Você está na página 1de 366

PT

TO R O
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.


L UB RIF IC AN T ES E FLUI D O S
MO PA R O I L
PRODUTOS HOMOLOGADOS
NOTA: A STELLANTIS, visando sua satisfação e melhora contínua de nossas ofertas, desenvolveu a linha de lubrificantes
e fluidos MOPAR OIL, especialmente para os veículos Fiat.
A utilização dos produtos homologados garante o melhor desempenho de seu veículo, além de serem determinantes
para o correto funcionamento e durabilidade do motor.
Os intervalos de substituição dos lubrificantes e demais fluidos são definidos no Plano de Manutenção Programada,
presente no capítulo MANUTENÇÃO E CUIDADOS COM SEU VEÍCULO.
ATENÇÃO: para as quantidades de cada produto a utilizar no veículo, consultar a tabela de CAPACIDADES presente no
capítulo DADOS TÉCNICOS deste manual. Os nomes comerciais e especificações dos produtos homologados devem ser
consultados na tabela a seguir.
*HYHJ[LYxZ[PJHZX\HSP[H[P]HZKVZSxX\PKVZLS\IYPÄJHU[LZ 7YVK\[VZ
;PWV 3VJHSKLHWSPJHsqV
YLJVTLUKHKVZWHYH\TJVYYL[VM\UJPVUHTLU[VKV]LxJ\SV homologados
3\IYPÄJHU[LWHYH 3\IYPÄJHU[L[V[HSTLU[LZPU[t[PJV>-,8\HSPÄJHsqV .(70:4
*mY[LYKVTV[VY 467(94(?796>:5.-
motores Flex (*,(()"03:(*.-
3\IYPÄJHU[LWHYH 467(94(?796:@5;/,;0*
3\IYPÄJHU[L[V[HSTLU[LZPU[t[PJV:(,>8\HSPÄJHsqV :(*,(* *mY[LYKVTV[VY
TV[VYLZ+PLZLS +0,:,3+7-*>
467(93VUN3PML/`WVPK.LHY6PS
3\IYPÄJHU[L:PU[t[PJV"(70.3":(,>8\HSPÄJHsqV 4A *HP_HTLJoUPJHLKPMLYLUJPHS
>
THYJOHZ!S\IYPÄJHU[L",ZWLJ!(;-(>"8\HSPÄJHsqV (=
THYJOHZ!467(9:70=4(;-
THYJOHZ!S\IYPÄJHU[L",ZWLJ!A-;,43"7L[YVUHZ;\[LSH;YHUZTPZZPVU(:"8\HSPÄ *oTIPVH\[VTm[PJV
THYJOHZ!467(9 :7,,+(;-
JHsqV (=
3\IYPÄJHU[LZLNYH_HZ .YH_HJVTIPZZ\SML[VKLTVSPIKvUPVWHYHLSL]HKHZ[LTWLYH[\YHZKL\[PSPaHsqV Juntas homocinéticas lado
para a transmissão –
*VUZPZ[vUJPH53.08\HSPÄJHsqV  da roda
.YH_HS\IYPÄJHU[LLZWLJxÄJHWHYHQ\U[HZOVTVJPUt[PJHZJVTIHP_VJVLÄJPLU[LKLH[YP[V Juntas homocinéticas lado do

*VUZPZ[vUJPH53.08\HSPÄJHsqV  diferencial

+PMLYLUJPHS[YHZLPYV9+4L
3\IYPÄJHU[LZPU[t[PJVJVTNYHK\HsqV:(,> (70.3 467(9:@5.,(9 (?3,> 
JHP_HKL[YHUZMLYvUJPH7;<

-S\PKVZPU[t[PJVWHYHZPZ[LTHZKLMYLPVZLLTIYLHNLT":(,1"*<5(5*  -YLPVZOPKYm\SPJVZLJVTHUKVZ


Fluido para os freios 467(9+6;:
+6;()"0:6 "-4=::5¢+6;",) ()5;   OPKYm\SPJVZKHLTIYLHNLT
3xX\PKVWHYHZPZ[LTH Fluido concentrado para sistemas de arrefecimento à base de monoetilenoglicol, que
:PZ[LTHKLHYYLMLJPTLU[VKV
de arrefecimento do JVUMLYLWYVWYPLKHKLHU[PJVUNLSHU[LLWHJV[LKLHKP[P]VZHU[PJVYYVZqVKLVYPNLTVYNo 467(9*VVSHU[6(;
TV[VY
motor UPJH¶6(;6YNHUPJHUK(JPK;LJUVSVN`,ZWLJPÄJHsqV-*(4: ¶7HY[L)
+L]LZLY\[PSPaHKVW\YVV\
3xX\PKVKVZSH]HKVYLZ
Álcoois e tensoativos. KPS\xKVUVZZPZ[LTHZSPTWHKVY 467(9*SLHULY:
KVWHYHIYPZH
SH]HKVYKVWHYHIYPZH
(=0:6!UqVYLWVYULTTPZ[\YHYJVTV\[YVZSxX\PKVZJVTJHYHJ[LYxZ[PJHZKPMLYLU[LZKHZKLZJYP[HZ
5qVtULJLZZmYPHHKPS\PsqVKVWYVK\[V467(9*VVSHU[6(;
7HYHMHJPSP[HYHSPTWLaHKV]PKYVKVWHYHIYPZHLKV]PKYV[YHZLPYVYLJVTLUKHZLHKPJPVUHYVWYVK\[V467(9*SLHULY:HVSxX\PKVKVYLZLY]H[}YPVKVSPTWHKVYKVZ]PKYVZUH
ZLN\PU[LWYVWVYsqV! KL467(9*SLHULY:  KLmN\HWV[m]LS
 

1?2?K^9: $ "K2>a?3" @"2 5$2 $:E"Lb>3" 4# P>?5M
12$@?2?#": $:5$ &?94?L @?2? Lb$ @$2#>5>2 ?@2$E>?2 ?: Z4?L>3?3$: 3$:5$ X$WE4L"] D"29$E$93" >9D"2#?;\$:] E"9:$Lb":
$ ?X>:": >#@"25?95$: @?2? :4? 45>L>Y?;<"M
c 2$E"#$93‘X$L L[AL" E"# ?5$9;<" ?95$: 3$ :$ @2$@?2?2 @?2? ? @2>#$>2? X$Y 9? E"934;<"] 3$ #"3" ? D?#>L>?2>Y?2A
:$ E"# ": E"#?93": $# @?25>E4L?2] E"# ": 2$L?5>X": ?": D2$>":] d 3>2$;<" $ ?" Ee#K>"f ?" #$:#" 5$#@"] @"3$2‘
E"#$;?2 ? E"#@2$$93$2 " E"#@"25?#$95" 3" X$WE4L" 9?: X‘2>?: :4@$2DWE>$: 3? $:52?3?M
!" >95$2>"2 3$:5$ 3"E4#$95" $9E"952?2‘ E?2?E5$2W:5>E?:] @?25>E4L?2>3?3$: $ >9D"2#?;\$: $::$9E>?>: @?2? " E4>3?3"]
? ?" L"9a" 3" 5$#@"] ? :$a42?9;? 3$ E"934;<" $ 3$ D49E>"9?#$95" 3" :$4 P=’.M
’@g: 5[AL" E"9:4L5?3"] ?E"9:$Lb?#": ? E"9:$2X?2 " @2$:$95$ &?94?L 9" >95$2>"2 3" X$WE4L"] @?2? D?E>L>5?2 ? :4?
E"9:4L5? $ @?2? Z4$ $:5$_? ? K"23" 3" #$:#" $# E?:" 3$ X$93?M
!" #?94?L 3$ S?2?95>?] D"29$E>3" 9" h>5 3$ K"23" 3" X$WE4L"] $9E"952?2‘ ?>93? ? 3$:E2>;<" 3": ,$2X>;": 3$
’::>:5[9E>? Z4$ ? P=’. "D$2$E$ ?": :$4: 8L>$95$:] " 8$25>D>E?3" 3$ S?2?95>? $ " 3$5?Lb$ 3": 5$2#": $ 3?: E"93>;\$:
@?2? ? #?945$9;<" 3? #$:#?M
C$E"#$93?A:$ 5?#K^# ? L$>542? 3" &?94?L B‘:>E" 3$ ,$a42?9;? 9" .2e9:>5"] Z4$ 52?5? 3$ 5$#?: >#@"25?95$: E"#"
?: 9"2#?: 3$ E>2E4L?;<"] ?: >9D2?;\$: $ @$9?L>3?3$: @2$X>:5?: 9" 8g3>a" 3$ .2e9:>5" B2?:>L$>2"] 3>2$;<" 3$D$9:>X? $
9";\$: 3$ @2>#$>2": :"E"22": $# E?:" 3$ ?E>3$95$] ?L^# 3$ E"9E$>5":] 3$D>9>;\$: $ :>9?L>Y?;<" K‘:>E? 3$ 52e9:>5"M -
&?94?L B‘:>E" 3$ ,$a42?9;? 9" .2e9:>5" $:5‘ 3>:@"9WX$L 9" :>5$ iiiMD>?5ME"#MK2 Aj k‘ 5$9b" 4# P>?5 Aj &?94?L 3$
,$a42?9;? 9" .2e9:>5"M
+:5?#": E$25": Z4$ $:5?: @4KL>E?;\$: >2<" D?Y[AL" $952?2 $# :>95"9>? E"# " :$4 9"X" X$WE4L" $ ?@2$E>?2 ": :$2X>;":
5^E9>E": 3? P=’. Z4$ $:5<" 3>:@"9WX$>: @?2? :4? ?::>:5[9E>?M
B"? L$>542?] $95<"] $ K"? X>?a$#O

!
 !

    "

      #

  $

   %

    ! &

       ’

 " (

 #$" )

)+=.(C’ -BC=S’.UC=’ M M M M M M M M M M M M M M ’AI !
(.=)=Q’/0- *- &’!(’) M M M M M M M M M M M M M ’AG
’*V+C.l!8=’, + !-.’, M M M M M M M M M M M M M M ’AG
,m&B-)-, M M M M M M M M M M M M M M M M M M M M M M ’AJ
&-*=P=8’/n+, -( ’).+C’/n+, *-
V+m8()- M M M M M M M M M M M M M M M M M M M M M M M ’AJ

#
    5"2 L>a? Z4?93" ^ @2$::>"9?3" " K"A

5<" 3" 3>:@":>5>X" 3$ @?25>3?M
  !49E? 45>L>Y?2 K>"3>$:$L @42"
!
pIFFqr "4 ?3>E>"9?2 #?>: K>"3>$:$L  8 .+  ,
,9
/ 
$  % ?" 5?9Z4$] $sE$3$93" ": X?L"2$: @2$A
 +& ;
   &<(
$ X>:5": 9? )$a>:L?;<" P$3$2?L X>a$95$ 8$25>D>E?2A:$ 3$ Z4$ " D2$>" 3$ $:5?A
  #&'( 2$?K?:5$E$2 " d ^@"E? 3? D?K2>E?;<" 3" X$WE4L"M E>"9?#$95" $:5$_? ?E>"9?3"] @":>E>A
X$WE4L" ?@$9?: E"# S?:"L>9? :$# "9?2 ? ?L?X?9E? 3$ Ee#K>" $# @"95"
Eb4#K"] 5>@" 8 "4 $5?9"L $5WL>E" 1?2? #?>"2$: 3$5?Lb$: :"K2$ 45>L>A #"25"] @>:?2 9" @$3?L 3? $#K2$?a$#]
b>32?5?3" E"#K4:5WX$L $# Z4?LZ4$2 Y?;<" 3" E"#K4:5WX$L E"22$5"] X$2 :$# @>:?2 9" ?E$L$2?3"2f $# :$a4>3?]
@2"@"2;<"M ’ ?3>;<" 3$ "452" 5>@" 3$ $:@$E>D>E?;\$: $# oC$?K?:5$E$93" " E"L"E?2 ? Eb?X$ 3$ >a9>;<" $#  $
a?:"L>9? 9" 5?9Z4$] 9<" b"#"L"a?3? X$WE4L"o] 9" E?@W54L" o1?25>3? $ "@$A ?a4?23?2 Z4$ ?: L4Y$:A$:@>?: $ :$ ?@?A
@?2? 4:" ?45"#"5>X"] @"3$ @2"X"E?2 2?;<"o $ $# o)"9a? >9?5>X>3?3$ 3" a4$#M 8"L"E?2 ? Eb?X$ 3$ >a9>;<"
3?9": >22$X$2:WX$>: ?" X$WE4L"M X$WE4L"o] 9" E?@W54L" o&?945$9;<" $ $#  $ :"L5?2 ? Eb?X$ ?::># Z4$
E4>3?3": E"# " :$4 X$WE4L"oM " #"5"2 L>a?2M !?: X$2:\$: $Z4>@?3?:
1?2? #?>"2$: 3$5?Lb$: :"K2$ 45>L>A
E"# Eb?X$ $L$52t9>E? p+95$2A!AS"r]
Y?;<" 3" E"#K4:5WX$L E"22$5"] X$2
" #"5"2 L>a? Z4?93" ^ @2$::>"9?3" "
$:@$E>D>E?;\$: $# oC$?K?:5$E$93" "    K"5<" 3" 3>:@":>5>X" 3$ @?25>3?M
X$WE4L"o] 9" E?@W54L" o1?25>3? $ "@$A
2?;<"oM  8 .+  ,
,9
/ 
+
: , ;
  #&'<(
   &( 2$?K?:5$E$2 " 5?9A  8 .+  ,
,9
/ 
Z4$ 3" X$WE4L" 45>L>Y?93" :"#$95$ 8$25>D>E?2A:$ 3$ Z4$ " D2$>" 3$ $:A +
: , ;
   &<(
 & )* + ,
  , +&  5?E>"9?#$95" $:5$_? ?E>"9?3" $ Z4$
8$25>D>E?2A:$ 3$ Z4$ " D2$>" 3$ $:A
 '- 
  .+ )*
 ,
? ?L?X?9E? 3" Ee#K>" $:5$_? 9? @":>A
5?E>"9?#$95" $:5$_? ?E>"9?3" $ Z4$
  , +&  /  & , -
 ;<"  p+:5?E>"9?#$95"r "4  p1"95"
? ?L?X?9E? 3" Ee#K>" $:5$_? 9? @":>A
0   1 &23 # & 0 % #"25"r] @>:?2 9" @$3?L 3" D2$>"f $#
;<"  p+:5?E>"9?#$95"r "4  p1"95"
1  4 5 ,  -/ ,23  06% :$a4>3?] E"L"E?2 ? Eb?X$ 3$ >a9>;<"
#"25"r] @>:?2 9" @$3?L 3" D2$>"f $#
,+&7 $# ’VV M !?: X$2:\$: $Z4>@?3?: E"#
:$a4>3?] E"L"E?2 ? Eb?X$ 3$ >a9>;<"
Eb?X$ $L$52t9>E? p+95$2A!AS"r] " #"A
$#  M !?: X$2:\$: $Z4>@?3?: E"#
Eb?X$ $L$52t9>E? p+95$2A!AS"r] " #"A
#$!
5"2 L>a? Z4?93" ^ @2$::>"9?3" " K"A > " ?L542? 3" :"L" $ @"2 4# E$952" 3$
5<" 3" 3>:@":>5>X" 3$ @?25>3?M ? a2?X>3?3$ #?>: ?L5" 2$L?5>X?#$95$ ?
#4>5": "452": X$WE4L": @?2? " 52?9:A
,$] ?@g: ? E"#@2? 3" X$WE4L"] 3$A @"25$ 3$ @?::?a$>2":] E?2?E5$2W:5>E?:
 $ :$_?2 >9:5?L?2 ?E$::g2>": Z4$ 9$E$::>A Z4$ @$2#>5$# 3$:$#@$9b": #$Lb"A
 #= 5$# 3$ ?L>#$95?;<" $L^52>E? pE"# " 2$: 94#? ?#@L? a?#? 3$ ?@L>E?;\$:
2>:E" 3$ 3$:E?22$a?2 a2?34?L#$95$ ? 3$ D"2? 3$ $:52?3?M
*42?95$ " D49E>"9?#$95"] " E"9A K?5$2>?r] 3>2>_?A:$ d    , &
X$2:"2 E?5?LW5>E" ?5>9a$ 5$#@$2?542?: #  Z4$ ?X?L>?2‘ ? ?K:"2;<" $L^52>E? !" $95?95"] ?3"5?93" 4# $:5>L" 3$
$L$X?3?:M 1"2 >::"] 9<" $:5?E>"9?2 " 5"5?L $ X$2>D>E?2‘ :$ " :>:5$#? 3" X$WA E"934;<" @$2>a":"] ^ @"::WX$L @$23$2
X$WE4L" $# E>#? 3$ D"Lb?: :$E?: "4 E4L" $:5‘ $# E"93>;\$: 3$ :4:5$95?2 " E"952"L$ 3" X$WE4L"M
"452" #?5$2>?L >9DL?#‘X$L% @$2>a" 3$ ? E?2a? 9$E$::‘2>?M
>9E[93>"M *$X>3" ?" E$952" 3$ a2?X>3?3$
#?>: ?L5"] " X$WE4L" $:5‘ #?>: :4_$>5"
  % 3" Z4$ "452": ? E?@"5?2 E?:" :?>? 3"
   $%  E"952"L$ 3" #"5"2>:5?M
 1"25?95"] $952?2 E"# E?45$L? $#
(#? E"22$5? #?945$9;<" @$2#>5$
- X$WE4L" $:5‘ $Z4>@?3" E"# 4# E"9:$2X?2 >9?L5$2?3": 9" 5$#@" ": E42X?: D$Eb?3?: $ $X>5?2 #?9"K2?:
:>:5$#? Z4$ @$2#>5$ 4# 3>?a9g:5>E" 2$93>#$95": 3" X$WE4L" $ ?: E?2?E5$A K24:E?: "4 "452?: E"93>;\$: 3$
E"95W94" 3": E"#@"9$95$: 2$L?E>"A 2W:5>E?: 3$ :$a42?9;?] 2$:@$>5?93" " E"934;<" 9<" :$a42?: Z4$ @"3$2>?#
9?3": E"# ?: $#>::\$: @?2? a?2?95>2 #$>" ?#K>$95$ $ #?95$93" K?>s": ": @2"X"E?2 ? @$23? 3$ E"952"L$ 3"
4# #$Lb"2 2$:@$>5" @$L" #$>" ?#K>A E4:5": 3$ D49E>"9?#$95"M X$WE4L"M ’ >9"K:$2Xe9E>? 3?: @2$:A
$95$M E2>;\$: @"3$2>? @2"X"E?2 >9E>3$95$:]
E?@"5?#$95" 3" X$WE4L" $ L$:\$: a2?A
0 @ ,  /  , 
  X$: "4 #"25?>:M ’54?2 E"# E?45$L?M
- 2>:E" 3$ E?@"5?#$95" @?2? ": ’ 9<" 45>L>Y?;<" 3": E>95": 3$ :$A
X$WE4L": D"2? 3$ $:52?3? ^ :>a9>D>E?A a42?9;? ^ ? E?4:? @2>9E>@?L 3$ L$:\$:
5>X?#$95$ #?>: $L$X?3" Z4$ ? Z4?LA a2?X$: "4 #"25?>:M +# E?:" 3$ E?@"A
Z4$2 "452" 5>@" 3$ X$WE4L"M +:5$ X$WA 5?#$95"] 4# @?::?a$>2" :$# E>95" 3$
E4L" ^ E?2?E5$2>Y?3" @"2 4#? #?>"2 :$a42?9;? ?@$25?3" 5$# #4>5" #?>:
#$"
@2"K?K>L>3?3$: 3$ :"D2$2 L$:\$: #"2A D?K^5>E" :>54?3" 9" D>9?L 3" @2$:$95$

5?>: 2$L?5>X?#$95$ ? 4# @?::?a$>2" &?94?L 3$ (:" $ &?945$9;<"M
!$:5$ &?94?L 3$ (:" $ &?945$9A
Z4$ " 4:$ E"22$5?#$95$M (:$ :$#@2$
;<" $:5<" 3$:E2>5?: 5"3?: ?: X$2:\$: !
": E>95": 3$ :$a42?9;?M
    3" #"3$L"M 8"95$v3": "@E>"9?>:]
$Z4>@?#$95": 3$3>E?3": ? &$2E?A
     3": $:@$EWD>E": "4 X$2:\$: $:@$EWD>A
)$93" $:5$ &?94?L 3$ (:" $ &?A E?: 9<" :<" >3$95>D>E?3?: E"#" 5?>:
  945$9;<" $9E"952?2‘ 4#? :^2>$ 3$ 9" 5$s5"% ^ 9$E$::‘2>" E"9:>3$2?2
A  ’*V+C.l!8=’, 3$:5>9?3?: ? $X>5?2 ?@$9?: ?: >9D"2#?;\$: 2$L?5>X?: ?"
@2"E$3>#$95": Z4$ @"3$2>?# 3?9>D>A $Z4>@?#$95"] #"5"2>Y?;<" $ X$2:<"
,$#@2$ Z4$ D"2$# D"29$E>3?: >93>A 3" X$WE4L" 3$ :4? @2"@2>$3?3$M +X$9A
E?2 " :$4 X$WE4L"M
E?;\$: 3$ 3>2$;<" 2$L?5>X?: ?" X$WA 54?>: E"95$v3": >952"34Y>3": 342?95$
E4L" p$:Z4$23?u3>2$>5? "4 D2$95$u52‘:r] ’L^# 3>::"] $:5<" @2$:$95$: !-A ? X>3? @2"345>X? 3" #"3$L"] #?: >9A
$:5?: 3$X$# :$2 $95$93>3?: E"#" 2$A .’, Z4$ 3$X$# :$2 L>3?: ?5$95?#$95$ 3$@$93$95$: 3" @$3>3" $s@2$::" 3$
L?5>X?: d @$2E$@;<" 3$ 4# "E4@?95$ @?2? $X>5?2 4#? 45>L>Y?;<" >9?3$A E"95$v3": "@E>"9?>: 9" #"#$95" 3?
:$95?3" 9" L4a?2 3" #"5"2>:5?M 8?A Z4?3? 3": E"#@"9$95$: 3" X$WE4L"] ?Z4>:>;<"] :$2<" >3$95>D>E?3": E"# ?
:": @?25>E4L?2$:] Z4$ :$_?# 4#? $sA Z4$ @"3$2>?# E?4:?2 ?E>3$95$:M >93>E?;<" p:$ $Z4>@?3"rM
E$;<" ? $:5? >93>E?;<"] :$2<" "@"2A
1"2 $:5$ #"5>X"] 2$:@$>5?2 2>a"2"A
549?#$95$ ?::>9?L?3": 9" 5$s5"M
:?#$95$ 5"3?: ?: 2$E"#$93?;\$: 3$ 
’: D>a42?: >93>E?3?: ?" L"9a" 3" ’*V+C.l!8=’ $ !-.’, #$9E>"9?A
&?94?L 5[# 4#? D49;<" >93>E?5>X?% 3?: ?" L"9a" 3" 5$s5"M -: 3?3": E"95>3": 9$:5? @4KL>E?A
>:5" @"3$ :>a9>D>E?2 Z4$ ?La49: 3$A ;<" 3$X$# :$2 $95$93>3": E"#" 3$:A
5?Lb$: 2$@2$:$95?3": 9? >#?a$# 9<" 5>9?3": ? E"934Y>AL" E"22$5?#$95$
 1?2? :$a42?9;? 3?: @$::"?:M
E"22$:@"93?# ?" Z4$ @"3$2‘ $9E"9A 9? 45>L>Y?;<" 3" X$WE4L"M ’ P8’ P=’.
 1?2? >95$a2>3?3$ 3" X$WE4L" 8TCR,)+C ’(.-&UV+=, BC’,=)
52?2 9" :$4 X$WE4L"M
 1?2? @2"5$;<" 3" #$>" ?#K>A ).*’ $:5‘ $#@$9b?3? 94# @2"E$::"
1?2? >3$95>D>E?2 " E?@W54L" $# Z4$ $95$ 3$ ?@$2D$>;"?#$95" E"95W94" 3":
$:5<" E"95>3?: ?: >9D"2#?;\$: @2$A X$WE4L": @2"34Y>3":] 2$:$2X?93"A:$]
5$93>3?:] @"3$ E"9:4L5?2 " W93>E$ ?LA ?::>#] " 3>2$>5" 3$ $D$54?2 #"3>A

#$%
D>E?;\$: 9" #"3$L" 3$:E2>5" @"2 ?  
#"5>X": 3$ 9?542$Y? 5^E9>E? $u"4 
E"#$2E>?LM 1?2? #?>: >9D"2#?;\$:] !
,$] ?@g: ? ?Z4>:>;<" 3" X$WE4L"]
3>2>a>2A:$ d    , & # M
3$:$_?2 >9:5?L?2 ? K"23" ?E$::g2>": 1?2? ?::$a42?2 ? Z4?L>3?3$ $ "
Z4$ 9$E$::>5$# 3$ ?L>#$95?;<" $L^A @$2D$>5" D49E>"9?#$95" 3" X$WE4L"]
52>E? @$2#?9$95$ p?45"22‘3>"] ?95>A 2$E"#$93?#": >9:5?L?2 :"#$95$
! D425" @"2 :?5^L>5$] $5EMr "4 Z4$ ?D$5$# ?E$::g2>": a$94W9":] d 3>:@":>;<" 9?
+# ?La49: E"#@"9$95$: 3" X$WA " K?L?9;" $L^52>E"] 3>2>a>2A:$ d     , & # M
E4L" $:5<" @2$:$95$: $5>Z4$5?: E"L"2>A   , & #  ] Z4$ X$2>D>E?2‘ :$ "
:>:5$#? $L^52>E" 3" X$WE4L" 5$# E?A -K:$2X$ :$#@2$ ?: 2$E"#$93?A
3?:] E4_? :>#K"L"a>? >93>E? @2$E?4A
@?E>3?3$ @?2? :4@"25?2 ? E?2a? :"L>A ;\$: 3$:5$ #?94?LM
;\$: >#@"25?95$: ? "K:$2X?2 9? 45>L>A
Y?;<" 3" @2g@2>" E"#@"9$95$M E>5?3?] "4 :$ ^ 9$E$::‘2>" >95$a2‘AL"
E"# 4#? K?5$2>? 3$ #?>"2 E?@?E>A 
3?3$M
!<" ^ 2$E"#$93?3" ? #"95?a$#
 " #  3$ 2"3?: $ E?L"5?: 3$ 2"3? 9<" a$A
#   94W9?:% @"3$# 2$34Y>2 ? X$95>L?;<"
12$D>2? :$#@2$ ’E$::g2>": S$94WA 3": D2$>": $ @"25?95" ? :4? $D>E>[9E>?
! 9": P>?5M .?95" " X$WE4L" E"#" :$4: $# E"93>;\$: 3$ D2$9?a$9: K24:E?:]
w4?LZ4$2 #"3>D>E?;<" "4 ?L5$2?A $Z4>@?#$95": E"9:"#$# $9$2a>? 3? E"9:5?95$: "4 2$@$5>3?:] E"#" $#
;<" 3" X$WE4L" @"3$ E"#@2"#$5$2 K?5$2>? #$:#" 3$:L>a?3":% ^ " 3$A L"9a?: 3$:E>3?:M 8$25>D>E?2A:$ 5?#A
a2?X$#$95$ ? :$a42?9;? $ @2"X"E?2 9"#>9?3" xE"9:4#" $# :5?93yAKyzM K^# 3$ Z4$ 9?3? p@"2 $sM 5?@$5$:r
?E>3$95$:] E"# 2>:E": ?5^ #$:#" 8"#" ? K?5$2>? @"::4> 4# L>#>5$ #‘A @"::? >95$2D$2>2 9" E42:" 3": @$3?>:M
#"25?>: @?2? ": "E4@?95$:M s>#" 3$ E"9:4#" @?2? a?2?95>2 ?
@?25>3? 3" #"5"2] 3$X$A:$ 3>#$9:>"A
9?2 " E"9:4#" 3": $Z4>@?#$95": 3$
?E"23" E"# $::? #?2a$#M

#$&
   :4L5?95$: 3? >9:5?L?;<" 3$ ?E$::gA

"BC 2>": 9<" D"29$E>3": "4 2$E"#$93?A
- 4:" 3$::$: 3>:@":>5>X": 9" >9A
-: 3>:@":>5>X": $L^52>A 3": @$L? P8’ P=’. 8TCR,)+C ’(A
5$2>"2 3" b?K>5‘E4L" p:$# ?95$9? $sA !
E":u$L$52t9>E": >9:5?L?3": ?@g: ? .-&UV+=, BC’,=) ).*’ $ >9:5?A
L?3": 9? ?4:[9E>? 3$ E"9D"2#>3?3$ 5$29?r @"3$ E?4:?2 3?9": d :?v3$ 3":
?Z4>:>;<" 3" X$WE4L" $ 9" e#K>5" @?::?a$>2": $ D49E>"9?#$95": >22$A
3" :$2X>;" @g:AX$93? 3$X$# 5$2 ? E"# ?: >93>E?;\$: D"29$E>3?:M
a4L?2$: 9": :>:5$#?: $L$52t9>E": Z4$
#?2E? M $Z4>@?# " X$WE4L"] E"#@2"#$5$93"
’ P8’ P=’. 8TCR,)+C ’(.-A   =  ? :$a42?9;? 3" #$:#"M
&UV+=, BC’,=) ).*’ ?45"2>Y? 
,$] 9" >95$2>"2 3" X$WE4L" $u"4
? #"95?a$# 3$ 3>:@":>5>X": -: ?@?2$Lb": 2?3>"52?9:#>::"2$: @2gs>#" 3? Eb?X$ $L$52t9>E?]
2$E$@5"2$:A52?9:#>::"2$: 3$:3$ Z4$ p8B] 2?3>"?#?3"2$: $ :>#>L?2$:r 9<" $:5>X$2$# @2$:$95$: 3>:@":>5>X":
?: >9:5?L?;\$: :$_?# 3$X>3?#$95$ @"3$# :$2 45>L>Y?3": 9" >95$2>"2 3" E"#" E$L4L?2$:] E"#@45?3"2$:
$D$54?3?: 94# E$952" $:@$E>?L>Y?3"] X$WE4L"] ? 9<" :$2 Z4$ :$ 45>L>Y$ @"25‘5$>:] :#?25@b"9$: "4 5?KL$5:]
2$:@$>5?93" ?: >93>E?;\$: 3" D?K2>A 4#? ?95$9? :$@?2?3? #"95?3? @"3$ X$2>D>E?2A:$ 4#? 2$34;<" 3$
E?95$M $s5$29?#$95$M 3$:$#@$9b" 3" :>:5$#? 1?::>X$
’ $D>E>[9E>? 3$ 52?9:#>::<" $ 3$ +952yu{$yL$:: +952yA!AS"M
 2$E$@;<" 3$:5$: ?@?2$Lb": @"3$ D>E?2
’ #"95?a$# 3$ 3>:@":>5>X": Z4$ @2$_43>E?3? @$L" $D$>5" 3$ KL>93?a$#
E"#@"25$# #"3>D>E?;\$: 3?: E?2?EA 3? E?22"E$2>? 3" X$WE4L"M !" Z4$
5$2W:5>E?: 3" X$WE4L" @"3$ 3$5$2#>9?2 E"9E$29$ ?" 4:" 3": E$L4L?2$: pS,&]
>9D2?;\$: 3$ 52e9:>5" $ ? $X$954?L ?94A S1C,] (&.,] ).+r E"# b"#"L"a?A
L?;<" 3? a?2?95>? 2$L?5>X?#$95$ ?": ;<" "D>E>?L] 3$X$# :$2 2>a"2":?#$95$
3?9": E?4:?3": @$L? 2$D$2>3? #"3>D>A 2$:@$>5?3?: ?: >9:524;\$: D"29$E>3?:
E?;<"] 3>2$5? "4 >93>2$5?#$95$M @$L" D?K2>E?95$ 3" E$L4L?2M

’ P8’ P=’. 8TCR,)+C ’(.-A


&UV+=, BC’,=) ).*’ 3$EL>9? Z4?LA
Z4$2 2$:@"9:?K>L>3?3$ @"2 3?9": 2$A

#$’
 $    ! 8)=&’.=Q’/0- M M M M M M M M M M M M M M M M M M BAJ7
.+.- ,-)’C M M M M M M M M M M M M M M M M M M M M BA7I
8"#$;? ?Z4> " E"9b$E>#$95" 3$ :$4 9"X" X$WE4L"M
8’1| *- &-.-C M M M M M M M M M M M M M M M M BA7G
- #?94?L $s@L>E? 3$ D"2#? :>#@L$: $ 3>2$5? E"#" ^
D$>5" $ E"#" D49E>"9? 8-&1’C.=&+!.- *+ 8’CS’, M M M M M M M M M BA7H

1"2 >::"] ^ ?E"9:$Lb‘X$L E"9:4L5‘AL" $:5?93" E"9D"25?A +w(=1’&+!.-, =!.+C!-, M M M M M M M M M M M BA¡I "
X$L#$95$ :$95?3" ? K"23"] 3$ #"3" ? @$2#>5>2 X$2>D>E?2 B’S’S+=C- *+ .+.- p:$ $Z4>@?3"r M M M M M M M BA¡¡
>#$3>?5?#$95$ ?: @?25$: 3$:E2>5?: 9" #?94?LM
1C-.+/0- *- ’&B=+!.+ M M M M M M M M M M M M BA¡}

8T’V+, M M M M M M M M M M M M M M M M M M M M M M M M BAI
8-&(.’*-C *+ =S!=/0- M M M M M M M M M M M BAI6
,=,.+&’ +)+.C|!=8- *+ 1C-.+/0- *-
V+m8()- A P=’. 8-*+ M M M M M M M M M M M M M M BAIJ
,=,.+&’ *+ 1C-.+/0- ’!.=P(C.- M M M M M M BAIJ
1-C.’, M M M M M M M M M M M M M M M M M M M M M M M BAI7
B’!8-, M M M M M M M M M M M M M M M M M M M M M M BA6J
’1-=’A8’B+/’, M M M M M M M M M M M M M M M M M M BA6}
*=C+/0- M M M M M M M M M M M M M M M M M M M M M M BA6N
+,1+)T-, M M M M M M M M M M M M M M M M M M M M M BA6N
)(Q+, +~.+C!’, M M M M M M M M M M M M M M M M M BAG6
)(Q+, =!.+C!’, M M M M M M M M M M M M M M M M M BAG}
)=&1’*-C+, + )’V’*-C+, *-,
V=*C-, M M M M M M M M M M M M M M M M M M M M M M M BAJI

(
$  *$:52?X?#$95" $L^52>E" 3?   
5?#@? 3" 2$:$2X?5g2>" 3$ 
 $   E"#K4:5WX$LM
  .2?X?#$95"u3$:52?X?#$95"
8"# " X$WE4L" :<" $952$a4$: 34?: 3?: @"25?: 3" E"#@?25>#$95"
!
Eb?X$:% 3$ E?2a?:M
=#@?E5": X>"L$95": @"3$# 3?9>D>A
"
 ’E$93>#$95" 3?: L4Y$: >95$2A
9?: $ 3": >93>E?3"2$: 3$ 3>A E?2 ": E"#@"9$95$: $L$52t9>E": E"9A
2$;<"M 5>3": 9? Eb?X$M
 (#? Eb?X$ $ #$Ee9>E? p2$:$2X?r] -K:$2X$ :$#@2$ ?: 2$E"#$93?A
45>L>Y?3? @?2?% ;\$: 3$:5$ #?94?LM
 =a9>;<"M
 1"25?:M ’ Eb?X$ @"::4>%
 .2?X?#$95"u3$:52?X?#$95"
3?: @"25?:M
 .2?X?#$95"u3$:52?X?#$95"
 (#? Eb?X$  E?9>X$5$ E"# E"9A E$952?L>Y?3" 3?: @"25?: 3"
52"L$ 2$#"5"] 45>L>Y?3? @?2?% E"#@?25>#$95" 3$ E?2a?:M
 =a9>;<"M  *$:52?X?#$95" $L^52>E" E$9A
 1"25?:M 52?L>Y?3" 3? 5?#@? 3" 2$:$2A
 .2?X?#$95"u3$:52?X?#$95" X?5g2>" 3$ E"#K4:5WX$LM
3?: @"25?: @"2 #$>" 3"
E"952"L$ 2$#"5"M  +9E?>s$ #$5‘L>E"  Z4$ @"3$ :$2
 C$E"Lb>#$95" ?45"#‘5>E" $#K45>3" 9? $#@49b?342? 3?
3": 2$52"X>:"2$: $s5$29": ?" Eb?X$M
52?X?#$95" 3?: @"25?: p:$  B"5<" $ @?2? ? ?K$2542? 3" $9A
$Z4>@?3"r E?>s$ #$5‘L>E"M

($!
 B"5<" @?2? " 3$:52?X?#$95" ?5^ @$2E$K$2 " 24W3" 3$ 52?X?#$95"M #?9$E$# ?E$:?: 342?95$ 4# 5$#@"
3?: @"25?:M ’@g: " 52?X?#$95"] :"L5?2 " K"5<" $ #‘s>#" 3$ GF :$a493":M
 B"5<" @?2? " 52?X?#$95" 3?: 1?2? ?E>"9?2 " 52?X?#$95" E$952?A
@"25?:M L>Y?3" 3?: @"25?:] ?@$25?2 " K"5<" M
 B"5<" @?2? ?E$93>#$95" 3?: ’: @"25?: :$ 52?X?# $ ? L4Y >95$29? :$
L4Y$: >95$29?: $ 3": >93>E?3"2$: ! ?@?a?M ’: :$5?: $D$54?# 4#? :>9?L>A
3$ 3>2$;<"] 342?95$ 4# 5$#@" ’" @2$::>"9?2 " K"5<" $] @2$:5?2 Y?;<" L4#>9":? :>#@L$:M
#‘s>#" 3$ I}F :$a493":M ? #‘s>#? ?5$9;<" @?2? $X>5?2 Z4$ ? 8?:" ?La4#? @"25? $:5$_? ?K$25? $
+:5? D49;<" ^ v5>L] @"2 $s$#@L"] L>K$2?;<" 3" $9E?>s$ #$5‘L>E" @"::? b"4X$2 ?E>"9?#$95" 9" E"952"L$ 2$A
@?2? >3$95>D>E?2 D?E>L#$95$ " X$WA E?4:?2 L$:\$: "4 3?9":M #"5" @?2? D$Eb?#$95"] :$2<" $#>A
E4L" 9" >95$2>"2 3$ 4# $:5?E>"9?A 5>3": N :>9?>: L4#>9":": $ G :>9?>:
#$95" E"# #4>5": X$WE4L":M - K"5<" $ 3$X$ :$2 @2$::>"9?3" :"A
#$95$ Z4?93" ? Eb?X$ :$ $9E"952?2 ?Ev:5>E":] 3$@$93$93" 3? :$L$;<"
V"L5?93" ? @2$::>"9?2 " K"5<" L"9a$ 3" E"2@"] @?25>E4L?2#$95$ 3": D$>5? 9" #$94M - 52?X?#$95" 3?:
"4] ?" $:a"5?2$# ": I}F :$a49A "Lb": $ 3$ "K_$5": Z4$ @"3$# :$2 @"25?: :$2‘ $D$54?3" #$:#" 9? E"9A
3":] ?@?a?#A:$ ?: L4Y$: >95$29?: 3?9>D>E?3": p2"4@?:] @"2 $s$#@L"rM 3>;<" 3$ @"25?: 3" E"#@?25>#$95" 3$
$ ": >93>E?3"2$: 3$ 3>2$;<"M ,$] !<" 3$>s?2 ? Eb?X$ $# Z4?LZ4$2 L4A E?2a?: ?K$25?:M
?" $:a"5?2$# ": I}F :$a493":] a?2 @?2? $X>5?2 Z4$ ?La4^#] @2>9E>A
D"2 @2$::>"9?3" " K"5<" ?: @?L#$95$ E2>?9;?:] @"::? #?9$_‘AL? $
L4Y$: >95$29?: $ ": >93>E?3"2$: 
@2$::>"9?2 >9X"L495?2>?#$95$ ": K"A
3$ 3>2$;<" @$2#?9$E$2<" ?E$:": - D49E>"9?#$95" 3" E"952"L$
5\$:M
342?95$ GF :$a493":M 2$#"5" 3$@$93$ 3$ X‘2>": D?5"2$:]
E"#" ? $X$954?L >95$2D$2[9E>? 3$
1?2? ?E>"9?2 " 3$:52?X?#$95" E$9A "93?: $L$52"#?a9^5>E?: $#>5>3?: @"2
- $9E?>s$ #$5‘L>E"  3? Eb?X$ 52?L>Y?3" 3?: @"25?: d 3>:5e9E>?] ?@$2A
?E>"9? " E"#45?3"2 3$ >a9>;<" $ ? D"95$: $s5$29?:f " $:5?3" 3$ E?2a? 3?
5?2 " K"5<" M ’: @"25?: :$ 3$:52?A K?5$2>? $ ? @2$:$9;? 3$ "K_$5": #$5‘A
D$Eb?342? 3?: @"25?:M X?#] ?: L4Y$: >95$29?: :$ ?E$93$#] ?: L>E": @2gs>#": 3? Eb?X$ 3" X$WE4L"M
1?2? >952"34Y>2 " $9E?>s$ #$5‘L>E" :$5?: $D$54?# 4#? 34@L? :>9?L>Y?;<" !" $95?95"] ^ @"::WX$L $D$54?2 ? ?K$2A
9? $#@49b?342? 3? Eb?X$] #?95$2 L4#>9":? $ ?: L4Y$: 3$ @":>;<" @$2A 542? #?94?L 3" X$WE4L" 45>L>Y?93" "
?@$25?3" " K"5<" $ $ a>2?2 " $9E?>s$ $9E?>s$ #$5‘L>E" 3? Eb?X$] >952"34A
($"
Y>93" " E"2@" #$5‘L>E" 9? D$Eb?342? 3?: L4Y$: 3$ @":>;<" 342?95$ 4#  0
        
3? @"25? 3" L?3" 3" E"9345"2M 5$#@" #‘s>#" 3$ GF :$a493":M  ,
 
   , 1
’" @2$::>"9?2 $ :"L5?2 " K"5<" 3$ 12$::<" K2$X$ 9" K"5<" % 52?A
 C %  8 3$:52?X?#$95" 9" E"952"L$ 2$#"5" X?#$95" 3?: @"25?:] 3?: @"25?: 3"
,
 
 DE&   %  4#? v9>E? X$Y] b?X$2‘ " 3$:KL"Z4$>" E"#@?25>#$95" 3$ E?2a?: E"# 3$:L>A
3$ 5"3?: ?: @"25?: $ @"25?: 3" E"#A a?#$95" 3? L4Y >95$29? $ :>9?L>Y?;<" "
@?25>#$95" 3$ E?2a?:M L4#>9":? :>#@L$: 3": >93>E?3"2$: 3$
3>2$;<"M
c] 9" $95?95"] @"::WX$L #43?2 ?
3$D>9>;<" @?32<" ?54?93" 9" &$94 1?2? X$WE4L": $Z4>@?3": E"# Eb?A
3>:@L?y "4 9" :>:5$#? (E"99$E5 3$ X$: $L$52t9>E?:] :$ 4#? "4 #?>: @"2A
#"3" Z4$ " :>:5$#? 3$:52?X$ :"A 5?: $:5>X$2$# ?K$25?:] " 52?X?#$95" ^
#$95$ ? @"25? 3" #"5"2>:5? d @2>A $D$54?3"] 3$ Z4?LZ4$2 D"2#?] $ ^ ?:A
#$>2? @2$::<" 3" K"5<" 3$ 3$:52?X?A :>9?L?3" @"2 4#? 2‘@>3? >95$2#>5[9A
#$95" 9" E"952"L$ 2$#"5"] $9Z4?95" E>? 3": >93>E?3"2$: 3$ 3>2$;<"M
3$:52?X?2‘ 5"3?: ?: @"25?: :$ " K"5<"
!?: X$2:\$: $Z4>@?3?: E"# :>:A - 52?X?#$95" 3?: @"25?: ^ 5?#K^#
D"2 @2$::>"9?3" 34?: X$Y$: 9" >95$2A
5$#? o{$yL$:: +95$2A!AS"o] " X$WE4L" @"::WX$L >952"34Y>93" " E"2@" #$5‘A
X?L" 3$ I :$a493"M 1?2? #?>: >9D"2A
$:5‘ $Z4>@?3" E"# 34?: Eb?X$: $L$A L>E" 9? D$Eb?342? 3? @"25? 3" L?3"
#?;\$:] E"9:4L5?2 " @?2‘a2?D" o*>:A
52t9>E?:M 3" E"9345"2M
@L?yo 9" E?@W54L" o8"9b$E>#$95" 3"
@?>9$L 3$ >9:524#$95":oM
 0
       / +      ,
  %
   ,
 
   , 1 - 3$:52?X?#$95" 3?: @"25?: ^ 5?#A
   , 1
K^# @"::WX$L >952"34Y>93" " E"2@"
12$::<" K2$X$ 9" K"5<" % 3$:A 12$::>"9?2 34?: X$Y$:] 2?@>3?A
#$5‘L>E" 9? D$Eb?342? 3? @"25? 3"
52?X?#$95" 3?: @"25?:] 3?: @"25?: #$95$] " K"5<" @?2? b?K>L>5?2
L?3" 3" E"9345"2M
3" E"#@?25>#$95" 3$ E?2a?:] ?E$9A d 3>:5e9E>? " K"5<" 3$ ?K$2542? 3"
3>#$95" 5$#@"2>Y?3" 3? L4Y >95$29? E"#@?25>#$95" 3$ E?2a?:] L"E?L>A
$ 34@L? :>9?L>Y?;<" L4#>9":? 3": >9A Y?3" ?52‘: 3? #?;?9$5? 3$ ?K$2542?
3>E?3"2$: 3$ 3>2$;<" $ ?E$93>#$95" 3" E"#@?25>#$95" 3$ E?2a?:M ’@g:

($%
@2$::>"9?2 $:5$ K"5<"] ? @"25? 3" 3>E?3"2$: 3$ 3>2$;<"M ,$] ?" $:a"A
E"#@?25>#$95" 3$ E?2a?: :$2‘ ?K$25?M 5?2$# ": I}F :$a493":] D"2 @2$::>"A
9?3" K"5<" ] ?: @"25?: :$ 3$:52?A
’ ?K$2542? 3?: @"25?: 3" E"#@?2A
X?#] ?: L4Y$: >95$29?: :$ ?E$93$#] ?:
5>#$95" 3$ E?2a?: ^ ?::>9?L?3? @$L?
:$5?: $D$54?# 4#? 34@L? :>9?L>Y?;<"
>95$2#>5[9E>? 34@L? 3": >93>E?3"2$:
L4#>9":? $ ?: L4Y$: 3$ @":>;<" @$2A
3$ 3>2$;<"M
#?9$E$# ?E$:?: 342?95$ 4# 5$#@"
#‘s>#" 3$ GF :$a493":M

- E"#@?25>#$95" 3$ E?2a?: :"A
#$95$ :$2‘ ?K$25" ?@g: @2$::>"9?2 "
K"5<" 3$ ?K$2542?M

, 
   &+F ;  
  ,G0 ,
,  & 

 ,G0 & H ,<
12$::>"9?2 " K"5<" @?2? E"#?9A
3?2] d 3>:5e9E>?] " ?E$93>#$95" 3?:
L4Y$: >95$29?: $ 3": >93>E?3"2$: 3$
3>2$;<"] 342?95$ 4# 5$#@" #‘s>#"
3$ I}F :$a493":M
+:5? D49;<" ^ v5>L] @"2 $s$#@L"]
@?2? >3$95>D>E?2 D?E>L#$95$ " X$WE4L"
9" >95$2>"2 3$ 4# $:5?E>"9?#$95"
Eb$>" 3$ X$WE4L":M
V"L5?93" ? @2$::>"9?2 " K"5<"
"4] ?" $:a"5?2$# ": I}F :$a493":]
?@?a?#A:$ ?: L4Y$: >95$29?: $ ": >9A
($&
G0  1 23 % #+ 28 ,  
’ :$a4>2] $:5<" 2$:4#>3?: ?: @2>9E>@?>: D49;\$: Z4$ @"3$# :$2 ?5>X?3?: 45>L>Y?93" ? Eb?X$ 3$ >a9>;<"M

/ +    


, 
   &+F
G0  0
      0
        
,
 
   , 1
  "
12$::>"9?2 " K"5<"
@?2? ?E$93>#$95" 3?:
C"5?;<" 3? Eb?X$ $# C"5?;<" 3? Eb?X$ $#
L4Y$: >95$29?: $ 3":
8b?X$ E"# E"952"L$ :$95>3" ?95>Ab"2‘2>" pL?3" :$95>3" b"2‘2>" pL?3" 3"
>93>E?3"2$: 3$ 3>2$;<"
2$#"5" 3" #"5"2>:5?r #"5"2>:5?r
342?95$ 4# 5$#@"
#‘s>#" 3$ I}F :$a493":
12$::<" 9" K"5<" 12$::<" 9" K"5<" 12$::<" 9" K"5<"

12$::>"9?2 " K"5<"


@?2? ?E$93>#$95" 3?:
8b?X$ $L$52t9>E? A X$2:\$:
L4Y$: >95$29?: $ 3":
E"# :>:5$#? {$yL$:: 12$::<" 9" K"5<" 12$::<" 9" K"5<" 12$::<" 9" K"5<"
>93>E?3"2$: 3$ 3>2$;<"
+95$2A!AS"M
342?95$ 4# 5$#@"
#‘s>#" 3$ I}F :$a493":
)?#@$_": 3": >93>E?3"2$:
3$ 3>2$;<" p@?2? Eb?X$ 6 L?#@$_": I L?#@$_" 6 L?#@$_":
E"# E"952"L$ 2$#"5"r

($’
   % G0 & H ,   

1?2? a?2?95>2 ? >a9>;<" 3" #"5"2 $ 8?:" :$_? 9$E$::‘2>" @$3>2 4#?
G0 ,
,  & 
 " E"22$5" D49E>"9?#$95" 3" X$WE4L"] 9"X? Eb?X$ E"# E"952"L$ 2$#"5" "4
^ 9$E$::‘2>" 45>L>Y?2 $sEL4:>X?#$95$ 4#? 9"X? Eb?X$ $L$52t9>E?] 3>2>a>2A:$
 Eb?X$: $L$52t9>E?: 3$X>3?#$95$ E"A d    , & #  L$X?93" E"9A
’ D2$Z4[9E>? 3" E"952"L$ 2$#"5" 3>D>E?3?: @?2? " :>:5$#? $L$52t9>E" :>a" 4# 3"E4#$95" 3$ >3$95>D>E?;<"
@"3$ :"D2$2 >95$2D$2[9E>?: 3$ 52?9:A 3" X$WE4L"M @$::"?L $ " 3"E4#$95" 3" X$WE4L"M
#>::<" $:52?9b?: ?" X$WE4L"] 5?>: ,$ 4#? Eb?X$ $L$52t9>E? 5>X$2 :>3"
E"#" 5$L$D"9$: E$L4L?2$:] 2?3>"?#?A E"3>D>E?3? @?2? 4# X$WE4L"] 9<" $  $
3"2$:] $5EM @"3$ :$2 45>L>Y?3" $# 9$9b4# "452"M    
!$::$ E?:"] " D49E>"9?#$95" 3" 
E"952"L$ 2$#"5" @"3$ :$2 5$#@"2?2>A 1?2? :4K:5>54>2 ? K?5$2>?] @2"E$3$2
?#$95$ >95$22"#@>3"M 3" :$a4>95$ #"3"%
!
- 2$E$@5"2 @"3$ 2$E"9b$E$2 ?5^ 8?3? Eb?X$ D"29$E>3? @"::4> 4#
} E"952"L$: 2$#"5":M ,$] @"2 Z4?LA Eg3>a" @2g@2>"] 3>D$2$95$ 3$ 5"3":
Z4$2 #"5>X"] 9" 3$E"22$2 3? X>3? v5>L ": "452":] Z4$ 3$X$ :$2 @2$X>?#$95$
3" X$WE4L" :$ 5"29?2 9$E$::‘2>" "K5$2 #$#"2>Y?3" @$L? E$952?L $L$52t9>E?
4# 9"X" E"952"L$ 2$#"5"] 3>2>_?A:$ d 3" :>:5$#?M
   , & #  L$X?93" E"9A
:>a" 4# 3"E4#$95" 3$ >3$95>3?3$ -K:$2X$ :$#@2$ ?: 2$E"#$93?A
$ ": 3"E4#$95": 3$ @2"@2>$3?3$ 3" ;\$: 3$:5$ #?94?LM
X$WE4L"M

 ’54?2 9": @"95": >93>E?3": @$A


L?: :$5?: 45>L>Y?93" 4#? Eb?X$ 3$
D$93? ?@2"@2>?3? $ 2$#"X$2 ? E"A
K$2542? >9D$2>"2 M

($)
 ,4K:5>54>2 ? K?5$2>?  @"2 4#? $  $ 
E"# ?: #$:#?: E?2?E5$2W:5>E?:]  C
2$:@$>5?93" ? @"L?2>3?3$M
1?2? :4K:5>54>2 ? K?5$2>?] @2"E$3$2
3" :$a4>95$ #"3"%

"

 +# :$a4>3?] 2$#"95?2 ? 5?#@? 3?


 S>2?2 ? 5?#@? 3? K?5$2>? $ 9" K?5$2>? B $ ? E"K$2542? >9D$2>"2
:$95>3" ?95>Ab"2‘2>" @?2? L>K$2‘A ’] E$25>D>E?93"A:$ 3$ Z4$ ?#K?:
L?M $:5<" E"22$5?#$95$ KL"Z4$?3?:M
 +s52?>2 " E"2@" #$5‘L>E" @2$:$95$
9" >95$2>"2 3? Eb?X$ $L$52t9>E?M
 ’54?93" E"# ?5$9;<"] >952"34A
Y>2 ? @"95? 3" E"2@" #$5‘L>E" 9?
:$3$  3? Eb?X$] 3$ #"3" ? :$A
@?2?2 ?: 34?: @?25$: Z4$ ? E"#A
@\$# p$# ?L5$29?5>X? ?" E"2@"
#$5‘L>E"] ^ @"::WX$L >952"34Y>2 ?
@?25$ @L?9? 3? Eb?X$ 3$ D$93?rM
 C$#"X$2 ? K?5$2>? $
 =9:$2>2 4#? 9"X? K?5$2>?] @2$:A
5?93" ?5$9;<" @?2? 2$:@$>5?2 ?:
@"L?2>3?3$:M

($*
 C$#"95?2 ?: 34?: @?25$: 3? Eb?X$ E"2@" #$5‘L>E"r 9" K"5<" 3" 3>:@":>A :$2>3?] @$2#?9$E$ 52?X?3? 9? 2$:@$EA
$L$52t9>E?] E$25>D>E?93"A:$ 3$ Z4$ 5>X" 3$ @?25>3? $ @2$::>"9?2 " @2g@2>" 5>X? :$3$M
D>E?# E"22$5?#$95$ KL"Z4$?3?:M K"5<" ?52?X^: 3? Eb?X$ $L$52t9>E?M
1?2? 2$5>2?2 #$E?9>E?#$95$ ?
 C$E"L"E?2 " E"2@" #$5‘L>E" 9" Eb?X$] @2"E$3$2 E"#" ? :$a4>2%
>95$2>"2 3? Eb?X$M
   ! 
     1?2?2 " X$WE4L" $# E"93>;\$: 3$
:$a42?9;?] $9a?5?2 4#? #?2Eb?
$ ?E>"9?2 " D2$>" 3$ $:5?E>"9?A
#$95"M
!  (5>L>Y?93" ? Eb?X$  pD"29$E>3?
c ?E"9:$Lb‘X$L #?93?2 $D$54?2 " _495" E"# " X$WE4L"r] 3$:?@$25?2
@2"E$3>#$95" 3$ 2$#"95?a$# _495" ": @?2?D4:": 3$ D>s?;<" $ 3" 2$A
d    , & # M X$:5>#$95" >9D$2>"2 M
8?:" :$ @2$5$93? @2"E$3$2 3$
#"3" ?45t9"#"] @2$:5?2 @?25>E4L?2
?5$9;<" ?" E"22$5" ?E"@L?#$95" 3":
 2$X$:5>#$95": ?52?X^: 3?: 52?X?:
’ "@$2?;<" 3$ :4K:5>54>;<" 3? K?A 3$ $9E?>s$M 8?:" E"952‘2>"] @"3$
5$2>? 3$X$ :$2 $D$54?3? E"# E4>3?3"] X$2>D>E?2A:$ 24W3": 3$X>3" d D>s?;<"
3$ #"3" ? 9<" 3?9>D>E?2 ? Eb?X$ $L$A >9E"22$5? 3" 2$X$:5>#$95" >9D$2>"2
52t9>E?M E"# " :4@$2>"2M

’ Eb?X$ 3$ >a9>;<" p@?2? X$2:\$:



E"# Eb?X$ #$Ee9>E?r :g ^ 2$5>2‘X$L
1?2? 3?2 ? @?25>3? 9" X$WE4L" E"# E"# ? ?L?X?9E? 3$ Ee#K>" 9? @":>A
? K?5$2>? 3? Eb?X$ 3$:E?22$a?3?] ;<"  p+:5?E>"9?#$95"rM
?@">?2 ? $s52$#>3?3$ ?22$3"93?3? 3?
Eb?X$ $L$52t9>E? pL?3" "@":5" ?" 3" ,$ ? K?5$2>? 3" X$WE4L" $:5>X$2 3$:A
E?22$a?3?] ? Eb?X$ 3$ >a9>;<"] :$ >9A
($+
    ;
.+ <
+:5$ :>:5$#? 45>L>Y? ? Eb?X$ E"#
E"952"L$ 2$#"5" p52?9:#>::"2 C{+r 3"
:>:5$#? h$yL$:: +95$2A!AS" @?2? L>a?2
" #"5"2 3$ ?E"23" E"# ? 9$E$::>A "
3?3$ ? @?25>2 3" $s5$2>"2 3" X$WE4L"]
@$2#>5>93" #?95$2 ? :$a42?9;?M -
:>:5$#? 5$# ?LE?9E$ 3$ E$2E? 3$ HF
 C$#"X$2 " 2$X$:5>#$95" >9D$2>"2 #$52":M
 3? E"L49? 3$ 3>2$;<"]
3$:@2$93$93"A" 3? :$3$M 
 8"# 4#? #<"] @4s?2 @?2? K?>s" - X$WE4L" 3$X$ $:5?2 $Z4>@?3"
? L>9a4$5?  $] E"# ? "452?] $sA E"# 52?9:#>::<" ?45"#‘5>E? $ :$2
52?>2 ? Eb?X$] 2$5>2?93"A? @?2? $Z4>@?3" E"# " :>:5$#? 3$ @?25>3?
D"2?M 2$#"5?M +X$954?>: "K:524;\$: $952$ "
X$WE4L" $ ? Eb?X$ @"3$# 2$34Y>2
$::$ >95$2X?L"M
 (#? X$Y $s52?W3? ? Eb?X$] X"L5?2

 +   
    
? #"95?2 " 2$X$:5>#$95" >9D$2>"2


] E$25>D>E?93"A:$ 3" :$4 E"22$5"
52?X?#$95" $ ?@$25?2 ": @?2?D4:": 1?2? D49E>"9?#$95" 3" :>:5$#? 3$
3$ D>s?;<" $M @?25>3? 2$#"5?] ?: :$a4>95$: E"93>A
;\$: 3$X$# :$2 ?5$93>3?:%

 ’L?X?9E? 3$ #43?9;? $# D

($,
 ."3?: ?: @"25?: 3$X$# $:5?2 D$A S?:$: 3$ 3$:E?2a? E"95^# #"9gs>3" ’ #$9:?a$# #?95^#A:$ ?5>X? ?5^
Eb?3?: 3$ E?2K"9" p8-r Z4$ ^ >9E"L"2 $ Z4$ " E"#45?3"2 3$ >a9>;<" :$_?
 )4Y$: 3$ $#$2a[9E>? 3$:L>a?3?: >9"3"2"M - #"9gs>3" 3$ E?2K"9" ^ @":>E>"9?3" $# BM
 8?@t D$Eb?3" X$9$9":" $ @"3$ E?4:?2 L$:\$: a2?X$:
"4 #"25$] Z4?93" >9?L?3"M      
  
 
 P2$>" 3$:?5>X?3" p@$3?L 3$ D2$>"
&?95$9b? ? Eb?X$ L"9a$ 3?: E2>?9A    

9<" @2$::>"9?3"r
 B?5$2>? $# 4# 9WX$L 3$ E?2a? ;?:M -@$2?;\$: 9" :>:5$#? 3$ @?25>3? ’@$25?2 $ :"L5?2 " K"5<" :>:5$#? 3$
?E$>5‘X$L 2$#"5?] _?9$L?:] 52?X?#$95" 3$ @"2A @?25>3? 2$#"5? 9? Eb?X$ E"# E"9A
5?: "4 "452": E"952"L$: @"3$# E?4:?2 52"L$ 2$#"5" 34?: X$Y$: K2$X$#$95$M
 ,>:5$#? 9<"A3$:?K>L>5?3" @?2?
D$2>#$95": a2?X$: "4 #"25$M
@2gs>#? @?25>3? 2$#"5? ’: @"25?: 3" X$WE4L" :$2<" KL"Z4$A
 =93>E?3"2 3$ :>:5$#? 3$ ?L?2#$ ?3?:] ?: :$5?: $D$54?# 4#? 34@L? :>A
 ,&
  
 1   % 9?L>Y?;<" L4#>9":? $ 52[: K2$X$: :>A
3" X$WE4L" @>:E?93"
     &E ; .+ < 9?>: ?Ev:5>E": :$2<" $#>5>3":] ?: L4A
 =a9>;<" 9? @":>;<" -PP @?2? {$yA
L$:: +95$2A!AS" ¢ ’: :$a4>95$: #$9:?a$9: :$2<" $s>A Y$: 3$ $:5?E>"9?#$95" L?#@$_?2<" $
K>3?: 9" 3>:@L?y :$ " :>:5$#? 3$ @?2A ? K4Y>9? $#>5>2‘ 52[: :>9?>: p:$ @2"A
 !WX$L 3$ E"#K4:5WX$L 3" X$WE4L"
5>3? 2$#"5? 9<" D"2 ?E>"9?3" "4 D"2 a2?#?3"rM +# :$a4>3?] " #"5"2 :$2‘
?5$93$ ?": 2$Z4>:>5": #W9>#":
?E>"9?3" @2$#?542?#$95$% ?E>"9?3" $ " X$WE4L" @$2#?9$E$2‘
9" #"3" 3$ @?25>3? 2$#"5? @"2 4#
  ,>:5$#? 3$ @?25>3? 2$#"5? E?9E$A E>EL" 3$ IH #>945":M
8?:" "E"22? ?La4#? E"93>;<" Z4$ L?3"  @"25? ?K$25?
>9>K? ? @?25>3? 2$#"5? 3" #"5"2] :$2‘  ,>:5$#? 3$ @?25>3? 2$#"5? E?9E$A 
$#>5>3" 4# K$$@ E"95W94" 3$ G :$A L?3"  8?@t ?K$25"
,$ 4#? D?Lb? 3$ #"5"2 $:5‘ @2$A
a493":M  ,>:5$#? 3$ @?25>3? 2$#"5? E?9A :$95$ "4 :$ " 9WX$L 3$ E"#K4:5WX$L ^
E$L?3"  !WX$L 3$ E"#K4:5WX$L K?>s"] " X$WE4L" :$2‘ L>a?3" $] $# :$A
K?>s" a4>3?] 3$:L>a?2‘ $# IF :$a493":M

 ,>:5$#? 3$ @?25>3? 2$#"5? 3$D>E>A
!<" 3?2 @?25>3? 9" #"5"2 $# 4#?
$95$  2$>9>E>?2 :>:5$#?
a?2?a$# D$Eb?3? "4 ‘2$? E"9D>9?3?M

($!-
’: L4Y$: 3$ $:5?E>"9?#$95" :$2<"      
     % +# :$a4>3?] @2$::>"9?2 $ :"L5?2
L>a?3?: $ @$2#?9$E$2<" L>a?3?: 34A
 
 , +23  06,+& " K"5<" 3$ 52?X?#$95" 3?: @"25?:
2?95$ " #"3" 3$ @?25>3? 2$#"5?M @?2? 2$?5>X?2 " #"9>5"2?#$95" 3":
12$::>"9$ $ :"L5$ " K"5<" 3" ,=,A
:$9:"2$: 4L52?::t9>E": 3" :>:5$#? 3$
1"2 :$a42?9;?] ": E"#?93": $L^52>A .+&’ *+ 1’C.=*’ C+&-.’
?L?2#$ 3" X$WE4L"M
E": 3$ D$Eb?#$95"u?K$2542? 3$ _?9$A 4#? X$Y "4 3$>s$ " #"5"2 D49E>"A
L?: $ 3" 5$5" :"L?2 p:$ $Z4>@?3"r :$2<" 9?93" 342?95$ 5"3" " E>EL" 3$ IH #>A "
3$:?5>X?3": Z4?93" " X$WE4L" $:5>X$2 945":M 
9" #"3" 3$ @?25>3? 2$#"5?M
1?2? X$WE4L": $Z4>@?3": E"# "
1?2? ?La4#?: X$2:\$:] @?2? $X>5?2      
     % {$yL$:: +95$2A!AS" ¢] ? #$9:?a$#
" 3>:@?2" >9X"L495‘2>" 3" ?L?2#$] "
 ,
 , +23  06,+& oC$#"5$ :5?25 ’5>X"  @2$::>"9$ " K"A
#"9>5"2?#$95" 3": :$9:"2$: 4L52?:A ’95$: 3" D>9?L 3" E>EL" 3$ IH #>94A 5<" ,5?25o :$2‘ $s>K>3? 9" 3>:@L?y ?5^
:t9>E": :$2‘ 3$:?K>L>5?3" Z4?93" " 5":] @2$::>"9$ $ :"L5$ " B"5<" 3$ 3$:A Z4$ X"E[ @2$::>"9$ " K"5<" M
#"3" 3$ @?25>3? 2$#"5? 3" X$WE4L" KL"Z4$>" 3? Eb?X$ @?2? 3$:KL"Z4$?2
D"2 ?E>"9?3"M ?: @"25?: $ 3$:?2#?2 " ?L?2#$ 3$  
     
 ; .+ %
- #"5"2 @"3$ :$2 L>a?3" 34?: X$A :$a42?9;? 3" X$WE4L" p:$ $Z4>@?3"rM <
Y$: E"9:$E45>X?: E"# ? Eb?X$ E"# +# :$a4>3?] ?95$: 3" D># 3" E>EL" 3$
w4?93" " :>:5$#? 3$ @?25>3? 2$A
E"952"L$ 2$#"5"M !" $95?95"] 3$X$A:$ IH #>945":] @2$::>"9$ $ :"L5$ " K"5<"
#"5? $:5>X$2 ?5>X?3"] " X$WE4L" $Z4>A
@2$::>"9?2 " K"5<" ,.’C.u,.-1 34?: BM
@?3" E"# ?2AE"93>E>"9?3" 3>a>5?L
X$Y$: p"4 " >95$224@5"2 3$ >a9>;<" :$2‘ ?45"#?5>E?#$95$ L>a?3"M +::$:
3$X$ :$2 @":>E>"9?3" $# -!uC(! @2"E$3>#$95": >2<" @$2#?9$E$2 34A
?95$: 3$ @"3$2 2$@$5>2 ? :$Z4[9E>? 3$ 2?95$ ? 342?;<" 3" E>EL" "4 ?5^ Z4$ ?
@?25>3? @?2? 4# 5$2E$>2" E>EL"rM ! :$Z4[9E>? 3$ -!uC(! :$_? 2$@$5>3?M
,$#@2$ ?@g: ? 3$:?5>X?;<" 3" :>:A
5$#? 3$ @?25>3? 2$#"5?] @2$::>"9?2 $ 
:"L5?2 " K"5<" 3$ 3$:52?X?#$95" 3?:
@"25?:M +# E?:" 3$ D?Lb? 9" :>:5$#? 3$
@?25>3? 2$#"5?] :$2‘ $#>5>3" 4# K$$@

($!!
E"95W94" 342?95$ 3">: :$a493": $ ?:
L4Y$: 3$ :$5? L?#@$_?2<"M
!
+# E?:" 3$ X>"L?;<" 3" 3>:@":>5>X"
  3? >a9>;<"f @"2 $sM% 4#? 5$95?5>X? 3$
  2"4K"] #?93?2 X$2>D>E?2 " D49E>"9?A
#$95" 9?    , & # 7
A   I
’ Eb?X$ @"3$ a>2?2 @?2? G @":>;\$: -K:$2X$ :$#@2$ ?: 2$E"#$93?A
- E"#45?3"2 3$ >a9>;<" $:5‘ $Z4>A ;\$: 3$:5$ #?94?LM
3>D$2$95$:% @?3" E"# 4# #$E?9>:#" 3$ :$a4A
2?9;? Z4$ "K2>a?] $# E?:" 3$ D?Lb?
 % #"5"2 3$:L>a?3"] ? Eb?X$ 9? @?25>3? 3" #"5"2] ? 2$@"2 ? Eb?X$
@"3$ :$2 2$#"X>3?M ’La49: 3>:A 9? @":>;<"  ?95$: 3$ 2$@$5>2 ?
@":>5>X": $L^52>E": p@"2 $sM% ?4A #?9"K2? 3$ @?25>3?M !
5"22‘3>"] 52?X?#$95" $L^52>E" 3?: ’" :?>2 3" X$WE4L"] L$X?2 :$#@2$
@"25?:] $5EMr @"3$# D49E>"9?2M E"9:>a" ? Eb?X$] @?2? $X>5?2 Z4$ ?LA
 % @":>;<" 3$ #?2Eb?M ."3":  a4^# ?E>"9$ >9X"L495?2>?#$95$ ":
": 3>:@":>5>X": $L^52>E": @"3$# !?: X$2:\$: E"# Ee#K>" ?45"#‘A E"#?93":M
D49E>"9?2M 5>E"] ? Eb?X$ 3$ >a9>;<" :g ^ $s52?WX$L
Z4?93" ? ?L?X?9E? 3$ Ee#K>" $:5>X$2 )$#K2?2A:$ 3$ $9a?5?2 " D2$>" 3$
 % @?25>3? 3" #"5"2M $:5?E>"9?#$95"M !49E? 3$>s?2 E2>A
9? @":>;<"  p+:5?E>"9?#$95"r r $ :$
" @$3?L 3$ D2$>" 9<" $:5>X$2 @2$::>"A ?9;?: :"Y>9b?: 9" X$WE4L"M
9?3"M

($!"
A   C%  % p-DDr #"5"2 3$:L>a?3"] KL"A
Z4$>" 3? 3>2$;<"M ’La49: 3>:@"A 
 %  
 DE&   %% 
:>5>X": $L^52>E": p@"2 $sM] D$Eb?A 8"# " #"5"2 L>a?3"] ^ @"::WX$L
#$95" E$952?L>Y?3" 3?: @"25?:] ?K?93"9?2 " X$WE4L" L$X?93" E"9A
?L?2#$] $5EMr $:5<"] E"9543"] 3>:A :>a" ? Eb?X$ $L$52t9>E?] ?::># " #"A
@"9WX$>:M 5"2 E"95>94?2‘ L>a?3"M - X$WE4L" ?:A
:>9?L?2‘ ? ?4:[9E>? 3? Eb?X$ 9" b?A "
 % p’88r @":>;<" 3$ #?2Eb?M
."3": ": 3>:@":>5>X": $L^52>E": $:A K>5‘E4L" 3$@">: 3$ D$Eb?3? ? @"25?M
5<" 3>:@"9WX$>:M c @"::WX$L @?:A
:?2 @?2? $:5$ $:5?3" @2$::>"9?93" 1?2? #?>: >9D"2#?;\$: :"K2$ ? @?2A
4#? X$Y " K"5<" 3" E"#45?3"2 5>3? 3" #"5"2 X$2 E?@W54L" o1?25>3? $
1?2? ?5>X?2 " E"#45?3"2 3$ >a9>;<" "@$2?;<"o
^ 9$E$::‘2>" Z4$ ? Eb?X$ $L$52t9>E? 3$ >a9>;<"] :$# @2$::>"9?2 " @$A
$:5$_? @2$:$95$ 9" >95$2>"2 3" b?K>5‘A 3?L 3" D2$>" pX$2:\$: E"# Ee#A
E4L"M K>" ?45"#‘5>E"r "4 3? $#K2$?A
a$# pX$2:\$: E"# Ee#K>" #?A
94?LrM !
  % pC(!r @?25>3? 3" #"5"2M ’95$: 3$ :?>2 3" X$WE4L"] ?E>"A
- E"#45?3"2 3$ >a9>;<"  :$ 9?2  " D2$>" 3$ $:5?E>"9?A
?5>X? :$ ? Eb?X$ $L$52t9>E? :$ $9E"9A #$95"M !?: X$2:\$: $Z4>@?3?: E"#
52?2 9" >95$2>"2 3" E"#@?25>#$95" 3$ 
Ee#K>" ?45"#‘5>E"] 3$:L"E?2 ? ?L?A
E?2a?: $ $:5$ $:5>X$2 E"# ?: @"25?: 8"# ? Eb?X$ 3$ >a9>;<" 9? @":>A X?9E? 3$ Ee#K>" @?2? ? @":>;<" 
?K$25?:M ;<" ] 3$E"22>3": GF #>945": p+:5?E>"9?#$95"r $ @2$::>"9?2 " E"A
E"# " X$WE4L" @?2?3" pX$2:\$: E"# #45?3"2 3$ >a9>;<" @?2? 3$:L"E‘AL"
- E"#45?3"2 3$ >a9>;<" @"3$ ?:A Ee#K>" #?94?Lr "4 E"# ? ?L?A @?2? M
:4#>2 ": :$a4>95$: $:5?3": p>93>E?A X?9E? 3?: #43?9;?: 9? @":>;<" 
3": ?52?X^: 3? >L4#>9?;<" 3? @":>A p+:5?E>"9?#$95"r pX$2:\$: E"# Ee#A w4?93" :?>2 3" X$WE4L"] KL"Z4$?2
;<" E"22$:@"93$95$r% K>" ?45"#‘5>E"r $ " #"5"2 3$:L>a?3"] :$#@2$ 5"3?: ?: @"25?: @2$::>"9?93"
" E"#45?3"2 3$ >a9>;<" @?::?2‘ ?4A " 2$:@$E5>X" K"5<" pE"9:4L5?2 ? "@;<"
5"#?5>E?#$95$ @?2? ? @":>;<" 7 o1?::>X$ +952yo 9" @?2‘a2?D" o1"25?:orM

($!%
Z4$ ^ ?5>X?3" ?45"#?5>E?#$95$ 5>A 5>X?3"M S>2?93" ? Eb?X$ @?2?
2?93" ? Eb?X$ 3? >a9>;<"M M " #"5"2 D49E>"9?2‘M
! 8?3? Eb?X$ @"::4> 4# 3>:@":>5>X" 6M ,$ ? L4YA$:@>? D>E?2 ?E$:?
1?2? ?: X$2:\$: $Z4>@?3?: E"# :>:A $L$52t9>E" E"# ? D49;<" 3$ 52?9:#>A p_495" E"# ? L4YA$:@>? r] "
5$#? {$yL$:: +95$2A!AS"] 9<" 3$>s?2 5>2 4# :>9?L $# Eg3>a" @?2? " :>:5$#? Eg3>a" 9<" D"> 2$E"9b$E>3"M
? Eb?X$ $L$52t9>E? 9" >95$2>"2 "4 @2gA 3$ >a9>;<" ?52?X^: 3$ 4#? ?95$9? $:A !$:5$ E?:"] ?E"9:$Lb?A:$ ?
s>#" 3" X$WE4L" "4 94# L"E?L ?E$:A @$E>?L >9E"2@"2?3? 9" E"#45?3"2 3$ 2$@"2 ? Eb?X$ 9? @":>;<" 
:WX$L d: E2>?9;?:M !<" 3$>s?2 " X$WA >a9>;<"M - :>9?L $9X>?3" E"9:5>54> ? $] 3$@">:] 3$ 9"X" $# f :$
E4L" E"# " 3>:@":>5>X" 3$ >a9>;<" 9? x@?L?X2? 3$ "23$#z :$#@2$ 3>D$2$95$ " KL"Z4$>" @$2:>:5>2] 5$95?2 E"#
@":>;<" M @?2? E?3? @?25>3? E"# ? Z4?L ? E$9A ?: "452?: Eb?X$: D"29$E>3?:M
52?L 2$E"9b$E$ ? Eb?X$] $ :"#$95$ 8"# " ?45"#gX$L $# #"X>A
(#? E2>?9;? @"3$2>? ?E>"9?2 ": L$A 9$::? E"93>;<"] @$2#>5$ ? @?25>3? 3" #$95" $ ? Eb?X$ 3? >a9>;<" $#
X?95?3"2$: 3": X>32": $L^52>E":] "4A #"5"2M ] :$ ? L4YA$:@>? ?E$9A
52": E"#?93": "4 E"L"E?2 " X$WE4L"
3$2] :>a9>D>E? Z4$ " :>:5$#? $:5‘
$# #"X>#$95"M
$D$54?93" 4# ?45"3>?a9g:5>E"
#
p@"2 $s$#@L"] 3$X>3" ? 4#?
8?3? X$Y Z4$ a>2?2 ? Eb?X$ 3$ >aA Z4$3? 3$ 5$9:<"rM
 % 9>;<" 9? @":>;<" ] " :>:5$#? 3$
  & @2"5$;<" ?5>X? " KL"Z4$>" 3" #"5"2M
  !  S>2?93" ? Eb?X$ @?2? (   &
"      "
IM ,$ " Eg3>a" D"2 2$E"9b$E>3"]

J KJ %  L ? L4YA$:@>? 9" Z4?32" 3$
>9:524#$95": D?Y 4# K2$X$ L?#A - ?L?2#$ ^ @2$X>:5" $# ?3>;<" ?
’ D># 3$ #>9>#>Y?2 2>:E": 3$ D42A
@$_"] >93>E?93" Z4$ " :>:5$#? 5"3?: ?: D49;\$: 3" 5$L$E"#?93" _‘
5":u2"4K":] " X$WE4L" ^ $Z4>@?3" E"#
3$ @2"5$;<" 2$E"9b$E$4 " EgA ?95$2>"2#$95$ 3$:E2>5?:M
4# :>:5$#? $L$52t9>E" 3$ >9>K>;<" 3"
3>a" 52?9:#>5>3" @$L? Eb?X$ $
D49E>"9?#$95" 3" #"5"2 p8-*+ Gr
" KL"Z4$>" 3" #"5"2 D"> 3$:?A

($!&
   E"9:4L5?2 ? "@;<" x1?::>X$ +952yz 9"

- ?L?2#$ >95$2X^# 9": :$a4>95$: @?2‘a2?D" x1"25?:zM
- ?L?2#$ ^ ?3$Z4?3" 3$ "2>a$# d:
E?:":% 9"2#?: 3": 3>D$2$95$: @?W:$:M 8"# $sE$;<" 3$ ?La49: #$2E?3":]
?: :$5?: $D$54?# 4#? :>9?L>Y?;<" L4A
 ’K$2542? 9<" ?45"2>Y?3? 3$ 4#? #>9":? :>#@L$:] ^ $#>5>3" 4# :>9?L
"4 #?>: @"25?:] 3" E?@t 3" #"5"2  ?Ev:5>E" $ " 52?X?#$95" 3?: @"25?: ^ "
"4 3" E"#@?25>#$95" 3$ E?2a?: - :>:5$#? 3$ ?L?2#$ ?45"#"5>X" ^ ?5>X?3"M
p@2"5$;<" @$2>#$52?LrM 4# :>:5$#? E"#@L$#$95?2 3$ :$a4A
 ’E>"9?#$95" 3" 3>:@":>5>X" 3$ 2?9;? 3$:$9X"LX>3" @?2? 3>D>E4L5?2 ?
>a9>;<" p2"5?;<" 3$ 4#? Eb?X$ "E"22[9E>? 3$ D425" 3" X$WE4L"] K$#
9<" 2$E"9b$E>3? @?2? ? @":>;<" E"#" ? ?;<" "4 ?5" 3$ X?93?L>:#"
rM 3$ 5$2E$>2":M

’ >95$2X$9;<" 3" ?L?2#$ @2"X"E?


  
" ?E>"9?#$95" 3? K4Y>9? $ 3": >93>A
E?3"2$: 3$ 3>2$;<"M - ?L?2#$ :"#$95$ :$2‘ ?5>X?3"
E"# ? Eb?X$ 3$ >a9>;<" 9? @":>;<"
 "4 $s52?W3?M
 ’ ?5>X?;<" 3" ?L?2#$ ^ >93>E?3?
1?2? ?5>X?2] @":>E>"9$ ? Eb?X$ $# @"2 #$>" 3" )+* L"E?L>Y?3" 9? @?25$
’ D49;<" 3$ KL"Z4$>" 3" #"5"2 ^
3>2$;<" ?" X$WE4L"] 3$@">: @2$::>"9$ E$952?Lu:4@$2>"2 3" @?>9$L 3$ >9:524A
a?2?95>3? @$L" :>:5$#? 8-*+] Z4$ :$
$ :"L5$ " K"5<" M 1?2? X$>E4L": #$95":M - )+* E"#$;? ? @>:E?2] >9A
?5>X? ?45"#?5>E?#$95$] $s52?>93" ?
$Z4>@?3": E"# " :>:5$#? {$y )$:: 3>E?93" Z4$ " ?L?2#$ D"> ?5>X?3"M
Eb?X$ 3" 3>:@":>5>X" 3$ >a9>;<" "4]
+95$2A!AS"] ? ?5>X?;<" 3" ?L?2#$
9?: X$2:\$: $Z4>@?3?: E"# :>:5$#? (#? D?:$ 3$ ?45"3>?a9g:5>E" ^
@"3$ 5?#K^# :$2 $D$54?3? ?52?X^:
{$yL$:: +95$2A!AS"] :?>93" 3" X$WA D$>5? ?@g: ? ?5>X?;<" 3" ?L?2#$M
3? @2$::<" 3" K"5<" oKL"Z4$>" 3$
E4L" L$X?93" E"9:>a" ? Eb?X$ $L$52tA
@"25?:o :>54?3" 9" @4s?3"2 $s5$29" !" E?:" $# Z4$ :$_? 3$5$E5?3?
9>E? $ $D$54?93" " KL"Z4$>" 3?: @"2A
3? @"25?M 1?2? #?>: >9D"2#?;\$:] 4#? ?9"#?L>?] ^ $#>5>3" 4#? :>9?L>A
5?:M
Y?;<" ?Ev:5>E?M

($!’
,$ D"2 $#>5>3? 4#? :$a493? :>9?A E"9:4L5?2 ? "@;<" x1?::>X$ +952yz 9"
L>Y?;<" ?Ev:5>E? ?@g: ? ?5>X?;<" 3" 
@?2‘a2?D" x1"25?:zM
?L?2#$] 3$:?5>X‘AL" @2$::>"9?93" " w4?93" :$ 3$:E?22$a?# ?: @>Lb?:
K"5<" ] X$2>D>E?2 " D$Eb?#$95" E"2A 3? Eb?X$ E"# 5$L$E"#?93"] "4 $#
2$5" 3?: @"25?:] 3" E?@t 3" #"5"2] E?:" 3$ ?X?2>? 9" :>:5$#?] @?2? 3$:?A
3?: @"25?: 3" E"#@?25>#$95" 3$ E?2A 5>X?2 " ?L?2#$] >952"34Y>2 ? Eb?X$ 9?
! >a9>;<" $ a>2‘AL? ?5^ ? @":>;<" M
a?: $ 3": X>32": E"# ?E>"9?#$95"
$L^52>E"M +# :$a4>3?] 2$?5>X?2 " :>:A !49E? 3$>s$ E2>?9;?: :"Y>9b?: 9"
5$#? @2$::>"9?93" " K"5<" M X$WE4L"M
-K:$2X$ :$#@2$ ?: 2$E"#$93?A
&
   ;\$: 3$:5$ #?94?LM B
O  
12$::>"9?2 " K"5<" 9? Eb?X$M  

,<" $D$54?3?: ?: :$a4>95$: ?;\$: ,$ 5"3?: ?: @"25?: $:5>X$2$# E"22$A
’E>"9?93" ? ?K$2542? E$952?L>Y?3?
pE"# $sE$;<" 3$ ?La49: #$2E?3":r% 5?#$95$ D$Eb?3?:] D>E?2<" 52?X?3?:
?52?X^: 3" E"2@" #$5‘L>E" 3? Eb?X$]
" ?L?2#$ 9<" :$ 3$:L>a?M ?45"#?5>E?#$95$ ?" 4L52?@?::?2 ?
 *">: K2$X$: ?E$93>#$95": 3": >9A X$L"E>3?3$ 3$ ?@2"s>#?3?#$95$ 6F
3>E?3"2$: 3$ 3>2$;<"M h#ub pD49;<" o’45"EL":$orM
 *">: K2$X$: :>9?>: ?Ev:5>E": N  
12$::>"9?2 " K"5<" 9" @?>9$L
p"93$ @2$:$95$:r 1?2? $sEL4>2 5"5?L#$95$ " ?L?2#$ 3? @"25? 3" L?3" 3" E"9345"2 "4
 *$:52?X?#$95" 3?: @"25?:M p@"2 $s$#@L"% $# E?:" 3$ >9?5>X>A 3" L?3" 3" @?::?a$>2" @?2? $D$54?2 "
3?3$ @2"L"9a?3? 3" X$WE4L"r $D$54?2 52?X?#$95" 3?: @"25?:M
1?2? X$2:\$: E"# Eb?X$ $L$52t9>E?] " D$Eb?#$95" 3$ D"2#? #?94?L] 45>L>A
8"# ?: @"25?: 52?X?3?:] @2$::>"9?2
? 3$:?5>X?;<" 3" ?L?2#$ @"3$ 5?#A Y?93" ? Eb?X$ E"# 5$L$E"#?93" 9?
" K"5<" @?2? $D$54?2 " 3$:52?X?A
K^# :$2 $D$54?3? @$L" @2"@2>$5‘2>" 3? D$Eb?342?M
#$95" 3?: @"25?:M
Eb?X$ :$a42?93" 94# 3": @4s?3"2$:
3>?95$>2":M 1?2? #?>: >9D"2#?;\$:]

($!)
 0
 B 0
 
 +&  23 ) % @"25? 3$:52?X?3? E?2a?: ?K$25?:M w4?93" ?: @"25?:
- 52?X?#$95" 3?: @"25?: @"3$ 5?#A 3" E"#@?25>#$95" 3$ E?2a?: D"2$#
 23 P % @"25? 52?X?3?
K^# :$2 $D$54?3" ?54?93" 9? ?L?A D$Eb?3?:] :$2<" KL"Z4$?3?: $ _‘ 9<"
X?9E?  :>54?3? :"K2$ " @4s?3"2 3?: - ?E>"9?#$95" 3" @4s?3"2 3?: :$ @"3$2‘ ?K2>AL?: @$L" $s5$2>"2M
@"25?: 3>?95$>2?:M @"25?: 3>?95$>2?: @2"X"E? " 3$:52?X?A
#$95" 3$ 5"3?: ?: @"25?: $ 3?: @"25?: "
3" E"#@?25>#$95" 3$ E?2a?:M
1"2 :4? X$Y] " ?E>"9?#$95" 3" !
@4s?3"2 3?: @"25?: 52?:$>2?: @2"X"E? 8$25>D>E?2A:$ 3$ Z4$ 5$# E"9:>a" ?
" 3$:52?X?#$95" ?@$9?: 3? @"25? $# Eb?X$ 9" #"#$95" 3" D$Eb?#$95"
Z4$:5<"M 3? @"25?] 3$ #"3" ? $X>5?2 D$Eb?2 ?
@2g@2>? Eb?X$ 9" >95$2>"2 3" X$WE4L"M
B (#? X$Y D$Eb?3? 9" >95$2>"2] ?
   N Eb?X$ :g @"3$ :$2 2$E4@$2?3? E"#
 0
     & '% ? 45>L>Y?;<" 3? :$a493? Eb?X$ D"29$A
 ( E"# @"25?: D$Eb?3?:] @2$::>"9?2 E>3?M
" K"5<" 9? Eb?X$ "4 >9:$2>2 $ a>2?2
" E"2@" #$5‘L>E" p@2$:$95$ 9" >95$A  0
     & '%
2>"2 3? Eb?X$r 9? D$Eb?342? 3? @"25?   ( @2$::>"9?2 " K"5<" 9?
3" L?3" 3" #"5"2>:5?M Eb?X$ "4 >9:$2>2 $ a>2?2 " E"2@" #$A
5‘L>E" p@2$:$95$ 9" >95$2>"2 3? Eb?X$r
- 52?X?#$95" 3?: @"25?: @"3$] 9? D$Eb?342? 3? @"25? 3" L?3" 3"
9" $95?95"] :$2 ?5>X?3" E"# 5"3?: #"5"2>:5?M
?: @"25?: D$Eb?3?: $ ?: @"25?: 3"
- ?E>"9?#$95" 3? ?L?X?9E? 9?: E"#@?25>#$95" 3$ E?2a?: ?K$25?:M
@"25?: 52?:$>2?: @2"X"E? " 52?X?#$95" (#? X$Y @2$::>"9?3" " K"5<" 9?
?@$9?: 3? @"25? $# Z4$:5<"M Eb?X$] $:5?2‘ @2$3>:@":5" " 52?X?A
#$95" 3$ 5"3?: ?: @"25?:] >9EL4>93"
?: @"25?: 3" E"#@?25>#$95" 3$
($!*
 K "9?2 9$9b4# K"5<" 9? Eb?X$ $L$52tA 8"L"E?93" ? #<" 9" @4s?3"2 3?
9>E?M @"25? 3" L?3" 3" @?::?a$>2"] 5"3?:
?: @"25?: :$ 3$:52?X?# $ " K"5<" 3$
,$ " :>:5$#? >3$95>D>E?2 E"#" X‘A
?K$2542? 3" E"#@?25>#$95" 3$ E?2a?:
! L>3? ? Eb?X$ $L$52t9>E? 3$5$E5?3? 9"
^ b?K>L>5?3"M
$s5$2>"2 3" X$WE4L"] K?:5? E"L"E?2 ?
- D49E>"9?#$95" 3" :>:5$#? 3$ 2$A
#<" $# 4# 3": @4s?3"2$: 3?: @"2A
E"9b$E>#$95" 3$@$93$ 3$ X‘2>": D?A  0
    
5?: 3>?95$>2?: @?2? 3$:?5>X?2 " ?L?2#$
5"2$: E"#"] @"2 $s$#@L"] ? $X$954?L
$ 3$:52?X?2 " #$E?9>:#" 3$ ?K$2542? 1?2? $D$54?2 " 52?X?#$95" 3?: @"2A
>95$2D$2[9E>? 3$ "93?: $L$52"#?a9^5>A
3?: @"25?: $ 3?: @"25?: 3" E"#@?25>A 5?:] @2"E$3$2 E"#" >93>E?3" ? :$a4>2%
E?: $#>5>3?: @"2 D"95$: $s5$29?: p@"2
#$95" 3$ E?2a?:M
$sM E$L4L?2$:r] " $:5?3" 3$ E?2a? 3?
K?5$2>? 3? Eb?X$ $L$52t9>E? $ ? @2$A -93$ ? D49E>"9?L>3?3$ $:5>X$2 @2$A  8$25>D>E?2A:$ 3$ Z4$ 5$# E"9:>a"
:$9;? 3$ "K_$5": #$5‘L>E": 9? @2"s>A :$95$] E"L"E?93" ? #<" 9" @4s?3"2 ? Eb?X$ $L$52t9>E? $ Z4$ :$ $9A
#>3?3$ 3? @2g@2>? Eb?X$ "4 3" X$WA 3? @"25? 3" E"9345"2] ^ @"::WX$L 3$:A E"952? @2gs>#" 3" @4s?3"2 3?
E4L"M 52?X?2 ?@$9?: ? @"25? 3" L?3" 3" #"A @"25? 3" L?3" 3" #"5"2>:5? "4 3"
5"2>:5? "4 5"3?: ?: @"25?: $# D49;<" @?::?a$>2"M
!$:5$: E?:":] ^] E"9543"] @"::WX$L 3? #"3?L>3?3$ 3$D>9>3? ?54?93" 9"  12$::>"9?2 " K"5<" o.2?X?#$95"
$D$54?2 " 3$:KL"Z4$>" 3?: @"25?: 45>A &$94 "4 9" :>:5$#? (E"99$E5¢M 3?: @"25?:o  :>54?3" 9" @4s?A
L>Y?93" " E"2@" #$5‘L>E" @2$:$95$ 9" 3"2] 3$:5$ #"3"] :$2<" 52?X?3?:
>95$2>"2 3? Eb?X$ $L$52t9>E?M 5"3?: ?: @"25?: $ ?: @"25?: 3"
 E"#@?25>#$95" 3$ E?2a?:M - 52?A
- :>:5$#? 1?::>X$ +952y ^ E?@?Y 3$ ,$ $:5>X$2 4:?93" L4X?: "4 :$ 5>X$2 X?#$95" 3?: @"25?: ?5>X?2‘ 5?#A
>3$95>D>E?2 ? @2$:$9;? 3$ 4#? Eb?X$ Eb"X>3" $ " @4s?3"2 3? @"25? $:5>X$2 K^# " ?L?2#$ p:$ $Z4>@?3"rM
$L$52t9>E? 9? @2"s>#>3?3$ 3?: @"25?: #"Lb?3"] ^ @"::WX$L Z4$ ? :$9:>K>L>A
$ 3?: @"25?: 3" E"#@?25>#$95" 3$ 3?3$ 3$ ?5>X?;<" 3" 1?::>X$ +952y D>A
E?2a?:M Z4$ 2$34Y>3? $] E"9:$Z4$95$#$95$]
- :>:5$#? @$2#>5$ 52?X?2u3$:52?X?2 " 5$#@" 3$ 2$?;<" 3? D49;<" :$_?
?: @"25?: p"4 ?: @"25?: 3" E"#@?25>A #?>: L"9a"M
#$95" 3$ E?2a?:r :$# 5$2 Z4$ @2$::>A

($!+
/ +   
 1@ ,     5"2>:5? $ a>2‘AL" @?2? 3$:52?X?2 ?
 & 
  @"25?M
,$ ? Eb?X$ $L$52t9>E? 9<" D49E>"A
9?2] @"2 $s$#@L"] $# E?:" 3$ K?5$A 
2>? 3$:E?22$a?3? 3? Eb?X$ $L$52t9>E?
- E"2@" #$5‘L>E" 3? Eb?X$ 9<"
"4 3" @2g@2>" X$WE4L"] ^] 9" $95?95"]
5$# 4# :$95>3" 3$ >9:$2;<" "K2>a?5gA "
@"::WX$L 45>L>Y?2 " E"2@" #$5‘L>E" 3$
2>"f @"3$] ?::>#] :$2 >952"34Y>3" >9A
$#$2a[9E>? @2$:$95$ 9" >95$2>"2 3?
3>D$2$95$#$95$ 9" >95$2>"2 3? D$Eb?A
Eb?X$ @?2? ?E>"9?2 " 3$:52?X?#$95"
342?M
 3? @"25? 3" L?3" 3" #"5"2>:5?M
*$@">: 3$ 5$2 @2$::>"9?3" " K"5<" 1?2? $s52?>2 " E"2@" #$5‘L>E"] @2"A
3$ o52?X?#$95" 3?: @"25?:o] ^ 9$E$:A E$3$2 E"#" >93>E?3" ? :$a4>2% 
:‘2>" ?a4?23?2 6 :$a493": ?95$: 3$ ’ D># 3$ $X>5?2 3$>s?2 >9X"L495?2>?A
@"3$2 9"X?#$95$ 3$:52?X?2 ?: @"25?: #$95$ ? Eb?X$ $L$52t9>E? 9" >95$2>"2
?52?X^: 3" @4s?3"2M ’54?93" 9" @4A 3" X$WE4L"] ? D49;<" 1?::>X$ +952y
s?3"2 3? @"25? 9" $:@?;" 3$ 6 :$A $:5‘ $Z4>@?3? E"# 4#? D49;<" ?45"A
a493": ^] ?::>#] @"::WX$L X$2>D>E?2 :$ #‘5>E? 3$ 3$:52?X?#$95" 3?: @"25?:
" X$WE4L" $:5‘ E"22$5?#$95$ D$Eb?3"] Z4$ D49E>"9? :$ " E"#45?3"2 3$ >aA
:$# Z4$ ?: @"25?: :$_?# 9"X?#$95$ 9>;<" $:5>X$2 9? @":>;<" ##M
3$:52?X?3?:M

’: @"25?: $ ?: @"25?: 3" E"#@?25>A 


#$95" 3$ E?2a?: 3" X$WE4L" @"3$# ,$ 4#? 3?: @"25?: 3" X$WE4L" $:5>A
:$2] 3$ Z4?LZ4$2 D"2#?] 52?X?3?: @2$:A X$2 ?K$25? $ D"2 @2$::>"9?3" " K"5<"
 ’54?2 9" 3>:@":>5>X" M
:>"9?93" " K"5<" 9? Eb?X$ $L$A  oKL"Z4$>" 3?: @"25?:o :>54?3" 9":
52t9>E? "4 9" @?>9$L >95$29" 3? @"25?  +s52?>2 " E"2@" #$5‘L>E" $] @4s?3"2$: 3?: @"25?: 3>?95$>2?:] "4 "
3" X$WE4L"M 2$5>2?93"A" @?2? " $s5$2>"2M K"5<" 9? #"L342? >95$29? 3" @?>A
 =9:$2>2 " E"2@" #$5‘L>E" 9? D$A 9$L 3? @"25?] 4#? X$Y D$Eb?3?: 5"3?:
Eb?342? 3? @"25? 3" L?3" 3" #"A ?: @"25?: ?K$25?:] " X$WE4L" $D$54? 4#
($!,
E"952"L$ >95$29" $ $s5$29" @?2? X$2>A 5?: 3" X$WE4L"] $#>5$ 52[: :>9?L>Y?;\$: 1"2 :4? X$Y] " X$WE4L" 9<" 3$:KL"A
D>E?2 ? $X$954?L @2$:$9;? 3$ Eb?X$: ?Ev:5>E?: $ ?E>"9? ": >93>E?3"2$: 3$ Z4$?2‘ ?: @"25?: ?" X$2>D>E?2A:$ 4#?
$L$52t9>E?: b?K>L>5?3?:M 3>2$;<"M 3?: :$a4>95$: E"93>;\$:%
,$] @$L" E"952‘2>"] 9" >95$2>"2 3"
b?K>5‘E4L"] :$ $9E"952?2$# 4#? "4  ’: @"25?: 5>X$2$# :>3" D$Eb?3?:
#?>: Eb?X$: $L$52t9>E?:] @2$::>"A #?94?L#$95$ 45>L>Y?93" ": @4A
9?93" " K"5<" 9" 5$L$E"#?93"] s?3"2$: 3$ 52?X?#$95" 3?: @"25?:
" D49E>"9?#$95" 3?: Eb?X$: 9" p"4 " E"2@" #$5‘L>E" 3? Eb?X$]
>95$2>"2 3" b?K>5‘E4L" :$2‘ 5$#@"2?A ?@$9?: @?2? ? @"25? 3" #"5"2>:5?rM
2>?#$95$ 3$:?5>X?3"M  .>X$2 :>3" 3$5$E5?3? 9" $s5$2>"2
4#? Eb?X$ $L$52t9>E? 9?: @2"s>A
1?2? 2$?5>X?2 " :$4 E"22$5" D49E>"A #>3?3$: 3" X$WE4L"M
9?#$95"] @2$::>"9?2 " K"5<" 9"
5$L$E"#?93"M
,$ ? D49;<" 1?::>X$ +952y D"2 3$:?A
5>X?3? ?54?93" 9" &$94 3" 3>:@L?y
 "4 9" :>:5$#? (E"99$E5¢] ?: @2"5$A
;\$: @?2? $X>5?2 3$>s?2 >9X"L495?2>?A
’: @"25?: :g :$2<" 3$:52?X?3?:
#$95$ ? Eb?X$ $L$52t9>E? 9" >95$2>"2
Z4?93" 5>X$2$# :>3" D$Eb?3?: @2$:A
3" X$WE4L" 3$:?5>X?#A:$M
:>"9?93" " K"5<" o.2?X?#$95" 3?:
@"25?:o L"E?L>Y?3" 9": @4s?3"2$:
3?: @"25?: 3>?95$>2?:] "4 " K"5<" ,  ,
 
   , 1
9? #"L342? >95$29? 3" @?>9$L 3? ’" ?@2"s>#?2A:$ 3?: @"25?: 3"
@"25?] Z4?93" 4#? Eb?X$ $L$52t9>E? E"#@?25>#$95" 3$ E?2a?: E"# 4#?
,$] 9" >95$2>"2 3" X$WE4L"] D"2 3$A X‘L>3? D"2 2$E"9b$E>3? 9" >95$2>"2 3" Eb?X$ $L$52t9>E? X‘L>3?] @2$::>"9?2 "
5$E5?3? 4#? 3?: Eb?X$: $L$52t9>E?: $ X$WE4L" $] 9" $s5$2>"2 3" X$WE4L"] K"5<" 3$ ?K$2542? :>54?3" 9? @?25$
9$9b4#? "452? Eb?X$ $L$52t9>E? b?A 9<" D"2 3$5$E5?3? 9$9b4#? "452? 52?:$>2? 3? @2g@2>? #?;?9$5? 3?
K>L>5?3? D"2 3$5$E5?3? 9" $s5$2>"2 3" Eb?X$ $L$52t9>E?M @"25? @?2? 3$:52?X?2 " E"#@?25>A
X$WE4L"] ? D49;<" 1?::>X$ +952y 3$:A #$95" 3$ E?2a?:M
52?X? ?45"#?5>E?#$95$ 5"3?: ?: @"2A
($"-
 0
      ,
 %   D ; 4#? 34@L? @2$::<" 2‘@>3? 3" K"5<"

   , 1 .+ < 9? Eb?X$M
’: @"25?: 3" E"#@?25>#$95" 3$ ’ ?5>X?;<" 3" 3>:@":>5>X" ^ ?::>9?A
E?2a?: 3" X$WE4L" @"3$# :$2 KL"A L?3? @"2 G >95$2#>5[9E>?: 3": >93>E?A
Z4$?3?: @2$::>"9?93" " K"5<" ! 3"2$: 3$ 3>2$;<"M
9? Eb?X$ $L$52t9>E? "4 9" @?>9$L 3?
’" ?5>X?2 " 3>:@":>5>X" *$?3 )"Eh] - 3>:@":>5>X" 9<" :$ ?5>X? :$ 4#?
"
@"25? >95$29? 3" X$WE4L"M
3$>s? 3$ :$2 @"::WX$L ?K2>2] 3$ D"2#? "4 #?>: @"25?: 9<" $:5>X$2$# E"22$A
?La4#?] ?: @"25?: @$L" >95$2>"2 3" 5?#$95$ D$Eb?3?:M
 X$WE4L"M  023      0
’95$: 3$ E"L"E?2 " X$WE4L" $# #"A 8$25>D>E?2A:$ ?95$: 3$ :?>2 3$ Z4$ - 3>:@":>5>X" 3$:?5>X?A:$ ?45"#?A
X>#$95"] E$25>D>E?2A:$ 3$ Z4$ " E"#A 9<" b‘ @$::"?: ? K"23"M 5>E?#$95$%
@?25>#$95" 3$ E?2a?: $:5$_? E"22$5?A
#$95$ D$Eb?3"M
c 4# 3>:@":>5>X" 3$ :$a42?9;? Z4$  +D$54?93" ? "@$2?;<" 3$ 3$:A
>9>K$ " D49E>"9?#$95" 3": @4s?3"A 52?X?#$95" 3?: @"25?: p@2$::>"A
 023B 023   
 2$: >95$29": 3" X$WE4L" $ 3" K"5<" 3$ 9?93" " K"5<" 9? Eb?X$ E"#
- :>:5$#? 1?::>X$ +952y @"3$ 52?X?#$95"u3$:52?X?#$95" 3?: @"2A 5$L$E"#?93"rM
:$2 ?5>X?3"u3$:?5>X?3" ?52?X^: 3" 5?:M =#@$3$] 3$:5$ #"3"] ? ?K$2542?
 *$:L"E?93" " E"#45?3"2 3$ >aA
&$94 3" 3>:@L?y "4 3" :>:5$#? 3?: @"25?: @$L" >95$2>"2 3" b?K>5‘A
9>;<" @?2? ? @":>;<" M
(E"99$E5¢M E4L"M
c ?E"9:$Lb‘X$L ?E>"9?2 " 3>:@":>A
5>X" :$#@2$ Z4$ :$ $:5?E>"9?2 " X$WA
E4L"M
 023      0
- 3>:@":>5>X" ^ ?45"#?5>E?#$95$
?5>X?3" $# 5"3?: ?: @"25?:] ?" $D$54?2

($"!
     " 
  

! !
(5>L>Y?2 :$#@2$ $:5$ 3>:@":>5>X" - 4:" >#@2g@2>" 3": L$X?95?3"2$:
Z4?93" 52?9:@"25?2 E2>?9;?:M $L^52>E": 3": X>32": @"3$ :$2 @$2>A
a":"M
*$@">: 3$ 5$2 ?E>"9?3" " 3>:@":>A
5>X" $# ?#K?: ?: @"25?: 52?:$>2?:] X$A  1":>;<" % 3>:@":>5>X" ?5>X" ’95$: $ 342?95$ " ?E>"9?#$95"]
2>D>E?2 ? :4? $D$5>X? ?5>X?;<" ?54?93" p@"25? KL"Z4$?3?rf X$2>D>E?2 :$#@2$ :$ ": @?::?a$>2":
9" @4s?3"2 >95$29" 3$ ?K$2542? 3?:  @":>;<" % 3>:@":>5>X" 3$:L>a?3" 9<" $:5<" $s@":5": ?" 2>:E" 3$ L$:\$:
@"25?:M p? @"25? @"3$ :$2 ?K$25? @$L" >9A @2"X"E?3?: 5?95" 3>2$5? "4 >93>2$5?A
5$2>"2rM #$95$ @$L": X>32": $# #"X>#$95"]
=#@$3$ ? ?K$2542? 3?: @"25?: 52?A E"#" @"2 "K_$5": @$::"?>: ?22?:5?3":
- :>:5$#? @$2#?9$E$
:$>2?: @$L" >95$2>"2M "4 _"a?3": @$L": #$:#":M
?5>X" #$:#" ?" $D$54?2 "
- 3>:@":>5>X"  :g @"3$ :$2 ?5>X?3" 3$:52?X?#$95" $L^52>E" 3?:
E"# ?: @"25?: ?K$25?:% @"25?:M

!

’" :?>2 3" X$WE4L"] 2$5>2$ :$#@2$
’: @"25?: 52?:$>2?: 9<" @"3$# :$2 ? Eb?X$ 3? >a9>;<" @?2? $X>5?2 Z4$
?K$25?: ? @?25>2 3" >95$2>"2 Z4?93" " ": L$X?95?3"2$: $L^52>E": 3": X>32":]
:>:5$#? 3$ :$a42?9;? @?2? E2>?9;?: ?E>"9?3": >9?3X$25>3?#$95$] E"9:5>A
$:5>X$2 ?E>"9?3"M 54?# @$2>a" @?2? Z4$# @$2#?9$E$ ?
K"23"M

($""
!49E? 3$>s$ E2>?9;?: :"Y>9b?: 9"  % ?K$2542?uD$Eb?#$95" 3" X>32" A ’K$2542? 3$ X>32":
X$WE4L"M 3>?95$>2" $:Z4$23"M P49E>"9?A
12$::>"9?2 ": K"5\$: @?2? ?K2>2 "
#$95" oE"95W94" ?45"#‘5>E"o $#
X>32" 3$:$_?3"M
P49E>"9?# E"# ? Eb?X$ 3$ >a9>A D?:$ 3$ ?K$2542?uD$Eb?#$95" 3"
;<" 9? @":>;<"  $ 342?95$ E$2E? X>32" $ :>:5$#? 3$ ?95>$:#?a?A 12$::>"9?93" K2$X$#$95$ Z4?LA
#$95" ?5>X"M Z4$2 K"5<" 3$ ?K$2542?] Z4$2 9?: @"2A
3$ I #>945" ?@g: ? @?::?a$# @?2?
5?: 3>?95$>2?: "4 9?: @"25?: 52?:$>2?:] "
? @":>;<"  p"4 5?#K^# ?@g:
? 2$5>2?3? 3? Eb?X$ #$Ee9>E?] @?2?  $% ?K$2542?uD$Eb?#$95" 3" X>32" "K5^#A:$ " E42:" oE"# >95$224@;\$:o
X$WE4L": $Z4>@?3": E"# Eb?X$ #$A 3>?95$>2" 3>2$>5"M P49E>"9?#$95" 3" X>32"] $9Z4?95" Z4$ $s$2E$93"
Ee9>E? E"# 5$L$E"#?93"rM ’K2>93" oE"95W94" ?45"#‘5>E"o $# D?:$ 4#? @2$::<" @2"L"9a?3? ?5>X?A:$ "
4#? 3?: @"25?: 3>?95$>2?:] $:5$ D49E>A 3$ ?K$2542?uD$Eb?#$95" 3" X>32" ?E>"9?#$95" oE"95W94" ?45"#‘5>E"oM
"9?#$95" ^ 3$:?5>X?3"M $ :>:5$#? 3$ ?95>$:#?a?#$95" - X>32" @?2? 9? @":>;<" @2$5$9A
?5>X"M 3>3? @2$::>"9?93" 9"X?#$95$ " 2$:A

           % ?5>X?;<"u3$:?5>X?;<" 3": E"A @$E5>X" K"5<"M
& 
  #?93": 3": L$X?95?3"2$: 3$ X>A
A P$Eb?#$95" 3": X>32":
-: K"5\$: $:5<" @":>E>"9?3": 9? 32": 3?: @"25?: 52?:$>2?:M
#"L342? 3" @?>9$L 3? @"25?M ’ @?25>2  % ?K$2542?uD$Eb?#$95" 3" )$X?95?2 ": K"5\$: @?2? D$Eb?2 "
3" @?>9$L 3? @"25? 3" L?3" 3" #"A X>32" 52?:$>2" $:Z4$23" p:$ X>32" 3$:$_?3"M
5"2>:5? ^ @"::WX$L E"#?93?2 5"3": ": $Z4>@?3"rM P49E>"9?#$95" ’ D?:$ 3$ D$Eb?#$95" 3" X>32"
X>32":M oE"95W94" ?45"#‘5>E"o $# D?:$ "E"22$ :$a493" ?: #$:#?: Lga>E?:
3$ ?K$2542?uD$Eb?#$95" 3" X>32" 3$:E2>5?: @?2? ? D?:$ 3$ ?K$2542?M
$ :>:5$#? ?95>$:#?a?#$95"
?5>X"M A 8"#?93": 3? @"25? 3>?95$>2? 3"
L?3" 3" @?::?a$>2"u@"25?: 52?:$>2?:M
 % ?K$2542?uD$Eb?#$95" 3" X>32"
52?:$>2" 3>2$>5" p:$ $Z4>@?3"rM !? #"L342? 3" @?>9$L 3? @"25? 3>A
P49E>"9?#$95" oE"95W94" ?95$>2? 3" L?3" 3" @?::?a$>2"u@"25?:
?45"#‘5>E"o $# D?:$ 3$ 52?:$>2?: $:5<" @2$:$95$: ": K"5\$:
?K$2542?uD$Eb?#$95" 3" X>32" $ @?2? " E"#?93" 3" 2$:@$E5>X" X>32"M
:>:5$#? ?95>$:#?a?#$95" ?5>X"M

($"%
    0  1+  2   % ;<" 3$ @2>#$>2? @?2?3?M *42?95$ $:5$  8"L"E?2 " X>32" ? >9>E>?L>Y?2 9?

1
   0      % 5$#@" 9<" ^ @"::WX$L ?E>"9?2 " X>32"M @":>;<" 3$ D># 3$ E42:" :4@$2>"2]
B   $# D49E>"9?#$95" #?94?LM
!" X$WE4L" $:5‘ ?5>X? ? D49;<" 3$  ’@g: ?5>9a>2 " D># 3$ E42:" :4A

?95>$:#?a?#$95" 9? D?:$ 3$ :4K>3? @$2>"2] E"95>94?2 ? #?95$2 ?E>"A
,$ ? @2"5$;<" ?95>$:#?a?#$95" D"2 9?3" " E"#?93" 3$ :4K>3? 34A
3": X>32": 3>?95$>2":u52?:$>2":M
?E>"9?3? 342?95$ G X$Y$: E"9:$E45>A 2?95$ @$L" #$9": G :$a493":M
+:5$ :>:5$#? 3$ :$a42?9;? ^ E?@?Y X?: 9" $:@?;" 3$ I #>945" "4 $:5>A
3$ 2$E"9b$E$2 ? $X$954?L @2$:$9;? X$2 $# ?X?2>?] ^ >9>K>3" " D49E>"9?A
3$ 4# "K:5‘E4L" 342?95$ " #"X>A #$95" ?45"#‘5>E" 3" X>32" $# :4A  
#$95" 3$ D$Eb?#$95" 3" X>32"M ’:A K>3?] @$2#>5>93"A" :"#$95$ @"2 2$:A
:>#] " :>:5$#? >95$22"#@$ " E42:" 3$ :?L5":] E"# L>K$2?;\$: :4E$::>X?: 3"     $
D$Eb?#$95" $] E"9D"2#$ ? @":>;<" K"5<" @?2? ? #?9"K2? :$a4>95$M 1?2? -: K?9E": 3>?95$>2": @"3$# :$2
3" X>32"] >9X$25$ " :$4 #"X>#$95"M @"3$2 2$:5?K$L$E$2 " E"22$5" D49E>"A 2$a4L?3": 3$ #"3" ? a?2?95>2 " #‘A
9?#$95" 3" :>:5$#? ^ 9$E$::‘2>" $D$A s>#" E"9D"25" 3": "E4@?95$:M
+:5$ 3>:@":>5>X" ^] @"25?95"] v5>L
54?2 4#? #"X>#$95?;<" @?2? K?>s"
5?#K^# $# E?:" 3$ $X$954?L ?E>"9?A ’L^# 3>::"] ? 2$a4L?a$# 3" K?9E"
3" X>32" $9X"LX>3"M
#$95" >9X"L495‘2>" 3": L$X?95?3"2$: 3" E"9345"2 3$X$ :$2 $D$54?3? 2$E"2A
3$ X>32": @"2 @?25$ 3$ E2>?9;?: @2$A 3?93" Z4$] ?" #?95$2 ?: E":5?: K$#
:$95$: 9" X$WE4L"M  , & F23   
  0  
&5 , ?@">?3?: E"952? " $9E":5"] ": @4L:":
’ D49;<" ?95>$:#?a?#$95" $:5‘ 3$X$# @"3$2 ?5>9a>2 ? @?25$ :4@$2>"2
?5>X? 342?95$ " D49E>"9?#$95" ’ :$a4>2 d 3$:?5>X?;<" 3? ?L>#$9A 3" ?2" 3" X"L?95$M
#?94?L "4 ?45"#‘5>E" 3" X>32"M 5?;<" $L^52>E?] ^ 9$E$::‘2>" >9>E>?L>A
Y?2 9"X?#$95$ " D49E>"9?#$95" ?4A ’L^# 3>::"] 3$X$ :$2 @"::WX$L @>:?2
’@g: ? >95$2X$9;<" 3" :>:5$#? ?95>A 5"#‘5>E" 3": L$X?95?3"2$: 3$ X>32":M 9" @$3?L 3? $#K2$?a$# ?5^ " D>#
$:#?a?#$95" ^ >95$22"#@>3" 3$ >#$A 3$ E42:"] @?2? X$2:\$: E"# Ee#K>"
3>?5" " E42:" 3" X>32"M +# :$a4>3?] - @2"E$3>#$95" 3$ >9>E>?L>Y?;<" #?94?L] "4 @>:?2 9" @$3?L 3" D2$>"
" E42:" 3" X>32" ^ ?45"#?5>E?#$95$ 3$X$ :$2 $D$54?3" E"# ?: @"25?: D$A pX$2:\$: E"# Ee#K>" ?45"#‘5>E"rM
>9X$25>3" $ " #$:#" X"L5? ? 3$:E$2 Eb?3?: $ $# E?3? @"25?%
E$2E? 3$ H E# 2$L?5>X?#$95$ d @":>A

($"&
1+&1
    & 1 + & 1+&1

&+ 
)$X?95?2 ? ?L?X?9E?  $ $#@422?2
! " K?9E" @?2? ? D2$95$ "4 @?2? 52‘:M 
w4?LZ4$2 2$a4L?a$# 3$X$ :$2 $D$A +D$54?2 ? 2$a4L?a$#] $:5?93" :$9A
54?3? :"#$95$ E"# " X$WE4L" @?2?3"M 5?3" 9" K?9E" $# Z4$:5<" pL?3" 3"
#"5"2>:5? "4 L?3" 3" @?::?a$>2"rM "
*>2>_? :$#@2$ E"# :$a42?9;?M
*$:L"E?2 ? ?L?X?9E? $ @?2? E>#?
"4 @?2? K?>s" ?5^ ? "K5$2 ? ?L542?
3$:$_?3?M
!
-: 2$X$:5>#$95": 5[s5$>: 3": K?9A
E": $:5<" 3>#$9:>"9?3": @?2? 2$:>:5>2
342?95$ #4>5" 5$#@" ?" 3$:a?:5$ 2$A
:4L5?95$ 3? 45>L>Y?;<" 9"2#?L 3" X$WA
E4L"M
!
!" $95?95"] ^ 9$E$::‘2>" $X>5?2 (#? X$Y ?E>"9?3? ? ?L?X?9E?
D2>E;\$: $sE$::>X?: $u"4 @2"L"9a?A 3$ 2$a4L?a$#] X$2>D>E?2 :$#@2$ :$
3?: E"# ?E$::g2>": 3$ X$:54‘2>"] 5?>: " K?9E" $:5‘ KL"Z4$?3" 9?: a4>?:]
E"#" D>X$L?: #$5‘L>E?:] ?@L>E?;\$:] 1+&1
 ,& 23   %
5$95?93" 3$:L"E‘AL" @?2? ? D2$95$ $
D>s?3"2$: $# X$LE2" $ :$#$Lb?95$:] ,
@?2? 52‘:M
4#? X$Y Z4$ ": #$:#":] ?54?93" ’54?2 9? ?L?X?9E? ] ?E"#@?A
3$ #"3" L"E?L>Y?3" $ E"# 4#? $L$A ’ ?4:[9E>? 3$:5$ KL"Z4$>" @"3$2‘ 9b?93" " $9E":5" E"# " #"X>#$95"
X?3? @2$::<" 9": D>":] @"3$# @2"X"A @2"X"E?2 " 3$:L"E?#$95" >9$:@$2?3" 3" 52"9E" p#?95$2 ? ?L?X?9E? ?E>"A
E?2 ? 24@542? 3": #$:#":] E"# E"9A 3" K?9E" $ E?4:?2 ? @$23? 3$ E"9A 9?3? ?5^ ?5>9a>2 ? @":>;<" 3$:$_?3? $
:$Z4$95$: 3?9": 9" 2$X$:5>#$95"M 52"L$ 3" X$WE4L"M 3$@">: :"L5‘AL?rM

($"’
1+&1
&
/ &5 , ’L^# 3>::"] @"3$2>?# L>#>5?2 " 1+&1
    & 1 + &
E42:" 3" K?9E"M
8"# " 8"#45?3"2 3$ >a9>;<" 9? +#@422?2 " >95$224@5"2  @?2? ?
@":>;<" ] @2$::>"9?2 " K"5<"  D2$95$ "4 @?2? 52‘: @?2? 3$:L"E?2 "
@?2? 2$a4L?2 " :4@"25$ 3? Y"9? L"#A -: K"5\$: 3$ E"#?93" @?2? ? 2$a4A K?9E" 9? 3>2$;<" E"22$:@"93$95$M
K?2 ?5^ "K5$2 ? E"9D>a42?;<" 3$ #‘A L?a$# $L^52>E? 3" K?9E" $9E"952?#A
s>#" E"9D"25" 342?95$ ? E"934;<"M :$ 9" L?3" $:Z4$23" 3" K?9E"] @2gA
1+&1
 ,& 23   %
s>#" ?" ?::"?Lb"M
,
’52?X^: 3$:5$: K"5\$: ^ @"::WX$L 2$A
+#@422?2 " >95$224@5"2 $ @?2? ?
a4L?2 ? ?L542?] ? @":>;<" 9" :$95>3"
D2$95$ "4 @?2? 52‘: @?2? >9EL>9?2 "
L"9a>543>9?L $ ? >9EL>9?;<" 3" $9A
$9E":5" 9? 3>2$;<" E"22$:@"93$95$M
E":5"M
1+&1
&
/ &5 ,
’54?2 9" K"5<"  ? ?E>"9?2 " 3>:A
@":>5>X" 3$ :4@"25$ 3? Y"9? L"#K?2
?5^ "K5$2 ? E"9D>a42?;<" 3$ #‘s>#"
E"9D"25" 342?95$ ? E"934;<"M

$   %


  " ; .+ < 
’ 2$a4L?a$# $L^52>E? :g ^ @$2#>A
5>3? E"# " E"#45?3"2 3$ >a9>;<"
9? @":>;<"  "4 @"2 E$2E? 3$
! 1+&1

&+ 
GF #>945": ?@g: " :$4 @":>E>"9?A
!<" E"L"E?2 "K_$5": @"2 K?>s" 3" ’54?2 9? @?25$ 3>?95$>2? "4 52?:$>2? #$95" $# M c 5?#K^# @"::WX$L
K?9E" E"# 2$a4L?a$# $L^52>E? @?2? 3" >95$224@5"2  @?2? #"3>D>E?2 ? #"X>#$95?2 " K?9E" ?@g: ? ?K$2A
9<" 3>D>E4L5?2 " :$4 #"X>#$95"] @"2A ?L542? $u"4 ? >9EL>9?;<" 3" ?::$95" 542?uD$Eb?#$95" 3? @"25? @"2 E$2E?
Z4$ ": E"#?93": @"3$2>?# D>E?2 3?A 3" K?9E"M 3$ GF #>945":] 3$:52?X?#$95" 3" X$WA
9>D>E?3":M

($")
E4L" "4 ?E$93>#$95" 3? L4Y >95$29? /
   / ,   
E$952?LM - K?9E" 52?:$>2" @"3$ :$2 2$K?5>3"
@?2? D2$95$ @?2? ?E$::" ?" 52>e9a4L"
$  3$ :$a42?9;?M
1?2? D?Y[AL"] @4s?2 ? ?L;?  @?2?
    / 2 ;.+  .+ <
E>#? @?2? 3$:52?X?2 " $9E":5" $ "
% /
     ,  & 
 , ;    / 2   M 2$K?5[AL" $# 3>2$;<" ?" ?::$95" 3"
 %/Q   %, <7 K?9E"M

1?2? 2$K?5$2 ? @?25$ E$952?L 3" $9A


E":5" ] @4s$A" 3? 2$:@$E5>X? :$3$
?52?X^: 3? ?L;? ] E"9D"2#$ ? 3>2$A
;<" 3? :$5? $ >9EL>9$A" ?5^ " D>9?L 3$
E42:"M

’ @?25$ E$952?L 3" $9E":5"] 4#?


X$Y 2$K?5>3?] @"3$ :$2 45>L>Y?3? 1?2? X"L5‘AL" @?2? ? @":>;<"] $#A
E"#" ?@">" 3$ K2?;" 52?:$>2"M 1?2? @422?2 " $9E":5" $# 3>2$;<" d 52?X?M
45>L>Y‘AL? E"#" @"25?AE"@": "4 8$25>D>E?2A:$ 3$ Z4$ " $9E":5" $:5$_?
@"25?A"K_$5":] ?54?2 9? 52?X? $ $ E"22$5?#$95$ 52?X?3"M
L$X?95?2 ? 5?#@? M

($"*
,"#$95$ 9$:5? @":>;<" @"3$# X$WE4L"M k?#?>: 45>L>Y$ " X$WE4L" :$#
@2"5$a[AL" $# E?:" 3$ E"L>:\$:M " ?@">?AE?K$;?:M
!
1?2? 2$a4L?2 ? ?L542?] L$X?95?2 "
!<" #"X>#$95?2 " $9E":5" 3" %$ 
?@">?AE?K$;? ?5^ "4X>2 " 2$:@$E5>X"
K?9E" 52?:$>2" E"# " X$WE4L" $#
24W3" 3$ KL"Z4$>"M 1+&1 
#"X>#$95"
1?2? ?K?>s‘AL":] @2$::>"9?2 " K"5<" 1?2? ": L4a?2$: 52?:$>2": $:5<" @2$A
8$25>D>Z4$A:$ 3" E"22$5" 52?X?A M X>:5": 52[: ?@">?AE?K$;?: 2$a4L‘X$>:
#$95" 3" $9E":5" 3" K?9E" 52?:$>2"
$# ?L542?M
$# :4? @":>;<" 9"2#?L ?95$: 3$
#"X>#$95?2 " X$WE4L"M

& 
$ 
1?2? ?4#$95?2 ? :$a42?9;? 3":
@?::?a$>2":] ": ?@">?AE?K$;?: :<" 2$A
a4L‘X$>: $# ?L542?M
C$a4L?a$# @?2? E>#?% $L$X?2 "
?@">" 3$ E?K$;? ?5^ "4X>2 " 2$:@$EA
!
5>X" 24W3" 3$ KL"Z4$>" 9? @":>;<" 3$A
- ?@">?AE?K$;?: 3$X$ :$#@2$ :$2 :$_?3? p34?: @":>;\$:rM
!
#?95>3" $# :4? @":>;<" "2>a>9?L $
)$#K2$A:$ Z4$ ": ?@">?AE?K$;?: 3$X>3?#$95$ 52?X?3"M C$a4L?a$# @?2? K?>s"% @2$::>"9?2
3$X$# :$2 2$a4L?3": $sEL4:>X?#$95$ " K"5<"  $ ?K?>s?2 " ?@">" 3$ E?A
E"# " X$WE4L" @?2?3" $ 3$ #?9$>2? +# 4#? $X$954?L 9$E$::>3?3$ 3$ K$;?M
Z4$ ? 94E?] $ 9<" " @$:E";"] :$ 2$5>2?3? 3" $9E":5" 3$ E?K$;? 3>?9A
?@">$ 9$L$:M 5$>2"] 2$E"L"E‘AL" ?95$: 3$ :?>2 E"# "

($"+
  - X"L?95$ @"3$ :$2 2$a4L?3" $#  &$
?L542? $ @2"D493>3?3$%
       
*$:L"E?2 ? ?L?X?9E?  @?2? ? @":>A
;<" PM *$:L"E?93" ? ?L?X?9E?  "K5^#A
:$%
! "
 1":>;<" 9"2#?L
’: 2$a4L?a$9: ?@$9?: 3$X$# :$2 2$A
?L>Y?3?: E"# " X$WE4L" $:5?E>"9?3"  1":>;<" ?95>"D4:E?#$95"
$ " #"5"2 3$:L>a?3"M
,"#$95$ ?::># @"3$2‘ :$2 a?2?9A
5>3? ? :$a42?9;?M

! +D$54?2 ? 2$a4L?a$# 3" X"L?95$M


c 5$2#>9?95$#$95$ @2">K>3? Z4?LA
C$5"29?2 ? ?L?X?9E? d @":>;<" )
Z4$2 >95$2X$9;<" $# @g:AX$93?] E"#
@?2? 52?X?2 " X"L?95$ 9"X?#$95$M - $:@$Lb" 2$52"X>:"2 >95$29" ^
E"9:$Z4$95$: 3?9": 9? 3>2$;<" "4
9? E"L49? 3$ 3>2$;<" p@"2 $sM #"9A $Z4>@?3" E"# 4# 3>:@":>5>X" E"952?
5?a$# 3$ :>:5$#? ?95>D425"rM ?E>3$95$: Z4$ " 3$:@2$93$ $# E?:"
3$ Eb"Z4$M
’: >95$2X$9;\$: @"3$# E?4:?2] !
?L^# 3? 3>#>94>;<" 3" 3$:$#@$9b"
w4?LZ4$2 2$a4L?a$# 3$X$ :$2 $D$A
3" :>:5$#? $ @$23? 3? a?2?95>?]
54?3? :"#$95$ E"# " X$WE4L" @?2?3"M
a2?X$: @2"KL$#?: 3$ :$a42?9;?M
*>2>_? :$#@2$ E"# :$a42?9;?M

($",
  C%   N%
 ; .+ < 
+# ?La4#?: X$2:\$:] $s>:5$ 4# $:A 
1+&1

,9 ,
@$Lb" $L$52"E2t#>E"] E?@?Y 3$ #"3>A
1"2 3$952" 3" X$WE4L"] #"X$2 "
D>E?2 ?45"#?5>E?#$95$ ? E?@?E>3?3$
K"5<"  @?2? 2$a4L?a$# 3" $:@$Lb"
2$DL$5"2? @?2? $X>5?2 " "D4:E?#$95"
2$52"X>:"2 $s5$29"M
3" E"9345"2M
- $:@$Lb" $L$52"E2t#>E" @"::4>
4#? 5$EL? B## @?2? ? ?5>X?A - K"5<"  :$L$E>"9? " $:@$Lb" $#
;<"u3$:?5>X?;<" 3? D49;<" $L$52"E2tA Z4$ :$2‘ D$>5? ? 2$a4L?a$#M
#>E? ?95>"D4:E?#$95"M
 *>:@":>5>X" 9? @":>;<" I% :$L$;<"
3" $:@$Lb" $:Z4$23"M
 *>:@":>5>X" 9? @":>;<" 6% :$L$;<"
3" $:@$Lb" 3>2$>5"M

1?2? 2$a4L?2 " $:@$Lb"] K?:5? @2$:A



1+&1
&5 , :>"9?2 " K"5<" $] :>54?3" 9? @"25? 3"
’ 2$a4L?a$# ^ @"::WX$L :"#$95$ #"5"2>:5?] 9": Z4?52" :$95>3": >93>A
E"# ? Eb?X$ 3$ >a9>;<" 9? @":>;<" E?3": @$L?: :$5?:M
M

.$2#>9?3? ? 2$a4L?a$#] a>2?2 " 3>:A
@":>5>X"  @?2? ? @":>;<" * p9$452?r
@?2? $X>5?2 3$:L"E?#$95": ?E>3$9A
5?>:M

($%-
:>;<" @"3$ :$2 #$#"2>Y?3? @$L" #"A ,&G
 
 +&   0 %
5"2>:5?M   ' 
! 1?2? $D$54?2 ? #$#"2>Y?;<"] @2"A 1?2? 2$E"Lb$2 ": $:@$Lb":] 3$:L"E‘A
’: L$95$: 3": $:@$Lb": 2$52"X>:"A E$3$2 E"#" :$a4$% L": 3? @":>;<" I p?K$25"r @?2? ? @":>A
2$: :<" @?2?KgL>E?: $ ?4#$95?# " ;<" 6 pD$Eb?3"rM
8"# " X$WE4L" @?2?3" $ Eb?X$ 3?
E?#@" 3$ X>:<"M >a9>;<" a>2?3? 9? @":>;<" ] $9A
"
!" $95?95"] 3>#>94$# " 5?#?9b" a?5?2 ? #?2Eb? ? 2^ $ 2$a4L?2 " $:@$A
3? >#?a$#] 3?93" ? >#@2$::<" 3$ Lb" 2$52"X>:"2 $s5$29" 3" L?3" 3" @?:A
Z4$ " "K_$5" 2$DL$5>3" $:5‘ #?>: 3>:A :?a$>2" #$3>?95$ ": E"#?93": ?@2"A
5?95$ 3" Z4$ ? 2$?L>3?3$M @2>?3":] 3$ #"3" ? "K5$2 ? @":>;<"
>3$?L @?2? ? #?9"K2? 3$ $:5?E>"9?A
#+ 23 R,  
 S ; #$95"M
 <   &G  0  '% !? @2gs>#? X$Y Z4$ D"2 $9a?5?3?
  &5 ,  &  1  ? #?2Eb? ? 2^] " $:@$Lb" 2$52"X>:"2
; .+ < >2‘ :$ E"L"E?2 ?45"#?5>E?#$95$ 9?
1?2? ?La4#?: X$2:\$:] 342?95$ " @":>;<" ?95$2>"2#$95$ #$#"2>Y?3?M
?E>"9?#$95" 3? #?2Eb? ? 2^ $ E"# ’" 3$:$9a?5?2 ? #?2Eb? ? 2^] "
K"5<"  :$L$E>"9?3" @?2? ? 3>2$>5?] $:@$Lb" 2$52"X>:"2 $s5$29" 3" L?3"
? D># 3$ #$Lb"2?2 ? X>:>K>L>3?3$ 9?: 3" @?::?a$>2" >2‘ 2$5"29?2 ?45"#?5>A
#?9"K2?: 3$ $:5?E>"9?#$95"] ^ @":A E?#$95$ d @":>;<" E"9D>a42?3? @?2?
:WX$L E"95?2 E"# " ?4sWL>" 3$ 4#? 45>L>Y?;<" 9"2#?LM
D49;<" Z4$ #"X>#$95? ? L$95$ 3" !
$:@$Lb" 2$52"X>:"2 $s5$29"] 3" L?3" ,$ ? :?L>[9E>? 3" $:@$Lb" E2>?2 3>A
3" @?::?a$>2"] $# 4#? @":>;<" 3>D$A D>E4L3?3$: 94#? @?::?a$# $:52$>5?]
2$95$ 3?Z4$L? 9"2#?L#$95$ 45>L>Y?3? 3"K2$A" 3? @":>;<" ) @?2? ? @":>;<"
342?95$ ? 3>2$;<"M 8?:" 9<" Z4$>2? PM
45>L>Y?2 ? D49;<"] K?:5? @":>E>"9?2 "
K"5<"  9? @":>;<" E$952?LM +::? @"A
($%!
-K:$2X$ :$#@2$ ?: 2$E"#$93?A > "  ’ >L4#>9?;<" $s5$29? 2$?L>Y?A:$ :"A
;\$: 3$:5$ #?94?LM  N ; .+ % #$95$ E"# ? Eb?X$ 3$ >a9>;<" 9?
< @":>;<"  p$sE$5" D49;<" P"LL"i
,&G
  &5 , ; .+ % #$ b"#$ $ L4Y$: 3$ @":>;<"rMM
!?: X$2:\$: $Z4>@?3?: E"# EL>#?A
< 5>Y?3"2 #?94?L "4] $# D49;<" 3": ’" ?E$93$2 ?: L4Y$: $s5$29?:]
1?2? 2$E"Lb$2 ": $:@$Lb":] @2$::>"A $Z4>@?#$95":] EL>#?5>Y?3"2 ?45"#‘A ?E$93$#A:$ " Z4?32" 3$ >9:524#$9A
9?2 " K"5<" M 12$::>"9?2 9"X?#$95$ 5>E" *4?LY"9$] @2$::>"9?93" " K"5<" 5": $ ": X‘2>": E"#?93": :>54?3":
" K"5<"  @?2? E"L"E?2 ": $:@$Lb": 9" EL>#?5>Y?3"2 ?5>X?A:$ " 3$:$#A 9" @?>9$LM
9? @":>;<" 3$ #?2Eb?M K?;?#$95"u3$:E"9a$L?#$95" 3": $:A
@$Lb": 2$52"X>:"2$: $s5$29":M
#  %  %
  ; .+ <
*42?95$ ? #?2Eb?] ": $:@$Lb": 3$A  '  c 4# :$9:"2 E"# )+*: >9D2?X$2#$A
X$# :$2 #?95>3": :$#@2$ ?K$25":] Lb":] L>a?3" ?" :$9:"2 3$ Eb4X? $ :>A
949E? 3$X$# $:5?2 3"K2?3":M   O
54?3" 9" @?2?AK2>:?] E?@?Y 3$ 3$5$EA
- E"#45?3"2 3$ L4Y$: ] L"E?L>A 5?2 ?: X?2>?;\$: 3? >95$9:>3?3$ L4#>A
/
  +
: ,   % Y?3" 9? ?L?X?9E? $:Z4$23? :"K " X"A 9":? $s5$2>"2 ?" X$WE4L"] E"# K?:$
0   '  ; .+ < L?95$] E"#?93? " D49E>"9?#$95" 3": 9? :$9:>K>L>3?3$ 3? L4Y 3$D>9>3? ?52?A
D?2g>:] 3?: L4Y$: 3$ @":>;<"] 3?: L4A X^: 3" &$94 3" 3>:@L?y "4 3" :>:A
+:5‘ 3>:@"9WX$L] @?2? ?La4#?: X$2A
Y$: 3>429?: $ 3": D?2g>: K?>s":M 5$#? (E"99$E5¢M
:\$:] " 3"K2?#$95" ?45"#‘5>E" 3":
2$52"X>:"2$: ?52?X^: 3" 5$L$E"#?93"M w4?95" #?>"2 D"2 ? :$9:>K>L>3?3$]
1?2? 2$?L>Y?2 " 2$E"Lb>#$95" 3": 2$A #$9"2 ^ ? Z4?95>3?3$ 3$ L4Y $s5$29?
52"X>:"2$: $L^52>E": ?52?X^: 3" 5$L$E"A 9$E$::‘2>? @?2? E"#?93?2 " ?E>"9?A
#?93"] @2$::>"9?2 " K"5<" M 1?2? #$95" 3?: L4Y$: $s5$29?:M
X"L5?2 E"# ": 2$52"X>:"2$: @?2? ? @"A
:>;<" "2>a>9?L @2$::>"9?2 " K"5<" M

($%"
 023  -+ 23 D?2g>: K?>s":M !" Z4?32" 3$ >9:524A ?" L>a?2 " X$WE4L"] ? L4Y 3>429? ^ ?E>A
S>2?2 ? ?L?X?9E? $:Z4$23? :"K " #$95": ?E$93$A:$ ? L4YA$:@>? M "9?3? $] ?" ?9">5$E$2] L>a?93" " D?A
X"L?95$ @?2? ? @":>;<" M 2"L K?>s"] ? >95$9:>3?3$ 3$::? L4Y 3>A
#>94> @?2? D?Y$2 ? D49;<" 3$ L4Y 3$
w4?93" ? D49;<" $:5‘ ?5>X?] ?5>X?A O  BO % @":>;<"M
:$ 5?#K^# ? D49;<" 3" 5$#@"2>Y?3"2  ;777 J
    
3$ 3$:L>a?#$95" 3": D?2g>:% ": D?2g>: J< ; .+ < +# E?:" 3$ ?E>"9?#$95" 3": >93>A "
E?3"2$: 3$ 3>2$;<"] ?: L4Y$: 3$ @"A
@$2#?9$E$2<" ?E$:": 342?95$ E$2E?
:>;<"u3>429?: ?@?a?#A:$ ?45"#?5>E?A
3$ NF :$a493": ?@g: 5$2 @":>E>"9?3"
#$95$M
" ? Eb?X$ 3$ >a9>;<" 9? @":>;<"
 M ! 1?2? X$2:\$: :$# ? D49;<" *C)
’: L4Y$: 3>429?: 9<" :4K:5>54$# o*?y5>#$ C499>9a )>ab5:o] ? L4Y 3$
’ 5$#@"2>Y?;<" 3": D?2g>: ^ 2$a4A ": D?2g>: K?>s": 342?95$ ? E>2E4L?;<" @":>;<" ^ ?E>"9?3? ?52?X^: 3? ?L?A
L‘X$L ?54?93" 9" &$94 3" 3>:@L?y 9"5429? "4 $# 5v9$>:M X?9E? $:Z4$23?M
"4 9" :>:5$#? (E"99$E5¢] ^ @"::WA
X$L $:E"Lb$2 $952$ F] GF] 7F $ NF :$A - 4:" 3?: L4Y$: 3>429?: ^ 2$a4A ’E$93$#A:$ a>2?93" ? $#@49b?A
a493":M L?#$95?3" @$L" Eg3>a" 3$ 52e9:>5"M 342? 3? @":>;<" d @":>;<" M
-K:$2X?2 ?: @2$:E2>;\$:M !" Z4?32" 3$ >9:524#$95": ?E$93$A
 023  -+ 23 :$ ? 2$:@$E5>X? L4YA$:@>? M
8"# ? Eb?X$ 3$ >a9>;<" 9? @":>A
1?2? 3$:?5>X?2 ? D49;<"] a>2?2 ?
;<"  $ ? ?L?X?9E? $:Z4$23? :"K
?L?X?9E? $:Z4$23? :"K " X"L?95$ @?2? O  $ 
" X"L?95$ 9? @":>;<" ] ?E$93$#A
4#? @":>;<" 3>D$2$95$ 3$ M
:$ ?45"#?5>E?#$95$ ?: L4Y$: 3$ @"A - >95$224@5"2 3?: L4Y$: 3$ 9$KL>9?
:>;<"u3>429?:% ?: "452?: Le#@?3?: $  $:5‘ L"E?L>Y?3" 9" @?>9$L] L?3"
#? $N ? >L4#>9?;<" >95$29? @$2#?9$E$# $:Z4$23" 3" X"L?95$M
?@?a?3?:M ’: L4Y$: *C) o*?y5>#$
S>2?2 ? ?L?X?9E? $:Z4$23? :"K " 8"# ?: L4Y$: 3$ @":>;<" "4 D?2g>:
C499>9a )>ab5:o D>E?# :$#@2$ ?E$A
X"L?95$ @?2? ? @":>;<" @?2? ?E$9A K?>s": ?E$:":] @2$::>"9?2 " K"5<"
:?:] E"# Eb?X$ 3$ >a9>;<" $# &’CM
3$2 ?: L4Y$: 3$ @":>;<"] ?: L4Y$: 3" @?2? ?E$93$2 ?: L4Y$: 3$ 9$KL>9?M
Z4?32" 3$ >9:524#$95": $ 5?#K^# ": - D49E>"9?#$95" ^ E"#?93?3"
@$L? E$952?L $L$52t9>E? 3$ D"2#? Z4$]
($%%
O   3$ E"#?93" 3?: L4Y$: $s5$29?:M 8?:"
’E$93$#A:$ ?@$9?: E"# ? Eb?X$ 9<" :$_? E"#?93?3? ? 3$:?5>X?;<"
3$ >a9>;<" 9? @":>;<" ] "4 E"# 3?: L4Y$: @$L? ?L?X?9E?] " D?2"L K?>s"
? Eb?X$ 2$5>2?3?] E"L"E?93" ? ?L?A $ ?: L4Y$: 3$ @":>;<" :$ ?E$93$2<"
X?9E? $:Z4$23? :"K " X"L?95$ @2>A @$L" 5$#@" E"9D>a42?3" 9" #$94M
#$>2" 9? @":>;<" $] $# :$a4>3?] ,$ ": D?2g>: $:5?X?# :$93" E"#?9A
3?3": @$L" :$9:"2 E2$@4:E4L?2 p’45"
9? @":>;<" M ’::>#] 9" Z4?32" 3$
L>ab5:r] ?" :$ 3$:L>a?2 " X$WE4L" ?:
>9:524#$95": ?E$93$A:$ ? L4YA$:@>?
L4Y$: @$2#?9$E$# ?45"#?5>E?#$95$
M
1?2? ?@?a?2 ?: L4Y$: 3$ 9$KL>9?] ?E$:?: @$L" 5$#@" 3$5$2#>9?3"M
@2$::>"9?2 9"X?#$95$ " K"5<" M *$@">: 3$ 5$2 ?5>X?3" ? D49;<"]
2$@$5>2 ? "@$2?;<" @?2? 3$:L>a?2 ?: #T  
R  1 & 1GS ; .+ < L4Y$: 3$ $:5?E>"9?#$95"M
’ D49;<" P"LL"i #$ b"#$ ^ ?E>A
’: L4Y$: 3$ 9$KL>9? $:5<" ?E"#A "9?3?] ?54?93" 9? ?L?X?9E? 3$ E"A
@?9b?3?: 3? D49;<" 8"29$2>9a] Z4$ O   % #?93" 3?: L4Y$: $s5$29?: 3" L?3"
5$# " "K_$5>X" 3$ #$Lb"2?2 ? >L4#>A   #? ;& 1G $:Z4$23" 3" X"L?95$M c @"::WX$L $:A
9?;<" @2gs>#? ?" X$WE4L" Z4?93" " -- &E < E"Lb$2 $952$ GF $ 6IF :$a493": @?2?
X$WE4L" $:5‘ D?Y$93" 4#? E"9X$2:<" ?E$93>#$95" 3": D?2g>:] ?@g: 3$:L>A
’ 5$#@"2>Y?;<" 3": D?2g>: ^ 2$a4A a?#$95" 3? >a9>;<" pEb?X$ 3$ >a9>A
$# K?>s? X$L"E>3?3$M L‘X$L ?54?93" 9" &$94 3" 3>:@L?y "4 ;<" 9? @":>;<" rM
8"# ? X$L"E>3?3$ >9D$2>"2 ? JF 9" :>:5$#? (E"99$E5¢] :$93" @"::WA
h#ub] @?2? ?#@L": e9a4L": 3$ 2"5?A X$L $:E"Lb$2 $952$ F] GF] 7F $ NF :$A
 023  -+ 23 #&&U

;<" 3" X"L?95$ "4 ?" L>a?2 " >93>E?A a493":M
G

3"2 3$ 3>2$;<"] ?E$93$A:$ 4#? L4Y ,$ " D?2"L K?>s" $:5>X$2 ?E$:"] ?" :$
p>95$a2?3? ?" @?2?AEb"Z4$r 2$D$2$95$ ’" :$ 3$:L>a?2 " X$WE4L"] 5"3?: ?:
3$:L>a?2 " X$WE4L" pEb?X$ 3$ >a9>;<"
?" L?3" 3$ #43?9;? 3>2$;<"] " Z4$ L4Y$: :$ ?@?a?#M ’@g: 3$:L>a?2 "
9? @":>;<"  r ?: L4Y$: :<" ?@?a?A
?4#$95?2‘ " e9a4L" 3$ X>:>K>L>3?3$ X$WE4L" pEb?X$ 3$ >a9>;<" 9? @":>A
3?:M ’@g: 3$:L>a?2 " X$WE4L" " 4:4‘A
9"5429?M ;<" r] " 4:4‘2>" 5$# 6 #>945":
2>" 5$# 6 #>945": @?2? E"#?93?2 ?
@?2? ?E>"9?2 ? D49;<" @$L? ?L?X?9E?
3$:?5>X?;<" 3?: L4Y$: @$L? ?L?X?9E?

($%&
$:Z4$23? 3$ E"#?93" 3" D?2"L ?L5"M #?  ’ L4YA$:@>? ?@?a?A:$ 9" Z4?32"
- @2>#$>2" ?E>"9?#$95" ?5>X? " D?A 3$ >9:524#$95":M
1?2? L>a?2 ": D?2g>: ?L5":] a>2?2 ?
2"L K?>s" $ ?: L4Y$: 3$ @":>;<" @"2
?L?X?9E? $:Z4$23? :"K " X"L?95$ @?2?
GF :$a493":M - 4:4‘2>" @"3$ >9E2$A
? @":>;<" ] ? :$a4>2] $#@422?2 ?    %
#$95?2 GF :$a493": ? E?3? 9"X" ?E>A
?L?X?9E?  p:$95>3" 3$ #?2Eb? 3" 
"9?#$95" 3? ?L?X?9E?] @"2 #?>: 7
X$Y$:] :"#?93" 9" #‘s>#" 6IF :$A
X$WE4L"rM "
8"L"E?2 ? ?L?X?9E? $:Z4$23?  9?
a493": p"4 G #>945": $ #$>"r 3$ ?5>A -: D?2g>: ?L5": ?@?a?#A:$] @":>;<" 3$ 2$@"4:" p@":>;<" GrM
X?;<" 3?: L4Y$:M @4s?93" ? ?L?X?9E? $:Z4$23? $#
3>2$;<" ?" X"L?95$ 9"X?#$95$] ?5^ "
 023  -+ 23 #&&U
 D>9?L 3$ E42:" p6£ $:5‘a>"rM
G
 8"#" D?2"L ?L5" L>a?3"] 9" Z4?A
’ D49;<" ^ 3$:?5>X?3?] :$a42?93" 32" 3$ >9:524#$95": ?E$93$A:$ ? L4YA
? ?L?X?9E? 3$ E"#?93" @"2 6 :$a49A $:@>? M
3": "4 E"L"E?93" ? Eb?X$ 3$ >a9>;<"
9? @":>;<" M


- P"LL"i #$ b"#$ :g D49E>"9? IM ,$5? @?2? 3>2$>5? p6£ 9WX$L A 1"A
Z4?93" ? D49;<" 3$ 5$#@"2>Y?;<" :>;<" D>s?rM
3": D?2g>: $:5‘ E"9D>a42?3? E"#" xF 6M ,>9?L>Y?;<" 3$ #43?9;? 3$
:zM *$:5? D"2#?] 9<" ^ @"::WX$L D?>s? p)?9$ 8b?9a$r @?2? 3>2$>5?
?E>"9?2 ?: 34?: D49;\$: ?" #$:#" p@":>;<" >95$2#$3>‘2>? A I£
5$#@"M - D?2"L ?L5" 3$:L>a?A:$ X"L5?93" ? 9WX$L A 9<" D>s?rM
E"L"E?2 ? ?L?X?9E? 9? @":>;<" E$952?L GM 1":>;<" 3$ 2$@"4:" p,>9?L>Y?A
$:5‘X$LM ;<" 3$:L>a?3?rM
JM ,>9?L>Y?;<" 3$ #43?9;?
3$ D?>s? p)?9$ 8b?9a$r
($%’
@?2? $:Z4$23? p@":>;<"  & F23 
+ 2  - '   ,23  -+ 28    , %
>95$2#$3>‘2>? A I£ 9WX$L A 9<" ;  G 1< + (
D>s?rM ’ :>9?L>Y?;<" 3$ #43?9;? ’ ?5>X?;<" 3": >93>E?3"2$: 3$ 3>A
HM ,$5? @?2? $:Z4$23? p6£ 9WX$L A 3$ D?>s? ?4s>L>? " E"9345"2 $# 2$;<" $ 3? D49;<" )?9$ 8b?9a$ @"A
@":>;<" D>s?rM #?9"K2?: "93$ ? :>9?L>Y?;<" :$ D?Y 3$2‘ :$2 @$2E$K>3? @$L" E"9345"2 9"
9$E$::‘2>? @"2 4# E425" @$2W"3" Z4?32" 3$ >9:524#$95":] ?52?X^: 3?
 023   ,    % 3$ 5$#@"] E"#" @"2 $s$#@L" >95$2#>5[9E>? 3? L4YA$:@>? "4
23 4L52?@?::?a$9: "4 :>#@L$: #43?9;?
&"X>#$95$ ? ?L?X?9E?  @?2? E>#? 3$ D?>s?M w4?93" ? ?L?X?9E? ^
?E>"9?3?] " >93>E?3"2 3$ 3>2$;<" >2‘   #?
"4 @?2? K?>s" ?L^# 3" @"95" 3$
2$:>:5[9E>? p@":>;\$: $s52$#?: I "4 L?#@$_?2 H X$Y$: 3$ ?E"23" E"# ?   23  - ' &+

HrM 3>2$;<" 3$:$_?3? p3>2$>5?u$:Z4$23?rM
(#? E"22$5? "2>$95?;<" 3": D?2g>:
^ 4# D?5"2 3$5$2#>9?95$ @?2? " E"9A
 1?2? E>#? p@":>;<" Ir% ’5>X?;<" ,  
    & F23 
D"25" $ ? :$a42?9;?] 9<" :g 3" E"9A
3" >93>E?3"2 3? 3>2$;<" L?3" 3>A
+ 2  - ' ;  G 1<
345"2] #?: 5?#K^# 3": "452": #"A
2$>5"M &"X>#$95$ K2$X$#$95$ ? ?L?X?9E? 5"2>:5?: 3? $:52?3?M 1"2 "452" L?3"]
 1?2? K?>s" p@":>;<" Hr% ’5>X?;<"  @?2? E>#? "4 @?2? K?>s" ?5^ " E"9:5>54> >a4?L#$95$ 4#? 9"2#? 3"
3" >93>E?3"2 3? 3>2$;<" L?3" $:A @"95" 3$ 2$:>:5[9E>? p@":>;\$: >95$2A 8g3>a" 3$ .2e9:>5"M
Z4$23"M #$3>‘2>?: 6 "4 Jr @"2 4# 5$#@" >9A
1?2? a?2?95>2 ? :> #$:#" $ ?": "4A
D$2>"2 ? #$>" :$a493"M ’" L>K$2?2 ?
52": ?: #$Lb"2$: E"93>;\$: 3$ X>:>K>A
’@g: 4#? E42X?] ?" 2$5"29?2 " X"A ?L?X?9E?] ? #$:#? 2$5"29?2‘ @?2? ?
L>3?3$ ?" X>?_?2 E"# ": D?2g>: ?E$:":]
L?95$ d E"93>;<" 3$ 3>2$;<" 2$5>LW9$?] @":>;<" 3$ 2$@"4:" p@":>;<" GrM ’
" X$WE4L" 3$X$ 5$2 4#? "2>$95?;<"
": >93>E?3"2$: 3$ 3>2$;<" :$2<" 3$:L>A D49;<" :$2‘ 3$:?5>X?3? ?@g: H L?#A
E"22$5? 3": D?2g>:M
a?3": ?45"#?5>E?#$95$ $ ? ?L?X?9E? @$_":] "4 Z4?93" b"4X$2 " ?E>"9?A
2$5"29?2‘ d @":>;<" 3$ 2$@"4:" p1"A #$95" @?2? " L?3" "@":5"M *>2>a>2A:$ >#$3>?5?#$95$ d 
:>;<" GrM   , & #  @?2? " E"952"L$ $ ?
$X$954?L 2$a4L?a$#M

($%)
8"952"L?2 ? "2>$95?;<" 3": D$>s$: 8"# ?: L4Y$: 3$ $#$2a[9E>? L>A  O  # ;$D
L4#>9":": E?3? X$Y Z4$ :$ #43?2 a?3?:] "K5^#A:$ ? >95$2#>5[9E>? 3?:  < ; .+ <
" @$:" "4 ? 3>:@":>;<" 3? E?2a? L4Y$:A$:@>? M
’ 5$2E$>2? L4Y 3$ D2$>"  $:5‘ L"A
52?9:@"25?3?M
E?L>Y?3? 9? @?25$ :4@$2>"2 E$952?L 3?
 E?K>9$ $ 5$# D49;<" 3$ 3>:@"9>K>L>A
  #?  - 4:" 3?: L4Y$: 3$ $#$2a[9E>? ^
Y?2 X>:4?L>Y?;<" ?4s>L>?2 d: L4Y$: 3$ "
$ D2$>" ? D># 3$ $X>5?2 E"L>:\$:M c ?E>"A
2$a4L?#$95?3" @$L" Eg3>a" 3$ 52e9A
9?3? _495" E"# ?: L4Y$: 3$ D2$>" 3?
1?2? " E"952"L$ $ ? $X$954?L 2$a4A :>5" 3" @?W: "93$ :$ E>2E4L?% "K:$2X?2
L?95$29? @2>9E>@?LM - K2?h$ L>ab5 ^
L?a$#] 3>2>a>2A:$ d    , & ?: @2$:E2>;\$:M
E"#@":5" @"2 7 )+*: X$2#$Lb":M
# 7
 ;
 1 ,E   1 & 1< %
#  1
 
 1@ , 
O   !
+# E?:" 3$ D2$9?a$# 3$ $#$2a[9A

  E>?] ?E$93$#A:$ ?45"#?5>E?#$95$ ?:
12$::>"9?2 " K"5<" pD>aM :$a4>95$r L4Y$: 3$ $#$2a[9E>? $ 9" Z4?32" 3$
@?2? L>a?2u3$:L>a?2 ?: L4Y$: 3$ $#$2A >9:524#$95": ?E$93$#A:$ ?: L4Y$:A
a[9E>?M $:@>? M
’: L4Y$: 3$:L>a?#A:$ ?45"#?5>E?A
#$95$ 9" #"#$95" $# Z4$ ? D2$9?A
a$# 9<" 5$# #?>: E?2‘5$2 3$ $#$2A
a[9E>?M   %
    ;O  %
$< ; .+ <
’ @L?D"9>$2? 3$ >L4#>9?;<" 3"
E"#@?25>#$95" 3$ E?2a?: $ $:5‘
L"E?L>Y?3? 9? @?25$ :4@$2>"2 E$952?L
3? E?K>9$ p=95$a2?3? ?" K2?h$ L>ab5r

($%*
$ 5$# ? D49;<" 3$ >L4#>9?2 " X<" #$95" 3$ E?2a?: D49E>"9? >9>9A
3$ E?2a? Z4?93" D"2 9$E$::‘2>" 5$224@5?#$95$M
3>:52>K4>2 E?2a?: "4 $D$54?2 ?La4#?  8"# ? Eb?X$ 3$ >a9>;<" 9? @"A
#?945$9;<" $# L"E?>: 3$ @"4E? :>;<" ] ? L4Y 3" E"#@?25>A
>L4#>9?;<"M ’ L4Y @?2? " E"#@?25>A #$95" 3$ E?2a?: D49E>"9? >9>9A
#$95" 3$ E?2a?: ^ E"#@":5? @"2 6 5$224@5?#$95$ ?5^ Z4$ " X$WE4L"
)+*: K2?9E": 3" L?3" 3>2$>5" $ 6 >9>E>$ " #"X>#$95"M
)+*: K2?9E": 3" L?3" $:Z4$23"M

  
V  O 

- E"9_495" 3? L4Y >95$29? 3>?9A
5$>2? @"::4> G :>54?;\$: 3>:5>95?:] 3$
 ’: L4Y$: 9<" D49E>"9?# E"# " ?E"23" E"# ? @":>;<" 3" >95$224@5"2%
E?22" $# #"X>#$95" @?2? 9<" 1":>;\$: 3" >95$224@5"2 
:$2$# E"9D493>3?: E"# "452":
,4? Lga>E? 3$ D49E>"9?#$95" :$A 3>:@":>5>X": 3$ >L4#>9?;<"M 1"2A
a4$ ?: :$a4>95$: 3$D>9>;\$:% 5?95"] :g $:5<" 3>:@"9WX$>: E"# "
E?22" @?2?3"] :$93" 3$:?5>X?3?:
?::># Z4$ " #$:#" >9>E>?2 " #"A
 - ?E>"9?#$95" 3? L4Y 3" E"#A
X>#$95"M
@?25>#$95" 3$ E?2a?: ^ D$>5" @"2
4# K"5<" $:@$EWD>E" ] L"E?L>A  8"# ? Eb?X$ 3$ >a9>;<" 9? @"A
Y?3" 9" E"9_495" 3$ L4Y$: >9A :>;<" ] ? L4Y 3" E"#@?2A
5$29?: 3>?95$>2" p5$5" 3" X$WE4L"rM 5>#$95" 3$ E?2a?: D49E>"9? 34A
2?95$ IH #>945":M
 8"# ? Eb?X$ 3$ >a9>;<" 9? @"A
:>;<" ] ? L4Y 3" E"#@?25>A
($%+
- >95$224@5"2 $ ?E$93$u?@?a? ? 
 F23       
Le#@?3? M 06,+&
- >95$224@5"2  ?E$93$u?@?a? ? ’: L4Y$: 3" E"9_495" 3? L4Y >95$29?
Le#@?3? M ?E$93$# :$a493" ?: :$a4>95$: #"A
3?L>3?3$:%
"

 *42?95$ E$2E? 3$ IF :$a493":
’95$: 3$ :?>2 3" X$WE4L"] E$25>D>E?2A ?@g: " 3$:52?X?#$95" 3?: @"25?:M
:$ 3$ Z4$ ?: Le#@?3?: 3" E"9_495"
 *42?95$ E$2E? 3$ G #>945": ?@g:
>95$29" $:5$_?# ?@?a?3?:f 3$:5$
? ?K$2542? 3$ 4#? 3?: @"25?:
#"3"] $X>5?A:$ ? 3$:E?2a? 3? K?5$A
2>?] 3$@">: 3$ D$Eb?3?: ?: @"25?:M *$  *42?95$ E$2E? 3$ IF :$a493":
Z4?LZ4$2 D"2#?] :$ $:Z4$E$2 4#? ?@g: " D$Eb?#$95" 3?: @"25?:M
Le#@?3? ?E$:?] ?@2"s>#?3?#$95$
IH #>945": ?@g: " #"5"2 5$2 :>3" ’ 5$#@"2>Y?;<" ^ >95$22"#@>3?
3$:L>a?3"] $L? ?@?a?A:$ ?45"#?5>E?A 3$:L"E?93" ? Eb?X$ 3$ >a9>;<" @?2?
#$95$M @":>;<" M

  23 ,  &( ?: Le#@?3?:  1?2? ? 3$:L>a?#$95" $:5<" @2$X>:5?:



 F23  &+F   52[: #"3?L>3?3$:%
$  ?E$93$# $ ?@?a?# E"# ?
?K$2542? $ D$Eb?#$95" 3?: @"25?: +# ?La4#?: X$2:\$:] E"# ? >L4#>A
9?;<" >95$29? 9? @":>;<" 9$452?] $#  w4?93" :$ D$Eb?# 5"3?: ?: @"2A
  23 ##( ?: Le#@?3?:  $ 
$:@$E>?L $# L4a?2$: @"4E" >L4#>9?A 5?:] 3$:?5>X?A:$ ? 5$#@"2>Y?;<"
@$2#?9$E$# :$#@2$ 3$:L>a?3?:M
3":] ?E$93$A:$ ? Le#@?3? 3? L4Y >9A 3$ G #>945": $ ?5>X?A:$ "452? 3$
  23 ( ?: Le#@?3?:  $  IF :$a493":M +:5? 5$#@"2>Y?;<"
5$29? Z4?93" ^ 3$:52?X?3? 4#? 3?:
@$2#?9$E$# :$#@2$ ?E$:?:M 3$:?5>X?A:$ :$ ? Eb?X$ 3$ >a9>;<"
@"25?: @?2? @2"@"2E>"9?2 #?>: ?a>L>A
3?3$ 9? $952?3? 9" X$WE4L"M D"2 E"L"E?3? 9? @":>;<" M
’: L4Y$: ?E$93$#u?@?a?#A:$ 3$  ?" 52?9E?2 ?: @"25?: pE"# " 5$A
#?9$>2? @2"a2$::>X?M L$E"#?93" "4 E"# ? Eb?X$ 9?

($%,
@"25? 3" L?3" 3" E"9345"2r] "  *42?95$ ?@2"s>#?3?#$95$ G #>A ’ L4Y 3$ E"25$:>? ?E$93$A:$ ?45"A
E"9_495" 3$ L4Y >95$29? ?@?a?A:$M 945": 9? ?K$2542? 3$ 4#? 3?: #?5>E?#$95$ L$X?95?93" ? E"K$2542?
 ’: L4Y$: >95$29?: ?@?a?#A:$] 3$ @"25?: $M
Z4?LZ4$2 D"2#?] ?" D># 3$ IH  *42?95$ ?@2"s>#?3?#$95$ IF :$A
#>945": @?2? @2$:$2X?2 ? 342?;<" a493": 9" D$Eb?#$95" 3$ 4#?
V  O 
3? K?5$2>? @"25?M



 F23    6  06% ’ 5$#@"2>Y?;<" 5$2#>9? ?45"#?5>A +:5<" 3>:@"9WX$>: 3">: E"9_495": 3$
,+& E?#$95$ E"# " 52?X?#$95" 3?: @"2A L4Y$:  :>54?3": L?5$2?L#$95$ p:"K2$
5?:M ?: ?L;?: 3$ :$a42?9;? 3?: @"25?: 52?A
*$@">: 3$ 5$2 E"L"E?3" ? Eb?X$ :$>2?:rM
3$ >a9>;<" $#  "4 ? :$a4>2
d $s52?;<" 3? Eb?X$ #$Ee9>E? 3" +F  ,   ; .+ <
E"#45?3"2 3$ >a9>;<"] ?: L4Y$: 3" +# ?La4#?: X$2:\$:] @"2 52‘: 3"
E"9_495" 3$ L4Y >95$29? ?E$93$#A:$ @?2?A:"L] $:5<" @2$:$95$: L4Y$: 3$
:$a493" $:5?: #"3?L>3?3$:% E"25$:>?  Z4$ >L4#>9?# ": $:@$Lb":M

 ,$ $s52?>2 ? Eb?X$ #$Ee9>E? 3"


E"#45?3"2 3$ >a9>;<" 9" $:@?;"
3$ G #>945": ? @?25>2 3? 3$:?5>X?A
;<" 3" #"5"2] " E"9_495" 3$ L4Y
>95$29? ?E$93$A:$ 342?95$ IF :$A
a493":M 1?2? X$2:\$: E"# Eb?X$
$L$52t9>E?] ": E"9_495" 3$ L4Y >9A
5$29? ?E$93$A:$ 342?95$ IF :$A
a493": E"L"E?93" " E"#45?3"2
3$ >a9>;<" $# M

($&-
’: L4Y$: ?E$93$#A:$ ?" ?K2>2 ?: K2>:?M !$:5?: E"93>;\$:] :$ " L>#@?A
@"25?: 52?:$>2?:M 3"2 3" @?2?AK2>:? D"2 :4K#$5>3" ? 4#
- ?E$93>#$95" 3"p:r E"9_495" p:r $:D"2;" $sE$::>X"] ?5>X?A:$ ? @2"5$A
3$ L4Y p$:r >95$29?p:r 52?:$>2?p:r "E"22$ ;<" 3" #"5"2] Z4$ >9>K$ " :$4 D49E>A
5?#K^# _495?#$95$ E"# ": $X$95": "9?#$95" 342?95$ ?La49: :$a493":M
Z4$ 3$5$2#>9?# " ?E$93>#$95" 3" ,$ ? D49E>"9?L>3?3$ 9<" D"2 @":5$A "
E"9_495" 3$ L4Y >95$29? 3>?95$>2?M 2>"2#$95$ 2$:5?K$L$E>3?] #$:#" ?@g:
4#? 9"X? @?25>3? 3" X$WE4L"] E"95?A
5?2 ?    , & # M
    
  >  %  &  
M  #    
 $A   
 O % J$  J ;  !
.+ < %$ c ?E"9:$Lb‘X$L 9<" ?E>"9?2 " L>#A
8"# ?: L4Y$: 3$ @":>;<" "4 ": D?A ’ ?L?X?9E? 3>2$>5? :"K " X"L?95$ @?3"2 3" @?2?AK2>:? E"# ?: @?Lb$5?:
2g>: ?E$:":] a>2?2 " :$L$5"2 $ @?2? 2$v9$ 5"3": ": E"#?93": @?2? ? L>#A L$X?95?3?:M
E>#? @?2? ?4#$95?2 ? >95$9:>3?3$ 3? @$Y? 3" @?2?AK2>:?M +:5? ?5>543$ @2$:$2X? ": L>#@?3"A
>L4#>9?;<" 3" Z4?32" 3$ >9:524#$9A
2$:M
5": $ 3": a2?D>:#": 3": K"5\$: 3$ E"A
#?93" "4 @?2? K?>s" @?2? 3>#>94WA    
%$ P49E>"9? :"#$95$ E"# ? Eb?X$ 3$
L?M
>a9>;<" 9? @":>;<" M
8"# ?: L4Y$: 3$ @":>;<" "4 ": #+ ,  
 
D?2g>: ?E$:":] a>2?2 " :$L$5"2  @?2?
E>#? @?2? ?4#$95?2 ? >95$9:>3?3$ 3?
>L4#>9?;<" 3": )+*: 3?: #?;?9$5?:
$ 3? @L?D"9>$2? $ @?2? K?>s" @?2? !
3>#>94WAL?M !<" 45>L>Y?2 " L>#@?3"2 @?2? 2$5>2?2
9$X$ "4 a$L" ?E4#4L?3": 9" @?2?A
($&!
;<"M ’ :"L5?2 ? ?L?X?9E?] $:5? X"L5? #+ 23 R01
& 1 S
d :4? @":>;<" @?2?93" ?45"#?5>E?A 14s?2 ? ?L?X?9E? @?2? " X"L?95$
#$95$ " L>#@?3"2 3" @?2?AK2>:?M +:5? p@":>;<" >9:5‘X$Lr @?2? ?E>"9?2 " L?A
D49;<" ^ v5>L @?2? 2$#"X$2] @"2 $s$#A X?3"2 3" @?2?AK2>:?M
@L"] @$Z4$9?: ?E4#4L?;\$: 3$ :4A
_$>2? 3" @?2?AK2>:?] "4 " "2X?Lb" #?A ’" #?95$2 ? ?L?X?9E? @4s?3?]
5>9?LM ?5>X?A:$ ?45"#?5>E?#$95$] E"# 4#
v9>E" #"X>#$95"] " _?5" 3" L?X?3"2
3" @?2?AK2>:? $ " @2g@2>" L>#@?3"2M

- ?2"  @"3$ ?::4#>2 ?: :$a4>95$: - D49E>"9?#$95" 3" L>#@?3"2 3"
’5$9;<"% $:5? D49;<" 9<" ?5>X? "
@":>;\$:% @?2?AK2>:? E"95>94? ?@g: 3$:L>a?A
L?X?3"2 3" @?2?AK2>:?M 1?2? $:a4>Eb?2
#$95" 3? ?L?X?9E? $ $s$E45? 52[:
" LWZ4>3" 3" L?X?3"2 9" @?2?AK2>:?] ^
 ( )>#@?3"2 3" @?2?AK2>:? 3$:L>A @?::?3?: D>9?>:M
9$E$::‘2>" 4:?2 ? D49;<" 3$ L?X?a$#M
a?3" - E>EL" ^ 5$2#>9?3" @"2 4#? @?:A
 I % D49E>"9?#$95" >95$2#>5$95$ 8"# " ?2"  9? @":>;<" I "4 6 :?3? 3" L>#@?3"2 3" @?2?AK2>:? E$2E?
pK?>s? X$L"E>3?3$rM 3$ 7 :$a493": 3$@">:M
] " L>#@?3"2 3" @?2?AK2>:? ?3?@5?
 6 % D49E>"9?#$95" >95$2#>5$95$ ?45"#?5>E?#$95$ ? X$L"E>3?3$ 3$
p?L5? X$L"E>3?3$rM D49E>"9?#$95" d X$L"E>3?3$ 3"    ; .+ <
 T( D49E>"9?#$95" E"95W94" X$WE4L"M
L$95"M +:5‘ L"E?L>Y?3" ?52‘: 3" $:@$Lb" 2$A
52"X>:"2 >95$29"] $# E"95?5" E"# "
  ( D49E>"9?#$95" E"95W94" 60&    / &     
@?2?AK2>:? $ $:5‘ $# E"93>;\$: 3$ 3$A
2‘@>3"M ,G+0 ; .+ <
5$E5?2 ? @2$:$9;? 3? Eb4X? $] E"9:$A
’: @":>;\$: I $ 6 E"22$:@"9A Z4$95$#$95$] ?E>"9?2 ? L>#@$Y? 3"
*$:L"E?93" ? ?L?X?9E? @?2? E>#? 3$# 5?#K^# ?" I $ 6 9WX$L 3$ @?2?AK2>:? $# D49;<" 3? ‘a4? @2$A
p@":>;<" >9:5‘X$Lr] ?5>X?A:$ ? D49;<" :$9:>K>L>3?3$ 3" :$9:"2 3$ Eb4X? :$95$ 9" X>32"M
% " D49E>"9?#$95" $:5‘ L>#>A pZ4?93" $:5$ ^ ?5>X?3" ?52?X^: 3"
5?3" ?" 5$#@" $# Z4$ :$ #?95^# &$94 3" 3>:@L?y "4 9" :>:5$#?
#?94?L#$95$ ? ?L?X?9E? 9$:5? @":>A (E"99$E5¢rM
($&"
 023 :?3?o 3" L>#@?3"2M +:5? @?::?3? ^
5?#K^# $s$E45?3? E"# " @?2?AK2>:?
:$E"M

! ’" ?E>"9?2 " L?X?3"2 3" @?2?AK2>:?


E"# " :$9:"2 3$ Eb4X? ?5>X?3"] ^
!<" ?5>X?2 " :$9:"2 3$ Eb4X? 34A
2?95$ ? L?X?a$# 3" X$WE4L" $# 4#
$D$54?3" " E>EL" 9"2#?L 3$ L?X?a$# "
9" D># 3" Z4?L " :$9:"2 2$5"#? " :$4
:>:5$#? 3$ L?X?a$# ?45"#‘5>E?M
D49E>"9?#$95" ?45"#‘5>E" 9"2#?LM
1"3$2>? E?4:?2 ?X?2>?: 9" :$9:"2M

&?95$2 L>#@" " X>32" 9? 2$a><" 3"
:$9:"2M
!
,$ D"2 X$2>D>E?3? ? @2$:$9;? 3$ a$L"  023
"4 K?22" 9" @?2?AK2>:?] E$25>D>E?2A:$
3" 3$:L>a?#$95" 3" 3>:@":>5>X"M ’54?2 9" &$94 3" 3>:@L?y p"4 9"
- :$9:"2 X?2>? 3$ 3$:L>a?3" @?2? :>:5$#? (E"99$E5¢r "4 3$:L"E?2
I£ 9WX$L p>95$2#>5$95$ Ir "4 @?2? " 6£ +:5? @2‘5>E? @2$:$2X? ": L>#@?3"A ? Eb?X$ 3$ >a9>;<" @?2? ? @":>;<"
p>95$2#>5$95$ 6r E"#" #":52?3" 9? 2$:M M
@?25$ 3$ :$9:>K>L>3?3$ 3" :$9:"2M ,$ 3$:L"E?2 ? Eb?X$ 3$ >a9>;<"
’54?93" 9" &$94 3" 3>:@L?y "4 @?2? ? @":>;<" ] Z4?93" " :$9A
9" :>:5$#? (E"99$E5¢] ^ @"::WX$L :"2 3$ Eb4X? $:5>X$2 ?5>X?3" p#"3"
?5>X?2u3$:?5>X?2 " :$9:"2 3$ Eb4X?M ?45"#‘5>E"r] " :$9:"2 3$ Eb4X? E"9A
’ ?5>X?;<" 3" :$9:"2 ^ ?::>9?L?3? 5>94?2‘ ?5>X?3"M !" $95?95"] $L$
@"2 4#? o@?::?3?o 3" L>#@?3"2M 9<" 2$?L>Y?2‘ 4#? @?::?3? 9" L>#A
@?3"2 3$ @?2?AK2>:?] 3$#"9:52?93"
’ X?2>?;<" 3? :$9:>K>L>3?3$] 34A
Z4$ " #$:#" $:5‘ ?5>X?3" @?2? $X>A
2?95$ " D49E>"9?#$95" 3" :$9:"2 3$
5?2 ?5>X?;\$: >9X"L495‘2>?: 3" #"5"2M
Eb4X?] ^ ?::>9?L?3? @"2 4#? o@?:A
($&%
*$::? D"2#?] 9<" ^ 9$E$::‘2>" 9$A  12$:$9;? 3$ D>L$5$: 3$ ‘a4? @2"A >#@42$Y?: @2$:$95$: 9" X>32" :$E"]
9b4# @2"E$3>#$95" @?2? 2$:5?K$L$A X"E?3?: @$L?: @?Lb$5?: a?:5?: 3" ?E>"9?2 :$#@2$ ": L?X?3"2$: 3" @?2?A
E$2 " D49E>"9?#$95" 3" :$9:"2 3$ L>#@?3"2 3" @?2?AK2>:?M K2>:? ?52?X^: 3? ?5>X?;<" 3" D49E>"A
Eb4X? Z4?93" " #$:#" $9E"952?2A:$  *>D$2$9;? $952$ 3>? $ 9">5$M 9?#$95" 3" L>#@?3"2 3" @?2?AK2>:?M
?5>X?3"M
+# E?:" 3$ 5$#@$2?542?: $s5$2A
!" E?:" 3$ :$9:"2 3$ Eb4X? ?5>A 9?: #4>5" 2>a"2":?:] ?K?>s" 3$ Y$2"]
X?3" #?: ?X?2>?3"] " L>#@?3"2 3" E$25>D>E?2A:$ 3$ Z4$ " #"X>#$95" 3?
@?2?AK2>:? D49E>"9? @"2 >95$2#>5[9E>? ! @?25$ 3$ K"22?Eb? $# E"95?5" E"#
E"# 4#? 2$a4L?a$# >a4?L d :$9:>K>A ,$ D"2 9$E$::‘2>" L>#@?2 " @?2?A " X>32" 9<" $:5$_? >#@$3>3"M ,$ 9$A
L>3?3$ :$L$E>"9?3? @?2? " :$9:"2 3$ K2>:?] X$2>D>E?2 :$#@2$ :$ " 3>:@":>A E$::‘2>"] 3$:KL"Z4$‘AL? E"# 4# @2"A
Eb4X?] >93$@$93$95$#$95$ 3? @2$A 5>X" $:5‘ 3$:L>a?3"M 345" ?95>a$L" ?3$Z4?3"M
:$9;? "4 9<" 3$ Eb4X? 9" X>32" p$#
+X>5?2 45>L>Y?2 ": L>#@?3"2$: 3$
?La4#?: X$2:\$:] 9" 3>:@L?y ^ ?::>9?A +X>5$ 2>:E":M
@?2?AK2>:? @?2? 2$#"X$2 a$?3? "4
L?3? ? ?X?2>? 3" :$9:"2rM
a$L"M
*$ Z4?LZ4$2 D"2#?] " :$9:"2 E"95>A A ’L^# 3>::"] $X>5?2 " E"95?5" 3"
94? ? D49E>"9?2 $ ^ @"::WX$L ?5>X?2 "
)>#@?2 @$2>"3>E?#$95$ " @?2?A @$2D>L 3$ K"22?Eb? 3?: @?Lb$5?: E"#
L>#@?3"2 9? #"3?L>3?3$ E"95W94? pI⁄
K2>:?] X>32" 52?:$>2" 5^2#>E" $ ?: 3$2>X?3": 3" @$52gL$"] E"#" gL$" 3"
"4 6⁄ #?2Eb?rM ’ >93>E?;<" 3$ ?X?2>?
@?25$: 3$ K"22?Eb? 3?: @?Lb$5?: 3" #"5"2] a?:"L>9?] $5EM
@$2#?9$E$ ?5>X? 342?95$ " 5$#@" 3$
?5>X?;<" 3" :$9:"2M L>#@?3"2 3" @?2?AK2>:?] 45>L>Y?93"
4#? $:@"9_? "4 4# @?9" :4?X$ $
- :$9:"2 3$ Eb4X? ^ E?@?Y 3$ 2$A 
4# 3$5$2a$95$ 9$452"M *$::? D"2#?]
E"9b$E$2 $ 3$ ?3?@5?2A:$ ?45"#?A $L>#>9?#A:$ " :?L "4 ?: >#@42$Y?: ’ 342?;<" @2$X>:5? 3?: @?Lb$5?:
5>E?#$95$ d @2$:$9;? 3?: :$a4>95$: ?E4#4L?3?: 342?95$ ? #?2Eb?M 3" L>#@?3"2 3" @?2?AK2>:? X?2>? E"9A
E"93>;\$:% D"2#$ ? D2$Z4[9E>? 3? 45>L>Y?;<"f 3$
- D49E>"9?#$95" @2"L"9a?3" 3": Z4?LZ4$2 D"2#?] ^ ?E"9:$Lb‘X$L :4K:A
L>#@?3"2$: 3$ @?2?AK2>:? E"# " X>A 5>54>2 ?: @?Lb$5?: E$2E? 3$ 4#? X$Y
 12$:$9;? 3$ >#@42$Y?: 9? :4@$2A
32" :$E" @"3$ @2"X"E?2 ? 3$5$2>"2?A @"2 ?9"M w4?93" ?: @?Lb$5?: $:5<"
DWE>$ 3$ E"952"L$ p@"2 $sM 3$@g:>A
;<" 3?: @?Lb$5?:] ?L^# 3? ?K2?:<" 3? a?:5?:] @"3$ X$2>D>E?2A:$ 24W3"] :>9?>:
5": :?L>9":] :4_$>2?:] $5EMrM
:4@$2DWE>$ 3" X>32"M 1?2? $L>#>9?2 ?:
($&&
9" X>32" "4 #?2E?: 3$ ‘a4?M !? @2$A 0 
   &G  &
% 1?2? @"3$2 ?5>X?2 ? D49;<"] E"L"E?2
:$9;? 3$::?: E"93>;\$:] L>#@?2 ?:    %/  ;-+ 23 J % ? ?L?X?9E? X>2?3? @?2? E>#? p@":>;<"
@?Lb$5?: 3" L>#@?3"2 3" @?2?AK2>:? 0 ,    J< >9:5‘X$Lr 342?95$ @$L" #$9": #$>"
"4] :$ 9$E$::‘2>"] :4K:5>54WAL?:M :$a493"M
’ D49;<" o:$2X>E$ @":>5>"9o @$2A
#>5$ ?" #"5"2>:5? $D$54?2 ? :4K:5>A 1?2? E?3? ?5>X?;<" X‘L>3? 3? D49A
 54>;<" 3?: @?Lb$5?: 3" L>#@?3"2 3" ;<"] ?: @?Lb$5?: 3$:L"E?#A:$ @?2? "
@?2?AK2>:? #?>: D?E>L#$95$] @$2#>A ?::>9?L?2 ? E"22$5? ?Z4>:>;<" 3" E"A
V>?_?2 E"# ?: @?Lb$5?: 3" L>#@?A
5>93" ?>93? @2"5$a[AL?: $# E?:" 3$ #?93"M
3"2 3" @?2?AK2>:? a?:5?: 2$@2$:$95?
a$L"M
4# a2?X$ 2>:E"] @"2Z4$ 2$34Y ? X>:>A - E"#?93" @"3$ :$2 2$@$5>3" ?5^
K>L>3?3$ $# E?:" 3$ #‘: E"93>;\$:  023  -+ 23( @?2? ?5>X?2 ^ 4# #‘s>#" 3$ 52[: X$Y$:M ’ Z4?25?
?5#":D^2>E?:M 9$E$::‘2>" 3$:?5>X?2 " L>#@?3"2 3" 2$@$5>;<" 3" E"#?93" 3$:?5>X? ? D49A
@?2?AK2>:? p?2"  9? @":>;<" r ?95$: ;<"M
3$ E"L"E?2 ? Eb?X$ 3$ >a9>;<" 9?
 ,$] ?@g: 5$2 45>L>Y?3" ? D49;<"] X"LA
@":>;<" M
5?2 ? E"L"E?2 ? Eb?X$ 3$ >a9>;<" 9?
!<" 3$X$ :$2 ?@L>E?3" 9$9b4#
@":>;<"  E"# ?: @?Lb$5?: $#
5>@" 3$ @2"345" b>32"22$@$L$95$ "4
4#? @":>;<" 3>D$2$95$ 3? 3$ 2$@"4:"
b>32"DgK>E"] >9EL4>93" E2>:5?L>Y?;<"
p9? K?:$ 3" @?2?AK2>:?r] $:5?: :g :$A
3$ X>32":M ’ ?@L>E?;<" 3$:5$: @2"A
2<" E"L"E?3?: 3$ 9"X" 9? @":>;<" 3$
345": 2$34Y ? $D>E>[9E>? 3" :>:5$#?
2$@"4:" ? :$a4>2 ? 4# E"#?93" $D$A
3$ L>#@?3"2$:] E?4:?93" 52$@>3?;<"]
54?3" ?52?X^: 3? ?L?X?9E? p3$:L"E?A
24W3" $ #‘ X>:>K>L>3?3$] K$# E"#"
#$95" 3? ?L?X?9E? @?2? E>#?] @?2?
3$:a?:5$ @2$#?542" 3? K"22?Eb? 3?:
4#? @":>;<" >9:5‘X$Lr "4 ?" 4L52?@?:A
@?Lb$5?:M
:?2 ? X$L"E>3?3$ 3$ H h#ubM

’ D49;<" :g @"3$ :$2 ?5>X?3? 9"  023  -+ 23( ? D49;<" ^


$:@?;" 3$ 6 #>945": ? @?25>2 3? @?:A 3$:?5>X?3? :$%
:?a$# 3? Eb?X$ 3$ >a9>;<" @?2? ?
@":>;<" M

($&’
 .>X$2$# 3$E"22>3": 6 #>945": K2?;" $ E$25>D>E?93"A:$ 3$ Z4$ +# :$a4>3?] E$25>D>E?2A:$ 3$ Z4$ ":
3$:3$ " #"#$95" $# Z4$ " $:5‘ KL"Z4$?3? D42": 3$ :?W3? 9<" $:5<" $954@>3":f :$
3>:@":>5>X" ^ E"L"E?3" 9?  ’K?>s?2 " K2?;" 3" L>#@?3"2 9" 9$E$::‘2>"] L>#@‘AL": 45>L>Y?93" 4#
@":>;<" M @?2?AK2>:?M ?LD>9$5$M
 ,$ E"L"E?2 ? Eb?X$ 3$ >a9>;<"
9? @":>;<"  $ ?: @?Lb$5?:
 
$:5>X$2$# 9? @":>;<" 3$ 2$@"4:"M
!<" ?E>"9?2 " L>#@?3"2 3" @?2?A !?: X$2:\$: $Z4>@?3?: E"# 5$5"
 - E"#?93" 3? D49;<" D"2 2$@$A
K2>:? E"# ?: @?Lb$5?: L$X?95?3?:M :"L?2] E$25>D>E?2A:$ 3$ Z4$ " 5$5" $:5$_?
5>3" 342?95$ Z4?52" X$Y$:M
D$Eb?3"] ?95$: 3$ ?E>"9?2 ": _?5": 3"
0   %/  L?X?3"2 3" @?2?AK2>:?M
+/ + 23  &G  &
%
   %/  -: _?5": 3" L?X?3"2 3" @?2?AK2>:?
12"E$3$2 3" :$a4>95$ #"3"%  :<" D>s":M ,$ 9<" :?>2 9$9b4# _?5"]   
X$2>D>E?2 $# @2>#$>2" L4a?2 :$ $:5‘
@2$:$95$ LWZ4>3" 9" 2$:$2X?5g2>" 3" #    $=%
L?X?3"2 3" @?2?AK2>:? pX$2 @?2‘a2?D" 
x8"#@?25>#$95" 3" #"5"2z 9$:5$ E?A -: 3>D4:"2$: @"3$# :$2 "2>$95?3":
@W54L"rM ?a>93" 9": 2$L?5>X": 3>:@":>5>X": 3$
#"3" ? "2>$95‘AL": @?2? ? @":>;<"
3$:$_?3?M

 )$X?95?2 " K2?;" 3" L>#@?3"2 $


L$X?95?2 ? L>9a4$5?  @?2? @$2#>5>2
? 2$5>2?3? 3? @?Lb$5? 3" K2?;"M
 &"95?2 ? 9"X? @?Lb$5?] >9:$2>93"
? L>9a4$5? 9? :$3$ $:@$E>D>E? 3"

($&)
 -+    &    S>2?2 " :$L$5"2  @?2? 2$a4L?2 "
DL4s" 3$ ?2M

 -+    ,   

"

 A *>D4:"2$: 3$ ?2 E$952?>: 2$a4L‘A


X$>: $ "2>$95‘X$>:%

 ’54?2 9" 3>:@":>5>X" $ @?2? "2>$9A


5?2 " 3>D4:"2 9? 3>2$E<" 3$:$_?3?
 S>2?2 " :$L$5"2  @?2? 2$a4L?2 "
 *>D4:"2$: 3$ ?2 L?5$2?>: D>s": DL4s" 3" ?2M
pL?3" 3" E"9345"2 $ L?3" 3" @?::?A
a$>2"r @?2? 3$:$#K?;?2 X>32": L?5$A  A *>D4:"2 3$ ?2 :4@$2>"2 D>s" @?2?
2?>:M 3$:$#K?;?2 " @?2?AK2>:?M
$ A *>D4:"2$: 3$ ?2 L?5$2?>: 2$a4L‘A
X$>: $ "2>$95‘X$>:%

 ’54?2 9" 3>:@":>5>X"  @?2? "2>$9A


5?2 " 3>D4:"2 9? 3>2$;<" 3$:$_?3?M

($&*
% 

($&+
  ,?W3? 3$ ?2 3": 3>D4:"2$: 3? a>E? a?2?95$ 4#? #$Lb"2 X>:>K>L>3?3$
 A :$L$5"2 3$ ?5>X?;<"u2$a4L?a$# 2$a><" 3": @^: 3>?95$>2":] @?2?A 3": X>32":M - (:4‘2>" 5$# :$#@2$
3" X$95>L?3"2% K2>:?: $ X>32": L?5$2?>:M ? @"::>K>L>3?3$ 3$ ?5>X?2 ? 2$E>2E4L?A
 ,?W3? 3$ ?2 @?2? " @?2?AK2>:?: ;<" 3$ ?2 $ 3$:L>a?2 " E"#@2$::"2 3"
$ X>32": L?5$2?>:M ?2AE"93>E>"9?3"M
 * ¥ X$95>L?3"2 3$:L>a?3"
 ¥ X$L"E>3?3$ 3$ X$95>L?;<" p^ "
 A K"5<" 3$ ?5>X?;<"u3$:?5>X?;<" &
 F23 ; - 
 <
@"::WX$L :$L$E>"9?2 ¡ X$L"E>3?A
3$:r 3" X>32" 52?:$>2" 5^2#>E" p:$ $Z4>A 1?2? "K5$2 " 2$:D2>?#$95" 3" b?K>A
@?3"rM 5‘E4L"] @2"E$3$2 3" :$a4>95$ #"3"%
$ A :$L$5"2 3$ 2$a4L?a$# 3? 5$#@$A  A K"5<" B @?2? ?5>X?2u3$:?5>X?2
2?542? 3" ?2 $ $9a?5$ 3? D49;<" &’~ " E"#@2$::"2 3" ?2AE"93>E>"9?3"M  S>2?2 " :$L$5"2 $ @?2? ? Y"9? ?Y4LM
’u8M  )>a?2 ? 2$E>2E4L?;<" 3" ?2 >95$29"
@2$::>"9?93" " K"5<" # p)+* 9"
 K"5<" ?E$:"rM
 Q"9? ?Y4LA$:E42" ¥ ?2 D2>"
 A 12$::>"9?2  S>2?2 " :$L$5"2  @?2? M
 Q"9? X$2#$Lb? ¥ ?2 Z4$95$
 12$::>"9?2 " K"5<"  @?2? L>a?2
# A A B"5<" 3$ ?5>X?A
 A :$L$5"2 3$ 3>:52>K4>;<" 3" ?2M " ?2AE"93>E>"9?3" $ a>2?2 " :$L$A
;<"u3$:?5>X?;<" 3? 2$E>2E4L?;<" 3$
5"2  @$L" #$9": @?2? ? I⁄ X$A
?2 M
 ,?W3? 3$ ?2 3": 3>D4:"2$: E$9A L"E>3?3$M 1?2? "K5$2 4# ?22$D$A
52?>: $ L?5$2?>:M +:5<" 5?#K^# @2$X>:5?: #?>: J @"A E>#$95" 2‘@>3"] a>2?2 " :$L$E5"2
 ,?W3? 3$ ?2 3": 3>D4:"2$: D2"9A :>;\$: >95$2#$3>‘2>?: $952$ ?: H 3>:A  @?2? ? X$L"E>3?3$ #‘s>#? 3"
5?>: E$952?>: $ L?5$2?>: $ 3": 3>A 52>K4>;\$: @2>9E>@?>: ?E>#? 3$:E2>5?:M X$95>L?3"2 $ " :$L$5"2 $ @?2? ?
D4:"2$: 3>?95$>2": 3? 2$a><" 3": @":>;<" &’~ ’u8M
w4?93" ^ :$L$E>"9?3" ? 3>:52>K4>A
@^:M ;<" 3$ ?2 @?2? " @?2?AK2>:?] ?5>X?A
 ,?W3? 3$ ?2 3": 3>D4:"2$: 3? :$ " E"#@2$::"2 3" ?2AE"93>E>"9?3" 
2$a><" 3": @^: 3>?95$>2":M p)+* 3" K"5<" ’u8 ?E$:" $ ? 2$E>2A
8"# K?:$ $# E"93>;\$: EL>#‘5>A
E4L?;<" @":>E>"9?A:$ $# o?2 $s5$29"o
E?: $s5$29?: @?25>E4L?2$:] ? D49;<"
p)+* 9" K"5<" B ?@?a?3"rM +:5? LgA
($&,
3$ 2$E>2E4L?;<" ^ ?5>X?3? ?45"#?5>A 3$:?K>L>5?3" p:$ $Z4>@?3"r] $sE$5" :$ ?Z4$E>#$95" >3$?L 3" X<" 3" b?K>5‘A
E?#$95$ @$L" ?2AE"93>E>"9?3"M " :$L$5"2  $:5>X$2 9? @":>;<" E4L"M

 -,
 
:'
 ;& % 
/2
  + , 1&%
 JN BJ< 
  : 
+9Z4?95" " :$L$5"2 $ :$ $9E"952?2
1?2? "K5$2 " 2$:D2>?#$95" 3" b?A 9? @":>;<" &’~ ’u8 9<" ^ @"::WA +:5? "@$2?;<" @$2#>5$ " 3$:$#K?A
K>5‘E4L"] ^ 5?#K^# @"::WX$L @":>E>"A X$L 3$:?5>X?2 " ?2AE"93>E>"9?3" $ ? ;?#$95" "4 3$:E"9a$L?#$95" 2‘@>3"
9?2 " :$L$5"2 $ 9? @":>;<" ?::>9?L?3? 2$E>2E4L?;<" 3$ ?2M 12$::>"9?93" ": 3" @?2?AK2>:? $ 3": X>32": L?5$2?>: 3>A
@$L? >93>E?;<" &’~ ’u8M K"5\$: # "4 ] " 2$:@$E5>X" )+* @>:A ?95$>2":M
!$:5? #"3?L>3?3$] " :>:5$#? ?5>X? E?2‘ 52[: X$Y$: $ @$2#?9$E$2‘ ?E$:"M 1?2? "K5$2 " 3$:$#K?;?#$95" "4
" ?2AE"93>E>"9?3" $ ?5>X? ? 2$E>2E4A 3$:E"9a$L?#$95" 2‘@>3"] @2"E$3$2
L?;<" 3" ?2 >95$29" p)+* 9": K"5\$: # .+,
   G/ :,+& 3" :$a4>95$ #"3"%
$  ?#K": ?E$:":rM +:5? #"3?L>3?3$
1?2? "K5$2 " ?Z4$E>#$95" 3" b?K>A
:g ^ @"::WX$L :$ " :$L$5"2  :$ $9E"9A  S>2?2 " :$L$5"2 $ 9" :$95>3" b"A
5‘E4L"] @2"E$3$2 3" :$a4>95$ #"3"%
52?2 @$L" #$9": 9? I⁄ X$L"E>3?3$ $ :$ 2‘2>" ?5^ ?" #‘s>#" 3? Y"9? X$2A
? 3>:52>K4>;<" 3$ ?2 9<" D"2 3>2>a>3? #$Lb?
@?2? " @?2?AK2>:?M  S>2?2 " :$L$5"2 $ @?2? ? Y"9?
X$2#$Lb?M  S>2?2 " :$L$E5"2  @?2? ? X$L"E>A
1?2? "K5$2 4# ?22$D$E>#$95" 2‘A 3?3$ #‘s>#? 3" X$95>L?3"2
 S>2?2 " :$L$5"2  @?2? M
@>3"] a>2?2 " :$L$5"2  @?2? ? X$L"A  S>2?2 " :$L$5"2  @?2? M
E>3?3$ #‘s>#? 3" X$95>L?3"2 $ 3$:A  S>2?2 " :$L$5"2 ’ @$L" #$9": @?2?
L"E?2 " DL4s" 3$ ?2 @?2? ": 3>D4:"2$: I⁄ X$L"E>3?3$M 1?2? "K5$2 4#
E$952?>: $ L?5$2?>: 3" @?>9$LM ?Z4$E>#$95" 2‘@>3"] a>2?2 " :$L$A 
5"2  @?2? ? X$L"E>3?3$ #‘s>#? !$:5? E"93>;<"] ? D49;<" 3$ 2$A
3" X$95>L?3"2M E>2E4L?;<" :$2‘ 3$:?5>X?3? p)+* 9"
 K"5<" #?@?a?3"r $ " E"#@2$::"2 ?5>A
!" :>:5$#? 3$ ?2AE"93>E>"9?3" X?3" p)+* 9" K"5<"  ?E$:"rM +:5$

#?94?L] E"# ? D49;<" x&’~A’8z ?45"#?5>:#" :$2X$ @?2? @2$X$9>2 "
?5>X?3?] " :>:5$#? ,5?25ƒ,5"@ ^ 8"# " #"5"2 D2>" :<" 9$E$::‘2>":
$#K?;?#$95" 3" X>32"M
?La49: #>945": ?95$: 3$ "K5$2 4#
($’-
  
/2
   0   ’ ?5>X?;<" $D$5>X? 3? D49;<" ^ $X>A , ,+&23    
3$9E>?3? @$L" ?E$93>#$95" 3" )+*
- ?2AE"93>E>"9?3" ^ 5?#K^# 12$::>"9?2 " K"5<" # 3$ #"3"
L"E?L>Y?3" 9" @2g@2>" K"5<"M ’ D49A
#4>5" v5>L @?2? @2$X$9>2 " $#K?;?A Z4$ " )+* 9" K"5<" D>Z4$ ?E$:"M c 2$A
;<" ^] E"9543"] 3$:?5>X?3? ?45"#?A
#$95" 3": X>32": $# E?:" 3$ ?L5? E"#$93‘X$L ?5>X?2 ? 2$E>2E4L?;<" 3$
5>E?#$95$ ?@g: 6F #>945":M
4#>3?3$M ?2 >95$29" 342?95$ ?: @?2?3?: $# D>A
!? @2$:$9;? 3$ ?L5? 4#>3?3$
1?2? ?La4#?: X$2:\$:] @2$::>"A L?: "4 $# 5v9$>: @?2? $X>5?2 ? $952?3? "
9?93" " K"5<" ?5>X?A:$ 5?#K^# 3$ ?2 $s5$29" @"L4W3"M
$s5$29? $u"4 3$ Eb4X? $u"4 3$
" 3$:$#K?;?#$95" "4 3$:E"9a$A
a2?93$ 3>D$2$9;? 3$ 5$#@$2?542? +X>5?2 ? 45>L>Y?;<" @2"L"9a?3?
L?#$95" 3": $:@$Lb": 2$52"X>:"2$:
$952$ " >95$2>"2 $ " $s5$2>"2 3" 3$:5? D49;<"] $:@$E>?L#$95$ Z4?93"
$s5$29": $ ? Y"9? 3?: @?Lb$5?: 3"
b?K>5‘E4L"] ^ ?E"9:$Lb‘X$L $D$54?2 :$ $9E"952?2$# #?>: @$::"?: 9"
L>#@?3"2 3" @?2?AK2>:? ?Z4$E>3"M
? :$a4>95$ #?9"K2? @2$X$95>X? 3$ X$WE4L"] 3$ #"3" ? $X>5?2 ? @"::>K>A
?95>$#K?;?#$95" 3": X>32":% L>3?3$ 3$ $#K?;?#$95" 3": X>32":M

 S>2?2 " :$L$5"2 $ @?2? ? Y"9? !<" ?@L>E?2 ?3$:>X": 9": D>L?#$9A
X$2#$Lb?M 
5": $L^52>E": 9? @?25$ >95$29? 3"
 S>2?2 " :$L$5"2  @?2? ] E"# X>32" 52?:$>2" 5^2#>E"] @?2? $X>5?2 ’ 2$E>2E4L?;<" 3" ?2 >95$29"
@"::>K>L>3?3$ 3$ @?::?a$# d @"A 3?9>D>E‘AL"] @2$_43>E?93" " :$4 @$2#>5$] E"# K?:$ 9" #"3"
:>;<" E?:" 9<" :$ 9"5$# :>9?>: D49E>"9?#$95"M 3$ D49E>"9?#$95" :$L$E>"9?3"
3$ $#K?;?#$95"M po?Z4$E>#$95"o "4 o?22$D$E>#$95"or]
1?2? ? ?5>X?;<" 3? D49;<" 3$ 3$A ?LE?9;?2 #?>: 2?@>3?#$95$ ?:
 S>2?2 " :$L$5"2  @$L" #$9": @?2? :$#K?;?#$95" "4 3$:E"9a$L?#$95" E"93>;\$: 3$:$_?3?:M ’ ?5>X?;<"
I⁄ X$L"E>3?3$ 3" X$95>L?3"2M 3" X>32" 52?:$>2" 5^2#>E"] " #"5"2 3? 2$E>2E4L?;<" 3" ?2 >95$29" ^
3$X$ $:5?2 L>a?3"M 3$:?E"9:$Lb?3? $# E?:" 3$ 3>?:

/2
  + , 1&% Eb4X":":uD2>": @?2? $X>5?2 ? @"::>K>A

   0      5
, ; L>3?3$ 3$ $#K?;?#$95" 3": X>32":M
.+ <7
12$::>"9?2 " K"5<"  @?2? ?5>A
X?2u3$:?5>X?2 ? D49;<"M

($’!
 + 23   
 3$ ?2AE"93>E>"9?3"] D?E>L>5?93" ?
!" =9X$29"] " :>:5$#? 3$ EL>#?A @2"L>D$2?;<" 3$ D49a": $ K?E5^2>?:M
5>Y?;<" 3$X$ D49E>"9?2 @$L" #$9": 1?2? #>9>#>Y?2 " @2"KL$#? 3$ #?4
4#? X$Y @"2 #[: @"2 ?@2"s>#?3?A Eb$>2"] ^ 2$E"#$93?3"] :$#?9?LA
#$95$ IF #>945":M #$95$] 3$:L>a?2 " ?2AE"93>E>"9?3"
’95$: 3" V$2<"] X$2>D>E?2 ? $D>E>[9A $ L>a?2 " ?Z4$E$3"2] 9" #‘s>#"]
E>? 3" :>:5$#? _495" 3?   % E$2E? 3$ H ? IF #>945": ?95$: 3$
 , & # 7 $:5?E>"9?2 " X$WE4L"] @?2? Z4$ ?
4#>3?3$ 3" :>:5$#? :$_? $L>#>9?3?M
- D>L52" $s>:5$95$ 9" :>:5$#? 3$X$
:$2 :4K:5>54W3" E"# #?>"2 D2$Z4[9E>?
:$ " X$WE4L" 52?9:>5?2 E"9:5?95$#$95$
!
$# $:52?3?: 3$ #4>5? @"$>2? "4 D>E?2
- :>:5$#? 45>L>Y? DL4>3" 2$D2>a$2?95$ $:5?E>"9?3" 3$K?>s" 3$ ‘2X"2$:M
CIGJ? Z4$] 9" E?:" 3$ @$23?: ?E>A
3$95?>:] 9<" @2$_43>E? " ?#K>$95$M 8"9:4L5?2 " o1L?9" 3$ #?945$9;<"
@2"a2?#?3?o @?2? E"9b$E$2 ": >95$2A
!<" 45>L>Y?2 DL4>3" 2$D2>a$2?95$ CI6 X?L": 3$ #?945$9;<" E"22$5":M
"4 "452" Z4$ 9<" :$_? " CIGJ?] Z4$
:<" >9E"#@?5WX$>: E"# " :>:5$#? 3$
EL>#?5>Y?;<" 3" X$WE4L"M

 & F23   


  ,&
 F%
23
’ 45>L>Y?;<" E"9:5?95$ 3"
?2AE"93>E>"9?3" @"3$ 2$:4L5?2]
E"# " 5$#@"] 9? D"2#?;<" 3$
#?4 Eb$>2" 3$X>3" ?" ?Ev#4L"
3$ @"$>2? $ 4#>3?3$ 9" :>:5$#?
($’"
% = O

"

($’%
 V A B"5<" 3$ ?5>X?;<"u3$:?5>X?;<" -: @?2e#$52": $ ?: D49;\$: E"952"A
3" :>:5$#? 3$ EL>#?5>Y?;<" 9? vL5>#? L?3?: ?45"#?5>E?#$95$ @$L" K"5<" $
 A B"5<" 3$ ?5>X?;<"u3$:?5>X?;<"
E"9D>a42?;<" #$#"2>Y?3?M :<"%
3" E"#@2$::"2 3" ?2AE"93>E>"9?3"M
D A B"5<" 3$ ?5>X?;<"u3$:?5>X?;<"
$ A B"5<" 3$ ?5>X?;<" 3?  ’ 5$#@$2?542? 3" ?2 9": 3>D4:"2$:
3? 2$E>2E4L?;<" 3$ ?2 >95$29"M
D49;<" &’~A*+P p3$:E"9a$L?A L?3" #"5"2>:5?u@?::?a$>2"M
#$95"u3$:$#K?;?#$95" 2‘@>3" 3":  A &?9"@L? 3$ 2$a4L?a$# 3?  ’ 3>:52>K4>;<" 3" ?2 9": 3>D4:"2$:
X>32": 3>?95$>2":rM 5$#@$2?542? 3" L?3" 3" E"9345"2M L?3" #"5"2>:5?u@?::?a$>2"M
 A )+*: 3$ :>9?L>Y?;<" 3? X$L"E>A  ’ X$L"E>3?3$ 3" X$95>L?3"2 pX?2>A
3?3$ 3" X$95>L?3"2M  ?;<" E"95W94? 3" DL4s" 3$ ?2rM
 A B"5<" 3$ ?5>X?;<"u3$:?5>X?;<" c @"::WX$L >9>E>?2 " :>:5$#? 3$ EL>A  ’ ?5>X?;<" 3" E"#@2$::"2 p@?2? "
3" X>32" 52?:$>2" 5^2#>E" p:$ $Z4>A #?5>Y?;<" ?54?93" 9": K"5\$:  $ VM 2$:D2>?#$95"u3$:4#>3>D>E?;<" 3"
@?3"rM ?2r] #$:#" E"# " )+* 3$:L>a?3"M
 A B"5<" 3$ ?5>X?;<" 3? D49;<" , 23  ’ 2$E>2E4L?;<" 3" ?2 #$:#" E"#
’(.- pD49E>"9?#$95" ?45"#‘5>E"rM " )+* 3$:L>a?3"MM
- ?2AE"93>E>"9?3" ?45"#‘5>E"
# A &?9"@L? 3$ 2$a4L?a$# 3? 5$#A *4?LY"9$ 2$a4L? ?: 5$#@$2?542?: 3"
?2 9" b?K>5‘E4L" $# 34?: Y"9?:% L?3" ."3?: $:5?: D49;\$: :<" #"3>D>E‘A
@$2?542? 3" L?3" 3" @?::?a$>2"M X$>: #?94?L#$95$] >95$2X>93" 9" :>:A
3" #"5"2>:5? $ L?3" 3" @?::?a$>2"M
A B"5<" 3$ ?5>X?;<" 3? D49;<" 5$#? $ :$L$E>"9?93" 4#? "4 X‘2>?:
,R!8 p?L>9b?#$95" 3?: 5$#@$2?542?: - :>:5$#? #?95^# E"9:5?95$ " D49;\$: @?2? #"3>D>E?2 ": :$4: @?2eA
3$D>9>3?:r 3" #"5"2>:5?u@?::?a$>2"M E"9D"25" 3" b?K>5‘E4L" $ E"#@$9:? #$52":M
?: $X$954?>: X?2>?;\$: 3?: E"93>A
 A B"5\$: 3$ :$L$;<" $ 3>:52>K4>A ;\$: EL>#‘5>E?: $s5$29?:M ’: :$L$;\$: #?94?>: 5[# :$#@2$
;<" 3" ?2M @2>"2>3?3$ :"K2$ " ?45"#?5>:#" $ :<"
#$#"2>Y?3?: ?5^ Z4$ " 4:4‘2>" @2$:A
 A &?9"@L? 3$ 2$a4L?a$# 3? X$L"A :>"9$ " K"5<" ] $sE$5" 9": E?A

E>3?3$ 3" X$95>L?3"2M :": $# Z4$ " :>:5$#? >95$2X$9b? @"2
1?2? 4#? a$:5<" >3$?L 3" E"9D"25"]
? 5$#@$2?542? 3$ 2$D$2[9E>? ^ 668 #"5>X": 3$ :$a42?9;? $:@$EWD>E":M
p¡6PrM
($’&
’: :$a4>95$: "@$2?;\$: 9<" 3$:?5>A  V$L"E>3?3$ 3" X$95>L?3"2 pX?2>?A *42?95$ " D49E>"9?#$95" ?45"#‘A
X?# ? D49;<" ’(.-% ;<" E"95W94?r 5>E"] ^ @"::WX$L X?2>?2 ?: 5$#@$2?A
 *>:52>K4>;<" 3" ?2 @?2? ¡ @":>A 542?: :$L$E>"9?3?:] ?5>X?2u3$:?5>X?2 "
 ’5>X?;<"u3$:?5>X?;<" 3? 2$E>2E4A ;\$: p@?2? D49;<" ’(.-rM X>32" 52?:$>2" 5^2#>E"] ?5>X?2 ? D49A
L?;<"M  ’5>X?;<" 3" E"#@2$::"2M ;<" ,R!8] ?5>X?2 $ 3$:?5>X?2 " E"#A
@2$::"2 $ ? 2$E>2E4L?;<"] ?54?93" ?
 ’5>X?;<" 3? D49;<" ,R!8M  P49;<" 3$:E"9a$L?#$95" $ 3$A Z4?LZ4$2 #"#$95" 9": 2$:@$E5>X":
"
 ’5>X?;<"u3$:?5>X?;<" 3" X>32" :$#K?;?#$95" 2‘@>3"M K"5\$: $ #?9"@L?:% " :>:5$#? #"3>A
52?:$>2" 5^2#>E" p:$ $Z4>@?3"rM  C$E>2E4L?;<" 3" ?2M D>E?2‘ ?45"#?5>E?#$95$ ?: 3$D>9>;\$:
 V>32" 52?:$>2" 5^2#>E" p:$ $Z4>A @?2? :$ ?3?@5?2 ?": 9"X": @$3>3":M
’ :$L$;<" #?94?L 3?: D49;\$: @?3"rM
?E>#? 9<" @2$_43>E?# " E"952"L$ *$:5$ #"3"] " ?2AE"93>E>"9?3"
 *$:?5>X?;<" 3" :>:5$#?M E"95>94?2‘ ? E"#?93?2 ?45"#?5>E?A
3?: "452?: $# ?45"#‘5>E"M ’ Z4?95>A
3?3$ 3$ ?2 >952"34Y>3? 9" b?K>5‘E4L" #$95$ 5"3?: ?: D49;\$: $sE$5" ?: Z4$
^ >93$@$93$95$ 3? X$L"E>3?3$ 3" &   -+ ,  
   @"3$# :$2 #43?3?: #?94?L#$95$M
X$WE4L"] :$93" 2$a4L?3? @$L" X$95>A  
  ,&
 F23 ’ X$L"E>3?3$ 3" X$95>L?3"2 ^ v9>E?
L?3"2 E"952"L?3" $L$52"9>E?#$95$M - :>:5$#? @"3$ :$2 ?5>X?3" 3$ D"2A @?2? 5"3? ? Y"9? 3" b?K>5‘E4L"M
’ 5$#@$2?542? 3" ?2 >952"34Y>3" ^ #?: X‘2>?:] E"9543"] ^ ?E"9:$Lb‘X$L
@2$::>"9?2 " K"5<" ’(.- $ a>2?2 ?: 1+&1
 
 +   
:$#@2$ E"952"L?3? ?45"#?5>E?#$95$]
$# D49;<" 3?: 5$#@$2?542?: :$L$E>"A #?9"@L?: @?2? 3$D>9>2 ?: 5$#@$2?54A S>2?2 ?: #?9"@L?:  "4 # @?2? ? 3>A
9?3?: 9" 3>:@L?y p$sE$5" Z4?93" " 2?: 3$:$_?3?:M 2$>5? "4 @?2? ? $:Z4$23? @?2? 2$a4L?2
:>:5$#? $:5‘ 3$:L>a?3" "4 $# ?La4A *$:5$ #"3"] " :>:5$#? E"#$;?2‘ ? 5$#@$2?542? 3" ?2% 9? Y"9? 3>?9A
#?: E"93>;\$: Z4?93" " E"#@2$::"2 ? D49E>"9?2 3$ #"3" E"#@L$5?#$95$ 5$>2? $:Z4$23? p#?9"@L? r $ 9? 3>A
$:5‘ 3$:?5>X?3"rM ?45"#‘5>E" 2$a4L?93" 5$#@$2?542?] 2$>5? p#?9"@L? #r 3" b?K>5‘E4L"M ’:
Z4?95>3?3$ $ 3>:52>K4>;<" 3" ?2 >9A 5$#@$2?542?: :$L$E>"9?3?: :<" X>:4?A
- :>:5$#? @$2#>5$ :$L$E>"9?2 "4
52"34Y>3" 9" b?K>5‘E4L" $ a$2>93" ? L>Y?3?: 9" 3>:@L?yM
#"3>D>E?2 #?94?L#$95$%
D49;<" 3$ 2$E>2E4L?;<" $ ? ?5>X?;<" 12$::>"9?2 " K"5<" ,R!8 @?2? ?L>A
3" E"#@2$::"2 3" E"93>E>"9?3"2M 9b?2 ? 5$#@$2?542? 3" ?2 $952$ ?:
 .$#@$2?542?: 3" ?2 @?2? " L?3"
3" #"5"2>:5? $ @?::?a$>2" 34?: Y"9?:M

($’’
1?2? X"L5?2 d a$:5<" :$@?2?3? 3?: 3$:$#K?;?#$95" "4 3$:E"9a$L?A v5>L 9?: $:5?;\$: #"3$2?3?: p@2>A
5$#@$2?542?: 3" ?2 9?: 34?: Y"9?:] #$95" 3": X>32":M #?X$2? $ "45"9"r] 9? @2$:$9;?
a>2?2 ? #?9"@L? #M w4?93" b"4X$2 " 3$ 2?3>?;<" :"L?2M
’" a>2?2 ?: #?9"@L?: E"#@L$5?A 3>2$E>"9?#$95" ?@$9?: @?2? "  *>X>:<" 3" DL4s" 3$ ?2
#$95$ @?2? ? 3>2$>5? "4 ? $:Z4$23?] @?2?AK2>:?] " E"#@2$::"2 :$2‘ $952$ ": 3>D4:"2$: 3? Y"9? 3":
?5>X?#A:$ ?: D49;\$: 3$ T= p?Z4$E>A ?5>X?3" p)+* 9" K"5<"  ?E$:"r @^: $ ": 3>D4:"2$: @?2? 3$:E"9A
#$95" #‘s>#"r M ’" a>2?2 ? #?9"@L? $ #$:#" Z4$ :$_? 3$:L>a?3"] a$L?#$95" "4 3$:$#K?;?#$95"
 5"5?L#$95$ @?2? ? $:Z4$23?] ?5>X?A " E"#@2$::"2 @$2#?9$E$2‘ 3" @?2?AK2>:? $ 3": X>32": L?5$2?>:
:$ ? D49;<" )- "4 &’~ ’u8 p2$:D2>?A ?5>X?3"M ’ 2$E>2E4L?;<" :$2‘ 3>?95$>2":M +:5? 3>:52>K4>;<" 3"
#$95" #‘s>#"rM 1?2? 3$:?5>X?2 $:5?: 3$:?5>X?3? p)+* 9" K"5<" D ?2 @$2#>5$ 4# K"# ?Z4$E>#$95"
D49;\$:] a>2?2 ? #?9"@L? 3? 5$#@$A 3$:L>a?3"rM 8?:" ? D49;<" 3" b?K>5‘E4L"] 5$93" $# E"95?
2?542?] 3$D>9>93" ? 5$#@$2?542? 3$:$A 3$ 2$E>2E4L?;<" :$_? ?5>X?3?] " @"::WX$L $#K?;?#$95" 3": X>A
_?3?M " )+* @>:E?2‘ 52[: X$Y$: $ 32":M
@$2#?9$E$2‘ 3$:L>a?3"M +:5$  *>X>:<" 3" DL4s" 3$ ?2 $9A
?45"#?5>:#" :$2X$ @?2? @2$X$9>2 52$ 3>D4:"2$: 3? Y"9? 3$ 3$:E"9A
 " $#K?;?#$95" 3": X>32":M a$L?#$95" "4 3$:$#K?;?#$95"
8"# ? D49;<" o&’~A*+P ?5>X?3?]  PL4s" 3$ ?2 3>2$E>"9?3": @?2? 3" @?2?AK2>:? $ 3>D4:"2$: E$952?>:
" :>:5$#? ,5?25ƒ,5"@ ^ 3$:?K>L>5?3" ": 3>D4:"2$: E$952?>: $ L?5$2?>: 3" $ L?5$2?>: 3" @?>9$LM +:5? 3>:52>A
p:$ $Z4>@?3"rM @?>9$L @?2? 2$:D2>?#$95" 2‘@>3" K4>;<" @$2#>5$ $9X>?2 ?2 @?2? "
3" b?K>5‘E4L"M @?2?AK2>:? $# E"93>;\$: 3$ >22?A
&23    /+ 23    PL4s" 3$ ?2 3>2$E>"9?3": @?2? 3>?;<"] ?4s>L>?93" 9" >:"L?#$95"
": 3>D4:"2$: 3>?95$>2": $ 52?:$>2": 5^2#>E" 3" b?K>5‘E4L"M
12$::>"9?93" ": K"5\$: ] ]
^ @"::WX$L 3$D>9>2 #?94?L#$95$ 4#? 9? 2$a><" 3": @^:M +:5? 3>:52>K4>A  *>X>:<" 3" DL4s" 3" ?2
3?: ¡ 3>:52>K4>;\$: @"::WX$>: 3" ?2% ;<" 3" ?2 ^ >93>E?3? @?2? ?Z4$A $# 5"3": ": 3>D4:"2$: 3" X$WE4L"M
E>#$95" 2‘@>3" 3" b?K>5‘E4L"M
 PL4s" 3$ ?2 3>2$E>"9?3": @?2?  *>X>:<" 3" DL4s" 3$ ?2 $9A !? #"3?L>3?3$ ’(.-] "
": 3>D4:"2$: 3" @?2?AK2>:? $ 3": 52$ ": 3>D4:"2$: 3? Y"9? 3": @^: $ ?2AE"93>E>"9?3" E"#?93? ?45"A
X>32": L?5$2?>: 3>?95$>2": @?2? " ": 3>D4:"2$: E$952?>: $ L?5$2?>: 3" #?5>E?#$95$ ? 3>:52>K4>;<" 3" ?2
@?>9$LM +:5? 3>:52>K4>;<" 3" ?2 ^ $ ? X$L"E>3?3$ 3" $L$52"X$95>L?3"2
($’)
p": )+*: 9": K"5\$:  D>E?2<" - X$95>L?3"2 :g @"3$ :$2 3$:L>a?3" =95$2X>93" #?94?L#$95$ 9? 3>:52>A
?@?a?3":rM ’ 3>:52>K4>;<" 3" ?2] :$ " E"#@2$::"2 3" ?2AE"93>E>"9?3" K4>;<" 3$ ?2 "4 9? X$L"E>3?3$ 3"
Z4?93" :$L$E>"9?3? #?94?L#$95$] 5>X$2 :>3" 3$:?5>X?3" @2$::>"9?93" " X$95>L?3"2] ?@?a?A:$ " )+* @?2? ?:A
^ X>:4?L>Y?3? ?52?X^: 3? L>a?;<" 3": K"5<" BM :>9?L?2 Z4$ " ?2AE"93>E>"9?3" _‘ 9<"
)+*: 9": K"5\$: :$L$E>"9?3":M E"952"L? ?45"#?5>E?#$95$ 5"3?: ?:
D49;\$:M
!? D49;<" E"#K>9?3?] @2$::>"A  "
9?93" 4# K"5<" ?5>X?A:$ ? D49;<" 1?2? 2$:5?K$L$E$2 " E"952"L$ ?45"A
2$:@$E5>X? :>#4L5?9$?#$95$ d: _‘ #‘5>E" 3? X$L"E>3?3$ 3" X$95>L?3"2 
3$D>9>3?:M ,$] @$L" E"952‘2>"] D"2 ?@g: 4#? 2$a4L?a$# #?94?L] @2$::>A 8"# " #"3" ’(.- ?5>X?3"] " :>:A
@2$::>"9?3" 4# K"5<" E4_? D49;<" "9?2 " K"5<" M 5$#? ,5?25ƒ,5"@ @"3$ :$2 3$:?5>X?3"
$:5‘ _‘ ?5>X?] $:5? ^ ?94L?3? $ " )+* 3$ ?E"23" E"# ? 5$#@$2?542? >95$29?
E"22$:@"93$95$ ?@?a?A:$M 1?2? 2$:5?A 2$Z4$2>3? $ E"93>;\$: ?#K>$95?>:] X>A
$3 
K$L$E$2 " E"952"L$ ?45"#‘5>E" 3? :?93" #?95$2 ? 5$#@$2?542? 3" b?K>A
3>:52>K4>;<" 3" ?2 ?@g: 4#? :$L$;<" 12$::>"9?93" " K"5<"  p)+*
5‘E4L" 2$D2>a$2?3?M
#?94?L] @2$::>"9?2 " K"5<" ’(.-M 9" K"5<" ?E$:"r] " ?2AE"93>E>"9?3"
?94L? 5"3?: ?: 2$a4L?a$9: #?94?>:
1+&1
 0&,   0  % ?95$2>"2$: $ 2$a4L? ?45"#?5>E?#$95$% 
& ,$ " :>:5$#? 9<" E"9:$a4>2 a?2?9A
 ’ Z4?95>3?3$ $ ? 3>:52>K4>;<" 3" 5>2 " ?LE?9E$u#?945$9;<" 3? 5$#@$A
S>2?2 ? #?9"@L?  @?2? ?4#$9A
?2 >952"34Y>3" 9" b?K>5‘E4L"M 2?542? @$3>3? 9?: X‘2>?: Y"9?: 3" b?A
5?2u3>#>94>2 ? X$L"E>3?3$ 3" X$95>L?A
3"2M ’ ?5>X?;<" ^ ?::>9?L?3? @$L? >L4A  - E"#@2$::"2 3" K>5‘E4L"] ? 5$#@$2?542? 3$D>9>3? L?#A
#>9?;<" 3": )+*:  :>54?3": 9? 2$A ?2AE"93>E>"9?3"M @$_? 342?95$ ?La49: :$a493":M
a><" 3? #?9"@L? M  ’ 2$E>2E4L?;<" 3" ?2M
1?2? 2$:5?K$L$E$2 " E"952"L$ ?45"A
 V$L"E>3?3$ #‘s>#? 3" X$95>L?A +:5? E"93>;<" ^ ?::>9?L?3? @$L" #‘5>E" 3" :>:5$#? 3$@">: 3$ 4#? "4
3"2 ¥ 5"3": ": )+*: ?E$:":M ?E$93>#$95" 3" )+* 9" K"5<" #?>: :$L$;\$: #?94?>:] @2$::>"9?2 "
M K"5<" M
 V$L"E>3?3$ #W9>#? 3" X$95>L?3"2
¥ 4# )+* ?E$:"M

($’*
$3 K 3" $s5$2>"2r% )+* 9" K"5<" E>@?L#$95$ :$ " ?2AE"93>E>"9?3" 9<"
12$::>"9?2 " K"5<" K p)+* 9" ?@?a?3"M D"2 ?5>X?3"rM
K"5<" ?E$:"r @?2? ?L>9b?2 ? 5$#@$2?A
542? 3" ?2 L?3" 3" @?::?a$>2" d 3" ’ ?5>X?;<"u3$:?5>X?;<" D"2;?3? ^ 1?2? 5$#@$2?542?: $s5$29?: K?>s?:]
L?3" 3" #"5"2>:5?M :$L$E>"9‘X$L @2$::>"9?93" " K"5<" ? 2$E>2E4L?;<" ^ D"2;":?#$95$ 3$:?A
M 5>X?3? pE"# 5"#?3? 3$ ?2 3" $s5$A
+:5? D49;<" D?E>L>5? ? 2$a4L?a$# 3? 2>"2r @?2? $X>5?2 " @"::WX$L $#K?;?A
5$#@$2?542? 9? @2$:$9;? ?@$9?: 3" 12$::>"9?93" " K"5<" ] " ?2A #$95" 3": X>32":M !" D49E>"9?#$95"
#"5"2>:5?M E"93>E>"9?3" ?5>X? ?45"#?5>E?#$95$ ?45"#‘5>E"] ? 2$E>2E4L?;<" ^ E"#?9A
? 2$E>2E4L?;<" 3$ ?2 >95$29? p)+* 9" 3?3? ?45"#?5>E?#$95$ @$L" :>:5$#?
1?2? X"L5?2 d a$:5<" :$@?2?3? 3?:
K"5<" ?E$:"rM $# D49;<" 3?: E"93>;\$: EL>#‘5>E?:
5$#@$2?542?: $ 3? 3>:52>K4>;<" 3" ?2]
a>2?2 ? #?9"@L? # @?2? :$L$E>"9?2 ? +# 5"3" " E?:"] @2$::>"9?93" " $s5$29?:M
5$#@$2?542? 3" L?3" 3" @?::?a$>2"M K"5<" ^ @"::WX$L ?5>X?2 ? E?@5?;<"
3$ ?2 $s5$2>"2 p)+* 9" K"5<" ?@?a?3"r 
   %,  ,  
, ,+&23   $ X>E$AX$2:?M 12$::>"9?2 " K"5<" ’u8 @?2? L>A
’ 2$E>2E4L?;<" 3" ?2 ^ E"#?93?3? a?2u3$:L>a?2 " E"#@2$::"2 p? ?5>X?;<"
:$a493" ?: :$a4>95$: Lga>E?: 3$ D49A  ^ ?::>9?L?3? @$L" ?E$93>#$95" 3"
E>"9?#$95"% )+* 9" @2g@2>" K"5<"rM ’ 3$:?5>X?A
’ ?5>X?;<" 3? 2$E>2E4L?;<" @$2#>5$
;<" 3" E"#@2$::"2 @$2#?9$E$ #$A
4# ?LE?9E$ #?>: 2‘@>3" 3?: E"93>A
 ’5>X?;<" ?45"#‘5>E?% )+* 9" K"A #"2>Y?3? #$:#" 3$@">: 3$ 3$:L>a?2
;\$: 3$:$_?3?: @?2? ?Z4$E$2u2$:D2>?2
5<" ?@?a?3"] )+* 9" K"5<" " #"5"2M
" b?K>5‘E4L"M c :$#@2$ 3$:?E"9:$A
 ?E$:"M Lb‘X$L " 4:" 3? 2$E>2E4L?;<" $# 3>?: *$:?5>X?93" " E"#@2$::"2] " :>:A
 ’5>X?;<" D"2;?3? p2$E>2E4L?;<" Eb4X":":uD2>": "4] $# 5"3" " E?:"] 5$#? 3$:?5>X? ? 2$E>2E4L?;<" @?2?
3" ?2 :$#@2$ ?5>X?3?r% )+* 3" 9? @2$:$9;? 3$ K?>s? 5$#@$2?542? $sA $X>5?2 " @"::WX$L $#K?;?#$95" 3":
K"5<" ?E$:"M 5$2>"2] _‘ Z4$ ?4#$95? :4K:5?9E>?LA X>32":M ,$ " ?2AE"93>E>"9?3" $:5>A
 *$:?5>X?;<" D"2;?3? #$95$ ? @"::>K>L>3?3$ 3$ 2‘@>3" $#A X$2 $# E"93>;\$: 3$ #?95$2 ? 5$#A
p2$E>2E4L?;<" 3$ ?2 :$#@2$ K?;?#$95" >95$29" 3": X>32": p@2>9A @$2?542? :"L>E>5?3?] " )+* 9" K"5<"
3$:L>a?3"] 5"#?3? 3$ ?2 ? @?25>2  @$2#?9$E$ ?E$:"M ,$] @$L"

($’+
E"952‘2>"] 9<" $:5>X$2 $# E"93>;\$: 
/2
  + , 1&%  =93>E? ? X$L"E>3?3$ 3" X$95>L?3"2
3$ #?95$2 ? 5$#@$2?542? :"L>E>5?3?]
  :   0   ;-+ 23 p>L4#>9?;<" )+* r $ ? 3>:52>K4>A
" )+* 9" K"5<"  ?@?a?A:$M N%#< ;<" ?@L>E?3?M
1?2? 2$:5?K$L$E$2 " E"952"L$ ?45"A 12$::>"9?2 " K"5<" @?2? ?5>X?2
#‘5>E" 3? ?5>X?;<" 3" E"#@2$::"2] p)+* 9" K"5<" ?E$:"r " 3$:$#K?;?A 
@2$::>"9?2 9"X?#$95$ " K"5<" B #$95" "4 3$:E"9a$L?#$95" 3" @?2?A 8"# ? D49;<" x&’~A*+Pz ?5>X?3?] "
"4 " K"5<" M 8"# " E"#@2$:A K2>:? $ 3": X>32": L?5$2?>:M " :>:5$#? ,5?25ƒ,5"@ ^ 3$:?K>L>5?3"
:"2 3$:L>a?3"] ^ @"::WX$L 2$>9>E>?2 #?A p:$ $Z4>@?3"rM
- ?2AE"93>E>"9?3" $D$54? ?: :$A
94?L#$95$ ? X$L"E>3?3$ 3" X$95>L?A
a4>95$: "@$2?;\$:%
3"2M
w4?93" " E"#@2$::"2 ^ ?5>X?3" $ 
 ’5>X? " E"#@2$::"2 3"
" #"5"2 $:5‘ L>a?3"] ? X$95>L?;<" #?A ?2AE"93>E>"9?3" Z4?93" ’ D49;<" &’~A*+P @$2#?9$E$
94?L 9<" @"3$ K?>s?2 3? X$L"E>3?3$ ?: E"93>;\$: EL>#‘5>E?: " ?5>X? 342?95$ E$2E? 3$ G #>945":] ?
#W9>#? p?@$9?: 4# )+* ?E$:"rM @$2#>5$#M @?25>2 3" #"#$95" $# Z4$ " LWZ4>3"
3$ ?22$D$E>#$95" 3" #"5"2 ?5>9a$ ?
 *$:?5>X? ? 2$E>2E4L?;<" 3" ?2M
5$#@$2?542? ?3$Z4?3?M
  *$D>9$ ? 5$#@$2?542? #‘s>#? 3"
8"# " E"#@2$::"2 3$:L>a?3"] 9<" ?2 pT=r $# ?#K?: ?: Y"9?:M
w4?93" ? D49;<" ^ ?5>X?3?] ?@?a?A
^ @"::WX$L >952"34Y>2 9" b?K>5‘E4L" ?2  ’5>X? 4#? X$L"E>3?3$ 3" X$95>L?A :$ " )+* 9" K"5<" M 8"# ?
E"# 5$#@$2?542? >9D$2>"2 d 5$#@$2?A 3"2 E"# K?:$ 9? 5$#@$2?542? 3" D49;<" ?5>X?] ?: v9>E?: >95$2X$9;\$:
542? $s5$2>"2M ’L^# 3>::"] $# E"9A LWZ4>3" 3$ ?22$D$E>#$95" 3" #"A #?94?>: @"::WX$>: :<" ? 2$a4L?a$#
3>;\$: ?#K>$95?>: $:@$EWD>E?:] ": X>A 5"2M 3? X$L"E>3?3$ 3" X$95>L?3"2 $ ? 3$A
32": @"3$# D>E?2 $#K?;?3": 2?@>3?A  *>2$E>"9? " DL4s" 3$ ?2 @?2? ": :?5>X?;<" 3" X>32" 52?:$>2" 5^2#>E"MM
#$95$ @"2Z4$ " ?2 9<" @"3$ :$2 3$A 3>D4:"2$: 3" @?2?AK2>:? $ 3": X>A
12$::>"9?93" ": K"5\$: M B
:4#>3>D>E?3"M 32": L?5$2?>: 3>?95$>2":M
"4 ] " ?2AE"93>E>"9?3" 3$:?A
 ’5>X? " X>32" 52?:$>2" 5^2#>E" p:$ 5>X? ? D49;<" &’~A*+PM
$Z4>@?3"rM

($’,

/2
  + , 1&%  023  ,&
 F23  & F23   
  ,&
 F%

   0      5
, ; 23
12$::>"9?2 " K"5<" M
.+ <
’ 45>L>Y?;<" E"9:5?95$ 3"
8"# EL>#?5>Y?;<" 3$:?5>X?3?%
12$::>"9?2 " K"5<"  @?2? ?2AE"93>E>"9?3" @"3$ 2$:4L5?2]
?5>X?2 p)+* 9" K"5<" ?E$:"r " 3$:$#A E"# " 5$#@"] 9? D"2#?;<" 3$
K?;?#$95" "4 3$:E"9a$L?#$95" 3"  ’ 2$E>2E4L?;<" 3" ?2 ^ ?5>X?3?] #?4 Eb$>2" 3$X>3" ?" ?Ev#4L"
X>32" 52?:$>2" 5^2#>E"M >:"L?93" ?::># " b?K>5‘E4L" 3" 3$ @"$>2? $ 4#>3?3$ 9" :>:5$#?
$s5$2>"2M 3$ ?2AE"93>E>"9?3"] D?E>L>5?93" ?
’ D49;<" 3$:?5>X?A:$ ?45"#?5>E?A  - E"#@2$::"2 ^ 3$:?5>X?3"M @2"L>D$2?;<" 3$ D49a": $ K?E5^2>?:M
#$95$ ?@g: E$2E? 3$ 6F #>945": "4
 - X$95>L?3"2 ^ 3$:L>a?3"M 1?2? #>9>#>Y?2 " @2"KL$#? 3$ #?4
Z4?93" 3$:L>a?2 " #"5"2 $ 9<" :$ 2$A
?5>X? 9? @?25>3? :$a4>95$M  c @"::WX$L ?5>X?2u3$:?5>X?2 " X>32" Eb$>2"] ^ 2$E"#$93?3"] :$#?9?LA
52?:$>2" 5^2#>E"M #$95$] 3$:L>a?2 " ?2AE"93>E>"9?3"
12$::>"9?93" " K"5<" Z4?93"
$ L>a?2 " ?Z4$E$3"2] 9" #‘s>#"]
3>:@"9WX$L] ?5>X?A:$ 5?#K^# " 3$A
E$2E? 3$ H ? IF #>945": ?95$: 3$
:$#K?;?#$95" "4 3$:E"9a$L?#$95" 
$:5?E>"9?2 " X$WE4L"] @?2? Z4$ ?
3": $:@$Lb": 2$52"X>:"2$: $s5$29":M ’ E$952?L 3" ?2AE"93>E>"9?3" #$A 4#>3?3$ 3" :>:5$#? :$_? $L>#>9?3?M
#"2>Y? ?: 5$#@$2?542?: 3$D>9>3?: ?9A
5$: 3? 3$:?5>X?;<" $ 2$:5?K$L$E$A?: - D>L52" $s>:5$95$ 9" :>:5$#? 3$X$
 :$2 :4K:5>54W3" E"# #?>"2 D2$Z4[9E>?
Z4?93" :$ @2$::>"9? 4# K"5<" Z4?LA
!<" ?@L>E?2 ?3$:>X": 9": D>L?#$9A Z4$2 3" :>:5$#?M :$ " X$WE4L" 52?9:>5?2 E"9:5?95$#$95$
5": $L^52>E": 9? @?25$ >95$29? 3" $# $:52?3?: 3$ #4>5? @"$>2? "4 D>E?2
X>32" 52?:$>2" 5^2#>E"] @?2? $X>5?2  023  ,&
 F23 $:5?E>"9?3" 3$K?>s" 3$ ‘2X"2$:M
3?9>D>E‘AL"] @2$_43>E?93" " :$4
1?2? X"L5?2 ? L>a?2 " ?2A 8"9:4L5?2 " o1L?9" 3$ #?945$9;<"
D49E>"9?#$95"M
E"93>E>"9?3" $# E"93>;\$: ?45"A @2"a2?#?3?o @?2? E"9b$E$2 ": >95$2A
1?2? ? ?5>X?;<" 3? D49;<" 3$ 3$A #‘5>E?:] @2$::>"9?2 " K"5<" M X?L": 3$ #?945$9;<" E"22$5":M
:$#K?;?#$95" "4 3$:E"9a$L?#$95"
3" X>32" 52?:$>2" 5^2#>E"] " #"5"2
3$X$ $:5?2 L>a?3"M

($)-
  - 5$5" :"L?2 3$ X>32" ?#@L" ^ E"#A
@":5" @"2 4# @?>9$L 3$ X>32" E"#
  " ; .+ % 4#? E"25>9? 3$ @2"5$;<" E"952? "
< :"L] 3$ 3$:L"E?#$95" #?94?LM ’ E"2A
5>9? @"3$ :$2 45>L>Y?3? 9?: @":>;\$:
x5"5?L#$95$ D$Eb?3?z $ x5"5?L#$95$
?K$25?z p9<" $s>:5$# @":>;\$: D>s?:
"
! >95$2#$3>‘2>?:rM
’" :?>2 3" X$WE4L"] 2$#"X$2 :$#@2$ - D49E>"9?#$95" 3" 5$5" :g :$
? Eb?X$ 3$ >a9>;<"M X$2>D>E? E"# ? Eb?X$ 3$ >a9>;<" 9?
+:5? @2‘5>E? ?_43? ? $X>5?2 Z4$ @":>;<" M
" 5$5" :"L?2] ?E>"9?3" >9?3X$25>3?A
#$95$] E"9:5>54? 4# @$2>a" @?2?
$
Z4$# @$2#?9$E$ 3$952" 3" X$WE4L"M
12$::>"9?93" "4 @4s?93" " K"5<"
 " @?>9$L 3$ X>32" 3>?95$>2" :$2‘
?K$25" E"#@L$5?#$95$M
!
- 4:" >#@2g@2>" 3" 5$5" :"L?2 @"3$
:$2 @$2>a":"M !
!? @2$:$9;? 3$ K?a?a$>2" 52?9:A
’95$: $ 342?95$ ? :4? #"X>#$9A
X$2:?L] 9<" ?K2>2 " 5$5" :"L?2M
5?;<"] E$25>D>E?2A:$ Z4$ ": @?::?a$>A
2": 9<" $:5$_?# $s@":5": ?" 2>:E" 3$ !<" ?K2>2 " 5$5" 9? @2$:$9;? 3$
L$:\$: @2"X"E?3?: @$L" #"X>#$95" 9$X$ "4 a$L"] @">: @"3$2‘ :$2 3?9>D>A
3$ ?K$2542?uD$Eb?#$95" 3" 5$5" :"L?2 E?3"M
"4 @$L" ?22?:5?#$95" 3$ "K_$5": Z4$
@"::?# E"L>3>2 E"# ": #$:#":M

($)!
’ #"X>#$95?;<" ?45"#‘5>E? @"3$ $   $   !
:$2 >95$22"#@>3? $# Z4?LZ4$2 @":>A
1?2? E"L"E?2 " 5$5" 9? @":>;<" +# E?:" 3$ 9<" D49E>"9?#$95"
;<"] @2$::>"9?93" "4 @4s?93" 9"A
o:@">L$2o] @2$::>"9?2 $ :"L5?2 " K"5<" 3": K"5\$: 3$ E"#?93"] " 5$5" :"L?2
X?#$95$ " K"5<" M
$M @"3$ :$2 #?9"K2?3" #?94?L#$95$
@2"E$3$93" E"#" 3$:E2>5" ? :$a4>2%
+:5$ 5>@" 3$ ?K$2542? @"3$ :$2 ?5>A
# X?3? >93$@$93$95$#$95$ 3? @":>;<"
3" 5$5" :"L?2] @?2? X$2:\$:u#$2E?3":]  C$#"X$2 " 5?#@<" 3$ @2"5$;<"
’ @?25>2 3? @":>;<" 3$ ?K$2542?
"93$ @2$X>:5"M :>54?3" 9" 2$X$:5>#$95" >95$29"
5"5?L] @2$::>"9?2 "4 @4s?2 " K"5<"
3" 5$5"M
 $ " @?>9$L 3$ X>32" 3>?95$>2" :$2‘ *42?95$ ? #"X>#$95?;<" @?2?
D$Eb?3" E"#@L$5?#$95$M  C$5>2?2 ? Eb?X$ $:@$EWD>E? $ D"2A
?5>9a>2 ? ?K$2542? 3" :@">L$2] 4#?
9$E>3?M
’ #"X>#$95?;<" ?45"#‘5>E? @"3$ @":5$2>"2 @2$::<" 9" K"5<" $ >95$2A
2"#@$ " #"X>#$95" 3" 5$5" :"L?2M  =952"34Y>2 ? Eb?X$ $ 9? :$3$  $
:$2 >95$22"#@>3? $# Z4?LZ4$2 @":>A
a>2‘AL? 9" :$95>3" b"2‘2>" @?2? D$A
;<"] @2$::>"9?93" "4 @4s?93" 9"A
Eb?2 " 5$5" $ 9" :$95>3" E"952‘2>"
X?#$95$ " K"5<" M
  % @?2? ?K2>AL"M

   - 5$5" :"L?2 $:5‘ $Z4>@?3" E"# 4#
- 5$5" :"L?2 @"::4> 4#? E"25>9? :>:5$#? 3$ :$a42?9;? ?95>$:#?a?A
@?2?A:"L @?2? $X>5?2 >9E>3[9E>? 3>2$5? #$95" E?@?Y 3$ 2$E"9b$E$2 ? $X$9A
3": 2?>": :"L?2$:M 54?L @2$:$9;? 3$ 4# "K:5‘E4L" 34A
2?95$ " #"X>#$95" 3$ D$Eb?#$95" 3"
1?2? ?K2>2 ? E"25>9?% ?54?2 9" @4A X>32"f Z4?93" :$ X$2>D>E? $:5$ $X$95"]
s?3"2 $ 3$:L"E?2 ?5^ ? @":>;<" x5"5?LA " :>:5$#? >95$22"#@$ $ >9X$25$
#$95$ ?K$25?zM 1?2? D$Eb?2] $s$E45?2 >#$3>?5?#$95$ " E42:" 3" X>32"M
" @2"E$3>#$95" >9X$2:"M

($)"
  O% $:5$_?# L$X?95?3": $ $# D49E>"9?A

 #$95" $ 3$ Z4$ " X$WE4L" $:5$_?
8?:" " K"5<" 9<" :$_? ?E>"9?3" @?2?3" $ " D2$>" 3$ #<" ?E>"9?3"M
*$@">: 3$ 4# 9<" D49E>"9?#$95" 9": 6 :$a493": @2$X>:5":] E"#$;?2 "
3": #"X>#$95": ?45"#‘5>E": $# D?:$ @2"E$3>#$95" 3$:3$ " >9WE>"M
3$ ?K$2542?uD$Eb?#$95" "4 3$ 4#? 12"E$3$2 3" :$a4>95$ #"3"%
#?9"K2? 3$ $#$2a[9E>? pE"9:4L5?2 "
@?2‘a2?D" ?95$2>"2r] ^ 9$E$::‘2>" 2$>A  @4s?2 ? ?L?X?9E?  9" :$95>3"
9>E>?L>Y?2 " D49E>"9?#$95" ?45"#‘A
&%   >93>E?3" @$L? :$5?
5>E" 3" 5$5" :"L?2M $
12"E$3$2 3" :$a4>95$ #"3"%

 12$::>"9?2 " K"5<"  @?2? D?Y$2 !


E"# Z4$ " 5$5"] ? >#@4L:":] :$
(#? E"L"E?;<" >9E"22$5? 3? X?2$5?
D$Eb$ 5"5?L#$95$M
@"3$ @2"X"E?2 ? Z4$3? X>"L$95? 3"
 12$::>"9?2 " K"5<" 9"X?#$95$ $ E?@tM
#?95[AL" @2$::>"9?3" ?5^ Z4$ :$A
_?# "4X>3": 3">: 24W3":M 8$25>D>Z4$A:$ 3" E"22$5" 52?X?A
 ,"L5?2 " K"5<" 3$ ?E>"9?#$95"M #$95" 3? X?2$5? 9" 3>:@":>5>X"M
 ’E>"9?2 ? ?L?X?9E? $ ?54?93"
 12$::>"9?2 9"X?#$95$ " K"5<" 9" :$95>3" >93>E?3" @$L? :$5? $
?@g: 6 :$a493": $ #?95[AL" L$X?95?2 " E?@tM
@2$::>"9?3" ?5^ Z4$ " 5$5"
D?;? 4# E>EL" 3$ ?K$2542? $ !
D$Eb?#$95" E"#@L$5"M )$X?95?2 " E?@t 45>L>Y?93" ?#K?:
 ,"L5?2 " K"5<" 3$ ?E>"9?#$95" ?: #<":M
@?2? 5$2#>9?2 " @2"E$::" 3$ 2$>A
9>E>?L>Y?;<" 3" 5$5"M ’95$: 3$ @2"E$3$2 ?" L$X?95?A
#$95"] E$25>D>E?2A:$ 3$ Z4$ ": K2?;":
3": L>#@?3"2$: 3" @?2?AK2>:? 9<"

($)%
? #?2Eb?M 1"25?95"] X$2>D>E?2 :$#A
@2$ " D$Eb?#$95" E"22$5" 3" E?@t]
E$25>D>E?93"A:$ 3$ Z4$ $:5$_? K$# 52?A
X?3"M
,$] 342?95$ ? #?2Eb?] @$2E$K$2
Z4$ 9<" $:5‘ @$2D$>5?#$95$ 52?X?3"]
@?2?2 >#$3>?5?#$95$ $ D$Eb?2 " E?@t
3$ #"3" E"22$5"M
 C$5>2?2 ? X?2$5? 3$ :4@"25$ 
3" 2$:@$E5>X" 3>:@":>5>X" 3$
KL"Z4$>" ] 3$@">: >9:$2>2 ? :4?
$s52$#>3?3$ 9? :$3$  3" E?@t
!
3" #"5"2M
+s$E45?2 ?: "@$2?;\$: ?@$9?: E"#
" X$WE4L" @?2?3"M
+:5$_? :$#@2$ ?5$95" d: 2$E"#$9A
3?;\$: 3$:5$ #?94?LM

12"E$3$2 3" :$a4>95$ #"3"%

 &?95$2 " E?@t L$X?95?3" E"#


# 4#? #<" $ E"# ? "452? 2$5>2?2 ?
X?2$5?  3? :$3$  $ 2$>952"34Y>A
L? 9" 2$:@$E5>X" 3>:@":>5>X" 3$
KL"Z4$>" M
!  B?>s?2 " E?@t ? E$2E? 3$ JF E$9A
1"2 #"5>X": 3$ :$a42?9;?] " E?@t 5W#$52": 3" X<" 3" #"5"2f $#
3$X$ #?95$2A:$ K$# D$Eb?3" 342?95$ :$a4>3?] 3$>s‘AL" E?>2 $ E$25>D>E?2A

($)&
:$ 3$ Z4$ $:5$_? E"#@L$5?#$95$    E?2a?: Z4?93" $:5>X$2$# ?K$25?: "4
D$Eb?3" $ 9<" ?@$9?: $9a?5?3"    $# "@$2?;<" 3$ ?K$2542?M
9? @":>;<" 3$ :$a42?9;?M 8?:" / + 
$:5$_? ?@$9?: $9a?5?3"] 9<" $s$2A !<" 52?D$a?2 E"# ?: @"25?: 3" E"#A
E$2 @2$::<" 9" E?@t] #?: X"L5?2 ? @?25>#$95" 3$ E?2a?: ?K$25?: $# 9$A
L$X?95‘AL" $ 2$@$5>2 ? #?9"K2?M 9b4#? b>@g5$:$M
"
!
*$@">: 3$ 3$:KL"Z4$?3?: ?52?X^:
 84>3?3" ?" ?K2>2 ?: @"25?: 3" E"#A 3" 5$L$E"#?93"] ^ @"::WX$L ?K2>2 ?:
V$2>D>E?2 :$#@2$ " D$Eb?#$95" E"2A @?25>#$95" 3$ E?2a?:M @"25?: 3" E"#@?25>#$95" 3$ E?2a?:M
2$5" 3" E?@t] @?2? $X>5?2 Z4$ :$ ?K2? -K_$5": E"L"E?3": 9" E"#@?25>A ’a>2 E"#" ? :$a4>2%
$# #"X>#$95"M #$95" @"3$# :$2 3?9>D>E?3": "4 E?>2
:"K2$ ": @^:M  !? @?25$ 3$ 52‘: 3? #?;?9$5? 3$
?K$2542? ] @2$::>"9?2 " K"5<" $
&   @?2? ?K2>2 ? @"25? $:Z4$23? 5"5?LA
#$95$M
 
$>  $  !
    ’95$: 3$ ?K2>2 4#? @"25?] "K:$2X$
E"# #4>5? ?5$9;<"M
- KL"Z4$>" 3? ?K$2542? 3?: @"25?:
3" E"#@?25>#$95" 3$ E?2a?: ^ $L^A 8$25>D>E?2A:$ 3$ Z4$ ? #?9"K2?
52>E" $ ^ ?5>X?3" E"# " X$WE4L" $# @"::? :$2 D$>5? $# E"93>;\$: 3$
#"X>#$95"M :$a42?9;?M

!
!<" ?@">?2 E?2a?: 9? @?25$ :4@$A
2>"2 3?: @"25?: 3" E"#@?25>#$95" 3$
($)’
!
’ D"2;? 3$ ?E>"9?#$95" 3$ ?K$2A
542? 3": L>#>5?3"2$: 3?: @"25?: ^ 3>A
#$9:>"9?3? @?2? @2"@"2E>"9?2 #$A
Lb"2 E"9D"25" ?" 4:4‘2>"M
(# Eb"Z4$ ?E>3$95?L "4 4# D"25$
 1?2? ?K2>2 ? @"25? 3>2$>5?] ?54?2 9? a"L@$ 3$ X$95" @"3$2>? D$Eb?2 $:@"9A  P$Eb?2 ? "452? @"25? $ E$25>D>E?2A
?L?X?9E? ] @":>E>"9?3? 9? @?25$ 5?9$?#$95$ ? @"25?M :$ 3" E"22$5" 52?X?#$95"M
>95$2>"2 3?: @"25?:] @?2? L>K$2?2 ?
b?:5$ 3$ :$4 ?L"_?#$95" $ 3$:52?A #,G
 
X?2 ? @"25?M   
   ; .+ <
’K2>2 ? @"25? 3>2$>5? 5"5?L#$95$M 
’: @"25?: @"3$# ?K2>2 ?5^ 4# ’La4#?: X$2:\$: :<" $Z4>@?3?:
’95$: 3$ D$Eb?2 " E"#@?25>#$95"
e9a4L" 3$ NFM E"# 4#? E?@"5? Z4$ @$2#>5$ ?
3$ E?2a?:] E$25>D>E?2A:$ 3$ Z4$ 9$A
@2"5$;<" 3": "K_$5": 52?9:@"25?3":
9b4# "K_$5" $:5$_? "K:524>93" " #"A
9" E"#@?25>#$95" 3$ E?2a?M
X>#$95" 3?: @"25?:M
/ +   ,   ,
  %
1?2? D$Eb?2 ?: @"25?: 3" E"#@?25>A

   , 1
#$95" 3$ E?2a?] ?a>2 E"#" ? :$a4>2%
1?2? ?K2>2 ? E?@"5? 3" E"#@?25>A
 P$Eb?2 ? @"25? 3>2$>5? >9:$2>93" #$95" 3$ E?2a?:] 2$?L>Y?2 ?: :$a4>9A
? b?:5$ 3$ KL"Z4$>"  9? :$3$ 5$: "@$2?;\$:%
E"22$:@"93$95$M

($))
L7 +92"L$ ? L"9? E"9D"2#$ D>a42? #,G
   ,   ,
  %
:$a4>95$M
   , 1
1?2? D$Eb?2 ? E?@"5? 3" E"#@?25>A
#$95" 3$ E?2a?:] 2$?L>Y?2 ?: :$a4>9A
5$: "@$2?;\$:%
"
)7 ’E>"9?2 ": a?5>Lb": @?2? 3$:52?A
X?2 ? K?22? 52?:$>2?M

W7 1?2? 2$#"X$2 ": 5$9:"2$: E$9A


52?>:] ^ 9$E$::‘2>" a>2‘AL": E"9D"2#$
D>a42? :$a4>95$M
)7 12$::>"9$ ": 5$9:"2$: E$952?>:
@?2? K?>s"] $9E?>s?93"A": 9": :4A
@"25$:M

P7 =9>E>?2 ? ?K$2542? 3" @$2D>L @L‘:A


5>E" @$L?: L?5$2?>:] 4# L?3" 3$ E?3?
X$YM

X7 12$93? ? E?@"5? #?2W5>#? 45>L>A


Y?93" ": $L‘:5>E":M

P7 +9E?>s$ " K"L:" 3? L"9? @"2


K?>s" 3? @"95$>2? @L‘:5>E? 3? K?22?
L?5$2?LM

($)*
X7 P>9?L>Y?2 " D$Eb?#$95" 3" @$2D>L    %
@L‘:5>E" 9?: K?22?: L?5$2?>:M    
- X$WE4L" D"> @2"_$5?3" $ b"#"L"A
a?3" $# D49;<" 3$ 3$5$2#>9?3": @$A
:": #‘s>#": pX$2 5?K$L? x@$:":z] 9"
E?@W54L" x*?3": 5^E9>E":zr%

L7 +9E?>s?2 " @$2D>L @L‘:5>E" 9"  @$:" $# "23$# 3$ #?2Eb?


>9WE>" 3? K?22? L?5$2?LM  E?2a? v5>L
 @$:" #‘s>#" 9" $>s" 3>?95$>2"
 @$:" #‘s>#" 9" $>s" 52?:$>2"
 @$:" #‘s>#" 2$K"E‘X$L

&?95$2 ": @>9": L4K2>D>E?3":] 45>A


L>Y?93" a2?s? LWZ4>3? 3$ :>L>E"9$ 3$ 
?L5? X>:E":>3?3$] ?@L>E?3? @"2 :@2?yM 8?3? 4# 3$:5$: L>#>5$: 3$X$ :$2
2$:@$>5?3" $] $# Z4?LZ4$2 :>54?;<"]
W7 .2?X$ ? K?22? L?5$2?L 52?:$>2?] 9<" 3$X$ :$2 :4@$2?3"M
@2$::>"9?93" ?: 34?: $s52$#>3?3$: 
@?2? K?>s"M )?X$ ? E?@"5? #?2W5>#? :"#$95$
E"# ‘a4? $ :?K<" 9$452"f $X>5$ @2"A
345": Z4W#>E":] @">: $L$: E"#@2"#$A
5$# ? 2$:>:5[9E>? 3? E":542? $ #?9A !
Eb?# " X>9>LM ,$ "E"22$2$# D2$?3?: K24:E?:] "4
4#? E"L>:<"] 4# 3$:L"E?#$95" 2$A
@$95>9" 3? E?2a? @"3$2>? E2>?2 4#?
 :>54?;<" 3$ @$2>a" @?2? " #"5"2>:5?
’ E?@"5? 9<" a?2?95$ ? >#@$2#$?A $ " @?::?a$>2"f @"2 $:5$ #"5>X"] ?9A
K>L>3?3$ 3" E"#@?25>#$95" 3$ E?2a?M 5$: 3$ #"X>#$95?2 " X$WE4L"] @2"A
($)+
X>3$9E>?2 ? E"22$5? D>s?;<" 3? E?2a? 3$X$2<" :$2 E"L"E?3": :$#@2$
"4 K?a?a$9:] 45>L>Y?93" ": a?9Eb": @"2 K?>s"M
3$ ?#?22?;<" 3$ E?2a? 9?: K"23?:  )$#K2?2A:$ Z4$ "
3" E"#@?25>#$95" 3$ E?2a?: $u"4 ": E"#@"25?#$95" 3" X$WE4L"
?9^>: 3$ D>s?;<" 3>:@":5": 9" @>:" 3" ?@2$:$95? ?L5$2?;\$: $#
E"#@?25>#$95" 3$ E?2a?M D49;<" 3" @$:" 52?9:@"25?3"f "
1?2? Z4$ ? "@$2?;<" :$_? D$>5? 3$ @?25>E4L?2#$95$] ": $:@?;": 3$
D"2#? :$a42?] :"#$95$ 45>L>Y?2 E?K":] D2$9?a$# 5"29?#A:$ #?>: L"9a":]
E"23?: "4 E"22$>?: ?3$Z4?3?: d D>s?A :"K2$543" $# X$L"E>3?3$: ?L5?:M
;<" 3" #?5$2>?L Z4$ :$2‘ 52?9:@"2A
5?3"M (5>L>Y?2 " @"25?A$:E?3?: @?2?
’L^# 3?: @2$E?4;\$: ?95$2>A
?@">?2 ": "K_$5": 3$ #?>"2 ?L542?M
"2#$95$ #$9E>"9?3?:] ?La49:
-: a?9Eb": 3$ ?9E"2?a$# $ $:5<" E"9:$Lb": K$# :>#@L$: @"3$# E"9A
L"E?L>Y?3": 9": J E?95": >9D$2>"2$: 52>K4>2 @?2? #$Lb"2?2 ? :$a42?9;? 9?
3" E"#@?25>#$95" 3$ E?2a?: $ @?2? 3>2$;<"] " E"9D"25" 3$ #?2Eb? $ ?
?E$::‘AL":] 2$5>2?2 ? 5?#@? @L‘:5>E?  M 342?K>L>3?3$ 3" X$WE4L"] :<" $L$:%

 *>:52>K4>2 49>D"2#$#$95$ " #?A


5$2>?L ? :$2 52?9:@"25?3" :"K2$ "
@L?9" 3$ E?2a?f :$ D"2 9$E$::‘A
2>" E"9E$952‘AL" $# ?@$9?: 4#?
@?25$ 3" E"#@?25>#$95"] " >3$?L
^ D?Y[AL" :"K2$ ? 2$a><" >95$2#$A 1?2? D>s?2 E"22$5?#$95$] 45>L>Y?2 ":
3>‘2>? $952$ ": 3">: $>s":M L>#>5?3"2$: 3" @"25?A$:E?3?:M
 )$#K2?2A:$ Z4$ Z4?95" #?>:
K?>s" ^ " #?5$2>?L 52?9:@"25?3"]
#?>: ?K?>s?A:$ " E$952" 3$
a2?X>3?3$ 3" X$WE4L"] 2?Y<" @$L?
Z4?L ": "K_$5": #?>: @$:?3":
($),
1?2? :4K>2 9" E"#@?25>#$95" 3$
E?2a?: E"# #?>: D?E>L>3?3$] E"# "
"K_$5>X" 3$ ?E"#"3?2 ? E?2a?] 45>L>Y$
? ?L;? 3$ ?@">" $ ": $:52>K": $:@$EWA
D>E": @?2? $::? D49;<"M


!<" 4:$ " ,?95" ’95t9>" E"#" :4A
@"25$ @?2? ?#?22?2 "4 @2$93$2 ? E?2a?
"4 Z4?LZ4$2 "452" "K_$5" 342?95$ "
52?9:@"25$M

$   ! 


J   H J %  .+    
  
- ,?95" ’95t9>" ^ 4# E"#@"9$95$
! $:5^5>E" 3$ @$2:"9?L>Y?;<"M 8"L"E?2 ,$ ? Eb?X$ $L$52t9>E? 9<" D49E>"A
!<" @>:?2 9?: #"L342?: @L‘:5>E?: "4 ?#?22?2 "K_$5": "4 E?2a? 9" ,?95" 9?2] @"2 $s$#@L"] $# E?:" 3$ K?5$A
L?5$2?>: 3$ ?La4#?: X$2:\$: @?2? 5$2 ’95t9>" @"3$ 3?9>D>E?2 " E"9_495"M 2>? 3$:E?22$a?3? 3? Eb?X$ $L$52t9>E?
?E$::" ?" E"#@?25>#$95" 3$ E?2a?M "4 3" @2g@2>" X$WE4L" ^ @"::WX$L ?E>A
"9?2 " 3$:52?X?#$95" 3$ $#$2a[9E>?
’: #"L342?: @"3$# :$2 3?9>D>E?A 3?: @"25?: 3" E"#@?25>#$95" 3$ E?2A
3?:M a?: @$L" L?3" >95$29"M

($*-
% ’K2>93" " @"25?AL4X?: ?E$93$A:$
4#? Le#@?3? @?2? ? >L4#>9?;<" 3"
X<"M

!
!<" X>?_?2 E"# ? 5?#@? 3" @"25?A 
L4X?: ?K$25?M !<" >9:$2>2 9" @"25?AL4X?: "K_$5": "
3$ 3>#$9:\$: 5?>: Z4$ 9<" @$2#>5?#
+# E?:" 3$ ?E>3$95$] @"3$ D$2>2 ": " D$Eb?#$95" E"#@L$5"M ’L^# 3>::"]
"E4@?95$: 3": L4a?2$: 3>?95$>2":M 342?95$ ? #?2Eb?] E$25>D>E?2A:$ 3$
1?2? 45>L>Y‘AL?] @2"E$3$2 E"#" ?
:$a4>2% Z4$ " @"25?AL4X?: $:5‘ @$2D$>5?#$95$
1?2? ?K2>2 " @"25?AL4X?:] @2"E$3$2 D$Eb?3"M
3" :$a4>95$ #"3"%
 *$:52?X?2 ": @>9": ] $s>:5$95$:
9" L?3" :4@$2>"2 $ >9D$2>"2 3? D$A %
 ’54?2 9" @4s?3"2  @?2? ?K2>2 "
Eb?342? @?2? ?K$2542? 3?: @"25?:M
@"25?AL4X?:M -: @?2?A:g>: $9E"952?#A:$ ?" L?3"
3" $:@$Lb" 2$52"X>:"2 >95$29"M 1"3$#
( &  :$2 "2>$95?3?: @?2? ? D2$95$ $ @?2? ":
L?3":M
 
1?2? "2>$95?2 9" :$95>3" L?5$2?L]
O 2$5>2‘AL? 3" a?9Eb" 3" L?3" 3" $:@$A
-: $Z4>@?#$95": $:5<" 3>:52>K4WA Lb" 2$52"X>:"2 >95$29" $ a>2‘AL" @?2? ?
3": 9" b?K>5‘E4L" 3" X$WE4L" E"9A _?9$L? L?5$2?LM
D"2#$ ? :$a4>2M !? @?25$ 3$ 52‘: 3" @?2?A:"L $:5‘
@2$X>:5" 4# @"25?A3"E4#$95":M

($*!
  

+:5‘ @2$X>:5" 4#? 5"#?3? 3$ E"2A ’95$: 3$ >9:5?L?2 4# ?E$::g2>"]
2$95$ @?2? ?L>#$95?;<" 3$ ?E$::g2>": 2$E"#$93?A:$ X$2>D>E?2 9? 
$L^52>E": pE?22$a?3"2 3$ E$L4L?2] ?:A   , & #  ? 3>:@"9>K>L>3?3$
@>2?3"2 3$ @g] $5EMrM +:5‘ :>54?3? 3$ ?E$::g2>": "2>a>9?>: b"#"L"a?3":
9" E"9:"L$ E$952?LM P49E>"9? ?@$9?: $ :4? E"#@?5>K>L>3?3$ @?2? 4:" $#
E"# ? Eb?X$ 3$ >a9>;<" 9? @":>;<" :$4 X$WE4L" P>?5M
M
1?2? ?La4#?: X$2:\$:] ?52‘: 3" *$X>3" d a2?93$ X?2>$3?3$ 3$
@?2?A:"L] $:5<" @2$X>:5": $:@$Lb": 3$  ?E$::g2>": $L^52>E": Z4$ @"3$#
E"25$:>? >L4#>9?3":] Z4$ @$2#>5$# ? :$2 E"9$E5?3": ? $:5? 5"#?3? 3$
!<" >952"34Y>2 9? 5"#?3? ?@?2$A
:4? 45>L>Y?;<" #$:#" $# E"93>;\$: E"22$95$] 2$E"#$93?A:$ $:@$E>?L
Lb": E"# @"5[9E>? :4@$2>"2 ? I}F §M
3$ D2?E? L4#>9":>3?3$M E4>3?3" 9? 45>L>Y?;<" 3": #$:#":]
’L^# 3>::"] 9<" 3?9>D>E?2 ? 5"#?3?
"K:$2X?93" :$ ?5$93$# ?: $:@$E>D>A
4:?93" ?@?2$Lb": >9?3$Z4?3":M
1?2? ?E$::?2 ?" $:@$Lb"] L$X?95?2 ? E?;\$: ? :$a4>2%
E"K$2542? M
  ,"#$95$ @"3$# :$2 E"9$E5?3":
V$2>D>E?2 _495" d    , & ?E$::g2>": E"# @"5[9E>? ?5^ I}F
#  :$ " #"3$L" Z4$ X"E[ ?3Z4>A §?55:M
2>4 :4@"25? ? >9:5?L?;<" 3$::$ 3>:A  1?2? @2$X$9>2 3?9":] " E"2@" 3"
@":>5>X"M !$::$ E?:"] 2$E"#$93?A:$ @L4a4$ 3" ?E$::g2>" 3$X$ :$2
#?9$_?2 " ?E$93$3"2 E"# E?45$L? $ L?2a" " :4D>E>$95$ @?2? :$2X>2
$X>5?2 Z4$ E2>?9;?: " 45>L>Y$#] @">: E"#" a4>? 3$ E$952?L>Y?;<"]
b‘ @$2>a" 3$ >9E[93>" $ Z4$>#?342?: Z4?93" $:5$ $:5>X$2 >9:$2>3" 9?
3$X>3" ?" E?L"2 a$2?3" @$L" 3>:@":>A 5"#?3? 3$ E"22$95$M
5>X"M

($*"
&?9$_‘AL" E"# E?45$L? $ $X>5?2 Z4$
 E2>?9;?: " 45>L>Y$#] @">: b‘ @$2>a" 3$
,$ b"4X$2 3vX>3?: E"# 2$L?;<" d >9E[93>" "4 Z4$>#?342?:M
E"9D"2#>3?3$ 3" @L4a4$ 3" ?E$::gA !
2>" ? :$2 45>L>Y?3"] 2$E"#$93?A:$ X$A !<" 45>L>Y?2 " E>9Y$>2" E"#" L>A
1?2? ?La4#?: X$2:\$: $:5‘ @2$:$95$
2>D>E?2 E"# " D?K2>E?95$ :$ " #$:#" s$>2?M
?5$93$ d: $:@$E>D>E?;\$: X>a$95$:M
4# ?E$93$3"2 :>54?3" 9" E"9:"L$
"
E$952?LM 1?@^>: $# E"95?5" E"# ?: @"95?:
3$ E>a?22" @"3$2>?# >9E$93>?2A:$M

! V$2>D>E?2 :$#@2$ ? $D$5>X? 3$:?5>X?A
;<" 3" ?E$93$3"2 ?@g: 45>L>Y‘AL"M
- @L4a4$ 3" ?E$::g2>" 3$X$ :$
?_4:5?2 @$2D$>5?#$95$ d #$3>3? 3?
5"#?3? 3$ E"22$95$M 
=::" ^ >#@"25?95$ @">: $X>5? #?4 !<" >952"34Y>2 9? 5"#?3? ?@?2$A
E"95?5" "4 :4@$2?Z4$E>#$95" E"# Lb": E"# @"5[9E>? :4@$2>"2 ? I}F §M
2>:E" 3$ >9E[93>"M ’L^# 3>::"] 9<" 3?9>D>E?2 ? 5"#?3?
4:?93" ?@?2$Lb": >9?3$Z4?3":M

   $  ;


O .+ <
c E"9:5>54W3" @"2 4# 2$E>@>$95$ 3$ +:5‘ L"E?L>Y?3" $952$ ": K?9E": 3>A
@L‘:5>E" $s52?WX$L E"# ?K$2542? 3$ ?95$>2":M
!
#"L?] Z4$ @"3$ :$2 @":>E>"9?3" 9?
- ?E$93$3"2 3$ E>a?22": ?LE?9;? :$3$ @"25?AE"@":uL?5?: @2$:$95$ 9" - ?@">" 3$ K2?;": ^ 2$a4L‘X$L 9"
5$#@$2?542?: $L$X?3?:M E"9:"L$ E$952?LM :$95>3" L"9a>543>9?L ?54?93" 9" :$9A
5>3" >93>E?3" @$L? :$5?

($*%
%B%
!" E"9:"L$ E$952?L $ 9" ?@">"
3$ K2?;" 52?:$>2" $s>:5$# :$3$: Z4$
@"3$# :$2 45>L>Y?3?: E"#" @"25?A
E"@":u@"25?AL?5?:M

   

!" >95$2>"2 3" ?@">" 3$ K2?;" $:5‘ ’ ?L;? @"3$ :$2 45>L>Y?3? 342?95$  %$V 
@2$:$95$ 4# X<" @"25?A"K_$5":M 1?2? ?: D?:$: 3$ $952?3?u:?W3? 3" b?K>5‘A $   
5$2 ?E$::"] ?54?2 9" 3>:@":>5>X"  $ E4L" "4 E"#" ?@">" $# 5$22$9": @?2A   ; .+ <
L$X?95?2 " ?@">" 3$ K2?;"M 5>E4L?2#$95$ ?E>3$95?3":M
+# ?La4#?: X$2:\$:] @"2 K?>s"
- @"25?A"K_$5": @2$:$95$ $# ?La4A 3" ?::$95" 3" K?9E" 3" @?::?a$>2"
#?: X$2:\$: @"3$ :$2 2$D2>a$2?3"M $9E"952?A:$ 4# X<" @"25?A"K_$5":M
1$a?2 9? L>9a4$5?  $ 2$K?5$2 ?
?L#"D?3? $] ?E"#@?9b?93"A? E"# ?
#<"% ^] ?::>#] @"::WX$L] ?E$::?2 ?"
X<" @"25?A"K_$5": M

($*&
1?25$ 52?:$>2? 3" E"9:"L$ E$952?L
@?2? ": "E4@?95$: 3" K?9E" 52?:$>2"
p:$ $Z4>@?3"rM

"

 $
+:5<" 3>:@"9WX$>: 34?: @"25?: (,B
L"E?L>Y?3?: 9" E"9:"L$ E$952?LM
1?25$ 3>?95$>2? 3" E"9:"L$ E$952?L
p?E"#@?9b?3? 3$ 4#? $952?3? ?4s>A
L>?2rM


%? ; .+ < 1?2? ": X$WE4L": $Z4>@?3": E"# "
h>5 #4L5>#W3>? ¡o] " E?22$a?#$95" 3$
1?2? ?La4#?: X$2:\$: $:5‘ @2$X>:5" 3>:@":>5>X": $L$52t9>E": ?52?X^: 3?:
4# @"25?AgE4L": L"E?L>Y?3" ?E>#? 3? @"25?: (,B :g ^ @"::WX$L E"# " #4LA
@"25? 3" #"5"2>:5?M 5>#W3>? L>a?3"M

($*’
$A   1?2? ?5>X?2 " #"3" ,@"25] @2$::>"9$  %  && ,  ,  & ;0 8
" K"5<" M ,

  &<
P49E>"9?# :"#$95$ E"# ? Eb?X$
3$ >a9>;<" 9? @":>;<" ] $sE$5" (#? X$Y ?5>X?3"] 4#? #$9:?a$# B"5<" @?2? ?5>X?2u3$:?5>X?2 #?94A
L4Y$: 3$ $#$2a[9E>?M  :$2‘ $s>K>3? 9" @?>9$L 3$ ?L#$95$ " :>:5$#? T>LL *$:E$95 8"9A
>9:524#$95":M 52"LM
1?2? ?La4#?: X$2:\$:] Z4?93" 4#?
D49;<" ^ L>a?3?] ?E$93$A:$ ? L4YA 12$::>"9$ " K"5<"  @?2? X"LA c @?25$ >95$a2?95$ 3" :>:5$#? +,8 $
$:@>? E"22$:@"93$95$ :>54?3? 9" Z4?A 5?2 ?" #"3" @?32<" 3$ E"934;<"M 5$# E"#" "K_$5>X" #?95$2 " X$WE4L"
32" 3$ >9:524#$95":M 1?2? 3$:L>a?2] ? 4#? X$L"E>3?3$ E"9:5?95$ 342?95$
K?:5? ?@$25?2 9"X?#$95$ " K"5<"M $ %  
  ;&,  , / & E 4#? 3$:E>3?] ?54?93" 3$ D"2#? ?45tA
  &< 9"#? $ 3>D$2$9E>?3? 9": D2$>":M
-: K"5\$: $:5<" L"E?L>Y?3": 9" @?>A
9$L E$952?L] ?K?>s" 3" 2‘3>"M - :>:5$#? +,8 #$Lb"2? " E"952"L$
3>2$E>"9?L $ ? $:5?K>L>3?3$ 3" X$WE4L"  %  Y ;0 8 ,


:"K 3>X$2:?: E"93>;\$: 3$ E"934;<"M #&'<

- :>:5$#? +,8 E"22>a$ " :"K2$$:A B"5<" E"# >93>E?;<" 3$ D49;<"


5$2;" $ " :4K$:5$2;" 3" X$WE4L"] 2$A ?5>X?3? @?2? b?K>L>5?2u3$:?K>L>5?2 #?A
@?25>93" ? D2$9?a$# 9?: 2"3?: ?@2"A 94?L#$95$ " :>:5$#? ,5?25ƒ,5"@M
@2>?3?:M
 P49;<" 3$:?K>L>5?3?% )+* ?E$:"
 % +F  
 1@ ,   P49;<" b?K>L>5?3?% )+* ?@?a?3"

B"5<" E"# >93>E?;<" 3$ D49;<"


 %  023   /1  %
@?2? L>a?2 $ 3$:L>a?2 ?: L4Y$: 3$ $#$2A
 % #+ 23  ; .+ < 1 
a[9E>?M ’E$93$#A:$ ?@$25?93" L$X$A
’ D49;<" ,1-C. @2"@"2E>"9? ? ?LA #$95$ " K"5<" ] >93$@$93$95$ 3? mE"9$ @?2? >93>E?;<" 3$ ?>2K?a
5$2?;<" 9" 5$#@" 3$ #43?9;?: 3" @":>;<" 3? Eb?X$ 3$ >a9>;<"M 8"# 3$ @?::?a$>2" ?5>X?3"u3$:?5>X?3"M
E?#K>" @?2? 4# 2$a>#$ #?>: $:@"2A " 3>:@":>5>X" L>a?3"] ": >93>E?3"A w4?93" " ?>2K?a $:5‘ 3$:?5>X?3" "
5>X"M 2$: ] 9" Z4?32" 3$ >9:524#$95": WE"9$ ?E$93$A:$ E"# L4Y D>s?M
>L4#>9?#A:$ 3$ #"3" >95$2#>5$95$M

($*)
  1?2? :?K$2 ?: E?2a?: #‘s>#?: @$2A
#>5>3?:] E"9:4L5?2 " @?2‘a2?D" o1$:":o
  )* ! 9" E?@W54L" o*?3": 5^E9>E":oM
+,-./ ’95$: 3$ @2"::$a4>2] E$25>D>E?2A:$
 3? E"22$5? #"95?a$# 3?: K?22?:
52?9:X$2:?>:M "
+# ?La4#?: X$2:\$:] " X$WE4L" @":A !
:4> 34?: K?22?: L"9a>543>9?>: Z4$ @"A -K:$2X$ 5"3" " :>:5$#? 3$ D>s?;<"
C$:@$>5?2 2>a"2":?#$95$ ?: 3>:@"A
3$# :$2 45>L>Y?3?:] E"# " ?E2^:A @?2? @2"::$a4>2 ? #?2Eb? E"# :$a4A
:>;\$: L$a>:L?5>X?: X>a$95$: 2$L?5>X?:
E>#" 3$ ?E$::g2>": $:@$EWD>E":] @?2? 2?9;?M
d: #$3>3?: #‘s>#?:M
" 52?9:@"25$ 3$ X‘2>": "K_$5": p@"2
$sM] $:Z4>:] @2?9Eb?: 3$ i>93:42D] 8"9:4L5$ :$#@2$ ?: @4KL>E?;\$: 3$
$5ErM !? @2$:$9;? 3$ 5$5" :"L?2] >9:5?A K"23"M
L?2 K?22?: L"9a>543>9?>: E"# #$3>3?: !
$:@$EWD>E?: @?2? $::? :>54?;<"M  &23  /    0  
’ 45>L>Y?;<" 3?: K?22?: 52?9:X$2:?>:
:"K2$ ?: L"9a>543>9?>: >9>K$ ? 45>L>Y?A ’: K?22?: 52?9:X$2:?>: @"3$# :$2
;<" 3" 5$5" :"L?2] 4#? X$Y Z4$ $:5$ >9:5?L?3?: 9? @2$:$9;? 3?: K?22?: L"9A
vL5>#"] 9? D?:$ 3$ ?K$2542?] >95$2D$2$ a>543>9?>:M
E"# ?: K?22?:M
8"9:4L5?2 ?: >93>E?;\$: 3$ >9:5?A
!<" #"X>#$95?2 " 5$5" :"L?2 9? L?;<" 9?: K?22?: 52?9:X$2:?>: ?3Z4>2>A
@2$:$9;? 3$ K?22?: 52?9:X$2:?>:M 3?:M 1?2? #?>: >9D"2#?;\$:] 3>2>a>2A
:$ d    , & # M

!
!49E? 4L52?@?::?2 ?: E?2a?: #‘s>A
#?: @$2#>5>3?:M

($**
&  1"25?95"] 9<" $:5?E>"9?2 " X$WE4L" pL>#@"r @$2>"3>E?#$95$ Z4$>#?93"
:"K2$ #?5$2>?L >9DL?#‘X$L p@"2 $sM ?: @?25WE4L?: 3$ E?2K"9"M
   2$LX?] D"Lb?: :$E?:] ?a4Lb?: 3$ @>A
w4?93" :?542?3"] " :>:5$#? ?E>A
 O 9b$>2"] $5EMr% @$2>a" 3$ >9E[93>"M
"9? 4#? L4YA$:@>? $ $s>K$ 4#? #$9A
 8 #&' :?a$# 9" @?>9$L 3$ >9:524#$95":%
#   # ; % x)>#@$Y? D>L52" 3$ @?25WE4L?:] #?95$2
-: :>:5$#?: 45>L>Y?3": @?2? 2$34Y>2 &   ,+& # & < X$WE4L" $# #"X>#$95"z] >93>E?93"
?: $#>::\$: 3": #"5"2$: PL$s :<"% ? 9$E$::>3?3$ 3$ $L>#>9?2 @?25WE4L?:
E"9X$2:"2 E?5?LW5>E"] :"93? L?#K3? $ - *>$:$L 1?25>E4L?5$ P>L5$2 ^ 4# D>LA @"L4$95$: 2$5>3?: 9" D>L52"M
:>:5$#? ?95>$X?@"2?;<"M 52" #$Ee9>E"] >952"34Y>3" 9" :>:5$#?
3$ 3$:E?2a?] Z4$ E?@542? D>:>E?#$95$ c 9$E$::‘2>" #?95$2 " X$WE4L" $#
?: @?25WE4L?: 3$ E?2K"9" @2$:$95$: #"X>#$95" ?5^ " 5^2#>9" 3? 2$a$9$A
 8  &
9": a?:$: 3$ 3$:E?2a? 3" #"5"2 *>$A 2?;<"M w4?93" ? L4YA$:@>? :$ ?@?a?]
-: :>:5$#?: 45>L>Y?3": @?2? 2$34A :$LM ^ $s>K>3? 9" @?>9$L 4#? #$9:?a$#
Y>2 ?: $#>::\$: 3": #"5"2$: *>$:$L >93>E?93" " 5^2#>9" 3" @2"E$::" 3$
:<"% E"9X$2:"2 E?5?LW5>E" "s>3?95$] ’ ?3";<" 3" D>L52" 3$ @?25WE4L?: 2$a$9$2?;<"M
:>:5$#? 3$ 2$E>2E4L?;<" 3": a?:$: 3$ 5"29?A:$ 9$E$::‘2>? @?2? $L>#>9?2
Z4?:$ 5"5?L#$95$ ?: $#>::\$: 3$ @?2A +sE$@E>"9?L#$95$] E?:" 9<" :$_?
$:E?@$ p+MSMCMr $ D>L52" 3$ @?25WE4L?:
5WE4L?: 3$ E?2K"9" $# :>95"9>? E"# @"::WX$L #?95$2 " X$WE4L" $# #"X>A
p*1PrM
?: ?54?>:uD4542?: 9"2#?: L$a>:L?5>X?:M #$95"] ? L>#@$Y? 3" D>L52" 3$ @?25WA
E4L?: *1P @"3$2‘ :$2 2$?L>Y?3? E"#
*42?95$ " 4:" 9"2#?L 3" X$WE4L"] ? " X$WE4L" $# #?2Eb? L$95? ?5^ Z4$
49>3?3$ E$952?L 3$ E"952"L$ 3" #"5"2 ? L4YA$:@>? :$ ?@?a4$ $ ? #$9:?a$#
! a2?X? 4#? :^2>$ 3$ 3?3": >9$2$95$: >93>E?93" " 5^2#>9" 3" @2"E$::" 3$
?" 4:" p@$2W"3" 3$ 4:"] 5>@" 3$ @$2A 2$a$9$2?;<" ?@?2$;? 9" @?>9$L 3$
!" :$4 D49E>"9?#$95"] " E"9X$2A
E42:"] 5$#@$2?542?: ?5>9a>3?:] $5EMr $ >9:524#$95":M
:"2 E?5?LW5>E" $ D>L52" 3$ @?25WE4L?: 3$5$2#>9? ? Z4?95>3?3$ 3$ @?25WE4L?:
p*1Pr 3$:$9X"LX$# $L$X?3?: 5$#@$A ?E4#4L?3?: 9" D>L52"M
2?542?:M
8"#" " D>L52" E"9:>:5$ 94# :>:5$#?
3$ ?E4#4L?;<"] 3$X$ :$2 2$a$9$2?3"

($*+
3$ #?2Eb? L$95?] ?5>X?;<" 3" $L$A   A %

52"X$95>L?3"2] ?4#$95" L>#>5?3" 3": 
’.+!/0-% ?" 2$?L>Y?2 " @2"E$A a?:$:] $L$X?3?: 5$#@$2?542?: 9? 3$:A
3>#$95" E"# " X$WE4L" $# #?2Eb? +:5$ X$WE4L" $:5‘ $# E"9D"2#>3?3$
E?2a?M E"# ?: C$:"L4;\$: 8-!’&’ p8"9A
L$95?] 949E? $:5?E>"9?2 $# L"E?>: D$A
Eb?3": "4 :"K2$ #?5$2>?L >9DL?#‘A +:5?: :>54?;\$: 9<" 3$X$# :$2 >9A :$Lb" !?E>"9?L 3" &$>" ’#K>$95$r
X$L] $# 2?Y<" 3" ?Z4$E>#$95" $L$A 5$2@2$5?3?: E"#" ?9"#?L>?: $ 9<" X>a$95$: 9? 3?5? 3$ :4? @2"34;<"M "
X?3" 3" E?5?L>:?3"2] 3$E"22$95$ 3" ?D$5?# " D49E>"9?#$95" 9"2#?L 3" -: W93>E$: 3$ D4#?;? $# ?E$L$2?A
D49E>"9?#$95" 9"2#?L 3" #"5"2M ’ X$WE4L" 9$# " ?#K>$95$M +# E?:" ;<" L>X2$ $:5<" $s@2$::": $# #AI pE"$A
?L5? 5$#@$2?542? ?5>9a>3? @$L" E?5?L>A 3$ X>:4?L>Y?;<" 3? #$9:?a$# 3$3>A D>E>$95$ 3$ ?K:"2;<" 3$ L4Yr E"9D"2#$
:?3"2 @"3$2‘ a$2?2 2>:E" 3$ >9E[93>"] E?3? 9" 3>:@L?y] E"9:4L5?2 " @?2‘A $9:?>": 2$?L>Y?3": E"# E"#K4:5WX$L
Z4?93" $# E"95?5" E"# #?5$2>?L >9A a2?D" o)4Y$:A$:@>?: $ #$9:?a$9:o 9" 3$ 2$D$2[9E>?] $:@$E>D>E?3" 9?: C$:"A
DL?#‘X$L p@"2 $sM 2$LX?] D"Lb?: :$E?:] E?@W54L" o8"9b$E$93" :$4 @?>9$L 3$ L4;\$: X>a$95$: 3" 8-!’&’M
?a4Lb?: 3$ @>9b$>2"] $5EMrM V>3$ x12"A >9:524#$95":oM
5$;<" 3" ?#K>$95$z 9" E?@W54L" x8"A +:5$ W93>E$ ^ 4#? 2$D$2[9E>? @?2?
’ ?4:[9E>? 3? 2$?L>Y?;<" 3" E>EL" X$2>D>E?;<" Z4?95" ?" $:5?3" 3$ #?A
9b$E$93" :$4 X$WE4L"z $ x,>:5$#? 3$ L>#@$Y? 3" D>L52" 3$ @?25WE4L?: *1P
3$ $:E?@?#$95"z 9" E?@W54L" x&?A 945$9;<" 3" X$WE4L"M
3$ D"2#? ?3$Z4?3?] _495?#$95$ E"#
945$9;<" $ E4>3?3": E"# " :$4 X$WA ? 9<" "K:$2Xe9E>? 3": ?X>:": >93>E?A
E4L"zM 5>X": 9" @?>9$L 3$ >9:524#$95": 3"
X$WE4L"] @"3$2‘ ?E$L$2?2 " @2"E$::"
- @2"E$3>#$95" 3$ 2$a$9$2?;<" 3$ 3$a2?3?;<" 3" gL$" 3" #"5"2M ’
^ E"952"L?3" ?45"#?5>E?#$95$ @$L? L4YA$:@>? 3" gL$" 3" #"5"2 ?E$93$2‘
E$952?L 3$ E"952"L$ 3" #"5"2 $# D49A E?:" " :>:5$#? E"9:5?5$ Z4$ " gL$" D">
;<" 3" $:5?3" 3$ ?E4#4L?;<" 3" D>LA 3$a2?3?3" >93>E?93" ? 9$E$::>3?3$
52" $ 3?: E"93>;\$: 3$ 45>L>Y?;<" 3" 3? 52"E?M !$:5$ E?:"] @2"E42$ >#$3>?A
X$WE4L"M 5?#$95$ 4#? 3?: E"9E$::>"9‘2>?: 3?
*42?95$ ? 2$a$9$2?;<"] ^ @"::WX$L    , & #  @?2? ? X$2>D>E?A
Z4$ :$ X$2>D>Z4$# ": D$9t#$9": :$A ;<" $ :4K:5>54>;<" 3" gL$" 3" #"5"2M
a4>95$:% ?4#$95" L>#>5?3" 3" 2$a>#$

($*,
 $    & 
  
+:5? :$;<" 3" #?94?L D"29$E$ALb$ 5"3?: ?: >9D"2#?;\$:
v5$>: @?2? E"9b$E$2] >95$2@2$5?2 $ 45>L>Y?2 E"22$5?#$95$ "
@?>9$L 3$ >9:524#$95":M

1’=!+) *+ =!,.C(&+!.-, M M M M M M M M M M M M 8AI


#
8-&1(.’*-C *+ B-C*- M M M M M M M M M M M M 8A}
)(Q+, *+ ’*V+C.l!8=’, +
&+!,’S+!, M M M M M M M M M M M M M M M M M M M M 8AI¡
,=,.+&’ *+ *=’S!U,.=8- *+ B-C*- M M M M 8AGH

.
&    

’ 3>:@"9>K>L>3?3$ $ ? @":>;<" 3": >9:524#$95": $ 3": :>9?L>Y?3"2$: @"3$# X?2>?2 $# D49;<" 3": >5$9: "@E>"9?>:
?3Z4>2>3":u3>:@"9WX$>:M

’A *>D4:"2$: 3$ ?2 L?5$2?>: BA ’L?X?9E? $:Z4$23? pE"#?93" 3$ D?2"L ?L5"uK?>s" $ L4Y$: 3$ 3>2$;<"r 8A w4?32" 3$
>9:524#$95": *A V"L?95$ +A ’L?X?9E? 3>2$>5? pE"#?93" 3$ L>#@$Y?uL?X?a$# 3": X>32":r PA *>D4:"2$: 3$ ?2 E$952?>: SA
8"#?93": 3" ?2AE"93>E>"9?3" TA 1"25?A"K_$5": =A 1"25?AL4X?:

.$!
>  
  &E
+& -+ ,  & % 0 8 #&'
’ >L4#>9?;<" 3": a2‘D>E": $ ? :$2>a2?D>? 3" Z4?32" 3$ >9:524#$95": @"3$# X?2>?2 E"9D"2#$ ?: X$2:\$:M

’A V$L"EW#$52"  BA =93>E?3"2 3>a>5?L 3? 5$#@$2?542? 3" LWZ4>3" 3$ ?22$D$E>#$95" 3" #"5"2 E"# L4YA$:@>? 3$
5$#@$2?542? #‘s>#?  8A *>:@L?y #4L5>D49E>"9?L  *A =93>E?3"2 3>a>5?L 3" 9WX$L 3$ E"#K4:5WX$L E"# L4YA$:@>? 3$
2$:$2X? p" 52>e9a4L" @2$:$95$ 9" L?3" 3>2$>5" "4 ?K?>s" 3" :W#K"L" >93>E? " L?3" 3" X$WE4L" 9" Z4?L $:5‘ @2$:$95$
" K"E?L @?2? " ?K?:5$E>#$95" 3$ E"#K4:5WX$Lr  +A 8"95?Aa>2":

.$"
  &E
+& -+ ,  & %  &
’ >L4#>9?;<" 3": a2‘D>E": 3" Z4?32" 3$ >9:524#$95": @"3$# X?2>?2 E"9D"2#$ ?: X$2:\$:M

’A V$L"EW#$52"  BA =93>E?3"2 3>a>5?L 3? 5$#@$2?542? 3" LWZ4>3" 3$ ?22$D$E>#$95" 3" #"5"2 E"# L4YA$:@>? 3$
5$#@$2?542? #‘s>#?  8A *>:@L?y #4L5>D49E>"9?L  *A =93>E?3"2 3>a>5?L 3" 9WX$L 3$ E"#K4:5WX$L E"# L4YA$:@>? 3$
2$:$2X? p" 52>e9a4L" @2$:$95$ 9" L?3" 3>2$>5" "4 ?K?>s" 3" :W#K"L" >93>E? " L?3" 3" X$WE4L" 9" Z4?L $:5‘ @2$:$95$
" K"E?L @?2? " ?K?:5$E>#$95" 3$ E"#K4:5WX$Lr  +A 8"95?Aa>2":
)4YA$:@>? @2$:$95$ ?@$9?: 9?: X$2:\$: *>$:$LM !?: X$2:\$: *>$:$L] $:5<" 5?#K^# @2$:$95$: ": WE"9$: $
9" 3>:@L?y $ " D># 3$ $:E?L? 3" E"95?Aa>2": ^ 3$ 7FFF 2@#M

.$%
  &E
+& -+ ,  & , - 1+ :0& % #&'
’ >L4#>9?;<" 3": a2‘D>E": 3" Z4?32" 3$ >9:524#$95": @"3$# X?2>?2 E"9D"2#$ ?: X$2:\$:M

’A V$L"EW#$52"  BA =93>E?3"2 3>a>5?L 3? 5$#@$2?542? 3" LWZ4>3" 3$ ?22$D$E>#$95" 3" #"5"2 E"# L4YA$:@>? 3$
5$#@$2?542? #‘s>#?  8A *>:@L?y #4L5>D49E>"9?L 2$E"9D>a42‘X$L *A =93>E?3"2 3>a>5?L 3" 9WX$L 3$ E"#K4:5WX$L E"#
L4YA$:@>? 3$ 2$:$2X? p" 52>e9a4L" @2$:$95$ 9" L?3" 3>2$>5" "4 ?K?>s" 3" :W#K"L" >93>E? " L?3" 3" X$WE4L" 9" Z4?L
$:5‘ @2$:$95$ " K"E?L @?2? " ?K?:5$E>#$95" 3$ E"#K4:5WX$Lr  +A 8"95?Aa>2":

.$&
  &E
+& -+ ,  & , - 1+ :0& %  &
’ >L4#>9?;<" 3": a2‘D>E": 3" Z4?32" 3$ >9:524#$95": @"3$# X?2>?2 E"9D"2#$ ?: X$2:\$:M

’A V$L"EW#$52" BA =93>E?3"2 3>a>5?L 3? 5$#@$2?542? 3" LWZ4>3" 3$ ?22$D$E>#$95" 3" #"5"2 E"# L4YA$:@>? 3$
5$#@$2?542? #‘s>#?  8A *>:@L?y #4L5>D49E>"9?L 2$E"9D>a42‘X$L *A =93>E?3"2 3>a>5?L 3" 9WX$L 3$ E"#K4:5WX$L E"#
L4YA$:@>? 3$ 2$:$2X? p" 52>e9a4L" @2$:$95$ 9" L?3" 3>2$>5" "4 ?K?>s" 3" :W#K"L" >93>E? " L?3" 3" X$WE4L" 9" Z4?L
$:5‘ @2$:$95$ " K"E?L @?2? " ?K?:5$E>#$95" 3$ E"#K4:5WX$Lr  +A 8"95?Aa>2":
)4YA$:@>? @2$:$95$ ?@$9?: 9?: X$2:\$: *>$:$LM !?: X$2:\$: *>$:$L] $:5<" 5?#K^# @2$:$95$: ": WE"9$: $
9" 3>:@L?y $ " D># 3$ $:E?L? 3" E"95?Aa>2": ^ 3$ 7FFF 2@#M

.$’
  $ 1+&1
 &+
23   & $:5<" E"#@L$5?#$95$ >L4#>9?3":
  +
  ;   &+
% $ 9<" :<" 2$a4L‘X$>:M
’ :$2>a2?D>? 3": >9:524#$95": @"3$
 <  !? #"3?L>3?3$ o9">5$o " 3>:@L?y]
X?2>?2 $# D49;<" 3? X$2:<" 3" X$WA
E4L"M !" >95$2>"2 3" E"95?Aa>2": $:5‘ @2$A " a2?D>:#" $ ": >93>E?3"2$: :<"
:$95$ 4# :$9:"2 3$ L4#>9":>3?3$  2$a4L‘X$>: @?2? } 9WX$>:M
’" E"L"E?2 ? Eb?X$ 3$ >a9>;<" 9?
E?@?Y 3$ 3$5$E5?2 ?: E"93>;\$: 3$ 8"9:$Z4$95$#$95$] 5?#K^# ^
@":>;<" M ": @"95$>2": 3" E"95?A
L4Y ?#K>$95$ $] E"# K?:$ 9": 3?3": 2$a4L?3? ? >95$9:>3?3$ L4#>9":?
a>2": $ 3" X$L"EW#$52" @$2E"22$#
3$5$E5?3":] 2$a4L?2 ? #"3?L>3?3$ 3$ 3" 3>:@L?y 3" EL>#?5>Y?3"2
5"3? ? $:E?L? $ 2$5"29?# 9" >9WE>" 3$A
D49E>"9?#$95" 3" Z4?32" 3$ >9:524A ?45"#‘5>E" *4?LY"9$ $ 3"
#"9:52?93" D49E>"9?#$95" 9"2#?L
#$95":M :>:5$#? (E"99$E5¢M
3": >9:524#$95":M
1?2? " 3>:@L?y #4L5>D49E>"9?L] 34?:
K?22?: L?5$2?>: :$2<" X>:4?L>Y?3?: D?A   
Y$93" " xEb$Ehz 3$ D49E>"9?#$95"  > 
E"# :$4: 2$:@$E5>X": >3$"a2?#?:M ’ #  
3? 3>2$>5? #":52?93" " 9WX$L 3$ E"#A ’ L4YA$:@>? "4] E"9D"2#$ ?: X$2A
K4:5WX$L $ ? 3? $:Z4$23? #":52?93" :\$:] " >93>E?3"2 3>a>5?L 9" 3>:@L?y]
? 5$#@$2?542? 3" LWZ4>3" 3$ ?22$D$E>A >93>E? ? 5$#@$2?542? 3" LWZ4>3" 3$
#$95" 3" #"5"2M ?22$D$E>#$95" 3" #"5"2 $ E"#$;? ?
D"29$E$2 >93>E?;\$: Z4?93" ? 5$#@$A
2?542? 3" LWZ4>3" 4L52?@?::? E$2E? 3$

- E"#@"25?#$95" 3" >9:524#$95" HF8M
)"E?L>Y?3" 9" Z4?32" 3$ >9:524A ^ " :$a4>95$% !? 45>L>Y?;<" 9"2#?L 3" X$WE4L"] ?
#$95":] 5$# ? D49;<" 3$ >93>E?2 ?
$:E?L? 3>a>5?L @"3$ @":>E>"9?2A:$ 9?:
X$L"E>3?3$ 3$ 3$:L"E?#$95" 3" X$WA
 !? #"3?L>3?3$ o3>?o " 3>:@L?y ^ 3>X$2:?: @":>;\$: 3$952" 3" ?2E" 3$
E4L"M
2$a4L‘X$L @?2? } 9WX$>:] $9Z4?95" >93>E?;<" $# 2$L?;<" d: E"93>;\$:
Z4$ " a2?D>:#" 3" Z4?32" 3$ >9:A 3$ 4:" 3" X$WE4L"M
524#$95": $ 5"3": ": >93>E?3"2$:

.$)
 8 ,
  &E
+& -+ ,  & ;<" ?Ev:5>E?] Z4?93" 9" 2$:$2X?5g2>"
2$:5?# 3$ ¡ ? N L>52": 3$ E"#K4:5WX$LM
’ L4YA$:@>? ?E$93$A:$] _495?A
#$95$ E"# ? X>:4?L>Y?;<" 3$ 4#? !
#$9:?a$# 9" 3>:@L?y $ 4#? :>9?L>A - :>:5$#? 3$ E"952"L$ 3? >9_$A 
Y?;<" ?Ev:5>E?] @?2? ?::>9?L?2 " ?4A ;<" $L$52t9>E? >95$22"#@$ " DL4s" 3$ +# E?:" 3$ ?E$93>#$95" 3? L4YA
#$95" $sE$::>X" 3? 5$#@$2?542? 3" E"#K4:5WX$L Z4?93" " #"5"2 $:5>X$2 $:@>? $ >93>E?;<" 9?: 34?: K?22?: >9A
LWZ4>3" 3$ ?22$D$E>#$95" 3" #"5"2M E"# $sE$::" 3$ 2"5?;\$:M D$2>"2$: 3? $:E?L? 3" >93>E?3"2] $D$A
+:5? >95$224@;<" ?E?22$5? $# E"9A 54?2 " ?K?:5$E>#$95" 3$ E"#K4:5WX$L
 8 ,
  &E
+& -+ ,  &
:$Z4$95$ @$23? 3$ @"5[9E>? 3" @2gA " #?>: 2?@>3?#$95$ @"::WX$LM #
, - 1+ :0&
@2>" #"5"2M
- :W#K"L" 9" 3>:@L?y D>E? X$2A
#$Lb" @?2? ?::>9?L?2 " ?4#$95" $sA / 023(
E$::>X" 3? 5$#@$2?542? 3" LWZ4>3" 3$ !
?22$D$E>#$95" 3" #"5"2M  A 2"5?;\$: @"2 #>945"
!<" X>?_?2 E"# " 5?9Z4$ Z4?:$
!": E?:": ?E>#? 3$:E2>5":] @?2?2 " X?Y>"M
#"5"2 $ 3>2>a>2A:$ d    , &     %
# M $ ’: $X$954?>: D?L5?: 3$ ?L>#$95?;<"
@"3$# 3?9>D>E?2 " E?5?L>:?3"2M
- >93>E?3"2 3>a>5?L 9" 3>:@L?y >9A
%  3>E? ? Z4?95>3?3$ 3$ E"#K4:5WX$L
@2$:$95$ 9" 5?9Z4$M
- @"95$>2" :"K2$ ? #?2E? ?#?2$L?
>93>E? 4# 2$a>#$ 3$ 2"5?;\$: #4>5"   ,  &Z1 ,  60& 
$L$X?3"] Z4$ @"3$ E?4:?2 3?9": ?" ,
/+60&
#"5"2 $] @"25?95"] 3$X$2‘ :$2 $X>5?3"M
’ L4YA$:@>? ?E$93$A:$] _495?A
#$95$ E"# ? X>:4?L>Y?;<" 3$ 4#?
#$9:?a$# 9" 3>:@L?y $ 4#? :>9?L>Y?A

.$*
&  =  -     &E ;<

 w4>Lt#$52": 5"5?>: @$2E"22>3": $


WE"9$: 3$ $X$954?>: :>9?L>Y?;\$: 3$
K ?X?2>?M
, 23
- X$WE4L" @"3$ $:5?2 $Z4>@?3" K # %
E"# 3>:@L?y #4L5>D49E>"9?L "4 #4LA # =
5>D49E>"9?L 2$E"9D>a42‘X$L] E?@?Y 3$ ’ L"E?L>Y?;<" 3?: >9D"2#?;\$: 9"
"D$2$E$2 >9D"2#?;\$: v5$>: ?" E"934A 3>:@L?y 2$E"9D>a42‘X$L @"3$ :$2 E"9A
5"2 342?95$ ? E"934;<" 3" X$WE4L"M D>a42?3? ?52?X^: 3" #$94 o8"9D>aM
8"# ? Eb?X$ >a9>;<" 9? @":>;<" 5$L?oM
 p$ ? Eb?X$ $s52?W3?] @?2? X$2A =  +      &E ;< !" 3>:@L?y] 3$ ?E"23" E"# " Z4$
:\$: E"# Eb?X$ #$Ee9>E?r] E"# ? $:5‘ E"9D>a42?3"] :<" X>:4?L>Y?3?: ?:
?K$2542?uD$Eb?#$95" 3$ 4#? @"25?] T"2?] S$?2 ,b>D5 =93>E?5"2 p>93>A :$a4>95$: >9D"2#?;\$:%
" 3>:@L?y ?5>X?A:$ #":52?93" 342?95$ E?;\$: 3? #43?9;? 3$ X$L"E>3?3$r
?La49: :$a493": ? b"2? $ ": Z4>LtA p:$ $Z4>@?3"r] >93>E?;<" 3$ #?2Eb?
#$52": 5"5?>: @$2E"22>3":M p?@$9?: X$2:\$: E"# Ee#K>" ?45"A
#‘5>E"] 5$#@$2?542? $s5$2>"2] >93>E?A
;\$: 3? Kv::"L? p:$ $Z4>@?3"r] 3?5?M
K #
!" 3>:@L?y] E"9D"2#$ E"9D>a42?A =  ,  &    &E ;$<
;<"] @"3$# :$2 X>:4?L>Y?3?: ?: :$A V$L"E>3?3$ 3" X$WE4L"] #$9A
a4>95$: >9D"2#?;\$:% :?a$9: 3$ ?3X$25[9E>?u$X$954?>:
:>9?L>Y?;\$: 3$ ?X?2>?M

.$+
=  +      &E ;< S,= :4a$2$ @?::?2 @?2? 4#? #?2Eb?
E"# 2$L?;<" >9D$2>"2M
T"2?] 5$#@$2?542? $s5$2>"2] >93>E?A
;\$: 3? Kv::"L? p:$ $Z4>@?3"r] 3?5?M ’ >93>E?;<" @$2#?9$E$ X>:4A
?L>Y?3? 9" 3>:@L?y ?5^ Z4$ :$_?
=  ,  &    &E ;$< $D$54?3? 4#? #43?9;? 3$ #?2Eb?
"4 ?5^ ?: E"93>;\$: 3$ E"934;<" $9A
V$L"E>3?3$ 3" X$WE4L"] #$9A 52$# $# 4# @$2D>L 3$ #>::<" 5?L Z4$
:?a$9: 3$ ?3X$25[9E>?u$X$954?>: 9<" ^ 9$E$::‘2>? 4#? #43?9;? 3$
:>9?L>Y?;\$: 3$ ?X?2>?M #?2Eb? @?2? "5>#>Y?2 ": E"9:4#":M #
=  -     &E ;<
$A  
w4>Lt#$52": 5"5?>: @$2E"22>3":] >9A
3>E?3"2$: 3>a>5?>: 3? 5$#@$2?542? 3" +:5<" L"E?L>Y?3": 9" L?3" $:Z4$23"
LWZ4>3" 3$ ?22$D$E>#$95" 3" #"5"2 $ 3" X"L?95$M
3" 9WX$L 3$ E"#K4:5WX$LM

 #  ; .+ %


<
’52?X^: 3" S,= " E"9345"2 ^ ?X>A
- :>:5$#? S$?2 ,b>D5 =93>E?5"2 pS,=r :?3" Z4$ ? @?::?a$# @?2? "452? #?2A
:4a$2$ ?" E"9345"2 Z4$ $D$54$ 4#? Eb? @$2#>5>2>? 4#? $E"9"#>? $# 5$2A
#43?9;? 3$ X$L"E>3?3$ ?52?X^: 3$ #": 3$ E"9:4#":M
4#? >93>E?;<" $:@$EWD>E? 9" 3>:@L?yM
w4?93" 9" 3>:@L?y ?@?2$E$ "
WE"9$ ,T=P. (1 p ,T=P.r] " S,=
:4a$2$ @?::?2 @?2? 4#? #?2Eb? E"#
2$L?;<" :4@$2>"2 $ Z4?93" ?@?2$E$ " 1$2#>5$# :$L$E>"9?2 $ >95$2?a>2
WE"9$ ,T=P. *-§! p ,T=P.r] " E"# ?: "@;\$: 3" o&$94 @2>9E>@?Lo

.$,
3" 3>:@L?y pE"9:4L5?2 " @?2‘a2?D"   A  
o&$94 @2>9E>@?LorM - &$94 @2>9E>@?L ^ E"#@":5" @"2 ’ 3$:E2>;<" ? :$a4>2] ?@2$:$95? "
4#? :^2>$ 3$ "@;\$: E4_? :$L$;<"] #$94 E"#@L$5" 3" E"#@45?3"2 3$
 u % @2$::>"9?2 $ :"L5?2 ": 2$?L>Y‘X$L ?52?X^: 3": K"5\$: 3$ E"A K"23" 3" X$WE4L"M 8"9:>3$2$ ?@$9?:
K"5\$: @?2? 5$2 ?E$::" ?" &$94 #?93"] @$2#>5$ " ?E$::" ? 3>X$2:?: ?: >9D"2#?;\$: 3>:@"9WX$>: @?2? "
@2>9E>@?L $ @?2? @$2E"22$2 @?2? "@;\$: 3$ $:E"Lb? $ 3$D>9>;<" >93>A #$94u3>:@L?y $:@$EWD>E" 3? X$2:<"
E>#? "4 @?2? K?>s" ?: X‘2>?: "@A E?3?: ? :$a4>2M ?3Z4>2>3?M
;\$: 3" &$94 $ 3": :4K#$94:M
- &$94] E"9D"2#$ ? X$2:<"] ^
 u % @2$::>"9?2 $ :"L5?2 ":
 E"9:5>54W3" @$L?: :$a4>95$: "@;\$:%
K"5\$: @?2? 5$2 ?E$::" d: 5$L?: 3$
>9D"2#?;\$: "4 ?": :4K#$94: 3$ ’ #"3?L>3?3$ 3$ X>:4?L>Y?;<" 3?:
"@;\$: 3" &$94 p>93>E?;\$: #?>v:A  V+)-8m&+.C-
4#? "@;<" 3" &$94 @2>9E>@?LM
E4L?: "4 #>9v:E4L?:r X?2>? $# D49A  =!P- V+m8()-
D( @2$::>"9?2 " K"5<" @?2? 5$2 ;<" 3" 5>@" 3$ 3>:@L?yM  .C=1
?E$::"u:$L$E>"9?2 ?: 5$L?: 3$ >9D"2A  ’(*=-
#?;\$: "4 ": :4K#$94: 3$ 4#? "@A  &+!,’S+!,

;<" 3" &$94 @2>9E>@?LM &?95$2 " K"A
1?2? ?La4#?: $952?3?: $:5‘ @2$X>:5"  8-!P=SM .+)’
5<" @2$::>"9?3" 342?95$ I :$a493"
@?2? 2$3$D>9>2 ?: D49;\$: X>:4?L>Y?A 4# :4K#$94M  8-!P=S(C’/n+,
3?:u:$L$E>"9?3?:M  *+,’.=V’C &+!(
,  +/
 +( 3$@">: 3$ 
&,6
 
5$2 :$L$E>"9?3" ? "@;<" 3$ &$94 !? @2$:$9;? 3$ :>:5$#? (E"9A
3$:$_?3?] @2$::>"9?2 " K"5<" @?2? 9$E5¢] ?La4#?: "@;\$: 3" &$94 +:5? "@;<" 3$ &$94 @$2#>5$ X>:4?A
5$2 ?E$::" ?": X‘2>": :4K#$94:M :<" X>:4?L>Y?3?: $ a$2>3?: 9" 3>:@L?y L>Y?2 9" 3>:@L?y ? X$L"E>3?3$ 3" X$WA
3$:5$ vL5>#" $ 9<" 9" 3>:@L?y 3" Z4?A E4L"M
6   + , &( @2$::>"A
9?2 " K"5<" M 32" 3$ >9:524#$95": pE"9:4L5$ ?: >9A (#? X$Y X>:4?L>Y?3? ? X$L"E>3?3$
3>E?;\$: 9" :4@L$#$95" $:@$EWD>E"rM 9" 3>:@L?y] @2$::>"9?93" " K"5<" D
^ @"::WX$L 3$D>9>2 ? 49>3?3$ 3$ #$A

.$!-
3>3? poh#ubo "4 o&1Tor @?2? X>:4?L>A V>:4?L>Y?;<" 3? 5$#@$2?542? ? >95$2X?L": #?>: D2$Z4$95$:M ’
Y?2 ? X$L"E>3?3$M 3" Ee#K>" ?45"#‘5>E" p:$ X>:4?L>Y?;<" :$2‘ $# h# "4 #>Lb?:
$Z4>@?3"rM 3$ ?E"23" E"# ? :$L$;<" $D$54?3?
1$2#>5$ 3$D>9>2 ? X$L"E>3?3$
 ,$2X>;" p#?945$9;<" 9? 49>3?3$ 3$ #$3>3?M
o,@$$3 L>#>5o 3" X$WE4L" ? X?L"2$:
@2"a2?#‘X$>: @$L" #"5"2>:5?M @2"a2?#?3?r p:$ $Z4>@?3"r w4?93" ? #?945$9;<" @2"a2?A
V>:4?L>Y?;<" $# h# p"4 #>r $ #?3? po2$X>:<"or $:5‘ @$25" 3" @2?Y"
 - 06,+& ; -
28 /   3>?: 2$:5?95$: @?2? ? >9:@$;<" 3$ @2$X>:5"] 3$:L"E?93" ? Eb?X$ 3$
  06,+&< #?945$9;<"M >a9>;<" @?2? ? @":>;<" ] 9" 3>:A
+:5? "@;<" 3$ &$94 @$2#>5$ X>:4A
 .$9:<" 3? K?5$2>? @L?y ?@?2$E$ ? >93>E?;<" o,$2X>E$o #
V>:4?L>Y?;<" 3" X?L"2 3$ 5$9:<" :$a4>3? 3" 9v#$2" 3$ Z4>Lt#$A
?L>Y?2 9" 3>:@L?y ?: >9D"2#?;\$: 2$L?A
p$:5?3" 3$ E?2a?r 3? K?5$2>?M 52":u#>Lb?: $ 3>?: Z4$ D?L5?# @?2? ?
5>X?: ?" o$:5?3"o 3" X$WE4L" pE"9:4LA
#?945$9;<" 3" X$WE4L"M 8"95?5?2 ?
5?2 >93>E?;\$: ?K?>s"rM
   , & #  Z4$ 2$?L>Y?2‘]
 ?L^# 3?: "@$2?;\$: 3$ #?945$9;<"
 12$::<" 3": @9$4: @2$X>:5?: 9" o1L?9" 3$ #?945$9;<"
- o1L?9" 3$ &?945$9;<" 12"a2?A
V>:4?L>Y?;<" 3?: >9D"2#?;\$: #?3?o @2$X[ ? #?945$9;<" 3" X$WA @2"a2?#?3?o " Y$2?#$95" 3? 2$D$A
2$L?5>X?: ?" :>:5$#? .1&, E4L" $# >95$2X?L": @2$$:5?K$L$E>3": 2>3? X>:4?L>Y?;<" p2$:$5rM
p:$ $Z4>@?3"r p@?2? #?>: pE"9:4L5?2 " E?@W54L" o&?945$9;<" $
>9D"2#?;\$:] E"9:4L5?2 " E4>3?3": E"# " :$4 X$WE4L"orM  ; B $<
E?@W54L" o,$a42?9;?orM
+:5? X>:4?L>Y?;<" ?@?2$E$ ?45"A +:5? "@;<" 3$ &$94 @$2#>5$ X>:4?A
 T"2?: 3" #"5"2
#?5>E?#$95$] E"# " E"#45?3"2 3$ L>Y?2 ?: >9D"2#?;\$: 2$L?5>X?: ?" o.2>@
 +s>K$ ? 5"5?L>Y?;<" 3$ b"2?: >a9>;<" 9? @":>;<" ] Z4?93"] E"#@45$2o p@?2? #?>: >9D"2#?;\$:]
52?K?Lb?3?: 3" #"5"2 9" #"#$95" 3? #?945$9;<"] D?L5?# E"9:4L5?2 ?: >93>E?;\$: 9" @?2‘a2?D"
 .$#@$2?542? 3" gL$" 3" #"5"2M IMFFF h# "4] "93$ @2$X>:5"] GF 3>?: o.2>@ E"#@45$2o 9$:5$ E?@W54L"rM
V>:4?L>Y?;<" 3? 5$#@$2?542? 3" $ ^ 2$@2"@":5? ? E?3? E"L"E?;<" 3" ’: >9D"2#?;\$: X>:4?L>Y?3?: 9"
gL$" 3" #"5"2M E"#45?3"2 3$ >a9>;<" 9? @":>;<" 3>:@L?y] @?2? " .2>@ ’ $ @?2? " .2>@
 .$#@$2?542? 3? 52?9:#>::<" p:$  "4] @?2? ?La4#?: X$2:\$:] ? B] :<"%
$Z4>@?3"r E?3? 6FF h#M ’K?>s" 3$:5$ L>#>5$]
?: :>9?L>Y?;\$: :<" 2$@2"@":5?:
.$!!
 *>:5e9E>? ph# "4 #>Lb?:rM  o>1"3o% X>:4?L>Y?;<" 3" 5W54L" 3?  - 17 & ; - ,23M , %
 8"9:4#" #^3>" p#@a] "4 D?>s? p:$ 3>:@"9WX$LrM -
  0 3M  - 28 
LuIFFh# "4 h#uLrM  oBL4$5""5bo% X>:4?L>Y?;<" 3" 5WA   &E  .+    +
 <
 .$#@" 3$ X>?a$# 54L" "4 3" 9v#$2" 3? D?>s? $# +:5? "@;<" 3$ &$94 @$2#>5$ #"3>A
pb"2?:u#>945":u :$a493":rM 2$@2"34;<"M D>E?2 ? X>:4?L>Y?;<" 3?: >9D"2#?;\$:
 +E"9"#M 8"#KM p8"9:4#" 3$ $ ?: :4?: @":>;\$: 9" 3>:@L?yM
E"#K4:5WX$L >9:5?95e9$"] #^3>"  1  ;0 @ , <
$ ?45"9"#>?r +:5? "@;<" 3$ &$94 @$2#>5$ X>A  ,4@$2>"2 d $:Z4$23? $ :4@$2>"2 d
:4?L>Y?2 9" 3>:@L?y ?: #$9:?a$9: 3$ 3>2$>5?
=+  ; +& F23  -
28 >9D"2#?;<"u?X?2>? #$#"2>Y?3?: @$L" ,$L$E>"9?93" $:5? "@;<"] ^ @":A
:+ < X$WE4L"M :WX$L X>:4?L>Y?2] 9" 3>:@L?y] ?: >9A
D"2#?;\$: 2$L?5>X?: ?%
+:5? "@;<" 3$ &$94 @$2#>5$ X>:4A A V$2:\$: $Z4>@?3?: E"# 3>:@L?y
?L>Y?2] 9" 3>:@L?y 3" Z4?32" 3$ >9:A #4L5>D49;\$: 2$E"9D>a42‘X$L  !$9b4# pX?Y>"r
524#$95":] ?: >9D"2#?;\$: @2$:$95$:  .$#@$2?542? $s5$29?M
!$:5?: X$2:\$:] ? E"2 3$ D493" 3"
9" 3>:@L?y 3" :>:5$#? (E"99$E5¢M  T"2? pb"2?:u#>945":rM
3>:@L?y X?2>? $# D49;<" 3? @2>"2>A
’: >9D"2#?;\$: X>:4?L>Y?3?: :<"% 3?3$ 3$ ?X?2>? X>:4?L>Y?3?%  *?5? p3>?u#[:rM
 8"9:4#" #^3>"
 oC‘3>" p’& "4 P&ro% X>:4?L>Y?;<"  &$9:?a$9: 3$ ?X?2>? E"# @2>"2>A  ’45"9"#>?
3" 9"#$ 3? $:5?;<" 3$ 2‘3>" p:$ 3?3$ K?>s?% 3>:@L?y 3$ E"2 ?#?A  Bv::"L? p:$ $Z4>@?3"rM
3>:@"9WX$Lr] D2$Z4[9E>? $ WE"9$ 2$L?M
a2‘D>E"  &$9:?a$9: 3$ ?X?2>? E"# @2>"2>A  8$952"
 o&1Go% X>:4?L>Y?;<" 3" 5W54L" "4 3?3$ ?L5?% 3>:@L?y 3$ E"2 X$2#$A
!? ‘2$? E$952?L 3" 3>:@L?y ^ @":A
3" 9v#$2" 3? D?>s? $# 2$@2"34A Lb?M
:WX$L X>:4?L>Y?2 5"3?: ?: >9D"2#?A
;<"M
;\$:%
 o(,Bo% X>:4?L>Y?;<" 3" 5W54L" "4
 .W54L" 3" #$94
3" 9v#$2" 3? D?>s? $# 2$@2"34A
;<"M  =9D" 2‘3>"

.$!"
 .$L? 3$ #?2Eb? p:$ $Z4>@?3"r ,$L$E>"9?93" $:5? D49;<"] ^ @":A ’: >9D"2#?;\$: X>:4?L>Y?3?:
,$L$E>"9?93" $:5? "@;<"] ^ @":A :WX$L $D$54?2 " 2$:$5 p$ 2$:5?K$A 9" 3>:@L?y 3>Y$# 2$:@$>5" ?"
:WX$L :$L$E>"9?2 ? #"3?L>3?3$ 3$ L$E$2 ?: 3$D>9>;\$: @2$3$D>9>3?:r $:5?3" 3$ E"9$s<" 3" E$L4A
X>:4?L>Y?;<" 3?: >93>E?;\$: 2$L?A 3?: a2?93$Y?: 3>:@"9WX$>:M L?2 p5$L$D"9$ L>a?3" "4 3$:A
5>X?: ?" Ee#K>" ?45"#‘5>E"] $:A L>a?3"r] ?: Eb?#?3?: 5$L$DtA
E"Lb$93" $952$ ?: :$a4>95$: "@A  - 1+ 28  06,+& ; - % 9>E?: ?5>X?:u2$E$K>3?:u$# $:A
;\$:% ,23  - 28  06,+&< @$2? $ ? a$:5<" 3?: 34@L?:
 o,>9aL$ 3>a>5o% 9? @?25$ 3>2$>5? Eb?#?3?: p@2>#$>2? 2$E$K>3?
+:5? "@;<" 3$ &$94 @$2#>5$ #"3>A
:$a493? $# $:@$2?] $5EMrM
3" 3>:@L?y :$2‘ X>:4?L>Y?3? ? D>E?2 ?: 3$D>9>;\$: 2$L?5>X?: ? *>:@L?y]
 V$2 9?X$a?;<"% @$2#>5$ X>:4A
#
L$52? 2$L?5>X? d @":>;<" ?::4A (9>3?3$:] 8"9D>a42?;<" 3$ b"2? $
#>3? @$L? ?L?X?9E? 3" Ee#A 3?5?] ,$a42?9;?] ,$a42M u’::>:5] )4A ?L>Y?2] 9" 3>:@L?y 3" Z4?32"
K>" ?45"#‘5>E" p1]!]C "4 *rM Y$:] 1"25?: $ KL"Z4$>" 3?: @"25?: $ 3$ >9:524#$95":] ?: >9D"2#?A
’@g: E$2E? 3$ 6 :$a493":] ? C$:5?42?2 E"9D>a42?;\$:M ;\$: 2$L?5>X?: d #"3?L>3?3$
L$52? :$2‘ X>:4?L>Y?3? 9? @":>A !?X$a?;<"M
;<" E$952?LM  *>:@L?y  (9>3?3$% @$2#>5$ ?L5$2?2 E"9D>a4A
 oP4LL 1!C*o p3$D>9>;<" 2?2 ?: 49>3?3$: 3>:@"9WX$>: p>#A
,$L$E>"9?93" ? "@;<" o*>:@L?yo
@2$3$D>9>3?r% 9? @?25$ 3>2$>5? @$2>?L A :>:5$#? >9aL[:] #^52>E" $
^ @"::WX$L X>:4?L>Y?2 ?: :$a4>95$:
3" 3>:@L?y :$2<" X>:4?L>Y?3?: @$2:"9?L>Y?3"rM
"@;\$:%
:>#4L5?9$?#$95$ ?: L$52?: 1?2? @$2:"9?L>Y?2 ?: 49>3?3$: 3$
 =3>"#?% @$2#>5$ :$L$E>"9?2 "
1!C* $ :$2‘ $X>3$9E>?3? #$3>3?:] $:5<" 3>:@"9WX$>: ?: :$A
>3>"#? 3?: >9D"2#?;\$:u ?3A
? @":>;<" ?::4#>3? @$L? a4>95$: "@;\$:%
X$25[9E>?:M
?L?X?9E? 3$ Ee#K>"M  8"9:4#" 3$ E"#K4:5WX$L
*42?95$ " D49E>"9?#$95"  V$2 5$L$D"9$ % p:$ $Z4>@?3"r
@$2#>5$ X>:4?L>Y?2] 9" 3>:@L?y  *>:5e9E>?
9? #"3?L>3?3$ :$Z4$9E>?L
po’45",5>Ehor] $# X$Y 3? L$52? 3" Z4?32" 3$ >9:524#$95":]  .$#@$2?542?
* :$2‘ X>:4?L>Y?3? ? #?2Eb? ?: >9D"2#?;\$: 2$L?5>X?:  12$::<" 3": @9$4:
$9a?5?3?M d #"3?L>3?3$ .$L$D"9$  C$:5?42?2 3$D>9>;\$:
X>:4?L>Y?3?: 9" 3>:@L?y 3"
:>:5$#? (E"99$E5¢M
 C$:5?42?2 E"9D>aM

.$!%
 T"2? ƒ *?5?% @$2#>5$ E"9D>a42?2  oV"L4#$ 3$ ?X>:":o% :$L$;<"  oV"LM ,>3$ *>:5 §?29o p:$
" #"3" 3$ E"9D>a42?;<" 3?: :$A 3" 9>X$L 3$ X"L4#$ 3": ?X>:": $Z4>@?3"r% :$L$;<" 3" X"A
a4>95$: "@;\$:% 3>:@"9WX$>:M L4#$ 3?: :>9?L>Y?;\$: ?Ev:A
 o’E$25?2 b"2?o% 2$a4L?a$# 3?:  o’X>:" 3$ E"L>:<" D2"95?Lo 5>E?: 3" :>:5$#? ,>3$,$9:$M
b"2?: $ #>945":M  o,$9:>K>L>3?3$ 3" ?X>:" 3$ E"A  )4Y$: p:$ $Z4>@?3"r
 oP"2#?5"o% 2$a4L?a$# 3" D"2A L>:<" D2"95?L ,$L$E>"9?93" ? "@;<" o)4Y$:o ^
#?5" 3? b"2? oI6bo pI6 b"2?:r  o1?2h,$9:$o% :$L$;<" 3" 5>@" @"::WX$L $D$54?2 ?: :$a4>95$: 2$A
"4 o6Jbo p6J b"2?:rM 3$ :>9?L>Y?;<" D"29$E>3? @$L" a4L?a$9:%
 oC$a4L? 3?5?o% 2$a4L?a$# 3" :>:5$#? 1?2h,$9:$M  o,$9:"2 D?2g>:o% 2$a4L?a$# 3?
3>?] #[: $ ?9"M  oV"LM 1?2h,M 52?:Mo% :$L$;<" :$9:>K>L>3?3$ 3$ ?E$93>#$95"
3" X"L4#$ 3?: :>9?L>Y?;\$: 3": D?2g>:M
 o,$a42?9;?oM ?Ev:5>E?: D"29$E>3?: @$L" :>:A  o)4Y$: E"29$2>9ao% ?5>X?;<" $
,$L$E>"9?93" $::? "@;<" ^ @":A 5$#? 1?2h,$9:$M 3$:?5>X?;<" 3?: L4Y$: E"29$A
:WX$L $D$54?2 ?: :$a4>95$: 2$a4L?A  oV"LM 1?2h,M 3>?95Mo% :$L$;<" 2>9a p:$ $Z4>@?3"rM
a$9:% 3" X"L4#$ 3?: :>9?L>Y?;\$:  o)4Y$: b?K>5‘E4L"o% :$L$;<"
 o1?::$9a$2 ’=CB’So% ?5>X?A ?Ev:5>E?: D"29$E>3?: @$L" :>:A 3? >95$9:>3?3$ 3? >L4#>9?;<"
;<" $ 3$:?5>X?;<" 3" ?>2K?a 5$#? 1?2h,$9:$M 3?: L4Y$: 3" b?K>5‘E4L"M
3" L?3" 3" @?::?a$>2"M  )?9$ :$9:$M  oP"LL"i #$o% 3$D>9>;<" 3"
 oB$$@ E>95": :$a42?9;?o p:$  o)?9$ :$9:$o A :$9:>K>L>3?3$M ?52?:" 3$ ?@?a?#$95" 3": D?A
$Z4>@?3"r% ?X>:" 3$ 45>L>Y?A  o,$9:"2 Eb4X?o% b?K>L>5?;<" 2g>: ?@g: ? 3$:?5>X?;<" 3"
;<" 3" E>95" 3$ :$a42?9;? 3" $ 3$:?K>L>5?;<" 3" #"5"2M
L?3" 3" #"5"2>:5?M pE"9:4L5?2 ?E>"9?#$95" ?45"#‘5>E" 3"  oP?2g>: ?" ’K2>2 p:$
" @?2‘a2?D" x,>:5$#? ,BCz 9" L>#@?3"2 3" @?2?AK2>:? $# $Z4>@?3"ro% ?5>X?;<" 3?
E?@W54L" o,$a42?9;?oM E?:" 3$ Eb4X?M >95$2#>5[9E>? 3": >93>E?3"2$:
 o,$a42Mu’::>:5oM  o,>3$ *>:5 §?29o p:$ 3$ 3>2$;<" $# D?:$ 3$
,$L$E>"9?93" ? "@;<" $Z4>@?3"r% :$L$;<" 3" 5>@" ?K$2542? 3?: @"25?:M
o,$a42u’::>:5Mo ^ @"::WX$L $D$54?2 3$ :>9?L>Y?;<" D"29$E>3? @$L"
?: :$a4>95$: 2$a4L?a$9:% :>:5$#? ,>3$,$9:$M
.$!&
 o)4Y$: 3>429?:o% "4 ?@$9?: ? 3" L?3" 3"  
?5>X?;<"u3$:?5>X?;<" 3?: E"9345"2 Z4?93" @2$::>"9?2 - o.2>@ E"#@45$2o @$2#>5$ X>:4?L>A
L4Y$: 3>429?:u*C)M " 2$:@$E5>X" K"5<" 9? Eb?X$ Y?2] E"# ? Eb?X$ 3$ >a9>;<" 9? @":>A
 1"25?: $ KL"Z4$>" 3?: @"25?: E"# 5$L$E"#?93"M ;<" ] ?: #$3>3?: 2$L?5>X?: ?" $:A
,$L$E>"9?93" ? "@;<" o1"25?: ƒ  o*$:52?9EM @"25?:o p@?2? X$2A 5?3" 3$ D49E>"9?#$95" 3" X$WE4L"M
BL"ZM 1"25?:o ^ @"::WX$L $D$54?2 ?: :\$: $ #$2E?3":] "93$ @2$A
X>:5"r% @$2#>5$ $:E"Lb$2 :$ +:5? D49;<" E?2?E5$2>Y?A:$ @"2 34?:
:$a4>95$: 2$a4L?a$9:%
@2$5$93$ ?K2>2 ?: @"25?: "4 #$#g2>?: :$@?2?3?:] 3$9"#>9?3?:
 oP$Eb?#$95" ?45M @"25?:o% ?5>A o.2>@ ’o $ o.2>@ Bo] 9?: Z4?>: :<" 2$A
X?;<" $ 3$:?5>X?;<" 3" D$Eb?A ?@$9?: ? 3" L?3" 3" E"934A
a>:52?3": ": 3?3": 3?: o#>::\$: E"#A #
#$95" ?45"#‘5>E" 3?: @"2A 5"2 Z4?93" @2$::>"9?2 " 2$:A
@$E5>X" K"5<" 9? Eb?X$ E"# @L$5?:o 3" X$WE4L" pX>?a$9:r] 3$ #"3"
5?: E"# " X$WE4L" $# #"A >93$@$93$95$ 49: 3": "452":M
X>#$95"M 5$L$E"#?93"M
 o*$:KL"ZM @"25?: :?W3?o% 3$:A  o1?::>X$ +952yo p:$ $Z4>@?3"r% ’#K?: ?: #$#g2>?: @"3$# :$2 2$>A
KL"Z4$>" ?45"#‘5>E" 3? D$A ?5>X?;<" 3" D$Eb?#$95" ?45"A 9>E>?3?:% 2$:$5 A >9WE>" 3$ 4#? 9"X?
Eb?342? 3?: @"25?: d :?W3? 3" #‘5>E" 3?: @"25?:M #>::<"M
X$WE4L"M  C$:5?42?2 E"9D>aM - x.2>@ ’z $ " o.2>@ Bo @$2#>5$# ?
 o,>9?L L4#M .2?9E?2o% ?5>X?;<" X>:4?L>Y?;<" 3?: :$a4>95$: #$3>3?:%
3? >95$2#>5[9E>? 3": >93>E?A  0
 +
3"2$: 3$ 3>2$;<" $# D?:$ 3$ -@;<" @?2? ’5>X?2u3$:?5>X?2 #$94M  *>:5e9E>? @$2E"22>3?
D$Eb?#$95" 3?: @"25?:M  8"9:4#" #^3>"
 oB4Y>9? ?" 52?9E?2 p:$ @2$A  .$#@" 3$ X>?a$# p342?;<" 3?
X>:5"ro% ?5>X?;<"u3$:?5>X?;<" 
E"934;<"r
3" :>9?L :"9"2" ?" 1?2? 5"3?: ?: "452?: @"::WX$>: 2$a4A
52?9E?2u3$:52?9E?2 " X$WE4L"M L?a$9:] E"9:4L5?2 ?: >93>E?;\$: 9" :4A 1?2? $D$54?2 ? 2$>9>E>?L>Y?;<" 3?:
 o*$:52?9M 2$#"5Mo p@?2? @L$#$95" (E"99$E5¢ pE"9:4L5?2 >9:A #$3>3?:] @2$::>"9?2 $ #?95$2 @2$::>A
X$2:\$:u #$2E?3":] "93$ 524;\$: 9" :4@L$#$95" $:@$EWD>E"rM "9?3" " K"5<" D 9": E"#?93": 9"
@2$X>:5"r% @$2#>5$ $:E"Lb$2 X"L?95$M
:$ @2$5$93$ ?K2>2 ?: @"25?:

.$!’
 x&?94?Lz ?52?X^: 3? @2$::<" 3"
 K"5<" DM
-: X?L"2$: o’45"9"#>?o $ o8"9A  x’45"#‘5>E"z Z4?93" ? o3>:5e9A
:4#" >9:5?95e9$"o 9<" @"3$# :$2 Y$A E>? @$2E"22>3?o ?5>9a$ " X?L"2 3$
2?3":M NNNNN]N h# pE$2E? 3$ 76IJF #>A
Lb?:r "4 Z4?93" " o5$#@" 3$ X>A
 F 0 +& F ?a$#o ?5>9a$ " X?L"2 3$ NNNMHN
pNNN b"2?: $ HN #>945":rM
  9 ,   , ( >93>E? ?  *$@">: 3$ E?3? 3$:L>a?#$95" $
3>:5e9E>? @$2E"22>3? 3$:3$ " >9WA E"9:$Z4$95$ 9"X? L>a?;<" 3? K?A
E>" 3? 9"X? #>::<"M 5$2>?M
  +

5 ( 2$@2$:$95? ?
#^3>? 3": E"9:4#": 3$:3$ " >9WA
E>" 3? 9"X? X>?a$#M
 
  0 1
( 5$#@" 3$E"2A
2>3" 3$:3$ " >9WE>" 3? 9"X? #>:A
:<"M

$3 JDJ
 12$::<" K2$X$ 3" K"5<"% X>:4?L>A
Y?;<" 3?: X‘2>?: #$3>3?:M
 12$::<" L"9a? 3" K"5<"% Y$2?A
#$95" p2$:$5r 3?: #$3>3?: $ >9WA
E>" 3$ 4#? 9"X? #>::<"M

0
3
=9>E>? ? @?25>2 3" #"#$95" $# Z4$
D"> $D$54?3? 4# Y$2?#$95" p2$:$5r%
.$!)
       



- ?E$93>#$95" 3? L4YA$:@>? $:5‘ ?::"E>?3" ? 4#? #$9:?a$# $:@$EWD>E? $u"4 ?X>:" ?Ev:5>E"] "93$ " Z4?32" 3$
K"23" " @$2#>5>2M +:5$: :>9?>: :<" :>95^5>E": $ 3$ ?X>:" $ 9<" 3$X$# :$2 E"9:>3$2?3": E"#@L$5": $u"4 ?L5$29?5>X": $#
2$L?;<" ?" >93>E?3" 9" @2$:$95$ &?94?L 3$ (:" $ &?945$9;<"] " Z4?L 3$X$ :$2 L>3" :$#@2$ E"# #4>5? ?5$9;<"M +#
E?:" 3$ :>9?L>Y?;<" 3$ ?X?2>?] E"9:4L5$ :$#@2$ " E"95$v3" >93>E?3" 9" @2$:$95$ E?@W54L"M
#


’: :>9?L>Y?;\$: 3$ ?X?2>? Z4$ ?@?2$E$# 9" 3>:@L?y :<" :4K3>X>3>3?: $# 34?: E?5$a"2>?:% ?9"#?L>?: a2?X$:
$ ?9"#?L>?: #$9": a2?X$:M ’: ?9"#?L>?: a2?X$: X>:4?L>Y?# 4# xE>EL"z 3$ #$9:?a$9: 2$@$5>3" @"2 4# 5$#@"
@2"L"9a?3"M ’: ?9"#?L>?: #$9": a2?X$: X>:4?L>Y?# 4# oE>EL"o 3$ #$9:?a$9: @"2 4# 5$#@" #?>: L>#>5?3"M c @"::WX$L
>95$22"#@$2 " E>EL" 3$ X>:4?L>Y?;<" 3$ ?#K?: ?: E?5$a"2>?:M ’ L4YA$:@>? 9" Z4?32" 3$ >9:524#$95": @$2#?9$E$ ?E$:?
$9Z4?95" 9<" D"2 $L>#>9?3? ? E?4:? 3? ?X?2>?M

+F%   , 0
&G  .+    +
 
+F%   .+  1 - ,  .+ -F

>  # # B #  %


 
6.+   -   +- ,   C$:5?K$L$;? " 9WX$L 3" LWZ4>3" 3": D2$>": $] $# :$a4>3?] X$2>A
’ L4YA$:@>? ?E$93$A:$ Z4?93" " 9WX$L 3" LWZ4>3" 3": D2$>": D>Z4$ :$ ? L4YA$:@>? :$ ?@?a?M
9" 2$:$2X?5g2>" 3$:E$ ?K?>s" 3" 9WX$L #W9>#"] 3$X>3" ? 4#? ,$ ? L4YA$:@>? @$2#?9$E$2 ?E$:?] 3>2>a>2A:$ d    %
@"::WX$L @$23? 3$ LWZ4>3" @$L" E>2E4>5"M , & # M

.$!*
+F%   .+  1 - ,  .+ -F

#    ,  
  ,   *$:$9a?5?2 " D2$>" 3$ $:5?E>"9?#$95" $ X$2>D>E?2 :$ ? L4YA
’ L4YA$:@>? ?E$93$A:$ E"# " D2$>" 3$ $:5?E>"9?#$95" ?E>"A $:@>? :$ ?@?a?M
9?3"] #?: 3$X$ ?@?a?2A:$ Z4?93" " D2$>" 3$ $:5?E>"9?#$95" ,$ ? L4YA$:@>? @$2#?9$E$2 ?E$:?] 3>2>a>2A:$ d    %
D"2 L>K$2?3"M , & # M
 $
- ?E$93>#$95" :>#4L5e9$" 3?: L4Y$:A$:@>? pX$2#$Lb?r $
p?#?2$L" e#K?2r E"# " #"5"2 D49E>"9?93" >93>E? 4#?
*>2>a>2 E"# $s52$#? @243[9E>? ?5^ Eb$a?2 ?" E"9E$::>"9‘2>"
?X?2>? 3" :>:5$#? +B* "4 Z4$ " :>:5$#? 9<" $:5‘ 3>:@"9WX$LM
#?>: @2gs>#" 3?    , & #  @?2? ? X$2>D>E?;<" 3"
!$::$ E?:"] E"# D2$9?a$9: K24:E?:] @"3$ X$2>D>E?2A:$ 4#
:>:5$#?M
52?X?#$95" @2$E"E$ 3?: 2"3?: 52?:$>2?:] E"# @"::>K>L>3?3$
3$ 3$22?@?a$9:M
- 3>:@L?y #":52? ? #$9:?a$# $:@$EWD>E?M
   
*$:L"E?93" ? Eb?X$ 3$ >a9>;<" @?2? ? @":>;<" ] ? L4YA
$:@>? ?E$93$A:$] #?: 3$X$ ?@?a?2A:$ ?@g: ?La49: :$a493":M
,$ ? L4YA$:@>? @$2#?9$E$2 ?E$:?] @"3$ 9<" :$ X$2>D>E?2 "
$D$>5" 3? 3>2$;<" ?::>:5>3? $ " $:D"2;" 9" X"L?95$ @"3$2‘ *>2>a>2A:$] L"a" Z4$ @"::WX$L] d    , & # M
?4#$95?2 :$9:>X$L#$95$] $#K"2? :$ #?95$9b? ? @"::>K>L>3?3$
3$ X>2?2 " X$WE4L"M
+# ?La4#?: X$2:\$:] " 3>:@L?y X>:4?L>Y? ? #$9:?a$# $:@$EWA
D>E?M

.$!+
+F%   .+  1 - ,  .+ -F


,$ ? L4YA$:@>? 9<" :$ ?E$93$2 ?" 3$:L"E?2 ? Eb?X$ 3$
>a9>;<" @?2? ? @":>;<"  "4 @$2#?9$E$2 ?E$:" 342?95$
? #?2Eb? p_495?#$95$ E"# ? #$9:?a$# X>:4?L>Y?3? @$L"
3>:@L?yr] ^ @"::WX$L Z4$ $s>:5? 4#? ?9"#?L>? 9": :>:5$#?: 3$
 $
?>2K?af 9$::$ E?:"] ": ?>2K?a: "4 ": @2^A5$9:>"9?3"2$: @"3$#
*$:L"E?93" ? Eb?X$ 3$ >a9>;<" @?2? ? @":>;<" ] ? L4YA
9<" :$ ?5>X?2 $# E?:" 3$ ?E>3$95$ "4] 94# 9v#$2" 3$ E?:":
$:@>? ?E$93$A:$] #?: 3$X$ ?@?a?2A:$ ?@g: ?La49: :$a493":M
#?>: L>#>5?3"] ?5>X?2A:$ 3$ #"3" $22?3"M ’95$: 3$ @2"::$a4>2] #
- ?E$93>#$95" 3? L4YA$:@>? E"# L4Y D>s? >93>E? 4#? ?X?2>?
3>2>a>2A:$ d    , & #  @?2? " >#$3>?5" E"952"L$ 3"
9" :>:5$#? 3$ ?>2K?aM
:>:5$#?M
- 3>:@L?y #":52? ? #$9:?a$# $:@$EWD>E?M
’ ?X?2>? 3? L4YA$:@>? ^ ?::>9?L?3? @$L" ?E$93>#$95" 3"
WE"9$ 9" 3>:@L?y 3" Z4?32" 3$ >9:524#$95":M !$::$ E?:"]
? L4YA$:@>? @"3$ 9<" ?::>9?L?2 $X$954?>: ?9"#?L>?: 3": :>:A
5$#?: 3$ ?>2K?aM ’95$: 3$ @2"::$a4>2] 3>2>a>2A:$ d   %
 , & #  @?2? " >#$3>?5" E"952"L$ 3" :>:5$#?M
     #
’ L4YA$:@>? ?E$93$A:$ 3$ #"3" D>s" E"# " X$WE4L" @?2?3" $
" E>95" 3$ :$a42?9;? L?3" 3" E"9345"2 ?@$25?3"M
’ L4YA$:@>? ?E$93$A:$ 3$ D"2#? >95$2#>5$95$] _495?#$95$ E"#
4#? :>9?L>Y?;<" ?Ev:5>E? Z4?93"] E"# " X$WE4L" $# #"X>A
#$95"] " E>95" 3" E"9345"2 9<" $:5‘ E"22$5?#$95$ ?D>X$L?3"M

.$!,
+F%   .+  1 - ,  .+ -F


, 
 ,G 
&( @?2?2 " X$WE4L"] 3$:L>a?2 " #"A
5"2 $ E$25>D>E?2A:$ 3$ Z4$ " 9WX$L 3" LWZ4>3" 3$ ?22$D$E>#$95"
9" >95$2>"2 3" 2$:$2X?5g2>" 9<" $:5$_? ?K?>s" 3" 9WX$L 3$ 2$A
D$2[9E>? &=!M ,$ D"2 $::$ " E?:"] ?a4?23?2 " ?22$D$E>#$95"
3" #"5"2M +# :$a4>3?] ?K2>2 L$95?#$95$ $ E"# E4>3?3" "
5?#@<" $ 2$@"2 " LWZ4>3" 3$ ?22$D$E>#$95"] E$25>D>E?93"A:$
3$ Z4$ $:5$ $:5$_? E"#@2$$93>3" $952$ ?: 2$D$2[9E>?: &=! $
&’~ $s>:5$95$: 9" @2g@2>" 2$:$2X?5g2>"M ’L^# 3>::"] X$2>D>E?2
N   >  #%
X>:4?L#$95$ ? @2$:$9;? 3$ $X$954?>: @$23?: 3$ LWZ4>3"M ,$]
  
9? @?25>3? :$a4>95$] ? L4YA$:@>? p"4 " WE"9$ 9" 3>:@L?yr :$
*$:L"E?93" ? Eb?X$ >a9>;<" @?2? ? @":>;<" &’C] ? L4YA$:@>? ?E$93$2 9"X?#$95$] E"95?5?2 ?    , & # M
?E$93$A:$] #?: 3$X$ ?@?a?2A:$ ?@g: ?La49: :$a493":M

,  + & F23 0   06,+&( ?K2?93?2 $] E?:"
’ L4YA$:@>? p"4] $# ?La4#?: X$2:\$:] " WE"9$ 9" 3>:@L?yr ? L4YA$:@>? @$2#?9$;? ?E$:?] @?2?2 " X$WE4L"M P>E?2 @?2?3"
?E$93$A:$ Z4?93" " #"5"2 $:5>X$2 E"# 5$#@$2?542? $sE$:A 342?95$ 6 "4 G #>945":] #?95$93" " #"5"2 D49E>"9?93" $
:>X?M - 3>:@L?y #":52? ? #$9:?a$# $:@$EWD>E?M L>a$>2?#$95$ ?E$L$2?3" @?2? D?X"2$E$2 4#? E>2E4L?;<" #?>:
?5>X? 3" LWZ4>3" 3$ ?22$D$E>#$95"M +# :$a4>3?] 3$:L>a?2 "
#"5"2M V$2>D>E?2 " 9WX$L E"22$5" 3" LWZ4>3"] E"#" 3$:E2>5"
?95$2>"2#$95$M

+# E?:" 3$ @$2E42:": #4>5" 3>DWE$>:] ^ ?E"9:$Lb‘X$L #?95$2
" #"5"2 L>a?3" $ L>a$>2?#$95$ ?E$L$2?3" @"2 ?La49: #>945":
?95$: 3$ " 3$:L>a?2M

.$"-
+F%   , 
 & 9
/  .+    +
 
+F%   .+  1 - ,  .+ -F

   $


*$:L"E?93" ? Eb?X$ 3$ >a9>;<" @?2? ? @":>;<" ] ? L4YA
$:@>? ?E$93$A:$] #?: 3$X$ ?@?a?2A:$ ?@g: ?La49: :$a493":M
’ L4YA$:@>? ?E$93$A:$ Z4?93" " :>:5$#? ’B, :$ $9E"952? 12"E$3$2 E"# @243[9E>? $ 3>2>a>2A:$ >#$3>?5?#$95$ d 
>9$D>E>$95$M !$::$ E?:"] " :>:5$#? 3$ D2$>": #?95^# >9?L5$A   , & # M
2?3? ? @2g@2>? $D>E‘E>?] #?: :$# ?: @"5$9E>?L>3?3$: "D$2$E>A
3?: @$L" :>:5$#? ’B,M #
- 3>:@L?y #":52? ? #$9:?a$# $:@$EWD>E?M
    !<" @2"::$a4>2 " ?93?#$95" E"# 4# "4 #?>: @9$4: X?Y>":]
’ L4YA$:@>? ?E$93$A:$ 3$ D"2#? >95$2#>5$95$ $] ?@g: 4# 3?3" Z4$ ? E"934;<" 3" X$WE4L" @"3$ $:5?2 E"#@2"#$5>3?M
K2$X$ @$2W"3"] @$2#?9$E$ >L4#>9?3? 3$ D"2#? E"95W94?] 1?2?2 " X$WE4L" $X>5?93" D2$9?a$9: $ #43?9;?: 3$ 3>2$;<"
Z4?93" 4#? ?X?2>? ^ 3$5$E5?3? 9" :>:5$#? .1&,M K24:E?:M *>2>a>2A:$ >#$3>?5?#$95$ d    , & # M
 3  + +- ,  
’ L4YA$:@>? ?E$93$A:$] _495?#$95$ E"# ? #$9:?a$# X>:4A
?L>Y?3? 9" 3>:@L?y] @?2? ?::>9?L?2 Z4$ ? @2$::<" 3" @9$4 ^
>9D$2>"2 ?" X?L"2 2$E"#$93?3" $u"4 Z4$ :$ $:5‘ X$2>D>E?93" +# Z4?LZ4$2 E"93>;<" 9? Z4?L 9" 3>:@L?y :$_? X>:4?L>Y?3? ?
4#? L$95? @$23? 3$ @2$::<"M !$::$: E?:":] @"3$# 9<" $:A #$9:?a$# oV$2 #?94?Lo] E"9:4L5?2 -BC=S’.-C=’&+!.+ "
5?2 a?2?95>3?: ? #$Lb"2 342?;<" 3" @9$4 $ 4# E"9:4#" 3$ @?2‘a2?D" oC"3?:o 3" E?@W54L" o*?3": 5^E9>E":o] 2$:@$>5?93"
E"#K4:5WX$L >3$?LM 2>a"2":?#$95$ ?: >93>E?;\$: 9$L$ E"95>3?:M
8?:" 3">: "4 #?>: @9$4: $:5$_?# 94#? 3?: E"93>;\$: :4A
@2?E>5?3?:] " 3>:@L?y #":52?2‘] $# :4E$::<"] ?: >93>E?;\$:
2$L?5>X?: ? E?3? @9$4M

.$"!
+F%   .+  1 - ,  .+ -F

 
*$:L"E?93" ? Eb?X$ 3$ >a9>;<" @?2? ? @":>;<" ] ? L4YA
$:@>? ?E$93$A:$] #?: 3$X$ ?@?a?2A:$ ?::># Z4$ " #"5"2 :$
L>a?2M
  0 23   
 
’ >95$2X$9;<" 3" :>:5$#? ^ ?::>9?L?3? @$L? >95$2#>5[9E>? 3?
L4YA$:@>?% ? :>9?L>Y?;<" 3? >95$2X$9;<" >93>E? Z4$ " X$WE4L"
$:5‘ $# E"93>;\$: E2W5>E?: 3$ $:5?K>L>3?3$ $ ?3$2[9E>?M
0    
 
,$ ? L4YA$:@>? 9<" :$ ?@?a?2] "4 :$ @$2#?9$E$2 ?E$:? E"#
" #"5"2 L>a?3"] :>a9>D>E? Z4$ D"> 3$5$E5?3? 4#? ?X?2>? 9"
:>:5$#? +,8M !$:5$: E?:":] 3>2>a>2A:$ >#$3>?5?#$95$ 4    , &
0    
  && & # M
- ?E$93>#$95" 3? L4YA$:@>? $# :>#4L5e9$" E"# ? X>:4?L>Y?A
;<" 9" 3>:@L?y 3$ 4#? #$9:?a$# 3$3>E?3?] >93>E? ? ?X?2>?
9" :>:5$#? T>LL T"L3$2M
   $BV

+# E"93>;\$: 9"2#?>:] 3$:L"E?93" ? Eb?X$ 3$ >a9>;<" @?2?
,$] 3$:L"E?93" ? Eb?X$ 3$ >a9>;<" @?2? ? @":>;<" ]
? @":>;<" ] ? L4YA$:@>? ?E$93$A:$] #?: 3$X$ 3$:L>a?2A:$
? L4YA$:@>? 9<" :$ ?E$93$2 "4 :$] 342?95$ ? #?2Eb?]
?::># Z4$ " #"5"2 D49E>"9?2M
:$ ?E$93$2 E"# L4Y D>s? "4 >95$2#>5$95$ p$# ?La4#?:
- D49E>"9?#$95" 3? L4YA$:@>? @"3$ :$2 X$2>D>E?3" ?52?X^: 3$
X$2:\$:] _495?#$95$ E"# ? #$9:?a$# 9" 3>:@L?yr] 3>2>a>2A:$
3>:@":>5>X": ?3$Z4?3": @$L": ?a$95$: 3$ E"952"L$ 3" 52‘D$a"M
>#$3>?5?#$95$ d    , & # M
C$:@$>5$ ?: 9"2#?: X>a$95$: 9" @?W: "93$ E>2E4L?M

.$""
+F%   .+  1 - ,  .+ -F

0    
  Q23
,$ ? L4YA$:@>? @$2#?9$E$2 ?E$:? "4 :$ ?E$93$2 342?95$ ?
#?2Eb?] :>a9>D>E? Z4$ " :>:5$#? 3$ >9_$;<" 9<" D49E>"9? E"2A !$:5?: E"93>;\$:] ^ @"::WX$L E"95>94?2 ? E"934Y>2] $X>5?93"]
2$5?#$95$M ’ L4YA$:@>? ?E$:? E"# L4Y D>s? ?::>9?L? 4# #?4 9" $95?95"] $:D"2;": :$X$2": 3" #"5"2 "4 X$L"E>3?3$: $L$A
D49E>"9?#$95" 9" :>:5$#? 3$ ?L>#$95?;<"u>a9>;<" Z4$ @"3$ X?3?:M ’ 45>L>Y?;<" @2"L"9a?3? 3" X$WE4L" E"# ? L4YA$:@>?
@2"X"E?2 $L$X?3?: $#>::\$: 9" $:E?@?#$95"] @"::WX$L @$23? ?E$:? 3$ D"2#? D>s? @"3$ @2"X"E?2 3?9":M
3$ 3$:$#@$9b":] #‘ 3>2>a>K>L>3?3$ $ E"9:4#": $L$X?3":M +# *>2>a>2A:$ >#$3>?5?#$95$ ? 4# E"9E$::>"9‘2>" 3?   %
?La4#?: X$2:\$:] " 3>:@L?y X>:4?L>Y? ? #$9:?a$# $:@$EWD>E?M  , & # M #
’ L4YA$:@>? ?@?a?A:$ :$ ? ?9"#?L>? 3$:?@?2$E$2] #?: " :>:A
5$#? #$#"2>Y? ? D?Lb?M
,"L5?2 " @$3?L 3" ?E$L$2?3"2] E"L"E?93" " #"5"2 ? K?>s":
   $BV 2$a>#$: 3$ 2"5?;\$:] ?5^ ? L4YA$:@>? @?2?2 3$ @>:E?2M
   ,&  12"::$a4>2 ? #?2Eb? E"# 4#? X$L"E>3?3$ #"3$2?3?] @2"E4A
,$ ? L4YA$:@>? :$ ?E$93$2 3$ D"2#? >95$2#>5$95$] :>a9>D>E? Z4$ 2?93" $X>5?2 E"93>;\$: 3$ E"934;<" Z4$ @"::?# @2"X"E?2
" E?5?L>:?3"2 @"3$ $:5?2 3?9>D>E?3"M #?>: >95$2#>5[9E>?: $ 3>2>a>2A:$ >#$3>?5?#$95$ d   %
 , & # 7
  $B 
’ L4YA$:@>? p"4 " WE"9$ 9" 3>:@L?yr ?E$93$A:$ Z4?93" 9"
5?9Z4$ 2$:5?# E$2E? 3$ ¡ ? N L>52": 3$ E"#K4:5WX$LM ,$ ? L4YA$:@>? p"4 " WE"9$ 9" 3>:@L?yr E"#$;?2 ? @>:E?2 34A
’" #$:#" 5$#@" Z4$ ? ?45"9"#>? >9D$2>"2 ? E$2E? 3$ HF 2?95$ ? #?2Eb?] 3>2>a>2A:$ d    , & # M
h#] $# ?La4#?: X$2:\$:] 9" 3>:@L?y ^ X>:4?L>Y?3? 4#? #$9A
:?a$# $:@$EWD>E?M

.$"%
+F%   .+  1 - ,  .+ -F

>   ;0 8  &<


*$:L"E?93" ? Eb?X$ 3$ >a9>;<" @?2? ? @":>;<" ] ? L4YA
$:@>? ?E$93$A:$] ?@?a?93"A:$ Z4?93" ?: X$L?: 5>X$2$# ?5>9A
a>3" ? 5$#@$2?542? @2$$:5?K$L$E>3?M
c @"::WX$L L>a?2 " #"5"2 >#$3>?5?#$95$ ?::># Z4$ ? L4YA$:@>?
:$ ?@?a?2M

+# E"93>;\$: 3$ 5$#@$2?542? ?#K>$95$ #"3$2?3? "4
$L$X?3?] " ?E$93>#$95" 3? L4YA$:@>? 5$# 4#? 342?;<" Z4?:$
>#@$2E$@5WX$LM
  >   ;0 8  %
&<
!$:5$ E?:"] 3>2>_?A:$ " #?>: 3$@2$::? @"::WX$L d   %
’ >95$2#>5[9E>? 3? L4YA$:@>? p$# ?La4#?: X$2:\$: _495?#$95$
 , & # M
E"# ? X>:4?L>Y?;<" 3$ 4#? #$9:?a$# 9" 3>:@L?yr] >93>E?
4#? ?9"#?L>? 9" :>:5$#? 3$ @2$?Z4$E>#$95" 3?: X$L?:M

+F%   , 0   .+    +
 
+F%   .+  1 - ,  .+ -F

O    #? $N


’ L4YA$:@>? ?E$93$A:$ ?5>X?93" ?: L4Y$: 3$ @":>;<" "4 ":
D?2g>: K?>s":M
#+ 23 J#&&U
J
+:5? D49;<" @$2#>5$ #?95$2 ?: L4Y$: ?E$:?: 342?95$ 4#
@$2W"3" 3$ GF] 7F "4 NF :$a493": ?@g: 5$2 E"L"E?3" ?
Eb?X$ 3$ >a9>;<" 9? @":>;<" M

.$"&
+F%   .+  1 - ,  .+ -F

#?  $
’ L4YA$:@>? ?E$93$A:$ Z4?93" :$ L>a?# ": D?2g>: 3$ 9$KL>9?M

   >


’ L4YA$:@>? ?E$93$A:$ Z4?93" ? ?L?X?9E? 3$ E"#?93" 3":
>93>E?3"2$: 3$ 3>2$;<" p:$5?:r ^ 3$:L"E?3? @?2? K?>s" "4]
_495?#$95$ E"# " >93>E?3"2 3$ 3>2$;<" 3>2$>5"] Z4?93" :$ #
?E>"9? " K"5<" 3?: L4Y$: 3$ $#$2a[9E>?M
   
’ L4YA$:@>? ?E$93$A:$ Z4?93" ? ?L?X?9E? 3$ E"#?93" 3":
>93>E?3"2$: 3$ 3>2$;<" p:$5?:r ^ 3$:L"E?3? @?2? E>#? "4]
_495?#$95$ E"# " >93>E?3"2 3$ 3>2$;<" $:Z4$23"] Z4?93" :$
?E>"9? " K"5<" 3?: L4Y$: 3$ $#$2a[9E>?M

+F%   , F+&  .+    +


 
+F%   .+  1 - ,  .+ -F

#? 
’ L4YA$:@>? ?E$93$A:$ ?5>X?93" ": D?2g>: ?L5":M

.$"’
6
/&  , 0
&G 0 +& F    &E
6
/&  .+  1 - ,  .+ -F

  ?   #


- :W#K"L" ?E$93$A:$ E"# L4Y D>s?] _495?#$95$ E"# ? #$9A
:?a$# X>:4?L>Y?3? 9" 3>:@L?y] Z4?93" " :>:5$#? 3$5$E5?2
4#? @2$::<" >9:4D>E>$95$ 3" gL$" 3" #"5"2M 
 ,$ " :W#K"L" :$ ?E$93$2 342?95$ ? #?2Eb?] 3$:L>a?2
!<" 45>L>Y?2 " X$WE4L" ?5^ Z4$ ? ?X?2>? 5$9b? :>3" $L>#>9?3?M >#$3>?5?#$95$ " #"5"2 $ E"95?5?2 ?   , & # M
- ?E$93>#$95" 3" :W#K"L" 9<" >93>E? ? Z4?95>3?3$ 3$ gL$"
@2$:$95$ 9" #"5"2% " E"952"L$ 3" 9WX$L 3$X$ :$2 :$#@2$
$D$54?3" #?94?L#$95$M
 $
- ?E$93>#$95" 3" :W#K"L" >93>E? 4#? ?X?2>? 9" :>:5$#? 3$
*>2>a>2A:$] L"a" Z4$ @"::WX$L] d    , & # M
?>2K?aM
- 3>:@L?y #":52? ? #$9:?a$# $:@$EWD>E?M

  
- ?E$93>#$95" 3" :W#K"L" E"# " #"5"2 L>a?3" >93>E? 4#? *>2>a>2A:$] L"a" Z4$ @"::WX$L] d    , & # M
?X?2>? 9" ?L5$29?3"2M

#   


- :W#K"L" ?E$93$A:$ Z4?93" 4#? "4 #?>: @"25?: 9<" :$
P$Eb?2 E"22$5?#$95$ 5"3?: ?: @"25?:M
$9E"952?# E"22$5?#$95$ D$Eb?3?:M 8"# ?: @"25?: ?K$25?: $ "
X$WE4L" $# #"X>#$95"] ^ $#>5>3" 4# :>9?L ?Ev:5>E"M
#   C  
- :W#K"L" ?E$93$A:$ Z4?93" " E?@t 3" #"5"2 9<" $:5‘
P$Eb?2 E"22$5?#$95$ " E?@t 3" #"5"2M
E"22$5?#$95$ D$Eb?3"M 8"# " E?@t 3" #"5"2 ?K$25" $ "
X$WE4L" $# #"X>#$95"] ^ $#>5>3? 4#? :>9?L>Y?;<" ?Ev:5>E?M

.$")
6
/&  .+  1 - ,  .+ -F

*>2>a>2A:$ >#$3>?5?#$95$ d    , & # M


  I$ = 
- :W#K"L" ?E$93$A:$] _495?#$95$ E"# ? #$9:?a$# X>:4A ’ E"934;<" E"# " :W#K"L" ?E$:" @"3$ @2"X"E?2 a2?X$:
?L>Y?3? @$L" 3>:@L?y $ 4#? :>9?L>Y?;<" ?Ev:5>E? Z4?93" ^ 3?9": 9" Ee#K>" ?45"#‘5>E"M ’L^# 3>::"] " $X$954?L E"95?5"
3$5$E5?3? 4#? ?X?2>? 9" Ee#K>" ?45"#‘5>E" 3" gL$" E"# " #"5"2 Z4$95$ "4 E"# ": E"#@"9$95$: 3"
$:E?@$ ? ?L5? 5$#@$2?542? @"3$ @2"X"E?2 >9E[93>":M

 N  ?    #


- :W#K"L" ?E$93$A:$ $# E?:" 3$ :4@$2?Z4$E>#$95" 3" gL$" ,$ " :W#K"L" :$ ?E$93$2 342?95$ ? #?2Eb?] @?2?2
3" #"5"2M >#$3>?5?#$95$ " X$WE4L" $ 3$:L>a?2 " #"5"2M

6
/&  , 
 & 9
/ 0 +& F    &E
6
/&  .+  1 - ,  .+ -F

   # B   %


$
0    
 #  M *>2>a>2A:$] L"a" Z4$ @"::WX$L] d    , & # M
- :W#K"L" ?E$93$A:$ @?2? ?::>9?L?2 ? ?X?2>? 3" :>:5$#? P>?5
8-*+M
  0   
/
 
- :W#K"L" ?E$93$A:$ ?" E"L"E?2 ? Eb?X$ 3$ >a9>;<" 9? @":>A
;<" ] _495?#$95$ E"# ? X>:4?L>Y?;<" 3$ 4#? #$9:?a$#
$:@$EWD>E?] @?2? ?::>9?L?2 Z4$ "E"22$4 4#? @"::WX$L 5$95?5>X?
3$ ?22"#K?#$95" 9? @2$:$9;? 3$ ?L?2#$M

.$"*
6
/&  .+  1 - ,  .+ -F

      $% 1?2? " @2"E$3>#$95" 3$ 2$?5>X?;<" 3" :>:5$#? 3$ E"25$ 3$
 E"#K4:5WX$L] E"9:4L5?2 ? :$;<" x,>:5$#? 3$ E"25$ 3$ E"#A
- :W#K"L" ?E$93$A:$ p_495?#$95$ E"# ? X>:4?L>Y?;<" 3$ K4:5WX$Lz 9" E?@W54L" o+# E?:" 3$ $#$2a[9E>?oM ,$ 9<" D"2
4#? #$9:?a$# $:@$EWD>E?r $# E?:" 3$ >95$2X$9;<" 3" :>:A @"::WX$L 2$:5?K$L$E$2 ? ?L>#$95?;<" 3$ E"#K4:5WX$L] 3>2>a>2A:$
5$#? 3$ E"25$ 3" E"#K4:5WX$LM d    , & # M
     
- :W#K"L" ?E$93$A:$ p_495?#$95$ E"# ? X>:4?L>Y?;<" 3$
4#? #$9:?a$# $:@$EWD>E?r Z4?93" ? 5$#@$2?542? $s5$2>"2
^ >a4?L "4 >9D$2>"2 ? G£8 pG¡PrM

+# E?:" 3$ ?X?2>? 9" :$9:"2 3$ 5$#@$2?542? $s5$29?] ":
9v#$2": Z4$ >93>E?# " :$4 X?L"2 :<" :4K:5>54W3": @"2 52?;":M

.$"+
6
/&  .+  1 - ,  .+ -F

?     ; .+ <


 8  &( " :W#K"L" ^ X>:4?L>Y?3" 9" 3>:@L?y] $# ?LA
a4#?: X$2:\$: _495?#$95$ E"# 4#? #$9:?a$# $:@$EWD>E?M *>2>a>2A:$] L"a" Z4$ @"::WX$L] d    , & # M
- :W#K"L" @$2#?9$E$ X>:WX$L @"2 E>EL": 3$ G #>945": E"# 
>95$2X?L": 3$ :W#K"L" ?@?a?3" 3$ H :$a493": ?5^ Z4$ " gL$" ’ @?25>2 3" #"#$95" $# Z4$ :$ ?E$93$ " :W#K"L"] " gL$"
:$_? :4K:5>54W3"M 3$a2?3?3" 3" #"5"2 3$X$ :$2 :4K:5>54W3" L"a" Z4$ @"::WX$L
 8 1& ( " :W#K"L" ^ X>:4?L>Y?3" 9" 3>:@L?y ?@$9?: $ 949E? ?L^# 3$ HFF h# ?@g: " @2>#$>2" ?E$93>#$95" 3"
342?95$ 4# >95$2X?L" 3$ 5$#@" L>#>5?3"M :W#K"L"M !<" 2$:@$>5?2 ?: >9D"2#?;\$: ?E>#? >93>E?3?: @"3$ #
 E?4:?2 3?9": a2?X$: 9" #"5"2 $ " E?9E$L?#$95" 3? a?2?95>?M
’@g: ? @2>#$>2? :>9?L>Y?;<"] ? E?3? @?25>3? 3" #"5"2] - ?E$93>#$95" 3$:5$ :W#K"L" 9<" $:5‘ 2$L?E>"9?3" E"# ?
" :W#K"L" E"95>94?2‘ ? ?E$93$2A:$ 9" #"3" >93>E?3" Z4?95>3?3$ 3$ gL$" @2$:$95$ 9" #"5"2f @"25?95"] $# E?:" 3$
?95$2>"2#$95$ ?5^ " gL$" :$2 :4K:5>54W3"M +# ?La4#?: X$2:\$: ?E$93>#$95" >95$2#>5$95$ 3? #$:#?] 9<" ^ ?K:"L45?#$95$
" 3>:@L?y X>:4?L>Y? 4#? #$9:?a$# $:@$EWD>E?M 9$E$::‘2>" ?E2$:E$95?2 #?>: gL$" ?" #"5"2M

- ?E$93>#$95" 3" :W#K"L" 9<" 3$X$ :$2 E"9:>3$2?3" 4# 


3$D$>5" 3" X$WE4L"] #?: ?::>9?L? ? 9$E$::>3?3$ 3$ :4K:5>54>2 " ,$ " :W#K"L" @>:E?2 342?95$ ? #?2Eb?] 3>2>a>2A:$ d 
gL$"M ’ 3$a2?3?;<" 3" gL$" 3" #"5"2 ^ ?E$L$2?3? @"2 4#?   , & # M
45>L>Y?;<" 3" X$WE4L" $# @$2E42:": K2$X$:] >#@$3>93" Z4$ "
#"5"2 ?5>9_? ? 5$#@$2?542? 3$ 2$a>#$M
      ? 
- :W#K"L" ?E$93$A:$ E"# L4Y D>s?] _495?#$95$ E"# ? #$9A
*>2>a>2A:$] L"a" Z4$ @"::WX$L] d    , & # M
:?a$# X>:4?L>Y?3? @$L" 3>:@L?y] $# E?:" 3$ ?X?2>? 9" :$9:"2
3$ @2$::<" 3" gL$" 3" #"5"2M
    
- :W#K"L" ?E$93$A:$ p_495?#$95$ E"# ? X>:4?L>Y?;<" 3$
*>2>a>2A:$] L"a" Z4$ @"::WX$L] d    , & # M
4#? #$9:?a$# $:@$EWD>E?r $# E?:" 3$ ?X?2>? 3" :$9:"2 3$
Eb4X?M

.$",
6
/&  .+  1 - ,  .+ -F

    ; .+ <


- :W#K"L" ?E$93$A:$ p_495?#$95$ E"# ? X>:4?L>Y?;<" 3$
*>2>a>2A:$] L"a" Z4$ @"::WX$L] d    , & # M
4#? #$9:?a$# $:@$EWD>E?r $# E?:" 3$ ?X?2>? 3" :$9:"2 E2$A
@4:E4L?2M

’ @2$:$9;? 3$ ‘a4? 9" E>2E4>5" 3$ ?L>#$95?;<" @"3$
@2"X"E?2 a2?X$: 3?9": 9" :>:5$#? 3$ >9_$;<" $ >22$a4L?2>3?3$:
  =   #   ;0 8  %
9" D49E>"9?#$95" 3" #"5"2M 8?:" " :W#K"L" :$_?
&<
X>:4?L>Y?3" 9" 3>:@L?y p_495?#$95$ E"# ? X>:4?L>Y?;<" 3$
- :W#K"L" ?E$93$A:$ E"# L4Y D>s? 342?95$ ? #?2Eb? p_49A
4#? #$9:?a$# $:@$EWD>E?r] 3>2>a>2A:$ ?::># Z4$ @"::WX$L d
5?#$95$ E"# ? X>:4?L>Y?;<" 3$ 4#? #$9:?a$# 9" 3>:@L?yr
   , & #  @?2? ? "@$2?;<" 3$ :?9a2>?M ,$#@2$
@?2? ?::>9?L?2 ? @2$:$9;? 3$ ‘a4? 9" >95$2>"2 3" D>L52" 3$ 3>$A
Z4$ ? :>9?L>Y?;<" D"2 X$2>D>E?3? >#$3>?5?#$95$ ?@g: 4#
:$LM
?K?:5$E>#$95"] ^ @"::WX$L Z4$ 5$9b? :>3" >952"34Y>3? ‘a4? 9"
5?9Z4$% 9$::$ E?:"] 3$:L>a?2 >#$3>?5?#$95$ " #"5"2 $ E"95?5?2
?    , & # M
  O N
- :W#K"L" ?E$93$A:$ @?2? ?::>9?L?2 4#? ?X?2>? 9?: :$a4>95$:
L4Y$:%
 )4Y$: 3>429?: p*C)r p:$ $Z4>@?3"r
 )4Y$: 3$ $:5?E>"9?#$95" ’ ?X?2>? @"3$ 3$X$2A:$ ? 4#? Le#@?3? Z4$>#?3? "4 " 2$:A
 =93>E?3"2$: 3$ 3>2$;<" 3" 2$K"Z4$ p:$ $Z4>@?3"r @$E5>X" D4:WX$L 3$ @2"5$;<" Z4$>#?3" "4 ? >95$224@;<" 3?
 )4Y$: 3" 2$K"Z4$ p:$ $Z4>@?3"r L>a?;<" $L^52>E?M 12"E$3$2 d :4K:5>54>;<" 3? Le#@?3? "4 3"
 )4Y$: 3$ @":>;<" 2$:@$E5>X" D4:WX$LM 8"95?5?2 ?    , & # M
 =93>E?3"2$: 3$ 3>2$;<"
 )4Y 3$ #?2Eb? ? 2^
 )4Y$: 3$ D2$>"
 )4Y$: 3$ @L?E?

.$%-
6
/&  .+  1 - ,  .+ -F

O # ;- &    6,+&< 


,+  ;   0 %
8  & ,
#<
*$:L"E?93" ? Eb?X$ 3$ >a9>;<" @?2? ? @":>;<" ] " :W#A
K"L" ?E$93$A:$] #?: 3$X$ ?@?a?2A:$ ?@g: ?La49: :$a493":M
- :W#K"L" ?E$93$A:$ 3$ #"3" D>s" @?2? ?::>9?L?2 Z4$ " :>:A
5$#? *1P @2$E>:? 3$ $L>#>9?2 ?: :4K:5e9E>?: @"L4$95$: 2$5>A
3?: p@?25WE4L?:r ?52?X^: 3" @2"E$::" 3$ 2$a$9$2?;<"M
- :W#K"L" 9<" :$ ?E$93$ :$#@2$ Z4$ " *1P :$ $9E"952? $# #
2$a$9$2?;<"] #?: :"#$95$ Z4?93" ?: E"93>;\$: 3$ E"934A 
;<" $s>a>2$# ? :>9?L>Y?;<" ?" E"9345"2M 1?2? D?Y$2 E"# Z4$ ’ X$L"E>3?3$ 3$ #?2Eb? 3$X$ :$2 :$#@2$ ?3$Z4?3? d
" :W#K"L" :$ ?@?a4$] #?95$2 " X$WE4L" $# #"X>#$95" ?5^ ? :>54?;<" 3" 52e9:>5" $ d: E"93>;\$: ?5#":D^2>E?:] :$#@2$
2$a$9$2?;<" 5$2#>9?2M 2$:@$>5?93" L$>: X>a$95$:M c @"::WX$L 3$:L>a?2 " #"5"2 #$:#"
k495" E"# " ?E$93>#$95" 3? L4YA$:@>?] ^ $s>K>3? 4#? #$9A E"# ? L4YA$:@>? ?E$:?M 1"2^#] >95$224@;\$: 2$@$5>3?: 3"
:?a$# 9" 3>:@L?y% x)>#@$Y? D>L52" 3$ @?25WE4L?:] #?95$2 X$WA @2"E$::" 3$ 2$a$9$2?;<" @"3$# E?4:?2 4#? 3$a2?3?;<"
E4L" $# #"X>#$95"z] >93>E?93" ? 9$E$::>3?3$ 3$ $L>#>9?2 @2$E"E$ 3" gL$" 3" #"5"2M 1"2 $::$ #"5>X"] ^ :$#@2$
@?25WE4L?: @"L4$95$: 2$5>3?: 9" D>L52"M ?E"9:$Lb‘X$L ?a4?23?2 Z4$ " :W#K"L" :$ ?@?a4$ ?95$: 3$
c 9$E$::‘2>" #?95$2 " X$WE4L" $# #"X>#$95" ?5^ " 5^2#>9" 3$:L>a?2 " #"5"2] :$a4>93" ?: >9:524;\$: >93>E?3?: ?E>#?M
3? 2$a$9$2?;<"M w4?93" ? L4YA$:@>? :$ ?@?a?] ^ $s>K>3? 9" !<" ^ ?E"9:$Lb‘X$L E"9EL4>2 ? 2$a$9$2?;<" 3" *1P E"# "
@?>9$L ? #$9:?a$# x)>#@$Y? D>L52" 3$ @?25WE4L?: E"9EL4W3?zM X$WE4L" @?2?3"M
’ 342?;<" 3" @2"E$::" ^ 3$ IH #>945":] $# #^3>?M ’: E"9A
3>;\$: >3$?>: @?2? 5$2#>9?2 " @2"E$::" :<" ?5>9a>3?: #?9A
5$93" " X$WE4L" $# #?2Eb? ? 7F h#ub E"# 2$a>#$ 3" #"5"2
:4@$2>"2 ? 6FFF 2@#M
- ?E$93>#$95" 3" :W#K"L" 9<" 3$X$ :$2 E"9:>3$2?3" 4#?
?9"#?L>? $] @"2 >::"] 9<" ^ 9$E$::‘2>" L$X‘AL" d "D>E>9?M +#
?La4#?: X$2:\$:] _495?#$95$ E"# " ?E$93>#$95" 3" :W#A
K"L"] " 3>:@L?y $s>K$ ? #$9:?a$# $:@$EWD>E?M

.$%!
6
/&  .+  1 - ,  .+ -F

   DK %% 


- :W#K"L" ?E$93$A:$] _495?#$95$ E"# ? X>:4?L>Y?;<" 3$
*>2>a>2A:$] L"a" Z4$ @"::WX$L] d    , & # M
4#? #$9:?a$#] $# E?:" 3$ ?X?2>? 9" :>:5$#? {$yL$:: +95$2A
!AS"M
      $
- :W#K"L" ?E$93$A:$] _495?#$95$ E"# ? X>:4?L>Y?;<" 3$
*>2>a>2A:$] L"a" Z4$ @"::WX$L] d    , & # M
4#? #$9:?a$# $# E?:" 3$ ?X?2>? 9" :>:5$#? 3$ E"25$ 3"
E"#K4:5WX$LM

   


*>2>a>2A:$ >#$3>?5?#$95$ d    , & #  @?2? $L>#>A
- :W#K"L" ?E$93$A:$ $# E?:" 3$ ?X?2>? 3" 3>:@":>5>X" ,@$$3
9?2 ? ?X?2>?M
)>#>5$2M

 N  ?  I$ %


=
- :W#K"L" ?E$93$A:$ $# E?:" 3$ :4@$2?Z4$E>#$95" 3" Ee#A ’a4?23?2] E"# " #"5"2 3$:L>a?3" "4 $# #?2Eb? L$95?] ?
K>"] ?@g: 4#? 45>L>Y?;<" @?25>E4L?2#$95$ $s>a$95$M 3$:?5>X?;<" 3" :W#K"L"M
!$::$ E?:"] ^ $D$54?3? 4#? L>#>5?;<" 3" 3$:$#@$9b" 3"
#"5"2M

*>2>a>2A:$ >#$3>?5?#$95$ d    , & #  @?2? $L>#>A


    =
9?2 ? ?X?2>?M

.$%"
6
/&  , /  , 0 +& F    &E
6
/&  .+  1 - ,  .+ -F

  


- :W#K"L" ?E$93$A:$ Z4?93" ^ 4L52?@?::?3" " L>#>5$ 3$
X$L"E>3?3$ 3$D>9>3" p@"2 $sM I6F h#ubr ?52?X^: 3" &$94 3"
3>:@L?yM
+# ?La4#?: X$2:\$:] ^ X>:4?L>Y?3? 4#? #$9:?a$# $:@$EWD>E?
$ ^ $#>5>3? 4#? :>9?L>Y?;<" ?Ev:5>E?M

#
1?2? ?La4#?: X$2:\$:u#$2E?3":] ?E$93$A:$ 5?#K^# 4#
"452" :W#K"L" 3$ E"2 X$2#$Lb?M
   ; .+ <
6
/& , ,
&+F - '( ?5>X?;<" 3" :>:5$#? T>LL *$:A
E$95 8"952"LM
6
/& , ,
&+F 
 ( ’ L4YA$:@>? @>:E?2‘ @"2
4# 5$#@" 3$5$2#>9?3" @?2? >93>E?2 ? 3$:?5>X?;<" 3" :>:5$#?
T>LL *$:E$95 8"952"LM

 
- :W#K"L" ?E$93$A:$ $# E?:" 3$ ?5>X?;<" 3" 824>:$ 8"952"LM

 
- :W#K"L" ?E$93$A:$ $# E?:" 3$ ?5>X?;<" 3" ,@$$3 )>#>5$2M

.$%%
 1  0 +& F    &E
 1

 .+  1 - ,  .+ -F


   &E
    
*>2>a>2A:$ >#$3>?5?#$95$ d    , & #  @?2? $L>#>A
 WT ’ #$9:?a$# ?E$93$A:$ @?2? ?::>9?L?2 ? ?X?2>? 3" :>:5$#? 3$
9?2 ? ?X?2>?M
52?;<" >95$a2?LM
 D
$&.+     
)>K$2?2 " @?2?AEb"Z4$ 3$ $X$954?>: "K:5‘E4L":] L>#@?93"A"
’ #$9:?a$# ^ X>:4?L>Y?3? 9" 3>:@L?y $# E?:" 3$ KL"Z4$>"
3$ >#@42$Y?:M
3": :$9:"2$: 3" :>:5$#? 1?2h,$9:$M
D c 5?#K^# $#>5>3" 4# :>9?L ?Ev:5>E"M
’ E?4:? 3$ #?4 D49E>"9?#$95" @"3$ 3$X$2A:$ d 5$9:<" >9:4A
 
 3    60&
D>E>$95$ 3? K?5$2>? "4 ? $X$954?>: ?X?2>?: 9" :>:5$#? $L^52>E"M
!" 3>:@L?y ^ X>:4?L>Y?3? 4#? #$9:?a$# $:@$EWD>E? $# E?:"
8"95?5?2] L"a" Z4$ @"::WX$L] ?    , & #  @?2? ?
3$ 9<" 3>:@"9>K>L>3?3$ 3" :>:5$#? 1?2h,$9:$M
X$2>D>E?;<" 3" :>:5$#? $L^52>E"M
     ;<
JJ w4?93" ? #?945$9;<" @2"a2?#?3? po2$X>:<"or $:5‘ @$25" 3" 8"95?5?2 ?    , & #  Z4$ @2"E$3$2‘] @?2? ?L^#
;% @2?Y" @2$X>:5"] 3$:L"E?93" ? Eb?X$ 3$ >a9>;<" @?2? ? @":>A 3?: "@$2?;\$: 3$ #?945$9;<" @2$X>:5?: 9" o1L?9" 3$ #?A
 ;<" ] 9" 3>:@L?y ?@?2$E$ ? >93>E?;<" o,$2X>E$o :$a4>3? 945$9;<" @2"a2?#?3?o " Y$2?#$95" 3? 2$D$2>3? X>:4?L>Y?;<"
 % 3" 9v#$2" 3$ Z4>Lt#$52": "4 3>?: p"93$ @2$X>:5"r Z4$ D?L5?# p2$:$5rM
< @?2? ? #?945$9;<" 3" X$WE4L"M

.$%&
     :>9?L>Y?2 ? 9$E$::>3?3$ 3$ :4K:A - ?E$93>#$95" D>s" 3? L4YA$:@>? >9A
5>54>2 ": E"#@"9$95$: 3$5$2>"2?A 3>E? #?4 D49E>"9?#$95" 9" :>:5$#?
     3":M 3$ ?L>#$95?;<"u>a9>;<"] Z4$ @"3$2‘
 @2"X"E?2 ?4#$95" 3$ $#>::\$: 3"
- :>:5$#? 3>:@\$ 5?#K^# 3$ 4# $:E?@$] @"::WX$L @$23? 3$ 3$:$#@$A
 $ E"9$E5"2 Z4$ @$2#>5$ ? L$>542? 3": 9b"] #‘ 3>2>a>K>L>3?3$ $ E"9:4#":
- ,>:5$#? 3$ *>?a9g:5>E" 3$ Eg3>a": 3$ $22": #$#"2>Y?3": 9? $L$X?3":M +# ?La4#?: X$2:\$: " 3>:A
B"23" p   
   r] E$952?L $L$52t9>E?] $# E"9_495" E"# @L?y $s>K$ #$9:?a$# $:@$EWD>E?M
4#? :^2>$ 3$ @?2e#$52": $:@$EWD>E":
@2$:$95$ $# ?La4#?: X$2:\$:]
3$ 3>?a9g:5>E" $ D49E>"9?#$95" 3"
!$::?: E"93>;\$:] ^ @"::WX$L E"9A #
$D$54? 4# 3>?a9g:5>E" E"95W94" 3": 5>94?2 ? 3>2>a>2] :$#@2$ $X>5?93" $:A
E"#@"9$95$: 2$L?E>"9?3": E"# ?: #"5"2M .?L X$2>D>E?;<" ^ @"::WX$L @?2? D"2;": 3" #"5"2 $ ?L5?: X$L"E>3?3$:M
$#>::\$: a?:":?: @2"34Y>3?: @$L" ": ?a$95$: $9E?22$a?3": 3$ D>:E?L>Y?A - 4:" @2"L"9a?3" 3" X$WE4L"] E"#
X$WE4L"M ’L^# 3>::"] >93>E? @"2 #$>" ;<" 3$ 52e9:>5"] #$3>?95$ ? >95$2D?E$ ? L4YA$:@>? ?E$:?] @"3$ @2"X"E?2 3?A
3" ?E$93>#$95" 3? L4YA$:@>? 9" 3" :>:5$#? E"# >9:524#$95": ?3$A 9": ?" #$:#"M !$::$ E?:"] @2"E42$
Z4?32" 3$ >9:524#$95":] ?E"#@?A Z4?3":M ?    , & # 7
9b?3? 3$ #$9:?a$# 9" 3>:@L?y
p?La4#?: X$2:\$:r] ? E"93>;<" 3$ w4?93" " #?4 D49E>"9?#$95" 3$A
O%    :?@?2$E$] ?@?a?A:$ ? L4YA$:@>?] #?:
D?Lb? 3$ E"#@"9$95$: 3" :>:5$#? 3$
   ?  " :>:5$#? #$#"2>Y? ? :>9?L>Y?;<"M
E"952"L$ 3" #"5"2M
$B  
- :>:5$#? -B* 5$# E"#" "K_$5>A ,$ ? L4YA$:@>? :$ ?E$93$ 3$ #"3"
+# E"93>;\$: 9"2#?>:] a>2?93" >95$2#>5$95$ ^ >93>E?;<" 3$ @"::WA
X":%
? Eb?X$ 3$ >a9>;<" @?2? ? @":>;<" X$L 3?9" 9" E?5?L>:?3"2M !" E?:"
] ? L4YA$:@>? p?#?2$L" 3$ ?E$93>#$95" >95$2#>5$95$] :"L5?2
 #?95$2 :"K E"952"L$ ? $D>E>[9E>? e#K?2r :$ ?E$93$] #?: Z4?93" " " @$3?L 3" ?E$L$2?3"2] 2$34Y>93" ?
3" :>:5$#?M #"5"2 D49E>"9?2 3$X$ ?@?a?2A:$M X$L"E>3?3$] ?5^ Z4$ ? L4YA$:@>? :$
 :>9?L>Y?2 4# ?4#$95" 3$ $#>:A ?@?a4$M 12"::>a? ? #?2Eb? $# X$A
:\$: 3$X>3" ? 4# D49E>"9?#$95" ,$ ? L4YA$:@>? @$2#?9$E$ ?E$:?]
"4 :$ ?E$93$2 342?95$ ? #?2Eb?] ^ L"E>3?3$ 2$34Y>3? $ @2"E42$ ? 
>22$a4L?2 3" X$WE4L"M   , & # M
>93>E?;<" 3$ D49E>"9?#$95" >#@$2A
D$>5" 3" :>:5$#? 3$ E"952"L$ 3" #"5"2M

.$%’
!
,$] a>2?93" ? Eb?X$ @?2? ? @"A
:>;<" ] ? L4YA$:@>? 9<" :$
?E$93$2] "4 :$ ?E$93$2 3$ #"3"
D>s"u>95$2#>5$95$ 342?95$ ? #?2Eb?]
E"95?5?2 " Z4?95" ?95$: ?   %
 , & # M
’ D49E>"9?L>3?3$ 3? L4YA$:@>?
@"3$ :$2 X$2>D>E?3? @$L": ?a$95$: 3$
D>:E?L>Y?;<" 3" 52e9:>5" "4 $# $X$9A
54?>: @2"a2?#?: "D>E>?>: 3$ >9:@$;<"
3$ X$WE4L":M C$:@$>5$ ?: 9"2#?: X>A
a$95$:M

.$%)
 
- E?@W54L" ? :$a4>2 ^ #4>5" >#@"25?95$% ?Z4> :<"
3$:E2>5": ": :>:5$#?: 3$ :$a42?9;? D"29$E>3": E"# "
X$WE4L" $ D"29$E>3?: ?: >93>E?;\$: 9$E$::‘2>?: :"K2$
E"#" 45>L>Y‘AL": E"22$5?#$95$M

8’C’8.+Cm,.=8’, *+ ,+S(C’!/’
’.=V’ M M M M M M M M M M M M M M M M M M M M M M M M M *AI
PC+=-, ’B, M M M M M M M M M M M M M M M M M M M M M *AIF
8-!.C-)+ +)+.C|!=8- *+ $
+,.’B=)=*’*+ M M M M M M M M M M M M M M M M M M M *AII
8=!.-, *+ ,+S(C’!/’ M M M M M M M M M M M M M *AI6
,=,.+&’ *+ ’)’C&+ *- (,- *- 8=!.- *+
,+S(C’!/’ M M M M M M M M M M M M M M M M M M M M *AI¡
1CcA.+!,=-!’*-C+, M M M M M M M M M M M M M M *AI¡
,+S(C’!/’ 1’C’ 8C=’!/’, M M M M M M M M M M *AIN
,=,.+&’, *+ ,+S(C’!/’
,(1)+&+!.’C+, M M M M M M M M M M M M M M M M M *A6}

/
  ; ,    &< :$ D"2$# :$L$E>"9?3?: #"3?L>3?A
!   3$: o,>:5$#?: @?2E>?L#$95$ 3$:?A
- :>:5$#? >95$2X^# ?45"#?5>E?A
   #$95$ $# E?:" 3$ @?5>9?;<"] 3$ 5>X?3":o $ o,>:5$#?: 3$:?5>X?3":o
  @$23? 3$ ?3$2[9E>? $# @>:" #"Lb?3" pE"9:4L5?2 ?: @‘a>9?: :$a4>95$:rM
p?Z4?@L?9>9ar] ?E$L$2?;<" $# @>:":
   0 23   

$:E"22$a?3>":] E"# 9$X$ "4 a$L"]
!" X$WE4L" $:5<" @2$:$95$: ": $5EM 3$ 4#? "4 ?#K?: ?: 2"3?: #"A ’ >95$2X$9;<" 3" :>:5$#? ^ ?::>9?A
:$a4>95$: 3>:@":>5>X": 3$ :$a42?9;? 52>Y$:M L?3? @$L? >95$2#>5[9E>? 3? L4YA$:@>?
?5>X?% 9" Z4?32" 3$ >9:524#$95":] @?2?
+# D49;<" 3?: E"93>;\$: 3$ @?5>A
9?;<"] :<" ?5>X?3?: 34?: Lga>E?: 3$ >9D"2#?2 " E"9345"2 Z4$ " X$WE4L"
 .8 p.2?E5>"9 8"952"Lr $:5‘ $# E"93>;\$: E2W5>E?: 3$ $:5?K>A
E"952"L$ 3>D$2$95$:%
 1B’ p1?9>E B2?h$ ’::>:5r L>3?3$ $ ?3$2[9E>?M $
 *,. p*y9?#>E ,5$$2>9a ."2Z4$r  ,$ ? @?5>9?;<" $9X"LX$ 4#? "4
 T>LL T"L3$2 #?>: 2"3?: #"52>Y$:] " :>:5$#?
 +C& p+L$E52"9>E C"LL"X$2 &>5>a?A ’,C p’95> ,L>@ C$a4L?5>"9r >95$2A
5>"9r X^# 2$34Y>93" ? @"5[9E>? 52?9:A !
 T*8 pT>LL *$:E$95 8"952"Lr #>5>3? @$L" #"5"2M 1?2? " E"22$5" D49E>"9?#$95" 3"
 ’B, p’95>AL"Eh B2?h>9a ,y:5$#r  ,$ ? @?5>9?;<" $9X"LX$ ?@$9?: :>:5$#? .8] ^ >93>:@$9:‘X$L Z4$ ":
? 4#? 3?: 2"3?: #"52>Y$:] ?5>X?A @9$4: :$_?# 3? #$:#? #?2E? $ 3"
 +,8 p+L$E52"9>E ,5?K>L>5y 8"952"Lr :$ ? D49;<" B)* pB2?h$ )>#>5$3 #$:#" 5>@" $# 5"3?: ?: 2"3?:M
*>DD$2$95>?Lr 52?X?93" ?45"#?5>A
1?2? " D49E>"9?#$95" 3": :>:5$A E?#$95$ ? 2"3? Z4$ @?5>9? p^ :>A ’L^# 3>::"] 3$X$# 5$2 @2>9E>@?LA
#?:] E"9:4L5?2 ?: @‘a>9?: :$a4>95$:M #4L?3" " E"#@"25?#$95" 3$ 4# #$95$ " 5>@" $ 3>#$9:\$: @2$:E2>5?: $
3>D$2$9E>?L ?45"KL"Z4$?95$rM =:5" $:5?2 $# @$2D$>5?: E"93>;\$: 3$ E"9A
@2"X"E?2‘ 4# ?4#$95" 3$ 52?9:A :$2X?;<" $ E"# ? @2$::<" 3": @9$4:
D$2[9E>? 3$ 5"2Z4$ #"5"2 9? 2"3? 3$ ?E"23" E"# " @2$X>:5" 9" #?94?LM
Z4$ 9<" $:5‘ @?5>9?93"M +::?
D49;<" @$2#?9$E$ ?5>X? #$:#"

/$!
- :>:5$#? 2$E"9b$E$ ? D2$9?a$#
3$ $#$2a[9E>? #"9>5"2?93" ? X$L"A
! ! E>3?3$ $ ? D"2;? E"# Z4$ ^ @2$::>"A
9?3" " @$3?L 3" D2$>" $] E"9:$Z4$9A
’ @2$:$9;? 3" :>:5$#? .8 9<" 3$X$ - :>:5$#? .8 9<" ^ E?@?Y 3$ $X>A 5$#$95$] ?@L>E? ? @2$::<" >3$?L ?":
>934Y>2 " E"9345"2 ? E"22$2 2>:E":M 5?2 ?E>3$95$:] >9EL4>93" ": 3$X>3": ? D2$>":M =::" @"3$ ?_43?2 ? 2$34Y>2 ":
$sE$::>X? X$L"E>3?3$ $# E42X?] E"9A $:@?;": 3$ D2$9?a$# % " :>:5$#? 1B’
- 5>@" 3$ E"934;<" 3$X$ :$2 :$#A 34;<" $# :4@$2DWE>$: 3$ K?>s? ?3$A
@2$ ?3$Z4?3" d: E"93>;\$: 3" @>:" E"#@L$5?] @"25?95"] " :>:5$#? ’B,M
2[9E>? "4 ?Z4?@L?9?a$#M
3? $:52?3?] d X>:>K>L>3?3$ $ ?" 52e9A ’ ?::>:5[9E>? #‘s>#? 3" :>:5$#?
:>5"M ’ 2$:@"9:?K>L>3?3$ @$L? :$a4A *>2>_? E"# 2$:@"9:?K>L>3?3$ $ @24A 1B’ ^ "K5>3? ?" @2$::>"9?2 #4>5" 2?A
2?9;? 9? $:52?3? ^ :$#@2$ 3" E"934A 3[9E>?M @>3?#$95$ " @$3?L 3" D2$>"M ’L^#
5"2M 3>::"] @?2? "K5$2 ? #‘s>#? D49E>A
"9?L>3?3$ 3" :>:5$#?] ^ 9$E$::‘2>"
@2$::>"9?2 E"95>94?#$95$ " @$3?L 3"
! D2$>" 342?95$ ? D2$9?a$#] $X>5?93"
! @>:?2 >95$2#>5$95$#$95$M
’ E?@?E>3?3$ 3" :>:5$#? .8 949E?
- :>:5$#? .8 9<" ^ E?@?Y 3$ E"9A 3$X$ :$2 5$:5?3? 3$ D"2#? >22$:@"9:‘A !<" 2$34Y>2 ? @2$::<" 9" @$3?L 3"
52?2>?2 ?: L$>: 9?542?>: 3? DW:>E? $ 9<" X$L $ @$2>a":?M D2$>" ?5^ ? D2$9?a$# 3$>s?2 3$ :$2
^ E?@?Y 3$ ?4#$95?2 ? ?3$2[9E>? 3$A 9$E$::‘2>?M
@$93$95$ 3?: E"93>;\$: 3? $:52?3?M +X>5$ E"#@2"#$5$2 ? @2g@2>? :$a4A
2?9;? $ ? 3$ 5$2E$>2":M - :>:5$#? 1B’ 3$:?5>X?A:$ Z4?93"
*>2>_? :$#@2$ E"# @243[9E>? $ :$ :"L5? " @$3?L 3" D2$>"M
?5$9;<"M
 $ ; , $ [  <
- :>:5$#? 1B’ D"> E"9E$K>3" @?2?
"5>#>Y?2 ? E?@?E>3?3$ 3$ D2$9?a$# !
3" X$WE4L" 342?95$ 4#? D2$9?a$# 3$
- :>:5$#? 1B’ 9<" @"3$ E"952?A
$#$2a[9E>?M
2>?2 ?: L$>: 9?542?>: 3? DW:>E? $ 9<"

/$"
@"3$ ?4#$95?2 ? ?3$2[9E>? 3$@$9A   ;E 
,  1   
3$95$ 3?: E"93>;\$: 3? $:52?3?M  .+<
c @?25$ >95$a2?95$ 3" :>:5$#? +,8
&?95$9b?A:$ ?5$95" $ :$_? @24A ’ D49;<" *,. ?@2"X$>5? ? >95$a2?A $ D?E>L>5? " ?22?9Z4$ 9?: :4K>3?:]
3$95$ ?" 3>2>a>2M ;<" 3" :>:5$#? +,8 E"# ? 3>2$;<" ?5>X?93"A:$ ?45"#?5>E?#$95$ 9": E?A
?::>:5>3? $L^52>E? @?2? ?4#$95?2 " 9WA :": :$a4>95$:%
X$L 3$ :$a42?9;? 3$ 5"3" " X$WE4L"M
!?: :4K>3?:%
+# :>54?;\$: E2W5>E?: pD2$9?a$# $#
! @>:": E"# ?3$2[9E>? 3>D$2$9E>?3?r] "   8 ,
,9
/ 
 +&%
:>:5$#? +,8] ?52?X^: 3? D49;<" *,.] X$WE4L" $:5?E>"9?3" $# $:52?3?
- :>:5$#? 1B’ 9<" @"3$ $X>5?2 ?E>A
E"#?93? d 3>2$;<" ? ?54?;<" 3$ 4# E"# >9EL>9?;<" :4@$2>"2 ? Hq]
3$95$:] >9EL4>93" ": 3$X>3": ? $sE$:A
?4#$95" ?3>E>"9?L 3$ 5"2Z4$ 9" X"A #"5"2 L>a?3"] D2$>" @2$::>"9?3" $
:>X? X$L"E>3?3$ $# E42X?] E"934;<"
L?95$ 3$:5>9?3" ? :4a$2>2 ?" E"9345"2 Ee#K>" $# @"95" #"25" "4 4#? $
$# :4@$2DWE>$: 3$ K?>s? ?3$2[9E>? "4
? #?9"K2? #?>: E"22$5?M #?2Eb? 3>D$2$95$ 3? #?2Eb? ? 2^
?Z4?@L?9>9aM
’ ?;<" E""23$9?3? 3": D2$>": $ $9a?5?3?M
*>2>_? E"# ?5$9;<" $ @243[9E>?M   8 ,
,9
/ 
3? 3>2$;<" ?4#$95? ? :$9:?;<" 3$
:$a42?9;? $ 3$ E"952"L$ 3" X$WE4L"M +
: ,% X$WE4L" $:5?E>"9?3"
$# $:52?3? E"# >9EL>9?;<"
:4@$2>"2 ? Hq] #"5"2 L>a?3"]
! D2$>" @2$::>"9?3" $ ?L?X?9E? 3"
’ E?@?E>3?3$ 3" :>:5$#? 1B’ Ee#K>" ?45"#‘5>E" 9? @":>;<"
! * p*2>X$rM
949E? 3$X$ :$2 5$:5?3? 3$ D"2#?
- *,. E"9:5>54> ?4sWL>" d E"934A  !?: 3$:E>3?:% X$WE4L" @?2?3" $#
>22$:@"9:‘X$L $ @$2>a":?M
;<" $ 9<" :4K:5>54> " E"9345"2 9? 2$:A 3$EL>X$ E"# >9EL>9?;<" :4@$2>"2
!<" E"#@2"#$5? :4? @2g@2>? :$A @"9:?K>L>3?3$ 3? E"934;<" 3" X$WA ? Hq] #"5"2 L>a?3"] D2$>" @2$::>A
a42?9;?] 3": "452": "E4@?95$: @2$A E4L"M "9?3" $ #?2Eb? ? 2^ $9a?5?3?M
:$95$: ? K"23" 3" X$WE4L" $ 3$ 5"3":
’ 2$:@"9:?K>L>3?3$ @$L? :$a42?9;?
": "452": 45>L>Y?3"2$: 3? $:52?3?M
9? $:52?3? @$25$9E$ :$#@2$ ?" E"9A
345"2M

/$%
’ 2$:@"9:?K>L>3?3$ @$L? :$a42?9;?
 9? $:52?3? @$25$9E$ :$#@2$ ?" E"9A
1?2? ?: X$2:\$: E"# #"5"2 6MJ] " 345"2M
T>LL T"L3$2 5?#K^# D49E>"9? E"# " !
X$WE4L" $# #"3" x’45":5"@zM - :>:5$#? T>LL T"L3$2 9<" ^ 4#
D2$>" 3$ $:5?E>"9?#$95"M   ;&,  , &&0
!? D?:$ 3$ @?25>3?] ? E$952?L 3"   1  <
!<" ?K?93"9?2 ? 3>2$;<" 3" X$WA
:>:5$#? +,8 #?95^# ? @2$::<" 3$ E4L" :$# 5$2 ?E>"9?3" " D2$>" 3$ - :>:5$#? #"9>5"2? ? 5$93[9E>?
D2$9?a$# 9?: 2"3?: ?5^ ?" ?LE?9E$ 3" #<"] 3$:L>a?3" " #"5"2] $9a2$9?3" @?2? ? $L$X?;<" 3?: 2"3?: 3" :"L"
5"2Z4$ 3" #"5"2 9$E$::‘2>" d @?25>3? ? @2>#$>2? #?2Eb? $ $:5?E>"9?93" " E?:" " E"9345"2 $D$54$ #?9"K2?: $sA
"4] $# 5"3" " E?:"] @"2 4# 5$#@" X$WE4L" $# E"93>;\$: 3$ :$a42?9;? 52$#?:] 5?>: E"#" $X>5?2 :4K>5?#$95$
#‘s>#" 3$ 6 :$a493":] @$2#>5>93" p@?2? #?>: >9D"2#?;\$:] E"9:4L5?2 " 4# "K:5‘E4L"] :"K2$543" $# E"93>A
3$:L"E?2 D?E>L#$95$ " @^ 3>2$>5" 3" @?2‘a2?D" oP2$>" 3$ $:5?E>"9?#$95"o ;\$: 3$ $:52?3? 9<" >3$?>:M
@$3?L 3" D2$>" @?2? " ?E$L$2?3"2M 9" E?@W54L" o1?25>3? $ "@$2?;<"orM ,$ D"2$# X$2>D>E?3?: $::?: E"93>A
1?::?3": ": 6 :$a493":] #$:#" ;\$:] " :>:5$#?] ?" >95$2X>2 9": D2$>":
Z4$ 9<" 5$9b? :>3" $D$54?3" ? @?2A $ 9? @"5[9E>? 3" #"5"2] L>#>5? ? @":A
5>3?] " :>:5$#? 3$:?5>X?A:$ ?45"#?5>A :>K>L>3?3$ 3$ ?: 2"3?: :$ L$X?95?2$#
E?#$95$] L>K$25?93" a2?34?L#$95$ ? ! 3" :"L"M !" $95?95"] 9<" ^ @"::WA
@2$::<" 3$ D2$9?a$#M X$L $X>5?2 ? 5$93[9E>? @?2? " E?@"5?A
1"3$# $s>:5>2 :>54?;\$: $# @$Z4$A
*42?95$ $:5? D?:$ 3$ L?2a?3? ^ @":A 9?: >9EL>9?;\$: p>9D$2>"2$: ? }qr] $# #$95" 3" X$WE4L" :$ " D$9t#$9" :$
:WX$L "4X>2 4# 24W3" 5W@>E" 3$ 3$:$9A E"93>;\$: 3$ X$WE4L" E?22$a?3"] $# 3$X$2 ? E?4:?: E"#" ? E"934;<" $#
a?5$ #$Ee9>E" 3": D2$>":] Z4$ >93>E? Z4$ " :>:5$#? T>LL T"L3$2 @"3$ 9<" $L$X?3?: >9EL>9?;\$: L?5$2?>:] " Eb"A
" #"X>#$95" >#>9$95$ 3" X$WE4L"M :$ ?5>X?2] @2"X"E?93" 4# L>a$>2" 2$A Z4$ E"952? "K_$5": "4 "452": X$WE4A
E4" $ ?4#$95?93" " 2>:E" 3$ 4#? L":M
E"L>:<" E"# 4# "452" X$WE4L" "4 "KA
_$5"M

/$&
 & 1% " :>:5$#? $:5‘ 3$:?5>A
X?3"M
!   1( " :>:5$#? $:5‘ ?5>X?3"
- 3$:$#@$9b" 3$ 4# X$WE4L" $ @2"95" @?2? >95$2X>2 Z4?93" ?:
$Z4>@?3" E"# +C& 949E? 3$X$ :$2 E"93>;\$: 3$ ?5>X?;<" $:5>X$2$#
@":5" d @2"X? 3$ #"3" >22$:@"9:‘X$L :?5>:D$>5?:M
$ @$2>a":"M   0( " :>:5$#? E"952"L? ?5>X?A
#$95$ ? X$L"E>3?3$ 3" X$WE4L"M
!<" E"L"Z4$ $# @$2>a" :4? :$a4A
2?9;? $ 3$ "452?: @$::"?:M / & 23   
 - :>:5$#? b?K>L>5?A:$ :$ D"2$# :?A
1?2? b?K>L>5?2 " :>:5$#?] @2$::>"A 5>:D$>5?: ?: :$a4>95$: E"93>;\$:%
  ; && ,   % 9?2 " K"5<" $:@$EWD>E" L"E?L>Y?3" 9? $
 &< ; .+ < @?25$ E$952?L 3" @?>9$L M  - 3>:@":>5>X" .2?E5>"9 &"3$ ,$A
L$E5"2 ,i>5Eb¢ $:5>X$2 9? #"3?A
c @?25$ >95$a2?95$ 3" :>:5$#? +,8 $ ’" @2$::>"9?2 " K"5<"] ? L4YA$:@>? L>3?3$ J§* )-§M
5$# E"#" "K_$5>X" #?95$2 " X$WE4L" @>:E? @"2 ?5^ GF :$a493":M ,$ " X$WA
? 4#? X$L"E>3?3$ E"9:5?95$ 342?95$  - X$WE4L" $:5>X$2 $# #"X>#$95"]
E4L" $952?2 $# #"X>#$95" 3$952" 3":
4#? 3$:E>3?] ?54?93" 3$ D"2#? ?45tA E"# X$L"E>3?3$ >9D$2>"2 ?
GF :$a493":] E"# X$L"E>3?3$ >9D$A
9"#? $ 3>D$2$9E>?3? 9": D2$>":M 6H h#ub "4] :$ @?2?3"]
2>"2 ? 6H h#ub] ? L4YA$:@>? @$2#?A
#"X>#$95?2A:$ $# #$9": 3$ H
*$::$ #"3"] ^ a?2?95>3? ? $:5?K>A 9$E$ ?E$:? $ " :>:5$#? ^ b?K>L>5?3"M
:$a493": ?@g: " ?E>"9?#$95"
L>3?3$ 3" X$WE4L" $ ? Z4>L"#$52?a$# ,$ 9<" b"4X$2 #"X>#$95" 3" X$WE4L"
3" K"5<"M
$# @L$9? :$a42?9;?] :"K2$543" $# 3$952" 3": GF :$a493": ? L4YA$:@>?
?@?a?A:$ $ " :>:5$#? 9<" ^ b?K>L>5?3"M  - D2$>" 3$ $:5?E>"9?#$95" $:5>X$2
E"93>;\$: 3$ K?>s? ?3$2[9E>? $ >9A
3$:$9a?5?3"M
EL>9?;\$: $L$X?3?:M
 ’ @"25? 3" L?3" 3" E"9345"2 $:5>A
- :>:5$#? @"3$ $9E"952?2A:$ $# X$2 D$Eb?3?M
52[: #"3?L>3?3$: 3>D$2$95$:%

/$’
L"E>3?3$ $] :$ 9$E$::‘2>"] 2$5"#?2 "

E"952"L$ 3" X$WE4L"M
w4?93" " T*8 $:5‘ ?5>X"] ? 2$:A
@":5? 3" #"5"2 342?95$ ?E$L$2?;\$: 8"# ? ?L?X?9E? 3" Ee#K>" $#
@"3$ ?@2$:$95?2A:$ #?>: L$95? Z4$ " @"95" #"25"] ? 2$a4L?a$# 3? X$L"E>A
b?K>54?LM 3?3$ ?52?X^: 3" @$3?L 3" ?E$L$2?3"2
9<" $:5‘ 3>:@"9WX$LM
 023   
 - E"9345"2 @"3$ ?94L?2 ? Z4?LZ4$2
(#? X$Y b?K>L>5?3"] " :>:5$#? #"#$95" ? >95$2X$9;<" 3" :>:5$#?
T*8 ?5>X?A:$ ?45"#?5>E?#$95$ :$ " T*8 @2$::>"9?93" ? D493" " @$3?L
X$WE4L" D"2 E"934Y>3" 94#? 3$:E>3? 3" ?E$L$2?3"2 "4 3" D2$>"M
E"# >9EL>9?;<" :4D>E>$95$#$95$ ?L5?]
:4@$2>"2 ? }qM  023   

- :>:5$#? T*8 ^ 3$:?5>X?3"] #?:
@$2#?9$E$ 3>:@"9WX$L] :$ D"2 X$2>D>A
E?3? 4#? 3?: :$a4>95$: E"93>;\$:%

 ’ X$L"E>3?3$ 3" X$WE4L" 4L52?@?:A


’ X$L"E>3?3$ 3$D>9>3? @?2? " :>:A :?2 ": 6H h#ub #?: @$2#?9$E$2
5$#? T*8 @"3$ :$2 2$a4L?3? ?52?X^: >9D$2>"2 ? JF h#ubM
3" @$3?L 3" D2$>" $ 3" ?E$L$2?3"2 p9"  - X$WE4L" $:5>X$2 94#? 3$:E>3?
>95$2X?L" 3$ 6]H h#ub ? 6H h#ub @?2? E"# >9EL>9?;<" 9<" :4D>E>$95$]
X$2:\$: E"# Ee#K>" ?45"#‘5>E" $ 3$ >9D$2>"2 ? }q] "4 $:5>X$2 $# 4#
7 h#ub ? 6H h#ub 9?: X$2:\$: E"# 5$22$9" @L?9" "4 94#? $:52?3?
Ee#K>" #?94?LrM (#? X$Y ?5>9a>3? $# :4K>3?
? X$L"E>3?3$ 3$:$_?3?] :"L5?93" ?#A  ’ ?L?X?9E? 3" Ee#K>" ?45"#‘A
K": ": @$3?>:] " :>:5$#? T*8 #?9A 5>E" $:5>X$2 9? @":>;<" 1 p+:5?E>"A
5$2‘ ? X$L"E>3?3$ 3$D>9>3?M *$::$ 9?#$95"rM
#"3"] " E"9345"2 @"3$ 2$a4L?2 ? X$A
/$)
 ’ ?L?X?9E? 3" Ee#K>" #?94?L a2?34?L#$95$ 3$:?5>X?3" ?@g: "@"2A
$:5>X$2 9? @":>;<" ! p9$452"rM 
549? :>9?L>Y?;<" ?" E"9345"2 p?@?a?A
:$ " )+* 9" K"5<"rf :g :$2‘ @"::WA +# E?:" 3$ 2‘@>3? 2"5?;<" 3?
/ & 23   
 X$L 2$?5>X‘AL" Z4?93" ? 5$#@$2?542? Eb?X$ 3$ >a9>;<"] ? E"#@L$5?
3": D2$>": 5>X$2 3$:E>3" " :4D>E>$95$M D49E>"9?L>3?3$ 3? 3>2$;<" ?::>:5>3?
 12$::<" 3" K"5<" pD>a42? ?95$2>"2rM @"3$ :$2 ?LE?9;?3? 3$@">: 3$ IA6
’ 3>:5e9E>? @$2E"22WX$L 3$@$93$ 3?
 ’5>X?;<" 3$ 4#? #"3?L>3?3$ 3>A 5$#@$2?542? 3": D2$>": $] ?::>#] 3? :$a493":M
D$2$95$ 3$ J§* )-§M >9EL>9?;<"] 3? E?2a? $ 3? X$L"E>3?3$
 ’E>"9?#$95" 3" D2$>" 3$ $:5?E>"A 3" X$WE4L"M #  ; .+ <
9?#$95"M  023   023
 ’K$2542? 3? @"25? 3" L?3" 3"
E"9345"2M 1?2? ?5>X?2u3$:?5>X?2 ? D49;<"]
 ,4@$2?;<" 3? X$L"E>3?3$ 3$ JF
@2$::>"9?2 " K"5<" $:@$EWD>E" ,1-C. $
! :>54?3" 9" @?>9$L 9? @?25$ E$952?LM
h#ub p:?W3? >#$3>?5? 3? D49;<" - 3$:$#@$9b" 3$ 4# X$WE4L"
T*8rM $Z4>@?3" E"# T*8 949E? 3$X$ :$2
E"L"E?3" d @2"X? 3$ #"3" >9E?45" $
’ 3$:?K>L>5?;<" 3" :>:5$#? ^ ?::>A @$2>a":"M
9?L?3? @$L" ?E$93>#$95"] E"# L4Y
>95$2#>5$95$] 3" WE"9$ 9" 3>:@L?yM !<" E"L"Z4$ $# @$2>a" :4? :$a4A
2?9;? $ 3$ "452?: @$::"?:M

  "


!
- X$WE4L" ^ $Z4>@?3" E"# 4#
(#? 45>L>Y?;<" @2"L"9a?3? 3" :>:5$#? 3$ :$2X"?::>:5[9E>? @"2 E"A ’ ?5>X?;<" 3? D49;<" ^ >93>E?3?
:>:5$#? @"3$ L$X?2 ?" :4@$2?Z4$E>A #?93" $L^52>E"] Z4$ D49E>"9? :g E"# @$L? X>:4?L>Y?;<" 3? L4YA$:@>?
#$95" 3" :>:5$#? 3$ D2$9?a$#M ? Eb?X$ 3$ >a9>;<" 9? @":>;<"  ,1-C. 9" Z4?32" 3$ >9:524#$95":M
+# E?:" 3$ :4@$2?Z4$E>#$95" 3": $ #"5"2 L>a?3"M
12$::>"9?93" " K"5<" ,1-C.] ?
D2$>":] " :>:5$#? T*8] :$ ?5>X"] :$2‘ D49;<" ^ ?5>X?3? $ "K5^#A:$ 4# @2"A
/$*
a2?#? 3$ E"934;<" $:@"25>X?] E?2?EA :\$: ^ X>:4?L>Y?3" 4# :W#K"L" 9" 3? 3>2$;<"] @2>9E>@?L#$95$ Z4?93" "
5$2>Y?3? @"2 4#? 2$:@":5? #?>: 2‘A 3>:@L?yrM X$WE4L" :$ $9E"952?2 E"# ?: 2"3?: L$A
@>3? 3$ ?E$L$2?;<" $ 4# #?>"2 $:A X?95?3?: 3" @>:"M
+# E?:" 3$ ?X?2>? 9? 3>2$;<" ?:A
D"2;" 9" X"L?95$] @?2? 3?2 4#? :$9A
:>:5>3? $L^52>E?] " X$WE4L" E"95>94? ? !" E?:" $# Z4$ >:5" 9<" :$_? @":A
:?;<" 3$ E"934;<" ?3$Z4?3?M
:$2 #?9"K2‘X$L E"# ? 3>2$;<" #$EeA :WX$L p9$E$::>3?3$ 3$ 5$2 ? Eb?X$ 9?
’ D49;<" ,1-C. @2"@"2E>"9? 4#? 9>E?M @":>;<" &’C "4 " #"5"2 L>a?3"r] 2$A
2$:@":5? #?>: 2‘@>3? 3$ ?E$L$2?;<"] #"X$2 " D4:WX$L @2>9E>@?L 3$ @2"5$;<"
4#? ?L5$2?;<" 9" 5$#@" 3$ #43?9A 3? 3>2$;<" ?::>:5>3? $L^52>E?M
;?: 3" E?#K>" @?2? 4# 2$a>#$ #?>: 
$:@"25>X"M !?: #?9"K2?: 3$ $:5?E>"9?#$95"]
?" $D$54?2 4# 9v#$2" $L$X?3" 3$ $  
12$::>"9?2 9"X?#$95$ " K"5<" @?2?    
a>2": 3" X"L?95$] @"3$ X$2>D>E?2A:$
3$:?5>X?2 ? D49;<" $ 2$a2$::?2 ?" @2"A
4# $9342$E>#$95" 3? 3>2$;<"f >:5" ^ +# D49;<" 3?: X$2:\$:] $s>:5$# ?5^
a2?#? 3$ E"934;<" 9"2#?LM
9"2#?L $ ^ 3$X>3" d >95$2X$9;<" 3" G #"3?L>3?3$: 3$ E"9D>a42?;<" 3":
:>:5$#? 3$ @2"5$;<" E"952? " ?Z4$E>A :>:5$#?: 3$ :$a42?9;? ?5>X": @2$:$9A
 #$95" $sE$::>X" 3" #"5"2 $L^52>E" 3$ 5$: 9" X$WE4L"%
E"#?93" 3? 3>2$;<"] @"25?95"] 9<"
+# D?:$ 3$ ?E$L$2?;<"] 45>L>Y?93"
@$3$ 9$9b4#? >95$2X$9;<" 3$ 2$@?A
? D49;<" ,1-C.] ^ @"::WX$L :$95>2 X>A  ,>:5$#?: b?K>L>5?3":
2?;<"M !? @2gs>#? 2$45>L>Y?;<" 3"
K2?;\$: 9? 3>2$;<"] Z4$ :<" E?2?E5$A  ,>:5$#?: @?2E>?L#$95$ 3$:?K>L>5?A
X$WE4L"] ? 3>2$;<" ?::>:5>3? 2$5"29?2‘
2W:5>E?: 3$ 4# @2"a2?#? $:@"25>X"M 3":
? "@$2?2 9"2#?L#$95$M
 ,>:5$#?: 3$:?K>L>5?3":
OA  
+X$954?>: ?9"#?L>?: 3? 3>2$;<" ?:A  
 G/ & 
:>:5>3? $L^52>E? :<" >93>E?3?: @$L" ."3": ": :>:5$#?: 3$ :$a42?9;? ?5>A
!
?E$93>#$95" 3? L4YA$:@>? ,1-C.] X": $:5<" b?K>L>5?3":M c ? #"3?L>3?3$
?E"#@?9b?3? 3? #$9:?a$# X>:4?A ’95$: 3$ $D$54?2 Z4?LZ4$2 >95$2X$9A
;<" 3$ #?945$9;<"] 3$:L>a?2 :$#@2$ 3$ D49E>"9?#$95" 9"2#?L 342?95$ ?
L>Y?3? 9" 3>:@L?y p+# ?La4#?: X$2A E"934;<" 3$ 4# X$WE4L" 3$ Z4?52"
" #"5"2 $ 2$#"X$2 ? Eb?X$ 3" 3>:@"A
:>5>X" 3$ >a9>;<"] ?5>X?93" " KL"Z4$>" 2"3?: #"52>Y$:M
/$+
+:5? #"3?L>3?3$ 3$X$ :$2 45>L>Y?3?  
 / & 
@?2? ? #?>"2 @?25$ 3?: :>54?;\$: 3$
12$::>"9?93" " K"5<" 9? @?25$
E"934;<"M - :>:5$#? $:5?2‘ 9?
E$952?L 3" @?>9$L 342?95$ #?>: 3$ H
#"3?L>3?3$ o,>:5$#?: b?K>L>5?3":o ?
:$a493":] :$2‘ E"#@L$5?#$95$ 3$:L>A
E?3? @?25>3? 3" #"5"2
a?3" " :>:5$#? +,8] ?L^# 3": :>:5$A
#?: +C&f " :>:5$#? .8 :$2‘ L>#>5?3"
 ?@$9?: d ?;<" 3$ D2$9?a$# $# E?3?
c ?E"9:$Lb‘X$L :$L$E>"9?2 ?: #"A 2"3? #"52>YM -: "452": :>:5$#?: @$2A
3?L>3?3$: o,>:5$#?: @?2E>?L#$95$ 3$A #?9$E$# b?K>L>5?3":M
:?K>L>5?3":o "4 o,>:5$#?: 3$:?K>L>5?A ’ ?5>X?;<" 3? #"3?L>3?3$ ^ ?::>9?A ’ ?5>X?;<" 3? #"3?L>3?3$ ^ ?::>9?A
3":o ?@$9?: @"2 #"5>X": 3$ E"934A L?3? @$L" ?E$93>#$95" 3? L4YA$:@>? L?3? @$L" ?E$93>#$95" 3? L4YA$:@>?
;<" $:@$EWD>E":M 9" Z4?32" 3$ >9:524#$95": p$# 9" Z4?32" 3$ >9:524#$95": p$# $
?La4#?: X$2:\$:] _495?#$95$ E"# ? ?La4#?: X$2:\$:] _495?#$95$ E"# ?
 
  , &
  / &  X>:4?L>Y?;<" 3$ 4#? #$9:?a$# 9" X>:4?L>Y?;<" 3$ 4#? #$9:?a$# 9"
3>:@L?yrM 3>:@L?yrM
12$::>"9?93" " K"5<" 9" @?>9$L]
@?25$ E$952?L] 342?95$ #$9": 3$ H 1?2? 2$:5?K$L$E$2 ? #"3?L>3?3$
:$a493":] 342?95$ ? #?2Eb? 3" X$WA o,>:5$#?: E"#@L$5?#$95$ b?K>L>5?A

E4L"] ^ @"::WX$L L>#>5?2 ? >95$2X$9A 3":o 3$ D49E>"9?#$95"] @2$::>"9?2
9"X?#$95$ " K"5<" 9? @?25$ E$952?L ’" 4L52?@?::?2 ? X$L"E>3?3$ 3$
;<" 3" :>:5$#? .8 ?@$9?: d ?;<" 3$ E$2E? 3$ 7H h#ub] ": :>:5$#?: :$
D2$9?a$# $# E?3? 2"3? #"52>YM -: 3" @?>9$LM
E"#@"25?# E"#" 3$:E2>5" @?2? ?
"452": :>:5$#?: @$2#?9$E$# b?K>L>A ’ #"3?L>3?3$ o,>:5$#?: E"#@L$5?A #"3?L>3?3$ o,>:5$#?: @?2E>?L#$95$
5?3":M #$95$ b?K>L>5?3":o :$2‘ 2$?5>X?3? ?4A 3$:?K>L>5?3":oM
5"#?5>E?#$95$ ? E?3? @?25>3? 3" #"A
5"2M 1?2? 2$:5?K$L$E$2 ? #"3?L>3?3$
o,>:5$#?: b?K>L>5?3":o] @2$::>"9?2
9"X?#$95$ " K"5<" 9? @?25$ E$952?L
3" @?>9$LM

/$,
’ #"3?L>3?3$ o,>:5$#?: b?K>L>5?A :4@$2DWE>$ E"# ?3$2[9E>? 3>D$2$9E>A
3":o :$2‘ 2$?5>X?3? ?45"#?5>E?#$95$ ?3? $952$ ?: 2"3?: 3" L?3" 3>2$>5" $
? E?3? @?25>3? 3" #"5"2M 3" L?3" $:Z4$23" "4 9?: E42X?:M !
8"#@L$5? " :>:5$#?] " :>:5$#? 1?2? 5$2 ? #‘s>#? $D>E>[9E>? 3"
+B* p+L$E52"9>E B2?h>9a D"2E$ :>:5$#? 3$ D2$9?a$# ^ 9$E$::‘2>" 4#
"   *>:52>K45>"9r] Z4$ @$2#>5$ 2$@?25>2 @$2W"3" 3$ ?::$95?#$95" 3$ ?@2"s>A
 $ ;  %&,[ $ [ 1 ? ?;<" 3$ D2$9?a$# $952$ ?: 2"3?: #?3?#$95$ HFF h#M
E
< 3>?95$>2?: $ 52?:$>2?:M
*42?95$ $::$ @$2W"3" ^ ?E"9:$Lb‘A
.2?5?A:$ 3$ 4# :>:5$#?] @?25$ >95$A X$L 9<" $D$54?2 D2$9?a$9: #4>5" K24:A
  0 23   

a2?95$ 3" :>:5$#? 3$ D2$9?a$#] Z4$ E?:] 2$@$5>3?: $ @2"L"9a?3?:M
$X>5?] E"# Z4?>:Z4$2 E"93>;\$: 3" ’ >95$2X$9;<" 3" ’B, ^ 3$5$E5‘A
@>:" 3? $:52?3? $ 3$ >95$9:>3?3$ 3? X$L ?52?X^: 3$ 4#? L>a$>2? @4L:?;<"
?;<" 3$ D2$9?a$#] " KL"Z4$>" $ ? 3" @$3?L 3" D2$>"] ?E"#@?9b?3? 3$
E"9:$Z4$95$ @?5>9?;<" 3$ 4#? "4 24W3"% $:5$ ^ 4# E"#@"25?#$95" @$2A
#?>: 2"3?:] a?2?95>93"] 3$:5$ #"3"] D$>5?#$95$ 9"2#?L 3" :>:5$#? $# D?:$ !
" E"952"L$ 3" X$WE4L" #$:#" 9?: D2$A 3$ >95$2X$9;<"M ,$ " ’B, >95$2X>$2] ^ :>9?L Z4$ :$
9?a$9: 3$ $#$2a[9E>? $ "5>#>Y?93" $:5‘ ?5>9a>93" " L>#>5$ 3$ ?3$2[9E>?
": $:@?;": 3$ D2$9?a$#M $952$ ": @9$4: $ " @>:" 3? $:52?3?M
- :>:5$#? >95$2X^# 9? D2$9?a$#] c 9$E$::‘2>" 2$34Y>2 ? X$L"E>3?3$
Z4?93" ?: 2"3?: $:5<" @2gs>#?: 3" ! @?2? ?3?@5?2 ? #?2Eb? d ?3$2[9E>?
KL"Z4$>"] 5>@>E?#$95$ $# E"93>;\$: w4?93" " ’B, >95$2X>$2] $ :$ :$95>2 3>:@"9WX$LM
3$ D2$9?a$9: 3$ $#$2a[9E>? "4 $# ?: @4L:?;\$: 3" @$3?L 3" D2$>"] 9<"
E"93>;\$: 3$ K?>s? ?3$2[9E>?] "93$ ?L>X>?2 ? @2$::<"] #?: #?95$2 " @$3?L
": KL"Z4$>": @"3$# :$2 #?>: D2$A 5"5?L#$95$ @2$::>"9?3" :$# 2$E$>"M
Z4$95$:M
*$::? D"2#?] "K5^#A:$ 4# $:@?;" !
- :>:5$#? ?4#$95? 5?#K^# ? E"9A 3$ D2$9?a$# >3$?L $ E"#@?5WX$L E"# - :>:5$#? ’B, 9<" @"3$ E"952?A
52"L?K>L>3?3$ $ $:5?K>L>3?3$ 3" X$WA ?: E"93>;\$: 3" @>:" 3? $:52?3?M 2>?2 ?: L$>: 9?542?>: 3? DW:>E? $ 9<"
E4L" :$ ? D2$9?a$# :$ X$2>D>E?2 94#?
/$!-
@"3$ ?4#$95?2 ? ?3$2[9E>? 3$@$9A ’L^# 3>::"] 5?#K^# " 5"2Z4$ 3>:A
3$95$ 3?: E"93>;\$: 3? $:52?3?M 52>K4W3" @$L" #"5"2 @"3$ :$2 2$34A
! Y>3" 3$ #"3" ? #?95$2 " E"952"L$ 3"
*>2>_? :$#@2$ E"# @243[9E>? $ X$WE4L"M
?5$9;<"M 1?2? " E"22$5" D49E>"9?#$95" 3"
:>:5$#? ’B,] ^ >93>:@$9:‘X$L Z4$ ": - :>:5$#? +,8 45>L>Y? :$9:"2$: >9:A
@9$4: :$_?# 3? #$:#? #?2E? $ 3" 5?L?3": 9" X$WE4L" @?2? >95$2@2$5?2
#$:#" 5>@" $# 5"3?: ?: 2"3?:M ? 52?_$5g2>? Z4$ " E"9345"2 @2$5$93$
:$a4>2 $ E"#@?2?A? E"# ? 52?_$5g2>?
! ’L^# 3>::"] 3$X$# 5$2 @2>9E>@?LA 3" X$WE4L"M w4?93" ? 52?_$5g2>? 3$:$A
- :>:5$#? ’B, 9<" @"3$ $X>5?2 ?E>A #$95$ " 5>@" $ 3>#$9:\$: @2$:E2>5?: $ _?3? $ ? 52?_$5g2>? 2$?L :$ ?D?:5?2$#] "
3$95$:] >9EL4>93" ": 3$X>3": ? X$L"A $:5?2 $# @$2D$>5?: E"93>;\$: 3$ E"9A :>:5$#? +,8 >95$2X^# E"#@?2?93" "
:$2X?;<" $ E"# ? @2$::<" 3": @9$4:
E>3?3$ $sE$::>X? $# E42X?] E"934A
3$ ?E"23" E"# " @2$X>:5" 9" #?94?LM
:4K:5$2;" "4 " :"K2$A$:5$2;" 3" X$WA $
;<" $# :4@$2DWE>$: 3$ K?>s? ?3$2[9A E4L"M
E>? "4 ?Z4?@L?9?a$#M
’ 2$:@"9:?K>L>3?3$ @$L? :$a42?9;?  ,4K$:5$2;"% X$2>D>E?A:$ Z4?93" "
  % X$WE4L" $:5‘ 2"3?93" #$9": 3"
9? $:52?3? @$25$9E$ :$#@2$ ?" E"9A
345"2M       Z4$ " :4@":5" 2$L?5>X?#$95$ ?"
e9a4L" 3" X"L?95$ @2"a2?#?3"M
  ,"K2$A$:5$2;"% X$2>D>E?A:$ Z4?93"
  ;&,  , / & E " X$WE4L" $:5‘ 2"3?93" #?>: 3"
  &< Z4$ " :4@":5" 2$L?5>X?#$95$ ?"
! e9a4L" 3" X"L?95$ @2"a2?#?3"M
- :>:5$#? +,8 #$Lb"2? " E"952"L$
’: E?@?E>3?3$: 3" :>:5$#? ’B,
3>2$E>"9?L $ ? $:5?K>L>3?3$ 3" X$WE4L"
949E? 3$X$# :$2 5$:5?3?: 3$ D"2#?
:"K 3>X$2:?: E"93>;\$: 3$ E"934;<"M
>22$:@"9:‘X$L $ @$2>a":?M
- :>:5$#? +,8 E"22>a$ " :"K2$A
!<" E"L"Z4$ $# @$2>a" :4? :$a4A $:5$2;" $ " :4K$:5$2;" 3" X$WE4L"] 2$A
2?9;? $ 3$ "452?: @$::"?:M @?25>93" ? D2$9?a$# 9?: 2"3?: ?@2"A
@2>?3?:M

/$!!
  0 23   
 *>2>_? E"# 2$:@"9:?K>L>3?3$ $ @24A
3[9E>?M
’ >95$2X$9;<" 3" :>:5$#? ^ ?::>9?A
L?3? @$L? >95$2#>5[9E>? 3? L4YA$:@>? !
9" Z4?32" 3$ >9:524#$95":] @?2? - 3$:$#@$9b" 3" :>:5$#? +,8 9<"
>9D"2#?2 " E"9345"2 Z4$ " X$WE4L" 3$X$ L$X?2 " E"9345"2 ? E"22$2 2>:E":
$:5‘ $# E"93>;\$: E2W5>E?: 3$ $:5?K>A ! >9v5$>: $ >9_4:5>D>E?3":M
L>3?3$ $ ?3$2[9E>?M ’ E?@?E>3?3$ 3" :>:5$#? +,8
- 5>@" 3$ E"934;<" 3$X$ :$2 :$#A
949E? 3$X$ :$2 5$:5?3? 3$ D"2#?
@2$ ?3$Z4?3" d: E"93>;\$: 3" @>:"
>22$:@"9:‘X$L $ @$2>a":?M
3? $:52?3?] d X>:>K>L>3?3$ $ ?" 52e9A
!<" E"L"Z4$ $# @$2>a" :4? :$a4A :>5"M ’ 2$:@"9:?K>L>3?3$ @$L? :$a4A
! 2?9;? $ 3$ "452?: @$::"?:M 2?9;? 9? $:52?3? @$25$9E$ :$#@2$ ?"
- :>:5$#? +,8 9<" @"3$ #"3>D>A E"9345"2M
E?2 ?: L$>: 9?542?>: 3? DW:>E? $ 9<"
@"3$ ?4#$95?2 ? ?3$2[9E>? 3$@$9A
3$95$ 3?: E"93>;\$: 3? $:52?3?M
!
   
’ 2$:@"9:?K>L>3?3$ @$L? :$a42?9;? 1?2? " E"22$5" D49E>"9?#$95" 3"  
9? $:52?3? @$25$9E$ :$#@2$ ?" E"9A :>:5$#? +,8 $ ’,C ^ >93>:@$9:‘X$L 
345"2M Z4$ ": @9$4: :$_?# 3? #$:#? #?2E?
$ 3" #$:#" 5>@" $# 5"3?: ?: 2"3?:M 
’L^# 3>::"] 3$X$# 5$2 @2>9E>@?LA 12$:5?2 ? #‘s>#? ?5$9;<" d: >9A
#$95$ " 5>@"] #?2E? $ 3>#$9:\$: D"2#?;\$: D"29$E>3?: 9?: @‘a>9?: :$A
! @2$:E2>5?: $ $:5?2 $# @$2D$>5?: E"93>A a4>95$:M *$ D?5"] ^ 3$ D493?#$9A
- :>:5$#? +,8 9<" @"3$ $X>5?2 ?E>A ;\$: 3$ E"9:$2X?;<" $ E"# ? @2$::<" 5?L >#@"25e9E>? Z4$ ": :>:5$#?: 3$
3$95$:] >9EL4>93" ": 3$X>3": ? X$L"A 3": @9$4: 3$ ?E"23" E"# " @2$X>:5" @2"5$;<" :$_?# 45>L>Y?3": 3" #"3"
E>3?3$ $sE$::>X? $# E42X? $ E"934A 9" #?94?LM E"22$5" @?2? a?2?95>2 ? #‘s>#? :$a4A
;<" $# :4@$2DWE>$: 3$ K?>s? ?3$2[9A 2?9;? @"::WX$L ?" E"9345"2 $ ?": @?:A
E>? "4 ?Z4?@L?9>9aM :?a$>2":M

/$!"
O   

 
1?2? ?E$::" ? 3$:E2>;<" :"K2$ ? 2$A
a4L?a$# 3": ?@">": 3$ E?K$;?] E"9A 8"L"E?2 " E>95" 3$ :$a42?9;? #?9A !
:4L5?2 x’@">?AE?K$;?:z 9" E?@W54L" 5$93" " 52"9E" $2$5" $ ?@">?3" E"9A !<" @2$::>"9?2 " K"5<"  342?95$
x8"9b$E$93" " :$4 X$WE4L"zM 52? " $9E":5"M ? #?2Eb?M
1?2? 52?X?2 ": E>95":] :$a42?2 9? -K:$2X$ :$#@2$ ?: 2$E"#$93?A
."3": ": L4a?2$: 9": K?9E": 3" L>9a4$5? 3$ $9a?5$  $ >952"34Y>AL? ;\$: 3$:5$ #?94?LM
X$WE4L" $:5<" $Z4>@?3": E"# E>95": 9? :$3$ 3? D>X$L? $] ?5^ "4X>2 4#
3$ :$a42?9;? E"# 52[: @"95": 3$ $:5?L>3" 3$ KL"Z4$>"M
D>s?;<"] E"# 2$:@$E5>X" $92"L?3"2M
- #$E?9>:#" 3" $92"L?3"2 >95$2A
X^# KL"Z4$?93" " E>95" $# E?:" 3$
! $
,$ "E"22$2 E"L>:<"] ": @?::?a$>2":
D2$9?a$# K24:E? "4 3$ D"25$ 3$:?E$A
3": K?9E": 52?:$>2": Z4$ 9<" $:5>X$A
L$2?;<" 3$X>3" ? 4# Eb"Z4$M +:5?
2$# 4:?93" ": E>95":] ?L^# 3$ $:5?A
E?2?E5$2W:5>E? @$2#>5$] $# E"93>;\$:
2$# >9D2>9a>93" ?: L$>: 3$ 52e9:>5" :$A
9"2#?>:] " L>X2$ 3$:L>Y?#$95" 3? E"2A
2<" $s@":5": ? 4# a2?93$ 2>:E"M
2$>? 9" E>95"] 3$ #"3" ? ?3?@5?2A:$
@$2D$>5?#$95$ ?" E"2@" 3" "E4@?95$M ’ 9<" 45>L>Y?;<" 3": E>95": 52?:$>A
- E"9345"2 3$X$ 2$:@$>5?2 p$ D?Y$2 2": E"9:5>54$# 4# @$2>a" 5?#K^#
2$:@$>5?2 ? 5"3": ": @?::?a$>2":r ?: @?2? ": @?::?a$>2": 3": L4a?2$: 3>?9A
,$] 342?95$ ? $s52?;<" 3" E>95"] 5$>2":M
3>:@":>;\$: L$a>:L?5>X?: L"E?>: 2$L?5>A
$:5$ :$ KL"Z4$?2] ^ 9$E$::‘2>" 3$>s‘A
X?: d "K2>a?;<" $ D"2#?: 3$ 45>L>Y?A
L" $92"L?2 4# @"4E" $ @4s‘AL" 9"X?A 8"# " X$WE4L" $:5?E>"9?3" $# $:A
;<" 3": E>95": 3$ :$a42?9;?M
#$95$ $X>5?93" #?9"K2?: K24:E?:M 52?3?: E"# D"25$ >9EL>9?;<"] " $92"A
.2?X?2 :$#@2$ ": E>95": 3$ :$a4A L?3"2 @"3$ KL"Z4$?2] " Z4$ ^ 9"2#?LM
1?2? 3$:52?X?2 " E>95"] @2$::>"9?2
2?9;? ?95$: 3$ >9>E>?2 ? X>?a$#M ’L^# 3>::"] " #$E?9>:#" 3" $92"L?A
" K"5<"  $ ?E"#@?9b?2 " E>95"
342?95$ :$4 2$E"Lb>#$95" 3$ #"3" ? 3"2 KL"Z4$>? " E>95" ? E?3? $s52?;<"
$X>5?2 Z4$ D>Z4$ 5"2E>3"M 2‘@>3? "4 $# E?:" 3$ D2$9?a$9: K24:A

/$!%
E?:] Eb"Z4$: "4 E42X?: ? X$L"E>3?3$       c @"::WX$L $D$54?2 ? 2$a4L?a$# $#
$L$X?3?M     ?L542? $# E>9E" @":>;\$: 3>D$2$95$:M
8"L"E?2 ": E>95": 3$ :$a42?9;? 3": 1?2? $D$54?2 ? 2$a4L?a$# $# ?L542?]
L4a?2$: @":5$2>"2$: E"#" >L4:52?3" 9? 3$ E>#? @?2? K?>s"] ^ 9$E$::‘2>"
D>a42? :$a4>95$M ! @2$::>"9?2 ": K"5\$:  pL"E?L>Y?3":
$# ?#K": ": L?3": 3" @49b" $r $
’ 2$a4L?a$# $# ?L542? 3": E>95":
D?Y$2 3$:L>Y?2 " @2g@2>" @49b" @?2?
3$ :$a42?9;? 3$X$ :$2 D$>5? E"# "
K?>s"M
X$WE4L" @?2?3"M
- 2$a4L?3"2 $# ?L542? 3$:L"E?A:$
*>2>_? :$#@2$ E"# :$a42?9;?M 3$ K?>s" @?2? E>#? #$:#" :$# @2$:A
:>"9?2 ": 3">: K"5\$: M

!
*$@">: 3? 2$a4L?a$# $# ?L542?]
E$25>D>E?2A:$ :$#@2$ 3$ Z4$ " E42:"2
 9" Z4?L $:5‘ D>s?3" " ?9$L $:5‘ KL"A
’" X"L5?2 ? E"L"E?2 " K?9E" @":5$A Z4$?3" 94#? 3?: @":>;\$: @2$X>:5?:M
2>"2 3? @":>;<" 2$K?5>3? 9? 3$ 45>L>Y?A +D$54?2] @"25?95"] E"# " K"5<" 
;<" 9"2#?L] @2$:5?2 ?5$9;<" d 2$@"A @2$::>"9?3"] " 3$:L"E?#$95" @?2?
:>;<" E"22$5? 3" E>95" 3$ :$a42?9;?] K?>s" @?2? @$2#>5>2 " $:5?L>3" 3" 3>:A
3$ #"3" ? a?2?95>2 4#? >#$3>?5? 3>:A @":>5>X" 3$ D>s?;<"] :$ ? L>K$2?;<"
@"9>K>L>3?3$M C$a4L?2 :$#@2$ ? ?L542? 3": E>95":
9<" 5>X$2 :>3" $D$54?3? $# E"22$:A 3$ :$a42?9;?] ?3?@5?93"A?: ?" E"2@"
@"93[9E>? E"# 4#? 3?: @":>;\$: $:A 3": @?::?a$>2":% $:5? @2$E?4;<" @"3$
5?K$L$E>3?:M 2$34Y>2 E"9:>3$2?X$L#$95$ " 2>:E" 3$
L$:\$: $# E?:" 3$ Eb"Z4$M

/$!&
’ 2$a4L?a$# E"22$5? "K5^#A:$ ’: a2‘X>3?: 3$X$# @":>E>"9?2 ?
Z4?93" " E>95" @?::? E$2E? 3$ @?25$ >9D$2>"2 3" E>95" #4>5" $#
#$5?3$ $952$ ? $s52$#>3?3$ 3" ! K?>s"] 3$ #"3" Z4$ @?::$ :"K2$ ?
"#K2" $ " @$:E";"M K?E>? $ :"K ? K?22>a?M ¤ #$3>3? Z4$
,$ " E>95" 5>X$2 :>3" :4K#$5>3" ? a2?X>3$Y @2"::$a4$] ? E"9345"2?
? 4#? D"25$ :"L>E>5?;<" E"#"] @"2 3$X$ 2$a4L?2 " K?9E" $ " X"L?95$
   O $s$#@L"] ?@g: 4# ?E>3$95$] " 3$ #"3" ? 5$2 " @L$9" E"952"L$
     #$:#" 3$X$ :$2 :4K:5>54W3" E"#A 3" X$WE4L" p": @$3?>: $ " X"L?95$
@L$5?#$95$ _495" E"# ?: D>s?;\$:] 3$X$# :$2 3$ D‘E>L ?E$::>K>L>3?3$rM
": @?2?D4:": $ " @2g@2>" :>:5$#? ."3?X>?] ^ 9$E$::‘2>" #?95$2 ?
@2^A5$9:>"9?3"2M #‘s>#? 3>:5e9E>? @"::WX$L $952$ "
!
P?Y$2 ? :4K:5>54>;<" #$:#" :$ " X$952$ $ " X"L?95$M
1?2? a?2?95>2 ? #‘s>#? @2"5$A
E>95" 9<" 5>X$2 ?@2$:$95?93" 3?9": $
;<" ?": "E4@?95$: 3" X$WE4L"]
X>:WX$>:] @">: $:5$: $Z4>@?#$95": @"A
2$E"#$93?A:$ #?95$2 " $9E":5" 9?
3$# 5$2 @$23>3" :4?: @2"@2>$3?3$:
@":>;<" #?>: $2$5? @"::WX$L $ " E>95"
3$ 2$:>:5[9E>?M
K$# ?3$2$95$ ?" 5g2?s $ d K?E>?M
1?2? a?2?95>2 " E"22$5" D49E>"9?A C$:@$>5?2 p$ D?Y$2 "K:$2X?2 ?": "E4A
#$95" 3" E>95"] 9<" 45>L>Y?2 " K?9E" @?95$: 3" X$WE4L"r 5"3?: ?: 3>:@":>A
$sE$::>X?#$95$ 2$EL>9?3" 342?95$ ": ;\$: L$a>:L?5>X?: L"E?>: 2$D$2$95$: d
@$2E42:": 3$ 45>L>Y?;<" 3" X$WE4L"M "K2>a?;<" $ d: #"3?L>3?3$: 3$ 45>L>A
8"L"E?2 :$#@2$ ": E>95": 3$ :$a4A Y?;<" 3": E>95":M .2?X?2 :$#@2$ ":
2?9;?] 5?95" 9": L4a?2$: 3>?95$>2": E>95": 3$ :$a42?9;? ?95$: 3$ >9>E>?2
E"#" 52?:$>2":M V>?_?2 :$# 45>L>Y?2 ": ? X>?a$#M ’ E"22$>? 3" E>95" 3$ :$a42?9;?
E>95": ?4#$95? " 2>:E" 3$ L$:\$: a2?A 9<" 3$X$ $:5?2 5"2E>3?M ’ @?25$ :4@$A
- 4:" 3": E>95": ^ 9$E$::‘2>" 5?#A
X$:] "4 3$ #"25$] $# E?:" 3$ E"L>:<"M 2>"2 3$X$ @?::?2 9" "#K2" $ ?52?X$:A
K^# @?2? ?: #4Lb$2$: a2‘X>3?:% @?2?
$L?: $ @?2? " K$K[ " 2>:E" 3$ L$:\$:] :?2 3>?a"9?L#$95$ " 5g2?sM ’ @?25$
$# E?:" 3$ E"L>:<"] ^ #$9"2 :$ 5>X$A >9D$2>"2 3$X$ ?3$2>2 d K?E>? $ 9<" ?"
2$# ": E>95": E"L"E?3":M ?K3t#$9 3" "E4@?95$M !<" 45>L>Y?2

/$!’
3>:@":>5>X": p#"L?:] D$Eb":] $5EMr Z4$ 3?9>D>E?3"M ,4K:5>54>2 5?#K^# "
>#@$;?# " E"95?5" 3": E>95": 3$ :$A E>95" 3$ :$a42?9;? $# E?:" 3$
a42?9;? E"# " E"2@" 3": "E4@?95$:M ?5>X?;<" 3": @2^A5$9:>"9?3"2$:M
 1?2? L>#@?2 ": E>95": 3$
:$a42?9;? 9<" 45>L>Y?2
3$5$2a$95$: ?a2$::>X":]
K2?9Z4$?3"2$: "4 E"2?95$:
$ Z4?LZ4$2 "452? :4K:5e9E>?
Z4W#>E? Z4$ @"::? $9D2?Z4$E$2
?: D>K2?: 3" E>95"M )?X‘AL": d
#<" E"# ‘a4? $ :?K<" 9$452"]
   
$9s?a4‘AL": $ 3$>s‘AL": :$E?2 d
 
:"#K2?M
1?2? ? E"22$5? #?945$9;<" 3": E>9A  +X>5$ Z4$ ": $92"L?3"2$: :$_?#
8?3? E>95" 3$ :$a42?9;? 3$X$ :$2 5": 3$ :$a42?9;?] "K:$2X?2 ?5$95?A #"Lb?3":% " :$4 E"22$5" D49E>A
45>L>Y?3" :g @"2 4#? @$::"?% 9<" #$95$ ": :$a4>95$: ?X>:":% "9?#$95" ^ a?2?95>3" :g :$ 9<"
52?9:@"25?2 E2>?9;?: ?" E"L" 3": @?:A :"D2$2$# >9D>L52?;\$: 3$ ‘a4?M
:?a$>2": 45>L>Y?93" ": E>95": 3$ :$a4A  (5>L>Y?2 :$#@2$ ": E>95": K$# $:A  ,4K:5>54>2 " E>95" 3$ :$a42?9;?
2?9;? @?2? ? @2"5$;<" 3$ ?#K":M *$ 5>E?3":] 9<" 5"2E>3":f E$25>D>Z4$A Z4?93" $:5>X$2$# @2$:$95$: :>A
#"3" a$2?L] 9<" ?@$25?2 9$9b4# "KA :$ Z4$ $:5$: 3$:L>Y$# L>X2$#$95$ 9?>: 3$ 3$:a?:5$ "4 E"25$:M
_$5" d @$::"?M :$# >#@$3>#$95":M
 V$2>D>E?2 " D49E>"9?#$95" 3"
E>95" 3$ :$a42?9;? 3" :$a4>95$
#"3"% $9a?5?2 " E>95" $ @4s‘AL"
E"# D"2;?M
 ’@g: 4# ?E>3$95$ 3$ 4#? E$25?
a2?X>3?3$] :4K:5>54>2 " E>95"
3$ :$a42?9;? 4:?3"] #$:#"
Z4$ ?@?2$95$#$95$ 9<" $:5$_?
/$!)
  (#? X$Y ?5>X?3"] $:5$ E>EL" 3$ :>A
9?L>Y?;\$: @$2#?9$E$ ?5>X" @"2 5"3?
    ? :4? 342?;<" p>93$@$93$95$#$95$
    3? X$L"E>3?3$ 3" X$WE4L"r "4 ?5^ Z4$
" E>95" 3$ :$a42?9;? :$_? ?D>X$L?3"M
 
w4?93" ^ ?E"@L?3? ? #?2Eb? ?
 $ ; $& 
 < 2^] 342?95$ " E>EL" 3$ ?X>:":] " :>9?L
- :>:5$#? ,BC ?X>:? " #"5"2>:5? 3? :"9"2" ^ 3$:?5>X?3" $ ? L4YA$:@>?
D?L5? 3$ E"L"E?;<" 3" @2g@2>" E>95" ?E$93$A:$ E"# L4Y D>s?M - E>EL" 3$
3$ :$a42?9;?M :>9?L>Y?;\$: :$2‘ 2$?5>X?3" ?::># Z4$
? X$L"E>3?3$ 4L52?@?::?2 9"X?#$95$
- :>:5$#? ?::>9?L? ? D?L5? 3$ E"L"A
E?;<" 3": E>95": 3$ :$a42?9;? ?52?A
": } h#ubM $
X^: 3$ :>9?L>Y?;\$: X>:4?>: p?E$93>A
#$95" 3$ L4Y$:A$:@>? 9" Z4?32" 3$ &0
>9:524#$95": $ 3$ WE"9$: 9" 3>:@L?yr 8"# " X$WE4L" @?2?3"] :$ " E>95"
$ ?52?X^: 3$ 4#? :>9?L>Y?;<" ?Ev:5>E? 3$ :$a42?9;? 3" L?3" 3" E"9345"2 D"2
  
pE"9:4L5?2 ": @?2‘a2?D": :$a4>95$:rM 3$:?D>X$L?3"] ? L4Y @$2#?9$E$ ?E$:? 
E"# L4Y D>s?M
- X$WE4L" ^ 3"5?3" 3$ @2^A
  O% ’::># Z4$ :$ 4L52?@?::? " L>#>5$ 5$9:>"9?3"2$: @?2? ": E>95": 3$ :$A
      3": } h#ub 342?95$ ?La49: :$a493": a42?9;? 3>?95$>2": Z4$] $# E?:" 3$
w4?93" ? Eb?X$ 3$ >a9>;<" ^ pX?2>‘X$>: $# D49;<" 3?: E"93>;\$: Eb"Z4$ D2"95?L X>"L$95"] 2$E"Lb$# ?LA
a>2?3? @?2? @":>;<" ] ? L4YA 3" X$WE4L"r] E"# ": E>95": 3$ :$a4A a49: E$95W#$52": ? E"22$>? 3": E>95":]
$:@>? pE"9:4L5?2 D>a42? :$a4>95$r 2?9;? 3" L?3" 3" E"9345"2] ?5>X?A:$ a?2?95>93" ?::># ? @$2D$>5? ?3$2[9E>?
?E$93$A:$ 342?95$ ?La49: :$a493":] 4#? :>9?L>Y?;<" ?Ev:5>E? $# :>#4L5eA 3": E>95": ?" E"2@" 3": "E4@?95$:]
Z4?LZ4$2 Z4$ :$_? " $:5?3" 3": 9$" E"# ? >95$2#>5[9E>? 3? L4YA$:@>? ?95$: 3$ >9>E>?2 ? ?;<" 3$ 2$5$9;<"M
E>95": 3$ :$a42?9;? 3>?95$>2":M 342?95$ E$2E? 3$ IFH :$a493":M
’ ?5>X?;<" $D$5>X? 3": @2^A
5$9:>"9?3"2$: ^ 2$E"9b$E>3? @$L"

/$!*
2$E4" 3? E"22$>? 3" E>95" $# 3>2$;<" E?L>Y?3": p:4@$2>"2$: ? IFF8 @"2
?" $92"L?3"2M 4#? 342?;<" #‘s>#? 3$ 7 b"2?:r 9?
! Y"9? 3" @2^A5$9:>"9?3"2 @"3$# @2"A
*42?95$ ? >95$2X$9;<" 3" @2^A
X"E?2 3?9": "4 ? ?5>X?;<" 3" :>:5$#?M
5$9:>"9?3"2 @"3$A:$ X$2>D>E?2 4#? - @2^A5$9:>"9?3"2 ^ 45>L>Y‘X$L :"A
L>a$>2? $#>::<" 3$ D4#?;? Z4$ 9<" ^ #$95$ 4#? X$YM !<" :$ $9Z4?32?# 9$:5?: E"93>A
9"E>X? $ 9<" >93>E? 4# @2>9EW@>" 3$ ;\$: ?: X>K2?;\$: >934Y>3?: @$L? >2A
>9E[93>"M ’@g: ? :4? 45>L>Y?;<"] 3>2>_?A :$ d
2$a4L?2>3?3$ 3?: $:52?3?: "4 @"2 4LA
   , & #  @?2? ? :4K:5>A
- @2^A5$9:>"9?3"2 9<" 9$E$::>5? 52?@?::?a$9: ?E>3$95?>: 3$ "K:5‘E4A
54>;<" E"#@L$5? 3": 3>:@":>5>X":] >9A
3$ Z4?LZ4$2 #?945$9;<" "4 L4K2>D>A L": E"#" a4>?:] Z4$K2?A#"L?:] $5EM
EL4>93" ": E>95": 3$ :$a42?9;?M
E?;<"% Z4?LZ4$2 >95$2X$9;<" 3$ #"A 1?2? Z4?LZ4$2 >95$2X$9;<" "4 2$@?2"]
3>D>E?;<" 3?: :4?: E"93>;\$: "2>a>A 3>2>_?A :$ :$#@2$ d    , &
9?>: >9X?L>3? ? :4? $D>E>[9E>?M # 7

,$] 3$X>3" ? $X$95": 9?542?>: $sA !


E$@E>"9?>: p@"2 $sM% >9493?;\$:] #?A    
+# b>@g5$:$ ?La4#? 3$X$A:$ 3$:A
2^: Eb$>?:] $5EMr] " 3>:@":>5>X" 5>X$2 1?2? ?4#$95?2 ? @2"5$;<" $# E?:"
#"95?2 "4 >95$2X>2 9": E"#@"9$95$:
:>3" ?5>9a>3" @"2 ‘a4? $u"4 L?#?] ^ 3$ ?E>3$95$] ": $92"L?3"2$: 3":
3" @2^A5$9:>"9?3"2M
9$E$::‘2>" 3>2>a>2A:$ d    % E>95": 3$ :$a42?9;? 3>?95$>2": $:5<"
, & #  @?2? @2"E$3$2 d :4? :4K:5>A w4?LZ4$2 2$@?2?;<" 3$X$ :$2 D$>5? $Z4>@?3":] 9" :$4 >95$2>"2] E"#
54>;<"M @"2 @$::"?L Z4?L>D>E?3" $ ?45"2>Y?3"M 4# 3>:@":>5>X" Z4$ @$2#>5$ 3":?2
12"E42$ :$#@2$ ?    , & ?3$Z4?3?#$95$ ? D"2;? Z4$ ?54? 9"
# M 5g2?s $ 9": "#K2": 342?95$ ? ?;<"

3$ 2$5$9;<" 3": E>95": $# E?:" 3$
1?2? 5$2 ? #‘s>#? @2"5$;<" @$L?
E"L>:<" D2"95?LM
?;<" 3" @2^A5$9:>"9?3"2] 45>L>Y?2 "
E>95" 3$ :$a42?9;? #?95$93"A" K$#
?3$2$95$ ?" 52"9E" $ ? K?E>?M !
=95$2X$9;\$: Z4$ ?E?22$5$# E"L>A
:\$:] X>K2?;\$: "4 ?Z4$E>#$95": L"A

/$!+
  & X"L5?3": E"952? " :$95>3" 3$ #?2Eb? 3$ 2$5$9;<" ?@2"@2>?3" @?2? :$4
9" K?9E" 3>?95$>2" E"# " ?>2K?a 3" @$:" $ ?L542?M
   L?3" 3" @?::?a$>2" b?K>L>5?3"M
    ’ ?5>X?;<" 3" ?>2K?a $# E?:" 3$ 
  E"L>:<" @"3$ "E?:>"9?2 L$:\$: a2?X$: - 52?9:@"25$ 3$ E2>?9;?: 9" K?9E"
."3?: ?: E2>?9;?: E4_?: E?2?E5$2W:A "4 #"25?>: d E2>?9;? 52?9:@"25?3?M 3>?95$>2" :g ^ @$2#>5>3" $# E?:":
5>E?: DW:>E?: p>3?3$] ?L542? $ @$:"r ?: @2$X>:5": E"9D"2#$ L$a>:L?;<" $# X>A
>#@$;?# 3$ 45>L>Y?2 ": E>95": 3$ :$A a"2M !$:5$: E?:":] 3$X$2<" :$2 "K:$2A

a42?9;? E"# ": Z4?>: " X$WE4L" ^ X?3?: ?: 2$E"#$93?;\$: 3$ 45>L>Y?A
$Z4>@?3" a$94>9?#$95$] 3$X$2<" :$2 ,"#$95$ " K?9E" 52?:$>2" 3$X$2‘ ;<" @?2? E?3? a24@" 3$ 3>:@":>5>X"
@2"5$a>3?: @"2 3>:@":>5>X": 3$ 2$5$9A :$2 4:?3" @?2? " 52?9:@"25$ 3$ E2>A 3$ 2$5$9;<" >9D?95>L] E"9D"2#$ 3$5?A
;<" ?@2"@2>?3":] :$a4>93" 2>a"2":?A ?9;?: @"2 :$ 52?5?2 3? @":>;<" #?>: Lb?3" 9? 5?K$L? 3$ #"95?a$#] 9$::$ $
#$95$ ?: >9:524;\$: 3" D?K2>E?95$ 3" @2"5$a>3?] :?LX" ?: $sE$;\$: @2$X>:A E?@W54L"M
3>:@":>5>X"M 5?: $# L$>M

!" B2?:>L ?: $sE$;\$: @?2? " 52?9:A 


@"25$ 3$ E2>?9;?: 9" K?9E" 3>?95$>2" ’" 52?9:@"25?2 E2>?9;?: 9" X$WE4L"
:<"% X$2>D>Z4$ :$#@2$ ? L$a>:L?;<" $# X>A
a"2 9" @?W: $ :4?: 3$5$2#>9?;\$:M
 V$WE4L" 3"5?3" $sEL4:>X?#$95$
3$ K?9E": 3>?95$>2":M 1?2? ? #$Lb"2 @2"5$;<" $# E?:"
 w4?95>3?3$ 3$ E2>?9;?: ? :$2$# 3$ E"L>:<"] 5"3": ": "E4@?95$: 3$A
52?9:@"25?3?: $sE$3$2 " 9v#$2" X$# X>?_?2 :$95?3": $ @2"5$a>3": @$A
3$ @":5": 3": K?9E": 52?:$>2":M L": :>:5$#?: 3$ 2$5$9;<" ?3$Z4?3":
!$:5$ E?:"] ? E2>?9;? 3$ #?>"2 pE>95": 3$ :$a42?9;? ] 3>:@":>5>X": 3$
! $:5?542? 3$X$2‘ :$2 52?9:@"25?3? 2$5$9;<" >9D?95>L] $5EMrM
  ( 949E? 45>L>A 9" K?9E" 3>?95$>2" E"# " :>:5$#?
Y?2 3>:@":>5>X": 3$ 2$5$9;<" >9D?95>L

/$!,
?9;? @$2#?9$;? E"# ": E>95": ?3$A 2$5$9;<" >9D?95>LM .?L @2‘5>E? @"3$

Z4?3?#$95$ ?D>X$L?3":M E"#@2"#$5$2 " D49E>"9?#$95" ?3$A
8?3? :>:5$#? 3$ 2$5$9;<" ^ Z4?3" 3": #$:#": $ "D$2$E$2 2>:E":
@2"_$5?3" $sEL4:>X?#$95$ @?2? ? +# E?:" 3$ ?E>3$95$] :4K:5>54>2 "
d E2>?9;?M
:$a42?9;? 3$ 4#? @$::"?f 949E? 3>:@":>5>X" 3$ 2$5$9;<" >9D?95>L @"2
52?9:@"25?2 34?: "4 #?>: E2>?9;?: 4# 9"X"M
&$:#" 3$:"E4@?3":] ": 3>:@":>5>A
9" #$:#" 3>:@":>5>X" 3$ 2$5$9;<" X": 3$ 2$5$9;<" >9D?95>L 3$X$# $:A
>9D?95>L ?" #$:#" 5$#@"M 5?2 E"22$5?#$95$ ?D>s?3": @?2? $X>5?2

’E"9:$Lb?A:$ X$2>D>E?2 9?  :$4 3$:L"E?#$95" 9" >95$2>"2 3" X$WA
   , & #  ? 3>:@"9>K>L>3?3$ E4L"M ,$ @2$D$2>2] 2$#"X?A": 3" >9A
3$ 3>:@":>5>X": 3$ 2$5$9;<" >9D?95>L 5$2>"2 3" X$WE4L" Z4?93" 9<" $:5>X$A
!49E? 52?9:@"25?2 E2>?9;?: 9" E"L"
3? )>9b? P>?5 ’E$::g2>":] $:@$E>D>E?A 2$# $# 4:"M
$ 949E? 45>L>Y?2 " #$:#" E>95" @?2?
@2"5$;<" 3$ #?>: 3$ 4# "E4@?95$ ?" #$95$ 3$:$9X"LX>3": @?2? 4:" 9":
#$:#" 5$#@"M X$WE4L": P>?5M

!49E? #"X>#$95$ ": K?9E": 3"
8"9D>2? :$ " 3>:@":>5>X" 3$
 X$WE4L" E"# ? E2>?9;? ?L"_?3? $#
2$5$9;<" >9D?95>L ^ E"#@?5WX$L E"#
:$4 3>:@":>5>X" 3$ 2$5$9;<" >9D?95>LM
V$2>D>E?2 :$#@2$ :$ ": E>95": 9<" :$4 X$WE4L" $ X$2>D>Z4$ 9? 5?K$L? 3$
C$?L>Y$ 5"3": ": ?_4:5$: ?95$: 3$ E"A
$:5<" ?@">?3": 9" @$:E";" 3? E2>A #"95?a$# ?: @":>;\$: @"::WX$>:
L"E?2 ? E2>?9;? 9" 3>:@":>5>X" 3$ 2$A
?9;?M @?2? >9:5?L?;<"M ,>a? E"22$5?#$95$
5$9;<" >9D?95>LM
?: >9D"2#?;\$: 3$ >9:5?L?;<"
E"95>3?: 9" #?94?L 3$ #"95?a$#
 3>:@"9>K>L>Y?3" @$L" D"29$E$3"2 3"
!<" @$2#>5>2 Z4$ ? E2>?9;? 45>L>Y$ " 3>:@":>5>X" 3$ 2$5$9;<" >9D?95>LM
E>95" 3$ :$a42?9;? 3>?a"9?L 3$K?>s"
3": K2?;": "4 @"2 52‘: 3?: E":5?:M

*42?95$ 5"3": ": @$2E42:": 3$ 45>A !49E? ?D>s$ "4 :"K2$@"9b? 9$A
L>Y?;<" 3" X$WE4L"] a?2?95>2 Z4$ ? E2>A 9b4# #?5$2>?L 9": 3>:@":>5>X": 3$

/$"-
>     #
\
   # B    >   

B$K[ E"9D"25" u S24@": F] F' ?5^ I ?9" 3$ >3?3$ u p?5^ IG har

8?3$>2>9b? u S24@": I] 6 +952$ I $ J ?9": u S24@" I pN ? I} har ] S24@" 6 pIH ? 6H har

’::$95" 3$ $L$X?;<" u S24@" G +952$ J $ ¡]H ?9": u p3$ 66 ? G7 har

-K:$2X?;\$: :"K2$ ? >9:5?L?;<"%

 $
!<" 45>L>Y$ 3>:@":>5>X": 3$ 2$5$9;<" >9D?95>L Z4$ 9<" @"::?# :$2 E"22$5?#$95$ >9:5?L?3": $# :$4 X$WE4L"M +:5$:
3$X$# $:5?2 3$X>3?#$95$ D>s?3": @$L": E>95": "4 @$L" :>:5$#? =:"D>su."@ 5$5b$2 $ 9<" 3$X$# @"::4>2 >95$2D$2[9E>? E"#
3$#?>: @?25$: >95$29?: 3" X$WE4L"M V$2>D>Z4$ :$#@2$ " #?94?L 3" $Z4>@?#$95" @?2? $D$54?2 ? #"95?a$# E"22$5?#$95$M

/$"!
/& 
 1

1  $ ,     ; 1 < $ ,    ;  ,  &< $ ,    ;  &  <

S24@" FuF' p“ IG har (« ~ (I

S24@" I pN ? I} har («« ~ (I

S24@" 6 pIH ? 6H har («« ~ (I

S24@" G p66 ? G7 har («« ~ (I


 ]  &23 ,
60& ,
 
 + 0   ;+ & F   ,   1+  2<7
N ]   /  
 1
  7
I ¥ - K?9E" 3" @?::?a$>2" L"E?L>Y?3" ? D2$95$ 3" 3>:@":>5>X" 3$ 2$5$9;<" >9D?95>L 3$X$2‘ :$2 ?_4:5?3" 9? @":>;<" #?>: ? D2$95$ @"::WX$L @?2?
$X>5?2 " E"95?5" 3? E2>?9;? $ "4 3" 3>:@":>5>X" 3$ 2$5$9;<" >9D?95>L E"# " K?9E"M
« ¥ &"X$2 " ?::$95" 3" @?::?a$>2" D2"95?L 9? @":>;<" #?>: 2$E4?3? @"::WX$LM =9:5?L?;<" @$2#>5>3? :"#$95$ E"# ?>2K?a 3$:?5>X?3"M
«« ¥ &"X$2 " ?::$95" 3" @?::?a$>2" D2"95?L @?2? ? @":>;<" >#$3>?5?#$95$ ? D2$95$ 3? E"L49? "93$ " E>95" ^ D>s?3"] a?2?95>93" Z4$ " E>95"
$:5$_? 5$9:>"9?3" ?@g: ? >9:5?L?;<" 3" 3>:@":>5>X" 3$ 2$5$9;<" >9D?95>LM


1?2? E"22$5? >9:5?L?;<"] @":>E>"9$ " ?@">?AE?K$;? 9? @":>;<" #?>: ?L5? "4 2$#"X?A" @?2? $X>5?2 >95$2D$2[9E>? $952$
$L$ $ " 3>:@":>5>X" 3$ 2$5$9;<" >9D?95>LM 1?2? ?E$::" ? 3$:E2>;<" :"K2$ ? 2$a4L?a$# 3": ?@">?AE?K$;?:] E"9:4L5?2
x’@">?AE?K$;?:z 9" E?@W54L" x8"9b$E$93" " :$4 X$WE4L"zM +# E?:" 3$ 2$#";<" 3" ?@">?AE?K$;?:] $:5$ 3$X$ :$2
2$E"L"E?3" :$#@2$ Z4$ " ?::$95" 9<" $:5>X$2 E"# ? E?3$>2>9b? >9:5?L?3?M 8"9D>2? :$#@2$ ?: >9:524;\$: 3$ #"95?a$#
3" #?94?L 3" 3>:@":>5>X" 3$ 2$5$9;<" >9D?95>LM

!
SC’V+ 1+C=S-%

/$""
!49E? 45>L>Y?2 3>:@":>5>X": 3$ 2$5$9;<" >9D?95>L X"L5?3": E"952? " :$95>3" 3$ #?2Eb? 9" K?9E" 3>?95$>2" E"# "
?>2K?a 3" L?3" 3" @?::?a$>2" b?K>L>5?3"M

/$"%
    #N :$>2? $ >9D$2>"2] ?52‘: 3" $9E":5" 3"
-: K?9E": 52?:$>2": L?5$2?>: 3" X$WA K?9E" 52?:$>2"r $ >3$95>D>E?3? E"# "
E4L" $:5<" $Z4>@?3": E"# D>s?;\$: :W#K"L"%
=,-P=~] @?2? ? #"95?a$# 3$ 4#
3>:@":>5>X" 3$ 2$5$9;<" >9D?95>L] 3$
D"2#? 2‘@>3?] D‘E>L $ :$a42?M
- :>:5$#? =,-P=~ @$2#>5$ Z4$ X"E[
#"95$ 3>:@":>5>X": 3$ 2$5$9;<" >9D?9A
5>L =,-P=~] :$# 4:?2 ": E>95": 3$ :$A
a42?9;? 3" X$WE4L"] #?:] D>s?93" "
?::$95" 3$ E2>?9;? 3>2$5?#$95$ ? 52[: *>:@":>5>X": 3$ 2$5$9;<" >9D?95>L 3$
D>s?;\$: 9" X$WE4L"M E?5$a"2>? :$#>A49>X$2:?L @"3$# 45>L>A
c @"::WX$L $D$54?2 ? #"95?a$# Y?2 "452": 3>:@":>5>X": @?2? 3$:$#@$A
#>:5? 3$ 3>:@":>5>X": 3$ 2$5$9;<" 9b" 3$ D49;<" :>#>L?2 ?"   ]
>9D?95>L E"# 5$E9"L"a>? =,-P=~ $ ": E"#" @"2 $s$#@L"] K?:$: E"# @$2A
E"9X$9E>"9?>: Z4$ 45>L>Y?# :"#$95$ 9?: ?95>22"5?;<"M !$::$ E?:"] 9<" ^
": E>95": 3$ :$a42?9;?] $# L4a?2$: 9$E$::‘2>" " 4:" 3"   M
3>D$2$95$: 3" #$:#" X$WE4L"M
1?2? >9:5?L?2 4# 3>:@":>5>X" 3$ 2$A 
5$9;<" >9D?95>L =,-P=~] ^ 9$E$::‘A + , 45>L>Y$ " #$:#" a?9Eb" 3$
2>" D>s‘AL" d: 34?: e9E"2?: #$5‘L>A ?9E"2?a$# =,-P=~ @?2? >9:5?L?2 #?>:
E?:  L"E?L>Y?3?: 9? @?25$ >9D$2>"2 3" 3$ 4# 3>:@":>5>X" 3$ 2$5$9;<" >9D?95>L 
K?9E" 52?:$>2"] 9" @"95" 3$ $9E"9A ?" #$:#" 5$#@"M ’.+!/0-% " ?@">?AE?K$;? 3" 2$:A
52" E"# " $9E":5" 3" K?9E"] $# :$A @$E5>X" ?::$95" L?5$2?L "93$ " 
a4>3? @2$93$2 ? E"22$>? :4@$2>"2]   D"2 45>L>Y?3"] 3$X$ :$2 2$#"A
 p3>:@"9WX$L $# E"9_495" E"# X>3" @?2? E"22$5? >9:5?L?;<" 3" 3>:A
? E?3$>2>9b? E?5$a"2>? 49>X$2:?Lr $# @":>5>X"M
$ p34?: 5>2?: L"E?L>Y?3?: 9? @?25$ 52?A
/$"&
’: 5>2?: 3$ D>s?;<" 3"   E?3$>2>9b? =,-P=~ 49>X$2:?L S24@"
@"3$# $:5?2 ?L"_?3?: 9? @?25$ 3$ 52‘:] IrM ’ #"95?a$# 3$X$ :$2 2$?L>Y?3?
>9D$2>"2] 3" K?9E" 52?:$>2"M 1"25?95"] 3$ ?E"23" E"# ?: >9:524;\$: E"95>A
@?2? L"E?L>Y?2 ?: 5>2?:] " $9E":5" 3$X$ 3?: 9" 3>:@":>5>X" 3$ 2$5$9;<" >9D?9A
:$2 3$:52?X?3" $ 2$K?5>3"M 5>L $ :$4 #?94?L 3$ >9:5?L?;<"M - $9A
E?>s$ E"22$5" 3" 3>:@":>5>X" =,-P=~ ^
$X>3$9E>?3" @"2 4# EL>Z4$M

’.+!/0-% ": "452": a24@": :<"


E"K$25": @"2 ?::$95": =,-P=~ $:@$EWA
D>E":] Z4$ @"3$# :$2 4:?3": :"#$95$
:$ $:@$E>D>E?#$95$ 5$:5?3": @?2? $:5$
X$WE4L" pE$25>D>Z4$A:$ 9" #?94?L 3" $
3>:@":>5>X" 3$ 2$5$9;<" >9D?95>L :$ "
#$:#" ^ >93>E?3" @?2? $:5$ X$WE4L"rM


8"9D>2? :$#@2$ :$ ": a?9Eb": =,-A
P=~ $:5<" E"22$5?#$95$ D>s?3": ?"
X$WE4L"] #"X$93" " 3>:@":>5>X" 3$
2$5$9;<" >9D?95>L $ X$2>D>E?93" ": >9A
3>E?3"2$: 3$ E"22$5? D>s?;<" @2$:$9A
5$: 9": 3>:@":>5>X": 3$ 2$5$9;<" >9A
D?95>LM 1?2? D?E>L>5?2 ? >9:5?L?;<"] >9A
EL>9?2 L$X$#$95$ " 3>:@":>5>X" 3$ 2$A
5$9;<" >9D?95>L] 3$ D"2#? Z4$ ": a?9A
 Eb": =,-P=~ D>Z4$# #?>: K?>s": Z4$
’ D>a42? ?95$2>"2 ^ ?@$9?: >93>E?A ? "452? $s52$#>3?3$M
5>X? @?2? ? #"95?a$# p$s$#@L" 3$
/$"’
>           #N
1  $ ,     $ ,    $ ,   
1        0

   & ; 1 < ;  ,  &< ;  &  <

S24@" F p“ IF har + =,-uCI ~ ~ =)

+ =,-uCI ~ ~ =)

S24@" F ' p“ IG har * =,-uC6 ~ ~ =)

8 =,-uCG ~ ~ =) p«r

* =,-uC6 ~ ~ =)

8 =,-uCG ~ ~ =) p«r

S24@" I pN ? I} har B =,-uP6 ~ ~ =(P

BI =,-uP6~ ~ ~ =(P

’ =,-uPG ~ ~ =(P

/$")
1  $ ,     $ ,    $ ,   
1        0

   & ; 1 < ;  ,  &< ;  &  <
~ ¥ 12">K>3? ? #"95?a$# 3$ 3>:@":>5>X" E"# =,-P=~ 9$::$ ?::$95"M
=) ¥ =9:5?L?;<" E"#@?5WX$L E"# 3>:@":>5>X": =,-P=~ 3$ E?5$a"2>? :$#>49>X$2:?L] b"#"L"a?3": $:@$E>D>E?#$95$ @?2? $:5$ X$WE4L"M !$E$::‘2>"
E"9:4L5?2 ? L>:5? 3$ X$WE4L": ?@2"X?3": 9" #?94?L 3" 3>:@":>5>X" 3$ 2$5$9;<" >9D?95>L @?2? E$25>D>E?2A:$ 3? @"::>K>L>3?3$ 3$ 4:" 9$:5$ X$WE4L"M
=)p«r ¥ &"95?a$# @"::WX$L #$3>?95$ 2$a4L?a$# 3" K?9E" ?95$2>"2M
=(P ¥ =9:5?L?;<" E"#@?5WX$L E"# 3>:@":>5>X": =,-P=~ E?5$a"2>? 49>X$2:?L E"# #"95?a$# "2>$95?3? @?2? ? D2$95$ 3" X$WE4L" b"#"L"a?3": @?2?
$:5$ a24@" 3$ @$:"M

8"9:4L5$ :$#@2$ ? L$a>:L?;<" X>a$95$ 9" @?W: 2$L?5>X? ?" 4:" 3$ 3>:@":>5>X": 3$ 2$5$9;<" >9D?95>LM

1?2? E"22$5? >9:5?L?;<"] @":>E>"9$ " ?@">?AE?K$;? 9? @":>;<" #?>: ?L5? "4 2$#"X?A" @?2? $X>5?2 >95$2D$2[9E>? $952$ $L$ $ " 3>:@":>5>X" 3$ $
2$5$9;<" >9D?95>LM 1?2? ?E$::" ? 3$:E2>;<" :"K2$ ? 2$a4L?a$# 3": ?@">?AE?K$;?:] E"9:4L5?2 x’@">?AE?K$;?:z 9" E?@W54L" x8"9b$E$93" " :$4
X$WE4L"zM +# E?:" 3$ 2$#";<" 3" ?@">?AE?K$;?:] $:5$ 3$X$ :$2 2$E"L"E?3" :$#@2$ Z4$ " ?::$95" 9<" $:5>X$2 E"# ? E?3$>2>9b? >9:5?L?3?M
8"9D>2? :$#@2$ :$ ": a?9Eb": =,-P=~ $:5<" E"22$5?#$95$ D>s?3": ?" X$WE4L"M

/$"*
   ;<" o’=CB’So :>54?3? 9" E$952" 3" 2?9;? ^ @2"_$5?3? @?2? ? D2$95$ $ @"3$
X"L?95$] 9" @?>9$L 3$ >9:524#$95":] K?5$2 9? K"L:? ?>93? $# D?:$ 3$ ?K$2A
  & 9" 2$X$:5>#$95" L?5$2?L "4 94#? $5>A 542?M !$::? :>54?;<"] ? @2"5$;<" "D$A
  Z4$5? @2gs>#" 3" @"95" 3$ ?K$2542? 2$E>3? @$L? K"L:? D>E? @2$_43>E?3?M
3" ?>2K?aM
$ -: ?>2K?a: D2"95?>: @"3$# 9<"
?5>X?2A:$ 9": :$a4>95$: E?:":%
- X$WE4L" $:5‘ $Z4>@?3"] E"9D"2#$ $  #
? X$2:<"] E"#%  8b"Z4$: D2"95?>: E"952? "K_$5":
-: ?>2K?a: D2"95?>: p#"5"2>:5? $
#4>5" 3$D"2#‘X$>:] Z4$ 9<" ?D$A
 ’>2K?a D2"95?L @?2? " #"5"2>:5?M @?::?a$>2"r $ " ?>2K?a @?2? ": _"$Lb":
5?# ? :4@$2DWE>$ D2"95?L 3" X$WA
3" E"9345"2 p:$ $Z4>@?3"r @2"5$a$#
 ’>2K?a D2"95?L @?2? " @?::?a$>2"M E4L" p@"2 $sM] >#@?E5" 3" @?2?A
": "E4@?95$: 3": L4a?2$: 3>?95$>2":
 ’>2K?a: L?5$2?>: 3>?95$>2": @?2? ? L?#?: E"952? " a4?23 2?>Lr
9?: E"L>:\$: D2"95?>: 3$ a2?X>3?3$
@2"5$;<" 3? @$LX>: $ 52"9E"u5"2:" #^3>?A?L5?] ?52?X^: 3? >95$2@":>;<"  +9E?>s$ 3" X$WE4L" :"K "452":
p,>3$ K?ar 3" #"5"2>:5? $ 3" @?:A 3? K"L:? $952$ " "E4@?95$ $ " X$WE4L": "4 K?22$>2?: 3$ @2"5$;<"
:?a$>2"M X"L?95$ "4 " @?>9$L 3$ >9:524#$95":M p@"2 $s$#@L" :"K E?#>9b\$: "4
 ’>2K?a: L?5$2?>: @?2? ? @2"5$;<" a4?23 2?>L:rM
3? E?K$;? 3": "E4@?95$: 3": L4A ’ 9<" ?5>X?;<" 3": ?>2K?a: 9": "4A
a?2$: 3>?95$>2": $ 3": "E4@?9A 52": 5>@": 3$ Eb"Z4$ pL?5$2?L] @":5$A ’ 9<" ?5>X?;<" 9?: E"93>;\$:
5$: 3": L4a?2$: 52?:$>2": L?5$2?>: 2>"2] E?@"5?#$95"] $5EMr 9<" ^ @"2A ?E>#? 3$:E2>5?: 3$X$A:$ ?" D?5" 3$
p§>93"i K?a:rM 5?95" :>9t9>#" 3$ D49E>"9?#$95" >2A ": ?>2K?a: @"3$2$# 9<" "D$2$E$2
2$a4L?2 3" :>:5$#?M Z4?LZ4$2 @2"5$;<" ?3>E>"9?L 2$L?5>A
 ’>2K?a @?2? @2"5$;<" 3": _"$Lb":
ph9$$ K?ar 3" L?3" 3" #"5"2>:5?M -: ?>2K?a: D2"95?>: p#"5"2>:5? $ X?#$95$ ?": E>95": 3$ :$a42?9;? $]
:>54?3" :"K ? E"K$2542? 3? E"L49? @?::?a$>2"r 9<" :<" :4K:5>54WX$>:] #?: @"2 >::"] ? 2$:@$E5>X? ?5>X?;<" :$2>?
>9D$2>"2 d ?L542? 3": _"$Lb": 3" E"#@L$#$95?2$: ?" 4:" 3": E>95": 3$ >9"@"2549?M
#"5"2>:5?M :$a42?9;?] Z4$ ^ "K2>a?5g2>"] E"#" ’ 9<" ?5>X?;<"] 9$:5$: E?:":] 9<"
@2$:E2>5" @$L? L$a>:L?;<" X>a$95$M >93>E? 4#? ?X?2>? 3" :>:5$#?M
’ @":>;<" 3": ?>2K?a: $:5‘ ?::>A +# E?:" 3$ E"L>:<"] 4#? @$::"?
9?L?3?] 9" X$WE4L"] E"# ? >93>E?A Z4$ 9<" 45>L>Y$ ": E>95": 3$ :$a4A

/$"+
 /1 -  & &
  3$ Eb"Z4$] @"3$2>? @2"34Y>2 L$:\$:
#"25?>: 9? E2>?9;? 52?9:@"25?3?M
c E"9:5>54W3" @"2 4#? K"L:? 3$
$9Eb>#$95" >9:5?95e9$" E"95>3? 94#
X<" $:@$EWD>E" L"E?L>Y?3" 9" E$952"
3" X"L?95$M
!
’La4#?: X$2:\$: 5[# ?>2K?a D2"9A
5?L 3" L?3" 3" @?::?a$>2" ,+&1C+
’.=V-M
 /1   Q&G ;[  /1< 
& 
  ; .+ < !$::$: E?:":] ^ @2">K>3" " 52?9:A

- ?>2K?a @?2? _"$Lb": ^ E"9:5>54W3"


@"25$ 3? E2>?9;? 9" K?9E" 3>?95$>2"M
$
@"2 4#? K"L:? 3$ $9Eb>#$95" >9:5?9A ,$a4>2  ?: 2$E"#$93?;\$:
5e9$" E"95>3? $# 4# X<" $:@$EWD>E" @2$:$95$: 9? $5>Z4$5? :>54?3? 9" @?2?A
:>54?3" :"K ? E"K$2542? 3? E"L49? >9A :"L 3" L?3" 3" @?::?a$>2"M
 /1 -  & & 1  D$2>"2 d ?L542? 3": _"$Lb": 3" #"5"A
2>:5?M - {9$$ K?a D"29$E$ 4#? @2"5$A
c E"9:5>54W3" @"2 4#? K"L:? E"# ;<" ?3>E>"9?L ?" #"5"2>:5? $# E?:"
$9Eb>#$95" >9:5?95e9$" E"95>3? 3$ >#@?E5" D2"95?L X>"L$95"M
94# ?3$Z4?3" E"#@?25>#$95"
:>54?3" 9" @?>9$L 3$ >9:524#$95":]
 /1 -  &  &  %
E"# 4# #?>"2 X"L4#$ $# 2$L?;<" d
1   , G   ,  2
3" L?3" 3" E"9345"2M
’: E?3$>2>9b?: Z4$ :$ #"95?#
9" :$95>3" E"952‘2>" ?" 3$ #?2Eb?
9<" 3$X$#  :$2 #"95?3?:
9" K?9E" 3>?95$>2" E"# ?>2K?a 3"
L?3" 3" @?::?a$>2" ?5>X"] 4#? X$Y
Z4$ ? ?5>X?;<" 3" ?>2K?a] $# E?:"
/$",
 023   /1  & 342?;<" 3$ ?La49: :$a493":] " WE"9$ $   ; .+ <
 1 (  /1 & & ; >93>E?2‘ " $:5?3" 3? @2"5$;<" 3" ?>2A 1?2? ?4#$95?2 ? @2"5$;<" 3": "E4A
.+ <   /1 -  & K?a 3" @?::?a$>2"M @?95$:] $# E?:" 3$ Eb"Z4$ L?5$2?L]
8?:" :$_? 9$E$::‘2>" 52?9:@"25?2 " X$WE4L" $:5‘ $Z4>@?3" E"# ?>2K?a:
4#? E2>?9;? 94#? E?3$>2>9b? X>2?3? L?5$2?>: 3>?95$>2": p,>3$ K?ar $ ?>2K?a:
9" :$95>3" "@":5" ?" :$95>3" 3$ #?2A 3$ E"25>9? p§>93"i K?arM
Eb? 9" K?9E" 3>?95$>2"] ^ 9$E$::‘2>"
3$:?5>X?2 " ?>2K?a D2"95?L 3" L?3" 3"   /1
@?::?a$>2" $ " ?>2K?a L?5$2?L 3>?95$>2"
p,>3$ K?arM
1?2? ? 3$:?5>X?;<" 3": ?>2K?a:]
?54?2 9" &$94 3" 3>:@L?y pE"9:4LA
5?2 " @?2‘a2?D" x*>:@L?yz 9" E?@W54L"
x8"9b$E$93" " :$4 @?>9$L 3$ >9:524A  23  1   %
#$95":zrM 0( " WE"9$ ?E$93$A:$ E"# L4Y
D>s?M
!? #"L342?] :>54?3? 9" @?>9$L 3$
>9:524#$95":] $:5‘ @2$:$95$ " WE"9$  23  1   0( "
M WE"9$ ?@?a?A:$M
8"L"E?93" ? Eb?X$ 3$ >a9>;<" 9? -: )+*: @"3$# ?E$93$2A:$ E"#
@":>;<" ] " WE"9$ ?E$93$A:$ 34A >95$9:>3?3$: 3>D$2$95$:] E"9D"2#$ ?:
2?95$ ?La49: :$a493":M 8?:" >::" 9<" E"93>;\$: 3" X$WE4L"M ’ >95$9:>3?3$
?E"95$;?] 3>2>a>2A:$ d    % @"3$ X?2>?2 342?95$ " #$:#" E>EL"
, & # M *42?95$ ": @2>#$>2": :$A 3$ Eb?X$M
a493":] " ?E$93>#$95" 3" WE"9$ 9<"
>93>E? " 2$?L $:5?3" 3? @2"5$;<" 3"
@?::?a$>2"] #?: 5$# ?@$9?: " "K_$A
5>X" 3$ X$2>D>E?2 " :$4 E"22$5" D49E>A
"9?#$95"M ’ :$a4>2 ?" 5$:5$] E"# ?
/$%-
,<" E"9:5>54W3": @"2 3">: 5>@": 3$ +# E?:" 3$ Eb"Z4$: L?5$2?>: 3$
?L#"D?3?: 9": $9E":5": 3": K?9E": K?>s? a2?X>3?3$] ? ?5>X?;<" 3": ?>2A
3>?95$>2": Z4$ @2"5$a$# ? ‘2$? 3? K?a: L?5$2?>: 9<" ^ 9$E$::‘2>?M !
@^LX>: $ " 52"9E"u5"2:" 3": "E4@?95$:
’ #$Lb"2 @2"5$;<" @"2 @?25$ 3" 8"934Y>2 #?95$93" :$#@2$ ?:
$# E?:" 3$ E"L>:<" L?5$2?L 3$ a2?X>A
:>:5$#? $# E?:" 3$ E"L>:<" L?5$2?L #<": 9" X"L?95$] 3$ #"3" Z4$]
3?3$ #^3>?A?L5?M
"K5^#A:$ #?95$93" 4#? E"22$5? @"A $# E?:" 3$ ?5>X?;<" 3" ?>2K?a]
,<" ?::>9?L?3": @$L? $5>Z4$5? o’=CA :>;<" 9" K?9E" @$2#>5>93"] 3$::$ $:5$ @"::? $9Eb$2A:$ :$# $9E"952?2
B’So E":542?3? 9" L?3" $s5$2>"2 3": #"3"] 4# E"22$5" 3$:3"K2?#$95" 3" "K:5‘E4L":M
K?9E": 3>?95$>2":M §>93"i K?aM
!<" E"934Y>2 E"# " E"2@" 3$K24A
T U /1 ;?3" @?2? ? D2$95$ #?: #?95$2 " $9A
E":5" 94#? @":>;<" $2$5?] ?@">?93"
c E"9:5>54W3" @"2 4#? ?L#"D?3? K$# ?: E":5?:M $
x3$ E"25>9?z ?L"_?3? @"2 52‘: 3": 2$A !
X$:5>#$95": L?5$2?>: 3" 5$5" $ E"K$25? !<" ?@L>E?2 ?3$:>X": "4 "452": "KA
@"2 ?E?K?#$95": ?3$Z4?3":M _$5": 9" X"L?95$] 9" @?>9$L 9? ‘2$?
3" ?>2K?a 3" L?3" 3" @?::?a$>2"] 9"
!
2$X$:5>#$95" L?5$2?L 3" L?3" 3" 5$5"
$ 9": K?9E":M - 52?9:@"25$ 3$ E2>?9;?: 9" K?9E"
3>?95$>2" ^ @2">K>3"] :?LX" $sE$;\$:
!<" E"L"E?2 "K_$5": 9" @?>9$L 9" >93>E?3?: ?95$2>"2#$95$ 9$:5$ E?@WA
L?3" 3" @?::?a$>2" p@"2 $s$#@L"] E$A 54L"M +# 5?>: E?:": $sE$@E>"9?>:] 9?
L4L?2$:r 4#? X$Y Z4$ @"3$2>?# >95$2A @2$:$9;? 3$ ?>2K?a 3" L?3" 3" @?::?A
D$2>2 E"# ? E"22$5? ?K$2542? 3" ?>2K?a a$>2" ?5>X?3"] !0- >9:5?L?2 E?3$>2>A
.[# " "K_$5>X" 3$ @2"5$a$2 ? E?A 3" @?::?a$>2" $] @"2 "452" L?3"] E?4A 9b? >9D?95>L X>2?3? 9" :$95>3" "@":5"
K$;? 3": "E4@?95$: 3>?95$>2": $ 52?A :?2 L$:\$: a2?X$: ?": "E4@?95$: 3" ?" :$95>3" 3$ #?2Eb? 9" K?9E" 3>A
:$>2": $# E?:" 3$ E"L>:<" L?5$2?L] a2?A X$WE4L"M ?95$>2"M +# E?:" 3$ E"L>:<"] ? ?5>A
;?: d :4? ?#@L? :4@$2DWE>$ 3$ 3$:$9A X?;<" 3" ?>2K?a @"3$ @2"34Y>2 L$A
X"LX>#$95"M :\$: #"25?>: 9? E2>?9;? 52?9:@"25?3?]

/$%!
>93$@$93$95$#$95$ 3? a2?X>3?3$ 3? +X>5$ ?E>3$95$:M
E"L>:<"M
1"25?95"] 3$:?5>X?2 :$#@2$ " ?>2A !
K?a 3" L?3" 3" @?::?a$>2" Z4?93" !<" @2$93$2 "K_$5": 2Wa>3": ?":
9" K?9E" 3>?95$>2" 3" @?::?a$>2" :$ E?K>3$: $ d: ?L;?: 3$ :4:5$95?;<"M !
>9:5?L? 4#? E?3$>2>9b? @?2? E2>?9;?: ,$ ? L4YA$:@>? 9<" :$ ?E$93$2
1"3$2>?# >95$2D$2>2 E"# ? E"22$5?
#"95?3? 9" :$95>3" "@":5" ?" :$9A a>2?93" ? Eb?X$ 3$ >a9>;<" @?2? ?
?K$2542? 3": i>93"i K?a: $] @"2
5>3" 3$ #?2Eb?M ’L^# 3>::"] " K?9E" @":>;<" ] "4 D>E?2 ?E$:? 342?95$
"452" L?3"] E?4:?2 L$:\$: a2?X$: ?":
3>?95$>2" 3" @?::?a$>2" 3$X$ :$2 2$A ? #?2Eb?] ^ @"::WX$L Z4$ $:5$_? @2$A
"E4@?95$: 3" X$WE4L"M
a4L?3" @?2? ? @":>;<" #?>: 2$E4?3?] :$95$ 4#? ?9"#?L>? 9": :>:5$#?: 3$
@?2? $X>5?2 @"::WX$>: E"95?5": 3? E?A 2$5$9;<"M
3$>2>9b? @?2? E2>?9;?: E"# " @?>9$LM
C$?5>X?2 >#$3>?5?#$95$ " ?>2K?a 3" !$::$ E?:"] ": @2^A5$9:>"9?3"2$:
@?::?a$>2" ?::># Z4$ :$ 5>X$2 3$:>9:A ! "4 ": ?>2K?a: @"3$# 9<" :$ ?5>X?2 $#
5?L?3" ? @2g@2>? E?3$>2>9b?M E?:" 3$ ?E>3$95$ "4] $# 4# 9v#$2"
!<" ?@">?2 ? E?K$;?] ": K2?;": "4
3$ E?:": #?>: L>#>5?3"] ?5>X?2A:$ 3$
": E"5"X$L": 9? @"25?] 9?: _?9$L?: $
#"3" $22?3"M ’95$: 3$ @2"::$a4>2]
9? ‘2$? 3" i>93"i K?aM
E"95?5?2 ?    , & #  @?2?
+::?: @2$E?4;\$: 5[# " "K_$5>X" " >#$3>?5" E"952"L$ 3" :>:5$#?M
! $X>5?2 @"::WX$>: L$:\$: 342?95$ ? D?:$
1?2? ? 3$:?5>X?;<" 3": ?>2K?a:] 45>A 3$ $9Eb>#$95"M
L>Y$ " &$94 3" Z4?32" 3$ >9:524#$9A
5": p:$ $Z4>@?3"rM
!
8"9:4L5?2 " E?@W54L" x8"9b$E$93" +# ?La4#?: X$2:\$:] $# E?:" 3$
" :$4 @?>9$L 3$ >9:524#$95":z 9" ! ?X?2>? 3" )+* ## p:>54?3" 9?
@?2‘a2?D" x-@;\$: 3" #$94zM !<" E"L"E?2 949E? ? E?K$;?] ": #"L342? @2$:$95$ 9" @?>9$L 3$ >9:A
K2?;": $ ": E"5"X$L": D"2? 3?: _?9$A 524#$95":r] ?E$93$A:$ ? L4YA$:@>?
L?:M 9" Z4?32" 3$ >9:524#$95":M

/$%"
’5$9;<" d: :>9?L>Y?;\$:M K?9E" 3>?95$>2" 3" @?::?a$>2" 9? @2$A
:$9;? 3$ ?>2K?a 3" @?::?a$>2" ?5>X"M
! 1"25?95"] 3$:?5>X?2 p:$ $Z4>@?3"r
,$ " X$WE4L" 5>X$2 :>3" "K_$5" 3$ :$#@2$ " ?>2K?a 3" L?3" 3" @?::?A
! 2"4K" "4 3$ 5$95?5>X? 3$ 2"4K"] :$ a$>2" Z4?93" 9" K?9E" 3>?95$>2" 3"
!? @2$:$9;? 3$ ,>3$ K?a:] 9<" E"A :"D2$4 ?5": 3$ X?93?L>:#"] >9493?A @?::?a$>2" :$ >9:5?L? 4#? E?3$>2>9b?
K2>2 " $9E":5" 3": K?9E": 3>?95$>A ;\$: "4 ?L?a?#$95":] #?93?2 X$2>D>A @?2? E2>?9;?: #"95?3? 9" :$95>3"
2": E"# 2$X$:5>#$95":] E"K$2542?: "4 E?2 " :>:5$#? ?>2K?a _495" d  % "@":5" ?" :$95>3" 3$ #?2Eb?M ’L^#
E?@? @?2? K?9E":M   , & # 7 3>::"] " K?9E" 3>?95$>2" 3" @?::?A
a$>2" 3$X$ :$2 2$a4L?3" @?2? ? @":>A
+:5$: @"3$# @2$_43>E?2 " D49E>"A -K:$2X$ :$#@2$ ?: 2$E"#$93?A
;<" #?>: 2$E4?3?] @?2? $X>5?2 @"::WA
9?#$95" 3" :>:5$#?M ;\$: 3$:5$ #?94?LM
X$>: E"95?5": 3? E?3$>2>9b? @?2? E2>A $
?9;?: E"# " @?>9$LM C$?5>X?2 >#$3>A
?5?#$95$ " ?>2K?a 3" @?::?a$>2" ?:A
:># Z4$ 5>X$2 3$:>9:5?L?3" ? @2g@2>?
! ! E?3$>2>9b?M 1"2 D>#] 2$E"23?2A:$ Z4$]
!<" X>?_?2 E"# "K_$5": ?" E"L"] 8"# ? Eb?X$ 3? >a9>;<" 9? @":>A :$ ? Eb?X$ 3$ >a9>;<" :$ $9E"952?2
$# D2$95$ ?" 5g2?s 9$# E"# E?Eb>#A ;<" ] #$:#" E"# " #"5"2 3$:A 9? @":>;<" ] 9$9b4# 3>:@":>A
K": "4 L‘@>: 9? K"E?] $5EM L>a?3"] ": ?>2K?a: @"3$# :$2 ?5>X?A 5>X" 3$ :$a42?9;? p?>2K?a: "4 @2^A
3": 5?#K^# E"# " X$WE4L" @?2?3"] 5$9:>"9?3"2$:r ^ ?5>X?3" $# E?:" 3$
+# E?:" 3$ E"L>:<" E"# >95$2X$9A E?:" $:5$ :"D2? Eb"Z4$ 3$ "452" X$WA E"L>:<"f ? D?L5? 3$ ?5>X?;<" 3$ 5?>:
;<" 3" ?>2K?a] @"3$2<" E?4:?2 3?9": E4L" $# #"X>#$95"M ’::>#] #$:#" 3>:@":>5>X":] 9$:5$: E?:":] 9<" @"3$
a2?X$:M E"# " X$WE4L" @?2?3"] :$ $:5>X$2 @2$A :$2 E"9:>3$2?3? E"#" :>9?L 3$ ?X?2>?
:$95$ ?La4#? $sE$;<" @2$X>:5? 9? )$> 3" :>:5$#?M
Z4$ _4:5>D>Z4$ ? >9:5?L?;<" 3? E?3$>A
2>9b? 9" K?9E" 3>?95$>2"] ?: E?3$>A
2>9b?: 3$ E2>?9;?: Z4$ :$ #"95?#
9" :$95>3" "@":5" ?" :$95>3" 3? #?2A
Eb?  3$X$# :$2 >9:5?L?3?: 9"
/$%%
3$:] @?::$>":] Z4$3?: 3" X$WE4L" $#
a2?93$: K42?E": "4 3$@2$::\$: 3$ $:A
! ! 52?3?] $5EMrM
’ ?X?2>? 3? L4YA$:@>? ^ >93>E?3? - ?>2K?a 9<" :4K:5>54> ": E>95":
E"# " ?E$93>#$95"] 9" 3>:@L?y 3" 3$ :$a42?9;?] #?: ?4#$95? ? :4? 
Z4?32" 3$ >9:524#$95":] 3$ 4# WE"9$ $D>E‘E>?M ’ $952?3? $# D49E>"9?#$95" 3":
3$ ?X?2>? 3" ?>2K?a $ @$L? X>:4?L>A ?>2K?a: L>K$25? 4#? @$Z4$9? Z4?95>A
Y?;<" 3$ 4#? #$9:?a$# $:@$EWD>E?M *?3" Z4$ ": ?>2K?a: D2"95?>: 9<"
>95$2X[# $# E?:" 3$ E"L>:\$: D2"95?>: 3?3$ 3$ @g:% $:5$: 9<" :<" 9"E>X": $
!<" :<" 3$:?5>X?3?: ?: E?2a?: @>2"A 9<" >93>E?# 4# @2>9EW@>" 3$ >9E[9A
5^E9>E?:M ? K?>s? X$L"E>3?3$] E"L>:\$: L?5$2?>:]
E"L>:\$: 52?:$>2?: "4 E?@"5?#$95":] 3>"M !" $95?95"] " @g @"3$2‘ >22>5?2
’95$: 3$ @2"::$a4>2] E"95?5?2 ": "E4@?95$: $:5<" @2"5$a>3":] ?L^# ? @$L$ $ ": "Lb":% 9$:5$ E?:"] L?X?2
?    , & #  @?2? " 3": $X$954?>: ?>2K?a: L?5$2?>:] @$L": E"# :?K<" 9$452" $ ‘a4?M
>#$3>?5" E"952"L$ 3" :>:5$#?M E>95": 3$ :$a42?9;? Z4$] @"25?95"]
3$X$# $:5?2 :$#@2$ ?@$25?3":M

."3?: ?: >95$2X$9;\$: 3$ E"952"L$]
 2$@?2?;<" $ :4K:5>54>;<" >9$2$95$:
! !<" L?X?2 ": K?9E": E"# ‘a4? "4 ?": ?>2K?a: 3$X$# :$2 $D$54?3?: 9?
’ >95$2X$9;<" 3" ?>2K?a $:5‘ X?@"2 :"K @2$::<" pd #<" "4 9?: $:A    , & # 7
@2$X>:5? @?2? 5>@": 3$ E"L>:\$: 5?;\$: 3$ L?X?a$# ?45"#‘5>E?: @?2?
3$ a2?X>3?3$ :4@$2>"2 d 3": @2^A K?9E":rM
5$9:>"9?3"2$:M 
+# E?:" 3$ :4E?5$?#$95" 3" X$WA
+# E"L>:\$: E"#@2$$93>3?: 9" >9A  E4L"] 3>2>a>2A:$ d    , &
5$2X?L" $952$ ": 3">: L>#>5$: 3$ ?5>X?A #  @?2? 3$:?5>X?2 " :>:5$#? 3$ ?>2A
’ ?5>X?;<" 3": ?>2K?a: D2"95?>: $u"4
;<"] ^ 9"2#?L Z4$ :"#$95$ ": @2^A K?a:M
L?5$2?>: ^ @"::WX$L :$ " X$WE4L" D"2
5$9:>"9?3"2$: $952$# $# D49E>"9?A
:4K#$5>3" ? D"25$: E"L>:\$: 2$L?E>"A
#$95"M
9?3?: d ‘2$? >9D$2>"2 3? E?22"E$2>?
p$sM E"L>:\$: X>"L$95?: E"952? a2?A
/$%&

’ ?5>X?;<" 3$ @2^A5$9:>"9?3"2$: $
?>2K?a: ^ 3$E>3>3? 3$ #"3" 3>D$2$9A
E>?3"] E"# K?:$ 9" 5>@" 3$ E"L>:<"M
’ 9<" ?5>X?;<" 3$ 4# "4 #?>: ?>2A
K?a: 9<" >93>E? 4# #?4 D49E>"9?A
#$95" 3" :>:5$#?M

/$%’
&   & *=8’, *+ *=C+/0- M M M M M M M M M M M M M M M M +AHF

+952$#": 9" oE"2?;<"o 3" X$WE4L"% X$_?#": E"#"


45>L>Y‘AL" 3? #$Lb"2 D"2#? $# 5"3?: ?: :4?: @"5$9E>?L>A
3?3$:M !$:5$ E?@W54L" $:5<" 3$:E2>5": @2"E$3>#$95": 3$
E"#" E"934Y>AL" $# :$a42?9;? $# Z4?LZ4$2 :>54?;<"M

1’C.=*’ *- &-.-C M M M M M M M M M M M M M M M M +AI


C+8-&+!*’/n+, 1’C’ *+,)=S’C -
&-.-C M M M M M M M M M M M M M M M M M M M M M M M M +AH
PC+=- *+ +,.’8=-!’&+!.- M M M M M M M M M M M +A7
.C’!,&=,,0- &’!(’) M M M M M M M M M M M M M M +A}
.C’!,&=,,0- ’(.-&‹.=8’ M M M M M M M M M M M +AN
%
.C’/0- =!.+SC’) p:$ $Z4>@?3"r M M M M M M M M +AI7
,=,.+&’ ,.’C.ƒ,.-1 M M M M M M M M M M M M M M +A6F
)=&=.’*-C *+ V+)-8=*’*+ p:$
$Z4>@?3"r M M M M M M M M M M M M M M M M M M M M M M +A67
8-!.C-)+ *+ V+)-8=*’*+ M M M M M M M M M M +A6}
’,,=,.+!.+ *+ +,.’8=-!’&+!.- M M M M M M M +AGI
8›&+C’ *+ Cc p:$ $Z4>@?3"r M M M M M M M M M M M +AGJ
,=,.+&’ *+ &-!=.-C’&+!.- *’ 1C+,,0-
*-, 1!+(, M M M M M M M M M M M M M M M M M M M M +AG7
C+’B’,.+8+!*- - V+m8()- M M M M M M M M M M +AJI
S’!8T- *+ C+B-w(+ A p:$ $Z4>@?3"r M M M M M +AJ¡
0
&    !": @2>#$>2": I7FF h#] 9<" $s>A
a>2 " #‘s>#" 3$:$#@$9b" 3" X$WA
 ! E4L" p@"2 $sM] ?E$L$2?;\$: $sE$::>X?:]
  3>:5e9E>?: 3$#?:>?3?#$95$ @2"L"9A
+9Z4?95" " #"5"2 9<" $:5>X$2 L>A a?3?: 9": 2$a>#$: #‘s>#":] D2$9?A
’95$: 3$ L>a?2 " X$WE4L"] 2$a4L?2 " a?3"] " :$2X"D2$>" 9<" $:5‘ ?5>X"M a$9: $sE$::>X?#$95$ K24:E?:] $5EMrM
K?9E"] ": $:@$Lb": 2$52"X>:"2$: >95$2A *>?95$ 3>::"] ^ 9$E$::‘2>" $s$2E$2
9": $ $s5$29": $ ?@$25?2 E"22$5?#$95$ 4# $:D"2;" 9" @$3?L 3$ D2$>" #4>5"
" E>95" 3$ :$a42?9;?M #?>"2 3" Z4$ " b?K>54?LM
1?2? ? @?25>3? 3" #"5"2] 949E? !
@2$::>"9?2 " @$3?L 3" ?E$L$2?3"2M 8"# " #"5"2 3$:L>a?3"] 9<" 3$>s?2
,$ D"2 9$E$::‘2>"] 9" 3>:@L?y @"A ? Eb?X$ 3$ >a9>;<" 9? @":>;<" M
3$# X>:4?L>Y?2A:$ #$9:?a$9: Z4$ >9A !
+:5? ?5>543$ $X>5? " E"9:4#" >93$A
3>E?# " @2"E$3>#$95" @?2? $D$54?2 ? 1?2? ": X$WE4L": E?5?L>:?3": 3$X$ :$_‘X$L 3$ $9$2a>? 3? K?5$2>?M
@?25>3?M :$2 E"#@L$5?#$95$ $X>5?3" ? @?25>3? %
E"# $#@422<"] 2$K"Z4$ "4 ?@2"X$>A
5?93" ?: 3$:E>3?:M
+::?: #?9"K2?: @"3$# E?4:?2 " !
! ?DL4s" 3$ E"#K4:5WX$L 9" E"9X$2:"2
1>:?2 9" ?E$L$2?3"2 ?95$: 3$ 3$:L>A
- #"5"2 E"9:"#$ "s>a[9>" $ L>K$2? E?5?LW5>E" $ 3?9>D>E‘AL" >22$#$3>?X$LA
a?2 " #"5"2 9<" 5$# 9$9b4#? 45>L>A
a‘: E?2Kt9>E"] #"9gs>3" 3$ E?2K"9" #$95$M
3?3$M
$ "452": a?:$: 5gs>E":M
+:5? ?5>543$ @2"X"E? 4# E"9:4#"
c @$2>a":" 3$>s?2 " #"5"2 D49E>"A
>9v5>L 3$ E"#K4:5WX$L $ ^ @2$_43>E>?L]
9?93" $# L"E?L D$Eb?3"M
! $:@$E>?L#$95$ @?2? ": #"5"2$: E"#
542K"E"#@2$::"2M
’La49: E4>3?3": :<" 9$E$::‘2>":
9" @2>#$>2" @$2W"3" 3$ X>?a$#M

0$!
  A #"5"2 L>a? Z4?93" ^ @2$::>"9?3"  S>2?2 ? Eb?X$ 3$ >a9>;<" @?2? ?
#N " K"5<" 3" 3>:@":>5>X" 3$ @":>;<" % ?E$93$A:$ ? L4YA
@?25>3?M $:@>? 9" Z4?32" 3$ >9:524A
’ 5$E9"L"a>? 3$ @?25>3? ? D2>" :$ K?A
#$95":M
:$>? 9" ?Z4$E>#$95" @2^X>" 3" $5?A
9"L] Z4?93" D"2 " E?:"] 9" :>:5$#? 3$  1>:?2 9" @$3?L 3? $#K2$?a$#]
  A
?L>#$95?;<"M +::? :"L4;<" 3>:@$9:? " :$# @>:?2 9" ?E$L$2?3"2M

4:" 3$ 2$:$2X?5g2>" ?4s>L>?2 3$ a?:"A  1?2? X$2:\$: E"# Eb?X$ #$EeA
L>9? @?2? @?25>3? ? D2>"] E?:" " $5?9"L 9>E?] ?a4?23?2 Z4$ ? L4YA$:@>? ]
:$_? " E"#K4:5WX$L @2$@"93$2?95$ 9" :$ ?@?a4$] a>2?2 ? Eb?X$ 3$ >a9>A
5?9Z4$ 3$ E"#K4:5WX$LM ! ;<" @?2? ? @":>;<"  $ :"L5‘A
L? ?::># Z4$ " #"5"2 D49E>"9?2M
- ?E$93>#$95" 3? L4YA$:@>? 3$
 8 ,
,9
/  +
: , 1?2? X$2:\$: E"# Eb?X$ $L$52tA
#"3" >95$2#>5$95$ ?@g: ? @?25>3? "4
9>E?] K?:5? ?E>"9?2 " K"5<" $
12"E$3$2 3" :$a4>95$ #"3"% 342?95$ 4#? E"934;<" @2"L"9a?3?
?a4?23?2 Z4$ " #"5"2 D49E>"9$M
?::>9?L? 4#? ?9"#?L>? 9" :>:5$#? 3$
@2$?Z4$E>#$95" 3?: X$L?:M  ,$ " #"5"2 9<" L>a?2 3$952" 3$
 +9a?5?2 " D2$>" 3$
IF :$a493":] X"L5?2 ? Eb?X$ 3$
$:5?E>"9?#$95" $ @":>E>"9?2 ? ,$ " #"5"2 L>a?2] ^ @"::WX$L 45>L>Y?2 >a9>;<" @?2? ? @":>;<"  $
?L?X?9E? 3$ Ee#K>" 9? @":>;<" 2$a4L?2#$95$ " X$WE4L"] #?: ^ @2$A ?a4?23?2 IFAIH :$a493": ?95$:
 p+:5?E>"9?#$95"r "4  p1"95" E>:" 3>2>a>2A:$ >#$3>?5?#$95$ d  3$ 2$@$5>2 ? #?9"K2? 3$ @?25>3?M
#"25"rM   , & # 7
 S>2?2 ? Eb?X$ 3$ >a9>;<" 9? @":>A  8 ,
,9
/  +
: ,
;<" M  8 ,
,9
/ 
 +&
 ,$ " #"5"2 9<" L>a?2] X"L5?2 ? a>2?2 12"E$3$2 3" :$a4>95$ #"3"%
12"E$3$2 3" :$a4>95$ #"3"%
? Eb?X$ 3$ >a9>;<" @?2? ? @":>;<"
 $ ?a4?23?2 IFAIH :$a493":  +9a?5?2 " D2$>" 3$
 +9a?5?2 " D2$>" 3$ $:5?E>"9?#$95" $:5?E>"9?#$95" $ @":>E>"9?2 ?
?95$: 3$ 2$@$5>2 ? #?9"K2? 3$
$ @":>E>"9?2 ? ?L?X?9E? 3$ Ee#A ?L?X?9E? 3$ Ee#K>" 9? @":>;<"
@?25>3?M
K>" 9" @"95" #"25"  p+:5?E>"9?#$95"r "4  p1"95"
 !?: X$2:\$: $Z4>@?3?: E"#
#"25"rM
Eb?X$ $L$52t9>E? p+95$2A!AS"r] "
0$"
 S>2?2 ? Eb?X$ 3$ >a9>;<" @?2? ?  p+:5?E>"9?#$95"r "4  p1"95" s?2 ?22$D$E$2 " #"5"2 3$ @?25>3?f
@":>;<" M #"25"rM $# :$a4>3?] 2$@$5>2 " @2"E$3>A
 ,$ " #"5"2 9<" L>a?2] X"L5?2 ? a>2?2  ’E>"9?2 " @$3?L 3$ D2$>" :$# @>:?2 #$95" 3$ @?25>3?M
? Eb?X$ 3$ >a9>;<" @?2? ? @":>;<" 9" ?E$L$2?3"2M  ,$ " #"5"2 9<" L>a?2 ?@g: } 5$9A
 $ ?a4?23?2 IFAIH :$a493":  12$::>"9?2 " K"5<" M 5?5>X?:] 3$>s?2 ?22$D$E$2 " #"5"2
?95$: 3$ 2$@$5>2 ? #?9"K2? 3$  ,$ " #"5"2 9<" L>a?2] X"L5?2 ? @2$:A 3$ @?25>3? 342?95$ @$L" #$9": IF
@?25>3?M :>"9?2 " K"5<"  $ ?a4?23?2 :$a493": $] $# :$a4>3?] 2$@$5>2 "
IF ? IH :$a493": ?95$: 3$ 2$@$5>2 @2"E$3>#$95"M
 ? #?9"K2? 3$ @?25>3?M
,$] E"# ? Eb?X$ 3$ >a9>;<" 9? @"A 
:>;<" ] " :W#K"L" 9" 3>:@L?y  ?  (#? @?25>3? ?@g: >9?5>X>3?3$ @2"A
@$2#?9$E$2 ?E$:" _495?#$95$ E"# ?   L"9a?3? 3" X$WE4L" @?25>E4L?2#$95$
L4YA$:@>? ] 2$@"2 ? Eb?X$ 3$ >aA 3>DWE>L] @"3$ 5?#K^# :$2 @2"X"E?3?
9>;<" 9? @":>;<"  $ 3$@">: 3$ w4?93" " X$WE4L" 9<" D"2 L>a?3" @$L" @?2E>?L 3$:E?22$a?#$95" 3? K?A
9"X" $# M ,$ ? L4YA$:@>? p"4 "4 E"934Y>3" 342?95$ @$L" #$9": GH 5$2>?M !$::$ E?:"] E"9:4L5?2 " @?2‘A %
" :W#K"L" 9" 3>:@L?yr @$2#?9$E$2 3>?:] ^ ?E"9:$Lb‘X$L 5$2 ": :$a4>95$: a2?D" o1?25>3? 3$ $#$2a[9E>?o 9" E?A
?E$:?] X"L5?2 ? 5$95?2 E"# ?: "452?: E4>3?3":M @W54L" o+# $#$2a[9E>?oM
Eb?X$: D"29$E>3?:M ,$] #$:#" ?::>#] 1?2? L>a?2 " #"5"2] @2"E$3$2 3"
9<" D"2 @"::WX$L L>a?2 " #"5"2] 3>2>a>2A :$a4>95$ #"3"%
:$ d    , & # M #    
 S>2?2 ? Eb?X$ 3$ >a9>;<" 9? @":>A 0 
 8 #N   ,
DE& ;<"  $] @?2? X$WE4L": E"# !<" 5$95?2 ? @?25>3? 3" #"5"2 3$>A
  E%%  Ee#K>" #?94?L] :"L5‘AL? ?::># s?93" E"#K4:5WX$L "4 "452" LWZ4>3"
12"E$3$2 3" :$a4>95$ #"3"% Z4$ " #"5"2 L>a?2M >9DL?#‘X$L 9" >95$2>"2 3? 5"#?3? 3$
 ,$ " #"5"2 9<" L>a?2 3$952" 3$ ?2 3" E"2@" 3$ K"2K"L$5?% $:5? "@$2?A
 +9a?5?2 " D2$>" 3$ IF :$a493":] X"L5?2 ? E"L"E?2 ;<" @"3$ @2"X"E?2 3?9": 9" #"5"2 $
$:5?E>"9?#$95" $ @":>E>"9?2 ? ? Eb?X$ 3$ >a9>;<" 9? @":>;<" $# $X$954?>: @$::"?: Z4$ :$ $9E"9A
?L?X?9E? 3$ Ee#K>" 9? @":>;<" ] ?a4?23?2 H :$a493": $ 3$>A 52$# 9?: @2"s>#>3?3$:M
0$%
!<" 5$95?2 ? @?25>3? 3" #"5"2 2$K"A !$:5$ E?:"] ?@">?2 ? $s52$#>3?3$ # % A
E?93" "4 $#@422?93" " X$WE4L"M +:A ?22$3"93?3? 3? Eb?X$ $L$52t9>E? $
5?: #?9"K2?: @2"X"E?2>?# ? $952?3? pL?3" "@":5" 2$L?5>X?#$95$ ?" Z4?L :$
’95$: 3$ 3$:L>a?2 " #"5"2] #?95[A
3$ E"#K4:5WX$L 9" E"9X$2:"2 E?5?LWA $9E"952? " E"2@" #$5‘L>E"r 9" K"5<"
L" $# #?2Eb? L$95? 342?95$ ?La49:
5>E" Z4$] 9? @?25>3? 3" #"5"2] :$ >9A 3" 3>:@":>5>X" 3$ @?25>3? $ @2$::>"9?2
#>945": 3$ #"3" ? @$2#>5>2 4#? L4A
DL?#?2>?] @2"X"E?93" " :4@$2?Z4$E>A " @2g@2>" K"5<" ?52?X^: 3? Eb?X$ $L$A
K2>D>E?;<" ?3$Z4?3? 3" 542K"E"#A
#$95" $ 3?9": 9" @2g@2>" E"9X$2:"2M 52t9>E?M *$:5$ #"3"] ?E>"9?A:$ " 3>:A
@2$::"2M +:5$ @2"E$3>#$95" ^ @?2A
@":>5>X" 3$ @?25>3? @?2? L>a?2 " #"5"2M
+# E?:" 3$ K?5$2>? 3$:E?22$a?3?] ^ 5>E4L?2#$95$ ?E"9:$Lb?3" ?@g: 4#?
@"::WX$L $D$54?2 4#? @?25>3? 3$ $#$2A E"934;<" $s>a$95$M
a[9E>? L>a?93"A?] ?52?X^: 3$ E?K": >   ’@g: " D49E>"9?#$95" E"# @L$9?
?3$Z4?3":] ? 4#? K?5$2>? ?4s>L>?2 "4   ?   E?2a? "4] $# 5"3" " E?:"] E"# D"25$:
d K?5$2>? 3$ "452" X$WE4L"M ."3?X>?]
12"E$3$2 3" :$a4>95$ #"3"% :"L>E>5?;\$: 3$ @"5[9E>?] #?95$2 "
$:5? #?9"K2? @"3$ :$2 @$2>a":? :$
#"5"2 $# #?2Eb? L$95? 3$ G ? H
$D$54?3? 3$ #"3" >9E"22$5"M 8"9:4LA
 8"L"E?2 L$95?#$95$ " X$WE4L" $# #>945": ?95$: 3$ 3$:L>a‘AL"M
5?2 " @?2‘a2?D" o1?25>3? 3$ $#$2a[9A
E>?o 9" E?@W54L" o+# $#$2a[9E>?oM #"X>#$95"] D?Y$93" " #"5"2 2"A +:5$ @$2W"3" 3$ 5$#@" @$2#>5$ ?"
3?2 $# 2$a>#$ #^3>"] :$# :"L>E>A gL$" L4K2>D>E?95$ $ ?" LWZ4>3" 3$ ?22$A
   
 ,
/   5?2 ?E$L$2?;\$: K24:E?: D$E>#$95" 3" #"5"2 $L>#>9?2 " E?L"2
,G0 & H , ;DE&   %%  +X>5?2 @2"E42?2] 3$:3$ ": @2>#$>A $sE$::>X" 3? Ee#?2? 3$ E"#K4:5<"]
< , 1 2": Z4>Lt#$52":] " #‘s>#" 3$ 3$A 2"L?#$95":] E"#@"9$95$: >95$29": $
:$#@$9b"M c ?E"9:$Lb‘X$L ?a4?2A 542K"E"#@2$::"2M
’ D?L5? 3$ 2$:@":5? 3" 3>:@":>5>X" 3?2 Z4$ " >93>E?3"2 3? 5$#@$2?A
3$ @?25>3? ?" @2$::>"9?2 " 2$:@$E5>X" 542? 3" LWZ4>3" 3$ ?22$D$E>#$95"
K"5<" @"3$ :>a9>D>E?2 Z4$ ? K?5$2>? 3? 3" #"5"2 E"#$E$ ? :4K>2M
Eb?X$ $L$52t9>E? $:5$_? 3$:E?22$a?3?M
’::>#] " :>:5$#? 9<" >2‘ 3$5$E5?2 ?
@2$:$9;? 3? Eb?X$ $L$52t9>E? ? K"23"
3" X$WE4L" $ X>:4?L>Y?2‘ 9" 3>:@L?y
4#? #$9:?a$# $:@$EWD>E?M

0$&
 # 6,+& .+  ,
,G0 &% ’K2>93" ? @"25? 3" L?3" 3" E"9A
 H , ;DE&   %% < 345"2 E"# " Z4?32" 3$ >9:524#$95":
&     8"# X$L"E>3?3$ 3" X$WE4L" :4@$A
?E$:"] :$2‘ $#>5>3" 4# K2$X$ :>9?L
 ?Ev:5>E"] @?2? L$#K2?2 ?" E"9345"2
2>"2 ? } h#ub ^ @"::WX$L 3$:L>a?2 "
Z4$ 3$:L>a4$ " X$WE4L"M !" 3>:@L?y
 #"5"2] #$:#" @?2? X$WE4L": $Z4>A
:$2‘ X>:4?L>Y?3? 4#? #$9:?a$# $:A
@?3": E"# Ee#K>" ?45"#‘5>E" E"#
1?2? 3$:L>a?2 " #"5"2] @2"E$3$2 3" @$EWD>E?M
?L?X?9E? 94#? @":>;<" 3>D$2$95$ 3$
:$a4>95$ #"3"%  p+:5?E>"9?#$95"rM !$:5$ E?:"] @?2? w4?93" ? Eb?X$ 3$ >a9>;<" $:5‘
3$:L>a?2 " #"5"2] ^ 9$E$::‘2>" @2$:A 9? @":>;<" ] " D49E>"9?#$95"
 +:5?E>"9?2 " X$WE4L" 94#? @":>A :>"9?2 @2"L"9a?3?#$95$ " K"5<" 3" 3": L$X?95?3"2$: 3": X>32": $L^52>E":
;<" Z4$ 9<" E"9:5>54? @$2>a" @?2? 3>:@":>5>X" 3$ @?25>3? "4 @2$::>"9‘AL" @$2#?9$E$ ?5>X" 342?95$ E$2E? 3$
" 52e9:>5"M G X$Y$: E"9:$E45>X?#$95$ 9" $:@?;" G #>945":M ’ ?K$2542? 3$ 4#? 3?:
 +9a?5?2 4#? #?2Eb? pX$2:\$: 3$ @"4E": :$a493":M !$:5$ E?:"] " @"25?: 3>?95$>2?: ?94L? $:5? D49;<"M
E"# Ee#K>" #?94?Lr "4 #"5"2 3$:L>a?2‘ $ " 3>:@":>5>X" 3$
@?25>3? :$2‘ @":>E>"9?3" $# M
@":>E>"9?2 ? ?L?X?9E? 3$ Ee#K>"
 %
$#  p+:5?E>"9?#$95"r pX$2:\$: 8"# " :>:5$#? {$yL$:: +95$2A!A
E"# Ee#K>" ?45"#‘5>E"rM *$@">: 3$ 4# @$2E42:" 3$:a?:A
S"] ^ @"::WX$L ?K?93"9?2 " X$WE4L"
5?95$] ?95$: 3$ 3$:L>a?2 " #"5"2]
 8"# " #"5"2 $# #?2Eb? L$95?] E"# " #"5"2 L>a?3"] L$X?93" E"9:>a"
3$>s?2 " #"5"2 $# #?2Eb? L$95?] @"2
S>2?2 ? Eb?X$ 3$ >a9>;<" @?2? ? ? Eb?X$ $L$52t9>E?] :$# Z4$ " #"A
?@2"s>#?3?#$95$ I #>945"] @?2?
@":>;<" M 5"2 :$ 3$:L>a4$M - X$WE4L" ?::>9?L?2‘
@$2#>5>2 Z4$ K?>s$ ? 5$#@$2?542? 9"
? @2$:$9;? 3? Eb?X$ ? K"23" 3" X$WA
>95$2>"2 3" X<" 3" #"5"2M
0  E4L" ?@$9?: $# E?:" 3$ D$Eb?#$95"
3?: @"25?:M
8"# " #"5"2 3$:L>a?3"] 9<" 3$>s?2   A
? Eb?X$ 3$ >a9>;<" 9? @":>;<" M *$:L>a?93" " X$WE4L" p@?::?a$# 3?     $%
@":>;<"  @?2? r] ? ?L>#$9A 
5?;<" 3": ?E$::g2>": ^ #?95>3? 34A
2?95$ E$2E? 3$ G #>945":M ,"K2$?L>#$95?2 4# #"5"2 ? $s@L"A
:<" :>a9>D>E? E"L"E?2 3$952" 3$ :$4:
E>L>932":] E"# " ?4sWL>" 3$ 4# E"#A
0$’
@2$::"2] 4#? Z4?95>3?3$ 3$ #>:542? L$2?;<" $:5?93" $L$ $# D?:$ 3$ ?Z4$A 9" 3$95$ 9$E$::‘2>" @?2? >#"K>L>Y?2
@"2 E>EL" #?>"2 3" Z4$ ?Z4$L? Z4$ E>#$95"] ?L^# 3>::"] 9": @2>#$>2": E"#@L$5?#$95$ " X$WE4L"M
" #"5"2 ^ E?@?Y 3$ ?:@>2?2 9?542?LA Z4>Lt#$52": 3$ @$2E42:" 9<" :"L>E>5$
#$95$M 3" #$:#" " #‘s>#" 3$ 2$93>#$95"M
8"# " ?4#$95" 3" X"L4#$ 3$ !49E? D?;? D49E>"9?2 " #"5"2 :$#
#?::? 3$ ?2 3$952" 3? Ee#?2? 3$ D>L52" 3$ ?2M
E"#K4:5<" 3" #"5"2] 4#? Z4?95>A
3?3$ #?>"2 3$ E"#K4:5WX$L @"3$ :$2
>9_$5?3? @?2? @2"34Y>2 #?>"2 @"5[9A "     
E>? $ 5"2Z4$] $L$X?93" ? E?@?E>3?3$
3$ 2$?L>Y?2 52?K?Lb" 3" #"5"2 :$#  
E"#@2"#$5$2 ? :4? 342?K>L>3?3$M # 
8"# " 4:" 3" 542K"E"#@2$::"2 ? - X$WE4L" $:5‘ $Z4>@?3" E"# 4#
E"#K4:5<" :$ 5"29? #?>: E"#@L$5? D2$>" 3$ $:5?E>"9?#$95" #$Ee9>E" 3$ 
$ L>#@?] 3>#>94>93" ? $#>::<" 3$ ?E>"9?#$95" #?94?LM ’95$: 3$ 3$>s?2 " X$WE4L"] $9a?5?2
@"L4$95$: 9? ?5#":D$2?M :$#@2$ " D2$>" 3$ $:5?E>"9?#$95"M
- #"5"2 E"# 542K"E"#@2$::"2 ?3A

Z4>2$ 4#? E"93>;<" 3$ D49E>"9?A 
#$95" #?>: :>L$9E>":? $ ?4#$95? :$4 V$2 2$E"#$93?;\$: $:@$EWD>E?:
@?2? $:5?E>"9?#$95" 3": X$WE4L": 1?2? $:5?E>"9?2 " X$WE4L"] 3$:L>a?2
5"2Z4$ $# 5"3?: ?: D?>s?: 3$ 2"5?;<"
$Z4>@?3": E"# Ee#K>" ?45"#‘5>E" " #"5"2] ?E>"9?2 " D2$>" 3$ $:5?E>"9?A
$# Z4$ " 542K"E"#@2$::"2 $:5>X$2 $#
9$::$ E?@W54L"M #$95"] $9a?5?2 ? I⁄ #?2Eb? $ 3$>s?2
D49E>"9?#$95"M
?: 2"3?: X>2?3?: $# 3>2$;<" ?" #$>"A
’ ?L?X?9E? 3" D2$>" 3$ #<" $:5‘ D>" pa4>?:r 3" @?::$>"M ,$ " X$WE4L" $:A
:>54?3? $952$ ": K?9E": 3>?95$>2":M 5>X$2 $:5?E>"9?3" $# 4#? 3$:E>3? W9A
a2$#$ pD"25$ >9EL>9?;<"r] ?E"9:$Lb?A
! 1?2? ?E>"9?2 " D2$>" 3$ #<"] @4s?2 :$ 5?#K^# ? 52?X?2 ?: 2"3?: E"# 4#
? ?L?X?9E?  @?2? E>#? ?5^ 52?X?2 E?L;" @":>E>"9?3" d D2$95$ 3?: 2"3?:M
!<" D?;? D49E>"9?2 " #"5"2 $# ?LA
5?: 2"5?;\$: $ 9<" 3[ a"L@$: 3$ ?E$A !?: X$2:\$: E"# Ee#K>" ?45"#‘5>E"]
0$)
@":>E>"9?2 ? ?L?X?9E? 3$ Ee#K>" 9?  1
 +&  -    %
@":>;<"  p+:5?E>"9?#$95"rM ,  
 
!  )$X?95?2 L$X$#$95$ ? ?L?X?9E? 
 !49E? 3$>s$ E2>?9;?: :"Y>9b?: 9" $ ?@$25?2 " K"5<" 3$ 3$:$9a?5$
=93$@$93$95$ 3": @2?Y": E"9:A X$WE4L"M  &?95$2 ?@$25?3" " K"5<" $ ?K?>A
5?95$: 3? 5?K$L? 3" x1L?9" 3$ s?2 ? ?L?X?9E?M ’ L4YA$:@>?
-K:$2X$ :$#@2$ ?: 2$E"#$93?A
#?945$9;<" @2"a2?#?3?z] $ :$# ?@?a?A:$M
;\$: 3$:5$ #?94?LM
@2$_4WY" 3$::$:] :$#@2$ Z4$ D"2
2$Z4$2>3" #?>"2 $:D"2;" @?2? ?E>A ,$ $9a?5?2 " D2$>" 3$ $:5?E>"9?A 
"9?#$95" 3" D2$>" 3$ #<" 3$ :$4 #$95" E"# " @$3?L 3" D2$>" @2$::>A
X$WE4L"] L$X$A" d    , & !?: X$2:\$: $Z4>@?3?: E"# Ee#A
"9?3"] @"3$ @$2E$K$2A:$ 4# L>a$>2" K>" ?45"#‘5>E"] 949E? 45>L>Y?2 ? @"A
#  @?2? $D$54?2 ? 2$a4L?a$#M #"X>#$95" 3" @$3?LM :>;<"  p+:5?E>"9?#$95"r $# :4K:5>A
8"# " D2$>" 3$ #<" ?E>"9?3" $ ? 54>;<" 3" D2$>" 3$ $:5?E>"9?#$95"M
Eb?X$ 3$ >a9>;<" 9? @":>;<" &’C] w4?93" $:5?E>"9?2 " X$WE4L"] $9a?A %
9" Z4?32" 3$ >9:524#$95": >L4#>9?A 5?2 :$#@2$ " D2$>" 3$ $:5?E>"9?#$95"
! :$ ? L4YA$:@>? M @?2? $X>5?2 L$:\$: "4 3?9": @2"X"E?A
*42?95$ ?: #?9"K2?: 3$ $:5?E>"9?A 3": @$L" #"X>#$95" >9E"952"L?3" 3"
#$95" $# $:52?3?: E"# >9EL>9?;<"] ^ X$WE4L"M
>#@2$:E>93WX$L $9a?5?2 " D2$>" 3$ $:A
5?E>"9?#$95"] ? @2>#$>2? #?2Eb? :$
$:5>X$2 $# :4K>3?] ? #?2Eb? ? 2^ $# !
3$:E>3? p9? @2$:$9;? 3$ Ee#K>" ?4A !<" E"934Y>2 " X$WE4L" E"# "
5"#‘5>E"] @":>E>"9?2 ? ?L?X?9E? $# D2$>" 3$ $:5?E>"9?#$95" $9a?5?3" "4
oor $ X>2?2 ?: 2"3?: 3>?95$>2?:M 45>L>Y?2 " D2$>" 3$ $:5?E>"9?#$95"
@?2? o?#?E>?2o " X$WE4L"M
,$ " X$WE4L" D"2 $:5?E>"9?3" $#
>9EL>9?;\$: ?E$954?3?:] KL"Z4$?2 ?: +::? ?5>543$ @"3$2>? @2"X"E?2 a2?A
2"3?: E"# 4# E?L;"M X$: 3?9": 9" :>:5$#? 3$ D2$9?a$#M

0$*
   1?2? $9a?5?2 ?: #?2Eb?:] @>:?2 ?
D493" 9" @$3?L 3? $#K2$?a$# $ E"A
  L"E?2 ? ?L?X?9E? 3$ Ee#K>" 9? @"A
 :>;<" 3$:$_?3? p" $:Z4$#? @?2? "
$9a?5$ 3?: #?2Eb?: $9E"952?A:$ 9"
@"#" 3? ?L?X?9E?rM
1?2? $9a?5?2 ? #?2Eb? ? 2^ ? @?25>2
! 3? @":>;<" 3$ @"95" #"25"] L$X?95?2
1?2? #43?2 ?: #?2Eb?: E"22$5?A " ?9$L  :>54?3" :"K " @"#" $] :>A
#$95$] ^ 9$E$::‘2>" @>:?2 D493" 9" #4L5?9$?#$95$] 3$:L"E?2 ? ?L?X?9E?
@$3?L 3? $#K2$?a$#M @?2? ? 3>2$>5? $ 3$@">: @?2? 52‘: pEe#A 
K>" 3$ H #?2Eb?:r "4 @?2? ? $:Z4$23? ’ #?2Eb? ? 2^ ?@$9?: @"3$ :$2
1"2 >::"] " @>:" :"K ": @$3?>: 9<" $ 3$@">: @?2? ? D2$95$ pEe#K>" 3$ 7
3$X$ 5$2 "K:5‘E4L":M V$2>D>E?2 :$ ": $9a2$9?3? E"# " X$WE4L" 5"5?L#$95$
#?2Eb?:rM @?2?3"M 8"# " #"5"2 L>a?3"] ?95$:
5?@$5$: $:5<" :$#@2$ K$# $:5$93>3":
$ 9<" >95$2D$2$# 9" 3$:L"E?#$95" 3$ $9a2$9?2 ? #?2Eb? ? 2^] ?a4?23?2
3": @$3?>:] 3>#>94>93" " :$4 E42:"M @$L" #$9": 6 :$a493": E"# " @$A
3?L 3? $#K2$?a$# 5"5?L#$95$ @2$:A
:>"9?3"] @?2? $X>5?2 3?9>D>E?2 ?: $9A
a2$9?a$9:M

!
!<" E"934Y>2 " X$WE4L" E"# ? #<" 
?@">?3? 9? ?L?X?9E? 3$ Ee#K>"M ’ 45>L>Y?;<" 3" @$3?L 3? $#K2$A
?a$# 3$X$ $:5?2 L>#>5?3? $sEL4:>X?A
- $:D"2;" $s$2E>3"] #$:#" L$X$] ? #$95$ d: #43?9;?: 3$ #?2Eb?:M !<"
L"9a" @2?Y"] @"3$ 3$:a?:5?2 ": $L$A E"934Y>2 E"# " @^ ?@">?3" 9" @$A
#$95": >95$29": 9? E?>s? 3$ Ee#K>"M 3?L 3? $#K2$?a$# #$:#" Z4$ L>A
a$>2?#$95$M +# ?La4#?: E>2E49:5e9A
E>?:] ? $L$52t9>E? 3$ E"952"L$ 3" @$A

0$+
3?L 3? $#K2$?a$# @"3$ >95$2X>2 >9A     #43?9;? p:4@$2>"2 "4 >9D$2>"2r]
5$2@2$5?93" " $:5>L" $22?3" 3$ E"934A $D$54?3" #?94?L#$95$] ?52?X^:
;<" E"#" 4#? ?X?2>?M 1  3? >93>E?;<" 94#^2>E?M
  !? #"3?L>3?3$ ?45"#‘5>E?% ? @"A
&,  , H
,    , :>;<" :$L$E>"9?3? p1] C] !] *rM

 ,G - X$WE4L" @"3$ $:5?2 $Z4>@?3"
E"# Ee#K>" ?45"#‘5>E" E"#?9A
1?2? "K5$2 ? #‘s>#? $E"9"#>?] 3?3" $L$52"9>E?#$95$] 9" Z4?L ?
2$E"#$93?#": "K:$2X?2 ": :$a4>95$: #43?9;? 3$ #?2Eb?: ?E"95$E$
L>#>5$: 3$ X$L"E>3?3$: @?2? 52"E?: 3$ ?45"#?5>E?#$95$ $# D49;<" 3$ @?A
#?2Eb?:% 2e#$52": >9:5?95e9$": 3$ 45>L>Y?;<"
3" X$WE4L" pX$L"E>3?3$ 3" X$WE4L"]

 
[
BG >9EL>9?;<" 3? $:52?3? $ @":>;<" 3"
&,    @$3?L 3" ?E$L$2?3"2rM
 , 
 ,G ’ @"::>K>L>3?3$ 3? :$L$;<" #?94?L
 ,G
;   ,9
/   ^ 3?: #?2Eb?: 3$ X$L"E>3?3$ $:5‘] $# %

 ,G< 5"3" " E?:"] 3>:@"9WX$L 3$X>3" d @"A   I$
)%P 6F :>;<" o#"3?L>3?3$ :$Z4$9E>?Lo @?2? ’ ?L?X?9E? @"3$ ?::4#>2 ?: :$A
? ?L?X?9E? 3$ Ee#K>"M a4>95$: @":>;\$:%
P%L GH

L%W J¡
K  1 ¥ +:5?E>"9?#$95"M
W%X ¡6
 C ¥ &?2Eb? ? 2^M
- 3>:@L?y pX$2:\$: E"# 3>:@L?y
X%^ }H  ! ¥ 1"95" #"25"M
#4L5>D49;\$:r "4 pX$2:\$: E"#
3>:@L?y #4L5>D49;\$: 2$E"9D>a42‘X$Lr  * ¥ *2>X$ p#?2Eb? @?2? ? D2$95$
@"3$ X>:4?L>Y?2% ?45"#‘5>E?rM
 ’45",5>Eh% ' @?::?a$# @?2? ? #4A
 !? #"3?L>3?3$ 3$ E"934;<" &?A 3?9;? :4@$2>"2 9? #"3?L>3?3$ 3$
94?L p:$Z4$9E>?Lr% " $9a?5$ 3? E"934;<" #?94?L p:$Z4$9E>?Lrf 

0$,
@?::?a$# @?2? ? #43?9;? >9D$A 1?2? :?>2 3? @":>;<"  A  
2>"2 9? #"3?L>3?3$ 3$ E"934;<" p+:5?E>"9?#$95"r] "4 @?2? @?::?2
,  
  ;<
:$Z4$9E>?LM 3? @":>;<"  p1"95" #"25"r @?2? ?
@":>;<"  p*2>X$r "4  p&?2Eb? ? 2^r
- $:Z4$#? @?2? " $9a?5$ 3?: #?2A Z4?93" " X$WE4L" ^ @?2?3" "4 :$
Eb?: $:5‘ >93>E?3" 9? #"L342? L"E?L>A 3$:L"E? d K?>s? X$L"E>3?3$] ^ 9$A !
Y?3? ?" L?3" 3? ?L?X?9E? 3$ Ee#K>"M E$::‘2>" @>:?2 5?#K^# 9" @$3?L 3"
!49E? 45>L>Y?2 ? @":>;<" 
D2$>" pE"9:4L5?2 ? "@;<" o,>:5$#? 3$
p+:5?E>"9?#$95"r $# :4K:5>54>;<" 3"
>9>K>;<" 3" $9a?5$ 3$ #?2Eb?: E"#
D2$>" 3$ $:5?E>"9?#$95"M
" D2$>" $9a?5?3"o 9$:5$ E?@W54L"rM
w4?93" :$ $:5?E>"9?2 " X$WE4L"]
?E>"9?2 :$#@2$ " D2$>" 3$ $:5?E>"9?A

#$95" @?2? $X>5?2 #"X>#$95": ?E>A
!0- ?E$L$2?2 342?95$ ? @?::?a$# 3$95?>: 3" X$WE4L"M
3? @":>;<"  p"4 r @?2? "452? @":>A
;<"M

’ #?2Eb? $9a?5?3? ^ X>:4?L>Y?3?  !


9" 3>:@L?yM *$@">: 3$ :$L$E>"9?2 4#? #?2Eb?] ,$ ? @":>;<"  p+:5?E>"9?#$95"r
1?2? :$L$E>"9?2 4#? #?2Eb?] @2$:A ?a4?23?2 ?La49: :$a493": ?95$: 3$ 9<" $:5>X$2 $9a?5?3?] " X$WE4L" @"3$
:>"9?2 " K"5<"  $ 3$:L"E?2 ? ?L?A ?E$L$2?2M +:5? @2$E?4;<" ^ @?25>E4L?2A 3$:L"E?2A:$ $ @2"X"E?2 L$:\$: 9?:
X?9E? @?2? ? D2$95$ "4 @?2? 52‘:M #$95$ >#@"25?95$ E"# " #"5"2 D2>"M @$::"?:M
!" E?:" 3$ 45>L>Y?;<" 3" Ee#K>" ’95$: 3$ :?>2 3" X$WE4L"] E$25>D>E?2A
9? #"3?L>3?3$ o:$Z4$9E>?Lo] ?5>X?3? :$ 3$ Z4$ ? ?L?X?9E? 3$ Ee#K>"
3$:L"E?93" ? ?L?X?9E? 3$  p*2>X$r $:5‘ 9? @":>;<"  $ Z4$ " D2$>" 3$
@?2? ? $:Z4$23?] :<" ?LE?9;‘X$>: ?: $:5?E>"9?#$95" $:5$_? ?E>"9?3"M
@":>;\$: @?2? ' "4 @?2? M +:5?:
@":>;\$: :<" >9:5‘X$>:M

0$!-
K>" 9? @":>;<"  $] $# :$a4>3?] ?E>A
"9?2 " D2$>" 3$ $:5?E>"9?#$95"M
! ’" $:5?E>"9?2 $# :4K>3?] ?95$: 3$ !
’95$: 3$ 3$:L"E?2 ? ?L?A E"L"E?2 ? ?L?X?9E? 3$ Ee#K>" 9? @"A +9a?5?2 ? #?2Eb? ? 2^ ?@$9?: E"#
X?9E? 3$ #?2Eb?: 3? @":>;<"  :>;<" ] ?E>"9?2 " D2$>" 3$ $:5?E>"9?A " X$WE4L" @?2?3"] " #"5"2 $# #?2Eb?
p+:5?E>"9?#$95"r] E"L"E?2 ? Eb?X$ #$95"f E?:" E"952‘2>"] @"3$ :$2 3>DWA L$95? $ " ?E$L$2?3"2 5"5?L#$95$ :"L5"M
3$ >a9>;<" 9? @":>;<"  $ @>:?2 E>L 3$:L"E?2 ? ?L?X?9E? 3$ Ee#K>" ?
9" @$3?L 3" D2$>"M @?25>2 3? @":>;<" M +:5? ?;<" @"3$2‘ @2$:$2X?2 ? E?>s?
3$ Ee#K>"
8?:" E"952‘2>"] ? ?L?X?9E? 3$ #?2A 1?2? X$2>D>E?2 " $D$5>X" $9a?5$ 3?
Eb?: @"3$2>? :$2 3?9>D>E?3?M @":>;<" %  
  ;<

+:5? @":>;<" >95$a2? " D2$>" 3$ $:5?A  *$:L"E?2 E"#@L$5?#$95$ @?2? ?


E>"9?#$95"] KL"Z4$?93" " Ee#K>"M D2$95$ ? ?L?X?9E? 3$ Ee#K>"] ?5^
8"# ? ?L?X?9E? 3$ Ee#K>" 9$:5? @"A ?" D># 3$ E42:"M !
:>;<"] ^ @"::WX$L L>a?2 " #"5"2M  8$25>D>E?2A:$ 3$ Z4$ 9" 3>:@L?y !<" @":>E>"9?2 ? ?L?X?9E? 3$ #?2A
%
?@?2$;? ? L$52? M Eb?: $#  p1"95" #"25"r] 9$# 3$:A
L>a?2 " #"5"2 @?2? @$2E"22$2 4#? $:A
 8"# " @$3?L 3" D2$>" :"L5"] 52?3? $# 3$:E>3?M
!49E? 5$95?2 :$L$E>"9?2 ? @":>;<" E$25>D>E?2A:$ 3$ Z4$ ? ?L?X?9E? 3$
 E"# " X$WE4L" $# #"X>#$95"M ’9A +:5$ 5>@" 3$ E"934;<" ^ @$2>a":" $
Ee#K>" 9<" :$ 3$:L"Z4$ 3? @":>;<"
5$: 3$ ?K?93"9?2 " X$WE4L"] E"L"E?2 2$34Y ? @"::>K>L>3?3$ 3$ >95$2X$9;<"
M
:$#@2$ ? ?L?X?9E? 3$ Ee#K>" 9$:5? $# E?:" 3$ 2$@$95>9?: X?2>?;\$: 3"
@":>;<"] ?E>"9?93" 5?#K^# " D2$>" DL4s" 3" 52‘D$a" "4 3? :4@$2DWE>$ 3?
 ,G  5 ;<
3$ $:5?E>"9?#$95"M $:52?3?M 8"22$A:$ " 2>:E" 3$ @$23$2
,$L$E>"9?2 $:5? @":>;<" ?@$9?: " E"952"L$ 3" X$WE4L" $ @2"X"E?2
’" $:5?E>"9?2 94# 5$22$9" @L?9"] E"# " X$WE4L" E"#@L$5?#$95$ ?E>3$95$:M
E"L"E?2 @2>#$>2" ? ?L?X?9E? 3$ Ee#A @?2?3"M
’ ?L?X?9E? 9? @":>;<"  E"22$:A
@"93$ d @":>;<" 3$ @"95" #"25" 3$
0$!!
4# Ee#K>" #?94?LM ’::># ^ @"::WA :>#] E?2?E5$2W:5>E?: 3$ E"934;<" >3$A 8"# ? ?L?X?9E? 3$ Ee#K>" 9? @"A
X$L L>a?2 " #"5"2M ?>: $# 5"3?: ?: #?>: EL‘::>E?: E"93>A :>;<"  p*2>X$r] @?2? ?5>X?2 ? #"3?L>A
;\$: 3$ 45>L>Y?;<" 3" X$WE4L"M 3?3$ 3$ E"934;<" :$Z4$9E>?L] 3$:L"A
+9a?5?2 ? @":>;<"  $# E?:" 3$
E?2 ? ?L?X?9E? @?2? ? $:Z4$23? p>93>A
@?2?3?: @2"L"9a?3?: E"# " #"5"2
+ ,[ % &  
+% E?;<"  $ ' 9? #"L342?rM !" 3>:@L?y
L>a?3"M ’E>"9?2 5?#K^# " D2$>" 3$
 2
 +& ;.+ , &< :$2‘ X>:4?L>Y?3? ? #?2Eb? $9a?5?3?M
$:5?E>"9?#$95"M
+# E?:" 3$ D2$Z4$95$: #43?9;?: *$:L"E?93" ? ?L?X?9E? 3$ Ee#K>"
 0 ;< %  ,G    -   3$ #?2Eb? p@"2 $sM Z4?93" :$ E"934Y @?2? ? D2$95$ @?2? " :W#K"L"  "4
+
: , " X$WE4L" $# E"93>;\$: 3$ E?2a? @?2? 52‘: @?2? " :W#K"L" ' $D$54?A:$
@$:?3?] $# $:52?3?: $# >9EL>9?;<"] ? #43?9;? 3$ #?2Eb?:M
(5>L>Y?2 $:5? @":>;<" $# E"93>;\$:
E"# D"25$ X$95" E"952‘2>" "4 342?95$ A *$:?5>X?;<"
3$ #?2Eb? 9"2#?>:M
" 2$K"Z4$ 3$ ?52$L?3": @$:?3":r] ^
’ @?::?a$# 3? @":>;<"  @?2? ?E"9:$Lb‘X$L 45>L>Y?2 ? #"3?L>3?3$ 1?2? 3$:?5>X?2 ? #"3?L>3?3$ 3$
? @":>;<"  p+:5?E>"9?#$95"r "4  ’45":5>Eh p#43?9;? :$Z4$9E>?Lr @?2? E"934;<" :$Z4$9E>?L] X"L5?2 ? E"L"A
p&?2Eb? ? 2^r :g 3$X$ "E"22$2 3$@">: :$L$E>"9?2 $ #?95$2 4#? 2$L?;<" D>s? E?2 ? ?L?X?9E? 3$ Ee#K>" 9? @":>;<"
3$ :"L5?2 " @$3?L 3" ?E$L$2?3"2] E"# #?>: K?>s?M  p*2>X$r p#"3?L>3?3$ 3$ E"934;<"
" X$WE4L" @?2?3" $ E"# " @$3?L 3" o?45"#‘5>E?orM
!$:5?: E"93>;\$:] ? 45>L>Y?;<" 3$
D2$>" @2$::>"9?3"M
4#? #43?9;? #?>: K?>s? #$Lb"2? " 
  
+:5? @":>;<" ?::$a42? " $9a?5$ ?4A 3$:$#@$9b" 3" X$WE4L" $ @2"L"9a? ?
5"#‘5>E" 3?: 2$L?;\$: #?>: ?3$Z4?A 342?;<" 3" Ee#K>"] L>#>5?93" ?: #4A  +# :4@$2DWE>$: $:E"22$a?3>?:]
3?: d: $s>a[9E>?: 3$ #?2Eb? $ ? #‘A 3?9;?: 3$ #?2Eb?: $ $X>5?93" D$9tA 9<" $D$54?2 2$34;\$: 3$
s>#? $E"9"#>? $# 5$2#": 3$ E"9A #$9": 3$ :4@$2?Z4$E>#$95" M #?2Eb?:% ?: 2"3?: #"52>Y$:
:4#" 3$ E"#K4:5WX$LM @"3$# @$23$2 ?3$2[9E>?] E"#
c @"::WX$L @?::?2 3? @":>;<"  E"9:$Z4$95$ 2>:E" 3$ @?5>9?;<"
!$:5? @":>;<"] " Ee#K>" $D$54? ?4A p32>X$r @?2? ? #"3?L>3?3$ :$Z4$9A 3" X$WE4L"] Z4$ @"3$ @2"X"E?2
5"#?5>E?#$95$ ?: #43?9;?: 3$ #?2A E>?L] Z4?LZ4$2 Z4$ :$_? ? X$L"E>3?3$ ?E>3$95$: "4 L$:\$: 9?: @$::"?:M
Eb?:] :$L$E>"9?93" ? 2$L?;<" #?>: 3" X$WE4L"M
?3$Z4?3? $952$ ?: 3>:@"9WX$>: @?2?  1?2? :$L$E>"9?2 ? #43?9;? E"2A
A ’5>X?;<" 2$5? @?2? ? #‘s>#? 3$:?E$L$2?A
? #?2Eb? d D2$95$] a?2?95>93"] ?:A
;<" pD2$>" 3" #"5"2r] K?:5? #?95$2
0$!"
@2$::>"9?3? ? ?L?X?9E? 3$ #?2A @2$::<" 3" @$3?L 3$ D2$>"] ?45"#?A
Eb?: @?2? ? D2$95$ pr% " Ee#K>" 5>E?#$95$ " X$WE4L" $9a2$9? ? #?2A
@?::? @?2? 4#? #"3?L>3?3$ 3$ Eb? 9"X?#$95$M c >#@"25?95$ 2$::?LA
D49E>"9?#$95" $# Z4$ ? 3$:?E$A 5?2 Z4$] #$:#" " X$WE4L" $:5?93" $#
L$2?;<" 3" X$WE4L" @"3$ :$2 $D$A ] ? D49E>"9?L>3?3$ T>LL T"L3$2 9<"
54?3? E"# D?E>L>3?3$M ^ 3$:?K>L>5?3?M
 - X$WE4L" #?95$2‘ ? 2$L?;<" :$L$A !" #"3" 3$ E"934;<" #?94?L]
E>"9?3? @$L" E"9345"2 ?5^ Z4$ ?: ?@g: @":>E>"9?2 ? ?L?X?9E? 9" #"3"
E"93>;\$: 3$ :$a42?9;? " @$2#>A :$Z4$9E>?L] " 3>:@L?y 3" Z4?32" 3$
5?#M =:5" :>a9>D>E?] @"2 $s$#@L"] >9:524#$95": >93>E?2‘  M
Z4$ " :>:5$#? @2"E42?2‘ $X>5?2 #   ! 
? 3$:?5>X?;<" 3" #"5"2] 2$52"E$A $$    I$ ; .+ <
3$93" 3$ D"2#? ?45t9"#?] E?:"   
? 2"5?;<" 3" #"5"2 :$_? #4>5" ’ D49;<" 3" Ee#K>" ^ E"9:5?9A
K?>s?M ’L^# 3? ?L?X?9E? 3$ Ee#K>"] L"A 5$#$95$ #"9>5"2?3? @?2? 3$5$E5?2
E?L>Y?3? 9" E"9:"L$ E$952?L] ?La4#?: $X$954?>: ?9"#?L>?:M ,$ 3$5$E5?2 %
 # X$2:\$: 3>:@\$# 5?#K^# 3$ ?L?X?9A 4#? E"93>;<" Z4$ @"3$2>? @2"X"E?2
E?: 3" 5>@" oK"2K"L$5?o] L"E?L>Y?3?: 3?9": ?" Ee#K>"] ?5>X?A:$ ? D49;<"
- X$WE4L" ^ $Z4>@?3" E"# " :>:A ?52‘: 3" X"L?95$M +L?: >2<" D49E>"A 3$ o$#$2a[9E>? 3" Ee#K>"oM
5$#? !$452?L P49E5>"9 pP49;<" !$4A 9?2 $# X$L"E>3?3$ :4@$2>"2 ? N h#ub]
52"r] E"# ? Z4?L] $# ?La4#?: E"9A !$:5? E"93>;<"] " Ee#K>" @$2#?A
@2$::>"9?93"A?: E"952? " X"L?95$ 9? 9$E$ 9? J⁄ #?2Eb?] >93$@$93$95$A
3>;\$:] " X$WE4L" $952? ?45"#?5>E?A @?25$ E$952?L 3?: #$:#?:M
#$95$ $#  p!$452"r @?2? "5>#>Y?2 #$95$ 3? #?2Eb? :$L$E>"9?3?M ’: @"A
" E"9:4#" 3$ E"#K4:5WX$L] 9<" $:A +:5?93" " X$WE4L" $# #"X>#$95"] :>;\$:  p+:5?E>"9?#$95"r]  p&?2Eb?
5?93" b?K>L>5?3" $# M ?E>"9?2 ? ?L?X?9E? 5>@" oK"2K"L$5?o ? 2^r $  p1"95" #"25"r E"95>94?# ?
3>2$>5? $ @?2? >9:$2>2 4#? #?2Eb? D49E>"9?2M
’" @?2?2 " X$WE4L"] #?95$93" " @$A :4@$2>"2 "4 ? ?L?X?9E? $:Z4$23? 
3?L 3$ D2$>" @2$::>"9?3"] ?@g: ?@2"A !" 3>:@L?y @"3$ :$2 X>:4?L>Y?3" "
@?2? >9:$2>2 4#? #?2Eb? >9D$2>"2M :W#K"L" M
s>#?3?#$95$ I :$a493" " Ee#K>"
$952? $#  p!$452"rM ’" 2$5>2?2 ?

0$!%
+# E?:" 3$ $X$954?L o$#$2a[9E>? $>     %   $  %
3" Ee#K>"o] 3>2>a>2A:$ >#$3>?5?#$95$         
d    , & # M  # 
 8 .+  ,
 

0  
 :  DE&   %% ( $:5? D49;<" 2$A +:5$ :>:5$#? >#@$3$ " 3$:L"E?A
Z4$2 " @":>E>"9?#$95" 3? ?L?X?9E? #$95" 3? ?L?X?9E? 3$ #?2Eb?: 3?
+# E?:" 3$ ?X?2>? 5$#@"2‘2>?] ^
3$ #?2Eb?: $#  p+:5?E>"9?#$95"rf @":>;<"  p+:5?E>"9?#$95"r :$ 5>X$2
@"::WX$L 2$:5?K$L$E$2 " E"22$5" D49A
$# :$a4>3?] E"L"E?2 ? Eb?X$ 3$ >a9>A @>:?3" 9" @$3?L 3" D2$>"M
E>"9?#$95" 3" Ee#K>" $# 5"3?: ?:
;<" 9? @":>;<" M
#?2Eb?: @?2? ? D2$95$ @2"E$3$93" 3" 1?2? E"L"E?2 " Ee#K>" 94#? @":>A
:$a4>95$ #"3"%  8 .+  ,
,G0
% ;<" 3>D$2$95$ 3$  p+:5?E>"9?#$95"r]
,9 ,( $:5? D49;<" 2$Z4$2 " @":>E>"A ? Eb?X$ 3$ >a9>;<" 3$X$ $:5?2 9? @"A
 1?2?2 " X$WE4L"M 9?#$95" 3? ?L?X?9E? 3$ #?2Eb?: $# :>;<"  p#"5"2 L>a?3" "4 3$:L>A
 *$:L"E?2 ? ?L?X?9E? 3$ Ee#K>"  p+:5?E>"9?#$95"r ?95$: 3$ $s52?>2 ? a?3"r $ " @$3?L 3" D2$>" 3$X$ $:5?2
@?2?  p+:5?E>"9?#$95"rM Eb?X$ 3" 3>:@":>5>X" 3$ @?25>3?M @2$::>"9?3"M
 8"L"E?2 ? Eb?X$ 3$ >a9>;<" 9? ,$ ? K?5$2>? 3" X$WE4L" $:5>X$2 3$:A
@":>;<" M E?22$a?3?] ? Eb?X$ 3$ >a9>;<"] :$ >9A  
 ’a4?23?2 E$2E? 3$ IF :$a493": :$2>3?] @$2#?9$E$ KL"Z4$?3? 9? 2$:A
@$E5>X? :$3$M ’ >9"K:$2Xe9E>? 3?: >9:524;\$: D"2A
3$@">: 3$ L>a?2 " #"5"2M 9$E>3?: ? :$a4>2 @"3$ @2"X"E?2 3?A
 ,$L$E>"9?2 ? #?2Eb? @2$5$93>3?% 1?2? $s52?>2 #$E?9>E?#$95$ ? 9": 9" Ee#K>"%
:$ 9<" 3$5$E5?2 #?>: " @2"KL$#?] Eb?X$] E"9:4L5?2 " @?2‘a2?D" x*$:A
" Ee#K>" X"L5? ? D49E>"9?2 E"2A KL"Z4$>" 3? ?L?X?9E? 3$ #?2Eb?:  ,$L$E>"9?2 ? @":>;<" 
2$5?#$95$M ?45"#‘5>E?z 9" E?@W54L" x+# $#$2A p+:5?E>"9?#$95"r ?@$9?: E"# "
a[9E>?zM X$WE4L" E"#@L$5?#$95$ @?2?3"M
  ,$L$E>"9?2 ? @":>;<"  p&?2Eb? ?
+# E?:" 3$ ?X?2>? 5$#@"2‘2>?] ^ 2^r] "4 @?::?2 3$  @?2? 4#? "452?
?E"9:$Lb‘X$L 3>2>a>2A:$ " #?>: 2?@>A @":>;<" ?@$9?: E"# " X$WE4L"
3?#$95$ @"::WX$L d    , & E"#@L$5?#$95$ @?2?3" $ " #"5"2
# M $# #?2Eb? L$95?M

0$!&
 !<" $D$54?2 #43?9;?: 3$ $s52?>2 ? Eb?X$ 3" 3>:@":>5>X" :4@$2>"2 d #?2Eb? L$95?M ,$
#?2Eb?: $952$ ?: @":>;\$:  3$ @?25>3? p@?2? X$2:\$: E"# 9<" @>:?2 D493" 9" @$3?L 3"
p+:5?E>"9?#$95"r]  p&?2Eb? ? Eb?X$ #$Ee9>E?rM 8"# ? Eb?X$ D2$>"] " X$WE4L" @"3$ ?E$L$2?2
2^r]  p1"95" #"25"r "4  p*2>X$r 3$ >a9>;<" 9? @":>;<"  2?@>3?#$95$M +9a?5?2 ? #43?9;?
E"# " #"5"2 L>a?3" 94# 2$a>#$ p$s52?;<" 3? Eb?X$ @$2#>5>3?r] " ?@$9?: E"# " #"5"2 $# #?2Eb?
:4@$2>"2 d #?2Eb? L$95?M Ee#K>" ^ KL"Z4$?3" 9? @":>;<" L$95?] @>:?93" D493" 9" @$3?L 3"
 ’95$: 3$ $9a?5?2 Z4?LZ4$2 #?2A  p+:5?E>"9?#$95"r] @?2? >#@$3>2 D2$>"M
Eb?] @>:?2 D493" 9" @$3?L 3" $X$954?>: #"X>#$95": ?E>3$95?>:  ,$ ? 5$#@$2?542? 3" Ee#K>" 4LA
D2$>"M 3" X$WE4L"M 52?@?::?2 ": L>#>5$: 3$ D49E>"9?A
 ’" :?>2 3" X$WE4L"] 2$#"X$2 :$#A #$95" 9"2#?>:] ? E$952?L 3" Ee#A
@2$ ? Eb?X$ #$Ee9>E? 3" 3>:@"A K>" @"3$ #"3>D>E?2 ? :$Z4[9E>?
 :>5>X" 3$ @?25>3? $ D$Eb?2 5"3?: ?: 3$ $9a?5$ 3?: #?2Eb?: $ 2$34Y>2
&?95$2 @2$::>"9?3" " @$3?L 3" @"25?:M !49E? 3$>s?2 $X$954?>: " 5"2Z4$ #"52>YM
D2$>" $9Z4?95" :$ 3$:L"E? ? ?L?X?9E? E2>?9;?: :$# X>a>Le9E>? 9" >95$A  +# E?:" 3$ :4@$2?Z4$E>#$95" 3?
3?: #43?9;?: @?2? 4#? @":>;<" 3>D$A 2>"2 3" X$WE4L"M E?>s? 3$ Ee#K>"] 9" 3>:@L?y ^
2$95$ 3? @":>;<"  p+:5?E>"9?#$95"r  !?: X$2:\$: $Z4>@?3?: E"# {$yA X>:4?L>Y?3" " :W#K"L" M !$:5$
%
$ ’45",5>EhM L$:: +95$2A!AS"] 9<" 3$>s?2 ? E?:"] ? E?>s? 3$ Ee#K>" @"3$
Eb?X$ $L$52t9>E? @2gs>#? 3" X$WA D49E>"9?2 3$ #"3" >9E"22$5" ?5^
 ’ #"X>#$95?;<" >9$:@$2?3? 3" E4L" p"4 94# L"E?L ?E$::WX$L d: Z4$ ?22$D$;?M
X$WE4L" @"3$ @2"X"E?2 L$:\$: E2>?9;?:r $ 9<" 3$>s?2 " 3>:@"A  *42?95$ ? 45>L>Y?;<" 3" X$WE4L"
9": "E4@?95$: "4 9?Z4$L$: :>5>X" 3$ @?25>3? ?5>X?3"M (#? $ 5$#@$2?542? $s5$29? $s52$#?A
Z4$ :$ $9E"952?2$# 9?: E2>?9;? @"3$ ?E>"9?2 ": L$X?95?A #$95$ K?>s?] " D49E>"9?#$95" 3?
@2"s>#>3?3$:M !<" ?K?93"9?2 3"2$: 3$ X>32": $L^52>E":] "452": E?>s? 3$ Ee#K>" @"3$ :"D2$2 X?A
" X$WE4L" E"# " #"5"2 L>a?3"% E"#?93": "4 3?2 @?25>3? >9?3A 2>?;\$: E"# K?:$ 9? 5$#@$2?542?
?95$: 3$ :?>2 3" b?K>5‘E4L"] X$25>3?#$95$ 9" #"5"2M 3" #"5"2 $ 3? E?>s? 3$ Ee#K>"]
?E>"9?2 :$#@2$ " D2$>" 3$
 c @$2>a":" E"L"E?2 " Ee#K>" K$# E"#" $# D49;<" 3? X$L"E>A
$:5?E>"9?#$95"] 3$:L"E?2 ?
94#? @":>;<" 3>D$2$95$ 3$  3?3$ 3" X$WE4L"M
?L?X?9E? 3?: #?2Eb?: @?2? ?
p+:5?E>"9?#$95"r "4  p1"95"  ’ ?5>X?;<" 3? $#K2$?a$# 3"
@":>;<" r] 3$:L>a?2 " #"5"2 $
#"25"r E"# " #"5"2 $# 2"5?;<" E"9X$2:"2 3$ 5"2Z4$ $ 3? }⁄
0$!’
"4 N⁄ #?2Eb? ^ >9>K>3? ?5^ #"34L?2 2?@>3?#$95$ ? Z4?95>3?3$ E"# 52[: @":>;\$:M ’: D49;\$: @"A
Z4$ " gL$" 3" Ee#K>" $:5$_? 3$ 5"2Z4$ 9$E$::‘2>" @?2? 3$:@2$93$2 3$# :$2 :$L$E>"9?3?: 3$@$93$93"
E"22$5?#$95$ ?Z4$E>3"M - " X$WE4L" "4 #$Lb"2?2 ? :4? 3>2>a>K>L>A 3? :>54?;<" $ 3$952" 3?: $:@$E>D>E?A
E"#@L$5" D49E>"9?#$95" 3" 3?3$ $# @>:": 3$ $:52?3? >22$a4L?2$:M ;\$: 3$::$ #?94?LM ’: D49;\$: :<"%
Ee#K>" :$2‘ ?5>X?3" ?::># Z4$ ? ’(.-] J§* $ J§* )-§M ’ :$A
5$#@$2?542? 3" gL$" ?5>9a>2 " L$;<" 3" #"3" 3$ 52?;<" ^ $s$E4A
X?L"2 @2$$:5?K$L$E>3"M     5?3? a>2?93" " :$L$5"2 @?2? " L?3" $:A
 Z4$23" "4 3>2$>5"] 3$ ?E"23" E"# "
’ 52?;<" 9?: Z4?52" 2"3?: #"52>A #"3" 3$ 52?;<" 3$:$_?3?M - )+* 3"
  Y$: ^ E"#@L$5?#$95$ ?45"#‘5>E? 9" #"3" :$L$E>"9?3" ?E$93$ @?2? >93>A
#"3" ’(.-M E?2 " #"3" :$L$E>"9?3"M
)* +,-./
- :$L$5"2 @?2? ? ?5>X?;<" 3? 52?;<"
    >95$a2?L p:$ $Z4>@?3"r $:5‘ L"E?L>Y?3"
 WT    WT 
9" 3>:@":>5>X" .2?E5>"9 &"3$ ,$L$EA
T ’K?>s" 3$ I6F h#ub ^ @$2#>5>3"
5"2 ,i>5Eb¢ $ @$2#>5$ :$L$E>"9?2%
$D$54?2 ? #43?9;? 3" #"3" ’(.-
- X$WE4L" $:5‘ $Z4>@?3" E"# 4#
@?2? #"3" J§* $ X>E$AX$2:?M
>9"X?3"2 :>:5$#? E?@?Y 3$ 52?9:D$2>2   A ’(.-% ?E>"9? " :>:5$#? J§*
5"2Z4$ @?2? " $>s" 52?:$>2" 3$ #"3" :$#@2$ Z4$ 9$E$::‘2>" p:"K 3$A
E"#@L$5?#$95$ ?45"#‘5>E" E?:" :$_?  023   23 1 &
#?93?rM +:5? @":>;<" $:5?2‘ :$#A
9$E$::‘2>"M @2$ ?5>X?3? Z4?93" D"2 L>a?3" "
’ 52?9:#>::<" ^] 3$ D?5"] E"9:5>A X$WE4L"M
54W3? @"2 4# 3>:@":>5>X" 3$ 52?9:A
D$2[9E>? 3$ @"5[9E>? 1.( p1"i$2
.2?9:D$2 (9>5r E?@?Y 3$ 3$:L>a?2 5"3"
" $>s" 52?:$>2" >#$3>?5?#$95$ ?"
E"#?93" 3" Ee#K>" Z4?93" ?: E"9A
3>;\$: " @$2#>5>2$# p@"2 $sM $# E?:"
3$ X$L"E>3?3$ E"9:5?95$ $# 2"3"X>?r - >95$224@5"2 3$ :$L$;<" 3" #"3"
$ @"2 4# 3>D$2$9E>?L 52?:$>2" E?@?Y 3$ 3$ 52?;<" ^ 4# >95$224@5"2 2"5?5>X"
0$!)
  A J§* )-§% $9D?5>Y? ": 3$A L?2$: $ $:E"22$a?3>": pE"93>;<" -DD
:$#@$9b": o"DDA2"?3o 3" X$WE4L"M 2"?3rM
’ D49;<" 3$X$ :$2 ?5>X?3?
E"# " X$WE4L" @?2?3"
pE"9D"2#$ 3$:E2>5" $#
’.=V’/0-u*+,’.=V’/0- *’ !
&-*’)=*’*+ J§* )-§
9$:5$ E?@W54L"rM - E"22$5" D49E>"9?#$95" 3? D49A
;<" J§* 3$@$93$ 3": @9$4:% 3$X$#
:$2 5"3": 3?: #$:#?: 3>#$9:\$:] 3"
 $ A J§*% Z4?93" $:5$ #"3" $:5>A #$:#" 5>@" $ 3? #$:#? E>2E49D$2[9A
X$2 :$L$E>"9?3"] " $>s" 3$ 52?9:A E>?M
#>::<" pE?23<r $:5‘ :$#@2$ ?E"A
@L?3"] 3$:?K>L>5?93" ? D49;<" 3$ ’ 45>L>Y?;<" 3$ @9$4: E"# 3>#$9A
3$:?5>X?;<" 3" $>s" 3$ 52?9:#>:A :\$: 3>D$2$95$: 5$# $D$>5": 9$a?5>X":
:<" $ a?2?95>93" ? >#$3>?5? 3>:A 9" E"#@"25?#$95" 3>9e#>E" 3" X$WA
@"9>K>L>3?3$ 3" 5"2Z4$ ?" ?E"A E4L"M
%
@L?#$95" 52?:$>2"M


!
" :>:5$#? @$2#>5$ ? #43?9;? 3>2$5?
’La4#?: X$2:\$: $:5<" $Z4>@?3?:
$952$ ": #"3": ’(.-] J§* $ J§*
E"# 2"3? :"K2$::?L$95$ 3$ 3>#$9A
)"iM
:\$: #$9"2$: $ E"#@":>;<" 3>D$2$95$
3?: 2"3?: 9"2#?>: 3$ 4:"M +X>5?2
 ?E$L$2?;\$: $ D2$?3?: X>"L$95?:] a>2":
’ D49;<" J§* )-§ :g ^ ?E"9:$A K24:E": 9" X"L?95$ $ E42X?: $# a2?9A
Lb‘X$L @?2? @>:": 3$ $:52?3? >22$a4A 3$: X$L"E>3?3$:M

0$!*
’ 2"3? :"K2$::?L$95$ 3$X$ :$2 45>L>A $>s" 52?:$>2" $# X$L"E>3?3$: #?>: ?LA 8"# ? #"3?L>3?3$ $9a?5?3?] 9"
Y?3? :"#$95$ $# E?:": 3$ $#$2a[9A 5?:M 3>:@L?y ^ X>:4?L>Y?3? ? #$9:?a$#
E>?M ’ 45>L>Y?;<" 3$X$ :$2 2$34Y>3? oJ§* )-§oM - )+* 9" 3>:@":>A
,$ ?: 2"3?: @?5>9?2$# $sE$::>X?A
?" #W9>#" >93>:@$9:‘X$L $ ? X$L"E>A 5>X" .2?E5>"9 &"3$ ,$L$E5"2 ,i>5Eb¢
#$95$] ": E"#@"9$95$: #$Ee9>E":
3?3$ 9<" 3$X$ 4L52?@?::?2 ? }F h#ubM L?#@$_? 3$ #"3" >95$2#>5$95$ ?5^
@"3$# ?Z4$E$2M ,$ >:5" ?E"95$E$2 ?
Z4$ " :>:5$#? $:5$_? ?5>X"M
L4YA$:@>? J§* :$ ?E$93$ $ " :>:5$#?
@?::? ?45"#?5>E?#$95$ @?2? 6§*
p52?;<" :"#$95$ 9?: 2"3?: 3>?95$>2?:r 
! @?2? @2"5$a$2 ": $L$#$95": #$Ee9>A ,$ ?: E"93>;\$: @?2? $9a?5?2 ? D49A
!<" E"934Y>2 ? X$L"E>3?3$: :4@$A E":M !$:5$ #"#$95"] 3$X$A:$ @?2?2 ;<" J§* )-§ 9<" D"2$# :?5>:D$>5?:]
2>"2$: d: @$2#>5>3?: @$L?: E"93>;\$: " X$WE4L" $# L"E?L :$a42" $ ?a4?23?2 9" 3>:@L?y ^ X>:4?L>Y?3? 4#? #$9:?A
3? $:52?3?M E$2E? 3$ H #>945":] ?5^ Z4$ " :>:5$#? a$# $:@$EWD>E? >93>E?93" ?: >9:524A
:$ 2$:D2>$M ’@g: " 2$:D2>?#$95"] @?2? ;\$: @?2? ? E"9EL4:<" 3? :$L$;<" :"A
*>2>_? :$#@2$ E"# :$a42?9;?M 2$:5?42?2 ? D49E>"9?L>3?3$ 3$ 5"3": L>E>5?3?M
": :>:5$#?:] 3$:L>a?2 $ 2$L>a?2 " X$WA
   E4L"M
 023 
&  WT
WT
T
- X$WE4L" @"3$ D?Y$2 #?>: 24W3" B  ’K?>s" I6F h#ub ^ @$2#>5>3" ?"
Z4?93" " :>:5$#? ^ ?5>X?3"] :$_? 9"  WT T E"9345"2 3$:?5>X?2 $:5? D49;<" X>?
#"3" ’(.-] J§* "4 J§* )-§M
 023 
&  WT T :$L$5"2M !" 3>:@L?y ? #$9:?a$#
,$ " :>:5$#? 3$5$E5?2 4#? 3>D$2$9;?
oJ§* )-§o ?@?a?A:$ Z4?93" D"2
3$ 3>#$9:<" $952$ ?: 2"3?: 3>?95$>A 8"# " X$WE4L" @?2?3"] Eb?X$ 3$ E"9EL4W3? ? 3$:?5>X?;<"M !$:5$ E?:"]
2?: $ 52?:$>2?: p9" E?:"f @"2 $sM 3$ 4# >a9>;<" 9? @":>;<"  "4 E"# " " )+* 9" :$L$5"2 J§* )-§] ?@?a?A
@9$4 X?Y>"] 3$:a?:5$ ?E$954?3" $# #"5"2 L>a?3"] 3$:L"E?2 ? ?L?X?9E? 3$ :$ 5?#K^#M
4# $>s" "4 @9$4 :"K2$::?L$95$ 3$ 3>A Ee#K>" @?2? ? @":>;<"  p*2>X$r] 
#$9:<" #$9"2] $5EMr] " :>:5$#? @?::? p&?2Eb? ? 2^r "4  p1"95" #"25"r
?45"#?5>E?#$95$ ? L>#>5?2 " D49E>"A $ a>2?2 4#? X$Y " :$L$5"2 3$ ’(.-
9?#$95" 3" J§*] 3$:E"9$E5?93" " @?2? J§* )-§M

0$!+
 = % WT

!
+# E"93>;<" 3$ K?>s? ?3$2[9E>? 3?: 2"3?: 3>?95$>2?:] a$2?L#$95$ E?2?E5$2>Y?3" @$L? @?5>9?;<" 3"p:r @9$4p:r] ?
E?@?E>3?3$ 3$ :4K>3? "4 ?22?9E?3? $# 2?#@?: @"3$2‘ :$2 ?D$5?3?] X?2>?93" 3$ ?E"23" E"# ? X>? 52?D$a?3?M
’ 5?K$L? ?K?>s" >L4:52? ?La4#?: @"::WX$>: E"93>;\$: 3$ 4:"%

'
&

  
_  1    , 1   , 
&  N 
1




+s$#@L" I I s ¡F ha F ha 6G q 6G #
%
+s$#@L" 6 H s ¡F ha F ha I} q I} #

+s$#@L" G H s ¡F ha 6FF ha IH q IH #

+s$#@L" J H s ¡F ha 7HF ha I6 q I6 #

0$!,
 !<" :$ 3$X$ $9a?5?2 9$9b4#?
#?2Eb? :$# ?E>"9?2 " @$3?L 3?
2 & $#K2$?a$# 342?95$ " ’45":5"@M
  
- :>:5$#? ,5?25ƒ,5"@ 3$:L>a? ?4A 
5"#?5>E?#$95$ " #"5"2 :$#@2$ Z4$ - 3$:L>a?#$95" ?45"#‘5>E" 3"
" X$WE4L" $:5>X$2 @?2?3" p?5$93$93" #"5"2 ^ b?K>L>5?3" ?@$9?: 3$@">: 3$
?: E"93>;\$: 3$ D49E>"9?#$95" 3" :4@$2?2 4#? X$L"E>3?3$ 3$ E$2E?
:>:5$#?r $ 2$>9>E>? Z4?93" " E"934A 3$ H h#ub] @?2? $X>5?2 2$@$5>3":
5"2 ?E>"9?2 " @$3?L 3? $#K2$?a$# ’ 3$:?5>X?;<" 3" :>:5$#? 3$:L>a?#$95": 3" #"5"2 Z4?93"
@?2? X$2:\$: E"# Ee#K>" #?94?L "4 ,5?25ƒ,5"@ ^ >93>E?3? @"2 4#? E"934Y>2 ? 4#? X$L"E>3?3$ K?>s?M
Z4?93" $L$ 2$5>2? ? @2$::<" :"K2$ " #$9:?a$# $s>K>3? 9" 3>:@L?y $u"4
@$3?L 3$ D2$>" @?2? X$2:\$: E"# Ee#A 9" Z4?32" 3$ >9:524#$95": p3$@$9A  +  ;     +%
K>" ?45"#‘5>E"M 3$93" 3? X$2:<"rM !$:5?: E"93>;\$:
: ,<
" )+* L"E?L>Y?3" :"K2$ " K"5<" ^
+:5$ @2"E$3>#$95" ?4#$95? ? $D>A L>a?3"M 8"# ? D49;<" ,5?25ƒ,5"@ b?K>L>A
E>[9E>? 3" X$WE4L" ?52?X^: 3? 2$34A 5?3?] @2$::>"9$ " @$3?L 3$ $#K2$?A
;<" 9" E"9:4#" 3$ E"#K4:5WX$L] 2$A a$# @?2? @$2#>5>2 ? 2$@?25>3? 3" #"A
34Y ?: $#>::\$: 3$ a?:$: 9"E>X": $ ? # 5"2M
@"L4>;<" :"9"2?M
9
/ 
 +& 8?:" " Ee#K>" $:5$_? $# @"95"
 + ;& 1
  +% #"25"] ?" E"#$;?2 ? @>:?2 9? $#A
   

: ,< K2$?a$# @?2? " $9a?5$ 3? #?2Eb?] "

#"5"2 _‘ :$2‘ L>a?3"M
1?2? ?5>X?2u3$:?5>X?2 " :>:5$#? #?A 8"# ? D49;<" ,5?25ƒ,5"@ b?K>L>A
94?L#$95$] @2$::>"9$ " K"5<" L"A 5?3? $ E"# " X$WE4L" @?2?3"] " #"A
E?L>Y?3" 9? @?25$ E$952?L 3" @?>9$LM 5"2 >2‘ 3$:L>a?2 Z4?93" " Ee#K>" D"2
E"L"E?3" $# @"95" #"25" p!$452"r $
" @$3?L 3? $#K2$?a$# D"2 L>K$2?3"M

0$"-
9<" D?;? 9$9b4#? >95$2X$9;<" 9":
@$3?>: 3$ D2$>" $ 3? $#K2$?a$# @"2
! ?@2"s>#?3?#$95$ G #>945":] " X$WA
E4L" 3$:L>a?2‘ 9"X?#$95$ $ :$2‘ $s>A
1?2? " E"22$5" D49E>"9?#$95" 3"
K>3? 9" 3>:@L?y p-PP "4 ,5?25ƒ,5"@
:>:5$#?] " 9WX$L 3$ E?2a? 3? K?5$2>?
9<" 3>:@"9WX$LrM !$:5$ E?:"]    %
3$X$ $:5?2 ?E>#? 3" L>#>5$ @2$$:5?K$A
  +
: ,  : / & M
L$E>3"M
:$93" 9$E$::‘2>" $D$54?2 ? 2$@?25>3?
-K:$2X$ :$#@2$ ?: 2$E"#$93?A 3" X$WE4L" ?52?X^: 3? Eb?X$ 3$ >a9>A
;\$: 3$:5$ #?94?LM ;<"M

+  ;     +
: ,<

23 
 
1?2? a?2?95>2 " E"9D"25" 3" "E4A
@?95$] ? 2$34;<" 3$ $#>::\$:] ? :$A %
a42?9;? $ ? >95$a2>3?3$ 3" :>:5$#?]
" #"5"2 @"3$ :$2 2$L>a?3" ?45"#?5>A
E?#$95$ :$# ? ?;<" 3" #"5"2>:5?M
!$::$ E?:"] :$ " Ee#K>" 9<" :$ $9A
E"952?2 9" @"95" #"25"] 4#? #$9:?A
a$# 9" Z4?32" 3$ >9:524#$95": >2‘
:"L>E>5?2 ?" #"5"2>:5? " ?E>"9?#$95"
3? $#K2$?a$# ?52?X^: 3$ #$9:?a$# 8"# " X$WE4L" 3$:L>a?3" p$# ?4A
$:@$EWD>E? 9" 3>:@L?y $ L4YA$:@>? 5":5"@r] E?:" " @$3?L 3? $#K2$?a$#
9" Z4?32" 3$ >9:524#$95":M "4 D2$>" 9<" :$_? @2$::>"9?3" 3$9A
52" 3$] ?@2"s>#?3?#$95$] G #>94A
5":] " X$WE4L" :$2‘ 2$L>a?3" ?45"#?A
5>E?#$95$M ’@g: $:5? 2$@?25>3? ?45"A
#‘5>E? 3" X$WE4L"] E?:" " #"5"2>:5?
0$"!
:4@$2?2 4#? X$L"E>3?3$ 3$ E$2E? +:5$_? ?5$95" d: 2$E"#$93?;\$:
3$ H h#ub] @?2? $X>5?2 2$@$5>3": 3$::$ #?94?LM
3$:L>a?#$95": 3" #"5"2 Z4?93"
E"934Y>2 ? 4#? X$L"E>3?3$ K?>s?M 1"2 #"5>X" 3$ :$a42?9;?] "
,5?25ƒ,5"@ @"3$2‘ :$2 3$:?K>L>5?3"
 +  ;     +% >9X"L495?2>?#$95$M ,$2‘ X>:4?L>Y?3"

: ,< 9" Z4?32" 3$ >9:524#$95": ? #$9:?A
a$# 3$ ,5?25ƒ,5"@ 9<" 3>:@"9WX$LM
+# E?:" 3$ 52?9:#>::<" ?45"#‘A
5>E?] " #"5"2 ^ ?45"#?5>E?#$95$ 2$A
9
/  +
: , L>a?3" Z4?93"%
 + ;& 1
  +%

: ,<  8"# ? D49;<" x,5?25ƒ,5"@z b?A
K>L>5?3?] L>K$2?2 " @$3?L 3" D2$>"
+# X$WE4L": 3$ 52?9:#>::<" ?45"A @?2? @$2#>5>2 ? 2$@?25>3? 3" #"A
#‘5>E?] :$ " :>:5$#? ,5?25ƒ,5"@ $:5‘ 5"2] 3$:3$ Z4$ " Ee#K>" $:5$_? 9?
?5>X?3" $ " X$WE4L" ^ @?2?3" p@?2?2 @":>;<" 3$ *2>X$ p*rM
@"2 4# 5$#@" :4D>E>$95$ @?2? " :>:A
5$#? ?54?2r " #"5"2 ^ ?45"#?5>E?A
,$ " Ee#K>" $9E"952?A:$ D"2? 3?
#$95$ 3$:L>a?3" 9?: :$a4>95$: E"9A
@":>;<" 3$ *2>X$ p*r " X$WE4L" X?>
3>;\$:%
@?25>2 ?45"#?5>E?#$95$M
 ’L?X?9E? 3$ X$L"E>3?3$: 9? @"A
:>;<" M
 1$3?L 3" D2$>" @2$::>"9?3"M
!
1?2? " E"22$5" D49E>"9?#$95" 3"
 :>:5$#?] " 9WX$L 3$ E?2a? 3? K?5$2>?
- 3$:L>a?#$95" ?45"#‘5>E" 3" 3$X$ $:5?2 ?E>#? 3" L>#>5$ @2$$:5?K$A
#"5"2 ^ b?K>L>5?3" ?@$9?: 3$@">: 3$ L$E>3"M

0$""
 - EL>#?5>Y?3"2 *4?LY"9$ p:$
$Z4>@?3"r $:5‘ 9? #"3?L>3?3$ 
&’~A’8 "4 $# @2"E$::" 3$ ’ 45>L>Y?;<" 3" ?2AE"93>E>"9?3"
3$:$#K?;?#$95" &’~A*+P @"3$ >9>K>2 " ?45":5"@ 3$ ?E"23" E"#
pL$3 3" K"5<" ?E$:"r ? 4#? ?L5? ? "@;<" $:E"Lb>3? @$L" 4:4‘2>"] E"9A
X$L"E>3?3$ 3$ X$95>L?;<"M D"2#$ 3$:E2>5" 9" E?@W54L" o8L>#?5>A
 - EL>#?5>Y?3"2 $:5‘ 9? #"3?L>A Y?;<"oM
3?3$ p&’~u’8rM
  28       
%
 ’ #?2Eb? ? 2^ D"> ?E>"9?3? p@"2
 ;+ <
  28 .+ /
    $s$#@L"] @?2? ?: #?9"K2?: 3$

 ;+ < $:5?E>"9?#$95"rM 1"2 Z4$:5<" 3$ E"9D"25"] 3$ 2$A


 -E"22$4 2$?K?:5$E>#$95" 34;<" 3$ $#>::\$: $ 3$ :$a42?9;?]
1"2 Z4$:5<" 3$ E"9D"25"] 3$ 2$34A " #"5"2 @"3$ 2$>9>E>?2 ?45"#?5>E?A
;<" 3$ $#>::\$: $ 3$ :$a42?9;?] " 2$E$95$M +:5? E"93>;<" ^
5$#@"2‘2>? pX$2 ?3X$25[9E>?: #$95$ :$# Z4?LZ4$2 >95$2X$9;<" 3"
#"5"2 9<" ^ 3$:L>a?3" :"K ?: :$a4>9A E"9345"2] :$ "E"22$2$# ?: :$a4>95$:
5$: E"93>;\$:% 9" 5g@>E" x,>:5$#? DL$sz 9$:5$
E"93>;\$:%
%
E?@W54L"rM
 =9EL>9?;<" :4@$2>"2 ?" X?L"2 @2$A  - E?@t $:5‘ ?K$25" "4 3$:52?A
X?3"M  !WX$L 3$ E?2a? 3? K?5$2>? ?K?>s"
$:5?K$L$E>3" @?2? a?2?95>2 ? :$a4A 3" L>#>5$ @2$$:5?K$L$E>3"M
2?9;? 3$ D49E>"9?#$95" 3" :>:A
5$#?M  -E"22$4 ? 3$@2$::<" 3" :>:5$#?
 3$ D2$>"] 3$X>3" ?" ?E>"9?#$95"
 - #"5"2 ?>93? $:5‘ D2>"M 8"# " #"3" ’(.- ?5>X?3" 9" EL>A 3" @$3?L 3$ D2$>" 2$@$5>3?: X$Y$:M
 - 9WX$L 3$ E?2a? 3? K?5$2>? #?5>Y?3"2 *4?LY"9$ p:$ $Z4>@?3"r]  V$WE4L" $# #"X>#$95"] @"2
?K?>s" 3" L>#>5$ @2$$:5?K$L$E>3"M " :>:5$#? ,5?25ƒ,5"@ @"3$ :$2 3$:?A $s$#@L"] 9": E?:": 3$ $:5?2
 ’ @"25? 3" E"9345"2 9<" $:5‘ 5>X?3" 3$ ?E"23" E"# ? 5$#@$2?542? 52?D$a?93" $# 3$:E>3?:M
D$Eb?3?M >95$29? 2$Z4$2>3? $ E"93>;\$: ?#K>A  - #"5"2 D"> 3$:L>a?3" ?52?X^: 3"
 - E>95" 3$ :$a42?9;? 3" #"5"A $95?>:] X>:?93" #?95$2 ? 5$#@$2?542? :>:5$#? ,5?25ƒ,5"@ @"2 4# 5$#@"
2>:5? 9<" $:5‘ ?D>X$L?3"M 3" b?K>5‘E4L" 2$D2>a$2?3?M #?>"2 Z4$ " @2$$:5?K$L$E>3"M

0$"%
3>:@L?y "4 @$L" ?E$93>#$95" 3? L4YA   

$:@>? 9" Z4?32" 3$ >9:524#$95":M
,$ ? $#K2$?a$# 9<" D"2 @2$::>"A +# E?:": 3$ >9?5>X>3?3$ 3" X$WE4L"
9?3? ?@g: ": 52[: #>945": 3$@">: 3$ $:5$_? ?5$95" d E?2a? 3? K?5$2>?M
3$:L>a?2 " #"5"2] L>a?2 " #"5"2 :g :$2‘  +D$54?2 " :$a4>95$ @2"E$3>#$95"%
@"::WX$L 45>L>Y?93" ? Eb?X$ 3$ >a9>A c @"::WX$L #?95$2 " #"5"2 $# D49A
;<"M 8?:" :$_? 9$E$::‘2>" 3$:E"9$E5?2 "
E>"9?#$95"] 3$:?K>L>5?93" " :>:5$#?
E?K" #?::? pAr 3? K?5$2>?] " #$:#"
,5?25ƒ,5"@M
3$X$ :$2 D$>5" ?52?X^: 3" D?L:" @"L"
 9$a?5>X" ] E"#" ? :$a4>2%
!": E?:": 3$ 3$:L>a?#$95" 3"    #%
#"5"2 3$ D"2#? >93$:$_?3?] @"2 
$s$#@L"] 9" E?:" 3$ 4#? L>K$2?;<" +# E?:" 3$ #?4 D49E>"9?#$95"]
2$@$95>9? 3" @$3?L 3$ $#K2$?a$# " :>:5$#? ,5?25ƒ,5"@ ^ 3$:L>a?3"M -
E"# #?2Eb? $9a?5?3?] :$ " :>:5$#? E"9345"2 ^ >9D"2#?3" 3? ?9"#?L>?
,5?25ƒ,5"@ $:5>X$2 ?5>X?3"] X"E[ @$L? :>9?L>Y?;<" 3? L4YA$:@>?] _495?A
@"3$2‘ L>a?2 " #"5"2 @2$::>"9?93" " #$95$ E"# 4#? #$9:?a$# X>:4?L>A
@$3?L 3? $#K2$?a$#M Y?3? 9" 3>:@L?y p?La4#?: X$2:\$:rM
!$:5$ E?:"] 3>2>a>2A:$ ?   %
   , & # 7
 
0 @ ,  
w4?93" " #"5"2 ^ 3$:L>a?3" ?45"A - :$9:"2 =B, 3? K?5$2>?] >93>E?3"
#?5>E?#$95$ @$L" :>:5$#? ,5?25ƒ,5"@  -+ ,  
    
 @$L? :$5?] 9<" @"3$ 949E? :$2 3$:E"A
$ " #"5"2>:5? 3$:?D>X$L? " E>95" 3$  Y  : - , Q+ , 9$E5?3" 3" @"L" 9$a?5>X"] $sE$5" 9"
:$a42?9;? "4 ?K2$ ? @"25? 3" #"5"A , 3 Q
+ & F ,Z  E?:" 3$ :4K:5>54>;<" 3? K?5$2>?M
2>:5? "4 " E?@t] ? @?25>3? 3" #"5"2 1 +6  # 
:g :$2‘ @$2#>5>3? @$L? Eb?X$ 3$ >a9>A
;<"M +:5? E"93>;<" ^ ?::>9?L?3? ?"
E"9345"2 @"2 #$9:?a$# $s>K>3? 9"
0$"&
 12$::>"9$ " K"5<" 3$ 52?X?#$95" EL>Eh 3? 52?X?] E$25>D>E?93"A:$ 3" #$95" 3$ x1?25>3? E"# K?5$2>? ?4s>A
3" $9a?5$ 2‘@>3" $ @?2? :"L5‘AL" 52?X?#$95"M L>?2zrM
3" D?L:" @"L"M

 E
’95$: 3$ E"95>94?2 E"# " @2"E$A
3>#$95"] ?a4?23$ @$L" #$9": I #>A
B 945" @?2? @":>E>"9?2 ? Eb?X$ 3$ >aA
9>;<" 9? @":>;<" M


’ K?5$2>? @?2? X$WE4L": E"# :>:A
5$#? ,5?25ƒ,5"@ @"::4> E?2?E5$2W:5>A
 C$#"X? " $9a?5$ 2‘@>3"  3" E?: Z4$ :<" $:@$EWD>E?: @?2? $:5? X$2A 
D?L:" @"L" 9$a?5>X" M :<" $ X>:?# a?2?95>2 " @$2D$>5" D49E>A ’95$: 3$ ?K2>2 " E?@t] ^ @2$E>:" %
"9?#$95" 3" :>:5$#?M c >#@2$:E>93WA ?::$a42?2A:$ 3$ Z4$ " X$WE4L" $:5$_?
X$L Z4$] @?2? :4K:5>54>;<" 3? K?5$2>?] 3$:L>a?3" $ ? Eb?X$ 9? @":>;<" -PPM
3>2>_?A:$ d    , & # 7 c ?E"9:$Lb?3" 2$5>2?2 ? Eb?X$ 3$ >aA
D 9>;<" Z4?93" " X$WE4L" $:5>X$2 @?A
2?3" $ E"# "452?: @$::"?: @2$:$95$:
   ! 3$952" 3" X$WE4L"M
+# E?:" 3$ @?25>3? 3$ $#$2a[9E>? *42?95$ " 2$?K?:5$E>#$95" 3$
C E"# K?5$2>? ?4s>L>?2] 9<" E"9$E5?2 " E"#K4:5WX$L] ?::$a42?2A:$ 3$ Z4$
E?K" 9$a?5>X" pAr 3? K?5$2>? ?4s>L>?2 " X$WE4L" $:5$_? 3$:L>a?3" E"# ?
?" 5$2#>9?L 9$a?5>X"  3? K?5$2>? 3" Eb?X$ 9? @":>;<" -PPM
X$WE4L"M 8"9$E5?2 ? 4# @"95" 3$
 1?2? 2$E"L"E?2 " E?K"] $#@422?2 #?::? #"5"2uEe#K>" p:>a? " @2"E$3>A +# E?:" 3$ ?2AE"93>E>"9?3" 3$
9" :$95>3" E"952‘2>" ?5^ "4X>2 " E"952"L$ #?94?L] :$ X"E[ 3$:$_? 3?2
@2>"2>3?3$ ?" E"9D"25" EL>#‘5>E"]

0$"’
^ @"::WX$L 3$:?5>X?2 " :>:5$#? X$L"E>3?3$ #W9>#? @2"a2?#‘X$L ^ 3$
,5?25ƒ,5"@ ? D># 3$ @$2#>5>2 " GF h#ubM
D49E>"9?#$95" E"95W94" 3" :>:5$#?
w4?93" " 3>:@":>5>X" $:5‘ ?5>X"] ?
3$ ?2AE"93>E>"9?3"M
X$L"E>3?3$ 3" X$WE4L" 3$@$93$ 3?
@2$::<" 3" @$3?L ?E$L$2?3"2] ?5^ :$2
?5>9a>3? ? X$L"E>3?3$ L>#>5$ @2"a2?A
#?3? pE"9:4L5?2 ? "@;<" o12"a2?#?A
! ;<" 3? X$L"E>3?3$ L>#>5$orM
’.+!/0-%
!": X$WE4L": E"# x,5?25 ƒ ,5"@z]   
@?2? #?95$2 " T8,, p,>:5$#?  1?2? ?5>X?2 " 3>:@":>5>X"] @2$::>"9?2
3$ ?Z4$E>#$95" @?2? @?25>3? ? ’@g: :4K:5>54>;<" 3? K?5$2>? " :>:A " K"5<"  9" X"L?95$M
D2>"r $# E"93>;\$: 9"2#?>: 3$ 5$#? ,5?25ƒ,5"@ p:$ $Z4>@?3"r @"3$
D49E>"9?#$95"] 3$X$A:$ @2$:$2X?2 ?: D>E?2 5$#@"2?2>?#$95$ >93>:@"9WX$LM
E?2?E5$2W:5>E?: "2>a>9?>: 3" X$WE4L"
p2‘3>"] #4L5>#W3>?rM
   
!<" 2$#"X$2 " :$9:"2 =B,  p,$9A
:"2 >95$L>a$95$ 3? K?5$2>?r 3" @"L" 9$A   )*
a?5>X" 3? K?5$2>?] @">: " :>:5$#? ,5?25 +,-./
ƒ ,5"@ @"3$2‘ D>E?2 >9"@$2?95$M


c 4# 3>:@":>5>X" Z4$ @$2#>5$ L>#>A
5?2 ? X$L"E>3?3$ 3" X$WE4L" ? X?L"2$:
’ ?5>X?;<" 3" 3>:@":>5>X" ^ ?::>9?A
@2"a2?#‘X$>: @$L" #"5"2>:5?M
L?3? @$L? X>:4?L>Y?;<" 3" :W#K"L"
c @"::WX$L @2"a2?#?2 ? X$L"E>3?3$ 9" 3>:@L?y p3$ E"2 K2?9E? 9?: X$2:\$:
#‘s>#? E"# " X$WE4L" @?2?3" "4 E"# 3>:@L?y #4L5>D49;\$: 2$E"9D>a4A
E"# " X$WE4L" $# #"X>#$95"M ’ 2‘X$Lr] _495?#$95$ E"# 4#? #$9:?A
0$")
a$# $:@$EWD>E?] $ @$L" vL5>#" X?L"2 3$ I h#ub $9Z4?95" Z4$] #?95$93" " 3>:@":>5>X" $:5‘ ?5>X" p@"2 $sM $#
3$ X$L"E>3?3$ #$#"2>Y?3?M " K"5<" @2$::>"9?3"] "K5^#A:$ 4#? E?:" 3$ 4L52?@?::?a$#rM
3>#>94>;<" 3$ H h#ubM
,$ " 824>:$ 8"952"L 5>X$2 :>3" ?95$A - 3>:@":>5>X" ^ 3$:?5>X?3" ?5^ 2$A
2>"2#$95$ ?5>X?3"] ^ 9$E$::‘2>" @2$:A 34Y>2 ? X$L"E>3?3$ ?K?>s" 3" L>#>5$
:>"9?2 34?: X$Y$: " K"5<"  M ’ B  3$D>9>3"] $95<" :$ 2$?5>X? ?45"#?5>A
@2>#$>2? @2$::<" 3$:L>a? ? D49;<" ?9A  E?#$95$M
5$2>"2#$95$ ?5>X?3?] ? :$a493? @2$:A
:<" ?5>X? " ,@$$3 )>#>5$2M ’5>X?;<" 3" 3>:@":>5>X"% @2$::>"9?2
": K"5\$: ,+. ' "4 ,+. M ’ ?5>X?A !  
;<" 3" 3>:@":>5>X" ^ ?::>9?L?3? @$L?  
   % X>:4?L>Y?;<" 3" :W#K"L" 9" 3>:A
’ X$L"E>3?3$ @2"a2?#?3? E"#$;?
  @L?y p3$ E"2 X$23$ 9?: X$2:\$: E"#
? L?#@$_?2 9": :$a4>95$: E?:":%
3>:@L?y #4L5>D49;\$: 2$E"9D>a42‘X$LrM
’ X$L"E>3?3$ L>#>5$ @"3$ :$2 @2"A
a2?#?3? :$# 9$E$::?2>?#$95$ ?5>X?2 *$:?5>X?;<" 3" 3>:@":>5>X"% @2$::>A  w4?93" :$ 5>X$2 @2$::>"9?3" "
" 3>:@":>5>X"M "9?2 " K"5<" M ’ 3$:?5>X?;<" @$3?L 3" ?E$L$2?3"2 $ ? X$L"E>A %
3" 3>:@":>5>X" ^ ?::>9?L?3? @$L? X>A 3?3$ 3" X$WE4L" 5>X$2 4L52?@?:A
1?2? #$#"2>Y?2 4# X?L"2 3$ X$A
:4?L>Y?;<" 3" :W#K"L" 9" 3>:@L?y :?3" ? X$L"E>3?3$ @2"a2?#?3?M
L"E>3?3$ #?>: ?L5" 3" Z4$ " X>:4?A
p3$ E"2 K2?9E?rM  ’5>X?93" " :>:5$#? ?@g: 5$2 3$D>A
L>Y?3"] @2$::>"9?2 K2$X$#$95$ " K"A
5<" ,+. 'M ’ E?3? @2$::<" 3" K"5<" C$?5>X?;<" 3" 3>:@":>5>X"% @2$::>"A 9>3" 4# L>#>5$ >9D$2>"2 d $D$5>X?
E"22$:@"93$ 4# ?4#$95" 3? X$L"E>A 9?2 " K"5<" M X$L"E>3?3$ 3" X$WE4L"M
3?3$ 3$ E$2E? 3$ I h#ub $9Z4?95"  w4?93" " 3>:@":>5>X" 9<" D"2 E?A
Z4$] #?95$93" " K"5<" @2$::>"9?3"] @?Y 3$ 2$34Y>2 ? X$L"E>3?3$ 3"
"K5^#A:$ 4# ?4#$95" 3$ H h#ubM    %
X$WE4L" 3$X>3" d >9EL>9?;<" 3?
  
1?2? #$#"2>Y?2 4# X?L"2 #?>: $:52?3?M
K?>s" 3" Z4$ " X>:4?L>Y?3"] @2$:A 12$::>"9?93" " @$3?L 3" ?E$L$2?A  +# E?:" 3$ ?E$L$2?;<" K24:E?M
:>"9?2 " K"5<" ,+.  M ’ E?3? 3"2 5"5?L#$95$ ?5^ " oD493"o pD># 3$
@2$::<" 3" K"5<" E"22$:@"93$ 4#? E42:"r] ^ @"::WX$L 4L52?@?::?2 ? X$L"A
3>#>94>;<" 3? X$L"E>3?3$ 3$ E$2E? E>3?3$ @2"a2?#?3? #$:#" Z4?93"

0$"*
   3>:@":>5>X" @"3$ :$2 45>L>Y?3" ? 4#?   
1?2? 3$:?5>X?2 " 3>:@":>5>X"] @2$:A X$L"E>3?3$ :4@$2>"2 ? JF h#ub] $#
:>"9?2 " K"5<"  M L"9a": 52$Eb": 3$ $:52?3? 2$5":] :$A
E": $ E"# @"4E?: X?2>?;\$: 3$ X$A
L"E>3?3$ p@"2 $s$#@L" @$2E42:": $# !
 ?45"$:52?3?:rM 1?2? 45>L>Y?2 " 824>:$ E"952"L] "KA
’ ?5>X?;<" 3" 824>:$ 8"952"L "4 :$2X?2 ?La49: E4>3?3": #4>5" >#@"2A
’ 45>L>Y?;<" 3" 3>:@":>5>X" 9<" ^
3? D49E>"9?L>3?3$ T*8 p    5?95$: E"# 2$L?;<" ?" Ee#K>"M
X?95?_":? $# $:52?3?: $s52?42K?9?:
 r @2"X"E?2‘ ? 3$:?5>X?;<" 3" E"# #4>5" 52e9:>5"M !<" 45>L>Y?2 " *42?95$ ? E"934;<" E"# " 3>:@"A
3>:@":>5>X"M 3>:@":>5>X" 9? E>3?3$M :>5>X" ?5>X?3"] 9<" @":>E>"9?2 ? ?L?A
-: K"5\$: @?2? " E"#?93" 3" X?9E? 3$ #?2Eb?: $# @"95" #"25"M
 023 +
: ,     %
824>:$ 8"952"L $:5<" L"E?L>Y?3": 9"
 0
L?3" 3>2$>5" 3" X"L?95$M
- 3>:@":>5>X" 3$:?5>X?A:$ ?45"#?A
1?2? ?::$a42?2 4# D49E>"9?#$95"
5>E?#$95$ $# E?:" 3$ ?X?2>? 9" :>:A !
E"22$5"] " 824>:$ 8"952"L D"> E"9E$A
5$#?M !$:5$ E?:"] 3>2>a>2A:$ d  +# E?:" 3$ D49E>"9?#$95" 3$D$>54A
K>3" 3$ #"3" ? 3$:L>a?2A:$ $# E?:"
  , & # M ":" "4 ?X?2>? 3" 3>:@":>5>X"] 3>2>a>2A
3$ ?E>"9?#$95" :>#4L5e9$" 3$ X‘2>?:
D49;\$:M !$:5$ E?:"] ^ @"::WX$L 2$?A :$ d    , & # 7
5>X?2 " :>:5$#? @2$::>"9?93" " K"5<"
    $ 2$3$D>9>93" ? X$L"E>3?3$ 3$:$A
*>2>_? :$#@2$ $# :$a42?9;?M
  _?3? 3" X$WE4L"M
 
c 4# 3>:@":>5>X" 3$ ?::>:5[9E>? d !
E"934;<"] 3$ E"952"L$ $L$52t9>E"] - 824>:$ 8"952"L @"3$ :$2 @$2>a":"
Z4$ @$2#>5$ #?95$2 " X$WE4L" ? 4#? "93$ " :>:5$#? 9<" D"2 E?@?Y 3$
X$L"E>3?3$ 3$:$_?3?] :$# 9$E$::>5?2 #?95$2 4#? X$L"E>3?3$ E"9:5?95$M
3$ @>:?2 9" @$3?L 3" ?E$L$2?3"2M +:5$

0$"+
+# ?La4#?: E"93>;\$:] ? X$L"E>A 8"952"L] " 3>:@":>5>X" :$2‘ 3$:?5>X?3"
3?3$ @"3$ :$2 $sE$::>X?] E"# " 2>:E" ?45"#?5>E?#$95$M *42?95$ ? 45>L>Y?A
3$ @$23$2 " E"952"L$ 3" X$WE4L" $ @2"A ;<" 3$::?: D49;\$:] " 824>:$ 8"952"L
X"E?2 ?E>3$95$:M !<" 4:?2 " 3>:@":>A $L$52t9>E" 9<" $:5?2‘] $# 5"3" E?:"]
5>X" $# E"93>;\$: 3$ 52e9:>5" >95$9:" 3>:@"9WX$LM
"4 $# $:52?3?: >22$a4L?2$: :>94":?:]
E"9a$L?3?:] E"# 9$X$ "4 L?#?M
#  
1?2? ?5>X?2 " 3>:@":>5>X"] @2$::>"9?2 V
" K"5<" M 12"E$3$2 3" :$a4>95$ #"3"%
’ ?5>X?;<" 3" 3>:@":>5>X" ^ ?::>9?A - 3>:@":>5>X" 9<" @"3$ :$2 ?5>X?3"
L?3? @$L" ?E$93>#$95" 3? L4YA$:@>? 9? I⁄ #?2Eb? "4 $# #?2Eb? ? 2^% ^  ’5>X?2 " 3>:@":>5>X" pE"9:4L5?2 ?:
9" Z4?32" 3$ >9:524#$95": $] $# ?E"9:$Lb‘X$L ?5>X‘AL" E"# X$L"E>3?A >93>E?;\$: ?95$2>"2#$95$ 3$:E2>A
?La4#?: X$2:\$:] @$L? X>:4?L>Y?;<" 3$: >a4?>: "4 :4@$2>"2$: d G⁄M 5?:rM
 w4?93" " X$WE4L" 5>X$2 ?5>9a>3"
3$ 4#? #$9:?a$# 9" 3>:@L?yM
? X$L"E>3?3$ 3$:$_?3?] @2$::>"A
%
,$ " ,@$$3 )>#>5$2 $:5>X$2 L>a?3"] 
9?2 " K"5<" ,+. ' p"4 ,+. r $
^ 9$E$::‘2>? 4#? 34@L? @2$::<" 3" c @$2>a":" 3$>s?2 " 3>:@":>5>X" L>A :"L5‘AL" @?2? ?5>X?2 " 3>:@":>5>X"%
K"5<" @?2? ?E>"9?2 " 824>:$ 8"9A a?3" Z4?93" 9<" $:5‘ :$93" 45>L>A ?" :"L5?2 " ?E$L$2?3"2] " X$WE4L"
52"L pE"#" ? @2>#$>2? @2$::<" 3$:?A Y?3"M *$ D?5"] $s>:5$ " 2>:E" 3$ ?5>X‘A @2"::$a4>2‘ d X$L"3?3$ :$L$E>"A
5>X? " ,@$$3 )>#>5$2] ? :$a493? ?5>X? L" >9X"L495?2>?#$95$ $ @$23$2 " E"9A 9?3?M
" 824>:$ 8"952"LrM 52"L$ 3" X$WE4L" 3$X>3" ? 4# $sE$::"
3$ X$L"E>3?3$ >#@2$X>:5"M +# E?:" 3$ 9$E$::>3?3$ p@"2 $s$#A
@L"] $# E?:" 3$ 4L52?@?::?a$#r] ^
 @"::WX$L ?E$L$2?2 @>:?93" 9" ?E$L$2?A
3"2% ?" :"L5?2 " @$3?L] " X$WE4L" >2‘
- 3>:@":>5>X" 9<" ^ E"#@?5WX$L
2$@":>E>"9?2 9? X$L"E>3?3$ ?95$2>"2A
E"# ?: D49E>"9?L>3?3$: J§* )-§
#$95$ #$#"2>Y?3?M
$ T*8M ,$ $:5?: D"2$# ?5>X?3?: $9A
Z4?95" $:5>X$2 45>L>Y?93" " 824>:$
0$",
’" $9D2$95?2 52$Eb": $# 3$:E>3? $ +
   0&, 
E"# " 3>:@":>5>X" ?5>X?3"] ^ @"::WA 
(#? X$Y ?5>X?3" " 824>:$ 8"9A - 3>:@":>5>X" #?95^# #$#"2>A
X$L Z4$ ? X$L"E>3?3$ 3" X$WE4L" ?4A
52"L] ^ @"::WX$L ?4#$95?2 ? X$L"E>A Y?3? ? X$L"E>3?3$ #$:#" $# :4K>3?
#$95$ L>a$>2?#$95$ $# 2$L?;<" d :$A
3?3$ @2$::>"9?93" " K"5<" ,+. 'M $ $# 3$:E>3?M (#? L>a$>2? X?2>?;<"
L$E>"9?3?M
&?95$93" " K"5<" @2$::>"9?3"] ? 3? X$L"E>3?3$ $# L$X$: :4K>3?: ^
X$L"E>3?3$ 3$D>9>3? E"95>94?2‘ ? ?4A @$2D$>5?#$95$ 9"2#?LM
 #$95?2 ?5^ :"L5?2 " K"5<"] 3$@">: :$2‘
’95$: 3$ @2$::>"9?2 ": K"5\$: ,+. #$#"2>Y?3? ? 9"X? X$L"E>3?3$M 
+ 23  0&, 
' p"4 ,+. r] " X$WE4L" 3$X$ X>?_?2
1"2 "452" L?3"] ? E?3? @2$::<" 3" 8"# " 3>:@":>5>X" ?5>X?3"] @?2?
? X$L"E>3?3$ E"9:5?95$ $# 5$22$9"
K"5<" ,+. ' "K5^#A:$ " ?4#$95" 3$ 3>#>94>2 ? X$L"E>3?3$] @2$::>"9?2 "
9>X$L?3"M
I h#ub 3? X$L"E>3?3$ 3$D>9>3?M K"5<" ,+.  M
&?95$93" " K"5<" @2$::>"9?3"] ?
    & F23      0 

 % X$L"E>3?3$ 3$D>9>3? E"95>94?2‘ ? 3>A
 G #>94>2 ?5^ :"L5?2 " K"5<"] 3$@">: :$2‘
 !?: X$2:\$: $Z4>@?3?: E"# Ee#A #$#"2>Y?3? ? 9"X? X$L"E>3?3$M
’ @2$::<" 3" K"5<" ,+. ' p"4 ,+. K>" ?45"#‘5>E"] $# E?:" 3$ @$2E42:" 1"2 "452" L?3"] ? E?3? @2$::<" 3"
r @$2#>5$ 3>#>94>2 "4 ?4#$95?2 ? $# #"95?9b?:] " 3>:@":>5>X" @"3$ 2$A K"5<"  A "K5^#A:$ ? 2$34;<" 3$ I
X$L"E>3?3$ $# I h#ub 3$D>9>3? ?52?A 34Y>2 ?45"9"#?#$95$ ? X$L"E>3?3$ h#ub 3? X$L"E>3?3$ 3$D>9>3?M
X^: 3" &$94 3" 3>:@L?y 3" Z4?32" 3$ $9a?5?3? @?2? #?95$2 ? X$L"E>3?3$
>9:524#$95": "4] $# D49;<" 3?: X$2A 3$D>9>3?M
:\$:] 3" #$94 3" (E"99$E5¢ pE"9A     %
:4L5?2 :4@L$#$95" $:@$EWD>E"rM +# $:52?3?: E"# D"25$ >9EL>9?;<"]

? 3>#>94>;<" "4 " ?4#$95" 3$ X$L"A
E>3?3$ @"3$ :$2 9"5‘X$L $ ^] @"25?95"] 1?2? Eb?#?2 ? X$L"E>3?3$ 3$D>A
@2$D$2WX$L 3$:?5>X?2 " 3>:@":>5>X"M 9>3? ?95$2>"2#$95$] @2$::>"9?2 " K"A
5<"  $ :"L5‘AL"M

0$%-
        
(#? L>a$>2? @2$::<" 9" @$3?L 3"    
D2$>"] ? @2$::<" 3" K"5<"  "4 !
? @2$::<" 9"2#?L 9" @$3?L 3" D2$>"    D` ; 1?2? @$2#>5>2 " D49E>"9?#$95" E"2A
342?95$ ? 3>#>94>;<" 3? X$L"E>3?3$ .+ < 2$5" 3" :>:5$#?] ^ >93>:@$9:‘X$L Z4$
3" X$WE4L" 3$:?5>X?# " 824>:$ 8"9A    ": :$9:"2$: $:5$_?# :$#@2$ L>#@": 3$
52"L] :$# ?@?a?2 ? X$L"E>3?3$ #$#"A L?#?] :4_$>2?] 9$X$ "4 a$L"M *42?95$
2>Y?3?M ? L>#@$Y? 3": :$9:"2$:] 5$2 " #‘s>#"
’ X$L"E>3?3$ #$#"2>Y?3? ^ ?@?A E4>3?3" @?2? 9<" ": 2>:E?2 "4 3?9>A
a?3? 9": :$a4>95$: E?:":% ! D>E?2f $X>5?2 ? 45>L>Y?;<" 3$ @?9": :$A
’ 2$:@"9:?K>L>3?3$ @$L" $:5?E>"9?A E":] ‘:@$2": "4 342":M -: :$9:"2$:
#$95" $ @"2 "452?: #?9"K2?:] @"A 3$X$# :$2 L?X?3": E"# ‘a4?] $X$9A
 12$::>"9?93" " K"5<" "4 3$:A
5$9E>?L#$95$ @$2>a":?:] ^ :$#@2$ 3" 54?L#$95$ E"# ? ?3>;<" 3$ :b?#@""
L>a?93" 9" X"L?95$M
E"9345"2M @?2? E?22"M
 +# E?:" 3$ ?X?2>? 3" 824>:$ 8"9A
52"LM !?: :>54?;\$: 3$ L?X?a$# Z4$ 45>A %
’" $D$54?2 $:5?: #?9"K2?:]
E$25>D>E?2A:$ :$#@2$ 3$ Z4$ 9<" $:A L>Y?# $Z4>@?#$95": E"# _?5" 3$ X?A
- 3>:@":>5>X" 824>:$ 8"952"L 5<" @2$:$95$: @$::"?: p$:@$E>?L#$95$ @"2 "4 3$ ?L5? @2$::<"] L?X?2 2?@>3?A
3$:?5>X?A:$] 5?#K^#] @2$::>"9?93" E2>?9;?:r 9$# ?9>#?>: ?" L"9a" 3? #$95$ ": :$9:"2$: #?95$93" " K>E"
" K"5<" "4 3$:L"E?93" " 3>:@":>A 52?_$5g2>? Z4$ :$ @2$5$93$ @$2E"22$2M @?2? ?L^# 3": IF E# 3$ 3>:5e9E>?M
5>X" 3$ @?25>3? @?2? M -: :$9:"2$: 3$ $:5?E>"9?#$95"
E"9:5>54$# 4#? ?_43? @?2? " E"934A
5"2] $#K"2? $:5$ 949E? 3$X? 2$34Y>2
? :4? ?5$9;<" 342?95$ #?9"K2?: !
@"5$9E>?L#$95$ @$2>a":?:] #$:#" :$ 1?2? $X$954?>: >95$2X$9;\$: 9":
$s$E45?3?: ? K?>s? X$L"E>3?3$M :$9:"2$: L"E?L>Y?3": 9" @?2?A
Eb"Z4$] 3>2>a>2A:$ $sEL4:>X?#$95$ d
   , & # M

0$%!
=95$2X$9;\$: 9" @?2?AEb"Z4$ $D$A  1$2#?9$E$ E"9:5?95$ :$ ? 3>:5e9A
54?3?: 3$ #"3" >9E"22$5" @"3$# E>? $952$ X$WE4L" $ " "K:5‘E4L"
E"#@2"#$5$2 " D49E>"9?#$95" 3": @$2#?9$E$2 >9?L5$2?3?M ,$ $:5?
:$9:"2$: 3$ $:5?E>"9?#$95"M :>54?;<" :$ X$2>D>E?2 @?2? ": :$9A
:"2$: L?5$2?>:] " :>9?L ^ >95$22"#A
-: :$9:"2$: 3$ $:5?E>"9?#$95"] :>A @>3" ?@g: ?@2"s>#?3?#$95$ G :$A
54?3": 9" @?2?AEb"Z4$ 52?:$>2"] 5[# a493": @?2? $X>5?2] @"2 $s$#@L"]
? D49;<" 3$ 3$5$E5?2 ? @2$:$9;? 3$ :>9?L>Y?;\$: $# E?:" 3$ #?9"K2?
$X$954?>: "K:5‘E4L": Z4$ :$ $9E"9A _495" ? @?2$3$: "4 #42":M
52$# @2gs>#" 3? @?25$ 52?:$>2? 3" X$WA
E4L"M  & F23 ,a , w4?93" " :>:5$#? $#>5$ 4#? :>A
+9a?5?93" ? #?2Eb? ? 2^ $ 9" 9?L>Y?;<" ?Ev:5>E?] " X"L4#$ 3" :>:A
-: :$9:"2$: ?X>:?# " E"9345"2 3?
E?:" 3$ @2$:$9;? 3$ 4# "K:5‘E4L" 5$#? (E"99$E5¢] :$ ?E>"9?3"] ^ ?4A
@2$:$9;? 3$ "K:5‘E4L":] ?52?X^: 3$
52?:$>2"] ^ ?5>X?3? 4#? :>9?L>Y?;<" 5"#?5>E?#$95$ 2$34Y>3" @$L" ?::>:A
4# :>9?L :"9"2"] E"# :>9?L>Y?;<" X>A
?Ev:5>E? Z4$ X?2>? E"# ? 3>:5e9E>? 5$95$ 3$ $:5?E>"9?#$95"M
:4?L 9" 3>:@L?y 3" Z4?32" 3$ >9:524A
#$95":M 1?2? ?5>X?;<" 3? X>:4?L>Y?A 3" "K:5‘E4L" ?" @?2?AEb"Z4$M
;<" 3?: >93>E?;\$: X>:4?>: 3" 3>:@L?y  9 ,   ,23
P2$Z4[9E>? 3? :>9?L>Y?;<" ?Ev:A
3" Z4?32" 3$ >9:524#$95":] E"9:4LA 5>E?% ,$ ": :$9:"2$: 3$5$E5?# 3>X$2:":
5?2 ?: 3$D>9>;\$: 3" ,>:5$#? (E"9A "K:5‘E4L":] ^ L$X?3" $# E"9:>3$2?A
9$E5¢M ;<" ?@$9?: ?Z4$L$ Z4$ :$ $9E"952?
 ’4#$95? E"# ? 3>#>94>;<" 3?
3>:5e9E>? $952$ X$WE4L" $ "K:5‘A #?>: @2gs>#"M
E4L"M
 & F23    &E
 ."29?A:$ E"95W94" Z4?93" ? 3>:A
5e9E>? Z4$ :$@?2? " X$WE4L" 3" ’: :>9?L>Y?;\$: 2$L?5>X?: ?" ?::>:A
"K:5‘E4L" ^ >9D$2>"2 ? E$2E? 3$ 5$95$ 3$ $:5?E>"9?#$95" :<" X>:4?L>A
GF E# $ @?2? >#$3>?5?#$95$ :$ ? Y?3?: 9" 3>:@L?y 3" Z4?32" 3$ >9:A
3>:5e9E>? 3" "K:5‘E4L" ?4#$95?2M 524#$95": ?@$9?: :$ 5>X$2 :>3" :$L$A
E>"9?3? ? "@;<" o,>9?L ?Ev:5>E" $

0$%"
3>:@L?yo 9" >95$2>"2 3" &$94 o*$D>A ’ E"2 X>:4?L>Y?3? 9" 3>:@L?y 3$A L?X?a$# 3" X$WE4L"] Eb4X? pE"9A
9>;\$:o 3" :>:5$#? (E"99$E5¢ p@?2? @$93$ 3? 3>:5e9E>? $ 3? @":>;<" 3" 3>;\$: $s52$#?: 3$ X$95"r] a2?A
#?>: >9D"2#?;\$:] E"9:4L5?2 " :4@L$A "K:5‘E4L"M 9>Y"M
#$95" $:@$EWD>E"rM  ’: :>9?L>Y?;\$: $9X>?3?:
- :>:5$#? ?::>9?L? ? @2$:$9;? 3$ O   @$L" :$9:"2 @"3$# :$2
4# "K:5‘E4L" X>:4?L>Y?93" 4# v9>E" >a4?L#$95$ ?L5$2?3?: @$L?
?2E" 94#? 3?: ‘2$?: @"::WX$>:] E"# +X$954?>: ?9"#?L>?: 3": :$9:"2$: @2$:$9;? 9?: @2"s>#>3?3$: 3$
K?:$ 9? 3>:5e9E>? 3" "K_$5" $ 9? @":>A 3$ $:5?E>"9?#$95" :<" ?::>9?L?3?: :>:5$#?: 3$ 4L52?::"9: p@"2
;<" $# 2$L?;<" ?" X$WE4L"M ,$ " "K:A 342?95$ " $9a?5$ 3? #?2Eb? ? 2^] @$L" $sM D2$>": @9$4#‘5>E": 3$
5‘E4L" D"2 3$5$E5?3" 9? ‘2$? E$952?L ?E$93>#$95" 3" :W#K"L" 9" Z4?A X$WE4L": @$:?3": "4 #?25$L":
52?:$>2?] 9" 3>:@L?y :$2‘ X>:4?L>Y?3"] 32" 3$ >9:524#$95": $ @$L? 2$:@$EA @9$4#‘5>E":rM
E"# ? ?@2"s>#?;<" 3" "K:5‘E4L"] 5>X? #$9:?a$# X>:4?L>Y?3? 9" 3>:A  - 3$:$#@$9b" 3" :>:5$#? 3$ ?4A
4# v9>E" ?2E" @2>#$>2" D>s"] 3$@">: @L?y p8"9:4L5?2 " @?2‘a2?D" x)4Y$: sWL>" ?" $:5?E>"9?#$95" @"3$ :$2
>95$2#>5$95$] _495?#$95$ E"# ? $#>:A $:@>?: $ #$9:?a$9:z 9" E?@W54L" x8"A >a4?L#$95$ >9DL4$9E>?3" @$L? @"A
9b$E$93" " 1?>9$L 3$ =9:524#$95":zrM :>;<" 3": :$9:"2$:] @"2 $s$#A
:<" 3$ 4#? :>9?L>Y?;<" ?Ev:5>E?M
@L"] X?2>?93" ": ?L>9b?#$95":
%
,$ " "K:5‘E4L" D"2 3$5$E5?3" 9? +s>:5$# ?La4#?: E"93>;\$: Z4$
@"3$# >9DL4$9E>?2 9" 3$:$#@$9b" p3$X>3" ?" 3$:a?:5$ 3": ?#"2A
‘2$? 52?:$>2? $:Z4$23? $u"4 3>2$>5?]
3" :>:5$#? 3$ $:5?E>"9?#$95"% 5$E$3"2$:] :4:@$9:\$:r "4 :4K:A
9" 3>:@L?y :$2‘] @"2 :4? X$Y] X>:4?A
5>54>;<" 3": @9$4:] $sE$::" 3$
L>Y?3" " 2$:@$E5>X" ?2E" >95$2#>5$95$
 (#? :$9:>K>L>3?3$ 2$34Y>3? 3" E?2a? "4 #"3>D>E?;\$: E"# " "KA
9? Y"9? E"22$:@"93$95$ $ " :>:5$#?
:$9:"2 $ 3>#>94>;<" 3" 3$:$#A _$5>X" 3$ 2$K?>s?2 " X$WE4L"
$#>5>2‘ 4#? :>9?L>Y?;<" ?Ev:5>E? $#
>95$2X?L": ?@2"s>#?3": "4 D>s?M @$9b" 3" :>:5$#? 3$ ?4sWL>" ?"  - a?9Eb" 3$ 2$K"Z4$ 9? ?4:[9A
$:5?E>"9?#$95" @"3$A:$ 3$X$2 d E>? 3$ 2$K"Z4$ @"3$2>? >95$2D$A
+# a$2?L] " X$WE4L" $:5‘ #?>: @2gA @2$:$9;? 9? :4@$2DWE>$ 3" :$9:"2 2>2 E"# " E"22$5" D49E>"9?#$95"
s>#" 3" "K:5‘E4L" Z4?93" 9" 3>:A 3$ a$L"] 9$X$ "4 L?#?M 3": :$9:"2$: 3$ $:5?E>"9?#$95"M
@L?y ^ X>:4?L>Y?3" 4# v9>E" ?2E" >9A ’ >9:5?L?;<" 3" a?9Eb" 3$ 2$K"A
 - :$9:"2 3$5$E5? 4# "K_$5" 9<"
5$2#>5$95$ $ ? :>9?L>Y?;<" ?Ev:5>E? :$ Z4$ D>s" >#@$3$ ? @"::>K>L>3?3$
$s>:5$95$ po>95$2D$2[9E>? 3$ $E"or
5"29?2 E"95W94?M 3$ 4# D49E>"9?#$95" E"22$5" 3":
@2"X"E?3" @"2 >95$2D$2[9E>?: 3$
E?2‘E5$2 #$Ee9>E"] @"2 $s$#@L"% :$9:"2$: 3$ $:5?E>"9?#$95"M !"

0$%%
E?:" 3$ X$WE4L": $Z4>@?3": E"# ’ >9"K:$2Xe9E>? 3$:5? @2$:E2>;<"
a?9Eb" 3$ 2$K"Z4$ $s52?WX$L] :$_? @"3$ @2"X"E?2 L$:\$: @$::"?>:] 3?A
a$94W9" "4 >9:5?L?3" ?@g: ? ?Z4>A 9": $# X$WE4L": "4 "K:5‘E4L":] 4#? !
:>;<" 3" X$WE4L"] @?2? $X>5?2 4# X$Y Z4$ ": :$9:"2$: @"3$# 3$5$EA
5?2 " E"9_495" 3$ $:D$2? 3$ a?9Eb" ’ 2$:@"9:?K>L>3?3$ @$L" $:5?E>"9?A
D49E>"9?#$95" >9E"22$5" 3": :$9A
3$ 2$K"Z4$ $ " 2$:@$E5>X" $9a?5$ #$95" $ @"2 "452?: #?9"K2?:] @"A
:"2$:] ^ 2$E"#$93‘X$L 3$:$9a?5‘A
pE"9D"2#$ 3>#$9:<" $ D"2#?r] D"29$A 5$9E>?L#$95$ @$2>a":?:] ^ :$#@2$ 3"
L" 3? 52?X$::? :$#@2$ Z4$ 9<" D"2
E$93" 4#? D?L:? >93>E?;<" 3$ "K:5‘A #"5"2>:5?M ’" $D$54?2 $:5?: #?9"K2?:]
9$E$::‘2>" @?2? 2$K"E?2 4# ?52$A
E4L" 9? Y"9? ?52‘: 3" X$WE4L"M " E"9345"2 3$X$ E$25>D>E?2A:$ :$#@2$
L?3"M
3$ Z4$ 9" $:@?;" 3$ #?9"K2? 9<"
 ’ @2$:$9;? 3$ ?3$:>X": 9": :$9A $:5$_?# @2$:$95$: @$::"?: p$:@$E>?LA
:"2$:M 12$:5?2 ?5$9;<" @?2? 9<" #$95$ E2>?9;?:r 9$# ?9>#?>:M
:"K2$@"2 Z4?LZ4$2 ?3$:>X" 9": 3  0 )*
@2g@2>": :$9:"2$:M +,-./ ’ Ee#$2? E"9:5>54> 4#? ?_43? @?2?
" E"9345"2] $#K"2? $:5$ 949E? 3$X?
DT`  /,[ + ,
  2$34Y>2 ? :4? ?5$9;<" 342?95$ ?:
#  $% #?9"K2?: @"5$9E>?L#$95$ @$2>a":?:]
> ’ Ee#$2? 3$ 2^  $:5‘ :>54?3? 9?
@"25? 52?:$>2? 3" E"#@?25>#$95" 3$ #$:#" :$ $s$E45?3?: ? K?>s? X$L"A
- D49E>"9?#$95" 3": :$9:"2$: 9<" E?2a?M E>3?3$M ’L^# 3>::"] @2"::$a4>2 :$#A
^ 3$:?5>X?3" 9" ?5" 3? >952"34;<" 3? @2$ ? 4#? X$L"E>3?3$ #"3$2?3?] 3$
E"9$s<" 3" E?K" $L^52>E" 3" ?52$L?3" #"3" ? @"3$2 D2$?2 ? Z4?LZ4$2 #"A
9? 5"#?3? 3" a?9Eb" 3$ 2$K"Z4$ 3" #$95" 9" E?:" 3$ @2$:$9;? 3$ 4#
X$WE4L"M "K:5‘E4L"M
’95$: 3$ 45>L>Y?2 " ?::>:5$95$ 3$
$:5?E>"9?#$95"] ^ ?E"9:$Lb‘X$L 3$:A
#"95?2 5"3" " E"9_495" Z4?93" "
X$WE4L" 9<" D"2 45>L>Y?3" @?2? "@$2?A !
;\$: 3$ 2$K"Z4$M 1?2? " D49E>"9?#$95" E"22$5"] ^
>93>:@$9:‘X$L Z4$ ? Ee#$2? $:5$_?
:$#@2$ L>#@? 3$ L?#?] :4_$>2?] 9$X$
0$%&
"4 a$L"M *42?95$ ? L>#@$Y? 3? EeA X$2 ?5>X?] ? >#?a$# 3? Ee#$2? E"95>A OA   
#$2?] @2$:5?2 ? #‘s>#? ?5$9;<" @?2? 94?2‘ ? :$2 X>:4?L>Y?3? ?5^ IF :$a49A  K
9<" 2>:E‘AL? 9$# 3?9>D>E‘AL?f $X>5?2 3": ?@g: " 3$:$9a?5$ 3? #?2Eb? ?  +& F28    &E
? 45>L>Y?;<" 3$ @?9": :$E":] ‘:@$2": 2^] ? #$9": Z4$ ? X$L"E>3?3$ 3" X$WA
"4 342":M (5>L>Y?2 @?9": 3$ 9yL"9 "4 E4L" 9<" :$_? :4@$2>"2 ? IG h#ub] "4 ’54?93" 9?: 3$D>9>;\$: 3" :>:5$#?
?La"3<" :$# D>?@":M Z4$ ? ?L?X?9E? 3$ #?2Eb?: $:5$_? 9? (E"99$E5¢ ^ @"::WX$L ?5>X?2 ? X>:4A
@":>;<"  p+:5?E>"9?#$95"r pX$2:\$: ?L>Y?;<" $# L>9b?: a4>? 9" 3>:@L?yM
’ Ee#$2? 3$X$ :$2 L?X?3? E"# E"# Ee#K>" ?45"#‘5>E"r "4 @"95" ,$ ?5>X?3?] ? a2?3$ ^ @":>E>"9?3?
‘a4? L>#@? $] $X$954?L#$95$] 4:?2 #"25" pX$2:\$: E"# Ee#K>" #?94?Lr 9? >#?a$# @?2? $X>3$9E>?2 ? L?2a42?
:b?#@"" @?2? ?45"#gX$LM !?: $:A "4 ?>93? Z4$ ? Eb?X$ 3$ >a9>;<" $:A ?@2"s>#?3? 3" X$WE4L" $ " @$2E42:"
5?;\$: 3$ L?X?a$# Z4$ 45>L>Y?# #‘A 5$_? 9? @":>;<" M $# #?2Eb? ? 2^ @2$X>:5" E"# K?:$ 9?
Z4>9?: E"# _?5" 3$ X?@"2 "4 3$ ?L5? @":>;<" 3" X"L?95$M
@2$::<"] L>#@?2 2?@>3?#$95$ ? EeA w4?93" ? ?L?X?9E? 3" Ee#K>" 9<"
#$2? #?95$93" " K>E" ? #?>: 3$ IF $:5>X$2 9? @":>;<" 3$ #?2Eb? ? 2^] 9" (#? L>9b? E$952?L 52?E$_?3? :"K2$A
E# 3$ 3>:5e9E>?M ’L^# 3>::"] 9<" E"A 3>:@L?y 3" :>:5$#? (E"99$E5¢ ?5>X?A @":5? >93>E? " E$952" 3" X$WE4L" @?2?
D?E>L>5?2 ?: #?9"K2?: 3$ $:5?E>"9?A
L"E?2 ?3$:>X": 9? Ee#$2?M :$ 4# K"5<" a2‘D>E" @?2? ? 3$:?5>X?A
#$95" "4 " ?L>9b?#$95" E"# " a?9A
%
;<" 3? X>:4?L>Y?;<" 3? >#?a$# 3?
 023B 023  ,9
  Ee#$2?M Eb" 3$ 2$K"Z4$M ’: 3>D$2$95$: 2$A
a>\$: E"L"2>3?: >93>E?# ? 3>:5e9E>?
,$#@2$ Z4$ ?E>"9?2 ? #?2Eb? ? 3? @?25$ 52?:$>2? 3" X$WE4L"M
2^] ^ ?@2$:$95?3" 9" 3>:@L?y >#?a$# 
E?@5?3? @$L? Ee#$2? 3$ 2^ 3? 2$a><" V$_? ? :$a4>2 ?: 3>:5e9E>?: ?@2"s>A
’ >#?a$# X>:4?L>Y?3? 9" 3>:@L?y
52?:$>2? 3" X$WE4L"M #?3?: @?2? E?3? 2$a><"M
@"3$ D>E?2 L>a$>2?#$95$ 3$D"2#?3?M
’: >#?a$9: :<" X>:4?L>Y?3?: 9" 3>:A
@L?y _495?#$95$ E"# 4#? #$9:?a$#
3$ ?3X$25[9E>?M
w4?93" ? ?L?X?9E? 3$ #?2Eb?: ^
3$:L"E?3? @?2? ? @":>;<" 3$ #?2Eb?
? 2^] :$ ? D49;<" $:@$EWD>E? 9?: 3$A
D>9>;\$: 3" :>:5$#? (E"99$E5¢ $:5>A
0$%’
 1     &E

,$ ? @"25? 52?:$>2? $:5>X$2 ?K$25?] *42?95$ ?: #?9"K2?: 3$ $:5?E>"A
? Ee#$2? 9<" >3$95>D>E?2‘ Z4?LZ4$2 9?#$95"] @2$:5?2 :$#@2$ ? #‘s>#?
"K:5‘E4L" 9? @?25$ 52?:$>2? 3" X$WA ?5$9;<" ?": "K:5‘E4L": Z4$ :$ @":A
E4L"M !" 3>:@L?y :$2‘ X>:4?L>Y?3? :?# $9E"952?2 @"2 E>#? "4 @"2 K?>s"
4#? #$9:?a$# 3$ ?X>:" $:@$EWD>E?M 3" E?#@" 3$ ?;<" 3? Ee#$2?M
!$:5$ E?:"] D$Eb?2 ?: @"25?: 52?:$>A
2?: E$25>D>E?93"A:$ 3$ :$4 E"#@L$5"
52?X?#$95"M   
 
  &  
+# ?La4#?: E>2E49:5e9E>?:] E"#"] & 
@"2 $s$#@L"] @2$:$9;? 3$ a$L"] 9$X$
"4 L?#? 9? :4@$2DWE>$ 3? Ee#$2?] ?  ;E   +    1
:$9:>K>L>3?3$ 3? Ee#$2? @"3$ D>E?2 E
<
2$34Y>3?M

 !
 1 3 
&G ;< A F ? GF E#
3$ 3>:5e9E>? 3? @?25$ 52?:$>2? 3" ,$] ? :$a4>2 ? >95$2X$9;\$: 3$ 2$A ’ @2$:$9;? 3" :>:5$#? .1&, 9<"
X$WE4L" @?2?;<"] :$ 5"29?2 9$E$::‘2>" X"L5?2 >:$95? " E"9345"2 3$ 2$a4L?2#$95$
? @>95?2 ? @"25? 3" E"#@?25>#$95" X$2>D>E?2 ? @2$::<" 3": @9$4:] >9EL4A
 1 3 
 & ;$< A GF E# ? I
3$ E?2a?:] E$25>D>E?2A:$ 3$ Z4$ ? 5>95? :>X$ " :"K2$::?L$95$ $ 3? E"22$5? #?A
# 3$ 3>:5e9E>? 3? @?25$ 52?:$>2?
9<" $952$ $# E"95?5" E"# ? Ee#$2?M 945$9;<"M
3" X$WE4L"
 1 3   ;< A I # "4 :4@$A - :>:5$#? 9<" :$2X$ @?2? ?::>9?L?2
2>"2 3$ 3>:5e9E>? 3? @?25$ 52?:$>2? 4#? $X$954?L ?X?2>? 3$ 4# @9$4M
3" X$WE4L"

0$%)
! ! !
’ @2$::<" 3": @9$4: 3$X$ :$2 X$2>A - :>:5$#? .1&, 9<" ^ E?@?Y 3$ w4?93" 4# @9$4 ^ 3$:#"95?3"]
D>E?3? E"# @9$4: D2>":f :$] @"2 Z4?LA ?::>9?L?2 @$23?: >#@2$X>:5?: 3? @2$:A E"9X^# :4K:5>54>2 5?#K^# ? a4?29>A
Z4$2 #"5>X"] :$ X$2>D>E?2 ? @2$::<" :<" 3": @9$4: p@"2 $sM $# E?:" 3$ ;<" 3$ K"22?Eb? 3? X‘LX4L?] 9$::$
E"# ": @9$4: Z4$95$:] 9<" 2$34Y>2 ? D42": $# 4# @9$4rM E?:"] 3>2>a>2A:$ d    , &
@2$::<" #$:#" Z4$ :$_? :4@$2>"2 ?" # M
X?L"2 @2$X>:5"M !$::$ E?:"] @?2?2 " X$WE4L" D2$A
?93" E"# E?45$L? $ :$# $D$54?2 #?A ’: "@$2?;\$: 3$ #"95?A
C$@$5>2 " E"952"L$ E"# ": @9$4: 9"K2?: K24:E?:M a$#u3$:#"95?a$# 3": @9$4:
D2>":M $u"4 2"3?: 2$Z4$2$# @2$E?4;\$:
@?25>E4L?2$:M 1?2? $X>5?2 3?9>D>E?2 "4
#"95?2 >9E"22$5?#$95$ ": :$9:"2$:]
? :4K:5>54>;<" 3": @9$4: $u"4 2"3?:
!
:g 3$X$ :$2 $D$54?3? @"2 @$::"?L %
! 8?:" :$_?# #"95?3?: 4#? "4 #?>: $:@$E>?L>Y?3"M 8"95?5?2 ? 
’ @2$::<" 3": @9$4: @"3$ X?2>?2 2"3?: :$# :$9:"2 p@"2 $sM $# E?:"   , & # M
$# D49;<" 3? 5$#@$2?542? $s5$29?M 3$ >9:5?L?;<" 3? 2"3? :"K2$::?L$95$r]
" :>:5$#? 3$>s?2‘ 3$ $:5?2 3>:@"9WX$L - X$WE4L" @"3$ $:5?2 $Z4>@?3"
- :>:5$#? @"3$ >93>E?2 5$#@"2?A $ 52?;": p r :$2<" $s>K>3": 9?: @":>A
2>?#$95$ 4#? @2$::<" >9:4D>E>$95$M E"# :>:5$#? 3$ #"9>5"2?;<" 3?
;\$: 3": X?L"2$: 3$ @2$::<" 3$ 5"3?: @2$::<" 3": @9$4: .1&, p.y2$ 12$:A
!$::$ E?:"] E"952"L?2 ? @2$::<" 3": ?: 2"3?:M
@9$4: ? D2>" $] :$ 9$E$::‘2>"] 2$:5?K$A :42$ &"9>5"2>9a ,y:5$#r] E?@?Y 3$
L$E$2 ": X?L"2$: 3$ $9Eb>#$95"M !" 3>:@L?y :$2‘ X>:4?L>Y?3? 4#? ?::>9?L?2 ?" E"9345"2 4#? $X$954?L
#$9:?a$# 3$ ?X>:" ?5^ :$2$# #"9A @2$::<" >9:4D>E>$95$ 3": @9$4: E"#
5?3?: 9"X?#$95$ ?: 2"3?: E"# :$9A K?:$ 9? @2$::<" ? D2>" >93>E?3? 9"
:"2$:M E?@W54L" o*?3": 5^E9>E":oM
!<" $s>:5$ ?X>:" @"2 #$9:?a$#
5$s54?L] ?Ev:5>E" "4 L4YA$:@>? @?2?
0$%*
@9$4: $# E"93>;<" 3$ @2$::<" $sA " 9v#$2" 3$ b"#"L"a?;<" 3" _495"
E$::>X?M =9D"2#?;<" 3$ @2$::<" 3$ d ’!’.+)M
E?3? @9$4 @"3$ :$2 E"9:4L5?3? 9"
- Eg3>a" 3$ K?22?: $ ": ?La?2>:#":
#$94 .1&, 3" 3>:@L?yM
L"E?L>Y?3": ?K?>s" 3? >#?a$# 3?:
- :>:5$#? ^ E"9:5>54W3" @"2 4# K?22?: E"95[# 3?3": 3" D"29$E$3"2
:$9:"2 52?9:#>::"2 3$ 2?3>"D2$Z4[9A 3" $Z4>@?#$95"M
E>? #"95?3" $# E?3? 2"3? p9? 2"3?
9" >95$2>"2 3" @9$4r] E?@?Y 3$ $9X>?2  .+  & 
d E$952?L 3$ E"952"L$ ?: >9D"2#?;\$:
2$L?5>X?: d @2$::<" 3$ E?3? @9$4


+:5$ $Z4>@?#$95" 9<" 5$# 3>2$>5"
d @2"5$;<" E"952? >95$2D$2[9E>? @2$_4A
3>E>?L $ 9<" @"3$ E?4:?2 >95$2D$2[9A
E>? $# :>:5$#?: 3$X>3?#$95$ ?45"2>A
Y?3":M
’ X>:4?L>Y?;<" 9" 3>:@L?y pX$2:\$:
+:5$ @2"345" $:5‘ b"#"L"a?3" @$L? E"# 3>:@L?y #4L5>D49E>"9?L $ X$2:\$:
’!’.+) p’a[9E>? !?E>"9?L 3$ .$A E"# 3>:@L?y #4L5>D49E>"9?L 2$E"9D>A
L$E"#49>E?;\$:r 3$ ?E"23" E"# ": a42‘X$Lr "E"22$ 3? :$a4>95$ #?9$>2?M
@2"E$3>#$95": 2$a4L?#$95?3": @$L?
C$:"L4;<" 6J6u6FFF] $ ?5$93$ ?":
2$Z4>:>5": 5^E9>E": ?@L>E?3":M
’ :$Z4[9E>? 94#^2>E? >#@2$::?
?E>#? 3" Eg3>a" 3$ K?22?: >3$95>D>E?
’ @2$::<" 3$ $9Eb>#$95" X?2>?
E"# K?:$ 9? 5$#@$2?542? 3$
0$%+
E$2E? 3$ F]F¡ K?2 pI @:>r ? E?3? 5$#@$2?542? $ ? 9"2#?L @$23? 3$ p7}Pr $ ? @2$::<" 3": @9$4: 3$5$EA
7]H8 pI6PrM =:5" :>a9>D>E? Z4$ d @2$::<" 3" @9$4M 5?3? D"2 3$ I]NH K?2 p6} @:>r] 4#? 3$:A
3>#>94>;<" 3? 5$#@$2?542? $s5$29? E>3? 3? 5$#@$2?542? @?2? A¡8 p6FPr
- :>:5$#? .1&, @?2?2‘ 3$ ?::>9?A
E"22$:@"93$ ? 4#? 3>#>94>;<" 3? @2"X"E? 4#? 3>#>94>;<" 3? @2$::<"
L?2 ? E"93>;<" 3$ @2$::<" >9:4D>E>$95$
@2$::<" 3": @9$4:M C$a4L?2 :$#@2$ ? 3": @9$4:] $# E$2E? 3$ I]7H K?2 p6J
Z4?93" $:5? D"2 9"X?#$95$ >a4?L "4
@2$::<" 3$ $9Eb>#$95" 3": @9$4: ? @:>rM +:5? @2$::<" ^ :4D>E>$95$#$95$
:4@$2>"2 d 3$ $9Eb>#$95" ? D2>" @2$:A
D2>"M +::? vL5>#? ^ 3$D>9>3? E"#" ? K?>s? @?2? ?5>X?2 ? L4YA$:@>? M
E2>5?M ,$ D"2 ?::>9?L?3? 4#? @2$:A
@2$::<" 3": @9$4: ?@g: @$L" #$9":
:<" >9:4D>E>$95$ 3": @9$4: pL4YA$:@>? - ?Z4$E>#$95" 3": @9$4: 3$X>3"
G b"2?: 3$ >9?5>X>3?3$ 3" X$WE4L" "4
?E$:? 9" Z4?32" 3$ >9:524#$9A d E"934;<" 3" X$WE4L" @"3$ @2"A
4#? Z4>L"#$52?a$# >9D$2>"2 ? I]7
5":r] X$2>D>E?2 " X?L"2 3$ @2$::<" 3": X"E?2 4# ?4#$95" 3? @2$::<" 3":
h# ?@g: 4# >95$2X?L" 3$ G b"2?:M
@9$4: ? D2>" $ $9Eb$2 ?5^ ?5>9a>2 " X?A @9$4: ?5^ E$2E? 3$ I]NH K?2 p6} @:>r]
’ @2$::<" 3$ $9Eb>#$95" ? D2>" L"2 ? D2>" @2$:E2>5"M #?: ? L4YA$:@>? @$2#?9$E$2‘] 3$
9<" 3$X$ :$2 :4@$2>"2 d #‘s>#? >93>A Z4?LZ4$2 D"2#?] ?E$:?M !$::? :>54?A
- :>:5$#? ?54?L>Y?A:$ ?45"#?5>E?A
E?3? 9? @?25$ $s5$29? 3" @9$4% @?2? ;<"] ? L4YA$:@>? :g :$ ?@?a?2‘ 3$@">:
#$95$ $ ? L4YA$:@>? ?@?a?A:$ ?:A
#?>: >9D"2#?;\$:] E"9:4L5?2 " @?2‘A
:># Z4$ " :>:5$#? 2$E$K$ ?: @2$::\$: 3": @9$4: $:5?2$# Eb$>": ?" X?L"2 %
a2?D" oC"3?:o 9" E?@W54L" o*?3": 5^EA 3$ @2$::<" ? D2>" @2$:E2>5" @?2? " X$WA
3$ $9Eb>#$95" ?54?L>Y?3?:M 1"3$ :$2
9>E":oM E4L"M
9$E$::‘2>" E"934Y>2 " X$WE4L" ?5^ 6F
’ @2$::<" 3": @9$4: ?4#$95? 34A #>945": ? 4#? X$L"E>3?3$ :4@$2>"2 ?
2?95$ ? E"934;<" 3" X$WE4L"M c 4#? E$2E? 3$ 6H h#ub ?5^ Z4$ " :>:5$#? 
E"93>;<" 9"2#?L $ 9<" 2$Z4$2 Z4?LA .1&, @"::? 2$E$K$2 $:5?: >9D"2#?A
- .1&, D"> E"9E$K>3" @?2? ?: 2"A
Z4$2 2$a4L?a$# 3? @2$::<"M ;\$:M
3?: $ ": @9$4: "2>a>9?>:M ’: @2$::\$:
- :>:5$#? .1&, ?::>9?L? ?" E"9A @2$:E2>5?: D"2?# $:5?K$L$E>3?: E"#
345"2 ? $X$954?L @2$:$9;? 3$ 4#? '
&   ,  & K?:$ 9? 3>#$9:<" 3": @9$4: #"95?A
E"93>;<" 3$ @2$::<" 3$ $9Eb>#$95" =#?a>9?93" Z4$ ? @2$::<" 3$ $9A 3": 9" X$WE4L" $ ": E"9:$Z4$95$: L>A
>9:4D>E>$95$ :$ $:5? 3$:E$2 ?K?>s" 3" Eb>#$95" ? D2>" p?::>#] E"# " X$WE4L" #>5$: 3$ ?L?2#$ .1&, 3$D>9>3": $#
L>#>5$ 3$ ?3X$25[9E>? @"2 Z4?LZ4$2 @?2?3" b‘ @$L" #$9": G b"2?:r @2$:A 2$L?;<" ? X$WE4L" $# E"93>;<" 3$
#"5>X"] >9EL4>93" ": $D$>5": 3? K?>s? E2>5? :$_? >a4?L ? 6]G K?2 pGG @:>r] :$ E?2a? #^3>"u3$:E?22$a?3"M ’ 45>L>Y?A
? 5$#@$2?542? ?#K>$95$ D"2 3$ 6F8 ;<" 3$ @9$4: :"K2$::?L$95$: 3$ 3>A

0$%,
#$9:<"] 5>@" $u"4 3$:$9b" 3>D$2$9A 3$ D"2#? a2‘D>E? ? @":>;<" 3" @9$4 :$Z4[9E>? 3$ :>9?L>Y?;<" 2$@$5$A:$
5$: 3": "2>a>9?>: @"3$ :$2 E?4:? 3$ "4 3": @9$4: E?2?E5$2>Y?3": @"2 4#? "93$ ? ?X?2>? ?>93? $:5>X$2 @2$:$95$M
D49E>"9?#$95" ?9t#?L" 3" :>:5$#? @2$::<" >9:4D>E>$95$M c 5?#K^# $#>A
’ L4YA$:@>? ?@?a?A:$ Z4?93" ?
"4 3$ 3?9": 9": :$9:"2$:M C"3?: 5>3" 4# :>9?L ?Ev:5>E"M
E"93>;<" 3$ ?X?2>? 3$:?@?2$E$ $] $#
9<" a$94W9?: @"3$# @2"X"E?2 3?A
!$::$ E?:"] @?2?2 " X$WE4L"] X$2>D>A ?La4#?: X$2:\$:] $# X$Y 3$ 52?;":]
9": 9": :$9:"2$:M ’ 45>L>Y?;<" 3$
E?2 ? @2$::<" 3$ $9Eb>#$95" 3$ E?3? ^ 9"X?#$95$ X>:4?L>Y?3" " X?L"2 3$
X$3?95$: @?2? @9$4: $# @g:AX$93?
@9$4 $ $9Eb[AL": ?" X?L"2 E"22$5" 3$ @2$::<"M
@"3$ @2"X"E?2 3?9": 9" :$9:"2 3"
@2$::<" ? D2>" @2$:E2>5"] E"9:4L5?2 "
:>:5$#? 3$ E"952"L$ 3? @2$::<" 3": 1"3$2>? X$2>D>E?2A:$ 4#? ?9"#?L>?
@?2‘a2?D" xC"3?:z 9" E?@W54L" x*?A
@9$4: p.1&,rM ’@g: ? 45>L>Y?;<" 3$ 3" :>:5$#? 9": :$a4>95$: E?:":%
3": 5^E9>E":M
X$3?95$ @?2? @9$4: $# @g:AX$93?]
^ ?E"9:$Lb‘X$L 3>2>a>2A:$ d  %  *>:5v2K>": ? 2?3>"D2$Z4[9E>? @?2A
  , & #  @?2? #?93?2 $D$54?2 "   % 5>E4L?2#$95$ >95$9:": @"3$# >9>A
E"952"L$ 3": :$9:"2$:M ’@g: " E"9A   K>2 " E"22$5" D49E>"9?#$95" 3"
52"L$ "4 ? 2$a4L?a$# 3? @2$::<" 3$ :>:5$#? .1&,M +:5? E"93>;<" :$2‘
 1
 0 - ,23 
$9Eb>#$95"] 2$#"95?2 :$#@2$ " 5?#A :>9?L>Y?3? @"2 4#? #$9:?a$#
@<" 3? X‘LX4L? @?2? $X>5?2 ? >9D>L52?A !? @2$:$9;? 3$ ?X?2>? 9" :>:5$#?] $:@$EWD>E? 9" 3>:@L?yM ’ :>9?L>A
;<" 3$ b4#>3?3$ $ :4_$>2? Z4$ @"A ?L^# 3$ $#>5>2 4# :>9?L ?Ev:5>E"] ? Y?;<" 3$:?@?2$E$2‘ ?45"#?5>E?A
3$2>?# 3?9>D>E?2 " :$9:"2 3$ E"952"L$ L4YA$:@>? @>:E? 342?95$ ¡H :$a49A #$95$ ?::># Z4$ ?: >95$2D$2[9A
3? @2$::<" 3": @9$4:M 3": $ 3$@">: @$2#?9$E$ ?E$:? E"# E>?: 3? 2?3>"D2$Z4[9E>? 3$>s?2$#
L4Y D>s?M 3$ >95$2D$2>2 E"# " :>:5$#?M
O #  +# ?La4#?: X$2:\$:] 9" 3>:@L?y ^  ’@L>E?;<"] $# ?D5$2#?2h$5] 3$
   X>:4?L>Y?3? 4#? #$9:?a$# $:@$EWA @$LWE4L?: E"L"2>3?: ?# X>32": Z4$
D>E? $ 52?;": o o $# X$Y 3" X?L"2 3? >95$2D$2$# E"# ?: "93?: 3$ 2‘3>"
,$ D"2 3$5$E5?3" 4# X?L"2 3$ @2$:A @2$::<"] @?2? ?::>9?L?2 ? >#@"::>K>L>A $#>5>3?: @$L" :>:5$#? .1&,M
:<" >9:4D>E>$95$ $# 4# "4 X‘2>": 3?3$ 3$ 3$5$E5?2 " :$9:"2M  (5>L>Y?;<" 3$ E"9_495":
@9$4:] ?E$93$A:$ ? L4YA$:@>? 9" 2"3?u@9$4 :$# :$9:"2$: @?2?
Z4?32" 3$ >9:524#$95": $ 9" 3>:@L?y 8"L"E?93" ? Eb?X$ 3$ >a9>;<" $#
:>:5$#? .1&,M
:<" X>:4?L>Y?3?: ?: #$9:?a$9: $:@$A  $ 9"X?#$95$ $# ] ?
EWD>E?:M - :>:5$#? $X>3$9E>? ?>93?
0$&-
:?L$95$ ?95$: 3$ E"#$;?2 ? E"934Y>2 ’ @?25>2 3" E>EL" 3$ @?25>3? :$A
 a4>95$] " :>:5$#? .1&, 9<" $#>5>2‘
" X$WE4L"M
’ @2$::<" 3" @9$4 9<" ^ E"9A Z4?LZ4$2 :>9?L>Y?;<" ?Ev:5>E? $ 9"
52"L?3? @$L" :>:5$#? Z4?93" ? 2"3? 3>:@L?y 9<" :$2‘ #?>: X>:4?L>Y?3? ?
:"K2$::?L$95$ 9<" 3>:@\$ 3$ :$9:"2  #$9:?a$# oV$2>D>E?;<" 3" :>:5$#?
.1&,M +# E?:" 3$ :4K:5>54>;<" 3": @9$4:] .1&,o] #?: ": 52?;": p r @$2#?9$A
?" E"934Y>2 " X$WE4L" 342?95$ K2$X$: E$2<" X>:4?L>Y?3": 9" L4a?2 3" X?L"2
C"3? :"K2$::?L$95$ 3$ 3>#$9:\$: @$2W"3":] @"3$ :$2 9$E$::‘2>" 4# 3? @2$::<"M
9"2#?>: p:$# :$9:"2 .1&,r% 4#? X$Y @"4E" 3$ 5$#@" ?95$: Z4$ " :>:5$#?
#"95?3?] 342?95$ ? #?2Eb?] ?E$93$A :$_? 2$:5?K$L$E>3"M
:$ ? L4YA$:@>? p>95$2#>5$95$ 34A    
2?95$ E$2E? 3$ ¡H :$a493": $ 3$A  023   
 
@">: ?E$:? E"# L4Y D>s?rM +::? E"9A !
3>;<" E"95>94? ?5^ Z4$ :$_? #"95?3? - :>:5$#? .1&, @"3$ :$2 3$:?5>A

9" X$WE4L" 4#? 2"3? $Z4>@?3? E"# X?3" :4K:5>54>93" ?: 2"3?: $Z4>@?3?:
:$9:"2 .1&, a$94W9"M - :>:5$#? ^] E"# :$9:"2$: .1&, @"2 "452?: Z4$ 1?2? a?2?95>2 ? @$2D"2#?9E$ 3" X$WA %
?::>#] 2$:5?K$L$E>3" $ ? L4YA$:@>? 9<" ?: @"::4?#M +# :$a4>3?] E"934A E4L"] ? ?3$Z4?;<" $ E?L>K2?;<" 3"
?@?a?A:$M Y>2 342?95$ @$L" #$9": 6F #>945": ? #"5"2 $ 3$#?>: E"#@"9$95$: :<" K?A
4#? X$L"E>3?3$ :4@$2>"2 ? 6H h#ubM :$?3?: 9?: E?2?E5$2W:5>E?: L"E?>:] "
C"3? :"K2$::?L$95$ 3$ 3>#$9:\$: Z4$ >9EL4> ": E"#K4:5WX$>: 3>:@"9>K>A
9"2#?>: pE"# :$9:"2 .1&,r% 4#? X$Y - :>:5$#? .1&, $#>5>2‘ 4# :>9?L
L>Y?3": $ E"#$2E>?L>Y?3": 9" B2?:>LM
#"95?3?] 342?95$ ? #?2Eb?] ? L4YA :"9"2"] ? L4YA$:@>? D>E?2‘ >95$2#>A
$:@>? ?@?a?A:$M 5$95$ 342?95$ E$2E? 3$ ¡H :$a493": 8?:" " X$WE4L" :$_? :4K#$5>3" d
$] $# :$a4>3?] @$2#?9$E$2‘ ?E$:? 45>L>Y?;<" 3$ E"#K4:5WX$L E"# E?A
E"# L4Y D>s? $ 9" 3>:@L?y 3" Z4?A 2?E5$2W:5>E?: 3>X$2:?: 3?Z4$L?: @2$X>:A
 32" 3$ >9:524#$95": :$2‘ X>:4?L>Y?3? 5?: @?2? " #$2E?3" K2?:>L$>2"] ?L>?3"
+# 5"3": ": E?:": ?E>#? >93>E?A ? #$9:?a$# oV$2>D>E?;?" 3" :>:5$#? ?" D?5" 3$ :$2 45>L>Y?3" $# ?L5?: ?LA
3":] ^ ?E"9:$Lb‘X$L X$2>D>E?2 ? @2$:A .1&,o $ 52?;": p r 9" L4a?2 3": X?A 5>543$:] #4>5" ?E>#? 3" @?32<" K2?A
:<" 3$ $9Eb>#$95" 3" @9$4 :"K2$:A L"2$: 3$ @2$::<"M :>L$>2"] " #$:#" @"3$2‘ ?@2$:$95?2

0$&!
D49E>"9?#$95" >22$a4L?2 $ ?5^ #$:#" K4:5WX$L 3$ Z4?L>3?3$ >9:4D>E>$95$
"E"22$2 3?9": $# :$4: E"#@"9$95$:M "4 K?>s? 9" 5?9Z4$M !$::$ E?:"]
E"934Y>2 " X$WE4L" d E"9E$::>"9‘2>? !
,$ " #"5"2 ?@2$:$95?2 D49E>"9?A
3?    , & #  #?>: @2gA
#$95" >22$a4L?2 "4 " X$WE4L" :"D2$2 !49E? >952"34Y>2] 9$# #$:#"
s>#?] E"# X$L"E>3?3$ #"3$2?3? $
:"L?X?9E": 342?95$ ? #?2Eb?] ? $# E?:": 3$ $#$2a[9E>?] ? #WA
:$# $s>a>2 #4>5" 3" #"5"2M ,$ $:5$:
E?4:? @"3$2‘ :$2 ? @2$:$9;? 3$ E"#A 9>#? Z4?95>3?3$ 3$ a?:"L>9? E"#
>9E"9X$9>$95$: "E"22$2$# L"a" ?@g:
K4:5WX$L 3$ Z4?L>3?3$ >9:4D>E>$95$ Eb4#K" 9" 5?9Z4$M
4# 2$?K?:5$E>#$95" $# 4# @":5" 3$
"4 K?>s? 9" 5?9Z4$M !$::$ E?:"]
a?:"L>9?] 3$:L>a?2 >#$3>?5?#$95$ " -K:$2X$ :$#@2$ ?: 2$E"#$93?A
E"934Y>2 " X$WE4L" d E"9E$::>"9‘2>?
#"5"2 $ @2"E42?2 ? C$3$ ’::>:5$9E>?L ;\$: 3$:5$ #?94?LM
3?    , & #  #?>: @2gA
k$$@ "4 4#? "D>E>9? $:@$E>?L>Y?3?]
s>#?] E"# X$L"E>3?3$ #"3$2?3? $
? D># 3$ $X>5?2 3?9": #?>"2$: ?"
:$# $s>a>2 #4>5" 3" #"5"2M ,$ $:5$:
#"5"2 $ "452": :>:5$#?: 3" X$WE4L"M
>9E"9X$9>$95$: "E"22$2$# L"a" ?@g:
4# 2$?K?:5$E>#$95" $# 4# @":5" 3$ -: 3>:@":>5>X": ?95>@"L4$95$: $s>A !
a?:"L>9?] 3$:L>a?2 >#$3>?5?#$95$ " a$# " 4:" $sEL4:>X" 3$ a?:"L>9? :$# 8$25>D>E?2A:$ 3? "2>a$# 3" E"#K4:A
#"5"2 $ @2"E42?2 ?    , & Eb4#K"M 5WX$L $ 45>L>Y?2 :"#$95$ E"#K4:5WX$L
#  "4 4#? "D>E>9? $:@$E>?L>Y?3?] E"# Z4?L>3?3$ E$25>D>E?3?] ?3Z4>2>3"
*$ ?E"23" E"# 2$a4L?#$95?;<"
? D># 3$ $X>5?2 3?9": #?>"2$: ?" $# @":5": 3? C$3$ 3$ *>:52>K4>3"2$:
X>a$95$ $:5?K$L$E>3? @$L? ’!1
#"5"2 $ "452": :>:5$#?: 3" X$WE4L"M Z4$ 3>:@\$# 3$ @2"a2?#?: 3$ E$25>A
p’a[9E>? !?E>"9?L 3$ 1$52gL$"r ?
’95$: 3$ $D$54?2 " ?K?:5$E>#$95"] a?:"L>9? 9"2#?L#$95$ 3>:@"9WX$L 9" D>E?;<" 3$ Z4?L>3?3$ 52?9:@?2$95$:M
^ >#@"25?95$ E$25>D>E?2A:$ 3" 5>@" 3$ #$2E?3" K2?:>L$>2" 9<" 3$X$ E"95$2
(5>L>Y?2 E"#K4:5WX$L E"# $:@$E>D>A
E"#K4:5WX$L E"22$5"M Eb4#K" $# @2"@"2;\$: Z4$ @"::?#
E?;<" >9?3$Z4?3? "4 3$ K?>s? Z4?A
E?4:?2 3?9": ?" E"9X$2:"2 E?5?LW5>E"
’L^# 3>::"] 3$:L>a?2 " #"5"2 ?95$: L>3?3$ @"3$2‘ ?D$5?2 " 3$:$#@$9b"
3": ?45"#gX$>:M
3$ $D$54?2 " ?K?:5$E>#$95"M 3" X$WE4L"] ?L^# 3$ E?4:?2 3?9": >2A
,$ " #"5"2 ?@2$:$95?2 D49E>"9?A 2$X$2:WX$>: ?" :>:5$#? 3$ >9_$;<" $
#$95" >22$a4L?2 "4 " X$WE4L" :"D2$2 "452": @"::WX$>: 3?9": ?" #"5"2] 9<"
:"L?X?9E": 342?95$ ? #?2Eb?] ? E"K$25": @$L? a?2?95>?M
E?4:? @"3$2‘ :$2 ? @2$:$9;? 3$ E"#A
0$&"
’ a?2?95>? 3" X$WE4L" 9<" E"K2>2‘
$::$: 3?9":M
! !
!<" ?3>E>"9?2 "452" 5>@" 3$ a?:"A (5>L>Y?2 :"#$95$ E"#K4:5WX$L E"#
L>9? 9" 5?9Z4$ p$sM% a?:"L>9? 3$ ?X>A $:@$E>D>E?;<" $:5?K$L$E>3? @$L? ’!1
?;<"r] 9<" b"#"L"a?3? @?2? 4:" ?4A p’a[9E>? !?E>"9?L 3" 1$52gL$"r] b"A !
5"#"5>X"M #"L"a?3": @?2? 4:" ?45"#"5>X"M !<" E"L"E?2 9? $s52$#>3?3$ 3"
K"E?L 9$9b4# "K_$5"u5?#@<" 9<"
-452": 5>@": 3$ a?:"L>9? @"3$# +X$954?>: 3?9": 9": E"#@"9$95$:
@2$X>:5" 9" X$WE4L"M
@2"X"E?2 3?9": >22$X$2:WX$>: 9" E"9A 3": :>:5$#?: 3$ $#>::\$:] ?L>#$95?A
X$2:"2 E?5?LW5>E"M ;<" $ "452": 3?9": 9" @2g@2>" #"A ’ 45>L>Y?;<" 3$ "K_$5":u5?#@\$:
5"2 E?4:?3": @$L" 4:" 3$ E"#K4:A 9<" E"9D"2#$: @"3$# @2"X"E?2 ?4A
5WX$L D"2? 3?: $:@$E>D>E?;\$:] E"#A #$95": 3$ @2$::<" 9" >95$2>"2 3" 2$A
K4:5WX$L E"95?#>9?3"] ?34L5$2?3" "4 :$2X?5g2>"] E2>?93" E"93>;\$: 3$ @$A
E"# @2$:$9;? 3$ Eb4#K" "4 ?3>5>A 2>a"M
!
X": #$5‘L>E": d K?:$ 3$ #?9a?9[: %
!<" 45>L>Y?2 E"#K4:5WX$L E"# W9A 9<" :$2<" E"K$25": @$L? a?2?95>?M
3>E$ 3$ "E5?9?: #4>5" K?>s"M
- 4:" 3$::$ 5>@" 3$ E"#K4:5WX$L !
@"3$2‘ @2"X"E?2 E"#K4:5<" 3$:E"9A
!<" :$ ?@2"s>#?2 3" K"E?L 3" 5?9A
52"L?3? $ ?E?22$5?2 3?9": a2?X$: ?" ! Z4$ 3$ E"#K4:5WX$L E"# Dg:D"2": "4
#"5"2M ’ a?2?95>? 9<" E"K2>2‘ $::$ !<" ?3>E>"9?2 ?3>5>X": 2$E"#$9A E>a?22": ?E$:":] @">: b‘ @$2>a" 3$ >9A
5>@" 3$ 3?9":M 3?3": @?2? "452": 5>@": 3$ E"#K4:5WA E[93>"M
X$L ?" 5?9Z4$ 3$ E"#K4:5WX$L 3" X$WA
E4L"] @">: b‘ 2>:E" 3$ 3?9": a2?X$: +X>5?2 5?#K^# ?@2"s>#?2 3$#?>:
?" E?5?L>:?3"2] >9_$5"2$:] :$9:"2$: $ " 2":5" 3" K"E?L] @?2? 9<" >9?L?2
?" @2g@2>" #"5"2M X?@"2$: 9"E>X":M

0$&%
E$2 3$:L>a?3? $9Z4?95" " X$WE4L" $:A  #N ;,
/+60&  &
5>X$2 :$93" ?K?:5$E>3"M B+ 1& <
! -K:$2X$ :$#@2$ ?: 2$E"#$93?A - :>:5$#? P)+~ D"> @2"_$5?3" @?2?
!<" 45>L>Y?2 " E$L4L?2 @2gs>#" 3? ;\$: 3$:5$ #?94?LM @2"@"2E>"9?2 5"5?L DL$s>K>L>3?3$ 9?
K"#K? 3$ ?K?:5$E>#$95" 3$ E"#K4:A ?L>#$95?;<" 3" #"5"2 3" X$WE4L"]
5WX$LM @$2#>5>93" ? 45>L>Y?;<" 3$ $5?9"L "4
 3$ a?:"L>9? >93>:5>95?#$95$M - E"#A
+:5? ?5>543$ @"3$ @2"X"E?2 >9E[9A *42?95$ ? E"934;<"] " ?E$93>A K4:5WX$L @"3$ :$2 ?3>E>"9?3" 9" 2$A
3>"M #$95" 3? L4YA$:@>? @"3$ >93>E?2 :$2X?5g2>" 9? @2"@"2;<" Z4$ " 4:4‘A
?X?2>? 9" :>:5$#? 3$ >9_$;<"u-B* 2>" _4La?2 E"9X$9>$95$ @?2? " 4:"M
"4 9" E?5?L>:?3"2] E"# ?4#$95" 9" 8?K$2‘ ?" 4:4‘2>" ? ?9‘L>:$ :"K2$
E"9:4#" 3$ E"#K4:5WX$L] 2$34;<" Z4?L @2"@"2;<" 3": 3">: E"#K4:5WA
! 3? @"5[9E>? 3" #"5"2 $ ?4#$95" 3" X$>: ^ #?>: E"9X$9>$95$ @?2? " :$4
- E"9X$2:"2 E?5?LW5>E" >9$D>E>$95$ 9WX$L 3$ $#>::\$:M 1?2? :?K$2 " Z4$ 5>@" 3$ 45>L>Y?;<"] E"9:>3$2?93" ?:
@2"X"E? $#>::\$: 9"E>X?: 9" $:E?A D?Y$2 9$::$: E?:":] L$2 o)4Y$: 3$ ?3A 3>X$2:?: X?2>‘X$>: p@2$;" 3" E"#K4:A
@?#$95"M X$25[9E>? $ #$9:?a$9:o] 9" E?@W54L" 5WX$L] E"9:4#"] 3$:$#@$9b"] $5EMrM
o8"9b$E$93" :$4 @?>9$L 3$ >9:524A
’L^# 3>::"] @"3$2‘ @"L4>2 " #$>" #$95":oM ’ E$952?L $L$52t9>E? 3$ E"952"L$ 3$
?#K>$95$M >9_$;<" $:5‘ @2$@?2?3? @?2? xa$2$9A
E>?2z ? >95$2?;<" $952$ ": 3">: 5>@": 3$
 E"#K4:5WX$L p$5?9"L "4 a?:"L>9?r @":A
,$ " X$WE4L" $:5>X$2 $# 52e9:>5" :>K>L>5?93" 4# D49E>"9?#$95" :$#A
@"2 "452": @?W:$:] E$25>D>Z4$A:$ 3$ @2$ 2$a4L?2 $# 5"3?: ?: :>54?;\$: 3$
! Z4$ " ?K?:5$E>#$95" :$_? D$>5" :"A 45>L>Y?;<"M
1"2 #"5>X": 3$ :$a42?9;?] ?::># #$95$ E"# a?:"L>9? Z4$ 9<" E"95$A
E"#" @?2? a?2?95>2 " D49E>"9?#$95" !" 4:" 9"2#?L " :>:5$#? PL$s 9<"
9b? Eb4#K" $# :4? E"#@":>;<"M 2$Z4$2 E4>3?3": "4 @2"E$3>#$95":
E"22$5" 3" :>:5$#? $ $X>5?2 $22": 3$
>93>E?;<" 3" >9:524#$95" 9" @?>9$L] $:@$E>?>:] $sE$54?93" ? "K:$2X?;<"
? Eb?X$ 3$ >a9>;<" 3$X$2‘ @$2#?9$A 3?: ?3X$25[9E>?: 3$ 45>L>Y?;<" @2$A

0$&&
:$95$: 9$:5$ E?@W54L" $ ": @"95": 3$ 54?L 3$ #>:542?M +:5$ E"#@"25?#$95"  
#?945$9;<" $:@$EWD>E":M ^ 9"2#?L $ 9<" ?D$5? " 3$:$#@$9b" #+ ,  
   / ' 
 +%
3" #"5"2M 


! ’@g: 4# ?K?:5$E>#$95"] " :>:5$#? !
!<" 45>L>Y?2 E"#K4:5WX$>: 3>D$2$9A PL$s 9$E$::>5? 3$ 4# @$Z4$9" 5$#@"
5$: 3": $:@$E>D>E?3":M 3$ ?3?@5?;<" p?@2"s>#?3?#$95$ IF (5>L>Y?2 :"#$95$ " Z&  & %
#>945":r E"# " X$WE4L" D49E>"9?93"] , - , ;)*< 3? L>9b? ?45"#"A
- :>:5$#? :"#$95$ $:5‘ @2$@?2?3" 5>X?M - 4:" 3$ "452": @2"345": "4
@?2? 2$E"9b$E$2 " E"#K4:5WX$L Z4$
@?2? D49E>"9?2 E"# $5?9"L $ a?:"L>9? #>:542?: @"3$ 3?9>D>E?2 3$ #"3" >2A
$:5‘ 9" 5?9Z4$ p$5?9"L "4 a?:"L>9?rM
?45"#"5>X":M 2$#$3>‘X$L " #"5"2 E"# ? E"9:$A
+:5? 2$E"#$93?;<" ^ >#@"25?95$] Z4$95$ @$23? 3? a?2?95>? @$L": 3?A
:"K2$543"] Z4?93" 5$9b? "E"22>3" 9": E?4:?3":M
? 52"E? 3" E"#K4:5WX$L Z4$ $:5?X?
:$93" 45>L>Y?3" p$sM% $5?9"L $# X$Y +# E?:" 3$ ?K?:5$E>#$95" ?E>3$9A %
! 5?L E"# "452": 5>@": 3$ E"#K4:5WX$L]
3$ a?:"L>9?rM - X$WE4L" 3$X$ E4#@2>2
!<" ?3?@5?2 " X$WE4L" @?2? D49E>"A 4# @$2E42:" #W9>#" p@$L" 5$#@" ?9A 9<" L>a4$ " #"5"2 $ @2"E$3? ?" $:A
9?#$95" E"# S!V pS‘: 9?542?L X$>A 5$2>"2#$95$ $:@$E>D>E?3"r @?2? Z4$ " X?Y>?#$95" 3" 2$:$2X?5g2>"M ,$] @$L"
E4L?2rM :>:5$#? ?::>#>L$ " 9"X" E"#K4:5WX$LM E"952‘2>"] " #"5"2 5>X$2 D49E>"9?3"
#$:#" Z4$ @"2 4# @$2W"3" K2$XW:A
’: E?2?E5$2W:5>E?: 3" :>:5$#? P)+~ +:5$ @2"E$3>#$95" >2‘ #>9>#>Y?2 :>#"] ^ >93>:@$9:‘X$L $:X?Y>?2] ?L^#
9<" @"::>K>L>5?# ? E"9X$2:<"M $X$954?>: @2"KL$#?: 9? @2gs>#? @?2A 3" 2$:$2X?5g2>" 3$ E"#K4:5WX$L] 5"3"
5>3? 3" X$WE4L"] @2>9E>@?L#$95$ :$ " " E>2E4>5" 3$ ?L>#$95?;<"M
#"5"2 $:5>X$2 D2>"M

-: #"5"2$: DL$s @"3$# ?@2$:$95?2 
9WX$>: 3$ 24W3": 3>D$2$95$:] 3$@$9A
!<" 2$#"X$2 ? $5>Z4$5? 3$ 4:"
3$93" 3" E"#K4:5WX$L 45>L>Y?3" p$5?A
"K2>a?5g2>" 3$ E"#K4:5WX$L *>$:$L
9"L "4 a?:"L>9?r K$# E"#" @$2E$9A
,IF Z4$ $:5‘ L"E?L>Y?3? 9? @?25$
0$&’
@":5$2>"2 3? @"25>9b"L? 3" K"E?L 3$ ?9"#?L>?: 9" :>:5$#? 3$ ?L>#$95?A / +     G&
E"#K4:5WX$LM ;<"M 1?2? $D$54?2 " ?K?:5$E>#$95"] @2"A
&?95$9b? ? 5?#@? 3" 2$:$2X?5g2>" E$3$2 E"#" >93>E?3" ? :$a4>2%
8"# 5$#@$2?542?: K?>s?:] " a2?4 3$ E"#K4:5WX$L :$#@2$ K$# D$Eb?3?
3$ DL4>3$Y 3" gL$" 3>$:$L @"3$ 5"29?2A $ 9<" ? :4K:5>54? @"2 "452? 3$ 5>@"
:$ >9:4D>E>$95$ 3$X>3" d D"2#?;<" 3$ 3>D$2$95$M
@?2?D>9?:] E"# " E"9:$Z4$95$ D49E>A
"9?#$95" ?9"2#?L 3" :>:5$#? 3$ ?L>A
#$95?;<" 3$ E"#K4:5WX$LM 
!" E?:" 3$ 45>L>Y?A - E"#K4:5WX$L Z4$ $:E"22$ ?E>3$9A
;<"u$:5?E>"9?#$95" @2"L"9a?3" 5?L#$95$ 342?95$ " ?K?:5$E>#$95"]
3" X$WE4L" $# 2$a>\$: #"95?9b"A ?L^# 3$ :$2 @"L4$95$] @"3$ 3?9>D>A
:?:uD2>?:] ^ 2$E"#$93‘X$L $D$54?2 " E?2 ? @>9542? 3" X$WE4L" 9? 2$a><" 3"
?K?:5$E>#$95" E"# " gL$" 3>$:$L K"E?L 3$ ?K?:5$E>#$95"] 3$X$93" :$2
3>:@"9WX$L 9" L"E?LM ’L^# 3>::"] $X>5?3"M
9$:5$: E?:":] :4a$2$A:$ #?95$2
9" >95$2>"2 3" 2$:$2X?5g2>" 4#?
  $%
Z4?95>3?3$ 3$ E"#K4:5WX$L :4@$2>"2

? HFq 3? E?@?E>3?3$ v5>LM
’ @"25>9b"L? 3" K"E?L 3$ E"#A
K4:5WX$L 3$:KL"Z4$>?A:$ Z4?93" " D$A
$ Eb?#$95" E$952?L>Y?3" 3?: @"25?: ^  *$:KL"Z4$?2 ? @"25>9b"L? ?52?X^:
1?2? a?2?95>2 " 2$?K?:5$E>#$95" 3$:L>a?3" $ KL"Z4$>?A:$ ?45"#?5>E?A 3" 5$L$E"#?93" 3$ ?K$2542? 3?:
E"#@L$5" 3" 2$:$2X?5g2>"] $D$54?2 #$95$ ?E>"9?93" " D$Eb?#$95" E$9A @"25?:] @2$::>"9?93" " K"5<" M
34?: "@$2?;\$: 3$ ?K?:5$E>#$95" 52?L>Y?3"M  ’K2>2 ? @"25>9b"L? ] ?54?93" 9"
?@g: " @2>#$>2" $:5?L>3" 3? @>:5"L? @"95" >93>E?3" @$L? :$5?M
3$ ?K?:5$E>#$95"M  S>2?2 ? 5?#@? 3" K"E?L $ 9" :$9A
+X>5?2 @":5$2>"2$: "@$2?;\$: 3$ 5>3" ?95>Ab"2‘2>" ?5^ :$4 E"#@L$5"
?K?:5$E>#$95" Z4$ @"::?# @2"X"E?2 3$:?L"_?#$95"M +:5‘ @2$X>:5" 4#?
0$&)
E"23>9b? 3$ :$a42?9;? @?2? $X>A  $  
5?2 ? @$23? "4 ? Z4$3? 3? 5?#@?
3" 2$:$2X?5g2>" 3$ E"#K4:5WX$LM (  )* +, !
 =9:$2>2 ? @>:5"L? 9" K"E?L $ @2"E$A -./ - :>:5$#? ’B, E"# Z4$ " X$WE4L"
3$2 ?" ?K?:5$E>#$95"M $:5‘ $Z4>@?3" 9<" E"952"L? " :>:5$#?
$>  
 .$2#>9?3" " ?K?:5$E>#$95"] ?9A 3$ D2$9?a$# 3" 2$K"Z4$M
5$: 3$ 2$#"X$2 ? @>:5"L? 3$ ?K?:A
5$E>#$95"] ?a4?23?2 @$L" #$9": ’::>#] ^ 9$E$::‘2>" 5$2 4# E4>A
IF :$a493": @?2? @$2#>5>2 Z4$ " 3?3" $:@$E>?L $# :4@$2DWE>$: $:E"2A
!
E"#K4:5WX$L DL4? 9" >95$2>"2 3" 2$a?3>?:M
w4?93" " X$WE4L" 9<" $:5>X$2
2$:$2X?5g2>"M
:$93" 45>L>Y?3" @?2? " 2$K"Z4$
 +# :$a4>3?] 2$5>2?2 ? @>:5"L? 3$ 3$ ?52$L?3":] !0- 52?D$a?2 E"#
?K?:5$E>#$95" 3" K"E?L $ D$Eb?2 ? @"95$>2? 2$#"XWX$L  D>s?3? ?"
? 5?#@? $ a>2?93" 9" :$95>3" $9a?5$ 3$ 2$K"Z4$M !
b"2‘2>" ?5^ :$4 E"#@L$5" D$Eb?A !49E? #"3>D>E?2 " :>:5$#? 3$ D2$A %
#$95" :>9?L>Y?3" @$L" oEL>EhoM +:5$_? :$#@2$ ?5$95" d: 2$E"#$9A 9?a$# 3" X$WE4L" @?2? " E"#?93"
 P$Eb?2 ? @"25>9b"L? M 3?;\$: 3$:5$ #?94?LM 3" D2$>" 3" 2$K"Z4$M
- :>:5$#? 3$ D2$9?a$# 3" 2$K"A
’ $5>Z4$5? :>54?3? 9" >95$2>"2 3?
Z4$ 3$X$ :$2 E"#@L$5?#$95$ >93$A
@"25>9b"L? 3" K"E?L 3$ E"#K4:5WX$L
@$93$95$ 3" :>:5$#? b>32‘4L>E" 3"
>93>E? " 5>@" 3$ E"#K4:5WX$L ? :$2
X$WE4L"M
45>L>Y?3"M

!
’ P8’ P=’. 8TCR,)+C ’(.-A
&UV+=, BC’,=) ).*’ 9<" :$ 2$:A

0$&*
@"9:?K>L>Y? @$L? a?2?95>? 3$ @$;?: $ ": 5$#@": @?2? 4#? 4L52?@?::?a$#

$ ?E$::g2>": 9<" a$94W9": >9:5?L?3": :$#@2$ $# 2$L?;<" ?" @$:" 5"5?L 3"
9" X$WE4L"M #$:#"M (# $X$954?L D2$>" $L^52>E" "4 "452"
p@"2 $sM a4>9Eb" $L^52>E"] $5EMr 3$X$
’ >9:5?L?;<" >9?3$Z4?3? 3$ @$;?: :$2 ?L>#$95?3" 3>2$5?#$95$ @$L? K?A
$ ?E$::g2>": @"3$ ?E?22$5?2 3?9": d  5$2>? ?52?X^: 3$ 4# E?K" E"# :$;<"
E?22"E$2>?] 9<" :$93" @?::WX$>: 3$ !": @$2E42:": $# 3$:E>3?] $9a?5$ 9<" >9D$2>"2 ? 6]H ##6M
E"K$2542? 3$ a?2?95>?M 4#? #?2Eb? K?>s?] $# X$Y 3$ 4:?2
E"9:5?95$#$95$ " D2$>"M

 ’L^# 3?: 3$2>X?;\$: $L^52>E?: ^ ?3A
1?2? " 2$K"Z4$ 3$ ?52$L?3":] " X$WA  #>5>3" L>a?2 ?" :>:5$#? $L^52>E" 3"
E4L" 3$X$ 5$2 4# a?9Eb" 3$ 2$K"Z4$ - @$:" Z4$ " 2$K"Z4$ $s$2E$ 9" X$WE4L" :g " E?K" @?2? ? ?L>#$95?A
b"#"L"a?3" $ 4# :>:5$#? $L^52>E" a?9Eb" 3$ 2$K"Z4$ 3" X$WE4L"] 2$A ;<" 3$ 4# $X$954?L D2$>" $L^52>E" $ "
?3$Z4?3"M ’ >9:5?L?;<" 3$X$ :$2 $D$A 34Y $# >a4?>: X?L"2$: ? E?@?E>3?3$ E?K" @?2? 4#? Le#@?3? 3$ >L4#>9?A
54?3? @"2 @$::"?L $:@$E>?L>Y?3"M 3$ E?2a? 3" @2g@2>" X$WE4L"M 1"2 4#? ;<" >95$29? 3" ?52$L?3" E"# @"5[9E>?
Z4$:5<" 3$ :$a42?9;? $ @?2? 9<" 4LA 9<" :4@$2>"2 ? IH §M 1?2? ?: E"9$A
52?@?::?2 " @$:" #‘s>#" 2$K"E‘X$L] s\$: 45>L>Y?2 ? E$952?L @2^A>9:5?L?3?

^ 9$E$::‘2>" 5$2 $# E"95? " @$:" 3" E"# E?K" 3? K?5$2>? E"# :$;<" 9<"
&"95?2 $X$954?L#$95$ $:@$Lb": 2$K"Z4$ $# @L$9? E?2a?] >9EL4>93" >9D$2>"2 ? 6]H ##6M
2$52"X>:"2$: $:@$EWD>E": $u"4 :4@L$A ": ?E$::g2>": $ ?: K?a?a$9: @$::"?>:M
#$95?2$: 2$:@$>5?93" ? L$a>:L?;<"
X>a$95$M 
 ’ 45>L>Y?;<" 3$ E?2a?: ?4s>L>?2$:
C$:@$>5?2 ": L>#>5$: 3$ X$L"E>3?3$ 3>D$2$95$: 3?: L4Y$: $s5$29?: p@"2 $sM

@?2? ": X$WE4L": E"# ?52$L?3":M +# D2$>" $L^52>E"] a4>9Eb" $L^52>E"] $5EMr
C$E"23?2 Z4$ " 2$K"Z4$ 3$ 4# 5"3" " E?:"] ? X$L"E>3?3$ #‘s>#? 3$X$ :$2 2$?L>Y?3? E"# " #"5"2 L>A
?52$L?3" 2$34Y ? @"::>K>L>3?3$ #‘A 9<" 3$X$ 4L52?@?::?2 ": IFF h#ubM a?3"M
s>#? 3$ 4# X$WE4L" @?2? :4@$2?2 ?EL>A
X$:] ?4#$95? ": $:@?;": 3$ D2$9?a$9:

0$&+
   - '23   1  /.+
- 2$K"Z4$ 3$X$ :$2 >9:5?L?3" 45>L>Y?93" ? @2$3>:@":>;<" a$94W9? 9" X$WE4L" @?2? 2$E$K$2 " 3>:@":>5>X"M
!? >L4:52?;<" $:5<" ": @"95": 3$ D>s?;<" Z4$ 3$X$# :$2 :$#@2$ 2$:@$>5?3": 9? >9:5?L?;<" @":5$2>"2 3" 3>:@":>5>X"
3$ 2$K"Z4$M

0$&,
 & F23  1+ ,G ; .+ %       + 23  06,+&
<
Q$L?2 @$L? #?945$9;<" 3" X$WE4L"

- E"9_495" 3$ :4@"25$ $ a4>9Eb" $D$54?93" ": E"952"L$: $ ?: >95$2X$9A
@"3$ :$2 >9:5?L?3" 9" X$WE4L" ? E2>A -: X$WE4L": D"2? 3$ $:52?3? :<" ;\$: @2$X>:5?: 9" o1L?9" 3$ #?945$9A
5^2>" 3" @2"@2>$5‘2>"M ,$ D"2 9$E$:A E?2?E5$2>Y?3": @"2 4#? #?>"2 ?L542? ;<" @2"a2?#?3?oM
:‘2>? ? :4? 45>L>Y?;<"] b‘ 4# L"E?L ?" :"L" $ @"2 4#? X>? @2"@"2E>"9?LA
?@2"@2>?3" 9? @?25$ 52?:$>2? 3" X$WA #$95$ 2$34Y>3?] @?2? 5"29‘AL": ?3$A  +
E4L"] 45>L>Y?93" ? #$:#? @2$3>:@":>A Z4?3": d: #?>: X?2>?3?: E"93>;\$:
Z4$ 3>:5>9a4$# ? E"934;<" D"2? 3$ 8"952"L?2 @$2>"3>E?#$95$ ? @2$:A
;<" @?2? " 2$K"Z4$] @?2? 2$E$K$2 "
3>:@":>5>X"M 1?2? 4#? 3$X>3? >9:5?L?A $:52?3?M :<" 3": @9$4: E"# 4# >95$2X?L" 9<"
:4@$2>"2 ?: J :$#?9?:% :$ ? @2$::<"
;<" 3" 3>:@":>5>X" 3$ :4@"25$ $ a4>9A
’: E?2?E5$2W:5>E?: 3$ @2"_$5" D?Y$# $:5>X$2 #4>5" K?>s?] ": E"9:4#": ?4A
Eb" ^ 9$E$::‘2>" 3$:#"95?2 $ #"95?2
E"# Z4$ " :$4 E$952" 3$ a2?X>3?3$ #$95?#] @"2Z4$ ? 2$:>:5[9E>? ?" 2"A
@$;?: 3" X$WE4L"] 3$::? D"2#?] ^ 9$A
:$_? #?>: ?L5" 2$L?5>X?#$95$ ?" 3": L?#$95" ^ #?>"2M
E$::‘2>" E"9b$E>#$95" 5^E9>E" $ D$2A
X$WE4L": 52?3>E>"9?>:M (#? 3?: X?9A
2?#$95?: $:@$E>?>:M
5?a$9: "D$2$E>3?: @$L? #?>"2 ?L542?  1 a 
?" :"L" ^ ? #$Lb"2 X>:>K>L>3?3$ 3? $:A
52?3?M !<" X>?_?2 E"# " E"#@?25>#$95"
3$ E?2a?: :"K2$E?22$a?3"M - @$:" 3"
! X$WE4L" $ " :$4 ?L>9b?#$95" >9DL4$9A
  $ E>?# D"25$#$95$ ": E"9:4#": $ ? $:A
1?2? >9:5?L?;<" @":5$2>"2 3" 3>:@"A
’ :$a4>2 :<" >93>E?3?: ?La4#?: 5?K>L>3?3$M
:>5>X" 3$ :4@"25$ $ a4>9Eb"] @2"E42$
:$#@2$ ?    , & # M :4a$:5\$: v5$>: Z4$ @$2#>5$# "K5$2
4#? $E"9"#>? 3$ E"#K4:5WX$L $ 4#?  %/11 B  %.+ 
’ >9:5?L?;<" >9E"22$5? 3" 3>:@":>A E"95$9;<" 3?: $#>::\$: 9"E>X?:M C$5>2?2 " K?a?a$>2" "4 " @"25?A
5>X" @"3$ ?E?22$5?2 2>:E": 3$ ?E>3$9A
$:Z4>: 3" 5$5" 3$@">: 3$ 45>L>Y?3":M
5$:M
+:5$: ?E$::g2>": 3>#>94$# ? @$9$52?A
;<" ?$2"3>9e#>E? 3" X$WE4L"] 5$93"

0$’-
4#? >9DL4[9E>? 9$a?5>X? 9": E"9:4A    3$ K?>s? X$L"E>3?3$] ?L^# 3$ ?4#$9A
#":M   0 23 5?2 " E"9:4#" $ ? $#>::<" 3$ @"L4A
$95$:] ?E$L$2? " 3$:a?:5$ 3" #"5"2M
    0 &5 , !<" 3$>s?2 ?Z4$E$2 " #"5"2 E"#
" X$WE4L" @?2?3" 9$# $# #?2Eb? &, 
:'

(5>L>Y?2 ": 3>:@":>5>X": $L^52>E": L$95?] 9$# $# 2$a>#$ $L$X?3"% 9$:A
?@$9?: 342?95$ " 5$#@" 9$E$::‘2>"M 5?: E"93>;\$:] " #"5"2 ?Z4$E$ #4>5" - E"9:4#" 3$ E"#K4:5WX$L ?4A
- X>32" 52?:$>2" 5^2#>E"] ": D?2g>: #?>: L$95?#$95$] ?4#$95?93" ": #$95? @2"@"2E>"9?L#$95$ $# 2$L?A
:4@L$#$95?2$:] ": L>#@?3"2$: 3": E"9:4#": $ ?: $#>::\$:M c ?E"9:$A ;<" d X$L"E>3?3$ Z4$ " X$WE4L" 3$A
X>32": $ ? X$95">9b? 3" :>:5$#? Lb‘X$L @?25>2 L"a" $ L$95?#$95$] $X>A :$9X"LX$f E"#" $s$#@L"] @"3$A:$
3$ ?Z4$E>#$95"] ?K:"2X$# 4#? 5?93" 2$a>#$: $L$X?3":] 3$:5$ #"3"] 3>Y$2 Z4$ @?::?93" 3$ NF ? I6F
9"5‘X$L Z4?95>3?3$ 3$ E"22$95$] " #"5"2 ?Z4$E$2‘ #?>: 2?@>3?#$95$M h#ub] " >9E2$#$95" 3$ E"9:4#" 3$
@2"X"E?93" @"2 E"9:$a4>95$ 4# ?4A E"#K4:5WX$L ^ 3$ ?@2"s>#?3?#$95$
#$95" 3" E"9:4#" 3$ E"#K4:5WX$L  /  a  GFqM
p?5^ '6Hq $# E>2E4L?;<" 42K?9?rM
.$95?2 #?95$2 4#? X$L"E>3?3$ 49>A
+X>5?2 ?E$L$2?2 Z4?93" $:5>X$2 @?A
D"2#$] 3$952" 3" @"::WX$L] $X>5?93" %
&
 F 2?3" 9": :$#‘D"2": "4 ?95$: 3$ 3$:A
L>a?2 " #"5"2M +:5? vL5>#? #?9"K2?] D2$?3?: $ 2$5"#?3?: 3$:9$E$::‘2>?:]
’ 45>L>Y?;<" 3" EL>#?5>Y?3"2 @2"A E"#" 5?#K^# ? o34@L? $#K2$?a$#o] Z4$ E"9:"#$# E"#K4:5WX$L $ ?4A
X"E? 4# ?4#$95" 3": E"9:4#":% :<" >9v5$>: $ @2"X"E?# ?4#$95" 3": #$95?#] :>#4L5?9$?#$95$] ? $#>:A
Z4?93" ? 5$#@$2?542? $s5$29? " @$2A E"9:4#": $ 3? @"L4>;<"M :<" 3$ @"L4$95$:M ’E"9:$Lb?A:$ ?
#>5>2] 45>L>Y?2 3$ @2$D$2[9E>? ? :>#A ?3"5?2 4# #"3" 3$ 3>2>a>2 @243$95$]
@L$: X$95>L?;<"M 52?5?93" 3$ ?95$E>@?2 ?: #?9"K2?:
 , 
 ,G
@?2? $X>5?2 @$2>a" >#>9$95$ $ 3$ 2$:A
,Z    9
, .<" L"a" ?: E"93>;\$: 3" 52e9:>5" @$>5?2 ? 3>:5e9E>? 3$ :$a42?9;? $# 2$A
" @$2#>5?#] 45>L>Y?2 ?: #?2Eb?: #?>: L?;<" ?": X$WE4L": Z4$ 52?D$a?# L"a"
- 4:" 3$ ?E$::g2>": ?$2"3>9e#>A ?L5?:M - 4:" 3$ #?2Eb?: K?>s?: @?2? ? D2$95$M
E":] 9<" E$25>D>E?3": @?2? 5?L D>#] "K5$2 4#? K"? 2$:@":5? 3" #"5"2
@"3$ @2$_43>E?2 ? ?$2"3>9e#>E? $ ": @2"X"E? ?4#$95" >9$X>5‘X$L 3" E"9A
E"9:4#":M :4#"M *? #$:#? D"2#?] ? >9:>:5[9E>?
$# #?95$2 #?2Eb?: ?L5?: $# 52$Eb":
0$’!
,& 23 .?#K^# ": @$2E42:": :>94":":]
E"#" $:52?3?: 3$ #"95?9b?] "4 
’E$L$2?2 3$ D"2#? X>"L$95?] >934A 8$25>D>E?2A:$ 3$ Z4$ 5"3": ": "E4A
52$Eb": $# #?4 $:5?3" 3$ E"9:$2X?A
Y>93" " #"5"2 ? D49E>"9?2 $# 2"A @?95$: 3" X$WE4L" 4:$# E"22$5?#$95$
;<"] >9DL4$9E>?# 9$a?5>X?#$95$ "
5?;\$: $L$X?3?:] @$9?L>Y? 9"5?X$LA ": E>95": 3$ :$a42?9;? $ Z4$ $X$954A
E"9:4#"M
#$95$ " E"9:4#" 3$ E"#K4:5WX$L] ?: ?>: E2>?9;?: $:5<" E"22$5?#$95$ @":>A
$#>::\$: 3$ @"L4$95$: $ ? @2g@2>? 34A E>"9?3?: 9?: 2$:@$E5>X?: E?3$>2>9b?:M
2?K>L>3?3$ 3" #$:#"f E"9X^# ?E$L$A   +  + 28   9  7
2?2 a2?34?L#$95$ $ 9<" 4L52?@?::?2 " *42?95$ ?: @?2?3?: @2"L"9a?3?:]
2$a>#$ 3$ 5"2Z4$ #‘s>#" 3" #"5"2M #"5>X?3?: @"2 52e9:>5" >95$22"#@>3"]   
" #$Lb"2 ? D?Y$2 ^ 3$:L>a?2 " #"5"2M ’ >95$2X$9;<" 3": ?>2K?a: @"3$
  28  + & F23 :$2 @$2>a":? @?2? 4# ?9>#?L Z4$ :$
.2?_$5": #4>5" E425": $ @?25>3?: D2$A     $9E"952$ 9" K?9E" 3>?95$>2"M ’::>#]
Z4$95$: E"# " #"5"2 D2>" 9<" @$2#>A ^ ?E"9:$Lb‘X$L E"L"E?2 ": ?9>#?>: 9"
5$# Z4$ " #"5"2 ?5>9_? ? 5$#@$2?542?  K?9E" 52?:$>2"] 9" >95$2>"2 3$ a?>"L?:
>3$?L 3$ D49E>"9?#$95"] ?L^# 3$ :>aA ?3$Z4?3?: 2$5>3?: @$L": E>95": 3$
c $s52$#?#$95$ @$2>a":" 3$>s?2 :$a42?9;? 3" X$WE4L"M
9>D>E?2 4# >9E2$#$95" 3$ E"9:4#"
E2>?9;?: 9" >95$2>"2 3" X$WE4L" $:5?E>A
$ 3$ $#>::<" 3$ :4K:5e9E>?: 9"E>X?: ’L^# 3>::"] L$#K2$A:$ ?>93? Z4$]
"9?3" Z4?93" ? 5$#@$2?542? $s5$2>"2
3? "23$# 3$ IH ? GFqM $# E?:" 3$ D2$9?a$# K24:E? "4 3$
D"2 #4>5" $L$X?3?M - E?L"2 9" >95$2>"2
3" b?K>5‘E4L" @"3$ 5$2 E"9:$Z4[9A ?E>3$95$] 4# ?9>#?L 9<" ?3$Z4?3?A
 +23   9    ,  23  E>?: a2?X$: "4 #$:#" #"25?>:M #$95$ 2$5>3" @"3$2>? :$2 @2"_$5?3"
0     @?2? " >95$2>"2 3" b?K>5‘E4L"] E"# "
- E"9:4#" $L$X?3" 3$ E"#K4:A 2>:E" 3$ :$ D$2>2 $ D$2>2 ": "E4@?95$:
 3" X$WE4L"M
5WX$L $:5‘ L>a?3" 3>2$5?#$95$ ? :>54A
?;\$: 3$ 52e9:>5" >95$9:"] :"K2$543" !49E? X>?_?2 9" E"#@?25>#$95" 3$
9?: a2?93$: E>3?3$:] "93$ :$ 52?D$a? E?2a?:M +# E?:" 3$ ?E>3$95$] ?:
342?95$ ? #?>"2 @?25$ 3" 5$#@" 45>A @$::"?: $:5?2>?# $s@":5?: ?" 2>:E" 3$
L>Y?93" #?2Eb?: K?>s?: $ ?: @?2?3?: L$:\$: a2?X$: "4 #$:#" #"25?>:M
$# :$#‘D"2": :<" #4>5" D2$Z4$95$:M

0$’"
    5$2>"2 3" b?K>5‘E4L"] "4 :$ ? E?22"A  A   
E$2>? "4 ? @?25$ 52?:$>2? 3" X$WE4L" #   ; 8 ,

’: $#>::\$: 3? 3$:E?2a? :<" #4>5"


$:5>X$2$# 3?9>D>E?3?:] #?93?2 X$2>A  23 1 &<
@$2>a":?: $ @"3$# :$2 L$5?>:M *$
D?5"] E"95[# #"9gs>3" 3$ E?2K"9"] D>E?2 5"3" " :>:5$#? 3$ 3$:E?2a? $  & F23   23 1 & ;WT
4# a‘: >9E"L"2 $ >9"3"2" Z4$] :$ ?: 2$a>\$: 3? E?22"E$2>? ?3_?E$95$: T<
>9?L?3"] @"3$ @2"X"E?2 3$:#?>": $ @?2? >3$95>D>E?2 $X$954?>: E"#@"9$9A
5$: @?25>3":] 3?9>D>E?3":] 3$5$2>"2?A *42?95$ ? E"934;<" D"2? 3$ $:A
$9X$9$9?#$95":M
3": "4 Z4$ 5$9b?# :"D2>3" 3$:L"E?A 52?3?] @2$::>"9?2 " K"5<" J§* )-§
1?2? $X>5?2 >9?L?2 " #"9gs>3" 3$ #$95": 2$L?5>X": d @":>;<" 3$ #"9A p:$ $Z4>@?3"r 9" 3>:@":>5>X" ,$L$EA
E?2K"9"] :$a4>2 ?: >93>E?;\$: ?K?>s"% 5?a$# E"22$5?M 1?2? $:5?: "@$2?;\$:] .$22?>9¢] @?2? "K5$2 4#? #?>"2 52?A
3>2>a>2A:$ d    , & # M ;<" $ 4# #?>"2 E"952"L$ $# 5$22$9":
 !<" #?95$2 " #"5"2 L>a?3" $# $:E"22$a?3>": "4 3$ 3>DWE>L ?E$::"]
,"L3?: ?K$25?: "4 E"9$s\$: 3$:?A $# 3$:E>3? "4 $# :4K>3? $# >9EL>A
$:@?;": D$Eb?3":M
@$25?3?: @"3$# @$2#>5>2 >9D>L52?;\$: 9?;\$: $ @?2? ?4#$95?2 ? 52?;<" ?
 8?:" :$_? >93>:@$9:‘X$L @$2#?A 3$ a?:$: 3$ 3$:E?2a? 9" >95$2>"2 3"
9$E$2 ? K"23" 3" X$WE4L" @?2?3" K?>s?: X$L"E>3?3$:M
E"# " #"5"2 L>a?3"] 2$a4L?2 " :>:A
b?K>5‘E4L"M
’ 45>L>Y?;<" 3$:5? #"3?L>3?3$
%
5$#? 3$ X$95>L?;<"u?Z4$E>#$95" V$2>D>E?2 " :>:5$#? 3$ 3$:E?2a? 3$X$ $:5?2 L>#>5?3? ? :>54?;\$:
$ ?E>"9?2 " X$95>L?3"2 3$ #"3" :$#@2$ Z4$ " X$WE4L" D"2 $L$X?3" $s52$#?:] E"#" 9$X$] L?#?] ?2$>?]
? >952"34Y>2 ?2 $s5$29" 9" b?K>5‘A @?2? "@$2?;\$: 3$ L4K2>D>E?;<" "4 >:5" ^] Z4?93" ^ 9$E$::‘2>" 3>:@"2
E4L"M ’5>X?2 ? X$L"E>3?3$ #‘s>#? 3$ :4K:5>54>;<" 3" gL$"M ,4K:5>54>2 ": 3$ 4#? #?>"2 @"5[9E>? 3$ 2$K"Z4$
3" X$95>L?3"2M E"#@"9$95$: E"9D"2#$ 9$E$::‘2>"M ? K?>s? X$L"E>3?3$M
1?2? $:5?: "@$2?;\$:] 3>2>a>2A:$ d
(#? #?945$9;<" ?3$Z4?3? 3"    , & # M
Z 1
:>:5$#? 3$ 3$:E?2a? E"9:5>54> ? #$A
Lb"2 @2"5$;<" E"952? >9D>L52?;\$: 3$ ’@$:?2 3$ " X$WE4L" $:5?2 $# E"9A
#"9gs>3" 3$ E?2K"9" 9" b?K>5‘E4L"M 3>;\$: 3$ ?52?X$::?2 E42:": 3$ ‘a4?]
^ 9$E$::‘2>" 2$:@$>5?2 ?La4#?: @2$A
,$ D"2 3$5$E5?3" 4# 24W3" ?9gA E?4;\$:M
#?L" 3" :>:5$#? 3$ 3$:E?2a?] ? @2$A
:$9;? 3$ a?:$: 3$ 3$:E?2a? 9" >9A
0$’%
’ 52?X$::>? 3$ E42:": 3$ ‘a4? @2"A  & F23  06,+& 
:  &%

D493": 2$Z4$2 $s52$#? ?5$9;<" @?2? 1
a?2?95>2 ? :$a42?9;? $ $X>5?2 3?9": 9" ,$ 5>X$2 3$ ?52?X$::?2 E42:": 3$
‘a4? E"22$95$] $X>5?2 D?Y[AL" :$ ? ’ 52?X$::>? 3$ ‘2$?: ?L?a?3?: 3$X$
X$WE4L"M +# E?:" 3$ 5$2 Z4$ ?52?X$:A
@2"D493>3?3$ D"2 :4@$2>"2 ? 66 E#M :$2 $X>5?3?M +# E?:": 3$ $s52$#?
:?2 E42:": 3$ ‘a4?] ?95$: 3$ >9>E>?2]
$#$2a[9E>?] ? ?5$9;<" 3$X$ :$2 2$A
@2"E42?2 $:5?K$L$E$2 ? @2"D493>3?3$
3"K2?3? @?2? a?2?95>2 ? :$a42?9;? $
3? ‘a4? $ ?: E"93>;\$: 3" D493"] >9A ’ $::$ @2"@g:>5"] :4a$2>#": E"9A
$X>5?2 3?9": ?" X$WE4L"M
EL4>93" ? $X$954?L @2$:$9;? 3$ "K:A :4L5?2 ?    , & #  :"K2$
5‘E4L":M ? 3>:@"9>K>L>3?3$ 3$ >9:5?L?;<" 3$ 8?:" $952$ ‘a4? @$L" :>:5$#? 3$
?E$::g2>": $:@$EWD>E": @?2? ? 52?9:A ?:@>2?;<" 3" #"5"2] :^2>": 3?9": :$A
*$@">: 3$ 4L52?@?::?2 4# Eg22$a"]
@":>;<" 3$ L"E?>: ?L?a?3":M 2<" E?4:?3":] ?L^# 3$ "452?: @"::WA
X$2>D>E?2 5"3": ": 9WX$>: 3": LWZ4>3":
X$>: ?X?2>?: 9": :>:5$#?: 3$ 52?9:#>:A
3": 2$:$2X?5g2>": 3" X<" 3" #"5"2M
:<" $ $L^52>E":M
-: Eg22$a": @"3$#] 3$ D?5"] @2"X"A 
E?2 3?9": 9<" E"K$25": @$L? a?2?95>?M ’4#$95?2 ? 2"5?;<" 3" #"5"2 @"3$ *>?95$ 3? 9$E$::>3?3$ 3$ ?52?X$:A
@2"X"E?2 ? @?5>9?;<" 3?: 2"3?: $ ? :?2 E42:": 3$ ‘a4? p52$Eb": ?L?a?3":r]
@$23? 3? 52?;<"M ?95$: 3$ >9>E>?2] @2"E42?2 E"9b$E$2 ?
 @2"D493>3?3$ 3? ‘a4? E"9D"2#$ ?:
’" ?52?X$::?2 4# Eg22$a"] 9<" 4LA +X>5?2 2$34;\$: K24:E?: 3$ X$L"E>A 2$E"#$93?;\$: ? :$a4>2M
52?@?::?2 ? X$L"E>3?3$ 3$ } h#ubM 3?3$ $# $:52?3?: E"# a$L" "4 $:A
E"22$a?3>?:] _‘ Z4$ ? ?;<" 3$ D2$9?A
a$# 3" #"5"2 @"3$ D?Y$2 @?5>9?2 " 
=1+ ,  
X$WE4L"] E"# E"9:$Z4$95$ @$23? 3$ ’" ?52?X$::?2 52$Eb": ?L?a?3":]
+# E?:" 3$ 2‘@>3" 3$:L>Y?#$95" E"952"L$M 9<" 4L52?@?::?2 } h#ub] 9<" D?Y[AL"
3? ‘a4? E"# ?4#$95" >#@2$X>:5" 3" :$ ? @2"D493>3?3$ D"2 :4@$2>"2 ?
9WX$L p@"2 $sM 342?95$ 4# 5$#@"2?Lr] 2$D$2[9E>? 3" E$952" 3?: 2"3?: "4
?a4?23?2 ? 3$:E>3? 3" 9WX$L 3? ‘a4? 9" #‘s>#" J} E# pX$2 >#?a$9: ?
$u"4 ? 3>#>94>;<" 3? X$L"E>3?3$ 3? :$a4>2rM (5>L>Y?2 :$#@2$ ? I⁄ #?2Eb?]
E"22$95$ ?95$: 3$ >9>E>?2 ? 52?X$::>?M 3":?93" ? ?E$L$2?;<" $ X$L"E>3?3$

0$’&
3$ #"3" ? 2$34Y>2 ?" #W9>#" ?  +23 ,
0B&
B   Eb" $# >9EL>9?;<" @2"E$3$93" E"#
D"2#?;<" 3$ "93?:M !? @2$:$9;? 3$ 4#? $:@$::? E?A " #‘s>#" E4>3?3"] E"L"E?93" ? ?L?A
#?3? 3$ 9$X$] L?#? "4 ?2$>?] :$ :$ X?9E? 3$ Ee#K>" 9? @":>;<" 3$ #?2A
$:5>X$2 52?9:@"25?93" 4#? E?2a? "4 Eb? ? 2^M !<" @$2E"22$2 4#? >9EL>A
:$ @2$5$93$2 5$2 #$Lb"2 E"952"L$ 3" 9?;<" $# 3$:E>3? E"# " Ee#K>" $#
X$WE4L" ? K?>s?: X$L"E>3?3$:] $9a?A @"95" #"25" $ ?@$9?: E"# " 4:" 3"
5?2 4#? #?2Eb? K?>s? $] :$ 9$E$:A D2$>"M
:‘2>"] :$L$E>"9?2 ? #"3?L>3?3$ 3"
:>:5$#? J§* ?3$Z4?3? ?" 5$22$9" ’95$: 3$ $9D2$95?2 4#? :4K>3?] X$A
$# Z4$:5<" ?54?93" 9" 3>:@":>5>X" 2>D>E?2 ?: E"93>;\$: 3" 5"@" $u"4
,$L$EA.$22?>9¢M 3" "452" L?3"M ’95$: 3$ $9D2$9A
5?2 4#? :4K>3? E"# D"25$ >9EL>9?;<"]
1?2? #?95$2 ? 3>2$;<" 3" X$WE4L"] E"L"E?2 ?: #43?9;?: 94#? #?2Eb?
9<" 2$34Y>2 ? #?2Eb? #?>: 3" Z4$ " #?>: K?>s? $ :$L$E>"9?2 ? #"3?L>3?3$
9$E$::‘2>"M J§* )-§M
%
 +23 
+/  +# :4K>3?: @?25>E4L?2#$95$ ?E$9A
54?3?:] $9a?5?2 ? I⁄ #?2Eb? $ :$L$E>A
"9?2 ? #"3?L>3?3$ J§* )-§M

! 
,$ " #"5"2 3$:L>a?2] " X$WE4L" X>2?2 ,$ " X$WE4L" 3$:L>a?2] "4 @$23$2
"4 9<" :$ E"9:$a4>2 ?X?9;?2 $# #?2A D"2;? #"52>Y 94#? E"L>9? ?E$954?3?]
 Eb? 2$5>LW9$? 9? @?25$ ?L5? 3? #"95?A
’5$9;<"% "93?: D"2#?3?: @"2 "4A $9a?5?2 " #?>: 2?@>3?#$95$ @"::WA
9b? "4 3$ 4#? $:52?3? $# >9EL>9?A X$L ? #?2Eb? ? 2^] @2"E42?93" 2$5"A
52": X$WE4L": @"3$# ?4#$95?2 " 9WA ;<"] 949E? 5$95?2 $D$54?2 4#? >9X$2A
X$L 3? ‘a4? 2$@$95>9?#$95$M #?2 o#"52>E>3?3$u ?3$2[9E>?o d: 2"A
:<" 3$ #?2Eb?M 3?:] $X>5?93" 5?95" Z4?95" @"::WX$L
+:5? "@$2?;<" @2"X"E?2>? " E?@"A >95$2X$9;\$: K24:E?: 9": D2$>": $ 9"
5?#$95" 3" X$WE4L"M C$E4?2 9" 52$A X"L?95$ $ #?95$93" 4#? 52?_$5g2>?

0$’’
?3$Z4?3?M C$E4?2 L$95?#$95$ $#  +23 
,  ,$ " X$WE4L" 5>X$2 :>3" E"934Y>3"
3$:E>3?] #?95$93" :"K E"952"L$ ? $# ?#K>$95$: @?25>E4L?2#$95$ @"$>A
8"L"E?2 4#? #?2Eb? K?>s? $ "
X$L"E>3?3$ 3" X$WE4L" ?@$9?: E"# ? 2$95":] #?93?2 X$2>D>E?2 ": D2$>": $
:>:5$#? J§* 9? #"3?L>3?3$ J§*
?;<" 3" D2$>" 3" #"5"2M ,$] @?2? #?9A L>#@‘AL":] :$ 9$E$::‘2>"M
)-§ "4 :$L$E>"9?2 " :>:5$#? T*8M
5$2 " E"952"L$ 3" X$WE4L"] D"2 9$E$:A
:‘2>" 2$E"22$2 ?": D2$>":] ?@L>E?2 4#? *$>s?2 Z4$ " X$WE4L" 3$:;? L$95?A -: @$2E42:": D"2? 3$ $:52?3? :4_$>A
@2$::<" a2?34?L $ $X>5?2 KL"Z4$?2 "4 #$95$ ?" L"9a" 3? >9EL>9?;<" $ Z4$ 5?# " X$WE4L" ? :"L>E>5?;\$: :4@$2>"A
D?Y$2 @?5>9?2 ?: 2"3?:M ?: Z4?52" 2"3?: :>95?# ? ?;<" 3$ D2$A 2$: dZ4$L?: ? Z4$ $:5?2>? :4_$>5" $#
9?a$# 3" #"5"2M *$:5$ #"3"] :$2‘ $:52?3?: 9"2#?>:M
@"::WX$L #?95$2 :"K E"952"L$ ? X$L"A
 E>3?3$ $ ? 3>2$;<" 3" X$WE4L"M *$@">: 3$ $D$54?2 4# @$2E42:" D"2?
!49E? @2"E$3$2 9? 3>?a"9?L $# 3$ $:52?3?] E$25>D>E?2A:$ 3$ Z4$ " X$WA
w4?93" :$ @$2E"22$# 3$:E>3?: $# E4L" 9<" :"D2$4 3?9":M +# @?25>E4L?2]
52$Eb": $# :4K>3? "4 $# 3$:E>3?]
#"95?9b?:] ? ?;<" 2$@$5>3? 9": D2$>": X$2>D>E?2 " :$a4>95$%
52?D$a4$ :$#@2$ $# 3>2$;<" 2$5>LW9$?M
@"3$ @2"X"E?2 " :$4 :4@$2?Z4$E>A
,$ ?: 2"3?: @$23$2$# ?3$2[9E>? $9A
#$95" ?5^ E"#@2"#$5$2 5"5?L#$95$ ?  =9:@$E>"9?2 E4>3?3":?#$95$ ?
Z4?95" $:5>X$2 :$ ?@2"s>#?93" 3"
$D>E‘E>? 3? ?;<" 3$ D2$9?a$#M +X>5?2] @?25$ 3? E?22"E$2>? 3" X$WE4L"M
5"@" 3$ 4#? :4K>3?] 3$:?E$L$2?2 $
:$ @"::WX$L] D2$9?a$9: K24:E?: "4 2$A V$2>D>E?2 ": @9$4:] ? $:524542?
#?95$2 ? #?2Eb? E"9:5?95$ X>2?93"
@$5>3?: 2$34Y>93" ?: X$L"E>3?3$:M 3? E?22"E$2>?] ? 3>2$;<"] ?:
L$95?#$95$ ?: 2"3?: 3>?95$>2?: @?2? ?
$:Z4$23? $ @?2? ? 3>2$>5?M +:5? #?9"A :4:@$9:\$: $ " :>:5$#? 3$
 Z  , +23 
 ,G -  3$:E?2a? @?2? 3$5$E5?2 $X$954?>:
K2? D?X"2$E$ ? ?3$2[9E>? $ ?::$a42?
   3?9":M
? 52?;<" 9$E$::‘2>? @?2? E"#@L$5?2 ?
:4K>3?M  =9:@$E>"9?2 " 2?3>?3"2 @?2?
>3$95>D>E?2 $X$954?>: 2$:W34": 3$
L?#? $u"4 3$52>5":% :$ @2$:$95$:]
!
2$#"X[AL":M
’ @2$:$9;? 3$ #?5$2>?L ?K2?:>X"
 8$25>D>E?2A:$ 3$ Z4$ ": $L$#$95":
9": D2$>": @"3$ @2"X"E?2 4# 3$:a?:5$
3$ D>s?;<" p@?2?D4:":] E?X>Lb?:r
$sE$::>X" "4 E"#@2"#$5$2 " :$4 E"2A
3": E"#@"9$95$: 3? 52?9:#>::<"]
2$5" D49E>"9?#$95"M
3? 3>2$;<"] 3?: :4:@$9:\$: $ 3"
0$’)
Eb?::>: 9<" $:5<" 3$:?@$25?3":%
:$ $:5>X$2$#] 3>2>a>2A:$ d 
  , & # M
 8$25>D>E?2A:$ 3$ Z4$ 9<"
@$2#?9$;?# $92":E?3?: @L?95?:
"4 ?2K4:5":% 3$ D?5"] @"3$2>?#
>9E$93>?2A:$ "4 @2"X"E?2
$X$954?>: 3?9": 9?: 54K4L?;\$:]
9?: a4?29>;\$: $ 9" $>s" 3$
52?9:#>::<"M
 ’@g: 4#? 45>L>Y?;<" @2"L"9a?3?
$# 5$22$9": L?#?E$95":] ?2$9"A
:":] E"# E42:": 3$ ‘a4? "4 :>A
#>L?2$:] X$2>D>E?2 $ L>#@?2 " #?>:
2?@>3?#$95$ @"::WX$L " 2?3>?3"2]
? X$95">9b?] ": 3>:E": $ ?: @?:5>A
%
Lb?: 3": D2$>":] ?: E"93>;\$: 3":
@9$4:M
 ,$] ?@g: ? 45>L>Y?;<" $# 5$22$9":
L?#?E$95":] L"3":": "4 :>#>L?2$:]
:$ :$95>2$# X>K2?;\$:] E$25>D>Z4$A
:$ 3$ Z4$ 9?: 2"3?: 9<" D>E?#
@2$:": E"2@": $:52?9b": Z4$ @"A
3$2>?# E"#@2"#$5$2 " :$4 $Z4>A
LWK2>"M

0$’*
      
(# @9$4 D42?3" "4 4#? Le#@?3? oZ4$>#?3?ofi
1"3$ ?E"95$E$2 Z4$ ?La49: >9E"9X$9>$95$: @$2542K$#
? 9"::? X>?a$#M
’: @‘a>9?: 3$3>E?3?: d $#$2a[9E>? @"3$# :$2 3$
?_43? @?2? $9D2$95?2 52?9Z4>L?#$95$ ?: :>54?;\$: E2W5>E?:M
+# :>54?;\$: 3$ $#$2a[9E>?] ^ ?E"9:$Lb‘X$L L>a?2 @?2?
" 9v#$2" >93>E?3" 9" )>X2" 3$ S?2?95>?M
c 5?#K^# @"::WX$L L>a?2 @?2? " 9v#$2" 49>X$2:?L] 9?A
E>"9?L "4 >95$29?E>"9?L @?2? @2"E42?2 ? C$3$ 3$ ’::>:A
5[9E>? #?>: @2gs>#?M

,(B,.=.(=/0- *+ )›&1’*’, M M M M M M M M M M PAI


P(,mV+=, M M M M M M M M M M M M M M M M M M M M M M PAI6
.C-8’ *+ 1!+(, M M M M M M M M M M M M M M M M M PA6F &
1’C.=*’ *- &-.-C 8-& B’.+C=’
’(~=)=’C M M M M M M M M M M M M M M M M M M M M M M PAGJ
,=,.+&’ *+ 8-C.+ *+ 8-&B(,.mV+) M M M M M PAG}
,+ - &-.-C ,(1+C’w(+8+C M M M M M M M M M M PAJF
’)’V’!8’ *- 8›&B=- ’(.-&‹.=8- M M M M PAJF
C+B-8’!*- - V+m8()- M M M M M M M M M M M M PAJI
+~.=!.-C *+ =!8l!*=- M M M M M M M M M M M M M PAJ7

1
     E"22$:@"93$95$ $:5‘ W95$a2"%
@?2? ? L"E?L>Y?;<" 3": D4:WX$>:]
3& ! E"9:4L5?2 oP4:WX$>:z 9$:5$
E?@W54L"M
 ’: Le#@?3?: b?Lga$9?: 3$X$# :$2
#?94:$?3?: 5"E?93" $sEL4:>X?#$95$
9? @?25$ #$5‘L>E?M ,$ " K4LK" 52?9:A 
@?2$95$ $952?2 $# E"95?5" E"# ": 3$A w4?93" " EL>#? ^ D2>" "4 v#>3" "4
! 3":] >:5" 2$34Y ? >95$9:>3?3$ 3? L4Y ?@g: Eb4X? D"25$ "4 L?X?a$#] ? :4A
&"3>D>E?;\$: "4 2$@?2?;\$: 3" :>:A $#>5>3? $ @"3$ 5?#K^# @2$_43>E?2 ? @$2DWE>$ 3": D?2g>: "4 3?: L4Y$: 52?:$>A
5$#? $L^52>E" 2$?L>Y?3?: D"2? 3?  342?;<" 3? Le#@?3?M 2?: @"3$ $#K?;?2 $ D"2#?2 E"93$9A
  , & #  ] 3$ #"3" >9E"22$5" :?;<" 9" >95$2>"2 3?: L$95$:M .2?5?A
+# E?:" 3$ E"95?5" ?E>3$95?L] $:A
$ :$# 5$2 $# E"9:>3$2?;<" ?: E?2?EA :$ 3$ 4# D$9t#$9" 9?542?L 3$X>3" d
D2$a?2 ? Le#@?3? E"# 4# @?9" E"#
5$2W:5>E?: 5^E9>E?: 3" :>:5$#? @"3$# 3>D$2$9;? 3$ 5$#@$2?542? $ 4#>3?3$
‘LE""L $ 3$>s?2 :$E?2M
E?4:?2 ?9"#?L>?: 3$ D49E>"9?#$95" $952$ " >95$2>"2 $ " $s5$2>"2 3? L$95$
$ @$2>a" 3$ Z4$>#?342?:M Z4$] 9" $95?95"] 9<" >93>E? 4#?
A 
C>:E" 3$ >9E[93>"M ?9"#?L>? $ 9<" E"#@2"#$5$ " 9"2A
 ’95$: 3$ :4K:5>54>2 4#? Le#@?3? #?L D49E>"9?#$95" 3": 3>:@":>5>X":
X$2>D>Z4$ Z4$ ": 2$:@$E5>X": E"9A 3$ >L4#>9?;<"M ’ E"93$9:?;<" 3$:?A &
5?5": 9<" $:5$_?# "s>3?3":M @?2$E$ ?La49: #>945": ?@g: " ?E$9A
 ,4K:5>54>2 ?: Le#@?3?: Z4$>#?A 3>#$95" 3": D?2g>:] ? @?25>2 3" E$952"
! 3?: @"2 "452?: 3" #$:#" 5>@" $ 3" 2$DL$5"2] $:5$93$93"A:$ @2"a2$::>A
’: Le#@?3?: b?Lga$9?: E"95[# a‘: @"5[9E>?M X?#$95$ @?2? ?: K"23?:M
:"K @2$::<"M  *$@">: 3$ :4K:5>54>2 4#? Le#A
+# E?:" 3$ 24@542?] ^ @"::WX$L ? @?3? 3": D?2g>:] X$2>D>E?2 :$#@2$
@2"_$;<" 3$ D2?a#$95": 3$ X>32"M ? :4? E"22$5? "2>$95?;<"M
 w4?93" 4#? Le#@?3? 9<"
D49E>"9?2] ?95$: 3$ :4K:5>54WAL?]
E$25>D>E?2A:$ 3$ Z4$ " D4:WX$L

1$!
  I Lb"] $#@422?2 " K4LK"] a>2‘AL" 9" :$9A
5>3" ?95>Ab"2‘2>" $ 3$@">: $s52?WAL"M
!" X$WE4L" $:5<" >9:5?L?3?: ?: :$A
a4>95$: Le#@?3?:% 9
 G&Z1  ;  <( @?2?
2$#"X$2 ? Le#@?3?] a>2?2 " E"9$E5"2
3$ L?3" $ $s52?WAL"M
9
 G&Z1  ;  <( @?2?
2$#"X$2 ? Le#@?3?] a>2‘AL? 9" :$9A
5>3" ?95>Ab"2‘2>"]
9
 ,
, 1  1: '@%
 ;  <( @?2? 2$#"X$2 ? Le#A
@?3?] 3>2>a>2A:$ d    , &
# M

9
 &
   0  
;  <( $:5<" >9:$2>3?: d @2$::<"M
1?2? $s52?WAL?: ^ 9$E$::‘2>" @4s?2M
9
  /   ;  $<(
@?2? $s52?WAL?: 3" 2$:@$E5>X" E?:Z4>A
1$"
   &9
    06,+&

9
   @ , 

)4Y$: 3$ @":>;<" 3>?95$>2?:u)4Y$: 3>429?: p*MCM)r )+* fl

)4Y$: 3$ @":>;<" 52?:$>2?: )+* fl

P?2g>: ?L5":uK?>s": pb?Lga$9":r T¡ HH§

=93>E?3"2$: 3$ 3>2$;<" 3>?95$>2": 1R6J§ 6J§

=93>E?3"2$: 3$ 3>2$;<" 52?:$>2": §RI7§ I7§

P2$>" 16I§ 6I§


.$2E$>2? L4Y 3$ D2$>" pK2?h$ L>ab5r >95$a2?3? E"# >L4#>9?;<" 3"
)+* fl
E"#@?25>#$95" 3$ E?2a?:
)4Y$: 3$ @L?E? §H§ H§

P?2g>: 3$ 9$KL>9? T} GH§

)4Y 3$ #?2Eb? ? 2^ 16I§ 6I§

)4Y$: >95$29?: 3>?95$>2?: §H§ H§


&
)4Y$: 3": $:@$Lb": 3$ E"25$:>? p@?2?A:g>:r §H§ H§

)4Y >95$29? 52?:$>2? pX$2:\$: :$# 5$5" :"L?2r §H§ H§

)4Y$: >95$29?: 52?:$>2?: pX$2:\$: E"# 5$5" :"L?2r §H§ H§

)4Y 3" @"25?AL4X?: §H§ H§

1$%
$   I%
 N
+  Z  ,     +  


+D$54?2 ? "@$2?;<" 3$ :4K:5>54>;<"
3? Le#@?3? ?@$9?: E"# " #"5"2 3$:A
L>a?3"M 8$25>D>E?2A:$ ?>93? 3$ Z4$ "
@2g@2>" #"5"2 $:5$_? D2>"] @?2? $X>5?2
 14s?2 " @"25?ALe#@?3? $ @?2?  C$E"L"E?2 ? 5?#@? M
" @$2>a" 3$ Z4$>#?342?:M
D"2?M
A )4Y$: 3$ 3>2$;<" 3>429?:
A )4Y$: 3>?95$>2?: >93>E?3"2?: 3$
3>2$;<" A :$5?: 1?2? :4K:5>54>;<" 3": )+*: 3?: L4A
Y$: 3$ 3>2$;<" 3>429?:] 3>2>a>2A:$ d
1?2? :4K:5>54>2 ? Le#@?3?] @2"E$3$2
   , & # M
E"#" ? :$a4>2%
+  Z  ,     - 
 -@$2?93" @$L" >95$2>"2 3" E"#A
@?25>#$95" 3" #"5"2] 2$#"X$2 ? 8"95^# ?: Le#@?3?: 3": D?2g>: K?>A
5?#@? ] ?54?93" 9? 2$:@$E5>X? s":] ?L5": $ 3?: L4Y$: 3$ 9$KL>9?
L>9a4$5?M A P?2g>: K?>s":
 ,4K:5>54>2 ? Le#@?3? 3?9>D>E?3?M 1?2? :4K:5>54>2 ?: Le#@?3?: 3": D?A
 8"L"E?2 ? 9"X? Le#@?3?] 2g>: K?>s":] @2"E$3$2 E"#" ? :$a4>2%
3>2$E>"9?93"A? @$L": $9E?>s$:
 3": 5$2#>9?>: 3$ E"95?5"  C$5>2?2 ? 5?#@? $] ?54?93" 9?
$ E4>3?93" @?2? D>s‘AL? 2$:@$E5>X? L>9a4$5?M
E"22$5?#$95$M

1$&
 8"L"E?2 ? 9"X? Le#@?3?]  C$5>2?2 ": 52[: @?2?D4:": 1b>LL>@: 
52?X?93" E"22$5?#$95$ $# :4? 3? E"K$2542? 3" X<" 3? 2"3?M
:$3$
 C$E"L"E?2 ? 5?#@? $

A P?2g>: ?L5":

 C$5>2?2 ? 5?#@? ] ?54?93" 9?


2$:@$E5>X? L>9a4$5?M
 C$5>2?2 " E"9$E5"2 $L^52>E"]
@4s?93"A" @?2? D"2?M  C$5>2?2 " E"9$E5"2 $L^52>E"]
 C$5>2?2 ? Le#@?3? ] @4s?93"A? @4s?93"A" @?2? D"2?M
@?2? D"2?M  C$5>2?2 ? Le#@?3? ] @4s?93"A?  C$5>2?2 ": @?2?D4:": 3$ D>s?;<"
@?2? D"2?M # 3? #"L342? >9D$2>"2 3" @?2?A
Eb"Z4$ 3>?95$>2"] @"2 K?>s" 3"
 ,4K:5>54>2 ? Le#@?3? 3?9>D>E?3?M X$WE4L"M
 C$E"L"E?2 " E"9$E5"2 $L^52>E"M
 8"L"E?2 ? 9"X? Le#@?3?]
52?X?93" E"22$5?#$95$ $# :4? &
:$3$M
 C$E"L"E?2 ? 5?#@? M

A P?2"L 3$ 9$KL>9? 3>?95$>2?


1?2? :4K:5>54>2 ? Le#@?3? 3" D?2"L
 ,4K:5>54>2 ? Le#@?3? 3?9>D>E?3?M
3$ 9$KL>9? 3>?95$>2?] @2"E$3$2 E"#"
? :$a4>2%
 C$E"L"E?2 " E"9$E5"2 $L^52>E"

1$’
 14s?2 E"# E4>3?3" ? E"K$2542?  ,4K:5>54>2 ? Le#@?3?  3?9>D>E?3?M  ’K2>2 ? @"25? 3" E"#@?25>#$95"
3" X<" 3? 2"3? @?2? ?E$::?2 " 3$ E?2a?:M
D?2"L 3$ 9$KL>9?M  C$5>2?2 " @?2?D4:" 3$ D>s?;<" 3?
L?95$29?] >93>E?3" @$L? :$5?] 45>A
 C$5>2?2 " E"9$E5"2 $L^52>E" ] @4A L>Y?93" Eb?X$ $:@$EWD>E?M
s?93" @?2? K?>s"M

 C$E"L"E?2 " E"9$E5"2 $L^52>E"


 C$E"L"E?2 ": @?2?D4:": 3? E"K$2A
542? 3" X<" 3? 2"3? $ 3? #"L342?
>9D$2>"2 3" @?2?AEb"Z4$M
 C$5>2?2 ? L?95$29?] $#@422?93"A?
 C$5>2?2 " @"25?ALe#@?3? ] a>A +  Z  ,    +   9" :$95>3" 3?: :$5?:M
2?93" 9" :$95>3" ?95>Ab"2‘2>" $
@4s?93"A" @?2? D"2?M 8"95[# ?: Le#@?3?: 3?: :$a4>95$:
L4Y$:%
)4Y$: 3$ D2$>":] =93>E?3"2$: 3$ 3>A
2$;<"] )4Y 52?:$>2? 3$ @":>;<"] )4Y
52?:$>2? 3$ 9$KL>9? $ )4Y 3$ #?2Eb?
? 2^M
1?2? :4K:5>54>2 ?: Le#@?3?:] @2"E$A
3$2 3" :$a4>95$ #"3"%
)4Y$: 52?:$>2?: >93>E?3"2?: 3$ 3>A
2$;<" A :$5?:  C$5>2?2 " E"9$E5"2 $L^52>E" M

1$)
 C$5>2?2 ": J @?2?D4:": 3$ D>s?;<"  C$5>2?2 ": J @?2?D4:": 3$ D>s?;<"
 8"L"E?2 ? 9"X? Le#@?3?] E$25>D>A
3" @"25?ALe#@?3?: $] 45>L>Y?93" 3" @"25?ALe#@?3?: $] 45>L>Y?93"
E?93" 3$ :$4 52?X?#$95" E"22$5"M
Eb?X$ $:@$EWD>E?M Eb?X$ $:@$EWD>E?M
 C$E"L"E?2 " @"25?ALe#@?3?:]
?@$25?93" ": @?2?D4:": $M
 C$E"L"E?2 " E"9$E5"2 $L^52>E" M
 C$E"L"E?2 ? L?95$29?]
3>2$E>"9?93"A? @$L" @>9" a4>? $
?@$25?93" " @?2?D4:" 3$ D>s?;<"M
&
A )4Y 3$ D2$>"

 ’K2>2 ? @"25? 3" E"#@?25>#$95"


 C$5>2?2 ? Le#@?3? 3?9>D>E?3? 3$ E?2a?:M  C$5>2?2 ? Le#@?3? 3?9>D>E?3?
 3" >93>E?3"2 3$ 3>2$;<"]  C$5>2?2 " @?2?D4:" 3$ D>s?;<" 3? 3? L4Y 3$ D2$>" ] a>2?93" 9"
@4s?93"A? @?2? D"2?M L?95$29?] >93>E?3" @$L? :$5?] 45>A :$95>3" ?95>Ab"2‘2>" $ @4s?93"A?
L>Y?93" Eb?X$ $:@$EWD>E? @?2? D"2?M

 C$5>2?2 " E"9$E5"2 $L^52>E" M

1$*
+  Z  ,    - 

!
’95$: 3$ @2"E$3$2 d :4K:5>54>;<"
3?: Le#@?3?:] ?a4?23?2 @?2? Z4$ :$
$:D2>$#M
1+C=S- *+ w(+=&’*(C’,O
 C$5>2?2 ? Le#@?3?] ?@$25?93"A? $
 8"L"E?2 ? 9"X? Le#@?3?] E$25>D>A a>2?93"A? 9" :$95>3" ?95>Ab"2‘2>"M
E?93" 3$ :$4 52?X?#$95" E"22$5" 8"95[# ?: Le#@?3?: 3?: L4Y$: 52?A
:$>2?: 3$ 9$KL>9? pL?3" $:Z4$23"r $  ,4K:5>54>2 ? Le#@?3? 3?9>D>E?3?M
 C$E"L"E?2 " E"9$E5"2 $L^52>E" M  8"L"E?2 ? 9"X? Le#@?3?]
#?2Eb? ? 2^ pL?3" 3>2$>5" A ?La4#?:
X$2:\$: @"::4$# L4Y 3$ 2^ 3": 3">: ?@$25?93"A? $ a>2?93"A? 9"
 C$E"L"E?2 ? L?95$29?] :$95>3" b"2‘2>"M
L?3":rM
3>2$E>"9?93" @$L" @>9" a4>? $
?@$25?93" " @?2?D4:" 3$ D>s?;<"M 1?2? :4K:5>54>2 ?: Le#@?3?:] @2"E$A
 C$E"L"E?2 " @"25?ALe#@?3?
3$2 E"#" ? :$a4>2%
$] a>2?93"A" 9" :$95>3"
A )4Y 52?:$>2? 3$ @":>;<" A )4Y 3$ #?2Eb? ? 2^ ?95>Ab"2‘2>"M
1?2? :4K:5>54>;<" 3": )+*: 3?: L4A  C$E"L"E?2 " E"9$E5"2 $L^52>E"]
Y$: 52?:$>2?: 3$ @":>;<"] 3>2>a>2A:$ d  C$5>2?2 " E"9$E5"2 $L^52>E"] @2$:A $#@422?93" ?5^ Z4$ $:5$_?
   , & # M :>"9?93" ? 52?X? M 52?X?3" E"22$5?#$95$M

 C$5>2?2 " @"25?ALe#@?3? $] A )4Y 3$ @L?E?


a>2?93"A" 9" :$95>3" b"2‘2>"M
1?2? :4K:5>54>2 ?: Le#@?3?:] @2"E$A
3$2 3" :$a4>95$ #"3"%

1$+
 C$#"X$2 ? L4Y 3$ @L?E?  E"#
" ?4sWL>" 3$ 4#? Eb?X$ 3$ D$93?
?@2"@2>?3?] 3$:@2$93$93"A? @$L?
L$95$M

 =9:$2>2 ? 9"X? Le#@?3?]


E$25>D>E?93"A:$ 3$ Z4$ $:5‘
E"22$5?#$95$ 52?X?3? 9"
:"Z4$5$M
 1"2 D>#] X"L5?2 ? #"95?2 " @"25?A
Le#@?3?: $# :4? :$3$M


&
1?2? ? 2$#";<" 3?: L4Y$: 3$ @L?E?]
?54?2 E"# ? Eb?X$ 3$ D$93?] D"2A
9$E>3?] 9" @"95" >93>E?3" ?95$2>"2A
#$95$M ’95$: 3$ $D$54?2 ? 2$#";<"]
@2"5$a$2 p@"2 $sM E"# 4# @?9"r ?
@"95? 3? Eb?X$ 3$ D$93?] @?2? 9<"
3?9>D>E?2 ? @>9542? 3" @?2?AEb"Z4$ $
 S>2?2 @?2? ? 3>2$>5? " " @"25?ALe#@?3?:M
@"25?ALe#@?3? $] $s52?>2 ?
Le#@?3?  $ :4K:5>54WAL?M

1$,
 ,  &+F  -   ;/ [ & 1G<  ’54?2 9?: ?L$5?: $ $ 2$#"X$2 "  C$#"95?2 " a24@" 3" E?:Z4>Lb" 
1  4 &+
23  ,
 % a24@" 3" E?:Z4>Lb" M 9? 2$:@$E5>X? :$3$] E$25>D>E?93"A

   , 1 :$ 3$ Z4$ $:5‘ E"22$5?#$95$ 52?A
X?3"M
- E"9_495" K2?h$ L>ab5u>L4#>9?;<"
3" E"#@?25>#$95" 3$ E?2a?: @"::4>  1"2 D>#] 2$#"95?2 " E"9_495" 3?
>L4#>9?;<" ? )+*M 1?2? ? :4? :4K:5>A L4Y >95$29? ’ 9? 2$:@$E5>X? :$3$]
54>;<"] 3>2>a>2A:$ d    , & E$25>D>E?93"A:$ 3$ Z4$ $:5? E"22$A
# M 5?#$95$ 52?X?3"M

+F   &G  ,     %


$   I% &
 
1?2? :4K:5>54>2 ? Le#@?3?] @2"E$3$2
+F       3" :$a4>95$ #"3"%
 ,4K:5>54>2 ?: Le#@?3?: ]
1?2? :4K:5>54>2 ?: Le#@?3?:] @2"E$A 2$5>2?93"A?: @?2? D"2?M
3$2 3" :$a4>95$ #"3"%  )$X?95?2 ? E"K$2542? $ 3" $:@$A
Lb" $ $s52?>2 ? @L?D"9>$2? M
 C$#"X$2 " E"9_495" 3? L4Y >9A
5$29?  ?54?93" 9": @"95": >93>A
E?3": @$L?: :$5?:M

 =9:$2>2 9"X?: Le#@?3?:]


E$25>D>E?93"A:$ 3$ Z4$ D>E?#
E"22$5?#$95$ 52?X?3?:M
1$!-
 ,4K:5>54>2 ? Le#@?3? @4s?93"A? +F     
3? K?:$ $] $# :$a4>3?] >9:$2>2 ?
A V$2:\$: :$# 5$5" :"L?2%
9"X? Le#@?3?] $#@422?93"A? 9"
E"9$E5"2M 1?2? :4K:5>54>2 ?: Le#@?3?:] @2"E$A
 C$#"95?2 ? @L?D"9>$2? ] 3$2 3" :$a4>95$ #"3"%
E$25>D>E?93"A:$ 3$ Z4$ $:5‘
E"22$5?#$95$ 52?X?3"M  ’54?2 9" @"95" >93>E?3" @$L?:
 1"2 D>#] K?>s?2 ? E"K$2542? $ 3" :$5?: $ 2$#"X$2 ? L$95$ M
$:@$Lb"M  ,4K:5>54>2 ? Le#@?3? 3?9>D>E?3?M
 C$E"L"E?2 ? L$95$ M
+F   %&+0
A V$2:\$: E"# 5$5" :"L?2%
1?2? :4K:5>54>2 ? Le#@?3?] @2"E$3$2
E"#" >93>E?3" ? :$a4>2% 1?2? :4K:5>54>2 ?: Le#@?3?:] @2"E$A
3$2 3" :$a4>95$ #"3"%
 ’K2>2 " @"25?AL4X?:M
 =9:$2>2 ": 3$3": 9" >95$2>"2 3?  B?>s?2 ? ?L;? 3$ :$a42?9;?] ?54A
:$3$ >L4:52?3? 9? D>a42? :$a4>95$] ?93" 9" :$95>3" >93>E?3" @$L?
2$5>2?2 ? Le#@?3? $ :4K:5>54WAL?M :$5?] 2$#"X$2 ? @L?D"9>$2? M &
 =9:$2>2 ? 9"X? Le#@?3?]
E$25>D>E?93"A:$ 3$ Z4$ $:5‘
E"22$5?#$95$ 52?X?3?M
 +# :$a4>3?] D$Eb?2 " @"25?AL4X?:]
E$25>D>E?93"A:$ 3" E"22$5" 52?X?A
#$95"M

1$!!
 ,4K:5>54>2 ? Le#@?3? $
3$:@2$93$93"A? 3": E"95?5":
" !
L?5$2?>:M  !
!" E?:" 3$ " D4:WX$L >95$22"#@$2A
:$ 9"X?#$95$] 3>2>a>2A:$ d  %
!   , & # M
!49E? :4K:5>54>2 4# D4:WX$L ?X?2>A C=,8- *+ =!8l!*=-M
?3" @"2 D>": #$5‘L>E": "4 "452" #?A
5$2>?L 3$ 2$E4@$2?;<"M
C=,8- *+ =!8l!*=-M
!
!<" :4K:5>54>2 $# E?:" ?La4# 4#
D4:WX$L @"2 "452" 3$ E?@?E>3?3$ 3>D$A
 =9:$2>2 ? 9"X? Le#@?3?]
! 2$95$ 3" $:@$E>D>E?3"M
E$25>D>E?93"A:$ 3$ Z4$ $:5‘
E"22$5?#$95$ KL"Z4$?3? $952$ ": ,$ D"2 9$E$::‘2>" $D$54?2 4#? L?X?A 1+C=S- *+ =!8l!*=-M
@2g@2>": E"95?5":M a$# 3" E"#@?25>#$95" 3" #"5"2] 5$2
 &"95?2 ? @L?D"9>$2?  E4>3?3" @?2? 9<" >9:>:5>2 3>2$5?#$95$
>952"34Y>93"A? 9? :4? E"22$5? E"# 4# _?5" 3$ ‘a4? 9? E$952?L 3":
@":>;<"] @2>#$>2" 3$ 4# L?3" $ D4:WX$>: $ 9": #"5"2$: 3": L>#@?3"A
2$: 3" @?2?AK2>:?M !
3$@">: @2$::>"9?93" 9" "452"
L?3" ?5^ "4X>2 " $:5?L>3" 3$ !" E?:" 3$ >95$2X$9;<" 3$ 4# D4A
+X>5$ 3?9": ?": E"#@"9$95$:M :WX$L a$2?L 3$ @2"5$;<" p&’~=AP(,+]
52?X?#$95"M
&+S’AP(,+] &=*=AP(,+r] E"95?5?2 ?
   , & # M
1$::"?L $:@$E>?L>Y?3" E"22>a>2‘ "
>9E"9X$9>$95$M

1$!"
+s52?>2 ? @>9;?] :$a42?93"A? E"#"
>93>E?3" 9? D>a42? :$a4>95$ $] $#
! :$a4>3?] 2$5>2‘AL? @?2? E>#?M
’95$: 3$ :4K:5>54>2 4# D4:WX$L]
E$25>D>E?2A:$ 3$ Z4$ :$ E"L"E"4 "
E"#45?3"2 3$ >a9>;<" $# ] :$
2$5>2"4 ? Eb?X$] :$ #$Ee9>E?] $ Z4$
:$ 3$:L>a"4 $u"4 3$:$9a?5"4 5"3":
": ?E$::g2>":M
+X>5$ 3?9": d: >9:5?L?;\$: $L^52>E?:M *$@">: 3$ ? 5$2 45>L>Y?3"] X"L5?2 ?
E"L"E?2 ? @>9;? 9? 2$:@$E5>X? :$3$]
 2  ' 23  -+60  @2"E$3$93" 3" :$a4>95$ #"3"%
1?2? :4K:5>54>2 4# D4:WX$L] 45>L>Y?2 ?
@>9;? ?E"@L?3? 9? 5?#@? 3? E$952?L  &?95$2 ? @>9;? ?K$25?M
3": D4:WX$>: 3" E"#@?25>#$95" 3"  =952"34Y>2 ? @>9;? 9? 2$:@$E5>X?
#"5"2M :$3$] $#@422?93"A? @?2? K?>s"]
?5^ "4X>2 " $:5?L>3" 3$ 52?X?#$95"
$D$5>X"M
&

1?2? 45>L>Y?2 ? @>9;?] ?54?2 9":


@"95": >93>E?3": @$L?: :$5?:M

1$!%
 %#   ’ ?K$2542? $D$5>X? ^ ?::>9?L?3?
   @$L? :?W3? 3$ 5"3? ? E?K$;? 3"
@?2?D4:" 3? 2$:@$E5>X? :$3$M
’ E$952?L $:5‘ :>54?3? ?" L?3" 3?
K?5$2>?M  C$#"X$2 ? 5?#@? $] D?Y$93"A
? 3$:L>Y?2 E"#@L$5?#$95$ @?2?
E>#?] E"#" >93>E?3" 9? D>a42?M
/&.+    -+  - '23
 
 1
 
  , %  *$@">: 3$ 5$2 :4K:5>54W3" 4# D4:WA
 &  -+60  X$L] E$25>D>E?2A:$ 3$ Z4$ :$ D$Eb"4
E"22$5?#$95$ ? 5?#@? $M
 ’54?2 9" @?2?D4:" ] 45>L>Y?93" ?
2$:@$E5>X? Eb?X$ 3$ D$93? D"29$A
’ 94#$2?;<" Z4$ >3$95>D>E? " E"#A
E>3?M
@"9$95$ $L^52>E" E"22$:@"93$95$ ?
E?3? D4:WX$L ^ X>:WX$L 9? 5?#@?M

  #


-: D4:WX$>: $:5<" ?a24@?3": $#
Z4?52" E$952?>: L"E?L>Y?3?: 9" E"#A  S>2?2 L$95?#$95$ " @?2?D4:" 9"
@?25>#$95" 3" #"5"2] @"2 K?>s" 3" :$95>3" ?95>Ab"2‘2>" ?5^ $9E"952?2
Z4?32" 3$ >9:524#$95": $ 9? @?2$3$ 2$:>:5[9E>? p9<" D"2;?2 @?2? ?L^#
3>X>:g2>? 3? E?K>9$ $ E"#@?25>#$95" 3" L>#>5$rM
3$ E?2a?:M  ’L>X>?2 L$95?#$95$ " @?2?D4:"M

1$!&
:>:5[9E>? p9<" D"2;?2 @?2? ?L^# 3"   &   &   +
 
L>#>5$rM ’ E$952?L $:5‘ :>54?3? 9" L?3" $:A
 ’L>X>?2 L$95?#$95$ " @?2?D4:"M Z4$23" 3? E"L49? 3$ 3>2$;<" $ ":
 - D$Eb?#$95" $D$5>X" ^ ?::>9?A D4:WX$>: :<" ?E$::WX$>: 2$5>2?93" ?
L?3" @$L? D>s?;<"] 9? 2$:@$E5>X? 5?#@?  9? @?25$ >9D$2>"2 3" @?>9$L
:$3$] 3$ 5"3? ? E?K$;? 3" @?2?A 3$ >9:524#$95":M
D4:"M

  &  %-+60   &  %


 0  / 
(#? :$a493? E$952?L @"25?A
D4:WX$>: $:5‘ :>54?3? 9" @"L" @":>5>X"
3? K?5$2>?M 1?2? 5$2 ?E$::" ?":
D4:WX$>:] E"9D"2#$ ? X$2:<"] ?54?2
9?: @2$:>Lb?:  $ ?K2>2 ? 5?#@? $M

&
 1
 
  ,  & 
-+60   /&.+    -+
 P>s?2 E"22$5?#$95$ ? 5?#@? $ d
E?>s?] D?Y$93"A? 3$:L>Y?2 E"#A
@L$5?#$95$ 3$ E>#? @?2? K?>s"M
 ’54?2 9" @?2?D4:"] 45>L>Y?93" ?
2$:@$E5>X? Eb?X$ 3$ D$93? D"29$A
E>3?M 1?2? ? :4K:5>54>;<" 3$:5$: D4:WX$>:]
 S>2?2 L$95?#$95$ " @?2?D4:" 9" 3>2>a>2A:$ d    , & # M
:$95>3" b"2‘2>" ?5^ $9E"952?2 2$A
1$!’
1?2? ? :4K:5>54>;<" 3$:5$: D4:WX$>:]
3>2>a>2A:$ d    , & # M

1$!)
#+60   ,  &  ,
 
  


#  ;<    % O

PFI ¡F ’L>#$95?;<" @?2? E?2a?: E"952"L?3?: @$L" B"3y 8"#@45$2

PF6 ¡F ’L>#$95?;<" @?2? E?2a?: E"952"L?3?: @$L" K"3y E"#@45$2 $ 3? E?>s? 3$ D4:WX$>:

PFG 6F ’L>#$95?;<" @?2? E?2a?: E"952"L?3?: @$L" K"3y E"#@45$2

PFJ GF ’L>#$95?;<" 3?: X‘LX4L?: 3" ’B,

PFH ¡F ’L>#$95?;<" 3? 3>2$;<" $L^52>E?


IM}% GF
PF7 ’L>#$95?;<" @?2? ? I⁄ X$L"E>3?3$ 3" $L$52"X$95>L?3"2 3" 2?3>?3"2
6MF% HF
IM}% HF
PF¡ ’L>#$95?;<" @?2? ? 6⁄ X$L"E>3?3$ 3" $L$52"X$95>L?3"2 3" 2?3>?3"2
6MF% GF
PF} GF ’L>#$95?;<" 'GF @?2? E$952?L 3" Ee#K>" ?45"#‘5>E" $ :$L$5"2 3$ #?2Eb?:

PFN IF ’L>#$95?;<" @?2? E$952?L 3$ >9_$;<"

PIF IH ’L>#$95?;<" 3? K4Y>9?

PII IF ’L>#$95?;<" @?2? VV. $ :$9:"2$: :"93? L?#K3? @?2? pX$2:<" IM}r &
PII IH ,>9?L 3" ?Z4$E$3"2 3>$:$L] #$3>3"2 3$ #?::? 3$ ?2 p&’Pr] :$9:"2 3? :"93? L?#K3? pX$2:<" 6MF *>$:$Lr

PIJ IF BL"iAKy b$?5$2

PIH JF ’L>#$95?;<" 3? K"#K? ’B,

PI7 IF ’L>#$95?;<" 'IH 3? E$952?L 3$ >9_$;<" $ 3? E$952?L 3$ Ee#K>" ?45"#‘5>E"

PI¡ IF ’L>#$95?;<" @?2? K"K>9?: 3$ >9_$;<"] >9_$5"2$:] E$952?L 3$ >9_$;<" pX$2:<" IM} "4 6MF *>$:$Lr

PI} 6F ’L>#$95?;<" @?2? ? 5"#?3? 3$ $9$2a>? 52?:$>2?

PIN ¡]H ’L>#$95?;<" 3" E"#@2$::"2 3" ?2AE"93>E>"9?3"

1$!*
#  ;<    % O

P6F ¡]H ’L>#$95?;<" 3" :>9?L 3? 52?9:#>::<" J~J

P6I IH ’L>#$95?;<" 3? K"#K? 3$ E"#K4:5WX$L

P66 ¡]H ’L>#$95?;<" @?2? E$952?L 3$ >9_$;<" $ :$9:"2 8?#:b?D5 pX$2:<" IM}r

P66 6F ’L>#$95?;<" 3? E$952?L 3$ >9_$;<" pX$2:<" 6MF *>$:$Lr

P6J IH ’L>#$95?;<" 'GF @?2? E$952?L Ee#K>" ?45"#‘5>E"

P}I 7F ’L>#$95?;<" oSL"i 1L4a *>$:$Lo

P}6 JF ’L>#$95?;<" ?Z4$E$3"2 3" D>L52" 3>$:$L

P}G JF ’L>#$95?;<" @?2? " ?2AE"93>E>"9?3"

P}J GF ’L>#$95?;<" 'GF @?2? 52?9:#>::<" J~J

P}¡ H ’L>#$95?;<" @?2? " :$L$5"2 3$ Ee#K>" ?45"#‘5>E"

P}N GF V>32" 52?:$>2" 5^2#>E" p:$ $Z4>@?3"r

  &  -+60   ) % &,& F     0 Z      ,/    ,


 
   , 17

#  ;<    % O

PG 6F ’L>#$95?;<" 3" 5$5" :"L?2

PJ GF ’L>#$95?;<" 3" ?_4:5$ 3$ L"#K?2 3" K?9E" $L^52>E" p#"5"2>:5?r

PH GF ’L>#$95?;<" 3? #"X>#$95?;<" 3" K?9E" 3" @?::?a$>2"

P7 GF ’L>#$95?;<" 3? #"X>#$95?;<" 3" K?9E" 3" #"5"2>:5?

P¡ GF ’L>#$95?;<" 3$ ?_4:5$ L"#K?2 3" K?9E" $L^52>E" p#"5"2>:5? $ @?::?a$>2"r

1$!+
#+60   ,  &   &   +
 

#  ;<    % O

PGI ¡MH ’L>#$95?;<" 3": K?9E": $L^52>E": 'GF] L?95$29?: $ TV’8

PGG 6F &g34L" 3? @"25? 3" @?::?a$>2" 'GF

PGJ 6F &g34L" 3? @"25? 3" #"5"2>:5? 'GF


8"#?93" 3" X>32" $L^52>E" 3" #"5"2>:5?] X"L4#$ 3" ?L?2#$] CPT&] +-B*] 2‘3>"] $:5?K>L>Y?3"2 3$
PG7 IH
X"L5?a$#] ?L?X?9E?: 3$ E"#?93" 3" X"L?95$] (,B] :>2$9$ 3" ?L?2#$] TV’8
PG¡ IF w4?32" 3$ >9:524#$95": p:?W3? @?2? =18r] :>:5$#? 3$ 52?9:#>::<" JsJ p’§*r

PG} 6F ’L>#$95?;<" 3?: 52?X?: 3?: @"25?:

PJ6 ¡MH ’B,u+1,

PJG 6F ’L>#$95?;<" 'GF @?2? .F6G

PJ¡ 6F )$X?95?3"2 $L^52>E" 3" X>32" 52?:$>2" $:Z4$23"

PJ} 6F )$X?95?3"2 $L^52>E" 3" X>32" 52?:$>2" 3>2$>5"


,?W3? @?2? 2‘3>"] $:5?K>L>Y?3"2 3$ X"L5?a$#] K"5<" ,5?25ƒ:5"@] 5$5" :"L?2] :$9:"2 3$ Eb4X? $ E2$@4:E4A
PJN ¡MH
L?2] $:@$Lb" 2$52"X>:"2 $L$52"E2t#>E"] :$9:"2 3$ 9$KL>9?] :$9:"2 3$ $:5?E>"9?#$95"
&
PHF ¡MH +952?3? @?2? -C8
,?W3? @?2? Ee#$2? 3$ 2^] ?L?2#$] 2$K"Z4$] E$952?L 3$ >95$224@5"2$: pK"5\$:r 3" @?>9$L .FH p}7r K"K>9?]
PHI ¡MH
@$3?L 3$ D2$>" !M8M] D>L52" ?Z4$E$3"2 3>$:$L] :$L$5"2 JsJ] TV’8] .IN p}7r K"K>9?
PHG ¡MH 'GF @?2? >95$224@5"2 3$ >a9>;<"] @?::>X$ $952y] =18

PNJ IH ’L>#$95?;<" @?2? 5"#?3?

1$!,
  & 
  $%
! !

c $s52$#?#$95$ ?22>:E?3" 5$95?2 ’: E?2?E5$2W:5>E?: 3$ E"934;<" 3"
  ,28 1   :4K:5>54>2 4#? 2"3? 9" L?3" 3" X$WA X$WE4L"] E"# ? 2"3? :"K2$::?L$95$
’ "@$2?;<" 3$ :4K:5>54>;<" 3? 2"3? E4L" @2gs>#" 3? D?>s? 3$ 2"3?a$#M #"95?3?] :<" ?L5$2?3?:M *$:5$ #"3"]
$ " 4:" E"22$5" 3" #?E?E" $ 3? 2"3? 3$X$A:$ $X>5?2 ?E$L$2?;\$: $ D2$9?A
8$25>D>E?2A:$ 3$ Z4$ " X$WE4L" a$9: X>"L$95?:] #43?9;?: 3$ 3>2$A
:"K2$::?L$95$ 2$Z4$2$# ? "K:$2X?;<" $:5$_? :4D>E>$95$#$95$ L"9a$ 3?
3?: :$a4>95$: @2$E?4;\$:M ;<" K24:E?: $ E42X?: ? a2?93$ X$L"E>A
$:52?3?] @?2? $X>5?2 :$2 ?5>9a>3"M 3?3$M ’ 342?K>L>3?3$ #^3>? 3" @9$4
:"K2$::?L$95$ ^ 3$ GFFF h#M
.2?9:E"22>3? $:5? Z4>L"#$52?a$#]
! " @9$4 3$X$ :$2 :4K:5>54W3" @$L"
!
"2>a>9?L "4 @"2 "452" :"K2$::?L$95$
’::>9?L?2 ? @2$:$9;? 3" X$WE4L" @?A ,$ 3$>s?3": 9" b?K>5‘E4L"] ? 2"3? E"# ?: #$:#?: E?2?E5$2W:5>E?: 3"
2?3" :$a493" ?: 3>:@":>;\$: X>a$9A E"# " @9$4 D42?3" $ " #?E?E" E"9:A Z4$ a4?29$E$ " X$WE4L"M
5$:% L4Y$: 3$ $#$2a[9E>?] 52>e9a4L" 5>54> 4# :^2>" @$2>a" @?2? ? :$a42?9;?
3$ :>9?L>Y?;<"] $5EM ’: @$::"?: ? 3": "E4@?95$: $# E?:" 3$ ?E>3$95$:
K"23" 3$X$# :?>2 3" X$WE4L"] $:@$A "4 3$ D2$9?a$9: K24:E?:M
2?93" Z4$ :$ $D$54$ ? :4K:5>54>;<" $
?D?:5?93"A:$ 3" @$2>a" 3" 52‘D$a"M 1"2 $::$ #"5>X"] X"L5?2 ? E"L"E?2 !
:$#@2$] Z4$2 " #?E?E" Z4$2 ? 2"3? ’ 2"3? D"29$E>3? ^ $:@$EWD>E? @?2?
+# Z4?LZ4$2 E"93>;<" 3$ $:52?3? E"# " @9$4 D42?3"] 9" 2$:@$E5>X"
3$X$A:$ 45>L>Y?2 ": E?L;": $#K?>s" " X$WE4L"% 9<" 45>L>Y‘AL? $# 4# X$WA
?L"_?#$95" 9" @"25?A#?L?:M E4L" 3$ #"3$L" 3>D$2$95$ 9$# 45>A
3?: 2"3?:M
L>Y?2 2"3?: :"K2$::?L$95$: 3$ "452":
#"3$L": 9" X$WE4L"M ’ 2"3? :"K2$:A
:?L$95$ :g 3$X$ :$2 45>L>Y?3? $# E?:"
3$ $#$2a[9E>?M ’ :4? 45>L>Y?;<" 3$X$
:$2 2$34Y>3? ?" #W9>#" >93>:@$9:‘A
1$"-
X$L $ ? X$L"E>3?3$ 9<" 3$X$ 4L52?A 2$:@$>5?93" ": X?L"2$: >93>E?3": 9" :$a42?9;?] " #?>: L"9a$ @"::WX$L
@?::?2 ? X$L"E>3?3$ 3$ }F h#ub] >9A E?@W54L" o*?3": 5^E9>E":oM 3? K"23? 3? @>:5? 3? $:52?3?M -
3>E?3? 9? @2g@2>? 2"3? E"9D"2#$ " 5$22$9" 3$X$ :$2 E"#@?E5?3"] 5$2
#"3$L"uX$2:<"M :4@$2DWE>$ @L?9? $ D>2#$ $ 9<" :$2
$:E"22$a?3>"M
!? 2"3? :"K2$::?L$95$ $9E"952?A:$
?@L>E?3" 4# ?3$:>X" E"# ": @2>9E>A !  ’::>9?L?2 ? @2$:$9;? 3" X$WE4L"
@?>: ?X>:": ?E$2E? 3? 45>L>Y?;<" 3? @?2?3" 3$ ?E"23" E"# ?: 3>:@"A
!<" L4K2>D>E?2 ?: 2":E?: 3": @?2?A
@2g@2>? 2"3? $ 3?: 2$:@$E5>X?: L>#>A :>;\$: X>a$95$: pL4Y 3$ $#$2a[9A
D4:": ?95$: 3$ #"95?2 ": @9$4:] @">:
5?;\$: 3$ 45>L>Y?;<"M - ?3$:>X" 9<" E>?] 52>e9a4L"] $5EMrM
$:5$: @"3$2<" :"L5?2A:$ $:@"95?9$?A
3$X$ 3$ D"2#? ?La4#? :$2 2$#"X>3" #$95$ 342?95$ ? 45>L>Y?;<" 3" X$WA  c 9$E$::‘2>" Z4$ ?: @$::"?: ?
9$# E"K$25"M !? 2"3? :"K2$::?L$95$ E4L"O K"23" 3$:;?# 3" X$WE4L" $ @$2A
949E? :$ 3$X$ ?@L>E?2 9$9b4#? E?A #?9$;?# d $:@$2? 3? 52"E? 3?
L"5? 3$ 2"3?M +# 9$9b4#? E>2E49:5e9E>? ": @?A 2"3? $# L"E?L :$a42"] D"2? 3" @$A
2?D4:": 3$X$# :$2 L4K2>D>E?3":M 2>a" 3" 52e9:>5"M
 8?:" :$_? "K2>a?3" ? @?2?2 " X$WA
1?2? :4K:5>54>2 ? 2"3?] @2"E$3$2 E4L" @?2? ? 52"E? 3? 2"3? ?" L"9a"
E"#" ? :$a4>2% 3$ 4#? $:52?3? >9EL>9?3?] $:@$A
!
(#? #"95?a$# >9E"22$5? 3? E?A  1?2?2 " X$WE4L"] 3$:L>a?2 " #"A
E>?L#$95$ :$ #4>5" ?E$954?3? "4 &
$# 4# 5$22$9" >9:5‘X$L] E?L;?2
L"5? 3? 2"3? p:$ $Z4>@?3"r] @"3$ @2"A 5"2] $9a?5?2 I⁄ #?2Eb? "4 #?2Eb? ?: 2"3?: 3" X$WE4L" @?2? $X>5?2 "
X"E?2 ? 2$:@$E5>X? :$@?2?;<" Z4?93" ? 2^ p@?2? X$2:\$: E"# Ee#K>" #"X>#$95"M
" X$WE4L" $:5>X$2 $# #?2Eb?M c ?K:"A ?45"#‘5>E"] E"L"E?2 ? ?L?X?9E?
L45?#$95$ @2">K>3" #?94:$?2 ? X‘LA 3" Ee#K>" 9? @":>;<"  p+:5?E>A O  #%
X4L? 3$ $9Eb>#$95"M !<" >952"34Y>2 "9?#$95"rr $ ?E>"9?2 " D2$>" 3$    
D$22?#$95?: 3$ Z4?LZ4$2 $:@^E>$ $9A $:5?E>"9?#$95" 3" X$WE4L"M   
52$ ? 2"3? $ " @9$4M
 8$25>D>E?2A:$ 3$ Z4$ $:5$_? $#
,,% $:5‘ L"E?L>Y?3" 9? @?25$
V$2>D>E?2 2$a4L?2#$95$ ? @2$::<" 4#? @":>;<" Z4$ 9<" E"9:5>54?
>9D$2>"2 3>?95$>2? 3" K?9E" 3" #"5"A
3": @9$4: $ 3? 2"3? :"K2$::?L$95$] @$2>a" @?2? " 52e9:>5" $ @$2#>5?
2>:5? $ E"K$25" @"2 4#? E?@? @2"5$A
:4K:5>54>2 ? 2"3?] ?54?93" E"#
1$"!
5"2? M +:5‘ D>s?3" $# 4#? a4>? @"2
4#? @"2E? 2":E?3? $ @2$:" @"2 34?:
E>95?:M

 9 1+&  1+  2 #% $:5‘ L"A


E?L>Y?3" ?52‘: 3" $9E":5" 3" K?9E"
14s?2 " #?E?E" @?2? E>#? ?5^ Z4$ 52?:$>2" $ D>s?3" ?52?X^: 3$ X$LE2"M
:$_? L>K$2?3" 3? a4>? 3$ D>s?;<" M 1?2? 2$5>2‘AL"] 2$K?5$2 " $9E":5" 3"
K?9E" @?2? D2$95$M

1?2? ?E$::" ?" #?E?E"] 2$5>2?2 ?


E?@? @2"5$5"2? M
1?2? 2$5>2?2 " #?E?E" 3$ :$4 :4A
@"25$] a>2?2 ? @"2E? 3$ D>s?;<" 3"
#?E?E" $] 9" :$95>3" ?95>Ab"2‘2>" $
3$:?E"@L?2 ?: E>95?: L?5$2?>: M

C$5>2?2 ? E>95? $L‘:5>E? ] @4s?93"A $&  - 


  % $:5‘ L"A
? 9" :$95>3" 3? :$5? @?2? L>K$2?2 ? E?L>Y?3? 9" >95$2>"2 3" X$WE4L"] 3$A
a?22?M K?>s" 3" K?9E" 3" #"5"2>:5?M

1$""
+:5‘ D>s?3? ?52?X^: 3$ X$LE2" $ 4#? ( ? Eb?X$ 3$ 2"3? @?2? ? 3$:#"9A
5>2? E"# 52?X? @L‘:5>E? M 5?a$# $ #"95?a$# 3": @?2?D4:": 3?
2"3? $ @?2? " ?E>"9?#$95" 3" #?A
1?2? 2$5>2?2 ? K"L:? 3$ D$22?#$9A
E?E"M
5?:] @":>E>"9?2 " K?9E" 3" #"5"2>:5?
d D2$95$ $ 3$:E"9$E5?2 ? 52?X?] @2$::>A #( ? Eb?X$ #?9>X$L? @?2? ?E>"9?A
"9?93" 9?: L?5$2?>:M #$95" 3$ $#$2a[9E>? 3" 5$5" :"L?2
p:$ $Z4>@?3"rM
( " @>9" @?2? ? E$952?a$# 3? 2"3?
A 3$X$2‘ :$2 45>L>Y?3" 9? "@$2?;<" 3$
#"95?a$# 3? 2"3? :"K2$::?L$95$M
( ? Eb?X$ $s5$9:"2? @?2? 2$5>2?3?
3? 2"3? :"K2$::?L$95$ 9?: X$2:\$:
J~6M

  


  $  
( ? Eb?X$ 3$ D$93?M 
!" >95$2>"2 3? K"L:? 3$ D$22?#$9A &
5?:] :$a493" ? X$2:<"] $9E"952?#A:$% $( ? @"2E? $:@$E>?L ?95>A
D425" p:$ $Z4>@?3"r p3$X$2‘ :$2 
45>L>Y?3? 9? "@$2?;<" 3$ #"95?A 1?2? #?>: >9D"2#?;\$: $ ?3X$25[9A
a$#u3$:#"95?a$# 3": @?2?D4:": 3? E>?: :"K2$ " 4:" E"22$5" 3" E"9_495"
2"3?r 2"3?u@9$4 :"K2$::?L$95$] X$2 xC"3?:
$ 19$4:z 9" E?@W54L" x&?945$9;<"
( " E?L;" @?2? E"95$9;<" 3? 2"3?M
3" X$WE4L"zM
( ": a?9Eb": 3$ 2$K"Z4$ 3>?9A
5$>2" p#?>"2r $ 52?:$>2" p#$9"2rM ’ 2"3? :"K2$::?L$95$ $:5‘ :>54?3?
9" :4@"25$ @"2 K?>s" 3" X$WE4L"M

1$"%
1?2? 2$5>2?2 ? 2"3? :"K2$::?L$95$]  *$:?E"@L?2 " 3>:@":>5>X" 
@2"E$3$2 E"#" ? :$a4>2% @?::?93"A" @$L" E$952" 3? 2"3?
$ 2$?L>Y?2 ": @2"E$3>#$95": 3$
6,+& ,
  
3 WNP :4K:5>54>;<" 3" @9$4 D42?3"M
 ’K2>2 ? 5?#@? 52?:$>2?M
 C$5>2?2 ? 5?#@? @L‘:5>E? @?2? >9A
:$2>2 ? Eb?X$ $s5$9:"2?
 ’E"@L?2 Eb?X$ 3$ 2"3?  $ ?
Eb?X$ $s5$9:"2? $ 9" @?2?D4:"
3" 3>:@":>5>X"M

 14s?2 ? 2"3? :"K2$::?L$95$ E4>3?A


3":?#$95$ @?2? D"2? 3" X$WE4L"]
E"9D"2#$ ? :$5?M


!<" 45>L>Y?2 " 3>:@":>5>X" 3$ L$X?9A
5?#$95" 3" $:5$@$ :$# " E"9_495"
 ’E>"9?2 " 3>:@":>5>X" a>2?93" 2"3? $ @9$4] :$_? $L$ :"K22$::?L$95$
? Eb?X$ 9" :$95>3" b"2‘2>" ?5^ "4 9"2#?L 3$ 2"3?a$#M
Z4$ " #$E?9>:#" ?5>9_? " D># 3$
E42:"M

1$"&
6,+& ,
  
3 WNW  C$5>2?2 ? 2"3? :"K2$::?L$95$ 3$
:4? :$3$M
 C$5>2?2 ? Eb?X$ 3$ 2"3?: 3? K"L:?
3$ D$22?#$95?:M
 ’K2>2 ? 5?#@? 52?:$>2?M   
 8?:" :$_? "K2>a?3" ? @?2?2 " X$WA
 8"# " ?4sWL>" 3? Eb?X$ 3$ 2"3?:] E4L" @?2? 52"E? 3$ @9$4] @2"E42?2
a>2?2 " @?2?D4:"  9" :$95>3" ?95>A 4#? :4@$2DWE>$ @L?9? $ D>2#$] ?E>A
b"2‘2>" :"#$95$ ?5^ ? L>K$2?;<" "9?2 " D2$>" 3$ #<" $ $9a?5?2
3" a?9Eb" 3$ :4:5$95?;<" $ 3"  *$:?E"@L?2 " a?9Eb" $] 9" :$9A ? @2>#$>2? #?2Eb? "4 ? #?2Eb?
:4@"25$ 3? 2"3? :"K2$::?L$95$M 5>3" 3? :$5?] $ 3$>s?2 3$:E$2 " ? 2^ p:$ D"2 ?45"#‘5>E"] @":>E>A
:4@"25$ ?5^ " D># 3$ E42:" 3": "9?2 ? ?L?X?9E? 3$ #?2Eb? 9?
E?K": 3$ :4:5$95?;<"M - 3>:@"A @":>;<" r] E?L;?2 ?: 2"3?: 3"
:>5>X" D>E?2‘ @2$:" @"2 3">: E?K": X$WE4L" @?2? $X>5?2 #"X>#$95"M
3$ ?;"M  06,+& 0  , %
17 !$9b4#? @$::"? "4 ?9>A
 14s?2 ? K?93$_?  E"# ? 2"3? #?L 3$X$ @$2#?9$E$2 3$952" 3"
:"K2$::?L$95$ D?Y$93"A? 3$:L>Y?2 X$WE4L" Z4?93" $L$ D"2 L$X?95?3"M
:"K2$ " :4@"25$ ?5^ " D># 3$ E42:"M  1":>E>"9?2 " E?L;" 9?: 2"3?: &
"@":5?: d Z4$ X?> :$2 :4K:5>54W3?]
@?2? $X>5?2 #"X>#$95":
 )$X?95?2 4# @"4E" " :4@"25$ 3?
>93$:$_?3": 3" X$WE4L" Z4?93"
2"3? :"K2$::?L$95$ @?2? L>K$2?2 "
$:5$ ^ L$X?95?3" 3" :"L"]
a?9Eb" $ 3$ :4:5$95?;<" 3? K?9A
E"9D"2#$ $:Z4$#? ? :$a4>2%
3$_?M

1$"’
&,23  ,&2   +/ + 23  

.+
  ,&2  23  + -+     23  ,&2

*>?95$>2" pL?3" 3" #"5"2>:5?r

.2?:$>2" pL?3" 3" #"5"2>:5?r


1L?9" C"3? 3>?a"9?L "@":5?
*>?95$>2" pL?3" 3" @?::?a$>2"r

.2?:$>2" pL?3" 3" @?::?a$>2"r

*>?95$>2" pL?3" 3" #"5"2>:5?r ’52‘: 3" @9$4 3>?95$>2" $ 52?:$>2"


.2?:$>2" pL?3" 3" #"5"2>:5?r 1L?9"] E"# L$X$ 3" L?3" 3" @?::?a$>2"
>9EL>9?;<" ?:E$93$95$
*>?95$>2" pL?3" 3" @?::?a$>2"r 9" :$95>3" 3$ #?2Eb? ’52‘: 3" @9$4 3>?95$>2" $ 52?:$>2"
.2?:$>2" pL?3" 3" @?::?a$>2"r 3" L?3" 3" #"5"2>:5?

*>?95$>2" pL?3" 3" #"5"2>:5?r !? D2$95$ 3" @9$4 3>?95$>2" $


.2?:$>2" pL?3" 3" #"5"2>:5?r 1L?9" E"# L$X$ 52?:$>2" 3" L?3" 3" @?::?a$>2"
>9EL>9?;<" 3$:E$93$95$
*>?95$>2" pL?3" 3" @?::?a$>2"r 9" :$95>3" 3$ #?2Eb? !? D2$95$ 3" @9$4 3>?95$>2" $
.2?:$>2" pL?3" 3" @?::?a$>2"r 52?:$>2" 3" L?3" 3" #"5"2>:5?

1$")
    %  -
28
   /  
  
,,
 - #?E?E" 9<" 9$E$::>5? 3$ Z4?LA
Z4$2 2$a4L?a$#M
 - #?E?E" 9<" @"3$ :$2 2$@?A
!
2?3"% $# E?:" 3$ ?X?2>?] 3$X$ :$2
- #?E?E" ^ 4#? D$22?#$95? $:A :4K:5>54W3" @"2 "452" a$94W9"M
543?3? $ E"9E$K>3? ?@$9?: @?2? ? 
 !$9b4#? D$22?#$95? @"3$ :$2
:4K:5>54>;<" 3$ 4#? 2"3?] $# E?:" ’X>:?2 ?: @$::"?:] $X$954?L#$95$
#"95?3? 9" #?E?E"M
3$ D42" "4 3?9": 9" 2$:@$E5>X" @9$4] @2$:$95$:] Z4$ " X$WE4L" $:5‘ @2$:5$:
9" X$WE4L" $# Z4$ ^ D"29$E>3" "4 $# ? :$2 L$X?95?3"M c 9$E$::‘2>"] @"2A
X$WE4L": 3" #$:#" #"3$L"M !49E?  C$K?5$2 ? E?K$;? 3" #?E?E" $]
E"9D"2#$ ? :$5?M 5?95"] ?D?:5?2A:$ 3?: :4?: @2"s>#>3?A
3$X$ :$2 45>L>Y?3" 3$ "452?: D"2#?: 3$: $] :"K2$543"] 5$2 " E4>3?3" 3$
E"#"] @"2 $s$#@L"] @?2? L$X?95?2 9<" Lb$ 5"E?2 ?5^ " X$WE4L" :$2 K?>A
X$WE4L": 3$ "452": #"3$L": "4 "K_$A s?3" 9"X?#$95$M
5": 3>D$2$95$:M !49E? 45>L>Y‘AL" @?2?
"@$2?;\$: 3$ #?945$9;<" "4 2$@?A 8"# " X$WE4L" $ ?: @$::"?: $# :$A
2?;<" @"2 K?>s" 3" X$WE4L"M !49E? a42?9;? E"9D"2#$ "2>$95?3" @2$X>?A
:$ @":>E>"9?2 @"2 K?>s" 3" X$WE4L" #$95$] @2"E$3$2 3$ ?E"23" E"# ?:
&
$L$X?3" @$L" #?E?E"M - @":>E>"A >93>E?;\$: ? :$a4>2%
9?#$95" >9E"22$5" 3" #?E?E" @"3$
@2"X"E?2 ? Z4$3? 3" X$WE4L" L$X?9A ’ E?K$;? 3" #?E?E" 3$X$ $:5?2 ’95$: 3$ L$X?95?2 " X$WE4L"] ?L>X>?2]
5?3"] @"25?95"] 45>L>Y‘AL" ?@$9?: 9?: @":>E>"9?3? @$2@$93>E4L?2 d K?:$ $ :$# 2$#"X$2] ": @?2?D4:": 9? 2"3?
@":>;\$: >93>E?3?:M !<" 45>L>Y?2 " 52?X?3" 9$::? @":>;<"M 1?2? 52?X‘A E"# " @9$4 X?Y>"] 45>L>Y?93" ? Eb?X$
#?E?E" @?2? E?@?E>3?3$: :4@$2>"2$: L"] $#@422?2 ? E?K$;? @?2? ? 3>2$>5?] 3$ 2"3? M +9Z4?95" ? 2"3? ?>93?
d >93>E?3? 9? $5>Z4$5? 9$L$ ?@L>E?3?M E"9D"2#$ ? :$5?] ?5^ " $9E?>s$ 3" $:5‘ ?@">?3? 9" :"L"] K?:5? a>2?2 ":
@>9" $# :4? :$3$M @?2?D4:": 4#? X"L5? 9" :$95>3" ?95>A
8?:" :$_? 9$E$::‘2>" "@$2?2 @"2 b"2‘2>"M
K?>s" 3" X$WE4L"] 3>2>a>2A:$ d 
  , & # M

1$"*
" #?E?E" @":>E>"9?3" E"22$5?A ?_43?2 ? $X>5?2 D$2>#$95": @$::"?>:
#$95$] 45>L>Y?2 " "452" b$s‘a"9" $ 3?9": ?" X$WE4L"] ?::$a42$A:$ 3$
3? Eb?X$ 3$ 2"3? @?2? D?E>L>5?2 Z4$ ? E?K$;? 3" #?E?E" $:5$_? $9A
? #?9"K2? 3$ L$X?95?#$95" 3" E?>s?3? 9" L"E?L ?3$Z4?3" ?95$: 3$
X$WE4L"M $D$54?2 " @2"E$3>#$95"M

$    


#
1?2? :4K:5>54>2 ? 2"3? E"# " @9$4
 ,$ " X$WE4L" $:5>X$2 $Z4>@?3" D42?3"] @2"E$3$2 E"#" ? :$a4>2%
E"# 2"3?: 3$ L>a?] $# Z4$ "
E"K2$AE4K" E"K2$ ": @?2?D4:":]
 C$#"X$2 ": @?2?D4:": $ ? 2"3?
45>L>Y?2 E"# #4>5? ?5$9;<"
p@?2? X$2:\$: $Z4>@?3?: E"#
? Eb?X$ @?2? 3$:@2$93$2 "
5?#@<" 3? 2"3?] 2$5>2‘AL? 3$@">:
E"K2$AE4K" ?95$: 3$ L$X?95?2 "
3$ 5$2 ?L>X>?3" ": H @?2?D4:": Z4$
X$WE4L"M
? D>s?# $] @"2 D>#] 3$:?@$25?2 "
 1":>E>"9?2 " #?E?E" :"K " X$WA 
vL5>#" @?2?D4:" $ $s52?>2 ? 2"3?rM
E4L"] _495" d 2"3? ? :4K:5>54>2M - L$X?95?#$95" 3" X$WE4L" ?L^#
 )$X?95?2 " X$WE4L" ?5^ Z4$ ? 2"3?
3" 9$E$::‘2>" @"3$ 5"29‘AL" #$9":
:$ $L$X$ " :4D>E>$95$ @?2? 2$?L>Y?2
 =9:$2>2 ? Eb?X$ 3$ 2"3?  9" b$A $:5‘X$L $] 3$::? D"2#?] @"3$ 3$:L>Y?2
? 2$5>2?3? $ E"L"E?;<" 3? 2"3?
s‘a"9" 3" #?E?E"  $ a>2‘AL? 3" #?E?E" $ D$2>2 ?: @$::"?: @2gs>A
:"K2$::?L$95$M
9" :$95>3" b"2‘2>" ?5^ >9:$2>2 D>2A #?:M !<" L$X?95?2 " X$WE4L" ?L^# 3?
#$#$95$ ? E?K$;? 3" #?E?E" ?L542? 9$E$::‘2>? @?2? ? 2$5>2?3? 3?  C$#"X$2 ? Eb?X$ 3" #?E?E" $
9? Y"9? 3$ $L$X?;<" 3? L"9a?A 2"3?M >9:$2>2 " @>9" @?2? ? E$952?a$#
2>9? @"2 K?>s" 3? @"25?] 5$93" 9" E4K" 3? 2"3? p$# E?:" 3$ 2"3?
+2a4$2 " X$WE4L" E"# " #?E?E" 3$ L>a?r @?2? D?E>L>5?2 ? #"95?a$#
" E4>3?3" 3$ #?95$2 ?L>9b?3" ? @":>E>"9?3" 3$ D"2#? >9?3$Z4?3?
@2g@2>? E?K$;? E"# " $95?Lb$ >9A 3? 2"3? :"K2$::?L$95$M
@"3$2‘ 3?9>D>E?2 " X$WE4L" $] ?5^
3>E?3" @$L" :W#K"L" 9" 2$X$:A  =9:5?L?2 " @>9" @?2? ? E$952?a$#
#$:#"] D?Y$2 E"# Z4$ $L$ E?>?M 1?2?
5>#$95" @"2 K?>s" 3? @"25?M 8"# 9" E4K" 3? 2"3?  p$# E?:" 3$
1$"+
2"3? 3$ L>a?r @?2? D?E>L>5?2 ? #"9A 3?9>D>E?3? :$ D"2 #"95?3? >9E"22$5?A

5?a$# 3? 2"3? :"K2$::?L$95$M #$95$M
,$ " X$WE4L" $:5>X$2 $Z4>@?3" E"#
 =9:5?L?2 $ ?@$25?2 ": @?2?D4:": :$# E"K2$AE4K" "4 E?L"5?] 9<" #"95‘AL":
": ?@$25?2 5"5?L#$95$M 9? 2"3? :"K2$::?L$95$M
 ,$ 45>L>Y?3"] 2$#"X$2 " @>9" 3$
?L>9b?#$95"M 
 ’E>"9?2 " #?E?E" $ K?>s?2 E"#A 1?2? $X>5?2 L$:\$: $# @$::"?:] "
@L$5?#$95$ " X$WE4L"M ?@$25" D>9?L 3": @?2?D4:": :g 3$X$ :$2
 C$5>2?2 " #?E?E" $#K?>s" 3" X$WA $D$54?3" Z4?93" " X$WE4L" 5>X$2 ?:
E4L"M 2"3?: 9" :"L"M
 ’@$25?2 ": @?2?D4:":] @?::?93"
 &"95?2 ? 2"3? :"K2$::?L$95$M ?L5$29?3?#$95$ 3$ 4# @?2?D4:"

@?2? " "@":5"] :$a493" ? "23$#
94#^2>E? >L4:52?3? 9? D>a42? :$A *$@">: 3$ 5$2 @$2E"22>3" E$2E? 3$
 a4>95$M +# E?:" 3$ 3vX>3?: :"K2$ JF h#] @?2?2 $ X$2>D>E?2 " E"22$5"
8$25>D>E?2A:$ Z4$ ? 2"3? :"K2$::?A " 5"2Z4$ 3$ ?@$25" 3": @?2?D4:":] ?@$25" 3": @?2?D4:":M
L$95$ $:5‘] 9?: :4@$2DWE>$: 3$ E"95?5" 3>2>a>2A:$ d    , & # M &
E"# " E4K"] L>#@? $ :$# >#@42$Y?:
Z4$ @"3$2>?#] $# :$a4>3?] E?4:?2 "
?D2"4s?#$95" 3": @?2?D4:": 3$ D>s?A !
;<"M
(#? #"95?a$# >9E"22$5? 3? E?A
L"5? 3? 2"3? p:$ $Z4>@?3"r] @"3$ @2"A
 X"E?2 ? 2$:@$E5>X? :$@?2?;<" Z4?93"
8$25>D>E?2A:$ 3$ Z4$ ? 2"3? :"K2$:A " X$WE4L" $:5>X$2 $# #?2Eb?M c ?K:"A
:?L$95$ $:5‘ #"95?3? E"# ? X‘LX4L? L45?#$95$ @2">K>3" #?94:$?2 ? X‘LA
X>2?3? @?2? D"2?M ’ 2"3? @"3$ :$2 X4L? 3$ $9Eb>#$95"M !<" >952"34Y>2

1$",
D$22?#$95?: 3$ Z4?LZ4$2 $:@^E>$ $9A   M $
52$ ? 2"3? $ " @9$4M  #M I  
!    #
V$2>D>E?2 2$a4L?2#$95$ ? @2$::<"
3": @9$4: $ 3? 2"3? :"K2$::?L$95$] ’ 2"3? D"29$E>3? ^ $:@$EWD>E? @?2? ’@g: ? "@$2?;<"] @2"E$3$2 E"#"
2$:@$>5?93" ": X?L"2$: >93>E?3": 9" " X$WE4L"] @"25?95" 9<" 45>L>Y‘AL? $# ? :$a4>2%
E?@W54L" o*?3": 5^E9>E":oM 4# X$WE4L" 3$ #"3$L" 3>D$2$95$] 9$#
45>L>Y?2 2"3?: :"K2$::?L$95$: 3$ "4A ,,
52": #"3$L": 9" X$WE4L"M ’ 2"3? :"A  *$:52?X?2 ? E?K$;? 3" #?E?E"]
K2$::?L$95$ :g 3$X$ :$2 45>L>Y?3? $# $#@422?93"A? @?2? ? $:Z4$23?]
E?:" 3$ $#$2a[9E>?M ’ :4? 45>L>Y?;<" E"9D"2#$ ? :$5?] ?5^ 3$:$9E?>s?2
!
3$X$ :$2 2$34Y>3? ?" #W9>#" >93>:A " @>9" 3$ :4? :$3$M
’: E?2?E5$2W:5>E?: 3$ E"934;<" 3" @$9:‘X$L $ ? X$L"E>3?3$ 9<" 3$X$ 4LA
X$WE4L"] E"# ? 2"3? :"K2$::?L$95$ 52?@?::?2 " >93>E?3" 9? $5>Z4$5? ?3$A
#"95?3?] :<" ?L5$2?3?:M *$:5$ #"3"] :>X? 9? 2"3? :"K2$::?L$95$M ’ X$L"A
3$X$A:$ $X>5?2 ?E$L$2?;\$: $ D2$9?A E>3?3$ #‘s>#? @$2#>5>3? @?2? 45>L>A
a$9: X>"L$95?:] #43?9;?: 3$ 3>2$A Y?;<" 3": @9$4: 5$#@"2‘2>": ^% %
;<" K24:E?: $ E42X?: ? a2?93$ X$L"E>A / &  PPXBb*)^ + P)XB^X
3?3$M ’ 342?K>L>3?3$ #^3>? 3" @9$4 )^ ] )P* [
BG  / & 
:"K2$::?L$95$ ^ 3$ GFFF h#M )WXBb*)b ] c* [
BG7
 C$K?5$2 ? E?K$;? ] E"9D"2#$ ?
.2?9:E"22>3? $:5? Z4>L"#$52?a$#] !? 2"3? :"K2$::?L$95$ $9E"952?A:$ :$5?] $ 2$E"L"E?2 ? E>95? $ $L‘:A
" @9$4 3$X$ :$2 :4K:5>54W3" @$L" ?@L>E?3" 4# ?3$:>X" ?L?2?9_?3" E"# 5>E?M
"2>a>9?L "4 @"2 "452" :"K2$::?L$95$ ": @2>9E>@?>: ?X>:": ?E$2E? 3? 45>L>Y?A
E"# ?: #$:#?: E?2?E5$2W:5>E?: 3" ;<" 3? @2g@2>? 2"3? $ 3?: 2$:@$E5>X?:
Z4$ a4?29$E$ " X$WE4L"M L>#>5?;\$: 3$ 45>L>Y?;<"M - ?3$:>X"
9<" 3$X$ 3$ D"2#? ?La4#? :$2 2$#"A
X>3" 9$# E"K$25"M !? 2"3? :"K2$::?A
L$95$ 949E? :$ 3$X$ ?@L>E?2 9$9b4#?
E?L"5? 3$ 2"3?M

1$%-
 C$?L>Y?2 ? D>s?;<" 3?: E>95?: L?5$A @L‘:5>E" p:"L$>2?r 3? @"25? 3" #"5"A
2?>:  2>:5?M

 C$E"L"E?2 ? E?@? @2"5$5"2? 3"


#?E?E"M

$&  - 
 
w4?93" 5$2#>9?2 3$ 45>L>Y‘AL?]
a4?23‘AL? 9" L"E?L ?@2"@2>?3"]
@2"E$3$93" E"#" ? :$a4>2%

 1":>E>"9?2 " K?9E" 3" #"5"2>:5?


d D2$95$M
 1":>E>"9?2 ? K"L:? 3$ D$22?#$95?:

3$K?>s" 3" K?9E" 3" #"5"2>:5?M
%
 - 5?@$5$ @"::4> :$3$: $:@$EWD>E?:
 ’ b?:5$ :$s5?X?3?  3$ ?E>"9?A  @?2? D>s?2 " E?L;"] @$2#>5>93" ?
- 4:" 3? E>95?] 52?X?93" ? E?K$;? #$95" 3" #?E?E" 3$X$ $:5?2 X"L5?3" #"95?a$# 3? K"L:? 3$ D$22?#$9A &
3" #?E?E" ?@g: " 4:"] $X>5? 24W3": @?2? " >95$2>"2 3" X$WE4L"  L?3" 3" 5?: $# 34?: 3>2$;\$:M
9" >95$2>"2 3" X$>E4L"M @?::?a$>2"M
,$a4>2 >93>E?;<" 3? $5>Z4$5? #
 S4?23?2 " #?E?E"] 2$E"L"E?93"A
" 9" 3>:@":>5>X" 3$ D>s?;<" d ’ #"95?a$# >9E"22$5?] D"2? 3" @"A
D2$95$ 3" K?9E" 3" #"5"2>:5?M :>E>"9?#$95" 2$E"#$93?3"] 9<" a?A
*>2$E>"9‘AL" @$L? b?:5$ a4>?  2?95$ ? 5"5?L D>s?;<" 3" $Z4>@?#$95"
$ a>2?2 ? @"2E? 3$ D>s?;<" 9" :$9A 9" 3>:@":>5>X" 3$ D>s?;<" $] ?L^#
5>3" b"2‘2>"M 3>::"] @"3$ 3?9>D>E?2 " 2$X$:5>#$95"

1$%!

’ #"95?a$# >9E"22$5? @"3$ @2"A
X"E?2 @$2>a" ?": @?::?a$>2": $ 3?9":
?" X$WE4L"M

 C$E"9$E5?2 ? 52?X? 3? 5>2? @L‘:5>E?


M


’ K"L:? 3$ D$22?#$95?: @"::4> 4#?
$5>Z4$5? ] 3$#"9:52?93" " :$95>3"
E"22$5" 3$ #"95?a$# 9" X$WE4L"M
 1":>E>"9?2 ? K"L:? E"# " L?3" 3"
E?L;" $ X"L5?3" @?2? K?>s"] 3$
#?9$>2? Z4$ " #$:#" :$ $9E?>s$
@$2D$>5?#$95$ 9? :$3$ 3" 5?@$5$
9" ?::"?Lb"M  C$E"L"E?2 " K?9E" 9? @":>;<"
9"2#?L 3$ 45>L>Y?;<"M

 9 1+&  1+  2
 S4?23?2 " 52>e9a4L" 3$ :$a42?9;?
?52‘: 3" K?9E" 52?:$>2" 9? @":>A
;<" ?@2"@2>?3?M

1$%"
  / &  a4?23?2 45>L>Y?;<" 9"2#?L @2"E$3$93" E"#"
? 2"3? :"K2$::?L$95$ 9" L4a?2 3$:E2>5" ? :$a4>2M
$:@$EWD>E"] E"9D"2#$ ? :$a4>2% !
 8 ,
  2
,$ 3$>s?3": 9" b?K>5‘E4L"] ? 2"3?
 3 ,
  
3 W'P
E"# " @9$4 D42?3" $ " #?E?E" E"9:A  8$25>D>E?2A:$ 3$ Z4$ ? 2"3? 9"2A
’ 2"3? :4K:5>54W3? 3$X$ :$2 E"L"A 5>54> 4# :^2>" @$2>a" @?2? ? :$a42?9;? #?L $:5‘] 9?: :4@$2DWE>$: 3$ E"9A
E?3? 9" 3>:@":>5>X" 3? 2"3? :"K2$:A 3": "E4@?95$: $# E?:" 3$ ?E>3$95$: 5?5" E"# " E4K"] L>#@? $ :$# >#A
:?L$95$ p:$#@2$ E"# " K>E" X"L5?3" "4 3$ D2$9?a$9: K24:E?:M @42$Y?: Z4$ @"3$#] $# :$a4>3?]
@?2? E>#?rM E?4:?2 " ?D2"4s?#$95" 3": @?2?A
1"2 $::$ #"5>X"] X"L5?2 ? E"L"E?2
D4:": 3$ D>s?;<"M
:$#@2$] Z4$2 " #?E?E" Z4$2 ? 2"3?
 3 ,
  
3 W'W  &"95?2 ? 2"3? 3$ 45>L>Y?;<" 9"2A
E"# " @9$4 D42?3"] 9" 2$:@$E5>X"
1?2? ? X$2:<" J~J] ? 2"3? :4K:5>A ?L"_?#$95"M #?L $ $92":E?2 4# @?2?D4:" $#
54W3? 3$X$2‘ :$2 a4?23?3? 9" E"#A 4# 3": "2>DWE>": 2":E?3":] :$#
@?25>#$95" 3$ E?2a?:M (5>L>Y?2 " @?A ?@$25‘AL"M
2?D4:"  pD"29$E>3" E"#" ?E$::g2>"r   &"95?2 ? E?L"5? 3? 2"3?] D?Y$93"
@?2? D>s?;<" 3? 2"3? E"# " @9$4 D4A .<" L"a" @"::?] 3$X$2‘ 2$@?2?2 " E">9E>3>2 " D42" E"# ? #$>?AL4?
2?3" 9" ?::"?Lb" 3" E"#@?25>#$95" @9$4 D42?3"] 2$E"L"E‘AL" $# 4:" $ $ E"# " @?2?D4:" _‘ $92":E?3"f
3$ E?2a?M a4?23?2 ? 2"3? :"K2$::?L$95$ 9" 3>:A $# :$a4>3?] >9:$2>2 ": J @?2?D4:": &
@":>5>X" $:@$EWD>E"M 2$:5?95$:
 B?>s?2 " X$WE4L" $ 2$5>2?2 " #?A
E?E"M
     %
O   ’52?X^: 3? 45>L>Y?;<" 3? Eb?X$
D"29$E>3?] ?@$25?2 ": @?2?D4:":
,$a4>93" " @2"E$3>#$95" ?95$2>"2A :$a4>93" ? "23$# ?95$2>"2#$95$
#$95$ 3$:E2>5"] L$X?95?2 " X$WE4L" $ 3$:E2>5?M
3$:#"95?2 ? 2"3? :"K2$::?L$95$M +#
:$a4>3?] X"L5?2 ? #"95?2 ? 2"3? 3$

1$%%
 8 ,
  & 1 &0  Z    23 :$2 ?K?93"9?3" :$#@2$ 3$@">: 3$ 5$2
 8$25>D>E?2A:$ 3$ Z4$ ? 2"3? 9"2A 12"E$3$2 3" :$a4>95$ #"3"% $s52?W3" ? Eb?X$ "4 3$ ? 5$2 a>2?3"
#?L $:5‘] 9?: :4@$2DWE>$: 3$ E"9A @?2? ? @":>;<" M
5?5" E"# " E4K"] L>#@? $ :$# >#A  8"L"E?2 " #?E?E" $ ?: "452?: *42?95$ ?: "@$2?;\$: 3$ ?K?:5$A
@42$Y?: Z4$ @"3$#] $# :$a4>3?] D$22?#$95?: 9" 2$:@$E5>X" L"E?L E>#$95" 3$ E"#K4:5WX$L] E$25>D>E?2A
E?4:?2 " ?D2"4s?#$95" 3": @?2?A >93>E?3" ?95$2>"2#$95$ :$ 3$ Z4$ " X$WE4L" $:5‘ 3$:L>a?3"
D4:": 3$ D>s?;<"M  8"L"E?2 ? 2"3? :"K2$::?L$95$ 9" pE"#45?3"2 3$ >a9>;<" 9? @":>;<"
 =952"34Y>2 ? 2"3? 9" E4K" $] 45>L>A 2$:@$E5>X" L"E?L >93>E?3" ?95$2>A rM
Y?93" ? Eb?X$ D"29$E>3?] ?@$25?2 "2#$95$ 3$ ?E"23" E"# ? X$2:<"M
": @?2?D4:":M +# E?:" 3$ @?25>3? 3$ $#$2a[9E>?
 B?>s?2 " X$WE4L" $ 2$5>2?2 " #?A E"# K?5$2>? ?4s>L>?2] 949E? L>a?2 "
E?E"M &    E?K" 9$a?5>X" pr 3? K?5$2>? ?4s>L>?2
?" @"L" 9$a?5>X" 3? K?5$2>? 3" X$WA
 ’52?X^: 3? 45>L>Y?;<" 3? Eb?X$     E4L"] #?: :># ? 4# @"95" 3$ #?::?
D"29$E>3?] ?@$25?2 @?2?D4:": :$A
a4>93" ? "23$# ?95$2>"2#$95$ '   #"5"2uE?>s? 3$ Ee#K>"M
3$:E2>5?M    !
 V"L5?2 ? >9:$2>2 " 5?#@<" 3? 2"3?]
5$93" " E4>3?3" 3$ "2>$95?2 K$#
?: 52[: a4>?: 3$ @L‘:5>E" 9?: 2$:A
@$E5>X?: :$3$: @2$:$95$: 9? 2"3?M !
12$:5?2 ?5$9;<" @?2? 9<" 2"#@$2 ’95$: 3$ ?K2>2 " E?@t 3" #"5"2]
?: a4>?: D"2;?93" " 5?#@<"M 3$:L>a?2 " X$WE4L"] E$25>D>E?93" 3$
Z4$ ? Eb?X$ 3$ >a9>;<" $:5$_? 9? @"A
:>;<" M C$:@$>5?2 " >93>E?3" 9?
@L?E? ?@L>E?3? :"K " E?@t 3" #"A
5"2M w4?93" :$ $9E"952?2$# "452?:
@$::"?: 9" X$WE4L"] ?E"9:$Lb?A:$ $sA
52?>2 :$#@2$ ? Eb?X$M - X$WE4L" 3$X$

1$%&
  $ N% E"#45?3"2 3$ >a9>;<" 9?
 @":>;<" M
’ K?5$2>? 3" X$WE4L" $:5‘ L"E?L>A !  *$:L>a?2 5"3": ": "452": ?E$::gA
Y?3? 9" E"#@?25>#$95" 3" #"5"2] ’: K?5$2>?: E"95[# ‘E>3" Z4$ @"3$ 2>": $L^52>E": @2$:$95$: 9" X$WA
?52‘: 3" a24@" g@5>E" $:Z4$23"M Z4$>#?2 ? @$L$ "4 ": "Lb":M ’: K?5$A E4L"M
2>?: a$2?# b>32"a[9>"] D?E>L#$95$ >9A  ,$ 45>L>Y?2 ? K?5$2>? 3$ "452" X$WA
DL?#‘X$L $ $s@L":>X"M E4L"] $:5?E>"9?2 $:5$ vL5>#" ?" ?LA
E?9E$ 3": E?K": 45>L>Y?3": @?2?
’::>#] 9<" ?@2"s>#?2 Eb?#?: "4 ? L>a?;<"] ?E>"9?2 " D2$>" 3$ $:5?A
! 3>:@":>5>X": Z4$ @"::?# @2"X"E?2 E>"9?#$95" $ E$25>D>E?2A:$ 3$ Z4$
!<" :$ ?@2"s>#?2 3? X$95">9b? D?W:E?:M ? >a9>;<" $:5‘ 3$:L>a?3?M
3$ ?22$D$E>#$95" 3" 2?3>?3"2] @">:
" $L$52"X$95>L?3"2 @"3$ E"#$;?2 ?
D49E>"9?2 $ E?4:?2 L$:\$:M  
- 5$2#>9?L @":>5>X" p'r 3? K?5$2>? !<" L>a?2 3>2$5?#$95$ ": 5$2#>9?>:
C$:@$>5$ :$#@2$ ?: @2$:E2>;\$: $:5‘ @2"5$a>3" @"2 4# $L$#$95" 3$ 9$a?5>X": 3?: 34?: K?5$2>?:O ,$ ? K?A
3$::$ #?94?LM @2"5$;<"M )$X?95‘AL" @?2? 5$2 ?E$::" 5$2>? ?4s>L>?2 $:5>X$2 >9:5?L?3? $# "4A
?" 5$2#>9?LM 52" X$WE4L"] E$25>D>E?2A:$ 3$ Z4$ $952$
$:5$ vL5>#" $ " X$WE4L" E"# ? K?5$2>? &
12"E$3$2 3" :$a4>95$ #"3"% 3$:E?22$a?3? 9<" $s>:5$# @?25$: #$A
! 5‘L>E?: ?E>3$95?L#$95$ $# E"95?5"]
C$5>2?2 Z4?LZ4$2 "K_$5" #$5‘L>E"  ’E>"9?2 " D2$>" 3$ _‘ Z4$ @"3$ E2>?2A:$ 4#? L>a?;<" d
p@"2 $sM ?9^>:] 2$Lga>":] @4L:$>2?:r] $:5?E>"9?#$95"] 3$:L"E?2 ? #?::? E"# " 2>:E" 3$ @2"X"E?2 a2?A
E?@?Y 3$ @2"X"E?2 4# E"95?5" $L^A ?L?X?9E?  p+:5?E>"9?#$95"r] X$: L$:\$: 9?: @$::"?: $X$954?L#$95$
52>E" ?E>3$95?LM @?2? X$2:\$: $Z4>@?3?: E"# @2$:$95$: 9?: @2"s>#>3?3$:M
Ee#K>" ?45"#‘5>E"] "4 @?2?
1$2>a" 3$ a2?X$: L$:\$:O @"95" #"25"] @?2? X$2:\$:
$Z4>@?3?: E"# Ee#K>" #?94?L
$] $# :$a4>3?] E"L"E?2 "

1$%’
? 4#? #?::? 3" #"5"2 p4#?    ,/

@?25$ $# #$5?L 3" #"5"2 "4 3? (#? X$Y L>a?3" " #"5"2] 2$5>2?2 ":
,$ $D$54?3" 3$ #"3" >9E"22$5"] " E?>s? 3$ Ee#K>" E"# ? K?5$2>?
@2"E$3>#$95" 3$:E2>5" ? :$a4>2 @"3$ E?K":] :$a4>93" ? "23$# >9X$2:? 2$A
3$:E?22$a?3?r L"9a$ 3? K?5$2>? $ L?5>X?#$95$ d 3$:E2>5? ?95$2>"2#$95$M
@2"X"E?2 a2?X$: L$:\$: ? @$::"?: "4 3" :>:5$#? 3$ >9_$;<" 3$ E"#A
3?9>D>E?2 " :>:5$#? 3$ 2$E?2a? 3$ 4# K4:5WX$LM ,$] 3$@">: 3$ ?La4#?: 5$95?5>X?:]
"4 3$ ?#K": ": X$WE4L":M ,$a4>2 E2>A " #"5"2 9<" L>a?2] 9<" >9:>:5>2 >945>LA
5$2>":?#$95$ ?: >93>E?;\$: D"29$E>A  )>a?2 " #"5"2 3" X$WE4L" E"# K?A
#$95$] #?: E"95?5?2 ?    %
3?: ? :$a4>2M 5$2>? ?4s>L>?2] 3$>s?93"A" D49E>A
, & # M
"9?2 ?La49: #>945": $# #?2Eb?
L$95?M +# :$a4>3?] L>a?2 " #"5"2 8?:" :$_? 9$E$::‘2>" 2$E"22$2 D2$A
 123  ,/
3" X$WE4L" E"# ? K?5$2>? 3$:E?2A Z4$95$#$95$ d @?25>3? 3$ $#$2a[9A
1?2? $D$54?2 ? @?25>3? 3$ $#$2a[9A 2$a?3?M E>?] #?93?2 X$2>D>E?2 ? K?5$2>? $ " :>:A
E>?] @2"E$3$2 E"#" >93>E?3" ? :$A 5$#? 3$ 2$E?2a? 3" X$WE4L" 9? 
a4>2%   , & # M

 )>a?2 4#? $s52$#>3?3$ 3" E?K"


! 
45>L>Y?3" @?2? " @":>5>X" p'r ?"
5$2#>9?L @":>5>X" p'r 3" X$WE4L" !<" L>a?2 " E?K" ?" 5$2#>9?L 9$A 8?:" :$_? 9$E$::‘2>" 3$:E"9$E5?2 "
E"# ? K?5$2>? 3$:E?22$a?3?M a?5>X" pr 3? K?5$2>? 3$:E?22$a?3?M ’ E?K" #?::? pAr 3? K?5$2>?] " #$:#"
D?W:E? 2$:4L5?95$ @"3$2>? E?4:?2 ? $sA 3$X$ :$2 D$>5" ?52?X^: 3" D?L:" @"L"
 )>a?2 4#? $s52$#>3?3$ 3" E?K"
@L":<" 3? K?5$2>? $ @2"X"E?2 L$:\$: 9$a?5>X" ] E"#" ? :$a4>2%
45>L>Y?3" @?2? " @":>5>X" p'r ?"
a2?X$:M
5$2#>9?L @":>5>X" p'r 3" X$WE4L"
E"# ? K?5$2>? ?4s>L>?2M (5>L>Y?2 $sEL4:>X?#$95$ " @"95" 3$
 )>a?2 4#? $s52$#>3?3$ 3" E?K" #?::? $:@$EWD>E"f 9<" 45>L>Y?2 Z4?LA
45>L>Y?3" @?2? " 9$a?5>X" pr ?" Z4$2 "452? @?25$ #$5‘L>E? $s@":5?M
5$2#>9?L 9$a?5>X" pr 3? K?5$2>?
?4s>L>?2M
 )>a?2 ? $s52$#>3?3$ "@":5? 3"
E?K" 45>L>Y?3" @?2? " 9$a?5>X" pr
1$%)
 C$#"X? " $9a?5$ 2‘@>3"  3" "9?#$95" 3" :>:5$#?M c >#@2$:E>93WA
D?L:" @"L" 9$a?5>X" M X$L Z4$] @?2? :4K:5>54>;<" 3? K?5$2>?]
3>2>_?A:$ d    , & # M

D   $ 


"
+X>5?2 ?K:"L45?#$95$ ? @?25>3? @"2
$#@422<"] @"2 2$K"Z4$ "4 45>L>Y?93"
C ?: 3$:E>3?:M

- :$9:"2 =B,] >93>E?3" @$L? :$5?]

9<" @"3$ 949E? :$2 3$:E"9$E5?3" 3" 1?2? 2$E"L"E?2 " E?K"] $#@422?2 9"
@"L"] $sE$5" 9" E?:" 3$ :4K:5>54>;<" +X$954?>: ?E$::g2>": p@"2 $sM E$L4A
:$95>3" E"952‘2>" ?5^ "4X>2 " EL>Eh 3? L?2$:] $5EMr L>a?3": d: 5"#?3?: 3$ E"2A
3? K?5$2>?M 52?X?] E$25>D>E?93"A:$ 3" 52?X?#$95"M 2$95$ 3" X$WE4L" ?K:"2X$# E"22$95$
#$:#" Z4$ 9<" :$_?# 45>L>Y?3":M ,$
 12$::>"9$ " K"5<" 3$ 52?X?#$95"
 3$>s?3": L>a?3": #4>5" 5$#@" E"# "
3" $9a?5$ 2‘@>3" $ @?2? :"L5‘AL"
#"5"2 3$:L>a?3"] @"3$# 3$:E?22$a?2 &
3" D?L:" @"L"M ?95$: 3$ E"95>94?2 E"# " @2"E$A
? K?5$2>?] E"# E"9:$Z4$95$ 2$34;<"
3>#$95"] ?a4?23$ @$L" #$9": I #>A
3? 342?;<" 3$:5? vL5>#? $u"4 >#@":A
945" @?2? @":>E>"9?2 ? Eb?X$ 3$ >aA
:>K>L>3?3$ 3$ L>a?2 " #"5"2M
9>;<" 9? @":>;<" ,.-1M

B

’ K?5$2>? @?2? X$WE4L": E"# :>:A
5$#? ,5?25ƒ,5"@ @"::4> E?2?E5$2W:5>A
E?: Z4$ :<" $:@$EWD>E?: @?2? $:5? X$2A
:<" $ X>:?# a?2?95>2 " @$2D$>5" D49E>A

1$%*
   
  ! =9:@$E>"9?2 E4>3?3":?#$95$ " X$WA
E4L" @?2? :$ E$25>D>E?2 3$ Z4$ 9<"
 $s>:5?# D4a?: 3$ E"#K4:5WX$L] @"2
=95$2X^# $# E?:" 3$ Eb"Z4$ @2"A $s$#@L" 9" E"#@?25>#$95" 3" #"A
X"E?93"% 5"2] :"K " X$WE4L" "4 9? @2"s>#>3?3$
3? ‘2$? 3" 2$:$2X?5g2>"M *$@">: 3?
 ’ >95$224@;<" 3? ?L>#$95?;<" 3$ E"L>:<"] 3$:L"E?2 ? Eb?X$ 3$ >a9>;<"
E"#K4:5WX$L E"# E"9:$Z4$95$ @?2? ? @":>;<"  @?2? 9<" 3$:A
3$:?5>X?;<" 3" #"5"2M E?22$a?2 ? K?5$2>?M
 - 3$:52?X?#$95" ?45"#‘5>E" 3?:
@"25?:M
 - ?E$93>#$95" 3?: L4Y$: >95$2A
9?:M !
 ’ 3$:?5>X?;<" 3? X$95>L?;<" 3" *$@">: 3" >#@?E5"] E?:" :$ :>95?
EL>#?5>Y?3"2M Eb$>2" 3$ E"#K4:5WX$L "4 :$ X$2>D>A
 ’E$93>#$95" 3?: L4Y$: 3$ $#$2A Z4$# X?Y?#$95": 9" :>:5$#? 3$ ?L>A
a[9E>? p@?2? 3$:?5>X?2 ?: L4Y$:] #$95?;<"] 9<" 2$?5>X?2 " :>:5$#?M
@2$::>"9?2 " K"5<" :>54?3" 9" @?>A C>:E" 3$ >9E[93>"O
9$L 3$ >9:524#$95":rM
1?2? 2$:5?K$L$E$2 " E"22$5" D49E>A
+# ?La4#?: X$2:\$:] ? >95$2X$9;<" "9?#$95" 3" X$WE4L"] $D$54?2 " :$A
3" :>:5$#? ^ ?::>9?L?3? @$L? X>:4?L>A a4>95$ @2"E$3>#$95" p$:5$ @2"E$3>A
Y?;<" 3$ 4#? #$9:?a$# 9? 5$L?M *" #$95" 3$X$ :$2 >9>E>?3" $ E"9EL4W3"
#$:#" #"3"] 4#? #$9:?a$# $:A $# #$9": 3$ I #>945"r%
@$EWD>E? 9" 3>:@L?y ?X>:? " E"9345"2
E?:" ? D49E>"9?L>3?3$ 3" :>:5$#? D>A
Z4$ E"#@2"#$5>3?M
1$%+
 ,
    /&,  ,  -+ ,  
   06,+&

28   0&0  +& F23

8"# ? ?L?X?9E? 3": >93>E?3"2$: 3$ 3>2$;<" 9? @":>;<" 9$452?]


E"L"E?2 " E"#45?3"2 3$ >a9>;<" 9? @":>;<" M
*$:L"E?2 " E"#45?3"2 3$ >a9>;<" @?2? ? @":>;<"  =93>E?3"2 3$ 3>2$;<" @?2? ? 3>2$>5? >95$2#>5$95$
=93>E?3"2 3$ 3>2$;<" @?2? ? $:Z4$23? >95$2#>5$95$f >93>E?3"2 3$
’5>X?2 " >93>E?3"2 3$ 3>2$;<" @?2? ? 3>2$>5?
3>2$;<" @?2? ? 3>2$>5? ?E$:" D>s"
=93>E?3"2 3$ 3>2$;<" @?2? ? 3>2$>5? >95$2#>5$95$f >93>E?3"2 3$ 3>2$;<"
’5>X?2 " >93>E?3"2 3$ 3>2$;<" @?2? ? $:Z4$23?
@?2? ? $:Z4$23? ?E$:" D>s"
=93>E?3"2 3$ 3>2$;<" @?2? ? $:Z4$23? >95$2#>5$95$f >93>E?3"2 3$
’5>X?2 " >93>E?3"2 3$ 3>2$;<" @?2? ? 3>2$>5?
3>2$;<" @?2? ? 3>2$>5? ?E$:" D>s"
’5>X?2 " >93>E?3"2 3$ 3>2$;<" @?2? ? $:Z4$23? ’#K": ": >93>E?3"2$: 3$ 3>2$;<" @$2#?9$E$# ?E$:": D>s":

*$:?5>X?2 " >93>E?3"2 3$ 3>2$;<" @?2? ? $:Z4$23? ’#K": ": >93>E?3"2$: 3$ 3>2$;<" ?@?a?#A:$

*$:L"E?2 " E"#45?3"2 3$ >a9>;<" @?2? ? @":>;<" 

*$:L"E?2 " E"#45?3"2 3$ >a9>;<" @?2? ? @":>;<"  - :>:5$#? D"> 2$>9>E>?3" $ " #"5"2 @"3$ :$2 2$?5>X?3"
&

1$%,
    542? 9<" K?>s?2] 3>2>a>2A:$ ?::># Z4$

@"::WX$L d    , & # M
&( ’ :?W3? 3$ LWZ4>3" 3$ ?22$D$E>A
’ :$a4>2] $:5<" >93>E?3?: ?La4#?: #$95" 3" #"5"2 "4 3$ X?@"2 3" 2?A
 3>?3"2 @"3$ @2"X"E?2 Z4$>#?342?:
:>54?;\$: ?3>E>"9?>: Z4$ D?X"2$E$# "
’" @$2E"22$2 52$Eb": E"#" ": 3$:A ?@?2$E>#$95" 3$ :>54?;\$: $sE$@E>"A a2?X$:M ,$ 9"5?2 X?@"2 @2"X$9>$95$
E2>5": ? :$a4>2] $ 9? @2$:$9;? 3$ E"9A 9?>: 3$ :4@$2?Z4$E>#$95" 3" #"5"2% 3" E"#@?25>#$95" 3" #"5"2] "4 :$
3>;\$: EL>#‘5>E?: $sE$@E>"9?>: Z4$ "4X>2 " 24W3"] 9<" ?K2>2 " E?@t ?5^
@"::?# @2"X"E?2 " ?@?2$E>#$95" 3$ Z4$ " 2?3>?3"2 5$9b? 5>3" 5$#@" :4D>A
 ,$ " ?2AE"93>E>"9?3" $:5>X$2 L>A
D$9t#$9": 3$ :4@$2?Z4$E>#$95" 3" E>$95$ @?2? ?22$D$E$2M !49E? 5$95?2 5>A
a?3"] 3$:L>a‘AL"M - :>:5$#? 3$
#"5"2] ?3"5?2 ?: :$a4>95$: ?K"23?A 2?2 " 5?#@<" E"# " 2?3>?3"2 Z4$95$M
?2AE"93>E>"9?3" E"952>K4> @?2? "
a$9:% :4@$2?Z4$E>#$95" 3" :>:5$#? 3$
?22$D$E>#$95" 3" #"5"2M
  +23 
 ( L>#>5?2 ?  
 C$a4L?2 " ?Z4$E>#$95" 3" b?A
X$L"E>3?3$M  3 
K>5‘E4L" @?2? " #‘s>#"] "2>$9A
  +23 
0  + /  ;,

 9  <( E"# " X$WE4L" @?2?3"]


5?93" ? 3>:52>K4>;<" 3" ?2 @?2? 1 
" @>:" "4 @?2? " $s5$2>"2 3" X$WA
E"L"E?2 " Ee#K>" $# @"95" E4L"] E?:" ?: E"93>;\$: EL>#‘5>A    !%
#"25" $ #?95$2 " #"5"2 9" E?: $s5$29?: @$2#>5?# #?95$2 ": 
2$a>#$ #W9>#"M X>32": L?5$2?>: ?K$25":M +# :$A +# E?:" 3$ ?X?2>?] @?2? 3$:L"E?2
a4>3?] ?5>X?2 " $L$52"X$95>L?3"2 ? ?L?X?9E? 3" Ee#K>" 3? @":>;<" 
 d X$L"E>3?3$ #‘s>#?M *$::$ p+:5?E>"9?#$95"r @?2? 4#? @"::WX$L
#"3"] " ?Z4$E$3"2 ?54?2‘ E"#" #"X>#$95?;<" 3" X$WE4L"] @2"E$3$2
(# :>:5$#? 3$ 2$D2>a$2?;<" :4@$A 4# 2?3>?3"2 :4@L$#$95?2] E"952>A
2?Z4$E>3" @"3$ 3?9>D>E?2 " X$WE4L"M E"#" ? :$a4>2%
K4>93" @?2? 3>::>@?2 " E?L"2 3"
+# E?:" 3$ :4@$2?Z4$E>#$95"] $9A :>:5$#? 3$ ?22$D$E>#$95" 3" #"A
E":5?2 $ @?2?2 " X$WE4L"M P?Y$2 D49E>A  *$:L>a?2 " #"5"2M
5"2M
"9?2 " #"5"2 $# #?2Eb? L$95? E"# "  ’E>"9?2 " D2$>" 3$
?2AE"93>E>"9?3" 3$:?5>X?3" ?5^ Z4$ $:5?E>"9?#$95"M
? 5$#@$2?542? K?>s$M ,$ ? 5$#@$2?A
1$&-
 ’54?93" E"# E4>3?3" 9" @"95"
>93>E?3" @$L? :$5?] 2$#"X$2] 
L$X?95?93"A? @?2? E>#?] ? (5>L>Y?2 ?@$9?: K?22? 3$ 2$K"Z4$
#"L342?  pE"# ? E">D?r 3? 2Wa>3?M 8"9$E5?2 ? K?22? 3$ 2$K"Z4$
?L?X?9E? 3$ Ee#K>"M ?" X$WE4L" ?52?X^: 3" a?9Eb" 3$ 2$A
K"Z4$] 9<" ?": @?2?AEb"Z4$:M


 8"L"E?2 ? ?L?X?9E? 3$ Ee#K>" 9? C$:@$>5?2 ? L$a>:L?;<" 3$ 52e9:>5"
@":>;<"  p1"95" #"25"rM X>a$95$ @?2? @2"E$3>#$95": 3$ 2$K"A
Z4$M
 V"L5?2 ? #"95?2 E"22$5?#$95$ ?
#"L342? $ ? E">D? 3? ?L?X?9E? 3$
Ee#K>" 
w4?93" :$ D>s? " X$WE4L" 9? @L?A
5?D"2#? 3$ 4# 2$K"Z4$] 9<" 45>L>Y?2
   ": E"#@"9$95$: 3?: :4:@$9:\$: 3>A
! ?95$>2? "4 52?:$>2? E"#" @"95": 3$
&
D>s?;<"M (# 2$K"Z4$ $D$54?3" 3$
A   ! #"3" >#@2g@2>" @"3$ @2"X"E?2 3?A
!" @2$:$95$ 5g@>E" :<" 3$:E2>5": 9": 9" X$WE4L"M
": @2"E$3>#$95": @?2? " 2$K"Z4$ 3"
X$WE4L" $# :>54?;\$: 3$ $#$2a[9E>?M
 12$::>"9?2 ? D493" " @$3?L 3"
D2$>" $ #?95[AL" @2$::>"9?3"M
 =9:$2>2 @$2@$93>E4L?2#$95$ ? 
Eb?X$ 3$ D$93?] 9" D42" $ $ 1?2? $D$54?2 " 2$K"Z4$] ^ 9$E$::‘A
$#@422?2 @?2? K?>s" ? ?L?X?9E? 2>? 4#? K?22? 3$ 2$K"Z4$ 2Wa>3? 3$
3$ 3$:52?X?#$95"M #"3" ? $X>5?2 3?9>D>E?2 " X$WE4L"M

1$&!
/.+  06,+& % ,  28 1  
  
  ;#T<
;WT<
  $%    I$
I$ = I$ 
>  B=
,$ " Ee#K>" $:5>X$2 D49A
C$K"Z4$ $# 4#? :4@$2DWA E>"9?93"] E"L"E‘AL" $#
!+!T(&’ !0- 1+C&=.=*- !0- 1+C&=.=*-
E>$ @L?9? @"95" #"25"M - X$WE4L" ^]
?::>#] 2$K"E‘X$L] #?: @"2
K2$X$: 3>:5e9E>?: pE$2E?
3$ IH h#r $ ? X$L"E>A
+L$X?;<" 3?: 2"3?: "4 .C’,+=C-, !0- 1+C&=.=*- 3?3$ 2$34Y>3? p#‘s>#" !0- 1+C&=.=*-
2$K"Z4$ 9" X$WE4L" 6H h#ubr
*=’!.+=C-, -{ -{ !0- 1+C&=.=*-
V$WE4L" $# 4#? @L?5?A
D"2#? 3$ X$WE4L" 3$ :"A .-*-, &+)T-C &c.-*- &+)T-C &c.-*- &+)T-C &c.-*-
E"22"

1$&"
A   % 8?:" 9<" $:5$_? 3>:@"9WX$L 4# X$WA

 ;#T< E4L" 3$ :"E"22" E"# @L?5?D"2#?] "
X$WE4L" 3$X$ :$2 2$K"E?3" E"# ?: ,$ " X$WE4L" D"2 2$K"E?3" :$# 2$:A
 8 ,
,9
/ 
 +& @$>5?2 ": 2$Z4>:>5": ?E>#? >93>E?3":]
2"3?: 3>?95$>2?: +)+V’*’, 3" :"L"
c 2$E"#$93‘X$L 2$K"E?2 " X$WE4L" p45>L>Y?93" 4# X$WE4L" "4 4#? D$22?A @"3$# "E"22$2 3?9": a2?X$: 9? E?>s?
E"# ?: Z4?52" 2"3?: +)+V’*’, 3" #$95? ?3$Z4?3? Z4$ @$2#>5? ? $L$A 3$ Ee#K>"M -: 3?9": @2"X"E?3": @"2
:"L" 9? @L?5?D"2#? 3$ 4# X$WE4L" 3$ X?;<" 3?: 2"3?: 3>?95$>2?:rM 4# 2$K"Z4$ $D$54?3" 3$ #"3" >#A
:"E"22"M @2g@2>" 9<" $:5<" E"K$25": @$L? a?A
2?95>?M
+:5?: X$2:\$: @"3$# 5?#K^# :$2 A   %
2$K"E?3?: 94#? :4@$2DWE>$ @L?9? p5"A  ;WT<  I$ %
3?: ?: 2"3?: $# 5$22?r E"# " Ee#K>" = $>  
$# @"95" #"25"] #?: @"2 K2$X$: 3>:A
5e9E>?: pE$2E? 3$ IH h#r $ ? X$L"E>A c 2$E"#$93‘X$L 2$K"E?2 " X$WE4L"
3?3$ 2$34Y>3? p#‘s>#" 6H h#ubrM E"# ?: Z4?52" 2"3?: +)+V’*’, 3"
:"L"M !
c] ?::>#] @"::WX$L 2$K"E?2 " X$WA 1?2? X$2:\$: $Z4>@?3?: E"# Eb?X$
 #$Ee9>E?] ?95$: 3$ >9>E>?2 " 2$K"Z4$]
E4L" $# 4#? @L?5?D"2#? 3$ 4# X$WA
- 2$K"Z4$ 3": X$WE4L": :$# 2$:A a>2?2 ? Eb?X$ 3$ >a9>;<" @?2? ? @":>A
@$>5?2 ": 2$Z4>:>5": ?E>#? >93>E?3":
E4L" 3$ :"E"22"] #?: 9<" E"# 4#?
;<"  $] $# :$a4>3?] @?2? ? @"A
&
$s52$#>3?3$ $L$X?3? $ ? "452? $# 4#
@"3$ @2"X"E?2 3?9": a2?X$: 9? E?>s? E?22" 3$ 2$K"Z4$M :>;<"  :$# $s52?>2 ? #$:#? 3"
3$ Ee#K>"M E"9$E5"2 3$ >a9>;<"] @">: ? 2$#";<"
3? Eb?X$ 3" E"#45?3"2 ?5>X? ?45"A
 8 ,
,9
/  +
: ,  #?5>E?#$95$ " KL"Z4$>" 3? 3>2$;<"]
c 2$E"#$93‘X$L 2$K"E?2 " X$WE4L" +X>5?2 ? $L$X?;<" ?@$9?: 3?: 2"3?: 9<" :$93" @"::WX$L X>2?2 ?: 2"3?:M
E"# ?: Z4?52" 2"3?: +)+V’*’, 3" 3>?95$>2?: p"4 52?:$>2?:rM ’ $L$X?;<" 8$25>D>E?2A:$ 5?#K^# 3$ Z4$ " Ee#A
:"L" 9? @L?5?D"2#? 3$ 4# X$WE4L" 3$ ?@$9?: 3?: 2"3?: 3>?95$>2?: p"4 52?A K>" $:5‘ $# @"95" #"25" p@?2? X$2A
:"E"22"M :$>2?:r 342?95$ " 2$K"Z4$ @"3$ @2"A :\$: $Z4>@?3?: E"# Ee#K>" ?45"#‘A
X"E?2 3?9": 9? E?>s? 3$ Ee#K>"M 5>E"] E$25>D>E?2A:$ 3$ Z4$ ? ?L?X?9E?
3?: #43?9;?: $:5‘ 9? @":>;<" rM

1$&%
1?2? X$2:\$: E"# Eb?X$ $L$52t9>E?] E"#@"25?#$95" $# $:52?3?M ’95$: 3$
@2$::>"9?2 " K"5<" 3$ @?25>3?] :$# ?@$25?2 " a?9Eb" 3$ 2$K"Z4$] L>#@?2
@>:?2 9" D2$>"] @?2? E"L"E?2 ? >a9>;<" E4>3?3":?#$95$ ? :$3$ 2":E?3?M !
9? @":>;<"  $] $# :$a4>3?] @2$:A
:>"9?2 9"X?#$95$ " K"5<" 3$ @?25>3? -: a?9Eb": 3$ 2$K"Z4$ p:$ $Z4>A
@?2? E"L"E?2 ? >a9>;<" 9? @":>;<" @?3"r 3$X$# :$2 45>L>Y?3": :"#$95$
] :$# ?K2>2 ? @"25? 3" X$WE4L"M $# :>54?;\$: 3$ $#$2a[9E>?] @?2? D>A
! s?2 ? E>95? $ @?2? 3$:L"E?#$95" 3"
C$:@$>5?2 ? L$a>:L?;<" 3$ 52e9:>5" X$WE4L" @?2? ? @2?9Eb? 3$ 2$K"Z4$M
X>a$95$ @?2? ?: :>54?;\$: 3$ 2$K"Z4$M
!<" 45>L>Y?2 ": a?9Eb": 3$ 2$K"Z4$
! ’" 2$K"E?2 " X$WE4L"] 9<" 3?2 52?9A :$ ?: 2"3?: $:5>X$2$# 52?X?3?: "4
E": $ "4 ?22?9Z4$: Z4$ @"::?# 3?9>A @?2? >;?2 " X$WE4L"] @">: >::" @"3$2‘
*42?95$ " 2$K"Z4$] L$#K2?2A:$
D>E?2 " X$WE4L" $ E"L"E?2 $# 2>:E" ?: 3?9>D>E‘AL"M
Z4$] 9<" 5$93" ? ?_43? 3" :$2X"D2$>"
$ 3? 3>2$;<" ?::>:5>3? $L$52"#$EeA @$::"?: $9X"LX>3?: 9? "@$2?;<"M
9>E?] @?2? D2$?2 " X$WE4L" :$2‘ 9$E$:A  1   &  /.+   
:‘2>" $s$2E$2 #?>: D"2;? 9" @$3?L      $> C$#"X$2 " 5?#@<" ] 2$5>2?2 " a?9A
3$ D2$>" $ @?2? X>2?2 " X"L?95$ :$2‘ - a?9Eb" 3$ 2$K"Z4$ ^ D"29$E>3" Eb" 3$ 2$K"Z4$ 3$ 5?#?9b" #$9"2
9$E$::‘2>? 4#? ?;<" #?>: $9^2a>E?M E"#" $Z4>@?#$95" 3" X$WE4L"] ?@$A $ 3$ :4? :$3$ 9" :4@"25$ 3$ D$22?A
!<" 45>L>Y?2 E?K": DL$sWX$>: @?2? $D$A 9?: @?2? ?La4#?: X$2:\$:M !?: X$2A #$95?: $ >9:5?L‘AL" 9" @>9" 2":E?3"
54?2 " 2$K"Z4$ $ $X>5?2 ": $:5>E\$:M :\$: $# Z4$ ": a?9Eb": 3$ 2$K"Z4$ 52?:$>2"M
*42?95$ ?: "@$2?;\$: 3$ 2$K"Z4$] $:5<" 3>:@"9WX$>:] ": #$:#": $:5<"
E$25>D>E?2A:$ 3$ Z4$ ? D>s?;<" 3" ?E"A :>54?3": 9? E?>s? 3$ D$22?#$95?: @2$A
@L?#$95" 9" X$WE4L" 9<" 3?9>D>Z4$ :$95$ 9" X$WE4L"
": E"#@"9$95$: $# E"95?5"M
’" 2$K"E?2 " X$WE4L"] ^ "K2>a?5g2>"
2$:@$>5?2 ?: 9"2#?: $:@$EWD>E?: 3$
E>2E4L?;<" 2"3"X>‘2>?] 2$L?5>X?: 5?95"
?" 3>:@":>5>X" 3$ 2$K"Z4$ Z4?95" ?"

1$&&
$# @2>#$>2? #?2Eb? p"4 r "4 #?2A
Eb? 2^ p"4 r] ?E$L$2?93" a2?3?5>X?A
#$95$ $ :>#4L5?9$?#$95$ ?" X$WE4L"
4:?3" @?2? " 2$K"Z4$M
+:5? "@$2?;<"  3$X$ :$2 2$?L>A
Y?3? $# Z4?LZ4$2 E"93>;<" 3$ 2>:E"
@?2? ": E"9345"2$: $ @$::"?: $9X"LA
X>3?:M
&
   06,+&

!
1?2? " 3$:?5"L?#$95" 3" X$WE4L"
D"2? 3? X>? @?X>#$95?3?] "4 :$_?] $#
E"93>;\$: 3$ K?22"] ?2$>?] @>:": $:A
E"22$a?3>":] $5EM] #$3>?95$ " ?4sWL>"
 1   &  /.+   % 3$ "452" X$WE4L"] :$#@2$ 45>L>Y?2 4#? &
  K?22? 3$ 2$K"Z4$ 2Wa>3?M ’95$: 3$ >9>A
C$5>2?2 " 5?#@<"  @2$::>"9?93" E>?2 ? "@$2?;<"] 3$:"K:524>2 ?: 2"3?:
? @?25$ >9D$2>"2] 2$5>2?2 " a?9Eb" 3$ pX$2 D>a42? :$a4>95$r $] :$ "452": D?5"A
2$K"Z4$ 3$ 5?#?9b" #?>"2 $ 3$ :4? 2$: >#@$3>2$# ? 2$5>2?3? 3" X$WE4L"
:$3$ 9" :4@"25$ 3$ D$22?#$95?: $ @"2 :4? @2g@2>? 52?;<"] E"#"] @"2
>9:5?L‘AL" 9" @>9" 2":E?3" 3>?95$>2"M $s$#@L"] @>:" $sE$::>X?#$95$ $:E"2A
2$a?3>"] ?2$9":"] L?#?] $5EM] 4# X$WA
E4L" ?@2"@2>?3" @?2? 2$K"Z4$ 3$X$
:$2 45>L>Y?3"M +# :$a4>3?] 3$@$9A
3$93" 3? :>54?;<"] E"L"E?2 " X$WE4L"

1$&’
- @2"E$3>#$95" @?2? " 3$:?5"L?A
#$95" 3" X$WE4L" D"2? 3? X>? @?X>A 
#$95?3? 5?#K^# $:5‘ 3>:@"9WX$L $# C$E"#$93?#": L$2 ?: >9:524;\$:
XW3$"] " Z4?L @"3$ :$2 ?E$::?3" ?52?A >#@2$::?: 9" $Z4>@?#$95"
X^: 3" L>9h @2$:$95$ 9" wC 8"3$ ?
:$a4>2M -K:$2X?2 E"# ?5$9;<" ? X?L>3?3$
3" $s5>95"2 p? 3?5? $9E"952?A:$ a2?A
X?3? 9" E"2@" 3" E>L>932"r $ :$ "
@"95$>2" 3" #?9t#$52" $:5‘ 3$952"
3? D?>s? 9"2#?L 3$ "@$2?;<"M

'   
  
A
- $s5>95"2 3$ >9E[93>": @"3$ :$2
?3Z4>2>3" 9?    , & # M
’ @?25$ 3>?95$>2? 3" K?9E" 3" @?:A
:?a$>2"  $:5‘ @2$X>:5? @?2? ? >9:5?A
L?;<" 3" :4@"25$ @?2? D>s?;<" 3" $sA
5>95"2 3$ >9E[93>":M

1$&)
     
   !
(#? E"22$5? #?945$9;<" @$2#>5$ #?95$2 " 3$:$#@$A
9b" 3" X$WE4L" ?" L"9a" 3" 5$#@"] 2$34Y>2 ": E4:5": 3$
D49E>"9?#$95" $ @2"5$a$2 ? $D>E>[9E>? 3": :>:5$#?: 3$
:$a42?9;?M
!$:5$ E?@W54L"] $s@L>E?A:$ E"#"M

,+CV=/-, ’S+!*’*-, M M M M M M M M M M M M M M SAI


8-&1’C.=&+!.- *- &-.-C M M M M M M M M M SAIN
C+8’CC+S’!*- ’ B’.+C=’ M M M M M M M M M M M SA67
)+V’!.’!*- - V+m8()- M M M M M M M M M M M M SA6¡
1!+(, M M M M M M M M M M M M M M M M M M M M M M M SA6¡
)-!S’ =!’.=V=*’*+ *- V+m8()- M M M M M M SAG6
8’CC-8+C=’ M M M M M M M M M M M M M M M M M M M M SAGG
=!.+C=-C *- V+m8()- M M M M M M M M M M M M M M SAG7

2
    h# @?2? #$9": "4 @?2? #?>: E?:" "E"22? @"2 5$#@"] 3$X$2‘ :$2 2$?L>A
"E"22? @"2 Z4>L"#$52?a$#] "4 GF Y?3? $952$ II $ IG #$:$: ? ? I⁄
 3>?: @?2? #$9": "4 @?2? #?>: E?:" 2$X>:<"M
   "E"22? @"2 5$#@"M
!( c  ?
(#? E"22$5? #?945$9;<" ^ 3$5$2A '
&( X$2>D>E?;<" 3" 1L?9" 3$ &?945$9;<"
#>9?95$ @?2? a?2?95>2 ?" X$WE4L" 4#? )d 0 3 ;06,+& #&'<( 8?:" 12"a2?#?3? 9$:5$ E?@W54L" $ 3" &?A
L"9a? 342?;<" $# E"93>;\$: >3$?>:M "E"22? @"2 Z4>L"#$52?a$#] 3$X$2‘ 94?L 3$ S?2?95>? @?2? ? E"22$5? #?A
:$2 2$?L>Y?3? $952$ NMFFF $ IIMFFF 945$9;<" $ a?2?95>? 3" X$WE4L"M
1"2 >::"] ? P>?5 3$D>9>4 4#? :^2>$ 3$
E"952"L$: $ 3$ >95$2X$9;\$: 3$ #?A h#M &?: E?:" "E"22? @"2 5$#@"] - :$2X>;" 3$ &?945$9;<" 12"a2?A
945$9;<" $# >95$2X?L": @2$$:5?K$L$A 3$X$2‘ :$2 2$?L>Y?3? $952$ II $ IG #?3? ^ $D$54?3" @$L?    %
E>3":] E"#" 3$:E2>5" 9" 1L?9" 3$ #$:$:M , & # ] E"# ": 5$#@": @2^AD>s?3":M
&?945$9;<" 12"a2?#?3?M Pd 0 3 ;06,+& #&'<( 8?:" ,$] 342?95$ ? 2$?L>Y?;<" 3$ E?3? >9A
"E"22? @"2 Z4>L"#$52?a$#] 3$X$2‘ 5$2X$9;<"] ?L^# 3?: "@$2?;\$: @2$A
’95$: 3$ Z4?LZ4$2 >9:@$;<"] ^] 9" X>:5?:] :$ ?@2$:$95?2 ? 9$E$::>3?3$ 3$
$95?95"] :$#@2$ 9$E$::‘2>" 5$2 $# :$2 2$?L>Y?3? $952$ NMFFF $ IIMFFF h#
? ? I⁄ 2$X>:<"M &?: E?:" "E"22? "452?: :4K:5>54>;\$: "4 2$@?2?;\$:]
?5$9;<" ?: >93>E?;\$: 3$:E2>5?: 9" ?: #$:#?: :g @"3$2<" :$2 $D$54?3?:
1L?9" 3$ &?945$9;<" 12"a2?#?3? @"2 5$#@"] 3$X$2‘ :$2 2$?L>Y?3? $952$
II $ IG #$:$: ? ? I⁄ 2$X>:<"M E"# " $s@LWE>5" ?E"23" 3" 8L>$95$M
p@"2 $sM X$2>D>E?2 @$2>"3>E?#$95$ (5>L>Y?93" D2$Z4$95$#$95$ " X$WE4L"
" 9WX$L 3": LWZ4>3":] ? @2$::<" 3": )d 0 3 ;06,+&  &<( 8?:" @?2? " 2$K"Z4$ 3$ ?52$L?3":] 2$34A
@9$4:] $5EMrM "E"22? @"2 Z4>L"#$52?a$#] 3$X$2‘ Y>2 " >95$2X?L" $952$ 4#? #?945$9A
’: 2$X>:\$: 3$X$# :$2 2$?L>Y?3?: :$2 2$?L>Y?3? $952$ INMFFF $ 6IMFFF ;<" @2"a2?#?3? $ ? "452?M ’
 .+ &
 1
+  
] h#M &?: E?:" "E"22? @"2 5$#@"]
"4 :$_?] ? E?3? IFMFFF h# pX$WE4L": 3$X$2‘ :$2 2$?L>Y?3? $952$ II $ IG
#$:$:M 
PL$sr "4 ? E?3? 6FMFFF h# pX$WE4L":
*>$:$Lr] "4 ? E?3? I6 #$:$:] 0% -: E4@\$: 3$ &?945$9;<" 12"a2?A
Pd 0 3 ;06,+&  &<( 8?:"
&,   .+ , 
 M #?3? :<" @2$:E2>5": @$L? #"95?3"2?M
"E"22? @"2 Z4>L"#$52?a$#] 3$X$2‘
’ 9<" $s$E4;<" 3": #$:#": @"3$
’: 5"L$2e9E>?: @$2#>5>3?: @?2? ? :$2 2$?L>Y?3? $952$ INMFFF $ 6IMFFF
E"#@"25?2 ? E$::?;<" 3? a?2?95>?M
$s$E4;<" 3?: 2$X>:\$: :$2<" 3$ IMFFF h# ? ? I⁄ 2$X>:<"M &?: E?:"

2$!

c ?E"9:$Lb‘X$L :>9?L>Y?2 d 
  , & #  $X$954?>: @$Z4$9?:
?9"#?L>?: 3$ D49E>"9?#$95"] :$#
$:@$2?2 @$L? $s$E4;<" 3" @2gs>#"
E4@"#M

2$"
 )7c )^ #N  P7W )^ #N
A
;eee<  , )*7*** [
+  , )P %
)d Pd Ld Wd Xd ^d bd cd fd )*d ))d )Pd )Ld )Wd )Xd )^d )bd )cd
M 0&,   .+ , 
 
; Z  a&
 0 3 & F<
,4K:5>54>;<" 3" gL$" 3" #"5"2 $ D>L52" 3$
' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '
gL$" 3" #"5"2M p«r
,4K:5>54>;<" 3" D>L52" 3$ E"#K4:5WX$LM p«r ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '
,4K:5>54>;<" 3" $L$#$95" 3" D>L52" 3$ ?:@>A
' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '
2?;<" 3$ ?2 3" #"5"2M p«r
V$2>D>E?;<" 3": 9WX$>: 3": LWZ4>3":uDL4>3":
3$ 5"3": ": :>:5$#?:% ?22$D$E>#$95" 3"
' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '
#"5"2] D2$>":] $#K2$?a$#] L?X?3"2 3":
X>32":] $5EM
V$2>D>E?;<" 3?: @?:5>Lb?: 3$ D2$>" 3?: 2"3?:
3>?95$>2?:M -K:M% 8?:" ? $:@$::42? v5>L 3?:
' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '
@?:5>Lb?: :$_? #$9"2 3" Z4$ H ##] 3$X$A
:$ :4K:5>54WAL?:M
V$2>D>E?;<" 3?: 54K4L?;\$: 3$ $:E?@?A
#$95"] 3$ ?L>#$95?;<" 3$ E"#K4:5WX$L $ ’
3": D2$>":M 8"#@"9$95$: 3$ K"22?Eb? 3? ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '
@?25$ >9D$2>"2 3" X$WE4L"] E">D?:] a4?29>A
;\$:] #?9a4$>2?: $ @9$4:M

2$%
A
;eee<  , )*7*** [
+  , )P %
)d Pd Ld Wd Xd ^d bd cd fd )*d ))d )Pd )Ld )Wd )Xd )^d )bd )cd
M 0&,   .+ , 
 
; Z  a&
 0 3 & F<
V$2>D>E?;<" 3" $:a4>Eb" $ @?Lb$5?: 3"
@?2?AK2>:? $ X>32" 52?:$>2"] E>95": 3$ :$A
a42?9;?] :>:5$#? 3$ >L4#>9?;<" $ :>9?L>A
' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '
Y?;<"] E"#?93": $L^52>E": 3": X>32": 3?:
@"25?:] :>:5$#? 3$ ?K$2542?uD$Eb?#$95" 3?:
@"25?:M
V$2>D>E?;<" 3" D>L52" 3" ?2AE"93>E>"9?3"M
' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '
p«r
V$2>D>E?;<" 3" :>:5$#? $L^52>E"u$L$52t9>E"
p2‘3>"] ?L?2#$] $5EMr] K?5$2>? $ >L4#>9?;<"
' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '
>95$29? $ $s5$29?M w4?32" 3$ >9:524#$95":
$ >93>E?3"2$:M
V$2>D>E?;<"] $ :$ 9$E$::‘2>"] 2$a4L?a$# 3"
' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '
D2$>" 3$ $:5?E>"9?#$95"M
V$2>D>E?;<"uL>#@$Y?uL4K2>D>E?;<" 3?: E?9?A
L$5?: $ E"#@"9$95$: #gX$>: 3" 5$5" :"L?2 ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '
p:$ $Z4>@?3"rM
V$2>D>E?;<" 3?: E"22$>?: 3": g2a<": ?4s>L>A
' ' ' ' ' '
?2$: 3" #"5"2M p««r
V$2>D>E?;<" 3" :>:5$#? 3$ >9_$;<"u>a9>;<"
3" #"5"2M (5>L>Y?2 " $Z4>@?#$95" 3$ 3>?aA ' ' ' ' ' '
9g:5>E"M

2$&
A
;eee<  , )*7*** [
+  , )P %
)d Pd Ld Wd Xd ^d bd cd fd )*d ))d )Pd )Ld )Wd )Xd )^d )bd )cd
M 0&,   .+ , 
 
; Z  a&
 0 3 & F<
,4K:5>54>;<" 3" DL4>3" 3": D2$>": pZ4?93"
3>:@"9WX$L ] 3$X$A:$ 5?#K^# :4K:5>54>2 "
? E?3? 6J #$:$: "4 ? E?3? JFMFFF h# p" Z4$ "E"22$2 @2>#$>2"r
DL4>3" 3" :>:5$#? 3$ ?E>"9?#$95" b>32‘4A
L>E" 3? $#K2$?a$#rM
V$2>D>E?;<"] $ :$ 9$E$::‘2>"] :4K:5>54>;<"
' ' ' '
3?: L"9?: 3$ D2$>" 3?: 2"3?: 52?:$>2?: p«rM
V$2>D>E?;<" 3" 9WX$L 3" gL$" 3? E?>s? 3$
' ' '
Ee#K>" #$Ee9>E" p:$ $Z4>@?3"rM
V$2>D>E?;<" 3" 9WX$L 3$ $#>::\$: 3": a?:$:
' ' '
3$ $:E?@?#$95"M
V$2>D>E?;<" 3" :>:5$#? $X?@"2?5>X" 3"
' ' '
5?9Z4$ 3$ E"#K4:5WX$LM p«r
,4K:5>54>;<" 3?: E"22$>?: 3": g2a<": ?4s>L>A
? E?3? J} #$:$: "4 ? E?3? 7FMFFF h# p" Z4$ "E"22$2 @2>#$>2"r
?2$: 3" #"5"2M p«r
,4K:5>54>;<" 3?: X$L?: 3$ >a9>;<" 3" #"A
? E?3? 7FMFFF h# p>93$@$93$95$ 3" 5$#@"r
5"2M
=9:@$E>"9?2 $] :$ 9$E$::‘2>"] :4K:5>54>2 ?

X‘LX4L? 18V 3" ,>:5$#? 3$ X$95>L?;<" 3" ' ' '
E‘25$2 3" #"5"2 oBL"iAKyoM p«r
,4K:5>54>;<" 3" gL$" 3? E?>s? 3$ Ee#K>"
'
#$Ee9>E" p:$ $Z4>@?3"rM
,4K:5>54>;<" 3" LWZ4>3" 3" :>:5$#? 3$ ?22$A
? E?3? 6J #$:$: p>93$@$93$95$ 3? Z4>L"#$52?a$#r
D$E>#$95" 3" #"5"2

2$’
A
;eee<  , )*7*** [
+  , )P %
)d Pd Ld Wd Xd ^d bd cd fd )*d ))d )Pd )Ld )Wd )Xd )^d )bd )cd
M 0&,   .+ , 
 
; Z  a&
 0 3 & F<

UL$" 3? E?>s? 3$ Ee#K>" ?45"#‘5>E"M P"2 )>D$ p:$# 9$E$::>3?3$ 3$ :4K:5>54>;<"r


C$X>:<" 3$ 8?22"E$2>?% X$2>D>E?;<" Z4?95"
? 3?9":] >9EL4:>X$ ?: @2"5$;\$: >9D$2>"2$: ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '
3? E?22"E$2>?M
;e<   .+ 0
 +/ +6B0 - , 
  F  ,M   06,+& + & F 
 
  
 
  M   M &
,  + 
,  28 0   + ; /.+M :' M   1    
 M ,7< + .+  G+0 & 1
 0 7
;ee< 
,  + & F23  06,+& 
 
  
    M    + &
, M -+ +
,  &  
 &
    ,    Z 13 +' &   ; %,  ,  B/
/ g:1+B&  <  , )*7*** [
+ )P
 M  ,%
: M -+  +/ + 237
;eee<  & 9 ,  
    ',+23  0 8 5(
  L*   ;  
  +  
 < , ,   
7
  )7*** [
;  
  +  
 < , ,   .+ &
 1
7
  (
 Z  & F23  a&
 0 3  ,  &    + 23  1 
M ,    

 - .+@ ,    +/ + 23  0 %
- ,23  , 
7

2$)
 P7* )^ 
A
 , P*7*** [
+  , )P M 0&,   .+ )d Pd Ld Wd Xd ^d bd cd fd )*d ))d )Pd
, 
  ; Z  a&
 0 3 & F<
,4K:5>54>;<" 3" gL$" 3" #"5"2 $ D>L52" 3$ gL$" 3" #"5"2M p«r
 23( " #"3$L"  & ^ $Z4>@?3" E"# 4# :>:5$#? Z4$ #"A
9>5"2? ? E"93>;<" 3$ 3$a2?3?;<" 3" gL$" 3" #"5"2] @"25?95"]
?L^# 3?: >93>E?;\$: @"2 Z4>L"#$52?a$# $ 5$#@" _‘ #$9E>"9?A ' ' ' ' ' ' ' ' ' ' ' '
3?:] ? :4K:5>54>;<" 3" gL$" 3" #"5"2 $ 3" D>L52" 3$ gL$" 3" #"A
5"2 3$X$2‘ :$2 $D$54?3? :$ ? :>9?L>Y?;<" 3$ 4#? L4YA$:@>? $:@$EWA
D>E? "4 4#? #$9:?a$# 9" @?>9$L 3$ >9:524#$95": "E"22$2M
,4K:5>54>;<" 3" D>L52" 3$ E"#K4:5WX$LM p«r ' ' ' ' ' ' ' ' ' ' ' '
,4K:5>54>;<" 3" $L$#$95" 3" D>L52" 3$ ?:@>2?;<" 3$ ?2 3" #"5"2M
' ' ' ' ' ' ' ' ' ' ' '
p«r
V$2>D>E?;<" 3": 9WX$>: 3": LWZ4>3":uDL4>3": 3$ 5"3": ": :>:5$#?:%
?22$D$E>#$95" 3" #"5"2] D2$>":] $#K2$?a$#] L?X?3"2 3": X>32":] ' ' ' ' ' ' ' ' ' ' ' '
$5EM
V$2>D>E?;<" 3?: @?:5>Lb?: 3$ D2$>" 3?: 2"3?: 3>?95$>2?:M -K:M%
8?:" ? $:@$::42? v5>L 3?: @?:5>Lb?: :$_? #$9"2 3" Z4$ H ##] ' ' ' ' ' ' ' ' ' ' ' '
3$X$A:$ :4K:5>54WAL?:M

V$2>D>E?;<" 3?: 54K4L?;\$: 3$ $:E?@?#$95"] 3$ ?L>#$95?;<" 3$
E"#K4:5WX$L $ 3": D2$>":M 8"#@"9$95$: 3$ K"22?Eb? 3? @?25$ ' ' ' ' ' ' ' ' ' ' ' '
>9D$2>"2 3" X$WE4L"] E">D?:] a4?29>;\$:] #?9a4$>2?: $ @9$4:M
V$2>D>E?;<" 3" $:a4>Eb" $ @?Lb$5?: 3" @?2?AK2>:? $ X>32" 52?A
:$>2"] E>95": 3$ :$a42?9;?] :>:5$#? 3$ >L4#>9?;<" $ :>9?L>Y?A
' ' ' ' ' ' ' ' ' ' ' '
;<"] E"#?93": $L^52>E": 3": X>32": 3?: @"25?:] :>:5$#? 3$ ?K$2A
542?uD$Eb?#$95" 3?: @"25?:M

2$*
A
 , P*7*** [
+  , )P M 0&,   .+ )d Pd Ld Wd Xd ^d bd cd fd )*d ))d )Pd
, 
  ; Z  a&
 0 3 & F<

V$2>D>E?;<" 3" D>L52" 3" ?2AE"93>E>"9?3"M p«r ' ' ' ' ' ' ' ' ' ' ' '
V$2>D>E?;<" 3" :>:5$#? $L^52>E"u$L$52t9>E" p2‘3>"] ?L?2#$] $5EMr]
K?5$2>? $ >L4#>9?;<" >95$29? $ $s5$29?M w4?32" 3$ >9:524#$95": ' ' ' ' ' ' ' ' ' ' ' '
$ >93>E?3"2$:M
V$2>D>E?;<"] $ :$ 9$E$::‘2>"] 2$a4L?a$# 3" D2$>" 3$ $:5?E>"9?A
' ' ' ' ' ' ' ' ' ' ' '
#$95"M
V$2>D>E?;<" 3" :>:5$#? 3$ X$95>L?;<" 3" E‘25$2 3" #"5"2 oKL"i
' ' ' ' ' ' ' ' ' ' ' '
KyoM p«r
V$2>D>E?;<"uL>#@$Y?uL4K2>D>E?;<" 3?: E?9?L$5?: $ E"#@"9$95$:
' ' ' ' ' ' ' ' ' ' ' '
#gX$>: 3" 5$5" :"L?2 p:$ $Z4>@?3"rM
V$2>D>E?;<" 3" :>:5$#? 3$ >9_$;<"u>a9>;<" 3" #"5"2M (5>L>Y?2 "
' ' ' ' ' '
$Z4>@?#$95" 3$ 3>?a9g:5>E"M
V$2>D>E?;<" 3" 9WX$L 3" gL$" 3? E?>s? 3$ Ee#K>" #$Ee9>E" p:$
' ' ' ' '
$Z4>@?3"rM
V$2>D>E?;<" 3" 9WX$L 3$ $#>::\$: 3": a?:$: 3$ $:E?@?#$95"M ' ' ' ' ' '
,4K:5>54>;<" 3" DL4>3" 3": D2$>": pZ4?93" 3>:@"9WX$L] 3$X$A:$
5?#K^# :4K:5>54>2 " DL4>3" 3" :>:5$#? 3$ ?E>"9?#$95" b>32‘4L>E" ’ E?3? 6J #$:$: "4 7FMFFF h# p" Z4$ "E"22$2 @2>#$>2"rM
3? $#K2$?a$#rM
V$2>D>E?;<"] $ :$ 9$E$::‘2>"] :4K:5>54>;<" 3?: L"9?: 3$ D2$>" 3?:
' ' ' ' ' '
2"3?: 52?:$>2?: p«rM
V$2>D>E?;<" 3?: E"22$>?: 3": g2a<": ?4s>L>?2$: 3" #"5"2M p««r ' ' ' '

,4K:5>54>;<" 3?: E"22$>?: 3": g2a<": ?4s>L>?2$: 3" #"5"2M p«r ? E?3? J} #$:$: "4 ? E?3? 7FMFFF h# p" Z4$ "E"22$2 @2>#$>2"r

2$+
A
 , P*7*** [
+  , )P M 0&,   .+ )d Pd Ld Wd Xd ^d bd cd fd )*d ))d )Pd
, 
  ; Z  a&
 0 3 & F<
,4K:5>54>;<" 3" gL$" 3? E?>s? 3$ Ee#K>" #$Ee9>E" p:$ $Z4>A
' '
@?3"rM
V$2>D>E?;<" 3? E"22$>? 3$95?3? 3" E"#?93" 3? 3>:52>K4>;<" 3"
' ' '
#"5"2M p««r
,4K:5>54>;<" 3? E"22$>? 3$95?3? 3" E"#?93" 3? 3>:52>K4>;<" 3"
? E?3? J} #$:$: "4 ? E?3? }FMFFF h# p" Z4$ "E"22$2 @2>#$>2"r
#"5"2M p«r
,4K:5>54>;<" 3" LWZ4>3" 3" :>:5$#? 3$ ?22$D$E>#$95" 3" #"5"2 ? E?3? 6J #$:$: p>93$@$93$95$ 3? Z4>L"#$52?a$#r

UL$" 3? E?>s? 3$ Ee#K>" ?45"#‘5>E"M P"2 )>D$ p:$# 9$E$::>3?3$ 3$ :4K:5>54>;<"r


C$X>:<" 3$ 8?22"E$2>?% X$2>D>E?;<" Z4?95" ? 3?9":] >9EL4:>X$ ?:
' ' ' ' ' ' ' ' ' ' '
@2"5$;\$: >9D$2>"2$: 3? E?22"E$2>?M
;e<   .+ 0
 +/ +6B0 - , 
  F  ,M   06,+& + & F 
 
  
 
  M   M &
,  + 
,  28 0   + ; /.+M :' M   1    
 M ,7< + .+  G+0 & 1
 0 7
;ee< 
,  + & F23  06,+& 
 
  
    M    + &
, M -+ +
,  &  
 &
    ,    Z 13 +' &   ; %,  ,  B/
/ g:1+B&  <M ,      &
     
, P*7*** [
+ )P
 M  ,: M -+  +/ + 287
;eee<  & 9 ,  
    ',+23  0 8 5(

  L*   ;  
  +  
 < , ,   
7
  )*** [
;  
  +  
 < , ,   .+ &
 1
7
  (
 Z  & F23  a&
 0 3  ,  &    + 23M ,    

 - .+@ ,    +/ + 23  0 - ,23 
, 
7

2$,
#A ? O   %  &"5"2 Z4$ a>2? D2$Z4$95$#$95$
 $# #?2Eb? L$95? "4 L"9a": @$2A
’ E?3? IMFFF h# "4 ?95$: 3$ X>A
E42:": ? K?>s? X$L"E>3?3$] >9EL>A
?a$9: L"9a?:] E"952"L?2 $ $X$954?LA +# E?:" 3$ ?E$93>#$95" 3" :W#A
9?;\$: ?E$954?3?: @"2 L"9a": @$A
#$95$ 2$:5?K$L$E$2% K"L" p?#?2$L" e#K?2r 9" 3>:@L?y
2W"3": $u"4 a2?93$: ?L5>543$:M
pgL$" 3" #"5"2 3$a2?3?3"r] " gL$" 3"
#"5"2 3$X$ :$2 :4K:5>54W3" >#$3>?5?A  +# E?:" 3$ L"9a? >9?5>X>3?3$ 3"
 - 9WX$L 3" LWZ4>3" 3$ ?22$D$E>A
#$95$] >93$@$93$95$ 3? Z4>L"#$52?A X$WE4L" p:4@$2>"2 ? GF 3>?:rM
#$95" 3" #"5"2
 - 9WX$L 3" LWZ4>3" 3": D2$>":M a$# @$2E"22>3? $u"4 5$#@" 3$ 4:"]
:"K @$9? 3$ 3?9": :$X$2": ?" #"5"2M c 9$E$::‘2>" $D$54?2 ?: :$a4>95$:
 - 9WX$L 3" LWZ4>3" 3" L?X?3"2 3" X$2>D>E?;\$: E"# #?>: D2$Z4[9E>? 3"
@?2?AK2>:?M Z4$ ? >93>E?3? 9" 1L?9" 3$ &?94A
 12$::<" $ E"93>;\$: 3": @9$4:M  5$9;<" 12"a2?#?3?%
 - D49E>"9?#$95" 3" :>:5$#? 3$ ’.+!/0-% ": >95$2X?L": 3$ :4K:A
>L4#>9?;<" pD?2g>:] >93>E?3"2$: 5>54>;<" 3$ gL$" 3" #"5"2] :$_? @"2  8"952"L$ 3?: E"93>;\$: $ 3$:A
3$ 3>2$;<"] $#$2a[9E>?] $5EMr 5$#@" "4 Z4>L"#$52?a$#] 3$X$# :$2 a?:5$ 3?: @?:5>Lb?: 3": D2$>": 3>A
 P49E>"9?#$95" 3" :>:5$#? L>#A 2$34Y>3": d #$5?3$ 9": E?:": 3$ 45>A ?95$>2":M
@?3"2uL?X?3"2 3" @?2?AK2>:? $ @"A L>Y?;<" :$X$2? 3" X$WE4L"] "4 :$_?]  8"952"L$ 3" $:5?3" 3$ L>#@$Y?
:>E>"9?#$95"u 3$:a?:5$ 3?: @?A E?:" " X$WE4L" :$_? 45>L>Y?3" @2$3"A 3?: D$Eb?342?: 3" E?@t 3" #"5"2
Lb$5?:M #>9?95$#$95$ $# 4#? "4 #?>: 3?: $ 3?: @"25?: 3" E"#@?25>#$95"
:$a4>95$: E"93>;\$:% 3$ E?2a?:] L>#@$Y? $ L4K2>D>E?;<"
’ E?3? L7*** h#] X$2>D>E?2 $] :$ 3?: ?L?X?9E?:M
9$E$::‘2>"] 2$:5?K$L$E$2 " 9WX$L 3$  C$K"Z4$ 3$ ?52$L?3":] 5‘s>] $9A  8"952"L$ X>:4?L 3?: E"93>;\$:%
gL$" 3" #"5"2M 52$a? 3$ @"25? $# @"25?] $5EM #"5"2] E?>s? 3$ Ee#K>"]
 +:52?3?: @"$>2$95?:] ?2$9":?:] L?A 52?9:#>::<"] :$a#$95": 2Wa>3": $
#?E$95?:] $5EM DL$sWX$>: 3?: 54K4L?;\$: p$:E?@$]
 1$2E42:": K2$X$: p#$9": 3$ ¡A} ?L>#$95?;<" 3$ E"#K4:5WX$L $
h#r $ 2$@$5>3": $u"4 E"# 5$#@$A D2$>":r $L$#$95": 3$ K"22?Eb?
2?542?: K?>s?:M pE">D?:] #?9a?:] E?:Z4>Lb":]
$5EMrM
2$!-
 8"952"L$ 3" $:5?3" 3$ E?2a? $ +s?#>9?2 >#$3>?5?#$95$ $X$954A # M 1?2? $D$54?2 @$::"?L#$95$ ?:
9WX$L 3" LWZ4>3" 3? K?5$2>? p$L$A ?>: ?9"#?L>?: 3$ D49E>"9?#$95" 9? "@$2?;\$: @$2>g3>E?: $ ?: @$Z4$9?:
52gL>5"rM    , & # M >95$2X$9;\$: 3$ #?945$9;<" 9" X$WA
 8"952"L$ X>:4?L 3?: E"93>;\$: 3?: E4L"] ^ ?E"9:$Lb‘X$L 45>L>Y?2 $Z4>@?A
E"22$>?: 3$ E"#?93" 3": ?E$::gA #$95" ?3$Z4?3"] @$;?: a$94W9?: $
2>":M ": LWZ4>3": 9$E$::‘2>":M
 8"952"L$ $ $X$954?L :4K:5>54>;<" ! !<" $D$54?2 Z4?LZ4$2 5>@" 3$ >95$2A
3" gL$" 3" #"5"2 $ 3" D>L52" 3" - X$WE4L" $:5‘ $Z4>@?3" E"# LWZ4>A X$9;<" :$ 9<" @"::4>2 ? $s@$2>[9E>?
gL$"M 3": "5>#>Y?3": @?2? @2"5$a$2 " :$4 9$E$::‘2>?M
 8"952"L$ $ $X$954?L :4K:5>54>;<" 3$:$#@$9b"] 342?;<" $ @2"L"9a?2 ":
3" D>L52" 3" ?2AE"93>E>"9?3"M :$4: >95$2X?L": 3$ #?945$9;<"M !<" ’: @‘a>9?: :$a4>95$: E"95[# ?:
 8"952"L$ $ $X$954?L :4K:5>54>;<" 45>L>Y?2 :4K:5e9E>?: Z4W#>E?: @?2? L?A 9"2#?: :"K2$ ? #?945$9;<" ,:%
3" D>L52" 3" ?2M X?2 $:5$: E"#@"9$95$:] 4#? X$Y Z4$  @2$X>:5? @$L" @$::"?L 5^E9>E" Z4$
@"3$# 3?9>D>E?2 " #"5"2] ? E?>s? 3$ @2"_$5"4 " X$WE4L"M
Ee#K>" "4 " :>:5$#? 3$ EL>#?5>Y?A
  % ’L^# 3$:5?: >93>E?;\$: 3$ #?94A
;<"M +::$: 3?9": 9<" $:5<" E"K$25":
 5$9;<" $:@$E>D>E?3?: 9? #?945$9;<"
@$L? a?2?95>? 3" X$WE4L"M
@2"a2?#?3? 2$a4L?2] $:5<" @2$:$95$:
,$ D"2 9$E$::‘2>" $D$54?2 4#? L?A "452": E"#@"9$95$: Z4$ @"3$# 9$A
X?a$# 3$X>3" d ?X?2>? 3$ 4# E"#A E$::>5?2 3$ >95$2X$9;\$: "4 :4K:5>54>A
! @"9$95$] 45>L>Y?2 $sEL4:>X?#$95$ " ;\$: 342?95$ " E>EL" 3$ X>3? 3" X$WA
’ #?945$9;<" $22?3? 3" X$WE4L" LWZ4>3" $:@$EWD>E" @?2? 5?L @2"E$3>A E4L"M ’
"4 ? 9<" $s$E4;<" 3$ >95$2X$9;\$: $ #$95"M
2$@?2?;\$: pZ4?93" 9$E$::‘2>?:r @"A
3$# L$X?2 ? 2$@?2?;\$: #?>: 3>:@$9A
3>":?:] 3?9": $# "452": E"#@"9$9A
5$: "4 4# >#@?E5" 9$a?5>X" 9" 3$A !
:$#@$9b" 3" X$WE4L"M
c ?E"9:$Lb‘X$L E"9D>?2 ? #?945$9A
;<" 3" X$WE4L" d    , &
2$!!
?   X$WE4L" 3$X$ ?>93? :$2 $:5?E>"9?3" :$ d: $95>3?3$: E"#@$5$95$: @?2? E"A
:"K2$ 4#? :4@$2DWE>$ @L?9?M 9b$E$2 ? 9"2#? L"E?LM
  &  60&  Z& 

P?Y$2 E"# Z4$ " 9WX$L 3" gL$"
:$ :>54$ :$#@2$ 9" >95$2>"2 3? :$;<" 
3? b?:5$ 3$ E"952"L$ E"#@2$$93>3?
! UL$" 4:?3" $ D>L52": $L>#>9?3": 3$
$952$ ": L>#>5$: #W9>#" $ #‘s>#"M
D"2#? >9E"22$5? @"3$# @2"X"E?2 a2?A
(#? Z4?95>3?3$ $sE$::>X? "4 X$: 3?9": 9" ?#K>$95$M
>9:4D>E>$95$ 3$ gL$" 9" >95$2>"2 3" +/ + 23  Z& 

KL"E" ^ $s52$#?#$95$ @2$_43>E>?L
8"9:4L5?2 " o1L?9" 3$ #?945$9;<"
@?2? " #"5"2M #  ?  
@2"a2?#?3?o @?2? E"9b$E$2 ": >95$2A
12$:5?2 ?5$9;<" @?2? #?95$2 4# X?L": 3$ #?945$9;<" E"22$5":M +/ + 23  - &   Z& 
9WX$L ?3$Z4?3"M

,&G     Z& 
 - D>L52" 3" gL$" 3" #"5"2 3$X$
1?2? a?2?95>2 4#? E"22$5? L4K2>D>A 1?2? a?2?95>2 g5>#" 3$:$#@$9b" $ :$2 :4K:5>54W3" ? E?3? :4K:5>54>;<" 3"
E?;<" 3" #"5"2] ^ >93>:@$9:‘X$L Z4$ #‘s>#? @2"5$;<" $# Z4?LZ4$2 5>@" gL$" 3" #"5"2M
" gL$" :$_? :$#@2$ #?95>3" ?" 9WA 3$ E"93>;<" 3$ D49E>"9?#$95"] ^
X$L @2$:E2>5" pE"9:4L5?2 " @?2‘a2?D" -: >95$2X?L": 3$ #?945$9;<" 3$A
?E"9:$Lb‘X$L 45>L>Y?2 $sEL4:>X?#$95$ X$# :$2 "K:$2X?3": 9" x1L?9" 3$
o8"#@?25>#$95" 3" #"5"2o 9$:5$ E?A gL$": 3" #"5"2 E$25>D>E?3": ’8+’
@W54L"rM &?945$9;<" @2"a2?#?3?z 3$ ?E"23"
pE"9:4L5?2 " @?2‘a2?D" oPL4>3": "2>a>A E"# " 5>@" 3$ 45>L>Y?;<" 3" X$WE4L"M
V$2>D>E?2 " 9WX$L 3" gL$" $# >95$2A 9?>: $ L4K2>D>E?95$:o 9" E?@W54L" o*?A
X?L": 2$a4L?2$:] @"2 $s$#@L" ? E?3? 3": 5^E9>E":orM 1?2? ? :4K:5>54>;<"] ^ 9$E$::‘2>"
?K?:5$E>#$95" 3$ E"#K4:5WX$LM 45>L>Y?2 4#? @$;? a$94W9?] $:@$E>A
&
23  Z& 
 1 D>E?#$95$ E"9E$K>3? @?2? $:5$ X$WA
’ X$2>D>E?;<" 3$X$ :$2 $D$54?3? E4L"M
E$2E? 3$ H #>945": ?@g: 5$2 3$:L>a?3"    , 0 - & 
" #"5"2] 4#? X$Y ?5>9a>3? ? @L$9? 1?2? ? $L>#>9?;<" 3" gL$" 3" #"A
5$#@$2?542? 3$ D49E>"9?#$95"M - 5"2 $ 3": 2$:@$E5>X": D>L52":] 3>2>a>2A

2$!"
#   % % % LWZ4>3" 2$D2>a$2?95$ "4 Z4?LZ4$2 2$A
   @?2?;<" Z4$ $s>_? ? 3$:?5>X?;<" 3?:
54K4L?;\$: 3$X$ :$2 $D$54?3" @$L?
   , & # M
!
- :>:5$#? 3$ >952"34;<" 3$ ?2 pD>LA ! 1?2? a?2?95>2 " #$Lb"2 3$:$#A
52" 3$ ?2] 54K4L?;\$: 3$ K"22?Eb?] C$E"#$93?A:$ ? 45>L>Y?;<" $sEL4A @$9b" @"::WX$L] " :>:5$#? 3$
$5EMr @"3$ 3$:$#@$9b?2 4#? D49A :>X? 3$ LWZ4>3": 2$D2>a$2?95$: $ L4K2>A ?2AE"93>E>"9?3" 3$X$ :$2 E"952"L?3"
;<" 3$ @2"5$;<" $# E?:" 3$ 2$5"29": D>E?95$: @?2? E"#@2$::"2 ?@2"X?3": $ :4K#$5>3" ? #?945$9;<" _495" 3?
3$ Eb?#? 3" #"5"2M !0- C+&-A $ ?3$Z4?3": ?" $:@$EWD>E" :>:5$#?    , & #  9" >9WE>" 3"
V+C $:5$ :>:5$#? ? 9<" :$2 @?2? @"A 3$ ?2AE"93>E>"9?3" 3" X$WE4L"M ’LA X$2<"M
3$2 @2"E$3$2 ? >95$2X$9;\$: 3$ 2$@?A a49: 2$D2>a$2?95$: 9<" ?@2"X?3": :<"
2?;<" "4 3$ #?945$9;<"M >9DL?#‘X$>: $ @"3$# $s@L"3>2] E"#
" 2>:E" 3$ E?4:?2 L$:\$:M 
’95$: 3$ L>a?2 " #"5"2] E$25>D>E?2A:$ !<" 45>L>Y?2 :4K:5e9E>?: Z4WA
3$ Z4$ " :>:5$#? 9<" $:5‘ 3$:#"9A ’ 45>L>Y?;<" 3$ LWZ4>3": 2$D2>a$2?9A #>E?: @?2? L?X?2 " :>:5$#? 3"
5?3"% ? >9"K:$2Xe9E>? 3$:5? @2$E?4A 5$: "4 L4K2>D>E?95$: 9<" ?@2"X?3": ?2AE"93>E>"9?3"] 4#? X$Y Z4$ ":
;<" @"3$ @2"X"E?2 a2?X$: L$:\$:M @"3$] ?>93?] E"#@2"#$5$2 ? $D>E>[9A E"#@"9$95$: >95$29": @"3$2>?#
E>? 3" :>:5$#?] 5"29?93" 9$E$::‘2>?: D>E?2 3?9>D>E?3":M *?9": 3$::? 9?54A
+/ + 23  - &    2$@?2?;\$: 3>:@$93>":?:M 2$Y? 9<" :<" E"K$25": @$L? a?2?95>?M
1?2? ? :4K:5>54>;<"] ^ 9$E$::‘2>"
45>L>Y?2 4#? @$;? 1 +6 ] $:@$E>A +/ + 23  - &   ’
D>E?#$95$ E"9E$K>3? @?2? $:5$ X$WA  %,  ,   ; .+ <
E4L"M !
8"9:4L5?2 " o1L?9" 3$ #?945$9;<"
-: >95$2X?L": 3$ #?945$9;<" 3$A - :>:5$#? 3" ?2AE"93>E>"9?3" @2"a2?#?3?o @?2? E"9b$E$2 ": >95$2A
X$# :$2 "K:$2X?3": 9" x1L?9" 3$ E"95^# LWZ4>3" 2$D2>a$2?95$ ? ?L5? X?L": 3$ #?945$9;<" E"22$5":M
&?945$9;<" @2"a2?#?3?z 3$ ?E"23" @2$::<"M
1?2? ? :4K:5>54>;<" 3" D>L52"] 3>2>a>2A
E"# " 5>@" 3$ 45>L>Y?;<" 3" X$WE4L"M 1?2? $X>5?2 3?9": $# @$::"?: "4 :$ d    , & # M
9" :>:5$#?] " $X$954?L ?E2^:E>#" 3$
2$!%
#  $ @2"X"E?2 >9E[93>" E?:" :$ $:5?E>"9$ #$95$ d    , & # M -
" X$WE4L" :"K2$ #?5$2>?L >9DL?#‘X$LM D49E>"9?#$95" @2"L"9a?3" $ ?9tA
1?2? ? :4K:5>54>;<"] ^ 9$E$::‘2>"
’::>#] $2X?] E?@>#] #?5"] "4 D"Lb?: #?L" 3" #"5"2 @"3$ @2"X"E?2 " :4@$A
45>L>Y?2 4#? @$;? 1 +6 ] $:@$E>A
:$E?:] $# a$2?L] @"3$# >9E$93>?2A 2?Z4$E>#$95" 3" E?5?L>:?3"2 $] E"9A
D>E?#$95$ E"9E$K>3? @?2? $:5$ X$WA
:$ :$ $952?2$# $# E"95?5" E"# " :$Z4$95$#$95$] @"::WX$>: 3?9": 9"
E4L"M
:>:5$#? 3$ $:E?@?#$95" 3" X$WE4L"M #$:#" $ 9" X$WE4L"M
-: >95$2X?L": 3$ #?945$9;<" 3$A
X$# :$2 "K:$2X?3": 9" x1L?9" 3$ +X>5?2 $:5?E>"9?2 " X$WE4L" "4
(#? #?945$9;<" ?3$Z4?3? 3"
&?945$9;<" @2"a2?#?3?z 3$ ?E"23" 45>L>Y‘AL" "93$ " :>:5$#? 3$ $:E?@?A
:>:5$#? 3$ $:E?@?#$95" 3" #"5"2
E"# " 5>@" 3$ 45>L>Y?;<" 3" X$WE4L"M #$95" @"::? $952?2 $# E"95?5" E"#
E"9:5>54> ? #$Lb"2 @2"5$E<" E"952?
#?5$2>?L >9DL?#‘X$LM
>9D>L52?;\$: 3$ #"9gs>3" 3$ E?2K"9"
9" b?K>5‘E4L"M
  
,$ D"2 3$5$E5?3" 4# 24W3" ?9tA
#?L" 3" $:E?@?#$95"] "4 ? @2$:$9;?
!
3$ D4#?;? 9" >95$2>"2 3" b?K>5‘E4L"]
! -: X$WE4L": $Z4>@?3": E"# E"9A "4 :$ " D493" 3? E?22"E$2>? "4 ?
’: $#>::\$: 3" $:E?@?#$95" :<" X$2:"2 E?5?LW5>E" 3$X$# :$2 ?L>#$95?A @?25$ 52?:$>2? 3" X$WE4L" 5>X$2$# D>A
#4>5" @$2>a":?: $ @"3$# :$2 L$5?>:M 3": $sEL4:>X?#$95$ E"# a?:"L>9? E?3" 3?9>D>E?3":] #?93?2 X$2>D>E?2
:$# Eb4#K"M (#? a?:"L>9? E"9A 5"3" " :>:5$#? 3$ $:E?@?#$95" $ ?:
*$ D?5"] E"95[# #"9gs>3" 3$ E?2A 5$93" Eb4#K" 3?9>D>E?2>? >22$#$3>?A ‘2$?: 3? E?22"E$2>? ?3_?E$95$: _495"
K"9"] 4# a‘: >9E"L"2 $ >9"3"2" Z4$] X$L#$95$ " E?5?L>:?3"2 $ ?94L?2>? d    , & #  @?2? >3$95>D>A
:$ >9?L?3"] @"3$ @2"X"E?2 3$:#?>": ? D49;<" 3$ 2$34;<" 3?: $#>::\$: E?2 $X$954?>: E"#@"9$95$: @?25>3":]
$ $9X$9$9?#$95":M @"L4$95$:] E"#@2"#$5$93" a2?X$A 3?9>D>E?3":] 3$5$2>"2?3": "4 Z4$ 5$A
#$95$ " 3$:$#@$9b" 3" #"5"2] 9b?# :"D2>3" 3$:L"E?#$95": 2$L?5>A
3?9>D>E?93"A" 3$ #"3" >22$@?2‘X$LM X?#$95$ d @":>;<" 3$ #"95?a$# E"2A
,$ " #"5"2 9<" D49E>"9?2 E"22$5?A 2$5?M
! #$95$] @?25>E4L?2#$95$ $# E?:" 3$ ,"L3?342?: ?K$25?: "4 L>a?;\$: 3$A
- :>:5$#? 3$ $:E?@?#$95" @"3$ >a9>;<" >22$a4L?2 "4 3$ 4#? Z4$3? :?@$25?3?: @"3$# @$2#>5>2 >9D>L52?A
?5>9a>2 $L$X?3?: 5$#@$2?542?: $ @"3$ 3$ 3$:$#@$9b"] 3>2>a>2A:$ >#$3>?5?A
2$!&
;\$: 3$ a?:$: 3$ $:E?@$ 9" >95$2>"2 3>;\$: 3$ D49E>"9?#$95" D"2$# 5$#?% ^ 9$E$::‘2>" 3>2>a>2A:$ d 
3" b?K>5‘E4L"M #?9>D$:5?#$95$ >22$a4L?2$:M   , & # M
&?93?2 X$2>D>E?2 " :>:5$#? 3$ $:A V$2>D>E?2 ? @?25$ 3>?95$>2? 3" E"9A
E?@?#$95" :$#@2$ Z4$ " X$WE4L" D"2   # 3$9:?3"2 @?2? X$2>D>E?2 $X$954?L ?EvA
$L$X?3"M ,4K:5>54>2 ": E"#@"9$9A #4L" 3$ >9:$5":] D"Lb?: $ "452": 3$A
5$: "93$ 9$E$::‘2>" p@?2? $:5?: "@$A ’ :?W3? 3$ LWZ4>3" 3$ ?22$D$E>A 52>5":M ,$ $:5>X$2 :4_?] L>#@‘AL? @4LX$A
2?;\$:] 3>2>a>2A:$ d    , & #$95" 3" #"5"2 "4 3$ X?@"2 3" 2?A 2>Y?93" L$X$#$95$ ‘a4?M
# rM 3>?3"2 @"3$ @2"X"E?2 Z4$>#?342?:
a2?X$:M V$2>D>E?2 ": 54K": DL$sWX$>: 3" :>:A
+# E"93>;\$: 3$ D49E>"9?#$95" 5$#? 3$ ?22$D$E>#$95" 3" #"5"2 @?2?
9"2#?>:] " E"9X$2:"2 E?5?LW5>E" 9<" ,$ 9"5?2 X?@"2 @2"X$9>$95$ 3" X<" a?2?95>2 Z4$ ? K"22?Eb? 9<" $:5$_?
2$Z4$2 #?945$9;<"% 5"3?X>?] @?2? 3" #"5"2] 9<" ?K2>2 " E?@t ?5^ Z4$ " 3$5$2>"2?3? $ Z4$ 9<" $s>:5$# D$9A
?::$a42?2 " E"22$5" D49E>"9?#$95" 2?3>?3"2 5$9b? ?22$D$E>3"M 3?:] L?E$2?;\$:] E"25$: $ "K:524;\$:
$ $X>5?2 Z4$ D>Z4$ 3?9>D>E?3"] ^ $sA 9": 54K": 3" L?3" 3" 2$:$2X?5g2>" 3$
52$#?#$95$ >#@"25?95$ Z4$ " #"5"2  $s@?9:<" $ 3" L?3" 3" 2?3>?3"2M ,$
D49E>"9$ @$2D$>5?#$95$M 5>X$2 3vX>3?: Z4?95" ? X?Y?#$95":
!49E? 5$95?2 5>2?2 " 5?#@<" E"# "
3" :>:5$#? p@"2 $sM 9? @2$:$9;? 3?
1?2? 2$34Y>2 ?" #W9>#" " 2>:E" 2?3>?3"2 "4 " 2$:$2X?5g2>" 3$ $s@?9A
9$E$::>3?3$ 3$ ?K?:5$E>#$95": D2$A
3$ 3?9>D>E?2 " E"9X$2:"2 E?5?LW5>E"] :<" Z4$95$:M 1+C=S- *+ w(+=&’A
Z4$95$:r] #?93?2 X$2>D>E?2 ? $:5?9A
@2"E$3$2 3" :$a4>95$ #"3"% *(C’,O
Z4$>3?3$ _495" d    , &
# M
 !<" 3$:L>a?2 " #"5"2 "4 3$:L>a?2  - ,23  &6.+    -, %
" E"#45?3"2 3$ >a9>;<" E"# 4#?
  
 8"# " #"5"2 3$:L>a?3" $ d 5$#@$A ’
#?2Eb? ?E"@L?3? $ " X$WE4L" $# 2?542? 3$ D49E>"9?#$95" 9"2#?L] X$A
V$2>D>E?2 " 9WX$L 3" LWZ4>3" 3$ ?22$A 2>D>E?2 ? X$3?;<" 3" 2?3>?3"2 3" :>:A
#"X>#$95"M
D$E>#$95" 3" #"5"2 p3$ @2$D$2[9E>?] 5$#? 3$ ?22$D$E>#$95"M
 !<" 5$95?2 L>a?2 " #"5"2 E"# ?95$: 3" >9WE>" 3? $:5?;<" D2>?rM
#?9"K2?: 3$ >9^2E>?M
 !<" >9:>:5>2 9? 45>L>Y?;<" 3" X$WA ,$] 9" >95$2>"2 3" LWZ4>3" 3$ ?22$D$A
E4L" :$ " 2$a>#$ 3$ #?2Eb? L$95? E>#$95" 3" #"5"2 $s>:5>2$# >#@42$A
D"2 #4>5" >22$a4L?2 "4 ?: E"9A Y?:] $:X?Y>?2] L?X?2 $ ?K?:5$E$2 " :>:A

2$!’
$ L4K2>D>E?95$:o pE"9:4L5?2 " E?@W54L"
 
o*?3": 5^E9>E":orM
!0- 5>2?2 " 5?#@<" :$ " LWZ4>3" !49E? ?3>E>"9?2 LWZ4>3" 3$ ?22$D$A
$:5>X$2 D$2X$93"% 1+C=S- *+ w(+=A E>#$95" E"# " #"5"2 Z4$95$ "4 :"A
&’*(C’,O  K2$?Z4$E>3"M
!<" 45>L>Y?2 ?@$9?: ‘a4? @42?] LWA
Z4>3": 3$ ?22$D$E>#$95" 3" #"5"2 d
 
K?:$ 3$ ‘LE""L] >9>K>3"2$: 3$ E"22"A
’95$: 3$ >95$2X>2 9? 3$:#"95?a$# :<" "4 @2"345": ?95>D$224a$# ?3>E>A !<" 5$95?2 $:D2>?2 " #"5"2 :4@$2?A
3" 5?#@<" 3" 2$:$2X?5g2>" 3" LWZ4>3" "9?>:] 4#? X$Y Z4$ @"3$# :$2 >9A Z4$E>3" 3$:?@$25?93" "4 2$5>2?93" "
3$ ?22$D$E>#$95" 3" #"5"2] ?a4?23?2 E"#@?5WX$>: E"# " LWZ4>3" 3$ ?22$D$A 5?#@<"M - E?L"2 @2"X"E?] 3$ D?5"]
Z4$ " :>:5$#? $:D2>$M E>#$95" 3" #"5"2 $ @2"X"E?2 ? "K:A 4# 9"5‘X$L ?4#$95" 3? @2$::<" 9"
524;<" 3" 2?3>?3"2M ’L^# 3>::"] ^ :>:5$#? 3$ ?22$D$E>#$95"M
/,
 B, 1B&01
?E"9:$Lb?X$L ? 45>L>Y?;<" 3$ LWZ4>3"
,
&6.+    -,
   3$ ?22$D$E>#$95" d K?:$ 3$ @2"@>L$9"


 aL>E"LM
(5>L>Y?2 $sEL4:>X?#$95$ " 5?#@<"
,$ " LWZ4>3" 3$ ?22$D$E>#$95" 3" 3" 2?3>?3"2 @2$X>:5" @?2? " X$WE4L"
#"5"2 $:5>X$2 :4_"] $D$54?2 >95$2X$9A 
3      
 
@?2? $X>5?2 3?9": 9" #"5"2M
;\$: 3$ L>#@$Y? $ L?X?a$# _495" d  -,
  

   , & # M - 5?#@<" 3$X$ :$2 K$# D$Eb?3" &
23  &6.+    -, %
8"9:4L5?2 " o1L?9" 3$ #?945$9;<" @?2? $X>5?2 X?Y?#$95" 3$ LWZ4>3" 3$
  

@2"a2?#?3?o @?2? E"9b$E$2 ": >95$2A ?22$D$E>#$95" 3" #"5"2 $ a?2?95>2
Z4$ " LWZ4>3" 2$a2$::$ ?" 2?3>?3"2 3" ’ $L>#>9?;<" 3" LWZ4>3" 3$ ?22$D$A
X?L": 3$ #?945$9;<" E"22$5":M
2$:$2X?5g2>" 3$ $s@?9:<"M E>#$95" 3" #"5"2 $:5‘ :4_$>5? ? 9"2A
#?: L$a?>:% 3>2>a>2A:$ d: $95>3?3$:
V$2>D>E?2 @$2>"3>E?#$95$ " 5?#@<" E"#@$5$95$: @?2? E"9b$E$2 ? 9"2#?

$ L>#@‘AL" 3$ $X$954?>: E"2@": $:A L"E?LM
1?2? " ?K?:5$E>#$95"] 45>L>Y?2 4# 52?9b": 3$@":>5?3": 9? :4@$2DWE>$ $sA
LWZ4>3" E"# ?: #$:#?: E?2?E5$2W:A 5$29?M
5>E?: >93>E?3?: $#oPL4>3": "2>a>9?>:

2$!)
  #  $ L4K2>D>E?95$:o pE"9:4L5?2 " E?@W54L"

1?2? a?2?95>2 ? $D>E>[9E>? 3" :>:A o*?3": 5^E9>E":orM
1?2? $X>5?2 Z4$ " LWZ4>3" :$_? >9A
a$2>3" @"2 E2>?9;?: "4 ?9>#?>:] 9<" 5$#? 3$ D2$9?a$#] X$2>D>E?2 @$2>"3>A
" a4?23?2 $# 2$E>@>$95$: ?K$25": $ E?#$95$ ": E"#@"9$95$:% @?2? $:5? 
9<" " 3$:E?22$a?2 9" :"L"M ,$ >9a$A "@$2?;<"] 3>2>a>2A:$ d    %
+# E?:" 3$ ?K?:5$E>#$95"]
2>3"] E"95?5?2 >#$3>?5?#$95$ 4# #^A , & # M
45>L>Y?2 ?@$9?: LWZ4>3" 3": D2$>":
3>E"M +L>#>9?2 >#$3>?5?#$95$ $X$9A 8"9:4L5?2 " o1L?9" 3$ #?945$9;<" 9"X" "4 E"95>3" $# 4# 2$E>@>$95$
54?>: X$:5Wa>": 3$ LWZ4>3" 3" 5$22$9"M @2"a2?#?3?o @?2? E"9b$E$2 ": >95$2A @$2D$>5?#$95$ D$Eb?3"M (# LWZ4>3"
X?L": 3$ #?945$9;<" E"22$5":M 3": D2$>": E"95>3" $# 4# 2$E>@>$95$
?K$25" ?K:"2X$ 4#>3?3$% 5?L E"93>A

;<" @"3$ @2"X"E?2 ? $K4L>;<" >#@2$A
w4?93" 9? @?2?3? 3" X$WE4L" ?@g:  X>:5? 3" LWZ4>3" 342?95$ D2$9?a$9:
4# K2$X$ 52?_$5"] 9"5?2A:$ ? :?W3? 3$ 8"934Y>2 E"# " @^ ?@">?3" 9" @$A K24:E?: $ @2"L"9a?3?:] @2"X"E?93"
X?@"2 @$L" L?3" D2"95?L 3" E?@t 3" 3?L 3" D2$>" @"3$ @2$_43>E?2 ? :4? $D>A 4#? ?X?2>? >#@2$X>:5? 9": D2$>":] "
#"5"2M .2?5?A:$ 3$ 4# D$9t#$9" E>[9E>?] ?4#$95?93" " 2>:E" 3$ ?E>A Z4$ @"3$ :$2 E?4:? 3$ ?E>3$95$:M
9"2#?L 3$X>3" d @2$:$9;? 3$ Eb4X?] 3$95$:M *42?95$ ? #?2Eb?] 949E?
9$X$ "4 D"25$ 4#>3?3$ 9? :4@$2DWE>$ #?95$2 " @^ 9" @$3?L 3" D2$>" $ 9<"
3" 2?3>?3"2M :"L>E>5‘AL" >945>L#$95$ @?2? $X>5?2 " 
:4@$2?Z4$E>#$95" 3": D2$>":% " 3$:A &?95$2 :$#@2$ " 5?#@<" 3" 2$A
a?:5$ $sE$::>X" 3?: @?:5>Lb?: @"3$ :$2X?5g2>" 3" LWZ4>3" 3": D2$>": p@2$A

8"# " #"5"2 $ " :>:5$#? D2>":] 9<"
@2"X"E?2 3?9": 9" :>:5$#? 3$ D2$9?A :$95$ 9" X<" 3" #"5"2r @$2D$>5?#$95$ ’
a$#M D$Eb?3"M
?3>E>"9?2 LWZ4>3" 3$ ?22$D$E>#$95"
?L^# 3" 9WX$L #‘s>#" >93>E?3" 9"
2$:$2X?5g2>" 9" >95$2>"2 3" X<" 3"  
#"5"2M 1?2? " ?K?:5$E>#$95"] 45>L>Y?2 4# (#? Z4?95>3?3$ $sE$::>X? 3$ LWA
LWZ4>3" E"# ?: #$:#?: E?2?E5$2W:5>A Z4>3" 3": D2$>": 9" >95$2>"2 3" 2$:$2A
E?: >93>E?3?: $# oPL4>3": "2>a>9?>: X?5g2>" @"3$ @2"X"E?2 ? D4a? @?2? ?:
@?25$: Z4$95$: 3" #"5"2] E"# " 2$:A
2$!*
@$E5>X" 2>:E" 3$ >9E[93>"M - LWZ4>3" ;<" 3" gL$"] 3>2>a>2A:$ d   %   0  ,  
3": D2$>": @"3$ 3?9>D>E?2 5?#K^# :4A  , & # M !<" ?3>E>"9?2 Z4?LZ4$2 5>@" 3$
@$2DWE>$: @>95?3?: $ @?25$: 3$ @L‘:A ?3>5>X": ?" gL$" 3" Ee#K>" ?45"#‘A
5>E"% ?::>#] @2$:5?2 @?25>E4L?2 ?5$9A 5>E"M - gL$" @?2? " Ee#K>" ?45"#‘A
;<"M I$ =
5>E" ^] 3$ D?5"] 4# @2"345" $:@$E>D>A
E?#$95$ E"9E$K>3" @?2? $:5$ X$WE4L"
+X>5?2 " E"95?5" 3" LWZ4>3" 3": $ " 3$:$#@$9b" @"3$ D>E?2 @2$_43>A
D2$>": E"# LWZ4>3": d K?:$ 3$ @$52gA E?3" @$L" ?E2^:E>#" 3$ "452": ?3>5>A
!
L$"M ’: a4?29>;\$: 3$ X$3?;<" @"A X":M
3$# D>E?2 3?9>D>E?3?:] E"# E"9:$A ’ 45>L>Y?;<" 3$ gL$" 3" Ee#K>"
Z4$95$ >9$D>E>[9E>? 3": D2$>":M 3>D$2$95$ 3" @2$:E2>5" @"3$ E"#@2"A
#$5$2 ? Z4?L>3?3$ 3?: #43?9;?: 3$ 
#?2Eb? $u"4 @2"X"E?2 X>K2?;\$: ?9tA
!<" 45>L>Y?2 :4K:5e9E>?: Z4W#>E?:
I$  #?L?: 3? @2g@2>? E?>s? 3$ Ee#K>"M
@?2? L?X?2 ? E?>s? 3$ Ee#K>"] 4#?
(5>L>Y?2 49>E?#$95$ 4# gL$" 3? (5>L>Y$ :"#$95$ @2"345": @2$:E2>A X$Y Z4$ @"3$# 3?9>D>E?2 ": E"#@"A
E?>s? 3$ Ee#K>" E"# ?: #$:#?: 5": @?2? :$4 X$WE4L" pX$2 E?@W54L" o3?A 9$95$:M
E?2?E5$2W:5>E?: >93>E?3?: $# oPL4>3": 3": .^E9>E":or
"2>a>9?>: $ L4K2>D>E?95$:o pE"9:4L5?2 " # .+@ ,    ,  Z&
E?@W54L" o*?3": 5^E9>E":orM (5>L>Y?2 49>E?#$95$ 4# gL$" 3? ;,9
/  +
: ,<
E?>s? 3$ Ee#K>" E"# ?: #$:#?:
!?: E"93>;\$: 9"2#?>: 3$ D49E>"A
# .+@ ,    ,  Z& E?2?E5$2W:5>E?: >93>E?3?: $# oPL4>3":
9?#$95" 3" X$WE4L"] 9<" ^ 9$E$::‘A
!?: E"93>;\$: 9"2#?>: 3$ D49E>"A "2>a>9?>: $ L4K2>D>E?95$:o pE"9:4L5?2 "
2>" :4K:5>54>2 " gL$" 3" Ee#K>"M
9?#$95" 3" X$WE4L"] 9<" ^ 9$E$::‘A E?@W54L" o*?3": 5^E9>E":orM
,$ D"2$# 9"5?3": X?Y?#$95": 3$
2>" :4K:5>54>2 " gL$" 3" Ee#K>" pE"9A
gL$" "4 :$ 3$5$E5?2$# ?9"#?L>?: 9"
:4L5?2 " @L?9" 3$ #?945$9;<" @2"A
D49E>"9?#$95" 3? E?>s? 3$ Ee#K>"]
a2?#?3?r] ? #$9": Z4$ " L4K2>D>E?95$
#?93?2 $D$54?2 >#$3>?5?#$95$ "
$952$ $# E"95?5" E"# ‘a4?M !$::$
E"952"L$ _495" d    , &
E?:"] @?2? ? "@$2?;<" 3$ :4K:5>54>A
# M

2$!+
1"3$2<" $:5?2 @2$:$95$: a?:$: $ X?A
 @"2$: >9DL?#‘X$>:] E"# 2>:E" 3$ >9A
8"934Y>2 " X$WE4L" E"# 4# 9WX$L E[93>"M
3$ gL$" >9:4D>E>$95$ @"3$ @2"X"E?2
a2?X$: 3?9": 9? E?>s? 3$ Ee#K>"M

$  $ !


+# E?:" 3$ 9$E$::>3?3$] :4K:5>A 8"# #"5"2 Z4$95$] ?54?2 E"#
54>2 ? K?5$2>? @"2 "452? E"# ?: #$:A #4>5" E4>3?3" 9" >95$2>"2 3" X<" 3"
#?: E?2?E5$2W:5>E?:M 1?2? " @2"E$3>A #"5"2M
#$95" 3$ :4K:5>54>;<"] ^ ?E"9:$Lb‘A
1$2>a" 3$ Z4$>#?342?:M
X$L 3>2>a>2A:$ d    , & # M
1?2? ? #?945$9;<" 3? K?5$2>? ^ 9$A
E$::‘2>" :$a4>2 ?: >93>E?;\$: D"29$E>A
3?: @$L" D?K2>E?95$ 3? K?5$2>?M
!
*42?95$ ": 2$?K?:5$E>#$95":] 5$A
&   9b? ?5$9;<" @?2? 9<" E"9D493>2 ":
X‘2>": 5>@": 3$ LWZ4>3":% :<" 5"3": >9A
  E"#@?5WX$>: $952$ :>O
#   (# 2$?K?:5$E>#$95" E"# LWZ4>3"

>9?3$Z4?3" @"3$ 3?9>D>E?2 a2?X$A
#$95$ " X$WE4L"M

!
!49E? D4#?2 342?95$ Z4?LZ4$2 >9A
5$2X$9;<" 9" X<" 3" #"5"2M

2$!,
 8 )7c )^ #&'

’M V?2$5? 3$ E"952"L$ 3" 9WX$L 3" gL$" 3" #"5"2  BM .?#@<" u ’K?:5$E>#$95" 3" gL$" 3" #"5"2  8M )WZ4>3" 3$
?22$D$E>#$95" 3" #"5"2  *M )WZ4>3" 3" L?X?3"2 3" @?2?AK2>:?  +M )WZ4>3" 3": D2$>":  PM B?5$2>?

2$"-
 8 P7* )^  &

’M V?2$5? 3$ E"952"L$ 3" 9WX$L 3" gL$" 3" #"5"2  BM .?#@<" u ’K?:5$E>#$95" 3" gL$" 3" #"5"2  8M )WZ4>3" 3$
?22$D$E>#$95" 3" #"5"2  *M )WZ4>3" 3" L?X?3"2 3" @?2?AK2>:?  +M )WZ4>3" 3": D2$>":  PM B?5$2>?

2$"!
 8 P7W )^ #&'

’M V?2$5? 3$ E"952"L$ 3" 9WX$L 3" gL$" 3" #"5"2  BM .?#@<" u ’K?:5$E>#$95" 3" gL$" 3" #"5"2  8M )WZ4>3" 3$
?22$D$E>#$95" 3" #"5"2  *M )WZ4>3" 3" L?X?3"2 3" @?2?AK2>:?  +M )WZ4>3" 3": D2$>":  PM B?5$2>?

2$""
?   (5>L>Y?2 :$#@2$ @2"345": 2$E"#$9A
3?3": pX$2 E?@W54L" o*?3": .^E9>A
8$25>D>E?2A:$ 3$ Z4$ " 9WX$L 3" gL$"
! E":orM
$:5‘ E"#@2$$93>3" $952$ ": 9WX$>:
&m! $ &‹~ 9? X?2$5? 3$ E"952"L$M !<" ?E2$:E$95?2 gL$" E?:" " 9WX$L
,$ " 9WX$L 3$ gL$" $:5>X$2 @2gs>#" #":52?3" 9? X?2$5? $:5$_? ?E>#? 3"
"4 ?K?>s" 3? 2$D$2[9E>? &=!] ?3>E>A #W9>#"M
!
"9?2 gL$" ?52?X^: 3" K"E?L 3$ $9Eb>A 1?2? #$3>2 " 9WX$L 3$ gL$"] ?a4?2A
#$95" ?5^ ?5>9a>2 ? 2$D$2[9E>? &’~M - gL$" 3" #"5"2 4:?3" $ " D>L52" 3"
3?2 " #"5"2 $:D2>?2 @"2 IF #>945":M
gL$" :4K:5>54W3" E"95[# :4K:5e9E>?:
@$2>a":?: @?2? " ?#K>$95$M
+s52?>2 ? X?2$5? 3$ E"952"L$ 3" 9WA
X$L 3$ gL$" 3" #"5"2] L>#@‘AL? E"# 1?2? ? :4K:5>54>;<" 3" gL$" $ 3":
! 4# @?9" Z4$ 9<" :"L5$ @$L" $ >9:$2>A D>L52":] ^ ?E"9:$Lb‘X$L 3>2>a>2A:$ d
!" E?:" 3$ 2$@":>;<" 3" 9WX$L 3" L? 9"X?#$95$M +s52?WAL? 4#? :$a493?    , & # M
gL$" 3" #"5"2] ?a4?23?2 Z4$ " #"5"2 X$Y $ E$25>D>E?2A:$ 3$ Z4$ " 9WX$L 3$
$:D2>$ ?95$: 3$ ?54?2 9" 5?#@<" 3$ gL$" 3" #"5"2 $:5‘ E"#@2$$93>3" $9A ’ 5W54L" >93>E?5>X"] " E"9:4#" #‘A
?K?:5$E>#$95"] $:@$E>?L#$95$ @?2? 52$ ?: #?2E?: &=! $ &’~ $s>:5$95$: s>#" 3$ gL$" 3" #"5"2 ^ 3$ JFF
X$WE4L": E"# 5?#@<" 3$ ?L4#W9>" p:$ 9? @2g@2>? X?2$5?M a2?#?: ? E?3? IFFF h#M !" @2>A
$Z4>@?3"rM #$>2" @$2W"3" 3$ 45>L>Y?;<" 3" X$WA
 +
  Z& 
 E4L"] " #"5"2 $:5‘ $# D?:$ 3$ o?#?A
’.+!/0-% @$2>a" 3$ Z4$>#?34A E>?#$95"o] #"5>X" @$L" Z4?L " E"9A
2?:O :4#" 3$ gL$" 3" #"5"2 :g @"3$ :$2 ’
E"9:>3$2?3" $:5?K>L>Y?3" 3$@">: 3$
! 5$2 @$2E"22>3" ": @2>#$>2": HMFFF ?
!<" ?E2$:E$95?2 gL$" E"# E?2?E5$A 7MFFF h#M
2W:5>E?: 3>D$2$95$: 3?: 3" gL$" _‘ @2$A
:$95$ 9" #"5"2M

2$"%
>  # 94W9"] E?:" E"952‘2>" ? $D>E>[9E>? 3"
  :>:5$#? @"3$ D>E?2 E"#@2"#$5>3?M
,$ " 9WX$L D"2 >9:4D>E>$95$] 3$:?@$2A 8"# " #"5"2 Z4$95$] 9<" 2$5>2?2 !
5?2 " 5?#@<" 3" 2$:$2X?5g2>"  $ 3$:A " 5?#@<" 3" 2$:$2X?5g2>"% @$2>a" 3$ ’La49: ?3>5>X": E"#$2E>?>: 3" LWA
@$_?2 L$95?#$95$ " LWZ4>3" 3$:E2>5" Z4$>#?342?:M Z4>3" L?X?3"2 3" @?2?AK2>:? :<" >9A
9" E?@W54L" o*?3": 5^E9>E":oM DL?#‘X$>:

>    - X<" 3" #"5"2 E"95^# @?25$:


%$ Z4$95$: Z4$] $# E"95?5"] @"3$# @2"A
X"E?2 4# >9E[93>"M
! ,$ " 9WX$L D"2 >9:4D>E>$95$] L$X?95?2
" 5?#@<"  3" 2$:$2X?5g2>" $ 3$:A
1?2? $X$954?>: 2$?K?:5$E>#$95":
@$_?2 " LWZ4>3" 3$:E2>5" 9" E?@W54L" >  #
3" :>:5$#? 3$ ?22$D$E>#$95" 3"
o*?3": 5^E9>E":oM
#"5"2] 45>L>Y?2 4# LWZ4>3" 3" #$:#" 8$25>D>E?2A:$ 3$ Z4$ " LWZ4>3" $:5‘
5>@" $# 2$L?;<" ?" _‘ @2$:$95$ 9" >9A 9" 9WX$L #‘s>#"M
5$2>"2 3" 2$:$2X?5g2>"M - LWZ4>3" 9<"
,$ " 9WX$L 3" LWZ4>3" 9" 2$:$2X?5gA
@"3$ :$2 #>:542?3" E"# Z4?LZ4$2
2>" D"2 >9:4D>E>$95$] 3$:?@$25?2 " 5?#A
"452" 5>@" 3$ LWZ4>3" ?95>E"9a$L?95$M !
@<"  3" 2$:$2X?5g2>" $ 3$:@$_?2 L$9A
,$ 9<" b"4X$2 " @2"345" $:@$E>D>A !<" X>?_?2 E"# " 2$:$2X?5g2>" 3" 5?#$95$ " LWZ4>3" 3$:E2>5" 9" E?@WA
E?3"] 9<" L>a?2 " #"5"2 $ 2$K"E?2 " L?X?3"2 3" @?2?AK2>:? X?Y>"% ? ?;<" 54L" o*?3": 5^E9>E":oM
X$WE4L" @?2? ?    , & # M 3" L?X?3"2 3" @?2?AK2>:? ^ D493?A
#$95?L @?2? #$Lb"2?2 ? X>:>K>L>3?3$M
- D49E>"9?#$95" 2$@$5>3" 3" :>:A
5$#? 9? ?4:[9E>? 3$ LWZ4>3" @"3$ !
! 3?9>D>E?2 "4 3$5$2>"2?2 2?@>3?#$95$
+X>5?2 Z4$ " DL4>3" 3": D2$>":] ?LA
?La4#?: @?25$: 3" :>:5$#?M
- :>:5$#? 3$ ?22$D$E>#$95" $:5‘ 5?#$95$ E"22":>X"] $952$ $# E"95?5"
@2$::42>Y?3"M 8?:" :$_? 9$E$::‘2>" E"# ?: @?25$: @>95?3?:M
:4K:5>54>2 " 5?#@<"] 45>L>Y?2 "452" a$A

2$"&
8?:" >::" ?E"95$;?] L?X?2 >#$3>?A ?     !<" :$ ?@2"s>#$ 3? K?5$2>? E"#
5?#$95$ E"# ‘a4?M  I$ = Eb?#? "4 @"::WX$>: D"95$: 3$ D?W:E?:%
@$2>a" 3$ $s@L":<" $ >9E[93>"M
1?2? " E"952"L$ 3" 9WX$L 3" gL$"
3$ E"#?93" 3? E?>s? 3$ Ee#K>"]
3>2>a>2A:$ $sEL4:>X?#$95$ d  %
!   , & # M
- DL4>3" 3": D2$>": ^ X$9$9":" $ ?LA !
5?#$95$ E"22":>X"M +# E?:" 3$ E"9A ,$ " X$WE4L" D>E?2 @?2?3" @"2 4#
5?5" ?E>3$95?L] L?X?2 >#$3>?5?#$95$ @$2W"3" @2"L"9a?3" $# E"93>;\$:
?: @?25$: ?D$5?3?: E"# :?K<" 9$452" ! 3$ D2>" >95$9:"] 2$5>2?2 ? K?5$2>? 3"
$ $9s?a4?2 E"# ‘a4? ?K493?95$M X$WE4L" $ 52?9:@"25‘AL? @?2? 4# L4a?2
- gL$" Z4$>#?3" 3? E?>s? 3$
?Z4$E>3"M
+# E?:" 3$ >9a$:5<"] 3>2>a>2A:$ >#$A Ee#K>" E"95^# :4K:5e9E>?: @$2>a"A
3>?5?#$95$ ? 4# #^3>E"M :?: @?2? " ?#K>$95$M 8"22$A:$ " 2>:E" 3$ E"9a$L?#$95"M
1?2? ? :4K:5>54>;<" 3" gL$"] ^ ?E"9A
:$Lb‘X$L 3>2>a>2A:$ d    , &
# M
! !
- :W#K"L" ] @2$:$95$ 9" 2$:$2A ’" #?94:$?2 ? K?5$2>? "4 $# :4?:
$
X?5g2>"] >3$95>D>E? ": DL4>3": 3$ D2$>": @2"s>#>3?3$:] 3$X$A:$ :$#@2$ @2"5$A
3$ 5>@" :>95^5>E"] 3>:5>9a4>93"A": 3": a$2 ": "Lb":M ’
3$ 5>@" #>9$2?LM
(5>L>Y?2 gE4L": ?@2"@2>?3": @?2? ?
(5>L>Y?2 DL4>3": 3$ 5>@" #>9$2?L 3?A ! "@$2?;<"M
9>D>E? >22$#$3>?X$L#$95$ ?: _495?: - LWZ4>3" $s>:5$95$ 9? K?5$2>? ^ X$A
$:@$E>?>: $# K"22?Eb? 3" :>:5$#? 3$ 9$9":" $ E"22":>X"M +X>5?2 " E"95?5"
D2$9?a$#M E"# ? @$L$ $ ": "Lb":M

2$"’
   

!
  C$E"#$93?A:$ 4#? 2$E?2a? L$95?
3$ K?>s? >95$9:>3?3$ 3$ E"22$95$] 34A
’: K?5$2>?: E"95[# :4K:5e9E>?:  2?95$ E$2E? 3$ 6J b"2?:M (#? E?2a?
#4>5" @$2>a":?: @?2? " #$>" ?#K>A 3$ ?L5? >95$9:>3?3$ 342?95$ #4>5"
$95$M  5$#@" @"3$ 3?9>D>E?2 ? K?5$2>?M
’ 3$:E2>;<" 3" @2"E$3>#$95" 3$
1?2? ? :4K:5>54>;<" 3? K?5$2>?]
2$E?2a? 3? K?5$2>? $:5‘ >93>E?3? 49>A
?E"9:$Lb?#": 3>2>a>2A:$ d   % 
E?#$95$ ? 5W54L" >9D"2#?5>X"M 1?2? ?
 , & # ] Z4$ $:5‘ @2$@?2?3? @?2?
$s$E4;<" 3$:5? "@$2?;<"] 3>2>a>2A:$ d c $::$9E>?L Z4$ ": E?K": 3" :>:A
? $L>#>9?;<" 3? #$:#? 2$:@$>5?93"
   , & # M 5$#? $L^52>E" :$_?# 9"X?#$95$ L>a?A
? 9?542$Y? $ ?: 3>:@":>;\$: L$a?>:M
3": E"22$5?#$95$ d K?5$2>?] "4 :$_?]
" E?K" @":>5>X" p'r ?" 5$2#>9?L @":>A
’ K?5$2>? 9<" 9$E$::>5? 3$ ?K?:5$A  5>X" $ " E?K" 9$a?5>X" pr ?" 5$2#>9?L
E>#$95": 3" $L$52gL>5" E"# ‘a4? 3$:A ’95$: 3$ @2"E$3$2 ?" E"25$ 3? ?L>A 9$a?5>X"M -: 5$2#>9?>: 3? K?5$2>? $:A
5>L?3?M #$95?;<" $L^52>E? 3? K?5$2>?] ?a4?2A 5<" ?::>9?L?3": E"# ": :W#K"L": 3$
(# E"952"L$ @$2>g3>E"] $D$54?3" 3?2 @$L" #$9": 4# #>945" ? @?25>2 3" 5$2#>9?L @":>5>X" p'r $ 5$2#>9?L 9$a?A
@$L?    , & # ] ^] E"9A @":>E>"9?#$95" 3? Eb?X$ 3$ >a9>;<" 5>X" pr $ $:5<" >93>E?3": 9? 5?#@?
543"] 9$E$::‘2>" @?2? X$2>D>E?2 ? :4? $#  $ ? @?25>2 3" D$Eb?#$95" 3? 3? K?5$2>?M -: 5$2#>9?>: 3": E?K":
$D>E>[9E>?M @"25? 3" L?3" 3" E"9345"2M !" @":A 3$X$# 5?#K^# $:5?2 L>X2$: 3$ E"22"A
5$2>"2 2$:5?K$L$E>#$95" 3? ?L>#$95?A :<" $ D>s?3": D>2#$#$95$ ?": 5$2#>A
;<" $L^52>E? 3? K?5$2>?] E$25>D>E?2A:$ 9?>:M ,$ D"2 45>L>Y?3" 4# E?22$a?3"2
3$ Z4$ ? Eb?X$ 3$ >a9>;<" $:5‘ $# 3$ K?5$2>?: 3$ 5>@" o2‘@>3"o E"# K?A
 $ Z4$ ? @"25? 3" L?3" 3" #"A 5$2>? #"95?3? 9" X$WE4L"] ?95$: 3$
5"2>:5? $:5‘ D$Eb?3?M L>a?2 " E?22$a?3"2 3$ K?5$2>?:] 3$:A
L>a?2 ?#K": ": E?K": 3? K?5$2>? 3"
X$WE4L"M !<" 45>L>Y?2 " E?22$a?3"2 3$
K?5$2>? 3$ 5>@" o2‘@>3"o @?2? D"29$E$2
? 5$9:<" 3$ @?25>3?M
2$")
  -: @"95": 3$ $L$X?;<" 3" X$WE4L" $9Eb>#$95" 3" @9$4] E"9:4L5?2 " @?A
$:5<" ?::>9?L?3": 9?: #>9>::?>?: L?5$A 2‘a2?D" xC"3?: $ @9$4:z 9" E?@W54L"
1?2? $D$54?2 ? 2$E?2a?] @2"E$3$2
2?>: @$L": :W#K"L": M x*?3": 5^E9>E":zM
E"#" >93>E?3" ? :$a4>2%
(#? @2$::<" $22?3? @2"X"E? 4#
 *$:L>a?2 " 5$2#>9?L 3" @"L" 9$A E"9:4#" ?9"2#?L 3": @9$4:%
a?5>X" 3? K?5$2>?M
 )>a?2 ?": @"L": 3? K?5$2>? ": E?A
K": 3" ?@?2$Lb" 3$ 2$E?2a?] 2$:A
@$>5?93" ?: @"L?2>3?3$:M
 )>a?2 " ?@?2$Lb" 3$ 2$E?2a?M
 .$2#>9?3? ? 2$E?2a?] 3$:L>a?2 "
?@?2$Lb" ?95$: 3$ " 3$:L>a?2 3?
K?5$2>?M
 )>a?2 " 5$2#>9?L ?" @"L" 9$a?5>X"
3? K?5$2>?M & 
#A $   %  A @2$::<" 9"2#?L% K?93? 3$ 2"A
 3?a$# a?:5? 3$ #"3" 49>D"2#$M
   
’95$: 3$ L"9a?: X>?a$9: $] 3$ Z4?LA $ A @2$::<" >9:4D>E>$95$% K?93? 3$
! Z4$2 D"2#?] ? E?3? IFFF h#] ?@2"s>A 2"3?a$# @?25>E4L?2#$95$ a?:5? 9?:
   #?3?#$95$] E"952"L?2 ? @2$::<" 3": K"23?:M ’
@9$4:] >9EL4>93" ? $X$954?L 2"3? :"A
8?:" :$_? 9$E$::‘2>" L$X?95?2 " X$WA K2$::?L$95$M +D$54?2 " E"952"L$ E"#  A @2$::<" $sE$::>X?% K?93? 3$ 2"A
E4L"] 3>2>a>2A:$ d    , & ": @9$4: D2>":M 3?a$# @?25>E4L?2#$95$ a?:5? 9" E$9A
# ] Z4$ $:5‘ $Z4>@?3? E"# $L$X?A 52"M
3"2$: 3$ K2?;": "4 $L$X?3"2$: 3$ "D>A 8"# ? 45>L>Y?;<" 3" X$WE4L"] ^ 9"2A
#?L Z4$ ? @2$::<" ?4#$95$ 3$X>3" -: @9$4: 3$X$# :$2 :4K:5>54W3":
E>9?M Z4?93" ? $:@$::42? 3? D?>s? 3$ 2"L?A
?" ?Z4$E>#$95" 3": @9$4:f @?2? "
E"22$5" X?L"2 2$L?5>X" d @2$::<" 3$ #$95" D>E?2 2$34Y>3? @?2? 6]F ##

2$"*
#A  3" X$WE4L" @?2? " $:Z4$23" $ X>E$A  -: @9$4: $9X$Lb$E$#] #$:#" :$
X$2:?M @"4E" 45>L>Y?3":M ’ @2$:$9;? 3$
2?Eb?342?: 9? K"22?Eb? 3? D?>s?
!? @2$:$9;? 3$:5$ 5>@" 3$ @9$4:] 3$ 2"L?#$95" $ 9": DL?9E": 3"
! :g ^ @"::WX$L 3$:L"E?2 ?: 2"3?: 3" @9$4 E"9:5>54> 4# :>9?L 3$ $9A
$>s" 3>?95$>2" @?2? " $>s" 52?:$>2" $ X$Lb$E>#$95"M +# 5"3" " E?:"]
- E"#@"25?#$95" $# $:52?3? 3"
X>E$AX$2:?] #?95$93"A?: 9" #$:#" :$ ": @9$4: 5>X$2$# :>3" #"95?A
X$WE4L" 3$@$93$ 3? E"22$5? @2$::<"
L?3" 3" X$WE4L"M 3": b‘ #?>: 3$ 7 ?9":] ^ 9$E$:A
3$ $9Eb>#$95" 3": @9$4:M
:‘2>" Z4$ :$_?# E"952"L?3": @"2
8"9:4L5$ ": X?L"2$: 3$ @2$::<" 9" 1?2? $X>5?2 3?9": 9": @9$4:] :$a4>2 @$::"?L $:@$E>?L>Y?3"M 8"952"L?2
E?@W54L" o*?3": .^E9>E":oM ?: :$a4>95$: @2$E?4;\$:% >a4?L#$95$ E"# $:@$E>?L E4>3?3"
? 2"3? :"K2$::?L$95$M
 +X>5?2 D2$9?a$9: $ @?25>3?:  +# E?:" 3$ :4K:5>54>;<"] #"95?2
K24:E?:] Eb"Z4$: X>"L$95": :$#@2$ @9$4: 9"X":] $X>5?93" ":
! E"952? @?::$>":] K42?E":] 3$ @2"X$9>[9E>? 34X>3":?M
"K:5‘E4L": $ @$2E42:":
(#? @2$::<" 3$#?:>?3" K?>s? @2"A  ’" :4K:5>54>2 4# @9$4] ^ ?E"9A
@2"L"9a?3": $# $:52?3?:
X"E? " :4@$2?Z4$E>#$95" 3" @9$4 :$Lb‘X$L :4K:5>54>2 5?#K^# ? X‘LA
>22$a4L?2$:M
E"# @"::>K>L>3?3$ 3$ a2?X$: 3?9": X4L? 3$ $9Eb>#$95"M
9" #$:#"M  8"952"L?2 @$2>"3>E?#$95$ :$ ":
@9$4: ?@2$:$95?# E"25$: 9": L?A
(5>L>Y$ ": X?L"2$: 3$ @2$::<" 3$:A 3":] K"Lb?: "4 :$ ? D?>s? 3$ 2"L?A   
E2>5": 9" E?@W54L" o*?3": .^E9>E":oM #$95" $:5‘ 3$:a?:5?3? 3$ D"2#?
1?2? " 5>@" 3$ 2"3?: $ @9$4: #"9A
>22$a4L?2M
5?3": 9" X$WE4L"] E"9:4L5?2 " @?2‘A
 +X>5?2 X>?_?2 E"# " X$WE4L" :"A a2?D" xC"3?: $ @9$4:z 9" E?@W54L"
K2$E?22$a?3"M ,$ D42?2 4# @9$4] x*?3": 5^E9>E":zM
! @?2?2 >#$3>?5?#$95$ $ :4K:5>54WA
L"M
!? @2$:$9;? 3$ @9$4: o49>3>2$E>"A
9?>:o] 9<" $D$54?2 ? 52"E? $# E24Y 3":  ’ E?3? IFMFFF h#] $D$54?2 " 2"A
@9$4:] 3$:L"E?93"A": 3" L?3" 3>2$>5" 3WY>" 3": @9$4:M

2$"+
A $  % #$95" 3?: 2"3?: @?2? 4#? @":>;<"

O   3>D$2$95$] 2$L?5>X?#$95$ ?" X$WE4L"M
8?3? 2"3? :$2‘] ?::># @":5? ? 52?K?A -: :$a4>95$: #^5"3": 3$ 2"3WY>"
Lb?2 $# 4# $>s" 3>D$2$95$ $] :$#@2$ !0- 3$X$# :$2 ?3"5?3": $# E?:" 3$
Z4$ @"::WX$L] 9" L?3" "@":5" 3" X$WA 45>L>Y?;<" 3$ @9$4: o49>3>2$E>"9?>:oO
! E4L"M (5>L>Y?93" $:5$ 5>@" 3$ @9$4:] :g ^
-: #^5"3": 3$ 2"3WY>" 3?: 2"3?: @"::WX$L 3$:L"E?2 ?: 2"3?: 3" $>s"
- 2"3WY>" 3": @9$4: E"952>K4> @?2? 3>?95$>2" @?2? " $>s" 52?:$>2" $ X>E$A
>93>E?3": !0- 3$X$# :$2 ?3"5?3":
#?95$2 >9?L5$2?3?: ?: E?@?E>3?3$: 3$ X$2:?] #?95$93"A?: 9" #$:#" L?3"
$# E?:" 3$ 45>L>Y?;<" 3$ @9$4: o49>A
?3$2[9E>? $ 3$ 52?;<" $# $:52?3?: 3" X$WE4L"M 8"9:4L5?2 ?: @2$E?4;\$:
3>2$E>"9?>:oO (5>L>Y?93" $:5$ 5>@" 3$
#"Lb?3?: "4 E"# L?#?] ?::$a42?93" 3$:E2>5?: 9" @?2‘a2?D" o=9D"2#?;\$:
@9$4:] :g ^ @"::WX$L 3$:L"E?2 ?: 2"3?:
4#? g5>#? #?9"K2?K>L>3?3$ 3" X$WA a$2?>:o @?2? "K5$2 #?>: >9D"2#?;\$:
3" $>s" 3>?95$>2" @?2? " $>s" 52?:$>2"
E4L"M ? 2$:@$>5"M
$ X>E$AX$2:?] #?95$93"A?: 9" #$:#"
L?3" 3" X$WE4L"M +# E?:" 3$ 3$:a?:5$ ?9"2#?L 3":
@9$4:] >3$95>D>E?2 ? E?4:? $ E"22>a>A  8 ,
 23    
8"9:4L5?2 ?: @2$E?4;\$: 3$:E2>5?: L? ?::># Z4$ @"::WX$L] 3>2>a>93"A:$ d ;#T<
9" @?2‘a2?D" o=9D"2#?;\$: a$2?>:o    , & # M
@?2? "K5$2 #?>: >9D"2#?;\$: ? - #^5"3" 3$ 2"3WY>" :4a$2>3" @?2?
2$:@$>5"M ? 52?;<" 3>?95$>2? ^ oE24Y?3" ?52‘:o]
 E"#" >93>E?3" 9? D>a42? :$a4>95$ p?
:$5? >93>E? " :$95>3" 3$ #?2Eb? 3"
-: @9$4: 3>?95$>2": $ 52?:$>2": $:A - E"22$5" D49E>"9?#$95" 3" X$WA
X$WE4L"rM
5<" :4_$>5": ? 3>D$2$95$: E?2a?: $ :"A E4L" 3$@$93$ 3": @9$4:% 3$X$# :$2 ’
L>E>5?;\$: 3$X>3" ? E42X?:] #?9"K2?: 5"3": 3?: #$:#?: 3>#$9:\$:] 3"
$ D2$9?a$9:M 1"2 >::"] $:5<" :4_$>5": ? #$:#" 5>@" $ 3? #$:#? E>2E49D$2[9A
4# 3$:a?:5$ 9<" 49>D"2#$M E>?M - 4:" 3$ @9$4: 3$ 3>#$9:\$:
1?2? $X>5?2 $:5$ @2"KL$#?] ^ @":A 3>D$2$95$: @"3$ 3?9>D>E?2 " X$WE4L"M c
:WX$L $D$54?2 " 2"3WY>" 3": @9$4: 9$E$::‘2>" :$a4>2 " 2"3WY>" 3": @9$4:
9" #"#$95" "@"2549"M 1"2 2"3WA @?2? "K5$2 4# 3$:a?:5$ $Z4>L>K2?3"
Y>" 3": @9$4: $95$93$A:$ " 3$:L"E?A 3$:5$:M

2$",
 8 ,
 23 1 & ;WT< 3$ 45>L>Y?;<" ^ 3$ }F h#ubM p+sM%
- #^5"3" 3$ 2"3WY>" 3": @9$4: 19$4: 2"3?95$: 66Hu7H CI¡ $ @9$4
:4a$2>3" @?2? ": X$WE4L": 3$ Z4?52" ! :"K2$::?L$95$ IJHu¡FCI¡rM !<"
2"3?: #"52>Y$: ^ oE24Y?3" d D2$95$o] 4L52?@?::?2] $# b>@g5$:$ ?La4#?] "
- E"9_495" 2"3?u@9$4 :"K2$::?A
E"#" >93>E?3" 9? D>a42? :$a4>95$ p? L>#>5$ 3$ X$L"E>3?3$ @$2#>5>3"M
L$95$ :$ 3$:5>9? $sEL4:>X?#$95$ ?"
:$5? >93>E? " :$95>3" 3$ #?2Eb? 3" 4:" 5$#@"2‘2>"M
X$WE4L"rM 
,>a? :$#@2$ ?: @2$:E2>;\$: 3" #?A
94?LM 1?2? ?: X$2:\$: E"# E"9_495"
2"3?u@9$4 :"K2$::?L$95$ 3$ 3>#$9A
:\$: 9"2#?>:] ? X$L"E>3?3$ #‘s>#?
3$ 45>L>Y?;<" ^ 3$ I6F h#ubM !<"
4L52?@?::?2] $# b>@g5$:$ ?La4#?] "
! L>#>5$ 3$ X$L"E>3?3$ @$2#>5>3"M
’ X$L"E>3?3$ #‘s>#? @$2#>5>3?
+# E?:" 3$ 3vX>3? Z4?95" d :>54A
342?95$ " 4:" 3? 2"3? :"K2$::?L$95$
?;<" @2$:$95$ $# :$4 X$WE4L"] E"9A
^ 3$ }F h#ub "4 I6F h#ub] >93>A
:4L5$ ? $5>Z4$5? ?3$:>X? ?L?2?9_?3?
E?3? 9? @2g@2>? 2"3? E"9D"2#$ " #"A
?@L>E?3? 9? 2"3? :"K2$::?L$95$] 9?
B $ 3$L"uX$2:<"M
Z4?L $:5‘ $:@$E>D>E?3? ? X$L"E>3?3$
!? 2"3? :"K2$::?L$95$ 3" :$4 X$WA *>2>a>2 E"# @243[9E>? $ 9<" 4L52?A #‘s>#? @$2#>5>3? 3$ 4:"M
E4L" $9E"952?A:$ ?@L>E?3" 4# ?3$A @?::?2] $# b>@g5$:$ ?La4#?] " L>#>5$ *>2>a>2 E"# @243[9E>?M
:>X" ?L?2?9_?3" E"# ": @2>9E>@?>: 3$ X$L"E>3?3$ @$2#>5>3"M
?X>:": ?E$2E? 3? 45>L>Y?;<" 3? @2gA
@2>? 2"3? $ 3?: 2$:@$E5>X?: L>#>5?;\$:
3$ 45>L>Y?;<"M - ?3$:>X" 9<" 3$X$ 3$ 
D"2#? ?La4#? :$2 2$#"X>3" 9$# E"A 1?2? X$WE4L": E"# E"9_495" !
K$25"M !? 2"3? :"K2$::?L$95$ 949E? 2"3?u@9$4 :"K2$::?L$95$ 3$:$9X"LA ’: E?2?E5$2W:5>E?: 3$ E"934;<" 3"
:$ 3$X$ ?@L>E?2 9$9b4#? E?L"5? 3$ X>3" $sEL4:>X?#$95$ @?2? " 4:" X$WE4L"] E"# ? 2"3? :"K2$::?L$95$
2"3?M 5$#@"2‘2>"] ? X$L"E>3?3$ #‘s>#? #"95?3?] :<" ?L5$2?3?:M *$:5$ #"3"]

2$%-
3$X$A:$ $X>5?2 ?E$L$2?;\$: $ D2$9?A E?4:?2 ?E>3$95$: E"# 2>:E" 3$ a2?X$:
a$9: X>"L$95?:] #43?9;?: 3$ 3>2$A L$:\$: "4 #"25$M
;<" K24:E?: $ E42X?: ? a2?93$ X$L"E>A !
3?3$M ’ 342?K>L>3?3$ #^3>? 3" @9$4 ,>a? :$#@2$ ?: @2$:E2>;\$: 3" #?A
!<" ^ @$2#>5>3" 45>L>Y?2 :>#4L5?9$A 94?LM
:"K2$::?L$95$ ^ 3$ GFFF h#M
?#$95$ 34?: "4 #?>: 2"3?: :"K2$::?A
.2?9:E"22>3? $:5? Z4>L"#$52?a$#] L$95$:M
" @9$4 3$X$ :$2 :4K:5>54W3" @$L" 
C$:@$>5?2 :$#@2$ ?: 2$E"#$93?A V$2>D>E?2 2$a4L?2#$95$ ? @2$::<"
"2>a>9?L "4 @"2 "452" :"K2$::?L$95$
;\$: 3$:5$ #?94?LM 3": @9$4: "2>a>9?L#$95$ >9:5?L?3":
E"# ?: #$:#?: E?2?E5$2W:5>E?: 3"
Z4$ a4?29$E$ " X$WE4L"M $ 3" @9$4 :"K2$::?L$95$] 2$:@$>5?93"
": X?L"2$: >93>E?3": 9$:5$ #?94?L]
9" E?@W54L" x*?3": 5^E9>E":zM
!
!<" L4K2>D>E?2 ?: 2":E?: 3": @?2?A 1?2? " E"9_495" 2"3?u@9$4 :"K2$:A
!
D4:": ?95$: 3$ #"95?2 ": @9$4:] @">: :?L$95$ D"29$E>3" 5"5?L#$95$ :$# ?2]
!49E? >9:5?L?2 4# @9$4 52?3>E>"A "4 $# E?:" 3$ $X$954?L $:X?Y>?A
$:5$: @"3$2<" :"L5?2A:$ $:@"95?9$?A
9?L 94#? 2"3? 3$:5>9?3? d 45>L>Y?A #$95" 5"5?L] $D$54?2 " $9Eb>#$95"
#$95$ 342?95$ ? 45>L>Y?;<" 3" X$WA
;<" E"#" 2"3? :"K2$::?L$95$M !<" 3" @9$4 :"K2$::?L$95$ ?5^ ?LE?9;?2
E4L"O
^ @$2#>5>3" 45>L>Y?2 :>#4L5?9$?#$95$ ? @2$::<" @2$:E2>5? 9$:5$ #?94?L] 9"
#?>: 3" Z4$ 4#? 2"3? :"K2$::?L$95$M +# 9$9b4#? E>2E49:5e9E>? ": @?A E?@W54L" x*?3": 5^E9>E":zM
!<" L4K2>D>E?2 ?: 2":E?: 3": @?2?D4A 2?D4:": 3$X$# :$2 L4K2>D>E?3":M
:": ?95$: 3$ #"95‘AL":] @">: @"3$2<" - E"9_495" 2"3?u@9$4 :"K2$::?A ’
3$:?@$25?2A:$ $:@"95?9$?#$95$ 34A L$95$ 3$X$ $:5?2 :$#@2$ E"93>E>"A
2?95$ ? 45>L>Y?;<" 3" X$WE4L"M 9?3" $# L"E?L ?3$Z4?3" 9" X$WE4L"
$ E?L>K2?3" 9? @2$::<" >93>E?3?] @?2?
&?93?2 2$@?2?2 $ 2$#"95?2 ? 2"3? ! Z4$] $# E?:" 3$ $#$2a[9E>?] $:5$_?
:4K:5>54W3? " #?>: 2?@>3?#$95$ @":A - 9<" E4#@2>#$95" 3?: 2$:52>;\$: @2"95" @?2? :$2 45>L>Y?3" 3$ D"2#? :$A
:WX$LM 3$ 4:" 3? 2"3? :"K2$::?L$95$ @"3$ a42? $ ?3$Z4?3?M

2$%!
     $:@$EWD>E": 3>:@"9WX$>: 9" #$2A 3$D>9>3? 9" #‘s>#"M +::? "@$A
E?3"M 2?;<" a?2?95>2‘ 4#? L4K2>D>E?;<"
  !  +:@?Lb?2 @g 3$ 5?LE" 9?: @?Lb$A ?3$Z4?3? 9" :>:5$#? 2$34Y>93"]
A 5?: $# K"22?Eb? 3" L>#@?3"2 3" ?::>#] ?" #W9>#" ? $X$954?L>A
@?2?AK2>:? $ 3$>s‘AL?: L$X?95?3?: 3?3$ 3$ 3?9": 9" E"#@2$::"2
,$ " X$WE4L" 5>X$2 3$ @$2#?9$E$2 3": X>32": Z4?93" " :>:5$#? D"2 9"X?#$95$
@?2?3" 342?95$ #?>: 3$ 4# #[:] L>a?3"M
 8"K2>2 " X$WE4L" E"# 4#? E?@?
"K:$2X?2 ?: :$a4>95$: @2$E?4;\$:%
3$ 5$E>3" "4 3$ @L‘:5>E" @$2D4A
2?3"] @2$:5?93" @?25>E4L?2 ?5$9A 
 +:5?E>"9?2 " X$WE4L" $# L"E?L E"A
;<" @?2? 9<" 3?9>D>E?2 ? :4@$2DWA
K$25"] :$E" $] :$ @"::WX$L] X$9A ’.+!/0-% 9" E?:" 3$ 4:" 3$ K>A
E>$ @>95?3? ?22?:5?93" ? $X$954?L
5>L?3" $ ?K2>2 L>a$>2?#$95$ ": X>A "3>$:$L p@"2E$95?a$# #‘s>#? E"9A
@"$>2? 9$L? ?E4#4L?3?M !<" 45>A
32":M D"2#$ @2$X>:5" 9? )$a>:L?;<" P$3$2?L
L>Y?2 E?@?: 3$ @L‘:5>E" E"#@?E5"]
 8$25>D>E?2A:$ 3$ Z4$ " D2$>" 3$ X>a$95$ d ^@"E? 3? D?K2>E?;<" 3" X$WA
Z4$ 9<" @$2#>5$# ? $X?@"2?;<"
$:5?E>"9?#$95" 9<" $:5$_? $9a?A E4L"r ^ 9$E$::‘2>" @2"5$a$2 " X$WE4L"
3? 4#>3?3$ @2$:$95$ 9? :4@$2DWA
5?3"M $# E?:" 3$ @?2?3?: @2"L"9a?3?: pj
E>$ 3" X$WE4L"M
I #[:rM ’95$: 3$ 4#? @?2?3? @2"L"9A
 *$:L>a?2 " 5$2#>9?L 9$a?5>X" 3"  +9Eb$2 ": @9$4: ? 4#? @2$::<" a?3? 3" X$WE4L"] 3$X$A:$ E"9:4#>2 "
@"L" 3? K?5$2>? $ X$2>D>E?2 :$4 $:A 3$ 'F]H K?2 p'¡]6H @:>r :4@$2>"2 E"#K4:5WX$L @2$:$95$ 9" 5?9Z4$ 3$
5?3" 3$ E?2a?M *42?95$ " ?2#?Y$A $# 2$L?;<" d @2$:E2>5? $ E"952"L‘A E"#K4:5WX$L ?5^ ?E$93$2 ? L4YA$:@>?
9?#$95"] $:5$ E"952"L$ 3$X$ :$2 L? @$2>"3>E?#$95$M 3$ 2$:$2X?M ’" L>a?2 9"X?#$95$ "
2$@$5>3" 52>#$:52?L#$95$M
 !<" $:X?Y>?2 " :>:5$#? 3$ 2$D2>A #"5"2 3$@">: 3$ 4# L"9a" @$2W"3"]
 ,$ 9<" :$ 3$:L>a?2 ? K?5$2>? 3" a$2?;<" 3" #"5"2M 2$?K?:5$E$2 >#$3>?5?#$95$ E"# 3>$A
:>:5$#? $L^52>E"] E"952"L?2 " :$4 :$L 9"X"M
 ,$#@2$ Z4$ :$ 3$>s?2 " X$WE4L"
$:5?3" 3$ E?2a? ? E?3? 52>95? 3>?:M
>9?5>X" 342?95$ 34?: "4 #?>: :$A
 )>#@?2 $ @2"5$a$2 ?: @?25$: @>95?A #?9?:] E"# " #"5"2 $# #?2A
3?: ?@L>E?93" E$2?: @2"5$5"2?:M Eb? L$95?] ^ 9$E$::‘2>" L>a?2 " :>:A 
 )>#@?2 $ @2"5$a$2 ?: @?25$: #$A 5$#? 3$ ?2AE"93>E>"9?3" 342?95$ ’95$: 3$ @2"E$3$2 ?" E"25$ 3? ?L>A
5‘L>E?: K2>Lb?95$: E"# @2"345": E$2E? 3$ H #>945":] 2$a4L?93"A" #$95?;<" $L^52>E? 3? K?5$2>?] ?a4?2A
@?2? ?2 $s5$29" $ E"# X$95">9b? 3?2 @$L" #$9": 4# #>945" ? @?25>2 3"
2$%"
@":>E>"9?#$95" 3? Eb?X$ 3$ >a9>;<"  .2?5?#$95" :@2?y E"# #?5$2>?>:   
$#  $ ? @?25>2 3" D$Eb?#$95" 3? @L‘:5>E":] E"# D49;<" 3$ @2"5$A
 + 
@"25? 3" L?3" 3" #"5"2>:5?M !" @":A ;<"] 9": @"95": #?>: $s@":5":%
5$2>"2 2$:5?K$L$E>#$95" 3? ?L>#$95?A >95$2>"2 3" @?2?AL?#?:] K"23?:]
;<" $L^52>E? 3? K?5$2>?] E$25>D>E?2A:$ $5EM
3$ Z4$ " E"#45?3"2 3$ >a9>;<" $:5‘ !
$#  $ Z4$ ? @"25? 3" L?3" 3"  (:" 3$ E?>s?: x?K$25?:z] @?2? $X>A
-: 3$5$2a$95$: :4_?# ?: ‘a4?:M
E"9345"2 $:5‘ D$Eb?3?M 5?2 ? E"93$9:?;<" $ ? ?Ev#4L" 3$
‘a4?] Z4$ @"3$# D?X"2$E$2 ? D"2A )?X?2 " X$WE4L" :"#$95$ $# L"A
#?;<" 3$ D$224a$# 9" >95$2>"2M E?>: $Z4>@?3": @?2? " 2$E"Lb>#$95"
  $ ? 3$@42?;<" 3": LWZ4>3": 45>L>Y?3":
 (5>L>Y?;<" 3$ @$LWE4L?: $:@$E>?>: @?2? ? L?X?a$#M
    
E"# D49;<" @2"5$5"2? ?95>?K2?:<"
#"
9": @"95": #?>: $s@":5": p@"2 $sM
- X$WE4L" ^ 3"5?3" 3?: #$Lb"2$: @?2?AL?#?: 52?:$>2"] @"25?:] $5EMrM
:"L4;\$: 5$E9"Lga>E?: @?2? @2"5$a$2
!
$D>E?Y#$95$ ? E?22"E$2>? 3? E"22"A
:<"M   N  ’ D># 3$ #?95$2 >95?E5?: ?: E?2?EA
    # 5$2W:5>E?: $:5^5>E?: 3? @>9542?] ^ ?E"9A
+>: ?: @2>9E>@?>:%   :$Lb‘X$L 9<" 45>L>Y?2 @2"345": ?K2?:>A
X": $u"4 $9E$2?3"2$: @?2? " $#K$L$A
 12"345": $ :>:5$#?: 3$ @>9542? - X$WE4L" @"::4> 4#? a?2?95>?
Z4$ E"9D$2$# ?" X$WE4L" 2$:>:A E"952? ? @$2D42?;<"] 3$X>3" d E"22"A
Y?#$95" 3" X$WE4L"M ’
5[9E>? d E"22":<" $ d ?K2?:<"M :<"] 3$ Z4?LZ4$2 $L$#$95" a$94W9" -K:$2X$ :$#@2$ ?: 2$E"#$93?A
3? $:524542? "4 3? E?22"E$2>?M 1?2? ;\$: 3$:5$ #?94?LM
?: E"93>;\$: a$2?>: 3$:5? a?2?95>?]
 +#@2$a" 3$ Eb?@?: a?LX?9>Y?3?:
E"9:4L5?2 " &?94?L 3$ S?2?95>?M +# E?:" 3$ ?K2?:\$: "4 D>::42?:
p"4 @2^A52?5?3?:r] 3"5?3?: 3$ ?L5?
2$:>:5[9E>? d E"22":<"M @2"D493?:] 2$E"#$93?A:$ Z4$ :$_?#
D$>5": 3$ >#$3>?5" ": 2$5"Z4$: 9$E$:A

2$%%
:‘2>":] @?2? $X>5?2 ? D"2#?;<" 3$ D$2A ?5?#$95$ $ E"# E4>3?3"] @">: ? :4?  ,$ @?2? ? L?X?a$# 3" X$WE4L" D"A
24a$#M ?E>3$Y ^ @?25>E4L?2#$95$ ?a2$::>X?M 2$# 45>L>Y?3": X?@"2>Y?3"2$: "4
L>#@?3"2$: 3$ ?L5? @2$::<"] #?9A
’ #?945$9;<" 3? @>9542? E"9:>:5$ +X>5?2 p:$ 9<" D"2 >93>:@$9:‘X$Lr $:A 5$2 4#? 3>:5e9E>? #W9>#? 3$ JF
9? L?X?a$#] E4_? @$2>"3>E>3?3$ 3$A 5?E>"9?2 " X$WE4L" 3$K?>s" 3$ ‘2X"A E# 3? E?22"E$2>? @?2? $X>5?2 3?A
@$93$ 3?: E"93>;\$: $ 3" ?#K>$95$ 2$:f 2$#"X$2 >#$3>?5?#$95$ ?: :4K:A 9": "4 ?L5$2?;\$:M ’Ev#4L": 3$
3$ 45>L>Y?;<"M 1"2 $s$#@L"] 9?: 2$A 5e9E>?: 2$:>9":?: 3$ "2>a$# X$a$A ‘a4?] ? L"9a" @2?Y"] @"3$# 3?A
a>\$: 3$ a2?93$ @"L4>;<" ?5#":D^A 5?L @"2Z4$] 4#? X$Y :$E?:] @?2? ? 9>D>E?2 " X$WE4L"M
2>E?] ^ ?E"9:$Lb‘X$L L?X?2 " X$WE4L" :4? 2$#";<"] @"3$ :$2 9$E$::‘2>" "
E"# #?>"2 D2$Z4[9E>?M  c @2$D$2WX$L #"Lb?2 ? E?22"E$2>?
$#@2$a" 3$ @2"345": ?K2?:>X": $u"4
?K2>Lb?95?3"2$:] @?25>E4L?2#$95$ 3$A E"# 4# _?5" 3$ ‘a4? 3$ K?>s?
’La4#?: @?25$: 3" X$WE4L" @"3$# @2$::<"M
$:5?2 $Z4>@?3?: E"# 5>95? "@?E? Z4$] :?E"9:$Lb?3": @"2 :$2$# @"5$9E>?>:
E?4:?: 3$ ?L5$2?;<" 3? E?2?E5$2W:5>E?  1?::?2 :"K2$ ? E?22"E$2>?] 4#?
@?2? :$2 @2$:$2X?3? E"#" 5?L] 9$E$:A
3$ "@?E>3?3$ 3? 5>95?M 1?2? ? L>#A $:@"9_? E"# 4#? L>a$>2? :"L4;<"
:>5? 3$ E4>3?3": @?25>E4L?2$:% E"9:4LA
@$Y? 3" @?2?AK2>:? 3>?95$>2" $ 3" 3$5$2a$95$] $9s?a4?93" D2$Z4$9A
5?2 ? ?3X$25[9E>? :$a4>95$M
X>32" 52?:$>2" 9<" 45>L>Y?2 " LWZ4>3" 5$#$95$ ? $:@"9_?M
L?X?AX>32": @42"f ^ 9$E$::‘2>" 3>L4WA  +9s?a4?2 K$# E"# ‘a4? $ :$Z4$
L" @$L" #$9": ? HFq E"# ‘a4?M )>A E"# _?5" 3$ ?2 "4 4# @?9" #?A
#>5?2 ? 45>L>Y?;<" 3$ LWZ4>3" L?X?A E>"M
! X>32": @42" ?@$9?: Z4?93" $:52>5?A
!?: $:5?;\$: 3$ L?X?a$#] $X>5?2 ? #$95$ $s>a>3" @$L?: E"93>;\$: 3$ *42?95$ ? :$E?a$#] E4>3?2 :"K2$A
L?X?a$# 3" X$WE4L" E"# 2"L": $u"4 5$#@$2?542? $s5$2>"2M 543" 3?: @?25$: #$9": X>:WX$>: p@"2
$:E"X?:M )?X?2 " X$WE4L" $sEL4:>A $sM X<": 3?: @"25?:] E?@t] E"95"29"
X?#$95$ d #<" 45>L>Y?93" @2"345": 1?2? 4#? L?X?a$# E"22$5? 3" X$WA 3": D?2g>:] $5EMr "93$ ? ‘a4? @"3$ @?A
3$5$2a$95$: E"# 1T 9$452"f :$E‘A E4L"] :$a4>2 $:5?: >93>E?;\$:% 2?2 E"# #?>"2 D?E>L>3?3$M !<" L?X?2
L" E"# 4# @?9" #?E>"] 4#$3$A " X$WE4L" 3$@">: 3$ 4#? @?2?3? ?"
E>3"M !<" 45>L>Y?2 @2"345": ?K2?:>X":  ,$ D"2 L?X?2 " X$WE4L" $# 4#? :"L "4 E"# " E?@t 3" #"5"2 Z4$95$%
$u"4 ?K2>Lb?95?3"2$: @?2? " $#K$L$A #‘Z4>9? ?45"#‘5>E?] 2$5>2?2 ? ?9A @"3$ ?L5$2?2 " K2>Lb" 3? 5>95?M
Y?#$95" 3" X$WE4L"M -: $sE2$#$95": 5$9? 3" 5$5"M
3$ @‘::?2": 3$X$# :$2 L?X?3": >#$3>A

2$%&
’: @?25$: $s5$29?: 3$ @L‘:5>E" 3$A    @2"5$;\$: p@"2 $sM] 5?#@\$: 3$ K"2A
X$# :$2 L>#@?: E"# " #$:#" @2"A 2?Eb? $ @2"5$;\$: X‘2>?:r] 9<" $:5<"
(5>L>Y?2 3$5$2a$95$: $:@$EWD>E": $
E$3>#$95" 2$?L>Y?3" @?2? ? L?X?a$# 2$#"X>3?: "4 3?9>D>E?3?:M
@?9": K$# L>#@": @?2? 9<" ": 2>:E?2
9"2#?L 3" X$WE4L"M
"4 ?L5$2?2 ? :4? 52?9:@?2[9E>?M
3 

 # Z      ’ L>#@$Y? 3" E"#@?25>#$95" 3"
+X>5?2 $:5?E>"9?2 " X$WE4L" 3$K?>s" (5>L>Y?2 4# @?9" #?E>"] 9<" :$E"] #"5"2] 45>L>Y?93" L?X?3"2? 3$ ?L5?
3$ ‘2X"2$:f ?: :4K:5e9E>?: 2$:>9":?: $#K$K>3" $# ‘a4? $ :?K<" @?2? ?4A @2$::<"] 9<" ^ 2$E"#$93?3?M -:
E"9D$2$# 4# ?:@$E5" "@?E" d 5>95? $ 5"#gX$>:M E"#@"9$95$: 3" #"5"2 @"::4$# @2"A
?4#$95?# ? @"::>K>L>3?3$ 3$ E"22"A 5$;<" E"952? ? >9D>L52?;<" 3$ ‘a4?]
:<"M @"2^# ?: @2$::\$: a$2?3?: @$L? L?X?A
 3"2? @"3$# 3?9>D>E‘AL":M
!? "@$2?;<" 3$ L>#@$Y? 3": 52?9:A ’ L?X?a$# 3" E"#@?25>#$95" 3"
 @?2$95$: 3$ @L‘:5>E" 3": D?2g>:] 9<" #"5"2 ^ 4# @2"E$3>#$95" Z4$ 3$X$
+X$954?>: $sE2$#$95": 3$ @‘::?2": 45>L>Y?2 :4K:5e9E>?: ?2"#‘5>E?: p@"2 :$2 $X>5?3"M 1"2^#] Z4?93" >:5" :$
3$X$# :$2 L?X?3": >#$3>?5?#$95$ $ $sM K$9Y>9?r "4 Z4$5"9?: p@"2 $sM 5"29?2 9$E$::‘2>"] "K:$2X?2 ?: 2$E"A
E"# E4>3?3"] @">: ? :4? ?E>3$Y ^ ?E$5"9?rM #$93?;\$: ? :$a4>2%
@?25>E4L?2#$95$ ?a2$::>X?M
+# E?:" 3$ L>#@$Y? E"# 4#? #?9A  ’ L?X?a$# 3$X$ :$2 $D$54?3? E"#
a4$>2? 3$ ‘a4?] #?95$2 " _?5" 3$ ‘a4? " #"5"2 D2>" $ " E"#45?3"2 3$

1?2? 9<" 3?9>D>E?2 ?: 2$:>:5[9E>?:
? 4#? 3>:5e9E>? 3$] @$L" #$9":] 6F >a9>;<" 9? @":>;<" M ’
E# 3": D?2g>:M  !<" 45>L>Y$ :4K:5e9E>?: E‘4:5>E?:]
$L^52>E?: @2$:$95$: 9? :4@$2DWE>$ >9A
5$29? 3" X>32" 52?:$>2" 5^2#>E"] $:D2$A @2"345": ‘E>3": "4 3$2>X?3": 3$
a?2 3$L>E?3?#$95$ :$a4>93" " :$9A  @$52gL$"M
5>3" 3?: 2$:>:5[9E>?:M ’ L?X?a$# 3$X$ :$2 $D$54?3? E"#  +X>5$ _?5": 3–‘a4? 3>2$5?#$95$ :"A
" #"5"2 D2>" $ " E"#45?3"2 3$ >aA K2$ ": E"#@"9$95$: $L$52"$L$52tA
9>;<" 9? @":>;<" M ’@g: ? L?A 9>E": $ :$4: Eb>E"5$:M
X?a$#] E$25>D>E?2A:$ 3$ Z4$ ?: X‘2>?:
2$%’
 12"5$_? E"# @L‘:5>E": " ?L5$29?A
3"2] ? E$952?L 3? >a9>;<"u>9_$;<"
   !
$L$52t9>E?] ? K?5$2>?] ? K"K>9? $  !
? E$952?L 3" :>:5$#? ’B,M
 ’ ‘2$? 3" @>:" :"K ? @$3?L$>2? 9<"
 12"5$_? 5?#K^# E"# @L‘:5>E" " 3$X$ ?@2$:$95?2 "K:5‘E4L":M
2$:$2X?5g2>" 3" DL4>3" 3$ D2$>"]
@?2? $X>5?2 ? :4? E"95?#>9?;<"M 8$25>D>Z4$A:$ 3$ Z4$ $X$954?>: 5?A
! @$5$: $:5$_?# :$#@2$ K$# $:5>E?3":
’@g: ? L?X?a$#] E$25>D>E?2A:$ 3$ !49E? 45>L>Y?2 @2"345": >9DL?#‘A $ 9<" >95$2D>2?# E"# ": @$3?>:M
Z4$ ?: X‘2>?: @2"5$;\$: p@"2 $sM] 5?#A X$>:] E"#" ^5$2 "4 K$9Y>9?] @?2? ?
@\$: 3$ K"22?Eb? $ @2"5$;\$: X‘2>?:r] L>#@$Y? 3?: @?25$: >95$2>"2$: 3" X$WA V$2>D>E?2 @$2>"3>E?#$95$ " $:5?3"
9<" $:5<" 2$#"X>3?: "4 3?9>D>E?3?:M E4L"M 3$ L>#@$Y? 3": >95$2>"2$:] @"2 K?>s"
3": 5?@$5$:] Z4$ @"3$2>? @2"X"E?2 ?
’@g: ? L?X?a$#] 9<" @4LX$2>Y$ 9$A ’: E?2a?: $L$52":5‘5>E?: Z4$ :<" a$A "s>3?;<" 3? Eb?@?M
9b4# 5>@" 3$ DL4>3" pgL$" 3>$:$L] Z4$A 2?3?: 342?95$ ? "@$2?;<" 3$ L>#@$Y?
2":$9$] gL$" 3$ #?#"9? $5EMr :"K2$ @"3$# @2"X"E?2 >9E[93>"M
" #"5"2 $ E"#@"9$95$:] :"K @$9? 3$     %
3?9>D>E‘AL":] E?4:?93"] >9EL4:>X$] ? 
2$5$9;<" 3$ @"$>2?M
8$25>D>E?2A:$ Z4$ 9?3? p5?@$5$:]
! $5EMr >#@$;? " #"X>#$95" $ " E42:"
!<" @"25?2 $#K?L?a$9: 3$ ?$2":A 3": @$3?>: 3" X$WE4L"M
:g>: 9" X$WE4L"% @$2>a" 3$ $s@L":<"M
-: ?$2"::g>: 9<" 3$X$# $:5?2 $sA
@":5": ? 4#? 5$#@$2?542? :4@$2>"2 ?
!
HF 8M !" >95$2>"2 3$ 4# X$WE4L" $sA
@":5" ?" :"L] ? 5$#@$2?542? @"3$ :4A 8$25>D>E?2A:$ 3$ Z4$ ": 5?@$5$: $:5$A
@$2?2 3$ D"2#? :>a9>D>E?5>X? $::$: X?A _?# :$#@2$ $:5$93>3": $ K$# @":>E>A
L"2$:M "9?3":M -K:$2X?2 ? L"E?L>Y?;<" E"2A
2$5? $# E?3? 49>3?3$ $ :$4 2$:@$EA
2$%)
5>X" @":>E>"9?#$95"M ’La4#?: X$2A 3": 5?@$5$:] Z4$ @"3$2>? @2"X"E?2 ?

:\$: 3>:@\$# 3$ @2$:>Lb?: 3$ D>s?;<"] "s>3?;<" 3? Eb?@?M 1?2? ? :$a42?9;?
>93>E?3?: @$L?: :$5?: ] @?2? ?4s>L>?2 9? E"934;<"] 45>L>Y?2 :"#$95$ 5?@$A !<" 4:?2 949E? ‘LE""L "4 @2"345":
9? :4? 2$5$9;<" 9" ?::"?Lb"M 5$: a$94W9": P>?5M 3$2>X?3": 3$ @$52gL$"M

’ 3>:@":>;<" >93$X>3?] "4 " 4:" 3$


4# 5?@$5$ 9<" b"#"L"a?3"] @"3$ :$ $       =  %
5"29?2 4# "K:5‘E4L" ?" ?E>"9?#$95" 
+L>#>9?2 " @g E"# 4#? $:E"X? #?A
3": @$3?>:M (5>L>Y?2] $sEL4:>X?#$95$]
E>? "4 E"# 4# ?:@>2?3"2M 1?2? 4#?
5?@$5$: "2>a>9?>: $u"4 b"#"L"a?3":
#$Lb"2 L>#@$Y? 3": 2$X$:5>#$95":
@$L? P=’.] $X>5?93" #?5$2>?>: 9<"
$# X$L43"] ?E"9:$Lb?#": ? 4#$3$A !
?45"2>Y?3":M
E$2 ? $:E"X?M +:D2$a?2 ": K?9E": E"# !<" 45>L>Y?2 ‘LE""L] K$9Y>9? $ :$4:
4#? $:@"9_? 4#$3$E>3? $# 4#? :"A 3$2>X?3": @?2? ? L>#@$Y? 3" 52?9:A
L4;<" 3$ ‘a4? $ 3$5$2a$95$ 9$452"M @?2$95$ 3" Z4?32" 3$ >9:524#$95": $
3" @?>9$LM
$   ; .+ % C>:E" 3$ 3?9": ?": #?5$2>?>:M
<
+L>#>9?2 ? :4_$>2? :$E? E"# 4#? +D$54?2 ? L>#@$Y? 3": @L‘:5>E": >9A
DL?9$L? "4 4# @?9" v#>3"] :$# $s$2A 5$29": E"# 4# @?9" 3$ #>E2"D>K2?]
E$2 3$#?:>?3? @2$::<"M :$ @"::WX$L] 4#$3$E>3" $# 4#? :"L4A
C$5>2?2 ?: #?9Eb?: 3$ LWZ4>3": "4
;<" 3$ ‘a4? $ 3$5$2a$95$ 9$452" 9<" ’
?K2?:>X"M
 3$ a"2342? E"# 4# @?9" :$E" ?KA
1?2? ? :$a42?9;? 3" E"9345"2] " :"2X$95$] :$# $:D2$a?2M 1?::?2 $# 1?2? 2$#"X$2 " $X$954?L @g] 45>L>A
5?@$5$ 3$X$ :$2 D>s?3" 9?: @2$:>Lb?: :$a4>3? 4#? DL?9$L? "4 @?9" #?E>" Y?2 4# @?9" 3$ #>E2"D>K2?] $X$954?LA
>93>E?3?: @$L?: :$5?: M 4#$3$E>3" E"# ‘a4? $ :?K<" 9$452"M #$95$ 4#$3$E>3" E"# ‘a4?M c 3$:?A
E"9:$Lb?3" " $#@2$a" 3$ L$9;": 3$
@?@$L Z4$ @"3$2>?# 3$>s?2 2$:W34":M
V$2>D>E?2 @$2>"3>E?#$95$ " $:5?3"
3$ L>#@$Y? 3": >95$2>"2$:] @"2 K?>s"
2$%*
   
; .+ <
1?2? L>#@?2 $:5$: E"#@"9$95$:
4:?2 :g ‘a4? $ :?K<" 9$452"M !49E?
45>L>Y?2 ‘LE""L "4 @2"345": d K?:$ 3$
‘LE""LM

2$%+
 0  C’*=-PC+w(l!8=’ *+ 8-!.C-)+
C+&-.- M M M M M M M M M M M M M M M M M M M M M M TA6¡
."3?: >9:524;\$: v5$>: @?2? @$2E$K$2 E"#" ^ D$>5"
$ E"#" D49E>"9? " :$4 X$WE4L" $:5<" E"95>3?: 9$:5$
E?@W54L" $ >L4:52?3?: E"# 3?3": $ 5?K$L?:M 1?2? "
?@?>s"9?3"] " 5^E9>E"] #?: 5?#K^# :>#@L$:#$95$ @?2?
Z4$# Z4$2 E"9b$E$2 #?>: 3$5?Lb?3?#$95$ " :$4 X$WE4L"M

*’*-, 1’C’ ’ =*+!.=P=8’/0- M M M M M M M M M TAI


&-.-C M M M M M M M M M M M M M M M M M M M M M M M M TAG
.C’!,&=,,0- M M M M M M M M M M M M M M M M M M M M TAH
PC+=-, M M M M M M M M M M M M M M M M M M M M M M M M TA7
,(,1+!,n+, M M M M M M M M M M M M M M M M M M M M M TA7
*=C+/0- M M M M M M M M M M M M M M M M M M M M M M M TA}
C-*’, + 1!+(, M M M M M M M M M M M M M M M M M M M TAN
*=&+!,n+, M M M M M M M M M M M M M M M M M M M M TAIG
1+,-, + 8’CS’, M M M M M M M M M M M M M M M M M TAI}
’B’,.+8=&+!.-, M M M M M M M M M M M M M M M M M TAIN
P)(=*-, S+!(m!-, + )(BC=P=8’!.+, M M M M TA6I
V+)-8=*’*+ &‹~=&’ M M M M M M M M M M M M M M TA6J (
+&=,,n+, *+ 8- M M M M M M M M M M M M M M M M M TA6J
,=,.+&’ +)c.C=8- M M M M M M M M M M M M M M M M TA6H

3
 &    " 
’ 5?K$L? >93>E? ? L"E?L>Y?;<" 3?: $5>Z4$5?: $ a2?X?;\$: 3$ >3$95>D>E?;<" 9" X$WE4L"M

>  
  ,23 ,& F23

  ; a
   ,G <% a2?X?;<" 9" ?::"?Lb" d D2$95$ 3" K?9E" 3>?95$>2" 3>2$>5"

$    -/ ,23% a2?X?;<" $# $5>Z4$5? :"K2$ ? E"L49? 3$ D>s?;<" 3? @"25? 3>?95$>2? 3>2$>5?

 % a2?X?;<" $# $5>Z4$5? :"K2$ ? E"L49? 3$ D>s?;<" 3? @"25? 3>?95$>2? 3>2$>5?

 % a2?X?;<" $# $5>Z4$5? :"K2$ " @?2?AL?#? 3>?95$>2" 3>2$>5"

 % a2?X?;<" 9" @?2?AK2>:?] 9" X>32" 52?:$>2" $ 9": X>32": 3?: @"25?:

#    a
  
 % a2?X?;<" 9" L?3" 3>2$>5" 3" KL"E" 3" #"5"2

 B23B$B% a2?X?;<" $# $5>Z4$5? 9? E"L49? B] @"25? 3>?95$>2? $:Z4$23?r

 - ,    6  ,   ,  ;  
   &<% a2?X?;<" $# $5>Z4$5? 9? E"L49? B] @"25? 3>?95$>2? 3>2$>5?

3$!
1?2? ?E$::?2 " 9v#$2"  a2?X?3" 9" ?::"?Lb"] a>2?2 ? 5?#@? ] ?54?93" 9" :$95>3" 3? :$5?M

1?2? ?E$::?2 ?: $5>Z4$5?: 3$ 5?2?uL"5?;<"u1B.u8&. $ ? 3" W93>E$ 3$ "@?E>3?3$] ?K2>2] 2$:@$E5>X?#$95$] ?: @"25?:
3>?95$>2?: $:Z4$23? $ 3>2$>5?M

3$"

 1  

 8 )7c )^ #&' P7W )^ #&' P7* )^0  & +& Q

 ,& -55" -55" *>$:$L

a
    23  , &   J $# L>9b? J $# L>9b? J $# L>9b?

 9
   ,+   8 ;

< }F]H s }H]} }} s N¡ }G s NF]J

 &   & ;,


h< I¡J¡ 6G7F INH7

'  ,
3 I6]H% I II]}%I I7]H% I

&   & &   &


@ , 
:'
 ;$< ;[T< I6H
NN]G IF6]6 I6}]F IG¡]F

@ , 
:'
 ;$< ;,0< IGH]F IGN]F I¡J]F I}7]F I¡F

1
 ,     ;
< H¡HF H¡HF 76HF 76HF G¡HF

 .+
:'
 ;$< ;
< I}J]F I}N]F 6GF]H 6JJ]6 GHF

 .+
:'
 ;$< ;[1-B
< I}]¡7 IN]6¡ 6G]H 6J]N GH]¡

1
 ,     ;
< G¡HF G¡HF JFFF JFFF I¡HF

3$%
+6 0 ,+& 

 8 60&  +6   -   - ,& F23 % $ ;< ;e<

 +  , )7c )^ #&' }6]¡

 +  , )7c )^ #&' ,9


/  +
: , }G]I

# 
)7c )^ #&' }G]I

 +  , P7* )^  & WNW }F]¡

# 
P7* )^  & WNW }F]¡

&,  P7* )^  & W'W }F]¡

 ,G P7* )^  & W'W }F]¡

&,  P7W )^ #&' ¡}]N

p«r +:5$ X$WE4L" $:5‘ $# E"9D"2#>3?3$ E"# ? L$a>:L?;<" X>a$95$ 3$ E"952"L$ 3? @"L4>;<" :"9"2? @?2? X$WE4L":
?45"#"5"2$:M )>#>5$ #‘s>#" 3$ 24W3" @?2? D>:E?L>Y?;<" 3$ X$WE4L" $# E>2E4L?;<" pX$WE4L" @?2?3" :$a493" C$:"L4;<"
9 FIuNG 3" 8-!’&’rM


 1  
 8 &
 23

)7c )^ #&' =9_$;<" 5>@" #4L5>@"95"] :$Z4$9E>?L >93>2$5?

3$&
 8 &
 23

P7* )^  & =9_$;<" $L$52t9>E? 3>2$5? &4L5>_$5 == '' B"#K? 3$ E"#K4:5WX$L $L^52>E? E"# @2$::<" X?2>‘X$L
=9_$;<" $L$52t9>E? #4L5>@"95" :$Z4$9E>?L >93>2$5?] E"# >a9>;<" $L$52t9>E? 3>a>5?L >9E"2@"2?3? ?"
P7W )^ #&'
:>:5$#? 3? K"#K? 3$ E"#K4:5WX$L $L^52>E? E"# @2$::<" X?2>‘X$L

!
&"3>D>E?;\$: "4 2$@?2?;\$: 3" :>:5$#? 3$ ?L>#$95?;<" $D$54?3?: 3$ #"3" >9E"22$5" $ :$# 5$2 $# E"95? ?:
E?2?E5$2W:5>E?: 5^E9>E?: 3" :>:5$#? @"3$# E?4:?2 ?9"#?L>?: 3$ D49E>"9?#$95"M
C=,8- *+ =!8l!*=-O

  
 8 ,
,9
/ 
 +&
 8 9
/  
/ 1
 23

8"# E>9E" #?2Eb?: d D2$95$ $


&"9"3>:E" ? :$E" $ E"#?93"
)7c )^ #&' #?2Eb? ? 2^ E"# :>9E2"9>Y?3"2$: *>?95$>2? pJs6r
b>32‘4L>E"
@?2? " $9a?5$ 3?: #?2Eb?:
8"# :$>: #?2Eb?: d D2$95$ $
&"9"3>:E" ? :$E" $ E"#?93"
P7* )^  & #?2Eb? ? 2^ E"# :>9E2"9>Y?3"2$:
b>32‘4L>E"
*>?95$>2? "4 =95$a2?L pJsJr (
@?2? " $9a?5$ 3?: #?2Eb?:

3$’
 8 ,
,9
/  +
: ,
 8  '  0&,   23

)7c )^ #&' 8"# :$>: #?2Eb?: d D2$95$ $ #?2Eb? ? 2^ *>?95$>2? pJs6r

P7* )^  & 8"# 9"X$ #?2Eb?: d D2$95$ $ #?2Eb? ? 2^ *>?95$>2? "4 =95$a2?L pJsJr

P7W )^ #&' 8"# 9"X$ #?2Eb?: d D2$95$ $ #?2Eb? ? 2^ *>?95$>2? pJs6r

" 
 , - ,28
 3 #       #      #    ,  
 

)7c )^ #&'


’ 3>:E" X$95>L?3"] E"# @>9;? ’ 5?#K"2] E"# :?@?5?: 8"#?93" #$Ee9>E" ?54?95$ 9?:
P7* )^  & DL454?95$ $ 4# E>L>932" 3$ ?45"E$952?95$: $ 2$a4L?a$# 2"3?: 52?:$>2?: E"# E"#@$9:?;<"
E"#?93" @?2? E?3? 2"3? ?45"#‘5>E? 3$ _"a"M 3$ 3$:a?:5$
P7W )^ #&'

 & #
 , - ,28
 3       

)7c )^ #&'


,>:5$#? &E1b$2:"9 E"# 2"3?: >93$@$93$95$:]
,>:5$#? &4L5>AL>9h E"# 2"3?: >93$@$93$95$:] L>9h:
P7* )^  & K2?;": ":E>L?95$: >9D$2>"2$: E"# a$"#$52>?
52?9:X$2:?>:uL"9a>543>9?>: $ K?22? $:5?K>L>Y?3"2?
52>?9a4L?2 $ K?22? $:5?K>L>Y?3"2?
P7W )^ #&'

3$)
    
 0 1@ ,  ; 
 3 9
/ :
<

 +  , )7c )^ #&' ,9


/ 
,9 , AF£ JJ†  GH† J I¡†  GF† AF]66  F]H ##

 +  , )7c )^ #&' ,9


/  +
: , AF£ GN†  GH† G JN†  GF† AF]6  F]H ##

# 
)7c )^ #&' AF£ GN†  GH† G JN†  GF† AF]6  F]H ##

 +  , P7* )^  & WNW AF£ JI†  GF† G J}†  GF† AF]G  F]H ##

# 
P7* )^  & WNW AF£ JI†  GF† G J}†  GF† AF]G  F]H ##

&,  P7* )^  & W'W AF£ JI†  GF† G J}†  GF† AF]G  F]H ##

 ,G P7* )^  & W'W AF£ JI†  GF† G J}†  GF† AF]G  F]H ##

&,  P7W )^ #&' AF£ JF†  GH† G HJ†  GF† AF]6  F]H ##

    ;e<


 3 9
/  0 1@ ,  ;  <

 +  , )7c )^ #&' ,9


/ 
,9 , AF£ IH†  GF† I]H  F]¡ ##

 +  , )7c )^ #&' ,9


/  +
: , AF£ IH†  GF† I]H  F]¡ ##

# 
)7c )^ #&' AF£ IH†  GF† I]H  F]¡ ##

 +  , P7* )^  & WNW AF£ IJ†  GF† I]G  F]H ##

# 
P7* )^  & WNW AF£ IJ†  GF† I]G  F]H ##
(
&,  P7* )^  & W'W AF£ IJ†  GF† I]G  F]H ##

 ,G P7* )^  & W'W AF£ IJ†  GF† I]G  F]H ##

&,  P7W )^ #&' AF£ 6G†  GF† I]H  F]¡ ##

3$*
p«r V?L"2$: 3$ 2$D$2[9E>? @?2? X$WE4L": $# "23$# 3$ #?2Eb?M

 
 , - ,28
 8 a
   0&  0&   9
 
6
  ,+ 0 ;
<  

)7c )^ #&' 6]N I6]6


*$ @>9b<" $ E2$#?Lb$>2? E"#
P7* )^  & 6]N I6]N
3>2$;<" ?::>:5>3? $L^52>E?
P7W )^ #&' 6]N I6]6

3$+
  &   A .>@" 3$ E"9:524;<" A Eg3>a" 3$ IFH N6H ha
2?3>?L
IF7 NHF ha
’: 2"3?: :<" $# L>a? "4 $# ?;"
)^ A *>e#$52" 3? 2"3? $# @"L$a?A
$:5?#@?3" $ ": @9$4: .4K$L$:: 3$ IF¡ N¡H ha
3?: ‡
E?2E?;? 2?3>?LM
fc A m93>E$ 3$ E?@?E>3?3$ 3$ E?2a?
   
  A m93>E$ 3$ X$L"E>3?3$ #‘s>#?
+s$#@L"% bV ' )b  W*
8"# @9$4: .4K$L$:: 9<" 45>L>Y?2
Ee#?2?: 3$ ?2M   ,  0&, 
:'
 b L?2a42? 3? 2"3? $# @"L$a?3?: pIrM
> ?5^ I7F h#ub V @$2D>L 3" ?2"M
     ?5^ I7F h#ub )b 3>e#$52" 9"#>9?L 3" ?2" $# @"A
 ?5^ I}F h#ub L$a?3?: pE"22$:@"93$95$ ?" 3" @9$4
Z4$ 3$X$ :$2 #"95?3"r pG¥‡rM
 ?5^ INF h#ub
 W* -DD:$5 3$ 2"3?% 3>D$2$9;?
 ?5^ 6FF h#ub $952$ ? #$5?3$ 3? L?2a42? 3? 2"3? $ ?
 ?5^ 6IF h#ub :4@$2DWE>$ 3$ ?@">" 3? 2"3? 9" E4K"M
 ?5^ 6JF h#ub
T ?5^ 6¡F h#ub
K ?5^ GFF h#ub
+s$#@L"% P)XB^X )^ fc
P)X A )?2a42? 9"#>9?L 3" @9$4 $#
## p,r
  ,  , 1 ;, , <
(
IF6 }HF ha
^X A C$L?;<" ?L542?uL?2a42? $# q
IFG }¡H ha
pTu,r
IFJ NFF ha

3$,
#A    
 & ,23
 3   +   + / &  ;e<

6IHu7H CI7 IF6T


 +  , )7c )^ #&' 7]Hk s I7o +.JF A Eb?@? 3$ ?;" J]Fk s I¡o +.JF A IJHu¡F CI¡ IF7&
6IHu7H CI7 IF6.
 +  , )7c )^ #&' ,9
% 6IHu7H CI7 IF6T
7]Hk s I7o +.JF A Eb?@? 3$ ?;" J]Fk s I¡o +.JF A IJHu¡F CI¡ IF7&
/  +
: , 6IHu7H CI7 IF6.
7]Hk s I7o +.JF A L>a? 3$ 6IHu7H CI7 IF6T
# 
)7c )^ #&' J]Fk s I¡o +.JF A IJHu¡F CI¡ IF7&
?L4#W9>" 6IHu7H CI7 IF6.
7]Hk s I¡o +.JF A L>a? 3$ 66Hu7H CI¡ IF7T &', o42K?9 $
 +  , P7* )^  & WNW J]Fk s I¡o +.JF A IJHu¡F CI¡ IF7&
?L4#W9>" "DD 2"?3o
7]Hk s I¡o +.JF A L>a? 3$ 66Hu7H CI¡ IF7T &', o42K?9 $
# 
P7* )^  & WNW J]Fk s I¡o +.JF A IJHu¡F CI¡ IF7&
?L4#W9>" "DD 2"?3o
7]Hk s I}o +.JF A L>a? 3$
&,  P7* )^  & W'W 66Hu7F CI} IFJT "9 2"?3 J]Fk s I¡o +.JF A IJHu¡F CI¡ IF7&
?L4#W9>"
7]Hk s I}o +.JF A L>a? 3$
 ,G P7* )^  & W'W 66Hu7F CI} IFJT (2K?9 J]Fk s I¡o +.JF A IJHu¡F CI¡ IF7&
?L4#W9>"
7]Hk s I¡o +.JF A L>a? 3$
&,  P7W )^ #&' 66Hu7F CI¡ IFGT J]Fk s I¡o +.JF A IJHu¡F CI¡ IF7&
?L4#W9>"

p«r 1?2? ?La4#?: X$2:\$:] ? 2"3? :"K2$::?L$95$ ^ $# Eb?@? 3$ ?;"M

3$!-
!
’ 2"3? :"K2$::?L$95$ @"::4> E?2?E5$2W:5>E?: 3>D$2$95$: E"#" 3>#$9:<" "4 #?2E? 3": @9$4: 3$ 2"3?a$# $ 3$X$ :$2
45>L>Y?3? ?@$9?: $# E?:" 3$ $#$2a[9E>?M ’ 45>L>Y?;<" 3$X$ :$2 2$34Y>3? ?" #W9>#" >93>:@$9:‘X$L $ ? X$L"E>3?3$ 9<"
3$X$ 4L52?@?::?2 c* [
BG + )P* [
BGM  ,  Z   , -
 
&B0 3M !? 2"3? $9E"952?A:$
?@L>E?3" 4# ?3$:>X" E"# ": @2>9E>@?>: ?X>:": :"K2$ ? 45>L>Y?;<" $ 3?: 2$:@$E5>X?: L>#>5?;\$:M
!<" 2$#"X$2 " ?3$:>X"] 9<" E"K2>AL" $ 949E? ?@L>E?2 9$9b4#? E?L"5? 3$ 2"3?M

!
8"# @9$4: .4K$L$:: p:$# Ee#?2?r] 9<" 4:?2 Ee#?2?: 3$ ?2M ’: 2"3?: 3$ L>a? L$X$ :<" D>s?3?: E"# @?2?D4:":
$:@$EWD>E": >9E"#@?5WX$>: E"# Z4?LZ4$2 2"3? 3$ ?;" $:5?#@?3"] $sE$5" E"# ? 3$ 2$:$2X? $:@$EWD>E?M
C$:@$>5?2 :$#@2$ ?: 2$E"#$93?;\$: 3$:5$ #?94?LM


(5>L>Y$ :"#$95$ @9$4: E"# E?2?E5$2W:5>E?: $ 3>#$9:\$: @2$:E2>5?: 9" #?94?LM +:5? E"93>;<" a?2?95$ 4#? E"22$5?
>93>E?;<" 3$ X$L"E>3?3$ $ 3>:5e9E>? @$2E"22>3? 9" Z4?32" 3$ >9:524#$95":M

(
!
.2?9:>5?2 E"# @9$4: 3$:E?L>K2?3": $u"4 E?L>K2?3": E"# @2$::<" >9D$2>"2 d 2$E"#$93?3? @"3$ 3?9>D>E?2 ?: 2"3?: $
": @2g@2>": @9$4:] 5"29?93"A": #?>: X4L9$2‘X$>: ? K42?E": $ >#@$2D$>;\$: 9?: X>?:M

3$!!
-K:$2X$ :$#@2$ ?: 2$E"#$93?;\$: 3$:5$ #?94?LM

  


8"# " @9$4 Z4$95$ " X?L"2 3? @2$::<" 3$X$ :$2 'F]G K?2 p'J]GH @:>r $# 2$L?;<" ?" X?L"2 @2$:E2>5"M V"L5?2 ?
E"952"L?2] 3$ Z4?LZ4$2 D"2#?] " X?L"2 E"22$5" E"# " @9$4 D2>"M

 , - ,28
  , 1 
&  , 1  / & 
 3
              ;e<

 +  , )7c )^ #&' 6]6 K?2 pG6 @:>r 6]6 K?2 pG6 @:>r 6]6 K?2 pG6 @:>r G]F K?2 pJJ @:>r J]6 K?2 p7F @:>r
 +  , )7c )^ #&' ,9
%
6]6 K?2 pG6 @:>r 6]6 K?2 pG6 @:>r 6]6 K?2 pG6 @:>r G]F K?2 pJJ @:>r J]6 K?2 p7F @:>r
/  +
: ,
# 
)7c )^ #&' 6]6 K?2 pG6 @:>r 6]6 K?2 pG6 @:>r 6]6 K?2 pG6 @:>r G]F K?2 pJJ @:>r J]6 K?2 p7F @:>r

 +  , P7* )^  & WNW 6]6 K?2 pG6 @:>r 6]6 K?2 pG6 @:>r 6]6 K?2 pG6 @:>r G]G K?2 pJ} @:>r J]6 K?2 p7F @:>r

# 
P7* )^  & WNW 6]6 K?2 pG6 @:>r 6]6 K?2 pG6 @:>r 6]6 K?2 pG6 @:>r G]G K?2 pJ} @:>r J]6 K?2 p7F @:>r

&,  P7* )^  & W'W 6]6 K?2 pG6 @:>r 6]6 K?2 pG6 @:>r 6]6 K?2 pG6 @:>r G]G K?2 pJ} @:>r J]6 K?2 p7F @:>r

 ,G P7* )^  & W'W 6]6 K?2 pG6 @:>r 6]6 K?2 pG6 @:>r 6]6 K?2 pG6 @:>r G]G K?2 pJ} @:>r J]6 K?2 p7F @:>r

&,  P7W )^ #&' 6]6 K?2 pG6 @:>r 6]6 K?2 pG6 @:>r 6]6 K?2 pG6 @:>r G]6 K?2 pJ7 @:>r J]6 K?2 p7F @:>r

p«r ’@g: 4#? 45>L>Y?;<" $# $#$2a[9E>? 3? 2"3? :"K2$::?L$95$] E?:" :$_? 9$E$::‘2>"] E?L>K2?2 ? 2"3? E"# " X?L"2
2$E"#$93?3"] E"9:4L5?93" ? 5?K$L?M
,$ D"2 9$E$::‘2>" $L$X?2 " X$WE4L"] E"9:4L5?2 o)$X?95?93" " X$WE4L"o] 9" E?@W54L" o&?945$9;<" $ E4>3?3": E"# :$4
X$WE4L"oM

3$!"
  #
’: 3>#$9:\$: $:5<" $s@2$::?: $# ## $ 2$D$2$#A:$ ?" X$WE4L" $Z4>@?3" E"# @9$4: "2>a>9?>:M 8"9:>3$2?2 ? ?L542?
E"# " X$WE4L" :$# E?2a?M

3$!%
 
 $    ;e< #   V D 

I¡I¡ A +9342?9E$ IM} IHJ¡ A +9342?9E$ IM} IH¡H A +9342?9E$ IM}


IFFH JNIH
I¡6N A +9342?9E$ IM} IHJ¡ A +9342?9E$ IM} IH¡H A +9342?9E$ IM}
II7G HF¡G
Ee#K>" ?45"#‘5>E" Ee#K>" ?45"#‘5>E" Ee#K>" ?45"#‘5>E"
A A
I¡6N A P2$$3"# IM} IHJ¡ A P2$$3"# IM} IH¡H A P2$$3"# IM}
C?9Eb C?9Eb
N6F 6NNF I¡J} A +9342?9E$ 6MF IHJN A +9342?9E$ 6MF I}JJ 6FGG IF}} IG7J IGGJ IH¡N A +9342?9E$ 6MF
E"# E"#
I¡J6 A P2$$3"# 6MF IHJN A P2$$3"# 6MF IH¡N A P2$$3"# 6MF
2$A 2$A
I¡JG A V"LE?9" 6MF IHJN A V"LE?9" 6MF IH¡N A V"LE?9" 6MF
K"A K"A
I¡JG A C?9Eb 6MF IHJN A C?9Eb 6MF IH¡N A C?9Eb 6MF
Z4$ Z4$
I¡GF A V"LE?9" 6MJ IHJ¡ A V"LE?9" 6MJ IH¡H A V"LE?9" 6MJ

« 8"9:>3$2?93" @"25?A$:E?3?: p@?2? ?La4#?: X$2:\$:r $ K?22?: 3$ 5$5" p@?2? ?La4#?: X$2:\$:r $ E"# " X$WE4L" X?Y>"M
1"25?A$:E?3? pK?22? #$9"2r 3>:@"9WX$L @?2? ?La4#?: X$2:\$:M
B?22? 3$ 5$5" pK?22? #?>"2r 3>:@"9WX$L @?2? ?La4#?: X$2:\$:M
*$ ?E"23" E"# ? 3>#$9:<" 3?: 2"3?: ^ @"::WX$L $9E"952?2 @$Z4$9?: X?2>?;\$: ?": X?L"2$: >93>E?3":M

     


 ,  ; 
  LcLP<
8?@?E>3?3$ 3" E"#@?25>#$95" 3$ E?2a?:% }6F L>52":

3$!&
   BI  

&+  & 0   &      ' ; - @ ,  <


- X?L"2 3? ?L542? ^ #$3>3" 9? @2"s>#>3?3$ 3? #?2a$# >9D$2>"2 3" 3>D$2$9E>?LM +:5$ X?L"2 3$5$2#>9? 5?#K^# ":
2$L?5>X": ?" o›9a4L" 3$ ?5?Z4$o] o›9a4L" 3$ :?W3?o $ ?" o›9a4L" 3$ 2?#@?oM
’: 3>#$9:\$: $:5<" $s@2$::?: $# ## $ 2$D$2$#A:$ ?" X$WE4L" $Z4>@?3" E"# @9$4: $# 3"5?;<"M

&+  & 0   & ;,


 06,+& 0F <
 8

 +  , )7c )^ #&' 666]F

 +  , )7c )^ #&' ,9


/  +
: , 66J]J

# 
)7c )^ #&' 66J]J

 +  , P7* )^  & WNW 6H7]F

# 
P7* )^  & WNW 6G7]I
(
&,  P7* )^  & W'W 6JF]7

 ,G P7* )^  & W'W 6GG]J

3$!’
 8

&,  P7W )^ #&' 6GH]G

JI 1+&  .+J ; - @ ,  $<


- e9a4L" 3$ ?5?Z4$ ^ 3$5$2#>9?3" @$L? L>9b? b"2>Y"95?L 3" @>:" 3? $:52?3? $ @$L? L>9b? 5?9a$95$ Z4$ @?::? $952$
? 2"3? 3>?95$>2? $ " @"95" >9D$2>"2 #?>: :?L>$95$ 3" X$WE4L"M
w4?95" #?>"2 ^ " e9a4L"] #$9"2$: :$2<" ?: @"::>K>L>3?3$: 3$ E"L>3>2] E"# ? E?22"E$2>? "4 " Eb?::>] 342?95$ 4#?
:4K>3? ?E$954?3? "4 ?" 4L52?@?::?2 4# "K:5‘E4L"M

JI 1+&  6J ; - @ ,  <


- e9a4L" 3$ :?W3? ^ 3$5$2#>9?3" @$L?: #$:#?: L>9b?: 3" o›9a4L" 3$ $9a?5$o $ 2$D$2$A:$ d @?25$ 52?:$>2? 3" X$WE4L"M

JI 1+&  
J ; - @ ,  <
- X?L"2 3" o›9a4L" 3$ 2?#@?o $:5‘ 2$L?E>"9?3" E"# ? ?L542? 3" X$WE4L" ?" :"L" $ 2$@2$:$95? ? @"::>K>L>3?3$ 3"
X$WE4L" 3$ 4L52?@?::?2 4#? L"#K?3?] #?>: "4 #$9": ?E$954?3?] :$# Z4$ " X$WE4L"] ?" 5"E?2 9? L"#K?3? E"# ?:
:4?: @?25$: >9D$2>"2$: #?>: :?L>$95$: p9"2#?L#$95$ ? @?25$ >9D$2>"2 3? E?22"E$2>?r] @$2#?9$;? ?@">?3" 9" 5$22$9" E"#
" Eb?::> "4 E"# ? E?22"E$2>?] Z4$ @2"X"E?2>? ? @$23? 3$ ?3$2[9E>? 3?: 2"3?:M +:5?:] 9<" 3>:@"93" 3$ 4#? ?3$2[9E>?
?3$Z4?3? ?" 5$22$9"] 9<" 5$2<" ?3$2[9E>? :4D>E>$95$ @?2? D?Y$2 ?X?9;?2 " X$WE4L"M
w4?95" #?>"2 ^ ? ?L542? 3" :"L"] #?>"2 :$2‘ " e9a4L" 3$ 2?#@?M +# 5"3" " E?:"] L$#K2$A:$] Z4?95" #?>"2 ^ ?
?L542? 3" :"L"] #$9"2 ^ ? :4? $:5?K>L>3?3$ 3$X>3" d $L$X?;<" 3" E$952" 3$ a2?X>3?3$] 2$34Y>93" E"9:$Z4$95$#$95$
" e9a4L" 3$ >9EL>9?;<" L?5$2?LM

3$!)
I 1+& , , 6 ,
 8 I 1+&  .+ ; - @ ,  $< I 1+&  6 ; - @ ,  < I 1+&  
 ; - @ ,  <

 +  , )7c )^ #&' 6H]F£ 6¡]F£ 6F]F£


 +  , )7c )^ #&' ,9
/ 
6J]¡£ 6}]I£ 6F]N£
+
: ,
# 
)7c )^ #&' 6J]¡£ 6}]I£ 6F]N£

 +  , P7* )^  & WNW 6H]F£ GF]F£ 6I]F£

# 
P7* )^  & WNW 67]G£ 6N]6£ 6I]N£

&,  P7* )^  & W'W 6J]} 6N]F 6I]H

 ,G P7* )^  & W'W 6J]J£ 6I]6£ E"# 2$K"Z4$ 6I]G£

&,  P7W )^ #&' 67]G£ 6}]G£ 6I]6£

3$!*
&   
 , - ,28
 +  ,
)7c )^
 +  , # 
 +  , # 
&,   ,G P7* &, 
#&'
 ;[1< )7c )^ )7c )^ P7* )^ P7* )^ P7* )^ )^ P7W )^
,9
/ 
#&' #&'  & WNW  & WNW  & W'W  & W'W #&'
+
:%
 ,
  0F  ;,

 &6.+ M  0Z  
I7F7 I7GJ I7HI I}G¡ I}¡I I}¡I INGI I¡GJ
,
/+60& ,G   f*i 

 ,   <
 ,   , 1 ,&+ 
HHF 7HF 7HF IFFF IFFF IFFF ¡HF ¡HF
 , + ;e<
 1
:'
 
  
 ' ;ee<
  '     I66F IIJ} IIJ} I66F I66F I66F I66F IIJ}
  '    IJJF IJGN IJGN I7NF I7NF I7NF I7NF IJGN
 1
:'
 /,:0  JFF JFF JFF JFF JFF JFF JFF JFF

p«r - @$:" E"#K>9?3" 3$ "E4@?95$:] K?a?a$#] 2$K"Z4$ $ E?2a? ? :$2 52?9:@"25?3? 9<" @"3$ 4L52?@?::?2 ?
E?@?E>3?3$ 3$ E?2a? 3$D>9>3? 9? 5?K$L? 3$ $:@$E>D>E?;<" 3$ @$:": 3$:5$ #?94?LM
p«r ,"K2$E?22$a?2 " E"#@?25>#$95" 3$ E?2a?: "4 " E?22$a?#$95" >#@2g@2>" @"3$# ?D$5?2 ? 3>2>a>K>L>3?3$ $
$:5?K>L>3?3$ 3" X$WE4L"] @"3$93" E?4:?2 a2?X$: ?E>3$95$:M -K$3$;? ? 5"3": ": L>#>5$: 3$ E?2a?: ?3#>5>3?: $ "452?:
"2>$95?;\$: 3$ E?22$a?#$95" E"95>3?: 9$::$ #?94?LM

3$!+
p««r 8?2a?: ? 9<" 4L52?@?::?2M c 3? 2$:@"9:?K>L>3?3$ 3" E"9345"2 3>:@"2 ?: #$2E?3"2>?: 9" E"#@?25>#$95" 3$
E?2a?:] 2$:@$>5?93" ?: E?2a?: #‘s>#?: ?3#>5>3?:M

   
 , - ,28
 +  ,
)7c )^
#&'B  +  , # 
P7* &,  P7*  ,G P7*
# 
)7c &,  P7W
 +  , P7* )^ )^  & )^  & )^  &
)^ #&' )^ #&'
)7c )^  & WNW WNW W'W W'W
#&' ,9
/ 
+
: ,

 .+  ,
/+60& ;&  <( 7F 7F 7F 7F 7F 7F 7F
,&+  +
  0  ;& %
} } } } } } }
 <(
H]7 H]7 7]H 7]H 7]H 7]H 7]JH
 
   -,
   &>:542? 9? @2"@"2;<" HFq 3$ DL4>3" E"9E$952?3" @?2? :>:5$#?: 3$ ?22$D$E>#$95" E"# HFq 3$ ‘a4?

 ;&  <( @"5‘X$L @?2? " X"L4#$ 5"5?L ?K?:5$E>3" p$# E?:" 3$ 3vX>3?: 2$E"#$93?A:$ E"9:4L5?2 ? :$;<" oPL4>3":
a$94W9": $ L4K2>D>E?95$:o] 9$:5$ E?@W54L"rM
:  
 ;&  <( J]J J]J J]J J]J J]J J]J fl

:  
  - &  ;&  <( J]¡ J]¡ J]} J]} J]} J]} H]6
(
6]F pEe#K>"
#?94?Lr
9
/  j  -  , & ;&  <( 7]6 7]F 7]F 7]F 7]F 7]F
7]6 pEe#K>"
?45"#‘5>E"r

3$!,
 +  ,
)7c )^
#&'B  +  , # 
P7* &,  P7*  ,G P7*
# 
)7c &,  P7W
 +  , P7* )^ )^  & )^  & )^  &
)^ #&' )^ #&'
)7c )^  & WNW WNW W'W W'W
#&' ,9
/ 
+
: ,
 -  , &    ;W'W< ;& %
fl fl F]7 F]7 F]7 F]7 fl
 <(
 % , '    - @ , 
fl fl F]JFH F]JFH F]JFH F]JFH fl
;W'W< ;&  <(
 ,+   -   G  :+& ,
F]H F]H F]7 F]7 F]7 F]7 F]H
;&  <(
 0Z   &6.+   &%
0    %/  ;
6
< I]F I]F I]F I]F I]F I]F I]F
;&  <(


’.+!/0-% 9" E?:" 3$ 4:" 3$ K>"3>$:$L p@"2E$95?a$# #‘s>#? E"9D"2#$ @2$X>:5" 9? )$a>:L?;<" P$3$2?L X>a$95$ d
^@"E? 3? D?K2>E?;<" 3" X$WE4L"r ^ 9$E$::‘2>" @2"5$a$2 " X$WE4L" $# E?:" 3$ @?2?3?: @2"L"9a?3?: pj I #[:rM ’95$: 3$
4#? @?2?3? @2"L"9a?3?] 3$X$A:$ E"9:4#>2 " E"#K4:5WX$L @2$:$95$ 9" 5?9Z4$ 3$ E"#K4:5WX$L ?5^ ?E$93$2 ? L4YA$:@>?
3$ 2$:$2X?M ’" L>a?2 9"X?#$95$ " #"5"2 3$@">: 3$ 4# L"9a" @$2W"3"] 2$?K?:5$E$2 >#$3>?5?#$95$ E"# 3>$:$L 9"X"M

3$"-
"   !    "  
- gL$" 3" #"5"2 Z4$ $Z4>@? " :$4 X$WE4L" D"> $:@$E>D>E?#$95$ 3$:$9X"LX>3" $ 5$:5?3" @?2? :?5>:D?Y$2 ": 2$Z4>:>5":
@2$X>:5": @$L" 1L?9" 3$ &?945$9;<" 12"a2?#?3?M ’ 45>L>Y?;<" E"9:5?95$ 3": L4K2>D>E?95$: >93>E?3": a?2?95$
?: E?2?E5$2W:5>E?: 3$ E"9:4#" 3$ E"#K4:5WX$L $ $#>::\$:M ’ Z4?L>3?3$ 3" L4K2>D>E?95$ ^ 3$5$2#>9?95$ @?2? "
D49E>"9?#$95" $ ? 342?K>L>3?3$ 3" #"5"2M

 , - ,28
 , 6 , .+&  0  &6.+  

1 &+/ - ,  ,
    +
  0&  +/ + 23  + G
&1
,  -+ ,  
   06,+&
)4K2>D>E?95$ 5"5?L#$95$ :>95^5>E" H§AGF P+]
+/ - ,   
  ,$a493" 1L?9" 3$ &?945$9;<"
w4?L>D>E?;<" NMHHHGHASI] ’1= ,&] ’8+’ ,$L·9>? { 142$ +9$2ay
#&' 12"a2?#?3?
’IuBIAFJf =),’8 SPAGM
)4K2>D>E?95$ 5"5?L#$95$ :>95^5>E"] ,’+
+/ - ,   
  ,$a493" 1L?9" 3$ &?945$9;<"
H§GF] w4?L>D>E?;<" NMHHHGHA,I] ’8+’ ,$L·9>? §C 142$ +9$2ay
 & 12"a2?#?3?
86M

+# E?:": 3$ $#$2a[9E>? "93$ 9<" $:5>X$2$# 3>:@"9WX$>: ": L4K2>D>E?95$: E"# ?: E?2?E5$2W:5>E?: $:@$E>D>E?3?:] ^
@$2#>5>3" 45>L>Y?2] @?2? $D$54?2 ": $9Eb>#$95":] @2"345": E"# ?: $:@$E>D>E?;\$: #W9>#?: ’8+’ >93>E?3?:f 9$:5$
E?:"] 9<" $:5‘ a?2?95>3" " 3$:$#@$9b" >3$?L 3" #"5"2M

3$"!
 , - ,28
 , 6 , .+&  0  &6.+  

1 &+/ - ,  ,
    +
,  ,&   & ,23  + G
&1
-+ ,  
   06,+&
)4K2>D>E?95$ ,>95^5>E"f ’1= S) Jf ,’+ ¡H§M 8?>s? #$Ee9>E? $
.45$L? S$?2D"2E$
w4?L>D>E?;<" NMHHHHF A &QM 3>D$2$9E>?L
^
 ,G% L4K2>D>E?95$f +:@$EM% ’.P ’§AIf
w4?L>D>E?;<" NMHHHHF A ’VM
.45$L? S=uV= p7 #?2Eb?:r
f
 ,G% L4K2>D>E?95$f +:@$EM% QP .+A&) IIf 8e#K>" ?45"#‘5>E"
.45$L? ’,} pN #?2Eb?:r
1$52"9?: .45$L? .2?9:#>::>"9 ’,}f w4?L>D>E?;<"
NMHHHHF A ’VM
S2?s? E"# K>::4LD$5" 3$ #"L>K3[9>"] @?2?
k495?: b"#"E>9^5>E?: L?3"
$L$X?3?: 5$#@$2?542?: 3$ 45>L>Y?;<"M .45$L? &C& 6u)
+/ - ,   1 '    3? 2"3?
8"9:>:5[9E>? !)S= 6M w4?L>D>E?;<" NMHHH}FM
  
3
S2?s? L4K2>D>E?95$ $:@$EWD>E? @?2? _495?:
b"#"E>9^5>E?: E"# K?>s" E"$D>E>$95$ 3$ ?52>5"M k495?: b"#"E>9^5>E?: L?3"

8"9:>:5[9E>? !)MSM=M I]HM w4?L>D>E?;<" 3" 3>D$2$9E>?L
NMHHH}FM
*>D$2$9E>?L 52?:$>2"
*>D$2$9E>?L 52?:$>2" pC*&r pC*&r% .45$L? BHA~
)4K2>D>E?95$ :>95^5>E" E"# a2?34?;<" ,’+
$ E?>s? 3$ 52?9:D$2[9E>? 8?>s? 3$ 52?9:D$2[9E>?
¡H§ANF ’1= S)H
p1.(r p1.(r% .45$L? 8"#@?Z
*2>X$
PL4>3" :>95^5>E" @?2? :>:5$#?: 3$ D2$>": $
P2$>": b>32‘4L>E": $
$#K2$?a$#f ,’+ k I¡FJf 8(!’ !8 NH7 *-.
#&+     -   E"#?93": b>32‘4L>E": 3? .45$L? .-1 Ju,
J ’MBMf =,- JN6Hf P&V,, !£ II7 *-. Jf+B
$#K2$?a$#
IHHuNI A ’B!. J] NMHHHN¡

3$""
 , 6 , .+&  0  &6.+  

1 &+/ - ,  ,
    +
,  ,&   & ,23  + G
&1
-+ ,  
   06,+&
PL4>3" E"9E$952?3" @?2? :>:5$#?: 3$
?22$D$E>#$95" d K?:$ 3$ #"9"$5>L$9"aL>E"L] Z4$
E"9D$2$ @2"@2>$3?3$ ?95>E"9a$L?95$ $ @?E"5$ 3$ (@
HFq 8""L?95
6.+     
  ?3>5>X": ?95>E"22":<" 3$ "2>a$# "2ae9>E? 
,>:5$#? 3$ ?22$D$E>#$95" pX$2#$Lb"r ' HFq 3$
 -,
  
 -’. p-2a?9>E ?93 ’E>3 .$E9"L"ayrM &>:542? 9?
‘a4? @42?
@2"@"2;<" HFq 3$ @2"345" E"# HFq 3$ ‘a4?
@"5‘X$L @?2? " X"L4#$ 5"5?L ?K?:5$E>3"M
+:@$E>D>E?;<" P8’ &,MNFFG6  1?25$ BM
*$X$ :$2 45>L>Y?3" @42"
6.+   &0   "4 3>L4W3" 9": :>:5$#?:
’LEg">: $ 5$9:>"?5>X":M .45$L? ,8 GH
 %/  L>#@?3"2uL?X?3"2 3"
@?2?AK2>:?

p«r ’V=,-% 9<" 2$@"2 9$# #>:542?2 E"# "452": LWZ4>3": E"# E?2?E5$2W:5>E?: 3>D$2$95$: 3?: 3$:E2>5?:M

!
’ 45>L>Y?;<" 3$ @2"345": E"# E?2?E5$2W:5>E?: 3>D$2$95$: 3?: ?E>#? >93>E?3?: @"3$2‘ @2"X"E?2 3?9": ?": :>:5$#?:
3" #"5"2 $ 3" X$WE4L" Z4$ 9<" :<" ?K2?9a>3": $# a?2?95>?M
(
(5>L>Y$ :"#$95$ @2"345": E"# ?: $:@$E>D>E?;\$: 2$E"#$93?3?:M

3$"%
  1' 
V$L"E>3?3$: #‘s>#?: ?LE?9;‘X$>: ?@g: " @2>#$>2" @$2W"3" 3$ 45>L>Y?;<" 3" X$WE4L"M

 , - ,28
 8 [
BG

 +  , )7c )^ #&' I¡}]F pS?:"L>9?r u I}I]F p+5?9"Lr

 +  , )7c )^ #&' ,9


/  +
: , I¡I]G pS?:"L>9?r u I¡7]J p+5?9"Lr

# 
)7c )^ #&' I¡I]G pS?:"L>9?r u I¡7]J p+5?9"Lr

 +  , P7* )^  & WNW I}}]F

# 
P7* )^  & WNW I}}]F

&,  P7* )^  & W'W I}}]F

 ,G P7* )^  & W'W I}}]F

&,  P7W )^ #&' IN¡]6 pS?:"L>9?r u 6FF]F p+5?9"Lr

 #  
-: X?L"2$: 3$ $#>::<" 3$ 8- >93>E?3": 9? 5?K$L? :$a4>95$ 2$D$2$#A:$ ?" E"9:4#" E"#K>9?3"M

 , - ,28
 8 
8  

)7c )^ #&' “ F]6q

P7W )^ #&' “ F]6q

3$"&
  ,   ,  
,& 23 & 0 

 P7*  &

23  ,G   }HF 2@#

23    HFFF 2@#

  ,   ,  
,& 23 & 0  ;
r p?L5>543$ ?E>#? 3$ GHF #r
AI
F]HF #AI

  ,   ,  
,& 23 & 0  ;
AIr p?L5>543$ ?K?>s" 3$ GHF #r F]HF #AI

 0 
.$9:<" 3$ ?L>#$95?;<"% I6 X"L5:M

$
)7c )^ P7* )^ P7W )^

 ,  ¡6 ’b ¡F ’b ¡6 ’b


)7c )^ P7* )^ P7W )^

   
& - ,  IHF ’ IHF ’ I7F ’

(
  
)7c )^ P7* )^ P7W )^

@ ,  - ,  I]G h§ I]H h§ I]J h§

3$"’
!
&"3>D>E?;\$: "4 E"9:$25": 9" :>:5$#? $L^52>E"] $D$54?3": 3$ #?9$>2? >9E"22$5? $ :$# 5$2 $# E"95? ?: E?2?E5$2W:5>E?:
5^E9>E?: 3" :>:5$#?] @"3$# E?4:?2 ?9"#?L>?: 3$ D49E>"9?#$95" E"# 2>:E": 3$ >9E[93>"M
12"E42$ :$#@2$ ?    , & # M

3$")

/ & F ;$ f<  0   E    &
 "(  
   

 A  
+:5$: @2"345": $:5<" b"#"L"a?3":
@$L? ’!’.+) p’a[9E>? !?E>"9?L 3$
.$L$E"#49>E?;\$:r 3$ ?E"23" E"#  0   E  $3 DE& &,
  ;G0 ,
,  &
": @2"E$3>#$95": 2$a4L?#$95?3":   %%  
<
@$L? C$:"L4;<" 6J6u6FFF] $ ?5$93$#
?": 2$Z4>:>5": 5^E9>E": ?@L>E?3":M
’ :$Z4[9E>? 94#^2>E? >#@2$::?
>3$95>D>E? " 9v#$2" 3$ b"#"L"a?A
;<" _495" d ’!’.+)M

  0   E  G0 & H , :  #


+:5$ $Z4>@?#$95" 9<" 5$# 3>2$>5"
d @2"5$;<" E"952? >95$2D$2[9E>? @2$_4A
3>E>?L $ 9<" @"3$ E?4:?2 >95$2D$2[9A
E>? $# :>:5$#?: 3$X>3?#$95$ ?45"2>A
Y?3":M
(

3$"*
!   "0 ?>2K?a: L?5$2?>: M M M M M M M M M *AGF ’5>X?;<" 3" :@$$3
’L?2#$ M M M M M M M M M M M M M M M BAIJ L>#>5$2 M M M M M M M M M M M M M M M +A67
  ’5>X?;<" $ 3$:?5>X?;<" 3"
’L?X?9E? 3$ Ee#K>" M M M M M M M +AN
’L;?: 3$ :$a42?9;? M M M M M M BA¡J 3>:@":>5>X" ,@$$3 L>#>5$2 M M M +A6¡

’L>#$95?;<" M M M M M M M M M M M M TAJ ’5>X?;<" $ 3$:?5>X?;<" 3"
’ >9:5?L?;<" 3$ 4# :>:5$#? ,5?25ƒ,5"@ M M M M M M M +A6F
=:"D>s M M M M M M M M M M M M M M M M *A6J ’L>9b?#$95" 3": D?2g>: M M M M BAG7
’5>X?;<"u3$:?5>X?;<" 3? #"A
’K?:5$E>#$95" 3" ’L5$2?;<" 3? X$L"E>3?3$ 9" 3?L>3?3$ J§* )"i M M M M M M +AI}
X$WE4L" M M M M M M M M M M M M M M +AJI 824>:$ E"952"L M M M M M M M M M M +AGF
’X?2>? 3" :>:5$#? 3$ 3>?aA
’K?:5$E>#$95": M M M M M M M M M TAIN ’L542? #W9>#? 9g:5>E" 3$ K"23"uE"952"L$ 3"
’K$2542? 3?: @"25?: 3" E"#A 3" :"L"ue9a4L": #"5"2 M M M M M M M M M M M M M M M 8AGH
@?25>#$95" 3$ E?2a?: M M M M M BA7H E?2?E5$2W:5>E": M M M M M M M M M M TAIH
’X>:": a$2?>: :"K2$ " Ee#K>"
’K$2542? 3$ $#$2a[9E>? 3?: ’@">?AE?K$;?: M M M M M M M M M BA6} ?45"#‘5>E" M M M M M M M M M M M M +AIJ
@"25?: 3" E"#@?25>#$95" 3$ ’@">" 3$ K2?;" M M M M M M M M M BA6¡ ’X>:": @?2? 45>L>Y?;<" 3":
E?2a?: M M M M M M M M M M M M M M M BA¡F ’@">" 3$ K2?;" E>95": 3$ :$a42?9;? M M M M M M *AIH
’K$2542? 3" E?@t 3" #"A 3>?95$>2" M M M M M M M M M M M M M BA¡G
5"2 M M M M M M M M M M M M M M M M M M BA7G ’Z4$E>#$95" 3" #"5"2 L"a"

’K$2542? 3" :@">L$2 M M M M M M BA76 ?@g: ? @?25>3? M M M M M M M M M M M +AJ
’K$2542? 3" 5$5" :"L?2 M M M M M BA7I B?a?a$>2" 3$ 5$5" M M M M M M M M BA¡¡
’Z4$E>#$95" $L^52>E" 3":
’B, p’95>AL"Eh B2?h>9a ,y:A $:@$Lb": $s5$29": M M M M M M M BAG6 B?9E" 52?:$>2" M M M M M M M M M M BA6¡
5$#r M M M M M M M M M M M M M M M M M *AIF ’2AE"93>E>"9?3" ?45"#‘5>E" B?9E": M M M M M M M M M M M M M M M BA6J
’E$93$3"2 3$ E>a?22": M M M M BA¡G *4?LY"9$ M M M M M M M M M M M M M BAHJ B?9E": 3>?95$>2": E"# 2$a4L?A
’E$::" ?": D4:WX$>: M M M M M M M PAIJ ’22$D$E>#$95" @?2? X$2:\$: a$# $L^52>E? M M M M M M M M M M M BA67
’3$Z4?;<" 3" 3>:@":>5>X" 3$ 542K" M M M M M M M M M M M M M M M M M +AJ B?5$2>? M M M M M M M M M M M M M M M SA6H
2$5$9;<" >9D?95>L M M M M M M M M *A6I ’5>X?;<" 3" ?L?2#$ M M M M M M BAIH BL"Z4$>" 3$ >a9>;<" $ @":>;<"
’>2K?a M M M M M M M M M M M M M M M *A6} ’5>X?;<" 3" 3>:@":>5>X" 3$ 3$ $:5?E>"9?#$95" M M M M M M M +AIJ
’>2K?a: D2"95?>: M M M M M M M M M *A6} 824>:$ E"952"L M M M M M M M M M M +A6}

4$!
B"2K"L$5?: 3$ #43?9;? 3$ 8"3$ ,y:5$# M M M M M M M M M M M BAIJ 824>:$ E"952"L M M M M M M M M M M +A6}
#?2Eb?: 9" X"L?95$ M M M M M M +AIF 8"#?93": 3"
B"5\$: 3$ E"#?93" M M M M M M BA¡7 ?2AE"93>E>"9?3" M M M M M M M M BAJN 
B"5\$: 3$ E"#?93" 3" E"#@4A 8"#@?25>#$95" 3$ *?3": @?2? ?
5?3"2 3$ K"23" M M M M M M M M M M 8AN E?2a?: M M M M M M M M M M M M M M M BA7H >3$95>D>E?;<" M M M M M M M M M M M M TAI
8"#@?25>#$95" 3" *$D>9>;<" 3? X$L"E>3?3$ 9"
 #"5"2 M M M M M M M M M M M M M M M SAIN 824>:$ E"952"L M M M M M M M M M M +A6N
8?L;?2 ?: 2"3?: M M M M M M M M M PA6H 8"#@"25?#$95" 3? L4YA$:@>? *$:?K>L>5?;<" 3": :>:5$#?: 3$
3" E>95" 3$ :$a42?9;? M M M M *AI¡ :$a42?9;? ?5>X": M M M M M M M M M *A}
8e#$2? 3$ 2^ A
3$:E2>;<" M M M M M M M M M M M M M +AGJ 8"#@45?3"2 3$ K"23" M M M M M 8A} *$:?5>X?;<" 3" ?L?2#$ M M M M BAI7
8e#$2? 3$ 2^ A V>:4?L>Y?;\$: 8"#45?3"2 3$ >a9>;<" A Eb?X$ *$:?5>X?;<" 3" E24>:$ E"9A
$ #$9:?a$9: 9" 3>:@L?y M M M +AGH $L$52t9>E? M M M M M M M M M M M M M BAIG 52"L M M M M M M M M M M M M M M M M M +AGI
8?@t 3" #"5"2 M M M M M M M M M BA7G 8"#45?3"2 3$ >a9>;<" A Eb?X$ *$:?5>X?;<" 3" 3>:@":>5>X"
#$Ee9>E? M M M M M M M M M M M M M BAI6 ,@$$3 )>#>5$2 M M M M M M M M M M +A6}
8?@"5? 3" E"#@?25>#$95" 3$
E?2a?: M M M M M M M M M M M M M M M BA77 8"#45?3"2 3$ L4Y$: M M M M M M BAG6 *$:52?X?#$95" 3$ $#$2a[9E>?
8?22"E$2>? M M M M M M M M M M M M SAGG 8"9_495" 3? L4Y >95$29? 3>?9A 3? ?L?X?9E? 3" Ee#K>" ?45"A
5$>2? M M M M M M M M M M M M M M M M M BAG} #‘5>E" M M M M M M M M M M M M M M M PAJF
8$952?L 3$ D4:WX$>: C*( M M M PAI}
8"9_495" 3$ L4Y >95$29? 52?A *>E?: 3$ 3>2$;<" M M M M M M M M +AHF
8$952?L @"25?AD4:WX$>: 3" E"#A :$>2? M M M M M M M M M M M M M M M M BAJF
@?25>#$95" 3" #"5"2 M M M M M PAIJ *>D4:"2$: 3" ?2 9" b?K>5‘A
8"9:$Lb": @?2? " 52?9:@"25$ E4L" M M M M M M M M M M M M M M M M M BAJ7
8b?X$ E"# E"952"L$ 3$ E?2a? M M M M M M M M M M M M M M BA7}
2$#"5" M M M M M M M M M M M M M M M M BAI *>2$;<" M M M M M M M M M M M M M M BA6N]
8"9:$2X?;<" 3? E?22"E$A TA}
8b?X$: M M M M M M M M M M M M M M M M BAI 2>? M M M M M M M M M M M M M M M M M M SAGG *>2$;<" ?::>:5>3? $L^52>E? M M M M *A¡
8>95": 3$ :$a42?9;? M M M M M M *AI6 8"95?Aa>2": M M M M M M M M M M M M M 8A¡ *>:@L?y M M M M M M M M M M M M M M M 8A}]
8>9Y$>2" M M M M M M M M M M M M M M BA¡G +AN
8L>#?5>Y?;<" M M M M M M M M M M M BAJ7
8"952"L$ 3?: $#>::\$: @"L4A
*>:@L?y #4L5>D49E>"9?L M M M M M 8A}
)
$95$: M M M M M M M M M M M M M M M M BA¡N

4$"
*>:@L?y #4L5>D49E>"9?L 2$E"9D>A +:5>L" 3$ E"934;<" M M M M M M M +AHI P49E>"9?#$95" 3" 1?2h:$9:$
a42‘X$L M M M M M M M M M M M M M M M 8A} +5>Z4$5?: 3$ >3$95>D>E?;<" 3" E"# ?52$L?3": M M M M M M M M M M +AGJ
*>:@":>5>X" X$WE4L" M M M M M M M M M M M M M M M TAI P49E>"9?#$95" @?2? Ee#K>"
?95>$:#?a?#$95" M M M M M M M M BA76 +sEL4:<" 3" ?L?2#$ M M M M M M BAI7 #?94?L p,5?25ƒ,5"@r M M M M M M +A6F
*>:@":>5>X" *$?3 L"Eh M M M M BA6I +s5>95"2 3$ >9E[93>" M M M M M M PAJ7 P4:WX$>: M M M M M M M M M M M M M M PAI6
*4@L>E?;<" 3?: Eb?X$: M M M M M BA7
" 
 P?L5? 3$ @?25>3? 3" #"5"2 M M M +AG S?9Eb" 3$ 2$K"Z4$ M M M M M M +AJ¡
+E"9"#>? 3$ P?2g>: ?L5": M M M M M M M M M M M M BAGH S?2?95>? 3" $s5$2>"2 3" X$WA
E"#K4:5WX$L M M M M M M M M M M M +AHF P?2g>: 3$ 9$KL>9? A "2>$95?A E4L" $ 3? @?25$ >9D$2>"2 3?
+#$2a[9E>? 3" Ee#K>" M M M M +AIG ;<" M M M M M M M M M M M M M M M M M BAG¡ E?22"E$2>? M M M M M M M M M M M M M SAGG
+Z4>@?#$95": >95$29": M M M M BA¡I P$Eb?#$95" 3" E?@t M M M M M BA7J S?:$: 3$ 3$:E?2a? M M M M M M M +AHG
+,8 p+L$E52"9>E ,5?K>L>5y 8"9A P$Eb?#$95" 3" 5$5" S$?2 ,b>D5 =93>E?5"2 pS,=r M M M 8AN
52"Lr M M M M M M M M M M M M M M M M M *AII :"L?2 M M M M M M M M M M M M M M M M BA76
+:@$E>D>E?;\$: 3$ 2"3?: $ P>L52" 3$ ?2 M M M M M M M M M M M M SAIG
@9$4: M M M M M M M M M M M M M M M TAIF P>L52" 3$ E"#K4:5WX$L M M M M M SAIJ =9?5>X>3?3$ 3" X$WE4L" 9"
+:@$Lb" >95$29" $L$52"E2tA P>L52" 3$ @?25WE4L?: *1P M M M M BA¡} :>:5$#? ,5?25ƒ,5"@ M M M M M M M +A6J
#>E" M M M M M M M M M M M M M M M M BAGF =93>E?3"2 3$ 5$#@$2?542? 3"
P>L52" 3" gL$" 3" #"5"2 M M M M SAI6
+:@$Lb" 2$52"X>:"2 LWZ4>3" 3$ ?22$D$E>#$95" 3"
>95$29" M M M M M M M M M M M M M M M BA6N PL4>3": a$94W9": $ L4K2>D>E?9A
#"5"2 M M M M M M M M M M M M M M M M 8A7
5$: M M M M M M M M M M M M M M M M M M TA6I
+:@$Lb": M M M M M M M M M M M M M M BA6N =93>E?3"2 3" 9WX$L 3$ E"#K4:A
P"LL"i #$ b"#$ M M M M M M M M BAGJ
+:@$Lb": 2$52"X>:"2$: $s5$2A 5WX$L M M M M M M M M M M M M M M M M M M 8A¡
9": M M M M M M M M M M M M M M M M M BAGF D2$>" 3$ $:5?E>"9?#$95" M M M M +A7
=93>E?3"2$: 3$ 3>2$;<" A :$A
+,, p+#$2a$9Ey ,5"@ ,>a9?A P2$>": M M M M M M M M M M M M M M M M TA7 5?: M M M M M M M M M M M M M M M M M M BAGH
L>9ar A P2$9?a$# 3$ $#$2a[9A P49E>"9?#$95" 3" =9:524#$95": 3$ K"23" M M M M M 8A7
E>? M M M M M M M M M M M M M M M M M BAG¡ 8"3$ M M M M M M M M M M M M M M M M BAIJ

4$%
=95$2#>5[9E>? 3? X$L"E>3?3$ )>#@$Y? 3?: @?25$: 3$ @L‘:A 
@2"a2?#?3? M M M M M M M M M M M +A6¡ 5>E" $ 2$X$:5>3?: M M M M M M M M M SAG¡
&?945$9;<" 3" :>:5$#? 3$
=95$2X$9;<" 3" ?L?2#$ M M M M BAIH )>#@$Y? 3?: @?25$: 2$X$:5>3?: ?2AE"93>E>"9?3" M M M M M M M M SAIG
=22$a4L?2>3?3$: 9" $# E"42" M M M M M M M M M M M M M SAG}
&?945$9;<" 3": E>95": 3$
D49E>"9?#$95" 3" :>:5$#? )>#@$Y? 3$ K?9E": $ @?25$: :$a42?9;? M M M M M M M M M M M M M *AI7
,5?25ƒ,5"@ M M M M M M M M M M M M +A6J $# 5$E>3" M M M M M M M M M M M M M SAG¡
&?945$9;<" @2"a2?#?3? M M M SAI
)>#@$Y? 3$ K?9E": $#
&$9:?a$9: 3$ ?3X$25[9A
! E"42" M M M M M M M M M M M M M M M M SAG¡
E>? M M M M M M M M M M M M M M M M M 8AI¡
)>#@$Y? 3" >95$2>"2 3" X$WA
m93>E$ 3$ "@?E>3?3$ M M M M M M BA¡N &$94 @2>9E>@?L 3" E"#@45?A
E4L" M M M M M M M M M M M M M M M M M SAG7
3"2 3$ K"23" M M M M M M M M M M M 8AIF
)WZ4>3" 3$ ?22$D$E>#$95" 3"
 &"5"2 M M M M M M M M M M M M M M M M TAG
#"5"2 M M M M M M M M M M M M M M M SA6J
)?X?3"2 3" @?2?AK2>:? M M M M M BAJI &"X>#$95?;<" 3? E"25>9? 3"
)WZ4>3" 3" L?X?3"2 3" @?2?A
5$5" :"L?2 M M M M M M M M M M M M M BA76
)$>542? E"22$5? 3? 2"3? M M M M M TAN K2>:? M M M M M M M M M M M M M M M M SA6J
)$>542? E"22$5? 3" @9$4 M M M M M TAN )WZ4>3" 3": D2$>": M M M M M M M SA6J
)"9a? >9?5>X>3?3$ 3" X$WA
)$X?95?3"2 $L^52>E" 3": X>A
32": M M M M M M M M M M M M M M M M M BA66 E4L" M M M M M M M M M M M M M M M M M SAG6 !v#$2" 3" Eb?::> M M M M M M M M TAI
)$X?95?93" " X$WE4L" M M M M M SA6¡ )4Y$: 3$ $#$2a[9E>? M M M M M BAG¡
)>#>5?3"2 3$ X$L"E>3?3$ A )4Y$: 3$ $:5?E>"9?A 
,@$$3 L>#>5$2 M M M M M M M M M M M +A67 #$95" M M M M M M M M M M M M M M M BAGJ UL$" 3" #"5"2 M M M M M SAI6] SA6G
)>#>5?3"2$: 3$ E?2a? M M M M M *AI} )4Y$: 3$ 9$KL>9? M M M M M M M M BAGG
UL$" 3" :>:5$#? 3$ ?54?;<"
)>#@?3"2 3" @?2?AK2>:? M M M M BAJI )4Y$: 3$ @":>;<" M M M M M M M M BAGG 3" Ee#K>" ?45"#‘5>E" M M M M SA6H
)>#@?3"2 3" @?2?AK2>:? A )4Y$: 3>429?: M M M M M M M M M M BAGG
#?945$9;<" M M M M M M M M M M M BAJJ )4Y$: $s5$29?: M M M M M M M M M M BAG6 &
)>#@?3"2$: $ L?X?3"2$: 3" )4Y$: >95$29?: M M M M M M M M M M BAG}
1?>9$L 3$ >9:524#$95": M M M M M 8AI )
@?2?AK2>:? M M M M M M M M M M M M M BAJI )4Y$:A$:@>? M M M M M M M M M M M M 8AI¡
1?2?A:"L M M M M M M M M M M M M M M BA¡I
4$&
1?25>3? ?@g: >9?5>X>3?3$ @2"L"9A 12$::<" 3": @9$4: M M M M M M M TAI6 C$a4L?a$# 3? >L4#>9?;<" 3"
a?3? M M M M M M M M M M M M M M M M M +AG 12^A5$9:>"9?3"2$: M M M M M M M *AI¡ @?>9$L 3$ >9:524#$95": p:$9:"2
1?25>3? E"# K?5$2>? ?4s>A 12"E$3>#$95" 3$ >9>E>?L>Y?;<" 3$ L4#>9":>3?3$r M M M M M M M M M 8A7
L>?2 M M M M M M M M M M M M M M M M M PAGH 3" 5$5" :"L?2 M M M M M M M M M M M BA7G C$a4L?a$# 3" X"L?95$ M M M M BA6N
1?25>3? E"# #?9"K2?: 3$ 12"E$3>#$95": 3$ #?945$9A C$a4L?a$# $# ?L542? 3":
>9^2E>? M M M M M M M M M M M M M M M PAG¡ ;<" M M M M M M M M M M M M M M M M M SAII E>95": 3$ :$a42?9;? M M M M M M *AIJ
1?25>3? 3$ $#$2a[9E>? M M M M PAGJ 12"E$3>#$95": 3$ C$a4L?a$9: 3": K?9E": M M M M BA6J
1?25>3? 3$ $#$2a[9E>? 9" :$a42?9;? M M M M M M M M M M M M M +A6J C$#"95?a$# 3? 2"3? 3$ 45>L>A
:>:5$#? ,5?25ƒ,5"@ M M M M M M M +A6H 12"a2?#?;<" 3? X$L"E>3?3$ Y?;<" 9"2#?L M M M M M M M M M M PAGG
1?25>3? 3" #"5"2 A PL$s M M M M M +A6 L>#>5$ M M M M M M M M M M M M M M M M +A6¡ C$5>2?3? 3$ $#$2a[9E>? 3?
1?25>3? 3" #"5"2 A X$2:<" 3>$A 12"5$;<" E"952? ": ?a$95$: Eb?X$ 3$ >a9>;<" M M M M M M M M M BA}
:$L M M M M M M M M M M M M M M M M M M M +AI ?5#":D^2>E": M M M M M M M M M M M SAGG C"3?: $ @9$4: M M M M M M M M M M M TAN
1?25>3? 3" #"5"2 A X$2:\$: ? C"3WY>" 3": @9$4: M M M M M M M SA6N
3>$:$L M M M M M M M M M M M M M M M M M +A6 (
1?::>X$ $952y M M M M M M M M M M M BAI} w4?32" 3$ >9:524#$95": M M M M 8A6
1$:": $ E?2a?: M M M M M M M M M M TAI} ,$9:"2 E2$@4:E4L?2 M M M M M M M BAG6
19$4: A a$9$2?L>3?3$: M M M M M SA6¡ ,$9:"2 3$ Eb4X? M M M M M M M M BAJ6

19$4: A >9D"2#?;\$: :"K2$ ? ,$9:"2$: M M M M M M M M M M M M M M +AGI
:$a42?9;? M M M M M M M M M M M M M SA6¡ C?#@? :4@$2‘X$L M M M M M M M M +AIN
C$?K?:5$E>#$95" M M M M M M M M +AJ7 ,$2X>;": 9? E"9E$::>"9‘A
1"25? (,B M M M M M M M M M M M M M BA¡H 2>? M M M M M M M M M M M M M M M M M M M SAI
1"25?AE"@":u@"25?AL?5?: M M M M BA¡J C$K"E?93" " X$WE4L" $#
:>54?;\$: 3$ $#$2a[9E>? M M M PAJI ,>9?L>Y?;<" 3$ ?9"#?L>?:
1"25?AL4X?: M M M M M M M M M M M M BA¡I 3" ?::>:5$95$ 3$ $:5?E>"9?A
C$K"Z4$ 3" X$WE4L" M M M M M M PAJG
1"25?AgE4L": M M M M M M M M M M M BA¡H #$95" M M M M M M M M M M M M M MM +AGG
C$E?2a? 3? K?5$2>? M M M M M M M SA67
1"25?: M M M M M M M M M M M M M M M BAI7 ,>9?L>Y?;<" >9:4D>E>$95$ 3?
C$E"#$93?;\$: @?2? 3$:L>a?2 " @2$::<" 3": @9$4: M M M M M MM +AJF
1":>;\$: 3? ?L?X?9E? 3$ Ee#A #"5"2 M M M M M M M M M M M M M M M M +AH
K>" M M M M M M M M M M M M M M M M M +AIF

4$’
,>:5$#? ’B, p’95>AL"Eh B2?A ,>:5$#? +,8 p+L$E52"9>E ,5?K>A ,4K:5>54>;<" 3? K?5$2>? M M M M SAIN
h>9a ,y:5$#r M M M M M M M M M M M *AIF L>5y 8"952"Lr M M M M M M M M M M M *AII ,4K:5>54>;<" 3? K?5$2>?
,>:5$#? 3$ ?22$D$E>#$95" A ,>:5$#? DL$s pE"#K4:5WX$L 3? Eb?X$ E"# E"952"L$
#?945$9;<" M M M M M M M M M M M SAIH $5?9"L $u"4 a?:"L>9?r M M M M M +AJJ 2$#"5" M M M M M M M M M M M M M M M M BA7
,>:5$#? 3$ E"25$ 3$ E"#K4:5WA ,>:5$#? T*8 pT>LL *$:E$95 ,4K:5>54>;<" 3? K?5$2>? 3?
X$L M M M M M M M M M M M M M M M M M PAG} 8"952"Lr M M M M M M M M M M M M M M M *AH Eb?X$ $L$52t9>E? M M M M M M M M M BA¡
,>:5$#? 3$ 3>?a9g:5>E" 3$ ,>:5$#? T>LL T"L3$2 M M M M M M M *AG ,4K:5>54>;<" 3$ 4#?
K"23" M M M M M M M M M M M M M M M 8AGH ,>:5$#? -B* M M M M M M M M M M 8AGH Le#@?3? M M M M M M M M M M M M M M M PAI
,>:5$#? 3$ $:E?@?#$95" A ,>:5$#? 1B’ p1?9>E B2?h$ ,4K:5>54>;<" 3$ 4#? Le#@?3?
#?945$9;<" M M M M M M M M M M M SAIJ ’::>:5r M M M M M M M M M M M M M M M M *A6 $s5$29? M M M M M M M M M M M M M M M PAJ
,>:5$#? 3$ D2$9?a$# A #?94A ,>:5$#? ,BC p,$?5 B$L5 C$#>9A ,4K:5>54>;<" 3$ 4#? Le#@?3?
5$9;<" $ E4>3?3": M M M M M M M SAI¡ 3$2r M M M M M M M M M M M M M M M M M *AI¡ >95$29? M M M M M M M M M M M M M M M PAIF
,>:5$#? 3$ >9>K>;<" 3" $9a?5$ ,>:5$#? ,5?25ƒ,5"@ M M M M M M M +A6F ,4a$:5\$: @?2? E"934;<"
3$ #?2Eb?: :$# " @$3?L 3$ ,>:5$#? .8 p.2?E5>"9 8"9A D"2? 3$ $:52?3? A V$2:\$: E"#
D2$>" ?E>"9?3" M M M M M M M M M M +AIJ 52"Lr M M M M M M M M M M M M M M M M M M *AI 52?;<" >95$a2?L M M M M M M M M M M +AHG
,>:5$#? 3$ #"9>5"2?#$95" ,>:5$#? .1&, p.y2$ 12$::42$ ,4@$2?Z4$E>#$95" 3" #"A
3? @2$::<" 3": @9$4: &"9>5"2>9a ,y:5$#r M M M M M M +AG7 5"2 M M M M M M M M M M M M M M M M M M PAJF
p.1&,r M M M M M M M M M M M M M M M +AG7 ,4:@$9:\$: M M M M M M M M M M M M M TA7
,>:5$#? .1&, 5$#@"2?2>?A
,>:5$#? 3$ @?25>3? #$95$ 3$:?5>X?3" M M M M M M M M +AJF
2$#"5? M M M M M M M M M M M M M M M M BAN
,>:5$#? 52?:$>2" M M M M M M M M M +AGI 
,>:5$#? 3$ :$a42?9;? :4@L$A
#$95?2 p,C,r A ’>2K?a M M M M M *A6} ,>:5$#?: 3$ :$a42?9;? .$#@"2>Y?;<" 3" 3$:L>a?A
?5>X? M M M M M M M M M M M M M M M M M *AI #$95" 3": D?2g>: M M M M M M M M BAGJ
,>:5$#? *,. p*y9?#>E ,5$$A
2>9a ."2Z4$r M M M M M M M M M M M M *AG ,>:5$#?: @?2? @2"5$;<" 3" .$5" :"L?2 $L^52>E" M M M M M M M BA7I
#$>" ?#K>$95$ M M M M M M M M M BA¡} .>@": 3$ Le#@?3?: M M M M M M M M PA6
,>:5$#? $L^52>E" M M M M M M M M M TA6H
,>:5$#? +C& p+L$E52"9>E C"LL"A
,"L>E>5?;<" 3$ Eb?X$: ?3>E>"A ."#?3? 3$ E"22$95$ M M M M M M BA¡6 )
9?>: M M M M M M M M M M M M M M M M M M BA7 .2?;<" >95$a2?L M M M M M M M M M +AI7
X$2 &>5>a?5>"9r M M M M M M M M M M M *AJ

4$)
.2?;<" >95$a2?L J§* $ J§* 
)"i M M M M M M M M M M M M M M M M M +AI7
V<" @"25?A"K_$5": 3" K?9E"
.2?9:#>::<" M M M M M M M M M M M M TAH 3" L?3" 3" @?::?a$>2" M M M M M BA¡J
.2?9:#>::<" ?45"#‘5>E? M M M M +AN V$L"EW#$52" M M M M M M M M M M M M 8A7
.2?9:#>::<" #?94?L M M M M M M M +A} V$2>D>E?;<" 3": 9WX$>: M M M M M SAIN
.2?9:@"25$ 3$ ?9>#?>: M M M M +AH6 V$2>D>E?;<" 3": 9WX$>: 3"
.2?9:@"25$ 3$ E2>?9;?: $# #"5"2 IM} M M M M M M M M M M M M M SA6F
:$a42?9;? M M M M M M M M M M M M M *AIN V$2>D>E?;<" 3": 9WX$>: 3"
.2?9:@"25$ 3$ #"5"2 6MF M M M M M M M M M M M M M SA6I
@?::?a$>2": M M M M M M M M M M M M +AH6 V$2>D>E?;<" 3": 9WX$>: 3"
.2?X?#$95"u3$:52?X?#$95" #"5"2 6MJ M M M M M M M M M M M M M SA66
3?: @"25?: @$L" $s5$2>"2 M M M M BAI¡ V$2>D>E?;\$: @$2>g3>E?: M M M M SAIF
.2?X?#$95"u3$:52?X?#$95" V"L5?2 ? Eb?#?2 ? X$L"E>3?3$
3?: @"25?: @$L" >95$2>"2 M M M M BAI7 9" 824>:$ E"952"L M M M M M M M M +AGF
.2>@ E"#@45$2 M M M M M M M M M M 8AIH V"L4#$ 3" E"#@?25>#$95" 3$
.2"E? 3$ @9$4: M M M M M M M M M PA6F E?2a?: M M M M M M M M M M M M M M M TAIJ


(L52?@?::?a$# 3? X$L"E>3?3$
@2"a2?#?3? M M M M M M M M M M M +A6¡
(5>L>Y?;<" 3$ a4>9Eb": M M M M +AHF
(5>L>Y?;<" 3": E>95": 3$ :$a4A
2?9;? M M M M M M M M M M M M M M M M *AIG
(5>L>Y?;<" :$X$2? 3" X$WA
E4L" M M M M M M M M M M M M M M M M M SAIF

4$*
NOTAS
NOTAS
NOTAS
NOTAS
MOPAR OIL.
O ÓLEO
RECOMENDADO
PELA FIAT
PARA O
SEU FIAT.
MELHOR DESEMPENHO
E DURABILIDADE COM
ECONOMIA EM TODOS
OS MOMENTOS.
AS MELHORES SOLUÇÕES
EM LUBRIFICANTES.
Agora, temos disponível a nova linha
de lubrificantes e fluídos MOPAR Oil,
desenvolvida especialmente para motores FIAT.

Com muita tecnologia e alta performance,


a linha genuína Mopar Oil garante
o melhor desempenho para seu veículo.

Realize suas revisões periódicas em nossas


concessionárias e mantenha sua garantia
em dia.

Exija Mopar Oil.


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.


TORO - 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.

TORO - Impresso 60351142 - SET/2019

Você também pode gostar