c_c`eR\YSQT_c`_b\Q`bU^cQUfYTU^SYQRQ^aeUXQRQ^\\Q]QT_Q\QSQ\
]QU^bUYdUbQTQc_`_bde^YTQTUc<_cY^YSYQT_bUcTU\QfY_\U^SYQUbQ^
²TUcS_^_SYT_c³aeU\QZecdYSYQ^_`eT_YTU^dYVYSQb<_cdUcdY]_^Y_cbU
S_WYT_cU^U\`b_SUc_ZeTYSYQ\^_`Ub]YdYUb_^^YcYaeYUbQ`bUSYcQbceUh
dbQSSY†^c_SYQ\<Q`_\YSQc†\_\_Wb†UcdQR\USUbaeU\Q`Ubc_^QaeUceZU
dQRQ\QcbYU^TQcTU\_cSQRQ\\_cQ\S_]U^jQb\_cY^SYTU^dUcUbQ²e^Y^TYfY
Te_S_]_TUfUY^dUQfUY^dYSY^S_Q…_cR\Q^S_cY^RQbRQi`_S_RYW_dU
KaeUMecQRQc_]RbUb_TU`YdQifUcdQdbQZUS_bd_Q\`QbUSUbS_]_QbdUcQ
^_³!)'&@Ub_^e]Ub_c_cdUcdYW_ccU…Q\Qb_^aeU\_c`QbdYSY`Q^dUcU^\Qc
QSSY_^UcTUfY_\U^SYQ`b_fU^Q^TUTYcdY^d_cUcdbQd_cTU\]e^T_`_`e\Qb
<Q]Qi_bQTU\_cTUS\QbQ^dUc`_\YSQcbU_ciVe^SY_^QbY_cTU\6Ubb_SQ
bbY\EbRQ^_aeUQ`_bd†Q\W_Q\bUc`USd_cU…Q\†aeU\Qc²debRQc³UcdQRQ^
S_]`eUcdQc`_b²b_d_c³_²WU^dUTU\`eUR\_³UcTUSYb`Ubc_^QcTUS_^
TYSY†^]ei]_TUcdQQc]Y\QR\UcQ\`U_^QZU_Q\QcSQ`Qc]vcRQZQcTU\Q
S\QcU_RbUbQ@Ub_dQ]RY}^XeR_dUcdY]_^Y_caeUQc_SYQb_^Q\_cTUc]Q
^UcQ^e]Ub_c_cQbdUcQ^_c<Qc_Se`QSY_^UcTU\_cTUdU^YT_c`_b\Q`_\Y
SQUbQ^UVUSdYfQ]U^dU]eifQbYQTQcWQ…Q^Uc_RbUb_cQbdUcQ^_cU]
`\UQT_cUcdeTYQ^dUciXQcdQ^Y…_cU^UTQTUcS_\QbD_T_c\_cdUcdYW_cS_
Y^SYTYUb_^U^QVYb]QbaeU\Q]Qi_bQTU\_cY]`\YSQT_cU^\_cQSd_cTUfY_
\U^SYQUbQ^`Ubc_^Qc]eiZ†fU^UciaeUU^\Qc²debRQc³aeUQSdeQb_^UcU
TQU^TYcdY^d_c`e^d_cTU\QSQ`YdQ\`QbdYSY`Qb_^fQbY_cSU^dU^QbUcTU
Y^TYfYTe_cUcdQ^T_Q\We^_cTUU\\_cRQZ_\QY^V\eU^SYQTU\Q\S_X_\!)''5\

!)'%
<Q`_cdebQUSev^Y]UTU5\6Ubb_SQbbY\VeUbUS_^_SYTQ`_b\_cTU]†SbQdQc1ce
cQ\YTQTU`bYcY†^U\`UbY_TYcdQiTYbYWU^dUTU\@QbdYT_4U]_SbvdYS_:eQ^BQVQU\1\\U^TUUh
`bUc†cecQWbQTUSY]YU^d_cQ\UTYd_biQ\_cbUTQSd_bUcTUUcU`UbY†TYS_²=Y`bY]UbQ`Q\Q
RbQ³5\@QTbU@QTY\\QCQ^dYQW_!#TUZeY_TU!(((
!)'&
1>6:C3QecQc3bY]Y^Q\Uc_`SYdV"%
!)''
?`SYd`QccY]

&)!
Q\UWQd_`b_^e^SYQT_`_b3_^SXQfUbTQTUbQ`YUjQ_bQd_bYQVeUe^²i_QSe
c_³S_^dbQcec`UbcUWeYT_bUcaeUTUcQb]†RbY\\Q^dU]U^dU\_cSQbW_cTU\ZeUj
ce]QbYQ^dUTU]_cdbQ^T_\Q^QdebQ\UjQ`_\dYSQTU\`b_SUc_3_^bUc`USd_
Q\Qcf_SUcaeUcUQ\jQRQ^dQSXQ^T_Q\_cTU]†SbQdQcTU²c_SYQ\YcdQc³3_^SXQ
bUc`_^TY†`QbQVbQcUQ^T_Q@b_eTX_^U^cebUc`eUcdQQ\_cZeUSUcSeQ^T_
U^!($(\U`bUWe^dQb_^²¤ae}UcU\c_SYQ\Yc]_/³*²5cKMd_TQQc`YbQSY†^Q\
]UZ_bQ]YU^d_TU\Qc_SYUTQT@Ub_U^d_^SUc¤d_T_c^_c_db_cc_]_cc_SYQ
\YcdQc/TYZUb_^\_c]QWYcdbQT_c5cQUc]Y_`Y^Y†^bU`\YS†@b_eTX_^³!)'(
²9T}^dYSQbU`eUcdQ`_TU]_cTQb^_c_db_c³cU…Q\†3_^SXQaeYU^Q^dUc
XQRQTUVY^YT_Q\c_SYQ\Yc]_S_]_*

KMe^QT_SdbY^Q`_\dYSQaeUcUS_^dbQ`_^UQ\Y^
TYfYTeQ\Yc]_5\`bY]Ub_cURQcQU^\QVbQdUb^YTQT+U\cU
We^T_U^U\UW_c]_@QbQ\_cY^TYfYTeQ\YcdQcU\5cdQT_
Uce^cY]`\US_]Q^TQ^dUTU`_\YSQiaeU^_dYU^U_dbQ
]YcY†^aeU\QTUSeYTQbU\_bTU^@QbQ\_cc_SYQ\YcdQcU\
5cdQT_Uce^_bWQ^Yc]_aeU\\U^QVe^SY_^Uc`b_`YQciTU
]eSXQY]`_bdQ^SYQU^\Qc_SYUTQTS_]_cUb\QcaeUcU
bUVYUbU^Q\TUcQbb_\\_SbUSY]YU^d_cUWebYTQTbYaeUjQi
`bU`_^TUbQ^SYQTU\Q^QSY†^!)')

<_c\TUbUcTU]†SbQdQcVeUb_^c_RbUcUT_c`_b\Q3_bdUCe`bU]Qi
\YRUbQT_c\eUW_TUXQRUbSe]`\YT_SeQbU^dQidbUcTQcTU`bYcY†^<_
]Yc]__SebbY†S_^\_cTU]vcbU_cY^S\eiU^T_QQaeU\\_caeU\Q`_\YSQ
XQRQQcUfUbQT_XQRUbQdbQ`QT_SeQ^T_S_]UdQ^QSSY_^UcfY_\U^dQcCec
QR_WQT_cTUVU^c_bUc\_WbQb_^TUcSeRbYbY^S_XUbU^SYQcS_^dbQTYSSY_^Uc
i`e^d_cT}RY\UcU^\QcTUS\QbQSY_^Uc`_\YSYQ\UcaeUUSXQb_^`_bdYUbbQ
\Qc`beURQcU^S_^dbQTU\_cQSecQT_c!)( 
6eU`bUSYcQ]U^dUTebQ^dUUc_c]UcUc°]Qi_iZe^Y_°SeQ^T_cU
`b_TeZ_U\WbQ^SbUSY]YU^d_TU\Q]Y\YdQ^SYQiTU\QY^V\eU^SYQTU\@QbdYT_
4U]_SbvdYS_4UcUbe^Q_bWQ^YjQSY†^S_^e^Q`UaeU…QRQcUS_^SU^dbQTQ
SQcYUhS\ecYfQ]U^dUU^CQ^dYQW_iFQ\`QbQc_Q`U^QcdbUcSYU^d_cY^cSbY
d_cQ\S_]U^jQbU\ZeYSY_cUW‹^U\`b_`Y_3_^SXQ`Qc†QcUbe^`QbdYT_
U^bv`YT_TUcQbb_\\_QUcSQ\Q^QSY_^Q\aeUbUSYRQ^e]Ub_cQcQTXUcY_
^Uci]eUcdbQcTUcY]`QdQ4ebQ^dU\_cTQcTU`bYcY†^TU\_cZUVUcTU]†
SbQdQccUbUQ\YjQb_^QSd_cTUc_\YTQbYTQTaeUbUe^YUb_^°cUW‹^Q\We^Qc
Y^V_b]QSY_^UcTU`bU^cQ°Q\bUTUT_bTUTYUj]Y\`Ubc_^QcU^CQ^dYQW_
SeQdb_]Y\U^FQ\`QbQc_dbUc]Y\U^3_^SU`SY†^]Y\U^3XY\\v^iQ\We

!)'(
²@QbdYT_4U]_SbvdYS_³5\6Ubb_SQbbY\CQ^dYQW_! TUZe^Y_TU!(((
!)')
9RYT
!)(
1>6:C3QecQc3bY]Y^Q\Uc_`SYdVZc!&!"%(²=Q^YVUcdQSY†^³5\6Ubb_SQbbY\
CQ^dYQW_!"TUZe^Y_TU!(((9^V_b]QSY_^Ucc_RbUU\TUcQbb_\\_TU\`b_SUc_ZeTYSYQ\U^
5\6Ubb_SQbbY\CQ^dYQW_!#!%i!'TU]Qi_TU!(((

&)"
^QcSQ^dYTQTUc]U^_bUcU^_dbQcSYeTQTUc4UcTU3_^SU`SY†^VeUb_^U^
fYQTQcdbUc]Y\VYb]QcTUQ`_i_Q\_cU^SQbSU\QT_c !)(!
1^dUcTUSe]`\Ybe^]UcTU`bYcY†^\_c\TUbUcTU]†SbQdQcXQRQ^
bUSYRYT_\QfYcYdQTU]vcTU^_fUSYU^dQc`Ubc_^QcaeUQSeTYUb_^TUTYc
dY^d_c`e^d_cTU\`QcQUh`bUcQb\Uccec_\YTQbYTQT !)("1TU]vcTU\Y]`_b
dQ^dUSbUSY]YU^d_TU\`QbdYT_U^CQ^dYQW_iFQ\`QbQc_S_]U^jQb_^Q
V_b]QbcU^eUfQcQWbe`QSY_^UcU^SYeTQTUcS_]_3XY\\v^3_`YQ`†DQ\
SQ@QbbQ\AeY\\_dQUdSi`_S_TUc`e}cTU\QUhSQbSU\QSY†^TUcecTYbY
WU^dUccUS_^cdYdei†\QTU3_^SU`SY†^ !)(#
5\W_\`UTUVeUbjQTU\QQed_bYTQTS_^dbQU\@QbdYT_4U]_SbvdYS_`b_
TeZ_bUce\dQT_cS_]`\UdQ]U^dU_`eUcd_cQcec_RZUdYf_c*\Q_bWQ^YjQSY†^
TU@_e`Y^3_^SXQ3_^dQbT_iTU\QU\YdUTU\]_fY]YU^d_Qc_SYQdYf_
`_`e\QbcQ\Y†V_bdQ\USYTQi`bUcdYWYQTQQ^dUfQcd_ccUSd_bUcTU\Q_`Y^Y†^
`‹R\YSQUc`USYQ\]U^dUU^dbU\_c_RbUb_ciQbdUcQ^_cebRQ^_c5\W_\`U
bU`bUcYf_U^TUVY^YdYfQ^_QVUSd†]Qi_b]U^dUceVe^SY_^Q]YU^d_4Uc
TU\QSvbSU\U\3_]Yd}4YbUSdYf_TU\@QbdYT_4U]_SbvdYS_^_]Rb†e^QTY
bUSSY†^TUbUSQ]RY_aeUQcUWeb†\QS_^dY^eYTQTTU\dbQRQZ_ !)($5cdQTY
bUSdYfQQcefUj_bWQ^Yj†\Qc_\YTQbYTQTS_^\_cTUdU^YT_cY^S\eiU^T_\Qc
WbQ^TUc]Q^YVUcdQSY_^Uc`‹R\YSQcU^\QcaeUcUUhYWY†ce\YRUbQSY†^4Y
SX_cQSd_c]QbSQb_^e^QbQTYSQ\YjQSY†^_`_cYd_bQTU\@QbdYT_4U]_SbvdYS_
VbU^dUQ\W_RYUb^_TU2Q\]QSUTQ1cU^U\]e\dYdeTY^QbY_]UUdY^WbUQ\Y
jQT_U^CQ^dYQW_U\"'TU]Qi_cUQS_bTQRQ²`b_dUcdQbU^}bWYSQ]U^dU
S_^dbQ\QTYSdQTebQ\UWQ\aeUQce]UU\@bUcYTU^dUTU\QBU`‹R\YSQQ\dbQc
WbUTYb\Q3_^cdYdeSY†^@_\dYSQU^\_bU\QdYf_Q\_cTUbUSX_cTUbUe^Y†^

!)(!
²DU\UWbQ]QTUVU\YSYdQSY_^UcQ\4YbUSd_bY_TU\@QbdYT_4U]_SbvdYS_³3_^SU`
SY†^]Qi_!#TU!(((5\6Ubb_SQbbY\CQ^dYQW_!%TU]Qi_TU!(((+²=UUdY^WTU\@QbdYT_
4U]_SbvdYS_³5\6Ubb_SQbbY\CQ^dYQW_")TU]Qi_TU!(((+²DU\UWbQ]Qc³i²1SdeQ\YTQT³
<Q4YcSecY†^3XY\\v^")TU]Qi_TU!(((+²=UUdY^WTU\_cTU]_SbvdYS_c³5\6Ubb_SQbbY\
CQ^dYQW_%TUZe^Y_TU!(((+²@QbdYT_4U]_SbvdYS_³5\6Ubb_SQbbY\CQ^dYQW_! TUZe^Y_
TU!(((_`SYd
!)("
<Q4YcSecY†^3XY\\v^"&TU]Qi_TU!(((
!)(#
²<_cTU]†SbQdQcTU3XY\\v^³5\9^TU`U^TYU^dUCQ^dYQW_&TU]Qi_TU!(((+
²¥FYfQ3_^SU`SY†^³5\@QTbU@QTY\\QCQ^dYQW_! TUZe^Y_TU!(((+K5TYd_bYQ\M<Q4YcSe
cY†^3XY\\v^!!TU]Qi_i" TUZe^Y_TU!(((+²@QbdYT_4U]_SbvdYS_TU3_^SU`SY†^³<Q
4YcSecY†^3XY\\v^'TUQW_cd_TU!(((
!)($
5\!TU]Qi_cUdU^dQ]Y\YdQ^dUcTU\`QbdYT_XQRQ^TUcYW^QT_S_]_`bUcYTU^dU
`b_fYc_bY_Q2TU\Q3bejiQe^QZe^dQTUSY^S_]YU]Rb_c`QbQaeUbU_bWQ^YjQbQU\dbQRQ
Z_²5\`QbdYT_TU]_SbvdYS_³5\=UbSebY_FQ\`QbQc_"TU]Qi_TU!(((DbUccU]Q^Qc
TUc`e}cU\TYbUSd_bY_TU\`QbdYT_U^cUcY†^TU\"$TU]Qi_U^\Q3vbSU\@‹R\YSQ^_]Rb†
e^S_]Yd}TYbUSdYf_TUbUU]`\Qj_S_]`eUcd_TU\QccYWeYU^dUc`Ubc_^Qc*CUWe^T_CY\fQ
5fU^YSY_BQ]bUj4YUW_5cSQ^Y\\Q3\_bY^T_=UTY^Q2U^ZQ]^CQ\TQci6bQ^SYcS_C_be
S_C_bQS__C_bQSS_cUW‹^Q\We^QcVeU^dUc1TU]vccU^_]Y^†e^QS_]YcY†^TU_bQ
T_bUcS_]`eUcdQ`_b*JU^†^D_bbUc@UTb_6}\Yh1bbYQjQ5fU^YSY_BQ]bUj>YS_\vcEWQ\
TU6UTUbYS_3XQS†^@UTb_@QR\_6YWeUb_Qi:eQ^7ej]v^3QbdQTU1^d_^Y_@_e`Y^i
=Q\QaeQc3_^SXQQ5fU^YSY_BQ]bUj3vbSU\@‹R\YSQCQ^dYQW_]Qi_"$TU!(((BU
`b_TeSYTQU^7_T_i=_`SYd`vW"(

&)#
TU`UdYSY†^iTU\YRbU]Q^YVUcdQSY†^TU_`Y^Y_^UcaeUQaeU\\QWQbQ^dYjQ³
CU…Q\Q^T_QTU]vc²aeUXQ\\UWQT_\QX_bQTU_bWQ^YjQbcUiTUe^YbcU`QbQ
bUcYcdYbTU^db_TU\TUbUSX_iTU\Q\UiQ\TUc`_dYc]_i\QdYbQ^Q_TUY^S\Y
^QbcUXe]Y\\v^T_cUQ^dUU\]vc_TY_c_QRc_\edYc]_³!)(%
?dbQS_^cUSeU^SYQVQf_bQR\U`QbQU\@QbdYT_4U]_SbvdYS_VeUU\UcdbU
SXQ]YU^d_TUcec\Qj_cS_^U\]_fY]YU^d_]edeQ\YcdQ1`U^QcS_^_SYTQ
\Q^_dYSYQTU\U^SQbSU\Q]YU^d_TU\_cZUVUcTU]†SbQdQc°U^dbU\_caeUcU
S_^dQRQ^fQbY_cTYbYWU^dUcTU\Qcc_SYUTQTUc_RbUbQcTUCQ^dYQW_°\QC_
SYUTQTTU1bdUcQ^_c²<QE^Y†^³S_^f_S†QcecQc_SYQT_ciQ_dbQc`Ubc_^Qc
`UbdU^USYU^dUcQTYVUbU^dUc_bWQ^YjQSY_^Uc]edeQ\YcdQcTUCQ^dYQW_`QbQ
²QbRYdbQb\_c]UTY_caeU\UWdY]Q]U^dUS_^TejSQ^Q]UZ_bQb\QcYdeQSY†^
TUdQ^d_c_RbUb_caeUcUU^SeU^dbQ^`bYcY_^Ub_cUY^S_]e^YSQT_cQSQe
cQTU\_cceSUc_cTU\4_]Y^W_")³!)(&
1e^aeU\QV†b]e\QU]`\UQTQ`_b=YWeU\=e…_j`bUcYTU^dUTU²<Q
E^Y†^³Y^S\eQQ^e]Ub_cQc`Ubc_^QccY^VYWebQSY†^`‹R\YSQQbbUcdQTQc
UcUTQUbQY^TeTQR\UaeUU\RU^UVYSYQbY_`_\dYS_TU\Qc_\YTQbYTQTcUbQ
U\@QbdYT_4U]_SbvdYS_5\\QcUUh`bUc†QdbQf}cTU\QS_\USdQTUUb_WQSY_
^Uc`QbQQieTQbQ\_c`bUc_cU^U\U^f_TUe^Q^_dQTUQ`_i_iU^\Q
`eR\YSQSY†^TUe^]Q^YVYUcd_dYde\QT_<Qc9^cdYdeSY_^Uc?RbUbQcTUCQ^dYQW_
U^`bUcU^SYQTU\_cceSUc_cTU\4_]Y^W_‹\dY]_SeiQbUTQSSY†^bUSQi†TU
]Q^UbQ^_TUc`b_fYcdQTUcY]R_\Yc]_c_RbU@Q^dQ\U†^F}\YjCY\fQ]Y\Y
dQ^dUTU\@QbdYT_BQTYSQ\!)('

3 B539=95>D? I 49F9C9É> 45< @ 1BD94? 4 5=?3BÂD93? 

4 5 <1C 7B1>45C 31=@1s1C 45 =1C1C 
1< 45C71BB1=95>D? 45 <1 7E5BB1 39F9<

<Q\YRUbQSY†^TU\_cZUVUcTU]†SbQdQcVeUQS_WYTQS_]_e^dbYe^V_`_b
cecSQTQfUj]vc^e]Ub_c_c`QbdYTQbY_c !)((+UcdUS_^dQWY_c_U^decYQc]_
cUdbQTeZ_U^\_Y^]UTYQd_U^e^QUhdU^cY†^TUce_bWQ^YjQSY†^XQSYQ
^eUfQcSYeTQTUci`eUR\_ciU^\Q^jQ]YU^d_TUSQ]`Q…QcTU_`Y^Y†^`‹
R\YSQ<Q`bY]UbQTUU\\QcVeU\QaeU_bWQ^Yj†U\TYbUSd_bY_TU\`QbdYT_Q
\_c`_S_cTQcTUcecQ\YTQTU`bYcY†^S_^dbQU\`b_iUSd_TU\Ui`bUcU^dQ
T_Q\Q3v]QbQTU4Y`edQT_cU^U\SeQ\cUUcdQR\USQe^Y]`eUcd_Q\WQ
^QT_QbWU^dY^_QVY^TUVQf_bUSUbQ\_cWbQ^TUc`b_TeSd_bUcSXY\U^_cTU\
]Yc]_bQ]_4UcUbQ`b_RQTQUcQ]_SY†^°S_]_\_Uh`\YSQb_^\_c]Y\Y

!)(%
²1SdeQ\YTQT³<Q4YcSecY†^3XY\\v^")TU]Qi_TU!(((+²CQ^dYQW_³5\=UbSebY_
FQ\`QbQc_")TU]Qi_TU!(((
!)(&
²BUe^Y†^TU_RbUb_c³5\6Ubb_SQbbY\CQ^dYQW_(TU]Qi_TU!(((
!)('
?cfQ\T_<†`Uj4YSSY_^QbY__`SYd!)!"`vW)f+²>_dYSYQcTYfUbcQc³<Q4YcSe
cY†^3XY\\v^)TU]Qi_TU!(((
!)((
²=Q^YVUcdQSY†^³5\6Ubb_SQbbY\CQ^dYQW_!"TUZe^Y_TU!(((

&)$
dQ^dUcTU]†SbQdQc°cU_SQcY_^QRQe^T_R\UV\QWU\_Q\_ccUSd_bUc`_`e
\QbUc*e^U^SQbUSY]YU^d_TU\QSQb^UXQSYU^T_Y]`_cYR\UceiQUcSQc_
S_^ce]_U^\Q]Qi_bQTU\_cX_WQbUc`_RbUciS_]_S_^cUSeU^SYQY^
TYbUSdQe^Q\jQTU_db_c`b_TeSd_cQ\Y]U^dYSY_cTURYT_Qce]Qi_bTU
]Q^TQI`_bQ…QTYTebQU\Q\jQTU\`bUSY_TU\QSQb^U`b_f_SQbQ\Q`QbQ
\YjQSY†^TU\QcY^TecdbYQcTUSebdYTebQdQ\QRQbdUbQjQ`QdUbQU^SeQTUb
^QSY†^i_dbQcaeUU]`\UQRQ^SeUb_S_]_]QdUbYQ`bY]Q<_c\QdYVe^TYc
dQcTU\QC_SYUTQT>QSY_^Q\TU1WbYSe\debQbU`bUcU^dQT_c`_b]‹\dY`\Ucf_
SUb_cU^U\@Qb\Q]U^d_cUbQ^\_c‹^YS_cRU^UVYSYQT_c!)()
5\QSd_SU^dbQ\TU\QSQ]`Q…QS_^dbQdQ\`b_iUSd_def_\eWQbU\`bY
]Ub_TUZe\Y_TU!(((5cUTQ\_cTU]†SbQdQcS_^f_SQb_^S_]_iQUbQ
ceS_cde]RbUQe^]UUdY^WQ\bUTUT_bTU\QUcdQdeQTU\WU^UbQ\CQ^=Qb
d^<_c]Q^YVUcdQ^dUc°Qed_YTU^dYVYSQT_cS_]_U\²`eUR\_TUCQ^dYQ
W_³° QS_bTQb_^ `bUcU^dQb e^Q `UdYSY†^ Q\ 3_^WbUc_ TUcdQSQ^T_ \Q
²S_^fU^YU^SYQ³TU^_TYcSedYbU\R_bbQT_bTU\Ui5cdQ`UdYSY†^dYde\QTQ
BU`bUcU^dQSY†^TU\`eUR\_TUCQ^dYQW_Q\3_^WbUc_TU\QBU`‹R\YSQS_^]_dYf_
TU\`b_iUSd_TUY]`eUcd_Q\WQ^QT_QbWU^dY^_VeUbUTQSdQTQ`_b=Q\QaeQc
3_^SXQi`bUcU^dQTQQQ]RQcSv]QbQc5^FQ\`QbQc_cUUVUSde†e^Q
S_^SU^dbQSY†^cY]Y\QbQ\QTU\QSQ`YdQ\ !)) 
<QSQ]`Q…Qdef_e^}hYd_bv`YT_4UcTU\Q]Yc]QU\YdUcebWYUb_^
VeUbdUcSbdYSQcS_^dbQ\Qc`bUdU^cY_^UcTU\_c\QdYVe^TYcdQc*U\RQ^aeUb_
1Wecd^B_ccTU^e^SY†\Q`b_`eUcdQ\UWYc\QdYfQS_]_²e^Q`b_f_SQSY†^
Y]`beTU^dUi`U\YWb_cQQ\Qc]QcQcTU\Q`_R\QSY†^³ !))!<Q=e^YSY`Q\YTQT
TU<QCUbU^QS_^cYTUbQ^T_aeUTUcUbQ`b_RQT_U\`b_iUSd_TU\UiQSQ
bbUQbQ`UbZeYSY_c`QbQ\Q`b_fY^SYQTU3_aeY]R_²iU^Uc`USYQ\`QbQ\_c
TU`QbdQ]U^d_cTU\^_bdUaeU^_dYU^U^SQ]`_cTUSbYQ^jQ`_bceQbYTUj
QS_^cUSeU^SYQTU\QUcSQcUjTU\\efYQ³+aeUcUbQ^\_cS_^ce]YT_bUcSXY
\U^_ci^_\_cWQ^QTUb_cQbWU^dY^_caeYU^Uc`QWQbQ^U^bUQ\YTQTU\Y]
`eUcd_+aeUU\]Qi_b`bUSY_TU\QSQb^UdbQUbQ^UWQdYfQcS_^cUSeU^SYQc
c_RbU\_c`_RbUc\_caeU`b_TeSYbQ^]U^_cUcdQbQ^]vcUh`eUcd_cQ\Qc
U^VUb]UTQTUc i \Qc U`YTU]YQc ²i U^ ce bU`b_TeSSY†^ TUWU^UbQbQ \Q
bQjQ³+iaeU\QTYVYSe\dQT`QbQQ\Y]U^dQbcUS_^fU^YU^dU]U^dUQSQbbUQbQ
Qe]U^d_cU^\_ccQ\QbY_c\_aeUQcefUjTUZQbQQ\QQWbYSe\debQTU\Q`b_
fY^SYQU^]Q\`YU`QbQS_]`UdYbS_^\QTU_dbQcbUWY_^UcTU\`QcbU`bU
cU^d†Q\W_RYUb^_\QY^S_^fU^YU^SYQTU\QQ`b_RQSY†^TU\`b_iUSd_TU\Ui

!)()
E^Q]`\Y_TUcQbb_\\_TU\_cQbWe]U^d_cTU]†SbQdQcaeUQ^Y]Qb_^UcdQSQ]`Q
…QU^BU`bUcU^dQSY†^TU\`eUR\_TUCQ^dYQW_Q\3_^WbUc_TU\QBU`‹R\YSQS_^]_dYf_TU\@b_iUSd_TU
Y]`eUcd_Q\WQ^QT_QbZU^dY^_CQ^dYQW_9]`bU^dQFYSd_bYQ!(((
!))
²=UUdY^W³5\6Ubb_SQbbY\CQ^dYQW_#TUZe\Y_TU!(((5TYd_bYQ\²1SdeQ\YTQT³i
²5\]UUdY^WTU\T_]Y^W_U^FQ\`QbQc_³<Q4YcSecY†^3XY\\v^$TUZe\Y_TU!(((i!%TU
Ze\Y_TU!(((
!))!
1Wecd^B_cc5\Y]`eUcd_Q\WQ^QT_QbZU^dY^_6_\\Ud_TUQSdeQ\YTQTFQ\`QbQc_9]
`bU^dQTU\Q<YRbUbQTU\=UbSebY_!(((`vW& 

&)%
i`YTY†aeUU^SQc_TUcUbQ`b_RQT_cUUhY]YUbQQ\Q`b_fY^SYQTU3_aeY]R_
TUceQ`\YSQSY†^!))"
<Q`_\}]YSQ]_SY†^^YcYaeYUbQVeUTYcSedYTQU^U\@Qb\Q]U^d_=vc
Q‹^e^TY`edQT_TUdU^TU^SYQ\YRUbQ\:eQ^5=QS[U^^Q`bUcU^d†`_SQc
cU]Q^Qc]vcdQbTUe^`b_iUSd_TU\UiTUcdY^QT_Qce`bY]Ybd_T_Y]`eUcd_
WU^UbQ\_\_SQ\aeUWbQfQbQ\_cQbdSe\_cQ\Y]U^dYSY_c !))#5\`bUcdYWY_TU\
@QbdYT_4U]_SbvdYS_cUfY_bUV_bjQT_
@_S_TUc`e}ce^Q^eUfQSQ]`Q…Q`Ub]YdQQ\_cTU]_SbvdQc]_fY
\YjQbe^QWbQ^SQ^dYTQTTU`Ubc_^QcU^TYcdY^d_c`e^d_cTU\`QcCUdbQdQ
RQTU\Q\eSXQS_^dbQ\QS_^cSbY`SY†^U^\Q7eQbTYQ>QSY_^Q\fYUZQbUYfY^
TYSQSY†^TU\]_fY]YU^d_`_`e\QbSXY\U^_3_]_cUcQRUTUcTU\QY^cdQe
bQSY†^TU\Q²BU`‹R\YSQ3_^cUbfQT_bQ³QS_]YU^j_cTU\QT}SQTQTU!(# 
e^cY]`\UTUSbUd_TU\5ZUSedYf_XQRQRQcdQT_`QbQ`b_SUTUbQ\bUS\edQ
]YU^d_TU\_c²SfYS_c³QVUSdQ^T_Q\_ccUSd_bUc`_`e\QbUcc_RbUaeYU^Uc
bUSQQU^V_b]QUhS\ecYfQ\Q`UcQTQSQbWQ
5\U^SQbSU\Q]YU^d_TU\]QUcdb_jQ`QdUb_6Ub]^?\Yfv^TYbUSd_b
TU\@QbdYT_4U]_SbvdYS_TU\QSYeTQTTUAeY\\_dQ`_b^UWQbcUQcUbfYbU^\Q
7eQbTYQ>QSY_^Q\i\Q]e\dY`\YSQSY†^TUUcUdY`_TUY^SYTU^dUcU^TYcdY^
d_c`e^d_cTU\`Qc]_fYUb_^Q\_cTU]†SbQdQcbU`bUcU^dQT_c`_b=Q\Q
aeQc3_^SXQQU\UfQbe^bUSebc_Q\Q3_bdUCe`bU]QUhYWYU^T_\Q\YRUb
dQTTU?\Yfv^U^U\aeUcUQ\UWQRQ\QY^cS_^cdYdeSY_^Q\YTQTTU\bUS\edQ
]YU^d_TUSfYS_c`_bcY]`\UTUSbUd_`bUcYTU^SYQ\5\Y^V_b]UTU\VYcSQ\
TU\]vhY]_dbYRe^Q\TY_`\U^QcQdYcVQSSY†^Q\_cTU]†SbQdQciQaeUcUW‹^
ce`\Q^dUQ]YU^d_Q\^_XQRUbcYT_TYSdQTQQ‹^\Q\UiaeUTURQbUW\Q]U^
dQbUcdUcUbfYSY_\_cTUSbUd_cTU\5ZUSedYf_UbQ^TU²TeT_cQ\UWQ\YTQT³i
U^fYbdeTTUU\\_c^_cU`_TQS_]`U\UbQ^Y^W‹^SYeTQTQ^_QaeUcUY^c
SbYRYUbQU^\_cbUWYcdb_cTU\Q7eQbTYQ>QSY_^Q\iUcdQ^T_Y^cSbYd_c^_cU
\Uc`_TQ_R\YWQbQQcYcdYbQ\_cSeQbdU\Uc<QcTYc`_cYSY_^UcTU\Q_bTU^Q^
jQTU\UZ}bSYd_^_bUWQ^bUc`USd_TU\Q7eQbTYQ>QSY_^Q\@_b\_dQ^d_U\
^_QcYcdYbQ\_cSeQbdU\UcTUUcdQY^cdYdeSY†^^_UbQTU\Yd_^Y`_TQcUbSQc
dYWQT_`_bU\\_^Y^W‹^SYeTQTQ^_I\QS_^S\ecY†^c_RbUU\SQc_Uc`USVY
S_TU?\Yfv^bU`bUcU^dQRQd_T_e^dbYe^V_`QbQU\@QbdYT_4U]_SbvdYS_*

KMUcUfYTU^dUaeUU\ZUVUTU\RQdQ\\†^SfYS_TU
AeY\\_dQ^_XQ`_TYT_`b_SUTUbU^ec_TU\QcVQSe\dQTUc
aeU\Q_bTU^Q^jQQSeUbTQQ\_cZUVUcTU\_cSeUb`_cTU\

!))"
CUcY_^Uc?bTY^QbYQcTU\Q3v]QbQTUCU^QT_bUc!(((CQ^dYQW_9]`bU^dQ>QSY_^Q\
!(((²CUcY†^"" ?bTY^QbYQU^# TUZe\Y_TU!(()³`vW"")
!))#
²5^RYU^TU\`eUR\_³<Q4YcSecY†^3XY\\v^"!TUQW_cd_TU!(((+@QbdYT_4U]_
SbvdYS_@bY]UbQ]U]_bYQQ^eQ\_`SYd`vW"%<QTYcSecY†^TUQ]R_c`b_iUSd_ccUWeQ
²`U^TYU^dU³XQSYQVY^UcTU\W_RYUb^_TU2Q\]QSUTQ3Qdv\_W_TU\_cQce^d_c`U^TYU^dUcU^\Q
3v]QbQTU4Y`edQT_cU^!¡TUZe^Y_TU!()!CQ^dYQW_9]`bU^dQ>QSY_^Q\!()!`vWc!(i
#(

&)&
 UZ}bSYd_TU\^UQiQ`_baeUUcURQdQ\\†^^_cUU^SeU^dbQ
U^SQ]`Q…QiQ`_baeUU\Y^TYfYTe_bUc`USd_TU\aeUcU
UZUbSYUb_^QaeU\\QcVQSe\dQTUc^_cUU^S_^dbQRQU^cUbfY
SY_TUWeQb^YSY†^KM!))$

5\QbbUcd_TU\]Y\YSYQ^_TU]†SbQdQUbQY\UWQ\`eUcS_^dbQfU^QU\
QbdSe\_TU\Q\UiTUWQbQ^dQcY^TYfYTeQ\UcaeUUcdQR\USQaeUU\QbbUcd__
`bYcY†^c†\_`_TQbUQ\YjQbcUU^fYbdeTTUe^QcU^dU^SYQU]YdYTQ`_be^
ZeUjS_]`UdU^dU!))%
<Q\YRUbQSY†^TU?\Yfv^TUZQRQ\Q`eUbdQQRYUbdQ`QbQaeU\_cTU]†
SbQdQc\Q^jQbQ^e^QSQ]`Q…QTUR_YS_dQ\bUS\edQ]YU^d_U^\_cSeUb`_c
SfYS_c5\}hYd_VeUd_dQ\*TURYT_Q\Q`b_`QWQ^TQiQWYdQSY†^]Q^dU^YTQ
`_bU\@QbdYT_4U]_SbvdYS_\Q_bWQ^YjQSY†^TU\Q7eQbTYQ>QSY_^Q\U^FQ\
`QbQc_bUce\d†Y]`_cYR\U`b_f_SQ^T_\QbU^e^SYQTUceS_]Q^TQ^dUi\Q
Y^QcYcdU^SYQTU\_c_VYSYQ\Uc1`UcQbTU\QdU^dQdYfQTU\5ZUSedYf_`_bbUcdQ
R\USUbTU]Q^UbQQed_bYdQbYQ\Q7eQbTYQ>QSY_^Q\Uc_cXUSX_ccU^dQb_^
e^`bUSUTU^dUaeUcYW^YVYS†cefYbdeQ\TUcfQ^USY]YU^d_U^TYcdY^dQcSYeTQ
TUcTU\`Qc!))&1\YWeQ\aeU\QQ^dUbY_bUcdQSQ]`Q…QcUS_b_^QRQU^`_S_
dYU]`_S_^e^VbQ^S_}hYd_`QbQ\QZ_fU^S_\USdYfYTQTTU]†SbQdQ
1cQ^dUcTUSe]`\Ybe^Q…_TUUhYcdU^SYQU\@QbdYT_4U]_SbvdYS_`_
TQfQ^QW\_bYQbcUTUXQRUb`b_f_SQT_SQ]RY_cY]`_bdQ^dUcU^\QfYTQ`_
\dYSQic_SYQ\TU\`Qc*`_b`bY]UbQfUjSYUbdQcbUYfY^TYSQSY_^Uc`_`e\QbUc
UbQ^U\_RZUd_TUSQ]`Q…Qc^QSY_^Q\UcaeUVY^Q\YjQRQ^S_^}hYd_iaeUcU
Y^cSbYRQ^TU^db_TUe^QUcdbQdUWYQS\QbQ]U^dUTYcU…QTQ`_be^Q_bWQ^Y
jQSY†^`_\dYSQaeUcUdbQ^cV_b]QRQ°dQ^d_`_bceWbQ^SQ^dYTQTTUQTXU
bU^dUcS_]_`_b\QVeUbjQTUceS_^f_SQd_bYQ°U^U\`bY]Ub`QbdYT_TU
]QcQcTU\QXYcd_bYQ^QSY_^Q\3_]U^dQ^T_\_cdbUcWbQ^TUcdbYe^V_cTU
UcUQ…_°\Qce`bUcY†^TU\Q\jQTU]UTY_SU^dQf_U^\_c`QcQZUcTUcUWe^TQ
S\QcUU^\_cdbQ^fQcTUCQ^dYQW_\Q]eUbdU`bU]QdebQTU\`b_iUSd_TU\Ui
TUY]`eUcd_Q\WQ^QT_QbWU^dY^_i\QTUcQ`QbYSY†^ZebTYSQiTUVQSd_TU
\QTUcYWeQ\YdQbYQ_bWQ^YjQSY†^TU\Q7eQbTYQ>QSY_^Q\°U\`UbY†TYS_TU
]†SbQdQ<Q4YcSecY†^TU3XY\\v^cU…Q\QRQaeU*²5c_cdbUcXUSX_cUaeYfQ
\U^QY]`UTYb\QUh`\_dQSY†^TU\`b_\UdQbY_`_bU]`bUcQc`bYfY\UWYQTQc`_b
U\5cdQT_+QUfYdQbaeU\Q\UiUcdQR\UjSQ\Q`b_dUSSY†^TU\_cbYS_cWbQfQ^T_
\QQ\Y]U^dQSY†^TU\_c`_RbUc+iQY]`\Q^dQb\QYWeQ\TQTbU`eR\YSQ^QU^U\
bU`Qbd_TU\QcSQbWQcicUbfYSY_c`‹R\YS_c³ !))'
1UcQcfYSd_bYQcXQRQaeUQWbUWQb_dbQ]vcbUSYU^dU*\QQRc_\eSY†^

!))$
²5\cUbfYSY_U^\Q7eQbTYQ>QSY_^Q\4YSdv]U^TU\VYcSQ\cU…_b6\_bUc³5\=UbSe
bY_FQ\`QbQc_!TU^_fYU]RbUTU!(((
!))%
9RYT
!))&
²1\`eUR\_SXY\U^_³<Q4YcSecY†^3XY\\v^# TU_SdeRbUTU!(((+@QbdYT_4U
]_SbvdYS_@bY]UbQ]U]_bYQQ^eQ\_`SYd`vWc"&i"'
!))'
²<QQSSY†^TU\`eUR\_³<Q4YcSecY†^3XY\\v^"!TU_SdeRbUTU!(((

&)'
TUVY^YdYfQTU\_c]YU]Rb_cTU\TYbUSd_bY_TU]_SbvdYS_iTUd_TQc\Qc`Ubc_
^QcU^SQbSU\QTQcQbQjTU\_cceSUc_cTU\")TUQRbY\!))(IU\SbUSY]YU^d_TU\
`QbdYT_cUUcdQRQ`b_TeSYU^T_Qe^bYd]_fUbdYWY^_c_*\_cT_cSYU^d_cidQ^
d_c]Y\YdQ^dUcS_^SU^dbQT_cSQcYUhS\ecYfQ]U^dUU^\QSQ`YdQ\U^U\]_]U^
d_TUceVe^TQSY†^iaeUXQRQ^Qe]U^dQT_Q`U^QcQdbUcSYU^d_cXQSYQ
]Qbj_°QRbY\TU!(((QWbe`QSY_^UcTUCQ^dYQW_iFQ\`QbQc_XQRQ^`QcQ
T_QcUb°cUW‹^\_TUS\QbQT_`_b\_c`b_`Y_cTU]†SbQdQc°fUY^dU]Y\QTXU
bU^dUcQVY^UcTU_SdeRbUTU!(((TYcdbYReYT_cU^TYUSY_SX_QWbe`QSY_^Uc
S_bbUc`_^TYU^dUcQ_dbQcdQ^dQcSYeTQTUcDQ^c†\_U^CQ^dYQW_U\WbQ^TU
cQbb_\\_TU\`QbdYT_XQRQ_R\YWQT_QS_^cdYdeYbfUY^dYSeQdb_cUSSY_^UcaeU
SeRbQ^`bvSdYSQ]U^dUd_TQ\QSQ`YdQ\!)))E^`bY]UbY^dU^d_`_bT_dQbcUTU
e^†bWQ^_TU`bU^cQSU^dbQ\cUbUQ\Yj†QdbQf}cTU\QVe^TQSY†^TU\TYQbY_<Q
4U]_SbQSYQQSei_SQbW_aeUTQb_^:eQ^BQVQU\1\\U^TUi=Q\QaeQc3_^SXQ
CY^U]RQbW_\QSQbU^SYQTUV_^T_ci\Qc`}bTYTQcaeUQbb_ZQRQ_R\YWQb_^Q
\_cTYbYWU^dUcTU]†SbQdQcQcec`U^TUbce`eR\YSQSY†^Q\SQR_TUQ\We^_c
]UcUcVYZv^T_cUS_]_dQbUQ`QbQ\_c]Y\YdQ^dUc\Q_RdU^SY†^TUbUSebc_c
`QbQcebUQ`QbYSY†^" 
@QbQ\U\Q]U^dU\_c]Y\YdQ^dUcTU]†SbQdQcV_bdQ\USQ^cec\Qj_cS_^
U\]e^T_TU\_cdbQRQZQT_bUcUh`bUcQ^T_cY]`QdQ_S_]`bU^cY†^`_b
cec\eSXQcS_]__SebbY†TebQ^dU\QXeU\WQTU`Q^QTUb_ccQ^dYQWeY^_cU^
Ze\Y_TU!(((Q\`b_TeSYbcU\_c]_dY^UcTU]Y^Ub_ciZ_b^Q\Ub_cSQbbY\Q
^_cTU<_dQiTU`U_^UcSQbbY\Q^_cTU@QRU\\†^U^cU`dYU]RbUTU\]Yc]_
Q…__SeQ^T_cUWU^Ub†e^S\Y]QTUQWYdQSY†^U^dbU\_c_RbUb_cTU\QSQ
^Q\YjQSY†^TU\=Q`_SX_iU^U\WbU]Y_TU\_cS_^TeSd_bUcTUS_SXUcTU
cUbfYSY_c`‹R\YS_cTU\QSQ`YdQ\U^cU`dYU]RbUi_SdeRbUTU!(()" !
5\c_b`bU^TU^dUQfQ^SUTU\@QbdYT_4U]_SbvdYS_^_`eUTUUh`\YSQb

!))(
1>6:C3QecQc3bY]Y^Q\Uc\UWQZ_!& _`SYdVZc"$"fdQ"$&fdQ"%%"%'
!)))
CUW‹^=Q\QaeQc3_^SXQiQUhYcdQ^QWbe`QSY_^UcTU\`QbdYT_U^\QccYWeYU^dUc
SYeTQTUc*CQ^dYQW_FQ\`QbQc_3_^SU`SY†^3XY\\v^@QbbQ\DQ\SQBU^W_BQ^SQWeQCQ^
2Ub^QbT_AeY\\_dQAeY\`e}CQ^6U\Y`U3QRY\T_3XQ…QbQ\9\\Q`U\<QCUbU^Q1^d_VQWQc
dQU9aeYaeU=3_^SXQ²5\]_fY]YU^d_TU]_SbvdYS_³<Q4YcSecY†^3XY\\v^!TU^_fYU]
RbUTU!(((+@QbdYT_4U]_SbvdYS_@bY]UbQ]U]_bYQQ^eQ\_`SYd`vW#!1e^aeU\Qc
SYVbQcU^dbUWQTQc`_b\_c\TUbUcTU]†SbQdQcTURU^cUb]Q^UZQTQcS_^`bUSQeSY†^TU\
]Yc]_]_T_aeU\Qce`eUcdQUhYcdU^SYQTU_bWQ^YjQSY†^`QbdYTQbYQU^\_SQ\YTQTUcS_]_
9aeYaeUU^!(((UcY^^UWQR\UaeU\Q`bUcU^SYQTU\@QbdYT_4U]_SbvdYS_iQUbQe^QbUQ\YTQT
U^^e]Ub_c_c`e^d_cTU\`Qc
"
²=U]_bYQ`bUcU^dQTQ`_bU\TYbUSd_bY_TUCQ^dYQW_Q\QQcQ]R\UQWU^UbQ\TU\
`QbdYT_TU]_SbvdYS_³H<Q4YcSecY†^3XY\\v^!&TUTYSYU]RbUTU!(((+@QbdYT_4U]_
SbvdYS_@bY]UbQ]U]_bYQQ^eQ\_`SYd`vW#!
" !
BUVUbU^SYQcQ\Qc\eSXQcTU\_c`Q^QTUb_cSQbbY\Q^_ci]Y^Ub_cU^U\SQ`de\_HF
<_c`bY^SY`Q\UcQ^v\YcYcTU†bWQ^_cTU`bU^cQTU]†SbQdQc_RbUUcd_cS_^V\YSd_cVeUb_^*²<Q
XeU\WQ³5\@QTbU@QTY\\QCQ^dYQW_'TUZe\Y_TU!(((i²3Q^Q\\QciS_RQbTUc³5\@QTbU@QTY
\\QCQ^dYQW_! TUZe\Y_TU!(((+²DYU^U^_Z_ci^_fU^³5\@QTbU@QTY\\QCQ^dYQW_$TU
cU`dYU]RbUTU!(((+²5\]_d^TU<_dQ³_`SYd+²Ce]QicYWeU³_`SYd+²4UcTUU\SQ\QR_
j_³5\1ZCQ^dYQW_!&TUcU`dYU]RbUTU!(()+²3XY^SX_bbQj_c³5\1ZCQ^dYQW_'TU
_SdeRbUTU!(()

&)(
cUc_\Q]U^dU`_b\_cQSYUbd_cTUceTYbUSSY†^CY^^UWQb\QUfYTU^dUSQ`Q
SYTQTTU\_c\TUbUcTU]†SbQdQc`QbQ\UfQ^dQbQaeU\\QcbUYfY^TYSQSY_^Uc
]vccecSU`dYR\UcTU]_fY\YjQbQ\_ccUSd_bUc`_`e\QbUcebRQ^_ccUTURU
dU^UbU^SeU^dQaeUU\S_^Sebc_TU\QcSYbSe^cdQ^SYQcUcTUSYb\QS_ie^de
bQ`_\dYSQTU\]_]U^d_VeUe^QQieTQ`_TUb_ccY]Q`QbQU\SbUSY]YU^d_
TU\QS_\USdYfYTQT1]UTYTQaeUcU`b_Ve^TYjQRQ\QSbYcYc`_\dYS_Y^cdYde
SY_^Q\\QcbUQSSY_^UcTU\QS\QcUT_]Y^Q^dUTUcec`QbdYT_cTUcec\TU
bUcTU_`Y^Y†^iTU\Q`QbQd_TU5cdQT_UbQ^]vcTYc`UbcQcY^S_XUbU^dUc
UY^UVYSQSUc<Q^USUcYTQTTUWQ^QbQ`_i_cS_^dbQcecQTfUbcQbY_cXQSQ
aeUSYUbd_ccUSd_bUcTUQ]R_cRQ^T_c`_\dYS_cUcdefYUbQ^dU^dQT_cTU
QdbQUbXQSYQU\\_cQ\@QbdYT_4U]_SbvdYS_<Q`b_`YQQSdYdeTTU2Q\]QSUTQ°
S_]`bU^cYfQXQcdQQRbY\TU!(((bU`bUcYfQTebQ^dUUY^]UTYQdQ]U^dU
TUc`e}cTU\QZ_b^QTQTU\")TUQRbY\+\eUW_S_^SY\YQT_bQiTYc`eUcdQQ
S_^SUcY_^Uc+bU`bUcYfQ`_S_Q^dUcTU\Y^YSY_TU\QWeUbbQSYfY\°Y\ecdbQ
RYU^UcdQcS_^dbQTYSSY_^Uc1TU]vcS_]_cU`eT_Q`bUSYQbQ`b_`†cYd_
TUfQbYQcTU\QcSQ]`Q…QcTUcQbb_\\QTQc`_b\_cTU]†SbQdQc\QcTYfYcY_
^Uc`_\dYSQcQdbQfUcQRQ^U\Q`QbQd_UcdQdQ\Q^e\Q^T_ceSQ`QSYTQTTU
bUc`eUcdQ
5\@QbdYT_4U]_SbvdYS_TYc`_^QU^d_^SUcTUe^Q]`\Y_]QbWU^TU
QSSY†^U^e^dUbbU^_VUbdY\YjQT_`_b\QbW_cQ…_cTUTUcQbb_\\_TU\]_fY
]YU^d_`_`e\Qb
CeQcQ]R\UQWU^UbQ\SU\URbQTQU^CQ^dYQW_U^^_fYU]RbUTU!(((
Q^Q\Yj†\_c`b_WbUc_cbUQ\YjQT_cU\YWY†e^^eUf_TYbUSd_bY_U^U\aeUVeU
b_^S_^VYb]QTQccec`bY^SY`Q\UcVYWebQciVYZ†U\!$TUZe\Y_TU!(()°SU^
dU^QbY_TU\QBUf_\eSY†^6bQ^SUcQ°S_]_VUSXQ`QbQ\Q`bY]UbQS_^fU^
SY†^TUcdY^QTQQSe\]Y^Qb\QS_^cdYdeSY†^TU\`QbdYT_Q^YfU\^QSY_^Q\
]UTYQ^dU\QU\USSY†^TUe^TYbUSd_bY_WU^UbQ\XQcdQU^d_^SUcU\TYbUS
d_bY_TU\QSQ`YdQ\Se]`\QUcQcVe^SY_^Uc " "
5\`bY]UbcU]UcdbUTU!(()VeUS_^cQWbQT_Q\Q_bWQ^YjQSY†^TU
^eUfQcQWbe`QSY_^Uc`QbdYTQbYQcQ\V_bdQ\USY]YU^d_TU\QciQUhYcdU^dUc
iQ\Q`bU`QbQSY†^TU\QS_^fU^SY†^5^VURbUb_e^QTU\UWQSY†^U^fYQTQ
`_bU\TYbUSd_bY_TUCQ^dYQW_bUS_bbY†\Qc`b_fY^SYQcTU\cebQVY^TUY]

" "
9RYT<Q^eUfQTYbUSdYfQU\UWYTQU\"%TU^_fYU]RbUTU!(((aeUT†S_]`eUcdQ
TU\QcYWeYU^dU]Q^UbQ*`bUcYTU^dU*1^d_^Y_@_e`Y^+fYSU`bUcYTU^dUc*1bdU]Y_7edY}bbUj
i=Q^eU\=U^UcUc+cUSbUdQbY_c*:eQ^4_]Y^W_?bdYji=Q\QaeQc3_^SXQ+dUc_bUb_*:_c}
=Q^eU\CQ\TQ…Q+TYbUSd_bUc*4_^Qd_=Y\\v^:_c}@_3QRbUbQ1fU\Y^_3_^dQbT_:eQ^
BQVQU\1\\U^TU6bQ^SYcS_C_bQSS_6Ub^Q^T_J‹…YWQFYSd_bY^_CdU\\Q3Qb\_c13beji
5fU^YSY_BQ]bUj<QcSQdUW_bYQcc_SY_`b_VUcY_^Q\UcbU`bUcU^dQTQcUbQ^\QccYWeYU^dUc*cUYc
QbdUcQ^_ce^U]`bUcQbY_T_cQR_WQT_ce^Y^WU^YUb_e^`UbY_TYcdQe^U]`\UQT_idbUc
S_]UbSYQ^dUc<Q4YcSecY†^3XY\\v^!)TUTYSYU]RbUTU!(((3Y^S_]YU]Rb_cTU\TYbUS
d_bY_Q^dUbY_b^_UcdefYUb_^`bUcU^dUcU^UcdU^eUf__bWQ^Yc]_5^dbUU\\_c:eQ^TU4Y_c
@}bUji:_c}9W^QSY_CY\fQaeYU^UcXQRQ^TUS\QbQT_TebQ^dUU\`b_SUc_XQRUbcYT_^_]
RbQT_cU^S_^dbQTUcef_\e^dQTS_]_Y^dUWbQ^dUcTU\Q`bY]UbQTYbUSdYfQ1>6:C3Qe
cQc3bY]Y^Q\Uc\UWQZ_!& _`SYdVZc#%fdQ#&fdQ) fdQ! ! &

&))
`e\cQb\QSbUQSY†^TU^eUfQccUSSY_^UcS_^cYWeY}^T_cUdQ\_RZUdYf_U^
DQ\SQXeQ^_<_cÂ^WU\Uc3_\\Y`e\\Yi2e\^Uc " #1VY^UcTU\]Yc]_]Uc
cUbUQ\Yj†U^DQ\SQXeQ^_e^QbUe^Y†^TUbU`bUcU^dQ^dUcTUCQ^dYQW_
3XY\\v^3_^SU`SY†^iDQ\SQXeQ^_Se\]Y^Q^T_Qc\QWYbQTU\QTU\U
WQSY†^TU\QSQ`YdQ\" $5^dbUdQ^d_U^U\^_bdUcQ\YdbUb_cUTQRQ^\_c`bY
]Ub_c`Qc_c`QbQ\QY]`\Q^dQSY†^TU\Q_bWQ^YjQSY†^TU]†SbQdQ5^
]Qbj_Q`b_fUSXQ^T_e^]UUdY^WU^X_^_bQ\`bUcYTU^dU2Q\]QSUTQTU
fYcYdQU^\QSYeTQTTU9aeYaeUU\cQcdbU]edeQ\YcdQ:_c}CUWe^T_<UYfQ
\Q^j†e^\\Q]QT_`QbQ²USXQb\QcRQcUcTU\7bQ^@QbdYT_4U]_SbvdYS_³
@Ub_\QS_^f_SQd_bYQ^_VbeSdYVYS†iU\`b_iUSd_aeUT†`U^TYU^dUU^\Q
bUWY†^dQbQ`QaeU…QXQcdQU\cUWe^T_cU]UcdbUTU!() " %5^\QbUWY†^
SU^dbQ\\_cUcVeUbj_cTU\_cTU]†SbQdQcVeUb_^]vcUhYd_c_c*TebQ^dU
Uc_c]UcUccUS_^cdYdeiUb_^QWbe`QSY_^UcU^SYeTQTUcS_]_CQ^6U\Y
`UaeUTUcYW^Qb_^`b_^dQ]U^dUcecTU\UWQT_c`QbQ\QWbQ^bUe^Y†^
`QbdYTQbYQ " &
<Q`bY]UbQS_^fU^SY†^TU\@QbdYT_4U]_SbvdYS_def_\eWQbU^CQ^dYQ
W_U^dbUU\!$iU\!&TUZe\Y_RQZ_\Q`bUcYTU^SYQTU\bU`bUcU^dQ^dUTU
FQ\`QbQc_=Q^eU\CUbUi<QcTU\UWQSY_^Uc`b_fU^YU^dUcTUTYUSYc}Yc
SYeTQTUcTYcSedYUb_^iQ`b_RQb_^e^^eUf_`b_WbQ]QbUW\Q]U^d_i
S_^S\ecY_^UcaeUS_^cdYdeiUb_^e^QQSdeQ\YjQSY†^TU\Q\^UQ`_\dYSQ
TU\Q_bWQ^YjQSY†^5\`b_dUSSY_^Yc]_VeUbUQVYb]QT_Q\YWeQ\aeU\Qc
]UTYTQcTUcQ^UQ]YU^d_iTU]_SbQdYjQSY†^TU\QfYTQ`_\dYSQ^QSY_^Q\
TYc`_cYSY_^UcS_^dbQU\VbQeTUU\USd_bQ\iS_^dbQ\Q\UiaeUUcdQR\USQ
aeUUbQ^\_c]Qi_bUcS_^dbYReiU^dUcaeYU^UcS_^cdYdeQ^\_cS_\UWY_c
U\USd_bQ\Uc" '
5^dbU\Qc^_fUTQTUcQ`_bdQTQc`_b\_cS_^fU^SY_^Q\UcQ\Q\^UQTU\
`QbdYT_cUTUcdQSQRQ^*\Q\eSXQS_^dbQ\QY^]YWbQSY†^UhdbQ^ZUbQVe^TQ
]U^dQ\]U^dUUeb_`UQ`_bS_^cYTUbQb\Q^_SYfQ`QbQ\_cY^dUbUcUcTU\_c
QbdUcQ^_ci_RbUb_cSXY\U^_c" (+Q\We^Qcd]YTQc]UTYTQcU^VQf_bTU\_c
Y^aeY\Y^_cTU\_cSQ]`_ciTU\_cQbbU^TQdQbY_cTUfYfYU^TQcTU\QcSYeTQ
TUccU`b_`_^QQcUWebQb\Uc\Q`_cUcY†^TUcecX_WQbUcTebQ^dU`Ub_
T_c^_Y^VUbY_bUcQTYUjQ…_c_]UTYQ^dU\QQTaeYcYSY†^`_bQ]_bdYjQSY_
^UcQ\QbW_`\Qj_+\Q_bWQ^YjQSY†^`_bU\5cdQT_TU\QQcYcdU^SYQ`‹R\YSQ

" #
²5\@QbdYT_4U]_SbvdYS_³<Q4YcSecY†^3XY\\v^#TU]Qbj_TU!(()
" $
²3_bbUc`_^TU^SYQc³<Q4YcSecY†^3XY\\v^")TUVURbUb_TU!(()
" %
@Y^d_²5^U\SQ]Y^_³_`SYd+²¥1\`eUR\_?bWQ^YjQSY†^TU\@QbdYT_4U]_Sbv
dYS_³<QF_jTU3XY\U9aeYaeU!!TU_SdeRbUTU!() +²@QbdYT_TU]_SbvdYS_³<QF_jTU
3XY\U9aeYaeU!$TU_SdeRbUTU!() +²1SdeQ\YTQT`_\dYSQ³<QF_jTU3XY\U9aeYaeU"!TU
_SdeRbUTU!() 
" &
²@QbdYT_4U]_SbvdYS_TUCQ^6U\Y`U³5\3U^c_bCQ^6U\Y`U$TUZe\Y_TU!(()+
²@QbdYT_4U]_SbvdYS_³5\3U^c_bCQ^6U\Y`U)TUZe\Y_TU!(()
" '
²3_^fU^SY†^TU\@QbdYT_4U]_SbvdYS_³<Q<YRUbdQTDQ\SQ"$TUZe\Y_TU!(()
" (
²3_^S\ecY_^UcTU\Q3_^fU^SY†^TU\!$TUZe\Y_³<Q4YcSecY†^3XY\\v^"%TU
Ze\Y_TU!(()

'
U^VQf_bTU\_cQ^SYQ^_c_Y^fv\YT_cTU\dbQRQZ_i\QUhYWU^SYQTUceRfU^SY†^
UcdQdQ\`QbQ\QcQc_SYQSY_^Uc_RbUbQcTUQX_bb_ic_S_bb_]ede_ " )
5^U\S_^dUhd_TU`b_Ve^TQSbYcYc`_\dYSQiTUU]`U_bQ]YU^d_TU\Qc
S_^TYSY_^UcTUfYTQTU\_c`_RbUccQ\QbY_c]QWb_c^__RcdQ^dUceQ\jQSQ
bUcdQTU\_c`b_TeSd_cTU`bY]UbQ^USUcYTQTTUdUbY_b_Q\Qb]Q^dUTU\Q
cQ^YTQT`‹R\YSQQ`UcQbTU\_cUcVeUbj_cbUQ\YjQT_c`_b\QcQed_bYTQTUcU^
]QdUbYQTU`bUfU^SY†^idbQdQ]YU^d_TU\QcU^VUb]UTQTUcUdSaeUS_^
dbQcdQRQS_^\QWbQ^`b_c`UbYTQTTU\Q^QSY†^U^_b]UcY^WbUc_cVYcSQ\Uc
Y^fUbdYT_cU^ce]Qi_b`QbdUU^WbQ^TUc_RbQcTUY^VbQUcdbeSdebQ\Qcc_\e
SY_^Uc`b_`eUcdQc`_bU\@QbdYT_4U]_SbvdYS_Qe^aeUY^ceVYSYU^dUcS_^cdY
deQ^U\`b_WbQ]Q`_\dYS_]vcbU`bUcU^dQdYf_TU\_cY^dUbUcUcTU\_ccUSd_
bUc`_`e\QbUc" ! E^QSeUbT_TUWbQ^Y]`_bdQ^SYQUcdQR\USY†aeUc†\_e^Q
S_^fU^SY†^WU^UbQ\TU\`QbdYT_`_TbQQed_bYjQbQ\YQ^jQc_e^Y†^TUVeUb
jQc]QbSQ^T_\QY^TU`U^TU^SYQTU\Q_bWQ^YjQSY†^U^\QQbU^Q`_\dYSQ^Q
SY_^Q\" !!3e\]Y^Q^T_cecdbQRQZ_c\QQcQ]R\UQU\YWY†e^Q^eUfQTYbUSdYfQ
U^SQRUjQTQ^eUfQ]U^dU`_b1^d_^Y_@_e`Y^`Ub_U^\QaeU\Qc`b_fY^SYQc
UcdQRQ^bU`bUcU^dQTQc`_b`bY]UbQfUjQdbQf}cTU\Q`bUcU^SYQTUSeQdb_TU
TYUjTYbYWU^dUc" !"5\@QbdYT_4U]_SbvdYS_iQUbQe^QS_\USdYfYTQTTUUcdQdebQ
^QSY_^Q\S_^U\aeU\QcVeUbjQc`_\dYSQcdbQTYSY_^Q\UcTURQ^S_]U^jQbQ
S_^dQb
4UcTUUcQ}`_SQiXQcdQU\S_]YU^j_TU\QWeUbbQSYfY\TU!()!\Qc
bU\QSY_^UcU^dbUU\@QbdYT_4U]_SbvdYS_i\_c`QbdYT_c`_\dYS_cdbQTYSY_^Q\Uc
VeUb_^S_^dbQTYSd_bYQcE^Q^dQW_^Yc]_SQcY`Ub]Q^U^dUVeU]QdYjQT_
`_bUc`_bvTYS_cY^dU^d_cTUUcQcVeUbjQc`QbQQdbQUbQ\Z_fU^`QbdYT_XQSYQ
e^_i_db_SQ]`__Q\]U^_c`QbQedY\YjQb\_S_]_VeUbjQTU`bUcY†^S_^

" )
²@b_WbQ]QTU\@QbdYT_4U]_SbvdYS_Q`b_RQT_`_b\QS_^fU^SY†^TU\@QbdYT_bU
e^YTQU^CQ^dYQW_U\!$TUZe\Y_TU!(()³<Q4YcSecY†^3XY\\v^"(TUZe\Y_TU!(()
" !
BUce\dQY^dUbUcQ^dUS_]`QbQbU\`b_WbQ]QTU]_SbvdYS_TUZe\Y_TU!(()S_^U\
TU\@QbdYT_BQTYSQ\Q`b_RQT_U^ceS_^fU^SY†^TU^_fYU]RbUTU!(((1e^aeUU^\QY^
db_TeSSY†^TU\V_\\Ud_aeUVeU`eR\YSQT_QS_]YU^j_cTU!(()\_c`bY^SY`Q\Uc\TUbUcbQ
TYSQ\UcS_^cQWbQRQ^e^Q`vWY^QQUh`\YSQb\Q^USUcYTQTTU\²]UZ_bQ]YU^d_]_bQ\i]QdU
bYQ\TU\_c`_RbUciTU\_c_RbUb_c³iQc_cdU^UbaeU²U\5cdQT_`eUTUiTURU`_b\QY^cdbeS
SY†^\QU^cU…Q^jQTUQbdUc\QVe^TQSY†^TUSQZQcTUQX_bb_\QTUcWbQfQSY†^TUY]`eUc
d_cU\Ucd]e\_`QbQ\QS_^cdbeSSY†^TUReU^QcXQRYdQSY_^Uci_db_c]UTY_cXQSUbcQ\YbTU
cedbYcdUS_^TYSY†^QUcQ]QcQTUSXY\U^_c³iQ`UcQbTU\Qc`b_`_cYSY_^Uc]vcQfQ^jQTQc
TUQ\We^_cS_^fU^SY_^Q\UcU\`b_WbQ]QTU\@QbdYT_BQTYSQ\^_bUdef_VY^Q\]U^dUcY^_e^Q
V†b]e\QUhdbU]QTQ]U^dUfQWQiQ^_TY^Q*²5\]UZ_bQ]YU^d_TU\QS_^TYSY†^TU\_c`b_\U
dQbY_ciTU\_c_RbUb_c³@b_WbQ]QiT_Se]U^d_cTU\Q3_^fU^SY†^bQTYSQ\TU!(((CQ^dYQW_
9]`bU^dQTU²<Q<YRUbdQT³!(()`vWc!&!'i"$
" !!
²3_^fU^SY†^³<Q<YRUbdQTDQ\SQ"$TUZe\Y_TU!(()_`SYd
" !"
5\TYbUSd_bY_WU^UbQ\U\UWYT_`_b\_cS_^fU^SY_^Q\UcU\!&TUZe\Y_TU!(()VeUU\
cYWeYU^dU*`bUcYTU^dU*1^d_^Y_@_e`Y^+fYSU`bUcYTU^dUc*1bdU]Y_7edY}bbUji=Q^eU\=U
^UcUc+cUSbUdQbY_WU^UbQ\*=Q\QaeQc3_^SXQ+TYbUSd_bUc*4_^Qd_=Y\\v^1fU\Y^_3_^dQb
T_=Q^eU\CUbUiFQ\`QbQc_Â^WU\3?iQbj‹^3XY\\v^D_]vcB_c?fQ\\U3_^SU`
SY†^i3QiUdQ^_CU`‹\fUTQ@QbbQ\

' !
dbQU\_db_R\_aeUC†\_\_cS_^cUbfQT_bUc]Q^YVUcdQb_^e^QX_cdY\YTQTSQcY
Y^fQbYQR\U+\QcTU]vcQWbe`QSY_^Uc`_\dYSQcU^]Qi_b_]U^_bWbQT_TUcQ
bb_\\Qb_^e^QS_]`\UZQ`_\dYSQTUQdQaeUciTUcUTeSSY†^
5\@QbdYT_4U]_SbvdYS_cUUcV_bj†`_b]Q^dU^UbceY^TU`U^TU^SYQi
Qed_^_]QUZUbSYSY_^QTQVvSY\U^e^S_^dUhd_TUSbUSYU^dU`_\QbYjQSY†^
`_\dYSQTU\`QcU^dbU`QbdYTQbY_ciQTfUbcQbY_cTU\W_RYUb^_TU\`bUcY
TU^dU2Q\]QSUTQ5\\_cU]Q^YVUcd†Q^dUcaeU^QTQU^e^QQVYb]QSY†^
TUce`UbVY\`b_`Y_QZU^_Q\Q\eSXQW_RYUb^__`_cYSY†^1c\_TUS\Qb†
`_bUZU]`\_\Q1Wbe`QSY†^TUFQ\`QbQc_QdbQf}cTU\QV†b]e\Q*²5\@Qb
dYT_4U]_SbvdYS_S_]RQdUQ\W_RYUb^_iQ\Q_`_cYSY†^+c†\_TUVYU^TUQ\
`eUR\_cecY^dUbUcUc³" !#E^`Qc_Y]`_bdQ^dU`QbQ\QUh`bUcY†^TU\Q`_
cYSY†^Y^TU`U^TYU^dUTU\`QbdYT_VeU\QSbUQSY†^TUe^†bWQ^_SU^dbQ\TU
`bU^cQaeUbUd_]†\QY^dUbbe]`YTQ\QR_bTU<Q4U]_SbQSYQ5\^eUf_TYQ
bY_cU\\Q]†cY]R†\YSQ]U^dU<Qc@b_fY^SYQciS_]U^j†Q`eR\YSQbcUU^
_SdeRbUTU!(()5\^_]RbUTU\`UbY†TYS_XQSQQ\ecY†^Qe^QTU\QcRQ^
TUbQc`bY^SY`Q\UcTU\_cTU]†SbQdQcU^UcQS_ie^debQ*\Q\eSXQ`_bU\TU
bUSX_²Q\QQed_^_]QiQ\QY^TU`U^TU^SYQTU\Qc`b_fY^SYQc`QbQW_RUb
^QbcUQcY]Yc]Qc³ " !$
5\S_]RQdU`_b\QQed_^_]Q\_SQ\i`b_fY^SYQ\S_^dbQ\QY^]YWbQ
SY†^TUdbQRQZQT_bUcUhdbQ^ZUb_cQ\QaeU\Q_`Y^Y†^`_`e\QbQSecQRQTU
SbUQbSUcQ^dQU^dbU\_cdbQRQZQT_bUcSXY\U^_c`_bU\cQ^UQ]YU^d_TU\Q
fYTQ`_\dYSQ^QSY_^Q\`_bU\bUc`Ud_TU\Qc\YRUbdQTUcTU]_SbvdYSQcUc
`USYQ\]U^dUU\TUbUSX_TUbUe^Y†^Q]U^QjQT_`_bTYc`_cYSY_^UcWeRUb
^Q]U^dQ\Uci`_b\_WbQb\QS_^SY\YQSY†^TU\_cRQ^T_cU^`eW^QaeU
Q]U^QjQRQ^\Q`QjTU\Q^QSY†^cUS_^cdYdeiUb_^U^\Qc`bY^SY`Q\UcS_^
cYW^Qc]_fY\YjQT_bQcTU\`QbdYT_TUcTUVY^UcTU!(()XQcdQU\UcdQ\\YT_TU
\QWeUbbQSYfY\QS_]YU^j_cTU!()!5cdQcbUYfY^TYSQSY_^UcVeUb_^S_]_
iQUbQS_cde]RbUU\_RZUd_TUY]`_bdQ^dUc]_fY\YjQSY_^UcTU]QcQS_^
SURYTQcS_]_]Q^YVUcdQSY_^UcTUVeUbjQS_^\QcaeUU\@QbdYT_4U]_SbvdY
S_°UhS\eYT_TU\bUcdbY^WYT_iU\YdYcdQcYcdU]QbU`bUcU^dQdYf_TUQaeU\\Q
}`_SQ°`bUdU^TQ`UcQbU^\Qc_`SY_^Uc`_\dYSQcVe^TQ]U^dQ\UcTU\`Qc
4ebQ^dUUcdU`Ub_T_U\`QbdYT_Qc_SY†\QTUVU^cQTU\_cY^dUbUcUc
US_^†]YS_cTU\_ccUSd_bUc`_`e\QbUcQ\Q\eSXQS_^dbQ\QY^]YWbQSY†^TU
dbQRQZQT_bUcUhdbQ^ZUb_cUc`USYQ\]U^dUUeb_`U_c<Q`_\dYSQTUY^]Y
WbQSY†^TU\W_RYUb^_UbQS_^cYTUbQTQ`_bU\@QbdYT_4U]_SbvdYS_i\Qc_b
WQ^YjQSY_^Uc`_`e\QbUcS_]_²QbdYVYSYQ\³iS_^dbQbYQQ\_cY^dUbUcUcTU\_c
dbQRQZQT_bUc^QSY_^Q\Uc<QS_bbYU^dU]YWbQd_bYQTUUeb_`U_cXQSYQ3XY
\UUbQcU…Q\QTQS_]_\QSQecQ^dUTU]Q\UcaeUUbQ^TUcSbYd_cTU\QcY
WeYU^dU]Q^UbQ`_b\_cTYbYWU^dUcTU]†SbQdQc*

" !#
@b_S\Q]QTU\@QbdYT_4U]_SbQdYS_TUFQ\`QbQc_TYVe^TYTQU\!(TU]Qi_TU!() 
bU`b_TeSYTQU^²<_cceSUc_cTUFQ\`QbQc_³<Q<YRUbdQT5\USd_bQ\CQ^dYQW_!)TU]Qi_TU
!() 
" !$
<Qc@b_fY^SYQcCQ^dYQW_!$TU_SdeRbUTU!() 

' "
 5\Qe]U^d_S_^cYTUbQR\UTU_`UbQbY_cU^e^bQ]_
SeQ\aeYUbQTU`b_TeSSY†^`Ub]Q^USYU^T_YT}^dYSQc\Qc
S_^TYSY_^UcTU\QY^TecdbYQdbQU`_bS_^cUSeU^SYQY^
]UTYQdQU\QRQbQdQ]YU^d_TU\cQ\QbY__U\TUc`\QjQ]YU^
d_TU\Qc_Se`QSY_^UccUbfYTQc`_b_RbUb_c^QSY_^Q\Uc
`_^Y}^T_\UcU^\QTUcUc`UbQ^dUQ\dUb^QdYfQTU]U^TYWQb
_TUUh`QdbYQbcU" !%

<Q\†WYSQTU\W_RYUb^_RQ\]QSUTYcdQUbQ]eiTYVUbU^dUCe`bY_bY
TQTS_^cYcdQU^T_dQbQ\`QcTUe^Q`_TUb_cQY^VbQUcdbeSdebQTU_RbQc
`‹R\YSQcRQcUY^TYc`U^cQR\U`QbQU\TUcQbb_\\_US_^†]YS_i\QY^TecdbYQ
\YjQSY†^Sei_S_b_\QbY_cUbQ\Q`\U^QY^TU`U^TU^SYQ`_\dYSQiUS_^†]Y
SQTU\`QcZe^d_Q\U^bYaeUSY]YU^d_TUd_TQc\QcS\QcUcc_SYQ\Uc<_aeU
Y]`\YSQRQ\Qbv`YTQ`eUcdQU^QSSY†^TUe^]vhY]_TUbUSebc_cXe]Q
^_ciVY^Q^SYUb_c5^UcdQ†`dYSQU\V_]U^d_TU\QY^]YWbQSY†^c_RbU
d_T_Ueb_`UQQ`QbUSQS_]_e^Q]UTYTQUVYSQj`QbQce`\Yb\QY^ceVYSYU^
dUSQ\YVYSQSY†^TU\Q]Q^_TU_RbQ^QSY_^Q\ " !&
1ccUTUSYTYUb_^TYcdY^dQcQSSY_^Uc`QbQVQSY\YdQb\QY^]YWbQSY†^5^
!(()cUbU_bWQ^Yj†\Q4YbUSSY†^7U^UbQ\TUDYUbbQc3_\_^YjQSY†^U9^
]YWbQSY†^dU^YU^T_S_]_e^_TUcec_RZUdYf_c\QY^cdQ\QSY†^TUS_\_^_c
U^\QcdYUbbQcTU\5cdQT_5^VURbUb_TU\]Yc]_Q…_cUSbU†U^CQ^dYQW_\Q
?VYSY^QTU9^]YWbQSY†^<YRbUQVY^TU_bYU^dQb\QR_bQ\]U^dUQ\_c²Y^]Y
WbQ^dUc\YRbUc³U^fYQT_c`_bU\1WU^dU7U^UbQ\TU5eb_`QE^`QbTU
]UcUc]vcdQbTUcUVYb]†e^S_^dbQd_S_^\Q3_]`Q…Q<\Q^_ci;UQdc
aeUcUS_]`b_]UdY†QdbQUbfUY^dYSY^S_]Y\Ueb_`U_cQ\`Qc5\V\eZ_]Y
WbQd_bY_Q\SQ^j†e^QfU\_SYTQTTUcS_^_SYTQ*U^U\RYU^Y_!(()°!() Y^
WbUcQb_^Q\dUbbYd_bY_^QSY_^Q\""##&Y^]YWbQ^dUcU^ce]Qi_bQUc`Q
…_\UcYdQ\YQ^_ciVbQ^SUcUc " !'4_c]UTYTQcQT_`dQTQcdQ]RY}^U^!(()

" !%
1^d_^Y_@_e`Y^i=Q\QaeQc3_^SXQ²5\4YbUSd_bY_:U^UbQ\Q\_cTYbUSd_bY_cTU
QWbe`QSY_^UcTU\@QbdYT_4U]_SbvdYS_U^\QBU`‹R\YSQ³<Qc@b_fY^SYQcCQ^dYQW_$TU
^_fYU]RbUTU!(()<Q`UbSU`SY†^TU\_cdbQRQZQT_bUc²cY^`QbdYT_³UbQcY]Y\Qb5^e^Q
QcQ]R\UQTU\@QbdYT_4U]_SbvdYS_bUQ\YjQTQU^CQ^dYQW_QVY^UcTU_SdeRbUTU!(()cU\Ui†
e^QSQbdQU^fYQTQQ\U]RQZQT_bQbWU^dY^_`_be^^e]Ub_c_Wbe`_TU_RbUb_ciQbdUcQ^_c
cY^VYWebQSY†^`_\dYSQU^\QaeUZe^d_S_^Uh`_^UbbQj_^Q]YU^d_ccY]Y\QbUcQ\_cTU\_c
TU]†SbQdQccU\Uc_\YSYdQRQ^VQSY\YTQTUc`QbQU]YWbQbQ\`QcdbQcQ^TY^_U^R‹caeUTQTU
dbQRQZ_²1cQ]R\UQTU\@QbdYT_4U]_SbvdYS_³<Q<YRUbdQTDQ\SQ# TU_SdeRbUTU!(()
" !&
@\Q^dUQ]YU^d_S_Y^SYTU^dUS_^U\TU\QC_SYUTQTTU6_]U^d_6QRbY\F}QcUU^
dbU_db_c\_ccYWeYU^dUcQbdSe\_cTU\_bWQ^Yc]_Y^TecdbYQ\YcdQ*²9^]YWbQSY†^Y^TecdbYQ\³
U^2_\Ud^TU\QC_SYUTQTTU6_]U^d_6QRbY\Q…_9F>¡'CQ^dYQW_Ze\Y_TU!(('`vWc"()
")!iQ…_F999>¡$!()!`vWc" '"! +²C_RbUY^]YWbQSY†^³U^2_\Ud^TU\QC_SYUTQTTU
6_]U^d_6QRbY\Q…_F99>¡(CQ^dYQW_QW_cd_TU!() `vWc##)#$"+²6Q\cQcYTUQcc_RbU\Q
Y^]YWbQSY†^³U^2_\Ud^TU\QC_SYUTQTTU6_]U^d_6QRbY\Q…_F99>¡)CQ^dYQW_cU`dYU]RbU
TU!() `vWc$!!$!#
" !'
5cdbQTQ²<Q`_\dYSQ]YWbQd_bYQ³_`SYd`vWc'%i'&+3Qb]U^>_bQ]ReU^Q
²3_\_^YjQSY†^UY^]YWbQSY†^e^`b_R\U]Q^QSY_^Q\bUSebbU^dU!(("!()$³U^4Y]U^cY†^
8Ycd†bYSQTU3XY\U>¡(CQ^dYQW_!))!`vWc&#')

' #
bURQ\cQb_^U\fQc_cecSYdQ^T_\QS†\UbQTU\_cTU]†SbQdQciTU\Qc_bWQ^YjQ
SY_^Uc`_`e\QbUc*U\S_^dbQd_TUSYU^Q\RQ…Y\UcUc`Q…_\Uc`QbQ\_cdbQRQZ_c
TUSQ^Q\YjQSY†^TU\=Q`_SX_ " !( iU\`QW_TUe^ceRcYTY_Q\QS_]`Q…Q
^_bdUQ]UbYSQ^Q>_bdXQ^TC_edX1]UbYSQ^3_^cdbeSdY_^3_]`Q^iU^SQbWQTQ
TUS_^cdbeYbTYUj\^UQcTUVUbb_SQbbY\Uc`QbQaeUdbQZUbQ\QSQ^dYTQTTUdbQ
RQZQT_bUcUhdbQ^ZUb_c²aeUUcdY]QbQ^USUcQbY_c³" !)<QQed_bYjQSY†^Y^S\eQ
e^Ucd]e\_aeUQSbUSU^dQRQ\QQ^Y]_cYTQTTU\_cdbQRQZQT_bUc^QSY_^Q\Uc
S_^dbQ\Q`_\dYSQTUY^]YWbQSY†^*U\W_RYUb^_TQbQQ\_cU]`bUcQbY_c\Qce]Q
TUT_SU\YRbQcUcdUb\Y^Qc`_bSQTQQbdUcQ^_UhdbQ^ZUb_S_^dbQdQT_iTYUj\Y
RbQcUcdUb\Y^Qc`_bSQTQ_RbUb_S_^e^d_`UTU]Y\QbdUcQ^_ciSY^S_]Y\
_RbUb_c" " 
1TU]vcU\@QbdYT_4U]_SbvdYS_SbYdYSQRQ\Q`_\dYSQTU\5ZUSedYf_TU
S_\_^YjQSY†^TU\_cdUbbYd_bY_cQbbURQdQT_cQ\_c]Q`eSXUc*\Q`bY_bYTQT
U^\QTYcdbYReSY†^TUUcQcdYUbbQcTURQcUbTQTQQ\_cSXY\U^_c^_Q\_c
S_\_^YjQT_bUcUeb_`U_c4UUcdQ]Q^UbQ\Q_bWQ^YjQSY†^TU]†SbQdQV_b
]e\QRQe^QbUYfY^TYSQSY†^TUTUVU^cQTU\_ccQ\QbY_cTU\_c`eUcd_cTU
dbQRQZ_iTU\^YfU\TUfYTQTU\Qc]QcQc^QSY_^Q\UcaeUcecSYdQRQe^QQ]
`\YQQTXUcY†^U^dbU\_c_RbUb_ciQbdUcQ^_cSXY\U^_c`Ub_aeUTUZQRQ\Q
`eUbdQQRYUbdQXQSYQSYUbdQc]Q^YVUcdQSY_^UcTUhU^_V_RYQiTUbQSYc]_
5h`bUcY_^UcS_]_²\QY]`ebUjQTU\QY^]YWbQSY†^TURYT_Q\Q]Q^UbQ
S_]_cU\QbUS\edQU^dbU\Qc]vcRQZQcSQ`QcUeb_`UQcS_^d_T_c\_c]Q
\UcifYSY_cTUe^QSYfY\YjQSY†^WQcdQTQ³cUU^dbU]UjS\QRQ^S_^_dbQcbU
VUbYTQcQ\Q_`_cYSY†^Q\QY^]YWbQSY†^TUSe\UcSXY^_cQ\^_bdUTU\`Qc
Uh`\YSQTQcS_^QbWe]U^d_cQ‹^]vcS\QbQ]U^dUbQSYcdQc " "!

" !(
=U]_bYQTU\=Y^Ycdb_TU9^TecdbYQY?RbQc@‹R\YSQc`bUcU^dQTQQ\3_^WbUc_>QSY_^Q\`_b
U\=Y^Ycdb_TU\bQ]_U^!(()CQ^dYQW_9]`bU^dQ3UbfQ^dUc!(()`vW!"&
" !)
?`SYd`vW"#%
" "
9RYTE^QVeUbdUSbdYSQTUcTUU\SQ]`_TU]†SbQdQQ\Q`_\dYSQ]YWbQd_bYQTU\
W_RYUb^_cUUh`bUc†U^e^_`‹cSe\_aeUSYbSe\†TUcTUQW_cd_TU!(()RQZ_\QVYb]QTUe^
cUeT†^Y]_*=Q\\_Q3XY\U`QbQ\_cSXY\U^_c6_\\Ud_TUQSdeQ\YTQTCQ^dYQW_9]`bU^dQ²5cdbU
\\QTU3XY\U³!(()@QbQ\U\Q]U^dUU\`UbY†TYS_5\1ZTYbYWYT_`_bU\dY`†WbQV_TU]†SbQ
dQ8Y`†\Yd_?\YfQbUcTUcQbb_\\†e^QSQ]`Q…QTU`Ub]Q^U^dUQWYdQSY†^S_^dbQTYSXQ`_\
dYSQF}QcUU^dbU_db_ccecUTYd_bYQ\UcTU\!&"#i# TUcU`dYU]RbU"&TU_SdeRbU!!TU
^_fYU]RbUi"TUTYSYU]RbUTU!(()
" "!
@_e`Y^i3_^SXQ²5\4YbUSd_bY_:U^UbQ\Q\_cTYbUSd_bY_c³_`SYd3_^c‹\dUcU
QTU]vc²<_cSQ^QSQciU\TY`edQT_DQW\U1bbQdU³5\@QTbU@QTY\\QCQ^dYQW_!TUcU`dYU]
RbUTU!(((
<Qc_`Y^Y_^UcS_^dbQbYQcQ\QY^]YWbQSY†^²Q]QbY\\Q³VeUb_^]eifQbYQTQci^e]U
b_cQcIQU^!(( BQVQU\<QbbQ^iE@bYUd_`bUcYTU^dUicUSbUdQbY_bUc`USdYfQ]U^dUTU
\QC_SYUTQT>QSY_^Q\TU1WbYSe\debQ_bWQ^Yc]_bU`bUcU^dQdYf_TU\_cdUbbQdU^YU^dUcXQRQ^
TYbYWYT_e^QSQbdQQ\]Y^Ycdb_TUBU\QSY_^Uc5hdUbY_bUciTU3_\_^YjQSY†^`QbQ]Q^YVUc
dQb\Uce_`_cYSY†^Q\QY^]YWbQSY†^^_c†\_TUSe\UcSXY^_ccY^_²Qd_TQY^]YWbQSY†^TU\
3U\UcdU9]`UbY_³3QbdQVUSXQTQU\"$TU^_fYU]RbUTU!(( `eR\YSQTQU^4YQbY_?VYSYQ\TU
\QBU`‹R\YSQTU3XY\UCQ^dYQW_&TUTYSYU]RbUTU!(( CU^cYR\UQ\QcbUQSSY_^UccecSYdQTQc
U\W_RYUb^_TUcSQbd†VY^Q\]U^dU\Q`_cYRY\YTQTTUdbQUbdbQRQZQT_bUcSXY^_cVYZQ^T_U^
_SdeRbUTU!(((U^U\S_^dbQd_S_^\Q>_bdXQ^TC_edX1]UbYSQ3_^cdbeSdY_^3_]`Q^i\Q

' $
 <QSQ]`Q…QTUQWYdQSY†^U^d_b^_QUcdQbUYfY^TYSQSY†^cUTUcQbb_\\†
Ze^d_Q\Qcc_SYUTQTUc]edeQ\YcdQc " "" idef_ceQ`_WU_U\!'TU_SdeRbUTU
!(()5cUTQU\@QbdYT_4U]_SbvdYS__bWQ^Yj†]Q^YVUcdQSY_^UcU^CQ^dYQW_
FQ\`QbQc_3XY\\v^3_^SU`SY†^CQ^6U\Y`UAeY\\_dQ<_cÂ^WU\UcCQ^
3Qb\_ci3_\\Y`e\\YbUe^YU^T_Qe^d_dQ\TUfUY^dYSY^S_]Y\`Ubc_^QcTU
QSeUbT_S_^\QcY^V_b]QSY_^UcTU\Q`bU^cQTU]†SbQdQCUW‹^\Qc]Yc]Qc
VeU^dUcU^CQ^dYQW_\_cTYbYWU^dUcTU\`QbdYT_aeU`b_`ecYUb_^U\U^f_
TUe^Qc_\YSYdeTQ\@bUcYTU^dUTU\QBU`‹R\YSQ`QbQaeUdUb]Y^QbQce`_\
dYSQTUV_]U^d_Q\QY^]YWbQSY†^TUdbQRQZQT_bUcUhdbQ^ZUb_cVeUb_^QS\Q
]QT_c`_bT_SU]Y\`Ubc_^Qc " "#@UdYSY_^UcTU\]Yc]_dY`_VeUb_^U\UfQ
TQcU^SQTQe^QTU\QcSYeTQTUcU^\QcaeUcU_bWQ^YjQb_^]UUdY^Wc_T_^TU
UhYcdQ^QWbe`QSY_^UcTU]†SbQdQc@_S_dYU]`_TUc`e}cSeQbU^dQie^Q
Qc_SYQSY_^Uc`_`e\QbUcU^SQRUjQTQc`_b5hUaeYU\3Q\}1bdU]Y_7edY}bbUj
i2U^ZQ]^TU\@Y^_U\UfQb_^e^QbU`bUcU^dQSY†^Q\5ZUSedYf_S_^S_`YQQ\
3_^WbUc_>QSY_^Q\QVY^TU_RdU^Ub\Qce`bUcY†^TU\QY^]YWbQSY†^TUdbQRQ
ZQT_bUcUhdbQ^ZUb_c<_c`UdYSY_^QbY_c^_SeUcdY_^QRQ^U\fQ\_baeU\QY^]Y
WbQSY†^`_TQbU`bUcU^dQbU^WU^UbQ\`QbQU\`QccY^_U\dY`_TUY^]YWbQ^
dUcaeUU\W_RYUb^_UcdQRQdbQiU^T_*cYRYU^\_cUhdbQ^ZUb_cXQRQ^XUSX_i
`_TQ^cUWeYbXQSYU^T_e^Q`_bdUfQ\Y_c_U^\QQWbYSe\debQU^`QbdYSe\Qb
U^²\_cdUbbU^_cbUS_^aeYcdQT_cU^1bQeS_³\Q\\UWQTQTU]Y\UcTU_RbUb_c
dbQUbQ^UVQcdQcS_^cUSeU^SYQc`QbQ\QcS\QcUc`_`e\QbUciQaeU*

KM^_XQRYU^T_Qe]U^dQT_^Y`U^cQT_cYaeYUbQ
Qe]U^dQbcU\QcVvRbYSQc`QbQU\TUcQbb_\\_TU\QcQbdUcU
Y^TecdbYQc \Q S_]`UdU^SYQ aeU cU UcdQR\USUbv U^dbU
_RbUb_cSXY\U^_ciUhdbQ^ZUb_ccUbv^_c†\_VQdQ\`QbQ\_c
`bY]Ub_ccY^_dQ]RY}^`QbQ\_ccUWe^T_caeUfY}^T_
cUcY^bUSebc_ciU^`eUR\_UhdbQ…_dU^Tbv^aeUbUSYRYb
SeQ\aeYUbZ_b^Q\]YU^dbQc`eUTQ^f_\fUbQce`QdbYQUc

`b_XYRYSY†^V_b]Q\TUY^db_TeSYb²Y^TYfYTe_cTUbQjQQcYvdYSQ³U^3XY\U=U]_bYQTU\=Y
^Ycdb_TU9^TecdbYQY?RbQc@‹R\YSQc_`SYd`vW"#%
C_RbU\_cdbQRQZ_bUcSXY^_cU^3XY\Uf}QcU*=QbSU\_CUWQ\\²5cS\QfYdeTidbvVYS_
TUSe\UcU^3XY\U³U^2_\Ud^TU\QE^YfUbcYTQTTU3XY\U>¡'%CQ^dYQW_!)&'`vWc%"
&!+6Ub^Q^T_?bdYj<UdU\YUb5\]_fY]YU^d__RbUb_U^3XY\U!()!!)!)=QTbYT5TYSY_^Uc
=YSXQi<YRb_cTU\=UbYTY†^!)(%`vWc''i'(+@Y^d_²<QSQ\TUbQTU\TUcYUbd_³_`
SYd+:_bWU>‹…Uj@²<_cSXY^_cU^3XY\U1\We^_cQ^dUSUTU^dUcXYcd†bYS_c³!))&Y^}
TYd_1WbQTUjS_Q\Qed_bTUUcdU‹\dY]_QbdSe\_U\XQR}b]U\_VQSY\YdQT_Q^dUcTUce`e
R\YSQSY†^
" ""
BUVUbU^SYQcQe^QbUQSSY†^TU\]e^T_Qc_SYQdYf_`_`e\QbU^1CEDCC_SYUTQT
E^Y†^TU\_cDY`†WbQV_cTUCQ^dYQW_1SdQcTU4YbUSd_bY_!() !()$cUcY_^UcTU\TYbUSd_bY_TU\
!(TUQW_cd_TU!(()_`SYdi#TUcU`dYU]RbUTU!(()cV
" "#
²5\WbQ^S_]YSY_TUQiUb³<Qc@b_fY^SYQcCQ^dYQW_!(TU^_fYU]RbUTU!(()

' %
 dUbY\Yjv^T_cUQc\_ccQSbYVYSY_cTU\Ce`bU]_7_RYUb^_
`QbQdbQUbY^]YWbQ^dUc" "$

IQS_^dY^eQSY†^\_cTYbYWU^dUcTU\]_fY]YU^d_dbQRQZQT_bbUV_bjQ
RQ^ceQbWe]U^dQSY†^c_cdU^YU^T_aeU*

KM^_XQRYU^T_Qe]U^dQT_\Q`b_TeSSY†^QWb
S_\QU\Qe]U^d_TU`_R\QSY†^dbQUbvS_]_S_^cUSeU^
SYQ`bUSYcQe^QQ\jQd_TQfQ]Qi_bU^\_cQbdSe\_cTU
`bY]UbQ^USUcYTQT+
AeUiQcUXQ^bUTeSYT_\_cZ_b^Q\UciTYc]Y^eYT_U\
dbQRQZ_U^Q\We^_cdQ\\UbUcaeUTQ^T_U^\Q]YcUbYQ_U^
cYdeQSY†^`bUSQbYQ^_`_S_c_RbUb_c^QSY_^Q\Uc+
AeUcYU\Ce`bU]_7_RYUb^_^_d_]Qe^Q]UTYTQ
UVYSQj`QbQ`_^UbQdQZ_Q\QcYdeQSY†^aeUcUfYU^U`bU`Q
bQ^T_\QVQ\dQTUdbQRQZ__R\YWQbvQU]YWbQbQ\_c_RbUb_c
SXY\U^_cS_]_iQUcdvceSUTYU^T_`UbTYU^T_Qc\QcQb
dUci\QY^TecdbYQ^QSY_^Q\Uc]Y\\QbUcTUX_]RbUcY^dU\Y
WU^dUcUcV_bjQT_ci`QdbY_dQcU^SQ]RY_TUY^]YWbQ^dUc
TU ]ei TeT_cQ Y^cdbeSSY†^ S_]`UdU^SYQ i \QR_bY_cY
TQT" "%

@Ub_\QbUc`eUcdQTU\W_RYUb^_Uh`bUcQTQQdbQf}cTU\Qc`Q\QRbQcTU\
=Y^Ycdb_TU\9^dUbY_bVeUTUe^Qed_bYdQbYc]_iVQ\dQTUdQSd_`_S_S_]‹^
5^cec`QbdUc]vccYW^YVYSQdYfQc°cUW‹^\_Y^V_b]QT_`_b1^d_^Y_@_e`Y^
i=Q\QaeQc3_^SXQ°U\]Y^Ycdb_TU2Q\]QSUTQXQRbQQVYb]QT_*

AeU\_c_RbUb_cSXY\U^_cc_^fYSY_c_ciS_bb_]`Y
T_caeU^_Se]`\U^cecS_]`b_]Yc_ciaeUQe^aeUU\
7_RYUb^_S_^_SU\QSQ`QSYTQTibUcYcdU^SYQTU\SXY\U^_
`QbQU\dbQRQZ_cU`b_`_^US_bbUWYb\_TUcecfYSY_c`b_
f_SQ^T_\QS_]`UdU^SYQTU\UhdbQ^ZUb_
5^S_^cUSeU^SYQ^_cUce`bY]Ybv\QQWU^SYQTUY^
]YWbQSY†^`Ub_S_]_e^Q]eUcdbQTU\Q`QdUb^Q\]QW
^Q^Y]YTQTTU\7_RYUb^_cUTYc]Y^eYbv^\_cU^f_cTe
bQ^dUU\Y^fYUb^_`QbQUfYdQbe^QS_^]_SY†^c_SYQ\ " "&

" "$
C3>3v]QbQTUCU^QT_bUc2_\Ud^TU\QcCUcY_^Uc5cdbQ_bTY^QbYQcU^!(()CQ^dYQ
W_9]`bU^dQ>QSY_^Q\!() ²CUcY†^#$ 5cdbQ_bTY^QbYQU^#TUU^Ub_TU!() ³`vW
$$(
" "%
?`SYd`vWc$$(i$$)
" "&
1^d_^Y_@_e`Y^i=Q\QaeQc3_^SXQ²=Q^YVYUcd_5\4YbUSd_bY_:U^UbQ\TU\@Qb
dYT_4U]_SbvdYS_QcecS_bbU\YZY_^QbY_cYQ\Q^QSY†^³<Qc@b_fY^SYQcCQ^dYQW_$TUU^Ub_
TU!() 

' &
 5cdQY^cU^cQdQS_^dUcdQSY†^U^TebUSY†\Q`_cYSY†^TU\_cTU]†SbQdQc
VbU^dUQ\W_RYUb^_5\d}b]Y^_²dYbQ^Q³U]`\UQT_`_b_db_c_`_cYd_bUc`QbQ
bUVUbYbcUQ\QQT]Y^YcdbQSY†^RQ\]QSUTYcdQcUXYj_XQRYdeQ\U^\Q`bU^cQiU^
\_cTYcSebc_cTU\_cTU]†SbQdQcTebQ^dU!() CY^U]RQbW_\QY^TU`U^TU^
SYQQRc_\edQTU\`QbdYT_icebUSXQj_Qce]QbcUQQ\We^_TU\_cRQ^T_cU^
\eSXQS_^dY^e†cYU^T_`b_S\Q]QTQ7_RYUb^_i_`_cYSY†^UbQ^`QbQU\\_c
T_cSQbQcTU\Q]Yc]Q²_\YWQbaeQ³S_^dbQbYQQ\_cY^dUbUcUc`_`e\QbUc@Ub_
U\]Q^dU^Y]YU^d_TUe^Q\^UQY^TU`U^TYU^dUUbQSQTQfUj]vcTYVSY\c_
RbUd_T_SeQ^T_\QcbUYfY^TYSQSY_^Uc`_`e\QbUc\UfQ^dQTQc`_bU\@QbdYT_
4U]_SbvdYS_`QbUSQ^S_Y^SYTYbS_^\Qc`_cYSY_^UcTU\QcVeUbjQc`_\dYSQcdbQ
TYSY_^Q\Uc5c__SebbY†S_^\QSbdYSQQ\Q`_\dYSQTU\W_RYUb^_TUY^]YWbQ
SY†^iTUS_\_^YjQSY†^TU\QcdYUbbQcTU\cebdU]QU^U\aeU\Q_`_cYSY†^iU^
`QbdYSe\Qb\_cS_^cUbfQT_bUcUcWbY]Q^QbWe]U^d_c]ei`QbUSYT_cQ\_cTU\
@QbdYT_4U]_SbvdYS_1ciQU^!(('U\US_^_]YcdQi`UbY_TYcdQS_^cUbfQT_b
J_b_RQRU\B_TbWeUjXQRQTUVU^TYT_U^\Q3v]QbQTU4Y`edQT_c\QcY
WeYU^dU`_cdebQaeU`QbUSQ]_dYfQTQ`_b\QTUVU^cQTU\_cY^dUbUcUcTU\
`eUR\_*

8UcYT_ic_iU^U]YW_TU\QS_\_^YjQSY†^QbdYVYSYQ\
`_baeUS_^cYTUb_aeUe^`QcS_]_U\^eUcdb_^_TURU
TUbb_SXQbTY^Ub_U^U\\Q3bU_aeUQ\U]`bU^TUb\QcU
XQSU]Q\U]`\U_TU\QcbU^dQc`‹R\YSQciaeUU\7_RYUb
^_UhdbQ\Y]YdQcecVQSe\dQTUc]UjS\v^T_cUU^U\]_fY
]YU^d_TU\Q`_R\QSY†^+^_UcS_bbUSd_Y^fUbdYb\_cV_^T_c
`‹R\YS_c`QbQQdbQUbQ\`Qc`_R\QT_bUcUhdbQ^ZUb_cSeQ^
T_\Q`_R\QSY†^^_Qe]U^dQ^_`_bVQ\dQTU`_dU^SYQ\Y
TQTTU^eUcdbQbQjQcY^_`_bVQ\dQTU]UTY_cTUceRcYc
dU^SYQ
KM3bU_aeU^_^USUcYdQ]_ce^Qe]U^d_TU`_
R\QSY†^cY^_aeUQ\S_^dbQbY_dU^U]_cTUc_RbQS_^U\
Y]`e\c_^QdebQ\TU^eUcdb_c`_R\QT_bUcicY^_UhYcdYU
bQ^\QcSQecQcaeUTUcdbeiU^^eUcdbQ`_R\QSY†^Q\^QSUb
U^`_S_dYU]`_`_TbQ]_cQ\SQ^jQbe^Qe]U^d_]ei
ce`UbY_bQ\aeU_RdU^TbQ]_cdbQiU^T_Y^]YWbQ^dUcTe
bQ^dU]eSX_cQ…_c" "'

=vcdQbTUSeQ^T_\Q_`_cYSY†^Q\Q`_\dYSQTUY^]YWbQSY†^iTU
S_\_^YjQSY†^TU\W_RYUb^_TU2Q\]QSUTQSbUSQU^dbU\_cdbQRQZQT_bUcU\
`UbY†TYS_S_^cUbfQT_b5\9^TU`U^TYU^dUTUSQ*

4UcTUXQSU\QbW_cQ…_cfU^Y]_c`b_dUcdQ^T_cY^
TUcSQ^c_TUcTUUcdQcS_\e]^QcS_^dbQU\cYcdU]QTUS_
\_^YjQSY†^cUWeYT_XQcdQQX_bQi`_b]UTY_TU\SeQ\Q
" "'
3YdQT_U^BQ]bUj>US_SXUQ2Q\]QSUTQ_`SYd`vW!$!

' '
 ]vcTUQbbURQdQbQ\dbQRQZQT_bSXY\U^_U\`UTQj_TUdYU
bbQaeU_Se`QRQ_`_TQ_Se`QbcUU\UWQU^V_b]QTU
S_^dbYReSY_^Uce^dbYRed_aeUUbQTUfYTQ`QbQS_cdUQb
TUUcdU]_T_U\fYQZUTUUhdbQ^ZUb_c]U^_cSQ`QSUci
]U^_cVeUbdUcaeUfU^Q^QcecdYdeYb\_U^U\dbQRQZ_iU^
U\W_SUTU\ceU\_" "(

<Qf_\e^dQTTUbUSe`UbQSY†^TU\cU^dY]YU^d_`_`e\QbUbQUfYTU^dU
@Ub_dQ\fUjUhYcdQ^_dbQc]_dYfQSY_^Uc5c`b_RQR\UaeU°TUQSeUbT_Q
\_Uh`eUcd_`_bBQ]bUj>US_SXUQ°\_cS_^cUbfQT_bUcXQiQ^RecSQT_
TUVU^TUb\_cY^dUbUcUcTU\_cdUbbQdU^YU^dUcTU\Qj_^QSU^dbQ\TU\`Qc
SeiQbU`bUcU^dQSY†^XQRQ^Qce]YT_dbQTYSY_^Q\]U^dU<Q`_\dYSQTU
S_\_^YjQSY†^TU\Q1bQeSQ^QY]`\U]U^dQTQ`_b2Q\]QSUTQTYcdbYRe
SY†^TUdUbbU^_caeU^_UhSUTQ^\QcSY^SeU^dQXUSdvbUQci\QcWbQ^ZU
bQcQ\_c`UaeU…_c`b_`YUdQbY_cf_d_TUe^Q\UiaeU\_cUhY]QTU\`QW_
TU\Y]`eUcd_QWbS_\QXQRbQ^cYT_]ei]Q\`UbSYRYTQc`_b\_cWbQ^TUc
\QdYVe^TYcdQcaeUfUQ^cec`_cYSY_^UcQ]U^QjQTQc`_bU\cebWY]YU^d_TU
e^Q^eUfQbUWY†^QWbS_\QaeU`_bU\f_\e]U^iU\fQ\_bTUce`b_TeS
SY†^`_TQc_RbU`QcQbQ\TU\QcXQSYU^TQcTU\Qj_^QSU^dbQ\ " ")
<Q]Yc]QY^aeYUdQ^dUS_Y^SYTU^SYQdvSdYSQcU`b_TeSQU^dbUTU]†
SbQdQciS_^cUbfQT_bUcU^d_b^_Q\`b_iUSd_TUQed_^_]Q]e^YSY`Q\`b_
`eUcd_`_bUcd_c‹\dY]_c5\@QbdYT_4U]_SbvdYS_dU^QY]`_bdQ^dUcS_^fUb
WU^SYQcS_^U\`b_iUSd_TU²3_]e^Q1ed†^_]Q³`bUcU^dQT_`_b\QS_
]YcY†^]YhdQTUQ]RQcSv]QbQcaeU`bUcYTQU\cU^QT_bS_^cUbfQT_b
=Q^eU\:_c}9bQbbvjQfQ\icecdU^dQT_`_b\_c_`_cYd_bUcU^WU^UbQ\" # <Qc
dU^cY_^Uc`b_TeSYTQc`_bUcdQ`_cYSY†^Q\Y^dUbY_bTU\`QbdYT_`b_f_SQb_^
e^Q`bY]UbQVQSdebQ5\Wbe`_]vcS_]`b_]UdYT_U^U\Q`_i_Q\Q`_cde
bQ_`_cYd_bQU^SQRUjQT_`_b=Q^eU\8YTQ\W_3Qb\_c13beji1RT†^
1bQiQVeUUh`e\cQT_TU\Q_bWQ^YjQSY†^TU]†SbQdQU^Ze^Y_TU!() " #!

" "(
²4_c`b_R\U]QcS_^e^Q]Yc]Qc_\eSY†^³5\9^TU`U^TYU^dUCQ^dYQW_!)TU]Qb
j_TU!(()
" ")
BQ]bUj>US_SXUQ2Q\]QSUTQ_`SYd`vWc!#(!$"
" #
E^QfYcY†^`_b]U^_bYjQTQTU\Q`_cdebQTU\@QbdYT_4U]_SbvdYS_VbU^dUQ\`b_iUS
d_TU3_]e^Q1ed†^_]QU^9\\Q^Uc²5\`b_iUSd_S_]e^Q\³_`SYd`vWc")## #
" #!
²1cQ]R\UQTU\`QbdYT_TU]_SbvdYS_³<Q<YRUbdQT5\USd_bQ\CQ^dYQW_"!TUZe^Y_
TU!() +²9^cUbSY_^Uc>eUcdbQUc`e\cY_^³3QbdQTU3Qb\_c13bej=Q^eU\8YTQ\W_i1
1bQiQCQ^dYQW_"%TUZe^Y_TU!() <Q<YRUbdQT5\USd_bQ\CQ^dYQW_"&TUZe^Y_TU!() 
E^QTUS\QbQSY†^S_^WbQfUcQSecQSY_^UcU^S_^dbQ\QTYbUSdYfQTU\`QbdYT_TUQ`_i_Q\_c
Uh`e\cQT_ciTUbU^e^SYQQcUWeYbU^cecVY\QcVYb]QTQ`_bSY^S_]Y\YdQ^dUcTURQcUTU\Q
QWbe`QSY†^TUCQ^dYQW_VeU`eR\YSQTQU^²9^cUbSY_^Uc@QbdYT_4U]_SbvdYS_³<Q<YRUb
dQT5\USd_bQ\CQ^dYQW_# TUZe^Y_TU!() 5\`e^d_TUfYcdQ_VYSYQ\YcdQVeUTUcQbb_\\QT_
`_b=Q\QaeQc3_^SXQi:eQ^BQVQU\1\\U^TUaeYU^U^SQb^†\Q`_cYSY†^]vcY^dbQ^cYWU^
dUVbU^dUQ\_cS_^cUbfQT_bUc=Q\QaeQc3_^SXQ²5cd}bY\UcQVQ^Uc³<Q4YcSecY†^3XY\\v^
$TUZe\Y_TU!() +K:eQ^BQVQU\1\\U^TUM*²=YTUVU^cQi]YfU^WQ^jQ³4_^3bYcd†RQ\CQ^
dYQW_(TUZe\Y_TU!() +²=Q\^QSYTQ³4_^3bYcd†RQ\CQ^dYQW_"!TUQW_cd_TU!() +²<_c

' (
 5^e^S\Y]QTUSbUSYU^dU`_\QbYjQSY†^\QcbUYfY^TYSQSY_^Uc`b_`eUc
dQc`_b\QS_\USdYfYTQT`_\dYSQ`_`e\QbS_bbQ^U\bYUcW_TUcUbbUSe`UbQTQc
`_b\_c`QbdYT_cdbQTYSY_^Q\Uc5\@QbdYT_4U]_SbvdYS_\UfQ^d†S_^]Qi_bVeUb
jQ\QRQ^TUbQTU\QTU]_SbQdYjQSY†^TU\QfYTQ`_\dYSQTU\`Qc?`ec_²U\
`bY^SY`Y_TU]_SbvdYS_aeUS_^VYUbUQd_T_c\_cSYeTQTQ^_ccY^UhSU`SY†^U\
UZUbSYSY_TU\`_TUb`‹R\YS__cUQU\W_RYUb^_`b_`Y_TU\`eUR\_`_bU\
]Yc]_`eUR\_³Q\²`bY^SY`Y_\YRUbQ\aeUTYfYTU\Q^QSY†^U^W_RUb^Q^dUci
W_RUb^QT_cU^Qed_bYTQTUcaeU]Q^TQ^iSYeTQTQ^_caeU_RUTUSU^³i
`b_`ec_°QTYVUbU^SYQTU_dbQcV_b]QSY_^Uc`_\dYSQc°\QbUQ\YjQSY†^TUe^Q
S_^fU^SY†^`_`e\QbU\!"TUVURbUb_TU!()!QRYUbdQQd_T_c\_cSYeTQTQ
^_caeUQTXYbYUbQ^Qce`b_WbQ]QQVY^TUTUcYW^QbSQ^TYTQd_Q\Q`bUcYTU^
SYQTU\QBU`‹R\YSQ" #"4UUcdQ]Q^UbQcU`bUdU^TQ\_WbQbe^QQ]`\YQ`Qb
dYSY`QSY†^SYeTQTQ^QU^\Q`b_S\Q]QSY†^TU\QRQ^TUbQT_b_]`YU^T_S_^
\Qc`bvSdYSQcU\YdYcdQciS_b`_bQdYfYcdQcTU\Q`_\dYSQdbQTYSY_^Q\?dbQc`b_`_
cYSY_^UcaeUTURUbQ^cUbTYcSedYTQcU^U\]Yc]_UfU^d_S_]_\QbU`bUcU^
dQSY†^`b_`_bSY_^Q\iU\f_d_QSe]e\QdYf_U^d_TQc\QcU\USSY_^Uc\QSbUQ
SY†^TUS_]e^QcQed†^_]QcU^\Qc\_SQ\YTQTUcaeUce`UbQbQ^\_caeY^YU^
d_cXQRYdQ^dUci\QYWeQ\TQTSYfY\U^dbUX_]RbUci]eZUbUcQ`e^dQRQ^Q\\_
Wb_TU\]Yc]__RZUdYf_TU]_SbQdYjQT_b" ##
<QcYWeYU^dUSQ]`Q…Q`_\dYSQdQ]RY}^Ucdef_bU\QSY_^QTQS_^U\UZUb
SYSY_TU\Qc\YRUbdQTUcTU]_SbvdYSQcCUdbQdQRQ`bY_bYdQbYQ]U^dUTUY]`U
TYb\QcQ^SY†^TU\Q_bTU^Q^jQc_RbUbUe^Y_^Uc`‹R\YSQc`b_`eUcdQ`_bU\
5ZUSedYf_iQ`b_RQTQ`_bU\3_^cUZ_TU5cdQT_U^!(((QbQjTU\Y^SU^TY_TU
\_cdbQ^fQc1e^aeU\QY^dU^SY†^TU2Q\]QSUTQU^!() UbQedY\YjQbTYSXQ
_bTU^Q^jQS_^dbQ\Q_`_cYSY†^`Qb\Q]U^dQbYQcUbQU\@QbdYT_4U]_SbvdYS_
`_bceZefU^deTVQ\dQTUbUSebc_cVY^Q^SYUb_ciUcdY\_TUXQSUb`_\dYSQ\Q
VeUbjQ]vcQVUSdQTQQ\^_`_TUb\\UfQbce`Q\QRbQQ\`eUR\_U^cecQS_cde]
RbQT_c]UUdY^Wc" #$3_^f_SQTQc`_b\Q`bU^cQi\QcQWbe`QSY_^UcTU]†SbQdQc

‹^YS_cSe\`QR\Uc³4_^3bYcd†RQ\CQ^dYQW_"#TUQW_cd_TU!() +²6\_bUcTUe^TQ³4_^
3bYcd†RQ\CQ^dYQW_"(TUQW_cd_TU!() +²¥1\\_R_³4_^3bYcd†RQ\CQ^dYQW_"TUcU`dYU]
RbUTU!() +²<QbUV_b]QS_^cdYdeSY_^Q\³4_^3bYcd†RQ\CQ^dYQW_&TUcU`dYU]RbUTU!() +
²1j_dUc`QWQT_c³4_^3bYcd†RQ\CQ^dYQW_!!TUcU`dYU]RbUTU!() 
" #"
1^d_^Y_@_e`Y^1bdU]Y_7edY}bbUjUdQ\²3_^fU^SY†^4U]_SbvdYSQ³5\6Ubb_
SQbbY\CQ^dYQW_$TUVURbUb_TU!() 3ebcYfQcU^U\_bYWY^Q\
" ##
9RYT
" #$
<Q`b_S\Q]QTU\@QbdYT_4U]_SbvdYS_\\Q]Q^T_Qe^Q]Q^YVUcdQSY†^TU`b_dUcdQU^
CQ^dYQW_U\!%TUZe^Y_TU!() VeUbU`b_TeSYTQ^dUWbQ]U^dUU^²=UUdY^WTU\`QbdYT_
TU]_SbvdYS_³<Q<YRUbdQT5\USd_bQ\CQ^dYQW_!#TUZe^Y_TU!() <QS_`Y_cQ\\efYQaeU
SQi†QaeU\TQc_RbU\QSQ`YdQ\_R\YW†Q`_cdUbWQbU\]UUdY^W`QbQU\T_]Y^W_cYWeYU^dU\_
aeU`Ub]YdY†Q\_cTU]†SbQdQcbUQ\YjQbQSd_ccY]e\dv^U_cU^TYVUbU^dUcSYeTQTUc²5\]UU
dY^WTU\`QbdYT_TU]_SbvdYS_³<Q<YRUbdQT5\USd_bQ\CQ^dYQW_!&TUZe^Y_TU!() +²=UU
dY^WTU\`QbdYT_TU]_SbvdYS_³<Q<YRUbdQT5\USd_bQ\CQ^dYQW_" TUZe^Y_TU!() +²=UU
dY^WTU]_SbvdYS_U^FQ\`QbQc_³i²=UUdY^WU^\_c`bY^SY`Q\Uc`eUR\_cTU\QBU`‹R\YSQ³
<Q<YRUbdQT5\USd_bQ\CQ^dYQW_"!TUZe^Y_TU!() 

' )
U\""TUZe^Y_TU!() cUbUQ\YjQb_^]Q^YVUcdQSY_^UcU^CQ^dYQW_iFQ\`QbQ
c_dQ^d_`QbQ`UTYb\Qce`bUcY†^TU\Q?bTU^Q^jQc_RbUbUe^Y_^Uc`‹R\YSQc
S_]_`QbQaeU\QcQed_bYTQTUcS_^cYTUbQbQ^\Qc`_cYSY_^UcTUce`QbdYT_Q\
TYcSedYbcU\Qc\UiUcTUU\USSY_^UcUY^cYcdYbTU`Qc_U^_dbQcbUYfY^TYSQSY_
^Uc`bUcU^dQTQcS_^Q^dUbY_bYTQT" #%5^CQ^dYQW_e^QS_]YcY†^S_]`eUc
dQ`_b1bdU]Y_7edY}bbUj6Ub^Q^T_J‹…YWQ:_c}@_3QRbUbQi=Q\QaeQc
3_^SXQVeUY^]UTYQdQ]U^dUbUSYRYTQ`_bU\`bUcYTU^dU2Q\]QSUTQicec
`bY^SY`Q\UcS_\QR_bQT_bUc:ecdYVYSQ^T_\Q_bTU^Q^jQQSQecQTU²ceSUc_c
Y]`bUfYcd_c³U\:UVUTU5cdQT_bUQVYb]†cebUc`Ud_Q\Q\YRUbdQTTUbUe^Y†^
`b_]UdYU^T_Q\QTU\UWQSY†^TU]†SbQdQaeU\Q_bTU^Q^jQ^_cUbQ`b_]e\
WQTQ" #&
5cdU^eUf_SQ]RY_TUQSdYdeTTU\@bY]Ub=Q^TQdQbY_bUc`USd_TU\
@QbdYT_4U]_SbvdYS_`b_f_S†\QY^TYW^QSY†^TU\Q_`_cYSY†^aeUQSec†Q
\_cTU]†SbQdQcTUQRQ^TUbYjQbcUS_^U\5ZUSedYf_ " #'=YU^dbQcdQ^d_\_c
RQ\]QSUTYcdQcY^dU^dQRQ^Q`b_fUSXQb`_\dYSQ]U^dUU\WUcd_TU\@bUcY
TU^dUTU\QBU`‹R\YSQXQSYU^T_SbUUbaeUcUY^cdQebQRQe^QQ\YQ^jQU^
dbUU\W_RYUb^_iU\@QbdYT_4U]_SbvdYS_<Q`_cdebQTUUcdU`QbdYT_VeUcY^
U]RQbW_\QTUbUQVYb]Qbce`\U^QY^TU`U^TU^SYQVbU^dUQQ]R_cSQ]
`_ciQTfUbdYbaeUS_]RQdYbQ²Q\_c_`bUc_bUcTU\`eUR\_³cY^S_^cYTUbQb
ceVY\YQSY†^`QbdYTQbYQiaeUcU_`_^TbQQd_T_cQaeU\\_caeU`bUdU^TQ^
fY_\Qb\Q\Uii\Q3_^cdYdeSY†^" #(<QS_^cYW^QVeUU^d_^SUc*²>YS_^U\W_
RYUb^_^YS_^\Q_`_cYSY†^¥FYfQ\QTU]_SbQSYQ¥FYfQU\`eUR\_³" #)
@Ub_U\S\Y]QTUWbQ^`_\QbYjQSY†^`_\dYSQaeUfYfQU\`QcQ`QbdYb
TU!(()XQSQ]eiTYVSY\\Q]Q^dU^SY†^TUUcdQ`_cYSY†^4UcTUU\@Qb
\Q]U^d_\_cS\eRUc\_cSU^vSe\_c_²dUbde\YQc³TUS_^^_dQT_c]Y\\_^Q
bY_c5TgQbTc=QddUi_db_ciTUcTUcec^e]Ub_c_c`UbY†TYS_c\Q_`_cY
SY†^_bWQ^YjQRQ\Q]_fY\YjQSY†^S_^dbQU\5ZUSedYf_<Qc]Q^YVUcdQSY_^Uc

" #%
²FQ\`QbQc_=UUdY^WTU]_SbvdYS_³5\9^TU`U^TYU^dUCQ^dYQW_"!TUZe^Y_TU
!() +²5\]UUdY^WTUQiUb³<Q<YRUbdQT5\USd_bQ\CQ^dYQW_"#TUZe^Y_TU!() +²FQ\`QbQ
c_³5\9^TU`U^TYU^dUCQ^dYQW_"$TUZe^Y_TU!() +²5\]UUdY^WTU]_SbvdYS_TU\T_]Y^
W_³<Qc@b_fY^SYQcCQ^dYQW_"$TUZe^Y_TU!() 
" #&
²5\]UUdY^WTUQiUb³_`SYd+²5\]UUdY^WTU]_SbvdYS_³_`SYd+²5\]UUdY^W
TUQiUb³5\1ZCQ^dYQW_"#TUZe\Y_TU!() +²5\]UUdY^WTU\T_]Y^W_³4_^3bYcd†RQ\
CQ^dYQW_"$TUZe^Y_TU!() 
" #'
4UXUSX_\Q`b_]UcQ`bUcYTU^SYQ\cYW^YVYS†aeUTebQ^dUQ\We^_cTQcU\@QbdYT_
4U]_SbvdYS_QdU^eQbQce`_cYSY†^SbdYSQVbU^dUQ\W_RYUb^_1\TQcYWeYU^dU_ceRcYWeYU^dU
TU\QU^dbUfYcdQS_^U\:UVUTU5cdQT_\_cTYbYWU^dUcTU]†SbQdQc`bUcU^dQb_^e^Qc_\YSYdeT
Q\3_^WbUc_>QSY_^Q\c_RbUe^Q\UiTUS_\_^YjQSY†^^QSY_^Q\i`b_iUSd_cTU\UiTUU\US
SY_^UciTU]e^YSY`Q\YTQTUccY^]U^SY_^Qb\Q_bTU^Q^jQc_RbUbUe^Y_^UcC3>3v]QbQ
TU4Y`edQT_c2_\Ud^TU\QcCUcY_^Uc?bTY^QbYQcU^!() CQ^dYQW_9]`bU^dQ>QSY_^Q\!() 
²CUcY†^!! ?bTY^QbYQU^"$TUZe^Y_TU!() ³`vWc!( i!(!
" #(
²<QTYVQ]QSY†^³<Qc@b_fY^SYQcCQ^dYQW_!TUZe\Y_TU!() F}QcUQTU]vc²¥¥CU
fU^TY†5\1ZCQ^dYQW_# TUZe^Y_TU!() 
" #)
²@QbdYT_4U]_SbvdYS_1Wbe`QSY†^TUCQ^dYQW_7bQ^1cQ]R\UQU\T_]Y^W_&Q
\QcT_cTU\QdQbTUU^U\\_SQ\CQ^@QR\_>e]#³<Qc@b_fY^SYQcCQ^dYQW_!TUZe\Y_TU
!() 

'!
RQ^aeUdUc]_SY_^Uci`UdYSY_^Uc_`_cYd_bQccUceSUTQ^SbUQ^T_e^QQd
]†cVUbQTUWbQ^UVUbfUcSU^SYQ`_\dYSQ5\W_RYUb^_edY\YjQ^T_U\Q`QbQ
d_UcdQdQ\Uc`USYQ\]U^dU\Q`_\YSQ_bWQ^YjQRQTUcdQSQ]U^d_cTUSX_aeU
WQbb_dUb_c`QbQS_]RQdYbQ\_cWbe`_cTU\QZefU^deT²T_bQTQ³TU\_c
_`_cYd_bUc<QfY_\U^SYQ`_\dYSQ\\UWQRQXQcdQ\Qc`eUbdQcTU\3_^WbUc_
T_^TU\_c`QbdYTQbY_cTU2Q\]QSUTQY^dU^dQRQ^`bUcY_^QbQ\_c`Qb\Q
]U^dQbY_cTU\Q_`_cYSY†^rcd_c`_bce`QbdUQcYcdQ^Qb]QT_cQ\QccU
cY_^Uc" $ 
@QbQ\U\Q]U^dU Q]R_c SQ]`_c `bUcY_^QRQ^ i ]Q^Y_RbQRQ^ `QbQ
_RdU^UbQ`_i_cQ\Y^dUbY_bTU\@QbdYT_4U]_SbvdYS_<_c_`_cYd_bUcU^`Qb
dYSe\Qb\_c^QSY_^Q\UcVeUb_^aeYU^Uc]_cdbQb_^]Qi_bU]`U…_iQWbU
cYfYTQT`QbQTYfYTYbU^ceRU^UVYSY_\Q_bWQ^YjQSY†^TU]†SbQdQ<Q]Q^Y_
RbQVbQSQc†cQ\Tv^T_cU°S_]_iQXQcYT_cU…Q\QT_°S_^\QUh`e\cY†^TU
Q\We^_c]Y\YdQ^dUcaeU`bUdU^TQ^\\UfQbU\`QbdYT_XQSYQUcURQ^T_5\
Y^dU^d_TUSbUQbe^@QbdYT_4U]_SbvdYS_9^TU`U^TYU^dUaeU]Y\YdQbQU^\Qc
VY\Qc_`_cYd_bQcdQ]`_S_`b_c`Ub†9WeQ\]U^dUVbQSQcQb_^iVeUb_^Uh
`e\cQT_cTU\@QbdYT_4U]_SbvdYS_Q\We^_c]Y\YdQ^dUcaeUY^dU^dQRQ^Y^S\Y
^Qb\Q_bWQ^YjQSY†^XQSYQU\_VYSYQ\Yc]_ " $!
<QbUc`eUcdQTU\@QbdYT_4U]_SbvdYS_QUcQc`bUcY_^UciQ\S\Y]QTU
`_\QbYjQSY†^`_\dYSQVeU\Q`UbcYcdU^SYQTUceQSdYdeTTU^UedbQ\YTQTice
`UdYSY†^Q\_c`_TUbUc5ZUSedYf_i<UWYc\QdYf_`QbQaeUQT_`dQcU^²e^Q
]UTYTQcQ\fQT_bQ³aeU`ecYUbQVY^Q\S_^V\YSd_UcTUSYb\QR‹caeUTQTU
e^QV†b]e\QTUS_^SY\YQSY†^U^dbUQ]R_c`_TUbUcaeU`Ub]YdYUbQUfYdQb
\QWeUbbQSYfY\ " $"5cdQYTUQV_b]e\QTQ`_bU\TYbUSd_bY_TU\`QbdYT_SeQ^
T_\QXeU\WQWU^UbQ\TU\QbUWY†^TU\cQ\YdbUcUUhdU^TQbv`YTQ]U^dU

" $
5^SY^Q_`SYdd_]_!)`vWc"$&"$(
" $!
²5cd}bY\UcQVQ^Uc³QbdSe\_TU<Q4YcSecY†^TU3XY\\v^²¥FYSd_bYQ³²3_bbUc`_^
TU^SYQUc`USYQ\`QbQ<Q4U]_SbQSYQTU\@QbbQ\³²BU]YdYT_c³i²1cQ]R\UQ4U]_SbvdYSQ³
<Qc@b_fY^SYQcCQ^dYQW_'TUZe\Y_TU!() +@b_S\Q]Q³5\3U^c_bCQ^6U\Y`U!)TUZe\Y_TU
!() <Q`_\dYSQTUcUTeSSY†^_TUTYfYcY†^TU\@QbdYT_4U]_SbvdYS_^_UbQ_RcdvSe\_`QbQ
aeU\_c`QbdYT_cdbQTYSY_^Q\UcY^dU^dQbQ^_bWQ^YjQbS_]_cYU]`bU\_XQRQ^XUSX_RQcUc
`b_`YQcU^dbU\_ccUSd_bUc`_`e\QbUc4ebQ^dUU\‹\dY]_dbY]UcdbUTU!() \_cRQ\]QSUTYc
dQcUcdQR\USYUb_^U^FQ\`QbQc_e^3\eR<YRUbQ\TU?RbUb_caeU^_\_Wb†S_^dQbS_^\QQTXU
cY†^TUTYbYWU^dUcS_^^_dQT_cTU\]_fY]YU^d_`_`e\QbCY]e\dv^UQ]U^dUV_b]e\QRQ^
`UbY†TYS_c\\Q]QT_cQ\_cTU]†SbQdQc`QbQaeUcUce]QbQ^Q\QcVY\QcW_RYUb^YcdQc²3\eR
<YRUbQ\TU?RbUb_c³5\3_]UbSY_FQ\`QbQc_"$TU_SdeRbUTU!() +²<Qe^Y†^UcVeUbjQ³
5\3\Qb^!'TU^_fYU]RbUTU!() +²<_cTU]†SbQdQcTUFQ\`QbQc_iceS_^fU^YU^SYQ³i
²<QfUbTQTTU\QcYdeQSY†^³5\3\Qb^FQ\`QbQc_"$TU^_fYU]RbUTU!() +²5c`\}^TYT_
=UUdY^WTU?RbUb_c\YRUbQ\Uc³i²3\eR<YRUbQ\TU?RbUb_c³5\3_]UbSY_FQ\`QbQc_"&TU
^_fYU]RbUTU!() +²3\eR<YRUbQ\TU?RbUb_cTU\Q=QUcdbQ^jQ³5\3_]UbSY_FQ\`QbQc_
!"TUTYSYU]RbUTU!() +²¥>_]vcY\ecY_^Uc³5\3\Qb^FQ\`QbQc_""TUTYSYU]RbUTU
!() 
" $"
²9]`_bdQ^dUcUcY†^WU^UbQ\TU\@QbdYT_4U]_SbvdYS_³<Qc@b_fY^SYQcCQ^dYQW_
!$TUZe\Y_TU!() +²=UUdY^W³5\=UbSebY_FQ\`QbQc_!)TUZe\Y_TU!() +²>_dYSYQcTU\
CebCQ^dYQW_1SdeQ\YTQT`_\dYSQ³<QF_jTU3XY\U9aeYaeU"#TUZe\Y_TU!() +²1SdeQ\Y
TQT`_\dYSQ³5\6Ubb_SQbbY\CQ^dYQW_!)TUZe\Y_TU!() 

'!!
XQSYQ\Qj_^QSU^dbQ\TU\`Qc" $#VeUQ`_iQTQS_^fQbYQc]Q^YVUcdQSY_^UcU^
TYcdY^dQcSYeTQTUcTU`b_fY^SYQiS_^e^QSd_SU^dbQ\U^CQ^dYQW_U\" TU
Ze\Y_TU!() aeUbUe^Y†cUW‹^\_cSv\Se\_c]vc_`dY]YcdQcTUcec_bWQ^Y
jQT_bUce^QcaeY^SU]Y\`Ubc_^QcBUSYRYT_cS_]_U^_SQcY_^UcQ^dUbY_
bUc`_bU\@bUcYTU^dUTU\QBU`‹R\YSQ\_cS_]YcY_^QT_cTU]†SbQdQc`\Q^
dUQb_^ceV†b]e\QTU^_]RbQ]YU^d_TUe^²WQRY^UdUTU_`Y^Y†^³_cUQTU
S_^SY\YQSY†^DQ]RY}^\UUh`bUcQb_^\Q^USUcYTQTTUd_]Qb]UTYTQc`QbQ
Q\YfYQb\QQ^WecdY_cQcYdeQSY†^US_^†]YSQ`_b\QaeUQdbQfUcQRQ^\_ccUSd_bUc
`_`e\QbUcQWbQfQTQ‹\dY]Q]U^dU`_b\Q`QbQ\YjQSY†^TU^e]Ub_cQc_RbQc
VYcSQ\Uc" $$5^ceXvRY\bUc`eUcdQU\`bUcYTU^dU2Q\]QSUTQ]Q^YVUcd†ce
S_]`bU^cY†^`_b\QY^aeYUdeTTU\QS\QcU_RbUbQbUc`_^cQRY\Yj†Q\3_^WbU
c_TU\Q`QbQ\YjQSY†^TU\Qc_RbQc`‹R\YSQc`_bce^UWQdYfQQf_dQbU\`bUce
`eUcd_TU\Q^QSY†^ibUQVYb]†ceY^dU^SY†^TUcUWeYbTUVU^TYU^T_\_cY^
dUbUcUc`_`e\QbUc" $%
1e^aeU^_\_Uh`bUcQb_^`‹R\YSQ]U^dU\QbUc`eUcdQTU\]Q^TQdQ
bY_^_cQdYcVYj_Q\_c\TUbUcTU]†SbQdQciS_^dbYRei†QQSU^deQbce`_cY
SY†^SbdYSQVbU^dUQ2Q\]QSUTQ@_b\_TU]vcU\dbvWYS_TUcU^\QSUTU\Q
XeU\WQWU^UbQ\TUZe\Y_U^DQbQ`QSv1^d_VQWQcdQiFQ\`QbQc_^_`_TQ
cY^_QieTQbQQ\UZQbQ\@QbdYT_4U]_SbvdYS_TU\W_RYUb^_Qe^SeQ^T_UcdU
`QbdYT_^_Y]`e\c†TYSX_]_fY]YU^d_i]vcRYU^cU]Q^def_S_]_Uc
`USdQT_bdbQdQ^T_aeU^_cU\_fY^Se\QbQS_^\_cQSd_cTUfY_\U^SYQS_
]UdYT_c`_b\_cXeU\WeYcdQc
4ebQ^dUU\cUWe^T_cU]UcdbUTU!() U\@QbdYT_4U]_SbvdYS_cYWeY†
Y^dU^dQ^T_dbQjQbe^Qed†`YSQdUbSUbQfQaeUQ\UZQbQU\`U\YWb_TU\S_^
V\YSd_SYfY\iaeUd_]QbQU^SeU^dQ\_cY^dUbUcUcTU\_ccUSd_bUc`_`e\QbUc
Ce`_cYSY†^TU^UedbQ\YTQT_cSY\†TUQSeUbT_S_^\QUf_\eSY†^TU\QcYdeQ
SY†^`_\dYSQQ`QbUSYU^T_]vc_]U^_cY^S\Y^QT_XQSYQe^_e_db_RQ^
T_cY^aeU`_bU\\_ce`_cdebQTUV_^T_XeRYUbQSQ]RYQT_fUbTQTUbQ
]U^dU" $&1cSeQ^T_U^QW_cd_TU!() 2Q\]QSUTQSUTYU^T_Q\Qc`bU

" $#
<QXeU\WQWU^UbQ\TU!() UcQR_bTQTQU^U\`b†hY]_SQ`de\_
" $$
<Q]Qi_bQ`Qb\Q]U^dQbYQX_cdY\Q\W_RYUb^_edY\Yj†U^!() S_]_Qb]QTU`bU
cY†^c_RbUU\5ZUSedYf_ceVQSe\dQTTUQ`b_RQb_bUSXQjQbU\`bUce`eUcd_TU\Q^QSY†^1\
^UWQbQ\@bUcYTU^dUceQed_bYjQSY†^`QbQU\S_Rb_TU\QcS_^dbYReSY_^UcU\3_^WbUc_TUZQ
RQTUXUSX_cY^`bUce`eUcd_Q\Q^QSY†^\_aeU`b_f_SQRQ\Q`QbQ\YjQSY†^TU_RbQc`‹
R\YSQcU^\QcaeUcUU]`\UQRQWbQ^SQ^dYTQTTUdbQRQZQT_bUc
" $%
²5\]UUdY^WTU\T_]Y^W_" ³<Qc@b_fY^SYQcCQ^dYQW_"!TUZe\Y_TU!() +²5\
]UUdY^WTUQiUb³5\6Ubb_SQbbY\CQ^dYQW_"!TUZe\Y_TU!() +²5\]UUdY^WTU]_SbvdYS_³
5\=UbSebY_FQ\`QbQc_"!TUZe\Y_TU!() +²5\]UUdY^WTU\_cTU]†SbQdQc³4_^3bYcd†RQ\
CQ^dYQW_""TUZe\Y_TU!() +²<QS_^dUcdQSY†^³5\3_]UbSY_FQ\`QbQc_"#TUZe\Y_TU
!() 
" $&
4UcUWeb_e^UcdeTY_]Y^eSY_c_TU\QXYcd_bYQTUSQTQe^QTU\QcQWbe`QSY_^Uc
TU]†SbQdQcU^dbUWQbQe^QfYcY†^]ei]QdYjQTQQSUbSQTUce`_cYSY_^Q]YU^d_`_\dYS_
<Q`_cdebQQT_`dQTQ`_b\QTYbUSdYfQSU^dbQ\TU\`QbdYT_^_cUbUV\UZQRQQed_]vdYSQ]U^dU
U^\QRQcU_U^\QcUcdbeSdebQc\_SQ\Uc<QcdU^TU^SYQcS_^dbQTYSd_bYQcaeUU^!()!`b_f_
SQbQ^ceTYfYcY†^cU]Q^YVUcdQb_^S_^Q^dUbY_bYTQT8eR_QWbe`QSY_^Uc`QbdYTQbYQcaeU
Qce]YUb_^Q^dUcTU\UcdQ\\YT_TU\QWeUbbQSYfY\e^Q`_cYSY†^]vcVQf_bQR\UQQ\We^_TU

'!"
cY_^UcTU\3_^WbUc_^UWQdYfQQf_dQb\Q\UiTUS_^dbYReSY_^Uc^_]Rb†
S_]_ZUVUTUe^^eUf_]Y^YcdUbY_Q2U\YcQbY_@bQdc\YRUbQ\TYcYTU^dU" $'U\
@QbdYT_4U]_SbvdYS_SbUi†aeUceV†b]e\Q²WQRY^UdUTU_`Y^Y†^³cUS_^fUbdQ
U^bUQ\YTQTTebQR\UiQ`\QeTY†\QV_b]QSY†^TUe^QS_]RY^QSY†^]Y^YcdU
bYQ\" $(<eUW_SeQ^T_U\WQRY^UdUTUS_^SY\YQSY†^VeUbUU]`\QjQT_`_be^_
Y^dUWbQT_c†\_`_bRQ\]QSUTYcdQciU\5ZUSedYf_Qce]Y†e^Q`_cYSY†^Qed_bY
dQbYQVbU^dUQ\R\_aeU_TU\Q\UiTUS_^dbYReSY_^UcTU!()!_bWQ^YjQT_`_b\Q
_`_cYSY†^`Qb\Q]U^dQbYQU\`QbdYT_`_`e\QbQT_`d†e^Q`_cdebQU^UhdbU
]_SbdYSQVbU^dUQ\W_RYUb^_TU^e^SY†°Q\YWeQ\aeU\Q_`_cYSY†^°²\QTYS
dQTebQ³i\\Q]†Q\_cTU]†SbQdQcQS_]RQdYb\Q" $)<Q`b_]e\WQSY†^`_bU\
5ZUSedYf_TUe^Q^eUfQ_bTU^Q^jQbUcdbY^WYU^T_U\TUbUSX_TUbUe^Y†^" % 
`UbSYRYTQ`_b\_cTU]†SbQdQcS_]_e^Q]eUcdbQ]vcTU\QU^db_^YjQSY†^TU
\QTYSdQTebQQ]}^TUe^QdbQYSY†^Q\Q`Q\QRbQU]`U…QTQ`_bU\:UVUTU5c
dQT_VeU_db_U\U]U^d_aeUU]`eZ†Q\@QbdYT_4U]_SbvdYS_QQSU^deQbce_`_
cYSY†^Q2Q\]QSUTQ" %!
<QSbYcYc`_\dYSQTUWU^Ub†bv`YTQ]U^dUU^U^VbU^dQ]YU^d_Qb]Q
T_5\WQRY^UdUTU]Y^_bQ^_`_TQcUbSU^cebQT_`eUcd_aeUU\3_^
WbUc_iQXQRQS\QecebQT_ceccUcY_^Uc3_]_\Q\UiTU`bUce`eUcd_c`QbQ
U\Q…_!()!^_XQRQcYT_TYcSedYTQ^YQ`b_RQTQQSQecQTU\R_YS_dTU\Q

\_cRQ^T_cU^S_^V\YSd_1c`_bUZU]`\_\_cTU]†SbQdQcTUAeY\\_dQUh`bUcQb_^ceQ`_
i_Q\W_RYUb^_TebQ^dUU\‹\dY]_dbY]UcdbUTU!() U^VbQ^SQS_^dbQTYSSY†^S_^\Q\^UQ
QT_`dQTQ`_b\_cTYbYWU^dUc^QSY_^Q\UcFUbU^dbU_db_c*²@b_`QWQ^TQaeUUcicUbvUcd}
bY\³<QC_SYUTQTAeY\\_dQ"TU^_fYU]RbUTU!() +²FUb`QbQSbUUb³<QC_SYUTQTAeY\\_dQ
!TUTYSYU]RbUTU!() +²<_cVbed_cTU\Q\UYU\USd_bQ\³<QC_SYUTQTAeY\\_dQ'TUTYSYU]
RbUTU!() 
5\S\Y]QTUWbQ^`_\QbYjQSY†^`_\dYSQWU^Ub†dU^cY_^Uc`_bT_aeYUbU^U\Z_fU^`Qb
dYT_rcdUVeUcQSeTYT_`_bTYcdY^d_cTURQdUc1`QbdUTU\QQSdYdeTQQce]YbVbU^dUQ\_c
RQ^T_c`_\dYS_cdbQTYSY_^Q\Uc_dbQc`_\}]YSQcVeUb_^SQecQTUS_^V\YSd_ciTYfYcY_^Uc
U^dbU\_cTU]†SbQdQc5^9aeYaeU\QQSdYdeTUhdbU]QTQ]U^dUSbdYSQVbU^dUQ\_cSQ`YdQ\Yc
dQcY^W\UcUcTU\QbUWY†^QT_`dQTQ`_b\_cTYbYWU^dUci]Y\YdQ^dUcaeUbUTQSdQRQ^U\`UbY†
TYS_5\>QSY_^Q\`QbUSUXQRUbcYT_\QSQecQTUcebv`YTQUh`e\cY†^U^^_fYU]RbUTU!() 
@Y^d_²5^U\SQ]Y^_³_`SYd`vW!!%
" $'
2U\YcQbY_@bQdcXQRQcYT_e^_TU\_cZeUSUcaeUTUcTUU\S_]YU^j_XQRQ]Q^dU
^YT_e^Q`_cYSY†^USev^Y]UVQf_bQR\UQ\_cTYbYWU^dUcTU]†SbQdQcU^SQbSU\QT_cU^!(((
" $(
²<Q_RbQTU\QTU]_SbQSYQ³i²5\^eUf_]Y^YcdUbY_³<Qc@b_fY^SYQcCQ^dYQW_!(
TUQW_cd_TU!() +²<Qc_\eSY†^TU\S_^V\YSd_³<Q4YcSecY†^3XY\\v^!$TUQW_cd_TU!() 
" $)
²3YbSe\QbTU\3_]Yd}4YbUSdYf_TU\@QbdYT_4U]_SbvdYS_Q\QcQWbe`QSY_^UcTU
`QbdQ]U^dQ\Uc³<Qc@b_fY^SYQcCQ^dYQW_'TUTYSYU]RbUTU!() 
" %
5cdQ_bTU^Q^jQTUS\QbQRQ\eWQbUcTUec_`‹R\YS_UcTUSYbbUWYT_c`_b\QcTYc`_
cYSY_^UcTU\Q`_\YSQ²\_cSQV}c`_cQTQc]UbSQT_cSQcQcTUTYfUbcY_^Uc`‹R\YSQciTU]vc
\eWQbUcQaeUcUS_^SebbQ\YRbU]U^dU³<QcbUe^Y_^UcTURQ^cUbQ^e^SYQTQc`_bUcSbYd_Q\
9^dU^TU^dUQ\W_RUb^QT_b_Q\ceRTU\UWQT_S_^fUY^dYSeQdb_X_bQcTUQ^dYSY`QSY†^U^\Qc
j_^QcebRQ^QciS_^SeQbU^dQi_SX_X_bQcU^\QcbebQ\Uc`eTY}^T_cUUVUSdeQbU^\_c\_SQ
\UccU…Q\QT_c`_b\QcQed_bYTQTUc5^SY^Q_`SYdd_]_!)`vW#"&
" %!
²<Q_bTU^Q^jQc_RbUbUe^Y_^Uci\Q`Q\QRbQ`bUcYTU^SYQ\³<Qc@b_fY^SYQcCQ^dYQ
W_"&TUTYSYU]RbUTU!() 

'!#
_`_cYSY†^U\@bUcYTU^dUcUXQ\\QRQU^\Q_R\YWQSY†^TUS_^f_SQbQ\@Qb\Q
]U^d_QcUcY_^UcUhdbQ_bTY^QbYQci^_\_XYj_5^SQ]RY_U\!TUU^Ub_TU
!()!`eR\YS†e^]Q^YVYUcd_TYbYWYT_Q\`QcU^U\aeUTUS\QbQRQaeUU\`bU
ce`eUcd_Q^dUbY_bbUWYbQ`QbQU\^eUf_Q…_Qdb_`U\\Q^T_\Q3QbdQ6e^TQ
]U^dQ\iQce]YU^T_e^QTYSdQTebQTUVQSd_5\3_^WbUc_bUc`_^TY†TUcU^
SQTU^Q^T_\QY^cebbUSSY†^5^\Q]QTbeWQTQTU\'TUU^Ub_\_cReaeUcTU
\Q]QbY^QTUWeUbbQ^QSY_^Q\aeUUcdQRQ^cebd_cU^FQ\`QbQc_cUTYbYWYU
b_^Q\^_bdUTU\`QcU^QRYUbdQbURU\Y†^S_^dbQU\:UVUTU5cdQT_CY]e\dv
^UQ]U^dU\Q]Qi_bQTU\_c`Qb\Q]U^dQbY_c`eR\YSQb_^e^QSdQU^\QaeUcU
TU`_^QQ2Q\]QSUTQ`_bfY_\QSY†^Q\Q3_^cdYdeSY†^" %"<QWeUbbQSYfY\XQ
RQS_]U^jQT_
5\@QbdYT_4U]_SbvdYS_VeUTUcdb_jQT_`_b\QS_^dYU^TQCe`_cYSY†^
TU^UedbQ\YTQTXQRQcYT_TUbb_dQTQ5^ce`b_`Y_cU^_e^_ci_db_c
_`dQb_^`_bQ\We^_TU\_cRQ^T_c1\²TUc`_dYc]_`bUcYTU^SYQ\³TUe^
SQ]`_cU_`_^Q\QQSSY†^TUe^Q²_\YWQbaeQ³`_TUb_cQU^\QaeU]Y\Y
dQRQ^\_ccUSd_bUc]vcbUdb†WQT_cTU\QcS\QcUcT_]Y^Q^dUcSei_c\Qj_ci
S_]`b_]Yc_cS_^U\SQ`YdQ\UhdbQ^ZUb_U^`QbdYSe\QbS_^U\RbYdv^YS_
:_X^DX_]Qc>_bdXU\²bUiTU\cQ\YdbU³^_UbQ^e^]YcdUbY_`QbQ^QTYU
¤Ae}`QbdYT_d_]Qb/¤5\TU\²TUc`_dYc]_Y\ecdbQT_³²^QSY_^Q\YcdQ³UY^
TecdbYQ\YcdQTU2Q\]QSUTQ_U\TU\_c²_\YWQbSQc³c_cdU^YT_c`_b\Q9W\UcYQ
iQ\YQT_cQ\SQ`YdQ\RbYdv^YS_`Ub_Q`UWQT_cQ\]U^_cU^Q`QbYU^SYQcQ
\Q\UdbQTU\Q3_^cdYdeSY†^/
<QQ\dUb^QdYfQUbQTUcWQbbQT_bQ5^U\]_]U^d_TUSYcYf_]eSX_c
\TUbUci]Y\YdQ^dUcS_^^_dQT_c°=Q\QaeQc3_^SXQ1fU\Y^_3_^dQbT_
1bdU]Y_7edY}bbUj:_c}=Q^eU\CQ\TQ…Q:eQ^4_]Y^W_?bdYj6bQ^SYc
S_C_bQSS_8Y`†\Yd_?\YfQbUc:eQ^BQVQU\1\\U^TUi_db_c°UcS_WYUb_^U\
²]Q\]U^_b³bU`bUcU^dQT_`_bU\@bUcYTU^dUQed†SbQdQ`Ub_]vcSUbSQ
^_cUW‹^U\\_cQ\_cY^dUbUcUc`_`e\QbUc" %#?db_cTYbYWU^dUc°U^dbUU\\_c
Â^WU\3?iQbj‹^=Q^eU\=U^UcUc3QiUdQ^_CU`‹\fUTQ:_c}@_3Q
RbUbQD_]vcB_c?fQ\\U7U^Qb_1\QbS†^@bQT_iU\`bUcYTU^dUTU\`Qb
dYT_1^d_^Y_@_e`Y^°_`dQb_^`_b\QTUVU^cQTU\Q3_^cdYdeSY†^i\QfQ

" %"
5^bUQ\YTQT\Q]UTYTQQed_bYdQbYQTU\@bUcYTU^dUVeUc†\_U\`bUdUhd_aeU\Q_`_
cYSY†^Uc`UbQRQ`QbQZecdYVYSQbiTUcU^SQTU^Qb\QY^cebbUSSY†^3_]_\_XQTU]_cdbQT_
BQ]bUj>US_SXUQ\QcQSdYfYTQTUccUTYSY_cQcTU\S_^W\_]UbQT__`_cYd_bXQRQ^S_]U^
jQT_]eSX_Q^dUc`b_RQR\U]U^dUU^QW_cd_TU!() <QTUSYcY†^TUTUbb_SQ]YU^d_TU
2Q\]QSUTQUbQQ^dUbY_bQ\!TUU^Ub_TU!()!iQaeUU\QSdQTUTU`_cYSY†^TU\@bY]Ub
=Q^TQdQbY_XQRQcYT_VYb]QTQQ^dUcTUUcQVUSXQ`_b\_c]YU]Rb_cTU\Q]Qi_bQTU\
3_^WbUc_BQ]bUj>US_SXUQ2Q\]QSUTQ_`SYd`vW!($
" %#
5cdUcUSd_bTUcQbb_\\†\QdQ]U^dUcecQbWe]U^d_cU^e^]Q^YVYUcd_VYb]QT_`_b
^e]Ub_c_c]Y\YdQ^dUcF}QcU5\@QbdYT_4U]_SbvdYS_YceQSdYdeTU^`bUcU^SYQTU\QbUf_\eSY†^
CQ^dYQW_9]`bU^dQ2Q^TUbQ!()!@QbQS_^_SUb\QUf_\eSY†^TUUcdQdU^TU^SYQTUcTU
e^QTebQ_`_cYSY†^Qe^Q`_i_Q2Q\]QSUTQdQ]RY}^bUce\dQ‹dY\\Q\USdebQTU\_c`UbY†TY
S_ccQ^dYQWeY^_c4_^3bYcd†RQ\!TUQRbY\Q\!!TU_SdeRbUTU!() @UTb_EbTU]Q\Uc""TU
_SdeRbUTU!() Q\!"TU]Qbj_TU!()!i5\BUS\edQ!'TU]Qbj_Q\!(TUQW_cd_TU!()!
`eR\YSQT_c`_b:eQ^BQVQU\1\\U^TU

'!$
TU\QY^cebbUSSY†^S_^dbQ²U\dYbQ^_³" %$C†\_e^_c`_S_cWeQbTQb_^`beTU^
dU^UedbQ\YTQT4U\TYbUSd_bY_WU^UbQ\U\UWYT_U^\Q3_^fU^SY†^TU!(()
cUYc]YU]Rb_ccUQRQ^TUbYjQb_^S_^U\3_^WbUc_dbUcS_^U\5ZUSedYf_ie^_
`Ub]Q^USY†^UedbQ\ " %%
<QWeUbbQSYfY\QdbQfUc†Q\@QbdYT_4U]_SbvdYS_*\Qc]edeQcUh`e\cY_^Uci
QSecQSY_^UcTUdbQYSY†^iceTUc_bWQ^YjQSY†^S_]`\UdQSQcY\_Q^YaeY\Q
b_^" %&C†\_U^!()"fQbY_c]UcUcTUc`e}cTUVY^Q\YjQTQ\QS_^dYU^TQU\
Wbe`_\YTUbQT_`_b3_^SXQS_]U^j†\Q\QR_bTUbU_bWQ^YjQSY†^\_WbQ^
T_UcUQ…_bUS_]`_^UbceQ^dYWeQe^YTQTbUU^S_^dbv^T_cUU^U\]Yc
]_`QbdYT_\_cTU]†SbQdQccU`QbQT_c`_bU\S_^V\YSd_SYfY\

" %$
5\T_Se]U^d_TUUh`e\cY†^TU\Wbe`_TU3_^SXQ`_bU\Wbe`_TU@_e`Y^VUSXQ
T_U^CQ^dYQW_U\$TU^_fYU]RbUTU!()!VeUbU`b_TeSYT_U^<Q4YcSecY†^3XY\\v^!$TU
^_fYU]RbUTU!()!1^d_^Y_@_e`Y^`QbdYSY`†QSdYfQ]U^dUU^\Q\eSXQQb]QTQS_^dbQU\
W_RYUb^_TU2Q\]QSUTQ=YU]Rb_TUe^Q²]_^d_^UbQ³TUcQ`QbUSY†TebQ^dUU\S_]RQdU
TU<_3Q…QcU^\QcSUbSQ^QcTUCQ^dYQW_<Q4YcSecY†^3XY\\v^(TU_SdeRbUTU!()!+²4_^
1^d_^Y_@_e`Y^Y\QbUf_\eSY†^³5\1ZCQ^dYQW_!&TU^_fYU]RbUTU!()!
" %%
4_^Qd_=Y\\v^_`d†`_b\Q^UedbQ\YTQT5c`Y^_jQ_`SYd`vW'@Ub_`QbUSYUbQ
cUbaeUU^U\]_]U^d_TU\UcdQ\\YT_TU\QWeUbbQSYfY\^_cUU^S_^dbQRQ]Y\YdQ^T_iQaeU
XQRQcYT_fSdY]QTUe^Q]UTYTQTUUh`e\cY†^QT_`dQTQU^QRbY\TU!() `_b\QQWbe`Q
SY†^TU]†SbQdQTU\QSQ`YdQ\²1^dUd_T_\QTYcSY`\Y^Q³5\1ZCQ^dYQW_!'TUQRbY\TU!() 
" %&
E^UZU]`\_TU\QcbUSbY]Y^QSY_^UcU^U\cU^_TU\`QbdYT_\_U^S_^dbQ]_cU^U\
†bWQ^_TU`bU^cQTU\_cTU]†SbQdQcSXY\\Q^UZ_caeUQRbQjQb_^\QSQecQ_`_cYd_bQF}QcU
²@QbQ\QXYcd_bYQE^QSQbdQSebY_cQbUfU\QT_bQ³<Q4YcSecY†^3XY\\v^"#TUcU`dYU]RbU
TU!()!

'!%
 31@ÅDE<?H9H

" %'
<18E5<7175>5B1<45!()

< 1C 31EC1C
<QUh`\_cY†^XeU\WecdYSQ_SebbYTQU^DQbQ`QSv1^d_VQWQcdQiFQ\`QbQ
c_TebQ^dUZe\Y_TU!() VeUU\Vbed_TUe^QY^}TYdQS_]RY^QSY†^TUVQS
d_bUcCY^TeTQ\QTUc]UTbQTQS_^TYSY†^TU\_cdbQRQZQT_bUcQVUSdQT_c
`_b\QTUcfQ\_bYjQSY†^TUceccQ\QbY_cbUQ\UcVeUe^TU^_]Y^QT_bS_]‹^
U^\QcdbUc`b_fY^SYQciU^Q\We^_c_db_c`e^d_cTU\`QcT_^TUcU`b_Te
ZUb_^]_fY]YU^d_c]U^_bUc3_]_fUbU]_c]vcQTU\Q^dUe^QcYdeQSY†^
`QbdYSe\QbTUSbYcYcUS_^†]YSQ°S_]_\QaeUcU]Q^YVUcdQRQS_^cY^We\Qb
fYbe\U^SYQU^U\^_bdUcQ\YdbUb_°VeUe^VQSd_baeUS_^dbYRei†Q`bU`QbQb
\_cv^Y]_c`_`e\QbUc`QbQUcdQWbQ^TU]_cdbQSY†^TUVeUbjQVbU^dUQ\_c
`Qdb_^Uci\QcQed_bYTQTUcTU\5cdQT_@Ub_Q\]Yc]_dYU]`_\QS_ie^
debQ`_\dYSQTU`b_Ve^TQTYfYcY†^U^\QU\YdUVeUU\U\U]U^d_aeU`_b
c_RbU\QcTYVUbU^SYQc\_SQ\UcibUWY_^Q\Uce^YVYS†\QcTU]Q^TQcU^e^]_
fY]YU^d_aeUQe^SeQ^T_U^fQbY_cQc`USd_cVeUTYcS_^dY^eQT_iTYVUbU^
SYQT_cUS_^cdYdei†UVUSdYfQ]U^dUU^XeU\WQWU^UbQ\
4UcTUXQSQfQbY_cQ…_c\QdbQ^cYSY†^i\QcTYVYSe\dQTUcUS_^†]YSQc
fU^Q^`bUTYc`_^YU^T_Qe^QWbQ^fQbYUTQTTUcUSd_bUc`_`e\QbUcXQSYQ
U\ec_bUYdUbQT_TU\QXeU\WQS_]_Y^cdbe]U^d_TU`bUcY†^`QbQU\\_Wb_
TUcecTU]Q^TQc\QR_bQ\UcCYRYU^^_d_T_c\_cQSd_bUcTU\Q_\UQTQbUY
fY^TYSQdYfQTU\Y^fYUb^_TU!() XQRQ^`QcQT_Q^dUbY_b]U^dU`_b\QUh
`UbYU^SYQTU\QXeU\WQ}cdQUbQ`UbSYRYTQS_]_e^bUSebc_`_cYR\UU^U\
Y]QWY^QbY_TUfQcd_ccUSd_bUcTUdbQRQZQT_bUc1\]U^_cU^SQc_cUhdbU
]_c_U^SYbSe^cdQ^SYQcUhSU`SY_^Q\Uc
I U^ U\ Y^fYUb^_ TU !()  UcQc SYbSe^cdQ^SYQc cU S_^ZeWQb_^ TU
]Q^UbQ]eiUcdbUSXQ

<QSbYcYcUS_^†]YSQbUSbeTUSY]YU^d_dU]`_bQ\TU
\Q´7bQ^4U`bUcY†^µ]e^TYQ\TU!('#!()&°cU…Q\Q:e\Y_

" %'
>eUcdbQ`bY]UbQQ`b_hY]QSY†^Q\dU]QcUU^SeU^dbQ`eR\YSQTQU^U\QbdSe\_²<Q
XeU\WQWU^UbQ\TU!() ³U^@Ubc`USdYfQc>¡%=QTbYT!)) `vWc!"'!&'<_cdbQRQZ_c
TU_db_cQed_bUcc_^SYdQT_c]vcQTU\Q^dU

717
 @Y^d_°UhQSUbR†\QcTYc`edQcU^dbUU\5cdQT_SXY\U^_i
Q\We^_cY]`_bdQ^dUcWbe`_cU]`bUcQbYQ\UcUeb_`U_cbUc
`USd_TU\bU`Qbd_TU\_cRU^UVYSY_cWU^UbQT_c`_bDQbQ
`QSvCY]e\dv^UQ]U^dU`b_f_S†cUbYQc`eW^QcY^dUbU]
`bUcQbYQ\UcQ]UTYTQaeUSQTQWbe`_Y^dU^dQRQbUTeSYb
cec`b_`YQc`}bTYTQcQS_cdQTU\_cTU]vc" %(

5\]Yc]_XYcd_bYQT_bUh`\YSQaeUTUcTUVY^UcTU!(()S_]U^jQb_^Q
RQZQb\_c`bUSY_cTU\cQ\YdbU`b_f_SQ^T_\QcUWe^TQSbYcYcTUUcdQY^TecdbYQ
U^]U^_cTUTYUjQ…_c<_cSQ`YdQ\YcdQc`U^cQb_^bUUTYdQb\QV†b]e\QaeU
XQRQ^Q`\YSQT_UhYd_cQ]U^dUU^dbU!(($i!((&*\Q²3_]RY^QSY†^CQ\Y
dbUbQ³e^QSeUbT_TUSe_dQcTU`b_TeSSY†^aeU`Ub]YdYUbQ\QbUSe`UbQ
SY†^TU\_c`bUSY_cE^QbUe^Y†^UVUSdeQTQU^<_^TbUcTUSYTY†cec`U^
TUb\QcVQU^QcTebQ^dUU\]UcTUTYSYU]RbUiVYZQbSe_dQcTU`b_TeSSY†^Q
`QbdYbTUU^Ub_TU!() @Ub_U\QbbUW\_^_VeUbUc`UdQT_TURYT_Q\QcbU
dYSU^SYQcTUQaeU\\_cU]`bUcQbY_caeU`_bcec]UZ_bUc^YfU\UcTU`b_TeS
dYfYTQTUc`UbQRQ^UcdQbU^S_^TYSY_^UcTUbUcYcdYbcY^]Qi_bUcY^S_^fU
^YU^dUc\QRQZQTU\_c`bUSY_c<_c`Qdb_^UcY^dU^dQb_^XQSUbbUSQUb\Q
SbYcYcc_RbU\_cdbQRQZQT_bUc5^]eSXQc_VYSY^QccQ\YdbUbQccU`b_TeZUb_^
TUc`YT_ciXQSYQQRbY\°]Qi_TU!() cUXQ\\QRQ^`QbQ\YjQTQce^QcaeY^SU
_VYSY^QcTUe^d_dQ\TUSY^SeU^dQie^Q<Q_Se`QSY†^U^\QY^TecdbYQTU\
^YdbQd_`Qc†TU!"$)!_`UbQbY_cU^^_fYU]RbUTU!(()Q!! #!U^]Qbj_
TU!() <QSUcQ^dQQWeTYj†\_c`b_R\U]Qcc_SYQ\UciTUcUWebYTQT`‹R\Y
SQ*U^\Q`Q]`Q`b_\YVUbQb_^\QcRQ^TQcTUQcQ\dQ^dUciU^\QcSYeTQTUc
`bY^SY`Q\Uc\_c²fQW_c³i²RQ^T_\Ub_c³<QcbUcdQ^dUc`_cYRY\YTQTUc\QR_
bQ\UcbUWY_^Q\Uc°\QcWeQ^UbQc\QS_^cdbeSSY†^TUVUbb_SQbbY\Uc\Qc]Y^Qc
TU`\QdQi_db_c°^_UbQ^SQ`QSUcTUQRc_bRUb\QTU]Q^TQTU`eUcd_cTU
dbQRQZ_3YUbd_cY^TYSY_c`Ub]YdU^`U^cQbaeUS_]_Q\dUb^QdYfQQ^dUU\
SYUbbU`QbSYQ\_\_cTUc`YT_c]QcYf_c\QcS_]`Q…Qc`b_SUTYUb_^QQSU^
deQb\Q²bUSe`UbQSY†^³TUcecWQcd_ccQ\QbYQ\UcQdbQf}cTUe^Q]Q^Y`e\Q
SY†^Y^ecYdQTQTU\]USQ^Yc]_TU\QVYSXQ°cQ\QbY_Ucd_Uc`_b]UTY_TU
e^QbUTeSSY†^TU\_ccQ\QbY_cbUQ\UcWbQSYQcQ\Q`bvSdYSQTUfU^dQc]_^_
`†\YSQcTU`b_TeSd_cTU`bY]UbQ^USUcYTQTQ\_cdbQRQZQT_bUcU^\Qc²`e\
`UbQc³TUce`b_`YUTQTIQe^aeU^_UhYcdUSUbdUjQc_RbUUcdU`e^d_\_
SYUbd_UcaeUQ`QbdYbTUVURbUb_cUQSU^deQb_^\Qc`b_dUcdQc_RbUbQcU^
S_^dbQTU\YW^_]Y^Y_c_cYcdU]QTU`QW_U^VYSXQc8QSYQ]Qi_\Q`Q]`Q
cQ\YdbUbQcUU^S_^dbQRQU^e^S\Y]QTUSbUSYU^dUUVUbfUcSU^SYQ" %)

" %(
:e\Y_@Y^d_FQ\\UZ_c²<QdbQ^cYSY†^\QR_bQ\U^U\>_bdUcQ\YdbUb_*\Q`b_fY^SYQTU
DQbQ`QSvi\_c_bWU^UcTU\`b_\UdQbYQT_U^3XY\U!(' !() ³U^8Ycd_bYQf_\"%CQ^dYQ
W_!)) `vW""%
" %)
:e\Y_@Y^d_FQ\\UZ_c²!() *e^Q…_TUSbYcYcU^\Qc_SYUTQTTU\cQ\YdbU³U^3eQTUb
^_cTU8Ycd_bYQ>¡"CQ^dYQW_!)("`vWc''(!F}QcUQTU]vc=QbY_J_\UjjYFU\vcaeUj
²<QWbQ^XeU\WQTUZe\Y_TU!() U^DQbQ`QSv³U^3Q]Q^SXQSQ>¡'9aeYaeU9^fYUb^_
`bY]QfUbQ!)((`vWc(! J_\UjjYUcdY]QU\TUcSeU^d_TU\_ccQ\QbY_cbUQ\UcTU\_c`Q]`Y

718
 ?VYSY^Q<Q@Q\]Q`e\`UbQiSQcQcTUdbQRQZQT_bUc
<2_eTQdi3 _`SYd

<QSbYcYc`_\dYSQaeUcQSeTQQ\`QcXQSYQ]UTYQT_cTUUcUQ…_VeU
U\U\U]U^d_SQdQ\YjQT_bTU\TUcS_^dU^d__RbUb_<Q`beURQTUVeUbjQ
U^dbUU\3_^WbUc_iU\5ZUSedYf_RbY^T†Q\_cdbQRQZQT_bUc\Q_`_bde^YTQT
`QbQ\Q^jQbe^Q_VU^cYfQbUYfY^TYSQdYfQcY^`bUSUTU^dUcU^\QXYcd_bYQTU
3XY\U1^dU\Q^UWQdYfQTU\_c`Qb\Q]U^dQbY_cTUQ`b_RQbU^Ze^Y_e^Q
^eUfQ\UiTUS_^dbYReSY_^UcU\W_RYUb^_`QbQUfYdQb\QcY]`_bdQSY_^Uc
²WbQdeYdQc³UcTUSYbcY^`QW_TUQbQ^SU\TURYT_Q\R_YS_dTU\@_TUb<U
WYc\QdYf__bTU^†Q\QcQTeQ^Qc`_bdeQbYQcaeUUhYWYUbQ^VYQ^jQcQ\_cS_
]UbSYQ^dUc`_b]_^d_cUaeYfQ\U^dUcQ\_cTUbUSX_c]YU^dbQcU\3_^WbU
c_^_TYUbQceQed_bYjQSY†^`QbQU\S_Rb_TU\_cY]`eUcd_c
<Q]UTYTQWeRUb^Q]U^dQ\QVUSdQRQQ\_cY]`_bdQT_bUc`Ub_VQf_bU
SQQ\_cUh`_bdQT_bUcU^ce]Qi_bQUhdbQ^ZUb_caeUcUfUbQ^TYc`U^
cQT_cTU\`QW_TUTUbUSX_cTUUh`_bdQSY†^5\W_RYUb^_`QbUSUXQRUbedY
\YjQT_TYcdY^d_cceRdUbVeWY_c`QbQ`QbQ\YjQb\QcUh`_bdQSY_^UcTU^YdbQd_
E^QXeU\WQTU\_c`_bdeQbY_c°S_]_\QaeUUcdQ\\†`_S_TUc`e}cU^9aeY

^_cU^dbUe^"%i$ TUcefQ\_b]UTYQ^dUU\]USQ^Yc]_TU\QVYSXQcQ\QbY_iTUfU^dQc
]_^_`†\YSQcUVUSdeQTQc`_b\Qc`e\`UbQc

719
aeU°`_TQVQf_bUSUbcec_RZUdYf_c<Q_`_cYSY†^TU^e^SY†\QY^SYdQSY†^
Q\`Qb_TU\QR_bUc`_b`QbdUTUVe^SY_^QbY_c`‹R\YS_cTU`U^TYU^dUcTU\
5ZUSedYf_`Ub_U\\_ZQ]vc`eT_cUb`b_RQT_VUXQSYU^dU]U^dU" & 
@QbQ\_c_RbUb_c`_bdeQbY_ci\_c]Y^Ub_cTU\>_bdU7bQ^TU\Qc]_
dYfQSY_^UcUbQ^TYcdY^dQc<QcSQecQc`b_Ve^TQcTU\]_fY]YU^d_aeUUcdQ
\\†QS_]YU^j_cTUZe\Y_U^\Q`b_fY^SYQTUDQbQ`QSvcUU^S_^dbQRQ^U^
U\b}WY]U^TU\QVYSXQ°cQ\QbY_iU^\QTU`bUSYQSY†^S_^cdQ^dUTU\`Q`U\
]_^UTQS_^U\aeUUbQ^bU]e^UbQT_cSYUbd_cWbU]Y_cS_]_\_cZ_b^Q\U
b_c\_c\Q^SXUb_ci\_cV\UdUb_cTU\`eUbd_TU9aeYaeU<QSbYcYc`_\dYSQ
\QcTUSYcY_^UcS_^dbQ`eUcdQcTU\_c`_TUbUc5ZUSedYf_i<UWYc\QdYf_i\Q
]Q^Y`e\QSY†^TU\Q`b_dUcdQ_RbUbQQ\QaeUcUU^dbUWQb_^Q]R_cRQ^T_c
^_VeUcY^_U\dU\†^TUV_^T__cYcUaeYUbUU\U\U]U^d_SQdQ\YjQT_b\Q
RbUSXQ`_bT_^TUcU]Q^YVUcd†U\Y^dU^c_]Q\UcdQbTUe^`eUR\_`_RbU
Q^dUU\SeQ\cUUhXYRQU\Uc`USdvSe\_TU\SbUSYU^dUU^bYaeUSY]YU^d_TU\
5cdQT_iTU\QcS\QcUcTYbYWU^dUcWbQSYQcQ\R__]TU\cQ\YdbU

?VYSY^QE^Y†^
<2_eTQdi3 _`SYd

" &
<Q`bU^cQTU\Q}`_SQbUV\UZ†RYU^UcdQc`_\}]YSQc`Ub_Uc`_cYR\U_RdU^Ube^Q
fYcY†^]vcS_^SU^dbQTQQdbQf}cTU\_cTURQdUc`Qb\Q]U^dQbY_c3_^c‹\dUcUU^`QbdYSe\Qb
CUcY_^UcTU\3_^WbUc_>QSY_^Q\3v]QbQTU4Y`edQT_c2_\Ud^TU\QcCUcY_^Uc?bTY^QbYQcU^!()
CQ^dYQW_9]`bU^dQ>QSY_^Q\!() ²CUcY†^!) _bTY^QbYQU^#TUZe\Y_TU!() ³`vWc

720
 4UcTUU\Y^YSY_TU\QcXeU\WQcU^DQbQ`QSv\Q_`_cYSY†^QSec†Q\
W_RYUb^_TUcUbceY^cdYWQT_bTYbUSd_iTU^e^SY†\QcbUc`_^cQRY\YTQTUcTU
SYUbd_cVe^SY_^QbY_cUc`USYQ\]U^dUTUQaeU\\_caeUTYbYWQ^\_cWbU]Y_c
TUdbQRQZQT_bUc`_bdeQbY_cTU`U^TYU^dUcTU\5cdQT_ " &!CYRYU^dQ\UcSQb
W_c^_UcdQRQ^S_]`\UdQ]U^dUTUc`b_fYcd_cTUVe^TQ]U^d_iQaeUU\
`Qb_TU\QR_bUcU^e^`bY]Ub]_]U^d_cUbfQUVUSdYfQ]U^dUU\_RZUdY
f_TU\5ZUSedYf_TUR\_aeUQb\QcUh`_bdQSY_^UcTUcQ\YdbU\QUf_\eSY†^
`_cdUbY_bTU\]_fY]YU^d_XeU\WecYdS_ceWbQ^UhdU^cY†^\QfY_\U^SYQ
aeUQ]U^eT_\_QS_]`Q…†i\QQSdYdeTU^TUVY^YdYfQbU`bUcYfQQT_`dQTQ
`_bU\W_RYUb^_TU]eUcdbQ^U\SQbvSdUbUcU^SYQ\]U^dUQed†^_]_iUc
`_^dv^U_TUUcdQ_\UQTQTUbUYfY^TYSQSY_^Uc_RbUbQc

5 < 5CD1<<94? 45 <1C 8E5<71C 5> 9 AE9AE5

I 5> <1C C1<9DB5B1C D1B1@1AE5s1C

5\Y^YSYQT_bTU\S_^V\YSd_VeUU\WbU]Y_TU\Q^SXUb_cTU\`eUbd_TU9aeY
aeU5^\Q]Q…Q^QTU\]Y}bS_\Uc"TUZe\Y_\_c\Q^SXUb_ccUTUS\QbQb_^
U^XeU\WQiTYUb_^QS_^_SUbe^S_]e^YSQT_TYbYWYT_Q\QcQed_bYTQTUc
Q\S_]UbSY_i\Q_`Y^Y†^`‹R\YSQU^U\aeUUh`\YSQRQ^aeUU^QdU^SY†^Q
\QUcSQcQbU]e^UbQbSY†^aeUbUSYRQ^°]vcbUTeSYTQQ‹^cYcUd_]QRQU^
SeU^dQ\QTU`bUSYQSY†^TU\SQ]RY_i\QSQbUcdQTU\QfYTQ°c_\YSYdQRQ^TU\
S_]UbSY_e^Qe]U^d_TU\fQ\_bTUcedbQRQZ_*

KM`QbQaeUaeUTUU^Qb]_^QS_^\_ccQSbYVYSY_c
aeU}\^_cY]`_^Ui`QbQaeU`eUTQRQcdQbQ\_cWQcd_c
TU^eUcdbQfYTQTYQbYQ
>_Uc`_cYR\UaeU`UcU^‹^YSQ]U^dUc_RbU^_c_
db_c\_c`UbZeYSY_caeU_bYWY^Q\QRQZQTU\SQ]RY_

") ")(²CUcY†^"" _bTY^QbYQU^(TUZe\Y_TU!() ³`vWc#$(#%"²CUcY†^"& _bTY^QbYQ

U^!!TUZe\Y_TU!() ³`vWc$$ i$ !i²CUcY†^#$ _bTY^QbYQU^""TUZe\Y_TU!() ³
`vWc%&!%&#
" &!
1\`_S_dYU]`_e^_TU\_c_`_cYd_bUcQ2Q\]QSUTQcY^dUdYjQbQdQ\UcTU^e^SYQc
c_cdU^YU^T_aeUQ^dU\Q^UWQdYfQTU\3_^WbUc_QTUc`QSXQb\Q\UiTUS_^dbYReSY_^UcU\
@bUcYTU^dUUc`UbQRQ²_R\YWQbQ\@Qb\Q]U^d_Qf_dQb\_cceRcYTY_cY^SYdQ^T_Q\QcQed_bYTQ
TUc\_SQ\Uci_db_cQWU^dUcQaeU`b_f_SQcU^U^d_TQc`QbdUc\UfQ^dQ]YU^d_c`_`e\QbUc
1SQc_`U^c†dQ]RY}^U^aeUTYSX_cTUc†bTU^Uc\UTQbQ^`bUdUhd_`QbQTQbe^W_\`UTU
5cdQT_S_^U\VY^TUcQ\fQbU\_bTU^`‹R\YS_aeUcec]Yc]_cQWU^dUcYRQ^QS_]`b_]UdUb
TUe^]_T_Y^c†\Yd_idUbbYR\U³IbUVYbY}^T_cUQ\_bYWU^TU\QXeU\WQU^9aeYaeUQWbUWQ
bQ*²<\UW†U\!¡TUZe\Y_<QQ^†]Q\QcYdeQSY†^`b_TeSYTQ`_b\Qcec`U^cY†^TU\QcS_^dbY
ReSY_^UcdbQZ_S_]_S_^cUSeU^SYQ\†WYSQe^`Ub_T_TU]Q\UcdQb`QbQU\`Qc<_cQWU^
dUcTU\5ZUSedYf_`bY^SY`YQb_^`eUcQ\\UfQbQSQR_U\`\Q^VbQWeQT_U^\Q=_^UTQ³:_c}
=YWeU\TU\@Y^_@vZY^Qc^UWbQcTU\QQT]Y^YcdbQSY†^2Q\]QSUTQCQ^dYQW_9]`bU^dQTU=:
=UZQ!()#`vW!()3_]_cUQ`bUSYQcUW‹^UcdUQ^v\YcYc\QcXeU\WQcTUZe\Y_^_UbQ^
cY^_U\bUce\dQT_TUe^]QaeYQf}\YS_`\Q^`bUcYTU^SYQ\

721
 5\S_]UbSY_cUQ`b_fUSXQTUU\\Q`QbQceRYbU\fQ\_b
TUcec]UbSQTUbQc+U\Y^TecdbYQ\aeU`UbSYRUU\fQ\_bTU
ce`b_TeSd_U^_b_WQ^QdQ]RY}^`QWv^T_^_cU^]_
^UTQTU`bUSYQTQ" &"

@_bU\\_\_c\Q^SXUb_cTUSYTQ^U\SUcUTU\dbQRQZ_XQcdQ\Q_RdU^SY†^
TU\`QW_TUceccUbfYSY_cS_^\_c]Yc]_c`bUSY_cU^fYW_b`Ub_U^]_^U
TQTU`\QdQ_ceUaeYfQ\U^dUU^RY\\UdUcS_bbYU^dUcQ\SQ]RY_VYZQT_`_bU\
W_RYUb^_`QbQ\Q`UbSU`SY†^TU\_cTUbUSX_cTUQTeQ^Q" &#
5\S_]UbSY__VbUSY†e^Qe]U^d_TU"$c_RbUU\fQ\_bTU\_cRY\\U
dUc\_aeUVeUbUSXQjQT_`_b\_cXeU\WeYcdQc_bYWY^v^T_cUTUUcdU]_T_
e^QcYdeQSY†^TUY^c_c`USXQTQcS_^cUSeU^SYQc" &$
1\TQcYWeYU^dUU\]_fY]YU^d_TU\_c\Q^SXUb_ccUUhdU^TY†S_]_
bUWeUb_TU`†\f_bQQ_db_cWbU]Y_cTU\QSYeTQT1^dUcTU\Qc(TU\Q]Q
…Q^QTU\#TUZe\Y_e^²^e]Ub_c_Wbe`_TUWU^dUTU`\QiQ³cUTYbYWY†Q\Q

5cdQSY†^TU\6633cQ\YdbUb_9aeYaeU
<2_eTQdi3 _`SYd

" &"
²1\QcQed_bYTQTUcQ\S_]UbSY_iQ\`‹R\YS_³5\>QSY_^Q\9aeYaeU#TUZe\Y_TU
!() bU`b_TeSYT_U^²<_TU9aeYaeU³<Q4YcSecY†^3XY\\v^!"TUZe\Y_TU!() 
" &#
9RYT
" &$
²<_cceSUc_cTU9aeYaeU³<QBUV_b]Q<QCUbU^Q)TUZe\Y_TU!() 

722
UcdQSY†^TU\6Ubb_SQbbY\TU\CQ\YdbU`QbQY]`UTYb\QcVQU^QcTUSQbWQiTUc
SQbWQUY^SYdQbQ\_cdbQRQZQT_bUcQe^YbcUQ\QXeU\WQ " &%=vcdQbTUe^_c
T_cSYU^d_c\Q^SXUb_cVeUb_^Q\QY]`bU^dQTU5\>QSY_^Q\`UbY†TYS_aeU
TUcTUS_]YU^j_cTUQ…_XQRQQ\U^dQT_\QcbUYfY^TYSQSY_^Uc`_`e\QbUci
TUcQbb_\\QT_e^QTebQSQ]`Q…QS_^dbQ\_cSQ`YdQ\YcdQcRbYdv^YS_cTU\Q
bUWY†^`QbQaeUcUY]`bY]YUbQU\]Q^YVYUcd_S_^cec`UdYSY_^Uc<eUW_
TUcQdYcVUSXQUcdQTU]Q^TQ\_cZ_b^Q\Ub_ccUTUS\QbQb_^U^XeU\WQUhY
WYU^T_U\`QW_TUcecbU]e^UbQSY_^UcU^`\QdQ_ceUaeYfQ\U^dUS_^cdY
deiUb_^e^Q1c_SYQSY†^TUDbQRQZQT_bUcTUcdY^QTQQUhYcdYb]YU^dbQcTebQ
bQU\S_^V\YSd_S_^VYbYUb_^Q]`\Y_c`_TUbUcQB_T_\V_3Qcdb_S_]Q^TQ^
dUTU\WbU]Y_SQbW_aeUS_^fYU^UbUS_bTQbUbQTUcYW^QT_`_b\QcQed_
bYTQTUcTUW_RYUb^_^_]Rbv^T_\_`bUcYTU^dUibU`bUcU^dQ^dUiTUS\Q
bQb_^QSU`dQbS_]_dQbYVQiS_]_bUW\Q]U^d_`QbQ\QQc_SYQSY†^\QcTU\
WbU]Y_TUZ_b^Q\Ub_cTU9aeYaeUVYZQT_c`_bU\5cdQT_ " &&
4UcTUUcU]_]U^d_Wbe`_cS_^cYTUbQR\UcTU]Q^YVUcdQ^dUc°T_c]Y\
`Ubc_^QccUW‹^Q\We^QcY^V_b]QSY_^Uc`UbY_TcdYSQc°cUTUTYSQb_^QY]
`UTYbU\Ve^SY_^Q]YU^d_TURQ^S_cSQcQcTUS_]UbSY_VvRbYSQcUcdQSY_
^UcTUVUbb_SQbbY\Ve^TYSY_^UcSQbb_cebRQ^_cS_SXUciSQbbUdQc<_c¥fY
fQcQ\@bUcYTU^dUTU\QBU`‹R\YSQbUc_^Qb_^U^dbU\Q]e\dYdeT@_S_TUc
`e}cTUXQRUbcUcec`U^TYT_U\dbvVYS_TU\_cSQbb_cebRQ^_c\\UW†\Q^_dY
SYQTUaeUdQ]RY}^XQRQ^Y^YSYQT_e^`Qb_\_c_`UbQbY_cTU\Qc_VYSY^Qc
cQ\YdbUbQcTU\Q`Q]`QiaeUe^_c]Y\aeY^YU^d_cXeU\WeYcdQccUTYbYWQ^
XQSYQ9aeYaeU5\`v^YS_Se^TY†U^U\S_]UbSY_i\_cRQ^S_c\_caeUSUbbQ
b_^cec`eUbdQci_RdefYUb_^fYWY\Q^SYQUc`USYQ\TU\Q`_\YSQ " &'<QcQed_bY
TQTUc\_SQ\UcQT_`dQb_^]UTYTQcTUebWU^SYQ*cUQSeQbdU\Qb_^\_cR_]RU
b_c" &( iU\Y^dU^TU^dU2\Ucd7Q^Q`eR\YS†e^QU^}bWYSQTUS\QbQSY†^ceRbQ

" &%
1>19Df_\!(&6Ubb_SQbbY\Uc!() !()%_VYSY_TUC6B_g\Q^TbU`bUcU^
dQ^dUTU\Q3QDXU>YdbQdUBGQic3?<4Q\9^dU^TU^dUTUDQbQ`QSv9aeYaeUZe\Y_#
TU!() cV
" &&
²<_TU9aeYaeU³_`SYdB_T_\V_3Qcdb_UbQe^S_^_SYT_RQ\]QSUTYcdQ5^\_cQ…_c
`_cdUbY_bUcQ\QWeUbbQSYfY\cUTUcdQS†U^TYcdY^dQcY^YSYQdYfQcTUdY`_`_`e\YcdQ\\UfQTQcQ
SQR_`_b\_ccUWeYT_bUcTU\UhdY^d_`bUcYTU^dU2Q\]QSUTQU^\QbUWY†^dQbQ`QaeU…QUc`U
SYQ\]U^dUU^\QC_SYUTQT9^dUb^QSY_^Q\TU1bdUcQ^_ciU^\Q<YWQTUC_SYUTQTUc?RbUbQcTU9aeYaeU
Ve^TQTQU^!()&@Y^d_²¤3eUcdY†^c_SYQ\_SeUcdY†^`_\dYSQ/³_`SYd`vW"%!
" &'
²<_cceSUc_cTU\^_bdU³5\3_]UbSY_FQ\`QbQc_$TUZe\Y_TU!() +²7bQ^\UfQ^
dQ]YU^d_U^9aeYaeU³²DU\UWbQ]Qc3QR\UceR]QbY^_7bQfUcTUc†bTU^UcU^9aeYaeU³5\
=UbSebY_FQ\`QbQc_$TUZe\Y_TU!() +5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_$TUZe\Y_TU!() +
²CeSUc_cTU9aeYaeU³Y^V_b]QSY_^UcTU5\8UbQ\T_bU`b_TeSYTQc`_b<QBUV_b]Q<QCUbU
^Q'TUZe\Y_TU!() 
" &(
BUce\dQY^dUbUcQ^dUTUcdQSQbU\QSdYf_`Q`U\Se]`\YT_`_b\_cSeUb`_cTUR_]
RUb_cTebQ^dU\QXeU\WQWU^UbQ\U^\QbU`bUcY†^TU\_cTUcR_bTUc`_`e\QbUcDQ^d_U^9aeY
aeUS_]_U^1^d_VQWQcdQ3XQ…QbQ\FQ\`QbQc_FY…QTU\=Qbi_dbQc\_SQ\YTQTUc\_cf_
\e^dQbY_cVeUb_^Qb]QT_c`QbQTUVU^TUbU\_bTU^c_SYQ\5cdQ]YcY†^^_UcdQRQQ\UZQTQTU
\_c_RZUdYf_cY^cdYdeSY_^Q\UciQaeUTYSX_cSeUb`_cS_]`eUcd_c`_b`Ubc_^QcTU\QU\YdU
UbQ^S_^SURYT_cS_]_²WeQbTYQcTU`b_`YUTQT³4UUcdQ]Q^UbQU\`UbY†TYS_YaeYaeU…_
<QF_jTU3XY\UQ\Y^V_b]QbQcec\USd_bUcc_RbUe^QVYUcdQTU\_cR_]RUb_cSU\URbQTQU^

723
iQ^T_\Q^USUcYTQTTU²QTfUbdYbQ\QcS\QcUcdbQRQZQT_bQcaeU`eUTU^U^dbU
WQbcUdbQ^aeY\Q]U^dUQcec_Se`QSY_^UcXQRYdeQ\UcU^\QcUWebYTQTTUaeU
\QVeUbjQ`‹R\YSQfYWY\Qbv\Q`b_`YUTQTiXQbvWeQbTQbU\_bTU^iaeU\_caeU
Y^dU^dU^`UbdebRQb\_cUbv^cUfUbQiU^}bWYSQ]U^dUSQcdYWQT_c³ " &)
<QcTU]_cdbQSY_^UcTU\_cXeU\WeYcdQcQ\_caeUcUe^YUb_^^e]U
b_c_cY^TYfYTe_cTU\`eUR\_cUceSUTYUb_^d_T_U\TQ*Q\QdQbTUSUbe^Qc
_SX_]Y\`Ubc_^QccUU^S_^dbQRQ^U^\Q`\QjQ@bQd`b_TeSY}^T_cUU^
VbU^dQ]YU^d_cS_^\_cWbQ^QTUb_caeU\_WbQb_^TYc_\fUbQQ\We^_cTU\_c
Wbe`_c]vcS_]RQdYf_cbUce\dQ^T_fQbY_cXUbYT_c1\Qc"  XbcaeU
TQRQ^Q‹^U^\Q`\QjQe^_cT_c]Y\]Q^YVUcdQ^dUc<QY]`bU^dQTU\`U
bY†TYS__`_cYd_b<QF_jTU3XY\UVeUQ`UTbUQTQ1\Qc"# XbcU\\eWQbiQ
UcdQRQTUc`UZQT_`Ub_TebQ^dU\Q^_SXUSYUbd_cWbe`_cQdQSQb_^TYcdY^
d_cQ\]QSU^Uc_SQcY_^Q^T_TUcdb_j_c1\We^_c`b_`YUdQbY_ccUTUVU^TYU
b_^QRQ\Qj_cXQcdQ\Q\\UWQTQTU\_c7bQ^QTUb_ciTU\bUWY]YU^d_(¡TU
\^UQaeYU^UcSQbWQb_^QcQR\UiRQi_^UdQXYbYU^T_QQ\We^_cdbQRQZQT_
bUcciQ`bUcQ^T_Q_db_c" ' 
5\RQ\Q^SUTUUcdQ`bY]UbQZ_b^QTQTUU^VbU^dQ]YU^d_cU^dbUXeU\
WeYcdQciVeUbjQcTU\_bTU^VeU]eiS_^db_fUbdYT_*TYUjXUbYT_c`_b`YU
TbQifUY^dU`_bQb]QR\Q^SQU^dbU\_cXeU\WYcdQcicUYcc_\TQT_ciT_SU
R_]RUb_c`_bU\\QT_TU\QcVeUbjQcTU\_bTU^cUW‹^\QcSYVbQc_VYSYQ\Uc
TU\Q9^dU^TU^SYQ" '!+dbUY^dQi_SX_XUbYT_ccUW‹^5\5cdQ^TQbdU3Qd†\YS_
`UbY†TYS_S_^cUbfQT_biQS}bbY]__`_cYd_bQ\W_RYUb^_" '"+iQ\_]U^_c
cUcU^dQi_SX_XUbYT_cU^dbU\_c]Q^YVUcdQ^dUcSYVbQaeU`_TbQXQRUbce
`UbQT_U\SU^dU^QbcUW‹^5\>QSY_^Q\TYQbY_^QSY_^Q\YcdQi`_`e\YcdQ
`b_S\YfUQ2Q\]QSUTQaeUQSec†Q\9^dU^TU^dUTUXQRUbXUSX_cQR\UQb
cQ\fQZU]U^dUQ\`eUR\_" '#
<QcQed_bYTQTUc\_SQ\Uc`YTYUb_^U\U^f_TUbUVeUbj_cTUcTUDQS^Q

e^bU`edQT_bUcdQebQ^dUTU3QfQ^SXQ`_S_cTQcQ^dUcTU\S_]YU^j_TU\QcXeU\WQccU
bUVUbQQ²\_c]YU]Rb_cTU\Q7eQbTYQTU@b_`YUTQT_cUQ\Q' 3_]`Q…QTU2_]RUb_cTU
9aeYaeU³²<QVYUcdQTU\Q7eQbTYQTU@b_`YUTQT³<QF_jTU3XY\U9aeYaeU!TUZe\Y_TU
!() 2_]RUb_ci²WeQbTYQcTU`b_`YUTQT³UbQ^`eUccY^†^Y]_c
" &)
5\>QSY_^Q\9aeYaeU$TUZe\Y_TU!() bU`b_TeSYT_`_b5\5cdQ^TQbdU3Qd†\YS_
CQ^dYQW_!!TUZe\Y_TU!() 
" '
9RYT+²>_dYSYQcTU\QXeU\WQdbQ^c]YdYTQcQ\Ceb³<QF_jTU3XY\U9aeYaeU! TU
Ze\Y_TU!() 
" '!
²CeSUc_cTU9aeYaeU³Y^V_b]QSY_^UcTU5\8UbQ\T_bU`b_TeSYTQc`_b<QBUV_b]Q
<QCUbU^Q'TUZe\Y_TU!() _`SYd
" '"
²CeSUc_cTU9aeYaeU>eUf_cTYcdebRY_c<_c7bQ^QTUb_cSQbWQ^c_RbUU\`eU
R\_³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_%TUZe\Y_TU!() 
" '#
²8eU\WQWU^UbQ\³5\>QSY_^Q\9aeYaeU$TUZe\Y_TU!() bU`b_TeSYT_`_b5\
5cdQ^TQbdU3Qd†\YS_CQ^dYQW_!!TUZe\Y_TU!() <Q`_cYSY†^`_\dYSQTU\_cbUTQSd_bUcTU
UcdU`UbY†TYS_UcTYVSY\TUU^SQcY\\Qb5^^eUcdb_`bY]UbUcdeTY_c_RbU\QXeU\WQWU^UbQ\
\_SQ\YVYSQ]_cTURQ\]QSUTYcdQ@_cdUbY_b]U^dU\Q\USdebQTUQ\We^_cdbQRQZ_cTU:e\Y_@Y^
d_\QcS_^fUbcQSY_^Ucc_cdU^YTQcS_^}\i^eUfQcY^fUcdYWQSY_^Uc`Ubc_^Q\Uc^_cXQ^U^dbU
WQT_e^QfYcY†^]vcS_]`\UZQQSUbSQTUceUaeY`_TUbUTQSSY†^aeUbUce]Y]_cQS_^dY
^eQSY†^*

724
i1bYSQ9^V_b]Q^T_Q\W_RYUb^_c_RbU\Qc]UTYTQcQT_`dQTQcU\`_UdQ°
Y^dU^TU^dU7eY\\Ub]_2\Ucd7Q^QU^fY†\Q]Yc]QdQbTUTU\#TUZe\Y_U\
cYWeYU^dUdU\UWbQ]Q*²8eU\WQ\Q^SXUb_cY]`YTY†d_T_U\dbQRQZ_XQSY}^
T_cUWU^UbQ\U^d_TQc\QcS\QcUc_RbUbQc>Y^W‹^TUc†bTU^cUbY_3_]Ub
SY_SUbb†`eUbdQcDb_`QciR_]RUb_cWeQbTQ^_bTU^³ " '$
4UcTUU\Y^YSY_TU\S_^V\YSd_U^9aeYaeU\QcTYfYcY_^UcTU\QU\YdU
aeUTQb_^TU]Q^YVYUcd_5\9^dU^TU^dU^_]RbQT_`_bU\W_RYUb^_aeU
UbQQ\]Yc]_dYU]`_3_]Q^TQ^dU7U^UbQ\TU1b]QcTU\Q`b_fY^SYQ
_bTU^†U\U^SQbSU\Q]YU^d_TU5^bYaeUFUbWQbQUTYd_bTU\`UbY†TYS_5\
>QSY_^Q\aeUXQRQ`eR\YSQT_U\]Q^YVYUcd_TU\_c\Q^SXUb_caeUTY_S_
]YU^j_Q\Q_\QTUbUYfY^TYSQSY_^UcQSecQ^T_QUcdU`UbY_TYcdQTUXQRUb
QcejQT_Q\_cXeU\WeYcdQc]UjS\v^T_cUQ\Q]QcQTU]Q^YVUcdQ^dUc" '%
1e^aeU`_SQcX_bQc]vcdQbTUFUbWQbQVeU`eUcd_U^\YRUbdQTUcdUY^SY

5\>QSY_^Q\VeU`eR\YSQT_Q`QbdYbTU\!TUU^Ub_TU!() S_^U\_RZUd_`bY^SY`Q\TU
TU^e^SYQb\QSbUSYU^dU]_^_`_\YjQSY†^TU\QUS_^_]QdQbQ`QaeU…Q`_bU\S_^c_bSY_RbY
dv^YS_TU:_X^DX_]Qc>_bdXU\²bUiTU\cQ\YdbU³Ce\QR_bQWYdQdYfQVeUUhYd_cQ*QVY^UcTU
U^Ub_TU\]Yc]_Q…_e^QSQ]`Q…QS_^dbQe^QU]`bUcQTU>_bdXY]`_bdQT_bQTUWQ^QT_
fYf_`QbQU\S_^ce]_Q\QaeUcUbUc`_^cQRY\YjQRQTU\QSQbUcdQTUUcdU`b_TeSd_cUdbQ
TeZ_U^\QbUQ\YjQSY†^TUe^²=UUdY^WTU\QSQb^U³S_^f_SQT_`_bTYbYWU^dUc]edeQ\YcdQc
4UcTUVY^UcTUVURbUb_U\`UbY†TYS_Y^YSY†e^Q^edbYTQSQ]`Q…QTUTU^e^SYQcc_RbU\_c
QRec_cS_^dbQ\_cdbQRQZQT_bUcS_]UdYT_c`_b\_cQT]Y^YcdbQT_bUciTeU…_cTU\Qc_VYSY^Qc
cQ\YdbUbQcTU^e^SYQcaeUS_^dbYReiUb_^QSbUQbe^S\Y]QTUURe\\YSY†^U^dbU\_c_RbUb_c
4ebQ^dU\QXeU\WQWU^UbQ\YaeYaeU…Q5\>QSY_^Q\ZeW†e^Y]`_bdQ^dU`Q`U\Q`_iQ^T_Q
\_c]Q^YVUcdQ^dUciQ\@bUcYTU^dUTU\QBU`‹R\YSQCeTYbUSd_bi`b_`YUdQbY_5^bYaeUFUb
WQbQVeUQbbUcdQT_`_bcece`eUcdQbUc`_^cQRY\YTQTU^\_cTUc]Q^Uc`_`e\QbUcTU\Q^_
SXUTU\#TUZe\Y_`Ub_VeU`eUcd_bv`YTQ]U^dUU^\YRUbdQT<Q]U^dQR\U]U^dU\QS_\US
SY†^TUUcdU`UbY†TYS_S_bbUc`_^TYU^dUQ\cUWe^T_cU]UcdbUTU!() XQTUcQ`QbUSYT_U^
\Q2YR\Y_dUSQ>QSY_^Q\`_b\_aeUYW^_bQ]_cce`_cYSY†^`_cdUbY_b>__RcdQ^dUcQRU]_c
aeUU^_SdeRbUTU!() SeQ^T_cU_bWQ^Yj†U\@QbdYT_4U]_SbvdYS_U^9aeYaeUceUaeY`_
TUbUTQSSY†^cUY^S_b`_b†`bvSdYSQ]U^dUU^]QcQQ\Q^QSYU^dU_bWQ^YjQSY†^\_WbQ^T_
e^_TUcecbUTQSd_bUcDY]_\U†^<_bSQcUbU\UWYT_cUSbUdQbY_@Ub_Q\Qc`_SQccU]Q^Qc
`_b]_dYf_c`_S_S\Qb_cd_T_c\_cbUTQSd_bUcTU5\>QSY_^Q\VeUb_^Uh`e\cQT_cTU\@QbdYT_
4U]_SbvdYS_cYU^T_`b_RQR\UaeU\QSQecQTU\b_]`Y]YU^d_XQiQcYT_\QbUdYSU^SYQTU]e
SX_cTU]†SbQdQcU^dbUU\\_cU\`b_`Y_=Q\QaeQc3_^SXQQY^f_\eSbQbcUU^\Q`_\dYSQTU
]QbSQTQX_cdY\YTQTXQSYQ\_cY^dUbUcUcY^W\UcUcaeUbU`bUcU^dQRQUcU`UbY†TYS_3ebY_cQ
]U^dUQ\UcdQ\\Qb\QWeUbbQSYfY\5\>QSY_^Q\d_]†`QbdYT_`_b\Q_`_cYSY†^icebYfQ\<Q
F_jTU3XY\U`_bdQf_jTU\_cY^dUbUcUcTU>_bdXcUQRQ^TUbYj†S_^U\W_RYUb^_5\\_TU]_c
dbQbQ\QQcY]UdbQU^dbU\_c\Y^UQ]YU^d_c`_\dYS_ccQ^dYQWeY^_ci\Qc`_cYSY_^UcQT_`dQTQc
`_b\_cWbe`_cdQbQ`QaeU…_cTUdUb]Y^QTQc`bY^SY`Q\]U^dU`_bY^dUbUcUci`b_R\U]vdYSQc
TUcebUQ\YTQTbUWY_^Q\@Y^d_²5^U\SQ]Y^_³_`SYd`vWc!!$!!'+²!() *e^Q…_TU
SbYcYc³_`SYd`vWc(&)#3_^c‹\dUcUQTU]vcU\bU\Qd_TUDY]_\U†^<_bSQUh`_^YU^
T_ce`e^d_TUfYcdQ²8Ycd_bYQTU\@QbdYT_4U]_SbvdYS_TU9aeYaeU³<Q1RUZQ9aeYaeU#
TU^_fYU]RbUTU!() 
" '$
5\6Ubb_SQbbY\CQ^dYQW_$TUZe\Y_TU!() bU`b_TeSYT_`_b<Q<YRUbdQTDQ\SQ%
TUZe\Y_TU!() 
" '%
²8eU\WQZU^UbQ\³_`SYdi²<Q`bYcY†^TU\cU…_bFUbWQbQ³QbdSe\_cTU5\>QSY_
^Q\TU9aeYaeUbU`b_TeSYT_cU^²5\`bY^SY`Y_TU\QXeU\WQU^9aeYaeU³5\5cdQ^TQbdU3Qd†
\YS_CQ^dYQW_!!TUZe\Y_TU!() 

725
TU^dU]QbS†U\S_]YU^j_TUe^QcUbYUTUQSecQSY_^Uc]edeQcU^dbU\_c
`QbdYTQbY_ciQTfUbcQbY_cTU2Q\]QSUTQiU^dbU\QcTYcdY^dQcVbQSSY_^UcTU
\Q_`Y^Y†^YaeYaeU…QQSUbSQTU\QcbUc`_^cQRY\YTQTUcTUe^_ci_db_cU^
U\_bYWU^iTUcQbb_\\_TU\]_fY]YU^d_XeU\WecdYS_<_c_`_cYd_bUc`ecYU
b_^U\QSU^d_U^U\Q`_i_Q\QXeU\WQRbY^TQT_`_b\_c`QbdYTQbY_cTU\
5ZUSedYf_iU^\Q^UWQdYfQTU}cdUQd_]QbU^}bWYSQc]UTYTQc`QbQbU`bY
]YbQ\_cdbQRQZQT_bUc<_cQVUSd_cQ\W_RYUb^_]Y^Y]YjQb_^\QWbQfUTQT
TU\_cXUSX_ciU^Q\We^_cSQc_c°S_]_U\bU`bUcU^dQT_`_bU\Wbe`_TU
bUTQSd_bUcTU5\>QSY_^Q\°QSecQb_^Q\9^dU^TU^dUTUQWbQfQb\QcYdeQSY†^
S_^]UTYTQcbU`bUcYfQcTUcQdY^QTQccYbfYU^T_\Q`_\dYSQTU\_ccQ\YdbUb_c
UhdbQ^ZUb_c5^bYaeUFUbWQbQbU`b_SXQRQQ2\Ucd7Q^QU\UcdQbQcUc_bQT_
`_bU\`bY]UbQ\SQ\TU]e^YSY`Q\1^d_^Y_FQ\T}c3eUfQc²U^U]YW_TU
S\QbQT_TUC5U\@bUcYTU^dUiTUceWQRY^UdU³²]Q^UZQT_QcefUj`_bU\
SbSe\_TU4Qgc_^Uh`\_dQT_bTUUcdQ`b_fY^SYQ³" '&
5\fYUb^Uc$TUZe\Y_U\]_fY]YU^d_TU\_cdbQRQZQT_bUcS_^_SY†e^Q
Uf_\eSY†^Y]`_bdQ^dUCYRYU^\QcXeU\WQc`QbUSYUb_^V\QaeUQbQ^dU\_cUc
VeUbj_cS_^ZeWQT_cTU\QcQed_bYTQTUciTU\S_]UbSY_aeUS_]RY^Qb_^cQ
RYQ]U^dU\Qc]UTYTQcS_^SY\YQd_bYQcS_^\QcTU]_cdbQSY_^UcTUVeUbjQ\_
WbQ^T_aeU\_c\Q^SXUb_cf_\fYUbQ^QcecVQU^Qc\Q_\UQTQTUS_^dUcdQSY†^
c_SYQ\cUUhdU^TY†5cUTQU\S_]Q^TQ^dUD_b_TU\ReaeU5c]UbQ\TQbU
SY}^\\UWQT_Q9aeYaeUXQR\†Q\_cXeU\WeYcdQcU^\Q`\QjQ`b_]UdY}^T_\Uc
Y^dUbSUTUbQ^dUU\9^dU^TU^dUi\_cZeUSUc`QbQ_RdU^Ub\Q\YRUbdQTTU\_cTU
dU^YT_c5\S_]UbSY_QSU`d†\QcbUYfY^TYSQSY_^UcTU\_cV\UdUb_cU\`QW_U^
`\QdQTUQSeUbT_S_^U\SQ]RY_VYZQT_`_bU\W_RYUb^_]vce^`UaeU…_Qe
]U^d_<_cV\UdUb_cdUb]Y^Qb_^ce`b_dUcdQ`Ub__db_cWbe`_cTUdbQRQZQ
T_bUccU`\UWQb_^Q\`Qb_*\_cSQbbUd_^Ub_ciS_SXUb_cSUcQb_^cec\QR_bUc
UhYWYU^T_bU]e^UbQSY_^UcU^`\QdQ_ceUaeYfQ\U^dUiQe]U^d_ccQ\QbYQ\Uc
i\_c`Q^QTUb_cS_]U^jQb_^QTYcSedYb\Q`_cYRY\YTQTTUY]YdQb\_c4U\Q
@Q]`Q\\UWQb_^aeY^YU^d_cXeU\WeYcdQcbUV_bjQ^T_\QQSSY†^TU\_c_RbU
b_cYaeYaeU…_c" ''
4ebQ^dU\Q]Yc]QZ_b^QTQU\S_]UbSY_i\_cRQ^S_cTU\QSQ`YdQ\dQ
bQ`QaeU…QU^fYQb_^U\cYWeYU^dUdU\UWbQ]QQ2Q\]QSUTQS_^S_`YQQ\
S_]UbSY_TUFQ\`QbQc_*

1 C5 U\ @bUcYTU^dU TU \Q BU`‹R\YSQ CQ^dYQW_

8eU\WQTUdbQRQZQT_bUcXQd_]QT_`b_`_bSY_^UcQ\Qb
]Q^dUc8eU\WeYcdQcXQ^`U^UdbQT_U^UcdQR\USY]YU^d_c

" '&
²1db_`U\\_Y^QeTYd_TU\9^dU^TU^dUTU\Q`b_fY^SYQ³5\>QSY_^Q\9aeYaeUbU`b_
TeSYT_U^²5\`bY^SY`Y_TU\QXeU\WQ³_`SYd5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_!!TUZe\Y_
TU!() 
" ''
²3QR\UWbQ]QTU9aeYaeU³5\3_]UbSY_FQ\`QbQc_%TUZe\Y_TU!() +²DU\UWbQ
]Q3QR\UceR]QbY^_CYWeU^\_cTUc†bTU^UcU^9aeYaeU³5\=UbSebY_FQ\`QbQc_%TU
Ze\Y_TU!() +²<_cTUc†bTU^UcTU9aeYaeU3QR\UWbQ]Qcc_RbU\QXeU\WQ³5\6Ubb_SQbbY\
CQ^dYQW_&TUZe\Y_TU!() 

726
 Y]`YTYU^T_`_b\QVeUbjQaeU_`UbQbY_ccUTUTYaeU^Q
cec\QR_bUc3_]UbSY_iRQ^S_c_R\YWQT_cQSUbbQb6eUb
jQ`‹R\YSQY^ceVYSYU^dU`QbQ`b_dUWUbQ9aeYaeU?VYSY^Qc
cQ\YdbUbQciTYcdbYd_c]Y^Ub_cU^Y^]Y^U^dU`U\YWb_cY^
aeU\QQed_bYTQTdU^WQ\_cU\U]U^d_c`QbQT_]Y^Qb\QcY
deQSY†^iXQSUbbUc`UdQb\QfYTQi\Q`b_`YUTQT5\S_]Ub
SY_^QSY_^Q\iUhdbQ^ZUb_aeUcecSbYRU`YTUQF5cUTYW
^Ud_]Qb\Qc]UTYTQcaeUcQ\fU^\QcYdeQSY†^iXQWQ^bUc
`UdQb\_cSeQ^dY_c_cSQ`YdQ\UcS_]`b_]UdYT_cU^UcdQ
`b_fY^SYQRQZ_\QcWQbQ^dQcTU\Q\Ui " '(

1\QdQbTUSUbcUQ^e^SYQRQaeU\_cdbQRQZQT_bUcTU\Qc_VYSY^QccQ\Y
dbUbQc@bY]YdYfQiFYbWY^YQcUXQRQ^ce]QT_Q\QXeU\WQiRQZQRQ^Q9aeY
aeUQ]U^QjQ^T_S_^UhdU^TUbcUU\]_fY]YU^d_Q_db_cUcdQR\USY]YU^
d_c@_bce`QbdU\_c_RbUb_c`Q^YVYSQT_bUcTU\QSYeTQTTYUb_^T_cTQc
TU`\Qj_Qcec`Qdb_^Uc`QbQcUb`QWQT_cU^`\QdQQ]U^QjQ^T_S_^SUcQb
U\dbQRQZ_cYcebUYfY^TYSQSY†^^_UbQcQdYcVUSXQ5\ZejWQT_S_^TU^†QT_c
TU\_c]Q^YVUcdQ^dUcQcUcU^dQTQcTU`bYcY†^iQ_db_cdbUSUQdbUY^dQTQc
Y^S_^]edQR\UcS_^dbYReiU^T_QU^QbTUSUb]vcQ\_cXeU\WeYcdQc " ')
1UcQcQ\debQc\Q`Qbv\YcYcTU\QSYeTQTUbQd_dQ\1\Qc"  XbcSQcY
d_T_c\_cRQbbY_cUcdQRQ^TUcYUbd_c`Ub_T_cSYU^d_c]Q^YVUcdQ^dUcbUS_
bbQ^\QcSQ\\UcU^QbR_\Q^T_e^QRQ^TUbQSXY\U^Q5^\Q`\QjQ@bQd_db_c
]Y\Uc`UbQRQ^dbQ^aeY\Q]U^dU²@QbUSU^Q\QUh`USdQdYfQ³TYbQU\S_bbUc
`_^cQ\TUe^TYQbY_TUFQ\`QbQc_QWbUWQ^T_aeUcUbe]_bUQRQaeUUc
dQbQ^TYc`eUcd_cQQcQ\dQbU\SeQbdU\TU\RQdQ\\†^SfYS_TU1bdY\\UbQ" ( 
5^bUQ\YTQTU\d_^_Q\Qb]YcdQTU]eSXQcY^V_b]QSY_^UcTU`bU^cQ
^_UbQU\]Ub_bUce\dQT_TU\Y^dUb}cTU\_c`UbY†TYS_cTU\Q_`_cYSY†^`_b
`bUcU^dQbe^`Q^_bQ]QSQdQcdb†VYS_+e^S\Y]QTUQed}^dYS_`v^YS_S_
]U^jQRQQ`b_`QWQbcUU^U\cU^_TU\QcS\QcUcT_]Y^Q^dUcUhQSUbRQT_
`_b\QbQTYSQ\YTQTi`UbcYcdU^SYQTU\]_fY]YU^d_bUYfY^TYSQdYf_TU\_cdbQ
RQZQT_bUcdQbQ`QaeU…_c
<QcYdeQSY†^dU^TQQQTaeYbYbSQbQSdUbcdYSQc]vcfY_\U^dQc4ebQ^dU
\Q^_SXUTU\fYUb^UcQ\cvRQT_\QY]`bU^dQTU<QF_jTU3XY\UVeUQ`UTbUQ
TQTebQ^dU]vcTUdbUcX_bQcDQ]RY}^XeR_TU]_cdbQSY_^UcX_cdY\Uc
VbU^dUQ\`UbY†TYS_<Q9^TecdbYQi\_cR_]RUb_cVeUb_^QdQSQT_c`_b\_c]Q
^YVUcdQ^dUc" (!1\d}b]Y^_TU\QZ_b^QTQTU\$TUZe\Y_U^e^WUcd_cY^`bU

" '(
²CeSUc_cTU9aeYaeU³<QF_jTU3XY\U9aeYaeU!(TUZe\Y_TU!() +²@bUcU^dQSY†^
Q\`bUcYTU^dUTU\QbU`‹R\YSQ³5\=UbSebY_FQ\`QbQc_%TUZe\Y_TU!() +²@bUcU^dQSY†^
TU\S_]UbSY_TU9aeYaeU³5\3_]UbSY_FQ\`QbQc_%TUZe\Y_TU!() 
" ')
²<_cTUc†bTU^UcTU9aeYaeU³_`SYd
" (
²DU\UWbQ]Q3QR\UceR]QbY^_CYWeU^\_cTUc†bTU^Uc³_`SYd
" (!
9^V_b]QSY_^UcTU<QE^Y†^FQ\`QbQc_%TUZe\Y_TU!() bU`b_TeSYTQcU^²<_c
TUc†bTU^UcTU9aeYaeU3QR\UWbQ]Qcc_RbU\QXeU\WQ³5\6Ubb_SQbbY\CQ^dYQW_&TUZe\Y_
TU!() 

727
SUTU^dUcU\`bUcYTU^dU2Q\]QSUTQU^fY†e^dU\UWbQ]QTUS_^dUcdQSY†^Q\
S_]UbSY_TU9aeYaeUU^U\aeUZecdYVYSQRQY]`\SYdQ]U^dU\QcTU]Q^TQc
_RbUbQc*²BUSYRYT_SQR\UWbQ]Q`YT_Y^V_b]UQ9^dU^TU^dU4UcU_aeU
ETTYWQSev\Ucc_^\QcUhYWU^SYQcTU\_cXeU\WeYcdQcae}`Qc_XQ^TQT_
ETc`QbQe^QY^dU\YWU^SYQbQj_^QR\UiUaeYdQdYfQS_^\_cdbQRQZQT_bUc³" ("
<QbUc`eUcdQ`bUcYTU^SYQ\SQec†Y^TYW^QSY†^U^dbU\_cS_]UbSYQ^dUc
iRQ^aeUb_c\_caeUU^fYQb_^e^^eUf_dU\UWbQ]QQ2Q\]QSUTQY^cYc
dYU^T_U^\QY]`_cYRY\YTQTTUQSSUTUbQ\QcTU]Q^TQc_RbUbQc²U^QdU^
SY†^TU\_cQ\d_ccQ\QbY_cS_^aeUc_^bUdbYReYT_c\_c_`UbQbY_cU^UcdQ
`b_fY^SYQ³" (#<_cf_SUb_cTU\Q_`_cYSY†^cUTUcU^SQTU^Qb_^U^SbdYSQc
TU^e^SYQ^T_\Q²S_]`\YSYTQT³TU\@bY]Ub=Q^TQdQbY_S_^\_cXeU\WeYc
dQcE^_TUU\\_cU\TY`edQT_\YRUbQ\9cYT_b_5bbvjebYjcY^dUdYjQRQRYU^
U\`e^d_TUfYcdQTU\_c_`_cYd_bUcaeUUbQU^TUVY^YdYfQU\TU\Q]Qi_bQ
TU\QS\QcUT_]Y^Q^dUBUVYbY}^T_cUQ\dU\UWbQ]Q`bUcYTU^SYQ\ U^e^
TURQdUc_RbU\QcXeU\WQcTUDQbQ`QSvbUQ\YjQT_U\(TUZe\Y_U^\Q3v]QbQ
TU4Y`edQT_c5bbvjebYjQSecQRQ*

5cTUSYbaeUU^`bUcU^SYQTU\]_d^aeUQ]U^QjQ
RQfYTQi`b_`YUTQTUcU\@bUcYTU^dUTU\QBU`‹R\YSQbU
S_^_SQTUbUSX_TU\UfQ^dQbRQ^TUbQTUX_cdY\YTQTS_^
dbQ\_cXQRYdQ^dUcTU9aeYaeUQ\_c`UbdebRQT_bUcTU\_b
TU^c_SYQ\5cTUSYbaeUU\@bUcYTU^dUTU\QBU`‹R\YSQbU
`UdQU^9aeYaeU\_aeUXYj_U^CQ^dYQW_SeQ^T_cUaeU
]Qb_^\_cSQbb_cebRQ^_cQSd_aeUVeUS_^cUSeU^SYQTU
\QQSdYdeTQ^dUbY_bTU\@bUcYTU^dUTU\QBU`‹R\YSQ" ($

¤3ev\UbQ\QfUbTQTUbQ]_dYfQSY†^TU2Q\]QSUTQiTUcec`QbdYTQbY_c
Q\Qce]Ybe^QQSdYdeTS_]`bU^cYfQVbU^dUQ\]_fY]YU^d_bUYfY^TYSQdYf_TU
\_cdbQRQZQT_bUc^_bdY^_c/¤CUdbQdQRQTUe^QcY]`\U]Q^Y`e\QSY†^]Q
aeYQf}\YSQS_]_XQ^c_cdU^YT_Q\We^_cQed_bUc/" (%¤?dQ\fUjZe^d_Q\Y^dU

" ("
1>19Df_\" &=Y^YcdUbY_TU\9^dUbY_b!() dU\UWbQ]QTU:_c}=Q^eU\
2Q\]QSUTQQ\9^dU^TU^dUTUDQbQ`QSvCQ^dYQW_$TUZe\Y_TU!() cV+²<QXeU\WQTU
9aeYaeUC5U\@bUcYTU^dUiU\S_]UbSY_TU9aeYaeU³5\6Ubb_SQbbY\CQ^dYQW_&TUZe\Y_TU
!() 6bUSeU^dU]U^dUcUQdbYReiUQUcdUdU\UWbQ]Q\QVUSXQ%TUZe\Y_1e^aeUUVUSdYfQ
]U^dUVeUS_^_SYT_`_b\Q_`Y^Y†^`‹R\YSQUcUTQ`QbUSYUbQcUbaeUVeUU^fYQT_SQcYQ\
d}b]Y^_TU\$TUZe\Y_iQaeUUcQUc\QVUSXQaeUVYWebQU^U\T_Se]U^d__bYWY^Q\TU\1b
SXYf_TU\Q9^dU^TU^SYQTUDQbQ`QSvbUSY}^SYdQT_
" (#
9RYT
" ($
C3>3v]QbQTU4Y`edQT_c2_\Ud^TU\QcCUcY_^Uc?bTY^QbYQcU^!() ²CUcY†^"" 
_bTY^QbYQU^(TUZe\Y_TU!() ³_`SYd`vW#$)5cdQY^dUbfU^SY†^dQ]RY}^cUU^SeU^dbQ
bU`b_TeSYTQU^<eYc?bbUW_<eS_bUS_`Y\QT_b?RbQcTU9cYT_b_5bbvjebYj4YcSebc_c`Qb\Q
]U^dQbY_cCQ^dYQW_9]`bU^dQ2QbSU\_^Q2YR\Y_dUSQTU5cSbYd_bUcTU3XY\U!)! `vWc
# "i# #
" (%
5c`USYQ\]U^dU=QbSU\_CUWQ\\U^4UcQbb_\\_TU\SQ`YdQ\Yc]__`SYd`vWc""%
"##

728
b}c`_\dYS_aeUbU`bUcU^dQRQ^UcdQcXeU\WQc`QbQU\RQ\]QSUTYc]_]YU^
dbQcU\\Qc^_c_RbU`QcQbQ^SYUbd_c\]YdUcUhYcdQe^QS\QbQS_^SYU^SYQaeU
\QcbUYfY^TYSQSY_^Uc_RbUbQcUbQ^ZecdYVYSQTQc/
5\@bUcYTU^dUTU\QBU`‹R\YSQS_^_SQRYU^\QcS_^TYSY_^UcTUTebQ
Uh`\_dQSY†^aeUQVUSdQRQ^Q\_cdbQRQZQT_bUcTU\QbUWY†^TU\cQ\YdbUE^Q
WYbQUVUSdeQTQU^!(()\UXQRQ`Ub]YdYT__RcUbfQb\QbUQ\YTQTc_SYQ\TU
\Qj_^QCe`b_iUSd_^QSY_^Q\YcdQY^TecdbYQ\YcdQi]_TUb^YjQT_bTYVSY\
]U^dU`_TQ`bUcSY^TYbTUe^SYUbd_QWWY_b^Q]U^d_TU\QcbU\QSY_^Uc\QR_
bQ\Uc5\cYcdU]QTUVYSXQ°cQ\QbY_Y]`UbQ^dUU^\QccQ\YdbUbQcUbQe^QVeU^
dUY]`_bdQ^dUTUQSe]e\QSY†^UhdbQ_bTY^QbYQTUSQ`YdQ\`Ub_S_^\\UfQ
RQQ\]Yc]_dYU]`_U\bYUcW_TUUh`\_cY_^Ucc_SYQ\UcS_]_\QaeUS_
]U^jQRQQS_^_SUbU\`Qc@Ub_^QTQ`Ub]YdUQcUWebQbaeUU^U\YTUQbY_
`_\dYS_TU2Q\]QSUTQiTUcec]vcSUbSQ^_cS_\QR_bQT_bUcUcdefYUbQ`bU
cU^dU\Q^USUcYTQTTUe^QbUV_b]QTU\QcfUdecdQcbU\QSY_^UcU^dbUU\SQ
`YdQ\iU\dbQRQZ_Y]`UbQ^dUcU^3XY\U5^d_^SUcc†\_`eUTUS_^cYW^QbcU
\QQSdYdeTTUVbQ^SQcY]`QdQ]Q^YVUcdQTQXQSYQ\_cXeU\WeYcdQcTebQ^dU
\Q`bY]UbQcU]Q^QTU\S_^V\YSd_`_bQ\We^_cTU\_cf_SUb_cTU\RQ\]QSU
TYc]__`_baeYU^UcTUS\QbQRQ^cUbcec`QbdYTQbY_c5\]vcS\Qb_TUU\\_c
UbQcY^\eWQbQTeTQc5\>QSY_^Q\TU9aeYaeUSQ\YVYSQT_`_b\_c_`_cYd_
bUcS_]_²Y^cdYWQT_b³TU\]_fY]YU^d_" (&3_]U^dQ^T_\QUhdU^cY†^TU
\QXeU\WQU\%TUZe\Y_U^cecS_\e]^QccUc_cdU^QaeUUbQ^USUcQbY_*

KMS_^cYTUbvbcU\QU^cefUbTQTUbQcYW^YVYSQSY†^*
Ucd_UcS_]_e^\UfQ^dQ]YU^d_WU^UbQ\TU\QS\QcU_RbU
bQaeU`bUdU^TU_RdU^Ube^QbU]e^UbQSY†^`b_`_bSY_
^Q\QcedbQRQZ_iQ\b_\aeUTUcU]`U…QU^\QcVe^SY_^Uc
TU\QY^TecdbYQiTU\S_]UbSY_5ce^]_fY]YU^d_`b_Te
SYT_`_be^_TU\_cVQSd_bUc]vcY]`_bdQ^dUcaeUS_^
SebbU^Q\QV_b]QSY†^TU\QY^TecdbYQ`_bU\VQSd_bTU\
dbQRQZ_aeUU^`bUcU^SYQTU\SQ`YdQ\cUcYU^dUU^S_^TY

" (&
1e^aeUiQ^_cXU]_cbUVUbYT_\QdQ]U^dUQ\Q`_cdebQ`_\dYSQceYWU^UbYcTUUcdU
`UbY†TYS_TUdY`_^QSY_^Q\YcdQi`_`e\YcdQbUSQ\SQ]_caeUTebQ^dU\Q`bY]UbQaeY^SU^Q
TUZe\Y_TU!() Q`QbUSY†S\QbQ]U^dUS_]_e^TUVU^c_bTU\W_RYUb^_CYRYU^Ucd_^_XQSU
TU5\>QSY_^Q\e^†bWQ^_d_dQ\]U^dUbU`bUcU^dQdYf_TU\RQ\]QSUTYc]_^_c`Ub]YdUS_^cY
TUbQb\_S_]_RQcdQ^dUSUbSQ^_Q}\U^U\S_^dUhd_dQbQ`QaeU…_TUQaeU\\_cTQcIQU^ce`bY
]UbQUTYSY†^S_bbUc`_^TYU^dUQ\!TUU^Ub_TU!() cUXQRQQed_TUVY^YT_S_]_²QVY\YQ
T_U^U\`QbdYT_\YRUbQ\³²@b_c`USd_³5\>QSY_^Q\9aeYaeU!TUU^Ub_TU!() CYRYU^U^
U\S_^dUhd_TUUcUQ…_dQ\QVYb]QSY†^UbQ`QbdYSe\Qb]U^dUfQWQ`_TU]_cU^S_^dbQbe^Q
`beURQQTYSY_^Q\TUceSUbSQ^QS_^U\_VYSYQ\Yc]_U^U\ZeYSY_c_RbUceTYbUSd_b5^bYaeU
FUbWQbQUh`bUcQT_`_bU\S_bbUc`_^cQ\U^9aeYaeUTU\`UbY†TYS_RQ\]QSUTYcdQ5\3_]Ub
SY_TUFQ\`QbQc_BUVYbY}^T_cUQ\`UbY_TYcdQYaeYaeU…_U\bU`_bdUb_W_RYUb^YcdQUcSbYRQ
U\!$TUZe\Y_Q\UTYd_bTUceTYQbY_S_^dv^T_\UaeUFUbWQbQXQRQcYT_QSecQT_TUcUbU\
Y^cdYWQT_b`bY^SY`Q\TU\QcXeU\WQc²cY^_db_Q^dUSUTU^dUaeU`_baeUUcUcU…_bdYU^Ue^
`b_RQT_Q]_bQce`QdbYQiaeYUbUU\RYU^`QbQ\_cSXY\U^_c³²<QXeU\WQU^9aeYaeU³5\
3_]UbSY_FQ\`QbQc_""TUZe\Y_TU!() 

729
 SY_^UcTU]Q^YVYUcdQY^VUbY_bYTQTifUaeUcecUcVeUbj_c^_
Q\SQ^jQ^U\Vbed_
C_^\_c_RbUb_caeU^_QSU`dQ^U\`Q`U\TUcY]`\Uc
]vaeY^QcQed_]vdYSQciaeUS_]`bU^TYU^T_\QY]`_b
dQ^SYQTUceS_\QR_bQSY†^Qc`YbQ^QaeUcU\UcQ`bUSYUU^
cefUbTQTUb_fQ\_bicU]YTQceWQ^Q^SYQ`_bU\`bUSY_TU
\QcVe^SY_^UcaeUTUcU]`U…Q^U^S_^SebbU^SYQS_^U\
SQ`YdQ\
5c\QSeUcdY†^TUd_T_c\_cTQcU^\_c`eUR\_c]vc
QTU\Q^dQT_cTU\]e^T_\Q\eSXQU^dbUU\SQ`YdQ\iU\dbQ
RQZ_aeUdQbTU_dU]`bQ^_dU^QaeU`bUcU^dQbcUU^dbU
^_c_db_ciaeUVU\Yj]U^dU\_XQXUSX_U^S_^TYSY_^Uc
TUbU\QdYfQdbQ^aeY\YTQTcY^\QcfY_\U^SYQcaeUXQ^cYT_U\
_R\YWQT_QS_]`Q…Q]YU^d_TU_dbQc`QbdUc " ('

<QcYdeQSY†^TU²bU\QdYfQdbQ^aeY\YTQT³Q\eTYTQ`_b5\>QSY_^Q\Q]U
^QjQRQS_^Uf_\eSY_^Qbbv`YTQ]U^dUXQSYQTUcR_bTUcaeU^YcYaeYUbQU\
RQ\]QSUTYc]__U\`_`e\Yc]_UcdQRQTYc`eUcd_Qd_\UbQb5^`bUfYcY†^TU
Vedeb_cTUc†bTU^UciS_]_e^Q]Q^UbQTUTU]_cdbQbQ\_cXeU\WeYcdQc
\_c\]YdUcaeU^_TURQ^c_RbU`QcQb`_b_bTU^TU\`b_`Y_@bUcYTU^dU
TU\QBU`‹R\YSQU\RQbS_<Q5c]UbQ\TQTU\QQb]QTQ^QSY_^Q\XQRQ\\UWQ
T_Q9aeYaeU\\UfQ^T_Q\We^Qcdb_`QcT_cTQcTUc`e}cTUY^YSYQTQ\QXeU\
WQTU\_c\Q^SXUb_c5\%TUZe\Y_UcU]Yc]_fU\Ub_jQb`†XQSYQ1bYSQ`QbQ
RecSQbbUVeUbj_cf_\fYU^T_Q\TQcYWeYU^dUS_^T_cSYU^d_cX_]RbUcTU\
2QdQ\\†^3XQSQReS_TU\UZ}bSYd_" ((
5^dbUdQ^d_\QXeU\WQS_^dY^eQRQWQ^Q^T_^eUf_cQTU`d_c5^\Q
]Q…Q^QTU\cvRQT_%TUZe\Y_^e]Ub_c_cWbe`_cTU]Q^YVUcdQ^dUcbUS_
bbYUb_^\QSYeTQT5^\QdQbTUcUTUS\QbQb_^U^`Qb_\_cdbQRQZQT_bUcTU\
VUbb_SQbbY\iU\WbU]Y_TUZ_b^Q\Ub_cU^]QcQU^SQRUjQT_`_bceS_]Q^
TQ^dUcU`bUcU^d†Q^dUU\9^dU^TU^dU`QbQQcUWebQbaeU^Y^We^_TUcec
Y^dUWbQ^dUcXQRQ`QbdYSY`QT_U^\_cTUc]Q^UcTU\TQQ^dUbY_bi`QbQ
_VbUSUbceS_\QR_bQSY†^U^\Q]Q^dU^SY†^U\_bTU^CYWeYU^T_e^Q`b_
`_cYSY†^TU\9^dU^TU^dU2\Ucd7Q^Q\_cXeU\WeYcdQc^_]RbQb_^e^QS_
]YcY†^`QbQTYcSedYbS_^}\e^Qc_\eSY†^Q\S_^V\YSd_<Q^_SXUTU\cvRQ
T_Q\T_]Y^W_VeUdbQ^aeY\Q" ()1\TQcYWeYU^dUcUce]Qb_^Q\QXeU\WQ

" ('
1bdSe\_TU5\>QSY_^Q\9aeYaeU%TUZe\Y_TU!() bU`b_TeSYT_`_b5\5cdQ^
TQbdU3Qd†\YS_U^\Qb‹RbYSQ²3_bbU_TU9aeYaeU?`Y^Y†^TU\Q`bU^cQ³CQ^dYQW_!%TUZe
\Y_TU!() 
" ((
9^V_b]QSY_^UcTU<QE^Y†^TUFQ\`QbQc_bU`b_TeSYTQcU^²<_cTUc†bTU^UcTU
9aeYaeU3QR\UWbQ]Qcc_RbU\QXeU\WQ³5\6Ubb_SQbbY\CQ^dYQW_&TUZe\Y_TU!() _`SYd+
²<_cceSUc_cTU9aeYaeU³5\6Ubb_SQbbY\CQ^dYQW_(TUZe\Y_TU!() 
" ()
²5\WbU]Y_TUZ_b^Q\Ub_c³5\>QSY_^Q\9aeYaeU'TUZe\Y_TU!() bU`b_TeSYT_
`_b5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_!%TUZe\Y_TU!() +²CeSUc_cTU9aeYaeU³5\5cdQ^TQbdU
3Qd†\YS_CQ^dYQW_'TUZe\Y_TU!() 

730
U^dbU_db_c\_c]eSXQSX_cSQbWQT_bUc\_cSQbbUdUb_cTU]Y^Qci\_c`U_^Uc
TUbUS_RQ" ) +U\WbU]Y_TUSQb`Y^dUb_cbU`QbdY†e^QTUS\QbQSY†^`YTYU^T_
`QW_U^`\QdQ_ceUaeYfQ\U^dUU^RY\\UdUci\_c_`UbQbY_cTUcQcdbUbQcQS_b
TQb_^cec`U^TUbcec\QR_bUcTUcTUU\'TUZe\Y_XQcdQ_RdU^UbcQdYcVQSSY†^Q
\Q]Yc]QbUYfY^TYSQSY†^" )!@Ub_iQS_]U^jQRQ^Q]Q^YVUcdQbcUQ\We^_ccYW
^_cTUc_\eSY†^TU\_cS_^V\YSd_c`bY^SY`Q\UcU^\QSYeTQT1^dU\Q]QcYfY
TQTic_\YTUjTU\]_fY]YU^d_iVbU^dUQ\Q^UWQdYfQTU\W_RYUb^_TUTUcU^SQ
TU^Qbe^QbU`bUcY†^QRYUbdQ]eSX_cU]`bUcQbY_cU]`UjQb_^QSUTUb5\%
TUZe\Y_\_cY^TecdbYQ\Uc`Q^QTUb_cXQRQ^QSU`dQT_Qe]U^dQbU^% \_c
cQ\QbY_cTUcec_RbUb_ciSQ^SU\Qb\_cU^`\QdQ+U^\Q^_SXUTU\'TUZe\Y_cU
\\UW†Qe^QSeUbT_U^dbU\_cS_]YcY_^QT_cTU\S_]UbSY_<_]Qh8UccU
?\YfQ^3XY^SXY\\Qi3QbSQcc_^iU\WbU]Y_TUZ_b^Q\Ub_c`_bdeQbY_cB_
T_\V_3Qcdb_8@QcSeQ\3QcQ^_fQ7bUW_bY_EbRY^Qi3Y`bYQ^_7eUbbQaeU
`bUfUQU\d}b]Y^_TU\QXeU\WQQSQ]RY_TUbUQ\YjQbcU\_c`QW_cU^²`\QdQ
VeUbdU_ceUaeYfQ\U^dUU^RY\\UdUcS_^U\bUSQbW_TUUh`_bdQSY†^aeUVYZQ\Q
1TeQ^Q]U^ceQ\]U^dU³ " )"5\dbQRQZ_cUbUY^YSYQbQQ\TQcYWeYU^dU
CYRYU^\QdU^cY†^XQRQRQZQT_U^9aeYaeUU\\e^Uc'TUZe\Y_Q‹^cU
fUQ^^e]Ub_c_cWbe`_cTUdbQRQZQT_bUcaeUbUS_bbQ^U^_bTU^\QcSQ
\\UcTU\QSYeTQTD_T_c\UfQ^dQRQ^\Q]Yc]QS_^cYW^Q*cUbbU]e^UbQT_c
U^`\QdQ_ceUaeYfQ\U^dUU^`Q`U\@Ub_\Qc^_dYSYQcTU\Y^dUbY_bUbQ^]e
SX_]vcY^aeYUdQ^dUc5\&TUZe\Y_U\ceRTU\UWQT_TU8eQ^dQZQiQXQRQ
S_]e^YSQT_Q\9^dU^TU^dUaeU\_cdbQRQZQT_bUcTU\]Y^UbQ\TUce\_SQ\Y
TQTcUXQRQ^TUS\QbQT_U^XeU\WQUhYWYU^T_`QW_U^`\QdQVeUbdU_ce
UaeYfQ\U^dUU^RY\\UdUc" )#1\TQcYWeYU^dUcUQ^e^SY†aeU\Q_VYSY^QcQ\Y
dbUbQTUCQ^4_^Qd_XQRQcYT_aeU]QTQi\QcDbUc=QbQcB_cQbY_iBQ
]bUjcQaeUQTQcbUce\dQ^T_]eUbd_U\`e\`Ub_TU<QcDbUc=QbQcifQ
bY_cXUbYT_c4UY^]UTYQd_\QcQed_bYTQTUc\_SQ\UcTU9aeYaeU]Q^TQb_^
`_b]QbSY^SeU^dQc_\TQT_cTUbUVeUbj_Q@YcQWeQi`YTYUb_^_db_cQDQS
^Q" )$1\]Yc]_dYU]`_\_cXeU\WeYcdQcTU8eQ^dQZQiQiCQ^dQB_cQRQZQ

" )
²CeSUc_cTU9aeYaeU³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_'TUZe\Y_TU!() _`SYd
" )!
²?db_WbU]Y_U^XeU\WQ³i²DQ]RY}^\_ccQcdbUcQ\_ccYWeYU^dUccU…_bUcTeU…_c
TUcQcdbUbQc³5\=UbSebY_!$TUZe\Y_TU!() 
" )"
5\>QSY_^Q\9aeYaeU'TUZe\Y_TU!() bU`b_TeSYT_`_b<QBUV_b]Q<QCUbU^Q
!$TUZe\Y_TU!() 
" )#
1>19Df_\!)&CeRTU\UWQSY†^bebQ\TU8eQ^dQZQiQdU\UWbQ]QcTU=Q^eU\
6=e…_jQ\9^dU^TU^dUTUDQbQ`QSv8eQ^dQZQiQZe\Y_'TU!() cVF}QcUdQ]RY}^²<Q
XeU\WQU^8eQ^dQZQiQ³5\>QSY_^Q\9aeYaeU&TUZe\Y_TU!() bU`b_TeSYT_U^5\=UbSe
bY_FQ\`QbQc_!$TUZe\Y_TU!() 
" )$
²3QR\UWbQ]QTU9aeYaeU³5\3_]UbSY_FQ\`QbQc_(TUZe\Y_TU!() +²?VYSY^Qc
cQ\YdbUbQc³5\=UbSebY_FQ\`QbQc_)TUZe\Y_TU!() 
<Q_VYSY^QCQ^4_^Qd_XQRQcYT_S_]`bQTQU^!(()U^SYU^d_SeQbU^dQ]Y\\YRbQcQ
e^Qc_SYUTQTY^W\UcQ<QBQ]bUj`UbdU^USQQ\S_^c_bSY_Y^W\}c3_]`Q…Q3_\_bQT_TU
`b_`YUTQTTU>_bdXi8QbfUi<Q_VYSY^QDbUc=QbQcUbQTU`b_`YUTQTTU\U]`bUcQbY_YdQ
\YQ^_@YUdb_@UbVVUdY<QB_cQbY_UbQS_^cYTUbQTQcUW‹^e^QY^V_b]QSY†^`UbY_TcdYSQTU

731
b_^Q9aeYaeUS_^RQ^TUbQcTUc`\UWQTQcS_^WbUWv^T_cUVbU^dUQ\QY]`bU^
dQTU5\>QSY_^Q\T_^TUceUTYd_b5^bYaeUFUbWQbQ\UcQcUWeb†aeUTUVU^
TUbQcecTUbUSX_cidbQRQZQbQ`_baeUcUXYSYUbQZecdYSYQ5^cUWeYTQ\_c
]Y^Ub_ci_db_cdbQRQZQT_bUcU^^‹]Ub_TU]vcTUT_c]Y\cUTYbYWYUb_^Q
\Q9^dU^TU^SYQ4UcTU\_cRQ\S_^UcU\Y^dU^TU^dU2\Ucd7Q^Q\UcTYZ_aeU
V_b]QbQ^e^QS_]YcY†^`QbQU^dU^TUbcUS_^cebU`bUcU^dQ^dUci\eUW_S_^
f_S†Q\_cWUbU^dUcTU\QccQ\YdbUbQc`QbQS_^VUbU^SYQb " )%

?VYSY^Q@bY]YdYfQ
<2_eTQdi3 _`SYd

\Q}`_SQS_]_\Q]vcY]`_bdQ^dUcQ\YdbUbQTUd_TQ\Q`Q]`QDU^QSQ`QSYTQT`QbQ`b_
TeSYb"$  aeY^dQ\UcTUcQ\YdbU]U^ceQ\Uc@UbdU^USQQ\Qc_SYUTQTY^W\UcQ<YfUb`__\
>YdbQdUi3QaeUXQRQ`QWQT_`_bU\\Q!"%  \YRbQcUcdUb\Y^QcQceQ^dYWe_`b_`YUdQ
bY_\QSQcQ7Y\TU]UYcdUb²<_cceSUc_cTU9aeYaeU9^SU^TY_icQaeU_TUcQ\YdbUbQc³5\6U
bb_SQbbY\CQ^dYQW_)TUZe\Y_TU!() 
E^Y^V_b]UdQ\fUj]vc`bUSYc_U^dbUWQT_`_b5\4YQbY_?VYSYQ\TU\(TUVURbUb_TU
!() Y^TYSQaeU\Q`b_TeSSY†^Uh`bUcQTQU^d_^U\QTQc]}dbYSQcUbQ\QcYWeYU^dU*CQ^4_
^Qd_*!$ '&+BQ]bUj*$&!)#+DbUc=QbQc*"" ( +B_cQbY_*'# <Q_VYSY^Q@bY]YdYfQ
\Qcce`UbQRQQ]`\YQ]U^dUS_^e^Q`b_TeSSY†^TU! "%#$d_^U\QTQc]}dbYSQc`Ub_U\^
TYSUTU`b_TeSdYfYTQTTUB_cQbY_UbQ]vcU\UfQT_*!" "Ucd_Uc\YWUbQ]U^dU]U^_bQ\TU
\Qc_VYSY^QcCQ^:_bWU!#$(iC_\VUbY^_!"% TUe^bQ^W_Y^VUbY_bQB_cQbY_U^SeQ^
d_Qce`b_TeSSY†^d_dQ\4Qd_cbU`b_TeSYT_cU^5^bYaeUBUiUc>QfQbb_²<_cdbQRQZQT_
bUcTU\vbUQcQ\YdbUbQ\QXeU\WQWU^UbQ\TU!() i2Q\]QSUTQ³U^?bdUWQUTYd_b<QWeU
bbQSYfY\TU!()!_`SYd`vWc(%! '3_^c‹\dUcUdQ]RY}^\QcY^V_b]QSY_^Uci\QcXUb]_
cQcV_d_WbQVQcTU\QccQ\YdbUbQcdQbQ`QaeU…Qcd_]QTQc`_S_Q^dUcTU\QXeU\WQWU^UbQ\
`eR\YSQTQcU^<2_eTQdi3 _`SYd
" )%
²5\UcdQT_TU\QXeU\WQ³5\6Ubb_SQbbY\CQ^dYQW_)TUZe\Y_TU!() 

732
 5\`Qb_U^\Q`Q]`QUbQSQcYd_dQ\<_cdbQRQZQT_bUcTU\Q@bY]YdYfQ8eQ
bQB_cQbY_iCQ^:_bWUcUbUe^YUb_^icQSQ^T_\_cbYU\UcTU\Q\^UQV}bbUQY]
`YTYUb_^aeUU\dbU^TU`QcQZUb_cRQZQbQQ9aeYaeU1\dUb]Y^Qb\QdQbTUU\
S_]UbSY_i\_cWUbU^dUcTU\_c]Y^UbQ\UcSUTYUb_^VbU^dUQ\QcUhYWU^SYQc
_RbUbQcS_^fY^YU^T_`QWQbQcecdbQRQZQT_bUcU^`\QdQ_ceUaeYfQ\U^dUU^
RY\\UdUcU^ce`bY]YbU\bUWYcdb_Q\TUc^eT_aeUcUXQSQQ\_c_`UbQbY_cTU\Qc
]Y^Qc`QbQUfYdQbU\b_R_TU]Y^UbQ\i\Qce`bUcY†^TU\cYcdU]QTUbU]e^U
bQSY†^`_bVYSXQc" )&CY^U]RQbW_\_cdbQRQZQT_bUcbUS\Q]QRQ^`QW_U^`Uc_c
VeUbdUc\_aeU`b_f_S†\QS_^dY^eQSY†^TU\QXeU\WQ" )'
5\]_fY]YU^d_cUbQTYSQ\Yj†i]QcYVYS†

5 HD5>C9É> I 453<9>139É> 45 <1C 8E5<71C >?BD9>1C

5\'TUZe\Y_\QXeU\WQcUUhdU^TY†Q\_cdbQRQZQT_bUc`_bdeQbY_cTU@YcQ
WeQ" )(1\TQcYWeYU^dUS_^dY^eQb_^RQZQ^T_Q9aeYaeU^e]Ub_c_cdbQRQ
ZQT_bUcTU\Q`Q]`Q5^U\Y^dUbY_bVeUb_^cQaeUQTQc\Qc_VYSY^QcCQSbQ
]U^d_3bejJQ`YWQi4_\_bUc " ))=vcTUT_c]Y\_RbUb_cQ]U^QjQRQ^\Q
_VYSY^Q@bY]YdYfQidQ]RY}^UbQQ]QWQTQ\Q_VYSY^Q<Q@QdbYQ<QcQed_bY
TQTUc]Q^TQb_^e^QVeUbjQ]Y\YdQbTUSY^SeU^dQX_]RbUcTUbUVeUbj_Q
@YcQWeQiSYU^Q\Q`Q]`Q2QbS_cTU\QQb]QTQcUTYbYWYUb_^Q1^d_VQWQc
dQi1bYSQQRecSQbbUVeUbj_c"! 5\Y^dU^TU^dU2\Ucd7Q^QU^fY†e^QS_]Y
cY†^Q\Y^dUbY_bTU\Q`b_fY^SYQ`QbQY^dU^dQbe^QSeUbT_S_^\_cdbQRQZQ
T_bUcaeU`ecYUbQVY^Q\QXeU\WQi]Q^T†e^^eUf_dU\UWbQ]QQ2Q\]Q
SUTQY^V_b]v^T_\UTU\Y^SU^TY_TUdbUccQ\YdbUbQcU^1^d_VQWQcdQTU\Q
TUS\QbQSY†^TUXeU\WQTU\_cWbU]Y_cTUUcQSYeTQTiTU\QY^ceVYSYU^dU
SQ^dYTQTTUdb_`Qc`QbQS_^dU^Ub\_cTUc†bTU^UcU^9aeYaeU5\@bUcYTU^
dUbUe^Y†TUY^]UTYQd_U\WQRY^UdUQS_bTQ^T_U\U^f_TUdb_`QcQ9aeY
aeUTUcTUFQ\`QbQc_1^d_VQWQcdQiDQS^Q "! !
@_bce`QbdU\_cXeU\WeYcdQcUhQc`UbQT_c`_b\QVUb_jUh`\_dQSY†^

" )&
9RYT+²1bbUW\_S_^]Y^Ub_c³5\>QSY_^Q\9aeYaeUbU`b_TeSYT_U^5\=UbSebY_
FQ\`QbQc_!$TUZe\Y_TU!() +²5^\Qc_VYSY^Qc³<QF_jTU3XY\U9aeYaeU!!TUZe\Y_TU
!() 
" )'
9^V_b]QSY_^UcTU5\3_]UbSY_bU`b_TeSYTQc`_b5\6Ubb_SQbbY\CQ^dYQW_)TUZe
\Y_TU!() 
" )(
1>19Df_\!)!7_RUb^QSY†^TU@YcQWeQ!() dU\UWbQ]QcTU=1BY_
VbY_Q\9^dU^TU^dUTUDQbQ`QSv@YcQWeQZe\Y_'TU!() cV+1>19Df_\!(&6Ubb_SQ
bbY\Uc!() !()%_VYSY_TUC6B_g\Q^TbU`bUcU^dQ^dUTU\Q3_]`Q…QDXU>YdbQdUB
GQic3?<?Q\9^dU^TU^dUTUDQbQ`QSvZe\Y_'TU!() cV
" ))
1>19Df_\!)!7_RUb^QSY†^TU@YcQWeQ!() dU\UWbQ]QcTU=1BY_
VbY_Q\9^dU^TU^dUTUDQbQ`QSv@YcQWeQZe\Y_(TU!() cV
"!
²<_cceSUc_cTU9aeYaeU>_dYSYQc_VYSYQ\Ucc_RbU\_cceSUc_cTU^_bdU³5\6Ubb_SQ
bbY\CQ^dYQW_)TUZe\Y_TU!() 
"! !
²<UfQ^dQ]YU^d_U^9aeYaeUCeSUc_cWbQfcY]_cU^@YcQWeQBUc_\eSY_^UcTU\
W_RYUb^_³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_)TUZe\Y_TU!() 

733
ceVbYTQU^\QccQ\YdbUbQc`b_dQW_^YjQRQ^QSd_cTUfY_\U^SYQS_^dbQ\Qc_VYSY
^QcY^cdQ\QSY_^Uci`e\`UbQcTU\QcS_]`Q…Qc]Y^UbQc<Qc`e\`UbQc°
c]R_\_TU\Qce`UbUh`\_dQSY†^iTU\_c`U_bUcQRec_c`Qdb_^Q\Uc°UbQ^U\
R\Q^S_VQf_bYd_TU\_ccQaeU_ciTU\QVebYQTUcdbeSd_bQTU\_c]Y^Ub_cTU\cQ\Y
dbU"! "5^CQ^dYQW_iFQ\`QbQc_\Q`bU^cQcUXQSQUS_TUY^V_b]QSY_^UcQ\Qb
]YcdQc^_S_^VYb]QTQc`_cdUbY_b]U^dUaeUXQR\QRQ^TUU^VbU^dQ]YU^d_c
U^dbUdbQRQZQT_bUci\Qdb_`QU^\Q_VYSY^Q<Q@Q\]QU\)TUZe\Y_S_^e^cQ\T_
TUSeQbU^dQ]eUbd_ci^e]Ub_c_cXUbYT_cU^dbU\_cXeU\WeYcdQc"! #@Ub_\_
SYUbd_UcaeUU\UcdQR\USY]YU^d_VeUaeU]QT_iaeU^eUf_ccQaeU_ccU`b_Te
ZUb_^U^QaeU\\_cTQcU^\Qc_VYSY^QcTUCQ^4_^Qd_BQ]bUjDbUc=QbQc
3_^cdQ^SYQCQ^:_c}@U…Q3XYSQJQ`YWQ<Q3_]`Q…QB_cQbY_CQSbQ]U^d_
iU^\Qc\_SQ\YTQTUcTU5cdQSY†^JQ`YWQi@_j_1\]_^dUcY^S_^dQb_dbQccQ\Y
dbUbQcQ]U^QjQTQc`_bU\Q\jQ]YU^d_TUdbQRQZQT_bUc"! $4UcTUCQ^dQ3QdQ\Y^Q
cUS_]e^YSQRQQ9aeYaeUU\)TUZe\Y_aeUe^Wbe`_TUT_cSYU^d_c_]vc
X_]RbUcXQRQcQaeUQT_U\S_]UbSY_TU\QUcdQSY†^TUJQ`YWQi\Qc`e\`UbQc
TU\QcQ\YdbUbQiaeUQ\Y^dU^dQbaeU]Qb\QUcdQSY†^TU\VUbb_SQbbY\XQRQ^cYT_
bUSYRYT_cQRQ\Qj_c`_b²U\ZUVUifUSY^_cQb]QT_c]ebYU^T_cUYcTU\QdebRQi
TYc`Ubcv^T_cU³"! %
<Qc\\Q]QcTU\QbURU\Y†^QRbQcQRQ^d_TQ\Q`Q]`Q
5\W_RYUb^_U^TebUSY†ce`_cYSY†^+U\]Y^Ycdb_CQ^VeU^dUcU^fY†U\
)TUZe\Y_e^dU\UWbQ]QS_^Y^cdbeSSY_^Uc`QbQbU`bY]YbcUfUbQ]U^dUQ
\Qc²debRQc³TU`Q]`Y^_c*

5^9aeYaeUTURU^Qb]QbcUR_]RUb_ci`QbdYSe\Q
bUcie^YT_cQVeUbjQTU\^UQ^_TUZQbaeUdebRQc`Q]
`Qc\\UWeU^Q9aeYaeUCYVeUcUQ]U^QjQT_`_b\QcdebRQc
TURUXQSUbe^UcSQb]YU^d_cUfUb_iXQSUbVeUW_c_RbU
\_cQcQ\dQ^dUccY\\UWQUcdU]_]U^d_UhdbU]_Uc^USUcQ
bY_cUbY^Uh_bQR\U`QbQTUVU^TUb\Q`b_`YUTQTi\Qc`Ubc_

"! "
F}QcUQ]_T_TUUZU]`\_1>19Df_\!'(3_bbU_cdU\}WbQV_ciVUbb_SQbbY\Uc
!() !()%dU\UWbQ]QTUB"¡BUaeU^QQ9^dU^TU^dUTUDQbQ`QSv9aeYaeUZe\Y_)TU
!() cV+1>19Df_\!((7bU]Y_TU:_b^Q\Ub_c!() !()"dU\UWbQ]QTU\QCeRTU\U
WQSY†^" TU@YcQWeQ?VYSY^QTUCQ^dQ3QdQ\Y^Q>¡"&#Q\9^dU^TU^dUTUDQbQ`QSv>UWbUY
b_cZe\Y_!(TU!() cV+²<QXeU\WQU^\Q`Q]`Q9^V_b]UaeU\QS_]YcY†^`QSYVYSQT_bQTU
\Qc_VYSY^QccQ\YdbUbQcTU\Q`b_fY^SYQ`Qc†Q\cU…_b9^dU^TU^dUTQ^T_SeU^dQTUcecdbQRQ
Z_c³9aeYaeU!"TUZe\Y_TU!() <QF_jTU3XY\U9aeYaeU!$i!&TUQW_cd_TU!() 
"! #
²9aeYaeU<QfUbTQTTU\_cXUSX_cDU\UWbQ]QcaeU\QQ^e^SYQ^³5\5cdQ^TQbdU
3Qd†\YS_CQ^dYQW_! TUZe\Y_TU!() 
"! $
²<_cQS_^dUSY]YU^d_cTU9aeYaeU³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_! TUZe\Y_TU
!() +²DU\UWbQ]Qc3QR\UceR]QbY^_<_cTUc†bTU^UcTU9aeYaeU³5\=UbSebY_FQ\`QbQ
c_!!TUZe\Y_TU!() +²>_dYSYQcTU\Y^dUbY_b³<QF_jTU3XY\U9aeYaeU!"TUZe\Y_TU!() +
1>19Df_\!)!7_RUb^QSY†^TU@YcQWeQ!() dU\UWbQ]QcTU=1BY_VbY_Q\9^dU^
TU^dUTUDQbQ`QSv@YcQWeQ(i)TUZe\Y_TU!() cV
"! %
1>19Df_\!'(3_bbU_cdU\}WbQV_ciVUbb_SQbbY\Uc!() !()%dU\UWbQ]QTU
B"¡BUaeU^Q_`SYd

734
 ^Qc@bU`QbQbcUS_^d_TQc\QcQed_bYTQTUci\Qc`Ubc_^QcTU
ReU^Qf_\e^dQT<Qdb_`QTU\Y^dUbY_bTURUXQSUbcUbUc`U
dQbXQSYU^T_fQ\UbcecQb]Qcice]vcU^}bWYSQcUfUbYTQT
Q`b_fUSXUVeUbjQciU\U]U^d_c²3_SXbQ^U³"! &

?VYSY^QBQ]bUj
<2_eTQdi3 _`SYd

1`QbdYbTU\ZeUfUc! \Qc^UW_SYQSY_^UcU^dbU`Qdb_^Uci_RbUb_c\Qc
TU]_cdbQSY_^UcTUVeUbjQTU\Qcdb_`QcTUc`QSXQTQcQ\^_bdU`_b\QcQed_bYTQ
TUcTU\5cdQT_"! ' i\Qc]UTYQSY_^UcTUe^QcUbYUTUS_]YcY_^QT_cU^fYQT_c
`_b\Q9^dU^TU^SYQTUDQbQ`QSvQS_^fUbcQbS_^\_cXeU\WeYcdQcS_]U^jQb_^
QbU^TYbcecVbed_c<_c_`UbQbY_cTU\SQ^d†^]Y^Ub_TU>UWbUYb_c\\UWQb_^Q
e^QfU^Y]YU^d_S_^cec`Qdb_^Uc<_c`e^d_cUbQ^*SQ^SU\QSY†^]U^ceQ\TU
cQ\QbY_U^d_TQc\Qc_VYSY^Qc+`QW_U^`\QdQ_UaeYfQ\U^dUU^RY\\UdUccUW‹^U\
dY`_TUSQ]RY_+^_]RbQ]YU^d_`_b`QbdUTU\W_RYUb^_TUe^Y^c`USd_bTU
_VYSY^QccQ\YdbUbQcS_^U\U^SQbW_TUce`UbfYcQbU\dbQd_iS_^cYTUbQSY†^TU\_c

"! &
1>19Df_\" &=Y^YcdUbY_TU\9^dUbY_b!() dU\UWbQ]QTU\]Y^Ycdb_CQ^
VeU^dUcQ\9^dU^TU^dUTUDQbQ`QSvCQ^dYQW_)TUZe\Y_TU!() cV
"! '
5^Uc_cTQcU\W_RYUb^_S_^dbQd†U\fQ`_b9dQdQTU\Q3_]`Q…Q9^W\UcQ`QbQaeU
S_^TeZUbQQ9aeYaeUU\RQdQ\\†^5c]UbQ\TQaeUcUXQ\\QRQU^\Q`b_fY^SYQTU3_^SU`SY†^
iU\]Yc]_! TUZe\Y_\\UW†Q\QSQ`YdQ\dQbQ`QaeU…QU\R\Y^TQT_3_SXbQ^U`b_SUTU^dUTU
1^d_VQWQcdQS_^dbUY^dQiSY^S_c_\TQT_cTU\RQdQ\\†^3XQSQReS_&¡TU\^UQ

735
_RbUb_c+TYSdQSY†^`_bU\W_RYUb^_TUe^Q_bTU^Q^jQQ\QSeQ\cUceZUdQbQ^
UcdbYSdQ]U^dU\_cQT]Y^YcdbQT_bUcSQZUb_cS_bbUT_bUciU\bUcd_TU\`Ubc_^Q\
QT]Y^YcdbQdYf_iTUTYbUSSY†^TU\Qc_VYSY^QccQ\YdbUbQc+ce`bUcY†^TU\_c]}TY
S_cU^d_TQc\QcU]`bUcQci`_bS_^cYWeYU^dUTU\`Uc_aeUS_^dQ\_RZUd_TU
RQ^`QWQb]U^ceQ\]U^dU\_cdbQRQZQT_bUc+QSU`dQSY†^TU\QcVYSXQc`Ub_cY^
TUcSeU^d_Q\Q`Qb+\YRUbdQTTUS_]UbSY_U^\_cUcdQR\USY]YU^d_c+QfYc_TU
aeY^SUTQc`QbQ\YSU^SYQbQe^_`UbQbY_iaeU\Qc\UdbQcaeUWYbQRQ^\_cQT]Y
^YcdbQT_bUcTU_VYSY^Qc^e^SQUhSUTYUbQ^e^`\Qj_TUdbUcTQcTUQfYc_`QbQ
ceSQ^SU\QSY†^"! (

?VYSY^QC_\VUbY^_
<2_eTQdi3 _`SYd

5\! TUZe\Y_dQ]RY}^cUbUQ^eTQb_^\_cdbQRQZ_cU^\QUcdQSY†^TU\VU
bb_SQbbY\cQ\YdbUb_iU^\QVe^TYSY†^TU\=_bb_9aeYaeU`Ub_S_^dY^eQb_^
U^XeU\WQ\_c_RbUb_cTU\Q2U^UVYSYQT_bQTU3QfQ^SXQaeUdQ]RY}^`U
TQ^ceU\T_cU^`\QdQ_ceUaeYfQ\U^dUU^RY\\UdUc\_ccQcdbUci\_cjQ`QdUb_c
TUUcQ]Yc]QSYeTQT\Qd_dQ\YTQTTU\_cWbU]Y_cTU@YcQWeQi\Q]Qi_bQTU
\_cdbQRQZQT_bUcTU\QccQ\YdbUbQcTU\Y^dUbY_bTU\Q`b_fY^SYQTUDQbQ`QSv"! )

"! (
²>_dYSYQcTU\Y^dUbY_b³5\>QSY_^Q\9aeYaeU!!TUZe\Y_TU!() bU`b_TeSYT_`_b
5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_!)TUZe\Y_TU!() U^\Qb‹RbYSQ²3_bbU_TU9aeYaeU<_c
‹\dY]_c]_]U^d_cTU\QXeU\WQ³
"! )
²DbQRQZQ^T_³i²2U^UVYSYQT_bQTU3QfQ^SXQ³5\>QSY_^Q\9aeYaeUQbdSe\_cbU

736
 1\TQcYWeYU^dUfYUb^Uc!!TUZe\Y_cUTUS\QbQb_^U^XeU\WQ\_cSQcY
dbUcSYU^d_c_RbUb_cTU\Q]QUcdbQ^jQTU\VUbb_SQbbY\TU1^d_VQWQcdQUhYWYU^
T_aeUceccQ\QbY_cVeUbQ^`QWQT_cU^`\QdQ_U\UaeYfQ\U^dUU^RY\\UdUcS_^
U\bUSQbW_aeUVYZQRQU\VYcS_`QbQ\Q`UbSU`SY†^TUcecTUbUSX_c3_]_U\
ZUVUTU\UcdQR\USY]YU^d_\UcS_^dUcd†aeU^_UbQ`_cYR\UQSSUTUbQ\Q`UdY
SY†^Q^dUcTUS_^ce\dQbQ\TYbUSd_bY_bQTYSQT_U^FQ\`QbQc_\_c_`UbQbY_c
QRQ^T_^Qb_^\_cdQ\\UbUcicUTYbYWYUb_^Q\Q3_]`Q…QTUCQ\YdbUcT_^TU
cUW‹^e^Y^V_b]UTU\Q9^dU^TU^SYQTUfYfQVeUbjQY]`YTYUb_^\QS_^dY^eQ
SY†^TU\_cdbQRQZ_c<eUW_XYSYUb_^\_]Yc]_U^\Q6e^TYSY†^TU=UdQ\Uc
2U\\QfYcdQiU^\Qc`bY]UbQcX_bQcTU\QdQbTUcUU^SQ]Y^Qb_^Q@\QiQ2\Q^SQ
\eWQbcYdeQT_Qe^_cSeQdb_[Y\†]Udb_cTU\Q\_SQ\YTQTQY^fYdQbQ\_c_RbUb_c
TU\cUSd_bQe^bcU\Ucrcd_cQSU`dQb_^iZe^d_cf_\fYUb_^Q\QSYeTQT1^d_VQ
WQcdQcUU^S_^dbQRQ`bvSdYSQ]U^dUTUcWeQb^USYTQ`_bXQRUbcU]Q^TQT_
WbQ^`QbdUTUcecdb_`QcQ9aeYaeU "!! 
<Q`bY]UbQZ_b^QTQTU\`Qb_Q^d_VQWQcdY^_VeU`bUcU^dQTQU^\_c
cYWeYU^dUcd}b]Y^_c`_bU\S_bbUc`_^cQ\TUe^TYQbY_TU\Qj_^QSU^dbQ\*

<QXeU\WQS_]U^j†X_iQ]UTY_TQ`_bdbUcSYU^d_c
dbQRQZQT_bUcTU\VUbb_SQbbY\S_^]eSXQdbQ^aeY\YTQT
1\Qe^QX_cdY\YjQb_^\QcVQU^QcTU`\QjQ\_cX_b^_c
TU \Q S_]`Q…Q TU cQ\YdbU i \Qc VvRbYSQc TU 8eSXQbTc
KcYSMV_b]v^T_cUS_^\_cdbQRQZQT_bUcTUUc_cUcdQR\U
SY]YU^d_c]vcTUT_c]Y\XeU\WeYcdQc
1\QcSY^S_TU\QdQbTU\\UWQb_^SeQdb_SYU^d_cdbQRQ
ZQT_bUcTU@\QiQ2\Q^SQcYU^T_UcdUe^bUVeUbj_dUbbYR\U
`_bceSQ\YTQT
1\Qc&@=e^QS_]YcY†^TUXeU\WeYcdQcVeUbUSYRY
TQ`_bU\9^dU^TU^dUi\_cZUVUcTUU]`bUcQcaeUQSU`
dQb_^U^`QbdUcecUhYWU^SYQc
3_^S\ei† \Q XeU\WQ TU dbQRQZQT_bUc U^ WbU]Y_
aeUTQ^T_U^\QSQ\\U1^WQ]_cS_]_]Y\dbQRQZQT_bUc
URbY_ciU^QSdYdeTQ\Qb]Q^dU
@_S_TUc`e}c`QcQb_^Q\SU^db_Q`QWQb_^U\Q\e]
RbQT_`‹R\YS_cQaeUQb_^e^QdYU^TQcU\UcXYj_Y^dY]YTQ

`b_TeSYT_cU^²3_bbU_TU9aeYaeU<_c‹\dY]_c]_]U^d_cTU\QXeU\WQ³5\5cdQ^TQbdU
3Qd†\YS_CQ^dYQW_!)TUZe\Y_TU!() 
"!!
1>1=9f_\!%)&4_Se]U^dQSY†^bU\QdYfQQ9^dU^TU^SYQcTUSbUd_ci^_dQc
!() 9^dU^TU^SYQTU1^d_VQWQcdQ?VYSY_TU\9^dU^TU^dUQ\=Y^Ycdb_TU\9^dUbY_b!%TU
Ze\Y_TU!() VZc!'&!''+²<QcYdeQSY†^U^9aeYaeU³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_!!TU
Ze\Y_TU!() +²DU\UWbQ]Qc1^d_VQWQcdQ³<QF_jTU3XY\U9aeYaeU!"TUZe\Y_TU!() +²<Qc
XeU\WQcU^1^d_VQWQcdQ³²1e]U^d_TUcQ\QbY_³i²8eU\WQU^1^d_VQWQcdQ³5\=UbSebY_
FQ\`QbQc_!"TUZe\Y_TU!() +²5^1^d_VQWQcdQ8eU\WQTUdbQRQZQT_bUc³5\6Ubb_SQbbY\
CQ^dYQW_!"TUZe\Y_TU!() +²1^d_VQWQcdQ<_c‹\dY]_cceSUc_cTU5\9^TecdbYQ\³5\6U
bb_SQbbY\CQ^dYQW_!'TUZe\Y_TU!() 

737
 SY†^U^^_]RbUTU\Q\UiQ\QSeQ\^_XYSYUb_^SQc_5^fYcdQ
TUUcd_cUXYj_e^QTUcSQbWQTUSeQbU^dQbYV\UcicUTYc`Ub
cQb_^cUTYSUaeUXQifQbY_cXUbYT_c
1\Qc(@=`QbUSUQcUWebQTQ\QdbQ^aeY\YTQT "!!!

E^QWeQbTYQR\Q^SQTU\²fUSY^TQbY_³i]YU]Rb_cTU\3eUb`_TU
2_]RUb_cQcUWebQb_^\QfYWY\Q^SYQTU\QSYeTQTTebQ^dUU\bUcd_TU\Q
^_SXUiU^\_cTQccYWeYU^dUc"!!"5\!"TUZe\Y_\_cXeU\WeYcdQcQ^d_VQWQc
dY^_cS_^dY^eQb_^cec]Q^YVUcdQSY_^Uc1`UcQbTUU\\_\QcdYU^TQcQRbYU
b_^cec`eUbdQc<_cWbU]Y_cTU`\QiQdbQRQZQb_^TUcTU\QcT_SUTU\TQ
`Ub__db_c_RbUb_c`b_cYWeYUb_^U\]_fY]YU^d_²<_c]QaeY^YcdQccU^YU
WQ^QceRYbQ\Qc\_S_]_d_bQc`_baeUQcUWebQ^aeU\_cSQ\YSXUb_cTU\Q
`Q]`QSU^dbQ\aeUc_^S_]_]Y\`Ubc_^Qc\Uc_R\YWQbQ^QS_^TeSYb\_c
Q1^d_VQWQcdQ³Y^V_b]QRQU\S_bbUc`_^cQ\TUe^TYQbY_TU\QSQ`YdQ\5^
\Q^_SXU\Qdb_`Q]Qd†QSeQdb_XeU\WeYcdQciTUZ†XUbYT_cQfQbY_c]vc"!!#
5]`Ub_TebQ^dUU\]Yc]_TQcUbUe^YUb_^U^\Q9^dU^TU^SYQZe^d_Q\Q
]vhY]QQed_bYTQTTU\Q`b_fY^SYQ\_cQT]Y^YcdbQT_bUcTU\QU]`bUcQTU\
VUbb_SQbbY\TU\Q3_]`Q…QTUCQ\YdbUcU\QWU^dUTU\Q3_]`Q…QTU
8eQ^SXQSQiSY^S_bU`bUcU^dQ^dUcTU\_c_RbUb_cTUUcQcU]`bUcQc\\U
WQ^T_Qe^QbbUW\_aeU`bUfUQU\`QW_TU\_ccQ\QbY_cU^`\QdQ_ceUaeY
fQ\U^dUU^RY\\UdUcS_^U\bUSQbW_VYZQT_`_bU\VYcS_`QbQ\Q`UbSU`SY†^
TUcecTUbUSX_ci\Qce`bUcY†^²U^\_QRc_\ed_TUVYSXQcU^d_TQc\QcVQU
^QcTUSeQ\aeYUbQTU\QcU]`bUcQc^_]RbQTQciU^Uc`USYQ\TU\QTU@\Q
iQ2\Q^SQ³"!!$<QcdbQ^cQSSY_^UcS_^\_c`bY^SY`Q\UcWbU]Y_c`ecYUb_^VY^
Q\Q]Qi_bQTU\QcXeU\WQciU\QbbYR_TUcTUFQ\`QbQc_TU\QSQ…_^UbQ
@Y\S_]Qi_S_^e^S_^dY^WU^dUTUSYU^X_]RbUcTU\RQdQ\\†^1bdY\\UbQTU
3_cdQTY_dbQ^aeY\YTQTQ\_cS_]UbSYQ^dUcUY^TecdbYQ\Uc "!!%
=YU^dbQcdQ^d_U^9aeYaeUcUcU…Q\QRQSQ\]Q^__RQdQ^dU\Q]Q
i_bQTU\QccQ\YdbUbQci\_cVUbb_SQbbY\UccUWeQ^`QbQ\YjQT_c5^U\Y^dU
bY_bVeUbU`U\YT_e^^eUf_QdQaeUQ\Q_VYSY^QCQ^4_^Qd_`Ub_\_cXeU\
WeYcdQcS_^cYWeYUb_^cQaeUQb\Q`e\`UbQiaeU]Qb\_c`Q`U\UciQbSXYf_c
TU\Qc_VYSY^Qc?db_cWbe`_cTUdbQRQZQT_bUcY^dU^dQb_^QcQ\dQbcY^]Q
i_b}hYd_\Q_VYSY^QCQ^:_c}i\_c_RbUb_cTU\Q_VYSY^QcQ\YdbUbQ<Q@QdbYQ
cUTUS\QbQb_^U^XeU\WQU\]Yc]_TQ!"`QbQUhYWYbQe]U^d_TUcQ\QbY_c5^

"!!!
²<QcYdeQSY†^TU9aeYaeU³<Q<YRUbdQTDQ\SQ!#TUZe\Y_TU!() 
"!!"
1>1=9f_\!%)&9^dU^TU^SYQTU1^d_VQWQcdQ_`SYdV!'(+²DU\UWbQ]Qc
1^d_VQWQcdQ³_`SYd+²5^1^d_VQWQcdQ3QcQcQcQ\dQTQcCU`YTU^WQbQ^dQc³5\6Ubb_SQbbY\
CQ^dYQW_!#TUZe\Y_TU!() 
"!!#
²CYdeQSY†^TU9aeYaeU³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_!#TUZe\Y_TU!() 
"!!$
²1^d_VQWQcdQ³<QF_jTU3XY\U9aeYaeU!&TUZe\Y_TU!() +1>1=9f_\!%)&
9^dU^TU^SYQTU1^d_VQWQcdQ!%TUZe\Y_TU!() _`SYdVZc!')9^]UTYQdQ]U^dUTUc`e}c
TUS_^S\eYT_U\QSeUbT_cU`bUcU^d†U\QT]Y^YcdbQT_bTU\_c8_b^_cTU6e^TYSY†^TU
2U\\QfYcdQTUS\QbQ^T_ced_dQ\QTXUcY†^Q\_`QSdQT_9RYT
"!!%
?`SYdV!'(fdQ

738
`bUSQeSY†^TU^eUf_cY^SYTU^dUcVeUU^fYQTQTUcTU>UWbUYb_ce^Q`QbdYTQ
TUSQRQ\\UbQXQSYQUcdQ‹\dY]Q_VYSY^QCY]e\dv^UQ]U^dUU^\QcQ\YdbUbQCQ^
:_c}\_cXeU\WeYcdQc`bUdU^TYUb_^QdQSQb\Q`e\`UbQcYU^T_bUSXQjQT_c"!!&

?VYSY^QCQ^:_c}
<2_eTQdi3 _`SYd

5^dbUU\!!i!"TUZe\Y_^eUf_cQSeUbT_cU^dbUdbQRQZQT_bUciU]`bUcQ
bY_c`ecYUb_^d}b]Y^_Qe^QcUbYUTUXeU\WQcU^9aeYaeUS_]_\QTU\_c
_RbUb_cTU\Q2U^UVYSYQT_bQTU3QfQ^SXQaeYU^Uc\eUW_TU_RdU^Ube^Q
`b_]UcQTU`QW_U^`\QdQ_ceUaeYfQ\U^dUU^RY\\UdUcf_\fYUb_^Qcec\QR_
bUc"!!'4UY^]UTYQd_Q`U^Qc\_cS_^V\YSd_cS_]U^jQRQ^QbUc_\fUbcUcU
Q^e^SY†\QdvSdYSQ`Qdb_^Q\TUb_]`Ub_Q^e\Qb\QcS_^aeYcdQc`b_\UdQbYQc*
\YSU^SYQ]YU^d_cibUTeSSY†^TUQSdYfYTQTUc`b_TeSdYfQcQTeSYU^T_\QY]
`_cYRY\YTQTTUTQbSe]`\Y]YU^d_Q\_cQSeUbT_ci]Q^dU^UbU\]Yc]_bYd]_
TU`b_TeSSY†^1\]Yc]_dYU]`_U\U]`bUcQbYQT_QdbQf}cTUcecf_SUb_ci
]UTY_cTU`bU^cQ\Q^j†e^QU^}bWYSQ_VU^cYfQTUUh`\YSQSY_^UcTUcdY^Q
TQcQS_^fU^SUbQ\_cdbQRQZQT_bUcc_RbU\Qc^UVQcdQcS_^cUSeU^SYQcaeU\Qc

"!!&
²>_dYSYQcTU\Y^dUbY_b³<QF_jTU3XY\U9aeYaeU!"TUZe\Y_TU!() i²CeSUc_cTU\
Y^dUbY_b³5\>QSY_^Q\9aeYaeU!"TUZe\Y_TU!() 1]RQcY^V_b]QSY_^UcVeUb_^bU`b_Te
SYTQc`_b5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_!)TUZe\Y_TU!() U^\Qb‹RbYSQ²3_bbU_TU9aeY
aeU<_c‹\dY]_c³_`SYd
"!!'
9RYT

739
XeU\WQcQSQbbUQRQ^`QbQcec`b_`Y_cY^dUbUcUc5\`UbY†TYS_<QF_jTU3XY\U
UTYdQT_U^9aeYaeU`_b_`_cYd_bUcQ\W_RYUb^_fY^Se\QT_cS_^U\Wbe`_
>_bdXcUTUcdQS†U^UcdQQS_]UdYTQbUc`_^cQRY\YjQ^T_Q\_c²QWYdQT_bUc³
ceRU^dU^TYT_`QbdYTQbY_cTU\W_RYUb^_TU\QcS_^cUSeU^SYQc^UWQdYfQc
`QbQ\QS\QcU_RbUbQiTUcSbYRYU^T_S_^dbQj_cc_]Rb_c\QcYdeQSY†^Q\d}b]Y
^_TUUcQ`bY]UbQ_\QTUXeU\WQc*

3_]YU^jQ^iQQTUZQbcUcU^dYbU^`QbdU\_cUVUSd_c
aeU^USUcQbYQ]U^dUTURQ`b_TeSYbU\]_fY]YU^d_UVUS
deQT_ ‹\dY]Q]U^dU `_b \Qc S\QcUc dbQRQZQT_bQc+ ]_fY
]YU^d_aeUcY^\QdbYcdUY^dbecY†^TU`UcSQT_bUcvfYT_c
TUbU`\UdQbcecbUTUcU^`\U^_b_bUfeU\d_^_XQRbQ
Qce]YT_\Qc`b_`_bSY_^UcaeUQ\SQ^j†iaeUXQ^TUc
`UbdQT_cUW‹^^_cS_]e^YSQU\SQR\U\QY^TYW^QSY†^TU
d_TQ\Q`bU^cQTU\cebTU\`Qc
<_cTeU…_cTU\_cTYVUbU^dUcWbe`_c]Y^Ub_cTU\
Y^dUbY_bicecbU`bUcU^dQ^dUcQRbYWQ^U\`b_`†cYd_TU
cec`U^TUb\_cdbQRQZ_cTUd_TQcQaeU\\Qc]Y^QcaeUQ\
`bUcU^dU^_cUXQ\\Q^U^bUWe\QbUcdQT_TURU^UVYSY_
`_b^_cUb\Uc`_cYR\UXQSUbVbU^dUQ\_cSbUSYT_cWQcd_c
aeUTU]Q^TQceUh`\_dQSY†^S_^U\]Qi_bQe]U^d_TU
\_cZ_b^Q\UcUhYWYT_X_i`_b\_cdbQRQZQT_bUc
<Qc]Y^QcaeUS_^dY^‹Q^Uh`\_dv^T_cUaeUTQbv^
S_^e^QT_dQSY†^TU_`UbQbY_cbUTeSYTQU^]eSX_Q\Q
aeUS_^X_iSeU^dQ^
CUQcUWebQdQ]RY}^aeU]eSXQcTU\Qc_VYSY^Qc
cQ\YdbUbQcbUTeSYbv^Q\Q]YdQTU\^‹]Ub_TUcecQSdeQ
\UcdbQRQZQT_bUc
5^\QcVvRbYSQcTUVe^TYSY†^iTU]vcTUUcdQSYeTQT
XQ^cYT_iQ^_dYVYSQT_cQ\We^_c_`UbQbY_cTUaeUU^RbU
fUXQ^TUaeUTQbSUcQ^dUc`_bfUbcU_R\YWQT_ccecTeU
…_cQ\Y]YdQb\QcVQU^QcQ\QcUcdbYSdQ]U^dUY^TYc`U^cQ
R\Uc`QbQQdU^TUbcecS_]`b_]Yc_c
=eSX_c TU Ucd_c dbQRQZQT_bUc cU ]Q^YVUcdQRQ^
QiUbQ`Uce]RbQT_cTUXQRUbcUTUZQT_WeYQb`_bceZUd_c
UhdbQ…_c`QbQ`b_f_SQbe^QcYdeQSY†^aeU`Ubc_^Q\]U^
dUTURQTQ…Qb\_cU^`bY]Ub\eWQbQU\\_c]Yc]_c
CQRU]_caeUQ\We^_caeUdbQRQZQ^U^\Qc]Y^QcTU
´CQ^dQB_cQµQ`bUSYQ^T_\QcS_cQcU^UcUV_^T_TUReU^
ZeYSY_aeUc†\_QRQ^T_^QQ^eUcdb_cY^dU\YWU^dUcb_d_c
SeQ^T_cU\_WbQc_b`bU^TUbceReU^QVUXQ^]Q^YVUcdQ
T_XQ\\QbcUTYc`eUcd_cQS_^dY^eQbU^cecVQU^Qc`UbSY
RYU^T_\_c]Yc]_cZ_b^Q\UcaeUcU\UcQR_^QRQQ^dUcTU
\QXeU\WQ

740
 @eUTUaeUUcdU\QeTQR\U`b_`†cYd_cUQY]YdQT_`_b
d_T_ciTUdUb]Y^UUcdQQSdYdeT\Q`b_\_^WQSY†^TU\_cdbQ
RQZ_cU^\Q]Yc]Q\QdYdeTaeUXQcdQX_i
4U\_S_^dbQbY_e^^‹]Ub_S_^cYTUbQR\UTUWU^dU
TUdbQRQZ_cUfUbv_R\YWQTQQaeUTQbTURbQj_cSbejQT_c
cY^XQ\\QbU^ae}WQ^QbcUU\cecdU^d_TYQbY_iU\TUcec
VQ]Y\YQc"!!(

5^bUQ\YTQTS_]_cU…Q\†QSUbdQTQ]U^dUBQ]bUj>US_SXUQ\_c
U]`bUcQbY_cXQRQ^VYb]QT_\_cS_]`b_]Yc_cS_^\_cbU`bUcU^dQ^dUc
_RbUb_cS_]_e^Q]Q^UbQTUWQ^QbdYU]`_iS_^U\VY^`bU]UTYdQT_TU
Reb\Qb\_c@QcQT_U\`bY]Ub]_]U^d_TUTUcS_^SYUbd_icY^dY}^T_cUV_b
dQ\USYT_c `_b \Q `bUcU^SYQ TU db_`Qc \_c `Qdb_^Uc TUcS_^_SYUb_^ \_c
QSeUbT_cUY^dU^dQb_^f_\fUbQ\QcYdeQSY†^aeUUhYcdQQ^dUcTU\QcXeU\
WQc"!!)1…_c]vcdQbTU4QfYT1S_cdQe^_TU\_c]UTYQT_bUcU^fYQT_c`_b
U\Y^dU^TU^dUTUDQbQ`QSv`QbQY^dU^dQbbUc_\fUb\QXeU\WQTU\Q`Q]`Q
TYbQQUcdUbUc`USd_*²3_^}cdU_QaeU\`bUdUhd_d_T_cVQ\d_cTUVe^TQ
]U^d_`_cYdYf__Zecd_\_cUh`\_dQT_bUcTU\_cdbQRQZQT_bUccQ\YdbUb_ccU
`bU`QbQb_^TUcTUU\`bY]Ub]_]U^d_QbUYbcUTUUc_c`eUR\_ciTU\Qc
Qed_bYTQTUc]UTYQT_bQccYbfY}^T_cUTU}cdQc`QbQaeU\_ccQ\fQbQ^TU\
`U\YWb_aeUcUSbUQb_^S_^cec`b_`Y_cQRec_c³ "!" 
4UcTUU^d_^SUc°]UTYQT_cTUZe\Y_°\QcXeU\WQcf_\fYUb_^Q\Y^dU
bY_bTU\Q`b_fY^SYQTUDQbQ`QSv`Ub_cY^\_WbQb\QVeUbjQiQ]`\YdeTTU
\Q]QbUZQTQQ^dUbY_b<Q`bUcU^SYQTUVeUbjQcQb]QTQcU\TUcS_^SYUbd_i
\QTUcY\ecY†^S_]`\_dQb_^S_^dbQUcdU^eUf_]_fY]YU^d_<Q`QbdYTQTU
SU^dU^QbUcTUdbQRQZQT_bUcU]RQbSQT_cWbQdeYdQ]U^dUXQSYQU\ceb`_b
\QcQed_bYTQTUcVeU_db_VQSd_baeUS_^dbYRei†QTURY\YdQb\Q`b_dUcdQ
`_`e\Qb3QTQWbU]Y_cU`bUcU^d†Q\QRQdQ\\QTU]Q^UbQQYc\QTQi\QcbUY
fY^TYSQSY_^UcVeUb_^U^\Q]Qi_bQTU\_cSQc_c]eSX_]vc]_TUbQTQc*
U^\QccQ\YdbUbQciQ^_cUUhYWY†Qe]U^d_cTUceU\T_^YbU]e^UbQSY†^U^
`\QdQ_ceUaeYfQ\U^dUU^RY\\UdUccY^_\Qce`bUcY†^TU\QcVYSXQcU\`QW_
]U^ceQ\iU\d}b]Y^_TU\_cbUWYcdb_cTUc^eT_cE^UZU]`\_TU\QTbvcdY
SQQed_\Y]YdQSY†^TU\QcbUYfY^TYSQSY_^Uc_RbUbQcTebQ^dU\QcUWe^TQUdQ
`QTU\QcXeU\WQcTU\^_bdUcUU^SeU^dbQU^\QSQbdQU^fYQTQQ\9^dU^TU^
dU`_b\_cbU`bUcU^dQ^dUcTU\_cdbQRQZQT_bUcTU\Qc_VYSY^QcB_cQbY_TU
8eQbQCQ^:_bWUi@bY]YdYfQ`eR\YSQTQ`_b5\>QSY_^Q\TU9aeYaeUU\!&
TUZe\Y_5^UcdUdUhd_\_cTU\UWQT_c_RbUb_c`b_`_^Q^S_]_RQcUcTU
QbbUW\_S_^\_cU]`bUcQbY_c\Q]Q^dU^SY†^TU\_cQ^dYWe_ccQ\QbY_c+`QW_
U^]_^UTQS_bbYU^dU_U^VYSXQcQ_`SY†^TU\_cdbQRQZQT_bUccYU^T_U^

"!!(
²3_^cUSeU^SYQcTU\QXeU\WQ³<QF_jTU3XY\U9aeYaeU!"TUZe\Y_TU!() 
"!!)
BQ]bUj>US_SXUQ8Ycd_bYQ_`SYd`vW")(
"!"
?`SYd`vWc")(i"))

741
d_T_SQc_\QcVYSXQcS_^fUbdYR\UcU^]_^UTQ+\YRUbdQTS_]UbSYQ\U^\Qc_VYSY
^Qc+`QW_]U^ceQ\i`b_XYRYSY†^TU]e\dQcQ\_cdbQRQZQT_bUc"!"!
<Q]_TUbQSY†^TU\QcTU]Q^TQcTU\_c`Q]`Y^_ccUUcdbU\\†S_^dbQ\Q
Y^dbQ^cYWU^SYQTU\_c`Qdb_^UcaeYU^UcTUcTU\Q`_cYSY†^TUVeUbjQaeU\Uc
TQRQU\S_^dY^e_Qe]U^d_TUdb_`QcU^fYQTQc`_bU\W_RYUb^_`eTYUb_^
f_\fUbQY]`_^Ub\QcQ^dYWeQcS_^TYSY_^UcTUdbQRQZ_SQcYcY^fQbYQSY_^Uc
1cU\!)TUZe\Y_U\S_]UbSY_YaeYaeU…_^_dYVYS†Q\_cWbU]Y_cTUZ_b^Q\Ub_c
i\Q^SXUb_caeUXQRQQS_bTQT_cec`U^TUbU\`QW_U^`\QdQTUcecdbQRQZ_c
iaeUS_^dY^eQbQUVUSdev^T_\_²U^\QV_b]QU^aeUcU\\UfQRQQSQR_Q^dUc
TU\QXeU\WQ³"!""
FU^SYTQ`bvSdYSQ]U^dUU^d_T_c\_cbY^S_^UcTU\Q`b_fY^SYQTUDQ
bQ`QSv\Q`b_dUcdQ_RbUbQdbQc\QT†ceUZUQ\SU^db_TU\`Qc4ebQ^dU\Q
cUWe^TQaeY^SU^QTUZe\Y_S_^dY^eQb_^TUcQbb_\\v^T_cUQ\We^Qc\eSXQc
U^U\^_bdU`Ub_iQUbQ^`QbdUTUe^S_]RQdUTUbUdQWeQbTYQU^e^S_^
dUhd_WU^UbQ\TUS_bbU\QSY†^TUVeUbjQc`b_Ve^TQ]U^dUTUcVQf_bQR\UQ
\_cdbQRQZQT_bUc
5^1bYSQSYeTQT`UbeQ^QS_\_SQTQRQZ_\QQT]Y^YcdbQSY†^SXY\U^Q
U\S_^V\YSd_c_SYQ\cUU^dbU]UjS\†S_^\QUc`Y^eTQSeUcdY†^^QSY_^Q\XQ
SYU^T_]vcS_]`\UZQ\QcYdeQSY†^<QcS_^dbQTYSSY_^UcU^dbUTYcdY^dQcVQS
SY_^UcTU\QU\YdUaeUXQRQ^`UcQT_U^\QW}^UcYcTU\QcXeU\WQc^_bdY
^QcQdbQf}cTU\Q]Q^Y`e\QSY†^TU\QcbUYfY^TYSQSY_^Uc_RbUbQccUfYUb_^
bUV_bjQTQc`_bVQSd_bUc}d^YS_ci^QSY_^Q\Uc4UUcdQ]Q^UbQcUW‹^\_
TU^e^SYQT_`_bU\S_^db_fUbdYT_4Q^YU\@Q\QSY_cS_]Q^TQ^dUTU\WbU
]Y_TUZ_b^Q\Ub_cQ\@bUcYTU^dUTU\QBU`‹R\YSQ*

5\7_RUb^QT_bTU\YbQ^dUXQRQQbb_ZQT_e^]Q^
d_b_Z_c_RbUU\TUS_b_^QSY_^Q\+XQRQ`b_TeSYT_X_bQc
]vcX_bbYR\UcaeU\QcdU]`UcdQTUcTU\Q^QdebQ\UjQ+XQ
RQU^dbUWQT_Q\Veb_bTUdebRQcV_b]QTQcS_^jQ]R_ci
^UWb_c`UbeQ^_cSQ`YdQ^UQT_c`_bU]`\UQT_c`‹R\YS_c
TUceY^dY]YTQTQ_db_cVe^SY_^QbY_cSYeTQTQ^_cSXY\U
^_caeUcY^bUdb_SUTUbQ^dU^Y^W‹^`U\YWb_U^U\Se]
`\Y]YU^d_TYcSbUd_TUcecTURUbUcS_^dU]`\QRQ^\QcU
TYSY†^Qb]QTQS_^dbQU\_bTU^iWQbQ^dQc`‹R\YSQc\\U
^QU\Q\]QTUj_j_RbQ"!"#

<QcTUcQfU^YU^SYQcTU\QU\YdUUbQ^`b_Ve^TQc*U\7_RUb^QT_b\_c
ZeUSUc\_c]YU]Rb_cTU\Q:e^dQTU2U^UVYSU^SYQU\S_]Q^TQ^dUTU\WbU

"!"!
²@bUcU^dQSY†^³5\>QSY_^Q\9aeYaeU!&TUZe\Y_TU!() bU`b_TeSYT_`_b5\
5cdQ^TQbdU3Qd†\YS_CQ^dYQW_"#TUZe\Y_TU!() F}QcUdQ]RY}^²<_cdbQRQZQT_bUcTU\Q
`Q]`QicecUhYZU^SYQc³<QF_jTU3XY\U9aeYaeU!(TUZe\Y_TU!() 
"!""
²<QfeU\dQQ\Q^dYWe_b}ZY]U^³<QF_jTU3XY\U9aeYaeU" TUZe\Y_TU!() 
"!"#
2>C=3_bbUc`_^TU^SYQQ:_c}=Q^eU\2Q\]QSUTQd_]_F99!() ?VYSY_TU
4Q^YU\@Q\QSY_cQ:_c}=Q^eU\2Q\]QSUTQDQS^QQW_cd_#TU!() V" $

742
]Y_TUZ_b^Q\Ub_cU\QT]Y^YcdbQT_bTUQTeQ^QciSYUbd_cVe^SY_^QbY_cUcdQ
dQ\Uci]e^YSY`Q\UccUQWbe`QRQ^U^RQ^T_ciS_^c`YbQRQ^dbQdQ^T_TU
]Q^W_^UQbSQTQSeQ\Qce]Q^UbQ\QcbUYfY^TYSQSY_^Ucc_SYQ\Uci^QSY_^Q
\Uc"!"$5^UcdUTU\YSQT_S_^dUhd_iQ`UcQbTU\QSeUbT_TU\QcSQcQcTUS_
]UbSY_TU`QWQbU^]_^UTQR_\YfYQ^Q\_cdbQRQZQT_bUc`_bdeQbY_ccUTUS\Q
bQb_^U^XeU\WQU\!&TUZe\Y_QWbUWQ^T_QcecTU]Q^TQcUS_^†]YSQc\Q
UhYWU^SYQTUTUcdYdeSY†^TU\S_]Q^TQ^dUTU\WbU]Y_TUZ_b^Q\Ub_ci\Q^
SXUb_c"!"%5\fYUb^Uc!(SeQ^T_iQXQRQ^`QbQT_\_cZ_b^Q\Ub_cSQSXeSXU
b_cV\UdUb_c\Q^SXUb_ciS_SXUb_cQTU]vcTUQ\We^_c_RbUb_c`Q^YVYSQT_
bUce^_cT_cSYU^d_cXeU\WeYcdQccUTYbYWYUb_^Q\Q7_RUb^QSY†^S_^e^Q
RQ^TUbQQ\QSQRUjQiQ\c_^TUe^dQ]R_bWbYdQ^T_¥fYfQcQ\QcQed_bYTQTUc
i¥]eUbQcS_^dbQU\S_]Q^TQ^dUTU\WbU]Y_iU\QT]Y^YcdbQT_bTU\QQTeQ^Q
DQ]RY}^U^UcdUSQc_\Q]Q^YVUcdQSY†^def_e^cQ\T_dbvWYS_*\_cc_\TQT_c
aeUSecd_TYQRQ^\Q7_RUb^QSY†^Y^dY]YTQb_^Q\_cdbQRQZQT_bUcQTYc`UbcQb
cU+S_]_}cd_c^__RUTUSYUb_^\Qdb_`QSQbW†Q\QRQi_^UdQSQecQ^T_Q\
]U^_ccYUdUXUbYT_cC†\_\QbU]_SY†^TU@Q\QSY_cWbQSYQcQ\QY^dUbfU^SY†^
`Ubc_^Q\TU\Y^dU^TU^dUTUDQbQ`QSvaeUcUXQRQdbQc\QTQT_Q\^_bdU`QbQ
Q`QWQb\_c‹\dY]_cV_S_cTUbURU\Y†^_RbUbQ`Ub]YdY†aeU\_c`_bdeQbY_c
bUWbUcQbQ^QcecVQU^QcU\\e^Uc"!TUZe\Y_Q`UcQbTUaeUcecbUYfY^TYSQSY_
^UccQ\QbYQ\Uc^_VeUb_^cQdYcVUSXQc "!"&
5^\Q`Q]`QceRcYcdYUb_^TebQ^dUfQbY_cTQcQ\We^_cV_S_cTUQWYdQ
SY†^Uc`USYQ\]U^dUU^B_cQbY_TU8eQbQT_^TUcU`b_TeZ_e^Q]_dY^Q

"!"$
?`SYdVZc" $" &
"!"%
2>C=3_bbUc`_^TU^SYQQ:_c}=Q^eU\2Q\]QSUTQd_]_F99!() ?VYSY_TU
2U^ZQ]^1bdUQWQ1\U]`QbdUQ:_c}=Q^eU\2Q\]QSUTQ1bYSQZe\Y_"$TU!() VZc! &
!!!+²=Q^YVYUcd_TU\_cXeU\WeYcdQcTU1bYSQ³5\4URUbDQS^Q!&TUZe\Y_TU!() +²3QR\U
WbQ]QTU1bYSQ³5\6Ubb_SQbbY\CQ^dYQW_!'TUZe\Y_TU!() +²3_bbUc`_^TU^SYQc1bYSQ³
5\DQS_bQDQS^Q!'i!(TUZe\Y_TU!() +²DU\UWbQ]Qc8eU\WQU^1bYSQ³5\=UbSebY_FQ\
`QbQc_!'TUZe\Y_TU!() +²3_bbUc`_^TU^SYQ1bYSQ³5\4URUbDQS^Q!'i!(TUZe\Y_TU
!() +²CeSUc_cTU\^_bdU³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_!(TUZe\Y_TU!() +²1bYSQi\Q
XeU\WQ³i²3_]`Q…Ub_c³5\=_bb_TU1bYSQ1bYSQ!)TUZe\Y_TU!() 
"!"&
²3_bbUc`_^TU^SYQ1bYSQ³5\4URUbDQS^Q!)i"!TUZe\Y_TU!() +²DU\UWbQ]Qc
DU\}WbQV_TU\5cdQT_1bYSQ<QXeU\WQQe]U^dQ³5\=UbSebY_FQ\`QbQc_!)TUZe\Y_TU
!() +²DU\UWbQ]Qc³5\DQS_bQDQS^Q!)TUZe\Y_TU!() +²<QXeU\WQU^1bYSQ³5\9^TU
`U^TYU^dUCQ^dYQW_" TUZe\Y_TU!() +²3_bbUc`_^TU^SYQc1bYSQ³5\DQS_bQDQS^Q"
TUZe\Y_TU!() +²3b†^YSQ5caeU\Q³5\4URUbDQS^Q"!TUZe\Y_TU!() +²DU\UWbQ]Q<_c
TUc†bTU^UcTU1bYSQ³5\=UbSebY_FQ\`QbQc_"!TUZe\Y_TU!() +²<QXeU\WQTU1bYSQ³5\
=UbSebY_FQ\`QbQc_")TUZe\Y_TU!() +²1bYSQ³5\=UbSebY_FQ\`QbQc_!TUQW_cd_TU
!() <QfUbcY†^U^dbUWQTQ`_b\QQed_bYTQT\_SQ\Q\@bUcYTU^dUTU\QBU`‹R\YSQ^UW†\Q
UhYcdU^SYQTUfSdY]QcU^dbU\_c]Q^YVUcdQ^dUcQcUWebQ^T_aeU²c†\_RQcd†\QY^dY]YTQSY†^
aeU\UcXYj_e^`YaeUdUTUfUY^dUX_]RbUcTU\(¡TU\^UQ`QbQaeUd_T_ccUTYc`UbcQcU^U^
`_S_c]_]U^d_ccY^]vcY^SYTU^dUcaeUQ\We^Qc`UTbQTQciQ\We^_cSe\QdQj_caeU^_XQ^
dU^YT_TUcWbQSYQQ\We^QaeUTU`\_bQb³2>C=3_bbUc`_^TU^SYQQ:_c}=Q^eU\2Q\]QSUTQ
d_]_F99!() ?VYSY_TU2U^ZQ]^1bdUQWQ1\U]`QbdU_`SYdV!!!<Q`bU^cQ\_SQ\
`eR\YS†\_c^_]RbUcTUcYUdUXUbYT_c`_bRQi_^UdQiUc`QTQ²<_cceSUc_cTUQiUb³5\=_
bb_TU1bYSQ1bYSQ!)TUZe\Y_TU!() 

743
]YU^d_TU\_c_`UbQbY_caeUVeUbv`YTQ]U^dUc_V_SQT_U\!'TUZe\Y_`_b\Qc
db_`QcQSQ^d_^QTQcU^UcU\eWQbiU^@QSQSXQi:Qj`Q]`QT_^TUe^_ccUYc
SYU^d_cdbQRQZQT_bUcU^XeU\WQQ`QWQb_^U\TQceRcYWeYU^dU\_cX_b^_cTU
Q]RQc_VYSY^Qc"!"'

5cdQSY†^TU\6633cQ\YdbUb_@YcQWeQ
<2_eTQdi3 _`SYd

5^@YcQWeQXeR_e^bURb_dUTU\Q`b_dUcdQ`_`e\QbQ`QbdYbTU\\e^Uc
"!TUZe\Y_Q\TUS\QbQbcUU^XeU\WQU\WbU]Y_TUZ_b^Q\Ub_c`_bdeQbY_cQ\Q
Uc`UbQTU\QTUSYcY†^TUceX_]†\_W_YaeYaeU…_bUc`USd_TU\QQSU`dQSY†^
_bUSXQj_TU\`QW_TUcecbU]e^UbQSY_^UcU^RY\\UdUc@_cdUbY_b]U^dUVeU
b_^Y]YdQT_c`_b\_c\Q^SXUb_cSQSXeSXUb_cie^Q`QbdUTU\_cdbQRQZQT_bUc
TU\VUbb_SQbbY\4U\UWQSY_^UcTUXeU\WeYcdQccUTYbYWYUb_^Q3Q\UdQ:e^^i
Q9aeYaeU`QbQY^dU^dQbS_^cUWeYbQ`_i_c`QbQce]_fY]YU^d_<Q]QbY^UbQ
TU<Q5c]UbQ\TQTU\QQb]QTQ^QSY_^Q\Qce]Y†\_cdbQRQZ_cTUTUcSQbWQTU
]UbSQTUbQc<_cZ_b^Q\Ub_ciV\UdUb_ccU]Q^defYUb_^U^XeU\WQXQcdQU\#
TUQW_cd_`QbQS_^aeYcdQbe^" TUbUQZecdUcQ\QbYQ\1\TQcYWeYU^dUbUS_

"!"'
²5^B_cQbY_TU8eQbQ³<QF_jTU3XY\U9aeYaeU!(TUZe\Y_TU!() +1>19D
f_\!((7bU]Y_TU:_b^Q\Ub_c!() !()"dU\UWbQ]QTU<Qd_bbUQ\9^dU^TU^dUTUDQbQ
`QSvdU\UWbQ]QTU\Q_VYSY^QTU>UWbUYb_cU^Ze\Y_!)TU!() Q\Qc!X!!]@=cV

744
^_SYUb_^ceTUbb_dQif_\fYUb_^Q\dbQRQZ_`_b\QQ^dYWeQdQbYVQ"!"(@Ub_U\
TUcS_^dU^d_\QdU^dU_bYWY^QbQU^cU`dYU]RbUe^^eUf_`Qb_TU\QR_bUc
UcdQfUj`QbQ`b_dUcdQb`_b\QbUV_b]QTU\bUW\Q]U^d_aeU\_cbUWQ"!")
5^9aeYaeU\QTUSYcY†^TU\S_]UbSY_TUf_\fUbQ\Q^dYWe_cYcdU]QTU
`QW_U]`eZ†Q\_cZ_b^Q\Ub_ci\Q^SXUb_cQbUY^YSYQb\QXeU\WQU\"!TU
Ze\Y_@Ub_UcdQ_`_bde^YTQTS_]`\_dQb_^S_^dbQce]_fY]YU^d_^e]U
b_c_cVQSd_bUc<_c`b_`Y_cdbQRQZQT_bUcUcdQRQ^TYfYTYT_c+Q\We^_cUbQ^
`QbdYTQbY_cTUcUWeYbcYU^T_]YU]Rb_cTUe^WbU]Y_VYcSQ\+_db_c`bUVU
bQ^e^QbU\QSY†^\YRbUiTYbUSdQS_^U\S_]UbSY_<QSQbWQiTUcSQbWQTU
]UbSQTUbQcVeUQcUWebQTQQ\]U^_c`QbSYQ\]U^dU`_bQ\We^_cZ_b^Q\U
b_ci\Q^SXUb_caeUS_^dY^eQb_^dbQRQZQ^T_i`_b\QdbY`e\QSY†^TU\Re
aeUTUWeUbbQ3_SXbQ^UTU\QQb]QTQ^QSY_^Q\+\Q`_\YSQbU`bY]Y†`b_^
dQ]U^dUQ\_cXeU\WeYcdQcaeUY^dU^dQb_^Q]UTbU^dQbQ`UTbQTQcQ\_c
UcaeYb_\Uci\QZecdYSYQ\_cS_^TU^†S_^YWeQ\TY\YWU^SYQ4Ubb_dQT_c\_c
`_bdeQbY_cS_]U^jQb_^Qf_\fUbQcecVQU^QcU\")TUZe\Y_ "!# 
5^1^d_VQWQcdQ\_c\Q^SXUb_cTU\Q5]`bUcQTU\6Ubb_SQbbY\iTU\Q
3_]`Q…QTU\CQ\YdbUaeUcUbUcYcdQ^QcUWeYbdbQRQZQ^T_U^\QcS_^TY
SY_^UcQ^dUbY_bUccUTUS\QbQb_^U^XeU\WQU\#!TUZe\Y_SeQ^T_\QcYdeQ
SY†^cUU^S_^dbQRQfYbdeQ\]U^dU^_b]Q\YjQTQU^\Q]Qi_bQTU\Qc\_SQ\Y
TQTUcTU\>_bdU7bQ^TU1\TQcYWeYU^dU\Q`bUcU^SYQTUT_c`YaeUdUcTU
\Qdb_`QTU\^UQ`ec_VY^Q\]_fY]YU^d_ "!#!
=vcQ\cebU^U\>_bdU3XYS_`b_RQR\U]U^dUS_]_e^US_TU\Qc
XeU\WQcU^DQbQ`QSvi1^d_VQWQcdQcUWU^Ub†e^S\Y]QTUQWYdQSY†^U^
Q\We^_cWbe`_c`U_^Q\UcUc`USYQ\]U^dUTUSQbbY\Q^_ci]Y^Ub_c<QQ\Qb
]QSe^TY†U^dbU\QcQed_bYTQTUc5\!"TUZe\Y_Q\be]_bUQbcUU^6bUYbY
^QaeUQSYUbdQcSeQTbY\\QcTUSQbbY\Q^_c^_cU\UcSQ^SU\QbQ^ceccQ\QbY_c
²U^e^QRbYbiSUbbQbTU_Z_cd_T_c\_c_`UbQbY_ccUQb]Qb_^TUWQbb_dUci

"!"(
1>19Df_\!)!7_RUb^QSY†^TU@YcQWeQ!() dU\UWbQ]QcTU=1BY_VbY_
Q\9^dU^TU^dUTUDQbQ`QSv>¡c&()' &c^i'!(@YcQWeQ"#"(i#!TUZe\Y_"i$TU
QW_cd_TU!() cV+²@b_fY^SYQc@YcQWeQ<QXeU\WQ³5\=UbSebY_FQ\`QbQc_"!TUZe\Y_
TU!() +²@YcQWeQ>eUfQXeU\WQTU\Q^SXUb_c³5\=UbSebY_FQ\`QbQc_")TUZe\Y_TU
!() +²<QXeU\WQU^@YcQWeQ³<QF_jTU3XY\U9aeYaeU%TUQW_cd_TU!() 
"!")
1>19Df_\!)!7_RUb^QSY†^TU@YcQWeQ!() dU\UWbQ]QcTU=1BY_
VbY_Q\9^dU^TU^dUTUDQbQ`QSv@YcQWeQ"#$i!!TUcU`dYU]RbUTU!() cV+²8eU\WQ
U^@YcQWeQ³5\=UbSebY_FQ\`QbQc_$TUcU`dYU]RbUTU!() 
"!#
²8eU\WQ³<QF_jTU3XY\U9aeYaeU""TUZe\Y_TU!() +²<QXeU\WQ³<QF_jTU
3XY\U9aeYaeU"#i"%TUZe\Y_TU!() +1>19Df_\!')1TeQ^QiDUc_bUbQ!() 
_VYSY_TU1\UZQ^Tb_FQ\TYfYUc_Q\Cb1T]QbTU1TeQ^Qc>¡&$BUcWeQbT_TU9aeYaeU
9aeYaeUZe\Y_"#TU!() cVi_VYSY_TU1^TJ>YU\_Q\9^dU^TU^dUTUDQbQ`QSv3_]Q^
TQ^SYQTU@_\YSQTU9aeYaeU9aeYaeUZe\Y_"#TU!() cV+²<QXeU\WQTU\_c\Q^SXUb_c³
²BU]YdYT_c1\S_]UbSY_³<QF_jTU3XY\U9aeYaeU"&TUZe\Y_TU!() +²BU]YdYT_c1SdeQ
\YTQT³<QF_jTU3XY\U9aeYaeU"'TUZe\Y_TU!() ²<_c\Q^SXUb_c³<QF_jTU3XY\U9aeY
aeU")TUZe\Y_TU!() +²<QXeU\WQTU\_c\Q^SXUb_c³9aeYaeU# TUZe\Y_TU!() 
"!#!
²DU\UWbQ]Qc1^d_VQWQcdQ³<QF_jTU3XY\U9aeYaeU!TUQW_cd_TU!() +²1^d_
VQWQcdQ<_c\Q^SXUb_c³5\=UbSebY_FQ\`QbQc_&TUQW_cd_TU!() 

745
Q\We^_cTU}cd_cTUS_bf_cibUf†\fUb³d_]Q^T_S_]_bUXU^UcQ\_c`QWQT_
bUciQ\ceRTU\UWQT_S_]_]UTYTQTU`bUcY†^`QbQ_RdU^UbU\`QW_`QbQ
d_T_c\_cdbQRQZQT_bUc"!#"5^3XQ…QbQ\\QcQed_bYTQTUcc_\YSYdQb_^bUVeUb
j_c]Y\YdQbUc`QbQ`bUfU^YbTUc†bTU^UcU^\QSYeTQTiU^\_cSU^db_c]Y^U
b_cTUÂ^Y]QcCQ\QT_i@Q^TU1j‹SQb@Ub_S_]_\QSbdYSQcYdeQSY†^U^U\
>_bdU7bQ^TUiU^FQ\`QbQc_Y]`UTQU\U^f_TUS_^dY^WU^dUcQUcQj_^Q
U\7_RUb^QT_bTURY†S_^dU^dQbcUS_^cUWeYb\QcY^TYSQSY_^UcTU\=Y^YcdU
bY_TU\9^dUbY_bTU_bWQ^YjQb\QTUVU^cQS_^\Q`_\YSQfUSY^_ci3eUb`_TU
2_]RUb_c4YSXQc]UTYTQci\QTUS\Y^QSY†^TU\_c`Qb_cU^\QbUWY†^TU\
cQ\YdbUiU^FQ\`QbQc_RQcdQb_^`QbQ]Q^dU^UbQbQiQQ\_c]Y^Ub_cQdQSQ]U
…_c"!##<QXeU\WQQ\`QbUSUb^_Q\SQ^j†QUcdQ\\Qb"!#$
1UcQcQ\debQcU\U`YSU^db_TU\S_^V\YSd_c_SYQ\cUU^S_^dbQRQSU^dU^Q
bUcTU[Y\†]Udb_c]vcQ\cebU^FQ\`QbQc_`eUbdQTUU^dbQTQiTUcQ\YTQTU\
3XY\USU^dbQ\

< 1C 8E5<71C I <1 179D139É> 5> F 1<@1B1ÅC? I 5> ?DB1C B579?>5C

3eQ^T_\_c‹\dY]_cV_S_cTU`b_dUcdQ_RbUbQ^_dUb]Y^QRQ^Q‹^TUQ`Q
WQbcUS_]`\UdQ]U^dUU^U\^_bdUTU\`QccebWY†e^]_fY]YU^d_TUSQ
bQSdUbcdYSQccY]Y\QbUcU^FQ\`QbQc_1\Qc'TU\Q]Q…Q^QTU\\e^Uc"!TU
Ze\Y_cUTUS\QbQb_^U^XeU\WQ\_cV\UdUb_ci\Q^SXUb_cTU\Q3_]`Q…Q
CeTQ]UbYSQ^QTUFQ`_bUcUhYWYU^T_`QW_U^`\QdQce`bUcY†^TU\"%
TU\TUbUSX_TU]eU\\UTU\!"aeUTUZQRQ^U^SQZQiTU\! aeU\Uc
aeYdQRQ^\_cSQ`QdQSUc<Q`QbQ\YjQSY†^TU\QR_bUci\Qc]Q^YVUcdQSY_^Uc
cUUhdU^TYUb_^S_^WbQ^bQ`YTUj>e]Ub_c_cWbe`_cTUXeU\WeYcdQcQb
]QT_cTUWQbb_dUcbUS_bbYUb_^U\]Q\US†^i\QcSQ\\Uc_SQcY_^Q^T_Q\We
^_cTUcdb_j_ci\UfQ^dQ^T_e^Q`QbdUTU\_cbYU\UcTU\VUbb_SQbbY\ebRQ^_
E^_cSYU^V\UdUb_ci\Q^SXUb_cY^cdQb_^Q\_cZ_b^Q\Ub_cTU\TYaeUQcec
`U^TUbcecdbQRQZ_c5^cUWeYTQcUTYbYWYUb_^T_^TUU\Y^dU^TU^dUCv^
SXUjQaeYU^Uh`ecYUb_^cecTU]Q^TQc<QU^dbUfYcdQ^_Qbb_Z†bUce\dQ
T_cS_^SbUd_ciQaeUU\9^dU^TU^dUUh`\YS†aeUU\`b_R\U]QbUcYTQU^\Q
bU\QSY†^U^dbU\_cdbQRQZQT_bUcicecU]`\UQT_bUciU^U\3_^WbUc_aeU
XQRQUcdQR\USYT_\_cTUcSeU^d_c`_b\Ui<eUW_U\bU`bUcU^dQ^dU`b_fY^
SYQ\TU\5ZUSedYf_Y]`b_fYc†e^QQ\_SeSY†^c_RbUU\dUSX_TUe^dbQ^fQ

"!#"
²6bUYbY^Q7bQ^TUc_bTU^TU\_cSQbbY\Q^_c³5\=UbSebY_FQ\`QbQc_!)TUZe\Y_
TU!() 
"!##
1>1=9f_\!%)&?VYSY_TU4BYc_`Qdb†^3Q…Qc9^dU^TU^dUTU1dQSQ]QQ\
=Y^Ycdb_TU\9^dUbY_b3_`YQ`†Ze\Y_#!TU!() 
"!#$
@Ub_\QdU^cY†^ceRcYcdY†TebQ^dUfQbYQccU]Q^Qc5\"#TUQW_cd_`QbdYbQ`_b]Qb
XQSYQ<_cFY\_ce^`YaeUdUTUX_]RbUcTU\#¡TU\^UQ`QbQ`bUfU^YbTUc†bTU^UcTU\_c
SQbbY\Q^_cTU\QbUWY†^²@QbdYTQTUdb_`Qc³5\=UbSebY_FQ\`QbQc_""TUQW_cd_TU!() 

746
`b_]UdYU^T_Q\_c]Q^YVUcdQ^dUcY^dUbSUTUbQ^dUU\S_]UbSY_`QbQ_RdU^Ub
cQdYcVQSSY†^TU\QcbUYfY^TYSQSY_^Uc "!#%
8QSYQ\Qc!# Xbc\Q`Qbv\YcYcTU\QSYeTQTUbQd_dQ\FQbYQcVvRbYSQcTU
Q\Y]U^d_ciSQcQcTU`b}cdQ]_cXQRQ^cYT_cQaeUQTQci_db_cWbe`_cTUdbQ
RQZQT_bUcU^dbU\_caeUcUS_^dQRQ^\_cSQbbUd_^Ub_ci\_c_RbUb_cTUQ\We
^_cUcdQR\USY]YU^d_cY^TecdbYQ\UcS_]_\_cTU8QbTYUi3QcUXQRQ^e^Y
T_Q\QXeU\WQ5^U\QcQ\d_Qe^Q`Q^QTUbQ\Qc²debRQc³XQRQ^cYT_bU`U\Y
TQcQRQ\Qj_caeUTQ^T_T_SUXUbYT_c<_cRQ^S_cidYU^TQcVeUb_^SUbbQ
T_c"!#&<_cdbQRQZQT_bUccUXQRQ^QTeU…QT_TUFQ\`QbQc_CUW‹^e^bU
`_bdUb_*

1\Qe^QTU\TQSUbbQT_d_T_U\S_]UbSY_RQ^S_ci
`bY^SY`Q\Uc_VYSY^Qc`‹R\YSQc<QSYeTQT`bUcU^dQRQU\Qc
`USd_TUe^QSYeTQTU^\_c]_]U^d_c]vcSbdYS_c3QTQ
`\QjQSQTQRQbbY_SQTQSQ\\UUbQe^SU^db_TUWU^dU
Q]_dY^QTQU^T_^TU_bQT_bUcY]`b_fYcQT_cXQSQ^ec_
TU\Q`Q\QRbQUh`\YSQ^T_SQTQSeQ\\_aeU`QcQRQS_
]U^dQ^T_Qce]_T_i`b_`_^YU^T_UcdU`\Q^_QaeU\
_db_ "!#'

1\Qc!$ XbccU`b_TeZUb_^\_c`bY]Ub_cU^VbU^dQ]YU^d_cU^dbU
\Q`_\YSQi\_cXeU\WeYcdQcU^\Q@\QjQTU\Q9^dU^TU^SYQ1\Qc!& Xbc
e^^e]Ub_c_Wbe`_TU]Q^YVUcdQ^dUcQdQS†\QY]`bU^dQTU\TYQbY__`_cY
d_b<QE^Y†^TUcTUT_^TUcUTYc`Qb†S_^dbQ\Q]QcQE^QcdbUY^dQ`Ubc_
^QcVeUb_^Q\SQ^jQTQc`_b\QcRQ\Qc+\eUW_Y^dUbfY^YUb_^\Qcdb_`QcTU\
UZ}bSYd_\_WbQ^T_TYc`UbcQbQ\_cdbQRQZQT_bUcaeUVeUb_^`UbcUWeYT_c
`_be^`YaeUdUTU`_\YSQcQSQRQ\\_²aeU\_cRQbbY†XQcdQ\Q`\QiQ³"!#(
<Q\QR_bTU\Q`_\YSQiTU\_c]Y\YdQbUcVeUQbTeQ<_ccQaeU_cQ`U
TbUQ]YU^d_cTUcdbeSSY_^UciQdQaeUcQ`b_`YUTQTUc`‹R\YSQci`bYfQTQc
cU`b_TeZUb_^U^TYcdY^d_ccUSd_bUcTU\QSYeTQT`QbdYSY`Q^T_U^U\\_c
e^Q]eSXUTe]RbUTUe^QcTYUj]Y\`Ubc_^QccUW‹^\QcUcdY]QSY_^UcTU\
cUSbUdQbY_TU\Q3_]Q^TQ^SYQ7U^UbQ\TU1b]QcTUFQ\`QbQc_<_cc_\
TQT_cTURYUb_^]e\dY`\YSQbcUi²S_bbUbS_]_WQ]_c`_b\QcSQ\\Uce^_c

"!#%
1>19Ff_\&&%3_]e^YSQSY_^UcTU\Q7eQbTYQ=e^YSY`Q\!() ?VYSY_TU
=Q^eU\::Qb`QQ\9^dU^TU^dUTUFQ\`QbQc_7eQbTYQ=e^YSY`Q\FQ\`QbQc_Ze\Y_"$TU
!() cV+²8eU\WQ³5\=UbSebY_FQ\`QbQc_"!TUZe\Y_TU!() +²8eU\WQU^FQ\`QbQc_³
5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_"!TUZe\Y_TU!() +²?bYZU^TU\_cTUc†bTU^Uc³5\3_]Ub
SY_FQ\`QbQc_""TUZe\Y_TU!() +²8eU\WQU^FQ\`QbQc_³5\6Ubb_SQbbY\CQ^dYQW_""TU
Ze\Y_TU!() +²<QfUbTQTc_RbU\_cceSUc_cTUFQ\`QbQc_4Ue^ce`\U]U^d_Q<Q>Q
SY†^³5\3_]UbSY_FQ\`QbQc_"$TUZe\Y_TU!() 
"!#&
²8eU\WQU^FQ\`QbQc_³5\6Ubb_SQbbY\_`SYd
"!#'
²8eU\WQU^FQ\`QbQc_³5\6Ubb_SQbbY\CQ^dYQW_""TUZe\Y_TU!() 
"!#(
1>19Ff_\&&%3_]e^YSQSY_^UcTU\Q7eQbTYQ=e^YSY`Q\!() ?VYSY_TU
=Q^eU\::Qb`Q_`SYdcV

747
QdQSQ^T_Q\QSXec]Qi_db_c\\UfQ^T_\_c`bUc_cQ\_cSeQbdU\Uc³FQbY_c`Y
aeUdUcTUY^VQ^dUbQVeUb_^Y^cdQ\QT_cTU`e^d_VYZ_`QbQ`b_dUWUb\QcT_c
VvRbYSQcTUWQc\Q1TeQ^QiU\VUbb_SQbbY\S_^_bTU^TUTYc`QbQbc_RbU\_c
Wbe`_caeUcUQSUbSQcU^QUc_c`e^d_c\_aeU_SebbY†U^e^`QbTU_`_bde
^YTQTUc<QbU`bUcY†^VeUTebcY]Q*cUW‹^U\]Yc]_Ve^SY_^QbY_]Y\YdQbQ
\Qc!( XbcXQRQSeQdb_SYU^d_cdbUY^dQb_d_c`bUc_cU^\_cSeQbdU\Uce^_c
dbUcSYU^d_cXUbYT_ci]vcTUe^SU^dU^QbTU]eUbd_c"!#)
E^RQ\Q^SUTU\_cTQ…_c]QdUbYQ\UcUVUSdeQT_`_b\Q7eQbTYQ=e^Y
SY`Q\SYVbQRQU^cYUdUSQcQcTU`b}cdQ]_cdbUY^dQTUc`QSX_cdbUcQ\]QSU
^UcTU`b_fYcY_^Uce^QVvRbYSQTUVYTU_c_dbQTUWQ\\UdQce^QSQb^YSU
bQe^Q`Q^QTUbQe^SQV}ie^QSYWQbbUbQ\_ccQaeU_cTU\QZ_b^QTQ
@Ub_\QcSQcQc`QbdYSe\QbUciU\²Q\d_S_]UbSY_³^_XQRQ^cYT_d_SQT_c
U^WbQ^]UTYTQTURYT_Q\QQSSY†^U^}bWYSQTU\_cUVUSdYf_c`_\YSYQ\Uci
]Y\YdQbUc"!$ 
1\SQUb\Q^_SXU\_cY^SYTU^dUccU]e\dY`\YSQb_^UY^dU^cYVYSQb_^
c_RbUd_T_\_ccQaeU_cTU^UW_SY_cTUQ\Y]U^dQSY†^i\_cU^VbU^dQ]YU^
d_cS_^\QcVeUbjQcTU_bTU^*

5\`_`e\QSX_U^VebUSYT_iXQ]RbYU^d_cU\Q^jQ
RQSYUW_c_RbUU\`bY]UbTUc`QSX_aeUU^S_^dbQRQb_
RQRQSeQ^d_cUXQ\\QRQU^U\\_ciU^cUWeYTQS_^dY^eQRQ
ce]QbSXQUc`QbSYU^T_U\dUbb_biU\`v^YS_U^dbU\_cY^
VU\YSUc]_bQT_bUc
<Q^_dYSYQTU\Q\\UWQTQTU\WU^UbQ\FQ\TYfYUc_S_^
VeUbjQcTUCQ^dYQW_Q\Qc^eUfUi]UTYQTU\Q^_SXUcU
TYVe^TY†S_^RQcdQ^dUbQ`YTUjif_\fY†e^dQ^d_\QSQ\]Q
Q\Q`_R\QSY†^`Ub_^_VeURQcdQ^dUUcdUQe]U^d_TU
VeUbjQcU^U\`bY]UbY^cdQ^dU`QbQS_^dU^Ub\_cTUcR_b
TUcTU\QcdebRQcTUcU^VbU^QTQc
4ebQ^dUd_TQ\Q^_SXU^_SUcQb_^TU_YbcUTUcSQbWQc
TUbYV\UcidQ^d_\QVeUbjQTU`_\YSQS_]_\QTU\^UQbUS_
bbYUb_^\Q`_R\QSY†^`b_SebQ^T_bUcdQR\USUbU\_bTU^"!$!

"!#)
2>C=3_bbUc`_^TU^SYQQ:_c}=Q^eU\2Q\]QSUTQd_]_F99!() ?VYSY_TUFY
\\QWbv^cUSbUdQbY_TU\Q3_]Q^TQ^SYQ7U^UbQ\TU1b]QcTUFQ\`QbQc_Q:eQ^CQ^dQ=Q
bQFQ\`QbQc_"%TUZe\Y_TU!() VZc!!)!"$
"!$
1>19Ff_\&&%3_]e^YSQSY_^UcTU\Q7eQbTYQ=e^YSY`Q\!() ?VYSY_TU
=Q^eU\::Qb`Q_`SYdcV?dbQbU\QSY†^`_b]U^_bYjQTQTU\_cY^SYTU^dUcTUd_TQ\Q
Z_b^QTQTUcTU\Q`Ubc`USdYfQTU\QcVeUbjQcU^SQbWQTQcTUbU`bY]Yb\_cTUc†bTU^UccUU^
SeU^dbQU^1>19Ff_\&&!3_]e^YSQSY_^UcWU^UbQ\Uc!() ?VYSY_TU\7U^UbQ\FQ\
TYfYUc_Q\9^dU^TU^dUTUFQ\`QbQc_>¡$%$3_]Q^TQ^SYQ:U^UbQ\TU1b]QcTUFQ\`QbQ
c_Ze\Y_"%TU!() cV5cdUdUhd_dQ]RY}^VeU`eR\YSQT_U^²9^dUbY_b@QbdUc_VYSYQ\Ucc_
RbU\_cceSUc_cTU\"!³5\3_]UbSY_FQ\`QbQc_"(TUZe\Y_TU!() E^TUdQ\\QTcY]_bU\Q
d_TU\_cQS_^dUSY]YU^d_cTUUcUTQU^²<QSYeTQTU^dbUWQTQQ\`Y\\QZU³5\=UbSebY_FQ\
`QbQc_""TUZe\Y_TU!() 
"!$!
²<QXeU\WQ³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_"#TUZe\Y_TU!() 

748
 5\bUSeU^d_TUfSdY]QcTUUcdQ`bY]UbQZ_b^QTQU^FQ\`QbQc_Qbb_Z†
e^RQ\Q^SUU\UfQT_*Q\TQcYWeYU^dUU^U\X_c`YdQ\CQ^:eQ^XQRQ^^e]U
b_c_cXUbYT_ci_SX_SQTvfUbUcU^dbUU\\_ce^^Y…_TU_^SUQ…_c]eUbd_
QbQjTUe^QSQbWQTUSQRQ\\UbQSQ\Se\v^T_cUcUW‹^VeU^dUc_VYSYQ\Uc
U^e^_cfUY^dU\_cVQ\\USYT_c^_Y^WbUcQT_cQ\UcdQR\USY]YU^d_X_c`YdQ\Q
bY_5c_cSeUb`_cXQRbQ^cYT__Se\dQT_c`_b\Q`_R\QSY†^`_bdU]_bQ\Qc
Y^TQWQSY_^UcTU\QZecdYSYQ<_]Yc]_XQRbQceSUTYT_S_^e^_cSYU^d_
cUcU^dQXUbYT_caeU^_QSeTYUb_^Q\X_c`YdQ\ "!$"@_S_TUc`e}ccUY^V_b
]QRQTU\TUSUc_TUe^c_\TQT_TU1bdY\\UbQTU3_cdQ²QSQecQTUe^QXU
bYTQSQceQ\aeUbUSYRYUbQKMSeQ^T_cU_Se`QRQU^bU`bY]YbQ\QcSXec
]QcTUcU^VbU^QTQc³ "!$#<QS_]YcY†^Uc`USYQ\TU\Q3v]QbQTU4Y`edQT_c
U^SQbWQTQTUY^fUcdYWQb\__SebbYT_cUbUVYbY†Q\ZeYSY_TU²^e]Ub_ccY]Qc
`Ubc_^Qc³aeUUcdY]QRQ^U^dbUcSYU^d_c\_cXUbYT_ciQ\_cSv\Se\_cTU\
S_]Q^TQ^dUTU`_\YSQaeUU\UfQRQUcQSYVbQQaeY^YU^d_c5^SeQ^d_Q\_c
]eUbd_c\QcS_^ZUdebQcUbQ^Q‹^]vcY^SYUbdQc*\_c`Qb\Q]U^dQbY_cU^SQb
WQT_cTU\QY^fUcdYWQSY†^Y^V_b]QRQ^Qcec`QbUcaeUQ\We^Qc`Ubc_^Qc
SbUQ^aeUUbQ^]vcTUSeQbU^dQi_dbQc`U^cQRQ^aeU^_UbQ^]vcTU
T_SU "!$$
CY^TeTQd_TQcUcdQcY^V_b]QSY_^UcVbQW]U^dQbYQc^_TQRQ^SeU^dQ
SQRQ\TU\RQ…_TUcQ^WbUaeUcUXQRQ`b_TeSYT_U^FQ\`QbQc_5\_Se\dQ
]YU^d_TU^e]Ub_c_cSQTvfUbUc`_bdU]_bQ\QcbU`bUcQ\YQcXYj_Y]`_cY
R\Ue^bUSeU^d_UhQSd_TU\QcfSdY]Qc1`_iv^T_cU`b_RQR\U]U^dUU^\Qc
VeU^dUcbUSY}^Y^TYSQTQcU\XYcd_bYQT_b6bQ^SYcS_1^d_^Y_5^SY^QVYZ†U^
SY^SeU^dQ]eUbd_cie^_caeY^YU^d_cXUbYT_cU\RQ\Q^SUTU\QZ_b^QTQiTU
\Q^_SXU`bUSYcQ^T_aeU^_XeR_]vcfSdY]Qc²WbQSYQcQaeUcUU]`\UQ
b_^SQcYUhS\ecYfQ]U^dU\_ccQR\Uc³ "!$%5^bUQ\YTQTS_]_S_^VUcQRQU\cU
SbUdQbY_TU\Q3_]Q^TQ^SYQ7U^UbQ\TU1b]QcU^U\T_Se]U^d_S_^VYTU^
SYQ\SYdQT_]vcQbbYRQ\_c]eUbd_c`b_RQR\U]U^dUce`UbQRQ^U\SU^dU
^Qb"!$&
5\""TUZe\Y_U\]_fY]YU^d_TU`b_dUcdQ`_`e\QbcUUhdU^TY†Q\QfUSY
^Q\_SQ\YTQTTUFY…QTU\=Qb<_cSYU^d_SY^SeU^dQ_`UbQbY_cTU\QVe^TY

"!$"
9RYT
"!$#
²5^dYUbb_TU\c_\TQT_FvcaeUj³5\3_]UbSY_FQ\`QbQc_"$TUZe\Y_TU!() 
"!$$
C3>3v]QbQTU4Y`edQT_c2_\Ud^TU\QcCUcY_^Uc?bTY^QbYQcU^!() _`SYd²CU
cY†^#& _bTY^QbYQU^"&TUZe\Y_TU!() ³`vW%()<QZUVQdebQTU\Q7eQbTYQ=e^YSY`Q\
Y^V_b]†Q\9^dU^TU^dUQSUbSQTU\QUhYcdU^SYQTUaeY^YU^d_cXUbYT_ciT_SU]eUbd_c`_b
RQ\QcQR\UiRQi_^UdQY^S\eiU^T_U^dbU\QcfSdY]QcVQdQ\UcT_c]eZUbUc²TU\QcSeQ\Uce^Q
VQ\\USY†bU`U^dY^Q]U^dUU^\_cSQ\QR_j_cTU\SeQbdU\U\TQ""³1>19Ff_\&&%3_
]e^YSQSY_^UcTU\Q7eQbTYQ=e^YSY`Q\!() ?VYSY_TU=Q^eU\::Qb`Q_`SYdcV
"!$%
5^SY^Q_`SYdd_]_H9H`vW"$"
"!$&
1\We^QcY^V_b]QSY_^UcTU`bU^cQ`QbUSU^S_^VYb]QbUcdQcUcdY]QSY_^Uc1c`_b
UZU]`\_e^TUc`QSX_bUSYRYT_Q\Qc!%XbcTU\""TUZe\Y_`_be^`UbY†TYS_YaeYaeU…_
SYVbQRQU^]vcTUcUcU^dQ\_c]eUbd_c²3QR\UWbQ]QcFQ\`QbQc_³<QF_jTU3XY\U9aeYaeU
"#TUZe\Y_TU!() 

749
SY†^<UfUb=eb`Xii3Qi^e]Ub_c_c`U_^UcTU\Q\^UQV}bbUQcUTUS\QbQ
b_^U^XeU\WQ=eSX_c`_R\QT_bUccUe^YUb_^QU\\_ciU^S_\e]^QTUcUYc
SYU^dQc`Ubc_^QcU^SQRUjQTQc`_be^QRQ^TUbQb_ZQcUTYbYWYUb_^Q\QBUVY
^UbQTU1j‹SQb`QbQY^dU^dQb`QbQ\YjQb\Q`Ub_VeUb_^bUSXQjQT_c`_bWbe
`_cTU²WeQbTYQcR\Q^SQc³i\QY^VQ^dUbQTU\^UQ1\Qc!$ Xbc\_cXeU\
WeYcdQcf_\fYUb_^QbUe^YbcUi]QbSXQb_^^eUfQ]U^dUXQcdQ\Qc`eUbdQcTU
\QbUVY^UbQT_^TUVeUb_^TYc`UbcQT_c`_b\_c`_\YSQcic_\TQT_c"!$'4e
bQ^dU\Q^_SXUbUY^†\QSQ\]QU^\Q`_R\QSY†^`Ub_Q\TQcYWeYU^dUS_]_
Q\Qc!# Xbc\_cdbQRQZQT_bUcU^`Qb_cUS_^WbUWQb_^e^QfUj]vcU^\Qc
SUbSQ^QcTU\Q]Yc]QY^TecdbYQ5\ceRTU\UWQT_TY_†bTU^UcQ\S_]Q^
TQ^dUTU`_\YSQTUTYc`UbcQb\_cTUY^]UTYQd_icUW‹^\Q]Yc]QQed_bYTQT
\_SQ\*

<Q]e\dYdeTbUcYcdY†S_^Q]U^QjQciWbYd_cTUTQb
`UTbQTQcQ\Q`_\YSQ`_bSei_]_dYf_U\ZUVUTUU\\QTY_
e^QSQbWQQcQR\US_^cedb_`Qi\eUW_cUU^fY†Q\Q\V}bUj
FU\vcaeUjS_^SeQdb_c_\TQT_cie^SQR_TUceSeUb`_
bUce\dQ^T_T_cXUbYT_cTU\_cXeU\WeYcdQc
<_cbUf_\d_c_caeUTQb_^d_dQ\]U^dUTUcXUSX_ci
TUcTU UcU ]_]U^d_ aeUT† bUcdQR\USYTQ \Q SQ\]Q i \Q
dbQ^aeY\YTQTTUUcdU`eUR\_"!$(

5^dbUdQ^d_U\""TUZe\Y_\_cWbe`_cTU]Q^YVUcdQ^dUcXQRQ^bUS_
bbYT_TebQ^dUd_T_U\TQ\QSYeTQTTUFQ\`QbQc_1\S_]U^jQb\QdQbTUY^
dU^dQb_^TYbYWYbcUQ\QcY]`bU^dQc`QbQ_R\YWQbQ\_cdY`†WbQV_cQSUcQbce
dbQRQZ_`Ub_VeUb_^TYc`UbcQT_c`_bSQbWQcTUSQRQ\\UbQ4Uc`e}cTUUc_c
Y^dU^d_cVQ\\YT_cSYUbd_cWbe`_cceRYUb_^Q\_cSUbb_cT_^TU`b_SUTYUb_^
QcQaeUQbQ\We^_c^UW_SY_cQ\Y]U^dYSY_c4ebQ^dU\Q^_SXU^e]Ub_c_c
UVUSdYf_c`_\YSYQ\Uci]Y\YdQbUcQ\]Q^T_TU\WU^UbQ\CQ]eU\FQ\TYfYUc_bU
S_bbYUb_^\QSYeTQTiU^\_cSUbb_cWbe`_cTUSU\QT_bUci^e]Ub_c_c`Y
aeUdUcTUfUSY^_cSe]`\YUb_^\Q]Yc]Q\QR_bTU`bUfU^SY†^ibU`bUcY†^
Q^dUSeQ\aeYUbdU^dQdYfQTUcQaeU__fY_\U^SYQTU\Qc²debRQc³"!$)

"!$'
²<QXeU\WQ³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_"#TUZe\Y_TU!() _`SYd+²<QXeU\
WQcU`b_`QWQ³5\3_]UbSY_FQ\`QbQc_""TUZe\Y_TU!() +3QbdQTU:eQ^1GQ\[Ub=Qb
d^UjQ1eWecd_;YU\FY…QTU\=QbZe\Y_"#TU!() `eR\YSQTQU^\Qb‹RbYSQ²<_cceSUc_c
TUFY…QTU\=Qb³`_b5\3_]UbSY_FQ\`QbQc_"$TUZe\Y_TU!() +²CeSUc_cTUFY…QTU\
=Qb³5\=UbSebY_FQ\`QbQc_"$TUZe\Y_TU!() +²<_cceSUc_cTUFY…QTU\=Qb³5\3_]Ub
SY_FQ\`QbQc_"&TUZe\Y_TU!() 
"!$(
1>1=9f_\!%)&9^dU^TU^SYQTUFQ\`QbQc_Ze\Y_# TU!() 3_`YQTU\
_VYSY_TU\ceRTU\UWQT_TUFY…QTU\=QbVUSXQT_U\TQQ^dUbY_bV!)'fdQ5\]Yc]__VYSY_
cUU^SeU^dbQdQ]RY}^U^1>19Ff_\&%!CeRTU\UWQSY_^Uc!() cV
"!$)
F}QcU`_bUZU]`\_1>19Ff_\&%!CeRTU\UWQSY_^Uc!() ?VYSY_cTU=
8Ub^v^TUjZUVUTU\3eUb`_TU3U\QT_bUcTU\QCeRTU\UWQSY†^>¡$3Ubb_CQ^d_4_]Y^
W_Q\9^dU^TU^dUTU\Q`b_fY^SYQFQ\`QbQc_Ze\Y_""TU!() cV

750
 5\TUc`\YUWeU]QcYf_TUVeUbjQc]Y\YdQbUc`_\YSYQ\UciTU²WeQbTYQc
R\Q^SQc³U^\QbU`bUcY†^TU\Qc]Q^YVUcdQSY_^Uc`_`e\QbUcS_]U^j†QbU^
TYbcecVbed_c1\dbvWYS_RQ\Q^SUTU\"!TUZe\Y_cUQWbUWQRQe^U\UfQT_^‹
]Ub_TUTUdU^YT_cTebQ^dU\_cdbUc`bY]Ub_cTQcTUXeU\WQ*U\"#TUZe\Y_
aeUTQRQ^Q‹^dbUcSYU^dQcSeQbU^dQ`Ubc_^QcQbbUcdQTQcU^dbU\QcSeQ\UccU
S_^dQRQ^cYUdUe_SX_^Y…_cTU^eUfUQTYUjQ…_cTUUTQT"!% 4UcTUU^d_^
SUc\_cQSd_cTUfY_\U^SYQ`_`e\QbS_]U^jQb_^QTYc]Y^eYb`Qe\QdY^Q]U^dU
U^SQ^dYTQTUY^dU^cYTQT<QXeU\WQ^_VeU`_bU\\_Y^]UTYQdQ]U^dUTUbb_
dQTQ5^FQ\`QbQc_cUWeQ^U^`Qb_\_c\Q^SXUb_c\_c_RbUb_cTU\Q]QUc
dbQ^jQ\_c_`UbQbY_cTUfQbYQcVvRbYSQc\Q]Qi_bQTU\_c_RbUb_c`Q^YVYSQT_
bUci\_c]USv^YS_cTU\QcVe^TYSY_^UcIQS_^dbQ`U\_TU\QdU^TU^SYQT_]Y
^Q^dUQ\bUV\eZ_U\"#TUZe\Y_`QbQ\YjQb_^cec\QR_bUc\_cZ_b^Q\Ub_c`_bdeQ
bY_cU^SQbWQT_cTU\TUc`QSX_TU]UbSQTUbQcS_^\QY^dU^SY†^TU_RdU^Ub
\Qce`bUcY†^TU\"%aeUQR_^QRQ^`_bU\cUbfYSY_TU]eU\\UiU\^_]RbQ
]YU^d_TUe^^eUf_S_]Q^TQ^dU`QbQceWbU]Y_QTU]vcTU\_cdbQRQZQT_
bUcTU\QSXQdQ2_R_iTU\fQ`_b<QZQTU\Q3_]`Q…QCeTQ]UbYSQ^QTUFQ
`_bUcaeUUhYWQ^U\`QW_U^`\QdQTUceccQ\QbY_c"!%!5^FY…QTU\=QbdQ]
RY}^S_^dY^eQb_^U^XeU\WQ\_c_`UbQbY_cTUVe^TYSY_^UcTebQ^dU\_cTQc
"#i"$TUZe\Y_BUVYbY}^T_cUQ\Q`UbcYcdU^SYQTU\]_fY]YU^d_U^ceUTY
SY†^TU\"%TUZe\Y_U\`UbY†TYS_SQd†\YS_S_^cUbfQT_b5\9^TU`U^TYU^dUY^V_b
]QRQ*

CYWeU^U^XeU\WQ\_c\Q^SXUb_caeUcU^YUWQ^QdbQ
RQZQb]YU^dbQc^_cU\Uc`QWeUU^`\QdQ_ceUaeYfQ\U^dU
5hYWU^`eUce^Qe]U^d_TU'%1iUbdefYUb_^\_cSQ
RUSY\\Qce^QS_^VUbU^SYQS_^\_cTeU…_cTU\Q^SXQ+`Ub_
Q^QTQcU`eT_QbbYRQb`_baeUe^_TUUcd_c‹\dY]_c
QWU^dUW_RYUb^YcdQ`_b]vccU…QcUcU\`bY^SY`Q\Y^cdYWQ
T_bTU\_cbUf_\d_c_c
<_c`Q^QTUb_cUcdv^YWeQ\]U^dUU^XeU\WQU^ce
]Qi_b`QbdUC†\_dbQRQZQ^\Q`Q^QTUbQQ\U]Q^QTU\Q

"!%
²<QXeU\WQ³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_"#TUZe\Y_TU!() _`SYdCUW‹^\Q
ZUVQdebQTU\Q7eQbTYQ=e^YSY`Q\TebQ^dU\_cdbUc`bY]Ub_cTQcTUXeU\WQVeUb_^TUdU^Y
TQcU^FQ\`QbQc_SeQdb_SYU^d_cSeQbU^dQiSeQdb_`Ubc_^Qcc_b`bU^TYTQcU^V\QWbQ^dU
TU\Yd_TUcQaeU_ifQ^TQ\QZUQ`QbdUTUcUdU^dQicYUdUaeUVeUb_^QbbUcdQT_c`_bU^S_^dbQb
cUU^ce`_TUb_RZUd_c`UbdU^USYU^dUcQ\_c^UW_SY_cQcQ\dQT_c1>19Ff_\&&%3_]e
^YSQSY_^UcTU\Q7eQbTYQ=e^YSY`Q\!() ?VYSY_TU=Q^eU\::Qb`Q_`SYdcV5^dbU
\_cTUdU^YT_ccUS_^dQRQ^SeQbU^dQiT_c]eZUbUcQSecQTQcTU`QbdYSY`QbU^\_ccQaeU_c
²=eZUbUc`b_SUcQTQc³5\3_]UbSY_FQ\`QbQc_"$TUZe\Y_TU!() 6Y^Q\]U^dUU\ZeUj
U^SQbWQT_TUY^cdbeYbU\`b_SUc_bUdef_SQbW_cS_^dbQSYU^d_SY^SeU^dQie^bU_cS_^dbQ
\_cSeQ\UcUhYcdQcUW‹^\_cd}b]Y^_cTUe^QY^V_b]QSY†^`UbY_TcdYSQ²`beURQ`UbVUSdQ_
]eiWbQfUcY^TYSY_cTUSe\`QRY\YTQT³²5\WbQ^`b_SUc_TU\QcXeU\WQc³5\3_]UbSY_FQ\`Q
bQc_! TUcU`dYU]RbUTU!() 
"!%!
²8eU\WQTU]USv^YS_c³²8eU\WQTUZ_b^Q\Ub_c³²<QXeU\WQTU\Q^SXUb_c³i²=vc
XeU\WQc³5\=UbSebY_FQ\`QbQc_"$TUZe\Y_TU!() 

751
 @\QjQ1^RQ\@Y^d_<QcTU]vcdbQRQZQ^Q]UTYQc_Se`v^
T_cUU^U\Q]QcYZ_]eZUbUci^Y…_c_\_c]Yc]_cTeU…_c
@_bUcdQSQecQXQi]eSXQUcSQcUjTU`Q^U^\Q`_R\QSY†^
<_c`Q^QTUb_cTU\Q@\QjQ1@Y^d_c_\YSYdQ^TUce
`Qdb†^‹^YSQ]U^dUaeU\UcTUZQbQ\YRbUU\TQT_]Y^W_
`UdYSY†^aeUVeUQSU`dQTQY^]UTYQdQ]U^dU<_c`Q^QTU
b_cTU\QcTU]vc`Q^QTUbQcUhYWU^aeUcU\Uc`QWeUU^
`\QdQ
5cdv^dQ]RY}^U^XeU\WQd_T_c_SQcYd_T_c\_c]U
Sv^YS_cTU\QcVe^TYSY_^UcTU3Q\UdQ1RQbSQTU\1bU^Q\
TU2Q\V_eb<i_^i3Q2b_gUb8QbTYU3Q9^W\UcQTUFQ
`_bUcifQbY_c_db_c<_cTeU…_ciQT]Y^YcdbQT_bUcTUUc
dQcVvRbYSQccU^YUWQ^QQSSUTUbQ\QcUhYWU^SYQcTU\_c
XeU\WeYcdQcaeUS_]_\_cQ^dUbY_bUc`YTU^aeUcU\Uc
`QWeUU^`\QdQ1^dUcaeUSUTUbTYSU^S\QecebQbv^cec
dQ\\UbUc
<_cZ_b^Q\Ub_cTUTUc`QSX_TU]UbSQTUbQcTUZQb_^
TUdbQRQZQb`_baeU^_cU\Ucce`bY]QU\"%aeUQR_^Q^
`_bU\cUbfYSY_TU\²=eU\\U6YcSQ\³i`_baeU^_cUTUcdYdeQ
QceQSdeQ\S_]Q^TQ^dUT_^6Ub^Q^T_5\YjQbTU`QbQbU
U]`\QjQb\_`_bU\U]`\UQT_TU\QQTeQ^Q@UTb_8YTQ\W_
aeUcUW‹^cUTYSU\_cXQQ^TQT_QjejQ^T_8QidQ]RY}^
U^XeU\WQQ\We^_c_RbUb_caeUS_]_\_cQ^dUbY_bUc`Y
TU^cU\Uc`QWeUU^`\QdQ"!%"

@Ub_}cd_cUbQ^\_cUcdUbd_bUcTU\]_fY]YU^d_TU`b_dUcdQ`b_\UdQ
bY_`_bdU…_5\"$f_\fYUb_^Qcec\QR_bUcU^FQ\`QbQc_\_cSQbbUd_^Ub_c
S_SXUb_cV\UdUb_cSYUbd_cdbQRQZQT_bUcTUReaeUci\_c_`UbQbY_cTUQ\
We^Qc`Q^QTUbQc"!%#5\"&TUZe\Y_iQXQRQ^bUd_b^QT_Q\QcVQU^Qc\Q
]Qi_bQTU\_cZ_b^Q\Ub_ci\_c\Q^SXUb_cQSU`dQ^T_\Qc]Yc]QcS_^TYSY_
^UcQ^dUbY_bUci\QS_]YcY†^TU\WbU]Y_TU`Q^QTUb_c`eR\YS†e^QTUS\Q
bQSY†^QcUWebQ^T_aeUU\bU`_c_T_]Y^YSQ\^_cUS_^dQRQU^dbUcecbUY
fY^TYSQSY_^Uc\Y]Ydv^T_cUQ`UTYbc†\_e^"%TUbUQZecdUcQ\QbYQ\"!%$>_
_RcdQ^dUUcdQ]_TUbQTQ`_cYSY†^\QSUbbQTQ^UWQdYfQ`Qdb_^Q\`b_\_^W†
U\`Qb_XQcdQVY^UcTU\]Uc"!%%
1S_^dbQS_bbYU^dUTU\Q^eUfQdU^TU^SYQU\"&TUZe\Y_QRQ^T_^Qb_^
cec\QR_bUc\_cZ_b^Q\Ub_cTU\TUc`QSX_TU]UbSQTUbQc`QbQ_RdU^Ub\Qce

"!%"
²FQ\`QbQc_7bU]Y_cU^XeU\WQ³5\9^TU`U^TYU^dUCQ^dYQW_"%TUZe\Y_TU!() 
"!%#
²DUb]Y^Q^\QcXeU\WQc³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_"%TUZe\Y_TU!() 
"!%$
²<QcXeU\WQc³i²<QS_]YcY†^TU\WbU]Y_TU`Q^QTUb_c³5\=UbSebY_FQ\`QbQc_
"&TUZe\Y_TU!() 
"!%%
²<_c`Q^QTUb_c³5\=UbSebY_FQ\`QbQc_#!TUZe\Y_TU!() 

752
`bUcY†^TU\"%aeUTURQ^QR_^Qb`_bU\cUbfYSY_TU\]eU\\UVYcSQ\i\QTUc
dYdeSY†^TU\S_]Q^TQ^dUTUceWbU]Y_"!%&1e^aeU_db_ccUSd_bUcTUdbQRQZQ
T_bUcS_]_\_c\Q^SXUb_ci\_c]USv^YS_cTU\QcVe^TYSY_^UcTUFY…QTU\=Qb
iTUFQ\`QbQc_S_^dY^eQRQ^Q‹^ce]_fY]YU^d_cUQVYQ^jQRQ\QdU^TU^SYQ
WU^UbQ\XQSYQU\bUV\eZ_5\"(TUZe\Y_Q\We^_cZ_b^Q\Ub_caeUdbQdQRQ^TU
Y^SYdQbQ\QXeU\WQQ\_c_`UbQbY_cTUe^Q`Q^QTUbQcYdeQTQU^\QSQ\\U<Qc
8UbQcVeUb_^QbbUcdQT_c`_b\Q`_\YSQS_^TeSYT_cQ\SeQbdU\cUb]_^UQT_c
i`_cdUbY_b]U^dU`eUcd_cU^\YRUbdQT"!%'5cdQQSSY†^i\Q`UbcYcdU^dUXeU\WQ
TU\_c`Q^YVYSQT_bUcVeUb_^\Qc‹\dY]Qc]Q^YVUcdQSY_^Uc`‹R\YSQcTU\WbQ^
]_fY]YU^d_aeUTQcQ^dUcXQRQcQSeTYT_Q\QSYeTQT1S_]YU^j_cTUQW_cd_
d_T_XQRQfeU\d_Q\Q^_b]Q\YTQT
5^TYcdY^d_c`e^d_cTU\Y^dUbY_bTU\Q`b_fY^SYQTUFQ\`QbQc_cUWU
^Ub†e^S\Y]QTUQWYdQSY†^@Ub_\Q`bUcU^SYQTUVeUbjQcQb]QTQcU^\Qc
SUbSQ^QcTUQ\We^_cS_^W\_]UbQT_cTU_RbUb_cSQbbY\Q^_caeUdbQRQZQ
RQ^U^U\dU^TYT_TU\Q\^UQV}bbUQTU<Q3Q\UbQQ<Q<YWeQiTU\VUbb_SQ
bbY\DbQcQ^TY^_VeUe^VQSd_bY]`_bdQ^dUaeUY]`YTY†U\UcdQ\\YT_TU
XeU\WQc5^<_c1^TUcU\be]_bTU\Q²RQZQTQ³Q\QSYeTQTTUfQbY_cSU^
dU^QbUcTUSQbbY\Q^_cWU^Ub†e^Q]RYU^dUTUWbQ^dU^cY†^iTUVURbY\Uc
`bU`QbQdYf_cTU\QcQed_bYTQTUc*

5\ W_RUb^QT_b ceRY† Q SQRQ\\_ i cU TYbYWY† XQSYQ

T_^TUcUTYbYWQ^\_cXeU\WeYcdQcU\S_]Q^TQ^dUTU`_
\YSQbUS_bbY†\Q`_R\QSY†^cY^aeU^_dQbQ^c^d_]QQ\We
^_TUQ\jQ]YU^d_@Ub_cUTUSQU\fYUb^UcicvRQT_cU
TQ`bY^SY`Y_Q\`QW_TU\_cdbQRQZQT_bUciU^d_^SUccUTU
S\QbQbv^U^XeU\WQicUfU^Tbv^c_RbU\QSYeTQT5\W_
RUb^QT_b S_^cYWeY† TU\ cU…_b CSXQjd]Q^^ aeU `QbQ
dbQ^aeY\YTQTQ\QcVQ]Y\YQciQ\S_]UbSY_cUXYSYUbQU\
`QW_VQU^Q`_bVQU^QiQTU]vccUdYU^U^\Ycd_cSeQbU^dQ
X_]RbUcRYU^Qb]QT_cicUdYU^U^d_]QTQc_dbQc]UTY
TQc aeU XQSU^ ]ei TYVSY\ cY^_ Y]`_cYR\U e^ \UfQ^dQ
]YU^d_TU\Q`U_^QTQTU\dbQcQ^TY^_\QaeUUcdvUcSQ\_
^QTQSQTQT_c_dbUc\UWeQcTUe^QQ_dbQVQU^Q "!%(

5\S_]UbSY_TUAeY\\_dQfYfY†]_]U^d_cTUQ^WecdYQQ\be]_bUQbcU
S_^Y^cYcdU^SYQU\UcdQ\\YT_TU`_cYR\UcTUc†bTU^UcU^\QfUSY^Q\_SQ\YTQT
TU<Q3Q\UbQ`b_f_SQT_c`_b\_cSQbbY\Q^_cTU\dU^TYT_TU\Q\^UQTU

"!%&
²7bU]Y_cU^XeU\WQ³5\9^TU`U^TYU^dUCQ^dYQW_"%TUZe\Y_TU!() 
"!%'
²3b†^YSQ<_cXeU\WeYcdQc³5\=UbSebY_FQ\`QbQc_")TUZe\Y_TU!() 
"!%(
9^V_b]QSY_^UcTU5\5S_TU<_c1^TUcbU`b_TeSYTQcU^²1^TUcDU]_bUcTUXeU\
WQ³5\=UbSebY_FQ\`QbQc_$TUZe\Y_TU!() iU^²1^TUc³5\6Ubb_SQbbY\CQ^dYQW_&TU
QW_cd_TU!() F}QcUQTU]vcBQ]bUj>US_SXUQ8Ycd_bYQ_`SYd`vW# %+²Be]_bUc
TU<_c1^TUc³5\3_]UbSY_FQ\`QbQc_" TUZe\Y_TU!() 

753
VUbb_SQbbY\Q<Q<YWeQ"!%)>QTQTUUc_QS_^dUSY†`Ub_\_c_`UbQbY_cTU\Qc
dbUc`Q^QTUbQcTUAeY\\_dQY^YSYQb_^e^QXeU\WQU\"%TUZe\Y_"!& IQ\_c
`_S_cTQcU\"(TUZe\Y_cecS_]`Q…Ub_cTU\QfUSY^QSYeTQTTUCQ^6bQ^
SYcS_TU<Y]QSXUU]`bU^TYUb_^e^]_fY]YU^d_cY]Y\QbQ\fUbbUSXQjQTQc
cec`bUdU^cY_^UcTU"%TUQe]U^d_cQ\QbYQ\ "!&!
5^CQ^dYQW_\Q`_\QbYjQSY†^`_\dYSQi_db_cVQSd_bUccUS_^ZeWQb_^
`QbQY]`UTYbe^UcdQ\\YT_cY]Y\QbQ\TU\>_bdU7bQ^TUiTUFQ\`QbQc_<Q
\eSXQU^dbUU\W_RYUb^_i\Q_`_cYSY†^cYWeY†cYU^T_TebQ^dUZe\Y_U\VQSd_b
WU^UbQT_bTU\Qc]Qi_bUc`QcY_^Uc<Q`bUcU^SYQTUY]`_bdQ^dUcS_^dY^WU^
dUc]Y\YdQbUci`_\YSYQ\Uci\Q]_fY\YjQSY†^TUcUW]U^d_cTU\QU\YdU`QbQ_bWQ
^YjQbe^Q7eQbTYQTU\?bTU^S_^dbYReiUb_^Q\Y]YdQb\QUVUbfUcSU^SYQ`_
`e\Qb"!&"3_^d_T_TYfUbc_ccUSd_bUcTUdbQRQZQT_bUcTU\QSQ`YdQ\iTU\Qc
j_^QcbebQ\UcQ\UTQ…QcceVbYUb_^U\S_^dQWY_TU\Uc`bYdebUYfY^TYSQSY_^YcdQ
aeUcU`b_`QW†TUcTUU\^_bdUTU\`Qc
<_c_RbUb_cVUbb_fYQbY_cQ\U^dUbQbcUTU\QcXeU\WQcTUcecS_]`Q…U
b_cU^1^d_VQWQcdQU9aeYaeUTUSYTYUb_^Y]YdQb\_ciUhdU^TUbU\]_fY
]YU^d_QTYcdY^dQcbUWY_^Uc3_^UcdUVY^U^fYQb_^S_]YcY_^UcU^SQbWQTQc
TUc_\YSYdQb\Qc_\YTQbYTQTTU\_cY^dUWbQ^dUcTU\WbU]Y_U^\QcUcdQSY_^Uc
cYdeQTQcU^dbU\QSQ`YdQ\iDQ\SQXeQ^_<QY^YSYQdYfQbUSYRY†TYcdY^dQc]eUc
dbQcTUQ`_i_TUcTUdU\UWbQ]QcTUVU\YSYdQSY_^UcXQcdQ\QQTXUcY†^TUe^Q
QcQ]R\UQTUdbUcSYU^d_cVUbb_fYQbY_cTU3_^SU`SY†^"!&#5cdY]e\QT_c`_b
Ucd_c}hYd_c\_ccQ^dYQWeY^_c`bUcU^dQb_^U\"%TUZe\Y_e^Qc_\YSYdeTQ\
W_RYUb^_iQ\3_^WbUc_`QbQ_RdU^Ub`QW_TUceccQ\QbY_cU^`\QdQ"!&$
5^\Q]Q…Q^QTU\# TUZe\Y_e^Wbe`_TUQ`b_hY]QTQ]U^dUdbUY^
dQdbQRQZQT_bUcTU\Q3_]`Q…QTU7QcTU\Q]Yc]QSYeTQTcUTUS\QbQb_^
U\XeU\WQ`Ub_}cdQVeUTUbb_dQTQ]UTYQ^dU\QS_^dbQdQSY†^TUUcaeYb_
\Uci\QY^dUbfU^SY†^TU\Q`_\YSQ"!&%
IU^_db_c`e^d_cTU\QSQ`YdQ\iTU\Q`b_fY^SYQcUfYfY†e^^UbfY_c_
S\Y]QTUbe]_bUci`bU`QbQdYf_cTUXeU\WQaeUQ`QbU^dU]U^dU^_SbYc
dQ\Yj†U^QSSY_^UcUVUSdYfQc<_cZ_b^Q\Ub_cTU\QSQ^Q\YjQSY†^TU\=Q`_
SX_\_c]Y^Ub_cTU\Q]Y^Q4UcU^WQ…_TU2QdeS_i\_cdbQRQZQT_bUcTU
<Qc3Q^dUbQcU^dbU\QcUcdQSY_^UcTU<_c7eY^T_ci>_c`b_dQW_^YjQb_^
cYdeQSY_^UcTUUcdUdY`_UcTUSYbcY^]Qi_bUcS_^cUSeU^SYQc "!&&

"!%)
²AeY\\_dQBe]_bUc³5\=UbSebY_FQ\`QbQc_"&TUZe\Y_TU!() 
"!&
²8eU\WQTU`Q^QTUb_c³<QC_SYUTQTAeY\\_dQ"'TUZe\Y_TU!() 
"!&!
²CQ^6bQ^SYcS_TU<Y]QSXU8eU\WQTU`Q^QTUb_c³5\=UbSebY_FQ\`QbQc_!TU
QW_cd_TU!() 
"!&"
C_RbU\Q7eQbTYQTU\?bTU^cQ^dYQWeY^Qf}QcUU^dbU_db_c²CQ^dYQW_7eQbTYQ
TU\?bTU^³5\=UbSebY_FQ\`QbQc_"#TUZe\Y_i'TUQW_cd_TU!() 
"!&#
²CQ^dYQW_9]YdQ^T_Q\_cTU\^_bdU³5\=UbSebY_FQ\`QbQc_!)TUZe\Y_TU!() 
"!&$
BQ]bUj>US_SXUQ8Ycd_bYQ_`SYd`vW# $
"!&%
²CQ^dYQW_3_^Qd_TUXeU\WQ³5\=UbSebY_FQ\`QbQc_!TUQW_cd_TU!() 
"!&&
²<_c]Y^Ub_cTU2QdeS_³i²<_cdbQRQZQT_bUcTU\QSQ^Q\YjQSY†^TU\=Q`_SX_³
5\=UbSebY_FQ\`QbQc_")TUZe\Y_TU!() +²CQ^dYQW_3_^Qd_TUXeU\WQ³5\=UbSebY_
FQ\`QbQc_!#TUQW_cd_TU!() 

754
 5^\QbUWY†^TU3_^SU`SY†^U\dU^cY_^QT_Q]RYU^dU`_\dYS_ic_SYQ\
WU^Ub†\_cbe]_bUc]vcQ\Qb]YcdQcTU`bU`QbQdYf_cTU]_fY]YU^d_c`_`e\Q
bUc5\"&TUZe\Y_e^`UbY†TYS_\_SQ\TUdU^TU^SYQ_`_cYd_bQY^V_b]†QSUbSQ
TU\_c]eb]e\\_caeUSYbSe\QRQ^c_RbU\Q`b_^dQTUS\QbQSY†^TUXeU\WQTU
\_c_`UbQbY_cTU\Q]QUcdbQ^jQTU\_cVUbb_SQbbY\Uc`QbQ_RdU^UbU\SQ]RY_TU
ZUVUcUhdbQ^ZUb_c`_bSXY\U^_c@_S_dYU]`_TUc`e}cU\]Yc]_TYQbY_cU
XQSQUS_TU\Qcf_SUcaeUS_bbQ^Q^e^SYQ^T_U\`b_^d_UcdQ\\YT_TUe^Q
XeU\WQU^dbU\_c]Y^Ub_cTU<_dQi3_b_^U\iTUe^S_^Qd_TUbURU\Y†^U^U\
TU`QbdQ]U^d_TU<QedQb_QSQecQTU\QY^cdYWQSY†^TUe^QWU^dUW_RYUb^Yc
dQE^QbUe^Y†^TUfUSY^_cUVUSdeQTQU\!TUQW_cd_U^\_ccQ\_^UcTU\cU\US
d_3\eRTU<_dQ`ec_U^`YUe^Q²WeQbTYQTU`b_`YUTQT³aeU\_Wb†TYceQTYb
Q\_cQWYdQT_bUc"!&'@Ub_\QdU^cY†^i\_cbe]_bUc`UbcYcdYUb_^U^d_TQ\QbU
WY†^*Q\_c`_S_cTQccUXQR\QRQTU`bU`QbQdYf_cTUXeU\WQU^dbU\_c_RbUb_c
TUQ\We^QcY^TecdbYQcTU@U^S_i\_cdbQRQZQT_bUcTU\Qc]Y^QcTU3Ubb_
FUbTUaeYU^UcQSdeQbQ^e^YT_cS_^\_c]Y^Ub_cTU\SQbR†^E^_VYSYQ\TU\
RQdQ\\†^TUJQ`QT_bUcVeUTUc`QSXQT_QUcQc\_SQ\YTQTUc`QbQY^fUcdYWQb\Q
cYdeQSY†^"!&(1\YWeQ\aeUU^\_cSQc_cQ^dUbY_bUcUcdQcY^dU^d_^QcQR_bdQ
b_^+c†\_\_c_RbUb_cTU`Q^QTUbQccUTUS\QbQb_^U^XeU\WQU^\QbUWY†^
`U^aeYcdQ"!&)
5\‹^YS_WbU]Y_SQ`QjTU\UfQ^dQbcUSQcYQ\e^c_^_U^\Qj_^QSU^dbQ\
VeUU\TU\_c_RbUb_c`Q^QTUb_c"!' CeSQ`QSYTQTTU\eSXQUbQcY^TeTQU\
Vbed_TU\QUh`UbYU^SYQQSe]e\QTQU^\_cQ…_cQ^dUbY_bUcceWYbYU^T_Q\
W‹^`b_RQR\UWbQT_TUS__bTY^QSY†^Y^dUb`b_fY^SYQ\aeUXQcdQU\]_]U^
d_^_Uc`_cYR\U`b_RQb<_SYUbd_UcaeUU^Ze\Y_iQW_cd_TU!() \_c`Q^Y
VYSQT_bUcTUFQ\`QbQc_AeY\\_dQ<Y]QSXUDQ\SQi3_^SU`SY†^VeUb_^Q
\QXeU\WQU^`_cTUcecbUYfY^TYSQSY_^Uc*`QW_U^`\QdQQe]U^d_ccQ\QbYQ
\UciTUcSQ^c_T_]Y^YSQ\ "!'!5^DQ\SQQ\YWeQ\aeUU^fQbYQcTU\QcSYeTQ

"!&'
²C_RbU\QXeU\WQ³5\Ceb3_^SU`SY†^"&TUZe\Y_TU!() +²<_aeUXQYTUfUb
TQT³5\Ceb3_^SU`SY†^# TUZe\Y_TU!() +²8eU\WQU^<_dQ³5\Ceb3_^SU`SY†^"TU
QW_cd_TU!() +²<Q`bUdU^TYTQXeU\WQ³5\Ceb3_^SU`SY†^%TUQW_cd_TU!() 
"!&(
²@U^S_³5\Ceb3_^SU`SY†^!"TUQW_cd_TU!() 
"!&)
1\YWeQ\aeUU^_dbQcSYeTQTUc\_c`Qdb_^Uc`U^aeYcdQcS_^dbQbbUcdQb_^\QQSSY†^
TUcecdbQRQZQT_bUcS_^dbQdQ^T_]eZUbUcUY^]YWbQ^dUc²<_c`Q^QTUb_c³5\Ceb3_^SU`
SY†^&TUQW_cd_TU!() +²<_c`Q^QTUb_cTU3_^SU`SY†^³Y^V_b]QSY_^UcTU<QF_jTU\
@eUR\_TU3_^SU`SY†^bU`b_TeSYTQcU^<Q<YRUbdQTDQ\SQ&TUQW_cd_TU!() +²3_^SU`
SY†^8eU\WQTU`Q^QTUb_c³5\=UbSebY_FQ\`QbQc_'TUQW_cd_TU!() 
"!'
5^U\^_bdU\_c_RbUb_c`Q^YVYSQT_bUcVeUb_^Q\QXeU\WQU^9aeYaeUi1^d_VQWQcdQ
"!'!
²7bU]Y_cU^XeU\WQ³5\9^TU`U^TYU^dUCQ^dYQW_"%TUZe\Y_TU!() +5\6Ubb_SQ
bbY\CQ^dYQW_"&TUZe\Y_TU!() 5^3XY\\v^\_c_`UbQbY_cTU`Q^QTUbQccUQ`bUcdQb_^Q
S_]YU^j_cTUQW_cd_`QbQ\Q^jQbe^QXeU\WQU^Q`_i_Qcec`UdYSY_^UcTUQe]U^d_TUceU\
T_]UZ_bQ\Y]U^dQSY†^i`QW_cU]Q^Q\E^_TU\_cY^TecdbYQ\UcTU\bQ]_cUQ^dYSY`†Q\]_
fY]YU^d_TUcec_`UbQbY_cTUc`YTY}^T_\_cQd_T_cibUU]`\Qjv^T_\_c`_b]eZUbUc?db_c
`Qdb_^UcXYSYUb_^Secd_TYQbcecUcdQR\USY]YU^d_c`_bWU^TQb]Uc<Q4YcSecY†^3XY\\v^(
i!"TUQW_cd_TU!() 

755
TUcbUSY}^^_]RbQTQcU\WbU]Y_TU\_c`Q^YVYSQT_bUcVeUU\‹^YS_aeU
SUc†TUdbQRQZQbTebQ^dUUcdQ_\UQTQ^QSY_^Q\TUQWYdQSY†^_RbUbQi`_`e
\Qb5\!TUQW_cd_SeQ^T_SQcYd_T_c\_c]_fY]YU^d_cbUYfY^TYSQdYf_cTU\
bUcd_TU\`QciQXQRQ^cYT_TUbb_dQT_c "!'"\_c_`UbQbY_cTU`Q^QTUbQc
dQ\aeY^_c²cUTUS\QbQ^U^XeU\WQ`_baeUiQ^_`eUTU^]vci`_baeU`bU
VYUbU^SbejQbcUTURbQj_ci]_bYbU^\Qc_]RbQTUcUc`UbQSY†^Q^dUcaeU
c_]UdUbcUiS_^dY^eQbfU^TYU^T_cecfYTQc`_b]YcUbQR\UccQ\QbY_caeU^_
TQ^`QbQfYfYb³"!'#
6eUbQTUUcdUSQc_UhSU`SY_^Q\\QcXeU\WQcTU\Qj_^QSU^dbQ\°Sei_
U`YSU^db_VeUcYU]`bUFQ\`QbQc_°S_]U^jQb_^QUhdY^WeYbcUQ`QbdYbTU\_c
TQc"$i"%TUZe\Y_<QfY_\U^dQbU`bUcY†^\QY^dbQ^cYWU^SYQ`Qdb_^Q\i\Q
VQ\dQTUS__bTY^QSY†^TU\_cXeU\WeYcdQcdUb]Y^Qb_^`_b\YaeYTQbe^]_fY
]YU^d_aeUcUXQRQUhdU^TYT_QcQ\d_cTebQ^dUe^]UcTUcTUU\\Yd_bQ\i\Qc
`Q]`Qc^_bdY^QcXQcdQ\Qj_^QSU^dbQ\

E >1 D5>D1D9F1 45 21<1>35

<QXeU\WQTUZe\Y_TU!() VeU\Q`bY]UbQXeU\WQWU^UbQ\TU\QXYcd_bYQTU
3XY\UQ\]U^_cU^\Qc`b_fY^SYQcTUDQbQ`QSvi1^d_VQWQcdQiU^\QSYeTQT
TUFQ\`QbQc_CedbQcSU^TU^SYQVeUU^_b]UU^\QXYcd_bYQc_SYQ\TU\`Qc
1e^aeUU\\QTURUcUbU^dU^TYTQS_]_`QbdUTUe^`b_SUc_TU\QbWQTebQ
SY†^aeUfU^QTUcQbb_\\v^T_cUTUcTU]eSX_Q^dUciaeUS_^dY^e†TUc
`e}cTUaeUQVY^UcTUZe\Y__S_]YU^j_cTUQW_cd_cUQ`QWQb_^\_c‹\dY
]_cV_S_cTU`b_dUcdQ_RbUbQ\Q_\UQTQbUYfY^TYSQdYfQTUUcQS_ie^debQ
S_^cdYdeiUQ^eUcdb_U^dU^TUbe^]_]U^d_TUbe`debQQ\QfUjaeUe^
XYd_Q\dQ]U^dUcY]R†\YS_U^\QXYcd_bYQTU\]_fY]YU^d_`_`e\QbU^3XY\U
<QXeU\WQWU^UbQ\TU!() VeUU^WbQ^]UTYTQe^bUce\dQT_TU\
`b_SUc_TUQSe]e\QSY†^TUVeUbjQciTUUh`UbYU^SYQcTUQ\We^_ccUSd_
bUcTUdbQRQZQT_bUciTUcTUUcdU`e^d_TUfYcdQXQiUfYTU^dUcU\U]U^d_c
TUS_^dY^eYTQTS_^`b_SUc_cTU\QbWQTQdQU^U\]_fY]YU^d_`_`e\Qb
@Ub_dQ]RY}^\QS_^]_SY†^c_SYQ\TUZe\Y_TU!() VeUe^QVbQSdebQ
XYcd†bYSQTUWbQ^]QW^YdeTU^U\cU^_TU\]Yc]_]_fY]YU^d_
5\aeYURbU_TUcU^SeU^db_VeUT_R\U
1^dUcaeU^QTQTUcU^SeU^db_U^dbU\_c`bY^SY`Q\Uc`b_dQW_^YcdQc
TU\QcXeU\WQciU\]edeQ\Yc]_\QV_b]QTU_bWQ^YjQSY†^]vcTYVe^TYTQ
U^U\]e^T_`_`e\Qb

"!'"
5^dbU\_cS_^dQT_cWbe`_cTUdbQRQZQT_bUcaeU_RdefYUb_^cQdYcVQSSY†^`QbSYQ\Q
cecTU]Q^TQccUS_^dQb_^QTU]vcTU\_ciQ]U^SY_^QT_c`Q^YVYSQT_bUcTU\Q`\QjQ1^
RQ\@Y^d_TUFQ\`QbQc_\_c_RbUb_cTU\QcVvRbYSQcTUQ\Y]U^d_c8eS[UTU\Q]Yc]QSYe
TQTaeUWQ^Qb_^U\bU`_c_T_]Y^YSQ\QSQ]RY_TUT_R\QbU\dbQRQZ_U\cvRQT_i\_c\Q^
SXUb_cQaeYU^UccU_d_bW†e^" TUQe]U^d_cQ\QbYQ\
"!'#
²<QXeU\WQTU\_c`Q^QTUb_c³5\1\VQDQ\SQ$TUQW_cd_TU!() F}QcUQTU]vc
²D_TQfQ\_c`Q^QTUb_c³<Q<YRUbdQTDQ\SQ#TUQW_cd_TU!() 

756
 3_]_UccQRYT_U\cY^TYSQ\Yc]_^_cebWQd_TQfQU^3XY\Ui\Q]edeQ
\YTQTaeUY]`e\cQRQUc`_bvTYSQc\eSXQcTUbUcYcdU^SYQTU\dbQRQZ_S_^dbQU\
SQ`YdQ\cUXQ\\QRQY]`\Q^dQTQ`bUVUbU^dU]U^dUU^QaeU\\_cWbU]Y_cTU
_RbUb_ciQbdUcQ^_cebRQ^_caeUdefYUb_^UcSQcQ_^Y^We^QVYWebQSY†^U^\Qc
XeU\WQcTUZe\Y_TU!() 
1UcdUbUc`USd_UcY\ecdbQdYfQ\QQecU^SYQU^Ucd_cS_^V\YSd_cTUWbU]Y_c
S_]_\_cdY`†WbQV_c\_ccQcdbUc\_cjQ`QdUb_c\_cSQb`Y^dUb_ci\_cURQ^YcdQc
aeUXQRQ^cYT_TUcTU]UTYQT_cTUcYW\_\_c]vc`b_S\YfUcQ\Qc_SYQRY\YTQT
]edeQ\YcdQC†\_U^9aeYaeU\_ccQcdbUcijQ`QdUb_ccUce]Qb_^Q\]_fY]YU^
d_TU`b_dUcdQ`b_\UdQbYQ
@Ub_U\TUcU^SeU^db_U^dbU\Q]edeQ\YTQTi\_cXeU\WeYcdQcTUZe\Y_
^_VeUe^QSeUcdY†^]UbQ]U^dU_bWQ^YjQdYfQcY^_U\Q^e^SY_TUe^bU\U
f_TU\_c`b_dQW_^Yc]_cU^U\cU^_TU\]_fY]YU^d_`_`e\Qb<QXeU\WQ
WU^UbQ\TU!() ]QbS†TU]Q^UbQcQ^WbYU^dQ\QU^dbQTQU^\QUcSU^Qc_
SYQ\TU\QS\QcU_RbUbQ]_TUb^QU^fQcTUS_^cdYdeSY†^U^d_b^_Q\QUS_
^_]QSQ`YdQ\YcdQTU\QUbQY^TecdbYQ\SeiQcRQcUc`bY^SY`Q\UcUbQ^\QcUh
`\_dQSY_^UccQ\YdbUbQcTU\^_bdU\QcQSdYfYTQTUc`_bdeQbYQci\QcVe^TYSY_
^UcTUUcQj_^QiTUFQ\`QbQc_\Qc]Y^QcTUSQbR†^TU\QbUWY†^TU3_^
SU`SY†^i\QY^TecdbYQ]Q^eVQSdebUbQS_^SU^dbQTQ`bY_bYdQbYQ]U^dUU^
CQ^dYQW_iFQ\`QbQc_6eUb_^Ucd_ccUSd_bUcU^Uc`USYQ\\_c]Y^Ub_cidbQ
RQZQT_bUc`_bdeQbY_caeYU^UcS_]U^jQb_^Q_Se`Qb`b_WbUcYfQ]U^dUU\
\eWQbTUfQ^WeQbTYQTU\Q\eSXQi_bWQ^YjQSY†^`_`e\Qb`Q`U\aeUXQcdQ
U^d_^SUcXQRQ^TUcU]`U…QT_\_cQbdUcQ^_ci_RbUb_cebRQ^_c]vcSQ\YVY
SQT_c
<QcecdYdeSY†^TU\_c\YTUbQjW_c_Se`QbQQ‹^^_`_S_cQ…_cdQ\fUj
Q\We^QcT}SQTQc^_c†\_`_baeU\_cQ^dYWe_c`b_dQW_^YcdQc°\_cQbdUcQ
^_ci_RbUb_cebRQ^_cTU]Qi_bSQ\YVYSQSY†^U]`\UQT_cU^QSdYfYTQTUc
]vcdbQTYSY_^Q\Uc°^_TUcUbdQbQ^`ebQicY]`\U]U^dUTU\Q\eSXQc_SYQ\
cY^_dQ]RY}^`_baeU\_c^eUf_cQSd_bUcfYfQ^e^QUdQ`QdbQ^cYSY_^Q\<Q
dbQ^cV_b]QSY†^TU\`U_^QZUTUbQjS_\_^YQ\U^`b_\UdQbYQT_]_TUb^_
cYRYU^cUU^S_^dbQRQ]eiQfQ^jQTQQ‹^^_XQRQSe\]Y^QT_<Q`UbcYc
dU^SYQTUbU\QSY_^Uc\QR_bQ\UcS_^VeUbdUcbUcQRY_c`bUSQ`YdQ\YcdQcS_]_
U\`QW_U^VYSXQc_bUWQ\Qci\_cSQcdYW_cVcYS_ci\Q]U^dQ\YTQTaeUU\\_
WU^UbQRQ^_cY^TYSQ^aeU\Q]UdQ]_bV_cYcTU\`U_^QZUU^`b_\UdQbYQT_
^_XQRQ\\UWQT_QceVY^<Q^eUfQfQ^WeQbTYQc_SYQ\aeUcUQ^e^SY†
TUcTU\_cQ…_c_SXU^dQiaeUU]UbWY†S_^]vcVeUbjQU^Ze\Y_TU!() cU
SQbQSdUbYj†TebQ^dUd_T_e^`Ub_T_`_bce²Uc`_^dQ^Uc]_³`_b\QfY_
\U^SYQi²`bY]YdYfYc]_³TUcec\eSXQc3_]`eUcdQUcU^SYQ\]U^dU`_b]Y
^Ub_ci`_bdbQRQZQT_bUcebRQ^_cTURQZQSQ\YVYSQSY†^UY^cdbeSSY†^aeU
ceVbQ^e^QUh`\_dQSY†^TUc`YQTQTQUcdQfQ^WeQbTYQfYfQce`b_`Y_`b_
SUc_TUdbQ^cYSY†^idU^TQQbU`b_TeSYbQ\We^_c]}d_T_c²cQ\fQZUc³i
²`bU]_TUb^_c³TU²WeUbbQc_SYQ\³SQbQSdUbcdYS_cTU\_c]_dY^Uc`U_^Q
\Uc\QcY^cebbUSSY_^Uc]Y^UbQc_\_c\UfQ^dQ]YU^d_cSQ]`UcY^_cTU\cYW\_
H9H_SebbYT_cU^_SQcY_^Uc`b_`YSYQcS_]_\QcWeUbbQcSYfY\UcSeQ^T_

757
cU`b_TeSQe^^_d_bY_TURY\YdQ]YU^d_TU\`_TUbSU^dbQ\_U^_dbQccYdeQSY_
^UcTUWbQ^Uh`\_cYfYTQT@Ub_U\`b_`Y_QfQ^SUTU\QUS_^_]QSQ`YdQ\YcdQ
\QcY^V\eU^SYQcTU\QcYTU_\_WQcTUbUV_b]QibUTU^SY†^c_SYQ\\_cUcVeUbj_c
S_^ZeWQT_cTUTYfUbc_ccUSd_bUcTU\QU\YdUiTU\5cdQT_U^dbU_db_cVQSd_bUc
QieTQb_^U^\_cQ…_c`_cdUbY_bUcQQSU\UbQb\Q]edQSY†^Se\debQ\TUUcdUcUW
]U^d_`_`e\Qb²`b_\UdQbYjv^T_\_³Ucd_UcQ\UZv^T_\_TUce_bYWU^`U_
^Q\=ei`b_RQR\U]U^dUVeUUcQdbQ^cV_b]QSY†^TU\`U_^QZUU^`b_\UdQbYQ
T_\QaeU`Ub]YdYbQQ`_S_Q^TQb\QQT_`SY†^`_b`QbdUTU\^eUf_QSd_bTU
Q\We^QcTU\QcV_b]QcTU_bWQ^YjQSY†^iTU\eSXQ`b_`YQcTU\QQ^dYWeQfQ^
WeQbTYQ@Ub_}cQUc]QdUbYQ`QbQe^`Ub_T_`_cdUbY_bQ\aeUUcdU\YRb_cUXQ
`b_`eUcd_QR_bTQb@_b\_TU]vcTU^db_TU\Q^eUfQQfQ^jQTQc_SYQ\`_`e
\QbUcdQbQ^`bUcU^dUcWbe`_cTUdbQRQZQT_bUcS_^SYUbdQdbQTYSY†^_bWQ^YjQ
dYfQ°S_]_\_cWbU]Y_cTU`_bdeQbY_ciTU`Q^QTUb_c°SeQ\YdQdYfQ]U^dUTYc
dY^d_cTU\_c]vc²Uc`_^dQ^UcdQc³aeUdU^TQ^Q]Q^YVUcdQbcUU^V_b]QTU
²debRQc³i]_dY^Uc
5^d_T_SQc_\QQecU^SYQTU\]edeQ\Yc]_U^\Qc\eSXQcbUYfY^TYSQdY
fQcTUZe\Y_TU!() VeUe^_TU\_cXUSX_c]vccYW^YVYSQdYf_caeU]QbSQ
b_^U\TUcVQcUU^dbU\Q`bY^SY`Q\V_b]QTU_bWQ^YjQSY†^`_`e\QbTUQaeU
\\Q}`_SQiUcdU]_fY]YU^d_cY^ZUVUcS_^_SYT_ccY^S__bTY^QSY†^]vc
Q\\vTUQ\We^QcS_^dQTQcU]`bUcQce_VYSY^QccQ\YdbUbQcicY^UcdbQdUWYQ
S\QbQ]U^dUTUVY^YTQ"!'$
<QVQ\dQTU`bUcU^SYQTU\]edeQ\Yc]_dU^QceS_bbU\Qd_U^U\`\Q^_
`_\dYS_U^\QQecU^SYQTU\@QbdYT_4U]_SbvdYS_U^QaeU\\QTUc_bWQ^YjQTQ
_VU^cYfQ_RbUbQi`_`e\QbCYU^T_ceRQcU`bY^SY`Q\U\QbdUcQ^QT_i\_c
_RbUb_c]vcSQ\YVYSQT_c^eS\UQT_cU^\Qc]edeQ\Uci_dbQcQc_SYQSY_^Uc
aeUU^SQb^QRQ^U\`b_iUSd_TU²bUWU^UbQSY†^TU\`eUR\_³U\Z_fU^`QbdY

"!'$
5\SQbvSdUbUcU^SYQ\]U^dUUc`_^dv^U_TU\QcXeU\WQcTUZe\Y_TU!() cUS_^VYb
]QQ\S_]`b_RQbaeU\QSQcYd_dQ\YTQTTU\_cTUdU^YT_cUbQ^ceZUd_ccY^VYWebQSY†^`bUfYQ
^Y`_cdUbY_bU^S_^V\YSd_c\QR_bQ\Uc_U^\eSXQc`_\dYSQc=eSXQc`Ubc_^Qc`QbUSU^XQRUb
cYT_Q`bUXU^TYTQc`_bVQ\dQcS_]UdYTQcTebQ^dU\_cTYcdebRY_c:e\Y_@Y^d_XQfUbYVYSQT_
UcdUVU^†]U^_U^\QbUWY†^dQbQ`QaeU…Q@Y^d_²5^U\SQ]Y^_³_`SYd`vW!!#i²BU
RU\TUc`Q]`Y^_c³_`SYd<Q‹^YSQUhSU`SY†^TUdUSdQTQ`_bU\]Yc]_XYcd_bYQT_bUc\Q
bU`bUcU^dQTQ`_b3}cQb1eWecd_3vSUbUcS_]UbSYQ^dUUcdQR\USYT_U^DQbQ`QSvTUcTU
]UTYQT_cTU\_cQ…_c_SXU^dQ3vSUbUcaeUXQRQcYT_]Y\YdQ^dUTU\@QbdYT_BQTYSQ\S_`YQ
`Y^_bUQ\Yj†_RbQcVY\Q^db†`YSQcU^\QccQ\YdbUbQcdQbQ`QaeU…QcVeUcUSbUdQbY_TU\QC_SYU
TQTTU1bdUcQ^_c1c`YbQ^dUcTU\CQRUbTU9aeYaeUiQTaeYbY†^_d_bYUTQTU^!() `_bce`QbdY
SY`QSY†^U^\QS_]YcY†^U]Q^QTQTU\²=UUdY^WTU\QSQb^U³ic_RbUd_T_`_bXQRUbcYT_
QbbUcdQT_U\#TUZe\Y_QSecQT_TU²Y^SYdQbQ\`eUR\_QS_]UdUbTUc†bTU^Uc³1TXYbY†Q\
@QbdYT_4U]_SbvdYS_YaeYaeU…_TUcTUceVe^TQSY†^U^_SdeRbUTU\]Yc]_Q…_iV_b]†`QbdU
TUcecUWe^TQTYbUSdYfQ@Y^d_²5^U\SQ]Y^_³_`SYd`vWc! $! '!!"i!!#+²¤3eUc
dY†^c_SYQ\³_`SYd`vWc""%""'
1e^SeQ^T_^eUcdbQcY^fUcdYWQSY_^Uc^_^_cXQ^\\UfQT_QUhQ]Y^QbUh`UTYU^dUc
ZeTYSYQ\UcbU\QdYf_cQUcd_cS_^V\YSd_cU\S_^_SY]YU^d_TUTYfUbcQcVeU^dUc^_c`Ub]YdU`U^
cQbaeUU\]Yc]_VU^†]U^_TUUcSQc_`b_dQW_^Yc]_TUY^TYfYTe_cTUcS_\\Q^dUccUbU`YdY†
U^_dbQcj_^QcTU\`Qc

758
T_`bUVUbQS_]_iQXU]_cfYcd_\Q\eSXQU^U\dUbbU^_`_\dYS_°Y^cdYde
SY_^Q\iU\\UfQ^dQ]YU^d_TUSYUbdQcbUYfY^TYSQSY_^UcXYcd†bYSQcTU\QbdUcQ
^QT_S_]_U\`b_dUSSY_^Yc]_e_dbQc\YWQTQc`bY_bYdQbYQ]U^dUQ\QTU
VU^cQTU\^YfU\TUfYTQTU\_ccUSd_bUc`_`e\QbUcU^\QUcVUbQTU\S_^ce]_
]vcaeUQ\QTUVU^cQQSdYfQTU\fQ\_bTU\QVeUbjQTUdbQRQZ_S_^dbQU\SQ`Y
dQ\
5\U\_SeU^dUcY\U^SY_TU\QTYbUSSY†^TU\@QbdYT_4U]_SbvdYS_bUc`USd_
TU\QXeU\WQWU^UbQ\TU\^_bdUiTUFQ\`QbQc_iceS_]`\UdQVQ\dQTUY^YSYQ
dYfQ`QbQQ`_iQbUcU]_fY]YU^d_iUhdU^TUb\_Q_dbQcSYeTQTUcibUWY_^Uc
TURUcUbUh`\YSQT_`_b\QUcdbQdUWYQ`_\dYS_°Y^cdYdeSY_^Q\TU\Q_bWQ^YjQ
SY†^TU]†SbQdQi`_bceVQ\dQTU`bU_Se`QSY†^`_bbU`bUcU^dQbQdbQf}cTU
e^Q`\QdQV_b]Q`bUSYcQ\_cY^dUbUcUcTUQaeU\\_ccUSd_bUcTUdbQRQZQT_bUc
]vc`Qe`}bbY]_ciS_^]U^_bSQ`QSYTQTTU^UW_SYQSY†^iTUbU`bUcU^dQ
SY†^U^U\UcdbUSX_SeQTb_`_\dYS_Y^cdYdeSY_^Q\TU\Q}`_SQ5cSYUbd_aeU
\QcXeU\WQcUcdQ\\Qb_^U^\QbUWY†^cQ\YdbUbQT_^TUU\@QbdYT_4U]_SbvdYS_UbQ
Y^UhYcdU^dU_]eiT}RY\@Ub_U^_db_c\eWQbUcS_]_ceSUTY†U^FQ\`QbQc_
T_^TUXQRQe^QVeUbdURQcUTU]_SbvdYSQQ`_iQTQU^_bWQ^YjQSY_^Ucc_SYQ
\UciU^ceUcdbeSdebQTUS__bTY^QSY†^\Q<YWQTUC_SYUTQTUc?RbUbQc\QQe
cU^SYQTUUcdU`QbdYT_iTU\QcQc_SYQSY_^Uc]edeQ\YcdQcU^\Q\eSXQbUYfY^TY
SQdYfQTUZe\Y_TU!() VeUUfYTU^dU<Q`bY^SY`Q\`bU_Se`QSY†^TU\_cTYbY
WU^dUcTU]†SbQdQci]edeQ\YcdQcQ`e^d†QTUc\YWQbcUTU\QcfY_\U^SYQc`_`e
\QbUc^_QU^dbUWQbS_^TeSSY†^i`Ubc`USdYfQcQ\Qc\eSXQcbUYfY^TYSQdYfQc
1cQ\TQcYWeYU^dUTU\QSbeU^dQZ_b^QTQTU\"!TUZe\Y_e^QS_]YcY†^TU
fQbYQcc_SYUTQTUcTUc_S_bb_c]ede_cU^dbU\QcaeUcUS_^dQRQ^T_cS_^_SY
T_cTYbYWU^dUc3_^dbUbQci=_bQ\UccUTYbYWY†Q\\_SQ\TU\TYQbY_5\3_]UbSY_
`QbQTUc]U^dYbQSecQSY_^UcTU\Q`bU^cQTU_`_cYSY†^aeU\_cXQSQ^Q`QbU
SUbS_]_bUc`_^cQR\UcTU\_cY^SYTU^dUcTU\Qfc`UbQi`QbQQ^e^SYQb\Q
bUQ\YjQSY†^TUe^QbUe^Y†^U^U\\_SQ\TU\Q6Y\Qb]†^YSQTU?RbUb_cQVY^TU
QT_`dQb]UTYTQc`QbQS__`UbQbS_^U\9^dU^TU^dUU^QcUWebQbU\_bTU^²U^
X_^_bTU\ReU^^_]RbUTU\@QbdYT_4U]_SbvdYS_³"!'%IU^T_Q‹^]vc\UZ_cU^
UcdQ`_cYSY†^\QQWbe`QSY†^TU]†SbQdQTUFQ\`QbQc_`eR\YS†`_bQaeU\\_c
TQce^QTUS\QbQSY†^TYVe^TYTQU^f_\Q^dUcU^\QcaeUcU^UWQRQSeQ\aeYUb
`QbdYSY`QSY†^TUcec]Y\YdQ^dUcU^\_cTUc†bTU^UccUc_cdU^QaeUceTYfYcQ
UbQU\_bTU^iU\bUc`Ud_Q\Qc\UiUcicUQVYb]QRQaeUcecQVY\YQT_cU^SQc_aeU
defYUbQ^aeU²Qce]YbQ\We^QQSdYdeTcUbvU^TUVU^cQTU\QfYTQTU\Q`b_`YU
TQTiU\_bTU^`‹R\YS_U^WU^UbQ\³"!'&
3_^cUSeU^dUS_^ceUcdbQdUWYQTUY^S_b`_bQSY†^Q\ZeUW_`_\dYS_
Y^cdYdeSY_^Q\\QTYbUSSY†^TU]†SbQdQcU\Y]Yd†TebQ^dUUcQS_ie^debQQ
bUQ\YjQbQ\We^Qc]_fY\YjQSY_^UcdU^TYU^dUcQTUcR\_aeUQbU\Y]`QccU`_\dY

"!'%
²1‹\dY]QX_bQ³5\3_]UbSY_FQ\`QbQc_""TUZe\Y_TU!() 
"!'&
²<QXeU\WQE\dY]_cTUc†bTU^Uc³5\1\VQDQ\SQ"(TUZe\Y_TU!() 

759
S_^QSY_^Q\UY^cdQbQ\_c`_TUbUc5ZUSedYf_i<UWYc\QdYf_QQT_`dQb²e^Q]UTY
TQcQ\fQT_bQ³aeU`Ub]YdYUbQcebUS_^SY\YQSY†^_U^dU^dUrcUVeUU\_RZUdYf_
`bY^SY`Q\TU\Qc]Q^YVUcdQSY_^Uc_bWQ^YjQTQc`_bU\@QbdYT_4U]_SbvdYS_U\"
TUZe\Y_aeUbUe^YUb_^fQbY_c]Y\UcTU`Ubc_^QcUc`USYQ\]U^dUU^\QSQ`Y
dQ\3_]_UccQRYT_\Q‹^YSQbUVUbU^SYQY^TYbUSdQQ\S\Y]QTUQWYdQSY†^_RbU
bQbUY^Q^dUU^U\`QcaeU\_cTYbYWU^dUcTU]†SbQdQcXYSYUb_^UcUTQTebQ^dU
ceU^dbUfYcdQS_^U\@bUcYTU^dUTU\QBU`‹R\YSQVeU\Q`UdYSY†^TU]UTYTQc
cY^`bUSYcQbSev\Uc`QbQQ\YfYQb\QQ^WecdY_cQcYdeQSY†^`_b\QaeUQdbQfUcQ
RQ^\_ccUSd_bUc`_`e\QbUcTURYT_Q\Q`QbQ\YjQSY†^TU^e]Ub_cQc_RbQcVYcSQ
\Uc"!''>QTQ]vc<_cTU]†SbQdQc^_c_\YSYdQRQ^^Y\QcQdYcVQSSY†^TU\QcUhY
WU^SYQc_RbUbQc^YU\SUcUTU\QbU`bUcY†^4UUcdQ]Q^UbQ\Qc‹^YSQcU^dYTQ
TUcaeU`_TQ^TQbS_^TeSSY†^Q\QXeU\WQWU^UbQ\TU\>_bdU7bQ^TUiTU
FQ\`QbQc_°U\@QbdYT_4U]_SbvdYS_i\Qc]edeQ\Uc°TUZQRQ^`QcQb\Q_`_bde^Y
TQTTUS_^fUbWUbS_^U\]_fY]YU^d_TU\Qc`bY^SY`Q\UcS_^SU^dbQSY_^Uc`b_
\UdQbYQcTU\`Qc
@QbQ\QU\YdUQbYcd_SbvdYS_°RebWeUcQ\QUh`\_cY†^TUZe\Y_VeU\QS_^
VYb]QSY†^TUe^VU^†]U^_aeUiQY^deQ_`bUfUQTUcTUXQSQ`_b\_
]U^_ce^QT}SQTQQe^aeUcY^dU^Ube^QYTUQ`bUSYcQQSUbSQTUce]QW
^YdeTCYRYU^\QcTYcSecY_^Ucc_RbU\Q²SeUcdY†^c_SYQ\³fU^Q^TUcQbb_
\\v^T_cUTU]Q^UbQ]vcUh`\SYdQTUcTUS_]YU^j_cTU\_cQ…_c_SXU^dQ
U^\_c]UTY_cTU\Q²_`Y^Y†^Y\ecdbQTQ³\_cUVUSd_c`bvSdYS_cUcTUSYb\Qc
]UTYTQc`QbQ`bUfU^Ybe^QcYdeQSY†^S_]_\QaeUU^d_^SUccU`b_TeZ_
XQRQ^cYT_Y^UhYcdU^dUccQ\f_dQ\fUjQ\We^QcQT_`dQTQcU^U\`\Q^_cQ
^YdQbY_QbQjTU\QcWbQ^TUcU`YTU]YQcaeUQc_\Qb_^U\`QcTebQ^dUUcQ
T}SQTQ"!'(<QbUQSSY†^TUdU]_bTUUcdUcUSd_bc_SYQ\°]Qi_bYdQbYQ]U^dU
_`_cYd_bQ2Q\]QSUTQU^!() °^_VeUe^QcY]`\UTbQ]QdYjQSY†^QbdYVY
SYQ\Q\cUbfYSY_TUe^QUcdbQdUWYQTU\eSXQ`_\dYSQS_^dbQcecQTfUbcQbY_c
U^U\cU^_TU\Q`b_`YQS\QcUT_]Y^Q^dU<Q_`_cYSY†^RecS†TUcTUe^
`bY]Ub]_]U^d_UhQWUbQbU\`U\YWb_`QbQQSe]e\QbVeUbjQcS_^dbQU\
W_RYUb^_@Ub_SeQ^T_U\]_fY]YU^d_TU\_cdbQRQZQT_bUc]Q^YVUcd†e^Q
bQTYSQ\YTQTfY_\U^SYQi`UbcYcdU^SYQXQcdQU^d_^SUc`_S_S_]‹^\QbUQS
SY†^TUS_^TU^QVeUe^v^Y]UdQ^d_TU\_VYSYQ\Yc]_S_]_TU\_c_`_cY
d_bUcIdQ]RY}^XeR_e^QSeUbT_ceRcdQ^SYQ\U^dbUQ]R_ccUSd_bUcTe
bQ^dU\QcUWe^TQVQcUTU\QXeU\WQU^\Q^USUcYTQTU\U]`\UQb\_c]}d_
T_cbU`bUcYf_c
<QcfUbTQTUbQcTYVUbU^SYQcbQTYSQRQ^U^\QfQ\_bQSY†^aeUe^_ci
_db_cXQSQ^c_RbUU\SQbvSdUbi`U\YWb_cYTQTTU\]_fY]YU^d_<_c_`_cYd_
bUcUbQ^^QdebQ\]U^dUaeYU^UcdU^Q^\Q`UbSU`SY†^]vcSQdQcdb†VYSQU^
`QbdYSe\Qb\_cS_^cUbfQT_bUcaeUfUQ^U\VQ^dQc]QTU\S_]e^Yc]_\\UWQ^
T_Q\QcS_cdQcSXY\U^QcBUVYbY}^T_cUQ\_c²TUc†bTU^UcTU9aeYaeU³5\5c
dQ^TQbdU3Qd†\YS_†bWQ^_TU\S\UbYSQ\Yc]_S_^cUbfQT_bQcUWebQRQaeU*

"!''
DU]QdbQdQT_U^U\SQ`de\_Q^dUbY_b
"!'(
7bUj<Uc]_efU]U^dc_`SYd`vWc!$$!((i"$#"$(

760
 KMUcd_cQS_^dUSY]YU^d_c^_cY^TYSQ^aeUU\S_]e
^Yc]_aeUdYU^UU^Q\Qb]QQ\_c`QcUcUeb_`U_cQVYb]QU^
dbU^_c_db_cceSQRUjQiUcTUdU]UbaeUUc_cUcdQ\\YT_caeU
^_c_^\_c`bY]Ub_c^_cUQ^dQ]`_S_\_c‹\dY]_c5\c_SYQ
\Yc]_S_]_d_T_c\_c]Q\UcaeUQVUSdQ^Q\_bTU^c_SYQ\Uc
e^Q`\QWQaeUSe^TUicUUhdYU^TUS_]_U\S†\UbQicUQbbQY
WQicUQS\Y]QdQS_]_\QcU^VUb]UTQTUcU^T}]YSQcU^\_c
`QcUcaeUXQSUceQ`QbUSY]YU^d_ "!')

@QbQ\_c`QbdYTQbY_cTU\W_RYUb^_\Q`b_dUcdQXQRQdU^YT_RQcUcZecdQc
U^cecS_]YU^j_c`Ub_XQRQTUWU^UbQT_`_b_RbQTUT_cU\U]U^d_c*²\Q
`}bVYTQY^cdYWQSY†^`_\dYSQU^aeUcUXQfYcd_\Q]Q^_TU\Q_`_cYSY†^KbUVU
bU^SYQQ\QcQSecQSY_^Uc\Q^jQTQcS_^dbQ\_c_`_cYd_bUcTUY^cdYWQb\_cTUc†b
TU^UcU^FQ\`QbQc_Mi\QY^dbecY†^TU\QcX_bTQc]Q\XUSX_bQcU^U\`bUcU^
dUUZUbSYSY_TU\TUbUSX_³"!( 
5^\QfYcY†^TU\RQ\]QSUTYc]_^_cUdbQdQbQTU\Q\\UWQTQTU\S_]e
^Yc]__TU\c_SYQ\Yc]_Q3XY\UcY^_TU\Q²TUc^QdebQ\YjQSY†^³TUe^]_fY
]YU^d_Y^YSYQ\]U^dUZecd_`_b\Q]Q^Y`e\QSY†^`_\dYSQi\QYbbe`SY†^TU
²\QcX_bTQc³TU²\QSXec]Q³CUTYcdY^WeQU^\Q]QcQdbQRQZQT_bQQaeU
\\_ccUSd_bUc²SYfY\YjQT_c³\_cQbdUcQ^_c\_cdbQRQZQT_bUc²X_^bQT_c³\_c
]edeQ\YcdQcbUc`Ude_c_cTU\Q\UWQ\YTQTTU\Q²SXec]QfQ^Tv\YSQ³Y^Se\
dQUY^SYfY\YjQTQQ\QaeUc†\_SQRQQ`\YSQb\QbU`bUcY†^FYcY†^aeUU^
TUVY^YdYfQ^_TYVUbQbQTYSQ\]U^dUTU\QaeUdU^Q^\_c_`_cYd_bUcY^S\e
iU^T_U^U\\_cQ\_cS_^cUbfQT_bUc
<QcXeU\WQcTUZe\Y_VeUb_^e^QSQ]`Q^QTQTUQ\UbdQ`QbQ\Q_\YWQb
aeQ¤6eUQ`bU^TYTQ\Q\USSY†^/<QUh`UbYU^SYQXYcd†bYSQY^]UTYQdQ]U^
dU`_cdUbY_b`QbUSUU^dbUWQbe^QbUc`eUcdQ^UWQdYfQ<_cQ\R_bUcTU\cY
W\_HH]_cdbQb_^aeUTebQ^dU]eSX_dYU]`_\Q`bY^SY`Q\bUQSSY†^TU\Q
U\YdUQ\Q²SeUcdY†^c_SYQ\³VeU\QbU`bUcY†^>UWQb\QTbQ]vdYSQcYdeQSY†^
U^aeUfYfQ^\QS\QcU_RbUbQi\_ccUSd_bUc`_`e\QbUc_RecSQbcecSQecQc
U^\QVQ\dQTUY\ecdbQSY†^U^\_cfYSY_ciU^\QQSSY†^TUQWYdQT_bUcVeU\Q
`_cYSY†^]vcS_]‹^TU\QS\QcUT_]Y^Q^dUVbU^dUQUcd_c`b_R\U]Qc"!(!
rcQUbQ`_bUZU]`\_\QQSdYdeTTU\Q3v]QbQTU3_]UbSY_TUFQ\`QbQc_
U^Ze\Y_TU!() SeQ^T_Q\bUTQSdQbe^QSQbdQTUbUc`eUcdQQ\Q3_]YcY†^
TU\Q3v]QbQTU4Y`edQT_cU^SQbWQTQTUY^fUcdYWQb\QcSQecQcTU\QcXeU\
WQcTUS\QbQRQaeUdQ\Uc]_fY]YU^d_c^_dU^Q^ZecdYVYSQSY†^US_^†]YSQ
iQaeU*

"!')
²<_cTUc†bTU^UcTU9aeYaeU³5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_!!TUZe\Y_TU!() 
"!(
²<QcYdeQSY†^\_SQ\³5\3_]UbSY_FQ\`QbQc_"#TUZe\Y_TU!() 
"!(!
3_]_XU]_cTU]_cdbQT_U^_db_dbQRQZ_\QcUhSU`SY_^UcVeUb_^^e]Ub_cQc
`Ub_VeUb_^Q\VY^iQ\SQR_UhSU`SY_^UcF}QcU7bUj<Q²SeUcdY†^c_SYQ\³_`SYd

761
 KM²U\Z_b^Q\TU\_cdbQRQZQT_bUcQ\eTYT_cK\_c`_b
deQbY_cMUcTUdbUcQSeQdb_`Uc_cTYQbY_cS_]_]^Y]e]
bU]e^UbQSY†^]vcaeUceVYSYU^dUQ\Qc^USUcYTQTUcTU\_c
Y^TYfYTe_cKcYSM_RbUb_c³icY^TYSQRQQ²\_cQ]_dY^QT_c
U^ce]Qi_b`QbdU³S_]_²Y^TYfYTe_cUhdbQ…_cQ\_cWbU
]Y_cTUdbQRQZQT_bUcQbbYRQQ\eTYT_c³"!("

CUW‹^\QQc_SYQSY†^]UbSQ^dY\²e^QWbQ^`QbdUTU\_cdbQRQZQT_bUcU^
XeU\WQf_\fUbQ^QcecdQbUQcU^\Q]Yc]QS_^TYSY_^UcQ^dUbY_bUccYdefYU
bQ^\QcUWebYTQTTU_RdU^UbWQbQ^dQcTU`b_dUSSY†^TebQ^dU\_cdbQRQZ_ci
TUc`e}cTUU\\_c³"!(#
5cdQ]YbQTQUbQS_]`QbdYTQ`_bWbQ^`QbdUTU\QU\YdU<_c]Yc]_c
TY`edQT_c_`_cYd_bUcaeU`bUcU^dQb_^\_cbUce\dQT_cTUceY^fUcdYWQ
SY†^TUS\QbQRQ^XQRUbcUV_b]QT_²U\S_^fU^SY]YU^d_^dY]_i`b_Ve^T_
aeU\_aeUcUXQ\\Q]QT_XeU\WQ^_XQcYT_dQ\cY^_e^de]e\d_fUbW_^j_c_
iaeUTYSX_de]e\d_aeUcUS_^fYbdY†X_bQc]vcdQbTUU^X_bTQcTUcQaeU_
i`Y\\QZU`eT_XQRUbcUS_^dU^YT_cY\QQed_bYTQTXeRYUbQd_]QT_]UTYTQc
_`_bde^QcTUbU`bUcY†^³"!($
<_cdbQRQZQT_bUc^_dU^Q^bQj_^UcfQ\UTUbQc`QbQTUS\QbQbcUU^
XeU\WQCUW‹^\_cdUcdY]_^Y_cbUS_WYT_c`_b\_c`Qb\Q]U^dQbY_cTU\Q
S_]YcY†^Y^fUcdYWQT_bQU^dbU²\Qc`Ubc_^Qc]UZ_bS_\_SQTQc³iaeU\Uc
²Y^c`YbQRQ^VUQdU^TYTQcce`_cYSY†^c_SYQ\cUbYUTQTTUSQbvSdUbiXQcdQ
^UedbQ\YTQTU^\Q`_\dYSQ³\QXeU\WQSQbUSQTUVe^TQ]U^d_US_^†]YS_
<_c\Q^SXUb_c`_bUZU]`\_dU^Q^e^cQ\QbY_U\UfQT_i²^Y^We^_TU
U\\_cU^^Y^W‹^dYU]`_XQRQbUS\Q]QT_Qcec`Qdb_^UcQe]U^d_TU
ceU\T_³"!(%
5^UcdQ\†WYSQ\Qc_\eSY†^TU\S_^V\YSd_UbQTUdY`_`ebQ]U^dU`_\Y
SYQ\i]Y\YdQb

"!("
C3>3v]QbQTU4Y`edQT_c2_\Ud^TU\QcCUcY_^Uc?bTY^QbYQcU^!() ²CUcY†^#& 
_bTY^QbYQU^"&TUZe\Y_TU!() ³_`SYd`vWc%('i%((
"!(#
9RYT
"!($
?`SYd`vW%('
"!(%
9RYT5\TY`edQT_5e\_WY_1\\U^TUTU\Q]Y^_bQRQ\]QSUTYcdQTU\3_^WbUc_i
]YU]Rb_TU\Q]Yc]QS_]YcY†^`bUcU^d†e^Y^V_b]UQ\dUb^QdYf_Q\TUcecS_\UWQc_`_cY
d_bUcCUW‹^1\\U^TU\QcXeU\WQcTUFQ\`QbQc_cUUh`\YSQRQ^c†\_`_b]_dYfQSY_^UcWbU
]YQ\UcTUcSQbdQ^T_`_bS_]`\Ud_e^QSQecQTU_bYWU^`_\dYS_²9]`_bdQ^dUY^V_b]Uc_
RbU\_cceSUc_cTUFQ\`QbQc_³5\3_]UbSY_FQ\`QbQc_(TUQW_cd_TU!() 

762
 3?>3<EC9É>

>eUcdbQY^fUcdYWQSY†^^_cS_^TeZ_QRecSQb\QcbQSUcTU\]_fY]YU^d_
`_`e\QbU^3XY\U1`UcQbTUaeU\Q`UcaeYcQbUQ\YjQTQ^_`bUdU^TQQ`bU
XU^TUbU\S_^Ze^d_TUQc`USd_cTUe^QXYcd_bYQaeU`_bcUb²c_SYQ\³Q]
RYSY_^QQcUb²d_dQ\³\Q`bY_bYTQTTQTQQ\_cVQSd_bUcaeUZeUWQ^e^`Q`U\
]vcTYbUSd_U^\QS_^cdYdeSY†^TUUcU]_fY]YU^d_\QUS_^_]Q\QcS_^
TYSY_^UcTUfYTQiTUdbQRQZ_\Qc\eSXQc`_\dYSQcibUYfY^TYSQdYfQc\_cTYc
Sebc_caeUY^dUb`U\Q^Q\_cdbQRQZQT_bUcUdS^_cXQ^`Ub]YdYT_e^Q
`bY]UbQQ`b_hY]QSY†^Q\_c`b_SUc_cXYcd†bYS_caeUS_^dbYReiUb_^Qce
US\_cY†^
<QW}^UcYcTU\]_fY]YU^d_`_`e\QbU^3XY\UQ`QbUSUUcdbUSXQ]U^
dU\YWQTQQ\QebRQ^YjQSY†^iQ\QY^TecdbYQ\YjQSY†^aeUS_RbQb_^]Qi_b
Y]`e\c_Q`QbdYbTU\QT}SQTQTU!(& 1e^aeUTU`b_`_bSY_^Uc]_TUc
dQcU^S_]`QbQSY†^S_^\_c`QcUcaeUUh`UbY]U^dQb_^e^QBUf_\eSY†^
9^TecdbYQ\Ucd_c`b_SUc_cXYSYUb_^`_cYR\UTebQ^dU\QcUWe^TQ]YdQTTU\
cYW\_U\SbUSY]YU^d_TU\QbdUcQ^QT_i\QV_b]QSY†^TU^‹S\U_c]vc_]U
^_cUcdQR\UcTU`b_\UdQbYQT_]Y^Ub_UY^TecdbYQ\5^U\SeQTb_TUe^Q
UcdbeSdebQUS_^†]YSQaeU`Ub]Q^USY†Q]`\YQ]U^dUT_]Y^QTQ`_b\Qc
QSdYfYTQTUc]Y^UbQcaeUdbQ^cYdQRQ^bv`YTQ]U^dUXQSYQ\QcV_b]Qc]vc
]_TUb^QcTU`b_TeSSY†^iQWbS_\QcU\TUcQbb_\\_TUe^]Y^_bYdQbY_
`Ub_cYW^YVYSQdYf_cUSd_bQbdUcQ^_Y^TecdbYQ\VeU\QRQcU]QdUbYQ\TU\ceb
WY]YU^d_TUTYSX_]_fY]YU^d_
<_c QbdUcQ^_c °Uc`USYQ\]U^dU \_c cQcdbUc SQb`Y^dUb_c URQ^YcdQc
SQbb_SUb_cijQ`QdUb_c°VeUb_^ceS_\e]^QfUbdURbQ\5\\_c]QbSQb_^
S_^cecU\\_Q\S_^Ze^d_TU\]_fY]YU^d_5\SQc_SXY\U^_^_VeUe^QUh
SU`SY†^*U^6bQ^SYQ9^W\QdUbbQ1\U]Q^YQ\_c5cdQT_cE^YT_ci_db_c
`QcUcU\QbdUcQ^QT_dQ]RY}^QSQeTY\\†Q\]_fY]YU^d__RbUb_i`_`e\Qb
TebQ^dU\Qc`bY]UbQcT}SQTQcTU\QY^TecdbYQ\YjQSY†^ "!(& 1\S_^cdQdQbUcdU

"!(&
5\`Q`U\TYbYWU^dUTU\_cQbdUcQ^_cU^\_c`QcUc]U^SY_^QT_cXQcYT_Q^Q\YjQT_
`_b^e]Ub_c_cQed_bUc5\]vcS}\URbUTUUcd_cdbQRQZ_ccUbUVYUbUQ\SQc_Y^W\}c*5TgQbT
@DX_]`c_^DXU=Q[Y^W_VdXU5^W\YcXG_b[Y^W3\Qcc<_^T_^!)&#+fUbcY†^Uc`Q…_\Q*
<QV_b]QSY†^TU\QS\QcU_RbUbQU^9^W\QdUbbQ2QbSU\_^Q5TYd_bYQ\3bdYSQ!)()"f_\‹]U
^UcE^Q\YcdQTU\_c`bY^SY`Q\UcUcdeTY_cc_RbU6bQ^SYQ5cdQT_cE^YT_ci1\U]Q^YQU^
GY\\YQ]8CUgU\\:bDbQRQZ_ibUf_\eSY†^U^6bQ^SYQ5\\U^WeQZUTU\]_fY]YU^d__RbUb_TUcTUU\
1^dYWe_B}WY]U^XQcdQ!($(=QTbYTDQebec5TYSY_^Uc!))"`vWc!%i!&E^QfYcY†^
WU^UbQ\c_RbUfQbY_cUZU]`\_c\QdY^_Q]UbYSQ^_cU^BYSQbT_=U\WQb2Q_5\]_fY]YU^d__RbU
b_\QdY^_Q]UbYSQ^_=}hYS_1\YQ^jQ5TYd_bYQ\=UhYSQ^Q3_\USSY†^<_c^_fU^dQ!)) f_\

'&#
VU^†]U^_bUcQ\dQ\Q^_dQR\U`UbcYcdU^SYQTUSYUbdQcbUYfY^TYSQSY_^Uc`\U
RUiQcQ\_\QbW_TUd_T_U\`Ub_T_UcdeTYQT_U^Uc`USYQ\\QTU]Q^TQTU
`b_dUSSY_^Yc]_US_^†]YS_VbU^dUQ\QS_]`UdU^SYQTU\QY^TecdbYQ]Q
^eVQSdebUbQUhdbQ^ZUbQ@Ub_Ze^d_Q\_cQbdUcQ^_ccU…Q\Qb_^TUcTU]ei
dU]`bQ^_ce`bUcU^SYQ\_cdY`†WbQV_c°aeUS_^cdYdeQ^e^WbU]Y_]vc^U
dQ]U^dU`b_\UdQbY_iS_^SQbQSdUbcdYSQcTUY^cdbeSSY†^TUSQ\YVYSQSY†^i
TUS_^SU^dbQSY†^U^U]`bUcQcSQTQfUj]vc]_TUb^Qc°TUcU]`U…Q^T_
e^`Q`U\TU`bY]Ub_bTU^U^\QV_b]QSY†^iTUcQbb_\\_TU\]_fY]YU^d_
`_`e\Qb"!('
@_b_dbQ`QbdUU\SQbvSdUb`b_Ve^TQ]U^dUbWYT_iU\YdYcdQTU\cYcdU
]Qc_SYQ\i`_\dYS_SXY\U^_TU\cYW\_H9HS_^dbYRei†`_TUb_cQ]U^dUQ
TQbS_^dY^eYTQTQQ\We^QcbUYfY^TYSQSY_^UcTU_bTU^`_\dYS_°c_RbUd_T_
\Qce`bUcY†^_\QbUV_b]QTU\cUbfYSY_U^\Q7eQbTYQ>QSY_^Q\°iTU]Q
^UbQ]vcWU^UbQ\Q\Q`_\YdYjQSY†^TU^e]Ub_c_cdbQRQZQT_bUc
4U\]Yc]_]_T_aeU\_cQbdUcQ^_ci\_c_RbUb_c]vcSQ\YVYSQT_ccU
S_^cdYdeiUb_^U^\QfQ^WeQbTYQTU\Q_bWQ^YjQSY†^c_SYQ\`_`e\QbUcd_c
]Yc]_ccUSd_bUcVeUb_^aeYU^Uc]Q^YVUcdQb_^e^Q]Qi_b`bUTYc`_cYSY†^
`QbQ`QbdYSY`QbU^\_cS_^V\YSd_c`_\dYS_c4ebQ^dU]eSX_dYU]`_\QY^
S_b`_bQSY†^QUcdQc\eSXQccU`b_TeZ_RQZ_\QTYbUSSY†^TUQ\We^QVbQS
SY†^TU\QS\QcUTYbYWU^dUcYU^T_\Q_`SY†^]Qi_bYdQbYQTU\_cdbQRQZQT_
bUc_bWQ^YjQT_cU\Q`_i_Q\QU\YdU\YRUbQ\`_bce`b_WbQ]QTUcdY^QT_Q
V\UhYRY\YjQbU\cYcdU]Q`_\dYS_bUQ\YjQb\QcbUV_b]Qc\QYSQcUh`Q^TYb\Q
Y^cdbeSSY†^i`b_]_fUbU\QX_bb_i\Q`bUfYcY†^U^dbU\_cTUcXUbUTQT_c
U^e^Q`Ubc`USdYfQTU²bUWU^UbQSY†^TU\`eUR\_³aeUUbQ`\U^Q]U^dU
S_]`QbdYTQ`_b\QcQc_SYQSY_^Uc`_`e\QbUc
1\SQbQSdUbYjQbcUU\²Uc`bYdeTU\cYW\_³`_b\QVUU^\QBQj†^iU^U\
@b_WbUc_icYU^T_U\\YRUbQ\Yc]_e^QYTU_\_WQQcSU^TU^dUTebQ^dUSQcY
d_TQ\QSU^debYQUbQ^QdebQ\aeUe^]_fY]YU^d_aeUcUS_^SURQQc]Yc
]_S_]_`b_WbUcYcdQi]_TUb^YjQT_bS_]`QbdYUbQ\_c`bY^SY`Y_cRvcYS_c
TUQaeU\\QT_SdbY^QCYQ\QYTUQTU]_TUb^YTQTUcdvQc_SYQTQTU]Q^UbQ
Y^cU`QbQR\U\Q^_SY†^TUTU]_SbQSYQ`_\dYSQic_SYQ\U\]_fY]YU^d_
`_`e\QbSXY\U^_TU\cYW\_H9Hdef_Y^TeTQR\U]U^dUe^SQbvSdUb]_TUb
^YjQT_b5^VQdYjQ]_cUcdU`e^d_iQaeUcYRYU^Uce^\eWQbS_]‹^bUS_
^_SUbU\`Q`U\ZeWQT_`_bU\]_fY]YU^d__RbUb_i`_`e\QbU^3XY\UU^\Q

9E^UcdeTY_TUdQ\\QT_TU\SQc_S_\_]RYQ^_U^4QfYTC_gU\\DXUUQb\iS_\_]RYQ^\QR_b]_
fU]U^d1bdYcQ^cQ^T@_\YdYScY^2_W_dv!(#"!)!)@XY\QTU\`XYQDU]`\UE^YfUbcYdi@bUcc
!))"
"!('
BUS_bTU]_caeUU\d}b]Y^_dY`†WbQV_cTUcYW^QRQQ\_cTYcdY^d_c_VYSY_cTU\Qc
Y^TecdbYQcWbvVYSQcUcTUSYbQ\_c\Yd†WbQV_cU^SeQTUb^QT_bUc\Y^_dY`YcdQcidY`†WbQV_c
`b_`YQ]U^dUdQ\Uc1\YWeQ\aeUU^U\SQc_TU\_cQbdUcQ^_c\QY]`_bdQ^SYQTU\_cdbQRQZQ
T_bUcTUY]`bU^dQcU^\QS_^cdYdeSY†^TU\]_fY]YU^d__RbUb_U^^e]Ub_c_c`QcUcXQcYT_
TUcdQSQT_U^Y^^e]UbQR\UcUcdeTY_c

'&$
Q]`\YQSY†^TU\QTU]_SbQSYQ`_\dYSQiU^SQTQe^_TU\_c`b_WbUc_cc_
SYQ\Uc_RdU^YT_cTebQ^dUU\cYW\_HHUc`_S_VbUSeU^dUcU…Q\QbU\`Q`U\
TU]_SbQdYjQT_bi]_TUb^YjQT_bTUcU]`U…QT_`_bTYSX_]_fY]YU^d_
TUcTU]UTYQT_cTU\cYW\_H9H "!((1\_\QbW_TU^eUcdb_dbQRQZ_SbUU]_c
XQRUbTU]_cdbQT_S†]_\_c_RbUb_ciTUQbdUcQ^_cTUSY]_^†^YS_c`\Q^
dUQb_^TUcTU]eidU]`bQ^_\QSeUcdY†^TU\Q`eUcdQU^`bvSdYSQUVUSdYfQ
TU\QTU]_SbQSYQ`_\dYSQiTU\QQ`\YSQSY†^bUQ\TU\_c`bY^SY`Y_cbU`eR\Y
SQ^_c5cSYUbd_aeU^_UbQ^\_c‹^YS_cU^XQSUb\_iaeUQ]U^eT_QSdeQ
RQ^S_]_e^QVeUbjQTUQ`_i_TU\QU\YdU\YRUbQ\cY^_\fYTQbQ\QcYW^YVY
SQdYfQVbQSSY†^TUdbQRQZQT_bUc_bWQ^YjQT_c`_b\_c²e\dbQ]_^dQ^_c³
`Ub_Q`UcQbTUU\\_VeUb_^`Qe\QdY^Q]U^dU`UbVY\Q^T_e^QS_bbYU^dUTU
\YRUbQ\Yc]_`_`e\QbTUSQbvSdUb]eSX_]vcbQTYSQ\3_bbYU^dUaeUU^e^
`bY]Ub]_]U^d_dU^TY†QTYcdY^WeYbcUi\eUW_QcU`QbQbcUTU\QVbQSSY†^
\YRUbQ\i\QYSYjQT_bQTU\QS\QcUTYbYWU^dU
C_RbUUcdQSeUcdY†^`eUTUS_^S\eYbcUaeU\_c^‹S\U_c]vccYW^YVYSQ
dYf_cTU\]_fY]YU^d_dbQRQZQT_bQTXYbYUb_^Q\\YRUbQ\Yc]_cY^U]RQbW_
UcdQQTXUcY†^\\Uf†cYU]`bU\Q]QbSQTU\_bYWU^c_SYQ\TUcecQSd_bUcdbQ
TeSY}^T_cUU^\QV_b]QSY†^TUe^QS_bbYU^dUTU\YRUbQ\Yc]_`_`e\QbU^
R‹caeUTQTUe^QYTU^dYTQT_bYWY^Q\ie^QUh`bUcY†^`_\dYSQY^TU`U^
TYU^dU1\dQ]U^dUbUfU\QT_bTUUcdUVU^†]U^_VeU\Q`UbcYcdU^dUY^S\Y^Q
SY†^TU\_cdbQRQZQT_bUcQTUZQbce`b_`YQY]`b_^dQU^U\SQ]`_\YRUbQ\
@QbQ\QfQ^WeQbTYQc_SYQ\TU\_c_RbUb_ciQbdUcQ^_cQWbe`QT_cU^]edeQ
\Uci_dbQcQc_SYQSY_^UcU\\YRUbQ\Yc]_^_UbQc†\_\Q\YRUbdQTbU\YWY_cQi
e^Qc_SYUTQT\QYSYjQTQcY^_dQ]RY}^ic_RbUd_T_e^QQc`YbQSY†^TUZec
dYSYQc_SYQ\Uh`bUcQTQ`_bU\S_^Ze^d_TUTU]Q^TQc°US_^†]YSQcc_SYQ
\Uci`_\dYSQc°aeUU\]_fY]YU^d_TU²\_cTUQRQZ_³`\Q^dUQRQS_^^_dQ
R\US_^dY^eYTQT
:e^d_Q\QY^db_TeSSY†^TUbUYfY^TYSQSY_^Uc`\URUiQcU^U\`b_WbQ
]Q\YRUbQ\\Q\USdebQ`_`e\QbTUUcUYTUQbY_\\UfQRQS_^cYW_\QcU`QbQSY†^
_bWv^YSQU^dbU\QcQc_SYQSY_^UcTUdbQRQZQT_bUci\_c`_\dYS_cUY^dU\US
deQ\UcTU\QU\YdU\YRUbQ\aeUQSdeQRQ^U^\QcY^]UTYQSY_^UcTU\]_fY
]YU^d_`_`e\Qb5cS\Qb_aeU\QS_\QR_bQSY†^U^dbUQ]R_ccUSd_bUcUbQ
RQcdQ^dUUcdbUSXQS_]__SebbQ`_bUZU]`\_U^\QcUcSeU\QcfUc`UbdY^Qc
Ve^TQTQc`_b\Qcc_SYUTQTUcTUQbdUcQ^_c+TU\]Yc]_]_T_dQ]RY}^UbQ
Y^^UWQR\UaeUSYUbdQc`Ubc_^Q\YTQTUc\YRUbQ\UcUbQ^]YU]Rb_cTUX_^_b
TU\Qc]edeQ\UciTU_dbQc_bWQ^YjQSY_^Ucc_SYQ\Uc>__RcdQ^dU\QdU^
TU^SYQWU^UbQ\TU\QS_bbYU^dU\QYSQi`b_WbUcYcdQTU\_cdbQRQZQT_bUc
Q`e^dQRQQ]QbSXQbZe^d_Q\QU\YdU\YRUbQ\`Ub_`bUcUbfQ^T_e^SeQTb_
_bWv^YS_`b_`Y_Y^TU`U^TYU^dU<QcUh`UbYU^SYQcTUU^dYTQTUc`\ebYS\Q

"!((
E^QbUV\UhY†^QSUbSQTU\SQbvSdUb]_TUb^YjQT_bTU\]_fY]YU^d_dbQRQZQT_bTU
SY]_^†^YS_U^CUbWY_7bUjD_c_²<_cQbdUcQ^_cSXY\U^_cTU\cYW\_H9H*e^`b_iUSd_]_
TUb^YjQT_bTU]_SbQdYjQT_b³U^@b_`_cYSY_^Uc>¡"$CQ^dYQW_QW_cd_TU!))$`vWc"# 
"#%

'&%
cYcdQc°S_]_\QC_SYUTQTTU\Q9WeQ\TQTTU!(% °VeUb_^]vcRYU^UcSQcQci
UcdefYUb_^SYbSe^cSbYdQcQ\`\Q^_U]Y^U^dU]U^dU`_\dYS_5^U\SQc_TU
\Qc]edeQ\UciTU_dbQcY^cdYdeSY_^UcaeUbUc`_^TQ^Q^USUcYTQTUcaeU
UbQ^`UbSYRYTQcS_]_S_^SbUdQcUY^]UTYQdQc\QS_]`_cYSY†^c_SYQ\TU
cec]YU]Rb_cQe^aeUfQbYQTQcUTUdU^QSQcYcYU]`bUQ\QQ\debQTU\Qb
dUcQ^_iTU\`UaeU…_`b_`YUdQbY_5cdQY^S\Y^QSY†^XQSYQ\QY^TU`U^TU^
SYQ_bWv^YSQ°cYW^_Y^Uaef_S_TUe^U]RbY†^TUY^TU`U^TU^SYQ`_\dY
SQUYTU_\†WYSQ°\\UW†Q]Q^YVUcdQbcUU^U\`\Q^_`_\dYS_Q`QbdYbTU\Q
T}SQTQTU!(& S_^\QS_^cdYdeSY†^TUS\eRUc`_\dYS_cTUdbQRQZQT_bUc
aeUcY^QdU^eQbceQTXUcY†^TU\_cWbQ^TUc`bY^SY`Y_c`b_S\Q]QT_c`_b
U\²\YRUbQ\Yc]__VYSYQ\³`bUVUbQ^TQbe^Sebc_Qed†^_]_i`_b\_dQ^d_
TYVUbU^SYQT_Q\QUh`bUcY†^TUceVU\YRUbQ\4UQ\\U^d_^SUc\Q^QdebQ\U
jQSQcYcYU]`bU²UhdUb^Q³TU\QQSSY†^TU\²\YRUbQ\Yc]_TUVbQSiS_bRQdQ³
XQSYQU\]_fY]YU^d_`_`e\Qb5\WbQT_TU]Qi_bQed_^_]QbUc`USd_TU
\QcS\QcUcce`UbY_bUcTU\Q]Yc]Q]Q^UbQaeUceW}^UcYcUc`_^dv^UQU^
U\cU^dYT_TUaeUVeUU\Vbed_TU\QQSdYfYTQT`b_`YQTU\_c_RbUb_ciQbdU
cQ^_cc_^\Qc`bY^SY`Q\UcSQbQSdUbcdYSQcaeUXYSYUb_^TU\QS_bbYU^dU
\QYSQ\YRUbQ\iTU]_SbvdYSQTUdbQRQZQT_bUcU\]_fY]YU^d_`_`e\Qb`_b
UhSU\U^SYQTU\cYW\_H9H<QfYTQTU\]_fY]YU^d_`_`e\Qb_bWQ^YjQT_cU
S_^Ve^TY†S_^\QTUUcdQfUbdYU^dUQ]`\YQ]U^dU]Qi_bYdQbYQiWU^UbQTQ
TUcTUU\Y^dUbY_bTU\]e^T_TU\dbQRQZ_
6bU^dUQ\QdU^TU^SYQ`b_WbUcYcdQcU\UfQ^d†U^dbU\_c_RbUb_ciQbdU
cQ^_ce^QS_bbYU^dUSQd†\YSQS_^cUbfQT_bQ_bWQ^YjQTQ`_b\Q9W\UcYQiU\
@QbdYT_3_^cUbfQT_b1e^aeU]Y^_bYdQbYQUcdQfUbdYU^dU^_VeUTUc`bUSYQ
R\UUc`USYQ\]U^dUQ`QbdYbTU\QT}SQTQTU!(( SeQ^T_U\QSdYfYc]_
S_^cUbfQT_bcUQSU^de†Q^dUQ\QfQ^SUTU\_c`b_iUSd_c\QYSYjQT_bUcTU\
\YRUbQ\Yc]_W_RUb^Q^dU1`_iv^T_cUU^\_ccU^dY]YU^d_cbU\YWY_c_cTU\
`eUR\_\_c`USX_…_c\_WbQb_^S_^cdbeYbe^]_fY]YU^d_aeUQ`UcQbTU
`_cYSY_^UcTUSYTYTQ]U^dUbUQSSY_^QbYQcS_]_ce_`_cYSY†^`bvSdYSQQ\Q
edY\YjQSY†^`_b`QbdUTU\_c_RbUb_cTU\TUbUSX_QXeU\WQ\\UW†QdU^Ub
e^QY^V\eU^SYQbUQ\U^dbU\_c`_RbUciS_^dbYRei†TU]Q^UbQS_^SbUdQQ\
]UZ_bQ]YU^d_TU\QS_^TYSY†^TUfYTQTUQ\We^_ccUSd_bUcTUdbQRQZQT_
bUc3QRUcU…Q\QbQ\bUc`USd_U\Q`_i_Q`_bdQT_Q\QbUYfY^TYSQSY†^_RbU
bQTU\TUcSQ^c_T_]Y^YSQ\]_dYfQTQ`_bbQj_^UcUcU^SYQ\]U^dUbU\YWY_
cQci\Q`bU_Se`QSY†^`_bQ`_bdQbc_\eSY_^Uc`bvSdYSQcQ\dUbbYR\U`b_R\U
]QTU\QfYfYU^TQ`_`e\QbU^\QcSYeTQTUc¤5c^USUcQbY_bUS_bTQbaeU\Qc
Y^cdYdeSY_^UcQT°X_SSbUQTQcQVY^UcTU\cYW\_`_b\_c²e\dbQ]_^dQ^_c³
VeUb_^`bvSdYSQ]U^dU\Qc‹^YSQcU^TQbe^QbUc`eUcdQQe^aeU]ei`Qb
SYQ\Y^ceVYSYU^dUiS_^TYSY_^Q\Q\TbQ]vdYS_`b_R\U]QXQRYdQSY_^Q\TU
\_cTUc`_cUT_cU^\QcSYeTQTUcSXY\U^Qc/
<QfQUcS_WYTQ`_b\_ccUSd_bUc]vc`_\YdYjQT_cTU\QbdUcQ^QT_iTU
\QS\QcU_RbUbQ`QbQTUVU^TUbcecY^dUbUcUci]UZ_bQbceS_^TYSY†^VeU\Q
Y^S_b`_bQSY†^Q\cYcdU]Q`_\dYS_Y^cdYdeSY_^Q\QSdeQ^T_TUcTUceY^dU
bY_bS_]_\Q`e^dQTU\Q^jQTU\QcVeUbjQc`b_WbUcYcdQcS_]_U\cUSd_b

'&&
]vcS_^cUSeU^dUTUceTU]_SbQdYjQSY†^WbQTeQ\<Q\^UQTU`Qe\QdY^Q
Q]`\YQSY†^TU\QTU]_SbQSYQ_]vcRYU^TYSX_TU]edQSY†^TU\cYcdU]Q
\YRUbQ\U^cYcdU]QTU]_SbvdYS_iTUQSbUSU^dQ]YU^d_TU\QcS_^aeYcdQc
TU\`eUR\_U^S_^dbQRQceSY]YU^d_YTU_\†WYS_U^\_c`bY^SY`Y_cbU`eR\Y
SQ^_caeUcec\TUbUcaeUbQ^XQSUbbUQ\YTQTQVY^TU_RdU^UbU\dUbbU^_
]vcVQf_bQR\U`QbQ\QTUVU^cQTU\_cY^dUbUcUcTU\_cdbQRQZQT_bUc<QSbYc
dQ\YjQSY†^_bWv^YSQTUUcdQUcdbQdUWYQ`_\dYSQVeUQ`QbdYbTU\QcUWe^TQ
]YdQTTU\_cQ…_ccUdU^dQ\QC_SYUTQT5cSeU\QBU`eR\YSQ^QiQVY^UcTU\Q
T}SQTQcYWeYU^dUU\@QbdYT_4U]_SbvdYS_1]RQcS_\USdYfYTQTUcVeUb_^\Q
Uh`bUcY†^TUe^`b_WbQ]QTUdbQ^cV_b]QSY_^UcTU]_SbvdYS_`b_WbUcYc
dQcU^U\]QbS_TU\5cdQT__\YWvbaeYS_aeUS_^cYTUbQRQY]`_bdQ^dUcTU
]Q^TQc`_`e\QbUcc_RbUd_T_TU\QbdUcQ^QT_\_c_RbUb_cSQ\YVYSQT_ci
TUcUSd_bUcTU\QcSQ`Qc]UTYQcS_]_Ve^SY_^QbY_cUY^dU\USdeQ\UcaeU
S_^fUbWYUb_^TebQ^dU\QcUWe^TQ]YdQTTU\_cQ…_c_SXU^dQS_^\_cSeQ
Tb_cTU\]_fY]YU^d_TUdbQRQZQT_bUc]Q^eQ\Uc
<QUcdbQdUWYQTUcSbYdQ^_UbQUfYTU^dU]U^dU\QTU\Qd_dQ\YTQTTU\
]e^T_`_`e\Qb`Ub_bUc`_^TQQe^Q_`SY†^TU\QbWQTQdQTUceccUW
]U^d_cS_^]Qi_bSQ`QSYTQT`QbQ_bWQ^YjQbcUV_b]e\Qbe^`b_iUSd_
]Q^YVUcdQbcU`_\dYSQ]U^dUiS_^f_SQbU^SYUbdQcSYbSe^cdQ^SYQcQ\Q]QcQ
TUcXUbUTQTQ@_bUcdQS\QbQQ`dYdeTXUWU]†^YSQ°^__RcdQ^dUcec\Y]YdQ
SY_^UcU^U\`\Q^_TU\QbU`bUcU^dQdYfYTQTc_SYQ\°`eUTUS_^cYTUbQbcUaeU
VeU\QTU\S_^Ze^d_TU\]_fY]YU^d__bWQ^YjQT_TU\`eUR\_\\Q^_
1e^aeUSYUbdQcY^V\eU^SYQcYTU_\†WYSQc]vcbQTYSQ\Ucc_SYQ\YjQ^dUc
_Q^QbaeYjQ^dUcfQWQci`_S_`UbcYcdU^dUccUXQSQ^cU^dYbTUSeQ^T_
U^SeQ^T_cUUcdQRQ\UZ_cQ‹^TUe^QQTXUcY†^QQaeU\\QcYTU_\_WQc²Uh
dbU]YcdQc³`b_SUTU^dUcTU\FYUZ_=e^T_<_cdbQRQZQT_bUcfU^YT_cTU
5eb_`QUbQ^`_S_^e]Ub_c_ci`bUVUbQ^T_dQbcUTU_bWQ^YjQSY_^Uc`\e
bYS\QcYcdQcV_b]QTQcc_RbUe^QRQcU`ebQ]U^dU^QSY_^Q\U^fUjTUY^S_b
`_bQbcUQ\QcQc_SYQSY_^UcTU\_cdbQRQZQT_bUcSXY\U^_c*TUQ\\U^d_^SUc
U\TUcQbb_\\_²U^T†WU^_³TU\]_fY]YU^d_`_`e\QbU^3XY\UU^QRYUbd_
S_^dbQcdUS_^\__SebbYT_U^\_c`QcUcTU\QS_cdQQd\v^dYSQceTQ]UbYSQ
^Q°U^Uc`USYQ\U^1bWU^dY^QiEbeWeQi°T_^TU\_cUeb_`U_cdefYUb_^
e^QY^SYTU^SYQTYbUSdQiTUSYcYfQU^\QS_^cdYdeSY†^TU\]_fY]YU^d__RbU
b_5^3XY\U\QcY^V\eU^SYQcUeb_`UQcVeUb_^°`_b\_]U^_cXQcdQ!() °
]vcY^TYbUSdQciSQcYUhS\ecYfQ]U^dUYTU_\†WYSQciS_^e^S_^dU^YT_]vc
bU`eR\YSQ^_i\YRUbQ\aeUc_SYQ\YcdQ_Q^QbaeYcdQC†\_Q`QbdYbTU\Q‹\dY
]QT}SQTQTU\cYW\_\QcYTU_\_WQcaeUcUTUVY^Q^S_]_bU`bUcU^dQdYfQc
TU\]_fY]YU^d__RbUb_i`_`e\QbcU]Q^YVUcdQb_^S_^]vcVeUbjQicU
SbYcdQ\YjQb_^U^^eUfQc_bWQ^YjQSY_^Uc`_\dYSQc_U^dU^TU^SYQcQ\Y^dU
bY_bTU\@QbdYT_4U]_SbvdYS_S_^QcSU^TYU^dUUVUSdYf_c_RbUSYUbd_c^‹
S\U_cTUdbQRQZQT_bUc8QcdQ!() U\Q^QbaeYc]__U\c_SYQ\Yc]_VeUb_^
c†\_`\Q^dQcUh†dYSQcaeUV\_bUSYUb_^U^U\ZQbT^`bYfQT_TUQ\We^_cY^
TYfYTe_c\UZ_cTU\Q]YbQTQTU\QWbQ^]QcQUcTUSYb\UZ_cTU\]_fY]YU^
d_bUQ\

'&'
 <QfQTU\QcS_^aeYcdQcTU]_SbvdYSQcWbQTeQ\UcUcdQRQU^`UbVUSdQ
Qb]_^QS_^\_cY^cdbe]U^d_caeUcU`bYfY\UWYQb_^`QbQ_RdU^UbU\]UZ_
bQ]YU^d_Y^]UTYQd_TU\QS_^TYSY†^`_`e\QbUcd_Uc\QS__`UbQSY†^U^
d_TQccecV_b]QcU^`QbdYSe\QbU\]edeQ\Yc]_i\QcY^YSYQdYfQcTUUTeSQ
SY†^TU\_cdbQRQZQT_bUc1RQ^T_^QT_cQceceUbdU`_be^5cdQT__\YWvb
aeYS_`b_Ve^TQ]U^dU²Q°c_SYQ\³icY^]vcbUSebc_VbU^dUQ\QcU^VUb]U
TQTUcQSSYTU^dUc`}bTYTQTU\dbQRQZ_e_dbQcTUcWbQSYQcaeU\QSQbYTQT
TU\QcS\QcUcce`UbY_bUc\_c_RbUb_ciQbdUcQ^_cebRQ^_cS_^]Qi_bSQ`Q
SYTQTTU_bWQ^YjQSY†^iTUQX_bb_U^S_^dbQb_^U^U\c_S_bb_]ede_U\
`bY^SY`Q\`Q\YQdYf_`QbQceTUc]UTbQTQ`_cYSY†^1e^aeU\Q]edeQ\YTQT
UcdQRQQ\Q\SQ^SUTUe^QVbQ^ZQd_TQfQ]Y^_bYdQbYQTUdbQRQZQT_bUccec
fU^dQZQc]QdUbYQ\UciU\cU^dY]YU^d_TUTYW^YTQTaeUdbQ^c]YdQQcecQT
XUbU^dUc\QS_^fYbdYUb_^U^U\`bY^SY`Q\]_TU\_TU_bWQ^YjQSY†^`_`e
\QbdQ^d_RQZ_\QV_b]QTUQc_SYQSY_^UcaeUQWbe`QRQ^QY^TYfYTe_ccY^
TYcdY^SY†^TU_VYSY_S_]_U^c_SYUTQTUcWbU]YQ\UcCeQSdYfYTQTc_RbU`Q
cQRQ]eiQ]U^eT_U\SeQTb_TU\c_S_bb_]ede_Y]`e\cQ^T_\Qc`bY^SY
`Q\Uc Y^YSYQdYfQc TU UTeSQSY†^ `_`e\Qb e _bWQ^YjQ^T_ \Qc TU]Q^TQc
_RbUbQcVbU^dUQ\_c`Qdb_^Uc`bUVYWebQ^T_\QQSSY†^TUdY`_cY^TYSQ\TU\
cYW\_HH8QSYQVY^UcTU\`Ub_T_UcdeTYQT_U\]edeQ\Yc]_cUUhdU^TQ
S_]_e^QdU\QTUQbQ…QaeUSeRbQ`bvSdYSQ]U^dUd_TQc\QcSYeTQTUcTU
SYUbdQY]`_bdQ^SYQQRQbSQRQ\QSQcYd_dQ\YTQTTU\_c_VYSY_cebRQ^_ciS_
]U^jQRQceUh`Q^cY†^U^dbU\QcdbQRQZQT_bQc1ce]YU^T_`\U^Q]U^dU
ce`Q`U\TU^‹S\U_SU^dbQ\i`bY^SY`Q\Q^Y]QT_b\Qcc_SYUTQTUcTUc_S_
bb_c]ede_cU]`eZQb_^Q\]_fY]YU^d_`_`e\QbQT_dQbcUTUY^cdQ^SYQc
]vcU\QR_bQTQcTUS__bTY^QSY†^1ccU`Qc†TU\_ccY]`\Uc²`QSd_cTU
Q\YQ^jQ³U^dbU\Qc]edeQ\UcSQcYcYU]`bURY\QdUbQ\UcQS__bTY^QSY_^Uc
Q]`\YQc°U^e^`bY]Ub]_]U^d_S_ie^debQ\UcS_]_\QSQ]`Q…QQ^dY
SbYcYcTU\_cQ…_c!('&°!('(\eUW_`Ub]Q^U^dUcS_]_\Q<YWQTUC_SYU
TQTUc?RbUbQcTUFQ\`QbQc_!(((°aeUQW\edY^QRQ^U^d_b^_Q\Qc]edeQ
\UcQ_dbQc_bWQ^YjQSY_^Uc`_`e\QbUcVY\Qb]†^YSQcTU_RbUb_cc_SYUTQ
TUcTUdU]`UbQ^SYQSQZQcTUQX_bb_UdS}dUbQ
5\S_^Ze^d_TUY^cdYdeSY_^Uci`bvSdYSQc²bUWU^UbQT_bQc³U^SQb^Q^
e^`b_SUc_TUV_b]QSY†^TUe^QYTU^dYTQT`_`e\Qb`_cYdYfQU^\QS_^SYU^
SYQTU\_c`b_`Y_cdbQRQZQT_bUc`Ub_dQ]RY}^U^dbUSYUbd_ccUSd_bUcTU\Q
²_`Y^Y†^Se\dYfQTQ³U^be`debQS_^\QY]QWU^T_]Y^Q^dUTU\b_d_Y^T_
\U^dUY]`bUfYc_bfYSY_c_UY^SQ`QjTUd_]QbU\TUcdY^_U^cec]Q^_c<Q
VYWebQTU\dbQRQZQT_bX_^Ucd_TU]_SbvdYS_`bUfYc_bc_\YTQbY_UY\ecdbQ
T_U]UbWUbvU^S_^dbQ`e^d_S_^\QY]QWU^Q^dUbY_bS_^cdYdei}^T_cUU^
U\^‹S\U_SU^dbQ\TU\QSe\debQc_SYUdQbYQ`_`e\Qb
D_T_cUcd_cU\U]U^d_c`Ub]YdU^QVYb]QbaeUU\XY\_SU^dbQ\TU\Q
UcdbQdUWYQTU\]_fY]YU^d_`_`e\Qb°`_b\_]U^_cXQcdQ\QT}SQTQTU
!(( °VeU\QfQTU\Q²bUWU^UbQSY†^TU\`eUR\_³`bUS_^YjQTQQ]UTYQ
T_cTUcYW\_`_b1bS_c2Y\RQ_icecS_]`Q…Ub_cTU\QC_SYUTQTTU\Q9WeQ\
TQT*c†\_ce`UbQ^T_cecdQbQcTUVUSd_ci\Y]YdQSY_^UcUc`USYQ\]U^dU\Q

'&(
YW^_bQ^SYQiVQ\dQTUUTeSQSY†^\_c`_RbUc`_Tbv^XQSUbcUbUc`UdQb`_b
\_cbYS_ci_Se`QbU\\eWQbaeU\UcS_bbUc`_^TUU^\Qc_SYUTQT5cdU_RZU
dYf_cUbQQ\SQ^jQT_WbQSYQcQ\QY^cdbeSSY†^i\Q²]_bQ\YjQSY†^³TU\_cdbQ
RQZQT_bUcQdbQf}cTU\UcdQR\USY]YU^d_TUUcSeU\QcTUQbdUcQ^_ci_dbQc
Y^YSYQdYfQc²bUWU^UbQT_bQc³DQ\VeUU\SbUT_aeUS_^SYd†\QQTXUcY†^TU
^e]Ub_c_cdbQRQZQT_bUcQ\c_SYUdQbYc]_`_`e\QbYTUQbY_S_]`QbdYT_`_b
SYUbdQc`Ubc_^Q\YTQTUcTU\QcS\QcUcce`UbY_bUc
¤9TU_\_WQ²RebWeUcQ³Ve^SY_^Q\Q\`b_iUSd_²SYfY\YjQT_b³TU\QU\Y
dUaeUQ`e^dQRQQ\QS__`dQSY†^TUcUW]U^d_cTU\`eUR\_\\Q^_/ CY^
TeTQ`Ub_TURUbUS_^_SUbcUaeU}cUVeUTebQ^dU]eSX_dYU]`_U\`bY^
SY`Q\TYcSebc__bWQ^YjQT_bTU\]_fY]YU^d_`_`e\QbU\aeU\_S_^f_S†
\_QieT†QT_dQbcUTUe^`b_WbQ]QiQTQb\Ue^QYTU^dYTQTCYRYU^TYSX_
YTUQbY_^_`_TQY^dUb`U\QbQ\S_^Ze^d_TU\_cdbQRQZQT_bUcQ\]U^_c
def_\QfYbdeTTUS_^f_SQbQQaeU\\_cWbe`_caeUUcdQRQ^U^S_^TYSY_^Uc
TUS_^cdYdeYbe^]_fY]YU^d_c_SYQ\i`_\dYS_TUQSeUbT_Q\_cSv^_^Uc
TU\Q]_TUb^YTQT
@Ub_\QdbQ^cYSY†^US_^†]YSQ`b_f_SQbQY]`_bdQ^dUc]edQSY_^Uc
U^U\cU^_TU\Qc]QcQc\QR_bY_cQc
<Q`b_\YVUbQSY†^TUXeU\WQci]_fY]YU^d_cbUYfY^TYSQdYf_cQ^e^SYQ
RQU\`Qc_Qe^Q^eUfQUdQ`QaeUdbQUbQSQ]RY_cY]`_bdQ^dUcU^U\]_fY
]YU^d_`_`e\Qb<QXeU\WQ`b_\UdQbYQcUS_^fYbdY†TebQ^dU\_cQ…_ccUdU^
dQi]vcTUSYTYTQ]U^dUQ‹^TebQ^dU\_c_SXU^dQU^e^VU^†]U^_S_
bbYU^dUU^\QcSYeTQTUc`bY^SY`Q\UciU^\QbUWY†^]Y^UbQTU\^_bdUY^f_
\eSbQ^T_QWbQ^SQ^dYTQTTUdbQRQZQT_bUc5^d_^SUcQ`QbUSYUb_^\_c`bY
]Ub_cW}b]U^UcTU_bWQ^YjQSY†^`b_d_cY^TYSQ\V_b]v^T_cUU^U\\eWQb
_Ze^d_Q\Qc]edeQ\UcS__bTY^QSY_^UcTUXeU\WQQ^YfU\TUd_T_e^WbU
]Y__TUd_TQe^QSYeTQT5\`Qc_Q\QUdQ`QTYbUSdQ]U^dU`b_d_cY^TYSQ\
S_Y^SYTY†U^WbQ^TUc\^UQcS_^\QdbQ^cYSY†^TU\Q`b_TeSSY†^]Q^eVQS
debUbQiQbdUcQ^Q\Q\Q`b_TeSSY†^Y^TecdbYQ\aeUcU`UbVY\†S_^VeUbjQQ
`QbdYbTU\_cQ…_c_SXU^dQ3_Y^SYTY†dQ]RY}^S_^\Q`U^UdbQSY†^TU\
SQ`YdQ\UhdbQ^ZUb_U^\Q]Y^UbQi\QS_^cdYdeSY†^TUY]`_bdQ^dUcQcU^dQ
]YU^d_cTU`b_\UdQbYQT_]Y^Ub_U^U\^_bdUTU\`Qc
<QXeU\WQWU^UbQ\TU!() `_TU]_c`UbSYRYb\QS_]_e^`e^d_TU
fYbQZUQ\dQ]U^dUcY]R†\YS_aeU]QbSQ\QYbbe`SY†^S_^dY^eQU^\Q\eSXQ
bUYfY^TYSQdYfQTUcUSd_bUcaeUXQcdQU^d_^SUc^_`_cUQ^°UhSU`deQ^T_
TU^eUf_Q\_cdbQRQZQT_bUc`_bdeQbY_c°_bWQ^YjQSY_^Uc`Ub]Q^U^dUc^Y
Uh`UbYU^SYQTUQSSY†^bUYfY^TYSQdYfQ]vcQ\\vTU\QcUh`\_cY_^UcTUfY_\U^
SYQSQbQSdUbcdYSQcTU\`U_^QZU`bUY^TecdbYQ\<QXeU\WQWU^UbQ\]QbS†\Q
U^dbQTQU^\QUcSU^Q`_\dYS_c_SYQ\TU\Q]_TUb^QS\QcU_RbUbQaeUcU
UcdQRQS_^cdYdeiU^T_WbQSYQcQ\QUh`Q^cY†^]Y^UbQiQ\TUcQbb_\\_Y^
TecdbYQ\<_c]Y^Ub_c\_c_RbUb_c`_bdeQbY_ci_db_cWbU]Y_c`b_\UdQ
bY_c°S_]_\_c_RbUb_c`Q^YVYSQT_bUci\_c_`UbQbY_cTUQ\We^_c^‹S\U_c
VQRbY\Uc°S_]U^jQb_^TUcTUUcQ}`_SQQTUcU]`U…QbU\`Q`U\TUfQ^WeQb
TYQU^\Qc\eSXQcc_SYQ\UcaeUXQcdQU^d_^SUcXQRQbUSQT_U^\_cQbdUcQ

'&)
^_ci\_c_RbUb_c]vcSQ\YVYSQT_c1\]Yc]_dYU]`_Ze\Y_TU!() ]_cdb†
\_c\]YdUcUcdbUSX_cTU\QQSSY†^]edeQ\YcdQdbQTYSY_^Q\iTU\QUh`bUcY†^
`_\dYSQbUV_b]YcdQTU\]_fY]YU^d_`_`e\QbebRQ^_bU`bUcU^dQTQ`_bU\
Z_fU^@QbdYT_4U]_SbvdYS_
DQ\UcU\U]U^d_cTUbe`debQ^_dQbTQbQ^°TebQ^dU\Q‹\dY]QT}SQTQ
TU\cYW\_i\_c`bY]Ub_cQ…_cTU\cYW\_HH°U^dbQTeSYbcUU^bUQ\Y^UQ]YU^
d_c`_\dYS_cUYTU_\†WYS_caeU\\UfQbQ^Q\QS\QcU_RbUbQi_db_ccUSd_bUc
`_`e\QbUcQQTXUbYbQ\QcYTU_\_WQc]QhY]Q\YcdQcTU\Q^QbaeYc]_iTU\
c_SYQ\Yc]_@Ub_}cdQUc]QdUbYQTU_dbQXYcd_bYQ"!()<QTU^eUcdb_`Ub_
T_cUSQbQSdUbYjQ`bY^SY`Q\]U^dU`_b\QUf_\eSY†^`b_WbUcYfQTU\]_fY
]YU^d_dbQRQZQT_bXQSYQV_b]Qc]vc]_TUb^QcibQTYSQ\UcTUQc_SYQSY†^
iTUQSSY†^*TebQ^dU\_c_SXU^dQQ…_cdbQ^cSebbYT_cU^dbUU\S_]YU^j_TU
\Q\eSXQ`_b\Q9^TU`U^TU^SYQi\Q`bY]UbQXeU\WQWU^UbQ\cU`Qc†TU\_c
WbU]Y_cS_\_^YQ\UcQ\]edeQ\Yc]_iQ\_cW}b]U^UcTU_bWQ^YjQSY†^`b_
d_cY^TYSQ\+TU\Qc`UdYSY_^UcQbdUcQ^Q\Uci\_c]_dY^UcSQbQSdUbcdYS_cTU
\Qc²bURU\TQc`bY]YdYfQc³Q\QcXeU\WQc_RbUbQci\Qc]_fY\YjQSY_^Uc]QcY
fQcS_^f_SQTQc`_bfQ^WeQbTYQcc_SYQ\Uci`_\dYSQc+TU\QceR_bTY^QSY†^
d_dQ\Q\ZeUW_`_\dYS_TU\QcTYcdY^dQcVbQSSY_^UcTU\QcS\QcUcT_]Y^Q^dUc
Q\QV_b]QSY†^TU\`bY]Ub`QbdYT_`_\dYS_`_`e\Qb1e^aeUS_^cUbfQ^
T_°`Ub_^_`_b]eSX_dYU]`_]vc°\_c]Yc]_cVe^TQ]U^d_cYTU_\†WY
S_c\_cTUe^\YRUbQ\Yc]_TU\aeU\_cTYbYWU^dUcTU\Qc]edeQ\UcUcSeU\Qc
TUdbQRQZQT_bUcS__`UbQdYfQcc_SYUTQTUcVY\Qb]†^YSQcTU_RbUb_cSQZQc
TUQX_bb_S\eRUc`_\dYS_cS__bTY^QSY_^Uci²`UbY†TYS_c_RbUb_c³cU
S_^cYTUbQRQ^\_cU\U]U^d_c]vcS_^cUSeU^dUc
<QUS\_cY†^TUe^]_fY]YU^d_`_`e\Qb_bWQ^YjQT_U^\_c`bY^SY`Q
\UcSU^db_cebRQ^_cTU\`QciceTUcQbb_\\_U]RbY_^QbY_U^\QcUh`\_dQ
SY_^Uc]Y^UbQcZe^d_Q\Qc]Q^YVUcdQSY_^Uc]vcfYcYR\UcTU\Q²SeUcdY†^
c_SYQ\³VeUb_^cU…Q\UcTUQ\Qb]Q\QbWQ]U^dUYW^_bQTQc`_b\QWU^UbQ\Y
TQTTU\_c]YU]Rb_cTU\QS\QcUT_]Y^Q^dU<QcTYc`_cYSY_^UcQT_`dQTQc
`_bU\5cdQT_TebQ^dUU\‹\dY]_SeQbd_TUcYW\_QVY^TU]UZ_bQb\QcQ\e
RbYTQT`‹R\YSQiQ\We^QcdU^dQdYfQcQYc\QTQcTUe^`e…QT_TUfYcY_^QbY_c
_TUSYUbdQcY^cdYdeSY_^UcTUSQbvSdUbVY\Q^db†`YS__SQbYdQdYf_^_R_bbQ^
\QY]`bUcY†^TUWbQ^Y^S_^cSYU^SYQTU\QU\YdUTYbYWU^dUVbU^dUQ\QcUfY
TU^SYQcTUe^]Q\aeUcUUhdU^TQS_]_e^QWQ^WbU^Qc_RbUU\SeUb`_
TU\Qc_SYUTQT<Q`b_\YVUbQSY†^TU\_cTURQdUcc_RbU\Q²SeUcdY†^c_SYQ\³
Q`QbdYbTU\_cQ…_c_SXU^dQi\Q]e\dY`\YSQSY†^TU\_c`b_iUSd_ci]UTY
TQcUcdQdQ\Uci`bYfQTQcTUcdY^QTQcQ]UZ_bQb\QcS_^TYSY_^UccQ^YdQbYQc
defYUb_^ce_bYWU^U^]‹\dY`\UcVQSd_bUcUf_SQT_cU^UcdUi_db_c\YRb_c

"!()
E^RQ\Q^SUXYcd_bY_WbvVYS_iQ\We^Qc`YcdQc`QbQ\QY^fUcdYWQSY†^TU\`Ub_T_Y^
]UTYQdQ]U^dU`_cdUbY_bU^CUbWY_7bUjD_c_²=_fY]YU^d_`_`e\QbebRQ^_U^3XY\UU^
dbUU\SQ]RY_TUcYW\_i\Q}`_SQTU\3U^dU^QbY_!() !)!"1fQ^SUcfQS_ci`Ubc`USdY
fQcXYcd_bY_WbvVYSQc³U^3_^dbYReSY_^UcSYU^dVYSQcidUS^_\†WYSQcCQ^dYQW_E^YfUbcYTQTTU
CQ^dYQW_TU3XY\UQW_cd_TU!))%`vWc#'$%

''
@Ub_dQ]RY}^VeUb_^\QS_^VUcY†^TU\]YUT_aeU\Qc_SYUTQT`\URUiQY^
Ve^TQQ\QU\YdUiU\bUS_^_SY]YU^d_TU\cebWY]YU^d_TU\_ccUSd_bUc`_
`e\QbUcU^fQcTUTUfU^Ybe^ceZUd_c_SYQ\Qed†^_]_5cdU‹\dY]_VU^†]U
^_UbQQVY^TUSeU^dQc\Q`bY^SY`Q\S_^aeYcdQaeUU\]_fY]YU^d_`_`e
\QbSXY\U^_`_TQUhXYRYbU^\Qc`_cdbY]UbQcTU\cYW\_aeU\_fY_^QSUb

''!
4YbUSdYfQTU\QC_SYUTQTTU1bdUcQ^_c²<QE^Y†^³TUCQ^dYQW_XQSYQ!) 
BU`b_TeSSY†^*>YS_\vc8_\\_gQi7ej]v^
ERYSQSY†^*C_SYUTQTTU1bdUcQ^_c²<QE^Y†^³TUCQ^dYQW_

''"
 1>5H?C

<?C6E>414?B5C45<1C?39541445
1BD5C1>?C²<1E>9É>³45C1>D917?

?6939?C

7be`_!*3?>CDBE339É>I453?B139É>* !#`Ubc_^Qc-$&#
1baeYdUSd_* !
1\RQ…Y\Uc* !
3_^cdbeSd_bUc* "
@Y^d_bUc* (
FYTbYUb_c* !

7be`_"*=145B1I=E52<5C* ! %`Ubc_^Qc-#'#'
2Qb^YjQT_bUc* !
3Qb`Y^dUb_c* ($
4_bQT_bUc* $
5RQ^YcdQc* '
7bQRQT_bUc* $
DQ`YSUb_c* %

7be`_#*=5D1<5CI=ÂAE9>1C* ""`Ubc_^Qc-'(#
6QRbYSQ^dUcTU
XY\_TUVYUbb_* !
3Qbb_SUb_c* #
6e^TYT_b* !
8_ZQ\QdUb_c* $
8UbbUb_c* $
:_iUb_c* $
=USv^YS_c* "
@\QdUb_* !
BU\_ZUb_c* "

7be`_$*3E5B?I31<J14?* ""`Ubc_^Qc-'(#
2_dUb_c* )
3ebdYT_bUc* !
CY\\Ub_c* &
JQ`QdUb_c* &

7be`_%*F5CDE1B9?* &$`Ubc_^Qc-""'(
C_]RbUbUb_c* $
CQcdbUc* &

7be`_&*1<9=5>D?C* !!`Ubc_^Qc-#)!
3UbfUSUb_c* "
3YWQbbUb_c* (
@QcdU\Ub_* !

''#
7be`_'*1BD9CD1C* %`Ubc_^Qc-!'(
5cSe\d_bUc* !
=‹cYS_c* "
@YQ^YcdQ* !
BUdbQdYcdQ* !

7be`_(*9=@B5>D1* $`Ubc_^Qc-!$"
9]`bUc_bUc* "
DY`†WbQV_c* "

7be`_)*49F5BC?C* #`Ubc_^Qc-! &

@bvSdYSQ^dU* !
@U\eaeUb_* "

7be`_! *C9>@B539C9É>* #"`Ubc_^Qc-!!#)

D?D1< "(!`Ubc_^Qc-! 
6eU^dU*1C1EC<YRb_bUWYcdb_TU\QC_SYUTQTTU1bdUcQ^_c²<QE^Y†^³TUCQ^dYQW_!(&"
!)!"VZc"!'

54145C

=vcTU& Q…_c $# 4U#&Q…_c !

4U& Q…_c ! 4U#%Q…_c !#
4U%&Q…_c ! 4U#$Q…_c (
4U%%Q…_c ! 4U##Q…_c '
4U%#Q…_c ! 4U#"Q…_c !#
4U%"Q…_c " 4U#!Q…_c !%
4U% Q…_c ! 4U# Q…_c !$
4U$)Q…_c # 4U")Q…_c (
4U$(Q…_c " 4U"(Q…_c !#
4U$&Q…_c " 4U"'Q…_c (
4U$%Q…_c # 4U"&Q…_c (
4U$$Q…_c " 4U"%Q…_c !!
4U$#Q…_c # 4U"$Q…_c %
4U$"Q…_c ( 4U"#Q…_c '
4U$!Q…_c $ 4U""Q…_c #
4U$ Q…_c ! 4U"!Q…_c $
4U#)Q…_c ! 4U" Q…_c !
4U#(Q…_c ! 4U!)Q…_c %
4U#'Q…_c ) 4U!(Q…_c #

<QVQ\dQTU`bUSYcY_^Ucc_RbU\QcUTQTUcTUSeQbU^dQidbUcQTXUbU^
dUcTU]vcTU& Q…_cQSU`dQT_cQ`UcQbTU\QTYc`_cYSY†^UcdQdedQbYQ`_b
dbQdQbcUTU²X_]RbUcb_Recd_ciTUReU^QcQ\eT³^_cY]`YTUUcdQR\USUb
e^`b_]UTY_TUUTQTUhQSd_\_aeUS_^cdYdeYbQTUd_TQc]Q^UbQce^

''$
TQd_]eibU\QdYf_@Ub_cU`eUTU^_RdU^UbS_^S\ecY_^Uc]vcY^dUbUcQ^
dUcbUQWbe`Q^T_Uc_cWeQbYc]_c`_bdbQ]_cTUUTQT*

=vcTU& Q…_c $#`Ubc_^Qc - !%# 

4U%&Q& Q…_c "`Ubc_^Qc - '!
4U%!Q%%Q…_c $`Ubc_^Qc - !$"
4U$&Q% Q…_c (`Ubc_^Qc - "($
4U$!Q$%Q…_c " `Ubc_^Qc - '!!
4U#&Q$ Q…_c $)`Ubc_^Qc - !'$#
4U#!Q#%Q…_c %&`Ubc_^Qc - !))"
4U"&Q# Q…_c %!`Ubc_^Qc - !(!$
4U"!Q"%Q…_c # `Ubc_^Qc - ! &'
4U!(Q" Q…_c !(`Ubc_^Qc - &$ 

D_dQ\* "(!`Ubc_^Qc - ! 

4U Qae cU TUc`bU^TU aeU \Q ]Qi_bQ TU \_c Ve^TQT_bUc TU ²<Q
E^Y†^³TU1bdUcQ^_cUbQ^X_]RbUcRQcdQ^dUZ†fU^Uc*]vcTU%%dU^Q^
]U^_cTU#&Q…_cTUUTQTi]vcTU\'"^_c_RbU`QcQRQ^\_c$"Q…_c
E^Q]Qi_bQbU\QdYfQTU#(dU^QU^dbU"&i#%Q…_c`eTYU^T_S_^cYTU
bQbcUUcdUdbQ]_S_]_U\]vcbU`bUcU^dQdYf_TU\QcUTQTUcTU\_cVe^TQ
T_bUcTU\Q]edeQ\TU\_cQbdUcQ^_ccQ^dYQWeY^_c@_b_dbQ`QbdUcYcUQ^Q
\YjQU\^‹S\U_Teb_S_]`eUcd_`_b\_cT_SUTYbYWU^dUc`bY^SY`Q\UcTU\_c
SeQ\UcTUTYc`_^UTUY^V_b]QSY†^c_RbUcecUTQTUccU_RdYU^Ue^bUce\
dQT_cY]Y\Qb*SY^S_TUU\\_c$!&V\eSdeQRQ^U^dbU\_c#!i#%Q…_c
TUcdQSv^T_cUU^UcdUWbe`_6Ub]^FYfQSUdQ#!Q…_cU\\TUbY^TYcSedY
T_i`bY]Ub`bUcYTU^dUTU\QQc_SYQSY†^iU\cUSbUdQbY_:_c}1Wecd^7_^
jv\Uj#!Q…_c
<Q]Qi_bQTUUcd_cQbdUcQ^_ci_RbUb_cUbQ^_bYWY^QbY_cTU\QSQ`Y
dQ\CUS_^_SUU\\eWQb`bUSYc_TU^QSY]YU^d_TUSYU^d_cUcU^dQiT_cQT
XUbU^dUc*SYU^d_fUY^dYcYUdU'(#)XQRQ^^QSYT_U^\QSYeTQTTUCQ^
dYQW_+Q`U^QcfUY^dYSeQdb_!$)`b_fU^Q^TU\QbUWY†^SU^dbQ\TU\
`QccYU^T_]eSX_cTUU\\_c^QdebQ\UcTU\Qcj_^QcQWbS_\QcfUSY^QcQ\Q
SQ`YdQ\
E^Q`UaeU…Q]Y^_bQTUUcd_c`bUSebc_bUcTU\]edeQ\Yc]_`\ebY
WbU]YQ\UbQ^UhdbQ^ZUb_c*Q`U^Qc_^SUTUe^d_dQ\TUT_cSYU^dQc_SXU^dQ
ie^Q`Ubc_^Qc3_]_cQRU]_caeUU^dbU\_cSYU^d_TYUSY^eUfUc_SY_c
Ve^TQT_bUcc_RbU\_caeU^_cUdYU^U^TQd_cUhQSd_c^_XQRQUhdbQ^ZU
b_c`_TU]_cS_^S\eYbaeU\_cY^]YWbQ^dUcbU`bUcU^dQRQ^c†\_#%%TU
\_cQVY\YQT_c"!) 

"!)
<Qc^QSY_^Q\YTQTUcTU\_cUhdbQ^ZUb_cUbQ^\QccYWeYU^dUc*e^QbWU^dY^_e^USeQ
d_bYQ^_e^Uc`Q…_\e^VbQ^S}cT_cQ\U]Q^Uce^Y^W\}ciSeQdb_YdQ\YQ^_c1C1ECV
!''

''%
 CYS_^cYTUbQ]_cVY^Q\]U^dUU\UcdQT_SYfY\TUUc_cX_]RbUcSYU^
d_cUcU^dQidbUcSQcQT_ccUdU^dQiT_cc_\dUb_cTYUjfYeT_cidbUY^dQicUYc
cY^Y^V_b]QSY†^`_TU]_cR_caeUZQbU\²`UbVY\]UTY_³TUe^]YU]Rb_
Ve^TQT_bTU\QC_SYUTQTTU1bdUcQ^_c²<QE^Y†^³TUCQ^dYQW_*SXY\U^_+_bYWY
^QbY_TU\QSQ`YdQ\_TU\Qcj_^QcQWbS_\QccYdeQTQcQ]U^_cTU! [Y\†
]Udb_cQceQ\bUTUT_b+Z_fU^U^\Q`\U^YdeTTU\QfYTQ+]ei`b_RQR\U]U^
dUSQb`Y^dUb__cQcdbU+SQcQT_iQ\VQRUdYjQT__U^d_T_SQc_U^SQb^Q^T_
`UbVUSdQ]U^dUU\YTUQ\TU\Q²bUWU^UbQSY†^TU\`eUR\_³`eUcd_aeU\_c
fUY^dYcYUdUc_SY_c)&TU\d_dQ\aeU^_cQRQ^^Y\UUb^YUcSbYRYbU^U\
]_]U^d_Ve^TQSY_^Q\ce`UbQb_^`_S_TUc`e}cUcUXQ^TYSQ`iQTaeYbYU
b_^dQ]RY}^Q\We^_cS_^_SY]YU^d_cTU]QdU]vdYSQcU^\QUcSeU\QfUc`Ub
dY^QVe^TQTQ`_b\Q]edeQ\"!)!

"!)!
9RYT

''&
 <13?=E>145@1BÅC
B51339?>5C5>389<5C57Ì>5<3É>CE<
6B1>3rC45C1>D917? "!)"

CQ^dYQW_! TUQW_cd_TU!('!

<UWQSY†^TU6bQ^SYQU^3XY\U
±±±±±
4YbUSSY†^@_\dYSQ
±±±±±

1\=Y^Ycdb_:e\Uc6QfbUTU
1ce^d_c5hdbQ^ZUb_c

CU…_b=Y^Ycdb_*
<_cQS_^dUSY]YU^d_caeUQSQRQ^TUdU^UbS_]_UcSU^Q
bY_Q@QbcXQ^SQecQT_Qaee^QY^dU^cQU]_SY†^i\Q_`Y^Y†^`‹R\YSQ^_
U^S_^dbQRQd}b]Y^_cRQcdQ^dUVeUbdUc`QbQS_^TU^Qb\_cQSd_cTURQbRQ
bYUiTUfQ^TQ\Yc]_aeUXQ^]QbSQT_U\VY^TU\QUhYcdU^SYQTU\Q3_]e
^Q
<Q`bU^cQ°S_]_TURUcUb°XQcYT_e^v^Y]UU^Q`bUSYQb\QS_^TeS
dQTU\UZ}bSYd_TU\W_RYUb^_`Ub_dQ]RY}^U^QReSXUQbQ\_cQed_bUcTU
UcQcVUSX_bQcicecTUdUcdQR\UcT_SdbY^QcIQe^aeUcUW‹^dU^W_U^dU^
TYT_SYUbd_cSXY\U^_cTU^_d_bYUTQT`_\dYSQ_\YdUbQbYQcUQ^QRYUbdQ]U^
dU`QbdYTQbY_cdQ^d_TU\QcYTUQcTU\_c]YU]Rb_cTU\Q3_]e^QS_]_TU
\QcdU_bQcTU\QQc_SYQSY†^²\Q9^dUb^QSY_^Q\³Q\QaeU°cUQcUWebQ°fQbY_c
UcdQbQ^QVY\YQT_c^Y^We^_TUU\\_cTUd_TQc]Q^UbQcXQ_cQT_Qce]Yb
\QTUVU^cQ_XQSUb\QQ`_\_WQTU\_cS_]e^YcdQciTUcecYcdU]Q5cdQQRc
dU^SY†^TURUTUcdQSQbcUU^e^`QcT_^TU\Q\YRUbdQTTU`bU^cQUcQRc_
\edQiT_^TU\_cTYQbY_cbU`b_TeSU^TUReU^QWQ^Q\Qc`U_bUcdU_bQc
TU]QW†WYSQcUeb_`UQcaeUSeU^dQ^S_^TU]QcYQT_cQTXUbU^dUcdQ^d_
U^dbU\_cSXY\U^_cTU\QS\QcU_RbUbQS_]_U^dbU\Q`QbdU]Q\cQ^QTU\Q
S_\_^YQVbQ^SUcQ
5\S\Ub_aeU`_bce]eiS_^cYTUbQR\UY^V\eU^SYQ\_WbQQ^e\Qb\_c
UcVeUbj_cTU\_c`QbdYTQbY_cTU\QbUf_\eSY†^c_SYQ\XQcYT_S_^cdUb^QT_
`_b\_cXUSX_cTU`\_bQR\UcaeUXU]_cS_^_SYT_`_b\_cS_bbU_cTU\]Uc
`QcQT_

"!)"
<QdbQTeSSY†^Uc^eUcdbQ

'''
 B_WQdYfQc`_bU\TUcSQ^c_TU\Q\]QTU\QcfSdY]QcTU\Q3_]e^QXQ^
cYT_`bUcSbYdQcU^\QcYW\UcYQcie^_TU\_cSebQcTUCQ^dYQW_XQXUSX_SU
\URbQbU^CQ^dQ1^Q`bY^SY`Q\`Qbb_aeYQTU\QSYeTQTe^cUbfYSY_V‹^U
RbUU^X_^_bTU=_^cU…_b1bj_RYc`_TU@Qbci_db_ccQSUbT_dUcY^]_\Q
T_cS_^}\5cdQSUbU]_^YQQ\QaeUQcYcdS_^U\SQ^SY\\UbTU\Q<UWQSY†^
def_\eWQbS_^\Q]vcWbQ^TU`_]`QU^]UTY_TUe^QS_^SebbU^SYQ]ei
S_^cYTUbQR\UT_^TUcUTUcdQSQRQ^`Ubc_^Q\YTQTUcTU\`QcTU\UWQSY_^Uc
TUd_TQc\Qc†bTU^UcbU\YWY_cQcSXY\U^QciUhdbQ^ZUbQcie^QSYUbdQSQ^dY
TQTTU^eUcdb_cS_]`QdbY_dQc1\QcQ\YTQTU\cUbfYSY_U\`QTbU1eWecdU
:Q]UdTU\Q?bTU^TU@YS`ecice`UbY_bTU\3_\UWY_TU\_c@QTbUc6bQ^SU
cUc`b_^e^SY†e^TYcSebc_aeUY]`bUcY_^†U^_b]U]U^dUQ\QeTYd_bY_
<Qc‹\dY]Qc^_dYSYQcTU6bQ^SYQ°aeUfQ^XQcdQU\! TUZe\Y_°XQ^
cYT_bUSYRYTQcS_^fYcYR\UcQdYcVQSSY†^*U\S_]UbSY_SXY\U^_iUhdbQ^ZUb_
aeUiQceVbY†RQcdQ^dUTebQ^dU^eUcdbQWeUbbQS_^1\U]Q^YQXQbUS_RbQ
T_\QS_^VYQ^jQicUTURUS_^cdQdQbaeU\QcUWebYTQTTU`_TUbS_]e^Y
SQbcUQ\VY^S_^@QbcXQ`b_f_SQT_e^QbUQSdYfQSY†^]ei]QbSQTQU^
\_c^UW_SY_caeUUcdQRQ^°`_bQcTUSYb\_°`QbQ\YjQT_cTUcTUXQSUfQbY_c
]UcUc
BUSYRQcU…_b=Y^Ycdb_\QbUc`Ude_cQS_^cYTUbQSY†^S_^\QSeQ\dU^
W_U\X_^_bTUcUbTUF5U\]eiXe]Y\TUi]ei_RUTYU^dUcUbfYT_b

=TU3Q]RUV_bd

@4<QVbQWQdQ²<Q6\_bU³\\UW†X_iTQQ\QbQTQTUFQ\`QbQc_U^`b_fU
^YU^SYQTU\3Q\\Q_5\cU…_bS_^dbQQ\]YbQ^dU4U<Q`U\Y^SeU^dQXQSUe^Q
UcdQTQU^3XY\UiTYbYWYbcUU^cUWeYTQQ\QSQRUSUbQTU^eUcdb_cUcdQR\USY
]YU^d_cU^?SUQ^Q

±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±
6eU^dU*1=15B63@3XY\Y!)!(' °!('#VZc!" !"#
±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±

''(
 5<C97>969314?45<1:?B>14145<")45
12B9<45!(((C57Ì>5<3É>CE<6B1>3rC45
C1>D917? "!)#

CQ^dYQW_%TU]Qi_TU!(((
<UWQSY†^TU\Q
BU`‹R\YSQ6bQ^SUcQ
U^3XY\U
4YbUSSY†^TU1ce^d_c@_\dYS_c
±±±±±±±±±±±±±±±
CeRTYbUSSY†^TU\=UTY_TQ
±±±±±±±±±±±±±±±
1C5U\=Y^Ycdb_TU
1ce^d_c5hdbQ^ZUb_c
>¡$

CU…_b=Y^Ycdb_*
3_]_S_^cUSeU^SYQTU\Q\jQTU\`bUSY_TU\_c`QcQZUcTU
\_cdbQ^fQcaeUQcUWebQ^U\cUbfYSY_TU\QSQ`YdQ\^e]Ub_cQc`UdYSY_^Uc
XQRQ^cYT_TYbYWYTQccY^bUce\dQT_Q\QS_]`Q…QTUUh`\_dQSY†^iQ\Q
=e^YSY`Q\YTQTE^`QbdYT_`_\dYS_bUSYU^dU]U^dUV_b]QT_U^3XY\UcU
`ec_Q\QSQRUjQTU\]_fY]YU^d_`_`e\QbaeUcU`UbVY\QRQi\_cZUVUcTU\
²@QbdYT_TU]_SbvdYS_³Y^fYdQb_^Qd_T_c\_cTUcS_^dU^d_cQ`QbdYSY`QbU^
e^]UUdY^WTU`b_dUcdQ<QbUe^Y†^def_\eWQbU\")TUQRbY\*\QQcYcdU^SYQ
UbQ^e]Ub_cQC_RbUUhSYdQT_c`_b\_cTYcSebc_caeU\UcTYbYWYUb_^iU]
`eZQT_c`_bQ\We^_cQWYdQT_bUc\_c`b_dUcdQT_bUccUUc`QbSYUb_^QdbQf}c
TU\QSYeTQTTUdefYUb_^d_T_c\_cdbQ^fQcaeUU^S_^dbQb_^i\_cY^SU^
TYQb_^<Qdb_`QcUfY__R\YWQTQQY^dUbfU^Yb+XeR_fQbY_cXUbYT_ci^e
]Ub_cQcTUdU^SY_^Uc
5cdU]_d^Y^cYW^YVYSQ^dUU^cY]Yc]_^_XQTUZQT_TUSQecQbSYUb
dQU]_SY†^5c\Q`bY]UbQfUjaeUU\`eUR\__cQ]Q^YVUcdQbe^Qf_\e^dQT
ibUSebbYbQ]UTY_cfY_\U^d_c`QbQ`UTYbU\bUS_^_SY]YU^d_TU\_aeUUcdY
]Qe^TUbUSX_<Qc`b_dUcdQcdU^Q^U^e^S_]YU^j_e^SQbvSdUb‹^YSQ
]U^dU`QbdYSe\Qbi\_SQ\`Ub_\Q]Q^YVUcdQSY†^TU\T_]Y^W_`_bU\XUSX_
TUXQRUbcYT_`b_f_SQTQiS_^TeSYTQ`_b\_cZUVUcTU\@QbdYT_4U]_Sbv
dYS_`QbUSUdU^Ube^]Qi_bQ\SQ^SUibUfUcdYbSYUbd_SQbvSdUb`_\dYS_*
TebQ^dUcec`QcU_c`_b\QcSQ\\UcTUCQ^dYQW_\Q]QcQ`b_VUbQQ]U^QjQc
QRYUbdQcS_^dbQSYUbdQcVQ]Y\YQcTU\`Qc`_TUb_cQc`_bceV_bde^Qi\Qc
`_cYSY_^UcaeU_Se`Q^]_cdbQ^T_QcS_]_Qed_bTUcec]Q\UcQ\QQbYc

"!)#
<QdbQTeSSY†^Uc^eUcdbQ

'')
d_SbQSYQ_\YWvbaeYSQaeUXQSU`UcQbc_RbUU\`eUR\_SXY\U^_e^ieW_dQ^
`UcQT_
5^d_T_SQc_UcdQ]Q^YVUcdQSY†^TURUcUbS_^cYTUbQTQS_]_U\`bY
]UbbUce\dQT_TUUcVeUbj_cTUc`\UWQT_c`_bSYUbd_c`_\dYS_c`QbQXQSUb
^QSUbe^QS_bbYU^dUTU_`Y^Y†^`_`e\QbS_^\QaeUU\W_RYUb^_`_Tbv
Q\W‹^TQdU^UbaeUS_^cYTUbQb5cQUcdUdde\_aeUXUSbUT_dU^UbaeU
cU…Q\QbUcd_cQS_^dUSY]YU^d_cQFeUcdbQ5hSU\U^SYQ

14UVbQ^SU

±±±±±±±±±±±±±±±±±±±±
6eU^dU*1=15B63@3XY\Y# !(((VZc! !i! "
±±±±±±±±±±±±±±±±±±±±

'(
 <9CD1453E14B?C

3eQTb_>¡!*FQ\_bTUUh`_bdQSY_^UcQWbS_\Qc!($$!()  `vW '%

3eQTb_>¡"*FQ\_bUcQ`b_hY]QT_cTU\QcUh`_bdQSY_^UcTU
`\QdQiTUS_RbU!($$!(($  `vW '%
3eQTb_>¡#*<QY^V\eU^SYQUhdbQ^ZUbQU^Q\We^QcQSdYfYTQTUc
US_^†]YSQcU^CQ^dYQW_U^!($)  `vW ))
3eQTb_>¡$*5cdbeSdebQTU\Q`_R\QSY†^SXY\U^QBU\QSY†^
U^dbU`_R\QSY†^QWbQbYQiebRQ^Q!(&%!()%  `vW ! )
3eQTb_>¡%*3_^SU^dbQSY†^iSbUSY]YU^d_TU\QY^TecdbYQ
Ve^TYT_bQ!(& !((&  `vW !!!
3eQTb_>¡&*6USXQTUVe^TQSY†^TU\_cUcdQR\USY]YU^d_c
QbdUcQ^_Y^TecdbYQ\UcUhYcdU^dUcU^!()%  `vW !"!
3eQTb_>¡'*3_]`_cYSY†^TU\QcUh`_bdQSY_^UcSXY\U^Qc
U^dbU!(')i!()%  `vW !"$
3eQTb_>¡(*3eQTb_bUce]U^TU\QTYcdbYReSY†^TU\Q
`_R\QSY†^QSdYfQSXY\U^QCUWe^TQ]YdQTTU\cYW\_H9H  `vW !#
3eQTb_>¡)*1`_WU_iTUSQTU^SYQTU\QcQbdUcQ^QcbebQ\Uc
6eUbjQTUdbQRQZ_U^dbU!(%$i!()%  `vW !#"
3eQTb_>¡! *6eUbjQTUdbQRQZ_TUQ\We^_c_VYSY_cebRQ^_c
SQ\YVYSQT_cU^dbU!(%$i!('%  `vW !#$
3eQTb_>¡!!*3_]`_cYSY†^TU\`U_^QZUSXY\U^_U^dbU!(%$
i!('%  `vW !#&
3eQTb_>¡!"*3_]`_cYSY†^TU\`U_^QZUSXY\U^_QVY^UcTU\
cYW\_H9H  `vW !#'
3eQTb_>¡!#*3_]`_cYSY†^TUQ\We^_c_VYSY_cebRQ^_c
dbQTYSY_^Q\UcQVY^UcTU\cYW\_H9H  `vW !#(
3eQTb_>¡!$*3_]`_cYSY†^TUQ\We^_c_VYSY_cebRQ^_cTU
Uh`Q^cY†^bUSYU^dUQVY^UcTU\cYW\_H9H  `vW !#(
3eQTb_>¡!%*@b_`_bSY†^TU]eZUbUcU^\QbQ]QY^TecdbYQc
!(%$!()%  `vW !$)
3eQTb_>¡!&*=QUcdb_cQbdUcQ^_cTUCQ^dYQW_U^!(!'!(!)  `vW "%
3eQTb_>¡!'*=_fY]YU^d_c`_`e\QbUcbUYfY^TYSQdYf_ciTU
`b_dUcdQc_SYQ\U^\QcSYeTQTUciSU^db_c]Y^Ub_cTUcTU\Q
9^TU`U^TU^SYQXQcdQ!(')  `vW $%(

'(!
3eQTb_>¡!(*@QbdYSY`QSY†^TUTYbYWU^dUciQSdYfYcdQc`_`e\QbUc
U^Y^YSYQdYfQcc_SYQ\Uci`_\dYSQcU^dbU!('%i!(')  `vW %#$
3eQTb_>¡!)*3Q^dYTQTTU^eUf_cc_SY_cY^WbUcQT_cQ\Q
C_SYUTQTTU1bdUcQ^_c²<QE^Y†^³TUCQ^dYQW_U^dbU!('#
i!((%  `vW %'#
3eQTb_>¡" *3Q^dYTQTTU^eUf_cc_SY_cY^WbUcQT_cQ\Q
C_SYUTQTDY`_WbvVYSQTUFQ\`QbQc_U^dbU!('#i!((&  `vW %'%
3eQTb_>¡"!*=_fY]YU^d_c`_`e\QbUcbUYfY^TYSQdYf_ciTU
`b_dUcdQc_SYQ\U^\QcSYeTQTUciSU^db_c]Y^Ub_cU^dbU!((
i!()  `vW %(!
3eQTb_>¡""*6USXQTUVe^TQSY†^i\_SQ\YjQSY†^TUQ\We^Qc
]edeQ\UcTUUhdbQ^ZUb_cbUcYTU^dUcU^3XY\UCYW\_H9H  `vW &!(
3eQTb_>¡"#*C_SYUTQTUc?RbUbQcTUFQ\`QbQc_!()   `vW &"&
3eQTb_>¡"$*C_SYUTQTUcTU5]`\UQT_cTUFQ\`QbQc_
!()   `vW &"'

'("
 6E5>D5CI292<9?7B16Å1

96 E5>D5C

6 E5>D5C 4 ?3E=5>D1<5C
BUS_bdUc TU TYQbY_c TU !(%" Q
111F* C_SYUTQT TU 1bdUcQ^_c TU !(') Y _db_c T_Se]U^d_c $!!
FQ\`QbQc_ <YRb_ TU 1SdQc >¡ ! >_dQc 4_Se]U^d_c Y 2_bbQT_
4UcTUU\!#TU]Qi_TU!(%(XQcdQ bUcfQbY_c
U\")TU^_fYU]RbUTU!(&# 1>19D*f_\‹]U^Uc*!'(3_bbU_c
18=B5*f_\‹]U^Uc*4_Se]U^d_c dU\}WbQV_c i VUbb_SQbbY\Uc !() °
FQbY_c 3_\_^YjQSY†^ !(& !('$ !()% !') 1TeQ^Q i DUc_bUbQ
SQb`UdQ!)RFQbY_c!('"!('& !() !(#<YRb_TU?VYSY_c>¡"
FQbY_c !(''!(') FQbY_c !('' !()  !(& 6Ubb_SQbbY\Uc !() °
!(')3_\_^YjQSY†^7_RUb^QSY†^ !()%!((7bU]Y_TU:_b^Q\Ub_c
TU=QWQ\\Q^Uc!('#!('%3_\_^Y !() !()"!) 6e^SY_^QbY_c:e
jQSY†^7_RUb^QSY†^TU=QWQ\\Q TYSYQ\Uc!() !)!7_RUb^QSY†^
^Uc!('%!('& 3_\_^YjQSY†^ 7_ TU@YcQWeQ!() !)&CeRTU\U
RUb^QSY†^TU=QWQ\\Q^Uc!('' WQSY†^bebQ\TU8eQ^dQZQiQ" &
=Y^YcdUbY_TU\9^dUbY_b!() 
1=15B6*3_bbUc`_^TQ^SU3_]
]UbSYQ\UCQ^dYQW_Te3XY\Yf_\c 1>19F*f_\‹]U^Uc*&%!CeRTU\U
"°!# Q_d !(# !((' 3_b WQSY_^Uc !()  &&! 3_]e^YSQ
bUc`_^TQ^SU3_]]UbSYQ\UFQ\`Q SY_^UcWU^UbQ\Uc!() &&(1^_
bQc_f_\c!&!(# °!(&#3_b dQT_bTU3_]e^YSQSY_^UcWU^UbQ
bUc`_^TQ^SU @_\YdYaeU Ud 3_] \Uc!() !()!
]UbSYQ\UFQ\`QbQc_f_\!!('!° 1>14C=*\YRb_cV_\\Ud_ci`b_S\Q
!()%3_bbUc`_^TQ^SU@_\YdYaeU ]Qc< $"(">¡`b_fYcY_^Q\
f_\c$#"3XY\Y!(# !() C}bYU 1>1=8* f_\‹]U^Uc* (" 9^dU^
=}]_YbUc Ud 4_Se]U^dc 1]}bY TU^SYQ TU FQ\`QbQc_ !("%°
aeU3XY\Yf_\!!("%!(&% !("&!&$9^dU^TU^SYQTUFQ\
1>12F=*f_\‹]U^Uc*""@_\dY `QbQc_ !(#' !&) 9^dU^TU^
SQU^ZU^UbQ\aeUS_^dYU^U7QSU SYQ TU FQ\`QbQc_ !(#(!(#)
dQ =Y^YcdUbYQ\ TU\ !% TU Ze\Y_ TU # !9^dU^TU^SYQTUFQ\`QbQc_
!(""# BUf_\eSY†^TU3_`YQ !(%$#!&9^dU^TU^SYQTUFQ\
`†U^!(%!###$5\" TUQRbY\ `QbQc_ !(%% #(# 9^dU^TU^
9i99#%!(% !(%!#)$&@Q SYQ TU FQ\`QbQc_ #(% 9^dU^
`U\Uc bU\QdYf_c Q \Q QT]Y^YcdbQ TU^SYQTUFQ\`QbQc_!(%)%!!
SY†^2e\^Uc$(<QBUf_\eSY†^ 9^dU^TU^SYQ TU FQ\`QbQc_ " T_
TU!(%)5\>_bdU$)<QBUf_ cU]UcdbUTU!(&$f_\'%$9^
\eSY†^ TU !(%) 5\ 3U^db_ %  dU^TU^SYQ TU FQ\`QbQc_ ! Ub cU
!%'4YQbY_ci]U]_bYQcc_RbU\Q ]UcdbUTU!('!f_\''%9^dU^
BUf_\eSY†^ TU !(%! #%) 3_ TU^SYQ TU FQ\`QbQc_ ! Ub cU]Uc
]e^YSQSY_^Uc 4_Se]U^d_c fQ dbU TU !('" ''& 9^dU^TU^SYQ
bY_c!(#&!(('#&%3_bbUc`_^ TU FQ\`QbQc_ " T_ cU]UcdbU TU
TU^SYQ(#((3_bbUc`_^TU^SYQ !('" ! ( C_\YSYdeTUc `QbdY
TU 3< B_gcU\\ !('%!((" $ ' Se\QbUc ! Ub SeQdbY]UcdbU !('(

'(#
 !"') 9^dU^TU^SYQ TU FQ\`QbQ S_`YQT_b TU S_]e^YSQSY_^Uc bU
c_"!((# \QdYfQcQ9^dU^TU^SYQc!() 
1>1=9* f_\‹]U^Uc* !" 9^dU^ 1>1=:* f_\‹]U^Uc* #(' 9^dU^
TU^SYQ TU 3_\SXQWeQ !(! ° TU^SYQ TU 3_aeY]R_ !(' 
!(#! #) 9^dU^TU^SYQc TU CQ^ !('# #() 9^dU^TU^SYQ TU FQ\
dYQW_ i FQ\`QbQc_ !(!(!("! `QbQc_ !(' !('# #)& 9^dU^
$!@b_fY^SYQTUCQ^dYQW_!(!(° TU^SYQ TU 3_^SU`SY†^ !(' 
!(#!& 9^dU^TU^SYQTUFQ\`Q !('#
bQc_ !(""!("' (' 3_bbUc 1>6:C 3QecQc 3bY]Y^Q\Uc \UWQZ_
`_^TU^SYQ Y^V_b]Uc i SeU^dQc !& 
bU\QdYfQcQ\Q9^dU^TU^SYQTUCQ^
1CDFBUZYcdb_TUY^S_b`_bQSY_^Uc
dYQW_ !("(!(#! )# <YRb_ S_
`YQT_b TU S_]e^YSQSY_^Uc Q TYc 1C1< :e\Y_ !((( Q U^Ub_ "% TU
dY^dQc Qe_bYTQTUc Y `Ubc_^Qc !) ! 1SdQc TU BUe^Y†^ 4YbUSd_bY_
!&  !(#"!($& !'" 3_bbUc BUWYcdb_TUc_SY_c>¡!C_SYUTQTTU
`_^TU^SYQ Y^V_b]QSY_^Uc Y 1bdUcQ^_cTU<Y]QSXU
SeU^dQcbU\QdYfQcQ\Q9^dU^TU^SYQ 1C1EC BUWYcdb_ TU \Q C_SYUTQT TU
TUCQ^dYQW_!(#&!($(""&9^ 1bdUcQ^_c ²<Q E^Y†^³ TU CQ^dYQW_
dU^TU^SYQ TU FQ\`QbQc_ !($&° !(&"!)!"<YRb_4YQbY_TU\Q5c
!(%! "($ BUf_\eSY†^ TU SeU\Q 6bQ^[\Y^ S_]`bU^TYT_c Q…_c
!(%!#&'4_Se]U^dQSY†^bU\Q !('$ !('% !('& XQcdQ U\ !# TU
dYfQ Q 2U^UVYSU^SYQ !(%%!(%) QW_cd_TU!(''
#&( 3_]e^YSQSY_^Uc c_RbU 2U 1CC==25F <YRb_ 9 TU \Q C_SYU
^UVYSU^SYQ !(%%!(&% #&) 3_ TQTTUC_SYUTQTTUC_S_bb_c=ede_c
]e^YSQSY_^Uc c_RbU @_\YSQ =} =Q^eU\2\Q^S_5^SQ\QTQ
TYSQ !(%%!(&% $() 4USbUd_c 1CC=@=<YRb_TU\QcQSdQc_bTY^Q
@_\YSQ =}TYSQ !(%%!('' %%! bYQcYUcdbQ_bTY^QbYQcTU\QC_SYUTQT
FQ\`QbQc_ !(&)!('  %)% TU C_S_bb_c =ede_c ²<Q 5]Q^SY`Q
2U^UVYSU^SYQ FQ\`QbQc_ !(' ° SY†^TU\Q=eZUb³
!('"%)&2U^UVYSU^SYQCQ^dYQ
W_!(' !('"&"%9^dU^TU^SYQ 1CEDC<YRb_TU1SdQcTU4YbUSd_bY_
TU FQ\`QbQc_ !('"°!('# &$) !(( !((# C_SYUTQT E^Y†^ TU \_c
9^dU^TU^SYQ TU FQ\`QbQc_ DY`†WbQV_cTUCQ^dYQW_1SdQcTU4Y
!('#("&9^dU^TU^SYQTUCQ^ bUSd_bY_!(()!() C_SYUTQTE^Y†^
dYQW_ !('( !$'" 3_bbUc`_^ TU\_cDY`†WbQV_cTUCQ^dYQW_1SdQc
TU^SYQY^V_b]UcYSeU^dQcbU\QdY TU4YbUSd_bY_!() !()$
fQc Q \Qc 9^dU^TU^SYQc TU CQ^dYQ 2>C= 3_bbUc`_^TU^SYQ Q :_c} =Q
W_ ?µ8YWWY^c 3_\SXQWeQ 3ebY ^eU\ 2Q\]QSUTQ d_]_c* 9 !((#
S†1…_!(((!%!#=e^YSY`Q\Y !((' 999 VURbUb_ Q _SdeRbU TU
TQTUc <Y^QbUc=Qe\UseR\U3_^ !((( 9F !() !()! F !('#
SU`SY†^ i 2_2_ !((( !%&% !(('F99Ze^Y_QcU`dYU]RbUTU
DU\UWbQ]Qc !(()!()! !%)& !() F999!() 9HTUU^Ub_
4_Se]U^dQSY†^bU\QdYfQQ9^dU^ QVURbUb_TU!()!
TU^SYQc TUSbUd_c ^_dQc !()  99FC7B6_^T_CUWQ\\4_ccYUb3XY
!&!% 4_Se]U^dQSY†^ bU\QdYfQ Q \U* 4C ' 6_\\Ud_c cYW\_ H9H i
fQbYQc Qed_bYTQTUc TUSbUd_c ^_ _db_c XQcdQ !)!  4C ( CYW\_
dQc!() !&!'4_Se]U^dQSY†^ H9H 4C ) 8Ycd_bYQ TU 3XY\U
bU\QdYfQ Q fQbYQc Qed_bYTQTUc TU XQcdQ!())
SbUd_c^_dQc!() !&"!<YRb_

'($
6 E5>D5C ? 69391<5C ^QbT_?µ8YWWY^c?bTU^UcTU\TQ
CQ^dYQW_ 9^cdYded_ 7U_WbvVYS_
=Y\YdQb!)&!d_]_HH999
1WeQ`_dQR\UiTUcQWeUci_db_cdbQRQZ_c
bU\QdYf_cQ\QXYZYU^UicQ\eRbYTQTTU\ 2Q^T_:U^UbQ\TU@_\YSQ`QbQU\TU`QbdQ
`eUR\_=U]_bYQ`bUcU^dQTQQ\3_^cU ]U^d_ TU CQ^dYQW_  CQ^dYQW_ 9]
Z_4U`QbdQ]U^dQ\TU8YZYU^UTUDQ\SQ `bU^dQTU\QC_SYUTQT]Qi_!#TU
DQ\SQ 9]`bU^dQ TU \Q <YRUbdQT !(%#
!()$ 2_\Ud^TU\QcÉbTU^Uci4USbUd_cTU\7_
1^eQbY_ 5cdQTcdYS_ TU \Q BU`‹R\YSQ TU RYUb^_Q…_!(#'>¡)FQ\`QbQc_
3XY\U CQ^dYQW_ 9]`bU^dQ >QSY_ !($&D_]_9F<YRb_F99
^Q\!(& !('#d_]_c9Q\H99 2_\Ud^ =e^YSY`Q\ TU\ 4U`QbdQ]U^d_ TU
1^eQbY_ 5cdQTcdYS_ TU \Q BU`‹R\YSQ TU 3_`YQ`† BUS_`Y\QSY†^ TU \Qc <UiUc
3XY\U S_bbUc`_^TYU^dU Q \_c Q…_c TU ?bTU^Q^jQcBUW\Q]U^d_cTYc`_cYSY_
!('#Y!('$CQ^dYQW_9]`bU^dQ ^UcTU\Q@_\YSQUdSCQ^dYQW_9]
TU \Q <YRbUbQ TU\ =UbSebY_ `bU^dQTU\QBU`‹R\YSQ!('!
!('#d_]_HF "!)$ 2_QbT_VDbQTUE;3_]]UbSYQ\DQbY
1^eQbY_ 5cdQTcdYS_ TU \Q BU`‹R\YSQ TU VVc Q^T BUWe\QdY_^ BUc_ebSUc Q^T
3XY\U CQ^dYQW_ 9]`bU^dQ >QSY_ DbQTU_VdXUCUfUbQ\cCdQdUc_V5eb_`U
^Q\!('%!(($d_]_cHF9HH999 1]UbYSQHF99H9H
1^eQbY_ 5cdQTcdYS_ TU \Q BU`‹R\YSQ TU 3v]QbQTU4Y`edQT_c2_\Ud^TU\QcCUcY_
3XY\U  FQ\`QbQc_ 9]`bU^dQ TU ^Uc 5cdbQ_bTY^QbYQc 3> !(()
²<Q @QdbYQ³ !() !()" d_]_c !())CQ^dYQW_9]`bU^dQ>QSY_
HH9FHHF9 ^Q\!(()!())
1^eQbY_ 5cdQTcdYS_ TU \Q BU`‹R\YSQ TU 3v]QbQTU4Y`edQT_c2_\Ud^TU\QcCUcY_
3XY\U S_bbUc`_^TYU^dU Q \_c Q…_c TU ^Uc ?bTY^QbYQc 3>  !(()!) "
!(((!(()i`QbdUTU\!() FQ\`Q CQ^dYQW_ 9]`bU^dQ >QSY_^Q\
bQc_ 9]`bU^dQ TU ²<Q @QdbYQ³ !(()!) "
!()$d_]_HHF99 3v]QbQTUCU^QT_bUc2_\Ud^TU\QcCUcY_
1^eQbY_5cdQTcdYS_TU@QdU^dUc6YcSQ\UcTU ^Uc 5cdbQ_bTY^QbYQc 3>  !(()
!((( !) &CQ^dYQW_9]`bU^dQ>QSY_
^Q\!(()!) &
1^WeYdQBYSQbT_<UiUc`b_]e\WQTQcU^
3XY\UTUcTU!(! XQcdQU\!¡TUZe^Y_ 3v]QbQTUCU^QT_bUc2_\Ud^TU\QcCUcY_
TU!)!"CQ^dYQW_9]`bU^dQ<Yd_ ^Uc5c`USYQ\UcU^!()#3>CQ^dYQ
WbQVQi5^SeQTUb^QSY†^2QbSU\_ W_9]`bU^dQ>QSY_^Q\!()#
^Q!)!"d_]_c999i999!(!  3v]QbQTUCU^QT_bUc2_\Ud^TU\QcCUcY_
!) ! ^Uc ?bTY^QbYQc 3>  !(()!) "
1bSXYf_>QSY_^Q\1bSXYf_TU4_^2Ub CQ^dYQW_ 9]`bU^dQ >QSY_^Q\
^QbT_?µ8YWWY^c?bWQ^YjQSY†^]Y !(()!) "
\YdQbCQ^dYQW_9^cdYded_7U_WbvVY 3U^c_TU!(!#\UfQ^dQT_`_b4_^:eQ^
S_=Y\YdQb!)%&d_]_HF9 5WQ…QTU†bTU^TU\Q:e^dQTU7_RYUb
1bSXYf_>QSY_^Q\1bSXYf_TUT_^2Ub ^_V_b]QTQ`_b\_ccU…_bUc@}bUj9^VQ^

"!)$
1`QbdYbTUUcdQU^dbUWQ\Q^e]UbQSY†^TU\_c1^eQbY_cSQ]RYQbU`U^dY^Q]U^dU
@_b\_TU]vc\Q^e]UbQSY†^TU\_cSQdv\_W_cTU\Q2YR\Y_dUSQ>QSY_^Q\iTU\Q2YR\Y_dUSQ
TU\3_^WbUc_^_S_Y^SYTU^U^dbUc

'(%
 dU i 5ijQWeYbbU CQ^dYQW_ 1bSXYf_ 4YcSebc_TUCe5hSU\U^SYQU\@bUcYTU^dUTU
>QSY_^Q\9]`bU^dQ3XY\U!)%# \QBU`‹R\YSQU^\QQ`UbdebQTU\3_^
3U^c_:U^UbQ\TU\QBU`‹R\YSQTU3XY\U\U WbUc_ >QSY_^Q\ TU !('& CQ^dYQW_
fQ^dQT_U^QRbY\TU!(%$CQ^dYQW_ 9]`bU^dQ>QSY_^Q\!('&
9]`bU^dQTU\6Ubb_SQbbY\!(%( 4YcSebc_TUCe5hSU\U^SYQU\@bUcYTU^dUTU
3U^c_:U^UbQ\TU\QBU`‹R\YSQTU3XY\U\U \QBU`‹R\YSQU^\QQ`UbdebQTU\3_^
fQ^dQT_U\!)TUQRbY\TU!(&%CQ^ WbUc_ >QSY_^Q\ TU !('' CQ^dYQW_
dYQW_9]`bU^dQ>QSY_^Q\!(&& 9]`bU^dQ>QSY_^Q\!(''
3†TYW_3YfY\TU\QBU`‹R\YSQTU3XY\UCQ^ 4YcSebc_TUCe5hSU\U^SYQU\@bUcYTU^dUTU
dYQW_9]`bU^dQ>QSY_^Q\!(() \QBU`‹R\YSQU^\QQ`UbdebQTU\3_^
WbUc_ >QSY_^Q\ TU !((" CQ^dYQW_
3†TYW_3YfY\TU\QBU`‹R\YSQTU3XY\U`bU
9]`bU^dQ>QSY_^Q\!(("
SUTYT_TUe^ZeYSY_SbdYS_`_b?7e
]UbcY^T_TU1cSvbQdU=QTbYT5cdQ 4YcSebc_TU\@bUcYTU^dUTU\QBU`‹R\YSQU^
R\USY]YU^d_ DY`_WbvVYS_ TU 7Qb \QQ`UbdebQTU\3_^WbUc_>QSY_^Q\TU
SQi3QfQbUb_!((! !($&CQ^dYQW_9]`bU^dQTU\5cdQ
T_!($&
3_^cUZ_Ce`UbY_bTU8QRYdQSY_^Uc?RbUbQc
=U]_bYQ TU ce \QR_b !)!!!)!" 5\3YeTQTQ^_@UTb_TUEbY_^T_7_RUb^Q
CQ^dYQW_9]`bU^dQi5^SeQTUb T_b<_SQ\TU\4U`QbdQ]U^d_TUCQ^dYQ
^QSY†^3XY\U!)!" W_SSCQ^dYQW_9]`bU^dQTU
\Q?`Y^Y†^Ze^Y_"(TU!(# 
3_^cdYdeSY†^@_\dYSQTU\QBU`‹R\YSQTU
3XY\U!("(CQ^dYQW_9]`bU^dQTU 5cdQTcdYSQ3_]UbSYQ\TU\QBU`‹R\YSQTU
BBU^WYV_!("( 3XY\US_bbUc`_^TYU^dUQ\Q…_TU!($(
FQ\`QbQc_9]`bU^dQTU\=UbSe
3_^cdYdeSY†^TU\QBU`‹R\YSQTU3XY\UZe
bY_!(% 
bQTQi`b_]e\WQTQU\"%TU]Qi_TU
!(## CQ^dYQW_ 9]`bU^dQ TU \Q 5SXQebbU^6bQ^SYcS_=U]_bYQaeUU\
?`Y^Y†^!(## 9^dU^TU^dUTUCQ^dYQW_`QcQQ\cU…_b
=Y^Ycdb_ TU\ 9^dUbY_b 4UcTU U\ !¡ TU
3_^cdYdeSY†^@_\dYSQTU\5cdQT_TU3XY\U
]Qbj_TU!(&'XQcdQU\!¡TU]Qbj_TU
`b_]e\WQTQU\"#TU_SdeRbUTU!(""
!(&(CQ^dYQW_9]`bU^dQ>QSY_
CQ^dYQW_ 9]`bU^dQ TU\ 5cdQT_
^Q\!(&(
!(""
=U]_bYQ TU\ 9^dU^TU^dU TU CQ^dYQW_ S_
3_^cdYdeSY†^@_\dYSQTU\5cdQT_TU3XY\U
bbUc`_^TYU^dUQ!((&CQ^dYQW_9]
`b_]e\WQTQ U^ ") TU TYSYU]RbU TU
`bU^dQ>QSY_^Q\!(('
!("#CQ^dYQW_9]`bU^dQ>QSY_
^Q\!("# =U]_bYQTU\9^dUbY_b`bUcU^dQTQQ\3_^
WbUc_ >QSY_^Q\ U^ !((' CQ^dYQW_
4YcSebc_TUCe5hSU\U^SYQU\@bUcYTU^dUTU
9]`bU^dQ>QSY_^Q\!(('
\QBU`‹R\YSQU^\QQ`UbdebQTU\3_^
WbUc_ >QSY_^Q\ TU !('# CQ^dYQW_ =U]_bYQTU\9^dUbY_b`bUcU^dQTQQ\3_^
9]`bU^dQ>QSY_^Q\!('# WbUc_ >QSY_^Q\ `_b U\ =Y^Ycdb_ TU\
bQ]_U^!('$CQ^dYQW_9]`bU^dQ
4YcSebc_TUCe5hSU\U^SYQU\@bUcYTU^dUTU
>QSY_^Q\!('$
\QBU`‹R\YSQU^\QQ`UbdebQTU\3_^
WbUc_ >QSY_^Q\ TU !('$ CQ^dYQW_ =U]_bYQTU\9^dUbY_b`bUcU^dQTQQ\3_^
9]`bU^dQ>QSY_^Q\!('$ WbUc_ >QSY_^Q\ `_b U\ =Y^Ycdb_ TU\
bQ]_U^!('%CQ^dYQW_9]`bU^dQ
4YcSebc_TUCe5hSU\U^SYQU\@bUcYTU^dUTU
>QSY_^Q\!('%f_\"
\QBU`‹R\YSQU^\QQ`UbdebQTU\3_^
WbUc_ >QSY_^Q\ TU !('% CQ^dYQW_ =U]_bYQTU\9^dUbY_b`bUcU^dQTQQ\3_^
9]`bU^dQ>QSY_^Q\!('% WbUc_ >QSY_^Q\ `_b U\ =Y^Ycdb_ TU\

'(&
 bQ]_U^!('&CQ^dYQW_9]`bU^dQ =U]_bYQaeUU\=Y^Ycdb_TU5cdQT_U^U\
>QSY_^Q\!('& 4U`QbdQ]U^d_TU\9^dUbY_b`bUcU^dQQ\
=U]_bYQTU\=Y^Ycdb_TU9^TecdbYQY?RbQc 3_^WbUc_>QSY_^Q\TU!(%#CQ^dYQ
@‹R\YSQc`bUcU^dQTQQ\3_^WbUc_>Q W_ 9]`bU^dQ TU \Q C_SYUTQT
SY_^Q\ `_b U\ =Y^Ycdb_ TU\ bQ]_ U^ !(%#
!(()CQ^dYQW_9]`bU^dQ3UbfQ^ =U]_bYQaeUU\=Y^Ycdb_TU5cdQT_U^U\
dUc!(() 4U`QbdQ]U^d_TU\9^dUbY_b`bUcU^dQQ\
=U]_bYQ`bUcU^dQTQQ\3_^WbUc_>QSY_^Q\ 3_^WbUc_>QSY_^Q\TU!(&#CQ^dYQ
U^!($!`_bU\=Y^Ycdb_TU5cdQT_U^ W_9]`bU^dQ>QSY_^Q\!(&#
U\ 4U`QbdQ]U^d_ TU :ecdYSYQ 3e\d_ U =U]_bYQaeUU\=Y^Ycdb_TU5cdQT_U^U\
9^cdbeSSY†^ @‹R\YSQ CQ^dYQW_ 9] 4U`QbdQ]U^d_TU\9^dUbY_b`bUcU^dQQ\
`bU^dQ i <Yd_WbQVQ TU\ 5cdQT_ 3_^WbUc_>QSY_^Q\TU!(&%CQ^dYQ
!($! W_9]`bU^dQ>QSY_^Q\!(&%
=U]_bYQ`bUcU^dQTQQ\3_^WbUc_>QSY_^Q\ =U]_bYQaeUU\=Y^Ycdb_TU5cdQT_U^U\
U^!($"`_bU\=Y^Ycdb_TU\4Uc`QSX_ 4U`QbdQ]U^d_TU\9^dUbY_b`bUcU^dQQ\
TU:ecdYSYQ3e\d_U9^cdbeSSY†^@‹R\Y 3_^WbUc_>QSY_^Q\TU!('!CQ^dYQ
SQCQ^dYQW_9]`bU^dQi<Yd_WbQ W_9]`bU^dQ>QSY_^Q\!('!
VQTU\5cdQT_!($" =U]_bYQaeUU\=Y^Ycdb_TU5cdQT_U^U\
=U]_bYQ aeU U\ 9^dU^TU^dU TU CQ^dYQW_ 4U`QbdQ]U^d_TU\9^dUbY_b`bUcU^dQQ\
`QcQ Q\ cU…_b =Y^Ycdb_ TU\ 9^dUbY_b 3_^WbUc_>QSY_^Q\TU!('"CQ^dYQ
4UcTUU\!¡TU]Qbj_TU!(&'XQcdQU\ W_9]`bU^dQ>QSY_^Q\!('"
!¡TU]Qbj_TU!(&(CQ^dYQW_9] =U]_bYQaeUU\=Y^Ycdb_TU5cdQT_U^U\
`bU^dQ>QSY_^Q\!(&( 4U`QbdQ]U^d_TU\9^dUbY_b`bUcU^dQQ\
=U]_bYQ aeU U\ 9^dU^TU^dU TU CQ^dYQW_ 3_^WbUc_>QSY_^Q\TU!('#CQ^dYQ
`bUcU^dQQ\Ce`bU]_7_RYUb^_c_RbUU\ W_9]`bU^dQ>QSY_^Q\!('#
UcdQT_ TU \Q `b_fY^SYQ TU ce ]Q^T_ =U]_bYQaeUU\=Y^Ycdb_TU5cdQT_U^U\
CQ^dYQW_9]`bU^dQTU\@b_WbUc_ 4U`QbdQ]U^d_TU\9^dUbY_b`bUcU^dQQ\
!($& 3_^WbUc_>QSY_^Q\TU!(''CQ^dYQ
=U]_bYQaeUU\9^dU^TU^dUTUFQ\`QbQc_ W_9]`bU^dQ>QSY_^Q\!(''
`QcQQ\Cb=Y^Ycdb_TU\9^dUbY_bc_RbU =U]_bYQaeUU\=Y^Ycdb_TU5cdQT_U^U\
U\UcdQT_TU\Q`b_fY^SYQTUce]Q^T_ 4U`QbdQ]U^d_TU:ecdYSYQ3e\d_U9^c
U^ !('" CQ^dYQW_ 9]`bU^dQ >Q dbeSY†^@‹R\YSQ`bUcU^dQQ\3_^WbUc_
SY_^Q\!('# >QSY_^Q\ TU !(&" CQ^dYQW_ 9]
=U]_bYQaeUU\9^dU^TU^dUTUFQ\`QbQc_ `bU^dQ>QSY_^Q\!(&"
`bUcU^dQQ\Cb=Y^Ycdb_TU\9^dUbY_bU^ =U]_bYQaeUU\=Y^Ycdb_TU5cdQT_U^\_c
S_^V_b]YTQTQ\Q\Ui!('%'&FQ\`Q TU`QbdQ]U^d_c TU :ecdYSYQ 3e\d_ U
bQc_ 9]`bU^dQ TU\ =UbSebY_ 9^cdbeSSY†^@‹R\YSQ`bUcU^dQQ\3_^
!('& WbUc_>QSY_^Q\TU!($&CQ^dYQW_
=U]_bYQaeUU\=Y^Ycdb_TU5cdQT_U^U\4U 9]`bU^dQ TU \_c DbYRe^Q\Uc
`QbdQ]U^d_ TU\ 9^dUbY_b `bUcU^dQ Q\ !($&
3_^WbUc_ >QSY_^Q\ TU !($& CQ^dYQ =U]_bYQaeUU\=Y^Ycdb_TU5cdQT_U^\_c
W_9]`bU^dQTU\Q?`Y^Y†^!($& TU`QbdQ]U^d_c TU 7eUbbQ i =QbY^Q
=U]_bYQaeUU\=Y^Ycdb_TU5cdQT_U^U\ `bUcU^dQ Q\ 3_^WbUc_ >QSY_^Q\ TU
4U`QbdQ]U^d_TU\9^dUbY_b`bUcU^dQQ\ !($& CQ^dYQW_ 9]`bU^dQ TU \_c
3_^WbUc_>QSY_^Q\TU!(%"CQ^dYQ DbYRe^Q\Uc!($&
W_ 9]`bU^dQ TU \Q C_SYUTQT =U]_bYQaeUU\=Y^Ycdb_TU\4Uc`QSX_TU\
!(%" 4U`QbdQ]U^d_TU\9^dUbY_b`bUcU^dQQ\

'('
 3_^WbUc_>QSY_^Q\TU!($&CQ^dYQ cYcUcdQTcdYSQiWU_WbvVYSQTU3XY\UU^
W_9]`bU^dQTU\Q?`Y^Y†^cV !())CQ^dYQW_9]`bU^dQ>QSY_
=U]_bYQaeUU\=Y^Ycdb_TU\4Uc`QSX_U^U\ ^Q\!() 
4U`QbdQ]U^d_ TU\ 9^dUbY_b `bUcU^dQ Q\ ?VYSY^Q TU\ DbQRQZ_ 5cdQTcdYSQ TU \Q
3_^WbUc_ >QSY_^Q\ TU !(%" CQ^dYQ 1c_SYQSY†^ ?RbUbQ CQ^dYQW_ 9]
W_9]`bU^dQTU\Q?`Y^Y†^!($& `bU^dQi<Yd_WbQVQCQ^dYQW_!)! 
=U]_bYQ aeU U\ 9^dU^TU^dU TU CQ^dYQW_ @b_iUSd_TU\UY`bUcU^dQT_`_b\Q3_]YcY†^
`bUcU^dQQ\Ce`bU]_7_RYUb^_c_RbUU\ =Y\YdQb TU \Q 3v]QbQ TU 4Y`edQT_c
UcdQT_ TU \Q `b_fY^SYQ Q ce ]Q^T_ c_RbU]_TYVYSQSY†^TU\_cQbdSe\_cTU
CQ^dYQW_9]`bU^dQTU\@b_WbUc_ \Q_bTU^Q^jQaeUY]`_^U^\Q`U^QTU
cU`dYU]RbUTU!($& `Q\_cCQ^dYQW_9]`bU^dQTU\@b_
=U]_bYQaeU`bUcU^dQQ\3_^WbUc_>QSY_ WbUc_!(% 
^Q\TU!($%U\=Y^Ycdb_TU5cdQT_U^ @b_iUSd_TU_bTU^Q^jQTU\Q7eQbTYQ>Q
U\TU`QbdQ]U^d_TU7eUbbQi=QbY^Q SY_^Q\TU!(%$CQ^dYQW_9]`bU^dQ
CQ^dYQW_ 9]`bU^dQ 3XY\U^Q TU:e\Y_2U\Y^Y3Q!(%$
!($%
@b_iUSd_ TU _bWQ^YjQSY†^ TU \Q 7eQbTYQ
=U]_bYQaeU`bUcU^dQQ\3_^WbUc_>QSY_ >QSY_^Q\CQ^dYQW_9]`bU^dQTU\
^Q\TU!($%U\=Y^Ycdb_TU5cdQT_U^ 3_bbU_!(&(
U\4U`QbdQ]U^d_TU\9^dUbY_bCQ^dYQ
W_ 9]`bU^dQ TU \Q ?`Y^Y†^ @b_iUSd_TUbUV_b]QTU\Q3_^cdYdeSY†^@_
!($& \dYSQTU3XY\UCQ^dYQW_9]`bU^dQ
TU\Q?`Y^Y†^!(#"
=U]_bYQaeU`bUcU^dQQ\3_^WbUc_>QSY_
^Q\TU!($%U\=Y^Ycdb_TU\TUc`QSX_ AeY^d_3U^c_:U^UbQ\TU\Q`_R\QSY†^TU
TU:ecdYSYQ3e\d_U9^cdbeSSY†^@‹R\Y 3XY\U\UfQ^dQT_U\!)TUQRbY\TU!('%
SQCQ^dYQW_!($% YS_]`Y\QT_`_b\Q?VYSY^Q3U^dbQ\TU
5cdQTcdYSQTUCQ^dYQW_FQ\`QbQc_
=U]_bYQaeU`bUcU^dQQ\3_^WbUc_>QSY_
^Q\U\=Y^Ycdb_TU\TUc`QSX_TU:ecdY 9]`bU^dQTU\=UbSebY_!('&
SYQ 3e\d_ U 9^cdbeSSY†^ @‹R\YSQ U^ BUW\Q]U^d_`QbQ\Q7eQbTYQ>QSY_^Q\TU
!($$CQ^dYQW_9]`bU^dQTU\5cdQ \Q BU`‹R\YSQ CQ^dYQW_ 9]`bU^dQ
T_!($$ TU\QBU`‹R\YSQ!($(
=U]_bYQaeU`bUcU^dQQ\3_^WbUc_>QSY_ BUW\Q]U^d_idQbYVQ`QbQU\WbU]Y_TUZ_b
^Q\U^!($#U\=Y^Ycdb_TU5cdQT_U^ ^Q\Ub_ci\Q^SXUb_cTUFQ\`QbQc_1…_
U\ 4U`QbdQ]U^d_ TU :ecdYSYQ 3e\d_ U TU !($& CQ^dYQW_ 9]`bU^dQ TU\
9^cdbeSSY†^ @‹R\YSQ CQ^dYQW_ 9] @b_WbUc_!($&
`bU^dQTU\5cdQT_!($% CUcd_3U^c_:U^UbQ\TU\QBU`‹R\YSQTU3XY
=U]_bYQ aeU `bUcU^dQ U\ 9^dU^TU^dU TU \U \UfQ^dQT_ U\ "& TU ^_fYU]RbU TU
3_^SU`SY†^Q\cU…_b=Y^Ycdb_TU\9^dU !((%iS_]`Y\QT_`_b\Q?VYSY^Q3U^
bY_bc_RbU\QfYcYdQ`bQSdYSQTQU^ce dbQ\TU5cdQTcdYSQU^CQ^dYQW_FQ\
`b_fY^SYQCQ^dYQW_9]`bU^dQ>Q `QbQc_ 9]`bU^dQ TU <Q @QdbYQ
SY_^Q\!(%& !(()
=U^cQZU TU Ce 5hSU\U^SYQ 4_^ :_c} =Q C}dY]_3U^c_:U^UbQ\TU\Q`_R\QSY†^TU3XY
^eU\2Q\]QSUTQ`bUcYTU^dUTU\QBU \U  \UfQ^dQT_ U\ "( TU ^_fYU]RbU TU
`‹R\YSQ TU 3XY\U U^ \Q Q`UbdebQ TU\ !()%YS_]`Y\QT_`_b\Q?VYSY^Q3U^
3_^WbUc_3_c^dYdeiU^dUTU!()!QRbY\ dbQ\TU5cdQTcdYSQU^CQ^dYQW_FQ\`Q
" TU!()!@QbYc9]`bY]UbYUTU bQc_9]`bU^dQTU\E^YfUbc_!) 
:;eWU\]Q^^!()!
CUcY_^UcTU\3_^WbUc_>QSY_^Q\3v]QbQ
?VYSY^Q3U^dbQ\TU5cdQTcdYSQCY^_` TU4Y`edQT_c2_\Ud^TU\QcCUcY_^Uc

'((
 ?bTY^QbYQcU^!() CQ^dYQW_9] CU^QT_bUc U^ !('  CQ^dYQW_ 9]
`bU^dQ>QSY_^Q\!()  `bU^dQ>QSY_^Q\!(' 
CUcY_^UcTU\3_^WbUc_>QSY_^Q\3v]QbQ CUcY_^Uc?bTY^QbYQcTU3v]QbQTU4Y`e
TUCU^QT_bUc2_\Ud^TU\QcCUcY_^Uc dQT_c !(("!(() CQ^dYQW_ 9]
5cdbQ_bTY^QbYQcU^!(()CQ^dYQW_ `bU^dQ>QSY_^Q\!(("!(((
9]`bU^dQ>QSY_^Q\!()  CUcY_^Uc?bTY^QbYQcTU\Q3v]QbQTUCU
CUcY_^UcTU\_c3eUb`_c<UWYc\QdYf_cTU\Q ^QT_bUc  !(("!((( CQ^dYQW_
BU`‹R\YSQTU3XY\U!(!!Q!($%bU 9]`bU^dQ>QSY_^Q\!(("
S_`Y\QTQccUW‹^\QcY^cdbeSSY_^Uc FQ\U^SYQ 1fQbYQ <eYc S_]`Y\QT_b
TU\Q3_]YcY†^TU@_\YSQTU\Q3v 1^Q\Uc TU \Q BU`‹R\YSQ CQ^dYQW_
]QbQ TU 4Y`edQT_c `_b FQ\U^d^ 9]`bU^dQ E^YfUbcYdQbYQ !)%! "
CQ^dYQW_ 9]`bU^dQ 3UbfQ^dUc d_]_c
!(('!) (d_]_c9HHHF99
CUcY_^UcTU\3_^WbUc_>QSY_^Q\!($&i
!($' CQ^dYQW_  9]`bU^dQ TU\
@b_WbUc_!($'!($( @ 5B9É493?C I B 5F9CD1C
CUcY_^UcTU\3_^WbUc_>QSY_^Q\TU!($)
CQ^dYQW_  9]`bU^dQ >QSY_^Q\ 1^Q\UcTU\9^cdYded_TU9^ZU^YUb_cTU3XY\U
!(%  CQ^dYQW_!) !)!%
CUcY_^Uc TU\ 3_^WbUc_ >QSY_^Q\  !(%  1^Q\UcTU\QC_SYUTQTDY`_WbvVYSQ2_^QU
!(%!CQ^dYQW_9]`bU^dQTU:e bU^cU2eU^_c1YbUc!('"
\Y_2U\Y^i3_]`Q…Q!(% !(%# 1^Q\UcTU\QE^YfUbcYTQTTU3XY\UCQ^dYQ
CUcY_^Uc TU\ 3_^WbUc_ >QSY_^Q\  !(%# W_!($#!() 
!(%%!(%)CQ^dYQW_9]`bU^dQ 1eb_bQTU3XY\UCQ^dYQW_!(!"!(!#
>QSY_^Q\!(%$!(%) 2_\Ud^TU>_dYSYQc<QCUbU^Q!('(
CUcY_^Uc TU\ 3_^WbUc_ >QSY_^Q\ !(&! 2_\Ud^TU@_\YSQCQ^dYQW_!("%
!((!CQ^dYQW_9]`bU^dQ>QSY_ 2_\Ud^TU\QC_SYUTQTTU6_]U^d_6QRbY\
^Q\!(&!!((" CQ^dYQW_!(($!()#
CUcY_^UcTU\3_^WbUc_>QSY_^Q\U^!) ! 2_\Ud^TU\Qc<UiUcCQ^dYQW_CQ^dYQW_
CQ^dYQW_ 9]`bU^dQ >QSY_^Q\ !(%"
!) !
2_\Ud^ 5S\USYvcdYS_ CQ^dYQW_ !((#
CUcY_^UcTU\3_^WbUc_>QSY_^Q\3v]QbQ !) 
TU4Y`edQT_c2_\Ud^TU\QcCUcY_^Uc
?bTY^QbYQcU^!() CQ^dYQW_9] 2_\Ud^?VYSYQ\TU9^V_b]QSY_^UcTU\QC_
`bU^dQ>QSY_^Q\!()  SYUTQT DY`_WbvVYSQ FQ\`QbQc_
!)#%!)%%
CUcY_^UcTU\3_^WbUc_>QSY_^Q\3v]QbQ
4YQbY_ ?VYSYQ\ TU \Q BU`‹R\YSQ TU 3XY\U
TUCU^QT_bUc2_\Ud^TU\QcCUcY_^Uc
CQ^dYQW_!(''!()!
5cdbQ_bTY^QbYQcU^!(()CQ^dYQW_
9]`bU^dQ>QSY_^Q\!()  4YQbY_TU1fYc_cCQ^dYQW_!(%!
CUcY_^Uc5cdbQ_bTY^QbYQcTU\3_^WbUc_>Q 4YQbY_ TU CQ^dYQW_ CQ^dYQW_ !($%
SY_^Q\TU!(&$3v]QbQTUCU^QT_bUc !($&
CQ^dYQW_ 9]`bU^dQ >QSY_^Q\ 4YQbY_TU4_Se]U^d_cTU\7_RYUb^_CQ^
!(&$ dYQW_!("%!("&
CUcY_^Uc5cdbQ_bTY^QbYQcTU\Q3v]QbQTU 4_^3bYcd†RQ\CQ^dYQW_!() 
4Y`edQT_c!(("!(('CQ^dYQW_ 5\1S_^SQWŽY^_CQ^6U\Y`U!($)!(% 
9]`bU^dQ>QSY_^Q\!((#!(('
5\1ZCQ^dYQW_!(()!()!
CUcY_^Uc5cdbQ_bTY^QbYQcTU\Q3v]QbQTU

'()
5\1\VQDQ\SQ!($'!($) 5\3_bbU_TU<QCUbU^Q<QCUbU^Q!(%)
5\1\VQDQ\SQ!()  !((!
5\1]YW_TU\@eUR\_CQ^dYQW_!(%  5\ 3_bbU_ TU\ Ceb 3_^SU`SY†^ !(%"
!(&%
5\1]YW_TU\@eUR\_3_^SU`SY†^!(%(
!(%) 5\ 3_bbU_ TU\ Ceb 3_^SU`SY†^ !(($
!()!
5\1bQeSQ^_CQ^dYQW_!(# !(''
5\ 3_bbU_ =UbSQ^dY\ CQ^dYQW_ !(#"
5\1bdUcQ^_CQ^dYQW_!($!
!(##
5\1bdUcQ^_CQ^dYQW_!(&)!(' 
5\3bU`‹cSe\_CQ^dYQW_!($$
5\1bdUcQ^_DQ\SQ!(&&!('#
5\4URUbDQS^Q!() 
5\1bdUcQ^_FQ\`QbQc_!(%(
5\4URUbFQ\`QbQc_!('(
5\ 1bdUcQ^_ TU FQ\`QbQc_ FQ\`QbQc_
5\4U]†SbQdQCQ^dYQW_!($#
!($&
5\4QiU\7_\`UCQ^dYQW_!(#%!(#)
5\1bdUcQ^_TU\?bTU^CQ^dYQW_!($%
!($& 5\4eU^TUCQ^dYQW_!($%!($&
5\ 1bdUcQ^_ ?`_cYd_b CQ^dYQW_ !($% 5\ 5S_ TU \Qc C_SYUTQTUc 3_^SU`SY†^
!($& !() 
5\ 1fYcQT_b 3XY\U^_ CQ^dYQW_ !("$ 5\ 5S_ 6Y\Qb]†^YS_ CQ^dYQW_ !(((
!("% !(()
5\ 1fYcQT_b TU FQ\`QbQc_ FQ\`QbQc_ 5\5\USd_bCQ^dYQW_!('&
!(") 5\5c`USdQT_b3XY\U^_CQ^dYQW_!(")
5\2YU^@‹R\YS_CQ^dYQW_!(&#!(&$ 5\5cdQ^TQbdU3Qd†\YS_CQ^dYQW_!('!
5\3QjQT_bCQ^dYQW_!(%! !() 
5\3U^c_bCQ^6U\Y`U!(()!()! 5\6Q^Q\CQ^dYQW_!(")
5\3U^dY^U\QCQ^dYQW_!("(!(") 5\6Ubb_3QbbY\3_`YQ`†!($)!(% 
5\3XYS_dUCQ^6Ub^Q^T_!('( 5\6Ubb_SQbbY\CQ^dYQW_!(%%!())
5\3XYS_dUFQ\`QbQc_!('& 5\7eQTU\@eUR\_CQ^dYQW_!('%
5\3YeTQTQ^_FQ\`QbQc_!(%( 5\7edU^RUbWCQ^dYQW_!((&!(('
5\3\Q]_bTU\Ceb3_^SU`SY†^!($% 5\8YZ_TU\@eUR\_CQ^dYQW_!((&!(()
!($& 5\8_]RbUTU\`eUR\_CQ^dYQW_!($!
5\3\Qb^FQ\`QbQc_!() !()! 5\9]`QbSYQ\CQ^dYQW_!(# 
5\3_]UbSY_FQ\`QbQc_!($)!(&! 5\9^TU`U^TYU^dUCQ^dYQW_!(&$!() 
5\3_]UbSY_FQ\`QbQc_!()  5\<YRUbQ\CQ^dYQW_!("#!("$
5\ 3_]UbSY_ TU FQ\`QbQc_ FQ\`QbQc_ 5\<_dQ<_dQ!('%!('(
!($'!(%) 5\=U^cQZUb_TU\@eUR\_CQ^dYQW_!(' 
5\3_^cUZUb_TU\@eUR\_CQ^dYQW_!(%  !((&
5\3_^cUbfQT_b3_^SU`SY†^!(%! 5\=UbSebY_FQ\`QbQc_!(")!())
5\ 3_^cdYdeSY_^Q\ CQ^dYQW_ !(") 5\=UbSebY_TU\FQ`_bFQ\`QbQc_!(%!
!(## !(%(!(%)
5\3_^cdYdeiU^dU3_`YQ`†!(&'!((' 5\=_^Yd_b1bQeSQ^_CQ^dYQW_!(!#
5\3_`YQ`Y^_3_`YQ`†!($&!(') 5\ =_^Yd_b 9]`QbSYQ\ CQ^dYQW_ !("'
5\ 3_bbU_ TU 1bQeS_ CQ^dYQW_ !("$ !("(
!("% 5\=_bb_TU1bYSQ1bYSQ!() !()!

')
5\>QSY_^Q\CQ^dYQW_!(%! 5\FQ\TYfYQ^_6UTUbQ\CQ^dYQW_!("'
5\>QSY_^Q\9aeYaeU!()  !($$
5\?RbUb_CQ^dYQW_!((' 5\FUbTQTUb_3XY\U^_CQ^dYQW_!(% 
5\?RbUb_CQ^dYQW_!()  5\F_d_<YRbUFQ\`QbQc_!(%!
5\?RbUb_FQ\`QbQc_!('' 7QSUdQTU\_cDbYRe^Q\UcYTU\Q9^cdbeS
SY†^@‹R\YSQCQ^dYQW_!($&
5\?RbUb_3Qd†\YS_DQ\SQ!(&'!(&(
7QjUdQTUCQ^dYQW_CQ^dYQW_!(!'
5\?bTU^CQ^dYQW_!($%!($&
7QjUdQ TU CQ^dYQW_ TU 3XY\U CQ^dYQW_
5\@QTbU3_R_cCQ^dYQW_!(''!(($ !(!'!(!(
5\@QTbU@QTY\\QCQ^dYQW_!(($!((( 7QjUdQ =Y^YcdUbYQ\ TU 3XY\U CQ^dYQW_
!(() !(!'!("#
5\@U^aeYcd_CQ^dYQW_!(") <Q1RUZQ9aeYaeU!() 
5\@UcSQT_bFQ\`QbQc_!(%! <Q1SdeQ\YTQTCQ^dYQW_!(%(
5\@_`e\QbCQ^dYQW_!(#  <Q1cQ]R\UQCQ^dYQW_!(('
5\@_bdU…_<YRbUFQ\`QbQc_!($)!(%! <Q 1cQ]R\UQ 3_^cdYdeiU^dU CQ^dYQW_
5\@_bfU^Yb<QCUbU^Q!(% !(%! !(%(
5\@_bfU^YbCQ^dYQW_!()! <Q2Q^TUbQDbYS_\_b<QCUbU^Q!(#!
5\ @_bfU^Yb TU\ 1bdUcQ^_ @b_c`USd_ <Q2QbbQCQ^dYQW_!(% !(%!
CQ^dYQW_!(&" <Q3b†^YSQCQ^dYQW_!($)!(% 
5\@bUSebc_bCQ^dYQW_!((" <Q 4YcSecY†^ 3XY\\v^ !(%& !(' 
5\@b_WbUc_CQ^dYQW_!($"!('  !()!
5\@b_WbUc_<QCUbU^Q!(((!()  <Q8_bQCQ^dYQW_!)$ 
5\@b_\UdQbY_3QbbYjQ\1\d_!(&) <Q9WeQ\TQT3_^SU`SY†^!('"
5\@eUR\_CQ^dYQW_!($& <Q9WeQ\TQTCQ^dYQW_!((%!(('
5\@eUR\_CQ^dYQW_!('& <Q9\ecdbQSY†^DY`_WbvVYSQFQ\`QbQc_
5\@eUR\_FQ\`QbQc_!(%( !(('!(((
5\@eUR\_@UbY†TYS_TU]_SbvdYS_CQ^dYQ <Q9]`bU^dQCQ^dYQW_!) "!) #
W_!($% <Q 9^TecdbYQ 3XY\U^Q CQ^dYQW_ !('%
5\BQi_CQ^dYQW_!($& !(''
5\BUS\edQCQ^dYQW_!()! <Q:ecdYSYQCQ^dYQW_!($!
5\BU\v]`QW_3_^SU`SY†^!($& <Q:ecdYSYQÉbWQ^_TU\7bU]Y_TU3YWQbbU
b_cCQ^dYQW_!(((
5\Ceb3_^SU`SY†^!() 
<Q:efU^deT<YRUbQ\CQ^dYQW_!('(
5\DQS_bQDQS^Q!() 
<Q<eSUb^QCQ^dYQW_!(#"
5\DQ\\UbCQ^dYQW_!(')
<Q<YRUbdQTDQ\SQ!(((!() 
5\ DQ\\Ub 9\ecdbQT_ CQ^dYQW_ !((%
!(() <Q<YRUbdQT?bWQ^_bUS_^_SYT_TU\`_RbU
iTU\b_d_FQ\`QbQc_!(%!
5\DQ\aeY^_DQ\SQ!(&(!(&)
<Q <YRUbdQT 5\USd_bQ\ CQ^dYQW_ !(((
5\DYU]`_FQ\`QbQc_!(&" !() 
5\DY`†WbQV_CQ^dYQW_!('(!(') <Q=_SY†^CQ^dYQW_!($ 
5\DYj†^BU`eR\YSQ^_CQ^dYQW_!("# <Q>eUfQ5bQCQ^dYQW_!('%
5\DbQRQZQT_bCQ^dYQW_!('! <Q?`Y^Y†^CQ^dYQW_!(# °!(#!

')!
<Q@QdbYQFQ\`QbQc_!('& W_!(&&!) %
<QBQj†^CQ^dYQW_!(($!((% BUfYcdQ TU CQ^dYQW_ CQ^dYQW_ !($(°
<QBUV_b]Q<QCUbU^Q!('&!()! !(%%
<QBUV_b]QFQ\`QbQc_!($(!(%! BUfYcdQ TU CQ^dYQW_ CQ^dYQW_ !('"°
<QBU`‹R\YSQCQ^dYQW_!(%  !('#
<QBU`‹R\YSQCQ^dYQW_!('#!('% BUfYcdQTU\@QSVYS_FQ\`QbQc_!(& °
!(&!
<Q BUfYcdQ 3Qd†\YSQ CQ^dYQW_ !($#
!(%)!(&%!(&)!()#!) # BUfYcdQ 5S_^†]YSQ CQ^dYQW_ !(%%
!(((
<QCUbU^Q<QCUbU^Q!($)!() 
BUfYcdQ=}TYSQTU3XY\UCQ^dYQW_!('"
<QC_SYUTQTAeY\\_dQ!() 
!()#
<QDbYRe^QCQ^dYQW_!(% !(%!
BUfeU TUc 4Ueh =_^TUc @Qbc !(")°
<QE^Y†^2_\Ud^TU\QC_SYUTQTTU1bdU !) 
cQ^_cTUCQ^dYQW_CQ^dYQW_!('&
CU]Q^QbY_TU@_\YSQCQ^dYQW_!(!'
<QF_jTU3XY\U9aeYaeU!() 
FYfQ \Q @QdbYQ 7QjUdQ TU\ Ce`bU]_ 7_
<Q F_j TU \Q 4U]_SbQSYQ FQ\`QbQc_ RYUb^_TU3XY\UCQ^dYQW_!(!'
!(('
<Q F_j TU \Qc @b_fY^SYQc CQ^dYQW_
!('(!(') 2 92<9?7B16Å1
<QF_jTU\_c@_RbUcCQ\Q]Q^SQ!('$
!('% 1 1 BDÅ3E<?C
<Qc>_fUTQTUcCQ^dYQW_!(''!(')
<Qc@b_fY^SYQcCQ^dYQW_!(()!()  1\dQ]YbQ^_3²1`e^dUc`QbQe^Uc
<QcC_SYUTQTUcCQ^dYQW_!((( deTY_c_RbUXQRYdQSY_^UcTU_RbU
b_c³U^BUfYcdQ3XY\U^QTU8YZYU^U
<_c1fYc_cCQ^dYQW_!(%! d_]_ 99 >¡$ CQ^dYQW_ cU`dYU]
<_c 5S_c TU\ DQ\\Ub FQ\`QbQc_ !((' RbUTU!()%`QWc%%)
!((( Â\fQbUjEbaeYUdQ<eYc²<Q`Y^debQU^
<_cDYU]`_cCQ^dYQW_!(''!(') 3XY\U TebQ^dU U\ `Ub_T_ S_\_
=UbSebY_TU3XY\U!(""!("# ^YQ\³U^2_\Ud^TU\Q1SQTU]YQ3XY
=YcSU\v^UQ@_\dYSQY<YdUbQbYQCQ^dYQW_ \U^QTU\Q8Ycd_bYQ>¡!CQ^dYQW_
!("' `bY]Ub dbY]UcdbU TU !)## `vWc
!)#"& 
@UTb_EbTU]Q\UcCQ^dYQW_!() !()!
1]e^vdUWeY C_\Qb 4_]Y^W_ ²4_c
BUWYcdb_=e^YSY`Q\CQ^dYQW_!("(!(")
VbQ^SYcSQ^_cbUf_\eSY_^QbY_c³U^
BUWYcdb__VYSYQ\TU\QCe`bU]Q:e^dQ9^dU BUfYcdQ3XY\U^QTU8Ycd_bYQi7U_WbQ
bY_b7eRUb^QdYfQCQ^dYQW_!("% VQ>¡! (CQ^dYQW_Ze\Y_TYSYU]
BUWYcdb_TUT_Se]U^d_cTU\7_RYUb^_CQ^ RbUTU!)$&`vWc%! 
dYQW_!("&!("' 1^baeUj>Y\c_^7ecdQf_²=_d^TU
BUfYcdQ3XY\U^QCQ^dYQW_!('' AeY\\_dQi]eUbdUTU4YUW_@_bdQ
BUfYcdQ 3XY\U^Q TU 8YZYU^U CQ^dYQW_ \Uc³U^=Q`_SX_>¡#'CQ^dYQW_
!()$!) # `bY]Ub cU]UcdbU TU !))% `vWc
!#)!% 
BUfYcdQ TU 3YU^SYQc Y <UdbQc CQ^dYQW_
!(%' 1bQiQ6UbbY~bU@Q]U\Q²>‹]Ub_dY
`_c i cY^We\QbYTQTUc TU\ U]`\U_
BUfYcdQTU9^cdbeSSY†^@bY]QbYQCQ^dYQ
VUbb_fYQbY_ XQSYQ VY^Uc TU\ cYW\_

')"
 H9H³U^BUfYcdQTU8Ycd_bYQf_\$ 2YcaeUbd:_c}7bUW_bY_²5cdQTcdYSQ
3_^SU`SY†^!))$`vWc)'!#" TU\_cX_c`YdQ\UcTUCQ^dYQW_³U^
1^Q\Uc TU \Q E^YfUbcYTQT TU 3XY\U
1bWeU\\Qc =vhY]_ ²4YcSebc_ `b_
d_]_HHF>¡&S_bUc`_^TYU^dU
^e^SYQT_`_b4^=vhY]_1bWeU
Q\cUWe^T_cU]UcdbUTU!(&$CQ^
\\QcQ\Y^S_b`_bQbcUQ\Q6QSe\dQT
dYQW_ TYSYU]RbU TU !(&$ `vWc
TU 8e]Q^YTQTUc TU \Q E^YfUbcY
(#$(#'
TQT TU 3XY\U U\ ! TU _SdeRbU TU
!(%# >UUcYTQT TU \Q 5TeSQSY†^ 2\QTX3Qb\_c5TeQbT_²<QBU`‹R\Y
@_`e\QbU^3XY\U_RZUd_aeU}cdQ SQTU3XY\U³U^BUfYcdQ3XY\U^QTU
TURU `b_`_^UbcU Y `bY^SY`Y_c Q 8Ycd_bYQi7U_WbQVQ>¡!!%CQ^dYQ
aeU TURU ceZUdQbcU ce _bWQ^YjQ W_ U^Ub_Ze^Y_ !)%  `vWc #$)
SY†^WU^UbQ\³U^1^Q\UcTU\QE^Y $ #+>¡!!&Ze\Y_TYSYU]RbU!)% 
fUbcYTQT TU 3XY\U !(%# CQ^dYQW_ `vWc"#("(!+>¡!!'U^Ub_Ze^Y_
!(%#`vWc#(&#)% !)%!`vWc!#&" !+>¡!!(Ze\Y_
TYSYU]RbU!)%!`vWc%%! 
2Q\\Qc1T_\V_²2QXQTUFQ\`QbQc_
9^V_b]Uc_RbUU\`b_iUSd_TUdQZQ 2\Q[U]_bU 8Qb_\T ²<Q bUf_\eSY†^
]QbU^U\\Q`bUcU^dQT_Q\7_RYUb SXY\U^QTU!()!iceXYcd_bY_WbQ
^_ `_b U\ Y^WU^YUb_ 1T_\V_ 2Q VQ³U^2_\Ud^TU\Q1SQTU]YQ3XY\U
\\Qc³ CQ^dYQW_ !% TU ]Qi_ TU ^QTU\Q8Ycd_bYQ>¡'$CQ^dYQW_
!(&%U^1^Q\UcTU\QE^YfUbcYTQTTU !)&&`vWc#''#
3XY\Ud_]_HHF9>¡%CQ^dYQW_ 2\Q[U]_bU 8Qb_\T ²¤>QSY_^Q\Yc]_
!(&%`vWc%''&!" VbecdbQT_/3XY\UiU\cQ\YdbU!(' 
2QbbYU^d_c23\QeTY_i>YS_\vc3_bfQ !()%³U^4_cUcdeTY_cc_RbUcQ\YdbUi
\v^@²5\Zecd_TUcU_TUQcUWebQb `_\dYSQU^3XY\U!(' !()%CQ^
U\`_bfU^Yb]_bQ\i]QdUbYQ\TU\_c dYQW_E^YfUbcYTQTTUCQ^dYQW_TU
Z†fU^Uc 3_^db_\ i SQcdYW_ U^ \Qc 3XY\U4U`QbdQ]U^d_TU8Ycd_bYQ
`bvSdYSQcUTeSQdYfQcU^\Q5cSeU\Q !))!`vWc!#"'
TU1bdUci?VYSY_c!($)!(' ³U^ 2\Q^S`QY^:UQ^@YUbbU²rS_^_]YUUd
Ì\dY]Q4}SQTQ>¡&FY…QTU\=Qb c_SY}d}Y^]_RY\Uc*\UcSQ]`QW^Uc
U^Ub_TU!))'`vWc!&#!)# SXY\YU^^Uc Qe H9H¡ cY~S\U³ TQ^c
2QeUb1b^_\T:²5h`Q^cY†^US_^† 3QXYUbcTUc1]}bYaeUc<QdY^UcC}bYU
]YSQU^e^Qc_SYUTQTdbQTYSY_^Q\* ²CSYU^SUcTU\µ8_]]U³>¡!%!Ub
3XY\USU^dbQ\U^U\cYW\_H9H³U^ dbY]UcdbUTU!)''`vWc$'(&
8Ycd_bYQ >¡ ) CQ^dYQW_ !)'  2_ebT}7ei²<QS_^TYdY_^_efbY~bU
`vWc!#'"#% w 2eU^_c 1YbUc w \Q VY^ Te H9H~
2U^QfYTUc > <U_`_\T_ ²<Q V_b]Q cY~S\UUdQeT}RedTeHH~cY~S\U³
SY†^ TU FQ\`QbQc_ S_]_ ²U^dbU TQ^c <U =_efU]U^d c_SYQ\ >¡ ($
`ˆd³TU\QS_cdQTU\@QSVYS_!(!  @QbYc ZeY\\UdcU`dU]RbU !)'#
!(%  TQ^c <Uc 7bQ^TUc 5cSQ\Uc `vWc###
2behU\\UcBUSSeUY\cTU\QC_SY}d} 2bQf_ 1 7eY\\Ub]_ ²5\ _RbQZU TU
:UQ^2_TY^! ~3_\\_aeUT8Yc =U\Y`Y\\Q U^ U\ cYW\_ HF999³ U^
d_YbU]QbYdY]U!)'$`vWc!&! 3eQTUb^_cTU8Ycd_bYQ>¡'CQ^dYQ
!(# W_Ze\Y_TU!)('`vWc!!)!#%
2Y\RQ_6bQ^SYcS_²C_SYQRY\YTQT3XY ²2bUfUXYcd_bYQTU\QC_SYUTQTDY`_
\U^Q³U^5\3bU`‹cSe\_>¡"d_]_ WbvVYSQ!(%%&TU]Qi_!)#%³U^
" CQ^dYQW_ ! TU Ze^Y_ TU !($$ 2_\Ud^?VYSYQ\TU9^V_b]QSY_^UcTU\Q
`vWc%') 

')#
 C_SYUTQT DY`_WbvVYSQ TU FQ\`QbQc_ 3_^SXQ =Q\QaeQc ²5\ ]_fY]YU^d_
>¡ ' FQ\`QbQc_ & TU ]Qi_ TU _RbUb_U^3XY\U³U^BUfYcdQ5S_^†
!)#%`vWc$& ]YSQ d_]_ 999 >¡ !! CQ^dYQW_
3QbbY\\_ 6 3\QeTYQ i @Q]U\Q 6YWeU !(((`vWc"&#"($
b_Q²<Q\_SebQU^U\3XY\UTUSY]_ 3_^dQbT_:U^Qb_²3QecQcTU\Q`b_
^†^YS_³U^4Y]U^cY†^8Ycd†bYSQTU `QWQSY†^TU\QfYbeU\QU^3XY\UY
3XY\U>¡! CQ^dYQW_!))#!))$ TU\QUhSUcYfQ]_bdQ\YTQTaeU`b_
`vWc!('!)" TeSU^cecU`YTU]YQcU^CQ^dYQW_³
U^BUfYcdQ=}TYSQTU3XY\UQ…_F9
3QcdY\\_CQ^dYQW_²<Qcc_SYUTQTUcTU
>¡ & !% TU TYSYU]RbU TU !(''
c_S_bb_c ]ede_c U^ \Q 5c`Q…Q
`vWc" )"""
3_^dU]`_bv^UQ³ U^ 3QcdY\\_
CQ^dYQW_UTYd_bC_\YTQbYTQTTUc 3_bfQ\v^ >YS_\vc U 9W_b 7_YS_fYS
TUQRQZ_DbQRQZQT_bUciC_S_bb_c=e ²3bYcYcUS_^†]YSQibUc`eUcdQc_
SYQ\*U\]_fY]YU^d_ebRQ^_QbdUcQ
de_c U^ \Q 5c`Q…Q 3_^dU]`_bv^UQ
^Q\ 3XY\U !('#!('(³ U^ Ì\dY]Q
=QTbYTE7D3U^db_TU5cdeTY_c
4}SQTQ>¡!FY…QTU\=QbTYSYU]
8Ycd†bYS_ci3_^VUTUbQSY†^>QSY_
RbUTU!))#`vWc!$!!((
^Q\TU=edeQ\YTQTUcTU@bUfYcY†^
!))$`vWc!") 3_bfQ\v^ =vbaeUj <eYc ²=_TUb^Yc
]_i`_c]_TUb^Yc]_*e^U^V_aeU
²3Qdv\_W_TU\_c\YRb_cYV_\\Ud_cY]`bU XYcd†bYS_³U^=Q`_SX_>¡#$CQ^
c_cU^3XY\UTUcTUaeUcUY^db_TeZ_ dYQW_cUWe^T_cU]UcdbUTU!))#
\QY]`bU^dQ³U^BUfYcdQTU3YU^SYQcY `vWc!(#!))
<UdbQcd_]_9>¡!CQ^dYQW_QRbY\
3_bfQ\v^=vbaeUj<eYc²=edeQ\Yc]_
TU!(%'`vWc'#)'&(
i U]Q^SY`QSY†^* U\ TYcSebc_ TU
3QfYUbUc 6 5TeQbT_ ²>eUfQc `Ubc 6Ub]^FYfQSUdQ³U^BUfYcdQTU\Q
`USdYfQc`QbQe^QcYU]`bUfYWU^dU 6QSe\dQTTU8e]Q^YTQTUcQ…_#>¡
bUV\UhY†^*\_cdbQRQZQT_bUcTU\cQ\Y # CQ^dYQW_ E^YfUbcYTQT TU CQ^
dbUiU\]_fY]YU^d_cY^TYSQ\SXY\U dYQW_TU3XY\U!))'`vWc''((
^_³U^3eQTUb^_cTU8Ycd_bYQ>¡) 3_bfQ\v^=vbaeUj<eYc²DU_bQi`_
CQ^dYQW_ TYSYU]RbU TU !)() \dYSQU^´C_SYQRY\YTQT3XY\U^QµTU
`vWc!&'!'$ 6bQ^SYcS_2Y\RQ_³U^BUfYcdQTU\Q
3\Qf} : ²<Uc Y^cdYdedY_^c TU Sb}TYd 6QSe\dQTTU8e]Q^YTQTUcQ…_!>¡
`_`e\QYbU U^ 6bQ^SU Ud U^ 1\\U ! CQ^dYQW_ E^YfUbcYTQT TU CQ^
]QW^U³TQ^cBUfeUTUc4Ueh=_^ dYQW_TU3XY\U!))%`vWc)!)(
TUcd_]U%"¡HHH9F¡Q^^}UcU 3_bfQ\v^=vbaeUj<eYcDbUcTYcSebc_c
S_^TU`}bY_TU@QbYc!(&$`vWc `_`e\QbUcTebQ^dUU\cYW\_H9HCQ^
! (! !& dYQW_Y^}TYd_!))#
3_SXed 1^Tb} ²<U 3XY\Y U^ !(%)³ 3_ebSU\\UCU^UeY\²5cdeTY_cc_RbU\Q
TQ^cBUfeUTUc4Ueh=_^TUcHH9H¡ SbYcYc US_^†]YSQ³ U^ BUfYcdQ TU
Q^^}UcUS_^TU`}bY_TUd_]U"$ 3YU^SYQcY<UdbQcQ…_9d_]_9>¡
@QbYc!(%)\YfbQYc_^Te!%T}SU] ! CQ^dYQW_ QRbY\ TU !(%' `vWc
RbU`vWc(""(&! % '%"!
3_\\YUbCY]_^²3_^cUbfQdYc]_SXY\U 4QW^Y^_?\YfYUbYFYSU^dU²5\Q\S_X_
^_ !(# °!(&  DU]Qc U Y]vWU \Yc]_ U^ 3XY\U³ U^ 1^Q\Uc TU \Q
^Uc³U^>eUfQ8Ycd_bYQBUfYcdQTU E^YfUbcYTQTTU3XY\Ud_]_<HH999
8Ycd_bYQTU3XY\UQ…_">¡'<_^ CQ^dYQW_!(((`vWc%!&
TbUcU^Ub_]Qbj_TU!)(#`vWc
4vfY\Q2_jQBYSQbT_²1`e^dUcc_RbU
!$#!&#
U\]_fY]YU^d_Y^dUb^_TU\Q`_R\Q

')$
 SY†^TU3XY\U9c_RbU\Qc`bY^SY`Q cYTUbQT_RQZ_U\Qc`USd_]}TYS_U
\Uc SYbSe^cdQ^SYQc aeU dYU^U^ c_ XYWY}^YS_ `_b U\ 4b <QVQbWeU³
RbU}\e^Q^_dQR\UY^V\eU^SYQ³U^ 3_]e^YSQSY†^ Q \Q 6QSe\dQT TU
BUfYcdQ=}TYSQTU3XY\UQ…_F>¡' =UTYSY^Q U^ ce cUcY†^ TU\ !  TU
i(CQ^dYQW_U^Ub_iVURbUb_TU Ze^Y_TU!(&#U^1^Q\UcTU\QE^Y
!(''`vWc"%#"') fUbcYTQTTU3XY\Ud_]_HH999>¡&
4vfY\Q2_jQBYSQbT_²<Q]_bdQ\YTQT CQ^dYQW_ TYSYU]RbU TU !(&#
TU\_c^Y…_cU^CQ^dYQW_*cecSQe `vWc'$('&"
cQcYcecbU]UTY_c³U^BUfYcdQ3XY 4Qj 2QXQ]_^TU :_c} ²5h`Q^cY†^
\U^QTU8YZYU^Ud_]_FCQ^dYQW_ bUWY_^Q\fYTQebRQ^QiceZUd_`_
!())`vWc"&%#'" `e\Qb*`Q^_bQ]QTU=QWQ\\Q^Uci
@e^dQ1bU^Qc!(''!)" ³U^2_\U
4vfY\Q2_jQBYSQbT_²<QfYbeU\Q³U^
d^TU\Q1SQTU]YQ3XY\U^QTU\Q8Yc
BUfYcdQ =}TYSQ TU 3XY\U Q…_ HH9
d_bYQ>¡! %CQ^dYQW_!))%`vWc
>¡ # CQ^dYQW_ ]Qbj_ TU !()#
""%")!
`vWc(!('
²4_Se]U^d_c c_RbU U\ QSdeQ\ UcdQT_
4vfY\Q2_jQBi1Cv^SXUj3²<QY^c U`YT}]YS_U^CQ^dYQW_³U^1^Q\Uc
`USSY†^cQ^YdQbYQU^!) "³]U]_ TU \Q E^YfUbcYTQT TU 3XY\U d_]_
bYQ `bUcU^dQTQ Q\ 3_^cUZ_ Ce`U HHF>¡&S_bbUc`_^TYU^dUQ\"¡
bY_b TU 8YWYU^U @‹R\YSQ `_b \_c cU]UcdbUTU!(&$CQ^dYQW_!(&$
Y^c`USd_bUccQ^YdQbY_cT_Sd_bUcB `vWc('"(( 
4vfY\Q2_jQY1Cv^SXUj3U^BU
4bUiVec =YSXU\ ²DXU \QR_eb ]_fU
fYcdQ3XY\U^QTU8YZYU^Ud_]_(>¡
]U^d Q^T ]edeQ\ RU^UVYd c_SYU
% CQ^dYQW_!) #`vWc!&)!'(
dYUc* D_gQbTc Q^ Y^dUb^QdY_^Q\
4UR_eji =QbYQ^^U ²¤@Ub]Q^U^SU Q``b_QSX³ Y^ 9^dUb^QdY_^Q\ C_SYQ\
Te`QdUb^Q\Yc]U/³TQ^c<U=_efU CUSebYdiBUfYUgf_\$&#)#7U
]U^d C_SYQ\ >¡ !$$ @QbYc ZeY\\Ud ^UfQ!))#`vWc!)"'
cU`dU]RbU!)((`vWc#!&
5\WeUb_BQ]†^²=UTY_caeUS_^fU^
4U<U†^3}cQb1²<QcSQ`Qc]UTYQc TbQ`QbQS_^dU^Ub\_c`b_WbUc_c
U^ \Q c_SYUTQT SXY\U^Q TU\ cYW\_ TU\QcVY\Yc³]U]_bYQ`bUcU^dQTQQ
H9H³U^1^Q\UcTU\QE^YfUbcYTQTTU \Q6QSe\dQTTU=UTYSY^QTU\QE^Y
3XY\U >¡ !#" CQ^dYQW_ _SdeRbU fUbcYTQTTU3XY\U`_bU\T_Sd_bBQ
TYSYU]RbUTU!)&$`vWc%!)! ]†^ 5\WeUb_ U\ TQ TU ce bUSU`
4Uf}c FQ\T}c 5TeQbT_ ²5\ `U^cQ SY†^U^TYSX_SeUb`_U^1^Q\UcTU
]YU^d_ TU 6Ub]^ FYfQSUdQ i U\ \QE^YfUbcYTQTTU3XY\U_SdeRbU^_
]edeQ\Yc]_U^\QcUWe^TQ]YdQT fYU]RbUTYSYU]RbUTU!(%'CQ^
TU\cYW\_H9H³U^=QbY_2Ubb_c3 dYQW_!(%(`vWc!&")
UdQ\5\`U^cQ]YU^d_U^3XY\U!(#  ²5^cQi_c_RbU\QTYcU^dUbQU^3XY\U³
!)! CQ^dYQW_>eUcdbQ1]}bYSQ U^1^Q\UcTU\QE^YfUbcYTQTTU3XY\UCQ^
5TYSY_^Uc!)('`vWc(%! % dYQW_!(##!(#$`vWc"'&")!
4Uf}c FQ\T}c 5TeQbT_ ²<Q Se\debQ 5cdbQTQ2Q\T_]Ub_²<Q`_\dYSQ]Y
_RbUbQY\ecdbQTQSXY\U^QiQ\We^Qc WbQd_bYQTU\7_RYUb^_TU2Q\]QSU
YTUQcU^d_b^_Q\cU^dYT_TU^eUc TQ³ U^ <eYc ?bdUWQ UTYd_b <Q
db_aeUXQSUbXYcd_bY_WbvVYS_³U^ WeUbbQ SYfY\ TU !()! 3YU^ Q…_c X_i
=Q`_SX_>¡# CQ^dYQW_cUWe^T_ CQ^dYQW_E^YfUbcYTQTTUCQ^dYQ
cU]UcdbUTU!))!`vWc!"'!#& W_ TU 3XY\U 4U`QbdQ]U^d_ TU
4Qj GU^SUc\Q_ ²9^V_b]U c_RbU \Q 8Ycd_bYQ!))#`vWc'#(#
]U]_bYQTU\5cdQT_TU3XY\US_^ 5cdbQTQ2Q\T_]Ub_²<QC_SYUTQTTU

')%
 C_S_bb_c=ede_c²9dQ\YQ³CQ^dYQW_ 9FCQ^dYQW_!()(`vWc' !"$
!(( °!) *Uh`bUcY†^TUc_SYQRY\Y 7QbSQ <U_^YTQc ²5cdQT_ QSdeQ\ TU
TQTiQTQ`dQSY†^TUe^QS_]e^Y \Qc]Y^QcTUSvbR_^V†cY\TU<_dQY
TQT]YWbQ^dU³U^6_b]QcTUc_SYQ <_dY\\QU^\Q`b_fY^SYQTU3_^SU`
RY\YTQTU^3XY\U!($ !)$ CQ^dYQ SY†^³3_]e^YSQSY†^Q\Q6QSe\dQT
W_ 6e^TQSY†^ =QbY_ 7†^W_bQ TU3YU^SYQc6cYSQcU^cecUcY†^TU\
!))"`vWc! %!"# `bUcU^dU]UcTUZe\Y_U^1^Q\UcTU
5cdbQTQ 2Q\T_]Ub_ ²@QbdYSY`QSY†^ \QE^YfUbcYTQTTU3XY\U>¡!d_]_
YdQ\YQ^QU^\QY^TecdbYQ\YjQSY†^TU H9HS_bbUc`_^TYU^dUQ\"¡cU]Uc
3XY\U?bWU^UciUf_\eSY†^XQcdQ dbUTU!(&!`vWc")#(
!)# ³U^2Q\T_]Ub_5cdbQTQUTY 7QbSQ@UTb_F²<QVYURbUdYV_YTUQ
d_b@bUcU^SYQYdQ\YQ^QU^3XY\UFQ\ U^CQ^dYQW_³U^BUfYcdQ3XY\U^QTU
`QbQc_ E^YfUbcYTQT 3Qd†\YSQ TU 8YZYU^Ud_]_999CQ^dYQW_!()&
FQ\`QbQc_ FYSUbbUSd_bQ 1SQT} `vWc# !#!%
]YSQ9^cdYded_TU8Ycd_bYQ!))# 7QbbUQeT:QSaeU\Y^U²<QV_b]QSY†^
`vWc()!"# TUe^]UbSQT_TUdbv^cYd_FQ\`Q
6U\Y‹ 3bej 7eY\\Ub]_ ²8Ycd_bYQ c_ bQc_*!(!'!($(³U^>eUfQ8Ycd_
SYQ\TU3XY\U³U^CUbfYSY_C_SYQ\>¡ bYQBUfYcdQTU8Ycd_bYQTU3XY\U>¡!!
!"CQ^dYQW_!)#&`vWc#($# <_^TbUc!)($`vWc!%'!)$
6U\Y‹3bej7eY\\Ub]_²<QUf_\eSY†^ 7Qj]ebYB3bYcdYv^²5\`U^cQ]YU^d_
`_\dYSQ US_^†]YSQ i c_SYQ\ TU `_\dYS_ i c_SYQ\ TU CQ^dYQW_ 1b
3XY\U5^cQi_XYcd†bYS_c_RbU\_c S_c³ U^ 8Ycd_bYQ >¡"! CQ^dYQW_
bQcW_cVe^TQ]U^dQ\UcXQcdQ!)"$³ !)(&`vWc"$)"'$
U^1^Q\UcTU\QE^YfUbcYTQTTU3XY\U 7Qj]ebY B 3bYcdYv^ ²<Q Y^V\eU^SYQ
Q…_H3F999>¡!!)CQ^dYQW_dUb TU\ S\eR bU`eR\YSQ^_ VbQ^S}c U^
SUbdbY]UcdbUTU!)& `vWc$%(% \QcV_b]QcTUc_SYQRY\YTQT`_\dYSQ
6U\Y‹3bej7eY\\Ub]_²E^UcaeU]Q SXY\U^QcTU\QcUWe^TQ]YdQTTU\
TU\QUf_\eSY†^c_SYQ\TU3XY\UU^ cYW\_ H9H³ U^ 6_b]Qc TU c_SYQRY\Y
U\cYW\_H9H³U^2_\Ud^TU\Q1SQTU TQTU^3XY\U!($ !)$ CQ^dYQW_
]YQ 3XY\U^Q TU \Q 8Ycd_bYQ >¡ !' 6e^TQSY†^=QbY_7†^W_bQ!))"
CQ^dYQW_ cUWe^T_ dbY]UcdbU TU `vWc!"%!#&
!)$!`vWc&#  7Qj]ebYB3bYcdYv^iBQVQU\CQWbUT_
²3XY\U*!)&(°!)((<_cU^cQiYcdQc
6_^dUSY\\Q <QbbQ^ 1bdeb_ ²BUSeUb
8Ycd_bY_WbQVQSXY\U^QTU\_c‹\dY
T_c TU \_c ZUceYdQc U^ 3Q\UbQ TU
]_cfUY^dUQ…_c³U^7U_bWYQCUbYUc
DQ^W_³U^2_\Ud^TU\Q1SQTU]YQ
_^ 8Yc`Q^YS DX_eWX >¡ """%
3XY\U^QTU\Q8Ycd_bYQ>¡!)CQ^dYQ
7U_bWYQ!)((`vWc"&%"()
W_SeQbd_dbY]UcdbUTU!)$!`vWc
) !"! 7Y\\Yc:=²<QU\USSY†^`bUcYTU^SYQ\
TU!(%!³U^2_\Ud^TU\Q1SQTU]YQ
6_bUcdYÂ\fQb_²<QdbQcSU^TU^SYQTU
3XY\U^QTU\Q8Ycd_bYQ>¡#$CQ^dYQ
\Q bUf_\eSY†^ TU !(%! U^ 3XY\U
W_`bY]UbcU]UcdbUTU!)$&`vWc
1`e^dUc`QbQceQ^v\YcYc³U^1^Q
#!$"
\Uc>¡"7_dU]RebW_!)) `vWc
$!%# 7_T_i?=Y\d_^²4_Se]U^d_c`QbQ
U\UcdeTY_TUXYcd_bYQbUWY_^Q\³U^
7QR\Ub 3_UcdUb 6UTUbYS_ ²CQ^UQ
FQ\\UcBUfYcdQTUUcdeTY_cbUWY_^Q\Uc
]YU^d_TUCQ^dYQW_5\Q\UZQ]YU^
>¡!<Q<YWeQ!))%`vWc()!!"
d_Y\QTUcdbeSSY†^TU\QcRQcebQc³
U^BUfYcdQ3XY\U^QTU8YZYU^Ud_]_ 7_T_i=Y\d_^²=edeQ\Yc]_iUTeSQ

')&
 SY†^*\QcUcSeU\Qc^_Sdeb^QcTUQb 7bUjD_c_CUbWY_²3bYcYcUS_^†]YSQ
dUcQ^_c!(& !(( ³U^Ì\dY]Q4} i bUc`eUcdQ `_`e\Qb <Q S_^fUb
SQTQ>¡"FY…QTU\=QbQW_cd_TU WU^SYQ `b_dUSSY_^YcdQ U^ 3XY\U
!))$`vWc'#() !('&!('(³@_^U^SYQ`bUcU^dQTQ
7_T_iEbj‹Q8Ub^v^²5\U^cQi_c_ U^ \Qc HF :_b^QTQc TU 8Ycd_bYQ
SYQ\ >_dQc c_RbU \Q \YdUbQdebQ c_ 5S_^†]YSQ _bWQ^YjQTQc `_b \Q
SY_\†WYSQU^3XY\U³U^1^Q\UcTU\Q 1c_SYQSY†^1bWU^dY^QTU8Ycd_bYQ
E^YfUbcYTQTTU3XY\UQ…_3F999>¡ 5S_^†]YSQ i \Q E^YfUbcYTQT >Q
!" CQ^dYQW_SeQbd_dbY]UcdbUTU SY_^Q\TU\3U^db_DQ^TY\)Q\!!
!)& `vWc'&!!  TU_SdeRbUTU!))&U^=Q`_SX_
>¡$!CQ^dYQW_`bY]UbcU]UcdbU
7†]Uj<Uid_^:eQ^3Qb\_c²5cdbeS
TU!))'`vWc!$'!&(
debQTUS\QcUciUcdbQdYVYSQSY†^c_
SYQ\U^e^Qc_SYUTQTS_\_^YQ\CQ^ 7bUj D_c_  CUbWY_ ²<Q TUVU^cQ TU
6Ub^Q^T_ !'(&³ U^ 1^TUc >¡ $ 6bQ^SYcS_2Y\RQ_QSecQT_TU´R\Qc
CQ^dYQW_ U^Ub_Ze^Y_ TU !)(& VU]_cUTYSY_c_UY^]_bQ\µ³U^=Q
`vWc!!'!%" `_SX_>¡#(CQ^dYQW_cUWe^T_cU
7†^W_bQ 5cS_RUT_ Â\fQb_ ²<Q U`Y ]UcdbUTU!))%`vWc"(!")&
TU]YQ TU S†\UbQ U^ CQ^dYQW_ 7bUjD_c_CUbWY_²<QXeU\WQWU^UbQ\
!((&°!(((³U^4Y]U^cY†^8Ycd†bYSQ TU!() ³U^@Ubc`USdYfQc>¡%=Q
TU 3XY\U >¡ !  CQ^dYQW_ !))# TbYT!)) `vWc!"'!&'
!))$`vWc! (!#$ 7bUjD_c_CUbWY_²<Q]edeQ\Yd}Qe
7†^W_bQ=QbY_²EbRQ^c_SYQ\cdbQdY 3XY\Y TUc _bYWY^Uc w ^_c Z_ebc
VYSQdY_^Y^S_\_^YQ\3XY\U³U^DXU !(%#!))" TQ^c =edeQ\Yd}c TU
8Yc`Q^YS 1]UbYSQ^ BUfYUg f_\ # d_ec \Uc `Qic ²E^ `Qcc} bYSXU
1eWecd!)''`vWc$"!$$) TµQfU^Yb³ c_ec \Q  TYbUSdY_^  TU
7†^W_bQ=QbY_²FQWQRe^TQZUic_ =YSXU\ 4bUiVec Ud 2Ub^QbT 7Y
SYUTQTVb_^dUbYjQU^3XY\UcYW\_c RQeT@QbYc=edeQ\Yd}6bQ^|QYcU
HFFQH9H³U^3eQTUb^_cTU\3U^ !))%`vWc!!#!"&
db_TU5cdeTY_cC_SY_US_^†]YS_c>¡" 7bUjD_c_CUbWY_²<Q]edeQ\Yd}Qeh
CQ^dYQW_!)&&`vWc!$! _bYWY^Uc Te ]_efU]U^d _efbYUb
7_^jv\Uj=QbSYQ\²<_c_RbUb_cSXY SXY\YU^!(%#!() ³TQ^c<QBU
\U^_cQ^dU\Q`b_dUSSY†^iU\\YRbU feU TU \µ5S_^_]YU C_SYQ\U >¡ "&
SQ]RY_³ U^ BUfYcdQ 5S_^†]YSQ =_^dbUeY\!))"`vWc!%%!(#
d_]_9F>¡!)CQ^dYQW_^_fYU] 7bUjD_c_CUbWY_²<QdbQiUSd_bYQXYc
RbUTU!(((`vWc$ #$#$ d†bYSQ TU\ ]edeQ\Yc]_ U^ 3XY\U
7_^jv\Uj=QbSYQ\²CYdeQSY†^US_^† !(%#!)) 1`e^dUc`QbQceUcde
]YSQTU\`Qc³U^BUfYcdQTUCQ^dYQ TY_³U^=Q`_SX_>¡#%CQ^dYQW_
W_ d_]_ 9 CQ^dYQW_ !($( `vWc `bY]UbcU]UcdbUTU!))$`vWc")#
")$$ #!%
7bUj D_c_ CUbWY_ ²2Q\]QSUTQ i U\ 7bUjD_c_CUbWY_²<_cQbdUcQ^_cSXY
]_fY]YU^d_ `_`e\Qb³ U^ CUbWY_ \U^_cTU\cYW\_H9H*e^`b_iUSd_
FY\\Q\_R_cUdQ\5\dYU]`_TU2Q\]Q ]_TUb^YjQT_bTU]_SbQdYjQT_b³
SUTQCQ^dYQW_5TYSY_^UcTU\Q4Y U^ @b_`_cYSY_^Uc >¡ "$ CQ^dYQW_
bUSSY†^TU2YR\Y_dUSQc1bSXYf_ci QW_cd_TU!))$`vWc"# "#%
=ecU_c 3U^db_ TU 9^fUcdYWQSY_ 7bUj D_c_ CUbWY_ ²<_c `bY]Ub_c
^Uc 4YUW_ 2Qbb_c 1bQ^Q !))" dYU]`_cTU\@QbdYT_4U]_SbvdYS_
`vWc'!! ! SXY\U^_ !(('!()!³ U^ 4Y]U^

')'
 cY†^8Ycd†bYSQTU3XY\U>¡(CQ^dYQ 9\\Q^Uc?=QbQ1^W}\YSQ²1j_dUcQ
W_!))!`vWc#!&" \QbY_i\Ui4YcSY`\Y^Q]YU^d_TU\Q
7bUj D_c_ CUbWY_ ²=_fY]YU^d_ `_ ]Q^_ TU _RbQ U^ \Q ]Y^UbQ TU
`e\Qb ebRQ^_ U^ 3XY\U U^dbU U\ 1dQSQ]Q!(!'!(% ³U^@b_`_cY
SQ]RY_TUcYW\_i\Q}`_SQTU\3U^ SY_^Uc >¡ !) CQ^dYQW_ Ze\Y_ TU
dU^QbY_!() !)!"1fQ^SUcfQ !)) `vWc) !"#
S_c i `Ubc`USdYfQc XYcd_bY_WbvVY 9\\Q^Uc?=QbQ1^W}\YSQ²4U\]Yd_
SQc³U^3_^dbYReSY_^UcSYU^dVYSQci `QdbY†dYS_Q\`_cYdYfYc]_]Y\YdQb5\
dUS^_\†WYSQcCQ^dYQW_E^YfUbcYTQT `U^cQ]YU^d_ TU\ S_b_^U\ @UTb_
TU CQ^dYQW_ TU 3XY\U QW_cd_ TU 7_T_i³U^=QbY_2Ubb_c3UdQ\
!))%`vWc#'$% 5\ `U^cQ]YU^d_ U^ 3XY\U !(# !)!
7bUjD_c_CUbWY_²DXU]edeQ\RU^U CQ^dYQW_ >eUcdbQ 1]}bYSQ 5TY
VYdc ]_fU]U^dc Y^ 3XY\U Vb_] Ydc SY_^Uc!)('`vWc"'$$
_bYWY^cd_dXU`bUcU^ddY]U!(%# 9\\Q^Uc?=QbQ1^W}\YSQ²4YcSY`\Y
!))"³Y^9^dUb^QdY_^Q\C_SYQ\CUSebY ^Q]YU^d_TU\Q]Q^_TU_RbQU^
diBUfYUg>¡#)#7U^UfQ!))# e^Q V_b]QSY†^ c_SYQ\ U^ dbQ^cY
`vWc")%" SY†^³U^>eUfQ8Ycd_bYQBUfYcdQTU
7eQbTQ ?C2 7QRbYU\ ²<Q US_^_ 8Ycd_bYQTU3XY\UQ…_#>¡!!<_^
]QTU3XY\UQecdbQ\Q^dUcTU\QS_ TbUc!)($`vWc!)%""$
\_^YjQSY†^ Q\U]Q^Q !&$%!(% ³ 9\\Q^Uc?=QbQ1^W}\YSQ²5\`b_iUS
U^8Ycd_bYQ>¡! CQ^dYQW_!)'! d_ S_]e^Q\ U^ 3XY\U 6bQW]U^
`vWc"$%"%  d_c!(! !()!³U^8Ycd_bYQ>¡"'
²8QRYdQSY_^Uc`QbQ_RbUb_c³U^2_\U CQ^dYQW_!))#`vWc"!##")
d^TU\QC_SYUTQTTU6_]U^d_6QRbY\ ²9^fUcdYWQSY†^ TU \Qc SQecQc aeU dQ^
Q…_H>¡!!CQ^dYQW_^_fYU]RbU VbUSeU^dU]U^dU XQ^ XUSX_ U^
TU!()#`vWc$&%i$&& 3XY\UU^\_c‹\dY]_cQ…_c\QdYcYc
8Ub^v^TUj @_^SU B_RUbd_ ²<Q `e\]_^QbUY^TYSQSY†^TU\Qc]U
7eQbTYQ>QSY_^Q\TU3XY\U1`e^ TYTQc XYWY}^YSQc aeU S_^fU^TbQ
dUc c_RbU ce _bYWU^ i _bWQ^YjQ U]`\UQb`QbQbU]_fUb\Q³]U]_
SY†^³U^8Ycd_bYQ>¡!)CQ^dYQW_ bYQ`QbQU\SUbdv]U^TU\Q6QSe\dQT
!)($`vWc%#!!# TU=UTYSY^QU^!(&!U^1^Q\UcTU
8UbbUbQ B : 4 ²5`YTU]YQ TU fY \QE^YfUbcYTQTTU3XY\U>¡&d_]_
beU\QU^<_dQTUcTUZe^Y_TU!('' H9H CQ^dYQW_ " T_ cU]UcdbU TU
QVURbUb_TU!('(³U^BUfYcdQ=} !(&!`vWc'"!'$#
TYSQTU3XY\UQ…_F9>¡! i!!CQ^ :QS_RBQ‹\²1eh_bYWY^UcTe]_efU
dYQW_ !% TU ]Qi_ TU !('( `vWc ]U^dci^TYSQ\U^EbeWeQi+\Uc]e
#&'#'! deU\\UcUd\QcUSdY_^b}WY_^Q\UTU
²8Ycd_bYQTU^eUcdbQC_SYUTQT³U^2_ \µ19D!('!!(( TQ^c<U=_efU
\Ud^?VYSYQ\TU9^V_b]QSY_^UcTU\QC_SYU ]U^d c_SYQ\ >¡ #$ @QbYc ZeY\\Ud°
TQTDY`_WbvVYSQ>¡'#FQ\`QbQc_& cU`dU]RbU!)'#`vWc#%$%
TU]Qi_TU!)%%`vWc'!) :QbQÂ\fQb_²6eU^dUc`QbQ\Q8Ycd_bYQ
 ²8Ycd_bY_WbQVQ SXY\U^Q* RQ\Q^SU i TU\dbQRQZ_U^U\BUi^_TU3XY\U³
`Ubc`USdYfQc1SdQcTU\CU]Y^QbY_ U^2_\Ud^TU\Q1SQTU]YQ3XY\U^QTU
TUXYcd_bYQTU3XY\UcebZe\Y_^_ \Q8Ycd_bYQ>¡%%CQ^dYQW_Ze^Y_
fYU]RbUTU!)(%³U^@b_`_cYSY_ TU!)%&`vWc)%!$ 
^Uc >¡ !" CQ^dYQW_ _SdeRbUTY ²<Q S_^TYdY_^ TUc _efbYUbc Te RxdY
SYU]RbUTU!)(&`vWc!%'!'  ]U^d Qe 3XY\Y Ud U^ 1bWU^dY^U³

')(
 TQ^c <U =ec}U C_SYQ\ >¡ ( @QbYc Tb}c2U\\_6QSe\dQTTU=UTYSY^QY
ZeY\\Ud!)!#`vWc!(%" # TU3YU^SYQc6cYSQcY=QdU]vdYSQc
<QbbQ^ JQ…Qbde : : ²5\ cUbfY\Yc]_ U^1^Q\UcTU\QE^YfUbcYTQTTU3XY\U
`_\dYS_i\_aeUUhYcdUU^U\V_^T_ S_bbUc`_^TYU^dUQ!(% FQ\`QbQc_
TU\QcXeU\WQcU^3XY\U³U^BUfYc !(&!`vWc!$)!&"
dQ5S_^†]YSQd_]_999>¡!#CQ^ =Q^^c@QdbYSY_²7eUbbQSYfY\idbQRQ
dYQW_!(((`vWc$#%$$$ Z_ TU ]QcQc TebQ^dU \Q 9^TU`U^
<QcdQbbYQ 4U]UcY_ ²<Q Y^cdbeSSY†^ TU^SYQTU3XY\U³U^=QbhYc]_ibU
`bY]QbYQ³ U^ BUfYcdQ TU CQ^dYQW_ f_\eSY†^>¡!CQ^dYQW_Ze\Y_cU`
d_]_999>¡!!('"!('#CQ^dYQ dYU]RbUTU!)'#`vWc" %""!
W_!('#`vWc!$%!&! =Q^dUb_\Q 8_bQSY_ ²<Q bUf_\eSY†^
<QcdQbbYQ :_c} FYSd_bY^_ ²4YQbY_ TU TUFQ\`QbQc_TU\"(TUVURbUb_TU
4_^:_c}FYSd_bY^_<QcdQbbYQTUc !(%)³ U^ 2_\Ud^ TU \Q 1SQTU]YQ
TUZe^Y_TU!($)XQcdQ]Qbj_TU 3XY\U^QTU\Q8Ycd_bYQ>¡#"CQ^dYQ
!(%"³ U^ BUfYcdQ 3XY\U^Q Q…_ 9 W_`bY]UbcU]UcdbUTU!)$%`vWc
d_]_ 9 >¡ ! CQ^dYQW_ QRbY\ TU %'&(
!)!'`vWc)(! '+BUfYcdQ3XY\U^Q =vbaeUjTU\Q@\QdQ6Ub^Q^T_²<_c
Q…_ 9 d_]_ 9 >¡ 99 CQ^dYQW_ ]eUR\Uc U^ 3XY\U TebQ^dU \_c cY
]Qi_TU!)!'`vWc" %"" +BU W\_cHF9HF99iHF999³U^2_\Ud^
fYcdQ3XY\U^QQ…_9d_]_9>¡999 TU\Q1SQTU]YQ3XY\U^QTU\Q8Ycd_bYQ
CQ^dYQW_Ze^Y_TU!)!'`vWc#"" >¡ ! CQ^dYQW_ `bY]Ub dbY]UcdbU
#")+BUfYcdQ3XY\U^QQ…_9d_]_9 TU!)##`vWc"&!"(%
>¡ 9F CQ^dYQW_ Ze\Y_ TU !)!'
=Qb^ BUSQRQbbU^ 6bQ^SYcS_ ²5\
`vWc$$'$$)+BUfYcdQ3XY\U^QQ…_
_RbUb_YcedbQRQZ_³U^BUfYcdQTU
9d_]_9>¡FCQ^dYQW_QW_cd_TU
CQ^dYQW_ d_]_ 9 CQ^dYQW_ !(%%
!)!'`vWc%#(%% 
`vWc!(#!((
<QcdbQ >_bQ]ReU^Q 1\VbUT_ ²<_c
=Qbd^Uj 7Q\\UW_ 6bQ^SUcS°1^TbUe
`bY]Ub_c `_\QS_c U^ 3XY\U³ U^
²4Yc_\eSY†^WbU]YQ\iS_^cdYdeSY†^
=Q`_SX_>¡#)CQ^dYQW_`bY]Ub
c_SYUdQbYQ*\_cd}b]Y^_cTU\f^Se\_
cU]UcdbUTU!))&`vWc!$%!$(
FQ\U^SYQ !(#$!(&(³ U^ CQ^dYQW_
²<UiUcY4USbUd_cTU\Ce`bU]_7_RYUb 3QcdY\\_ UTYd_b C_\YTQbYTQT TUcTU
^_ BUW\Q]U^d_ TU \Q 5cSeU\Q TU QRQZ_DbQRQZQT_bUciC_S_bb_c=ede_c
1bdUcY?VYSY_c³CQ^dYQW_U^Ub_# U^ \Q 5c`Q…Q 3_^dU]`_bv^UQ =Q
TU!(%!U^1^Q\UcTU\QE^YfUbcYTQT TbYTE7D3U^db_TU5cdeTY_c8Yc
TU3XY\US_bbUc`_^TYU^dUQ\Q…_!(%! d†bYS_c i 3_^VUTUbQSY†^ >QSY_^Q\
FQ\`QbQc_!(&!`vWc!)#! TU\Qc=edeQ\UcTU@bUfYcY†^!))$
<Y^TU^=QbSU\fQ^TUb²=edeQ\g_b `vWc%!&)
[UbcµY^cebQ^SU*1XYcd_bYSQ\_ed\Y =QbdY^YS=QdU_²9^]YWbQSY†^Uc`Q
^U³Y^9^dUb^QdY_^Q\C_SYQ\CUSebYdi …_\QU^=QWQ\\Q^Uc³U^2Q\T_]U
BUfYUg f_\ $& #)# 7U^UfQ b_5cdbQTQUTYd_b9^]YWbQSY†^Uc
!))#`vWc%!( `Q…_\QU^3XY\UCUbYU>eUf_=e^
=QS[U^^Q:eQ^²4U\QcSQecQcTU\Q T_* 3Y^S_
™ cYW\_c >¡ ( CQ^dYQW_
]_bdQ\YTQTU^3XY\UVe^TQTQcU^ E^YfUbcYTQTTU3XY\U6QSe\dQTTU
\QTUc`b_`_bSY†^U^dbUU\dU]`U 6Y\_c_VQ i 8e]Q^YTQTUc 4U`Qb
bQ]U^d_TU\_cXYZ_cTU\`QcYce dQ]U^d_ TU 3YU^SYQc 8Ycd†bYSQc
S\Y]Q³cUcY†^TU\&TUQW_cd_`bU !))$`vWc"#$#
cYTYTQ `_b U\ Cb BUSd_b 4^ 1^ =QbdY^YS=QdU_²?bYWU^iUf_\eSY†^

'))
 TU\QY^]YWbQSY†^UhdbQ^ZUbQU^\Q 3XY\UFQ\`QbQc_E^YfUbcYTQT3Q
S_\_^YQUhdbQ^ZUbQTU=QWQ\\Q^Uc d†\YSQTUFQ\`QbQc_FYSUbbUSd_bQ
U^dbU!(' i!() ³U^1^Q\UcTU\ 1SQT}]YSQ9^cdYded_TU8Ycd_bYQ
9^cdYded_TU\Q@QdQW_^YQf_\&@e^
™ !))#`vWc!"%!%#
dQ1bU^Qc`vWc%$!
™ =}^TUj<ej=QbQ²5c`_^dQ^Uc]_
=QbdY^YS=QdU_²@bUcU^SYQUY^]YWbQ iSv\Se\_TebQ^dU\QS_\_^YQ³U^
SY†^YdQ\YQ^QU^=QWQ\\Q^Uc³U^2Q\ CUbWY_ FY\\Q\_R_c B TYbUSSY†^
T_]Ub_5cdbQTQUTYd_b@bUcU^SYQ 8Ycd_bYQ TU \Q 9^WU^YUbQ U^ 3XY\U
YdQ\YQ^Q U^ 3XY\U FQ\`QbQc_ E^Y CQ^dYQW_8QSXUddU!)) `vWc
fUbcYTQT3Qd†\YSQTUFQ\`QbQc_FY
™ "%()
SUbbUSd_bQ1SQT}]YSQ9^cdYded_TU =U^T_jQ =QbSU\_ ²5\ 1^QbaeYc]_
8Ycd_bYQ!))#`vWc!''!() U^3XY\U³@bY]UbQ`QbdUU^1@C9
=QdY^°6eWYUb 1^^U ²<Q VY^ TU >¡!()CQ^dYQW_TU\")TUTYSYU]
™
^_ebbYSUc³TQ^c<U=_efU]U^dc_ RbU TU !)(& Q\ !! TU U^Ub_ TU
SYQ\ >¡ ! % @QbYc _Sd_RbUT} !)('`vWc###'+CUWe^TQ`QbdU
SU]RbU!)'(`vWc!!#" U^1@C9>¡!) CQ^dYQW_TU\!"
=QjQTU TU 3XQb\Uc ²<U c_SYQ\Yc]U Q\"%TUU^Ub_TU!)('`vWc#!
TQ^c \µ1]}bYaeU Te CeT³ TQ^c #&
BUfeUTUc4Ueh=_^TUcHH99¡Q^ =UcQ24QfYT²5`YTU]YQTU\S†\UbQ
^}U>_efU\\U`}bY_TUd_]UH9F U^ U\ `Qc 5cdeTY_ SYU^dVYS_ TU
!¡QfbY\!(%"QfbY\]QYZeY^`vWc UcdQU`YTU]YQU^U\TU`QbdQ]U^d_
&$!&&& TU CQ^dYQW_³ U^ BUfYcdQ =}TYSQ
=QjjUYTU7bQjYQ<U_^QbT_²1^dUSU Q…_HF>¡!!CQ^dYQW_]Qi_TU
TU^dUc`QbQe^Q^v\YcYcS_]`QbQdY !(''`vWc$(!% %
f_TU\QY^cUbSY†^TURbYdv^YS_cU =UjjQ^_<_`UdUWeYCY\fYQ²@_\dYSQc
YdQ\YQ^_cU^\QbUWY†^TU3_^SU` TU Y^]YWbQSY†^ SXY\U^Q TUcTU
SY†^³U^BUfYcdQTU8Ycd_bYQf_\# !($%XQcdQ!))"³U^BUfYcdQ4Y`\_
3_^SU`SY†^!))#`vWc))!!' ]QSYQCQ^dYQW_Ze^Y_TYSYU]RbU
=QjjUYTU7bQjYQ<U_^QbT_²3_^V_b !))%`vWc&%'(
]QSY†^TUcUSd_bUcU]`bUcQbYQ\Uc =YTT\Ud_^ 7eY\\Ub]_ ²?RcUbfQSY_
U^ \Q US_^_]Q TU 3_^SU`SY†^ ^Ucc_RbUU\]_T_TU`bUcU^dQbcU
cYW\_ H9H i S_]YU^j_c TU\ cYW\_ U\dYVecVURUbU^CQ^dYQW_³]U]_
HH³U^BUfYcdQTU8Ycd_bYQf_\! bYQTU`beURQ`QbQ_`dQbQ\WbQT_
3_^SU`SY†^!))!`vWc$%&! TU\YSU^SYQT_U^]UTYSY^Q\UTQ
=QjjUY TU 7bQjYQ <U_^QbT_ ²9^]Y U\"$TU]Qi_TU!(&%U^1^Q\UcTU
WbQSY†^i]edeQ\Yc]_*\QC_SYUTQT \Q E^YfUbcYTQT TU 3XY\U d_]_ HH
9dQ\YQ^Q=ede_C_SS_bc_²3_^S_b F99>¡%CQ^dYQW_^_fYU]RbUTU
TYQ³TU3_^SU`SY†^U^6_b]QcTU !(&%`vWc$(%% #
c_SYQRY\YTQT U^ 3XY\U !($ !)$ =WeUj 5TeQbT_ i Â\fQb_ FYfQ^S_
CQ^dYQW_6e^TQSY†^=QbY_7†^ ²5\Q^QbaeYc]_iU\_bYWU^TU\]_
W_bQ!))"`vWc" %""# fY]YU^d_ _RbUb_ SXY\U^_ !((!
=QjjUYTU7bQjYQ<U_^QbT_²<QY^dU !)!&³U^1^TUcQ…_9F>¡&CQ^
WbQSY†^ US_^†]YSQ TU \_c Y^]Y dYQW_!)('`vWc)#!#&
WbQ^dUcYdQ\YQ^_cU^e^vbUQTUbU =_^dUb_ 6U\YSYQ^_ i =QbYQ^_ 5cdU
SU`SY†^ ^_ ]QcYfQ 5\ SQc_ TU \Q RQ^TUFUWQ²1`b_hY]QSY†^dY`_
`b_fY^SYQ TU 3_^SU`SY†^ 3XY\U \†WYSQ Q\ ]edeQ\Yc]_ `_`e\Qb i
!() !)# ³U^2Q\T_]Ub_5cdbQ _RbUb_U^5c`Q…Q*U\]edeQ\Yc]_
TQ UTYd_b @bUcU^SYQ YdQ\YQ^Q U^ QcYcdU^SYQ\³ U^ CQ^dYQW_ 3QcdY\\_

(
 S__bTY^QT_b<QXYcd_bYQc_SYQ\U^ Q^WY^QcUeT_]U]RbQ^_cQU^FQ\
5c`Q…Q 1SdeQ\YTQT i `Ubc`USdYfQc `QbQc_³3_^VUbU^SYQTQTQU^\Q
=QTbYT CYW\_ FUY^dYe^_ 5TYd_ C_SYUTQT=}TYSQU\"'TUQRbY\TU
bUc!))!`vWc$%'$&) !('( U^ BUfYcdQ =}TYSQ TU 3XY\U
=_bcUBYSXQbT=²<QcSYeTQTUc\QdY CQ^dYQW_!('(`vWc#'!#')
^_Q]UbYSQ^Qc*Qc`USd_cVe^SY_^Q =ebY\\_ 1T_\V_ ²5RbYUTQT Y \_SebQ
\UciUcdbeSdebQ\Uc³U^<USdebQcU^ Q\We^_cTQd_cUcdQTcdYS_c³DbQ
`b_R\U]QcebRQ^_bUWY_^Q\UcCQ^dYQ RQZ_\UT_U^\QcUcY†^TU\%TU_S
W_9<49C!)'#`vWc!!#& deRbUTU\Q6QSe\dQTTU=UTYSY^QY
6Qb]QSYQU^BUfYcdQ3XY\U^QTU8Y
=_e^dQeRQ^ 1^d_^Y_ CUWe^T_ ²5\
ZYU^U d_]_ F >¡ $& CQ^dYQW_
8_c`YSY_ TU CQ^dYQW_³ =U]_bYQ
!())`vWc!'%!($
TU`beURQ`QbQ_`dQbQ\WbQT_TU
\YSU^SYQT_U^\Q6QSe\dQTTU=UTY =ebY\\_B_T_\V_²<Q]_bdQ\YTQTU^
SY^QY6Qb]QSYQ\UYTQU^Ze^Y_TU CQ^dYQW_³U^BUfYcdQ3XY\U^QTU8Y
!(('U^1^Q\UcTU\QE^YfUbcYTQTTU ZYU^U d_]_ F >¡ $& CQ^dYQW_
3XY\U d_]_ <HH999 CQ^dYQW_ !())`vWc#%%#
!(((`vWc$#&$ =ebY\\_1T_\V_²<_c]eUbd_c`_b\Q
=_iQÂ\Q]_c=Q^eU\²8Ycd_bYQTU\Q fYbeU\QY\QfQSe^Q_R\YWQd_bYQ³U^
6UTUbQSY†^ CQ^dYQW_ GQdd³ @bY BUfYcdQ =}TYSQ TU 3XY\U Q…_ HH9
]UbQ `QbdU U^ BUfYcdQ CQ^dYQW_ f_\ "! >¡ % i & CQ^dYQW_ !()#
GQddQ…_HHH9>¡"'(CQ^dYQW_ `vWc"#("$(
Ze\Y_TU!)'#`vWc%!' =ebY\\_1T_\V_²@b_iUSd_TUdbQc\Q
SY†^TUX_c`YdQ\UciVe^TQSY†^TU
=ebY\\_1T_\V_²1`e^dUc`QbQcUbfYb
Q\QXYcd_bYQTU\QcU^VUb]UTQTUc e^_TUS\^YSQ`bUcU^dQT_Q\Q3_
TU\XWQT_U^3XY\U*dUb]Y^QSY†^ ]YcY†^TU2U^UVYSU^SYQ³U^BUfYc
TU\_cQRSUc_cXU`vdYS_c³]U]_ dQ =}TYSQ TU 3XY\U Q…_ F >¡ ! 
bYQTU`beURQ`QbQ_`dQbQ\WbQT_ CQ^dYQW_ !% TU QRbY\ TU !(''
TU \YSU^SYQT_ U^ \Q 6QSe\dQT TU `vWc#&!#'%
=UTYSY^Q\UTQU^U^Ub_TU!(&" >YSX_\\c<_`UQ^TQ>Q^Si²9^dU\US
U^1^Q\UcTU\QE^YfUbcYTQTTU3XY\U deQ\Uc\YRUbQ\UcbU\UfQ^dUcVbU^dUQ
d_]_ HH S_bbUc`_^TYU^dU Q\ ! Ub \QSeUcdY†^c_SYQ\U^3XY\U!() 
cU]UcdbUTU!(&">¡"CQ^dYQW_ !)" * e^Q ]Y^_bQ Q VQf_b TU\
U^Ub_TU!(&"`vWc'#!"' SQ]RY_U^8Ycd_bYQ>¡")CQ^dYQ
W_!))%!))&`vWc")%°#%&
=ebY\\_1T_\V_²2bUfUcQ`e^dUc`QbQ
cUbfYbQ\QUcdQTcdYSQ]}TYSQiQ\Q >_S[<QebYU²<_cRbYdv^YS_cU^=Q
^_c_\_WQSXY\U^Qc³DbQRQZ_TUcdY WQ\\Q^Uc³U^1^Q\UcTU\9^cdYded_TU
^QT_ Q\ 3_^WbUc_ WU_WbvVYS_ Y^ \Q@QdQW_^YQf_\!&@e^dQ1bU^Qc
dUb^QSY_^Q\VbQ^S}c`_bU\T_Sd_b !)(%!)(&`vWc"#$#
T_^1T_\V_=ebY\\_U^1^Q\UcTU\Q >_bQ]ReU^Q3QbbQcS_3Qb]U^²3_
E^YfUbcYTQTTU3XY\UCQ^dYQW_U^U \_^YjQSY†^ U Y^]YWbQSY†^ e^ `b_
b_TU!('%`vWc!#$  R\U]Q ^QSY_^Q\ bUSebbU^dU !(("
=ebY\\_ 1T_\V_ ²4U \Q QcYcdU^SYQ Q !()$³U^4Y]U^cY†^8Ycd†bYSQTU3XY
T_]YSY\Y_ Y TU \Qc S_^ce\dQSY_^Uc \U>¡(CQ^dYQW_!))!`vWc&#')
WbQdeYdQc³U^BUfYcdQ=}TYSQTU3XY >_bQ]ReU^Q3QbbQcS_3Qb]U^²<Qc
\U Q…_ F >¡ !! CQ^dYQW_ !% TU c_SYUTQTUc TU c_S_bb_c ]ede_c i
]Qi_TU!(''`vWc$ &$!% TURU^UVYSU^SYQE^QV_b]QTUY^
dUWbQSY†^c_SYQ\TU\_cY^]YWbQ^
=ebY\\_1T_\V_²4U\QU`YTU]YQTU

( !
 dUcUc`Q…_\Uc³U^3Qb]U^>_bQ] ?bdUWQ =Qbd^Uj <eYc ²<Q BUf_\e
ReU^Q3iBU^}CQ\Y^Qc=UTYd_ SY†^ 9^TecdbYQ\* cec Q`_bdUc i bU
bUc4U]_WbQVQ6Q]Y\YQUY^]YWbQ aeUbY]YU^d_c³U^CUbWY_FY\\Q\_
SY†^U^5c`Q…Qi1]}bYSQCUbYU>eU R_c B TYbUSSY†^ 8Ycd_bYQ TU \Q
f_=e^T_*3Y^S_cYW\_c>¡&CQ^ 9^WU^YUbQU^3XY\UCQ^dYQW_8Q
dYQW_E^YfUbcYTQTTU3XY\U6QSe\ SXUddU!)) `vWc)!!&"
dQT TU 6Y\_c_VQ i 8e]Q^YTQTUc ?bdYj7_^jv\Uj5TYc_^²<Q@U^YdU^
4U`QbdQ]U^d_TU3YU^SYQc8Ycd† SYQbQ*´_dbQµQ`b_hY]QSY†^Q\Q]_
bYSQc!))"`vWc!#%!&  TUb^YTQTSXY\U^QTUSY]_^†^YSQ³
>_bQ]ReU^Q 3QbbQcS_ 3Qb]U^ U^ Ì\dY]Q 4}SQTQ >¡ & FY…Q TU\
²@bUcU^SYQ Uc`Q…_\Q U^ CQ^dYQW_ =QbU^Ub_TU!))'`vWc$%&)
TU3XY\U³U^2Q\T_]Ub_5cdbQTQ @QT^FYSU^dU1i:1D_bbUc²@_
UTYd_b 9^]YWbQSY†^ Uc`Q…_\Q U^ R\QSY†^YUTeSQSY†^TU\`eUR\_³
3XY\UCUbYU>eUf_=e^T_*3Y^S_ U^BUfYcdQTU\@QSVYS_d_]_9FFQ\
cYW\_c>¡(CQ^dYQW_E^YfUbcYTQT `QbQc_!(&!`vWc&')&((
TU 3XY\U 6QSe\dQT TU 6Y\_c_VQ i
@Q^QT}cFQbWQc:eQ^i?dd_bY^_?fQ
8e]Q^YTQTUc 4U`QbdQ]U^d_ TU
\\U²=_^_WbQVQXYcd†bYSQTU\QS_
3YU^SYQc 8Ycd†bYSQc !))$ `vWc
\USdYfYTQT Uc`Q…_\Q U^ \Q SYeTQT
&'! ( TU 1^d_VQWQcdQ³ U^ 2Q\T_]Ub_
>‹…Uj@:_bWU²<_cSXY^_cU^3XY\U 5cdbQTQUTYd_b9^]YWbQSY†^Uc`Q
1\We^_c Q^dUSUTU^dUc XYcd†bY …_\QU^3XY\UCUbYU>eUf_=e^T_*
S_c³!))&Y^}TYd_ 3Y^S_cYW\_c>¡(CQ^dYQW_E^Y
>‹…UjB:_bWU²5cdQT_SbYcYcTUXU fUbcYTQTTU3XY\U6QSe\dQTTU6Y
WU]_^QiWeUbbQU^3XY\U!(# ° \_c_VQ i 8e]Q^YTQTUc 4U`QbdQ
!($!³ U^ 1^TUc >¡ & CQ^dYQW_ ]U^d_ TU 3YU^SYQc 8Ycd†bYSQc
!)('`vWc!#'!() !))$`vWc"%&&
?µ8YWWY^c1]Rb_cY_²<QfYcYdQTU\Qc @U…Q?dQUWeY3Qb\_c²CQ^dYQW_U^U\
`b_fY^SYQcTU\^_bdU³<QCUbU^Q cYW\_HF99³U^2_\Ud^TU\Q1SQTU
"$ TU U^Ub_ TU !'() U^ BUfYcdQ ]YQ 3XY\U^Q TU \Q 8Ycd_bYQ >¡ "$
3XY\U^QTU8Ycd_bYQi7U_WbQVQ >¡ CQ^dYQW_ `bY]Ub dbY]UcdbU TU
'& CQ^dYQW_ _SdeRbUTYSYU]RbU !)$#%#&
TU!)")`vWc!!(!#% @UbUYbQCQ\Qc5eWU^Y_²<_cbU\_ZUci
?`Qj_CY\fQ4Q^YU\²4U\QcfQSe^Q \Q^_SY†^TU\dYU]`_U^\Q}`_SQ
SY_^Uc U^ 3XY\U 3_^S\ecY†^³ S_\_^YQ\³U^2_\Ud^TU\Q1SQTU]YQ
]U]_bYQTU`beURQ`QbQ_`dQbQ\ 3XY\U^QTU\Q8Ycd_bYQ>¡(CQ^dYQ
WbQT_TU\YSU^SYQT_U^\Q6QSe\dQT W_!)&#`vWc"""%
TU=UTYSY^QU^BUfYcdQ=}TYSQTU @Ubb_d =YSXU\\U ²4U \Q ^_ebbYSU w
3XY\UQ…_F9>¡$CQ^dYQW_!%TU \µU]`\_i}UDbQfQehTUcVU]]Uc
_SdeRbUTU!(''`vWc!")!#&i TQ^c \Q 6bQ^SU Te H9H~ cY~S\U³
>¡ % CQ^dYQW_ !% TU ^_fYU]RbU TQ^c<U=_efU]U^dc_SYQ\>¡! %
TU!(''`vWc!&)!'% @QbYc _Sd_RbUT}SU]RbU !)'(
?bdUWQ=Qbd^Uj<eYc²1SUbSQTU\_c `vWc#! 
_bWU^Uc TU \Q Y^TecdbYQ\YjQSY†^ @Ubb_d =YSXU\\U ²<U bUWQbT TU
SXY\U^Q !(& !(')³ U^  >eUfQ \µ1edbU* \Uc `Qdb_^c VbQ^|QYc fec
8Ycd_bYQBUfYcdQTU8Ycd_bYQTU3XY\U `Qb \Uc _efbYUbc !(( !)!$³
>¡"<_^TbUccU`dYU]RbU!)(! TQ^c<U`Qdb_^QdTU\QcUS_^TUY^Tec
`vWc"°%$ dbYQ\YcQdY_^}deTUcbQccU]R\}Uc`Qb

( "
 =<}fi<UR_iUb@QbYcrTYdY_^c !() ³U^8Ycd_bYQ>¡"%CQ^dYQW_
?efbY~bUc!)') !)) `vWc" '""(
@YSQbdU BQ]†^ ²9]`_bdQ^SYQ TU \Q @Y^d_FQ\\UZ_c:e\Y_²!() *e^Q…_TU
Y^cdYdeSY†^TUcUWeb_cTU\QfYTQY SbYcYcU^\Qc_SYUTQTTU\cQ\YdbU³U^
`b_iUSd_c c_RbU U\ `QbdYSe\Qb aeU 3eQTUb^_cTU8Ycd_bYQ>¡"CQ^dYQ
c_^ceSU`dYR\UcTUUcdQR\USUbcUU^ W_!)("`vWc'#)#
3XY\U³4YcSebc_TUT_^BQ]†^@Y @Y^d_FQ\\UZ_c:e\Y_²¤@QdbYQ_S\QcU/
SQbdUU^ceY^S_b`_bQSY†^Q\Q6Q <QWeUbbQTU\@QSVYS_i\QbUS_^VY
Se\dQT TU =QdU]vdYSQc TU \Q E^Y WebQSY†^TU\QcYTU^dYTQTUc`_`e
fUbcYTQT U^ ce cUcY†^ TU _SdeRbU \QbUcU^U\3XY\US_^dU]`_bv^U_³
TU!(&"U^1^Q\UcTU\QE^YfUbcYTQT @_^U^SYQ `bUcU^dQTQ U^ \Qc HF
TU3XY\Ud_]_HH9>¡$CQ^dYQW_ :_b^QTQc TU 8Ycd_bYQ 5S_^†]YSQ
_SdeRbUTU!(&"`vWc#%(#'' _bWQ^YjQTQc`_b\Q1c_SYQSY†^1b
@Y^d_ FQ\\UZ_c :e\Y_ ²3_bdQb bQSUc WU^dY^QTU8Ycd_bYQ5S_^†]YSQi
SbYQbVQ]Q5\`U_^QZUSXY\U^_U^ \QE^YfUbcYTQT>QSY_^Q\TU\3U^
\Q VQcU Y^YSYQ\ TU\ SYS\_ cQ\YdbUb_ db_DQ^TY\)Q\!!TU_SdeRbUTU
!(% !(')³U^8Ycd_bYQf_\"' !)&&Y^}TYd_
CQ^dYQW_!))#`vWc$"%$$' @Y^d_ FQ\\UZ_c :e\Y_ ²BURU\TUc
@Y^d_FQ\\UZ_c:e\Y_²¤3eUcdY†^c_SYQ\ `Q]`Y^_c* \_c b_cdb_c TU \Q
_SeUcdY†^`_\dYSQ/<Q\U^dQ`_\Y fY_\U^SYQ `_`e\Qb U^ \Qc _VYSY^Qc
dYjQSY†^TU\Qc_SYUTQT`_`e\QbdQ cQ\YdbUbQc!(' !) ³CQ^dYQW_
bQ`QaeU…Q XQSYQ U\ VY^ TU cYW\_ !))&Y^}TYd_
!(()!) ³ U^ 8Ycd_bYQ >¡ #  @Y^d_FQ\\UZ_c:e\Y_iFUb†^YSQFQ\TY
CQ^dYQW_!))'`vWc"!!"&! fYQ?bdYjTUJvbQdU²@U_^UcSXY\U
@Y^d_FQ\\UZ_c:e\Y_²5\RQ\]QSUTYc ^_c U^ dYUbbQc R_\YfYQ^Qc* \Q `bU
]_S_]_]Yd_`_`e\Qb*\_cdbQRQ cU^SYQ\QR_bQ\SXY\U^QU^1^d_VQ
ZQT_bUcTUDQbQ`QSvi\Q7eUbbQ WQcdQ!($ °!)')³U^@_R\QSY†^ i
3YfY\ TU !()!³ U^ <eYc ?bdUWQ C_SYUTQT >¡ " 2eU^_c 1YbUc TY
UTYd_b <Q WeUbbQ SYfY\ TU !()! SYU]RbUTU!))$`vWc! #!#"
3YU^Q…_cX_iCQ^dYQW_E^YfUbcY @Y^d_FQ\\UZ_c:e\Y_FUb†^YSQFQ\TY
TQTTUCQ^dYQW_TU3XY\U4U`Qb fYQ?bdYjTUJvbQdUi8Ub^v^FU^U
dQ]U^d_TU8Ycd_bYQ!))#`vWc WQcFQ\TURU^Yd_²@U_^UcSXY\U^_c
! )!"& U^ \Qc dYUbbQc TU\ cQ\YdbU !(% 
@Y^d_FQ\\UZ_c:e\Y_²5^U\SQ]Y^_TU !(%)*XYcd_bYQTUe^QU]YWbQSY†^
\Q ]Q^S_]e^Q\* _bWQ^YjQSY_^Uc dU]`bQ^Q³U^3_^dbYReSY_^UcSYU^d
_RbUbQcU^\Q`b_fY^SYQTUDQbQ`Q VYSQcidUS^_\†WYSQc>¡! )CQ^dYQ
Sv !(( !()%³ U^ 3eQTUb^_c TU W_ E^YfUbcYTQT TU CQ^dYQW_ TU
8Ycd_bYQ >¡!$ CQ^dYQW_ TYSYU] 3XY\U!))%`vWc$'%!
RbUTU!))$`vWc(!!#% @bQT_:eQ^7eY\\Ub]_²5\]_fY]YU^
@Y^d_ FQ\\UZ_c :e\Y_  ²<Q SQ\TUbQ TU\ d__RbUb_SXY\U^_U^U\cYW\_H9H³
TUcYUbd_<_cdbQRQZQT_bUcTU\WeQ U^BUfYcdQTU<UWYc\QSY†^i4_Se]U^
^_ i \_c Y^YSY_c TU \Q SeUcdY†^ c_ dQSY†^U^4UbUSX_i3YU^SYQcC_SYQ\Uc
SYQ\³U^@b_`_cYSY_^Uc>¡!)CQ^dYQ Q…_9>¡!CQ^dYQW_U^Ub_VURbU
W_Ze\Y_TU!)) `vWc!"#!$! b_i]Qbj_TU!)')`vWc$"$'
@Y^d_FQ\\UZ_c:e\Y_²<QdbQ^cYSY†^\Q @bQT_:eQ^7eY\\Ub]_²5\]_fY]YU^
R_bQ\U^U\^_bdUcQ\YdbUb_*\Q`b_ d__RbUb_SXY\U^_U^U\cYW\_H9H
fY^SYQTUDQbQ`QSvi\_c_bWU^Uc CQ^dYQW_³U^BUfYcdQTU<UWYc\QSY†^
TU\ `b_\UdQbYQT_ U^ 3XY\U !('  i4_Se]U^dQSY†^U^4UbUSX_i3YU^

( #
 SYQcC_SYQ\UcQ…_9>¡%CQ^dYQW_ \U^_³ 2eU^_c 1YbUc ]Qi_ TU
Ze\Y_TU!)')`vWc"%#( !) ' 9^db_TeSSY†^ TU =QbSU\_
@bQT_:eQ^7eY\\Ub]_²5\`b_R\U]Q >_ggUbcdUb^ U^ 1`e^dUc `QbQ \Q
c_SYQ\U^U\`U^cQ]YU^d_TU\_cSQ XYcd_bYQ TU\ ]_fY]YU^d_ _RbUb_ i Q^
d†\YS_cTU\cYW\_H9H³U^ FYWY\YQ dYY]`UbYQ\YcdQ \QdY^_Q]UbYSQ^_ Q…_
f_\ " >¡ !! CQ^dYQW_ Ze\Y_ TU 99>¡"1]cdUbTQ]U^Ub_VURbU
!)'(`vWc"(#! b_]Qbj_TU!)( `vWc'&(%
@bQT_:eQ^7eY\\Ub]_²<_cUhdbQ^ZU ²BUW\Q]U^d_`QbQ\QS_^cdbeSSY†^TU
b_c i cec QWbe`QSY_^Uc U^ 3XY\U S_^fU^dY\\_c i XQRYdQSY_^Uc TU
TebQ^dUU\cYW\_HH!) !)!$³ _RbUb_c U^ CQ^dYQW_³ 1SeUbT_
U^BUfYcdQTU<UWYc\QSY†^iT_Se]U^ =e^YSY`Q\TU!(((U^BUfYcdQ3XY
dQSY†^U^4UbUSX_i3YU^SYQcC_SYQ\Uc \U^Q TU 8YZYU^U d_]_ 9 CQ^dYQW_
Q…_9>¡!CQ^dYQW_U^Ub_]Qbj_ !()$`vWc$' $'#
!)')`vWc$(%' BUiUc>QfQbb_5^bYaeU²<_cdbQRQZQ
@bQT_:eQ^7eY\\Ub]_²?bWU^UcTU\ T_bUcTU\vbUQcQ\YdbUbQ\QXeU\WQ
]_fY]YU^d_ \QR_bQ\ SQd†\YS_+ ^_ WU^UbQ\TU!() i2Q\]QSUTQ³U^
dQc`QbQceUcdeTY_³U^FYWY\YQf_\ <eYc?bdUWQUTYd_b<QWeUbbQSY
">¡)CQ^dYQW_]Qi_TU!)'( fY\TU!()!3YU^Q…_cX_iCQ^dYQW_
`vWc$"$% E^YfUbcYTQTTUCQ^dYQW_TU3XY\U
@eWQ2_b^U6²3_^cdYdeSY†^]}TYSQ 4U`QbdQ]U^d_TU8Ycd_bYQ!))#
bUY^Q^dU³U^BUfYcdQ=}TYSQTU3XY `vWc(%! '
\U Q…_ F9 >¡ ' CQ^dYQW_ !% TU BYfUbQ :_Vb} :eQ^ 6 ²@b_iUSd_ TU
U^Ub_TU!('(`vWc"'#"'( `\Q^TUUcdeTY_c`QbQ\QS\QcU_RbU
BQ]bUj>US_SXUQ8Ub^v^²<QWeU bQ³U^1^Q\UcTU\QE^YfUbcYTQTTU
bbQ SYfY\ TU !()!³ U^ @bY^SY`Y_c 3XY\Ud_]_HHF99S_bbUc`_^TYU^
SeQbdQ }`_SQ Q…_ H999 >¡ !%" dU Q\ cUWe^T_ cU]UcdbU TU !(&%
CQ^dYQW_ Ze\Y_QW_cd_ TU !)'# CQ^dYQW_!(&%`vWc! !! &
`vWc! %!"& B_TbWeUj J_b_RQRU\ ²<Q ]_bdQ\Y
BQ]bUj >US_SXUQ 8Ub^v^ ²¤Def_ TQT TU \_c `_RbUc U^ CQ^dYQW_³
Y^V\eU^SYQ\Q@bY]UbQ9^dUb^QSY_ 1W_cd_!"TU!('$U^J_b_RQRU\
^Q\ U^ 3XY\U/³ U^ @bY^SY`Y_c >¡ B_TbWeUj=YcSU\v^UQ\YdUbQbYQ`_
! # CQ^dYQW_ cU`dYU]RbU_Sde \dYSQ i bU\YWY_cQ @QbdU `_\dYSQ
RbUTU!)&$`vWc#$%" d_]_9CQ^dYQW_9]`bU^dQTU5\
BQ]†^1b]Q^T_TU²5cdeTY_TUe^Q 9^TU`U^TYU^dU!('&`vWc#$&
`UbYVUbYQebRQ^Q*CQ^dYQW_TU3XY #%(
\U !(% !) ³ U^ 8Ycd_bYQ >¡"  B_]Ub_<eYc1\RUbd_²¤3†]_c_^\_c
CQ^dYQW_!)(%`vWc!))"() `_RbUc/=YbQTQcTU\QU\YdUUYTU^dY
BQ]†^ 1b]Q^T_ TU ²CQ^dYQW_ TU TQT `_`e\Qb U^ CQ^dYQW_ XQSYQ
3XY\U!(% !) <]YdUcebRQ !(' ³U^?`SY_^Uc>¡!&CQ^dYQW_
^_cicUWbUWQSY†^Uc`QSYQ\cUW‹^ ]Qi_QW_cd_!)()`vWc%%')
UcdbQd_c³U^BUfYcdQ@QbQWeQiQTU B_]Ub_<eYc1\RUbd_²3_^TYSY_^Uc
C_SY_\_WQ >¡$"$# 1ce^SY†^ TUfYTQTU\_ccUSd_bUc`_`e\QbUc
]Qi_°TYSYU]RbU!)'(`vWc"%# U^ CQ^dYQW_ TU 3XY\U !($ !()%
"'& FYfYU^TQiCQ\eT³U^>eUfQ8Yc
BUSQRQbbU^ <eYc 5]Y\Y_ ²9^V_b]U d_bYQBUfYcdQTU8Ycd_bYQTU3XY\U>¡
c_RbUU\]_fY]YU^d__RbUb_SXY )<_^TbUc!)($`vWc#(&

( $
B_]Ub_<eYc1\RUbd_²<QC_SYUTQT !))  2‹caeUTQ YTU^dYTQT TYc
TU\Q9WeQ\TQT*\YRUbQ\UciQbdUcQ `UbcY†^³ U^ 3eQTUb^_c 8Yc`Q^_
^_cU^\QfYTQ`_\dYSQTUCQ^dYQW_ Q]UbYSQ^_c=QTbYT!)) `vWc(!
TU3XY\U³U^CYW\_H9H1…_99>¡ )$
# =_^dUbbUi U^Ub_Ze^Y_ !)(' CQ\Y^QcBU^}²CQ\eTYTU_\_WQiTU
`vWc!%#% cQbb_\\_ c_SYQ\ U^ 3XY\U !(# 
B_]Ub_<eYc1\RUbd_²<_ccUSd_bUc !)% ³U^3eQTUb^_cTU8Ycd_bYQ>¡
`_`e\QbUc ebRQ^_c S_]_ ceZUd_c # CQ^dYQW_ Ze\Y_ TU !)(# `vWc
XYcd†bYS_c³U^@b_`_cYSY_^Uc>¡!) ))!"&
CQ^dYQW_Ze\Y_TU!)) `vWc"&( CQ\Y^QcÂ\fQbUj3USY\YQ²<Qc_RbUbQc
"'( SXY\U^Qc Q `bY^SY`Y_c TU\ cYW\_
B_]Ub_<eYc1\RUbd_²B_d_ciWQ…Q HH³U^1bQeSQbYQTU3XY\U>¡#(
^Uc*dbQRQZQT_bUc^_SQ\YVYSQT_cU^ =QTbYT!)('`vWc#'%$
CQ^dYQW_!(% !()%³U^3eQTUb Cv^SXUjTU=QTQbYQWQ5\U^Q²4U\Q
^_c TU 8Ycd_bYQ >¡ ( CQ^dYQW_ ´SQbYTQTVbQdUb^Q\µQ\´c_S_bb_]e
!)((`vWc#%'! de_µ*\QcXUb]Q^TQTUcTUc_S_bb_
B_ccYW^_\:QSaeUc²7eUbbU`_`e\QY TU =QTbYT U^ U\ cYW\_ HF999³ U^
bUUdc_SY}d}TQ^c\Uc]_efU]U^dc CQ^dYQW_3QcdY\\_UTYd_bC_\YTQbY
b}f_\edY_^^QYbUcSXY\YU^cQeH9H~ TQTTUcTUQRQZ_DbQRQZQT_bUciC_S_
cY~S\U³TQ^c3QXYUbcTUc1]}bYaeUc bb_c=ede_cU^\Q5c`Q…Q3_^dU]`_
<QdY^Uc @QbYc C}bYU ²CSYU^SUc TU bv^UQ =QTbYT E7D3U^db_ TU
\µ8_]]U³ >¡!% ! Ub cU]UcdbU 5cdeTY_c 8Ycd†bYS_c i 3_^VUTUbQ
!)''`vWc!$% SY†^>QSY_^Q\TU\Qc=edeQ\UcTU
CQWbUT_2QUjQBQVQU\²6eU^dUcUXYc @bUfYcY†^!))$`vWc#!% 
d_bY_WbQVQTU\Q]Q^eVQSdebQUY^ CQ^dQ =QbQ 4_]Y^W_ ²3QbdQ Qed_
TecdbYQdUhdY\3XY\UcYW\_H9H³U^ RY_WbvVYSQ³ U^ BUfYcdQ 3XY\U^Q
1]}bYSQ<QdY^QU^\Q8Ycd_bYQ5S_^† 1…_ 9 D_]_ 99 >¡ H ]Qbj_ TU
]YSQ2_\Ud^TU6eU^dUc>¡$=}hY !)!(`vWc$()$)#
S_Ze\Y_TYSYU]RbUTU!))%`vWc CQ^dQ=QbQ4_]Y^W_²?RcUbfQSY†^
")#& Q\Q<UiTUU\USSY_^Uc³]U]_bYQ
CQ\QjQbFUbWQbQ7QRbYU\²3bYcYcU^\Q `bUcU^dQTQQ\Q6QSe\dQTTU<UiUc
Q\debQdbQ^cYSY†^U^\Q`b_Ve^TY Y3YU^SYQc@_\dYSQcTU\QE^YfUbcY
TQT* \Q }`_SQ TU 2Q\]QSUTQ i U\ TQTTU3XY\U`QbQ_RdU^UbU\WbQ
]_fY]YU^d_`_`e\Qb³U^<eYc?b T_TU\YSU^SYQT_`_b44_]Y^W_
dUWQ UTYd_b <Q WeUbbQ SYfY\ TU CQ^dQ=QbQU^"(TUTYSYU]RbUTU
!()!3YU^Q…_cX_iCQ^dYQW_E^Y !($&U^1^Q\UcTU\QE^YfUbcYTQTTU
fUbcYTQTTUCQ^dYQW_TU3XY\U4U 3XY\US_bbUc`_^TYU^dUQ\Q…_TU!($&
`QbdQ]U^d_ TU 8Ycd_bYQ !))# CQ^dYQW_!(% `vWc"#""%$
`vWc!'!!)% CQbWUd =QbYU>_€\\U ²1c`USdc TU \Q
CQ\QjQb FUbWQbQ 7QRbYU\ ²5]`bUcQ T}]_SbQdYUSXY\YU^^UQfQ^d!)'#³
bYQT_`_`e\QbUY^TecdbYQ\YjQSY†^ TQ^c AeU\ QfU^Yb `_eb \µ1]}bYaeU
<Q WeUbbY\\Q TU \_c ]UbSQTUbUc <QdY^U/ _efbQWU S_\\USdYV @QbYc
3XY\U!(# !((%³U^@b_`_cYSY_ rTYdY_^c Te 3>BC !)() `vWc
^Uc>¡" CQ^dYQW_cU`dYU]RbU !&)!(!
!))!`vWc!( "#! CSXY]YTdU]UiUb²8QRYdQ^dcTe3XY
CQ\QjQb FUbWQbQ 7QRbYU\ ²8Ycd_bY_ \Y³TQ^c>_efU\\UcQ^^Q\UcTUcF_iQ
WbQVQiTYSdQTebQU^3XY\U!)'# WUcTU\Q7}_WbQ`XYUUdTU\µ8Ycd_YbU

( %
 d_]U HH9F @QbYc <YRbQYbYU TU CY\fQFQbWQc6Ub^Q^T_²>_dQcc_RbU
7YTU6Y\c!("$`vWc"'""'$ U\`U^cQ]YU^d_c_SYQ\SQd†\YS_QVY
CSXU^UYTUb7Ub]v^²1\We^QcS_^cY ^UcTU\cYW\_H9H³U^8Ycd_bYQ>¡
TUbQSY_^Uc c_RbU TY`XYdXUbYdYc $CQ^dYQW_!)&%`vWc"#'"&"
di`Xec Y fYbeU\Q Y bUV\UhY_^Uc c_ CdefU^1^Q=QbQ²@_\}]YSQiSe\de
RbU ^eUcdbQc Y^cdYdeSY_^Uc ]}TY bQ`_\dYSQSXY\U^Q!($ !(% ³U^
SQc³4YcSebc_TUY^S_b`_bQSY†^Q 8Ycd_bYQ >¡ "% CQ^dYQW_ !)) 
\Q6QSe\dQTTU=UTYSY^QTU\QE^Y `vWc"")"%#
fUbcYTQTTU3XY\UU\""TU]Qi_TU CeRUbSQcUQehC2Ub^QbT_²<QSe\de
!(&(U^1^Q\UcTU\QE^YfUbcYTQTTU bQ U^ \Q }`_SQ TU 2Q\]QSUTQ
3XY\Ud_]_HHHS_bbUc`_^TYU^dU !(( !) ³U^CUbWY_FY\\Q\_R_c
Q\!UbcU]UcdbUTU!(&(>¡%CQ^ B Ud Q\ <Q }`_SQ TU 2Q\]QSUTQ
dYQW_!(&(`vWc%&#%(" CQ^dYQW_5TYSY_^UcTU\Q4YbUS
CSXU^UYTUb7Ub]v^²5cdQTcdYSQTU SY†^ TU 2YR\Y_dUSQc 1bSXYf_c i
\Q^Ue]_^YQVYRbY^_cQU^CQ^dYQW_ =ecU_c 3U^db_ TU 9^fUcdYWQSY_
TU3XY\U³U^BUfYcdQ=}TYSQTU3XY ^Uc 4YUW_ 2Qbb_c 1bQ^Q !))"
\UQ…_F99>¡!i"CQ^dYQW_!%TU `vWc$!&)
QW_cd_TU!('(`vWc"%$  DXQiUb ?ZUTQ D_]vc ²:UceYdQc Q\U
CUWQ\\=QbSU\_²2Y_WbQVQc_SYQ\TU\Q ]Q^UcU^3XY\UTebQ^dU\Q}`_SQ
VYSXQcQ\QbY_³U^=Q`_SX_d_]_99 S_\_^YQ\³U^2_\Ud^TU\Q1SQTU]YQ
>¡"CQ^dYQW_!)&$`vWc)'!#! 3XY\U^QTU\Q8Ycd_bYQ>¡#'CQ^dYQ
W_ cUWe^T_ cU]UcdbU TU !)$'
CUWQ\\=QbSU\_²5cS\QfYdeTidbvVYS_
`vWc())&
TUSe\UcU^3XY\U³U^2_\Ud^TU\Q
E^YfUbcYTQTTU3XY\U>¡'%CQ^dYQ D_S_b^Q\6bQ^SYcS_:QfYUb²3QecQcTU
W_!)&'`vWc%"&! U^VUb]UTQTUc U^ CQ^dYQW_³ U^
1^Q\UcTU\QE^YfUbcYTQTTU3XY\US_
CUWQ\\=QbSU\_²<Q3_]]e^Ui\_c
bbUc`_^TYU^dUQ\Q…_!(%'FQ\`QbQ
UhS_]]e^QbTc U^ e^ cYW\_ TU
c_!(&!`vWc"('")"
1]}bYSQ <QdY^Q U^ 2_\Ud^ TU \Q
E^YfUbcYTQT TU 3XY\U >¡ ! )!!  FQ\T}c11RU\²5\QcQ\d_Q\QC_SYUTQT
CQ^dYQW_ QRbY\]Qi_ TU !)'! TU\Q9WeQ\TQTU^QW_cd_TU!(% ³
`vWc%$% U^BUfYcdQ3XY\U^QTU8Ycd_bYQi7U_
WbQVQ >¡ !!& CQ^dYQW_ Ze\Y_TY
CUWQ\\=QbSU\_²<Qc\eSXQcTUS\QcUc
SYU]RbUTU!)% `vWc!)%"#'
U^\Qc`bY]UbQcT}SQTQcTU\QBU
`‹R\YSQ!(! !($&³U^1^Q\UcTU FQ\U^jeU\Q : CQ]eU\ ²?bWU^Uc i
\QE^YfUbcYTQTTU3XY\U>¡!"%CQ^ dbQ^cV_b]QSY_^Uc TU\ cYcdU]Q TU
dYQW_ `bY]Ub dbY]UcdbU TU !)&" `QbdYT_cU^3XY\U³U^5cdeTY_c@‹
`vWc!'%"!( R\YS_c>¡%(CQ^dYQW_!))%`vWc
%''
CUWQ\\=QbSU\_²<_cUeb_`U_cU^\Q
Y^YSYQSY†^TU\Q^QbS_cY^TYSQ\Yc]_ FQ\U^jeU\Q=vbaeUj:QY]U²5cdbeS
\QdY^_Q]UbYSQ^_³U^3Q`YdQ\UcU] debQSY†^ TU\ Uc`QSY_ `_`e\Qb U^
`bUcQbbY_ci_RbUb_cUeb_`U_cU^1]}bY e^Q SYeTQT Y^dUb]UTYQ* 3ebYS†
SQ<QdY^Q1SdQcTU\&¡3_^WbUc_TU !(' !) ³ U^ 8Ycd_bYQ >¡ "%
189<1 5cd_S_\]_ 9^cdYded_ TU CQ^dYQW_!)) `vWc"%%"'"
5cdeTY_c <QdY^_Q]UbYSQ^_c TU \Q FQbWQc3QbY_\Q:eQ^5TeQbT_²<QC_
E^YfUbcYTQTTU5cd_S_\]_=_^_ SYUTQT TU 6_]U^d_ 6QRbY\ !((#
WbQVQc >¡ (*! !)(# `vWc "&) !)"(³U^8Ycd_bYQ>¡!#CQ^dYQW_
"() !)'&`vWc%%#

( &
FU\QcS_6Q^_b²BUfYcdQTU\QaeY^SU CUbWY_FY\\Q\_R_cUdQ\<Q}`_SQTU
^Q³!%TUZe^Y_TU!('#U^BUfYc 2Q\]QSUTQCQ^dYQW_5TYSY_^UcTU
dQ TU CQ^dYQW_ !('"!('# CQ^dYQ \Q4YbUSSY†^TU2YR\Y_dUSQci=e
W_!('#`vWc%%%%&  cU_c 3U^db_ TU 9^fUcdYWQSY_^Uc
F}\Yj 3\QeTY_ ²<Q ]UcQ TU dbUc `Q 4YUW_2Qbb_c1bQ^Q!))"`vWc
dQc³U^4UcQbb_\\_5S_^†]YS_>¡# !#°""
2eU^_c 1YbUc QRbY\cU`dYU]RbU GQicRUbW=ibYQ]²BUSeUbT_TU\1b
!)&#`vWc"#!"$' aeYdUSd_6Ub]^FYfQSUdQ³5\=Ub
FYQ\3_bbUQ7_^jQ\_²<_c`bUZeYSY_c SebY_ CQ^dYQW_ !( TU ]Qbj_ TU
c_SYQ\UcU^3XY\UQ\dUb]Y^QbU\cY !)) 
W\_ HF999 >_dQc `QbQ ce Ucde GY\\B_RUbd=²5S_^_]QS\vcYSQTU
TY_³U^2_\Ud^TU\Q1SQTU]YQ3XY 3XY\U Q^dUc TU !(%&³ U^ BUfYcdQ
\U^QTU\Q8Ycd_bYQ>¡'#CQ^dYQW_ 3XY\U^Q TU 8Ycd_bYQ i 7U_WbQVQ >¡
cUWe^T_cU]UcdbUTU!)&%`vWc !#!CQ^dYQW_!)&#`vWc!''" $
!$") G__T:Q]Uc1²3_^U\`eUR\_i`_bU\
FYSe…Q@UTb_6}\Yh²=U]_bYQc^dY `eUR\_*1bdYcQ^cQ^TdXU=Q[Y^W_V
]QcTUT_^@UTb_6}\YhFYSe…Q³ dXU<YRUbQ\?``_cYdY_^Y^CQ^dYQ
S_^`b†\_W_i^_dQcTU<eYcFQ\U^ W_3XY\U!($%!(% ³Y^C53?<1C
SYQ1fQbYQU^2_\Ud^TU\Q1SQTU]YQ 1^^Q\c f_\e]U HHF99 CdQdUcR_
3XY\U^QTU\Q8Ycd_bYQ>¡"$CQ^dYQ b_7U_bWYQ7U_bWYQ=QbSX!))&
W_ `bY]Ub dbY]UcdbU TU !)$# `vWc"%$ 
`vWc%)!%& KJQ…Qbde=Q^eU\M²4_Se]U^d_cY^
FYSe…Q=QS[U^^Q2U^ZQ]^²4YQbY_ }TYd_c `QbQ \Q 8Ycd_bYQ TU 3XY\U
TUT_^2U^ZQ]^FYSe…Q=QS[U^ 4_^=Q^eU\JQ…Qbdei\QbUf_\e
^QTUcTUU\")TU_SdeRbUTU!(% SY†^TU!(%!³U^2_\Ud^TU\Q1SQ
XQcdQU\!%TUQRbY\TU!(%!³U^ TU]YQ3XY\U^QTU\Q8Ycd_bYQ>¡$
BUfYcdQ3XY\U^QTU8Ycd_bYQi7U_WbQ CQ^dYQW_ cUWe^T_ cU]UcdbU TU
VQ >¡ " CQ^dYQW_ cUWe^T_ dbY !)#$`vWc""#"('
]UcdbUTU!)!!`vWc!)!!)&>¡ JQbQW_jQBefYbQ7_^jQ\_²1^QbSXYc
# CQ^dYQW_ dUbSUb dbY]UcdbU TU ]UUd]_efU]U^d_efbYUbU^1b
!)!!`vWc$$)$'$i>¡$CQ^dYQ WU^dY^U w \Q VY^ Te H9H~ cY~S\U³
W_$¡dbY]UcdbUTU!)!!`vWc%(# TQ^c<U=_efU]U^dc_SYQ\>¡! #
%)# @QbYcQfbY\ZeY^!)'(`vWc'# 
FY\\Q\_R_cBCUbWY_²3XY\UU^!(%" JUWUbc13bYcdYv^²8Ycd_bYQ`_\dYSQ
cUW‹^U\TYQbY_TU\]QbY^_ceUS_ TU\W_RYUb^_TU1^RQ\@Y^d_³U^
3C[_W]Q^³U^2_\Ud^TU\Q1SQ 8Ycd_bYQ >¡ & CQ^dYQW_ !)&'
TU]YQ3XY\U^QTU\Q8Ycd_bYQ>¡%( `vWc'!"&
CQ^dYQW_ `bY]Ub cU]UcdbU TU
JU\QiQ:_Qae^²<QY^VQ^SYQ3QecQc
!)%(`vWc!)$)
TU\Q]_bdQ\YTQTTU^Y…_cU^3XY
FY\\Q\_R_cBCUbWY_²5\RQZ_`eUR\_ \U³U^BUfYcdQTU\@QSVYS_d_]_99
U^U\`U^cQ]YU^d_TU\_c`bUSeb FQ\`QbQc_!(& `vWc#)$&
c_bUcTU!(! ³U^1^Q\UcTU\QE^Y
J_\UjjYFU\vcaeUj=QbY_²<QWbQ^XeU\
fUbcYTQTTU3XY\U>¡!" CQ^dYQW_
WQTUZe\Y_TU!() U^DQbQ`QSv³U^
SeQbd_dbY]UcdbUTU!)& `vWc#&
3Q]Q^SXQSQ>¡'9aeYaeUY^fYUb
$)
^_`bY]QfUbQ!)((`vWc(!&
FY\\Q\_R_c B CUbWY_ ²<Q `UbdebRQ
J_bbY\\Q@QR\_²BUcU…QTU\QcSQecQc
SY†^ ]_]U^dv^UQ TU !()!³ U^
TU\Q]_bdQ\YTQTTU\_c^Y…_cU^

( '
 CQ^dYQW_ i ]UTY_c TU UfYdQb\Qc 1\RQFSd_b<U]_efU]U^d_efbYUbU^
3_]e^YSQSY†^ TU T_^ @QR\_ J_ 1]}bYaeU<QdY^U@QbYc<UcrTYdY_
bbY\\Q Q \Q VQSe\dQT TU =UTYSY^Q³ ^c ?efbY~bUc 3_\\USdY_^ ²=QccUc
U^1^Q\UcTU\QE^YfUbcYTQTTU3XY\U Ud]Y\YdQ^dc³!)%#
d_]_HF999>¡$CQ^dYQW_QRbY\ K1\V_^c_:_c}1M=U]_bYQ`bUcU^dQTQ
TU!(&!`vWc$%%$&  `_bU\4YbUSd_bTU\Q5cSeU\Q2U^ZQ]^
6bQ^[\Y^Q\SeUb`_TU`b_VUc_bUcTUTY
SXQUcSeU\Q5^cUcY†^SU\URbQTQU\%TU
2 < 92B?C 6?<<5D?C I TYSYU]RbU TU !()  CQ^dYQW_ 9]
F?<1>D5C  `bU^dQ3UbfQ^dUc!()!
1\U]`QbdU :e\Y_ 5\ 3QRY\T_ U^ 3XY\U
1SdQTU\UcSbedY^Y_ZU^UbQ\TU]e^YSY`Q\Uc
S_\_^YQ\?bWU^Uc]e^YSY`Q\UcTU\Qc
`_bU\TU`QbdQ]U^d_TUCQ^dYQW_CQ^
bU`‹R\YSQcXYc`Q^_Q]UbYSQ^QcCQ^
dYQW_9]`bU^dQTU\9^TU`U^TYU^
dYQW_ 5TYd_bYQ\ 1^Tb}c 2U\\_
dU"%TUQRbY\TU!(')
!)&&
1SdQTU\UcSbedY^Y_ZU^UbQ\TUCU^QT_bUcY
4Y`edQT_c`_bU\4U`QbdQ]U^d_TUCQ^ 1\UccQ^TbY 1bdeb_ 8QRYdQSY_^Uc `QbQ
dYQW_CQ^dYQW_9]`bU^dQTU\9^TU _RbUb_c=U]_bYQ`QbQ_`dQbQ\WbQT_
`U^TYU^dU$TUQRbY\TU!(') TU<YSU^SYQT_U^\Q6QSe\dQTTU<UiUc
Y 3YU^SYQc @_\dYSQc CQ^dYQW_ 9]
1 \Q C_SYUTQT TU 1bdUcQ^_c CQ^dYQW_
`bU^dQ3UbfQ^dUc!()#
9]`bU^dQBU`eR\YSQ^Q!%TUQRbY\
TU!("& 1\\YU^TU5=QbQ@YUTQT8Ycd_bYQTU\
6Ubb_SQbbY\ U^ 3XY\U CQ^dYQW_
1\Q^QSY†^CQ^dYQW_9]`bU^dQTU\Q
7_UdXU9^cdYded @UXe}^ 3Q`de
9^TU`U^TU^SYQ !( TU QRbY\ TU
\_cTU\Q]_TUb^YTQT!))#
!(")
Â\fQbUj 1^TbUgc ÉcSQb 8Ycd_bYQ TU\
1\_c1bdUcQ^_cTU\8_^_b3_^SU`SY†^
TUcQbb_\\_Y^TecdbYQ\TU3XY\UCQ^dYQ
9]`bU^dQTU\QE^Y†^!'TUQRbY\
W_9]`bU^dQi<Yd_WbQVQ<Q9\ec
TU!(%(
dbQSY†^!)#&
1\_cQbdUcQ^_cX_^bQT_cCQ^dYQW_9]
1]e^vdUWeYC_\Qb4_]Y^W_5\cYcdU
`bU^dQTU\@b_WbUc_"&TUZe^Y_
]Q TU <Q^SQcdUb U^ 3XY\U i U^ _db_c
TU!(%!
`QcUcceTQ]UbYSQ^_cCQ^dYQW_9]
1SQTU]YQ TU 2U\\Qc <UdbQc TU CQ^dYQW_ `bU^dQ3UbfQ^dUc!()%
CUcY†^ c_\U]^U U^ SU\URbQSY†^ TU ce
1]e^vdUWeYC_\Qb4_]Y^W_8Ycd_bYQ
Q^YfUbcQbY_TU!('&CQ^dYQW_9]
c_SYQ\TU3XY\UCQ^dYQW_5TYd_bYQ\
`bU^dQ6bQ^[\Y^!('&
>QcSY]U^d_!)#"
1WXe\_^=QebYSU!($(_e\µQ``bU^dYc 1^WU\\ 1\\Q^ @_\YdYSc Q^T dXU <QR_eb
cQWUTU\QB}`eR\YaeU!($(°!(%"@Q =_efU]U^d Y^ 3XY\U <_^T_^
bYcrTYdY_^cTeCUeY\>_efU\\U8Yc ?hV_bTE^YfUbcYdi@bUcc!)'$
d_YbUTU\Q6bQ^SU3_^dU]`_bQY^U°
(@_Y^dc8Ycd_YbU!)'# 1^eQbY_ TU \Q `bU^cQ SXY\U^Q `eR\YSQT_
`_b\Q2YR\Y_dUSQ>QSY_^Q\!((&CQ^
1\`eUR\_CQ^dYQW_9]`bU^dQTU\@b_ dYQW_ 9]`bU^dQ 7edU^RUbW 5^
WbUc_"&TUZe^Y_TU!(%! SeQTUb^QSY†^TU\Q2YR\Y_dUSQ>Q
1\QbS†^@Y^_BQ‹\<QS\QcU]UTYQU^ SY_^Q\!(('
3XY\U ?bWU^Uc SQbQSdUbcdYSQc U Y^ 1`e^dUcbU\QdYf_cQ\QQT]Y^YcdbQSY†^We
V\eU^SYQc CQ^dYQW_ 5TYd_bYQ\ DU RUb^QdYfQTU4_^6bQ^SYcS_1^ZU\BQ
WeQ\TQ!)$' ]bUj TU 3_`YQ`† FQ\`QbQc_ 9]

( (
 `bU^dQ <YRUbQ\ "  TU QW_cd_ TU 4U]_SbQSYQ 9]`bU^dQ ²<Q E^Y
!($  fUbcQ\³!)"#
1 aeYU^ bUSXQjQ^ Y dU]U^ Q =_^dd 1 2QbbQ5TeQbT_TU\Q6bQ^SYcS_2Y\RQ_
aeYU^ c_cdYU^U^ Y TUcUQ^ Q =_^dd Q^dU\QcQSbYcdQCQ^dYQW_9]`bU^
AeYU^ Uc U^d_^SUc U\ SQ^TYTQd_/ dQTU\6Ubb_SQbbY\!('"
=_^ddCQ^dYQW_9]`bU^dQTU:e 2QbbQC:_bWU5\]_fY]YU^d__RbUb_U^
\Y_2U\Y^Y3Q%TU^_fYU]RbUTU 3XY\UC^dUcYcXYcd†bYS_c_SYQ\" UTY
!(%  SY†^ CQ^dYQW_ 5TYSY_^Uc TU \Q
1bQ^UTQ 2 6YTU\ 3b†^YSQc TU\ RQbbY_ E^YfUbcYTQT D}S^YSQ TU\ 5cdQT_
Ie^WQiCQ^dYQW_3QbbY†^U8YZ_c !)'"
<dTQ!)'" 2Qbb_c 1bQ^Q 4YUW_ 8Ycd_bYQ TU \Q
1bS_cCQ^dYQW_3QbdQTUCQ^dYQW_1b 7eUbbQTU\@QSVYS_CQ^dYQW_<YRbU
S_c Q 6bQ^SYcS_ 2Y\RQ_ =U^T_jQ bQ 3U^dbQ\ TU CUbfQd Y 3  !(( 
I]`TU\Q<<!(%" !((!"f_\c
K1c_SYQSY†^TU1bdUcQ^_cTUFQ\`QbQ 2Qbb_c1bQ^Q4YUW_8Ycd_bYQ:U^UbQ\TU
c_M2_TQcTU4YQ]Q^dUTU\Q1c_SYQ 3XY\U d_]_c 999H999 CQ^dYQW_
SY†^TU1bdUcQ^_cTUFQ\`QbQc_=U BQVQU\:_fUb5TYd_b!(($!()%i
]_bYQTU'%Q…_c!(%(!)##FQ\`Q H9FCQ^dYQW_:_cUVY^Q=TU@Q
bQc_9]`bU^dQi<Yd_WbQVQE^Y \QSY_c5TYd_bQ!()'
fUbc_!)## 2Qbb_c1bQ^Q4YUW_8Ycd_bYQ:U^UbQ\TU
1fU^TQ…_6?^_VbU?bWQ^YjQSY†^C_ \Q9^TU`U^TU^SYQTU3XY\UCQ^dYQW_
SYQ\?RbUbQY5hv]U^TU3_^SYU^SYQ 9]`bU^dQTU\6Ubb_SQbbY\!(%'$
3_^VUbU^SYQc\UTQcU^\QC_SYUTQTTU d_]_c
3Qb`Y^dUb_cY5RQ^YcdQc²6Ub]^FYfQ 2Qbb_c1bQ^Q4YUW_E^TUSU^Y_TU\Q
SUdQ³U\")TU]Qbj_YU^\Q6UTUbQSY†^ 8Ycd_bYQTU3XY\U!($!!(%!CQ^
TU8UbbUb_c=USv^YS_cY3Q\TUbUb_cU\ dYQW_9]`bU^dQi5^SeQTUb^QSY†^
( TU QRbY\ TU !) ( CQ^dYQW_ 9] E^YfUbcYdQbYQ!) &"d_]_c
`bU^dQ5eb_`Q!) #
K2Qbb_c2_bW_…_<eYci@UTb_@QR\_
1fYc_ Y]`_bdQ^dcY]_ CQ^dYQW_ 9] CUWe^T_=e…_jMC_\U]^UTYcdbYRe
`bU^dQBU`eR\YSQ^Q'TUQRbY\TU SY†^ TU `bU]Y_c Q \_c Q\e]^_c TU \Q
!(") 5cSeU\Q^_Sdeb^QTUQbdUcQ^_c1RbQ
2Q…QT_c5c`Y^_jQ:e\Y_2Q\]QSUTQi XQ] <Y^S_\^ U^ "& TU ^_fYU]RbU TU
ce W_RYUb^_ <Q bUf_\eSY†^ TU !()! !('& CQ^dYQW_ 9]`bU^dQ TU \Q
@Qbc <YRbUbQ TU 7Qb^YUb 8Ub BU`‹R\YSQ!('&
]Q^_c!()$"f_\c 2QeUb1b^_\T:<Qc_SYUTQTbebQ\SXY
2Q…QT_c5c`Y^_jQ:e\Y_<QcU\USSY_^Uc \U^Q 4UcTU \Q S_^aeYcdQ Uc`Q…_\Q Q
TU!((%4YcSebc_`b_^e^SYQT_U^cU ^eUcdb_c TQc CQ^dYQW_ 5TYd_bYQ\
cY†^ TU "  TU Ze^Y_ CQ^dYQW_ 9] 1^Tb}c2U\\_!))$
`bU^dQ>QSY_^Q\!((% 2U\\_1^Tb}c?RbQcS_]`\UdQcTU4_^
2Q…QT_c 7eY\\Ub]_ = 3_^fU^SY†^ 1^Tb}c2U\\_f_\9HCQ^dYQW_@U
5hdbQ_bTY^QbYQTU\@QbdYT_4U]_SbvdY Tb_7BQ]bUj9]`bUc_b!((%
S_ CQ^dYQW_ 9]`bU^dQ i 5^SeQ 2U^W_Q:_c}5\`_TUbi\QceR_bTY^QSY†^
TUb^QSY†^<QE^YfUbcQ\!)"" 1SUbSQTU\_bYWU^bebQ\TU\`_TUbi\Q
2Q…QT_c 7eY\\Ub]_ = 8Y]^_c TU\ ceR_bTY^QSY†^U^3XY\U8Ycd_bYQc_
@QbdYT_ 4U]†SbQdQ CQ^dYQW_ 9] SYQ\TU\QQWbYSe\debQSXY\U^Qd_]_
`bU^dQ>QSY_^Q\2YR\Y_dUSQTU\Q 9CQ^dYQW_5TYSY_^UcCEB!)((

( )
2U^W_Q:_c}8QSYU^TQciSQ]`UcY^_c RbUTU!)!)<_cÂ^ZU\UcDY`_WbQ
8Ycd_bYQ c_SYQ\ TU \Q QWbYSe\debQ VQTU:Db_^S_c_!)!)
SXY\U^Qd_]_99CQ^dYQW_5TYSY_ 2_^QSYS4_bYS2<e[QBUce]U^XYcd†
^UcCEB!))  bYS_TU\5cdbUSX_i\Q3_\_^YQTU=QWQ
2U^W_Q:_c}8Ycd_bYQTU\`eUR\_]Q`e \\Q^Uc @e^dQ 1bU^Qc @eR\YSQT_
Ð
SXUCYW\_H9HiHH"¡UTYSY†^CQ^ `_b²<Q>eUfQr`_SQIeW_Uc\QfQ³
™
dYQW_5TYSY_^UcCEB!)(' U^Ub_!)#']Qi_!)#)
2~jU6bQ^SYcS_@TUiFSd_b:1bU\\Q 2_bZQc ?\YfUbQ 6 1 \_c QbdUcQ^_c TU
^_5\SQ`YdQ\iU\dbQRQZ_FQ\`QbQ CQ^dYQW_ CQ^dYQW_ 9]`bU^dQ TU
c_DY`_WbQVQ>QSY_^Q\!()& BBU^WYV_"#TU]Qbj_TU!(")
2Y\RQ_6bQ^SYcS_<QbUf_\eSY†^U^3XY 2_eTQdi3 <CQ\YdbUbQcTUDQbQ`QSv
\Ui\_c]U^cQZUcTU\`b_cSbYd_<Y]Q 9aeYaeU!(()
9]`bU^dQTU\3_]UbSY_!(%# 2bQe^=U^}^TUj1b]Q^T_@UaeU…Q
2Y\RQ_ 6bQ^SYcS_ ?RbQc 3_]`\UdQc XYcd_bYQ]QWQ\\v^YSQ2eU^_c1YbUc
2eU^_c1YbUc9]`bU^dQTU2eU 4_]Y^W_FYQe5TYd_b!)#'
^_c1YbUc!(&%!(&&"d_]_c 2bQf_17eY\\Ub]_5TYSY†^S_]`Y
K2Y\\Y^WXebcd7eY\\Ub]_5M=U]_bYQ \QSY†^Y^db_TeSSY†^i^_dQc5h
TU \Q C_SYUTQT @UbeQ^Q TU C_S_bb_c `UTYU^dUV_b]QT_c_RbUQfUbYWeQb\_c
=ede_cS_bbUc`_^TYU^dUQ\"¡cU]UcdbU UhdbQ^WUb_c aeU bUSYTU^ U^ U\ BUi^_
TU!()!FQ\`QbQc_9]`bU^dQTU CQ^dYQW_2YR\Y_dUSQTU\9^cdYded_
\Q<YRbUbQTU\=UbSebY_ ?µ8YWWY^YQ^_ TU 3XY\U F CUbYU
6eU^dUc TU \Q 5]Q^SY`QSY†^
2\Q^S`QY^:UQ^@YUbbU<Uc1\\U]Q^Tc
!)) 
Qe3XY\Y!(!&!)$%2‰X\QeFUb
\QW;‰\^GYU^!)'$ 2bQf_5\Yj_^T_@UTb_iCUbWY_7_^jv
\Uj=YbQ^TQ9aeYaeUi\Q@Q]`QBU
2\Q^S`QY^:UQ^@YUbbU<_cVbQ^SUcUcU^
\QSY_^UcTU3_bcQbY_cFYQZUb_cU9^fUc
3XY\UCQ^dYQW_8QSXUddU!)('
dYWQT_bUc !% !)#  9aeYaeU
2\Q^S_11bdeb_FYTQi_RbQcTU\Qb E^YfUbcYTQT:_c}CQ^d_c?ccQDQ
aeYdUSd_4_^6Ub]^FYfQSUdQ@bUSeb \\UbTU5cdeTY_cBUWY_^Q\Uc!))$
c_bTU\Qc_SYQRY\YTQT_RbUbQU^3XY\U
2b_^ :UQ^ 8Ycd_YbU Te ]_efU]U^d
CQ^dYQW_DQ\\UbUc7bvVYS_c!)"$
_efbYUbVbQ^|QYcd_]U9<UTb_Ydw
2\Q^TDU_T_bYS_4UcSbY`SY†^US_^†]Y \µUhYcdU^SU4eT}RedTeH9H~cY~S\Uw
SQi`_\dYSQTU3XY\UU^U\Q…_!(!( !(($ @QbYc <Uc rTYdY_^c
dbQTeSYTQ`_b4_]Y^W_1]e^vdU ?efbY~bUc!)&(
WeY C_\Qb CQ^dYQW_ 5cdQR\USY
2e\^Uc 7_^jQ\_ 7eUbbQ TU\ @QSVYS_
]YU^d_c7bvVYS_cTU2Q\SU\\ci3_ CQ^dYQW_ 5TYd_bYQ\ TU\ @QSVYS_
!)"& !)'$!)')#f_\c
2\Ucd 7Q^Q 1\RUbd_ =Qbd^ BYfQc 3vSUbUcEWQbdU=QbSYQ\<Qcc_SYUTQ
CQ^dYQW_5TYd_bYQ\1^Tb}c2U\\_ TUcTUc_S_bb_c]ede_cQ^dU\Q\UWYc\Q
!)(# SY†^SXY\U^QCQ^dYQW_9]`bU^dQi
2_TQc TU TYQ]Q^dU TU \Q 1c_SYQSY†^ TU <Yd_WbQVQ3UbfQ^dUc!)#(
1bdUcQ^_cTUFQ\`QbQc_=U]_bYQcTU 3Q\TS\UeWX 1\UZQ^Tb_ FYQZUc `_b
'% Q…_c !(%(!)## FQ\`QbQc_ CeTQ]}bYSQTebQ^dU\_cQ…_cTU!(!)
!)## " i"!5h`_cYSY†^TU\UcdQT_QSdeQ\
2_TQc TU _b_ TU \Q C_SYUTQT TU C_S_bb_c TU\ 2bQcY\ 2eU^_c 1YbUc i 3XY\U `_b
=‹de_cTU?RbUb_cTU<_cÂ^ZU\Uc!¡ 1\UZQ^Tb_3Q\TS\UeWXCUWeYT_TU\Qb
TU>_fYU]RbUTU!(&)!¡TU>_fYU] dSe\_²FQ\`QbQc_i\Qc_SYUTQTSXY\U

(!
 ^Q U^ !($'³ `_b =Qh BQTbYWeUd 3QcQ^_fQ=QbYQ^_@Qcd_bQ\aeUU\9\\
CQ^dYQW_ 9]`bU^dQ E^YfUbcYdQ ]_iB]_Cb4b=QbYQ^_3QcQ^_
bYQ!)!$ fQQbj_RYc`_TUCQ^dYQW_TU3XY\UTYbY
3Q]`_c 8QbbYUd 6Ub^Q^T_ 8Ycd_bYQ WUQ\S\Ub_i`eUR\_c_RbU\Q`b_`QWQ^
TQTUT_SdbY^QcYbbU\YWY_cQciQ^dY°c_
TU 3_^SU`SY†^ !%% !)(( $  UTY
SYQ\UcCQ^dYQW_9]`bU^dQTU5]Y
SY†^CQ^dYQW_5TYd_bYQ\E^YfUbcY
\Y_@}bUj<!()#
dQbYQ!)()
3QcQ^_fQ:e\Yv^<QXYcd_bYQc_SYQ\i\_c
3Q^TYTQd_Q\Q`bUcYTU^SYQTU3XY\U`QbQ
XYcd_bYQT_bUc¤3U^YSYU^dQ_`bY^SUcQ/
!(%!4=Q^eU\=_^dd1^dYWe_=Y 2QbSU\_^Q 5TYd_bYQ\ 3bdYSQ
^Ycdb_TU5cdQT_Y@bUcYTU^dUTU\QCe !))!
`bU]Q 3_bdU TU :ecdYSYQ CQ^dYQW_
3QcdUT_ <U_`_\T_ bUTQSSY†^ YS_
9]`bU^dQTU:e\Y_2U\Y^Y3_]`Q
^_WbQVQiQ`}^TYSUcBUce]U^TU
…Q]Qi_TU!(%!
\Q8Ycd_bYQTU3XY\U) UTYSY†^CQ^
3v^U`Q7ej]v^=QbY_5\dUQdb_c_SYQ\ dYQW_JYWJQW!)'"#d_]_c
i_RbUb_U^3XY\UCQ^dYQW_5TYSY_
3QcdY\\_CQ^dYQW_S__bTY^QT_b<Q
^Uc 3e\debQ i @eR\YSQSY_^Uc =Y XYcd_bYQc_SYQ\U^5c`Q…Q1SdeQ\YTQT
^YcdUbY_TU5TeSQSY†^!)'! i`Ubc`USdYfQc=QTbYTCYW\_FUY^
3Q`YdQ\UcU]`bUcQbY_ci_RbUb_cUeb_`U_c dYe^_5TYd_bUc!))!
U^1]}bYSQ<QdY^Q1SdQcTU\&¡3_^ 3QcdY\\_CQ^dYQW_UTYd_bC_\YTQbYTQT
WbUc_TU189<15cd_S_\]_"%"( TUcTUQRQZ_DbQRQZQT_bUciC_S_bb_c
TU]Qi_TU!)(!5cd_S_\]_9^c =ede_cU^\Q5c`Q…Q3_^dU]`_bv^UQ
dYded_TU5cdeTY_c<QdY^_Q]UbYSQ =QTbYT E7D 3U^db_ TU 5cde
^_cTU\QE^YfUbcYTQTTU5cd_S_\ TY_c8Ycd†bYS_c!))$
]_=_^_WbQVQ>¡(+!!)(# 3Qdv\_W_TU\_cQce^d_c`U^TYU^dUcU^\Q
3QbY_\QC3Qb]U^i?cfQ\T_Ce^[U\ 3v]QbQTU4Y`edQT_cU^!¡TUZe^Y_
E^cYW\_TUXYcd_bYQUS_^†]YSQTU3XY\U TU !()! CQ^dYQW_ 9]`bU^dQ >Q
!(# !)# 4_cU^cQi_cie^QRYR\Y_ SY_^Q\!()!
WbQVQ =QTbYT 5TYSY_^Uc 3e\debQ 3QfQb_jjY=QbSU\_<QUdQ`Q_\YWvbaeYSQ
8Yc`v^YSQ TU\ 9^cdYded_ TU 3__`U TU T_]Y^QSY†^ RebWeUcQ U^ 3XY\U
bQSY†^9RUb_Q]UbYSQ^Q!)(" 2eU^_c1YbUc3U^db_TU5cdeTY_c
3Qb]QW^Q^Y=QbSU\\_1]}bYSQ<QdY^Q TU5cdQT_iC_SYUTQT4_Se]U^d_
TU!(( Q^eUcdb_cTQc2QbSU\_^Q 3545C723<13C?>¡'!)''
?Y[_cDQeC15TYSY_^Uc!)'% 3QfYUbUc5TeQbT_3_]UbSY_SXY\U^_i
3Qb]QW^Q^Y=QbSU\\_CfY\e``_Y^Tec S_]UbSYQ^dUcY^W\UcUc!(" !(( *E^
dbYQ\UUc_dd_cfY\e``_US_^_]YS_*Y\SQc_ SYS\_TUXYcd_bYQUS_^†]YSQFQ\`QbQ
SY\U^_!(& !)" D_bY^_6_^TQ c_9^cdYded_TU8Ycd_bYQE^YfUbcY
jY_^U<eYWY6Y^Q^TY!)'! TQT3Qd†\YSQTUFQ\`QbQc_!)((
3U``Y=TU<CUbWY_5^bYaeUCQ^
3QbdQ TU 4Y_^Yc_ DUbbQcQ i BUZ_^ Q cec
XeUjQUdQ\3YU^Q…_cTUY^TecdbYQ
Q]YW_cCQ^dYQW_!)TUVURbUb_TU
UTYdQT_ `_b  \Q C_SYUTQT TU 6_
!(!$CQ^dYQW_64:77Q\\Qb
]U^d_6QRbY\S_^]_dYf_TU\SU^
T_!(!$
dU^QbY_ TU ce SbUQSY†^ !((#°
3QbdQc TU e^ `_\QS_ c_RbU \Q `_\dYSQ U^ !()# CQ^dYQW_ 5TYSY_^Uc @Q\
3XY\U>¡!CQ^dYQW_9]`bU^dQTU ]_c!)(#
3_\_S_\_!#TUZe\Y_TU!($ i>¡ 3XQe^e @YUbbU 8Ycd_bYQ TU 1]}bYSQ
"CQ^dYQW_9]`bU^dQTU3_\_S_ <QdY^Q 2eU^_c 1YbUc 5TYd_bYQ\
\_"$TUQW_cd_TU!($  E^YfUbcYdQbYQ!)'&

(!!
3XU\}^ B 1\UZQ^Tb_ 5\ WeUbbY\\Ub_ 3_^SXQ=Q^eU\3b†^YSQTU<QCUbU^Q
=Q^eU\B_TbWeUjiceXUb]Q^_3Qb TUcTU ce Ve^TQSY†^ !%$)!('  <Q
\_cCQ^dYQW_@bU^cQ<QdY^_Q]UbY CUbU^Q 9]`bU^dQ 5^SeQTUb^Q
SQ^Q!)&$ SY†^Y<YRbUbQ1]UbYSQ^Q!)!$
3XU^e=QbYU4_]Y^YaeU<Q²4_SdbY 3_^SXQiD_b_=U\SX_b3XY\UTebQ^
^UC_SYQ\U³TU\µ5W\YcUS_]]UYT}_\_WYU dU\_cQ…_cTU!("$Q!("(=U]_bYQ
@QbYc <Uc rTYdY_^c Te 3UbV XYcd†bYSQ\UTQU^\QcUcY†^c_\U]^UTU
!)') \Q E^YfUbcYTQT TU !" TU _SdeRbU TU
!(&"CQ^dYQW_9]`bU^dQ>QSY_
3XUc^UQeh:UQ^4e`Qcc}VQYc_^cdQR\U
^Q\!(&"
bQcU/ @QbYc 6bQ^|_Yc =Qc`}b_
!)'& 3_^dQbTY :eQ^ 2 <Q `UaeU…Q RQRU\
]QWQ\\v^YSQ!(((!(()@e^dQ1bU
3XYQbQ]_^dU:_c}3Qb\_c>QSY_^Q\Yc
^Qc4YbUSSY†^TU2YR\Y_dUSQc1b
]_i\YRUbQ\Yc]_US_^†]YS_cU^1bWU^
SXYf_ci=ecU_c=ecU_TU\Q@QdQ
dY^Q!(& !(( 2eU^_c1YbUc5TY
W_^YQ!)'%
SY_^UcC_\Qb!)("
3_^dUcdQSY†^Q\_cSeQTUb^_cdYde\QT_cUh
3YVeU^dUc1RT†^3_\USSY†^TUTYcSeb `UTYU^dUcc_RbU\QcY^VbQSSY_^UcTU\UY
c_cTU1RT†^3YVeU^dUcd_]_99CQ^ S_]UdYTQc`_bfQbY_cVe^SY_^QbY_c`‹
dYQW_ 5cSeU\Q DY`_WbvVYSQ ²<Q R\YS_cTU\TU`QbdQ]U^d_TU3_`YQ`†i
7bQdYdeT>QSY_^Q\³!)!& Q`e^dUcbU\QdYf_cQ\QS_^TeSdQWeRUb
3YVeU^dUc 1RT†^ =U]_bYQc CQ^dYQ ^QdYfQTU46bQ^SYcS_1^ZU\BQ]YbUc
W_5TYd_bYQ\>QcSY]U^d_!)#&" U^U\]Yc]_TU`QbdQ]U^d_CQ^dYQW_
d_]_c 9]`bU^dQi<Yd_WbQVQTU\5cdQT_
K3YVeU^dUc 1RT†^M <Qc Qc_SYQSY_^Uc !($ 
SQd†\YSQc CQ^dYQW_ 9]`bU^dQ TU 3_bd}c9\YQi:_bTY6eU^dUc4YSSY_^QbY_
²5\9^TU`U^TYU^dU³!((# `_\dYS_TU3XY\U!(! °!)&&CQ^
dYQW_5TYd_bYQ\?bRU!)&'
3Y^SeU^dQQ…_c3_]`Q…QTUbUVY^UbQTU
1j‹SQbTUFY…QTU\=Qb!(('!)#' 3_^dbUbQc6<YTYQ8Ycd_bYQTU\QcYTUQc
FQ\`QbQc_9]`bU^dQi<Yd_WbQVQ _bd_WbvVYSQcU^3XY\UCQ^dYQW_5TY
E^YfUbc_!)#( SY_^UcTU\Q4YbUSSY†^TU2YR\Y_dU
SQc1bSXYf_ci=ecU_c3U^db_TU
3YfYS_c TU\ TU`QbdQ]U^d_ TU CQ^dYQW_ 9^fUcdYWQSY_^Uc4YUW_2Qbb_c1bQ
CQ^dYQW_ 9]`bU^dQ TU\ @Qc "' ^Q!))#
TU]Qbj_TU!(%(
3_^fU^SY†^TU\_c@QbdYT_c9^TU`U^TYU^dUc
3\QeT^6Ub^Q^T_=Qbh5^WU\cUd\Q Y^cdQ\QTQU\!¡TUU^Ub_TU!('!1SdQc
b}f_\edY_^TU!($(@QbYcrTYdY_^c i4_Se]U^d_cFQ\`QbQc_9]`bU^
6bQ^|_Yc=Qc`}b_!)(  dQTU\Q@QdbYQ!('!
3_SXed13XY\UU^!(%)QbdSe\_d_ 3bej4_]Y^W_25\TURUbTU\_cSQd†\Y
]QT_TU\QBUfYcdQTU1]R_c=e^ S_cU^`_\dYSQCQ^dYQW_9]`bU^dQ
T_cd_]_"$U^dbUWQ$ CQ^dYQW_ TU²5\9^TU`U^TYU^dU³!('"
9]`bU^dQ>QSY_^Q\!(&  3bej5b^Ucd_TU\Qi7eY\\Ub]_6U\Y‹
3_^SXQ:eQ^5^bYaeU3eUcdY_^Uc_RbU 3bej5`Ycd_\QbY_TU4_^4YUW_@_bdQ
bQc]U]_bYQTU`beURQ`QbQ_`dQb \Uc!("!!(#'CQ^dYQW_9]`bU^dQ
Q\WbQT_TU<YSU^SYQT_U^\Q6QSe\ 7U^UbQ\TU@bYcY_^Uc!)#'!)#(
dQTTU<UiUcCQ^dYQW_9]`bU^dQ #f_\c
<Yd_WbQVQi5^SeQTUb^QSY†^2Qb 3bej@UTb_>2Y\RQ_i<QcdQbbYQCQ^
SU\_^Q!()) dYQW_9]`bU^dQ3XY\U!)!&

(!"
3bejF=Q^eU\TU\Q<Q8Ub]Q^TQT 4_^_c_BYSQbT_4_^2U^ZQ]^FYSe
TU\1T_bQR\U3_bQj†^TU:Uc‹cVe^TQ …Q=QS[U^^QCefYTQcecUcSbYd_ci
TQU^CQ^dYQW_`_bU\bUfUbU^T_`QTbU ce dYU]`_ !(#!!((& CQ^dYQW_
VbQY 6bQ^SYcS_ @QSXUS_ CQ^dYQW_ 9]`bU^dQE^YfUbcYdQbYQ!)"%
9]`bU^dQTU\6Ubb_SQbbY\!(%( 4_^_c_BYSQbT_5\`U^cQ]YU^d_fYf_
3bejF=Q^eU\TU\QFYTQTU\XUb]Q TU6bQ^SYcS_2Y\RQ_CQ^dYQW_5TY
^_ T_^QT_ TU \Q BUS_\UdQ 6bQ^SYcSQ d_bYQ\>QcSY]U^d_!)$ 
6bQY 1^Tb}c 7QbSQ CQ^dYQW_ 9] 4bUiVec =YSXU\ Ud 2Ub^QbT 7YRQeT
`bU^dQTU\6Ubb_SQbbY\!(%( TYbUSdY_^ =edeQ\Yd}c TU d_ec \Uc
4QbgY^3XQb\UcF_iQWUTe^^QdebQ `Qic*²E^`Qcc}bYSXUTµQfU^Yb³@Q
\YcdUQed_ebTe]_^TU99<Uc1^TUc bYc=edeQ\Yd}6bQ^|QYcU!))%
\Uc7Q\v`QW_cUd\1ecdbQ\YU@QbYc 4b_j:QSaeUcTYbUSdY_^8Ycd_YbU7}
6bQ^|_Yc=Qc`}b_<Q4}S_efUbdU ^}bQ\UTec_SYQ\Yc]U@QbYc@bUccUc
!)(" E^YfUbcYdQYbUc TU 6bQ^SU !)'"°
4vfY\Q<QbbQ^2U^ZQ]^<Q5cSeU\Q !)'$"f_\c
6bQ^[\Y^ !(&"!('& FQ\`QbQc_ 4ebv^3:e\Y_cU\USSY†^i^_dQc5\
9]`bU^dQTU\4URUb!('& ]_fY]YU^d_\YdUbQbY_TU!($"CQ^dYQ
4UR‹°2bYTU\ :QSaeUc 6_ebYUb !''"° W_E^YfUbcYTQTTU3XY\U9^cdYded_
!(#'7U^~fU@QbYcrTYdY_^cTUc @UTQW†WYS_ 4U`QbdQ]U^d_ TU
Db_Yc3_\\Y^Uc<Uc3\QccYaeUcTU\Q 3QcdU\\Q^_!)%'
<YRUbd}!)$' 5SXQjBU^}<U†^8Ycd_bYQTUCQ^dYQ
4YTYUb:eQ^<QcQc_SYQSY_^UcTU_RbUb_c W_ CQ^dYQW_ 9]`bU^dQ BYSQbT_
SQd†\YS_ciU\`b_R\U]QTU\QfYfYU^TQ* >Ue`Ubd!)'%
\QE^Y†^C_SYQ\?bTU^iDbQRQZ_i\Q 5TgQbTc2Qbb_c1\VbUT_ 2Q\]QSUTQ
@_R\QSY†^?RbUbQTU<QE^Y†^FQ\ Ce fYTQ i ce QSdeQSY†^ S_]_ `bY]Ub
`QbQc_ E^YfUbcYTQT 3Qd†\YSQ TU ]Q^TQdQbY_ XQcdQ U\ !¡ TU U^Ub_ TU
FQ\`QbQc_9^cdYded_TU8Ycd_bYQ !()!CQ^dYQW_5TYd_bYQ\1^dQbUc
@b_WbQ]QTU=QWYcdUbU^8Ycd_bYQ !)#&
CU]Y^QbY_TU8Ycd_bYQ5S_^†]YSQ 5TgQbTcFYfUc1\RUbd_2_caeUZ_XYcd†
iC_SYQ\!))&Y^}TYd_ bYS_TU\_c`QbdYT_c`_\dYS_cSXY\U^_c
4_Se]U^d_cc_RbUc_SYUTQTUcUY^cdY CQ^dYQW_ 7eY\\Ub]_ =YbQ^TQ
deSY_^UcTYfUbcQc5c`_cYSY†^>QSY_ 5TYd_b2YR\Y_dUSQTU1ed_bUc3XY
^Q\ TU !((( CQ^dYQW_ 9]`bU^dQ \U^_cf_\H99!) #
>QSY_^Q\!(() 5TgQbTc FYfUc 1\RUbd_ <Q 6b_^TQ
4_^_c_1b]Q^T_2Y\RQ_icedYU]`_ 1bYcd_SbvdYSQ U^ 3XY\U CQ^dYQW_
" UTYSY†^CQ^dYQW_DQ\\UbUcTU 5TYd_bYQ\E^YfUbcYdQbYQ!)("
\Q5]`bUcQJYWJQW!)!# 5TgQbTc FYfUc 1\RUbd_ <Q _bWQ^YjQ
4_^_c_1b]Q^T_5\`U^cQ]YU^d_fYf_ SY†^`_\dYSQTU3XY\U5TYd_bYQ\TU\
TU6bQ^SYcS_2Y\RQ_& UTYSY†^CQ^ @QSVYS_!)$#
dYQW_5TYd_bYQ\>QcSY]U^d_!)$  5\ W_RYUb^_ Y \Q bUf_\eSY†^ CQ^dYQW_
4_^_c_BYSQbT_2bUfU8Ycd_bYQTU3XY 9]`bU^dQTU\6Ubb_SQbbY\!(%)
\U2eU^_c1YbUc5TYd_bYQ\E^YfUb 5\ ]QUcdb_ @QcSeQ\ FQ\`QbQc_ 9]
cYdQbYQTU2eU^_c1YbUc!)&# `bU^dQTU\=UbSebY_cVK`b_RQ
4_^_c_ BYSQbT_ 4UcQbb_\\_ `_\dYS_ i R\U]U^dU!($&M
c_SYQ\TU3XY\UTUcTU\Q3_^cdYdeSY†^TU 5\@QbdYT_4U]_SbvdYS_YceQSdYdeTU^`bU
!(##CQ^dYQW_9]`bU^dQE^YfUb cU^SYQ TU \Q bUf_\eSY†^ CQ^dYQW_
cYdQbYQ!)$" 9]`bU^dQ2Q^TUbQ!()!

(!#
5\‹\dY]_QSU^d_TUe^SXY\U^_CQ^dYQW_ 5c`Y^_jQFYSU^dU@QbQe^QXYcd_bYQTU
9]`bU^dQ3XY\U^QZe\Y_TU!(%  \_c `_RbUc TU \Q SYeTQT CQ^dYQW_
5\fYQZUTU\Cb2U^ZQ]^FYSe…Q=QS[U^ 5TYSY_^Uc CEB 3_\USSY†^ 5cde
^QQ\Qc`b_fY^SYQcTU\CebVURbUb_!$ TY_c8Ycd†bYS_c!)((
]Qbj_%TU!('&FQ\`QbQc_9] 5c`Y^_jQ2ecd_c1^QS\Ud_8_]U^QZUQ
`bU^dQTU\Q@QdbYQ!('& \Q]U]_bYQTU4_^Qd_=Y\\v^U^U\#Ub
5\ JQ`QdUb_  3_^dUcdQSY†^ Q\ QbdSe\_ Q^YfUbcQbY_TUceVQ\\USY]YU^d_CQ^
Y^cUbd_`_bU\5TYd_bTU\6Q^Q\U^ce dYQW_ 9]`bU^dQ E^YfUbcYdQbYQ
^‹]Ub_!¡CQ^dYQW_9]`bU^dQBU !) #
`eR\YSQ^Q"(TU]Qbj_TU!(") 5c`_cYSY†^TU\^eUf_`bUSU`d_TUSQbYTQT
5^SY^Q6bQ^SYcS_1^d_^Y_8Ycd_bYQTU aeU>C:UceSbYcd_^_cY]`ec_CQ^
3XY\U4UcTU\Q`bUXYcd_bYQXQcdQ!()! dYQW_ 9]`bU^dQ TU \Q C_SYUTQT
CQ^dYQW_ 5TYd_bYQ\ >QcSY]U^d_ !(& 
!)$'°!)%"f_\‹]U^UcF99HH 5c`_cYSY†^aeU\Q:e^dQ5ZUSedYfQTU\@Qb
5bbvjebYj3bUcSU^dU1\W_TU\_aeUXU dYT_3_^cUbfQT_b^_]RbQTQU\!!TU
fYcd_ CQ^dYQW_ 5TYd_bYQ\ >QcSY ]Qi_ TU !(($ XQSU Q^dU \Q 7bQ^
1cQ]R\UQbUe^YTQU^CQ^dYQW_U\"%
]U^d_!)#$
TUTYSYU]RbUTU!((%CQ^dYQW_9]
5bbvjebYj9cYT_b_8Ycd_bYQTU\QQT]Y `bU^dQTU²5\@b_WbUc_³!((%
^YcdbQSY†^ 5bbvjebYj CQ^dYQW_ 2Y
5c`_cYSY†^TUQbdUcUY^TecdbYQTUCQ^dYQ
R\Y_dUSQ TU 5cSbYd_bUc TU 3XY\U
W_=U]_bYQTU\_cdbQRQZ_cTU\Q3_]Y
f_\H9999]`bU^dQTU\Q4YbUSSY†^
cY†^ 4YbUSdYfQ 4YcdbYReSY†^ TU `bU
7U^UbQ\TU@bYcY_^Uc!)#%
]Y_c?SdeRbU&TU!('"CQ^dYQW_
5bbvjebYj 9cYT_b_ ?RbQc TU 9cYT_b_ 9]`bU^dQTU\Q<YRbUbQTU\=Ub
5bbvjebYj4YcSebc_c`Qb\Q]U^dQbY_c SebY_!('"
bUS_`Y\QT_c`_b4_^<eYc?bbUW_
5c`_cYSY†^>QSY_^Q\TU!(((4_Se]U^d_c
<eS_CQ^dYQW_9]`bU^dQ2QbSU
c_RbUc_SYUTQTUcUY^cdYdeSY_^UcTYfUb
\_^Q!)! "f_\c
cQcCQ^dYQW_9]`bU^dQ>QSY_^Q\
5bbvjebYjDQW\U:_bWUi7eY\\Ub]_5i !(()
jQWeYbbUB_ecU=_^_WbQVQTUe^Q
5cdQded_c TU \Q 1c_SYQSY†^ 3Qd†\YSQ TU
VQ]Y\YQ_RbUbQTUCQ^dYQW_CQ^dYQW_
?RbUb_cUcdQR\USYTQU^CQ^dYQW_!('(
9]`bU^dQ<Yd_WbQVQi5^SeQTUb
CQ^dYQW_ 9]`bU^dQ 5\ 9^TU`U^
^QSY†^2QbSU\_^Q!) #
TYU^dU!('(
5cSeU\Q^_Sdeb^QTUQbdUcQ^_c3_^VU
5cdQded_c TU \Q 1c_SYQSY†^ TU 1bdUcQ^_c
bU^SYQc`‹R\YSQcTQTQc`_bU\SeUb`_TU FQ\`QbQc_ 9]`bU^dQ TU \Q @Q
`b_VUc_bUcU^U\Q…_TU!('$CQ^dYQ dbYQ!('#
W_ 9]`bU^dQ TU \Q <YRbUbQ TU\
=UbSebY_!('% 5cdQded_cTU\Q1c_SYQSY†^TU1bdUcQ^_cTU
FQ\`QbQc_ FQ\`QbQc_ 9]`bU^dQ
5cSeU\Q^_Sdeb^QTUQbdUcQ^_cDbQRQZ_ TU<Q@QdbYQ!((&
Y^cdbeSSY†^d_\UbQ^SYQ4YcdbYReSY†^TU
`bU]Y_cQcecQ\e]^_cU\TQ%TU4Y 5cdQded_cTU\Q3QZQTU1X_bb_cTU\QC_SYU
SYU]RbUTU!('%CQ^dYQW_9]`bU^dQ TQT TU ?RbUbQc >¡ ! TU FQ\`QbQc_
i<YRbUbQTU\=UbSebY_!('% FQ\`QbQc_9]`bU^dQi<Yd_WbQVQ
5hSU\cY_b!()"
5cSeU\Q^_Sdeb^QTUQbdUcQ^_c1RbQ
XQ] <Y^S_\^ =U]_bYQ `bUcU^dQTQ 5cdQded_cTU\Q3QZQTU1X_bb_cTU\BUc
WeQbT_ TU \Q 1TeQ^Q TU FQ\`QbQc_
`_bU\cUSbUdQbY_TU\QUcSeU\QCQ^dYQ
FQ\`QbQc_9]`bU^dQTU\>eUf_
W_ 9]`bU^dQ TU 6UTUbYS_ CSXbU
=UbSebY_!((&
R\Ub!('%

(!$
5cdQded_cTU\Q3_]`Q…QTUUTYVYSY_c`QbQ 4USbUd_cCe`bU]_cTU"$TU^_fYU]RbU
_RbUb_c TU CQ^dYQW_ CQ^dYQW_ 9] TU!(&)YU^Ub_(TU!('&FQ\`QbQ
`bU^dQ TU \Q <YRbUbQ 1]UbYSQ^Q c_9]`bU^dQTU\²4URUb³!('&
!(($ 5cdQded_cTU\QC_SYUTQTTU\QE^Y†^YTU\
5cdQded_cTU\Q6bQdUb^YTQTTU3Qbb_SUb_c @b_WbUc_ CQ^dYQW_ 9]`bU^dQ TU
c_SYUTQT TU C_S_bb_ =ede_ CQ^dYQ ²<Q5cdbU\\QTU3XY\U³!('&
W_9]`bU^dQ>QSY_^Q\!('" 5cdQded_cTU\QC_SYUTQTTU\@b_WbUc_FQ\
5cdQded_cTU\QC_SYUTQTTU1bdUcQ^_cTU `QbQc_ 9]`bU^dQ TU <Q @QdbYQ
3_aeY]R_Q`b_RQT_c`_bCe`bU]_TU !('"
SbUd_TU)TUTYSYU]RbUTU!('#CQ^ 5cdQded_cTU\QC_SYUTQTTU^_]Y^QTQ@b_
dYQW_9]`bU^dQ>QSY_^Q\!('# dUSSY†^=‹deQTU\_cTeU…_cTUSQbb_
5cdQded_cTU\QC_SYUTQTTU1bdUcQ^_cTU SUbQcaeUU\UfQ^QC5U\@bUcYTU^dU
<QCUbU^Q<QCUbU^Q9]`bU^dQTU TU\QBU`‹R\YSQ@QbQaeU\Uc`bUcdUce
<QCUbU^Q!(&" Q`b_RQSY†^YcUbUS_^_jSQTYSXQc_SYU
5cdQded_cTU\QC_SYUTQTTU1bdUcQ^_cTU TQTS_]_`Ubc_^QZebTYSQCQ^dYQW_
<Y]QSXU Ve^TQTQ U\ ) TU _SdeRbU TU 9]`bU^dQ TU ²<Q BU`‹R\YSQ³
!(('AeY\\_dQ1\]Y`Ub9]`bUc_ !('#
bUccV 5cdQded_c TU \Q C_SYUTQT TU ?RbUb_c TU
5cdQded_cTU\QC_SYUTQTTU1bdUcQ^_cTUC_ BQ^SQWeQ6e^TQTQU\#TUQW_cd_TU
S_bb_c=ede_cTU3_^SU`SY†^Ve^TQTQ !(($BQ^SQWeQ9]`bU^dQTU²5\
U\!(TUZe^Y_TU!('&CQ^dYQW_9] 6}^Yh³!(($
`bU^dQ TU ²5\ 9^TU`U^TYU^dU³ 5cdQded_cTU\QC_SYUTQTTUC_S_bb_c=e
!((! de_cTU\Q6e^TYSY†^²<YRUbdQT³`b_
5cdQded_cTU\QC_SYUTQTTU1bdUcQ^_cU^ `YUTQTTU\_ccU…_bUcCdbYS[\Ubi;Ž`VUb
<QCUbU^Q`QbQSbUQbe^Q²3QZQ5S_ Ve^TQTQU\"(TUcU`dYU]RbUTU!(()
^†]YSQ³<QCUbU^Q9]`bU^dQTU\ CQ^dYQW_ 9]`bU^dQ 3UbfQ^dUc
@eUR\_!(&" !(()
5cdQded_cTU\QC_SYUTQTTU2U^UVYSU^SYQTU 5cdQded_cTU\QC_SYUTQTTUC_S_bb_c=‹
\QS_\_^YQQcYvdYSQTUCQ^dYQW_Q`b_ de_c TU =U\Y`Y\\Q =U\Y`Y\\Q 9]
RQT_c `_b TUSbUd_ TU\ !% TU Ze^Y_ TU `bU^dQTU\@b_WbUc_!('!
!()# CQ^dYQW_ 9]`bU^dQ FQ\`Q 5cdQded_cTU\QC_SYUTQTTUC_S_bb_c=e
bQc_!()# de_c TU CQ^d_ 4_]Y^W_ CQ^ 6U\Y`U
5cdQded_cTU\QC_SYUTQT4U]_SbvdYSQTU AeY\\_dQ 9]`bU^dQ TU\ 3_bbU_
1ehY\Y_c=ede_cVe^TQTQU^U\`eUbd_ !(($
TU9aeYaeUU\"TU]Qi_TU!('$FQ\ 5cdQded_cTU\QC_SYUTQTTUC_S_bb_c=‹
`QbQc_ 9]`bU^dQ TU\ E^YfUbc_ de_c 5\ @_bfU^Yb FQ\`QbQc_ 9]
!('$ `bU^dQTU\E^YfUbc_!('&
5cdQded_cTU\QC_SYUTQTTU5]`\UQT_cTU 5cdQded_cTU\QC_SYUTQTU^S_]Q^TYdQTU
3_]UbSY_TUCQ^dYQW_CQ^dYQW_9] R_dUb_cCQ^dYQW_9]`bU^dQTU²\Q
`bU^dQFYSd_bYQ!((' F_jTU3XY\U³!(&$
5cdQded_cTU\QC_SYUTQTTU9\ecdbQSY†^i 5cdQded_cTU\QC_SYUTQT5c`Q…_\QTU2U^U
@b_dUSSY†^ =edeQ ²\Q 6bQdUb^YTQT³ VYSU^SYQTU3_^SU`SY†^Q`b_RQT_cU^
CQ^dYQW_ DQ\\Ub DY`_WbvVYS_ TU :e^dQ 7U^UbQ\ 5hdbQ_bTY^QbYQ TU "%
=1=vbaeUj!()  TUZe\Y_TU!(((CQ^dYQW_9]`bU^
5cdQded_c TU \Q C_SYUTQT TU 9^cdbeSSY†^ dQ3UbfQ^dUc!(((
@bY]QbYQTUFQ\`QbQc_Q`b_RQT_c`_b 5cdQded_cTU\QC_SYUTQT5c`Q…_\QTU2U^U

(!%
 VYSU^SYQ TU FQ\`QbQc_ Q`b_RQT_c U\ T_cU\!!TUcU`dYU]RbUTU!(("CQ^
TQ$TUZe^Y_TU!('&FQ\`QbQc_ dYQW_5cdQR\USY]YU^d_DY`_WbvVY
9]`bU^dQTU²5\4URUb³!('& S_TU<Qr`_SQ!(("
5cdQded_cTU\QC_SYUTQT5c`Q…_\QTU2U^U 5cdQded_cTU\QC_SYUTQT²<_c8YZ_cTU\Q
VYSU^SYQ Ve^TQTQ U\ !( TU ]Qi_ TU DU]`UbQ^SYQ³6e^TQTQU\#!TU=Qb
!() @YcQWeQCQ^dYQW_9]`bU^dQ j_ TU !(() CQ^dYQW_ 9]`bU^dQ i
TU²5\@b_WbUc_³!()  5^SeQTUb^QSY†^ TU =1 =vb
5cdQded_cTU\QC_SYUTQT6UTUbYS_CdefU^ aeUj!(()
TUFQ\`QbQc_FQ\`QbQc_9]`bU^ 5cdQded_cTU\QC_SYUTQT=QbdY]QTUC_
dQTU\@eUR\_!((& S_bb_c=ede_cTUFQ\`QbQc_6e^TQ
5cdQded_cTU\QC_SYUTQT6Y\Qb]†^YSQ²1b TQU\!"TUQW_cd_TU!(((BUV_b]Q
deb_@bQd³CQ^dYQW_9]`bU^dQTU T_c\_c`bUcU^dUc5cdQded_cU\! TUU^U
BQ]†^FQbU\Q!(($ b_ TU!()) FQ\`QbQc_ <YRbUbQ U
9]`bU^dQ9^TecdbYQ\!())
5cdQded_c TU \Q C_SYUTQT 6Y\Qb]†^YSQ TU
?RbUb_cCQ^dYQW_9]`bU^dQTU\Q 5cdQded_cTU\QC_SYUTQT=ecYSQ\iTU6Y
BU`‹R\YSQ!('$ \Qb]†^YSQTU<_cÂ^ZU\UcQ`b_RQT_c
U^:e^dQ:U^UbQ\TUTYSYU]RbUTU!((&
5cdQded_c TU \Q C_SYUTQT 6Y\Qb]†^YSQ TU CQ^dYQW_9]`bU^dQTU\Q<YRbUbQ
?RbUb_cTUFQ\`QbQc_6e^TQTQU\) 1]UbYSQ^Q!(('
TU_SdeRbUTU!((!1`b_RQT_c`_b\Q
:e^dQ:U^UbQ\`QbQU]`UjQbQbUZYbTUc 5cdQded_cTU\QC_SYUTQT@b_dUSd_bQTU1b
TUU\!¡TUU^Ub_TU!((#FQ\`QbQc_ dUcQ^_c BQ^SQWeQ 9]`bU^dQ TU
9]`bU^dQTU<Q@QdbYQ!((# BQ^SQWeQ!('%

5cdQded_c TU \Q C_SYUTQT 6bQdUb^Q\ TU \Q 5cdQded_cTU\QC_SYUTQT@b_dUSd_bQTU3Y

E^Y†^YTU\@b_WbUc_9^cdQ\QTQ`_bQ\ WQbbUb_cFQ\`QbQc_9]`bU^dQTU
We^_cQbdUcQ^_cTUCQ^dYQW_U\TQ$ <Q@QdbYQ!('&
TUZe\Y_TU!('!CQ^dYQW_9]`bU^ 5cdQded_c TU \Q C_SYUTQT BU`eR\YSQ^Q
dQTU\3_bbU_!('! 6bQ^SYcS_ 2Y\RQ_ FQ\`QbQc_ 9]
5cdQded_cTU\QC_SYUTQT6bQdUb^YTQTY@b_ `bU^dQTU<Q@QdbYQ!('#
WbUc_ CQ^dYQW_ 9]`bU^dQ >QSY_ 5cdQded_c TU \Q C_SYUTQT C_S_bb_ =ede_
^Q\!('# 9^dU\USdeQ\ CQ^dYQW_ 9]`bU^dQ
5cdQded_cTU\QC_SYUTQT7bU]Y_TU6\UdUb_c FYSd_bYQ!((#
TUFQ\`QbQc_²CQ^dQB_cQTU3_\]_³ 5cdQded_cTU\QC_SYUTQTCeYjQTU2U^UVY
6e^TQTQ U\ #! TU _SdeRbU TU !((( SU^SYQU^FQ\`QbQc_Q`b_RQT_cU^ce
FQ\`QbQc_ DQ\\Ub E^YfUbcQ\ bUe^Y†^ZU^UbQ\TU#TUVURbUb_TU!('#
!((( FQ\`QbQc_9]`bU^dQTU\E^YfUb
5cdQded_cTU\QC_SYUTQT²<Q9WeQ\TQT³TU c_!('#
?RbUbQcTUFQ\`QbQc_6e^TQTQU\( 5cdQded_cTU\QC_SYUTQTCeYjQTU2U^UVY
TU CUdYU]RbU TU !()! FQ\`QbQc_ SU^SYQbUV_b]QT_c`_bU\S_]Yd}S_^\Q
9]`bU^dQ i <Yd_WbQVQ 5hSU\cY_b S__`UbQSY†^TU\cU…_b4_^:eQ^>QUWU
!()" \Ye^_TU\_cVe^TQT_bUcTU\Qc_SYUTQT
5cdQded_cTU\QC_SYUTQT<Q9WeQ\TQTTU iQ`b_RQT_cU^\QbUe^Y†^ZU^UbQ\TU\
FQ\`QbQc_ FQ\`QbQc_ 9]`bU^dQ "$TUU^Ub_TU!('$FQ\`QbQc_9]
TU<Q@QdbYQFQ\`QbQc_!('" `bU^dQTU\E^YfUbc_!('$
5cdQded_cTU\QC_SYUTQT@b_dUSSY†^=edeQ
5cdQded_cTU\QC_SYUTQT<QBQj†^Q`b_RQ

(!&
 TU5]`\UQT_c@‹R\YS_cTU3XY\U1`b_ 5cdQded_cTU\QE^Y†^TU\_c1bdUcQ^_cTU
RQT_c`_bU\TYbUSd_bY_^_]RbQT_U\!( CQ^dYQW_`QbQc_S_bbUbcU]edeQ]U^dU
TU QW_cd_ TU !(() CQ^dYQW_ 9] CQ^dYQW_U^Ub_&TU!(%(
`bU^dQTU²<_c4URQdUc³ 5cdQded_cTU<QE^Y†^C_SYUTQTTUC_S_
5cdQded_cTU\QC_SYUTQT@b_dUSSY†^=edeQ bb_c=ede_cVe^TQTQ`_b\_cQbdUcQ^_c
TU5]`\UQT_c@‹R\YS_cTU3XY\U@b_ TUCQ^dYQW_U^U^Ub_TU!(&"CQ^dYQ
iUSd_Q`b_RQT_`_b\QCeRS_]YcY†^TU\ W_9]`bU^dQ>QSY_^Q\!('!
4YbUSd_bY_ CQ^dYQW_ 9]`bU^dQ TU 5cdQded_cTU\QE^Y†^6bQdUb^Q\C_SYUTQT
<_c4URQdUc!(() TUC_S_bb_c=ede_c1`b_RQT_c`_bU\
5cdQded_cTU\QC_SYUTQT@b_dUSd_bQTU1b Ce`bU]_ 7_RYUb^_ CQ^dYQW_ 9]
dUcQ^_c BQ^SQWeQ 9]`bU^dQ TU `bU^dQ>QSY_^Q\!('%
BQ^SQWeQ!('% 5cdQded_cTU\QC_SYUTQTE^Y†^Y@b_WbUc_
5cdQded_cTU\QC_SYUTQT@b_dUSd_bQTU3Y CQ^dYQW_9]`bU^dQTU\CeTQ]}
WQbbUb_cFQ\`QbQc_9]`bU^dQTU bYSQ!('#
\Q@QdbYQ!('& 5cdQded_cTU\QC_SYUTQTE^Y†^@b_dUSd_bQ
5cdQded_c TU \Q C_SYUTQT DY`_WbvVYSQ TU TU 3YWQbbUb_c CQ^dYQW_ 9]`bU^dQ
9aeYaeU aeU XQ^ S_]U^jQT_ Q bUZYb =Y\YdQb!('!
TUcTUU\!¡TUU^Ub_TU!(''FQ\`QbQ 5cdQded_cTU\3\eRTU1bdUcQ^_c²5\@_bfU
c_9]`bU^dQTU<Q@QdbYQ!('' ^Yb³TU<QE^Y†^BUSeUbT_aeUfeUc
5cdQded_c TU \Q C_SYUTQT DY`_WbvVYSQ TU db_TY`edQT_dYU^UU\X_^_bTUU^fYQb_c
9aeYaeU aeU XQ^ S_]U^jQT_ Q bUZYb 6bQ^SYcS_BE^TebbQWQCQ^dYQW_
TUcTUU\!&TU_SdeRbUTU!(()9aeY 9]`bU^dQ2QbSU\_^Q!()"
aeU 9]`bU^dQ TU \Q 9^TecdbYQ 5cdQded_cTU\3\eRTU\_c?RbUb_cTUCQ^
!(() dYQW_ CQ^dYQW_ 9]`bU^dQ >QSY_
^Q\!(' 
5cdQded_c TU \Q C_SYUTQT DY`_WbvVYSQ TU
FQ\`QbQc_aeUXQ^S_]U^jQT_QbUZYb 5cdQded_cYBUW\Q]U^d_TU\Q3QcQTUDQ
TUcTUU\!¡TUZe\Y_TU!((#FQ\`Q \\UbUcTUCQ^FYSU^dUTU@Qe\TUCQ^
bQc_ 9]`bU^dQ TU <Q @QdbYQ dYQW_ CQ^dYQW_ 9]`bU^dQ TU ²<Q
!((# 5cdbU\\QTU3XY\U³!('&
5cdQded_cTU\QC_SYUTQTdYde\QTQDbQRQZ_ 5cdQded_c `QbQ \Q C_SYUTQT ²?RbUb_c TU
`QbQ D_T_c CQ^dYQW_ 9]`bU^dQ CQ^:_c}³!())CQ^dYQW_9]`bU^
>QSY_^Q\!(&$ dQ <Yd_WbQVQ i 5^SeQTUb^QSY†^
3XY\U!) #
5cdQded_cTU\QC_SYUTQT²E^Y†^TU5]
`\UQT_c³ CQ^dYQW_ 9]`bU^dQ TU 5cdQded_ciBUW\Q]U^d_TU\QC_SYUTQTTU
6UTUbYS_CSXbUR\Ub!('% C_S_bb_c=‹de_c²E^Y†^6bQdUb^Q\³
6e^TQTQ U\ !) TU QW_cd_ TU !('%
5cdQded_cTU\QC_SYUTQT²E^Y†^TU=_j_c³
cV
TU CQ^dYQW_ CQ^dYQW_ 9]`bU^dQ
FYSd_bYQ!((' 5ijQWeYbbU:QY]U3XY\UTebQ^dUU\W_
RYUb^_TU5bbvjebYj5SXQebbU^!()&°
5cdQded_cTU\QC_SYUTQTTUCQcdbUcFQ\
!) !CQ^dYQW_5TYd_bYQ\JYW°JQW
`QbQc_ 9]`bU^dQ FQ\`QbQc_
!)%'
!('#
5ijQWeYbbU:QY]U6Yc_^_]QXYcd†bYSQ
5cdQded_cTU\QC_SYUTQTE^Y†^6bQdUb^Q\ TU3XY\UCQ^dYQW_5TYd_bYQ\TU\@Q
Ve^TQTQU\!¡TUU^Ub_TU!((%CQ^
SVYS_!)%(
6Ub^Q^T_9]`bU^dQTU²<Q:efU^
deT³!((& 5ijQWeYbbU:QY]U8Ycd_bYQTU\QcY^cdY
deSY_^Uc `_\dYSQc i c_SYQ\Uc TU 3XY\U

(!'
 CQ^dYQW_5TYd_bYQ\E^YfUbcYdQbYQ CQ^dYQW_ 9]`bU^dQ FYSd_bYQ
!)'' !(((
5ijQWeYbbUB_ecU7eY\\Ub]_i:_bWU 6YWeUb_Q@UTb_@QR\_5\`_UdQ`_`e
5bbvjebYjDQW\U5cdeTY_c_SYQ\=_ \Qb@UTb_4Qj7Q^Q@_UcQcY=U]_
^_WbQVQTUe^QVQ]Y\YQ_RbUbQTUCQ^ bYQcTUCURQcdYv^3Q^WQ\\QCQ^dYQ
dYQW_CQ^dYQW_9]`bU^dQ<Yd_WbQ W_9]`bU^dQ=_TUb^Q!) 
VQ i 5^SeQTUb^QSY†^ 2QbSU\_^Q 6YWeUb_Q @UTb_ @QR\_ 8Ycd_bYQ TU
!) # 6bQ^SYcS_2Y\RQ_CQ^dYQW_9]`bU^
6Q\S_^BYSQbT_<_c_bWU^UcTU\]_fY dQTU\3_bbU_!()$
]YU^d__RbUb_!(%'!())2eU^_c 6YWeUb_Q@UTb_@QR\_8Ycd_bYQTU\Q
1YbUc 3U^db_ 5TYd_b TU 1]}bYSQ BUf_\eSY†^ 3_^cdYdeiU^dU !(%(
<QdY^Q2YR\Y_dUSQ@_\dYSQ1bWU^ !(%)CQ^dYQW_9]`bU^dQ@_bdU
dY^Q!)($ …Q!()%
6QbWU1b\UddU<UW_dTU\µQbSXYfU@Q 6YWeUb_Q@UTb_@QR\_<Q\YRbUbQU^
bYcCUeY\!)() 3XY\U @Qbc <YRbUbQ TU 7Qb^YUb
6U\Y‹4Q^YU\5\QX_bb_i\Qcc_SYUTQTUc 8Ub]Q^_c!()&
TUc_S_bb_c]ede_cFQ\`QbQc_9] 6YWeUb_Q?5^bYaeUi3Qb\_cCQ^T_
`bU^dQTU\Q@QdbYQ!('# fQ\13QbR†^*SYU^Q…_cTU8Ycd_bYQ
6U\Y‹4Q^YU\5\dbQRQZ_i\QcXeU\WQcTU !($(!)&  CQ^dYQW_ 3541<
_RbUb_c 3_^VUbU^SYQc `_`e\QbUc !)('
TQTQcU^\QUcSeU\QdYde\QTQ²2\Qc 6YWeUb_QFYbWY\Y_4YSSY_^QbY_8Ycd†bYS_
3eUfQc³FQ\`QbQc_9]`bU^dQTU i2Y_WbvVYS_TU3XY\UCQ^dYQW_9]
\Q@QdbYQ!('# `bU^dQ<Q9\ecdbQSY†^!)#!
6U\Y‹3bej7eY\\Ub]_>_dQc`QbQe^Q 6_eSQe\d=YSXU\=YSb_VcYSQTU\`_TUb
RYR\Y_WbQVQc_RbUfYQZUb_cbU\QdYf_cQ #  UTYSY†^ U^ Uc`Q…_\ =QTbYT
3XY\UCQ^dYQW_5TYd_bYQ\E^YfUbcY 5TYSY_^UcTU<Q@YaeUdQ!))"
dQbYQ!)&%
6_eSQe\d =YSXU\ FYWY\Qb i SQcdYWQb
6Ub^v^TUj =Q^eU\ 1@b_\UdQbYQT_ i >QSY]YU^d_TU\Q`bYcY†^"# UTYSY†^
cQ\YdbU U^ 3XY\U !() !)!  <_^ U^Uc`Q…_\=}hYS_CYW\_FUY^dYe
TbUc=_^_WbQVQcTU>eUfQ8Ycd_ ^_5TYd_bUc!))%
bYQ"!)((
6e^TQSY†^=QbY_7†^W_bQ6_b]QcTU
6Ub^v^TUj@bQTU\:_bWU<U3XY\YQ`b~c c_SYQRY\YTQT U^ 3XY\U !($ !)$
SU^dQ^cTµ9^T}`U^TU^SU@QbYc7Q CQ^dYQW_6e^TQSY†^=QbY_7†^
RbYU\2UQeSXUc^U5TYdUeb!)!" W_bQ!))"
6Ubb_=QbS<µXYcd_YbUc_eccebfUY\\Q^SU 7QY\\QbT:UQ^^U3_]]e^UcTU`b_fY^
CSYU^SUUdS_^cSYU^SUTU\µXYcd_YbU@Q SU 3_]]e^U TU @QbYc !(' °!('!
bYc3Q\]Q^^<}fi3_\\USdY_^6_ @QbYc 6\Q]]QbY_^ AeUcdY_^c
\\Y_8Ycd_YbU!)(' TµXYcd_YbU!)'!
6YWeUb_Q@UTb_@QR\_4YSSY_^QbY_2Y_ 7Q\\UWeY\\_c<_bSQ64_^:eQ^1Wec
WbvVYS_3XY\U^_!%% !(('CQ^dYQ d^3_b^UZ_CefYTQicec`bY^SY`Y_c
W_9]`bU^dQFYSd_bYQ!((' FQ\`QbQc_DY`_WbQVQ>QSY_^Q\i
6YWeUb_Q@UTb_@QR\_4YSSY_^QbY_2Y† 5^SeQTUb^QSY†^!(()
WbQVYS_TU5hdbQ^ZUb_cU^3XY\UCQ^ 7v\fUj@DXU\]QiB_cQ2bQf_2CYU
dYQW_9]`bU^dQ=_TUb^Q!)  dUT}SQTQcTUbUWYcdb_TU\dbQRQZ_VU]U
6YWeUb_Q@UTb_@QR\_4YSSY_^QbY_2Y_ ^Y^_!(%$!)" CQ^dYQW_9^cdYde
WbvVYS_7U^UbQ\TU3XY\U" UTYSY†^ d_>QSY_^Q\TU5cdQTcdYSQccV

(!(
7QbSQFQ\U^jeU\QBU^}5\_bYWU^Q`Q FY\_c5TYdQT_`_b\Q9=e^YSY`Q\Y
bU^dUTU\Q6bQ^S]Qc_^UbQU^3XY\Ui TQTTU<_cFY\_c!))&
\QBUc`UdQR\U<_WYQcY]R†\YSQ²6Y\Q^ 7†]Uj TU FYTQebbU 6U\Y`U 8Ycd_bYQ
db_`Q3XY\U^Q³CQ^dYQW_9]`bU^ WU_WbvVYSQ^QdebQ\iSYfY\TU\bUY^_TU
dQE^YfUbcYdQbYQ!)$) 3XY\U U^ 3_\USSY†^ XYcd_bYQT_bUc TU
7Qj]ebYBYfUb_c3bYcdYv^5\²$(³SXY 3XY\UiT_Se]U^d_cbU\QdYf_cQ\QXYc
\U^_9WeQ\YdQbY_cbUV_b]YcdQcbQTYSQ d_bYQ^QSY_^Q\d_]_H9F`eR\YSQ
\Uc ]Qc_^Uc i R_]RUb_c CQ^dYQW_ T_`_b:_c}D_bYRY_=UTY^QCQ^
5TYd_bYQ\E^YfUbcYdQbYQ!))" dYQW_9]`bU^dQ5bSY\\Q!(()
7Qj]ebY BYfUb_c 3bYcdYv^ 9^db_TeS 7†^W_bQ=QbY_5^S_]U^TUb_ciUcdQ^
SY†^QCQ^dYQW_1bS_c*3QbdQQ6bQ^ SYUb_c5cdeTY_cQSUbSQTU\Q3_^cdYde
SYcS_2Y\RQ_i_db_cUcSbYd_cCQ^dYQW_ SY†^c_SYQ\QbYcd_SbvdYSQTU3XY\UTUc
5TYd_bYQ\E^YfUbcYdQbYQ!))  `e}c TU \Q 3_^aeYcdQ !%( !&&
7U^TbY^UFYSd_b1^QcdXQcUB}SYdXYc CQ^dYQW_5TYd_bYQ\E^YfUbcYdQbYQ
d_bYaeUUhQSdUdcY^S~bU`Qb]UbUd`Qb !)' 
dUbbUTUaeQdbUf_iQWUcVQYdcQe2b}cY\ 7†^W_bQ=QbY_5^cQi_XYcd†bYS_c_RbU
Qe3XY\YTQ^c\Uc3_bTY\\~bUcTUc1^ \Q^_SY†^TU5cdQT_U^3XY\UU^\_ccY
TUcw=U^T_jQTQ^c\Uc4}cUbdcUdw W\_cH9HiHHCQ^dYQW_5TYSY_^Uc
2eU^_c1YbUcFUbcQY\\Uc9]`bY]U <Q3YeTQT!)(!
bYU3UbV!(%&
7†^W_bQ=QbY_?bYWU^TU\_c²Y^aeY\Y
7YRQeT2Ub^QbT4U\Q]edeQ\Yd}w\Q ^_c³TU3XY\USU^dbQ\CQ^dYQW_5TY
c}SebYd}c_SYQ\U3_^V\YdcUdS_^fUbWU^ d_bYQ\E^YfUbcYdQbYQ!)& 
SUc@QbYc<UcrTYdY_^c?efbY~bUc
!)(& 7†^W_bQ5cS_RUT_Â\fQb_<Q`b_cdY
deSY†^U^CQ^dYQW_FYcY†^TU\QcU\YdUc
7Y\\Ycc:=DXUEC^QfQ\Qcdb_^_]Y
CQ^dYQW_5TYSY_^UcTU\Q4YbUS
SQ\Uh`UTYdY_^d_dXUc_edXUb^XU]Yc
SY†^ TU 2YR\Y_dUSQc 1bSXYf_c i
`XUbUTebY^WdXUiUQbc!($)% %!%"
=ecU_c 3U^db_ TU 9^fUcdYWQSY_
f_\93XY\U8_ecU_VBU`bUcU^dQ
^Uc 4YUW_ 2Qbb_c 1bQ^Q 3_\US
dYfUc ##T 3_^WbUcc !cd CUccY_^
SY†^C_SYUTQTi3e\debQf_\F999
5h4_S>¡!"!1?@GQcXY^W
!))$
d_^>YSX_\c_^@bY^dUb!(%%
7_^jv\Uj=QbSYQ\5cdeTY_cUS_^†]YS_c
7YbQbT=62_TQcTU?b_TU\QC_SYU
CQ^dYQW_ 9]`bU^dQ 7edU^RUbW
TQT²<Q6bQdUb^YTQT³FQ\TYfYQ9]
`bU^dQ 3U^dbQ\ 5 <Q]`UgUbd !(()
!)#% 7_^jv\Uj=QbSYQ\BU_bWQ^YjQSY†^TU\Q
7_T_i<_bU^Q8edSXYc_^5\YjQRUdX 2U^UVYSU^SYQ @‹R\YSQ U^ CQ^dYQW_
UdQ\4YcSY`\Y^QiTUcQSQd_3_^cdbeS =U]_bYQi@b_iUSd_TU_bTU^Q^jQ`bU
SY†^TUYTU^dYTQTU^3XY\UcYW\_cH9H cU^dQT_Q\QS_]YcY†^Uc`USYQ\TU\bQ]_
iHHCQ^dYQW_CEB3545=3_ CQ^dYQW_ 9]`bU^dQ >QSY_^Q\
\USSY†^ 9^fUcdYWQT_bUc :†fU^Uc !(''
!))% 7_^jv\UjD_]vc:<Qcc_SYUTQTUcS__
7_T_i=ÉcSQb1\V_^c_4_^=Q\Q `UbQdYfQc TU S_^ce]_ FQ\`QbQc_
aeQc3_^SXQcefYTQcec_RbQcce 9]`bU^dQTU<Q@QdbYQ!('#
W\_bYVYSQSY†^ CQ^dYQW_ 9]`bU^dQ K7_^jv\UjD_]vc:e\Y_M=U]_bYQTU
2U\\QfYcdQ!)"# \QC_SYUTQTDY`_WbvVYSQTUFQ\`QbQc_
7_YS_fYS 4_^_c_ 9W_b @QcQ^T_ Q \Q TUcTUcebU_bWQ^YjQSY†^XQcdQU\# TU
8Ycd_bYQ<_cFY\_c!(%%!)&%<_c _SdeRbUTU!((!!(&&!((!FQ\`Q

(!)
 bQc_ 9]`bU^dQ TU ²<Q @QdbYQ³ U^ 3XY\U 9TUQc i TURQdUc `bUSebc_bUc
!((! !( $!) "CQ^dYQW_5TYSY_^Uc
K7_^jv\UjD_]vc:e\Y_M=U]_bYQTU\ TU\Q4YbUSSY†^TU2YR\Y_dUSQc1b
`bUcYTU^dUTU\QC_SYUTQTDY`_WbvVYSQ SXYf_ci=ecU_c3U^db_TU9^fUc
TUFQ\`QbQc_\UYTQU^\QbUe^Y†^ZU^U dYWQSY_^Uc 4YUW_ 2Qbb_c 1bQ^Q
bQ\TU\!$TUZe\Y_TU!('"FQ\`QbQ 3_\USSY†^6eU^dUc`QbQ\Q8Ycd_bYQ
c_9]`bU^dQTU<Q@QdbYQ!('" TU\QBU`‹R\YSQf_\F99!))%
7eUbbQFCUbWY_<Q²BU`‹R\YSQQbdUcQ
K7_^jv\UjD_]vc:e\Y_M=U]_bYQ\UY
^Q³U^3_\_]RYQ<Q8QRQ^Q5TYd_
TQ`_bU\`bUcYTU^dUTU\QC_SYUTQTDY
bYQ\TU3YU^SYQcC_SYQ\Uc!)( 
`_WbvVYSQTUFQ\`QbQc_U^\QbUe^Y†^
ZU^UbQ\TU!"U^Ub_TU!((%FQ\`Q 7eUfQbQ D_]vc <_c QbQeSQ^_c U^ \Q
bQc_ 9]`bU^dQ TU ²<Q @QdbYQ³ bUf_\eSY†^TU\Q9^TU`U^TU^SYQCQ^
!((% dYQW_9]`bU^dQ3UbfQ^dUc!)! 
7_^jv\Uj5SXU…YaeU:QfYUbUTYSY†^ 7eQ:U^UbQ\TU\QBU`‹R\YSQTU3XY\US_
i UcdeTY_ `bU\Y]Y^Qb 4_Se]U^d_c bbUc`_^TYU^dUQ\Q…_TU!($'FQ\`Q
TU\Q]YcY†^TUT_^=QbYQ^_5WQ…QU^ bQc_ 9]`bU^dQ TU\ =UbSebY_
<_^TbUc !("$!(") CQ^dYQW_ !($'
5TYSY†^TU\=Y^YcdUbY_TUBU\QSY_ 7edY}bbUj<UQ^Tb_8i<eYc1\RUbd_
^Uc5hdUbY_bUcTU3XY\U!)($ B_]Ub_CUSd_bUc`_`e\QbUcSe\debQi
7_^jv\Uj7eUbbUb_6bQ^SYcS_=U]_ `_\dYSQ2eU^_c1YbUcU^\QU^dbUWeU
bYQ\UYTQ`_bU\`bUcYTU^dUTU\QC_SYU bbQ 2eU^_c 1YbUc 5TYd_bYQ\ CeT
TQTDY`_WbvVYSQTUFQ\`QbQc_U^\Q Q]UbYSQ^Q!))%
bUe^Y†^ZU^UbQ\TU!(TUU^Ub_TU!(($ 8QRYdQ^dUcTU\_cceRebRY_cTUCQ^dYQW_
FQ\`QbQc_9]`bU^dQTU²<Q@Q CQ^dYQW_ 9]`bU^dQ TU\ @Qc "'
dbYQ³!(($ TU]Qbj_TU!(%(
7_^jv\Uj=YbQ^TQCUbWY_S_]`Y\Q 8QYWXCQ]eU\C[UdSXUc_V2eU^_c1ibUc
T_b7\_cQbY_TUf_SUcTU\Q@Q]`Q Q^T3XY\U<_^T_^:Q]Uc3Qb`U^
DQbQ`QSvU^U\3YS\_TU\CQ\YdbU9aeY dUbQ^TC_^!(")
aeUDQ\\UbTU5cdeTY_cBUWY_^Q 8QYWXCQ]eU\FYQZUQ3XY\UTebQ^dU\Q
\Uc 5TYSY_^Uc 5c`USYQ\Uc 3Q]Q^ }`_SQTU\Q9^TU`U^TU^SYQCQ^dYQW_
SXQSQ>¡#cU`dYU]RbUTU!))" 9]`bU^dQE^YfUbcYdQbYQ!)!'
7_^jv\Uj=YbQ^TQCUbWY_8_]RbUci 8Q\`UbY^4_^WXYDe\Y_8Ycd_bYQS_^
]eZUbUcTU\Q`Q]`Q*DQbQ`QSvU^U\ dU]`_bv^UQ TU 1]}bYSQ <QdY^Q !$ 
3YS\_TU\CQ\YdbU9aeYaeUDQ\\UbTU UTYSY†^ =QTbYT 1\YQ^jQ 5TYd_
5cdeTY_cBUWY_^Q\Uc5TYSY_^Uc5c bYQ\!))#
`USYQ\Uc3Q]Q^SXQSQ>¡"U^Ub_ 8Qe`d7U_bWUc<µXYcd_bYU^Ud\U]_efU
TU!))! ]U^dc_SYQ\@QbYcrTYdY_^c6bQ^|_Yc
7bQXQ]=QbQ4YQbY_TUcebUcYTU^SYQ =Qc`}b_!)( 
U^3XY\UTebQ^dUU\Q…_!(""CefYQ 8UYcU7_^jv\Uj:e\Y_1…_cTUV_b]Q
ZUTU3XY\UQ\2bQcY\U^!("#CQ^dYQ SY†^ i Q`bU^TYjQZU `_\dYS_c !(! 
W_9]`bU^dQ3UbfQ^dUc!) ) !(# CQ^dYQW_5TYd_bYQ\E^YfUb
7bUfU5b^Ucd_8Ycd_bYQTU\Q9^WU^YUbQ cYdQbYQ!)'(
U^ 3XY\U d_]_ 999 CQ^dYQW_ 9] 8UYcU7_^jv\Uj:e\Y_!% Q…_cTUUf_
`bU^dQE^YfUbcYdQbYQ!)$# \eSY†^Y^cdYdeSY_^Q\CQ^dYQW_5TY
7bUjD_c_CUbWY_S_]`Y\QSY†^iUc d_bYQ\1^Tb}c2U\\_!)''
deTY_SbdYS_<Q²SeUcdY†^c_SYQ\³ 8Ub]Q^_c TU\ `eUR\_ CQ^dYQW_ 9]

("
 `bU^dQTU\@b_WbUc_"&TUZe^Y_ \Q]U]_bYQTUWeUbbQTU!((!FQ\`Q
TU!(%! bQc_ 9]`bU^dQ TU \Q @QdbYQ
8Ub]Q^^ 1\RUbd_ <Q `b_TeSSY†^ TU !(("
_b_`\QdQiS_RbUU^3XY\UTUcTU\_c`bY 8_b_gYdj 9bfY^W < <_c Q^QbaeYcdQc
]Ub_cTQcTU\QS_^aeYcdQXQcdQVY^Uc !<QdU_bQ=QTbYT1\YQ^jQ5TY
TU QW_cd_ TU !()$ CQ^dYQW_ 9] d_bYQ\5\\YRb_TUR_\cY\\_!)&$
`bU^dQ>QSY_^Q\!()$ 8_bb_b_c_QdU^dQT_CQ^dYQW_9]`bU^
8Ub^v^TUj3B_RUbd_5\B_d_SXY\U dQTU\QBU`‹R\YSQ!(% 
^_ 2_caeUZ_ XYcd†bYS_ TU QSdeQ\YTQT 8_cd_c5eZU^Y_=QbQ3XY\UU^ceUh
FQ\`QbQc_9]`bU^dQCQ^BQVQU\ `_cYSY†^TUcUdYU]RbUCQ^dYQW_9]
!)"( `bU^dQTU\QBU`‹R\YSQ!('#
8Ub^v^TUj3B_RUbd_FQ\`QbQc_U^ 9\\Q^Uc?=QbQ1^W}\YSQ²5^^_]RbU
!("'FQ\`QbQc_9^`bU^dQFYSd_ TU\`eUR\_TU\5cdQT_iTU\QSYU^SYQ
bYQ!)"' ³8Ycd_bYQc_SYQ\TU\QcQ\eT`‹
K8YTQ\W_=Q^eU\M=U]_bYQaeUU\@bU R\YSQ3XY\U!(( !)'#8QSYQe^Q
cYTU^dUTU\QE^Y_^`bUcU]dQQ\Q:e^ XYcd_bYQc_SYQ\TU\CYW\_HHCQ^dYQ
dQ7U^UbQ\U^U^Ub_TU!((#CQ^dYQ W_3_\USdYf_TU1dU^SY†^@bY]Q
W_ 9]`bU^dQ TU ²<Q r`_SQ³ bYQ!))#
!((# 9\\Q^Uc?=QbQ1^W}\YSQ<QbUf_\e
8_RcRQg]5bYS:5\]e^T_TU\dbQRQ SY†^c_\YTQbYQ8Ycd_bYQTU\Qcc_SYUTQ
Z_5cdeTY_cXYcd†bYS_cc_RbU\QV_b]Q TUc_RbUbQcTUc_S_bb_c]ede_c3XY\U
SY†^ i Uf_\eSY†^ TU \Q S\QcU _RbUbQ !($ !)" CQ^dYQW_3_\USdYf_TU
2QbSU\_^Q 5TYd_bYQ\ 3bdYSQ 1dU^SY†^@bY]QbYQ!)) 
!)('
9]`bUcY_^UcTU\QBU`‹R\YSQTU3XY\UU^U\
8_RcRQg]5bYS:8Ycd_YbU}S_^_]YaeU cYW\_HH8Ycd_bYQWU^dUS_]UbSY_Y^
Udc_SYQ\UTU\Q7bQ^TU2bUdQW^Ud_]U TecdbYQibYaeUjQ<_^T_^:QcDbec
"4U\Qb}f_\edY_^Y^TecdbYU\\Uw S_ddQ^Tc_^<dT!)!%
^_cZ_ebcdbQTeYdTU\µQ^W\QYc`Qb
9^V_b]U`QcQT_Q\QC_SYUTQTE^Y†^TU\_c
=YSXU\ :Q^Y^ @QbYc rTYdY_^c Te
DY`†WbQV_c TU CQ^dYQW_ `_b U\ @bUcY
CUeY\3_\\USdY_^E^YfUbc8Ycd_bY
TU^dUTUU\\QU^\Q:e^dQ:U^UbQ\U\"%
aeU!)''
TUU^Ub_TU!('$CQ^dYQW_9]`bU^
8_RcRQg] 5bYS : <Qc bUf_\eSY_^Uc dQ>QSY_^Q\!('$
RebWeUcQc!  UTYSY†^2QbSU\_^Q
9…YWeUj9bQbbvjQfQ\@UTb_6U\Y`U>_
5TYd_bYQ\ <QR_b @e^d_ ?]UWQ
dQcc_RbUU\TUcQbb_\\_TU\`U^cQ]YU^d_
!)(%
c_SYQ\U^3XY\U!) !°!) &CQ^dYQ
8_RcRQg]5bYS:BURU\TUc`bY]YdYf_c W_ 5TYd_bYQ\ :ebTYSQ TU 3XY\U
5cdeTY_c_RbU\QcV_b]QcQbSQYSQcTU\_c !)&(
]_fY]YU^d_cc_SYQ\UcU^\_ccYW\_cH9H
9bYQbdUD_]vcTU@Q^_bQ]QcSXY\U^_c
i HH 2QbSU\_^Q 5TYd_bYQ\ 1bYU\
TU\cYW\_H9HbUS_`Y\QSY†^`b†\_W_
!)(#
i^_dQcTU7QRbYU\2Q\R_^d^6eU^
8_RcRQg]5bYS:DbQRQZQT_bUc5cde jQ\YTQCQ^dYQW_5TYSY_^Uc1bS_c
TY_cTUXYcd_bYQTU\QS\QcU_RbUbQ2Qb !)&%
SU\_^Q<QYQ!)''
9debbYQWQ:BedX<Q3_]e^QiU\cYdY_
8_]RbUciS_cQcTebQ^dU\QWeUbbQCUbYU TU <Q CUbU^Q U^ !(%! CQ^dYQW_
TUQbdSe\_cUTYd_bYQ\UcTU²<Q@QdbYQ³ 5TYd_bYQ\AeY]Q^d‹!)'#
UcSbYd_cS_^]_dYf_TU\Q`eR\YSQSY†^TU 9jaeYUbT_6Ub^v^TUj7_^jQ\_E^Uc

("!
 deTY_TU\QcYTU_\_WQcSXY\U^Qc<QC_ d_TUcQbb_\\_`b_R\U]Qc2QbSU\_^Q
SYUTQT>QSY_^Q\TU1WbYSe\debQU^U\ 5TYd_bYQ\1\VQ5cdeTY_c1\U]Q^Uc
cYW\_H9HCQ^dYQW_35C?!)&( !)()
:QbQÂ\fQb_`bUcU^dQSY†^idUhd_c ;bURcBYSQbT_UdQ\3Qd_\YSYc]_i\QY
3XY\UU^!(& GY\\YQ]<?\YfUb*e^ SYc]_<QcRQcUcT_SdbY^QbYQcTU\S_^
`bUSebc_bTU\QV_d_WbQVQCQ^dYQW_ V\YSd_U^dbU\Q9W\UcYQiU\UcdQT_U^3XY
5TYd_bYQ\E^YfUbcYdQbYQ!)'# \U CUYc UcdeTY_c CQ^dYQW_ 5TYSY_
:QbQÂ\fQb_DbQRQZ_icQ\QbY_Y^TWU^Q ^Uc>eUfQE^YfUbcYTQT!)(!
CYW\_HF9CQ^dYQW_5TYd_bYQ\E^Y <QRbQ^TU3XbYcdYQ^<Q@bU]Y~bU9^dUb
fUbcYdQbYQ!)(' ^QdY_^Q\U@QbYc! !(E^Y_^7}
:QbQÂ\fQb_iC_^YQ@Y^d_6eU^dUc`QbQ ^}bQ\UTµrTYdY_^c!)'&
\QXYcd_bYQTU\dbQRQZ_U^U\BUY^_TU <Q5cSeU\Q6UTUbYS_FQbU\Q@eR\YSQSY†^
3XY\U<UWYc\QSY†^!%$&!(! CQ^ U^ ce "% Q^YfUbcQbY_ FQ\`QbQc_
dYQW_ 5TYd_bYQ\ 1^Tb}c 2U\\_ 9]`bU^dQFYSd_bYQ!)"#
!)(#"d_]_c
<QSQ]`Q…QU\USd_bQ\TU!(("U^U\4U`Qb
:UVdQ^_fYS @ @UTb_ 3bUSY]YU^d_ TU\ dQ]U^d_TUCQ^dYQW_CQ^dYQW_9]
`b_TeSd_d_dQ\icUSd_bYQ\!(&!!) ) `bU^dQ²FYSd_bYQ³!(("
CQ^dYQW_E^YfUbcYTQTTU3XY\U
<Q6vRbYSQ>QSY_^Q\TU7Q\\UdQcTU5gY^W
6QSe\dQTTU3YU^SYQc5S_^†]YSQc
YBQg\Y^cQ\_cfYcYdQ^dUcTU\Q5c`_cY
i 1T]Y^YcdbQdYfQc 4U`QbdQ]U^d_
SY†^ >QSY_^Q\ TU CQ^dYQW_ TU 3XY\U
TU 5S_^_]Q 4_Se]U^d_ CUbYU
1…_TU!(($CQ^dYQW_9]`bU^dQ
9^fUcdYWQSY†^>¡! !)) 
TU²<Qr`_SQ³!(($
:_RUd:e\Y_3}cQb5^cQi_SbdYS_TU\TU
cQbb_\\_ US_^†]YS_°c_SYQ\ TU 3XY\U <QWQbbYWeU:eQ^5^bYaeU<QfUbTQTU
CQ^dYQW_5TYd_bYQ\E^YfUbcYdQbYQ bQ SeUcdY†^ c_SYQ\ CQ^dYQW_ 9]
!)%% `bU^dQ3UbfQ^dUc!(((
:_RUd:e\Y_3}cQbCQ^dYQW_1bS_c1b\U <Q7bQ^3_^fU^SY†^<YRUbQ\SU\URbQTQU^
WeYi\QC_SYUTQTTU\Q9WeQ\TQTE^ FQ\`QbQc_U^QRbY\TU!((!FQ\`Q
C_SYQ\YcdQEd†`YS_3XY\U^_CQ^dYQ bQc_ 9]`bU^dQ TU\ =UbSebY_
W_5TYd_bYQ\3e\debQ!)$" !((!
:_SU\i^°8_\d1\VbUT_<Q9^TU`U^TU^ <Q7bQ^3_^fU^SY†^<YRUbQ\SU\URbQTQU^
SYQTU3XY\U*dbQTYSY†^]_TUb^YjQSY†^ FQ\`QbQc_ U\ !' TU U^Ub_ TU !((&
i]Yd_=QTbYT=1@6B5!))" FQ\`QbQc_9]`bU^dQTU²<Q@Q
:_hU1\QY^<QcVeUbjQcQb]QTQcU^U\ dbYQ³!((&
cYcdU]Q `_\dYS_ SXY\U^_ CQ^dYQW_ <Q7bQ^TU5^SYS\_`UTiU@QbYc<YRbQYbYU
5TYd_bYQ\E^YfUbcYdQbYQ!)'  <Qb_eccU!)'$
;QU]`VVUb FY\\QWbv^ 7eY\\Ub]_ 1c <Q^Uc F 1\ `‹R\YS_ CQ^dYQW_ 9]
ceSUTY†CQ^WbYU^d_cU`Yc_TY_cTU\Q\e `bU^dQTUBBU]WYV_!¡TU]Qi_
SXQ_RbUbQU^3XY\UCQ^dYQW_DQ\\U TU!(")
bUc TU 1bQ^SYRYQ 8Ub]Q^_c <Q]U^^QYc K6}\YSYd} TUM ?UefbUc
!)&" 7}^~fU rTYdY_^c Te =Y\YUe Te
;YbcSX 8U^bi G 9^TecdbYQ\ TUfU\_` =_^TU 3_\\USdY_^ 3\QccYaeU Te
]U^dY^QdbQTYdY_^Q\c_SYUdi*dXUS_^ =Y\YUeTe=_^TUcT
V\YSd RUdgUU^ U^dbU`bU^UebccXY` Q^T <Q@b_dUSd_bQTUFQ\`QbQc_! Q=U]_bYQ
]_TUb^YjQdY_^Y^3XY\U7QY^UcfY\\U `bUcU^dQTQ`_bU\CUSbUdQbY_<6@U^
6\_bYTQ!)'' U\`bY]UbQ^YfUbcQbY_TUceVe^TQSY†^
;_S[Q:ŽbWU^8Ycd_bYQc_SYQ\3_^SU` S_^]U]_bQT_U\"!TU]Qi_TU!(')

(""
 FQ\`QbQc_ 9]`bU^dQ TU <Q @Q `QbQ \Q 8Ycd_bYQ TU \Q BU`‹R\YSQ
dbYQ!((  f_\F999!))&
<Qc[Y8Qb_\T:5\\YRUbQ\Yc]_Ueb_`U_ <YRUbdQTiE^Y†^@_b\Q\UYYWeQ\aeUZej
=}hYS_ 6_^T_ TU 3e\debQ 5S_ WQiQ]`QbQKf_\Q^dUcT`bUce]Y
^†]YSQ!))" R\U]U^dUY]`bUc_U^CQ^dYQW_U^
<Qc_SYUTQTTUQbdUcQ^_cXQSU`bUcU^dUQ\ !(")M
`‹R\YS_cUbVQ\cQ\Qc^eUfQcY]`edQ <YW_e4Q^YU\c_ec\QTYbUSdY_^TU
SY_^UcS_^aeUdbQdQ^TUTYcS_bTQb\_c 4YSdY_^^QYbU e^YfUbcU\ TU \Q VbQ^S°
CQ^dYQW_9]`bU^dQBU`eR\YSQ^Q ]Q|_^^UbYU@QbYcrTYdY_^cTU>Q
")TUQRbY\TU!(") fQbbUrTYdY_^cTe@bYc]U!)'$
<QC_SYUTQTTU\_c3_^cdYdeSY_^Q\UcQ\_c <YWQ3XY\U^_1\U]Q^Q<_cQ\U]Q^UcU^
<YRUbQ\UcCQ^dYQW_9]`bU^dQBU 3XY\UU^ce`bY]UbSU^dU^QbY_BUce]U^
`eR\YSQ^Q!(") XYcd†bYS_TU\QS_\_^YjQSY†^Q\U]Q^QU^
<QcC_SYUTQTUcTU1bdUcQ^_c@b_S\Q \Qc`b_fY^SYQcTU\cebU^3XY\UCQ^dYQ
]Q8QRYdQ^dUcTU3XY]RQi3Q…QTY W_<YWQ3XY\U^_1\U]Q^Q!)% 
\\QCQ^dYQW_9]`bU^dQTU\Q6UTU <YUedQeT=Ud=]U:_eb^Q\TU=Ud
bQSY†^!¡TU]Qi_TU!(") =]U<YUedQeT`U^TQ^d\Uebf_iQWU
<QcdQbbYQ :_c} FYSd_bY^_ =YcSU\v^UQ Te8QfbUwFQ\`QbQYc_3XY\YwR_bT
8Ycd†bYSQY<YdUbQbYQd_]_9993_c Te=Y^UYb_@QbYc<YdX_WbQ`XYU<Y
de]RbUc Y fYQZUc FQ\`QbQc_ 9] XQbT!(%%
`bU^dQTU\Q@QdbYQ!('  <Y\\_2Q\T_]Ub_BU\Qd_c`_`e\QbUcTU
<QcdQbbYQ:_c}FYSd_bY^_ ?RbQc3_] 2Q\T_]Ub_ <Y\\_ CQ^dYQW_ 5TYd_
`\UdQcCQ^dYQW_9]`bU^dQ<Yd_ bYQ\>QcSY]YU^d_2YR\Y_dUSQ@_`e
WbQVQi5^SeQTUb^QSY†^2QbSSU\_ \Qb!)'!
^Q!) &!)!$!$f_\c <Y^TU^=QbSU\fQ^TUbUT C_SYQ\
<Qc_::DQTU_<QUhXYRYSY†^SXY\U^Q CUSebYdi=edeQ\Yc]DXU3_]`QbQdYfU
U^ \Q 5h`_cYSY†^ @Q^1]UbYSQ^Q TU 8Ycd_bi _V =edeQ\ 2U^UVYd C_SYUdYUc
2eVVQ\_5E!) !CQ^dYQW_9] 2Ub^U@UdUb<Q^W175eb_`UQ^
`bU^dQi5^SeQTUb^QSY†^2QbSU\_ 1SQTU]YS@eR\YcXUbc!))&
^Q!) " <YcdQ TU 3_^cdYdeSY_^Q\Uc 4U^_]Y^QTQ
<QdSX]Q^BYSQbT_=Q^eU\B_TbWeUj `_b\Q_`_cYSY†^=Y^YcdUbYQ\UcKf_\Q^
CQ^dYQW_ 5TYd_bYQ\ >QcSY]U^d_ dUcT`bUce]YR\U]U^dUY]`bUc_
!)'% U^CQ^dYQW_U^!(")M
<Qf^3Qb\_c<Q3XY]RQ4U\fYUZ_CQ^ <YcdQTU<YRUbQ\Uc4U^_]Y^QTQTU1bdUcQ
dYQW_CQ^dYQW_JYWJQW!)$' ^_ci@_`e\QbUcKf_\Q^dUcT`bU
<UYTUU\USSY_^UcTU\QBU`‹R\YSQTU3XY\U ce]YR\U]U^dUY]`bUc_U^CQ^dYQ
CQ^dYQW_ 9]`bU^dQ >QSY_^Q\ W_U^!(")M
!((% <†`Uj?cfQ\T_4YSSY_^QbY_2Y_WbvVYS_
<U†^ <U†^ =QbS_ 1^d_^Y_ CYcdU]Q ?RbUb_ TU 3XY\U 3_^SU`SY†^ 9]
SQbSU\QbY_U^3XY\UFYcY_^UcbUQ\YTQ `bU^dQ i 5^SeQTUb^QSY†^ @U^
TUci`b_iUSd_c!(!&!)!&S_]`Y aeYcdQ !)!  "  UT CQ^dYQW_
\QSY†^iUcdeTY_`bU\Y]Y^QbCQ^ 9]`bU^dQi5^SeQTUb^QSY†^2U\\Q
dYQW_ 5TYSY_^Uc TU \Q 4YbUSSY†^ fYcdQ!)!"
TU2YR\Y_dUSQc1bSXYf_ci=ecU_c <_c QbdYcdQc FQ\`QbQc_ 9]`bU^dQ i
3U^db_ TU 9^fUcdYWQSY_^Uc 4YUW_ <YRbUbQ TU\ =UbSebY_ ]Qi_ TU
2Qbb_c1bQ^Q3_\USSY†^6eU^dUc !($(

("#
<_c]Y^YcdUbYQ\UcYcec_`_cYd_bUcU^FQ\ =Qb^B?cfQ\T_<QcXQRYdQSY_^Uc`QbQ
`QbQc_CQ^dYQW_9]`bU^dQTU\_c _RbUb_c  CQ^dYQW_  9]`bU^dQ
DbYRe^Q\Uc!($) E^YfUbcYdQbYQ!) #
<_cfUdUbQ^_cCQ^dYQW_"&TUZe^Y_TU =Qb_ddQCURQcdYv^5\]_fY]YU^d_cY^
!(%! TYSQ\QbWU^dY^_CeW}^UcYciTUcQbb_
<_gi=YSXQU\<U]QbhYc]UU^1]}bY \\_ d_]_ 9 @Ub_T_  !(%'!) '
aeU <QdY^U 1^dX_\_WYU @QbYc rTY 2eU^_c 1YbUc 5TYSY_^Uc <QSY_
dY_^c6bQ^|_Yc=Qc`}b_2YR\Y_dX~ !)& 
aeUC_SYQ\YcdU!)(  =Qbd^Uj=QbYQ^_9^TecdbYQccQ^dYQ
<ebSi<QV_^TTUFYQZUQ3XY\UCQ^dYQ WeY^QcCQ^dYQW_9]`bU^dQi5^
W_5TYd_bYQ\E^YfUbcYdQbYQ!)'  SeQTUb^QSY†^2QbSU\_^Q!()&
<i^SX:_X^<QcbUf_\eSY_^UcXYc`Q^_ =Qbd^Uj=U\SX_b=U]_bYQXYcd†bYSQ
Q]UbYSQ^Qc!( (!("&2QbSU\_^Q c_RbU\QBUf_\eSY†^TU3XY\UTUcTUU\
5TYd_bYQ\1bYU\!)'& SQedYfUbY_ TU 6Ub^Q^T_ F99 XQcdQ
=QSXYQfU\\_ CQ^dYQW_ @_\dYSQ US_^† !(!$FQ\`QbQc_9]`bU^dQ5eb_
]YSQ^QSY_^Q\1^dUSUTU^dUciTYbUSdY `UQ!($(
fQc d_]_ 9 CQ^dYQW_ 5cdQR\USY =QbdY^YS=QdU_8Ycd_bYQTU\QBUWY†^
]YU^d_c7bvVYS_c²2Q\SU\\c3_³ =QWQ\\v^YSQ @e^dQ 1bU^Qc E^Y
!)#! ™
fUbcYTQTTU=QWQ\\Q^Uc!))""
=Q\T_^QT_@bYUd_3Qb\_cBC_RbU\_c f_\c
]_fY]YU^d_cTU]QcQcTU]_SbvdYS_ci =Qbd^Ub4Q^YU\8Ycd_bYQTU3XY\U8Yc
\Qc ²bUV_b]Qc \YRUbQ\Uc³ TU ]UTYQT_c d_bYQ5S_^†]YSQCQ^dYQW_5cdQR\U
TU\cYW\_H9HU^3XY\U2bUfUQ^v\YcYc SY]YU^d_c7bvVYS_c2Q\SU\\c3_
XYcd†bYS_ TU\ TUSU^Y_ =_^dFQbQc !)")
!(%!!(&! <Y]Q !)(" Y^}TY
=Qbh;Qb\<Q3_]]e^UTU@QbYc<Q
d_
WeUbbU SYfY\U U^ 6bQ^SU `b}VQSU TU
=Q\\_Q3XY\U`QbQ\_cSXY\U^_c6_\\Ud_TU =YSXU\<_gi@QbYcCQfU\\Y3e\de
QSdeQ\YTQT CQ^dYQW_ 9]`bU^dQ bU3bYdYaeU$!)'&
²5cdbU\\QTU3XY\U³!(()
=Qbh;Qb\<Qc\eSXQcTUS\QcUcU^6bQ^
=Q^YVYUcd_Q\_c@eUR\_cTU\QcbQj_^UcaeU SYQTU!($(Q!(% =_cS‹5TYd_
]_fYUb_^Q\_cfUSY^_cTU\QSYeTQTi bYQ\@b_WbUc_!)'%
`eUbd_TUFQ\`QbQc_`QbQ\_cceSUc_c
TU\# TUcU`dYU]RbU‹\dY]_CQ^dYQ =Qbh ;Qb\ <U ]_efU]U^d _efbYUb
VbQ^|QYc995VV_bdc`_ebSb}Ub\U`QbdY
W_$TU_SdeRbUTU!("%
TUS\QccUY^db_TeSdY_^dbQTeSdY_^
=Q^YVYUcd_TU\@QbdYT_TU?`_cYSY†^Q\_c Ud^_dUcTUB_WUb4Q^WUfY\\U@Q
`eUR\_cTU\QBU`‹R\YSQc_RbU\Q^e\Y bYc6bQ^|_Yc=Qc`}b_!)'$
TQTTUaeUQT_\USU^\QcU\USSY_^UcXU
SXQcU^\_cTQc"%i"&TUZe^Y_‹\dY =Qi^QbT6}\YhF_iQWUcUdQfU^debUcQe
]_ CQ^dYQW_ 9]`bU^dQ TU :e\Y_ 3XY\Y @QbYc <YRbQYbYU >_efU\\U
!(%(
2U\Y^i3QQW_cd_TU!(%!
=UTY^Q:_c}D_bYRY_S_]`Y\QT_b
=Q^YVYUcd_TU\Q_`_cYSY†^TUCQ^dYQW_Q\Q
1SdQcTU\3QRY\T_TUCQ^dYQW_TebQ^
BU`‹R\YSQCQ^dYQW_9]`bU^dQTU\
dUU\`Ub_T_\\Q]QT_TU\Q@QdbYQFYU
@Qc!(%(
ZQ!(! !(!$CQ^dYQW_9]`bU^
=Q^^c@QdbYSY_2bUfUc^dUcYcTU\]_fY dQ3UbfQ^dUc!)! 
]YU^d_ _RbUb_ CQ^dYQW_ 5TYd_bYQ\ =UTY^Q:_c}D_bYRY_3_\USSY†^TU4_
AeY]Q^d‹ 3_\USSY†^ >_c_db_c Se]U^d_c9^}TYd_c`QbQ\Q8Ycd_bYQTU
\_cSXY\U^_c!)'"

("$
 3XY\U CUWe^TQ CUbYU d_]_ 999 TQTDY`_WbvVYSQTUFQ\`QbQc_U^\Q
!%''!%() CQ^dYQW_ 6_^T_ 8Yc bUe^Y†^ZU^UbQ\TU!"TUU^Ub_TU!((%
d†bYS_i2YR\Y_WbvVYS_:D=UTY^Q FQ\`QbQc_9]`bU^dQTU²<Q@Q
!)%) dbYQ³!((%
=UTY^Q:_c}D_bYRY_=U]_bYQcTUe^ =U]_bYQ`bUcU^dQTQ`_bU\@bUcYTU^dUTU\Q
_VYSYQ\Y^W\}cQ\cUbfYSY_TU3XY\UTe C_SYUTQT 2U^ZQ]^ FYSe…Q =QS[U^
bQ^dU\_cQ…_c!("!!(")CQ^dYQW_ ^QTU3YWQbbUb_cQ\Q:e^dQ:U^UbQ\TU\
9]`bU^dQE^YfUbcYdQbYQ!)"# cUWe^T_cU]UcdbUTU!(('CQ^dYQW_
=UTY^Q :_c} D_bYRY_ dbQTeSSY†^ 9]`bU^dQFYSd_bYQ!(('
FYQZUc bU\QdYf_c Q 3XY\U CQ^dYQW_ =U]_bYQaeUU\3_^cUZ_4YbUSdYf_TU\QC_
6_^T_8Ycd†bYS_:_c}D_bYRY_=U SYUTQTTUDQ\\UbUc`bUcU^dQQ\_cQSSY_
TY^Q!)&" ^YcdQcS_bbUc`_^TYU^dUQ\cU]UcdbUaeU
=U\WQb 2Q_ BYSQbT_ 5\ ]_fY]YU^d_ fU^SUU\`bUcU^dU]UcCQ^dYQW_9]
_RbUb_ \QdY^_Q]UbYSQ^_ 8Ycd_bYQ TU `bU^dQ Y <Yd_WbQVQ TU \Q C_S TU
e^Q S\QcU ceRQ\dUb^Q =}hYS_ 9^cdbeSSY†^@bY]QbYQ!('(
1\YQ^jQ5TYd_bYQ\=UhYSQ^Q3_\US =U]_bYQaeUU\3_^cUZ_4YbUSdYf_TU\QC_
SY†^<_c^_fU^dQ!)) f_\9 SYUTQTTUDQ\\UbUc`bUcU^dQQ\_cQSSY_
=U\\QVU B_ZQc B_\Q^T_ <Q Y^db_TeS ^YcdQc3_bbUc`_^TYU^dUQ\cU]UcdbUaeU
SY†^TU\QUcS\QfYdeT^UWbQU^3XY\U fU^SUU\`bUcU^dU]UcCQ^dYQW_9]
DbvVYS_ibedQcCQ^dYQW_E^YfUbcY `bU^dQ TU \Q BU`‹R\YSQ ]Qi_ TU
TQTTU3XY\U!)%) !(( 
=U\\Ud:e\Yv^FYQZUc`_bU\Y^dUbY_bTU\Q =U]_bYQaeUU\4YbUSd_bY_TU\QE^Y†^TU
1]}bYSQ=UbYTY_^Q\`_b:e\Yv^=U\\Ud \_cDY`†WbQV_cTUCQ^dYQW_`bUcU^dQQ
dbQTeSYT_TU\Q" UTYSY†^VbQ^SU \Q8_^_bQR\U3_]YcY†^TU2U\\Qc1bdUc
cQTU!("$CQ^dYQW_9]`bU^dQi U9^cdbeSSY†^TU\Q5c`_cYSY†^TU!(((
5^SeQTUb^QSY†^ E^YfUbcYdQbYQ CQ^dYQW_ 9]`bU^dQ TU ²5\ @b_
!) ( WbUc_³!(((
=U]_bYQ TU \Q C_SYUTQT DY`_WbvVYSQ TU =U]_bYQaeUU\@bUcYTU^dUTU\QC_SYUTQT
FQ\`QbQc_ TUcTU ce bU_bWQ^YjQSY†^ TUC_S_bb_c=ede_c²CQbZU^d_1\TUQ³
XQcdQU\# TU_SdeRbUTU!((!!(&& `bUcU^dQQ\Q:e^dQ:U^UbQ\TU#!TU
!((!FQ\`QbQc_9]`bU^dQTU²<Q 4YSYU]RbU TU !(() CQ^dYQW_ 9]
@QdbYQ³!((! `bU^dQY5^SeQTUb^QSY†^3XY\U^Q
=U]_bYQTU\@bUcYTU^dUTU\QC_SYUTQTTU !() 
1bdUcQ^_cTUCQ^dYQW_\UTQU^\QZe^ =U]_bYQaeUU\@bUcYTU^dUTU\QC_SYUTQT
dQZU^UbQ\U\)TUU^Ub_TU!(' CQ^ E^Y†^TU\_cDY`†WbQV_c`bUcU^dQQ\Q
dYQW_9]`bU^dQ>QSY_^Q\!('  :e^dQ:U^UbQ\U^"TUQW_cd_TU!()!
=U]_bYQ\UTQ`_bU\@bUcYTU^dUTU\QC_SYU CQ^dYQW_ 9]`bU^dQ >QSY_^Q\
TQTDY`_WbvVYSQTUFQ\`QbQc_U^\Q !()!
bUe^Y†^ZU^UbQ\TU# TUZe^Y_TU!((! =U]_bYQaeUU\@bUcYTU^dUTU\QE^Y†^TU
FQ\`QbQc_9]`bU^dQTU²<Q@Q 1bdUcQ^_c`bUcU^dQQ\Q:e^dQ:U^UbQ\
dbYQ³!((! U^U^Ub_TU!((#CQ^dYQW_9]`bU^
=U]_bYQ\UTQ`_bU\@bUcYTU^dUTU\QC_SYU dQTU²<Qr`_SQ³!((#
TQTDY`_WbvVYSQTUFQ\`QbQc_U^\Q =U]_bYQcU]UcdbQ\aeUU\TYbUSd_bY_TU\Q
bUe^Y†^ZU^UbQ\TU!(TUU^Ub_TU!(($ c_SYUTQT TU 1bdUcQ^_c TU DQ\dQ\ `bU
FQ\`QbQc_9]`bU^dQTU²<Q@Q cU^dQQ\dUb]Y^Qbce`Ub_T_QT]Y^Yc
dbYQ³!(($ dbQdYf_U\# TU:e^Y_TU!()"FQ\`Q
=U]_bYQ\UTQ`_bU\@bUcYTU^dUTU\QC_SYU bQc_9]`bU^dQTU\Q<YRbUbQTU\
=UbSebY_!()"

("%
=YbQ^ :_cU`X E^ 6bQ^|QYc Qe 3XY\Y >QfQbbUdU 1bQiQ =YSQU\Q 2Q\]QSUTQ
3_bbUc`_^TQ^SU Ud ^_dUc TU f_iQWU U^ \Q `_UcQ `_`e\Qb !((&°!()&
b}e^YUcUd`bUcU^d}Uc`Qb@Qe\Ud CQ^dYQW_5TYSY_^UcTU\Q4YbUS
@XY\Y``UB_eTY}2_bTUQehrTY SY†^TU2YR\Y_dUSQc1bSXYf_ci=e
dY_^c Te 3>BC 3_\\USdY_^ TU \Q cU_c 3U^db_ TU 9^fUcdYWQSY_^Uc
=QYc_^TUc@Qic9R}bYaeUc7#% 4YUW_2Qbb_c1bQ^Q3_\USSY†^C_
!)(' SYUTQTi3e\debQf_\999!))#
=YbQ^TQCU`‹\fUTQ<eYc <Q XYcd_bYQ >QjUb1Xe]QTQBYSQbT_:_c}D_]vc
TU\Q]edeQ\YTQTCQ^dYQW_9]`bU Eb]U^UdQ E^ U]`bUcQbY_ TU\ cYW\_
c_bCQ\UcYQ^_c!)(  H9HCQ^dYQW_5TYSY_^UcTU\Q4Y
=_bbYc:Q]Uc?<Qc}\YdUc\_cY^dU\US bUSSY†^TU2YR\Y_dUSQc1bSXYf_ci
deQ\UciU\S_^cU^c_5cdeTY_TU\QSeUc =ecU_c 3U^db_ TU 9^fUcdYWQSY_
dY†^ c_SYQ\ i U\ cYcdU]Q TU bU\QSY_^Uc ^Uc 4YUW_ 2Qbb_c 1bQ^Q 3_\US
Y^TecdbYQ\UcU^3XY\UCQ^dYQW_5TY SY†^C_SYUTQTi3e\debQf_\F99
d_bYQ\TU\@QSVYS_!)&' !))#
=_d^TUCQ^dYQW_CQ^dYQW_cY^`YUTU >Udd\Qe=Qh3_^dbYReSY†^Q\Q2YR\Y_
Y]`bU^dQ"!TUQRbY\TU!(%! WbQVQQ^QbaeYcdQTU\Q1]}bYSQ<QdY
=_d^U^CQ^6U\Y`UY5cdQT_TUCYdY_c\ ^QXQcdQ!)!$! UTYSY†^2eU^_c
9]`bU^dQ TU :e\Y_ 2U\Y^ i 3Q 1YbUc5TYd_bYQ\<Q@b_dUcdQ!)"'
!(%  DXURYR\Y_WbQ`Xi_VC_SYQ\Yc]f_\"
=e^S_^TU1\RUbdTU=Qf_SQdY_^c_ <_^T_^3Qb\C\YU^WUb!)'%
SYQ\U C_efU^Ybc TU \Q V_^TQdY_^ TU >_bQ]ReU^Q3QbbQcS_3Qb]U^@_\
\µ?UefbU TUc 3UbS\Uc 3QdX_\YaeUc dYSQi\UWYc\QSY†^Y^]YWbQd_bYQU^3XY
?efbYUbc!('!!('%@QbYc@<U \U!(# !)# U^3eQTUb^_cTU8e
dXYU\\Ueh5TYdUeb!)!  ]Q^YTQTUc >¡ !  CQ^dYQW_ E^Y
=e…_j 3_bbUQ :eQ^ 7eY\\Ub]_ <Qc fUbcYTQTTUCQ^dYQW_TU3XY\U6Q
SQ]`Q…Qc TU B_TbYW_ TU AeYb_WQ* Se\dQT TU 8e]Q^YTQTUc QW_cd_
X_]RbUc VY^Q^SYQ]YU^d_ i WQcd_c TU!)) 
CQ^dYQW_E^YfUbcYTQTTUCQ^dYQ >_dYSU cdQdYcdYaeU ceb \U 3XY\Y =_^dU
W_TU3XY\U6QSe\dQTTU8e]Q^Y bUQe9]`bY]UbYUJQ^_dU!(&'
TQTUc3eQTUb^_cTU8e]Q^YTQ
TUc !% 8Ycd_bYQ cUbYU % !))" >_dYSU ceb \U 3XY\Y `Qb e^ f_iQWUeb
`vWc!'"# VbQ^|QYc @QbYc 9]`bY]UbYU TU 1
6bQ^|_YcUd3_]`QW^YU!($$
=e…_j3_bbUQ:eQ^7eY\\Ub]_@_R\Q
T_bUcTU3XY\U!%&%!%( DU]eS_ ?ZUTQB@UTb_:C_RbU2U^UVYSU^SYQ
5T E^YfUbcYTQT TU <Q 6b_^dUbQ =U]_bYQTU`beURQ`QbQ_`dQbQ\WbQ
!)() T_TU<YSU^SYQT_U^\Q6QSe\dQTTU<U
=e…_j3_bbUQ:eQ^7eY\\Ub]_UdQ\ iUc Y 3YU^SYQc @_\dYSQc CQ^dYQW_
<QE^YfUbcYTQTTUCQ^dYQW_TU3XY\U 9]`bU^dQ1eb_bQ!) #
C_RbUcec_bWU^UciceTUcQbb_\\_XYcd† ?\QWeUb6U\Y‹=Q^eU\BU\QSY†^TU\_
bYS_ CQ^dYQW_ E^YfUbcYTQT TU _SebbYT_U^U\BUi^_TU3XY\UTUcTUU\
CQ^dYQW_TU3XY\U!)(' "%TU]Qi_TU!(! XQcdQ\QUbUSSY†^
=e…_j7ej]v^=QbY_<QbUf_\eSY†^ TU ce :e^dQ 7eRUb^QdYfQ 5TYSY†^
TU\_c]Y^Ub_cCQ^dYQW_9]`bU^dQ 9^db_TeSSY†^ i ^_dQc TU 7eY\\Ub
7edU^RUbW!)&% ]_2bQf_1CQ^dYQW_2YR\Y_dUSQ
TU\ 9^cdYded_ ?µ8YWWY^YQ^_ TU
=e…_j7ÉcSQb3XY\UiceY^TecdbYQ\Y
3XY\U9FcUbYU6eU^dUcTU\Q5]Q^
jQSY†^@QcQT_SbYcYci_`SY_^UcCQ^
SY`QSY†^!)()
dYQW_395@<1>!)(&

("&
?bQSY†^V‹^URbUaeUU\TYUjYcYUdUTU]Qbj_ 8Ycd_bYQT_bUcTU3XY\UiTUT_Se]U^d_c
TU\`bUcU^dUQ…_`bUTYS†U\@bUcR4_^ bU\QdYf_cQ\Q8Ycd_bYQ^QSY_^Q\d_]_
:eQ^2EWQbdUU^\QcUhUaeYQcaeU\_c H99S_^e^QY^db_TeSSY†^RY_Wbv
QbdUcQ^_cTUCQ^dYQW_S_cdUQb_^`QbQ VYSQi^_dQc`_b:D=UTY^QCQ^
X_^bQb \Q Y\ecdbU ]U]_bYQ TU\ cU…_b dYQW_9]`bU^dQ5bSY\\Q!(((
4_^:_c}7Q^TQbY\\QcY7Q^TQbY\\QcU^ ?fYUT_ 2U^ZQ]^ <Q ]Qc_^UbQ U^
U\dU]`\_TU^eUcdbQcU…_bQTUUcdQSQ 3XY\U2_caeUZ_XYcd†bYS_<Q3_\_^YQ
`YdQ\CQ^dYQW_9]`bU^dQTU\QC_ \Q9^TU`U^TU^SYQ\QBU`‹R\YSQ@bY
SYUTQT!(%$ ]UbQ`QbdUXQcdQ!) CQ^dYQW_
?bbUW_3_bd}c1eWecd_<eYc?bbUW_ 9]`bU^dQ i <Yd_WbQVQ E^YfUbc_
<eS_UdQ\3XY\U4UcSbY`SY†^VcYSQ !)")
`_\dYSQc_SYQ\Y^TecdbYQ\iS_]UbSYQ\
@Q\QSY_c >YS_\vc <Q BQjQ 3XY\U^Q
TU\QBU`‹R\YSQTU3XY\UCQ^dYQW_
FQ\`QbQc_9]`bU^dQY<Yd_WbQVQ
<YRbUbQ3D_b^Ub_i3Q!) #
1\U]Q^Q!) $
?bbUW_ <eS_ 1eWecd_ <Q 3eUcdY†^
C_SYQ\CQ^dYQW_9]`bU^dQ2QbSU @Q\]Q=Qbd^4_^=Q^eU\=_^ddU^U\
\_^Q!()' RQ^aeY\\_TU\_cQSecQT_cCQ^dYQW_
9]`bU^dQTU\6Ubb_SQbbY\!(&(
?bbUW_ <eS_ <eYc 3XY\U S_^dU]`_bv
^U_ CQ^dYQW_ 9]`bU^dQ 3UbfQ^ @Q\]Q=Qbd^5\SbYcdYQ^Yc]_`_\dYS__
dUc!) $ bUV\UhY_^Ucc_RbUU\X_]RbUY\Qcc_SYUTQ
TUcCQ^dYQW_9]`bU^dQTU\6Ubb_
?bbUW_ <eS_ <eYc bUS_`Y\QT_b
SQbbY\!(%(
?RbQcTU9cYT_b_5bbvjebYj4YcSebc_c
`Qb\Q]U^dQbY_cCQ^dYQW_9]`bU^ @Q\]Q=Qbd^<_cSQ^TYTQd_cFQ\`Q
dQ2QbSU\_^Q2YR\Y_dUSQTU5cSbY bQc_ 9]`bU^dQ TU\ =UbSebY_
d_bUcTU3XY\U!)! "f_\c !('!
?bdUWQ=Qbd^Uj<eYc<QY^TecdbYQTU\ @Q\]Q=Qbd^<_c_bQT_bUcTU\SY^SeU^
SQbR†^ U^ 3XY\U U^dbU !($  i !(( dQ i _SX_ FQ\`QbQc_ 9]`bU^dQ i
CQ^dYQW_ 3eQTUb^_c TU 8e]Q <YRbUbQTU\=UbSebY_!(& 
^YTQTUc!4U`QbdQ]U^d_TU8Yc @Q\]Q=Qbd^<_cdbUc`bUcYTU^dUccY^
d_bYQE^YfUbcYTQTTUCQ^dYQW_TU cUb\_4_^1^d_^Y_FQbQc4_^2FY
3XY\U^_fYU]RbUTU!)(( Se…Q=QS[U^^Q4_^=Q^eU\2QaeU
?bdUWQ =Qbd^Uj <eYc UTYd_b <Q TQ^_CQ^dYQW_9]`bU^dQTU\Q<Y
WeUbbQ SYfY\ TU !()! 3YU^ Q…_c X_i RbUbQ1]UbYSQ^QcV
CQ^dYQW_E^YfUbcYTQTTUCQ^dYQ
@Q\]Q=Qbd^BUcU…QXYcd†bYS_°VY\_c†VY
W_ TU 3XY\U 4U`QbdQ]U^d_ TU
SQTU\W_RYUb^_TU4=Q^eU\=_^dd
8Ycd_bYQ!))#
CQ^dYQW_ 9]`bU^dQ >QSY_^Q\
?bdUWQ=Qbd^Uj<eYc<_cU]`bUcQbY_c !(&"
\Q`_\dYSQi\_c_bWU^UcTU\Q7eUbbQ
TU\@QSVYS_CQ^dYQW_3_^dbYReSY_ @QbbQ_ÉcSQb<Qcc_SYUTQTUcS__`UbQdY
^Uc@b_WbQ]Q6<13C?CQ^dYQW_ fQcCeb_\c_SYQ\iceV_]U^d_`_b\_c
TU3XY\U>¡"$QRbY\TU!)($ 5cdQT_cTU5eb_`Qi1]}bYSQCQ^dYQ
W_ 9]`bU^dQ i 5^SeQTUb^QSY†^
?bdYj<UdU\YUb6Ub^Q^T_5\]_fY]YU^
2QbTY!)"'
d_ _RbUb_ U^ 3XY\U !()!!)!) =Q
TbYT5TYSY_^Uc=YSXQi<YRb_cTU\ @QbdYT_4U]_SbvdYS_@bY]UbQ]U]_bYQ
=UbYTY†^!)(% Q^eQ\`bUcU^dQTQ`_bU\4YbUSd_bY_Q\Q
1cQ]R\UQ:U^UbQ\TU\@QbdYT_>_f"
?fQ\\U1\_^c_TU8Ycd†bYSQbU\QSY†^TU\
TU!(('>_f" TU!(((CQ^dYQW_
BUY^_TU3XY\Ud_]_9U^3_\USSY†^TU
9]`bU^dQ7edU^RUbW!(((

("'
@UbUWbY^ec 8QU^S[U DXQTTQUec TUdUcdY]_^Y_cS_^dU]`_bv^U_cCQ^
cUeT_4UcSbY`SY†^TU\bUi^_TU3XY dYQW_ 5TYd_bYQ\ >QcSY]U^d_
\U!'&!!(!'CQ^dYQW_5TYd_bYQ\ !)#'
>QcSY]U^d_!)$" @Y^_:_c}=YWeU\TU\@vZY^Qc^UWbQcTU
@UbUYbQCQ\Qc5eWU^Y_1`e^dUc`QbQ\Q \QQT]Y^YcdbQSY†^2Q\]QSUTQCQ^dYQ
XYcd_bYQTU\QS_SY^QSXY\U^QCQ^dYQ W_9]`bU^dQTU=:=UZQ!()#
W_5TYd_bYQ\E^YfUbcYdQbYQ!)''
@Y^d_<QWQbbYWeU6Ub^Q^T_<Q]Qc_
@}bUj 3Q^d_ :e\Y_ <Qc XQRYdQSY_^Uc ^UbQiceY^V\eU^SYQU^3XY\UCQ^dYQ
`QbQ_RbUb_c5cdeTY_`bUcU^dQT_Q\Q W_5TYd_bYQ\?bRU!)'#
C_SYUTQTTU6_]U^d_6QRbY\CQ^dYQ
@Y^d_ CQ^dQ 3bej 1^RQ\ 3XY\U e^
W_ 9]`bU^dQ i <YRbUbQ 5bSY\\Q
SQc_TUTUcQbb_\\_VbecdbQT_CQ^dYQ
!()(
W_5TYd_bYQ\E^YfUbcYdQbYQ3_\US
@}bUj 3Q^d_ :e\Y_ <Qc Y^TecdbYQc TU SY†^1]}bYSQ>eUcdbQ!)%)
FQ\TYfYQCQ^dYQW_9]`bU^dQ3Ub
fQ^dUc!()$ @Y^d_ FQ\\UZ_c :e\Y_ i <eYc ?bdUWQ
=Qbd^Uj5h`Q^cY†^]Y^UbQiTUcQ
@}bUj3Q^d_:e\Y_<Q9^TecdbYQ>QSY_ bb_\\_Y^TecdbYQ\*e^SQc_TUSbUSY]YU^
^Q\5cdeTY_cYTUcSbY`SY_^UcTUQ\We d_Qc_SYQT_3XY\U!(% !)!$CQ^
^QcVvRbYSQcTU3XY\U`eR\YSQTQcU^U\ dYQW_4U`QbdQ]U^d_TU8Ycd_bYQ
2_\Ud^TU\QC_SYUTQTTU6_]U^d_6Q E^YfUbcYTQTTUCQ^dYQW_TU3XY\U
RbY\`_b:@}bUj3Q^d_SeQTUb^_9 !))!
!(()!()   CQ^dYQW_ 9]`bU^dQ
>QSY_^Q\!()! @YjQbb_3bYc†cd_]_<QXeU\WQ_RbUbQ
U^3XY\U!() !)' CQ^dYQW_5TY
@}bUj3Q^d_:e\Y_<QY^TecdbYQ^QSY_
SY_^Uc CEB 3_\USSY†^ 5cdeTY_c
^Q\5cdeTY_cYTUcSbY`SY_^UcTUQ\We
8Ycd†bYS_c!)(&
^QcVvRbYSQcTU3XY\U`eR\YSQTQcU^U\
2_\Ud^TU\QC_SYUTQTTU6_]U^d_6Q @_R\UdUDb_^S_c_=_Yc}c 3YU^ Q…_c
RbY\`_b:e\Y_@}bUj3Q^d_SeQTUb^_ TUQSSY†^TU\]edeQ\Yc]_SXY\U^_U^U\
99!()!!()#CQ^dYQW_9]`bU^dQ `b_WbUc_ c_SYQ\ CQ^dYQW_ TQSdY\_
3UbfQ^dUc!()# WbQVYQT_!)%#
@}bUj3Q^d_:e\Y_<Q9^TecdbYQ^QSY_ @_R\UdUDb_^S_c_=_Yc}c<Q_bWQ^Y
^Q\4UcSbY`SY_^UcYUcdeTY_cTUQ\We jQSY†^cY^TYSQ\U^3XY\Ui_db_cUcde
^QcVvRbYSQcTU3XY\U`eR\YSQTQcU^U\ TY_c c_SYQ\Uc CQ^dYQW_ 9]`bU^dQ
2_\Ud^TU\QC_SYUTQTTU6_]U^d_6Q BQ]†^2bYQc!)"&
RbY\`_b:e\Y_@}bUj3Q^d_SeQTUb^_ @_U``YW5TeQbTE^dUcdYW_U^\QQ\R_
999!()$!()%CQ^dYQW_9]`bU^ bQTQTU3XY\U!("&!(")CQ^dYQ
dQ3UbfQ^dUc!()& W_5TYd_bYQ\JYWJQW!)& 
@}bUj B_cQ\Uc FYSU^dU BUSeUbT_c TU\ K@bQTU\ >YS_\vcM 4 =Q^eU\ =_^dd
`QcQT_!(!$!(& CQ^dYQW_5TY SQ^TYTQd_Q\Q@bUcYTU^SYQTU\QBU`‹
d_bYQ\1^Tb}c2U\\_!)(  R\YSQ `b_`eUcd_ `_b U\ ]Y^YcdUbY_ TU
@UdbYc7YUcU^8}Sd_bTU8Ycd_bYQTU\ QRbY\ FQ\`QbQc_ 9]`bU^dQ TU\
@QbdYT_4U]_SbvdYS_@_cYSY†^TU^db_ 3_]UbSY_]Qi_TU!(%!
TU \Q Uf_\eSY†^ `_\dYSQ ^QSY_^Q\ @bQT_ @UTb_ CUWe^T_ 4YSSY_^QbY_
CQ^dYQW_ 9]`bU^dQ TU \Q 4YbUS 2Y_WbvVYS_TU\_c4U]†SbQdQcTU3XY\U
SY†^7U^UbQ\TU@bYcY_^Uc!)$" CQ^dYQW_ 9]`bU^dQ 3UbfQ^dUc
@YS†^CQ\Qc=QbYQ^_i7eY\\Ub]_6U !)"#
\Y‹3bejcU\USSY†^i^_dQc9]vWU @bYUd_TU\B_<eYc6bQ^SYcS_4YSSY_
^UcTU3XY\UFYTQiS_cde]RbUcSXY\U ^QbY_ 2Y_WbvVYS_ TU\ S\Ub_ bUWe\Qb
^QcTU\_ccYW\_cHF999iH9HQdbQf}c CQ^dYQW_9]`bU^dQ3XY\U!)""

("(
@b_c`USd_TU\Q3_]`Q…QTU1WeQ@_dQR\U BUW\Q]U^d_ TU \Q C_SYUTQT 5c`Q…_\Q TU
TUFQ\`QbQc_FQ\`QbQc_9]`bU^ 2U^UVYSU^SYQ TU 3_^SU`SY†^ D_]}
dQTU\Q@QdbYQ!(&# 9]`bU^dQTU²5\D_]}³!((&
@b_iUSd_TUBUW\Q]U^d_`QbQ\QcS_]YcY_ BUW\Q]U^d_ TU cQ\Q TU \Q 1c_SYQSY†^ TU
^UcTUfYZY\Q^SYQYTUceRcYTY_cTU\QC_ 1bdUcQ^_cTUFQ\`QbQc_FQ\`QbQc_
SYUTQT3_\†^TUjQ`QdUb_cCQ^dYQW_ 9]`bU^dQTU\E^YfUbc_!(' 
9]`bU^dQTU\3_bbU_!('$ BUW\Q]U^d_YDQbYVQ`QbQU\WbU]Y_TU:_b
BQ]Q 3Qb\_c = Ed_`Yc]_ C_SYQ\YcdQ ^Q\Ub_c i <Q^SXUb_c TU FQ\`QbQc_
!() !()# `b†\_W_ cU\USSY†^ 1…_TU!($&CQ^dYQW_9]`bU^dQ
^_dQc i Sb_^_\_WQ TU 3Qb\_c = 5\@b_WbUc_!($&
BQ]Q4U`QbdQ]U^d_CeSbU5TeQb BUW\Q]U^d_Y^dUbY_bTU\QC_SYUTQTTU1b
T_=YbQ^TQFU^UjeU\Q2YR\Y_dUSQ dUcQ^_c TU CQ^dYQW_ CQ^dYQW_ 9]
1iQSeSX_!)'' `bU^dQ>QSY_^Q\!('%
BQ]bUj>US_SXUQ8Ub^v^2Q\]QSU BUW\Q]U^d_Y^dUbY_bTU\QC_SYUTQTTU1b
TQ i \Q S_^dbQbbUf_\eSY†^ TU !()! dUcQ^_cTUCQ^dYQW_Q`b_RQT_c`_bU\
CQ^dYQW_5TYd_bYQ\E^YfUbcYdQbYQ 3_^cUZ_TU\Q]Yc]QCQ^dYQW_9]
!)&) `bU^dQ>QSY_^Q\!(' 
BQ]bUj>US_SXUQ8Ub^v^8Ycd_bYQ BUW\Q]U^d_Y^dUbY_bTU\QC_SYUTQTTU9\ec
TU\]_fY]YU^d__RbUb_U^3XY\U1^dU dbQSY†^i@b_dUSSY†^=‹deQ²<Q6bQ
SUTU^dUc CYW\_ H9H  !)%& "  UT*
dUb^YTQT³ CQ^dYQW_ DQ\\Ub DY`_
3_^SU`SY†^ 5TYSY_^Uc <1B
WbvVYS_TU=1=vbaeUj!() 
3_^SU`SY†^!)(&
BUW\Q]U^d_Y^dUbY_b`QbQ\QcUcSeU\Qc^_S
BQ]†^ 6_\SX 1b]Q^T_ TU 8Ycd_bYQ
deb^QcTU\Q1cQ]R\UQTU1bdUcQ^_cU
ebRQ^Q E^Q ]Ud_T_\_WQ Q`\YSQTQ
9^TecdbYQ\Uc CQ^dYQW_ 9]`bU^dQ
2eU^_c 1YbUc 5TYSY_^Uc C91@
FYSd_bYQ!(((
!)'(
BUW\Q]U^d_cY^dUbY_bTUcQ\QYcUbfYSY_cQ
BQ]†^6_\SX1b]Q^T_TUCQ^dYQW_
^YdQbY_TU\QC_SYUTQT@b_dUSSY†^TU\Q
TU 3XY\U !%$!!))! 8Ycd_bYQ TU
=eZUbQ`b_RQT_cU^!() CQ^dYQW_
e^Qc_SYUTQTebRQ^Q=QTbYT5TY
9]`bU^dQ>QSY_^Q\!() 
d_bYQ\=1@6B5!))#
B}W\U]U^dTU\QC_SY}d}6bQ^|QYcUTU2YU^
BQ]†^6_\SX1b]Q^T_TUi:_c}=Q
VQYcQ^SUwCQ^dYQW_1``b_ef}U^b}e
^eU\<QbbQ^?bWU^UcTU\QfYTQUS_
^†]YSQSXY\U^Q!&%)!( (CQ^dYQ ^Y_^W}^}bQ\U\U#!]Qbc!(&'CQ^
W_3U^db_TU5cdeTY_c@‹R\YS_c dYQW_ 9]`bU^dQ TU\ 6Ubb_SQbbY\
!)(" !(&'
BUVedQSY†^Q\1fYc_Y]`_bdQ^dcY]_TU\_c B}]_^TBU^}9^db_TeSdY_^w\µXYcd_YbU
QbdUcQ^_c CQ^dYQW_ 9]`bU^dQ TU TU^_dbUdU]`c"<UH9H~cY~S\U!(!%°
\Q9^TU`U^TU^SYQ!#TUQRbY\TU !)!$@QbYcrTYdY_^cTeCUeY\3_
!(") \\USdY_^@_Y^dc!)'$
BUWQ\QT_B_ZQc@UTb_7eQ:U^UbQ\TU BU^WYV_?cfQ\T_4_^=Q^eU\BU^WYV_
CQ^dYQW_`QbQ!(((CQ^dYQW_9] CefYTQice_RbQCQ^dYQW_5TYd_
`bU^dQ5\3_bbU_!((' bYQ\1^Tb}c2U\\_!)(#
BUW\Q]U^d_TU\QC_SYUTQT4U]_SbvdYSQTU BU`_bd_VdXUQ^^eQ\WU^UbQ\]UUdY^W_VdXU
QehY\Y_c]‹de_cVe^TQTQU^U\`eUbd_ FQ\`QbQYc_ 1bdYjQ^µc CSX__\ c_SYUdi
TU9aeYaeUU\"TU]Qi_TU!('$FQ\ XU\TY^dXUR__[TU`_cYd_bidXUV_ebdX_V
`QbQc_ 9]`bU^dQ TU\ E^YfUbc_ VURbeQbi !(&$ FQ\`QbQYc_ <Q @Q
!('$ dbYQ@bY^dY^W?VVYSU!(&$

(")
BU`_bd_VdXU2bYdYcX2U^Uf_\U^dC_SYUdi_V B_ZQc6\_bUc:_bWU<_c^Y…_cSbYcdQ\U
FQ\`QbQc_V_bdXUiUQb!('#FQ\`Q b_cDbQRQZ_Y^VQ^dY\U^\QY^TecdbYQ
bQc_ G 8U\V]Q^^µc E^YfUbc_ 3XY\U !(( !)%  CQ^dYQW_ 5TY
@bY^dY^W5cdQR\YcX]U^d!('$ SY_^UcTU\Q4YbUSSY†^TU2YR\Y_dU
BU`_bd_VdXU2bYdYcX2U^Uf_\U^dC_SYUdi_V SQc1bSXYf_ci=ecU_c3U^db_TU
FQ\`QbQc_V_bdXUiUQb!(($FQ\`Q 9^fUcdYWQSY_^Uc4YUW_2Qbb_c1bQ
bQc_ G 8U\V]Q^^µc E^YfUbc_ ^Q3_\USSY†^C_SYUTQTi3e\debQ
@bY^dY^W5cdQR\YcX]U^d!((% f_\H!))&
BU`bUcU^dQSY†^TU\`eUR\_TUCQ^dYQW_Q\ B_]Ub_<eYc1\RUbd_<QC_SYUTQTTU
3_^WbUc_TU\QBU`‹R\YSQS_^]_dYf_ \Q9WeQ\TQT<_cQbdUcQ^_cTUCQ^dYQ
TU\@b_iUSd_TUY]`eUcd_Q\WQ^QT_Qb W_TU3XY\Uicec`bY]UbQcUh`UbYU^SYQc
ZU^dY^_CQ^dYQW_9]`bU^dQFYSd_ `_\dYSQc!(" !(%!2eU^_c1YbUc
bYQ!((( 9^cdYded_D_bSeQd_TYDU\\QCUbYU
BUcU…QXYcd†bYSQTU\QC_SYUTQTTU5]`\UQ 8Ycd_bYQSeQTUb^_>¡! !!)'(
T_cTU3_]UbSY_TUCQ^dYQW_CQ^dYQ B_]Ub_<eYc1\RUbd_¤Ae}XQSUbS_^
W_!)#' \_c`_RbUc/5\YdUicUSd_bUc`_`e\QbUcU^
BUdQ]Q\ÂfY\Q:e\Y_iCUbWY_FY\\Q\_ CQ^dYQW_TU3XY\U!($ !()%2eU
R_cB2YR\Y_WbQVQXYcd†bYSQSXY\U^Q ^_c 1YbUc 5TYd_bYQ\ CeTQ]UbYSQ
BUfYcdQcSXY\U^Qc!($#!)'(CQ^dYQ ^Q3_\USSY†^8Ycd_bYQi3e\debQ
W_5TYSY_^UcTU\Q4YbUSSY†^TU !))'
2YR\Y_dUSQc 1bSXYf_c i =ecU_c B_]Ub_?bdUWQ=QbS_c=QbSYQ\2bU
3U^db_ TU 9^fUcdYWQSY_^Uc 4YUW_ fURY_WbQVQTU\Q²<YWQTU\QcC_SYUTQ
2Qbb_c1bQ^Q!))# TUc ?RbUbQc TU FQ\`QbQc_³ TUcTU ce
BYaeU\]U4Q^YU\<QbUf_\eSY†^TU\" Ve^TQSY†^U\# TUU^Ub_TU!(((Q\
TU QRbY\ TU !(%! CQ^dYQW_ 5TYd_ # TUU^Ub_TU!)((Q\Se]`\YbcUSYU^
bYQ\1^Tb}c2U\\_!)&& Q…_cQ\cUbfYSY_TU\Q]edeQ\YTQTiTU
B_TbWeUj2bQf_:_Qae^2Q\]QSUTQ \QSYeTQTQ^Q\UTQ`_bU\Cb@bUcY
iU\S_^V\YSd_U^dbUU\3_^WbUc_iU\5ZU TU^dUFQ\`QbQc_!)((Y^}TYd_
SedYf_CQ^dYQW_9]`bU^dQ7edU^ B_cQ\TU\1]Qb_<_cS_^WbUc_c_RbUb_c
RUbW!)")"f_\c Y^dUb^QSY_^Q\UcU^U\cYW\_H9H4U\Q
B_TbWeUjJ_b_RQRU\=YcSU\v^UQ\YdU :_fU^5eb_`QQ\QCUWe^TQ9^dUb^Q
bQbYQ`_\dYSQYbU\YWY_cQ`QbdU`_\ SY_^Q\=}hYS_5TYd_bYQ\7bYZQ\R_
dYSQf_\9CQ^dYQW_9]`bU^dQTU !)%(
²5\9^TU`U^TYU^dU³!('& B_cQ\Uc:1RU\<Q3Q…QTY\\QTUCQ^dYQ
B_ZQc6\_bUc:_bWUCUbYUTUSQbdY\\Qc W_icecdbQTYSY_^Uc!%$!!(('CQ^
8QSUbiUcSbYRYb^eUcdbQXYcd_bYQCQ^ dYQW_5cdQR\USY]YU^d_DY`_WbvVY
dYQW_@b_WbQ]QTU5S_^_]QTU\ S_TU²<Qr`_SQ³!(('
DbQRQZ_!))%!))&* B_cc1Wecd^5\Y]`eUcd_Q\WQ^QT_Qb
!*<QXYcd_bYQi\_cdbQRQZQT_bUc ZU^dY^_6_\\Ud_TUQSdeQ\YTQTFQ\`Q
bQc_9]`bU^dQTU\Q<YRbUbQTU\
"*<QXYcd_bYQfYcdQiUcSbYdQ`_b\_cdbQ
=UbSebY_!(((
RQZQT_bUc
BeT}7U_bWU<Q]e\dYdeTU^\QXYcd_
#*@Q^_bQ]QWU^UbQ\TU\QXYcd_bYQTU
bYQ5cdeTY_TU\_cTYcdebRY_c`_`e\QbUc
\_cdbQRQZQT_bUc
U^ 6bQ^SYQ U 9^W\QdUbbQ !'# !($(
$*6eU^dUcTUY^V_b]QSY†^`QbQ\QXYc 2eU^_c 1YbUc CYW\_ FUY^dYe^_
d_bYQTU\_cdbQRQZQT_bUc 5TYd_bUc!)'!

(#
BeYj1\TUQ@UTb_DY`_ciS_cde]RbUcTU CQ\QjQbFUbWQbQ7QRbYU\FY_\U^SYQ`_
3XY\UCQ^dYQW_JYWJQW!)$' \dYSQ`_`e\QbU^\Qc²WbQ^TUcQ\Q]U
BeYjEbRY^Q1^d_^Y_1\UZQ^Tb_J_b TQc³ CQ^dYQW_ TU 3XY\U !)$'!)('
RQc4i<eYc4_^_c_FQbU\Q5cdbQ CQ^dYQW_5TYSY_^UcCEB!)) 
dYVYSQSY†^i]_fY\YTQTc_SYQ\UcU^3XY KCQ\TQ…QI:=M=U]_bYQ`bUcU^dQTQ
\U6eU^dUcRYR\Y_WbvVYSQc4UcTU\_c_b `_bU\`bUcYTU^dUTU\QC_SYUTQT2U^ZQ
WU^UcXYcd†bYS_cXQcdQ!)& B_TU ]^FYSe…Q=QS[U^^QTU3YWQbbUb_c
:Q^UYb_3U^db_<QdY^_Q]UbYSQ^_ Q\Q:e^dQ:U^UbQ\TU\cUWe^T_cU]UcdbU
TU9^fUcdYWQSY_^UcU^3YU^SYQcC_ TU!(('CQ^dYQW_9]`bU^dQFYSd_
SYQ\Uc@eR\YSQ|Q_>¡!'!)&! bYQ!(('
Be]R_\T8_bQSU<U3XY\YBQ``_bdTU CQ\Y^Qc3Q]`_c=QhY]Y\YQ^_ FUbc_c
= 8_bQSU Be]R_\T =Y^YcdbU TU \Q `_bU\VecY\Q]YU^d_5\TUcS_^dU^d_`_
7bQ^TU 2bUdQW^U w CQ^dYQW_ ceb \U `e\QbQ^dU\Q`U^QTU]eUbdUU^3XY\U
`b_Wb~cUd\QS_^TYdY_^W}^}bQ\UTU\Q U^U\cYW\_H9HCQ^dYQW_6_^T_TU
4UcQbb_\\_TU\Q3e\debQi\Qc1b
B}`eR\YaeU @QbYc Di`_WbQ`XYU
dUc!))#
<QXebU!(''
Cv^SXUj3USY\YQE^QTYcSY`\Y^QTU\Q
CQWQi_ 3Qb\_c =QbQ 8Ycd_bYQ TU 3_
TYcdQ^SYQ 9^cdYdeSY_^Q\YjQSY†^ e^Y
`YQ`†3_`YQ`†9]`bU^dQ5\1dQ
fUbcYdQbYQTU\_cUcdeTY_cVY\_c†VYS_cU^
SQ]Q!('$
3XY\U CQ^dYQW_ 5TYSY_^Uc 3XY\U
CQWbUT_2QUjQBQVQU\i5TeQbT_4U 1]}bYSQ35C?335B3!))"
f}cFQ\T}cS_]`Y\QT_bUc4YcSeb Cv^SXUj1WeY\UbQFSd_b5\`QcQT_TU
c_cTU:_c}=Q^eU\2Q\]QSUTQ9S_^_ ?c_b^_<QWbQ^SYeTQTTU\`_bfU^Yb
WbQVQ CQ^dYQW_ 5TYSY_^Uc TU \Q ?c_b^_ 9]`bU^dQ 3UbfQ^dUc
4YbUSSY†^TU2YR\Y_dUSQc1bSXYf_c !($(
i=ecU_c3U^db_TU9^fUcdYWQSY_
CQ^XeUjQ7QRbYU\CQ^dYQW_1bS_c3_
^Uc 4YUW_ 2Qbb_c 1bQ^Q 3_\US
]e^YcdQ]Y\\_^QbY_iSQ\QfUbQCQ^
SY†^6eU^dUc`QbQ\Q8Ycd_bYQTU\Q
dYQW_5TYd_bYQ\TU\@QSVYS_!)%&
BU`‹R\YSQ f_\c 9 99 i 999 !))!
!))" CQ^dQ3bej15TeQbT_1^v\YcYcXYcd†
bYS_TU\`UbY_TYc]_SXY\U^_CQ^dYQW_
CQ\Qc=Q^eU\TU5cSbYd_cTU4_^=Q >eUcdbQ 1]}bYSQ 5TYSY_^Uc
^eU\TUCQ\QciT_Se]U^d_cbU\QdYf_cQ !)((
ce VQ]Y\YQ _RbQ `eR\YSQTQ `_b \Q
CQ^dQ=QbQ6Ub^Q^T_?ZUQTQc_RbU\Q
E^YfUbcYTQTTU3XY\Ud_]_c9i99
S_^TYSY†^TU\_RbUb_Y]UTY_cTU]UZ_
CQ^dYQW_ 9]`bU^dQ 3UbfQ^dUc
bQb\Q5cSeU\Q>_Sdeb^QTU1bdUcQ
!)! "f_\c
^_c3_^VUbU^SYQc`‹R\YSQcTQTQc
CQ\QjQbFUbWQbQ7QRbYU\ 1\We^_cQc `_bU\SeUb`_TU`b_VUc_bUcU^U\
`USd_c Ve^TQ]U^dQ\Uc TU\ TUcQbb_\\_ Q…_!('$CQ^dYQW_9]`bU^dQTU
TU\SQ`YdQ\Yc]_U^3XY\U!%$!!)#  \Q<YRbUbQTU\=UbSebY_!('%
]Y]U_WbQVYQT_8e\\9^W\QdUbbQ CQ^dQ =QbQ 4_]Y^W_ FYTQ TU 4_^
!)'& :_c}=YWeU\9^VQ^dUCQ^dYQW_7eY
CQ\QjQb FUbWQbQ 7QRbYU\ <QRbQT_bUc \\Ub]_=YbQ^TQ5TYd_b!) "
`U_^Uci`b_\UdQbY_c6_b]QSY†^iSbYcYc
CQ^dYRQ…Uj B_ZQc 1^d_^Y_ <Q C_SYU
TU\Qc_SYUTQT`_`e\QbSXY\U^QTU\cYW\_
TQTTUC_S_bb_c=ede_cTU=U\Y`Y\\Q
H9HCQ^dYQW_5TYSY_^UcCEB3_
=U\Y`Y\\Q 9]`bU^dQ TU ²<Q F_j
\USSY†^ 5cdeTY_c 8Ycd†bYS_c
TU\@eUR\_³!((#
!)(%

(#!
CQb]YU^d_4_]Y^W_6QecdY^_?RbQc <QR_b E^Y_^c Y^ 3XY\U!) "°!) '
2eU^_c 1YbUc 9]`bU^dQ i <Yd_ GYcS_^cY^ DXU GYcS_^cY^ E^Y
WbQVQTU=QbYQ^_=_bU^_!()& fUbcYdi@bUcc!)(#
d_]_c99HHiH99 CSXU^UYTUb3Qb\_ci6bQ^SYcS_JQ`QdQ
CQdUbGY\\YQ]3XY\UQ^TdXUGQb_VdXU CY\fQ<YRb_TU?b_TU\Q8Ycd_bYQTU
@QSYVYS >URbQc[Q E^YfUbcYdi _V 3_^SU`SY†^3_^SU`SY†^<Yd_WbQ
>URbQc[Q@bUcc!)() VQ3_^SU`SY†^
CSXU^UYTUb3Qb\_ci6bQ^SYcS_JQ`QdQ CSX]YTd]UiUb@UdUbFYQZUQ3XY\U1
CY\fQ<YRb_TU_b_TU\Q8Ycd_bYQTU dbQf}c TU \_c 1^TUc 2eU^_c 1YbUc
3_^SU`SY†^S_^]_dYf_TU\SeQbd_SU^ 5TYd_bYQ\3\QbYTQTC1!($'
dU^QbY_ 3_^SU`SY†^ <Yd_WbQVQ CY\fQ 3Qcdb_ BQ‹\ 1\RUbd_ 2\Ucd 7Q^Q
3_^SU`SY†^C1!)%  !(# !)"  CQ^dYQW_ 9]`bU^dQ
CUWQ\\=QbSU\_4UcQbb_\\_TU\SQ`YdQ\Yc E^YfUbcYdQbYQ!)$!
]_U^3XY\U3Y^S_U^cQi_cTYQ\}SdYS_c CY\fQ3Qcdb_BQ‹\@bU^cQi`UbY_TYc]_
CQ^dYQW_ 5TYd_bYQ\ TU\ @QSVYS_ U^ 3XY\U !(!"!)%& CQ^dYQW_
!)%# 5TYSY_^Uc TU \Q E^YfUbcYTQT TU
CUWe^TQ]U]_bYQaeUU\@bUcYTU^dUTU\Q 3XY\U!)%(
C_SYUTQT @b_dUSSY†^ =‹deQ TU 5] CY\fQ 3Qcdb_ BQ‹\ BQ]†^ BU^WYV_
`\UQT_cTU3XY\U`bUcU^dQQ\8_^_bQR\U !')%!(&!CQ^dYQW_5TYSY_^Uc
4YbUSd_bY_Y]YU]Rb_cTU\Q9^cdYdeSY†^ TU\_c1^Q\UcTU\QE^YfUbcYTQTTU
TQ^T_SeU^dQTU\Q]QbSXQTU\QC_SYU 3XY\U!)%'
TQT TebQ^dU U\ cUWe^T_ cU]UcdbU TU CY\fQFQbWQc6Ub^Q^T_@U^cQ]YU^d_TU
!() CQ^dYQW_9]`bU^dQTU²<_c 2Q\]QSUTQCQ^dYQW_5TYd_bQ>Q
4URQdUc³!()! SY_^Q\7QRbYU\Q=YcdbQ\!)'$
CU`‹\fUTQ1b]Q^T_8Ycd_bYQc_SYQ\TU CY]`_cYe]_bWQ^YjQT_`_bU\3_^cUZ_5ZUSe
\_cVUbb_fYQbY_cCQ^dYQW_9]`bU^dQ dYf_>QSY_^Q\ice]UcQTYbUSdYfQTU\Q
CYW\_HH!)%) 3_^VUTUbQSY†^=edeQ\YcdQTU3XY\U!#
CU`‹\fUTQ7CUbWY_5\dbYW_SXY\U^_U^ !$i!%TUZe\Y_TU!)($bU\Qd_b8e]
U\]UbSQT_]e^TYQ\5^cQi_TU7U_ RUbd_3_^dbUbQc?\]UT_CQ^dYQW_
WbQVQ 8Ycd†bYSQ CQ^dYQW_ 5TYd_ !)($Y^}TYd_
bYQ\E^YfUbcYdQbYQ!)%) C_SYUTQTUc TU 1bdUcQ^_c 1\ @‹R\YS_
CUcY_^UcTU\3_^WbUc_YWeQ\YdQbY_CQ^dYQ CQ^dYQW_9]`bU^dQTUBBU^WY
W_9]`bU^dQ1bQeSQ^Q!)TUZe V_"#TU]Qi_TU!(")
^Y_TU!(%! C_SYUTQTTU9^cdbeSSY†^@bY]QbYQ5c
C~fU5T_eQbT<U3XY\YdU\aeµY\UcdFQ\ dQded_cQ`b_RQT_c`_bU\@bUcYTU^dUTU
`QbQc_ 9]`bU^dQ TU\ =UbSebY_ \QBU`‹R\YSQU9^V_b]U\UT_`_bU\CU
!('&"f_\c SbUdQbY_ 4Q^YU\ <QcdQbbYQ U^ \Q bU
CUgU\\:bGY\\YQ]8DbQRQZ_ibUf_\e e^Y†^WU^UbQ\TU\"#TUTYSYU]RbUTU
SY†^U^6bQ^SYQ5\\U^WeQZUTU\]_fY !(&)FQ\`QbQc_9]`bU^dQTU<Q
]YU^d__RbUb_TUcTUU\1^dYWe_B}WY @QdbYQ!(&)
]U^ XQcdQ !($( =QTbYT DQebec C_SYUTQTTUC_S_bb_c=ede_c=U]_
5TYSY_^Uc!))" bYQ S_bbUc`_^TYU^dU Q\ "¡ cU]UcdbU TU
C_gU\\4QfYTDXUUQb\iS_\_]RYQ^\QR_b !(($<UYTQU^cUcY_^ZU^UbQ\TU$TU
]_fU]U^d 1bdYcQ^c Q^T @_\YdYSc Y^ U^Ub_ TU !((% 3_^SU`SY†^ 9]
2_W_dv !(#"!)!) @XY\QTU\`XYQ `bU^dQTU²5\Ceb³!((%
DU]`\UE^YfUbcYdi@bUcc!))"
C_SYUTQTTUC_S_bb_c=ede_c²E^Y_
CXQj_ @UdUb TU EbRQ^ G_b[Ubc Q^T ^U9dQ\YQ^Q³CdQded_UBUW_\Q]U^d_

(#"
 FQ\`QbQc_ 9]`bU^dQ E^YfUbc_ C_SYUTQTTU1bdUcQ^_cTU\QSQ`YdQ\TU\Q
!('! @b_fY^SYQTU1S_^SQWeQY^cdQ\QTQU^
C_SYUTQTTU5]`\UQT_cTU3_]UbSY_ !!TUQRbY\TU!(")9]`bU^dQTU6
TUCQ^dYQW_BUcU…QXYcd†bYSQTU\Q @2`_b:46QZQbT_cVK`b_RQ
C_SYUTQTTU5]`\UQT_cTU3_]UbSY_TU R\U]U^dUTUQRbY\TU!(")M
CQ^dYQW_ !((' Q !)#' CQ^dYQW_ C_d_]Qi_bFQ\T}cBQ]†^8Ycd_bYQTU
!)#' 3XY\U RQZ_ U\ W_RYUb^_ TU\ WU^UbQ\ 4
:_Qae^@bYUd_CQ^dYQW_9]`bU^dQ
C_SYUTQT 5c`Q…_\Q TU 2U^UVYSU^SYQ <Yd_WbQVQ i 5^SeQTUb^QSY†^ 5c
!'  =U]_bYQ S_bbUc`_^TYU^dU Q\ `bY ]UbQ\TQ!) !) #$d_]_c
]UbcU]UcdbUTU!(($`bUcU^dQTQU^\Q
C_d_]Qi_bFQ\T}cBQ]†^8Ycd_bYQTU
:e^dQ7U^UbQ\?bTY^QbYQTU\T_]Y^W_
\_c$ Q…_cdbQ^cSebbYT_cTUcTU!(#!
"'TUZe\Y_TU\]Yc]_Q…_CQ^dYQW_
XQcdQ !('! f_\  9 CQ^dYQW_ 9]
9]`bU^dQ3UbfQ^dUc!(($
`bU^dQ TU <Q 5cdbU\\Q TU 3XY\U
C_SYUTQT 5c`Q…_\Q TU 2U^UVYSU^SYQ !('%
!(  =U]_bYQ S_bbUc`_^TYU^dU Q\ cU CdQded_ TU\\Q C_SYUdw 9dQ\YQ^Q TY =ede_
We^T_cU]UcdbUTU!(($`bUcU^dQTQU^ C_SS_bc_²HHCUddU]RbU³cUTU^dUY^DQS
\Q :e^dQ 7U^UbQ\ ?bTY^QbYQ TU\ T_ ^Q 6_^TQdQ Y\ "  cUddU]RbU !(()
]Y^W_"%TUU^Ub_TU!((%CQ^dYQ DQS^Q DY`_WbQVQ <Q E^Y†^
W_9]`bU^dQ3UbfQ^dUc!((% !)!#
C_SY}d}6bQ^|QYcUTUCUS_ebc=edeU\c CdQdedcTU\QC_SY}d}2U\WUTU2YU^VQYcQ^SU
TU 3_^SU`SY†^ CdQdedc Ud B}W\U Qe 3XY\Y FQ\`QbQc_ 9]`bY]UbYU
]U^dc 3_^SU`SY†^ 9]`bU^dQ TU Te=UbSebY_!('$
²5\Ceb³!(($ CdQdedcTU\QC_SY}d}6bQ^|QYcUTUCUS_ebc
C_SY}d}6bQ^|QYcUTUCUS_ebc=edeU\c =edeU\c TU @e^dQ 1bU^Qc @e^dQ
TU 3_^SU`SY†^ CdQdedc Ud B}W\U 1bU^Qc9]`bU^dQTU²5\=QWQ\\Q
]U^dcBUfYc}cUdQ``b_ef}cU^1ccU] ^Uc³!()'
R\}U7}^}bQ\U\U(ZeY\\Ud!()$3_^ CdUY^CdQ^\Uii2QbRQbQCdUY^<QXU
SU`SY†^ 9]`bU^dQ 5c`Q…_\Q TU\ bU^SYQ S_\_^YQ\ TU 1]}bYSQ <QdY^Q
3_]UbSY_!()$ !%  UTYSY†^ U^ Uc`Q…_\ =}hYS_
C_SY}d}6bQ^|QYcUTUCUS_ebc=ede\Uc CYW\_FUY^dYe^_5TYd_bUc!)(#
TUCQ^dYQW_V_^T}UU^!('#CdQde CdUT]Q^:_^Uc7QbUdX<U^WeQZUcTU
dcUdB}W\U]U^dcCQ^dYQW_9]`bY]U S\QcU5cdeTY_cc_RbU\QXYcd_bYQTU\Q
bYUTU²<Q5cdbU\\QTU3XY\U³!('$ S\QcU _RbUbQ Y^W\UcQ =QTbYT CYW\_
FUY^dYe^_5TYd_bUc!)(#
C_SY}d}6bQ^|QYcUTUCUS_ebc=ede\Uc
TUFQ\`QbQc_V_^T}UU^!(&)CdQ CdeQbT_?3Qb\_ci:eQ^5ijQWeYbbU
dedcUdB}W\U]U^dcFQ\`QbQc_9] 5CQ^dYQW_3_^dbYReiU^dUcQed_bY
TQTUcVe^SY_^QbY_cQWU^dUcTY`\_]v
`bU^dQ 3_^dY^U^dQ\ 2\Q^S_
dYS_ciS_^ce\QbUc!(!'!(!)CQ^dYQ
K!) #M
W_1SQTU]YQ3XY\U^QTU\Q8Ycd_
C_SYUTQT DY`_WbvVYSQ TU FQ\`QbQc_ bYQ!)%"
=U]_bYQ TU '% Q…_c !(%%!)#
C‹QbUj :_c} 2Ub^QbT_ >_SY_^Uc U\U
FQ\`QbQc_9]`bU^dQi<Yd_WbQVQ
]U^dQ\Uc TU W_RYUb^_ bU`eR\YSQ^_ Uc
E^YfUbc_!)# 
dbQSdQTQcYQbbUW\QTQc`QbQU\ec_TU\Q
C_SYUTQTE^Y†^TU1bdUcQ^_c1^d_^Y_3_c S\QcU_RbUbQYTU\_cQ\e]^_cTU\QcUc
dQ6e^TQTQU^=Qbj_!&TU!()  SeU\Qc`bY]QbYQcTU3XY\UCQ^dYQW_
FQ\`QbQc_9]`bU^dQi<Yd_WbQVQ 9]`bU^dQTU²5\3_bbU_³!(( 
5hSU\cY_b!()"
CeRUbSQcUQeh2Ub^QbT_8Ycd_bYQTU\

(##
 \YRb_U^3XY\U1\]QiSeUb`_CQ^ CQ^dYQW_9]`bU^dQTU:e\Y_2U\Y^
dYQW_ 5TYd_bYQ\ 1^Tb}c 2U\\_ Y3QZe^Y_"&TU!(%!
!))# De…†^TU<QbQ=Q^eU\=Ud_T_\_WQ
CeRUbSQcUQeh BQ]†^ =U]_bYQc TU TU\QXYcd_bYQc_SYQ\TU5c`Q…Q# UTY
_SXU^dQ Q…_c CQ^dYQW_ 5TYd_bYQ\ SY†^S_bbUWYTQiQe]U^dQTQ=Q
>QcSY]YU^d_!)#&"d_]_c TbYT CYW\_ FUY^dYe^_ 5TYd_bUc
DQ\QfUbQ=Q^eU\1^d_^Y_BUf_\eSY_ !)''
^Uc TU 3XY\U CQ^dYQW_ DQ\\UbUc EWQbdU65\Qc6bQ^SYcS_2Y\RQ_QWYdQ
7bvVYS_c²3†^T_b³3_\USSY†^TU T_biR\QcVU]_5^cQi_c_SY_`_\dYS_c_
XYcd_bYQT_bUciTUT_Se]U^d_cbU RbUe^X_]RbUice}`_SQCQ^dYQW_
\QdYf_cQ\Q9^TU`U^TU^SYQTU3XY 5TYd_bYQ\E^YfUbcYdQbYQ!)&%
\Ud_]_HH9H!)#' EWQbdU IvfQb :eQ^ TU 4 FQ\`QbQc_
DXQiUb?ZUTQD_]vc6_b]QSY†^TU\Q !%#&!)!  BUS_`Y\QSY†^ XYcd†bYSQ
c_SYUTQTSXY\U^QiSU^c_TU\Q`_R\Q S_]UbSYQ\ i c_SYQ\ FQ\`QbQc_ 9]
SY†^ TU 3XY\U U^ \_c Q…_c TU !%$  Q `bU^dQ=Y^UbfQ!)! 
!%&%CQ^dYQW_@bU^cQcTU\QE^Y E\\_Q36<Q@U^YdU^SYQbQTUCQ^dYQ
fUbcYTQT TU 3XY\U !)#)!)$# # W_<_aeUXQcYT_\_aeUUcY\_aeUTU
d_]_c RYUbQ cUb CQ^dYQW_ 9]`bU^dQ TU
DXQiUb?ZUTQD_]vcCQ^dYQW_TebQ^ ²<_cDYU]`_c³!('(
dUU\cYW\_HF93_^cdYdeSY†^TU\Q`b_ E^Y†^<YRUbdQTi?bTU^Kf_\Q^dUcV
`YUTQT ebRQ^Q Y ^_dYSYQc RY_WbvVYSQc `bUce]YR\U]U^dUY]`bUc_U^CQ^
TUcec`bY]Ub_c`_R\QT_bUcCQ^dYQW_ dYQW_U^!(")M
9]`bU^dQ3UbfQ^dUc!) %
E^_c]YU]Rb_cTU\QC_SYUTQTTU1bdUcQ
DX_]`c_^5TgQbT@<QV_b]QSY†^TU ^_cS_^dUcdQ^SeQdb_`Q\QRbQcQ\Q^†
\QS\QcU_RbUbQU^9^W\QdUbbQ2QbSU\_ ^Y]_ dYde\QT_ ²BUVedQSY†^ Q\ QfYc_
^Q5TYd_bYQ\3bdYSQ!)()"f_\c Y]`_bdQ^dcY]_ ³ CQ^dYQW_ 9]
DX_]`c_^ 5TgQbT @ <Q V_b]QSY†^ `bU^dQBU`eR\YSQ^Q!&TUQRbY\TU
XYcd†bYSQTU\QS\QcU_RbUbQ2QbSU\_ !(")
^Q<QYQ!)'' EbYRU5:eQ^DY`_ciSeQTb_cTUS_c
DX_]`c_^ 5TgQbT @ DbQTYSY†^ bU de]RbUcU^\Q`_UcQ`_`e\QbTU\cYW\_
feU\dQiS_^SYU^SYQTUS\QcU2QbSU\_ H9H CQ^dYQW_ @Y^UTQ <YRb_c
^Q5TYd_bYQ\3bdYSQ!)') !)'#
D_b^Ub_BUSQbUT_C3XY\U9\ecdbQT_ EbbQS_@bvSdYS_1^d_^Y_<QcQ\eTiU\
7eQTUcSbY`dYf_TU\dUbbYd_bY_TU3XY QbdUU^3XY\U_cUQ2bUfUcQ`e^dUcc_RbU
\UTU\QcSQ`YdQ\UcTU`b_fY^SYQYTU\_c XYZYU^UDQ\SQ9]`bU^dQ<Qc>_dY
`eUbd_c`bY^SY`Q\UcFQ\`QbQc_<Y SYQc!(')
RbUbQc Y 1ZU^SYQc TU\ =UbSebY_ Ebj‹Q FQ\U^jeU\Q 7Ub]v^ 8Ycd_bYQ
!('" `_\dYSQTU3XY\UiceUf_\eSY†^U\USd_
D_bbUc =Qbd^Uj BQ‹\ CU]R\Q^jQ TU bQ\4UcTU!(! Q!))"CQ^dYQW_
6Ub]^FYfQSUdQCQ^dYQW_5TYSY†^ 5TYd_bYQ\:ebTYSQTU3XY\U!))"
TU \Q C_SYUTQT TU 1bdUcQ^_c ²<Q FQ\TYfYQ3Qcdb_3Qb\_cCY^_`cYcXYcd†bY
E^Y†^³ 9]`bU^dQ ²5\ 1\SvjQb³ SQTU\=edeQ\Yc]_5\=edeQ\Yc]_U^
!)%# 3XY\U i RbUfUc UcdeTY_c U^ RYU^ TU \Q
DbUed\Ub@Qe\1^TQ^jQcTUe^Q\U]v^ UTeSQSY†^ `_`e\Qb CQ^dYQW_ 9]
U^3XY\U!(%!!(&#CQ^dYQW_5TY `bU^dQBU^_fQSY†^!)$ 
d_bYQ\TU\@QSVYS_!)%( FQ\U^SYQ1<eYci3\QeTY_<†`UjC
DbYe^V_ VY^Q\ TU \Q SQ^TYTQdebQ =_^dd BUS_`Y\QSY†^`bUcU^dQSY†^i^_

(#$
 dQc 1bSXYf_ TU T_^ 2Ub^QbT_ ceYfYd TU 6_eSQe\d b}f_\edY_^^U
?µ8YWWY^c CQ^dYQW_ 1SQTU]YQ \µXYcd_YbU@QbYcrTYdY_^cTeCUeY\
3XY\U^Q TU \Q 8Ycd_bYQ !)(% !)'(
d_]_HHH999 FQiccY~bU@YUbbUE^cY~S\UTUSQ`YdQ\Yc
FQ\U^jeU\Q=vbaeUj:QY]U2Q^TYTQ ]U]Y^YUbQe3XY\Y!(# !)# @QbYc
ZU bebQ\ U^ 3XY\U 3U^dbQ\ 3ebYS† rTYdY_^cTe3>BC!)( 
!(% !)  CQ^dYQW_ 5TYSY_^Uc FUWQ5=1\Re]TU\QS_\_^YUVbQ^|QY
TU\Q4YbUSSY†^TU2YR\Y_dUSQc1b cUQe3XY\YCQ^dYQW_9]`bY]UbYU
SXYf_ci=ecU_c3U^db_TU9^fUc Ud <Yd_WbQ`XYU 6bQ^S_SXY\YU^^U
dYWQSY_^Uc 4YUW_ 2Qbb_c 1bQ^Q !) $
3_\USSY†^C_SYUTQTi3e\debQf_\
9!))! F}\Yj 3\QeTY_ 8Ycd_bYQ TU \Q ]QbY^Q
]UbSQ^dUTU3XY\UCQ^dYQW_5TYSY_
KFQ\U^jeU\Q:_c}CQ^d_cM9^V_b]U`Q ^Uc TU \Q E^YfUbcYTQT TU 3XY\U
cQT_Q\QC_SYUTQTE^Y†^TU\_cDY`† !)&!
WbQV_cTUCQ^dYQW_`_bU\@bUcYTU^dUTU
U\\QU^\Q:e^dQ:U^UbQ\TU\"%TUU^Ub_ F}\YjCY\fQ@Q^dQ\U†^iDbYcdv^3_b^U
TU !('$ CQ^dYQW_ 9]`bU^dQ >Q Z_=U]_bYQXYcd†bYSQTU\QC_SYUTQT
SY_^Q\!('$ TU 1bdUcQ^_c <Q E^Y†^ CQ^dYQW_
!(()
FQ\\UZ_:_c}:_Qae^:_dQRUSXU1bdSe
\_c Y UcdeTY_c TU S_cde]RbUc SXY\U^Qc FUbQB_RecdYQ^_<QS_\_^YQTU=QWQ
<UY`jYW9]`bU^dQTU612b_S \\Q^Uc Y DYUbbQ TU\ 6eUW_ !($# Q
[XQec!((% !()' CQ^dYQW_ 9]`bU^dQ TU \Q
7QSUdQ!()'
KFQ\\UZ_:=YWeU\1MCUWe^TQ]U]_
bYQaeUU\ZUbU^dUTU\QC_SYUTQT@b_dUS FYSe…Q1\UZQ^Tb_3b†^YSQcTUe^`Y
SY†^=edeQTU5]`\UQT_c@‹R\YS_cTU ]YU^d_CQ^dYQW_5TYd_bYQ\DUWeQ\
3XY\U`bUcU^dQQ\8_^_bQR\U4YbUSd_bY_ TQ!)$'
Y ]YU]Rb_c TU \Q 9^cdYdeSY†^ TQ^T_ FYSe…Q@UTb_6}\Yh3QbdQcc_RbU\QcY
SeU^dQTU\Q]QbSXQTU\QC_SYUTQTU^ deQSY†^TU\QBU`‹R\YSQi\QSbYcYcU\US
U\cUWe^T_cU]UcdbUTU!() CQ^dYQ d_bQ\ FQ\`QbQc_ 9]`bU^dQ TU\
W_ 9]`bU^dQ TU ²<_c 4URQdUc³ =UbSebY_!(' 
!()! KFYSe…Q@UTb_6}\YhM@6FFY^TYSQ
KFQ\\UZ_:=YWeU\1MDUbSUbQ]U]_bYQ SY†^TU\_c`bY^SY`Y_cUYTUQcaeUXQ^
aeUU\ZUbU^dUTU\QC_SYUTQT@b_dUSSY†^ cUbfYT_U^3XY\UTUQ`_i_Q\Q_`_cY
=edeQTU5]`\UQT_c@‹R\YS_cTU3XY SY†^ U^ \Qc U\USSY_^Uc `_`e\QbUc TU
\U `bUcU^dQ Q\ 8_^_bQR\U 4YbUSd_bY_ Y !($&<Y]Q9]`bU^dQTU\3_]Ub
]YU]Rb_c TU \Q 9^cdYdeSY†^ TQ^T_ SY_!($&
SeU^dQTU\Q]QbSXQTU\QC_SYUTQTU^
FYSe…Q =QS[U^^Q 2U^ZQ]^ Â\Re]
U\`bY]UbcU]UcdbUTU!()!CQ^dYQW_
TU\CQ^dQ<eSQ3_\USSY†^TU\Qc`bY^
9]`bU^dQTU²<_c4URQdUc³!()!
SY`Q\UcfYcdQc]_^e]U^d_cZQbTY^Uc
FQ\`QbQc_U^\Q5c`_cYSY†^>QSY_^Q\TU UcdQdeQcY_RbQcTUQbdUTUUcdU`QcU_
!(($ FQ\`QbQc_ 9]`bU^dQ TU\ TUTYSQT_Q\Q=e^YSY`Q\YTQTTUCQ^
>eUf_=UbSebY_!(($ dYQW_`_bceQSdeQ\`bUcYTU^dU2FYSe
FQbWQc3QbY_\Q:eQ^5TeQbT_:_c}D_ …Q=QS[U^^QCQ^dYQW_9]`bU^dQ
]vcBQ]_c6_^dE^QV_bde^QSXY\U^Q TU \Q <YRbUbQ TU\ =UbSebY_
TU\cYW\_H9HCQ^dYQW_6e^TQSY†^ !('$
=QbY_7†^W_bQ5TYSY_^UcE^YfUb FYSe…Q=QS[U^^Q2U^ZQ]^5\\YRb_
cYTQT3Qd†\YSQTU3XY\U!)(( TU \Q `\QdQ CQ^dYQW_ 9]`bU^dQ
FQi^U@Qe\3_]]U^d_^}SbYd\µXYcd_YbU 3UbfQ^dUc!(("

(#%
FYSe…Q=QS[U^^Q2U^ZQ]^5\\YRb_ dUcQ^dU\_cdbYRe^Q\UcY\Q_`Y^Y†^`‹
TU\S_RbUiTU\SQbR†^TU`YUTbQU^3XY R\YSQTU9^W\QdUbbQ@Qbc9]`bU^dQ
\UCQ^dYQW_9]`bU^dQ3UbfQ^dUc 5c`Q…_\Q1]UbYSQ^QTU<7e}bY^
!((# i3Q!(%)
FYSe…Q=QS[U^^Q2U^ZQ]^8Ycd_bYQ FYSe…Q =QS[U^^Q 2U^ZQ]^ ?RbQc
SbdYSQic_SYQ\TU\QSYeTQTTUCQ^dYQ 3_]`\UdQc4YcSebc_c@Qb\Q]U^dQbY_c
W_TUcTUceVe^TQSY†^XQcdQ^eUcdb_c CQ^dYQW_E^YfUbcYTQTTU3XY\U
TQc!%$!!(&(FQ\`QbQc_9] !)#)#f_\c
`bU^dQTU\=UbSebY_!(&)
FYSe…Q=QS[U^^Q2U^ZQ]^E^Q…_
FYSe…Q=QS[U^^Q2U^ZQ]^8Ycd_bYQ U^\Q9^dU^TU^SYQTUCQ^dYQW_<_aeU
TU\Q:_b^QTQTU\" TUQRbY\TU!(%! Uc\QSQ`YdQ\Y\_aeUTURUbQcUb=U]_
E^QRQdQ\\QU^\QcSQ\\UcTUCQ^dYQW_ bYQ\UTQQ\Q=e^YSY`Q\YTQTTUCQ^
CQ^dYQW_ BQVQU\ :_fUb 5TYd_b dYQW_U^cecUcY†^TUY^cdQ\QSY†^U\%TU
!('( ]Qi_TU!('#`_b2FYSe…Q=QS[U^
FYSe…Q=QS[U^^Q2U^ZQ]^8Ycd_bYQ ^Q9^dU^TU^dUTUCQ^dYQW_CQ^dYQ
TU\_cTYUjQ…_cTU\QQT]Y^YcdbQSY†^ W_ 9]`bU^dQ TU \Q <YRbUbQ TU\
=_^dd <UfQ^dQ]YU^d_ i cYdY_ TU <Q =UbSebY_!('#
CUbU^QCQ^dYQW_9]`bU^dQ3XY\U
FYSe…Q CeRUbSQcUQeh 2U^ZQ]^ 5\
^Q!(&"!(&#%f_\c
c_SYQ\Yc]_bUf_\eSY_^QbY_i\QSeUcdY†^
FYSe…Q=QS[U^^Q2U^ZQ]^8Ycd_bYQ c_SYQ\U^5eb_`QiU^3XY\UCQ^dYQ
TU FQ\`QbQc_ 3b†^YSQ `_\dYSQ S_
W_C_S9]`bU^dQi<Yd_WbQVQE^Y
]UbSYQ\ i `Y^d_bUcSQ TU ce TUcSeRbY
fUbc_!) (
]YU^d_ XQcdQ ^eUcdb_c TQc !%#&
!(&(d_]_9FQ\`QbQc_9]`bU^ FYSe…QEbbedYQ=Q^eU\5\@QbcQ]U
dQ1\RY†^TU3_hiDQi\_b!(&) bYSQ^_<Q_\YWQbaeQSXY\U^QS_]_QS
FYSe…Q=QS[U^^Q2U^ZQ]^<QUTQT d_bebRQ^_U^U\cYW\_H9HCQ^dYQW_
TU\_b_U^3XY\UCQ^dYQW_9]`bU^ E^YfUbcYTQT6Y^YcDUbbQU!))&
dQ3UbfQ^dUc!((! FY\Qb@YUbbU9^YSYQSY†^Q\f_SQRe\QbY_
FYSe…Q =QS[U^^Q 2U^ZQ]^ <Q TU\Q^v\YcYcXYcd†bYS_$ UTYSY†^U^
dbQ^cV_b]QSY†^TUCQ^dYQW_>_dQcU SQcdU\\Q^_ 2QbSU\_^Q 5TYd_bYQ\
Y^TYSQSY_^UcQ\Q9\ecdbU=e^YSY`Q\Y 3bdYSQ!)("
TQTQ\Ce`bU]_7_RYUb^_iQ\3_^WbU FY\SXUcB_RUbd_<QcbUfYcdQc\YdUbQbYQc
c_>QSY_^Q\Ze\Y_TU!('"CQ^dYQ SXY\U^QcTU\cYW\_H9HCQ^dYQW_9]
W_ 9]`bU^dQ TU \Q <YRbUbQ TU\ `bU^dQE^YfUbcYdQbYQ!)$"
=UbSebY_!('" FY\\Q\_R_c B CUbWY_ 5\ S_]UbSY_ i \Q
FYSe…Q=QS[U^^Q2U^ZQ]^<_c:Yb_^ SbYcYcS_\_^YQ\E^]Yd_TU\Q9^TU`U^
TY^_cSXY\U^_cCQ^dYQW_2YR\Y_dUSQ TU^SYQCQ^dYQW_5TYSY_^UcTU\Q
TU1ed_bUc3XY\U^_cf_\99]`bU^ E^YfUbcYTQTTU3XY\U!)&(
dQTU\3_]UbSY_!) "iCQ^dYQW_
FY\\Q\_R_cBCUbWY_8Ycd_bYQTU\`eUR\_
5TYd_bYQ\E^YfUbcYdQbYQ!)()
SXY\U^_CQ^dYQW_5]`bUcQ5TYd_
FYSe…Q=QS[U^^Q2U^ZQ]^=YcSU\v bQJYWJQW!)(#!)(&#f_\c
^UQ3_\USSY†^TUQbdSe\_cRY_WbQVQc
Y]`bUcY_^UcTUfYQZUUcdeTY_cc_SYQ\Uc FY\\Q\_R_cBCUbWY_<_cS_]YU^j_cTU
US_^†]YS_cUdS!($)!('"CQ^dYQ \Q XYcd_bY_WbQVQ US_^†]YSQ TU 3XY\U
W_ 9]`bU^dQ TU \Q <YRbUbQ TU\ !(&"!)$  CQ^dYQW_ 5TYd_bYQ\
=UbSebY_!('"!('$ E^YfUbcYdQbYQ!)( 
FYSe…Q =QS[U^^Q 2U^ZQ]^ =_^dd FY\\Q\_R_cBCUbWY_?bYWU^iQcSU^c_
@bUcYTU^dUTU\QBU`‹R\YSQYcecQZU^ TU \Q RebWeUcQ SXY\U^Q "  UTYSY†^

(#&
 CQ^dYQW_5TYd_bYQ\E^YfUbcYdQbYQ JQ`Y_\Q:_c}<QC_SYUTQTTU\Q9WeQ\
!)(( TQTYcecU^U]YW_cCQ^dYQW_2YR\Y_
FY\\Q\_R_cBCUbWY_@_bdQ\Uce^QVQ\cY dUSQTU1ed_bUc3XY\U^_c7eY\\Ub
VYSQSY†^XYcd†bYSQCQ^dYQW_5TYd_ ]_5=YbQ^TQ5TYd_b!) "
bYQ\E^YfUbcYdQbYQ!)() JQ`Y_\Q:_c}BUSeUbT_cTUdbUY^dQQ…_c
FY\\Q\_R_cBCUbWY_UdQ\<Q}`_SQTU CQ^dYQW_ 7eY\\Ub]_ =YbQ^TQ
2Q\]QSUTQCQ^dYQW_5TYSY_^UcTU 5TYd_b2YR\Y_dUSQTU1ed_bUc3XY
\Q4YbUSSY†^TU2YR\Y_dUSQc1bSXY \U^_c!) "+BUUTYSY†^*2eU^_c
1YbUc5TYd_bYQ\6bQ^SYcS_TU1WeY
f_ci=ecU_c3U^db_TU9^fUcdYWQ
bbU!)'$
SY_^Uc4YUW_2Qbb_c1bQ^Q!))"
JQ…Qbde CQTi 3XY\USYd_ CQ^dYQW_
FY\\Q\_R_cBCUbWY_iBQVQU\CQWbUT_
5TYd_bYQ\>QcSY]U^d_!)#)
25\`b_dUSSY_^Yc]_US_^†]YS_U^3XY
\U CYW\_ H9H CQ^dYQW_ 9^cdYded_ JUWUbc13bYcdYv^1^RQ\@Y^d_8Ycd_
@b_VUcY_^Q\ TU 5cdeTY_c Ce`UbY_ bYQ`_\dYSQTUceW_RYUb^_CQ^dYQW_
bUc2\Qc3Q…Qc!)(' 5TYd_bYQ\E^YfUbcYdQbYQ!)&)
FYdQ\U<eYc9^dUb`bUdQSY†^]QbhYcdQTU\Q KJUWUbc BUSQcU^c :_c}M 4YcdbYReSY†^
8Ycd_bYQTU3XY\U" UTYSY†^d_]_c TU`bU]Y_cQ\_cQ\e]^_cTU\Q5cSeU\Q
99i999CQ^dYQW_@bU^cQ<QdY^_Q >QSY_^Q\TU1bdUci?VYSY_cU\)TUcU
]UbYSQ^Q !)&)!)'" d_]_ 9F dYU]RbUTU!('&CQ^dYQW_9]`bU^
CQ^dYQW_<?=5TYSY_^Uc!))# dQTU\QBU`‹R\YSQ!('&
FYfQSUdQ6Ub]^E^Y†^i6bQdUb^YTQT Ji\RUbRUbW :QSaeUc 1eh c_ebSUc Te
TU \_c dbQRQZQT_bUc c_cdU^YTQ `_b \Qc 3XY\YS_^dU]`_bQY^rS_^_]YUUdc_SY}
Qc_SYQSY_^Uc S__`UbQdYfQc 3_^VUbU^ d}Qe3XY\YS_\_^YQ\Ae}RUSrTYdY_
^c 1^dXb_`_c <Uc @bUccUc TU
SYQ `_b 6Ub]^ FYfQSUdQ `b_VUc_b TU
\µE^YfUbcYd}<QfQ\!)( 
TYReZ_\Y^UQ\i_b^Q]U^dQ\FQ\`QbQ
c_9]`bU^dQTU\²4URUb³!('' HH9HUb BQ``_bd TU \Q C_SY}d} CeYccU TU
2YU^VQYcQ^SUwFQ\`QbQc_4e!UbZQ^
FYfQ\Q<YRUbdQTC_SYUTQT@QdbY†dYSQTU
fYUbQe#!T}SU]RbU!((#FQ\`QbQ
3_^SU`SY†^1SdQ3_^SU`SY†^9]
c_9]`bU^dQTU\E^YfUbc_!((#
`bU^dQTU\3_bbU_!'TUZe^Y_TU
!(%!
GQW^Ub7UbdDbQRQZ_`b_TeSSY†^iSbU 3 D 5C9C 
SY]YU^d_<QUS_^_]QSXY\U^Q!(& °
!)# CQ^dYQW_@_^dYVYSYQE^YfUb 1bQSU^Q C FY_\UdQ <_c QbdUcQ^_c TU
cYTQT3Qd†\YSQTU3XY\U9^cdYded_ 3XY\UcYW\_HF9dUcYcTU<YSU^SYQde
TU5S_^_]Q4_Se]U^d_TUDbQ bQCQ^dYQW_E^YfUbcYTQTTUCQ^
RQZ_>¡!% _SdeRbUTU!))" dYQW_TU3XY\U6QSe\dQTTU8e]Q
^YTQTUc4U`QbdQ]U^d_TU8Ycd_
GUW]Q^^8?cfQ\T_=QWQ\\Q^UcXYc bYQ!)('
d†bYS_ @e^dQ 1bU^Qc 9]`bUc_c
3_Yb†^!)'$ 2QbQX_^Q =_bWQT_ 3Qb\_c Â^WU\
8Ub^v^TUj >‹…Uj i :eQ^ @vUj
GYU^Ub 3XQb\Uc 3XY\Y Ud \Uc SXY\YU^c @vUj9^dUWbQSY†^TU\_cWbe`_cY^dUb
@QbYc <YRbQYbYU <}_`_\T 3UbV ]UTY_c*\QC_SYUTQTTU1bdUcQ^_cTU<Q
!((( CUbU^Q!(&"!) cU]Y^QbY_`QbQ
I…YWeUjFYSe…Q1^d_^Y_8Ycd_bYQTU\ _`dQbQ\dde\_TU`b_VUc_bTU5cdQ
`Ub_T_bUf_\eSY_^QbY_U^3XY\UCQ^ T_U^8Ycd_bYQi7U_WbQVQ<QCU
dYQW_ 9]`bU^dQ TU\ 3_]UbSY_ bU^Q E^YfUbcYTQT TU <Q CUbU^Q
!) % 6QSe\dQT TU 8e]Q^YTQTUc 4U

(#'
 `QbdQ]U^d_TU3YU^SYQcC_SYQ\Uc SY†^ 4U`QbdQ]U^d_ TU 3YU^SYQc
!)(' 8Ycd†bYSQc!))"
3QbbQcS_DQ`YQ9b]Qi@UTb_=_\Y^Q 7bUj D_c_ CUbWY_ <Uc ]_efU]U^dc
<UdU\YUb3_^TYSY_^UcTUfYTQiS_^ Tµ_efbYUbcUdTµQbdYcQ^cU^]Y\YUeeb
TeSdQ c_SYQ\ TU\ `b_\UdQbYQT_ Y^Tec RQY^Qe3XY\YQeH9H~cY~S\U!(!(
dbYQ\TUDQ\SQ!('%!)"!dUcYc`QbQ !()  dX~cU `_eb \U 4_Sd_bQd
_`dQbQ\WbQT_TU<YSU^SYQdebQU^ ^_efUQe b}WY]U Tµ8Ycd_YbU Ud
5TeSQSY†^U^8Ycd_bYQi7U_WbQVQ 3YfY\YcQdY_^c@QbYcrS_\UTUc8Qe
DQ\SQE^YfUbcYTQTTUDQ\SQ6Q dUcrdeTUcU^CSYU^SUcC_SYQ\UcTU
Se\dQTTU5cdeTY_c7U^UbQ\Uc4U @QbYc!)) 
`QbdQ]U^d_TU8Ycd_bYQi7U_WbQ 8edSXYc_^ 5\YjQRUdX AeQi G_b[Y^W
VQ!)() g_]U^_VCQ^dYQW_*7U^TUbQ^Tc_SYQ\
3_^dQT_b1^Q=QbQ2Q^TYTQZUiWeU dbQ^cV_b]QdY_^Y^ebRQ^3XY\U!(('
bbY\\Q<_c@Y^SXUYbQ*e^SQc_TURQ^ !)"'TYccUbdQdY_^V_bdXUTUWbUU
TYTQZUc_SYQ\!(!'!(#"CQ^dYQW_ _V4_Sd_b_V@XY\_c_`XiY^8Ycd_bi
dUcYcTU=QUcdbQU^8Ycd_bYQQ^TY 2Ub[U\Ui E^YfUbcYdi _V 3Q\YV_b
^Q 6<13C? AeYd_5SeQT_b ^YQ!))%
!)() :Qc]U^C1^Q=QbQUdQ\=UTY_cYW\_
3_^dU3_bfQ\v^BURUSQ<Q]edeQ\Y TU\Q`bU^cQSXY\U^Q!(!"!(&"2Y
TQTVU]U^Y^Q*e^QfYcY†^c_SYQ\TU\Q R\Y_WbQVQ SbdYSQ i Q^_dQTQ TU Q^dY
We_c `UbY†TYS_c SXY\U^_c cU]Y^QbY_
]eZUbSXY\U^Q!() !)# dUcYc`QbQ
TUdde\_`QbQ_`dQbQ\dde\_TURY
_`dQbQ\WbQT_TU\YSU^SYQdebQU^
R\Y_dUSQbY_ T_Se]U^dQ\YcdQ CQ^
8Ycd_bYQ CQ^dYQW_ E^YfUbcYTQT
dYQW_9^cdYded_@b_VUcY_^Q\TUCQ^
TU 3XY\U 6QSe\dQT TU 6Y\_c_VQ
dYQW_5cSeU\QTU2YR\Y_dUS_\_WQi
8e]Q^YTQTUci5eSQSY†^4U`Qb
4_Se]U^dQSY†^!))!
dQ]U^d_ TU 3YU^SYQc 8Ycd†bYSQc
!)(' :_X^c_^1^^89^dUb^Q\]YWbQdY_^cY^
3XY\U@X44YccUbdQdY_^E^YfUb
3_b^UZUb_c=:eQ^@QR\_<QWbQfYdQ cYdi_V3Q\YV_b^YQ4QfYc!)''
SY†^TU\_cUeb_`U_cU^1]}bYSQ<_c
VbQ^SUcUcU^3XY\U!(# !)!%dUcYc <_`UcDUhUYbQ7Y\RUbd_<YRUbQ\Yc]_U
`QbQ _`dQb Q\ WbQT_ TU =QWYcdUb =_TUb^YTQT^_3XY\U*E^UcdeT_TQ
1bdYe] U^ 8Ycd_bYQ CQ^dYQW_ 9]`bU^cQSXY\U^Q!($"Q!(%!TY
E^YfUbcYTQTTUCQ^dYQW_TU3XY\U cUbdQ|w_ Q`bUcU^dQTQ `QbQ _R
dU^|w_T_WbQeTU=UcdbUU]8Yc
6QSe\dQTTU8e]Q^YTQTUc4U`Qb
d_bYQ  Cz_ @Qe\_ 6QSe\TQTU TU
dQ]U^d_TU8Ycd_bYQ!)((
6Y\_c_VYQ<UdbUcU3YU^SYQc8e]Q
4QYdc]Q^1^TbUg<DXU@U_`\UCXQ\\ ^QcTQE^YfUbcYTQTUTUCz_@Qe\_
2U1\\*<YRUbQ\BURU\\Y_^Q^T@_`e\Qb !))%
=_RY\YjQdY_^ Y^ 3XY\U !(# !(&
=UjjQ^_<_`UdUWeYCY\fYQ<Q]Q^e
@X44YccUbdQdY_^E^YfUbcYdi_V
VQSdebQdUhdY\SXY\U^QU^U\cYW\_H9H*
GYcS_^cY^=QTYc_^!))%
1^dUSUTU^dUcS_\_^YQ\Uci`bY]UbQ]Y
5cS_RQb74Y^Q1c_SYQSY†^i]edeQ dQTTU\cYW\_H9HdUcYcTUWbQT_`QbQ
\Yc]_*QSdYdeTUciS_]`_bdQ]YU^d_cTU _`dQb Q\ dde\_ TU <YSU^SYQTQ U^
QbdUcQ^_ci_RbUb_cCQ^dYQW_!((  6Y\_c_VQ S_^ ]U^SY†^ U^ 8Ycd_
!)# dUcYc`QbQ_`dQbQ\WbQT_TU bYQ CQ^dYQW_ E^YfUbcYTQT TU
=QWYcdUb TU 8Ycd_bYQ CQ^dYQW_ 3XY\U 6QSe\dQT TU 6Y\_c_VQ 8e
E^YfUbcYTQTTU3XY\U6QSe\dQTTU ]Q^YTQTUci5TeSQSY†^4U`QbdQ
6Y\_c_VQ8e]Q^YTQTUci5TeSQ ]U^d_TU8Ycd_bYQ!)(!

(#(
=e\\Y^c35Y\UU^<_cWbU]Y_cU^CQ^ CdQdU6_bUYW^5^dbU`bU^UebcQ^TG_b
dYQW_TU3XY\UTebQ^dU\Q3_\_^YQ]U [Ubc Y^ 3XY\Uµc 5Qb\i >YdbQdU !(' 
]_bYQ`QbQ_`dQbQ\dde\_TU`b_ !() QTYccUbdQdY_^`bUcU^dUTd_
VUc_bTU5cdQT_U^\QQcYW^QdebQTU dXUVQSe\di_VdXUWbQTeQdU_VIQ\U
8Ycd_bYQ 7U_WbQVQ i 5TeSQSY†^ E^YfUbcYbi Y^ SQ^TYTQSi V_b dXU
3fYSQCQ^dYQW_E^YfUbcYTQTTU TUWbUU _V 4_Sd_b _V @XY\_c_`Xi
3XY\U!)$# >Ug 8QfU^ 3_^^USdYSed IQ\U
>e…Uj38Ub^v^i:QY]UFYfQ^S_7 E^YfUbcYdi!))!
5\dbQRQZQT_bSQd†\YS_cec_bWQ^YjQ B_\\U 3bej 3\QeTY_ 1^QbaeYc]_ U^
SY_^Uc \QR_bQ\Uc i \Q bU\QSY†^ S_^ ce 3XY\U!(')!) 'dUcYc`QbQ_`dQb
9W\UcYQ!(& !)"'dUcYc`QbQ_`dQb Q\WbQT_TU<YSU^SYQT_U^8Ycd_bYQ
Q\WbQT_TU<YSU^SYQT_U^8e]Q CQ^dYQW_@_^dYVYSYQE^YfUbcYTQT
^YTQTUcS_^]U^SY†^U^8Ycd_bYQ 3Qd†\YSQTU3XY\U!)(%
E^YfUbcYTQT TU 3XY\U 6QSe\dQT CQ\Y^Qc3=QhY]Y\YQ^_1BQcW_cTU\
TU6Y\_c_VQ8e]Q^YTQTUci5Te \QYSQT_SQd†\YS_SXY\U^_fY^Se\QT_Q\Q
SQSY†^ 4U`QbdQ]U^d_ TU 8Ycd_ C_SYUTQT >QSY_^Q\ TU 1WbYSe\debQ i
bYQ!)(( 2U^UVYSU^SYQ !(#(!($) ]U]_bYQ
?]Y^Q]Y3Qb\_c3b_YccQ^SUUdcdQW^Q `QbQ_`dQbQ\WbQT_TU<YSU^SYQde
dY_^Qe3XY\Y*5\U]U^dc`_eb\}deTUTU bQU^DU_\_WQCQ^dYQW_E^YfUb
\Qb}We\QdY_^TQ^ce^U}S_^_]YUc_ec° cYTQT3Qd†\YSQTU3XY\U9^cdYded_
TUfU\_``}U >Q^dUbbU DX~cU TU TUDU_\_WQ!)'%
4_Sd_bQdTeDb_YcY~]U3iS\UE^Y CSQW\Y_ddYBQfUbQ3_^cdQ^jQ<QC_SYU
fUbcYd}@QbYcH>Q^dUbbU!)(  TQTTUC_S_bb_c=ede_c9dQ\YQ!( 
?bdYjB:eQ^B_TbYW_<_cUfQ^W}\YS_c !)$'dUcYc`QbQ_`dQbQ\WbQT_TU
i\Q`_\dYSQSXY\U^Q!(! !()!dUcYc <YSU^SYQT_U^8Ycd_bYQCQ^dYQW_
`QbQ_`dQbQ\dde\_TU<YSU^SYQT_ @_^dYVYSYQE^YfUbcYTQT3Qd†\YSQTU
U^ 5TeSQSY†^ S_^ ]U^SY†^ U^ 3XY\U6QSe\dQTTU8Ycd_bYQ7U_
8Ycd_bYQ i 7U_WbQVQ 3_^SU` WbQVQi3YU^SYQc@_\dYSQc9^cdYde
SY†^E^YfUbcYTQTTU3_^SU`SY†^ d_TU8Ycd_bYQ!))"
6QSe\dQTTU5TeSQSY†^8e]Q^Y CSX]edjUbC;QbY^<QbUf_\eSY†^TU
TQTUc i 1bdU 4U`QbdQ]U^d_ TU !(%!U^1S_^SQWeQdUcYc`QbQ_`dQb
8Ycd_bYQ!))  Q\WbQT_TU\YSU^SYQdebQU^8Ycd_
?cUc 7 :QSaeU\Y^U 5\ `U†^ bebQ\ U^ bYQCQ^dYQW_@_^dYVYSYQE^YfUbcY
SeQdb_ `b_fY^SYQc TU 3XY\U SU^dbQ\* TQT3Qd†\YSQTU3XY\U9^cdYded_TU
!(& °!)" dUcYc`QbQ_`dQbQ\WbQ 8Ycd_bYQ!)($
T_TU<YSU^SYQT_U^5TeSQSY†^U^ FUbQ2QbbUbQ<eYc1<Qc_bWQ^YjQSY_
8Ycd_bYQi7U_WbQVQDQ\SQE^Y ^UcYdQ\YQ^QcU^3XY\U<Qc_SYUTQTTU
fUbcYTQTTUDQ\SQ6QSe\dQTTU5c C_S_bb_c=ede_c²9dQ\YQ³!( !)$'
deTY_c 7U^UbQ\Uc 4U`QbdQ]U^d_ dUcYc`QbQ_`dQbQ\WbQT_TU<YSU^
TU8Ycd_bYQi7U_WbQVQ!))  SYQT_U^8Ycd_bYQCQ^dYQW_@_^
@QbU^dY^Y<eYc3Qb\_c1bQeSQ^_ciSXY dYVYSYQ E^YfUbcYTQT 3Qd†\YSQ TU
\U^_c 1cY]Y\QSY†^ i `U^UdbQSY†^ Uc 3XY\U6QSe\dQTTU8Ycd_bYQ7U_
`_^dv^UQ TU \Q 1bQeSQ^Q !(%! WbQVQi3YU^SYQc@_\dYSQc9^cdYde
!(("dUcYc`QbQ_`dQbQ\WbQT_TU d_TU8Ycd_bYQ!))"
<YSU^SYQT_U^8Ycd_bYQCQ^dYQW_ IvfQb=UjQ1\T_5\WbU]Y_TUZ_b^Q\U
@_^dYVYSYQE^YfUbcYTQT3Qd†\YSQTU b_ci\Q^SXUb_cTUFQ\`QbQc_!(#'
3XY\U!)(& !(%)5dQ`QTUV_b]QSY†^dUcYc`QbQ
@Y^d_ FQ\\UZ_c :e\Y_ 1 4UcUbd 3bQT\U* _`dQbQ\WbQT_TU=QWYcdUb1bdYe]

(#)
]U^SY†^8Ycd_bYQCQ^dYQW_E^Y
fUbcYTQTTUCQ^dYQW_TU3XY\U6Q
Se\dQTTU8e]Q^YTQTUc4U`QbdQ
]U^d_TU8Ycd_bYQ!)((

($
 1445>41292<9?7BÂ6931

5cdU\YRb_VeUdUb]Y^QT_TUbUTQSdQbXQSYQVY^UcTU!))'4UcTU
U^d_^SUcXQ^Q`QbUSYT_^e]Ub_c_cdbQRQZ_caeUXQ^`Ub]YdYT_Yb\\U^Q^
T_fQS_cXYcd_bY_WbvVYS_cc_RbUTYcdY^d_cdU]QcQ\UTQ…_cQce`b_R\U]v
dYSQSU^dbQ\^_S_^_SU]_c^eUfQc_RbQcaeUXQiQ^Y^dU^dQT_e^QbU
S_^cdbeSSY†^WU^UbQ\TU\QXYcd_bYQTU\_c]_fY]YU^d_c`_`e\QbUcU^
3XY\UU^U\cYW\_H9H
CY^`bUdU^TUbUcdQR\USUbe^Q\YcdQUhXQecdYfQcU…Q\Q]_cQS_^dY^eQ
SY†^QaeU\\_c\YRb_ciQbdSe\_caeU`Ub]YdU^U^bYaeUSUb\QfYcY†^c_RbU
TUdUb]Y^QT_cQc`USd_cQR_bTQT_cU^4U\Q²bUWU^UbQSY†^TU\`eUR\_³Q\Q
XeU\WQWU^UbQ\ >_ Y^S\eY]_c \Qc dUcYc e^YfUbcYdQbYQc aeU `Ub]Q^USU^
Y^}TYdQc
BUc`USd_TU\TUcQbb_\\_US_^†]YS_^QSY_^Q\i\QdbQ^cYSY†^Q\SQ`Y
dQ\Yc]_\Q^_fUTQT]vcY]`_bdQ^dU\QXQQ`_bdQT_<eYc?bdUWQ=Qbd^Uj
S_^ce3XY\UU^bedQQ\SQ`YdQ\Yc]_3Q]RY_UeV_bYQiTU`bUcY†^!(% !(( 
CQ^dYQW_5TYSY_^UcTU\Q4921=3U^db_TU9^fUcdYWQSY_^Uc4YUW_2Q
bb_c1bQ^Q<?=5TYSY_^Uc" %5cdQ_RbQ\QbWQ]U^dUUc`UbQTQVeU
U\bUce\dQT_TUe^QQ]`\YQSY†^i]QTebQSY†^TU\QdUcYcT_Sd_bQ\aeUce
Qed_bTUVU^TY†U^9^W\QdUbbQU^!)')3QcYcY]e\dv^UQ]U^dU<eYc?bdU
WQU^S_Qed_bQS_^8Ub^v^FU^UWQcQWbUW†QcecUcdeTY_cTUXYcd_bYQ
US_^†]YSQU\\YRb_5h`Q^cY†^`b_TeSdYfQiTUcQbb_\\_dUS^_\†WYS_3XY\U!(% 
!)#"CQ^dYQW_E^YfUbcYTQTTUCQ^dYQW_" %DQ]RY}^UcbU\UfQ^dU\Q
`eR\YSQSY†^TU\dUhd_Sb_^_\†WYSQ]U^dUQ]`\YQT_TU7QRbYU\CQ\QjQb
FUbWQbQaeUTUcTU]UTYQT_cTU\QT}SQTQTU!)' XQRQSYbSe\QT_S_]_
T_Se]U^d_TUdbQRQZ_RQZ_U\dde\_²1\We^_cQc`USd_cVe^TQ]U^dQ\Uc
TU\TUcQbb_\\_TU\SQ`YdQ\Yc]_U^3XY\U!%$!!)# ³iaeUQX_bQUcdvTYc
`_^YR\UU^V_b]Qd_TU\YRb_S_^U\^_]RbUTU8Ycd_bYQTU\QQSe]e\QSY†^
SQ`YdQ\YcdQU^3XY\UCQ^dYQW_<?=5TYSY_^Uc" #4UUcdU]Yc]_XYcd_
bYQT_bUcU\f_\e]U^999aeUV_b]Q`QbdUTU\Q_RbQWU^UbQ\`eR\YSQTQU^
S_Qed_bQS_^:e\Y_@Y^d_8Ycd_bYQS_^dU]`_bv^UQTU3XY\Uf_\999<QUS_^_
]Q*]UbSQT_cU]`bUcQbY_cidbQRQZQT_bUcCQ^dYQW_<?=5TYSY_^Uc" "
C_RbU\QUS_^_]Q\Q]Q^_TU_RbQ\_cU]YWbQ^dUcUY^]YWbQ^dUc
TebQ^dUU\cYW\_H9H^_`_TU]_cTUTUZQbTUS_^cYW^QbaeUSeQ^T_U\
dbQRQZ_TU`bU`QbQSY†^TU\Q`bY]UbQUTYSY†^TU^eUcdb_\YRb_cUU^S_^
dbQRQRQcdQ^dUQfQ^jQT_3Qb]U^>_bQ]ReU^Q`eR\YS†U\f_\e]U^aeU
bU‹^UdbQRQZ_cTUfQbY_cXYcd_bYQT_bUcSXY\U^_ciQbWU^dY^_c*¤6Q\dQ^_
c_RbQ^RbQj_c/=YWbQSY_^UcY^dUb^QciVb_^dUbYjQc!(% !)# CQ^dYQW_5TY
d_bYQ\E^YfUbcYTQTTUCQ^dYQW_!))'@_cdUbY_b]U^dUQ`QbUSYUb_^\QccY
WeYU^dUc_RbQc*2Q\T_]Ub_5cdbQTQ²5]`bUcQbYQT_iTUcQbb_\\_Y^Tec
dbYQ\U^\QXYcd_bY_WbQVQ^QSY_^Q\³U^3eQTUb^_cTU8Ycd_bYQ>¡!)CQ^dYQ
W_TYSYU]RbUTU!)))`vWc!!#!%%i²<_cY^dU^d_c`_bUcdY]e\QbU\VQS
d_bXe]Q^_^QSY_^Q\QdbQf}cTU\QY^]YWbQSY†^Ueb_`UQ!(((!)" ³U^

($!
=Q`_SX_>¡$'CQ^dYQW_`bY]UbcU]UcdbUTU" `vWc# ####+7Y\RUb
d_8QbbYc2eSXUb3Y^S_UcdeTY_cbUfYcY_^YcdQcc_RbUU]YWbQSY†^TUSXY\U^_cU
Y^]YWbQSY†^UhdbQ^ZUbQU^3XY\UTebQ^dUU\cYW\_H9HFQ\`QbQc_E^YfUbcYTQT
TU@\QiQ1^SXQTU3YU^SYQcTU\Q5TeSQSY†^5TYSY_^UcTU\Q6QSe\dQTTU
8e]Q^YTQTUc" +5]YWbQ^dUcUY^]YWbQ^dUcU^3XY\U!(! !)!%>eUf_c
Q`_bdUci^_dQcbUfYcY_^YcdQcFQ\`QbQc_E^YfUbcYTQTTU@\QiQ1^SXQ" !+
i5cdeTY_cc_RbUUS_^_]Qic_SYUTQTU^U\S_^dUhd_TU\QdU]`bQ^QY^TecdbYQ\YjQ
SY†^`_bdU…QiSXY\U^QTU\cYW\_H9HFQ\`QbQc_E^YfUbcYTQTTU@\QiQ1^SXQ
" #5\UcdeTY_TUSQc_TUe^Q^QSY_^Q\YTQTTUY^]YWbQ^dUcQ3XY\U]vc
bU\UfQ^dU`eR\YSQT_U^Ucd_cQ…_cUcY^TeTQR\U]U^dUU\bUQ\YjQT_`_b
4YUW_<Y^3X_e3XY\Ui3XY^Q*Y^]YWbQSY†^ibU\QSY_^UcRY\QdUbQ\Uc!($%
!)' CQ^dYQW_5TYSY_^UcTU\Q4921=3U^db_TU9^fUcdYWQSY_^Uc4YU
W_2Qbb_c1bQ^Q9^cdYded_TU8Ycd_bYQTU\Q@_^dYVYSYQE^YfUbcYTQT3Qd†
\YSQTU3XY\U" $
C_RbUU\dbQcSU^TU^dU`b_R\U]QTU\QVYSXQcQ\QbY_`QbQ\QXYcd_bYQ
c_SYQ\TU\cYW\_H9HiS_]YU^j_cTU\cYW\_HHf}QcU:_bWU>‹…Uj@Y^d_
²3XY\UbU`eR\YSQ^_*¤4Y^Ub_Q\dUb^QdYf__SYbSe\Q^dUTUY\ecY_^Uc/³U^
=Q`_SX_>¡%$CQ^dYQW_cUWe^T_cU]UcdbUTU" #`vWc%#'%
E^QbUV\UhY†^dU†bYSQc_RbU\QcUbfYTe]RbUT_]}cdYSQUc\QTUcQbb_
\\QTQ`_b=QbQ1^W}\YSQ9\\Q^UcU^ceQbdSe\_²4_]UcdYSYTQTi]_TUb
^YTQT*\QcbU\QSY_^Uc\QR_bQ\UcT_]}cdYSQc3_^SU`deQ\YjQSY†^bU`bUcU^
dQSY†^QSdeQ\YTQT³U^=Q`_SX_>¡$"CQ^dYQW_cUWe^T_cU]UcdbUTU
!))'`vWc!"#!$ 
C_RbUdbQRQZ_VU]U^Y^_f}QcUU^dbU_db_c*<Ui\Q6\_bUc=²=eZU
bUcTU\RQZ_`eUR\_i\QS_^cdbeSSY†^TUe^Qc_SYQRY\YTQT`b_`YQ*\QUh`U
bYU^SYQTU\Qc`e\`UbQcU^CQ^dYQW_FQ\`QbQc_iU\>_bdU3XYS_!'% 
!(# ³U^4Y]U^cY†^8Ycd†bYSQTU3XY\U>¡c!#!$CQ^dYQW_!))'!))(
`vWc!##"+i1\UZQ^TbQ2bYd_@U…Q4U]eZUbY^TU`U^TYU^dUQ]QTbU4U`U†^
Q`QTbU`b_fUUT_b<QS_^cdbeSSY†^TUYTU^dYTQTUcTUW}^Ub_U^\Qc_SYUTQT`_`e
\QbSXY\U^Q3_^SU`SY†^5TYSY_^Uc5cSQ`QbQdU" &
5\UcdeTY_TU\QbUQ\YTQTXYcd†bYSQTU\dbQRQZ_Y^VQ^dY\U^U\cYW\_H9H
iU^ReU^Q`QbdUTU\cYW\_HHXQcUWeYT_dU^YU^T_S_]_‹^YS_Se\d_b
TUcdQSQT_Q:_bWUB_ZQc6\_bUcaeYU^U^\_c‹\dY]_cQ…_cXQQWbUWQT_Q
\QRYR\Y_WbQVQc_RbUUcdUdU]Q\_ccYWeYU^dUcdde\_c*²DbQRQZ_Y^VQ^dY\U^
\Q]Y^UbQ*Q`e^dUcXYcd†bYS_c³U^8Ycd_bYQf_\#"CQ^dYQW_!)))`vWc
#&'$$!+²5\dbQRQZ_Y^VQ^dY\i\QY^VQ^SYQ`_`e\Qb³U^@b_`_cYSY_^Uc>¡#"
CQ^dYQW_Ceb5TYSY_^Uc" !`vWc%)'$+²<_c^Y…_c\QY^VQ^SYQceXYc
d_bYQ*e^QSUbSQ]YU^d_S_^SU`deQ\idU†bYS_TUcTU\QXYcd_bY_WbQVQ³U^
3eQTUb^_cc_SY_\†WYS_c>¡"" "CQ^dYQW_E^YfUbcYTQT1B39C`vWc$%
)#+<_cce`\U]U^dUb_c*\_c^Y…_ci\QfU^dQTUTYQbY_c3XY\U!(( !)%#CQ^dYQ
W_1bYQT^Q5TYSY_^Uc" &
C_RbU\QXYcd_bYQTU\Q`bU^cQXQ^Q`QbUSYT_T_cdbQRQZ_cTU7_^jQ
\_@Yg_^[Q*²@bU^cQ`UbY†TYSQi\YRUbdQTTUY]`bU^dQ*!("#!(# ³U^
3eQTUb^_cTU8Ycd_bYQ>¡!)CQ^dYQW_TYSYU]RbUTU!)))`vWc')!!"i

($"
?bWU^UcTU\Q\YRUbdQTTU`bU^cQU^3XY\U*!("#!(# CQ^dYQW_4921=3U^
db_TU9^fUcdYWQSY_^Uc4YUW_2Qbb_c1bQ^QB9<5TYd_bUc" 1U\\_ccU
QWbUW†U\\YRb_TU3Qb\_c?ccQ^T†^2i5TeQbT_CQ^dQ3bej15^dbU\Qc
Q\QciU\`\_]_<QWUcdQSY†^TU\Q`bU^cQ]_TUb^QU^3XY\UCQ^dYQW_<?=
5TYSY_^UcE^YfUbcYTQT1B39C4921=" !
4U\_c\YRb_cS_^cQWbQT_cQ\QXYcd_bYQTUSYeTQTUcc†\_bUdU^U]_c
U\TU6Ub^Q^T_FU^UWQc5<Y]QSXUice]U]_bYQXYcd†bYSQd_]_94UcTU\Q
3_^aeYcdQ5c`Q…_\QXQcdQ\Q\\UWQTQTU\6Ubb_SQbbY\!%$!!(%&<Y]QSXU
9]`bUc_c²<Q@bU^cQ³" `_bdbQdQbcUTUe^Q_RbQU\QR_bQTQTUQSeUb
T_QSbYdUbY_cXYcd_bY_WbvVYS_c`b_VUcY_^Q\Uc
C_RbUU\XvRYdQd`_`e\QbcU…Q\Q]_cU\\YRb_TU=QbQHY]U^QEbRY
^Q3QbbQcS_<_cS_^fU^dY\\_cTUFQ\`QbQc_6Yc_^_]Qi`UbSU`SY†^TUe^QfY
fYU^TQ`_`e\QbebRQ^QFQ\`QbQc_5TYSY_^UcE^YfUbcYdQbYQcTUFQ\`QbQ
c_TU\QE^YfUbcYTQT3Qd†\YSQTUFQ\`QbQc_" "
E^Q`Ubc`USdYfQ^_fUT_cQTU\UcdeTY_TU\QcWeUbbQcTU\Q9^TU`U^
TU^SYQTU3XY\UUc\QUh`eUcdQU^U\\YRb_TU3bYcdYv^7eUbbUb_<YbQ<Q
S_^dbQbbUf_\eSY†^TU\Q9^TU`U^TU^SYQCQ^dYQW_5TYSY_^UcTU\Q4921=
3U^db_TU9^fUcdYWQSY_^Uc4YUW_2Qbb_c1bQ^Q" "5\S_^_SY]YU^d_c_
RbUU\S_]`_bdQ]YU^d_TU\_ccUSd_bUc`_`e\QbUcU^Uc_cS_^V\YSd_cXQ
cYT_U^bYaeUSYT_`_b\_cdbQRQZ_cTUfQbY_cXYcd_bYQT_bUcQcQRUb*=QbY_
FQ\T}cEbbedYQ²<QTUcUbSY†^U^U\UZ}bSYd_`QdbY_dQTebQ^dU\QWeUbbQTU
9^TU`U^TU^SYQU^3XY\U*!(!#!(!(>_dQc`QbQceS_]`bU^cY†^³U^BU
fYcdQ3XY\U^QTU8Ycd_bYQi7U_WbQVQ>¡!&$CQ^dYQW_!))(`vWc! #!"&+
9W_b7_YS_fYS4_^_c_²3_^V\YSdYfYTQTc_SYQ\ifY_\U^SYQS_\USdYfQU^3XY
\UdbQTYSY_^Q\5\\UfQ^dQ]YU^d_Y^TWU^Qi`_`e\QbTU3XQ\Y^WQ!(!(³
U^BUfYcdQTU8Ycd_bYQC_SYQ\iTU\Qc]U^dQ\YTQTUcCQ^dYQW_Y^fYUb^_" 
`vWc%!(&+7\QTicFQbU\Qi3Qb\Q=Q^QbQ²5^e^]e^T_TUVb_^dUbQ<Q
WeUbbY\\QbUQ\YcdQSXY\U^QU^dUbbYd_bY_`UXeU^SXU³U^BUfYcdQTU5cdeTY_c
DbQcQ^TY^_c>¡$CQ^dYQW_Ze\Y_TU" `vWc#$!#&#iTU\Qc]Yc]Qc
Qed_bQc²DYU]`_cTUdbQ^cYSY†^U^\QcVb_^dUbQccebQ^TY^Qc*TU\Q3_\_
^YQQ\QBU`‹R\YSQ³U^CecQ^Q2Q^TYUbY3bejQ^T_\Q3_bTY\\UbQª<QVb_^dU
bQQbWU^dY^_SXY\U^QS_]_Uc`QSY_c_SYQ\>Ueae}^E^YfUbcYTQT>QSY_^Q\TU\
3_]QXeU" "`vWc#!&#+<U_^QbT_<U†^C_\c²BUS\edQcV_bjQT_ci
TUcUbd_bUcTU\Q`QdbYQ*U\RQZ_`eUR\_SXY\U^_U^\QWeUbbQTU\Q9^TU`U^
TU^SYQ!(! !(!$³U^8Ycd_bYQf_\#%CQ^dYQW_" "`vWc"%!")'+²<Q
_dbQWeUbbQTU\Q9^TU`U^TU^SYQ*U\}h_T_`QdbY_dQTU@U^S_!(!'!(!(³
U^5cdeTY_c3_\_^YQ\Uc>¡$CQ^dYQW_" %+>Y`QdbY_dQc^YbUQ\YcdQc*U\RQZ_
`eUR\_TebQ^dU\QWeUbbQTU\Q9^TU`U^TU^SYQU^3XY\U!( !(" CQ^dYQW_49
21=" 'U^`bU^cQ
C_RbUTYcSY`\Y^Q]YU^d_c_SYQ\TUcdQSQU\]_^e]U^dQ\dbQRQZ_TU
=QbS_1^d_^Y_<U†^5^SYUbb_iS_bbUSSY†^<QS_^VYWebQSY†^TUe^cYcdU]QTU
`bYcY_^UcU^3XY\U!( !)!!#d_]_cCQ^dYQW_E^YfUbcYTQT3U^dbQ\TU
3XY\U" #4U\]Yc]_Qed_bbUce\dQY^dUbUcQ^dUS_^ce\dQbdQ]RY}^²5^
dbUU\Uc`USdvSe\_iU\UcSQb]YU^d_*U\`bUcYTY_Q]Re\Q^dUU^3XY\U!(#&

($#
!($'³U^=Q`_SX_>¡$#CQ^dYQW_`bY]UbcU]UcdbUTU!))(`vWc!(#
" )9WeQ\]U^dUS_^cdYdeiU^Q`_bdUcS_]`\U]U^dQbY_c`QbQe^Q]UZ_b
S_]`bU^cY†^TUUcd_cdU]QcU\\YRb_TU=QbS_c6Ub^v^TUj<QRR}@bYcY†^
S_]‹^Y]QWY^QbY_c_SYQ\UYTU^dYTQT3XY\U!(' !)" CQ^dYQW_5TYSY_^Uc
TU\Q4921=3U^db_TU9^fUcdYWQSY_^Uc4YUW_2Qbb_c1bQ^Q5TYd_bYQ\
1^Tb}c2U\\_" #+i\Q_RbQTU\XYcd_bYQT_bTU\4UbUSX_5bYS5TeQbT_
@Q\]Q78Ycd_bYQTU\4UbUSX_SXY\U^_!( (!)"$CQ^dYQW_E^YfUbcYTQT
TU3XY\U6QSe\dQTTU4UbUSX_K" %MTUbUVbUcSQ^dU_bYU^dQSY†^YS_
^_S\QcdQ`eUcd_aeUQR_bTQU\UcdeTY_TU\Qc^_b]QcZebTYSQcTUcTU\Q
`Ubc`USdYfQTU\Q8Ycd_bYQc_SYQ\
<_c^eUfQcUcdeTY_cc_RbUXYcd_bYQ`_\dYSQTUSY]_^†^YSQc_^^e]U
b_c_c5^dbU\_c]vcbU\UfQ^dUcXQiaeUQ^_dQb*2bYQ^<_fU]Q^i5\YjQ
RUdX<YbQ<QcceQfUcSU^YjQcTU\_\fYT_FQSXY\U^QTUbUS_^SY\YQSY†^`_\dYSQ
!(!$!)#"CQ^dYQW_<?=5TYSY_^Uc!)))+1^Q=QbQCdefU^F<QcU
TeSSY†^TUe^_bTU^<QcU\YdUci\QS_^cdbeSSY†^TU3XY\UU^\Qc`_\}]YSQcSe\de
bQ\Uci`_\dYSQcTU\cYW\_H9HCQ^dYQW_5TYSY_^UcTU\QE^YfUbcYTQT3Qd†\Y
SQTU3XY\U" +BQVQU\CQWbUT_2QUjQFQ`_bQ\^_bdUdbU^Q\ceb5\fYQZU
`bUcYTU^SYQ\S_]_`bvSdYSQ`_\dYSQU^3XY\UCQ^dYQW_5TYSY_^UcTU\Q4921=
" !+CY]_^3_\\YUb3XY\U*\QS_^cdbeSSY†^TUe^QbU`‹R\YSQ!(# !(&%CQ^
dYQW_5TYSY_^UcE^YfUbcYTQT3Qd†\YSQTU3XY\U" %\QUTYSY†^U^Y^W\}c
UcTU" #+7QRbYU\CQ\QjQb3_^cdbeSSY†^TU5cdQT_U^3XY\U!( !(#'
4U]_SbQSYQTU\_c²`eUR\_c³=Y\YdQbYc]_SYeTQTQ^_7_\`Yc]__\YWvbaeYS_CQ^
dYQW_5TYd_bYQ\CeTQ]UbYSQ^Q" %
<QRYR\Y_WbQVQc_RbU\_c]_fY]YU^d_c`_`e\QbUcTUSY]_^†^YS_c
Q`QbUSYTQS_^`_cdUbY_bYTQTQ^eUcdb_\YRb_Uc]vcRYU^UcSQcQ:e\Y_@Y^
d_FQ\\UZ_c`eR\YS†e^\YRb_aeUbU‹^UfQbY_cTUcecQbdSe\_cc_RbUU\
>_bdU7bQ^TURQZ_U\dde\_DbQRQZ_cibURU\TQcU^\Q`Q]`QcQ\YdbUbQ5\SYS\_
TU\cQ\YdbUi\QbUS_^VYWebQSY†^TU\QcYTU^dYTQTUc`_`e\QbUc!(% !) CQ^
dYQW_5TYd_bYQ\E^YfUbcYTQTTUCQ^dYQW_!))(=QbQ1^W}\YSQ9\\Q^Uc
dQ]RY}^Ze^d†U^e^f_\e]U^dUhd_c`eR\YSQT_cQ^dUbY_b]U^dUc_RbUU\
TUcQbb_\\_US_^†]YS_c_SYQ\i\_c]_fY]YU^d_c`_`e\QbUcRQZ_U\dde\_
3XY\UTUcSU^dbQT_6_b]QSY†^c_SY_Se\debQ\bU`eR\YSQ^QidbQ^cYSY†^SQ`YdQ\YcdQ
!(! !)! CQ^dYQW_<?=5TYSY_^Uc" $
1d_TQ\Q`b_TeSSY†^Q^dUbY_bcUQWbUWQ^Q\We^_cQbdSe\_cc_RbU
Qc`USd_c`e^deQ\UcTUdU]QciQdbQdQT_cU^^eUcdb_\YRb_C_RbU\QY^dUb
fU^SY†^`_`e\QbU^\QWeUbbQSYfY\TU!(%!U^dbU_db_cd†`YS_cf}QcU*
=QbS_c6Ub^v^TUj<QRR}²CeR\UfQT_cQbbU`U^dYT_c\UQ\Uc*TYcSebc_cTU
S\U]U^SYQU^U\]QbS_TU\TU\Yd_`_\dYS_3XY\U!(# !(& ³U^=Q`_SX_
CQ^dYQW_`bY]UbcU]UcdbUTU" #`vWc"!%"#!+3\QeTY_@}bUjCY\fQ²3_^
V\YSd_`QdbYSY_ifY_\U^SYQ`_`e\QbU^3_`YQ`†TebQ^dU\QWeUbbQSYfY\TU
!(%!³U^BUfYcdQTU8Ycd_bYQC_SYQ\iTU\Qc=U^dQ\YTQTUc1…_Hf_\"CQ^dYQW_
" &`vWc! %!% C_RbU\Q`QbdYSY`QSY†^TU\RQZ_`eUR\_cQ^dYQWeY^_U^
\QS_ie^debQ`bUfYQQ\QWeUbbQSYfY\TU!(%)*BU^}CQ\Y^Qc=UjQ²5c`QSY_
ebRQ^_ibUfeU\dQc`_`e\QbUc5\]_d^TUCQ^dYQW_U^!(%(³U^BUfYcdQTU

($$
8Ycd_bYQC_SYQ\iTU\Qc=U^dQ\YTQTUc>¡'CQ^dYQW_`bY]QfUbQ" #`vWc!#
#)C_RbU\QbUQSSY†^TU\]Yc]_cUSd_bc_SYQ\U^\QSbYcYcUS_^†]YSQ`bUfYQQ\Q
7eUbbQTU\@QSVYS_*9W_b7_YS_fYS4_^_c_²<QY^cebbUSSY†^TU\QbbQRQ\5c
`QSY_ebRQ^_ifY_\U^SYQS_\USdYfQCQ^dYQW_TU3XY\U!('(³U^BUfYcdQTU8Yc
d_bYQC_SYQ\iTU\Qc=U^dQ\YTQTUc>¡&CQ^dYQW_`bY]QfUbQ" "`vWc#)&%
@_b^eUcdbQ`QbdUU^S_^dY^eYTQTS_^\_TUcQbb_\\QT_U^4U\Q²bUWU^U
bQSY†^TU\`eUR\_³Q\QXeU\WQWU^UbQ\XU]_c`b_Ve^TYjQT_U\Q^v\YcYcTUQ\We
^_cVU^†]U^_cS_ie^debQci`b_SUc_cTU\`Ub_T_Y^]UTYQdQ]U^dU`_cdU
bY_bQ\dbQdQT_UcdU\YRb_@_bS_^dbQcdUS_^\_bUQ\YjQT_Q^dUbY_b]U^dUSbUU
]_caeUTUUcdU]_T_XU]_c\_WbQT_e^QS_]`bU^cY†^]vcS_]`\UdQTU
SYUbdQc\^UQcTUTUcQbb_\\_XYcd†bYS_F}QcU*CUbWY_7bUjD_c_²!() !) '*
4Ue^QXeU\WQWU^UbQ\Q_dbQ3_^dY^eYTQTUcibe`debQcTU\]_fY]YU^d_
`_`e\QbU^3XY\U³U^@QR\_1bdQjQUdQ\1^_fU^dQQ…_cTU\_cceSUc_cTU\Q5cSeU
\QCQ^dQ=QbQTU9aeYaeUCQ^dYQW_4921=<?=5TYSY_^UcE^YfUbcYTQT
1bdeb_@bQd!))(`vWc!#!!#'+²E^Q]YbQTQQ\]_fY]YU^d_`_`e\QbTUc
TUT_cQc_^QTQcSQ\\UZUbQcCQ^dYQW_!(((!) %³U^3eQTUb^_cTU8Ycd_bYQ
>¡!)CQ^dYQW_TYSYU]RbUTU!)))`vWc!%'!)#+²DbQ^cYSY†^U^\QcV_b
]QcTU\eSXQ*]_dY^Uc`U_^Q\UciXeU\WQc_RbUbQcU^3XY\U!()!!) '³
U^8Ycd_bYQf_\##CQ^dYQW_" `vWc!$!""%+²5\UcSQb`QT_SQ]Y^_
XQSYQ\Q\UWYc\QSY†^c_SYQ\*TURQdUcS_^dbQTYSSY_^UciU^SbeSYZQTQcU^U\
]_fY]YU^d__RbUb_i`_`e\Qb3XY\U*!) !!)"$³U^3eQTUb^_cTU8Ycd_bYQ
>¡"!TYSYU]RbUTU" !`vWc!!)!("+²<QWeUbbQ`bUfU^dYfQ*CQ^dQ=QbQ
TU9aeYaeU<QcbQj_^UcTU\`_TUb³U^=Q`_SX_>¡% CQ^dYQW_cUWe^T_
cU]UcdbUTU" !`vWc"'!"( +²¤1ed_^_]Q_UcSeT_`b_dUSd_b/5\]_fY
]YU^d__RbUb_i`_`e\Qbi\_c]USQ^Yc]_cTUS_^SY\YQSY†^iQbRYdbQZU3XY
\U!) !)"$³U^8Ycd_bYQf_\#%CQ^dYQW_" "`vWc)!!% 
<QcYTU^dYTQTUci]U^dQ\YTQTUc`_`e\QbUcXQ^S_^SYdQT_SbUSYU^dU
Y^dUb}cXYcd_bY_WbvVYS_1`QbdUU\\YRb_iQSYdQT_TU:e\Y_@Y^d_FQ\\UZ_c
SQRUS_^cYW^QbceQbdSe\_U^S_Qed_bQS_^@QR\_1bdQjQiFUb†^YSQFQ\
TYfYQ²@QdbYQiS\QcUU^\_cQ\R_bUcTU\QYTU^dYTQT`Q]`Y^Q!(& !() ³
U^8Ycd_bYQf_\#&CQ^dYQW_" #`vWc"'%##"1cY]Yc]_U\QbdSe\_
TUCUbWY_7_^jv\Uj=YbQ^TQ²E^QQ`b_hY]QSY†^Q\Q]U^dQ\YTQTTU\
_RbUb_`Q]`Y^_*9TU^dYTQTUc\_SQ\Uci]_fY]YU^d__RbUb_cQ\YdbUb_³U^
4YfUbc_cQed_bUc8Ycd_bYQTU\Qc]U^dQ\YTQTUc8_]U^QZUQ7U_bWU4eRi=_
^_WbQVQcTU3eQTUb^_cTU8Ycd_bYQ>¡!CQ^dYQW_4U`QbdQ]U^d_TU
3YU^SYQc8Ycd†bYSQc6QSe\dQTTU6Y\_c_VQi8e]Q^YTQTUcE^YfUbcYTQT
TU3XY\U" I\eUW_^e]Ub_c_cXYcd_bYQT_bUc]vcZ†fU^UcXQ^Y^Seb
cY_^QT_U^UcdQvbUQdU]vdYSQ1]_T_TUUZU]`\_Q^_dQ]_c*3USY\YQ
?c_bY_7_^^Ud²3XY\U^_c`UbeQ^_ciR_\YfYQ^_cU^\Q`Q]`Q!(& !(( 
¤E^S_^V\YSd_U^dbU^QSY_^Q\YTQTUc/³U^8Ycd_bYQf_\#$CQ^dYQW_" !
`vWc!!'!&&+=Y\d_^7_T_i?bU\\Q^Q²6YUcdQR_bbQSXUbQifY_\U^SYQ
U^dbU\_c]Y^Ub_cTU\>_bdU3XYS_!($ !) ³U^BUfYcdQTU8Ycd_bYQC_
SYQ\iTU\Qc=U^dQ\YTQTUc>¡'CQ^dYQW_`bY]QfUbQ" #`vWc(!!!'+
²4YcSY`\Y^Q]YU^d_Se\debQ\ibUc`eUcdQc`_`e\QbUcU^\QcVUcdYfYTQTUcTU\

($%
>_bdU3XYS_!($ !) ³U^5b^Ucd_2_X_c\Qgc[Yi=Y\d_^7_T_iUTYd_
bUc?bTU^_\YWvbaeYS_ibUc`eUcdQc`_`e\QbUcU^1bWU^dY^Qi3XY\U!(" !)" 
2eU^_c1YbUc@b_]UdU_<YRb_c" '+²6YUcdQcSQb^QfQ\ibUfeU\dQcU^U\
>_bdU3XYS_!($ !) ³U^9W_b7_YS_fYSi3\QeTY_@}bUjUTYd_bUc?b
TU^_\YWvbaeYS_ifY_\U^SYQc_SYQ\U^3XY\U!(% !)" " 'U^`bU^cQ+²´¥3eQ^
T_U\cYW\_cUcQSQbv\Q]QcSQbQµ6YUcdQSQb^QfQ\iTYcSY`\Y^Q]YU^d_Se\debQ\U^
U\>_bdU3XYS_3_`YQ`†!($ !) ³U^8Ycd_bYQf_\$ CQ^dYQW_" 'U^
`bU^cQ1UcdQ\YcdQXQRbQaeUQWbUWQbQ\We^_cdbQRQZ_cY^S\eYT_cU^U\\Y
Rb_TU\3_\USdYf_?VYSY_cFQbY_c1bbYRQaeU]Q^T_U\c_\5cdeTY_cTU8Ycd_bYQ
C_SYQ\SXY\U^Q5h`UbYU^SYQc`_`e\QbUcTUdbQRQZ_bUfeU\dQiQed_^_]Q!(# !)$ 
CQ^dYQW_<?=5TYSY_^Uc" $SU^dbQT_cU^\QV_b]QSY†^TU\QcYTU^dYTQ
TUc`_`e\QbUcU^U\cYW\_H9H*3USY\YQ?c_bY_7²CUbX_]RbUU^\Q`Q]`Q
1`b_hY]QSY†^XQSYQ\_cbQcW_cTU]QcSe\Y^YTQTTU\`U†^SXY\U^_U^\QcdYU
bbQcTU\cQ\YdbU!(& !(( ³+B_TbYW_8Ub^v^TUjFvcaeUj²<QZQbQ^QTU\
TUcYUbd_*2ebTU\Uc`b_cdYdedQci`Q]`Y^_cU^DQbQ`QSv!() !)! ³+=Qb
S_c6Ub^v^TUj<QRR}²1^cYQcTUde]RQiTU\Q^QTQ*@bvSdYSQcc_SYQ\UcTU\
ceYSYTY_U^U\]e^T_`Q]`Y^_3XY\U!('$!)$(³
<_c^TYSUcRYR\Y_WbvVYS_ci\QbUS_`Y\QSY†^TUVeU^dUcW}^Ub_cTU
^_dQR\UTUcQbb_\\_U^3XY\UXQ^cYT_U^bYaeUSYT_c`_bfQbY_cf_\‹]U^Uc
@QbdYSe\Qb]U^dU‹dY\`QbQbUS_^cdbeYbSYUbdQcS_ie^debQc`_\dYSQcUc`U
SYQ\]U^dUTU!($%$&i!(% %!Uc\QS_]`Y\QSY†^U`Ycd_\QbbUQ\YjQTQ`_b
=QbS_1^d_^Y_<U†^i8_bQSY_1bv^WeYjbUS_`Y\QT_bUc3QbdQcQ=Q
^eU\=_^dd*e^bUWYcdb_`QbQ\Q8Ycd_bYQc_SYQ\TU3XY\U!(#&!(&)CQ^dYQW_
4921=3U^db_TU9^fUcdYWQSY_^Uc4YUW_2Qbb_c1bQ^Q3_\USSY†^6eU^
dUc`QbQ\Q8Ycd_bYQTU\QBU`‹R\YSQf_\HF999" !@_bce`QbdU2bYQ^
<_fU]Q^i5\YjQRUdX<YbQXQ^QSe]e\QT_e^QSQ^dYTQTWYWQ^dUcSQUY^Uc
dY]QR\UTUVeU^dUcbU\QSY_^QTQcS_^\Qc`_\dYSQcTUbUS_^SY\YQSY†^i\U
iUcTUUhSU`SY†^U^\_ccYW\_cH9HiHHQcS_]_c_RbU\QS_ie^debQ
`_\dYSQTU!()!aeUXQ^cYT_`eUcdQcQ\QTYc`_cYSY†^TU\_cY^fUcdYWQT_
bUcU^\_ccYWeYU^dUcf_\‹]U^Uc*<UiUcTUbUS_^SY\YQSY†^U^3XY\U*Q]^YcdQc
Y^Te\d_cibU`QbQSY_^Uc!(!)!)))CQ^dYQW_4921=3U^db_TU9^fUcdYWQ
SY_^Uc4YUW_2Qbb_c1bQ^QE^YfUbcYTQT:UceYdQ1\RUbd_8ebdQT_3_\US
SY†^6eU^dUc`QbQ\Q8Ycd_bYQTU\QBU`‹R\YSQf_\H99" !+1baeYdUSdebQ
`_\dYSQicUWebYTQTY^dUbY_bTU\5cdQT_!(!!!)) CQ^dYQW_4921=3U^db_
TU9^fUcdYWQSY_^Uc4YUW_2Qbb_c1bQ^QE^YfUbcYTQT:UceYdQ1\RUbd_8eb
dQT_3_\USSY†^6eU^dUc`QbQ\Q8Ycd_bYQTU\QBU`‹R\YSQf_\H9H" "+
1SecQSY†^S_^cdYdeSY_^Q\S_^dbQU\‹\dY]_]Y^YcdUbY_TU\@bUcYTU^dUTU\QBU`‹R\Y
SQT_^:_c}=Q^eU\2Q\]QSUTQ!()!!()#CQ^dYQW_4921=3U^db_TU
9^fUcdYWQSY_^Uc4YUW_2Qbb_c1bQ^QE^YfUbcYTQT:UceYdQ1\RUbd_8ebdQ
T_3_\USSY†^6eU^dUc`QbQ\Q8Ycd_bYQTU\QBU`‹R\YSQf_\HH99" #
E^Y^cdbe]U^d_TUdbQRQZ_]ei‹dY\UcU\\YRb_TU3Qb\_c4_^_c_BUS_`Y
\QSY†^TUVeU^dUcRYR\Y_WbvVYSQc`QbQ\QXYcd_bYQTU9aeYaeUCQ^dYQW_5TYd_bYQ\
E^YfUbcYTQT2_\YfQbYQ^Q3_\USSY†^5cdeTY_cBUWY_^Q\Uc" $
5^U\v]RYd_TU\_cRQ\Q^SUcXYcd_bY_WbvVYS_cbU\QSY_^QT_cS_^\Q

($&
dU]vdYSQSU^dbQ\TU^eUcdb_\YRb_U\dbQRQZ_]vcS_]`\Ud_`bvSdYSQ]U^dU
UhXQecdYf_XQcdQU\]_]U^d_TUce`eR\YSQSY†^UcU\UhdU^c_QbdSe\_TU
:_bWUB_ZQc6\_bUc²<_cdbQRQZQT_bUcU^\QXYcd_bY_WbQVQSXY\U^Q*RQ\Q^SUi
`b_iUSSY_^Uc³U^BUfYcdQTU5S_^_]QDbQRQZ_>¡! CQ^dYQW_" `vWc
$'!!'5^e^`\Q^_]vcQ]`\Y_:e\Y_@Y^d_dbQj†e^UcdQT_TU\QSeUcdY†^
XYcd_bY_WbvVYSQaeUY^S\eiUQ\_ccUSd_bUci]_fY]YU^d_c`_`e\QbUcU^e^_
TU\_cf_\‹]U^UcTUceQed_bQTU\Q_RbQVYb]QTQZe^d_Q7QRbYU\CQ\QjQb
8Ycd_bYQ3_^dU]`_bv^UQTU3XY\Uf_\99²1Sd_bUcYTU^dYTQTi]_fY]YU^d_³CQ^dYQ
W_<_] 5TYSY_^Uc!)))

($'
 Å>4935?>?=ÂCD93?

1RQbSQ3Y`bYQ^_#)# 1bQiQ5cS†^:eQ^&%
1RQc_\_1\UZQ^Tb_%$& 1bQiQ5c`Y^_jQ1\UZQ^TbQ"#&
1SUfUT_8Y`†\Yd_$'&$( $(!$)"$)#% $ 1bQiQ6UbbY~bU@Q]U\Q!"(
%!!%!$%!%%""%#$& %&$(&$)&'!&( 1bQiQ1RT†^' (
1S_cdQ4QfYT'$! 1bQiQ=QbQ&!%
1Se…Q9W^QSY_##' 1bR_\UTQ>YS_\vc# )
1Se…QDU_T_bQ&!% 1bS_cCQ^dYQW_#"%#"(#")## ##!#####%
1TU\Y^Q<Q!'( ##&##(#$!#$"#$##%'#%(#(%#(&% $
1TgQ^TdUb;Qb\!!#!!$!!( '&(
1WQjjY=YWeU\!!% 1bU\\Q^_:_c}<eSbUSY_$'&% % !% "%#$
1WeQi_$!' 1bU\\Q^_FSd_b:F&'(
ÂWeY\Q:_c}CUWe^T_$"& 1bU^Qc<_bU^j_$$ $(#%#$%&$&!$&#'&$(
1WeY\Q@UTb_:#)! &'&
1Xe]QTQ:eQ^#)! 1bWQ^T_…Q5e\Q\Y_#)!
Â\Q]_c7_^jv\Uj2U^YSY_!%) 1bWŽU\\Uc=vhY]_Â^WU\$!)$"
1\Q_c4Q]Yv^$$# 1bYcdQ:eQ^<eYc#)(
1\QbS†^@bQT_7U^Qb_&"%&'"&( '!$ 1bYcdQ<eYcf}QcU*1bYcdQ:eQ^<eYc
1\RUbTYK:eQ^2QedYcdQM# ! 1b_c%!"
1\SQ\TU:eQ^1Wecd^"%! 1bbQdU2Ub^QbT_!&)
1\Te^QdUTUGQeWXB_cQ%% 1bbQdU:eQ^=YWeU\!&)
1\Te^QdU=Q^eU\!)( 1bbUT_^T_=YWeU\%$'
1\U]`QbdU:_c}1^d_^Y_#%&#%( 1bbYQjQ@UTb_6}\Yh&)#
1\U]`QbdU:e\Y_%$& && 1bbY_\Q@UTb_%$'
1\V_^c_:_c}1%& 1bdQjQ2QbbY_c@QR\_#"($%
1\YQWQ9W^QSY_&( 1bdUQWQ1\U]`QbdU2U^ZQ]^'$#
1\\U^TU@QT^BQ]†^%%(%%)%&! 1bdUQWQ:ecd_#'"
1\\U^TUB5&'( 1cd_bWQ:_c}=QbQ"'#
1\\U^TU5e\_WY_'&" 1fQbYQDYRebSY_$$#
1\\U^TU:eQ^BQVQU\%()&!&&'"&')&("&(# 1fU^TQ…_6?^_VbU$$)$%!
&($&('&()&)!&)(&))' ('!$ 1fU^TQ…_6bQ^SYcS_%!(
1\\YU^TU5=QbQ@YUTQT!"(!$! ÂfY\Q6bQ^SYcS_:QfYUb%#$
1\]Q^SXU:_c}TU\3Qb]U^"!" 1iSY^U]Q:_c}<eYc"!""!#
1\dQ]YbQ^_3!' 1j_\QKSYWQbbUb_M#'#
1\dQ]YbQ^_5$' 2TU8UbbUbQ3Qb]U\Q&!$
Â\fQbUj1^TbUgcÉcSQb($((! $!!)!" !$& 2QS_^B_WUb" (
Â\fQbUj5]Y\YQ&!% 2QSe…v^8Ub]†WU^Uc%$%
Â\fQbUj:eQ^>YS_\vc")%")&"))# '#! 2QUcQ:_c}5`YTY_$#"
Â\fQbUj>YS_\vc#'! 2QUjQ1Wecd^#)!
Â\fQbUjFYSU^dU$$$ 2QUjQ5^bYaeU%$&
1]e^vdUWeYC_\Qb4_]Y^W_('" % 2QXQ]_^TUc4Q^YU\#)!
1]e^vdUWeY% )%!) 2QXQ]_^TUc:_c}4Qj%"(
1]e^vdUWeY7bUW_bY_FSd_b#"( 2Q\V_eb=b$(!
1]e^vdUWeY=YWeU\<eYc#"( 2Q\\Qc1T_\V_!&"
1^QRQ\†^=_Yc}c&'"&( 2Q\]QSUTQ:_c}=Q^eU\"#!! !!)!"#!"'
1^WeYdQBYSQbT_! %"$""$#"(# !#)!$"!&#"$$"()")"% &%%%%'&%''
1^baeUj>7ecdQf_!%" %)%& )&#)&$'&$(&$)&% &%!&&)&'(
1`_\Y^Y_=QebYSY_$#" &($&(%&(&&()&)#&)&&))' ' "' &
1bQSU^QCFY_\UdQ%$&!&& ' '' (' )'! '!!'!"'!#'!$'!%'"!
1bQSU^Q6Ub^Q^T_=QbSYQ\!$$ '"$'"&'"('")'##'$"'$#'&
1bQ^TQ@Qcd_b$$ 2Q\]QSUTQ=Q^eU\:_c}$$&
1bv^WeYj8_bQSY_($& 2Q\]Uc# !
1bQ_c:eQ^$$#&'(&( 2Q^TYUbYCecQ^Q($#
1bQ_c=Q^eU\!)) 2Q…QT_c5c`Y^_jQBQ]†^%%%
1bQ_c?^_VbU#)! 2Q…QT_c6\_bU^SY_&$)
1bQfU^Q>@QR\_#" 2QaeUTQ^_=Q^eU\%&(%' &$$
1bQfU^Q#) 2QbQX_^Q=_bWQT_3Qb\_c& '
1bQfU^Q:eQ^##'#%" 2QbQX_^Q3\U]U^dU%$'%' &$ &(

($)
2QbRQb_eh3XQb\Uc#"( 2_bR_^Uc<_c&'
2Qb†^4µ1fbY\$(%$)!&#( 2_bW_…_:_c}=Q^eU\"!"
2QbbQ5TeQbT_TU\Q!%) 2_bZQc?\YfUbQ6bQ^SYcS_f}QcU*4U2_bZQc?\YfUbQ
2QbbQ:_bWU$ 6bQ^SYcS_
2QbbYU^d_c27_^jQ\_)& 2†baeUj4YUW_:&#'
2Qbb_c1bQ^Q4YUW_%&%'%(&&&'("('() 2bQf_17eY\\Ub]_%%%&&)($(%!)'
!) !)!!)"!)'!)(!))" " "" #" $ 2bQf_2B_cQ!$&!$(!$)
" %"! "!#"!$"!(""!"%%"')"(!")& 2bQf_:_c}""#
")'"))# # "# ## %# '#! #!'#!( 2bU^TQf}QcU*K3__[M2bU^TQ
#!)#" #"##"$#"%####& %%( 2bYcc_dK:QSaeUc@YUbbUM#"(
2Qbb_c2_bW_…_<eYc%%% 2bYd_@U…Q1\UZQ^TbQ($"
2Qbb_c7bUj4Q^YU\% ! 2b_g^5TeQbT_$("
2Qbb_c:_Qae^#!! 2b_g^UTU?ccQ=QWTQ\U^Q%%
2Qbb_c@UTb_:_c}$!# 2be^UdTU2QY^Uc6bQ^|_Yc#
2Qbd_\Y^Y5]Y\Y_&"" 2be^Ud4UcRQY^Uc3\QeTU#)%
2QcSe…v^TU6Ub^v^TUj1]U\YQ%% 2eUbQcBQ]†^#''
2Qcc_<vjQb_!!( 2e\^Uc=Q^eU\($!%!!%"""'"##"$#"&#
2Qce\d_:_c}=YWeU\$)"%#$&( ") ")'"))# # $#!'#" #"##"$##$
2QeUb1b^_\T:'"'$'%%') #$&#$(#& #&&#(&
2UQc:eQ^6bQ^SYcS_% % 2e_^Qb_ddYK@XY\Y``UM" (
2US[T_bV!!( 2ebW_3Qb\_c#)(
2U\Y^:e\Y_##! 2ebW_c7Ub†^Y]_#)"% %
2U\\_KTY`edQT_M#$% 2ecd_c:eQ^2QedYcdQ&''&(
2U\\_1^Tb}c!%%""'"#("#)# # ! 2ib_^K<_bTM# !
2U\dbv^KVbQiM!)! 3TU=UbY^_6Y\_]U^Q&!$
2U\eY^_&&$ 3QRQ\\Ub_7Ub]v^&'"&(
2U^QfU^dU4YUW_:_c}"!( 3QRbQ\Uc>YSQ^_b$$$
2U^QfU^dU:_c}=QbQ"$&"$' 3QRbUbQ:_c}@_&(%&))'! '!$
2U^QfYTUc><U_`_\T_'! 3QRbUbQ@_CUWe^T_&('
2U^QfYTUcFYSU^dU!)# 3vSUbUcAeYUb_7_^jQ\_#&
2U^UTUddY?SdQfY_!" !$&$'' 3vSUbUc3}cQb1eWecd_'%(
2U^W_Q:_c}" !#!!)# 3vSUbUc=YSQU\Q&!!&!"
2U^dUj:="&' 3vSUbUcBQ]†^#)#
2U^dUj@UTb_% % 3Q\TU\UeWXKfYQZUb_M)
2UbWaeYcd3XQb\Uc"' 3Q\TUb†^BUY^Q\T_&%
2UbWeUcY_=Q^eU\#)( 3Q\}3XvfUj5hUaeYU\$$(&"(&( ' %
2UbYc_=YWeU\$)$ 3Q\}FYbWY^YQ&!%
2Ub^cdUY^:e\Uc!!&!""$''$)! 3Q]Y\_:QfYUb%""%"$%#$
2Ub^cdUY^:e\Y_f}QcU*2Ub^cdUY^:e\Uc 3Q]`Y^_5^bYaeU"" ""%"%"
2Ubb_c3=QbY_# %#)' 3Q]`_1^Tb}c#)(
2UbcdUY^:e\Y_$(! 3Q]`_c6YTU\YSYQ&!!
2Uj_QY^<Y^_#)! 3Q^d_:_c}4_]Y^W_$!!
2Y\RQ_6bQ^SYcS_# "# ## (#!!#"(#")##  3Q…Qc6bQ^SYcS_%$$
##!##"#####%##&##(##)#$ #$!#$" 3Q…Qc:_c}""#
#$##$(#%!#%"#%&#%'#%(#& #&!#&" 3Q…Qc:eQ^:_c}%$%
#&'#' #')#(%#(&#('$($% $%!'&&) 3QbQRQ^dUc1^cU\]_$! $!'$!($!)
'&( 3QbR_^Ubi@UTb_$$#
2Y\RQ_=Q^eU\# '#! #!"#"(#$"#&!#') 3QbSQcc_^'#!
2Y\RQ_BQVQU\#') 3vbTU^Qc:TU\Dbv^cYd_"'!$$
2\QTX3Qb\_c5TeQbT_(!("(&) !$# 3vbTU^QcDbv^cYd_#(#
2\Q[U]_bU8Qb_\T!"# 3QbYTY6U\Y`U!!(
2\Q^S`QY^:UQ^@YUbbU)(&"( 3QbY_\QC3Qb]U^'''() !"%#"&$ #$'$
2\Q^TDU_T_bYS_("(# $)$
2\Ucd7Q^Q7eY\\Ub]_$"!'"#'"%'"&'# '#" 3Qb\_c9F&'
'## 3Qb]QW^Q^Y=QbSU\\_''!"!!""!"$
2\Ucd7Q^Q:_Qae^$$& 3Qb]_^Q6Ub^Q^T_$$
2\Ucd 9^VQ^dU 1^d_^Y_ &$$ &$( &$) &'! &'( 3QbbQcS_DQ`YQ9b]Q%)#
&( 3QbbQcS_CQbQ#&
2\Ucd1^Tb}c(" 3QbbU…_4_]Y^W_%$$
2\Y^:1bdeb_&( 3QbbUbQ KXYZ_M :_c} =YWeU\ f}QcU* 3QbbUbQ
2_X_c\Qgc[Y5b^Ucd_($& 6_^dUSY\\Q:_c}=YWeU\
2_\d_^CQ^dYQW_#)( 3QbbUbQ6_^dUSY\\Q:_c}=YWeU\#%&#%(#' #'!
2_^QSYS4†bYS2<e[Q%"( #'"$#

(%
3QbbUbQKXUb]Q^_cM!)(" % 3_^dQbT_1fU\Y^_%)"&&'&&(&&)&' &'"&'&
3QbbUbQ:_c}=YWeU\!)( &("&(#&('&)#&))' !'!$
3QbbUbQ:eQ^1^d_^Y_!)) 3_^dQbT_:U^Qb_$'$$'%
3QbbUbQ:eQ^:_c}!)( 3_^dU3_bfQ\v^BURUSQ&!%
3QbbY\\_63\QeTYQ"$& 3_^dbUbQc6<YTYQ# !# "
3QbfQZQ\6bQ^SYcS_!) 3_^dbUbQc'%)
3QcQ^_fQ:e\Yv^$( 3_^dbUbQc6UTUbYS_%!#
3QcQ^_fQ=QbYQ^_%$'&&#&&$ 3_^dbUbQc:_c}BQ]†^#)"#)#$)#% &%!!
3QcQ^_fQ@QcSeQ\'#! %!$%#$
3QcQ^eUfQ?`Qj_3Qb\_c&&$ 3_^dbUbQcBQ]†^&#
3QcdUT_%&( K3__[M2bU^TQ#&
3QcdY\\_6bed_%$% 3_b^UZ_1Wecd^&'&&''&'(
3QcdY\\_CQ^dYQW_"%'"%(&! 3_b^UZ_:_c}1Wecd^% %&"(
3Qcdb_4Q^YU\#)! 3_b^UZ_ :eQ^ 1Wecd^ #)" #)# $(! $)" % $
3Qcdb_:BQVQU\&$# %!!%!"%!$%"!%#$%' &$&&(
3Qcdb_BQVQU\&&( 3_b^UZ_BeTUSY^T_&&)
3Qcdb_B_T_\V_'"#'#! 3_b^UZ_DbYcdv^$$ $%#$%%$( $)"%!(%!)
3QfYUbUc5TeQbT_" '$ %""%#$%' &#$&&)&'!&( &(!
3QfYUcUc>YSQcY_CUWe^T_&'' 3_bbUQTUCQQBQVQU\" )"! "!!"!"
3Qj_ddU=&!( 3_bbUQ3U\UT_^Y_$")
3UQc:eQ^6bQ^SYcS_% % 3_bd}c9\YQ% '% (
3U\Yc=Q^eU\:%)' 3_bfQ\v^=vbaeUj<eYc" &" '" (# ##)'
3UbTQ3USY\Y_## 3_bfQ\v^@>YS_\vc)&
3UbTQ:_c}1Wecd^#! #!! 3_ecY…_3Qb\_c!!%
3UbTQ:_c}3USY\Y_##' 3_fQbbeRYQc:_c}=QbQ#&(#&)#'!
3UbTv^:eQ^" % 3_fQbbeRYQcBQVQU\&(
3XQxdU\6Ub^Q^T_$$" 3bUc`_J_Y\Q2&!$
3XQS†^6UTUbYS_&)# 3bYcdY=QebYSY_&(
3XQYW^UQe:e\Y_&$& 3bejFUbWQbQ1^cU\]_$)!%""%"#
3XQ^SXUb_5\KcUeT†^Y]_Mf}QcU*:QbQ9cYTb_ 3bej"%"#'$#(&$#$
3XQ^TYQ1Wecd^%$% 3bej3Qb\_c1&'%&))' (
3XQ`Qbb_BQ]_^Q&!% 3bej@UTb_>#")
3XQe^^e@YUbbU!() 3eQTbQ6bQ^SYcS_$"!
3XU\}^B1\UZQ^Tb_!)! 3eQTbQ@UTb_$"!
3XYQbQ]_^dU:_c}3Qb\_c$(# 3eUfQc@QcSeQ\# %
3XYQjj_^U1]Rb_cY_!!% 3ecd_TY_?iQbj‹^Â^WU\&'$&'&&("' !'!$
3XYSXd_^CQ^dYQW_!"" 4:2K`b_RQR\U]U^dU4YUW_:_c}2U^QfU^dUM
3XY^SXY\\Q'#! "!(
3YSQbU\\Y1\UccQ^Tb_# 4CY]†^#!(
3YVeU^dUcTU3YVeU^dUcBYdQ%% 4QW^Y^_?\YfYUbYFYSU^dU!(!
3YVeU^dUc 1RT†^ %$' %$( %$) %%  %%! &%# 4QYdc]Q^1^TbUg<#&$"'
&%$&%&&%' 4QYdc]Q^1^Tif}QcU*4QYdc]Q^1^TbUg
3YVeU^dUc:_c}CQ^d_c%$$ 4Q^YU\B_aeU$$#
3YcdUb^QcBeVY^_$"! 4QbgY^3XQb\Uc)"
3\Qb[:eQ^5!%) 4vfY\Q2_jQBYSQbT_!' !')
3\QfYZ_:eQ^$$ $( %!(%#$%' &( 4vfY\Q<QbbQ^2U^ZQ]^%%$%%(
3_R_K]YU]Rb_TU\_cSU^db_c_RbUb_cTUDQ\SQM 4vfY\Q@UTb_:_c}$$
$!! 4QfYc_^7eY\\Ub]_CUWe^T_$(#%#$
3_R_CQ\ecdY_$ ( 4Qgc_^'"&
3_R_cC$"" 4U1bYcBQ]†^=QbYQ^_" #
3_SXY^1WecdY^%%! 4U2~jU6bQ^SYcS_@&'(
3_SXed1$"# 4U2_bZQ?\YfUbQ6bQ^SYcS_""!"""""#""$
3_SaKcU…_bUcM#)##)$#)% ""%""("")
3_\\YUbCY]_^($$ 4U2_bZQC_\Qb6bQ^SYc_$!#
3_^SXQiD_b_=U\SX_b"! "!""!# 4U3Q]RUV_bd=''(
3_^SXQ:eQ^5^bYaeU&&$ 4U3Qcdb_@QdY^_:4##'
3_^SXQ=Q\QaeQc!(#"$%%)"&&'&&(&&) 4U6YcSXUb@UdUb!%'!&
&' &'!&'"&'#&'$&'&&')&(!&("&(# 4U7Q^Q=QbS_c""!""#""$""("")"#
&(%&('&()&)!&)"&)#&)%&)&&)(&)) 4U<µ9c\UB_eWUd#"(
' !' #' $' &' ('! '!$'!%'"% 4U\Q2QbbQ5TeQbT_%"&%%(
3_^dQT_b1^Q=QbQ!()!) !)" 4U\Q2QbbQ:_c}=YWeU\"%$"'$
3_^dQbTY:_c}&"" 4U\Q2QbbQ=#!
3_^dQbTY:eQ^2%# %#! 4U\Q3bej6eU^dUc:eQ^&'&&( &("

(%!
4U\Q3bejF=Q^eU\"%&"%' 5TgQbTcFYfUc1\RUbd_"###"$#"%% '
4U\Q3bej#& #&$#&(#'"#'&#(!#("$# 5TgQbTc1Wecd^!""%"!&(&'!
4U\Q3bej2&)# 5TgQbTc1\RUbd_#"$#"%% '
4U\Q3bej5b^Ucd_"#$"$! 5WQ…Q=QbYQ^_('"$"
4U\Q6eU^dU2U^Yd_&&) 5XbU^VU\T!!(
4U\Q6eU^dU:_c}D_]vc$"$ 5\YjQbTU6Ub^Q^T_'%"
4U\Q=QX_dY~bUB_RUbd_!$# 5]`Qbv^2U^ZQ]^$'&$''$'($')$( $(!
4U\Q=QbaeY^Q3_^TU" % $("$(#%!(%!)%#$
4U\Q@\QjQ@UTb_BUWQ\QT_"%! 5^SQ\QTQ=Q^eU\2\Q^S_"" #')#(
4U\QD_ebTU@Y^BU^}%%! 5^SY^Q6bQ^SYcS_1^d_^Y_)'!!$!)!" !"%$
4U<Q`U\Y^''( ")&")'# ## '#! #!'#!($ "$ #$"(
4U<QbbQiQ7eY\\Ub]_3$%"$'& $'$% '&#('!!'!#'$)
K4U<eaeUM7_^jQ\_$"' 5^WU\c6bYUTbYSX%"&
4U<eaeU:_c}:QfYUb$"&$"'$"($") 5bbvjebYjDQW\U:_bWU!%&&&#
4U=YbQ:eQ^FYSU^dU%$$ 5bbvjebYjJQ…Qbde6UTUbYS_#$%#%&#%($$&
4U=e^3_^TU1\RUbd%%! $'#$'$% $% &
4U?SSQ]7eY\\Ub]_" ( 5bbvjebYjKS\Q^M#"%
4U@QR\_c1\V_^c_=Qbd^&! 5bbvjebYj3bUcSU^dU%$(
4U@UdbYc7YUcU^8}Sd_b&'"&')&("&(# 5bbvjebYj4B#$)
4UCQ\Qc:_c}=Q^eU\(!(')% 5bbvjebYj9cYT_b_"$$# '#! #!''"(
4UCXQj_@UdUb!&! 5bbvjebYj:QfYUb"'(
4UFUWQ=QbYQ^_5cdURQ^&! &%) 5bbvjebYjBQ]†^##$##&#& #&!
4UR_eji=QbYQ^^U#)$ 5cSQ^Y\\Q4YUW_&( &)#
4}U:_cU`X1^d_Y^U&"( 5cS_RQb#''
4UVbQ^SU1'( 5c`UZ_:eQ^TU4Y_c""#
4U\3Q]`_5fQbYcd_#%% 5c`UZ_:eQ^>U`_]eSU^_# "% !
4U\@Y^_2U^ZQ]^' % 5c`Y^_jQ2ecd_c1^QS\Ud_%!&
4U\@Y^_:_c}=YWeU\'"! 5c`Y^_jQB_ecU7eY\\Ub]_!%&
4}\Q^_GY\\YQ]!" !$' 5c`Y^_jQ'!%
4U`QccYUb1\UZQ^Tb_$)"%"#%#$&$ &( 5c`Y^_jQ9c]QU\&(
4UbicU3Qb\_c#)( 5c`Y^_jQ:_c}4_\_bUc%$'
4Uc]_e\Y^c3Q]Y\\U#"( 5c`Y^_jQ<eYc&$)
4Uf}cFQ\T}c5TeQbT_" "()#)'&$( 5c`Y^_jQ@bY]YdYf_&(
4YQR\_@_\dYS_KcUeT†^Y]_M#!!#!" 5c`b_^SUTQ# !
4Qj@YjQbb_6UTUbYS_&( 5cd}fUj:_c}=QbQ%!(%#$
4QjB:5&'! 5cdbQTQ2Q\T_]Ub_" !!$!!(!#)&!'' #
4QjCU`‹\fUTQ1]QT_b&( ($!
4Qj:_Qae^#(# 5dSXUWQbQi!!(
4Qj:_c}1^d_^Y_#)( 5dSXU`QbU!!(
4Qj:_c}5\Qc&&)&'"&( 5gY^W@UTb_!!($''
4Qj:_c}:_Qae^"' 5ijQWeYbbU5:eQ^""#"%
4Qj<eYc2Qbd_\_]}&'! 5ijQWeYbbUB_ecU7eY\\Ub]_&&#
4QjFYSU^dU#)( 5ijQWeYbbUKTY`edQT_M#"(#$)
4YTYUb:eQ^&&#&&%&&& 5ijQWeYbbU9W^QSY_FSd_b#$
4Y†ZU^UcKcUeT†^Y]_M$($ 5ijQWeYbbU9W^QSY_"'#
4_TTc<U_^QbT_1$ ($ ) 5ijQWeYbbU:QY]U# #
4_]Ui[_9W^QSY_# ! 615"!(
4_]Y^W_K]e\Qd_M&# 6 2 TU ? K`b_RQR\U]U^dU 6bQ^SYcS_ TU 2_bZQ
4_]^WeUj=Q^eU\:_c}%$$ ?\YfUbQM""$
4_^_c_TU7_^jv\Uj1]U\YQ&!$ 6TU:_baeUbQ&!$
4_^_c_1b]Q^T_# ##")## 6QbWU1b\UddU$%
4_^_c_3Qb\_c($& 6Qb]Ub:eQ^B$$#
4_^_c_BYSQbT_% '%!& 6QfbU:e\Uc'''
4_^_c_CQ\fQT_b!%'!& 6U\Y‹3bej7eY\\Ub]_(&"#$"$!
4_^_c_DQTU_#)! 6U\Y‹7Q^Q7eY\\Ub]_&&(
4eR\}1\]UYTQ4YUW_%"(%")%# 6U\Y‹4Q^YU\"$%$&&$' %%(%&#
4e]Qc1\UhQ^TbU# ! 6Ub^v^TUj3_^SXQ4_]Y^W_%$)&%#
4ebv^3:e\Y_# ! 6Ub^v^TUj3_^SXQB_cQbY_%%
4ebv^9W^QSY_#') 6Ub^v^TUj<QRR}=QbS_c($$($&
5R^Ub!!% 6Ub^v^TUjK]YU]Rb_TU\_cSU^db_c_RbUb_cTU
5SXQWŽU#%( DQ\SQM$!!
5SXQebbU^6bQ^SYcS_$&'$&($&)%!$ 6Ub^v^TUj3Qb]U^&!%
5SXUfUbbQ:_Qae^TU!%!"#&"'' 6Ub^Q^T_F99!)#"%(

(%"
6Ub^Q^T_Yc:_c}4_\_bUc$# 7Y\TQf}QcU*KD_c_=_^dUVY_bYM7Y\TQ
6UfQ\# ! 7Y\\Yc:=#("
6YWeUb_Q?5^bYaeU'"& ' 7\UYc^Ub=QebYSY_!!)
6YWeUb_Q:_c}TU\3Qb]U^&( 7_T_i3<_bU^Q!%
6YWeUb_Q@Q]U\Q"$& 7_T_i=ÉcSQb1\V_^c_&'"&)#
6YWeUb_Q @UTb_ @QR\_ ! % !!) #") $ " $ % 7_T_i?bU\\Q^Q=Y\d_^#'%$%"($&
$ '$ ($ )$! $!!$!&$!'$!($!)$"  7_T_i@UTb_# "# %#!
$"!$""$"$$"&$"'$")$# $#!$$&%!# 7_YS_fYS4_^_c_9W_b($#($%($&
&')&)# 7†]UjTUFYTQebbU6U\Y`U&"
6\_bUc=<Ui\Q($" 7†]Uj<:eQ^3Qb\_c&"
6\_bUc>YSQ^_b&") 7†]Uj4Q^YU\$$$
6\_bUcBej:_c}=%#$ 7†]Uj=QbS_c&#
6_^dQ^Ub_c:eQ^CUWe^T_#'$ 7†]UjCQ]eU\#)!
6_^dUSY\\Q<QbbQ^1bdeb_%( 7†^W_bQÂ\fQb_" !(
6_ebYUb###$$&$% 7†^W_bQ=QbY_$ %)&!&%
6bQ^SUcSQf}QcU*K7bUjM6bQ^SUcSQ 7_^jv\UjTU\Q6eU^dU@UTb_#)!
6bUYbUBQ]†^" !" )"! "!#"!("$""(" 7_^jv\Uj5SXU…YaeU:QfYUb('
6bYS[! # 7_^jv\Uj6UTUbYS_%"%
6bYUTU^c_^@QdbYS[#& 7_^jv\Uj=YbQ^TQCUbWY_!$&%(&($%
6bYdYc8Ub^v^$$" 7_^jv\UjKTY`edQT_M#$%
6b_cd4Q^YU\$)! 7_^jv\Uj K]YU]Rb_ TU \_c SU^db_c _RbUb_c TU
6beW_^U=QdU_!!( DQ\SQM$!!
6eU^dUQ\RQ:_c}FYSd_bY^_&'&&(" 7_^jv\UjKdY`†WbQV_M$!#
6eU^dUc:_bTY% '% ( 7_^jv\Uj1Wecd^&#)
6eU^jQ\YTQ:_Qae^:&'' 7_^jv\Uj4_]Y^W_%$'
7TUJ‹…YWQ@Udb_^Y\Q&!! 7_^jv\Uj5TeQbT_%)!
7QR\Ub6UTUbYS_!"" 7_^jv\Uj5\_Y&'!
7QSYd‹QKT_Sd_bM&") 7_^jv\Uj6U\YSYQ^_$$$
7Q^jQK7QRY^_M!)" 7_^jv\Uj6beSde_c_&'"
7QZQbT_7U^Qb_%)! 7_^jv\Uj:_c}1Wecd^$$ $'&%#$& !&$ 
7Q\\UWeY\\_c<_bSQ6bQ^SYcS_%!!&' &'$&'& &( &($''%
&''&'( 7_^jv\Uj:_c}=QbQ$$
7Q\\_KVQ]Y\YQM$!' 7_^jv\Uj:_c}=YWeU\%$'
7Q\\_Â^WU\3ecd_TY_$ &$ '$ ($$!$$"$$& 7_^jv\Uj:_c}D_]vc$$
7Q\\_6Ub^Q^T_"'' 7_^jv\Uj:eQ^1Wecd^&#&&#'
7Q\\_=YWeU\#"$ 7_^jv\Uj=QbSYQ\! "#"($( $($
7Q\\_@UTb_<U†^$! $!($" $#$% ! 7_^jv\Uj=_Yc}c%!(%#$&'"&( &(#
7v\fUj@DXU\]Q!$&!$(!$) 7_^jv\Uj@UTb_#)(#))
7Q]R_Q:_c}#!" 7_^jv\Uj@Ub_&#
7Q^Q=QbS_cf}QcU*4U7Q^Q=QbS_c 7_^jv\UjBYSQbT_$$#
7Q^TQbY\\Qc1\RUbd_$( $(!$("%""%#$ 7_^jv\Uj D_]vc :e\Y_ $$# $%  $'  %"! %%)
7Q^TQbY\\Qc:_c}#(# &"(&")
7Q^TQbY\\Qc=Q^eU\:_c}"" 7_^jv\UjD_]vc#))
7QbQi4Q^YU\%)! 7_^jv\UjFYSU^dU%$'
7QbQi=Q^eU\""# 7_b_cdYQWQ:_c}5ecdQaeY_%!%
7QbSQ3QbbQcS_K6bQ^SYcS_1^d_^Y_M!)&!)' 7_iU^USXU5eWU^Y_$(#
7QbSQTU\B_:eQ^# 7bQXQ]=QbQf}QcU*7bQXQ]=Qbi
7QbSQBUiUc1^d_^Y_#"$ 7bQXQ]=Qbi( ("(#(&!%&!&&
7QbSQFQ\U^jeU\QBU^}"" 7bUU^3Qb\_c$)!
7QbSQ=Q^eU\"(%$") 7bUW_bY_HF9#$!
7QbSQ=QbQ@beTU^SYQ&!$ 7bUfU5b^Ucd_%&&&
7QbSQ@UTb_>%$% K7bUj6bQ^S_MCUbWY_#%
7QbTY_\6Ub^Q^T_#)'#)( K7bUjM6bQ^SUcSQ#&
7QbT_aeYK]Y^Ycdb_M' K7bUjM<eSYQ^_#&
7QbVYQc<eYc3Qb\_c$(%$(&%! %!#%!$%"# K7bUjMB_TbYW_#&
%#$ 7bUjD_c_CUbWY_!)" "!"""#"$"%"'
7QbYRQ\TYK7YecU``UM&"" "( ") #" ## )! !$! !$& !%& !'" !'& !( 
7QbbUQeT:QSaeU\Y^U'!(& !(!!(#!($"$&# ###!$($%$)&&#&&$
7QbbYT_FYSd_bY^_"" &&&&'('& '&!'&%'' ($%
7QedYUb<U†^%%! 7eQbTQ7QRbYU\%&%'($)'! #
7Qi3\QeTU# 7eR\Ub1Wecd^!!%
7Qj]ebY3bYcdYv^" "##)#"(#")## ##' 7eUbbQ2UjQ6bQ^SYcS_%#$
#$!#&' 7eUbbQ3Y`bYQ^_'#!

(%#
7eUbbUb_<YbQ3bYcdYv^($# "&)"''# %' (($"($$
7eUbbUb_@bQT_=Q^eU\# (# )#! #!!#!" 9^VQ^dU:_c}=YWeU\""$""%"#'"%"# #
#!"## ##$##%#$"#%"#%(% ( 9^VQ^dU<eYc("
7eUbbUb_:eQ^#! 9^VQ^dU@UTb_:_c}&%$&%&&&!
7eUfQbQ6bQ^SYcS_:QfYUb%!(%#$ 9^WU^YUb_c:_c}%"'
7eUfQbQD_]vc!)# 9bQbbvjQfQ\=Q^eU\:_c}' (
7eYdUbQ^>QdQ\YQ&!!&") 9bQbbvjQfQ\=YWeU\!)
7eYj_dK6bQ^|_YcM# ! 9bfY^W# !
7edY}bbUj1bdU]Y_!'"&'"&( &(#&))' ! 9debbYQWQ:BedX#'#
' %' )'! '!$ 9debbYUdQTUDQ`YQ4_]YdY\Q&!$
7edY}bbUj2U^ZQ]^% % 9jaeYUbT_7_^jQ\_)&
7edY}bbUj:_c}1^d_^Y_#&"#&# 9jaeYUbT_CQ\fQT_b!""
7edY}bbUj:_c}BQ]†^&&$ :Q]Ud1eWecdU''(
7edY}bbUj<UQ^Tb_8%#' :QbQÂ\fQb_$ %)&!&"&#&$&%&&! &
7ej]v^ KdbQRQZQT_b bU`bUcU^dQ^dU TU \Q :QbQ2Q\T_]Ub_%)!
C_SYUTQTTUCQcdbUcM&#$ :QbQ4_]Y^W_&$)
7ej]v^1^d_^Y_%#$ :QbQ9cYTb_#$$
7ej]v^4_]Y^W_"(% :QbQ:eQ^>U`_]eSU^_$#'%$$
7ej]v^:_c}!)) :QbQ=YWeU\Â^WU\%$)
7ej]v^:eQ^&)# :QbQ@QcSeQ\%$%
8TU@QbbQ5^SQb^QSY†^&!% :QbQBQ]†^Â^WU\%$)%%"&&#&&%
8TU@Y^_4_]YdY\Q&!% :QbQBYSQbT_&#
8QU^S[UDXQTTQUec@UbUWbY^eccUeT_&" :QbYUj:e\Uc#
8QYWXCQ]eU\( ) :Qb`Q=Q^eU\:'$''$('$)'%!
8Q\`UbY^4_^WXYDe\Y_!() :Qc]U^C1^Q=QbQ# "
8Q]_^T:UQ^&"( :UVdQ^_fYS@@UTb_'%
8QbbYUdBQ]†^CUWe^T_%!# :Y]}^Uj5hUaeYU\&$)&% &(
8QbbYc2eSXUb7Y\RUbd_($" :_RUd:e\Y_3}cQb$ $!"#%#")#$!&()
8QbfUi'#! :_X^c_^1^^8)#
8Qi]XQecU^;Qb\%' :_baeUbQ=YWeU\&#)&$
8QidjCQ^dYQW_($ :_baeUbQ@UTb_@QR\_&(
8URUbdK:QSaeUcBU^}M##" :eVb}KSQ`Ydv^M&#
8UYcU7_^jv\Uj:e\Y_"#$ :eVb}<eYc%)
8UYdjCQ^dYQW_f}QcU*8QidjCQ^dYQW_ :ecdY^YQ^_3Qcdb_<_bU^j_#)"#)#% %%!!
8U^bYaeU:eQ^($ ;QU]`VVUbFY\\QWbv^7eY\\Ub]_&(&
8U^baeUj3Q]Y\_"$!"$" ;U\\Ub7ecdQf_!!$
8U^baeUj@UTb_#)# ;YU\1eWecd_'%
8Ub^v^TUj>‹…UjÂ^WU\& ' ;YbcSX8U^biG''
8Ub^v^TUj@_^SUB_RUbd_"(!"(""(# ;\UY^3Qb\_c!""
8Ub^v^TUj='% ;_SX!!(
8Ub^v^TUjFvcaeUjB_TbYW_($& ;_SXc5^bYaeUdQ&!!
8Ub^v^TUjB_RUbd_"!" ;_\`Y^W1T_\V_%%!
8UbbUbQB:4$'% ;‰^Y^W1RbQXQ]%%)
8UbbUbQÂ^WU\1Wecd^&($ ;bURcBYSQbT_%#)
8UbbUbQ3Y6%% ;e^dj]Q^!!(
8UbbUbQ=YWeU\$$ $(" ;Ž`VUbKXUb]Q^_cM& (
8UbbUbQCQ^dYQW_#%" ;Ž`VUb6bQ^SYcS_!!#
8UccU'#! ;Ž`VUb7eY\\Ub]_!!#
8YTQ\W_=Q^eU\$')$( $(!$(%$)"%" %"! <TU<\Q^_c3U\UcdY^Q&!$
%#%%& %&'%' &#$&#%&#'&#)&$#&$( <Q@_bdUKSebdYT_bVbQ^S}cM(&
&( ' ( K<QRbQM5cdURQ^$"$
8YTQ\W_@UTb_'%" <QRbQ6QecdY^_$"$
8Y\\]Q^3Qb\_c!"" <QV_^TTU<ebSi7QRbYU\!%#
8_RcRQg]5bYS:$!$$!)$!)%!)&" $"&) <QVbQ^S_^Y<eYc&""
8_\\_gQi7ej]v^>YS_\vc##''" <QWQbbYWeU:_bWU%%(
8eS[U6UTUbYS_!!' <QWQbbYWeU:eQ^5^bYaeU!(#%%(
8e]`bUicB1(& <QW_c3_c]U4Q]Yv^$%'&$
8e]eT3) #"& <Q^UjFYSd_bY^_f}QcU*<Qi^UjFYSd_bY^_
8ebdQT_3Y`bYQ^_"(% <Q]QbdY^U# !#"(
8edSXYc_^5\YjQRUdX!% <Q]U^^QYc K6}\YSYd} B_RUbd TUM # # #!# #")
9Rv…Uj1T_\V_&(" ##)#$
9W^_decKcUeT†^Y]_TU=QbSYQ\7_^jv\UjM$( <Q]UdX3XQb\Uc#"(
9\\Q^Uc?=QbQ1^W}\YSQ" $"!"#"$""$' <Q]UdXDXU_T_bU#"(

(%$
<Q^TQ6bQ^SYcS_TU@Qe\Q&( <eSUb_5^bYaeU% %
<Q^W\UiBQi]e^T_% % <eSUb_@_#)!
<QbQ8_bQSY_&#'&$) <eSYQ^_f}QcU*K7bUjM<eSYQ^_
<QbQBQ]†^#$&#&%#&&#&($"# <eYc6U\Y`UTU?b\UQ^c##
<QbbQ^7Q^TQbY\\Qc:_Qae^%$" <eZv^>YS_\vc&"%
<QbbQ^JQ…Qbde::!(# <eZv^@UTb_@QcSeQ\$ ($ )$! $"
<QbbQ^KTY`edQT_M#$% <i^SX5cdQ^Yc\Q_$ )
<QbbQ^Â\fQb_!&) <i^SX:_X^!) !)!
<QbbQ^2be^_#%&#%( <i_^B_RUbd_!""
<QbbQ^7QRbYU\!) =TU3QcdU\\Q^_c<eT_fY^Q&!%
<QbbQ^:_c}=Q^eU\%%%&&&&) =TU7K`b_RQR\U]U^dU=QbS_TU7Q^QM""$
<QbbQ^:_c}FYSU^dU!&) =BK`b_RQR\U]U^dU=Q^eU\BU^WYV_M"!(
<QbbQ^BQVQU\' $ =QSXYSQ_=Qbd^$("% #%#%&(
<QbbQ^BQ]†^&$$ =QS9fUb5^bYaeU&'!&(#
<QbbUQ:=""$ =QS[U^^Q:eQ^5&)&
<QbbUSXUQ 1]Rb_cY_ f}QcU* <QbbUSXUTQ =QTQbYQWQFYSU^dU&'&
1]Rb_cY_ =QW^~bU!!(
<QbbUSXUTQ 1]Rb_cY_ ##  ##% ##' #$) #%" =QW^~bU1\SYTUc!!)
#&!#)%#)&#)'#)(#))$ &$!&$"%$"& =QYW^U^=QebYSU%%!
% %%! %!(%#% =Q\T_^QT_6bQ^SYcS_#)!
<Qbb_cQ4_]Y^W_#&! =Q\\_QKcUeT†^Y]_M' $
<Qc3QcQcK`QTbUM&%# =Q^QbQ3Qb\Q($#
<Qc_::DQTU_!!#!!$!!%!!'!'$ =Q^c_1^d_^Y_#)(
<QcdQbbYQ:_c}FYSd_bY^_"$# # "# '#"% =Q^dUb_\Q6bQ^SYcS_% %
#"(##%##&#$"#$)#%(#&!#&##&$$ ' =Q^dUb_\Q8_bQSY_$"!$""
$ ($$&%!)&(" =Q^dUb_\Q=Q^eU\1% %
<QcdbQ>_bQ]ReU^Q1\VbUT_## =Q…v^=Q^eU\1^d_^Y_KVbQY\UM# '#!(
<QdSX]Q^BYSQbT_!)! =Q…Y\KcUeT†^Y]_M$ !
<Qd_bbUK]Qi_bM"(( =QbQdK:UQ^°@Qe\M" (#"(
<Qd_bbU'$$ =QbS†TU\@_^d3QcY]Yb_" !
<Qi^Uj FYSd_bY^_ ""  ""! ""# ""$ ""% ""' =QbT_^Uc2\Qc#&%#&&#&(
""("")"# #(##) #)! =QbT_^Uc=QdU_$$
<QjQbdU@QcSeQ\$)#%!$%#%%%%& !&#&&#' =QbT_^Uc@UTb_#))
&#(&$#&$&&$'&$(&$)&% &( &($ =Qb^B?cfQ\T_!&'!' !'!!'$!'%!')
<Qj_:eQ^:_c}#! !(
<Qj_CY\fUcdbUCUWe^T_#! =Qb^6bQ^SYcS_#"(#%!
<UYd_^:eQ^TU4%)' =vbaeUjTU\Q@\QdQ6Ub^Q^T_%'
<UYfQ:_c}CUWe^T_' =QbdU\6bQ^SYcS_$$$
<U†^<U†^=QbS_1^d_^Y_#&"$ ($#($& =Qbd^UjTUB_jQc:eQ^" %
<U†^@bQT_=YWeU\&&$ =Qbd^Uj7Q\\UW_6bQ^SUcS1^TbUQe"%(
<U†^C_\c<U_^QbT_($# =Qbd^Uj:_c}BQY]e^T_#)!
<U†^H999%%!&&& =Qbd^Uj=QbSYQ\&("
<U†^BYSQbTY%#% =Qbd^Uj=QbYQ^_!!#!!%!!&!!(!!)!" 
<UaeY^IfUc#& !$$!'$
<Y^3X_e4YUW_($" =Qbd^Uj=U\SX_b!)$!))
<Y\\_5ecURY_# "## #####$##%#$"#$# =QbdY^YS=QdU_%"(&!'&""
#% #%( =Qbj_bQddYF%#"
<YbQ5\YjQRUdX($$($& =QdQc:eQ^!$(
<\Q^Y\\_c?^_VbU:#)!$( %#%&#)&$ &( =Qd^@UTb_!!$
<_]Qh'#! =QddQKVQ]Y\YQM$!#$!'
<†`UjKQbWU^dY^_M# ! =QddQ7eY\\Ub]_"$$
<†`UjC3\QeTY_" !" # =QddQ=Q^eU\1^d_^Y_% !
<†`Uj#$) =QddQCb$!#
<†`Uj:Y^}c5%)' =QddUCb&(&'!
<†`Uj:_c}=QbQ##'#%!#%( =QdebQ^Q:_c}=UbSUTUc%$%
<†`Uj?cfQ\T_$"#)"#)'$%#%!'&!$&"$ =QdebQ^Q=QbS_c$!#
&"%&#!&#'&% &)$ =QjjUYTU7bQjYQ<U_^QbT_!!$!!(!!)&!'
<†`Uj@Qe\Y^_# )##'#%"#&! =UTY^Q2Qbd_\_#)!
<†`UjFYSU^dU6YTU\# =UTY^Q3\_bY^T_&)#
<_bSQDY]_\U†^'"% =UTY^Q :_c} D_bYRY_ %% &" &$ !%" !)) "!&
<_efUd#"( "("
<_fU]Q^2bYQ^"%#"($$($& =UYWWcK8U^biM!&!
<‹SQbUc=Q^eU\##!##'#&!$ &$ ($ ) =UZQ=Q^eU\:Uc‹c& !&$ &$$&')&(

(%%
=U\WQb2Q_BYSQbT_'&# =e\\Ub1\VbUT%#"
=U\\QVUB_\Q^T_$ &$ =e\\Y^c35Y\UU^%%&&&(&)
=U\\Ud) =e^YjQWQ>YS_\vc#'!#'"
=U\_:CQ^dYQW_#'( =e…_j3:eQ^7eY\\Ub]_#&%$%')&)'
=U^Q=Q^eU\#!" =e…_jTU7ej]v^KW_RUb^QT_bM&(
=U^Q=QbS_c%$& =e…_j7?cSQb''
=}^TUj<ej=QbQ%& =e…_j17Ub]v^&"%
=U^UcUc=Q^eU\&'"&( &))' !'!$ =e…_j=Q^eU\6'#!
=UbSQTY^_=QdU_#)"#)#% % =e…_j=Q^eU\#)"#)#% %% &%!!%!"&$&
=UbY^_36Y\_]U^Q&!$ =e…_j=YWeU\&)$
=UbY^_36Y\_]U^Q&!$ =e…_j@UTb_@QR\_CUWe^T_%%%
=UbY^_1RU\QbT_&$) =e…_j@UTb_@QR\_#&(#&)#' #'!#'"$ &
=UbY^_=Q^eU\$(#&!$&#'&( $"
=UcQcD_]vc%#% =ebY\\_1T_\V_!(!!($
=UjQ=Q^eU\1^d_^Y_%#% =ebY\\_:eQ^2QedYcdQ%!(%#%
=UjjQ^_<CY\fYQ%%%&&&&)!#) =ebY\\_B_T_\V_!( !(!
=YSXU\Ud#") =ejQbT5b^Ucd_!""
=YUbc3_h>QdXQ^$#' >QfQbb_1TU\Q&!!
=YW^Ud# ! >QjUb1BYSQbT_'"
=Y\\v^4_^Qd_$)!%!&%!(%!)%""%"#%"$ >UbY#$)#%(
%#%%&'&$&&$'&("&(#&))' !'!% >YU\_1^TJ'$%
=YbQ\\Uc6bQ^SYcS_$'($)"%#% >Y…_5ecURY_$ (
=YbQ^TQCU`‹\fUTQ<eYc&!! >Y…_:QSY^d_#')
=YdSXU\\4YUW_!"" >Yh_^CQ^dYQW_$"!
=YdbUK2Qbd_\_]}M# ! >_S[<QebYU&!'
=_SXY<QKcUeT†^Y]_Mf}QcU*?bdYjB_cQbY_ >_bQ]ReU^Q33Qb]U^!$"&!'' #($!
=_\TU^XQeUb!!( >_bdX:_X^DX_]Qc%''%'('!$'"%'#!
=_\Y^Q<UdU\YUb@UTb_%)# >_f_QK9^dU^TU^dUM$!
=_\Y^Q$!& >_f_Q:_c}=Q^eU\#$&
=_\Y^Q6bQ^SYcS_#)" >_f_Q:_fY^_$""
=_^TQSQ BQ]†^ # ( # ) #!  #!! #!" ##  >‹…Uj38Ub^v^&%%
##' >‹…Uj:QbQ=YWeU\#)!
=_^b_UK:Q]UcM(" >‹…Uj@:_bWU' %($"
=_^dQ\U]RUbd%%! >‹…UjB:_bWU"#%
=_^dQ\fQ4_]Y^W_#)# >‹…Uj:QSY^d_#)!% $%! %&'
=_^dUTY_SQBQVQU\#)( ?µBYQ^:_c}2U^Yd_%"#&$ &(!
=_^dUb_6U\YSYQ^_&! &%) ?µ2bYU^KS_b_^U\M('
=_^dd=Q^eU\)&"#("$#"&'") # $# & ?µ8YWWY^c1]Rb_cY_&&
#!'#!)#" #"##"$##$#$&#$(#%"#%$ ?µ8YWWY^c2Ub^QbT_(&('!%!!&#!)$"#&
#%%#& #&$#'!#'(#(!$ !$ "$ #$ & "$!"$""%!"%""'&"''
$!%$!'$!)$"#$##$#'$)' ?Sv^9cYTb_#)!
=__bU=b##( ?\QWeUb6U\Y‹=Q^eU\!)'
=_bQ6bQ^SYcS_%"& ?\QfQbbQ1Wecd^% %
=_bQ:_c}=QbQ#)" ?\UQ5cdQ^Yc\Q_%$$
=_bQWQF6QRY_#& ?\UQ:_c}=Q^eU\%$$
=_bQ\Uc'%) ?\UQ@UTb_@QR\_%$$
=_bQ\Uc:_c}""# ?\YfQ@UTb_<U†^#)!
=_bQ\Uc<_bU^j_%!(%#%& %&$)&'(&( ?\YfQ^'#!
=_bv^2eU^QfU^debQ$$#$$$$)"%!%%""%#% ?\Yfv^6Ub]^&)&&)'
%()&(! ?\YfQbUc6\UdSXUbBQVQU\#)(
=_bv^:_c}#)! ?\YfQbUc=UcQ8Y`†\Yd_&#!&' &'!&( ' $
=_bU\4_]Y^W_$') '!$
=_bU^_FYSU^dU(" ?\YfQbUc1^d_^Y_#)(
=_bWQT_1^d_^Y_$%# ?\YfQbUcCQ\fQT_b#)(
=_bbYc:Q]Uc?!(#!($%') ?\]UT_:_c}1^d_^Y_% %
=_e\Yv^5<eYc#& ?]Y^Q]Y3Qb\_c!!
=_e\Y^YUb%# ?`Qj_CY\fQ4Q^YU\$'%
=_iQÂ\Q]_c=Q^eU\%)& ?`Qj_B_cQ&!!&!%
=_iQ5\fYbQ&!$ ?`Qj_CQ\_]†^&'&&( &("
=b=ª%#! ?bU\\Q=QbQTU\3Qb]U^!&)
=bHª%#! ?bU\\Q^Q11^d_^Y_&"%
=eZYSQ"$# ?bYXeU\Q1^d_^Y_TU!)!" %" &" '" (" )
=eZYSQ:_c}>YS_\vc$!($!)$$" ?bZUbQ=Qbd^" #""%""&# %#$'

(%&
?bbUW_3_bd}c1eWecd_!"&!% !&'!' @}bUjK]YU]Rb_TU\_cSU^db_c_RbUb_cTUDQ\SQM
?bbUW_<eS_1eWecd_!(# $!!
?bbUW_<eS_<eYc!"&!% !&'!(&'"( @}bUj6bQ^SYcS_#!"
?bdUWQ=Qbd^Uj<eYc" '"'&'''(!! !!! @}bUj:_c}:_Qae^"""&#"&%#"$$$ $$#
!!"!!#!!%!!&!!'!" !"%!#)%&%%&& $)'$)(
'#"($! @}bUj:eQ^TU4Y_c&'"
?bdUWQ@QcSeQ\$( %#%%' &#)&$(&$) @}bUj<eYc5&'(
?bdYj<UdU\YUb6Ub^Q^T_' % @}bUjCY\fQ3\QeTY_($$
?bdYj?\QfQbbYQ<eYc%!(%#% @UbVVUdY@YUdb_'#!
?bdYj&!# @Ubb_d=YSXU\\U#)$
?bdYj2U^ZQ]^&'! @UdY_^KTUFY\\U^UefUMK:}bˆ]UM#"(
?bdYj:eQ^4_]Y^W_&'!&))'!$ @YSQbdUBQ]†^$$&$$'$$(
?bdYj=Q^eU\#)! @YS_\Ud1Wecd^)'
?bdYjB_cQbY_$#! @YS†^CQ\Qc=QbYQ^_(&
?cUc7:QSaeU\Y^U#& @YWQdY:eQ^!!$
?c_bY_7_^^Ud3USY\YQ($%($& @Y^SXUYbQKXUb]Q^_cM!%!!)"
?ccQ6U\Y`Q%% @Y^YBYSQbT_$(!
?ccQ6bQ^SYcSQ%% @Y^_<Y^_$$
?ccQ=QSQbY_%$$ @Y^_SXUd7bUW_bY_!'"
?ccQ^T†^23Qb\_c($# @Y^d_CQ^dQ3bej1^RQ\!"%
?cdXQec<eYc$(!$)! @Y^d_FQ\\UZ_c:e\Y_" #&$"'&'''(!!"!!%
?dQWeY K]YU]Rb_ TU \_c SU^db_c _RbUb_c TU !"%"&)%&%%&&%(&%('& &&!%&""' 
DQ\SQM$!! '!#'!''!('"$'"%'%(($!($$($%($'
?fQ\\UTU5bbvjebYj7UbdbeTYc%% @Y^d_FQ\\UZ_cC_^YQ%)&"&#&$&&
?fQ\\UTU9…YWeUj9cQRU\%% @Y^d_1^RQ\$'$$('% )%! %!$%!&%!)
?fQ\\UKTY`edQT_M#$% @Y^d_4_]Y^W_$$
?fQ\\U1\_^c_TU%$%% @Y^d_6UTUbYS_$&(
?fQ\\U:_c}1^d_^Y_!)& @Y^d_6bQ^SYcS_1^d_^Y_"'$"("")'")("))
?fQ\\U:_c}D_]vc""'"(" @Y…Q2_bS_c[Y<eSYQ^_## ##"#%!#'($!#
?fQ\\U?dd_bY^_&!' @_9HK@Q`QM%%!
?fUZUb_D_]vc"" @Yg_^[Q7_^jQ\_($"
?fYUT_2U^ZQ]^%%"%%#%%( @YjQbb_KbU_\YRUbQT_M$!'
@TUÉbTU^Uc=†^YSQ&") @YjQbb_:_c}7eQTQ\e`U$$"
@QSXUS_1Wecd^$#" @YjQbb_<eYc% %
@QSXUS_6bQ^SYcS_"%%"%' @\e]`5^bYaeU$(!
@vUj@vUj:eQ^& ' @_R\UdUDb_^S_c_=_Yc}c""'$$%&"'
@QY\\Q^dUFYSU^dU!) @_U``YW5TeQbT(#(%!%!!%"
@Q\QSY_cTUFQbQc3Qb]U^%% @_^SUTU9RQbbQ5]Y\YQ&!$
@Q\QSY_c4Q^YU\'$"'$# @_`U1\VbUT!"
@Q\QjeU\_c1cdQRebeQWQ@UTb_"%#"%$"%%#(# @_bdQ\Uc4YUW_!&!"" ""'""("")"#$"#'
@Q\]Q75bYS5TeQbT_($$ "$ "$("'""')"(""(#"()#"
@Q\]QBYfUb_c9W^QSY_%%) @_e`Y^1^d_^Y_&$(&&)&'!&'"&( &(!&(#
@Q\]Q=Qbd^$ % &(%&('&)#&))' !' #' $' &' )'!$
@Q^QT}cFQbWQc:eQ^&!' '!%
@Q^T_:eQ^1^d_^Y_$! $!!$"& @_ebi2Ub^QbT%#"
@Q^d_ZQKS_]Q^TQ^dUM$"& @bQTU\TUB_ZQc1TU\QYTQ%%
@QbQTQ3Qb]U^&!! @bQTU\>YS_\vc#&$
@QbUTUc6bQ^SYcS_#)# @bQT_1\Te^QdU6bQ^SYcS_## ##$##%#$'
@QbU^dY^Y<eYc3Qb\_c")!#''$#" @bQT_=_^dQ^Ub@UTb_""%
@QbbQ:_c}TU\3Qb]U^%$% @bQT_:eQ^7eY\\Ub]_"%#"%&&!'
@QbbQWe}B_T_\V_&'! @bQT_=YSQU\Q&!$
@QcSeQ\:_c}=QbQ#') @bQT_=YWeU\BQVQU\%$%
@Qe\cU^! # @bQT_@UTb_CUWe^T_#)"
@QecU^RUbW!!( @bQdc2U\YcQbY_'!#
@UTbUb_c26bQ^SYcSQ&!$ @bUcS_dd# !
@U…Q?dQUWeY3Qb\_c%$ @bYUd_TU<QbbQ^FYSd_bYQ%%
@UbUYbQCQ\Qc5eWU^Y_%((" @bYUd_TU\B_<eYc6bQ^SYcS_%$$
@}bUj3\QeTY_($& @bYUd_:_Qae^" #""'"##"#$"& "&"")'
@}bUj3Q^d_:e\Y_!!$!!'!!(!" !$"!$# #!)#&
!$(!'!!'"!'#!'$ @bYUd_E' $
@}bUj<QbbQ^CQ^dYQW_#"% @bY]%#"
@}bUjB_cQ\UcFYSU^dU)!! " @b_SXU\\U!!(
@}bUjCY\fQ3\QeTY_($$ @b_eTX_^K:_cU`XM$$(&)"

(%'
@eU\]QDe``Ub7eY\\Ub]_!"" B_TbWeUj@QSXUS_>YS_\vc&
@eU\]QDe``Ub6bQ^SYcS_&'&&(" B_TbWeUj1Wecd^#!
@eWQ2_b^U6!%)!' B_TbWeUj1]QT_b&(!
AeURbQTY^_ 5\ KcUeT†^Y]_M f}QcU* BQ]_c B_TbWeUj4_]Y^W_$$
CQ^dYQW_ B_TbWeUj6Ub]^$$#
AeUfUT_<eYc# ) B_TbWeUj:_c}""#
AeY^Ud5TWQbT#") B_TbWeUj=Q^eU\!)!!))
AeY^dQ^Q!)$ B_TbWeUjCY]†^# !
AeY^dQ^Y\\QBQ]†^#)(%$% B_TbWeUjJ_b_RQRU\! (!($$($' '
AeY^jQSBQi]_^T1WecdU# ! B†XgUTUb5^bYaeU&'(
AeYb_WQTUEb]U^UdQ3Qb]U^%% B_ZQc6\_bUc:_bWU" #!#&!$"!$%($"($'
AeYb_WQ=Q^eU\%$% B_ZQciB_ZQcFYSU^dU%""%#%
AeYb_jTUBQ]_c2U^YW^Q&!$ B_ZQcK]YU]Rb_TU\_cSU^db_c_RbUb_cTUDQ\SQM
BQ]bUj>US_SXUQ8Ub^v^$ $!!"#!$$!$& $!!
$$&%#!%'&%'(&"#&"'&"(&# &&!&&% B_ZQc:_c}1^d_^Y_!)&
&()' '' ('!$'$!'%#'%$ B_ZQcBeTUcY^T_## ##%##'##(#%&#&!#')
BQ]bUj5fU^YSY_&)#&)) #(
BQ]bUj6bQ^SYcS_1^ZU\#%% B_\Tv^TU1\QbS†^:eQ^Q&!$&"$&"%
BQ]bUj7bUW_bY_B&' B_]v^=QbYQ^_$$#
BQ]bUj9cQQc6bQ^SYcS_& %&#' B_]Ub_<eYc1\RUbd_" ")#"#&$"$#$$
BQ]bUj:eQ^2QedYcdQ&'! )!)#!"'!%$!&)!'"!'&!( !(&"!%"$&
BQ]†^1b]Q^T_TU%%%&&&&)())!!&( #$!#('%#&%#'
!'' B_cQcCQ^dYQW_% %
BQ]_c1Wecd^$!) B_cc1Wecd^&)%
BQ]_c:_c}D_]vc(" B_cc=QbY_^$%$$%%$'&$( $)"%"#%#%
BQ]_cCQ^dYQW_# %# &# '# )#! #!"#!# &$ &(!
#!$#!%#!&#!'#!(#!)%## B_ccYW^_\:QSaeUc#'&$#
BQg\Y^cD_]vc!!( B_ecU8U^iG!%!!%"
BQi_c#!# B_eccUQeK:UQ^:QSaeUcM" (
BQi_c6bQ^SYcS_#!" B_ehi7bY\\}%")
BUSQRQbbU^=Q^eU\#"%#"(##!#####(#$" B_g\Q^TC6'"#'##
#%!#%"#%(#& #&! BeT\_VV!!(
BU^QbT3Qb\_c%%) BeT\_VV3bYcdYv^!!)
BU^WYV_=Q^eU\"!("" "")"(% BeWU^TQc:UQ^=QebYSU# !
BU^WYV_?cfQ\T_"") BeYj1\TUQ@UTb_!$
BU^WYV_BQ]†^""'""("(%")'# '#!( BeYjTU7Q]R_Q=Qbd^&#
BU^_ec:eQ^!!$ BeYjDQW\U6bQ^SYcS_" !
BUaeU^QBCUWe^T_'#$ BeYjBYSQbT_#'
BUiUc>QfQbb_5^bYaeU'#" CTUB_ZQcDbv^cYd_&!!
BUiUc<_bU^j_"'# CQQfUTbQ1RU\%!%
BYSXQbT:UQ^@YUbbU#& CQQfUTbQ3$#!
BYUcS_FSd_b!"" CvUj:eQ^$$
BY_R†2Qbd_\_]}#)"#)#$ ($"!$"#%!! CQWbUT_ 2QUjQ BQVQU\ "  #& #) '# ! " !! 
BY_VbY_=1'##'$% !" "()&$(($$
B_c?fQ\\UD_]vc%)#&!$' !'!$ CQY^d=QSQbi5eWU^Y_!!($''
B_cKXUbbUb_M#&)#'! CQY^d:ecdK<_eYc1^d_Y^UTUM#"(
B_c1^QS\Ud_%$' CQY^dCY]_^K3\QeTU8U^bYTUB_efb_i3_^TU
B_c6Ub]^$#" TUM###
BYaeU\]U@@QdbYSYQ#& CQ\Qc1Wecd^$$$
BYaeU\]U4Q^YU\#&!#&" CQ\Qc6\_bU^SY_%#%
BYaeU\]U:_c}1^d_^Y_#') CQ\QcCQ^dYQW_# '
BYaeYUbY8_^_bY_$(! CQ\QjQbFUbWQbQ7QRbYU\" #"#)$"&%''')
BYc_@Qdb†^3Qb\_c%$# (%)!)%)'!"%!"&!#!!%#!&!!&&!&)
BYc_`Qdb†^3Q…Qc4'$& "&)"'$"'&%"%%"&($!($$($'
BYfQTQ^UYbQ=Q^eU\! $ CQ\TQ…Q:_c}=Q^eU\&!#&&)&'!&'"&( &(#
BYfQcFYSe…Q6bQ^SYcS_!'" &))'!$
BYfUbQ"$" CQ\TQ…QB_cQbY_&!$
BYfUb_CUWe^TY^_#)( CQ\TQc2U^ZQ]^&)#
BYfUb_c@QcSeQ\$$ CQ\VQdU:eQ^:_c}"'&
B_RUc`YUbbUK=QhY]Y\YU^TUM#"( CQ\Y^Qc 3Q]`_c =QhY]Y\YQ^_ 1 "%# "%$ "%%
B_SXQ K]YU]Rb_ TU \_c SU^db_c _RbUb_c TU $((
DQ\SQM$!! CQ\Y^Qc:_c}1^d_^Y_&'!
B_TbYW_f}QcU*K7bUjMB_TbYW_ CQ\Y^Qc=YWeU\#(#

(%(
CQ\Y^QcBQVQU\#&)#'! CY\fQ% !
CQ\Y^QcBU^}" !( &!'($$ CY\fQ2bWYTQ&!%&")
CQ\_]_^%#" CY\fQ5\UedUbY_#)!
CQ\fQc5ecURY_%!( CY\fQ:_c}9W^QSY_%!(%#%&'"
CQ\fQdYUbbQ=Q^eU\$$ CY\fQ=Q^eU\""#
CQ]Q^YUW_$!& CY\fQ@QR\_"((
CQ^=Qbd^KS_]Q^TQ^dUM$"& CY\fQBQ]†^#)!
CQ^=Qbd^Â^WU\TU\Q3&$& CY\fQCUWe^T_&)#
CQ^=Qbd^:_c}# % CYfU^d=b$!)
Cv^SXUjTU=QTQbYQWQ5\U^Q"%' C]YdXKfYQZUb_M(%
Cv^SXUjK9^dU^TU^dUM'$& C_\c_^Q1^d_^Y_#)!
Cv^SXUj1bcdYTUc%#% C_bQSS_6bQ^SYcS_f}QcU*C_beS_6bQ^SYcS_
Cv^SXUj3Qb\_c&$& C_bQS_6bQ^SYcS_f}QcU*C_beS_6bQ^SYcS_
Cv^SXUj7bUW_bY_%) C_beS_6bQ^SYcS_&)#&))'!$
Cv^SXUj:_c}BQ]†^%"!%$' C_d_5^bYaeU5&'!
CQ^T7U_bWU# ! C_d_6bQ^SYcS_"($
CQ^T_fQ\13Qb\_c'"& ' C_d_]Qi_bFQ\T}cBQ]†^"#%"#'"(""(#")&
CQ^T_fQ\6bQ^SYcS_#)) C_d_]Qi_b%(%)
CQ^T_fQ\:_c}TU\3Qb]U^$$ C_d_]Qi_bBQVQU\$!"
CQ^T_fQ\:eQ^=YWeU\&'' C_eR\UddU5fQbYcd_1%%)
CQ^VeU^dUcK]Y^Ycdb_M'#$'#% C_e`UbB_RUbd_"$$
CQ^VeU^dUcCQ\fQT_b#"% C_gU\\4QfYT'&$
CQ^XeUjQ7QRbYU\#") C_jQ=Q^eU\=_TUcd_$( $(!$)"%!(%#%
CQ^dQ3bej15TeQbT_! %($# %' & !&#$&$ &$(&$)&'!&(!
CQ^dQ=QbQ4_]Y^W_!! !""!#)!$"# # CdUY^2QbRQbQ&!
# '#"(#%)#)'$!#%" %"!%%(& !& " CdUY^CdQ^\Ui&!
&$!&$"&$'&%$ CdU\\QFYSd_bY^_%' &'!&( &))
CQ^dQ=QbQ6Ub^Q^T_%%( CdU^gQ\\37&'(
CQ^dQ=QbQ:eQ^'$( Cd_\jU^RQSX!!(
CQ^dQ=QbQ=YWeU\:_c}""#$ ' CdbYS[\Ub& (
CQ^d_c3QfQTQ#'! CdbYS[\UbB_RUbd_!!#
CQ^d_c@bYUd_:_c}%)! CdeQbT_?3Qb\_c""#"%
CQb]YU^d_4_]Y^W_6QecdY^_)")#))! ! ! CdefU^1^Q=QbQ"))($$
! "! #! $! ("%#"%$"& "'!") #  CdefU^5^bYaeU!""
# !#"&#%$ CdefU^6UTUbYS_$)!
CQccYÂ^WU\$$ %#" CevbUj:eQ^=Q^eU\CUWe^T_&"(
CQdUbGY\\YQ]%&& CeRUbSQcUQeh1^d_^Y_!""
CSQW\Y_ddYBQfUbQ3_^cdQ^jQ&!' CeRUbSQcUQeh2Ub^QbT_! %
CSXQjd]Q^^'%# CeRUbSQcUQehBQ]†^!&(
CSXU^UYTUb3Qb\_c%&$ CeU5eTW~^U# !
CSXY]YTd]UiUbKfYQZUb_M) Ce^[U\ ?cfQ\T_ '' '( )  !"% #"& $ # $'$
CSX]edjUbC;QbY^#&' $)$
CSXe\Ub!!( DTU6QbQcB_cQ&!%
CSXe\j;Qb\&"( DTU@YjQbb_1]Q\YQ&!!
CS_d_4e^c" ( DQV_b†#"(
CSbYRU# ! DQ\QfUbQ=Q^eU\1^d_^Y_!)#!)$!)'!)(!))
CUWQ\\=QbSU\_"!""$ $!!!!!)!" ("!$ " %
"" ""'""(#)"#)#%"%%"&%"'%#!%#" DQ^WeY=YWeU\$$
%(&&"(&")&()' %'"( DQ`YQ7QRbYU\$$#
CUWe!)' DUbbYUb8eRUbd#&
CU]Yb=YWeU\%$$ DXQdUb!!(
CU`‹\fUTQ7CUbWY_'$ DXQiUb?ZUTQD_]vc%#%'
CU`‹\fUTQ1b]Q^T_!$! DXYUbc# !
CU`‹\fUTQ3QiUdQ^_' !'!$ DX_]`c_^5TgQbT@Q\]Ub"''&#
CU`‹\fUTQBQ]†^"!" DX_]`c_^f}QcU*DX_]c_^:Q]Uc
CUbUi=Q^eU\&")&$&&'&&''&'(&( '  DX_]c_^:Q]Uc(&('
' ! KDYVV_eM1SXY\\Uc!!)
CUbWY_f}QcU*K7bUj6bQ^S_MCUbWY_ DYVV_eKDQTU_M!!(
C~fU5T_eQbT!(! KDYVV_eM8}Sd_b!!)
CUgU\\:bGY\\YQ]8'&# DYVV_eXUb]Q^_c$''
CY~iUcK5]]Q^eU\:_cU`XM#"( DYVV_e:e\Y_!""$'&
CY\fQ3Qcdb_BQ‹\("! %""'"")# ' KDYVV_eM:e\Ucf}QcU*DYVV_e:e\Y_
CY\fQ>Qbb_FYSU^dU&$ &(! DYVV_eDQTU_!!)

(%)
D_S_b^Q\K]Y^Ycdb_M"&! FQ\U^jeU\Q:_c}CQ^d_c##'#)!$$ $$$$'!
D_S_b^Q\:_Qae^")'")) FQ\U^jeU\Q:_c}$ )
D_S_b^Q\=Q^eU\1^d_^Y_#"$$!# FQ\U^jeU\Q:eQ^$$"
D_\UT_2UQdbYj&!% FQ\U^jeU\Q<eYc"
D_\UT_:_c}TU\3Qb]U^$$ FQ\U^jeU\QCQ^d_c#%"#&
D_b^Ub_BUSQbUT_C!!"!#& FQ\\QTQbUc=_TUcdQ&!$
D_b^Ub_CQ^d_c! $!'' FQ\\UZ_:=YWeU\1& )
D_b_KS_]Q^TQ^dUM'"& FQ\\UZ_:_c}:_Qae^#"$
D_b_4Ub]Y^Y_%)! FQ\\UZ_cBQ]†^1^d_^Y_$"&$"'$"($")$##
D_b_5\Qc$$ $#$
D_bbUZ†^CQ^dYQW_$"! FQbQ_^Q2Ub^QbTY^_#'$
D_bbUc=Qbd^UjBQ‹\#)'$$ FQbQc1^d_^Y_($#$'
D_bbUc(' FQbQc>QjQbY_%!(%#%
D_bbUcJU^†^&)# FQbU\Q6UTUbYS_$)!&("
KD_c_=_^dUVY_bYM7Y\TQ#% FQbU\Q7\QTic($#
DbUed\Ub@Qe\$!) FQbWQc3:eQ^5TeQbT_("!! !!"!!&
DbUfU\iQ^7=$( FQbWQciFQbWQcFYSU^dU$ ($ )
DbYfY…_c=YWeU\:Ub†^Y]_$(' FQbWQc:_c}TU\3&#'
Db_^S_c_$!& FQbWQc:eQ^#&!
Db_^S_c_:_c}TU\3Qb]U^$ & FQbWQc=Q^eU\$"'$")
ETU@}bUj5\U^Q&!$ FQbWQc=QbYQ^_#)(
EWQ\TU>YS_\vc& !&$)&% &' &)# FvcaeUjTU7_^jv\Uj6\_bY^TQ&!!
EWQbdU21\UZQ^Tb_&"% FvcaeUj$%%&!#
EWQbdU65\Qc#") FvcaeUj1TbYv^$%#%#%&#$&#)&$ &(
EWQbdU5\fYbQ&!$ FvcaeUjÂ^WU\#&"#&#
EWQbdU=U\SX_b#%& FQcaeUj1^ZU\f}QcU*FvcaeUjÂ^WU\
EWQbdU@UTb_#$%#%&#%(#&! FvcaeUj:eQ^:_c}%$'
E\\_Q36"#)"$ FQiccY~bU@YUbbU'"'%'&
EbRY^Q5]UdUbY_&") FvjaeUj3YeTQT@UTb_>%&'&'
EbRY^Q7bUW_bY_'#! FvjaeUj1]QT_b1\UZQ^Tb_$"&
EbRY^Q3QbbQcS_=QbQHY]U^Q($# FvjaeUj6U\Y`U&
EbYRU1Wecd^$$$ FvjaeUj8Y`†\Yd_$"&
EbjQb7QbVYQc6Ub^Q^T_##)#$%#$' FUWQ5=!!)
Eb]U^UdQ:_c}D_]vc#)'$ "% $%##%%% FUWQ=QbYQ^_#)!
EbbUZ_\Q1Wecd^" % FU\QcS_5\fYQDU_T_b_%)!
EbbY_\QKS_b_^U\M#&!#&" FU\QcS_2U^ZQ]^!""
Ebj‹QFQ\U^jeU\Q7Ub]v^% &%!$&$' FU\vcaeUj'%
Ebj‹Q&(# F}\YjCY\fQ@Q^dQ\U†^$$ &#!&$ &'!&(!&)$
Ebj‹Q@>&&( F}\Yj3\QeTY_'#''$&#
FTU4_^QYbU=UbSUTUc&!% FU^UWQc56Ub^Q^T_($#
FTU5cS_RQb<YR_bYQ&!% FU^UWQc8Ub^v^"&)($!
FTU@UbUYbQCQRY^Q&!% FUbQ2QbbUbQ<eYc1&!'&""
FQ\T}c11RU\#$% FUbQi@Y^dQT_2Ub^QbT_!)&
FQ\T}c3eUfQc1^d_^Y_'"& FUbQ=YWeU\# )
FQ\T}c7†]Uj:_Qae^$$ FUbQB_RecdYQ^_%"(
Fv\TUcEbbedYQ=QbY_($# FUbWQbQ1^d_^Y_"!"
FQ\T}cFQ\T}c:_c}:_Qae^#$% FUbWQbQ2Qbd_\_f}QcU*FUbWQbQ2Qbd_\_]}
FQ\T}cFUbWQbQ6bQ^SYcS_%%&%%( FUbWQbQ2Qbd_\_]}#))$$
FQ\T}cFUbWQbQ9c]QU\%%( FUbWQbQ5^bYaeU'"%'"&'")'#"
FQ\T}c1^YSUd_&$) FUbWQbQ:_c}6bQ^SYcS_%' &'&&("
FQ\TYfYQ?FUb†^YSQ"&)%&%($% FUbW^YQeTK@YUbbUFYSdeb^YU^M#"(
FQ\TYfYUc_KQbj_RYc`_M#$!%$( FYQSX_BQ]†^"!"
FQ\TYfYUc_KWU^UbQ\M'$( FYQ\37_^jQ\_&"
FQ\TYfYUc_1\UZQ^Tb_'$% FYQ\KS\Q^M#"%$!#
FQ\TYfYUc_:eQ^3Qb\_c#)!$$# FYQ\<_bU^j_$$#
FQ\TYfYUc_CQ]eU\'% FYQ\=Q^eU\3Q]Y\_#"##"$
FQ\U^SYQ1fQbYQ<eYc" !" #"!!""& FYQ\BQVQU\#"(#$##%"#&
FQ\U^jeU\Q=1\UZQ^Tb_#& FYQ\B_]v^#)!
FQ\U^jeU\Q=:QY]U" !&&"&) FYSU^SY_56U\Y`U#&
FQ\U^jeU\Q5cdURQ^#! #!" FSd_b8eW_$($
FQ\U^jeU\Q:_c}1^d_^Y_$ ) FYSe…Q=QS[U^^Q2U^ZQ]^"##!& '"! '
FQ\U^jeU\Q:_c}6bQ^SYcS_$ ) !&&!&(!&)!''!($# '#"%#"(#")##!
FQ\U^jeU\Q:_c}6eU^dUc$ ) ##"#####$##%##&##'##(#$ #$"#$#

(&
#$$#$%#$'#$(#$)#% #%!#%"#%&#%' JU^dU^_:_c}9W^QSY_()"! "!!"!""!#
#%(#%)#& #&!#&"#&##&%#&&#&'#&( J_\UjjYFU\vcaeUj=QbY_'!(
#&)#' #'!#'##'&#''#'(#')#( #(! J_bbY\\Q@QR\_!($# !
#("#)'$!&$$&$('% % #% &% '% ( J‹…YWQ1^Tb}c&"%&#)&$ &(!
% )%! %!!%!"%!#%!$%!%%!&%"#%## J‹…YWQ6UTUbYS_&")
%#$%#% J‹…YWQ6Ub^Q^T_%#%&))'!
FYSe…QÂ^WU\3%$)
FYSe…Q@UTb_6}\Yh"!!# '# (#!%#!'#!)
#" #"%
FYTQ\G$"$
FYTQebbUKWU^UbQ\M$""
FYTQebbU=Q^eU\#&)#'!
FYTU\Q@UTb_>"$$
FYU\2U^ZQ]^#!'
FYU\ÉcSQb%")
FY\\Q6bQ^SYcS_$"!
FY\\QWbv^'$(
FY\\Q\_R_cBCUbWY_" #&#)$ %$%&%(& 
&!&%&'' '!'#! "!! !!#!"#!&!!()
" )"##"#%"'""(""(#"()
FY\\Qb1RU\QbT_$""$"#$#&
FY\\Qb=Q^eU\#(
FY\\QbbUQ\""!"$)
FY\\Qbb_U\#%(
FY\\Qbb_U\4U\VY^Q&!!
FY\\Qbb_U\BQVQU\TU\3Qb]U^#(#$$
FY\\Qbb_U\ BQVQU\ f}QcU* FY\\Qbb_U\ BQVQU\ TU\
3Qb]U^
FY\\QcUSQB_cQ\Y^_%)!
FY\\UWQc>YS_\vc##(#%"#&
FYdQ\U<eYc$ $!&''""#%# #$!#'$$ !
$ #$"&
FYfQSUdQ Be`Y_ 6Ub]^ "" #(# #)  #)% #)&
#)'#)(#))$#)$$ $$!$$($% $')$(!
$)"% % $% )%! %!!%!"%!$%!%%" 
%#%%&'&(!''%
FYfQ^S_7:QY]U&%%
FYfYQ^Y7eY\\Ub]_&&%
FYjSQbT_i7ej]v^" (
F_gU\\<_^WfY\\U!%""!%"!&
FbYW^Qe\d%%!
GTU3\UQbi5\U^Q&!$
GQTTY^Wd_^=$)!
GQW^Ub7Ubd!#&
GQ\[Ub=Qbd^Uj3Qb\_c%$&
GQ\[Ub=Qbd^Uj:eQ^1'%
GQ\`_\U:_X^!%"
GQ\dUb1T_\V&"(
GQicRUbW=ibYQ]#)'
GUb[]UYcdUb!!(
GY\\YQ]cB_RUbd_$("
Iv…Uj1\RY^Q&!$
IvfQb=1\T_"&
JTU7QZQbT_&!$
JQ^UddQ6bQ^SYcS_!$#
JQ…Qbde!)$
JQ…QbdeCQTi("
JQ`QdQ6bQ^SYcS_%&$
JQ`QdQ@UTb_@QR\_$! $!'$!($!)$$"
JQ`Y_\Q :_c} ""  ##  ##! ##" ### ##$ ##%
##(#$"#$##$$#$%#$(#% #%"#%(#&&
JUWUbc13bYcdYv^% '
JUWUbcBUSQcU^c:_c}!#)

(&!
 Å>4935459>CD9DE39?>5C

1SQTU]YQTU3YU^SYQcU^6bQ^SYQ$$& 3bSe\_3Qd†\YS_TU?RbUb_cTU<QCUbU^Q&%%
19D f}QcU 1c_SYQSY†^ 9^dUb^QSY_^Q\ TU 3bSe\_3Qd†\YS_TU?RbUb_cTU=U\Y`Y\\Q&%%
DbQRQZQT_bUc19D 3bSe\_3Qd†\YS_TU?RbUb_cTUCQ^6U\Y`U&%%
1\YQ^jQ<YRUbQ\% &%!$&$( 3bSe\_3Qd†\YS_TU?RbUb_cTUCQ^dYQW_%% &%'
1b]QTQ>QSY_^Q\'# '##'$$ 3bSe\_3Qd†\YS_TU?RbUb_cTUCQ^d_4_]Y^W_
1cQ]R\UQ3_^cdYdeiU^dU$ !$ % &%%&%&&&!
1cQ]R\UQTU1bdUcQ^_cU9^TecdbYQ\Uc&'( 3bSe\_3Qd†\YS_TU?RbUb_cTUDQ\SQ&%%
1cQ]R\UQTUQbdUcQ^_cY^TU`U^TYU^dUc%!$ 3bSe\_3Qd†\YS_TU?RbUb_cTUFQ\`QbQc_&%%
1cQ]R\UQTUBU`bUcU^dQ^dUcTUCQ^dYQW_"!# 3bSe\_ TU ?RbUb_c TU CQ^ BQVQU\ TU CQ^dYQW_
1cQ]R\UQTU\7bU]Y_TU3YWQbbUb_c%)'%)(&( %$)&&$
1cQ]R\UQ4U]_SbvdYSQ%"# 3bSe\_@_\dYS_TU?RbUb_c&$&
1cQ]R\UQ5\USd_bQ\% % 3bSe\_C_SYQ\TU?RbUb_c&")
1cQ]R\UQ\YRUbQ\TU1bdUcQ^_c²<Q5]Q^SY`QSY†^³ 3\eR3U^dbQ\4U]_SbvdYS_% $
%!! 3\eR3_^cdYdeiU^dU$!
1cQ]R\UQ<YRUbQ\TUFQ\`QbQc_%" 3\eRTU\Q?`Y^Y†^$ '
1c_SYQSY†^ 3Qd†\YSQ TU ?RbUb_c %$' %$) %%  3\eRTU\Q?`_cYSY†^$ '
%%!&%# 3\eRTU\QBUV_b]Q#"%#")#####%##&
1c_SYQSY†^TU1bdUcQ^_cTUFQ\`QbQc_#'#)" 3\eRTU\QE^Y†^$!&
#)&$ ($ )$"!$"#$#&$))% $% %% & 3\eRTU\_c9^fYcYR\Uc$)#
%!!%%"&"&&"(&")&'& 3\eRTU\_c:QS_RY^_c#$"
1c_SYQSY†^ TU CUbfYSY_c =ede_c TU CQ^ FYSU^dU 3\eRTU<_dQ'%%
6UbbUb%$& 3\eRTU?RbUb_cTUCQ^dYQW_% &
1c_SYQSY†^TUDbQRQZQT_bUc'"# 3\eR7QbbYT_#"%
1c_SYQSY†^9^dUb^QSY_^Q\TUDbQRQZQT_bUc19D 3\eRW_RUb^YcdQ$ '
%"$%"%%"&%"'%#!%#"&"(''' 3\eR<U`U\\UdYUb#&!
1c_SYQSY†^@QdbY†dYSQTU\3_bQj†^TU:Uc‹c"%& 3\eR<YRUbQ\TU?RbUb_c'!!
2Q\V_eb<i_^i3_]`Q…Q!$#$''$)! 3\eR?RbUb_²DUed_^YQ³TUFQ\`QbQc_&"(&")
2Q^S_>QSY_^Q\$(! 3\eRBUV_b]YcdQ% %
2QdQ\\†^3fYS_TUF_\e^dQbY_c#)' 3\eRBUf_\eSY_^QbY_#'!
2QdQ\\†^TU3_]UbSY_" ! 3_VbQTQTUÂ^Y]Qc# '
2YR\Y_dUSQ TU \Q 3QcQ 3U^dbQ\ TU \Q E^YfUbcYTQT 3_VbQTQTUCQ^2U^Yd_# '
TU3XY\U"(" 3_VbQTQTU\3Qb]U^# '
2YR\Y_dUSQTU\3_^WbUc_>QSY_^Q\!") 3_VbQTQTU\CQWbQT_3_bQj†^TU:Uc‹c"%&
2YR\Y_dUSQ>QSY_^Q\!")"("'"% 3_VbQTQTU\CQ^d_CU`e\Sb_"%$# '
3QRY\T_TUCQ^dYQW_%$%)&&&(!)(!))"  3_\UWY_9^dUb^QSY_^Q\TUCQ^dYQW_$%"
""%"#&"#'"%! 3_]`Q…Q3_\_bQT_'#!
3QRY\T_TUFQ\`QbQc_" !"!!"!# 3_]`Q…QTU2_]RUb_c#)&&(('#(
3QZQTU1X_bb_cTU\_c@_RbUc"%# 3_]`Q…QTU7Qc'%$
3v]QbQTU3_]UbSY_TUFQ\`QbQc_'&! 3_]`Q…Q TU CQ\YdbUc i 6Ubb_SQbbY\Uc TU
3v]QbQTU4Y`edQT_c!( "$#"$%"(#"()")! 1^d_VQWQcdQ%&&
")"#"$#"%#$'$)!&)$' ''"('$)'&! 3_]`Q…QCeTQ]UbYSQ^QTUFQ`_bUc'$&'%!
3v]QbQTU:ecdYSYQ"$! 3_]`Q…QDXU>YdbQdUBGQic3?<4'"#'##
3v]QbQTUCU^QT_bUcf}QcU*CU^QT_ 3_^VUTUbQSY†^?RbUbQTU3XY\U&#
3vbSU\3_bbUSSY_^Q\TU=eZUbUc($ 3_^VUTUbQSY†^?RbUbQTUC_SYUTQTUcE^YTQcTU
3QcQ TU DQ\\UbUc KTU CQ^ FYSU^dU TU @Qe\ TU CQ^dYQW_&#
CQ^dYQW_M%$" 3_^VUTUbQSY†^?RbUbQ&"%
3QcQ TU DQ\\UbUc KTU CQ^ FYSU^dU TU @Qe\ TU 3_^VUbU^SYQTUCQ^FYSU^dUTU@Qe\TUFQ\`QbQc_
FQ\`QbQc_M%$# %$"
3QcQTU\@Qdb_SY^Y_TUCQ^:_c}%$# 3_^VUbU^SYQcTUCQ^FYSU^dUTU@Qe\TUCQ^dYQW_
3QcQ7Y\TU]UYcdUb'#" %$"&%'
3U^db_²;Qb\=Qbh³TUCQ^dYQW_&") 3_^WbUWQSY†^ TU \_c 8Ub]Q^_c TU CQ^ FYSU^dU
3U^db_TU1bdUcQ^_ci?RbUb_c$! $!' TU @Qe\ K6bQ^SYQM f}QcU 3_^Wb}WQdY_^ TU CQY^d
3U^db_TUDQ`YSUb_cTUCQ^dYQW_& ' FYSU^dTU@Qe\K6bQ^SYQM
3UbfUSUbQ TU 7eR\Ub 3_ecY…_ Ki 5R^UbM !!% 3_^WbUWQSY†^TU\1T_bQR\U3_bQj†^TU:Uc‹c"%%
!$$!'$ "%&"%'
3UbfUSUbQY^W\UcQTU3\Qb[i3Q!!% 3_^Wb}WQdY_^TUCQY^dFYSU^dTU@Qe\K6bQ^SYQM
3YbS_\_6U]Y^Y\U²CQ^dQ3USY\YQ³&!) %%!
3bSe\_3Qd†\YS_TU\Q:efU^deT9\ecdbQTQ%$(%$) 3_^WbUc_3_^cdYdeiU^dU"'$

(&#
3_^WbUc_TU?RbUb_c%" 5cSeU\QTU2U\\Qc1bdUc#
3_^WbUc_TU@\U^Y`_dU^SYQbY_c"# 5cSeU\QTU@b_WbUc_TU\Qc1bdUc%%$
3_^WbUc_>QSY_^Q\?RbUb_&#% 5cSeU\Q>_Sdeb^Q1^Tb}c2U\\_%'"
3_^WbUc_>QSY_^Q\)&!!&!"#!)(!))" ! 5cSeU\Q>_Sdeb^QTU1bdUcQ^_c1RbQXQ]<Y^S_\^
" %"!%"!(""("#%"$$"%#"&!"&""'! %%$%%%
"'#")!# $#!'#" #"$$ %$!#$&%$&& 5cSeU\Q>_Sdeb^QTU\QC_SYUTQTTU1bdUcQ^_c²<Q
$&)$')$)#% !% (%!!%!"%!)%"!%&! E^Y†^³TUCQ^dYQW_$$ $$!$%"
%)!& !&$"&$&&'$&')&(&&)%&)&' % 5cSeU\Q>_Sdeb^QTU\QC_SYUTQTTU1bdUcQ^_cTU
'! '!!'!"'!#'!$'!%'!)'"!'$&'%$ 3_aeY]R_%'!
'&" 5cSeU\Q>_b]Q\TU@bUSU`d_bUc#
3_^WbUc_?RbUb_KTU!((%M& & "& #&"' 5cSeU\Q>_b]Q\##'
3_^WbUc_f}QcU*3_^WbUc_>QSY_^Q\ 5cSeU\Q BU`eR\YSQ^Q f}QcU* C_SYUTQT 5cSeU\Q
3_^cUZ_TU5cdQT_"%$ BU`eR\YSQ^Q
3_^cUZ_TU8YWYU^U!& !'# 5eWU^Y_7_iU^USXUi3_]`Q…Q$(#
3_^cUZ_TU\@eUR\_#'" 6vRbYSQTUQ\Y]U^d_c8eS[U'%&
3_^cUZ_Ce`UbY_bTU8QRYdQSY_^Uc?RbUbQc!'% 6vRbYSQ TU U\QR_bQSY†^ TU ]QTUbQc ²6bQ^SYcS_
3_^cUbfQd_bY_>QSY_^Q\TU=‹cYSQ# 4QX\³!'$
3_^fU^SY†^<UWYc\QdYfQ(&(' 6vRbYSQTU7Q\\UdQciTU3X_S_\QdUc!!'
3_^fU^SY†^<YRUbQ\&$( 6vRbYSQTU@Q…_c²5\CQ\d_³!"
3_^fU^SY†^@bU`QbQd_bYQ"$! 6vRbYSQTU@Q…_c2U\\QfYcdQD_]}!" !$%!$'
3_^fU^SY†^c_SYQ\_RbUbQ&"% 6vRbYSQTU@Q…_c3XY\U^_c!$'
3_^fU^SY†^<QKTU\Q!¡BU`‹R\YSQVbQ^SUcQM#$" 6vRbYSQTU@Q…_c!$'
3_^fU^SY†^<Q"$" 6vRbYSQTUc`QWXUddYcTU2Qcc_i2Qcc_!!(
3_bdUCe`bU]Q"$$"'&&)& 6vRbYSQTUDUZYT_cTU1\W_T†^TU1\VbUT@_`U
3eUb`_ TU 2_]RUb_c f}QcU* 3_]`Q…Q TU 3_!"
2_]RUb_c 6vRbYSQTUDUZYT_c5\CQ\d_!$%
3eUb`_c3fYS_cf}QcU*7eQbTYQ>QSY_^Q\ 6vRbYSQ9^W\UcQTU7Q\\UdQc!!(
3eUb`_cTU@_\YSQf}QcU*@_\YSQ 6vRbYSQ>QSY_^Q\TU3UbfUjQ!!%
3ebdYU]RbUTU1\SYTUc=QW^~bU!'$ 6vRbYSQ>QSY_^Q\TU7Q\\UdQcTU5gY^W8Ub]Q^_c
4UcdY\UbQTUFU^debQ8Ub]Q^_ci7bQ]e^d!'$ i3_!!(!'$
4UedcSXUb ;bQ^[U^ GYdgU^  GQYcU^[QccU 3QZQ 6vRbYSQ>QSY_^Q\TU7Q\\UdQc5gY^WiBQg\Y^c!$#
1\U]Q^Q TU C_S_bb_c =ede_c `QbQ U^VUb]_c !%)
fYeTQciXe}bVQ^_c&!( 6vRbYSQCeTQ]UbYSQ^QTU1j‹SQbTU@U^S_!!)
4UedcdSXUb;bQ^[UC_SYUTQT1\U]Q^QTUC_S_bb_c 6Q\Q^WU3Qd†\YSQK6bQ^SYQM%%!
=ede_c&" 6UTUbQSY†^ebeWeQiQTU\Q19D%"'
4YbUSSY†^ 7U^UbQ\ TU DYUbbQc 3_\_^YjQSY†^ U 6Ubb_SQbbY\UcTU\5cdQT_%)%
9^]YWbQSY†^' # 6YU\TcCd_[Uci3_]`Q…Q$)!
4YbUSd_bY_5\USd_bQ\TU?RbUb_c&$)&% 6Y\Qb]†^YSQ²1^d_^Y_@_e`Y^³&"%
4YbUSd_bY_9^TecdbYQ\TUDQ\SQ$(" 6bQdU\\Q^jQ9dQ\YQ^QTY=ede_C_SS_bc_&"
4YbUSd_bY_9^TecdbYQ\f}QcU*C_SYUTQT9^TecdbYQ\ 6bQdUb^YTQTTU3Qbb_SUb_cTUCQ^dYQW_$$%
5Z}bSYd_3_^cdYdeiU^dU$!($" K6e^TQSY†^M<U†^H999!'#
5Z}bSYd_TU\_c<YRbUc#'# K6e^TQSY†^MC_VQ3_^SXQ!'#
5Z}bSYd_<YRUbdQT_b(""$)#)% 6e^TYSY†^²3Q`YdQ\³!!#
5Z}bSYd_BUcdQebQT_b#'" 6e^TYSY†^²<YRUbdQT³!!#
5Z}bSYd_ !"( !)$ "!# ""# "$" "$$ "(" ")! 6e^TYSY†^TU2Q\V_eb<i_^i3Qf}QcU*2Q\V_eb
#'&$# $'$& && )&#(&$!&'$&((&)& <i_^i3Q
&)''# '$'''' 6e^TYSY†^>QSY_^Q\_=QUcdbQ^jQTU<Y]QSXU
5]`bUcQTU6Ubb_SQbbY\UcTU\5cdQT_!"' !!"
5]`bUcQTU\6Ubb_SQbbY\EbRQ^_TUCQ^dYQW_&($ 6ecY†^ \YRUbQ\S_^cUbfQT_bQ $ " $ $ $ % $!#
&('&(( $!$$!%$!'$" $#!$##$#$$$ $)(% &
5cSeQTb†^TU\?bTU^" $ 6ecY†^f}QcU*6ecY†^\YRUbQ\S_^cUbfQT_bQ
5cSeU\QKfUc`UbdY^QM6Ub]^FYfQSUdQ%&! 7UcU\\U^fUbUY^UKSbSe\_cTU_RbUb_ciQbdUcQ^_cU^
5cSeU\Q 2U^ZQ]^ 6bQ^[\Y^ %%$ %%% %%& %%' 1\U]Q^YQM%%!
%%(%%)%& 7_RUb^QSY†^TU1bYSQ'$#
5cSeU\Q3eUfQcKTUFQ\`QbQc_M%%( 7bQ^3_^fU^SY†^<YRUbQ\%"!&$)
5cSeU\QTU1Te\d_c2\Qc3eUfQc$&&%$'%%#%&! 7bU]Y_TUSQb`Y^dUb_cTU9aeYaeU'#!
%&# 7bU]Y_TU:_b^Q\Ub_cTU1^d_VQWQcdQ"&(
5cSeU\QTU1\d_c5cdeTY_cU^3YU^SYQcC_SYQ\UcTU 7bU]Y_TU:_b^Q\Ub_cTU1bYSQ"&('$"
@Qbc#& 7bU]Y_TU:_b^Q\Ub_cTU9aeYaeU"&(
5cSeU\QTU1baeYdUSdebQ# 7bU]Y_TUZ_b^Q\Ub_cTU\Q1TeQ^QTUFQ\`QbQc_
5cSeU\QTU1bdUci?VYSY_c`QbQ]eZUbUc!% "'(
5cSeU\Q TU 1bdUc i ?VYSY_c )% )& )' !#) #  7bU]Y_TU:_b^Q\Ub_cTUDQ\SQXeQ^_"&(
$%)$& %(!&# 7bU]Y_TU:_b^Q\Ub_cTU\`eUbd_TU3Q\TUbQ"&(

(&$
7bU]Y_TUZ_b^Q\Ub_cTU\`eUbd_TU8eQcS_"&( :e^dQTU8YWYU^UTUFQ\`QbQc_!%'!%(!%)
7bU]Y_TUZ_b^Q\Ub_cTU\`eUbd_TUFQ\`QbQc_ :e^dQTUCQ^YTQT"$"
"& "&!"&$"&%"&&"&'$#&$&%$&&$&' :e^dQ5ZUSedYfQ!)(
$&($&)$' '%! :e^dQ!)$
7bU]Y_TUZ_b^Q\Ub_c`_bdeQbY_cTU@YbQWeQ'$$ :efU^deTBQTYSQ\&&'
7bU]Y_TUZ_b^Q\Ub_ci\Q^SXUb_cTU1bYSQ'$# <Q9^dUb^QSY_^Q\f}QcU*1c_SYQSY†^9^dUb^QSY_^Q\
7bU]Y_TUZ_b^Q\Ub_ci\Q^SXUb_cTUFQ\`QbQc_ TUDbQRQZQT_bUc19D
"& "&""&#"&$"&&$#'$&($&) <UfUb=eb`Xii3Q!!"!$"!$#'%
7bU]Y_TU\Q^SXUb_cTUFQ\`QbQc_$&% <YWQTU?RbUb_cTUCQ^dYQW_&!&
7bU]Y_TU\_cV\UdUb_cTU\`eUbd_TU9aeYaeU'" <YWQTUC_SYUTQTUc?RbUbQcTU9aeYaeU'"#
7bU]Y_TU\_cZ_b^Q\Ub_cTU\`eUbd_TU9aeYaeU <YWQTUC_SYUTQTUc?RbUbQcTUFQ\`QbQc_&!"
'" '"#'# '#!'#$'$"'$$ &!%&!&&"#&"(&")&# '%)'&(
7bU]Y_TU\_c\Q^SXUb_cTU\`eUbd_TU9aeYaeU <YWQDY`_WbvVYSQ&')
'" '"!'""'$" <YfUb`__\>YdbQdUi3Q'#"
7bU]Y_TU\_ccQcdbUcTUFQ\`QbQc_$'" <_WYQ²:ecdYSYQi<YRUbdQT³%%(
7bU]Y_TU`Q^QTUb_cTU1^d_VQWQcdQ'%% <_WYQ TU DU]`UbQ^SYQ 1bdeb_ @bQd KTU
7bU]Y_TU`Q^QTUb_cTU3_^SU`SY†^'%% FQ\`QbQc_M&"#&")
7bU]Y_TU`Q^QTUb_cTU9aeYaeU'%% <_WYQ TU DU]`UbQ^SYQ 6bQ^SYcS_ 2Y\RQ_ KTU
7bU]Y_TU`Q^QTUb_cTU<Y]QSXU'%% FQ\`QbQc_M&"#&")&#
7bU]Y_TU`Q^QTUb_cTUAeY\\_dQ'%% <_WYQ TU DU]`UbQ^SYQ FUY^dYe^_ TU =Qi_ KTU
7bU]Y_TU`Q^QTUb_cTUDQ\SQ'%% CQ^dYQW_M&"#
7bU]Y_TU`Q^QTUb_cTUFQ\`QbQc_'%"'%% <_WYQ6Y\Q^db_`QTU3XY\U""
7bU]Y_TUDY`†WbQV_cTU=_^dUfYTU_$)% =QUcdbQ^jQQbcU^Q\TUCQ^dYQW_("
7bU]Y_cTUZ_b^Q\Ub_ci\Q^SXUb_cTU\_c`eUbd_c =QUcdbQ^jQTU6Ubb_SQbbY\UcTU\5cdQT_%("%)&
TUDQ\SQXeQ^_Y5\D_]}"&( =QbY^Q"$$& )
7be`_>_bdX'$ =Y^YcdUbY_TU7eUbbQ" $
7eQbTYQ3fYSQf}QcU*7eQbTYQ>QSY_^Q\ =Y^YcdUbY_TU9^TecdbYQc!!
7eQbTYQTU?bTU^KU^3_^SU`SY†^M$"# =Y^YcdUbY_TU:ecdYSYQ"#)
7eQbTYQTU`b_`YUTQT$!) =Y^YcdUbY_TU\9^dUbY_b'$&
7eQbTYQTU\?bTU^'%$ =_^ddfQbYcdQf}QcU*@QbdYT_>QSY_^Q\
7eQbTYQ=e^YSY`Q\'$('$)'%! =e^YSY`Q\YTQTKTU<QCUbU^QM&)%
7eQbTYQ>QSY_^Q\"!"""#"($&" """("#  =e^YSY`Q\YTQTKTUCQ^dYQW_M"'!$)(&#!&('
"#!"#&"$$"%!"&#"&&"(!"(""(#"($ '')
"(%"(&"('"()") ")!")"")#")'# $ =e^YSY`Q\YTQTKTUFQ\`QbQc_M$ )
# %# (# )#! #!!#!'#!)##'##(##) =edeQ\2U^UVYdC_SYUdi&"!
#$)#%%#%)#& #&!#&"#&%#&)#' #'! ?VYSY_cFQbY_c3_\USdYf_($&
#''#($$ &$!%$"$$$ $%($)#% !%!" @Q^QTUbQ1efQbTFY\\Q\†^i=QVVUd%)
%!$%""%##%#&%' %(!%)$& & #& & @Qb\Q]U^d_f}QcU*3_^WbUc_>QSY_^Q\
&##&#%&'$&'%&)&&)''&$ @QbdYT_3_^cUbfQT_b"$"" #"##(!#("#(&
8QbTYUi3Q'$' $ !%$(&($'&&
8Ub]Q^TQTTU\1T_bQR\U3_bQj†^TU:Uc‹cf}QcU* @QbdYT_4U]†SbQdQBU`eR\YSQ^_")
3_^WbUWQSY†^TU\1T_bQR\U3_bQj†^TU:Uc‹c @QbdYT_4U]_SbvdYS_9^TU`U^TYU^dU'!!
8_c`YSY_TU3QbYTQT"$& @QbdYT_4U]_SbvdYS_"!"#"("$%")#%!&%"$
8_c`YSY_TU3_`YQ`†"$& %'$%(#%)"%)#%)'%)(&!&&"%&# &#!
8_c`YSY_TUCQ^dYQW_"$& &#"&&'&' &'!&'"&'%&'&&''&'(&')
8_c`YdQ\CQ^:eQ^TU4Y_c$& &( &(!&("&(#&($&(%&(&&('&((&()
9W\UcYQ K3Qd†\YSQM "! "$ $# )& !'" !)  !)% &)!&)"&)#&)$&)&&)'&)(&))' ' !
!)&"##"%$# ##$ #$!$ "$$%$) % ( ' "' #' $' %' '' (' )'! '!!'!"
%#)%$ %$!%$$%$&%$(%%!%%"&%$&%' '!#'!$'!%'"%'%('%)'& '&''' '')
&& &&"&&#&&$'!$'&& @QbdYT_<YRUbQ\4U]_SbvdYS_% &% (% )%!!
9]`bU^dQ>QSY_^Q\!& #)! %!"%!$%!%& &
9^TecdbYQWQ\\UdUbQ6YU\TCd_[Uci3_!!' @QbdYT_<YRUbQ\#!(#"$##%##&##'#$ #$!
9^cdYded_ 9^dUb^QSY_^Q\ TU 8Ycd_bYQ C_SYQ\ TU #& #(&$ '$! $"!$)'$)(% &%!%%$ 
Â]cdUbTQ]#& &#'&$"&$(&($'")
9^cdYded_>QSY_^Q\# ###! @QbdYT_>QSY_^Q\$ "&$(
9^dU^TU^SYQTU1^d_VQWQcdQ'#''#( @QbdYT_@U\eS†^f}QcU@QbdYT_3_^cUbfQT_b
9^dU^TU^SYQTU1dQSQ]Q"$& @QbdYT_@Y`Y_\_f}QcU*@QbdYT_<YRUbQ\
9^dU^TU^SYQTUCQ^dYQW_"$&"%$ @QbdYT_@b_WbUcYcdQf}QcU*@QbdYT_<YRUbQ\
9^dU^TU^SYQTUDQbQ`QSv'"$'"('#"'#% @QbdYT_BQTYSQ\$$!$)'% "% &% (%!!%!$
:e^dQTU2U^UVYSU^SYQTU1bYSQ'$" %$ &$"&$(&&'&&(&&)&' &(!&($&)$
:e^dQTU2U^UVYSU^SYQTUFQ\`QbQc_"&% ' !'%(
:e^dQTU7_RYUb^_!)("(! @QbdYT_BU`eR\YSQ^_$)!$)"$)$%""%"#%"$
:e^dQTU7_RYUb^_@bY]UbQ# # %##%#$%#%%' &#$

(&%
@QbdYT_C_SYQ\YcdQ?RbUb_5c`Q…_\@C?5 C_SYUTQTTU1bdUcQ^_cKTU\@QcM"" """""$
%"& ""%""'""(# '#) #)!
@U^YdU^SYQbYQ%($ C_SYUTQTTU1bdUcQ^_cK<QE^Y†^MTUCQ^:_c}
@U^cY_^QT_TU\3Qb]U^%%" &&!
@_\YSQTU1cU_!'' C_SYUTQTTU1bdUcQ^_c²1^d_^Y_3_cdQ³& (
@_\YSQCQ^YdQbYQ!'% C_SYUTQT TU 1bdUcQ^_c ²<Q @b_dUSd_bQ³ TU
@_\YSQ"$$"%!"')%)!%))&(('$&'$''$( 9aeYaeU& %
'% '%$ C_SYUTQTTU1bdUcQ^_c²<QE^Y†^³TU3XY\\v^% 
@_bdQ\Uc3UQi3_]`Q…Q"'" & $&#'
@bY]UbQ 9^dUb^QSY_^Q\ f}QcU* 1c_SYQSY†^ C_SYUTQTTU1bdUcQ^_c²<QE^Y†^³TUCQ^dYQW_
9^dUb^QSY_^Q\TUDbQRQZQT_bUc19D #'#)&#))$$ $$!$%"$'&$(!$)"$)%$)'
BUVY^UbQ TU 1j‹SQb TU FY…Q TU\ =Qb !!& !!' $)(% $%!!%"%%#"%%$%%%%%'%%)%& 
!$$!$%!'$ %&'%' %'!%'#%'$& & !& "&!&&# 
BUVY^UbQTU1j‹SQb'% &#!&#$&#%&#&&#'&#)&$ &$#&$$&&!
CU^QT_""("#&"#'"$!"%!"'&"''"( #"  &)$''"''#''%''&
$ %&#! C_SYUTQTTU1bdUcQ^_c1c`YbQ^dUcTU\CQRUb'%(
C}`dY]Q3_]`Q…QTU2_]RUb_cTU9aeYaeU'"$ C_SYUTQTTU1bdUcQ^_c3Qd†\YS_cTUDQ\SQ%$%
C_SYUTQT ²2U^ZQ]^ FYSe…Q =QS[U^^Q³ TU C_SYUTQTTU1bdUcQ^_cTU1S_^SQWeQ""&
3YWQbbUb_cTUCQ^dYQW_& ' C_SYUTQTTU1bdUcQ^_cTU1^d_VQWQcdQ& "& %
C_SYUTQT²3_\†^³TUJQ`QdUb_cTUCQ^dYQW_$$% C_SYUTQTTU1bdUcQ^_cTU3Qe`_\YSv^# (# )
&#$ #! #!!#!'## % (
C_SYUTQT²5cdbU\\Q3XY\U^QTUCU…_bQc³&!% C_SYUTQTTU1bdUcQ^_cTU3XY\\v^$$$$'&$("
C_SYUTQT²9\ecdbQSY†^TU\Q=eZUb³TU3_^SU`SY†^ $)$%'!& "&#'&'&&(!
&! &!$&!& C_SYUTQTTU1bdUcQ^_cTU3_\_S_\_# )#! #!'
C_SYUTQT ²9^dUb^QSY_^Q\³ TU 1bdUcQ^_c TU C_SYUTQTTU1bdUcQ^_cTU3_^SU`SY†^$$$$(#
9aeYaeU& % %'!& "&$ &'&
C_SYUTQT²9dQ\YQ^QTU2U^UVYSU^SYQ³&!) C_SYUTQTTU1bdUcQ^_cTU3_^cdYdeSY†^$$$
C_SYUTQT²<QBQj†^³&$ &$$&$% C_SYUTQTTU1bdUcQ^_cTU3_`YQ`†$$"$$)$)$
C_SYUTQT²<_c8YZ_cTU\QDU]`UbQ^SYQ³&"#&"$ % & "
C_SYUTQT²=ecYSQ\iTU2U^UVYSU^SYQ9dQ\YQ^Q³&!) C_SYUTQTTU1bdUcQ^_cTU3_aeY]R_$$$%'"
C_SYUTQT ²E^Y†^ i 6bQdUb^YTQT TU ?RbUbQc³ TU C_SYUTQTTU1bdUcQ^_cTU3ebYS†$$$
FQ\`QbQc_&! &!$&"& C_SYUTQT TU 1bdUcQ^_c TU <Q CUbU^Q f}QcU
C_SYUTQT 1\U]Q^Q TU 2U^UVYSU^SYQ 8Ž\VcfUbUY^ C_SYUTQTTUC_S_bb_c=ede_cTU1bdUcQ^_cTU<Q
&!( CUbU^Q
C_SYUTQT1]Q^dUcTU\@b_WbUc_&"' C_SYUTQTTU1bdUcQ^_cTU<QedQb_# )#! #!'
C_SYUTQT1bdeb_@bQd&"& C_SYUTQTTU1bdUcQ^_cTU<Y]Q$)%
C_SYUTQTTU1bdUcQ^_cTU<Y]QSXU#'& %
C_SYUTQT1ecdbQSQTUC_S_bb_c=ede_c&"
C_SYUTQTTU1bdUcQ^_cTU<Y^QbUc$$$
C_SYUTQT2U^}VYSQTUCU…_bQc%$!
C_SYUTQTTU1bdUcQ^_cTU<_c1^TUc$$$
C_SYUTQT2_\YfYQ^QTUC_S_bb_c=ede_c&"
C_SYUTQTTU1bdUcQ^_cTU<_cÂ^WU\Uc$$$$)$
C_SYUTQT 3Qd†\YSQ TU 9^cdbeSSY†^ @bY]QbYQ i TU
C_SYUTQTTU1bdUcQ^_cTU=U\Y`Y\\Q$$$
DQ\\UbUc`QbQU\`eUR\_%$'
C_SYUTQTTU1bdUcQ^_cTU=U^T_jQ$)%
C_SYUTQT3Qd†\YSQTU?RbUbQc&!"
C_SYUTQTTU1bdUcQ^_cTU@QbbQ\$$$$)$
C_SYUTQT3Qd†\YSQTU?RbUb_cTU3XY\\v^&%#&%&
C_SYUTQTTU1bdUcQ^_cTUAeY\\_dQ& %& &&%
C_SYUTQT3Qd†\YSQTU?RbUb_cTUCQ^dQ1^Q%$$
C_SYUTQTTU1bdUcQ^_cTUBQ^SQWeQ$$$& "
%$%
C_SYUTQTTU1bdUcQ^_cTUCQ^2Ub^QbT_& %
C_SYUTQT 3Qe`_\YSv^ f}QcU* C_SYUTQT TU
C_SYUTQTTU1bdUcQ^_cTUCQ^3Qb\_c$$$$)$
1bdUcQ^_cTU3Qe`_\YSv^
C_SYUTQTTU1bdUcQ^_cTUCQ^6U\Y`U$$$
C_SYUTQT3_\_S_\_f}QcU*C_SYUTQTTU1bdUcQ^_c
C_SYUTQTTU1bdUcQ^_cTUCQ^6Ub^Q^T_$$$& "
TU3_\_S_\_
C_SYUTQT TU 1bdUcQ^_c TU CQ^dYQW_ `QbQ
C_SYUTQT3_c]_`_\YdQTUC_S_bb_c=ede_c&" c_S_bbUbcU]edeQ]U^dU#)(#))$#%
C_SYUTQT3bYcdYQ^Q%$" C_SYUTQT TU 1bdUcQ^_c TU CQ^dYQW_ f}QcU*
C_SYUTQT TU ²<Q E^Y†^³ f}QcU C_SYUTQT TU C_SYUTQT@_\dYSQTU?RbUb_c
1bdUcQ^_c²<QE^Y†^³TUCQ^dYQW_ C_SYUTQT TU 1bdUcQ^_c TU C_S_bb_c =ede_c U
C_SYUTQT TU 1X_bb_ i TU C_S_bb_c =ede_c TU 9^cdbeSSY†^ BU`eR\YSQ^Q 4U]_SbvdYSQ TU <_c
DY`†WbQV_cTU3_^SU`SY†^& ( Â^WU\Uc$$$
C_SYUTQTTU1X_bb_cDY`_WbvVYS_cTUFQ\`QbQc_ C_SYUTQT TU 1bdUcQ^_c TU DQ\SQ $$$ $)$ % 
&"& % !% "% #%$%%$&& "& %
C_SYUTQT TU 1X_bb_c i C_S_bb_c =ede_c TU \_c C_SYUTQTTU1bdUcQ^_cTUDQ\SQXeQ^_& %
DY`†WbQV_cTU3_^SU`SY†^&#! C_SYUTQTTU1bdUcQ^_cTUDQ\dQ\& %
C_SYUTQT TU 1\RQ…Y\Uc i 5cdeSQT_bUc TU C_SYUTQTTU1bdUcQ^_cTUFQ\TYfYQ& %
FQ\`QbQc_&"& C_SYUTQTTU1bdUcQ^_cTUFQ\\U^Qb$$$
C_SYUTQTTU1]YW_cTU\@Qc%$(&%# C_SYUTQT TU 1bdUcQ^_c TU FQ\`QbQc_ $'& $)"
C_SYUTQTTU1]YW_c$%# $)$$)(& "&"(

(&&
C_SYUTQTTU1bdUcQ^_cTUFYSe…Q$$$ C_SYUTQTTU?RbUbQc
C_SYUTQTTU1bdUcQ^_cTU\@b_WbUc_TU@QbbQ\%'! C_SYUTQT TU ?RbUbQc >¡ # TU FQ\`QbQc_ f}QcU*
C_SYUTQTTU1bdUcQ^_c:eQ^1Wecd^3_b^UZ_& & C_SYUTQT TU C_S_bb_c =ede_c ²9WeQ\TQT TU
C_SYUTQT TU 1bdUcQ^_c i C_S_bb_c =ede_c ²5\ ?RbUbQc³
@_bfU^Yb³TU9aeYaeU& %& & C_SYUTQTTU?RbUbQc&! &!!&!"&!$&!%&!&
C_SYUTQTTU1bdUcQ^_c# )#(' &")&(
C_SYUTQTTU2U^UVYSU^SYQTU3_`YQ`†$$" C_SYUTQTTU?RbUb_cKBQ^SQWeQM& %
C_SYUTQTTU2U^UVYSU^SYQTU\Q3_\_^YQ1cYvdYSQ C_SYUTQTTU?RbUb_cTUCQ^:_c}TU>Q^SQWeQ
TUCQ^dYQW_&" &&%
C_SYUTQTTU2U^UVYSU^SYQ5c`Q…_\QTUDQ\SQ&" C_SYUTQTTU?RbUb_cTUCQ^:_c}&%#&%%&%&
C_SYUTQTTU2U^UVYSU^SYQ@_bdeWeUcQ&" &%(&%)&& &&#&&$&&%
C_SYUTQTTU2_dUb_cf}QcUC_SYUTQTTUJQ`QdUb_c C_SYUTQT TU ?RbUb_c @Q^YVYSQT_bUc TU 9aeYaeU
C_SYUTQTTU3Qb`Y^dUb_cTUBYfUbQiTU3Q\QVQdUc & '
#(( C_SYUTQTTU?bTU^KTUDQ\SQXeQ^_M$##
C_SYUTQTTU3Qb`Y^dUb_cTUC_S_bb_c=ede_cTU C_SYUTQTTU@Q^QTUb_cTUFQ\`QbQc_&"&
FQ\`QbQc_&") C_SYUTQTTU@U\eaeUb_cTUFQ\`QbQc_&"'
C_SYUTQTTU3Qb`Y^dUb_cTUFQ\`QbQc_&!&&"& C_SYUTQTTU@Y^d_bUc²=YWeU\Â^WU\³TUCQ^dYQW_
C_SYUTQTTU3Qb`Y^dUb_ci3Q\QVQdUcTUFQ\`QbQc_ & '
#(( C_SYUTQT T#U @b_dUSSY†^ =edeQ TU 5]`\UQT_c
C_SYUTQTTU3YWQbbUb_cFYSe…Q=QS[U^^Q%)' @‹R\YS_cTU3XY\U& )
C_SYUTQTTU3_SXUb_cTU3QbbeQZUcTU\CUbfYSY_ C_SYUTQTTU@b_dUSSY†^=edeQTU=QaeY^YcdQci
@‹R\YS_²<Q9WeQ\TQT³& ( 6_W_^Ub_cKCQ^dYQW_M!$!%)&& '& (
C_SYUTQTTU5]`\UQT_cTU3_]UbSY_TUCQ^dYQW_ C_SYUTQTTUCQcdbUcTUCQ^dYQW_!'#$$%$$&$$'
!&"& ' $$)$%!$')$)"%&&& &#$&#%&$
C_SYUTQT TU 5]`\UQT_c TU 3_]UbSY_ TU DQ\SQ C_SYUTQTTUCQcdbUcTUFQ\`QbQc_& '&"&&")
& ( C_SYUTQT TU C_S_bb_ =ede_ 9^dU\USdeQ\
C_SYUTQTTU6_]U^d_TU\QY^TecdbYQ$'($') KCQ^dYQW_M%'"
C_SYUTQTTU6_]U^d_6QRbY\!! !!!!""!%  C_SYUTQT TU C_S_bb_c =ede_c ²2U^UVYSU^SYQ
!'"' # 9dQ\YQ^Q³&!)
C_SYUTQTTU7vcVYdUbci8_ZQ\QdUb_c&"' C_SYUTQTTUC_S_bb_c=ede_c²5]Q^SY`QSY†^TU
C_SYUTQTTU9\ecdbQSY†^i@b_dUSSY†^=edeQ²<Q \Q =eZUb³ f}QcU* C_SYUTQT TU C_S_bb_c =ede_c
6bQdUb^YTQT³&"% ²@b_dUSSY†^TU\Q=eZUb³
C_SYUTQT TU 9\ecdbQSY†^ i C_S_bb_c =ede_c C_SYUTQT TU C_S_bb_c =ede_c ²9WeQ\TQT TU
²=Q^eU\B_TbWeUj³&"% ?RbUbQc³&! &!$&!%
C_SYUTQTTU9^TecdbYQ\UcTUFQ\`QbQc_$(! C_SYUTQT TU C_S_bb_c =ede_c ²=Q^eU\ 2\Q^S_
C_SYUTQTTU9^TecdbYQ\Uc$)! 5^SQ\QTQ³& &
C_SYUTQTTU9^cdbeSSY†^@bY]QbYQTUFQ\`QbQc_ C_SYUTQTTUC_S_bb_c=ede_c²@b_dUSSY†^TU\Q
%%# =eZUb³TUCQ^dYQW_#'
C_SYUTQTTU9^fv\YT_cTU7eUbbQKTUCQ^dYQW_M C_SYUTQTTUC_S_bb_c=ede_c²@b_dUSSY†^TU\Q
&'! =eZUb³&! &!#&!$&!%&!&&"%
C_SYUTQTTU\Q6bQdUb^YTQT#'( C_SYUTQTTUC_S_bb_c=ede_cTU1^W_\%'"
C_SYUTQTTU\Q9WeQ\TQTKTU!((&M&&)&'! C_SYUTQT TU C_S_bb_c =ede_c TU 1bdUcQ^_c TU
C_SYUTQTTU\Q9WeQ\TQTTU3_^SU`SY†^$)$ 3_^SU`SY†^%&$
C_SYUTQTTU\Q9WeQ\TQTTU3_`YQ`†#&% C_SYUTQTTUC_S_bb_c=ede_cTU1bdUcQ^_cTU<Q
C_SYUTQTTU\Q9WeQ\TQTTU<QCUbU^Q#&(#&) CUbU^Q$$!%'!& '
#' #'!#'##'(#($ C_SYUTQTTUC_S_bb_c=ede_cTU3XQ…QbQ\%'!
C_SYUTQTTU\Q9WeQ\TQTTU<_c1^TUc#&%#&( %'"
#($ C_SYUTQTTUC_S_bb_c=ede_cTU5]`\UQT_cTU
C_SYUTQTTU\Q9WeQ\TQTTUCQ^6U\Y`U#%%#&% FQ`_bUc& (
#&&#&'#&(#'(#($$"# C_SYUTQT TU C_S_bb_c =ede_c TU \Q 6e^TYSY†^
C_SYUTQTTU\Q9WeQ\TQT"")"('# "#"##"( ²<YRUbdQT³& (
## ##!##"#####$##%##'##(##)#$! C_SYUTQTTUC_S_bb_c=ede_cTU@YSQ&"!
#$"#$##$$#$%#$'#$(#$)#% #%!#%" C_SYUTQTTUC_S_bb_c=ede_cU^dbU9^cdYded_bUc
#%##%$#%%#%'#%(#%)#& #&"#&$#&% U9^cdYdedbYSUcTUFQ\`QbQc_$$%
#&&#&'#&(#'(#($#(%#('#)&$!!$!# C_SYUTQT TU C_S_bb_c =ede_c =Q^eU\ 2\Q^S_
% $% (%!'%"%%##&"&'&&'&( 5^SQ\QTQTUFQ\`QbQc_#'
C_SYUTQTTU\Q@bU^cQTU\@eUR\_&#) C_SYUTQT TU C_S_bb_c =ede_c i TU 1X_bb_ TU
C_SYUTQTTU\QE^Y†^iTU\@b_WbUc_%$' 1\RQ…Y\Uc5cdeSQT_bUci3Q^dUb_c²5\@_bfU^Yb³
C_SYUTQTTU\_c3_^cdYdeSY_^Q\Uc""" & (
C_SYUTQTTU?RbUbQc3Qd†\YSQc&&! C_SYUTQTTUDQ\QRQbdUb_cTUFQ\`QbQc_& (
C_SYUTQT TU ?RbUbQc TU C_S_bb_c =ede_c TU C_SYUTQTTUDQ\\UbUc$$)$% $)!%!&%!'%!(
FQ\`QbQc_f}QcU*C_SYUTQTTU?RbUbQc %!)%" %#$%#%%&'&$)
C_SYUTQT TU ?RbUbQc >¡ ! TU FQ\`QbQc_ f}QcU* C_SYUTQTTUDbQRQZQT_bUcTUFQ\`QbQc_$$(

(&'
C_SYUTQTTUJQ`QdUb_cTUFQ\`QbQc_²2U^ZQ]^ C_SYUTQT<YdUbQbYQ#
FYSe…Q=QS[U^^Q³& '&"(&")&# C_SYUTQT =QbdY]Q TU C_S_bb_c =ede_c TU
C_SYUTQTTUJQ`QdUb_c$$&$$' FQ\`QbQc_& '
C_SYUTQTTU\?bTU^# '# (##$#'&#'( C_SYUTQT=QbdY]Q&"'
C_SYUTQTTU\DUQdb_TU\?RbUb_%$& C_SYUTQT>QSY_^Q\TU1WbYSe\debQ)&&)%' $
C_SYUTQT4U]†SbQdQ# ) C_SYUTQT>QSY_^Q\9^TecdbYQ\$(
C_SYUTQT4U]_SbvdYSQ# (#!' C_SYUTQT?RbUbQcTU9aeYaeU&! &!%
C_SYUTQT 4bQ]vdYSQ TU ?RbUb_c TU FQ\`QbQc_ C_SYUTQT@QdbY†dYSQKTU<_c1^TUcM#&(
&"' C_SYUTQT@QdbY†dYSQ3U^dbQ\# (
C_SYUTQT5cSeU\QBU`eR\YSQ^Q"$"%!$!$$)$%  C_SYUTQT@QdbY†dYSQTU1bdUcQ^_cf}QcU*C_SYUTQT
$'%$)!$)#%!&%!'%!(%!)%" %"!%"# @_\dYSQTU?RbUb_c
%"$%"%%##%#$%#%%&&%' & & !& # C_SYUTQT@QdbY†dYSQTU3_^SU`SY†^#& #'&
&##&#$&#%&#&&#'&#(&#)&$ &$"&$# C_SYUTQT@QdbY†dYSQ")%#&(
&$$&$&&$)&% &' &'!&')&( '&' C_SYUTQT@U^aeYcdQ$!"
C_SYUTQT5c]UbQ\TQ&"& C_SYUTQT@UbcUfUbQ^SYQTUFQ\`QbQc_&"'
C_SYUTQT 5c`Q…_\Q TU 2U^UVYSU^SYQ TU C_SYUTQT @UbeQ^Q TU C_S_bb_c =ede_c TU
1^d_VQWQcdQ&" &"! FQ\`QbQc_&"!
C_SYUTQT5c`Q…_\QTU2U^UVYSU^SYQTU9aeYaeU C_SYUTQT@UbeQ^QTUC_S_bb_c=ede_c&!)
&!) C_SYUTQT @_\dYSQ TU 1bdUcQ^_c f}QcU* C_SYUTQT
C_SYUTQT 5c`Q…_\Q TU 2U^UVYSU^SYQ TU @YcQWeQ @_\dYSQTU?RbUb_c
&!) C_SYUTQT@_\dYSQTU?RbUb_c#&)$!"$!$$!%
C_SYUTQT5c`Q…_\QTU2U^UVYSU^SYQTUCQ^dYQW_ $!&% $
&!( C_SYUTQT@b_WbUcYcdQTU1bdUci?VYSY_c$#%$#)
C_SYUTQT5c`Q…_\QTU2U^UVYSU^SYQTUD_S_`Y\\Q C_SYUTQT@b_WbUc_TU1bdUci?VYSY_c#)(#))
&" C_SYUTQT@b_dUSd_bQTU3YWQbbUb_cTUFQ\`QbQc_
C_SYUTQT5c`Q…_\QTU2U^UVYSU^SYQTUFQ\`QbQc_ #)"$$$$$%$)'%!!&"&&")
&!(&!) C_SYUTQT@b_dUSd_bQTU5]`\UQT_cTUFQ\`QbQc_
C_SYUTQT5c`Q…_\QTU?RbUb_ciC_S_bb_c=ede_c &"'
TU9aeYaeU&" C_SYUTQT @b_dUSd_bQ TU 9^fv\YT_c KFQ\`QbQc_M
C_SYUTQT5c`Q…_\QTUC_S_bb_c=ede_cTU@e^dQ & &
1bU^Qc&" C_SYUTQT@b_dUSd_bQTU\Q1c_SYQSY†^3Qd†\YSQTU
C_SYUTQT5c`Q…_\QTUC_S_bb_c=ede_c&!) ?RbUb_c%%
C_SYUTQT6UTUbYS_CdefU^TUFQ\`QbQc_& '&"& C_SYUTQT@b_dUSd_bQTU\Q9^TecdbYQ$)!
&") C_SYUTQT @b_dUSd_bQ TU\ DbQRQZ_ TU FQ\`QbQc_
C_SYUTQT 6Y\Q^db†`YSQ @UbeQ^Q TU C_S_bb_c %%"
=ede_cTUCQ^dYQW_&" C_SYUTQTBUV_b]YcdQf}QcU*3\eRTU\QBUV_b]Q
C_SYUTQT6Y\Qb]†^YSQ1bdeb_@bQd%'"&#$
C_SYUTQTCQ^<eYcTU7_^jQWQ%$#
C_SYUTQT6Y\Qb]†^YSQTU?RbUb_cTU3XY\\v^$%%
C_SYUTQTCQ^FYSU^dUTU@Qe\TUCQ^dYQW_%$"
$)"
C_SYUTQT CQ^dYQW_ GQdd f}QcU* C_SYUTQT TU
C_SYUTQT6Y\Qb]†^YSQTU?RbUb_cTU3_^SU`SY†^
@b_dUSSY†^=edeQTU=QaeY^YcdQci6_W_^Ub_c
&$)
C_SYUTQTDY`_WbvVYSQR_^QUbU^cU#)"$)%
C_SYUTQT 6Y\Qb]†^YSQ TU ?RbUb_c TU CQ^dYQW_
C_SYUTQTDY`_WbvVYSQTU1ehY\Y_c=ede_cTU<Y]Q
$%#$%$$)"%"%%&'%'$&!#&"%&#$&#%
#)"
&$ &&)&'!
C_SYUTQTDY`_WbvVYSQTU9aeYaeU& '
C_SYUTQT6Y\Qb]†^YSQTU?RbUb_cTUFQ\`QbQc_
C_SYUTQTDY`_WbvVYSQTUCQ^dYQW_""'#) #))
%'"&!!&"&&")'%)
$#%$#&$#)$$#
C_SYUTQT6Y\Qb]†^YSQ6bQ^SYcS_2Y\RQ_%'"
C_SYUTQTDY`_WbvVYSQTUFQ\`QbQc_#'#)!#)"
C_SYUTQT 6Y\Qb]†^YSQ :_c} =YWeU\ 9^VQ^dU %'"
$""$"#$#%$#&$#)$$#$' %"'%'$%'%
& "&"%&$ &'!
C_SYUTQT6bQ^SYcS_2Y\RQ_TUFQ\`QbQc_&""&"# %()& (&!!&"&&")
&"$ C_SYUTQTDY`_WbvVYSQ=_^dUfYTUQ^Q$)%
C_SYUTQT7bU]Y_TU6\UdUb_cTUFQ\`QbQc_²CQ^dQ C_SYUTQTDbQRQZ_`QbQD_T_c$$(
B_cQTU3_\]_³& '&"& C_SYUTQT E^Y†^ TU 3Qb`Y^dUb_c TU FQ\`QbQc_
C_SYUTQT9W^QSY_4_]Ui[_TUFQ\`QbQc_&"' &"(&")&#
C_SYUTQT9^TecdbYQ\$$)$'&$''$'( C_SYUTQTE^Y†^TU5]`\UQT_cKTUCQ^dYQW_M$$%
C_SYUTQT9^W\UcQTU?RbUb_cTUFQ\`QbQc_&"! C_SYUTQT E^Y†^ TU \_c DY`†WbQV_c TU CQ^dYQW_
&"& #'"# #)!$#%$#&$$#$' $'!$)"$)%
C_SYUTQT9^dUb^QSY_^Q\TU1bdUcQ^_c'"# % $%"!&!#&$#&$$&')' %
C_SYUTQT9^dUb^QSY_^Q\BU`eR\YSQ^QTUC_S_bb_c C_SYUTQTE^Y†^TU\_cDY`†WbQV_cTUFQ\`QbQc_
=ede_c²7YecU``U=QjjY^Y³&" &"!&"" $#&$)%&'&&''
C_SYUTQT:eQ^6bQ^SYcS_FUbWQbQ&"' C_SYUTQTE^Y†^TUCQcdbUcTUFQ\`QbQc_$$%
C_SYUTQT<QE^Y†^TUFQ\`QbQc_&"' C_SYUTQTE^Y†^6bQdUb^Q\KTUCQ^dYQW_M$$%
C_SYUTQT<QedQb_f}QcU*C_SYUTQTTU1bdUcQ^_c C_SYUTQTE^Y†^6bQdUb^Q\KCQ^6Ub^Q^T_M& &
TU<QedQb_ C_SYUTQT E^Y†^ 6bQdUb^Q\ TU 8UbbUb_c i

(&(
3Qbb_SUb_cTUFQ\`QbQc_$$%$$(
C_SYUTQT E^Y†^ 6bQdUb^Q\ TU @Y^d_bUc TU
FQ\`QbQc_& '&"'&")
C_SYUTQT E^Y†^ @b_dUSd_bQ TU 3YWQbbUb_c TU
CQ^dYQW_$$%
C_SYUTQTE^Y†^BU`eR\YSQ^QTU\@eUR\_% %
C_SYUTQTE^Y†^C_SYQ\TU?bTU^iDbQRQZ_!'#
&&#&&%
C_SYUTQTFYSe…Q=QS[U^^Q&"'
C_SYUdw²?`UbQYQ9dQ\YQ^QTY=ede_C_SS_bc_³&!)
C_SYUdwTY=ede_C_SS_bc_²6bQdU\\Q^jQ9dQ\YQ^Q³&"
C_SYUdwTY=ede_C_SS_bc_²<µ9dQ\YQ³&!)
C_SYUdw9dQ\YQ^QTU=ede_C_SS_bc_²HHCUddU]RbU³&!)
C_SYUdw9dQ\YQ^QTY=ede_C_SS_bc_²3_^S_bTYQ³&!)
C_SY}d}RU\WUTU2YU^VQYcQ^SUQe3XY\Y&!)
C_SY}d}6bQ^|QYcUTU2YU^VQYcQ^SU&!(
C_SY}d} 6bQ^|QYcU TU CUS_ebc =edeU\c TU 3_^SU`SY†^
&!)&"
C_SY}d}6bQ^|QYcUTUCUS_ebc=edeU\cTU@e^dQ1bU^Qc
&"!
C_SY}d}VbQ^|QYcUTUCUS_ebc=edeU\cTUCQ^dYQW_&!)
C_SY}d}6bQ^|QYcUTUCUS_ebc=edeU\cTUFQ\`QbQc_&!)
C_SY}d}CeYccUTU2YU^VQYcQ^SUwFQ\`QbQc_&!(
C?6?61f}QcU*C_SYUTQTTU6_]U^d_6QRbY\
DbYRe^Q\TU\3_^ce\QT_(&
E^Y†^3Qd†\YSQKTU3XY\UM&%#&%$&%%&%'&& 
&&!
E^Y†^TU=_j_c& '
²E^Y_^U9dQ\YQ^Q³C_SYUdvTY=ede_C_SS_bc_&!(
E^Y†^<YRUbQ\% $% %
E^Y†^?RbUbQTU=QWQ\\Q^Uc&""
E^Y†^@_\dYSQTU?RbUb_c% $% %
E^Y†^DY`_WbvVYSQf}QcUC_SYUTQTE^Y†^TU\_c
DY`†WbQV_cTUCQ^dYQW_
E^YfUbcYTQTTU3XY\U# $$&
GY\c_^i3_]`Q…Q$(#
GY^dUbci3_]`Q…Q$(#

(&)
 Este libro
se terminó de imprimir
en los talleres digitales de RIL® editores
Teléfono: 225-4269 / ril@rileditores.com
Santiago de Chile, septiembre de 2007

('"