Você está na página 1de 217

PT

M OBI
MANUAL DE USO E MANUTENÇÃO
A Mopar é a marca responsável por Peças, Acessórios e Serviços da
Fiat. Referência mundial em customização e cuidado com você e seu
carro, atua há mais de 80 anos com um foco: simplificar sua vida.
Somos especialistas em:

Peças Genuínas, Acessórios Serviços Customer Care,


desenvolvidas que trazem sua automotivos um relacionamento
exclusivamente personalidade especializados, contínuo,
para cada veículo. para o veículo e com resoluções oferecendo
Elas mantêm a facilidade para práticas para informação e
originalidade seu dia a dia. várias situações. suporte, sempre à
do automóvel e sua disposição.
proporcionam
maior segurança.

Sua vida mais simples, como deve ser.



 !

        "

          #

   $

  
 %

      &

 
         ’

    (

   )


!"#$ !%&’()’* + + + + + + + + + + + + + + + + + + + ",- !
!$.$ /)&%&0"# ’1)’ ."(/"% + + + + + + + + + + ",-
"23’#)4(!&"1 ’ ($)"1 + + + + + + + + + + + + + + ",5
.$2&6&!"78’1 9 "%)’#"78’1 2$
3’:!/%$ + + + + + + + + + + + + + + + + + + + + + + + ",;

!
!
  = BM= JDABMKI= C H=>= OMC CBIC_= = bD= KCEIM>=R CAIWDR C ?D= PE=FCNf
?D>GD GD NCBND CN J=BD GC PCAG=+
<=>=?@AB C D?>EF=GD HD> IC> CBJD,
(D N=AM=K GC ‘=>=AIE=R SD>ACJEGD !
KLEGD MN 6&")+
AD aEI GC ?D>GD GD PCQJMKDR CAJDA,
   
<>CH=>=NDB CBIC .=AM=K H=>= KLC I>=>Y =EAG= = GCBJ>ETWD GDB 1C>PETDB   
HC>NEIE> =H>CJE=> =B OM=KEG=GCB GCBIC GC "BBEBIZAJE= OMC = 6&") DSC>CJC =DB
PCQJMKDR SD>ACJCAGD EASD>N=TUCBR      
BCMB !KECAICBR D !C>IESEJ=GD GC ‘=>=A,
JDABCKLDB C =PEBDB ENHD>I=AICB H=>= IE= C D GCI=KLC GDB IC>NDB C G=B JDA, 1CNH>C OMC SD>CN SD>ACJEG=B EAGE,
BM= MIEKEV=TWD+ GETUCB H=>= = N=AMICATWD G= NCBN=+ J=TUCB GC GE>CTWD >CK=IEP=B =D PCQ,
X >CJDNCAGYPCK KZ,KD JDN =ICA, JMKD gCBOMC>G=9GE>CEI= DM S>CAIC9I>YBhR
#CJDNCAG=,BC I=N?@N = KCEIM>=
TWD =AICB GC BC H>CH=>=> H=>= = H>E, CBI=B GCPCN BC> CAICAGEG=B JDND >C,
GD .=AM=K bYBEJD GC 1CFM>=AT= AD
NCE>= PCV A= JDAGMTWDR GC NDGD = K=IEP=B [ HC>JCHTWD GC MN DJMH=AIC
)>\ABEIDR OMC I>=I= GC ICN=B ENHD>,
S=NEKE=>EV=>,BC JDN DB JDN=AGDB CN BCAI=GD AD KMF=> GD NDID>EBI=+ !=,
I=AICB JDND =B AD>N=B GC JE>JMK=TWDR
H=>IEJMK=>R JDN DB >CK=IEPDB =DB S>CEDBR BDB H=>IEJMK=>CBR OMC BC_=N MN= Ci,
=B EAS>=TUCB C HCA=KEG=GCB H>CPEBI=B
[ GE>CTWD C =D J\N?ED] =D NCBND JCTWD = CBI= EAGEJ=TWDR BC>WD DHD>,
AD !^GEFD GC )>\ABEID b>=BEKCE>DR GE,
ICNHDR HDGC>Y JDNCT=> = JDNH>CCA, IMA=NCAIC =BBEA=K=GDB AD ICiID+
>CTWD GCSCABEP= C ADTUCB GC H>ENCE,
GC> D JDNHD>I=NCAID GD PCQJMKD A=B >DB BDJD>>DB CN J=BD GC =JEGCAICR "B SEFM>=B EAGEJ=G=B =D KDAFD GD
PY>E=B BMHC>SQJECB G= CBI>=G=+ =K@N GC JDAJCEIDBR GCSEAETUCB C BEA=, .=AM=K IZN MN= SMATWD EAGEJ=IEP=*
(D EAIC>ED> GCBIC GDJMNCAID CA, KEV=TWD ?YBEJ= GC I>\ABEID+ $ .=AM=K HDGC BEFAESEJ=> OMC =KFMAB GCI=KLCB
JDAI>=>Y J=>=JIC>QBIEJ=BR H=>IEJMK=>E, bYBEJD GC 1CFM>=AT= AD )>\ABEID CBIY >CH>CBCAI=GDB A= EN=FCN AWD JD>,
G=GCB C EASD>N=TUCB CBBCAJE=EB H=>= GEBHDAQPCK AD BEIC ccc+SE=I+JDN+?> , >CBHDAG=N =D BCM PCQJMKD+
D JMEG=GDR = N=AMICATWD =D KDAFD d eY ICALD MN 6E=I ,d .=AM=K GC 1C,
<=>= EGCAIESEJ=> D J=HQIMKD CN OMC
GD ICNHDR = BCFM>=AT= GC JDAGMTWD FM>=AT= AD )>\ABEID+
CBIWD JDAIEG=B =B EASD>N=TUCBR S=PD>
C GC SMAJEDA=NCAID GD BCM 6&")+ ’BI=NDB JC>IDB OMC CBI=B HM?KEJ=, JDABMKI=> D QAGEJC =KS=?@IEJD BEIM=GD
"H^B IZ,KD JDABMKI=GDR =JDABCKL=, TUCB E>WD S=VZ,KD CAI>=> CN BEAIDAE= AD SEA=K GD H>CBCAIC .=AM=K GC /BD
NDB = JDABC>P=> D H>CBCAIC .=AM=K JDN D BCM ADPD PCQJMKD C =H>CJE=> DB C .=AMICATWD+
AD EAIC>ED> GD PCQJMKDR H=>= S=JEKEI=> BC>PETDB I@JAEJDB G= 6&") OMC CBIWD
GEBHDAQPCEB H=>= BM= =BBEBIZAJE=+

!"#
   


(CBIC .=AM=K GC /BD C .=AM,
$B BEA=EB EAGEJ=GDB ACBI= HYFEA= ICATWD CBIWD GCBJ>EI=B IDG=B =B PC>,
BWD NMEID ENHD>I=AICB+ 1C>PCN H=>= BUCB GC BCM PCQJMKD+ !DAICkGDB DH,
CPEGCAJE=> H=>ICB GD N=AM=K DAGC @ JEDA=EBR COMEH=NCAIDB GCGEJ=GDB =
ACJCBBY>ED GCIC>,BC JDN N=EB =ICA, .C>J=GDB CBHCJQSEJDB DM PC>BUCB CB,
TWD+ HCJQSEJ=B AWD BWD EGCAIESEJ=G=B JDND

!DND PDJZ HDGC PC>R J=G= BEA=K @ I=EB AD ICiID* @ ACJCBBY>ED JDABEGC>=>
<=>= D JDNHD>I=NCAID JD>>CID = =HCA=B =B EASD>N=TUCB >CK=IEP=B =D
JDABIEIMQGD HD> MN BQN?DKD F>YSEJD
N=AIC>R H=>= OMC D MBD GD PCQJMKD COMEH=NCAIDR NDID>EV=TWD C PC>BWD
GESC>CAIC H=>= OMC BC_= SYJEK C JK=>D
AWD J=MBC ACALMN G=AD =D NCED GD PCQJMKD GC BM= H>DH>ECG=GC+ ’PCA,
GCBJD?>E> = OM=K Y>C= HC>ICAJCN DB
=N?ECAIC+ IM=EB JDAICkGDB EAI>DGMVEGDB GM>=AIC
=BBMAIDB*
= PEG= H>DGMIEP= GD NDGCKDR N=B EA,
GCHCAGCAICB GD HCGEGD CiH>CBBD GC
JDAICkGDB DHJEDA=EB AD NDNCAID G=
=OMEBETWDR BC>WD EGCAIESEJ=GDB JDN =
EAGEJ=TWD gBC COMEH=GDh+


  $B G=GDB JDAIEGDB ACBI= HM?KEJ=,
" S=KI= IDI=K DM H=>JE=K GC >CBHCEID = " S=KI= IDI=K DM H=>JE=K GC >CBHCEID TWD GCPCN BC> CAICAGEGDB JDND GCB,
CBI=B H>CBJ>ETUCB HDGC Hj> CN F>=PC = CBI=B H>CBJ>ETUCB =J=>>CI= B@>EDB G=, IEA=GDB = JDAGMVE,KD JD>>CI=NCAIC
HC>EFD = BCFM>=AT= SQBEJ= G=B HCBBD=B+ ADB =D PCQJMKD JDN HDBBQPCK HC>G= A= MIEKEV=TWD GD PCQJMKD+ " 6!" 6&")
G= F=>=AIE=+ !l#m1%’# "/)$.n3’&1 b#"1&%
%)2" CBIY CNHCAL=G= AMN H>DJCBBD
GC =HC>SCETD=NCAID JDAIQAMD GDB
PCQJMKDB H>DGMVEGDBR >CBC>P=AGD,BCR

!"$
=BBENR D GE>CEID GC CSCIM=> NDGE,  <=>= EAICF>EG=GC GD PCQJMKD )"
SEJ=TUCB AD NDGCKD GCBJ>EID HD>
%QOMEGD JD>>DBEPD+
NDIEPDB GC A=IM>CV= I@JAEJ= C9DM  <=>= H>DICTWD GD NCED =N?E, !
JDNC>JE=K+ <=>= N=EB EASD>N=TUCBR CAIC
GE>EFE>,BC [   !!"!#$"% "+ )"
<C>EFD GC CiHKDBWD+

    ’N =KFMAB JDNHDACAICB GD BCM #"% )
  6E=IR DM HC>ID GCKCBR CBIWD =HKEJ=G=B
<DGC KEF=>,BC =MIDN=IEJ=NCAICR
CIEOMCI=B JDKD>EG=B CBHCJQSEJ=B JM_D
#&'( NCBND JDN D NDID> H=>=GD+
BQN?DKD JL=N= = =ICATWD GD MBMY>ED
%CAGD CBIC .=AM=K GC /BD C .=, C EAGEJ= H>CJ=MTUCB ENHD>I=AICB OMC
CBIC GCPC IDN=>R CN >CK=TWD =D JDN, !)*+)"  ,-#!'
AMICATWD CAJDAI>=>Y MN= B@>EC GC
"23’#)4(!&"1 GCBIEA=G=B = CPEI=> HDACAIC CN OMCBIWD+ (WD >CNDPC> = I=NH= OM=AGD D
H>DJCGENCAIDB OMC HDGC>E=N G=AESE, " BCFME>R BWD JEI=GDB >CBMNEG=, KQOMEGD GC =>>CSCJENCAID CBIEPC>
J=> D BCM PCQJMKD+ NCAIC IDGDB DB BQN?DKDB EAGEJ=GDB OMCAIC+
"K@N GEBBDR CBIWD H>CBCAICB ($, HCK=B CIEOMCI=B CNH>CF=G=B AD BCM
)"1 OMC GCPCN BC> BCFMEG=B =ICAI=, 6E=I CR =D K=GDR DB JDNHDACAICB H=>= ."#
NCAIC H=>= CPEI=> MN= MIEKEV=TWD EA=, DB OM=EB DB BQN?DKDB JL=N=N = =ICA,
"KI= ICABWD+
GCOM=G= GDB JDNHDACAICB GD PCQ, TWD+
JMKDR OMC HDGC>E=N J=MB=> =JEGCAICB+ ))"!  -%"!
1:.b$%$1 2’ <’#&‘$
<D> CBIC NDIEPDR >CBHCEI=> >EFD>D,
n>FWDB CN NDPENCAID] AWD =H>D,
B=NCAIC IDG=B =B >CJDNCAG=TUCB GC
iEN=> H=>ICB GD JD>HD DM >DMH=B+
"23’#)4(!&" C ($)"1 NCAJEDA=,
G=B =D KDAFD GD ICiID+

 <=>= BCFM>=AT= G=B HCBBD=B+

!"%
/./%&'  $%"0"1 )  ) %"! ) )
(WD =?>E>+ ‘YB CN =KI= H>CBBWD+ (WD CBI=JEDA=> BD?>C BMHC>SQJECB /B=> BDNCAIC D IEHD GC KM?>ESEJ=AIC
EASK=NYPCEBR I=EB JDND F>=N=R SDKL=B H>CBJ>EID CN r"?=BICJENCAIDBq+
1:.b$%$1 2’ <#$&b&7o$ BCJ=BR SDKL=B GC HEALCE>DR CIJ+R HDEB
LY HC>EFD GC EAJZAGED+ !DABMKI=> 7$/% $0 3!%"# $%+3"$
)" p<>DICTWD GDB GEBHDBEIEPDB OMC >CGM,
VCN =B CNEBBUCBq+ /B=> BDNCAIC F=BDKEA= BCN
(WD =H>DiEN=> JL=N=B+ JLMN?D+
")&' 4" )5/%"$
)" !)*+)"  ,-#!'
(WD BMHC>=> D AQPCK NYiEND GD
.=AIC> =B J>E=AT=B =S=BI=G=B+ SKMEGD AD >CBC>P=I^>ED+ /B=> BDNCAIC /B=> BDNCAIC D KQOMEGD H>CBJ>EID
D SKMEGD H>CBJ>EID CN r"?=BICJENCA, CN r"?=BICJENCAIDBq+
#-)!  $%) 2 $))"! 2 IDBq+
-%"! 2 *#"% ) 1:.b$%$1 2’ $b#&‘"7o$
(WD JDKDJ=> =B NWDB+ ")$/" ! 6)"!
)"
(WD BMHC>=> D AQPCK NYiEND GD
").3  %   -!!3") SKMEGD AD >CBC>P=I^>ED+ /B=> BDNCAIC <>DICFC> DB DKLDB+
D SKMEGD H>CBJ>EID CN r"?=BICJENCA,
(WD EABI=K=> HD>I=,?C?ZB PE>=GDB
IDBq+ )"8$$
H=>= I>YB AD ?=AJD GE=AICE>D GD H=B,
B=FCE>D+ !DABMKI=> D N=AM=K GC /BD C .=,
"0- )  -)2.)"! AMICATWD+
1:.b$%$1 2’ "23’#)4(!&" /B=> BDNCAIC D KQOMEGD GD IEHD
H>CBJ>EID CN r"?=BICJENCAIDBq+

!"&
    
   <>CSE>= BCNH>C "JCBB^>EDB ‘CAMQ, <>CBI=> =ICATWD A= NDAI=FCN GC
!
ADB 6E=I+ )=AID D PCQJMKD JDND DB BHDEKC>B =GEJEDA=EBR >DG=B GC KEF= KCPC
   COMEH=NCAIDB ACKC EABI=K=GDB JDABD, C J=KDI=B GC >DG= AWD FCAMQA=B* HD,
sM=KOMC> NDGESEJ=TWD DM =KIC>=, NCN CAC>FE= G= ?=IC>E= OM=AGD GCB, GCN >CGMVE> = PCAIEK=TWD GDB S>CEDB
TWD GD PCQJMKD HDGC JDNH>DNCIC> KEF=GDBR @ D GCADNEA=GD rJDABMND C HD>I=AID = BM= CSEJEZAJE= CN JDA,
F>=PCNCAIC = BCFM>=AT= C H>DPDJ=> CN BI=AGt,?tq+ !DND = ?=IC>E= HDB, GETUCB GC S>CA=FCAB PEDKCAI=B C >C,
=JEGCAICBR JDN >EBJDB NCBND ND>I=EB BME MN KENEIC NYiEND GC JDABMND HCIEG=BR DM CAIWDR CN KDAF=B GCB,
H=>= DB DJMH=AICB+ H=>= F=>=AIE> = H=>IEG= GD NDID>R JEG=B+ !C>IESEJ=>,BC I=N?@N GC OMC
GCPC,BC GENCABEDA=> D JDABMND GDB A=G= gHD> Ci+ I=HCICBR CIJ+h HDBB= EA,
COMEH=NCAIDB =D KENEIC GC JDABMND IC>SC>E> AD JM>BD GDB HCG=EB+
 9    G= ?=IC>E=+
 

  
1CR =H^B = =OMEBETWD GD PCQJMKDR  8  : 
GCBC_=> EABI=K=> = ?D>GD =JCBB^>EDB
CK@I>EJDB OMC ACJCBBEICN GC =KENCA, $B GEBHDBEIEPDB CK@I>E,
   JDB9CKCI>jAEJDB EABI=K=GDB =H^B =
I=TWD CK@I>EJ= HC>N=ACAIC gHD> Ci+
=MID>>YGEDR =AIESM>ID HD> B=I@KEICR CIJ+h <=>= =BBCFM>=> = OM=KEG=GC C D =OMEBETWD GD PCQJMKDR AD \N?EID GD
DM OMC =SCICN D ?=K=ATD CK@I>EJDR HC>SCEID SMAJEDA=NCAID GD PCQJMKDR BC>PETD H^B,PCAG=R GCPCN HDBBME> =
GE>EFE>,BC [   !!"!#$"% " OMC >CJDNCAG=NDB EABI=K=> BDNCAIC N=>J= +
PC>ESEJ=>Y BC D BEBICN= CK@I>EJD GD PCQ, =JCBB^>EDB FCAMQADBR [ GEBHDBETWD A=
" 6!" 6&") !l#m1%’# "/)$,
JMKD ICN J=H=JEG=GC H=>= BMHD>I=> =   !!"!#$"% "+
.n3’&1 b#"1&% %)2" =MID>EV=
J=>F= BDKEJEI=G=R DM BCR HCKD JDAI>Y, $?BC>PC BCNH>C =B >CJDNCAG=, = NDAI=FCN GC GEBHDBEIEPDB
>EDR @ ACJCBBY>ED EAICF>Y,KD JDN MN= TUCB GCBIC N=AM=K+ >CJCHID>CB,I>=ABNEBBD>CB GCBGC OMC
?=IC>E= JDN J=H=JEG=GC =MNCAI=G=+ =B EABI=K=TUCB BC_=N GCPEG=NCAIC
CSCIM=G=B AMN JCAI>D CBHCJE=KEV=GDR
>CBHCEI=AGD =B EAGEJ=TUCB GD S=?>E,
J=AIC+

!"’
" CSEJEZAJE= GC I>=ABNEBBWD C GC
 >CJCHTWD GCBICB =H=>CKLDB HDGC SEJ=>
" NDAI=FCN GC GEBHDBEIEPDB OMC H>C_MGEJ=G= HCKD CSCEID GC ?KEAG=FCN
JDNHD>ICN NDGESEJ=TUCB G=B J=>=J, G= J=>>DJC>E= GD PCQJMKD+ (D OMC
IC>QBIEJ=B GD PCQJMKD HDGC GCIC>NEA=> JDAJC>AC =D MBD GDB JCKMK=>CB g‘1.R
EAS>=TUCB GC I>\ABEID C = CPCAIM=K =AM, ‘<#1R /.)1R %)’h JDN LDNDKDF=,
K=TWD G= F=>=AIE= >CK=IEP=NCAIC =DB TWD DSEJE=KR GCPCN BC> >EFD>DB=NCAIC
G=ADB J=MB=GDB HCK= >CSC>EG= NDGESE, >CBHCEI=G=B =B EABI>MTUCB SD>ACJEG=B
J=TWDR GE>CI= DM EAGE>CI=NCAIC+ HCKD S=?>EJ=AIC GD JCKMK=>+
" 6!" 6&") !l#m1%’# "/)$,
.n3’&1 b#"1&% %)2" GCJKEA= OM=K,

OMC> >CBHDAB=?EKEG=GC HD> G=ADB >C,
BMKI=AICB G= EABI=K=TWD GC =JCBB^, $ MBD GCBICB GEBHDBEIEPDB AD EAIC,
>EDB AWD SD>ACJEGDB DM >CJDNCAG=, >ED> GD L=?EIYJMKD gBCN =AICA= Ci,
GDB HCK= 6!" 6&") !l#m1%’# "/, IC>A=h HDGC J=MB=>R =K@N GC HDICA,
)$.n3’&1 b#"1&% %)2" C EABI=, JE=EB G=ADB H=>= = B=kGC GDB H=B,
K=GDB A= =MBZAJE= GC JDASD>NEG=GC B=FCE>DBR SMAJEDA=NCAIDB E>>CFMK=>CB
JDN =B EAGEJ=TUCB SD>ACJEG=B+ ADB BEBICN=B CKCI>jAEJDB OMC COME,
H=N D PCQJMKDR JDNH>DNCICAGD = BC,
FM>=AT= GD NCBND+
   ;
 
$B =H=>CKLDB >=GEDI>=ABNEBBD>CB
g>=GED=N=GD>CB C BENEK=>CBh AWD
HDGCN BC> MIEKEV=GDB AD EAIC>ED> GD
PCQJMKDR = AWD BC> OMC BC MIEKEVC
MN= =AICA= BCH=>=G= NDAI=G=
CiIC>A=NCAIC =D PCQJMKD+

!"(
       ’s/&<".’()$1 &()’#($1 + + + + + + + + + + + b,5v
b"##"1 %$(‘&)/2&("&1 2’ )’)$ gPC>BWD
"FD>= PDJZ P=E JDALCJC> NCKLD> D BCM 6E=IR JDN DB )>CaaEAFh + + + + + + + + + + + + + + + + + + + + + + b,5w
JDN=AGDB C DB GEBHDBEIEPDB JDN DB OM=EB CBIY COMEH=GD+
1&1)’."1 2’ <#$)’7o$ 2$ .’&$
".b&’()’ + + + + + + + + + + + + + + + + + + + + + b,x|
!l"3’1 + + + + + + + + + + + + + + + + + + + + + + + + b,- "
!$./)"2$# 2’ &‘(&7o$ + + + + + + + + + + + + b,;
6&") !$2’ 1m1)’. + + + + + + + + + + + + + + + + + b,u
1&1)’." 2’ <#$)’7o$ "()&6/#)$ + + + + + + + b,v
<$#)"1 + + + + + + + + + + + + + + + + + + + + + + + + b,w
b"(!$1 + + + + + + + + + + + + + + + + + + + + + + b,--
"<$&",!"b’7"1 + + + + + + + + + + + + + + + + + + b,-5
2&#’7o$ + + + + + + + + + + + + + + + + + + + + + + b,-x
’1<’%l$1 + + + + + + + + + + + + + + + + + + + + + b,-x
%/0’1 ’y)’#("1 + + + + + + + + + + + + + + + + + b,-v
%/0’1 &()’#("1 + + + + + + + + + + + + + + + + + b,-w
%&.<"2$#’1 ’ %"3"2$#’1 2$ <"#",b#&1" ’
3&2#$ )#"1’&#$ + + + + + + + + + + + + + + + + + b,z-
!%&.")&0"7o$ + + + + + + + + + + + + + + + + + + b,zx
%’3"()"2$#’1 2$1 3&2#$1 2"1
<$#)"1 + + + + + + + + + + + + + + + + + + + + + + + b,5-
!"<{ 2$ .$)$# + + + + + + + + + + + + + + + + b,55
<$#)",."%"1 + + + + + + + + + + + + + + + + + + + b,5x
)
)
    <  I=K G= NCBN=R H>DJM>=> =ICAGENCAID
N@GEJD ENCGE=I=NCAIC+
" JL=PC GC EFAETWD  HDBBME H>C,
    
GEBHDBETWD H=>= EABI=K=TWD GC ICKCJD, .=AIC> = ?=IC>E= gADP= DM MB=G=h
  
N=AGD = GEBI\AJE=+ SD>= GD =KJ=AJC GC J>E=AT=B+
!DN D PCQJMKD BWD CAI>CFMCB GM=B
JL=PCB  DM  JDASD>NC = PC>BWD+ (DB J=BDB CN OMC AWD SD> HDBBQ,
"
 PCK SEi=> JD>>CI=NCAIC = ?=IC>E= AD
"JDABCKL=,BC D MBD GC =K=>NCB EAIC>ED> G= JL=PCR H=BB=> = MIEKEV=> =
JDN ICKCJDN=AGD EAJD>HD>=GD [ JL=PC >CBC>P= GD PCQJMKD C GE>EFE>,BC
JL=PC GC EFAETWD G= KEAL= 6E=I [   !!"!#$"% " =BBEN OMC
"JCBB^>EDBR OMC SD>=N GCBCAPDKPE, HDBBQPCK+
GDB C ICBI=GDB H=>= MBD CN BCM
PCQJMKD C BWD DSC>CJEGDB CN IDG=B =B " JL=PC HDBBME*
JDAJCBBEDAY>E=B+
 CAJ=EiC NCIYKEJD  OMC HDGC BC>
CN?MIEGD A= CNHMAL=GM>= G=
   JL=PC+
"B JL=PCB BWD MB=G=B H=>=*   =! >/"- ?
 ?DIWD  H=>= = =?C>IM>= GD CA,
J=EiC NCIYKEJD+
 EFAETWD+
 ?DIWD H=>= D GCBI>=P=NCAID
 HD>I=B C I=NH= GD HD>I=,N=K=B+
   G=B HD>I=B+
 "?C>IM>=9SCJL=NCAID G= I=NH=
"B JL=PCB COMEH=G=B JDN JDAI>DKC  ?DIWD H=>= D I>=P=NCAID G=B
GD >CBC>P=I^>ED GC JDN?MBIQPCK
>CNDID HDBBMCN CN BCM EAIC>ED> MN= HD>I=B [ GEBI\AJE= C SCJL=NCAID
gH=>= =KFMN=B PC>BUCBh+
?=IC>E= OMCR BC EAFC>EG=R HDGC J=MB=> GDB PEG>DB+
SC>ENCAIDB EAIC>ADB F>=PCB CN MN HC,
>QDGD GC GM=B LD>=BR HDGCAGD KCP=> [ $ CAJ=EiC NCIYKEJD  G= JL=PC
ND>IC+ ’N J=BD GC EAFCBIWD =JEGCA, =JEDA= D JDNMI=GD> GC EFAETWD C =
SCJL=GM>= G=B HD>I=B+

)"#
  
"D H>CBBEDA=> D ?DIWD R H>CBI=>
= NYiEN= =ICATWD H=>= CPEI=> OMC =
KE?C>=TWD GD CAJ=EiC NCIYKEJD HDBB=
J=MB=> KCBUCB DM G=ADB+
$ ?DIWD  GCPC BC> H>CBBEDA=GD BD,
NCAIC OM=AGD = JL=PC BC CAJDAI>=>
KDAFC GD JD>HDR H=>IEJMK=>NCAIC GDB
DKLDB C GC D?_CIDB OMC HDGCN BC>
G=AESEJ=GDB g>DMH=BR HD> CiCNHKDh+
(WD GCEi=> = JL=PC CN OM=KOMC> KM,
F=> H=>= CPEI=> OMC =KFM@NR H>EAJE,
H=KNCAIC J>E=AT=BR HDBB= N=AC_Y,K= C
H>CBBEDA=> EAPDKMAI=>E=NCAIC DB ?D,
IUCB+

)"$
4* $0 $#)% )0 2 /#&@! -)"#$"-"!
" BCFME>R CBIWD >CBMNEG=B =B H>EAJEH=EB SMATUCB OMC HDGCN BC> =IEP=G=B MIEKEV=AGD = JL=PC JDN JDAI>DKC >CNDID+

$40# ! *" )! .)/) ! *" )!


4* !)*0# ! -)! )*0# ! -)!
%A)"$! %A)"$!
#DI=TWD G= JL=PC CN #DI=TWD G= JL=PC CN "
BCAIEGD LD>Y>ED gK=GD GD BCAIEGD =AIE,LD>Y>ED gK=GD } }
NDID>EBI=h GD NDID>EBI=h
!L=PC JDN JDAI>DKC <>CBBWD H>DKDAF=G= AD
>CNDID <>CBBWD AD ?DIWD C <>CBBWD AD ?DIWD C <>CBBWD AD ?DIWD ?DIWD gGCBI>=P=> =B
GCB=IEP=TWD GD =K=>NC gBC =IEP=TWD GD =K=>NC gBC gI>=P=> =B HD>I=B C BM?E> HD>I=B C =?>E>
H>CPEBIDh H>CPEBIDh =MIDN=IEJ=NCAIC DB PEG>DB =MIDN=IEJ=NCAIC DB
PEG>DBh
%=NHC_DB GDB EAGEJ=GD>CB
GC GE>CTWD gH=>= JL=PC z K=NHC_DB - K=NHC_D - K=NHC_D z K=NHC_DB
JDN JDAI>DKC >CNDIDh

)"%
 
    IM>= DM SCJL=NCAID GC HD>I=BR EBBD  >CJDKDJ=> = J=EiEAL= G= ?=IC>E=
    HDGC BC> MN= EAGEJ=TWD GC OMC = ?=,  A= JL=PC C I>=PY,K=R FE>=AGD D
IC>E= GD JDAI>DKC CBIY S>=J=+ GEBHDBEIEPD +

1M?BIEIME> = ?=IC>E= HD> DMI>= ADP=
" S>COMZAJE= GD ICKCJDN=AGD HDGC GC IEHD COMEP=KCAICR CAJDAI>=G= CN
BDS>C> EAIC>SC>ZAJE=B GC I>=ABNEBBWD >CPCAGCGD>CB AD>N=EB+
CBI>=AL=B =D PCQJMKDR I=EB JDND ICKC,
SDACB JCKMK=>CBR >=GED=N=GD>CBR CIJ+
(CBBC J=BDR D SMAJEDA=NCAID GD
ICKCJDN=AGD HDGC BC> ICNHD>=>E=,   
NCAIC EAIC>>DNHEGD+
"B ?=IC>E=B F=BI=B BWD H>C_MGEJE=EB
=D NCED =N?ECAIC+
$ >CJCHID> HDGC >CJDALCJC> =I@
~ JDAI>DKCB >CNDIDB+ 1CR HD> OM=K, 2CPCN BC> GCBJ=>I=G=B CN >CJE,

   
OMC> NDIEPDR AD GCJD>>C> G= PEG= kIEK HECAICB =H>DH>E=GDB DM CAI>CFMCB [
  
GD PCQJMKD BC ID>A=> ACJCBBY>ED D?IC>   !!"!#$"% "B
MN ADPD JDAI>DKC >CNDIDR GE>E_=,BC [ <=>= =KFMN=B PC>BUCB @ HDBBQPCK
  !!"!#$"% " KCP=AGD JDA, <=>= BM?BIEIME> = ?=IC>E=* BM?BIEIME> = I=NH= GD JDAI>DKC >C,
BEFD MN GDJMNCAID GC EGCAIEG=GC NDID+ <=>= I=KR CSCIM=> D H>DJCGE,
C DB GDJMNCAIDB GC H>DH>ECG=GC GD  =HC>I=> D ?DIWD  C JDKDJ=> D NCAID EKMBI>=GD = BCFME>+
PCQJMKD+ CAJ=EiC NCIYKEJD  A= HDBETWD
GC =?C>IM>=+

     MIEKEV=AGD MN= JL=PC GC SCAG= GC
    HDAI= SEA= gAWD SD>ACJEG=hR FE>=> D
  GEBHDBEIEPD GC =?C>IM>= C >CIE>=>
= J=EiEAL= G= ?=IC>E= +
sM=AGDR =HC>I=AGD MN GDB ?DIUCB
 BM?BIEIME> = ?=IC>E= >CBHCEI=AGD
G= JL=PC JDN JDAI>DKC >CNDIDR AWD
=B HDK=>EG=GCB EAGEJ=G=B+
BC PC>ESEJ=> = =TWD CBHC>=G= GC =?C>,
)"&
GC ~ JL=PCBh GC IDG=B =B JL=PCBR I=AID
=B ADP=B OM=AID =B OMC CBIEPC>CN CN
   NWDB+
!=G= JL=PC SD>ACJEG= HDBBME MN "   !!"!#$"%  HDGC>Y
J^GEFD H>^H>EDR GESC>CAIC GC IDGDB CiEFE> DB GDJMNCAIDB GC H>DH>ECG=GC
DB DMI>DBR OMC GCPC BC> H>CPE=NCAIC GD PCQJMKD+ "
NCND>EV=GD HCK= JCAI>=K CKCI>jAEJ= $B J^GEFDB G=B JL=PCB AWD =H>C,
GD BEBICN=+ BCAI=G=B GM>=AIC = ADP= DHC>=TWD
$?BC>PC BCNH>C =B >CJDNCAG=, GC NCND>EV=TWD BWD GCSEAEIEP=NCAIC
TUCB GCBIC N=AM=K+ J=AJCK=GDB G= NCN^>E= H=>= F=>=AIE>
OMC =B JL=PCB CPCAIM=KNCAIC HC>GE,
G=B AWD BC_=N N=EB J=H=VCB GC KEF=>
 
    D NDID>+

  
  
’N J=BD GC PCAG= GD PCQJMKDR @ EA,


GEBHCABYPCK OMC D ADPD H>DH>ECIY>ED     
   >CJC?= IDG=B =B JL=PCB+
" JL=PC HDGC FE>=> H=>= 5 HDBETUCB
&NH=JIDB PEDKCAIDB HDGCN G=AESE, $?BC>PC BCNH>C =B >CJDNCAG=, GESC>CAICB*
J=> DB JDNHDACAICB CKCI>jAEJDB JDA, TUCB GCBIC N=AM=K+
IEGDB A= JL=PC+  * NDID> GCBKEF=GDR = JL=PC
sM=AGD D H>DH>ECIY>ED ACJCBBEI=> HDGC BC> >CNDPEG=+ "KFMAB GEB,
$?BC>PC BCNH>C =B >CJDNCAG=,
GC JL=PCB =GEJEDA=EB R GCPC E> =   HDBEIEPDB CK@I>EJDB gHD> Ci+* =M,
TUCB GCBIC N=AM=K+
!!"!#$"%  JDN IDG=B =B JL=, ID>>YGEDR I>=P=NCAID CK@I>EJD G=B
PCB+ "   !!"!#$"%  CSCIM, HD>I=BR CIJ+h HDGCN SMAJEDA=>+
=>Y = NCND>EV=TWD g=I@ MN NYiEND

)"’
 * HDBETWD GC N=>JL=+ )DGDB rH=K=P>= GC D>GCNq BCNH>C GESC>CAIC
DB GEBHDBEIEPDB CK@I>EJDB HDGCN H=>= J=G= H=>IEG= JDN = OM=K = JCA,
SMAJEDA=>+    I>=K >CJDALCJC = JL=PCR C BDNCAIC
 * H=>IEG= GD NDID>+ "D B=E> GD PCQJMKDR >CIE>C BCNH>C
ACBB= JDAGETWDR HC>NEIC = H=>IEG= GD
NDID>+
= JL=PC G= EFAETWD H=>= CPEI=> OMC
DB KCP=AI=GD>CB CK@I>EJDB GDB PEG>DBR
=JEDA=GDB EA=GPC>IEG=NCAICR JDABIE,   
IM=N HC>EFD H=>= OMCN HC>N=ACJC =
!=G= PCV OMC FE>=> = JL=PC GC EF,
?D>GD+
AETWD A= HDBETWD R D BEBICN= GC
(MAJ= GCEiC J>E=AT=B BDVEAL=B AD H>DICTWD =IEP= D ?KDOMCED GD NDID>+
PCQJMKD+
‘E>=AGD = JL=PC H=>= R BC =
KMV,CBHE= SEJ=> =JCB= g_MAID JDN
    = KMV,CBHE= hR D J^GEFD AWD SDE >C,
JDALCJEGD+ (CBIC J=BDR =JDABCKL=,BC
     
  = >CHD> = JL=PC A= HDBETWD  CR
" SEN GC NEAENEV=> >EBJDB GC SM>, GCHDEBR GC ADPD CN ] BC D ?KD,
   IDB9 >DM?DBR D PCQJMKD @ COMEH=GD OMCED HC>BEBIE>R ICAI=> JDN =B DMI>=B
’N J=BD GC PEDK=TWD GD GEBHDBEIEPD JDN MN BEBICN= CKCI>jAEJD GC EAE, JL=PCB SD>ACJEG=B+
G= EFAETWD] HD> Ci+* MN= ICAI=IEP= GC ?ETWD GD SMAJEDA=NCAID GD NDID> !DN D =MIDN^PCK CN NDPENCAID
>DM?DR N=AG=> PC>ESEJ=> D SMAJEDA=, g6E=I !$2’h OMC @ =IEP=GD =MIDN=IE, C = JL=PC G= EFAETWD CN R BC =
NCAID A=   !!"!#$"% "B J=NCAIC IE>=AGD = JL=PC G= EFAETWD+ KMV,CBHE= =JCAGC>R BEFAESEJ= OMC D
$?BC>PC BCNH>C =B >CJDNCAG=, !=G= JL=PC HDBBME MN GEBHDBEIEPD BEBICN= CBIY CSCIM=AGD MN =MIDGE=F,
TUCB GCBIC N=AM=K+ CKCI>jAEJD JDN = SMATWD GC I>=ABNE, A^BIEJD gHD> CiCNHKDR GCPEGD = MN=
IE> MN BEA=K CN J^GEFD H=>= D BEBICN= OMCG= GC ICABWDh+
GC EFAETWD =I>=P@B GC MN= =AICA= CB,
HCJE=K EAJD>HD>=G= AD JDNMI=GD> GC
EFAETWD+ $ BEA=K CAPE=GD JDABIEIME =
)"(
    ’KCP=TWD9EAJKEA=TWD =AD>N=K GD
PCQJMKD gBC COMEH=GD JDN BCABD> 

  GC EAJKEA=TWDh+ $ BEBICN= GC =K=>NC =MIDNDIEPD @
MN BEBICN= JDNHKCNCAI=> GC BCFM,
 =! >/"- ? >=AT= GCBCAPDKPEGD H=>= GESEJMKI=> =
" EAIC>PCATWD GD =K=>NC H>DPDJ= D
$ =K=>NC @ H>CPEBID CN =GETWD = DJD>>ZAJE= GC SM>ID GD PCQJMKDR ?CN
IDG=B =B SMATUCB GD ICKCJDN=AGD _Y
=JEDA=NCAID G= BE>CAC DM G= ?MVEA=
JDND = =TWD DM =ID GC P=AG=KEBND "
C GDB EAGEJ=GD>CB GC GE>CTWD gHD>
=AIC>ED>NCAIC GCBJ>EI=B+ JC>J= GC zu BCFMAGDBh+ GC IC>JCE>DB+

X BCNH>C H>CPEBID MN AkNC>D


  
   NYiEND GC JEJKDB BDAD>D,PEBM=EBR 
  
$ =K=>NC EAIC>P@N ADB BCFMEAICB C OM=AGD IC>NEA=GDBR D BEBICN= $ =K=>NC BDNCAIC BC>Y =IEP=GD
J=BDB* >CJDNCT= = BM= AD>N=K SMATWD GC JDN HD>I=B C J=Hj SCJL=GDB C = JL=PC
JDAI>DKC+ GC EFAETWD A= HDBETWD  DM Ci,
 "?C>IM>= AWD =MID>EV=G= GC MN= " SMATWD GC =AIECKCP=TWD HDGC BC> I>=QG=+
DM N=EB HD>I=BR GD J=Hj GD ND, GCB=IEP=G= =JEDA=AGD D >CBHCJIEPD <=>= =IEP=>R HDBEJEDAC = JL=PC JDN
ID> DM G= I=NH= GD HD>I=,N=K=B JDN=AGD G=B KMVCB GC ICID GE=AICE>=B ICKCJDN=AGD A= GE>CTWD GD PCQJMKDR
gH>DICTWD HC>ENCI>=Kh+ gJDABMKI=> D H=>YF>=SD r<>DICTWD =A, GCHDEB H>CBBEDAC C BDKIC D ?DIWD +
 "JEDA=NCAID GD GEBHDBEIEPD GC IECKCP=TWDqh+
EFAETWD g>DI=TWD GC MN= JL=PC !DN CiJCTWD GC =KFMAB NC>J=GDBR
AWD >CJDALCJEG= H=>= = HDBETWD =B BCI=B CSCIM=N MN= BEA=KEV=TWD KM,
 NEADB= BENHKCBR DB PEG>DB BC SCJL=N
h+
" SMATWD GC EAE?ETWD GC SMAJED, C =IEP= D I>=P=NCAID G=B HD>I=B+
 !D>IC GDB J=?DB G= ?=IC>E= gBC
A=NCAID GD NDID> @ F=>=AIEG= HCKD " =IEP=TWD GD =K=>NC @ H>CJCGEG=
COMEH=GD JDN BE>CAC EAICKEFCAICh+
6E=I  R OMC BC =IEP= =MIDN=IEJ=, HD> MN= S=BC GC =MIDGE=FA^BIEJD+
 <>CBCAT= GC JD>HDB CN NCAIC =D CiI>=E> = JL=PC GC EFAETWD+
NDPENCAID AD EAIC>ED> GD (D J=BD CN OMC BC_= GCICJI=G=
PCQJMKD gBC COMEH=GD JDN BCABD> MN= =ADN=KE=R =B BCI=B HEBJ=N 5
PDKMN@I>EJDh+ PCVCB BCFMEG=B GC MN BEA=K BDAD>D
g?CCHhR =JDNH=AL=GD G= PEBM=KEV=,
)"*
TWD GC MN= NCAB=FCN AD GEBHK=t  2DEB ?>CPCB =JCAGENCAIDB GDB EA, OMC = H>DICTWD PDKMN@I>EJ= SDE GCB=,
gPC> D H=>YF>=SD r%MVCB,CBHE= C BEA=, GEJ=GD>CB GC GE>CTWD] ?EKEI=G=+
KEV=TUCBqh+  2CBI>=P=NCAID G=B HD>I=B+ " H>DICTWD PDKMN@I>EJ= BC>Y >CBI=,
(CBIC J=BD GCB=IEPC D =K=>NCR H>CB, ?CKCJEG= =H^B = H>^iEN= GCB=IEP=TWD
BEDA=AGD D ?DIWD C PC>ESEOMC D 
   =! GD =K=>NC+
JD>>CID SCJL=NCAID G=B HD>I=BR GD >/"- ?
J=Hj C G= I=NH= GD HD>I=,N=K=B+ (D,
P=NCAIC S=T= = =IEP=TWD GD =K=>NC 1C D =K=>NC CBIEPC> =JEDA=GDR =
H>CBBEDA=AGD D ?DIWD + H>CBCAT= GC JD>HDB CN NDPENCAID
AD EAIC>ED> GD PCQJMKD BC>Y GCICJI=G=   
!=BD JDAI>Y>EDR = JDAGETWD GC gH>DICTWD PDKMN@I>EJ=h C = BE>CAC DM (MAJ= GCEiC J>E=AT=B BDVEAL=B AD
HD>I= C D J=Hj SCJL=GDB EAJD>>CI=, = ?MVEA= GD =K=>NC BC>Y =IEP=G=+ PCQJMKD+
NCAIC >CBMKI=>E= A= AWD =IEP=TWD
GD =K=>NC+ 1C D =K=>NC CNEIE> MN <=>= CPEI=> = =IEP=TWD EAPDKMAIY>E= $?BC>PC BCNH>C =B >CJDNCAG=,
BEA=K BDAD>DR NCBND JDN =B HD>I=BR G= BE>CAC GD =K=>NC gGCPEGD [ P=>>C, TUCB GCBIC N=AM=K+
D J=Hj C = I=NH= GD HD>I=,N=K=B GM>= >C=KEV=G= HCKDB BCABD>CB PDKM,
JD>>CI=NCAIC SCJL=G=BR EAGEJ= = N@I>EJDBhR AWD GCEi=> HCBBD=B DM =AE,
N=EB AD EAIC>ED> GD PCQJMKD C SCJL=> 
   
 =!
CiEBIZAJE= GC MN= =ADN=KE= GC >/"- ?
SMAJEDA=NCAID GD BEBICN=+ 2E>E_=,BC JDNHKCI=NCAIC DB PEG>DB+ !C>IESEJ=>,
[   !!"!#$"% "+ BC I=N?@N GC OMC =B HD>I=BR D J=Hj $ BCABD> =AIECKCP=TWD PC>ESEJ= =B
C = I=NH= GD HD>I=,N=K=B CBIC_=N SC, P=>E=TUCB GC EAJKEA=TWD GD PCQJMKD
JL=GDB JD>>CI=NCAIC+ OM=AGD CBI=JEDA=GD C JDN D =K=>NC
 
   =IEP=GDR H=>= BEA=KEV=> OM=KOMC> HDB,
<=>= GCB=IEP=> = H>DICTWD PDKMN@,
<>CBBEDA=> D ?DIWD A= JL=PC GC I>EJ=R H>CBBEDA=> D ?DIWD R KDJ=KE, BQPCK KCP=AI=NCAIDR =EAG= OMC H=>,
ICKCJDN=AGD+ V=GD H>^iEND [B KMVCB GC ICID GE, JE=K gCi+* >CIE>=G= GC MN= >DG=h+
=AICE>=BR =AICB GC =IEP=> D H>^H>ED $ BCABD> CBIY =HID = PC>ESEJ=> P=>E,
1WD CSCIM=G=B =B BCFMEAICB =TUCB
=K=>NC+ /N BEA=K KMNEADBD BC>Y =TUCB AD \AFMKD GC =KEAL=NCAID GD
gJDN CiJCTWD GC =KFMAB NC>J=GDBh*
CNEIEGD HCKD JDNHDACAICR EAGEJ=AGD PCQJMKDR BC_= =D KDAFD GD CEiD KDAFE,
IMGEA=K JDND =D KDAFD GD CEiD I>=AB,

)"+
PC>B=K+ (WD BWD KCP=G=B CN JDABE,        
GC>=TWD =B P=>E=TUCB GC =KEAL=NCAID  

JDN PCKDJEG=GC EASC>ED> = |R;9NEA     
!=G= ICAI=IEP= GC EAP=BWD @ BEA=KE,
JDNDR HD> CiCNHKDR D CBP=VE=NCAID V=G= HCKD =JCAGENCAID G= KMV,CBHE= ‘E>=> = JL=PC H=>= = HDBETWD D
KCAID GC MN HACM+ =  ? gDM GD BQN?DKD AD GEBHK=th gHD>I= GD NDID>EBI=hR >CIE>=> = JL=PC C
<=>= GCB=IEP=> = H>DICTWD =AIECKC, AD OM=G>D GC EABI>MNCAIDB+ HMi=> = N=T=ACI= GC =?C>IM>=+ "
P=TWD gJDNDR HD> Ci+R CN J=BD GC >C,
?DOMC GD PCQJMKD JDN D =K=>NC =JE,
DA=GDhR H>CBBEDA=> D ?DIWD R KDJ=, C 
  
KEV=GD H>^iEND [B KMVCB GC ICID GE, <=>= CiJKME> IDI=KNCAIC D =K=>NC
=AICE>=BR =AICB GC =IEP=> D H>^H>ED gHD> CiCNHKD* CN J=BD GC EA=IEPE,
=K=>NC+ /N BEA=K KMNEADBD BC>Y G=GC H>DKDAF=G= GD PCQJMKDh CSCIM=>
CNEIEGD HCKD JDNHDACAICR EAGEJ=AGD D SCJL=NCAID GC SD>N= N=AM=KR MIEKE,
OMC = SMATWD =AIECKCP=TWD SDE GCB=, V=AGD = JL=PC JDN ICKCJDN=AGD A=
?EKEI=G=+ SCJL=GM>=+
" H>DICTWD =AIECKCP=TWD BC>Y >CBI=,
?CKCJEG= =H^B = H>^iEN= GCB=IEP=TWD     
GD =K=>NC+ 
OM=AGD BC GCBJ=>>CF=N =B HEKL=B
G= JL=PC JDN ICKCJDN=AGDR DM CN ‘E>=> = JL=PC H=>= = HDBETWD E+
J=BD GC =P=>E= AD BEBICN=R H=>= GCB=, <=>= =?C>IM>= DM SCJL=NCAID G= HD>I=
IEP=> D =K=>NCR EAI>DGMVE> = JL=PC A= GD H=BB=FCE>DR =FE> GC NDGD EAPC>BD
EFAETWD C FE>Y,K= =I@ = HDBETWD + gH=>= PCQJMKDB JDN SCJL=GM>= CiIC>A=
A= HD>I= GD H=BB=FCE>Dh+

)",
.)/)8)*0# 0#/% -) CBB= DHC>=TWD PC>ESEJ=> I=N?@N BC =B GCSCEID AD BEBICN=R D I>=P=NCAID JCA,
#) ! -)! "#")! GCN=EB HD>I=B CBIWD JD>>CI=NCAIC SC, I>=KEV=GD AWD @ =IEP=GD CR =H^B =K,
"?C>IM>=* HMi=> = N=T=ACI= GC JL=G=B+ FMN=B ICAI=IEP=BR D GEBHDBEIEPD @ Ci,
=?C>IM>= + JKMQGD HD> JC>J= GC 5| BCFMAGDB+

    =! >/"2 (CBICB 5| BCFMAGDBR @ HDBBQPCK I>=,


- ? P=> DM GCBI>=P=> =B HD>I=B N=AM=K,
NCAICR BCN OMC D BEBICN= CK@I>EJD EA,
) 6)
IC>PCAL=+ "H^B CBBCB 5| BCFMAGDBR
!DN =B HD>I=B SCJL=G=BR EABC>E> C = JCAI>=K CBIY GC ADPD =HI= = >CJC,
FE>=> = JL=PC A= SCJL=GM>= GC MN= ?C> DB JDN=AGDB+ 1C SDE >CBDKPEG=
G=B HD>I=B GE=AICE>=B+ = J=MB= GD H>D?KCN=R D GEBHDBEIEPD
PDKI= = SMAJEDA=> AD>N=KNCAICR J=BD
) #) JDAI>Y>EDR >CHCIC D JEJKD GC CiJKMBWD+
!DN =B HD>I=B SCJL=G=BR =HC>I=>
gH=>= I>=P=>h DM HMi=> gH=>= GCBI>=P=>h      
)>=P=NCAID* SCJL=> = HD>I= C =HC>, MN= G=B N=T=ACI=B GC =?C>IM>= G=B   =%3/0! *)!@!?
I=> = N=T=ACI=+ HD>I=B GE=AICE>=B+ 2CBI= N=ACE>=R BWD
(D J=BD GC H=AC CK@I>EJ= JDN ?=IC,
I>=P=G=B I=N?@N =B HD>I=B I>=BCE>=B+
1C MN= HD>I= CBIEPC> N=K SCJL=G=R >E= GCBJ=>>CF=G=R AWD @ HDBBQPCK CSC,
<=>= CSCIM=> D I>=P=NCAID CK@I>EJD IM=> D I>=P=NCAID JCAI>=KEV=GD G=B
=JCAGC,BC I=N?@N = KMV,CBHE=
JDN ICKCJDN=AGD gBC COMEH=GDhR PC> HD>I=B JDN MIEKEV=TWD GC JL=PC+
AD OM=G>D GC EABI>MNCAIDB gBDNCAIC
D EICN p!L=PCBpR ACBIC J=HQIMKD+
=KFMN=B PC>BUCBh C AWD @ HDBBQPCK <=>= I>=P=> =B HD>I=BR H>DJCGC>
CSCIM=> D SCJL=NCAID JCAI>=KEV=GDR JDND = BCFME>*
CNHM>>=AGD = =K=P=AJ= EAIC>A=+
’SCIM=> D I>=P=NCAID G=B HD>I=BR
N=AM=KNCAICR H>CBBEDA=AGD = N=T=,
  
 ACI= EAIC>A= GC =?C>IM>= G= HD>I= GE,
1C MN= G=B HD>I=B GE=AICE>=B AWD =AICE>= GE>CEI=R I>=BCE>=B GE>CEI= C CB,
!DND D BEBICN= N=AM=K I>=P= =HC, CBIEPC> ?CN SCJL=G= DM LDMPC> MN
A=B = HD>I= CN OMCBIWDR =H^B CSCIM=> OMC>G=  CR = BCFME>R FE>=> = JL=PC A=

)"#-
SCJL=GM>= CiIC>A= G= HD>I= GD NDID, 2CHDEB GC IC> =JEDA=GD D GEBHDBE,
IEPD CN =N?=B =B HD>I=B I>=BCE>=BR PC, 
>EBI= AD BCAIEGD =AIE,LD>Y>ED
>ESEJ=> = BM= CSCIEP= =IEP=TWD =IM=AGD "B HD>I=B I>=BCE>=B AWD HDGCN BC>
<=>= GCBI>=P=> = HD>I= GE=AICE>= GE, =?C>I=B = H=>IE> GD EAIC>ED> OM=AGD D
AD HMi=GD> EAIC>AD GC =?C>IM>= G=B
>CEI=R HMi=> = N=T=ACI= EAIC>A= + BEBICN= GC BCFM>=AT= H=>= J>E=AT=B
HD>I=B+
CBIEPC> =JEDA=GD+
"
$ GEBHDBEIEPD  B^ HDGC BC> =IEP=GD
JDN =B HD>I=B =?C>I=B*
  
     
$B ?=AJDB GE=AICE>DB HDGCN BC>
>CFMK=GDB GC NDGD = F=>=AIE> D NY,
iEND JDASD>ID GDB DJMH=AICB+
"K@N GEBBDR = >CFMK=FCN GD ?=AJD
GD JDAGMID> GCPC BC> CSCIM=G= >CJD>,
G=AGD OMCR =D N=AIC> =B JDBI=B ?CN
     =HDE=G=B JDAI>= D CAJDBIDR DB HMKBDB
   GCPCN HDGC> =IEAFE> = H=>IC BMHC>ED>
&NHCGC = =?C>IM>= G=B HD>I=B I>=,  !"&' F GEBHDBEIEPD GCB=IE, GD =>D GD PDK=AIC+
BCE>=B HCKD EAIC>ED>+ P=GD g= HD>I= HDGC BC> =?C>I= HCKD
"K@N GEBBDR GCPC BC> HDBBQPCK HEB=>
EAIC>ED>h+
AD HCG=K G= CN?>C=FCN =I@ D SEN GC
 !"&' F GEBHDBEIEPD =IEPD JM>BD+
gHD>I= ?KDOMC=G=h+
  
$ BEBICN= HC>N=ACJC =IEPD NCBND
/IEKEV=> BCNH>C CBIC GEBHDBEIEPD =D CSCIM=> D GCBI>=P=NCAID CK@I>EJD
OM=AGD I>=ABHD>I=> J>E=AT=B+ G=B HD>I=B+

)"##
3/%30 # !#"  %#3"/ "#% 3/%30  "#$%"#&'  #2
$!  .#$ "#")
%CP=AI=> = =K=P=AJ=  C CNHM>>=>
   D ?=AJD H=>= = S>CAIC DM H=>= I>YB+ <=>= >CJKEA=> JDNHKCI=NCAICR DM
sM=KOMC> >CFMK=FCN GCPC BC> CSC, H=>= >CFMK=> =GCOM=G=NCAIC = EAJKE,
IM=G= BDNCAIC JDN D PCQJMKD H=>=GD+ A=TWD GD CAJDBIDR FE>=> D GEBHDBEIEPD
CBHCJQSEJD R H=>= HC>NEIE> = KE?C>=,
2E>E_= BCNH>C JDN BCFM>=AT=+ TWD GD CAJDBID+

  
$B >CPCBIENCAIDB IZiICEB GDB ?=A,
JDB CBIWD GENCABEDA=GDB H=>= >CBEBIE>
GM>=AIC NMEID ICNHD =D GCBF=BIC >C,
BMKI=AIC G= MIEKEV=TWD AD>N=K GD PCQ,
JMKD+
(D CAI=AIDR @ ACJCBBY>ED CPEI=>   
S>EJTUCB CiJCBBEP=B C9DM H>DKDAF=, 3/%30 0 %/)  .#$
/N= PCV =JEDA=G= = =K=P=AJ= "#")
G=B JDN =JCBB^>EDB GC PCBIMY>EDR I=EB
GC >CFMK=FCNR PC>ESEJ=> BCNH>C BC
JDND SEPCK=B NCIYKEJ=BR =HKEJ=TUCBR ’N =KFMN=B PC>BUCBR H=>= >CFMK=,
D ?=AJD CBIY ?KDOMC=GD A=B FME=BR
SEi=GD>CB CN PCKJ>D C BCNCKL=AICBR FCN NCJ\AEJ= G= =KIM>= GD ?=AJDR
ICAI=AGD GCBKDJY,KD H=>= = S>CAIC C
MN= PCV OMC DB NCBNDBR =IM=AGD =IM=> A= =K=P=AJ= +
H=>= I>YB+
GC NDGD KDJ=KEV=GD C JDN MN= CKC,
P=G= H>CBBWD ADB SEDBR HDGCN H>DPD, " =MBZAJE= GCBIC ?KDOMCED HDGC>Y
J=> = >MHIM>= GDB NCBNDBR JDN JDA, H>DPDJ=> D GCBKDJ=NCAID EACBHC>=GD
BCOMCAICB G=ADB AD >CPCBIENCAID+ GD ?=AJD C J=MB=> = HC>G= GC JDA,
I>DKC GD PCQJMKD+

)"#$
   

  
$ ?=AJD GCPC CBI=> ?CN I>=P=GD   
H=>= CPEI=> D BCM NDPENCAID C HDBBQ,
PCEB =JEGCAICB+
%CN?>C,BC OMC DB =HDE=,J=?CT=B
GCPCN BC> >CFMK=GDB CiJKMBEP=NCAIC
"
2E>E_= BCNH>C JDN BCFM>=AT=+ JDN D PCQJMKD H=>=GD C GC N=ACE>=
OMC = AMJ=R C AWD D HCBJDTDR BC
" >CFMK=FCN GCPC GC> SCEI= =IM=AGD =HDEC ACKCB+
A= =K=P=AJ= KCP=AI=AGD,= I=AI=B     1DNCAIC ACBI= HDBETWD HDGCN
PCVCB OM=AI=B SD>CN ACJCBBY>E=B H=>=     H>DICFZ,KD CN J=BD GC JDKEBUCB+
D?IC> = HDBETWD GCBC_=G=+ <=>= =?=E,
i=> D ?=AJDR GCPC BC> SCEID D H>DJC, $B =HDE=,J=?CT=B GDB ?=AJDB GE,
<=>= DB ?=AJDB I>=BCE>DB CBIWD H>C,
GENCAID JDAI>Y>ED+ =AICE>DB BWD SEiDB+
PEBIDB =HDE=,J=?CT=B >CFMKYPCEB CN
=KIM>=+
<=>= CSCIM=> = >CFMK=FCN* KCP=AI=>
IDI=KNCAIC DB =HDE=,J=?CT=B =I@ = =K,
   IM>= NYiEN= C JC>IESEJ=>,BC GD I>=P=,
(WD GCBNDAI=> DB ?=AJDB ACN CSC, NCAIDR DM =?=EiY,KDB IDI=KNCAIC+
IM=> BC>PETDB GC N=AMICATWD C9DM >C,
<=>= =?=Ei=> DB =HDE=,J=?CT=B
H=>=TWD ADB NCBNDB* DHC>=TUCB >C,
=HC>I=> D ?DIWD  H=>= GCBI>=PY,KD+
=KEV=G=B GC NDGD EAJD>>CID HDGCN
H>C_MGEJ=> D SMAJEDA=NCAID GDB GEB,
HDBEIEPDB GC BCFM>=AT=+
2E>EFE>,BC BCNH>C [   !!"!#2
$"% "+

)"#%


     =!
  
>/"- ?
(DB PCQJMKDB GDI=GDB GC GE>CTWD
$ PDK=AIC HDGC BC> >CFMK=GD AD LEG>YMKEJ=R AWD HC>N=ACJC> JDN D
BCAIEGD PC>IEJ=K g=KFMN=B PC>BUCBh* PDK=AIC CN SEN GC JM>BD gBC_= H=>= =
2CBKDJ=> = =K=P=AJ= R KDJ=KEV=G= GE>CEI= DM CBOMC>G=h HD> N=EB GC -;
A= JDKMA= GC GE>CTWDR H=>= = HDBETWD BCFMAGDBR
E+ &BBD HDGC>Y G=AESEJ=> D BEBICN=+
<=>= >CNDPZ,KDBR KCP=AIY,KDB A= =K,
IM>= NYiEN=R =HC>I=> DB ?DIUCB  C
 =D K=GD GDB BMHD>ICB C HMi=> N=EB
MN HDMJD H=>= JEN=+
  
" DHC>=TWD GC >CNDTWD GDB CAJDB, sM=KOMC> >CFMK=FCN GCPC BC> CSC,
IDB GC J=?CT= @ S=JEKEI=G= >C?=ICAGD, IM=G= BDNCAIC JDN D PCQJMKD H=>=GD+
BC D ?=AJD I>=BCE>D H=>= = S>CAICR
=FEAGD A= =K=P=AJ= + 2E>E_= BCNH>C JDN BCFM>=AT=+

 
’SCIM=> = >CFMK=FCN GD PDK=AIC+
      
#CID>A=> = =K=P=AJ= [ HDBETWD D
H=>= I>=P=> D PDK=AIC ADP=NCAIC+ 2CBKDJ=AGD = =K=P=AJ=  D?I@N,
BC*

-+ <DBETWD AD>N=K
z+ <DBETWD =AIEDSMBJ=NCAID

)"#&
0 )3/%30 %A)"$
" >CFMK=FCN @ HDBBQPCK BDNCAIC
JDN = JL=PC GC EFAETWD A= HDBETWD
+
<=>= >CFMK=> D CBHCKLDR ?=BI= =HC>,
I=> ADB OM=I>D BCAIEGDB = ICJK=  "
BEIM=G= A= HD>I= GD NDID>EBI=+

$ CBHCKLD >CI>DPEBD> EAIC>AD @


COMEH=GD JDN MN GEBHDBEIEPD JDAI>=
=JEGCAICB OMC D GCBH>CAGC CN J=BD   
GC JLDOMC+
1C = B=KEZAJE= GD CBHCKLD J>E=> GE,
SEJMKG=GCB AMN= H=BB=FCN CBI>CEI=R
      C 2 GD?>C,D G= HDBETWD D H=>= = HDBETWD
 E+
0 )3/%30 "#)# 0#/% $?BC>PC BCNH>C =B >CJDNCAG=,
TUCB GCBIC N=AM=K+ $ ?DIWD  BCKCJEDA= D CBHCKLD
<D> GCAI>D GD PCQJMKDR NDPC> D
gCBOMC>GD DM GE>CEIDh CN OMC BC>Y
?DIWD  H=>= NDPENCAI=> D CBHCKLD
SCEI= = >CFMK=FCN+
A= HDBETWD GCBC_=G=+
"JDABCKL=,BC CSCIM=> = >CFMK=FCN
   JDN D PCQJMKD H=>=GD C JDN D S>CED
GC NWD HMi=GD+
sM=KOMC> >CFMK=FCN GCPC BC> CSC,
IM=G= BDNCAIC JDN D PCQJMKD H=>=GD+
2E>E_= BCNH>C JDN BCFM>=AT=+

)"#’
NCKLD>=> = PEBE?EKEG=GC A=B N=AD?>=B <=>= CSCIM=> = JDASEFM>=TWD G=
GC CBI=JEDA=NCAID+ KCAIC GD CBHCKLD >CI>DPEBD> CiIC>ADR
   K=GD H=BB=FCE>DR H>DJCGC> JDASD>NC
"D BC GCBCAF=I=> = N=>JL= = >@R =
EAGEJ=GD = BCFME>+
"B KCAICB GDB CBHCKLDB >CI>DPEBD, KCAIC GD CBHCKLD >CI>DPEBD> CiIC>ADR
>CB BWD H=>=?^KEJ=B C =MNCAI=N D K=GD H=BB=FCE>DR E>Y >CID>A=>R =MID, !DN D PCQJMKD H=>=GD C = JL=PC
J=NHD GC PEBWD+ N=IEJ=NCAICR [ HDBETWD JDASEFM>=G= GC EFAETWD A= HDBETWD R =JEDA=>
H=>= MIEKEV=TWD GM>=AIC = GE>CTWD+ = N=>JL= [ >@R BCKCJEDA=> D CBHCKLD
(D CAI=AIDR GENEAMCN D I=N=ALD >CI>DPEBD> CiIC>AD K=GD H=BB=FCE>D C
G= EN=FCNR G=AGD = ENH>CBBWD GC >CFMK=> = KCAIC GD NCBND GC NDGD =
OMC D D?_CID >CSKCIEGD CBIY N=EB GEB,  D?IC> = HDBETWD EGC=K H=>= >C=KEV=> =
I=AIC GD OMC = >C=KEG=GC+ <=>= OMC DJD>>= = =KIC>=TWD A= HD, N=AD?>= GC CBI=JEDA=NCAID+
BETWD G= KCAIC GD CBHCKLD >CI>DPEBD>
CiIC>ADR K=GD H=BB=FCE>DR =D DJD>>C>

 G   H 
D =JEDA=NCAID G= N=>JL= = >@R @ AC,
      C2
JCBBY>ED OMC D CBHCKLD >CI>DPEBD> Ci, "H^B JDASEFM>=> = HDBETWD EGC=K
 I    =
IC>AD GE>CEID CBIC_= BCKCJEDA=GD =I>=, H=>= >C=KEV=> = N=AD?>= GC CBI=JED,
J?B
P@B GD ?DIWD BCKCID> GC >CFMK=FCN A=NCAIDR =FM=>G=> ; BCFMAGDBR BCN
<=>= =KFMN=B PC>BUCBR COMEH=G=B GDB CBHCKLDB >CI>DPEBD>CB CiIC>ADBR NDPENCAI=> = KCAIC GD CBHCKLD >C,
JDN CBHCKLD >CI>DPEBD> CiIC>AD CK@, KDJ=KEV=GD A= HD>I= GD NDID>EBI=+ I>DPEBD> DM CSCIM=> =KFMN DMI>D JD,
I>EJDR CBIY GEBHDAQPCK = SMATWD )EKI N=AGD H=>= OMC = HDBETWD BC_= NC,
!=BD D ?DIWD BCKCID> GC >CFMK=,
2DcA+ ND>EV=G= HCKD BEBICN=+
FCN GDB CBHCKLDB >CI>DPEBD>CB CiIC>,
" SMATWD )EKI 2DcA HDBBE?EKEI= OMC ADB CBIC_= A= HDBETWD JCAI>=K gACMI>=h
= KCAIC GD CBHCKLD >CI>DPEBD> CiIC>ADR DM PDKI=GD H=>= = CBOMC>G= gCBHCKLD (= H>^iEN= PCV OMC = N=>JL= [
K=GD H=BB=FCE>DR BC_= HDBEJEDA=G=R >CI>DPEBD> CiIC>AD CBOMC>GD BCKCJED, >@ SD> =JEDA=G=R = KCAIC GD CBHCKLD
=MIDN=IEJ=NCAICR GC SD>N= GESC>CAIC A=GDhR AWD DJD>>C>Y = =KIC>=TWD A= >CI>DPEBD> CiIC>ADR K=GD H=BB=FCE>DR
G=OMCK= AD>N=KNCAIC MIEKEV=G= GM, HDBETWD G= KCAIC GD CBHCKLD >CI>DPE, E>Y BC HDBEJEDA=> =MIDN=IEJ=NCAIC
>=AIC = GE>CTWDR OM=AGD DJD>>C D =JE, BD> CiIC>ADR K=GD H=BB=FCE>DR =D DJD>, A= HDBETWD NCND>EV=G=R GCBGC OMC
DA=NCAID G= N=>JL= = >@R = SEN GC >C> D =JEDA=NCAID G= N=>JL= = >@+ D NCBND CBIC_= BCKCJEDA=GD =I>=P@B

)"#(
GD ?DIWD BCKCID> GC >CFMK=FCN GD "JCAGCAGD =B KMVCB CiIC>A=BR BC_=N =JEDA=G=BR JDN = JL=PC GC
CBHCKLDB >CI>DPEBD>CB CiIC>ADB+ EKMNEA=N,BC DB EGCDF>=N=B AD OM=, EFAETWD A= HDBETWD  DM CiI>=QG=+
G>D GC EABI>MNCAIDB C DB BQN?DKDB
GDB JDN=AGDB BEIM=GDB AD H=EACK GC
   EABI>MNCAIDB+ 9 C

   
"JCAGCN,BC FE>=AGD = CNHMAL=, "
   
 GM>=  G= =K=P=AJ= G= HDBETWD [
$ JDNMI=GD> GC KMVCB R KDJ=KE, HDBETWD +
V=GD A= =K=P=AJ= CBOMC>G= BD? D PD, "JCAGCN,BC FE>=AGD = CNHMAL=,
K=AICR JDN=AG= D SMAJEDA=NCAID GDB GM>=  G= =K=P=AJ= CBOMC>G= BD? D
S=>^EBR G=B KMVCB GC HDBETWD C GDB S=, PDK=AIC G= HDBETWD [ HDBETWD + 9 
>^EB ?=EiDB+ (D OM=G>D GC EABI>MNCAIDB =JCAGC,
"JCAGCN,BC JDN = CNHMAL=GM>=
BC = >CBHCJIEP= KMV,CBHE= +
A= HDBETWD C CNHM>>=AGD = =K=,
’N J=BD GC ACJCBBEG=GCR @ HDBBQPCK P=AJ= H=>= S>CAIC CN GE>CTWD =D H=E,
BEA=KEV=> = H>CBCAT= GD PCQJMKD [ ACK gHDBETWD CBIYPCKh+
ADEICR =JCAGCAGD =B KMVCB GC HDBETWD (D OM=G>D =JCAGC,BC = KMV,CBHE=
GCHDEB G= JL=PC >CIE>=G= G= EFAETWD+
+
"JCAGCN,BC FE>=AGD = CNHMAL=,
"H=F=N,BC >C=KEV=AGD ADP=NCAIC
GM>= G= =K=P=AJ= CBOMC>G= H=>= = HD,
D H>DJCGENCAID EASD>N=GD =AIC>ED>,
BETWD +
NCAIC+
1C GCBC_=> =JCAGC> =B KMVCB GC HD,
BETWD =HCA=B GD K=GD GE>CEIDR GCBKD,
 K
J=> = =K=P=AJ= GC BCI= H=>= JEN= C

GD K=GD CBOMC>GDR H=>= ?=EiD+ 1WD SCEIDB HMi=AGD = =K=P=AJ= CN
$B JDN=AGDB GD BEBICN= GC PCA, GE>CTWD =D PDK=AIC gHDBETWD EABIYPCKh+
IEK=TWD9=OMCJENCAID BWD EKMNEA=GDB $ BEBICN= HC>NEIC MN ICNHD =I@ z
HC>N=ACAICNCAIC+ NEAMIDB H=>= OMC =B KMVCB GC HDBETWD

)"#*
   
 = ? $ EAGEJ=GD> GC GE>CTWD GD K=GD BC, /N= PCV =IEP=GDR GM>=AIC z| BC,
KCJEDA=GD CNEIE>Y ; K=NHC_DB CR CN FMAGDBR =H=>CJC>Y AD GEBHK=t GD OM=,
2CBKDJ=AGD = =K=P=AJ=*
BCFMEG=R PDKI=>Y = GCBKEF=>,BC =MID, G>D GC EABI>MNCAIDBR MN= EAGEJ=TWD
N=IEJ=NCAIC+ GC OMC D BEBICN= CBIY =IEPD JDN D
 <=>= JEN= , =IEP=,BC = BCI= GE>CEI=
ICNHD GC GM>=TWD H=>= D OM=K SDE
C D >CHCIEGD> K=IC>=K AD >CI>DPEBD>
=_MBI=GD+
gBC COMEH=GDh+   J   =!
 <=>= ?=EiD , =IEP=,BC = BCI= CB, >/"- ? <=>= GCB=IEP=> D BEBICN= 6DKKDc,
OMC>G= C D >CHCIEGD> K=IC>=K AD NC lDNC ?=BI= N=AIC> = =K=P=AJ=
’BIC BEBICN= gBC COMEH=GDh HC>NEIC GC JDN=AGD A= HDBETWD GC S=>^EB
>CI>DPEBD> gBC COMEH=GDh+ N=AIC> D S=>DK KEF=GD HD> 5| BCFMA, =KIDBR GM>=AIC MN ICNHD BMHC>ED> =
GDB =I@ MN ICNHD NYiEND GC z-| z BCFMAGDB+ /N= DMI>= N=ACE>= GC
(D OM=G>D GC EABI>MNCAIDB BCFMAGDBR DM BC_=R v =JEDA=NCAIDB BC GCBKEF=> CBIC BEBICN= @ FE>=AGD =
=JCAGC,BC JDN EAIC>NEIZAJE= = JDABCJMIEPDB G= =K=P=AJ= GC KMVCB GC JL=PC GC EFAETWD A= HDBETWD +
KMV,CBHE= DM + HDBETWDR HMi=AGD,= CN GE>CTWD =D
"B BCI=B BWD GCB=IEP=G=B =MIDN=, PDK=AICR GCHDEB GC GCBKEF=G= = JL=PC
IEJ=NCAIC OM=AGD D PCQJMKD PDKI= = GC EFAETWD+ 9    =! >/"- ?
H>DBBCFME> CN KEAL= >CI=+ $ BEBICN= HC>NEIC MN ICNHD =I@ z <=>= =JCAGC> DB S=>^EB GC AC?KEA=R
NEAMIDB H=>= OMC D rSDKKDc NCq BC_= H>CBBEDA=> D ?DIWD  JDN EAGEJ=TWD
=JEDA=GD+ "H^B CBIC ICNHDR KEF=> C GC SMATWD =IEP=G= AD OM=G>D GC EAB,

   =! >/"2
GCBKEF=> = JL=PC H=>= D =JEDA=NCAID I>MNCAIDB H=>= KEF=>9GCBKEF=> DB S=,
- ?
G= SMATWD+ >^EB GC AC?KEA=+ $B S=>^EB GC AC?KEA=B
6MATWD GC JDAPCAEZAJE= GCBIEA=G= WD GCBKEF=GDB J=G= PCV OMC = JL=PC
$ =JEDA=NCAID G= =K=P=AJ= JD>,
= BEA=KEV=> MN= NMG=AT= GC S=Ei=+ GC EFAETWD SD> GCBKEF=G=+ <=>= KEFY,
>CBHDAGC D =JCAGENCAID G= KMV,CBHE=
<=>= =IEPY,K=R NDPC> = =K=P=AJ= GDB KD ADP=NCAIC @ ACJCBBY>ED H>CBBED,
EAGEJ=GD>CB GC GE>CTWD H=>= JEN= AD OM=G>D GC EABI>MNCAIDB+
A=> D ?DIWD+ 6MAJEDA= BDNCAIC JDN
gK=GD GE>CEIDh DM H=>= ?=EiD gK=GD CB, 1C = =K=P=AJ= SD> =JEDA=G= HD> = JL=PC GC EFAETWD A= HDBETWD +
OMC>GDh BCN JLCF=> =D SEA=K GD JM>BD N=EB GC z BCFMAGDBR D JDN=AGD AWD
gHDBETWD EABIYPCKh+ "D BDKIY,K=R = =K=, >CJDALCJC JDND SMAJEDA=NCAID G=
P=AJ= >CID>A=>Y [ HDBETWD EAEJE=K+ SMATWD C = KMV GD S=>DK @ GCBKEF=G=+

)"#+
 = 0)3#$L - "3#%"#3? 2
"#%"1&'  6)#30  0)2
3M#$" =! >/"- ?
’N J=BD GC S>CA=FCN GC CNC>FZA,
JE= gPCQJMKD JDN PCKDJEG=GC =JEN=
GC ;| aN9LhR =JCAGCN,BC =MIDN=, "
IEJ=NCAIC =B KMVCB GC CNC>FZAJE=
C BENMKI=AC=NCAIC AD OM=G>D
EKMNEA=N,BC =B KMVCB EAGEJ=GD>=B
C +
<=>= =KFMN=B PC>BUCB OM=AGD = "JCAGCN,BC =HC>I=AGD KCPCNCAIC
SMATWD @ KEF=G=R =JCAGC,BC = KMV, D ?DIWD R EAGCHCAGCAIC G= HDBETWD " SMATWD GCBKEF=,BC =MIDN=IEJ=,
CBHE= JD>>CBHDAGCAIC BEIM=G= AD OM=, G= JL=PC GC EFAETWD+ NCAIC OM=AGD = S>CA=FCN GD PCQJMKD
G>D GC EABI>MNCAIDB+ <=>= GCBKEF=>R _Y AWD @ N=EB M>FCAIC+
!DN D GEBHDBEIEPD KEF=GDR DB EAGE,
?=BI= =HC>I=> ADP=NCAIC D ?DIWD+
J=GD>CB C R AD OM=G>D GC EAB,
I>MNCAIDBR EKMNEA=N,BC GC NDGD EA,
  
      IC>NEICAIC+
K    
<=>= KEF=>9GCBKEF=> =B KMVCB GC
CNC>FZAJE=R H>CBBEDA=> D ?DIWD  $ JDA_MAID G= KMV EAIC>A= HDBBME 5
JDN EAGEJ=TWD GC SMATWD =IEP=G=+ BEIM=TUCB GEBIEAI=BR GC =JD>GD JDN =
   HDBETWD GD EAIC>>MHID>*
" KMV GC CNC>FZAJE= B^ GCPC BC>
=JEDA=G= JDN D PCQJMKD H=>=GD]
AMAJ= CN NDPENCAID+
$?BC>PC BCNH>C = KCFEBK=TWD+

)"#,
I>ZB NEAMIDB+ 1C = HD>I= CBIY =?C>I=
HD> N=EB GC I>ZB NEAMIDBR = K\NH=G=
G= KMV EAIC>A= @ GCBKEF=G= =I@ = H>^,
iEN= >C=?C>IM>= GC MN= G=B HD>I=B+
1C GM>=AIC DB I>ZB NEAMIDB SD> SC,
JL=G= =B HD>I=B @ =IEP=GD MN= BC,
FMAG= JDAI=FCN GC ICNHD GC -| BC,
FMAGDB OMC @ EAIC>>DNHEG= BC = JL=PC
GC EFAETWD SD> JDKDJ=G= A= HDBETWD
 !"&' F HC>N=ACAICNCAIC KE,  !"&'  F
+
F=G=+ HC>N=ACAICNCAIC KEF=G=+
 !"&' #/) # %#F  !"&' N-)!N F =JCAGC,BCR sM=AGD =B HD>I=B BWD I>=P=G=B HD>
=JCAGC,BCR H=>= =KFMN=B PC>BUCBR OM=AGD GEBHDAQPCKR BDNCAIC JDN NCED GC ICKCJDN=AGD DM SCJL=GM>=B
BDNCAIC JDN =B HD>I=B =?C>I=B+ =B HD>I=B =?C>I=B+ G=B HD>I=B GE=AICE>=BR = KMV EAIC>A= BC
 !"&' F HC>N=ACAICNCAIC =H=F=+
 !"&' F HC>N=ACAICNCAIC
GCBKEF=G=+ GCBKEF=G=+
#))/-) # -!"&'  =%/1 "#2
)# %"3 ?
$ JDA_MAID G= KMV EAIC>A= JDN 0-)"1&'  %/1 "#)#
=K=>NC C9DM NEJ>DSDAC EAICF>=GD (= HDBETWD  gKEF=G=hR = K\NH=G=
’N =KFMN=B PC>BUCBR JDN =
HDBBME =B BCFMEAICB SMATUCB GEBIEAI=BR HC>N=ACJC =JCB= C BC =H=F= GCHDEB
EKMNEA=TWD EAIC>A= A= HDBETWD ACM,
JDAI>DK=G=B HCKD EAIC>>MHID> * GC -; NEAMIDB+
I>=9HD>I=BR H=>= H>DHD>JEDA=> N=EB
=FEKEG=GC A= CAI>=G= AD PCQJMKDR 1C GM>=AIC = JDAI=FCNR MN= G=B
CN CBHCJE=K CN KMF=>CB HDMJD HD>I=B SD> =?C>I=9SCJL=G=R = JDAI=,
EKMNEA=GDBR =JCAGC,BC = K\NH=G= FCN >CJDNCT=+
G= KMV EAIC>A= OM=AGD @ GCBI>=P=G=
MN= G=B HD>I=B+
sM=AGD BC =?>C MN= G=B HD>I=B
K=IC>=EBR = KMV EAIC>A= =JCAGC,BC HD>

)"$-
   MN= ADP= H=>IEG= GD PCQJMKDR JDAI=,  /#&' #"-Q#"$ ,
I=> =   !!"!#$"% "+ SMAJEDA=NCAID JDAIQAMD >YHEGD
   gHDBETWD Rh+
     6MAJEDA= BDNCAIC JDN = JL=PC GC
EFAETWD A= HDBETWD + "D JDKDJ=> = =K=P=AJ= A= HDBETWD
   RR @ =JEDA=GD D KENH=GD> H=>= MN=
"
    H=BB=G=+ "D BCFM>=> = =K=P=AJ= ACBB=
HDBETWD D KENH=GD> SMAJEDA=>Y CN
" =K=P=AJ= GE>CEI= BD? D PDK=AIC NDGD JDAIQAMD+ $ KENH=GD> @ GCB=,
>CkAC IDGDB DB JDN=AGDB H=>= = KEN, IEP=GD =H^B BDKI=> = =K=P=AJ=+
HCV= GD H=>=,?>EB= C GD PEG>D I>=BCE>D+
’N =KFMN=B PC>BUCBR HMi=AGD =
=K=P=AJ= CN GE>CTWD GD PDK=AIC gHD>
   ICNHD BMHC>ED> = NCED BCFMAGDhR
2 =IEP=,BC D CBFMEJLD C D KENH=GD> GD
K=P=GD> GD H=>=,?>EB=+
$ KENH=GD> @ GCB=IEP=GD KDFD =H^B
$ =>D  HDGC =BBMNE> =B BCFMEAICB = KE?C>=TWD G= =K=P=AJ=R CAOM=AID
  
HDBETUCB* CBIC CiCJMI= =B kKIEN=B H=BB=G=B+ ’N
(WD MIEKEV=> D KENH=GD> H=>= >CIE>=>
=KFMN=B PC>BUCB MN= OM=>I= H=BB=G=
ACPC DM FCKD =JMNMK=GDB AD H=>=,
  , KENH=GD> GD H=>=,?>EB= GCB, HDGC>Y BC> PC>ESEJ=G=+
?>EB=+ (CBI=B JDAGETUCBR BC D KENH=,
KEF=GD gHDBETWD Oh
GD> GD H=>=,?>EB= SD> BM?NCIEGD = MN "FEAGD >=HEG=NCAIC gHD> ICNHD EA,
CBSD>TD CiJCBBEPDR =IEP=,BC = H>DIC,  , SMAJEDA=NCAID EAIC>NEICAIC SC>ED> = NCED BCFMAGDh A= =K=P=AJ=
TWD GD NDID>R OMC EAE?C D BCM SMAJE, gHDBETWD Dh+ GC JDN=AGDR CN GE>CTWD =D PDK=AICR
DA=NCAID GM>=AIC =KFMAB BCFMAGDB+  , SMAJEDA=NCAID JDAIQAMD C HDGC,BC CBFMEJL=> A= Y>C= GD H=>=,
KCAID gHDBETWD Eh+ ?>EB= BCN =IEP=> D KENH=GD>+
1C = SMAJEDA=KEG=GC AWD SD> HDBIC,
>ED>NCAIC >CBI=?CKCJEG=R NCBND =H^B  , SMAJEDA=NCAID JDAIQAMD >Y,
HEGD gHDBETWD Ph+

)"$#
   2   S     =! *30 "#%"3#  *" ) )2
   =! >/"- ? >/"- ? !") =! >/"- ?
6MAJEDA= BDNCAIC JDN = JL=PC GC $ KENH=GD> I>=BCE>D @ =MIDN=IEJ=, ’NHM>>=AGD = =K=P=AJ= H=>= D H=E,
EFAETWD A= HDBETWD + NCAIC =JEDA=GD OM=AGD D GE=AICE>D ACK @ HDBBQPCK =IEP=> JDN MN B^ ND,
CBIEPC> KEF=GD C SD> =JEDA=G= = N=>, PENCAID D CBFMEJLD C D KENH=GD> GD
JL= = >@ GD PCQJMKD+ PEG>D I>=BCE>D+ $ CBFMEJLD C D KEN,
H=GD> CAI>=N CN =TWD =MIDN=IEJ=,
NCAIC BC = =K=P=AJ= GC JDN=AGD @
     2 =JEDA=G= HD> N=EB GC NCED BCFMAGD+
   =! >/"- ?
" PCKDJEG=GC GD KENH=GD> GD PEG>D
’iEBICN I>ZB NDGDB GC SMAJEDA=, I>=BCE>D P=>E= GC =JD>GD JDN = PCKD,
NCAID GD KENH=GD> GD PEG>D I>=BCE>D JEG=GC GD KENH=GD> GD H=>=,?>EB=+
GCHCAGCAGD G= HDBETWD G= =K=P=AJ=*
$ KENH=GD> @ GCB=IEP=GD KDFD =H^B
  , SMAJEDA=NCAID JDN EAIC>NE, = KE?C>=TWD G= =K=P=AJ=R CAOM=AID
IZAJE=+ CBIC CiCJMI= =B kKIEN=B H=BB=G=B+ ’N
 ‘E>=> = CNHMAL=GM>=  G= HDBE, =KFMN=B PC>BUCB MN= OM=>I= H=BB=G=
TWD  H=>= +  , SMAJEDA=NCAID JDN EAIC>NE, HDGC>Y BC> PC>ESEJ=G=+
IZAJE= KCAI=+
 ’NHM>>=AGD = =K=P=AJ= CN GE>C, "FEAGD >CHCIEG=NCAIC C >=HEG=,
TWD =D H=EACK gHDBETWD EABIYPCKhR  , SMAJEDA=NCAID BEAJ>DAE,
V=GD JDN D SMAJEDA=NCAID GDB NCAIC gHD> MN ICNHD EASC>ED> = NCED
=IEP=N, BC D CBFMEJLD GD K=P=GD> BCFMAGDh A= =K=P=AJ= GC JDN=AGDR
GD PEG>D I>=BCE>D C D KENH=GD> GD KENH=GD>CB GD H=>=,?>EB= , = J=G=
GDEB JEJKDB GDB KENH=GD>CB GD HDGC,BC CBFMEJL=> A= Y>C= GD PEG>D
PEG>D I>=BCE>D] =D BDKIY,K=R D CB, I>=BCE>D BCN =IEP=> D KENH=GD>+
FMEJLD GCBKEF=,BC C D KENH=GD> H=>=,?>EB=R DJD>>C MN JEJKD GC
JDAIEAM= SMAJEDA=AGD+ SMAJEDA=NCAID GD KENH=GD> I>=,
BCE>D+
 , SMAJEDA=NCAID JDAIQAMD >Y,
HEGD+

)"$$
   #CIE>=> = H=KLCI=  CNHM>>=AGD,=
 H=>= ?=EiD C GCBCAF=I=AGD,= GD
%ENH=>R HC>EDGEJ=NCAICR = H=>IC GC (WD GCPC BC> =HKEJ=GD ACALMN ?>=TD +
?D>>=JL= MB=AGD H>DGMIDB =GCOM=, IEHD GC H>DGMID LEG>D>>CHCKCAIC DM
GDB+ 1M?BIEIME> =B H=KLCI=B BC D KEN,  .DAI=> = H=KLCI= ADP=
LEG>DS^?EJDR EAJKMEAGD J>EBI=KEV=TWD EAI>DGMVEAGD,= A= >CBHCJIEP=
H=GD> GC ?D>>=JL= CBIEPC> GCSD>N=GD GC PEG>DB+ " =HKEJ=TWD GCBICB H>D,
DM F=BID+ ’N IDGD J=BDR =JDABCKL=, GMIDB >CGMV = CSEJEZAJE= GD BEBICN=
BCGC GD ?>=TD C JC>IESEJ=AGD,BC "
BC = BM?BIEIME,K=B MN= PCV HD> =AD+ GC OMC SEOMC ?CN JDKDJ=G=+
GC KENH=GD>CBR J=MB=AGD I>CHEG=TWDR
>MQGD C NY PEBE?EKEG=GCR ?CN JDND
/.!"/"&'  -%4  %"0- )
GCBF=BIC H>CN=IM>D G= ?D>>=JL= G=B
 *" ) )!") =! >/"- ?
H=KLCI=B+
  
3E=_=> JDN =B H=KLCI=B GD KENH=, /.!"/"&' ! -%4!  %"0-2
GD> GD H=>=,?>EB= GCBF=BI=G=B >CH>C, )  -)2.)"!
BCAI= MN F>=PC >EBJD C >CGMVCN = PE,
BE?EKEG=GC CN J=BD GC NYB JDAGETUCB
=INDBS@>EJ=B+
!DAGMV= BCNH>C JDN BCFM>=AT=+

  %CP=AI=> D ?>=TD  GD KENH=GD>


(WD KEF=> DB KENH=GD>CB GD H=>=, I>=BCE>D C HDBEJEDA=> JDASD>NC =
?>EB= C GD PEG>D I>=BCE>D gBC COME, EN=FCN+
H=GDh BD?>C D PEG>D BCJD+ 1DNCAIC  #CIE>=> = H=KLCI= R CNHM>>=AGD,
GCPCN BC> MIEKEV=GDB CBI=AGD D PEG>D  %CP=AI=> D ?>=TD  GD KENH=GD> = H=>= ?=EiDR JDASD>NC EAGEJ=GD
NDKL=GD C KEP>C GC ENHM>CV=BR I=EB GD H=>=,?>EB= C HDBEJEDA=> = H=, HCK= BCI=R C GCBCAF=I=AGD,= GD
JDND* IC>>=R ?=>>DR =>CE= CIJ+R BD? KLCI= GC N=ACE>= OMC SD>NC MN ?>=TD+
HCA= GC BC G=AESEJ=>CN = ?D>>=JL= C \AFMKD GC w| F>=MB JDN D H>^H>ED  .DAI=> = H=KLCI= ADP=
D H>^H>ED PEG>D+ ?>=TD+ EAI>DGMVEAGD,= A= >CBHCJIEP=
)"$%
BCGC GD ?>=TD C JC>IESEJ=AGD,BC    ;   2
GC OMC SEOMC ?CN JDKDJ=G=+ ; 
$B GESMBD>CB JCAI>=EB C K=IC>=EB 
  HDGCN BC> D>ECAI=GDB H=>= GE>CJED,
A=NCAID GD SKMiD GC => H=>= JEN=R
1C D _=ID AWD B=E>R =AICB GC IMGDR ?=EiDR CBOMC>G= C GE>CEI=+
PC>ESEJ=> BC LY KQOMEGD AD >CBC>P=I^,
>ED] PC> H=>YF>=SD r3C>ESEJ=TWD GDB
AQPCEBq+
2CHDEBR MB=AGD MN =KSEACICR PC>ESE, $B _=IDB GD K=P=GD> GD H=>=,?>EB=
J=> BC DB SM>DB GC B=QG=  GDB K=P=GD, HDGCN BC> D>ECAI=GDB >CFMK=AGD =
>CB GE=AICE>D C I>=BCE>D gBC COMEH=GDh GE>CTWD GDB CBFMEJLDB+ /B=> MN=
AWD CBIWD CAIMHEGDB + JL=PC GC SCAG= H=>= >CHDBEJEDA=> D
_=ID =IM=AGD AD GE>CJEDA=GD> + $B
_=IDB GCPCN BC> =HDAI=GDB H=>= 59x
G= =KIM>= GD H=>=,?>EB= GC N=ACE>=
OMC DB NCBNDB BC_=N =HDAI=GDB H=>=
D HDAID N=EB =KID =KJ=AT=GD HCKD
NDPENCAID G=B H=KLCI=B +

 


     2
    
$ => @ GEBI>E?MQGD AD EAIC>ED> GD
PCQJMKD =I>=P@B GDB GESMBD>CB+

)"$&
  2 !M>BD> H=>= KEF=> = SMATWD GC T    

>CJE>JMK=TWD+ =! >/"- ?
 , &AI>DGMTWD GD => CiIC>AD 0# !
=?C>I=+
 , &AI>DGMTWD GD => CiIC>AD
SCJL=G=+ 2CPC BC> MIEKEV=G= H>C, "
SC>CAJE=KNCAIC OM=AGD BC I>=SCF=
HD> >CFEUCB HDCE>CAI=B DM JDN
NMEI= HDKMETWD GD => gIkACEBR CA,
F=>>=S=NCAIDBR CIJ+h+
 2 1CKCID> H=>= GEBI>E?METWD GD
$B GESMBD>CB H=>= D H=>=,?>EB= C =>+
H=>= DB PEG>DB K=IC>=EB  BWD SEiDB+  , 6KMiD GC => GE>CJEDA=GD
H=>= D JD>HD GDB H=BB=FCE>DB]   2 1CKCID> H=>= >CFMK=> = ICNHC,
ACBI= HDBETWDR N=AIC> DB GESMBD, >=IM>= GD => gNEBIM>= => OMCAIC9=>
 

>CB JCAI>=EB C K=IC>=EB JDNHKCI=, = ICNHC>=IM>= =N?ECAICh+
0# ! NCAIC =?C>IDB+
  2 1CKCID> H=>= KEF=> D PCAIEK=,
 , 6KMiD GC => GE>CJEDA=GD =D GD> C CBJDKL= G= PCKDJEG=GC GC,
H=>=,?>EB=+ BC_=G=+
 2 !M>BD> H=>= KEF=> = SMATWD GC
>CJE>JMK=TWD+
  2 1CKCID> H=>= = GEBI>E?METWD GD
=>+
 , 6KMiD GC => GE>CJEDA=GD
H=>= D JD>HD GDB H=BB=FCE>DB]
ACBI= HDBETWDR N=AIC> DB GESMBD,
  2 1CKCID> H=>= KEF=> D PCAIEK=GD>+

)"$’
>CB JCAI>=EB C K=IC>=EB JDNHKCI=, R COMEP=KCAIC [ JE>JMK=TWD BD, !DN D JM>BD> A= HDBETWD @
NCAIC =?C>IDB+ NCAIC GD => EAIC>AD+ =IEP=G= BDNCAIC = JE>JMK=TWD GD =>
 , 6KMiD GC => GE>CJEDA=GD =DB EAIC>AD+
H@B C =D >DBID+ <=>= BC CPEI=> = BCAB=TWD GC CA_DDR
 , 6KMiD GC => GE>CJEDA=GD =DB SCJL=> DB GESMBD>CB JCAI>=EB OM=AGD

H@B+ SD> MIEKEV=> D =OMCJENCAID+
" SMATWD GC >CJE>JMK=TWD @ kIEK
 , 6KMiD GC => GE>CJEDA=GD =DB H>EAJEH=KNCAIC CN JDAGETUCB GC
H@B C =D H=>=,?>EB=+  SD>IC HDKMETWD CiIC>A= gCAF=>>=S=,
 , 6KMiD GC => GE>CJEDA=GD =D )>=SCF=AGD CN CBI>=G=B GC IC>>= DM NCAIDBR I>\ABEID CN IkACKR CIJ+h+ (WD
H=>=,?>EB=+ >CFEUCB HDCE>CAI=B CN FC>=KR @ =JDA, @ =JDABCKL=GDR AD CAI=AIDR MN MBD
BCKL=GD =IEP=> = >CJE>JMK=TWD GD => NMEID H>DKDAF=GD GCBI= SMATWDR
>/$"0# H=>= H>CPCAE> = EASEKI>=TWD GC HDCE>=R CBHCJE=KNCAIC BC LDMPC> NMEI=B HCB,
DM DMI>D IEHD GC H=>IQJMK=B AD EAIC, BD=B AD PCQJMKDR MN= PCV OMC AWD
-+ 1CKCID> H=>= >CFMK=> = ICNHC>=, HDBBE?EKEI= = >CADP=TWD GD => EAIC>AD+
>ED> GD PCQJMKD+
IM>= GD =>* HDAICE>D AD BCID>
PC>NCKLD+
#"%&' "KFMN=B PC>BUCBR JDN =OMCJCGD>R
z+ 1CKCID> GD PCAIEK=GD>* ?DIWD A= CBIWD COMEH=G=B JDN SEKI>D EABI=K=GD
PCKDJEG=GC GCBC_=G=+ -+ 2ESMBD>CB GC => JCAI>=EB C K=IC, A= J=Ei= GC PCAIEK=TWDR JDN D D?_C,
5+ 1CKCID> H=>= = GEBI>E?METWD GD >=EB* JDNHKCI=NCAIC =?C>IDB+ IEPD GC SEKI>=> D => CAPE=GD H=>= D EA,
=>* =HDAI=> CN H=>= =OMC, z+ 1CKCID> H=>= = ICNHC>=IM>= GD IC>ED> GD PCQJMKD+
JC> DB H@B CR =D NCBND ICNHDR =>* =HDAI=> AD BCID> =VMK+
1C SD> D?BC>P=GD MN= GENEAMETWD
GCBCN?=T=> D H=>=,?>EB=+ 5+ 1CKCID> GD PCAIEK=GD>* HDBEJED, A= P=VWD GC => HCKDB GESMBD>CBR PC>E,
H=>= CAPE=> => =DB H@B C =D A=> A= PCKDJEG=GC GCBC_=G=+ SEJ=> =B JDAGETUCB GD SEKI>D gOM=AGD
>DBID+ x+ 1CKCID> H=>= = GEBI>E?METWD GD GEBHDAQPCKh C BM?BIEIMQ,KD BC ACJCBBY,
x+ !M>BD> GC >CJE>JMK=TWD* H=>= =>* =HDAI=> CN + >ED gPC> BM?BIEIMETWD GD SEKI>D GD =>,
D?IC> MN =OMCJENCAID N=EB >Y, ;+ !M>BD> H=>= = >CJE>JMK=TWD GC JDAGEJEDA=GD AD <K=AD GC .=AMICA,
HEGDR GCBKDJ=> D JM>BD> G= >C, => A= HDBETWD R COMEP=KCAIC [ TWDh+
JE>JMK=TWD GC => H=>= = HDBETWD EAI>DGMTWD GC => CiIC>AD+
)"$(
2   =! >/"2   2 1CKCID> H=>= KEF=> D PCAIEK=GD>
- ? C D =>,JDAGEJEDA=GD+
 2 !M>BD> H=>= KEF=> = >CJE>JMK=,
TWD GD =>+
  2 1CKCID> H=>= = GEBI>E?METWD GD
  
$ BEBICN= MIEKEV= SKMEGD >CS>EFC>=AIC
=>+ "
 , 6KMiD GC => GE>CJEDA=GD
#-5x= OMCR CN J=BD GC P=V=NCAIDB
H=>= D JD>HD GDB H=BB=FCE>DB]
=JEGCAI=EBR AWD H>C_MGEJ= D NCED =N,
ACBI= HDBETWDR N=AIC> DB GESMBD,
?ECAIC+
>CB JCAI>=EB C K=IC>=EB JDNHKCI=,
(MAJ= MIEKEV=> D SKMEGD #-zR EA, NCAIC =?C>IDB+ -+ 1CKCID> H=>= = ICNHC>=IM>= GD
JDNH=IQPCK JDN DB JDNHDACAICB GD =>  IDI=KNCAIC HDBEJEDA=GD [
 , 6KMiD GC => GE>CJEDA=GD =DB CBOMC>G=+
H>^H>ED BEBICN=+ H@B C =D >DBID+
z+ 1CKCID> GD PCAIEK=GD> 
 , 6KMiD GC => GE>CJEDA=GD =DB HDBEJEDA=GD A= PCKDJEG=GC
0# ! H@B+ NYiEN=+
 , 6KMiD GC => GE>CJEDA=GD =DB 5+ 1CKCID> GC GEBI>E?METWD GD =>
H@B C =D H=>=,?>EB=+  =HDAI=GD H=>= ] JDAI>D,
 , 6KMiD GC => GE>CJEDA=GD =D K=> H=>= OMC IDG=B =B B=QG=B GC
H=>=,?>EB=+ => CBIC_=N IDI=KNCAIC =?C>I=B+
!DN D JM>BD> A= HDBETWD
# "$"#0#  ) =)!6)"2 @ =IEP=G= BDNCAIC = JE>JMK=TWD
0#? GD => EAIC>AD+
<=>= D?IC> MN >CBS>E=NCAID >YHEGD " PC>BWD JDN =>,JDAGEJEDA=GD
GD L=?EIYJMKD CN PCQJMKDB COMEH=, CBIY COMEH=G= JDN SEKI>DR
  2 1CKCID> H=>= >CFMK=> = GDB JDN =>,JDAGEJEDA=GDR DHC>=> D EABI=K=GD A= J=Ei= GC
ICNHC>=IM>= GD => gNEBIM>= => BEBICN= JDASD>NC EAGEJ=GD* =>,JDAGEJEDA=GDR JDN D
OMCAIC9S>EDh+

)"$*
D?_CIEPD GC SEKI>=> D => CAPE=GD >/$"0#

H=>= D EAIC>ED> GD PCQJMKD+ <=>= =B SMATUCB GC =OMCJENCAID C )>=SCF=AGD CN CBI>=G=B GC IC>>= DM
1C SD> D?BC>P=GD MN= PCAIEK=TWDR AWD KEF=> D JDAGEJEDA=, >CFEUCB HDCE>CAI=B CN FC>=KR @ =JDA,
GENEAMETWD A= P=VWD GC => GD>R N=B MIEKEV=> D BEBICN= AD>N=K GC BCKL=GD =IEP=> = >CJE>JMK=TWD GD =>
HCKDB GESMBD>CBR PC>ESEJ=> =B =OMCJENCAID C PCAIEK=TWD gPC> "OMC, H=>= H>CPCAE> = EASEKI>=TWD GC HDCE>=R
JDAGETUCB GD SEKI>D gOM=AGD JENCAID C PCAIEK=TWD ACBIC J=HQIMKDh+ DM DMI>D IEHD GC H=>IQJMK=B AD EAIC,
GEBHDAQPCKh C BM?BIEIMQ,KD BC
>ED> GD PCQJMKD+
ACJCBBY>ED gPC> BM?BIEIMETWD $")$/%&'
GD SEKI>D GD =>,JDAGEJEDA=GD
AD <K=AD GC .=AMICATWDR !DN D JM>BD> HDBEJEDA=GD CN R " MIEKEV=TWD JDABI=AIC GD
AD J=HQIMKD .=AMICATWD C @ =IEP=G= BDNCAIC = JE>JMK=TWD GD => =>,JDAGEJEDA=GD HDGC >CBMKI=>R
JMEG=GDB JDN D BCM PCQJMKDh+ EAIC>AD+ JDN D ICNHDR A= SD>N=TWD GC
N=M JLCE>D GCPEGD =D =JkNMKD
x+ %EF=> D =>,JDAGEJEDA=GD =HC>,
GC HDCE>= C MNEG=GC AD BEBICN=
I=AGD D BCKCID> = H=>IE> G= HDBE,  GC =>,JDAGEJEDA=GDR S=JEKEI=AGD =
TWD - ,  = KMV,CBHE= AD BCKCID>
!DN = ICNHC>=IM>= CiIC>A= NMEID H>DKESC>=TWD GC SMAFDB C ?=JI@>E=B+
E>Y =JCAGC>h+
=KI=R = >CJE>JMK=TWD =JCKC>= D >CBS>E=, <=>= NEAENEV=> D H>D?KCN= GC N=M
;+ 1C HDBBQPCKR =?>E> IDI=KNCAICR DM NCAID GD =>+ "K@N GEBBDR @ H=>IEJM,
HCKD NCADB MN HDMJDR =B _=AC, JLCE>DR @ >CJDNCAG=GDR BCN=A=K,
K=>NCAIC kIEK CN JDAGETUCB GC SD>IC NCAICR GCBKEF=> D =>,JDAGEJEDA=GD
K=B G=B HD>I=B GE=AICE>=B HD> MN HDKMETWD CiIC>A= gCAF=>>=S=NCAIDBR
?>CPC HC>QDGD gz = 5 NEAMIDB AD C KEF=> D =OMCJCGD>R AD NYiENDR
I>\ABEID CN IkACKR CIJ+h+ (WD @ =JDA, JC>J= GC ; = -| NEAMIDB =AICB GC
NYiENDh H=>= OMC L=_= MN= JE>, BCKL=GDR AD CAI=AIDR MN MBD NMEID
JMK=TWD N=EB EAICAB= GD => AD CBI=JEDA=> D PCQJMKDR H=>= OMC =
H>DKDAF=GD GCBI= SMATWDR CBHCJE=K, MNEG=GC GD BEBICN= BC_= CKENEA=G=+
L=?EIYJMKD+ ’N BCFMEG=R SCJL=> NCAIC BC LDMPC> NMEI=B HCBBD=B AD
=B _=ACK=B+ PCQJMKDR MN= PCV OMC AWD HDBBE?EKEI= $ SEKI>D GD =>,JDAGEJEDA=GDR
= >CADP=TWD GD => EAIC>AD+ OM=AGD GEBHDAQPCKR GCPC BC> BM?BIE,
IMQGD JDN N=ED> S>COMZAJE=R BC D
PCQJMKD I>=ABEI=> S>COMCAICNCAIC CN
CBI>=G=B GC NMEI= HDCE>= DM SEJ=>
CBI=JEDA=GD GC?=EiD GC Y>PD>CB+
)"$+
2M>=AIC D EAPC>ADR D BEBICN= GC "H^B D GCBCN?=T=NCAIDR MB=> DB z+ 1CKCID> H=>= = ICNHC>=IM>= GD
=>,JDAGEJEDA=GD GCPC BC> JDKDJ=GD JDN=AGDB H=>= N=AIC> =B HC>SCEI=B => * gJDNHKCI=NCAIC FE>=GD
CN SMAJEDA=NCAID HCKD NCADB MN= JDAGETUCB GC PEBE?EKEG=GC+ H=>= = GE>CEI=h H=>= GE=B S>EDB DM
PCV HD> NZB C HD> JC>J= GC -| NE, gJDNHKCI=NCAIC FE>=GD H=>= =
AMIDBR H=>= CSCEID GC N=AMICATWD GD CBOMC>G=h H=>= GE=B OMCAICB+
      
BEBICN=+
   2 2  2
5+ 1CKCID> GD PCAIEK=GD> * HDBEJE, "
"AICB GD PC>WDR PC>ESEJ=> = CSEJEZA, DA=> A= PCKDJEG=GC NYiEN=+

  2  
JE= GD BEBICN= A=   !!"!#$"% x+ 1CKCID> H=>= = GEBI>E?METWD GD =>
"+ * =HDAI=> CN +
;+ #CJE>JMK=TWD GD => * GCBKEF=G=+
      
   2 2  2 "H^B D GCBCN?=T=NCAIDR MB=> DB

  T   JDN=AGDB H=>= N=AIC> =B HC>SCEI=B
JDAGETUCB GC PEBE?EKEG=GC+
)2.)"!  *" )! %)"!
-+ 1CKCID> H=>= = ICNHC>=IM>= GD
      
=>* =HDAI=> AD BCID> PC>NCKLD
$ =>,JDAGEJEDA=GD @ NMEID kIEK C   2
gJDNHKCI=NCAIC FE>=GD H=>= =
H=>= =JCKC>=> D GCBCN?=T=NCAIDR
GE>CEI=h+ )2.)"!  *" )! %)"!
HDEB GCBMNEGESEJ= D =>+ X BMSEJECAIC
z+ 1CKCID> GD PCAIEK=GD>* HDBEJED, >CFMK=> DB JDN=AGDB H=>= = SMATWD -+ 1CKCID> H=>= = ICNHC>=IM>= GD
A=> A= PCKDJEG=GC NYiEN=+ GC GCBCN?=T=NCAID C =IEP=> D JDA, =>* =HDAI=> AD BCID> PC>NCKLD
5+ 1CKCID> H=>= = GEBI>E?METWD GD GEJEDA=GD>R =HC>I=AGD D BCKCID> + gJDNHKCI=NCAIC FE>=GD H=>= =
=>* =HDAI=> CN + GE>CEI=h+
<=>=,?>EB= C PEG>DB K=IC>=EB
x+ !M>BD> H=>= = >CJE>JMK=TWD GD z+ 1CKCID> GD PCAIEK=GD>* HDBEJED,
=> A= HDBETWD R COMEP=KCAIC [ A=> A= PCKDJEG=GC NYiEN=+
-+ !DAGEJEDA=GD> GC => KEF=GD* BC,
EAI>DGMTWD GC => CiIC>AD+ KCID> + 5+ 1CKCID> H=>= = GEBI>E?METWD GD
=>* =HDAI=> CN +

)"$,
x+ !M>BD> H=>= = >CJE>JMK=TWD GD KEG=GC+ 1C EBBD DJD>>C>R =JEDAC = =K=, 1C DB >COMEBEIDB BWD PYKEGDBR D BEB,
=> A= HDBETWD R COMEP=KCAIC [ P=AJ= GD KENH=GD> GD H=>=,?>EB=+ ICN= @ =IEP=GD+
EAI>DGMTWD GC => CiIC>AD+
!"*&'
       =!
 >/"- ?  $ BEBICN= HDGC BC> GCB=IEP=GD G=
<=>= HKCA= CSEJEZAJE= A= DHC>=, BCFMEAIC N=ACE>=*
" ) )!") 2 "*&'  !02
TWD GC GCBCN?=T=NCAIDR N=AICAL= .=AM=KNCAIC*
.&0#
= H=>IC EAIC>A= GDB PEG>DB BCNH>C  "JEDA=AGD = ICJK= JD>>CBHDA,
KENH= C GCBCAFD>GM>=G=+ <=>= KEN, GCAIC+
HCV= GDB PEG>DBR MBC =HCA=B GCIC>,  "MIDN=IEJ=NCAIC*
FCAIC ACMI>D C YFM=+ (WD MIEKEVC  "H^B z| NEAMIDB GC SMAJED,
H>DGMIDB [ ?=BC GC BEKEJDAC H=>= = A=NCAID+
KENHCV= GC H=>ICB HKYBIEJ=BR H>EAJE,
 1C = ICABWD G= ?=IC>E= J=E>
H=KNCAIC D H=EACKR HDEB D BEKEJDAC
=?=EiD GC --R; 3R HD> MN HC,
BC CP=HD>= OM=AGD CiHDBID =D BDKR
>QDGD NQAEND GC ; BCFMAGDB+
JDAGCAB=AGD,BC BD?>C = BMHC>SQJEC
1C LY =MNCAID G= ICABWD G=
EAIC>A= GD PEG>D C H>C_MGEJ=AGD D GC,
?=IC>E= =JEN= GC -zR; 3 HD>
BCN?=T=NCAID C = PEBE?EKEG=GC AD,
" =IEP=TWD G= SMATWD GC GCBCN, MN HC>QDGD NQAEND GC ICNHD
IM>A=+
?=T=NCAID GD PEG>D I>=BCE>D ICN I>ZB GC -; BCFMAGDBR D BEBICN= @
>COMEBEIDB* >C=IEP=GD+
  1C = >DI=TWD GD NDID> SD>
!DN D JKEN= NMEID kNEGD AWD @  bDIWD  GD GCBCN?=T=NCAID GD NCAD> DM EFM=K = ;|| >HN+
=JDABCKL=GD D MBD H>DKDAF=GD GD PEG>D I>=BCE>D KEF=GD+
=>,JDAGEJEDA=GD A=B HDBETUCB DM  1C = >DI=TWD AD NDID> SD> BMHC>ED> )WD KDFD D PEG>D I>=BCE>D CBIC_= GC,
+ " GESC>CAT= CAI>C = ICNHC>=IM>= = ;|| >HN+ BCN?=T=GDR @ =JDABCKLYPCK GCBKEF=>
CiIC>A= C = GD H=>=,?>EB= HDGC J=M, D ?DIWD+
 1C D AQPCK GC ICABWD G= ?=IC>E= SD>
B=> CN?=T=NCAID GD K=GD CiIC>AD GD BMHC>ED> = -zR; PDKIB+
H=>=,?>EB=R J=MB=AGD HC>G= GC PEBE?E,
)"%-
   <>CBBEDA=> =B ICJK=B H=>= =?=Ei=> DB $40#  *" ) %A)"$ -+!
PEG>DB+ <MiY,K=B H=>= KCP=AIY,KDB+ !%"3)  "3#"&' =! >/"- ?
    ’N =KFMN=B PC>BUCBR @ ACJCBBY>ED "H^B GCBKEF=> = EFAETWDR D BEBICN=
  =HCA=B MN IDOMC N=EB KDAFD gSMATWD GC PEG>DB CK@I>EJDB JDAIEAM=>Y = SMA,
 h H=>= KCP=AI=> DM =?=Ei=> JEDA=> HD> N=EB u| BCFMAGDBR =H>DiE,
     
   =! >/"2
DB PEG>DB+ N=G=NCAICR H=>= OMC DB PEG>DB HDB, "
B=N BC> SCJL=GDBR GCBGC OMCR =B HD>,
- ? <=>= EAIC>>DNHC> D SCJL=NCAID GD
I=B AWD BC_=N =?C>I=B+
PEG>DR ?=BI= MN IDOMC ?>CPC AD EAIC>,
(D =HDE=,?>=TD G= HD>I= GD NDID,
>MHID> gSMATWD   + " EKMNEA=TWD G=B ICJK=B JD>>CBHDA,
>EBI= LY GM=B ICJK=B OMC JDN=AG=NR
GCAICB EAGEJ= OMC D BEBICN= =EAG=
JDN = JL=PC GC EFAETWD CN *
*# )! %A)"$! ! *" )! CBIY CN JDAGETWD GC SMAJEDA=NCAID+
$0 6/#&' #"!030# =! "H^B CBIC ICNHDR J=BD AWD ICAL=
>/"- ? SCJL=GD DB PEG>DBR JDKDJ=> = JL=PC
(D PCQJMKD CBIY =IEP= = SMATWD GC CN  H=>= OMC HDBB= S=VZ,KD+
=AIECBN=F=NCAID A= S=BC GC BM?EG=
GDB PEG>DB+ ’BIC BEBICN= GC BCFM>=AT=
@ J=H=V GC >CJDALCJC> = CPCAIM=K
H>CBCAT= GC MN D?BIYJMKD GM>=AIC D   
NDPENCAID GC SCJL=NCAID GD PEG>D+
"BBENR D BEBICN= EAIC>>DNHC D JM>BD "AICB GC =JEDA=> D EAIC>>MHID> GD
GC SCJL=NCAID CR JDASD>NC = HDBETWD NCJ=AEBND KCP=AI=GD> GD PEG>DR PC,
 3EG>D CBOMC>GD g?DIWD h+ GD PEG>DR EAPC>IC D BCM NDPENCAID >ESEOMC BC AWD LY =KFM@N JDN D
 3EG>D GE>CEID g?DIWD h+ =KFMAB JCAIQNCI>DB+ ?>=TD GC SD>=R CBHCJE=KNCAIC BC SD,
>CN I>=ABHD>I=G=B J>E=AT=B+
(D =HDE=,?>=TD GD K=GD GD H=BB=, 2E>E_= BCNH>C JDN BCFM>=AT=+
FCE>D LY MN= ICJK= H=>= JDN=AGD GD
>CBHCJIEPD PEG>D+

)"%#
$%".)&' ! %"0"! !/-)")!      JDND HD> D?_CIDB HCBBD=EB =>>=BI=GDB
 "#6)")! ! *" )! %A)"$!  DM _DF=GDB HCKDB NCBNDB+
’N =KFMAB J=BDBR DB PEG>DB HD, ‘E>=> = N=AEPCK=  G= >CBHCJIEP=
GCN HC>GC> = >CSC>ZAJE= H=>= D SC, HD>I= H=>= =?=Ei=> DM KCP=AI=> D PE,
JL=NCAID CK@I>EJDR J=MB=AGD SCJL=, G>D+
NCAID EAJD>>CID] DB J=BDB BWD*   
"D B=E> GD PCQJMKDR >CIE>C BCNH>C
 1M?BIEIMETWD GC MN= G=B HD>I=B+ = JL=PC G= EFAETWD H=>= CPEI=> OMC
 2CBKEF=NCAID GDB J=?DB G= ?=IC, DB KCP=AI=GD>CB CK@I>EJDB GDB PEG>DBR
>E=+ =JEDA=GDB EA=GPC>IEG=NCAICR JDABIE,
 1M?BIEIMETWD GD SMBQPCK GC H>DIC, IM=N HC>EFD H=>= OMCN HC>N=ACJC =
TWD GD BEBICN= GC KCP=AI=NCAID ?D>GD+
GDB PEG>DB CK@I>EJDB+ (MAJ= GCEiC J>E=AT=B BDVEAL=B AD
 (kNC>D GC =JEDA=NCAIDB PCQJMKD+
BMJCBBEPDB gN=EB GC z|h
BCN =KJ=AT=> DB KENEICB
BMHC>ED>CB9EASC>ED>CB+ (CBIC J=BDR
=B >CSC>ZAJE=B HDGCN >CID>A=>
=MIDN=IEJ=NCAIC GCHDEB GC   
=KFMAB NEAMIDB+    "D EABI=K=> AD PCQJMKD BEBICN=B GC
$ MBD ENH>^H>ED GDB KCP=AI=GD>CB =K=>NC CKCI>jAEJD JDN SCJL=NCAID
<=>= >C=?EKEI=> DB PEG>DB CK@I>EJDBR CK@I>EJDB GDB PEG>DB HDGC BC> HC>E, =MIDNYIEJD GDB PEG>DB KCN?>=> GD HC,
KCP=AI=> IDGD D PEG>D C H>CBBEDA=> AD, FDBD+ >EFD =GEJEDA=K OMC CBBCB GEBHDBEIEPDB
P=NCAIC D JDN=AGD H=>= BM?E> HD> HDGCN DSC>CJC> H=>= DB H=BB=FCE>DB
"AICB C GM>=AIC D =JEDA=NCAIDR OMC HC>N=ACJCN = ?D>GDR BD?>CIMGD
=H>DiEN=G=NCAIC 5| BCFMAGDBR S=,
PC>ESEJ=> BCNH>C BC DB H=BB=FCE>DB OM=AGD AWD CBIEPC> GEBHDAQPCK = SMA,
VC> D NCBND H>DJCGENCAID EAGEPEGM,
AWD CBIWD CiHDBIDB =D >EBJD GC KCBUCB TWD =AIECBN=F=NCAID+
=KNCAICR H=>= IDGDB DB PEG>DB JDN
H>DPDJ=G=B I=AID GE>CI= DM EAGE>CI=,
JDN=AGD CK@I>EJD+
NCAIC HCKDB PEG>DB CN NDPENCAIDR
)"%$
(MAJ= GCEiC J>E=AT=B BDVEAL=B
GCAI>D GD PCQJMKD+

   "


&ABI=K=TUCB GC =JCBB^>EDBR OM=AGD
SCEI=B GC N=ACE>= EA=GCOM=G=R HD,
GCN =SCI=> = EAICF>EG=GC GD BEBICN=
CK@I>EJD GD PCQJMKD DJ=BEDA=AGD F>=, .DPC> = I>=P= KDJ=KEV=G= BD? D
PCB G=ADB+ J=Hj H=>= JEN=+
  
#CJDNCAG=,BC PC>ESEJ=> A=  
!!"!#$"% " = GEBHDAE?EKEG=GC /N= JDKDJ=TWD EAJD>>CI= G= P=>CI=
GC =JCBB^>EDB H>D_CI=GDB CBHCJESEJ=, HDGC H>DPDJ=> = OMCG= PEDKCAI= GD
NCAIC H=>= MBD AD PCQJMKD+ J=Hj+
!C>IESEOMC,BC GD JD>>CID I>=P=,
NCAID G= P=>CI= AD GEBHDBEIEPD+
  
 
.)/)  $-U  0)
%CP=AI=> D J=Hj BCFM>=AGD,D HCK=   
<Mi=> = =K=P=AJ= +
H=>IC JCAI>=K CR BENMKI=AC=NCAICR 1C LDMPC> ACJCBBEG=GC GC BC
BDKI=> = P=>CI= GC BMHD>IC GD BCM S=VC> =KFMN= PC>ESEJ=TWD AD NDID>R
GEBHDBEIEPD GC ?KDOMCED+ CBI=AGD CBIC =EAG= OMCAICR CPEIC
CAJDBI=>,BC AD CKCI>DPCAIEK=GD>R HDEB
&AI>DGMVE> = CiI>CNEG=GC G= P=>CI=
D NCBND HDGC>Y SMAJEDA=> NCBND
A= =?C>IM>= GD J=Hj GD NDID>+
JDN = JL=PC GC EFAETWD GCBKEF=G=+

)"%%
’BHC>C =I@ OMC D NDID> CBS>EC+   
       
.=AIC> KCP=AI=GD D J=Hj JDN MN= <=>= =?>E> = I=NH= GD HD>I=,N=K=B
NWD CR JDN = DMI>=R IE>=> = P=>CI= HD> SD>=R GCBI>=AJ=> = SCJL=GM>=
 G= =?C>IM>=  C >CHj,K= AD BCM MB=AGD = JL=PC GC EFAETWD+
GEBHDBEIEPD GC ?KDOMCED+
"?=Ei=> D J=Hj = JC>J= GC z| JN
GD PWD GD NDID>+
2CEiY,KD J=E>* D J=Hj SCJL=,BC =M,
IDN=IEJ=NCAIC+
  
(WD =JEDA=> = =K=P=AJ= GC =?C>,
IM>= GD HD>I=,N=K=B JDN D PCQJMKD
CN NDPENCAID+
’N =KFMN=B PC>BUCBR @ HDBBQPCK
3C>ESEJ=> BCNH>C BC D J=Hj SDE ?CN =?>E> D HD>I=,N=K=B HD> GCAI>D GD $?BC>PC BCNH>C =B >CJDNCAG=,
SCJL=GD H=>= CPEI=> OMC BC =?>= JDN PCQJMKDR HMi=AGD = =K=P=AJ=  TUCB GCBIC N=AM=K+
D PCQJMKD CN NDPENCAID+ KDJ=KEV=G= =D K=GD CBOMC>GD GD
’iCJMI=> CBI= DHC>=TWD BDNCAIC ?=AJD GD NDID>EBI=+ ’N =KFMN=B PC>BUCBR = =?C>IM>=
JDN D PCQJMKD H=>=GD+ G= I=NH= @ S=JEKEI=G= HCK= =TWD GDB
=ND>ICJCGD>CB K=IC>=EB = FYB+
<=>= SCJL=>R =?=Ei=> = I=NH=R
ENHMKBEDA=AGD,= JDN D GCGD
HDKCF=> HCK= SCJL=GM>=+

)"%&
CIJ+R CiJCID OM=AGD H>CPEBID HCKD S=,

?>EJ=AICh+
<=>= SCJL=> = I=NH= GD HD>I=,
N=K=BR @ ACJCBBY>E= MN= SD>T= EAEJE=K ’BB= =TWD HDGC H>C_MGEJ=> D JD>,
N=ED> H=>= PCAJC> = >CBEBIZAJE= GDB >CID SMAJEDA=NCAID GDB =ND>ICJCGD,
=ND>ICJCGD>CB K=IC>=EB+ "?=Ei=> = >CB K=IC>=EB = FYB G= H>^H>E= I=NH=+
I=NH= C BDKIY,K= MN HDMJD =AICB GD "
SCJL=NCAID H=>= CPEI=> OMC H>CAG=

DB GCGDB+
$ JDNH=>IENCAID GC ?=F=FCAB @
GC MBD CiJKMBEPD H=>= BCM I>=ABHD>IC+

  2 2
 T
         
(D MBD GD HD>I=,N=K=BR AMAJ= BM,   2 =!
HC>=> =B J=>F=B NYiEN=B HC>NEIEG=B >/"- ?
gPC> J=HQIMKD r2=GDB I@JAEJDBqh+ <=>= MIEKEVY,K=R H>DJCGC> JDND =
!C>IESEJ=>,BC =EAG= OMC DB D?_CIDB BCFME>*
JDAIEGDB AD HD>I=,N=K=B CBIC_=N ?CN
=JDNDG=GDBR H=>= CPEI=> OMC MN= -+ 2CBI>=PC D CAJDBID GD ?=AJD
S>C=G= ?>MBJ= HDBB= _DFY,KDB H=>= = I>=BCE>D C >CJKEAC,DR JDND EAGE,
S>CAICR N=JLMJ=AGD DB H=BB=FCE>DB+ J=GD CN r=NHKE=TWD GD HD>I=,
N=K=Bq ACBIC J=HQIMKD+
z+ "I>=P@B GD HEAD  CiEBICAIC [
<=>= >C?=IC> D CAJDBID GD ?=AJDR
CBOMC>G= G= SCJL=GM>=R GCBI>=,
=FE> JDND = BCFME>*
P=> H=>= =?C>IM>= G= I=NH=+
   3C>ESEJ=> BC LY CBH=TD BMSEJECAIC
(WD JDKDJ=> =JCBB^>EDB A= JD?C>, H=>= D >C?=IENCAID GD CAJDBID+ 1C
IM>= GD HD>I=,N=K=B DM A= I=NH=
GD HD>I=,N=K=B g=KID,S=K=AICBR BHDEKC>R
)"%’
ACJCBBY>EDR GCBKDJ=> DB ?=AJDB GE=A,  
    
ICE>DB H=>= S>CAIC+ 2 =! >/"- ?
#CIE>=> DB =HDE=,J=?CT=B GD ?=AJD    1DKI=> = CiI>CNEG=GC BMHC>ED>  GD
I>=BCE>D gPC> r"HDE=,J=?CT=Bp ACBIC X HDBBQPCK >C?=IC> BDNCAIC D CA, IE>=AICR GCBH>CAGCAGD = =>FDK= GD
J=HQIMKDh C FM=>GY,KDB AD HD>I=, JDBID GD ?=AJD I>=BCE>DR JDASD>NC HEAD+
N=K=B+ EAGEJ=GD+
2CBI>=P=> D CAJDBID GD ?=AJD " ICAI=IEP= GC >C?=IC> I=N?@N D =B,
=FEAGD BD?>C =B =K=P=AJ=B K=IC>=EB  BCAID HDGC DJ=BEDA=> = GCSD>N=TWD
GD NCBNDR A= GE>CTWD G= BCI=+ G=B SEi=TUCB EASC>ED>CB GD ?=AJD+
#C?=IC> H=>= = S>CAIC D CAJDBID GD
?=AJD I>=BCE>D H=BB=AGD HCKDB JEAIDB -!"&'  .#$ # -!"&'
GC BCFM>=AT= I>=BCE>DB+ #)0%
<=>= S=VC> JDN OMC D ?=AJD I>=,
BCE>D PDKIC [ HDBETWD AD>N=KR GCPC,BC*

 !DKDJ=> D CAJDBID GD ?=AJD A=


HDBETWD PC>IEJ=K S=VCAGD,D H=BB=> 2CBI>=P=> = JD?C>IM>= GD HD>I=,
HCKDB JEAIDB GC BCFM>=AT= C =JE, N=K=B GDB HEADB  >CNDPZ,K=+
DA=> = =K=P=AJ= R JC>IESEJ=AGD,
BC GD HC>SCEID I>=P=NCAID GD CA,
JDBID+
 1C SD> D J=BDR >CNDAI=> DB =HDE=,
J=?CT=B OMC SD>=N >CIE>=GDB+

)"%(
!      =! >/"2

- ?
 " GEBHDAE?EKEV=TWD GD BEBICN=R BC
3C>ESEJ=> _MAID [   !!"!#$"%
" BC D NDGCKD OMC PDJZ =GOME,
2 COMEH=GDR PEB= HC>NEIE> = =KENCAI=, >EM BMHD>I= = EABI=K=TWD GCBBC GEB,
<=>= =?>E>R =IM=> AD HMi=GD> + TWD GC =JCBB^>EDB CK@I>EJDB gJ=>>CF=, HDBEIEPD+ (CBBC J=BDR >CJDNCAG=,BC
GD> GC JCKMK=>R =BHE>=GD> GC H^R CIJ+h+ N=AC_=> D =JCAGCGD> JDN J=MICK= C "
CPEI=> OMC J>E=AT=B D MIEKEVCNR HDEB
LY HC>EFD GC EAJZAGED C OMCEN=GM>=B
GCPEGD =D J=KD> FC>=GD HCKD GEBHDBE,
IEPD+


"AICB GC EABI=K=> MN =JCBB^>EDR
>CJDNCAG=,BC PC>ESEJ=> A=  
!!"!#$"% " = GEBHDAE?EKEG=GC
GC =JCBB^>EDB D>EFEA=EB LDNDKDF=GDB
C BM= JDNH=IE?EKEG=GC H=>= MBD CN
  
BCM PCQJMKD 6E=I+
(MAJ= I>=SCFMC JDN = I=NH= GD
HD>I=,KMP=B =?C>I=+   
2CPEGD [ F>=AGC P=>ECG=GC GC
<=>= =KFMN=B PC>BUCBR D MBD G= =JCBB^>EDB CK@I>EJDB OMC HDGCN
2E>E_= BCNH>C JDN BCFM>=AT=+
IDN=G= GC JD>>CAIC JDND =JCAGCGD> BC> JDACJI=GDB = CBI= IDN=G= GC
GC JEF=>>DB AWD @ BMHD>I=GD+ JD>>CAICR >CJDNCAG=,BC CBHCJE=K
#EBJD GC EAJZAGED C G=ADB = JDN, JMEG=GD A= MIEKEV=TWD GDB NCBNDBR
HDACAICB+ D?BC>P=AGD BC =ICAGCN =B CBHCJESE,
J=TUCB = BCFME>*

)"%*
 1DNCAIC HDGCN BC> JDACJI=GDB    
=JCBB^>EDB JDN HDIZAJE= =I@ -~| ; C =! >/"- ?
¡=IIB+
/N= CAI>=G= /1b C MN= CAI>=G=
 <=>= H>CPCAE> G=ADBR D JD>HD GD =MiEKE=> GC YMGEDR KDJ=KEV=G=B A=
HKMFMC GD =JCBB^>ED GCPC BC> H=>IC GE=AICE>= GD JDABDKC JCAI>=KR
K=>FD D BMSEJECAIC H=>= BC>PE> CBIWD H>CPEBI=B H=>= =KFMN=B PC>BUCB+
JDND FME= GC JCAI>=KEV=TWDR
OM=AGD CBIC CBIEPC> EABC>EGD A=
IDN=G= GC JD>>CAIC+

<=>= =KFMN=B PC>BUCBR CBIY H>CPEBID


 MN HD>I=,JDHDB AD JDABDKC JCAI>=K
1C LDMPC> GkPEG=B JDN >CK=TWD [ H=>= DB DJMH=AICB GDB ?=AJDB I>=BCE,
JDASD>NEG=GC GD HKMFMC GD =JCBB^, >DB+
>ED = BC> MIEKEV=GDR >CJDNCAG=,BC PC,
>ESEJ=> JDN D S=?>EJ=AIC BC D NCBND (WD JDKDOMC D?_CIDB JM_= =KIM>=
=ICAGC [B CBHCJESEJ=TUCB PEFCAICB+ HDGC>E= EAIC>SC>E> AD N=AMBCED G= =K=,
P=AJ= GC J\N?EDB gCi+* F=>>=S=B GC
YFM=h+
2 
’N =KFMN=B PC>BUCBR CBIWD GEBHD,
(D JDABDKC JCAI>=K CiEBICN GM=B AQPCEB HD>I=,F=>>=S=B KDJ=KEV=GDB ADB
   BCGCB  H=>= JDKDJ=>R JDN D PCQJMKD H=EA@EB G=B HD>I=B GE=AICE>=B+
$ HKMFMC GD =JCBB^>ED GCPC BC H=>=GDR JDHDB DM K=IEAL=B+
=_MBI=> HC>SCEI=NCAIC [ NCGEG= G=
IDN=G= GC JD>>CAIC+ 
&BBD @ ENHD>I=AIC HDEB CPEI= N=M "ICATWD H=>= = ICNHC>=IM>= GDB KQ,
JDAI=ID DM BMHC>=OMCJENCAID JDN OMEGDB J=>>CF=GDB C AD N=IC>E=K GC
>EBJD GC EAJZAGED+ PEG>D DM HKYBIEJD OMC AWD >CI@N J=,
KD>+ #EBJD GC =JEGCAICB+

)"%+
2K  29 ?DKBD H=>= GDJMNCAIDB+ ’N J=G=
$B HD>I=,D?_CIDBR JDASD>NC = PC>, MN GDB H=>=,B^EB LY MN CBHCKLD GC
’BIWD BEIM=GDB =D K=GD GD CBHCKLD
BWDR CBIWD KDJ=KEV=GDB ADB BCFMEAICB JD>ICBE=+
>CI>DPEBD> EAIC>ADR HDGCAGD BC> D>E,
HDAIDB* CAI=GDB H=>= = S>CAIC DM H=>= D K=GD+
(DB H=EA@EB GC HD>I=B GE=AICE>=B+
"
<=>= HDBEJEDA=> D H=>=,BDK K=IC>=K,
NCAIC GCBH>CAGZ,KD G= I>=P=  C
NDPENCAIY,KD A= HDBETWD GCBC_=G=+   
(WD EABI=K=> ?=F=FCE>DB AD ICID GD
PCQJMKD C ACN I>=ABHD>I=> J=>F= BD?>C
D NCBND+
$?BC>PC BCNH>C =B >CJDNCAG=,
TUCB GCBIC N=AM=K+

   
<=>= =KFMN=B PC>BUCBR CBIY GEBHDAQ,    
PCK MN= ?DKB= HD>I=,D?_CIDB A= H=>IC
HDBIC>ED> GD CAJDBID GD ?=AJD GD "#$%&'( %$))*+,-
H=BB=FCE>D DM GDB GDB GDEB ?=AJDB   

GE=AICE>DBR JDASD>NC = PC>BWD+
<=>= =KFMN=B PC>BUCBR CBIWD GEB,
(=B PC>BUCB BCN D DHJEDA=K =M, HDAQPCEB ?=>>=B KDAFEIMGEA=EB GC ICIDR
ID>>YGEDR CBIY GEBHDAQPCK MN HD>I=, JDAJC?EG=B JDND CKCNCAID CBI@IEJD
D?_CIDB AD JCAI>D GD H=EACKR =JEN= G= PC>BWDR >=VWD HCK= OM=K AWD @ HC>,
GDB JDN=AGDB GC JKEN=IEV=TWD+ NEIEGD D I>=ABHD>IC GC J=>F= BD?>C
CK=B+
<=>= =KFMN=B PC>BUCBR =I>YB GD
H=>=,BDK GD K=GD GD NDID>EBI=R LY MN
)"%,
    GCN >CBMKI=> AD J=AJCK=NCAID G= F=,
>=AIE= GDB JDNHDACAICB CAPDKPEGDB+

  
     
  2

           
" H>DICTWD GD NCED =N?ECAIC JDA, (CALMN JDNHDACAIC GD PCQJMKD
GMVEM D H>D_CID C = >C=KEV=TWD GDB JDAI@N =NE=AID DM JYGNED+ $B
PCQJMKDB 6E=I CN IDG=B =B BM=B S=BCB+ JDNHDACAICB CBHMN=GDB C D BEBICN=
$ >CBMKI=GD CBIY A= MIEKEV=TWD GC N=, GC =>,JDAGEJEDA=GD AWD JDAIZN !6!
IC>E=EB C AD =HC>SCETD=NCAID GC GEB, g!KD>DSKMD>J=>?DADhR FYB >CBHDABYPCK
HDBEIEPDB J=H=VCB GC >CGMVE> DM KENE, HCK= >CGMTWD G= J=N=G= GC DVjAED+
   I=> G>=BIEJ=NCAIC =B EASKMZAJE=B AD,
(WD EABI=K=> ?=F=FCE>D AD ICID GD JEP=B BD?>C D NCED =N?ECAIC+
    
PCQJMKD C ACN I>=ABHD>I=> J=>F= BD?>C $ 3CQJMKD 6E=I CBIY H>DAID H=>= >D,  
D NCBND+ G=> JDN MN= ?D= N=>FCN GC P=A,
#*)!) $%7"$ )"*%#
I=FCN BD?>C =B N=EB BCPC>=B AD>N=B
$?BC>PC BCNH>C =B >CJDNCAG=,
=AIEHDKMETWD EAIC>A=JEDA=EB+ .DA^iEGD GC J=>?DADR ^iEGDB
TUCB GCBIC N=AM=K+
GC AEI>DFZAED C LEG>DJ=>?DACIDB
AWD OMCEN=GDB BWD DB H>EAJEH=EB
 JDNHDACAICB ADJEPDB GDB F=BCB GC
"KIC>=TUCB SCEI=B AD PCQJMKD JDN D CBJ=H=NCAID+
D?_CIEPD GC =MNCAI=> D BCM GCBCN,
$ JDAPC>BD> J=I=KQIEJD  @ MN rK=,
HCALDR I=EB JDND = >CIE>=G= GD J=I=,
?D>=I^>EDq AD OM=K MN= HD>JCAI=,
KEB=GD> C9DM NDGESEJ=TUCB AD BEBICN=
FCN NMEID =KI= GCBICB JDNHDACA,
GC EA_CTWD CKCI>jAEJ=R =K@N GC JDA,
ICB I>=ABSD>N=,BC CN BM?BI\AJE=B EA^,
I>E?MQ>CN H=>= =MNCAI=> GCBACJCBB=,
JM=B+
>E=NCAIC = HDKMETWD =INDBS@>EJ=R HD,

)"&-
#  0.  =!#!)  ,"3M#"?
      
     
)DG=B =B PC>BUCB CBIWD COMEH=G=B
JDN = BDAG= K=N?G=R HDEB CBI= F=, $B HDAIDB GC PCAG= BWD D?>EF=GDB
>=AIC D JDAI>DKC G= >CK=TWD Ci=I= G= = =JCEI=> = GCPDKMTWD GC BM= ?=IC>E=
NEBIM>= =>9JDN?MBIQPCKR SMAG=NCAI=K MB=G=R ?CN JDND =>N=VCAY,K= CN
H=>= D JD>>CID SMAJEDA=NCAID GD ND, KDJ=K =GCOM=GD C GCPDKPZ,K= =D S=, "
ID> C GD J=I=KEB=GD>+ ?>EJ=AIC H=>= >CJEJK=FCN+

"!0 #"*-)&' "!$!  $# $0  !%/&'


5$"   $0  $4/0.
" I>=ABSD>N=TWD @ =MiEKE=G= HCK= 1CAGD ENHDBBQPCKR NCBND JDN D
H>CBCAT= GC NEAkBJMK=B H=>IQJMK=B NDID> GCBKEF=GDR ENHCGE> = SD>N=TWD sM=AGD = BDKMTWD YJEG= C D
GC NCI=EB AD?>CB H>CBCAICB AD JD>HD GDB P=HD>CB GC F=BDKEA=R D BEBICN= JLMN?D JDAIEGDB A= ?=IC>E= BWD
GC JC>\NEJ=R SCJL=GD HCKD >CJEHECAIC DB N=AIZN =>N=VCA=GDB AMN >CJEHE, GCBJ=>I=GDB A= A=IM>CV= GC SD>N= EA,
NCIYKEJD GC =TD EADiEGYPCK+ CAIC CBHCJE=K GC J=>PWD =IEP=GDR GC JD>>CI=R HDGC>WD JDAI=NEA=> D BDKDR
DAGC BWD =BHE>=GDB C OMCEN=GDB GM, D BM?BDKD C =B YFM=BR ?CN JDND
>=AIC D SMAJEDA=NCAID GD NDID>+ J=MB=> >EBJDB [ B=kGC GD BC> LMN=AD+
(D J=BD GC JDAI=ID =JEGCAI=K JDN
    
    DB DKLDB DM JDN = HCKCR K=P=> ENC,
GE=I=NCAIC JDN YFM= JD>>CAIC C H>D,
" >CIE>=G= GD JDAPC>BD> J=I=KQIEJDR $"$%30 .)"3+)" JM>=> D>ECAI=TWD N@GEJ=+
=K@N GC AWD JDAI>E?ME> H=>= =MNCA,
I=> D GCBCNHCALD GD PCQJMKDR DJ=BE, )DGD JDABMNEGD>9MBMY>ED SEA=K @
DA= HDKMETWD GCBACJCBBY>E=+ D?>EF=GD = GCPDKPC> BM= ?=IC>E=
MB=G= = MN HDAID GC PCAG= g#CBDKM,
’BI= H>YIEJ= JDABIEIME MN JK=>D GCB, TWD !$("." x|-+|~ GC |x9--9|~+
>CBHCEID [ KCFEBK=TWD =N?ECAI=K H=>=
(WD GCBJ=>IC = ?=IC>E= AD KEiD+
PCQJMKDB =MIDNDID>CB+
2CPDKP= = ?=IC>E= MB=G= =D
>CPCAGCGD> AD =ID G= I>DJ=+
)"&#
)
     
 
’BI= BCTWD GD N=AM=K SD>ACJC,KLC IDG=B =B EASD>N=TUCB
kICEB H=>= JDALCJC>R EAIC>H>CI=> C MIEKEV=> JD>>CI=NCAIC D
H=EACK GC EABI>MNCAIDB+

<"&(’% 2’ &(1)#/.’()$1 + + + + + + + + + + + + !,-


#
2&1<%"m ’%’)#{(&!$ + + + + + + + + + + + + + + + !,;
)#&< !$.</)’# gBC COMEH=GDh + + + + + + + + + + + !,~
%/0’1 2’ "23’#)4(!&" ’ .’(1"‘’(1 + + + + !,-|
1&1)’." 2’ 2&"‘(n1)&!$ 2’ b$#2$ + + + + !,-v

.
.
   
  
" GEBHDAE?EKEG=GC C = HDBETWD GC GCIC>NEA=GDB EABI>MNCAIDB C9DM BEA=KEV=GD>CB HDGCN P=>E=> CN SMATWD GDB EICAB
GEBHDAQPCEB DM DHJEDA=EB =GOME>EGDB+

"+ 2ESMBD>CB GC => K=IC>=EB  b+ <D>I=,D?_CIDB  !+ "K=P=AJ= CBOMC>G= gJDN=AGD GC S=>DK =KID9?=EiD C KMVCB GC
GE>CTWDh  2+ sM=G>D GC EABI>MNCAIDB  ’+ 3DK=AIC  6+ "K=P=AJ= GE>CEI= gJDN=AGD GC KENHCV=9K=P=FCN GDB PEG>DBh
 ‘+ 2ESMBD>CB GC => JCAI>=EB  l+ bDIUCB GC JDN=AGD JCAI>=EB  &+ !DN=AGDB GC =OMCJENCAIDR PCAIEK=TWD C =>,
JDAGEJEDA=GD  e+ <D>I=,KMP=B

."#
T/ )  "#!)/0#! 0#$)05"$  

  
  
         

 


 

" !DAI=,FE>DB+ ’ &AGEJ=GD> GC ICNHC>=IM>= GD KQOMEGD GC =>>CSC,
b 3CKDJQNCI>D+ JENCAID GD NDID>+
! &AGEJ=GD> GC AQPCK GC JDN?MBIQPCK+ 6 bDIWD GC JDNMI=TWD GD LDGjNCI>D C =_MBIC GD
>CK^FED+
2 2EBHK=t CKCI>jAEJD NDADJ>DNYIEJD+

."$
   
" BC>EF>=SE= GDB EABI>MNCAIDB HDGC
P=>E=> CN SMATWD G= PC>BWD GD PCQ,
JMKD+
"D JDKDJ=> = JL=PC GC EFAETWD A=
HDBETWD I DB HDAICE>DB GD PCKDJQ,
NCI>DR JDAI=,FE>DB C EAGEJ=GD> GD AQ,
PCK GC JDN?MBIQPCK gOM=AGD GEBHDAQ,
PCKh HC>JD>>CN IDG= = CBJ=K= C >CID>, "B OMEKDNCI>=FCAB H=>JE=K C IDI=KR
#
’N >CFENC GC SMAJEDA=NCAID AD>,
A=N AD EAQJED GCNDABI>=AGD SMAJED, HDGCN BC> PEBM=KEV=G=B =I>=P@B G= N=KR = EAGEJ=TWD GCPC CBI=> BD?>C DB
A=NCAID AD>N=K GDB EABI>MNCAIDB+ JDNMI=TWD GD ?DIWD  [ GE>CEI= AD P=KD>CB JCAI>=EB G= CBJ=K=+
2CHCAGCAGD G= PC>BWDR MN= =AE, OM=G>D GC EABI>MNCAIDBR DM =I>=P@B
N=TWD F>YSEJ= BC>Y CiE?EG= AD GEBHK=t GD ?DIWD  BEIM=GD A= CiI>CNE,
DM GM=B ?=>>=B K=IC>=EB BC>WD PEBM=KE, G=GC G= =K=P=AJ= GE>CEI=+
V=G=B S=VCAGD D rJLCJaq GC SMAJED,
A=NCAID JDN BCMB >CBHCJIEPDB EGCD,   
      ’N J=BD GC BMHC>=OMCJENCAIDR
F>=N=B+ ¢ CBOMC>G= D EAGEJ=GD> GC  T 
AQPCK GC JDN?MBIQPCK C [ GE>CEI= D EA, GCBKEF=> D NDID> C H>DPEGCAJE=> D
      >C?DOMC GD PCQJMKD [ JDAJCBBEDAY>E=
GEJ=GD> G= ICNHC>=IM>= GD KQOMEGD GC
=>>CSCJENCAID GD NDID>+ $ EAGEJ=GD> GEFEI=K GD K=GD GE>CEID 6E=I N=EB H>^iEN=+
G= ICK=  =H>CBCAI= = ICNHC>=IM>= GD
$?BC>PC BCNH>C =B >CJDNCAG=,
KQOMEGD GC =>>CSCJENCAID GD NDID>+
    TUCB GCBIC N=AM=K+

%DJ=KEV=GD AD OM=G>D GC EABI>M, .!)*&'


NCAIDBR EAGEJ= = PCKDJEG=GC GC GCB,
KDJ=NCAID GD PCQJMKD+ , GD EAFKZB LDI* OMCAIC
, GD EAFKZB JDKG* S>ED

."%
2 .!)*&'F
$ HDAICE>D BD?>C = N=>J= PC>NC, )-0 >DI=TUCB HD> NEAMID
   KL=  EAGEJ= MN >CFENC GC >DI=TUCB
1C D EAGEJ=GD> CBIEPC> AD EAQJED G= NMEID CKCP=GDR OMC HDGC J=MB=> G=,
ADB =D NDID> CR HD>I=AIDR GCPC>Y BC>       2
CBJ=K= gICNHC>=IM>= ?=Ei=h JDN = KMV,
CPEI=GD+  
CBHE= GC CiJCBBD GC ICNHC>=IM>= DM
JDN = KMV,CBHE= GD BEBICN= GC "D KEF=> D PCQJMKD gJL=PC CN hR
EA_CTWD =JCB=R @ BEA=K GC =ADN=KE= =B ?=>>=B PC>IEJ=EB BC EKMNEA=N F>=GM,
AD BEBICN=+ =KNCAIC =I@ EAGEJ=> D AQPCK GC JDN,
?MBIQPCK CiEBICAIC AD I=AOMC+
(CBIC J=BDR H>DJM>=> =   !!"!2
#$"% "+ $ EAGEJ=GD> GC JDN?MBIQPCK HDBBME
-u BCFNCAIDBR BCAGD DB GDEB kKIENDB
GCBIEA=GDB [ >CBC>P=+
$ =JCAGENCAID JDAIQAMD G= KMV,
   CBHE= GC >CBC>P= AD OM=G>D GC EABI>M,
NCAIDB C = NCAB=FCN r6/’%q EAGEJ=
1C D NDID> SMAJEDA=> BCN D KQOMEGD
OMC D I=AOMC GC JDN?MBIQPCK CAI>DM
GC =>>CSCJENCAIDR BCM PCQJMKD BDS>C>Y
A= >CBC>P=+
G=ADB GC F>=AGC F>=PEG=GC+   
$B >CH=>DBR ACBICB J=BDBR AWD BC>WD $ BEBICN= GC JDAI>DKC G= EA_C,
JD?C>IDB HCK= ‘=>=AIE=+ TWD CKCI>jAEJ= EAIC>>DNHC D SKMiD GC
JDN?MBIQPCK OM=AGD D NDID> CBIEPC>
JDN CiJCBBD GC >DI=TUCB+
’BI= EAIC>>MHTWD =J=>>CI= CN JDA,
BCOMCAIC HC>G= GC HDIZAJE= GD H>^,
H>ED NDID>+

."&
" NCAB=FCN r6/’%q BC>Y PEBM=KE, .!)*&'  F KDJ=KEV=GD A= CiI>CNEG=GC
V=G= K=NHC_=AGD BDNCAIC -| BCFMA, G= =K=P=AJ= GE>CEI= BD? D PDK=AICR
, gCNHIth , I=AOMC P=VED+
GDB GCHDEB GC =KJ=AT=> D AQPCK GC >C, C
BC>P= C CAOM=AID BC N=AIEPC> ACBB=  , gSMKKh , I=AOMC JLCED+  '  $0/&'F KDJ=KEV=GD
JDAGETWDR DM GCHDEB GC KEF=> = JL=PC [ GE>CEI= AD OM=G>D GC EABI>MNCA,
GC EFAETWD JDN D I=AOMC CN JDAGE, IDB+
TUCB GC >CBC>P=+
" = KMV,CBHE= GC >CBC>P= GC    % - )'  "!-%L 0#$)052
JDN?MBIQPCK g=N=>CKD \N?=>h " JL=PC GC EFAETWD GCPC>Y HC>N=, "$   #
=JCAGC>Y AD OM=G>D GC EABI>MNCAIDB ACJC> GCBKEF=G= CAOM=AID D PCQJMKD !DN = JL=PC GC EFAETWD GCBKEF=G=
C HC>N=ACJC>Y =JCB= GM>=AIC IDG= = CBIEPC> BCAGD =?=BICJEGD+ C HD>I= =?C>I=R = ICK= H=G>WD HDGC
JDAGETWD GC >CBC>P= GC JDN?MBIQPCK+ SD>ACJC> =B BCFMEAICB EAGEJ=TUCB*
’BBC H>DJCGENCAID PEB= = F=>=AIE>
(=B JDAGETUCB GC >CBC>P= GC JDN, D SMAJEDA=NCAID JD>>CID GD BEBICN=  , lD>=
?MBIQPCKR DB BCFNCAIDB g-£ C z£h  C CPEI=> C>>DB GC EAGEJ=TWD GD EABI>M,
GCPCN K=NHC_=> _MAI=NCAIC JDN D , lDGjNCI>D IDI=K
NCAID AD H=EACK+
QJDAC GC >CBC>P= GC JDN?MBIQPCK 
C JDN MN r?CCHq GC =KC>I=+
    
 
   W  : 
$ =JCAGENCAID EAIC>NEICAIC G= CB, <=>= MBMS>ME> G=B EASD>N=TUCB OMC
J=K= GC EAGEJ=TWD GC JDN?MBIQPCKR D GEBHK=t SD>ACJC gJDN = JL=PC GC EF,
JM>P=R I  C V EAGEJ= =P=>E= AD BEB, AETWD CN HDBETWD h @ ACJCBBY>ED
ICN=+ H>ENCE>=NCAIC S=NEKE=>EV=>,BC JDN DB
?DIUCB GC JDN=AGD* 
(CBBC J=BDR H>DJM>=> =   !!"!2
#$"% "+ !DN = JL=PC >CIE>=G=R =D =?>E> HCKD
NCADB MN= G=B HD>I=B GE=AICE>=BR D
."’
GEBHK=t BC EKMNEA= HD> =KFMAB BCFMA, "!-%L 0#$)05"$   #CGMVE> N=>JL=+ 3CQJMKD JDN
GDBR CiE?EAGD = LD>= C = EAGEJ=TWD >DI=TWD ?=Ei=+
GC OMEKjNCI>DB HC>JD>>EGDB+
"MNCAI=> N=>JL=+ 3CQJMKD
JDN >DI=TWD =KI=+
    W
!DN = JL=PC GC EFAETWD KEF=G= D K   9
GEBHK=t CiE?C gGCHCAGCAGD G= OMEKD,
"!-%L 0#$)05"$  
NCI>=FCN DM ICNHD GC MBD GD PCQ,
JMKDh* <=>= =_MBI=> D >CK^FED gLD>=B C NE,
 , &AGEJ=TWD GC =P=>E= CN =KFMN AMIDBh H>DJCGC> G= BCFMEAIC N=ACE>=*
 " EAGEJ=TWD GDB OMEKjNCI>DB DM JDNHDACAIC GC EKMNEA=TWD CiIC>A=+
GE=B S=KI=AICB H=>= = >CPEBWD "JCAGC,BC eMAI=NCAIC JDN = KMV,
H>DF>=N=G= DM =GPC>IZAJE= GD CBHE= GC =P=>E= FCA@>EJ= +
BCM PCAJENCAIDR JDN K=NHC_D
 , &AGEJ=TWD GD AQPCK GC JDN?MB,
GD EGCDF>=N= +
IQPCK+
!DASD>NC = PC>BWD GD PCQJMKDR
HDGC>WD BC> PEBM=KEV=G=B AD GEB, , &AGEJ=TWD GC =P=>E= AD BEBICN=
HK=t =B BCFMEAICB EASD>N=TUCB* GC =KENCAI=TWD DM AD BEBICN= GC
=>>CSCJENCAID+ "JCAGC,BC KMV,CBHE=
GC MN HDAID GC CiJK=N=TWD HC>ID
=DB >CBHCJIEPDB EGCDF>=N=B+  <>CBBEDA=> g?>CPC H>CBBWDh D ?D,
 , &AGEJ=TWD G= ICNHC>=IM>= GD IWD +
KQOMEGD GC =>>CSCJENCAID GD NDID>+  <>CBBEDA=> HD> N=EB GC z BCFMA,
GDB D ?DIWD  H=>= EAQJED GD
, &AGEJ=TWD GC I>DJ= N=>JL=B H=>=
=_MBIC GD >CK^FED g=B LD>=B BC>WD
JDAGMTWD GD PCQJMKD GC SD>N= N=EB
PEBM=KEV=G=B A= H=>IC JCAI>=K GD
CJDAjNEJ=+
OM=G>Dh+ $ J=NHD GC LD>=B  E>Y
HEBJ=>+
."(
 "I>=P@B GC ?>CPC H>CBBWD AD ?D,
IWD R =_MBI=> =B LD>=B+
 <>CBBEDA=> HD> N=EB GC z BCFMA,
GDB D ?DIWD  H=>= =_MBI=> DB
NEAMIDB+ $ J=NHD GC NEAMIDB
E>Y HEBJ=>+
 "I>=P@B GC ?>CPC H>CBBWD AD ?D,
IWD R =_MBI=> DB NEAMIDB+
 <>CBBEDA=> HD> N=EB GC z BCFMA, #
GDB D ?DIWD  H=>= NCND>EV=> DB DM

ADPDB P=KD>CB+
X =GNEIEG= MN= P=>E=TWD GC  z
BCFMAGDB = J=G= zx LD>=B AD >CK^FED
CKCI>jAEJD+

 
 
‘E>=AGD = JL=PC GC EFAETWD H=>=
= HDBETWD R GCHCAGCAGD G= OME,
KDNCI>=FCN GD PCQJMKD DM GD ICNHD
I>=ABJD>>EGD GCBGC = kKIEN= DHC>=TWD
GC N=AMICATWDR D GEBHK=t CiE?C =B $ HK=AD GC N=AMICATWD H>DF>=,
 $ >CK^FED =_MBI=GD E>Y =H=>CJC> A= EASD>N=TUCB >CK=IEP=B =D AkNC>D GC N=G= GD PCQJMKD H>CPZ DHC>=TUCB GC
H=>IC JCAI>=K BMHC>ED> GD GEBHK=t+ GE=B DM [ OMEKDNCI>=FCN S=KI=AIC H=>= N=AMICATWD = J=G= -|+||| aN DM
= H>^iEN= N=AMICATWD H>DF>=N=G=+ - =ADR H>CP=KCJCAGD = JDAGETWD OMC
H>ENCE>D DJD>>C>+ " CiE?ETWD GC EASD>,
N=TUCB >CK=IEP=B [B DHC>=TUCB GC N=,
AMICATWD DJD>>C>Y =MIDN=IEJ=NCAIC
OM=AGDR JDN = JL=PC GC EFAETWD A=
HDBETWD R = H=>IE> GDB -+||| aN
."*
S=KI=AICB H=>= >CPEBWD DM -+||| aN &ASD>N= = GEBI\AJE= HC>JD>>EG= "MIDADNE= @ = GEBI\AJE=
=H^B PCAJENCAID G= >CPEBWD DM = 5| GCBGC D kKIEND VC>=NCAID GD CBIEN=G= CN aN >C=KEVYPCK JDN
GE=B =AICB DM GCHDEB G= >CPEBWD C BC>Y + D AQPCK GC JDN?MBIQPCK JDAIEGD
PEBM=KEV=G= = J=G= z|| aN DM 5 GE=B+ z+ #!/0 A " AD >CBC>P=I^>EDR A= LEH^ICBC
sM=AGD = N=AMICATWD H>DF>=N=G= GC H>DBBCFME> = PE=FCN JDN
X = >CK=TWD CAI>C = GEBI\AJE= C D
CBIEPC> H>^iEN= GD PCAJENCAID H>C, D NCBND CBIEKD GC GE>EFE>R DM
AkNC>D GC KEI>DB GC JDN?MBIQPCK
PEBIDR FE>=AGD = JL=PC GC EFAETWD A= BC_=R A= NCBN= JDAGETWD GC
JDABMNEGDB GCBGC D EAQJED G=
HDBETWD R AD GEBHK=t =H=>CJC>Y D PE=FCN+ $ JDABMND N@GED @
JDABMND+
P=KD> GDB OMEKjNCI>DB S=KI=AICB H=>= =IM=KEV=GD = J=G= -| BCFMAGDB " =MIDADNE= @ J=KJMK=G= JDABE,
= >CPEBWD H>CJCGEGD GC MN BEA=K AC, C D EABI=AI\ACD @ =IM=KEV=GD = GC>=AGD D JDABMND N@GED GDB
F=IEPD+ <>DJM>C =   !!"!#$"% J=G= BCFMAGD+ kKIENDB ; NEAMIDB C DB KEI>DB GC
 OMC >C=KEV=>YR =K@N G=B DHC>=, JDN?MBIQPCK JDAIEGDB AD >CBC>,
5+ %$"   A "
TUCB GC N=AMICATWD H>CPEBI=B HCKD P=I^>ED+
r<K=AD GC N=AMICATWD H>DF>=N=G=qR )CAGD BEGD BCKCJEDA=G=
’N J=BD GC =?=BICJENCAID GC
D VC>=NCAID g>CBCIh GDB JDAI=GD>CB CBI= SMATWDR D GEBHK=t E>Y
JDN?MBIQPCK BC>Y J=KJMK=GD MN
GC ICNHD DM OMEKjNCI>DB H=>= = H>^, CiE?E> = PCKDJEG=GC N@GE=
ADPD P=KD> GC =MIDADNE=+
iEN= N=AMICATWD H>DF>=N=G=+ >CK=IEP= =D SMAJEDA=NCAID GD
PCQJMKD GCBGC D kKIEND >CBCI u+ #!/0 #!#Q#
gVC>=NCAIDh GD + &ASD>N= D JDABMND GC JDN,
  x+ 0-  "30 ?MBIQPCK OMC CBIY DJD>>CAGD A=,
OMCKC NDNCAID+ " EASD>N=TWD
"&$ $./*012(- ’iE?C D ICNHD GC PE=FCN PC,
@ =IM=KEV=G= GC BCFMAGD CN BC,
>ESEJ=GD GM>=AIC D CSCIEPD SMA,
  
 FMAGD+
JEDA=NCAID GD PCQJMKDR GCBGC
"B EASD>N=TUCB GEBHDAQPCEB GD D kKIEND >CBCI gVC>=NCAIDh GD
+ $ ?DIWD R BEIM=GD A= CiI>CNE,
 BWD =B BCFMEAICB* G=GC G= =K=P=AJ= GE>CEI= BD? D PD,
 0-  *"30 A $%$/% 
K=AICR HC>NEICR JDN = JL=PC GC EFAE,
-+  U0) -)$"% !0# >/#   0) -)2
TWD CN R IC> =JCBBD [B F>=AGC,
0#$ %"3  =)-0 X YOO?B
V=B =AIC>ED>NCAIC GCBJ>EI=B+
;+ /#0"

."+
#

.",
      
    
"B BEA=KEV=TUCB GC =GPC>IZAJE= C9DM =P=>E= DJD>>CN =I>=P@B GD =JCAGENCAID GC MN= KMV,CBHE= AD OM=G>D GC
EABI>MNCAIDBR HDGCAGD BC> =JDNH=AL=G= HD> NCAB=FCAB AD GEBHK=t+
’BI=B BEA=KEV=TUCB BWD !"#A"$!  $/%)! JDN D D?_CIEPD GC BMFC>E> = ENCGE=I= =TWD OMC GCPC BC> =GDI=G=
HCKD NDID>EBI=R CN BEIM=TUCB OMC HDGCN KCP=> D PCQJMKD = JDAGETUCB CiI>CN=B GC MBD+ ’BI= BEA=KEV=TWD AWD
GCPC BC> JDABEGC>=G= JDNHKCI= C9DM =KIC>A=IEP= =D CBHCJESEJ=GD AD H>CBCAIC N=AM=K GC MBD C N=AMICATWDR D OM=K
>CJDNCAG=NDB BCNH>C MN= =ICAI= C =H>DSMAG=G= KCEIM>=+ ’N J=BD GC BEA=KEV=TWD GC =GPC>IZAJE=9=P=>E=R >CJD>>C>
BCNH>C =D JDAICkGD GCBJ>EID AD H>CBCAIC J=HQIMKD+


(=B HYFEA=B BCFMEAICB BWD GCNDABI>=GDB =KFMAB CiCNHKDB GC BEIM=TUCB CN OMC HDGC DJD>>C> D =JCAGENCAID GC
MN= KMV,CBHE= AD OM=G>D GC EABI>MNCAIDB C9DM PEBM=KEV=TWD AD GEBHK=t CN =KFMN=B PC>BUCB+

/1!2!-"  $) *)0%4 # >/ )  "#!)/0#!


/12!-"  >/ !"3#"6"$  >/ 61)

T       8     2


}
   
7>/"  ! 6)"! "#!/6"$"# #CBI=?CKCT= D AQPCK GD KQOMEGD GDB S>CEDB CR CN BCFMEG=R PC>E,
" KMV,CBHE= =JCAGC,BC OM=AGD D AQPCK GD KQOMEGD GDB S>CEDB SEOMC BC = KMV,CBHE= BC =H=F=+
AD >CBC>P=I^>ED GCBJC =?=EiD GD AQPCK NQAENDR GCPEGD = MN= 1C = KMV,CBHE= HC>N=ACJC> =JCB=R GE>EFE>,BC [   !!"!#2
HDBBQPCK HC>G= GC KQOMEGD HCKD JE>JMEID+ $"% "+
)"  !$"#0# $"#  2CBCAF=I=> D S>CED GC CBI=JEDA=NCAID C PC>ESEJ=> BC = KMV,
" KMV,CBHE= =JCAGC,BC JDN D S>CED GC CBI=JEDA=NCAID =JED, CBHE= BC =H=F=+
A=GDR N=B GCPC =H=F=>,BC OM=AGD D S>CED GC CBI=JEDA=NCAID 1C = KMV,CBHE= HC>N=ACJC> =JCB=R GE>EFE>,BC [   !!"!#2
SD> KE?C>=GD+ $"% "+

."#-
/12!-"  >/ !"3#"6"$  >/ 61)


1C = KMV,CBHE= AWD BC =JCAGC> =D GCBKDJ=> = JL=PC GC
EFAETWD H=>= = HDBETWD  DM HC>N=ACJC> =JCBD GM>=AIC =
N=>JL= @ HDBBQPCK OMC CiEBI= MN= =ADN=KE= ADB BEBICN=B GC
=E>?=F] ACBBC J=BDR DB =E>?=FB DM DB H>@,ICABEDA=GD>CB HDGCN
  AWD BC =IEP=> CN J=BD GC =JEGCAIC DMR AMN AkNC>D GC J=BDB
2CBKDJ=AGD = JL=PC GC EFAETWD H=>= = HDBETWD R = KMV, N=EB KENEI=GDR =IEP=>,BC GC NDGD C>>=GD+ "AICB GC H>DBBCFME>R
CBHE= =JCAGC,BCR N=B GCPC =H=F=>,BC =H^B =KFMAB BCFMAGDB+ GE>EFE>,BC [   !!"!#$"% " H=>= D ENCGE=ID JDAI>DKC GD

#
$ =JCAGENCAID G= KMV,CBHE= JDN KMV SEi= EAGEJ= MN= =P=>E= BEBICN=+
AD BEBICN= GC =E>?=F+
" =P=>E= G= KMV,CBHE= @ =BBEA=K=G= HCKD =JCAGENCAID GD
QJDAC AD GEBHK=t GD OM=G>D GC EABI>MNCAIDB+ (CBBC J=BDR
= KMV,CBHE= HDGC AWD =BBEA=K=> CPCAIM=EB =ADN=KE=B GDB BEB,
ICN=B GC =E>?=F+ "AICB GC H>DBBCFME>R GE>EFE>,BC [   !!"!2
#$"% " H=>= D ENCGE=ID JDAI>DKC GD BEBICN=+
  
        2
  =! >/"- ?
"SEPCK=> D JEAID GC BCFM>=AT=+
" KMV,CBHE= BC =JCAGC H=>= EAGEJ=> OMC D JEAID GC BCFM>=AT=
GD NDID>EBI= AWD SDE =SEPCK=GD+

."##
/12!-"  >/ !"3#"6"$  >/ 61)

C      T    2


    <=>=> D PCQJMKDR GCBKEF=> D NDID> C JC>IESEJ=>,BC GC OMC D AQ,
‘E>=AGD = JL=PC G= EFAETWD CN R = KMV,CBHE= AD OM=G>D PCK GD KQOMEGD GC =>>CSCJENCAID AD EAIC>ED> GD >CBC>P=I^>ED
K=NHC_= C GCPC =H=F=>,BC =H^B =KFMAB BCFMAGDB+ AWD CBIC_= =?=EiD GD AQPCK GC >CSC>ZAJE= .&(+ 1C SD> CBBC D
J=BDR =FM=>G=> D =>>CSCJENCAID GD NDID>+ ’N BCFMEG=R =?>E>
(= H>CBCAT= GC JDAGETWD GC =KI= ICNHC>=IM>= JDN = ?=>>=
KCAI=NCAIC C JDN JMEG=GD D I=NHWD C >CHD> D KQOMEGD GC
F>YSEJ= =JCB= =I@ D HCAkKIEND BCFNCAID gv£h BC>Y PEBM=KEV=G=R
=>>CSCJENCAIDR JC>IESEJ=AGD,BC GC OMC CBIC CBIC_= JDNH>CCA,
GCHCAGCAGD G= PC>BWDR = NCAB=FCN r)’.<q DM p’iJCBBEP=
GEGD CAI>C =B >CSC>ZAJE=B .&( C ."y CiEBICAICB AD H>^H>ED
ICNHC>=IM>= GD KQOMEGD GD >=GE=GD>p =I@ OMC D P=KD> GC ICN,
>CBC>P=I^>ED+ "K@N GEBBDR PC>ESEJ=> PEBM=KNCAIC = H>CBCAT= GC
HC>=IM>= >CID>AC =D BCFNCAID =AIC>ED> gu£h+
CPCAIM=EB HC>G=B GC KQOMEGD+ 1CR A= H=>IEG= BCFMEAICR = KMV,
(D J=BD G= ICNHC>=IM>= =KJ=AT=> D kKIEND BCFNCAID g~£hR CBHE= gDM D QJDAC AD GEBHK=th BC =JCAGC> ADP=NCAICR JDAI=I=>
= KMV,CBHE= GC ICNHC>=IM>= C = NCAB=FCN r1)$<q C IDGDB =   !!"!#$"% "+
DB BCFNCAIDB G= CBJ=K= F>YSEJ= GCPCN K=NHC_=> =I@ OMC DB
P=KD>CB GC ICNHC>=IM>= >CID>ACN =D BCFNCAID gv£h+ (CBIC 
J=BDR GCBKEF=> D NDID> C H>DJM>=> =   !!"!#$"% "+ 1C D NDID> SMAJEDA=> BCN D KQOMEGD GC =>>CSCJENCAIDR BCM
1C = KMV,CBHE= =JCAGC> GM>=AIC = N=>JL=R H=>=> D PCQJMKDR PCQJMKD HDGC>Y BC> BC>E=NCAIC G=AESEJ=GD+ $B >CH=>DBR ACBICB
N=AIC> D NDID> KEF=GD C KEFCE>=NCAIC =JCKC>=GD H=>= HC>NEIE> J=BDBR AWD BC>WD JD?C>IDB HCK= F=>=AIE=+
= JE>JMK=TWD GD KQOMEGD GC =>>CSCJENCAID+
      8 
‘E>=AGD = JL=PC G= EFAETWD A= HDBETWD  = KMV,CBHE= AD 1C = KMV,CBHE= HC>N=ACJC> =JCB= H>DJM>C ENCGE=I=NCAIC =
OM=G>D =JCAGC C GCPC =H=F=> KDFD OMC D NDID> SMAJEDAC   !!"!#$"% "+
gJDN D NDID> CN N=>JL= KCAI= @ =GNEIEGD MN ?>CPC =I>=BD
AD GCBKEF=NCAIDh+
   :         2

$ PCQJMKD CBIY COMEH=GD JDN JD>>CID> CKCI>jAEJD GC S>CA=,
FCN ’b2 g’KCJI>DAEJ b>=aC 6D>JC 2EBI>E?MIEDAh+ $ =JCAGE, 2E>EFE> JDN CiI>CN= H>MGZAJE= =I@ JLCF=> [   !!"!#2
⁄ NCAID BENMKI\ACD G=B KMVCB,CBHE= AD OM=G>D GC EABI>MNCAIDB $"% " H=>= PC>ESEJ=TWD GD BEBICN=+
C JDN D NDID> SMAJEDA=AGDR EAGEJ= MN= =ADN=KE=
AD BEBICN= ’b2] ACBIC J=BDR JDN S>CA=FCAB PEDKCAI=BR HDGC
DJD>>C> MN I>=P=NCAID H>CJDJC G=B >DG=B I>=BCE>=BR JDN HDB,
BE?EKEG=GC GC HC>G= G= GE>CTWD+

."#$
/12!-"  >/ !"3#"6"$  >/ 61)

 
  9      
$ BQN?DKD =JCAGC,BC JDN KMV SEi=R OM=AGD D BEBICN= GCICJ,
I=> MN= H>CBBWD EABMSEJECAIC GD ^KCD GD NDID>+ 
(WD MIEKEV=> D PCQJMKD =I@ OMC = =P=>E= ICAL= BEGD CKENEA=G=+ 1C D BQN?DKD BC =JCAGC> GM>=AIC = N=>JL=R GCBKEF=>
$ =JCAGENCAID GD BQN?DKD AWD EAGEJ= = OM=AIEG=GC GC ^KCD ENCGE=I=NCAIC D NDID> C GE>EFE>,BC [   !!"!#$"% "+
H>CBCAIC AD NDID>* D JDAI>DKC GD AQPCK GCPC BC> BCNH>C CSC,
IM=GD N=AM=KNCAIC+
        =! >/"- ?
$ BQN?DKD =JCAGC,BC OM=AGD MN= DM N=EB HD>I=B AWD BC 6CJL=> JD>>CI=NCAIC IDG=B =B HD>I=B+
#
CAJDAI>=N JD>>CI=NCAIC SCJL=G=B gH=>= =KFMN=B PC>BUCBR
OM=AGD H>CPEBIDh+

/1!2!-"  $) 0)% Q0.) # >/ )  "#!)/0#!


/12!-"  >/ !"3#"6"$  >/ 61)

    


2CBKDJ=AGD = JL=PC GC EFAETWD H=>= = HDBETWD R = KMV,
CBHE= =JCAGC,BCR N=B GCPC =H=F=>,BC =H^B =KFMAB BCFMAGDB+
<>DJCGC> JDN H>MGZAJE= C GE>EFE>,BC ENCGE=I=NCAIC [  
" KMV,CBHE= =JCAGC,BC OM=AGD D BEBICN= "b1 BC CAJDAI>= !!"!#$"% "+
EACSEJECAIC+ (CBBC J=BDR D BEBICN= GC S>CEDB N=AI@N EA=KIC,
>=G= = H>^H>E= CSEJYJE=R N=B BCN =B HDICAJE=KEG=GCB DSC>CJE,
G=B HCKD BEBICN= "b1+

."#%
/12!-"  >/ !"3#"6"$  >/ 61)

    K



’N JDAGETUCB AD>N=EBR GCBKDJ=AGD = JL=PC GC EFAETWD H=>=
= HDBETWD R = KMV,CBHE= =JCAGC,BCR N=B GCPC GCBKEF=>,BC <>DJCGC> JDN H>MGZAJE= C GE>EFE>,BC ENCGE=I=NCAIC [  
=BBEN OMC D NDID> SMAJEDA=>+ !!"!#$"% "+

$ SMAJEDA=NCAID G= KMV,CBHE= HDGC BC> PC>ESEJ=GD =I>=P@B GC 


GEBHDBEIEPDB =GCOM=GDB HCKDB =FCAICB GC JDAI>DKC GD I>YSCFD+ 1CR GCBKDJ=AGD = JL=PC GC EFAETWD H=>= = HDBETWD R
#CBHCEIC =B AD>N=B PEFCAICB AD H=QB DAGC JE>JMK=+ = KMV,CBHE= AWD BC =JCAGC> DM BCR GM>=AIC = N=>JL=R BC
(CBI=B JDAGETUCBR @ HDBBQPCK JDAIEAM=> = JDAGMVE>R CPEI=AGDR =JCAGC> JDN KMV SEi= DM EAIC>NEICAICR GE>EFE>,BC ENCGE=I=NCAIC
AD CAI=AIDR CBSD>TDB BCPC>DB GD NDID> DM PCKDJEG=GCB CKC, [   !!"!#$"% "+
P=G=B+ " MIEKEV=TWD H>DKDAF=G= GD PCQJMKD JDN = KMV,CBHE=
=JCB= GC SD>N= SEi= HDGC H>DPDJ=> G=ADB+
     8 
" KMV,CBHE= =JCAGC,BC _MAI=NCAIC JDN NCAB=FCN PEBM=KE, 1C = KMV,CBHE= gDM D QJDAC AD GEBHK=th JDNCT=> = HEBJ=>
V=G= AD GEBHK=t p6/’%p OM=AGD D I=AOMC GC JDN?MBIQPCK GM>=AIC = N=>JL=R GE>EFE>,BC [   !!"!#$"% "+
CAI>=> A= >CBC>P=+
         
  9    
<=>= =KFMN=B PC>BUCBR = KMV,CBHE= AD OM=G>D =JCAGC OM=AGDR
DM AD >CBC>P=I^>EDR D AQPCK GC F=BDKEA= SD> EABMSEJECAIC DM CBIEPC> "?=BICJC> D >CBC>P=I^>ED+
P=VED+ " S=KI= GC F=BDKEA= AD >CBC>P=I^>ED HDGC GESEJMKI=> =
H=>IEG= GD PCQJMKD OM=AGD D NCBND CBIEPC> BCAGD MB=GD
JDN CI=ADK+
     
$ =JCAGENCAID G= KMV,CBHE= DJD>>C OM=AGD @ KEF=GD D }
GCBCN?=T=GD> I>=BCE>D gBC CBIY COMEH=GDh+

."#&
/12!-"  >/ !"3#"6"$  >/ 61)

     


*)"  !"!0 "  +
1CR JDN = JL=PC A= HDBETWD R = KMV,CBHE= HC>N=ACJC>
=JCB=R EAGEJ= MN= HDBBQPCK =P=>E= gPC> D BEBICN= 6E=I JDGC
ACBIC J=HQIMKDh+ <=>= =KFMN=B PC>BUCB HDGC EAGEJ=> =P=>E= 2E>EFE>,BCR KDFD OMC HDBBQPCKR [   !!"!#$"% "+
AD BEBICN= GC =K=>NC DM ICAI=IEP= GC EAP=BWD AD PCQJMKD
gPEAJMK=GD =D =K=>NC D>EFEA=K GC SY?>EJ=h+
$ =JCAGENCAID BENMKI\ACD G=B KMVCB,CBHE= C EAGEJ=
=P=>E= AD BEBICN= 6E=I !$2’+ #

/1!2!-"  $) *)  # >/ )  "#!)/0#!


/12!-"  >/ !"3#"6"$  >/ 61)

  
 9 C
" KMV,CBHE= =JCAGC,BC =IEP=AGD =B KMVCB GC HDBETWD DM DB
S=>^EB ?=EiDB+
/#&' N%%Z 0N }
’BI= SMATWD HC>NEIC N=AIC> =B KMVCB =JCB=B GM>=AIC MN
HC>QDGD GC 5|R u| +++ z-| BCFMAGDB =H^B IC> JDKDJ=GD =
JL=PC GC EFAETWD A= HDBETWD +
9    =! >/"- ?
" KMV,CBHE= =JCAGC,BC OM=AGD BC KEF=N DB S=>^EB GC AC?KEA= }
gBC COMEH=GDh+
   
 T 
" KMV,CBHE= =JCAGC,BC OM=AGD = =K=P=AJ= GC JDN=AGD GDB
EAGEJ=GD>CB GC GE>CTWD gBCI=Bh @ GCBKDJ=G= H=>= ?=EiD DMR }
_MAI=NCAIC JDN D EAGEJ=GD> GC GE>CTWD GE>CEIDR OM=AGD BC
=JEDA= D ?DIWD G=B KMVCB GC CNC>FZAJE=+

."#’
/12!-"  >/ !"3#"6"$  >/ 61)

   


  
" KMV,CBHE= =JCAGC,BC OM=AGD = =K=P=AJ= GC JDN=AGD GDB
EAGEJ=GD>CB GC GE>CTWD gBCI=Bh @ GCBKDJ=G= H=>= JEN= DMR }
_MAI=NCAIC JDN D EAGEJ=GD> GC GE>CTWD CBOMC>GDR OM=AGD BC
=JEDA= D ?DIWD G=B KMVCB GC CNC>FZAJE=+

/12!-"  $) 1/% # >/ )  "#!)/0#!


/12!-"  >/ !"3#"6"$  >/ 61)

9 
}
" KMV,CBHE= =JCAGC,BC =IEP=AGD DB S=>^EB =KIDB+

70.%! *"!/%"1 ! # "!-%L


70.%  >/ !"3#"6"$  >/ 61)

   C 


2E>EFE>,BCR KDFD OMC HDBBQPCKR [   !!"!#$"% " H=>=
$ =JCAGENCAID G= KMV,CBHE= EAGEJ= MN= =P=>E= CN =KFMN H>DPEGCAJE=> = I>DJ= GD JDNHDACAIC JDN =P=>E=+
JDNHDACAIC GC EKMNEA=TWD CiIC>A=+
  
       2 <=>= D H>DJCGENCAID GC >C=IEP=TWD GD BEBICN= GC JD>IC
  =! >/"- ? GC JDN?MBIQPCKR JDABMKI=> = BCTWD r1EBICN= GC JD>IC GC
$ BQN?DKD =JCAGC,BC gH=>= =KFMN=B PC>BUCBR _MAI=NCAIC JDN JDN?MBIQPCKq AD J=HQIMKD p’N J=BD GC CNC>FZAJE=p+ 1C
= PEBM=KEV=TWD GC MN= NCAB=FCN CBHCJQSEJ=h CN J=BD GC AWD SD> HDBBQPCK >CBI=?CKCJC> = =KENCAI=TWD GC JDN?MBIQPCKR
EAIC>PCATWD GD BEBICN= GC JD>IC GD JDN?MBIQPCK+ GE>EFE>,BC [   !!"!#$"% "+

         =!


>/"- ?
$ BQN?DKD =JCAGC,BCR _MAI=NCAIC JDN = PEBM=KEV=TWD GC 2E>EFE>,BCR KDFD OMC HDBBQPCKR [   !!"!#$"% "+
MN= NCAB=FCN CN J=BD GC =P=>E= AD BEBICN= GC JD>IC GD
JDN?MBIQPCK+

."#(
    1EA=KEV=> = ACJCBBEG=GC GC BM?B, $ =JCAGENCAID SEiD G= KMV,CBHE= EA,
IEIME> DB JDNHDACAICB GCIC>ED>=, GEJ= N=M SMAJEDA=NCAID AD BEBICN=
3   GDB+ GC =KENCAI=TWD9EFAETWDR OMC HDGC>Y
 H>DPDJ=> =MNCAID GC CNEBBUCB GD
$ BEBICN= GEBHUC I=N?@N GC MN CBJ=HCR HDBBQPCK HC>G= GC GCBCNHC,
   JDACJID> OMC HC>NEIC = KCEIM>= GDB ALDR NY GE>EFE?EKEG=GC C JDABMNDB
$ 1EBICN= GC 2E=FA^BIEJD GC J^GEFDB GC C>>DB NCND>EV=GDB A= CKCP=GDB+ ’N =KFMN=B PC>BUCB D GEB,
bD>GD $b2 g$A bD=>G 2E=FADBEBhR JCAI>=K CKCI>jAEJ=R CN JDA_MAID JDN HK=t CiE?C NCAB=FCN CBHCJQSEJ=+
#
H>CBCAIC CN =KFMN=B PC>BUCBR MN= B@>EC GC H=>\NCI>DB CBHCJQSEJDB (CBB=B JDAGETUCBR @ HDBBQPCK JDA,
CSCIM= MN GE=FA^BIEJD JDAIQAMD GDB GC GE=FA^BIEJD C SMAJEDA=NCAID GD IEAM=> = GE>EFE>R BCNH>C CPEI=AGD CB,
JDNHDACAICB >CK=JEDA=GDB JDN =B NDID>+ )=K PC>ESEJ=TWD @ HDBBQPCK H=>= SD>TDB GD NDID> C =KI=B PCKDJEG=GCB+
CNEBBUCB F=BDB=B H>DGMVEG=B HCKD DB =FCAICB CAJ=>>CF=GDB GC SEBJ=KEV=, $ MBD H>DKDAF=GD GD PCQJMKDR JDN
PCQJMKD+ "K@N GEBBDR EAGEJ= HD> NCED TWD GC I>\ABEIDR NCGE=AIC = EAIC>S=JC = KMV,CBHE= =JCB=R HDGC H>DPDJ=> G=,
GD =JCAGENCAID G= KMV,CBHE= AD GD BEBICN= JDN EABI>MNCAIDB =GC, ADB =D NCBND+ (CBBC J=BDR H>DJM>=>
OM=G>D GC EABI>MNCAIDBR =JDNH=, OM=GDB+ =   !!"!#$"% "+
AL=G= GC NCAB=FCN AD GEBHK=t
1C D N=M SMAJEDA=NCAID GCB=H=,
g=KFMN=B PC>BUCBhR = JDAGETWD GC     >CJC = KMV,CBHE= BC =H=F=R N=B D BEB,
S=KL= GC JDNHDACAICB GD BEBICN= GC
 9   ICN= NCND>EV= = BEA=KEV=TWD+
JDAI>DKC GD NDID>+
8   
1C = KMV,CBHE= BC =JCAGC GC NDGD
$ BEBICN= $b2 ICN JDND D?_CIE,
’N JDAGETUCB AD>N=EBR FE>=AGD EAIC>NEICAIC @ EAGEJ=TWD GC HDBBQ,
PDB*
= JL=PC GC EFAETWD H=>= = HDBETWD PCK G=AD AD J=I=KEB=GD>+ (D J=BD
R = KMV,CBHE= g=N=>CKD \N, GC =JCAGENCAID EAIC>NEICAICR BDKI=>
 .=AIC> BD? JDAI>DKC = CSEJEZAJE=
?=>h BC =JCAGCR N=B GCPC =H=F=>,BC D HCG=K GD =JCKC>=GD>R >CGMVEAGD =
GD BEBICN=+
OM=AGD D NDID> SMAJEDA=>+ PCKDJEG=GCR =I@ OMC = KMV CBHE= BC
 1EA=KEV=> MN =MNCAID GC CNEB, =H=FMC+ <>DBBCFME> = N=>JL= CN PC,
BUCB GCPEGD = MN SMAJEDA=NCAID 1C = KMV,CBHE= HC>N=ACJC =JCB=R
KDJEG=GC >CGMVEG= C H>DJM>=> =  
E>>CFMK=> GD PCQJMKD+ DM BC =JCAGC> GM>=AIC = N=>JL=R @
!!"!#$"% "+
EAGEJ=TWD GC SMAJEDA=NCAID ENHC>,
SCEID GD BEBICN= GC JDAI>DKC GD NDID>+
."#*
  
1CR FE>=AGD = JL=PC H=>= = HD,
BETWD R = KMV,CBHE= AWD BC
=JCAGC>R DM BC =JCAGC> GC NDGD
SEiD9EAIC>NEICAIC GM>=AIC = N=>JL=R
JDAI=I=> D OM=AID =AICB =   !!"!2
#$"% "+
" SMAJEDA=KEG=GC G= KMV,CBHE=
HDGC BC> PC>ESEJ=G= HCKDB =FCAICB GC
SEBJ=KEV=TWD GD I>\ABEID DM CN CPCA,
IM=EB H>DF>=N=B DSEJE=EB GC EABHCTWD
GC PCQJMKDB+ #CBHCEIC =B AD>N=B PE,
FCAICB+

."#+
 
$ J=HQIMKD = BCFME> @ NMEID ENHD>I=AIC* =OME BWD
GCBJ>EIDB DB BEBICN=B GC BCFM>=AT=R =K@N G=B EAGEJ=TUCB
ACJCBBY>E=B BD?>C JDND MIEKEVY,KDB JD>>CI=NCAIC+

6#’&$1 "b1 + + + + + + + + + + + + + + + + + + + + + + 2,-


!&()$1 2’ 1’‘/#"(7" + + + + + + + + + + + + + + 2,5
"%’#)" 2’ (o$ "6&3’%".’()$ 2$ !&()$
2’ 1’‘/#"(7" gBC COMEH=GDh + + + + + + + + + + + 2,~
<#X,)’(1&$("2$#’1 + + + + + + + + + + + + + + + 2,~ $
1’‘/#"(7" <"#" !#&"(7"1 + + + + + + + + + + 2,-|
1&1)’."1 2’ 1’‘/#"(7"
1/<%’.’()"#’1 + + + + + + + + + + + + + + + + + 2,-~

/
/
  ID>EBI= @ =PEB=GD =I>=P@B G= HMKB=TWD  ’N J=BD GC BDKG= CK@I>EJ= AD PCQ,
GD HCG=K GD S>CED JDN >MQGDB GC SMA, JMKDR GCBKEF=> = ?=IC>E= C = MAE,
   =#"2%$[ )["#3 JEDA=NCAID LEG>YMKEJD+ ’BIC JDNHD>, G=GC GC JDN=AGD CK@I>EJ=+
L!0? I=NCAID @ JDNHKCI=NCAIC AD>N=K C  #CIE>=> = MAEG=GC GC JDN=AGD
$ "b1 g1EBICN= "AIE?KDOMCED G=B EAGEJ= OMC D BEBICN= CBIY =IEPD+ CK@I>EJ= OM=AGD D PCQJMKD SD> JD,
#DG=Bh @ MN GEBHDBEIEPD JDN?EA=GD (D J=BD GC OM=KOMC> =ADN=KE=R KDJ=GD CN CBI=GD GC BCJ=FCN
JDN D BEBICN= GC S>CEDB JDAPCAJED, D BEBICN= GCB=IEP=,BC =MIDN=IEJ=, gICNHC>=IM>= =JEN= GC ~|!h+
A=KR OMC ENHCGC D ?KDOMCED G=B >D, NCAICR H=BB=AGD = SMAJEDA=> AD>,  2CBJDACJI=> DB J=?DB G= ?=IC>E=
G=B HC>NEIEAGD* N=KNCAIC D BEBICN= JDAPCAJEDA=K+ =AICB GC J=>>CFY,K= DM =AICB GC
OM=KOMC> >CH=>D AD BEBICN= "b1+
 .CKLD>=> D JDAI>DKC C = CBI=?EKE,  (WD >CIE>=> DM JDKDJ=> D JDACJ,

G=GC GD PCQJMKD GM>=AIC = S>C=G=+ ID> G= MAEG=GC GC JDN=AGD JDN $
 $IENEV=> D NQAEND CBH=TD GC (DB PCQJMKDB 6E=I COMEH=GDB JDN JDNMI=GD> GC EFAETWD KEF=GD+
S>CA=FCN+ "b1 GCPCN BC> NDAI=GDB CiJKMBEP=,  (WD GCBKEF=> = ?=IC>E= JDN D ND,
NCAIC >DG=BR HACMBR KDA=B C H=BIEKL=B
 /BMS>ME> HKCA=NCAIC G= =GC>ZA, ID> CN SMAJEDA=NCAID+
GC S>CED GD IEHD C N=>J= =H>DP=GDB
JE= GC J=G= HACM+
HCKD S=?>EJ=AIC+

/N= JCAI>=K CKCI>jAEJ= >CJC?C DB
BEA=EB H>DPCAECAICB G=B >DG=BR KDJ=, ")’(7o$* $ =JCAGENCAID
KEV= OM=EB ICAGCN = I>=P=>,BC C CAPE= BDNCAIC G= KMV,CBHE= JDN D
MN BEA=K [ JCAI>=K CKCI>DLEG>YMKEJ=    NDID> CN SMAJEDA=NCAIDR EAGEJ=
H=>= >CGMVE>R N=AIC> DM =MNCAI=> = $ "b1 AWD GEBHCAB= D NDID>EBI= GC MN= =ADN=KE= GC SMAJEDA=NCAID GD
H>CBBWD ADB JEKEAG>DB GC JDN=AGD MN= JDAGMTWD H>MGCAICR H>EAJEH=K, BEBICN= "b1+ (CBIC J=BDR D BEBICN=
GDB S>CEDBR GC N=ACE>= = CPEI=> D ?KD, NCAIC CN CBI>=G=B JDN YFM=R K=N=R GC S>CEDB E>Y N=AIC> = BM= CSEJEZAJE=
OMCED+ =>CE=R CIJ+ AD>N=KR AWD CiEBIEAGD AD CAI=AID =
SMATWD =AIEI>=P=NCAID G=B >DG=B+
$ "b1 CAI>= CN SMAJEDA=NCAID 2E>E_= BCNH>C JDN BCFM>=AT=+ ’PEIC S>C=G=B ?>MBJ=B+
OM=AGD @ BDKEJEI=G= = IDI=K J=H=JE,
G=GC GC S>CA=FCN GD PCQJMKD+ $ ND, !MEG=GDB JDN D BEBICN= "b1*
/"#
#CJDNCAG=,BC KCP=> D PCQJMKD =I@ " JDAGMI= = N=AIC> =D PDK=AIC        2
=   !!"!#$"% "R CPEI=AGD GCPC BC> BCNH>C = =GCOM=G= H=>= :  
S>C=G=B ?>MBJ=B+ =B JDAGETUCB =INDBS@>EJ=BR = PEBE?EKE,
$ PCQJMKD @ GDI=GD GC MN JD>>CID>
G=GC G= CBI>=G=R D I>\ABEID C =B AD>,
GC S>CA=FCN CKCI>jAEJD GCADNEA=GD
N=B GC JE>JMK=TWD+
 g’KCJI>DAEJ b>=aC 6D>JC 2EBI>E?M,
IEDAh OMCR =I>=P@B G= JCAI>=KEA= C GDB
   BCABD>CB GD BEBICN= R HC>NEIC EA,
1C =JCAGC> = KMV,CBHE= EAGE, ICABESEJ=> = =TWD GD BEBICN= GC S>CEDB+
J=AGD AQPCK NQAEND GC SKMEGD AD BEB,   
ICN= GC S>CEDBR KCP=> D PCQJMKD D /N= MIEKEV=TWD CiJCBBEP= GD S>CED
OM=AID =AICB [   !!"!#$"% " NDID> gN=>JL=B NMEID ?=Ei=B JDN
H=>= MN= PC>ESEJ=TWD GD BEBICN=+ HDMJ= =GC>ZAJE=hR HDGC>E= S=VC> GC>,   
>=H=> =B >DG=B NDI>EVCB+
2E>E_= BCNH>C JDN BCFM>=AT=+ $ =JCAGENCAID BENMKI\ACD G=B
$ BEBICN= "b1 AWD ICN OM=KOMC> KMVCB,CBHE= C R JDN D NDID>
’PCAIM=EB P=V=NCAIDB GC SKMEGD GC CSCEID BD?>C CBIC IEHD GC BEIM=TWD+ KEF=GDR EAGEJ= MN= =ADN=KE= GD
S>CEDB =SCI=N D SMAJEDA=NCAID GDB BEBICN= ’b2+
NCBNDBR BC_=N GD IEHD JDAPCAJEDA=K (CBIC J=BDR A=B S>C=G=B PEDKCAI=B

DM JDN BEBICN= "b1+ HDGC DJD>>C> MN I>=P=NCAID H>CJDJC
1C D BEBICN= "b1 CAI>=> CN SMAJE,
G=B >DG=B I>=BCE>=BR JDN HDBBE?EKE,
DA=NCAIDR BEFAESEJ= OMC = =GC>ZAJE=
G=GC GC GC>>=H=FCN+ !DAGMVE> D PCQ,
CAI>C D HACM C = CBI>=G= SDE >CGMVEG=
JMKDR JDN CiI>CN= J=MICK=R [  
CN >CK=TWD =D AD>N=K] ACBIC J=BDR
   !!"!#$"% " N=EB H>^iEN= H=>= =
>CGMVE> ENCGE=I=NCAIC = PCKDJEG=GCR
PC>ESEJ=TWD GD BEBICN=+
" CSEJEZAJE= GD BEBICN=R CN IC>NDB AD BCAIEGD GC =GCOMY,K= [B JDAGE,
GC BCFM>=AT= =IEP=R AWD GCPC EAGMVE> TUCB GD I>CJLD CN OMC BC I>=SCF=+
D NDID>EBI= = JD>>C> >EBJDB GCBACJCB,
BY>EDB+

/"$
  
  
    
$ =JCAGENCAID =HCA=B G=      "H^B CAF=I=> = SEPCK= A= BCGC GD
KMV,CBHE= R JDN D NDID> KEF=GDR    SCJLDR HMi=> KCPCNCAIC D JEAID H=>=
EAGEJ= AD>N=KNCAIC MN= =ADN=KE= $ JEAID GCPC BC> MB=GD N=AICAGD CKENEA=> = SDKF= GD J=G=>TD A= >CFEWD
BDNCAIC GD BEBICN= "b1+ (CBIC D I^>=i C>CID C =HDE=GD JDAI>= D =?GDNEA=K+
J=BDR D BEBICN= GC S>CEDB N=AI@N = CAJDBID GD ?=AJD+ $?BC>PC BCNH>C =B >CJDNCAG=,
BM= CSEJEZAJE= AD>N=KR AWD CiEBIEAGDR
<=>= JDKDJ=> DB JEAIDBR HCF=> = TUCB GCBIC N=AM=K+
AD CAI=AIDR = SMATWD =AIEI>=P=NCAID+
’N I=EB JDAGETUCBR I=N?@N = SMAJE, KEAFMCI= GC SEi=TWD  C EAI>DGMVE,K=
A= BCGC  =I@ HC>JC?C> D rJKEOMCq GC
DA=KEG=GC GD BEBICN= ’b2 HDGC BC>
I>=P=NCAID+
<=>= >CIE>=> D JEAIDR =HC>I=> D ?DIWD
+ "JDNH=AL=> D JEAID GM>=AIC BCM
$
>CGMVEG=+
CA>DK=NCAID H=>= CPEI=> OMC SEOMC
)=N?@N ACBIC J=BDR @ =JDABCKLY, ID>JEGD+
PCK GE>EFE>,BC ENCGE=I=NCAIC [  
!!"!#$"% " N=EB H>^iEN=R JDA,
GMVEAGD GC NDGD = CPEI=> S>C=G=B
?>MBJ=BR H=>= = PC>ESEJ=TWD GD BEB,
  
ICN=+
(WD H>CBBEDA=> D ?DIWD GM>=AIC
= N=>JL=+
$?BC>PC BCNH>C =B >CJDNCAG=,
TUCB GCBIC N=AM=K+
1C GM>=AIC = JDKDJ=TWD GD JEAIDR
D NCBND BC I>=P=>R GCEiY,KD CA>DK=> $ JEAIDR HD> NCED GD CA>DK=GD>R
HD> MN ?>CPC I>CJLD C >CIE>Y,KD ADP=, =G=HI=,BC =MIDN=IEJ=NCAIC =D JD>HD
NCAIC CPEI=AGD HMiUCB >CHCAIEADB+ GD H=BB=FCE>D HC>NEIEAGD KE?C>G=GC
GC NDPENCAIDB+
/"%
!DN D PCQJMKD CBI=JEDA=GD CN
SD>IC =JKEPC DM GCJKEPC D CA>DK=GD>
HDGC I>=P=>,BC* EBID @ AD>N=K+ $ NC,   
J=AEBND GC I>=P=NCAID GD CA>DK=GD>
EAIC>P@N CN J=BD GC OM=KOMC> HM, " >CFMK=FCN CN =KIM>= GDB JEAIDB
iWD >CHCAIEAD GD JEAID DM CN J=BD GC BCFM>=AT= GCPC BC> SCEI= JDN D
GC S>C=G=B ?>MBJ=BR JDKEBUCB C JM>P=B PCQJMKD H=>=GD+
CN =KI= PCKDJEG=GC+ 2E>E_= BCNH>C JDN BCFM>=AT=+

#CFMK=> BCNH>C = =KIM>= GDB JEAIDBR


=G=HI=AGD,DB [ CBI=IM>= G=B HCBBD=B
   OMC DB MB=N+ ’BI= H>CJ=MTWD HC>,   
<=>= D?IC> = NYiEN= H>DICTWDR NEIC NCKLD>=> BM= CSEJYJE= >CGMVEAGD "H^B = >CFMK=FCNR PC>ESEJ=> BCNH>C
N=AIC> D CAJDBID CN HDBETWD PC>IE, BM?BI=AJE=KNCAIC DB >EBJDB GC KCBUCB BC D JM>BD> CBIY I>=P=GD CN MN= G=B
J=KR =HDE=> ?CN =B JDBI=B C N=AIC> CN J=BD GC JLDOMCB+ HDBETUCB H>CGEBHDBI=B+
D JEAID ?CN =GC>CAIC =D I^>=i C [ " >CFMK=FCN JD>>CI= @ D?IEG= <=>= I=AIDR BCN H>CBBEDA=> D ?DIWDR
?=JE=+ OM=AGD D JEAID H=BB= JC>J= G= NC, S=VC> MN NDPENCAID H=>= ?=EiD H=>=
I=GC CAI>C = CiI>CNEG=GC GD DN?>D HC>NEIE> D I>=P=NCAID GD GEBHDBEIEPD
(MAJ= MIEKEV=> D JEAID JDN D ?=AJD
C GD HCBJDTD+ " BM= CSEJEZAJE= GC SEi=TWDR J=BD D NCBND AWD ICAL=
>CJKEA=GD+
GCHCAGC GE>CI=NCAIC G= JD>>CI= BEGD I>=P=GD CN MN= G=B HDBETUCB
JDKDJ=TWD HD> H=>IC GD MBMY>ED+ CBI=?CKCJEG=B+
      <=>= =KFMN=B PC>BUCBR = >CFMK=FCN
   =! >/"2 CN =KIM>= @ HDBBQPCK CN x HDBETUCB ’N =KFMN=B PC>BUCBR = >CFMK=FCN
- ? GEBIEAI=B+ G= =KIM>= GD JEAID @ SCEI= >CNDPCAGD
’BIY H>CPEBID >CFMK=FCN CN =KIM>= D =ACK DBJEK=AIC GC BM= HDBETWD D>EFE,
<=>= S=VC> = >CFMK=FCNR =HC>I=> D
H=>= DB JEAIDB GC BCFM>=AT= GE=AICE, A=K C >CEABI=K=AGD,D AD D>ESQJED  GEB,
?DIWD  C KCP=AI=> DM =?=Ei=> = CN,
>DB+ HDAQPCK A= JDKMA= JCAI>=K+ <=>= I=AIDR
HMAL=GM>= +
GCPC BC CiI>=E> D I=NHWD GD D>ESQJED

/"&
C >CNDPC> D H=>=SMBD GC SEi=TWD GD KMF=>CB OMC AWD CBIEPC>CN DJMH=GDB
=ACKR >CEABI=K=AGD,D A= HDBETWD GC, HDGCNR EA=GPC>IEG=NCAICR SEJ=> H=>=
BC_=G=+ #CJDKDJ=> D I=NHWD+ X >C, SD>= GD PCQJMKD =H^B IC> SCJL=GD =B
JDNCAGYPCK OMC CBI= DHC>=TWD BC_= HD>I=B I>=BCE>=B+
JDASE=G= [   !!"!#$"% "B
"JDABCKL=,BC = GCEi=> =SEPCK=GDB
IDGDB DB JEAIDB GC BCFM>=AT= I>=BCE>DB
GDB PCQJMKDB BCN >CI>=ID> =MIDNYIEJDR
NCBND BC AWD CBIEPC>CN CN MBDR C
BCNH>C S=VC> D =_MBIC GD JEAID =D
JD>HD GD H=BB=FCE>D+
$B JEAIDB GC BCFM>=AT= H=>= DB
HDBIDB I>=BCE>DB GCPCN BC> MB=GDB

$
JDASD>NC DB CBOMCN=B EKMBI>=GDB A=
EN=FCAB =AIC>ED>CB+ $ JEAID CBI=>Y >CFMK=GD JD>>CI=,
NCAIC OM=AGD =GC>E> ?CN [ ?=JE=+ "
<=>= =KFMN=B PC>BUCBR H=>= CPE, BM= CSEJEZAJE= GCHCAGC GE>CI=NCAIC
      2 I=> CAF=ICB EAJD>>CIDBR OMC HDGC>E=N G= JD>>CI= JDKDJ=TWD HD> H=>IC GD
 =SCI=> = SMAJEDA=KEG=GC GDB JEAIDB GC MBMY>ED+
$ ?=AJD I>=BCE>D HDBBME JEAIDB GC BCFM>=AT=R =B KEAFMCI=B GDB JEAIDB K=,
BCFM>=AT= EAC>JE=EB GC I>ZB HDAIDB GC IC>=EB C D SCJLD GD JEAID JCAI>=K gEGCA,
SEi=TWD JDN CA>DK=GD>+ IESEJ=GD JDN = H=K=P>= !’()’#h BWD
EAJDNH=IQPCEB CAI>C BE+
  
1C DJD>>C> JDKEBWDR DB H=BB=FCE>DB
GDB ?=AJDB I>=BCE>DB OMC AWD CBIEPC,
>CN MB=AGD DB JEAIDBR =K@N GC CBI=,
  
>CN EAS>EAFEAGD =B KCEB GC I>\ABEID BC,
" CiI>CNEG=GC CiJCGCAIC GD JEAID >WD CiHDBIDB = MN F>=AGC >EBJD+
>CBMKI=AIC GC MN =_MBICR =BBEN JDND
DB H>^H>EDB JEAIDB GC BCFM>=AT= GDB
/"’
" AWD MIEKEV=TWD GDB JEAIDB I>=BCE, HC>JM>BDB GC MIEKEV=TWD GD PCQJMKD+
>DB JDABIEIME CN MN HC>EFD I=N?@N !C>IESEJ=>,BC OMC IDGDB DB DJMH=AICB
H=>= DB DJMH=AICB GDB ?=AJDB GE=A, GD PCQJMKD CBIC_=N MIEKEV=AGD D JEAID
ICE>DB GD PCQJMKD+ GC BCFM>=AT=+ 3E=_=> BCN MIEKEV=> DB
JEAIDB =MNCAI= D >EBJD GC KCBUCB F>=,
PCBR DM GC ND>ICR CN J=BD GC JDKEBWD+
      

   
  
$ NDID>EBI= GCPC >CBHCEI=> gC I=N,
  
?@N DB DMI>DB DJMH=AICB GD PCQJMKDh
IDG=B =B GEBHDBETUCB KCFEBK=IEP=B KD, $ JEAID AWD GCPC BC> GD?>=GD+ "   
J=EB JDN >CK=TWD [ D?>EF=TWD C ND, H=>IC BMHC>ED> GCPC H=BB=> ADB DN,
’N LEH^ICBC =KFMN= GCPC,BC GCB,
G=KEG=GCB GC MIEKEV=TWD GDB JEAIDB+ ?>DB C =I>=PCBB=> GE=FDA=KNCAIC D I^,
NDAI=> DM EAIC>PE> ADB JDNHDACAICB
>=i+
!DKDJ=> BCNH>C DB JEAIDB GC BCFM, GD H>@,ICABEDA=GD>+
>=AT= =AICB GC EAEJE=> MN= PE=FCN+ " H=>IC EASC>ED> GCPC =GC>E> [ ?=,
sM=KOMC> >CH=>=TWD GCPC BC> SCEI=
JE= C AWD =D =?GjNCA GD H=BB=FCE>D+
HD> HCBBD=K OM=KESEJ=GD C =MID>EV=GD+
(WD MIEKEV=> GEBHDBEIEPDB g=KNDS=G=BR
<>DJM>C BCNH>C =   !!"!#$"%
CBHMN=BR CIJ+h H=>= N=AIC> D JEAID
"+
AWD =GC>CAIC =D JD>HD GDB H=BB=FCE,
   >DBR DM OM=KOMC> DMI>D IEHD GC GEB,
<=>= F=>=AIE> = NYiEN= H>DIC, HDBEIEPD OMC I>=PCR =S>DMiC DM ND,
TWD =DB DJMH=AICB GD PCQJMKDR GESEOMC D SMAJEDA=NCAID AD>N=K GD
>CJDNCAG=,BC N=AIC> D CAJDBID A= JEAID GC BCFM>=AT=+   
HDBETWD N=EB C>CI= HDBBQPCK C D JEAID 1C D JEAID IEPC> BEGD BM?NCIEGD
?CN =GC>CAIC =D I^>=i C [ ?=JE=+ = MN= SD>IC BDKEJEI=TWD JDNDR HD>
<=>= F=>=AIE> D JD>>CID SMAJEDA=, CiCNHKDR =H^B MN =JEGCAICR D
NCAID GD JEAIDR AWD MIEKEV=> D ?=AJD NCBND GCPC BC> BM?BIEIMQGD JDN,
CiJCBBEP=NCAIC >CJKEA=GD GM>=AIC DB HKCI=NCAIC _MAID JDN =B SEi=TUCBR

/"(
DB H=>=SMBDB C D H>^H>ED BEBICN=      
H>@,ICABEDA=GD>+         
6=VC> = BM?BIEIMETWD NCBND BC D  /IEKEV=> BCNH>C DB JEAIDB GC BC,
JEAID AWD IEPC> =H>CBCAI=AGD G=ADB FM>=AT= ?CN CBIEJ=GDBR AWD ID>JE,
PEBQPCEBR HDEB CBICB COMEH=NCAIDB HD, GDB] JC>IESEJ=>,BC GC OMC DB NCB,
GCN IC> HC>GEGD BM=B H>DH>ECG=GCB NDB HDBB=N GCBKEV=> KEP>CNCAIC
GC >CBEBIZAJE=+ BCN ENHCGENCAIDB+
 "H^B MN =JEGCAICR BM?BIEIME> D
JEAID MB=GDR NCBND BC =H=>CA,
$ MBD GDB JEAIDB @ ACJCBBY>ED I=N, ICNCAIC AWD H=>CT= G=AESEJ=GD+
?@N H=>= =B NMKLC>CB F>YPEG=B* H=>= 1M?BIEIME> D JEAID CN J=BD GC =IE,
   CK=B C H=>= D ?C?Z D >EBJD GC KCBUCB
CN J=BD GC JDKEBWD @ JC>I=NCAIC NC,
P=TWD GD H>@,ICABEDA=GD>+ $
!=G= JEAID GC BCFM>=AT= GCPC BC>
 <=>= KENH=> DB JEAIDBR K=PY,KDB
MIEKEV=GD BDNCAIC HD> MN= HCBBD=+ AD> BC CBIEPC>CN MB=AGD D JEAID+
JDN YFM= C B=?WD ACMI>DR
(MAJ= I>=ABHD>I=> J>E=AT=B AD JDKD $?PE=NCAIC =B NMKLC>CB F>YPEG=B CAi=FM=AGD,DB C GCEi=AGD,DB
GC MN H=BB=FCE>D MIEKEV=AGD MN JEAID GCPCN HDBEJEDA=> = H=>IC EASC>ED> GD BCJ=> [ BDN?>=+ (WD MB=>
GC BCFM>=AT= H=>= = H>DICTWD GC =N, JEAID N=EB =?=EiDR GC NDGD OMC D GCIC>FCAICB SD>ICBR =KPC_=AICB
?DB C AWD JDKDJ=> ACALMN D?_CID CA, NCBND H=BBC =JEN= G= ?=JE= C BD? D DM IEAIM>=BR DM OM=KOMC> DMI>=
I>C = HCBBD= C D JEAID+ PCAI>C BM?BI\AJE= OMQNEJ= OMC HDBB=
CAS>=OMCJC> =B SE?>=B GD JEAID+
 ’PEI=> OMC DB CA>DK=GD>CB BC_=N
NDKL=GDB+ $ BCM JD>>CID SMAJED,
A=NCAID @ F=>=AIEGD BDNCAIC BC
AWD BDS>C>CN EASEKI>=TUCB GC YFM=+
 1M?BIEIME> D JEAID OM=AGD =H>C,
BCAI=> N=>J=B GC GCIC>ED>=TWD DM
JD>ICB+

/"*
  
    2 BENMKI\ACD JDN = EAIC>NEIZAJE= G=
       KMV,CBHE= +
   sM=AGD = JL=PC GC EFAETWD @ FE, /N= PCV =IEP=GDR CBBC JEJKD HC>,
   >=G= H=>= = HDBETWD ."#R = KMV N=ACJC =IEPD HD> =KFMAB BCFMAGDB
  "&$ $./* CBHE= gJDABMKI=> SEFM>= BCFMEAICh gEAGCHCAGCAICNCAIC G= PCKDJEG=GC
=JCAGC,BC GM>=AIC =KFMAB BCFMAGDBR GD PCQJMKDh DM =I@ OMC D JEAID GC BC,
012(- OM=KOMC> OMC BC_= D CBI=GD GDB JEA, FM>=AT= BC_= =SEPCK=GDh+
   = % 0"# )? IDB GC BCFM>=AT= GE=AICE>DB+
$ BEBICN= 1b# =PEB= G= S=KI= GC JD,
KDJ=TWD GD JEAID GC BCFM>=AT=R BD,
4
NCAIC D GE=AICE>D GD K=GD GD NDID,  
>EBI=+
  

$ =KC>I= GC S=KI= GC JDKDJ=TWD GDB
<=>= ID>A=> =EAG= N=EB CSEJ=V =
JEAIDB GC BCFM>=AT= DJD>>C =I>=P@B GC
=TWD GDB JEAIDB GC BCFM>=AT= GE=AICE,
BEA=KEV=TUCB PEBM=EB g=JCAGENCAID GC
>DBR CBIY H>CPEBID H>@,ICABEDA=GD>CB
KMV,CBHE= AD OM=G>D GC EABI>MNCAIDB
H=>= DB JEAIDB GC BCFM>=AT=+
C GC QJDACB AD GEBHK=th C GC MN= BE,
A=KEV=TWD =JkBIEJ= gJDABMKI=> DB H=, ’BICB GEBHDBEIEPDB GCICJI=NR =I>=,
>YF>=SDB BCFMEAICBh+ !DN D PCQJMKD H=>=GDR BC D JEAID P@B GC MN BCABD>R OMC CBIY DJD>,
GC BCFM>=AT= GD K=GD GD NDID>EBI= SD> >CAGD MN= JDKEBWD PEDKCAI= C HMi=N
GCB=SEPCK=GDR = KMV HC>N=ACJC =JCB= D JEAID+ 2CBIC NDGDR F=>=AICN = HC>,
 JDN KMV SEi=+ SCEI= =GC>ZAJE= GDB JEAIDB =D JD>HD
(WD @ HDBBQPCK GCB=IEP=> D =KC>I= "BBEN OMC BC MKI>=H=BB= D KENEIC GC GDB DJMH=AICBR =AICB OMC BC EAEJEC =
GC AWD =SEPCK=NCAID GDB JEAIDB GC ~ aN9L DM GM>=AIC =KFMAB BCFMAGDB =TWD GC >CICATWD+
BCFM>=AT=+ gH=>= =I@ z| aN9Lh DM BC MKI>=H=BB= $ I>=P=NCAID GD JEAID @ >CJDALC,
z| aN9LR J=BD D JEAID GC BCFM>=AT= JQPCK HCKD I>=P=NCAID GD >CI>=ID>] D
GD NDID>EBI= AWD CBIC_= =SEPCK=GDR
=IEP=,BC MN= BEA=KEV=TWD =JkBIEJ= CN
/"+
JEAID AWD BC CA>DK= N=EBR ACN NCBND $JD>>CAGD = =IEP=TWD GDB H>@,
BC =JDNH=AL=GD JDN =B NWDB+ ICABEDA=GD>CBR HDGC,BC PC>ESEJ=>
CNEBBWD GC SMN=T=+ ’BI= SMN=T=   
AWD @ H>C_MGEJE=K C AWD EAGEJ= MN
H>EAJQHED GC EAJZAGED+ &AIC>PCATUCB OMC =J=>>CICN JDKE,
BUCBR PE?>=TUCB DM =OMCJENCAIDB KD,
   $ H>@,ICABEDA=GD> AWD ACJCBBEI= J=KEV=GDB gBMHC>ED>CB = -||! HD>
<=>= IC> = NYiEN= H>DICTWD G= GC ACALMN= N=AMICATWD DM KM?>ESE, MN= GM>=TWD NYiEN= GC u LD>=Bh A=
=TWD GD H>@,ICABEDA=GD>R MB=> D JEAID J=TWD+ sM=KOMC> EAIC>PCATWD GC ND, VDA= GD H>@,ICABEDA=GD> HDGCN H>D,
N=AICAGD,D ?CN =GC>EGD =D I^>=i C GESEJ=TWD GC BM=B J=>=JIC>QBIEJ=B D>E, PDJ=> G=ADB DM = =IEP=TWD GD BEBICN=+
[ ?=JE=+ FEA=EB EAP=KEG= BM= CSEJEZAJE=+ 1CR HD>
CPCAIDB A=IM>=EBR I=EB JDND MIEKEV=TWD (WD BC CAOM=G>=N ACBI=B JDAGE,
$
$?BC>PC BCNH>C =B >CJDNCAG=, EAGCPEG= CN Y>C=B =K=F=G=B gCAJLCA, TUCB =B PE?>=TUCB EAGMVEG=B HCK= E>,
TUCB GCBIC N=AM=K+ ICBR N=>C_=G=BR =K=F=NCAIDBR CIJ+hR D >CFMK=>EG=GC G=B CBI>=G=B DM HD> MK,
GEBHDBEIEPD SD> =IEAFEGD HD> YFM= DM I>=H=BB=FCAB =JEGCAI=EB GC D?BIYJM,
?=>>DR @ D?>EF=I^>E= = BM= BM?BIEIME, KDB JDND FME=BR OMC?>=,NDK=BR CIJ+
TWD+ <=>= OM=KOMC> EAIC>PCATWD DM >CH=>DR
GE>E_=, BC BCNH>C [   !!"!#$"%
   "B
<=>= OMC DJD>>= D SMAJEDA=NCAID
JD>>CID GD H>@,ICABEDA=GD>R D JEAID
GC BCFM>=AT= GCPC>Y CBI=> BCNH>C   
JD>>CI=NCAIC =SEPCK=GD+ $ H>@,ICABEDA=GD> @ MIEKEVYPCK BD,
  
NCAIC MN= PCV+
$?BC>PC BCNH>C =B >CJDNCAG=, ’N LEH^ICBC =KFMN= GCPC,BC GCB,
TUCB GCBIC N=AM=K+ "H^B = BM= MIEKEV=TWDR GE>E_=, BC [ NDAI=> DM EAIC>PE> ADB JDNHDACAICB
  !!"!#$"% " H=>= = BM?BIE, GD H>@,ICABEDA=GD>+
$B H>@,ICABEDA=GD>CB GDB ?=AJDB IMETWD JDNHKCI= GDB GEBHDBEIEPDBR EA,
GE=AICE>DB BC =IEP=N BDNCAIC BC DB JKMEAGD DB JEAIDB GC BCFM>=AT=+ sM=KOMC> >CH=>=TWD GCPC BC> SCEI=
>CBHCJIEPDB JEAIDB CBIEPC>CN JD>>CI=, HD> HCBBD=K OM=KESEJ=GD C =MID>EV=GD+
NCAIC JDKDJ=GDB A=B SEPCK=B+
/",
<>DJM>C BCNH>C =   !!"!#$"% COMEH=GD D>EFEA=KNCAICR GCPC>WD BC>

"+ H>DICFEGDB HD> GEBHDBEIEPDB GC >CICA,
TWD =H>DH>E=GDBR BCFMEAGD >EFD>DB=, 1DNCAIC D ?=AJD I>=BCE>D GCPC>Y
NCAIC =B EABI>MTUCB GD S=?>EJ=AIC GD BC> MB=GD H=>= D I>=ABHD>IC GC J>E,
    GEBHDBEIEPD+ =AT=B HD> BC I>=I=> G= HDBETWD N=EB
H>DICFEG=R B=KPD =B CiJCTUCB H>CPEB,
 I=B CN KCE+
$B KENEI=GD>CB GC J=>F= CBIWD H>C,
BCAICB BDNCAIC ADB JEAIDB GE=AICE>DB+ (D b>=BEK =B CiJCTUCB H=>= D I>=AB,
HD>IC GC J>E=AT=B AD ?=AJD GE=AICE>D
<=>= =MNCAI=> = BCFM>=AT= H=B, BWD*
BEP=R DB >CI>=ID>CB GDB JEAIDB GC BCFM,
>=AT= GE=AICE>DB HDBBMCN CN BCM EA,  3CQJMKD GDI=GD CiJKMBEP=NCAIC
IC>ED> MN KENEI=GD> GC J=>F= OMC HC>, GC ?=AJDB GE=AICE>DB+
NEIC GDB=> = SD>T= JDN OMC D BEBICN=  sM=AIEG=GC GC J>E=AT=B = BC>CN
=FC AD I^>=i C ADB DN?>DB GM>=AIC = I>=ABHD>I=G=B CiJCGC> D AkNC>D
=TWD GC >CICATWD GDB JEAIDB CN J=BD GC HDBIDB GDB ?=AJDB I>=BCE>DB+
  
GC JDKEBWD S>DAI=K+ (CBIC J=BDR = J>E=AT= GC N=ED>
  F AMAJ= MIEKE,
V=> GEBHDBEIEPDB GC >CICATWD EAS=AIEK CBI=IM>= GCPC>Y BC> I>=ABHD>I=G=
AD ?=AJD GE=AICE>D JDN D BEBICN=
    PDKI=GDB JDAI>= D BCAIEGD GC N=>JL=
GC >CICATWD =H>DH>E=GD H=>= BCM
AD ?=AJD GE=AICE>DR HDEB D =E>?=F GD
   K=GD GD H=BB=FCE>D CBIY 1’.<#’ l", HCBD C =KIM>=+

     b&%&)"2$+


   " =IEP=TWD GD =E>?=F CN J=BD GC 
)DGDB DB NCAD>CB JM_=B J=>=JIC, JDKEBWD HDGC DJ=BEDA=> KCBUCB F>=PCB $ I>=ABHD>IC GC J>E=AT=B AD ?=AJD
>QBIEJ=B SQBEJ=B gEG=GCR =KIM>= C HCBDh DM ND>I=EB [ J>E=AT= I>=ABHD>I=G=+ GE=AICE>D B^ @ HC>NEIEGD CN J=BDB
DB ENHCT=N GC MIEKEV=> DB JEAIDB GC H>CPEBIDB JDASD>NC KCFEBK=TWD CN PE,
BCFM>=AT= JDN DB OM=EB D PCQJMKD @ FD>+ (CBICB J=BDBR GCPC>WD BC> D?BC>,

/"#-
P=G=B =B >CJDNCAG=TUCB GC MIEKEV=,
 
TWD H=>= J=G= F>MHD GC GEBHDBEIEPD
GC >CICATWD EAS=AIEKR JDASD>NC GCI=, (MAJ= I>=ABHD>I=> J>E=AT=B AD JDKD "JDABCKL=,BC PC>ESEJ=> A=   !2
KL=GD A= I=?CK= GC NDAI=FCN+ C AMAJ= MIEKEV=> D NCBND JEAID H=>= !"!#$"% " = GEBHDAE?EKEG=GC GC
H>DICTWD GC N=EB GC MN DJMH=AIC =D GEBHDBEIEPDB GC >CICATWD EAS=AIEK G=
NCBND ICNHD+ %EAL= GC =JCBB^>EDB 6E=IR CBHCJESEJ=,
 NCAIC GCBCAPDKPEGDB H=>= MBD ADB
"D I>=ABHD>I=> J>E=AT=B AD PCQJMKDR PCQJMKDB 6E=I+

PC>ESEOMC BCNH>C = KCFEBK=TWD CN PE,
FD> AD H=QB C BM=B GCIC>NEA=TUCB+ 3C>ESEJ=> BCNH>C BC DB JEAIDB AWD !DASE>= BC D GEBHDBEIEPD GC
CBIWD =HDE=GDB AD HCBJDTD G= J>E, >CICATWD EAS=AIEK @ JDNH=IQPCK JDN
<=>= = NCKLD> H>DICTWD CN J=BD =AT=+ BCM PCQJMKD C PC>ESEOMC A= I=?CK= GC
GC JDKEBWDR IDGDB DB DJMH=AICB GC, NDAI=FCN =B HDBETUCB HDBBQPCEB $
PCN PE=_=> BCAI=GDB C H>DICFEGDB HC, H=>= EABI=K=TWD+ 1EF= JD>>CI=NCAIC

KDB BEBICN=B GC >CICATWD =GCOM=GDB =B EASD>N=TUCB GC EABI=K=TWD
(WD HC>NEIE> OMC = J>E=AT= MIEKEVC D JDAIEG=B AD N=AM=K GC NDAI=FCN
gJEAIDB GC BCFM>=AT= R GEBHDBEIEPDB GC
JEAID GC BCFM>=AT= GE=FDA=K GC?=EiD GEBHDAE?EKEV=GD HCKD SD>ACJCGD> GD
>CICATWD EAS=AIEKR CIJ+h+
GDB ?>=TDB DM HD> I>YB G=B JDBI=B+ GEBHDBEIEPD GC >CICATWD EAS=AIEK+

 2M>=AIC IDGDB DB HC>JM>BDB GC MIE,


!=G= BEBICN= GC >CICATWD @ KEV=TWD GD PCQJMKDR F=>=AIE> OMC = J>E, 
H>D_CI=GD CiJKMBEP=NCAIC H=>= = =AT= HC>N=ACT= JDN DB JEAIDB =GC, (MAJ= =SEiC DM BD?>CHDAL= AC,
BCFM>=AT= GC MN= HCBBD=] AMAJ= OM=G=NCAIC =SEPCK=GDB+ ALMN N=IC>E=K ADB GEBHDBEIEPDB GC
I>=ABHD>I=> GM=B DM N=EB J>E=AT=B ’N J=BD GC =JEGCAICR BM?BIEIME> D >CICATWD EAS=AIEK+ )=K H>YIEJ= HDGC
AD NCBND GEBHDBEIEPD GC >CICATWD GEBHDBEIEPD GC >CICATWD EAS=AIEK HD> JDNH>DNCIC> D SMAJEDA=NCAID =GC,
EAS=AIEK =D NCBND ICNHD+ MN ADPD+ OM=GD GDB GEBHDBEIEPDB C DSC>CJC> >EB,
JDB [ J>E=AT=+

.CBND GCBDJMH=GDBR DB GEBHDBEIE,


PDB GC >CICATWD EAS=AIEK GCPCN CB,
/"##
I=> JD>>CI=NCAIC =SEi=GDB H=>= CPEI=>
BCM GCBKDJ=NCAID AD EAIC>ED> GD PCQ,
JMKD+ 1C H>CSC>E>R >CNDP=,DB GD EA,
IC>ED> GD PCQJMKD OM=AGD AWD CBIEPC,
>CN CN MBD+


(MAJ= NDPENCAIC DB ?=AJDB GD
PCQJMKD JDN = J>E=AT= =KD_=G= CN
BCM GEBHDBEIEPD GC >CICATWD EAS=AIEK+
#C=KEVC C JC>IESEOMC,BC GC IDGDB DB
=_MBICB =AICB GC JDKDJ=> = J>E=AT= AD
GEBHDBEIEPD GC >CICATWD EAS=AIEK+

/"#$
 T
      
 
.%  0#30
3)" #$ "#") =-!!3")? #$ )!") =!!# $#)%? #$ )!") =!!#! %)"!?

‘>MHD |9|⁄ g¥ -5 ƒFh y y /-

‘>MHD - gw = -~ ƒFh /§ y /-

‘>MHD z g-; = z; ƒFh /§ y /-

‘>MHD 5 gzz = 5u ƒFh /§ y /-


 \ #!%&' $0-7*% $0 !"!0! /#"*)!"! =/"%"1#   $"#  !3/)#&?B
C \ )"."   0#30 #!! !!#B
- ¤ .DP= D >CBHCJIEPD ?=AJD S>DAI=KR [ S>CAIC G= J=GCE>EAL= EABI=K=G=R A= HDBETWD GC =_MBIC N=EB = S>CAIC HDBBQPCK+ <DBEJEDAC D =HDED GC J=, $
?CT= A= HDBETWD N=EB =KI= DM >CNDP=,D H=>= AWD EAIC>SC>E> JDN D GEBHDBEIEPD GC >CICATWD EAS=AIEK+
§ ¤ .DPC> D =BBCAID GD H=BB=FCE>D S>DAI=K H=>= = HDBETWD ENCGE=I=NCAIC [ S>CAIC G= JDKMA= DAGC D JEAID @ SEi=GDR F=>=AIEAGD OMC D JEAID
CBIC_= ICABEDA=GD =H^B = EABI=K=TWD GD GEBHDBEIEPD GC >CICATWD EAS=AIEK+ <DBEJEDAC D =HDED GC J=?CT= A= HDBETWD N=EB =KI= DM >CNDP=,D H=>=
AWD EAIC>SC>E> JDN D GEBHDBEIEPD GC >CICATWD EAS=AIEK+

$?BC>P=TUCB BD?>C = EABI=K=TWD*


(WD MIEKEVC GEBHDBEIEPDB GC >CICATWD EAS=AIEK OMC AWD HDBB=N BC> JD>>CI=NCAIC EABI=K=GDB CN BCM PCQJMKD+ ’BICB
GCPCN CBI=> GCPEG=NCAIC SEi=GDB HCKDB JEAIDB C AWD GCPCN HDBBME> EAIC>SC>ZAJE= JDN GCN=EB H=>ICB EAIC>A=B GD
PCQJMKD+ 3C>ESEOMC BCNH>C D N=AM=K GD COMEH=NCAID H=>= CSCIM=> = NDAI=FCN JD>>CI=NCAIC+

/"#%
.%  -%"$&'
    
  8      T
    

bC?Z JDASD>ID 9 ‘>MHDB |R |⁄ "I@ - =AD GC EG=GC 9 g=I@ -5 aFh

!=GCE>EAL= 9 ‘>MHDB -R z ’AI>C - C x =ADB 9 ‘>MHD - gw = -~ aFh R ‘>MHD z g-; = z; aFh

"BBCAID GC CKCP=TWD 9 ‘>MHD 5 ’AI>C x C vR; =ADB 9 gGC zz = 5u aFh

/"#&
 
     C >CIC> = JD>>CE= BMHC>ED>R )DH )CILC>
   
    gGEBHDAQPCK JDN = J=GCE>EAL=h =DB
  C  F=AJLDB GC =AJD>=FCN  KDJ=KEV=GDB
   =I>YB GD CAJDBID GD ?=AJD I>=BCE>D+
$B ?=AJDB I>=BCE>DB K=IC>=EB GD PCQ, ’BI= Y>C= GCPC>Y CBI=> KEP>C GC EA,
JMKD CBIWD COMEH=GDB JDN SEi=TUCB IC>SC>ZAJE= JDN D JEAID GC BCFM>=AT=
&1$6&y+ C DMI>DB D?_CIDB OMC AWD HC>NEI=N D
JD>>CID I>=P=NCAID GD GEBHDBEIEPD GC
’BI=B SEi=TUCB HC>NEICN OMC PDJZ
>CICATWD EAS=AIEK &1$6&y+q
NDAIC BEBICN=B GC >CICATWD EAS=AIEK
&1$6&yR BCN MB=> DB JEAIDB GC BC,
FM>=AT= GD PCQJMKDR N=BR =_MBI=AGD  1CNH>C PC>ESEOMC BC D GEBHDBEIEPD
D =BBCAID GC J>E=AT= GE>CI=NCAIC [B GC >CICATWD EAS=AIEK CBIY JD>>CI=, $
" JD>>CE= BMHC>ED> GCPC H=BB=> HD>
I>ZB \AJD>=B GEBHDAQPCEB AD PCQJMKD+ NCAIC EABI=K=GD+
GC?=EiD GD =HDE=,J=?CT=R CAI>C =B
X HDBBQPCK CSCIM=> = NDAI=FCN GC GM=B L=BICB+
GEBHDBEIEPDB GC >CICATWD EAS=AIEK JDN
ICJADKDFE=B &1$6&y C DB JDAPCAJED,
A=EB gMIEKEV=AGD JEAIDB GC BCFM>=AT=h
CN GESC>CAICB =BBCAIDB GD NCBND PCQ,
JMKDR GCBGC OMC >CBHCEI=G=B =B EA,
GEJ=TUCB G=B I=?CK=B GC NDAI=FCN+
1EF= BCNH>C =B EABI>MTUCB JDAIEG=B
AD N=AM=K GC EABI=K=TWD GD GEBHDBE,
IEPD GC >CICATWD EAS=AIEK+
<=>= EABI=K=> MN GEBHDBEIEPD GC >C,
ICATWD EAS=AIEK &1$6&yR SEiY,KD [B GM=B
\AJD>=B NCIYKEJ=B  KDJ=KEV=G=B [
S>CAIC GD ?=AJD I>=BCE>DR AD HDAID GC
CAJDAI>D GD =BBCAID JDN D CAJDBID
/"#’

" SEFM>= =AIC>ED> @ =HCA=B EAGEJ=,
IEP= H=>= = NDAI=FCN GC MN BEBICN=
GC >CICATWD EAS=AIEK G= J=ICFD>E= MAE,
PC>B=K+ " NDAI=FCN GCPC BC> >C=,
KEV=G= GC =JD>GD JDN =B EABI>MTUCB
JDAIEG=B AD GEBHDBEIEPD GC >CICATWD
EAS=AIEK C BCM N=AM=K GC EABI=K=TWD+
$ CAJ=EiC JD>>CID GD GEBHDBEIEPD &1$,
6&y @ CPEGCAJE=GD HD> MN JKEOMC+
$B DMI>DB F>MHDB BWD JD?C>IDB HD>
=BBCAIDB &1$6&y CBHCJQSEJDBR C BD,
NCAIC HDGCN BC> MB=GDB BC CBHCJE,
SEJ=NCAIC ICBI=GDB H=>= CBIC PCQJMKD
gJC>IESEOMC,BC AD N=AM=K GD GEBHDBE,
IEPD GC >CICATWD EAS=AIEK BC D NCBND
@ EAGEJ=GD H=>= CBIC PCQJMKDh+



!DASE>= BCNH>C BC DB F=AJLDB &1$,
/#$ MIEKEVC D NCBND F=AJLD GC 6&y CBIWD JD>>CI=NCAIC SEi=GDB =D
=AJD>=FCN &1$6&y H=>= EABI=K=> N=EB PCQJMKDR NDPCAGD D GEBHDBEIEPD GC >C,
GC MN GEBHDBEIEPD GC >CICATWD EAS=AIEK ICATWD EAS=AIEK C PC>ESEJ=AGD DB EAGE,
=D NCBND ICNHD+ J=GD>CB GC JD>>CI= SEi=TWD H>CBCAICB
ADB GEBHDBEIEPDB GC >CICATWD EAS=AIEK+

/"#(
 T
          
     2
 
   C
#$ "#") #$ )!") #$ )!")
)/-  -! )/-  "0#!' "!-!""*
=-!!3")? =$#)%? =%)"!?

‘>MHD | g¥ -| ƒFh ’ &1$9#- y y &% g§h

’ &1$9#- y y &% g§h

‘>MHD | g¥ -5 ƒFh 2 &1$9#z y y &% g§h

! &1$9#5 y y y

2 &1$9#z y y &% g§h

! &1$9#5 y y y $
‘>MHD - gw =-~ ƒFh b &1$96z y y &/6

b- &1$96zy y y &/6

" &1$965 y y &/6

y ¤ X H>DE?EG= = EABI=K=TWD GD GEBHDBEIEPD &1$6&y ACBIC ?=AJD+


&% ¤ &ABI=K=TWD JDNH=IQPCK JDN GEBHDBEIEPDB &1$6&y GC J=ICFD>E= BCNEMAEPC>B=KR =H>DP=G=B CBHCJESEJ=NCAIC H=>= CBIC PCQJMKD+ X ACJCBBY>ED
JDABMKI=> D N=AM=K GD GEBHDBEIEPD GC >CICATWD EAS=AIEK H=>= IC> =JCBBD [ KEBI= GC PCQJMKDB LDNDKDF=GDB H=>= =BBCFM>=>,BC GC OMC CBIC @ =GC,
OM=GD H=>= MBD ACBIC PCQJMKD+
&% g§h ¤ .DAI=FCN =I>=P@B GC >CFMK=FCN GD ?=AJD GE=AICE>D+
&/6 ¤ &ABI=K=TWD JDNH=IQPCK JDN GEBHDBEIEPDB &1$6&y GC J=ICFD>E= MAEPC>B=K JDN EABI=K=TWD PDKI=G= H=>= = H=>IC GE=AICE>= GD PCQJMKD C OMC
ICAL=N BEGD =H>DP=GDB H=>= CBIC F>MHD GC HCBD+
F !DABMKI=> BCNH>C = AD>N= BD?>C D MBD GC GEBHDBEIEPDB GC >CICATWD EAS=AIEK CN PEFD> AD H=QB+

/"#*
    IM>=+ (CBB= BEIM=TWDR = H>DICTWD DSC, ").3 6)#% %  0)"!
>CJEG= HCK= ?DKB= SEJ= H>C_MGEJ=G=+
    X JDABIEIMQGD HD> MN= ?DKB= GC
$B =E>?=FB S>DAI=EB HDGCN AWD CAJLENCAID EABI=AI\ACD JDAIEG= AMN
  =IEP=>,BC ADB BCFMEAICB J=BDB* PWD CBHCJQSEJD KDJ=KEV=GD AD JCAI>D
  GD PDK=AIC+
 !LDOMCB S>DAI=EB JDAI>= D?_CIDB
$B =E>?=FB S>DAI=EB gNDID>EBI= C NMEID GCSD>NYPCEBR OMC AWD =SC,
H=BB=FCE>Dh H>DICFCN DB DJMH=AICB I=N = BMHC>SQJEC S>DAI=K GD PCQ,
GDB KMF=>CB GE=AICE>DB A=B JDKEBUCB JMKD gHD> Ci+R ENH=JID GD H=>=,
S>DAI=EB GC F>=PEG=GC N@GE=,=KI=R K=N=B JDAI>= D FM=>G >=EKh
=I>=P@B G= EAIC>HDBETWD G= ?DKB=
 ’AJ=EiC GD PCQJMKD BD? DMI>DB
CAI>C D DJMH=AIC C D PDK=AIC DM D
PCQJMKDB DM ?=>>CE>=B GC H>DICTWD
H=EACK GC EABI>MNCAIDB+
gHD> CiCNHKD BD? J=NEALUCB DM
" AWD =IEP=TWD GDB =E>?=FB ADB DM, FM=>G >=EKBh+
I>DB IEHDB GC JLDOMC gK=IC>=KR HDBIC,
>ED>R J=HDI=NCAIDR CIJ+h AWD @ HD>, " AWD =IEP=TWD A=B JDAGETUCB
I=AID BEAjAEND GC SMAJEDA=NCAID E>, =JEN= GCBJ>EI=B GCPC,BC =D S=ID GC
>CFMK=> GD BEBICN=+ ").3 6)#% %  -!!3")
DB =E>?=FB HDGC>CN AWD DSC>CJC>
$B =E>?=FB S>DAI=EB gNDID>EBI= C OM=KOMC> H>DICTWD =GEJEDA=K >CK=IE, X JDABIEIMQGD HD> MN= ?DKB= JDN
H=BB=FCE>Dh AWD BWD BM?BIEIMQPCEBR N=B P=NCAIC =DB JEAIDB GC BCFM>=AT= CR CAJLENCAID EABI=AI\ACD JDAIEG=
JDNHKCNCAI=>CB =D MBD GDB JEAIDB GC HD> EBBDR = >CBHCJIEP= =IEP=TWD BC>E= AMN =GCOM=GD JDNH=>IENCAID
BCFM>=AT=R OMC @ D?>EF=I^>EDR JDND EADHD>IMA=+ BEIM=GD AD H=EACK GC EABI>MNCAIDBR
H>CBJ>EID HCK= KCFEBK=TWD PEFCAIC+ JDN MN N=ED> PDKMNC CN >CK=TWD [
" AWD =IEP=TWDR ACBICB J=BDBR AWD
GD K=GD GD JDAGMID>+
’N J=BD GC JDKEBWDR MN= HCBBD= EAGEJ= MN= =P=>E= GD BEBICN=+
OMC AWD MIEKEVC DB JEAIDB GC BCFM,
>=AT= @ H>D_CI=G= H=>= = S>CAIC C HDGC
?=IC> A= ?DKB= =EAG= CN S=BC GC =?C>,

/"#+
JDBID AMN= HDBETWD C>CI=R =HDE=AGD
?CN =B JDBI=B+
  
(WD =HKEJ=> =GCBEPDB DM DMI>DB D?,
_CIDB AD PDK=AICR AD H=EACK A= Y>C=
GD =E>?=F GD K=GD GD H=BB=FCE>DR AD   
>CPCBIENCAID K=IC>=K GD K=GD GD ICID $ I>=ABHD>IC GC J>E=AT=B AD ?=AJD
C ADB ?=AJDB+ GE=AICE>D @ H>DE?EGDR B=KPD CiJCTUCB
EAGEJ=G=B =AIC>ED>NCAIC+ !=BD CB,
(WD JDKDJ=> D?_CIDB AD H=EACK AD
").3 6)#%  %   -!!2 IC_= H>CBCAIC =KFMN= G=OMCK=B CiJC,
K=GD GD H=BB=FCE>D gHD> CiCNHKDR JC,
3")  $ ")"#4! -) $)"#&! TUCBR A= H>CBCAT= GC =E>?=F GD H=B,
$
KMK=>CBh MN= PCV OMC HDGC>E=N EAIC>,
B=FCE>D G= S>CAIC =IEP=GDR AWD EABI=,
"B J=GCE>EAL=B OMC BC NDAI=N SC>E> JDN = JD>>CI= =?C>IM>= GD =E>?=F
K=> J=GCE>EAL= EAS=AIEK PE>=G= AD BCA,
AD BCAIEGD JDAI>Y>ED =D GC N=>JL= GD H=BB=FCE>D CR HD> DMI>D K=GDR J=M,
IEGD DHDBID =D BCAIEGD GC N=>JL= AD
AWD GCPCN   BC> NDAI=G=B B=> KCBUCB F>=PCB =DB DJMH=AICB GD
?=AJD GE=AICE>D+
AD ?=AJD GE=AICE>D JDN =E>?=F GD PCQJMKD+
K=GD GD H=BB=FCE>D =IEPDR MN= PCV " =IEP=TWD GD =E>?=F CN J=BD GC
OMC = =IEP=TWD GD =E>?=FR CN J=BD =JEGCAICR HDGC J=MB=> KCBUCB F>=PCB
GC JLDOMCR HDGC>E= H>DGMVE> KCBUCB DM =I@ NCBND S=I=EB EAGCHCAGCAIC,
ND>I=EB A= J>E=AT= I>=ABHD>I=G=+    NCAIC G= F>=PEG=GC G= JDKEBWD+ "B,
BENR >CJDNCAG=,BC D?CGCJC> = KCFEB,
1CFME>   =B >CJDNCAG=TUCB !DAGMVE> N=AICAGD BCNH>C =B
K=TWD JDASD>NC EABI>MTUCB =AIC>ED>CB
H>CBCAICB A= CIEOMCI= BEIM=G= AD H=>=, NWDB AD PDK=AICR GC NDGD OMCR
C I>=ABHD>I=> =B J>E=AT=B CN BM=B J=,
?>EB=R A= H=>IC BMHC>ED> GE>CEI=+ CN J=BD GC =IEP=TWD GD =E>?=FR
GCE>EAL=B =H>DH>E=G=B AD ?=AJD I>=,
CBIC HDBB= CAJLC>,BC BCN CAJDAI>=>
BCE>DR HDEB CBI= @ = HDBETWD N=EB H>D,
D?BIYJMKDB+
ICFEG= CN J=BD GC =JEGCAIC+
(WD JDAGMVE> JDN D JD>HD GC?>M,
T=GD H=>= = S>CAIC N=B N=AIC> D CA,

/"#,
GC F>=PEG=GC BMHC>ED> [ GDB H>@,
ICABEDA=GD>CB+
      ’N JDKEBUCB JDNH>CCAGEG=B AD EA,
1C = KMV,CBHE= AWD =JCAGC> DM %CN?>=NDB OMC JDN = JL=PC JD, IC>P=KD CAI>C DB GDEB KENEICB GC =IEP=,
BC HC>N=ACJC> =JCB= JDN = JL=PC A= KDJ=G= A= HDBETWD R NCBND JDN TWDR @ AD>N=K OMC BDNCAIC DB H>@,
HDBETWD R DM =JCAGC> GM>=AIC = D NDID> GCBKEF=GDR DB =E>?=FB HDGCN ICABEDA=GD>CB CAI>CN CN SMAJEDA=,
N=>JL= GD PCQJMKD H=>=> ENCGE=I=, =IEP=>,BC I=N?@N JDN D PCQJMKD H=, NCAID+
NCAIC D PCQJMKD C H>DJM>=> =   >=GD BC D NCBND SD> JDKEGEGD HD> DM,
!!"!#$"% "B I>D PCQJMKD CN N=>JL=+
$?BC>PC BCNH>C =B >CJDNCAG=, <D>I=AIDR NCBND JDN PCQJMKD H=,
TUCB GCBIC N=AM=K+ >=GD AWD GCPCN BC> JDKDJ=G=B J>E,   
=AT=B AD ?=AJD GE=AICE>D+ <D> DM, $ =E>?=F AWD BM?BIEIME DB JEAIDB
I>D K=GD KCN?>=NDB OMC BC = JL=PC GC BCFM>=AT= N=B EAJ>CNCAI= BM=
SD> JDKDJ=G= A= HDBETWD R AC, CSEJEZAJE=+
ALMN GEBHDBEIEPD GC BCFM>=AT= g=E>,
   ?=FB C H>@,ICABEDA=GD>CBh BC>Y =IE, "K@N GEBBDR MN= PCV OMC D =E>?=F
(WD PE=_=> JDN D?_CIDB =D JDKDR P=GD CN JDABCOMZAJE= GC MN= JDKE, AWD EAIC>P@N CN J=BD GC JDKEBUCB
CN S>CAIC =D I^>=i ACN JDN J=JLEN, BWD] = S=KI= GC =IEP=TWD GCBICB GEBHD, S>DAI=EB = ?=Ei= PCKDJEG=GCR JDKEBUCB
?DB DM KYHEB A= ?DJ=R CIJ+ BEIEPDB ACBICB J=BDB AWD HDGC BC> JDA, K=IC>=EBR JDKEBUCB I>=BCE>=B DM J=HD,
BEGC>=G= JDND N=M SMAJEDA=NCAID I=NCAIDBR ACBICB J=BDB DB DJMH=AICB
’N J=BD GC JDKEBWD JDN EAIC>PCA, BWD H>DICFEGDB BDNCAIC HCKDB JEAIDB
TWD GD =E>?=FR HDGC>WD J=MB=> G=ADB GD BEBICN=+
GC BCFM>=AT= OMC GCPCN BC> BCNH>C
F>=PCB+ MB=GDB HD> IDGDB DB DJMH=AICB GD
PCQJMKD+

  
" EAIC>PCATWD GD =E>?=F CBIY 
H>CPEBI= H=>= IEHDB GC JDKEBUCB " =IEP=TWD GDB =E>?=FB S>DAI=EB @
HDBBQPCK BC D PCQJMKD SD> BM?NCIEGD
/"$-
= SD>ICB JDKEBUCB >CK=JEDA=G=B [ Y>C=

EASC>ED> G= J=>>DJC>E= gCi+ JDKEBUCB PE,
DKCAI=B JDAI>= F>=GCBR H=BBCEDBR OMC, " =IEP=TWD GC H>@,ICABEDA=GD>CB C
G=B GD PCQJMKD CN F>=AGCB ?M>=JDB =E>?=FB @ GCJEGEG= GC NDGD GESC>CA,
DM GCH>CBBUCB GC CBI>=G=R CIJ+h+ JE=GDR JDN ?=BC AD IEHD GC JDKEBWD+
" AWD =IEP=TWD GC MN DM N=EB =E>,
?=FB AWD EAGEJ= MN N=M SMAJEDA=,
 NCAID GD BEBICN=+
" CAI>=G= CN SMAJEDA=NCAID GDB
=E>?=FB KE?C>= MN= HCOMCA= OM=AIE,
G=GC GC H^B* CBICB AWD BWD ADJEPDB C
AWD EAGEJ=N MN H>EAJQHED GC EAJZA,
GED+ (D CAI=AIDR D H^ HDGC>Y E>>EI=> $
= HCKC C DB DKLDB* ACBIC J=BDR K=P=>
JDN B=?WD ACMI>D C YFM=+


)DG=B =B EAIC>PCATUCB GC JDAI>DKCR
>CH=>=TWD C BM?BIEIMETWD EAC>CAICB
=DB =E>?=FB GCPCN BC> CSCIM=G=B A=
  !!"!#$"% "+


’N J=BD GC BMJ=IC=NCAID GD PCQ,
JMKDR GE>EFE>,BC [   !!"!#$"%
" H=>= GCB=IEP=> D BEBICN= GC =E>,
?=FB+

/"$#
/
   

(CBIC J=HQIMKD CBIWD GCBJ>EIDB H>DJCGENCAIDB GC JDND
JDAGMVE> D PCQJMKD CN BCFM>=AT= CN OM=KOMC> BEIM=TWD+

<"#)&2" 2$ .$)$# + + + + + + + + + + + + + + + + ’,-


#’!$.’(2"78’1 <"#" 2’1%&‘"# $
.$)$# + + + + + + + + + + + + + + + + + + + + + + + + ’,5
6#’&$ 2’ ’1)"!&$(".’()$ + + + + + + + + + + + ’,5
)#"(1.&11o$ ."(/"% + + + + + + + + + + + + + + ’,x
"11&1)’()’ 2’ ’1)"!&$(".’()$ gBC
COMEH=GDh + + + + + + + + + + + + + + + + + + + + + + + ’,u
#’"b"1)’!’(2$ $ 3’:!/%$ + + + + + + + + + + + ’,~ %
‘"(!l$ 2’ #’b$s/’ + + + + + + + + + + + + + ’,-5
2&!"1 2’ 2&#’7o$ + + + + + + + + + + + + + + + + ’,-~

0
0
    2E=AIC GEBBDR @ ACJCBBY>ED CiC>JC>
MN CBSD>TD AD HCG=K GC S>CED NMEID
 N=ED> GD OMC D L=?EIM=K+   
   !DN D NDID> GCBKEF=GDR AWD GCEi=>
"AICB GC KEF=> D PCQJMKDR >CFMK=> D = JL=PC GC EFAETWD A= HDBETWD +
?=AJDR DB CBHCKLDB >CI>DPEBD>CB Ci, ’BI= =IEIMGC CPEI= D JDABMND EAGC,
IC>ADB C D EAIC>AD C =HC>I=> JD>>CI=,   
BC_YPCK GC CAC>FE= G= ?=IC>E=+
NCAIC D JEAID GC BCFM>=AT=+ <=>= DB PCQJMKDB J=I=KEB=GDB GCPC
BC> JDNHKCI=NCAIC CPEI=GD = H=>IEG=
<=>= = H=>IEG= GD NDID>R AMAJ= JDN CNHM>>WDR >C?DOMC DM =H>DPCE,
H>CBBEDA=> D HCG=K GD =JCKC>=GD>+ I=AGD =B GCBJEG=B+
  
’BB=B N=AD?>=B HDGCN J=MB=> D
=SKMiD GC JDN?MBIQPCK AD JDAPC>BD> <EB=> AD =JCKC>=GD> =AICB GC GCBKE,
J=I=KQIEJD C G=AESEJY,KD E>>CNCGE=PCK, F=> D NDID> AWD ICN ACALMN= MIEKE,
  
NCAIC+ G=GC+ %
$ NDID> JDABDNC DiEFZAED C KE?C>=
’BI= =IEIMGC H>DPDJ= MN JDABMND
FYB J=>?jAEJDR NDA^iEGD GC J=>?DAD
EAkIEK GC JDN?MBIQPCK C @ H>C_MGEJE=KR
C DMI>DB F=BCB I^iEJDB+
CBHCJE=KNCAIC H=>= DB NDID>CB JDN
X HC>EFDBD GCEi=> D NDID> SMAJED,    IM>?DJDNH>CBBD>+
A=AGD CN KDJ=K SCJL=GD+ "KFMAB JMEG=GDB BWD ACJCBBY>EDB
AD H>ENCE>D HC>QDGD GC PE=FCN+ <=>= G=> = H=>IEG= AD NDID>R H>D,
JCGC> GD BCFMEAIC NDGD*
(DB H>ENCE>DB -u|| aNR AWD CiE,
FE> D NYiEND GCBCNHCALD GD PCQ, -+ 3C>ESEJ=> BC D S>CED GC NWD CBIY
  
JMKD gHD> Ci+R =JCKC>=TUCB CiJCBBEP=BR =JEDA=GD+
’AOM=AID D NDID> AWD CBIEPC> KE, GEBI\AJE=B GCN=BE=G=NCAIC H>DKDA, z+ !DKDJ=> = =K=P=AJ= GD J\N?ED
F=GDR D BC>PDS>CED AWD CBIY =IEPD+ F=G=B ADB >CFENCB NYiENDBR S>CA=, CN HDAID ND>ID+
FCAB CiJCBBEP=NCAIC ?>MBJ=BR CIJ+h+

0"#
5+ <EB=> = SMAGD AD HCG=K G= CN, JL=PC A= HDBETWD  =AICB GC ICA, SMAJEDA=NCAIDR HDGC BC> JDABEGC,
?>C=FCNR BCN HEB=> AD =JCKC>=, I=> GC ADPD+ >=G= MN= J=>=JIC>QBIEJ= AD>N=KR H>^,
GD>+ H>E= GDB NDID>CB = CiHKDBWDR BD?>C,
!DN = JL=PC A= HDBETWD R =
x+ ‘E>=> = JL=PC GC EFAETWD H=>= IMGD OM=AGD =KENCAI=GDB JDN CI=,
KMV,CBHE= SEJ=> =JCB= _MAID JDN
= HDBETWD  C BDKIY,K= =BBEN ADK+ " MIEKEV=TWD GC JDN?MBIQPCK GC
= KMV,CBHE= R =JDABCKL=,BC >CHD> = OM=KEG=GC =KIC>=G= C JDAGETUCB EA=,
OMC D NDID> GC> H=>IEG=+
JL=PC A= HDBETWD  CR GCHDEBR GCOM=G=B HDGC =JCAIM=> CBB=B J=>=J,
GC ADPD CN ] BC = KMV,CBHE= IC>QBIEJ=B = HDAID GC ID>AY,K=B N=EB
JDAIEAM=> =JCB=R ICAI=> = H=>IEG= GC HC>JCHIQPCEB HD> H=>IC GD MBMY>ED+
ADPD JDN = DMI>= JL=PC SD>ACJEG=+
   $ NDID> GD PCQJMKD BDNCAIC E>Y
(WD @ ACJCBBY>ED HEB=> AD =JCKC>=, =IEAFE> MN F>=M GC SMAJEDA=NCAID
 T     2 OMC HDBB= BC> JDABEGC>=GD >CFMK=>
GD> H=>= G=> H=>IEG= AD NDID>+
   OM=AGD =IEAFE> = BM= ICNHC>=IM>= H=,
$?BC>PC BCNH>C =B >CJDNCAG=,  !DKDJ=> D J=>>D CN NDPENCAID G>WD GC SMAJEDA=NCAIDR = OM=K BC>Y
TUCB GCBIC N=AM=K+ KCAI=NCAICR GCEi=AGD D NDID> =KJ=AT=G= =KFMAB NDNCAIDB GCHDEB
CN >CFENC N@GEDR BCN =JCKC>=, G= H=>IEG=R GCHCAGCAGD G=B JDAGE,
G=B ?>MBJ=B+ TUCB CiIC>A=B GC I>\ABEID C ICNHC>=,
IM>= =N?ECAIC+
 ’PEI=> CiEFE>R GCBGC DB H>ENCE>DB
   OMEKjNCI>DBR D NYiEND GC GC,
!DN D NDID> CN NDPENCAIDR AWD BCNHCALD+    T 
IDJ=> ADB J=?DB GC =KI= ICABWD gJ=?DB <=>= G=> H=>IEG= JDN D NDID>
G=B PCK=Bh+
 OMCAICR =JDABCKL=,BC N=AIC> =
$?BC>PC BCNH>C =B >CJDNCAG=, .CBND JDN = =GDTWD GC NDGC>, JL=PC CN  HD> =KFMAB BCFMAGDB
TUCB GCBIC N=AM=K+ ADB BEBICN=B GC EA_CTWD C EFAETWD CKC, =AICB GC FE>Y,K= H=>= +
I>jAEJDBR = DJD>>ZAJE= GC HCOMCA=B ’BB= DHC>=TWD S=>Y = ?DN?= CK@,
1C D NDID> AWD SMAJEDA=> A= H>E, P=>E=TUCB GC SMAJEDA=NCAID gDBJEK=, I>EJ= GC JDN?MBIQPCK SMAJEDA=> =AICB
NCE>= ICAI=IEP=R @ ACJCBBY>ED >CHD> = TWD G= N=>JL= KCAI= DM HCOMCADB
CAF=BFDBhR ADB H>ENCE>DB EABI=AICB GC
0"$
GD NDID>R HDBBE?EKEI=AGD MN= H=>IEG=    TWD CBI=AGD CKC CN S=BC GC =OMC,
N=EB >YHEG=+ JENCAIDR =K@N GEBBDR ADB H>ENCE>DB
      OMEKjNCI>DB GC HC>JM>BD AWD BDKEJEIC
 GD NCBND D NYiEND GC >CAGENCAID+

   (MAJ= SMAJEDAC D NDID> BCN SEKI>D


   GC =>+
!DN D NDID> CN N=>JL= KCAI=R FE,
<=>= DB PCQJMKDB J=I=KEB=GDB GCPC
>=> = JL=PC GC EFAETWD H=>= = HDBETWD
BC> JDNHKCI=NCAIC CPEI=GD = H=>IEG=
+    
JDN CNHM>>WDR >C?DOMC DM =H>DPCE,
I=AGD =B GCBJEG=B+ ’PEIC = rHEB=G= AD =JCKC>=GD>q =A,  
ICB GC GCBKEF=> D NDID>R HDEB =K@N GC
’BB=B N=AD?>=B HDGCN J=MB=> D J=MB=> MN JDABMND EAkIEK GC JDN,   
=SKMiD GC JDN?MBIQPCK AD JDAPC>BD> ?MBIQPCKR AWD ICN ACALMN= MIEKEG=GC
J=I=KQIEJD C G=AESEJY,KD E>>CNCGE=PCK, C @ H>C_MGEJE=K+
%
NCAIC+
  
 2CBKEF=> D NDID>R HMi=> D S>CED GC
2CHDEB GC MN HC>JM>BD GCBF=B, NWDR CAF=I=> = -' N=>JL= C GCEi=> =B
   I=AICR NCKLD> GCEi=> D NDID> CN >DG=B PE>=G=B CN GE>CTWD =D NCED,SED
N=>JL= KCAI= =AICB GC GCBKEFY,KDR gFME=Bh GD H=BBCED+
%CN?>C,BC OMCR CAOM=AID D NDID>
H=>= OMC = ICNHC>=IM>= GD NDID> BC
AWD SMAJEDA=>R D BC>PDS>CED C = GE>C, 1C D PCQJMKD CBIEPC> CBI=JEDA=GD
=?=EiC+
TWD LEG>YMKEJ= AWD BWD =IEP=GDB+ CN MN= GCBJEG=R =JDABCKL=,BC I=N,
(CBIC J=BDR @ ACJCBBY>ED CiC>JC> ?@N = I>=P=> =B >DG=B JDN MN J=KTD+
MN CBSD>TD NMEID N=ED> I=AID AD
HCG=K GD S>CED JDND AD PDK=AIC+ (WD GCEi=> = JL=PC GC EFAETWD A=
   HDBETWD R H=>= AWD GCBJ=>>CF=>
(WD SMAJEDAC D NDID> CN =KI=B >D, = ?=IC>E=+
I=TUCB C AWD GZ FDKHCB GC =JCKC>=,

0"%
"D GCBJC> GD PCQJMKDR IE>=> BCNH>C      
= JL=PC GD JDAI=ID+
" =K=P=AJ= GD S>CED GC NWD CBIY
BEIM=G= CAI>C DB ?=AJDB GE=AICE>DB+
<=>= =JEDA=> D S>CED GC NWDR HM,
i=> = =K=P=AJ= H=>= JEN= =I@ I>=P=>
   AD GCAIC ACJCBBY>ED H=>= END?EKEV=>
(MAJ= GCEiC J>E=AT=B BDVEAL=B AD JDNHKCI=NCAIC D PCQJMKD+
PCQJMKD+
$?BC>PC BCNH>C =B >CJDNCAG=,   %CP=AI=> KCPCNCAIC = =K=P=AJ= C
TUCB GCBIC N=AM=K+
&AGCHCAGCAIC GDB H>=VDB JDAB, =HC>I=> D ?DIWD GC GCBCAF=IC +
I=AICB G= I=?CK= GD r<K=AD GC  .=AIC> =HC>I=GD D ?DIWD C =?=E,
 N=AMICATWD H>DF>=N=G=qR C BCN i=> = =K=P=AJ=+ " KMV,CBHE=
H>C_MQVD GCBICBR BCNH>C OMC SD> =H=F=,BC+
$ EAGEJ=GD> GD AQPCK GC JDN?MBIQ,
PCK HDBBME MN JE>JMEID CKCI>jAEJD GC >COMC>EGD N=ED> CBSD>TD H=>= =JE,
=ND>ICJENCAIDR OMC ICN = SMATWD GC DA=NCAID GD S>CED GC NWD GC BCM
ACMI>=KEV=> =B DBJEK=TUCB OMC HDGC, PCQJMKDR KCPC,D [   !!"!#$"%  

" H=>= CSCIM=> = >CFMK=FCN+
>E=N BC> J=MB=G=B HCK= NDPENCAI=,  
TWD GD JDN?MBIQPCK GCAI>D GD I=A,
OMC+ !DN D S>CED GC NWD =JEDA=GD C =   <
JL=PC GC EFAETWD A= HDBETWD R <=>= CAF>CA=> =B N=>JL=BR HEB=> =
<D>I=AIDR BC AD NDNCAID G= H=>, AD OM=G>D GC EABI>MNCAIDB EKMNEA=, SMAGD AD HCG=K G= CN?>C=FCN C JD,
IEG= D PCQJMKD BC CAJDAI>=P= CBI=JE, BC = KMV,CBHE= + KDJ=> = =K=P=AJ= GD J\N?ED CN MN=
DA=GD CN HDBETWD EAJKEA=G= gBM?EG= <=>= GCBCAF=I=> D S>CED GC NWD* G=B HDBETUCB GD CBOMCN= = BCFME> gD
DM GCBJEG=hR = EAGEJ=TWD SD>ACJEG= CBOMCN= I=N?@N CBIY EAGEJ=GD AD
HDGC KCP=> =I@ ~ NEAMIDB H=>= BC> =IM, HDND G= =K=P=AJ=h+
=KEV=G=+

0"&
EAICAJEDA=K DM =JEGCAI=K+ <D> CiCN, NCAIC EASC>ED> C JDN = >DI=TWD GD
HKD* NDID> AWD NMEID CKCP=G=+
, <D> CAF=ADR OM=AGD D PCQJMKD
%$"  ! -) )$  0)$4!
CBIEPC> CN =KI= PCKDJEG=GC DM JDN D
NDID> CN =KI=B >DI=TUCBR >CGMVE> GC <=>= BC D?IC> = NYiEN= CJDADNE=
MN= N=>JL= =KI= H=>= MN= N=>JL= GC JDN?MBIQPCKR >CJDNCAG=NDB D?,
NMEID ?=Ei= gHD> CiCNHKD* >CGMVE> G= BC>P=>R A= H=>IC BMHC>ED> GE>CEI= GD
;' N=>JL= H=>= = 5' DM z' N=>JL=h] GEBHK=t AD OM=G>D GC EABI>MNCAIDBR
= EAGEJ=TWD H=>= I>DJ= GC N=>JL=B+
<=>= CAF>CA=> = N=>JL= = >@ ghR , ’N MN GCJKEPC KDAFDR JDN =
3C> D EICN p2EBHK=t ’KCI>jAEJDpR AD
gD PCQJMKD GCPC CBI=> H=>=GD C CN I>=ABNEBBWD GCBCAF=I=G= GD NDID>
J=HQIMKD p!DALCJCAGD D BCM H=EACK
HDAID ND>IDhR HEB=> AD HCG=K G= CN, gHDAID ND>IDhR CAF=I=> MN= N=>JL=
GC EABI>MNCAIDBp+
?>C=FCN =I@ D SEN GD JM>BDR =FM=>G=> NMEID ?=Ei=R AWD JDNH=IQPCK JDN =
=KFMAB BCFMAGDB CR B^ CAIWDR HMi=> PCKDJEG=GC GD PCQJMKD+
H=>= JEN= D GEBHDBEIEPD EAE?EGD> GC
>@  CR =D NCBND ICNHDR GCBKDJ=> =
(CBB=B JDAGETUCBR = >DI=TWD GD %
NDID> =MNCAI=>Y JDABEGC>=PCK,
=K=P=AJ= H=>= = GE>CEI= C H=>= I>YB+ NCAICR MKI>=H=BB=AGD DB KENEICB GC   
IDKC>\AJE= C BCFM>=AT=R G=AESEJ=AGD <=>= NMG=> =B N=>JL=B JD>>CI=,
JDNHDACAICB EAIC>ADB GD NDID>R NCAICR @ ACJCBBY>ED HEB=> SMAGD AD
I>=ABNEBBWD C CN?>C=FCN+ (CBBCB HCG=K G= CN?>C=FCN+
J=BDBR ICJAEJ=NCAIC GCADNEA=GD
   <D> EBBDR D HEBD BD? DB HCG=EB AWD
 R DB >CH=>DB ACJCBBY>EDB GCPC IC> D?BIYJMKDB+ 3C>ESEJ=> BC DB
$ BEBICN= GC JDAI>DKC GC EA_CTWD AWD BWD JD?C>IDB HCK= F=>=AIE= GD
CKCI>jAEJ= AWD CPEI= G=ADB =D NDID>R I=HCICB CBIWD BCNH>C ?CN CBICAGEGDB
PCQJMKD+ C AWD EAIC>SC>CN AD GCBKDJ=NCAID
[ I>=ABNEBBWD C [ CN?>C=FCN GCPEGD
= CKCP=G=B >DI=TUCB GD NDID> AD J=BD " >CGMTWD GC N=>JL=B GM>=AIC = GDB HCG=EBR GENEAMEAGD D BCM JM>BD+
GC >CGMTUCB GC N=>JL=B EA=GCOM=, JDAGMTWD GCPC BCNH>C BC> CSCIM=G=
G=BR BC_=N CK=B >C=KEV=G=B GC SD>N= H=>= = H>^iEN= N=>JL= ENCGE=I=,

0"’
   
   ’N J=BD GC =ADN=KE= AD BEBICN=R
D NDID>EBI= @ =PEB=GD HD> MN BEA=K
"&$ $./*012(- GC =K=>NCR CPEGCAJE=GD HCKD =JCA,
       GENCAID G= KMV,CBHE= _MAI=NCAIC
JDN = NCAB=FCN PEBM=KEV=G= AD GEB,
$ BEBICN= GC CBI=JEDA=NCAIDR H>C,
HK=tR gBC GEBHDAQPCKh+
BCAIC CN =KFMN=B PC>BUCBR PC>ESEJ= C
=KC>I= D NDID>EBI= BD?>C = H>CBCAT=
GC CPCAIM=EB D?BIYJMKDB A= H=>IC I>=, "!Q#$"!  $&'F
BCE>= GD PCQJMKD+ $ BDN H>DGMVEGD HCKD BEA=K BDAD>D
ID>A=,BC JDAIQAMD OM=AGD = GEBI\AJE=  #=ED GC =TWD JCAI>=K++++ -;|  -|
"I>=P@B GC OM=I>D BCABD>CB =KD_=, JN
CAI>C D PCQJMKD C D D?BIYJMKD SD>
GDB AD H=>=,JLDOMC I>=BCE>DR EAGEJ=,
EASC>ED> = JC>J= GC 5| JN+  #=ED GC =TWD K=IC>=K+++++++ u|  -|
GDB HCK=B BCI=BR D BEBICN= PC>ESEJ= =
JN
GEBI\AJE= CAI>C D PCQJMKD C CPCAIM, $ BEA=K BDAD>D JCBB= ENCGE=I=,
=EB D?BIYJMKDB] D NDID>EBI= @ =KC>I=GD NCAIC BC = GEBI\AJE= GD D?BIYJMKD
HD> MN BEA=K BDAD>D EAIC>NEICAIC OMCR =MNCAI=>+ " S>COMZAJE= GD BEA=K 1C DB BCABD>CB GCICJI=>CN PY>EDB
CAI>=AGD CN SMAJEDA=NCAID =MIDNY, =JkBIEJD HC>N=ACJC JDABI=AIC BC D?BIYJMKDBR = JCAI>=K GC JDAI>DKC BE,
IEJD =D CAF=I=> = N=>JL= = >@R EAGEJ= = GEBI\AJE= NCGEG= HC>N=ACJC> A=KEV= =OMCKC JDN GEBI\AJE= NCAD>+
=D NDID>EBI= = GEBI\AJE= C D HDBEJE, EAP=>EYPCK+ sM=AGD CBI= BEIM=TWD SD>
DA=NCAID GD D?BIYJMKD JDASD>NC =B PC>ESEJ=G= HCKDB BCABD>CB K=IC>=EBR D
?=>>=B F>YSEJ=B gOM=AGD GEBHDAQPCKhR BEA=K @ EAIC>>DNHEGD =H^B JC>J= GC 5
=MNCAI=AGD = S>COMZAJE= GD BEA=K CN BCFMAGDB H=>= CPEI=>R HD> CiCNHKDR   
>CK=TWD [ GENEAMETWD GCBI= GEBI\AJE=+ BEA=KEV=TUCB CN J=BD GC N=AD?>=B " >CBHDAB=?EKEG=GC GD CBI=JEDA=,
=D KDAFD GC MN NM>D+ NCAID C GC DMI>=B N=AD?>=B HC>EFD,
B=B @ BCNH>C GD NDID>EBI=+
sM=AGD BWD CSCIM=G=B CBI=B N=,
AD?>=BR JC>IESEJ=>,BC BCNH>C GC OMC
0"(
AD CBH=TD GC N=AD?>= AWD CiEBI=N GC H=ADB BCJDBR YBHC>DB DM GM>DB+ HDACAICB GD H>^H>ED PCQJMKDR KDJ=KE,
ACN HCBBD=B gCBHCJE=KNCAIC J>E=A, $B BCABD>CB GCPCN BC> K=P=GDB JDN V=GDB SD>= G= Y>C= GC GCICJTWD gCi+
T=Bh ACN =AEN=EB+ $ BEBICN= GC =BBEB, YFM= KENH= DMR CPCAIM=KNCAICR JDN HDAICE>= GD H=>=, ,JLDOMChR OMC HD,
IZAJE= GCPC BC> JDABEGC>=GD MN =M, BL=NHDD H=>= =MIDN^PCEB+ GC>E=N PE> = JDKEGE> JDN D?BIYJM,
iQKED H=>= D NDID>EBI=R OMC AWD GCPC KDB+ $B D?_CIDB JDKDJ=GDB = GEBI\AJE=
AMAJ= >CGMVE> = =ICATWD GM>=AIC =B (DB HDBIDB GC K=P=FCN OMC MIEKE, =H>DiEN=G= A= I>=BCE>= GD PCQJMKDR
N=AD?>=B HDICAJE=KNCAIC HC>EFDB=BR V=N NYOMEA=B HDKEGD>=B LEG>YMKEJ=BR CN =KFMN=B JE>JMABI\AJE=BR AWD BWD
NCBND BC CiCJMI=G=B CN ?=Ei= PCKD, JDN _=ID GC P=HD> DM = =KI= H>CBBWDR GCICJI=GDB HCKD BEBICN= C HDGCN G=,
JEG=GC+ KENH=> >=HEG=NCAIC DB BCABD>CB N=A, AESEJ=> D PCQJMKD DM BC>CN G=AESEJ=,
ICAGD D ?EJD = N=EB GC -| JN GC GEB, GDB+
I\AJE=+
2M>=AIC = >C=KEV=TWD G= N=AD?>=R
>CGMVE> D PDKMNC DM NCBND GCBKEF=>
   D BEBICN= GC YMGEDR BC H>CBCAICR JM_D
<=>= D JD>>CID SMAJEDA=NCAID BDN HDGC>E= EAIC>SC>E> A= =MGETWD GDB
  
GD BEBICN= GC =BBEBIZAJE= H=>=
" EABI=K=TWD =KC=I^>E= GC F=AJLDB
BEA=EB BDAD>DB CNEIEGDB HCKDB BCABD,
%
CBI=JEDA=NCAID @ EAGEBHCABYPCK >CB GC CBI=JEDA=NCAID+
OMC DB BCABD>CB HDBEJEDA=GDB ADB GC >C?DOMC DM GC =JCBB^>EDB H=>=
H=>=,JLDOMCB CBIC_=N BCNH>C I>=ABHD>IC GC D?_CIDB HDGC H>C_MGEJ=>
D SMAJEDA=NCAID GD BEBICN=+ 
KENHDBR KEP>CB GC ?=>>D C BM_CE>=+
"B BEA=KEV=TUCB CAPE=G=B HCKDB BCA,
1DNCAIC =BBEN HDGC>Y S=VC> =B N=, /IEKEVC BCNH>C =JCBB^>EDB FCAMQ,
BD>CB HDGCN BC> =KIC>=G=B HCK= BM_CE>=
AD?>=B JDN BCFM>=AT=+ ADB+
DM ?=>>D GCHDBEI=GDB ADB NCBNDB DM
HD> BEBICN=B GC MKI>=,BDN gCi+* S>CEDB
 HACMNYIEJDB GC J=NEALUCB DM N=>,
ICKDB HACMNYIEJDBh H>CBCAICB A= PE,
2M>=AIC =B N=AD?>=B GC CBI=JEDA=,
VEAL=AT= DMR =EAG=R HD> JDAGETUCB
   NCAIDR H>CBI=> = NYiEN= =ICATWD CN
=N?ECAI=EB GESC>CAJE=G=B gCi+* JLMP=
2M>=AIC = KENHCV= GDB BCABD>CBR D?BIYJMKDB OMC HDBB=N CAJDAI>=>,BC
HCB=G=h+
H>CBI=> = NYiEN= =ICATWD H=>= AWD =JEN= DM =?=EiD GDB BCABD>CB C GD
>EBJY,KDB DM G=AESEJY,KDB+ ’PEI=> D MBD H=>=,JLDOMCR =BBEN JDND CN JDN,
0"*
=D S=ID GC BC> MIEKEV=GD CN =KI=B =K, 1C D NDID> =H>CBCAI=> SMAJEDA=,
 NCAID E>>CFMK=> DM D PCQJMKD BDS>C>
IEIMGCBR NMEID =JEN= GD H=G>WD ?>=,
’BHCJE=K =ICATWD GCPC BC> G=G= BEKCE>DR D NCBND HDGC>Y =H>CBCAI=> BDK=P=AJDB GM>=AIC = N=>JL=R =
OM=AGD SD> =JDHK=GD =D PCQJMKD MN SMAJEDA=NCAID E>>CFMK=> C =I@ NCBND J=MB= HDGC>Y BC> = H>CBCAT= GC JDN,
>C?DOMCR J=>=JIC>EV=AGD MN= BEIM=, DJD>>C> G=ADB CN BCMB JDNHDACAICB+ ?MBIQPCK GC OM=KEG=GC EABMSEJECAIC
TWD GEBIEAI= H=>= DB BCABD>CB GC CB, DM ?=Ei= AD I=AOMC+ (CBBC J=BDR
I=JEDA=NCAIDR OMC HDGC>WD GCICJI=> 1C D NDID> =H>CBCAI=> SMAJEDA=,
JDAGMVE> D PCQJMKD [ JDAJCBBEDAY>E=
= MAEG=GC =JDHK=G= JDND BCAGD MN NCAID E>>CFMK=> DM D PCQJMKD BDS>C>
G=   !!"!#$"% " N=EB H>^,
D?BIYJMKDR BEA=KEV=AGD = BEIM=TWD =D BDK=P=AJDB GM>=AIC = N=>JL=R =
iEN=R JDN PCKDJEG=GC NDGC>=G= C
JDAGMID>+ !C>IESEOMC,BC OMC D CBH=TD J=MB= HDGC>Y BC> = H>CBCAT= GC JDN,
BCN CiEFE> NMEID GD NDID>+ 1C CBICB
BC_= BCFM>D H=>= N=AD?>=BR _Y OMC ?MBIQPCK GC OM=KEG=GC EABMSEJECAIC
EAJDAPCAECAICB DJD>>C>CN KDFD =H^B
ACBI= BEIM=TWDR DB BCABD>CB GC CBI=JE, DM ?=Ei= AD I=AOMC+ (CBBC J=BDR
MN >C=?=BICJENCAID CN MN HDBID GC
DA=NCAID AWD BC>WD CSEJ=VCB+ JDAGMVE> D PCQJMKD [ JDAJCBBEDAY>E=
F=BDKEA=R GCBKEF=> ENCGE=I=NCAIC D
G=   !!"!#$"% " N=EB H>^,
NDID> C H>DJM>=> = #CGC "BBEBICAJE=K
iEN=R JDN PCKDJEG=GC NDGC>=G= C
eCCH DM MN= DSEJEA= CBHCJE=KEV=G=R
     BCN CiEFE> NMEID GD NDID>+ 1C CBICB
= SEN GC CPEI=> G=ADB N=ED>CB =D
EAJDAPCAECAICB DJD>>C>CN KDFD =H^B
   MN >C=?=BICJENCAID CN MN HDBID GC
NDID> C DMI>DB BEBICN=B GD PCQJMKD+

   F=BDKEA=R GCBKEF=> ENCGE=I=NCAIC D $B GEBHDBEIEPDB =AIEHDKMCAICB CiE,


NDID> C H>DJM>=> =   !!"!#$"% FCN D MBD CiJKMBEPD GC F=BDKEA= BCN
<=>= F=>=AIE> = HC>SD>N=AJC GD PCQ, " DM MN= DSEJEA= CBHCJE=KEV=G=R JLMN?D+
JMKDR = =GCOM=TWD C J=KE?>=TWD GD = SEN GC CPEI=> G=ADB N=ED>CB =D
NDID> C GCN=EB JDNHDACAICB BWD ?=, 2C =JD>GD JDN >CFMK=NCAI=TWD
NDID> C DMI>DB BEBICN=B GD PCQJMKD+ PEFCAIC CBI=?CKCJEG= HCK= "(<
BC=G=B A=B J=>=JIC>QBIEJ=B KDJ=EBR D
OMC EAJKME DB JDN?MBIQPCEB GEBHDAE?E, "AICB GC CSCIM=> D =?=BICJENCAIDR g"FZAJE= (=JEDA=K GC <CI>^KCDh =
KEV=GDB C JDNC>JE=KEV=GDB AD b>=BEK+ @ ENHD>I=AIC JC>IESEJ=>,BC GD IEHD GC F=BDKEA= AD>N=KNCAIC GEBHDAQPCK AD
JDN?MBIQPCK JD>>CID+ NC>J=GD ?>=BEKCE>D AWD GCPC JDAIC>
!=BD D PCQJMKD BC_= BM?NCIEGD [ JLMN?D CN H>DHD>TUCB OMC HDBB=N
MIEKEV=TWD GC JDN?MBIQPCK JDN J=, "K@N GEBBDR GCBKEF=> D NDID> =AICB
J=MB=> G=ADB =D JDAPC>BD> J=I=KQIEJD
>=JIC>QBIEJ=B GEPC>B=B G=OMCK=B H>CPEB, GC CSCIM=> D =?=BICJENCAID+
GDB =MIDN^PCEB+
I=B H=>= D NC>J=GD ?>=BEKCE>DR =KE=GD
0"+
        
(MAJ= EAI>DGMVE>R ACN NCBND (WD =GEJEDA=> DMI>D IEHD GC F=BD, /IEKEV=> BDNCAIC JDN?MBIQPCK JDN
CN J=BDB GC CNC>FZAJE=R = NQ, KEA= AD I=AOMC gCi+* F=BDKEA= GC =PE, CBHCJESEJ=TWD CBI=?CKCJEG= HCK= "(<
AEN= OM=AIEG=GC GC F=BDKEA= JDN =TWDhR AWD LDNDKDF=G= H=>= MBD =M, g"FZAJE= (=JEDA=K GD <CI>^KCDhR LD,
JLMN?D AD I=AOMC+ IDNDIEPD+ NDKDF=GDB H=>= MBD =MIDNDIEPD+
$?BC>PC BCNH>C =B >CJDNCAG=, $MI>DB IEHDB GC F=BDKEA= HDGCN ’PCAIM=EB G=ADB ADB JDNHDACAICB
TUCB GCBIC N=AM=K+ H>DPDJ=> G=ADB E>>CPC>BQPCEB AD JDA, GDB BEBICN=B GC CNEBBUCBR =KENCAI=,
PC>BD> J=I=KQIEJD+ TWD C DMI>DB G=ADB AD H>^H>ED ND,
ID> J=MB=GDB HCKD MBD GC JDN?MB,
IQPCK SD>= G=B CBHCJESEJ=TUCBR JDN,
?MBIQPCK JDAI=NEA=GDR =GMKIC>=GD DM
  
JDN H>CBCAT= GC JLMN?D DM =GEIE,
!C>IESEJ=>,BC G= D>EFCN GD JDN?MB,   
PDB NCIYKEJDB [ ?=BC GC N=AF=AZB %
IQPCK C MIEKEV=> BDNCAIC JDN?MBIQPCK (WD MIEKEV=> JDN?MBIQPCK JDN QA, AWD BC>WD JD?C>IDB HCK= F=>=AIE=+
JDN OM=KEG=GC JC>IESEJ=G=R =GOME>EGD GEJC GC DJI=A=B NMEID ?=EiD+
CN HDBIDB G= #CGC GC 2EBI>E?MEGD>CB
OMC GEBHUCN GC H>DF>=N=B GC JC>IE, $ MBD GCBBC IEHD GC JDN?MBIQPCK
SEJ=TWD GC OM=KEG=GC I>=ABH=>CAICB+ HDGC>Y H>DPDJ=> JDN?MBIWD GCBJDA,
I>DK=G= C =J=>>CI=> G=ADB F>=PCB =D   
/IEKEV=> JDN?MBIQPCK JDN CBHCJESE, NDID>+ " F=>=AIE= AWD JD?>E>Y CBBC (WD =GEJEDA=> =GEIEPDB >CJDNCA,
J=TWD EA=GCOM=G= DM GC ?=Ei= OM=, IEHD GC G=ADB+ G=GDB H=>= DMI>DB IEHDB GC JDN?MBIQ,
KEG=GC HDGC>Y =SCI=> D GCBCNHCALD PCK =D I=AOMC GC JDN?MBIQPCK GD PCQ,
GD PCQJMKDR =K@N GC J=MB=> G=ADB E>, JMKDR HDEB LY >EBJD GC G=ADB F>=PCB
>CPC>BQPCEB =D BEBICN= GC EA_CTWD C =D J=I=KEB=GD>R EA_CID>CBR BCABD>CB C
DMI>DB HDBBQPCEB G=ADB =D NDID>R AWD =D H>^H>ED NDID>+
JD?C>IDB HCK= F=>=AIE=+

0",
" F=>=AIE= GD PCQJMKD AWD JD?>E>Y JC> GCBKEF=G= CAOM=AID D PCQJMKD CB,
CBBCB G=ADB+ IEPC> BCAGD =?=BICJEGD+
   $?BC>PC BCNH>C =B >CJDNCAG=,
(WD MIEKEV=> D JCKMK=> H>^iEND G= TUCB GCBIC N=AM=K+
?DN?= GC =?=BICJENCAID GC JDN?MB,
   IQPCK+
(WD JDKDJ=> A= CiI>CNEG=GC GD 
’BI= =IEIMGC HDGC H>DPDJ=> EAJZA, 2M>=AIC = JDAGMTWDR D =JCAGE,
?DJ=K ACALMN D?_CID9I=NHWD AWD
GED+ NCAID G= KMV,CBHE= HDGC EAGEJ=>
H>CPEBID AD PCQJMKD+
=P=>E= AD BEBICN= GC EA_CTWD9$b2
" MIEKEV=TWD GC D?_CIDB9I=NHUCB DM AD J=I=KEB=GD>R JDN =MNCAID AD
AWD JDASD>NCB HDGCN H>DPDJ=> =M, JDABMND GC JDN?MBIQPCKR >CGMTWD
NCAIDB GC H>CBBWD AD EAIC>ED> GD >C,    G= HDIZAJE= GD NDID> C =MNCAID GD
BC>P=I^>EDR J>E=AGD JDAGETUCB GC HC, AQPCK GC CNEBBUCB+ <=>= B=?C> D OMC
>EFD+ $ JDAPC>BD> J=I=KQIEJD EACSEJECAIC
H>DPDJ= CNEBBUCB ADJEP=B AD CBJ=, S=VC> ACBBCB J=BDBR KC> p%MVCB GC =G,
H=NCAID+ PC>IZAJE= C NCAB=FCABpR AD J=HQIMKD
p!DALCJCAGD BCM H=EACK GC EABI>M,
"K@N GEBBDR HDGC>Y HDKME> D NCED NCAIDBp+
   =N?ECAIC+
(WD BC =H>DiEN=> GD ?DJ=K GD I=A, 
OMC GC JDN?MBIQPCK JDN S^BSD>DB DM
1C D PCQJMKD CBIEPC> CN I>\ABEID
JEF=>>DB =JCBDBR HDEB LY HC>EFD GC EA,
HD> DMI>DB H=QBCBR JC>IESEOMC,BC GC
JZAGED+   
OMC D =?=BICJENCAID BC_= SCEID BD,
’PEI=> I=N?@N =H>DiEN=> GCN=EB <D> NDIEPDB GC BCFM>=AT=R =BBEN NCAIC JDN F=BDKEA= OMC AWD JDAIC,
D >DBID GD ?DJ=KR H=>= AWD EA=K=> JDND H=>= F=>=AIE> D SMAJEDA=NCAID AL= JLMN?D CN BM= JDNHDBETWD+
P=HD>CB ADJEPDB+ JD>>CID GD BEBICN= C CPEI=> C>>DB GC
EAGEJ=TWD GD EABI>MNCAID AD H=EACKR
= JL=PC GC EFAETWD GCPC>Y HC>N=AC,

0"#-
    9 
 
" I=NH= GD >CBC>P=I^>ED GC JDN,
?MBIQPCK HDBBME MN= PYKPMK= ?EGE>CJE,
DA=K OMC =IM= H=>= D =KQPED G= H>CB,
BWD EAIC>A=+ .=AICAL= = I=NH= BCN,
H>C ?CN SCJL=G= C AWD = BM?BIEIM=
HD> DMI>= GC IEHD GESC>CAIC+
1CFM>C = I=NH= C FE>C = JL=PC <=>= =KFMN=B PC>BUCBR D GCBI>=P=,
AD BCAIEGD =AIE,LD>Y>ED g=KFMN=B PC>, NCAID G= I=NH= GC =JCBBD =D ?D,
BUCBh] H>DBBEF= FE>=AGD = I=NH= =I@ D J=K GC =?=BICJENCAID @ SCEID HD> GCA,
   BCM JDNHKCID GCB=KD_=NCAID+ I>D GD PCQJMKDR =I>=P@B G= =K=P=AJ=
$ JDN?MBIQPCK OMC CBJD>>C =JEGCA, + %CP=AI=> = =K=P=AJ= gBC COMEH=GDh
I=KNCAIC GM>=AIC D =?=BICJENCAIDR HCK= H=>IC GE=AICE>=+
=K@N GC BC> HDKMCAICR HDGC G=AESEJ=> %
= HEAIM>= GD PCQJMKD+
’PEIC >CBHEAFDB A= >CFEWD GD ?DJ=K
GC =?=BICJENCAID+

$ =JCBBD [ I=NH= GC JDN?MBIQPCK


@ D?IEGD =?>EAGD = HD>IEALDK= C D?,
BC>P=AGD =B BCFMEAICB EABI>MTUCB* "H^B = >CIE>=G= G= I=NH=R CAJ=EiC,
= AD BMHD>IC CiEBICAIC A= HD>IEALDK=+

’N J=BD GC CNC>FZAJE= @ HDBBQPCK


=?>E> = HD>IEALDK= HMi=AGD = JD>GE,

0"##
AL= KDJ=KEV=G= AD K=GD GE>CEID GCAI>D DJ=BEDA=AGDR CN J=BD GC =MNCAID (D MBD AD>N=K D BEBICN= 6KCi AWD
GD HD>I=,N=K=B+ GC ICNHC>=IM>=R I>=AB?D>G=NCAID C >COMC> JMEG=GDB DM H>DJCGENCAIDB
DGD> GC JDN?MBIQPCK+ CBHCJE=EBR CiJCIM=AGD = D?BC>P=TWD
G=B =GPC>IZAJE=B GC MIEKEV=TWD H>C,
BCAICB ACBIC J=HQIMKD C DB HDAIDB GC
   C =$0./!7*% #% N=AMICATWD CBHCJQSEJDB+
   8/ 3!%"#?
(WD BC =H>DiEN=> GD ?DJ=K GD I=A, <=>= H>DHEJE=> H=>IEG=B N=EB >YHE,
$ BEBICN= 6%’y SDE H>D_CI=GD H=>= G=BR N=AIC> BCNH>C =?=BICJEGD D >C,
OMC GC JDN?MBIQPCK JDN S^BSD>DB DM H>DHD>JEDA=> IDI=K SKCiE?EKEG=GC A=
JEF=>>DB =JCBDBR HDEB LY HC>EFD GC EA, BC>P=I^>ED GC F=BDKEA= H=>= H=>IEG= =
=KENCAI=TWD GD NDID> GD PCQJMKDR S>ED+
JZAGED+ HC>NEIEAGD = MIEKEV=TWD GC CI=ADK DM
’PEI=> I=N?@N =H>DiEN=> GCN=EB GC F=BDKEA= EAGEBIEAI=NCAIC+ $ JDN,
D >DBID GD ?DJ=KR H=>= AWD EA=K=> ?MBIQPCK HDGC BC> =GEJEDA=GD AD >C,
P=HD>CB ADJEPDB+ BC>P=I^>ED A= H>DHD>TWD OMC D MBMY,
>ED _MKF=> JDAPCAECAIC H=>= D MBD+   
(WD MIEKEV=> JDN?MBIQPCEB GESC>CA,
!=?C>Y =D MBMY>ED = =AYKEBC BD?>C
 ICB GDB CBHCJESEJ=GDB+
OM=K H>DHD>TWD GDB GDEB JDN?MBIQ,
$B HDBIDB GC JDN?MBIQPCEB JDA, PCEB @ N=EB JDAPCAECAIC H=>= D BCM $ BEBICN= BDNCAIC CBIY H>CH=>=GD
I=N JDN ?DN?=B GC GCBKEF=NCAID IEHD GC MIEKEV=TWDR JDABEGC>=AGD =B H=>= SMAJEDA=> JDN CI=ADK C F=BDKEA=
=MIDNYIEJD OMC F=>=AICNR OM=AGD GEPC>B=B P=>EYPCEB gH>CTD GD JDN?MB, =MIDNDIEPDB+
MIEKEV=G=B JDASD>NC AD>N=B PEFCA, IQPCKR JDABMNDR GCBCNHCALDR CIJ+h+
ICBR OMC D I=AOMC GC JDN?MBIQPCK
CBI=>Y JLCED AD BCFMAGD GCBKEF=, " JCAI>=K CKCI>jAEJ= GC JDAI>DKC GC
NCAID G= ?DN?=+ "H^B D BCFMAGD EA_CTWD CBIY H>CH=>=G= H=>= rFC>CA,
GCBKEF=NCAID AWD BC GCPC JDAIEAM=> JE=>q = EAIC>=TWD CAI>C DB GDEB IEHDB GC   
D =?=BICJENCAID AD NDGD N=AM=K JDN?MBIQPCK gCI=ADK DM F=BDKEA=h HDB,
(WD =G=HI=> D PCQJMKD H=>= SMAJED,
G= ?DN?=R HDEB D CBH=TD GC GEK=I=, BE?EKEI=AGD MN SMAJEDA=NCAID BCN,
A=NCAID JDN ‘(3 g‘YB A=IM>=K PCE,
TWD AD EAIC>ED> GD I=AOMC HDGC>Y H>C >CFMK=> CN IDG=B =B BEIM=TUCB GC
JMK=>h+
BC> H>CCAJLEGD EAGCPEG=NCAICR MIEKEV=TWD+

0"#$
"B J=>=JIC>QBIEJ=B GD BEBICN= 6%’y
AWD HDBBE?EKEI=N = JDAPC>BWD+
’BIC H>DJCGENCAID E>Y NEAENEV=>
CPCAIM=EB H>D?KCN=B A= H>^iEN= H=>,
    
IEG= GD PCQJMKDR H>EAJEH=KNCAIC BC D !
NDID> CBIEPC> S>ED+ 
    

 T   
$B NDID>CB SKCi HDGCN =H>CBCAI=> T/%"    /"%"1&'  $0./!2
AQPCEB GC >MQGDB GESC>CAICBR GCHCA, 7*% 
GCAGD GD JDN?MBIQPCK MIEKEV=GD gCI=,
ADK DM F=BDKEA=h ?CN JDND HC>JCA, <=>= =KFMN=B PC>BUCBR @ HDBBQPCK

IM=K GC NEBIM>=+ ’BIC JDNHD>I=NCAID CSCIM=> >C?DOMCB GC =I>CK=GDB gJ=>>C,
(WD MIEKEVC JDN?MBIQPCEB GESC>CA, IEAL=BR I>=EKC>BR CIJ+h+ $ PCQJMKD GCPC
@ AD>N=K C AWD =SCI= D GCBCNHCALD
ICB GD CBHCJESEJ=GD HCK= KCFEBK=TWD CBI=> COMEH=GD JDN CAF=IC CBS@>EJD
GD NDID>+
PEFCAIC+ " MIEKEV=TWD GC JDN?MBIQ, H=>= =JDHK=NCAID NCJ\AEJD C JD,
PCEB =GMKIC>=GDB HDGC >CBMKI=> G=ADB ACiWD CK@I>EJ= =GCOM=G=R BCAGD OMC
 =D NDID>+ =N?DB GEBHDBEIEPDB GCPCN JMNH>E>
"H^B MN =?=BICJENCAIDR D BEBICN= 3CQJMKDB JDN NDID> SKCi* @ >CJD, DB >COMEBEIDB G=B AD>N=B PEFCAICB G= %
6KCi ACJCBBEI= GC MN HCOMCAD ICNHD NCAG=GD D =?=BICJENCAID JDNHKCID "b() g"BBDJE=TWD b>=BEKCE>= GC (D>,
GC =G=HI=TWD g=H>DiEN=G=NCAIC -| GD I=AOMC GC JDN?MBIQPCK JDN F=, N=B )@JAEJ=Bh+
NEAMIDBh JDN D PCQJMKD SMAJEDA=AGDR BDKEA= =GEIEP=G= = J=G= -|+||| aN
H=>= >CJDALCJC> D JDN?MBIQPCK OMC H=>= =MiEKE=> A= KENHCV= GD BEBICN=
CBIY AD I=AOMC gCI=ADK DM F=BDKEA=h+ GC JDN?MBIQPCK C N=AIC> D ?DN GC,
BCNHCALD GD NDID>+   
’BI= >CJDNCAG=TWD @ ENHD>I=AICR
BD?>CIMGDR OM=AGD ICAL= DJD>>EGD $ BEBICN= "b1 JDN OMC D PCQJMKD
= I>DJ= GD JDN?MBIQPCK OMC CBI=P= CBIY COMEH=GD AWD JDAI>DK= D BEBICN=
BCAGD MIEKEV=GD gCi+* CI=ADK CN PCV GC S>CA=FCN GD >C?DOMC+
GC F=BDKEA=h+ $ PCQJMKD GCPC JMNH>E>
MN HC>JM>BD NQAEND gHCKD ICNHD =A, "BBENR @ ACJCBBY>ED IC> MN JME,
IC>ED>NCAIC CBHCJESEJ=GDh H=>= OMC D G=GD CBHCJE=K CN BMHC>SQJECB CBJD>,
BEBICN= =BBENEKC D ADPD JDN?MBIQPCK+ >CF=GE=B+

0"#%
!!"!#$"% " gPC> D?BC>P=TWD A=
HYFEA= BCFMEAIChR JDASD>NC =B EAGE,
   J=TUCB OMC BC>WD SD>ACJEG=B = BCFME>R
=B OM=EB GCPC>WD BC> EAICF>=KNCAIC
(MAJ= NDGESEJ=> D BEBICN= GC S>C,
>CBHCEI=G=B+
A=FCN GD PCQJMKD H=>= D JDN=AGD
GD S>CED GD >C?DOMC+ ’SCIM=> AD PCQJMKD = SM>=TWD JDN
“ gGE\NCI>Dh -- NN I>=BH=BB=AGD D
$ BEBICN= GC S>CA=FCN GD >C?D, =BBD=KLD HDBIC>ED> C = KDAF=>EA= A=B
OMC GCPC BC> JDNHKCI=NCAIC EAGC, N=>J=B CBOMCNYIEJ=B EAGEJ=G=B+
HCAGCAIC GD BEBICN= LEG>YMKEJD GD
PCQJMKD+

  
" 6!" 6&") !l#m1%’# "/)$,
.n3’&1 b#"1&% %)2" AWD BC >CB,
HDAB=?EKEV= HCK= F=>=AIE= GC HCT=B
C =JCBB^>EDB AWD FCAMQADB EABI=K=GDB
AD PCQJMKD+
" EABI=K=TWD EA=GCOM=G= GC HCT=B
C =JCBB^>EDB HDGC =J=>>CI=> G=ADB [
J=>>DJC>E=R AWD BCAGD H=BBQPCEB GC
JD?C>IM>= GC F=>=AIE=+

$ GEBHDBEIEPD H=>= D F=AJLD GC >C,


?DOMC GCPC BC> SEi=GD [ J=>>DJC>E=
HD> HCBBD=K CBHCJE=KEV=GD G=  

0"#&
&' %)% )!")  /0 *7$/% =,0-% 3#A)"$?

"! !/-)")  !!%4 )!")

0"#’
0"#(
#!%&' A=KEG=GC GC CPEI=> EAIC>SC>ZAJE=B CA, GD =I>CK=GD JDN J=>F= JDNHKCI=R EA,
’N =KFMAB NDGCKDB GC PCQJMKDBR I>C DB JDNHDACAICB CAPDKPEGDB+ JKMQGDB =JCBB^>EDB C ?=F=FCAB HCBBD,
BWD =H>DPCEI=GDB =KFMAB SM>DB H>@, =EB+ ’BIC PCQJMKD ICN J=H=JEG=GC GC
"HKEJ=> MN ID>OMC GC =HC>ID GC x|
CiEBICAICBR >CIE>=AGD C >CJDKDJ=AGD I>=JEDA=> BDNCAIC MN >C?DOMC BCN
(+N BD?>C DB H=>=SMBDB+
H=>=SMBDB OMC SEi=N =KFMAB JDNHD, S>CED H>^H>ED =I@ D KENEIC GC x|| aF+
ACAICB+
      
2C =JD>GD JDN D IEHD GC F=AJLD  T
GC >C?DOMC LDNDKDF=GD HCK= 6!"
6E=I !L>tBKC> "MIDN^PCEB b>=BEK %IG=+R %CN?>C,BC OMC D =ID GC >C?DJ=>   
BC>Y ACJCBBY>ED SM>=> I=N?@N D H=E, MN =I>CK=GD >CGMV = J=H=JEG=GC NY, !=BD =B KEF=TUCB G= IDN=G= CK@,
ACK I>=BCE>D GC =KFMN=B PC>BUCB+ 3C> iEN= GD PCQJMKD H=>= BMHC>=> =JKEPCB I>EJ= GD =I>CK=GD SD>CN N=K CiCJMI=,
= BCFME>* g>=NH=Bh+ G=BR HDGCN DJD>>C> B@>EDB G=ADB AD
BEBICN= CKCI>DCKCI>jAEJD GD PCQJMKD+
 "K=>F=> DB SM>DBR BDNCAIC AD =B,
%
$?BC>PC BCNH>C =B >CJDNCAG=,
BD=KLDR H=>= “ gGE\NCI>Dh -u NN+ TUCB GCBIC N=AM=K+
 "HKEJ=> H>DICTWD JDAI>= = JD>>D,   
BWD BD?>C DB SM>DB+ (DB HC>JM>BDB CN GCBJEG=R CAF=I=>
 .DAI=> D CAF=IC H=>= >C?DOMC MN= N=>JL= SD>IC CN PCV GC MB=> 
JDASD>NC D>ECAI=TWD GD BDNCAIC D S>CED+ " F=>=AIE= JDAI>= JD>>DBWD G= >C,
S=?>EJ=AIC GD ƒEI+ FEWD HC>SM>=G= BDNCAIC BC>Y N=AIEG=
$?BC>PC BCNH>C =B >CJDNCAG=, BC DB SM>DB SD>CN CiCJMI=GDB =I>=P@B
TUCB GCBIC N=AM=K+ G=   !!"!#$"% " C GCBGC OMC
<=>= F=>=AIE> = JDNHKCI= SMAJED,
A=KEG=GC C BCFM>=AT= G= EABI=K=TWDR D J=NHD r"JCBB^>EDB 6E=IqR JDAIEGD
$ HCBD OMC D >C?DOMC CiC>JC AD AD .=AM=K GC ‘=>=AIE=R CBIC_= GCPE,
C GCHCAGCAGD GD NDGCKD GC CAF=IC
CAF=IC H=>= >C?DOMC GD PCQJMKD >C, G=NCAIC H>CCAJLEGD JDN = =BBEA=,
=GCOM=GD H=>= J=G= PC>BWDR HDGC BC>
GMV = J=H=JEG=GC GC J=>F= GD H>^, IM>= C J=>EN?D G= JDAJCBBEDAY>E=+
ACJCBBY>ED CSCIM=> NDGESEJ=TUCB A=
H>ED PCQJMKD+ <=>= IC> JC>ICV= GC AWD
H=>IC HDBIC>ED> GD PCQJMKD g>CJD>IC GD
BMHC>=> D HCBD NYiEND >C?DJYPCKR @
H=>=,JLDOMCR HD> CiCNHKDh JDN = SE,
H>CJEBD KCP=> CN JDABEGC>=TWD D HCBD
0"#*

&ABI=K=TUCB CSCIM=G=B GC NDGD GE,
SC>CAIC =D OM=AID EAGEJ=GD ACBIC N=,
   

$ CAF=IC H=>= >C?DOMC FCAMQAD AM=K BWDR JDASD>NC = KCFEBK=TWD PE,    
6E=IR =GOME>EGD JDND =JCBB^>ED D>EFE, FCAICR GC >CBHDAB=?EKEG=GC GD EABI=,
A=K C EABI=K=GD SD>= G=   !!"!#2 " BCFME> BWD EAGEJ=G=B =KFMN=B
K=GD> C GD H>DH>ECIY>ED GD PCQJMKD+ "
$"% "R ICN CiJKMBEP=NCAIC F=>=A, BMFCBIUCB kICEB OMC HC>NEICN D?IC>
6!" 6E=I !L>tBKC> "MIDN^PCEB b>=BEK
IE= KCF=K GC w| GE=B+ MN= CJDADNE= GC JDN?MBIQPCK C MN=
%IG=+ BDNCAIC BC >CBHDAB=?EKEV= HD>
JDAICATWD G=B CNEBBUCB ADJEP=B+
" HCT= FCAMQA= =GOME>EG= C EABI=, EABI=K=TUCB CSCIM=G=B A=   !!"!2
K=G= A=   !!"!#$"% "R NC, #$"% "R GC =JD>GD JDN =B H>CB,
J>ETUCB C DB J>EI@>EDB I@JAEJDB G=B EA, #/#&'  *7$/%
GE=AIC H=F=NCAID @ F=>=AIEG= HD> -z
gGDVCh NCBCBR EAJKMB= F=>=AIE= KCF=K SD>N=TUCB =AIC>ED>NCAIC JEI=G=B+ 0CK=> HCK= N=AMICATWD GD PCQJMKD
GC ADPCAI= GE=BR JDAI=GDB = H=>IE> G= CSCIM=AGD DB JDAI>DKCB C =B EAIC>PCA,
G=I= G= CiCJMTWD GDB BC>PETDBR JDA, TUCB H>CPEBI=B AD p<K=AD GC N=AMICA,
 TWD H>DF>=N=G=p+
SD>NC ADI= SEBJ=K GC BC>PETDBR OMC GC,
PC>Y BC> N=AIEG= JDN D JKECAIC H=>= #CJDNCAG=,BC = MIEKEV=TWD GC CA,
=H>CBCAI=TWDR OM=AGD CiEFEG= HCK= F=IC H=>= >C?DOMC FCAMQAD 6E=IR D #/!
6!" 6E=I !L>tBKC> "MIDN^PCEB b>=BEK OM=KR BC GEBHDAQPCK H=>= D NDGCKD GC
BCM PCQJMKDR HDGC BC> =GOME>EGD C EAB, !DAI>DK=> HC>EDGEJ=NCAIC = H>CB,
%IG=+ C9DM   !!"!#$"% " AD BWD GDB HACMB JDN MN EAIC>P=KD AWD
b>=BEK+ I=K=GD A=   !!"!#$"% "+
BMHC>ED> =B x BCN=A=B* BC = H>CBBWD
CBIEPC> NMEID ?=Ei=R DB JDABMNDB =M,
 NCAI=NR HD>OMC = >CBEBIZAJE= =D >D,
"AICB GC I>=SCF=> JDN >C?DOMC CN K=NCAID @ N=ED>+
   DMI>D H=QBR PC>ESEOMC =B GEBHDBETUCB
$ >CBHCEID [ H>CBCAIC EABI>MTWD GC FC>=EB GD NCBND CN >CK=TWD =D >C, )3! "#]"!
EABI=K=TWD @ MN= SD>N= GC JDABC>P=> ?DOMC GC =I>CK=GDB+ #CBHCEIC DB KENE, (WD PE=_=> JDN D JDNH=>IENCAID
= EAICF>EG=GC GD PCQJMKD C H>CPCAE> = ICB GC PCKDJEG=GC CBHCJQSEJDB GC J=G= GC J=>F=B BD?>CJ=>>CF=GD+ $ HCBD GD
DJD>>ZAJE= GC =JEGCAICB+ H=QB H=>= DB PCQJMKDB JDN >C?DOMC+ PCQJMKD C D BCM =KEAL=NCAID EASKMCA,

0"#+
JE=N SD>ICNCAIC DB JDABMNDB C = CB,   
 GC ?=Ei= PCKDJEG=GCR =K@N GC =MNCA,
I=?EKEG=GC+ #)*#&' I=> D JDABMND C = CNEBBWD GC HDKM,
CAICBR =JCKC>= D GCBF=BIC GD NDID>+
"!-!""*! %A)"$! (WD GCEi=> =OMCJC> D NDID> JDN
D PCQJMKD H=>=GD ACN CN N=>JL= %$"   05,"0
/IEKEV=> DB GEBHDBEIEPDB CK@I>EJDB KCAI=R ACN CN >CFENC CKCP=GD* ACB,
=HCA=B GM>=AIC D ICNHD ACJCBBY>ED+ I=B JDAGETUCBR D NDID> =OMCJC NMEID $ JDABMND GC JDN?MBIQPCK =M,
$B S=>^EB BMHKCNCAI=>CBR DB KENH=, N=EB KCAI=NCAICR =MNCAI=AGD DB NCAI= H>DHD>JEDA=KNCAIC CN >CK=,
GD>CB GDB PEG>DB C = PCAIDEAL= GD JDABMNDB C =B CNEBBUCB+ X =JDABC, TWD [ PCKDJEG=GC OMC D PCQJMKD GC,
BEBICN= GC =OMCJENCAIDR =?BD>PCN KLYPCK H=>IE> KDFD C KCAI=NCAICR CPE, BCAPDKPC] JDND CiCNHKDR HDGC,BC
MN= ADIYPCK OM=AIEG=GC GC JD>>CAICR I=AGD >CFENCB CKCP=GDBR GCBIC NDGDR GEVC> OMC H=BB=AGD GC w| = -z|
H>DPDJ=AGD HD> JDABCFMEAIC MN =M, D NDID> =OMCJC>Y N=EB >=HEG=NCAIC+ aN9LR D EAJ>CNCAID GC JDABMND GC
NCAID GD JDABMND GC JDN?MBIQPCK JDN?MBIQPCK @ GC =H>DiEN=G=NCAIC
g=I@ ⁄z;« CN JE>JMK=TWD M>?=A=h+ #.)! "#]"! 5|«+
)CAI=> N=AIC> MN= PCKDJEG=GC MAE,
%"0"1 ) ’PEI=> =JCKC>=> OM=AGD CBIEPC> H=,
SD>NCR GCAI>D GD HDBBQPCKR CPEI=AGD %
>=GD ADB BCNYSD>DB DM =AICB GC GCB,
" MIEKEV=TWD GD JKEN=IEV=GD> H>D, KEF=> D NDID>+ ’BI= kKIEN= N=AD?>=R S>C=G=B C >CIDN=G=B GCBACJCBBY>E=BR
PDJ= MN =MNCAID GDB JDABMNDB* JDND I=N?@N = pGMHK= CN?>C=FCNpR OMC JDABDNCN JDN?MBIQPCK C =M,
OM=AGD = ICNHC>=IM>= CiIC>A= D HC>, BWD EAkICEB C H>DPDJ=N =MNCAID GDB NCAI=NR BENMKI=AC=NCAICR = CNEB,
NEIE>R MIEKEV=> GC H>CSC>ZAJE= = BEN, JDABMNDB C G= HDKMETWD+ BWD GC HDKMCAICB+ "JDABCKL=,BC =
HKCB PCAIEK=TWD+ =GDI=> MN NDGD GC GE>EFE> H>MGCAICR
I>=I=AGD GC =AICJEH=> =B N=AD?>=B
)$  0)$4!
$!!+)"! ) "#Q0"$! H=>= CPEI=> HC>EFD ENEACAIC C GC >CB,
)WD KDFD =B JDAGETUCB GD I>\ABEID HCEI=> = GEBI\AJE= GC BCFM>=AT= CN >C,
$ MBD GC =JCBB^>EDB =C>DGEA\NE, D HC>NEI=NR MIEKEV=> =B N=>JL=B N=EB K=TWD =DB PCQJMKDB OMC I>=SCF=N KDFD
JDBR AWD JC>IESEJ=GDB H=>= I=K SENR =KI=B+ $ MBD GC N=>JL=B ?=Ei=B H=>= = S>CAIC+
HDGC H>C_MGEJ=> = =C>DGEA\NEJ= C DB D?IC> MN= ?D= >CBHDBI= GD NDID>
JDABMNDB+ H>DPDJ= =MNCAID EACPEIYPCK GD JDA,
BMND+ 2= NCBN= SD>N=R = EABEBIZAJE=
CN N=AIC> N=>JL=B =KI=B CN I>CJLDB
0"#,
$%)&' )=N?@N DB HC>JM>BDB BEAMDBDBR
JDND CBI>=G=B GC NDAI=AL=R DM 
"JCKC>=> GC SD>N= PEDKCAI=R EAGM, !C>IESEJ=>,BC GC OMC IDGDB DB DJM,
I>CJLDB CN N=M CBI=GD GC JDABC>P=,
VEAGD D NDID> = SMAJEDA=> CN >D, H=AICB GD PCQJMKD MBCN JD>>CI=NCAIC
TWDR EASKMCAJE=N ACF=IEP=NCAIC D
I=TUCB CKCP=G=BR HCA=KEV= ADI=PCK, DB JEAIDB GC BCFM>=AT= C OMC CPCAIM,
JDABMND+
NCAIC D JDABMND GC JDN?MBIQPCKR =B =EB J>E=AT=B CBIWD JD>>CI=NCAIC HDBE,
CNEBBUCB GC HDKMCAICB C = H>^H>E= GM, JEDA=G=B A=B >CBHCJIEP=B J=GCE>EAL=B+
>=?EKEG=GC GD NCBND] JDAP@N =JCKC, ) ! / "#))/-&@!  )Q#!"B
>=> F>=GM=KNCAIC C AWD MKI>=H=BB=> D 2M>=AIC =B H=>=G=B H>DKDAF=G=BR
>CFENC GC ID>OMC NYiEND GD NDID>+ NDIEP=G=B HD> I>\ABEID EAIC>>DNHEGDR   
D NCKLD> = S=VC> @ GCBKEF=> D NDID>+ " EAIC>PCATWD GDB =E>?=FB HDGC
# "&@!  /"%"1&' BC> HC>EFDB= H=>= MN =AEN=K OMC BC
)>=_CIDB NMEID JM>IDB C H=>IEG=B S>C,     CAJDAI>C AD ?=AJD GE=AICE>D+ "BBENR
OMCAICB JDN D NDID> S>ED AWD HC>NE, @ =JDABCKLYPCK JDKDJ=> DB =AEN=EB AD
ICN OMC D NDID> =IEA_= = ICNHC>=IM>=  ?=AJD I>=BCE>DR AD EAIC>ED> GC F=EDK=B
EGC=K GC SMAJEDA=NCAIDR =K@N GC BEF, =GCOM=G=B >CIEG=B HCKDB JEAIDB GC
X CiI>CN=NCAIC HC>EFDBD GCEi=> BCFM>=AT= GD PCQJMKD+
AESEJ=> MN EAJ>CNCAID GC JDABMND
J>E=AT=B AD EAIC>ED> GD PCQJMKD CBI=JE,
C GC CNEBBWD GC BM?BI\AJE=B ADJEP=B "K@N GEBBDR KCN?>C,BC =EAG= OMCR
DA=GD OM=AGD = ICNHC>=IM>= CiIC>ED>
G= D>GCN GC -; = 5|«+ CN J=BD GC S>CA=FCN ?>MBJ= DM GC
SD> NMEID CKCP=G=+ $ J=KD> AD EAIC>ED>
GD L=?EIYJMKD HDGC IC> JDABCOMZA, =JEGCAICR MN =AEN=K AWD =GCOM=G=,
"/&'  )Q#!"  $# "&' ! JE=B F>=PCB DM NCBND ND>I=EB+ NCAIC >CIEGD HDGC>E= BC> H>D_CI=GD
*"!  !) ! H=>= D EAIC>ED> GD L=?EIYJMKDR JDN D
$ JDABMND CKCP=GD GC JDN?MB, >EBJD GC BC SC>E> C SC>E> DB DJMH=AICB
 GD PCQJMKD+
IQPCK CBIY KEF=GD GE>CI=NCAIC = BEIM,
=TUCB GC I>\ABEID EAICABDR BD?>CIMGD (MAJ= PE=_=> AD JDNH=>IENCAID GC
A=B F>=AGCB JEG=GCBR DAGC BC I>=SCF= J=>F=B+ ’N J=BD GC =JEGCAICR =B
GM>=AIC = N=ED> H=>IC GD ICNHD MIE, HCBBD=B CBI=>E=N CiHDBI=B =D >EBJD GC
KEV=AGD N=>JL=B ?=Ei=B C =B H=>=G=B KCBUCB F>=PCB DM NCBND ND>I=EB+
CN BCNYSD>DB BWD NMEID S>COMCAICB+

0"$-
      IC>ED> GD L=?EIYJMKDR DM BC = J=>>D, 
     
"B CNEBBUCB G= GCBJ=>F= BWD NMEID JC>E= DM = H=>IC I>=BCE>= GD PCQJMKD ;  
HC>EFDB=B C HDGCN BC> KCI=EB+ 2C CBIEPC>CN G=AESEJ=G=BR N=AG=> PC>E,
" I>=PCBBE= GC Y>C=B =K=F=G=B >C,
S=IDR JDAIZN NDA^iEGD GC J=>?DADR SEJ=> IDGD D BEBICN= GC GCBJ=>F= C
OMC> CiI>CN= =ICATWD H=>= F=>=AIE> =
MN FYB EAJDKD> C EADGD>D OMCR BC =B >CFEUCB G= J=>>DJC>E= =G_=JCAICB
BCFM>=AT= C CPEI=> G=ADB =D PCQJMKD+
EA=K=GDR HDGC H>DPDJ=> GCBN=EDB C H=>= EGCAIESEJ=> CPCAIM=EB JDNHDACA,
’N J=BD G= ACJCBBEG=GC GC =I>=PCB,
CAPCACA=NCAIDB+ ICB H=>IEGDBR G=AESEJ=GDBR GCIC>ED>=,
B=> JM>BDB GC YFM= gI>CJLDB =K=F=GDBhR
GDB DM OMC ICAL=N BDS>EGD GCBKDJ=,
<=>= CPEI=> EA=K=> D NDA^iEGD GC =AICB GC EAEJE=>R H>DJM>=> JDALCJC> =
NCAIDB >CK=IEPDB [ HDBETWD GC NDA,
J=>?DADR BCFME> =B EAGEJ=TUCB =?=EiD* H>DSMAGEG=GC G= YFM=+
I=FCN JD>>CI=+ <=>= CBI=B DHC>=TUCBR
GE>EFE>,BC [   !!"!#$"% "+
 (WD N=AIC> D NDID> KEF=GD CN 
1DKG=B =?C>I=B DM JDACiUCB GCB=,
CBH=TDB SCJL=GDB+ "D =I>=PCBB=> I>CJLDB =K=F=GDBR
HC>I=G=B HDGCN HC>NEIE> EASEKI>=TUCB
 !=BD BC_= EAGEBHCABYPCK HC>N=, GC F=BCB GC GCBJ=>F= AD EAIC>ED> GD AWD MKI>=H=BB=> ~ aN9LR CPEI=> S=VZ,
ACJC> = ?D>GD GD PCQJMKD H=>=GD
JDN D NDID> KEF=GDR >CFMK=> D BEB,
L=?EIYJMKD+ KD BC = H>DSMAGEG=GC SD> BMHC>ED>
= x| JN C GDB=> =GCOM=G=NCAIC
%
ICN= GC PCAIEK=TWD9=OMCJENCAID 3C>ESEJ=> D BEBICN= GC GCBJ=>F=
= N=>JL=R GC NDGD = >CGMVE> =D
C =JEDA=> D PCAIEK=GD> GC NDGD BCNH>C OMC D PCQJMKD SD> CKCP=GD
NQAEND = SD>N=TWD GC DAG=B+
= EAI>DGMVE> => CiIC>AD AD L=?EIY, H=>= DHC>=TUCB GC KM?>ESEJ=TWD DM
JMKD+ "IEP=> = PCKDJEG=GC NYiEN= GC BM?BIEIMETWD GD ^KCD+ 1M?BIEIME> DB
JDNHDACAICB JDASD>NC ACJCBBY>ED+ ;3/ $))#
GD PCAIEK=GD>+
<=>= CBI=B DHC>=TUCBR GE>EFE>,BC [ ’N J=BD GC >YHEGD GCBKEV=NCAID
/N= N=AMICATWD =GCOM=G= GD   !!"!#$"% "+ GC YFM= JDN =MNCAID ENH>CPEBID GD
BEBICN= GC GCBJ=>F= JDABIEIME = NC, AQPCK gHD> Ci+ GM>=AIC ICNHD>=KhR
KLD> H>DICTWD JDAI>= EASEKI>=TUCB GC =FM=>G=> = GCBJEG= GD AQPCK G= YFM=
NDA^iEGD GC J=>?DAD AD L=?EIYJMKD+ C9DM GENEAMETWD G= PCKDJEG=GC G=
JD>>CAICV= H=>= EAEJE=> = I>=PCBBE=+
1C SD> GCICJI=GD MN >MQGD =A^,
N=KD GD BEBICN= GC GCBJ=>F=R = H>C,
BCAT= GC F=BCB GC GCBJ=>F= AD EA,
0"$#
0
    
/N HACM SM>=GD DM MN= K\NH=G= pOMCEN=G=p‹
<DGC =JDAICJC> OMC =KFMAB EAJDAPCAECAICB HC>IM>?CN
= ADBB= PE=FCN+
"B HYFEA=B GCGEJ=G=B [ CNC>FZAJE= HDGCN BC> GC
=_MG= H=>= CAS>CAI=> I>=AOMEK=NCAIC =B BEIM=TUCB J>QIEJ=B+
’N BEIM=TUCB GC CNC>FZAJE=R @ =JDABCKLYPCK KEF=> H=>=
D AkNC>D EAGEJ=GD AD %EP>D GC ‘=>=AIE=+
X I=N?@N HDBBQPCK KEF=> H=>= D AkNC>D MAEPC>B=KR A=,
JEDA=K DM EAIC>A=JEDA=K H=>= H>DJM>=> = #CGC GC "BBEB,
IZAJE= N=EB H>^iEN=+

1/b1)&)/&7o$ 2’ %›.<"2"1 + + + + + + + + + + 6,-


6/1:3’&1 + + + + + + + + + + + + + + + + + + + + + + + 6,~
)#$!" 2’ <(’/1 + + + + + + + + + + + + + + + + + 6,-x &
<"#)&2" 2$ .$)$# !$. b")’#&"
"/y&%&"# + + + + + + + + + + + + + + + + + + + + + + 6,z|
1&1)’." 2’ !$#)’ 2’ !$.b/1):3’% + + + + + 6,z5
1’ $ .$)$# 1/<’#"s/’!’# + + + + + + + + + + 6,zx
#’b$!"(2$ $ 3’:!/%$ + + + + + + + + + + + + 6,z;
’y)&()$# 2’ &(!4(2&$ + + + + + + + + + + + + + 6,z;

1
1

       

sM=AGD MN= KMV AWD SMAJEDA=>R
5   =AICB GC BM?BIEIME> = K\NH=G=R PC>ESE,
sM=AGD D JKEN= @ S>ED DM kNEGD DM
=H^B JLMP= SD>IC DM K=P=FCNR = BM,
   J=> BC D SMBQPCK JD>>CBHDAGCAIC CBIY HC>SQJEC GDB S=>^EB DM G=B KMVCB I>=BCE,
CN ?DN CBI=GD+ >=B HDGC CN?=T=> C SD>N=> JDAGCA,
" BCFME> CBIWD GCBJ>EIDB DB H>DJC,
GENCAIDB H=>= BM?BIEIMETWD GC K\N, sM=AID [ KDJ=KEV=TWD GDB SMBQPCEBR B=TWD AD EAIC>ED> G=B KCAICB+ )>=I=,
H=G=B+ JDABMKI=> r6MBQPCEBq ACBIC J=HQIMKD+ BC GC MN SCAjNCAD A=IM>=K GCPEGD [
GESC>CAT= GC ICNHC>=IM>= C MNEG=GC
"AICB GC BM?BIEIME> MN= K\NH=G= CAI>C D EAIC>ED> C D CiIC>ED> G= KCAIC
    C   =H=F=G=R PC>ESEJ=> BC DB JDAI=IDB AWD OMCR AD CAI=AIDR AWD EAGEJ= MN=
  CBIWD DiEG=GDB+ =ADN=KE= C AWD JDNH>DNCIC D AD>,
"B K\NH=G=B rOMCEN=G=Bq GCPCN N=K SMAJEDA=NCAID GDB GEBHDBEIEPDB
BC> BM?BIEIMQG=B HD> DMI>=B JDN =B GC EKMNEA=TWD+ " JDAGCAB=TWD GCB=,
NCBN=B J=>=JIC>QBIEJ=B+ $?BC>PC =B H=>CJC =KFMAB NEAMIDB =H^B D =JCA,
   CBHCJESEJ=TUCB A= K\NH=G= C JDA, GENCAID GDB S=>^EBR = H=>IE> GD JCAI>D
.DGESEJ=TUCB DM JDABC>IDB AD BEB, BMKIC = I=?CK= A= H>^iEN= HYFEA=+ GD >CSKCID>R CBICAGCAGD,BC H>DF>CBBE,
ICN= GC =KENCAI=TWDR CSCIM=GDB GC "B K\NH=G=B JDN HDIZAJE= EABMSEJE, P=NCAIC H=>= =B ?D>G=B+
N=ACE>= EAJD>>CI= C BCN IC> CN JDAI= CAIC EKMNEA=N HDMJDR CAOM=AID OMC &
=B J=>=JIC>QBIEJ=B I@JAEJ=B GD BEBICN=R =B HDICAICB GCN=EB JDABDNCN NMEI=
HDGCN J=MB=> =ADN=KE=B GC SMAJED, CAC>FE=R =K@N GC J=MB=> G=ADB [ EAB,
A=NCAID JDN >EBJDB GC EAJZAGED+ I=K=TWD CK@I>EJ= GD PCQJMKD+
  
$?BC>PC BCNH>C =B >CJDNCAG=, "H^B IC> BM?BIEIMQGD MN= K\NH=G= "B K\NH=G=B L=K^FCA=B JDAIZN FYB
TUCB GCBIC N=AM=K+ GDB S=>^EBR PC>ESEJ=> BCNH>C = >CFMK=, BD? H>CBBWD+
FCN GDB NCBNDB HD> NDIEPDB GC BC,
FM>=AT=+ ’N J=BD GC >MHIM>=R @ HDBBQPCK =
H>D_CTWD GC S>=FNCAIDB GC PEG>D+

1"#
  < Q0- ! %0#  *" ) 2 
1WD EABC>EG=B = H>CBBWD+ <=>= >CIE>Y,
   K=BR ?=BI= HMiY,K=B+
"B K\NH=G=B L=K^FCA=B GCPCN BC>
N=AMBC=G=B IDJ=AGD CiJKMBEP=NCAIC Q0- !  ."# 2 
A= H=>IC NCIYKEJ=+ 1C D ?MK?D I>=AB,
<=>= >CIE>Y,K= GD HD>I=,K\NH=G=R
H=>CAIC CAI>=> CN JDAI=ID JDN DB GC,
=HC>I=> D ?MK?D GC PEG>DR FE>Y,KD CN
GDBR EBID >CGMV = EAICABEG=GC G= KMV
BCAIEGD =AIE,LD>Y>ED C CiI>=E> = K\N,
CNEIEG= C HDGC I=N?@N H>C_MGEJ=> =
H=G=+
GM>=TWD G= K\NH=G=+
’N J=BD GC JDAI=ID =JEGCAI=KR CB, Q0- ! $"%7# )"$! 2
S>CF=> = K\NH=G= JDN MN H=AD JDN
<=>= CiI>=Q,K=BR BCH=>=> D JDAI=ID
YKJDDK C GCEi=> BCJ=>+
CK@I>EJD OMC =B BMBICAI=+

Q0- ! 4%+3#! $#*#$"#"!


2
<=>= >CNDPC> = K\NH=G=R >CIE>=>
=AICB = H>CBEKL= GC SEi=TWD GC BM=
BCGC+

Q0- ! 4%+3#! $0 $#$)


"#3)  2
<=>= >CNDPC> = K\NH=G=R FE>Y,K= AD
BCAIEGD =AIE,LD>Y>ED C CiI>=Q,K=+

1"$
"-!  %Q0- !

Q0-  6)M#$" "- M#$"

%MV GC HDBETWD GE=AICE>= " ¡;¡ ;¡


&AGEJ=GD>CB GC GE>CTWD GE=AICE>DB
b <mz-¡ z- ¡
&AGEJ=GD>CB GC GE>CTWD I>=BCE>DB
&AGEJ=GD>CB GC GE>CTWD K=IC>=EB g>CHCIEGD,
} %’2 z¡
>CBh gBC COMEH=GDh
%MV GC S>CED
b <z-9;¡ z- ¡ 9 ; ¡
%MV GC HDBETWD I>=BCE>=
5' KMV GC S>CED gb>=aC KEFLIh } %’2 z¡

%MV GC N=>JL= = >@ b <z-¡ z- ¡

%MV GC HK=J= " ¡;¡ ;¡

6=>DK =KID 2 lx u| ¡

6=>DK ?=EiD 2 lx ;; ¡

%MV EAIC>A= GE=AICE>=


"
!
¡;¡
¡~¡


&
6=>DK AC?KEA= ’ l-- ;; ¡

1"%


<=>= BM?BIEIME> = K\NH=G= L=K^, <=>= D JDAI>DKC C = CPCAIM=K >CFM,
FCA=R GCPC,BC*    K=FCNR GE>EFE>,BC [   !!"!#$"%
1C CAJDAI>=> GESEJMKG=GCB A= CiC, "+
 1DKI=> D JDACJID> CK@I>EJD+ JMTWD G= DHC>=TWDR >CJDNCAG=,BC
 <Mi=> = I=NH=  H=>= I>DJ=> = GE>EFE>,BC [   !!"!#$"% "+
K\NH=G= GD S=>DK =KID9?=EiD C    
  
$?BC>PC BCNH>C =B >CJDNCAG=,
>CIE>Y,K=*
TUCB GCBIC N=AM=K+  ‘E>=> D HD>I=,K\NH=G= AD BCA,
 #CNDPC> = K\NH=G=R >CIE>=AGD,= IEGD =AIE,LD>Y>ED C >CIE>Y,KD+
GC BM= BCGC+  <Mi=> D HD>I=,K\NH=G= H=>=
 <DBEJEDA=> = ADP= K\NH=G= CN       2 >CIE>Y,K= GC BM= BCGC+

BCM =KD_=NCAID+  #CNDPC> = K\NH=G= HMi=AGD,=
 #CJDKDJ=> = I=NH= + AD BCAIEGD GC >CIE>Y,K= GC BM=
 #CJDKDJ=> D JDACJID>+ BCGC+
    2CHDEB GC BM?BIEIME> = K\NH=G=R
>CNDAI=> D HD>I=,K\NH=G=+
/N= JD>>CI= >CFMK=FCN GDB S=>^EB
@ GCIC>NEA=AIC H=>= D JDASD>ID C =
BCFM>=AT= AWD B^ GC OMCN FME= D
PCQJMKDR N=B GC IDGDB DB MBMY>EDB+
"K@N GEBBDR JDABIEIME MN= AD>N=
H>CJEB= GD !^GEFD GC I>\ABEID+ <=>=
F=>=AIE> = BE NCBND C =DB DMI>DB =B
NCKLD>CB JDAGETUCB GC PEBE?EKEG=GC
PE=_=AGD JDN DB S=>^EB =JCBDBR D PCQ,
JMKD GCPC IC> MN JD>>CID =KEAL=NCAID
GDB NCBNDB+

1"&
    
 2
  = ?

   9   


<=>= BM?BIEIME> =B K\NH=G=B GC BCI=B =! >/"- ?
GE=AICE>=BR GCPC,BC* <=>= BM?BIEIMETWD G=B K\NH=G=B GDB
   S=>^EB =MiEKE=>CB R GE>EFE>,BC [  
 ‘E>=> D HD>I=,K\NH=G=  AD BCA, 1C CAJDAI>=> GESEJMKG=GCB A= CiC, !!"!#$"% "+
IEGD =AIE,LD>Y>ED C >CIE>Y,KD+ JMTWD G= DHC>=TWDR >CJDNCAG=,BC
 #CIE>=> = K\NH=G=  R GE>EFE>,BC [   !!"!#$"% "+
CNHM>>=AGD,= MN HDMJD $?BC>PC BCNH>C =B >CJDNCAG=, &
C FE>=AGD,= CN BCAIEGD TUCB GCBIC N=AM=K+
=AIE,LD>Y>ED+
 1M?BIEIME> = K\NH=G= C >CJDKDJ=>
D HD>I=,K\NH=G=  R FE>=AGD,= AD       =! >/"2
BCAIEGD LD>Y>ED+ - ?
<=>= BM?BIEIME> DB KCGB GDB >CHCIE,
GD>CB K=IC>=EB R GE>EFE>,BC [   !2
!"!#$"% "+

1"’
     #CJDKDJ=> D F>MHD ^IEJD G= K=A,
IC>A=R =HC>I=AGD DB H=>=SMBDB +
<=>= BM?BIEIME> MN= K\NH=G=*

 %CP=AI=> = I=NH= I>=BCE>=+    


 #CIE>=> DB GDEB H=>=SMBDB  GC SE, <=>= BM?BIEIME> = K\NH=G=R GCPC,BC*
i=TWD GD F>MHD ^HIEJDR MB=AGD
JL=PC CBHCJQSEJ= gAWD SD>ACJEG=h+
 #CIE>=> D >CSKCID>  =IM=AGD A=
<Mi=> = K=AIC>A= H=>= SD>= GC N=,
I>=P= EAGEJ=G= HCK= BCI=+
ACE>= = BDKI=> G=B GM=B I>=P=B+
 ‘E>=> D HD>I=,K\NH=G= AD BCAIEGD
 #CIE>=> = K\NH=G=  =AIE,LD>Y>ED C >CIE>Y,KD GD >CSKCID>+
gHDBETWD9S>CEDhR gHDBETWDhR   #CIE>=> = K\NH=G= C BM?BIEIMQ,K=+
g>@h DM  gBCI=hR CNHM>>=AGD,=
 #CNDAI=> D >CSKCID>+
KCPCNCAIC C FE>=AGD,= AD
BCAIEGD =AIE,LD>Y>ED+

 #CNDPC> D HD>I=,K\NH=G=B R
=IM=AGD A=B I>=P=B +

 1M?BIEIME> = K\NH=G= G=AESEJ=G=


C >CNDAI=> D JDA_MAID
HD>I=,K\NH=G=B+

1"(
       =^  !DN MN= JL=PC GC SCAG= AD
 ? HDAID EAGEJ=GD HCK= BCI=R >CND,
PC> D JDA_MAID G= KMV EAIC>A=
<=>= BM?BIEIME> D JDA_MAID  GC
NDAI=G= = H>CBBWD HCK=B I>=P=B+
%’2BR GE>EFE>,BC [   !!"!#$"%
"+

 1M?BIEIME> = K\NH=G= R
KE?C>=AGD,= GDB JDAI=IDB K=IC>=EB
C JC>IESEJ=AGD,BC GC OMC = ADP=
K\NH=G= CBIC_= JD>>CI=NCAIC
?KDOMC=G= CAI>C DB JDAI=IDB+
 2CBJDACJI=> DB J=?DB GDB JDACJ,
ID>CB +
 ‘E>=> D HD>I=,K\NH=G=  DM
K     AD BCAIEGD =AIE,LD>Y>ED C >CIE>=> =
K\NH=G= = BC> BM?BIEIMQG=+ &
<=>= BM?BIEIME> = K\NH=G= JEKQA,
G>EJ=R GCPC,BC*

 !DN MN= JL=PC GC SCAG= AD


HDAID EAGEJ=GD HCK= BCI=R >CND,
PC> D JDA_MAID G= KMV EAIC>A=
NDAI=G= = H>CBBWD HCK=B I>=P=B+ <=>= D JDA_MAID G= KMV EAIC>A= JDN
=K=>NC C9DM NEJ>DSDAC EAICF>=GD*

1"*
 &ABC>E> = ADP= K\NH=G= C >CJDKD, SMBQPCEB C ADB NDID>CB GDB KENH=GD, .’‘",6/1’R .&2&,6/1’hR JDAI=I=> =
J=> D HD>I=,K\NH=G= CN BM= BCGCR >CB GD H=>=,?>EB=+   !!"!#$"% "+
JC>IESEJ=AGD GC OMC CBIC_= JD>>C,
I=NCAIC SEi=GD+ ’PEIC G=ADB =DB JDNHDACAICB+ <CBBD=K CBHCJE=KEV=GD JD>>EFE>Y D
EAJDAPCAECAIC+
 #CJDACJI=> D J=?D C >CJDKDJ=> =
HK=SDAEC>= CN BM= BCGC+

  
 (D J=BD GC D SMBQPCK EAIC>>DNHC>,   
BC ADP=NCAICR GE>EFE>,BC [   !2 "AICB GC BM?BIEIME> MN SMBQPCKR
 
!"!#$"% "+ JC>IESEJ=>,BC GC OMC BC JDKDJDM D
JDNMI=GD> GC EFAETWD CN R BC
#&1!$ 2’ &(!4(2&$+ >CIE>DM = JL=PCR BC NCJ\AEJ=R C OMC
BC GCBKEFDM C9DM GCBCAF=IDM IDGDB
  
DB =JCBB^>EDB+
(MAJ= BM?BIEIME> MN SMBQPCK =P=>E,
=GD HD> SEDB NCIYKEJDB DM DMI>D N=, ’PEIC G=ADB [B EABI=K=TUCB CK@I>EJ=B+
  
IC>E=K GC >CJMHC>=TWD+
(WD BM?BIEIME> CN J=BD =KFMN MN
#&1!$ 2’ &(!4(2&$+ SMBQPCK HD> DMI>D GC J=H=JEG=GC GESC, 
   
>CAIC GD CBHCJESEJ=GD+ $%"1&' ! $#)"!
<’#&‘$ 2’ &(!4(2&$+ "B J=Ei=B JDN SMBQPCEB CBIWD KDJ=,
KEV=G=B AD PWD GD NDID>R MN= BD?>C
   = ?=IC>E=  C DMI>= [ GE>CEI= G= ?=IC,
1C SD> ACJCBBY>ED CSCIM=> MN= K=P=, >E= +
FCN GD JDNH=>IENCAID GD NDID>R IC>
  
JMEG=GD H=>= AWD EABEBIE> GE>CI=NCAIC
JDN MN _=ID GC YFM= A= JCAI>=K GDB (D J=BD GC EAIC>PCATWD GC MN SM,
BQPCK FC>=K GC H>DICTWD g."y&,6/1’R

1"+
$B AkNC>DB OMC EGCAIESEJ=N D CKC,
NCAID CK@I>EJD H>EAJEH=K JD>>CBHDA,
GCAIC = J=G= SMBQPCK G= J=Ei= =D K=GD
G= ?=IC>E= CBIWD EAGEJ=GDB AD K=GD
CiIC>AD G= I=NH= +
<=>= IC> =JCBBD =DB SMBQPCEBR BDKI=>
=B 5 I>=P=B gEAGEJ=G=B A= I=NH= HCK=B
BCI=Bh C GCBKEV=> = I=NH= H=>= JEN=+
&

1",
 2   
_BEBPBD !"&' ! 6/!7*"!

/!7*"!
" I=?CK= = BCFME> >CH>CBCAI= DB H>EAJEH=EB SMBQPCEBR JDN BM=B >CBHCJIEP=B J=>F=B CK@I>EJ=B+

/!7*% ))# =? ")$/"  -)&' =/"%"1 )!?

6|- z| !DNMI=GD> GC EFAETWD+


bDGt JDNHMIC> g6MATWD* S=>DK GE>CEID =KID9?=EiD R KMVCB GC HDBETWD GE>CEI= GE=AICE>= C I>=BCE>=R KMV GC HK=J=R
6|x x|
KMVCB GC GE>CTWD DM BCI= GE>CEI=R %MVCB GC S>CEDR K=AIC>A= GE>CEI= C CBOMC>G=R KMVCB GC N=>JL= = >@h+

1"#-
/!7*% ))# =? ")$/"  -)&' =/"%"1 )!?

bDGt JDNHMIC> g6MATWD* S=>DK CBOMC>GD =KID9?=EiD R KMVCB GC HDBETWD CBOMC>G= GE=AICE>= C I>=BCE>=R KMVCB GC
6|; x|
GE>CTWD DM BCI=B CBOMC>G=R 5' KMV GC S>CEDh+
6|u 5| -' 3CKDJEG=GC GD CKCI>DPCAIEK=GD> GD >=GE=GD>+

6|v x| z' 3CKDJEG=GC GD CKCI>DPCAIEK=GD> GD >=GE=GD>+

6|~ 5| 3EG>D I>=BCE>D I@>NEJD+

6|w z| bDGt JDNHMIC> g6MATWD* KENH=GD> GD PEG>D GE=AICE>D C NDID> CBFMEJLDh+

6-| -; bMVEA=+

6-- -; !CAI>=K EA_CTWD CKCI>jAEJ=R J=AQBIC>+

6-x -| .DID> G= ?DN?= GC JDN?MBIQPCK GD >CBC>P=I^>ED G= H=>IEG= = S>ED+

6-; -; bDGt JDNHMIC> g6MATWD* KENH=GD> GD PEG>D I>=BCE>Dh+

6-u -| &A_CTWD CKCI>jAEJ=+

6-v -| ’KCI>DPYKPMK= !=AEBIC>R 1DAG= K=N?G= 3=KCR BDAG= K=N?G= .DAIC+

6-~ vR; &A_CTWD CKCI>jAEJ=+

6-w vR; !DNH>CBBD> GD =>,JDAGEJEDA=GD+


&
)DN=G= GC GE=FADBCR JCAI>=K PEG>D CK@I>EJDR =K=>NC NDAI=GD D>EFEA=KNCAIC A= 6E=I g1CABD> PDKMN@I>EJD C
6z| -;
BE>CAChR JCAI>=K GC =K=>NC =SIC>N=>aCIR >YGED+
6z- -; .DID> G= ?DN?= GC JDN?MBIQPCK+

6zz z| bD?EA= GC EFAETWDR ?EJDB EA_CID>CB+

6z5 5| PYKPMK= "b1+

6zx vR; !CAI>=K "b1+

65| } 3=VED+

1"##
/!7*% ))# =? ")$/"  -)&' =/"%"1 )!?

6~5 x| ’KCI>DPCAIEK=GD> J=Ei= GC =>+

6~x -; 6=>^EB GC AC?KEA=+

6~; z| )DN=G= GC JD>>CAIC+


6=>^EB GC AC?KEA=R PEG>D I>=BCE>D I@>NEJDR BCABD> GC AQPCK GC JDN?MBIQPCK GD >CBC>P=I^>ED GC H=>IEG= = S>EDR
6~v -| CKCI>D?DN?= GD >CBC>P=I^>ED GC H=>IEG= = S>EDR BEA=K HCG=K GC CN?>C=FCN H=>= JCAI>=K GC EA_CTWD CKCI>jAEJ=R
JDNH>CBBD> GD =>,JDAGEJEDA=GD+
6-|| } 3=VED+

6-|- } 3=VED+

6-|z z; !CAI>=K PEG>D CK@I>EJD+

6-|5 } 3=VED+

6-|x z| bDGt JDNHMIC> g6MATWD* I>=P= G=B HD>I=Bh+

6-|; vR; sM=G>D GC EABI>MNCAIDB+

6-|u vR; !CAI>=K =E>?=F+

6-|v vR; 1EA=K GC EFAETWD H=>= D ?DGt JDNHMIC>R CKCI>DPCAIEK=GD> J=Ei= GC =>R IDN=G= GC JD>>CAIC+
&KMNEA=TWD IDN=G= GC JD>>CAICR EKMNEA=TWD ICJK=B JDN=AGD PDK=AICR EKMNEA=TWD JDN=AGD JCAI>=KR JCAI>=K
6-|~ vR;
GC =K=>NC =SIC>N=>aCI+
&AIC>>MHID> GC S>CED JDAI=ID (! g6MATUCB* 1EA=K H=>= ?DGt JDNHMIC>hR EAIC>>MHID> GC N=>JL= = >@ g6MATUCB*
6-|w -| KMVCB C BEA=K H=>= JCAI>=K GC EA_CTWD CKCI>jAEJ=hR J=Ei= GC =>R EKMNEA=TWD G= J=Ei= GC =>R >YGEDR JCAI>=K
CBI=JEDA=NCAID+
6--| vR; 1EA=K GC EFAETWD H=>= D ?DGt JDNHMIC>+

6--- } 3=VED+

6--z } 3=VED+

6--5 } 3=VED+

1"#$
/!7*% ))# =? ")$/"  -)&' =/"%"1 )!?

6--x } 3=VED+

6--; } 3=VED+
&AIC>>MHID> GC S>CED JDAI=ID (" gSMATUCB* BEA=K H=>= ?DGt JDNHMIC>R =JEDA=NCAID KMVCB GC S>CEDR OM=G>D GC
6--u -|
EABI>MNCAIDB+

      


#)% # -% -!""*  .)"
/!7*% ))# =? ")$/"  -)&' =/"%"1 )!?

- zz; "KENCAI=TWD J=Ei= GC SMBQPCEB+

z !"% "KENCAI=TWD NDID> GC H=>IEG= C =KIC>A=GD>+

5 } 3=VED

x x| bDN?= "b1+

; } 3=VED+
&
u } 3=VED+

v } 3=VED+


’N J=BD GC ACJCBBEG=GC GC N=AMICATWD GDB SMBQPCEB G= JCAI>=K GD HDKD HDBEIEPD G= ?=IC>E=R GE>EFE>,BC [  
!!"!#$"% "+

1"#%
  
          
<>DJCGC> JDND GCBJ>EID = BCFME>* X CiI>CN=NCAIC =>>EBJ=GD ICAI=> <=>= BDKI=> C =HC>I=> DB H=>=SMBDB
BM?BIEIME> MN= >DG= AD K=GD GD PCQ, G=B >DG=BR MIEKEV=> =HCA=B = JL=PC GC
 1C HDBBQPCKR H=>=> D PCQJMKD CN JMKD H>^iEND G= S=Ei= GC >DG=FCN+ >DG= SD>ACJEG= _MAID =D PCQJMKD+
IC>>CAD HK=AD C JDNH=JID+
!C>IESEJ=>,BC GC OMC D PCQJMKD CBIY 1EF= BCNH>C =B H>CBJ>ETUCB GD N=,
 %EF=> =B KMVCB GC CNC>FZAJE=+
BMSEJECAICNCAIC KDAFC G= CBI>=G=R AM=K+
 <Mi=> D S>CED GC NWD+ H=>= CPEI=> BC> =IEAFEGD+
 ’AF=I=> = H>ENCE>= N=>JL= DM =
N=>JL= = >@+
 !=KT=> =B >DG=B JDN MN HCG=TD   
GC N=GCE>=R DM DMI>DB N=IC>E=EB    (MAJ= MIEKEVC H=>=SMBDB GC >DG=
=GCOM=GDBR J=BD D PCQJMKD BC CA,
"BBEA=K=> = H>CBCAT= GD PCQJMKD H=, OMC AWD BC_=N CBHCJESEJ=GDB H=>=
JDAI>C CN MN= PE= EAJKEA=G= DM
>=GD BCFMAGD =B GEBHDBETUCB PEFCA, CBIC PCQJMKD+
CN N=M CBI=GD+ $ J=KTD GCPC
CBI=> A= >DG= GE=FDA=K DHDBI= [ ICB* KMVCB GC CNC>FZAJE=R I>E\AFMKD
<=>=SMBDB GC >DG= EAJD>>CIDB DM
MIEKEV=TWD GD N=J=JD+ GC BEA=KEV=TWDR CIJ+ "B HCBBD=B =
=HC>I=GDB EA=GCOM=G=NCAIC HDGC>WD
?D>GD GCPCN B=E> GD PCQJMKDR CBHC,
S=VC> = >DG= BDKI=>,BC+
>=AGD OMC BC CSCIMC = BM?BIEIMETWD C
 =S=BI=AGD,BC GD HC>EFD GD I>YSCFD+
1C SD> D?>EF=GD = S=VC> = I>DJ= GC ’N OM=KOMC> JDAGETWD GC CBI>=G=
HACM AD EAIC>ED> G= S=Ei= GC >DG=FCN GCPC,BC MIEKEV=> DB J=KTDB CN?=EiD
DM CN BM=B H>DiENEG=GCBR H>CBI=>   
G=B >DG=B+
= NYiEN= =ICATWD =DB PCQJMKDB CN "B J=>=JIC>QBIEJ=B GC JDAGMTWD GD
I>\ABEID+ PCQJMKDR JDN = >DG= BD?>CBB=KCAIC
NDAI=G=R BWD =KIC>=G=B+

1"#&
2CBIC NDGDR GCPC,BC CPEI=> =JCKC, BC> >CNDPEGD ACN JD?C>ID+ (= >DG=
>=TUCB C S>CA=FCAB PEDKCAI=BR NMG=A, BD?>CBB=KCAIC AMAJ= BC GCPC =HKEJ=>
T=B GC GE>CTWD ?>MBJ=B C JM>P=B = ACALMN= J=KDI= GC >DG=+ " GM>=?EKE,   
F>=AGC PCKDJEG=GC+ G=GC N@GE= GD HACM BD?>CBB=KCAIC @
(WD KM?>ESEJ=> =B >DBJ=B GDB H=>=,
GC 5||| aN+ )>=ABJD>>EG= CBI= OME,
SMBDB =AICB GC NDAI=> DB HACMBR HDEB
KDNCI>=FCNR D HACM GCPC BC> BM?BIE,
CBICB HDGC>WD BDKI=>,BC CBHDAI=AC=,
IMQGD HCKD D>EFEA=K DM HD> DMI>D BD,
NCAIC GM>=AIC = MIEKEV=TWD GD PCQ,
?>CBB=KCAIC JDN =B NCBN=B J=>=JIC,
   JMKDf
>QBIEJ=B GD OMC CBIY COMEH=GD AD PCQ,
" >DG= SD>ACJEG= @ CBHCJQSEJ= H=>= JMKD+ ’N ACALMN= JE>JMABI\AJE= DB H=,
D PCQJMKD* AWD MIEKEVY,K= CN MN PCQ,
>=SMBDB GCPCN BC> KM?>ESEJ=GDB+ <=>=,
JMKD GC NDGCKD GESC>CAIC ACN MIE,
SMBDB JDN ENHM>CV=B GCPCN BC> KEN,
KEV=> >DG=B BD?>CBB=KCAICB GC DMI>DB
HDB+ ’N J=BD GC JD>>DBWD DM >DBOMC,
NDGCKDB AD PCQJMKD+ " >DG= BD?>CB,
   =NCAID GESQJEKR DB H=>=SMBDB GCPCN
B=KCAIC B^ GCPC BC> MIEKEV=G= CN J=BD
BC> BM?BIEIMQGDB+
GC CNC>FZAJE=+ <=>= =B PC>BUCB JDN /N= NDAI=FCN EAJD>>CI= G= J=,
>DG= BD?>CBB=KCAIC NCAD> OMC >DG=B KDI= G= >DG= gBC COMEH=GDhR HDGC H>D,
GC MBD AD>N=K R = BM= MIEKEV=TWD GCPC PDJ=> = >CBHCJIEP= BCH=>=TWD OM=AGD   I    
BC> >CGMVEG= =D NQAEND EAGEBHCABY, D PCQJMKD CBIEPC> CN N=>JL=+ X =?BD,    &
PCK C = PCKDJEG=GC AWD GCPC MKI>=H=B, KMI=NCAIC H>DE?EGD N=AMBC=> = PYK,
B=> = PCKDJEG=GC EAGEJ=G= A= H>^H>E= PMK= GC CAJLENCAID+ (WD EAI>DGMVE> 
>DG= JDASD>NC D NDGCKD9PC>BWD+ SC>>=NCAI=B GC OM=KOMC> CBH@JEC CA, <=>= N=EB EASD>N=TUCB C =GPC>IZA,
I>C = >DG= C D HACM+ JE=B BD?>C D MBD JD>>CID GD JDA_MAID
’N PC>BUCB JDN = >DG= BD?>CBB=,
KCAIC NCAD> OMC =B >DG=B GC MBD AD>, 3C>ESEJ=> >CFMK=>NCAIC = H>CBBWD >DG=9HACM BD?>CBB=KCAICR PC> r#DG=B
N=KR CAJDAI>=,BC =HKEJ=GD MN =GC, GDB HACMB C G= >DG= BD?>CBB=KCAICR C <ACMBq AD J=HQIMKD r.=AMICATWD C
BEPD JDN DB H>EAJEH=EB =PEBDB =JC>J= >CBHCEI=AGD DB P=KD>CB EAGEJ=GDB AD JMEG=GDB JDN D BCM PCQJMKDq+
G= MIEKEV=TWD G= H>^H>E= >DG= C G=B J=HQIMKD p2=GDB I@JAEJDBp+
>CBHCJIEP=B KENEI=TUCB GC MIEKEV=TWD+
$ =GCBEPD AWD GCPC GC SD>N= =KFMN=

1"#’
"B SC>>=NCAI=B C D N=J=JD CBIWD <=>= =KFMN=B PC>BUCBR = JL=PC GC
KDJ=KEV=GDB AD HD>I=,N=K=BR GC?=EiD >DG= GCPC BC> MIEKEV=G= H=>= =JEDA=,
G= >DG= BD?>CBB=KCAIC+ NCAID GD N=J=JD+
<=>= IC> =JCBBD [B SC>>=NCAI=B*
 !DKDJ=> D N=J=JD DAGC CBIY N=>,
J=GD D BQN?DKD R HC>ID G=
 %CP=AI=> D I=HCIC GC
>DG= = BM?BIEIME>R C JC>IESEJ=>,BC
>CPCBIENCAID+
GC OMC = >=ALM>=  GD N=J=JD
 2CB=I=>>=i=> D GEBHDBEIEPD GC ?KD, CBIC_= ?CN CAJ=Ei=G= A= KDAF=,
OMCED  C IE>=> = >DG= BD?>CBB=, >EA= +
KCAIC+
  
$ PCQJMKD =H>CBCAI= JDASEFM>=TUCB
GESC>CAICB H=>= =B J=KDI=B GC =JD>GD
JDN =B PC>BUCB+
<>DJCGC> JDND GCBJ>EID = BCFME>*

 2CB=HC>I=> JC>J= GC MN= PDKI= DB


H=>=SMBDB GC SEi=TWD G= >DG= = BC>
BM?BIEIMQG=+
 !DN >DG=B GC KEF=R ?=K=AT=> K=IC,
>=KNCAIC D PCQJMKD H=>= S=JEKEI=>
D GCBCAF=IC G= >DG= GD JM?D G=
 1DKI=> =B SC>>=NCAI=B C >CNDPC> D $ N=J=JD GCPC BC> JDKDJ=GD CN
>DG=+
N=J=JDR HMi=AGD,D GC BM= BCGC+ HEBD HK=AD+ <EBD KEBD HDGC FC>=>
 ‘E>=> = N=AEPCK= GD N=J=JD H=>= HCOMCADB GCBKEV=NCAIDB C OMCG=
=?>E,KD H=>JE=KNCAIC+ GD PCQJMKD+ <=>= GENEAME> = H>D?=,
?EKEG=GC GC DJD>>C> GCBKEV=NCAIDBR
>CJDNCAG=,BC MIEKEV=> N=IC>E=K

1"#(
>MFDBDR JDND HD> CiCNHKDR I=HCIC  2CBH=>=SMB=> JDNHKCI=NCAIC DB
GC ?D>>=JL= GD H>^H>ED PCQJMKD+ x H=>=SMBDBR >CNDPC> = J=KDI= C =
>DG=+
(= CPCAIM=KEG=GC GC IC> OMC BM?B,
IEIME> GDEB HACMB GD NCBND K=GD C A=  .DAI=> = >DG= BD?>CBB=KCAICR CA,
HDBBE?EKEG=GC GC IC> GDEB CBICHCB GEB, J=Ei=AGD DB SM>DB  JDN DB >CB,
HDAQPCEBR I>DJ=> D I>=BCE>D H>ENCE>D+ HCJIEPDB HEADB +


$ DMI>D CBICHC GCPC >CBHCEI=> =B
NCBN=B GENCABUCB C J=>=JIC>QBIEJ=B  "HC>I=> DB DMI>DB I>ZB H=>=SMBDB+
H>CBJ>EI=B ACBIC N=AM=K+  "HC>I=> DB H=>=SMBDB MIEKEV=AGD =
JL=PC GC >DG= CBHCJQSEJ=+

  
" JDKDJ=TWD EAJD>>CI= GD N=J=JD
HDGC H>DPDJ=> = OMCG= GD PCQJMKD  "HC>I=> =HCA=B MN GDB H=>=SMBDB &
KCP=AI=GD+  CN JD>>CBHDAGZAJE= JDN = PYK,
PMK= GC CAJLENCAID +
<DGC>Y I=N?@N J=MB=> =JDHK=,
NCAID EAJD>>CID G= >DG=+  !DKDJ=> = J=KDI= JMEG=AGD H=>=
OMC D BQN?DKD R A= H=>IC EA,
 ‘E>=> = N=AEPCK= GD N=J=JD C KC, IC>A=R SEOMC CN JD>>CBHDAGZAJE=  ‘E>=> = N=AEPCK= GD N=J=JD GC
P=AI=> D PCQJMKD GC N=ACE>= OMC JDN = PYKPMK=R C GCBB= N=ACE>= D N=ACE>= = =?=Ei=> D PCQJMKD C
= >DG= SEOMC = =KFMAB JCAIQNCI>DB SM>D N=ED> G= J=KDI=  H=BBC HCKD >CNDPC> D N=J=JD+
KDAFC GD JLWD+ H=>=SMBD _Y SEi=GD+
 "HC>I=> ?CN DB H=>=SMBDBR H=B,
B=AGD =KIC>A=G=NCAIC GC MN H=,

1"#*
>=SMBD =D DMI>D GE=FDA=KNCAIC  ‘M=>G=> =B SC>>=NCAI=B MIEKEV=G=B MN= JL=PC GC ID>OMC J=KE?>=G= =GC,
DHDBIDR GC =JD>GD JDN = D>GCN ADB KMF=>CB CBHCJQSEJDB ADB BMHD>, OM=G=NCAIC+
EKMBI>=G= = BCFME>+ ICB+
 !DKDJ=> D BMHD>IC G=B SC>>=NCA,
I=B AD KDJ=K =H>DH>E=GD+
 !DKDJ=> = >DG= BM?BIEIMQG=   
AD JDNH=>IENCAID G= >DG= <=>=SMBDB GC >DG= =HC>I=GDB GC N=,
BD?>CBB=KCAIC+ ACE>= EAJD>>CI= HDGCN BC BDKI=> GM,
 6Ei=> = >DG= JDN D GEBHDBEIEPD GC >=AIC = JDAGMTWD C J=MB=> =JEGCAICBR
?KDOMCED + SC>ENCAIDB F>=PCB C HC>G= GC JDAI>DKC
GD PCQJMKD+
1EF= BCNH>C =B H>CBJ>ETUCB GD N=,
AM=K+
 !DKDJ=> D N=J=JD AD BMHD>IC
G=B SC>>=NCAI=BR CAJ=Ei=AGD GC
NDGD = CPEI=> PE?>=TUCBR DM OMC
BC BDKIC GM>=AIC = N=>JL=+
  
1C GCEi=GDB AD L=?EIYJMKDR = >DG=
JDN D HACM SM>=GD C D N=J=JD JDAB,
IEIME MN B@>ED HC>EFD H=>= = BCFM>=AT=
GDB DJMH=AICB CN J=BD GC =JEGCAICB
 DM GC S>CA=FCAB ?>MBJ=B+
’AI>C CN JDAI=ID JDN =   !2 <D> CBBC NDIEPDR PDKI=> = JDKDJ=>
!"!#$"% " D N=EB >YHEGD HDBBQPCK BCNH>CR OMC> D N=J=JD OMC> = >DG=
H=>= PC>ESEJ=> D =HC>ID JD>>CID GDB H=, JDN D HACM SM>=GDR AD >CBHCJIEPD
>=SMBDB GC SEi=TWD G=B >DG=BR MB=AGD =KD_=NCAID+

1"#+
JL=H= GC =TDR AWD HC>NEIC = SEi=TWD
 
G= >DG= GC KEF=+
)WD KDFD HDBB=R GCPC>Y >CH=>=> D <=>= HDGC> GCBS>MI=> G= NCKLD>
HACM SM>=GDR >CJDKDJY,KD CN MBD C SD>N= G=B P=AI=FCAB GD HEBD G=
FM=>G=> = >DG= BD?>CBB=KCAIC AD GEB, CBI>=G=R @ =JDABCKLYPCK PDKI=> = JDKD, 
HDBEIEPD CBHCJQSEJD+ J=> D N=EB GCH>CBB= HDBBQPCK IDG=B =B (= H>ENCE>= DHD>IMAEG=GCR H>DPE,
>DG=B AD BCAIEGD GC N=>JL= H>CPEBID+ GCAJEC = >CH=>=TWD GD HACM SM>=GD+
’PEIC >DG=> JDN = >DG= BD?>CBB=KCAIC+

"B >DG=B JDN HACM MAEGE>CJEDA=K 
BWD >CJDALCJQPCEB HD> BCI=B AD SK=AJD !C>IESEJ=>,BC GC OMC = >DG= BD?>CB, 
GD HACMR OMC EAGEJ=N D BCAIEGD GC B=KCAIC CBIY NDAI=G= JDN = PYKPMK= <C>EDGEJ=NCAICR JDAI>DK=> = H>CB,
>DK=NCAID H>CPEBIDR OMC GCPC BC> =?, PE>=G= H=>= SD>=+ " >DG= HDGC SE, BWD GDB HACMB C G= >DG= GC >CBC>P=+
BDKMI=NCAIC >CBHCEI=GD+ 1^ =BBEN DB J=> G=AESEJ=G= BC NDAI=G= EAJD>>CI=,
HACMB N=AIZN =B BM=B J=>=JIC>QBIEJ=B NCAIC+
CN IC>NDB GC =GC>ZAJE=R >MQGDR >C,
BEBIZAJE= =D GCBF=BIC C G>CA=FCN CN
HEBD NDKL=GD+    
<=>= CPEI=> KCBUCB CN HCBBD=BR D
=HC>ID SEA=K GDB H=>=SMBDB B^ GCPC
$ N=J=JD BC>PC BDNCAIC H=>= =
I>DJ= G=B >DG=B+
&
 BC> CSCIM=GD OM=AGD D PCQJMKD IEPC>
1CR =H^B MN SM>DR BC SD> D?>EF=GD =B >DG=B AD BDKDR H=>= CPEI=> OMC D (WD GCPCR CN LEH^ICBC =KFMN=R BC>
= NDAI=> MN= >DG= GCBIC IEHD AD H>^H>ED PCQJMKD J=E= GD N=J=JD+ MB=GD H=>= CSCIM=> JDABC>IDB GC?=EiD
BCAIEGD EAPC>BD =D H>CPEBIDR @ >CJD, GD PCQJMKD+
NCAGYPCK JDAIEAM=> = JDAGMVE> JDN
NMEID JMEG=GDR MN= PCV OMCR ACB, 

I=B JDAGETUCBR D >CAGENCAID GD HACM !DN >DG= GC KEF= KCPCR AWD MIEKE,
V=> D GEBHDBEIEPD GC ?KDOMCEDR HDEB "H^B = I>DJ= GC HACMBR GCPC,BC
@ KENEI=GD+ ’BI= H>CJ=MTWD GCPC BC>
D JDNH>ENCAID GD H=>=SMBDR GENCA, J=KE?>Y,KDB+
KCP=G= CN JDABEGC>=TWD BD?>CIMGD
JDN HEBD G= CBI>=G= NDKL=GD+ BEDA=GD H=>= CBICHC JDN >DG= CN

1"#,
J=BDBR = ?=IC>E= MIEKEV=G= GCPC IC> J=,
H=JEG=GC EFM=K DM HDMJD BMHC>ED> CN
   >CK=TWD [ GCBJ=>>CF=G=+   
(DB PCQJMKDB JDN DHJEDA=K >DG=B " H=>IEG= GC CNC>FZAJE= HDGC BC> (WD ICAI=> = H=>IEG= GC CNC>FZAJE=
CN KEF= KCPCR @ H>CPEBI= MN= >DG= HC>EFDB= BC CSCIM=G= GC NDGD EAJD>, BC = ?=IC>E= CBIEPC> JDAFCK=G=+
BD?>CBB=KCAIC CBHCJQSEJ=R GESC>CAIC G= >CID* BCFME> JDN =ICATWD DB H>DJCGE,
OMC @ H>CPEBI= ADB PCQJMKDB JDN >DG=B NCAIDB GCBJ>EIDB = BCFME>+ " ?=IC>E= HDGC>E= >DNHC>,BC DM Ci,
GC =TD+ HKDGE>f

’N J=BD GC HDBIC>ED> JDNH>= GC >D,


G=B CN KEF= H=>= BM?BIEIME> =B GC =TDR
=JDABCKL=NDB N=AIC> GEBHDAQPCEB AD   
  
PCQJMKD x H=>=SMBDB D>EFEA=EB H=>= BC, ’PEI=> =?BDKMI=NCAIC = MIEKEV=TWD
>CN MB=GDB BDNCAIC JDN = >DG= BD, GC MN J=>>CF=GD> GC ?=IC>E=B >YHEGD "AICB GC =?>E> D J=Hj GD NDID>R
?>CBB=KCAICR H=>= AWD JDNH>DNCIC> H=>= = H=>IEG= GC CNC>FZAJE=+ GCBKEF=> D PCQJMKDR JC>IESEJ=AGD GC
DB JM?DB G=B >DG=B+ OMC = JL=PC GC EFAETWD CBIC_= A= HD,
$B BEBICN=B CKCI>jAEJDB C =B JCA, BETWD + #CBHCEI=> D EAGEJ=GD A=
I>=EB GC EFAETWD C =KENCAI=TWD GD ND, HK=J= =HKEJ=G= BD? D J=Hj GD ND,
    ID> HDGC>E=N SEJ=> G=AESEJ=GDB+ ID>+ sM=AGD BC CAJDAI>=>CN DMI>=B
HCBBD=B AD PCQJMKDR =JDABCKL=,BC Ci,
    I>=E> BCNH>C = JL=PC+ $ PCQJMKD GCPC

   (WD MIEKEV=> MN= ?=IC>E= =MiEKE=>
BC> =?=AGDA=GD BCNH>C GCHDEB GC IC>
CiI>=QGD = JL=PC DM GC = IC> FE>=GD
     DM OM=KOMC> DMI>= SDAIC GC =KENCAI=, H=>= = HDBETWD +
TWD CiIC>A= JDN MN= ICABWD BMHC>ED>
’N J=BD GC ?=IC>E= GCBJ=>>CF=G=R @ 2M>=AIC =B DHC>=TUCB GC =?=BIC,
= -z 3* HDGC>E=N G=AESEJ=>,BC = ?=IC,
HDBBQPCK CSCIM=> MN= H=>IEG= GC CNC>, JENCAID GC JDN?MBIQPCKR JC>IESEJ=>,
>E=R D NDID> GC H=>IEG=R D =KIC>A=GD>
FZAJE= MIEKEV=AGD J=?DB C = ?=IC>E= BC GC OMC D PCQJMKD CBIY GCBKEF=GD
DM D BEBICN= CK@I>EJD GD PCQJMKD+
GC MN DMI>D PCQJMKD DM BC>PEAGD,BC gJDNMI=GD> GC EFAETWD A= HDBETWD
GC MN= ?=IC>E= =MiEKE=>+ ’N IDGDB DB h+

1"$-
’N J=BD GC H=>IEG= GC CNC>FZAJE= D CKCI>DPCAIEK=GD> HDGC JDNCT=> =  "JEDA=> D S>CED GC
JDN ?=IC>E= =MiEKE=>R AMAJ= KEF=> D SMAJEDA=> C J=MB=> KCBUCB+ CBI=JEDA=NCAIDR GCBKDJ=> =
J=?D ACF=IEPD gh G= ?=IC>E= =MiEKE=> =K=P=AJ= H=>= HDAID ND>ID CR CN
=D HDKD ACF=IEPD G= ?=IC>E= GD PCQ, #CBHCEIC BCNH>C =B H>CBJ>ETUCB BCFMEG=R JDKDJ=> D JDNMI=GD> GC
JMKDR N=B BEN = MN HDAID GC N=BB= GCBBC N=AM=K+ EFAETWD A= HDBETWD +
NDID>9J=Ei= GC J\N?ED+  2CBKEF=> IDGDB DB DMI>DB =JCBB^,
>EDB CK@I>EJDB H>CBCAICB AD PCQ,
JMKD+
    1C MIEKEV=> = ?=IC>E= GC DMI>D PCQ,
#CIE>=> OM=KOMC> D?_CID NCIYKEJD JMKDR CBI=JEDA=> CBIC kKIEND =D =K,
gHD> Ci+ =A@EBR >CK^FEDBR HMKBCE>=BhR J=AJC GDB J=?DB MIEKEV=GDB H=>=
J=H=V GC H>DPDJ=> MN JDAI=ID CK@, = KEF=TWDR =JEDA=> D S>CED GC CBI=,
I>EJD =JEGCAI=K+ JEDA=NCAID C JC>IESEJ=>,BC GC OMC
= EFAETWD CBIY GCBKEF=G=+
<C>EFD GC F>=PCB KCBUCBf


    C2 (WD KEF=> GE>CI=NCAIC DB IC>NEA=EB
    ACF=IEPDB G=B GM=B ?=IC>E=Bf 1C = ?=, &
"B ?=IC>E=B JDAIZN YJEGD OMC HDGC IC>E= =MiEKE=> CBIEPC> EABI=K=G= CN DM,
" ?=IC>E= GD PCQJMKD CBIY KDJ=KE,
OMCEN=> = HCKC DM DB DKLDB+ "B ?=IC, I>D PCQJMKDR JC>IESEJ=>,BC GC OMC CAI>C
V=G= AD JDNH=>IENCAID GD NDID>R
>E=B FC>=N LEG>DFZAEDR S=JEKNCAIC EA, CBIC kKIEND C D PCQJMKD JDN = ?=IC>E=
=I>YB GD F>MHD ^HIEJD CBOMC>GD+
SK=NYPCK C CiHKDBEPD+ GCBJ=>>CF=G= AWD CiEBICN H=>ICB NC,
IYKEJ=B =JEGCAI=KNCAIC CN JDAI=IDR
"BBENR AWD =H>DiEN=> JL=N=B DM _Y OMC HDGC J>E=>,BC MN= KEF=TWD [
GEBHDBEIEPDB OMC HDBB=N H>DPDJ=> N=BB= JDN D >EBJD GC H>DPDJ=> F>=,
   S=QBJ=B+ PCB KCBUCB A=B HCBBD=B CPCAIM=KNCAIC
(WD BC =H>DiEN=> G= PCAIDEAL= H>CBCAICB A=B H>DiENEG=GCB+
GC =>>CSCJENCAID GD >=GE=GD>R HDEB <>DJCGC> GD BCFMEAIC NDGD*

1"$#
= MN= N=BB= GD NDID> gMN= ")  ! $.!

H=>IC CN NCI=K GD NDID> DM G= /N= PCV KEF=GD D NDID>R >CIE>=>
1C CSCIM=GD GC NDGD EAJD>>CIDR D
J=Ei= GC J\N?ED JDN = ?=IC>E= DB J=?DBR BCFMEAGD = D>GCN EAPC>B=
H>DJCGENCAID GCBJ>EID = BCFME> HDGC
GCBJ=>>CF=G=h KDAFC G= ?=IC>E= C >CK=IEP=NCAIC [ =JEN= GCBJ>EI=+
H>DPDJ=> F>=PCB KCBUCB = HCBBD=B DM GD BEBICN= GC EA_CTWD GC JDN,
G=AESEJ=> D BEBICN= GC >CJ=>F= GC MN 1CR GCHDEB GC =KFMN=B ICAI=IEP=BR
?MBIQPCK+
DM GC =N?DB DB PCQJMKDB+ 1CFME> J>E, D NDID> AWD KEF=>R AWD EABEBIE> EAMIEK,
 %EF=> D NDID> GD PCQJMKD JDN ?=,
IC>EDB=NCAIC =B EAGEJ=TUCB SD>ACJE, NCAICR N=B JDAI=I=> =   !!"!#2
IC>E= =MiEKE=>R GCEi=AGD,D SMAJE,
G=B = BCFME>+ $"% "+
DA=> =KFMAB NEAMIDB CN N=>JL=
KCAI=+ ’N BCFMEG=R KEF=> D NDID> !=BD BC_= ACJCBBY>ED >CJD>>C> S>C,
"3&' ! $.!
GD PCQJMKD JDN = ?=IC>E= GCBJ=>, OMCAICNCAIC [ H=>IEG= GC CNC>FZA,
<=>= CSCIM=> = H=>IEG= GC CNC>FZA, >CF=G=+ JE=R N=AG=> PC>ESEJ=> = ?=IC>E= C D BEB,
JE=R H>DJCGC> JDND EAGEJ=GD = BC, ICN= GC >CJ=>F= GD PCQJMKD A=  
FME>* !!"!#$"% "+

 %EF=> MN= CiI>CNEG=GC GD J=?D


   
MIEKEV=GD H=>= D HDBEIEPD g⁄h =D
IC>NEA=K HDBEIEPD g⁄h GD PCQJMKD (WD KEF=> D J=?D =D IC>NEA=K AC, 1EF= =B EABI>MTUCB = BCFME> H=>=
JDN = ?=IC>E= GCBJ=>>CF=G=+ F=IEPD gh G= ?=IC>E= GCBJ=>>CF=G=+ " JDACJI=> D CAF=IC >YHEGD =D HDKD
S=QBJ= >CBMKI=AIC HDGC>E= J=MB=> = Ci, ACF=IEPD G= ?=IC>E=+
 %EF=> MN= CiI>CNEG=GC GD J=?D
HKDBWD G= ?=IC>E= C H>DPDJ=> KCBUCB
MIEKEV=GD H=>= D HDBEIEPD g⁄h =D
F>=PCB+   , %CPC D IC>NEA=K GD CAF=IC
IC>NEA=K HDBEIEPD g⁄h GD PCQJMKD
JDN = ?=IC>E= =MiEKE=>+ /IEKEV=> CiJKMBEP=NCAIC D HDAID GC JDN = =K=P=AJ= =?C>I= =I@ D HDKD
G= ?=IC>E=+
 %EF=> MN= CiI>CNEG=GC GD J=?D N=BB= CBHCJQSEJD] AWD MIEKEV=> OM=K,
MIEKEV=GD H=>= D ACF=IEPD gh =D OMC> DMI>= H=>IC NCIYKEJ= CiHDBI=+   , <>CBBEDAC SE>NCNCAIC H=>=
IC>NEA=K ACF=IEPD gh G= ?=IC>E= ?=EiD D CAF=IC =I@ = ?=BC GD
=MiEKE=>+ ?D>AC+
 %EF=> = CiI>CNEG=GC DHDBI= GD  , 6CJLC = =K=P=AJ= GD CAF=IC+
J=?D MIEKEV=GD H=>= D ACF=IEPD gh
1"$$
    I>=K CKCI>jAEJ=hR D BEBICN= @ =JEDA=GD
  JD>I=AGD = EA_CTWD GC JDN?MBIQPCK CR
’PEI=> =?BDKMI=NCAIC G=> H=>IEG= JDABCOMCAICNCAICR J=MB=AGD D GCB,
CNHM>>=AGD D PCQJMKDR HD> >C?DOMC KEF=NCAID GD NDID>+ " SMATWD >C=KEV=
DM MIEKEV=AGD =B GCBJEG=B+ I=N?@N D GCBI>=P=NCAID =MIDNYIEJD
G=B HD>I=BR A=B PC>BUCB GDI=G=B GCBBC
GEBHDBEIEPD CR H=>= =KFMN=B PC>BUCBR D
 =JCAGENCAID G=B KMVCB EAIC>A=B =H^B
")’(7o$* ’PCAIM=EB =JCBB^>EDB = JDKEBWDR S=JEKEI=AGD C =FEKEV=AGD =
gHD> Ci+ JCKMK=>CBR CIJ+h KEF=GDB B=QG= DM >CIE>=G= GDB DJMH=AICB+
[ IDN=G= GC JD>>CAIC GD PCQJMKD " =IEP=TWD GD BEBICN= @ BEA=KEV=G=
=?BD>PCN JD>>CAIC NCBND OMC =I>=P@B GD OM=G>D GC EABI>MNCAIDB
AWD BC_=N MIEKEV=GDB+ 1C GCEi=GDB HCKD =JCAGENCAID G= KMV,CBHE=
KEF=GDB NMEID ICNHD JDN D NDID> DM HD> MN= BEA=KEV=TWD FCA@>EJ= +
GCBKEF=GDR HDGCN GCBJ=>>CF=> =
?=IC>E=R JDN JDABCOMCAIC >CGMTWD
G= GM>=TWD GCBI= kKIEN= C9DM 
ENHDBBE?EKEG=GC GC KEF=> D NDID>+ &ABHCJEDA=> JMEG=GDB=NCAIC D PCQ, &
JMKD H=>= BC JC>IESEJ=> GC OMC AWD
CiEBI=N SMF=B GC JDN?MBIQPCKR HD>
   CiCNHKD AD JDNH=>IENCAID GD ND,
  ID>R BD? D PCQJMKD DM A= H>DiENEG=GC
G= Y>C= GD >CBC>P=I^>ED+ 2CHDEB G=
    JDKEBWDR GCBKDJ=> = JL=PC GC EFAETWD
$ BEBICN= GC ?KDOMCED GC JDN?MB, H=>= = HDBETWD  H=>= AWD GCB,
IQPCK ICN = SMATWD GC H>CPCATWD GC J=>>CF=> = ?=IC>E=+
EAJZAGED CN J=BD GC JLDOMC+ "D GC,
ICJI=> MN= JDKEBWD gD?CGCJCAGD = H=,
>\NCI>DB H>CGCIC>NEA=GDB HCK= JCA,
1"$%
 # /&' 0 !) !F KENEI=> = BMHC>=OMCJENCAID GD BEBICN= GC
PCKDJEG=GC+ =>>CSCJENCAID GD NDID>+
    # /&' 0 *"! /).#! =$0  #CFMK=> D =OMCJENCAID GD L=,
2CHDEB GD ENH=JIDR J=BD BC BEAI= )Q#!"?F JDN D PCQJMKD H=>=GDR ?EIYJMKD H=>= D NYiENDR D>ECA,
JLCE>D GC JDN?MBIQPCK DM BC PC>ESE, JDKDJ=> D J\N?ED CN HDAID I=AGD = GEBI>E?METWD GD => H=>=
OMCN P=V=NCAIDB AD BEBICN= GC =KE, ND>ID C N=AIC> D NDID> AD D HEBD DM H=>= D CiIC>ED> GD PCQ,
NCAI=TWDR AWD >C=IEP=> D BEBICN=+ >CFENC NQAEND+ JMKDR J=BD =B JDAGETUCB JKENYIE,
J=B CiIC>A=B HC>NEI=N N=AIC> DB
#EBJD GC EAJZAGEDf PEG>DB K=IC>=EB =?C>IDB+ ’N BC,
 FMEG=R =IEP=> D CKCI>DPCAIEK=GD>
/N BEBICN= GC >CS>EFC>=TWD BMHC, [ PCKDJEG=GC NYiEN=+ 2CBBC
 >=OMCJEGD HDGC G=AESEJ=> D PCQJMKD+ NDGDR D =OMCJCGD> =IM=>Y JDND
’N J=BD GC EAIC>PCATWD GD 1EB, ’N J=BD GC BMHC>=OMCJENCAIDR CA, MN >=GE=GD> BMHKCNCAI=>R JDAI>E,
ICN= GC ?KDOMCED GC JDN?MBIQPCKR JDBI=> C H=>=> D PCQJMKD+ 6=VC> SMAJE, ?MEAGD H=>= GEBBEH=> D J=KD> GD
>CJDNCAG=,BC BDKEJEI=> D =MiQKED ENC, DA=> D NDID> CN N=>JL= KCAI= JDN D BEBICN= GC =>>CSCJENCAID GD ND,
GE=ID G=   !!"!#$"% "B =>,JDAGEJEDA=GD GCB=IEP=GD =I@ OMC ID>+
= ICNHC>=IM>= ?=EiC+ 1C = ICNHC>=,
IM>= AWD ?=Ei=>R GE>EFE>,BC =BBEN OMC
    HDBBQPCK [   !!"!#$"% "+ 
 !  " B=QG= GC KQOMEGD GC =>>CSCJE,
NCAID GD NDID> DM GC P=HD> GD >=,
" BCFME>R CBIWD EAGEJ=G=B =KFMN=B
   CiJCHJEDA=KEG=GCB OMC S=PD>CJCN D GE=GD> HDGC H>DPDJ=> OMCEN=GM>=B
=H=>CJENCAID GC BEIM=TUCB CiJCHJED, F>=PCB+ 1C ADI=> P=HD> H>DPCAECAIC
"D HC>JD>>C> I>CJLDB JDND DB GCB,
A=EB GC BMHC>=OMCJENCAID GD NDID>* GD JDNH=>IENCAID GD NDID>R DM BC
J>EIDB = BCFME>R C A= H>CBCAT= GC JDA,
DMPE> D >MQGDR AWD =?>E> D J=Hj =I@
GETUCB JKENYIEJ=B CiJCHJEDA=EB OMC
HDBB=N H>DPDJ=> D =H=>CJENCAID GC  1C D =>,JDAGEJEDA=GD CBIEPC> KE, OMC D >=GE=GD> ICAL= IEGD ICNHD BMSE,
F=GDR GCBKEFY,KD+ $ BEBICN= GC JECAIC H=>= =>>CSCJC>+ (MAJ= ICAI=> IE,
SCAjNCADB GC BMHC>=OMCJENCAID GD
=>,JDAGEJEDA=GD JDAI>E?ME H=>= D >=> D I=NHWD JDN D >=GE=GD> OMCAIC+
NDID>R =GDI=> =B BCFMEAICB =?D>G=,
FCAB*

1"$&
   
   #CBHCEI=> = KCFEBK=TWD GC I>\ABEID
PEFCAIC H=>= H>DJCGENCAIDB GC >C?D,
       OMC+
(D H>CBCAIC I^HEJD BWD GCBJ>EIDB
DB H>DJCGENCAIDB H=>= D >C?DOMC GD

PCQJMKD CN BEIM=TUCB GC CNC>FZAJE=+
(WD CSCIM=> D >C?DOMC JDN = MIEKE,
V=TWD GC KEAF=B GC CKCP=TWD+ sM=AGD " H=>IC GE=AICE>= GD ?=AJD GD ND,
 BC SEi= D PCQJMKD A= HK=I=SD>N= GC MN ID>EBI= R AD =BBD=KLDR CBIY H>CPEBI=
<=>= CSCIM=> D >C?DOMCR @ ACJCBBY, >C?DOMCR AWD MIEKEV=> DB JDNHDACA, H=>= = EABI=K=TWD GD BMHD>IC H=>= SE,
>E= MN= SC>>=NCAI= GC >C?DOMC DM GC ICB G=B BMBHCABUCB GE=AICE>= DM I>=, i=TWD GD CiIEAID> GC EAJZAGED+
CKCP=TWD =H>DH>E=G=R GC NDGD = CPE, BCE>= JDND HDAIDB GC SEi=TWD+ /N >C,
I=> G=AESEJ=> D PCQJMKD+ ?DOMC CSCIM=GD GC NDGD ENH>^H>ED $ CiIEAID> GC EAJZAGED HDGC BC>
HDGC H>DPDJ=> G=ADB AD PCQJMKD+ =GOME>EGD A=   !!"!#$"% "+



/IEKEV=> =HCA=B ?=>>=B GC >C?DOMC C    &
DMI>= SC>>=NCAI= =GCOM=G=R BCFMEAGD #CJDNCAG=NDB KC> =B EABI>MTUCB
=B EABI>MTUCB GD S=?>EJ=AIC G= SC>,
 ENH>CBB=B AD COMEH=NCAID
>=NCAI=+ %EF=> = ?=>>= GC >C?D,     
OMC DM DMI>DB GEBHDBEIEPDB GC >C, $?BC>P=> JDN =ICATWD = P=KEG=GC
$ CiIEAID> GC EAJZAGED HDGC BC> GD CiIEAID> g= G=I= CAJDAI>=,BC F>=,
?DOMC =DB JDNHDACAICB CBI>MIM>=EB
=GOME>EGD A=   !!"!#$"% "+ P=G= AD JD>HD GD JEKEAG>Dh C BC D
H>EAJEH=EB GD PCQJMKDR AWD =DB H=>=,
JLDOMCB DM = DMI>DB BMHD>ICB =BBDJE, HDAICE>D GD N=AjNCI>D CBIY GCAI>D
=GDB+ G= S=Ei= AD>N=K GC DHC>=TWD+

1"$’
1
 
   
     
/N= JD>>CI= N=AMICATWD HC>NEIC N=AIC> D GCBCNHC,
ALD GD PCQJMKD =D KDAFD GD ICNHDR >CGMVE> DB JMBIDB GC
SMAJEDA=NCAID C H>DICFC> = CSEJEZAJE= GDB BEBICN=B GC
BCFM>=AT=+
(CBIC J=HQIMKDR CiHKEJ=,BC JDND+

1’#3&7$1 "‘’(2"2$1 + + + + + + + + + + + + + + ‘,-


!$.<"#)&.’()$ 2$ .$)$# + + + + + + + + + + ‘,u
#’!"##’‘"(2$ " b")’#&" + + + + + + + + + + + ‘,-u
1’#3&7$1 (" !$(!’11&$(fi#&" + + + + + + + + ‘,-v
%’3"()"(2$ $ 3’:!/%$ + + + + + + + + + + + + ‘,zx
<(’/1 + + + + + + + + + + + + + + + + + + + + + + + ‘,zx
%$(‘" &(")&3&2"2’ 2$ 3’:!/%$ + + + + + + ‘,5z
!"##$!’#&" + + + + + + + + + + + + + + + + + + + + ‘,55

&()’#&$# 2$ 3’:!/%$ + + + + + + + + + + + + + + ‘,5u

2
2
   w+||| C --+||| aN+ .=B J=BD DJD>>= =B NCBN=B B^ HDGC>WD BC> CSCIM=G=B
HD> ICNHDR GCPC>Y BC> >C=KEV=G= CA, JDN D CiHKQJEID =JD>GD GD !KECAIC+
  I>C -- C -5 NCBCB+ /IEKEV=AGD S>COMCAICNCAIC D PCQJMKD
 
  H=>= D >C?DOMC GC =I>CK=GDBR >CGM,
E` *"!'F !=BD DJD>>= HD> OMEKD,
VE> D EAIC>P=KD CAI>C MN= N=AMICA,
/N= JD>>CI= N=AMICATWD @ GCIC>, NCI>=FCNR GCPC>Y BC> >C=KEV=G= CAI>C
TWD H>DF>=N=G= C = DMI>=+
NEA=AIC H=>= F=>=AIE> =D PCQJMKD MN= w+||| C --+||| aN 9 = -' >CPE,
KDAF= GM>=TWD CN JDAGETUCB EGC=EB+ BWD+ .=B J=BD DJD>>= HD> ICNHDR GC,
PC>Y BC> >C=KEV=G= CAI>C -- C -5 NC, 
<D> EBBDR = 6!" 6E=I !LtBKC> "M, BCB 9 = -' >CPEBWD+
IDN^PCEB b>=BEK %IG=+ GCSEAEM MN= $B JMHUCB GC .=AMICATWD <>DF>=,
B@>EC GC JDAI>DKCB C GC EAIC>PCATUCB   F X    = N=G= BWD H>CBJ>EIDB HCK= NDAI=GD>=+
GC N=AMICATWD CN EAIC>P=KDB H>CCB, PC>ESEJ=TWD GD <K=AD GC .=AMICATWD " AWD CiCJMTWD GDB NCBNDB HDGC
I=?CKCJEGDBR JDND GCBJ>EID AD <K=AD <>DF>=N=G= ACBIC J=HQIMKD C GD .=, JDNHD>I=> = JCBB=TWD G= F=>=AIE=+
GC .=AMICATWD <>DF>=N=G=+ AM=K GC ‘=>=AIE= H=>= = JD>>CI= N=,
AMICATWD C F=>=AIE= GD PCQJMKD+
"B >CPEBUCB GCPCN BC> >C=KEV=G=B 
HD> OMEKDNCI>=FCN DM HD> ICNHDR DM "AICB GC OM=KOMC> EABHCTWDR @R AD X =JDABCKLYPCK BEA=KEV=> [  
BC_=R = J=G= -|+||| aN DM = J=G= -z CAI=AIDR BCNH>C ACJCBBY>ED IC> CN !!"!#$"% " CPCAIM=EB HCOMCA=B
NCBCBR H>CP=KCJCAGD D OMC DJD>>C> =ICATWD =B EAGEJ=TUCB GCBJ>EI=B AD =ADN=KE=B GC SMAJEDA=NCAIDR BCN
H>ENCE>D+ <K=AD GC .=AMICATWD <>DF>=N=G= CBHC>=> HCK= CiCJMTWD GD H>^iEND
gHD> Ci+ PC>ESEJ=> HC>EDGEJ=NCAIC JMHDN+
"B IDKC>\AJE=B HC>NEIEG=B H=>= = D AQPCK GDB KQOMEGDBR = H>CBBWD GDB
CiCJMTWD G=B >CPEBUCB BC>WD GC -+||| HACMBR CIJ+h+ ’
aN H=>= NCADB DM H=>= N=EB J=BD
DJD>>= HD> OMEKDNCI>=FCNR DM 5| $ BC>PETD GC .=AMICATWD <>DF>=,
GE=B H=>= NCADB DM H=>= N=EB J=BD N=G= @ CSCIM=GD HCK=   !!"!#2
DJD>>= HD> ICNHD+ $"% "R JDN DB ICNHDB H>@,SEi=GDB+
1CR GM>=AIC = >C=KEV=TWD GC J=G= EA,
,0-%!F IC>PCATWDR =K@N G=B DHC>=TUCB H>C,
D` *"!'F !=BD DJD>>= HD> OMEKD, PEBI=BR BC =H>CBCAI=> = ACJCBBEG=GC GC
NCI>=FCNR GCPC>Y BC> >C=KEV=G= CAI>C DMI>=B BM?BIEIMETUCB DM >CH=>=TUCBR
2"#
   
         DBO a   C
  
=bbb?  $  DOBOOO [0 /  $  DE   I -)2
OD` OE` OP` OR` OY` O_` Oc` Oa` Od` DO` DD` DE` DP` DR` DY` D_` Dc` Da`
*%$#   >/ $))) -)"0") =-+!  ]%"0
)*"!' )%"1 ?
1M?BIEIMETWD GD ^KCD GD NDID> C SEKI>D GC ^KCD GD
⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄
NDID>+ g§h
3C>ESEJ=TWD GD CKCNCAID GD SEKI>D GC =BHE>=TWD GC
⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄
=> GD NDID>+ g§h
1M?BIEIMETWD GD CKCNCAID GD SEKI>D GC =BHE>=TWD GC
⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄
=> GD NDID>+ g§h
3C>ESEJ=TWD GDB AQPCEB GDB KQOMEGDB9SKMEGDB GC IDGDB
DB BEBICN=B* =>>CSCJENCAID GD NDID>R S>CEDBR CN?>C, ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄
=FCNR K=P=GD> GDB PEG>DBR CIJ+
3C>ESEJ=TWD G=B H=BIEKL=B GC S>CED G=B >DG=B GE=A,
ICE>=B+ $?B* BC = CBHCBBM>= kIEK G=B H=BIEKL=B SD> ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄
NCAD> GD OMC ; NNR GCPC,BC BM?BIEIMQ,K=B+ g§h
3C>ESEJ=TWD G=B IM?MK=TUCB GC CBJ=H=NCAIDR GC =KE,
NCAI=TWD GC JDN?MBIQPCKR GDB S>CEDBR JDNHDACAICB
⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄
GC ?D>>=JL= G= H=>IC EASC>ED> GD PCQJMKDR JDES=BR
FM=>AETUCBR N=AFMCE>=B C HACMB+
3C>ESEJ=TWD GD CBFMEJLD C H=KLCI=B GDB PEG>DB GD
H=>=,?>EB= C PEG>D I>=BCE>DR JEAIDB GC BCFM>=AT=R JD,
N=AGDB CK@I>EJDB GDB PEG>DB G=B HD>I=B C BEBICN=
GC =?C>IM>=9SCJL=NCAID G=B HD>I=B+ 1EBICN= CK@, ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄
I>EJD9CKCI>jAEJD g>YGEDR =K=>NCR CIJ+h ?=IC>E= C EKMNE,
A=TWD EAIC>A= C CiIC>A=+ sM=G>D GC EABI>MNCAIDB C
EAGEJ=GD>CB+
3C>ESEJ=TWD GD SEKI>D GD =>,JDAGEJEDA=GD+ g§h ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄
3C>ESEJ=TWD CR BC ACJCBBY>EDR >CFMK=FCN GD S>CED GC
⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄
CBI=JEDA=NCAID+

2"$
  
=bbb?  $  DOBOOO [0 /  $  DE   I -)2
OD` OE` OP` OR` OY` O_` Oc` Oa` Od` DO` DD` DE` DP` DR` DY` D_` Dc` Da`
*%$#   >/ $))) -)"0") =-+!  ]%"0
)*"!' )%"1 ?

1M?BIEIMETWD GD SEKI>D GC JDN?MBIQPCK+ g§h ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄


3C>ESEJ=TWD G=B JD>>CE=B GDB ^>FWDB =MiEKE=>CB GD
⁄ ⁄ ⁄ ⁄ ⁄ ⁄
NDID>+ g§§h
3C>ESEJ=TWD G= SDKF= GC PYKPMK=B gNDID> -+| ~3
⁄ ⁄ ⁄ ⁄ ⁄ ⁄
6E>Ch
3C>ESEJ=TWD GDB J=?DB G=B PCK=B GC EFAETWD gNDID>
⁄ ⁄ ⁄ ⁄ ⁄ ⁄
-+| ~3 6E>Ch
3C>ESEJ=TWD GD BEBICN= GC EA_CTWD9EFAETWD GD ND,
⁄ ⁄ ⁄ ⁄ ⁄ ⁄
ID>+ /IEKEV=> D COMEH=NCAID GC GE=FA^BIEJD+
1M?BIEIMETWD G=B PCK=B GC EFAETWD GD NDID> gNDID>
= J=G= 5|+||| aN gEAGCHCAGCAIC GD ICNHDh
-+| ~3 6E>Ch+
3C>ESEJ=TWD GD BEBICN= GC PCAIEK=TWD GD JY>IC> GD
⁄ ⁄ ⁄ ⁄
NDID> p?KDc,?tp+ g§h
3C>ESEJ=TWD GD AQPCK GD ^KCD G= J=Ei= GC J\N?ED
⁄ ⁄ ⁄
NCJ\AEJD+
3C>ESEJ=TWD PEBM=K G= JD>>CE= GCAI=G= GD JDN=AGD
⁄ ⁄ ⁄
G= GEBI>E?METWD GD NDID> gNDID> -+| ~3 6E>Ch g§§h
1M?BIEIMETWD GD SKMEGD GDB S>CEDB gOM=AGD GEBHDAQ,
PCKR GCPC,BC I=N?@N BM?BIEIME> D SKMEGD GD BEBICN= = J=G= zx NCBCB DM = J=G= x|+||| aN gD OMC DJD>>C> H>ENCE>Dh

GC =JEDA=NCAID LEG>YMKEJD G= CN?>C=FCNh+
3C>ESEJ=TWD GD AQPCK GC CNEBBUCB GDB F=BCB GC CB,
⁄ ⁄ ⁄
J=H=NCAID+
3C>ESEJ=TWD GD BEBICN= CP=HD>=IEPD GD I=AOMC GC
⁄ ⁄ ⁄
JDN?MBIQPCK+ g§h
3C>ESEJ=TWD CR BC ACJCBBY>EDR BM?BIEIMETWD G=B KDA=B
⁄ ⁄ ⁄
C I=N?D>CB GC S>CED G=B >DG=B I>=BCE>=B+ g§h

2"%
  
=bbb?  $  DOBOOO [0 /  $  DE   I -)2
OD` OE` OP` OR` OY` O_` Oc` Oa` Od` DO` DD` DE` DP` DR` DY` D_` Dc` Da`
*%$#   >/ $))) -)"0") =-+!  ]%"0
)*"!' )%"1 ?
1M?BIEIMETWD G= JD>>CE= GDB ^>FWDB =MiEKE=>CB GD
= J=G= x~ NCBCB DM = J=G= u|+||| aN gD OMC DJD>>C> H>ENCE>Dh
NDID>+ g§h
1M?BIEIMETWD G= JD>>CE= GCAI=G= GD JDN=AGD G=
= J=G= x~ NCBCB DM = J=G= u|+||| aN gD OMC DJD>>C> H>ENCE>Dh
GEBI>E?METWD GD NDID>+ gNDID> -+| ~3 6E>Ch+ g§h
1M?BIEIMETWD GD ^KCD G= J=Ei= GC J\N?ED NCJ\,

AEJD+
1M?BIEIMETWD GD KQOMEGD GC =>>CSCJENCAID GD NDID>+ = J=G= -| =ADB DM = J=G= zx|+||| aN gD OMC DJD>>C> H>ENCE>Dh
#CPEBWD GC !=>>DJC>E=* PC>ESEJ=TWD OM=AID = G=ADBR
⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄
EAJKMBEPC =B H>DICTUCB EASC>ED>CB G= J=>>DJC>E=+
g§h &ICAB OMC GCPCN BC> BM?BIEIMQGDB9PC>ESEJ=GDB A= NCI=GC GDB H>=VDB EAGEJ=GDBR H=>= PCQJMKDB MIEKEV=GDB H>CGDNEA=AICNCAIC CN CBI>=G=B HD,
CE>CAI=BR =>CADB=BR K=N=JCAI=B DM CN JDAGETUCB BCPC>=B GC MBD g>C?DOMCR IYiER CAI>CF= GC HD>I= CN HD>I=R CIJ+h DM OM=AGD LDMPC> KDAF= EA=IE,
PEG=GC+
g§§h ’N J=BD GC MIEKEV=TWD GD PCQJMKD H>CGDNEA=AICNCAIC CN CBI>=G=B HDCE>CAI=BR =>CADB=B DM K=N=JCAI=BR CSCIM=> MN JDAI>DKC GD CBI=GD GDB
>DK=NCAIDB C G=B JD>>CE=B GDB ^>FWDB =MiEKE=>CB g=>,JDAGEJEDA=GD9?DN?= GflYFM=9=KIC>A=GD>hR JD>>CE= GCAI=G= C >DK=NCAID GD ICABD> gOM=AGD
GEBHDAQPCKh = J=G= -|+||| aN DM -z NCBCB CR BC ACJCBBY>EDR CSCIM=> =B BM?BIEIMETUCB+
g§§§h " )$%’#›(!&" <’#.&)&2" <"#" " ’y’!/7o$ 2"1 #’3&18’1 X*
 2’ 5| 2&"1 g<"#" ."&1 $/ <"#" .’($1h !"1$ $!$##" <$# )’.<$
 2’ -+||| ƒ. g<"#" ."&1 $/ <"#" .’($1h !"1$ $!$##" <$# s/&%$.’)#"‘’.
   
F "H^B = >C=KEV=TWD =G kKIEN= >CPEBWD EAGEJ=G= AD <K=AD GC .=AMICATWD <>DF>=N=G=R JDABEGC>=> =
NCBN= S>COMZAJE= H=>= BM?BIEIMETWD C PC>ESEJ=TWD GC J=G= EICN+

2"&
      9  
      2  !DAI>DKC PEBM=K G=B JDAGETUCB*
 NDID>R J=Ei= GC J\N?EDR
" J=G= -+||| aN DM =AICB GC PE,
I>=ABNEBBWDR BCFNCAIDB
=FCAB KDAF=BR JDAI>DK=> C CPCAIM=K, !=BD D PCQJMKD BC_= MIEKEV=GD H>C,
>QFEGDB C SKCiQPCEB G=B
NCAIC >CBI=?CKCJC>* GDNEA=AICNCAIC AMN= G=B BCFMEAICB
IM?MK=TUCB gCBJ=HC9=KENCAI=TWD
JDAGETUCB*
GC JDN?MBIQPCK9S>CEDBh
 $ AQPCK GD KQOMEGD GC =>>CSCJE, CKCNCAIDB GC ?D>>=JL=
NCAID GD NDID>  #C?DOMC =I>CK=GD+ gJDES=B9N=AF=B9J=BOMEKLDBR CIJ+h+
 $ AQPCK GD KQOMEGD GDB S>CEDB+  ’BI>=G=B HDCE>CAI=B+  !DAI>DKC GD CBI=GD GC J=>F= C
 $ AQPCK GD KQOMEGD GD K=P=GD> GD  <C>JM>BDB ?>CPCB gNCADB GC v,~ AQPCK GD KQOMEGD G= ?=IC>E= gCKC,
H=>=,?>EB=+ aNh C >CHCIEGDB+ I>^KEIDh+
 <>CBBWD C JDAGETUCB GDB HACMB+  .DID> OMC FE>= S>COMCAICNCAIC  !DAI>DKC PEBM=K G=B JDAGETUCB G=B
 $ SMAJEDA=NCAID GD BEBICN= GC CN N=>JL= KCAI= DM KDAFDB HC>, JD>>CE=B GC JDN=AGD GDB =JCBB^,
EKMNEA=TWD gS=>^EBR EAGEJ=GD>CB JM>BDB = ?=Ei= PCKDJEG=GC DM CN >EDB+
GC GE>CTWDR CNC>FZAJE=R CIJ+h J=BD GC KDAF= EA=IEPEG=GC+  !DAI>DKC C CPCAIM=K BM?BIEIMETWD
 6MAJEDA=NCAID GD BEBICN= KEN, GD ^KCD GD NDID> C GD SEKI>D GD
H=GD>9K=P=GD> GD H=>=,?>EB= C HD, X ACJCBBY>ED CSCIM=> =B BCFMEAICB ^KCD+
BEJEDA=NCAID9 GCBF=BIC G=B H=, PC>ESEJ=TUCB JDN N=EB S>COMZAJE= GD
 !DAI>DKC C CPCAIM=K BM?BIEIMETWD
KLCI=B+ OMC = EAGEJ=G= AD <K=AD GC .=AM,
GD SEKI>D GD =>,JDAGEJEDA=GD+
ICATWD <>DF>=N=G=*
 !DAI>DKC C CPCAIM=K BM?BIEIMETWD
" J=G= PBOOO aNR PC>ESEJ=> CR BC
ACJCBBY>EDR >CBI=?CKCJC> D AQPCK GC  !DAI>DKC G=B JDAGETUCB C GCB,
GD SEKI>D GD =>+ ’
^KCD GD NDID>+ F=BIC G=B H=BIEKL=B GDB S>CEDB GE,
=AICE>DB+
 !DAI>DKC GD CBI=GD GC KENHCV=
G=B SCJL=GM>=B GD J=Hj GD NDID>
C G= I=NH= I>=BCE>=R KENHCV= C
KM?>ESEJ=TWD G=B =K=P=AJ=B+

2"’
   
  
   
3C>ESEJ=> DB AQPCEB GDB KQOMEGDB9SKMEGDB C JDNHKCIY,KDBR BC ACJCBBY>EDR GC =JD>GD JDN =B EABI>MTUCB = BCFME>+

  
(MAJ= SMN=> GM>=AIC OM=KOMC> EAIC>PCATWD AD PWD GD NDID>+
<DGC>WD CBI=> H>CBCAICB F=BCB C P=HD>CB EASK=NYPCEBR JDN >EBJD GC EAJZAGED+

  
!DN NDID> OMCAICR =IM=> JDN NMEID JMEG=GD AD EAIC>ED> GD PWD GD NDID>+
<C>EFD GC OMCEN=GM>=B+

  
2M>=AIC DB >C=?=BICJENCAIDBR ICAL= =ICATWD H=>= AWD JDASMAGE> DB PY>EDB IEHDB GC KQOMEGDB* BWD IDGDB EAJDNH=IQPCEB
CAI>C BEf
/N >C=?=BICJENCAID JDN KQOMEGD EA=GCOM=GD HDGC G=AESEJ=> F>=PCNCAIC D PCQJMKD+

2"(
cBEBDBD  DBO 

"+ 3=>CI= GC JDAI>DKC GD AQPCK GD ^KCD GD NDID>  b+ )=NHWD 9 "?=BICJENCAID GD ^KCD GD NDID>  !+ %QOMEGD GC
=>>CSCJENCAID GD NDID>  2+ %QOMEGD GD K=P=GD> GD H=>=,?>EB=  ’+ 6KMEGD GDB S>CEDB  6+ 6KMEGD G= GE>CTWD LEG>YMKEJ=
 ‘+ #CBC>P=I^>ED GC F=BDKEA= H=>= H=>IEG= = S>ED

2"*
9    KM?>ESEJ=AIC @ JDABMNEGD GM>=AIC D
SMAJEDA=NCAID GD NDID>+
   
3C>ESEOMC D AQPCK C CSCIMC = I>DJ= 1DNCAIC = PC>ESEJ=TWD GD AQPCK GD
GD ^KCD GD NDID> GC =JD>GD JDN ^KCD GCPC BC> CSCIM=G= JDN D NDID>
= S>COMZAJE= EAGEJ=G= AD r<K=AD GC =EAG= OMCAIC+   
.=AMICATWD <>DF>=N=G=q+
"D =?=BICJC> D ^KCD GD NDID>R MBC
$ JDNHKCI=NCAID GD ^KCD =I@ D
MN SMAEK H=>= CPEI=> D GC>>=N=NCAID+
’iI>=E> = P=>CI= GC JDAI>DKC GD AQ, AQPCK EGC=K GCPC BC> CSCIM=GD JDN D
PCK GC ^KCD GD NDID>R KENHY,K= JDN NDID> S>EDR =FM=>G=AGD D ICNHD OMC !=BD DJD>>= D GC>>=N=NCAIDR
MN H=AD OMC AWD BDKIC HCKD C EABC>E, SD> ACJCBBY>ED =H^B GCBKEFY,KD+ KENHC ENCGE=I=NCAIC DB JDNHDACA,
K= ADP=NCAIC+ ’iI>=Q,K= MN= BCFMAG= ICB =SCI=GDB+ "H^B D =?=BICJENCAID
PCV C JC>IESEJ=>,BC GC OMC D AQPCK GC 1C D AQPCK GC ^KCD CBIEPC> H>^iEND JC>IESEOMC,BC GC OMC = I=NH= SDE
^KCD GD NDID> CBIY JDNH>CCAGEGD CA, DM =?=EiD G= >CSC>ZAJE= R =GEJE, JD>>CI=NCAIC SCJL=G=+
I>C =B N=>J=B  C C CiEBICAICB DA=> ^KCD =I>=P@B GD ?DJ=K GC CAJLE,
A= H>^H>E= P=>CI=+ $ CBH=TD CAI>C NCAID =I@ =IEAFE> = >CSC>ZAJE= C+
CK=B JD>>CBHDAGC = JC>J= GC - KEI>D $ AQPCK GD ^KCD AMAJ= GCPC MKI>=,
GC ^KCD+ H=BB=> = >CSC>ZAJE= C+   
$ JDAI>DKC GD AQPCK GD ^KCD GCPC !DN NDID> OMCAICR NCiC> JDN
BC> CSCIM=GD JDN D PCQJMKD CN IC>, NMEID JMEG=GD GCAI>D GD PWD GD ND,
>CAD HK=AD C JDN D NDID> =EAG= 
ID>R HDEB LY HC>EFD GC OMCEN=GM>=B+
OMCAIC gJC>J= GC -| NEAMIDB =H^B IZ, 2CHDEB GC IC> =GEJEDA=GD DM BM?B,
KD GCBKEF=GDh+ IEIMQGD D ^KCDR SMAJEDA=> D NDID> HD> %CN?>C,BC OMCR JDN D NDID>
=KFMAB BCFMAGDBR GCBKEFY,KD C B^ CA, OMCAICR D CKCI>DPCAIEK=GD> HDGC FE>=>
IWD PC>ESEJ=> D AQPCK+ C DJ=BEDA=> KCBUCB+
2CPEGD [ JDAJCHTWD GDB NDID>CB
= JDN?MBIWD EAIC>A=R H=>= OMC L=_=
MN= ?D= KM?>ESEJ=TWDR H=>IC GD ^KCD

2"+
HDGC BC> NEBIM>=GD JDN OM=KOMC>
DMI>D IEHD GC KQOMEGD =AIEJDAFCK=AIC+
      1C AWD LDMPC> D H>DGMID CBHCJESE,
(WD =GEJEDA=> ^KCD JDN J=>=JIC, $ ^KCD GD NDID> MB=GD C D SEKI>D GD J=GDR AWD KEF=> D NDID> C >C?DJ=> D
>QBIEJ=B GESC>CAICB G=B GD ^KCD _Y CiEB, ^KCD BM?BIEIMQGD JDAIZN BM?BI\AJE=B PCQJMKD H=>= =   !!"!#$"% "+
ICAIC AD NDID>+ HC>EFDB=B H=>= D =N?ECAIC+
1^ D MBD GDB ^KCDB >CJDNCAG=GDB <=>= = BM?BIEIMETWD GD ^KCD C GDB
gJDABMKI=> D J=HQIMKD p2=GDB )@JAE, SEKI>DBR @ =JDABCKLYPCK GE>EFE>,BC [
JDBph F=>=AIC = OMEKDNCI>=FCN H>C,   !!"!#$"% "+   
PEBI= HCKD HK=AD GC N=AMICATWD+ $ BEBICN= GC =>>CSCJENCAID CBIY
H>CBBM>EV=GD+ !=BD BC_= ACJCBBY>ED
T      2
BM?BIEIME> = I=NH= GD >CBC>P=I^>ED R
    
MIEKEV=> DMI>D FCAMQADR J=BD JDAI>Y>ED
   1C D AQPCK SD> EABMSEJECAICR GCB=HC>, = CSEJEZAJE= GD BEBICN= HDGC SEJ=>
I=> D I=NHWD GD >CBC>P=I^>ED C GCB, JDNH>DNCIEG=+
$ ^KCD GD NDID> CN JDAI=ID JDN HC_=> KCAI=NCAIC D SKMEGD EAGEJ=GD
JDNHDACAICB OMCAICB HDGC J=MB=> CN p6KMEGDB FCAMQADB C KM?>ESEJ=AICBp !DN D NDID> OMCAICR AWD >CIE>=>
G=ADB [B HCT=B C H>DPDJ=> D BM>FE, gJDABMKI=> D J=HQIMKD p2=GDB )@JAE, D I=NHWD GD >CBC>P=I^>ED* HC>EFD GC
NCAID GC SMN=T=R EAJZAGEDB DM OMCE, JDBph+ OMCEN=GM>=B+
N=GM>=BR =K@N GC JDAI=NEA=> D NCED
=N?ECAIC+


$ =?=BICJENCAID GC ^KCD GD ND, 1C D NDID> SMAJEDA=> BCN D KQOMEGD
ID> GCPC BC> CSCIM=GD JDN D NDID>    GC =>>CSCJENCAIDR BCM PCQJMKD HDGC>Y
S>EDR KCAI=NCAIC C JDN JMEG=GDR CPE, BC> BC>E=NCAIC G=AESEJ=GD+ $B >CH=,
<=>= CPCAIM=EB >C=?=BICJENCAIDB
I=AGD D GC>>=N=NCAID BD?>C DB JDN, >DBR ACBICB J=BDBR AWD BC>WD JD?C>IDB
GD BEBICN= GC =>>CSCJENCAID GD
HDACAICB GD PWD GD NDID>+ HCK= ‘=>=AIE=+
NDID>R MIEKEV=> MN KQOMEGD GD NCBND
IEHD CN >CK=TWD =D _Y H>CBCAIC AD EA,
IC>ED> GD >CBC>P=I^>ED+ $ KQOMEGD AWD
2",
   
 2
;  =0) ")?
      3C>ESEJ=> BC D AQPCK GD ^KCDR JDN
")’(7o$* (MAJ= =?=BICT= D (WD PE=_=> JDN D >CBC>P=I^>ED GD D PCQJMKD CN IC>>CAD HK=AD C NDID>
>CBC>P=I^>ED AD BEBICN= GC =>>CSC, K=P=GD> GD H=>=,?>EB= P=VED* = =TWD S>EDR CBIY CAI>C =B >CSC>ZAJE=B  C
JENCAID GD NDID> GD PCQJMKD JDN GD K=P=GD> GD H=>=,?>EB= @ SMAG=, C N=>J=G=B A= H=>IC CiIC>A= GD
KQOMEGD GC GESC>CAIC GD CBHCJESEJ=GD NCAI=K H=>= NCKLD>=> = PEBE?EKEG=GC+ >CBC>P=I^>ED+
CN r6KMEGDB FCAMQADB C KM?>ESEJ=A, !DN D ^KCD OMCAICR D AQPCK I=N,
ICBq gJDABMKI=> D J=HQIMKD p2=GDB $ SMAJEDA=NCAID >CHCIEGD GD BEB,
ICN= A= =MBZAJE= GC KQOMEGD HDGC ?@N HDGC BMHC>=> = >CSC>ZAJE= C+
I@JAEJDBph+
G=AESEJ=> DM GCIC>ED>=> >=HEG=NCAIC 1C SD> ACJCBBY>ED =GEJEDA=> ^KCDR
" NEBIM>= JDN DMI>DB =GEIEPDB =KFMN=B H=>ICB GD BEBICN=+ JC>IESEJ=>,BC GC OMC ICAL= =B NCBN=B
HDGC =KIC>=> =B H>DH>ECG=GCB GD H>D, J=>=JIC>QBIEJ=B GD ^KCD _Y H>CBCAIC AD
GMID LDNDKDF=GDR JDNH>DNCICAGD BEBICN=+
BM= CSEJEZAJE=+
" 6!" 6E=I !L>tBKC> "MIDN^PCEB
   b>=BEK %IG=+ D>ECAI= = MIEKEV=TWD Ci,
T     "KFMAB =GEIEPDB JDNC>JE=EB GD KQ, JKMBEP= GD SKMEGD EAGEJ=GD CN p6KME,
2   2 OMEGD K=P=GD> GD H=>=,?>EB= BWD EA, GDB FCAMQADB C KM?>ESEJ=AICBp gJDABMK,
  SK=NYPCEB I=> D J=HQIMKD p2=GDB )@JAEJDBph+
1C D AQPCK SD> EABMSEJECAICR KCP=A, $ PWD GD NDID> JDAI@N H=>ICB 1C D AQPCK GD SKMEGD AD >CBC>P=I^,
I=> D I=NHWD GD >CBC>P=I^>ED C GCB, OMCAICB OMCR CN JDAI=IDR HDGCN H>D, >ED CBIEPC> EASC>ED> =D AQPCK H>CBJ>EIDR
HC_=> D KQOMEGD EAGEJ=GD CN p6KMEGDB PDJ=> MN EAJZAGED+ =GEJEDA=> D SKMEGD EAGEJ=GD CN p6KME,
FCAMQADB C KM?>ESEJ=AICBp gJDABMKI=> D GDB FCAMQADB C KM?>ESEJ=AICBp gJDA,
J=HQIMKD p2=GDB )@JAEJDBph+ BMKI=> D J=HQIMKD p2=GDB )@JAEJDBphR
DHC>=AGD G= BCFMEAIC SD>N=*

 %EF=> D NDID>R GCEiY,KD CN N=>,


JL= KCAI= C =FM=>G=> =I@ OMC D

2"#-
AQPCK GC SKMEGD AD >CBC>P=I^>ED CB, &BID H>DPDJ= D =MNCAID GCBACJCB, CAPCKLCJENCAID G= F=BDKEA= H>CBCAIC
IC_= CBI=?EKEV=GD+ BY>ED G= H>CBBWD GD BEBICN=+ AD >CBC>P=I^>ED GC H=>IEG= = S>ED HCK=
 !DN D NDID> KEF=GDR FE>=> JDN, S=KI= GC JDABMND+
HKCI=NCAIC D PDK=AIC H=>= = CB, 3C>ESEJ=> HC>EDGEJ=NCAIC D CBI=GD
<=>= NEAENEV=> CBIC CPCAIDR @ >C,
OMC>G= C H=>= = GE>CEI=+ C = ICABWD G= JD>>CE= G= ?DN?= G=
JDNCAGYPCK D =?=BICJENCAID GD >C,
 #CIE>=> = I=NH= + GE>CTWD LEG>YMKEJ=+
BC>P=I^>ED GC H=>IEG= = S>ED H>CSC>CA,
 ’AJLC> BDNCAIC =I@ = N=>J= GC JE=KNCAIC JDN F=BDKEA= GC =KI= DJ,
>CSC>ZAJE= C GD >CBC>P=I^>ED+   9   I=A=FCN , #DA w; DM "aE w-R HD>
    =0) CiCNHKDR = F=BDKEA= <DGEMN G= <C,
")? I>D?>=B C = 3,<DcC> #=JEAF G= 1LCKKR
 CAI>C DMI>=B JDN =B NCBN=B J=>=JIC,
<=>= CBI= DHC>=TWD @ =JDABCKLYPCK $ >CBC>P=I^>ED GC F=BDKEA= H=>= >QBIEJ=B+ !DABMKIC D HDBID GC =?=BIC,
GE>EFE>,BC [   !!"!#$"% "+ H=>IEG= = S>ED HDBBME MN= J=H=JEG=GC JENCAID GC JDN?MBIQPCK GC BM= H>C,
GC |Ru KEI>DB+ SC>ZAJE=R G=B DHTUCB GEBHDAQPCEB+ (=
=MBZAJE= GCBI=BR MIEKEV=> F=BDKEA= =GE,
 IEP=G=R OMC N=AI@N =B BM=B H>DH>E,
CG=GCB HD> HC>QDGD N=EB CiICABD GD
   $ =?=BICJENCAID GCPC BC> CSCIM,
OMC = F=BDKEA= IEHD JDNMN+
’PEI=> OMC D SKMEGD H=>= = GE>CTWD =GD JDN J=MICK=R CPEI=AGD GC>>=N=,
LEG>YMKEJ= CAI>C CN JDAI=ID JDN = NCAID GC F=BDKEA=+ !=BD EBID DJD>>=R
H=>ICB OMCAICB GD NDID>+ SCJL=> D >CBC>P=I^>ED JDN = I=NH= C 
_DF=> YFM=R = SEN GC >CNDPC> D Ci, "AIE,aADJa EAGCi g"aEh @ ?CN BENE, ’
&BBD HDGC>E= DJ=BEDA=> EAJZAGED+ JCBBD GC JDN?MBIQPCK+ K=> [ GCADNEA=TWD #DA+ "aE w- JD>,
>CBHDAGC = =H>DiEN=G=NCAIC #DA
w;+

     


(WD SD>T=> D PDK=AIC IDI=KNCAIC " ?=Ei= S>COMZAJE= GC MIEKEV=TWD
FE>=GD CN SEN GC JM>BD+ GC -||« GC CI=ADK HDGC H>DPDJ=> D
2"##
HWD GD >CBC>P=I^>ED C GCBHC_=> KCAI=,

NCAIC D SKMEGD EAGEJ=GD CN p6KMEGDB
1M?BIEIME> D JDN?MBIQPCK GD >CBC>, FCAMQADB C KM?>ESEJ=AICBp gJDABMKI=> D
P=I^>ED GC H=>IEG= = S>ED = J=G= 5 NC,   
J=HQIMKD p2=GDB )@JAEJDBph+
BCB BC CBIC AWD SD> JDABMNEGD+ <=>= CPEI=> EAJDAPCAECAICB GC S>C,
$ AQPCK GD SKMEGD AD >CBC>P=I^, A=FCNR BM?BIEIM= D SKMEGD GDB S>CEDB =
<=>= BM?BIEIMETWD GD JDN?MBIQPCKR >ED AWD GCPC MKI>=H=BB=> = >CSC>ZAJE= J=G= GDEB =ADBR EAGCHCAGCAICNCAIC
GE>EFE>,BC [   !!"!#$"% "+ C+ G= OMEKDNCI>=FCN HC>JD>>EG=+

$ >CBC>P=I^>ED GC H=>IEG= = S>ED $?BC>PC BCNH>C D HK=AD GC N=AM,


GCPC BC> =?=BICJEGD BCNH>C OMC = ICATWD H>DF>=N=G=+
KMV,CBHE= DM AD H=EACK =JMB=>
AQPCK EABMSEJECAIC GC F=BDKEA=+   
’PEI=> OMC D SKMEGD GDB S>CEDBR =K,
$ =?=BICJENCAID GCPC BC> CSCIM=GD I=NCAIC JD>>DBEPDR CAI>C CN JDAI=ID
JDN D NDID> GCBKEF=GD+   
JDN =B H=>ICB HEAI=G=B+
$ BQN?DKD RH>CBCAIC AD >CJEHE,
1C EBBD =JDAICJC>R K=P=> ENCGE=I=, CAICR EGCAIESEJ= DB SKMEGDB GC S>CEDB GC
    NCAIC JDN YFM=+ IEHD BEAI@IEJDR GEBIEAFMEAGD,DB GDB GC
1C H>CJEB=> =GEJEDA=> SKMEGDR MIEKE, IEHD NEAC>=K+
V=> BDNCAIC DB JK=BBESEJ=GDB 2$) x+
 /B=> SKMEGDB GC IEHD NEAC>=K G=AE,
’N H=>IEJMK=>R =JDABCKL=,BC D MBD GD
$ SKMEGD GDB S>CEDB @ LEF>DBJ^HEJD SEJ= E>>CNCGE=PCKNCAIC =B _MAI=B CB,
SKMEGD EAGEJ=GD CN p6KMEGDB FCAMQADB
gEBID @R =?BD>PC = MNEG=GCh+ <D> EBIDR HCJE=EB GC ?D>>=JL= GD BEBICN= GC
C KM?>ESEJ=AICBp gJDABMKI=> D J=HQIMKD
BC D PCQJMKD SD> MB=GD H>CGDNEA=A, S>CA=FCN+
p2=GDB )@JAEJDBph R JDN D OM=K SDE
CSCIM=GD D H>ENCE>D CAJLENCAID+ ICNCAIC CN >CFEUCB JDN =KI= HD>,
JCAI=FCN GC MNEG=GC =INDBS@>EJ=R D
!C>IESEJ=>,BC GC OMC D KQOMEGD CBIY SKMEGD GCPC BC> BM?BIEIMQGD JDN N=EB
AD AQPCK NYiEND+ S>COMZAJE= GD OMC EAGEJ=GD AD <K=AD
1C D AQPCK GD KQOMEGD AD >CBC>P=I^, GC .=AMICATWD <>DF>=N=G=+
>ED SD> EABMSEJECAICR GCB=HC>I=> D I=N,
2"#$
   H>=VDB EAGEJ=GDB AD <K=AD GC .=AM,
/.!"/"&'  ) ") ICATWD <>DF>=N=G=+

#CNDPC> = IM?MK=TWD GC ?D>>=JL= ’BIC_= =ICAID [B >CJDNCAG=TUCB


G= J=Ei= GD SEKI>D GC =>  JDASD>NC = GCBIC N=AM=K+
BCI=+
1DKI=> DB F>=NHDB  C >CIE>=> =   2  
I=NH= R CNHM>>=AGD,= H=>= ?=EiD+ 3CQJMKDB JDN BEBICN= GC =>,
JDAGEJEDA=GD HDBBMCN MN SEKI>D
$ SEKI>D GC => GCPC>Y BC> EABHCJED, GC => CBHCJQSEJDR GCBIEA=GD =
A=GD HC>EDGEJ=NCAIC CR J=BD BC CA, =?BD>PC> =B H=>IQJMK=B GC HDCE>= OMC
JDAI>C NMEID BM_DR GCPC>Y BC> BM?BIE, AD>N=KNCAIC CAI>=N _MAID JDN D
IMQGD =AICB GD H>=VD CBHCJESEJ=GD AD SKMiD GC => JDKCI=GD CiIC>A=NCAIC+
<K=AD GC .=AMICATWD <>DF>=N=G=+ ’BIC SEKI>DR BC CBIEPC> BM_DR HDGC BC>
>CBHDABYPCK GE>CID HD> MN= CPCAIM=K
GENEAMETWD G= CSEJEZAJE= GD BEBICN=

GC =>,JDAGEJEDA=GDR >=VWD HCKD
/N SEKI>D GC => NMEID BM_D JDA, OM=K >CJDNCAG=,BC = BM= EABHCTWD
I>E?ME H=>= =MNCAI=> D JDABMND GC HC>E^GEJ= C CPCAIM=K BM?BIEIMETWD+
JDN?MBIQPCK GD PCQJMKD+
1M?BIEIME> D CKCNCAID SEKI>=AIC  1C D PCQJMKD SD> MIEKEV=GD H>CGD,
HD> MN= HCT= FCAMEA=R F=>=AIEAGD NEA=AICNCAIC CN KDJ=KEG=GCB JDN ’
D =BBCAI=NCAID =GCOM=GD CN IDGD =KI= JDAJCAI>=TWD GC HDCE>=R HDKME,
D JDAID>AD G=B ?D>G=B GD CKCNCAID TWD =INDBS@>EJ= DM >CFEUCB KEID>\,
   AC=BR GCPC,BC BM?BIEIME> JDN N=ED>
SEKI>=AIC A=B ?D>G=B G= I=NH= GD SEKI>D+
/IEKEV=AGD D PCQJMKD CN CBI>=G=B S>COMZAJE= D CKCNCAID SEKI>=AIC+
HDCE>CAI=BR =>CADB=B DM K=N=JCAI=BR
#CJDNCAG=NDB OMC I=AID D I>=?=,
D CKCNCAID GD SEKI>D GC => GCPC BC>
KLD GC EABHCTWD OM=AID D GC BM?BIE,
BM?BIEIMEGD9PC>ESEJ=GD A= NCI=GC GDB

2"#%
IMETWD GDB CKCNCAIDB SEKI>=AICB BC_=N
>C=KEV=GDB A=   !!"!#$"% "+
     
  $ KQOMEGD JDAIEGD A= ?=IC>E= @ PC, "B ?=IC>E=B JDAIZN BM?BI\AJE=B
ACADBD C JD>>DBEPD+ NMEID HC>EFDB=B H=>= D NCED =N?E,
"B ?=IC>E=B GDB PCQJMKDB 6E=I BWD
CAIC+
GD IEHD r1CN .=AMICATWDqR OMCR CN ’PEIC D JDAI=ID JDN = HCKC DM JDN
JDAGETUCB AD>N=EB GC MBDR AWD CiE, DB DKLDB+ " DHC>=TWD GC >CJ=>F= G= <=>= = BM?BIEIMETWD G= ?=IC>E=R
FCN CAJLENCAIDB JDN YFM= GCBIE, ?=IC>E= GCPC BC> CSCIM=G= CN =N?E, =JDABCKL=NDB GE>EFE>,BC [   !!"!2
K=G=+ CAIC PCAIEK=GD C KDAFC GC JL=N=B DM #$"% "R OMC CBIY H>CH=>=G= H=>=
HDBBQPCEB SDAICB GC S=QBJ=BR HDEB LY = CKENEA=TWD G= NCBN= >CBHCEI=AGD
HC>EFD GC CiHKDBWD DM GC EAJZAGED+ = A=IM>CV= C =B GEBHDBETUCB KCF=EB+

     


" MIEKEV=TWD G= ?=IC>E= JDN D /N= NDAI=FCN EAJD>>CI= GC =JCB,
AQPCK GC CKCI>^KEID NMEID ?=EiD B^>EDB CK@I>EJDB C CKCI>jAEJDB HDGC
HDGC G=AESEJY,K= E>>CH=>=PCKNCAICR J=MB=> F>=PCB G=ADB =D PCQJMKD+
H>DPDJ=AGD MN BMHC>=OMCJENCAID
OMC =JCKC>= BM= =MIDGCBJ=>F=R <>DJM>C BCNH>C = #CGC "BBEBICA,
<=>= = >CJ=>F= G= ?=IC>E=R PC> D GENEAMEAGD = PEG= kIEK+ JE=K JDN HCBBD=K CBHCJE=KEV=GD H=>=
H>DJCGENCAID ACBIC J=HQIMKD+ EAIC>PCATUCB AD PCQJMKD+
$?BC>PC BCNH>C =B >CJDNCAG=,
TUCB GCBIC N=AM=K+

2"#&
#!%4! ]"! -) -)%#3)  BMFC>E>,KLC DB GEBHDBEIEPDB N=EB BCFME> JMEG=GDB=NCAIC =B EABI>MTUCB
/)&'  .)" =GCOM=GDB CR H>EAJEH=KNCAICR BCFMEAICB*
"D CBI=JEDA=> D PCQJMKDR JC>IESEJ=>, >CJDNCAG=>,KLC = MIEKEV=TWD GC MN=
BC OMC =B HD>I=B C D J=Hj CBIC_=N ?CN ?=IC>E= JDN J=H=JEG=GC N=ED>R  (MAJ= GCBKEFMC = ?=IC>E= GD BEB,
SCJL=GDB+ "B KMVCB EAIC>A=B GCPCN JDNH=IQPCK JDN BCM PCQJMKD+ ICN= CK@I>EJD JDN D NDID> CN
CBI=> =H=F=G=B+ NDPENCAID+
 2CBKEFMC = ?=IC>E= GD BEBICN= CK@,
!DN NDID> GCBKEF=GDR CPEI=> N=A,
I>EJD CN J=BD GC >CJ=>F=+
IC> GEBHDBEIEPDB KEF=GDBR CiJCID KMVCB
GC CNC>FZAJE= D?>EF=I^>E=BR OM=AGD     ’N J=BD GC CNC>FZAJE=R AMAJ=
ACJCBBY>E=B+ <>CICAGCAGD EABI=K=> AD PCQJMKD CSCIMC = H=>IEG= JDN MN J=>>CF=,
BEBICN=B =GEJEDA=EB g=K=>NCR BDN GD> GC ?=IC>E=R N=B MIEKEV=> MN=
CIJ+hR S>EB=NDB D HC>EFD OMC >CH>C, ?=IC>E= =MiEKE=>+
BCAI=N GC>EP=TUCB EA=GCOM=G=B CN  )DNC MN JMEG=GD CBHCJE=K JDN
JDACiUCB GDB JLEJDICB CK@I>EJDBR KEF=TWD CAI>C ?=IC>E= C BEBICN=
   H>EAJEH=KNCAIC BC KEF=GDB =DB CK@I>EJDR PC>ESEJ=AGD I=AID = Ci=I=
" ?=IC>E= N=AIEG= HD> NMEID ICNHD GEBHDBEIEPDB GC BCFM>=AT=+ HDK=>EG=GCR JDND = CSEJEZAJE= G=
JDN J=>F= =?=EiD GC ;|« @ G=AESE, H>^H>E= KEF=TWD+ sM=AGD = ?=,
J=G= HD> BMKS=I=TWD+ #EBJD GC BD?>CJ=>F= C EAJZAGED+ IC>E= @ >CKEF=G=R = JCAI>=K GD BEB,
ICN= GC EA_CTWD9EFAETWD GCPC >C,
&BBD >CGMV = J=H=JEG=GC C D GC,
  :  =G=HI=> DB H>^H>EDB H=>\NCI>DB
BCNHCALD A= H=>IEG=+
/B=AGD AD>N=KNCAIC D PCQJMKDR
EAIC>ADB] HD>I=AIDR ADB H>ENCE,

>DB OMEKjNCI>DB GC MBDR D PCQ,
’N J=BD GC H=>=G= H>DKDAF=G=R PC> AWD @ H>CJEBD IC> H>CJ=MTUCB CBHCJE, JMKD HDGC =H>CBCAI=> MN JDN,
r%DAF= EA=IEPEG=GC D PCQJMKDqR ACBIC =EB+ HD>I=NCAID KCPCNCAIC GESC>CAIC
J=HQIMKD+ GD =AIC>ED>+
’N J=BD GC EAIC>PCATUCB AD
1CR =H^B = JDNH>= GD PCQJMKDR BEBICN= CK@I>EJD DM GC H=>IEG= GC  (WD KEFMC DM GCBKEFMC DB IC>,
PDJZ GCBC_=> NDAI=> =JCBB^>EDB CNC>FZAJE=R @ ACJCBBY>EDR HD>@NR NEA=EB G=B JCAI>=EB CKCI>jAEJ=B
g=K=>NC CKCI>jAEJD CIJ+hR GE>E_=,BC OM=AGD = JL=PC GC EFAETWD CB,
[   !!"!#$"% " OMC E>Y IEPC> A= HDBETWD +
2"#’
 (WD PC>ESEOMC HDK=>EG=GCB CK@I>E, >=JIC>QBIEJ=B I@JAEJ=B GD BEBICN=R HD,
J=B JDN S=QBJ=B+ GCN J=MB=> =ADN=KE=B GC SMAJEDA=,
 2CBKEFMC =B JCAI>=EB CKCI>jAEJ=B NCAID JDN >EBJDB GC EAJZAGED+   
AD J=BD GC BDKG=B CK@I>EJ=B A=
<>DJM>C BCNH>C =   !!"!#2 ’PEI=>R >EFD>DB=NCAICR D MBD GC MN
J=>>DJC>E=+ #CNDPZ,K=B CN J=BD
$"% "+ J=>>CF=GD> GC ?=IC>E=B H=>= = H=>IEG=
GC ICNHC>=IM>=B =JEN= GC ~|! GC CNC>FZAJE=+
gI>=?=KLDB CBHCJE=EB A= J=>>DJC>E=
CIJ+h+ <DGC>E=N BC> G=AESEJ=GDB DB BEBIC,
   N=B CKCI>jAEJDB CR H>EAJEH=KNCAICR =B
  JCAI>=EB OMC JDN=AG=N =B SMATUCB
GC EFAETWD C GC =KENCAI=TWD+
  
  
"JDABCKL=,BC MN= >CJ=>F= KCAI=
" EABI=K=TWD GC =JCBB^>EDB CKCI>j, JDN ?=Ei= JD>>CAIC HCK= GM>=TWD GC
AEJDB g>YGEDR =K=>NCR CIJ+h JDN Ci, JC>J= GC zx LD>=B+ "OME CBIWD DB H>D,
JCTWD GDB D>EFEA=EB GC SY?>EJ=R AWD   
JCGENCAIDB*
GCPC CN LEH^ICBC =KFMN=R =KIC>=> DB $ KQOMEGD JDAIEGD A= ?=IC>E= @ PC,
JLEJDICB CK@I>EJDB GDB BEBICN=B GC EA,  2CBKEF=> DB ?D>ACB GD BEBICN= CK@, ACADBD C JD>>DBEPD+
_CTWD C EFAETWD+ I>EJD GDB IC>NEA=EB G= ?=IC>E=+ ’PEIC D JDAI=ID JDN = HCKC DM JDN
$?BC>PC BCNH>C =B >CJDNCAG=,  %EF=>R =DB IC>NEA=EB G= ?=IC>E=R DB DB DKLDB+ " DHC>=TWD GC >CJ=>F= G=
TUCB GCBIC N=AM=K+ J=?DB GD =H=>CKLD GC >CJ=>F=+ ?=IC>E= GCPC BC> CSCIM=G= CN =N?E,
 "IEP=> D =H=>CKLD GC >CJ=>F=+ CAIC PCAIEK=GD C KDAFC GC JL=N=B DM
 )C>NEA=G= = >CJ=>F=R GCB=IEP=> D HDBBQPCEB SDAICB GC S=QBJ=BR HDEB LY
=H=>CKLD =AICB GC GCBKEFY,KD G= HC>EFD GC CiHKDBWD DM GC EAJZAGED+
   ?=IC>E=+
.DGESEJ=TUCB DM JDABC>IDB AD BEB,  %EF=> DB ?D>ACB =DB IC>NEA=EB G=
ICN= CK@I>EJDR CSCIM=GDB GC N=ACE>= ?=IC>E= >CBHCEI=AGD =B HDK=>EG=,
EAJD>>CI= C BCN IC> CN JDAI= =B J=, GCB+

2"#(
    P=> CBICB JDNHDACAICBR MN= PCV OMC )" H>CPEBI= HCKD HCBBD=K I@JAEJD OMC
HDGCN G=AESEJ=> D NDID>R = J=Ei= GC H>D_CIDM D PCQJMKD+
6 J\N?ED DM D BEBICN= GC JKEN=IEV=,
"K@N GCBI=B EAGEJ=TUCB GC N=AM,
TWD+ ’BBCB G=ADB AWD CBIWD JD?C>IDB
     2 HCK= F=>=AIE= GD PCQJMKD+
ICATWD CBHCJESEJ=G=B A= N=AMICATWD

 H>DF>=N=G= >CFMK=>R CBIWD H>CBCAICB
1C SD> ACJCBBY>ED CSCIM=> MN= K=, DMI>DB JDNHDACAICB OMC HDGCN AC,
P=FCN GCPEGD [ =P=>E= GC MN JDN, JCBBEI=> GC EAIC>PCATUCB DM BM?BIEIME,
HDACAICR MIEKEV=> CiJKMBEP=NCAIC D TUCB GM>=AIC D JEJKD GC PEG= GD PCQ,
   KQOMEGD CBHCJQSEJD H=>= I=K H>DJCGE, JMKD+
" N=AMICATWD C>>=G= GD PCQJMKD NCAID+
DM = AWD CiCJMTWD GC EAIC>PCATUCB C
9   
>CH=>=TUCB gOM=AGD ACJCBBY>E=Bh HD,
GCN KCP=> = >CH=>=TUCB N=EB GEBHCA, #)%  #7*%  +%  0)
GEDB=BR G=ADB CN DMI>DB JDNHDACA,   
ICB DM MN ENH=JID ACF=IEPD AD GC,
BCNHCALD GD PCQJMKD+ X =JDABCKLYPCK JDASE=> = N=AMICA,
TWD GD PCQJMKD [   !!"!#$"%   
’i=NEA=> ENCGE=I=NCAIC CPCAIM, "+ <=>= CSCIM=> HCBBD=KNCAIC =B
/N= OM=AIEG=GC CiJCBBEP= DM
=EB =ADN=KE=B GC SMAJEDA=NCAID A= DHC>=TUCB HC>E^GEJ=B C =B HCOMCA=B
EABMSEJECAIC GC ^KCD AD EAIC>ED> GD
  !!"!#$"% "+ EAIC>PCATUCB GC N=AMICATWD AD PCQ,
?KDJD @ CiI>CN=NCAIC H>C_MGEJE=K
JMKDR @ =JDABCKLYPCK MIEKEV=> COMEH=,
NCAID =GCOM=GDR HCT=B FCAMQA=B C
H=>= D NDID>+

DB KQOMEGDB ACJCBBY>EDB+ <>CBI=> =ICATWD H=>= N=AIC> MN
AQPCK =GCOM=GD+
   (WD CSCIM=> OM=KOMC> IEHD GC EAIC>,
$ PCQJMKD CBIY COMEH=GD JDN KQOME, PCATWD BC AWD HDBBME> = CiHC>EZAJE=
<=>= F=>=AIE> MN= JD>>CI= KM?>ESE,
GDB DIENEV=GDB H=>= H>DICFC> D BCM ACJCBBY>E=+
J=TWD GD NDID>R @ EAGEBHCABYPCK OMC
GCBCNHCALDR GM>=TWD C H>DKDAF=> DB
D ^KCD BC_= BCNH>C N=AIEGD =D AQ,
BCMB EAIC>P=KDB GC N=AMICATWD+ (WD "B HYFEA=B BCFMEAICB JDAIZN =B
PCK H>CBJ>EID gJDABMKI=> D H=>YF>=SD
MIEKEV=> BM?BI\AJE=B OMQNEJ=B H=>= K=, AD>N=B BD?>C = N=AMICATWD #$!!52
2"#*
p!DNH=>IENCAID GD NDID>p ACBIC J=, gJDABMKI=> D H=>YF>=SD p6KMEGDB D>EFE, <=>= = BM?BIEIMETWDR @ ACJCBBY>ED
HQIMKDh+ A=EB C KM?>ESEJ=AICBp AD J=HQIMKD p2=, MIEKEV=> MN= HCT= FCAMQA=R CBHCJE,
GDB I@JAEJDBph+ SEJ=NCAIC JDAJC?EG= H=>= CBIC PCQ,
3C>ESEJ=> D AQPCK GD ^KCD CN EAIC>,
JMKD+
P=KDB >CFMK=>CBR HD> CiCNHKD = J=G=
=?=BICJENCAID GC JDN?MBIQPCK+ %"0"#&'  +%  0) 3!
 ! )!-$"*! 6"%)!
" PC>ESEJ=TWD GCPC BC> CSCIM=G=   
JC>J= GC ; NEAMIDB =H^B IC> GCBKEF=GD <=>= = CKENEA=TWD GD ^KCD GD ND,
D NDID>R MN= PCV =IEAFEG= = HKCA= ID> C GDB >CBHCJIEPDB SEKI>DBR GE>EFE>,
ICNHC>=IM>= GC SMAJEDA=NCAID+ $ BC [B CAIEG=GCB JDNHCICAICB H=>= JD,
ALCJC> = AD>N= KDJ=K+   
PCQJMKD GCPC =EAG= BC> CBI=JEDA=GD
BD?>C MN= BMHC>SQJEC HK=A=+ $ BEBICN= GC EAI>DGMTWD GC => gSEK,
I>D GC =>R IM?MK=TUCB GC ?D>>=JL=R
6=VC> JDN OMC D AQPCK GD ^KCD  CIJ+h HDGC GCBCNHCAL=> MN= SMA,
BC BEIMC BCNH>C AD EAIC>ED> G= BCTWD nKCD MB=GD C SEKI>DB CKENEA=GDB GC TWD GC H>DICTWD CN J=BD GC >CID>ADB
G= L=BIC GC JDAI>DKC JDNH>CCAGEG= SD>N= EAJD>>CI= HDGCN H>DPDJ=> F>=, GC JL=N= GD NDID>+ (o$ #’.$,
CAI>C DB KENEICB NQAEND C NYiEND+ PCB G=ADB AD =N?ECAIC+ 3’# CBIC BEBICN= = AWD BC> H=>= HD,
GC> H>DJCGC> = EAIC>PCATUCB GC >CH=,
/.!"/"&'  +%  0) >=TWD DM GC N=AMICATWD+
  9   
!DABMKI=> D p<K=AD GC N=AMICATWD "AICB GC KEF=> D NDID>R JC>IESEJ=>,BC
H>DF>=N=G=p H=>= JDALCJC> DB EAIC>, /.!"/"&'  6"%)  +% 
0) GC OMC D BEBICN= AWD CBIY GCBNDA,
P=KDB GC N=AMICATWD JD>>CIDB+ I=GD* = EAD?BC>P\AJE= GCBI= H>CJ=M,
$ SEKI>D GD ^KCD GD NDID> GCPC TWD HDGC H>DPDJ=> F>=PCB KCBUCB+
!$%4  "-  +%  0) BC> BM?BIEIMQGD = J=G= BM?BIEIMETWD GD
<=>= F=>=AIE> ^IEND GCBCNHCALD C ^KCD GD NDID>+
NYiEN= H>DICTWD CN OM=KOMC> IEHD $B EAIC>P=KDB GC N=AMICATWD GC,
GC JDAGETWD GC SMAJEDA=NCAIDR @ PCN BC> D?BC>P=GDB AD r<K=AD GC
=JDABCKLYPCK MIEKEV=> CiJKMBEP=NCAIC .=AMICATWD H>DF>=N=G=q GC =JD>GD
^KCDB GD NDID> JC>IESEJ=GDB "!’" JDN D IEHD GC MIEKEV=TWD GD PCQJMKD+

2"#+
/.!"/"&'  6"%)  ) JE= GD BEBICN=R ID>A=AGD ACJCBBY>E=B JDNHDACAICB EAIC>ADB HDGC>E=N
<=>= = BM?BIEIMETWDR @ ACJCBBY>ED >CH=>=TUCB GEBHCAGEDB=B+ SEJ=> G=AESEJ=GDB+ 2=ADB GCBB= A=IM,
MIEKEV=> MN= HCT= 3#/7#R CBHCJE, >CV= AWD BWD JD?C>IDB HCK= F=>=AIE=+
SEJ=NCAIC JDAJC?EG= H=>= CBIC PCQ,
JMKD+ /.!"/"&'  6"%) 
   )2$# "$"#  =! >/"- ?
$B EAIC>P=KDB GC N=AMICATWD GC,
PCN BC> D?BC>P=GDB AD r<K=AD GC $ BEBICN= GD =>,JDAGEJEDA=GD !DABMKI=> D p<K=AD GC N=AMICATWD
.=AMICATWD H>DF>=N=G=q GC =JD>GD JDAI@N KQOMEGD >CS>EFC>=AIC = =KI= H>DF>=N=G=p H=>= JDALCJC> DB EAIC>,
JDN D IEHD GC MIEKEV=TWD GD PCQJMKD+ H>CBBWD+ P=KDB GC N=AMICATWD JD>>CIDB+

<=>= CPEI=> G=ADB CN HCBBD=B DM <=>= = BM?BIEIMETWD GD SEKI>DR GE>EFE>,


AD BEBICN=R D CPCAIM=K =J>@BJEND GC BC [   !!"!#$"% "+
2   2 2
 
    KQOMEGD >CS>EFC>=AIC DM OM=KOMC> >C,
H=>=TWD OMC CiE_= = GCB=IEP=TWD G=B    
IM?MK=TUCB GCPC BC> CSCIM=GD HCK=
  !!"!#$"% "+ <=>= = BM?BIEIMETWDR @ ACJCBBY>ED
   MIEKEV=> MN= HCT= 3#/7#R CBHCJE,
#CJDNCAG=,BC = MIEKEV=TWD CiJKM, <=>= F=>=AIE> D NCKLD> GCBCN, SEJ=NCAIC JDAJC?EG= H=>= CBIC PCQ,
BEP= GC KQOMEGDB >CS>EFC>=AICB C KM?>E, HCALD HDBBQPCKR D BEBICN= GC JMKD+
SEJ=AICB H=>= JDNH>CBBD> =H>DP=GDB =>,JDAGEJEDA=GD GCPC BC> JDAI>DK=GD $B EAIC>P=KDB GC N=AMICATWD GC,
C BM?NCIEGD = N=AMICATWD _MAID G=
C =GCOM=GDB =D CBHCJQSEJD BEBICN=
GC =>,JDAGEJEDA=GD GD PCQJMKD+ "K,   !!"!#$"% " AD EAQJED GD
PCN BC> D?BC>P=GDB AD r<K=AD GC
.=AMICATWD H>DF>=N=G=q GC =JD>GD

FMAB >CS>EFC>=AICB AWD =H>DP=GDB BWD PC>WD+ JDN D IEHD GC MIEKEV=TWD GD PCQJMKD+
EASK=NYPCEB C HDGCN CiHKDGE>R JDN
D >EBJD GC J=MB=> KCBUCB+

" MIEKEV=TWD GC KQOMEGDB >CS>EFC>=A, (WD MIEKEV=> BM?BI\AJE=B OMQ,
ICB DM KM?>ESEJ=AICB AWD =H>DP=GDB NEJ=B H=>= K=P=> D BEBICN= GD
HDGCR =EAG=R JDNH>DNCIC> = CSEJEZA, =>,JDAGEJEDA=GDR MN= PCV OMC DB

2"#,
      NCAID HDBB= CAI>=> CN JDAI=ID JDN /N= N=AMICATWD =GCOM=G= GD
N=IC>E=K EASK=NYPCK+ BEBICN= GC CBJ=H=NCAID GD NDID>
JDABIEIME = NCKLD> H>DICJWD JDAI>=
EASEKI>=TUCB GC NDA^iEGD GC J=>?DAD
   AD L=?EIYJMKD+
"B CNEBBUCB GD CBJ=H=NCAID BWD    1C SD> GCICJI=GD MN >MQGD =Aj,
NMEID HC>EFDB=B C HDGCN BC> KCI=EB+ N=KD GD CBJ=H=NCAIDR DM = H>CBCAT=
$B PCQJMKDB COMEH=GDB JDN JDA,
2C S=IDR JDAIZN NDA^iEGD GC J=>, PC>BD> J=I=KQIEJD GCPCN BC> =KENCAI=, GC SMN=T= AD EAIC>ED> GD L=?EIYJMKDR
?DADR MN FYB EAJDKD> C EADGD>D OMCR GDB CiJKMBEP=NCAIC JDN F=BDKEA= DM BC D SMAGD G= J=>>DJC>E= DM =
BC EA=K=GDR HDGC H>DPDJ=> GCBN=EDB BCN JLMN?D+ /N= F=BDKEA= JDA, H=>IC I>=BCE>= GD PCQJMKD IEPC>CN SE,
C CAPCACA=NCAIDB+ ICAGD JLMN?D G=AESEJ=>E= E>>CNCGE=, J=GD G=AESEJ=GDBR N=AG=> PC>ESEJ=>
PCKNCAIC D J=I=KEB=GD> C =AMK=>E= IDGD D BEBICN= GC CBJ=H=NCAID C =B
= SMATWD GC >CGMTWD G=B CNEBBUCB Y>C=B G= J=>>DJC>E= =G_=JCAICB _MAID
HDKMCAICBR JDNH>DNCICAGD F>=PC, [   !!"!#$"% " H=>= EGCAIESE,
NCAIC D GCBCNHCALD GD NDID>R J=> CPCAIM=EB JDNHDACAICB H=>IEGDBR
   G=AESEJ=GDBR GCIC>ED>=GDB DM OMC IC,
G=AESEJ=AGD,D GC NDGD E>>CH=>YPCK+
$ BEBICN= GC CBJ=H=NCAID HDGC AL=N BDS>EGD GCBKDJ=NCAIDB >CK=IE,
=IEAFE> CKCP=G=B ICNHC>=IM>=B C HDGC 1C D NDID> AWD SMAJEDA=> JD>>CI=, P=NCAIC [ HDBETWD GC NDAI=FCN JD>,
H>DPDJ=> EAJZAGED J=BD D PCQJMKD NCAICR H=>IEJMK=>NCAIC CN J=BD GC >CI=+
BC_= CBI=JEDA=GD BD?>C N=IC>E=K EA, EFAETWD E>>CFMK=> DM GC MN= OMCG=
GC GCBCNHCALDR GE>EFE>,BC ENCGE=I=, 1DKG=GM>=B =?C>I=B DM KEF=TUCB GC,
SK=NYPCK+ "BBENR C>P=R J=HENR N=IDR
NCAIC [   !!"!#$"% "+ $ B=HC>I=G=B HDGCN HC>NEIE> EASEKI>=,
DM SDKL=B BCJ=BR CN FC>=KR HDGCN
SMAJEDA=NCAID H>DKDAF=GD C =Aj, TUCB GC F=BCB GC CBJ=HC AD EAIC>ED>
EAJCAGE=>,BC BC CAI>=>CN CN JDAI=ID
N=KD GD NDID> HDGC H>DPDJ=> D BMHC, GD L=?EIYJMKD+
JDN D BEBICN= GC CBJ=H=NCAID GD
PCQJMKD+ >=OMCJENCAID GD J=I=KEB=GD> CR JDA, .=AG=> PC>ESEJ=> D BEBICN= GC CB,
BCOMCAICNCAICR HDBBQPCEB G=ADB AD J=H=NCAID BCNH>C OMC D PCQJMKD SD>
’PEI=> CBI=JEDA=> D PCQJMKD DM NCBND C AD PCQJMKD+ CKCP=GD+ 1M?BIEIME> DB JDNHDACAICB
MIEKEVY,KD DAGC D BEBICN= GC CBJ=H=, DAGC C OM=AGD ACJCBBY>ED gH=>= CB,

2"$-
I=B DHC>=TUCBR GE>EFE>,BC [   !2        3C>ESEJ=> = H=>IC GE=AICE>= GD JDA,
!"!#$"% "h+ " B=QG= GC KQOMEGD GC =>>CSCJE,
GCAB=GD> H=>= PC>ESEJ=> CPCAIM=K =Jk,
NMKD GC EABCIDBR SDKL=B C DMI>DB GC,
’N JDAGETUCB GC SMAJEDA=NCAID NCAID GD NDID> DM GC P=HD> GD >=,
I>EIDB+ 1C CBIEPC> BM_=R KENHY,K= HMKPC,
AD>N=EBR D JDAPC>BD> J=I=KQIEJD AWD GE=GD> HDGC H>DPDJ=> OMCEN=GM>=B
>EV=AGD KCPCNCAIC YFM=+
>COMC> N=AMICATWD* IDG=PE=R H=>= F>=PCB+
=BBCFM>=> D JD>>CID SMAJEDA=NCAID 3C>ESEJ=> DB IM?DB SKCiQPCEB GD BEB,
1C ADI=> P=HD> H>DPCAECAIC GD PWD
C CPEI=> OMC SEOMC G=AESEJ=GDR @ Ci, ICN= GC =>>CSCJENCAID GD NDID> H=>=
GD NDID>R AWD =?>E> D J=Hj =I@ OMC D
I>CN=NCAIC ENHD>I=AIC OMC D NDID> F=>=AIE> OMC = ?D>>=JL= AWD CBIC_=
>=GE=GD> ICAL= =>>CSCJEGD+
SMAJEDAC HC>SCEI=NCAIC+ GCIC>ED>=G= C OMC AWD CiEBICN SCA,
G=BR K=JC>=TUCBR JD>ICB C D?BI>MTUCB
<=>= >CGMVE> =D NQAEND D >EBJD
GC G=AESEJ=> D JDAPC>BD> J=I=KQIEJDR  ADB IM?DB GD K=GD GD >CBC>P=I^>ED GC
(MAJ= ICAI=> IE>=> = I=NH= JDN D CiH=ABWD C GD K=GD GD >=GE=GD>+ 1C
H>DJCGC> GD BCFMEAIC NDGD*
>=GE=GD> DM D >CBC>P=I^>ED GC CiH=A, IEPC> GkPEG=B OM=AID = P=V=NCAIDB
BWD OMCAICB+ <’#&‘$ 2’ s/’&.", GD BEBICN= gHD> Ci+ A= H>CBCAT= G=
 (WD GCBKEF=> D NDID> DM GCBKEF=> ACJCBBEG=GC GC =?=BICJENCAIDB S>C,
D JDNMI=GD> GC EFAETWD JDN MN= 2/#"1f
OMCAICBhR N=AG=> PC>ESEJ=> = CBI=A,
N=>JL= =JDHK=G= C D PCQJMKD CN OMCEG=GC _MAID [   !!"!#$"%
NDPENCAID+ )"6"$&'  %7>/"   ))6$"2
"+
 (WD ICAI=> KEF=> D NDID> JDN 0#  0)
N=AD?>=B GC EA@>JE=+ !DN D NDID> GCBKEF=GD C [ ICNHC,
3C>ESEJ=> D AQPCK GD KQOMEGD GC =>>C,
>=IM>= GC SMAJEDA=NCAID AD>N=KR PC,
 (WD EABEBIE> A= MIEKEV=TWD GD PCQ, SCJENCAID GD NDID> gGC H>CSC>ZAJE=R
JMKD BC D >CFENC GC N=>JL= KCAI= =AICB GD EAQJED G= CBI=TWD S>E=h+
>ESEJ=> = PCG=TWD GD >=GE=GD> GD BEB, ’
ICN= GC =>>CSCJENCAID+
SD> NMEID E>>CFMK=> DM =B JDA, 1CR AD EAIC>ED> GD KQOMEGD GC =>>CSC,
GETUCB GC SMAJEDA=NCAID SD>CN JENCAID GD NDID> CiEBIE>CN ENHM>C,
N=AESCBI=NCAIC E>>CFMK=>CB+ V=BR CBP=VE=>R K=P=> C =?=BICJC> D BEB, 
ICN=* @ ACJCBBY>ED GE>EFE>,BC [   (o$ IE>=> = I=NH= BC D KQOMEGD CBIE,
!!"!#$"% "+ PC> SC>PCAGD* <’#&‘$ 2’ s/’&.",
2/#"1f

2"$#
  
"AICB GC EAIC>PE> A= GCBNDAI=FCN (WD MIEKEV=> =HCA=B YFM=R KQOMEGDB (MAJ= =GEJEDA=> KQOMEGD GC =>>CSC,
G= I=NH= GD >CBC>P=I^>ED GD KQOMEGD GC =>>CSCJENCAID GD NDID> [ ?=BC GC JENCAID JDN D NDID> OMCAIC DM BD,
GC =>>CSCJENCAID GD NDID>R =FM=>G=> YKJDDKR EAE?EGD>CB GC JD>>DBWD DM H>D, ?>C=OMCJEGD+
OMC D BEBICN= CBS>EC+ GMIDB =AIESC>>MFCN =GEJEDA=EBR MN=
PCV OMC HDGCN BC> EAJDNH=IQPCEB

.!$"0#8 !$)38%*30 JDN D KQOMEGD GC =>>CSCJENCAID GD
$0 %7>/"   ))6$"0#  NDID> C H>DPDJ=> = D?BI>MTWD GD >=, (WD ICAI=> CBS>E=> D NDID> BMHC>=,
0) GE=GD>+ "K@N GEBBDR @ =JDABCKL=PCK OMCJEGD GCB=HC>I=AGD DM >CIE>=AGD =
= MIEKEV=TWD GC KQOMEGD GC =>>CSCJE, I=NH=+ $ J=KD> H>DPDJ=R GC S=IDR MN
1C D KQOMEGD GC =>>CSCJENCAID GD ADIYPCK =MNCAID G= H>CBBWD AD BEB,
NCAID [ ?=BC GC H>DHEKCAD FKEJDK+
NDID> CBIEPC> BM_DR CSCIM=> EAIC>PCA, ICN= GC =>>CSCJENCAID+
TUCB GC KENHCV= C K=P=FCN _MAID [
0-  )!)*+)"  !"!0
  !!"!#$"% "+
 ))6$"0#  0)

!DABMKI=> D p<K=AD GC N=AMICATWD
" I=NH= GCPC BC> ?CN SCJL=G= /IEKEV=> CiJKMBEP=NCAIC = I=NH=
H>DF>=N=G=p H=>= JDALCJC> DB EAIC>,
H=>= CPEI=> P=V=NCAID GC KQOMEGD GC GD >CBC>P=I^>ED H>CPEBI= H=>= D PCQ,
P=KDB GC N=AMICATWD JD>>CIDB+
=>>CSCJENCAID GD NDID> C F=>=AIE> JMKD H=>= CPEI=> G=ADB AD NDID>+
OMC D KQOMEGD >CF>CBBC =D >=GE=GD> GD
 >CBC>P=I^>ED GC CiH=ABWD+ %"0"#&'  %7>/"   ))6$"2
<=>= D =?=BICJENCAIDR MIEKEV=> MN 3C>ESEJ=> HC>EDGEJ=NCAIC = I=NH= 0#  0)
KQOMEGD JDN =B NCBN=B J=>=JIC>QB, C KENHY,K= GC CPCAIM=EB JD>HDB CB, " CKENEA=TWD GD KQOMEGD GC =>>CSC,
IEJ=B EAGEJ=G=B CNp6KMEGDB D>EFEA=EB I>=ALDB GCHDBEI=GDB A= BMHC>SQJEC Ci, JENCAID GD NDID> CBIY BM_CEI= = AD>,
C KM?>ESEJ=AICBp gJDABMKI=> D J=HQIMKD IC>A=+ N=B KCF=EB* GE>EFE>,BC [B CAIEG=GCB
p2=GDB I@JAEJDBph+
JDNHCICAICB H=>= JDALCJC> = AD>N=
KDJ=K+

2"$$
      C KM?>ESEJ=AICBp gJDABMKI=> D J=HQIMKD

<=>= F=>=AIE> = CSEJEZAJE= GD BEB, p2=GDB I@JAEJDBph+
<=>= CPEI=> OMC D KQOMEGD BC_= EA,
FC>EGD HD> J>E=AT=B DM =AEN=EBR AWD ICN= GC S>CA=FCNR PC>ESEJ=> HC>EDGE,
D FM=>G=> CN >CJEHECAICB =?C>IDB C J=NCAIC DB JDNHDACAICB* H=>= CBI= 
AWD D GCBJ=>>CF=> AD BDKD+ 1C EAFC, DHC>=TWDR GE>EFE>,BC [   !!"!#2
’N J=BD GC =?=BICJENCAIDR
>EGDR JDAI=I=> ENCGE=I=NCAIC MN N@, $"% "+
MIEKEV=> =HCA=B KQOMEGD GDB S>CEDB
GEJD+ ’KENEA=> ENCGE=I=NCAIC CPCA, !DABMKI=> D p<K=AD GC N=AMICATWD ADPD DM JDAIEGD CN MN >CJEHECAIC
IM=EB PCBIQFEDB GC KQOMEGD GD IC>>CAD+ H>DF>=N=G=p H=>= JDALCJC> DB EAIC>, HC>SCEI=NCAIC SCJL=GD+ /N KQOMEGD
P=KDB GC N=AMICATWD JD>>CIDB+ GDB S>CEDB JDAIEGD CN MN >CJEHECAIC
=?C>ID =?BD>PC MNEG=GC* I=K JDAGE,

TWD HDGC H>DPDJ=> = C?MKETWD ENH>C,
sM=AGD A= H=>=G= GD PCQJMKD =H^B  PEBI= GD KQOMEGD GM>=AIC S>CA=FCAB
MN ?>CPC I>=_CIDR ADI=>,BC = B=QG= GC !DAGMVE> JDN D H@ =HDE=GD AD HC, ?>MBJ=B C H>DKDAF=G=BR H>DPDJ=AGD
P=HD> HCKD K=GD S>DAI=K GD J=Hj GD G=K GD S>CED HDGC H>C_MGEJ=> = BM= CSE, MN= =P=>E= ENH>CPEBI= ADB S>CEDBR D
NDID>+ )>=I=,BC GC MN SCAjNCAD JEZAJE=R =MNCAI=AGD D >EBJD GC =JE, OMC HDGC BC> J=MB= GC =JEGCAICB+
AD>N=K GCPEGD [ H>CBCAT= GC JLMP=R GCAICB+ 2M>=AIC = N=>JL=R AMAJ=
ACPC DM SD>IC MNEG=GC A= BMHC>SQJEC N=AIC> D H@ AD HCG=K GD S>CED C AWD
GD >=GE=GD>+ BDKEJEIY,KD EAMIEKNCAIC H=>= CPEI=> D 
BMHC>=OMCJENCAID GDB S>CEDB* D GCB, .=AIC> BCNH>C D I=NHWD GD >C,
F=BIC CiJCBBEPD G=B H=BIEKL=B HDGC BC>P=I^>ED GD KQOMEGD GDB S>CEDB gH>C,

!DN D NDID> C D BEBICN= S>EDBR AWD
H>DPDJ=> G=ADB AD BEBICN= GC S>CA=, BCAIC AD PWD GD NDID>h HC>SCEI=NCAIC ’
FCN+ SCJL=GD+
=GEJEDA=> KQOMEGD GC =>>CSCJENCAID
=K@N GD AQPCK NYiEND EAGEJ=GD AD
>CBC>P=I^>ED AD EAIC>ED> GD PWD GD  
NDID>+ <=>= D =?=BICJENCAIDR MIEKEV=> MN /N= OM=AIEG=GC CiJCBBEP= GC KQ,
KQOMEGD JDN =B NCBN=B J=>=JIC>QBIE, OMEGD GDB S>CEDB AD EAIC>ED> GD >CBC>,
J=B EAGEJ=G=B CN p6KMEGDB D>EFEA=EB P=I^>ED HDGC H>DPDJ=> = SMF= H=>= =B
H=>ICB OMCAICB GD NDID>R JDN D >CB,
2"$%
HCJIEPD >EBJD GC EAJZAGED+ $ KQOMEGD    
GDB S>CEDB HDGC G=AESEJ=> I=N?@N BM,
HC>SQJECB HEAI=G=B C H=>ICB GC HKYB,   
IEJD+    


’PEI=> D JDAI=ID GD KQOMEGD GDB !=BD BC_= ACJCBBY>ED KCP=AI=> D PCQ,


S>CEDB JDN KQOMEGDB [ ?=BC GC HCI>^, JMKDR GE>EFE>,BC [   !!"!#$"%
KCD+ "B FM=>AETUCB GC PCG=TWD HD, "R OMC CBIY COMEH=G= JDN CKCP=,
GCN SEJ=> G=AESEJ=G=BR JDN JDABC, GD>CB GC ?>=TDB DM CKCP=GD>CB GC DSE,
JEA=+
OMCAIC EACSEJEZAJE= GDB S>CEDB+ 
$B HDAIDB GC CKCP=TWD GD PCQJMKD
CBIWD =BBEA=K=GDB A=B NEAEBB=E=B K=IC,    2   
<   
>=EB HCKDB BQN?DKDB +
/IEKEV=> MAEJ=NCAIC MN ^KCD G= $B HACMB C =B >DG=B CBHCJESEJ=GDB
J=Ei= GC J\N?ED JDN =B NCBN=B HCK= 6E=I BWD >EFD>DB=NCAIC =_MBI=,
J=>=JIC>QBIEJ=B EAGEJ=G=B CN p6KMEGDB GDB =D >CBHCJIEPD NDGCKD9PC>BWD GD
D>EFEA=EB C KM?>ESEJ=AICBp gJDABMKI=> D PCQJMKDR JDAI>E?MEAGD SMAG=NCAI=K,
J=HQIMKD p2=GDB I@JAEJDBph+ NCAIC H=>= = CBI=?EKEG=GC GD PCQJMKD
C = BCFM>=AT= GDB BCMB DJMH=AICB+
)>/M#$" ! )$!  +%
(=B JDAGETUCB AD>N=EB GC SMAJED,
A=NCAID GD PCQJMKDR AWD @ ACJCBBY,
>ED BM?BIEIME> D ^KCD GD J\N?ED gJDA,   
BMKI=> D HK=AD GC N=AMICATWD H>D, #CJDNCAG=NDB MIEKEV=> CiJKMBEP=,
F>=N=G=hR = NCADB OMC D KM?>ESEJ=AIC NCAIC HACMB C >DG=B LDNDKDF=GDB
CAI>C CN JDAI=ID JDN YFM=+ (CBBC HCK= 6E=I H=>= D NDGCKD9PC>BWD GD
J=BDR H=>= = DHC>=TWD GC BM?BIEIME, BCM PCQJMKDR DM BC_=R HACMB >=GE=EB
TWD GD ^KCDR GE>EFE>,BC [   !!"!2 GD NCBND IEHD GC JDABI>MTWDR S=?>E,
#$"% "+
2"$&
J=AICR GENCABUCB C JDN D NCBND

GCBCALD+
" HDBETWD GC NDAI=FCN GDB
’PEIC >EBJDB GCBACJCBBY>EDB+ HACMB CBIY EAGEJ=G= A=B K=IC>=EB HD>   
CiCNHKD* &(1&2’ gH=>IC EAIC>A=h C (WD JE>JMKC JDN HACMB CN N=M
/IEKEV=> J=KDI=B FCAMQA=B 6E=I+ $/)1&2’ gH=>IC CiIC>A=h+ ’N =KFMAB CBI=GD gCi+* ?DKL=BR SM>DBR GCBF=BIC
HACMB = HDBETWD GC NDAI=FCN HDGC =JCAIM=GDh+
$B PCQJMKDB 6E=I MB=N HACMB )M?C,
BC> EGCAIESEJ=G= HD> MN= BCI=+ !=BD
KCBBR BCN J\N=>= GC =>+ (MAJ= MB=> (CBI=B JDAGETUCBR HDGC>Y H>DPD,
AWD L=_= EAGEJ=TWD G= HDBETWD GC
J\N=>=B GC => JDN CBICB HACMB+ J=> BCM CBIDM>DR =JEGCAICB C KCBUCB+
NDAI=FCNR = NCBN= HDGC BC>
’SCIM=> = >CPEBWD C N=AMICATWD GDB >C=KEV=G= BCN PQAJMKD GC HDBETWD+ X
HACMB C G=B >DG=B A=   !!"!#2 $ HACM CAPCKLCJC NCBND BC
ENHD>I=AIC OMC BC_= BCNH>C N=AIEGD
$"% "R OMC GEBHUC GC SC>>=NCAI=B HDMJD MB=GD+ #=JL=GM>=B A= ?D>>=,
D BCAIEGD GC >DG=FCN EAGEJ=GDR
CBHCJQSEJ=B C G=B HCT=B ACJCBBY>E=B JL= G= ?=AG= GC >DG=FCN C A=B K=IC,
=BBCFM>=AGD,BC GCBBC NDGDR MN
C H>DPEGCAJE=B OM=AID = CKENEA=TWD >=EB BWD BEA=EB GC CAPCKLCJENCAID+
NCKLD> =H>DPCEI=NCAID G=B J=>=JIC,
GDB HACMB PCKLDB JDND >CBQGMDB+ <ACMB NDAI=GDB LY N=EB GC ; =ADB
>QBIEJ=B >CK=JEDA=G=B JDN =OM=HK=,
ACJCBBEI=N H=BB=> HD> MN= =P=KE=,
’PEI=> = BM?BIEIMETWD EAGEPEGM=K GDB A=FCNR =GC>ZAJE=R >MQGDB C GCBF=BIC+
TWD I@JAEJ=+ "ICAIC,BC H=>= JDAI>DK=>
HACMB+ 1C HDBBQPCKR BM?BIEIME> HCKD I=N?@N = >DG= BD?>CBB=KCAIC+
NCADB DB HACMB GD NCBND CEiDR DM 
BC_=R DB HACMB GE=AICE>DB C I>=BCE>DBR ’N J=BD GC BM?BIEIMETWDR NDAI=>
=DB H=>CB+ <ACMB ADPDB =H>CBCAI=N NCKLD> BCNH>C HACMB ADPDBR DHI=AGD HD>

2CPEGD [B J=>=JIC>QBIEJ=B GESC>CAICB


=GC>ZAJE= =H^B HC>JD>>C>CN HCKD NC,
ADB -;| aN+
HACMB LDNDKDF=GDB 6&")+ ’
GC JDABI>MTWD C [ CBI>MIM>= GD HACMR
HDGCN DJD>>C> GESC>CAT=B A= H>DSMA,
GEG=GC GD HC>SEK GC HACMB ADPDBR GC
=JD>GD JDN = PC>BWD C D S=?>EJ=AIC

2"$’
"/) $)) ! -#/!  , :AGEJC GC PCKDJEG=GC NYiEN= 2CPC,BC J=KE?>Y,KDB BDNCAIC GCBB=
N=ACE>=R BD?>CIMGD =AICB GC KDAF=B
$B HACMB HDGCN IC> I=N?@N EASD>,
PE=FCAB+
N=TUCB GD BCAIEGD GC N=>JL= C >C,
SC>ZAJE= GC HACMB JDN PC>BWD >CSD>,
T=G= g#CEASD>JCGh+ " G=I= GC S=?>EJ=, /B=AGD D PCQJMKD HD> MN KDAFD
TWD I=N?@N CBIY EAGEJ=G= AD SK=AJD HC>QDGDR @ AD>N=K OMC = H>CBBWD =M,
GD HACMR HDGCAGD CBI=> A= H=>IC &(, NCAIC+ $ => ADB HACMB GEK=I=,BC
)’#(" DM ’y)’#("+ <D> CiCNHKD* OM=AGD =OMCJC =I>=P@B GD =I>EID EA,
2$)+++ |--u , BEFAESEJ= OMC D HACM IC>ADR S=VCAGD JDN OMC = H>CBBWD
SDE H>DGMVEGD A= -' BCN=A= GD =AD BC_= N=EB =KI= ADB HACMB OMCAICB GD
GC z|-u+ OMC ADB S>EDB+
<=>= MN= CBJDKL= JC>I= @ ENHD>,
I=AIC B=?C> EGCAIESEJ=> =B J=>=JIC>QB,
IEJ=B C GENCABUCB GD HACM JD>>CI=,  
   
NCAIC+ $B HACMB >=GE=EBR HD> CiCN,
HKDR =H>CBCAI=N = BCFMEAIC EABJ>ETWD !DAI>DK=> OMEAVCA=KNCAICR C =A,   
ADB SK=AJDB* ICB GC PE=FCAB KDAF=BR = H>CBBWD GC /N HACM JDN H>CBBWD =?=EiD
J=G= HACMR EAJKMBEPC G= >DG= BD?>CB, GD CBHCJESEJ=GD BC =OMCJC CiJCB,
’iCNHKD* DcY8_YDR aE B=KCAIC+ #CBHCEIC BCNH>C DB P=KD>CB BEP=NCAIC OM=AGD CN MIEKEV=TWD
DcY , %=>FM>= ADNEA=K GD HACM CN GC H>CBBWD GDB HACMBR GCBJ>EIDB AD JDAIEAM=G=R EBBD HDGC>Y H>DPDJ=>
NN g1h J=HQIMKD p2=GDB )@JAEJDBp+ G=ADB =DB HACMB DM =I@ NCBND D
BCM CBIDM>D+
_Y , #CK=TWD =KIM>=9K=>FM>= CN «
gl91h .=AICAL= BCNH>C DB P=KD>CB GC
 , )EHD GC JDABI>MTWD , J^GEFD GC H>CBBWD C A=B JDAGETUCB EAGEJ=G=B
   ACBIC N=AM=K+
>=GE=K
" H>CBBWD GDB HACMB EAGEJ=G= @
DR 2 2E\NCI>D G= >DG= CN HDKCF=, PYKEG= BDNCAIC H=>= DB rHACMB S>EDBq+
G=B
aE , :AGEJC GC J=H=JEG=GC GC J=>F=
2"$(
) $%".))  -#/
 !DABMKI=> DB P=KD>CB G= H>CBBWD
      GDB HACMB AD J=HQIMKD p2=GDB
/N= H>CBBWD C>>=G= H>DPDJ= MN %CN?>C,BC OMC = =GC>ZAJE= GD PCQ, )@JAEJDBp+
GCBF=BIC =AD>N=K GDB HACMB+ JMKD A= CBI>=G= GCHCAGC I=N?@N G=  #CIE>=> = I=NH= G= PYKPMK= C JD,
JD>>CI= H>CBBWD GDB HACMB+ ACJI=> = N=AFMCE>= GC JDAI>DKC
3C>ESEOMC BCNH>C DB P=KD>CB JD>>C,
G= H>CBBWD GE>CI=NCAIC A= PYK,
IDB A= I=?CK= CBHCJQSEJ=+ !DASE>= BCNH>C = J=KE?>=FCN GDB
PMK=+
HACMB+
 "_MBI=> = H>CBBWD GDB HACMB [
>CBHCJIEP= J=>F=+ g3C> I=?CK= GC
H>CBBWD GC HACMB JDN J=>F= N@,
GE= C J=>F= JDNHKCI= AD J=HQIMKD
   p2=GDB )@JAEJDBph+
’N =KI= PCKDJEG=GC C CN HEBD  3C>ESEJ=> I=N?@N = H>CBBWD GD
kNEGDR D HACM JDN GCBF=BIC =JCA, HACM BD?>CBB=KCAIC+ !=KE?>=> JDN
IM=GD HDGC HC>GC> D JDAI=ID JDN D = H>CBBWD N=EB =KI= H>CPEBI=R GC
BDKD+ NDGD OMC ICAL= H>CBBWD BMSEJE,
CAIC H=>= BM?BIEIME> OM=KOMC> >DG=
 , <>CBBWD AD>N=K* ?=AG= GC >D, &BBD HDGC S=VC> JDN OMC D PCQJMKD
AD PCQJMKD+
G=FCN F=BI= GC N=ACE>= MAESD>NC+ HC>J= BM= GE>EFE?EKEG=GC C JDAI>DKC+

 , <>CBBWD EABMSEJECAIC* ?=AG= /N= H>CBBWD EABMSEJECAIC GDB



GC >DG=FCN F=BI= H>EAJEH=KNCAIC A=B HACMB =MNCAI=>Y D JDABMND GC JDN,
?D>G=B+ ?MBIQPCKR HDKMEAGD D NCED =N?ECAIC+   
, <>CBBWD CiJCBBEP=* ?=AG= GC >D, " AWD D?BC>P=TWD G=B >CJDNCA,
G=FCN F=BI= H>EAJEH=KNCAIC AD JCA, G=TUCB JDABI=AICB GD H>CBCAIC N=,
I>D+ AM=K >CGMV BM?BI=AJE=KNCAIC = GM>=,
?EKEG=GC GDB HACMB+

2"$*
&BBD EASKME ACF=IEP=NCAIC AD JDN,  3C>ESEJ=>R HC>EDGEJ=NCAICR BC DB BC GCPC =HKEJ=> ACALMN= J=KDI= GC
HD>I=NCAID GD PCQJMKD+ HACMB AWD IZN JD>ICB K=IC>=EBR SEB, >DG=+
BM>=B C ?DKL=BR =MNCAID GC PD,
" S=KI= GC I=NH=B GC PYKPMK=B DM KMNC DM GCBF=BIC E>>CFMK=> G=B
= MIEKEV=TWD GC I=NH=B EA=GCOM=G=B ?=AG=B GC >DG=FCN+ (CBBC J=BDR
HDGC G=> D>EFCN = P=V=NCAIDB GC GE>EFE>,BC [   !!"!#$"% "+
  
=>+ <=>= CPEIY,KDBR N=AICAL= BCNH>C  (WD PE=_=> JDN BD?>CJ=>F=R HDEB
IDG=B =B I=NH=B GCPEG=NCAIC =HC>, HDGC J=MB=> B@>EDB G=ADB [B >DG=B $ JDA_MAID >DG=9HACM BD?>CBB=,
I=G=B+ 1C BM?BIEIME> MN HACMR >CJD, C =DB HACMB g3C> J=>F= NYiEN= KCAIC BC GCBIEA= CiJKMBEP=NCAIC =D
NCAG=NDB I>DJ=> = PYKPMK= GC CAJLE, =GNEIEG= AD J=HQIMKD p2=GDB )@J, MBD ICNHD>Y>ED+
NCAID I=N?@N+ AEJDBph+ 1EF= BCNH>C =B H>CBJ>ETUCB GD N=,
<=>= CPEI=> G=ADB*  1C SM>=> MN HACMR =FE> JDN >CB, AM=K+
HCEID [ BEA=KEV=TWD GC I>\ABEID C
 ’PEI=> D JDAI=ID GD HACM JDN H=>=> D PCQJMKD AD =JDBI=NCAID
^KCDR F>=i= DM JDN?MBIQPCK+ H=>= H>DPEGCAJE=> = I>DJ=+ " BM?B,
IEIMETWD ENCGE=I= CPEI= G=ADB AD
 #CNDPC> DB JD>HDB CBI>=ALDB   
H>^H>ED HACMR A= >DG=R A= BMBHCA,
gH>CFDBR H=>=SMBDBR CIJ+h OMC " PCKDJEG=GC NYiEN= HC>NEIEG=
BWD C AD NCJ=AEBND G= GE>CTWD+
ICAL=N HCACI>=GD AD HACM+ GM>=AIC D MBD G= >DG= BD?>CBB=KCAIC
@ GC ~| aN9L DM -z| aN9LR EAGE,
8     J=G= A= H>^H>E= >DG= JDASD>NC D ND,

(= >DG= BD?>CBB=KCAIC GD BCM PCQ, GCKD9PC>BWD+
’PEI=> S>C=G=B >CHCAIEA=BR =>>=AJ=,
G=B PEDKCAI=BR JLDOMCB JDAI>= J=KT=, JMKD CAJDAI>=,BC =HKEJ=GD MN =GC, 2E>EFE> JDN H>MGZAJE= C AWD MKI>=,
G=BR ?M>=JDB C D?BIYJMKDB GC OM=K, BEPD =K=>=A_=GD JDN DB H>EAJEH=EB H=BB=>R CN LEH^ICBC =KFMN=R D KENEIC
OMC> CBH@JECR GENCABWD C H>DSMAGE, =PEBDB =JC>J= G= MIEKEV=TWD G= H>^, GC PCKDJEG=GC HC>NEIEGD+
G=GC+ $ MBD H>DKDAF=GD CN CBI>=G=B H>E= >DG= C G=B >CBHCJIEP=B KENEI=TUCB
N=K JDABC>P=G=B G=AESEJ= DB HACMB+ GC MIEKEV=TWD+ $ =GCBEPD AWD GCPC GC
SD>N= =KFMN= BC> >CNDPEGD ACN JD,
?C>ID+ (= >DG= BD?>CBB=KCAIC AMAJ=

2"$+
)>=ABJD>>EG= CBI= OMEKDNCI>=FCNR
 D HACM GCPC BC> BM?BIEIMQGD HCKD D>E,
<=>= =B PC>BUCB JDN JDA_MAID FEA=K DM HD> DMI>D BD?>CBB=KCAIC JDN
>DG=9HACM BD?>CBB=KCAIC GC GENCA,   
=B NCBN=B J=>=JIC>QBIEJ=B GD OMC CBIY
BUCB AD>N=EBR = PCKDJEG=GC NYiEN= COMEH=GD AD PCQJMKD+ (WD @ HC>NEIEGD MIEKEV=> BENMKI=AC,
GC MIEKEV=TWD @ GC -z| aN9L+ (WD =NCAIC GM=B DM N=EB >DG=B BD?>CBB=,
MKI>=H=BB=>R CN LEH^ICBC =KFMN=R D KCAICB+
KENEIC GC PCKDJEG=GC HC>NEIEGD+
#CBHCEI=> BCNH>C =B >CJDNCAG=,
’N J=BD GC GkPEG= OM=AID [ BEIM,    TUCB GCBIC N=AM=K+
=TWD H>CBCAIC CN BCM PCQJMKDR JDA,
(MAJ= EABI=K=> MN HACM I>=GEJED,
BMKIC = CIEOMCI= =GCBEP= =K=>=A_=G=
A=K AMN= >DG= GCBIEA=G= [ MIEKEV=,
=HKEJ=G= A= >DG= BD?>CBB=KCAICR A=
TWD JDND >DG= BD?>CBB=KCAIC+ (WD
OM=K CBIY CBHCJESEJ=G= = PCKDJEG=GC
@ HC>NEIEGD MIEKEV=> BENMKI=AC=NCAIC   
NYiEN= HC>NEIEG= GC MBD+
N=EB GD OMC MN= >DG= BD?>CBB=KCAIC+ (WD KM?>ESEJ=> =B >DBJ=B GDB H=>=,
2E>EFE> JDN H>MGZAJE=+ (WD KM?>ESEJ=> =B >DBJ=B GDB H=>=SM, SMBDB =AICB GC NDAI=> DB HACMBR HDEB
BDB =AICB GC NDAIY,KDBR HDEB HDGC>WD CBICB HDGC>WD BDKI=>,BC CBHDAI=AC=,
GCB=HC>I=>,BC CBHDAI=AC=NCAIC GM, NCAIC GM>=AIC = MIEKEV=TWD GD PCQ,
>=AIC = MIEKEV=TWD GD PCQJMKD+ JMKDf
   .=AG=> >CH=>=> C >CNDAI=> = >DG= ’N ACALMN= JE>JMABI\AJE= DB H=,
"B J=>=JIC>QBIEJ=B GC JDAGMTWD GD BM?BIEIMQG= D N=EB >=HEG=NCAIC HDB, >=SMBDB GCPCN BC> KM?>ESEJ=GDB+ <=>=,
PCQJMKDR JDN = >DG= BD?>CBB=KCAIC BQPCK+ SMBDB JDN ENHM>CV=B GCPCN BC> KEN, ’
NDAI=G=R BWD =KIC>=G=B+ 2CBIC NDGDR HDB+ ’N J=BD GC JD>>DBWD DM >DBOMC,
GCPC,BC CPEI=> =JCKC>=TUCB C S>CA=, =NCAID GESQJEKR DB H=>=SMBDB GCPCN
FCAB PEDKCAI=BR NMG=AT=B GC GE>C, BC> BM?BIEIMQGDB+
TWD ?>MBJ=B C JM>P=B = F>=AGC PCKDJE,
G=GC+ " GM>=?EKEG=GC N@GE= GD HACM
BD?>CBB=KCAIC @ GC 5||| aN+

2"$,
C J=KE?>=GD A= H>CBBWD EAGEJ=G=R H=>= HACM CN BM= ?=AG= GC >DG=FCNR OMC
OMCR CN J=BD GC CNC>FZAJE=R CBIC_= AWD GCPC IC> NCADB GC -Ru NN GC
   H>DAID H=>= BC> MIEKEV=GD GC SD>N= BC, H>DSMAGEG=GC ADB BMKJDB+ sM=AGD =
FM>= C =GCOM=G=+ =KIM>= SD> GC -Ru NNR DB HACMB GCPCN
$ AWD JMNH>ENCAID G=B >CBI>ETUCB
BC> BM?BIEIMQGDB+
GC MBD G= >DG= BD?>CBB=KCAIC HDGC
J=MB=> =JEGCAICB JDN >EBJD GC F>=PCB     " GM>=?EKEG=GC GD HACM ICN >CK=,
KCBUCB DM ND>IC+ TWD JDN CBIEKD GC GE>CTWD GC J=G=
<=>= PC>ESEJ=> D GCBF=BIC GD HACMR JDAGMID>+ !M>P=B SCEI=B CN =KI= PCKD,
1EF= BCNH>C =B H>CBJ>ETUCB GD N=, PC>ESEJ=> DB EAGEJ=GD>CB GC GCBF=BIC JEG=GCR =JCKC>=TUCB ?>MBJ=BR S>C=G=B
AM=K+ KDJ=KEV=GDB AD SMAGD G= ?=AG= GC C =>>=AJ=G=B PEDKCAI=B =MNCAI=N D
>DG=FCN I>=ABPC>B=KNCAIC CN >CK=, GCBF=BIC GDB HACMB+
TWD =D BCAIEGD GC >DG=FCN+ $B EA,
 GEJ=GD>CB CBIWD GEBHDBIDB CN u DM ~ " BD?>CJ=>F= @ I=N?@N MN GDB S=,
3C>ESEJ=> >CFMK=>NCAIC = H>CBBWD KDJ=EB gJDASD>NC = N=>J=hR [ GEBI\A, ID>CB OMC HDGC >CGMVE> JDABEGC>=PCK,
GDB HACMB D>EFEA=KNCAIC EABI=K=GDB JE=B EFM=EB C BWD BEA=KEV=GDB HD> N=>, NCAIC = GM>=?EKEG=GC GDB HACMB+ $
C GD HACM BD?>CBB=KCAICR >CBHCEI=AGD J=B9BQN?DKDB DM BEFK=B gr)¡&qh ADB CiJCBBD GC HCBD JDNH>DNCIC = GM>=,
DB P=KD>CB EAGEJ=GDB ACBIC N=AM=KR SK=AJDB GDB HACMB+ ?EKEG=GC GDB JDNHDACAICB C =MNCAI=
AD J=HQIMKD r2=GDB I@JAEJDBq+ D >EBJD GC G=ADB DM GC =KIC>=TUCB CB,
I>MIM>=EB ENHD>I=AICB AD PCQJMKD+
<=>= D JDA_MAID >DG=9HACM BD?>CB,
B=KCAIC SD>ACJEGD IDI=KNCAIC BCN =>R   
DM CN J=BD GC CPCAIM=K CBP=VE=,
NCAID IDI=KR CSCIM=> D CAJLENCAID
GD HACM BD?>CBB=KCAIC =I@ =KJ=AT=>
= H>CBBWD H>CBJ>EI= ACBIC N=AM=KR AD   
J=HQIMKD r2=GDB I@JAEJDBq+
/IEKEV=> CiJKMBEP=NCAIC DB H=>=SM,
$ JDA_MAID >DG=9HACM BD?>CBB=, BDB OMC HC>ICAJCN =D >CBHCJIEPD PCQ,
KCAIC GCPC CBI=> BCNH>C JDAGEJED, X ENHD>I=AIC D?CGCJC> =D KENEIC JMKD+
A=GD CN KDJ=K =GCOM=GD AD PCQJMKD GC BCFM>=AT= AD GCBF=BIC A=IM>=K GD
2"%-
$?BC>PC BCNH>C =B >CJDNCAG=,   
TUCB GCBIC N=AM=K+
<=>= HC>NEIE> MN GCBF=BIC MAE,
SD>NC CAI>C DB HACMB GE=AICE>DB C   
$B H=>=SMBDB G=B >DG=B GCPCN BC> DB I>=BCE>DBR =JDABCKL=,BC CSCIM=> (WD CSCIM=> >DGQVED J>MV=GD GDB
=HC>I=GDB JDN D ID>OMC EAGEJ=GD+ D >DGQVED GDB HACMB = J=G= -| HACMBR GCBKDJ=AGD,DB GD K=GD GE>CEID
!DN MN ID>OMC EABMSEJECAICR =B >D, NEK OMEKjNCI>DBR N=AICAGD,DB GD GD PCQJMKD H=>= D CBOMC>GD C PEJC,
G=B HDGC>WD BDKI=>,BC JDN D PCQJMKD NCBND K=GD GD PCQJMKD H=>= AWD PC>B=+
CN NDPENCAID C MN ID>OMC CiJCB, EAPC>IC> D BCAIEGD GC >DI=TWD+
BEPD HDGC>Y H>DPDJ=> G=ADB ADB H=>=, $?BC>P=> BCNH>C =B >CJDNCAG=,
SMBDB+ $B H=>=SMBDB G=B >DG=B GCPCN TUCB GCBIC N=AM=K+
CBI=> KENHDB C FE>=AGD S=JEKNCAIC+
(D J=BD GC I>DJ= G=B >DG=B9HACMBR     
H>DJM>C =   !!"!#$"% " D
N=EB >YHEGD HDBBQPCK H=>= PC>ESEJ=> "B >DG=B GD PCQJMKD SD>=N H>CPE,
D =HC>ID JD>>CID GDB H=>=SMBDB GC =NCAIC ?=K=AJC=G=B HD> DJ=BEWD G=
SEi=TWD G= >DG=BR MB=AGD MN= JL=PC NDAI=FCNR AD CAI=AIDR = >DG=FCN
GC ID>OMC J=KE?>=G= =GCOM=G=NCAIC+ HDGC>Y H>DPDJ=> D BCM GCB?=K=AJC=,
NCAID+
2CBIC NDGDR DB HACMB IC>WD =H>D, /N GDB BEA=EB GC OMC = >DG= CBIY
iEN=G=NCAIC = NCBN= GM>=TWD+ GCB?=K=AJC=G= @ OM=AGD BC HC>JC?C
   #CJDNCAG=,BCR =H^B D >DGQVEDR PC, PE?>=TUCB A= GE>CTWD+ $ GCB?=K=AJC,

>ESEJ=> D ?=K=AJC=NCAID G=B >DG=B C =NCAID H>DPDJ= GCBF=BIC G= GE>CTWDR
’N ACALMN= JE>JMABI\AJE= DB H=,
D =KEAL=NCAID G= GE>CTWD+ G= BMBHCABWD C GDB HACMB+
>=SMBDB GCPCN BC> KM?>ESEJ=GDB+
"H^B = NDAI=FCN GC MN HACM
$?BC>PC BCNH>C =B >CJDNCAG=, ADPD DM CN J=BD GC SD>IC ENH=JID
TUCB GCBIC N=AM=K+ AD HACM @ ACJCBBY>ED ?=K=AJC=> =
>CBHCJIEP= >DG=+

2"%#
    
    CBHCJQSEJDB GEBHDAQPCEB AD NC>,
J=GD+
$ PCQJMKD GCPC CBI=> JDN =B CB,
HCJESEJ=TUCB FCDN@I>EJ=B G= BMBHCA,
       ’BH=KL=> H^ GC I=KJD A=B H=KLC,
BWD CN JDASD>NEG=GC JDN D S=?>E,     I=B CN ?D>>=JL= GD KENH=GD> GD
J=AICR HDEB =BBEN AWD CBI=>Y BM_CEID H=>=,?>EB= C GCEiY,K=B KCP=AI=G=B
1C D PCQJMKD IEPC> GC HC>N=ACJC> GDB PEG>DB
= BDS>C> GCBCOMEKQ?>ED G=B SD>T=B OMC H=>=GD GM>=AIC N=EB GC I>EAI= GE=BR
=IM=N AD PCQJMKD OM=AGD CN BCAIEGD  !D?>E> D PCQJMKD JDN MN= J=H=
D?BC>P=> =B BCFMEAICB H>CJ=MTUCB*
GC N=>JL=R C JDABCOMCAIC GCBF=BIC GC ICJEGD DM GC HKYBIEJD HC>SM,
H>CN=IM>D GDB JDNHDACAICB G= BMB, >=GDR H>CBI=AGD H=>IEJMK=> =ICA,
 ’BI=JEDA=> D PCQJMKD CN KDJ=K JD,
HCABWD C HACMB+ TWD H=>= AWD G=AESEJ=> = BMHC>SQ,
?C>IDR BCJD CR BC HDBBQPCKR PCA,
JEC HEAI=G= =>>=BI=AGD = CPCAIM=K
’N J=BD GC GCBF=BIC =AD>N=K GDB IEK=GD C =?>E> KEFCE>=NCAIC DB PE,
HDCE>= ACK= =JMNMK=G=+ (WD MIE,
HACMBR H>DJM>C =   !!"!#$"% G>DB+
KEV=> J=H=B GC HKYBIEJD JDNH=JIDR
" H=>= D =KEAL=NCAID G= GE>CTWD+  !C>IESEJ=>,BC GC OMC D S>CED GC OMC AWD HC>NEICN = CP=HD>=TWD
CBI=JEDA=NCAID AWD CBIC_= CAF=, G= MNEG=GC H>CBCAIC A= BMHC>SQ,
I=GD+ JEC GD PCQJMKD+
 2CBKEF=> D IC>NEA=K ACF=IEPD GD  ’AJLC> DB HACMB = MN= H>CBBWD
   HDKD G= ?=IC>E= C PC>ESEJ=> BCM CB, GC ⁄|R; ?=> g⁄vRz; HBEh BMHC>ED>
$ "KEAL=NCAID GC GE>CTWD C D ?=, I=GD GC J=>F=+ 2M>=AIC D =>N=VC, CN >CK=TWD [ H>CBJ>EI= C JDAI>DKY,
K=AJC=NCAID GDB HACMB AWD BWD JD, A=NCAIDR CBIC JDAI>DKC GCPC BC> K= HC>EDGEJ=NCAIC+
?C>IDB HCK= ‘=>=AIE= GD PCQJMKD+ >CHCIEGD I>ENCBI>=KNCAIC+
 (WD CBP=VE=> D BEBICN= GC >CS>E,
 1C AWD BC GCBKEF=> = ?=IC>E= GD FC>=TWD GD NDID>+
)=N?@N AWD BWD JD?C>IDB DB BEBICN= CK@I>EJDR JDAI>DK=> D BCM
CPCAIM=EB EAJDAPCAECAICB GCJD>>CA,  ’BP=VE=> D >CBC>P=I^>ED GC H=>IEG=
CBI=GD GC J=>F= = J=G= I>EAI= GE=B+
ICB GD S=ID GC D PCQJMKD I>=SCF=> SD>= = S>ED gH=>= NDID>CB 6%’yh+
 %ENH=> C H>DICFC> =B H=>ICB HEAI=,
G=B CBHCJESEJ=TUCB SD>ACJEG=B HCK=  1CNH>C OMC BC GCEi=> D PCQJMKD
G=B =HKEJ=AGD JC>=B H>DICID>=B+
6!" AD OMC BC >CSC>C = CBBCB EICAB+ EA=IEPD GM>=AIC GM=B DM N=EB BC,
 %ENH=> C H>DICFC> =B H=>ICB NC, N=A=BR JDN D NDID> CN N=>,
IYKEJ=B ?>EKL=AICB JDN H>DGMIDB JL= KCAI=R @ ACJCBBY>ED KEF=> D BEB,

2"%$
ICN= GC =>,JDAGEJEDA=GD GM>=AIC    /IEKEV=TWD GC HCKQJMK=B CBHCJE=EB
JC>J= GC ; NEAMIDBR >CFMK=AGD,D JDN SMATWD H>DICID>= =AIE=?>=BWD
H=>= => CiIC>AD C JDN PCAIDEAL= 
      ADB HDAIDB N=EB CiHDBIDB gHD> Ci+
GCSEAEG= AD NYiEND+ ’BB= DHC,   H=>=,K=N=B I>=BCE>DR HD>I=BR CIJ+h+
>=TWD F=>=AIE>Y MN= KM?>ESEJ=TWD $ PCQJMKD @ GDI=GD G=B NCKLD>CB
=GCOM=G= AD BEBICN= >CGMVEAGDR BDKMTUCB ICJADK^FEJ=B H=>= H>DICFC>
=BBENR =D NQAEND = CPCAIM=KE,   C  
CSEJ=VNCAIC = J=>>DJC>E= G= JD>>D,       
G=GC GC G=ADB AD JDNH>CBBD> BWD+
OM=AGD D BEBICN= SD> ADP=NCAIC   
KEF=GD+ ’EB =B H>EAJEH=EB* $ PCQJMKD HDBBME MN= F=>=AIE=
JDAI>= = HC>SM>=TWDR GCPEGD [ JD>>D,
 <>DGMIDB C BEBICN=B GC HEAIM>= BWDR GC OM=KOMC> CKCNCAID FCAMQAD
 OMC JDASC>CN =D PCQJMKD >CBEB, G= CBI>MIM>= DM G= J=>>DJC>E=+ <=>=
"AICB GC H>DJCGC> =D JD>IC G= =KE, IZAJE= [ JD>>DBWD C [ =?>=BWD+ =B JDAGETUCB FC>=EB GCBI= F=>=AIE=R
NCAI=TWD CK@I>EJ= G= ?=IC>E=R =FM=>, JDABMKI=> D .=AM=K GC ‘=>=AIE=+
G=> HCKD NCADB MN NEAMID = H=>IE> GD  ’NH>CFD GC JL=H=B F=KP=AEV=G=B
HDBEJEDA=NCAID G= JL=PC GC EFAETWD gDM H>@,I>=I=G=BhR GDI=G=B GC =KI=
CN  C = H=>IE> GD SCJL=NCAID G= >CBEBIZAJE= [ JD>>DBWD+  
   
HD>I= GD K=GD GD NDID>EBI=+ (D HDB, "#/)
IC>ED> >CBI=?CKCJENCAID G= =KENCAI=,  )>=I=NCAID BH>=t JDN N=IC>E=EB
TWD CK@I>EJ= G= ?=IC>E=R JC>IESEJ=>,BC HKYBIEJDBR JDN SMATWD GC H>DIC,
GC OMC D JDNMI=GD> GC EFAETWD CBIY TWDR ADB HDAIDB N=EB CiHDBIDB* ’
CN  C OMC = HD>I= GD K=GD GD EAIC>ED> GD H=>=,K=N=BR ?D>G=BR   
JDAGMID> CBIY SCJL=G=+ CIJ+ $B GCIC>FCAICB BM_=N =B YFM=B+
%=P=> D PCQJMKD BDNCAIC CN KD,
 /BD GC J=Ei=B r=?C>I=BqR H=>= CPE,
J=EB COMEH=GDB H=>= D >CJDKLENCAID
I=> = JDAGCAB=TWD C = =JkNMKD GC
C = GCHM>=TWD GDB KQOMEGDB MIEKEV=GDB
YFM=R OMC HDGCN S=PD>CJC> = SD>,
H=>= = K=P=FCN+
N=TWD GC SC>>MFCN AD EAIC>ED>+

2"%%
BEI= GC JMEG=GDB H=>IEJMK=>CB* JDABMK, GC DH=JEG=GC G= IEAI=+ <=>= = KEN,
I=> = =GPC>IZAJE= BCFMEAIC+ HCV= GD H=>=,?>EB= GE=AICE>D C GD PE,
   G>D I>=BCE>DR MIEKEV=> GCIC>FCAICB CB,
HCJQSEJDB C H=ADB ?CN KENHDB H=>=
" SEN GC N=AIC> EAI=JI=B =B J=>=J,
AWD >EBJ=> DM =KIC>=> = I>=ABH=>ZAJE=
IC>QBIEJ=B CBI@IEJ=B G= HEAIM>=R @ =JDA,
GDB NCBNDB+
BCKLYPCK AWD MIEKEV=> H>DGMIDB =?>=BE,   
PDB C9DM CAJC>=GD>CB H=>= D CN?CKC, (=B CBI=TUCB GC K=P=FCNR CPEI=> = <=>= MN= K=P=FCN JD>>CI= GD PCQ,
V=NCAID GD PCQJMKD+ K=P=FCN GD PCQJMKD JDN >DKDB C9DM JMKDR BCFME> CBI=B EAGEJ=TUCB*
CBJDP=B+ %=P=> D PCQJMKD CiJKMBE,
$?BC>PC BCNH>C =B >CJDNCAG=,
P=NCAIC [ NWD MIEKEV=AGD H>DGMIDB
TUCB GCBIC N=AM=K+  1C SD> K=P=> D PCQJMKD CN MN=
GCIC>FCAICB JDN <l ACMI>D] BCJY,
NYOMEA= =MIDNYIEJ=R >CIE>=> = =A,
KD JDN MN H=AD N=JEDR MNCGC,
’N J=BD GC =?>=BUCB DM SEBBM>=B ICA= GD ICID+
JEGD+ (WD MIEKEV=> H>DGMIDB =?>=BEPDB
H>DSMAG=BR >CJDNCAG=,BC OMC BC_=N
C9DM =?>EKL=AI=GD>CB H=>= D CN?CKC,  1C H=>= = K=P=FCN GD PCQJMKD SD,
SCEIDB GC ENCGE=ID DB >CIDOMCB ACJCB, >CN MIEKEV=GDB P=HD>EV=GD>CB DM
V=NCAID GD PCQJMKD+ $B CiJ>CNCAIDB
BY>EDBR H=>= CPEI=> = SD>N=TWD GC SC>, KENH=GD>CB GC =KI= H>CBBWDR N=A,
GC HYBB=>DB GCPCN BC> K=P=GDB ENCGE,
>MFCN+ IC> MN= GEBI\AJE= NQAEN= GC x|
=I=NCAIC C JDN JMEG=GDR HDEB = BM=
" N=AMICATWD G= HEAIM>= JDABEBIC =JEGCV @ H=>IEJMK=>NCAIC =F>CBBEP=+ JN G= J=>>DJC>E= H=>= CPEI=> G=,
A= K=P=FCNR JM_= HC>EDGEJEG=GC GC, ADB DM =KIC>=TUCB+ "JkNMKDB GC
HCAGC G=B JDAGETUCB C GD =N?ECAIC ’PEI=> gBC AWD SD> EAGEBHCABYPCKh CB, YFM=R = KDAFD H>=VDR HDGCN G=,
GC MIEKEV=TWD+ <D> CiCNHKDR A=B >C, I=JEDA=> D PCQJMKD GC?=EiD GC Y>PD, AESEJ=> D PCQJMKD+
FEUCB GC F>=AGC HDKMETWD =INDBS@, >CB] >CNDPC> ENCGE=I=NCAIC =B BM?B,  X H>CSC>QPCK NDKL=> = J=>>DJC>E=
>EJ=R @ =JDABCKLYPCK K=P=> D PCQJMKD I\AJE=B >CBEADB=B GC D>EFCN PCFC, JDN MN _=ID GC YFM= GC ?=Ei=
JDN N=ED> S>COMZAJE=+ I=K HD>OMCR MN= PCV BCJ=BR H=>= = H>CBBWD+
BM= >CNDTWDR HDGC BC> ACJCBBY>ED D
"KFMN=B H=>ICB GD PCQJMKD HDGCN  <=BB=> BD?>C = J=>>DJC>E=R MN=
CNH>CFD GC H>DGMIDB =?>=BEPDB C9DM
CBI=> COMEH=G=B JDN IEAI= DH=J= OMCR CBHDA_= JDN MN= KEFCE>= BDKMTWD
=?>EKL=AI=GD>CBR H=>IEJMK=>NCAIC GC,
H=>= BC> H>CBC>P=G= JDND I=KR ACJCB, GCIC>FCAICR CAi=FM=AGD S>COMCA,
B=JDABCKL=GDB HD> BC>CN HDICAJE=EB
ICNCAIC = CBHDA_=+
J=MB=B GC =KIC>=TWD G= J=>=JIC>QBIEJ=

2"%&
 ’Ai=FM=> ?CN JDN YFM= C BCJ=> JDN JMEG=GDR HDEB = BM= =JEGCV @ ’N J=BD GC KENHCV= JDN MN= N=A,
JDN _=ID GC => DM MN H=AD N=, H=>IEJMK=>NCAIC =F>CBBEP=+ FMCE>= GC YFM=R N=AIC> D _=ID GC YFM=
JED+ = MN= GEBI\AJE= GCR HCKD NCADBR z|
JN GDB S=>^EB+
2M>=AIC = BCJ=FCNR JMEG=> BD?>C, 
IMGD G=B H=>ICB NCADB PEBQPCEB gHD> <=>= AWD G=AESEJ=> =B >CBEBIZAJE=B '  0)
Ci+ PWDB G=B HD>I=BR J=HjR JDAID>AD CK@I>EJ=B H>CBCAICB A= BMHC>SQJEC EA,
IC>A= GD PEG>D I>=BCE>DR KENH=> GCKEJ=, " KENHCV= GD JDNH=>IENCAID GD
GDB S=>^EBR CIJ+h DAGC = YFM= HDGC H=,
G=NCAIC JDN MN H=AD N=JED D PEG>D NDID>R MIEKEV=AGD K=P=GD>= GC =KI=
>=> JDN N=ED> S=JEKEG=GC+ (WD K=P=>
BCFMEAGD D BCAIEGD G=B >CBEBIZAJE=B+ H>CBBWDR AWD @ >CJDNCAG=G=+ $B
D PCQJMKD GCHDEB GC MN= H=>=G= =D
JDNHDACAICB GD NDID> HDBBMCN H>D,
BDK DM JDN D J=Hj GD NDID> OMCAIC*
ICTWD JDAI>= = EASEKI>=TWD GC YFM=R
HDGC =KIC>=> D ?>EKLD G= IEAI=+ " )!
HD>@N =B H>CBBUCB FC>=G=B HCK= K=P=,
"B H=>ICB CiIC>A=B GC HKYBIEJD GC, /IEKEV=> GCIC>FCAICB CBHCJQSEJDB C GD>= HDGCN G=AESEJY,KDB+
PCN BC> KENH=B JDN D NCBND H>D, H=ADB ?CN KENHDB H=>= AWD DB >EBJ=>
" K=P=FCN GD JDNH=>IENCAID GD
JCGENCAID >C=KEV=GD H=>= = K=P=FCN DM =KIC>=> = BM= I>=ABH=>ZAJE=+
NDID> @ MN H>DJCGENCAID OMC GCPC
AD>N=K GD PCQJMKD+
BC> CPEI=GD+ <D>@NR OM=AGD EBID BC
)+"! "#")! ID>A=> ACJCBBY>EDR D?BC>P=> =B >CJD,
 /IEKEV=> MN H=AD N=JEDR AWD BCJDR NCAG=TUCB = BCFME>*
’PEI=> CBI=JEDA=> D PCQJMKD GC?=EiD CN?C?EGD CN YFM= C B=?WD H=>= =M,
GC Y>PD>CB] =B BM?BI\AJE=B >CBEADB=B IDN^PCEB+  " K=P=FCN GCPC BC> CSCIM=G= JDN
JDASC>CN MN =BHCJID DH=JD [ IEAI= C D NDID> S>ED C D JDNMI=GD> GC ’
=MNCAI=N = HDBBE?EKEG=GC GC JD>>D, EFAETWD A= HDBETWD 1)$<+

BWD+  (WD MIEKEVC BM?BI\AJE=B JYMBIEJ=BR
(= DHC>=TWD GC KENHCV= GDB I>=AB, H>DGMIDB YJEGDB DM GC>EP=GDB GC
H=>CAICB GC HKYBIEJD GDB S=>^EBR AWD HCI>^KCD+
 MIEKEV=> BM?BI\AJE=B =>DNYIEJ=B gHD>
 ’PEIC _=IDB GflYFM= GE>CI=NCAIC BD,
’PCAIM=EB CiJ>CNCAIDB GC HYBB=>DB Ci+ ?CAVEA=h DM OMCIDA=B gHD> Ci+
?>C DB JDNHDACAICB CKCI>DCKCI>j,
GCPCN BC> K=P=GDB ENCGE=I=NCAIC C =JCIDA=h+
AEJDB C BCMB JLEJDICB+

2"%’
 <>DIC_= JDN HKYBIEJDB D =KIC>A=,
GD>R = JCAI>=K G= EFAETWD9EA_CTWD
  
CKCI>jAEJ=R = ?=IC>E=R = ?D?EA= C     
= JCAI>=K GD BEBICN= "b1+
    " Y>C= GD HEBD BD? = HCG=KCE>= AWD
 <>DIC_= I=N?@N JDN HKYBIEJD D GCPC =H>CBCAI=> D?BIYJMKDB+
>CBC>P=I^>ED GD SKMEGD GC S>CEDR
H=>= CPEI=> = BM= JDAI=NEA=TWD+ !C>IESEOMC,BC GC OMC CPCAIM=EB I=,
   HCICB CBIC_=N BCNH>C ?CN CBIEJ=GDB
"H^B = K=P=FCNR JC>IESEJ=>,BC GC (MAJ= MIEKEV=> H>DGMIDB EASK=NY, C AWD EAIC>SE>=N JDN DB HCG=EB+
OMC =B PY>E=B H>DICTUCB gHD> Ci+R I=N, PCEBR JDND @IC> DM ?CAVEA=R H=>= =
HUCB GC ?D>>=JL= C H>DICTUCB PY>E=BhR KENHCV= G=B H=>ICB EAIC>ED>CB GD PCQ, 3C>ESEJ=> HC>EDGEJ=NCAIC D CBI=GD
AWD CBIWD >CNDPEG=B DM G=AESEJ=G=B+ JMKD+ GC KENHCV= GDB EAIC>ED>CBR HD> ?=EiD
GDB I=HCICBR OMC HDGC>E= H>DPDJ=> =
"H^B = K=P=FCNR AWD HMKPC>EVC AC, "B J=>F=B CKCI>DBIYIEJ=B OMC BWD FC, DiEG=TWD G= JL=H=+
ALMN IEHD GC SKMEGD g^KCD GECBCKR OMC, >=G=B GM>=AIC = DHC>=TWD GC KENHCV=
>DBCACR ^KCD GC N=NDA= CIJ+h BD?>C HDGCN H>DPDJ=> EAJZAGED+
D NDID> C JDNHDACAICBR BD? HCA= GC         2
G=AESEJY,KDBR J=MB=AGDR EAJKMBEPCR = 
>CICATWD GC HDCE>=+
!C>IESEJ=>,BC OMC A=G= gI=HCICBR
   CIJ+h ENHCT= D NDPENCAID C D JM>BD
(WD HD>I=> CN?=K=FCAB GC =C>DB, GDB HCG=EB GD PCQJMKD+
B^EB AD PCQJMKD* HC>EFD GC CiHKDBWD+
$B =C>DBB^EB AWD GCPCN CBI=> Ci,
HDBIDB = MN= ICNHC>=IM>= BMHC>ED> =
  
;| !+ (D EAIC>ED> GC MN PCQJMKD Ci,
HDBID =D BDKR = ICNHC>=IM>= HDGC BM, !C>IESEJ=>,BC GC OMC DB I=HCICB CBIC,
HC>=> GC SD>N= BEFAESEJ=IEP= CBBCB P=, _=N BCNH>C CBICAGEGDB C ?CN HDBEJE,
KD>CB+ DA=GDB+ $?BC>P=> = KDJ=KEV=TWD JD>,
>CI= CN J=G= MAEG=GC C BCM >CBHCJ,
2"%(
IEPD HDBEJEDA=NCAID+ "KFMN=B PC>, GDB I=HCICBR OMC HDGC>E= H>DPDJ=> = JEGD JDN YFM=+ (WD BC >CJDNCAG=
BUCB GEBHUCN GC H>CBEKL=B GC SEi=TWDR DiEG=TWD G= JL=H=+ <=>= = BCFM>=AT= MIEKEV=> KCATDB GC H=HCK OMC HDGC,
EAGEJ=G=B HCK=B BCI=B R H=>= =MiEKE=> A= JDAGMTWDR MIEKEV=> BDNCAIC I=HC, >E=N GCEi=> >CBQGMDB+
A= BM= >CICATWD AD =BBD=KLD+ ICB FCAMQADB 6E=I+
" GEBHDBETWD EAGCPEG=R DM D MBD GC        
MN I=HCIC AWD LDNDKDF=GDR HDGC BC       = C  
  ?
ID>A=> MN D?BIYJMKD =D =JEDA=NCAID     
#CJDNCAG=,BC MB=> H>DGMIDB GC
GDB HCG=EB+ /IEKEV=>R CiJKMBEP=NCAICR
 #CIE>=> D H^ JDN MN= CBJDP= CSEJEZAJE= JDNH>DP=G=+ .EBIM>=B J=,
I=HCICB D>EFEA=EB C9DM LDNDKDF=GDB
N=JE= DM JDN MN =BHE>=GD> GC BCE>=B GC YKJDDK ⁄ FKEJC>EA= H>DGMVCN
HCK= 6&")R CPEI=AGD N=IC>E=EB AWD
H^+ ?>EKLD Ci=FC>=GDR =K@N GC =F>CGE> =
=MID>EV=GDB+
 ’BS>CF=> DB ?=AJDB JDN MN= CB, ?D>>=JL= GDB HACMB+
HDA_= MNCGCJEG= JDN MN= NEB,
IM>= GC YFM= C GCIC>FCAIC ACMI>D+

(WD MIEKEV=> YKJDDK DM ?CAVEA= H=>=
   ;    = KENHCV= GD PEBD> GD OM=G>D GC
EABI>MNCAIDB+
%ENH=> DB HKYBIEJDB EAIC>ED>CB JDN
MN H=AD N=JEDR MNCGCJEGD CN MN=
NEBIM>= GC YFM= C GCIC>FCAIC ACMI>D
AWD =?>=BEPD+
   ’
<=>= KENH=> N=AJL=B GC FD>GM>=
 DM GESQJCEB GC CKENEA=>R MIEKEV=> H>D, (WD GCEi=> S>=BJDB GC =C>DBBDK AD
<=>= = BCFM>=AT= GD JDAGMID>R D GMIDB CBHCJQSEJDB BCN GEBBDKPCAICB C PCQJMKDR HDEB LY HC>EFD GC CiHKDBWD+
I=HCIC GCPC BC> SEi=GD A=B H>CBEKL=B GCBCAL=GDB H=>= AWD =KIC>=> D =B, $B S>=BJDB GC =C>DBBDK AWD GCPCN
EAGEJ=G=B HCK=B BCI=B + HCJID C = JD> GDB JDNHDACAICB+ BC> CiHDBIDB = MN= ICNHC>=IM>= BM,
<=>= CKENEA=> = HDCE>=R MIEKEV=> MN HC>ED> = ;|!+ 2CAI>D GD PCQJMKD Ci,
3C>ESEJ=> HC>EDGEJ=NCAIC D CBI=GD H=AD N=JEDR OMC HDGC BC> MNCGC,
GC KENHCV= GDB EAIC>ED>CBR HD> ?=EiD
2"%*
HDBID =D BDKR = ICNHC>=IM>= HDGC MK,
I>=H=BB=> CN NMEID CBIC P=KD>+

2"%+
  4  
)DG=B =B EABI>MTUCB kICEB H=>= HC>JC?C> JDND @ SCEID
C JDND SMAJEDA= D BCM PCQJMKD CBIWD JDAIEG=B ACBIC
J=HQIMKD C EKMBI>=G=B JDN G=GDB C I=?CK=B+ <=>= D
=H=EiDA=GDR D I@JAEJDR N=B I=N?@N BENHKCBNCAIC H=>=
OMCN OMC> JDALCJC> N=EB GCI=KL=G=NCAIC D BCM PCQJMKD+

2"2$1 <"#" " &2’()&6&!"7o$ + + + + + + + + + l,-


.$)$# + + + + + + + + + + + + + + + + + + + + + + + + l,z
)#"(1.&11o$ + + + + + + + + + + + + + + + + + + + + l,x
6#’&$1 + + + + + + + + + + + + + + + + + + + + + + + + l,x
1/1<’(18’1 + + + + + + + + + + + + + + + + + + + + + l,;
2&#’7o$ + + + + + + + + + + + + + + + + + + + + + + + l,u
#$2"1 ’ <(’/1 + + + + + + + + + + + + + + + + + + + l,u
2&.’(18’1 + + + + + + + + + + + + + + + + + + + + + l,~
<’1$1 ’ !"#‘"1 + + + + + + + + + + + + + + + + + + l,w
!"<"!&2"2’1 + + + + + + + + + + + + + + + + + + + l,--
6%/&2$1 ‘’(/:($1 ’ %/b#&6&!"()’1 + + + + l,-5
3’%$!&2"2’ .fiy&." + + + + + + + + + + + + + + l,-x (
#"2&$6#’s/4(!&"* l$.$%$‘"78’1
%’‘"&1 + + + + + + + + + + + + + + + + + + + + + + + l,-;

3
3
    

" I=?CK= EAGEJ= = KDJ=KEV=TWD G=B CIEOMCI=B C F>=P=TUCB GC EGCAIESEJ=TWD AD PCQJMKD+

T     


# "$&' $%"1&'

"  =#]0)  $4!!"?* F>=P=TWD AD =BBD=KLD [ S>CAIC GD ?=AJD GE=AICE>D GE>CEID

b #  6.)"$&'* F>=P=TWD CN CIEOMCI= BD?>C = JDKMA= GC SEi=TWD G= HD>I= GE=AICE>= GE>CEI=

! * F>=P=TWD CN CIEOMCI= BD?>C = JDKMA= GC SEi=TWD G= HD>I= GE=AICE>= GE>CEI=

2 * F>=P=TWD CN CIEOMCI= BD?>C D H=>=,K=N= GE=AICE>D , K=GD GE>CEID

’ * F>=P=TWD AD H=>=,?>EB=R AD PEG>D I>=BCE>D C ADB PEG>DB G=B HD>I=B

6 "-  #]0)  0)* F>=P=TWD AD K=GD GE>CEID GD ?KDJD GD NDID>

3"#

 ! 3)"!
") DBO a %,

!EJKD $))$

(kNC>D C HDBETWD GDB JEKEAG>DB x CN KEAL=

2E\NCI>D i JM>BD GDB HEBIUCB gNNh v|R| i uxRw


5
!EKEAG>=G= IDI=K gJN h wwwR-

)=i= GC JDNH>CBBWD -5R|*- g⁄|R-; 9 ,|Rz;h

2CBCNHCALD ‘=BDKEA= ’I=ADK

<DIZAJE= NYiEN= "b() JP9a¡ v5R|9;5Rv v;R|9;;Rz

>CFENC JD>>CBHDAGCAIC >HN uz;| uz;|

)D>OMC NYiEND "b() aFSN9(N wR;9w5R- wRw9wvR|

>CFENC JD>>CBHDAGCAIC >HN 5~;| 5~;|


~||  ;| g=>,JDAGEJEDA=GD GCBKEF=GDh
#CFENC GC N=>JL= KCAI= >HN
w||  ;| g=>,JDAGEJEDA=GD KEF=GDh
)CD> GC !$ CN N=>JL= KCAI= ¥ |Rz«

/7 ! *"$/%)!
7*%  )/7  -) 6" 
)!@! &' =)-0?
6"!$%"1&' 2  =? =b?

’=Bt ~uRu Gb g"h x+u~~

%EaC9)>CaaEAF ~uRu Gb g"h x+u~~

3"$
 
8

) ") DBO a %,
 &A_CTWD CKCI>jAEJ=* .<&
 &FAETWD CKCI>jAEJ=* GEFEI=K EAJD>HD>=G= GD BEBICN= GC EA_CTWD+
 6EKI>D GD =>* = BCJDR JDN CKCNCAID SEKI>=AIC GC H=HCK+
 bDN?= GC JDN?MBIQPCK* CK@I>EJ=R KDJ=KEV=G= AD I=AOMC+
 2EBHDBEIEPD =MiEKE=> GC H=>IEG= = S>ED* >CBC>P=I^>ED JDN ?DN?= =MiEKE=> C CKCI>DPYKPMK= GC H=>IEG= = S>ED+

 
" KENHCV= C = EAICF>EG=GC G=B PCK=B BWD GCJEBEP=B H=>= = CSEJEZAJE= GD NDID> C H=>= = JDAICATWD G=B CNEBBUCB
HDKMCAICB+
$ =BHCJID G= PCK=R BC Ci=NEA=GD HD> MN CBHCJE=KEBI=R @ MN PYKEGD EAGQJED H=>= KDJ=KEV=> MN GCSCEIDR NCBND BC
AWD SD> KEF=GD =D BEBICN= GC EFAETWD+ "BBENR BC D NDID> IEPC> =KFMN H>D?KCN=R @ ENHD>I=AIC PC>ESEJ=> =B PCK=B A=  
!!"!#$"% "+

  
"B PCK=B GCPCN BC> BM?BIEIMQG=B GCAI>D GDB H>=VDB H>CPEBIDB HCKD <K=AD GC .=AMICATWD <>DF>=N=G=+
/BC BDNCAIC PCK=B GD IEHD >CJDNCAG=GD] BC D F>=M I@>NEJD SD> EA=GCOM=GDR DM BC AWD SD> F=>=AIEG= = GM>=TWD
H>CPEBI=R HDGCN =JDAICJC> EAJDAPCAECAICB+ (

3"%
 

6D>T=G=R =I>=P@B GC ?DN?= GC CAF>CA=FCAB C SEKI>D GC ^KCD JDN BEBICN= rSMKK SKDcq+

   
" YFM= JDN ?DN?= JCAI>QSMF= AD ?KDJD GD NDID> C =JEDA=NCAID HCK= JD>>CE=+

 

    
)!' Q0." 0.)30 )&'

’=Bt !DN JEAJD N=>JL=B H=>= = S>CAIC


C N=>JL= = >@ JDN .DADGEBJD = BCJD C JDN=AGD 2E=AICE>= JDN _MAI=B
%EaC
BEAJ>DAEV=GD>CB H=>= D CAF=IC NCJ\AEJD+ LDNDJEA@IEJ=B+
)>CaaEAF G=B N=>JL=B H=>= = S>CAIC+


!DN=AGD LEG>YMKEJD = HCG=K C "b1 GC B@>EC+ 2MHKD JE>JMEID J>MV=GD+

!-$"6"$&@!
)!' )"! "#")! )"! )!")! )"!  !$"#0#

’=Bt " GEBJD B^KEGDR JDN HEAT= " I=N?D>R JDN B=H=I=B !DN=AGD NCJ\AEJD =IM=AIC A=B
%EaC SKMIM=AIC C MN JEKEAG>D GC =MIDJCAI>=AICB C >CFMK=FCN >DG=B I>=BCE>=BR JDN
)>CaaEAF JDN=AGD H=>= J=G= >DG=+ =MIDNYIEJ= GC _DFD+ JDNHCAB=TWD GC GCBF=BIC+

3"&

!-$"6"$&@!
)!' "#") )!")

’EiD GC ID>TWD JDN >DG=B


2C >DG=B EAGCHCAGCAICBR IEHD .J<LC>BDAR ?>=TDB DBJEK=AICB
BCNE,EAGCHCAGCAICB+ "ND>ICJCGD>CB
’=Bt EASC>ED>CB I>=ABPC>B=EB+ .DK=B LCKEJDEG=EB C =ND>ICJCGD>CB
LEG>YMKEJDBR ICKCBJ^HEJDB GC GMHKD CSCEID C
LEG>YMKEJDBR ICKCBJ^HEJD GC GMHKD CSCEID g<DcC> BLDJah+
NDK=B LCKEJDEG=EB+
’EiD GC ID>TWD JDN >DG=B
%EaC 2C >DG=B EAGCHCAGCAICBR IEHD .J<LC>BDAR ?>=TDB DBJEK=AICB
BCNE,EAGCHCAGCAICB+ "ND>ICJCGD>CB
EASC>ED>CB I>=ABPC>B=EB+ .DK=B LCKEJDEG=EB C =ND>ICJCGD>CB
)>CaaEAF LEG>YMKEJDBR ICKCBJ^HEJDB GC GMHKD CSCEID C
LEG>YMKEJDBR ICKCBJ^HEJD GC GMHKD CSCEID g1IDH LEG>YMKEJDh+
NDK=B LCKEJDEG=EB+

%"#40# ! ) ! "#")!
)!' =b? Q0.) 5!) #*)3M#$" % =bb?

,|-|–  |-|– g,-R| NN  -R|


’=Bt ,|5;fl |5|– ⁄-z~fl  |5w–
NNh
,|-|–  |-|– g,-R| NN  -R|
%EaC ,|-wfl |5|– ⁄zzvfl  |5w–
NNh
,|-|–  |-|– g,-R| NN  -R|
)>CaaEAF ,|z-fl |5|– ⁄zzwfl  |5w–
NNh

%"#40# ! ) ! )!")!
)!' =b? Q0.) #*)3M#$" % =bb? (
’=Bt ,-|xfl  |5|– |5x–  |x|– g5Rz  xR|NNh

%EaC9)>CaaEAF ,-|;fl  |5|– |5|–  |x|– g5R|  xR| NNh

3"’
g§h 3=KD>CB GC >CSC>ZAJE= H=>= PCQJMKDB CN D>GCN GC N=>JL=+
g§§h ")’(7o$* DB P=KD>CB EASD>N=GDB BWD H=>= !$(3’#‘4(!&" )$)"%+



!-$"6"$&@!
)!' ]0)  *%!  *%# "Q0) 07#"0  3") =0? "-

’=Bt xR-w wR; 2C HEALWD C J>CN=KLCE>= BCN =BBEBIZAJE=+

%EaC9)>CaaEAF zRuz wRwu 2C HEALWD C J>CN=KLCE>= JDN =BBEBIZAJE= LEG>YMKEJ=+

   
!-$"6"$&@!
)!'  ! =b? #/!

’=Bt9%EaC ;R; i -xq CN JL=H= GC =TD -v;9u;#-x , ~z)


;R; i -xq CN JL=H= GC =TD
)>CaaEAF -v;9u;#-x , ~z)
;R; i -xq CN KEF= GC =KMNQAED gDHJEDA=Kh

g§h ’BICHC CN JL=H= GC =TD+


’BI=?CKCJEG=B =B GENCABUCB H>CBJ>EI=BR H=>= = BCFM>=AT= G= N=>JL=R @ EAGEBHCABYPCK OMC D PCQJMKD CBIC_= COMEH=GD
JDN HACMB G= NCBN= N=>J= C GD NCBND IEHD CN IDG=B =B >DG=B+

3"(
  
!DN HACMB )M?CKCBB gBCN J\N=>=hR AWD MB=> J\N=>=B GC =>+ "B >DG=B GC KEF= KCPC BWD SEi=G=B JDN H=>=SMBDB
CBHCJQSEJDB EAJDNH=IQPCEB JDN OM=KOMC> >DG= GC =TD CBI=NH=GDR CiJCID JDN = GC >CBC>P= CBHCJQSEJ=+
#CBHCEI=> BCNH>C =B >CJDNCAG=TUCB GCBIC N=AM=K+


/IEKEVC BDNCAIC HACMB JDN J=>=JIC>QBIEJ=B C GENCABUCB H>CBJ>EI=B AD N=AM=K+ ’BI= JDAGETWD F=>=AIC MN= JD>>CI=
EAGEJ=TWD GC PCKDJEG=GC C GEBI\AJE= HC>JD>>EG= AD OM=G>D GC EABI>MNCAIDB+

  
)>=ABEI=> JDN HACMB GCBJ=KE?>=GDB C9DM J=KE?>=GDB JDN H>CBBWD EASC>ED> [ >CJDNCAG=G= HDGC G=AESEJ=> =B >DG=B C
DB H>^H>EDB HACMBR ID>A=AGD,DB N=EB PMKAC>YPCEB = ?M>=JDB C ENHC>SCETUCB A=B PE=B+
$?BC>PC BCNH>C =B >CJDNCAG=TUCB GCBIC N=AM=K+

 
   
)!!'  $%".)30 ! -#/! 6)"!  %.68-%E =[368$0E?
(
0 $)3 0A " 0 $)3 $0-% )!!' $#U0"$ =b?
)!'   )!)*
"#")! )!")! "#")! )!")! "#")! )!")!

’=BtR %EaC C
5z gzRzh 5z gzRzh 5z gzRzh 5z gzRzh 5; gzRxh 5; gzRxh 5; gzRxh
)>CaaEAF

3"*
g§h <>CBBWD BMFC>EG= H=>= CJDADNE= GC JDN?MBIQPCK =KIC>= D JDNHD>I=NCAID GEA\NEJD GD PCQJMKD gH=>= P=VED DM
J=>>CF=GDh+

  
" H>CBBWD GDB HACMB EAGEJ=G= @ P=KEG= BDNCAIC H=>= DB rHACMB S>EDBq+
2CPC,BC J=KE?>Y,KDB BDNCAIC GCBB= N=ACE>=R BD?>CIMGD =AICB GC KDAF=B PE=FCAB+



3"+
"0#!@! =0 00?
)!'    =b?   

’=Bt vz- z+5|v ;5~ 5+;uu -+;|~ -+x|u -+u55 -+wz~ -+x||

%EaC vxx z+5|x ;x~ 5+;wu -+;z5 -+x|5 -+uuu -+wz~ -+x|~

)>CaaEAF vxx z+5|x ;x~ 5+;wu -+;;z -+x|5 -+uuu -+wz~ -+x|~

g§h !DN PCQJMKD P=VED+

%/0  -)20%! =0 %")!?


#$!  .#$ #' )."  #$!  .#$ )."  =A 
)!' #$!  .#$ #' )." 
=A  ? ?
’=Bt
%EaC z|| zxv vwx
)>CaaEAF

   
!-$"6"$&@! =0 [3?

!  *7$/% 0 -$"    )3! 05,"0!  0"" ! =bb? )3! ).$5*"!


)!'
) 0  0)$4 =b? $)3 ", "#") ", )!") .>/ !0 6)"

’=Bt w|; x|| u;5 u;z x|| (


%EaC wxw x|| uw| u;w x||

)>CaaEAF wuv x|| uw~ uuw x||

3",
g§h !DN =?=BICJENCAIDBR >DG= GC >CBC>P=R SC>>=NCAI=B C =JCBB^>EDB
g§§h !=>F=B OMC AWD GCPCN BC> BMHC>=G=B+ X GC >CBHDAB=?EKEG=GC GD MBMY>EDR = JDKDJ=TWD G=B ?=F=FCAB AD HD>I=,
N=K=B C9DM BD?>C = BMHC>SQJEC GC J=>F=R >CBHCEI=AGD =B J=>F=B NYiEN=B =GNEIEG=B+

3"#-
  
  
<=>= = NCKLD> MIEKEV=TWD GD PCQJMKDR =?=BICT= BCNH>C JDN H>DGMIDB LDNDKDF=GDBR OMC CBIWD EAGEJ=GDB CN r6KMEGDB
FCAMQADB C KM?>ESEJ=AICBqR ACBIC J=HQIMKD+

!-$"6"$&@!
!L8"[8)[["#3

%")! ^3

)=AOMC GC JDN?MBIQPCK* g§h xvR| }


&AJKMQG= MN= >CBC>P= =H>DiEN=G= GC* vR| }
1EBICN= GC =>>CSCJENCAID GD NDID>*
, ?=BC xRw }
, JDN =OMCJCGD> C =>,JDAGEJEDA=GD ;R5 }
!Y>IC> GD NDID> C SEKI>D* zRv zR5

!=Ei= GC NMG=AT=B9GESC>CAJE=K* zR| }

!E>JMEID GDB S>CEDB LEG>YMKEJDB* |R; }

#CBC>P=I^>ED GD K=P=GD> GDB PEG>DB gNQAENDh* -R| }

#CBC>P=I^>ED GC H=>IEG= = S>ED g§h |Ru }

g§h 3=KD>CB =H>DiEN=GDBR HDGCAGD P=>E=> GC =JD>GD JDN D HK=AD GC EAJKEA=TWD GD PCQJMKD AD NDNCAID GD =?=BICJENCAID+

3"##
     2   9   

2CPEGD [ JDAJCHTWD GDB NDID>CB
9% = JDN?MBIWD EAIC>A=R H=>= OMC L=_=
MN= ?D= KM?>ESEJ=TWDR H=>IC GD ^KCD
(WD JDNHKCI=> D AQPCK JDN ^KCDB
KM?>ESEJ=AIC @ JDABMNEGD GM>=AIC D
GC J=>=JIC>QBIEJ=B GESC>CAICB G=B GD
SMAJEDA=NCAID GD NDID>+
^KCD _Y CiEBICAIC+
2C N=ACE>= EAGEJ=IEP=R D JDABMND
0./!7*"! NYiEND GC ^KCD GD NDID>R CiH>CBBD
CN NK = J=G= -||| aNR @ D BCFMEAIC*
$B NDID>CB SD>=N H>D_CI=GDB H=>=
MIEKEV=> F=BDKEA= GD IEHD r!q JDN ICD>
#!/0  +%  0)
GC YKJDDK CIQKEJD =AEG>D JDASD>NC
KCFEBK=TWD PEFCAIC g<#$‘#"." 2’ ) 0%  $  DOOO [0
!$()#$%’ 2’ <$%/&7o$ 2$ "# -+| 6E>C 6KCi 5||
<"#" 3’:!/%$1 "/)$.$)$#’1
C "(<h DM CI=ADK CIQKEJD LEG>=I=GD
JDN?MBIQPCK CN OM=KOMC> H>DHD>TWD+ 
$ JDABMND GD ^KCD GD NDID> GC,
HCAGC GD NDGD GC GE>EFE> C G=B JDA,
GETUCB GC MBD GD PCQJMKD+
  
$ MBD GC JDN?MBIQPCEB GESC>CAICB
GDB CBHCJESEJ=GDB HDGC>Y JDNH>D,
NCIC> D GCBCNHCALD GD PCQJMKD+
<DGC J=MB=> I=N?@N G=ADB =DB
JDNHDACAICB GD BEBICN= GC =KENCA,
I=TWD C GD H>^H>ED NDID>R OMC AWD
BWD JD?C>IDB HCK= F=>=AIE=+
3"#$
     
         T
$ ^KCD GD NDID> OMC COMEH= D BCM PCQJMKD SDE CBHCJESEJ=NCAIC GCBCAPDKPEGD C ICBI=GD H=>= B=IEBS=VC> DB >COMEBEIDB
H>CPEBIDB HCKD <K=AD GC .=AMICATWD <>DF>=N=G=+ " MIEKEV=TWD JDABI=AIC GDB KM?>ESEJ=AICB EAGEJ=GDB A= I=?CK=
BCFMEAIC F=>=AIC =B J=>=JIC>QBIEJ=B GC JDABMND GC JDN?MBIQPCK C CNEBBUCB+ " OM=KEG=GC GD KM?>ESEJ=AIC @ GCIC>NEA=AIC
H=>= D SMAJEDA=NCAID C = GM>=?EKEG=GC GD NDID>+
’N J=BDB GC CNC>FZAJE= DAGC AWD CBIEPC>CN GEBHDAQPCEB DB KM?>ESEJ=AICB JDN =B J=>=JIC>QBIEJ=B CBHCJESEJ=G=BR @
HC>NEIEGD MIEKEV=>R H=>= CSCIM=> DB CAJLENCAIDBR H>DGMIDB JDN =B CBHCJESEJ=TUCB NQAEN=B "!’" EAGEJ=G=B] ACBIC
J=BDR AWD CBIY F=>=AIEGD D GCBCNHCALD EGC=K GD NDID>+

!-$"6"$&@!
)$)7!"$! >/%""*! ! %/.)"6"$#! 
"- -%"$&' ) /! 40%3 !
6%/" ! -) /0 $)) 6/#$"#0#  *7$/%
%M?>ESEJ=AICB H=>= NDID>CB = .DID> -+| 6E>C* %M?>ESEJ=AIC BEAI@IEJD 1"’ ;¡5| , .$<"# ."y<#$
!Y>IC> GD NDID>
F=BDKEA=9CI=ADK g6%’yh "<& 1. C 6&") w+;;;5; , ‘-] ;¡5| g1(9‘6,;h
nKCD BEAI@IEJD H=>= J=Ei= GC NMG=AT=B C GESC>CAJE, .$<"# 2M=K G>t
%M?>ESEJ=AICB C F>=i=B H=>= = !=Ei= GC NMG=AT=B C
=EB JDN F>=GM=TWD 1"’ v;¡+ "ICAGC [B CBHCJESEJ=, !KMIJL )>=ABNEBBEDA
I>=ABNEBBWD GD NDPENCAID GESC>CAJE=K
TUCB "<& ‘%,xR 6&") w+;;;;|,.0u+ 6KMEG
6KMEGD BEAI@IEJDR JK=BBC 2$) x 1"’ e -v|5 6E=I w+
6KMEGDB H=>= S>CEDB LEG>YMKEJDB 6>CEDB LEG>YMKEJDB .$<"# 2$) x
;;;wv+
6KMEGD JDAJCAI>=GD H=>= BEBICN=B GC =>>CSCJENCAID
= ?=BC GC NDADCIEKCAD FKEJDK C MN H=JDIC EAE?EGD>
<>DICID> C =AIEJDAFCK=AIC H=>= 1EBICN= GC =>>CSCJE, .$<"# !DDK=AI $")
(
GC JD>>DBWD GC D>EFCN D>F\AEJ= , $") g$>F=AEJ
BEBICN= GC =>>CSCJENCAID NCAID g§h ;| g§§h
=AG "JEG )CJADKDFth+ 6&") .1+w||5z , <=>IC b 6&")
w+;;;z5,z
%QOMEGD GDB K=P=GD>CB GD H=>=, 1EBICN=B KENH=GD>9 .$<"# !KC=AC> u|1
fiKJDDEB C ICABED=IEPDB+
?>EB= C PEG>D I>=BCE>D K=P=GD> GD H=>=,?>EB= g§§§h

3"#%
g§h "3&1$* AWD >CHD> ACN NEBIM>=> JDN DMI>DB KQOMEGDB JDN J=>=JIC>QBIEJ=B GESC>CAICB G=B GCBJ>EI=B+
g§§h (WD @ ACJCBBY>E= = GEKMETWD GD H>DGMID .$<"# !DDK=AI $") ;|+
g§§§h <=>= S=JEKEI=> = KENHCV= GD PEG>D GD H=>=,?>EB= C GD PEG>D I>=BCE>DR >CJDNCAG=,BC =GEJEDA=> D H>DGMID .$<"#
!KC=AC> u|1 =D KQOMEGD GD >CBC>P=I^>ED GD KENH=GD> GDB PEG>DBR A= BCFMEAIC H>DHD>TWD* -|« GC .$<"# !KC=AC> u|1
⁄ w|« GC YFM= HDIYPCK+
$ MBD GC H>DGMIDB OMC AWD =ICAG=N [B CBHCJESEJ=TUCB EASD>N=G=B HDGC>Y J=MB=> G=ADB C9DM H>C_MGEJ=> D
SMAJEDA=NCAID GD PCQJMKD+

    6
3CKDJEG=GCB NYiEN=B =GNEBBQPCEBR JDN N@GE= J=>F= C CBI>=G= HK=A= gaN9Lh+

!0-#4 05,"0 =b?


!L "[ )[["#3

!%"# #% !%"# #% !%"# #%

-;zR; -;5Ru -;-R| -;zRz -;-R| -;zRz

g§h 3=KD>CB EAGEJ=IEPDB+

3"#&
^ = 4* $0 $#)% )0?
 !  
  
 
’BIC H>DGMID CBIY LDNDKDF=GD HCK=
"(")’% g"FZAJE= (=JEDA=K GC )C,
KCJDNMAEJ=TUCBh GC =JD>GD JDN DB
H>DJCGENCAIDB >CFMK=NCAI=GDB HCK=
#CBDKMTWD zxz9z|||R C =ICAGC =DB   2 =00."%"1)?
>COMEBEIDB I@JAEJDB =HKEJ=GDB+


’BIC COMEH=NCAID AWD ICN GE>CEID
[ H>DICTWD JDAI>= EAIC>SC>ZAJE= H>C_M,
GEJE=K C AWD HDGC J=MB=> EAIC>SC>ZA,
JE= CN BEBICN=B GCPEG=NCAIC =MID>E,
V=GDB+  

" BCOMZAJE= AMN@>EJ= ENH>CBB=


=JEN= GD J^GEFD GC ?=>>=B EGCAIESEJ=
D AkNC>D GC LDNDKDF=TWD GD
JDAI>DKC >CNDID C GD ENND?EKEVC>
_MAID [ "(")’%+ (
$ J^GEFD GC ?=>>=B C DB =KF=>EBNDB
KDJ=KEV=GDB =?=EiD G= EN=FCN G=B
?=>>=B JDAIZN G=GDB GD SD>ACJCGD>
GD COMEH=NCAID+

3"#’
   4 "NHKE=TWD GD !=>>DJC>E= + + + + + + + + + + + + ‘,55
HD>I=,N=K=B + + + + + + + + + + + + b,5; !CAI>=EB CKCI>jAEJ=B + + + + + + ‘,-;
  "HDE=,J=?CT=B + + + + + + + + + b,-5 !CAI>=K AD HDKD HDBEIEPD G=
"OMCJENCAID C ?=IC>E= + + + + + + + + + + + + + + + 6,-5
PCAIEK=TWD + + + + + + + + + + + + b,z; !L=PC JDN JDAI>DKC
" EABI=K=TWD GC MN
&BDSEi + + + + + + + + + + + + + + + + 2,-; ">,JDAGEJEDA=GD + + + + + + + + b,zv >CNDID + + + + + + + + + + + + + + + + b,-
"?=BICJENCAID GD PCQJMKD + + + ’,~ ">,JDAGEJEDA=GD , N=AMICA, !L=PC NCJ\AEJ= + + + + + + + + + b,-
TWD + + + + + + + + + + + + + + + + + ‘,-w !L=PCB GEBI>E?MQG=B JDN D
"?C>IM>= GC CNC>FZAJE= G=
I=NH= GD HD>I=,N=K=B + + + + + b,5; ">>CSCJENCAID + + + + + + + + + + + l,x PCQJMKD + + + + + + + + + + + + + + + b,-
"b1 g"AIE,KDJa b>=aEAF 1tB, "BBEBIZAJE= [ N=>JL= = !EAIDB GC BCFM>=AT= I>=BCE,
ICNh + + + + + + + + + + + + + + + + + + 2,- >@ + + + + + + + + + + + + + + + + + + b,zz >DB + + + + + + + + + + + + + + + + + + 2,;
"GCOM=TWD GD GEBHDBEIEPD GC "IEP=TWD GD =K=>NC + + + + + + + b,v !KEN=IEV=TWD + + + + + + + + + + + b,zx
>CICATWD EAS=AIEK + + + + + + + + 2,-5 "P=>E= GD BEBICN= GC GE=F, !DND =OMCJC> D NDID> GCHDEB
"GPC>IZAJE=B , A^BIEJD GC ?D>GD9JDAI>DKC GD G= H=>IEG= + + + + + + + + + + + + + + ’,z
%MVCB,CBHE= + + + + + + + + + + + + !,-| NDID> + + + + + + + + + + + + + + + !,-v !DND N=AIC> DB JEAIDB GC
"GPC>IZAJE=B FC>=EB H=>= = MIE, BCFM>=AT= BCNH>C CSEJECA,
KEV=TWD GDB JEAIDB GC BCFM,  ICB + + + + + + + + + + + + + + + + + + + 2,v
>=AT= + + + + + + + + + + + + + + + + + 2,u b=K=AJC=NCAID G=B !DND MIEKEV=> DB JEAIDB GC
"E>?=FB S>DAI=EB + + + + + + + + + 2,-~ >DG=B + + + + + + + + + + + + + + + + ‘,5- BCFM>=AT= + + + + + + + + + + + + + + 2,5
"_MBIC GD >CK^FED + + + + + + + + + !,u b=AJDB + + + + + + + + + + + + + + + b,-- !DNH=>IENCAID GD NDID> + + + ‘,u
"K=>NC + + + + + + + + + + + + + + + + b,v b=IC>E= + + + + + + + + + + + + + + + ‘,-x !DNMI=GD> GC EFAETWD + + + + + b,;
"KC>I= GC AWD =SEPCK=NCAID GD !DA_MAID G= KMV EAIC>A= + + + b,-wR
JEAID GC BCFM>=AT= gBC COME, 6,v
!DABC>P=TWD G= J=>>DJC,
H=GDh + + + + + + + + + + + + + + + + + 2,~
!=H=JEG=GCB + + + + + + + + + + + l,-- >E= + + + + + + + + + + + + + + + + + + ‘,55
"KENCAI=TWD9EFAETWD + + + + + + l,5
!=Hj GD NDID> + + + + + + + + + b,55
"KEAL=NCAID G= GE>CTWD + + + ‘,5z

4"#
!DABMND GC ^KCD GD ND, 2EBHDBEIEPD GC BCFM>=AT= H=>= ’iIEAID> GC EAJZAGED + + + + + + 6,z;
ID> + + + + + + + + + + + + + + + + + + l,-z J>E=AT=B + + + + + + + + + + + + + + b,--
!DAI=,FE>DB + + + + + + + + + + + + + !,x 2EBHDBEIEPDB H=>= >CGMVE> =B 
CNEBBUCB + + + + + + + + + + + + + b,x|
6=>^EB =KIDB + + + + + + + + + + + + b,-v
 2EBI>E?METWD GD => AD EAIC>ED>
GD PCQJMKD + + + + + + + + + + + + b,zx 6=>^EB ?=EiDB + + + + + + + + + + + b,-v
2=GDB H=>= = 6=>^EB GC AC?KEA= + + + + + + + + b,-~
EGCAIESEJ=TWD + + + + + + + + + + + + l,- 2MHKEJ=TWD G=B JL=PCB + + + + + b,;
2M>=?EKEG=GC GDB HACMB + + + ‘,5| 6=>DK + + + + + + + + + + + + + + + + + 6,x
2CB=IEP=TWD GD =K=>NC + + + + + b,~ 6C>>=NCAI=BR N=J=JD C >DG=
2CBJDAFCK=NCAID GD K=GD BD?>CBB=KCAIC + + + + + + + + + + 6,-;
CiIC>AD GD H=>=,?>EB= + + + + + b,zw 
6E=I !DGC 1tBICN + + + + + + + + + b,u
2CBCN?=T=NCAID GD K=GD ’JDADNE= GC 6EKI>D GC => + + + + + + + + ‘,-5R ‘,-~
EAIC>AD GD H=>=,?>EB= , JDN JDN?MBIQPCK + + + + + + + + + + + ’,-~
=OMCJENCAID + + + + + + + + + + + b,zw 6EKI>D GC JDN?MBIQPCK + + + + + ‘,-w
’AI>=G= =MiEKE=> GC
2CBCN?=T=NCAID GD K=GD YMGED + + + + + + + + + + + + + + + + b,5~ 6EKI>D GD
EAIC>AD GD H=>=,?>EB= , JDN =>,JDAGEJEDA=GD + + + + + + + + ‘,-5
’AI>=G= /1b + + + + + + + + + + + b,5~
=>,JDAGEJEDA=GD + + + + + + + + b,zw 6EKI>D GD ^KCD GD NDID> + + + + ‘,-~
’OMEH=NCAIDB EAIC>ADB + + + + b,5v
2CBCN?=T=NCAID 6KMEGD GDB S>CEDB + + + + + + + + ‘,-z
’BFMEJLDB + + + + + + + + + + + + + b,zx
CK@I>EJD + + + + + + + + + + + + + + b,5| 6KMEGD H=>= = GE>CTWD LEG>YM,
’BHCKLD >CI>DPEBD> KEJ= + + + + + + + + + + + + + + + + + ‘,-|
2CBIEA=TWD GC ?=IC>E=B + + + + b,x- EAIC>AD + + + + + + + + + + + + + + + b,-x
2EJ=B GC GE>CTWD + + + + + + + + ’,-~ 6KMEGDB FCAMQADB C KM?>ESEJ=A,
’BHCKLDB + + + + + + + + + + + + + + b,-x ICB + + + + + + + + + + + + + + + + + + l,-5
2ESMBD>CB D>ECAIYPCEB C >CFMKY, ’BHCKLDB >CI>DPEBD>CB CiIC>,
PCEB + + + + + + + + + + + + + + + + + b,zx 6>CED GC CBI=JEDA=,
ADB + + + + + + + + + + + + + + + + + b,-; NCAID + + + + + + + + + + + + + + ’,5†x
2ENCABUCB + + + + + + + + + + + + + l,~ ’BIEKD GC JDAGMTWD + + + + + + + ’,-w
2E>CTWD + + + + + + + + + + + + + + b,-xR 6>CEDB + + + + + + + + + + + + + + + + l,x
’IEOMCI=B GC EGCAIESEJ=TWD GD
l,u PCQJMKD + + + + + + + + + + + + + + + l,- )
2EBHK=t CKCI>jAEJD + + + + + + + + !,;
’iJKMBWD GD =K=>NC + + + + + + + b,w
4"$
6MATWD r’BI=JEDA=NCAIDq &ASD>N=TUCB AD GEBHK=t + + + + + !,u %ENHCV= GDB ?=AJDB C G=B
GD CBHCKLD >CI>DPEBD> Ci, &ASD>N=TUCB H>CBCAICB A= ICK= H=>ICB GC ICJEGD + + + + + + + + ‘,5v
IC>ADR K=GD GD H=BB=FCE>D g)EKI H=G>WD + + + + + + + + + + + + + + + + !,; %QOMEGD GD BEBICN= GC =>>CSCJE,
2DcAh + + + + + + + + + + + + + + + b,-u &ABI=K=TWD GD F=AJLD GC >C?D, NCAID GD NDID> + + + + + + + + + + ‘,w
6MATWD %=AC !L=AFC + + + + + b,-~ OMC H=>= =I>CK=GDB + + + + + + + ’,-5 %QOMEGD GDB K=P=GD>CB GD
6MAJEDA=NCAID GD 6E=I &ABI>MNCAIDB GC ?D>GD + + + + + !,5 PEG>D I>=BCE>D C GD H=>=,
!DGC + + + + + + + + + + + + + + + + + b,u &AIC>ED> GD PCQJMKD + + + + + + + ‘,5u ?>EB= + + + + + + + + + + + + + + + + ‘,-|
6MBQPCEB + + + + + + + + + + + + + + + 6,~ &AIC>PCATWD GD =K=>NC + + + + + b,v %DAF= EA=IEPEG=GC GD PCQ,
6MBQPCEB A= JCAI>=K + + + + + + + 6,-| JMKD + + + + + + + + + + + + + + + + + ‘,5z
%M?>ESEJ=TWD + + + + + + + + + + + + l,x

 %MV GC HK=J= + + + + + + + + + + + + 6,u
%=NHC_DB + + + + + + + + + + + + + b,-v %MVCB GC =GPC>IZAJE= C NCA,
‘=>=AIE= GD CiIC>ED> GD PCQ, %=AIC>A=B I>=BCE>=B + + + + + + + + 6,u
JMKD C G= H=>IC EASC>ED> G= B=FCAB + + + + + + + + + + + + + + + !,-|
J=>>DJC>E= + + + + + + + + + + + + + ‘,55 %=P=GD> GD H=>=,?>EB= + + + + + b,z- %MVCB GC GE>CTWD gBCI=Bh + + + b,-~
‘=BCB GC GCBJ=>F= + + + + + + + ’,z- %CP=AI=GD>CB GDB PEG>DB G=B %MVCB GC CNC>FZAJE= + + + + + b,-w
HD>I=B + + + + + + + + + + + + + + + b,5- %MVCB GC HDBETWD + + + + + + + + b,-v
%CP=AI=AGD D PCQJMKD + + + + + ‘,zx %MVCB GC HDBETWD

%ENEI=GD>CB GC J=>F= + + + + + 2,-| GE=AICE>=B + + + + + + + + + + + + + + 6,x
&AGEJ=TUCB FC>=EB H=>= BM?BIEIME,
%ENH=GD> GD H=>=,?>EB= + + + + b,z- %MVCB GDB S=>^EB GC
TWD GC K\NH=G=B + + + + + + + + + 6,-
%ENH=GD> C K=P=GD> GD PEG>D AC?KEA= + + + + + + + + + + + + + + + 6,;
&AGEJ=GD> GC ICNHC>=IM>= GD
I>=BCE>D + + + + + + + + + + + + + + b,zz %MVCB CiIC>A=B + + + + + + + + + + b,-v
KQOMEGD GC =>>CSCJENCAID GD
NDID> + + + + + + + + + + + + + + + + !,5 %ENH=GD> EAICKEFCAIC GD PEG>D %MVCB EAIC>A=B + + + + + + + + + + b,-w
I>=BCE>D + + + + + + + + + + + + + + b,zz
&AGEJ=GD> GD AQPCK GC JDN?MB,
IQPCK + + + + + + + + + + + + + + + + + + !,x %ENH=GD>CB C K=P=GD>CB
GD H=>=,?>EB= C PEG>D
&AGEJ=GD>CB GC GE>CTWD GE=AICE,
I>=BCE>D + + + + + + + + + + + + + + b,z-
>DB gBCI=Bh + + + + + + + + + + + + + + 6,;

4"%
 <=>IEG= JDN ?=IC>E= =MiE, <>DICTWD JDAI>= DB =FCAICB
KE=> + + + + + + + + + + + + + + + + + 6,z- =INDBS@>EJDB + + + + + + + + + + + ‘,55
.=AMICATWD
H>DF>=N=G= + + + + + + + + + + + + !,vR <=>IEG= JDN N=AD?>=B GC <>DICTWD GD NCED =N?E,
‘,- EA@>JE= + + + + + + + + + + + + + + + 6,z5 CAIC + + + + + + + + + + + + + + + + + b,x|
.DID>  CBHCJESEJ=TUCB + + + + l,z <=>IEG= JDN D NDID> <>DICTWD PDKMN@I>EJ= + + + + + + b,~
OMCAIC + + + + + + + + + + + + + + + + ’,z
 <=>IEG= GC CNC>FZAJE= + + + + 6,z| 
<=>IEG= GD NDID> + + + + + + + + + ’,- #=GEDS>COMZAJE=* LDNDKDF=,
(kNC>D GD JL=BBE + + + + + + + + l,-
<CBDB C J=>F=B + + + + + + + + + + + l,w TUCB KCF=EB + + + + + + + + + + + + l,-;
<ACMB + + + + + + + + + + + + + + + ‘,zx #C?DJ=AGD D PCQJMKD CN

<ACMB ADPDB , EASD>N=TUCB BEIM=TUCB GC CNC>FZAJE= + + + 6,z;
$?BC>P=TUCB FC>=EB BD?>C D FC>=EB + + + + + + + + + + + + + + + + ‘,zx #C?DOMC H=>= =I>CK=GDB + + + ’,-5
F=AJLD GC >C?DOMC + + + + + + ’,-v
<D>I=,JDHDB + + + + + + + + + + + b,5~ #CJ=>>CF=AGD = ?=IC>E= + + + + ‘,-u
<D>I=,KMP=B + + + + + + + + + + + + b,5v #CJDNCAG=TUCB H=>= GCBKEF=> D
3 <D>I=,N=K=B + + + + + + + + + + + + b,5x NDID> + + + + + + + + + + + + + + + + ’,5
nKCD GD NDID> +++++ ‘,~R ‘,-v <D>I=,D?_CIDB + + + + + + + + + + + b,5w #CFMK=FCN GD S=JLD KMNE,
<D>I=B + + + + + + + + + + + + + + + + b,w ADBD + + + + + + + + + + + + + + + + + 6,x
 <DBETWD GDB SMBQPCEB + + + + + + + 6,~ #CFMK=FCN GD PDK=AIC + + + + b,-x
<=EACK GC EABI>MNCAIDB , JDN, <>CBBWD GDB HACMB + + + + + + + ‘,zu #CFMK=FCN CN =KIM>= GDB JEA,
HDACAICB + + + + + + + + + + + + + + !,- IDB GE=AICE>DB + + + + + + + + + + + 2,x
<>CBBWD GDB HACMB + + + + + + + + l,v
<=KLCI=B + + + + + + + + + + + + + + b,z5 #CNDTWD G= JD?C>IM>= GD
<>@,ICABEDA=GD>CB + + + + + + + + 2,~
<=>=SMBDB G=B >DG=B + + + + + + ‘,5| HD>I=,N=K=B + + + + + + + + + + + + b,5u
<>DJCGENCAIDB GC N=AMICA,
<=>=,B^EB + + + + + + + + + + + + + b,5w #CHCIEGD>CB K=IC>=EB + + + + + + + 6,;
TWD + + + + + + + + + + + + + + + + + ‘,-v
<=>ICB GC HKYBIEJD #CBC>P=I^>ED GC ‘=BDKEA= H=>=
<>DICTWD =AIECKCP=TWD + + + + + b,~
EAIC>A=B + + + + + + + + + + + + + + ‘,5v H=>IEG= = S>ED + + + + + + + + + + + ‘,-- )
#DG=B C HACMB + + + + + + + + + + l,u

4"&
#DGQVED GC >DG=B + + + + + + + + ‘,5- 1EBICN= 6DKKDc NC )C>JCE>= KMV GC S>CED g?>=aC
LDNC + + + + + + + + + + + + + + + + b,-~ KEFLIh + + + + + + + + + + + + + + + + + 6,v
 1EBICN= $b2 + + + + + + + + + + !,-v )EHDB GC K\NH=G=B + + + + + + + + 6,z
1C =H=F=> MN= KMV CiIC>A= DM 1EBICN= 1b# g1C=I bCKI #CNEA, )DN=G= GC JD>>CAIC + + + + + + b,5v
EAIC>A= + + + + + + + + + + + + + + + + 6,- GC>h + + + + + + + + + + + + + + + + + + 2,~ )>=ABNEBBWD + + + + + + + + + + + + l,x
1CABD>CB GC CBI=JEDA=, 1EBICN=B GC H>DICTWD GD =N, )>=ABNEBBWD N=AM=K + + + + + + + ’,x
NCAID + + + + + + + + + + + + + + + + ’,u ?ECAIC + + + + + + + + + + + + + + + b,x| )>=ABHD>IC GC =AEN=EB + + + + ’,z|
1C>PETDB A= JDAJCBBEDAY, 1DKEJEI=TWD GC JDAI>DKCB >CND, )>=ABHD>IC GC J>E=AT=B CN
>E= + + + + + + + + + + + + + + + + + + + ‘,- IDB =GEJEDA=EB + + + + + + + + + + + b,x BCFM>=AT= + + + + + + + + + + + + + 2,-|
1EA=KEV=TWD GC ICAI=IEP=B GC 1M?BIEIMETWD G= ?=IC>E= )>=ABHD>IC GC
EAP=BWD + + + + + + + + + + + + + + + b,w G= JL=PC JDN JDAI>DKC H=BB=FCE>DB + + + + + + + + + + + + ’,z|
>CNDID + + + + + + + + + + + + + + + + b,x
1EBICN= GC =>>CSCJENCAID , )>=P=NCAID GC CNC>FZA,
N=AMICATWD + + + + + + + + + + + ‘,z- 1M?BIEIMETWD G= I=NH= GD JDA, JE= G=B HD>I=B g=KFMN=B PC>,
I>DKC >CNDID + + + + + + + + + + + + b,x BUCBh + + + + + + + + + + + + + + + + b,-|
1EBICN= GC JEAIDB GC BCFM,
>=AT= + + + + + + + + + + + + + + + + + 2,5 1M?BIEIMETWD GC SMBQPCEB + + + + + 6,~ )>=P=NCAID CK@I>EJD + + + + + + b,-|
1EBICN= GC JD>IC GC JDN?MBIQ, 1M?BIEIMETWD GC K\NH=G=B + + + 6,- )>EH JDNHMIC> + + + + + + + + + + + !,~
PCK + + + + + + + + + + + + + + + + + 6,z5 1M?BIEIME> = >DG= + + + + + + + + 6,-u )>DJ= GC HACMB + + + + + + + + + 6,-x
1EBICN= GC GE=FA^BIEJD GC 1MHC>=OMCJENCAID GD ND,
?D>GD + + + + + + + + + + + + + + + !,-v ID> + + + + + + + + + + + + + + + + + + 6,zx

1EBICN= GC CBJ=H=NCAID , 1MBHCABUCB + + + + + + + + + + + + + l,;
N=AMICATWD + + + + + + + + + + + ‘,z| /BD GC N=IC>E=EB AWD ADJEPDB
=D NCED =N?ECAIC + + + + + + + b,x|
1EBICN= GC S>CA=FCN , N=AM, 
ICATWD C JMEG=GDB + + + + + + + ‘,z5 /BD GD J\N?ED + + + + + + + + + + ’,x
)=NH= GD >CBC>P=I^>ED GC /IEKEV=TWD BCPC>= GD PCQ,
1EBICN= SKCi gJDN?MBIQPCK JDN?MBIQPCK + + + + + + + + + + + ’,--
CI=ADK C9DM F=BDKEA=h + + + + + ’,-z JMKD + + + + + + + + + + + + + + + + + + ‘,;
)=HCICB C H=>ICB GC ?D>>=,
JL= + + + + + + + + + + + + + + + + + ‘,5v

4"’

3CK=B + + + + + + + + + + + + + + + + + l,5
3CKDJEG=GC NYiEN= + + + + + + l,-x
3CKDJQNCI>D + + + + + + + + + + + + !,5
3CAIEK=TWD + + + + + + + + + + + + b,z;
3C>ESEJ=TWD GDB AQPCEB + + + + + + ‘,u
3C>ESEJ=TUCB HC>E^GEJ=B + + + + + ‘,;
3DKMNC GD HD>I=,N=K=B + + + + + l,w

4"(
Se ocorrer a troca de propriedade do veículo, é indispensável que o novo proprietário tenha conhecimento das
modalidades de utilização e das advertências descritas nesta publicação, e que lhe seja entregue o presente manual
de uso e manutenção.
Se você deseja entrar em contato conosco, de qualquer parte do Brasil, ligue para:

ASSISTÊNCIA 24H CONFIAT CENTRAL DE SERVIÇO AO CLIENTE

0800 707 1000 0800 707 1000

31 2123 6000

FCA FIAT CHRYSLER AUTOMÓVEIS BRASIL LTDA. / Assistência Técnica


Avenida Contorno, 3455 - Bairro Paulo Camilo - Betim - MG - CEP 32669-900
Internet: http://www.fiat.com.br

Este veículo está em conformidade com o PROCONVE – Programa de Controle de Poluição do Ar por Veículos Automotores.

Produzido pela Star Comunicação e Serviços Ltda.


MOBI - MANUAL DE USO E MANUTENÇÃO - PORTUGUÊS
COPYRIGHT BY FCA FIAT CHRYSLER AUTOMÓVEIS BRASIL LTDA. - PRINTED IN BRAZIL
As informações contidas neste manual correspondem às características do veículo na data de sua publicação. A fabricante, porém, poderá alterar
as características do veículo, em razão de modificações de natureza técnica ou comercial, sem prejudicar as características básicas do produto. Este
manual apresenta informações sobre diferentes versões do automóvel. Confira as características específicas do veículo que você adquiriu. Este manual
disponibiliza as informações necessárias para garantir a boa e segura utilização do seu veículo. Orientamos-lhe, ainda, verificar eventuais informações
sobre o veículo, que se encontram disponíveis no site www.fiat.com.br > menu > já tenho um Fiat > manual de seu Fiat. Eventuais dúvidas poderão
ser esclarecidas junto à Rede de Concessionárias Fiat e/ou pela Central de Relacionamento Fiat, através do telefone nº 0800-707-1000.

MOBI - Impresso 60351300 - EDIÇÃO 02 - JAN/2021

Você também pode gostar