Você está na página 1de 310

PT

AR GO
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[LWHYHTV[VYLZ 3\IYPÄJHU[L[V[HSTLU[LZPU[t[PJV:(,>(70:503:(*.- 467(94(?796:@5
*mY[LYKVTV[VY
1.0 e 1.3 Flex UVYTH-PH[ JSHZZL.:? ;/,;0*>:7.-(
3\IYPÄJHU[LWHYHTV[VY 3\IYPÄJHU[L[V[HSTLU[LZPU[t[PJV>-,8\HSPÄJHsqV . 467(94(?796
*mY[LYKVTV[VY
1.8 Flex (70:4(*,(()"03:(*.- >:5.-
3\IYPÄJHU[L:PU[t[PJV"(70.3":(,>8\HSPÄJHsqV  *HP_HTLJoUPJHL 467(9+\HS+Y`
4A diferencial *S\[JO;YHUZTPZZPVU-S\PK
THYJOHZ!S\IYPÄJHU[L",ZWLJ!(;-(>"8\HSPÄJHsqV (= *oTIPVH\[VTm[PJV 467(9:70=4(;-
3\IYPÄJHU[LZLNYH_HZWHYH
a transmissão .YH_HJVTIPZZ\SML[VKLTVSPIKvUPVWHYHLSL]HKHZ[LTWLYH[\YHZKL Juntas homocinéticas

\[PSPaHsqV*VUZPZ[vUJPH53.08\HSPÄJHsqV  lado da roda
.YH_HS\IYPÄJHU[LLZWLJxÄJHWHYHQ\U[HZOVTVJPUt[PJHZJVTIHP_VJVLÄ Juntas homocinéticas

JPLU[LKLH[YP[V*VUZPZ[vUJPH53.08\HSPÄJHsqV  lado do diferencial
-S\PKVZPU[t[PJVWHYHZPZ[LTHZKLMYLPVZLLTIYLHNLT":(,1" -YLPVZOPKYm\SPJVZL
Fluido para os freios *<5(5* +6;()"0:6 "-4=::5¢+6;",) JVTHUKVZOPKYm\SPJVZKH 467(9+6;
 ()5;   embreagem
7YV[L[VYLHU[PJVUNLSHU[L Fluido concentrado para sistemas de arrefecimento a base de mono
:PZ[LTHKLHYYLMLJPTLU 467(9*VVSHU[6(;
para sistema de arrefeci L[PSLUVNSPJVSL\TWHJV[LPUPIPKVYKLJVYYVZqVKLVYPNLTVYNoUPJH
[V 
mento 6(;6YNHUPJHUK(JPK;LJUVSVN`-0(;4: 7HY[L)
3xX\PKVKVZSH]HKVYLZKV
:PZ[LTHZSPTWHKVYSH]H 467(9*SLHULY:
WHYHIYPZHL]PKYV[YHZLPYV Álcoois e tensioativos
KVYKVWHYHIYPZH 
ZLLX\PWHKV
(=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[}YPV
KVSPTWHKVYKVZ]PKYVZUHZLN\PU[LWYVWVYsqV! KL467(9*SLHULY:  KLmN\HWV[m]LS
  
1@2@L_:; $ "L2?b@3" A"2 5$2 $;F"Mc?3" 4# R?@5N
12$A@2@#"; $;5$ &@:4@M A@2@ Mc$ A$2#?5?2 @A2$F?@2 @; [4@M?3@3$; 3$;5$ Y$XF4M"^ E"2:$F$:3" ?:E"2#@<]$;^ F":;$Mc";
$ @Y?;"; ?#A"25@:5$; A@2@ ;4@ 45?M?Z@<="N
d 2$F"#$:3aY$M M\BM" F"# @5$:<=" @:5$; 3$ ;$ A2$A@2@2 A@2@ @ A2?#$?2@ Y$Z :@ F":34<="^ 3$ #"3" @ E@#?M?@2?Z@2B
;$ F"# "; F"#@:3"; $# A@25?F4M@2^ F"# "; 2$M@5?Y"; @"; E2$?";^ e 3?2$<=" $ @" Ff#L?"g @" #$;#" 5$#A"^ A"3$2a
F"#$<@2 @ F"#A2$$:3$2 " F"#A"25@#$:5" 3" Y$XF4M" :@; Ya2?@; ;4A$2EXF?$; 3@ $;52@3@N
!" ?:5$2?"2 3$;5$ 3"F4#$:5" $:F":52@2a F@2@F5$2X;5?F@;^ A@25?F4M@2?3@3$; $ ?:E"2#@<]$; $;;$:F?@?; A@2@ " F4?3@3"^
@ @" M":b" 3" 5$#A"^ @ ;$b42@:<@ 3$ F":34<=" $ 3$ E4:F?":@#$:5" 3" ;$4 R>’.N
’Ah; 5\BM" F":;4M5@3"^ @F":;$Mc@#"; @ F":;$2Y@2 " A2$;$:5$ &@:4@M :" ?:5$2?"2 3" Y$XF4M"^ A@2@ E@F?M?5@2 @ ;4@
F":;4M5@ $ A@2@ [4$ $;5$‘@ @ L"23" 3" #$;#" $# F@;" 3$ Y$:3@N
!" #@:4@M 3$ U@2@:5?@^ E"2:$F?3" :" i?5 3$ L"23" 3" Y$XF4M"^ $:F":52@2a @?:3@ @ 3$;F2?<=" 3"; ,$2Y?<"; 3$
’;;?;5\:F?@ [4$ @ R>’. "E$2$F$ @"; ;$4; 9M?$:5$;^ " 9$25?E?F@3" 3$ U@2@:5?@ $ " 3$5@Mc$ 3"; 5$2#"; $ 3@; F":3?<]$;
A@2@ @ #@:45$:<=" 3@ #$;#@N
D$F"#$:3@B;$ 5@#L_# @ M$?542@ 3" &@:4@M Ca;?F" 3$ ,$b42@:<@ :" .2f:;?5"^ [4$ 52@5@ 3$ 5$#@; ?#A"25@:5$; F"#"
@; :"2#@; 3$ F?2F4M@<="^ @; ?:E2@<]$; $ A$:@M?3@3$; A2$Y?;5@; :" 9h3?b" 3$ .2f:;?5" C2@;?M$?2"^ 3?2$<=" 3$E$:;?Y@ $
:"<]$; 3$ A2?#$?2"; ;"F"22"; $# F@;" 3$ @F?3$:5$^ @M_# 3$ F":F$?5";^ 3$E?:?<]$; $ ;?:@M?Z@<=" La;?F@ 3$ 52f:;?5"N -
&@:4@M Ca;?F" 3$ ,$b42@:<@ :" .2f:;?5" $;5a 3?;A":XY$M :" ;?5$ jjjNE?@5NF"#NL2 Bk la 5$:c" 4# R?@5 Bk &@:4@M 3$
,$b42@:<@ :" .2f:;?5"N
+;5@#"; F$25"; [4$ $;5@; A4LM?F@<]$; ?2=" E@Z\BM" $:52@2 $# ;?:5":?@ F"# " ;$4 :"Y" Y$XF4M" $ @A2$F?@2 "; ;$2Y?<";
5_F:?F"; 3@ R>’. [4$ $;5=" 3?;A":XY$?; A@2@ ;4@ @;;?;5\:F?@N
C"@ M$?542@^ $:5="^ $ L"@ Y?@b$#Q

!
 !

    "

      #

  $

   %

    ! &

       ’

 " (

 #$" )

)+>.(D’ -CD>U’.VD>’ N N N N N N N N N N N N N N ’BJ !
(.>)>S’/0- *- &’!(’) N N N N N N N N N N N N N ’BO
’*W+D.m!9>’, + !-.’, N N N N N N N N N N N N N N ’BO
,n&C-)-, N N N N N N N N N N N N N N N N N N N N N N ’BH
&-*>R>9’/o+, -( ’).+D’/o+, *-
W+n9()- N N N N N N N N N N N N N N N N N N N N N N N ’BH

#
    Fc@Y$ 3$ ?b:?<=" $#  $ @b4@2B !@; Y$2;]$; $[4?A@3@; F"# Fc@Y$
3@2 [4$ @; M4Z$;B$;A?@ ;$ @A@b4$#^ $M$52r:?F@ s+:5$2B!BU"t^ A2$;;?":@2
  $qF$5" @; M4Z$;B$;A?@ 3$ E2$?" 3$ $;B L2$Y$#$:5$ " L"5=" 3" 3?;A";?5?Y" !
$  % 5@F?":@#$:5"^ hM$"^ F?:5" 3$ ;$b4B 3$ A@25?3@ $ @b4@23@2 [4$ @; M4Z$;B
2@:<@ $ ?:‘$<=" $^ $# ;$b4?3@^ F"M"B $;A?@ ;$ @A@b4$#g $# ;$b4?3@^ A2$;B
$
F@2 @ Fc@Y$ 3$ ?b:?<=" $# N !@; ;?":@2 " A$3@M 3$ E2$?" $ @F?":@2 :"B
  #&'( @L@;5$F$2 " Y$XF4M" Y$2;]$; $[4?A@3@; F"# Fc@Y$ $M$52rB Y@#$:5$ " L"5=" 3" 3?;A";?5?Y" 3$
@A$:@; F"# U@;"M?:@ ;$# Fc4#L"^ :?F@ s+:5$2B!BU"t^ A2$;;?":@2 L2$Y$B A@25?3@N ’ A@25?3@ "F"22$2a @45"#@5?B
5?A" 9 "4 $5@:"M $5XM?F" c?32@5@3" #$:5$ " L"5=" 3" 3?;A";?5?Y" 3$ A@2B F@#$:5$ @Ah; " F"#@:3"N
F"#L4;5XY$M $# [4@M[4$2 A2"A"2<="N 5?3@ $ @b4@23@2 [4$ @; M4Z$;B$;A?@ ;$
’ @3?<=" 3$ "452" 5?A" 3$ b@;"M?:@ @A@b4$#g $# ;$b4?3@^ A?;@2 :" A$B
:" 5@:[4$^ :=" c"#"M"b@3@ A@2@ 4;" 3@M 3$ $#L2$@b$# $ @F?":@2 :"Y@B  ) *+  , ,- . 
@45"#"5?Y"^ A"3$ A2"Y"F@2 3@:"; ?2B #$:5$ " L"5=" 3" 3?;A";?5?Y" 3$ A@2B   0  1      2
2$Y$2;XY$?; @" Y$XF4M"N 5?3@N ’ A@25?3@ "F"22$2a @45"#@5?F@B
#$:5$ @Ah; " F"#@:3"N 1@2@ A@25?3@ 3" #"5"2 $# Y$2;]$;
1@2@ #@?"2$; 3$5@Mc$; ;"L2$ 45?M?B
Z@<=" 3" F"#L4;5XY$M F"22$5"^ Y$2 $;B  ) *+  , ,- .  F"# Ff#L?" U,D 9"#E"25^ F":;4M5@2
A$F?E?F@<]$; $# p*@3"; 3" Y$XF4M"p + / , ;4AM$#$:5" $;A$FXE?F"N
$ p’L@;5$F$:3" " Y$XF4M"pN
9$25?E?F@2B;$ 3$ [4$ " E2$?" 3$ $;B
5@F?":@#$:5" $;5$‘@ @F?":@3" $ [4$  $
   @ @M@Y@:F@ 3" Ff#L?" $;5$‘@ :@ A";?B  #3
<="  s+;5@F?":@#$:5"t "4  s1":5"
 ) *+  , ,- .  *42@:5$ " E4:F?":@#$:5"^ " F":B
&"25"t^ A?;@2 :" A$3@M 3" E2$?"N !@;
 +& Y$2;"2 F@5@MX5?F" @5?:b$ 5$#A$2@542@;
Y$2;]$; F"# Fc@Y$ #$Ff:?F@^ F"M"B
$M$Y@3@;N 1"2 ?;;"^ :=" $;5@F?":@2 "
9$25?E?F@2B;$ 3$ [4$ " E2$?" 3$ $;5@B F@2 @ Fc@Y$ 3$ ?b:?<=" $#  $
Y$XF4M" $# F?#@ 3$ E"Mc@; ;$F@; "4
F?":@#$:5" $;5$‘@ @F?":@3"^ A";?F?B @b4@23@2 [4$ @; M4Z$;B$;A?@ ;$ @A@B
"452" #@5$2?@M ?:EM@#aY$M% A$2?b" 3$
":@2 @ @M@Y@:F@ 3$ Ff#L?" $# A":5" b4$#^ $qF$5" @; M4Z$;B$;A?@ 3$ E2$?"
?:F\:3?"N
#"25"^ A?;@2 :" A$3@M 3$ $#L2$@b$#^ 3$ $;5@F?":@#$:5"^ hM$"^ F?:5" 3$ ;$B
;$# A?;@2 :" @F$M$2@3"2N !@; Y$2B b42@:<@ $ ?:‘$<=" $^ $# ;$b4?3@^ F"B
;]$; F"# Fc@Y$ #$Ff:?F@^ F"M"F@2 @ M"F@2 @ Fc@Y$ 3$ ?b:?<=" $# N
#$!
   $% #$?" @#L?$:5$ $ #@:5$:3" L@?q"; ";    
 F4;5"; 3$ E4:F?":@#$:5"N

- Y$XF4M" $;5a $[4?A@3" F"# 4#
;?;5$#@ [4$ A$2#?5$ 4# 3?@b:h;5?F" )$:3" $;5$ &@:4@M 3$ (;" $ &@B
F":5X:4" 3"; F"#A":$:5$; 2$M@F?"B     :45$:<=" $:F":52@2a 4#@ ;_2?$ 3$
:@3"; F"# @; $#?;;]$; A@2@ b@2@:5?2   ’*W+D.m!9>’, 3$;5?:@3@; @ $Y?5@2
4# #$Mc"2 2$;A$?5" A$M" #$?" @#L?B A2"F$3?#$:5"; [4$ A"3$2?@# 3@:?E?B
$:5$N 6  F@2 " ;$4 Y$XF4M"N
,$#A2$ [4$ E"2$# E"2:$F?3@; ?:3?B ’M_# 3?;;"^ $;5=" A2$;$:5$; !-B
F@<]$; 3$ 3?2$<=" 2$M@5?Y@; @" Y$XB .’, [4$ 3$Y$# ;$2 M?3@; @5$:5@#$:5$
4 " F4M" s$;[4$23@u3?2$?5@ "4 E2$:5$u52a;t^ A@2@ $Y?5@2 4#@ 45?M?Z@<=" ?:@3$B
5 $;5@; 3$Y$# ;$2 $:5$:3?3@; F"#" 2$B [4@3@ 3"; F"#A":$:5$; 3" Y$XF4M"^
,$^ @Ah; @ F"#A2@ 3" Y$XF4M"^ 3$B M@5?Y@; e A$2F$A<=" 3$ 4# "F4A@:5$ [4$ A"3$2?@# F@4;@2 @F?3$:5$;N
;$‘@2 ?:;5@M@2 @F$;;h2?"; [4$ :$F$;;?B ;$:5@3" :" M4b@2 3" #"5"2?;5@N 9@B
;"; A@25?F4M@2$;^ [4$ ;$‘@# 4#@ $qB 1"2 $;5$ #"5?Y"^ 2$;A$?5@2 2?b"2"B
5$# 3$ @M?#$:5@<=" $M_52?F@ sF"# "
F$<=" @ $;5@ ?:3?F@<="^ ;$2=" "A"2B ;@#$:5$ 5"3@; @; 2$F"#$:3@<]$; 3$
2?;F" 3$ 3$;F@22$b@2 b2@34@M#$:5$ @
54:@#$:5$ @;;?:@M@3"; :" 5$q5"N ’*W+D.m!9>’ $ !-.’, #$:F?":@B
L@5$2?@t^ 3?2?‘@B;$ e    , &
3@; @" M":b" 3" 5$q5"N
#  [4$ @Y@M?@2a @ @L;"2<=" $M_52?F@ ’; E?b42@; ?:3?F@3@; @" M":b" 3"
5"5@M $ Y$2?E?F@2a ;$ " ;?;5$#@ 3" Y$XB &@:4@M 5\# 4#@ E4:<=" ?:3?F@5?Y@%
F4M" $;5a $# F":3?<]$; 3$ ;4;5$:5@2  1@2@ ;$b42@:<@ 3@; A$;;"@;N
?;5" A"3$ ;?b:?E?F@2 [4$ @Mb4:; 3$B
@ F@2b@ :$F$;;a2?@N 5@Mc$; 2$A2$;$:5@3"; :@ ?#@b$# :="  1@2@ ?:5$b2?3@3$ 3" Y$XF4M"
F"22$;A":3@# @" [4$ A"3$2a $:F":B  1@2@ A2"5$<=" 3" #$?" @#L?B
52@2 :" ;$4 Y$XF4M"N $:5$
  %
 1@2@ ?3$:5?E?F@2 " F@AX54M" $# [4$
$;5=" F":5?3@; @; ?:E"2#@<]$; A2$B
(#@ F"22$5@ #@:45$:<=" A$2#?5$ 
5$:3?3@;^ A"3$ F":;4M5@2 " X:3?F$ @MB
F":;$2Y@2 ?:@M5$2@3"; :" 5$#A" "; !$;5$ &@:4@M 3$ (;" $ &@:45$:B
E@L_5?F" ;?54@3" :" E?:@M 3" A2$;$:5$
2$:3?#$:5"; 3" Y$XF4M" $ @; F@2@F5$B <=" $;5=" 3$;F2?5@; 5"3@; @; Y$2;]$;
&@:4@M 3$ (;" $ &@:45$:<="N
2X;5?F@; 3$ ;$b42@:<@^ 2$;A$?5@:3" " 3" #"3$M"N 9":5$v3"; "AF?":@?;^
#$"
$[4?A@#$:5"; 3$3?F@3"; @ &$2F@B ! ;?;5$#@ $M_52?F" 3" Y$XF4M" 5$# F@B
3"; $;A$FXE?F"; "4 Y$2;]$; $;A$FXE?B A@F?3@3$ A@2@ ;4A"25@2 @ F@2b@ ;"M?B
F@; :=" ;=" ?3$:5?E?F@3@; F"#" 5@?; +# @Mb4:; F"#A":$:5$; 3" Y$XB F?5@3@^ "4 ;$ _ :$F$;;a2?" ?:5$b2aBM" !
:" 5$q5"% _ :$F$;;a2?" F":;?3$2@2 F4M" $;5=" A2$;$:5$; $5?[4$5@; F"M"2?B F"# 4#@ L@5$2?@ 3$ #@?"2 F@A@F?B
@A$:@; @; ?:E"2#@<]$; 2$M@5?Y@; @" 3@;^ F4‘@ ;?#L"M"b?@ ?:3?F@ A2$F@4B 3@3$N
$[4?A@#$:5"^ #"5"2?Z@<=" $ Y$2;=" <]$; ?#A"25@:5$; @ "L;$2Y@2 :@ 45?M?B
3" Y$XF4M" 3$ ;4@ A2"A2?$3@3$N +Y$:B Z@<=" 3" A2hA2?" F"#A":$:5$N
54@?; F":5$v3"; ?:52"34Z?3"; 342@:5$ 
@ Y?3@ A2"345?Y@ 3" #"3$M"^ #@; ?:B 12$E?2@ ;$#A2$ ’F$;;h2?"; U$:4XB
3$A$:3$:5$; 3" A$3?3" $qA2$;;" 3$  " #  :"; R?@5N .@:5" " Y$XF4M" F"#" ;$4;
F":5$v3"; "AF?":@?; :" #"#$:5" 3@ $[4?A@#$:5"; F":;"#$# $:$2b?@ 3@
@[4?;?<="^ ;$2=" ?3$:5?E?F@3"; F"# @
#  L@5$2?@ #$;#" 3$;M?b@3";% _ " 3$B
?:3?F@<=" s;$ $[4?A@3"tN ! :"#?:@3" xF":;4#" $# ;5@:3yBLyzN
9"#" @ L@5$2?@ A";;4? 4# M?#?5$ #aB
w4@M[4$2 #"3?E?F@<=" "4 @M5$2@B q?#" 3$ F":;4#" A@2@ b@2@:5?2 @
 <=" 3" Y$XF4M" A"3$ F"#A2"#$5$2 A@25?3@ 3" #"5"2^ 3$Y$B;$ 3?#$:;?"B
-; 3@3"; F":5?3"; :$;5@ A4LM?F@B b2@Y$#$:5$ @ ;$b42@:<@ $ A2"Y"F@2 :@2 " F":;4#" 3"; $[4?A@#$:5"; 3$
<=" 3$Y$# ;$2 $:5$:3?3"; F"#" 3$;B @F?3$:5$;^ F"# 2?;F"; @5_ #$;#" @F"23" F"# $;;@ #@2b$#N
5?:@3"; @ F":34Z?BM" F"22$5@#$:5$ #"25@?; A@2@ "; "F4A@:5$;N
:@ 45?M?Z@<=" 3" Y$XF4M"N ’ R9’ R>’.
98DT,)+D ’(.-&VW+>, CD’,>)
5  
).*’ $;5a $#A$:c@3@ :4# A2"F$;;"
 !
3$ @A$2E$?<"@#$:5" F":5X:4" 3";
Y$XF4M"; A2"34Z?3";^ 2$;$2Y@:3"B;$^ ,$^ @Ah; @ @[4?;?<=" 3" Y$XF4M"^ 1@2@ @;;$b42@2 @ [4@M?3@3$ $ "
@;;?#^ " 3?2$?5" 3$ $E$54@2 #"3?B 3$;$‘@2 ?:;5@M@2 @ L"23" @F$;;h2?"; A$2E$?5" E4:F?":@#$:5" 3" Y$XF4M"^
E?F@<]$; :" #"3$M" 3$;F2?5" A"2 [4$ :$F$;;?5$# 3$ @M?#$:5@<=" $M_B 2$F"#$:3@#"; ?:;5@M@2 ;"#$:5$
#"5?Y"; 3$ :@542$Z@ 5_F:?F@ $u"4 52?F@ A$2#@:$:5$ s@45"22a3?"^ @:5?B @F$;;h2?"; b$:4X:";^ e 3?;A";?<=" :@
F"#$2F?@MN 1@2@ #@?; ?:E"2#@<]$;^ E425" A"2 ;@5_M?5$^ $5FNt "4 [4$ @E$5$#    , & # N
3?2?b?2B;$ e    , & # N " L@M@:<" $M_52?F"^ 3?2?b?2B;$ e 
  , & #  ^ [4$ Y$2?E?F@2a ;$ "
#$%
-L;$2Y$ ;$#A2$ @; 2$F"#$:3@B 2$;A$?5@:3" @; ?:3?F@<]$; 3" E@L2?B 4#@ @:5$:@ ;$A@2@3@ #":5@3@
<]$; 3$;5$ #@:4@MN F@:5$N $q5$2:@#$:5$N
’ $E?F?\:F?@ 3$ 52@:;#?;;=" $ 3$
  2$F$A<=" 3$;5$; @A@2$Mc"; A"3$ E?F@2
!=" _ 2$F"#$:3@3" @ #":5@b$# A2$‘43?F@3@ A$M" $E$?5" 3$ LM?:3@b$#
’ #":5@b$# 3$ 3?;A";?5?Y"; [4$
3$ 2"3@; $ F@M"5@; 3$ 2"3@ :=" b$B 3@ F@22"F$2?@ 3" Y$XF4M"N !" [4$
F"#A"25$# #"3?E?F@<]$; 3@; F@2@FB
:4X:@;% A"3$# 2$34Z?2 @ Y$:5?M@<=" F":F$2:$ @" 4;" 3"; F$M4M@2$; sU,&^
5$2X;5?F@; 3" Y$XF4M" A"3$ 3$5$2#?:@2
3"; E2$?"; $ A"25@:5" @ ;4@ $E?F?\:F?@ U1D,^ (&.,^ ).+t F"# c"#"M"b@B
?:E2@<]$; 3$ 52f:;?5" $ @ $Y$:54@M @:4B
$# F":3?<]$; 3$ E2$:@b$:; L24;F@;^ <=" "E?F?@M^ 3$Y$# ;$2 2?b"2";@#$:5$
M@<=" 3@ b@2@:5?@ 2$M@5?Y@#$:5$ @";
F":;5@:5$; "4 2$A$5?3@;^ F"#" $# 2$;A$?5@3@; @; ?:;524<]$; E"2:$F?3@;
3@:"; F@4;@3"; A$M@ 2$E$2?3@ #"3?E?B
M":b@; 3$;F?3@;N 9$25?E?F@2B;$ 5@#B A$M" E@L2?F@:5$ 3" F$M4M@2N
F@<="^ 3?2$5@ "4 ?:3?2$5@#$:5$N
L_# 3$ [4$ :@3@ sA"2 $qN 5@A$5$;t
’ R9’ R>’. 98DT,)+D ’(.-B
A";;@ ?:5$2E$2?2 :" F42;" 3"; A$3@?;N 
&VW+>, CD’,>) ).*’ 3$FM?:@ [4@MB
[4$2 2$;A":;@L?M?3@3$ A"2 3@:"; 2$B - 4;" 3$;;$; 3?;A";?5?Y"; :" ?:B
   ;4M5@:5$; 3@ ?:;5@M@<=" 3$ @F$;;hB 5$2?"2 3" c@L?5aF4M" s;$# @:5$:@ $qB
"78 2?"; :=" E"2:$F?3"; "4 2$F"#$:3@B 5$2:@t A"3$ F@4;@2 3@:"; e ;@v3$ 3";
3"; A$M@ R9’ R>’. 98DT,)+D ’(B A@;;@b$?2"; $ E4:F?":@#$:5"; ?22$B
-; 3?;A";?5?Y"; $M_52?B .-&VW+>, CD’,>) ).*’ $ ?:;5@B b4M@2$; :"; ;?;5$#@; $M$52r:?F"; [4$
F";u$M$52r:?F"; ?:;5@M@3"; @Ah; @ M@3"; :@ @4;\:F?@ 3$ F":E"2#?3@3$ $[4?A@# " Y$XF4M"^ F"#A2"#$5$:3"
@[4?;?<=" 3" Y$XF4M" $ :" f#L?5" F"# @; ?:3?F@<]$; E"2:$F?3@;N @ ;$b42@:<@ 3" #$;#"N
3" ;$2Y?<" Ah;BY$:3@ 3$Y$# 5$2 @
#@2F@ N ,$^ :" ?:5$2?"2 3" Y$XF4M" $u"4
  3  A2hq?#" 3@ Fc@Y$ $M$52r:?F@^
’ R9’ R>’. 98DT,)+D ’(.-B $;5?Y$2$# A2$;$:5$; 3?;A";?5?Y";

&VW+>, CD’,>) ).*’ @45"2?Z@ F"#" F$M4M@2$;^ F"#A45@3"2$;
@ #":5@b$# 3$ 3?;A";?5?Y"; -; @A@2$Mc"; 2@3?"52@:;#?;;"2$; A"25a5$?;^ ;#@25Ac":$; "4 5@LM$5;^
2$F$A5"2$;B52@:;#?;;"2$; 3$;3$ [4$ s9C^ 2@3?"@#@3"2$; $ ;?#?M@2$;t :=" A"3$ Y$2?E?F@2B;$ 4#@ 2$34<=" 3$
@; ?:;5@M@<]$; ;$‘@# 3$Y?3@#$:5$ A"3$# ;$2 45?M?Z@3"; :" ?:5$2?"2 3" 3$;$#A$:c" 3" ;?;5$#@ 1@;;?Y$
$E$54@3@; :4# F$:52" $;A$F?@M?Z@3"^ Y$XF4M"^ @ :=" ;$2 [4$ ;$ 45?M?Z$ +:52yu{$yM$;; +:52yB!BU"N
#$&
 $    ! 9)>&’.>S’/0- N N N N N N N N N N N N N N N N N N CB}H
W>*D-, +)d.D>9-, N N N N N N N N N N N N N N N N CBI7
9"#$<@ @[4? " F":c$F?#$:5" 3$ ;$4 :"Y" Y$XF4M"N
9’1| *- &-.-D N N N N N N N N N N N N N N N N CBI~
- #@:4@M $qAM?F@ 3$ E"2#@ ;?#AM$; $ 3?2$5@ F"#" _
E$?5" $ F"#" E4:F?":@ 1-D.’B&’)’, N N N N N N N N N N N N N N N N N N N CB7G

1"2 ?;;"^ _ @F":;$McaY$M F":;4M5aBM" $;5@:3" F":E"25@B +w(>1’&+!.-, >!.+D!-, N N N N N N N N N N N CB7O "
Y$M#$:5$ ;$:5@3" @ L"23"^ 3$ #"3" @ A$2#?5?2 Y$2?E?F@2 C’U’U+>D- *+ .+.- N N N N N N N N N N N N N N N CB7K
?#$3?@5@#$:5$ @; A@25$; 3$;F2?5@; :" #@:4@MN
1D-.+/0- *- ’&C>+!.+ N N N N N N N N N N N N CB7~

98’W+, N N N N N N N N N N N N N N N N N N N N N N N N CBJ
9-&(.’*-D *+ >U!>/0- N N N N N N N N N N N N CBP
,>,.+&’ +)+.D|!>9- *+ 1D-.+/0- *-
W+n9()- N N N N N N N N N N N N N N N N N N N N N N CBJJ
,>,.+&’ *+ 1D-.+/0- ’!.>R(D.- N N N N N N CBJO
1-D.’, N N N N N N N N N N N N N N N N N N N N N N N CBJ}
C’!9-, N N N N N N N N N N N N N N N N N N N N N N CBOG
’1->’B9’C+/’, N N N N N N N N N N N N N N N N N N CBOH
*>D+/0- N N N N N N N N N N N N N N N N N N N N N N CBOI
+,1+)8-, N N N N N N N N N N N N N N N N N N N N N CBO7
)(S+, +6.+D!’, N N N N N N N N N N N N N N N N N CBOP
)(S+, >!.+D!’, N N N N N N N N N N N N N N N N N CBH}
)>&1’*-D+, + )’W’*-D+, *-,
W>*D-, N N N N N N N N N N N N N N N N N N N N N N N CBHK


$  .2@Y@#$:5"u3$;52@Y@#$:5"
3@; A"25@;N
 $  
 1@2@ @Mb4#@; Y$2;]$;^ ;=" $:52$B
9"# " Y$XF4M" ;=" $:52$b4$; 34@; b4$; ;"#$:5$ 34@; Fc@Y$; $N
Fc@Y$;% "
  


 +:F@?q$ #$5aM?F"  [4$ A"3$ ;$2


$#L45?3" :@ $#A4:c@342@ 3@
! Fc@Y$N
>#A@F5"; Y?"M$:5"; A"3$# 3@:?E?B  C"5=" $ A@2@ @ @L$2542@ 3" $:B
F@2 "; F"#A":$:5$; $M$52r:?F"; F":B F@?q$ #$5aM?F"N
5?3"; :@ Fc@Y$N  C"5=" A@2@ " 3$;52@Y@#$:5"
3@; A"25@; $ A"25@B#@M@;N
-L;$2Y$ ;$#A2$ @; 2$F"#$:3@B
<]$; 3$;5$ #@:4@MN  C"5=" A@2@ " 52@Y@#$:5" 3@;
 (#@ Fc@Y$  F@:?Y$5$ F"# F":B
52"M$ 2$#"5"^ 45?M?Z@3@ A@2@% A"25@; $ A"25@B#@M@;N
 >b:?<="N ’ Fc@Y$ A";;4?%  C"5=" A@2@ @L$2542@ 3" A"25@B
#@M@;N
 .2@Y@#$:5"u3$;52@Y@#$:5"
3@; A"25@; A"2 #$?" 3"  C"5=" A@2@ @5?Y@2 @ E4:<=" 3$
F":52"M$ 2$#"5"N p)"F@M?Z@3"2 3" Y$XF4M" s 
 p^ [4$ @F?":@ "; ?:3?F@3"2$;
 .2@Y@#$:5"u3$;52@Y@#$:5"
3$ 3?2$<=" $ @; M4Z$; ?:5$2:@; A"2
3" A"25@B#@M@;N
4# 5$#A" #aq?#" 3$ J~G ;$b4:B
 (#@ Fc@Y$ $ #$Ff:?F@ s2$;$2Y@t^ 3";pN
45?M?Z@3@ A@2@%
+;5@ E4:<=" _ v5?M^ A"2 $q$#AM"^
 >b:?<="N A@2@ ?3$:5?E?F@2 E@F?M#$:5$ " Y$XB

’$!
F4M" :" ?:5$2?"2 3$ 4# $;5@F?":@B - L"5=" $ 3$Y$ ;$2 A2$;;?":@3" ;"B *42@:5$ " 52@Y@#$:5" 3" Y$XF4M"^
#$:5" F"# #4?5"; Y$XF4M";N #$:5$ [4@:3" @ Fc@Y$ ;$ $:F":52@2 F@;" 4#@ "4 #@?; A"25@; $;5?Y$2$#
W"M5@:3" @ A2$;;?":@2 " L"5=" M":b$ 3" F"2A"^ A@25?F4M@2#$:5$ 3"; @L$25@;^ ca " ?#$3?@5" 3$;52@Y@#$:5"
"4^ @" $;b"5@2$# "; J~G ;$B "Mc"; $ 3$ "L‘$5"; [4$ A"3$# ;$2 3$ 5"3@; @; A"25@; $ @; M4Z$; 3";
b4:3";^ @A@b@#B;$ @; M4Z$; ?:B 3@:?E?F@3"; s2"4A@;^ A"2 $q$#AM"tN ?:3?F@3"2$; 3$ 3?2$<=" A?;F@# $#
5$2:@; $ "; ?:3?F@3"2$; 3$ 3?2$B !=" 3$?q@2 @ Fc@Y$ $# [4@M[4$2 M4B 2aA?3@ ?:5$2#?5\:F?@N 9@;" " Y$XF4M"
<="N ,$^ @" $;b"5@2$# "; J~G ;$B b@2 A@2@ $Y?5@2 [4$ @Mb4_#^ A2?:F?B ;$‘@ 3"5@3" 3$ ;?;5$#@ @M@2#$^ "
b4:3";^ E"2 A2$;;?":@3" " L"5=" A@M#$:5$ F2?@:<@;^ A";;@ #@:$‘aBM@ $ #$;#" ;$2a @2#@3"N
@; M4Z$; 3$ A";?<=" A$2#@:$B A2$;;?":@2 ?:Y"M4:5@2?@#$:5$ "; L"B
F$2a @F$;@ 342@:5$ HG ;$b4:3";N 5]$;N

1@2@ @F?":@2 " 3$;52@Y@#$:5" 3@; - E4:F?":@#$:5" 3" F":52"M$
- $:F@?q$ #$5aM?F"  3@ Fc@Y$
A"25@; e 3?;5f:F?@^ @A$25@2 " L"5=" 2$#"5" 3$A$:3$ 3$ Ya2?"; E@5"2$;^
@F?":@ " F"#45@3"2 3$ ?b:?<=" $ @
N ’; A"25@; ;$ 3$;52@Y@#^ @; M4B F"#" @ $Y$:54@M ?:5$2E$2\:F?@ 3$
E$Fc@342@ 3@; A"25@;N
Z$; ?:5$2:@; ;$ @F$:3$#^ "; ?:3?F@B ":3@; $M$52"#@b:_5?F@; $#?5?3@; A"2
1@2@ ?:52"34Z?2 " $:F@?q$ #$5aM?F" 3"2$; 3$ 3?2$<=" $E$54@# 4#@ 34AM@ E":5$; $q5$2:@;g " $;5@3" 3$ F@2b@ 3@
:@ $#A4:c@342@ 3@ Fc@Y$^ #@:5$2 ;?:@M?Z@<=" M4#?:";@^ "F"22$ @ ;?:@B L@5$2?@ $ @ A2$;$:<@ 3$ "L‘$5"; #$5aB
A2$;;?":@3" " L"5=" $ $ b?2@2 " M?Z@<=" ;":"2@ s[4@:3" 3?;A":XY$M " M?F"; A2hq?#"; 3@ Fc@Y$ 3" Y$XF4M"N
$:F@?q$ #$5aM?F"N ,"M5@2 " L"5=" @M@2#$t $ @; M4Z$; 3$ A";?<=" A$2B !" $:5@:5"^ _ A";;XY$M $E$54@2 @ @L$2B
$ A@2@ [4$ " $:F@?q$ #$5aM?F" ;$‘@ #@:$F$# @F$;@; 342@:5$ 4# 5$#A" 542@ #@:4@M 3" Y$XF4M" 45?M?Z@:3" "
52@Y@3" $# ;4@ ;$3$N #aq?#" 3$ HG ;$b4:3";N $:F@?q$ #$5aM?F" 3@ Fc@Y$^ ?:52"34B
Z?:3" " F"2A" #$5aM?F" :@ E$Fc@342@
1@2@ @F?":@2 " 52@Y@#$:5" 3@; A"2B 3@ A"25@ 3" M@3" 3" F":345"2N
5@;^ @A$25@2 " L"5=" N ’; A"25@;
;$ 52@Y@# $ @ M4Z ?:5$2:@ ;$ @A@b@N
! 1@2@ #@?; ?:E"2#@<]$; ;"L2$ " $:B
-; ?:3?F@3"2$; 3$ 3?2$<=" $E$54@#
F@?q$ #$5aM?F"^ F":;4M5@2 " F@AX54M"
’" A2$;;?":@2 " L"5=" $^ A2$;5@2 4#@ ;?:@M?Z@<=" M4#?:";@ ;?#AM$; $
x,4L;5?54?<=" 3@ L@5$2?@ 3@ Fc@Y$ $M$B
@ #aq?#@ @5$:<=" A@2@ $Y?5@2 [4$ @ "F"22$ @ ;?:@M?Z@<=" ;":"2@ s[4@:3"
52r:?F@pN
M?L$2@<=" 3" $:F@?q$ #$5aM?F" A";;@ 3?;A":XY$M " @M@2#$tN
F@4;@2 M$;]$; "4 3@:";N

’$"
 8 %  ) 1@2@ $q52@?2 " F"2A" #$5aM?F"^ A2"B  ;         
,    9:&   %%  F$3$2 F"#" ?:3?F@3" @ ;$b4?2%  % &
12$;;=" L2$Y$ :" L"5=" % 52@Y@B
#$:5" 3@; A"25@;^ 3@ 5@#A@ 3" A"25@B
#@M@; F"# 3$;M?b@#$:5" 3@ M4Z ?:B
5$2:@^ 2$L@5?#$:5" 3" 2$52"Y?;"2 $M_B "
52?F" s;$ $[4?A@3"t $ ;?:@M?Z@<=" M4B
#?:";@ ;?#AM$; 3"; ?:3?F@3"2$; 3$
3?2$<="N
*42@:5$ " 52@Y@#$:5" 3" Y$XF4M"^
F@;" 4#@ "4 #@?; A"25@; $;5?Y$2$#
!@; Y$2;]$; $[4?A@3@; F"# ;?;B @L$25@;^ ca " ?#$3?@5" 3$;52@Y@#$:5"
5$#@ p{$yM$;; +:5$2B!BU"p^ " Y$XF4M" 3$ 5"3@; @; A"25@; $ @; M4Z$; 3";
 ’54@2 :" 3?;A";?5?Y" ’N
$;5a $[4?A@3" F"# 34@; Fc@Y$; $M$B ?:3?F@3"2$; 3$ 3?2$<=" A?;F@# $#
52r:?F@;N  +q52@?2 " F"2A" #$5aM?F" C^ 2aA?3@ ?:5$2#?5\:F?@N 9@;" " Y$XF4M"
2$5?2@:3"B" A@2@ " $q5$2?"2N ;$‘@ 3"5@3" 3$ ;?;5$#@ @M@2#$^ "
 ;         >:;$2?2 " F"2A" #$5aM?F" :@ E$B #$;#" ;$2a @2#@3"N
    % & Fc@342@ 3@ A"25@ 3" M@3" 3" #"B
5"2?;5@ $ b?2aBM" A@2@ 3$;52@Y@2 @ - 52@Y@#$:5" 3@; A"25@; _ A";;XY$M
12$;;=" L2$Y$ :" L"5=" % 3$;B A"25@N ?:52"34Z?:3" " $:F@?q$ #$5aM?F" :@
52@Y@#$:5" 3@; A"25@;^ 3@ 5@#A@ 3" E$Fc@342@ 3@ A"25@ 3" M@3" 3" F":B
A"25@B#@M@;^ @F$:3?#$:5" 5$#A"2?B 345"2N
Z@3" 3@ M4Z ?:5$2:@ $ 34AM@ ;?:@M?Z@B 
<=" M4#?:";@ 3"; ?:3?F@3"2$; 3$ 3?B - F"2A" #$5aM?F" 3@ Fc@Y$ :=" . +       % &
2$<="N 5$# 4# ;$:5?3" 3$ ?:;$2<=" "L2?b@5hB 12$;;?":@2 34@; Y$Z$;^ 2@A?3@B
- 3$;52@Y@#$:5" 3@; A"25@; _ 5@#B 2?"g A"3$^ @;;?#^ ;$2 ?:52"34Z?3" ?:B #$:5$^ " L"5=" A@2@ c@L?M?5@2
L_# A";;XY$M ?:52"34Z?:3" " $:F@?q$ 3?E$2$:5$#$:5$ :" ?:5$2?"2 3@ E$Fc@B 2$#"5@#$:5$ " L"5=" 3$ @L$2542@
#$5aM?F" :@ E$Fc@342@ 3@ A"25@ 3" 342@N 3@ 5@#A@ 3" A"25@B#@M@;N ’Ah;
M@3" 3" F":345"2N
’$%
A2$;;?":@2 $;5$ L"5="^ @ 5@#A@ 3"

A"25@B#@M@; ;$2a @L$25@N
’" 3$;52@Y@2 " Y$XF4M" ;=" @F?":@B
’ @L$2542@ 3@ 5@#A@ 3" A"25@B 3@; @; M4Z$; 3$ A";?<=" sE4:<=" )4B
#@M@; _ @;;?:@M@3@ A$M@ ?:5$2#?5\:F?@ Z$; 3$ 9"25$;?@t $ @ M4Z 3$ A"<@ s;$
34AM@ 3"; ?:3?F@3"2$; 3$ 3?2$<="N $[4?A@3"t^ A"2 4# A$2X"3" #aq?#"
3$ HG ;$b4:3";N +;5@; M4Z$; A$2#@B
#+ <= ,& >  ?,+& 1 :$F$# @F$;@; A"2 I ;$b4:3"; @Ah;
 2 " E$Fc@#$:5" 3$ 5"3@; @; A"25@;N ’
12$;;?":@2 " L"5=" A@2@ F"#@:B E4:<=" p)4Z$; 3$ 9"25$;?@p A"3$ ;$2
3@2^ e 3?;5f:F?@^ " @F$:3?#$:5" 3@; c@L?M?5@3@u3$;@L?M?5@3@ :" &$:4 3"
M4Z$; ?:5$2:@; $ 3"; ?:3?F@3"2$; 3$ 3?;AM@y "4 :" ;?;5$#@ (F"::$F5N
3?2$<="^ 342@:5$ 4# 5$#A" #aq?#"
3$ J~G ;$b4:3";N
+;5@ E4:<=" _ v5?M^ A"2 $q$#AM"^
A@2@ ?3$:5?E?F@2 E@F?M#$:5$ " Y$XF4M"
:" ?:5$2?"2 3$ 4# $;5@F?":@#$:5"
Fc$?" 3$ Y$XF4M";N
W"M5@:3" @ A2$;;?":@2 " L"5="
"4^ @" $;b"5@2$# "; J~G ;$b4:3";^
@A@b@#B;$ @; M4Z$; ?:5$2:@; $ "; ?:3?B
F@3"2$; 3$ 3?2$<="N ,$^ @" $;b"5@2$#
"; J~G ;$b4:3";^ E"2 A2$;;?":@3" L"B
5=" ^ @; A"25@; ;$ 3$;52@Y@#^ @; M4B
Z$; ?:5$2:@; ;$ @F$:3$#^ "; ?:3?F@B
3"2$; 3$ 3?2$<=" $E$54@# 4#@ 34AM@
;?:@M?Z@<=" M4#?:";@N

’$&
@;  A <= % #+ <) , 
’ ;$b4?2^ $;5=" 2$;4#?3@; @; A2?:F?A@?; E4:<]$; [4$ A"3$# ;$2 @5?Y@3@;^ 45?M?Z@:3" @ Fc@Y$ 3$ ?b:?<="N

. +      ,     &+>


@;  ;       ;     
 % &  
12$;;?":@2 " L"5="
"
A@2@ @F$:3?#$:5" 3@;
D"5@<=" 3@ Fc@Y$ $# D"5@<=" 3@ Fc@Y$ $#
M4Z$; ?:5$2:@; $ 3";
;$:5?3" c"2a2?" sM@3" 3" ;$:5?3" @:5?Bc"2a2?" sM@3"
?:3?F@3"2$; 3$ 3?2$<="
#"5"2?;5@t 3" #"5"2?;5@t
@; , ,  & 342@:5$ 4# 5$#A"
  #aq?#" 3$ J~G ;$b4:3";
’F$:3?#$:5" 3@ M4Z
12$;;?":@2 O Y$Z$; " ?:5$2:@ :" 3$;52@Y@#$:5"
12$;;=" :" L"5=" s¡t 12$;;=" :" L"5="
L"5=" s tN 3@; A"25@; A"2 JG
;$b4:3";N
’F$:3?#$:5" 3@ M4Z
?:5$2:@ :" 3$;52@Y@#$:5"
3@; A"25@; A"2 JG
;$b4:3";N 12$;;?":@2 "
@; & B , % ; %
12$;;?":@2 O Y$Z$; " L"5=" A@2@
) ,    9:% 12$;;=" :" L"5=" s¡t 12$;;=" :" L"5="
L"5=" s tN @F$:3?#$:5" 3@; M4Z$;
&   %% C
?:5$2:@; $ 3"; ?:3?F@3"2$;
3$ 3?2$<=" 342@:5$ 4#
5$#A" #aq?#" 3$ J~G
;$b4:3";
 D   ,%
O M@#A$‘"; J M@#A$‘" O M@#A$‘";
   <=

’$(
. +      ,     &+>
@;  ;       ;     
 % &  
s¡t !" F@;" 3$ $;5@2 c@L?M?5@3@ @ E4:<=" 3$ @L$2542@ ;"#$:5$ 3@ A"25@ 3" #"5"2?;5@ :" #$:4 p1"25@; $ 52@Y@;p B "A<=" p*$;52@:N 2$#"5Np s;$
$[4?A@3" A@2@ Y$2;]$;u#$2F@3";t^ ;$ E"2 A2$;;?":@3" " L"5=" 4#@ Y$Z^ @L2$B;$ ;"#$:5$ @ A"25@ 3" F":345"2N ,$ E"2 A2$;;?":@3" 34@; Y$Z$;
@L2$#B;$ @; [4@52" A"25@;N W$2 F@AX54M"  p9"#A45@3"2 3$ L"23" B 9":c$F$:3" ;$4 A@?:$M 3$ ?:;524#$:5";pN

’$)
   % @; & B ,   

1@2@ b@2@:5?2 @ ?b:?<=" 3" #"5"2 $ 9@;" ;$‘@ :$F$;;a2?" A$3?2 4#@
@; , ,  &   " F"22$5" E4:F?":@#$:5" 3" Y$XF4M"^ :"Y@ Fc@Y$ F"# F":52"M$ 2$#"5" "4
_ :$F$;;a2?" 45?M?Z@2 $qFM4;?Y@#$:5$ 4#@ :"Y@ Fc@Y$ $M$52r:?F@^ 3?2?b?2B;$
 Fc@Y$; $M$52r:?F@; 3$Y?3@#$:5$ F"B e    , & #  M$Y@:3" F":B
’ E2$[4\:F?@ 3" F":52"M$ 2$#"5" 3?E?F@3@; A@2@ " ;?;5$#@ $M$52r:?F" ;?b" 4# 3"F4#$:5" 3$ ?3$:5?E?F@<=" "
A"3$ ;"E2$2 ?:5$2E$2\:F?@; 3$ 52@:;B 3" Y$XF4M"N A$;;"@M $ " 3"F4#$:5" 3" Y$XF4M"N
#?;;=" $;52@:c@; @" Y$XF4M"^ 5@?; ,$ 4#@ Fc@Y$ $M$52r:?F@ 5?Y$2 ;?3"
F"#" 5$M$E":$; F$M4M@2$;^ 2@3?"@#@B F"3?E?F@3@ A@2@ 4# Y$XF4M"^ :=" $  $
3"2$;^ $5FN A"3$ ;$2 45?M?Z@3@ $# :$:c4# "452"N    
!$;;$ F@;"^ " E4:F?":@#$:5" 3" 
F":52"M$ 2$#"5" A"3$ ;$2 5$#A"2@2?B w4@:3"^ @A$25@:3" 4# 3"; L"5]$;
@#$:5$ ?:5$22"#A?3"N 3@ Fc@Y$ F"# F":52"M$ 2$#"5"^ :="
! ;$ Y$2?E?F@2 @ @<=" $;A$2@3@ 3$ 3$;B
- 2$F$A5"2 A"3$ 2$F":c$F$2 @5_ 9@3@ Fc@Y$ E"2:$F?3@ A";;4? 4# 52@Y@#$:5" "4 52@Y@#$:5" 3$ A"25@;^
~ F":52"M$; 2$#"5";N ,$^ A"2 [4@MB Fh3?b" A2hA2?"^ 3?E$2$:5$ 3$ 5"3"; ?;;" A"3$ ;$2 4#@ ?:3?F@<=" 3$ [4$
[4$2 #"5?Y"^ :" 3$F"22$2 3@ Y?3@ v5?M "; "452";^ [4$ 3$Y$ ;$2 A2$Y?@#$:5$ @ L@5$2?@ 3" F":52"M$ $;5a E2@F@N
3" Y$XF4M" ;$ 5"2:@2 :$F$;;a2?" "L5$2 #$#"2?Z@3" A$M@ F$:52@M $M$52r:?F@
4# :"Y" F":52"M$ 2$#"5"^ 3?2?‘@B;$ e ,4L;5?54?2 @ L@5$2?@ A"2 "452@ :"Y@
3" ;?;5$#@N 3$ 5?A" $[4?Y@M$:5$^ $:F":52@3@ $#
   , & #  M$Y@:3" F":B
;?b" 4# 3"F4#$:5" 3$ ?3$:5?3@3$ -L;$2Y$ ;$#A2$ @; 2$F"#$:3@B 2$Y$:3$3"2$; :"2#@?;N
$ "; 3"F4#$:5"; 3$ A2"A2?$3@3$ 3" <]$; 3$;5$ #@:4@MN
Y$XF4M"N

!
’; L@5$2?@; b@;5@; ;=" A2$‘43?F?@?;
@" #$?" @#L?$:5$N

’$*
*$Y$# ;$2 3$;F@25@3@; $# 2$F?B
A?$:5$; @A2"A2?@3"; "4 $:52$b4$; e
   , & # C

1@2@ ;4L;5?54?2 @ L@5$2?@%

 ’54@2 :"; A":5"; ?:3?F@3"; A$M@;


;$5@;^ 45?M?Z@:3" 4#@ Fc@Y$ 3$
E$:3@ @A2"A2?@3@ $ 2$#"Y$2 @ F"B
L$2542@ N  ,4L;5?54?2 @ L@5$2?@  A"2 4#@
F"# @; #$;#@; F@2@F5$2X;5?F@;^
2$;A$?5@:3" @ A"M@2?3@3$N

."#@2 F4?3@3" @" #@:4;$@2 E$22@B
#$:5@; A@2@ :=" 3@:?E?F@2 @ Fc@Y$ "4
;$ E$2?2N

 U?2@2 @ 5@#A@ 3@ L@5$2?@ $ :"


 +# ;$b4?3@^ 2$#":5@2 @ 5@#A@ 3@
;$:5?3" @:5?Bc"2a2?" A@2@ M?L$2aB
L@5$2?@ $ $ @ F"L$2542@ ?:E$2?"2
M@N
^ F$25?E?F@:3"B;$ 3$ [4$ @#L@;
$;5=" F"22$5@#$:5$ LM"[4$@3@;N

’$+
$  $   D$#":5@2 @; 34@; A@25$; 3@ Fc@Y$  
 8 $M$52r:?F@^ F$25?E?F@:3"B;$ 3$ [4$
1@2@ ;4L;5?54?2 @ L@5$2?@^ A2"F$3$2
E?F@# F"22$5@#$:5$ LM"[4$@3@;N  
3" ;$b4?:5$ #"3"%  D$F"M"F@2 " F"2A" #$5aM?F" :" 6   E
?:5$2?"2 3@ Fc@Y$N
’ Fc@Y$ A"3$ b?2@2 A@2@ H A";?<]$;
3?E$2$:5$;% "

 % #"5"2 3$;M?b@3"^ @ Fc@Y$


A"3$ ;$2 2$#"Y?3@N ’Mb4:; 3?;B
A";?5?Y"; $M_52?F"; sA"2 $qN% @4B
5"22a3?"^ 52@Y@#$:5" $M_52?F" 3@;
A"25@;^ $5FNt A"3$# E4:F?":@2N
 % A";?<=" 3$ #@2Fc@N ."3";
"; 3?;A";?5?Y"; $M_52?F"; A"3$#
E4:F?":@2N
 +q52@?2 " F"2A" #$5aM?F" A2$;$:5$
 % A@25?3@ 3" #"5"2N
:" ?:5$2?"2 3@ Fc@Y$ $M$52r:?F@N 
 ’54@:3" F"# @5$:<="^ ?:52"34B ’ "A$2@<=" 3$ ;4L;5?54?<=" 3@ L@B
Z?2 @ A":5@ 3" F"2A" #$5aM?F" :@ 5$2?@ 3$Y$ ;$2 $E$54@3@ F"# F4?3@3"^
;$3$  3@ Fc@Y$^ 3$ #"3" @ ;$B 3$ #"3" @ :=" 3@:?E?F@2 @ Fc@Y$ $M$B
A@2@2 @; 34@; A@25$; [4$ @ F"#B 52r:?F@N
A]$# s$# @M5$2:@5?Y@ @" F"2A"
#$5aM?F"^ _ A";;XY$M ?:52"34Z?2 @
A@25$ AM@:@ 3@ Fc@Y$ 3$ E$:3@tN
 D$#"Y$2 @ L@5$2?@ $
 >:;$2?2 4#@ :"Y@ L@5$2?@^ A2$;B
5@:3" @5$:<=" A@2@ 2$;A$?5@2 @; - F"#45@3"2 3$ ?b:?<=" $;5a $[4?B
A"M@2?3@3$;N A@3" F"# 4# #$F@:?;#" 3$ ;$b4B
’$,
2@:<@ [4$ "L2?b@^ $# F@;" 3$ E@Mc@ b4_# @F?":$ ?:Y"M4:5@2?@#$:5$ "; $qN^ E$Fc@#$:5" F$:52@M?Z@3" 3@;
:@ A@25?3@ 3" #"5"2^ @ 2$A"2 @ Fc@Y$ F"#@:3";N A"25@;^ @M@2#$^ $5FNt $;5="^ F":B
:@ A";?<="  @:5$; 3$ 2$A$5?2 @ 543"^ 3?;A":XY$?;N
#@:"L2@ 3$ A@25?3@N )$#L2@2B;$ 3$ $:b@5@2 " E2$?" 3$
$;5@F?":@#$:5"N !4:F@ 3$?q@2 F2?B  % sD(!t A";?<=" 3$ #@2Fc@N
@:<@; ;"Z?:c@; :" Y$XF4M"N ."3"; "; 3?;A";?5?Y"; $M_52?F"; $;B
5=" 3?;A":XY$?;N d A";;XY$M A@;B

;@2 A@2@ $;5$ $;5@3" A2$;;?":@:3"
!@; Y$2;]$; F"# Ff#L?" @45"#aB 6   8% 4#@ Y$Z " L"5=" 3" F"#45@3"2
5?F"^ @ Fc@Y$ 3$ ?b:?<=" ;h _ $q52@XY$M  %    9:&   %%  3$ ?b:?<="^ ;$# A2$;;?":@2 " A$B
[4@:3" @ @M@Y@:F@ 3$ Ff#L?" $;5?Y$2 3@M 3" E2$?" sY$2;]$; F"# Ff#B
:@ A";?<="  s+;5@F?":@#$:5"tN L?" @45"#a5?F"t "4 3@ $#L2$@B
b$# sY$2;]$; F"# Ff#L?" #@B
:4@MtN
 % s,.’D.t A@25?3@ 3" #"5"2N
!
+# F@;" 3$ Y?"M@<=" 3" 3?;A";?5?Y"

3@ ?b:?<="g A"2 $qN% 4#@ 5$:5@5?Y@ 3$
2"4L"^ #@:3@2 Y$2?E?F@2 " E4:F?":@B 9"# @ Fc@Y$ 3$ ?b:?<=" :@ A";?<="
1@2@ @5?Y@2 " F"#45@3"2 3$ ?b:?<=" ^ 3$F"22?3"; HG #?:45"; F"# "
#$:5" :@    , & # C _ :$F$;;a2?" [4$ @ Fc@Y$ $M$52r:?F@ Y$XF4M" A@2@3" sY$2;]$; F"# Ff#L?"
-L;$2Y$ ;$#A2$ @; 2$F"#$:3@B $;5$‘@ A2$;$:5$ :" ?:5$2?"2 3" c@L?5aB #@:4@Mt "4 F"# @ @M@Y@:F@ 3$ Ff#B
<]$; 3$;5$ #@:4@MN F4M"N L?" :@ A";?<="  s+;5@F?":@#$:5"t
- F"#45@3"2 3$ ?b:?<=" A"3$ @;B sY$2;]$; F"# Ff#L?" @45"#a5?F"t^ "
;4#?2 "; ;$b4?:5$; $;5@3"; s?:3?F@3"; F"#45@3"2 3$ ?b:?<=" A@;;@2a @45"B
A$M@ ?M4#?:@<=" 3@ A";?<=" F"22$;B #@5?F@#$:5$ A@2@ @ A";?<=" C
! A":3$:5$t%
’" ;@?2 3" Y$XF4M"^ M$Y@2 ;$#A2$
F":;?b" @ Fc@Y$^ A@2@ $Y?5@2 [4$ @MB  % s-EEt #"5"2 3$;M?b@3"N ’MB
b4:; 3?;A";?5?Y"; $M_52?F"; sA"2

’$!-
9@3@ Fc@Y$ A";;4? 4# 3?;A";?5?Y"
 $M$52r:?F" F"# @ E4:<=" 3$ 52@:;#?B
9"# " #"5"2 M?b@3"^ _ A";;XY$M 5?2 4# ;?:@M $# Fh3?b" A@2@ " ;?;5$#@
@L@:3":@2 " Y$XF4M" M$Y@:3" F":B !
3$ ?b:?<=" @52@Y_; 3$ 4#@ @:5$:@ $;B
;?b" @ Fc@Y$ $M$52r:?F@^ @;;?# " #"B 1@2@ @; Y$2;]$; $[4?A@3@; F"# ;?;B A$F?@M ?:F"2A"2@3@ :" F"#45@3"2 3$
5"2 F":5?:4@2a M?b@3"N - Y$XF4M" @;B 5$#@ {$yM$;; +:5$2B!BU"^ :=" 3$?q@2 ?b:?<="N - ;?:@M $:Y?@3" F":;5?54? @
;?:@M@2a @ @4;\:F?@ 3@ Fc@Y$ :" c@B @ Fc@Y$ $M$52r:?F@ :" ?:5$2?"2 "4 A2hB xA@M@Y2@ 3$ "23$#z ;$#A2$ 3?E$2$:5$
"
L?5aF4M" 3$A"?; 3$ E$Fc@3@ @ A"25@N q?#" 3" Y$XF4M" "4 :4# M"F@M @F$;B A@2@ F@3@ A@25?3@ F"# @ [4@M @ F$:B
;XY$M e; F2?@:<@;N !=" 3$?q@2 " Y$XB 52@M 2$F":c$F$ @ Fc@Y$^ $ ;"#$:5$
1@2@ #@?; ?:E"2#@<]$; ;"L2$ @ A@2B F4M" F"# " 3?;A";?5?Y" 3$ ?b:?<=" :@ :$;;@ F":3?<="^ A$2#?5$ @ A@25?3@ 3"
5?3@ 3" #"5"2 Y$2 F@AX54M" p1@25?3@ $ A";?<=" N #"5"2N
"A$2@<="p (#@ F2?@:<@ A"3$2?@ @F?":@2 "; M$B
Y@:5@3"2$; 3"; Y?32"; $M_52?F";^ "4B
#
52"; F"#@:3"; "4 F"M"F@2 " Y$XF4M"
$# #"Y?#$:5"N 9@3@ Y$Z [4$ b?2@2 @ Fc@Y$ 3$ ?bB
! :?<=" :@ A";?<=" ^ " ;?;5$#@ 3$
A2"5$<=" @5?Y@ " LM"[4$?" 3" #"5"2N
’:5$; 3$ ;@?2 3" Y$XF4M"^ @F?"B
:@2  " E2$?" 3$ $;5@F?":@B  % U?2@:3" @ Fc@Y$ A@2@ (
#$:5"N !@; Y$2;]$; $[4?A@3@; F"#   &
Ff#L?" @45"#a5?F"^ 3$;M"F@2 @ @M@B JN ,$ " Fh3?b" 52@:;#?5?3" A$M@
Y@:F@ 3$ Ff#L?" A@2@ @ A";?<=" 
  ! Fc@Y$ E"2 2$F":c$F?3" ?:3?F@
s+;5@F?":@#$:5"t $ A2$;;?":@2 " F"B F GF %  H [4$ " ;?;5$#@ 3$ A2"5$<=" $ LM"B
#45@3"2 3$ ?b:?<=" A@2@ 3$;M"FaBM" [4$?" 3" #"5"2 E"? 3$;@5?Y@3"N
’ E?# 3$ #?:?#?Z@2 2?;F"; 3$ E42B
A@2@ N U?2@:3" @ Fc@Y$ A@2@ I "
5";u2"4L";^ " Y$XF4M" _ $[4?A@3" F"#
#"5"2 E4:F?":@2aN
w4@:3" ;@?2 3" Y$XF4M"^ LM"[4$@2 4# ;?;5$#@ $M$52r:?F" 3$ ?:?L?<=" 3"
;$#A2$ 5"3@; @; A"25@; A2$;;?":@:3" E4:F?":@#$:5" 3" #"5"2 s9-*+ Ht ON ,$ @ M4ZB$;A?@ E?F@2 @F$;@
" 2$;A$F5?Y" L"5=" sF":;4M5@2 @ "A<=" [4$ _ @5?Y@3" @45"#@5?F@#$:5$ 5?B s‘4:5" F"# @ M4ZB$;A?@ t^ "
p1@;;?Y$ +:52yp :" A@2ab2@E" p1"25@;ptN 2@:3" @ Fc@Y$ 3@ ?b:?<="N Fh3?b" :=" E"? 2$F":c$F?3"N
!$;5$ F@;"^ @F":;$Mc@B;$ @
’$!!
2$A"2 @ Fc@Y$ :@ A";?<="  5"2 "4 3" A"25@B#@M@; sA2"5$<=" :?F@ $ $E$54@:3" " LM"[4$?" 3@; A"2B
$^ 3$A"?;^ 3$ :"Y" $# g ;$ A$2?#$52@MtN 5@;N
" LM"[4$?" A$2;?;5?2^ 5$:5@2 F"#  ’F?":@#$:5" 3" 3?;A";?5?Y" 3$
@; "452@; Fc@Y$; E"2:$F?3@;N ?b:?<=" s2"5@<=" 3$ 4#@ Fc@Y$

9"# " @45"#hY$M $# #"Y?B :=" 2$F":c$F?3@ A@2@ @ A";?<="
#$:5" $ @ Fc@Y$ 3@ ?b:?<=" $# tN - ;?;5$#@ 3$ @M@2#$ @45"#"5?Y" _
^ ;$ @ M4ZB$;A?@ @F$:B 4# ;?;5$#@ F"#AM$#$:5@2 3$ ;$b4B
 9"25$ 3"; F@L"; 3@ L@5$2?@ s;$
3$2^ ;?b:?E?F@ [4$ " ;?;5$#@ $;5a 2@:<@ 3$;$:Y"MY?3" A@2@ 3?E?F4M5@2 @
$[4?A@3" F"# ;?2$:$ ?:5$M?b$:5$tN
$E$54@:3" 4# @45"3?@b:h;5?F" "F"22\:F?@ 3$ E425" 3" Y$XF4M"^ L$#
 12$;$:<@ 3$ F"2A"; $# F"#" @ @<=" "4 @5" 3$ Y@:3@M?;#"
sA"2 $q$#AM"^ 3$Y?3" @ 4#@ #"Y?#$:5" :" ?:5$2?"2 3"
[4$3@ 3$ 5$:;="tN 3$ 5$2F$?2";N
Y$XF4M" s;$ $[4?A@3" F"# ;$:;"2
Y"M4#_52?F"tN
 +M$Y@<="u?:FM?:@<=" @:"2#@M 3"   
  & Y$XF4M" s;$ $[4?A@3" F"# ;$:;"2 - @M@2#$ 3$Y$ ;$2 @5?Y@3" F"#
   " 3$ ?:FM?:@<="tN A"25@;^ F@Ar $ A"25@B#@M@; E$Fc@B
 1 *+ 2 3"; $ @ Fc@Y$ 3$ ?b:?<=" :@ A";?B
’ ?:5$2Y$:<=" 3" @M@2#$ A2"Y"F@ <="  "4 $q52@X3@N ,$ " @M@2#$
- @M@2#$ _ A2$Y?;5" $# @3?<=" @ " @F?":@#$:5" 3@ ;?2$:$ "4 L4Z?:@ $ E"2 @5?Y@3" F"# @; A"25@;^ F@Ar $u"4
5"3@; @; E4:<]$; 3" 5$M$F"#@:3" ‘a 3"; ?:3?F@3"2$; 3$ 3?2$<="N A"25@B#@M@; @L$25"; $M$ E@2a " #":?B
@:5$2?"2#$:5$ 3$;F2?5@;N 5"2@#$:5" Y"M4#_52?F" 3@ F@L?:$ s;$
$[4?A@3" F"# ;$:;"2 Y"M4#_52?F"t^
 c@Y$2a 4#@ ;?:@M?Z@<=" A2"M":b@3@
  
’ E4:<=" 3$ LM"[4$?" 3" #"5"2 _ @F$:3$:3" "; ?:3?F@3"2$; 3$ 3?2$B
- @M@2#$ ?:5$2Y_# :"; ;$b4?:5$; b@2@:5?3@ A$M" ;?;5$#@ 9-*+^ [4$ ;$ <="^ @M_# 3$ 4#@ ;?:@M?Z@<=" @Fv;B
F@;";% @5?Y@ @45"#@5?F@#$:5$^ $q52@?:3" @ 5?F@ F$2F@ 3$ } ;$b4:3"; @Ah; @ @5?B
Fc@Y$ 3" 3?;A";?5?Y" 3$ ?b:?<=" "4^ Y@<=" 3" @M@2#$^ #@; "; 52@Y@#$:B
 ’L$2542@ :=" @45"2?Z@3@ 3$ 4#@ :@; Y$2;]$; $[4?A@3@; F"# ;?;5$#@ 5"; 3@; A"25@; $ 3" A"25@B#@M@; :="
"4 #@?; A"25@;^ 3" F@Ar 3" #"B {$yM$;; +:5$2B!BU"^ ;@?:3" 3" Y$XB ;$2a @5?Y@3"N
F4M" M$Y@:3" F":;?b" @ Fc@Y$ $M$52rB
’$!"
1@2@ @5?Y@2^ A";?F?":$ @ Fc@Y$ $# ,$ " @M@2#$ $#?5?2 4# ;?:@M ;":"2"
3?2$<=" @" Y$XF4M"^ 3$A"?; A2$;;?":$ #$;#" F"# @; A"25@;^ F@Ar $ 5@#A@ 
$ ;"M5$ " L"5=" N 1@2@ Y$?F4M"; 3"" A"25@B#@M@; F"22$5@#$:5$ E$Fc@B ’F?":@:3" @ @L$2542@ F$:52@M?Z@3@
$[4?A@3"; F"# " ;?;5$#@ {$y )$;; 3";^ ;?b:?E?F@ [4$ E"? 3$5$F5@3@ 4#@ @52@Y_; 3" F"2A" #$5aM?F" 3@ Fc@Y$^
+:5$2B!BU"^ @ @5?Y@<=" 3" @M@2#$ @:"#@M?@ :" E4:F?":@#$:5" 3" ;?;B " @M@2#$ :=" ;$ 3$;M?b@N
A"3$ 5@#L_# ;$2 $E$54@3@ @52@Y_; 5$#@% :$;5$ F@;"^ 3?2?b?2B;$ e 
3@ A2$;;=" 3" L"5=" pLM"[4$?" 3$   , & # C
"
 "%
A"25@;p ;?54@3" :" A4q@3"2 $q5$2:"
7 1
3@ A"25@N 1@2@ #@?; ?:E"2#@<]$;^
   *+ 2
F":;4M5@2 @ "A<=" x1@;;?Y$ +:52yz :"
A@2ab2@E" x1"25@;zN 12$;;?":@2 " L"5=" :@ Fc@Y$N ,$ " @M@2#$ $;5?Y$2 @F?":@3"^ @
A2$;$:<@ 3$ F"2A"; $# #"Y?#$:5"
9"# $qF$<=" 3$ @Mb4:; #$2F@3";^ ,=" $E$54@3@; @; ;$b4?:5$; @<]$; :" ?:5$2?"2 3" Y$XF4M" ;$2a 3$5$F5@3@
"; ?:3?F@3"2$; 3$ 3?2$<=" $E$54@# sF"# $qF$<=" 3$ @Mb4:; #$2F@3";t% sA2"5$<=" Y"M4#_52?F@t $ @ ;?2$:$ "4
4#@ ;?:@M?Z@<=" @Fv;5?F@ $ " 52@Y@B
L4Z?:@ 3" @M@2#$ ;$2a @5?Y@3@N
#$:5" 3@; A"25@;N  *"?; L2$Y$; @F$:3?#$:5"; 3"; ?:B
3?F@3"2$; 3$ 3?2$<="N 1@2@ ?:?F?@2 "4 ?:5$22"#A$2 @ E4:B
’ @5?Y@<=" 3" @M@2#$ _ A2$F$3?3@
<=" 1D-.+/0- W-)(&d.D>9’^
A"2 4#@ E@;$ 3$ @45"3?@b:h;5?F"N  *"?; L2$Y$; ;?:@?; @Fv;5?F"; @F$;;@2 @ "A<=" x,$b42@:<@z :"
!" F@;" $# [4$ ;$‘@ 3$5$F5@3@ s":3$ A2$;$:5$;t #$:4 $ ;$M$F?":@2 @ "A<=" 3$;$‘@3@N
4#@ @:"#@M?@^ _ $#?5?3" 4#@ ;?:@M?B  *$;52@Y@#$:5" 3@; A"25@;N
w4@:3" " @M@2#$ _ 3$;@L?M?5@3"
Z@<=" @Fv;5?F@N
A$M" 4;4a2?" $M$ _ @45"#@5?F@#$:5$
1@2@ Y$2;]$; F"# Fc@Y$ $M$52r:?F@^
,$ E"2 $#?5?3@ 4#@ ;$b4:3@ ;?:@M?B c@L?M?5@3" @Ah; 4# :"Y" F?FM" 3$
@ 3$;@5?Y@<=" 3" @M@2#$ A"3$ 5@#B
Z@<=" @Fv;5?F@ F$2F@ 3$ } ;$b4:3"; Fc@Y$ 3$ ?b:?<="N
L_# ;$2 $E$54@3@ A$M" A2"A2?$5a2?" 3@
@Ah; @ @5?Y@<=" 3" @M@2#$^ 3$;@5?YaB
Fc@Y$ ;$b42@:3" :4# 3"; A4q@3"2$; 9"# " @M@2#$ @5?Y@3"^ " ;$:;"2
M" A2$;;?":@:3" " L"5=" ^ Y$2?E?F@2
3?@:5$?2";N 1@2@ #@?; ?:E"2#@<]$;^ @:5?$M$Y@<=" Y$2?E?F@ @; Y@2?@<]$; 3$
" E$Fc@#$:5" F"22$5" 3@; A"25@;^ 3"
F":;4M5@2 @ "A<=" x1@;;?Y$ +:52yz :" ?:FM?:@<=" 3" Y$XF4M" [4@:3" $;5@F?B
F@Ar 3" #"5"2 $ 3@ 5@#A@ 3" A"25@B
A@2ab2@E" x1"25@;zN ":@3" A@2@ ;?:@M?Z@2 [4@M[4$2 A";;XB
#@M@;g $# ;$b4?3@^ 2$@5?Y@2 " ;?;5$#@
A2$;;?":@:3" " L"5=" N
’$!%
Y$M M$Y@:5@#$:5"^ @?:3@ [4$ A@2F?@M -L;$2Y$ ;$#A2$ @; 2$F"#$:3@B &
s$qN% 2$5?2@3@ 3$ 4#@ 2"3@tN <]$; 3$;5$ #@:4@MN
7
- ;$:;"2 $;5a @A5" @ Y$2?E?F@2 Y@2?B
@<]$; :" f:b4M" 3$ @M?:c@#$:5" 3" ’ $Y$:54@M $qFM4;=" 3@ A2"5$<=" K  
Y$XF4M"^ ;$‘@ @" M":b" 3" $?q" M":b?B Y"M4#_52?F@ 3$Y$ ;$2 2$A$5?3@ F@3@  
543?:@M F"#" @" M":b" 3" $?q" 52@:;B Y$Z [4$ " Y$XF4M" _ 3$;M?b@3"N ’; A"25@; 3" Y$XF4M" A"3$# ;$2
Y$2;@MN !=" ;=" M$Y@3@; $# F":;?B E$Fc@3@; @45"#@5?F@#$:5$ "4^ A$M"
3$2@<=" @; Y@2?@<]$; 3$ @M?:c@#$:5" J   ?:5$2?"2 3" Y$XF4M"^ ;$b4?:3" "; ;$B
F"# Y$M"F?3@3$ ?:E$2?"2 @ G^Iu#?: b4?:5$; A2"F$3?#$:5";%
F"#"^ A"2 $q$#AM"^ " $;Y@Z?@#$:5" 1@2@ $qFM4?2 5"5@M#$:5$ " @M@2#$
M$:5" 3$ 4# A:$4N sA"2 $q$#AM"% $# F@;" 3$ ?:@5?Y?B  ’45"#@5?F@#$:5$^ ;$ 5"3@; @;
3@3$ A2"M":b@3@ 3" Y$XF4M"t $E$54@2 A"25@; $;5?Y$2$# F"22$5@#$:5$
1@2@ $Y?5@2 @ @5?Y@<=" ?:Y"M4:5a2?@ " E$Fc@#$:5" 3$ E"2#@ #@:4@M^ 45?M?B E$Fc@3@;^ E?F@2=" 52@Y@3@; @"
3@ ;?2$:$ "4 3@ L4Z?:@ 3" @M@2#$ Z@:3" @ Fc@Y$ F"# 5$M$F"#@:3" :@ 4M52@A@;;@2 @ Y$M"F?3@3$ 3$
s3$Y?3" e Y@22$342@ 2$@M?Z@3@ A$M"; E$Fc@342@N @A2"q?#@3@#$:5$ OG i#uc
;$:;"2$; Y"M4#_52?F";t^ :=" 3$?q@2
sE4:<=" p’45"FM";$ptN
A$;;"@; "4 @:?#@?; :" ?:5$2?"2 3"
Y$XF4M" $ E$Fc@2 F"#AM$5@#$:5$   12$;;?":@:3" " L"5=" M"F@B
"; Y?32";N 9$25?E?F@2B;$ 5@#L_# w4@:3" ;$ 3$;F@22$b@# @; A?Mc@; M?Z@3" :@ 2$b?=" F$:52@M 3" A@?B
3$ [4$ @; A"25@;^ " F@Ar $ 5@#A@ 3@ Fc@Y$ F"# 5$M$F"#@:3"^ "4 $# :$M A@2@ $E$54@2 " 52@Y@#$:5" 3@;
3" A"25@B#@M@; $;5$‘@# E$Fc@3"; F@;" 3$ @Y@2?@ :" ;?;5$#@^ A@2@ 3$;@B A"25@;N
F"22$5@#$:5$N 5?Y@2 " @M@2#$^ ?:52"34Z?2 @ Fc@Y$ :@
?b:?<=" $ b?2aBM@ @5_ @ A";?<=" N

!
!4:F@ 3$?q$ F2?@:<@; ;"Z?:c@; :"
Y$XF4M"N

’$!&
2?"2 3@ Fc@Y$t :@ E$Fc@342@ 3@ A"25@ 5aM?F" sA2$;$:5$ :" ?:5$2?"2 3@ Fc@Y$t
3" M@3" 3" #"5"2?;5@N :@ E$Fc@342@ 3@ A"25@ 3" M@3" 3"
#"5"2?;5@N
- 52@Y@#$:5" 3@; A"25@; A"3$^ :"
$:5@:5"^ ;$2 @5?Y@3" F"# 5"3@; @;
A"25@; E$Fc@3@; $ @ 5@#A@ 3" A"25@B  ;      AL ,  
#@M@; @L$25@N (#@ Y$Z A2$;;?":@3"   & '  "
" L"5=" :@ Fc@Y$^ $;5@2a A2$3?;B ,$ "F"22$2 A@:$ $M_52?F@ F"# L@B
A";5" " 52@Y@#$:5" 3$ 5"3@; @; A"2B 5$2?@ 3$;F@22$b@3@^ $E$54@2 " 52@Y@B
5@;^ ?:FM4?:3" @ 5@#A@ 3" A"25@B#@M@; #$:5" #@:4@M#$:5$ 3$ F@3@ A"25@
9"# @; A"25@; 52@Y@3@;^ A2$;;?":@2 @L$25@N w4@:3" @ 5@#A@ 3" A"25@B @54@:3" :@; 52@Y@;N
" L"5=" A@2@ $E$54@2 " 3$;52@Y@B #@M@; E"2 E$Fc@3@^ ;$2a LM"[4$@3@ $
12"F$3$2 F"#" @ ;$b4?2%
#$:5" 3@; A"25@;N ‘a :=" ;$ A"3$2a @L2?BM@ A$M" $q5$2?"2N

 ’L2?2 @; A"25@; 52@;$?2@; $ @ 3?@:B


w4@:3" 5"3@; @; A"25@; $;5=" E$B
5$?2@ M@3" 3?2$?5" sM@3" A@;;@b$?2"t
Fc@3@; $ 52@Y@3@;^ " )+* 3" L"5="
@ ;$2$# 52@Y@3@; A$M" $q5$2?"2N
F$:52@M $;5@2a @A@b@3"N ,$ @Mb4#@ !
3$M@; $;5?Y$2 3$;52@Y@3@ $u"4 @L$25@^  U?2@2 @ 52@Y@  F"# @ Fc@Y$ 3$
9$25?E?F@2B;$ 3$ [4$ 5$# F":;?b" @ ?b:?<=" 3" Y$XF4M" @5_ @ A";?<="
" )+* 3" L"5=" F$:52@M $;5@2a @F$;"
Fc@Y$ :" #"#$:5" 3" E$Fc@#$:5" x52@Y@3@zN
s;"#$:5$ O #?:45"; @Ah; @ Fc@Y$ ;$2
3@ A"25@^ 3$ #"3" @ $Y?5@2 E$Fc@2 @     & *+ ( A@2@
F"M"F@3@ $# ,.-1tN
A2hA2?@ Fc@Y$ :" ?:5$2?"2 3" Y$XF4M"N 52@Y@2^ b?2@2 @ Fc@Y$ :" ;$:B
(#@ Y$Z E$Fc@3@ :" ?:5$2?"2^ @ 5?3" @:5?Bc"2a2?"^ $ 3$A"?; E$B
7 Fc@2 @ A"25@N
Fc@Y$ ;h A"3$ ;$2 2$F4A$2@3@ F"#
   J     &   ( A@2@
@ 45?M?Z@<=" 3@ ;$b4:3@ Fc@Y$ E"2:$B
 ;      & '% F?3@N 52@Y@2^ b?2@2 @ Fc@Y$ :" ;$:B
 ( F"# A"25@; E$Fc@3@;^ A2$;;?":@2 5?3" c"2a2?" $ 3$A"?; E$Fc@2
" L"5=" :@ Fc@Y$ "4 ?:;$2?2 $ b?2@2  ;      & '% @; A"25@;N
" F"2A" #$5aM?F" sA2$;$:5$ :" ?:5$B   ( A2$;;?":@2 " L"5=" :@
Fc@Y$ "4 ?:;$2?2 $ b?2@2 " F"2A" #$B
’$!(
A$M@; #@<@:$5@; ?:5$2:@;^ A"2_# @F?B !$;5$; F@;";^ _^ F":543"^ A";;XY$M
":@:3" @; #@<@:$5@; ?:5$2:@; ;$2a $E$54@2 " 3$;LM"[4$?" 3@; A"25@; 45?B
c@L?M?5@3" @ @L$2542@ @52@Y_; 3@; #@B M?Z@:3" " F"2A" #$5aM?F" A2$;$:5$ :"
<@:$5@; $q5$2:@;N ?:5$2?"2 3@ Fc@Y$ $M$52r:?F@N

- ;?;5$#@ 1@;;?Y$ +:52y _ F@A@Z 3$


 ?3$:5?E?F@2 @ A2$;$:<@ 3$ 4#@ Fc@Y$
- 52@Y@#$:5" 3$ $#$2b\:F?@ _ 45?B $M$52r:?F@ :@ A2"q?#?3@3$ 3@; A"25@;
M?Z@3" 5$#A"2@2?@#$:5$ @5_ [4$ @ $ 3@ 5@#A@ 3" A"25@B#@M@;N
 1@2@ 52@Y@2 "4 @L2?2 @ A"25@ 3?@:B F@2b@ 3@ L@5$2?@ ;$‘@ 2$;5@L$M$F?3@^
:$;;$ F@;" c@Y$2a " 3$;52@Y@#$:5" - ;?;5$#@ A$2#?5$ 52@Y@2u3$;52@Y@2
5$?2@ M@3" $;[4$23" sM@3" #"5"B @; A"25@; s"4 @ 5@#A@ 3" A"25@B#@M@;t
2?;5@t A$M" M@3" $q5$2:"^ ?:;$2?2 @ $M_52?F" $ @L$2542@ 3@; A"25@; A$M@
#@<@:$5@; $q5$2:@;N ;$# 5$2 [4$ A2$;;?":@2 :$:c4# L"5="
Fc@Y$ 3$ ?b:?<=" :" F?M?:32" 3@ :@ Fc@Y$ $M$52r:?F@N
#@<@:$5@ $q5$2:@ 3@ A"25@ $ b?B
2@2 s;$:5?3" c"2a2?" A@2@ @L2?2 $ ,$ " ;?;5$#@ ?3$:5?E?F@2 F"#" YaB
 G
;$:5?3" @:5?Bc"2a2?" A@2@ E$Fc@2tN M?3@ @ Fc@Y$ $M$52r:?F@ 3$5$F5@3@ :"
$q5$2?"2 3" Y$XF4M"^ L@;5@ F"M"F@2 @
!@; 3$#@?; A"25@; :=" ;$2a A";B #=" $# 4# 3"; A4q@3"2$; 3@; A"2B
;XY$M @L2?BM@; A$M@; #@<@:$5@; $q5$2B 5@; 3?@:5$?2@; A@2@ 3$;@5?Y@2 " @M@2#$
!
:@;^ A"2_# ;$2a A";;XY$M 3$;52@YaBM@; $ 3$;52@Y@2 @; A"25@; $ @ 5@#A@ 3"
- E4:F?":@#$:5" 3" ;?;5$#@ 3$ 2$B A"25@B#@M@;N
$ @L2?BM@; @52@Y_; 3@; #@<@:$5@; ?:B F":c$F?#$:5" 3$A$:3$ 3$ Ya2?"; E@B
5$2:@;N 5"2$; F"#"^ A"2 $q$#AM"^ @ $Y$:54@M d A";;XY$M F":E?b42@2 A@2@ 3$;52@Y@2
?:5$2E$2\:F?@ 3$ ":3@; $M$52"#@b:_5?B @A$:@; @ A"25@ 3" M@3" 3" #"5"2?;5@
F@; $#?5?3@; A"2 E":5$; $q5$2:@; sA"2 "4 5"3@; @; A"25@; @54@:3" :" &$:4

$qN F$M4M@2$;t^ " $;5@3" 3$ F@2b@ 3@ "4 :" ;?;5$#@ (F"::$F5¢N ’;;?#^
!" F@;" 3$ @F?":@#$:5" 3" x*?;B @" F"M"F@2 @ #=" :" A4q@3"2 3@
L@5$2?@ 3@ Fc@Y$ $M$52r:?F@ $ @ A2$B
A";?5?Y" 3$ ,$b42@:<@ A@2@ 92?@:<@;z A"25@ 3" F":345"2^ @ E4:F?":@M?3@3$
;$:<@ 3$ "L‘$5"; #$5aM?F"; :@ A2"q?B
:@; E$Fc@342@; 3@; A"25@; 52@;$?2@;^ ;$M$F?":@3@ ;$2a @AM?F@3@N
#?3@3$ 3@ A2hA2?@ Fc@Y$ "4 3" Y$XB
:=" ;$2a A";;XY$M @L2?2 $;5@; A"25@;
F4M"N

’$!)
@5?Y@2a 5@#L_# " @M@2#$ s;$ $[4?B :@ Fc@Y$ $M$52r:?F@ "4 :" A@?:$M

A@3"tN ?:5$2:" 3" Y$XF4M"N
,$ $;5?Y$2 4;@:3" M4Y@; "4 ;$ 5?Y$2
Fc"Y?3" $ " A4q@3"2 3@ A"25@ $;5?Y$2
. +     AL ,    
#"Mc@3"^ _ A";;XY$M [4$ @ ;$:;?L?M?B
 &   
3@3$ 3$ @5?Y@<=" 3" 1@;;?Y$ +:52y E?B
[4$ 2$34Z?3@ $^ F":;$[4$:5$#$:5$^ ,$ @ Fc@Y$ $M$52r:?F@ :=" E4:F?"B "
" 5$#A" 3$ 2$@<=" 3@ E4:<=" ;$‘@ :@2^ A"2 $q$#AM"^ $# F@;" 3$ L@5$B
#@?; M":b"N 2?@ 3$;F@22$b@3@ 3@ Fc@Y$ $M$52r:?F@
"4 3" A2hA2?" Y$XF4M"^ _^ :" $:5@:5"^
9"M"F@:3" @ #=" :" A4q@3"2 3@ A";;XY$M 45?M?Z@2 " F"2A" #$5aM?F" 3$
A"25@ 3" M@3" 3" A@;;@b$?2"^ 5"3@; @; $#$2b\:F?@ A2$;$:5$ :" ?:5$2?"2 3@
A"25@; ;$ 3$;52@Y@#N Fc@Y$ A@2@ @F?":@2 " 3$;52@Y@#$:5"
3@ A"25@ 3" M@3" 3" #"5"2?;5@N
 ;       1@2@ $q52@?2 " F"2A" #$5aM?F"^ A2"B
1@2@ $E$54@2 " 52@Y@#$:5" 3@; A"2B *$A"?; 3$ 5$2 A2$;;?":@3" " L"5=" F$3$2 F"#" ?:3?F@3" @ ;$b4?2%
5@;^ A2"F$3$2 F"#" ?:3?F@3" @ ;$b4?2% 3$ p52@Y@#$:5" 3@; A"25@;p^ _ :$F$;B
;a2?" @b4@23@2 O ;$b4:3"; @:5$; 3$
 9$25?E?F@2B;$ 3$ [4$ 5$# F":;?b" A"3$2 :"Y@#$:5$ 3$;52@Y@2 @; A"25@;
@ Fc@Y$ $M$52r:?F@ $ [4$ ;$ $:B @52@Y_; 3" A4q@3"2N ’54@:3" :" A4B
F":52@ A2hq?#" 3" A4q@3"2 3@ q@3"2 3@ A"25@ :" $;A@<" 3$ O ;$B
A"25@ 3" M@3" 3" #"5"2?;5@ "4 3" b4:3"; _^ @;;?#^ A";;XY$M Y$2?E?F@2 ;$
A@;;@b$?2"N " Y$XF4M" $;5a F"22$5@#$:5$ E$Fc@3"^
;$# [4$ @; A"25@; ;$‘@# :"Y@#$:5$
 12$;;?":@2 " L"5=" p.2@Y@#$:5"
3$;52@Y@3@;N
3@; A"25@;p  ;?54@3" :" A4q@3"2^
3$;5$ #"3"^ ;$2=" 52@Y@3@; 5"3@;
’; A"25@; $ @ 5@#A@ 3" A"25@B#@M@;
@; A"25@; $ @ 5@#A@ 3" A"25@B
3" Y$XF4M" A"3$# ;$2^ 3$ [4@M[4$2  ’54@2 :" 3?;A";?5?Y" N
#@M@;N - 52@Y@#$:5" 3@; A"25@;
E"2#@^ 52@Y@3@; A2$;;?":@:3" " L"5="

’$!*
 +q52@?2 " F"2A" #$5aM?F" $^ A4q@3"2$; 3@; A"25@; 3?@:5$?2@;^ "4 " ,$^ :" ?:5$2?"2 3" Y$XF4M"^ E"2 3$B
2$5?2@:3"B" A@2@ " $q5$2?"2N L"5=" :" A@?:$M 3" Y$XF4M"^ 4#@ 5$F5@3@ 4#@ 3@; Fc@Y$; $M$52r:?F@;
 >:;$2?2 " F"2A" #$5aM?F" :@ E$B Y$Z E$Fc@3@; 5"3@; @; A"25@; @L$25@;^ $ :$:c4#@ "452@ Fc@Y$ $M$52r:?F@
Fc@342@ 3@ A"25@ 3" M@3" 3" #"B " Y$XF4M" $E$54@ 4# F":52"M$ ?:5$2:" c@L?M?5@3@ E"2 3$5$F5@3@ :" $q5$2?"2
5"2?;5@ $ b?2aBM" A@2@ 3$;52@Y@2 @ $ $q5$2:" A@2@ Y$2?E?F@2 @ $Y$:54@M 3" Y$XF4M"^ @; A"25@; 3" Y$XF4M" :="
A"25@N A2$;$:<@ 3$ Fc@Y$; $M$52r:?F@; c@L?B 52@:F@# @" @F?":@2 " L"5=" 3$ 52@Y@B
M?5@3@;N #$:5" 3$ A"25@;N
1@2@ 2$@5?Y@2 " ;$4 F"22$5" E4:F?"B

:@#$:5"^ A2$;;?":@2 " L"5=" :"
- F"2A" #$5aM?F" 3@ Fc@Y$ :=" 5$M$F"#@:3"N
5$# 4# ;$:5?3" 3$ ?:;$2<=" "L2?b@5hB
2?"g A"3$^ @;;?#^ ;$2 ?:52"34Z?3" ?:B
3?E$2$:5$#$:5$ :" ?:5$2?"2 3@ E$Fc@B 
342@N ’; A"25@; ;h ;$2=" 3$;52@Y@3@;
[4@:3" 5?Y$2$# ;?3" E$Fc@3@; A2$;B
;?":@:3" " L"5=" p.2@Y@#$:5" 3@;

A"25@;p M"F@M?Z@3" :" A@?:$M^ [4@:3"
’ E?# 3$ $Y?5@2 3$?q@2 ?:Y"M4:5@2?@B 4#@ Fc@Y$ $M$52r:?F@ YaM?3@ E"2 2$F"B
#$:5$ @ Fc@Y$ $M$52r:?F@ :" ?:5$2?"2 :c$F?3@ :" ?:5$2?"2 3" Y$XF4M" $^ :"
3" Y$XF4M"^ @ E4:<=" {$yM$;; +:5$2 $q5$2?"2 3" Y$XF4M"^ :=" E"2 3$5$F5@3@
$;5a $[4?A@3@ F"# 4#@ E4:<=" @45"B :$:c4#@ "452@ Fc@Y$ $M$52r:?F@N
#a5?F@ 3$ 3$;52@Y@#$:5" 3@; A"25@;
[4$ E4:F?":@ ;$ " F"#45@3"2 3$ ?bB
1"2 ;4@ Y$Z^ " Y$XF4M" :=" 3$;LM"B
:?<=" $;5?Y$2 :@ A";?<=" ##N
[4$@2a @; A"25@; @" Y$2?E?F@2B;$ 4#@
3@; ;$b4?:5$; F":3?<]$;%

,$ 4#@ 3@; A"25@; 3" Y$XF4M" $;5?B  ’; A"25@; 5?Y$2$# ;?3" E$Fc@3@;
Y$2 @L$25@ $ E"2 A2$;;?":@3" " L"5=" #@:4@M#$:5$ 45?M?Z@:3" " L"5="
 pLM"[4$?" 3@; A"25@;p ;?54@3" :"; 3$ 52@Y@#$:5" :" A@?:$M s"4 "

’$!+
F"2A" #$5aM?F" 3@ Fc@Y$^ @A$:@;  ;        %
A@2@ @ A"25@ 3" #"5"2?;5@tN &
 .?Y$2 ;?3" 3$5$F5@3@ :" $q5$2?"2 ’ 5@#A@ 3" A"25@B#@M@; 3" Y$XF4M"
4#@ Fc@Y$ $M$52r:?F@ :@; A2"q?B A"3$ ;$2 LM"[4$@3@ A2$;;?":@:3" "
#?3@3$; 3" Y$XF4M"N L"5=" :@ Fc@Y$ $M$52r:?F@ "4 :"
A@?:$M ?:5$2:" 3" Y$XF4M"N "
,$ @ E4:<=" {$yM$;; +:5$2 E"2
3$;@5?Y@3@ @54@:3" :" ;?;5$#@
(F"::$F5¢^ @; A2"5$<]$; A@2@ $Y?5@2 
3$?q@2 ?:Y"M4:5@2?@#$:5$ @ Fc@Y$ ’:5$; 3$ F"M"F@2 " Y$XF4M" $# #"B
$M$52r:?F@ :" ?:5$2?"2 3" Y$XF4M" Y?#$:5"^ F$25?E?F@2B;$ 3$ [4$ " A"25@B

3$;@5?Y@#B;$N #@M@; $;5$‘@ F"22$5@#$:5$ E$Fc@3"N
,$ ?:@3Y$25?3@#$:5$ $;[4$F$2
@ Fc@Y$ $M$52r:?F@ :" ?:5$2?"2 3"
,   % &  ;<=7 ;<=    
A"25@B#@M@; $ ;$ 5$:5@2 E$FcaBM" A$M"
’" @A2"q?#@2B;$ 3@ 5@#A@ 3" $q5$2?"2^ " 52@Y@#$:5" 3@ 5@#A@ - ;?;5$#@ 1@;;?Y$ +:52y A"3$ ;$2
A"25@B#@M@; F"# 4#@ Fc@Y$ $M$B :=" ;$2a $E$54@3"^ @ :=" ;$2 [4$ @5?Y@3"u3$;@5?Y@3" @52@Y_; 3" [4@32"
52r:?F@ YaM?3@^ A2$;;?":@2 " L"5=" $;5$‘@ A2$;$:5$ :" $q5$2?"2 4#@ 3$ ?:;524#$:5"; "4 3" ;?;5$#@ (F":B
3$ @L$2542@ ?:3?F@3" A$M@ ;$5@ A@2@ "452@ Fc@Y$ $M$52r:?F@ 2$F":c$F?3@ :$F5¢N
52@Y@2u3$;52@Y@2 " A"25@B#@M@;N :@ A2"q?#?3@3$ 3" Y$XF4M"N 9"# "
Y$XF4M" LM"[4$@3"^ @" $E$54@2 4#
   
3$;52@Y@#$:5" @A$:@; 3@ 5@#A@ 3"
 
A"25@B#@M@;^ $ :" A";5$2?"2 E$Fc@B
#$:5"^ E"2 3$5$F5@3@ 4#@ Fc@Y$ :"
;$4 ?:5$2?"2^ @ 5@#A@ 3" A"25@B#@M@;
;$2a :"Y@#$:5$ @L$25@ $ @; M4Z$; !
A?;F@2=" 34@; Y$Z$;N
(5?M?Z@2 ;$#A2$ $;5$ 3?;A";?5?Y"
[4@:3" 52@:;A"25@2 F2?@:<@;N

’$!,
*$A"?; 3$ 5$2 @F?":@3" " 3?;A";?B 3$;52@Y@#$:5" $M_52?F" 3@;
5?Y" $# @#L@; @; A"25@; 52@;$?2@;^ Y$B A"25@;N
2?E?F@2 @ ;4@ $E$5?Y@ @5?Y@<=" @54@:3" !
:" A4q@3"2 ?:5$2:" 3$ @L$2542@ 3@;
A"25@;N  w4@M[4$2 2$b4M@b$# 3$Y$ ;$2 $E$B
’; A"25@; 52@;$?2@; :=" A"3$# ;$2 54@3@ ;"#$:5$ F"# " Y$XF4M" A@2@3"N
>#A$3$ @ @L$2542@ 3@; A"25@; 52@B @L$25@; @ A@25?2 3" ?:5$2?"2 [4@:3" " *?2?‘@ ;$#A2$ F"# ;$b42@:<@N
;$?2@; A$M" ?:5$2?"2N ;?;5$#@ 3$ ;$b42@:<@ A@2@ F2?@:<@;
$;5?Y$2 @F?":@3"N
- 3?;A";?5?Y"  ;h A"3$ ;$2 @5?Y@3"
F"# @; A"25@; @L$25@;%
  !
-; 2$Y$;5?#$:5"; 5\q5$?; 3"; L@:B
    $ F"; $;5=" 3?#$:;?":@3"; A@2@ 2$;?;5?2
-; L@:F"; 3?@:5$?2"; A"3$# ;$2 342@:5$ #4?5" 5$#A" @" 3$;b@;5$ 2$B
2$b4M@3"; 3$ #"3" @ b@2@:5?2 " #aB ;4M5@:5$ 3@ 45?M?Z@<=" :"2#@M 3" Y$XB
q?#" F":E"25" 3"; "F4A@:5$;N F4M"N
’M_# 3?;;"^ @ 2$b4M@b$# 3" L@:F" !" $:5@:5"^ _ :$F$;;a2?" $Y?5@2
3" F":345"2 3$Y$ ;$2 $E$54@3@ 2$F"2B E2?F<]$; $qF$;;?Y@; $u"4 A2"M":b@B
3@:3" [4$^ @" #@:5$2 @; F";5@; L$# 3@; F"# @F$;;h2?"; 3$ Y$;54a2?"^ 5@?;
@A"?@3@; F":52@ " $:F";5"^ "; A4M;"; F"#" E?Y$M@; #$5aM?F@;^ @AM?F@<]$;^
 1";?<=" ;  ,&% 3?;A";?5?Y" 3$;B
3$Y$# A"3$2 @5?:b?2 @ A@25$ ;4A$2?"2 E?q@3"2$; $# Y$MF2" $ ;$#$Mc@:5$;^
M?b@3" s@ A"25@ A"3$ ;$2 @L$25@
3" @2" 3" Y"M@:5$N 4#@ Y$Z [4$ "; #$;#";^ @54@:3"
A$M" ?:5$2?"2tN
3$ #"3" M"F@M?Z@3" $ F"# 4#@ $M$B
 1";?<=" @ > &% 3?;A";?5?Y" ’M_# 3?;;"^ 3$Y$ ;$2 A";;XY$M A?;@2
Y@3@ A2$;;=" :"; E?";^ A"3$# A2"Y"B
LM"[4$@3" s@ A"25@ :=" A"3$ ;$2 :" A$3@M 3@ $#L2$@b$# @5_ " E?#
F@2 @ 24A542@ 3"; #$;#";^ F"# F":B
@L$25@ A$M" ?:5$2?"2t 3$ F42;"^ A@2@ Y$2;]$; F"# Ff#L?"
;$[4$:5$; 3@:"; :" 2$Y$;5?#$:5"N
- ;?;5$#@ A$2#@:$F$ #@:4@M^ "4 A?;@2 :" A$3@M 3" E2$?"
@5?Y" #$;#" @" $E$54@2 " sY$2;]$; F"# Ff#L?" @45"#a5?F"tN

’$"-
! !
!@ A2$;$:<@ 3$ ,?3$ L@b;^ :=" F"B (#@ Y$Z @F?":@3@ @ @M@Y@:F@
L2?2 " $:F";5" 3"; L@:F"; 3?@:5$?B 3$ 2$b4M@b$#^ Y$2?E?F@2 ;$#A2$ ;$
2"; F"# 2$Y$;5?#$:5";^ F"L$2542@; "4 " L@:F" $;5a LM"[4$@3" :@; b4?@;^ "
F@A@ A@2@ L@:F";N 5$:5@:3" 3$;M"FaBM" A@2@ @ E2$:5$ $
A@2@ 52a;N
+;5$; A"3$# A2$‘43?F@2 " E4:F?"B
:@#$:5" 3" ;?;5$#@N ’ @4;\:F?@ 3$;5$ LM"[4$?" A"3$2a
A2"Y"F@2 " 3$;M"F@#$:5" ?:$;A$2@3"
A+&A     & A + & 3" L@:F" $ F@4;@2 @ A$23@ 3$ F":B
52"M$ 3" Y$XF4M"N W$2;]$; ;$# ;?3$ L@b
 )$Y@:5@2 @ @M@Y@:F@  $ $#A422@2
" L@:F" A@2@ @ E2$:5$ "4 A@2@ 52a;N
A+&A  &+  1 *+ 2
 ,"M5@2 @ @M@Y@:F@ A@2@ [4$ " 1. ,  &   2
L@:F" ;$‘@ 52@Y@3" :@ A";?<="
3$;$‘@3@N 
+E$54@2 @ 2$b4M@b$#^ $;5@:3" ;$:B
5@3" :" L@:F" $# [4$;5=" sM@3" 3"
#"5"2?;5@tN

*$;M"F@2 @ @M@Y@:F@ $ ^ F":E"2#$


@ Y$2;="^ A@2@ F?#@ "4 A@2@ L@?q" @5_ A+&A  ,& <=   %
@ "L5$2 @ @M542@ 3$;$‘@3@N , 1; = ,   .A2
W$2;]$; F"# ;?3$ L@b U?2@2 @ #@:"AM@ ^ @5_ @5?:b?2 @
A";?<=" 3$;$‘@3@N

’$"!
:$;5$ F@AX54M"t $ b4@23aB M"; :"
A"25@B#@M@;N
 D$L@5$2 " @;;$:5" 3" L@:F" 52@B
;$?2" ^ A4q@:3"B" A@2@ @ E2$:5$
F":E"2#$ ?:3?F@<=" 3@ ;$5@N

$ 
.    . ,   
! 1@2@ "L5$2 @ @#AM?@<=" 3"
!@ A2$;$:<@ 3$ ,?3$ L@b;^ :=" F"B A"25@B#@M@; 3" Y$XF4M"^ F@3@ A@25$
L2?2 " $:F";5" 3"; L@:F"; 3?@:5$?B 3" L@:F" 52@;$?2" A"3$ ;$2 2$L@5?3@
2"; F"# 2$Y$;5?#$:5";^ F"L$2542@; "4 A@2@ E2$:5$ s;$ $[4?A@3"tN >;;"  *$;52@Y@2 " $:F";5" 3" L@:F"^
F@A@ A@2@ L@:F";N A$2#?5$ @ $q5$:;=" 3" $;A@<" A@2@ @b?:3" ;"L2$ @; @M@Y@:F@; M@5$2@?;
52@:;A"25$ 3$ L@b@b$:;N 3" #$;#"^ :@ 3?2$<=" 3@ ;$5@N
+;5$; A"3$# A2$‘43?F@2 " E4:F?"B
:@#$:5" 3" ;?;5$#@N 1@2@ 2$L@5$2 " L@:F"^ @b?2 F"#" @
;$b4?2%
A+&A  ,& <=   %
, 1; =    .A2  W$2?E?F@2 ;$ ca $;A@<" ;4E?F?$:5$
A@2@ " 2$L@5?#$:5" 3" L@:F"N ,$
’54@2 :@ @M@Y@:F@ ^ @F"#A@B
:$F$;;a2?"^ 3$;M"F@2 "; L@:F";
:c@:3" " $:F";5" F"# " #"Y?#$:5"
3?@:5$?2"; A@2@ E2$:5$N
3" 52":F" s#@:5$2 @ @M@Y@:F@ @F?"B
:@3@ @5_ @5?:b?2 @ A";?<=" 3$;$‘@3@ $  ,$ A2$Y?;5";^ 2$5?2@2 ";
3$A"?; ;"M5aBM@tN @A"?@BF@L$<@; 3" L@:F" 52@;$?2"
sY$2 @ ;$<=" x’A"?@BF@L$<@;z
’$""
 D$L@5$2 A@2@ @ E2$:5$ " $:F";5" 3" E"2#$ @ F":E?b42@<=" 3$;$‘@3@N 1@2@
L@:F" 52@;$?2" $^ A@;;@:3" A$M"; 
?;;"^ 3$;52@Y@2 @ @M@Y@:F@ 3@ 3?2$?5@
F?:5"; 3$ ;$b42@:<@ 52@;$?2"; 3$ ’Ah; 2$A"2 " L@:F" :@ A";?<=" "4 3@ $;[4$23@ $ 2$L@5$2 " @;;$:5"
#"3" @ "L5$2 4# v:?F" AM@:" :"2#@M^ F$25?E?F@2B;$ 3$ [4$ " @;;$:5" 3" L@:F" 52@;$?2" A@2@ @ E2$:5$N +#
3$ F@2b@ :" F"#A@25?#$:5" 3$ :=" E?[4$ ;"L2$ "; F?:5"; 3$ ;$b4B ;$b4?3@^ 2$L@5$2 @ A@25$ 3" $:F";5"
L@b@b$:;N 2@:<@N JuH "4 OuH s;$ $[4?A@3"t A@2@ @#AM?B
@<=" 3" A"25@B#@M@;N
"
     . ,   <=  %
&

1@2@ E@Z$2 F"# [4$ " L@:F" 52@B !
’Ah; " 2$A";?F?":@#$:5" 3" $:B
;$?2" Y"M5$ e A";?<=" :"2#@M^ 3$Y$B;$% !=" #"Y?#$:5@2 " $:F";5" 3"
F";5"^ F$25?E?[4$B;$ 3$ [4$ " #$;#"
L@:F" 52@;$?2" F"# " Y$XF4M" $#
$;5$‘@ L$# $:F@?q@3" $ 52@Y@3"N
 9"M"F@2 " $:F";5" 3" L@:F" #"Y?#$:5"
:@ A";?<=" Y$25?F@M^ E@Z$:3"B" 9$25?E?[4$B;$ 3" F"22$5" 52@Y@B
A@;;@2 A$M"; F?:5"; 3$ ;$b42@:<@ #$:5" 3" $:F";5" 3" L@:F" 52@;$?2" & 
$ $E$54@2 4# M$Y$ $;E"2<" $# ;4@ A";?<=" :"2#@M @:5$; 3$
:" $:F";5" F":52@ @; 52@Y@; #"Y?#$:5@2 " Y$XF4M"N
$ 
@5_ " 52@Y@#$:5" 3" L@:F" 1@2@ @4#$:5@2 @ ;$b42@:<@ 3";
52@;$?2"N 9$25?E?F@2B;$ 3" A$2E$?5" A@;;@b$?2";^ "; @A"?@BF@L$<@; ;=" 2$B
52@Y@#$:5"N $ ,    .    1 *+ % b4MaY$?; $# @M542@N
 D$L@5$2 " @;;$:5" 3" L@:F" 52@B 2
;$?2" ^ A4q@:3"B" A@2@ @ 52a; @5_ - L@:F" 52@;$?2" L?A@25?3" $# @MB
@ ;4@ A";?<=" :"2#@M 3$ 45?M?Z@B b4#@; Y$2;]$; A$2#?5$ @#AM?@2 @A$B
<="N :@; A@25$ 3" A"25@B#@M@;^ 5$:3" @ "AB !
<=" 3$ 2$L@5$2 " L@:F" ?:3?Y?34@M "4
 ,$ E"2 " F@;"^ 2$#":5@2 "; @A"?@B )$#L2$B;$ [4$ "; @A"?@BF@L$<@;
34AM" A@2@ @#AM?@2 " $;A@<" A@2@ L@B
F@L$<@; [4$ E"2@# 2$5?2@3";N 3$Y$# ;$2 2$b4M@3"; $qFM4;?Y@#$:5$
b@b$:; $ #@:5$2 @Mb4# $;A@<" A@2@
F"# " Y$XF4M" A@2@3" $ 3$ #@:$?2@
"F4A@:5$; :" L@:F" 52@;$?2"^ F":B

’$"%
[4$ @ :4F@^ $ :=" " A$;F"<"^ ;$ D$b4M@b$# A@2@ F?#@% $M$Y@2 "
@A"?$ :$M$;N @A"?@BF@L$<@ @5_ "4Y?2 " 2$;A$F5?Y"
! 24X3" 3$ LM"[4$?" :@ A";?<=" 3$;$B
,"#$:5$ :$;5@ A";?<=" A"3$# ‘@3@ s34@; A";?<]$;tN
A2"5$b\BM" $# F@;" 3$ F"M?;]$;N - @A"?@BF@L$<@; 3$Y$ ;$#A2$ ;$2
#@:5?3" $# ;4@ A";?<=" "2?b?:@M $ D$b4M@b$# A@2@ L@?q"% A2$;;?":@2
1@2@ 2$b4M@2 @ @M542@^ $M$Y@2 " 3$Y?3@#$:5$ 52@Y@3"N " L"5="  $ @L@?q@2 " @A"?" 3$ F@B
@A"?@BF@L$<@ @5_ "4Y?2 " 2$;A$F5?Y" L$<@N
+# 4#@ $Y$:54@M :$F$;;?3@3$ 3$
24X3" 3$ LM"[4$?" :@ A";?<=" 1@2@ 2$5?2@2 " $:F";5" 3$ F@L$<@^
2$5?2@3@ 3" $:F";5" 3$ F@L$<@ 3?@:B
3$;$‘@3@ s52\; A";?<]$;tN @54@2 F"#" @ ;$b4?2%
5$?2"^ 2$F"M"FaBM" @:5$; 3$ ;@?2 F"# "
1@2@ @L@?qaBM";^ A2$;;?":@2 " L"5=" Y$XF4M"N l@#@?; 45?M?Z$ " Y$XF4M" ;$#
N " @A"?@BF@L$<@;N  D$L@5$2 " $:F";5" 3" L@:F" 52@B
;$?2" s@A$:@; A@2@ $:F";5" L?A@2B
5?3"t A@2F?@M#$:5$ @5_ [4$ 5$:c@
%$  $;A@<" ;4E?F?$:5$ A@2@ @ 2$5?2@3@
A+&A  3" @A"?@BF@L$<@N

1@2@ "; M4b@2$; 52@;$?2"; $;5=" A2$B


Y?;5"; 52\; @A"?"; 3$ F@L$<@ 2$b4MaB
Y$?; $# @M542@N

1@2@ 2$5?2@2 " $:F";5" 3$ F@L$<@^


@F?":@2 " L"5=" 3@ $;[4$23@  $
3@ 3?2$?5@ $ $ M$Y@:5@2 " $:F";5" 3$
F@L$<@ @5_ M?L$2aBM" 3@ 5$2F$?2@ 52@Y@N
,"M5@2 "; L"5]$; $ A4q@2 A@2@ F?#@ @5_  ’F?":@2 " L"5=" 3@ 3?2$?5@  $ 3@
@ 5"5@M 2$5?2@3@ 3" @A"?" 3$ ;4@ c@;5$N $;[4$23@ $ $ M$Y@:5@2 " $:F";5"

’$"&
3$ F@L$<@ @5_ @ 5"5@M 2$5?2@3@ 3$   - Y"M@:5$ A"3$ ;$2 2$b4M@3" $#
;4@; c@;5$;N @M542@ $^ A@2@ @Mb4#@; Y$2;]$;^ $#
     1 A2"E4:3?3@3$%
*+ 2
*$;M"F@2 @ @M@Y@:F@  A@2@ @ A";?B
<=" MN
! "
- $:F";5" 3$ F@L$<@ 3$Y$ ;$#A2$ !
;$2 #@:5?3" $# ;4@ A";?<=" "2?b?:@M ’; 2$b4M@b$:; @A$:@; 3$Y$# ;$2 2$B
$ 3$Y?3@#$:5$ 52@Y@3"N @M?Z@3@; F"# " Y$XF4M" $;5@F?":@3"
+# 4#@ $Y$:54@M :$F$;;?3@3$ $ " #"5"2 3$;M?b@3"N
3$ 2$5?2@3@ 3" $:F";5" 3$ F@L$<@^ ,"#$:5$ @;;?# A"3$2a ;$2 b@2@:B
2$F"M"FaBM" @:5$; 3$ ;@?2 F"# " 5?3@ @ ;$b42@:<@N
Y$XF4M"N !=" 45?M?Z$ " Y$XF4M" ;$# "
@A"?@BF@L$<@;^ $qF$5" ;$ " L@:F"
$;5?Y$2 2$L@5?3" "4 45?M?Z@:3" "
;?;5$#@ ?;"E?q 3$ 2$5$:<=" A@2@ @ +E$54@2 @ 2$b4M@b$# 3" Y"M@:5$N
F@3$?2?:c@ 3$ F2?@:<@;N !
d 5$2#?:@:5$#$:5$ A2"?L?3@ [4@MB D$5"2:@2 @ @M@Y@:F@ e A";?<=" N
[4$2 ?:5$2Y$:<=" $# Ah;BY$:3@^ F"# A@2@ 52@Y@2 " Y"M@:5$ :"Y@#$:5$N
F":;$[4$:5$; 3@:"; :@ 3?2$<=" "4
:@ F"M4:@ 3$ 3?2$<=" sA"2 $qN #":B
5@b$# 3$ ;?;5$#@ @:5?E425"tN
’; ?:5$2Y$:<]$; A"3$# F@4;@2^ !
@M_# 3@ 3?#?:4?<=" 3" 3$;$#A$:c" w4@M[4$2 2$b4M@b$# 3$Y$ ;$2 $E$B
3" ;?;5$#@ $ A$23@ 3@ b@2@:5?@^ 54@3@ ;"#$:5$ F"# " Y$XF4M" A@2@3"N
b2@Y$; A2"LM$#@; 3$ ;$b42@:<@N *?2?‘@ ;$#A2$ F"# ;$b42@:<@N

’$"(
 &$   8%   J%
 1 *+ 2 
  
+# @Mb4#@; Y$2;]$;^ $q?;5$ 4# $;B  A+&A ,- ,
*$;M"F@:3" @ @M@Y@:F@  "L5_#B A$Mc" $M$52"F2r#?F"^ F@A@Z 3$ #"3?B
1"2 3$:52" 3" Y$XF4M"^ #"Y$2 "
;$% E?F@2 @45"#@5?F@#$:5$ @ F@A@F?3@3$
L"5="  A@2@ 2$b4M@b$# 3" $;A$Mc"
2$EM$5"2@ A@2@ $Y?5@2 " "E4;F@#$:5"
2$52"Y?;"2 $q5$2:"N
 1";?<=" :"2#@M 3" F":345"2N
 1";?<=" @:5?"E4;F@#$:5" - $;A$Mc" $M$52"F2r#?F" A";;4?
4#@ 5$FM@ 7## $ A@2@ @ @5?Y@B
<="u3$;@5?Y@<=" 3@ E4:<=" $M$52"F2rB
#?F@ @:5?"E4;F@#$:5"N

 A+&A &O ,
- $;A$Mc" 2$52"Y?;"2 ?:5$2:" _
’ 2$b4M@b$# _ A";;XY$M ;"#$:5$
$[4?A@3" F"# 4# 3?;A";?5?Y" F":52@
F"# @ Fc@Y$ 3$ ?b:?<=" :@ A";?<="
@F?3$:5$; [4$ " 3$;A2$:3$ $# F@;"
N
3$ Fc"[4$N

’$")
$;A$Mc" 2$52"Y?;"2 $q5$2:"^ 3" M@3"

3" A@;;@b$?2"^ $# 4#@ A";?<=" 3?E$B
.$2#?:@3@ @ 2$b4M@b$#^ F"M"F@2 " 2$:5$ 3@[4$M@ :"2#@M#$:5$ 45?M?Z@3@
3?;A";?5?Y"  :@ A";?<=" :$452@ A@2@ 342@:5$ @ 3?2$<="N 9@;" :=" [4$?2@
$Y?5@2 3$;M"F@#$:5"; @F?3$:5@?;N 45?M?Z@2 @ E4:<="^ L@;5@ A";?F?":@2 "
L"5="  :@ A";?<=" F$:52@MN +;;@ A"B
;?<=" A"3$ ;$2 #$#"2?Z@3@ A$M" #"B
"
5"2?;5@N
! 1@2@ $E$54@2 @ #$#"2?Z@<="^ A2"B
’; M$:5$; 3"; $;A$Mc"; 2$52"Y?;"B F$3$2 F"#" ;$b4$%
- L"5="  ;$M$F?":@ " $;A$Mc" $#
2$; ;=" A@2@LhM?F@; $ @4#$:5@# "
[4$ ;$2a E$?5@ @ 2$b4M@b$#N 9"# " Y$XF4M" A@2@3" $ Fc@Y$ 3@
F@#A" 3$ Y?;="N
?b:?<=" b?2@3@ :@ A";?<=" ^ $:B
 *?;A";?5?Y" ;$M$F?":@3" :@ A";?B !" $:5@:5"^ 3?#?:4$# " 5@#@:c" b@5@2 @ #@2Fc@ @ 2_ $ 2$b4M@2 " $;A$B
<=" $;[4$23@% ;$M$<=" 3" $;A$Mc" 3@ ?#@b$#^ 3@:3" @ ?#A2$;;=" 3$ Mc" 2$52"Y?;"2 $q5$2:" 3" M@3" 3" A@;B
$;[4$23"N [4$ " "L‘$5" 2$EM$5?3" $;5a #@?; 3?;B ;@b$?2" #$3?@:5$ "; F"#@:3"; @A2"B
 *?;A";?5?Y" ;$M$F?":@3" :@ A";?B 5@:5$ 3" [4$ @ 2$@M?3@3$N A2?@3";^ 3$ #"3" @ "L5$2 @ A";?<="
<=" 3?2$?5@% ;$M$<=" 3" $;A$Mc" ?3$@M A@2@ @ #@:"L2@ 3$ $;5@F?":@B
3?2$?5"N #+ <= P,    Q 1  #$:5"N
 2   &@  ;  '% !@ A2hq?#@ Y$Z [4$ E"2 $:b@5@3@
1@2@ 2$b4M@2 " $;A$Mc"^ L@;5@ A2$;B   &O ,  &  A  @ #@2Fc@ @ 2_^ " $;A$Mc" 2$52"Y?;"2
;?":@2 " L"5=" $^ ;?54@3" :@ A"25@ 3" 1 *+ 2 ?2a ;$ F"M"F@2 @45"#@5?F@#$:5$ :@
#"5"2?;5@^ $# 4# 3"; ;$:5?3"; ?:3?B 1@2@ @Mb4#@; Y$2;]$;^ 342@:5$ " A";?<=" @:5$2?"2#$:5$ #$#"2?Z@3@N
F@3"; A$M@; ;$5@;N @F?":@#$:5" 3@ #@2Fc@ @ 2_ $ F"# ’" 3$;$:b@5@2 @ #@2Fc@ @ 2_^ "
L"5="  ;$M$F?":@3" A@2@ @ 3?2$?5@^ $;A$Mc" 2$52"Y?;"2 $q5$2:" 3" M@3"
@ E?# 3$ #$Mc"2@2 @ Y?;?L?M?3@3$ :@; 3" A@;;@b$?2" ?2a 2$5"2:@2 @45"#@5?B
#@:"L2@; 3$ $;5@F?":@#$:5"^ _ A";B F@#$:5$ e A";?<=" F":E?b42@3@ A@2@
;XY$M F":5@2 F"# " @4qXM?" 3$ 4#@ 45?M?Z@<=" :"2#@MN
E4:<=" [4$ #"Y?#$:5@ @ M$:5$ 3"

’$"*
,&@    +&   ; % -L;$2Y$ ;$#A2$ @; 2$F"#$:3@B F"#@:3" 3@ A"25@ "4 [4@:3" b?2@2
  '  <]$; 3$;5$ #@:4@MN @ Fc@Y$ 3$ ?b:?<=" A@2@ @ A";?<="
1@2@ 2$F"Mc$2 "; $;A$Mc";^ 3$;M"FaB N
M"; 3@ A";?<=" J s@L$25"t A@2@ @ A";?B .   + / ,   %
<=" O sE$Fc@3"tN ;   '  1 *+ 2 .   &O ,   ; %
+;5a 3?;A":XY$M^ A@2@ @Mb4#@; Y$2B  '  1 *+ 2
;]$;^ " 3"L2@#$:5" @45"#a5?F" 3"; -; 2$52"Y?;"2$; $q5$2:"; A"3$# ;$2
2$52"Y?;"2$; @52@Y_; 3" 5$M$F"#@:3" 2$L@5?3"; @52@Y_; 3"; F"#@:3"; :@
sE4:<=" E"M3?:btN 1@2@ 2$@M?Z@2 " 2$B A"25@ 3" #"5"2?;5@N
F"Mc?#$:5" 3"; 2$52"Y?;"2$; $M_52?F";
@52@Y_; 3" 5$M$F"#@:3"^ A2$;;?":@2 "
L"5=" N 1@2@ Y"M5@2 F"# "; 2$52"Y?B
;"2$; A@2@ @ A";?<=" "2?b?:@M A2$;;?"B
:@2 " L"5=" N - 2$52"Y?;"2 ?2a 2$B
F"Mc$2 "4 @L2?2 @Ah; F?:F" ;$b4:3";N


- 3"L2@#$:5" @45"#a5?F" 3"; 2$B
52"Y?;"2$; @52@Y_; 3" 5$M$F"#@:3"
;"#$:5$ _ A$2#?5?3" [4@:3" " Y$XB 1@2@ E$Fc@2 "4 @L2?2 " 2$52"Y?;"2
F4M" $;5?Y$2 3$;M?b@3"N A$M" F"#@:3" 3@ A"25@ _ :$F$;;a2?"
! #@:5$2 " ;$M$5"2 3$ 2$52"Y?;"2  :@
’Ah; 4M52@A@;;@2 @ Y$M"F?3@3$ 3$ A";?<=" F$:52@M $ @A$25@2 " F"#@:3"
,$ @ ;@M?\:F?@ 3" $;A$Mc" F2?@2 3?B
OG i#uc^ " 2$52"Y?;"2 ?2a @L2?2 @4B 3$ @‘4;5$ $ ;$M$F?":@3" A@2@ @ 3?2$?5@N
E?F4M3@3$; :4#@ A@;;@b$# $;52$?5@^
5"#@5?F@#$:5$ F@;" $;5$‘@ E$Fc@3"N
3"L2$B" 3@ A";?<=" N A@2@ @ A";?<=" 1@2@ 2$5"2:@2 "; $;A$Mc"; A@2@ @ A"B
w4@:3" " 2$52"Y?;"2 _ E$Fc@3" A$M"
MN
5$M$F"#@:3" _ A";;XY$M @L2?BM" A$M" ;?<=" "2?b?:@M^ " L"5=" 3$ ;$M$<=" 
5$M$F"#@:3"^ A"2 Y$M"F?3@3$^ A$M" 3$Y$ $;5@2 :@ A";?<=" F$:52@M $ " F"B

’$"+
#@:3" 3$ @‘4;5$ 3"; $;A$Mc"; $ 3$Y$ 2$<="^ @M_# 3@; E4:<]$; R"MM"j &$    %
$;5@2 ;$M$F?":@3" A@2@ @ $;[4$23@N - 8"#$ $ @; M4Z$; 3$ $;5@F?":@#$:5"N 
F"#@:3" 3$ 2$L@5?#$:5" $M_52?F" ;"B 9"M"F@2 @ @M@Y@:F@ $;[4$23@  :@
#$:5$ _ A$2#?5?3" F"# Y$M"F?3@3$ A";?<=" 3$ 2$A"4;" sA";?<=" HtN
3" Y$XF4M" @L@?q" 3$ OG i#ucN ’F?#@
3$;;@ Y$M"F?3@3$^ " Y$XF4M" 2$5"2:@2a
"; $;A$Mc"; A@2@ @ A";?<=" "2?b?:@M
"
@45"#@5?F@#$:5$N


,$ "; $;A$Mc"; 5?Y$2$# ;?3" 2$L@5?B
3"; @52@Y_; 3"; F"#@:3"; 3@ A"25@^
$M$; :=" Y"M5@2=" A@2@ @ A";?<=" "2?B ’ ?M4#?:@<=" $q5$2:@ 2$@M?Z@B;$ ;"B
b?:@M ;$ c"4Y$2 @54@<=" A$M" F":B #$:5$ F"# @ Fc@Y$ 3$ ?b:?<=" :@ A"B
52"M$ 2$#"5"^ #@; ;"#$:5$ [4@:3" " ;?<="  s$qF$5" E4:<=" R"MM"j #$
Y$XF4M" 4M52@A@;;@2 OG i#uc "4 c"4B JN ,$5@ A@2@ 3?2$?5@ sO£ :XY$M B 1"B
c"#$ $ M4Z$; 3$ $;5@F?":@#$:5"tN ;?<=" E?q@tN
Y$2 :"Y@ @54@<=" :" F"#@:3"N
’" A";?F?":@2 @ Fc@Y$ 3$ ?b:?<=" ON ,?:@M?Z@<=" 3$ #43@:<@ 3$
:@ A";?<="  " [4@32" 3$ ?:;524B E@?q@ s)@:$ 9c@:b$t A@2@ 3?2$?5@
 '  #$:5"; _ ?M4#?:@3" $ @" @F$:3$2 @; sA";?<=" ?:5$2#$3?a2?@ B J£
M4Z$; $q5$2:@; @52@Y_; 3" F"#@:3" :XY$M B :=" E?q@tN
  K 3@ @M@Y@:F@^ @F$:3$#B;$ Ya2?"; F"B HN 1";?<=" 3$ 2$A"4;" s,?:@M?Z@B
- F"#45@3"2 3$ M4Z$; ^ M"F@M?B #@:3"; ;?54@3"; :" A@?:$MN <=" 3$;M?b@3@tN
Z@3" :@ @M@Y@:F@ $;[4$23@^ ;"L " }N ,?:@M?Z@<=" 3$ #43@:<@
Y"M@:5$^ F"#@:3@ " E4:F?":@#$:5" 3$ E@?q@ s)@:$ 9c@:b$t
3"; E@2h?; @M5" $ L@?q"^ 3@; M4Z$; 3$ A@2@ $;[4$23@ sA";?<="
A";?<="^ 3@; M4Z$; ?:3?F@3"2@; 3$ 3?B ?:5$2#$3?a2?@ B J£ :XY$M B :="
E?q@tN

’$",
IN ,$5@ A@2@ $;[4$23@ sO£ :XY$M B  & ><=  + <  0 '   ,<=  0+ <)    , %
A";?<=" E?q@tN 1  @ A2 + (
’ ;?:@M?Z@<=" 3$ #43@:<@ ’ @5?Y@<=" 3"; ?:3?F@3"2$; 3$ 3?B
 ;<=   ,    % 3$ E@?q@ @4q?M?@ " F":345"2 $# 2$<=" $ 3@ E4:<=" )@:$ 9c@:b$ A"B
<= #@:"L2@; ":3$ @ ;?:@M?Z@<=" ;$ E@Z 3$2a ;$2 A$2F$L?3@ A$M" F":345"2 :"
&"Y?#$:5$ @ @M@Y@:F@  A@2@ F?#@ :$F$;;a2?@ A"2 4# F425" A$2X"3" [4@32" 3$ ?:;524#$:5";^ @52@Y_; 3@
"4 A@2@ L@?q" @M_# 3" A":5" 3$ 3$ 5$#A"^ F"#" A"2 $q$#AM" ?:5$2#?5\:F?@ 3@ M4ZB$;A?@ "4
2$;?;5\:F?@ sA";?<]$; $q52$#@; J "4 4M52@A@;;@b$:; "4 ;?#AM$; #43@:<@
ItN 3$ E@?q@N w4@:3" @ @M@Y@:F@ _
@F?":@3@^ " ?:3?F@3"2 3$ 3?2$<=" ?2a K  
 1@2@ F?#@ sA";?<=" Jt% ’5?Y@<=" M@#A$‘@2 I Y$Z$; 3$ @F"23" F"# @ ’F$:3$#B;$ b?2@:3" @ $#A4:c@B
3" ?:3?F@3"2 3@ 3?2$<=" M@3" 3?B 3?2$<=" 3$;$‘@3@ s3?2$?5@u$;[4$23@tN 342@  3@ @M@Y@:F@ $;[4$23@ ;"L "
2$?5"N Y"M@:5$ 3@ A";?<=" e A";?<=" N
 1@2@ L@?q" sA";?<=" It% ’5?Y@<=" ,       & ><=  !" [4@32" 3$ ?:;524#$:5"; @F$:3$B
3" ?:3?F@3"2 3@ 3?2$<=" M@3" $;B + <  0 ' 1  @ A2 ;$ @ M4ZB$;A?@ N
[4$23"N &"Y?#$:5$ L2$Y$#$:5$ @ @M@Y@:F@
 A@2@ F?#@ "4 A@2@ L@?q" @5_ " #5 $J
’Ah; 4#@ F42Y@^ @" 2$5"2:@2 " Y"B A":5" 3$ 2$;?;5\:F?@ sA";?<]$; ?:5$2B
M@:5$ e F":3?<=" 3$ 3?2$<=" 2$5?MX:$@^ #$3?a2?@; O "4 }t A"2 4# 5$#A" ?:B U?2@2 @ @M@Y@:F@ $;[4$23@ ;"L "
"; ?:3?F@3"2$; 3$ 3?2$<=" ;$2=" 3$;M?B E$2?"2 @ #$?" ;$b4:3"N ’" M?L$2@2 @ Y"M@:5$ A@2@ @ A";?<=" A@2@ @F$:B
b@3"; @45"#@5?F@#$:5$ $ @ @M@Y@:F@ @M@Y@:F@^ @ #$;#@ 2$5"2:@2a A@2@ @ 3$2 @; M4Z$; 3$ A";?<="^ @; M4Z$; 3"
2$5"2:@2a e A";?<=" 3$ 2$A"4;" s1"B A";?<=" 3$ 2$A"4;" sA";?<=" HtN ’ [4@32" 3$ ?:;524#$:5"; $ 5@#L_# ";
;?<=" HtN E4:<=" ;$2a 3$;@5?Y@3@ @Ah; I M@#B E@2h?; L@?q";N !" [4@32" 3$ ?:;524B
A$‘";^ "4 [4@:3" c"4Y$2 " @F?":@B #$:5"; @F$:3$B;$ @ M4ZB$;A?@
#$:5" A@2@ " M@3" "A";5"N

’$%-
#  %  % ;a2?@ A@2@ F"#@:3@2 " @F?":@#$:5" $;[4$23@ ;"L " Y"M@:5$ :" ;$:5?3" 3$
 1 *+ 2 3@; M4Z$; $q5$2:@;N #@2Fc@N
d 4# ;$:;"2 F"# )+*; ?:E2@Y$2#$B ’4#$:5@:3"B;$ @ ;$:;?L?M?3@3$ 3"
Mc";^ M?b@3" @" ;$:;"2 3$ Fc4Y@ $ ;?B ;$:;"2^ @4#$:5@B;$ 5@#L_# @ ?:5$:B - @F?":@#$:5" ?:;5aY$M 3"; E@2h?;
54@3" :" A@2@BL2?;@^ F@A@Z 3$ 3$5$FB ;?3@3$ 3$ M4Z :$F$;;a2?@ A@2@ " @F?B @M5"; sEM@;ct "F"22$ A4q@:3"B;$ @ @M@B
5@2 @; Y@2?@<]$; 3@ ?:5$:;?3@3$ M4#?B ":@#$:5" 3@; M4Z$; $q5$2:@;^ [4$ Y@:F@ $# 3?2$<=" @" Y"M@:5$N "
:";@ $q5$2?"2 @" Y$XF4M"^ F"# L@;$ A@;;@ @ "F"22$2 #@?; F$3" @" $:5@2B -; E@2h?; @M5"; 3$;M?b@#B;$ @" F"B
:@ ;$:;?L?M?3@3$ 3@ M4Z 3$E?:?3@ @52@B 3$F$2N M"F@2 @ @M@Y@:F@ :@ A";?<=" F$:52@M
Y_; 3" &$:4 3" 3?;AM@y "4 3" ;?;B $;5aY$MN
5$#@ (F"::$F5¢N  ;<=  0+ <=
9"# " E@2"M @M5" M?b@3"^ :" [4@B
1@2@ 3$;@5?Y@2 @ E4:<="^ b?2@2 @ 32" 3$ ?:;524#$:5"; @F$:3$B;$ @ M4ZB
 ;<=  0+ <=
@M@Y@:F@ $;[4$23@ ;"L " Y"M@:5$ A@2@ $;A?@ N
U?2@2 @ @M@Y@:F@ $;[4$23@ ;"L " 4#@ A";?<=" 3?E$2$:5$ 3$
Y"M@:5$ A@2@ @ A";?<=" $ @‘4;5@2 @
;$:;?L?M?3@3$ :" #$:4 3" 3?;AM@y "4
:" ;?;5$#@ (F"::$F5¢N #5 

w4@:3" @ E4:<=" $;5a @5?Y@^ @5?Y@B 1@2@ M?b@2 "; E@2h?; @M5";^ b?2@2 @
;$ 5@#L_# @ E4:<=" 3" 5$#A"2?Z@3"2 @M@Y@:F@ $;[4$23@ ;"L " Y"M@:5$ A@2@
3$ 3$;M?b@#$:5" 3"; E@2h?; @45"#@B @ A";?<=" ^ @ ;$b4?2^ $#A422@2 @
5?F@#$:5$^ F@;" $;5$‘@ F":E?b42@3@ @M@Y@:F@  s;$:5?3" 3$ #@2Fc@ 3"
:" &$:4 3" 3?;AM@y "4 3" ;?;5$#@ Y$XF4M"tN
(F"::$F5¢ sY$2 ;$<=" p.+&1-D>B
S’/0- *- *+,)>U’&+!.- *-,
 ’ M4ZB$;A?@ @A@b@B;$ :" [4@32"
R’DV>, s8$@3M?bc5; -EE *$M@ytptN
,$ "; E@2h?; L@?q"; ‘a $;5?Y$2$# 3$ ?:;524#$:5"; F"# @ 3$;@5?Y@<="
- @‘4;5$ 3@ ;$:;?L?M?3@3$ A$2#?5$ " @F$;"; @ A@25?2 3@ pR4:<=" ’45"p^ 3" E@2"M @M5"N
F":52"M$ 3@ [4@:5?3@3$ 3$ M4Z :$F$;B "; E@2h?; @M5"; 5@#L_# A"3$# ;$2
M?b@3";^ $#A422@:3"B;$ @ @M@Y@:F@

’$%!
K   % #R    ;<=  0+ <= #&&S 
  #5 1& A@ @ 
’ E4:<=" R"MM"j #$ c"#$ _ @F?B
00 &: 2
":@3@^ @54@:3" :@ @M@Y@:F@ 3$ F"B ’ E4:<=" _ 3$;@5?Y@3@^ ;$b42@:3"
+;5@ E4:<=" @52@;@ " 3$;M?b@#$:5" #@:3" 3@; M4Z$; $q5$2:@; 3" M@3" @ @M@Y@:F@ 3$ F"#@:3" A"2 O ;$b4:B
3"; E@2h?;N ’ 5$#A"2?Z@<=" A"3$ $;[4$23" 3" Y"M@:5$N d A";;XY$M $;B 3"; "4 F"M"F@:3" @ Fc@Y$ 3$ ?b:?<="
;$2 2$b4M@3@ @54@:3" :" #$:4 3" F"Mc$2 $:52$ HG $ OJG ;$b4:3"; A@2@ :@ A";?<=" N
3?;AM@y "4 :" ;?;5$#@ (F"::$F5¢^ @F$:3?#$:5" 3"; E@2h?;^ @Ah; 3$;M?B
;$:3" F":E?b42aY$M $# G^ HG^ 7G "4 b@#$:5" 3@ ?b:?<=" sFc@Y$ 3$ ?b:?B
PG ;$b4:3";N <=" :@ A";?<=" tN 
- R"MM"j #$ c"#$ ;h E4:F?":@
 ) *+  , 0+ <=  ;<=  0+ <= #&&S  [4@:3" @ E4:<=" 3$ 5$#A"2?Z@<="
+ %   ,  +,+& @  3"; E@2h?; $;5a F":E?b42@3@ F"#" xG
;zN *$;5@ E"2#@^ :=" _ A";;XY$M
&@:5$2 " F"#45@3"2 3$ M4Z$; :@ ’" ;$ 3$;M?b@2 " Y$XF4M"^ 5"3@; @; @F?":@2 @; 34@; E4:<]$; @" #$;#"
A";?<=" p@45"p $^ $# ;$b4?3@^ 3$;B M4Z$; ;$ @A@b@#N ’Ah; 3$;M?b@2 " 5$#A"N
M?b@2 " Y$XF4M"N -; E@2h?; A$2#@:$F$B Y$XF4M" sFc@Y$ 3$ ?b:?<=" :@ A";?B
2=" @F$;"; A$M" 5$#A" F":E?b42@3" <=" t^ " 4;4a2?" 5$# O #?:45";
A2$Y?@#$:5$N A@2@ @F?":@2 @ E4:<=" A$M@ @M@Y@:F@ K  $ 
$;[4$23@ 3$ F"#@:3" 3" E@2"M @M5"N 1 *+ 2
 ) = *+  , 0+ % - A2?#$?2" @F?":@#$:5" @5?Y@ " E@B
- ?:5$224A5"2 3@; M4Z$; 3$ :$LM?:@
<= + %   ,  +,+& 2"M L@?q" $ @; M4Z$; 3$ A";?<=" A"2
$;5a M"F@M?Z@3" :@ A@25$ F$:52@M 3"
HG ;$b4:3";N - 4;4a2?" A"3$ ?:F2$B
&@:5$2 "; E@2h?; M?b@3"; $^ $# ;$B A@?:$MN
#$:5@2 HG ;$b4:3"; @ F@3@ :"Y" @F?B
b4?3@^ 3$;M?b@2 " Y$XF4M" sF"#45@3"2 9"# @; M4Z$; 3$ A";?<=" "4 E@2h?;
":@#$:5" 3@ @M@Y@:F@^ A"2 #@?; 7
3$ ?b:?<=" :@ A";?<=" -EEtN !" $;B L@?q"; @F$;";^ A2$;;?":@2 " L"5="
Y$Z$;^ ;"#@:3" :" #aq?#" OJG ;$B
A@<" 3$ @5_ O #?:45";^ A";?F?":@2 @ A@2@ @F$:3$2 @; M4Z$; 3$ :$LM?:@N
b4:3"; s"4 H #?:45"; $ #$?"t 3$ @5?B
@M@Y@:F@ 3$ F"#@:3" 3@; M4Z$; $qB
Y@<=" 3@; M4Z$;N
5$2:@; :@ A";?<=" p"EEp s t A@2@ 3@2
?:XF?" e 5$#A"2?Z@<=" F":E"2#$ F":B
E?b42@3" :" ;?;5$#@ (F"::$F5¢N

’$%"
5?54? 4#@ :"2#@ 3" 9h3?b" 3$ .2f:B 1@2@ 3$;@5?Y@2 @ E4:<="^ b?2@2 @
;?5"N $#A4:c@342@ 3@ @M@Y@:F@ $;[4$23@
A@2@ @ A";?<=" p"EEpN
1@2@ b@2@:5?2 @ ;? #$;#" $ @"; "4B
52"; @; #$Mc"2$; F":3?<]$; 3$ Y?;?L?B
M?3@3$ @" Y?@‘@2 F"# "; E@2h?; @F$;";^ K     
" Y$XF4M" 3$Y$ 5$2 4#@ "2?$:5@<="  1 42 "
F"22$5@ 3"; E@2h?;N
’" ;@?2 3" Y$XF4M" _ @F?":@3@ @45"B
*?2?b?2B;$ ?#$3?@5@#$:5$ e  #@5?F@#$:5$ F"# @ @L$2542@ 3@ 2$;B
  , & #  A@2@ " F":52"M$ $ @ A$F5?Y@ A"25@^ 4#@ M4Z 3$ F"25$;?@
1@2@ @A@b@2 @; M4Z$; 3$ :$LM?:@^ $Y$:54@M 2$b4M@b$#N sM4Z 3$ A"<@t^ ?M4#?:@:3" " ;"M" A2hB
A2$;;?":@2 :"Y@#$:5$ " L"5=" N q?#" @" Y$XF4M"N ’ M4Z A$2#@:$F$
@F$;@ $:[4@:5" @ A"25@ $;5?Y$2 @L$25@
K  
A"2 4# A$2X"3" #aq?#" 3$ JI #?:4B
  #5  +# F@;" 3$ :$F$;;?3@3$^ _ A";;XB 5";N
$ Y$M ;?:@M?Z@2 @ A2$;$:<@ 3" Y$XF4M" e
’ M4Z 3$ F"25$;?@ A@2@ ;@X3@ 3" Y$XB
1@2@ " F":52"M$ $ @ $Y$:54@M 2$b4B :"?5$^ @F$:3$:3" @; M4Z$; 3$ $;5@F?B
F4M" sM4Z 3$ A"<@t 5@#L_# _ @5?Y@3@
M@b$#^ 3?2?b?2B;$ e    , & ":@#$:5" 3$A"?; 3@ Fc@Y$ 2$5?2@3@
@52@Y_; 3" 3$;52@Y@#$:5" 3@; A"25@;
3@ ?b:?<="N
# C Y?@ 5$M$F"#@:3" 3@ Fc@Y$N
’F$:3$#B;$ b?2@:3" @ $#A4:c@B
342@ 3@ @M@Y@:F@ $;[4$23@ A@2@ @ A"B
  #5 ;?<="
  <=  0 ' &+ 
,$ 3$;$‘@2 @F$:3$2 @; M4Z$; 3$ $;B
’ F"22$5@ "2?$:5@<=" 3"; E@2h?; _ 5@F?":@#$:5" @A$:@; 3" M@3" 3?2$?5"^
4# E@5"2 3$5$2#?:@:5$ A@2@ " F":B 3$;M"F@2 @ @M@Y@:F@ 3$ ;$5@ A@2@ F?#@
E"25" $ @ ;$b42@:<@^ :=" ;h 3" F":B $ 3" M@3" $;[4$23"^ A@2@ L@?q"N
345"2^ F"#" 5@#L_# 3"; "452"; #"B
5"2?;5@; :@ $;52@3@N ’M_# 3?;;"^ F":;B

’$%%
K   !  1  A ,:   A & A2 %  K  # 1$9
#  A    AL ,   2
  
+# F@;" 3$ E2$:@b$# 3$ $#$2b\:B ’ 5$2F$?2@ M4Z 3$ E2$?"  $;5a M"B
12$;;?":@2 " L"5=" A@2@ M?B
F?@^ ;$ " Y$XF4M" $;5?Y$2 $# 4#@ Y$B F@M?Z@3@ :@ A@25$ ;4A$2?"2 F$:52@M 3@
b@2u3$;M?b@2 @; M4Z$; 3$ $#$2b\:F?@N
M"F?3@3$ ?b4@M "4 ;4A$2?"2 @ KG i#uc^ F@L?:$ $ 5$# E4:<=" 3$ 3?;A":?L?M?B
@F$:3$#B;$ @45"#@5?F@#$:5$ @; M4B Z@2 Y?;4@M?Z@<=" @4q?M?@2 e; M4Z$; 3$
Z$; 3$ $#$2b\:F?@ $ :" [4@32" 3$ E2$?" @E?# 3$ $Y?5@2 F"M?;]$;N d @F?"B
?:;524#$:5"; @F$:3$#B;$ @; M4Z$;B :@3@ ‘4:5" F"# @; M4Z$; 3$ E2$?" 3@
$;A?@ N M@:5$2:@ A2?:F?A@MN
’; M4Z$; 3$;M?b@#B;$ @45"#@5?F@B
#$:5$ :" #"#$:5" $# [4$ @ E2$:@B
b$# :=" 5$# #@?; F@2a5$2 3$ $#$2B
b\:F?@N

 1  A ,:   A & A2 %


9"# @; M4Z$; 3$ $#$2b\:F?@ M?B #  A    AL , 
b@3@;^ "L5_#B;$ @ ?:5$2#?5\:F?@ 3@;
M4Z$;B$;A?@ N +# F@;" 3$ E2$:@b$# 3$ $#$2b\:B
F?@^ ;$ " Y$XF4M" $;5?Y$2 $# 4#@ Y$B
M"F?3@3$ ?b4@M "4 ;4A$2?"2 @ KG i#uc^
 @F$:3$#B;$ @45"#@5?F@#$:5$ @; M4B
Z$; 3$ $#$2b\:F?@ $ :" [4@32" 3$
  
- 4;" 3@; M4Z$; 3$ $#$2b\:F?@ _
2$b4M@#$:5@3" A$M" Fh3?b" 3$ 52f:B ?:;524#$:5"; @F$:3$#B;$ @; M4Z$;B T  K 
;?5" 3" A@X; ":3$ ;$ F?2F4M@% "L;$2Y@2 $;A?@ N 
@; A2$;F2?<]$;N ’; M4Z$; 3$;M?b@#B;$ @45"#@5?F@B 9":E"2#$ @ Y$2;="^ A"3$# $;5@2
#$:5$ :" #"#$:5" $# [4$ @ E2$:@B 3?;A":XY$?; 3?E$2$:5$; 5?A"; 3$ F":B
b$# :=" 5$# #@?; F@2a5$2 3$ $#$2B ‘4:5"; 3$ M4Z$; ?:5$2:@;N
b\:F?@N

’$%&
1";;4? 5@#L_# @; ;$b4?:5$;
E4:<]$; 3?;5?:5@;^ F":52"M@3@;
A$M"; ?:5$224A5"2$;%
 - ?:5$224A5"2 $ @F$:3$u@A@b@
@ Mf#A@3@ 3" M@3" 3" #"5"B
2?;5@N "
 - ?:5$224A5"2  @F$:3$u@A@b@
@ Mf#A@3@ 3" M@3" 3" A@;;@B
 1@2@ @Mb4#@; Y$2;]$;^ " F":‘4:5" b$?2"N
A";;4? 52\; ;?54@<]$; 3?;5?:5@;^ 3$
 - F":‘4:5" 3@ M4Z ?:5$2:@ 3?@:B ’; M4Z$; 3?@:5$?2@; @F$:3$#B
@F"23" F"# @ A";?<=" 3" ?:5$2B
5$?2@ La;?F" A";;4? 52\; ;?54@<]$; ;$u@A@b@#B;$ 3$ #@:$?2@
24A5"2^ @M_# 3$ A$2#?5?2 " @F$:3?B
3?;5?:5@;^ 3$ @F"23" F"# @ A";?B A2"b2$;;?Y@N
#$:5" ?:3$A$:3$:5$ 3@; Mf#A@B
<=" 3" ?:5$224A5"2%
3@;^ ;$‘@ M@3" #"5"2?;5@ "4 A@;B
  <= ,  & ( @ Mf#B ;@b$?2"% - F":‘4:5" 3$ M4Z ?:5$2:@ 3?@:B
A@3@ @F$:3$ $ @A@b@ F"# 5$?2@^ $# Y$2;]$; F"# @M@2#$^ 5$#
  <= ,  & % ( @;
@ @L$2542@ $ E$Fc@#$:5" 3@; E"2#@5" ;$#$Mc@:5$ $ @ #$;#@ 3?;B
Mf#A@3@; 3"; 3"?; M@3"; s#"B
A"25@; A";?<=" 3"; L"5]$; 3$;F2?5"; @:5$2?B
5"2?;5@ $ A@;;@b$?2"t @F$:3$#
  <= ##( @ Mf#A@3@ A$2B $ @A@b@# F"# @ @L$2542@ $ " "2#$:5$N
#@:$F$ ;$#A2$ 3$;M?b@3@N E$Fc@#$:5" 3@; A"25@;
  <= % @ Mf#A@3@ A$2B   <= ## % ( @; Mf#B 
#@:$F$ ;$#A2$ @F$;@N A@3@; 3"; 3"?; M@3"; s#"5"B ’:5$; 3$ ;@?2 3" Y$XF4M"^ F$25?E?F@2B
2?;5@ $ A@;;@b$?2"t A$2#@:$B ;$ 3$ [4$ @; Mf#A@3@; 3" F":‘4:5"
F$# ;$#A2$ 3$;M?b@3@;N ?:5$2:" $;5$‘@# @A@b@3@;g 3$;5$
  <= % % @; Mf#A@3@; #"3"^ $Y?5@B;$ @ 3$;F@2b@ 3@ L@5$B
3"; 3"?; M@3"; s#"5"2?;5@ $ 2?@^ 3$A"?; 3$ E$Fc@3@; @; A"25@;N *$
A@;;@b$?2"t A$2#@:$F$# [4@M[4$2 E"2#@^ ;$ $;[4$F$2 4#@
;$#A2$ @F$;@;N Mf#A@3@ @F$;@^ @A2"q?#@3@#$:5$

’$%(
JI #?:45"; @Ah; " #"5"2 5$2 ;?3" ’ 5$#A"2?Z@<=" _ ?:5$22"#A?3@ F":‘4:5" 3$ M4Z ?:5$2:@ @F$:3$#B;$
3$;M?b@3"^ $M@ @A@b@B;$ @45"#@5?F@B 3$;M"F@:3" @ Fc@Y$ 3$ ?b:?<=" A@2@ ;$b4:3" $;5@; #"3@M?3@3$;%
#$:5$N A";?<=" N
1@2@ @ 3$;M?b@#$:5" $;5=" A2$Y?;5@;  ,$ $q52@?2 @ Fc@Y$ #$Ff:?F@ 3"
  ><=  &+>   52\; #"3@M?3@3$;% F"#45@3"2 3$ ?b:?<=" :" $;A@<"
3$ H #?:45"; @ A@25?2 3@ 3$;@5?Y@B
+# @Mb4#@; Y$2;]$;^ F"# @ ?M4B
 w4@:3" ;$ E$Fc@# 5"3@; @; A"2B <=" 3" #"5"2^ " F":‘4:5" 3$ M4Z
#?:@<=" ?:5$2:@ :@ A";?<=" :$452@^
5@;^ 3$;@5?Y@B;$ @ 5$#A"2?Z@<=" ?:5$2:@ @F$:3$B;$ 342@:5$ JG ;$B
@F$:3$B;$ @ Mf#A@3@ 3@ M4Z ?:5$2:@
3$ H #?:45"; $ @5?Y@B;$ "452@ 3$ b4:3";N 1@2@ Y$2;]$; F"# Fc@Y$
[4@:3" _ 3$;52@Y@3@ 4#@ 3@; A"25@;
JG ;$b4:3";N +;5@ 5$#A"2?Z@<=" $M$52r:?F@^ "; F":‘4:5" 3$ M4Z ?:B
A@2@ A2"A"2F?":@2 #@?; @b?M?3@3$ :@
3$;@5?Y@B;$ ;$ @ Fc@Y$ 3$ ?b:?<=" 5$2:@ @F$:3$B;$ 342@:5$ JG ;$B
$:52@3@ :" Y$XF4M"N +;5@ E4:<=" _ v5?M
E"2 F"M"F@3@ :@ A";?<=" N b4:3"; F"M"F@:3" " F"#45@3"2
$;A$F?@M#$:5$ $# M4b@2$; A"4F" ?M4B
3$ ?b:?<=" $# N
#?:@3";N  @" 52@:F@2 @; A"25@; sF"# " 5$B
M$F"#@:3" "4 F"# @ Fc@Y$ :@  *42@:5$ @A2"q?#@3@#$:5$ H #?B
  ><=        A"25@ 3" M@3" 3" F":345"2t^ " :45"; :@ @L$2542@ 3$ 4#@ 3@;
;?,+& F":‘4:5" 3$ M4Z ?:5$2:@ @A@b@B;$N A"25@;
 ’; M4Z$; ?:5$2:@; @A@b@#B;$^ 3$  *42@:5$ @A2"q?#@3@#$:5$ JG ;$B
’; M4Z$; 3" F":‘4:5" 3@ M4Z ?:5$2:@ b4:3"; :" E$Fc@#$:5" 3$ 4#@
@F$:3$# ;$b4:3" @; ;$b4?:5$; #"B [4@M[4$2 E"2#@^ @" E?# 3$ JI
#?:45"; A@2@ A2$;$2Y@2 @ 342@<=" A"25@N
3@M?3@3$;%
3@ L@5$2?@
’ 5$#A"2?Z@<=" 5$2#?:@ @45"#@5?B
 *42@:5$ F$2F@ 3$ JG ;$b4:3"; F@#$:5$ F"# " 52@Y@#$:5" 3@; A"2B
@Ah; " 3$;52@Y@#$:5" 3@; A"25@;N   ><=    ?  ;?%
,+& 5@;N
 *42@:5$ F$2F@ 3$ H #?:45"; @Ah;
@ @L$2542@ 3$ 4#@ 3@; A"25@; *$A"?; 3$ 5$2 F"M"F@3" @ Fc@Y$
 *42@:5$ F$2F@ 3$ JG ;$b4:3"; 3$ ?b:?<=" $#  "4 @ ;$b4?2
@Ah; " E$Fc@#$:5" 3@; A"25@;N e $q52@<=" 3@ Fc@Y$ #$Ff:?F@ 3"
F"#45@3"2 3$ ?b:?<="^ @; M4Z$; 3"

’$%)
         R4:F?":@ ;"#$:5$ F"# @ Fc@Y$ 3$
 % F$  F %$ ?b:?<=" :@ A";?<=" N
1 *+ 2
#+ ,    
+;5a 3?;A":XY$M 4#@ ;4@Y$ ?M4#?B
:@<=" 3" 5?A" )+* A@2@ " F":;"M$^
[4$ A"3$ 5$2 ;4@ ?:5$:;?3@3$ M4#?B "
:";@ 2$b4M@3@N !
’ 2$b4M@b$# 3@ ?M4#?:@<=" 3"; !=" 45?M?Z@2 " M?#A@3"2 A@2@ 2$5?2@2
)+*; 3$Y$ ;$2 F":E?b42@3@ :" [4@32" :$Y$ "4 b$M" @F4#4M@3"; :" A@2@B
3$ ?:;524#$:5"; "4 3" D@3?" (F":B L2?;@N !$;5@; F":3?<]$;^ ;$ " M?#A@B
:$F5¢N 3"2 3" A@2@BL2?;@ E"2 ;4L#$5?3" @ 4#
$;E"2<" $qF$;;?Y"^ @5?Y@B;$ @ A2"5$B
<=" 3" #"5"2^ [4$ ?:?L$ " ;$4 E4:F?B - @2"  A"3$ @;;4#?2 @; ;$b4?:5$;
":@#$:5" 342@:5$ @Mb4:; ;$b4:3";N A";?<]$;%
 &  
    ,$ @ E4:F?":@M?3@3$ :=" E"2 A";5$B JN ( )?#A@3"2 3" A@2@BL2?;@ 3$;B
2?"2#$:5$ 2$;5@L$M$F?3@^ #$;#" @Ah; M?b@3"
 4#@ :"Y@ A@25?3@ 3" Y$XF4M"^ F":5@B
ON R4:F?":@#$:5" ?:5$2#?5$:5$N
%$ 5@2 @    , & # N
HN R4:F?":@#$:5" F":5X:4" M$:5"N
’ @M@Y@:F@ 3?2$?5@ ;"L " Y"M@:5$ }N R4:F?":@#$:5" F":5X:4"
2$v:$ 5"3"; "; F"#@:3"; A@2@ @ M?#B 2aA?3"N
A$Z@ 3" A@2@BL2?;@N
!
*$;M"F@:3" @ @M@Y@:F@ A@2@ F?#@
d @F":;$McaY$M :=" @F?":@2 " M?#B sA";?<=" ?:;5aY$Mt^ @5?Y@B;$ @ E4:<="
A@3"2 3" A@2@BL2?;@ F"# @; A@Mc$5@; 5$#A"2a2?@% " E4:F?":@#$:5" $;5a M?B
M$Y@:5@3@;N #?5@3" @" 5$#A" $# [4$ ;$ #@:B
+;5@ @5?543$ A2$;$2Y@ "; M?#A@3"B 5_# #@:4@M#$:5$ @ @M@Y@:F@ :$;5@
2$;N A";?<="N ’ ;"M5@2 @ @M@Y@:F@^ $;5@
Y"M5@ e ;4@ A";?<=" A@2@:3" @45"#@B
’$%*
5?F@#$:5$ " M?#A@3"2 3" A@2@BL2?;@N #+ <= P;A & A Q
+;5@ E4:<=" _ v5?M A@2@ 2$#"Y$2^ A"2 14q@2 @ @M@Y@:F@ A@2@ " Y"M@:5$
$q$#AM"^ A$[4$:@; @F4#4M@<]$; 3$ sA";?<=" ?:;5aY$Mt A@2@ @F?":@2 " M@B
;4‘$?2@ 3" A@2@BL2?;@^ "4 " "2Y@Mc" Y@3"2 3" A@2@BL2?;@N
#@5?:@MN
’" #@:5$2 @ @M@Y@:F@ A4q@3@^
@5?Y@B;$ @45"#@5?F@#$:5$^ F"# 4#
 v:?F" #"Y?#$:5"^ " ‘@5" 3" M@Y@3"2
’5$:<="% $;5@ E4:<=" :=" @5?Y@ " 3" A@2@BL2?;@ $ " A2hA2?" M?#A@3"2N
M@Y@3"2 3" A@2@BL2?;@N 1@2@ $;b4?Fc@2  U?2@:3" @ $#A4:c@342@ $ 3@ A"B
- E4:F?":@#$:5" 3" M?#A@3"2 3"
" MX[4?3" 3" M@Y@3"2 :" A@2@BL2?;@^ _ ;?<="  A@2@ N
A@2@BL2?;@ F":5?:4@ @Ah; 3$;M?b@B
:$F$;;a2?" 4;@2 @ E4:<=" 3$ M@Y@b$#N
#$:5" 3@ @M@Y@:F@ $ $q$F45@ 52\;  ’F?":@:3" @ #@2Fc@ @ 2_% F@;" "
A@;;@3@; E?:@?;N F"#@:3" 3" M?#A@3"2 3?@:5$?2"
9"# " @2"  :@ A";?<=" O^ " M?#B $;5$‘@ @5?Y"^ 4# F?FM" 3" M?#A@B
A@3"2 3" A@2@BL2?;@ @3@A5@ @45"#@B - F?FM" _ 5$2#?:@3" A"2 4#@ A@;B
;@3@ 3" M?#A@3"2 3" A@2@BL2?;@ F$2F@ 3"2 52@;$?2" ;$2a 2$@M?Z@3"N
5?F@#$:5$ @ Y$M"F?3@3$ 3$ E4:F?":@B
#$:5" e Y$M"F?3@3$ 3" Y$XF4M"N 3$ 7 ;$b4:3"; 3$A"?;N  +#A422@:3" @ @M@Y@:F@ $# 3?2$B
<=" @" A@?:$M sA";?<=" ?:;5aY$Mt^
@5?Y@#B ;$ " $;b4?Fc" 3" M@Y@3"2
!XY$M 3$ ;$:;?L?M?3@3$ 3" ;$:;"2     % 3" Y?32" 52@;$?2" $ " M?#A@3"2 3"
3$ Fc4Y@ s;$ $[4?A@3"t   1 *+ 2 Y?32" 52@;$?2"g @" ;"M5aBM@^ " $;B
’ 2$b4M@b$# 3" :XY$M 3$ ;$:;?L?M?B R4:F?":@ ;"#$:5$ F"# @ Fc@Y$ 3$ b4?Fc" 3$;M?b@B;$ $ " M?#A@3"2
3@3$ 3" ;$:;"2 3$ Fc4Y@ _ $E$54@3@ ?b:?<=" :@ A";?<=" N F":5?:4@ E4:F?":@:3"N
:" [4@32" 3$ ?:;524#$:5"; "4 :" 2aB
3?"N ’; "A<]$; 3$ F":E?b42@<]$; ;="% 1"3$ ;$2 @F?":@3" @F?":@3" 3@;
;$b4?:5$; #@:$?2@;% 
 -!u-RRN W$‘@ ?5$# p)@Y@b$# ?:5$M?b$:5$ 3"
 ,$:;?L?M?3@3$ JN Y?32" 52@;$?2"pN
 ,$:;?L?M?3@3$ ON

’$%+
   1 *+ 2  )?#A@3"2 :@ O⁄ Y$M"F?3@3$ F":5XB ’ @5?Y@<=" 3" ;$:;"2 _ @;;?:@M@3@
:4@ sE4:F?":@#$:5" F":5X:4" 2aB A"2 4#@ pA@;;@3@p 3" M?#A@3"2N
+;5a M"F@M?Z@3" @52a; 3" $;A$Mc" 2$B
A?3"tN
52"Y?;"2 ?:5$2:"^ $# F":5@5" F"# " ’ Y@2?@<=" 3@ ;$:;?L?M?3@3$^ 34B
A@2@BL2?;@ $ $;5a $# F":3?<]$; 3$ 3$B 2@:5$ " E4:F?":@#$:5" 3" ;$:;"2 3$
5$F5@2 @ A2$;$:<@ 3@ Fc4Y@ $^ F":;$B  ;<= Fc4Y@^ _ @;;?:@M@3@ A"2 4#@ pA@;B
[4$:5$#$:5$^ @F?":@2 @ M?#A$Z@ 3" ;@3@p 3" M?#A@3"2 ;$ " :XY$M 3$ ;$:B "
A@2@BL2?;@ $# E4:<=" 3@ ab4@ A2$B ;?L?M?3@3$ E"2 3$ :XY$M #$:"2 A@2@
;$:5$ :" Y?32"N #@?"2N +;5@ A@;;@3@ _ 5@#L_# $q$B
!
F45@3@ F"# " A@2@BL2?;@ ;$F"N
!=" @5?Y@2 " ;$:;"2 3$ Fc4Y@ 34B
2@:5$ @ M@Y@b$# 3" Y$XF4M" $# 4# ’" @F?":@2 " M@Y@3"2 3" A@2@BL2?;@
;?;5$#@ 3$ M@Y@b$# @45"#a5?F@N F"# " ;$:;"2 3$ Fc4Y@ @5?Y@3"^ _
$E$54@3" " F?FM" :"2#@M 3$ M@Y@b$#
1"3$2?@ F@4;@2 @Y@2?@; :" ;$:;"2N :" E?# 3" [4@M " ;$:;"2 2$5"#@ " ;$4
E4:F?":@#$:5" @45"#a5?F" :"2#@MN
1@2@ @5?Y@<="u3$;@5?Y@<=" 3" ;?;B
5$#@^ @54@2 :" #$:4 3" [4@32" 3$
?:;524#$:5"; "4 :" 2a3?"^ ;$:3" A";B 
;XY$M @?:3@ $;F"Mc$2 " :XY$M 3$ ;$:;?B &@:5$2 M?#A" " Y?32" :@ 2$b?=" 3"
- ;$:;"2 Y@2?@ @ Y$M"F?3@3$ 3"
L?M?3@3$ 3$;$‘@3"N sY$2 F@AX54M" 9 B ;$:;"2N
M?#A@3"2 3" A@2@BL2?;@ 3$ @F"23"
F"# @ ?:5$:;?3@3$ 3@ Fc4Y@^ ;$:3"% -A<]$; 3" #$:4 B 9":E?b42@<]$; 3"
Y$XF4M"tN  ;<=
 )?#A@3"2 A@2@3" s:$:c4#@ A@;B ’; "A<]$; 3$ F":E?b42@<]$; ;="% ’54@2 :" &$:4 3" 3?;AM@y s"4 :"
;@3@t [4@:3" " Y?32" $;5a ;$F"N 2a3?"t "4 3$;M"F@2 @ Fc@Y$ 3$ ?b:?<="
 )?#A@3"2 :@ A2?#$?2@ Y$M"F?3@3$  &@:4@MN A@2@ @ A";?<=" N
F":5X:4@ sY$M"F?3@3$ F":5X:4"  ’45" JN ,$ 3$;M"F@2 @ Fc@Y$ 3$ ?b:?<="
M$:5"tN  ’45" ON A@2@ @ A";?<=" ^ [4@:3" " ;$:B
;"2 3$ Fc4Y@ $;5?Y$2 @5?Y@3" s#"3"
@45"#a5?F"t^ " ;$:;"2 3$ Fc4Y@ F":B
’$%,
5?:4@2a @5?Y@3"N !" $:5@:5"^ $M$  12$;$:<@ 3$ ?#A42$Z@; :@ ;4A$2B     %
:=" 2$@M?Z@2a 4#@ A@;;@3@ :" M?#B EXF?$ 3$ F":52"M$ sA"2 $qN 3$Ah;?B  
A@3"2 3$ A@2@BL2?;@^ 3$#":;52@:3" 5"; ;@M?:";^ ;4‘$?2@;^ $5FNtN
+# @Mb4#@; Y$2;]$;^ $q?;5$# [4@B
[4$ " #$;#" $;5a @5?Y@3" A@2@ $Y?B  12$;$:<@ 3$ E?M$5$; 3$ ab4@ A2"B 52" #"3"; 3$ E4:F?":@#$:5" 3" M?#B
5@2 @5?Y@<]$; ?:Y"M4:5a2?@; 3" #"5"2N Y"F@3@; A$M@; A@Mc$5@; b@;5@; 3" A@3"2 3" Y?32" 52@;$?2" 3$A$:3$:3"
*$;;@ E"2#@^ :=" _ :$F$;;a2?" :$B M?#A@3"2 3" A@2@BL2?;@N 3@ A";?<=" 3@ @M@Y@:F@%
:c4# A2"F$3?#$:5" A@2@ 2$;5@L$M$B
F$2 " E4:F?":@#$:5" 3" ;$:;"2 3$
JN  B E4:F?":@#$:5" F"# ?:5$2B
Fc4Y@ [4@:3" " #$;#" $:F":52@2B;$
#?5\:F?@N
@5?Y@3"N
! ON R4:F?":@#$:5" F"#
!" F@;" 3$ ;$:;"2 3$ Fc4Y@ @5?B ,$ E"2 :$F$;;a2?" M?#A@2 " A@2@B ?:5$2#?5\:F?@ M$:5@N
Y@3" #@; @Y@2?@3"^ " M?#A@3"2 3" L2?;@^ Y$2?E?F@2 ;$#A2$ ;$ " 3?;A";?B HN R4:F?":@#$:5" ;?:F2":?Z@3"
A@2@BL2?;@ E4:F?":@ A"2 ?:5$2#?5\:F?@ 5?Y" $;5a 3$;M?b@3"N F"# " E4:F?":@#$:5" 3";
F"# 4#@ 2$b4M@b$# ?b4@M e ;$:;?L?B
M?#A@3"2$; 3" A@2@BL2?;@ B @
M?3@3$ ;$M$F?":@3@ A@2@ " ;$:;"2 3$ +Y?5$ 2?;F";N
F@3@ 3"?; F?FM"; 3"; M?#A@3"2$;
Fc4Y@^ ?:3$A$:3$:5$#$:5$ 3@ A2$B
3" A@2@BL2?;@^ "F"22$ 4# F?FM"
;$:<@ "4 :=" 3$ Fc4Y@ :" Y?32" s$# !XY$M 3$ ;$:;?L?M?3@3$ 3" ;$:;"2 3$ E4:F?":@#$:5" 3" M?#A@3"2
@Mb4#@; Y$2;]$;^ :" 3?;AM@y _ @;;?:@B 3$ Fc4Y@ s;$ $[4?A@3"t 52@;$?2"N
M@3@ @ @Y@2?@ 3" ;$:;"2tN
’ 2$b4M@b$# 3" :XY$M 3$ ;$:;?L?M?B }N R4:F?":@#$:5" F":5X:4"
*$ [4@M[4$2 E"2#@^ " ;$:;"2 F":B 3@3$ 3" ;$:;"2 3$ Fc4Y@ _ $E$54@3@ 2aA?3"N
5?:4@ @ E4:F?":@2 $ _ A";;XY$M @5?Y@2 :" [4@32" 3$ ?:;524#$:5"; "4 :" 2aB
" M?#A@3"2 :@ #"3@M?3@3$ F":5X:4@ 3?"N ’; "A<]$; 3$ F":E?b42@<]$; ;="% ;A & A   ;    %
sJ⁄ "4 O⁄ Y$M"F?3@3$tN ’ ?:3?F@<="  
3$ @Y@2?@ A$2#@:$F$ @5?Y@ 342@:5$ "  &@:4@MN
5$#A" 3$ @5?Y@<=" 3" ;$:;"2N +# @Mb4#@; Y$2;]$;^ $#A422@:3"
 ’45" JN @ @M@Y@:F@ A@2@ " A@?:$M _ A";;XY$M
’ A$2E"2#@:F$ 3" ;$:;"2 3$ Fc4Y@  ’45" ON @5?Y@2 F"# 4# ;h #"Y?#$:5" " $;b4?B
A"3$ ;$2 @E$5@3@ :@; ;$b4?:5$; F":B Fc" $ " M?#A@3"2 3" Y?32" 52@;$?2"N
3?<]$;% - $;b4?Fc" $ " M?#A@3"2 $:52@# $#
’$&-
@<=" @45"#@5?F@#$:5$ @" ;$ #@:5$2 3$;b@;5$ A2$#@542" 3@ L"22@Fc@ 3@;
@ @M@Y@:F@ A4q@3@N A@Mc$5@;N
’ Y$M"F?3@3$ 3" M?#A@3"2 3" Y?32" !
52@;$?2" Y@2?@ 3$ @F"23" F"# @ Y$M"B +. + <=  &@  & %
W?@‘@2 F"# @; A@Mc$5@; 3" M?#A@3"2
F?3@3$ 3" M?#A@3"2 3" A@2@BL2?;@N    %. 
3" A@2@BL2?;@ 3$;b@;5@3@; 2$A2$;$:5@
- E4:F?":@#$:5" 3" M?#A@3"2 3" 4# b2@Y$ 2?;F"N "
Y?32" 52@;$?2" F":5?:4@ @Ah; 3$;M?b@B 1@Mc$5@; 3$;b@;5@3@; 2$34Z$# @ Y?B
#$:5" 3@ @M@Y@:F@ $ $q$F45@ 52\; ;?L?M?3@3$ $# F@;" 3$ #a; F":3?<]$;
A@;;@3@; E?:@?;N @5#";E_2?F@;N
- F?FM" _ 5$2#?:@3" A"2 4#@ A@;B
;@3@ 3" M?#A@3"2 3" A@2@BL2?;@ F$2F@

3$ 7 ;$b4:3"; 3$A"?;N
!=" M?b@2 "; M?#A@3"2$; 3" A@2@B
L2?;@ $ 3" Y?32" 52@;$?2" ;"L2$ " Y?32"
$   ;$F"N ,"#$:5$ 3$Y$# ;$2 45?M?Z@3";
$;5@:3" " Y?32" #"Mc@3" $ M?Y2$ 3$  )$Y@:5@2 " L2@<"  3" M?#A@3"2
)?#A@2^ A$2?"3?F@#$:5$^ @ A@25$ 3$
?#A42$Z@;^ 5@?; F"#"% 5$22@^ L@22"^ 3" A@2@BL2?;@ $ A";?F?":@2 @ A@B
L"22@Fc@ 4;@:3" A2"345"; @3$[4@B
@2$?@ $5FN^ ;"L A$:@ 3$ ;$ 3@:?E?F@2$# Mc$5@ 3$ #@:$?2@ [4$ E"2#$ 4#
3";N ,4L;5?54?2 @; A@Mc$5@; ;$ " M?#B
@ L"22@Fc@ $ " A2hA2?" Y?32"N f:b4M" 3$ PG b2@4; F"# " A2hA2?"
A@3"2 3$ L"22@Fc@ $;5?Y$2 3$E"2#@3"
L2@<"N
"4 b@;5"N +# 5"3" F@;"^ @F":;$Mc@B
;$ @ ;4L;5?54?BM@; 4#@ Y$Z A"2 @:"N  D$5?2@2 @ A@Mc$5@ $ A2$;;?":@:3"
 @ 52@Y@ 3@ A@Mc$5@  N
!=" 3$Y$ ;$2 @AM?F@3" :$:c4#  &":5@2 @ A@Mc$5@ :"Y@
5?A" 3$ A2"345" c?32"22$A$M$:5$ "4 ?:52"34Z?:3"B@ :@ 2$;A$F5?Y@
c?32"EhL?F"^ ?:FM4?:3" F2?;5@M?Z@<=" ;$3$ 3" L2@<"^ F$25?E?F@:3"B;$ 3$
3$ Y?32";N ’ @AM?F@<=" 3$;5$; A2"B [4$ E?[4$ L$# 52@Y@3@N
345"; 2$34Z @ $E?F?\:F?@ 3" ;?;5$#@
3$ M?#A@3"2$;^ F@4;@:3" 52$A?3@<="^
24X3" $ #a Y?;?L?M?3@3$^ L$# F"#"
’$&!
 &":5@2 @ :"Y@ A@Mc$5@
 ?:52"34Z?:3"B@ :@ 2$;A$F5?Y@
!=" A4q@2 @ @ A@Mc$5@ A$M@ A$<@ ;$3$ 3" L2@<"^ $#A422@:3"B@
3$ L"22@Fc@N A@2@ 3$:52"N 9$25?E?[4$B;$ 3$ [4$
[4$ @ #$;#@ $;5$‘@ L$# 52@Y@3@N
+. + <=  &@  & 
 ;     
 
,$ " ‘@5" :=" ;@?2^ @:5$; 3$ 543"^
Y$2?E?F@2 ;$ ca MX[4?3" :" 2$;$2Y@5hB -; M@Y@3"2$; 3?@:5$?2"; $ " 52@;$?2"
2?"g Y$2 A@2ab2@E" xW$2?E?F@<=" 3";  ‘a Y$$# F"# @ 3?2$<=" 3"; $;b4?B
:XY$?;zN Fc"; 2$b4M@3@;^ :=" ;$:3" :$F$;;aB
2?@ :$:c4#@ @<=" @3?F?":@MN

 )$Y@:5@2 " L2@<"  3" M?#A@3"2


3" Y?32" 52@;$?2" @5_ " E?:@MN
 D$5?2@2 @ A@Mc$5@ $^ A4q@:3"B@
A$M" @3@A5@3"2 M"F@M?Z@3" :"
F$:52" 3@ #$;#@ sA$<@ AMa;5?F@t^
:" ;$:5?3" 3@ ;$5@N


!=" A4q@2 @ @ A@Mc$5@ A$M@ A$<@
3$ L"22@Fc@N

’$&"
  
$      
- @2 _ 3?;52?L4X3" :" ?:5$2?"2 3" Y$XF4M" @52@Y_; 3"; 3?E4;"2$;N

"

’$&%
# 3  %
3
-; 3?E4;"2$; F$:52@?;  $ M@5$2@?;
$ A"3$# ;$2 "2?$:5@3"; A@2@ 3?2$F?B
":@#$:5" 3" EM4q" 3$ @2 A@2@ F?#@^
L@?q"^ $;[4$23@ $ 3?2$?5@N

-; 3?E4;"2$; A@2@ " A@2@BL2?;@  $


A@2@ "; Y?32"; M@5$2@?;  ;=" E?q";N

’$&&
% 

"

’$&(
     %,  ,     ,       1 0 % A@2@ [4$ 5"3@; @; ;@X3@; 3$ @2
  % ,$M$5"2 A@2@ 2$b4M@2 @
 2 $;5$‘@# 5"5@M#$:5$ @L$25@;N
5$#A$2@542@ 3" @2 s#?;542@ @2 9"# " ;$M$5"2  :@ A";?<="
[4$:5$uE2?"tN _ @5?Y@3@ ;"#$:5$ @ F?2F4M@<="
 $ % ,$M$5"2 A@2@ M?b@2u3$;M?b@2 " 3" @2 ?:5$2:"N
!
@2BF":3?F?":@3" $ $;F"Mc$2 @ Y$B ’ Y$2;=" F"# @2BF":3?F?":@3"
- ;?;5$#@ 45?M?Z@ EM4?3" 2$E2?b$2@:5$
M"F?3@3$ 3$;$‘@3@N $;5a $[4?A@3@ F"# E?M52"^
DJH}@ [4$^ $# F@;" 3$ Y@Z@#$:5";
  % ,$M$5"2 A@2@ @L2?2 "4 E$Fc@2 @ ?:;5@M@3" :@ F@?q@ 3$
@F?3$:5@?;^ :=" A2$‘43?F@ " #$?" @#B
2$F?2F4M@<=" 3" @2N @2BF":3?F?":@3"^ F"# "
L?$:5$N
"L‘$5?Y" 3$ E?M52@2 $ $Y?5@2
  % ,$M$5"2 A@2@ @ 3?;52?L4?<=" 3"
!4:F@ 45?M?Z@2 " EM4?3" DJO^ ?:B "3"2$; :" @2 $:Y?@3" A@2@ "
@2N
F"#A@5XY$M F"# "; F"#A":$:5$; 3" ?:5$2?"2 3" Y$XF4M"N
 B RM4q" 3$ @2 3?2$F?":@3" A2hA2?" ;?;5$#@N ,$ E"2 "L;$2Y@3" 4#@
A@2@ " F"2A" 3"; A@;;@b$?2";g 3?#?:4?<=" :@ Y@Z=" 3$ @2
:$;5@ A";?<="^ #@:5$2 "; 3?E4;"B A$M"; 3?E4;"2$;^ Y$2?E?F@2 @;
1@2@ "L5$2 4# 2$;E2?@#$:5" 2aA?3"
2$; F$:52@?; $ M@5$2@?; F"#AM$5@B F":3?<]$; 3" E?M52" s[4@:3"
3" c@L?5aF4M" $# Y$XF4M"; $[4?A@B
#$:5$ @L$25";N 3?;A":XY$Mt $ ;4L;5?54XBM" ;$
3"; F"# @2BF":3?F?":@3"^ "A$2@2 "
 B RM4q" 3$ @2 3?2$F?":@3" @"; ;?;5$#@ F":E"2#$ ?:3?F@3"% :$F$;;a2?" sY$2 ;4L;5?54?<="
A_; $ @" 2";5"N 3" E?M52" 3" @2BF":3?F?":@3"
 B RM4q" 3$ @2 3?2$F?":@3" @"; JN ,$M$5"2 A@2@ @ 5$#A$2@542@ 3" :" 1M@:" 3$ &@:45$:<="^
A_;N @2  5"5@M#$:5$ A";?F?":@3" e :" F@AX54M" &@:45$:<=" $
 B RM4q" 3$ @2 3?2$F?":@3" @"; $;[4$23@ F4?3@3"; F"# " ;$4 Y$XF4M"tN
A_; $ @" A@2@BL2?;@N ON ,$M$5"2 3" Y$:5?M@3"2 $ }N )?b@2 " @2BF":3?F?":@3" A2$;;?B
 B RM4q" 3$ @2 3?2$F?":@3" @" A";?F?":@3" :@ Y$M"F?3@3$ ":@:3" " ;$M$5"2 $ @ A@25?2 3@
A@2@BL2?;@N #aq?#@N A";?<=" J s@ M4ZB$;A?@ :" ;$M$5"2
HN ,$M$5"2 3$ 3?;52?L4?<=" 3" @2  ?2a @F$:3$2tN
@A":5@3" A@2@ N 9":52"M@2 IN ,$ A";;XY$M^ @L2?2 5"5@M#$:5$^ "4
A$M" #$:"; 4# A"4F"^ @; ‘@:$B
M@; 3@; A"25@; 3?@:5$?2@; A"2 4#
’$&)
L2$Y$ A$2X"3" sO @ H #?:45"; :" Y$XF4M"^ 4#@ Y$Z [4$ :=" A";;?L?M?5@ Y$XF4M" 52@:;?5@2 E2$[4$:5$#$:5$ $#
#aq?#"t A@2@ [4$ c@‘@ 4#@ F?2B @ 2$:"Y@<=" 3" @2 ?:5$2:"N $;52@3@; 3$ #4?5@ A"$?2@ "4 E?F@2
F4M@<=" #@?; ?:5$:;@ 3" @2 :" $;5@F?":@3" 3$L@?q" 3$ a2Y"2$;N
c@L?5aF4M"N +# ;$b4?3@^ E$Fc@2
 *42@:5$ " ?:Y$2:"^ " ;?;5$#@ 3$
@; ‘@:$M@;N
@2BF":3?F?":@3" 3$Y$ ;$2 F"M"F@3"
.2@E$b@:3" $# $;52@3@; 3$ 5$22@ "4
2$b?]$; A"$?2$:5@; $# b$2@M^ _ @F":B
$# E4:F?":@#$:5" A$M" #$:"; 4#@ "
*+,   Y$Z A"2 #\; $ A"2 F$2F@ 3$ JG #?B
;$Mc@3" @5?Y@2 @ 2$F?2F4M@<=" 3" @2
1@2@ @; E4:<]$; 3$ @[4$F?#$:5" $ :45";^ A@2@ $E$?5" 3$ #@:45$:<=" 3"
A@2@ A2$Y$:?2 @ ?:E?M52@<=" 3$ A"$?2@^
Y$:5?M@<="^ :=" M?b@2 " F":3?F?":@B ;?;5$#@N
"4 "452" 5?A" 3$ A@25XF4M@; :" ?:5$B
3"2^ #@; 45?M?Z@2 " ;?;5$#@ :"2#@M 3$ 2?"2 3" Y$XF4M"N ’:5$; 3" Y$2="^ Y$2?E?F@2 @ $E?F?\:B
@[4$F?#$:5" $ Y$:5?M@<="N F?@ 3" ;?;5$#@ :@    , &
’ 45?M?Z@<=" F":;5@:5$ 3" # N
, ,+&<= @2BF":3?F?":@3" A"3$ 2$;4M5@2^
9"# " F42;"2 A";?F?":@3" $# ^ F"# " 5$#A"^ :@ E"2#@<=" 3$
$  
_ @5?Y@3@ ;"#$:5$ @ F?2F4M@<=" 3" @2 #@4 Fc$?2" 3$Y?3" @" @Fv#4M"
  %$
?:5$2:"N 3$ A"$?2@ $ 4#?3@3$ :" ;?;5$#@
3$ @2BF":3?F?":@3"^ E@F?M?5@:3" @ - @2BF":3?F?":@3" _ #4?5" v5?M
A2"M?E$2@<=" 3$ E4:b"; $ L@F5_2?@;N A@2@ @F$M$2@2 " 3$;$#L@<@#$:5"^
 A"?; 3$;4#?3?E?F@ " @2N d ;4E?F?$:5$
1@2@ #?:?#?Z@2 " A2"LM$#@ 3$ #@4
9"# @ 5$#A$2@542@ $q5$2:@ #4?5" 2$b4M@2 "; F"#@:3"; A@2@ @ E4:<="
Fc$?2"^ _ 2$F"#$:3@3"^ ;$#@:@MB
@M5@^ @ 2$F?2F4M@<=" @F$M$2@ " 2$;E2?@B 3$ 3$;$#L@<@#$:5" $ @5?Y@2 " F":B
#$:5$^ 3$;M?b@2 " @2BF":3?F?":@3"
#$:5" 3" @2N ’M_# 3?;;"^ _ A@25?F4B 3?F?":@3"2^ @A$25@:3" " ;$M$5"2 $N
$ M?b@2 " @[4$F$3"2^ :" #aq?#"^
M@2#$:5$ v5?M $# F":3?<]$; 3$ E"25$ F$2F@ 3$ I @ JG #?:45"; @:5$; 3$ 1@2@BL2?;@ $ Y?32"; M@5$2@?;
A"M4?<=" $q5$2:@ s$:b@22@E@#$:5";^ $;5@F?":@2 " Y$XF4M"^ A@2@ [4$ @
52f:;?5" $# 5v:$M^ $5FNtN !=" _ @F":B 4#?3@3$ 3" ;?;5$#@ ;$‘@ $M?#?:@3@N JN 9":3?F?":@3"2 3$ @2 M?b@3"% ;$B
;$Mc@3"^ :" $:5@:5"^ 4# 4;" #4?5"
- E?M52" 3" @2BF":3?F?":@3"^ M$5"2 $N
A2"M":b@3" 3$;5@ E4:<="^ $;A$F?@MB
#$:5$ ;$ c"4Y$2 #4?5@; A$;;"@; :" [4@:3" 3?;A":XY$M^ 3$Y$ ;$2 ;4L;5?B ON ,$M$5"2 A@2@ @ 5$#A$2@542@ 3"
54X3" F"# #@?"2 E2$[4\:F?@^ ;$ " @2 % sF"#AM$5@#$:5$ b?2@3"
’$&*
A@2@ @ 3?2$?5@t A@2@ 3?@; E2?"; "4 }N ,$M$5"2 A@2@ @ 2$F?2F4M@<=" 3" M?3@3$N ,$ ?;;" "F"22$2^ @F?":$ @ @M@B
sF"#AM$5@#$:5$ b?2@3" A@2@ @ @2 :@ A";?<=" ^ $[4?Y@M$:5$ e Y@:F@ 3" M?#A@3"2 3" A@2@BL2?;@N
$;[4$23@t A@2@ 3?@; [4$:5$;N ?:52"34<=" 3$ @2 $q5$2:"N
HN ,$M$5"2 3" Y$:5?M@3"2 $% A";?F?B
$ "
":@2 :@ Y$M"F?3@3$ #aq?#@N

}N ,$M$5"2 A@2@ @ 3?;52?L4?<=" 3" @2 ’Mb4#@; Y$2;]$; A";;4$# 3$;$#B
1@2@ AM$:@ $E?F?\:F?@ :@ "A$2@B L@<@#$:5" 3" Y?32" 52@;$?2"N
% @A":5@2 $# N
<=" 3$ 3$;$#L@<@#$:5"^ #@:5$:c@
IN D$F?2F4M@<=" 3" @2 % 3$;M?b@3@N @ A@25$ ?:5$2:@ 3"; Y?32"; ;$#A2$
      %  ;<=   %
M?#A@ $ 3$;$:b"2342@3@N 1@2@ M?#B
.<  
’Ah; " 3$;$#L@<@#$:5"^ 4;@2 "; A$Z@ 3"; Y?32";^ 4;$ @A$:@; 3$5$2B
F"#@:3"; A@2@ #@:5$2 @; A$2E$?5@; b$:5$ :$452" $ ab4@N !=" 45?M?Z$
F":3?<]$; 3$ Y?;?L?M?3@3$N A2"345"; e L@;$ 3$ ;?M?F":$ A@2@ @
M?#A$Z@ 3$ A@25$; AMa;5?F@;^ A2?:F?B
A@M#$:5$ " A@?:$M^ A"?; " ;?M?F":$
   
;$ $Y@A"2@ [4@:3" $qA";5" @" ;"M^
J  %$
F":3$:;@:3"B;$ ;"L2$ @ ;4A$2EXF?$
 %.   ;   &   ?:5$2:@ 3" Y?32" $ A2$‘43?F@:3" " 3$B
;$#L@<@#$:5" $ @ Y?;?L?M?3@3$ :"B
JN ,$M$5"2 A@2@ @ 5$#A$2@542@ 3"
542:@N
@2% @A":5@2 :" ;$5"2 Y$2#$Mc"
sF"#AM$5@#$:5$ b?2@3" A@2@ @
3?2$?5@tN ’ @5?Y@<=" 3@ E4:<=" 3$ 3$;$#B

L@<@#$:5" 3" Y?32" 52@;$?2" 5$# 52\;
ON ,$M$5"2 3" Y$:5?M@3"2% A";?F?"B 9"# " FM?#@ #4?5" v#?3" :=" _ 2$[4?;?5";%
:@2 :@ Y$M"F?3@3$ #aq?#@N @F":;$Mc@3" " 4;" A2"M":b@3" 3"
HN ,$M$5"2 A@2@ @ 3?;52?L4?<=" 3" @2BF":3?F?":@3" :@; A";?<]$; "4  C"5=" 3" 3$;$#L@<@#$:5" 3" Y?B
@2% @A":5@2 $# N N ’ 3?E$2$:<@ $:52$ @ 5$#A$2@542@ 32" 52@;$?2" M?b@3"N
$q5$2:@ $ @ 3" A@2@BL2?;@ A"3$ F@4B
 ,$ @ 2"5@<=" :" #"5"2 E"2 ;4A$2?"2
;@2 $#L@<@#$:5" 3" M@3" $q5$2:" 3"
@ IGG 2A#N
A@2@BL2?;@^ F@4;@:3" A$23@ 3$ Y?;?L?B
’$&+
 ,$ " :XY$M 3$ 5$:;=" 3@ L@5$2?@ E"2 .=" M"b" " Y?32" 52@;$?2" $;5$‘@ 3$B
;4A$2?"2 @ JO^I Y"M5;N ;$#L@<@3"^ _ @F":;$McaY$M 3$;M?b@2
" L"5="N
,$ "; 2$[4?;?5"; ;=" YaM?3";^ " ;?;B
5$#@ _ @5?Y@3"N
"
 ;<=
 - ;?;5$#@ A"3$ ;$2 3$;@5?Y@3" 3@
;$b4?:5$ #@:$?2@%
&@:4@M#$:5$%
 ’F?":@:3" @ 5$FM@ F"22$;A":B
3$:5$N
 ’45"#@5?F@#$:5$%
 ’Ah; OG #?:45"; 3$ E4:F?"B
:@#$:5"N
 ,$ @ 5$:;=" 3@ L@5$2?@ F@?2
@L@?q" 3$ JJ^I W^ A"2 4# A$B
2X"3" #X:?#" 3$ I ;$b4:3";N
,$ ca @4#$:5" 3@ 5$:;=" 3@
L@5$2?@ @F?#@ 3$ JO^I W A"2
4# A$2X"3" #X:?#" 3$ 5$#A"
3$ JI ;$b4:3";^ " ;?;5$#@ _
2$@5?Y@3"N
 ,$ @ 2"5@<=" 3" #"5"2 E"2
#$:"2 "4 ?b4@M @ IGG 2A#N

’$&,
% 3

’$(-
 ;?":$ " L"5=" ^ $qF$5" :"; F@B

 B &@:"AM@ 3$ 2$b4M@b$# 3@ 5$#B ;"; $# [4$ " ;?;5$#@ ?:5$2Y$:c@ A"2
d A";;XY$M ?:?F?@2 " ;?;5$#@ 3$ FM?B #"5?Y"; 3$ ;$b42@:<@ $;A$FXE?F";N
A$2@542@N #@5?Z@<=" @54@:3" :"; L"5]$; $ $ N
$ B C"5=" 3$ @5?Y@<="u3$;@5?Y@<=" ’; ;$b4?:5$; "A$2@<]$; :=" 3$;@5?B
3" F"#A2$;;"2 3" FM?#@5?Z@3"2N Y@# @ E4:<=" ’(.-%
-; A@2f#$52"; $ @; E4:<]$; F":52"B
M@3@; @45"#@5?F@#$:5$ A$M" L"5="  "
 B C"5=" 3$ @5?Y@<=" 3@  ’5?Y@<="u3$;@5?Y@<=" 3@ 2$F?2F4B
;="%
E4:<=" &’6B*+R s3$;F":b$M@B M@<="N
#$:5"u3$;$#L@<@#$:5" 2aA?3" 3";
 ’ 5$#A$2@542@ 3" @2 :"; 3?E4;"B  ,$M$<=" 3@ 5$#A$2@542@N
Y?32"; 3?@:5$?2";tN
2$;N
 B C"5=" 3$ @5?Y@<="u 3$;@5?Y@<="  ’ 3?;52?L4?<=" 3" @2 :"; 3?E4;"2$;N ’ ;$M$<=" #@:4@M 3@ E4:<=" 3$ 2$B
3" FM?#@5?Z@3"2N F?2F4M@<=" :=" A2$‘43?F@ " F":52"M$
 ’ Y$M"F?3@3$ 3" Y$:5?M@3"2 sY@2?B
 B C"5]$; 3$ ;$M$<=" $ 3?;52?L4?<=" 3@; "452@; $# @45"#a5?F"N ’ [4@:B
@<=" F":5X:4@ 3" EM4q" 3$ @2tN
3" @2N 5?3@3$ 3$ @2 ?:52"34Z?3@ :" c@L?5aB
 ’ @5?Y@<=" 3" F"#A2$;;"2 sA@2@ F4M" _ ?:3$A$:3$:5$ 3@ Y$M"F?3@3$
# B C"5=" 3$ @5?Y@<=" 3@ E4:<=" @ 3$;4#?3?E?F@<=" 3" @2t^ #$;#" 3" Y$XF4M"^ ;$:3" 2$b4M@3@ A$M" Y$:B
’(.- sE4:F?":@#$:5" @45"#a5?F"tN F"# " )+* 3$;M?b@3"N 5?M@3"2 F":52"M@3" $M$52":?F@#$:5$N
B &@:"AM@ 3$ 2$b4M@b$# 3@ Y$B  ’ 2$F?2F4M@<=" 3" @2 #$;#" F"#
’ 5$#A$2@542@ 3" @2 ?:52"34Z?3" _
M"F?3@3$ 3" Y$:5?M@3"2N " )+* 3$;M?b@3"NN
;$#A2$ F":52"M@3@ @45"#@5?F@#$:5$^
 B C"5=" 3$ @5?Y@<="u3$;@5?Y@<=" $# E4:<=" 3@; 5$#A$2@542@; ;$M$F?"B
."3@; $;5@; E4:<]$; ;=" #"3?E?FaB
3@ 2$F?2F4M@<=" 3$ @2 ?:5$2:"N :@3@; :" 3?;AM@y s$qF$5" [4@:3" "
Y$?; #@:4@M#$:5$^ ?:5$2Y?:3" :" ;?;B
;?;5$#@ $;5a 3$;M?b@3" "4 $# @Mb4B
 B C"5=" 3$ @5?Y@<="u3$;@5?Y@<=" 5$#@ $ ;$M$F?":@:3" 4#@ "4 Ya2?@;
#@; F":3?<]$; [4@:3" " F"#A2$;;"2
3@ E4:<=" D$@2 *$E2";5 s3$;$#L@<@B E4:<]$; A@2@ #"3?E?F@2 "; ;$4; A@2fB
$;5a 3$;@5?Y@3"tN
3"2 3" Y?32" 52@;$?2"tN #$52";N
- ;?;5$#@ A$2#?5$ ;$M$F?":@2 "4
T B &’6 ’9% ’5?Y@<=" 3@ 2$E2?b$B ’; ;$M$<]$; #@:4@?; 5\# ;$#A2$
#"3?E?F@2 #@:4@M#$:5$%
2@<=" #aq?#@N A2?"2?3@3$ ;"L2$ " @45"#@5?;#" $ ;="
#$#"2?Z@3@; @5_ [4$ " 4;4a2?" A2$;B

’$(!
 .$#A$2@542@; 3" @2N ;$M$F?":@3@; $ @ 2$F?2F4M@<="^ @54B

 W$M"F?3@3$ 3" Y$:5?M@3"2 sY@2?@B @:3" @ [4@M[4$2 #"#$:5" :"; 2$;B
<=" F":5X:4@tN A$F5?Y"; L"5]$; $ #@:"AM@;% " ;?;B 9"# @ E4:<=" p&’6B*+R "4 &’6B
5$#@ #"3?E?F@2a @45"#@5?F@#$:5$ @; ’9 @5?Y@3@^ " ;?;5$#@ ,5@25¥,5"A _
 *?;52?L4?<=" 3" @2 A@2@ I A";?B 3$;@L?M?5@3" s;$ $[4?A@3"tN
<]$;N 3$E?:?<]$; A@2@ ;$ @3@A5@2 @"; :"Y";
A$3?3";N
 ’5?Y@<=" 3" F"#A2$;;"2N &<=    .+ <=  
 R4:<=" 3$;F":b$M@#$:5" $ 3$B *$;5$ #"3"^ " @2BF":3?F?":@3"
;$#L@<@#$:5" 2aA?3"N F":5?:4@2a @ F"#@:3@2 @45"#@5?F@B 12$;;?":@:3" "; L"5]$; ^ ^
#$:5$ 5"3@; @; E4:<]$; $qF$5" @; [4$ _ A";;XY$M 3$E?:?2 #@:4@M#$:5$ 4#@
 D$F?2F4M@<=" 3" @2N
A"3$# ;$2 #43@3@; #@:4@M#$:5$N 3@; I 3?;52?L4?<]$; A";;XY$?; 3" @2%
 *$;@5?Y@<=" 3" ;?;5$#@N
A+&A    +     RM4q" 3$ @2 3?2$F?":@3"; A@2@
&   0+ ,      "; 3?E4;"2$; 3" A@2@BL2?;@ $ 3";
    ,&  ><= U?2@2 @ #@:"AM@  A@2@ @ 3?2$?5@
Y?32"; M@5$2@?; 3?@:5$?2"; A@2@ "
"4 A@2@ @ $;[4$23@ A@2@ 2$b4M@2 @
- ;?;5$#@ A"3$ ;$2 @5?Y@3" 3$ E"2B 3$;$#L@<@#$:5" "4 3$;F":b$M@B
5$#A$2@542@ 3" @2% ’ 5$#A$2@542@
#@; Ya2?@;^ F":543"^ _ @F":;$McaY$M #$:5" 3"; Y?32";N
;$M$F?":@3@ _ Y?;4@M?Z@3@ :" 3?;AM@yN
A2$;;?":@2 " L"5=" ’(.- $ b?2@2 @;  RM4q" 3$ @2 3?2$F?":@3"; A@2@
#@:"AM@; A@2@ 3$E?:?2 @; 5$#A$2@54B ’" b?2@2 @ #@:"AM@ F"#AM$5@#$:5$ "; 3?E4;"2$; F$:52@?; $ M@5$2@?; 3"
2@; 3$;$‘@3@;N A@2@ @ 3?2$?5@^ @5?Y@B;$ @; E4:<]$; 3$ A@?:$M A@2@ 2$;E2?@#$:5" 2aA?3"
8> s@[4$F?#$:5" #aq?#"t N ’" b?B 3" c@L?5aF4M"N
*$;5$ #"3"^ " ;?;5$#@ F"#$<@2a 2@2 @ #@:"AM@ 5"5@M#$:5$ A@2@ @ $;B
@ E4:F?":@2 3$ #"3" F"#AM$5@#$:5$  RM4q" 3$ @2 3?2$F?":@3"; A@2@
[4$23@^ @5?Y@B;$ @ E4:<=" )- s2$;E2?@B
@45"#a5?F" 2$b4M@:3" 5$#A$2@542@^ "; 3?E4;"2$; 3?@:5$?2"; $ 52@;$?2";
#$:5" #aq?#"tN 1@2@ 3$;@5?Y@2 $;5@;
[4@:5?3@3$ $ 3?;52?L4?<=" 3" @2 ?:B :@ 2$b?=" 3"; A_;N +;5@ 3?;52?L4?B
E4:<]$;^ b?2@2 @ #@:"AM@ 3@ 5$#A$B
52"34Z?3" :" c@L?5aF4M" $ b$2?:3" @ <=" 3" @2 _ ?:3?F@3@ A@2@ @[4$B
2@542@^ 3$E?:?:3" @ 5$#A$2@542@ 3$;$B
E4:<=" 3$ 2$F?2F4M@<=" $ @ @5?Y@<=" F?#$:5" 2aA?3" 3" c@L?5aF4M"N
‘@3@N
3" F"#A2$;;"2 3" F":3?F?":@3"2N  *?Y?;=" 3" EM4q" 3$ @2 $:B
*42@:5$ " E4:F?":@#$:5" @45"#aB 52$ "; 3?E4;"2$; 3@ Z":@ 3"; A_; $
5?F"^ _ A";;XY$M Y@2?@2 @; 5$#A$2@542@; "; 3?E4;"2$; F$:52@?; $ M@5$2@?; 3"

’$("
A@?:$MN +;5@ 3?;52?L4?<=" 3" @2 _ $;5a ‘a @5?Y@^ $;5@ _ @:4M@3@ $ " )+* $= 
v5?M :@; $;5@<]$; #"3$2@3@; sA2?B F"22$;A":3$:5$ @A@b@B;$N 1@2@ 2$;5@B 12$;;?":@:3" " L"5="  s)+*
#@Y$2@ $ "45":"t^ :@ A2$;$:<@ L$M$F$2 " F":52"M$ @45"#a5?F" 3@ :" L"5=" @F$;"t^ " @2BF":3?F?":@3"
3$ 2@3?@<=" ;"M@2N 3?;52?L4?<=" 3" @2 @Ah; 4#@ ;$M$<=" @:4M@ 5"3@; @; 2$b4M@b$:; #@:4@?;
 *?Y?;=" 3" EM4q" 3$ @2 #@:4@M^ A2$;;?":@2 " L"5=" ’(.-N @:5$2?"2$; $ 2$b4M@ @45"#@5?F@#$:5$%
$:52$ "; 3?E4;"2$; 3@ Z":@ 3"; "
A_; $ "; 3?E4;"2$; A@2@ 3$;F":B A+&A  ;&,   ;  %  ’ [4@:5?3@3$ $ @ 3?;52?L4?<=" 3"
b$M@#$:5" "4 3$;$#L@<@#$:5" & @2 ?:52"34Z?3" :" c@L?5aF4M"N
3" A@2@BL2?;@ $ 3"; Y?32"; M@5$2@?; U?2@2 @ #@:"AM@ A@2@ @4#$:B  - F"#A2$;;"2 3"
3?@:5$?2";N +;5@ 3?;52?L4?<=" 3" 5@2u3?#?:4?2 @ Y$M"F?3@3$ 3" Y$:5?M@B @2BF":3?F?":@3"N
@2 A$2#?5$ 4# L"# @[4$F?#$:5" 3"2N ’ @5?Y@<=" _ @;;?:@M@3@ A$M@;
3" c@L?5aF4M"^ 5$:3" $# F":5@  ’ 2$F?2F4M@<=" 3" @2N
L@22@; ?M4#?:@3@; :" 3?;AM@y 3?b?5@MN
" A";;XY$M $#L@<@#$:5" 3"; Y?B
32";N +;5@ F":3?<=" _ @;;?:@M@3@ A$M"
 W$M"F?3@3$ #aq?#@ 3" Y$:5?M@B @F$:3?#$:5" 3" )+* :" L"5="
3"2 ƒ 5"3@; @; L@22@; ?M4#?:@3@;N N
!@ #"3@M?3@3$ ’(.-^ "
 W$M"F?3@3$ #X:?#@ 3" Y$:5?M@3"2
@2BF":3?F?":@3" F"#@:3@ @45"B >:5$2Y?:3" #@:4@M#$:5$ :@ 3?;52?B
ƒ 4#@ L@22@ ?M4#?:@3@N
#@5?F@#$:5$ @ 3?;52?L4?<=" 3" @2 L4?<=" 3$ @2 "4 :@ Y$M"F?3@3$ 3"
$ @ Y$M"F?3@3$ 3" $M$52"Y$:5?M@3"2 Y$:5?M@3"2^ @A@b@B;$ " )+* A@2@ @;B
s"; )+*; :"; L"5]$;  E?F@2=" - Y$:5?M@3"2 ;h A"3$ ;$2 3$;M?b@3"
;?:@M@2 [4$ " @2BF":3?F?":@3" ‘a :="
@A@b@3";tN ’ 3?;52?L4?<=" 3" @2^ ;$ " F"#A2$;;"2 3" @2BF":3?F?":@3"
F":52"M@ @45"#@5?F@#$:5$ 5"3@; @;
[4@:3" ;$M$F?":@3@ #@:4@M#$:5$^ 5?Y$2 ;?3" 3$;@5?Y@3"^ A2$;;?":@:3" "
E4:<]$;N
_ Y?;4@M?Z@3@ @52@Y_; 3@ M?b@<=" 3"; L"5=" 7N
)+*; :"; L"5]$; ;$M$F?":@3";N

!@ E4:<=" F"#L?:@3@^ A2$;;?"B 
9"# " #"3" ’(.- @5?Y@3"^ " ;?;B
:@:3" 4# L"5=" @5?Y@B;$ @ E4:<=" 1@2@ 2$;5@L$M$F$2 " F":52"M$ @45"B
5$#@ ,5@25¥,5"A A"3$ ;$2 3$;@5?Y@3"
2$;A$F5?Y@ ;?#4M5@:$@#$:5$ e; ‘a #a5?F" 3@ Y$M"F?3@3$ 3" Y$:5?M@3"2
3$ @F"23" F"# @ 5$#A$2@542@ ?:5$2:@
3$E?:?3@;N ,$^ A$M" F":52a2?"^ E"2 @Ah; 4#@ 2$b4M@b$# #@:4@M^ A2$;;?B
2$[4$2?3@ $ F":3?<]$; @#L?$:5@?;^ Y?B
A2$;;?":@3" 4# L"5=" F4‘@ E4:<=" ":@2 " L"5=" N
’$(%
;@:3" #@:5$2 @ 5$#A$2@542@ 3" c@L?B 12$;;?":@:3" " L"5=" ^ " @2B @45"#a5?F"^ @ 2$F?2F4M@<=" _ F"#@:B
5aF4M" 2$E2?b$2@3@N F":3?F?":@3" @5?Y@ @45"#@5?F@#$:5$ 3@3@ @45"#@5?F@#$:5$ A$M" ;?;5$#@
@ 2$F?2F4M@<=" 3$ @2 ?:5$2:@ s)+* :" $# E4:<=" 3@; F":3?<]$; FM?#a5?F@;
1@2@ 2$;5@L$M$F$2 " F":52"M$ @45"B L"5=" @F$;"tN $q5$2:@;N
#a5?F" 3" ;?;5$#@ 3$A"?; 3$ 4#@ "4 +# 5"3" " F@;"^ A2$;;?":@:3" "
#@?; ;$M$<]$; #@:4@?;^ A2$;;?":@2 " L"5=" _ A";;XY$M @5?Y@2 @ F@A5@<="     %,  ,  
L"5=" N 3$ @2 $q5$2?"2 s)+* :" L"5=" @A@b@3"t 12$;;?":@2 " L"5=" ’u9 A@2@ M?B
$ Y?F$BY$2;@N b@2u3$;M?b@2 " F"#A2$;;"2 s@ @5?Y@<="
, ,+&<=   _ @;;?:@M@3@ A$M" @F$:3?#$:5" 3"
’ 2$F?2F4M@<=" 3" @2 _ F"#@:3@3@ )+* :" A2hA2?" L"5="tN ’ 3$;@5?Y@B
 <=" 3" F"#A2$;;"2 A$2#@:$F$ #$B
;$b4:3" @; ;$b4?:5$; Mhb?F@; 3$ E4:B
F?":@#$:5"% ’ @5?Y@<=" 3@ 2$F?2F4M@<=" A$2#?5$ #"2?Z@3@ #$;#" 3$A"?; 3$ 3$;M?b@2
4# @MF@:F$ #@?; 2aA?3" 3@; F":3?B " #"5"2N
 ’5?Y@<=" @45"#a5?F@% )+* :" L"B <]$; 3$;$‘@3@; A@2@ @[4$F$2u2$;E2?@2
" c@L?5aF4M"N d ;$#A2$ 3$;@F":;$B *$;@5?Y@:3" " F"#A2$;;"2 :@ E4:B
5=" @A@b@3"^ )+* :" L"5=" <=" ’(.-^ " ;?;5$#@ 3$;@5?Y@ @ 2$B
 @F$;"N McaY$M " 4;" 3@ 2$F?2F4M@<=" $# 3?@;
Fc4Y";";uE2?"; "4^ $# 5"3" " F@;"^ F?2F4M@<=" A@2@ $Y?5@2 " A";;XY$M $#B
 ’5?Y@<=" E"2<@3@ s2$F?2F4M@<=" :@ A2$;$:<@ 3$ L@?q@ 5$#A$2@542@ $qB L@<@#$:5" 3"; Y?32";N 9@;" @ 2$B
3" @2 ;$#A2$ @5?Y@3@t% )+* 3" 5$2?"2^ ‘a [4$ @4#$:5@ ;4L;5@:F?@MB F?2F4M@<=" 5$:c@ ;?3" @5?Y@3@ #@:4B
L"5=" @F$;"N #$:5$ @ A";;?L?M?3@3$ 3$ 2aA?3" $#B @M#$:5$ sM4Z @F$;@t^ @" 3$;@5?Y@2 "
 *$;@5?Y@<=" E"2<@3@ L@<@#$:5" ?:5$2:" 3"; Y?32"; sA2?:B F"#A2$;;"2 :=" ca @M5$2@<=" 3@ 2$B
s2$F?2F4M@<=" 3$ @2 ;$#A2$ F?A@M#$:5$ ;$ " @2BF":3?F?":@3" :=" F?2F4M@<="N ,$ " @2BF":3?F?":@3" $;B
3$;M?b@3"^ 5"#@3@ 3$ @2 @ A@25?2 E"2 @5?Y@3"tN 5?Y$2 $# F":3?<]$; 3$ #@:5$2 @ 5$#B
3" $q5$2?"2t% )+* :" L"5=" A$2@542@ ;"M?F?5@3@^ " )+* :" L"5="
@A@b@3"N  A$2#@:$F$ @F$;"N ,$^ A$M"
1@2@ 5$#A$2@542@; $q5$2:@; L@?q@;^
F":52a2?"^ :=" $;5?Y$2 $# F":3?<]$;
@ 2$F?2F4M@<=" _ E"2<";@#$:5$ 3$;@B
’ @5?Y@<="u3$;@5?Y@<=" E"2<@3@ _ 3$ #@:5$2 @ 5$#A$2@542@ ;"M?F?5@3@^
5?Y@3@ sF"# 5"#@3@ 3$ @2 3" $q5$B
;$M$F?":aY$M A2$;;?":@:3" " L"5=" " )+* :" L"5="  @A@b@B;$N
2?"2t A@2@ $Y?5@2 " A";;XY$M $#L@<@B
N #$:5" 3"; Y?32";N !" E4:F?":@#$:5"

’$(&
1@2@ 2$;5@L$M$F$2 " F":52"M$ @45"B #$:5" "4 3$;F":b$M@#$:5" 3" A@2@B
#a5?F" 3@ @5?Y@<=" 3" F"#A2$;;"2^ 
L2?;@ $ 3"; Y?32"; M@5$2@?;N
A2$;;?":@2 :"Y@#$:5$ " L"5=" 7 ’ E4:<=" &’6 A$2#@:$F$ @5?Y@
- @2BF":3?F?":@3" $E$54@ @; ;$B 342@:5$ F$2F@ 3$ H #?:45";^ @ A@25?2
"4 " L"5=" N 9"# " F"#A2$;B
b4?:5$; "A$2@<]$;% 3" #"#$:5" $# [4$ " MX[4?3" 3$ @2B
;"2 3$;M?b@3"^ _ A";;XY$M 2$?:?F?@2 #@B
:4@M#$:5$ @ Y$M"F?3@3$ 3" Y$:5?M@B 2$E$F?#$:5" 3" #"5"2 @5?:b$ @ 5$#B
3"2N  ’5?Y@ " F"#A2$;;"2 3" A$2@542@ @3$[4@3@N "
@2BF":3?F?":@3" [4@:3"
w4@:3" " F"#A2$;;"2 _ @5?Y@3" $ @; F":3?<]$; FM?#a5?F@; " w4@:3" @ E4:<=" _ @5?Y@3@^ @A@b@B
" #"5"2 $;5a M?b@3"^ @ Y$:5?M@<=" #@B A$2#?5$#N ;$ " )+* :" L"5=" N 9"# @ E4:B
:4@M :=" A"3$ L@?q@2 3@ Y$M"F?3@3$  *$;@5?Y@ @ 2$F?2F4M@<=" 3" @2N <=" @5?Y@^ @ v:?F@ ?:5$2Y$:<=" #@B
#X:?#@ s@A$:@; 4# )+* @F$;"tN
 *$E?:$ @ 5$#A$2@542@ #aq?#@ 3" :4@M A";;XY$M _ @ 2$b4M@b$# 3@ Y$M"B
@2 s8>tN F?3@3$ 3" Y$:5?M@3"2N
  ’5?Y@ 4#@ Y$M"F?3@3$ 3" Y$:5?M@B 12$;;?":@:3" "; L"5]$; I 7
9"# " F"#A2$;;"2 3$;M?b@3"^ :=" 3"2 F"# L@;$ :@ 5$#A$2@542@ 3" "4 ^ " @2BF":3?F?":@3" 3$;@B
_ A";;XY$M ?:52"34Z?2 :" c@L?5aF4M" @2 MX[4?3" 3$ @22$E$F?#$:5" 3" #"B 5?Y@ @ E4:<=" &’6N
F"# 5$#A$2@542@ ?:E$2?"2 e 5$#A$2@B 5"2N
542@ $q5$2?"2N ’M_# 3?;;"^ $# F":B  *?2$F?":@ " EM4q" 3$ @2 A@2@ ";  ;<=  ,&  ><=
3?<]$; @#L?$:5@?; $;A$FXE?F@;^ "; Y?B 3?E4;"2$; 3" A@2@BL2?;@ $ 3"; Y?B
32"; A"3$# E?F@2 $#L@<@3"; 2@A?3@B 32"; M@5$2@?; 3?@:5$?2";N 12$;;?":@2 " L"5=" N
#$:5$ A"2[4$ " @2 :=" A"3$ ;$2 3$B  >:3?F@ @ Y$M"F?3@3$ 3" Y$:5?M@3"2 9"# FM?#@5?Z@<=" 3$;@5?Y@3@%
;4#?3?E?F@3"N s?M4#?:@<=" )+*t $ @ 3?;52?L4?<="
@AM?F@3@N  ’ 2$F?2F4M@<=" 3" @2 _ @5?Y@3@^
 .<   + , A&% ?;"M@:3" @;;?# " c@L?5aF4M" 3"
  /   ;   10+ <= $q5$2?"2N
J2 
 - F"#A2$;;"2 _ 3$;@5?Y@3"N
9"# @ E4:<=" x&’6B*+Rz @5?Y@3@^
12$;;?":@2 " L"5=" A@2@ @5?Y@2  - Y$:5?M@3"2 _ 3$;M?b@3"N
" ;?;5$#@ ,5@25¥,5"A _ 3$;@L?M?5@3"
s)+* :" L"5=" @F$;"t " 3$;$#L@<@B
s;$ $[4?A@3"tN

’$((
$;5@F?":@2 " Y$XF4M"^ A@2@ [4$ @ F"#" A"2 "L‘$5"; A$;;"@?; @22@;5@3";

4#?3@3$ 3" ;?;5$#@ ;$‘@ $M?#?:@3@N "4 ‘"b@3"; A$M"; #$;#";N
’ F$:52@M 3" @2BF":3?F?":@3" #$B
#"2?Z@ @; 5$#A$2@542@; 3$E?:?3@; @:B - E?M52" 3" @2BF":3?F?":@3" 3$Y$
5$; 3@ 3$;@5?Y@<=" $ 2$;5@L$M$F$B@; ;$2 ;4L;5?54X3" F"# #@?"2 E2$[4\:F?@
[4@:3" ;$ A2$;;?":@ 4# L"5=" [4@MB ;$ " Y$XF4M" 52@:;?5@2 F":;5@:5$#$:5$
[4$2 3" ;?;5$#@N $# $;52@3@; 3$ #4?5@ A"$?2@ "4 E?F@2 !
$;5@F?":@3" 3$L@?q" 3$ a2Y"2$;N ’" ;@?2 3" Y$XF4M"^ 2$5?2$ ;$#A2$
 ;<=  ,&  ><= 9":;4M5@2 " p1M@:" 3$ #@:45$:<=" @ Fc@Y$ 3@ ?b:?<=" A@2@ $Y?5@2 [4$
A2"b2@#@3@p A@2@ F":c$F$2 "; ?:5$2B "; M$Y@:5@3"2$; $M_52?F"; 3"; Y?32";^
1@2@ Y"M5@2 @ M?b@2 " @2B @F?":@3"; ?:@3Y$25?3@#$:5$^ F":;5?B
F":3?F?":@3" $# F":3?<]$; @45"B Y@M"; 3$ #@:45$:<=" F"22$5";N
54@# A$2?b" A@2@ [4$# A$2#@:$F$ @
#a5?F@;^ A2$;;?":@2 " L"5=" N L"23"N

 & ><=      ,&  >%   (  !4:F@ 3$?q$ F2?@:<@; ;"Z?:c@; :"
<=  "  Y$XF4M"N
’ 45?M?Z@<=" F":;5@:5$ 3" 
R4:F?":@# F"# @ Fc@Y$ 3$ ?b:?B
@2BF":3?F?":@3" A"3$ 2$;4M5@2^
<=" :@ A";?<="  $ 342@:5$ F$2F@
F"# " 5$#A"^ :@ E"2#@<=" 3$
3$ J #?:45" @Ah; @ A@;;@b$# A@2@
#@4 Fc$?2" 3$Y?3" @" @Fv#4M"
! @ A";?<="  s"4 5@#L_# @Ah;
3$ A"$?2@ $ 4#?3@3$ :" ;?;5$#@
- 4;" ?#A2hA2?" 3"; M$Y@:5@3"2$; @ 2$5?2@3@ 3@ Fc@Y$ #$Ff:?F@^ A@2@
3$ @2BF":3?F?":@3"^ E@F?M?5@:3" @
$M_52?F"; 3"; Y?32"; A"3$ ;$2 A$2?B Y$XF4M"; $[4?A@3"; F"# Fc@Y$ #$B
A2"M?E$2@<=" 3$ E4:b"; $ L@F5_2?@;N
b";"N Ff:?F@ F"# 5$M$F"#@:3"tN ’L2?:3"
1@2@ #?:?#?Z@2 " A2"LM$#@ 3$ #@4 4#@ 3@; A"25@; 3?@:5$?2@;^ $;5$ E4:F?B
Fc$?2"^ _ 2$F"#$:3@3"^ ;$#@:@MB ’:5$; $ 342@:5$ " @F?":@#$:5"^ ":@#$:5" _ 3$;@5?Y@3"N
#$:5$^ 3$;M?b@2 " @2BF":3?F?":@3" Y$2?E?F@2 ;$#A2$ ;$ "; A@;;@b$?2";
$ M?b@2 " @[4$F$3"2^ :" #aq?#"^ :=" $;5=" $qA";5"; @" 2?;F" 3$ M$;]$;
F$2F@ 3$ I @ JG #?:45"; @:5$; 3$ A2"Y"F@3@; 5@:5" 3?2$5@ "4 ?:3?2$5@B
#$:5$ A$M"; Y?32"; $# #"Y?#$:5"^

’$()
            B ’5?Y@<="u3$;@5?Y@<=" 3"; F"B - Y?32" A@2@ :@ A";?<=" A2$5$:B
&    #@:3"; 3"; M$Y@:5@3"2$; 3$ Y?B 3?3@ A2$;;?":@:3" :"Y@#$:5$ " 2$;B
32"; 3@; A"25@; 52@;$?2@;N A$F5?Y" L"5="N
-; L"5]$; $;5=" A";?F?":@3"; :@
#"M342@ 3" A@?:$M 3@ A"25@N ’ A@25?2  B ’L$2542@uE$Fc@#$:5" 3" Y?B
3" A@?:$M 3@ A"25@ 3" M@3" 3" #"5"B 32" 52@;$?2" $;[4$23" s;$ $[4?B #,@    ;  
2?;5@ _ A";;XY$M F"#@:3@2% A@3"tN R4:F?":@#$:5" pF":5XB )$Y@:5@2 "; L"5]$; A@2@ E$Fc@2 " "
:4" @45"#a5?F"p $# E@;$ 3$ @L$2B Y?32" 3$;$‘@3"N
542@uE$Fc@#$:5" 3" Y?32" $ ;?;B
5$#@ @:5?$;#@b@#$:5" @5?Y"N ’ E@;$ 3$ E$Fc@#$:5" 3" Y?32"
 B ’L$2542@uE$Fc@#$:5" 3" Y?32" "F"22$ ;$b4:3" @; #$;#@; Mhb?F@;
52@;$?2" 3?2$?5" s;$ $[4?A@3"tN 3$;F2?5@; A@2@ @ E@;$ 3$ @L$2542@N
R4:F?":@#$:5" pF":5X:4" 9"#@:3"; 3@ A"25@ 3?@:5$?2@ 3"
@45"#a5?F"p $# E@;$ 3$ M@3" 3" A@;;@b$?2"uA"25@; 52@;$?2@;%
@L$2542@uE$Fc@#$:5" 3" Y?32" $
!@ #"M342@ 3" A@?:$M 3@ A"25@
;?;5$#@ @:5?$;#@b@#$:5" @5?Y"N
3?@:5$?2@ 3" M@3" 3" A@;;@b$?2" $;5="
A2$;$:5$; "; L"5]$; A@2@ " F"#@:3"
 B ’L$2542@uE$Fc@#$:5" 3" Y?32" . +   ;  
3" 2$;A$F5?Y" Y?32"N
3?@:5$?2" $;[4$23"N R4:F?":@B 12$;;?":@2 "; L"5]$; A@2@ @L2?2 "
#$:5" pF":5X:4" @45"#a5?F"p $# Y?32" 3$;$‘@3"N     ;  A+  <   %
E@;$ 3$ @L$2542@uE$Fc@#$:5" 3" A    ;      %
Y?32" $ ;?;5$#@ 3$ @:5?$;#@b@B 12$;;?":@:3" L2$Y$#$:5$ [4@MB
[4$2 L"5=" 3$ @L$2542@^ [4$2 :@; 7  
#$:5" @5?Y"N
A"25@; 3?@:5$?2@; "4 :@; A"25@; !" Y$XF4M" $;5a @5?Y@ @ E4:<=" 3$
 $B ’L$2542@uE$Fc@#$:5" 3" Y?32"
52@;$?2@;^ "L5_#B;$ " F42;" pF"# ?:B @:5?$;#@b@#$:5" :@ E@;$ 3$ ;4L?3@
3?@:5$?2" 3?2$?5"N R4:F?":@#$:5"
5$224A<]$;p 3" Y?32"^ $:[4@:5" [4$ 3"; Y?32"; 3?@:5$?2";u52@;$?2";N
pF":5X:4" @45"#a5?F"p $# E@;$ 3$
$q$2F$:3" 4#@ A2$;;=" A2"M":b@3@
@L$2542@ 3" Y?32" $ ;?;5$#@ @:5?B +;5$ ;?;5$#@ 3$ ;$b42@:<@ _ F@A@Z
@5?Y@B;$ " @F?":@#$:5" pF":5X:4"
$;#@b@#$:5" @5?Y"N 3$ 2$F":c$F$2 @ $Y$:54@M A2$;$:<@
@45"#a5?F"p s  tN
3$ 4# "L;5aF4M" 342@:5$ " #"Y?B
#$:5" 3$ E$Fc@#$:5" 3" Y?32"N ’;B
’$(*
;?#^ " ;?;5$#@ ?:5$22"#A$ " F42;" 3$ F"# M?L$2@<]$; ;4F$;;?Y@; 3" L"5=" &%  
E$Fc@#$:5" $^ F":E"2#$ @ A";?<=" A@2@ @ #@:"L2@ ;$b4?:5$N 1@2@
3" Y?32"^ ?:Y$25$ " ;$4 #"Y?#$:5"N A"3$2 2$;5@L$M$F$2 " F"22$5" E4:F?"B $
:@#$:5" 3" ;?;5$#@ _ :$F$;;a2?"
+;5$ 3?;A";?5?Y" _^ A"25@:5"^ v5?M
$E$54@2 4#@ #"Y?#$:5@<=" A@2@
5@#L_# $# F@;" 3$ $Y$:54@M @F?":@B
L@?q" 3" Y?32" $:Y"MY?3"N
#$:5" ?:Y"M4:5a2?" 3"; M$Y@:5@3"2$; !
3$ Y?32"; A"2 A@25$ 3$ F2?@:<@; A2$B
 , & ><=      ;   (#@ F"M"F@<=" ?:F"22$5@ 3@ Y@2$5@
;$:5$; :" Y$XF4M"N
&O , A"3$ A2"Y"F@2 @ [4$3@ Y?"M$:5@ 3"
’ E4:<=" @:5?$;#@b@#$:5" $;5a F@ArN
@5?Y@ 342@:5$ " E4:F?":@#$:5" ’ ;$b4?2 e 3$;@5?Y@<=" 3@ @M?#$:B
#@:4@M "4 @45"#a5?F" 3" Y?32"N 5@<=" $M_52?F@^ _ :$F$;;a2?" ?:?F?@M?B 9$25?E?[4$B;$ 3" F"22$5" 52@Y@B
Z@2 :"Y@#$:5$ " E4:F?":@#$:5" @4B #$:5" 3@ Y@2$5@ :" 3?;A";?5?Y"N
’Ah; @ ?:5$2Y$:<=" 3" ;?;5$#@ @:5?B 5"#a5?F" 3"; M$Y@:5@3"2$; 3$ Y?32";N
$;#@b@#$:5" _ ?:5$22"#A?3" 3$ ?#$B
3?@5" " F42;" 3" Y?32"N +# ;$b4?3@^ - A2"F$3?#$:5" 3$ ?:?F?@M?Z@<="
" F42;" 3" Y?32" _ @45"#@5?F@#$:5$ 3$Y$ ;$2 $E$54@3" F"# @; A"25@; E$B
?:Y$25?3" $ " #$;#" Y"M5@ @ 3$;F$2 Fc@3@; $ $# F@3@ A"25@% !
F$2F@ 3$ I F# 2$M@5?Y@#$:5$ e A";?B )$Y@:5@2 " F@Ar 45?M?Z@:3" @#L@;
<=" 3$ A2?#$?2@ A@2@3@N *42@:5$ $;5$  ’F?":@2 " F"#@:3" 3" Y?32" @5_ @; #=";N
5$#A" :=" _ A";;XY$M @F?":@2 " Y?32"N ;$4 E$Fc@#$:5" F"#AM$5"N 1$2B
#@:$F$2 @F?":@:3" " F"#@:3" ’:5$; 3$ A2"F$3$2 @" M$Y@:5@B
A@2@ E$Fc@#$:5" A"2 #@?; O ;$B #$:5"^ F$25?E?F@2B;$ 3$ [4$ "; L2@<";
 b4:3";N 3"; M?#A@3"2$; 3" A@2@BL2?;@ :="
,$ @ A2"5$<=" @:5?$;#@b@#$:5"  12$;;?":@2 " F"#@:3" 3" Y?32" $;5$‘@# M$Y@:5@3"; $ $# E4:F?":@B
E"2 @F?":@3@ H Y$Z$; F":;$F45?Y@; E?2#$#$:5$ @5_ ;4@ @L$2542@ F"#B #$:5" $ 3$ [4$ " Y$XF4M" $;5$‘@
:" $;A@<" 3$ J #?:45" "4 $;5?Y$2 $# AM$5@N 1$2#@:$F$2 @F?":@:3" F"B A@2@3" $ " E2$?" 3$ #=" @F?":@3"N
@Y@2?@^ _ ?:?L?3" " E4:F?":@#$:5" #@:3" A@2@ @L$2542@ A"2 #@?; O
@45"#a5?F" 3" Y?32" $# ;4L?3@^ ;$b4:3";N 12"F$3$2 3" ;$b4?:5$ #"3"%
A$2#?5?:3"B" ;"#$:5$ A"2 2$;;@M5";^

’$(+
 A4q@2 @ @M@Y@:F@  A@2@ M?L$2@2 @ ;4@ $q52$#?3@3$ :@ ;$3$  3" #
52@Y@ 3$ E$Fc@#$:5" 3" F@ArN F@Ar 3" #"5"2^ $E$54@:3" 4#
M$Y$ $;E"2<" A@2@ @ 3?2$?5@ A@2@ "
A$2E$?5" 52@Y@#$:5"N
!
1"2 #"5?Y"; 3$ ;$b42@:<@^ " F@Ar
3$Y$ #@:5$2B;$ L$# E$Fc@3" 342@:5$
"
@ #@2Fc@N 1"25@:5"^ Y$2?E?F@2 ;$#B
A2$ " E$Fc@#$:5" F"22$5" 3" F@Ar^
F$25?E?F@:3"B;$ 3$ [4$ $;5$‘@ L$# 52@B
Y@3"N
,$^ 342@:5$ @ #@2Fc@^ A$2F$L$2
 ’F?":@2 @ @M@Y@:F@ $ @54@:3" [4$ :=" $;5a A$2E$?5@#$:5$ 52@Y@3"^
:" ;$:5?3" ?:3?F@3" A$M@ ;$5@ $ A@2@2 ?#$3?@5@#$:5$ $ E$Fc@2 " F@Ar
M$Y@:5@2 " F@ArN 3$ #"3" F"22$5"N

!
+q$F45@2 @; "A$2@<]$; @A$:@; F"#
" Y$XF4M" A@2@3"N
+;5$‘@ ;$#A2$ @5$:5" e; 2$F"#$:B
3@<]$; 3$;5$ #@:4@MN

 D$5?2@2 @ Y@2$5@ 3$ ;4A"25$  12"F$3$2 3" ;$b4?:5$ #"3"%


3" 2$;A$F5?Y" 3?;A";?5?Y" 3$
LM"[4$?"  $ 3$A"?; ?:;$2?2 @

’$(,
 &@:5$2 " F@Ar M$Y@:5@3" F"# & 52@:;A"25@3@; :"; @;;$:5"; $ 4;@:3"
4#@ #=" $ F"# @ "452@ 2$5?2@2 @ " F?:5" 3$ ;$b42@:<@N
Y@2$5@  3@ ;$3$  $ 2$?:52"34Z?B $4
M@ :" 2$;A$F5?Y" 3?;A";?5?Y" 3$ . +      ' 
- LM"[4$?" 3" A"25@B#@M@; _ $M_B
LM"[4$?" N
52?F" $ _ 3$;@5?Y@3" F"# " Y$XF4M" w4@:3" 3$;52@Y@3"^ _ A";;XY$M
 C@?q@2 " F@Ar @ F$2F@ 3$ }G F$:B $# #"Y?#$:5"N @L2?2 " A"25@B#@M@; A$M" $q5$2?"2
5X#$52"; 3" Y=" 3" #"5"2g $#
3" Y$XF4M"^ @54@:3" :" A4q@3"2
;$b4?3@^ 3$?qaBM" F@?2 $ F$25?E?F@2B
?:3?F@3" A$M@ ;$5@^ A";?F?":@3" :@
;$ 3$ [4$ $;5$‘@ F"#AM$5@#$:5$ $
A@25$ ?:E$2?"2 3@ 5@#A@ @5_ "4Y?2 "
E$Fc@3" $ :=" @A$:@; $:b@5@3"
$;5@M?3" 3$ $E$5?Y" 3$;LM"[4$?" "4
:@ A";?<=" 3$ ;$b42@:<@N 9@;"
A2$;;?":@:3" 2@A?3@#$:5$ 34@;
$;5$‘@ @A$:@; $:b@5@3"^ :=" $q$2B
! Y$Z$; " L"5=" :" 5$M$F"#@:3"N
F$2 A2$;;=" :" F@Ar^ #@; Y"M5@2 @
M$Y@:5aBM" $ 2$A$5?2 @ #@:"L2@N 94?3@3" @" @L2?2 @ 5@#A@ 3" A"25@B
#@M@;N

 -L‘$5"; F"M"F@3"; :" A"25@B#@M@;


W$2?E?F@2 ;$#A2$ " E$Fc@#$:5" F"2B A"3$# ;$2 3@:?E?F@3"; @" @L2?2 @
2$5" 3" F@Ar^ A@2@ $Y?5@2 [4$ ;$ @L2@ 5@#A@N
$# #"Y?#$:5"N - ;?;5$#@ ;?:@M?Z@
@52@Y_; 3$ M4ZB$;A?@ $;A$FXE?F@ ;$ "
F@Ar $;5a @L$25"N
!
!=" 52@:;A"25@2 A$;;"@; :" A"25@B
#@M@;N ’L2?:3" " A"25@B#@M@; @F$:3$B;$
4#@ Mf#A@3@ A@2@ @ ?M4#?:@<=" 3"
- $;A@<" 3" A"25@B#@M@; _ 3$;B Y="N
5?:@3" $qFM4;?Y@#$:5$ @" 52@:;A"25$
3$ F@2b@;N ’ E?# 3$ $Y?5@2 M$;]$;
b2@Y$;^ A$;;"@; 3$Y$# ;$#A2$ ;$2
’$)-
# $  % 52$ "; $:F";5"; 3"; L@:F"; 3@ E2$:5$ $
,$b42@2 :" A4q@3"2  $ @L@?q@2 " @;;$:5" 2$L@5?3" 3" L@:F" 3$ 52a;N
@ A"25@^ ;"M5@:3"B@ [4@:3" $;5?Y$2 
A2hq?#@ 3" E$Fc@#$:5"N 9$25?E?F@2B !=" F"M"[4$ "L‘$5"; ;"L2$ @ F"B

;$ 3" F"#AM$5" E$Fc@#$:5" 3@ 5@#A@ L$2542@ 3" A"25@B#@M@;N
9"M"F@2 @F$;;h2?"; :@ F"L$2542@ 3"
3" A"25@B#@M@;N
A"25@B#@M@; "4 :@ 5@#A@ 3" A"25@B "
   ;  ,. +    %
& #@M@; s@M5"BE@M@:5$;^ ;A"?M$2^ $5FN^ $qB
F$5" [4@:3" A2$Y?;5" A$M" E@L2?F@:5$t
12"F$3$2 3$ @F"23" F"# "; A@;;"; A"3$ A2$‘43?F@2 " F"22$5" E4:F?":@B
@ ;$b4?2% #$:5" 3"; @#"25$F$3"2$; M@5$2@?; @
ba; 3@ A2hA2?@ 5@#A@N

 & <=  , &   % &

!
 ’:5$; 3$ 2$L@5$2 " $:F";5"^ 2$#"B
,$ " Y$XF4M" $;5?Y$2 3$;52@:F@3"^ Y$2 [4@M[4$2 "L‘$5" A2$;$:5$ :" @;B
3$Y$B;$ A2$;;?":@2 " L"5=" 3$ E$B ;$:5" 3" L@:F"N
Fc@#$:5" @:5$; 3$ 52@:F@2 " A"25@B  ,"M5@2 @; $q52$#?3@3$; ;4A$2?"2$; -L;$2Y$ ;$#A2$ @; 2$F"#$:3@B
#@M@;N ,$ " F@22" $;5?Y$2 52@:F@3"^ " 3"; 3"?; 5?2@:5$;^ 3$;A2$:3$:3" <]$; 3$;5$ #@:4@MN
A"25@B#@M@; ;$2a LM"[4$@3" @45"#@B @; @2b"M@;  3"; A?:"; $N
5?F@#$:5$ [4@:3" E"2 E$Fc@3" ;$ :$B  *$;52@Y@2 @ F"L$2542@ 3" A"25@B ’ @#AM?@<=" A@2F?@M 3" A"25@B
:c4#@ Fc@Y$ E"2 3$5$F5@3@ $# ;$4 #@M@; 3"; A?:"; $ 2$#"Y\BM@N #@M@; A$2#?5$ 52@:;A"25@2 4# "4
?:5$2?"2N
3"?; A@;;@b$?2"; :" L@:F" 52@;$?2"^
(#@ Y$Z 2$5?2@3@^ @ ;4A$2EXF?$ F":E"2#$ " 2$L@5?#$:5" 3" $:F";5"N
A"3$ ;$2 A";5@ 52@:;Y$2;@M#$:5$ $:B
’$)!
12"F$3$2 ;$b4?:3" @; 2$F"#$:3@B $   !  ) & 
<]$; 3@ ;$<=" pC@:F";p :" F@AX54M"   %
p9":c$F$:3" " ;$4 Y$XF4M"pN  
d A";;XY$M 2$@M?Z@2 @ @L$2542@ 3"
A"25@B#@M@; $# F@;" 3$ $#$2b\:F?@N K
# '<=   >     .A%
A  1@2@ 45?M?ZaBM@^ A2"F$3$2 F"#" @ -; $[4?A@#$:5"; $;5=" 3?;52?L4XB
;$b4?2% 3"; :" c@L?5aF4M" 3" Y$XF4M" F":B
+;5=" 3?;A":XY$?; b@:Fc"; A@2@ E"2#$ @ ;$b4?2N
@#@22@<=" 3$ L@b@b$:; :" ?:5$2?"2
JN 1@2@ Y$XF4M"; F"# L@:F"
3" A"25@B#@M@;N +;5a 3?;A":XY$M
52@;$?2" L?A@25?3"^ 3$;52@Y$ "
5@#L_# 4# b@:Fc"  3$ F@3@ %
$:F";5" 3" L@:F" 52@;$?2" $
M@3" :@ M@5$2@M 3" A"25@B#@M@; A@2@
2$FM?:$B"^ F"#" ?:3?F@3" $#
F"M"F@2 ;@F"M@;^ L"M;@;^ $5FN +;;$;
x@#AM?@<=" 3" A"25@B#@M@;z
b@:Fc"; ;4A"25@# :" #aq?#" O ibN
:$;5$ F@AX54M"N !
ON *$:52" 3" F"#A@25?#$:5" 3$ !=" Y?@‘@2 F"# @ 5@#A@ 3" A"25@B
L@b@b$:; ‘4:5" @ E$Fc@342@^ M4Y@; @L$25@N
@54@2 :@ 52@Y@ 3$ @L$2542@  :"
;$:5?3" 3@ ;$5@N +# F@;" 3$ @F?3$:5$^ A"3$ E$2?2 ";
"F4A@:5$; 3"; M4b@2$; 3?@:5$?2";N

1@2@ @L2?2 " A"25@BM4Y@;^ A2"F$3$2


3" ;$b4?:5$ #"3"%

 ’54@2 :" A4q@3"2  A@2@ @L2?2 "


A"25@BM4Y@;N

’$)"
1@2@ "2?$:5@2 :" ;$:5?3" M@5$2@M^   
2$5?2aBM@ 3" b@:Fc" 3" M@3" 3" $;A$B
+;5a A2$Y?;5" 4#@ 5"#@3@ 3$ F"2B
Mc" 2$52"Y?;"2 ?:5$2:" $ b?2aBM" A@2@ @
2$:5$ A@2@ @M?#$:5@<=" 3$ @F$;;h2?";
‘@:$M@ M@5$2@MN
$M_52?F"; sF@22$b@3"2 3$ F$M4M@2^ @;B
!@ A@25$ 3$ 52a; 3" A@2@B;"M 3" M@3" A?2@3"2 3$ Ah^ $5FNtN +;5a ;?54@3@
3" #"5"2?;5@ $;5a A2$Y?;5" 4# A"25@B :" F":;"M$ F$:52@MN R4:F?":@ @A$:@; "
3"F4#$:5";N F"# @ Fc@Y$ 3$ ?b:?<=" :@ A";?<="
N
1@2@ @Mb4#@; Y$2;]$;^ @52a; 3"
’L2?:3" " A"25@BM4Y@; @F$:3$B;$ A@2@B;"M^ $;5=" A2$Y?;5"; $;A$Mc"; 3$ 1@2@ @F$;;aBM@^ M$Y@:5@2 @ F"L$2542@
4#@ Mf#A@3@ A@2@ @ ?M4#?:@<=" 3" F"25$;?@N N
Y="N


!=" ?:;$2?2 :" A"25@BM4Y@; "L‘$5";
3$ 3?#$:;]$; 5@?; [4$ :=" A$2#?5@#
" E$Fc@#$:5" F"#AM$5"N ’M_# 3?;;"^
342@:5$ @ #@2Fc@^ F$25?E?F@2B;$ 3$
[4$ " A"25@BM4Y@; $;5a A$2E$?5@#$:5$
E$Fc@3"N
1@2@ @F$;;@2 @" $;A$Mc"^3$;M?Z@2 @ 
% 5@#A@ A@2@ @ 3?2$?5@N
!=" ?:52"34Z?2 :@ 5"#@3@ @A@2$B
-; A@2@B;h?; $:F":52@#B;$ @" M@3" Mc"; F"# A"5\:F?@ ;4A$2?"2 @ J~G §N
3" $;A$Mc" 2$52"Y?;"2 ?:5$2:"N 1"3$# ’M_# 3?;;"^ :=" 3@:?E?F@2 @ 5"#@3@
;$2 "2?$:5@3@; A@2@ @ E2$:5$ $ A@2@ "; 4;@:3" @A@2$Mc"; ?:@3$[4@3";N
M@3";N

’$)%
&@:$‘aBM" F"# F@45$M@ $ $Y?5@2 [4$
  F2?@:<@; " 45?M?Z$#^ A"?; ca A$2?b" 3$
’:5$; 3$ ?:;5@M@2 4# @F$;;h2?"^ ,$ c"4Y$2 3vY?3@; F"# 2$M@<=" e ?:F\:3?" "4 [4$?#@342@;N
2$F"#$:3@B;$ Y$2?E?F@2 :@  F":E"2#?3@3$ 3" AM4b4$ 3" @F$;;hB
  , & #  @ 3?;A":?L?M?3@3$ 2?" @ ;$2 45?M?Z@3"^ 2$F"#$:3@B;$ Y$B !@ Y$2;]$; F"# 5"#@3@ 3$ F"2B
3$ @F$;;h2?"; "2?b?:@?; c"#"M"b@3"; 2?E?F@2 F"# " E@L2?F@:5$ ;$ " #$;#" 2$:5$ _ A";;XY$M F":$F5@2 4#@ @F$:B
$ ;4@ F"#A@5?L?M?3@3$ A@2@ 4;" $# @5$:3$ e; $;A$F?E?F@<]$; Y?b$:5$;N 3$3"2N
;$4 Y$XF4M" R?@5N

*$Y?3" e b2@:3$ Y@2?$3@3$ 3$ 


@F$;;h2?"; $M_52?F"; [4$ A"3$# ! W$2?E?F@2 ‘4:5" e    , &
;$2 F":$F5@3"; @ $;5@ 5"#@3@ 3$ #  ;$ " #"3$M" [4$ Y"F\ @3[4?B
F"22$:5$^ 2$F"#$:3@B;$ $;A$F?@M - AM4b4$ 3" @F$;;h2?" 3$Y$ ;$
2?4 ;4A"25@ @ ?:;5@M@<=" 3$;;$ 3?;B
F4?3@3" :@ 45?M?Z@<=" 3"; #$;#";^ @‘4;5@2 A$2E$?5@#$:5$ e #$3?3@ 3@
A";?5?Y"N !$;;$ F@;"^ 2$F"#$:3@B;$
"L;$2Y@:3" ;$ @5$:3$# @; $;A$F?E?B 5"#@3@ 3$ F"22$:5$N
#@:$‘@2 " @F$:3$3"2 F"# F@45$M@ $
F@<]$; @ ;$b4?2% >;;" _ ?#A"25@:5$ A"?; $Y?5@ #@4 $Y?5@2 [4$ F2?@:<@; " 45?M?Z$#^ A"?;
F":5@5" "4 ;4A$2@[4$F?#$:5" F"# ca A$2?b" 3$ ?:F\:3?" $ [4$?#@342@;
 ,"#$:5$ A"3$# ;$2 F":$F5@3"; 2?;F" 3$ ?:F\:3?"N 3$Y?3" @" F@M"2 b$2@3" A$M" 3?;A";?B
@F$;;h2?"; F"# A"5\:F?@ @5_ J~G 5?Y"N
§@55;N

 1@2@ A2$Y$:?2 3@:";^ " F"2A" 3"

AM4b4$ 3" @F$;;h2?" 3$Y$ ;$2
M@2b" " ;4E?F?$:5$ A@2@ ;$2Y?2 W$2?E?F@2 ;$#A2$ @ $E$5?Y@ 3$;@5?Y@B
F"#" b4?@ 3$ F$:52@M?Z@<="^ <=" 3" @F$:3$3"2 @Ah; 45?M?ZaBM"N
!
[4@:3" $;5$ $;5?Y$2 ?:;$2?3" :@
5"#@3@ 3$ F"22$:5$N - @F$:3$3"2 3$ F?b@22"; @MF@:<@
5$#A$2@542@; $M$Y@3@;N 
!=" ?:52"34Z?2 :@ 5"#@3@ @A@2$B
Mc"; F"# A"5\:F?@ ;4A$2?"2 @ J~G §N

’$)&
’M_# 3?;;"^ :=" 3@:?E?F@2 @ 5"#@3@ %5 1 *+ 2
4;@:3" @A@2$Mc"; ?:@3$[4@3";N
+;5a A2$Y?;5" 4# A"25@BhF4M"; M"F@B
M?Z@3" @F?#@ 3@ A"25@ 3" #"5"2?;5@N
  $  1
42
"
+;5a M"F@M?Z@3" $:52$ "; L@:F"; 3?B
@:5$?2";N
- @A"?" 3$ L2@<"; A"3$ ;$2 2$b4B
MaY$M^ @54@:3" :" ;$:5?3" ?:3?F@3"     1 4%
A$M@; ;$5@;N 2
’ @M<@ A"3$ ;$2 45?M?Z@3@ 342@:5$
@; E@;$; 3$ $:52@3@u;@X3@ 3" c@L?5aB
F4M" "4 F"#" @A"?" $# 5$22$:"; A@2B  $ 1 42
5?F4M@2#$:5$ @F?3$:5@3";N ’; A"25@; (,C $;5=" M"F@M?Z@3@; :"
F":;"M$ F$:52@MN
’ A"25@ (,C :@ A@25$ 3?@:5$?2@ 3"
F":;"M$ $;5a @F"#A@:c@3@ 3$ 4#@
$:52@3@ @4q?M?@2N

%7% 1
42
!" F":;"M$ F$:52@M $q?;5$# ;$3$;
[4$ A"3$# ;$2 45?M?Z@3@; F"#"
A"25@BF"A";uA"25@BM@5@;N

’$)(
  $         $6    % +>  .&     
, & 1 *+ 2
R4:F?":@# ;"#$:5$ F"# @ Fc@Y$ C"5=" A@2@ @5?Y@2u3$;@5?Y@2 #@:4B
3$ ?b:?<=" :@ A";?<=" ^ $qF$5" @M#$:5$ @ E4:<=" 3$ M4Z$; 3$ :$LM?:@
M4Z$; 3$ $#$2b\:F?@N 3?@:5$?2@ s;$ $[4?A@3"t
1@2@ @Mb4#@; Y$2;]$;^ [4@:3" 4#@
E4:<=" _ M?b@3@^ @F$:3$B;$ @ M4ZB $ %     1  & A+&%
$;A?@ F"22$;A":3$:5$ ;?54@3@ :" [4@B   2 1 *+ 2
32" 3$ ?:;524#$:5";N 1@2@ 3$;M?b@2^ C"5=" F"# )+* 3$ ?:3?F@<=" 3$
L@;5@ @A$25@2 :"Y@#$:5$ " L"5="N E4:<=" @5?Y@3@ A@2@ @5?Y@2u3$;@5?Y@2
-; L"5]$; $;5=" M"F@M?Z@3"; :" A@?B #@:4@M#$:5$ @; E4:<]$; ’,D $ ..9
:$M F$:52@M^ @L@?q" 3"; 3?E4;"2$; F$:B s;$ $[4?A@3"t

  $        , % 52@?; 3" @2BF":3?F?":@3"N -; ;?;5$#@; ’,D $ ..9 s;$ $[4?B
& 1 *+ 2 A@3"t ;=" ?:5$b2@:5$; 3" ;?;5$#@ +,9
$ @54@# :@; 2"3@; #"52?Z$;^ @‘4B
3@:3" " #"5"2?;5@ @ F":52"M@2 " Y$XB
F4M"N

 %     U 1 *+ %


2
C"5=" F"# ?:3?F@<=" 3$ E4:<="
@5?Y@3@ A@2@ c@L?M?5@2u3$;@L?M?5@2 #@B
:4@M#$:5$ " ;?;5$#@ ,5@25¥,5"AN

 R4:<=" 3$;@L?M?5@3@% )+* @F$;"


 R4:<=" c@L?M?5@3@% )+* @A@b@3"

’$))
 % +>    AL ,  @; } A"25@; $;5?Y$2$# E$Fc@3@; $ 52@B <=" 3$ Fc@Y$ M?b@3@ $ Fh3?b" $M$52rB
C"5=" F"# ?:3?F@<=" 3$ E4:<=" Y@3@; A"2 #$?" 3" L"5=" 52@Y@BA"25@; :?F" sR?@5 9"3$t 2$F":c$F?3"N
A@2@ M?b@2 $ 3$;M?b@2 @; M4Z$; 3$ $#$2B "4 ;$ @ Y$M"F?3@3$ 3" Y$XF4M" E"2 ;4B
b\:F?@N ’F$:3$#B;$ @A$25@:3" M$Y$B A$2?"2 @ OG i#ucN # %   ,<=   .A  %
#$:5$ " L"5=" ^ ?:3$A$:3$:5$ 3@ 1@2@ Y$XF4M"; $[4?A@3"; F"# A   ;
A";?<=" 3@ Fc@Y$ 3$ ?b:?<="N 9"# @M@2#$^ [4@:3" @; A"25@; E"2$# 1";?<=" A@2@ ?:3?F@<=" 3$ @?2L@b "
" 3?;A";?5?Y" M?b@3"^ "; ?:3?F@3"B 52@Y@3@; #$F@:?F@#$:5$ A$M@ Fc@Y$ 3$ A@;;@b$?2" @5?Y@3"u3$;@5?Y@3"N
2$; ^ :" [4@32" 3$ ?:;524#$:5"; "4 A$M" 5$M$F"#@:3"^ " L"5=" 52@Y@B w4@:3" " @?2L@b $;5a 3$;@5?Y@3" "
?M4#?:@#B;$ 3$ #"3" ?:5$2#?5$:5$N A"25@; ;$2a 3$;@L?M?5@3" $ " )+* 3$ XF":$ @F$:3$B;$ F"# M4Z E?q@N
;?:@M?Z@<=" 3" @M@2#$ sA2hq?#" @"
A@2@BL2?;@t M@#A$‘@2a @5_ [4$ @; %  .<  ;     
 A"25@; ;$‘@# 3$;52@Y@3@;N
+# F@;" 3$ @Y@2?@ 3$ 4#@ "4 #@?; C"5=" F"# ?:3?F@<=" 3$ E4:<="
Mf#A@3@; 3"; ?:3?F@3"2$; 3$ 3?2$B ,$ 4#@ 3@; A"25@; 3" Y$XF4M" :=" @5?Y@3@ :" [4@32" 3$ ?:;524#$:5";
<="^ @" @F?":@2 " L"5="^ @; M4Z$;B $;5?Y$2 L$# E$Fc@3@ " 52@Y@#$:5" A@2@ M?b@2u3$;M?b@2 " 3$;$#L@<@3"2
$;A?@ 2$;A$F5?Y@; M@#A$‘@2=" F"# F$:52@M?Z@3" 3@; A"25@; ;$2a 2$F4B 3" Y?32" 52@;$?2"N
4#@ E2$[4\:F?@ #@?"2 [4$ " :"2#@MN ;@3"N

 %  ;  7 ;       


  ,$ @; A"25@; 5?Y$2$# ;?3" 52@:F@3@; 
C"5=" F"# ?:3?F@<=" 3$ E4:<=" #$F@:?F@#$:5$ "4 A"2 #$?" 3" 5$B

@5?Y@3@ :" ?:5$224A5"2 A@2@ " 52@Y@B M$F"#@:3" 3@ Fc@Y$^ " L"5=" 3$ E$B
#$:5"u 3$;52@Y@#$:5" F$:52@M?Z@3" Fc@#$:5" F$:52@M?Z@3" ;$2a 3$;@L?B +# @Mb4#@; Y$2;]$;^ " Y$XF4M" A";B
3@; E$Fc@342@; 3@; A"25@;N - )+* M?5@3"N !$;5@ F":3?<=" " L"5=" ;"B ;4? 34@; L@22@; M":b?543?:@?; [4$^ 45?B
3$ ;?:@M?Z@<=" $;5@2a ;$#A2$ @F$;" #$:5$ ;$2a 2$@L?M?5@3" [4@:3" c"4B M?Z@3@; ‘4:5@#$:5$ F"# L@22@; 52@:;B
[4@:3" @" #$:"; 4#@ 3@; } A"2B Y$2 4# F"#@:3" 3$ 3$;52@Y@#$:5" Y$2;@?; $;A$FXE?F@;^ :=" A"3$# $qF$B
5@; $;5?Y$2 @L$25@ "4 3$;52@Y@3@ $ @ 3@; A"25@; #$F@:?F@#$:5$ "4 A"2 3$2 @ F@A@F?3@3$ #aq?#@ 3$ F@2b@
Fc@Y$ 3$ ?b:?<=" $;5?Y$2 :@ A";?<=" #$?" 3" 5$M$F"#@:3"^ "4 :@ F":3?B 3?;52?L4X3@ 3$ IG ibN
N - )+* $;5@2a @A@b@3" [4@:3"
’$)*
& 
!
  
D$;A$?5@2 2?b"2";@#$:5$ @; 3?;A"B  K
;?<]$; M$b?;M@5?Y@; Y?b$:5$; 2$M@5?Y@; -; ;?;5$#@; 45?M?Z@3"; A@2@ 2$34Z?2
e; #$3?3@; #aq?#@;N @; $#?;;]$; 3"; #"5"2$; RM$q ;="%
9":;4M5$ ;$#A2$ @; A4LM?F@<]$; 3$ F":Y$2;"2 F@5@MX5?F"^ ;":3@ M@#L3@ $
L"23"N ;?;5$#@ @:5?$Y@A"2@<="N

 &<=  .    ;  
! ’; L@22@; 52@:;Y$2;@?; A"3$# ;$2
?:;5@M@3@; :@ A2$;$:<@ 3@; L@22@; M":B !
’:5$; 3$ A2";;$b4?2^ F$25?E?F@2B;$
3@ F"22$5@ #":5@b$# 3@; L@22@; b?543?:@?;N !" ;$4 E4:F?":@#$:5"^ " F":Y$2B
52@:;Y$2;@?;N ;"2 F@5@MX5?F" 3$;$:Y"MY$ $M$Y@3@;
9":;4M5@2 @; ?:3?F@<]$; 3$ ?:;5@B 5$#A$2@542@;N
-L;$2Y$ 5"3" " ;?;5$#@ 3$ E?q@<=" M@<=" :@; L@22@; 52@:;Y$2;@?; @3[4?2?B
A@2@ A2";;$b4?2 @ #@2Fc@ F"# ;$b4B 3@;N 1@2@ #@?; ?:E"2#@<]$;^ 3?2?b?2B 1"25@:5"^ :=" $;5@F?":@2 " Y$XF4M"
2@:<@N ;$ e    , & # N ;"L2$ #@5$2?@M ?:EM@#aY$M sA"2 $qN
2$MY@^ E"Mc@; ;$F@;^ @b4Mc@; 3$ A?B
:c$?2"^ $5FNt% A$2?b" 3$ ?:F\:3?"N

!   6 %


!4:F@ 4M52@A@;;@2 @; F@2b@; #aq?B 
#@; A$2#?5?3@;N +;5$ Y$XF4M" $;5a $# F":E"2#?3@3$
F"# @; D$;"M4<]$; 9-!’&’ s9":B
1@2@ ;@L$2 @; F@2b@; #aq?#@; A$2B
;$Mc" !@F?":@M 3" &$?" ’#L?$:5$t
#?5?3@;^ F":;4M5@2 " A@2ab2@E" p1$;";p
Y?b$:5$; :@ 3@5@ 3$ ;4@ A2"34<="N
:" F@AX54M" p*@3"; 5_F:?F";pN
’$)+
 $    & 
  
+;5@ ;$<=" 3" #@:4@M E"2:$F$BMc$ 5"3@; @; ?:E"2#@<]$;
v5$?; A@2@ F":c$F$2^ ?:5$2A2$5@2 $ 45?M?Z@2 F"22$5@#$:5$ "
A@?:$M 3$ ?:;524#$:5";N

1’>!+) *+ >!,.D(&+!.-, N N N N N N N N N N N N 9BJ


#
*>,1)’T N N N N N N N N N N N N N N N N N N N N N N N 9B}
9-&1(.’*-D *+ C-D*- N N N N N N N N N N N N 9B7
)(S+, *+ ’*W+D.m!9>’ + &+!,’U+!, N N N N 9BJH
,>,.+&’ *+ *>’U!V,.>9- *+ C-D*- N N N N 9BO~

.
&    

’ 3?;A":?L?M?3@3$ $ @ A";?<=" 3"; ?:;524#$:5"; $ 3"; ;?:@M?Z@3"2$; A"3$# Y@2?@2 $# E4:<=" 3"; ?5$:; "AF?":@?;
@3[4?2?3";u3?;A":XY$?;N

’B *?E4;"2$; 3$ @2 M@5$2@?; CB ’M@Y@:F@ $;[4$23@ sF"#@:3" 3$ E@2"M @M5"uL@?q" $ M4Z$; 3$ 3?2$<="t 9B w4@32" 3$
?:;524#$:5"; *B W"M@:5$ +B ’M@Y@:F@ 3?2$?5@ sF"#@:3" 3$ M?#A$Z@uM@Y@b$# 3"; Y?32";t RB *?E4;"2$; 3$ @2 F$:52@?; UB
9"#@:3"; 3" @2BF":3?F?":@3" 8B 1"25@BM4Y@;

.$!
4  
  &: +& 0+ ,  &
’ ?M4#?:@<=" 3"; b2aE?F"; $ @ ;$2?b2@E?@ 3" [4@32" 3$ ?:;524#$:5"; A"3$# Y@2?@2 F":E"2#$ @; Y$2;]$;N

’B W$M"FX#$52"  CB >:3?F@3"2 3?b?5@M 3@ 5$#A$2@542@ 3" MX[4?3" 3$ @22$E$F?#$:5" 3" #"5"2 F"# M4ZB$;A?@ 3$
5$#A$2@542@ #aq?#@  9B *?;AM@y #4M5?E4:F?":@M  *B >:3?F@3"2 3?b?5@M 3" :XY$M 3$ F"#L4;5XY$M F"# M4ZB$;A?@ 3$
2$;$2Y@ s" 52?f:b4M" A2$;$:5$ :" M@3" 3?2$?5" "4 @L@?q" 3" ;X#L"M" ?:3?F@ " M@3" 3" Y$XF4M" :" [4@M $;5a A2$;$:5$
" L"F@M A@2@ " @L@;5$F?#$:5" 3$ F"#L4;5XY$Mt  +B 9":5@Bb?2";

.$"
  &: +& 0+ ,  & , 0 A+ /;&
’ ?M4#?:@<=" 3"; b2aE?F"; 3" [4@32" 3$ ?:;524#$:5"; A"3$# Y@2?@2 F":E"2#$ @; Y$2;]$;N

’B W$M"FX#$52"  CB >:3?F@3"2 3?b?5@M 3@ 5$#A$2@542@ 3" MX[4?3" 3$ @22$E$F?#$:5" 3" #"5"2 F"# M4ZB$;A?@ 3$
5$#A$2@542@ #aq?#@  9B *?;AM@y #4M5?E4:F?":@M 2$F":E?b42aY$M *B >:3?F@3"2 3?b?5@M 3" :XY$M 3$ F"#L4;5XY$M F"#
M4ZB$;A?@ 3$ 2$;$2Y@ s" 52?f:b4M" A2$;$:5$ :" M@3" 3?2$?5" "4 @L@?q" 3" ;X#L"M" ?:3?F@ " M@3" 3" Y$XF4M" :" [4@M
$;5a A2$;$:5$ " L"F@M A@2@ " @L@;5$F?#$:5" 3$ F"#L4;5XY$Mt  +B 9":5@Bb?2";

.$%
  $ 9"# @ Fc@Y$ 3$ ?b:?<=" :@ A";?B 3  +      &: 12
<="  s$ @ Fc@Y$ $q52@X3@^ A@2@
’ ;$2?b2@E?@ 3"; ?:;524#$:5"; A"3$ 8"2@^ U$@2 ,c?E5 >:3?F@5"2 s?:3?B
Y$2;]$; F"# Fc@Y$ #$Ff:?F@t^ F"#
Y@2?@2 $# E4:<=" 3@ Y$2;=" 3" Y$XB F@<]$; 3@ #43@:<@ 3$ Y$M"F?3@3$t
@ @L$2542@uE$Fc@#$:5" 3$ 4#@ A"25@^
F4M"N s;$ $[4?A@3"t^ ?:3?F@<=" 3$ #@2Fc@
" 3?;AM@y @5?Y@B;$ #";52@:3" 342@:5$
s@A$:@; Y$2;]$; F"# Ff#L?" @45"B
’" F"M"F@2 @ Fc@Y$ 3$ ?b:?<=" :@ @Mb4:; ;$b4:3"; @ c"2@^ 3@5@ $ ";
#a5?F" $ U,D 9"#E"25t^ 5$#A$2@542@
A";?<=" I "; A":5$?2"; 3" F":5@B [4?Mr#$52"; 5"5@?; A$2F"22?3";N
$q5$2?"2^ 3@5@N
b?2"; $ 3" Y$M"FX#$52" A$2F"22$#
5"3@ @ $;F@M@ $ 2$5"2:@# :" ?:XF?" 3$B ,=" 5@#L_# A";;XY$?; 3$ ;$2$# ;$B
#":;52@:3" E4:F?":@#$:5" :"2#@M G # M$F?":@3"; @; ;$b4?:5$; ?:E"2#@<]$;%
3"; ?:;524#$:5";N !" 3?;AM@y^ F":E"2#$ F":E?b42@B
1@2@ " 3?;AM@y #4M5?E4:F?":@M^ 34@; <="^ A"3$# ;$2 Y?;4@M?Z@3@; @; ;$B  9":;4#" #_3?"N
L@22@; M@5$2@?; ;$2=" Y?;4@M?Z@3@; E@B b4?:5$; ?:E"2#@<]$;%  ’45":"#?@ 3$ F"#L4;5XY$MN
Z$:3" " xFc$Fiz 3$ E4:F?":@#$:5"  >:E" @43?"N
F"# ;$4; 2$;A$F5?Y"; ?3$"b2@#@;N ’
3@ 3?2$?5@ #";52@:3" " :XY$M 3$ F"#B 3  ,  &    &: 1$2
L4;5XY$M $ @ 3@ $;[4$23@ #";52@:3"
@ 5$#A$2@542@ 3" MX[4?3" 3$ @22$E$F?B W$M"F?3@3$ 3" Y$XF4M"^ #$:B
#$:5" 3" #"5"2N ;@b$:; 3$ @3Y$25\:F?@u$Y$:54@?;
;?:@M?Z@<]$; 3$ @Y@2?@N
,=" 5@#L_# A";;XY$?; 3$ ;$2$# Y?B
 &* ;4@M?Z@3@; @; ;$b4?:5$; ?:E"2#@<]$;%

 >:E"2#@<]$; 3" Y$?F4M"N
- Y$XF4M" A"3$ $;5@2 $[4?A@3"  .2?A ’ u .2?A C u +F":"#?@N
F"# 3?;AM@y #4M5?E4:F?":@M "4 #4MB
5?E4:F?":@M 2$F":E?b42aY$M^ F@A@Z 3$  !@Y$b@2 $:52$ @; F":E?b42@<]$;N
"E$2$F$2 ?:E"2#@<]$; v5$?; @" F":34B
5"2 342@:5$ @ F":34<=" 3" Y$XF4M"N

.$&
3  0     &: 12 3  +      &: 12
w4?Mr#$52"; 5"5@?; A$2F"22?3"; $ 8"2@^ 5$#A$2@542@ $q5$2?"2^ ?:3?F@B
XF":$; 3$ $Y$:54@?; ;?:@M?Z@<]$; 3$ <]$; 3@ Lv;;"M@ s;$ $[4?A@3"t^ 3@5@N
@Y@2?@N
,=" 5@#L_# A";;XY$?; 3$ ;$2$# ;$B
M$F?":@3"; @; ;$b4?:5$; ?:E"2#@<]$;%
G # %
# 3  9":;4#" #_3?"N
’ M"F@M?Z@<=" 3@; ?:E"2#@<]$; :"  ’45":"#?@ 3$ F"#L4;5XY$MN #
3?;AM@y 2$F":E?b42aY$M A"3$ ;$2 F":B  >:E" @43?"N
E?b42@3@ @52@Y_; 3" #$:4 p9":E?bN
5$M@pN 3  ,  &    &: 1$2
!" 3?;AM@y^ 3$ @F"23" F"# " [4$ W$M"F?3@3$ 3" Y$XF4M"^ #$:B
$;5a F":E?b42@3"^ ;=" Y?;4@M?Z@3@; @; ;@b$:; 3$ @3Y$25\:F?@u$Y$:54@?;
;$b4?:5$; ?:E"2#@<]$;% ;?:@M?Z@<]$; 3$ @Y@2?@N

3  0     &: 12
w4?Mr#$52"; 5"5@?; A$2F"22?3";^
XF":$; $ $Y$:54@?; ;?:@M?Z@<]$; 3$
@Y@2?@;N ’52@Y_; 3" U,> " F":345"2 _ @Y?B
;@3" [4$ @ A@;;@b$# A@2@ "452@ #@2B
 #  1 *+ % Fc@ A$2#?5?2?@ 4#@ $F":"#?@ $# 5$2B
2 #"; 3$ F":;4#";N

- ;?;5$#@ U$@2 ,c?E5 >:3?F@5"2 sU,>t w4@:3" :" 3?;AM@y @A@2$F$ "
;4b$2$ @" F":345"2 [4$ $E$54$ 4#@ XF":$ ,8>R. (1 s ,8>R.t^ " U,>
#43@:<@ 3$ #@2Fc@ @52@Y_; 3$ 4#@ ;4b$2$ A@;;@2 A@2@ 4#@ #@2Fc@
?:3?F@<=" $;A$FXE?F@ :" 3?;AM@yN F"# 2$M@<=" ;4A$2?"2 s#@?; M":b@t

.$(
$ [4@:3" @A@2$F$ " XF":$ ,8>R. A@2@ 2$3$E?:?2 @; E4:<]$; Y?;4@M?Z@B
*-§! s ,8>R.t^ " U,> ;4b$2$ 3@;u;$M$F?":@3@;N
A@;;@2 A@2@ 4#@ #@2Fc@ F"#
,  +.  +( 3$A"?; 3$
2$M@<=" ?:E$2?"2 s#@?; F425@tN
5$2 ;$M$F?":@3" @ "A<=" 3$ &$:4
’ ?:3?F@<=" A$2#@:$F$ Y?;4B 3$;$‘@3@^ A2$;;?":@2 " L"5=" A@2@
@M?Z@3@ :" 3?;AM@y @5_ [4$ ;$‘@ 5$2 @F$;;" @"; Ya2?"; ;4L#$:4;N
$E$54@3@ 4#@ #43@:<@ 3$ #@2Fc@
?   + , &( A2$;;?"B
"4 @5_ @; F":3?<]$; 3$ F":34<="
:@2 " L"5=" N
$:52$# $# 4# A$2E?M 3$ #?;;=" 5@M
[4$ :=" _ :$F$;;a2?@ 4#@ #43@:<@ 1$2#?5$# ;$M$F?":@2 $ ?:5$2@b?2
3$ #@2Fc@ A@2@ "5?#?Z@2 " F":;4#" F"# @; "A<]$; 3" p&$:4 A2?:F?A@Mp  
3$ F"#L4;5XY$MN 3" 3?;AM@y sF":;4M5@2 " A@2ab2@E"
p&$:4 A2?:F?A@MptN - &$:4 A2?:F?A@M _ F"#A";5" A"2
4#@ ;_2?$ 3$ "A<]$; F4‘@ ;$M$<="^
2$@M?ZaY$M @52@Y_; 3"; L"5]$; 3$ F"B
&   u % A2$;;?":@2 $ ;"M5@2 ";
#@:3"^ A$2#?5$ " @F$;;" @ 3?Y$2;@;
 L"5]$; A@2@ 5$2 @F$;;" @" &$:4
"A<]$; 3$ $;F"Mc@ $ 3$E?:?<=" ?:3?B
A2?:F?A@M $ A@2@ A$2F"22$2 A@2@
F@3@; @ ;$b4?2N
$6   F?#@ "4 A@2@ L@?q" @; Ya2?@; "AB
+;5=" M"F@M?Z@3"; :" M@3" $;[4$23" <]$; 3" &$:4 $ 3"; ;4L#$:4;N
3" Y"M@:5$N  u % A2$;;?":@2 $ ;"M5@2 "; 
L"5]$; A@2@ 5$2 @F$;;" e; 5$M@; 3$ ’ #"3@M?3@3$ 3$ Y?;4@M?Z@<=" 3@;
?:E"2#@<]$; "4 @"; ;4L#$:4; 3$ "A<]$; 3" &$:4 s?:3?F@<]$; #@?v;B
4#@ "A<=" 3" &$:4 A2?:F?A@MN F4M@; "4 #?:v;F4M@;t Y@2?@ $# E4:B
<=" 3" 5?A" 3$ 3?;AM@yN
9( A2$;;?":@2 " L"5=" A@2@ 5$2
@F$;;"u;$M$F?":@2 @; 5$M@; 3$ ?:E"2B
#@<]$; "4 "; ;4L#$:4; 3$ 4#@ "AB 
<=" 3" &$:4 A2?:F?A@MN &@:5$2 " L"B 1@2@ @Mb4#@; $:52@3@; $;5a A2$Y?;5"
5=" A2$;;?":@3" 342@:5$ O ;$b4:3" 4# ;4L#$:4N
.$)
&,?   ,    , .+?;& 1,  C

 .C2
!@ A2$;$:<@ 3$ ;?;5$#@ (F":B +;5@ "A<=" 3$ &$:4 A$2#?5$ Y?;4@B
:$F5¢^ @Mb4#@; "A<]$; 3" &$:4 M?Z@2 :" 3?;AM@y @ Y$M"F?3@3$ 3" Y$XB +;5@ "A<=" 3$ &$:4 A$2#?5$ Y?;4B
;=" Y?;4@M?Z@3@; $ b$2?3@; :" 3?;AM@y F4M"N @M?Z@2 :" 3?;AM@y @; ?:E"2#@<]$; 2$B
3$;5$ vM5?#" $ :=" :" 3?;AM@y 3" [4@B M@5?Y@; @" F":;4#" 3$ F"#L4;5XY$M
(#@ Y$Z Y?;4@M?Z@3@ @ Y$M"F?3@3$
32" 3$ ?:;524#$:5"; sF":;4M5$ @; ?:B s?:;5@:5f:$"^ #_3?" $ @45":"#?@t
:" 3?;AM@y^ A2$;;?":@:3" " L"5=" 9
3?F@<]$; :" ;4AM$#$:5" $;A$FXE?F"tN _ A";;XY$M 3$E?:?2 @ 4:?3@3$ 3$ #$B
3?3@ spi#ucp "4 p&18pt A@2@ Y?;4@M?B  0 ;?,+& 1 0 <) .  
Z@2 @ Y$M"F?3@3$N   ;?,+&2 #
6  
+;5@ "A<=" 3$ &$:4 A$2#?5$ Y?;4B
’ 3$;F2?<=" @ ;$b4?2^ @A2$;$:5@ "  1 7 $2 @M?Z@2 :" 3?;AM@y @; ?:E"2#@<]$; 2$M@B
#$:4 F"#AM$5" 3" F"#A45@3"2 3$ 5?Y@; @" p$;5@3"p 3" Y$XF4M" sF":;4MB
L"23" 3" Y$XF4M"N 9":;?3$2$ @A$:@; +;5@ "A<=" 3$ &$:4 A$2#?5$ Y?;4@B
5@2 ?:3?F@<]$; @L@?q"tN
@; ?:E"2#@<]$; 3?;A":XY$?; A@2@ " M?Z@2 @; ?:E"2#@<]$; 2$M@5?Y@; @" p.2?A
#$:4u3?;AM@y $;A$FXE?F" 3@ Y$2;=" F"#A45$2p sA@2@ #@?; ?:E"2#@<]$;^
F":;4M5@2 @; ?:3?F@<]$; :" A@2ab2@E"  12$;;=" 3"; A:$4;
@3[4?2?3@N
p.2?A F"#A45$2p :$;5$ F@AX54M"tN W?;4@M?Z@<=" 3@; ?:E"2#@<]$;
- &$:4^ F":E"2#$ @ Y$2;="^ _ 2$M@5?Y@; @" ;?;5$#@ ?.1&,
F":;5?54X3" A$M@; ;$b4?:5$; "A<]$;% ’; ?:E"2#@<]$; Y?;4@M?Z@3@; :" s;$ $[4?A@3"t sA@2@ #@?;
3?;AM@y^ A@2@ " .2?A ’ $ A@2@ " .2?A ?:E"2#@<]$;^ F":;4M5@2 "
C^ ;="% F@AX54M" p,$b42@:<@ptN
 W+)-9n&+.D-
 .D>1  8"2@; 3" #"5"2
 *?;5f:F?@ si# "4 #?Mc@;tN
 >!R- W+n9()-  +q?L$ @ 5"5@M?Z@<=" 3$ c"2@;
 9":;4#" #_3?" s#Ab^ "4
’(*>- 52@L@Mc@3@; 3" #"5"2
 MuJGGi# "4 i#uMtN
&+!,’U+!,  .$#A$2@542@ 3" hM$" 3" #"5"2
  .$#A" 3$ Y?@b$#
s;$ $[4?A@3"tN
 9-!R>UN .+)’ sc"2@;u#?:45";u ;$b4:3";tN
W?;4@M?Z@<=" 3@ 5$#A$2@542@ 3"
 9-!R>U(D’/o+,
hM$" 3" #"5"2N

.$*
 .$#A$2@542@ 3@ 52@:;#?;;=" s;$ [4?Mr#$52"; "4 3?@; [4$ E@M5@# A@2@ 3+  1 +& ><=  0 <)
$[4?A@3"t @ #@:45$:<=" 3" Y$XF4M"N 9":5@5@2 @ /+ 2
W?;4@M?Z@<=" 3@ 5$#A$2@542@ D$3$ ’;;?;5$:F?@M R?@5 [4$ 2$@M?Z@2a^
+;5@ "A<=" 3$ &$:4 A$2#?5$ Y?;4B
3" Ff#L?" @45"#a5?F" s;$ @M_# 3@; "A$2@<]$; 3$ #@:45$:<="
@M?Z@2^ :" 3?;AM@y 3" [4@32" 3$ ?:;B
$[4?A@3"tN A2$Y?;5@; :" x1M@:" 3$ &@:45$:<="
524#$:5";^ @; ?:E"2#@<]$; A2$;$:5$;
 D$Y?;=" s#@:45$:<=" 12"b2@#@3@z " Z$2@#$:5" s2$;$5t 3@
:" 3?;AM@y 3" ;?;5$#@ (F"::$F5¢N
A2"b2@#@3@t s;$ $[4?A@3"t 2$E$2?3@ #$:;@b$#N
’; ?:E"2#@<]$; Y?;4@M?Z@3@; ;="%
W?;4@M?Z@<=" $# i# s"4 #?t "4 ’ #$:;@b$# ;$2a $# i# "4 #?Mc@;
3?@; 2$;5@:5$; A@2@ @ ?:;A$<=" 3$ s[4@:3" 3?;A":XY$Mt 3$ @F"23" F"#
 pDa3?" s’& "4 R&tp% Y?;4@M?Z@<="
#@:45$:<="N @ ;$M$<=" $E$54@3@ :@ 4:?3@3$ 3$
3" :"#$ 3@ $;5@<=" 3$ 2a3?" s;$
 .$:;=" 3@ L@5$2?@ #$3?3@N
3?;A":XY$Mt^ E2$[4\:F?@ $ XF":$
W?;4@M?Z@<=" 3" Y@M"2 3$ 5$:;=" b2aE?F"
s$;5@3" 3$ F@2b@t 3@ L@5$2?@N   p&1Hp% Y?;4@M?Z@<=" 3" 5X54M" "4
’ #$:;@b$# :" 3?;AM@y 3$ xD$Y?B 3" :v#$2" 3@ E@?q@ $# 2$A2"34B
 + <= A   1; =2 ;="z _ F"#AM$#$:5@2 e[4$M@; F":5?B <="N
- x1M@:" 3$ &@:45$:<=" 12"b2@B 3@; :$;5$ #@:4@M :" F@AX54M" x%  p(,Cp% Y?;4@M?Z@<=" 3" 5X54M" "4
#@3@z A2$Y\ @ #@:45$:<=" 3" Y$XB      3" :v#$2" 3@ E@?q@ $# 2$A2"34B
F4M" $# ?:5$2Y@M"; A2$$;5@L$M$F?3";  z $ :"   <="N
sF":;4M5@2 " F@AX54M" x% N d  @ Y$2?E?F@B  p?1"3p% Y?;4@M?Z@<=" 3" 5X54M" 3@
      <=" 3$;5$ F@AX54M" $ 3" &@:4@M 3$ E@?q@ s;$ 3?;A":XY$MtN
z :" ?5$# x  U@2@:5?@ A@2@ @ F"22$5@ #@:45$:<="
 pCM4$5""5cp% Y?;4@M?Z@<=" 3" 5XB
3ztN $ b@2@:5?@ 3" Y$XF4M"N
54M" "4 3" :v#$2" 3@ E@?q@ $#
w4@:3" @ #@:45$:<=" A2"b2@B 2$A2"34<="N
#@3@ sxD$Y?;="zt $;5a A$25" 3"  ’(6 s,$ $[4?A@3"tN
A2@Z" A2$Y?;5"^ 3$;M"F@:3" @ Fc@Y$
3$ ?b:?<=" A@2@ @ A";?<=" ^
:" 3?;AM@y @A@2$F$2a @ #$:;@b$#
xD$Y?;="z ;$b4?3@ 3" :v#$2" 3$
.$+
 A  1; L , 2 ,$M$F?":@:3" $;5@ "A<="^ _ A";;XB  .$M@ 3$ #@2Fc@ s;$ $[4?A@3"t
Y$M Y?;4@M?Z@2 @; F"2$; 3?;A":XY$?; ,$M$F?":@:3" $;5@ "A<="^ _ A";B
+;5@ "A<=" 3$ &$:4 A$2#?5$ Y?B
A@2@ " E4:3" 3$ 5$M@ 3" 3?;AM@yN ;XY$M ;$M$F?":@2 @ #"3@M?3@3$ 3$
;4@M?Z@2 :" 3?;AM@y @; #$:;@b$:; 3$
+;5=" 3?;A":XY$?; @; F"2$;% Y?;4@M?Z@<=" 3@; ?:3?F@<]$; 2$B
?:E"2#@<="u@Y@2?@ #$#"2?Z@3@; A$M"
Y$XF4M"N  ’Z4M M@5?Y@; @" Ff#L?" @45"#a5?F" $
 W$2#$Mc" U,D 9"#E"25^ $;F"Mc$:3" $:52$
B W$2;]$; $[4?A@3@; F"# 3?;AM@y @; ;$b4?:5$; "A<]$;%
#4M5?E4:<]$; 2$F":E?b42aY$M  9?:Z@
 p9@2@F5$2$ v:?F"p% :@ A@25$
!$;5@; Y$2;]$;^ @ F"2 3$ E4:3" 3"  ,4A$2?"2 e $;[4$23@ $ ;4A$2?"2 e 3?2$?5@ 3" 3?;AM@y ;$2a Y?;4@B #
3?;AM@y sY$2;=" F"M"2?3@t Y@2?@ $# 3?2$?5@ M?Z@3@ @ M$52@ 2$M@5?Y@ e A";?B
E4:<=" 3@ A2?"2?3@3$ 3$ @Y@2?@ Y?;4B <=" @;;4#?3@ A$M@ @M@Y@:F@
,$M$F?":@:3" $;5@ "A<="^ _ A";B
@M?Z@3@% 3" Ff#L?" @45"#a5?F" 1I I
;XY$M Y?;4@M?Z@2^ :" 3?;AM@y^ @; ?:B
 + 2N ’Ah; F$2F@ 3$ O
E"2#@<]$; 2$M@5?Y@; @%
 &$:;@b$:; 3$ @Y@2?@ F"# A2?"2?B ;$b4:3";^ @ M$52@ ;$2a Y?;4@M?B
3@3$ L@?q@% 3?;AM@y 3$ F"2 @#@B  !$:c4# sY@Z?"t Z@3@ :@ A";?<=" F$:52@MN
2$M@N  .$#A$2@542@ $q5$2:@N  p1@32="p s3$E?:?<="
 &$:;@b$:; 3$ @Y@2?@ F"# A2?"2?B  8"2@ sc"2@;u#?:45";tN A2$3$E?:?3@t% :@ A@25$ 3?2$?5@
3@3$ @M5@% 3?;AM@y 3$ F"2 Y$2#$B  *@5@ s3?@u#\;tN 3" 3?;AM@y ;$2=" Y?;4@M?Z@3@;
Mc@N  9":;4#" #_3?" ;?#4M5@:$@#$:5$ @; M$52@;
1D!* $ ;$2a $Y?3$:F?@3@
 ’45":"#?@
 0 AC & 1 0 ,<=I , % @ A";?<=" @;;4#?3@ A$M@
 Cv;;"M@ s;$ $[4?A@3"tN @M@Y@:F@ 3$ Ff#L?"N
0   ; =I  0 <) 
  &:  *+    +  2 *42@:5$ " E4:F?":@#$:5"
 9$:52" :@ #"3@M?3@3$ ;$[4$:F?@M
+;5@ "A<=" 3$ &$:4 A$2#?5$ #"3?B !@ a2$@ F$:52@M 3" 3?;AM@y _ A";B sp’45",5?Fipt^ ;$2a Y?;4@M?Z@3@
E?F@2 @ Y?;4@M?Z@<=" 3@; ?:E"2#@<]$; ;XY$M Y?;4@M?Z@2 5"3@; @; ?:E"2#@B @ M$52@  F"# " :v#$2" 3@
$ @; ;4@; A";?<]$; :" 3?;AM@yN <]$;% #@2Fc@ $:b@5@3@ ?:3?F@3@
 .X54M" 3" #$:4 @ ;$b4?2N !" Ff#L?" U,D
 9"2 3" 3?;AM@y sY$2;=" F"M"2?3@t 9"#E"25^ $# #"3" ,A"25^ @
 >:E" 2a3?"
.$,
?:3?F@<=" _ 2$@M?Z@3@ A$M@ ,$M$F?":@:3" @ "A<=" p*?;AM@yp 1@2@ A$2;":@M?Z@2 @; 4:?3@3$; 3$
M$52@  F"# " :v#$2" 3@ _ A";;XY$M Y?;4@M?Z@2 @; ;$b4?:5$; #$3?3@;^ $;5=" 3?;A":XY$?; @; ;$B
#@2Fc@ ?:3?F@3@ @ ;$b4?2N "A<]$;% b4?:5$; "A<]$;%
 W$2 5$M$E":$ % s;$ $[4?A@3"t  9":;4#" 3$ F"#L4;5XY$M
 D$;5@42@2 F":E?bN A$2#?5$ Y?;4@M?Z@2^ :" 3?;AM@y  *?;5f:F?@
,$M$F?":@:3" $;5@ E4:<="^ _ A";B 3" [4@32" 3$ ?:;524#$:5";^  .$#A$2@542@
;XY$M $E$54@2 " 2$;$5 s$ 2$;5@L$B @; ?:E"2#@<]$; 2$M@5?Y@;
e #"3@M?3@3$ .$M$E":$  D$;5@42@2 3$E?:?<]$;
M$F$2 @; 3$E?:?<]$; A2$3$E?:?3@;t
3@; b2@:3$Z@; 3?;A":XY$?;N Y?;4@M?Z@3@; :" 3?;AM@y 3"  8"2@ ¥ *@5@% A$2#?5$ F":E?b42@2
;?;5$#@ (F"::$F5¢N " #"3" 3$ F":E?b42@<=" 3@; ;$B
’; ?:E"2#@<]$; Y?;4@M?Z@3@; b4?:5$; "A<]$;%
 0 A+ <)  ;?,+& 1 0 %
,<=  0 <)  ;?,+&2 :" 3?;AM@y 3?Z$# 2$;A$?5" @"  p’F$25@2 c"2@p% 2$b4M@b$# 3@;
$;5@3" 3$ F":$q=" 3" F$M4B c"2@; $ #?:45";N
+;5@ "A<=" 3$ &$:4 A$2#?5$ #"3?B
M@2 s5$M$E":$ M?b@3" "4 3$;B  pR"2#@5"p% 2$b4M@b$# 3" E"2B
E?F@2 @; 3$E?:?<]$; 2$M@5?Y@; @ *?;AM@y^
M?b@3"t^ @; Fc@#@3@; 5$M$ErB #@5" 3@ c"2@ pJOcp sJO c"2@;t
(:?3@3$;^ 9":E?b42@<=" 3$ c"2@ $
:?F@; @5?Y@;u2$F$L?3@;u$# $;B "4 pO}cp sO} c"2@;tN
3@5@^ ,$b42@:<@^ ,$b42Nu’;;?;5^ )4Z$;^
A$2@ $ @ b$;5=" 3@; 34AM@;  pD$b4M@ 3@5@p% 2$b4M@b$# 3"
1"25@; $ LM"[4$?" 3@; A"25@; $ D$;B
Fc@#@3@; sA2?#$?2@ 2$F$L?3@ 3?@^ #\; $ @:"N
5@42@2 F":E?b42@<]$;N
;$b4:3@ $# $;A$2@^ $5FNtN
’Mb4#@; E4:<]$; A"3$# ;$2 Y?;4@B  W$2 :@Y$b@<=" s;$ $[4?A@3"  p,$b42@:<@pN
M?Z@3@; :" 3?;AM@y 3" 2a3?" (F"::$F5 F"# 2@3?" (9"::$F5 F"# :@B ,$M$F?":@:3" $;;@ "A<=" _ A";B
[4@:3" $;5$ $;5?Y$2 A2$;$:5$N Y$b@<="t% A$2#?5$ Y?;4@M?Z@2^ ;XY$M Y?;4@M?Z@2 @; ;$b4?:5$; "AB
:" 3?;AM@y 3" [4@32" 3$ ?:;B <]$;%
 >3?"#@% A$2#?5$ 524#$:5";^ @; ?:E"2#@<]$; 2$B
 p1@;;$:b$2 ’>DC’Up% @5?Y@B
;$M$F?":@2 " ?3?"#@ 3@; M@5?Y@; e #"3@M?3@3$ !@Y$b@B
<=" $ 3$;@5?Y@<=" 3" @?2L@b
?:E"2#@<]$;u@3Y$25\:F?@;N <="N
3" M@3" 3" A@;;@b$?2"N
 (:?3@3$% A$2#?5$ @M5$2@2 F":E?b4B
 *?;AM@y  pC$$A F?:5"; ;$b42@:<@p s;$
2@2 @; 4:?3@3$; 3?;A":XY$?; s#_B
$[4?A@3"t% @Y?;" 3$ 45?M?Z@B
52?F" $ A$2;":@M?Z@3"tN
.$!-
<=" 3" F?:5" 3$ ;$b42@:<@ 3" FM?#@t [4@:3" F":;5@5@3@ @  p*$;LM"[N A"25@; ;@X3@p%
M@3" 3" #"5"2?;5@N sF":;4M5@2 F":3?<=" :"542:@ 3" Y$?F4M" 3$;LM"[4$?" @45"#a5?F" 3@
" A@2ab2@E" x,?;5$#@ ,CDz :" sR@2"M M?b@3"tN E$Fc@342@ 3@ A"25@ [4$ E"?
F@AX54M" p,$b42@:<@pN  p,$:;"2 E@2h?;p% 2$b4M@b$# 3@ @L$25@ e ;@X3@ 3" Y$XF4M"^
 p,$:;"2 Y"M4#_52?F"p s;$ $[4?B ;$:;?L?M?3@3$ 3$ @F$:3?#$:5" $qF$5" @ 3" F":345"2^ [4$ _
A@3"t% ’5?Y@<=" $ 3$;@5?Y@<=" 3"; E@2h?;N F":;?3$2@3@ 52@:F@ #$;52$N
3" ;$:;"2 Y"M4#_52?F"N  p)4Z$; c@L?5aF4M"p% ;$M$<="  p,?:@M M4#N .2@:F@2p% @5?Y@<="
 p,$b42Nu’;;?;5pN 3@ ?:5$:;?3@3$ 3@ ?M4#?:@<=" 3@ ?:5$2#?5\:F?@ 3"; ?:3?F@B
3"2$; 3$ 3?2$<=" $# E@;$ 3$
,$M$F?":@:3" @ "A<=" 3@; M4Z$; 3" c@L?5aF4M"N
E$Fc@#$:5" 3@; A"25@;N
#
p,$b42u’;;?;5Np _ A";;XY$M $E$54@2  pR"MM"j #$p% 3$E?:?<=" 3"
@; ;$b4?:5$; 2$b4M@b$:;% @52@;" 3$ @A@b@#$:5" 3"; E@B  p*$;52@YN 2$#"5Np sA@2@
2h?; @Ah; @ 3$;@5?Y@<=" 3" Y$2;]$;u#$2F@3";^ ":3$
 pW"M4#$ 3$ @Y?;";p% ;$M$<="
#"5"2N A2$Y?;5"t% A$2#?5$ $;F"Mc$2
3" :?Y$M 3$ Y"M4#$ 3"; @Y?;";
;$ A2$5$:3$ @L2?2 @; A"25@;
3?;A":XY$?;N  pR@2h?; @" ’L2?2 s;$
"4 @A$:@; @ 3" M@3" 3"
 pW"MN 1@2i,N 52@;Np% ;$M$<=" $[4?A@3"tp% @5?Y@<=" 3@
F":345"2 [4@:3" A2$;;?":@2
3" Y"M4#$ 3@; ;?:@M?Z@<]$; ?:5$2#?5\:F?@ 3"; ?:3?F@3"2$;
" 2$;A$F5?Y" L"5=" :@ Fc@Y$
@Fv;5?F@; E"2:$F?3@; A$M" ;?;B 3$ 3?2$<=" $# E@;$ 3$
F"# 5$M$F"#@:3" "4 @F$;;@2
5$#@ 1@2i,$:;$N @L$2542@ 3@; A"25@;N
" Y$XF4M" A"2 1@;;?Y$ +:52yN
 p,$:;"2 Fc4Y@p% 3$;@L?M?5@<="  1"25@; $ .2@Y@;
 p1@;;?Y$ +:52yp s;$ $[4?A@3"t%
$ ;$M$<=" 3@ ;$:;?L?M?3@3$ 3" ,$M$F?":@:3" @ "A<=" p1"25@; ¥ @5?Y@<=" 3" ;?;5$#@ 3$ @F$;;"
;$:;"2 3$ Fc4Y@ .2@Y@;p _ A";;XY$M $E$54@2 @; ;$B A@;;?Y" @" Y$XF4M"N
 )4Z$; s;$ $[4?A@3"t b4?:5$; 2$b4M@b$:;%
 D$;5@42@2 F":E?b42@<]$;N
,$M$F?":@:3" @ "A<=" p)4Z$;p _  pR$Fc@#$:5" @45N A"25@;p% @5?B
A";;XY$M $E$54@2 @; ;$b4?:5$; 2$B Y@<=" $ 3$;@5?Y@<=" 3" E$Fc@B
b4M@b$:;% #$:5" @45"#a5?F" 3@; A"2B 
 p*?##$2p% ?M4#?:@<=" 3"; 5@; F"# " Y$XF4M" $# #"B 1@2@ 5"3@; @; "452@; A";;XY$?; 2$b4B
F"#A":$:5$; $M$52r:?F"; Y?#$:5"N M@b$:;^ F":;4M5@2 @; ?:3?F@<]$; :" ;4B
sw4@32"uDa3?"u9"#@:3"
.$!!
AM$#$:5" (F"::$F5¢ sF":;4M5@2 ?:;B ":@3" " L"5=" 9 :"; F"#@:3"; :" >:?F?@ @ A@25?2 3" #"#$:5" $# [4$
524<]$; :" ;4AM$#$:5" $;A$FXE?F"tN Y"M@:5$N E"? $E$54@3@ 4# Z$2@#$:5" s2$;$5t%

 x&@:4@Mz @52@Y_; 3@ A2$;;=" 3"


   L"5=" 9N
- p.2?A F"#A45$2p A$2#?5$ Y?;4@M?B -; Y@M"2$; p’45":"#?@p $ p9":B  x’45"#a5?F"z [4@:3" @ p3?;5f:B
Z@2^ F"# @ Fc@Y$ 3$ ?b:?<=" :@ A";?B ;4#" ?:;5@:5f:$"p :=" A"3$# ;$2 Z$B F?@ A$2F"22?3@p @5?:b$ " Y@M"2 3$
<=" ^ @; #$3?3@; 2$M@5?Y@; @" $;B 2@3";N PPPPP^P i# sF$2F@ 3$ 7OJ}G #?B
5@3" 3$ E4:F?":@#$:5" 3" Y$XF4M"N Mc@;t "4 [4@:3" " p5$#A" 3$ Y?B
 > ; +& > @b$#p @5?:b$ " Y@M"2 3$ PPPNIP
+;5@ E4:<=" F@2@F5$2?Z@B;$ A"2 34@;
#$#h2?@; ;$A@2@3@;^ 3$:"#?:@3@;   - ,   , ( ?:3?F@ @ sPPP c"2@; $ IP #?:45";tN
p.2?A ’p $ p.2?A Cp^ :@; [4@?; ;=" 2$B 3?;5f:F?@ A$2F"22?3@ 3$;3$ " ?:XB  *$A"?; 3$ F@3@ 3$;M?b@#$:5" $
b?;52@3"; "; 3@3"; 3@; p#?;;]$; F"#B F?" 3@ :"Y@ #?;;="N F":;$[4$:5$ :"Y@ M?b@<=" 3@ L@B
AM$5@;p 3" Y$XF4M" sY?@b$:;t^ 3$ #"3"   +  O ( 2$A2$;$:5@ @ 5$2?@N
?:3$A$:3$:5$ 4:; 3"; "452";N #_3?@ 3"; F":;4#"; 3$;3$ " ?:XB
’#L@; @; #$#h2?@; A"3$# ;$2 2$?B F?" 3@ :"Y@ Y?@b$#N
:?F?@3@;% 2$;$5 B ?:XF?" 3$ 4#@ :"Y@     ; A ( 5$#A" 3$F"2B
#?;;="N 2?3" 3$;3$ " ?:XF?" 3@ :"Y@ #?;B
;="N
- x.2?A ’z $ " p.2?A Cp A$2#?5$# @
Y?;4@M?Z@<=" 3@; ;$b4?:5$; #$3?3@;%
$= F9F
 *?;5f:F?@ A$2F"22?3@  12$;;=" L2$Y$ 3" L"5="% Y?;4@M?B
 9":;4#" #_3?" Z@<=" 3@; Ya2?@; #$3?3@;N
 .$#A" 3$ Y?@b$# s342@<=" 3@  12$;;=" M":b@ 3" L"5="% Z$2@B
F":34<="t #$:5" s2$;$5t 3@; #$3?3@; $ ?:XB
F?" 3$ 4#@ :"Y@ #?;;="N
1@2@ $E$54@2 @ 2$?:?F?@M?Z@<=" 3@;
#$3?3@;^ A2$;;?":@2 $ #@:5$2 A2$;;?B ; =
.$!"
       



- @F$:3?#$:5" 3@ M4ZB$;A?@ $;5a @;;"F?@3" @ 4#@ #$:;@b$# $;A$FXE?F@ $u"4 @Y?;" @Fv;5?F"^ ":3$ " [4@32" 3$
L"23" " A$2#?5?2N +;5$; ;?:@?; ;=" ;?:5_5?F"; $ 3$ @Y?;" $ :=" 3$Y$# ;$2 F":;?3$2@3"; F"#AM$5"; $u"4 @M5$2:@5?Y"; $#
2$M@<=" @" ?:3?F@3" :" A2$;$:5$ &@:4@M 3$ (;" $ &@:45$:<="^ " [4@M 3$Y$ ;$2 M?3" ;$#A2$ F"# #4?5@ @5$:<="N +#
F@;" 3$ ;?:@M?Z@<=" 3$ @Y@2?@^ F":;4M5$ ;$#A2$ " F":5$v3" ?:3?F@3" :" A2$;$:5$ F@AX54M"N
#


’; ;?:@M?Z@<]$; 3$ @Y@2?@ [4$ @A@2$F$# :" 3?;AM@y ;=" ;4L3?Y?3?3@; $# 34@; F@5$b"2?@;% @:"#@M?@; b2@Y$;
$ @:"#@M?@; #$:"; b2@Y$;N ’; @:"#@M?@; b2@Y$; Y?;4@M?Z@# 4# xF?FM"z 3$ #$:;@b$:; 2$A$5?3" A"2 4# 5$#A"
A2"M":b@3"N ’; @:"#@M?@; #$:"; b2@Y$; Y?;4@M?Z@# 4# pF?FM"p 3$ #$:;@b$:; A"2 4# 5$#A" #@?; M?#?5@3"N d A";;XY$M
?:5$22"#A$2 " F?FM" 3$ Y?;4@M?Z@<=" 3$ @#L@; @; F@5$b"2?@;N ’ M4ZB$;A?@ :" [4@32" 3$ ?:;524#$:5"; A$2#@:$F$ @F$;@
$:[4@:5" :=" E"2 $M?#?:@3@ @ F@4;@ 3@ @Y@2?@N

+>%   ,   *+    +  


+>%   *+  A 0 ,  *+ 0>

4  # # 7 #  %


 7#  #  %

D$;5@L$M$<@ " :XY$M 3" MX[4?3" 3"; E2$?"; $^ $# ;$b4?3@^ Y$2?B
E?[4$ ;$ @ M4ZB$;A?@ ;$ @A@b@N
?*+   0   +0 ,  
,$ @ M4ZB$;A?@ A$2#@:$F$2 @F$;@^ 3?2?b?2B;$ e    %
, & # N

.$!%
+>%   *+  A 0 ,  *+ 0>

#    ,     ,   *$;$:b@5@2 " E2$?" 3$ $;5@F?":@#$:5" $ Y$2?E?F@2 ;$ @ M4ZB


’ M4ZB$;A?@ @F$:3$B;$ F"# " E2$?" 3$ $;5@F?":@#$:5" @F?"B $;A?@ ;$ @A@b@N
:@3"^ #@; 3$Y$ @A@b@2B;$ [4@:3" " E2$?" 3$ $;5@F?":@#$:5" ,$ @ M4ZB$;A?@ A$2#@:$F$2 @F$;@^ 3?2?b?2B;$ e    %
E"2 M?L$2@3"N , & # N
#&@  0    ,    
,$ @ M4ZB$;A?@ A$2#@:$F$2 @F$;@^ 3?2?b?2B;$ e    %
’ M4ZB$;A?@ @F$:3$B;$ 3$Y?3" @ 4#@ E@Mc@ :" E2$?" 3$ $;5@F?B
, & # N
":@#$:5"N
 $
- @F$:3?#$:5" ;?#4M5f:$" 3@; M4Z$;B$;A?@ sY$2#$Mc@t $
s@#@2$M" f#L@2t F"# " #"5"2 E4:F?":@:3" ?:3?F@ 4#@
*?2?b?2 F"# $q52$#@ A243\:F?@ @5_ Fc$b@2 @" F":F$;;?":a2?"
@Y@2?@ 3" ;?;5$#@ +C* "4 [4$ " ;?;5$#@ :=" $;5a 3?;A":XY$MN
#@?; A2hq?#" 3@    , & #  A@2@ @ Y$2?E?F@<=" 3"
!$;;$ F@;"^ F"# E2$:@b$:; L24;F@;^ A"3$ Y$2?E?F@2B;$ 4#
;?;5$#@N
52@Y@#$:5" A2$F"F$ 3@; 2"3@; 52@;$?2@;^ F"# A";;?L?M?3@3$
3$ 3$22@A@b$:;N
- 3?;AM@y #";52@ @ #$:;@b$# $;A$FXE?F@N
   
*$;M"F@:3" @ Fc@Y$ 3$ ?b:?<=" A@2@ @ A";?<=" ^ @ M4ZB
$;A?@ @F$:3$B;$^ #@; 3$Y$ @A@b@2B;$ @Ah; @Mb4:; ;$b4:3";N
,$ @ M4ZB$;A?@ A$2#@:$F$2 @F$;@^ A"3$ :=" ;$ Y$2?E?F@2 "
*?2?b?2B;$^ M"b" [4$ A";;XY$M^ e    , & # N
$E$?5" 3@ 3?2$<=" @;;?;5?3@ $ " $;E"2<" :" Y"M@:5$ A"3$2a
@4#$:5@2 ;$:;?Y$M#$:5$^ $#L"2@ ;$ #@:5$:c@ @ A";;?L?M?3@3$
3$ Y?2@2 " Y$XF4M"N
- 3?;AM@y Y?;4@M?Z@ @ #$:;@b$# $;A$FXE?F@N

.$!&
+>%   *+  A 0 ,  *+ 0>


,$ @ M4ZB$;A?@ :=" ;$ @F$:3$2 @" 3$;M"F@2 @ Fc@Y$ 3$
?b:?<=" A@2@ @ A";?<="  "4 A$2#@:$F$2 @F$;" 342@:5$
@ #@2Fc@ s‘4:5@#$:5$ F"# @ #$:;@b$# Y?;4@M?Z@3@ A$M"
3?;AM@yt^ _ A";;XY$M [4$ $q?;5@ 4#@ @:"#@M?@ :"; ;?;5$#@; 3$
 $
@?2L@bg :$;;$ F@;"^ "; @?2L@b; "4 "; A2_B5$:;?":@3"2$; A"3$#
*$;M"F@:3" @ Fc@Y$ 3$ ?b:?<=" A@2@ @ A";?<=" ^ @ M4ZB
:=" ;$ @5?Y@2 $# F@;" 3$ @F?3$:5$ "4^ :4# :v#$2" 3$ F@;";
$;A?@ @F$:3$B;$^ #@; 3$Y$ @A@b@2B;$ @Ah; @Mb4:; ;$b4:3";N
#@?; M?#?5@3"^ @5?Y@2B;$ 3$ #"3" $22@3"N ’:5$; 3$ A2";;$b4?2^ #
- @F$:3?#$:5" 3@ M4ZB$;A?@ F"# M4Z E?q@ ?:3?F@ 4#@ @Y@2?@
3?2?b?2B;$ e    , & #  A@2@ " ?#$3?@5" F":52"M$ 3"
:" ;?;5$#@ 3$ @?2L@bN
;?;5$#@N
- 3?;AM@y #";52@ @ #$:;@b$# $;A$FXE?F@N
’ @Y@2?@ 3@ M4ZB$;A?@ _ @;;?:@M@3@ A$M" @F$:3?#$:5" 3"
XF":$ :" 3?;AM@y 3" [4@32" 3$ ?:;524#$:5";N !$;;$ F@;"^
@ M4ZB$;A?@ A"3$ :=" @;;?:@M@2 $Y$:54@?; @:"#@M?@; 3"; ;?;B
5$#@; 3$ @?2L@bN ’:5$; 3$ A2";;$b4?2^ 3?2?b?2B;$ e   %
 , & #  A@2@ " ?#$3?@5" F":52"M$ 3" ;?;5$#@N
     #
’ M4ZB$;A?@ @F$:3$B;$ 3$ #"3" E?q" F"# " Y$XF4M" A@2@3" $
" F?:5" 3$ ;$b42@:<@ M@3" 3" F":345"2 :=" @E?Y$M@3"N ’E?Y$M@2 F"22$5@#$:5$ 5"3"; "; F?:5"; [4$ $;5=" ;$:3" 45?M?Z@B
’ M4ZB$;A?@ @F$:3$B;$ 3$ E"2#@ ?:5$2#?5$:5$^ ‘4:5@#$:5$ F"# 3";N
4#@ ;?:@M?Z@<=" @Fv;5?F@ [4@:3"^ F"# " Y$XF4M" $# #"Y?B
#$:5"^ " F?:5" 3" F":345"2 :=" $;5a F"22$5@#$:5$ @E?Y$M@3"N

.$!(
+>%   *+  A 0 ,  *+ 0>

 ,   ,@  &( A@2@2 " Y$XF4M"^ 3$;M?b@2 " #"B


5"2 $ F$25?E?F@2B;$ 3$ [4$ " :XY$M 3" MX[4?3" 3$ @22$E$F?#$:5"
:" ?:5$2?"2 3" 2$;$2Y@5h2?" :=" $;5$‘@ @L@?q" 3" :XY$M 3$ 2$B
E$2\:F?@ &>!N ,$ E"2 $;;$ " F@;"^ @b4@23@2 " @22$E$F?#$:5"
3" #"5"2N +# ;$b4?3@^ @L2?2 M$:5@#$:5$ $ F"# F4?3@3" "
5@#A=" $ 2$A"2 " MX[4?3" 3$ @22$E$F?#$:5"^ F$25?E?F@:3"B;$
3$ [4$ $;5$ $;5$‘@ F"#A2$$:3?3" $:52$ @; 2$E$2\:F?@; &>! $
&’6 $q?;5$:5$; :" A2hA2?" 2$;$2Y@5h2?"N ’M_# 3?;;"^ Y$2?E?F@2
J   4  #%
Y?;4@M#$:5$ @ A2$;$:<@ 3$ $Y$:54@?; A$23@; 3$ MX[4?3"N ,$^
  
:@ A@25?3@ ;$b4?:5$^ @ M4ZB$;A?@ s"4 " XF":$ :" 3?;AM@yt ;$
*$;M"F@:3" @ Fc@Y$ ?b:?<=" A@2@ @ A";?<=" &’D^ @ M4ZB$;A?@ @F$:3$2 :"Y@#$:5$^ F":5@5@2 @    , & # N
@F$:3$B;$^ #@; 3$Y$ @A@b@2B;$ @Ah; @Mb4:; ;$b4:3";N
 ,  + & ><= ;   ;?,+&( @L2@:3@2 $^ F@;"
’ M4ZB$;A?@ s"4^ $# @Mb4#@; Y$2;]$;^ " XF":$ :" 3?;AM@yt @ M4ZB$;A?@ A$2#@:$<@ @F$;@^ A@2@2 " Y$XF4M"N R?F@2 A@2@3"
@F$:3$B;$ [4@:3" " #"5"2 $;5?Y$2 F"# 5$#A$2@542@ $qF$;B 342@:5$ O "4 H #?:45";^ #@:5$:3" " #"5"2 E4:F?":@:3" $
;?Y@N - 3?;AM@y #";52@ @ #$:;@b$# $;A$FXE?F@N M?b$?2@#$:5$ @F$M$2@3" A@2@ E@Y"2$F$2 4#@ F?2F4M@<=" #@?;
@5?Y@ 3" MX[4?3" 3$ @22$E$F?#$:5"N +# ;$b4?3@^ 3$;M?b@2 "
#"5"2N W$2?E?F@2 " :XY$M F"22$5" 3" MX[4?3"^ F"#" 3$;F2?5"
@:5$2?"2#$:5$N

+# F@;" 3$ A$2F42;"; #4?5" 3?EXF$?;^ _ @F":;$McaY$M #@:5$2
" #"5"2 M?b@3" $ M?b$?2@#$:5$ @F$M$2@3" A"2 @Mb4:; #?:45";
@:5$; 3$ " 3$;M?b@2N

.$!)
+>%   ,  E$  *+    +  
+>%   *+  A 0 ,  *+ 0>

   $


*$;M"F@:3" @ Fc@Y$ 3$ ?b:?<=" A@2@ @ A";?<=" ^ @ M4ZB
$;A?@ @F$:3$B;$^ #@; 3$Y$ @A@b@2B;$ @Ah; @Mb4:; ;$b4:3";N
’ M4ZB$;A?@ @F$:3$B;$ [4@:3" " ;?;5$#@ ’C, ;$ $:F":52@ 12"F$3$2 F"# A243\:F?@ $ 3?2?b?2B;$ ?#$3?@5@#$:5$ e 
?:$E?F?$:5$N !$;;$ F@;"^ " ;?;5$#@ 3$ E2$?"; #@:5_# ?:@M5$B   , & # N
2@3@ @ A2hA2?@ $E?FaF?@^ #@; ;$# @; A"5$:F?@M?3@3$; "E$2$F?B
3@; A$M" ;?;5$#@ ’C,N #
- 3?;AM@y #";52@ @ #$:;@b$# $;A$FXE?F@N
(  
’ M4ZB$;A?@ M@#A$‘@2a 342@:5$ KI ;$b4:3";^ ;$b4?3@ 3$ 4#@
#$:;@b$# :" 3?;AM@y $^ @ ;$b4?2^ A$2#@:$F$2a @F$;@^ F@;"
" ;?;5$#@ $;5$‘@ 5$#A"2@2?@#$:5$ ?:?L?3" A"2 3$5$2#?:@B !=" A2";;$b4?2 " @:3@#$:5" F"# 4# "4 #@?; A:$4; Y@Z?";^
3@; F":3?<]$;N - ;?;5$#@ Y"M5@2a @ E4:F?":@2 F"22$5@#$:5$ 3@3" [4$ @ F":34<=" 3" Y$XF4M" A"3$ $;5@2 F"#A2"#$5?3@N
[4@:3" @; F":3?<]$; 3$ E4:F?":@#$:5" A$2#?5?2$#N 9@;" 1@2@2 " Y$XF4M" $Y?5@:3" E2$:@b$:; $ #43@:<@; 3$ 3?2$<="
?;;" :=" "F"22@^ A2"F42$ @ D$3$ ’;;?;5$:F?@M R?@5N 1@2@ #@?; L24;F@;N *?2?b?2B;$ ?#$3?@5@#$:5$ e    , & # N
?:E"2#@<]$; ;"L2$ @; F":3?<]$; 3$ E4:F?":@#$:5" 3" ;?;B
5$#@^ F":;4M5$ " F@AX54M" ’  ,?;5$#@ 3$ #":?5"2@#$:5" 3@
A2$;;=" 3"; A:$4;N

.$!*
+>%   *+  A 0 ,  *+ 0>

(    # 



’ M4ZB$;A?@ @F$:3$2a A@2@ ?:E"2#@2 [4$ @ A2$;;=" 3$ 4# "4
#@?; A:$4; $;5a @L@?q" 3" 2$F"#$:3@3" $u"4 [4$ $;5a "F"2B
+# [4@M[4$2 F":3?<=" :@ [4@M :" 3?;AM@y ;$‘@ Y?;4@M?Z@3@ @
2$:3" 4#@ M$:5@ A$23@ 3$ A2$;;="N !$;5$ F@;"^ :=" _ b@2@:B
#$:;@b$# pW$2 #@:4@Mp^ F":;4M5@2 -CD>U’.-D>’&+!.+ "
5?3" @ #$Mc"2 342@L?M?3@3$ 3"; A:$4;^ F":3?<]$; ;$b42@; 3$
A@2ab2@E" pD"3@;p 3" F@AX54M" p*@3"; 5_F:?F";p^ 2$;A$?5@:3"
F":34<=" $ F":;4#" 3$ F"#L4;5XY$M @3$[4@3"N W$2?E?F@2 @
2?b"2";@#$:5$ @; ?:3?F@<]$; :$M$ F":5?3@;N
A2$;;=" :"; [4@52" A:$4; $ 2$F@M?L2aB BM"; :"; Y@M"2$; A2$;B
F2?5"; :" #@:4@M :" F@AX54M" x’ B D"3@; $ A:$4;z $ 2$@M?Z@2
" A2"F$3?#$:5" 3$ 2$;$5^ F":E"2#$ F@AX54M" x’ B ,?;5$#@ 3$
#":?5"2@#$:5" 3@ A2$;;=" 3"; A:$4;zN
 
*$;M"F@:3" @ Fc@Y$ 3$ ?b:?<=" A@2@ @ A";?<=" ^ @ M4ZB
$;A?@ @F$:3$B;$^ #@; 3$Y$ @A@b@2B;$ @;;?# [4$ " #"5"2 ;$
M?b@2N
  ; <=     
’ ?:5$2Y$:<=" 3" ;?;5$#@ _ @;;?:@M@3@ A$M@ ?:5$2#?5\:F?@ 3@ !"; F@;"; 3$ @Y@2?@ :" ;?;5$#@ +,9^ 3?2?b?2B;$ ?#$3?@5@#$:5$
M4ZB$;A?@% @ ;?:@M?Z@<=" 3@ ?:5$2Y$:<=" ?:3?F@ [4$ " Y$XF4M" e    , & # N
$;5a $# F":3?<]$; F2X5?F@; 3$ $;5@L?M?3@3$ $ @3$2\:F?@N
;      
,$ @ M4ZB$;A?@ :=" ;$ @A@b@2^ "4 ;$ A$2#@:$F$2 @F$;@ F"#
" #"5"2 M?b@3"^ ;?b:?E?F@ [4$ E"? 3$5$F5@3@ 4#@ @Y@2?@ :"
;?;5$#@ +,9N
;       && &
- @F$:3?#$:5" 3@ M4ZB$;A?@ $# ;?#4M5f:$" F"# @ Y?;4@M?Z@B !$;5$; F@;";^ 3?2?b?2B;$ ?#$3?@5@#$:5$ e    , &
<=" :" 3?;AM@y 3$ 4#@ #$:;@b$# 3$3?F@3@^ ?:3?F@ @ @Y@2?@ # N
:" ;?;5$#@ 8?MM 8"M3$2N

.$!+
+>%   *+  A 0 ,  *+ 0>

   $7T



+# F":3?<]$; :"2#@?;^ 3$;M"F@:3" @ Fc@Y$ 3$ ?b:?<=" A@2@
,$^ 3$;M"F@:3" @ Fc@Y$ 3$ ?b:?<=" A@2@ @ A";?<=" &’D^ @
@ A";?<=" ^ @ M4ZB$;A?@ @F$:3$B;$^ #@; 3$Y$ 3$;M?b@2B;$
M4ZB$;A?@ :=" ;$ @F$:3$2 "4 ;$^ 342@:5$ @ #@2Fc@^ ;$
@;;?# [4$ " #"5"2 E4:F?":@2N
@F$:3$2 F"# M4Z E?q@ "4 ?:5$2#?5$:5$ s$# @Mb4#@; Y$2;]$;^
- E4:F?":@#$:5" 3@ M4ZB$;A?@ A"3$ ;$2 Y$2?E?F@3" @52@Y_; 3$
‘4:5@#$:5$ F"# @ #$:;@b$# :" 3?;AM@yt^ 3?2?b?2B;$ ?#$3?@5@B
3?;A";?5?Y"; @3$[4@3"; A$M"; @b$:5$; 3$ F":52"M$ 3" 52aE$b"N
#$:5$ e    , & # N
D$;A$?5$ @; :"2#@; Y?b$:5$; :" A@X; ":3$ F?2F4M@N
;       D<= #
,$ @ M4ZB$;A?@ A$2#@:$F$2 @F$;@ "4 ;$ @F$:3$2 342@:5$ @
#@2Fc@^ ;?b:?E?F@ [4$ " ;?;5$#@ 3$ ?:‘$<=" :=" E4:F?":@ F"2B
!$;5@; F":3?<]$;^ _ A";;XY$M F":5?:4@2 @ F":34Z?2^ $Y?5@:3"^
2$5@#$:5$N ’ M4ZB$;A?@ @F$;@ F"# M4Z E?q@ @;;?:@M@ 4# #@4
:" $:5@:5"^ $;E"2<"; ;$Y$2"; 3" #"5"2 "4 Y$M"F?3@3$; $M$B
E4:F?":@#$:5" :" ;?;5$#@ 3$ @M?#$:5@<="u?b:?<=" [4$ A"3$
Y@3@;N ’ 45?M?Z@<=" A2"M":b@3@ 3" Y$XF4M" F"# @ M4ZB$;A?@
A2"Y"F@2 $M$Y@3@; $#?;;]$; :" $;F@A@#$:5"^ A";;XY$M A$23@
@F$;@ 3$ E"2#@ E?q@ A"3$ A2"Y"F@2 3@:";N *?2?b?2B;$ ?#$3?@B
3$ 3$;$#A$:c";^ #a 3?2?b?L?M?3@3$ $ F":;4#"; $M$Y@3";N +#
5@#$:5$ @ 4# F":F$;;?":a2?" 3@    , & # N
@Mb4#@; Y$2;]$;^ " 3?;AM@y Y?;4@M?Z@ @ #$:;@b$# $;A$FXE?F@N
’ M4ZB$;A?@ @A@b@B;$ ;$ @ @:"#@M?@ 3$;@A@2$F$2^ #@; " ;?;B
5$#@ #$#"2?Z@ @ E@Mc@N
,"M5@2 " A$3@M 3" @F$M$2@3"2^ F"M"F@:3" " #"5"2 @ L@?q"; 2$B
   $7T
b?#$; 3$ 2"5@<]$;^ @5_ @ M4ZB$;A?@ A@2@2 3$ A?;F@2N 12";;$b4?2
   ,& 
@ #@2Fc@ F"# 4#@ Y$M"F?3@3$ #"3$2@3@^ A2"F42@:3" $Y?5@2
,$ @ M4ZB$;A?@ ;$ @F$:3$2 3$ E"2#@ ?:5$2#?5$:5$^ ;?b:?E?F@ [4$
F":3?<]$; 3$ F":34<=" [4$ A";;@# A2"Y"F@2 #@?; ?:5$2#?B
" F@5@M?;@3"2 A"3$ $;5@2 3@:?E?F@3"N
5\:F?@; $ 3?2?b?2B;$ ?#$3?@5@#$:5$ e    , & # C

.$!,
+>%   *+  A 0 ,  *+ 0>

  $7 


’ M4ZB$;A?@ s"4 " XF":$ :" 3?;AM@yt @F$:3$B;$ [4@:3" :"
5@:[4$ 2$;5@# F$2F@ 3$ I^I @ K^I M?52"; 3$ F"#L4;5XY$MN ,$ @ M4ZB$;A?@ s"4 " XF":$ :" 3?;AM@yt F"#$<@2 @ A?;F@2 34B
’" #$;#" 5$#A" [4$ @ @45":"#?@ ?:E$2?"2 @ F$2F@ 3$ IG 2@:5$ @ #@2Fc@^ 3?2?b?2B;$ e    , & # N
i#^ $# @Mb4#@; Y$2;]$;^ :" 3?;AM@y _ Y?;4@M?Z@3@ 4#@ #$:B
;@b$# $;A$FXE?F@N
’ M4ZB$;A?@ @F$:3$2a :" [4@32" A@2@ ?:3?F@2 @54@<=" 3"
;?;5$#@ 89,,N ’b4@23@2 @ M4ZB$;A?@ @A@b@2 A@2@ 3@2 A@25?3@N
’ M4ZB$;A?@ M@#A$‘@2a 3$ E"2#@ ?:5$2#?5$:5$ ‘4:5@#$:5$ F"#
@ #$:;@b$# Y?;4@M?Z@3@ :" 3?;AM@y s@Mb4#@; Y$2;]$;t^ ?:3?B
       
F@:3" ?:3?;A":?L?M?3@3$ 3" ;?;5$#@ 89,,N 12"F42$ @ 
#
  , & # C
     #(  
’ M4ZB$;A?@ M@#A$‘@2a 3$ E"2#@ @F$M$2@3@ ‘4:5@#$:5$ F"#
     #(   
@ #$:;@b$# Y?;4@M?Z@3@ :" 3?;AM@y s@Mb4#@; Y$2;]$;t^ ?:B
 
3?F@:3" :$F$;;?3@3$ 3$ @b4@23@2 @54@<=" 3" ;?;5$#@ A@2@
3@2 @ A@25?3@N !$;5$ F@;"^ 3$;M?b@2 " Y$XF4M"^ @b4@23@2 @ M4ZB
$;A?@ 3$ @54@<=" 3" ;?;5$#@ 89,, ;$ @A@b@2 $ $E$54@2 :"Y@
#@:"L2@ 3$ A@25?3@ 3" Y$XF4M"N

.$"-
+>%   ,   *+    +  
+>%   *+  A 0 ,  *+ 0>

K    #5 $J


’ M4ZB$;A?@ @F$:3$B;$ @5?Y@:3" @; M4Z$; 3$ A";?<=" "4 ";
E@2h?; L@?q";N
#+ <= F#&&S F
+;5@ E4:<=" A$2#?5$ #@:5$2 @; M4Z$; @F$;@; 342@:5$ 4#
A$2X"3" 3$ HG @5_ OJG ;$b4:3";^ F"# ?:5$2Y@M"; 3$ HG
;$b4:3";^ @5_ O #?:45"; @Ah; 5$2 F"M"F@3" @ Fc@Y$ 3$ #
?b:?<=" :@ A";?<=" N

#5  $
’ M4ZB$;A?@ @F$:3$B;$ [4@:3" ;$ M?b@# "; E@2h?; 3$ :$LM?:@N

   4


’ M4ZB$;A?@ @F$:3$B;$ [4@:3" @ @M@Y@:F@ 3$ F"#@:3" 3";
?:3?F@3"2$; 3$ 3?2$<=" s;$5@;t _ 3$;M"F@3@ A@2@ L@?q" "4^
‘4:5@#$:5$ F"# " ?:3?F@3"2 3$ 3?2$<=" 3?2$?5"^ [4@:3" ;$
@F?":@ " L"5=" 3@; M4Z$; 3$ $#$2b\:F?@N
   
’ M4ZB$;A?@ @F$:3$B;$ [4@:3" @ @M@Y@:F@ 3$ F"#@:3" 3";
?:3?F@3"2$; 3$ 3?2$<=" s;$5@;t _ 3$;M"F@3@ A@2@ F?#@ "4^
‘4:5@#$:5$ F"# " ?:3?F@3"2 3$ 3?2$<=" $;[4$23"^ [4@:3" ;$
@F?":@ " L"5=" 3@; M4Z$; 3$ $#$2b\:F?@N

U 
’ M4ZB$;A?@ @F$:3$B;$ [4@:3" _ @F?":@3" " ;?;5$#@
,5@25¥,5"AN

.$"!
+>%   , K  *+    +  
+>%   *+  A 0 ,  *+ 0>

#5 
’ M4ZB$;A?@ @F$:3$B;$ @5?Y@:3" "; E@2h?; @M5";N

? .&  ,  ; +& >    &:


? .&  *+  A 0 ,  *+ 0>

  5   #


- ;X#L"M" @F$:3$B;$ F"# M4Z E?q@^ ‘4:5@#$:5$ F"# @ #$:B
;@b$# Y?;4@M?Z@3@ :" 3?;AM@y^ [4@:3" " ;?;5$#@ 3$5$F5@2
4#@ A2$;;=" ?:;4E?F?$:5$ 3" hM$" 3" #"5"2N 
 ,$ " ;X#L"M" ;$ @F$:3$2 342@:5$ @ #@2Fc@^ 3$;M?b@2
!=" 45?M?Z@2 " Y$XF4M" @5_ [4$ @ @Y@2?@ 5$:c@ ;?3" $M?#?:@3@N ?#$3?@5@#$:5$ " #"5"2 $ F":5@5@2 e    , & # N
- @F$:3?#$:5" 3" ;X#L"M" :=" ?:3?F@ @ [4@:5?3@3$ 3$ hM$"
A2$;$:5$ :" #"5"2% " F":52"M$ 3" :XY$M 3$Y$ ;$2 ;$#A2$
$E$54@3" #@:4@M#$:5$N
 $
- @F$:3?#$:5" 3" ;X#L"M" ?:3?F@ 4#@ @Y@2?@ :" ;?;5$#@ 3$
*?2?b?2B;$ ?#$3?@5@#$:5$ e    , & # N
@?2L@bN
- 3?;AM@y #";52@ @ #$:;@b$# $;A$FXE?F@N

  
- @F$:3?#$:5" 3" ;X#L"M" F"# " #"5"2 M?b@3" ?:3?F@ 4#@ *?2?b?2B;$^ M"b" [4$ A";;XY$M^ e    , & # N
@Y@2?@ :" @M5$2:@3"2N

.$""
? .&  *+  A 0 ,  *+ 0>

#   


- ;X#L"M" @F$:3$B;$ [4@:3" 4#@ "4 #@?; A"25@; :=" ;$
R$Fc@2 F"22$5@#$:5$ 5"3@; @; A"25@;N
$:F":52@# F"22$5@#$:5$ E$Fc@3@;N 9"# @; A"25@; @L$25@; $ "
Y$XF4M" $# #"Y?#$:5"^ _ $#?5?3" 4# ;?:@M @Fv;5?F"N
#   8  
- ;X#L"M" @F$:3$B;$ [4@:3" " F@Ar 3" #"5"2 :=" $;5a
R$Fc@2 F"22$5@#$:5$ " F@Ar 3" #"5"2N
F"22$5@#$:5$ E$Fc@3"N 9"# " F@Ar 3" #"5"2 @L$25" $ "
Y$XF4M" $# #"Y?#$:5"^ _ $#?5?3@ 4#@ ;?:@M?Z@<=" @Fv;5?F@N #
*?2?b?2B;$ ?#$3?@5@#$:5$ e    , & # N
  E$ 3 
- ;X#L"M" @F$:3$B;$^ ‘4:5@#$:5$ F"# @ #$:;@b$# Y?;4B ’ F":34<=" F"# " ;X#L"M" @F$;" A"3$ A2"Y"F@2 b2@Y$;
@M?Z@3@ A$M" 3?;AM@y $ 4#@ ;?:@M?Z@<=" @Fv;5?F@ [4@:3" _ 3@:"; :" Ff#L?" @45"#a5?F"N ’M_# 3?;;"^ " $Y$:54@M F":5@5"
3$5$F5@3@ 4#@ @Y@2?@ :" Ff#L?" @45"#a5?F" 3" hM$" F"# " #"5"2 [4$:5$ "4 F"# "; F"#A":$:5$; 3"
$;F@A$ @ @M5@ 5$#A$2@542@ A"3$ A2"Y"F@2 ?:F\:3?";N

 J  5   


- ;X#L"M" @F$:3$B;$ $# F@;" 3$ ;4A$2@[4$F?#$:5" 3" hM$" ,$ " ;X#L"M" ;$ @F$:3$2 342@:5$ @ #@2Fc@^ A@2@2
3" #"5"2N ?#$3?@5@#$:5$ " Y$XF4M" $ 3$;M?b@2 " #"5"2N


,$ " ;X#L"M" ;$ @F$:3$2 342@:5$ @ #@2Fc@^ A@2@2
   
?#$3?@5@#$:5$ " Y$XF4M" $ 3$;M?b@2 " #"5"2N
*?2?b?2B;$ ?#$3?@5@#$:5$ e    , & # N

R$Fc@2 " A"25@B#@M@; $ F$25?E?F@2B;$ 3$ ;$4 F"#AM$5" 52@Y@B


% $
#$:5"N

.$"%
? .&  *+  A 0 ,  *+ 0>

   1 *+ 2 D$34Z?2 Y$M"F?3@3$ @5_ " M?#?5$ $;5@L$M$F?3"N

- ;X#L"M" @F$:3$B;$ $# F@;" 3$ ;4A$2@[4$F?#$:5" 3"


’b4@23@2^ F"# " #"5"2 3$;M?b@3" "4 $# #@2Fc@ M$:5@^ @
Ff#L?"^ @Ah; 4#@ 45?M?Z@<=" A@25?F4M@2#$:5$ $q?b$:5$N !$;;$
3$;@5?Y@<=" 3" ;X#L"M"N
F@;"^ _ $E$54@3@ 4#@ M?#?5@<=" 3" 3$;$#A$:c" 3" #"5"2N

? .&  ,  E$ ; +& >    &:


? .&  *+  A 0 ,  *+ 0>

   # 7   %


$
;      #  N
*?2?b?2B;$^ M"b" [4$ A";;XY$M^ e    , & # N
- ;X#L"M" @F$:3$B;$ A@2@ @;;?:@M@2 @ @Y@2?@ 3" ;?;5$#@ -
;X#L"M" @F$:3$B;$ A@2@ @;;?:@M@2 @ @Y@2?@ 3" ;?;5$#@ R?@5
9-*+N
  ;    .  
- ;X#L"M" @F$:3$B;$ @" F"M"F@2 @ Fc@Y$ 3$ ?b:?<=" :@ A";?B
<=" ^ ‘4:5@#$:5$ F"# @ Y?;4@M?Z@<=" 3$ 4#@ #$:;@b$#
$;A$FXE?F@^ A@2@ @;;?:@M@2 [4$ "F"22$4 4#@ A";;XY$M 5$:5@5?Y@
3$ @22"#L@#$:5" :@ A2$;$:<@ 3$ @M@2#$N

.$"&
? .&  *+  A 0 ,  *+ 0>

      $%



- ;X#L"M" @F$:3$B;$ s‘4:5@#$:5$ F"# @ Y?;4@M?Z@<=" 3$ *?2?b?2B;$ e    , & # N
4#@ #$:;@b$# $;A$FXE?F@t $# F@;" 3$ ?:5$2Y$:<=" 3" ;?;B
5$#@ 3$ F"25$ 3" F"#L4;5XY$MN
     
- ;X#L"M" @F$:3$B;$ s‘4:5@#$:5$ F"# @ Y?;4@M?Z@<=" 3$
4#@ #$:;@b$# $;A$FXE?F@t [4@:3" @ 5$#A$2@542@ $q5$2?"2 #
_ ?b4@M "4 ?:E$2?"2 @ H£9 sHKRtN

+# F@;" 3$ @Y@2?@ :" ;$:;"2 3$ 5$#A$2@542@ $q5$2:@^ ";
:v#$2"; [4$ ?:3?F@# " ;$4 Y@M"2 ;=" ;4L;5?54X3"; A"2 52@<";N
      5 
- ;X#L"M" @F$:3$B;$ F"# M4Z E?q@^ ‘4:5@#$:5$ F"# @ #$:B
*?2?b?2B;$^ M"b" [4$ A";;XY$M^ e    , & # N
;@b$# Y?;4@M?Z@3@ A$M" 3?;AM@y^ $# F@;" 3$ @Y@2?@ :" ;$:;"2
3$ A2$;;=" 3" hM$" 3" #"5"2N
     s;$ $[4?A@3"t
- ;X#L"M" @F$:3$B;$ s‘4:5@#$:5$ F"# @ Y?;4@M?Z@<=" 3$
*?2?b?2B;$^ M"b" [4$ A";;XY$M^ e    , & # N
4#@ #$:;@b$# $;A$FXE?F@t $# F@;" 3$ @Y@2?@ 3" ;$:;"2 3$
Fc4Y@N
    1 *+ 2
- ;X#L"M" @F$:3$B;$ s‘4:5@#$:5$ F"# @ Y?;4@M?Z@<=" 3$
*?2?b?2B;$^ M"b" [4$ A";;XY$M^ e    , & # N
4#@ #$:;@b$# $;A$FXE?F@t $# F@;" 3$ @Y@2?@ 3" ;$:;"2 F2$B
A4;F4M@2N

.$"(
? .&  *+  A 0 ,  *+ 0>

  K J


- ;X#L"M" @F$:3$B;$ A@2@ @;;?:@M@2 4#@ @Y@2?@ :@; ;$b4?:5$;
M4Z$;%
’ @Y@2?@ A"3$ 3$Y$2B;$ @ 4#@ Mf#A@3@ [4$?#@3@ "4 " 2$;B
 )4Z$; 3$ $;5@F?":@#$:5"
A$F5?Y" E4;XY$M 3$ A2"5$<=" [4$?#@3" "4 @ ?:5$224A<=" 3@
 )4Z$; 3$ A";?<="
M?b@<=" $M_52?F@N 12"F$3$2 e ;4L;5?54?<=" 3@ Mf#A@3@ "4 3"
 >:3?F@3"2$; 3$ 3?2$<="
2$;A$F5?Y" E4;XY$MN 9":5@5@2 @    , & # N
 )4Z 3$ #@2Fc@ @ 2_
 )4Z$; 3$ E2$?"
 )4Z$; 3$ AM@F@
   9G %% 
- ;X#L"M" @F$:3$B;$^ ‘4:5@#$:5$ F"# @ Y?;4@M?Z@<=" 3$
*?2?b?2B;$^ M"b" [4$ A";;XY$M^ e    , & # N
4#@ #$:;@b$#^ $# F@;" 3$ @Y@2?@ :" ;?;5$#@ {$yM$;; +:5$2B
!BU"N
      $
- ;X#L"M" @F$:3$B;$^ ‘4:5@#$:5$ F"# @ Y?;4@M?Z@<=" 3$
*?2?b?2B;$^ M"b" [4$ A";;XY$M^ e    , & # N
4#@ #$:;@b$# $# F@;" 3$ @Y@2?@ :" ;?;5$#@ 3$ F"25$ 3"
F"#L4;5XY$MN

*?2?b?2B;$ ?#$3?@5@#$:5$ e    , & #  A@2@ $M?#?B


    3
:@2 @ @Y@2?@N

 
- ;X#L"M" @F$:3$B;$ $# F@;" 3$ 3$;@5?Y@<=" 3" ’,D

.$")
? .&  *+  A 0 ,  *+ 0>

- ;X#L"M" @F$:3$B;$ $# F@;" 3$ E@Mc@ :" ,5"A¥,5@25 *?2?b?2B;$ e    , & # N

- ;X#L"M" @F$:3$B;$ $# F@;" 3$ E@Mc@ :" ;$:;"2 3$ F"#B


*?2?b?2B;$ e    , & # N
L4;5XY$M

#
? .&  , $ ; +& >    &:
? .&  *+  A 0 ,  *+ 0>

  


- ;X#L"M" @F$:3$B;$ [4@:3" _ 4M52@A@;;@3" " M?#?5$ 3$
Y$M"F?3@3$ 3$E?:?3" sA"2 $qN JOG i#uct @52@Y_; 3" &$:4 3"
3?;AM@yN
+# @Mb4#@; Y$2;]$;^ _ Y?;4@M?Z@3@ 4#@ #$:;@b$# $;A$FXE?F@
$ _ $#?5?3@ 4#@ ;?:@M?Z@<=" @Fv;5?F@N

1@2@ @Mb4#@; Y$2;]$;u#$2F@3";^ @F$:3$B;$ 5@#L_# 4#
"452" ;X#L"M" 3$ F"2 Y$2#$Mc@N
 
- ;X#L"M" @F$:3$B;$ $# F@;" 3$ @5?Y@<=" 3" 924?;$ 9":52"MN

1@2@ @Mb4#@; Y$2;]$;u#$2F@3";^ @F$:3$B;$ 5@#L_# 4#
"452" ;X#L"M" 3$ F"2 Y$23$N

.$"*
    - ;?;5$#@ 3?;A]$ 5@#L_# 3$ 4# $;F@A$^ A";;XY$M A$23@ 3$ 3$;$#A$B
F":$F5"2 [4$ A$2#?5$ @ M$?542@ 3"; :c"^ #a 3?2?b?L?M?3@3$ $ F":;4#";
     Fh3?b"; 3$ $22"; #$#"2?Z@3"; :@ $M$Y@3";N
 F$:52@M $M$52r:?F@^ $# F":‘4:5" F"#
!$;;@; F":3?<]$;^ _ A";;XY$M F":B
4#@ ;_2?$ 3$ A@2f#$52"; $;A$FXE?F";
5?:4@2 @ 3?2?b?2^ ;$#A2$ $Y?5@:3" $;B
 $ 3$ 3?@b:h;5?F" $ E4:F?":@#$:5" 3"
E"2<"; 3" #"5"2 $ @M5@; Y$M"F?3@3$;N
- ,?;5$#@ 3$ *?@b:h;5?F" 3$ #"5"2N .@M Y$2?E?F@<=" _ A";;XY$M A@2@
- 4;" A2"M":b@3" 3" Y$XF4M"^ F"#
C"23" s     t "; @b$:5$; $:F@22$b@3"; 3$ E?;F@M?Z@B
@ M4ZB$;A?@ @F$;@^ A"3$ A2"Y"F@2 3@B
$E$54@ 4# 3?@b:h;5?F" F":5X:4" 3"; <=" 3$ 52f:;?5"^ #$3?@:5$ @ ?:5$2E@F$
:"; @" #$;#"N !$;;$ F@;"^ A2"F42$
F"#A":$:5$; 2$M@F?":@3"; F"# @; 3" ;?;5$#@ F"# ?:;524#$:5"; @3$B
@    , & # C
$#?;;]$; b@;";@; A2"34Z?3@; A$M" [4@3";N
Y$XF4M"N ’M_# 3?;;"^ ?:3?F@ A"2 #$?" w4@:3" " #@4 E4:F?":@#$:5" 3$B
3" @F$:3?#$:5" 3@ M4ZB$;A?@ :" ;@A@2$F$^ @A@b@B;$ @ M4ZB$;A?@^ #@;
K%    " ;?;5$#@ #$#"2?Z@ @ ;?:@M?Z@<="N
[4@32" 3$ ?:;524#$:5";^ @F"#A@B    5 
:c@3@ 3$ #$:;@b$# :" 3?;AM@y^ @ $7   ,$ @ M4ZB$;A?@ ;$ @F$:3$ 3$ #"3"
F":3?<=" 3$ E@Mc@ 3$ F"#A":$:5$; ?:5$2#?5$:5$ _ ?:3?F@<=" 3$ A";;XB
3" ;?;5$#@ 3$ F":52"M$ 3" #"5"2N +# F":3?<]$; :"2#@?;^ b?2@:3" Y$M 3@:" :" F@5@M?;@3"2N !" F@;"
@ Fc@Y$ 3$ ?b:?<=" A@2@ @ A";?<=" 3$ @F$:3?#$:5" ?:5$2#?5$:5$^ ;"M5@2
- ;?;5$#@ -C* 5$# F"#" "L‘$5?B ^ @ M4ZB$;A?@ s@#@2$M"
Y";% " A$3@M 3" @F$M$2@3"2^ 2$34Z?:3" @
f#L@2t ;$ @F$:3$^ #@; [4@:3" " Y$M"F?3@3$^ @5_ [4$ @ M4ZB$;A?@ ;$
#"5"2 E4:F?":@2 3$Y$ @A@b@2B;$N @A@b4$N 12";;?b@ @ #@2Fc@ $# Y$B
 #@:5$2 ;"L F":52"M$ @ $E?F?\:F?@
,$ @ M4ZB$;A?@ A$2#@:$F$ @F$;@^ M"F?3@3$ 2$34Z?3@ $ A2"F42$ @ 
3" ;?;5$#@N
"4 ;$ @F$:3$2 342@:5$ @ #@2Fc@^ _   , & # N
 ;?:@M?Z@2 4# @4#$:5" 3$ $#?;B
?:3?F@<=" 3$ E4:F?":@#$:5" ?#A$2B
;]$; 3$Y?3" @ 4# E4:F?":@#$:5"
E$?5" 3" ;?;5$#@ 3$ F":52"M$ 3" #"5"2N
?22$b4M@2 3" Y$XF4M"N
- @F$:3?#$:5" E?q" 3@ M4ZB$;A?@ ?:B
 ;?:@M?Z@2 @ :$F$;;?3@3$ 3$ ;4L;B 3?F@ #@4 E4:F?":@#$:5" :" ;?;5$#@
5?54?2 "; F"#A":$:5$; 3$5$2?"2@B !
3$ @M?#$:5@<="u?b:?<="^ [4$ A"3$2a
3";N A2"Y"F@2 @4#$:5" 3$ $#?;;]$; 3" ,$^ b?2@:3" @ Fc@Y$ A@2@ @ A"B
;?<=" ^ @ M4ZB$;A?@ :=" ;$
.$"+
@F$:3$2^ "4 ;$ @F$:3$2 3$ #"3"
E?q"u?:5$2#?5$:5$ 342@:5$ @ #@2Fc@^
F":5@5@2 " [4@:5" @:5$; @   %
 , & # N
’ E4:F?":@M?3@3$ 3@ M4ZB$;A?@
A"3$ ;$2 Y$2?E?F@3@ A$M"; @b$:5$; 3$
E?;F@M?Z@<=" 3" 52f:;?5" "4 $# $Y$:B
54@?; A2"b2@#@; "E?F?@?; 3$ ?:;A$<="
3$ Y$XF4M";N D$;A$?5$ @; :"2#@; Y?B #
b$:5$;N

.$",
 
+;5$ F@AX54M" _ #4?5" ?#A"25@:5$N ’[4? ;=" 3$;F2?5";
"; ;?;5$#@; 3$ ;$b42@:<@ E"2:$F?3"; F"# " Y$XF4M" $
E"2:$F?3@; @; ?:3?F@<]$; :$F$;;a2?@; ;"L2$ F"#" 45?M?ZaB
M"; F"22$5@#$:5$N

9’D’9.+Dn,.>9’, *+ ,+U(D’!/’
’.>W’ N N N N N N N N N N N N N N N N N N N N N N N N N *BJ
,>,.+&’ *-, 9>!.-, *+ ,+U(D’!/’ N N N N *BJ}
’)+D.’ *+ !0- ’R>W+)’&+!.- *-, $
9>!.-, *+ ,+U(D’!/’ N N N N N N N N N N N N N *BJ~
1DdB.+!,>-!’*-D+, N N N N N N N N N N N N N N *BJP
,+U(D’!/’ 1’D’ 9D>’!/’, N N N N N N N N N N *BOG
,>,.+&’, *+ ,+U(D’!/’
,(1)+&+!.’D+, N N N N N N N N N N N N N N N N N *BO~

/
!     1 ,    &2 1 52@:;E$2\:F?@ 3$ 5"2[4$ #"5"2 :@
*+ 2 2"3@ [4$ :=" $;5a A@5?:@:3"N
   - ;?;5$#@ ?:5$2Y_# @45"#@5?F@B
  #$:5$ $# F@;" 3$ A@5?:@<="^ 3$   ; <=    
A$23@ 3$ @3$2\:F?@ $# A?;" #"Mc@3" ’ ?:5$2Y$:<=" 3" ;?;5$#@ _ @;;?:@B
 1 *+ 2
s@[4@AM@:@b$#t^ @F$M$2@<=" $# A?B M@3@ A$M@ ?:5$2#?5\:F?@ 3@ M4ZB$;A?@
!" Y$XF4M" $;5=" A2$;$:5$;^ $# @MB ;"; $;F"22$b@3?";^ F"# :$Y$ "4 b$M"^ :" [4@32" 3$ ?:;524#$:5";^ A@2@
b4#@; Y$2;]$;^ "; ;$b4?:5$; 3?;A";?B $5FN 3$ 4#@ "4 @#L@; @; 2"3@; #"B ?:E"2#@2 @" F":345"2 [4$ " Y$XF4M"
5?Y"; 3$ ;$b42@:<@ @5?Y@% 52?Z$;N $;5a $# F":3?<]$; F2X5?F@; 3$ $;5@L?B
+# E4:<=" 3@; F":3?<]$; 3$ A@5?B M?3@3$ $ @3$2\:F?@N
 .9 s.2@F5?": 9":52"Mt
:@<="^ ;=" @5?Y@3@; 34@; Mhb?F@; 3$
 8?MM 8"M3$2 F":52"M$ 3?E$2$:5$;% $
 +D& s+M$F52":?F D"MM"Y$2 &?5?b@B
5?":t  ,$ @ A@5?:@<=" $:Y"MY$ @#L@; !
 ’C, s’:5?BM"Fi C2@i?:b ,y;5$#t @; 2"3@; #"52?Z$;^ " ;?;5$#@ ’,D 1@2@ " F"22$5" E4:F?":@#$:5" 3"
 +,9 s+M$F52":?F ,5@L?M?5y 9":52"Mt s’:5? ,M?A D$b4M@5?":t ?:5$2Y_# 2$B ;?;5$#@ .9^ _ ?:3?;A$:;aY$M [4$ ";
 ..9 s."2[4$ .2@:;E$2$:F$ 9":B 34Z?:3" @ A"5\:F?@ 52@:;#?5?3@ A:$4; ;$‘@# 3@ #$;#@ #@2F@ $ 3"
52"Mt s,$ $[4?A@3"t A$M" #"5"2N #$;#" 5?A" $# 5"3@; @; 2"3@;N
 ,$ @ A@5?:@<=" $:Y"MY$ 4#@
"4 #@?; 2"3@; #"52?Z$;^ ’M_# 3?;;"^ 3$Y$# 5$2 A2?:F?A@MB
1@2@ " E4:F?":@#$:5" 3"; ;?;5$B #$:5$ " 5?A" $ 3?#$:;]$; A2$;F2?5@; $
#@;^ F":;4M5@2 @; Aab?:@; ;$b4?:5$;N @5?Y@B;$ @ E4:<=" C)*
sC2@i$ )?#?5$3 *?EE$2$:5?@Mt $;5@2 $# A$2E$?5@; F":3?<]$; 3$ F":B
52@Y@:3" @45"#@5?F@#$:5$ @ ;$2Y@<=" $ F"# @ A2$;;=" 3"; A:$4;
2"3@ [4$ A@5?:@ s_ ;?#?M@2 3$ @F"23" F"# " A2$Y?;5" :" #@:4@MN
" F"#A"25@#$:5" 3$ 4#
3?E$2$:F?@M @45"LM"[4$@:5$tN
>;5" A2"Y"F@2a 4# @4#$:5" 3$

/$!
4# "L;5aF4M"^ ;"L2$543" $# F":3?B
<]$; 3$ $;52@3@; :=" ?3$@?;N
! ! ,$ E"2$# Y$2?E?F@3@; $;;@; F":3?B
’ A2$;$:<@ 3" ;?;5$#@ .9 :=" 3$Y$ - ;?;5$#@ .9 :=" _ F@A@Z 3$ $Y?B <]$;^ " ;?;5$#@^ @" ?:5$2Y?2 :"; E2$?";
?:34Z?2 " F":345"2 @ F"22$2 2?;F";N 5@2 @F?3$:5$;^ ?:FM4?:3" "; 3$Y?3"; @ $ :@ A"5\:F?@ 3" #"5"2^ M?#?5@ @ A";B
$qF$;;?Y@ Y$M"F?3@3$ $# F42Y@^ F":B ;?L?M?3@3$ 3$ @; 2"3@; ;$ M$Y@:5@2$#
- 5?A" 3$ F":34<=" 3$Y$ ;$2 ;$#B 34<=" $# ;4A$2EXF?$; 3$ L@?q@ @3$B 3" ;"M"N !" $:5@:5"^ :=" _ A";;XB
A2$ @3$[4@3" e; F":3?<]$; 3" A?;" 2\:F?@ "4 @[4@AM@:@b$#N Y$M $Y?5@2 @ 5$:3\:F?@ A@2@ " F@A"B
3@ $;52@3@^ e Y?;?L?M?3@3$ $ @" 52f:B 5@#$:5" 3" Y$XF4M" ;$ " E$:r#$:"
;?5"N ’ 2$;A":;@L?M?3@3$ A$M@ ;$b4B *?2?‘@ F"# 2$;A":;@L?M?3@3$ $ A24B ;$ 3$Y$2 @ F@4;@; F"#" @ F":34<="
2@:<@ :@ $;52@3@ _ ;$#A2$ 3" F":34B 3\:F?@N $# $M$Y@3@; ?:FM?:@<]$; M@5$2@?;^ "4
5"2N Fc"[4$ F":52@ "L‘$5"; "4 "452"; Y$XB
F4M";N

!
! ’ F@A@F?3@3$ 3" ;?;5$#@ .9 :4:F@
- ;?;5$#@ .9 :=" _ F@A@Z 3$ F":B 3$Y$ ;$2 5$;5@3@ 3$ E"2#@ ?22$;A":;aB !
52@2?@2 @; M$?; :@542@?; 3@ EX;?F@ $ :=" Y$M $ A$2?b";@N - 3$;$#A$:c" 3$ 4# Y$XF4M"
_ F@A@Z 3$ @4#$:5@2 @ @3$2\:F?@ 3$B $[4?A@3" F"# +D& :4:F@ 3$Y$ ;$2
A$:3$:5$ 3@; F":3?<]$; 3@ $;52@3@N +Y?5$ F"#A2"#$5$2 @ A2hA2?@ ;$b4B
2@:<@ $ @ 3$ 5$2F$?2";N A";5" e A2"Y@ 3$ #"3" ?22$;A":;aY$M
*?2?‘@ ;$#A2$ F"# A243\:F?@ $ $ A$2?b";"N
@5$:<="N !=" F"M"[4$ $# A$2?b" ;4@ ;$b4B
  1&,  , &&;
  A  2 2@:<@ $ 3$ "452@; A$;;"@;N

- ;?;5$#@ #":?5"2@ @ 5$:3\:F?@


A@2@ @ $M$Y@<=" 3@; 2"3@; 3" ;"M"
F@;" " F":345"2 $E$54$ #@:"L2@; $qB
52$#@;^ 5@?; F"#" $Y?5@2 ;4L?5@#$:5$

/$"
   8%   ; <=     ’ F":345@ @ #@:5$2 @" Y"M@:5$
  $ %  3$Y$ ;$#A2$ ;$2 @3$[4@3@ e; F":3?B
’ ?:5$2Y$:<=" 3" ;?;5$#@ _ @;;?:@B
1&,  , . & :   &2 1 <]$; @5#";E_2?F@; $ 3@ $;52@3@^ e Y?B
M@3@ A$M@ ?:5$2#?5\:F?@ 3@ M4ZB$;A?@
*+ 2 ;?L?M?3@3$^ @" 52f:;?5" $ e; :"2#@; 3$
:" [4@32" 3$ ?:;524#$:5";^ A@2@
F?2F4M@<="N
d 4# ;?;5$#@ 3$ F":52"M$ 3@ $;5@L?B ?:E"2#@2 " F":345"2 [4$ " Y$XF4M"
M?3@3$ 3" Y$XF4M"^ [4$ @‘43@ @ #@:B $;5a $# F":3?<]$; F2X5?F@; 3$ $;5@L?B
5$2 " F":52"M$ 3?2$F?":@M $# F@;" 3$ M?3@3$ $ @3$2\:F?@N    1 *+ %
A$23@ 3$ @3$2\:F?@ 3"; A:$4;N 2

’ @<=" 3" ;?;5$#@ +,9 _^ A"25@:5"^  ;<=     d A@25$ ?:5$b2@:5$ 3" ;?;5$#@ +,9
$;A$F?@M#$:5$ v5?M [4@:3" #43@# @; $ E@F?M?5@ " @22@:[4$ :@; ;4L?3@;^
- ;?;5$#@ +,9 @5?Y@B;$ @45"#@5?F@B
F":3?<]$; 3$ @3$2\:F?@ 3" A?;" 3@ @5?Y@:3"B;$ @45"#@5?F@#$:5$ :"; F@B
#$:5$ @" F"M"F@2 " Y$XF4M" $# #@2B
$;52@3@N Fc@N
;"; ;$b4?:5$;% $
9"# " +,9^ @M_# 3" ’,D sF":B  !@; ;4L?3@;% Y$XF4M" A@2@3" $#
52"M$ 3@ 52@<=" F"# ?:5$2Y$:<=" :";  & ><)    & 
@FM?Y$ F"# ?:FM?:@<=" ;4A$2?"2 @
E2$?"; $ :" #"5"2t $ " 8>)) 8-)*+D +# F@;" 3$ $Y$:54@M @:"#@M?@^ " I¤^ #"5"2 M?b@3"^ A$3@M 3$ $#B
s3?;A";?5?Y" A@2@ @22@:F@2 $# ?:FM?B ;?;5$#@ +,9 _ @45"#@5?F@#$:5$ 3$B L2$@b$# $ E2$?" A2$;;?":@3"; $
:@<]$; ;$# 45?M?Z@2 "; E2$?";t^ 5@#B ;@5?Y@3" $ :" [4@32" 3$ ?:;524#$:5"; Ff#L?" $# A":5" #"25" "4 4#@
L_# $;5a A2$;$:5$ " &,D s2$b4M@b$# @F$:3$B;$ E?q@#$:5$ @ M4ZB$;A?@ $;B #@2Fc@ 3?E$2$:5$ 3@ #@2Fc@ @ 2_
3" 5"2[4$ 3$ E2$:@b$# 3" #"5"2 :@ A$FXE?F@ sF":;4M5@2 " F@AX54M" p)4Z$;B $:b@5@3@^ A@2@ Y$2;]$; F"# Ff#B
2$34<=" 3$ Y$M"F?3@3$t^ 8C’ s?:F2$B $;A?@ $ ;?:@M?Z@<]$;ptN !$;;$ F@;"^ L?" #@:4@MN 1@2@ Y$2;]$; F"#
#$:5" @45"#a5?F" 3@ A2$;;=" 3$ E2$B 3?2?b?2B;$ e    , & # C Ff#L?" U,D 9"#E"25^ @M@Y@:F@
:@b$# $# E2$:@b$:; 3$ $#$2b\:F?@t^ :@ A";?<="  "4  $ A@2@ Y$2B
+D& sE4:<=" @:5?F@A"5@#$:5"t $ ..9 ;]$; F"# Ff#L?" @45"#a5?F"^ :@
s@Mb4#@; Y$2;]$;t s2$34Z @ 5$:3\:F?@ A";?<=" 
@" ;4L;5$2<" 342@:5$ @F$M$2@<=" $#
F42Y@;tN !
 !@; 3$;F?3@;% Y$XF4M" A@2@3" $#
’ $E?F?\:F?@ 3" ;?;5$#@ +,9 :="
3$FM?Y$ F"# ?:FM?:@<=" ;4A$2?"2
3$Y$ M$Y@2 " #"5"2?;5@ @ F"22$2 2?;F";N
@ I¤^ #"5"2 M?b@3"^ A$3@M 3$
/$%
$#L2$@b$# $ E2$?" A2$;;?":@3"; F@;"^ 3?2?b?2B;$ e    , & <]$; 3$ F":;$2Y@<=" $ F"# @ A2$;;="
$ #@2Fc@ @ 2_ @F"AM@3@N # C 3"; A:$4; 3$ @F"23" F"# " A2$Y?;5"
:" #@:4@MN
!@ E@;$ 3$ A@25?3@^ @ F$:52@M 3"
;?;5$#@ +,9 #@:5_# @ A2$;;=" 3$
E2$:@b$# :@; 2"3@; @5_ @" @MF@:F$ 3" !
5"2[4$ 3" #"5"2 :$F$;;a2?" e A@25?3@ !
"4^ $# 5"3" " F@;"^ A"2 4# 5$#A" - ;?;5$#@ 8?MM 8"M3$2 :=" _ 4#
#aq?#" 3$ O ;$b4:3";^ A$2#?5?:3" E2$?" 3$ $;5@F?":@#$:5"N *42@:5$ @ $Y$:54@M 45?M?Z@<=" 3@
3$;M"F@2 E@F?M#$:5$ " A_ 3?2$?5" 3" 2"3@ ;"L2$;;@M$:5$^ " ;?;5$#@ +,9
!=" @L@:3":@2 @ 3?2$<=" 3" Y$XB F":5?:4@ @ E4:F?":@2N
A$3@M 3" E2$?" A@2@ " @F$M$2@3"2N F4M" ;$# 5$2 @F?":@3" " E2$?" 3$
1@;;@3"; "; O ;$b4:3";^ #$;#" #="^ 3$;M?b@3" " #"5"2^ $:b2$:@3" .$2 $# F":5@ [4$ @ 2"3@ ;"L2$;B
[4$ :=" 5$:c@ ;?3" $E$54@3" @ A@2B @ A2?#$?2@ #@2Fc@ $ $;5@F?":@:3" " ;@M$:5$^ 5$:3" 3?#$:;]$; 3?E$2$:5$;
5?3@^ " ;?;5$#@ 3$;@5?Y@B;$ @45"#@5?B Y$XF4M" $# F":3?<]$; 3$ ;$b42@:<@ @" A:$4 :"2#@M @A2$;$:5@ 4#@ @3$B
F@#$:5$^ M?L$25@:3" b2@34@M#$:5$ @ sA@2@ #@?; ?:E"2#@<]$;^ F":;4M5@2 " 2\:F?@ #$:"2 $# 2$M@<=" @"; "452";
A2$;;=" 3$ E2$:@b$#N A@2ab2@E" pR2$?" 3$ $;5@F?":@#$:5"p A:$4; 3" Y$XF4M"N
:" F@AX54M" p1@25?3@ $ "A$2@<="ptN
*42@:5$ $;5@ E@;$ 3$ M?L$2@<=" _   1  & A+&  2
A";;XY$M "4Y?2 4# 24X3" 5XA?F" 3$ 3$B 1 *+ 2
;@F"AM@#$:5" #$Ff:?F" 3"; E2$?";^
[4$ ?:3?F@ " ?#?:$:5$ #"Y?#$:5" 3" - ;?;5$#@ ’,D _ A@25$ ?:5$b2@:5$
Y$XF4M"N ! 3" ;?;5$#@ +,9 $ @54@ @45"#@5?F@B
1@2@ " F"22$5" E4:F?":@#$:5" 3" #$:5$ $# F@;" 3$ 3$22@A@b$# 3$
 & ><)    &  ;?;5$#@ +,9 $ ’,D _ ?:3?;A$:;aY$M 4#@ "4 34@; 2"3@; #"52?Z$;^ @‘4B
[4$ "; A:$4; ;$‘@# 3@ #$;#@ #@2F@ 3@:3" " #"5"2?;5@ @ F":52"M@2 " Y$XB
+# F@;" 3$ $Y$:54@M @:"#@M?@^ F4M"N
$ 3" #$;#" 5?A" $# 5"3@; @; 2"3@;N
_ ?:3?F@3@ A$M" @F$:3?#$:5" 3@
M4ZB$;A?@ +,9 sF":;4M5@2 " F@AX54M" ’M_# 3?;;"^ 3$Y$# 5$2 A2?:F?A@MB ’ @<=" 3" ;?;5$#@ ’,D _ A@25?F4M@2B
p)4Z$;B$;A?@ $ ;?:@M?Z@<]$;ptN !$;;$ #$:5$ " 5?A"^ #@2F@ $ 3?#$:;]$; #$:5$ v5?M :@; ;$b4?:5$; F":3?<]$;%
A2$;F2?5@; $ $;5@2 $# A$2E$?5@; F":3?B

/$&
 *$22@A@b$# $# F42Y@ 3@ 2"3@ ?:B  ;<=7 ;<=    
5$2:@^ 3$Y?3" e; Y@2?@<]$; 3?:fB 
#?F@; 3@ F@2b@ "4 e @F$M$2@<=" !
$qF$;;?Y@N
1@2@ " F"22$5" E4:F?":@#$:5" 3";
 +qF$;;?Y@ A"5\:F?@ 52@:;#?5?3@ e; ;?;5$#@; +,9 $ ’,D _ ?:3?;A$:;aY$M
2"3@;^ #$;#" 3$Y?3" e; F":3?B [4$ "; A:$4; ;$‘@# 3@ #$;#@ #@2F@^
<]$; 3" A?;" 3@ $;52@3@N 5?A"^ 3?#$:;]$; A2$;F2?5@;^ $;5@2 $#
 1$23@ 3$ @3$2\:F?@ $# A?;" #"B A$2E$?5@; F":3?<]$; 3$ F":;$2Y@<=" $
Mc@3" s@[4@AM@:@b$#tN F"# @ A2$;;=" 3"; A:$4; 3$ @F"23"
F"# " A2$Y?;5" :" #@:4@MN
-L;$2Y$ ;$#A2$ @; 2$F"#$:3@B
<]$; 3$;5$ #@:4@MN $
! - ;?;5$#@ ’,D ;$ @5?Y@ @ F@3@
- 3$;$#A$:c" 3@ E4:<=" ’,D^ $# A@25?3@ 3" #"5"2N
  1A+&   %
5$2#"; 3$ ;$b42@:<@ @5?Y@^ :=" 3$Y$ *42@:5$ @ #@2Fc@ _ A";;XY$M 3$;@B      2
?:34Z?2 " #"5"2?;5@ @ F"22$2 2?;F"; 5?Y@2 $ ;4F$;;?Y@#$:5$ @5?Y@2 " ’,D
?:v5$?; $ ?:‘4;5?E?FaY$?;N ’ F":345@ 3$ A2$;;?":@:3" " L"5=" M"F@M?Z@3" d 4# ;?;5$#@^ A@25$ ?:5$b2@:5$ 3"
3?2$<=" 3$Y$ ;$2 ;$#A2$ @3$[4@3@ e; :@ A@25$ F$:52@M 3" A@?:$MN ’,D^ [4$ $Y?5@ " LM"[4$?" 3@; 2"3@
F":3?<]$; 3@ $;52@3@^ e Y?;?L?M?3@3$ #"52?Z$; $# F@;" 3$ 2$34<=" L24;F@
’ 3$;@5?Y@<=" 3" ;?;5$#@ _ ?:3?B 3$ #@2Fc@ 342@:5$ @ 3$;@F$M$2@<="
$ @" 52aE$b"N
F@3@ A$M" @F$:3?#$:5" 3" )+* :" 3" Y$XF4M"N
’ 2$;A":;@L?M?3@3$ A$M@ ;$b42@:<@ L"5=" "4 A$M" @F$:3?#$:5" 3@
M4ZB$;A?@ :" [4@32" 3$ ?:;524#$:5"; - ;?;5$#@ @45"#@5?F@#$:5$ @AM?F@
:@ 3?2$<=" _ ;$#A2$ 3" #"5"2?;5@ 3"
^ F":E"2#$ " F@;"N 5"2[4$ :" #"5"2^ ;"#$:5$ " :$F$;B
Y$XF4M"N
;a2?" A@2@ :=" 52@Y@#$:5" 3@; 2"B
*$;@5?Y@:3" " ’,D 342@:5$ @ #@2B 3@; #"52?Z$;^ $;A$F?@M#$:5$ $# F":B
Fc@ :@ A2hq?#@ A@25?3@^ " ’,D _ @5?B 3?<]$; 3$ L@?q@ @3$2\:F?@^ ":3$ "
Y@3" @45"#@5?F@#$:5$ A$M" ;?;5$#@N LM"[4$?" 3@; 2"3@; #"52?Z$; A"3$2?@

/$(
F@4;@2 @ A$23@ 3" F":52"M$ $ $;5@L?M?B @F$;"^ @ E4:<=" ..9 s;$ $[4?A@3"t #"3@M?3@3$ p,?;5$#@; c@L?M?5@3";p @
3@3$ 3" Y$XF4M"N $;5a @5?Y@N F@3@ A@25?3@ 3" #"5"2
’5?Y@:3" " ..9 342@:5$ @ #@2Fc@^
  1 *+   0  , :@ A2hq?#@ A@25?3@^ " ..9 _ 3$;@5?B 
  &2 1 *+ 2 Y@3" @45"#@5?F@#$:5$ A$M" ;?;5$#@N
d @F":;$McaY$M ;$M$F?":@2 @; #"B
- ;?;5$#@ 2$34Z @ 5$:3\:F?@ @" 3@M?3@3$; p,?;5$#@; A@2F?@M#$:5$ 3$B
;4L$;5$2<" $# #@:"L2@; 3$ @F$M$2@B ;@L?M?5@3";p "4 p,?;5$#@; 3$;@L?M?5@B
$  
<=" $# F42Y@ @52@Y_; 3@ @AM?F@<=" 3$ 3";p @A$:@; A"2 #"5?Y"; 3$ F":34B
   
5"2[4$ E2$:@:5$ e 2"3@ #"52?Z ?:5$2:@ <=" $;A$FXE?F"; $ [4$ :=" @F@22$5$#
e F42Y@^ 52@:;E$2?:3" 5"2[4$ A@2@ @ !=" _ A";;XY$M 3$;@L?M?5@2 5"3"; "; 2?;F" e F":34<=" 3" Y$XF4M"N
2"3@ #"52?Z $q5$2:@N ;?;5$#@;N +# E4:<=" 3@; Y$2;]$;^
$q?;5$# @5_ H #"3@M?3@3$; 3$ F":B
    , &   . & 
 ;<=7 ;<=     E?b42@<=" 3"; ;?;5$#@; 3$ ;$b42@:<@
 1 *+ 2C @5?Y"; A2$;$:5$; :" Y$XF4M"% 12$;;?":@:3" " L"5=" :" A@?:$M^
A@25$ F$:52@M^ 342@:5$ #$:"; 3$ I
(5?M?Z@:3" " #$;#" L"5=" A@2@ @ ;$b4:3";^ 342@:5$ @ #@2Fc@ 3" Y$XB
 ,?;5$#@; c@L?M?5@3";
E4:<=" ’,D^ @ E4:<=" ..9 s;$ $[4?B F4M"^ _ A";;XY$M 3$;@L?M?5@2 " ;?;5$#@
A@3"t ;$ @5?Y@ [4@:3" @ E4:<=" ’,D  ,?;5$#@; A@2F?@M#$:5$ 3$;@L?M?5@B
3"; .,9 $ M?#?5@2 @ ?:5$2Y$:<=" 3" ;?;B
_ 3$;@5?Y@3@N 5$#@ .9 @A$:@; e @<=" 3$ E2$:@b$#
*42@:5$ @ #@2Fc@ _ A";;XY$M @5?Y@2 $# F@3@ 2"3@ #"52?ZN -; "452"; ;?;B
   . & 
$ ;4F$;;?Y@#$:5$ 3$;@5?Y@2 " ..9^ 5$#@; A$2#@:$F$# c@L?M?5@3";N
A2$;;?":@:3" " L"5=" M"F@M?Z@3" :@ ."3"; "; ;?;5$#@; 3$ ;$b42@:<@ @5?B
A@25$ F$:52@M 3" A@?:$MN Y"; $;5=" c@L?M?5@3";N d @ #"3@M?3@3$
3$ E4:F?":@#$:5" :"2#@M 342@:5$ @
’ @5?Y@<=" 3" ;?;5$#@ ..9 _ ?:B F":34<=" 3$ 4# Y$XF4M" 3$ [4@52"
3?F@3@ A$M" @F$:3?#$:5" 3" )+* 2"3@; #"52?Z$;N
:" L"5=" "4 A$M" @F$:3?#$:5" 3@
M4ZB$;A?@ :" [4@32" 3$ ?:;524#$:B +;5@ #"3@M?3@3$ 3$Y$ ;$2 45?M?Z@3@
5";^ F":E"2#$ @ Y$2;="N 9"# " )+* A@2@ @ #@?"2 A@25$ 3@; ;?54@<]$; 3$
F":34<="N - ;?;5$#@ $;5@2a :@
/$)
  "

- Y$XF4M" _ $[4?A@3" F"# 4# !@; #@:"L2@; 3$ $;5@F?":@#$:5"^
;?;5$#@ 3$ ;$2Y"@;;?;5\:F?@ A"2 F"B @" $E$54@2 4# :v#$2" $M$Y@3" 3$
#@:3" $M_52?F"^ [4$ E4:F?":@ ;h F"# b?2"; 3" Y"M@:5$^ A"3$ Y$2?E?F@2B;$
@ Fc@Y$ 3$ ?b:?<=" :@ A";?<="  4# $:342$F?#$:5" 3@ 3?2$<="g ?;5" _
$ #"5"2 M?b@3"N :"2#@M $ _ 3$Y?3" e ?:5$2Y$:<=" 3"
;?;5$#@ 3$ A2"5$<=" F":52@ " @[4$F?B
#$:5" $qF$;;?Y" 3" #"5"2 $M_52?F" 3$

F"#@:3" 3@ 3?2$<="^ A"25@:5"^ :="
+# F@;" 3$ 2aA?3@ 2"5@<=" 3@ A$3$ :$:c4#@ ?:5$2Y$:<=" 3$ 2$A@B
’ 3$;@5?Y@<=" 3@ #"3@M?3@3$ _ @;B Fc@Y$ 3$ ?b:?<="^ @ F"#AM$5@ 2@<="N !@ A2hq?#@ 2$45?M?Z@<=" 3"
;?:@M@3@ A$M" @F$:3?#$:5" 3@ M4ZB E4:F?":@M?3@3$ 3@ 3?2$<=" @;;?;5?3@
$;A?@ :" [4@32" 3$ ?:;524#$:B
Y$XF4M"^ @ 3?2$<=" @;;?;5?3@ 2$5"2:@2a $
A"3$ ;$2 @MF@:<@3@ 3$A"?; 3$ J @ O @ "A$2@2 :"2#@M#$:5$N
5"; s$# @Mb4#@; Y$2;]$;^ ‘4:5@#$:5$ ;$b4:3";N
F"# @ Y?;4@M?Z@<=" 3$ 4#@ #$:;@B
b$# :" 3?;AM@ytN K6  
1@2@ 2$;5@L$M$F$2 @ #"3@M?3@3$ +Y$:54@?; @:"#@M?@; 3@ 3?2$<=" @;B !
p,?;5$#@; c@L?M?5@3";p 3$ E4:F?":@B ;?;5?3@ $M_52?F@ ;=" ?:3?F@3@; A$M"
#$:5"^ A2$;;?":@2 :"Y@#$:5$ " ’:5$; 3$ $E$54@2 [4@M[4$2 ?:5$2Y$:B
@F$:3?#$:5" 3@ M4ZB$;A?@ $;A$FXE?F@^
L"5=" :@ A@25$ F$:52@M 3" A@?:$MN <=" 3$ #@:45$:<="^ 3$;M?b@2 ;$#A2$
@F"#A@:c@3@ 3@ #$:;@b$# Y?;4@M?B
" #"5"2 $ 2$#"Y$2 @ Fc@Y$ 3" 3?;A"B
’ #"3@M?3@3$ p,?;5$#@; F"#AM$5@B Z@3@ :" 3?;AM@yN
;?5?Y" 3$ ?b:?<="^ @5?Y@:3" " LM"[4$?"
#$:5$ c@L?M?5@3";p ;$2a 2$@5?Y@3@ @4B +# F@;" 3$ @Y@2?@ :@ 3?2$<=" @;B 3@ 3?2$<="^ A2?:F?A@M#$:5$ [4@:3" "
5"#@5?F@#$:5$ @ F@3@ A@25?3@ 3" #"B ;?;5?3@ $M_52?F@^ " Y$XF4M" F":5?:4@ @ Y$XF4M" ;$ $:F":52@2 F"# @; 2"3@; M$B
5"2N ;$2 #@:"L2aY$M F"# @ 3?2$<=" #$FfB Y@:5@3@; 3" A?;"N
:?F@N
!" F@;" $# [4$ ?;5" :=" ;$‘@ A";B
;XY$M s:$F$;;?3@3$ 3$ 5$2 @ Fc@Y$ :@
A";?<=" &’D "4 " #"5"2 M?b@3"t^ 2$B

/$*
#"Y$2 " E4;XY$M A2?:F?A@M 3$ A2"5$<=" @3@ $:52$ @; 2"3@; 3" M@3" 3?2$?5" $
3@ 3?2$<=" @;;?;5?3@ $M_52?F@N 3" M@3" $;[4$23" "4 :@; F42Y@;N
9"#AM$5@ " ;?;5$#@^ " ;?;5$#@ !
 $ 1  %&,V $ V A +C* s+M$F52":?F C2@i?:b E"2F$ 1@2@ 5$2 @ #aq?#@ $E?F?\:F?@ 3"
: 2 *?;52?L45?":t^ [4$ A$2#?5$ 2$A@25?2 ;?;5$#@ 3$ E2$:@b$# _ :$F$;;a2?" 4#
@ @<=" 3$ E2$:@b$# $:52$ @; 2"3@; A$2X"3" 3$ @;;$:5@#$:5" 3$ @A2"q?B
.2@5@B;$ 3$ 4# ;?;5$#@^ A@25$ ?:5$B 3?@:5$?2@; $ 52@;$?2@;N #@3@#$:5$ IGG i#N
b2@:5$ 3" ;?;5$#@ 3$ E2$:@b$#^ [4$
$Y?5@^ F"# [4@?;[4$2 F":3?<]$; 3" *42@:5$ $;;$ A$2X"3" _ @F":;$McaB
  ; <=    
A?;" 3@ $;52@3@ $ 3$ ?:5$:;?3@3$ 3@ Y$M :=" $E$54@2 E2$:@b$:; #4?5" L24;B
@<=" 3$ E2$:@b$#^ " LM"[4$?" $ @ ’ ?:5$2Y$:<=" 3" ’C, _ 3$5$F5aB F@;^ 2$A$5?3@; $ A2"M":b@3@;N
F":;$[4$:5$ A@5?:@<=" 3$ 4#@ "4 Y$M @52@Y_; 3$ 4#@ M?b$?2@ A4M;@<="
#@?; 2"3@;^ b@2@:5?:3"^ 3$;5$ #"3"^ 3" A$3@M 3" E2$?"^ @F"#A@:c@3@ 3$
" F":52"M$ 3" Y$XF4M" #$;#" :@; E2$B 24X3"% $;5$ _ 4# F"#A"25@#$:5" A$2B
:@b$:; 3$ $#$2b\:F?@ $ "5?#?Z@:3" E$?5@#$:5$ :"2#@M 3" ;?;5$#@ $# E@;$
3$ ?:5$2Y$:<="N !
"; $;A@<"; 3$ E2$:@b$#N
,$ " ’C, ?:5$2Y?$2^ _ ;?:@M [4$ ;$
- ;?;5$#@ ?:5$2Y_# :@ E2$:@b$#^ $;5a @5?:b?:3" " M?#?5$ 3$ @3$2\:F?@
[4@:3" @; 2"3@; $;5=" A2hq?#@; 3" $:52$ "; A:$4; $ " A?;" 3@ $;52@3@N
LM"[4$?"^ 5?A?F@#$:5$ $# F":3?<]$;
3$ E2$:@b$:; 3$ $#$2b\:F?@ "4 $# ! d :$F$;;a2?" 2$34Z?2 @ Y$M"F?3@3$
F":3?<]$; 3$ L@?q@ @3$2\:F?@^ ":3$ w4@:3" " ’C, ?:5$2Y?$2^ $ ;$ ;$:5?2 A@2@ @3@A5@2 @ #@2Fc@ e @3$2\:F?@
"; LM"[4$?"; A"3$# ;$2 #@?; E2$B @; A4M;@<]$; 3" A$3@M 3" E2$?"^ :=" 3?;A":XY$MN
[4$:5$;N @M?Y?@2 @ A2$;;="^ #@; #@:5$2 " A$3@M
- ;?;5$#@ @4#$:5@ 5@#L_# @ F":B 5"5@M#$:5$ A2$;;?":@3" ;$# 2$F$?"N
52"M@L?M?3@3$ $ $;5@L?M?3@3$ 3" Y$XB *$;;@ E"2#@^ "L5_#B;$ 4# $;A@<"
F4M" ;$ @ E2$:@b$# ;$ Y$2?E?F@2 :4#@ 3$ E2$:@b$# ?3$@M $ F"#A@5XY$M F"# !
;4A$2EXF?$ F"# @3$2\:F?@ 3?E$2$:F?B @; F":3?<]$; 3" A?;" 3@ $;52@3@N - ;?;5$#@ ’C, :=" A"3$ F":52@B
2?@2 @; M$?; :@542@?; 3@ EX;?F@ $ :="

/$+
A"3$ @4#$:5@2 @ @3$2\:F?@ 3$A$:B A"2 M":b@; 3?;5f:F?@; F"# "; A:$4;
3$:5$ 3@; F":3?<]$; 3@ $;52@3@N Y@Z?";^ F":52?L4?:3" A@2@ " #$Mc"2
! F":;4#" L$# F"#" A@2@ 2$34<=" 3$
*?2?‘@ ;$#A2$ F"# A243\:F?@ $ $#?;;=" 3$ A"M4$:5$;N +#L"2@ " ;?;B
@5$:<="N 1@2@ " F"22$5" E4:F?":@#$:5" 3"
5$#@ A";;@ ?:E"2#@2 [4$ 4# "4 #@?;
;?;5$#@ ’C,^ _ ?:3?;A$:;aY$M [4$ ";
A:$4; $;5$‘@# F"# @ F@M?L2@b$# ?:B
A:$4; ;$‘@# 3@ #$;#@ #@2F@ $ 3"
F"22$5@^ :=" $qFM4? @ 2$;A":;@L?M?B
#$;#" 5?A" $# 5"3@; @; 2"3@;N
3@3$ 3" F":345"2 3$ Y$2?E?F@2 @ ?:B
! ’M_# 3?;;"^ 3$Y$# 5$2 A2?:F?A@MB 5$b2?3@3$ $ 3$;b@;5$ 3"; A:$4; sA2$B
- ;?;5$#@ ’C, :=" A"3$ $Y?5@2 @F?B #$:5$ " 5?A" $ 3?#$:;]$; A2$;F2?5@; $ ;$:<@ 3$ L"Mc@;^ F"25$;^ "L‘$5"; $;B
3$:5$;^ ?:FM4?:3" "; 3$Y?3"; @ Y$M"B $;5@2 $# A$2E$?5@; F":3?<]$; 3$ F":B 52@:c";^ $5FNt @:5$; 3$ F@3@ A$2F42;"N
F?3@3$ $qF$;;?Y@ $# F42Y@^ F":34B ;$2Y@<=" $ F"# @ A2$;;=" 3"; A:$4; - ;?;5$#@ :$F$;;?5@ 3$ 4# 5$#A"
3$ @F"23" F"# " A2$Y?;5" :" #@:4@MN $
<=" $# ;4A$2EXF?$; 3$ L@?q@ @3$2\:B 3$ @A2"q?#@3@#$:5$ OG #?:45";
F?@ "4 @[4@AM@:@b$#N A@2@ @ @45"@A2$:3?Z@b$# 3@;
F":3?<]$; $# [4$ ;$ $:F":52@# ";
’ 2$;A":;@L?M?3@3$ A$M@ ;$b42@:<@   
A:$4; @ A@25?2 3" #"#$:5" $# [4$
:@ $;52@3@ A$25$:F$ ;$#A2$ @" F":B     1
_ 2$@M?Z@3" " 2$;$5N
345"2N 42
- Y$XF4M" A"3$ $;5@2 $[4?A@3"
F"# ;?;5$#@ 3$ #":?5"2@#$:5" 3@ 
A2$;;=" 3"; A:$4; ?.1&, s>:3?2$F5 +;5$ A2"F$3?#$:5" 3$A$:3$ 3"
! .y2$ 12$;;42$ &":?5"2?:b ,y;5$#tN #"3" 3$ F":34<=" 3" Y$XF4M" $ 3@;
’; F@A@F?3@3$; 3" ;?;5$#@ ’C, +;5$ ;?;5$#@ 45?M?Z@ A@25$ 3@; ?:E"2B F":3?<]$; 3@ Y?@ $# [4$ " Y$XF4M"
:4:F@ 3$Y$# ;$2 5$;5@3@; 3$ E"2#@ #@<]$; 3?;A":XY$?; :@ F$:52@M $M$52rB _ F":34Z?3"N ’ F":3?<=" ?3$@M $
?22$;A":;aY$M $ A$2?b";@N :?F@ 3"; E2$?"; ’C, A@2@ Y$2?E?F@2 " #@?; $E?F@Z _ $# M?:c@ 2$5@ $ F"#
$;5@3" 3$ $:Fc?#$:5" 3"; A:$4;N Y$M"F?3@3$ F":;5@:5$N
!=" F"M"[4$ $# A$2?b" ;4@ ;$b4B
2@:<@ $ 3$ "452@; A$;;"@;N - ;?;5$#@ 5$# @ E?:@M?3@3$ 3$ $Y?B - 2$;$5 3$Y$ ;$2 2$@M?Z@3" :@; ;$B
5@2 [4$ " #"5"2?;5@ F":34Z@ " Y$XF4M" b4?:5$; F":3?<]$;%

/$,
 D$F@M?L2@b$# 3"; A:$4; s?:FM4B ;?:@?; 3$ 4# "4 #@?; A:$4; "4 3$?q@2
;?Y$ [4@:3" @ #$:;@b$# 3$ A2$;B 3$ E"2:$F$2 ;?:@?; [4@:3" :$F$;;a2?"N
;=" L@?q@ :=" 5$:c@ ;?3" A2$Y?@B
#$:5$ $q?L?3@tN  ,     & ><= 
 ,4L;5?54?<=" 3$ 4# "4 #@?; 
A:$4;N
 D"3XZ?" 3"; A:$4;
 (5?M?Z@<=" 3" $;5$A$N
 ’M5$2@<=" 3@; F":3?<]$; 3$ F@2b@
3" Y$XF4M"N

!
- 2$;$5 3" ;?;5$#@ ?.1&, :=" A"B  12$;;?":@2 " L"5=" "4 M"B
3$2a ;$2 2$@M?Z@3" F"# " Y$XF4M" $# F@M?Z@3"; :" M@3" 3?2$?5" :" Y"B
#"Y?#$:5"N M@:5$ A@2@ @F$;;@2 " #$:4N
 !@Y$b@2 @5_ @ >:E" xW$XF4M"z $
+;5@ "A$2@<=" 3$Y$ ;$#A2$ ;$2 E$?5@ A2$;;?":@2 N
F"# " Y$XF4M" $;5@F?":@3"N
 ’F$;;@2 " #$:4 x12$;;=" A:$4;z
@52@Y_; 3@ 5$FM@ N
’:5$; 3$ 2$@M?Z@2 " 2$;$5^ $:Fc$2 ";
A:$4; :"; Y@M"2$; 3$ A2$;;=" :"#?B  ’ 5$FM@ 9 3$Y$ ;$2 A2$;;?":@3@
:@?; [4$ A"3$# ;$2 $:F":52@3"; :" A"2 O ;$b4:3";N
F@AX54M"  3" #@:4@M  12$;;=" 3";
A:$4;N 9@;" " 2$;$5 :=" ;$‘@ $E$54B
@3" :@; F":3?<]$; 3$;F2?5@; @:5$2?"2B !
#$:5$^ " ;?;5$#@ A"3$ E"2:$F$2 E@M;"; 9@;" " A2"F$3?#$:5" 3$ 2$;$5 :="
;$‘@ 2$@M?Z@3" F":E"2#$ ?:3?F@3"
/$!-
@:5$2?"2#$:5$^ " ;?;5$#@ A"3$ :=" !$;5$ F@;"^ 4#@ #$:;@b$# ;$2a
@A2$;$:5@2 ?:E"2#@<]$; A2$F?;@; $q?L?3@ :" 3?;AM@y $ @ M4ZB$;A?@
[4@:5" e A2$;;=" 3"; A:$4;N M@#A$‘@2a A"2 KI ;$b4:3";^ A$2#@B
:$F$:3" @F$;@ @Ah; $;;$ A$2X"3"
D$@M?Z$ " A2"F$3?#$:5" ;$b4?:3" A@2@ ?:E"2#@2 [4$ " ;?;5$#@ $;5a ?:"B
;$#A2$ @; "2?$:5@<]$; 3$;;$ #@:4@MN A$2@:5$N

6  #%
 
’Mb4#@; ;?54@<]$; 3$ F":34<=" +# F":3?<]$; $;A$FXE?F@; 5@?;
A"3$# 2$5@23@2 @ 3$5$F<=" 3$ L@?q@ F"#"% Y$XF4M" F"# F@22$b@#$:5"
A2$;;=" 3$ A:$4;^ 5@?; F"#"% 3$;?b4@M $:52$ "; M@3";^ 2$L"F@:3"
4# @52$M@3" F"# A:$4 3@:?E?F@3" "4 $
L@;5@:5$ b@;5"^ 45?M?Z@:3" ;"L2$;;@B
 *?2$<=" $;A"25?Y@ F@2@F5$2?Z@3@
M$:5$ 3$ #$3?3@ 3?E$2$:5$ "4 A:$4;
A"2 E2$@3@; $ @F$M$2@<]$; L24;F@;
3?E$2$:5$; :" #$;#" $?q"g " ;?;5$#@
$ #43@:<@; 2aA?3@; 3$ 3?2$<="N
A"3$2a E"2:$F$2 4# E@M;" @Y?;" "4
 1?;"; #4?5" ?22$b4M@2$;N 3$;@L?M?5@2B;$ 5$#A"2@2?@#$:5$N
 1?;"; 3$ L@?q@ @3$2\:F?@N
 ’M5$2@<=" 3@ F":3?<=" 3$ F@2b@
3" Y$XF4M" $# F"#A@2@<=" @"
#"#$:5" 3" 2$;$5N

9@;" " Y$XF4M" 52@E$b4$ A"2 $;52@B


3@; ?22$b4M@2$; 342@:5$ #4?5" 5$#A"^
,$ " ;?;5$#@ 3$5$F5@2 [4$ 4#
" ;?;5$#@ A"3$ ;$2 5$#A"2@2?@#$:5$
"4 #@?; A:$4; $;5=" F"# A2$;;="
?:?L?3"^ A"?; "; ;4F$;;?Y"; ?#A@F5";
@L@?q" 3@ F":3?<=" ?:?F?@M 3$ #"B
;"E2?3"; A$M"; A:$4; A2$‘43?F@# @
:?5"2@#$:5" 3" ;?;5$#@ s2$@M?Z@3@
@[4?;?<=" A2$F?;@ 3"; 3@3";N
@Ah; @ F@M?L2@<=" $ 2$;$5t^ 3$Y$2a

/$!!
?:3?F@2 @52@Y_; 3$ 4# A"AB4A :@ 5$M@ ’; #$:;@b$:; 3?;A":XY$?; A@2@ ?:B
;$b4?3" A$M" @F$:3?#$:5" 3@ M4ZB 3?F@<=" 3" ;?;5$#@ ?.1&, ;="%
$;A?@ :" [4@32" 3$ ?:;524#$:5";N
 D$;$5 $E$54@3" s?:3?F@<=" 3$ 2$B
;$5 $E$54@3" :" ;?;5$#@tN
 12$;;=" A:$4; :=" 3?;A":XY$M s"
#":?5"2@#$:5" $;5a 5$#A"2@2?@B
#$:5$ ?:?L?3"tN
 W$2?E?F@<=" A2$;;=" 3"; A:$4;
s#$:;@b$# 3$ @3Y$25\:F?@
[4@:5" e 3?E$2$:<@ 3$ A2$;;="
:"; A:$4;tN

!" 3?;AM@y ;$2a Y?;4@M?Z@3" A@2@


@Mb4#@; #$:;@b$:;%

 9@M?L2@b$# -{N

 (# "4 #@?; A:$4; F"# 3?E$2$:<@


3$ A2$;;="N

/$!"
M?#?5$ 3$ @3Y$25\:F?@ A"2 [4@M[4$2 52f:;?5" $ @; F":3?<]$; 3$ 52aE$b"
#"5?Y"^ ?:FM4?:3" "; $E$?5"; 3@ L@?q@ A@2@ 3?2?b?2 F"# ;$b42@:<@N
5$#A$2@542@ $ @ :"2#@M A$23@ 3$
A2$;;=" 3" A:$4N
,$ E"2 @;;?:@M@3@ 4#@ 3?E$2$:<@ 3$
A2$;;=" 3"; A:$4; sM4ZB$;A?@ @F$;@ !
:" [4@32" 3$ ?:;524#$:5";t^ Y$2?E?F@2 ’ A2$;$:<@ 3" ;?;5$#@ ?.1&, :="
" Y@M"2 3$ A2$;;=" 3"; A:$4; @ E2?" ?;$:5@ " F":345"2 3$ 2$b4M@2#$:5$ 3$
$ $:Fc$2 @5_ @5?:b?2 " Y@M"2 @ E2?" Y$2?E?F@2 @ A2$;;=" 3"; A:$4;^ ?:FM4B
A2$;F2?5"N ;?Y$ " ;"L2$;;@M$:5$ $ 3@ F"22$5@ #@B
’Ah; " $:Fc?#$:5" 3"; A:$4;^ :45$:<="N
3$Y$B B;$ 2$@M?Z@2 " 2$;$5 3" ;?;5$#@ $
- ;?;5$#@ :=" ;$2Y$ A@2@ @;;?:@M@2
@52@Y_; 3" [4@32"N 9@;" F":52a2?" @; 4#@ $Y$:54@M @Y@2?@ 3$ 4# A:$4N
?:E"2#@<]$; E"2:$F?3@; A$M" ;?;5$#@
:=" ;$2=" A2$F?;@;N

!
! ’ A2$;;=" 3"; A:$4; A"3$ Y@2?@2
$# E4:<=" 3@ 5$#A$2@542@ $q5$2:@N
- ;?;5$#@ @4q?M?@ " F":345"2 :@
Y$2?E?F@<=" 3@ A2$;;=" 3"; A:$4;N - - ;?;5$#@ A"3$ ?:3?F@2 5$#A"2@B
F":345"2 :4:F@ 3$Y$ 5"#@2 #$:"; 2?@#$:5$ 4#@ A2$;;=" ?:;4E?F?$:5$N
F4?3@3"; @" 3?2?b?2N !$;;$ F@;"^ F":52"M@2 @ A2$;;=" 3";
- ;?;5$#@ ?.1&, @;;?:@M@ @" F":B A:$4; @ E2?" $^ ;$ :$F$;;a2?"^ 2$;5@L$B
345"2 @ $Y$:54@M A2$;$:<@ 3$ 4#@ ’ 2$;A":;@L?M?3@3$ 3@ 3?2$<=" _ M$F$2 "; Y@M"2$; 3$ $:Fc?#$:5"N
F":3?<=" 3$ A2$;;=" 3$ $:Fc?#$:5" ;$#A2$ F":E?@3@ @" F":345"2^ [4$
3?E$2$:5$ 3@ F":3?<=" :" #"#$:5" 3$Y$ M$Y@2 $# F":5@ @; 2$b2@; 3$
3" 2$;$5N ,$ $;5@ 3$;F$2 @L@?q" 3"

/$!%
’ A2$;;=" 3"; A:$4; @4#$:5@ 34B ."3"; "; M4b@2$; :"; L@:F"; 3"
2@:5$ @ F":34<=" 3" Y$XF4M"N d 4#@ Y$XF4M" $;5=" $[4?A@3"; F"# F?:5";
! F":3?<=" :"2#@M $ :=" 2$[4$2 [4@MB 3$ ;$b42@:<@ F"# 52\; A":5"; 3$
[4$2 2$b4M@b$# 3@ A2$;;="N E?q@<="^ F"# 2$;A$F5?Y" $:2"M@3"2N
- ;?;5$#@ A"3$ :=" ;$2 $E?F@Z :@
;?:@M?Z@<=" 3$ A$23@ ;vL?5@ 3$ A2$;B - #$F@:?;#" 3" $:2"M@3"2 ?:5$2B
;=" 3"; A:$4; sA"2 $q$#AM"% E42" "4 Y_# LM"[4$@:3" " F?:5" $# F@;" 3$
2@;b" $# 4# A:$4tN
  E2$:@b$# L24;F@ "4 3$ E"25$ 3$;@F$B
   M$2@<=" 3$Y?3" @ 4# Fc"[4$N +;5@
!$;5$ F@;"^ A@2@2 " Y$XF4M" F"# F@2@F5$2X;5?F@ A$2#?5$^ $# F":3?<]$;
F4?3@3" $ ;$# E@Z$2 #43@:<@; L24;B   :"2#@?;^ " M?Y2$ 3$;M?Z@#$:5" 3@ F"2B
F@; 3$ 3?2$<="N  2$?@ :" F?:5"^ 3$ #"3" @ @3@A5@2B;$
A$2E$?5@#$:5$ @" F"2A" 3" "F4A@:5$N
  - F":345"2 3$Y$ 2$;A$?5@2 s$ E@Z$2
1"2 2$@M?Z@2 4#@ Fc$F@b$# ?:3?B 12$;5@2 @ #aq?#@ @5$:<=" e; ?:B 2$;A$?5@2 @ 5"3"; "; A@;;@b$?2";t @;
2$5@ 3@ A2$;;=" 3"; A:$4; @52@Y_; 3@ E"2#@<]$; E"2:$F?3@; :@; Aab?:@; ;$B 3?;A";?<]$; M$b?;M@5?Y@; M"F@?; 2$M@5?B
F$:52@M 3$ E2$?"^ " ;?;5$#@ :=" 3?;A"B b4?:5$;N *$ E@5"^ _ 3$ E4:3@#$:B Y@; e "L2?b@<=" $ E"2#@; 3$ 45?M?Z@B
:?L?M?Z@ " Y@M"2 3@ A2$;;=" $# F@3@ 5@M ?#A"25f:F?@ [4$ "; ;?;5$#@; 3$ <=" 3"; F?:5"; 3$ ;$b42@:<@N
A:$4 $ ;"#$:5$ ?:E"2#@ @" F":345"2 A2"5$<=" ;$‘@# 45?M?Z@3"; 3" #"3"
F"22$5" A@2@ b@2@:5?2 @ #aq?#@ ;$b4B .2@Y@2 ;$#A2$ "; F?:5"; 3$ ;$b4B
;$ "; A:$4; $;5=" $# 4#@ F":3?<=" 2@:<@ @:5$; 3$ ?:?F?@2 @ Y?@b$#N
3?E$2$:5$ 3@ [4$ E"? 2$@M?Z@3@ " 2$;$5 2@:<@ A";;XY$M @" F":345"2 $ @"; A@;B
:" #"#$:5" 3@ F@M?L2@b$#N ;@b$?2";N
K   
’ A2$;;=" 3$ $:Fc?#$:5" @ E2?" :="
 
3$Y$ ;$2 ;4A$2?"2 e #aq?#@ ?:3?F@3@ 
:@ A@25$ $q5$2:@ 3" A:$4% A@2@ #@?; 1@2@ @F$;;" @ 3$;F2?<=" ;"L2$ @ 2$B 9"M"F@2 " F?:5" 3$ ;$b42@:<@ #@:B
?:E"2#@<]$;^ F":;4M5@2 " A@2ab2@E" b4M@b$# 3"; @A"?"; 3$ F@L$<@^ F":B 5$:3" " 52":F" $2$5" $ @A"?@3" F":B
xD"3@; $ A:$4;z :" F@AX54M" x*@3"; ;4M5@2 x’A"?@BF@L$<@;z :" F@AX54M" 52@ " $:F";5"N
5_F:?F";zN x9":c$F$:3" " ;$4 Y$XF4M"zN 1@2@ 52@Y@2 "; F?:5";^ ;$b42@2 :@
M?:b4$5@ 3$ $:b@5$  $ ?:52"34Z?BM@
/$!&
:@ ;$3$ 3@ E?Y$M@ $^ @5_ "4Y?2 4# -L;$2Y$ ;$#A2$ @; 2$F"#$:3@B     <= ,  &
$;5@M?3" 3$ LM"[4$?"N <]$; 3$;5$ #@:4@MN

!
,$ "F"22$2 F"M?;="^ "; A@;;@b$?2";
3"; L@:F"; 52@;$?2"; [4$ :=" $;5?Y$B
2$# 4;@:3" "; F?:5";^ @M_# 3$ $;5@B
2$# ?:E2?:b?:3" @; M$?; 3$ 52f:;?5" ;$B
2=" $qA";5"; @ 4# b2@:3$ 2?;F"N     <) &  
’ :=" 45?M?Z@<=" 3"; F?:5"; 52@;$?B
$
9"M"F@2 @; E?Y$M@; 3"; F?:5"; :@;
,$^ 342@:5$ @ $q52@<=" 3" F?:5"^ 2"; F":;5?54$# 4# A$2?b" 5@#L_# ;$3$; @A2"A2?@3@;^ M"F@M?Z@3@; :@;
$;5$ ;$ LM"[4$@2^ _ :$F$;;a2?" 3$?qaB A@2@ "; A@;;@b$?2"; 3"; M4b@2$; 3?@:B M@5$2@?; 52@;$?2@;N
M" $:2"M@2 4# A"4F" $ A4qaBM" :"Y@B 5$?2";N
#$:5$ $Y?5@:3" #@:"L2@; L24;F@;N
9"# " Y$XF4M" $;5@F?":@3" $# $;B 
1@2@ 3$;52@Y@2 " F?:5"^ A2$;;?":@2 ’" Y"M5@2 @ F"M"F@2 " L@:F" A";5$B
52@3@; F"# E"25$ ?:FM?:@<="^ " $:2"B
" L"5="  $ @F"#A@:c@2 " F?:5" 2?"2 3@ A";?<=" 2$L@5?3@ :@ 3$ 45?M?Z@B
M@3"2 A"3$ LM"[4$@2^ " [4$ _ :"2#@MN
342@:5$ ;$4 2$F"Mc?#$:5" 3$ #"3" @ <=" :"2#@M^ A2$;5@2 @5$:<=" e 2$A"B
’M_# 3?;;"^ " #$F@:?;#" 3" $:2"M@B
$Y?5@2 [4$ E?[4$ 5"2F?3"N ;?<=" F"22$5@ 3" F?:5" 3$ ;$b42@:<@^
3"2 LM"[4$?@ " F?:5" @ F@3@ $q52@<="
2aA?3@ "4 $# F@;" 3$ E2$:@b$:; L24;B 3$ #"3" @ b@2@:5?2 4#@ ?#$3?@5@ 3?;B
F@;^ Fc"[4$; "4 F42Y@; @ Y$M"F?3@3$ A":?L?M?3@3$N
$M$Y@3@N
!
9"M"F@2 "; F?:5"; 3$ ;$b42@:<@ 3";
!=" A2$;;?":@2 " L"5="  342@:5$ M4b@2$; A";5$2?"2$;^ [4@:3" :=" $;B
@ #@2Fc@N 5?Y$2$# ;$:3" 45?M?Z@3";^ F"#" ?M4;B
52@3" :@ E?b42@ ;$b4?:5$N
/$!(
      d A";;XY$M $E$54@2 @ 2$b4M@b$# $# ’ 2$b4M@b$# F"22$5@ "L5_#B;$
    @M542@ $# F?:F" A";?<]$; 3?E$2$:5$;N [4@:3" " F?:5" A@;;@ F$2F@ 3$
#$5@3$ $:52$ @ $q52$#?3@3$ 3"
1@2@ $E$54@2 @ 2$b4M@b$# $# @M542@^
"#L2" $ " A$;F"<"N
3$ F?#@ A@2@ L@?q"^ _ :$F$;;a2?"
! A2$;;?":@2 "; L"5]$;  sM"F@M?Z@3";
$# @#L"; "; M@3"; 3" A4:c" $t $    K
’ 2$b4M@b$# $# @M542@ 3"; F?:5";
E@Z$2 3$;M?Z@2 " A2hA2?" A4:c" A@2@     
3$ ;$b42@:<@ 3$Y$ ;$2 E$?5@ F"# "
L@?q"N
Y$XF4M" A@2@3"N
- 2$b4M@3"2 $# @M542@ 3$;M"F@B;$
*?2?‘@ ;$#A2$ F"# ;$b42@:<@N 3$ L@?q" A@2@ F?#@ #$;#" ;$# A2$;B
!
;?":@2 "; 3"?; L"5]$; N
1@2@ b@2@:5?2 @ #aq?#@ A2"5$B
<=" @"; "F4A@:5$; 3" Y$XF4M"^
2$F"#$:3@B;$ #@:5$2 " $:F";5" :@
!
A";?<=" #@?; $2$5@ A";;XY$M $ " F?:5"
*$A"?; 3@ 2$b4M@b$# $# @M542@^ L$# @3$2$:5$ @" 5h2@q $ e L@F?@N
F$25?E?F@2B;$ ;$#A2$ 3$ [4$ " F42;"2
:" [4@M $;5a E?q@3" " @:$M $;5a LM"B 1@2@ b@2@:5?2 " F"22$5" E4:F?":@B
[4$@3" :4#@ 3@; A";?<]$; A2$Y?;5@;N #$:5" 3" F?:5"^ :=" 45?M?Z@2 " L@:F"
$qF$;;?Y@#$:5$ 2$FM?:@3" 342@:5$ ";
+E$54@2^ A"25@:5"^ F"# " L"5="  A$2F42;"; 3$ 45?M?Z@<=" 3" Y$XF4M"N
A2$;;?":@3"^ " 3$;M"F@#$:5" A@2@ 9"M"F@2 ;$#A2$ "; F?:5"; 3$ ;$b4B
L@?q" A@2@ A$2#?5?2 " $;5@M?3" 3" 3?;B 2@:<@^ 5@:5" :"; M4b@2$; 3?@:5$?2";
A";?5?Y" 3$ E?q@<="^ ;$ @ M?L$2@<=" D$b4M@2 ;$#A2$ @ @M542@ 3"; F?:5"; F"#" 52@;$?2";N W?@‘@2 ;$# 45?M?Z@2 ";
:=" 5?Y$2 ;?3" $E$54@3@ $# F"22$;B 3$ ;$b42@:<@^ @3@A5@:3"B@; @" F"2A" F?:5"; @4#$:5@ " 2?;F" 3$ M$;]$; b2@B
A":3\:F?@ F"# 4#@ 3@; A";?<]$; $;B 3"; A@;;@b$?2";% $;5@ A2$F@4<=" A"3$ Y$;^ "4 3$ #"25$^ $# F@;" 3$ F"M?;="N
5@L$M$F?3@;N 2$34Z?2 F":;?3$2@Y$M#$:5$ " 2?;F" 3$
M$;]$; $# F@;" 3$ Fc"[4$N

/$!)
’; b2aY?3@; 3$Y$# A";?F?":@2 @ 3?;A";?5?Y"; s#"M@;^ E$Fc";^ $5FNt [4$
A@25$ ?:E$2?"2 3" F?:5" #4?5" $# ?#A$<@# " F":5@5" 3"; F?:5"; 3$ ;$B
! L@?q"^ 3$ #"3" [4$ A@;;$ ;"L2$ @ b42@:<@ F"# " F"2A" 3"; "F4A@:5$;N
L@F?@ $ ;"L @ L@22?b@N ' #$3?3@ [4$
,$ " F?:5" 5?Y$2 ;?3" ;4L#$5?3" @ b2@Y?3$Z A2";;$b4$^ @ F":345"2@
@ 4#@ E"25$ ;"M?F?5@<=" F"#"^ A"2 3$Y$ 2$b4M@2 " L@:F" $ " Y"M@:5$
$q$#AM"^ @Ah; 4# @F?3$:5$^ " 3$ #"3" @ 5$2 " AM$:" F":52"M$
#$;#" 3$Y$ ;$2 ;4L;5?54X3" F"#B 3" Y$XF4M" s"; A$3@?; $ " Y"M@:5$
AM$5@#$:5$ ‘4:5" F"# @; E?q@<]$;^ 3$Y$# ;$2 3$ EaF?M @F$;;?L?M?3@3$tN
"; A@2@E4;"; $ " A2hA2?" ;?;5$#@ ."3@Y?@^ _ :$F$;;a2?" #@:5$2 @
A2_B5$:;?":@3"2N #aq?#@ 3?;5f:F?@ A";;XY$M $:52$ "
R@Z$2 @ ;4L;5?54?<=" #$;#" ;$ " Y$:52$ $ " Y"M@:5$N
F?:5" :=" 5?Y$2 @A2$;$:5@:3" 3@:"; $
Y?;XY$?;^ A"?; $;5$; $[4?A@#$:5"; A"B
3$# 5$2 A$23?3" ;4@; A2"A2?$3@3$; 9@3@ F?:5" 3$ ;$b42@:<@ 3$Y$ ;$2
3$ 2$;?;5\:F?@N 45?M?Z@3" ;h A"2 4#@ A$;;"@% :="
52@:;A"25@2 F2?@:<@; @" F"M" 3"; A@;B
D$;A$?5@2 s$ E@Z$2 "L;$2Y@2 @"; "F4B ;@b$?2"; 45?M?Z@:3" "; F?:5"; 3$ ;$b4B
A@:5$; 3" Y$XF4M"t 5"3@; @; 3?;A";?B 2@:<@ A@2@ @ A2"5$<=" 3$ @#L";N *$
<]$; M$b?;M@5?Y@; M"F@?; 2$E$2$:5$; e #"3" b$2@M^ :=" @A$25@2 :$:c4# "LB
"L2?b@<=" $ e; #"3@M?3@3$; 3$ 45?M?B ‘$5" e A$;;"@N
Z@<=" 3"; F?:5";N .2@Y@2 ;$#A2$ ";
F?:5"; 3$ ;$b42@:<@ @:5$; 3$ ?:?F?@2
@ Y?@b$#N ’ F"22$?@ 3" F?:5" 3$ ;$b42@:<@
- 4;" 3"; F?:5"; _ :$F$;;a2?" 5@#B :=" 3$Y$ $;5@2 5"2F?3@N ’ A@25$ ;4A$B
L_# A@2@ @; #4Mc$2$; b2aY?3@;% A@2@ 2?"2 3$Y$ A@;;@2 :" "#L2" $ @52@Y$;B
$M@; $ A@2@ " L$L\ " 2?;F" 3$ M$;]$;^ ;@2 3?@b":@M#$:5$ " 5h2@qN ’ A@25$
$# F@;" 3$ F"M?;="^ _ #$:"2 ;$ 5?Y$B ?:E$2?"2 3$Y$ @3$2?2 e L@F?@ $ :=" @"
2$# "; F?:5"; F"M"F@3";N @L3r#$: 3" "F4A@:5$N !=" 45?M?Z@2

/$!*
3@:?E?F@3"N ,4L;5?54?2 5@#L_# "   
F?:5" 3$ ;$b42@:<@ $# F@;" 3$
@5?Y@<=" 3"; A2_B5$:;?":@3"2$;N "  
 1@2@ M?#A@2 "; F?:5"; 3$    
;$b42@:<@ :=" 45?M?Z@2
3$5$2b$:5$; @b2$;;?Y";^
 
L2@:[4$@3"2$; "4 F"2@:5$;  $ 1 $&   2
$ [4@M[4$2 "452@ ;4L;5f:F?@
- ;?;5$#@ ,CD @Y?;@ " #"5"2?;5@ 3@
[4X#?F@ [4$ A";;@ $:E2@[4$F$2
E@M5@ 3$ F"M"F@<=" 3" A2hA2?" F?:5"
@; E?L2@; 3" F?:5"N )@YaBM"; e
3$ ;$b42@:<@N
#=" F"# ab4@ $ ;@L=" :$452"^
    - ;?;5$#@ @;;?:@M@ @ E@M5@ 3$ F"M"B
$:q@b4aBM"; $ 3$?qaBM"; ;$F@2 e
  F@<=" 3"; F?:5"; 3$ ;$b42@:<@ @52@B
;"#L2@N
1@2@ @ F"22$5@ #@:45$:<=" 3"; F?:B  +Y?5$ [4$ "; $:2"M@3"2$; ;$‘@# Y_; 3$ ;?:@M?Z@<]$; Y?;4@?; s@F$:3?B
5"; 3$ ;$b42@:<@^ "L;$2Y@2 @5$:5@B #"Mc@3";% " ;$4 F"22$5" E4:F?B #$:5" 3$ M4Z$;B$;A?@ :" [4@32" 3$
#$:5$ "; ;$b4?:5$; @Y?;";% ":@#$:5" _ b@2@:5?3" ;h ;$ :=" ?:;524#$:5"; $ 3$ XF":$; :" 3?;AM@yt
;"E2$2$# ?:E?M52@<]$; 3$ ab4@N $ @52@Y_; 3$ 4#@ ;?:@M?Z@<=" @Fv;5?F@
 (5?M?Z@2 ;$#A2$ "; F?:5"; L$# $;B  ,4L;5?54?2 " F?:5" 3$ ;$b42@:<@ sF":;4M5@2 "; A@2ab2@E"; ;$b4?:5$;tN
5?F@3";^ :=" 5"2F?3";g F$25?E?[4$B [4@:3" $;5?Y$2$# A2$;$:5$; ;?B
;$ [4$ $;5$; 3$;M?Z$# M?Y2$#$:5$ :@?; 3$ 3$;b@;5$ "4 F"25$;N 
;$# ?#A$3?#$:5";N
!=" _ A";;XY$M 3$;@5?Y@2 " @M$25@
 W$2?E?F@2 " E4:F?":@#$:5" 3"
3$ :=" @E?Y$M@#$:5" 3"; F?:5"; 3$
F?:5" 3$ ;$b42@:<@ 3" ;$b4?:5$
;$b42@:<@N
#"3"% $:b@5@2 " F?:5" $ A4qaBM"
F"# E"2<@N
 ’Ah; 4# @F?3$:5$ 3$ 4#@ F$25@
b2@Y?3@3$^ ;4L;5?54?2 " F?:5"
3$ ;$b42@:<@ 4;@3"^ #$;#"
[4$ @A@2$:5$#$:5$ :=" $;5$‘@
/$!+
  K% :$" F"# @ ?:5$2#?5\:F?@ 3@ M4ZB$;A?@ $# ;?54@<]$; [4$ :=" F"#A2"#$5@#
      342@:5$ F$2F@ 3$ JGI ;$b4:3";N "4 F":52?L4@# F"# @ ;$b42@:<@ 3";
"F4A@:5$;N
w4@:3" @ Fc@Y$ 3$ ?b:?<=" _ (#@ Y$Z @5?Y@3"^ $;5$ F?FM" 3$ ;?B
b?2@3@ A@2@ A";?<=" ^ @ M4ZB :@M?Z@<]$; A$2#@:$F$ @5?Y" A"2 5"3@ ’ @5?Y@<=" $E$5?Y@ 3"; A2_B
$;A?@ sF":;4M5@2 E?b42@ ;$b4?:5$t @ ;4@ 342@<=" s?:3$A$:3$:5$#$:5$ 5$:;?":@3"2$; _ 2$F":c$F?3@ A$M"
@F$:3$B;$ 342@:5$ @Mb4:; ;$b4:3";^ 3@ Y$M"F?3@3$ 3" Y$XF4M"t "4 @5_ [4$ 2$F4" 3@ F"22$?@ 3" F?:5" $# 3?2$<="
[4@M[4$2 [4$ ;$‘@ " $;5@3" 3"; " F?:5" 3$ ;$b42@:<@ ;$‘@ @E?Y$M@3"N @" $:2"M@3"2N
F?:5"; 3$ ;$b42@:<@ 3?@:5$?2";N
w4@:3" _ @F"AM@3@ @ #@2Fc@ @ *42@:5$ @ ?:5$2Y$:<=" 3" A2_B
2_^ 342@:5$ " F?FM" 3$ @Y?;";^ " ;?:@M 5$:;?":@3"2 A"3$B;$ Y$2?E?F@2 4#@
;":"2" _ 3$;@5?Y@3" $ @ M4ZB$;A?@ M?b$?2@ $#?;;=" 3$ E4#@<@ [4$ :=" _
@F$:3$B;$ F"# M4Z E?q@N - F?FM" 3$ :"F?Y@ $ :=" ?:3?F@ 4# A2?:FXA?" 3$
;?:@M?Z@<]$; ;$2a 2$@5?Y@3" @;;?# [4$ ?:F\:3?"N $
@ Y$M"F?3@3$ 4M52@A@;;@2 :"Y@#$:5$ - A2_B5$:;?":@3"2 :=" :$F$;;?5@
"; ~ i#ucN 3$ [4@M[4$2 #@:45$:<=" "4 M4L2?E?B
F@<="% [4@M[4$2 ?:5$2Y$:<=" 3$ #"B
3?E?F@<=" 3@; ;4@; F":3?<]$; "2?b?B
&( :@?; ?:Y@M?3@ @ ;4@ $E?F?\:F?@N
9"# " Y$XF4M" A@2@3"^ ;$ " F?:5"    ,$^ 3$Y?3" @ $Y$:5"; :@542@?; $qB
3$ ;$b42@:<@ 3" M@3" 3" F":345"2 E"2 F$AF?":@?; sA"2 $qN% ?:4:3@<]$;^ #@B
3$;@E?Y$M@3"^ @ M4Z A$2#@:$F$ @F$;@ 
2_; Fc$?@;^ $5FNt^ " 3?;A";?5?Y" 5?Y$2
F"# M4Z E?q@N - Y$XF4M" _ 3"5@3" 3$ A2_B ;?3" @5?:b?3" A"2 ab4@ $u"4 M@#@^ _
’;;?# [4$ ;$ 4M52@A@;;@ " M?#?5$ 5$:;?":@3"2$; A@2@ "; F?:5"; 3$ :$F$;;a2?" 3?2?b?2B;$ e    %
3"; ~ i#uc 342@:5$ @Mb4:; ;$b4:3"; ;$b42@:<@ 3?@:5$?2"; [4$ ;=" @5?Y@B , & #  A@2@ A2"F$3$2 e ;4@ ;4L;5?B
sY@2?aY$?; $# E4:<=" 3@; F":3?<]$; 3"; ;$A@2@3@#$:5$ "4 $# F":‘4:5" 54?<="N
3" Y$XF4M"t^ F"# "; F?:5"; 3$ ;$b4B F"# "; @?2L@b; E2":5@?;^ 3$A$:3$:3"
2@:<@ 3" M@3" 3" F":345"2^ @5?Y@B;$ 3@ 3$;@F$M$2@<=" ;"E2?3@ A$M" Y$XB
4#@ ;?:@M?Z@<=" @Fv;5?F@ $# ;?#4M5fB F4M" $# 4#@ F"M?;=" E2":5@MN ’ :="
@5?Y@<=" 3" 3?;A";?5?Y" A"3$ "F"22$2

/$!,
   

1@2@ 5$2 @ #aq?#@ A2"5$<=" A$M@ 1@2@ @4#$:5@2 @ A2"5$<=" $# F@;"
@<=" 3" A2_B5$:;?":@3"2^ 45?M?Z@2 " ! 3$ @F?3$:5$^ "; $:2"M@3"2$; 3";
F?:5" 3$ ;$b42@:<@ #@:5$:3"B" L$# >:5$2Y$:<]$; [4$ @F@22$5$# F"M?B F?:5"; 3$ ;$b42@:<@ 3?@:5$?2"; $;5="
@3$2$:5$ @" 52":F" $ @ L@F?@N ;]$;^ Y?L2@<]$; "4 @[4$F?#$:5"; M"B $[4?A@3";^ :" ;$4 ?:5$2?"2^ F"#
F@M?Z@3"; s;4A$2?"2$; @ JGG9 A"2 4# 3?;A";?5?Y" [4$ A$2#?5$ 3";@2
4#@ 342@<=" #aq?#@ 3$ 7 c"2@;t :@ @3$[4@3@#$:5$ @ E"2<@ [4$ @54@ :"
Z":@ 3" A2_B5$:;?":@3"2 A"3$# A2"B 5h2@q $ :"; "#L2"; 342@:5$ @ @<="
Y"F@2 3@:"; "4 @ @5?Y@<=" 3" ;?;5$#@N 3$ 2$5$:<=" 3"; F?:5"; $# F@;" 3$
! F"M?;=" E2":5@MN
- A2_B5$:;?":@3"2 _ 45?M?ZaY$M ;"B !=" ;$ $:[4@32@# :$;5@; F":3?B
#$:5$ 4#@ Y$ZN <]$; @; Y?L2@<]$; ?:34Z?3@; A$M@ ?2B
2$b4M@2?3@3$ 3@; $;52@3@; "4 A"2 4MB   &
’Ah; @ ;4@ 45?M?Z@<="^ 3?2?‘@B ;$ e 52@A@;;@b$:; @F?3$:5@?; 3$ "L;5aF4B
   , & #  A@2@ @ ;4L;5?B M"; F"#" b4?@;^ [4$L2@B#"M@;^ $5FN   
54?<=" F"#AM$5@ 3"; 3?;A";?5?Y";^ ?:B 1@2@ [4@M[4$2 ?:5$2Y$:<=" "4 2$A@2"^    
FM4?:3" "; F?:5"; 3$ ;$b42@:<@N 3?2?‘@B ;$ ;$#A2$ e    , &  
# C
."3@; @; F2?@:<@; F4‘@; F@2@F5$2X;B
5?F@; EX;?F@; s?3@3$^ @M542@ $ A$;"t @;
 ?#A$<@# 3$ 45?M?Z@2 "; F?:5"; 3$ ;$B
! b42@:<@ F"# "; [4@?; " Y$XF4M" _
’ @5?Y@<=" 3"; A2_B5$:;?":@3"2$; _
+# c?Ah5$;$ @Mb4#@ 3$Y$B;$ 3$;B A";;XY$M ;$ " Y$XF4M" E"2 ;4L#$5?3" $[4?A@3" "2?b?:@M#$:5$^ 3$Y$2=" ;$2
#":5@2 "4 ?:5$2Y?2 :"; F"#A":$:5$; @ E"25$; F"M?;]$; 2$M@F?":@3@; e a2$@ A2"5$b?3@; A"2 3?;A";?5?Y"; 3$ 2$5$:B
3" A2_B5$:;?":@3"2N ?:E$2?"2 3@ F@22"F$2?@ s$qN F"M?;]$; Y?B <=" @A2"A2?@3";^ ;$b4?:3" 2?b"2";@B
"M$:5@; F":52@ b2@3$;^ A@;;$?";^ [4$B #$:5$ @; ?:;524<]$; 3" E@L2?F@:5$ 3"
w4@M[4$2 2$A@2@<=" 3$Y$ ;$2 E$?5@
3@; 3" Y$XF4M" $# b2@:3$; L42@F"; 3?;A";?5?Y"N
A"2 A$;;"@M [4@M?E?F@3" $ @45"2?Z@3"N
12"F42$ ;$#A2$ @    , & "4 3$A2$;;]$; 3$ $;52@3@^ $5FNtN
# N

/$"-
5$?2" F"# " ;?;5$#@ 3$ 2$5$:<=" @A2"B

A2?@3" A@2@ ;$4 A$;" $ @M542@N
,"#$:5$ " L@:F" 52@;$?2" 3$Y$2a
;$2 4;@3" A@2@ " 52@:;A"25$ 3$ F2?B
@:<@;^ A"2 ;$ 52@5@2 3@ A";?<=" #@?; 
A2"5$b?3@N W$2?E?[4$ ;$#A2$ @ M$b?;M@<=" $#
Y?b"2 :" A@X; $ ;4@; 3$5$2#?:@<]$;N

1@2@ @ #$Mc"2 A2"5$<=" $# F@;"
- 52@:;A"25$ 3$ F2?@:<@; :" L@:F" 3$ F"M?;="^ 5"3"; "; "F4A@:5$; 3$B
3?@:5$?2" ;h _ A$2#?5?3" $# F@;"; Y$# Y?@‘@2 ;$:5@3"; $ A2"5$b?3"; A$B
A2$Y?;5"; F":E"2#$ M$b?;M@<=" $# Y?B M"; ;?;5$#@; 3$ 2$5$:<=" @3$[4@3";
b"2N !$;;$; F@;";^ 3$Y$2=" ;$2 "L;$2B sF?:5"; 3$ ;$b42@:<@^ 3?;A";?5?Y"; 3$ $
Y@3@; @; 2$F"#$:3@<]$; 3$ 45?M?Z@B 2$5$:<=" ?:E@:5?M^ $5FNtN
<=" $ #":5@b$# A@2@ F@3@ b24A" 3$
3?;A";?5?Y" 3$ 2$5$:<=" ?:E@:5?M^ F":B
! E"2#$ 3$5@Mc@3" :@ 5@L$M@ 3$ #":5@B 
b$# :" F@AX54M" ;$b4?:5$% p’3$[4@B 9@3@ ;?;5$#@ 3$ 2$5$:<=" _
  ( :4:F@ 45?M?B
<=" 3" 3?;A";?5?Y" 3$ 2$5$:<=" ?:E@:B A2"‘$5@3" $qFM4;?Y@#$:5$ A@2@ @
Z@2 3?;A";?5?Y"; 3$ 2$5$:<=" ?:E@:5?M
5?MpN ;$b42@:<@ 3$ 4#@ F2?@:<@g :4:F@
Y"M5@3"; F":52@ " ;$:5?3" 3$ #@2Fc@
:" L@:F" 3?@:5$?2" F"# " @?2L@b 3" !" C2@;?M @; $qF$<]$; ;="% 52@:;A"25@2 34@; "4 #@?; F2?@:<@;
M@3" 3" A@;;@b$?2" c@L?M?5@3"N :" #$;#" 3?;A";?5?Y" 3$ 2$5$:<="
“ W$XF4M" 3"5@3" $qFM4;?Y@#$:5$ ?:E@:5?M @" #$;#" 5$#A"N
’ @5?Y@<=" 3" @?2L@b $# F@;" 3$ 3$ L@:F"; 3?@:5$?2";g
F"M?;=" A"3$ "F@;?":@2 M$;]$; b2@Y$; “ w4@:5?3@3$ 3$ F2?@:<@; @ ;$2$#
"4 #"25@?; e F2?@:<@ 52@:;A"25@3@N 52@:;A"25@3@; $qF$3$2 " :v#$2" 3$ 
@;;$:5"; 3"; L@:F"; 52@;$?2";N !$;;$ !=" A$2#?5?2 [4$ "; F?:5"; 3$ ;$B
F@;"^ @ F2?@:<@ 3$ #@?"2 $;5@542@ 3$B b42@:<@ ;$ @A"?$# :" A$;F"<" 3@
Y$2a ;$2 52@:;A"25@3@ :" L@:F" 3?@:B F2?@:<@N

/$"!
3?;A":?L?M?Z@3" A$M" E"2:$F$3"2 3"
 
3?;A";?5?Y" 3$ 2$5$:<=" ?:E@:5?MN
!4:F@ 52@:;A"25@2 F2?@:<@; :" F"M" !=" #"Y?#$:5$ "; L@:F"; 3" Y$XB
$ :4:F@ 45?M?Z@2 " #$;#" F?:5" A@2@ F4M" F"# @ F2?@:<@ @M"‘@3@ $# ;$4
A2"5$<=" 3$ #@?; 3$ 4# "F4A@:5$ @"  3?;A";?5?Y" 3$ 2$5$:<=" ?:E@:5?MN D$@B
#$;#" 5$#A"N ’F":;$Mc@B;$ Y$2?E?F@2 :@  M?Z$ 5"3"; "; @‘4;5$; @:5$; 3$ F"M"F@2
  , & #  @ 3?;A":?L?M?3@3$ @ F2?@:<@ :" 3?;A";?5?Y" 3$ 2$5$:<="
3$ 3?;A";?5?Y"; 3$ 2$5$:<=" ?:E@:5?M ?:E@:5?MN

3@ )?:c@ R?@5 ’F$;;h2?";^ $;A$F?E?F@B
!=" A$2#?5?2 [4$ @ F2?@:<@ 45?M?Z$ " #$:5$ 3$;$:Y"MY?3"; A@2@ 4;" :";
F?:5" 3$ ;$b42@:<@ 3?@b":@M 3$L@?q" 
Y$XF4M"; R?@5N
3"; L2@<"; "4 A"2 52a; 3@; F";5@;N +# F@;" 3$ @F?3$:5$^ ;4L;5?54?2 "
3?;A";?5?Y" 3$ 2$5$:<=" ?:E@:5?M A"2
 4# :"Y"N

!=" @E?q$ "4 ;"L2$A":c@ :$:c4#
*42@:5$ 5"3"; "; A$2F42;"; 3$ 45?B #@5$2?@M :"; 3?;A";?5?Y"; 3$ 2$5$:<="
M?Z@<=" 3" Y$XF4M"^ b@2@:5?2 [4$ @ F2?B ?:E@:5?MN .@M A2a5?F@ A"3$ F"#A2"#$B
@:<@ A$2#@:$<@ F"# "; F?:5"; @3$B 5$2 " E4:F?":@#$:5" @3$[4@3" 3";
[4@3@#$:5$ @E?Y$M@3";N #$;#"; $ "E$2$F$2 2?;F"; @ F2?@:<@N

 
9":E?2@ ;$ " 3?;A";?5?Y" 3$ &$;#" 3$;"F4A@3";^ "; 3?;A";?5?B
2$5$:<=" ?:E@:5?M _ F"#A@5XY$M F"# Y"; 3$ 2$5$:<=" ?:E@:5?M 3$Y$# $;B
;$4 Y$XF4M" $ Y$2?E?[4$ :@ 5@L$M@ 3$ 5@2 F"22$5@#$:5$ @E?q@3"; A@2@ $Y?5@2
#":5@b$# @; A";?<]$; A";;XY$?; ;$4 3$;M"F@#$:5" :" ?:5$2?"2 3" Y$XB
A@2@ ?:;5@M@<="N ,?b@ F"22$5@#$:5$ F4M"N ,$ A2$E$2?2^ 2$#"Y@B"; 3" ?:B
@; ?:E"2#@<]$; 3$ ?:;5@M@<=" 5$2?"2 3" Y$XF4M" [4@:3" :=" $;5?Y$B
F":5?3@; :" #@:4@M 3$ #":5@b$# 2$# $# 4;"N

/$""
4     #


!=" 45?M?Z$ 3?;A";?5?Y"; 3$ 2$5$:<=" ?:E@:5?M [4$ :=" A";;@# ;$2 F"22$5@#$:5$ ?:;5@M@3"; $# ;$4 Y$XF4M"N +;5$; 3$Y$#
$;5@2 3$Y?3@#$:5$ E?q@3"; A$M"; F?:5"; "4 A$M" ;?;5$#@ >,-R>6u."A .$5c$2 $ :=" 3$Y$# A";;4?2 ?:5$2E$2\:F?@ F"#
3$#@?; A@25$; ?:5$2:@; 3" Y$XF4M"N W$2?E?[4$ ;$#A2$ " #@:4@M 3" $[4?A@#$:5" A@2@ $E$54@2 @ #":5@b$# F"22$5@#$:5$N

.&  + & ><=


   7    4   

$.L , 0 7 +  WI WX @5_ J @:" 3$ ?3@3$us@5_ JH ibt

 @7 +  NI M +:52$ J $ } @:";uU24A" J sP @ J~ ibt ^ U24A" O sJI @ OI ibt

   &;<=7 + H +:52$ } $ K^I @:";us3$ OO @ H7 ibt

.&   A
A  $ ,     1 A 2 $ ,    1  ,  &2 $ ,    1  &  2

+  W7WX 1Y NH VA2 (¡ 6 (J

+  N 1Z  N[ VA2 (¡¡ 6 (J

+  M 1N\  M\ VA2 (¡¡ 6 (J

/$"%
A  $ ,     1 A 2 $ ,    1  ,  &2 $ ,    1  &  2

+  H 1MM  H] VA2 (¡¡ 6 (J


 ^  &<= , ?;& ,    + ;   1+ & >   ,   A+  <2C
J ^   .    A   C
J ƒ - L@:F" 3" A@;;@b$?2" M"F@M?Z@3" @ E2$:5$ 3" 3?;A";?5?Y" 3$ 2$5$:<=" ?:E@:5?M 3$Y$2a ;$2 @‘4;5@3" :@ A";?<=" #@?; @ E2$:5$ A";;XY$M A@2@
$Y?5@2 " F":5@5" 3@ F2?@:<@ $ "4 3" 3?;A";?5?Y" 3$ 2$5$:<=" ?:E@:5?M F"# " L@:F"N
¡ ƒ &"Y$2 " @;;$:5" 3" A@;;@b$?2" E2":5@M :@ A";?<=" #@?; 2$F4@3@ A";;XY$MN >:;5@M@<=" A$2#?5?3@ ;"#$:5$ F"# @?2L@b 3$;@5?Y@3"N
¡¡ ƒ &"Y$2 " @;;$:5" 3" A@;;@b$?2" E2":5@M A@2@ @ A";?<=" ?#$3?@5@#$:5$ @ E2$:5$ 3@ F"M4:@ ":3$ " F?:5" _ E?q@3"^ b@2@:5?:3" [4$ " F?:5"
$;5$‘@ 5$:;?":@3" @Ah; @ ?:;5@M@<=" 3" 3?;A";?5?Y" 3$ 2$5$:<=" ?:E@:5?MN


1@2@ F"22$5@ ?:;5@M@<="^ A";?F?":$ " @A"?@BF@L$<@ :@ A";?<=" #@?; @M5@ "4 2$#"Y@B" A@2@ $Y?5@2 ?:5$2E$2\:F?@ $:52$
$M$ $ " 3?;A";?5?Y" 3$ 2$5$:<=" ?:E@:5?MN 1@2@ @F$;;" @ 3$;F2?<=" ;"L2$ @ 2$b4M@b$# 3"; @A"?@BF@L$<@;^ F":;4M5@2
x’A"?@BF@L$<@;z :" F@AX54M" x9":c$F$:3" " ;$4 Y$XF4M"zN
+# F@;" 3$ 2$#"<=" 3" @A"?@BF@L$<@;^ $;5$ 3$Y$ ;$2 2$F"M"F@3" ;$#A2$ [4$ " @;;$:5" :=" $;5?Y$2 F"# @ F@3$?2?:c@
?:;5@M@3@N
9":E?2@ ;$#A2$ @; ?:;524<]$; 3$ #":5@b$# 3" #@:4@M 3" 3?;A";?5?Y" 3$ 2$5$:<=" ?:E@:5?MN

!
UD’W+ 1+D>U-%
!4:F@ 45?M?Z@2 3?;A";?5?Y"; 3$ 2$5$:<=" ?:E@:5?M Y"M5@3"; F":52@ " ;$:5?3" 3$ #@2Fc@ :" L@:F" 3?@:5$?2" F"# "
@?2L@b 3" M@3" 3" A@;;@b$?2" c@L?M?5@3"N

/$"&
     +;5@ a2$@ 3$Y$2a $;5@2 M?Y2$ 3$ ?:5$2B
    E$2\:F?@ F"# " F?:5" 3$ ;$b42@:<@ $
"  #J   "452"; "L‘$5"; [4$ :=" A$2#?5@# "
 F"22$5" 52@Y@#$:5" 3" 3?;A";?5?Y" 3$
-; L@:F"; 52@;$?2"; M@5$2@?; 3" Y$XB 2$5$:<=" ?:E@:5?M >,-R>6Nz
F4M" $;5=" $[4?A@3"; F"# E?q@<]$;
>,-R>6N
+;5@; E?q@<]$; A$2#?5$# [4$ Y"F\
#":5$ ;?;5$#@; 3$ 2$5$:<=" ?:E@:5?M ’ 5X54M" 3$ 3$#":;52@<="^ @ E?b42@
>,-R>6^ ;$# 4;@2 "; F?:5"; 3$ ;$B ;$b4?:5$ _ 4# $q$#AM" 3$ F@3$?2?:c@
b42@:<@ 3" Y$XF4M"^ #@;^ @‘4;5@:3" 3$ F2?@:<@ >,-R>6 b24A" 4:?Y$2;@M JN
" @;;$:5" 3$ F2?@:<@ 3?2$5@#$:5$ e; $
52\; f:F"2@; 3?;A":XY$?; :" Y$XF4M"N
d A";;XY$M $E$54@2 @ #":5@b$# 3$
3?;A";?5?Y"; 3$ 2$5$:<=" ?:E@:5?M F"# ,$ :$F$;;a2?"^ 2$A";?F?":$ "; F?:B
5$F:"M"b?@; >,-R>6 $ "; F":Y$:F?"B 5"; 52@;$?2"; 3" Y$XF4M" A@2@ [4$ $;5$;
:@?; s45?M?Z@:3" F?:5"; 3$ ;$b42@:<@t :=" "L;524@# @; @:F"2@b$:; >,-R>6N
$# 3?E$2$:5$; @;;$:5"; 3" #$;#" Y$XB
F4M"^ 3$;3$ [4$ 2$;A$?5@3@; @; ?:B ’ F"22$5@ ?:;5@M@<=" 3" >,-R>6 _
3?F@<]$; 3@; 5@L$M@; 3$ #":5@b$#N $Y?3$:F?@3@ A"2 4# xFM?[4$zN
,?b@ ;$#A2$ @; ?:;524<]$; F":5?3@; ,$#A2$ Y$2?E?[4$ ;$ " 3?;A";?5?Y"
:" #@:4@M 3$ ?:;5@M@<=" 3" 3?;A";?B 3$ 2$5$:<=" ?:E@:5?M $;5a F"22$5@B
5?Y" 3$ 2$5$:<=" ?:E@:5?MN #$:5$ ?:;5@M@3"N
1@2@ ?:;5@M@2 4# 3?;A";?5?Y" 3$ 2$B 9@;" " 3?;A";?5?Y" 3$ 2$5$:<=" ?:B
5$:<=" ?:E@:5?M >,-R>6^ E?qaBM" e; 34@; E@:5?M A";;4@ @ F"22$?@ x."A .$5c$2z^
f:F"2@; #$5aM?F@;  M"F@M?Z@3@; e E?q$B@ :@ f:F"2@ $ M"F@M?Z@3@ :@ A@25$
E2$:5$ 3" L@:F" 52@;$?2"^ :" A":5" 3$ 3$ 52a; 3" $:F";5" 3" L@:F" 52@;$?2"N
$:F":52" 3" @;;$:5" F"# " $:F";5"N
/$"(
Y$2;@MN ’ #":5@b$# 3$Y$ ;$2 2$@B F@3"2$; 3$ F"22$5@ E?q@<=" A2$;$:5$;
M?Z@3@ 3$ @F"23" F"# @; ?:;524<]$; :"; 3?;A";?5?Y"; 3$ 2$5$:<=" ?:E@:5?MN
F":5?3@; :" 3?;A";?5?Y" 3$ 2$5$:<="
1@2@ E@F?M?5@2 @ ?:;5@M@<="^ ?:FM?:@2
?:E@:5?M $ ;$4 #@:4@M 3$ ?:;5@M@<="N
M$Y$#$:5$ " 3?;A";?5?Y" 3$ 2$5$:<="
- $:F@?q$ F"22$5" 3" 3?;A";?5?Y" >,-B
?:E@:5?M^ 3$ E"2#@ [4$ "; b@:Fc";
R>6 _ $Y?3$:F?@3" A"2 4# FM?[4$N
>,-R>6 E?[4$# #@?; L@?q"; [4$ @
-; "452"; b24A"; ;=" F"L$25"; A"2 "452@ $q52$#?3@3$N
@;;$:5"; >,-R>6 $;A$FXE?F";^ $ ;"B
#$:5$ A"3$# ;$2 4;@3"; ;$ $;A$F?B
E?F@#$:5$ 5$;5@3"; A@2@ $;5$ Y$XF4M"
sF$25?E?[4$B;$ :" #@:4@M 3" 3?;A";?B
5?Y" 3$ 2$5$:<=" ?:E@:5?M ;$ " #$;#"
_ ?:3?F@3" A@2@ $;5$ Y$XF4M"tN


*?;A";?5?Y"; 3$ 2$5$:<=" ?:E@:5?M 3@
F@5$b"2?@ ;$#?4:?Y$2;@M A"3$# 45?M?B
Z@2 "452"; #_5"3"; @:5?22"5@<=" $#
;4L;5?54?<=" @ F"22$?@ ."A .$5c$2^ A"2
!=" 45?M?Z$ " #$;#" b@:Fc" 3$ $q$#AM"^ A$2:@; @:5?22"5@F?":@?;N
@:F"2@b$# >,-R>6 A@2@ ?:;5@M@2 #@?;
3$ 4# 3?;A";?5?Y" 3$ 2$5$:<=" ?:E@:5?M
@" #$;#" 5$#A"N 
9":E?2@ ;$#A2$ ;$ "; b@:Fc"; >,-B
 R>6 $;5=" F"22$5@#$:5$ E?q@3"; @"
Y$XF4M"^ #"Y$:3" " 3?;A";?5?Y" 3$ 2$B
’ E?b42@ @:5$2?"2 _ @A$:@; ?:3?F@B 5$:<=" ?:E@:5?M $ Y$2?E?F@:3" "; ?:3?B
5?Y@ A@2@ @ #":5@b$# 3$ 4# ;?;5$#@
3$ 2$5$:<=" ?:E@:5?M 3@ F@5$b"2?@ 4:?B
/$")
4           #J
A  $ ,     $ ,    $ ,   
A        ;
    & 1 A 2 1  ,  &2 1  &  2

+  W 1Y NW VA2 + >,-uDJ 6 6 >)

+ >,-uDJ 6 6 >)

+  W X 1Y NH VA2 * >,-uDO 6 6 >)

9 >,-uDH 6 6 >) s¡t

* >,-uDO 6 6 >)

9 >,-uDH 6 6 >) s¡t

+  N 1Z  N[ VA2 C >,-uRO 6 6 >(R $


CJ >,-uRO6 6 6 >(R

’ >,-uRH 6 6 >(R
6 ƒ 12"?L?3@ @ #":5@b$# 3$ 3?;A";?5?Y" F"# >,-R>6 :$;;$ @;;$:5"N
>) ƒ >:;5@M@<=" F"#A@5XY$M F"# 3?;A";?5?Y"; >,-R>6 3$ F@5$b"2?@ ;$#?4:?Y$2;@M^ c"#"M"b@3"; $;A$F?E?F@#$:5$ A@2@ $;5$ Y$XF4M"N !$F$;;a2?"
F":;4M5@2 @ M?;5@ 3$ Y$XF4M"; @A2"Y@3"; :" #@:4@M 3" 3?;A";?5?Y" 3$ 2$5$:<=" ?:E@:5?M A@2@ F$25?E?F@2B;$ 3@ A";;?L?M?3@3$ 3$ 4;" :$;5$ Y$XF4M"N
>)s¡t ƒ &":5@b$# A";;XY$M #$3?@:5$ 2$b4M@b$# 3" L@:F" @:5$2?"2N
>(R ƒ >:;5@M@<=" F"#A@5XY$M F"# 3?;A";?5?Y"; >,-R>6 F@5$b"2?@ 4:?Y$2;@M F"# #":5@b$# "2?$:5@3@ A@2@ @ E2$:5$ 3" Y$XF4M" c"#"M"b@3"; A@2@
$;5$ b24A" 3$ A$;"N

1@2@ F"22$5@ ?:;5@M@<="^ A";?F?":$ " @A"?@BF@L$<@ :@ A";?<=" #@?; @M5@ "4 2$#"Y@B" A@2@ $Y?5@2 ?:5$2E$2\:F?@ $:52$ $M$ $ " 3?;A";?5?Y" 3$
2$5$:<=" ?:E@:5?MN 1@2@ @F$;;" @ 3$;F2?<=" ;"L2$ @ 2$b4M@b$# 3"; @A"?@BF@L$<@;^ F":;4M5@2 x’A"?@BF@L$<@;z :" F@AX54M" x9":c$F$:3" " ;$4
Y$XF4M"zN +# F@;" 3$ 2$#"<=" 3" @A"?@BF@L$<@;^ $;5$ 3$Y$ ;$2 2$F"M"F@3" ;$#A2$ [4$ " @;;$:5" :=" $;5?Y$2 F"# @ F@3$?2?:c@ ?:;5@M@3@N
9":;4M5$ ;$#A2$ @ M$b?;M@<=" Y?b$:5$ :" A@X; 2$M@5?Y@ @" 4;" 3$ 3?;A";?5?Y"; 3$ 2$5$:<=" ?:E@:5?MN
9":E?2@ ;$#A2$ ;$ "; b@:Fc"; >,-R>6 $;5=" F"22$5@#$:5$ E?q@3"; @" Y$XF4M"N

/$"*
   $  # +# F@;" 3$ F"M?;="^ 4#@ A$;;"@
[4$ :=" 45?M?Z$ "; F?:5"; 3$ ;$b4B
  & -; @?2L@b; E2":5@?; s#"5"2?;5@ $
2@:<@ _ A2"‘$5@3@ A@2@ @ E2$:5$ $ A"3$
A@;;@b$?2"t A2"5$b$# "; "F4A@:5$;
  L@5$2 :@ L"M;@ @?:3@ $# E@;$ 3$ @L$2B
3"; M4b@2$; 3?@:5$?2"; $# F"M?;]$;
542@N !$;;@ ;?54@<="^ @ A2"5$<=" "E$B
E2":5@?; ":3$ @ 3$;@F$M$2@<="
$ 2$F?3@ A$M@ L"M;@ E?F@ A2$‘43?F@3@N
;"E2?3@ A$M" Y$XF4M" "E$2$<@ 2?;F";
- Y$XF4M" $;5a $[4?A@3"^ F":E"2#$ @"; "F4A@:5$;^ "; [4@?; ;=" #?:?B -; @?2L@b; E2":5@?; A"3$# :="
@ Y$2;="^ F"#% #?Z@3"; A$M@ ?:5$2A";?<=" 3@ L"M;@ @5?Y@2B;$ :"; ;$b4?:5$; F@;";%
$:52$ " "F4A@:5$ $ " Y"M@:5$ "4 "
 ’?2L@b E2":5@M A@2@ " #"5"2?;5@N A@?:$M 3$ ?:;524#$:5";N  9c"[4$; E2":5@?; F":52@ "L‘$5";
 ’?2L@b E2":5@M A@2@ " A@;;@b$?2"N ’ :=" @5?Y@<=" 3"; @?2L@b; :"; "4B #4?5" 3$E"2#aY$?;^ [4$ :=" @E$B
 ’?2L@b; M@5$2@?; 3?@:5$?2"; A@2@ @ 52"; 5?A"; 3$ Fc"[4$ sM@5$2@M^ A";5$B 5@# @ ;4A$2EXF?$ E2":5@M 3" Y$XB
A2"5$<=" 3@ A$MY?; $ 52":F"u5"2;" 2?"2^ F@A"5@#$:5"^ $5FNt :=" _^ A"2B F4M" sA"2 $qN^ ?#A@F5" 3" A@2@B
s,?3$ L@bt 3" #"5"2?;5@ $ 3" A@;B 5@:5"^ ;?:r:?#" 3$ E4:F?":@#$:5" ?2B M@#@; F":52@ " b4@23 2@?Mt
;@b$?2"N 2$b4M@2 3" ;?;5$#@N *@ #$;#@ E"2#@^  +:F@?q$ 3" Y$XF4M" ;"L "452";
@ :=" @5?Y@<=" 3"; 3?;A";?5?Y"; A"3$ Y$XF4M"; "4 L@22$?2@; 3$ A2"5$<="
’ A";?<=" 3"; @?2L@b; $;5a @;;?B "F"22$2 $# ;?54@<]$; [4$ :=" F"#B sA"2 $q$#AM" ;"L F@#?:c]$; "4
:@M@3@^ :" Y$XF4M"^ F"# @ ?:3?F@B A2"#$5@# "4 F":52?L4@# F"# @ ;$B b4@23 2@?M;tN
<=" p’>DC’Up ;?54@3@ :" F$:52" 3" b42@:<@ 3"; "F4A@:5$;N *@ #$;#@
Y"M@:5$^ :" A@?:$M 3$ ?:;524#$:5"; E"2#@^ @ :=" @5?Y@<=" 3"; 3?;A";?5?B ’ :=" @5?Y@<=" :@; F":3?<]$;
sA2hq?#" @" A"25@BM4Y@;t^ :" 2$Y$;5?B Y"; A"3$ "F"22$2 $# ;?54@<]$; [4$ @F?#@ 3$;F2?5@; 3$Y$B;$ @" E@5" 3$
#$:5" M@5$2@M 3"; L@:F"; 3?@:5$?2"; :=" @b2@Y$# @ ;$b42@:<@ 3"; "F4B "; @?2L@b; A"3$2$# :=" "E$2$F$2
"4 $# 4#@ $5?[4$5@ :@ M@5$2@M 3"; A@:5$;N [4@M[4$2 A2"5$<=" @3?F?":@M 2$M@5?B
L@:F"; 3?@:5$?2"; A2hq?#" @" A":5" Y@#$:5$ @"; F?:5"; 3$ ;$b42@:<@ $^
-; @?2L@b; E2":5@?; s#"5"2?;5@ $
3$ @L$2542@ 3"; @?2L@b; M@5$2@?;N A"2 ?;;"^ @ 2$;A$F5?Y@ @5?Y@<=" ;$2?@
A@;;@b$?2"t :=" ;=" ;4L;5?54XY$?;^ #@;
?:"A"254:@N
F"#AM$#$:5@2$; @" 4;" 3"; F?:5"; 3$
;$b42@:<@^ [4$ _ "L2?b@5h2?"^ F"#" ’ :=" @5?Y@<="^ :$;5$; F@;";^ :="
A2$;F2?5" A$M@ M$b?;M@<=" Y?b$:5$N ?:3?F@ 4#@ @Y@2?@ 3" ;?;5$#@N

/$"+
 .A 0  & &  
d F":;5?54X3" A"2 4#@ L"M;@ 3$
$:Fc?#$:5" ?:;5@:5f:$" F":5?3@ :4# !
Y=" $;A$FXE?F" M"F@M?Z@3" :" F$:52" ’Mb4#@; Y$2;]$; 5\# @?2L@b E2":B
3" Y"M@:5$N 5@M 3" M@3" 3" A@;;@b$?2" ,+&1D+
’.>W-N
!$;;$; F@;";^ _ A2"?L?3" $ :="
2$F"#$:3@3" " 52@:;A"25$ 3@ F2?@:<@
:" L@:F" 3?@:5$?2"N
 .A 0  &  &  %
A   , @   ,  <
,$b4?2  @; 2$F"#$:3@<]$;
- 52@:;A"25$ 3$ F2?@:<@; :" L@:F" A2$;$:5$; :@ $5?[4$5@ ;?54@3@ :" A@2@B
$
3?@:5$?2" _ A2"?L?3"^ ;@MY" $qF$<]$; ;"M 3" M@3" 3" A@;;@b$?2"N
?:3?F@3@; @:5$2?"2#$:5$N 9@;" $;B
5$‘@ A2$;$:5$ @Mb4#@ 3@[4$M@; $qB
F$<]$;^ @; F@3$?2?:c@; [4$ ;$ #":B
 .A 0  & & A  5@# :" ;$:5?3" F":52a2?" @" 3$ #@2B
Fc@  3$Y$# ;$2 #":5@3@; :"
d F":;5?54X3" A"2 4#@ L"M;@ F"#
L@:F" 3?@:5$?2" F"# @?2L@b 3" M@3"
$:Fc?#$:5" ?:;5@:5f:$" F":5?3@
3" A@;;@b$?2" @5?Y"^ 4#@ Y$Z [4$ @
:4# @3$[4@3" F"#A@25?#$:5"
@5?Y@<=" 3" @?2L@b^ $# F@;" 3$ Fc"B
;?54@3" :" A@?:$M 3$ ?:;524#$:5";^
[4$^ A"3$2?@ A2"34Z?2 M$;]$; #"25@?;
F"# 4# #@?"2 Y"M4#$ $# 2$M@<=" e
e F2?@:<@ 52@:;A"25@3@N
3" M@3" 3" F":345"2N

/$",
 ;<=   .A  & A@;;@b$?2"^ #@; 5$# @A$:@; " "L‘$B $   1 *+ 2
 A (  .A & & 1 5?Y" 3$ Y$2?E?F@2 " ;$4 F"22$5" E4:F?B 1@2@ @4#$:5@2 @ A2"5$<=" 3"; "F4B
*+ 2   .A 0  & ":@#$:5"N ’ ;$b4?2 @" 5$;5$^ F"# @ A@:5$;^ $# F@;" 3$ Fc"[4$ M@5$2@M^
- 52@:;A"25$ 3$ F2?@:<@; :" L@:F" 342@<=" 3$ @Mb4:; ;$b4:3";^ " XF":$ " Y$XF4M" $;5a $[4?A@3" F"# @?2L@b;
3?@:5$?2" _ A2"?L?3"^ ;@MY" $qF$<]$; ?:3?F@2a " $;5@3" 3@ A2"5$<=" 3" @?2B M@5$2@?; 3?@:5$?2"; s,?3$ L@btN
?:3?F@3@; @:5$2?"2#$:5$N 9@;" $;5$‘@ L@b 3" A@;;@b$?2"N
A2$;$:5$ @Mb4#@ 3@[4$M@; $qF$<]$;   .A
$ ;$‘@ :$F$;;a2?" 3$;@5?Y@2 " @?2L@b
E2":5@M 3" M@3" 3" A@;;@b$?2" $ "
@?2L@b M@5$2@M 3?@:5$?2" _ :$F$;;a2?"
3$;@5?Y@2 " @?2L@b M@5$2@M 3?@:5$?2"
s,?3$ L@btN
1@2@ @ 3$;@5?Y@<=" 3"; @?2L@b;^
@54@2 :" &$:4 3" 3?;AM@y sF":;4M5@2
" A@2ab2@E" x9"#A45@3"2 3$ L"23"
B 9":E?b42@<]$; 3" Y$XF4M"z :" F@B
AX54M" x9":c$F$:3" " ;$4 A@?:$M 3$
 <=  A   %
?:;524#$:5";ztN
;( " XF":$ @F$:3$B;$ F"# M4Z
!@ #"M342@^ ;?54@3@ :" A@?:$M 3$ E?q@N
?:;524#$:5";^ $;5a A2$;$:5$ " XF":$
 <=  A   ;( "
N
XF":$ @A@b@B;$N
9"M"F@:3" @ Fc@Y$ 3$ ?b:?<=" :@
-; )+*; A"3$# @F$:3$2B;$ F"# ,=" F":;5?54X3"; A"2 3"?; 5?A"; 3$
A";?<=" ^ " XF":$ @F$:3$B;$ 34B
?:5$:;?3@3$; 3?E$2$:5$;^ F":E"2#$ @; @M#"E@3@; :"; $:F";5"; 3"; L@:F";
2@:5$ @Mb4:; ;$b4:3";N 9@;" ?;;" :="
F":3?<]$; 3" Y$XF4M"N ’ ?:5$:;?3@3$ 3?@:5$?2"; [4$ A2"5$b$# @ a2$@ 3@
@F":5$<@^ 3?2?b?2B;$ e    %
A"3$ Y@2?@2 342@:5$ " #$;#" F?FM" A_MY?; $ " 52":F"u5"2;" 3"; "F4A@:5$;
, & # N *42@:5$ "; A2?#$?2"; ;$B
3$ Fc@Y$N $# F@;" 3$ F"M?;=" M@5$2@M 3$ b2@Y?B
b4:3";^ " @F$:3?#$:5" 3" XF":$ :="
3@3$ #_3?@B@M5@N
?:3?F@ " 2$@M $;5@3" 3@ A2"5$<=" 3"
/$%-
,=" @;;?:@M@3"; A$M@ $5?[4$5@ p’>DB !=" F":34Z?2 F"# " F"2A" 3$L24B
C’Up F";542@3@ :" M@3" $q5$2?"2 3"; <@3" A@2@ @ E2$:5$ #@; #@:5$2 " $:B
L@:F"; 3?@:5$?2";N F";5" :4#@ A";?<=" $2$5@^ @A"?@:3" !
L$# @; F";5@;N
1@2@ @ 3$;@5?Y@<=" 3"; @?2L@b;^ 45?B
M?Z$ " &$:4 3" [4@32" 3$ ?:;524#$:B
5";N
!
! 9":;4M5@2 " F@AX54M" x9":c$F$:3"
!=" @AM?F@2 @3$;?Y"; "4 "452"; "LB
" ;$4 A@?:$M 3$ ?:;524#$:5";z :"
‘$5"; :" Y"M@:5$^ :" A@?:$M :@ a2$@ - 52@:;A"25$ 3$ F2?@:<@; :" L@:F"
A@2ab2@E" x-A<]$; 3" #$:4zN
3" @?2L@b 3" M@3" 3" A@;;@b$?2" $ 3?@:5$?2" _ A2"?L?3"^ ;@MY" $qF$<]$;
:"; L@:F";N ?:3?F@3@; @:5$2?"2#$:5$N 9@;" $;B
!=" F"M"F@2 "L‘$5"; :" A@?:$M :"
5$‘@ A2$;$:5$ @Mb4#@ 3@[4$M@; $qF$B $
<]$;^ :@ A2$;$:<@ 3$ @?2L@b 3" A@;B
M@3" 3" A@;;@b$?2" sA"2 $q$#AM"^ F$B ;@b$?2" 3@ E2$:5$ @5?Y@3"^ :=" ?:;5@B !
M4M@2$;t 4#@ Y$Z [4$ A"3$2?@# ?:5$2B M@2 F@3$?2?:c@ ?:E@:5?M Y?2@3@ :" ;$:B
E$2?2 F"# @ F"22$5@ @L$2542@ 3" @?2L@b !=" F"M"F@2 :4:F@ @ F@L$<@^ ";
5?3" "A";5" @" ;$:5?3" 3$ #@2Fc@ :" L2@<"; $ "; F"5"Y$M"; E"2@ 3@; ‘@:$B
3" A@;;@b$?2" $^ A"2 "452" M@3"^ F@4B L@:F" 3?@:5$?2"N
;@2 M$;]$; b2@Y$; @"; "F4A@:5$; 3" M@;N
Y$XF4M"N ’ @5?Y@<=" 3" @?2L@b $# F@;" 3$ +Y?5$ @F?3$:5$;N
@F?3$:5$^ A"3$ F@4;@2 M$;]$; b2@Y$;
"4 @5_ #$;#" E@5@?; ?:3$A$:3$:5$B
#$:5$ 3@ b2@Y?3@3$ 3@ F"M?;="N ’;B
;?#^ 2$F"#$:3@B;$ "L$3$F$2 @ M$b?;B
! !
M@<=" F":E"2#$ ?:;524<]$; @:5$2?"2$;
9":34Z?2 #@:5$:3" ;$#A2$ @; $ 52@:;A"25@2 @; F2?@:<@; $# ;4@; F@B ,$ @ M4ZB$;A?@ :=" ;$ @F$:3$2
#="; :" Y"M@:5$^ 3$ #"3" [4$^ 3$?2?:c@; @A2"A2?@3@; :" L@:F" 52@B b?2@:3" @ Fc@Y$ 3$ ?b:?<=" A@2@ @
$# F@;" 3$ @5?Y@<=" 3" @?2L@b^ ;$?2"^ A"?; $;5@ _ @ A";?<=" #@?; A2"B A";?<=" ^ "4 E?F@2 @F$;@ 342@:5$
$;5$ A";;@ $:Fc$2B;$ ;$# $:F":52@2 5$b?3@ $# F@;" 3$ @F?3$:5$N @ #@2Fc@^ _ A";;XY$M [4$ $;5$‘@ A2$B
"L;5aF4M";N

/$%!
;$:5$ 4#@ @:"#@M?@ :"; ;?;5$#@; 3$ +;5$; A"3$# A2$‘43?F@2 " E4:F?"B
2$5$:<="N :@#$:5" 3" ;?;5$#@N
!$;;$ F@;"^ "; A2_B5$:;?":@3"2$; !
"4 "; @?2L@b; A"3$# :=" ;$ @5?Y@2 $# 9"# @ Fc@Y$ 3@ ?b:?<=" :@ A";?B
F@;" 3$ @F?3$:5$ "4^ $# 4# :v#$2" <=" ^ #$;#" F"# " #"5"2 3$;B
3$ F@;"; #@?; M?#?5@3"^ @5?Y@2B;$ 3$ ! M?b@3"^ "; @?2L@b; A"3$# ;$2 @5?Y@B
#"3" $22@3"N ’:5$; 3$ A2";;$b4?2^ !=" Y?@‘@2 F"# "L‘$5"; @" F"M"^ 3"; 5@#L_# F"# " Y$XF4M" A@2@3"^
F":5@5@2 @    , & #  A@2@ $# E2$:5$ @" 5h2@q :$# F"# F@Fc?#B F@;" $;5$ ;"E2@ Fc"[4$ 3$ "452" Y$XB
" ?#$3?@5" F":52"M$ 3" ;?;5$#@N L"; "4 MaA?; :@ L"F@^ $5FN F4M" $# #"Y?#$:5"N ’;;?#^ #$;#"
F"# " Y$XF4M" A@2@3"^ ;$ $;5?Y$2 A2$B
+# F@;" 3$ F"M?;=" F"# ?:5$2Y$:B ;$:5$ @Mb4#@ $qF$<=" A2$Y?;5@ :@ )$?
<=" 3" @?2L@b^ A"3$2=" F@4;@2 3@:"; [4$ ‘4;5?E?[4$ @ ?:;5@M@<=" 3@ F@3$?B
b2@Y$;N 2?:c@ :" L@:F" 3?@:5$?2"^ @; F@3$?B
!
2?:c@; 3$ F2?@:<@; [4$ ;$ #":5@#
+# @Mb4#@; Y$2;]$;^ $# F@;" 3$ :" ;$:5?3" "A";5" @" ;$:5?3" 3@ #@2B
@Y@2?@ 3" )+* ## s;?54@3" :@ Fc@  3$Y$# ;$2 ?:;5@M@3@; :"
#"M342@ A2$;$:5$ :" A@?:$M 3$ ?:;B L@:F" 3?@:5$?2" 3" A@;;@b$?2" :@ A2$B
!
524#$:5";t^ @F$:3$B;$ @ M4ZB$;A?@ ;$:<@ 3$ @?2L@b 3" A@;;@b$?2" @5?Y"N
:" [4@32" 3$ ?:;524#$:5";N ,$ " Y$XF4M" 5?Y$2 ;?3" "L‘$5" 3$
2"4L" "4 3$ 5$:5@5?Y@ 3$ 2"4L"^ ;$ 1"25@:5"^ 3$;@5?Y@2 s;$ $[4?A@3"t
’5$:<=" e; ;?:@M?Z@<]$;N ;"E2$4 @5"; 3$ Y@:3@M?;#"^ ?:4:3@B ;$#A2$ " @?2L@b 3" M@3" 3" A@;;@B
<]$; "4 @M@b@#$:5";^ #@:3@2 Y$2?E?B b$?2" [4@:3" :" L@:F" 3?@:5$?2" 3"
F@2 " ;?;5$#@ @?2L@b ‘4:5" e  % A@;;@b$?2" ;$ ?:;5@M@ 4#@ F@3$?2?:c@
  , & # C A@2@ F2?@:<@; #":5@3@ :" ;$:5?3"
"A";5" @" ;$:5?3" 3$ #@2Fc@N ’M_#
! -L;$2Y$ ;$#A2$ @; 2$F"#$:3@B
3?;;"^ " L@:F" 3?@:5$?2" 3" A@;;@B
!@ A2$;$:<@ 3$ ,?3$ L@b;^ :=" F"B <]$; 3$;5$ #@:4@MN
b$?2" 3$Y$ ;$2 2$b4M@3" A@2@ @ A";?B
L2?2 " $:F";5" 3"; L@:F"; 3?@:5$?B
<=" #@?; 2$F4@3@^ A@2@ $Y?5@2 A";;XB
2"; F"# 2$Y$;5?#$:5";^ F"L$2542@; "4
Y$?; F":5@5"; 3@ F@3$?2?:c@ A@2@ F2?B
F@A@ A@2@ L@:F";N

/$%"
@:<@; F"# " A@?:$MN D$@5?Y@2 ?#$3?B 4;@3"; A"2 5"3"; "; "F4A@:5$; 3"
@5@#$:5$ " @?2L@b 3" A@;;@b$?2" @;B Y$XF4M"N
;?# [4$ 5?Y$2 3$;?:;5@M@3" @ A2hA2?@ !
F@3$?2?:c@N 1"2 E?#^ 2$F"23@2B;$ [4$^
’ ?:5$2Y$:<=" 3" @?2L@b $;5a 
;$ @ Fc@Y$ 3$ ?b:?<=" ;$ $:F":52@2
A2$Y?;5@ A@2@ 5?A"; 3$ F"M?;]$; !=" M@Y@2 "; L@:F"; F"# ab4@ "4
:@ A";?<=" ^ :$:c4# 3?;A";?B
3$ b2@Y?3@3$ ;4A$2?"2 e 3"; A2_B Y@A"2 ;"L A2$;;=" se #=" "4 :@; $;B
5?Y" 3$ ;$b42@:<@ s@?2L@b; "4 A2_B
5$:;?":@3"2$;N 5@<]$; 3$ M@Y@b$# @45"#a5?F@; A@2@
5$:;?":@3"2$;t _ @5?Y@3" $# F@;" 3$
F"M?;="g @ E@M5@ 3$ @5?Y@<=" 3$ 5@?; +# F"M?;]$; F"#A2$$:3?3@; :" ?:B L@:F";tN
3?;A";?5?Y";^ :$;5$; F@;";^ :=" A"3$ 5$2Y@M" $:52$ "; 3"?; M?#?5$; 3$ @5?Y@B
;$2 F":;?3$2@3@ F"#" ;?:@M 3$ @Y@2?@ <="^ _ :"2#@M [4$ ;"#$:5$ "; A2_B
3" ;?;5$#@N 
5$:;?":@3"2$; $:52$# $# E4:F?":@B
#$:5"N ’ @5?Y@<=" 3"; @?2L@b; E2":5@?; $u"4 $
M@5$2@?; _ A";;XY$M ;$ " Y$XF4M" E"2
;4L#$5?3" @ E"25$; F"M?;]$; 2$M@F?"B
:@3@; e a2$@ ?:E$2?"2 3@ F@22"F$2?@
! s$qN F"M?;]$; Y?"M$:5@; F":52@ b2@B
’ @Y@2?@ 3@ M4ZB$;A?@ _ ?:3?F@3@ ! 3$;^ A@;;$?";^ [4$3@; 3" Y$XF4M" $#
F"# " @F$:3?#$:5"^ :" 3?;AM@y 3" - @?2L@b :=" ;4L;5?54? "; F?:5"; b2@:3$; L42@F"; "4 3$A2$;;]$; 3$ $;B
[4@32" 3$ ?:;524#$:5";^ 3$ 4# XF":$ 3$ ;$b42@:<@ #@; ?:F2$#$:5@ ;4@ 52@3@^ $5FNtN
3$ @Y@2?@ 3" @?2L@b $ A$M@ Y?;4@M?B $E?F?\:F?@N
Z@<=" 3$ 4#@ #$:;@b$# $;A$FXE?F@N
!=" ;=" 3$;@5?Y@3@; @; F@2b@; A?2"B ’M_# 3?;;"^ 4#@ Y$Z [4$ " @?2L@b 
5_F:?F@;N :=" ?:5$2Y_# $# F@;" 3$ F"M?;]$; ’ $:52@3@ $# E4:F?":@#$:5" 3";
E2":5@?; @ L@?q@ Y$M"F?3@3$^ F"M?;]$; @?2L@b; M?L$25@ 4#@ A$[4$:@ [4@:5?B
’:5$; 3$ A2";;$b4?2^ F":5@5@2 M@5$2@?;^ F"M?;]$; 52@;$?2@; "4 F@A"B 3@3$ 3$ Ah;% $;5$; :=" ;=" :"F?Y"; $
@    , & #  A@2@ " 5@#$:5";^ :$;5$; F@;"; "; "F4A@:5$; :=" ?:3?F@# 4# A2?:FXA?" 3$ ?:F\:B
?#$3?@5" F":52"M$ 3" ;?;5$#@N ;=" A2"5$b?3"; ;"#$:5$ A$M"; F?:5"; 3?"N !" $:5@:5"^ " Ah A"3$2a ?22?5@2
3$ ;$b42@:<@ [4$ 3$Y$# ;$2 ;$#A2$ @ A$M$ $ "; "Mc";% :$;5$ F@;"^ M@Y@2
F"# ;@L=" :$452" $ ab4@N
/$%%

."3@; @; ?:5$2Y$:<]$; 3$ F":52"M$^
2$A@2@<=" $ ;4L;5?54?<=" ?:$2$:5$;
@"; @?2L@b; 3$Y$# ;$2 $E$54@3@; :@
   , & # C


+# F@;" 3$ ;4F@5$@#$:5" 3" Y$XB
F4M"^ 3?2?b?2B;$ e    , &
#  A@2@ 3$;@5?Y@2 " ;?;5$#@ 3$ @?2B
L@b;N


’ @5?Y@<=" 3$ A2_B5$:;?":@3"2$; $
@?2L@b; _ 3$F?3?3@ 3$ #"3" 3?E$2$:B
F?@3"^ F"# L@;$ :" 5?A" 3$ F"M?;="N
’ :=" @5?Y@<=" 3$ 4# "4 #@?; @?2B
L@b; :=" ?:3?F@ 4# #@4 E4:F?":@B
#$:5" 3" ;?;5$#@N

/$%&
&   &
+:52$#"; :" pF"2@<="p 3" Y$XF4M"% Y$‘@#"; F"#"
45?M?ZaBM" 3@ #$Mc"2 E"2#@ $# 5"3@; @; ;4@; A"5$:F?@M?B
3@3$;N !$;5$ F@AX54M" $;5=" 3$;F2?5"; A2"F$3?#$:5"; 3$
F"#" F":34Z?BM" $# ;$b42@:<@ $# [4@M[4$2 ;?54@<="N

1’D.>*’ *- &-.-D N N N N N N N N N N N N N N N N +BJ


D+9-&+!*’/o+, 1’D’ *+,)>U’D -
&-.-D N N N N N N N N N N N N N N N N N N N N N N N N +BI
RD+>- *+ +,.’9>-!’&+!.- N N N N N N N N N N N +B7
.D’!,&>,,0- &’!(’) N N N N N N N N N N N N N N +B~
.D’!,&>,,0- ’(.-&«.>9’ N N N N N N N N N N +BJG
%
*>D+/0- ’,,>,.>*’ N N N N N N N N N N N N N N N +BJ7
,>,.+&’ ,.’D.¥,.-1 s,+ +w(>1’*-t N N N N N +BJK
9-!.D-)+ *+ W+)-9>*’*+ N N N N N N N N N N +BOH
’,,>,.+!.+ *+ +,.’9>-!’&+!.- N N N N N N N +BO7
9‹&+D’ *+ Dd s;$ $[4?A@3"t N N N N N N N N N N N +BHJ
D+’C’,.+9+!*- - W+n9()- N N N N N N N N N N +BHH
U’!98- *+ D+C-w(+ N N N N N N N N N N N N N +BHK
*>9’, *+ *>D+/0- N N N N N N N N N N N N N N N N +B}G

0
&    !"; A2?#$?2"; J7GG i#^ :=" $q?B
b?2 " #aq?#" 3$;$#A$:c" 3" Y$XB
 ! F4M" sA"2 $qN^ @F$M$2@<]$; $qF$;;?Y@;^
  3?;5f:F?@; 3$#@;?@3@#$:5$ A2"M":B
+:[4@:5" " #"5"2 :=" $;5?Y$2 M?B b@3@; :"; 2$b?#$; #aq?#";^ E2$:@B
’:5$; 3$ M?b@2 " Y$XF4M"^ 2$b4M@2 " b@3"^ " ;$2Y"E2$?" :=" $;5a @5?Y"N b$:; $qF$;;?Y@#$:5$ L24;F@;^ $5FNtN
L@:F"^ "; $;A$Mc"; 2$52"Y?;"2$; ?:5$2B *?@:5$ 3?;;"^ _ :$F$;;a2?" $q$2F$2
:"; $ $q5$2:"; $ @A$25@2 F"22$5@#$:5$ 4# $;E"2<" :" A$3@M 3$ E2$?" #4?5"
" F?:5" 3$ ;$b42@:<@N #@?"2 3" [4$ " c@L?54@MN
1@2@ @ A@25?3@ 3" #"5"2^ :4:F@ !
A2$;;?":@2 " A$3@M 3" @F$M$2@3"2N 9"# " #"5"2 3$;M?b@3"^ :=" 3$?q@2
,$ E"2 :$F$;;a2?"^ :" 3?;AM@y A"B @ Fc@Y$ 3$ ?b:?<=" :@ A";?<=" N
3$# Y?;4@M?Z@2B;$ #$:;@b$:; [4$ ?:B !
+;5@ @5?543$ $Y?5@ " F":;4#" ?:3$B
3?F@# " A2"F$3?#$:5" A@2@ $E$54@2 @ 1@2@ "; Y$XF4M"; F@5@M?;@3"; 3$Y$ ;$‘aY$M 3$ $:$2b?@ 3@ L@5$2?@N
A@25?3@N ;$2 F"#AM$5@#$:5$ $Y?5@3" @ A@25?3@ %
F"# $#A422="^ 2$L"[4$ "4 @A2"Y$?B
5@:3" @; 3$;F?3@;N
+;;@; #@:"L2@; A"3$# F@4;@2 " !
! @EM4q" 3$ F"#L4;5XY$M :" F":Y$2;"2
1?;@2 :" @F$M$2@3"2 @:5$; 3$ 3$;M?B
- #"5"2 F":;"#$ "q?b\:?" $ M?L$2@ F@5@MX5?F" $ 3@:?E?FaBM" ?22$#$3?@Y$MB
b@2 " #"5"2 :=" 5$# :$:c4#@ 45?M?B
ba; F@2Lr:?F"^ #":hq?3" 3$ F@2L":" #$:5$N
3@3$N
$ "452"; b@;$; 5hq?F";N
+;5@ @5?543$ A2"Y"F@ 4# F":;4#"
d A$2?b";" 3$?q@2 " #"5"2 E4:F?"B
?:v5?M 3$ F"#L4;5XY$M $ _ A2$‘43?F?@M^
:@:3" $# M"F@M E$Fc@3"N
! $;A$F?@M#$:5$ A@2@ "; #"5"2$; F"#
542L"F"#A2$;;"2N
’Mb4:; F4?3@3"; ;=" :$F$;;a2?";
:" A2?#$?2" A$2X"3" 3$ Y?@b$#N

0$!
    ) , ,- .   +&  ) , ,- .  + / ,
   4%
1@2@ 3@2 @ A@25?3@ :" #"5"2 3$B 12"F$3$2 3" ;$b4?:5$ #"3"%
  $
Y$2=" ;$2 ;$b4?3"; "; A2"F$3?#$:5";
’ 5$F:"M"b?@ 3$ A@25?3@ @ E2?" $#B 3$;F2?5"; @ ;$b4?2%  +:b@5@2 " E2$?" 3$
A2$b@3@ :@; Y$2;]$; [4$ :=" A";B $;5@F?":@#$:5" $ A";?F?":@2 @
;4$# 2$;$2Y@5h2?" 3$ A@25?3@ @ E2?"^  W$2?E?F@2 ;$ " E2$?" 3$ $;5@F?":@B @M@Y@:F@ 3$ Ff#L?" :@ A";?<="
;$ L@;$?@ :" @[4$F?#$:5" A2_Y?" 3" #$:5" $;5a @F?":@3"N  s+;5@F?":@#$:5"t "4  s1":5"
$5@:"M^ [4@:3" E"2 " F@;"^ :" ;?;5$#@  1";?F?":@2 @ @M@Y@:F@ 3$ Ff#L?" #"25"tN
3$ @M?#$:5@<="N +;;@ ;"M4<=" 3?;B $# A":5" #"25"N  9"M"F@2 @ Fc@Y$ 3$ ?b:?<=" $#
A$:;@ " 4;" 3$ 2$;$2Y@5h2?" @4q?M?@2  $ @b4@23@2 [4$ @; M4Z$;B
 1?;@2 :" A$3@M 3$ $#L2$@b$#^
3$ b@;"M?:@ A@2@ A@25?3@ @ E2?"^ F@;" $;A?@ ;$ @A@b4$#N
;$# A?;@2 :" @F$M$2@3"2N
" $5@:"M ;$‘@ " F"#L4;5XY$M A2$A":B
 9"M"F@2 @ Fc@Y$ 3$ ?b:?<=" $#  U?2@2 @ Fc@Y$ 3$ ?b:?<=" :@ A";?B
3$2@:5$ :" 5@:[4$ 3$ F"#L4;5XY$MN
 $ @b4@23@2 [4$ @; M4Z$;B <=" $ $ 2$5"2:aBM@ e A";?<="
w4@:3" @ 5$#A$2@542@ $;5?Y$2 $;A?@ ;$ @A@b4$#N  @;;?# [4$ " #"5"2 M?b@2N
@L@?q" 3$ F$2F@ 3$ J7£ 9 $ " ;?;5$#@ ,$ " #"5"2 :=" M?b@2 $# JG ;$B
 U?2@2 @ Fc@Y$ 3$ ?b:?<=" A@2@ @
@L@;5$F?3" F"# $5@:"M^ "4 4#@ b4:3";^ Y"M5@2 @ b?2@2 @ Fc@Y$ 3$
A";?<="  $ 2$5"2:aBM@ e A";?B
#?;542@ $5@:"M›b@;"M?:@^ " ;?;5$#@ ?b:?<=" :@ A";?<="  $ @b4@2B
<="  @;;?# [4$ " #"5"2 M?b@2N
3$ @[4$F?#$:5" 3" F"#L4;5XY$M ;$2a 3@2 JG @ JI ;$b4:3";^ @:5$; 3$
,$ " #"5"2 :=" M?b@2 $# JG ;$B
@5?Y@3" F"# @ @L$2542@ 3@ A"25@ 2$A$5?2 @ #@:"L2@ 3$ A@25?3@N
b4:3";^ Y"M5@2 @ b?2@2 @ Fc@Y$ 3$
3" #"5"2?;5@ $ @ M4ZB$;A?@ ;$  ,$ " #"5"2 :=" M?b@2^ Y"M5@2 @ b?2@2
?b:?<=" :@ A";?<="  $ @b4@2B
@F$:3$2aN ’;;?# [4$ " F"#L4;5XY$M @ Fc@Y$ 3$ ?b:?<=" A@2@ @ A";?<="
3@2 JG @ JI ;$b4:3";^ @:5$; 3$
@5?:b?2 @ 5$#A$2@542@ ?3$@M^ @ M4ZB  $ @b4@23@2 JGBJI ;$b4:3";
2$A$5?2 @ #@:"L2@ 3$ A@25?3@N
$;A?@ ;$ @A@b@2a^ ?:3?F@:3" [4$ " @:5$; 3$ 2$A$5?2 @ #@:"L2@ 3$
F":345"2 A"3$ 3@2 @ A@25?3@N  !@; Y$2;]$; $[4?A@3@; F"#
Fc@Y$ $M$52r:?F@ s+:5$2B!BU"t^ " A@25?3@N
#"5"2 M?b@ [4@:3" _ A2$;;?":@3"  !@; Y$2;]$; $[4?A@3@; F"#
" L"5=" 3" 3?;A";?5?Y" 3$ Fc@Y$ $M$52r:?F@ s+:5$2B!BU"t^ "
A@25?3@^ ‘4:5@#$:5$ F"# " A$3@M #"5"2 M?b@ [4@:3" _ A2$;;?":@3"
3@ $#L2$@b$#N " L"5=" 3" 3?;A";?5?Y" 3$

0$"
A@25?3@^ ‘4:5@#$:5$ F"# " A$3@M  5 
3" E2$?"N  
! w4@:3" " Y$XF4M" :=" E"2 M?b@3"
 !=" _ :$F$;;a2?" A?;@2 :" @F$M$2@B "4 F":34Z?3" 342@:5$ A$M" #$:"; HI
3"2 A@2@ 3@2 A@25?3@ :" #"5"2N 3?@;^ _ @F":;$McaY$M 5$2 "; ;$b4?:5$;
1@2@ Y$2;]$; $[4?A@3@; F"# Ff#B
F4?3@3";N
L?" U,D 9"#E"25^ F":;4M5@2 #@:4@M -L;$2Y$ ;$#A2$ @; 2$F"#$:3@B
$;A$FXE?F"N <]$; 3$;5$ #@:4@MN 1@2@ M?b@2 " #"5"2^ A2"F$3$2 3"
;$b4?:5$ #"3"%
- Y$XF4M" $;5a $[4?A@3" F"# 4#
;?;5$#@ 3$ A@25?3@ [4$ E@Z @ b$;5="  U?2@2 @ Fc@Y$ 3$ ?b:?<=" :@ A"B
@45"#a5?F@ 3" #"5"2 3$ @22@:[4$^ ;?<="  $ 2$5"2:aBM@ e A";?<="
:=" ;$:3" :$F$;;a2?" #@:5$2 @ Fc@Y$ !  @;;?# [4$ " #"5"2 M?b@2N
b?2@3@ :@ A";?<="  5"3" " 5$#A" 9"# " #"5"2 $# #"Y?#$:5"^ :=" ,$ " #"5"2 :=" M?b@2 $# JG ;$B
@5_ [4$ " #"5"2 3\ @ A@25?3@N 5"F@2 :"; F@L"; 3$ @M5@ 5$:;=" sF@L"; b4:3";^ Y"M5@2 @ b?2@2 @ Fc@Y$ 3$
3@; Y$M@;tN ?b:?<=" :@ A";?<="  $ @b4@2B %
’Ah; b?2@2 @ Fc@Y$ A@2@ @ A";?<="
3@2 JG @ JI ;$b4:3";^ @:5$; 3$
^ " ;?;5$#@ ?2a @5?Y@2 " #"5"2 3$ -L;$2Y$ ;$#A2$ @; 2$F"#$:3@B
2$A$5?2 @ #@:"L2@ 3$ A@25?3@N
@22@:[4$ A$M" 5$#A" :$F$;;a2?" @" <]$; 3$;5$ #@:4@MN
E4:F?":@#$:5" 3" #"5"2N +# F@;"  ,$ " #"5"2 :=" M?b@2 3$:52" 3$
3$ :=" E4:F?":@#$:5" 3" #"5"2^ " JG ;$b4:3";^ Y"M5@2 @ F"M"F@2
;?;5$#@ ?2a ?:5$22"#A$2 @ 5$:5@5?Y@ 3$ @ Fc@Y$ 3$ ?b:?<=" :@ A";?<="
A@25?3@ @Ah; 4# 5$#A" #aq?#" 3$ ^ @b4@23@2 I ;$b4:3"; $ 3$?B
! q@2 @22$E$F$2 " #"5"2 3$ A@25?3@g
JG ;$b4:3";^ "F@;?=" $# [4$ A"3$2a
;$2 $E$54@3@ 4#@ :"Y@ 5$:5@5?Y@ 3$ 9"# " #"5"2 3$;M?b@3"^ :=" 3$?q@2 $# ;$b4?3@^ 2$A$5?2 " A2"F$3?B
M?b@2 " #"5"2N @ Fc@Y$ 3$ ?b:?<=" :@ A";?<=" N #$:5" 3$ A@25?3@N
+;5@ @5?543$ $Y?5@ " F":;4#" ?:3$B  ,$ " #"5"2 :=" M?b@2 @Ah; ~ 5$:B
;$‘aY$M 3$ $:$2b?@ 3@ L@5$2?@N 5@5?Y@;^ 3$?q@2 @22$E$F$2 " #"5"2
3$ A@25?3@ 342@:5$ A$M" #$:"; JG

0$%
;$b4:3"; $^ $# ;$b4?3@^ 2$A$5?2 " [4$F?#$:5" $ 3@:"; :" A2hA2?" F":B " A2hA2?" L"5=" @52@Y_; 3@ Fc@Y$ $M$B
A2"F$3?#$:5"N Y$2;"2N 52r:?F@N *$;5$ #"3"^ @F?":@B;$ " 3?;B
A";?5?Y" 3$ A@25?3@ A@2@ M?b@2 " #"5"2N
+# F@;" 3$ L@5$2?@ 3$;F@22$b@3@^ _
 A";;XY$M $E$54@2 4#@ A@25?3@ 3$ $#$2B
b\:F?@ M?b@:3"B@^ @52@Y_; 3$ F@L";
(#@ A@25?3@ @Ah; ?:@5?Y?3@3$ A2"B
@3$[4@3";^ @ 4#@ L@5$2?@ @4q?M?@2 "4
M":b@3@ 3" Y$XF4M" A@25?F4M@2#$:5$
e L@5$2?@ 3$ "452" Y$XF4M"N ."3@Y?@^
3?EXF?M^ A"3$ 5@#L_# ;$2 A2"Y"F@3@
$;5@ #@:"L2@ A"3$ ;$2 A$2?b";@ ;$
A$M" A@2F?@M 3$;F@22$b@#$:5" 3@ L@B
$E$54@3@ 3$ #"3" ?:F"22$5"N 9":;4MB
5$2?@N !$;;$ F@;"^ F":;4M5@2 " A@2aB
5@2 " A@2ab2@E" p1@25?3@ 3$ $#$2b\:B
b2@E" p1@25?3@ 3$ $#$2b\:F?@p :" F@B
F?@p :" F@AX54M" p+# $#$2b\:F?@pN
AX54M" p+# $#$2b\:F?@pN

     , .  
#     ,@; & B , 19:&   %%
; 
2 , A ,4L;5?54?2 @ L@5$2?@ 3@ Fc@Y$ $M$B
’ E@M5@ 3$ 2$;A";5@ 3" 3?;A";?5?Y" 52r:?F@  F":E"2#$ ?:;524<]$; :" F@B
!=" 5$:5@2 @ A@25?3@ 3" #"5"2 3$?B AX54M" p9":c$F$:3" ;$4 Y$XF4M"^ :@
3$ A@25?3@ @" A2$;;?":@2 " 2$;A$F5?Y"
q@:3" F"#L4;5XY$M "4 "452" MX[4?3" ;$<=" p9c@Y$;pN
L"5=" A"3$ ;?b:?E?F@2 [4$ @ L@5$2?@ 3@
?:EM@#aY$M :" ?:5$2?"2 3@ 5"#@3@ 3$
Fc@Y$ $M$52r:?F@ $;5$‘@ 3$;F@22$b@3@N
@2 3" F"2A" 3$ L"2L"M$5@% $;5@ "A$2@B
’;;?#^ " ;?;5$#@ :=" ?2a 3$5$F5@2 @
<=" A"3$ A2"Y"F@2 3@:"; :" #"5"2 $
A2$;$:<@ 3@ Fc@Y$ $M$52r:?F@ @ L"23"
$# $Y$:54@?; A$;;"@; [4$ ;$ $:F":B
3" Y$XF4M" $ Y?;4@M?Z@2a :" 3?;AM@y
52$# :@; A2"q?#?3@3$;N
4#@ #$:;@b$# $;A$FXE?F@N
!=" 5$:5@2 @ A@25?3@ 3" #"5"2 2$B
!$;5$ F@;"^ @A"?@2 @ $q52$#?3@3$
L"F@:3" "4 $#A422@:3" " Y$XF4M"N
@22$3":3@3@ 3@ Fc@Y$ $M$52r:?F@
+;5@; #@:"L2@; A"3$# A2"Y"F@2 @
sM@3" "A";5" 2$M@5?Y@#$:5$ @" [4@M ;$
$:52@3@ 3$ F"#L4;5XY$M :" F":Y$2;"2
$:F":52@ " F"2A" #$5aM?F"t :" L"5="
F@5@MX5?F" [4$^ :@ A@25?3@ 3" #"5"2^
3" 3?;A";?5?Y" 3$ A@25?3@ $ A2$;;?":@2
;$ ?:EM@#@2?@^ A2"Y"F@:3" " ;4A$2@B
0$&
4   @M?#$:5@3"; F"# $5@:"MN ’ 45?M?Z@B  +;5@F?":@2 " Y$XF4M" :4#@ A";?B
  5   <=" 3$ F"#L4;5XY$M 3$ #a [4@M?3@3$ <=" [4$ :=" F":;5?54@ A$2?b" A@2@
A"3$ @F$:54@2 $;;@; F@2@F5$2X;5?F@; @ " 52f:;?5"N
12"F$3$2 3" ;$b4?:5$ #"3"%
A":5" 3$ 5"2:aBM@; #@?; A$2F$A5XY$?;  +:b@5@2 4#@ #@2Fc@ sY$2;]$;
A"2 A@25$ 3" 4;4a2?"N F"# Ff#L?" #@:4@Mt "4
 9"M"F@2 M$:5@#$:5$ " Y$XF4M" $#
#"Y?#$:5"^ E@Z$:3" " #"5"2 2"B A";?F?":@2 @ @M@Y@:F@ 3$ Ff#L?"
3@2 $# 2$b?#$ #_3?"^ ;$# ;"M?F?B $#  s+;5@F?":@#$:5"t sY$2;]$;

5@2 @F$M$2@<]$; L24;F@;N F"# Ff#L?" @45"#a5?F"tN
- #"5"2 3" Y$XF4M" ;"#$:5$ ?2a
 +Y?5@2 A2"F42@2^ 3$;3$ "; A2?#$?B  !@; Y$2;]$; F"# Ff#L?" @45"B
@5?:b?2 4# b2@4 3$ E4:F?":@#$:5"
2"; [4?Mr#$52";^ " #aq?#" 3$ 3$B #a5?F"^ ;"M5@2 " A$3@M 3$ E2$?"N
[4$ A";;@ ;$2 F":;?3$2@3" 2$b4M@2
;$#A$:c"N d @F":;$McaY$M @b4@2B [4@:3" @5?:b?2 @ ;4@ 5$#A$2@542@ A@B  9"# " #"5"2 $# #@2Fc@ M$:5@^
3@2 [4$ " ?:3?F@3"2 3@ 5$#A$2@B 32=" 3$ E4:F?":@#$:5"^ @ [4@M ;$2a U?2@2 @ Fc@Y$ 3$ ?b:?<=" A@2@ @
542@ 3" MX[4?3" 3$ @22$E$F?#$:5" @MF@:<@3@ @Mb4:; #"#$:5"; 3$A"?; A";?<=" N
3" #"5"2 F"#$F$ @ ;4L?2N 3@ A@25?3@^ 3$A$:3$:3" 3@; F":3?B
<]$; $q5$2:@; 3$ 52f:;?5" $ 5$#A$2@B  %
542@ @#L?$:5$N
 9"# " #"5"2 3$;M?b@3"^ :=" 3$?q@2
&$;#" F"# @ @3"<=" 3$ #"3$2B @ Fc@Y$ 3$ ?b:?<=" :@ A";?<=" N
:"; ;?;5$#@; 3$ ?:‘$<=" $ ?b:?<="  #
$M$52r:?F"; :"; #"5"2$; @ $qAM";="^ ?,+& *+  , ,@; &%
A"3$# "F"22$2 A$[4$:@; Y@2?@<]$; &      B , 19:&   %% 2
:"; A2?#$?2"; ?:;5@:5$; 3$ E4:F?":@B  +# ;?54@<]$; $qF$AF?":@?; $ 3$
#$:5" "4 :"; @22@:[4$; $# 2@#A@; $#$2b\:F?@^ _ A";;XY$M 3$;M?b@2 " #"B
s";F?M@<=" 3@ #@2Fc@ M$:5@^ A$[4$B 
5"2 #$;#" [4@:3" @ @M@Y@:F@ 3$
:"; $:b@;b";^ 24X3"; "4 A$[4$:@; 1@2@ 3$;M?b@2 " #"5"2^ A2"F$3$2 3" #43@:<@ 3$ Y$M"F?3@3$ $;5a :4#@
Y?L2@<]$;t^ A2?:F?A@M#$:5$ F"# Y$XB ;$b4?:5$ #"3"% A";?<=" 3?E$2$:5$ 3$ p1p s+;5@F?":@B
F4M" F@22$b@3"N .2@5@B;$ 3$ 4#@ F@B #$:5"t^ F"# " Y$XF4M" @ 3$;M"F@2B;$
2@F5$2X;5?F@ F":;?3$2@3@ :"2#@M^ A2hB @ Y$M"F?3@3$; ;4A$2?"2$; @ ~ i#ucN
A2?@ 3"; #"5"2$;^ ;"L2$543" [4@:3" !$;5$ F@;"^ A@2@ 3$;M?b@2 " #"5"2^
0$(
_ :$F$;;a2?" A2$;;?":@2 " L"5=" 3$ F4M" @A$:@; $# F@;" 3$ E$Fc@#$:5" "     
A@25?3@ 342@:5$ 4# M":b" A$2X"3" 3$ 3@; A"25@;N
5$#A" "4 A2$;;?":@2 H Y$Z$; F":;$B  
*$;M?b@:3" " Y$XF4M" sA@;;@b$# 3@
F45?Y@; $# @Mb4:; ;$b4:3";N !$;5$
A";?<="  A@2@ t^ @ @M?#$:B # 
F@;"^ " #"5"2 3$;M?b@B;$ $ " ?:5$224AB
5@<=" 3"; @F$;;h2?"; _ #@:5?3@ 34B - Y$XF4M" $;5a $[4?A@3" F"# 4#
5"2 3$ ?b:?<=" _ @‘4;5@3" A@2@ N
2@:5$ F$2F@ 3$ H #?:45";N E2$?" 3$ $;5@F?":@#$:5" #$Ff:?F" 3$
’L2?:3" @ A"25@ 3" M@3" 3" F":B @F?":@#$:5" #@:4@MN
 345"2 F"# " [4@32" 3$ ?:;524#$:5";
,$ " #"5"2 3" Y$XF4M" _ 3$;M?b@3" @F$;"^ ;$2a $#?5?3" 4# L2$Y$ ;?:@M
F"# " Y$XF4M" $# #"Y?#$:5"^ @ @Fv;5?F"^ A@2@ M$#L2@2 @" F":345"2 
3?2$<=" A"3$ ;$2 F"#A2"#$5?3@^ Y@? [4$ 3$;M?b4$ " Y$XF4M"N !" 3?;AM@y W$2 2$F"#$:3@<]$; $;A$FXE?F@;
$q?b?2 #@?; E"2<@ A@2@ @5?Y@2 " A$3@M ;$2a Y?;4@M?Z@3@ 4#@ #$:;@b$# $;B A@2@ $;5@F?":@#$:5" 3"; Y$XF4M";
3" E2$?" $ b?2@2 " Y"M@:5$N -; @?2L@b; $ A$FXE?F@N $[4?A@3"; F"# Ff#L?" @45"#a5?F"
"; F?:5"; 3$ ;$b42@:<@ A"3$# A$23$2 :$;;$ F@AX54M"N
w4@:3" @ Fc@Y$ 3$ ?b:?<=" $;5a
A@25$ 3@ ;4@ E4:F?":@M?3@3$N
:@ A";?<=" ^ " E4:F?":@#$:5"
’ @M@Y@:F@ 3" E2$?" 3$ #=" $;5a
3"; M$Y@:5@3"2$; 3"; Y?32"; $M_52?F";
;?54@3@ $:52$ "; L@:F"; 3?@:5$?2";N
 A$2#@:$F$ @5?Y" 342@:5$ F$2F@ 3$
H #?:45";N ’ @L$2542@ 3$ 4#@ 3@; 1@2@ @F?":@2 " E2$?" 3$ #="^ A4q@2
1@2@ #@?; 3$5@Mc$; ;"L2$ @ A@25?3@
A"25@; 3?@:5$?2@; @:4M@ $;5@ E4:<="N @ @M@Y@:F@  A@2@ F?#@ @5_ 52@Y@2
3" Y$XF4M"^ Y$2 " F@AX54M" p1’D.>*’
:" 3$:5$ :$F$;;a2?" A@2@ ?#"L?M?Z@2
*- &-.-Dp *$A"?; 3$ 4# A$2F42;" 3$;b@;B
F"#AM$5@#$:5$ " Y$XF4M"N
5@:5$^ @:5$; 3$ 3$;M?b@2 " #"5"2^ 3$?B
9"# " ;?;5$#@ {$yM$;; +:5$2B!B q@2 " #"5"2 $# #@2Fc@ M$:5@ A@2@
U"^ _ A";;XY$M @L@:3":@2 " Y$XF4M" A$2#?5?2 [4$ L@?q$ @ 5$#A$2@542@ :"
F"# " #"5"2 M?b@3"^ M$Y@:3" F":;?b" ?:5$2?"2 3" Y=" 3" #"5"2N
@ Fc@Y$ $M$52r:?F@^ ;$# [4$ " #"B
5"2 ;$ 3$;M?b4$N - Y$XF4M" @;;?:@M@2a
@ A2$;$:<@ 3@ Fc@Y$ @ L"23" 3" Y$XB

0$)

>:3$A$:3$:5$ 3"; A2@Z"; F":;B
5@:5$; 3@ 5@L$M@ 3" x1M@:" 3$ !
#@:45$:<=" A2"b2@#@3@z^ $ ;$# !4:F@ 3$?q$ F2?@:<@; ;"Z?:c@; :"
A2$‘4XZ" 3$;;$;^ ;$#A2$ [4$ E"2 Y$XF4M"N
2$[4$2?3" #@?"2 $;E"2<" A@2@ @F?B
-L;$2Y$ ;$#A2$ @; 2$F"#$:3@B
":@#$:5" 3" E2$?" 3$ #=" 3$ ;$4
<]$; 3$;5$ #@:4@MN
Y$XF4M"^ M$Y$B" e    , &
#  A@2@ $E$54@2 @ 2$b4M@b$#N
,$ $:b@5@2 " E2$?" 3$ $;5@F?":@B

#$:5" F"# " A$3@M 3" E2$?" A2$;;?B
’:5$; 3$ 3$?q@2 " Y$XF4M"^ @F?":@2 ":@3"^ A"3$ A$2F$L$2B;$ 4# M?b$?2"
;$#A2$ " E2$?" 3$ $;5@F?":@#$:5"N #"Y?#$:5" 3" A$3@MN
!
9"# " E2$?" 3$ #=" @F?":@3" $ @
*42@:5$ @; #@:"L2@; 3$ $;5@F?":@B
 Fc@Y$ 3$ ?b:?<=" :@ A";?<=" &’D^ %
1@2@ $;5@F?":@2 " Y$XF4M"^ 3$;M?b@2 #$:5" $# $;52@3@; F"# ?:FM?:@<="^ _ :" [4@32" 3$ ?:;524#$:5"; ?M4#?:@B
" #"5"2^ @F?":@2 " E2$?" 3$ $;5@F?":@B ?#A2$;F?:3XY$M $:b@5@2 " E2$?" 3$ $;B ;$ @ M4ZB$;A?@ N
#$:5"^ $:b@5@2 @ J⁄ #@2Fc@ $ 3$?q@2 5@F?":@#$:5"^ @ A2?#$?2@ #@2Fc@ ;$
@; 2"3@; Y?2@3@; $# 3?2$<=" @" #$?"B $;5?Y$2 $# ;4L?3@^ @ #@2Fc@ @ 2_ $#
E?" sb4?@;t 3" A@;;$?"N ,$ " Y$XF4M" $;B 3$;F?3@ s:@ A2$;$:<@ 3$ Ff#L?" @4B
5?Y$2 $;5@F?":@3" $# 4#@ 3$;F?3@ X:B 5"#a5?F"^ A";?F?":@2 @ @M@Y@:F@ $#
b2$#$ sE"25$ ?:FM?:@<="t^ @F":;$Mc@B ppt $ Y?2@2 @; 2"3@; 3?@:5$?2@;N !
;$ 5@#L_# @ 52@Y@2 @; 2"3@; F"# 4# !=" F":34Z?2 " Y$XF4M" F"# "
,$ " Y$XF4M" E"2 $;5@F?":@3" $#
F@M<" A";?F?":@3" e E2$:5$ 3@; 2"3@;N E2$?" 3$ $;5@F?":@#$:5" $:b@5@3" "4
?:FM?:@<]$; @F$:54@3@;^ LM"[4$@2 @;
!@; Y$2;]$; F"# Ff#L?" @45"#a5?F"^ 45?M?Z@2 " E2$?" 3$ $;5@F?":@#$:5"
2"3@; F"# 4# F@M<"N
A";?F?":@2 @ @M@Y@:F@ 3$ Ff#L?" :@ A@2@ p@#@F?@2p " Y$XF4M"N
A";?<="  s+;5@F?":@#$:5"tN +;;@ @5?543$ A"3$2?@ A2"Y"F@2 b2@B
Y$; 3@:"; :" ;?;5$#@ 3$ E2$:@b$#N

0$*
 A  +&  0    %    1@2@ $:b@5@2 @; #@2Fc@;^ A?;@2 @
,     E4:3" :" A$3@M 3@ $#L2$@b$# $ F"B
 )$Y@:5@2 M$Y$#$:5$ @ @M@Y@:F@ 
  M"F@2 @ @M@Y@:F@ 3$ Ff#L?" :@ A"B
;?<=" 3$;$‘@3@ s" $;[4$#@ A@2@ "
$ @A$25@2 " L"5=" 3$ 3$;$:b@5$ 
$:b@5$ 3@; #@2Fc@; $:F":52@B;$ :"
 &@:5$2 @A$25@3" " L"5=" $ @L@?B A"#" 3@ @M@Y@:F@tN
q@2 @ @M@Y@:F@N ’ M4ZB$;A?@
@A@b@B;$N 1@2@ $:b@5@2 @ #@2Fc@ @ 2_ @ A@25?2
! 3@ A";?<=" 3$ A":5"B#"25"^ M$Y@:5@2
1@2@ #43@2 @; #@2Fc@; F"22$5@B " @:$M  ;?54@3" ;"L " A"#" $^ ;?B
 #$:5$^ _ :$F$;;a2?" A?;@2 E4:3" :" #4M5@:$@#$:5$^ 3$;M"F@2 @ @M@Y@:F@
!@; Y$2;]$; $[4?A@3@; F"# Ff#B A$3@M 3@ $#L2$@b$#N A@2@ @ 3?2$?5@ $ 3$A"?; A@2@ @ 52a;N
L?" @45"#a5?F"^ :4:F@ 45?M?Z@2 @ A"B
1"2 ?;;"^ " A?;" ;"L "; A$3@?; :="
;?<="  s+;5@F?":@#$:5"t $# ;4L;5?B
3$Y$ 5$2 "L;5aF4M";N W$2?E?F@2 ;$ ";
54?<=" 3" E2$?" 3$ $;5@F?":@#$:5"N
5@A$5$; $;5=" ;$#A2$ L$# $;5$:3?3";
w4@:3" $;5@F?":@2 " Y$XF4M"^ $:b@B
$ :=" ?:5$2E$2$# :" 3$;M"F@#$:5"
5@2 ;$#A2$ " E2$?" 3$ $;5@F?":@#$:5"
3"; A$3@?;^ 3?#?:4?:3" " ;$4 F42;"N
A@2@ $Y?5@2 M$;]$; "4 3@:"; A2"Y"F@B
3"; A$M" #"Y?#$:5" ?:F":52"M@3" 3"
Y$XF4M"N

!
!=" F":34Z?2 " Y$XF4M" F"# @ #="
@A"?@3@ :@ @M@Y@:F@ 3$ Ff#L?"N 
- $;E"2<" $q$2F?3"^ #$;#" M$Y$^ @ ’ #@2Fc@ @ 2_ @A$:@; A"3$ ;$2
M":b" A2@Z"^ A"3$ 3$;b@;5@2 "; $M$B $:b2$:@3@ F"# " Y$XF4M" 5"5@M#$:5$
#$:5"; ?:5$2:"; :@ F@?q@ 3$ Ff#L?"N A@2@3"N 9"# " #"5"2 M?b@3"^ @:5$;
3$ $:b2$:@2 @ #@2Fc@ @ 2_^ @b4@23@2
A$M" #$:"; O ;$b4:3"; F"# " A$B

0$+
3@M 3@ $#L2$@b$# 5"5@M#$:5$ A2$;B ?:3?F@<=" 3$ #@2Fc@^ A2?Y?M$b?@:3" @ F"#A"25@#$:5" ;?#?M@2 @" 3$;F2?5"
;?":@3"^ A@2@ $Y?5@2 3@:?E?F@2 @; $:B #aq?#@ $F":"#?@ 3$ F"#L4;5XY$M $ A@2@ Y$XF4M" F"# Ff#L?" #@:4@MN
b2$:@b$:;N " #$Mc"2 @A2"Y$?5@#$:5" 3" #"5"2N


  ;?,+& , ,- .   +&
 ’ 2$F"#$:3@<=" ?:3?F@3@ 5$# @ E?B
’ 45?M?Z@<=" 3" A$3@M 3@ $#L2$B +;5@ ?:E"2#@<=" _ 3?;A":?L?M?Z@3@ :@M?3@3$ 3$ @4q?M?@2 " F":345"2 $#
@b$# 3$Y$ $;5@2 M?#?5@3@ $qFM4;?Y@B A@25$ ;4A$2?"2 F$:52@M "4 :" F@:5" F":3?<]$; :"2#@?; 3$ F":34<="N +#
#$:5$ e; #43@:<@; 3$ #@2Fc@;N !=" 3?2$?5" sF":E"2#$ @ Y$2;="t 3" [4@B F":3?<]$; @3Y$2;@; 3$ A@Y?#$:5"^
F":34Z?2 F"# " A_ @A"?@3" :" A$B 32" 3$ ?:;524#$:5";^ @A@2$F$:3" $# 2$M$Y"^ F@22$b@#$:5"^ $5FN^ F@L$ @"
3@M 3@ $#L2$@b$# #$;#" [4$ M?B F":‘4:5" F"# @ ?:E"2#@<=" 3$ ?:B F":345"2 2$@M?Z@2 @; 52"F@; 3$ #@B
b$?2@#$:5$N +# @Mb4#@; F?2F4:;5f:B 3?F@<=" 3$ #@2Fc@ 3@ ;$b4?:5$ #@B :$?2@ #@?; @3$[4@3@ @" #"3" 3$
F?@;^ @ $M$52r:?F@ 3$ F":52"M$ 3" A$B :$?2@% F":34<=" $# [4$ ;$ $:F":52@N D$E$B
3@M 3@ $#L2$@b$# A"3$ ?:5$2Y?2 ?:B 2?3@ ?:3?F@<=" :=" $q?#$ " F":345"2
5$2A2$5@:3" " $;5?M" $22@3" 3$ F":34B  2$34Z?2 #@2Fc@  Y$XF4M" F"# 3$ ;$ @5$:5@2 @" 52f:;?5" @" ;$4 2$3"2^
<=" F"#" 4#@ @Y@2?@N 2"5@<=" L@?q@N L$# F"#" e; 2$b2@; 3$ 52f:;?5"N %
 @4#$:5@2 #@2Fc@  Y$XF4M"
   F"# 2"5@<=" @M5@N 1@2@ #@?; ?:E"2#@<]$; 2$E$2$:5$;
8    e; ?:3?F@<]$; 3?;A":XY$?; :" [4@32"
   ;?,+& , ,- .   3$ ?:;524#$:5";^ F":;4M5@2 " , ?+&
 0  I <= P  &: & B ,QC
+;5$ Y$XF4M" _ 3"5@3" 3$ 4# 3?;B
A";?5?Y" [4$ 2$F"#$:3@ @" F":34B w4@:3" F":34Z?3" :" #"3" @45"B
5"2 ;"L2$ " #"#$:5" ?3$@M A@2@ 52"F@ #a5?F" $ 5$FM@ x,z 3$;@5?Y@3@^ " Y$XB
3$ #@2Fc@;^ @52@Y_; 3"; ;$b4?:5$; ;?B F4M" ‘a 2$@M?Z@2a @ 52"F@ 3$ #@:$?2@ @
:@?; ?:3?F@5?Y";^ [4$ @A@2$F$2=" :@ A2?Y?M$b?@2 " F":;4#" $ #$Mc"2 @A2"B
A@25$ ;4A$2?"2 :@ 2$b?=" F$:52@M "4 :" Y$?5@#$:5" 3" #"5"2^ 3?;A$:;@:3"
F@:5" 3?2$?5" sF":E"2#$ @ Y$2;="t 3" @;;?# @ ?:E"2#@<=" @" F":345"2N
[4@32" 3$ ?:;524#$:5";^ @A@2$F$:3"
w4@:3" F":34Z?3" :" #"3" #@B
$# F":‘4:5" F"# @ ?:E"2#@<=" 3$
:4@M $ 5$FM@ x,z 3$;@5?Y@3@^ 5$2a "
0$,
    #43@:<@ s;4A$2?"2 "4 ?:E$2?"2t^   E$
$E$54@3" #@:4@M#$:5$^ @52@Y_;
+  ’ @M@Y@:F@ A"3$ @;;4#?2 @; ;$B
3@ ?:3?F@<=" :4#_2?F@N
b4?:5$; A";?<]$;%
  !@ #"3@M?3@3$ @45"#a5?F@% @ A"B
;?<=" ;$M$F?":@3@ s1^ D^ !^ *tN  1 ƒ +;5@F?":@#$:5"N
- Y$XF4M" A"3$ $;5@2 $[4?A@3"
F"# Ff#L?" @45"#a5?F" F"#@:B  D ƒ &@2Fc@ @ 2_N
3@3" $M$52":?F@#$:5$^ :" [4@M @  ! ƒ 1":5" #"25"N
#43@:<@ 3$ #@2Fc@; @F":5$F$  * ƒ *2?Y$ s#@2Fc@ A@2@ @ E2$:5$
@45"#@5?F@#$:5$ $# E4:<=" 3$ A@B @45"#a5?F@tN
2f#$52"; ?:;5@:5f:$"; 3$ 45?M?Z@<="
 ’45",5?Fi% › A@;;@b$# A@2@ @ #4B
3" Y$XF4M" sY$M"F?3@3$ 3" Y$XF4M"^
3@:<@ ;4A$2?"2 :@ #"3@M?3@3$ 3$
?:FM?:@<=" 3@ $;52@3@ $ A";?<=" 3"
F":34<=" #@:4@M s;$[4$:F?@Mtg 
A$3@M 3" @F$M$2@3"2tN
A@;;@b$# A@2@ @ #43@:<@ ?:E$B
’ A";;?L?M?3@3$ 3@ ;$M$<=" #@:4@M 2?"2 :@ #"3@M?3@3$ 3$ F":34<="
3@; #@2Fc@; 3$ Y$M"F?3@3$ $;5a^ $# ;$[4$:F?@MN
5"3" " F@;"^ 3?;A":XY$M 3$Y?3" e A"B
;?<=" p#"3@M?3@3$ ;$[4$:F?@Mp A@2@ - $;[4$#@ A@2@ " $:b@5$ 3@; #@2B
@ @M@Y@:F@ 3$ Ff#L?"N Fc@; $;5a ?:3?F@3" :@ #"M342@ M"F@M?B
Z@3@ @" M@3" 3@ @M@Y@:F@ 3$ Ff#L?"N
G
- 3?;AM@y sY$2;]$; F"# 3?;AM@y
#4M5?E4:<]$;t "4 sY$2;]$; F"#
3?;AM@y #4M5?E4:<]$; 2$F":E?b42aY$Mt
A"3$ Y?;4@M?Z@2%

 !@ #"3@M?3@3$ 3$ F":34<=" &@B


:4@M s;$[4$:F?@Mt% " $:b@5$ 3@

0$!-
E2$?" sF":;4M5@2 @ "A<=" p,?;5$#@ 3$ #$:5" A@2@ $Y?5@2 #"Y?#$:5"; @F?B
?:?L?<=" 3" $:b@5$ 3$ #@2Fc@; F"# 3$:5@?; 3" Y$XF4M"N
" E2$?" $:b@5@3"p :$;5$ F@AX54M"tN


!
!0- @F$M$2@2 342@:5$ @ A@;;@b$#
3@ A";?<="  s"4 t A@2@ "452@ A";?B ,$ @ A";?<="  s+;5@F?":@#$:5"t
<="N :=" $;5?Y$2 $:b@5@3@^ " Y$XF4M" A"3$
3$;M"F@2B;$ $ A2"Y"F@2 M$;]$; :@;
’ #@2Fc@ $:b@5@3@ _ Y?;4@M?Z@3@ A$;;"@;N
:" 3?;AM@yN 
’:5$; 3$ ;@?2 3" Y$XF4M"^ F$25?E?F@2B
*$A"?; 3$ ;$M$F?":@2 4#@ #@2Fc@^
1@2@ ;$M$F?":@2 4#@ #@2Fc@^ A2$;B ;$ 3$ [4$ @ @M@Y@:F@ 3$ Ff#L?"
@b4@23@2 @Mb4:; ;$b4:3"; @:5$; 3$
;?":@2 " L"5="  $ 3$;M"F@2 @ @M@B $;5a :@ A";?<="  $ [4$ " E2$?" 3$
@F$M$2@2N +;5@ A2$F@4<=" _ A@25?F4M@2B
Y@:F@ A@2@ @ E2$:5$ "4 A@2@ 52a;N $;5@F?":@#$:5" $;5$‘@ @F?":@3"N
#$:5$ ?#A"25@:5$ F"# " #"5"2 E2?"N %
!" F@;" 3$ 45?M?Z@<=" 3" Ff#L?"
:@ #"3@M?3@3$ p;$[4$:F?@Mp^ @5?Y@3@
6  
3$;M"F@:3" @ @M@Y@:F@ 3$  s*2?Y$t
A@2@ @ $;[4$23@^ ;=" @MF@:<aY$?; @; ,     12 !
A";?<]$; A@2@ › "4 A@2@ N +;5@; ’:5$; 3$ 3$;M"F@2 @ @M@B
A";?<]$; ;=" ?:;5aY$?;N Y@:F@ 3$ #@2Fc@; 3@ A";?<=" 
1@2@ ;@?2 3@ A";?<="  s+;5@F?":@#$:5"t^ F"M"F@2 @ Fc@Y$
! 3$ ?b:?<=" :@ A";?<="  $ A?;@2
s+;5@F?":@#$:5"t^ "4 A@2@ A@;;@2
3@ A";?<="  s1":5" #"25"t A@2@ @ !4:F@ 45?M?Z@2 @ A";?<="  :" A$3@M 3" E2$?"N
A";?<="  s*2?Y$t "4  s&@2Fc@ @ 2_t s+;5@F?":@#$:5"t $# ;4L;5?54?<=" 3"
E2$?" 3$ $;5@F?":@#$:5"N 9@;" F":52a2?"^ @ @M@Y@:F@ 3$ #@2B
[4@:3" " Y$XF4M" _ A@2@3" "4 ;$ Fc@; A"3$2?@ ;$2 3@:?E?F@3@N
3$;M"F@ e L@?q@ Y$M"F?3@3$^ _ :$B w4@:3" ;$ $;5@F?":@2 " Y$XF4M"^
F$;;a2?" A?;@2 5@#L_# :" A$3@M 3" @F?":@2 ;$#A2$ " E2$?" 3$ $;5@F?":@B

0$!!
+;5@ A";?<=" ?:5$b2@ " E2$?" 3$ $;5@B  *$;M"F@2 F"#AM$5@#$:5$ A@2@ @     12
F?":@#$:5"^ LM"[4$@:3" " Ff#L?"N E2$:5$ @ @M@Y@:F@ 3$ Ff#L?"^ @5_
9"# @ @M@Y@:F@ 3$ Ff#L?" :$;5@ A"B @" E?# 3$ F42;"N
;?<="^ _ A";;XY$M M?b@2 " #"5"2N  9$25?E?F@2B;$ 3$ [4$ :" 3?;AM@y
@A@2$<@ @ M$52@ N !
!=" A";?F?":@2 @ @M@Y@:F@ 3$ #@2B
 Fc@; $#  s1":5" #"25"t^ :$# 3$;B
9"# " A$3@M 3" E2$?" ;"M5"^
!4:F@ 5$:5@2 ;$M$F?":@2 @ A";?<=" F$25?E?F@2B;$ 3$ [4$ @ @M@Y@:F@ 3$ M?b@2 " #"5"2 A@2@ A$2F"22$2 4#@ $;B
 F"# " Y$XF4M" $# #"Y?#$:5"N ’:B Ff#L?" :=" ;$ 3$;M"[4$ 3@ A";?<=" 52@3@ $# 3$;F?3@N
5$; 3$ @L@:3":@2 " Y$XF4M"^ F"M"F@2 N
;$#A2$ @ @M@Y@:F@ 3$ Ff#L?" :$;5@ +;5$ 5?A" 3$ F":34<=" _ A$2?b";" $
A";?<="^ @F?":@:3" 5@#L_# " E2$?" 2$34Z @ A";;?L?M?3@3$ 3$ ?:5$2Y$:<="
 ,@  O 12 $# F@;" 3$ 2$A$:5?:@; Y@2?@<]$; 3"
3$ $;5@F?":@#$:5"N
,$M$F?":@2 $;5@ A";?<=" @A$:@; EM4q" 3" 52aE$b" "4 3@ ;4A$2EXF?$ 3@
’" $;5@F?":@2 :4# 5$22$:" AM@:"^ F"# " Y$XF4M" F"#AM$5@#$:5$ $;52@3@N 9"22$B;$ " 2?;F" 3$ A$23$2
F"M"F@2 A2?#$?2" @ @M@Y@:F@ 3$ Ff#B A@2@3"N " F":52"M$ 3" Y$XF4M" $ A2"Y"F@2
L?" :@ A";?<="  $^ $# ;$b4?3@^ @F?B @F?3$:5$;N
":@2 " E2$?" 3$ $;5@F?":@#$:5"N
’ @M@Y@:F@ :@ A";?<="  F"22$;B
’" $;5@F?":@2 $# ;4L?3@^ @:5$; 3$ A":3$ e A";?<=" 3$ A":5" #"25" 3$
F"M"F@2 @ @M@Y@:F@ 3$ Ff#L?" :@ A"B ! 4# Ff#L?" #@:4@MN ’;;?# _ A";;XB
;?<=" ^ @F?":@2 " E2$?" 3$ $;5@F?":@B +:b@5@2 @ #@2Fc@ @ 2_ @A$:@; F"# Y$M M?b@2 " #"5"2N
#$:5"g F@;" F":52a2?"^ A"3$ ;$2 3?EXB " Y$XF4M" A@2@3"^ " #"5"2 $# #@2Fc@
F?M 3$;M"F@2 @ @M@Y@:F@ 3$ Ff#L?" @ M$:5@ $ " @F$M$2@3"2 5"5@M#$:5$ ;"M5"N +:b@5@2 @ A";?<="  $# F@;" 3$
A@25?2 3@ A";?<=" N A@2@3@; A2"M":b@3@; F"# " #"5"2
+;5@ @<=" A"3$2a A2$;$2Y@2 @ F@?q@ M?b@3"N ’F?":@2 5@#L_# " E2$?" 3$
1@2@ Y$2?E?F@2 " $E$5?Y" $:b@5$ 3@ 3$ Ff#L?" $;5@F?":@#$:5"N
A";?<=" %

0$!"
 ; 12 %  ,@    0   + ,V % &   +% F@<="  $ › :@ #"M342@tN !" 3?;AM@y
+ / ,  <  +& 1*+ , &2 ;$2a Y?;4@M?Z@3@ @ #@2Fc@ $:b@5@3@N
(5?M?Z@2 $;5@ A";?<=" $# F":3?<]$; +# F@;" 3$ E2$[4$:5$; #43@:<@; *$;M"F@:3" @ @M@Y@:F@ 3$ Ff#L?"
3$ #@2Fc@ :"2#@?;N 3$ #@2Fc@ sA"2 $qN [4@:3" ;$ F":34Z A@2@ @ E2$:5$ A@2@ " ;X#L"M"  "4
" Y$XF4M" $# F":3?<]$; 3$ F@2b@ A@2@ 52a; A@2@ " ;X#L"M" › $E$54@B;$
’ A@;;@b$# 3@ A";?<="  A@2@
A$;@3@^ $# $;52@3@; $# ?:FM?:@<="^ @ #43@:<@ 3$ #@2Fc@;N
@ A";?<="  s+;5@F?":@#$:5"t "4 
F"# E"25$ Y$:5" F":52a2?" "4 342@:5$
s&@2Fc@ @ 2_t ;h 3$Y$ "F"22$2 3$A"?; B *$;@5?Y@<="
" 2$L"[4$ 3$ @52$M@3"; A$;@3";t^ _
3$ ;"M5@2 " A$3@M 3" @F$M$2@3"2^ F"#
@F":;$McaY$M 45?M?Z@2 @ #"3@M?3@3$ 1@2@ 3$;@5?Y@2 @ #"3@M?3@3$ 3$
" Y$XF4M" A@2@3" $ F"# " A$3@M 3"
’45";5?Fi s#43@:<@ ;$[4$:F?@Mt A@2@ F":34<=" ;$[4$:F?@M^ Y"M5@2 @ F"M"B
E2$?" A2$;;?":@3"N
;$M$F?":@2 $ #@:5$2 4#@ 2$M@<=" E?q@ F@2 @ @M@Y@:F@ 3$ Ff#L?" :@ A";?<="
+;5@ A";?<=" @;;$b42@ " $:b@5$ @4B #@?; L@?q@N  s*2?Y$t s#"3@M?3@3$ 3$ F":34<="
5"#a5?F" 3@; 2$M@<]$; #@?; @3$[4@B p@45"#a5?F@ptN
!$;5@; F":3?<]$;^ @ 45?M?Z@<=" 3$
3@; e; $q?b\:F?@; 3$ #@2Fc@ $ @ #aB
4#@ #43@:<@ #@?; L@?q@ #$Mc"2@ "
q?#@ $F":"#?@ $# 5$2#"; 3$ F":B
;4#" 3$ F"#L4;5XY$MN
3$;$#A$:c" 3" Y$XF4M" $ A2"M":b@ @     %
342@<=" 3" Ff#L?"^ M?#?5@:3" @; #4B  +# ;4A$2EXF?$; $;F"22$b@3?@;^
!$;5@ A";?<="^ " Ff#L?" $E$54@ @4B 3@:<@; 3$ #@2Fc@; $ $Y?5@:3" E$:rB :=" $E$54@2 2$34<]$; 3$
5"#@5?F@#$:5$ @; #43@:<@; 3$ #@2B #$:"; 3$ ;4A$2@[4$F?#$:5" N #@2Fc@;% @; 2"3@; #"52?Z$;
Fc@;^ ;$M$F?":@:3" @ 2$M@<=" #@?; A"3$# A$23$2 @3$2\:F?@^ F"#
d A";;XY$M A@;;@2 3@ A";?<=" 
@3$[4@3@ $:52$ @; 3?;A":XY$?; A@2@ F":;$[4$:5$ 2?;F" 3$ A@5?:@<="
s32?Y$t A@2@ @ #"3@M?3@3$ ;$[4$:B
@ #@2Fc@ e E2$:5$^ b@2@:5?:3"^ @;B 3" Y$XF4M"^ [4$ A"3$ A2"Y"F@2
F?@M^ [4@M[4$2 [4$ ;$‘@ @ Y$M"F?3@3$
;?#^ F@2@F5$2X;5?F@; 3$ F":34<=" ?3$B @F?3$:5$; "4 M$;]$; :@; A$;;"@;N
3" Y$XF4M"N
@?; $# 5"3@; @; #@?; FMa;;?F@; F":3?B  1@2@ ;$M$F?":@2 @ #43@:<@ F"2B
<]$; 3$ 45?M?Z@<=" 3" Y$XF4M"N B ’5?Y@<=" 2$5@ A@2@ @ #aq?#@ 3$;@F$M$2@B
9"# @ @M@Y@:F@ 3$ Ff#L?" :@ A"B <=" sE2$?" 3" #"5"2t^ L@;5@ #@:5$2
;?<="  s*2?Y$t^ A@2@ @5?Y@2 @ #"3@M?B A2$;;?":@3@ @ @M@Y@:F@ 3$ #@2B
3@3$ 3$ F":34<=" ;$[4$:F?@M^ 3$;M"B Fc@; A@2@ @ E2$:5$ st% " Ff#L?"
F@2 @ @M@Y@:F@ A@2@ @ $;[4$23@ s?:3?B A@;;@ A@2@ 4#@ #"3@M?3@3$ 3$

0$!%
E4:F?":@#$:5" $# [4$ @ 3$;@F$B +# F@;" 3$ $Y$:54@M p$#$2b\:F?@
M$2@<=" 3" Y$XF4M" A"3$ ;$2 $E$B 3" Ff#L?"p^ 3?2?b?2B;$ ?#$3?@5@#$:5$
54@3@ F"# E@F?M?3@3$N e    , & # N
 - Y$XF4M" #@:5$2a @ 2$M@<=" ;$M$B ;   / 
F?":@3@ A$M" F":345"2 @5_ [4$ @;
F":3?<]$; 3$ ;$b42@:<@ " A$2#?B +# F@;" 3$ @Y@2?@ 5$#A"2a2?@^ _
5@#N >;5" ;?b:?E?F@^ A"2 $q$#AM"^ A";;XY$M 2$;5@L$M$F$2 " F"22$5" E4:B
[4$ " ;?;5$#@ A2"F42@2a $Y?5@2 F?":@#$:5" 3" Ff#L?" $# 5"3@; @;
@ 3$;@5?Y@<=" 3" #"5"2^ 2$52"F$B #@2Fc@; A@2@ @ E2$:5$ A2"F$3$:3" 3"
3$:3" 3$ E"2#@ @45r:"#@^ F@;" ;$b4?:5$ #"3"%
@ 2"5@<=" 3" #"5"2 ;$‘@ #4?5"
L@?q@N #   !   1@2@2 " Y$XF4M"N
E$ 1 *+ 2  *$;M"F@2 @ @M@Y@:F@ 3$ Ff#L?"
’ E4:<=" 3" Ff#L?" _ F":;5@:B A@2@  s+;5@F?":@#$:5"tN
$$   
5$#$:5$ #":?5"2@3@ A@2@ 3$5$F5@2  9"M"F@2 @ Fc@Y$ 3$ ?b:?<=" :@
  
$Y$:54@?; @:"#@M?@;N ,$ 3$5$F5@2 A";?<=" N
’M_# 3@ @M@Y@:F@ 3$ Ff#L?"^ M"B 4#@ F":3?<=" [4$ A"3$2?@ A2"Y"F@2  ’b4@23@2 F$2F@ 3$ JG ;$b4:3";
F@M?Z@3@ :" F":;"M$ F$:52@M^ @Mb4#@; 3@:"; @" Ff#L?"^ @5?Y@B;$ @ E4:<=" 3$A"?; 3$ M?b@2 " #"5"2N
Y$2;]$; 3?;A]$# 5@#L_# 3$ @M@Y@:B 3$ p$#$2b\:F?@ 3" Ff#L?"pN  ,$M$F?":@2 @ #@2Fc@ A2$5$:3?3@%
F@; 3" 5?A" pL"2L"M$5@p^ M"F@M?Z@3@;
!$;5@ F":3?<="^ " Ff#L?" A$2#@B ;$ :=" 3$5$F5@2 #@?; " A2"LM$#@^
@52a; 3" Y"M@:5$N +M@; ?2=" E4:F?"B
:$F$ :@ }⁄ #@2Fc@^ ?:3$A$:3$:5$B " Ff#L?" Y"M5@ @ E4:F?":@2 F"2B
:@2 $# Y$M"F?3@3$ ;4A$2?"2 @ P i#uc^
#$:5$ 3@ #@2Fc@ ;$M$F?":@3@N ’; A"B 2$5@#$:5$N
A2$;;?":@:3"B@; F":52@ " Y"M@:5$ :@
A@25$ F$:52@M 3@; #$;#@;N ;?<]$;  s+;5@F?":@#$:5"t^  s&@2Fc@
@ 2_t $  s1":5" #"25"t F":5?:4@# @
+;5@:3" " Y$XF4M" $# #"Y?#$:5"^ 
E4:F?":@2N
@F?":@2 @ @M@Y@:F@ 5?A" pL"2L"M$5@p +# F@;" 3$ @Y@2?@ 5$#A"2a2?@^ _
3?2$?5@ $ A@2@ ?:;$2?2 4#@ #@2Fc@ !" 3?;AM@y A"3$ ;$2 Y?;4@M?Z@3" " @F":;$McaY$M 3?2?b?2B;$ " #@?; 2@A?B
;4A$2?"2 "4 @ @M@Y@:F@ $;[4$23@  ;X#L"M" N 3@#$:5$ A";;XY$M e    , &
A@2@ ?:;$2?2 4#@ #@2Fc@ ?:E$2?"2N # N
0$!&
$4     %   $  %  !=" $E$54@2 #43@:<@; 3$
         #@2Fc@; $:52$ @; A";?<]$; 
 #  s+;5@F?":@#$:5"t^  s&@2Fc@ @
 ) *+  ,   
2_t^  s1":5" #"25"t "4  s*2?Y$t
9:&   %% ( $;5@ E4:<=" 2$B +;5$ ;?;5$#@ ?#A$3$ " 3$;M"F@B
F"# " #"5"2 M?b@3" :4# 2$b?#$
[4$2 " A";?F?":@#$:5" 3@ @M@Y@:F@ #$:5" 3@ @M@Y@:F@ 3$ #@2Fc@; 3@
;4A$2?"2 e #@2Fc@ M$:5@N
3$ #@2Fc@; $#  s+;5@F?":@#$:5"tg A";?<="  s+;5@F?":@#$:5"t ;$ 5?Y$2
$# ;$b4?3@^ F"M"F@2 " F"#45@3"2 :@ A?;@3" :" A$3@M 3" E2$?"N  ’:5$; 3$ $:b@5@2 [4@M[4$2 #@2B
A";?<=" N Fc@^ A?;@2 E4:3" :" A$3@M 3"
1@2@ F"M"F@2 " Ff#L?" :4#@ A";?B E2$?"N
 ) *+  , ,@; % <=" 3?E$2$:5$ 3$  s+;5@F?":@#$:5"t^
,- ,( $;5@ E4:<=" 2$[4$2 " A";?F?"B @ Fc@Y$ 3$ ?b:?<=" 3$Y$ $;5@2 :@ A"B
:@#$:5" 3@ @M@Y@:F@ 3$ #@2Fc@; $# ;?<="  s#"5"2 M?b@3" "4 3$;M?B 
 s+;5@F?":@#$:5"t @:5$; 3$ $q52@?2 @ b@3"t "4 :@ A";?<="  $ " A$3@M &@:5$2 A2$;;?":@3" " A$3@M 3"
Fc@Y$ 3" 3?;A";?5?Y" 3$ A@25?3@N 3" E2$?" 3$Y$ $;5@2 A2$;;?":@3"N E2$?" $:[4@:5" ;$ 3$;M"F@ @ @M@Y@:F@
,$ @ L@5$2?@ 3" Y$XF4M" $;5?Y$2 3$;B 3@; #43@:<@; A@2@ 4#@ A";?<=" 3?E$B
F@22$b@3@^ @ Fc@Y$ 3$ ?b:?<="^ ;$ ?:B 2$:5$ 3@ A";?<="  s+;5@F?":@#$:5"t %
 
;$2?3@^ A$2#@:$F$ LM"[4$@3@ :@ 2$;B $ ’45",5?FiN
A$F5?Y@ ;$3$N ’ ?:"L;$2Yf:F?@ 3@; ?:;524<]$; E"2B
:$F?3@; @ ;$b4?2 A"3$ A2"Y"F@2 3@B  ’ #"Y?#$:5@<=" ?:$;A$2@3@ 3"
1@2@ $q52@?2 #$F@:?F@#$:5$ @ :"; :" Ff#L?"% Y$XF4M" A"3$ A2"Y"F@2 M$;]$;
Fc@Y$^ F":;4M5@2 " A@2ab2@E" x*$;B :"; "F4A@:5$; "4 :@[4$M$;
LM"[4$?" 3@ @M@Y@:F@ 3$ #@2Fc@;  ,$M$F?":@2 @ A";?<="  [4$ ;$ $:F":52@2$# :@;
@45"#a5?F@z :" F@AX54M" x+# $#$2B s+;5@F?":@#$:5"t @A$:@; F"# " A2"q?#?3@3$;N !=" @L@:3":@2
b\:F?@zN Y$XF4M" F"#AM$5@#$:5$ A@2@3"N " Y$XF4M" F"# " #"5"2 M?b@3"%
 ,$M$F?":@2 @ A";?<="  s&@2Fc@ @ @:5$; 3$ ;@?2 3" c@L?5aF4M"^
2_t^ "4 A@;;@2 3$  A@2@ 4#@ "452@ @F?":@2 ;$#A2$ " E2$?" 3$
A";?<=" @A$:@; F"# " Y$XF4M" $;5@F?":@#$:5"^ 3$;M"F@2 @
F"#AM$5@#$:5$ A@2@3" $ " #"5"2 @M@Y@:F@ 3@; #@2Fc@; A@2@ @
$# #@2Fc@ M$:5@N A";?<=" t^ 3$;M?b@2 " #"5"2 $

0$!(
$q52@?2 @ Fc@Y$ 3" 3?;A";?5?Y" ;4A$2?"2 e #@2Fc@ M$:5@N ,$ @5_ [4$ " hM$" 3" Ff#L?" $;5$‘@
3$ A@25?3@ sA@2@ Y$2;]$; F"# :=" A?;@2 E4:3" :" A$3@M 3" F"22$5@#$:5$ @[4$F?3"N -
Fc@Y$ #$Ff:?F@tN 9"# @ Fc@Y$ E2$?"^ " Y$XF4M" A"3$ @F$M$2@2 F"#AM$5" E4:F?":@#$:5" 3"
3$ ?b:?<=" :@ A";?<="  2@A?3@#$:5$N +:b@5@2 @ #43@:<@ Ff#L?" ;$2a @5?Y@3" @;;?# [4$ @
s$q52@<=" 3@ Fc@Y$ A$2#?5?3@t^ " @A$:@; F"# " #"5"2 $# #@2Fc@ 5$#A$2@542@ 3" hM$" @5?:b?2 "
Ff#L?" _ LM"[4$@3" :@ A";?<=" M$:5@^ A?;@:3" E4:3" :" A$3@M 3" Y@M"2 A2$$;5@L$M$F?3"N
 s+;5@F?":@#$:5"t^ A@2@ ?#A$3?2 E2$?"N
$Y$:54@?; #"Y?#$:5"; @F?3$:5@?;  ,$ @ 5$#A$2@542@ 3" Ff#L?" 4MB
3" Y$XF4M"N 52@A@;;@2 "; M?#?5$; 3$ E4:F?":@B    
 ’" ;@?2 3" Y$XF4M"^ 2$#"Y$2 ;$#B #$:5" :"2#@?;^ @ F$:52@M 3" Ff#B  
A2$ @ Fc@Y$ #$Ff:?F@ 3" 3?;A"B L?" A"3$ #"3?E?F@2 @ ;$[4\:F?@
;?5?Y" 3$ A@25?3@ $ E$Fc@2 5"3@; @; 3$ $:b@5$ 3@; #@2Fc@; $ 2$34Z?2  "
A"25@;N !4:F@ 3$?q@2 $Y$:54@?; " 5"2[4$ #"52?ZN - ;?;5$#@ 3$ @;;?;5\:F?@ $M_52?F@ 3@
F2?@:<@; ;$# Y?b?Mf:F?@ :" ?:5$B  +# F@;" 3$ ;4A$2@[4$F?#$:5" 3@ 3?2$<=" 3a @" F":345"2 L"@; 2$;A";B
2?"2 3" Y$XF4M"N F@?q@ 3$ Ff#L?"^ :" 3?;AM@y _ 5@; 3" Y$XF4M" $ E@F?M?5@ @ #@:"L2@L?B
 !@; Y$2;]$; $[4?A@3@; F"# {$yB Y?;4@M?Z@3" " ;X#L"M" N !$;5$ M?3@3$ $# $;A@<"; M?#?5@3";N - :XY$M
M$;; +:5$2B!BU"^ :=" 3$?q@2 @ F@;"^ @ F@?q@ 3$ Ff#L?" A"3$ 3$ @;;?;5\:F?@ _ Y@2?aY$M A@2@ "E$2$F$2
Fc@Y$ $M$52r:?F@ A2hq?#@ 3" Y$XB E4:F?":@2 3$ #"3" ?:F"22$5" @5_ #$:"2$; $;E"2<"; $# #@:"L2@; 3$
F4M" s"4 :4# M"F@M @F$;;XY$M e; [4$ @22$E$<@N $;5@F?":@#$:5" $ E?2#$Z@ @" 3?2?b?2N
F2?@:<@;t $ :=" 3$?q@2 " 3?;A";?B  *42@:5$ @ 45?M?Z@<=" 3" Y$XF4M"
5?Y" 3$ A@25?3@ @5?Y@3"^ A"?; 4#@ $ 5$#A$2@542@ $q5$2:@ $q52$#@B
F2?@:<@ A"3$ @F?":@2 "; M$Y@:5@B #$:5$ L@?q@^ " E4:F?":@#$:5" 3@ 
3"2$; 3$ Y?32"; $M_52?F";^ "452"; F@?q@ 3$ Ff#L?" A"3$ ;"E2$2 Y@B 9@;" " ;?;5$#@ ;"E2@ @Mb4#@ ?:5$2B
F"#@:3"; "4 3@2 A@25?3@ ?:@3B 2?@<]$; F"# L@;$ :@ 5$#A$2@542@ 24A<=" 3@ @;;?;5\:F?@ A"2 E@Mc@ 3$
Y$25?3@#$:5$ :" #"5"2N 3" #"5"2 $ 3@ F@?q@ 3$ Ff#L?"^ [4@M[4$2 :@542$Z@^ @ M4ZB$;A?@
 d A$2?b";" F"M"F@2 " Ff#L?" L$# F"#" $# E4:<=" 3@ Y$M"F?B @F$:3$B;$^ #@; 3$Y$ @A@b@2B;$ @Ah;
:4#@ A";?<=" 3?E$2$:5$ 3$  3@3$ 3" Y$XF4M"N @Mb4:; ;$b4:3";N ’?:3@ ;$2a A";;XY$M
s+;5@F?":@#$:5"t "4  s1":5"  ’ @5?Y@<=" 3@ $#L2$@b$# 3" "A$2@2 @ 3?2$<=" #@:4@M#$:5$^ :"
#"25"t F"# " #"5"2 $# 2"5@<=" F":Y$2;"2 3$ 5"2[4$ _ ?:?L?3@ $:5@:5"^ " $;E"2<" $q?b?3" A@2@ #@B

0$!)
:"L2@; 3$Y$2a @4#$:5@2 ;4L;5@:F?@MB    
#$:5$N 
,$ @; F":3?<]$; 3$ E@Mc@ A$2;?;B 1@2@ @5?Y@2u3$;@5?Y@2 " ;?;5$#@ #@B
5?2$#^ 3?2?‘@B;$ e    , & :4@M#$:5$^ A2$;;?":$ " L"5=" M"B
# N F@M?Z@3" :@ A@25$ F$:52@M 3" A@?:$MN


, & - 
) &.
  
- ;?;5$#@ ,5@25¥,5"A 3$;M?b@ @4B
5"#@5?F@#$:5$ " #"5"2 ;$#A2$ [4$
" Y$XF4M" $;5?Y$2 A@2@3" s@5$:3$:3"
%
@; F":3?<]$; 3$ E4:F?":@#$:5" 3" ’ @5?Y@<="u3$;@5?Y@<=" 3" ;?;5$#@
;?;5$#@t $ 2$?:?F?@ [4@:3" " F":34B ,5@25¥,5"A _ ?:3?F@3@ A"2 4#@
5"2 @F?":@2 " A$3@M 3@ $#L2$@b$# #$:;@b$# $q?L?3@ :" 3?;AM@y $u"4
A@2@ Y$2;]$; F"# Ff#L?" #@:4@M "4 :" [4@32" 3$ ?:;524#$:5"; s;$ $[4?B
[4@:3" $M$ 2$5?2@ @ A2$;;=" ;"L2$ " A@3"tN !$;5@; F":3?<]$; " )+*
A$3@M 3$ E2$?" A@2@ Y$2;]$; F"# Ff#B M"F@M?Z@3" ;"L2$ " L"5=" _ M?b@3"N
L?" @45"#a5?F"N
+;5$ A2"F$3?#$:5" @4#$:5@ @ $E?B
F?\:F?@ 3" Y$XF4M" @52@Y_; 3@ 2$34B
<=" :" F":;4#" 3$ F"#L4;5XY$M^ 2$B
34Z @; $#?;;]$; 3$ b@;$; :"F?Y"; $ @
A"M4?<=" ;":"2@N

0$!*
# b$# A@2@ A$2#?5?2 @ 2$A@25?3@ 3" #"B
- .   +& 5"2N

 + 1& A   +% 9@;" " Ff#L?" $;5$‘@ $# A":5"


 / ,2 #"25"^ @" F"#$<@2 @ A?;@2 :@ $#B
L2$@b$# A@2@ " $:b@5$ 3@ #@2Fc@^ "
9"# @ E4:<=" ,5@25¥,5"A c@L?M?B #"5"2 ‘a ;$2a M?b@3"N
5@3@ $ F"# " Y$XF4M" A@2@3"^ " #"B
5"2 ?2a 3$;M?b@2 [4@:3" " Ff#L?" E"2
F"M"F@3" $# A":5" #"25" s!$452"t $
" A$3@M 3@ $#L2$@b$# E"2 M?L$2@3" $
" Y$XF4M" A@2@3"N !
1@2@ " F"22$5" E4:F?":@#$:5" 3"
!=" ;$ 3$Y$ $:b@5@2 :$:c4#@ ;?;5$#@^ " :XY$M 3$ F@2b@ 3@ L@5$2?@
#@2Fc@ ;$# @F?":@2 " A$3@M 3@ 3$Y$ $;5@2 @F?#@ 3" M?#?5$ A2$$;5@L$B
$#L2$@b$# 342@:5$ " ’45";5"AN M$F?3"N
-L;$2Y$ ;$#A2$ @; 2$F"#$:3@B
 <]$; 3$;5$ #@:4@MN
- 3$;M?b@#$:5" @45"#a5?F" 3"
#"5"2 _ c@L?M?5@3" @A$:@; 3$A"?; 3$ +  1     + / ,2
;4A$2@2 4#@ Y$M"F?3@3$ 3$ F$2F@  <=   
3$ I i#uc^ A@2@ $Y?5@2 2$A$5?3";
3$;M?b@#$:5"; 3" #"5"2 [4@:3" 1@2@ b@2@:5?2 " F":E"25" 3" "F4B
F":34Z?2 @ 4#@ Y$M"F?3@3$ L@?q@N A@:5$^ @ 2$34<=" 3$ $#?;;]$;^ @ ;$B
b42@:<@ $ @ ?:5$b2?3@3$ 3" ;?;5$#@^
" #"5"2 A"3$ ;$2 2$M?b@3" @45"#@5?B
 +  1     +%
F@#$:5$ ;$# @ @<=" 3" #"5"2?;5@N
/ ,2
!$;;$ F@;"^ ;$ " Ff#L?" :=" ;$ $:B
9"# @ E4:<=" ,5@25¥,5"A c@L?M?B
F":52@2 :" A":5" #"25"^ 4#@ #$:;@B
5@3@^ A2$;;?":$ " A$3@M 3$ $#L2$@B
b$# :" [4@32" 3$ ?:;524#$:5"; ?2a
0$!+
;"M?F?5@2 @" #"5"2?;5@ " @F?":@#$:5" 9@;" " A$3@M 3@ $#L2$@b$# :="
3@ $#L2$@b$# @52@Y_; 3$ #$:;@b$# ;$‘@ A2$;;?":@3" 3$:52" 3$ @A2"q?B
$;A$FXE?F@ :" 3?;AM@y $ M4ZB$;A?@ #@3@#$:5$ H #?:45";^ 4#@ #$:B
:" [4@32" 3$ ?:;524#$:5";N ;@b$# ;$2a $q?L?3@ :" 3?;AM@y s-EE
"4 ,5@25¥,5"A :=" 3?;A":XY$Mt^ :$;5$
F@;" @ 2$A@25?3@ @45"#a5?F@ $;5@2a
3$;@L?M?5@3@^ ;$:3" :$F$;;a2?" $E$B
54@2 @ 2$A@25?3@ 3" Y$XF4M" @52@Y_; 3@
Fc@Y$ 3$ ?b:?<="N
  <) *+ .    
 1+ 2
1"2 [4$;5=" 3$ F":E"25"^ 3$ 2$34B
<=" 3$ $#?;;]$; $ 3$ ;$b42@:<@^ "
#"5"2 :=" _ 3$;M?b@3" ;"L @; ;$b4?:B
5$; F":3?<]$;% %
 >:FM?:@<=" ;4A$2?"2 @" Y@M"2 A2$B
$;5@L$M$F?3" A@2@ b@2@:5?2 @ ;$b4B
2@:<@ 3$ E4:F?":@#$:5" 3" ;?;B
5$#@N
 - #"5"2 @?:3@ $;5?Y$2 E2?"N
 - :XY$M 3$ F@2b@ 3@ L@5$2?@ $;5?Y$2
@L@?q" 3" M?#?5$ A2$$;5@L$M$F?3"N
 ’ A"25@ 3" F":345"2 :=" $;5?Y$2
52@:F@3@N
 - F?:5" 3$ ;$b42@:<@ 3" #"5"B
2?;5@ :=" $;5?Y$2 @E?Y$M@3"N

0$!,
 - FM?#@5?Z@3"2 s;$ $[4?A@3"t  9"# @2BF":3?F?":@3" M?b@3"^ "
$;5?Y$2 :@ #"3@M?3@3$  ;$M$5"2 3$Y$2a $;5@2 A";?F?":@3"
&’6B’9 "4 $# A2"F$;;" 3$ ’ 45?M?Z@<=" 3" @2BF":3?F?":@3" $# &’6 ’u9N
3$;$#L@<@#$:5" &’6 sM$3 A"3$ ?:?L?2 " @45";5"A 3$ @F"23" F"#
3" L"5=" @F$;"t @ 4#@ @M5@ @ "A<=" $;F"Mc?3@ A$M" 4;4a2?"^ F":B
Y$M"F?3@3$ 3$ Y$:5?M@<="N E"2#$ 3$;F2?5" :" F@AX54M" p9M?#@5?B 
 - FM?#@5?Z@3"2 $;5?Y$2 :@ #"3@B Z@<="pN ,$ @ $#L2$@b$# :=" E"2 A2$;;?"B
M?3@3$ s&’6u’9tN :@3@ @Ah; "; 52\; #?:45"; 3$A"?; 3$
  <)        % 3$;M?b@2 " #"5"2^ M?b@2 " #"5"2 ;h ;$2a
 ’ #@2Fc@ @ 2_ $;5?Y$2 @F?":@3@
 1+ 2 A";;XY$M 45?M?Z@:3" @ Fc@Y$ 3$ ?b:?B
sA"2 $q$#AM"^ A@2@ @; #@:"L2@;
<="N
3$ $;5@F?":@#$:5"tN 1"2 [4$;5=" 3$ F":E"25"^ 3$ 2$B
 w4@:3" 5?Y$2 "F"22?3" 2$@L@;5$B 34<=" 3$ $#?;;]$; $ 3$ ;$b42@:<@^
F?#$:5" 2$F$:5$N +;5@ F":3?<=" " #"5"2 A"3$ 2$?:?F?@2 @45"#@5?F@B 
_ 5$#A"2a2?@ sY$2 @3Y$25\:F?@; :" #$:5$ ;$# [4@M[4$2 ?:5$2Y$:<=" 3"
!"; F@;"; 3$ 3$;M?b@#$:5" 3"
5hA?F" x,?;5$#@ EM$qz :$;5$ F@AXB F":345"2^ ;$ "F"22$2$# @; ;$b4?:5$;
#"5"2 3$ E"2#@ ?:3$;$‘@3@^ A"2
54M"tN F":3?<]$;%
$q$#AM"^ :" F@;" 3$ 4#@ M?L$2@<="
 - F@Ar $;5?Y$2 @L$25" "4 3$;52@B 2$A$:5?:@ 3" A$3@M 3$ $#L2$@b$#
Y@3"N  !XY$M 3$ F@2b@ 3@ L@5$2?@ @F?#@ F"# #@2Fc@ $:b@5@3@^ ;$ " ;?;5$#@
3" M?#?5$ A2$$;5@L$M$F?3"N ,5@25¥,5"A $;5?Y$2 @5?Y@3"^ Y"F\
 -F"22$4 @ 3$A2$;;=" 3" ;?;5$#@ A"3$2a M?b@2 " #"5"2 A2$;;?":@:3" "
 3$ E2$?"^ 3$Y?3" @" @F?":@#$:5" A$3@M 3@ $#L2$@b$#N
9"# " #"3" ’(.- @5?Y@3" :" FM?B 3" A$3@M 3$ E2$?" 2$A$5?3@; Y$Z$;N
#@5?Z@3"2 s;$ $[4?A@3"t^ " ;?;5$#@  W$XF4M" $# #"Y?#$:5"^ A"2 - .  + / ,
,5@25¥,5"A A"3$ ;$2 3$;@5?Y@3" 3$ $q$#AM"^ :"; F@;"; 3$ $;5@2
@F"23" F"# @ 5$#A$2@542@ ?:5$2:@ 2$B  + 1& A   +%
52@E$b@:3" $# 3$;F?3@;N
[4$2?3@ $ F":3?<]$; @#L?$:5@?;^ Y?B  / ,2
 - #"5"2 E"? 3$;M?b@3" @52@Y_; 3"
;@:3" #@:5$2 @ 5$#A$2@542@ 3" c@L?B ;?;5$#@ ,5@25¥,5"A A"2 #@?; 3$ +# Y$XF4M"; 3$ 52@:;#?;;=" @45"B
5aF4M" 2$E2?b$2@3@N 52\; #?:45";N #a5?F@^ ;$ " ;?;5$#@ ,5@25¥,5"A $;5a
@5?Y@3" $ " Y$XF4M" _ A@2@3" sA@2@2
0$"-
A"2 4# 5$#A" ;4E?F?$:5$ A@2@ " ;?;B 5"2^ 3$;3$ [4$ " Ff#L?" $;5$‘@ :@
5$#@ @54@2t " #"5"2 _ @45"#@5?F@B A";?<=" 3$ *2?Y$ 12N
#$:5$ 3$;M?b@3" :@; ;$b4?:5$; F":B
3?<]$;% ,$ " Ff#L?" $:F":52@B;$ E"2@ 3@
A";?<=" 3$ *2?Y$ 12 " Y$XF4M" Y@?
 ’M@Y@:F@ 3$ Y$M"F?3@3$; :@ A"B A@25?2 @45"#@5?F@#$:5$N
;?<=" N
 1$3@M 3" E2$?" A2$;;?":@3"N

 !
- 3$;M?b@#$:5" @45"#a5?F" 3" 1@2@ " F"22$5" E4:F?":@#$:5" 3"
#"5"2 _ c@L?M?5@3" @A$:@; 3$A"?; 3$ ;?;5$#@^ " :XY$M 3$ F@2b@ 3@ L@5$2?@
;4A$2@2 4#@ Y$M"F?3@3$ 3$ F$2F@ 3$Y$ $;5@2 @F?#@ 3" M?#?5$ A2$$;5@L$B
3$ I i#uc^ A@2@ $Y?5@2 2$A$5?3"; M$F?3"N
3$;M?b@#$:5"; 3" #"5"2 [4@:3" +;5$‘@ @5$:5" e; 2$F"#$:3@<]$;
%
F":34Z?2 @ 4#@ Y$M"F?3@3$ L@?q@N 3$;;$ #@:4@MN

 +  1     +% 1"2 #"5?Y" 3$ ;$b42@:<@^ "


/ ,2 ,5@25¥,5"A A"3$2a ;$2 3$;@L?M?5@3"N
+# F@;" 3$ 52@:;#?;;=" @45"#aB ,$2a Y?;4@M?Z@3" :" [4@32" 3$
5?F@^ " #"5"2 _ @45"#@5?F@#$:5$ 2$B ?:;524#$:5"; @ #$:;@b$# 3$
M?b@3" [4@:3" " F":345"2 $E$54@ " ,5@25¥,5"A :=" 3?;A":XY$MN
;$b4?:5$ A2"F$3?#$:5"%

 9"# @ E4:<=" x,5@25¥,5"Az c@B


L?M?5@3@^ M?L$2@2 " A$3@M 3" E2$?"
A@2@ A$2#?5?2 @ 2$A@25?3@ 3" #"B

0$"!
  !$;5$ F@;"^ 3?2?b?2B;$ @   %    !
   , & # C
+# F@;" 3$ A@25?3@ 3$ $#$2b\:F?@
w4@:3" " #"5"2 _ 3$;M?b@3" @45"B F"# L@5$2?@ @4q?M?@2^ :=" F":$F5@2 "
#@5?F@#$:5$ A$M" ;?;5$#@ ,5@25¥,5"A ; L ,  F@L" :$b@5?Y" sBt 3@ L@5$2?@ @4q?M?@2
$ " #"5"2?;5@ 3$;@E?Y$M@ " F?:5" 3$ ;$B  0+ ,         @" 5$2#?:@M :$b@5?Y"  3@ L@5$2?@ 3"
b42@:<@ "4 @L2$ @ A"25@ 3" #"5"2?;5@^  U  / 0 , D+ , Y$XF4M"N 9":$F5@2 @ 4# A":5" 3$
@ A@25?3@ 3" #"5"2 ;h ;$2a A$2#?5?3@ , = D + & > ,_  #@;;@ #"5"2uFf#L?" s;?b@ " A2"F$3?B
A$M@ Fc@Y$ 3$ ?b:?<="N +;5@ F":3?<=" A +?  # C #$:5" 3$ x1@25?3@ F"# L@5$2?@ @4q?B
_ @;;?:@M@3@ @" F":345"2 A"2 #$:;@B M?@2ztN
b$# $q?L?3@ :" 3?;AM@y "4 A$M" @F$:B
3?#$:5" 3@ M4ZB$;A?@ :" [4@32" 3$   
E
?:;524#$:5";N +# F@;"; 3$ ?:@5?Y?3@3$ 3" Y$XF4M"
$;5$‘@ @5$:5" e F@2b@ 3@ L@5$2?@N
 +E$54@2 " ;$b4?:5$ A2"F$3?#$:5"%
d A";;XY$M #@:5$2 " #"5"2 $# E4:B *$;M?b@2 " L"2:$ 3" A"M" :$b@5?Y"
F?":@#$:5"^ 3$;@L?M?5@:3" " ;?;5$#@ 3@ L@5$2?@ s" A2"F$3?#$:5" $;5a 3$;B
,5@25¥,5"AN F2?5" :" F@AX54M" p+# F@;" 3$ $#$2B
b\:F?@pu1@25?3@ 3" #"5"2 F"# L@5$B
   #% 2?@ @4q?M?@2pt $ F":52"M@2 #$:;@M#$:5$
 $;5@3" 3$ F@2b@ 3@ #$;#@N D$F@2B 
2$b@2 @ L@5$2?@ F@;" @ 5$:;=" $;5$‘@
+# F@;" 3$ #@4 E4:F?":@#$:5"^ ’:5$; 3$ @L2?2 " F@Ar^ _ A2$F?;"
@L@?q" 3$ JO^I WN
" ;?;5$#@ ,5@25¥,5"A _ 3$;M?b@3"N - @;;$b42@2B;$ 3$ [4$ " Y$XF4M" $;5$‘@
F":345"2 _ ?:E"2#@3" 3@ @:"#@M?@ 3$;M?b@3" $ @ Fc@Y$ :@ A";?<=" -RRN
A$M@ ;?:@M?Z@<=" 3@ M4ZB$;A?@^ ‘4:5@B d @F":;$Mc@3" 2$5?2@2 @ Fc@Y$ 3$ ?bB
#$:5$ F"# 4#@ #$:;@b$# Y?;4@M?B :?<=" [4@:3" " Y$XF4M" $;5?Y$2 A@B
Z@3@ :" 3?;AM@y s@Mb4#@; Y$2;]$;tN 2@3" $ F"# "452@; A$;;"@; A2$;$:5$;
3$:52" 3" Y$XF4M"N

0$""
*42@:5$ " 2$@L@;5$F?#$:5" 3$ F"; $ F"# A"4F@; Y@2?@<]$; 3$ Y$B
F"#L4;5XY$M^ @;;$b42@2B;$ 3$ [4$ M"F?3@3$ sA"2 $q$#AM" A$2F42;"; $#
" Y$XF4M" $;5$‘@ 3$;M?b@3" F"# @ @45"$;52@3@;tN
Fc@Y$ :@ A";?<=" -RRN
’ 45?M?Z@<=" 3" 3?;A";?5?Y" :=" _
+# F@;" 3$ @2BF":3?F?":@3" 3$ Y@:5@‘";@ $# $;52@3@; $q52@42L@:@;
F":52"M$ #@:4@M^ ;$ Y"F\ 3$;$‘@ 3@2 F"# #4?5" 52f:;?5"N !=" 45?M?Z@2 "
A2?"2?3@3$ @" F":E"25" FM?#a5?F"^ 3?;A";?5?Y" :@ F?3@3$N
_ A";;XY$M 3$;@5?Y@2 " ;?;5$#@
-; L"5]$; A@2@ " F"#@:3" 3"
,5@25¥,5"A @ E?# 3$ A$2#?5?2 "
924?;$ 9":52"M $;5=" M"F@M?Z@3"; :"
E4:F?":@#$:5" F":5X:4" 3" ;?;5$#@
M@3" 3?2$?5" 3" Y"M@:5$N
3$ @2BF":3?F?":@3"N
 1@2@ @;;$b42@2 4# E4:F?":@#$:5"
’Ah; ;4L;5?54?<=" 3@ L@5$2?@^ " ;?;B F"22$5"^ " 924?;$ 9":52"M E"? F":F$B
5$#@ ,5@25¥,5"A s;$ $[4?A@3"t A"3$ L?3" 3$ #"3" @ 3$;M?b@2B;$ $# F@;"
E?F@2 5$#A"2@2?@#$:5$ ?:3?;A":XY$MN 3$ @F?":@#$:5" ;?#4M5f:$" 3$ Ya2?@;
!
E4:<]$;N !$;5$ F@;"^ _ A";;XY$M 2$@B
%
’.+!/0-% 5?Y@2 " ;?;5$#@ A2$;;?":@:3" " L"5="
!"; Y$XF4M"; F"# x,5@25 ¥ ,5"Az^     $ $ 2$3$E?:?:3" @ Y$M"F?3@3$ 3$B
A@2@ #@:5$2 " 89,, s,?;5$#@ ;$‘@3@ 3" Y$XF4M"N
 
3$ @[4$F?#$:5" A@2@ A@25?3@ @
E2?"t $# F":3?<]$; :"2#@?; 3$   1 *+ 2
  
E4:F?":@#$:5"^ 3$Y$B;$ A2$;$2Y@2 @; d 4# 3?;A";?5?Y" 3$ @;;?;5\:F?@ e
F@2@F5$2X;5?F@; "2?b?:@?; 3" Y$XF4M" F":34<="^ 3$ F":52"M$ $M$52r:?F"^
s2a3?"^ #4M5?#X3?@tN [4$ A$2#?5$ #@:5$2 " Y$XF4M" @ 4#@
Y$M"F?3@3$ 3$;$‘@3@^ ;$# :$F$;;?5@2 !
!=" 2$#"Y$2 " ;$:;"2 >C, s,$:;"2 3$ A?;@2 :" A$3@M 3" @F$M$2@3"2N +;5$ 1@2@ 45?M?Z@2 " 924?;$ F":52"M^ "LB
?:5$M?b$:5$ 3@ L@5$2?@t 3" A"M" :$b@B 3?;A";?5?Y" A"3$ ;$2 45?M?Z@3" @ 4#@ ;$2Y@2 @Mb4:; F4?3@3"; #4?5" ?#A"2B
5?Y" 3@ L@5$2?@ ^ A"?; " ;?;5$#@ ,5@25 Y$M"F?3@3$ ;4A$2?"2 @ }G i#uc^ $# 5@:5$; F"# 2$M@<=" @" Ff#L?"N
¥ ,5"A A"3$2a E?F@2 ?:"A$2@:5$N M":b"; 52$Fc"; 3$ $;52@3@ 2$5";^ ;$B
0$"%
*42@:5$ @ F":34<=" F"# " 3?;A"B 1@2@ @5?Y@2 " 3?;A";?5?Y"^ A2$;;?":@2 52"M$ 3" Y$XF4M" 3$Y?3" @ 4# $qF$;;"
;?5?Y" @5?Y@3"^ :=" A";?F?":@2 @ @M@B " L"5=" $ N 3$ Y$M"F?3@3$ ?#A2$Y?;5"N
Y@:F@ 3$ #@2Fc@; $# A":5" #"25"N
’ @5?Y@<=" 3" 3?;A";?5?Y" _ @;;?:@B
M@3@ A$M" @F$:3?#$:5" 3@ M4ZB$;A?@ #  
:" [4@32" 3$ ?:;524#$:5"; $^ $# T
@Mb4#@; Y$2;]$;^ A$M@ Y?;4@M?Z@<="
! 3$ 4#@ #$:;@b$# :" 3?;AM@yN 12"F$3$2 3" ;$b4?:5$ #"3"%
+# F@;" 3$ E4:F?":@#$:5" 3$E$?54B
 ’5?Y@2 " 3?;A";?5?Y" sF":;4M5@2 @;
";" "4 @Y@2?@ 3" 3?;A";?5?Y"^ 3?2?b?2B
?:3?F@<]$; @:5$2?"2#$:5$ 3$;F2?B
;$ e    , & # C
5@;tN
*?2?‘@ ;$#A2$ $# ;$b42@:<@N  w4@:3" " Y$XF4M" 5?Y$2 @5?:b?3"
@ Y$M"F?3@3$ 3$;$‘@3@^ A2$;;?":@2
" L"5="  ,+. › s"4  ,+. t $
;"M5aBM" A@2@ @5?Y@2 " 3?;A";?5?Y"%
! @" ;"M5@2 " @F$M$2@3"2^ " Y$XF4M"
A2";;$b4?2a e Y$M"3@3$ ;$M$F?"B
- 924?;$ 9":52"M A"3$ ;$2 A$2?b";"
:@3@N
":3$ " ;?;5$#@ :=" E"2 F@A@Z 3$
#@:5$2 4#@ Y$M"F?3@3$ F":;5@:5$N - 3?;A";?5?Y" :=" A"3$ ;$2 @5?Y@3"
:@ J⁄ #@2Fc@ "4 $# #@2Fc@ @ 2_% _ +# F@;" 3$ :$F$;;?3@3$ sA"2 $q$#B
+# @Mb4#@; F":3?<]$;^ @ Y$M"F?B @F":;$McaY$M @5?YaBM" F"# Y$M"F?3@B AM"^ $# F@;" 3$ 4M52@A@;;@b$#t^ _
3@3$ A"3$ ;$2 $qF$;;?Y@^ F"# " 2?;F" 3$; ?b4@?; "4 ;4A$2?"2$; e H⁄ #@2Fc@N A";;XY$M @F$M$2@2 A?;@:3" :" @F$M$2@B
3$ A$23$2 " F":52"M$ 3" Y$XF4M" $ A2"B 3"2% @" ;"M5@2 " A$3@M^ " Y$XF4M" ?2a
Y"F@2 @F?3$:5$;N !=" 4;@2 " 3?;A";?B 2$A";?F?":@2 :@ Y$M"F?3@3$ @:5$2?"2B
5?Y" $# F":3?<]$; 3$ 52f:;?5" ?:5$:;"  #$:5$ #$#"2?Z@3@N
"4 $# $;52@3@; ?22$b4M@2$; ;?:4";@;^ d A$2?b";" 3$?q@2 " 3?;A";?5?Y" M?B ’" $:E2$:5@2 52$Fc"; $# 3$;F?3@ $
F":b$M@3@;^ F"# :$Y$ "4 M@#@N b@3" [4@:3" :=" $;5a ;$:3" 45?M?B F"# " 3?;A";?5?Y" @5?Y@3"^ _ A";;XB
Z@3"N *$ E@5"^ $q?;5$ " 2?;F" 3$ @5?YaB Y$M [4$ @ Y$M"F?3@3$ 3" Y$XF4M" @4B
M" ?:Y"M4:5@2?@#$:5$ $ A$23$2 " F":B
0$"&
#$:5$ M?b$?2@#$:5$ $# 2$M@<=" e ;$B #$:5@2 @5_ ;"M5@2 " L"5="^ 3$A"?; ;$2a  + <=  ;&, 
M$F?":@3@N #$#"2?Z@3@ @ :"Y@ Y$M"F?3@3$N 9"# " 3?;A";?5?Y" @5?Y@3"^ A@2@
1"2 "452" M@3"^ @ F@3@ A2$;;=" 3" 3?#?:4?2 @ Y$M"F?3@3$^ A2$;;?":@2 "
 L"5=" ,+. › "L5_#B;$ " @4#$:5" 3$ L"5=" ,+.  N
J i#uc 3@ Y$M"F?3@3$ 3$E?:?3@N &@:5$:3" " L"5=" A2$;;?":@3"^ @
’:5$; 3$ A2$;;?":@2 "; L"5]$; ,+.
› s"4 ,+. t^ " Y$XF4M" 3$Y$ Y?@‘@2 Y$M"F?3@3$ 3$E?:?3@ F":5?:4@2a @ 3?B
@ Y$M"F?3@3$ F":;5@:5$ $# 5$22$:"  & ><=      ;   % #?:4?2 @5_ ;"M5@2 " L"5="^ 3$A"?; ;$2a
:?Y$M@3"N  @ #$#"2?Z@3@ @ :"Y@ Y$M"F?3@3$N
!@; Y$2;]$; $[4?A@3@; F"# Ff#B 1"2 "452" M@3"^ @ F@3@ A2$;;=" 3"
L?" @45"#a5?F"^ $# F@;" 3$ A$2F42;" L"5="  B "L5_#B;$ @ 2$34<=" 3$ J
  
$# #":5@:c@;^ " 3?;A";?5?Y" A"3$ 2$B i#uc 3@ Y$M"F?3@3$ 3$E?:?3@N
34Z?2 @45":"#@#$:5$ @ #@2Fc@ $:B

b@5@3@ A@2@ #@:5$2 @ Y$M"F?3@3$ 3$B
’ A2$;;=" 3" L"5=" ,+. › s"4 ,+. E?:?3@N     %
t A$2#?5$ 3?#?:4?2 "4 @4#$:5@2 @  %
Y$M"F?3@3$ $# J i#uc 3$E?:?3@ @52@B +# $;52@3@; F"# E"25$ ?:FM?:@<="^
Y_; 3" &$:4 3" 3?;AM@y 3" [4@32" 3$ @ 3?#?:4?<=" "4 " @4#$:5" 3$ Y$B 1@2@ @5?Y@2 @ Y$M"F?3@3$ 3$E?:?3@
?:;524#$:5"; "4^ $# E4:<=" 3@; Y$2B M"F?3@3$ A"3$ ;$2 :"5aY$M $ _^ A"2B @:5$2?"2#$:5$^ A2$;;?":@2 " L"5="
;]$;^ 3" #$:4 3" (F"::$F5¢ sF":B 5@:5"^ 2$F"#$:3@B;$ 3$;@5?Y@2 " 3?;B  $ ;"M5aBM"N
;4M5@2 ;4AM$#$:5" $;A$FXE?F"tN A";?5?Y"N
  
+    ;&,   (#@ M?b$?2@ A2$;;=" :" A$3@M 3"
(#@ Y$Z @5?Y@3" " 924?;$ 9":B - 3?;A";?5?Y" #@:5_# #$#"2?B E2$?"^ @F?":@#$:5" 3" L"5=" 
52"M^ _ A";;XY$M @4#$:5@2 @ Y$M"F?B Z@3@ @ Y$M"F?3@3$ #$;#" $# ;4L?3@ ?:5$2Y$:<=" 3"; ;?;5$#@; ’,D "4
3@3$ A2$;;?":@:3" " L"5=" ,+. ›N $ $# 3$;F?3@N (#@ M?b$?2@ Y@2?@<=" +,9^ "4 @ A2$;;=" :"2#@M :" A$3@M
3@ Y$M"F?3@3$ $# M$Y$; ;4L?3@; _ 3" E2$?" 342@:5$ @ 3?#?:4?<=" 3@
&@:5$:3" " L"5=" A2$;;?":@3"^ @
A$2E$?5@#$:5$ :"2#@MN Y$M"F?3@3$ 3" Y$XF4M" 3$;@5?Y@#
Y$M"F?3@3$ 3$E?:?3@ F":5?:4@2a @ @4B

0$"(
" 924?;$ 9":52"M^ ;$# @A@b@2 @ ’" $E$54@2 $;5@; #@:"L2@;^ A"2 "4 3$ @M5@ A2$;;="^ M@Y@2 2@A?3@B
Y$M"F?3@3$ #$#"2?Z@3@N F$25?E?F@2B;$ ;$#A2$ 3$ [4$ :=" $;B #$:5$ "; ;$:;"2$; #@:5$:3" " L?F"
5=" A2$;$:5$; A$;;"@; s$;A$F?@M#$:5$ A@2@ @M_# 3"; JG F# 3$ 3?;5f:F?@N
’ Y$M"F?3@3$ #$#"2?Z@3@ _ @A@B
F2?@:<@;t :$# @:?#@?; @" M":b" 3@
b@3@ :"; ;$b4?:5$; F@;";%
52@‘$5h2?@ [4$ ;$ A2$5$:3$ A$2F"22$2N
-; ;$:;"2$; 3$ $;5@F?":@#$:5"
 12$;;?":@:3" " L"5=" N F":;5?54$# 4#@ @‘43@ A@2@ " F":34B
!
5"2^ $#L"2@ $;5$ :4:F@ 3$Y@ 2$34Z?2
- 3?;A";?5?Y" 924?;$ 9":52"M @ ;4@ @5$:<=" 342@:5$ #@:"L2@; 1@2@ $Y$:54@?; ?:5$2Y$:<]$; :";
3$;@5?Y@B;$^ 5@#L_#^ A2$;;?":@:3" A"5$:F?@M#$:5$ A$2?b";@;^ #$;#" ;$ ;$:;"2$; M"F@M?Z@3"; :" A@2@B
" L"5=" "4 3$;M"F@:3" " 3?;A";?B $q$F45@3@; @ L@?q@ Y$M"F?3@3$N Fc"[4$^ 3?2?b?2B;$ $qFM4;?Y@#$:5$ e
5?Y" 3$ A@25?3@ A@2@ N    , & # N
>:5$2Y$:<]$; :" A@2@BFc"[4$ $E$B
54@3@; 3$ #"3" ?:F"22$5" A"3$#
      F"#A2"#$5$2 " E4:F?":@#$:5" 3";
!
    1@2@ A$2#?5?2 " E4:F?":@#$:5" F"2B ;$:;"2$; 3$ $;5@F?":@#$:5"N
   9` 1 2$5" 3" ;?;5$#@^ _ ?:3?;A$:;aY$M [4$
*+ 2 "; ;$:;"2$; $;5$‘@# ;$#A2$ M?#A"; 3$ 
M@#@^ ;4‘$?2@^ :$Y$ "4 b$M"N *42@:5$
   - ;?;5$#@ 3$ @;;?;5\:F?@ @" $;5@F?B
@ M?#A$Z@ 3"; ;$:;"2$;^ 5$2 " #aq?#"
":@#$:5" A";;4? Y$M"F?3@3$ #aq?#@
F4?3@3" A@2@ :=" "; 2?;F@2 "4 3@:?B
3$ "A$2@<=" 3$ JJ i#ucN ’F?#@
E?F@2g $Y?5@2 @ 45?M?Z@<=" 3$ A@:"; ;$B
3$;5$ Y@M"2 " ;?;5$#@ _ @45"#@5?B
F";^ a;A$2"; "4 342";N -; ;$:;"2$;
! F@#$:5$ ?:?L?3"^ F"# ?:3?F@<=" 3$
3$Y$# ;$2 M@Y@3"; F"# ab4@^ $Y$:B
’ 2$;A":;@L?M?3@3$ A$M" $;5@F?":@B 4#@ #$:;@b$# :" [4@32" 3$ ?:;B
54@M#$:5$ F"# @ @3?<=" 3$ ;c@#A""
#$:5" $ A"2 "452@; #@:"L2@;^ A"B 524#$:5"; s1@2i,$:;$ :=" 3?;A":XY$M^
A@2@ F@22"N
5$:F?@M#$:5$ A$2?b";@;^ _ ;$#A2$ 3" Y$M"F?3@3$ $M$Y@3@tN
F":345"2N !@; ;?54@<]$; 3$ M@Y@b$# [4$ 45?B
M?Z@# $[4?A@#$:5"; F"# ‘@5" 3$ Y@B

0$")
-; ;$:;"2$; 3$ $;5@F?":@#$:5"^ ;?B R2$[4\:F?@ 3@ ;?:@M?Z@<=" @Fv;B
54@3"; :" A@2@BFc"[4$ 52@;$?2"^ 5\# 5?F@%
@ E4:<=" 3$ 3$5$F5@2 @ A2$;$:<@ 3$ !
$Y$:54@?; "L;5aF4M"; [4$ ;$ $:F":B  ’4#$:5@ F"# @ 3?#?:4?<=" 3@
52$# A2hq?#" 3@ A@25$ 52@;$?2@ 3" Y$XB *42@:5$ @; #@:"L2@; 3$ $;5@F?":@B
3?;5f:F?@ $:52$ Y$XF4M" $ "L;5aB
F4M"N #$:5"^ A2$;5@2 @ #aq?#@ @5$:<=" $#
F4M"N
"L;5aF4M"; [4$ A";;@# $:F":52@2B;$
-; ;$:;"2$; @Y?;@# " F":345"2 3@ @F?#@ "4 @L@?q" 3"; M?#?5$; 3"; ;$:B  ."2:@B;$ F":5X:4" [4@:3" @ 3?;B
A2$;$:<@ 3$ "L;5aF4M";^ @52@Y_; 3$ ;"2$; $ 3" A@2@BFc"[4$^ @;;?# F"#" 5f:F?@ [4$ ;$A@2@ " Y$XF4M" 3"
4# ;?:@M ;":"2"^ F"# ;?:@M?Z@<=" Y?B $# F"#A":$:5$; 3" A2hA2?" Y$XF4M"^ "L;5aF4M" _ ?:E$2?"2 @ F$2F@ 3$
;4@M :" 3?;AM@y 3" [4@32" 3$ ?:;524B M"F@M?Z@3"; E"2@ 3@ a2$@ 3$ 3$5$F<=" HG F# $ A@2@ ?#$3?@5@#$:5$ ;$ @
#$:5";N 1@2@ @5?Y@<=" 3@ Y?;4@M?Z@B s$qN ;?;5$#@ 3$ $;F@A@#$:5"t^ [4$ 3?;5f:F?@ 3" "L;5aF4M" @4#$:5@2N
<=" 3@; ?:3?F@<]$; Y?;4@?; 3" 3?;AM@y A"3$2?@# Y?2 @ F"M?3?2 F"# "L;5aF4B  1$2#@:$F$ F":;5@:5$ ;$ @ 3?;5f:B
3" [4@32" 3$ ?:;524#$:5";^ F":;4MB M";N F?@ $:52$ Y$XF4M" $ " "L;5aF4M"
5@2 @; 3$E?:?<]$; 3" ,?;5$#@ (F":B A$2#@:$F$2 ?:@M5$2@3@N 9@;" @
:$F5¢N -; "L‘$5"; F"M"F@3"; @ 3?;5f:F?@ #@:"L2@ ;$‘@ $q$F45@3@ A@2@M$M@
@A2"q?#@3@ :@ 52@;$?2@ 3" Y$XF4M"^ %
@ A@2$3$;u#42"; M?;"; $ AM@:";^
$# @Mb4#@; F?2F4:;5f:F?@;^ :=" ;=" @ 3$5$F<=" A"3$ ;$2 ?:5$22"#B
3$5$F5@3"; A$M" ;?;5$#@ $ A"3$# 3@B A?3@ @Ah; H ;$b4:3"; ;$ @ 3?;5f:B
:?E?F@2 " Y$XF4M" "4 ;$2$# 3@:?E?F@B F?@ A$2#@:$F$2 ?:@M5$2@3@N !"
3";N $:5@:5"^ F@;" @ 3?;5f:F?@ 3?#?B
:4@ s#43@:<@ 3$ 3?2$<=" A$M"
 & ><= ,a , #"5"2?;5@u@A2"q?#@<=" 3$ "L‘$B
+:b@5@:3" @ #@2Fc@ @ 2_^ :" 5";u"L;5aF4M";t^ " ;?;5$#@ 2$5"#@
F@;" 3$ A2$;$:<@ 3$ 4# "L;5aF4M" @ 3$5$F<="N
52@;$?2"^ _ @5?Y@3@ 4#@ ;?:@M?Z@<="
@Fv;5?F@ [4$ Y@2?@ F"# @ 3?;5f:F?@ w4@:3" " ;?;5$#@ $#?5$ 4#@ ;?B
3" "L;5aF4M" @" A@2@BFc"[4$N :@M?Z@<=" @Fv;5?F@^ " Y"M4#$ 3" ;?;B
5$#@ (F"::$F5¢^ ;$ @F?":@3"^ _ @4B

0$"*
5"#@5?F@#$:5$ 2$34Z?3" A$M" @;;?;B ?:5$2#?5$:5$^ ‘4:5@#$:5$ F"# @ $#?;B
5$:5$ 3$ $;5@F?":@#$:5"N ;=" 3$ 4#@ ;?:@M?Z@<=" @Fv;5?F@N
,$ " "L;5aF4M" E"2 3$5$F5@3" :@
 - ,   ,<= a2$@ 52@;$?2@ $;[4$23@ $u"4 3?2$?5@^
,$ "; ;$:;"2$; 3$5$F5@# 3?Y$2;"; :" 3?;AM@y ;$2a^ A"2 ;4@ Y$Z^ Y?;4@B
"L;5aF4M";^ _ M$Y@3" $# F":;?3$2@B M?Z@3" " 2$;A$F5?Y" @2F" ?:5$2#?5$:5$
<=" @A$:@; @[4$M$ [4$ ;$ $:F":52@ :@ Z":@ F"22$;A":3$:5$ $ " ;?;5$#@
#@?; A2hq?#"N $#?5?2a 4#@ ;?:@M?Z@<=" @Fv;5?F@ $#
?:5$2Y@M"; @A2"q?#@3"; "4 E?q@N
 & ><=    &: +# b$2@M^ " Y$XF4M" $;5a #@?; A2hB
’; ;?:@M?Z@<]$; 2$M@5?Y@; @" @;;?;B q?#" 3" "L;5aF4M" [4@:3" :" 3?;B
5$:5$ 3$ $;5@F?":@#$:5" ;=" Y?;4@M?B AM@y _ Y?;4@M?Z@3" 4# v:?F" @2F" ?:B
Z@3@; :" 3?;AM@y 3" [4@32" 3$ ?:;B 5$2#?5$:5$ $ @ ;?:@M?Z@<=" @Fv;5?F@ ;$
524#$:5"; @A$:@; ;$ 5?Y$2 ;?3" ;$M$B 5"2:@2 F":5X:4@N
F?":@3@ @ "A<=" p,?:@M @Fv;5?F" $ ’ F"2 Y?;4@M?Z@3@ :" 3?;AM@y 3$B
3?;AM@yp :" ?:5$2?"2 3" &$:4 p*$E?B A$:3$ 3@ 3?;5f:F?@ $ 3@ A";?<=" 3"
:?<]$;p 3" ;?;5$#@ (F"::$F5¢ sA@2@ "L;5aF4M"N
#@?; ?:E"2#@<]$;^ F":;4M5@2 " ;4AM$B
#$:5" $;A$FXE?F"tN
- ;?;5$#@ @;;?:@M@ @ A2$;$:<@ 3$
4# "L;5aF4M" Y?;4@M?Z@:3" 4# v:?F"
@2F" :4#@ 3@; a2$@; A";;XY$?;^ F"#
L@;$ :@ 3?;5f:F?@ 3" "L‘$5" $ :@ A";?B
<=" $# 2$M@<=" @" Y$XF4M"N ,$ " "L;B
5aF4M" E"2 3$5$F5@3" :@ a2$@ F$:52@M
52@;$?2@^ :" 3?;AM@y ;$2a Y?;4@M?Z@3"^
F"# @ @A2"q?#@<=" 3" "L;5aF4M"^
4# v:?F" @2F" A2?#$?2" E?q"^ 3$A"?;

0$"+
K6   % E J
&    
& 

*?;5f:F?@
 JNI # J^I #  J^H # J^H #  J # J #  G^~ # G^~ #  G^7 # G^7 #  G^HI #  G^HI #
52@;$?2@
’2F"; B
!$:c4# !$:c4# !$:c4# !$:c4# !$:c4# O£ ?:5$2#?5$:5$ J£ ?:5$2#?5$:5$
$;[4$23@
’2F"; B F$:52" !$:c4# 7£ ;hM?3" I£ ;hM?3" }£ ;hM?3" H£ ?:5$2#?5$:5$ O£ ?:5$2#?5$:5$ J£ ?:5$2#?5$:5$

’2F"; B 3?2$?5@ !$:c4# !$:c4# !$:c4# !$:c4# !$:c4# O£ ?:5$2#?5$:5$ J£ ?:5$2#?5$:5$

’M$25@ ;":"2" !$:c4# C$$A ?:5$2#?5$:5$ C$$A 9":5X:4"

0$",
K    ’; ;?:@M?Z@<]$; $:Y?@3@; ;?<=" 3" Y$XF4M"^ A@2@ $Y?5@2 4#
A$M" ;$:;"2 A"3$# ;$2 E4:F?":@#$:5" ?:F"22$5" 3"; ;$:B
+Y$:54@?; @:"#@M?@; 3"; ;$:;"2$;
?b4@M#$:5$ @M5$2@3@; A$M@ ;"2$;^ _ 2$F"#$:3aY$M 3$;$:b@5aB
3$ $;5@F?":@#$:5" ;=" @;;?:@M@3@;
A2$;$:<@ :@; A2"q?#?3@3$; 3$ M" 3@ 52@Y$;;@ ;$#A2$ [4$ :=" E"2
342@:5$ " $:b@5$ 3@ #@2Fc@ @ 2_^ A$M"
;?;5$#@; 3$ 4M52@;;":; sA"2 :$F$;;a2?" A@2@ 2$L"F@2 4# @52$B
@F$:3?#$:5" 3" ;X#L"M" :" [4@B
$qN E2$?"; A:$4#a5?F"; 3$ M@3"N
32" 3$ ?:;524#$:5"; $ A$M@ 2$;A$FB
Y$XF4M"; A$;@3"; "4 #@25$M";  ’ A2$;$:<@ 3$ @3$;?Y"; :"; ;$:B
5?Y@ #$:;@b$# Y?;4@M?Z@3@ :" 3?;B
A:$4#a5?F";tN ;"2$;N 12$;5@2 @5$:<=" A@2@ :="
AM@y s9":;4M5@2 " A@2ab2@E" x)4Z$;
$;A?@; $ #$:;@b$:;z :" F@AX54M" x9"B  - 3$;$#A$:c" 3" ;?;5$#@ 3$ @4B ;"L2$A"2 [4@M[4$2 @3$;?Y" :";
:c$F$:3" " 1@?:$M 3$ >:;524#$:5";ztN qXM?" @" $;5@F?":@#$:5" A"3$ ;$2 A2hA2?"; ;$:;"2$;N
?b4@M#$:5$ ?:EM4$:F?@3" A$M@ A"B
+q?;5$# @Mb4#@; F":3?<]$; [4$ ;?<=" 3"; ;$:;"2$;^ A"2 $q$#B
A"3$# ?:EM4$:F?@2 :" 3$;$#A$:c" AM"^ Y@2?@:3" "; @M?:c@#$:5"; #  9%
3" ;?;5$#@ 3$ $;5@F?":@#$:5"% s3$Y?3" @" 3$;b@;5$ 3"; @#"2B   $4
5$F$3"2$;^ ;4;A$:;]$;t "4 ;4L;B - E4:F?":@#$:5" 3"; ;$:;"2$; _
 (#@ ;$:;?L?M?3@3$ 2$34Z?3@ 3" 5?54?<=" 3"; A:$4;^ $qF$;;" 3$ @45"#@5?F@#$:5$ 3$;@5?Y@3" :" @5"
;$:;"2 $ 3?#?:4?<=" 3" 3$;$#B F@2b@ "4 #"3?E?F@<]$; F"# " "LB 3@ ?:52"34<=" 3@ F":$q=" 3" F@L"
A$:c" 3" ;?;5$#@ 3$ @4qXM?" @" ‘$5?Y" 3$ 2$L@?q@2 " Y$XF4M"N $M_52?F" 3" @52$M@3" :@ 5"#@3@ 3"
$;5@F?":@#$:5" A"3$B;$ 3$Y$2 e  - b@:Fc" 3$ 2$L"[4$ :@ @4;\:B b@:Fc" 3$ 2$L"[4$ 3" Y$XF4M"N
A2$;$:<@ 3$ M@#@^ ;4‘$?2@; $# b$B F?@ 3$ 2$L"[4$ @52$M@3" A"3$ ?:B
2@M^ :$Y$ "4 b$M" :@ ;4A$2EXF?$ 3" -; ;$:;"2$; 2$@5?Y@#B;$ @45"#@5?B
5$2E$2?2 :" F"22$5" E4:F?":@#$:5"
;$:;"2N F@#$:5$ 2$5?2@:3" @ F@Y?Mc@ 3" F@L"
3"; ;$:;"2$; 3$ $;5@F?":@#$:5"N
3" @52$M@3"N ’:5$; 3$ 45?M?Z@2 " @;B
 - ;$:;"2 3$5$F5@ 4# "L‘$5" :=" ’ ?:;5@M@<=" 3" b@:Fc" 3$ 2$L"B
;?;5$:5$ 3$ $;5@F?":@#$:5"^ _ @F":B
$q?;5$:5$ sp?:5$2E$2\:F?@ 3$ $F"pt [4$ E?q" ?#A$3$ @ A";;?L?M?3@3$
;$McaY$M 3$;#":5@2 5"3" " F":‘4:5"^
A2"Y"F@3" A"2 ?:5$2E$2\:F?@; 3$ 3$ 4# E4:F?":@#$:5" F"22$5" 3";
[4@:3" " Y$XF4M" :=" E"2 45?M?Z@3"
F@2aF5$2 #$Ff:?F"^ A"2 $q$#AM"% ;$:;"2$; 3$ $;5@F?":@#$:5"N !"
A@2@ "A$2@<]$; 3$ 2$L"[4$N
M@Y@b$# 3" Y$XF4M"^ Fc4Y@ sF":B F@;" 3$ Y$XF4M"; $[4?A@3"; F"#
3?<]$; $q52$#@; 3$ Y$:5"t^ b2@B b@:Fc" 3$ 2$L"[4$ $q52@XY$M^ ;$‘@ ’ ?:"L;$2Yf:F?@ 3$;5@ A2$;F2?<="
:?Z"N b$:4X:" "4 ?:;5@M@3" @Ah; @ @[4?B A"3$ A2"Y"F@2 M$;]$; A$;;"@?;^ 3@B

0$%-
:"; $# Y$XF4M"; "4 "L;5aF4M";^ 4#@ "4 b$M"N *42@:5$ @ M?#A$Z@ 3@ FfB
Y$Z [4$ "; ;$:;"2$; A"3$# 3$5$FB #$2@^ A2$;5@2 @ #aq?#@ @5$:<=" A@2@
5@2 " F":‘4:5" 3$ $;E$2@ 3$ b@:Fc" ! :=" 2?;FaBM@ :$# 3@:?E?FaBM@g $Y?5@2
3$ 2$L"[4$ $ " 2$;A$F5?Y" $:b@5$ @ 45?M?Z@<=" 3$ A@:"; ;$F";^ a;A$2";
’ 2$;A":;@L?M?3@3$ A$M" $;5@F?":@B
sF":E"2#$ 3?#$:;=" $ E"2#@t^ E"2:$B "4 342";N (5?M?Z@2 A@:"; 3$ :yM": "4
#$:5" $ A"2 "452@; #@:"L2@;^ A"B
F$:3" 4#@ E@M;@ ?:3?F@<=" 3$ "L;5aB @Mb"3=" ;$# E?@A";N
5$:F?@M#$:5$ A$2?b";@;^ _ ;$#A2$ 3"
F4M" :@ Z":@ 52@;$?2@ 3" Y$XF4M"N
#"5"2?;5@N ’" $E$54@2 $;5@; #@:"L2@;^ ’ Ff#$2@ 3$Y$ ;$2 M@Y@3@ F"#
" F":345"2 3$Y$ F$25?E?F@2B;$ ;$#A2$ ab4@ M?#A@ $^ $Y$:54@M#$:5$^ 4;@2
3$ [4$ :" $;A@<" 3$ #@:"L2@ :=" ;c@#A"" A@2@ @45"#hY$MN !@; $;B
/  ( -0 $;5$‘@# A2$;$:5$; A$;;"@; s$;A$F?@MB 5@<]$; 3$ M@Y@b$# [4$ 45?M?Z@# #aB
1234. #$:5$ F2?@:<@;t :$# @:?#@?;N [4?:@; F"# ‘@5" 3$ Y@A"2 "4 3$ @M5@
A2$;;="^ M?#A@2 2@A?3@#$:5$ @ FfB
9R`  .,V + ,   ’ Ff#$2@ F":;5?54? 4#@ @‘43@ A@2@
#$2@ #@:5$:3" " L?F" @ #@?; 3$ JG
’ Ff#$2@ 3$ 2_  $;5a ;?54@3@ :@ " F":345"2^ $#L"2@ $;5$ :4:F@ 3$Y@
F# 3$ 3?;5f:F?@N ’M_# 3?;;"^ :=" F"B
A@25$ 52@;$?2@ 3" Y$XF4M"^ A2hq?#@ e; 2$34Z?2 @ ;4@ @5$:<=" 342@:5$ @;
M"F@2 @3$;?Y"; :@ Ff#$2@N %
Mf#A@3@; 3$ ?M4#?:@<=" 3@ AM@F@N #@:"L2@; A"5$:F?@M#$:5$ A$2?b";@;^
#$;#" ;$ $q$F45@3@; @ L@?q@ Y$M"B
 ;<=7 ;<=  ,-  
F?3@3$N ’M_# 3?;;"^ A2";;$b4?2 ;$#B
A2$ @ 4#@ Y$M"F?3@3$ #"3$2@3@^ 3$ ,$#A2$ [4$ @F?":@2 @ #@2Fc@ @
#"3" @ A"3$2 E2$@2 @ [4@M[4$2 #"B 2_^ _ @A2$;$:5@3" :" 3?;AM@y ?#@b$#
#$:5" :" F@;" 3$ A2$;$:<@ 3$ 4# F@A5@3@ A$M@ Ff#$2@ 3$ 2_ 3@ 2$b?="
"L;5aF4M"N 52@;$?2@ 3" Y$XF4M"N
’; ?#@b$:; ;=" Y?;4@M?Z@3@; :" 3?;B
AM@y ‘4:5@#$:5$ F"# 4#@ #$:;@b$#
3$ @3Y$25\:F?@N
! w4@:3" @ @M@Y@:F@ 3$ #@2Fc@; E"2
1@2@ " E4:F?":@#$:5" F"22$5"^ _ 3$;@F"AM@3@ 3@ #@2Fc@ @ 2_^ @ ?#@B
?:3?;A$:;aY$M [4$ @ Ff#$2@ $;5$‘@ b$# 3@ Ff#$2@ ;$2a Y?;4@M?Z@3@ @5_
;$#A2$ M?#A@ 3$ M@#@^ ;4‘$?2@^ :$Y$ JG ;$b4:3";N ’ ?#@b$# ?2a 3$;@B
0$%!
A@2$F$2 @Ah; " A$2X"3" ?:3?F@3" "4 (#@ M?:c@ F$:52@M 52@F$‘@3@ ;"L2$B  A =  &@ 12 B G fi HI
F@;" @ Y$M"F?3@3$ 4M52@A@;;$ "; JH A";5@ ?:3?F@ " F$:52" 3" Y$XF4M" A@2@ F# @A2"q?#@3@#$:5$ 3$ 3?;5f:B
i#uc "4^ $:5="^ [4@:3" " 4;4a2?" E@F?M?5@2 @; #@:"L2@; 3$ $;5@F?":@B F?@ 3@ A@25$ 52@;$?2@ 3" Y$XF4M"
3$;@L?M?5@2 @ ?#@b$#^ FM?F@:3" :" J #$:5" "4 " @M?:c@#$:5" F"# " b@:B  A =   & 1$2 B HI F# fi PG
3" F@:5" ;4A$2?"2 3?2$?5" 3@ 5$M@N Fc" 3$ 2$L"[4$N ’; 3?E$2$:5$; 2$B F# @A2"q?#@3@#$:5$ 3$ 3?;5f:B
b?]$; F"M"2?3@; ?:3?F@# @ 3?;5f:F?@ F?@ 3@ A@25$ 52@;$?2@ 3" Y$XF4M"
+;;$ @52@;" :@ 2$5?2@3@ 3@ ?#@b$#
3@ A@25$ 52@;$?2@ 3" Y$XF4M"N  A =   12 B PG F# @A2"B
3@ Ff#$2@ A"3$ ;$2 @5?Y@3" "4 3$;@B
5?Y@3" :@; F":E?b42@<]$; 3@ Ff#$2@ W$‘@ @ ;$b4?2 @; 3?;5f:F?@; @A2"q?B q?#@3@#$:5$ "4 ;4A$2?"2 3$ 3?;B
3$ 2_ A2$;$:5$ :@ 3$E?:?<]$; 3" ;?;B #@3@; A@2@ F@3@ 2$b?="N 5f:F?@ 3@ A@25$ 52@;$?2@ 3" Y$XF4M"
5$#@ (F"::$F5.&
 A     &:

 ,$ " A"25@B#@M@; $;5?Y$2 @L$25"^


@ Ff#$2@ :=" ?3$:5?E?F@2a [4@M[4$2
’ ?#@b$# Y?;4@M?Z@3@ :" 3?;AM@y
"L;5aF4M" :@ A@25$ 52@;$?2@ 3" Y$XB
A"3$ E?F@2 M?b$?2@#$:5$ 3$E"2#@3@N
F4M"N !" 3?;AM@y ;$2a Y?;4@M?Z@3@
4#@ #$:;@b$# 3$ @Y?;" $;A$FXE?F@N
K6    !$;5$ F@;"^ E$Fc@2 " A"25@B#@M@;^
 G F$25?E?F@:3"B;$ 3$ ;$4 F"#AM$5" 52@B
 +& ><)    &: Y@#$:5"N
’54@:3" :@; 3$E?:?<]$; 3" ;?;5$#@
(F"::$F5¢ _ A";;XY$M @5?Y@2 @ Y?;4B 
@M?Z@<=" $# M?:c@; b4?@ :" 3?;AM@yN +# @Mb4#@; F?2F4:;5f:F?@;^ F"#"^
,$ @5?Y@3@^ @ b2@3$ _ A";?F?":@3@ A"2 $q$#AM"^ A2$;$:<@ 3$ ;4‘$?2@ $#
:@ ?#@b$# A@2@ $Y?3$:F?@2 @ M@2b42@ b$2@M^ M@#@^ b$M"^ :$Y$ "4 ab4@ :@
@A2"q?#@3@ 3" Y$XF4M" $ " A$2F42;" ;4A$2EXF?$ 3@ Ff#$2@^ @ ;$:;?L?M?3@3$
$# #@2Fc@ @ 2_ A2$Y?;5" F"# L@;$ :@ 3@ Ff#$2@ A"3$ E?F@2 2$34Z?3@N
A";?<=" 3" Y"M@:5$N

0$%"

9@;" ;$‘@ :$F$;;a2?" A?:5@2 @ 5@#A@
3" A"25@B#@M@;^ F$25?E?F@2B;$ 3$ [4$ ! !
@ 5?:5@ :=" 5$:c@ ?:5$2E$2?3" :" Y?;"2 !=" F"M"F@2 :@ $q52$#?3@3$ 3" !=" 45?M?Z@2 " F$M4M@2 A2hq?#" 3@
3@ Ff#$2@N L"F@M :$:c4# "L‘$5"u5@#A=" :=" L"#L@ 3$ @L@;5$F?#$:5" 3$ F"#L4;B
A2$Y?;5" :" Y$XF4M"N 5XY$MN

 ’ 45?M?Z@<=" 3$ "L‘$5";u5@#A]$; +;5@ @5?543$ A"3$ A2"Y"F@2 ?:F\:B


:=" F":E"2#$; A"3$# A2"Y"F@2 @4B 3?"N
*42@:5$ @; #@:"L2@; 3$ $;5@F?"B
#$:5"; 3$ A2$;;=" :" ?:5$2?"2 3" 2$B
:@#$:5"^ A2$;5@2 ;$#A2$ @ #aq?#@
;$2Y@5h2?"^ F2?@:3" F":3?<]$; 3$ A$B -; 3?;A";?5?Y"; @:5?A"M4$:5$; $q?B
@5$:<=" @"; "L;5aF4M"; [4$ A";;@#
2?b"N b$# " 4;" $qFM4;?Y" 3$ b@;"M?:@ ;$#
;$ $:F":52@2 A"2 F?#@ "4 A"2 L@?q"
3" F@#A" 3$ @<=" 3@ Ff#$2@N Fc4#L"N

 %
    !
*$ @F"23" F"# 2$b4M@#$:5@<="
! !=" ;$ @A2"q?#@2 3" L"F@M 3" 5@:B Y?b$:5$ $;5@L$M$F?3@ A$M@ ’!1
[4$ 3$ F"#L4;5XY$M F"# Eh;E"2"; "4 s’b\:F?@ !@F?":@M 3$ 1$52hM$"t @
 F?b@22"; @F$;";^ A"?; ca A$2?b" 3$ ?:B b@;"M?:@ :"2#@M#$:5$ 3?;A":XY$M :"
’:5$; 3$ $E$54@2 " @L@;5$F?#$:5"^ F\:3?"N #$2F@3" L2@;?M$?2" :=" 3$Y$ F":5$2
_ ?#A"25@:5$ F$25?E?F@2B;$ 3" 5?A" 3$ +Y?5@2 5@#L_# @A2"q?#@2 3$#@?; Fc4#L" $# A2"A"2<]$; [4$ A";;@#
F"#L4;5XY$M F"22$5"N " 2";5" 3" L"F@M^ A@2@ :=" ?:@M@2 F@4;@2 3@:"; @" F":Y$2;"2 F@5@MX5?F"
Y@A"2$; :"F?Y";N 3"; @45"#hY$?;N
*$;M?b@2 " #"5"2 @:5$; 3$ $E$54@2
" @L@;5$F?#$:5"N

0$%%
-L;$2Y$ ;$#A2$ @; 2$F"#$:3@B  #J 1, .+?;&  &
<]$; 3$;5$ #@:4@MN 7+ A& 2
! - ;?;5$#@ R)+6 E"? A2"‘$5@3" A@2@
!=" @3?F?":@2 "452" 5?A" 3$ b@;"B A2"A"2F?":@2 5"5@M EM$q?L?M?3@3$ :@
M?:@ :" 5@:[4$ s$qN% b@;"M?:@ 3$ @Y?B @M?#$:5@<=" 3" #"5"2 3" Y$XF4M"^
@<="t^ :=" c"#"M"b@3@ A@2@ 4;" @4B ! A$2#?5?:3" @ 45?M?Z@<=" 3$ $5@:"M "4
5"#"5?Y"N - F":Y$2;"2 F@5@MX5?F" ?:$E?F?$:5$ 3$ b@;"M?:@ ?:3?;5?:5@#$:5$N - F"#B
A2"Y"F@ $#?;;]$; :"F?Y@; :" $;F@B L4;5XY$M A"3$ ;$2 @3?F?":@3" :" 2$B
-452"; 5?A"; 3$ b@;"M?:@ A"3$# ;$2Y@5h2?" :@ A2"A"2<=" [4$ " 4;4aB
A@#$:5"N
A2"Y"F@2 3@:"; ?22$Y$2;XY$?; :" F":B 2?" ‘4Mb@2 F":Y$:?$:5$ A@2@ " 4;"N
Y$2;"2 F@5@MX5?F"N ’M_# 3?;;"^ A"3$2a A"M4?2 " #$?"
@#L?$:5$N 9@L$2a @" 4;4a2?" @ @:aM?;$ ;"L2$
[4@M A2"A"2<=" 3"; 3"?; F"#L4;5XB
 Y$?; _ #@?; F":Y$:?$:5$ A@2@ " ;$4
,$ " Y$XF4M" $;5?Y$2 $# 52f:;?5" 5?A" 3$ 45?M?Z@<="^ F":;?3$2@:3" @;
A"2 "452"; A@X;$;^ F$25?E?[4$B;$ 3$ 3?Y$2;@; Y@2?aY$?; sA2$<" 3" F"#L4;B
[4$ " @L@;5$F?#$:5" ;$‘@ E$?5" ;"B ! 5XY$M^ F":;4#"^ 3$;$#A$:c"^ $5FNtN
#$:5$ F"# b@;"M?:@ [4$ :=" F":5$B ’ Fc@Y$ 3$ ?b:?<=" 3$Y$2a A$2#@B ’ F$:52@M $M$52r:?F@ 3$ F":52"M$ 3$
:c@ Fc4#L" $# ;4@ F"#A";?<="N :$F$2 3$;M?b@3@ $:[4@:5" " Y$XF4M" ?:‘$<=" $;5a A2$A@2@3@ A@2@ xb$2$:B
$;5?Y$2 ;$:3" @L@;5$F?3"N F?@2z @ ?:5$2@<=" $:52$ "; 3"?; 5?A"; 3$
+;;$ A2"F$3?#$:5" Y?;@ @ b@2@:5?2 F"#L4;5XY$M s$5@:"M "4 b@;"M?:@t A";B
" E4:F?":@#$:5" F"22$5" 3" ;?;5$#@ ;?L?M?5@:3" 4# E4:F?":@#$:5" ;$#B
! $ $Y?5@2 $22"; 3$ ?:3?F@<=" 3" ?:;524B A2$ 2$b4M@2 $# 5"3@; @; ;?54@<]$; 3$
#$:5" :" A@?:$MN 45?M?Z@<="N
!4:F@ ?:52"34Z?2^ :$# #$;#"
$# F@;"; 3$ $#$2b\:F?@^ @ #XB !" 4;" :"2#@M " ;?;5$#@ RM$q :="
:?#@ [4@:5?3@3$ 3$ b@;"M?:@ F"# 2$[4$2 F4?3@3"; "4 A2"F$3?#$:5";
Fc4#L" :" 5@:[4$N $;A$F?@?;^ $qF$54@:3" @ "L;$2Y@<="
3@; @3Y$25\:F?@; 3$ 45?M?Z@<=" A2$B

0$%&
;$:5$; :$;5$ F@AX54M" $ "; A":5"; 3$ 54@M 3$ #?;542@N +;5$ F"#A"25@#$:5" $
#@:45$:<=" $;A$FXE?F";N _ :"2#@M $ :=" @E$5@ " 3$;$#A$:c"
3" #"5"2N


! ’Ah; 4# @L@;5$F?#$:5"^ " ;?;5$#@
!=" 45?M?Z@2 F"#L4;5XY$?; 3?E$2$:B RM$q :$F$;;?5@ 3$ 4# A$[4$:" 5$#A"
5$; 3"; $;A$F?E?F@3";N 3$ @3@A5@<=" s@A2"q?#@3@#$:5$ JG
#?:45";t F"# " Y$XF4M" E4:F?":@:3"^
- ;?;5$#@ ;"#$:5$ $;5a A2$A@2@3"
A@2@ 2$F":c$F$2 " F"#L4;5XY$M [4$ 1@2@ b@2@:5?2 " 2$@L@;5$F?#$:5"
A@2@ E4:F?":@2 F"# $5@:"M $ b@;"M?:@
$;5a :" 5@:[4$ s$5@:"M "4 b@;"M?:@tN F"#AM$5" 3" 2$;$2Y@5h2?"^ $E$54@2
@45"#"5?Y";N
+;5@ 2$F"#$:3@<=" _ ?#A"25@:5$^ 34@; "A$2@<]$; @45"#a5?F@;
;"L2$543"^ [4@:3" 5$:c@ "F"22?3" s3$;@2#$u$;5@M?3"t 3@ A?;5"M@ 3$
@ 52"F@ 3" F"#L4;5XY$M [4$ $;5@Y@ @L@;5$F?#$:5" ;$# 2$5?2@2 @ A?;5"M@
;$:3" 45?M?Z@3" s$qN% $5@:"M $# Y$Z 3" L"F@M 3$ $:Fc?#$:5"N 9":;4M5@2 %
! @ M$b?;M@<=" Y?b$:5$N
3$ b@;"M?:@tN - Y$XF4M" 3$Y$ F4#A2?2
!=" @3@A5@2 " Y$XF4M" A@2@ E4:F?"B 4# A$2F42;" #X:?#" sA$M" 5$#A" @:B
:@#$:5" F"# U!W sUa; :@542@M Y$?B +Y?5@2 A";5$2?"2$; "A$2@<]$; 3$
5$2?"2#$:5$ $;A$F?E?F@3"t A@2@ [4$ " @L@;5$F?#$:5" [4$ A";;@# A2"Y"F@2
F4M@2tN ;?;5$#@ @;;?#?M$ " :"Y" F"#L4;5XY$MN @:"#@M?@; :" ;?;5$#@ 3$ @M?#$:5@B
’; F@2@F5$2X;5?F@; 3" ;?;5$#@ R)+6 +;5$ A2"F$3?#$:5" ?2a #?:?#?Z@2 <="N
:=" A";;?L?M?5@# @ F":Y$2;="N $Y$:54@?; A2"LM$#@; :@ A2hq?#@ A@2B &@:5$2 @ 5@#A@ 3" 2$;$2Y@5h2?" 3$
5?3@ 3" Y$XF4M"^ A2?:F?A@M#$:5$ ;$ " F"#L4;5XY$M ;$#A2$ L$# E$Fc@3@ $
#"5"2 $;5?Y$2 E2?"N :=" @ ;4L;5?54XBM@ A"2 "452@ 3$ 5?A"

-; #"5"2$; EM$q A"3$# @A2$;$:5@2 3?E$2$:5$N
:XY$?; 3$ 24X3"; 3?E$2$:5$;^ 3$A$:B
3$:3" 3" F"#L4;5XY$M 45?M?Z@3" s$5@B
:"M "4 b@;"M?:@t L$# F"#" A$2F$:B

0$%(
  $%


- F"#L4;5XY$M [4$ $;F"22$ @F?3$:B
5@M#$:5$ 342@:5$ " @L@;5$F?#$:5"^ ’ A"25?:c"M@ 3" L"F@M 3$ F"#B
@M_# 3$ ;$2 A"M4$:5$^ A"3$ 3@:?E?B L4;5XY$M 3$;LM"[4$?@B;$ [4@:3" " E$B
F@2 @ A?:542@ 3" Y$XF4M" :@ 2$b?=" 3" Fc@#$:5" F$:52@M?Z@3" 3@; A"25@; _
L"F@M 3$ @L@;5$F?#$:5"^ 3$Y$:3" ;$2 3$;M?b@3" $ LM"[4$?@B;$ @45"#@5?F@B
$Y?5@3"N #$:5$ @F?":@:3" " E$Fc@#$:5" F$:B
52@M?Z@3"N

. +     @&
 U?2@2 @ 5@#A@ 3" L"F@M $ :" ;$:B
! 1@2@ $E$54@2 " @L@;5$F?#$:5"^ A2"B 5?3" @:5?Bc"2a2?" @5_ ;$4 F"#AM$5"
F$3$2 F"#" ?:3?F@3" @ ;$b4?2% 3$;@M"‘@#$:5"N
!=" ;$ 3$Y$ $E$54@2 " @L@;5$F?B
#$:5" :" #"3" #@:4@M 3@ L"#L@^
A"?; " $;A@<" 3$ 3?M@5@<=" :" ?:5$B  *$;LM"[4$@2 @ A"25?:c"M@ @52@B
2?"2 3" 5@:[4$ A"3$2a ;$2 A2$$:Fc?3" Y_; 3" 5$M$F"#@:3" 3$ @L$2542@
?:3$Y?3@#$:5$N 3@; A"25@;^ A2$;;?":@:3" " L"B
5=" "4 @52@Y_; 3" F"#@:3" ?:B
+;;$ A2"F$3?#$:5" A"3$ "F@;?"B 5$2:" :" A@?:$M 3$ 3$;LM"[4$?"
:@2^ $# F@;" 3$ @4#$:5" 3$ 5$#B F$:52@M?Z@3" 3@; A"25@;N
A$2@542@^ 52@:;L"23@#$:5"^ "3"2 3$  ’L2?2 @ A"25?:c"M@ ^
F"#L4;5XY$M $ 3@:"; @" ;?;5$#@ 3$ A2$;;?":@:3" :" A":5" ?:3?F@3"
F":52"M$ 3$ $#?;;]$; $Y@A"2@5?Y@;N A$M@ ;$5@N
 ’Ah; @ 2$5?2@3@ 3@ 5@#A@ $^
$:F@?q$B@ :" ;4A"25$  $q?;5$:5$
:@ A"25?:c"M@

0$%)
 $  
) !
$4   ’ R9’ R>’. 98DT,)+D ’(.-B
&VW+>, CD’,>) ).*’ :=" ;$ 2$;B
A":;@L?M?Z@ A$M@ b@2@:5?@ 3$ A$<@;
$ @F$;;h2?"; :=" b$:4X:"; ?:;5@M@3";
! :" Y$XF4M"N
- ;?;5$#@ ’C, F"# [4$ " Y$XF4M"
$;5a $[4?A@3" :=" F":52"M@ " ;?;5$#@ ’ ?:;5@M@<=" ?:@3$[4@3@ 3$ A$<@;
 >:;$2?2 @ A?;5"M@ :" L"F@M $ A2"F$B
3$ E2$:@b$# 3" 2$L"[4$N $ @F$;;h2?"; A"3$ @F@22$5@2 3@:"; e
3$2 @" @L@;5$F?#$:5"N
F@22"F$2?@^ :=" ;$:3" A@;;XY$?; 3$
 .$2#?:@3" " @L@;5$F?#$:5"^ @:B ’;;?#^ _ :$F$;;a2?" 5$2 4# F4?B F"L$2542@ 3$ b@2@:5?@N
5$; 3$ 2$#"Y$2 @ A?;5"M@ 3$ @L@;B 3@3" $;A$F?@M $# ;4A$2EXF?$; $;F"2B
5$F?#$:5"^ @b4@23@2 A$M" #$:"; 2$b@3?@;N
JG ;$b4:3"; A@2@ A$2#?5?2 [4$ "  %
F"#L4;5XY$M EM4@ :" ?:5$2?"2 3" 1@2@ " 2$L"[4$ 3$ @52$M@3";^ " Y$XB
2$;$2Y@5h2?"N F4M" 3$Y$ 5$2 4# b@:Fc" 3$ 2$L"[4$
 +# ;$b4?3@^ 2$5?2@2 @ A?;5"M@ 3$ c"#"M"b@3" $ 4# ;?;5$#@ $M_52?F"
!
@L@;5$F?#$:5" 3" L"F@M $ E$Fc@2 @3$[4@3"N ’ ?:;5@M@<=" 3$Y$ ;$2 $E$B
@ 5@#A@ $ b?2@:3" :" ;$:5?3" !4:F@ #"3?E?F@2 " ;?;5$#@ 3$ E2$B 54@3@ A"2 A$;;"@M $;A$F?@M?Z@3"N
c"2a2?" @5_ ;$4 F"#AM$5" E$Fc@B :@b$# 3" Y$XF4M" A@2@ " F"#@:3"
#$:5" ;?:@M?Z@3" A$M" pFM?FipN 3" E2$?" 3" 2$L"[4$N

 R$Fc@2 @ A"25?:c"M@ N - ;?;5$#@ 3$ E2$:@b$# 3" 2$L"B
[4$ 3$Y$ ;$2 F"#AM$5@#$:5$ ?:3$B &":5@2 $Y$:54@M#$:5$ $;A$Mc";
A$:3$:5$ 3" ;?;5$#@ c?32a4M?F" 3" 2$52"Y?;"2$; $;A$FXE?F"; $u"4 ;4AM$B
Y$XF4M"N #$:5@2$; 2$;A$?5@:3" @ M$b?;M@<="
Y?b$:5$N

0$%*
  
D$F"23@2 [4$ " 2$L"[4$ 3$ 4# D$;A$?5@2 "; M?#?5$; 3$ Y$M"F?3@3$ +Y$:54@?; ?:5$2Y$:<]$; 2$@M?Z@3@;
@52$M@3" 2$34Z @ A";;?L?M?3@3$ #aB A@2@ "; Y$XF4M"; F"# @52$M@3";N +# :" ;?;5$#@ $M_52?F" 3" Y$XF4M" 3$B
q?#@ 3$ 4# Y$XF4M" A@2@ ;4A$2@2 @FM?B 5"3" " F@;"^ @ Y$M"F?3@3$ #aq?#@ Y$# ;$2 2$@M?Z@3@; $qFM4;?Y@#$:5$
Y$;^ @4#$:5@ "; $;A@<"; 3$ E2$:@b$:; :=" 3$Y$ 4M52@A@;;@2 "; JGG i#ucN :@    , & # C
$ "; 5$#A"; A@2@ 4#@ 4M52@A@;;@b$#
;$#A2$ $# 2$M@<=" @" A$;" 5"5@M 3"
#$;#"^ @M_# 3" F"#A2?#$:5" 3" 2$B  
L"[4$N (# $Y$:54@M E2$?" $M_52?F" "4 "452" ’ 45?M?Z@<=" 3$ F@2b@; @4q?M?@2$;
sA"2 $qN b4?:Fc" $M_52?F"^ $5FNt 3$Y$ 3?E$2$:5$; 3@; M4Z$; $q5$2:@; sA"2 $qN
;$2 @M?#$:5@3" 3?2$5@#$:5$ A$M@ L@B E2$?" $M_52?F"^ b4?:Fc" $M_52?F"^ $5FNt
 5$2?@ @52@Y_; 3$ 4# F@L" F"# ;$<=" 3$Y$ ;$2 2$@M?Z@3@ F"# " #"5"2 M?B
!"; A$2F42;"; $# 3$;F?3@^ $:b@5$ :=" ?:E$2?"2 @ O^I ##ON b@3"N
4#@ #@2Fc@ L@?q@^ $# Y$Z 3$ 4;@2
F":;5@:5$#$:5$ " E2$?"N

’M_# 3@; 3$2?Y@<]$; $M_52?F@; _ @3B
 #?5?3" M?b@2 @" ;?;5$#@ $M_52?F" 3"
- A$;" [4$ " 2$L"[4$ $q$2F$ :" Y$XF4M" ;h " F@L" A@2@ @ @M?#$:5@B
b@:Fc" 3$ 2$L"[4$ 3" Y$XF4M"^ 2$B <=" 3$ 4# $Y$:54@M E2$?" $M_52?F" $ "
34Z $# ?b4@?; Y@M"2$; @ F@A@F?3@3$ F@L" A@2@ 4#@ Mf#A@3@ 3$ ?M4#?:@B
3$ F@2b@ 3" A2hA2?" Y$XF4M"N 1"2 4#@ <=" ?:5$2:@ 3" @52$M@3" F"# A"5\:F?@
[4$;5=" 3$ ;$b42@:<@ $ A@2@ :=" 4MB :=" ;4A$2?"2 @ JI §N 1@2@ @; F":$B
52@A@;;@2 " A$;" #aq?#" 2$L"FaY$M^ q]$; 45?M?Z@2 @ F$:52@M A2_B?:;5@M@3@
_ :$F$;;a2?" 5$2 $# F":5@ " A$;" 3" F"# F@L" 3@ L@5$2?@ F"# ;$<=" :="
2$L"[4$ $# AM$:@ F@2b@^ ?:FM4?:3" ?:E$2?"2 @ O^I ##ON
"; @F$;;h2?"; $ @; L@b@b$:; A$;;"@?;N

0$%+
   0 '<=   A  .*+
- 2$L"[4$ 3$Y$ ;$2 ?:;5@M@3" 45?M?Z@:3" @ A2$3?;A";?<=" b$:4X:@ :" Y$XF4M" A@2@ 2$F$L$2 " 3?;A";?5?Y"N
!@ ?M4;52@<=" $;5=" "; A":5"; 3$ E?q@<=" ^ $^  $  [4$ 3$Y$# ;$2 ;$#A2$ 2$;A$?5@3"; :@ ?:;5@M@<=" A";5$2?"2 3"
3?;A";?5?Y" 3$ 2$L"[4$N
&":5@2 " $:b@5$ A@2@ 2$L"[4$ F":E"2#$ "2?$:5@<=" 3" E@L2?F@:5$N

0$%,
      %.AA 7  %*+  ,_    - ,
D$5?2@2 " L@b@b$?2" "4 " A"25@B - 4;" 3$ @F$;;h2?"; @$2"3?:f#?B
  $
$;[4?; 3" 5$5" 3$A"?; 3$ 45?M?Z@3";N F";^ :=" F$25?E?F@3"; A@2@ 5@M E?#^
’ ;$b4?2 ;=" ?:3?F@3@; @Mb4#@; +;5$; @F$;;h2?"; 3?#?:4$# @ A$:$52@B A"3$ A2$‘43?F@2 @ @$2"3?:f#?F@ $ ";
;4b$;5]$; v5$?; [4$ A$2#?5$# "L5$2 <=" @$2"3?:f#?F@ 3" Y$XF4M"^ 5$:3" F":;4#";N
4#@ $F":"#?@ 3$ F"#L4;5XY$M $ 4#@ 4#@ ?:EM4\:F?@ :$b@5?Y@ :"; F":;4B
F":5$:<=" 3@; $#?;;]$; :"F?Y@;N #";N
  
 + <=  ;?,+&     ; &O ,   ; <=
S$M@2 A$M@ #@:45$:<=" 3" Y$XF4M" (5?M?Z@2 "; 3?;A";?5?Y"; $M_52?F"; !=" 3$?q@2 @[4$F$2 " #"5"2 F"#
$E$54@:3" "; F":52"M$; $ @; ?:5$2Y$:B @A$:@; 342@:5$ " 5$#A" :$F$;;a2?"N " Y$XF4M" A@2@3" :$# $# #@2Fc@
<]$; A2$Y?;5@; :" p1M@:" 3$ #@:45$:B -; E@2h?; ;4AM$#$:5@2$;^ "; M?#A@B M$:5@^ :$# $# 2$b?#$ $M$Y@3"% :$;B
<=" A2"b2@#@3@pN 3"2$; 3"; Y?32"; $ @ Y$:5"?:c@ 3" 5@; F":3?<]$;^ " #"5"2 @[4$F$ #4?5"
;?;5$#@ 3$ @[4$F?#$:5"^ @L;"2Y$# #@?; M$:5@#$:5$^ @4#$:5@:3" ";
 + 4#@ :"5aY$M [4@:5?3@3$ 3$ F"22$:5$^ F":;4#"; $ @; $#?;;]$;N d @F":;$B
A2"Y"F@:3" A"2 F":;$b4?:5$ 4# @4B McaY$M A@25?2 M"b" $ M$:5@#$:5$^ $Y?B
9":52"M@2 A$2?"3?F@#$:5$ @ A2$;B 5@:3" 2$b?#$; $M$Y@3";^ 3$;5$ #"3"^
#$:5" 3" F":;4#" 3$ F"#L4;5XY$M
;=" 3"; A:$4; F"# 4# ?:5$2Y@M" :=" s@5_ ›OI¤ $# F?2F4M@<=" 42L@:@tN " #"5"2 @[4$F$2a #@?; 2@A?3@#$:5$N
;4A$2?"2 @; } ;$#@:@;% ;$ @ A2$;;="
$;5?Y$2 #4?5" L@?q@^ "; F":;4#"; @4B
&  >  .  a 
#$:5@#^ A"2[4$ @ 2$;?;5\:F?@ @" 2"B
M@#$:5" _ #@?"2N ’ 45?M?Z@<=" 3" FM?#@5?Z@3"2 A2"B +Y?5@2 @F$M$2@2 [4@:3" $;5?Y$2 A@B
Y"F@ 4# @4#$:5" 3"; F":;4#";% 2@3" :"; ;$#aE"2"; "4 @:5$; 3$ 3$;B
 A a  [4@:3" @ 5$#A$2@542@ $q5$2:@ " A$2B M?b@2 " #"5"2N +;5@ vM5?#@ #@:"L2@^
#?5?2^ 45?M?Z@2 3$ A2$E$2\:F?@ @ ;?#B F"#" 5@#L_# @ p34AM@ $#L2$@b$#p^
!=" Y?@‘@2 F"# " A"25@B#@M@; ;"B AM$; Y$:5?M@<="N ;=" ?:v5$?; $ A2"Y"F@# @4#$:5" 3";
L2$F@22$b@3"N - A$;" 3" Y$XF4M" $ F":;4#"; $ 3@ A"M4?<="N
" ;$4 @M?:c@#$:5" ?:EM4$:F?@# E"25$B
#$:5$ "; F":;4#"; $ @ $;5@L?M?3@3$N

0$&-
 ,   ,@ ,& <= .@#L_# "; A$2F42;"; ;?:4";";^
F"#" $;52@3@; 3$ #":5@:c@^ "4
.=" M"b" @; F":3?<]$; 3" 52f:;?5" ’F$M$2@2 3$ E"2#@ Y?"M$:5@^ ?:34B
52$Fc"; $# #@4 $;5@3" 3$ F":;$2Y@B
" A$2#?5@#^ 45?M?Z@2 @; #@2Fc@; #@?; Z?:3" " #"5"2 @ E4:F?":@2 $# 2"B
<="^ ?:EM4$:F?@# :$b@5?Y@#$:5$ "
@M5@;N - 4;" 3$ #@2Fc@; L@?q@; A@2@ 5@<]$; $M$Y@3@;^ A$:@M?Z@ :"5@Y$MB
F":;4#"N
"L5$2 4#@ L"@ 2$;A";5@ 3" #"5"2 #$:5$ " F":;4#" 3$ F"#L4;5XY$M^ @;
A2"Y"F@ @4#$:5" ?:$Y?5aY$M 3" F":B $#?;;]$; 3$ A"M4$:5$; $ @ A2hA2?@ 34B
;4#"N *@ #$;#@ E"2#@^ @ ?:;?;5\:F?@ 2@L?M?3@3$ 3" #$;#"g F":Y_# @F$M$B   +  + <)   -  C
$# #@:5$2 #@2Fc@; @M5@; $# 52$Fc"; 2@2 b2@34@M#$:5$ $ :=" 4M52@A@;;@2 " *42@:5$ @; A@2@3@; A2"M":b@3@;^
3$ L@?q@ Y$M"F?3@3$^ @M_# 3$ @4#$:B 2$b?#$ 3$ 5"2[4$ #aq?#" 3" #"5"2N #"5?Y@3@; A"2 52f:;?5" ?:5$22"#A?3"^
5@2 " F":;4#" $ @ $#?;;=" 3$ A"M4B " #$Mc"2 @ E@Z$2 _ 3$;M?b@2 " #"5"2N
$:5$;^ @F$M$2@ " 3$;b@;5$ 3" #"5"2N   <)  + & ><=
.2@‘$5"; #4?5" F425"; $ A@25?3@; E2$B    
&,  /' 
[4$:5$; F"# " #"5"2 E2?" :=" A$2#?B
.$:5@2 #@:5$2 4#@ Y$M"F?3@3$ 4:?B 5$# [4$ " #"5"2 @5?:‘@ @ 5$#A$2@542@ 
E"2#$^ 3$:52" 3" A";;XY$M^ $Y?5@:3" ?3$@M 3$ E4:F?":@#$:5"^ @M_# 3$ ;?bB %
d $q52$#@#$:5$ A$2?b";" 3$?q@2
E2$@3@; $ 2$5"#@3@; 3$;:$F$;;a2?@;^ :?E?F@2 4# ?:F2$#$:5" 3$ F":;4#"
F2?@:<@; :" ?:5$2?"2 3" Y$XF4M" $;5@F?B
[4$ F":;"#$# F"#L4;5XY$M $ @4B $ 3$ $#?;;=" 3$ ;4L;5f:F?@; :"F?Y@;
":@3" [4@:3" @ 5$#A$2@542@ $q5$2?"2
#$:5@#^ ;?#4M5@:$@#$:5$^ @ $#?;B 3@ "23$# 3$ JI @ HG¤N
E"2 #4?5" $M$Y@3@N - F@M"2 :" ?:5$2?"2
;=" 3$ A"M4$:5$;N ’F":;$Mc@B;$ @
3" c@L?5aF4M" A"3$ 5$2 F":;$[4\:B
@3"5@2 4# #"3" 3$ 3?2?b?2 A243$:5$^  +<=   -    ,  <=  F?@; b2@Y$; "4 #$;#" #"25@?;N
52@5@:3" 3$ @:5$F?A@2 @; #@:"L2@; ;    
A@2@ $Y?5@2 A$2?b" ?#?:$:5$ $ 3$ 2$;B
- F":;4#" $M$Y@3" 3$ F"#L4;B
A$?5@2 @ 3?;5f:F?@ 3$ ;$b42@:<@ $# 2$B 
5XY$M $;5a M?b@3" 3?2$5@#$:5$ @ ;?54B
M@<=" @"; Y$XF4M"; [4$ 52@E$b@# M"b" !4:F@ Y?@‘@2 :" A"25@B#@M@;N +#
@<]$; 3$ 52f:;?5" ?:5$:;"^ ;"L2$543"
@ E2$:5$N F@;" 3$ @F?3$:5$^ @; A$;;"@; $;5@2?@#
:@; b2@:3$; F?3@3$;^ ":3$ ;$ 52@E$b@
342@:5$ @ #@?"2 A@25$ 3" 5$#A" 45?B $qA";5@; @" 2?;F" 3$ M$;]$; b2@Y$; "4
M?Z@:3" #@2Fc@; L@?q@; $ @; A@2@3@; #$;#" #"25@?;N
$# ;$#aE"2"; ;=" #4?5" E2$[4$:5$;N

0$&!
    5$2?"2 3" c@L?5aF4M"^ "4 ;$ @ F@22"B

’; $#?;;]$; 3@ 3$;F@2b@ ;=" #4?5" F$2?@ "4 @ A@25$ 52@;$?2@ 3" Y$XF4M"
9$25?E?F@2B;$ 3$ [4$ 5"3"; "; "F4B $;5?Y$2$# 3@:?E?F@3@;^ #@:3@2 Y$2?B
A@:5$; 3" Y$XF4M" 4;$# F"22$5@#$:5$ A$2?b";@; $ A"3$# ;$2 M$5@?;N *$
E@5"^ F":5\# #":hq?3" 3$ F@2L":"^ E?F@2 5"3" " ;?;5$#@ 3$ 3$;F@2b@ $
"; F?:5"; 3$ ;$b42@:<@ $ [4$ $Y$:54B @; 2$b?]$; 3@ F@22"F$2?@ @3‘@F$:5$;
@?; F2?@:<@; $;5=" F"22$5@#$:5$ A";?B 4# ba; ?:F"M"2 $ ?:"3"2" [4$^ ;$
?:@M@3"^ A"3$ A2"Y"F@2 3$;#@?"; $ A@2@ ?3$:5?E?F@2 $Y$:54@?; F"#A":$:B
F?":@3@; :@; 2$;A$F5?Y@; F@3$?2?:c@;N 5$; A@25?3";^ 3@:?E?F@3";^ 3$5$2?"2@B
$:Y$:$:@#$:5";N
3"; "4 [4$ 5$:c@# ;"E2?3" 3$;M"F@B
1@2@ $Y?5@2 ?:@M@2 " #":hq?3" 3$ #$:5"; 2$M@5?Y"; e A";?<=" 3$ #":B
  
F@2L":"^ ;$b4?2 @; ?:3?F@<]$; @L@?q"% 5@b$# F"22$5@N 1@2@ $;5@; "A$2@<]$;^
’ ?:5$2Y$:<=" 3"; @?2L@b; A"3$ 3?2?b?2B;$ e    , & # N
;$2 A$2?b";@ A@2@ 4# @:?#@M [4$ ;$  !=" #@:5$2 " #"5"2 M?b@3" $#
$:F":52$ :" L@:F" 3?@:5$?2"N ’;;?#^ ,"M3@; @L$25@; "4 F":$q]$; 3$;@B
$;A@<"; E$Fc@3";N
_ @F":;$McaY$M F"M"F@2 "; @:?#@?; :" A$25@3@; A"3$# A$2#?5?2 ?:E?M52@<]$;
 9@;" ;$‘@ ?:3?;A$:;aY$M A$2#@B 3$ b@;$; 3$ 3$;F@2b@ :" ?:5$2?"2 3"
L@:F" 52@;$?2"^ :" ?:5$2?"2 3$ b@?"M@; :$F$2 @ L"23" 3" Y$XF4M" A@2@3"
@3$[4@3@; 2$5?3@; A$M"; F?:5"; 3$ c@L?5aF4M"N
F"# " #"5"2 M?b@3"^ 2$b4M@2 " ;?;B
;$b42@:<@ 3" Y$XF4M"N 5$#@ 3$ Y$:5?M@<="u@[4$F?#$:5" W$2?E?F@2 " ;?;5$#@ 3$ 3$;F@2b@
’M_# 3?;;"^ M$#L2$B;$ @?:3@ [4$^ $ @F?":@2 " Y$:5?M@3"2 F"# " ;$B ;$#A2$ [4$ " Y$XF4M" E"2 $M$Y@3"
$# F@;" 3$ E2$:@b$# L24;F@ "4 3$ M$5"2 3$ 2$F?2F4M@<=" ;$M$F?":@3" A@2@ "A$2@<]$; 3$ M4L2?E?F@<=" "4
@F?3$:5$^ 4# @:?#@M :=" @3$[4@3@B $# N ’5?Y@2 @ Y$M"F?3@3$ #aB 3$ ;4L;5?54?<=" 3" hM$"N ,4L;5?54?2 ";
#$:5$ 2$5?3" A"3$2?@ ;$2 A2"‘$5@3" q?#@ 3" Y$:5?M@3"2N F"#A":$:5$; F":E"2#$ :$F$;;a2?"N
A@2@ " ?:5$2?"2 3" c@L?5aF4M"^ F"# " 1@2@ $;5@; "A$2@<]$;^ 3?2?b?2B;$ e
2?;F" 3$ ;$ E$2?2 $ E$2?2 "; "F4A@:5$; (#@ #@:45$:<=" @3$[4@3@ 3"    , & # N
3" Y$XF4M"N ;?;5$#@ 3$ 3$;F@2b@ F":;5?54? @ #$B
Mc"2 A2"5$<=" F":52@ ?:E?M52@<]$; 3$
#":hq?3" 3$ F@2L":" :" c@L?5aF4M"N
,$ E"2 3$5$F5@3" 4# 24X3" 3?E$B
2$:5$ :" ;?;5$#@ 3$ 3$;F@2b@^ @ A2$B
;$:<@ 3$ b@;$; 3$ 3$;F@2b@ :" ?:B
0$&"
K   

3  
’" @52@Y$;;@2 52$Fc"; @M@b@3";^
’ 52@Y$;;?@ 3$ a2$@; @M@b@3@; 3$Y$ :=" 4M52@A@;;@2 ~ i#uc^ :=" E@Z\BM"
;$2 $Y?5@3@N +# F@;"; 3$ $q52$#@ ;$ @ A2"E4:3?3@3$ E"2 ;4A$2?"2 @
$#$2b\:F?@^ @ @5$:<=" 3$Y$ ;$2 2$B 2$E$2\:F?@ 3" F$:52" 3@; 2"3@; "4 :"
3"L2@3@ A@2@ b@2@:5?2 @ ;$b42@:<@ $ #aq?#" }G F#N (5?M?Z@2 ;$#A2$ @
$Y?5@2 3@:"; @" Y$XF4M"N 9@;" $:52$ J⁄ #@2Fc@^ 3";@:3" @ @F$M$2@<=" $
ab4@ A$M" ;?;5$#@ 3$ @;A?2@<=" 3" Y$M"F?3@3$ 3$ #"3" @ 2$34Z?2 @"
#"5"2^ ;_2?"; 3@:"; ;$2=" F@4;@3";^ #X:?#" @ E"2#@<=" 3$ ":3@;N
@M_# 3$ "452@; A";;XY$?; @Y@2?@; :";
;?;5$#@; 3$ 52@:;#?;;=" $ $M_52?F";N

*?@:5$ 3@ :$F$;;?3@3$ 3$ @52@Y$;B
;@2 F42;"; 3$ ab4@ s52$Fc"; @M@b@3";t^ ’.+!/0-% ":3@; E"2#@3@; A"2
@:5$; 3$ ?:?F?@2^ A2"F42@2 F":c$F$2 @ "452"; Y$XF4M"; A"3$# @4#$:5@2 "
A2"E4:3?3@3$ 3@ ab4@ F":E"2#$ @; :XY$M 3@ ab4@ 2$A$:5?:@#$:5$N %
2$F"#$:3@<]$; @ ;$b4?2N

0$&%
       D+&-/0- *+ +&+DUm!9>’ *’ 98’W+ *+
>U!>/0- N N N N N N N N N N N N N N N N N N N N N N RBO~
(# A:$4 E42@3" "4 4#@ Mf#A@3@ [4$?#@3@fl *+,.D’W’&+!.- *+ +&+DUm!9>’ *’
1"3$ @F":5$F$2 [4$ @Mb4:; ?:F":Y$:?$:5$; A$2542L$# ’)’W’!9’ *- 9‹&C>- ’(.-&«.>9- N N N N RBOP
@ :";;@ Y?@b$#N )>C+D’!*- (& W+n9()- 1D+,-
’; Aab?:@; 3$3?F@3@; e $#$2b\:F?@ A"3$# ;$2 3$ s’.-)’*-t N N N N N N N N N N N N N N N N N N N N N RBHG
@‘43@ A@2@ $:E2$:5@2 52@:[4?M@#$:5$ @; ;?54@<]$; F2X5?F@;N D+C-9’!*- - W+n9()- N N N N N N N N N N N N RBHJ
+# ;?54@<]$; 3$ $#$2b\:F?@^ _ @F":;$McaY$M M?b@2 A@2@ +6.>!.-D *+ ,+U(D’!/’ N N N N N N N N N N N RBH}
" :v#$2" ?:3?F@3" :" )?Y2" 3$ U@2@:5?@N
d 5@#L_# A";;XY$M M?b@2 A@2@ " :v#$2" 4:?Y$2;@M^ :@B
F?":@M "4 ?:5$2:@F?":@M A@2@ A2"F42@2 @ D$3$ 3$ ’;;?;B
5\:F?@ #@?; A2hq?#@N

)(S+, *+ ’*W+D.m!9>’ *+ 1+D>U- N N N N N N N RBJ


,(C,.>.(>/0- *+ )‹&1’*’, N N N N N N N N N N RBJ
R(,nW+>, N N N N N N N N N N N N N N N N N N N N N N RBJJ &
.D-9’ *+ 1!+(, N N N N N N N N N N N N N N N N N RBJK
1’D.>*’ *- &-.-D 9-& C’.+D>’
’(6>)>’D N N N N N N N N N N N N N N N N N N N N N N RBOJ
,>,.+&’ *+ 9-D.+ *+ 9-&C(,.nW+) N N N N N RBO7
D+’C’,.+9+!*- +& ,>.(’/0- *+
+&+DUm!9>’ N N N N N N N N N N N N N N N N N N N N RBOK
,+ - &-.-D ,(1+D’w(+9+D N N N N N N N N N N RBOK

1
    & ><=  0  A    % D?;F" 3$ ?:F\:3?"N
AL ,  10+ <= 2
    &  +# F@;" 3$ E2$:@b$# 3$ $#$2b\:B
K   ! F?@^ @F$:3$#B;$ @45"#@5?F@#$:5$ @;
M4Z$; 3$ $#$2b\:F?@ $ :" [4@32" 3$ !
  
?:;524#$:5"; @F$:3$#B;$ @; M4Z$;B ’; Mf#A@3@; c@Mhb$:@; F":5\# ba;
12$;;?":@2 " L"5=" A@2@ M?b@2u $;A?@ N ;"L A2$;;="N
3$;M?b@2 @; M4Z$; 3$ $#$2b\:F?@N
’; M4Z$; 3$;M?b@#B;$ @45"#@5?F@B +# F@;" 3$ 24A542@^ _ A";;XY$M @
#$:5$ :" #"#$:5" $# [4$ @ E2$:@B A2"‘$<=" 3$ E2@b#$:5"; 3$ Y?32"N
b$# :=" 5$# #@?; F@2a5$2 3$ $#$2B
b\:F?@N

     !
’; Mf#A@3@; c@Mhb$:@; 3$Y$# ;$2
/& #@:4;$@3@; 5"F@:3" $qFM4;?Y@#$:5$
 :@ A@25$ #$5aM?F@N ,$ " L4ML" 52@:;B
A@2$:5$ $:52@2 $# F":5@5" F"# "; 3$B &
3";^ ?;5" 2$34Z @ ?:5$:;?3@3$ 3@ M4Z
9"# @; M4Z$; 3$ $#$2b\:F?@ M?B $#?5?3@ $ A"3$ 5@#L_# A2$‘43?F@2 @
b@3@;^ "L5_#B;$ @ ?:5$2#?5\:F?@ 3@; ! 342@<=" 3@ Mf#A@3@N
M4Z$;B$;A?@ N
&"3?E?F@<]$; "4 2$A@2@<]$; 3" ;?;B +# F@;" 3$ F":5@5" @F?3$:5@M^ $;B
5$#@ $M_52?F" 2$@M?Z@3@; E"2@ 3@  E2$b@2 @ Mf#A@3@ F"# 4# A@:" F"#
   , & #  ^ 3$ #"3" ?:F"22$5" aMF""M $ 3$?q@2 ;$F@2N
$ ;$# 5$2 $# F":;?3$2@<=" @; F@2@FB
- 4;" 3@; M4Z$; 3$ $#$2b\:F?@ _
5$2X;5?F@; 5_F:?F@; 3" ;?;5$#@ A"3$#
2$b4M@#$:5@3" A$M" Fh3?b" 3@ 52f:B
F@4;@2 @:"#@M?@; 3$ E4:F?":@#$:5"
;?5" 3" A@X; ":3$ ;$ F?2F4M@% "L;$2Y@2
$ A$2?b" 3$ [4$?#@342@;N
@; A2$;F2?<]$;N
1$!
6  @:"#@M?@ $ :=" F"#A2"#$5$ " :"2B -  &    ;  
#@M E4:F?":@#$:5" 3"; 3?;A";?5?Y"; 1  2( $;5=" ?:;$2?3@; e A2$;;="N
 ’:5$; 3$ ;4L;5?54?2 4#@ Mf#A@3@
3$ ?M4#?:@<="N ’ F":3$:;@<=" 3$;@B 1@2@ $q52@XBM@; _ :$F$;;a2?" A4q@2N
Y$2?E?[4$ [4$ "; 2$;A$F5?Y"; F":B
5@5"; :=" $;5$‘@# "q?3@3";N A@2$F$ @Mb4:; #?:45"; @Ah; " @F$:B -   .   1  $2(
3?#$:5" 3"; E@2h?;^ @ A@25?2 3" F$:52" A@2@ $q52@XBM@; 3" 2$;A$F5?Y" F@;[4?B
 ,4L;5?54?2 @; Mf#A@3@; [4$?#@B 3" 2$EM$5"2^ $;5$:3$:3"B;$ A2"b2$;;?B
3@; A"2 "452@; 3" #$;#" 5?A" $ Mc"^ $#A422@2 " L4ML"^ b?2aBM" :" ;$:B
Y@#$:5$ A@2@ @; L"23@;N 5?3" @:5?Bc"2a2?" $ 3$A"?; $q52@XBM"N
A"5\:F?@N
 *$A"?; 3$ ;4L;5?54?2 4#@ Mf#B -  @&_A  1  2( A@2@
A@3@ 3"; E@2h?;^ Y$2?E?F@2 ;$#A2$   E 2$#"Y$2 @ Mf#A@3@^ 3$;F":$F5@2 "
@ ;4@ F"22$5@ "2?$:5@<="N !" Y$XF4M" $;5=" ?:;5@M@3@; @; ;$B Fc?F"5$ $M_52?F" $ $E$54@2^ ;"L2$ @
 w4@:3" 4#@ Mf#A@3@ :=" b4?:5$; Mf#A@3@;% Mf#A@3@^ 4# M$Y$ $;E"2<" :" ;$:5?3"
E4:F?":@2^ @:5$; 3$ ;4L;5?54XBM@^ c"2?Z":5@M $ A@2@ 52a; s@ E?q@<=" 3@
F$25?E?F@2B;$ 3$ [4$ " E4;XY$M Mf#A@3@ _ ;"L2$ A2$;;="tN
F"22$;A":3$:5$ $;5a X:5$b2"% -  @&_A  1  2( A@2@
A@2@ @ M"F@M?Z@<=" 3"; E4;XY$?;^ 2$#"Y$2 @ Mf#A@3@^ b?2aBM@ :" ;$:B
F":;4M5@2 pR4;XY$?;z :$;5$ 5?3" @:5?Bc"2a2?"^
F@AX54M"N


w4@:3" " FM?#@ _ E2?" "4 v#?3" "4
@Ah; Fc4Y@ E"25$ "4 M@Y@b$#^ @ ;4B
A$2EXF?$ 3"; E@2h?; "4 3@; M4Z$; 52@;$?B
2@; A"3$ $#L@<@2 $ E"2#@2 F":3$:B
;@<=" :" ?:5$2?"2 3@; M$:5$;N .2@5@B
;$ 3$ 4# E$:r#$:" :@542@M 3$Y?3" e
3?E$2$:<@ 3$ 5$#A$2@542@ $ 4#?3@3$
$:52$ " ?:5$2?"2 $ " $q5$2?"2 3@ M$:5$
[4$^ :" $:5@:5"^ :=" ?:3?F@ 4#@
1$"
   &-     ;?,+&

    #+ <=  , 0 ,<= L , 

R@2"M L@?q" 8K II §

R@2"M @M5" 8K II §
)4Z 3$ A";?<=" 3?@:5$?2@ sY$2;]$; [4$ 45?M?Z@# Mf#B
R@2"M §I§ I§
A@3@t
)4Z 3$ A";?<=" 3?@:5$?2@ sY$2;]$; [4$ 45?M?Z@# )+*t )+* –

>:3?F@3"2 3$ 3?2$<=" 3?@:5$?2" 1TOJ§ OJ §

D$A$5?3"2 M@5$2@M >:3?F@3"2 3$ 3?2$<=" §TI§ I§

R@2"M R@2"M 3$ :$LM?:@ 8JJ II §

)4Z 3$ A";?<=" 52@;$?2@ $ M4Z 3$ E2$?" §J7§ J7 §


)@:5$2:@ E?q@
>:3?F@3"2 3$ 3?2$<=" 52@;$?2" §TJ7§ J7 §

)4Z 3$ A";?<=" 52@;$?2@ §I§ I§


)@:5$2:@ #hY$M
)4Z 3$ 2_ §J7§ J7 §
&
1M@F@ )4Z 3$ AM@F@ §I§ I§

+;A$Mc"; sA@2@B;h?;t )4Z$; 3"; $;A$Mc"; 3$ F"25$;?@ sA@2@B;h?;t §I§ I§

9":‘4:5" 3$ 5$5" sAM@E":?$2@;t )4Z$; ?:5$2:@; 3?@:5$?2@; §I§ I§

.$2F$?2@ M4Z 3$ E2$?" sL2@i$ M?bc5t )4Z 3$ E2$?" s)+*t –

1"25@BM4Y@; )4Z 3" A"25@BM4Y@; §I§ I§

1"25@B#@M@; )4Z 3" A"25@B#@M@; §I§ I§

1$%
$   E%  D$#"Y$2 @ Mf#A@3@ ^ 3$;F"B +. + <=  &=   &+>
 J :$F5@2 " Fc?F"5$ $M_52?F" $ $E$54@2  +   0 _  12
;"L2$ @ Mf#A@3@ 4# M$Y$ $;E"2<"
 5  1@2@ ;4L;5?54?2 @; Mf#A@3@; 3$ )+*^
:" ;$:5?3" c"2?Z":5@M $ A@2@ 52a;
3?2?b?2B;$ e    , & # N
s@ E?q@<=" 3@ Mf#A@3@ _ ;"L2$
 A2$;;="tN
+E$54@2 @ "A$2@<=" 3$ ;4L;5?54?<=" +. + <=  &-   0 &
 D$#"Y$2 " A"25@BMf#A@3@  3$ . '
3@ Mf#A@3@ @A$:@; F"# " #"5"2 3$;B ;4@ ;$3$^ A@2@ 52"F@2 @ Mf#A@3@
M?b@3"N 9$25?E?F@2B;$ @?:3@ 3$ [4$ " 3@ M4Z 3$ A";?<=" s;"#$:5$ A@2@  -A$2@:3" A$M" ?:5$2?"2 3" F"#B
A2hA2?" #"5"2 $;5$‘@ E2?"^ A@2@ $Y?5@2 @; Y$2;]$; [4$ 45?M?Z@# Mf#A@3@tN A@25?#$:5" 3" #"5"2^ 2$#"Y$2 @
" A$2?b" 3$ [4$?#@342@;N 5@#A@  ^ A@2@ 52"F@2 @ Mf#A@3@N
 1@2@ 2$#"Y$2 @ Mf#A@3@ # ^ 3$;B
1@2@ ;4L;5?54?2 @ Mf#A@3@^ A2"F$3$2 F":$F5@2 " Fc?F"5$ $M_52?F" $ $E$B
F"#" @ ;$b4?2% 54@2 ;"L2$ @ Mf#A@3@ 4# M$Y$
$;E"2<" :" ;$:5?3" c"2?Z":5@M $
+. + <=  &-   0 & A@2@ 52a; s@ E?q@<=" 3@ Mf#A@3@ _
& + &+>   <= ;"L2$ A2$;;="tN
 -A$2@:3" A$M" ?:5$2?"2 3" F"#B
A@25?#$:5" 3" #"5"2^ 2$#"Y$2 @  ,4L;5?54?2 @ Mf#A@3@ 3@:?E?F@3@N
5@#A@ $ A@2@ 52"F@2 @ Mf#A@3@N  9"M"F@2 @ :"Y@ Mf#A@3@^
3?2$F?":@:3"B@ A$M"; $:F@?q$;
3"; 5$2#?:@?; 3$ F":5@5"
 ,4L;5?54?2 @ Mf#A@3@ 3@:?E?F@3@N $ F4?3@:3" A@2@ E?qaBM@
 9"M"F@2 @ :"Y@ Mf#A@3@^ F"22$5@#$:5$N
3?2$F?":@:3"B@ A$M"; $:F@?q$;  D$F"M"F@2 @ 5@#A@ N
3"; 5$2#?:@?; 3$ F":5@5"
$ F4?3@:3" A@2@ E?qaBM@
F"22$5@#$:5$N
 D$F"M"F@2 @ 5@#A@ $N
1$&
+. + <=  &-    ,% +. + <=  &-   0 &   D$5?2@2 "; A@2@E4;"; 3$ E?q@<="
    <= 12 .&   3@ #"M342@ ?:E$2?"2 3" A@2@B
Fc"[4$ 3?@:5$?2"^ A"2 L@?q" 3"
1@2@ ;4L;5?54?2 @ Mf#A@3@^ A2"F$3$2
Y$XF4M"N
F"#" @ ;$b4?2%
!
 U?2@2 " A"25@BMf#A@3@ :" ;$:B
,$ $:F":52@2 3?E?F4M3@3$; :@ $q$B
5?3" @:5?Bc"2a2?" $ 2$5?2aBM" 3$ ;4@
F4<=" 3@ "A$2@<="^ 2$F"#$:3@B;$
;$3$N
3?2?b?2B;$ e    , & # N
 D$5?2@2 @ Mf#A@3@^ A2$;;?":@:3"B
@ 4# A"4F" $ b?2@:3"B@ $# ;$:B -L;$2Y$ ;$#A2$ @; 2$F"#$:3@B
5?3" @:5?Bc"2a2?"N <]$; 3$;5$ #@:4@MN
 ,4L;5?54?2 @ Mf#A@3@ 3@:?E?F@3@
 9"M"F@2 @ :"Y@ Mf#A@3@ $# ;4@ 1@2@ ;4L;5?54?2 @; Mf#A@3@; 3"; E@B
;$3$^ A2$;;?":@:3"B@ 4# A"4F" $ 2h?; 3$ :$LM?:@^ A2"F$3$2 F"#" @ ;$B
b?2@:3"B@ :" ;$:5?3" c"2a2?"^ F4?B b4?2%  14q@2 F"# F4?3@3" @ F"L$2542@
3@:3" A@2@ E?qaBM@ F"22$5@#$:5$N 3" Y=" 3@ 2"3@ A@2@ @F$;;@2 "
 D$5?2@2 "; 52\; A@2@E4;"; 1c?MM?A; E@2"M 3$ :$LM?:@N
+. + <=  &-     %  3@ F"L$2542@ 3" Y=" 3@ 2"3@N &
  &    D$5?2@2 " F":$F5"2 $M_52?F" T^ A4B
q@:3" A@2@ L@?q"N
1@2@ ;4L;5?54?2 @; Mf#A@3@; 3$ )+*
3"; 2$A$5?3"2$; M@5$2@?; M"F@M?Z@3@;
:"; 2$52"Y?;"2$;^ 3?2?b?2B;$ e  %
  , & # C

1$(
 D$F"M"F@2 "; A@2@E4;"; 3@ F"L$2B
542@ 3" Y=" 3@ 2"3@ $ 3@ #"M342@
?:E$2?"2 3" A@2@BFc"[4$N

 5 


- b24A" hA5?F" 52@;$?2" $;5a 3?Y?B
3?3" $# 34@; A@25$;%

      %   0 ' 
, , 
 D$5?2@2 " A"25@BMf#A@3@ 9^ b?B  D$5?2@2 @ M@:5$2:@^ $#A422@:3"B@
2@:3" :" ;$:5?3" @:5?Bc"2a2?" $ 9":5\# @; Mf#A@3@; 3@; ;$b4?:5$; :" ;$:5?3" 3@; ;$5@;N
A4q@:3"B" A@2@ E"2@N M4Z$;%
)4Z$; 3$ E2$?";uA";?<=" $ >:3?F@B
3"2$; 3$ 3?2$<="N
1@2@ ;4L;5?54?2 @; Mf#A@3@;^ A2"F$B
3$2 3" ;$b4?:5$ #"3"%

 ’L2?2 @ 5@#A@ 3" A"25@B#@M@;N


 D$5?2@2 "; O 5@#A]$; 3$ L"22@Fc@

 D$5?2@2 "; O A@2@E4;"; $ 3$ E?B  D$5?2@2 " F":$F5"2 $M_52?F" ^ @54B
q@<=" 3@ M@:5$2:@ 45?M?Z@:3" @ @:3" :@ 52@Y@ $q?;5$:5$N
 ,4L;5?54?2 @ Mf#A@3@ 3@:?E?F@3@N Fc@Y$ $;A$FXE?F@N

 D$F"M"F@2 " A"25@BMf#A@3@ 9


 D$F"M"F@2 " F":$F5"2 $M_52?F" T

1$)
 *$;#":5@2 @ M@:5$2:@^ 3$;@A$2B
5@:3" @; A"2F@;  $ A4q@:3" @
M@:5$2:@ :" ;$:5?3" F":52a2?" 3$
#@2Fc@ 3" Y$XF4M"N

 D$5?2@2 "; } A@2@E4;"; 3$ E?q@<="  9"M"F@2 @ :"Y@ Mf#A@3@


3" A"25@BMf#A@3@; ^ 45?M?Z@:3" A2$;;?":@:3"B@^ F$25?E?F@:3"B;$
Fc@Y$ $;A$FXE?F@N 3" 52@Y@#$:5" F"22$5"N
 D$F"M"F@2 " A"25@BMf#A@3@;^
@A$25@:3" "; A@2@E4;"; N
 D$F"M"F@2 " F":$F5"2 $M_52?F" N  D$5?2@2 " A"25@BMf#A@3@ I T + 9I
 D$F"M"F@2 @ M@:5$2:@^ @A$25@:3" b?2@:3"B" :" ;$:5?3" @:5?Bc"2a2?"
"; A@2@E4;"; 3$ E?q@<=" $N $ A4q@:3"B" A@2@ E"2@N
 D$F"M"F@2 "; 5@#A]$; N &
+  _  ,    %   _;&
1 2
9":5_# @; M4Z$; 52@;$?2@ 3$ A";?B
 D$5?2@2 @ Mf#A@3@ 3@:?E?F@3@ I # <=" $ M4Z 3$ 2_
+ I A4q@:3"B@N
1@2@ ;4L;5?54?2 @; Mf#A@3@;^ A2"F$B
3$2 3" ;$b4?:5$ #"3"%

 ’L2?2 @ 5@#A@ 3" A"25@B#@M@;N  ,4L;5?54?2 @ Mf#A@3@ 3@:?E?F@3@

1$*
 9"M"F@2 @ :"Y@ Mf#A@3@^
F$25?E?F@:3"B;$ 3$ ;$4 F"22$5"
52@Y@#$:5"N
 D$F"M"F@2 " A"25@BMf#A@3@^
F$25?E?F@:3"B;$ 3$ ;$4 A$2E$?5"
52@Y@#$:5" $# ;4@ ;$3$N
 D$F"M"F@2 @ M@:5$2:@ F"# "; A@B
2@E4;"; 3$ E?q@<="^ F$25?E?F@:3"B
;$ 3$ [4$ $;5a E?q@3@ @A2"A2?@3@B
#$:5$N  >:;$2?2 @ :"Y@ Mf#A@3@^
F$25?E?F@:3"B;$ 3$ [4$ $;5a
+>  &, F"22$5@#$:5$ 52@Y@3@ :"
1@2@ ;4L;5?54?2 @; Mf#A@3@;^ A2"F$B ;"[4$5$N
3$2 3" ;$b4?:5$ #"3"%  1"2 E?#^ Y"M5@2 @ #":5@2 " A"25@B
Mf#A@3@; $# ;4@ ;$3$N
 D$#"Y$2 " A"25@BMf#A@3@ 3@ M4Z
3$ AM@F@  F"# " @4qXM?" 3$

4#@ Fc@Y$ 3$ E$:3@ @A2"A2?@3@^
3$;A2$:3$:3"B@ A$M@ M$:5$N 1@2@ @ 2$#"<=" 3@; M4Z$; 3$ AM@F@^
@54@2 F"# @ Fc@Y$ 3$ E$:3@^ E"2B
:$F?3@^ :" A":5" ?:3?F@3" @:5$2?"2B
#$:5$N ’:5$; 3$ $E$54@2 @ 2$#"<="^
A2"5$b$2 sA"2 $qN F"# 4# A@:"t @
A":5@ 3@ Fc@Y$ 3$ E$:3@^ A@2@ :="
3@:?E?F@2 @ A?:542@ 3" A@2@BFc"[4$ $
 U?2@2 A@2@ @ 3?2$?5@ " " A"25@BMf#A@3@;N
A"25@BMf#A@3@ $^ $q52@?2 @
Mf#A@3@  $ ;4L;5?54XBM@N

1$+
 ,  &+>  0   1. V & A@2  D$#"Y$2 " F":‘4:5" 3@ M4Z ?:B  >:;$2?2 :"Y@ Mf#A@3@^
5$2:@^ @54@:3" :"; A":5"; ?:3?B F$25?E?F@:3"B;$ 3$ [4$ E?[4$
- F":‘4:5" L2@i$ M?bc5  A";;4?
F@3"; A$M@; ;$5@;N F"22$5@#$:5$ 52@Y@3@N
?M4#?:@<=" @ )+*N 1@2@ @ ;4@ ;4L;5?B
54?<="^ 3?2?b?2B;$ e    , &  D$F"M"F@2 " ;"[4$5$ $# ;4@ ;$3$N
# N  D$#":5@2 " F":‘4:5" 3@ M4Z
?:5$2:@  :@ 2$;A$F5?Y@ ;$3$^
F$25?E?F@:3"B;$ 3$ [4$ E?[4$
F"22$5@#$:5$ 52@Y@3"N

B 9":‘4:5" 3$ M4Z ?:5$2:@ 3?@:5$?2@


O
1@2@ ;4L;5?54?2 @; Mf#A@3@;^ A2"F$B
3$2 3" ;$b4?:5$ #"3"%
 D$5?2@2 " ;"[4$5$^ b?2@:3"B" :"
;$:5?3" @:5?Bc"2a2?"N  D$#"Y$2 " F":‘4:5" 3@ M4Z ?:B
5$2:@^ @54@:3" :" A":5" ?:3?B
$   E% F@3" A$M@ ;$5@N 9"# " @4qXM?"
  3$ 4#@ E$22@#$:5@^ E"2<@2 " F":B &
‘4:5" A@2@ L@?q"^ 5$2#?:@:3" @
+>      
2$#"<=" #@:4@M#$:5$ sF4?3@3"
+;5=" 3?;A":XY$?; 3"?; 5?A"; 3$ F":B A@2@ :=" 3@:?E?F@2 @; 34@; 52@Y@;
‘4:5";N M@5$2@?;tN ."#@2 "; F4?3@3"; A@2@
:=" 3@:?E?F@2 " 2$Y$;5?#$:5" 3"
B 9":‘4:5" 3$ M4Z ?:5$2:@ 3?@:5$?2@
5$5" $ " F":‘4:5" 3@ M4Z ?:5$2:@N
J
!" F@;" 3$ @Mb4#@ 3?E?F4M3@3$^
1@2@ ;4L;5?54?2 @; Mf#A@3@;^ A2"F$B 3?2?b?2B;$ e    , & # N
3$2 3" ;$b4?:5$ #"3"%
 ,4L;5?54?2 @ Mf#A@3@ 3@:?E?F@3@ 
+ $^ 2$5?2@:3"B@ A@2@ E"2@N

1$,
 D$#":5@2 " F":‘4:5" 3@ M4Z  >:;$2?2 @" A"25@BMf#A@3@ $# ;4@
?:5$2:@  :@ 2$;A$F5?Y@ ;$3$^ 2$;A$F5?Y@ ;$3$^ F$25?E?F@:3"B;$
F$25?E?F@:3"B;$ 3$ [4$ E?[4$ 3" F"22$5" 52@Y@#$:5"N
F"22$5@#$:5$ 52@Y@3"N  +# ;$b4?3@^ E$Fc@2 " A"25@BM4Y@;^
F$25?E?F@:3"B;$ 3" F"22$5" 52@Y@B
+>   %&+; #$:5"N
1@2@ ;4L;5?54?2 @ Mf#A@3@^ A2"F$3$2
F"#" ?:3?F@3" @ ;$b4?2% +>   % &
1@2@ ;4L;5?54?2 @ Mf#A@3@^ A2"F$3$2
 ’L2?2 " A"25@BM4Y@;N F"#" @ ;$b4?2%
 D$5?2@2 " ;"[4$5$^ b?2@:3"B" :"
;$:5?3" @:5?Bc"2a2?"N  9"# @4qXM?" 3$ 4#@ A$[4$:@
Fc@Y$ 3$ E$:3@^ @54@2 :" JN ’L2?2 " A"25@B#@M@ $ $q52@?2 @
A"25@BMf#A@3@ $ 2$#"Y\BM"N L@;$ 3@ Mf#A@3@^ @54@:3" :";
+q52@?2 @ Mf#A@3@  $ ;4L;5?54XBM@^ A":5"; ?:3?F@3"; A$M@; ;$5@;N
F$25?E?F@:3"B;$ 3@ ;4@ F"22$5@
#":5@b$#N

 ,4L;5?54?2 @ Mf#A@3@ 3@:?E?F@3@ 


+ #^ A4q@:3"B@ A@2@ E"2@N
 >:;$2?2 :"Y@ Mf#A@3@^  *$;@F"AM@2 F"#AM$5@#$:5$ @
F$25?E?F@:3"B;$ 3$ [4$ E?[4$ L@;$ 3@ Mf#A@3@ 3$ ;4@ ;$3$N
F"22$5@#$:5$ 52@Y@3@N  14q@2 @ Mf#A@3@ A@2@ ;4L;5?54XB
 D$F"M"F@2 " ;"[4$5$ $# ;4@ ;$3$N M@N

1$!-
 D$#":5@2 " F":‘4:5"N

! !
" ! !" F@;" 3$ " E4;XY$M ?:5$22"#A$2B ’:5$; 3$ ;4L;5?54?2 4# E4;XY$M^
 ;$ :"Y@#$:5$^ 3?2?b?2B;$ e  % F$25?E?F@2B;$ 3$ [4$ ;$ F"M"F"4 "
  , & # N F"#45@3"2 3$ ?b:?<=" $# ^ ;$
2$5?2"4 @ Fc@Y$^ ;$ #$Ff:?F@^ $ [4$
D>,9- *+ >!9m!*>-N ;$ 3$;M?b"4 $u"4 3$;$:b@5"4 5"3";
! "; @F$;;h2?";N
!4:F@ ;4L;5?54?2 4# E4;XY$M @Y@2?B
+Y?5$ 3@:"; e; ?:;5@M@<]$; $M_52?F@;N
@3" A"2 E?"; #$5aM?F"; "4 "452" #@B
5$2?@M 3$ 2$F4A$2@<="N !
 <  ' <=  0+?; 
D>,9- *+ >!9m!*>-N !=" ;4L;5?54?2 $# F@;" @Mb4# 4#
E4;XY$M A"2 "452" 3$ F@A@F?3@3$ 3?E$B 1@2@ ;4L;5?54?2 4# E4;XY$M^ 45?M?Z@2
2$:5$ 3" $;A$F?E?F@3"N @ A?:<@ @F"AM@3@ :@ F$:52@M 3"; E4;XB
Y$?; 3" F"#A@25?#$:5" 3" #"5"2N
1+D>U- *+ >!9m!*>-N
! &
,$ E"2 :$F$;;a2?" $E$54@2 4#@ M@Y@B
b$# 3" F"#A@25?#$:5" 3" #"5"2^ 5$2
F4?3@3" A@2@ :=" ?:;?;5?2 3?2$5@#$:5$ !
F"# 4# ‘@5" 3$ ab4@ :@ F$:52@M 3"; !" F@;" 3$ ?:5$2Y$:<=" 3$ 4# E4B
E4;XY$?; $ :"; #"5"2$; 3"; M?#A@3"B ;XY$M b$2@M 3$ A2"5$<=" s&’6>BR(,+^
2$; 3" A@2@BL2?;@N &+U’BR(,+^ &>*>BR(,+t^ F":5@5@2 @
+Y?5$ 3@:"; @"; F"#A":$:5$;N    , & # N
1$;;"@M $;A$F?@M?Z@3" F"22?b?2a " +q52@?2 @ A?:<@^ A4q@:3"B@ A@2@
?:F":Y$:?$:5$N F?#@N

1$!!
1@2@ 45?M?Z@2 @ A?:<@^ @54@2 :";  ’54@2 :@ 52@Y@  ^ E"2<@:3"B@ A@2@ 1@2@ [4@M[4$2 3?E?F4M3@3$ @" ;4L;B
A":5"; ?:3?F@3"; A$M@; ;$5@;N L@?q" A@2@ 2$5?2@3@ 3@ 5@#A@N 5?54?2 " E4;XY$M 3@:?E?F@3"^ 3?2?b?2B;$ e
 D$#"Y$2 @ 5@#A@ $^ E@Z$:3"B    , & # N
*$A"?; 3$ 5$2 45?M?Z@3"^ Y"M5@2 @
F"M"F@2 @ A?:<@ :@ 2$;A$F5?Y@ ;$3$N @ 3$;M?Z@2 F"#AM$5@#$:5$ A@2@ ’ :4#$2@<=" [4$ ?3$:5?E?F@ " F"#B
F?#@N A":$:5$ $M_52?F" F"22$;A":3$:5$ @
 *$A"?; 3$ 5$2 ;4L;5?54X3" 4# E4;XB F@3@ E4;XY$M _ Y?;XY$M :" M@3" ?:5$2:"
  # Y$M^ F$25?E?F@2B;$ 3$ [4$ ;$ E$Fc"4 3@ 5@#A@N
-; E4;XY$?; $;5=" @b24A@3"; $# F"22$5@#$:5$ @ 5@#A@ $N
F$:52@?; M"F@M?Z@3@; :" F"#A@25?B   &  %0+?;   &  %
#$:5" 3" #"5"2 $ $#L@?q" 3" A@?:$M  ;  . 
e $;[4$23@ 3@ F"M4:@ 3$ 3?2$<="N
(#@ ;$b4:3@ F$:52@M A"25@B
E4;XY$?; $;5a ;?54@3@ :" A"M" A";?5?Y"
 %#  3@ L@5$2?@N 1@2@ 5$2 @F$;;" @";
   E4;XY$?;^ F":E"2#$ @ Y$2;="^ @54@2
:@; 52\; 52@Y@; ?:3?F@3@;  $ @L2?2 @
’ F$:52@M $;5a ;?54@3@ @" M@3" 3@ 5@#A@ $ N
L@5$2?@N

      ,  & 


0+?; 

1$!"
1@2@ @ ;4L;5?54?<=" 3$;5$; E4;XY$?;^
3?2?b?2B;$ e    , & # N

 %# 
  
+;5a ;?54@3@ :" M@3" $;[4$23" 3@
F"M4:@ 3$ 3?2$<=" @L@?q" 3@ 5@#A@
 $ "; E4;XY$?; ;=" @F$;;XY$?;^ A2$;;?B
":@:3" @; 52@Y@; $I A";?F?":@3@; :"
M@3" ?:5$2:" 3@; c@;5$; 3$ ;4A"25$ 3@
F$:52@MN 
’" 2$5"2:@2 F"# @ F$:52@M A@2@ @
;4@ A";?<="^ @F"#"3@2 " Fc?F"5$ $M_B
52?F" A@2@ E@F?M?5@2 " A";?F?":@#$:5"
$# ;4@ ;$3$N

1@2@ [4@M[4$2 3?E?F4M3@3$ @" ;4L;B


5?54?2 " E4;XY$M 3@:?E?F@3"^ 3?2?b?2B;$ e &
   , & # N

*$;M?Z@2 @ F$:52@M A@2@ L@?q" @52@B


Y_; 3@; c@;5$;  @5_ " E?# 3" F42;"N

1$!%
#+?;   ,  &  ,     

#  12    % K

#WN KG ’M?#$:5@<=" 3@ F$:52@M 3" A@?:$M 3$ ?:;524#$:5"; sC"3y 9"#A45$2tN¡

#WM 7G ’M?#$:5@<=" 3@ F$:52@M 3" A@?:$M 3$ ?:;524#$:5"; sC"3y 9"#A45$2tN¡

#WH OG ’M?#$:5@<=" 3"; F"#@:3"; 3@ ?b:?<="N

#Wb }G ’M?#$:5@<=" 3@ F$:52@M 3" ’C, sL"#L@tN¡

#W\ KG ’M?#$:5@<=" F$:52@M 3@ 3?2$<=" $M_52?F@N¡

#W] HG ’M?#$:5@<=" 3" $M$52"Y$:5?M@3"2 3" 2@3?@3"2N

#Wc }G ’M?#$:5@<=" 3" $M$52"Y$:5?M@3"2 3" 2@3?@3"2 $# #"3" 3$ $#$2b\:F?@N

#W[ HG ’M?#$:5@<=" 3" 3$;$#L@<@3"2 3" Y?32" 52@;$?2"N

#WZ – !=" 45?M?Z@3"N

#NW JI ’M?#$:5@<=" 3@ L4Z?:@N

#NN JI ’M?#$:5@<=" 3@ F$:52@M 3$ ?:‘$<=" $M$52r:?F@^ ,":3@ M@#L3@^ W@2?@3"2 3$ E@;$^ +M$52"YaMY4M@ F@:?;5$2N

#Nb JI ’M?#$:5@<=" F$:52@M 3$ 9f#L?" U,D 9"#E"25N

#N\ K^I ’M?#$:5@<=" 3" ;$M$5"2 3" Ff#L?" ’45"#a5?F"N


’M?#$:5@<=" Ah;BFc@Y$ 3@ F$:52@M 3$ ?:‘$<=" $M$52r:?F@^ 9$:52@M 3" Ff#L?" @45"#a5?F"^ ,$M$5"2 3"
#N] JI
Ff#L?" @45"#a5?F"^ 9$:52@M 3$ Ff#L?" U,D 9"#E"25^ ,$M$5"2 3" Ff#L?" U,D 9"#E"25N
#Nc JG ’M?#$:5@<=" 9$:52@M 3$ >:‘$<=" +M$52r:?F@^ ,$:;"2 3$ D"5@<="¡ s;"#$:5$ Y$XF4M"; F"# #"5"2 +5"2[tN
’M?#$:5@<=" 3@ F$:52@M 3$ ?:‘$<=" $M$52r:?F@^ C"L?:@ 2$M_ .GP sR4:<="% @M?#$:5@<=" 3"; E4;XY$?; RJJ^
#N[ K^I
RJK $ ROOtN
#NZ K^I ’M?#$:5@<=" 3" 2$M_ .GI sR4:<="% F"#A2$;;"2 3" @2BF":3?F?":@3"tN

#MW – !=" 45?M?Z@3"

1$!&
#  12    % K

#MN JI ’M?#$:5@<=" 2$M_ .JG sR4:<="% C"#L@ 3$ F"#L4;5XY$MtN

#MM OG ’M?#$:5@<=" 3@ F$:52@M 3$ ?:‘$<=" $M$52r:?F@^ L?F"; ?:‘$5"2$;N

#MH HG ’M?#$:5@<=" 3@ F$:52@M 3$ ’C, sWaMY4M@;tN

#Mb – !=" 45?M?Z@3"N

#HW – !=" 45?M?Z@3"N

#[N }G ’M?#$:5@<=" 3" $;5@L?M?Z@3"2 3$ 5$:;=" s,5@25¥,5"AtN

#[M HG ’M?#$:5@<=" 3" 2$M_ U,D 9"#E"25 sC"#L@tN

#[H }G ’M?#$:5@<=" 3" $M$52"Y$:5?M@3"2 3@ F@?q@ 3$ @2 3" c@L?5aF4M"N

#[b – !=" 45?M?Z@3"

#[\ – !=" 45?M?Z@3"

#[c – !=" 45?M?Z@3"N

#NWZ – !=" 45?M?Z@3"N

#NNN JG ’M?#$:5@<=" 3" ;$:;"2 3$ L@5$2?@ s,5@25¥,5"At &


#NNM JI ’M?#$:5@<=" $;5@L?M?Z@3@ 3" 2a3?" s;"#$:5$ A@2@ Y$XF4M"; F"# ,5@25¥,5"AtN

#NNb JG ’M?#$:5@<=" 3@ F$:52@M Ff#L?" @45"#a5?F"N

#NN] – !=" 45?M?Z@3"N

sdt !" F@;" 3$ [4$?#@ 3$;5$; E4;XY$?;^ 3?2?b?2B;$ e    , & # N

1$!(
#+?;   ,  &   &   +  

#  12    % K

’M?#$:5@<=" Ah;BFc@Y$ 2$M_; .G~ sE4:<="% 3$;$#L@<@3"2 3" Y?32" 52@;$?2"t^ .HG sE4:<="% $M$52"Y$:5?M@B
RHJ KNI
3"2 3@ F@?q@ 3$ @2tN
RHH OG ’M?#$:5@<=" 3"; Y?32"; $M_52?F"; 52@;$?2";N

RH} OG ’M?#$:5@<=" 3"; Y?32"; $M_52?F"; 3?@:5$?2";N


’M?#$:5@<=" F$:52@M 3$ Y?32"; $ 2$52"Y?;"2$; $M_52?F"; F$:52@M 3$ @M@2#$ -+&^ @M@2#$ ’&^ F":$FB
RH7 JI 5"2 +-C*^ F$:52@M 3$ @2BF":3?F?":@3" 3?b?5@M^ F"#@:3" 3" Y"M@:5$^ 2a3?" s;"#$:5$ Y$XF4M"; ;$#
,5@25¥,5"AtN
RHK JG ’M?#$:5@<=" Ah;BFc@Y$ 3" [4@32" 3$ ?:;524#$:5";N

RH~ OG ’M?#$:5@<=" 3@; 52@Y@; $M_52?F@; 3@; A"25@; $ A"25@B#@M@;N

R}O KNI ’M?#$:5@<=" Ah;BFc@Y$ F$:52@M 3$ ’C, $ F$:52@M 3$ 3?2$<=" $M_52?F@N

R}H OG ’M?#$:5@<=" 3" #"5"2 3$ $;b4?Fc" 3"; Y?32"; 3?@:5$?2" $ 52@;$?2"N

R}K OG R4;XY$M 2$;$2Y@N

R}~ OG R4;XY$M 2$;$2Y@N


’M?#$:5@<=" Ah;BFc@Y$ F$:52@M 3" ;$:;"2 3$ $;5@F?":@#$:5"^ 2$52"Y?;"2 ?:5$2:" $M$52"F2r#?F"^ ;$:;"2
R}P KNI 3$ Fc4Y@^ ;$:;"2 F2$A4;F4M@2^ 2a3?" s;"#$:5$ A@2@ Y$XF4M"; ;$# ,5@25¥,5"At^ $;5@L?M?Z@3"2 3$ 5$:;="
s;"#$:5$ A@2@ Y$XF4M"; F"# ,5@25¥,5"AtN
RIG KNI ’M?#$:5@<=" Ah;BFc@Y$ F$:52@M 3$ @?2L@bN
’M?#$:5@<=" Ah;BFc@Y$ 3" A$3@M 3$ E2$?" !R^ Ff#$2@ 3$ 2_^ F"#@:3" F$:52@M 3" A@?:$M^ F"#@:3" 3";
RIJ KNI
2$M_; .HG^ sF@?q@ 3$ @2t $ .GI sF"#A2$;;"2 ’u9t @M@2#$ ’&N
’M?#$:5@<=" 3" F"#45@3"2 3$ ?b:?<="^ L"5=" 3$ A@25?3@^ F$:52@M i$yM$;; $:52y^ A$3@M 3$ E2$?" !’N^
RIH KNI
[4@32" 3$ ?:;524#$:5";N
RP} JI ’M?#$:5@<=" Ah;BFc@Y$ 3@ 5"#@3@ 3$ JO WN

1$!)
  &  @ #aq?#@ @5$:<=" @"; Y$XF4M"; $#    $%
52f:;?5"N    
  
’ 2"3@ ;"L2$;;@M$:5$ $;5a M"F@M?B
 1@2@2 " Y$XF4M" $# 4#@ A";?<=" Z@3@ A"2 L@?q" 3" 5@A$5$ 3$ 2$Y$;5?B
$# [4$ :=" F":;5?54@ 4# A$2?b" #$:5" 3" A"25@B#@M@;N
A@2@ " 52f:;?5" $ A$2#?5@ ;4L;5?54?2 ! 1@2@ 5$2 @F$;;" e 2"3@ ;"L2$;;@B
@ 2"3@ @54@:3" F"# ;$b42@:<@^ " d $q52$#@#$:5$ @22?;F@3" 5$:5@2 M$:5$^ A2"F$3$2 3" ;$b4?:5$ #"3"%
#@?; M":b$ A";;XY$M 3@ L"23@ 3@ ;4L;5?54?2 4#@ 2"3@ :" M@3" 3" Y$XB
A?;5@ 3@ $;52@3@N - 5$22$:" 3$Y$ F4M" A2hq?#" 3@ E@?q@ 3$ 2"3@b$#N  ’L2?2 @ 5@#A@ 52@;$?2@N
;$2 F"# ;4A$2EXF?$ AM@:@^ E?2#$ $
:=" $;F"22$b@3?"N 9$25?E?F@2B;$ 3$ [4$ " Y$XF4M" $;5a  *$A"?; 3$ @L2?2 " A"25@B#@M@;^
;4E?F?$:5$#$:5$ M":b$ 3@ $;52@3@^ M$Y@:5@2 " 5@A$5$ 3$ 2$Y$;5?#$:5"
 )?b@2 @; M4Z$; 3$ $#$2b\:F?@
A@2@ $Y?5@2 ;$2 @5?:b?3"N A$M@ @M<@N
$ @F?":@2 " E2$?" 3$
$;5@F?":@#$:5"N
 D$5?2@2 @ 2"3@ ;"L2$;;@M$:5$ 3$
 +:b@5@2 @ A2?#$?2@ #@2Fc@ "4 @
;4@ ;$3$ b?2@:3" " 3?;A";?5?Y"
#@2Fc@ @ 2_ "4^ A@2@ Y$2;]$;
3$ E?q@<="  ^ :" ;$:5?3" @:5?B
F"# Ff#L?" @45"#a5?F"^ F"M"F@2 ! c"2a2?"N
@ @M@Y@:F@ 3" Ff#L?" :@ A";?<=" ’;;?:@M@2 @ A2$;$:<@ 3" Y$XF4M" A@B &
 s+;5@F?":@#$:5"tN 2@3" ;$b4:3" @; 3?;A";?<]$; Y?b$:B
 *$;M?b@2 " #"5"2 @:5$; 3$ 3$;F$2 5$;% M4Z$; 3$ $#$2b\:F?@^ 52?f:b4M"
3" Y$XF4M" $ #@:5\BM" 3$;M?b@3" 3$ ;?:@M?Z@<="^ $5FN ’; A$;;"@; @
@5_ 5$2#?:@2 "; A2"F$3?#$:5"; 3$ L"23" 3$Y$# ;@?2 3" Y$XF4M"^ $;A$B
52"F@ 3" A:$4N 2@:3" [4$ ;$ $E$54$ @ ;4L;5?54?<=" $
@E@;5@:3"B;$ 3" A$2?b" 3" 52aE$b"N
 +# [4@M[4$2 F":3?<=" 3$ $;52@3@
,$ E"2 "L2?b@3" @ E@Z$2 @ 52"F@ 3$ 3$Y$B;$ 45?M?Z@2 "; F@M<"; $#L@?q"
A:$4 :" ?:5$2?"2 3@ E@?q@ 3$ 2"3@b$# 3@; 2"3@;N
"4 $# ;4@; A2"q?#?3@3$;^ A2$;5@2
1$!*
 D$5?2@2 @ 2"3@ ;"L2$;;@M$:5$ 3"  - #@F@F" :=" :$F$;;?5@ 3$ [4@MB #"Y?#$:5"; ?:3$;$‘@3";
?:5$2?"2 3" A"25@B#@M@;N [4$2 2$b4M@b$#N 3" Y$XF4M" [4@:3" $;5$ E"2
 - #@F@F" :=" A"3$ ;$2 2$A@B M$Y@:5@3" 3" ;"M"N
   $ 2@3"% $# F@;" 3$ @Y@2?@^ 3$Y$ ;$2
1@2@ ?:E"2#@<]$; ?#A"25@:5$; ;"B ;4L;5?54X3" A"2 "452" "2?b?:@MN  ’Y?;@2 @; A$;;"@;^ $Y$:54@M#$:5$
L2$ " F":‘4:5" 2"3@ $ A:$4; ;"L2$;B  !$:c4#@ E$22@#$:5@^ @M_# 3@ A2$;$:5$;^ [4$ " Y$XF4M" $;5a
;@M$:5$^ F":;4M5@2 " F@AX54M" p&@:4B #@:?Y$M@ 3$ @F?":@#$:5"^ A"3$ A2$;5$; @ ;$2 M$Y@:5@3"% _
5$:<=" $ F4?3@3"; F"# ;$4 Y$XF4M"p ;$2 #":5@3@ :" #@F@F"N :$F$;;a2?"^ A"25@:5"^ @E@;5@2B;$
:@ ;$<=" pD"3@; $ 1:$4;pN 3@; ;4@; A2"q?#?3@3$; $^
 - A+&  A+  <% $;5a M"B ;"L2$543"^ 5$2 " F4?3@3" 3$
F@M?Z@3" :" A"25@B#@M@;^ A2hq?#" @" :=" Mc$ 5"F@2 @5_ " Y$XF4M"
   #  
;?;5$#@ 3$ 52@Y@#$:5" 3@ 5@#A@N ;$2 L@?q@3" :"Y@#$:5$N d
   
"A"254:" [4$ :$:c4# "F4A@:5$

A$2#@:$<@ @ L"23" 3" Y$XF4M"N
- #@F@F" $ @; E$22@#$:5@; $;5="   $%  ’:5$; 3$ M$Y@:5@2 " Y$XF4M"^ @M?B
M"F@M?Z@3"; :" A"25@BE$22@#$:5@; $  Y?@2^ ;$# 2$#"Y$2^ "; A@2@E4B
;"L @ 2"3@ ;"L2$;;@M$:5$N ;"; :@ 2"3@ F"# " A:$4 Y@Z?"^
12"F$3$2 3" ;$b4?:5$ #"3"%
45?M?Z@:3" @ Fc@Y$ 3$ 2"3@^ $:B
 9@;" ;$‘@ "L2?b@3" @ A@2@2 " Y$XB [4@:5" @ 2"3@ @?:3@ $;5?Y$2 @A"?B
F4M" A@2@ @ 52"F@ 3$ A:$4 " Y$XB @3@ :" ;"M"^ L@;5@ b?2@2 "; A@2@B
F4M" @" M":b" 3$ 4#@ $;52@3@ ?:B E4;"; F"# 4#@ Y"M5@ :" ;$:5?3"
FM?:@3@^ $;A$F?@M#$:5$ ;$ #4?5" @:5?Bc"2a2?"N
@F$:54@3@^ "4 $# 4# 5$22$:" ?:;B
5aY$M^ F@M<@2 @; 2"3@; 3" Y$XF4M" 
A@2@ $Y?5@2 " #"Y?#$:5"N
- M$Y@:5@#$:5" 3" Y$XF4M" @M_#
3" :$F$;;a2?" A"3$ 5"2:aBM" #$:";
 1@2@ ?;;"^ A";?F?":@2 "; F@M<"; $;5aY$M% A"3$ 3$;M?Z@2 3" #@F@F"
d ?#A"25@:5$ ;@L$2 [4$% :@ 2"3@ 3?@b":@M#$:5$ "A";5@ $ E$2?2 @; A$;;"@; A2hq?#@;N !="
e[4$M@ @ ;4L;5?54?2 A@2@ $Y?5@2
1$!+
M$Y@:5@2 " Y$XF4M" @M_# 3@ @M542@ $M$Y@3" A$M" #@F@F"N - A";?F?"B @M?:c@3" " $:F@?q$ 3" ;4A"25$
:$F$;;a2?@ A@2@ @ 2$5?2@3@ 3@ 2"3@N :@#$:5" ?:F"22$5" 3" #@F@F" A"3$  F"# " $:5@Mc$ ?:3?F@3" A$M"
A2"Y"F@2 @ [4$3@ 3" Y$XF4M" M$Y@:B ;X#L"M" :" 2$Y$;5?#$:5" A"2
+2b4$2 " Y$XF4M" F"# " #@F@F"
5@3"^ A"25@:5"^ 45?M?ZaBM" @A$:@; :@; L@?q" 3@ A"25@N
A";?F?":@3" 3$ E"2#@ ?:@3$[4@3@
A";?<]$; ?:3?F@3@;N !=" 45?M?Z@2 "
A"3$2a 3@:?E?F@2 " Y$XF4M" $^ @5_
#@F@F" A@2@ F@A@F?3@3$; ;4A$2?"2$;
#$;#"^ E@Z$2 F"# [4$ $M$ F@?@N 1@2@
e ?:3?F@3@ :@ $5?[4$5@ :$M$ @AM?F@3@N
@‘43@2 @ $Y?5@2 E$2?#$:5"; A$;;"@?; $
3@:"; @" Y$XF4M"^ @;;$b42$B;$ 3$ [4$ 9@;" ;$‘@ :$F$;;a2?" "A$2@2 A"2
" #@F@F" $;5$‘@ A";?F?":@3" :" M"B L@?q" 3" Y$XF4M"^ 3?2?b?2B;$ e 
F@M @3$[4@3" @:5$; 3$ $E$54@2 " A2"B   , & # N
F$3?#$:5"N


9$25?E?F@2B;$ 3$ [4$ @ 2"3@ ;"L2$;B
;@M$:5$ $;5$‘@ #":5@3@ F"# @ YaMB
!
Y4M@ Y?2@3@ A@2@ E"2@N ’ 2"3@ A"3$
- #@F@F" _ 4#@ E$22@#$:5@ $;B E?F@2 3@:?E?F@3@ ;$ #":5@3@ ?:F"22$B
543@3@ $ F":F$L?3@ @A$:@; A@2@ @ 5@#$:5$N
;4L;5?54?<=" 3$ 4#@ 2"3@^ $# F@;" &
3$ E42" "4 3@:"; :" 2$;A$F5?Y" A:$4^
 1";?F?":@2 " #@F@F" ;"L " Y$XB
:" Y$XF4M" $# [4$ _ E"2:$F?3" "4 $#
F4M"^ ‘4:5" e 2"3@ @ ;4L;5?54?2N
Y$XF4M"; 3" #$;#" #"3$M"N !4:F@
3$Y$ ;$2 45?M?Z@3" 3$ "452@; E"2#@;  >:;$2?2 @ #@:?Y$M@ 3$
F"#"^ A"2 $q$#AM"^ A@2@ M$Y@:5@2 @F?":@#$:5" :" E42" 
Y$XF4M"; 3$ "452"; #"3$M"; "4 "L‘$B 3" #@F@F" $ b?2aBM@ :"
5"; 3?E$2$:5$;N !4:F@ 45?M?ZaBM" A@2@ ;$:5?3" c"2a2?" @5_ A";?F?":@2
"A$2@<]$; 3$ #@:45$:<=" "4 2$A@B E?2#$#$:5$ " ;4A"25$ 3"  )$Y@:5@2 " Y$XF4M" @5_ [4$ @ 2"3@
2@<=" A"2 L@?q" 3" Y$XF4M"N !4:F@ #@F@F" :@ Z":@ 3$ $M$Y@<=" 3@ ;$ $M$Y$ 3" ;"M" " ;4E?F?$:5$ A@2@
;$ A";?F?":@2 A"2 L@?q" 3" Y$XF4M" M":b@2?:@ A"2 L@?q" 3@ A"25@^ @ ;4@ 2$5?2@3@N
5$:3" " F4?3@3" 3$ #@:5$2
1$!,
 1@2@ Y$2;]$; $[4?A@3@; F"# F@B   I E%
M"5@^ @M?Y?@2 "; } A@2@E4;";N D$5?B      #%
2@2 A"2 vM5?#" " [4$ $;5a @M?:c@3" 
F"# @ YaMY4M@ 3$ F@M?L2@b$# 3"
’Ah; @ "A$2@<="^ A2"F$3$2 F"#"
A:$4N ’Ah; 2$#"Y$2 "; 52\; A2?B
@ ;$b4?2%
#$?2"; A@2@E4;";^ 2$5?2@2 @ F@M"5@
$ E?:@M?Z@2 @ 2$#"<=" 3" vM5?#"
A@2@E4;" ‘4:5@#$:5$ F"# @ 2"3@N  U4@23@2 " #@F@F" $ @; "452@; E$2B
2@#$:5@; :" A"25@BE$22@#$:5@;N
 9$25?E?F@2B;$ [4$ @ 2"3@ ;"L2$;B
;@M$:5$ $;5$‘@^ :@; ;4A$2EXF?$; 3$  D$F"M"F@2 " A"25@BE$22@#$:5@; :"
F":5@5" F"# " F4L"^ M?#A@ $ ;$# M"F@M @A2"A2?@3" 3$:52" 3" A"25@B
?#A42$Z@; [4$ A"3$2?@#^ $# ;$B  #@M@;N
b4?3@^ F@4;@2 " @E2"4q@#$:5" 3"; 1@2@ $Y?5@2 M$;]$;^ " @A$25" E?:@M  9"M"F@2 " A:$4 E42@3" :@ ;$3$
A@2@E4;"; 3$ E?q@<="N 3"; A@2@E4;"; ;h 3$Y$ ;$2 $E$54@3" 3" $;5$A$N
 &":5@2 @ 2"3@ ;"L2$;;@M$:5$N [4@:3" " Y$XF4M" 5?Y$2 @; 2"3@; :"  D$F"M"F@2 " 3?;A";?5?Y" 3$ LM"B
;"M"^ A@2@ $Y?5@2 [4$ " A2hA2?" Y$XB [4$?" $ b?2aBM" :" ;$:5?3" c"2aB
 >:;5@M@2 $ @A$25@2 "; A@2@E4;"; ;$#
F4M" F@?@ 3" #@F@F"N 2?"^ F$25?E?F@:3"B;$ 3" F"#AM$5"
"; @A$25@2 5"5@M#$:5$N
52@Y@#$:5" 3@ 2"3@N
 ’F?":@2 " #@F@F" $ L@?q@2 F"#B
AM$5@#$:5$ " Y$XF4M"N 
 ’A$25@2 "; A@2@E4;";^ A@;;@:3" *$A"?; 3$ 5$2 A$2F"22?3" F$2F@ 3$ 
@M5$2:@3@#$:5$ 3$ 4# A@2@E4;" }G i#^ A@2@2 $ Y$2?E?F@2 " F"22$5" 9@;" " Y$XF4M" ;$‘@ $[4?A@3" F"#
A@2@ " "A";5"^ ;$b4:3" @ "23$# @A$25" 3"; A@2@E4;";N 2"3@ 3$ M?b@ M$Y$^ :=" 45?M?Z@2 " 3?;B
:4#_2?F@ ?M4;52@3@ :@ E?b42@ ;$B A";?5?Y" 3$ LM"[4$?"^ A"?; " F"#B
b4?:5$N +# F@;" 3$ 3vY?3@; ;"L2$ A2?#$:5" 3" A@2@E4;"^ 3?#$:;?":@3"
" 5"2[4$ 3$ @A$25" 3"; A@2@E4;";^ A@2@ $;5$A$ F"# 2"3@ $# Fc@A@ 3$
3?2?b?2B;$ e    , & # N @<"^ :=" A$2#?5$ @ E?q@<=" 3@ 2"3@
3$ M?b@ M$Y$N

1$"-
 - A+&  A+  <
 U4@23@2 " 52?f:b4M" 3$ ;$b42@:<@
! ! :" M"F@M $;A$FXE?F"N
,$ 3$?q@3"; :" c@L?5aF4M"^ @ 2"3@ 1@2@ Y$XF4M"; F"# F":‘4:5"
F"# " A:$4 E42@3" $ " #@F@F" F":;B 2"3@uA:$4 ;"L2$;;@M$:5$ 3$ 3?#$:B
5?54? 4# ;_2?" A$2?b" A@2@ @ ;$b42@:<@ ;]$; #$:"2$; [4$ "; F":‘4:5"; &   
3"; "F4A@:5$; $# F@;" 3$ @F?3$:5$; 2"3@;uA:$4; 3$ 4;" :"2#@M^ @    
"4 3$ E2$:@b$:; L24;F@;N Y$M"F?3@3$ #aq?#@ 3$ 45?M?Z@<=" _
3$ ~G i#ucN
'  
1"2 $;;$ #"5?Y"^ Y"M5@2 @ F"M"F@2
   !
;$#A2$^ [4$2 " #@F@F" [4$2 @ 2"3@ !=" 4M52@A@;;@2^ $# c?Ah5$;$ @MB
F"# " A:$4 E42@3"^ :" 2$;A$F5?Y" b4#@^ " M?#?5$ 3$ Y$M"F?3@3$ A$2#?B
@M"‘@#$:5"N 5?3"N
!
  ’:5$; 3$ @L2?2 " F@Ar 3" #"5"2^
!@ A2?#$?2@ "A"254:?3@3$^ A2"Y?B W$2?E?F@2 2$b4M@2#$:5$ @ A2$;;=" 3$;M?b@2 " Y$XF4M"^ F$25?E?F@:3" 3$
3$:F?$ @ 2$A@2@<=" 3" A:$4 E42@3"N 3"; A:$4; $ 3" A:$4 ;"L2$;;@M$:5$^ [4$ @ Fc@Y$ 3$ ?b:?<=" $;5$‘@ :@ A"B
+Y?5$ 2"3@2 F"# @ 2"3@ ;"L2$;;@M$:5$N 2$;A$?5@:3" "; Y@M"2$; ?:3?F@3"; :" ;?<=" N D$;A$?5@2 " ?:3?F@3" :@ &
F@AX54M" p*@3"; 5_F:?F";pN AM@F@ @AM?F@3@ ;"L " F@Ar 3" #"B
!@ 2"3@ ;"L2$;;@M$:5$ $:F":52@B;$ 5"2N w4@:3" ;$ $:F":52@2$# "452@;
@AM?F@3" 4# @3$;?Y" @M@2@:‘@3" F"# A$;;"@; :" Y$XF4M"^ @F":;$Mc@B;$ $qB
"; A2?:F?A@?; @Y?;"; @F$2F@ 3@ 45?M?Z@B  52@?2 ;$#A2$ @ Fc@Y$N - Y$XF4M" 3$Y$
<=" 3@ A2hA2?@ 2"3@ $ 3@; 2$;A$F5?Y@; 1@2@ ?:E"2#@<]$; ?#A"25@:5$; ;"B ;$2 @L@:3":@3" ;$#A2$ 3$A"?; 3$ 5$2
M?#?5@<]$; 3$ 45?M?Z@<="N - @3$;?Y" L2$ " F":‘4:5" 2"3@ $ A:$4; ;"L2$;B $q52@X3" @ Fc@Y$ "4 3$ @ 5$2 b?2@3"
:=" 3$Y$ 3$ E"2#@ @Mb4#@ ;$2 2$#"B ;@M$:5$^ F":;4M5@2 " F@AX54M" p&@:4B A@2@ @ A";?<=" N
Y?3" :$# F"L$25"N !@ 2"3@ ;"L2$;;@B 5$:<=" $ F4?3@3"; F"# ;$4 Y$XF4M"p *42@:5$ @; "A$2@<]$; 3$ @L@;5$B
M$:5$ :4:F@ ;$ 3$Y$ @AM?F@2 :$:c4#@ :@ ;$<=" pD"3@; $ 1:$4;pN F?#$:5" 3$ F"#L4;5XY$M^ F$25?E?F@2B
F@M"5@ 3$ 2"3@N ;$ 3$ [4$ " Y$XF4M" $;5a 3$;M?b@3"

1$"!
sF"#45@3"2 3$ ?b:?<=" :@ A";?<=" ’;;?#^ :=" @A2"q?#@2 Fc@#@; "4
tN 3?;A";?5?Y"; [4$ A";;@# A2"Y"F@2
! E@X;F@;N
+# F@;" 3$ A@25?3@ 3$ $#$2b\:F?@
!=" ;$ @A2"q?#@2 3@ Y$:5"?:c@
F"# L@5$2?@ @4q?M?@2^ :4:F@ M?b@2 "
3$ @22$E$F?#$:5" 3" 2@3?@3"2^ A"?; 
F@L" :$b@5?Y" st 3@ L@5$2?@ @4q?M?@2
" $M$52"Y$:5?M@3"2 A"3$ F"#$<@2 @ - 5$2#?:@M A";?5?Y" s›t 3@ L@5$2?@
@" A"M" :$b@5?Y" 3@ L@5$2?@ 3" Y$XB
E4:F?":@2 $ F@4;@2 M$;]$;N $;5a A2"5$b?3" A"2 4# $M$#$:5" 3$
F4M"^ #@; ;?# @ 4# A":5" 3$ #@;;@
#"5"2uF@?q@ 3$ Ff#L?"N D$;A$?5$ ;$#A2$ @; A2$;F2?<]$; A2"5$<="N d :$F$;;a2?" M$Y@:5aBM"
3$;;$ #@:4@MN A@2@ 5$2 @F$;;" @" 5$2#?:@MN

12"F$3$2 3" ;$b4?:5$ #"3"%

 ’F?":@2 " E2$?" 3$


! $;5@F?":@#$:5"^ 3$;M"F@2 @
D$5?2@2 [4@M[4$2 "L‘$5" #$5aM?F" @M@Y@:F@  s+;5@F?":@#$:5"t^
sA"2 $qN @:_?;^ 2$Mhb?";^ A4M;$?2@;t^ A@2@ Y$2;]$; $[4?A@3@; F"#
F@A@Z 3$ A2"Y"F@2 4# F":5@5" $M_B Ff#L?" @45"#a5?F"^ "4 A@2@
52?F" @F?3$:5@MN A":5" #"25"^ A@2@ Y$2;]$;
1$2?b" 3$ b2@Y$; M$;]$;Q $[4?A@3@; F"# Ff#L?" #@:4@M
  $ J% $^ $# ;$b4?3@^ F"M"F@2 "
 F"#45@3"2 3$ ?b:?<=" :@
’ L@5$2?@ 3" Y$XF4M" $;5a M"F@M?B A";?<=" N
Z@3@ :" F"#A@25?#$:5" 3" #"5"2^  *$;M?b@2 5"3"; "; "452"; @F$;;hB
@52a; 3" b24A" hA5?F" $;[4$23"N ! 2?"; $M_52?F"; A2$;$:5$; :" Y$XB
’; L@5$2?@; F":5\# aF?3" [4$ A"3$ F4M"N
[4$?#@2 @ A$M$ "4 "; "Mc";N ’; L@5$B  ,$ 45?M?Z@2 @ L@5$2?@ 3$ "452" Y$XB
2?@; b$2@# c?32"b\:?"^ E@F?M#$:5$ ?:B F4M"^ $;5@F?":@2 $;5$ vM5?#" @" @MB
EM@#aY$M $ $qAM";?Y"N F@:F$ 3"; F@L"; 45?M?Z@3"; A@2@

1$""
@ M?b@<="^ @F?":@2 " E2$?" 3$ $;5@B  A<=  ,. M$:5@N +# ;$b4?3@^ M?b@2 " #"5"2
F?":@#$:5" $ F$25?E?F@2B;$ 3$ [4$ 1@2@ $E$54@2 @ A@25?3@ 3$ $#$2b\:B 3" Y$XF4M" F"# @ L@5$2?@ 3$;F@2B
@ ?b:?<=" $;5a 3$;M?b@3@N F?@^ A2"F$3$2 F"#" ?:3?F@3" @ ;$B 2$b@3@N
b4?2%

!=" M?b@2 3?2$5@#$:5$ "; 5$2#?:@?;  )?b@2 4#@ $q52$#?3@3$ 3" F@L"
:$b@5?Y"; 3@; 34@; L@5$2?@;Q ,$ @ L@B 45?M?Z@3" A@2@ " A";?5?Y" s›t @" !
5$2?@ @4q?M?@2 $;5?Y$2 ?:;5@M@3@ $# "4B 5$2#?:@M A";?5?Y" s›t 3" Y$XF4M" !=" M?b@2 " F@L" @" 5$2#?:@M :$B
52" Y$XF4M"^ F$25?E?F@2B;$ 3$ [4$ $:52$ F"# @ L@5$2?@ 3$;F@22$b@3@N b@5?Y" st 3@ L@5$2?@ 3$;F@22$b@3@N ’
$;5$ vM5?#" $ " Y$XF4M" F"# @ L@5$2?@  )?b@2 4#@ $q52$#?3@3$ 3" F@L" E@X;F@ 2$;4M5@:5$ A"3$2?@ F@4;@2 @ $qB
3$;F@22$b@3@ :=" $q?;5$# A@25$; #$B 45?M?Z@3" A@2@ " A";?5?Y" s›t @" AM";=" 3@ L@5$2?@ $ A2"Y"F@2 M$;]$;
5aM?F@; @F?3$:5@M#$:5$ $# F":5@5"^ 5$2#?:@M A";?5?Y" s›t 3" Y$XF4M" b2@Y$;N
‘a [4$ A"3$ F2?@2B;$ 4#@ M?b@<=" e F"# @ L@5$2?@ @4q?M?@2N
(5?M?Z@2 $qFM4;?Y@#$:5$ " A":5" 3$
#@;;@ F"# " 2?;F" 3$ A2"Y"F@2 b2@B  )?b@2 4#@ $q52$#?3@3$ 3" F@L" #@;;@ $;A$FXE?F"g :=" 45?M?Z@2 [4@MB
Y$; M$;]$; :@; A$;;"@; $Y$:54@M#$:5$ 45?M?Z@3" A@2@ " :$b@5?Y" st @" [4$2 "452@ A@25$ #$5aM?F@ $qA";5@N
A2$;$:5$; :@; A2"q?#?3@3$;N 5$2#?:@M :$b@5?Y" st 3@ L@5$2?@
@4q?M?@2N
   ,.
 )?b@2 @ $q52$#?3@3$ "A";5@ 3" &
 (#@ Y$Z M?b@3" " #"5"2^ 2$5?2@2 ";
F@L" 45?M?Z@3" A@2@ " :$b@5?Y" st
,$ $E$54@3" 3$ #"3" ?:F"22$5"^ " @ 4#@ #@;;@ 3" #"5"2 s4#@ F@L";^ ;$b4?:3" @ "23$# ?:Y$2;@ 2$B
A2"F$3?#$:5" 3$;F2?5" @ ;$b4?2 A"3$ A@25$ $# #$5@M 3" #"5"2 "4 3@ M@5?Y@#$:5$ e 3$;F2?5@ @:5$2?"2#$:5$N
A2"Y"F@2 b2@Y$; M$;]$; @ A$;;"@; $ F@?q@ 3$ Ff#L?" F"# @ L@5$2?@ ,$^ 3$A"?; 3$ @Mb4#@; 5$:5@5?Y@;^
3@:?E?F@2 " ;?;5$#@ 3$ 2$F@2b@ 3$ 4# 3$;F@22$b@3@t M":b$ 3@ L@5$2?@ $ " #"5"2 :=" M?b@2^ :=" ?:;?;5?2^ #@;
"4 3$ @#L"; "; Y$XF4M";N ,$b4?2 F2?B 3" ;?;5$#@ 3$ ?:‘$<=" 3$ F"#B F":5@5@2 @    , & # N
5$2?";@#$:5$ @; ?:3?F@<]$; E"2:$F?B L4;5XY$MN
3@; @ ;$b4?2N 9@;" ;$‘@ :$F$;;a2?" 2$F"22$2 E2$B
 )?b@2 " #"5"2 3" Y$XF4M" F"# L@B
[4$:5$#$:5$ e A@25?3@ 3$ $#$2b\:B
5$2?@ @4q?M?@2^ 3$?q@:3"B" E4:F?B
F?@^ #@:3@2 Y$2?E?F@2 @ L@5$2?@ $ " ;?;B
":@2 @Mb4:; #?:45"; $# #@2Fc@

1$"%
5$#@ 3$ 2$F@2b@ 3" Y$XF4M" :@   12$;;?":$ " L"5=" 3$ 52@Y@#$:5" ,&,<=  ,.   .%
  , & # N 3" $:b@5$ 2aA?3" $ A@2@ ;"M5aBM"   1   ; ) ,  U 2
3" E@M;" A"M"N
1@2@ 2$F"M"F@2 " F@L"^ $#A422@2 :"
 <=  ,.   .  ;$:5?3" F":52a2?" @5_ "4Y?2 " FM?Fi 3@
1   ; ) ,  U 2 52@Y@^ F$25?E?F@:3"B;$ 3" 52@Y@#$:5"N


1@2@ Y$XF4M"; $[4?A@3"; F"# B 
,5@25¥,5"A^ F@;" ;$‘@ :$F$;;a2?" 3$;B @:5$; 3$ F":5?:4@2 F"# " A2"F$B
F":$F5@2 " F@L" #@;;@ sBt 3@ L@5$2?@^ 3?#$:5"^ @b4@23$ A$M" #$:"; J #?B
" #$;#" 3$Y$ ;$2 E$?5" @52@Y_; 3" :45" A@2@ A";?F?":@2 @ Fc@Y$ 3$ ?bB
E@M;" A"M" :$b@5?Y" ^ F"#" @ ;$b4?2% :?<=" :@ A";?<=" ,.-1N

 D$#"Y@ " $:b@5$ 2aA?3"  3" 


E@M;" A"M" :$b@5?Y" N ’ L@5$2?@ A@2@ Y$XF4M"; F"# ;?;B
5$#@ ,5@25¥,5"A A";;4? F@2@F5$2X;5?B
F@; [4$ ;=" $;A$FXE?F@; A@2@ $;5@ Y$2B
;=" $ Y?;@# b@2@:5?2 " A$2E$?5" E4:F?B
D ":@#$:5" 3" ;?;5$#@N d ?#A2$;F?:3XB
Y$M [4$^ A@2@ ;4L;5?54?<=" 3@ L@5$2?@^
3?2?‘@B;$ e    , & # N

C  <=  ,.   . 



1   ; )   U 2
- ;$:;"2 >C,^ ?:3?F@3" A$M@ ;$5@^
:=" A"3$ :4:F@ ;$2 3$;F":$F5@3" 3" ,?b@ @; ?:;524<]$; @ ;$b4?2 A@2@
A"M"^ $qF$5" :" F@;" 3$ ;4L;5?54?<=" 2$#"<=" 3" $:b@5$ 2aA?3" 3" A"M"
3@ L@5$2?@N :$b@5?Y" 3@ L@5$2?@N

1$"&
 9 B 9"M"[4$ " 5$2#?:@M 3" $:b@5$
F"# @ @M@Y@:F@ @L$25@ $# A";?B
<=" ;$b42@^ A2hq?#@ e L@5$2?@N

,&,<=  ,.   .%


  1   ; )   U 2
,?b@ @; ?:;524<]$; @ ;$b4?2 A@2@
F":$F5@2 " $:b@5$ 2aA?3" @" A"M"
:$b@5?Y" 3@ L@5$2?@N

&

 ’ B ’L2?2 @ @M@Y@:F@ 3" $:b@5$  ’ B )$Y$ " 5$2#?:@M 3" $:b@5$


 C B 14q@2 E?2#$#$:5$ " $:b@5$ F"# @ @M@Y@:F@ @L$25@ @5_ " A"M"
A@2@ F?#@ 3@ L@5$2?@N

1$"(
 C B 12$;;?":$ E?2#$#$:5$ A@2@   
L@?q" " $:b@5$ @5_ @ L@;$ 3" 
L"2:$N   ! >:;A$F?":@2 F4?3@3";@#$:5$ " Y$XB
 9 B R$Fc$ @ @M@Y@:F@ 3" $:b@5$N F4M" A@2@ ;$ F$25?E?F@2 3$ [4$ :="
 $q?;5@# E4b@; 3$ F"#L4;5XY$M^ A"2
>:5$2Y_# $# F@;" 3$ Fc"[4$ A2"B $q$#AM" :" F"#A@25?#$:5" 3" #"B
  $  Y"F@:3"% 5"2^ ;"L " Y$XF4M" "4 :@ A2"q?#?3@3$
" 3@ a2$@ 3" 2$;$2Y@5h2?"N *$A"?; 3@
 ’ ?:5$224A<=" 3@ @M?#$:5@<=" 3$ F"M?;="^ 3$;M"F@2 @ Fc@Y$ 3$ ?b:?<="
+Y?5@2 @L;"M45@#$:5$ @ A@25?3@ A"2
F"#L4;5XY$M F"# F":;$[4$:5$ A@2@ @ A";?<="  A@2@ :=" 3$;B
$#A422="^ A"2 2$L"[4$ "4 45?M?Z@:3"
3$;@5?Y@<=" 3" #"5"2N F@22$b@2 @ L@5$2?@N
@; 3$;F?3@;N
 - 3$;52@Y@#$:5" @45"#a5?F" 3@;
A"25@;N
  - @F$:3?#$:5" 3@; M4Z$; ?:5$2B
+Y$:54@?; @F$;;h2?"; sA"2 $qN F$M4B :@;N !
M@2$;^ $5FNt M?b@3"; e; 5"#@3@; 3$ F"2B  ’ 3$;@5?Y@<=" 3@ Y$:5?M@<=" 3" 9@;" c@‘@ @Mb4# A2"LM$#@ :" E4:B
2$:5$ 3" Y$XF4M" @L;"2Y$# F"22$:5$ FM?#@5?Z@3"2N F?":@#$:5" 3" ;?;5$#@ 3$ LM"[4$?"
#$;#" [4$ :=" ;$‘@# 45?M?Z@3";N ,$ 3$ F"#L4;5XY$M [4$ ?#A";;?L?M?5$ @
 ’F$:3?#$:5" 3@; M4Z$; 3$ $#$2B
3$?q@3"; M?b@3"; #4?5" 5$#A" F"# " ;4@ E4:F?":@M?3@3$^ A@2@ @Mb4#@;
b\:F?@ sA@2@ 3$;@5?Y@2 @; M4Z$;^
#"5"2 3$;M?b@3"^ A"3$# 3$;F@22$b@2 Y$2;]$; "F"22$2a " @F$:3?#$:5" 3@;
A2$;;?":@2 " L"5=" ;?54@3" :" A@?B
@ L@5$2?@^ F"# F":;$[4$:5$ 2$34<=" M4ZB$;A?@ "4 4#@ ;?:@M?Z@<="
:$M 3$ ?:;524#$:5";tN
3@ 342@<=" 3$;5@ vM5?#@ $u"4 ?#A";B
b$:_2?F@ N
;?L?M?3@3$ 3$ M?b@2 " #"5"2N
+# @Mb4#@; Y$2;]$;^ @ ?:5$2Y$:<=" 1@2@ @Mb4#@; Y$2;]$;^ A"3$ ;$2 $q?B
3" ;?;5$#@ _ @;;?:@M@3@ A$M@ Y?;4@M?B L?3@ 5@#L_#^ #$:;@b$# :" 3?;AM@y
Z@<=" 3$ 4#@ #$:;@b$# $ ;X#L"M" $M$52r:?F" 3" [4@32" 3$ ?:;524#$:B
:" 3?;AM@yN 5";N !$;;$; F@;";^ 2$F"#$:3@B;$ ;"B
M?F?5@2 " @4qXM?" ?#$3?@5" 3@  %
  , & # N

1$")
1@2@ 2$;5@L$M$F$2 " F"22$5" E4:F?B   +<=   ( M?#?5@2 @ ;4A$2@[4$F?#$:5" 3" ;?;5$#@ 3$
":@#$:5" 3" Y$XF4M"^ 3?2?b?2B;$ ?#$B Y$M"F?3@3$N @22$E$F?#$:5" 3" #"5"2N
3?@5@#$:5$ e    , & # C   +<=  ;  + .  1,  D$b4M@2 " @[4$F?#$:5" 3" c@B
 -  2( F"# " Y$XF4M" A@2@3"^ L?5aF4M" A@2@ " #aq?#"^ "2?$:B
F"M"F@2 " Ff#L?" $# A":5" 5@:3" @ 3?;52?L4?<=" 3" @2 A@2@
   #"25" $ #@:5$2 " #"5"2 :" " A?;" "4 A@2@ " $q5$2?"2 3" Y$XB
   2$b?#$ #X:?#"N F4M"^ F@;" @; F":3?<]$; FM?#a5?B
F@; $q5$2:@; A$2#?5@# #@:5$2 ";
   Y?32"; M@5$2@?; @L$25";N +# ;$B
 b4?3@^ @5?Y@2 " $M$52"Y$:5?M@3"2

(# ;?;5$#@ 3$ 2$E2?b$2@<=" ;4A$B e Y$M"F?3@3$ #aq?#@N *$;;$
- A2"F$3?#$:5" 3$ @L@;5$F?#$:5" 2@[4$F?3" A"3$ 3@:?E?F@2 " Y$XF4M"N #"3"^ " @[4$F$3"2 @54@2a F"#"
3$ F"#L4;5XY$M $# F@;" 3$ $#$2b\:B +# F@;" 3$ ;4A$2@[4$F?#$:5"^ $:B 4# 2@3?@3"2 ;4AM$#$:5@2^ F":52?B
F?@ _ 3$;F2?5" $# p’L@;5$F?#$:5" 3" F";5@2 $ A@2@2 " Y$XF4M"N R@Z$2 E4:F?B L4?:3" A@2@ 3?;;?A@2 " F@M"2 3"
Y$XF4M"p^ F@AX54M" p1@25?3@ $ "A$2@B ":@2 " #"5"2 $# #@2Fc@ M$:5@ F"# " ;?;5$#@ 3$ @22$E$F?#$:5" 3" #"B
<="pN @2BF":3?F?":@3" 3$;@5?Y@3" @5_ [4$ 5"2N
@ 5$#A$2@542@ L@?q$N ,$ @ 5$#A$2@B
542@ :=" L@?q@2^ 3?2?b?2B;$ @;;?# [4$
    A";;XY$M e    , & # N  &
’ ;@X3@ 3$ MX[4?3" 3$ @22$E$F?B
&) ’ ;$b4?2^ $;5=" ?:3?F@3@; @Mb4#@; #$:5" 3" #"5"2 "4 3$ Y@A"2 3" 2@B
 ;?54@<]$; @3?F?":@?; [4$ E@Y"2$F$# " 3?@3"2 A"3$ A2"Y"F@2 [4$?#@342@;
@A@2$F?#$:5" 3$ ;?54@<]$; $qF$AF?"B b2@Y$;N ,$ :"5@2 Y@A"2 A2"Y$:?$:5$
’" A$2F"22$2 52$Fc"; F"#" "; 3$;B
:@?; 3$ ;4A$2@[4$F?#$:5" 3" #"5"2% 3" F"#A@25?#$:5" 3" #"5"2^ "4 ;$
F2?5"; @ ;$b4?2^ $ :@ A2$;$:<@ 3$ F":B
"4Y?2 " 24X3"^ :=" @L2?2 " F@Ar @5_
3?<]$; FM?#a5?F@; $qF$AF?":@?; [4$
 ,$ " @2BF":3?F?":@3" $;5?Y$2 M?B [4$ " 2@3?@3"2 5$:c@ 5?3" 5$#A" ;4E?B
A";;@# A2"Y"F@2 " @A@2$F?#$:5" 3$
b@3"^ 3$;M?baBM"N - ;?;5$#@ 3$ F?$:5$ A@2@ @22$E$F$2N !4:F@ 5$:5@2 5?B
E$:r#$:"; 3$ ;4A$2@[4$F?#$:5" 3"
@2BF":3?F?":@3" F":52?L4? A@2@ " 2@2 " 5@#A=" F"# " 2@3?@3"2 [4$:5$N
#"5"2^ @3"5@2 @; ;$b4?:5$; @L"23@B
b$:;%

1$"*
  ,$ @ L@5$2?@ 3" Y$XF4M" $;5?Y$2 3$;B
F@22$b@3@^ @ Fc@Y$ 3$ ?b:?<="^ ;$ ?:B
   ;$2?3@^ A$2#@:$F$ 52@Y@3@ :@ 2$;A$FB
5?Y@ ;$3$N
 $ 
1@2@ 2$5?2@2 #$F@:?F@#$:5$ @
  Fc@Y$^ A2"F$3$2 F"#" @ ;$b4?2%

 1@2@2 " Y$XF4M" $# F":3?<]$; 3$
;$b42@:<@ $ @F?":@2 " E2$?" 3$
$;5@F?":@#$:5"N  9"# 4#@ #="^ A4q@2 A@2@ L@?q"
! @ M?:b4$5@  $^ F"# @ "452@^ $qB
 12?#$?2@#$:5$ F$25?E?F@2B;$ 3$
d @F":;$McaY$M #@:3@2 $E$54@2 " [4$ @ L@5$2?@ $;5$‘@ F@22$b@3@^ 52@?2 @ Fc@Y$^ 2$5?2@:3"B@ A2@ E"2@N
A2"F$3?#$:5" 3$ 2$#":5@b$# ‘4:5" F@;" F":52a2?"^ 3?2?b?2B;$ @
e    , & # N    , & #  A@2@
9@;" ;$ A2$5$:3@ A2"F$3$2 3$ 2$$;5@L$M$F$2 @ F@2b@N
#"3" @45r:"#"^ A2$;5@2 A@25?F4M@2  ,"#$:5$ $# F@;" 3$ $qF$<=" $
@5$:<=" @" F"22$5" @F"AM@#$:5" 3"; :@ ?#A";;?L?M?3@3$ 3$ F":5@5"
2$Y$;5?#$:5"; @52@Y_; 3@; 52@Y@; F"# @    , & # ^
3$ $:F@?q$N 9@;" F":52a2?"^ A"3$ 2$F"#$:3@B;$ @ 2$@M?Z@<=" 3"
Y$2?E?F@2B;$ 24X3"; 3$Y?3" e E?q@<=" A2"F$3?#$:5" @ ;$b4?2N
?:F"22$5@ 3" 2$Y$;5?#$:5" ?:E$2?"2  ,$ @ L@5$2?@ $;5?Y$2 3$;F@22$b@3@
F"# " ;4A$2?"2N $ @ Fc@Y$ $;5?Y$2 52@Y@3@ :@ ?bB
:?<="N 2$#"Y$2 " 2$Y$;5?#$:5"
’ Fc@Y$ 3$ ?b:?<=" sA@2@ Y$2;]$; ?:E$2?"2 ^ 45?M?Z@:3" 4#@ Fc@Y$
F"# Ff#L?" @45"#a5?F" $ Fc@Y$ Ac?MM?A; s:=" E"2:$F?3@t :"; A@B
#$Ff:?F@t ;h _ 2$5?2aY$M F"# @ 2@E4;"; $ $ A4q@2 " 2$Y$;5?#$:5"
@M@Y@:F@ 3$ Ff#L?" :@ A";?<="  A@2@ L@?q"N
s+;5@F?":@#$:5"tN

1$"+
F4M"^ 2$F"#$:3@B;$ [4$ $;5$ A2"F$B #"M342@  sF"# @ F"?E@t 3@
3?#$:5" ;"#$:5$ 3$Y$ ;$2 2$@M?Z@3" @M@Y@:F@ 3$ Ff#L?"N
$# F@2a5$2 3$ $qF$<=" $ :@ ?#A";;?B
L?M?3@3$ 3$ F":5@5" F"# @  %
  , & #  A@2@ 3$Y?3@ "2?$:5@B
<="N

  
   
   
/  +
 
  %
   !
+# F@;" 3$ @Y@2?@^ A@2@ 3$;M"F@2 &
@ @M@Y@:F@ 3" Ff#L?" 3@ A";?<=" 
 (#@ Y$Z $q52@X3@ @ Fc@Y$^ Y"M5@2 s+;5@F?":@#$:5"t^ A2"F$3$2 F"#" @
@ #":5@2 " 2$Y$;5?#$:5" ?:E$2?"2 ;$b4?2%
^ F$25?E?F@:3"B;$ 3" ;$4 F"22$5"  12$;;?":@2 @ E4:3" " A$3@M 3"
52@Y@#$:5" $ @A$25@2 "; A@2@E4;";  *$;M?b@2 " #"5"2N E2$?" $ #@:5\BM" A2$;;?":@3"N
3$ E?q@<=" $N  ’F?":@2 " E2$?" 3$  >:;$2?2 A$2A$:3?F4M@2#$:5$ 4#@
$;5@F?":@#$:5"N A$[4$:@ Fc@Y$ 3$ E$:3@^ "4 E$2B
  ’54@:3" F"# F4?3@3" :" A":5" 2@#$:5@ ;?#?M@2^ :" E42" e 3?2$?5@
?:3?F@3" A$M@ ;$5@^ 2$#"Y$2^ :@ A@25$ A";5$2?"2 3" F":‘4:5" $^
+# 2@Z=" 3@ A";;?L?M?3@3$ 3$ 3@B
M$Y@:5@:3"B@ A@2@ F?#@^ @
:"; #$Ff:?F"; $ $;5_5?F"; :" Y$XB
1$",
$# ;$b4?3@^ A2$;;?":@2 $ ;$b42@2   , & #  A@2@ 3$Y?3@ "2?$:5@B ;?<="  sA":5" #"25"t A"2 #@?; 3$ O
@ @M@Y@:F@ 3$ 3$;52@Y@#$:5"N <="N ;$b4:3";^ _ :$F$;;a2?" A2$;;?":@2 "
A$3@M 3$ E2$?" A@2@ ;$M$F?":@2 @; A"B
;?<]$;  "4  N
   
! &  
-. (;@2 " #X:?#" A";;XY$M 3$ A2$;B
;=" :" @F$M$2@3"2 ?2a #@:5$2 " #"B
,$ " Y$XF4M" @5"M@2 $# 4# 5$22$:" Y?#$:5" 3$ L@M@:<" 3$:52" 3$ 4#@
@2$:";"^ 3$ M@#@ "4 :$Y$^ A2"F$3$2 @54@<=" $E?F?$:5$^ ;$# [4$ @; 2"3@;
3" ;$b4?:5$ #"3"% b?2$# $# E@M;" "4 @; 2"5@<]$; 3" #"B
 9"M"F@2 @ @M@Y@:F@ 3$ Ff#L?" :@ 5"2 ;$ $M$Y$# $qF$;;?Y@#$:5$N
 U?2@2 " Y"M@:5$ ;4F$;;?Y@#$:5$
A";?<="  s1":5" #"25"tN
A@2@ @ 3?2$?5@ $ A@2@ @ $;[4$23@^
 W"M5@2 @ #":5@2 F"22$5@#$:5$ @ F"# " ?:54?5" 3$ M?L$2@2 @ a2$@ :" 
#"M342@ $ @ F"?E@ 3@ @M@Y@:F@ 3$ $:5"2:" 3@; 2"3@;N ,$ :$F$;;a2?"^ A2$;;?":@2 " L"5="
Ff#L?"
 12$;;?":@2 $ ;$b42@2 " L"5=" 3@ A@2@ 3$;@L?M?5@2 A@2F?@M#$:5$ "
 *@2 @ A@25?3@ :" #"5"2 F"# @ @M@Y@:F@ 3" Ff#L?"N ;?;5$#@ ’,D @:5$; 3$ 3@2 ?:XF?" e
@M@Y@:F@ 3$ Ff#L?" :@ A";?<=" "A$2@<="N ’Ah; M?L$2@2 " Y$XF4M"^
 .2"F@2 ;4F$;;?Y@#$:5$ $:52$ @;
 sA":5" #"25"tN A2$;;?":@2 :"Y@#$:5$ " L"5=" A@2@
A";?<]$;  $  $^ 342@:5$ $;5$
A2"F$;;"^ A2$;;?":@2 M$Y$#$:5$ " c@L?M?5@2 " ;?;5$#@ sF":;4M5@2 @ ;$<="
 @F$M$2@3"2N p9@2@F5$2X;5?F@; 3$ ;$b42@:<@ @5?Y@p
:" F@AX54M" p,$b42@:<@p A@2@ #@?;
+# 2@Z=" 3@ A";;?L?M?3@3$ 3$ 3@B
?:E"2#@<]$;tN
:"; #$Ff:?F"; $ $;5_5?F"; :" Y$XB 
F4M"^ 2$F"#$:3@B;$ [4$ $;5$ A2"F$B
.2"F@; $:52$ @; A";?<]$;  $  A"B
3?#$:5" ;"#$:5$ 3$Y$ ;$2 2$@M?Z@3"
3$# ;$2 E$?5@; F"# @; 2"3@; $# Y$B
$# F@2a5$2 3$ $qF$<=" $ :@ ?#A";;?B
M"F?3@3$ #aq?#@ 3$ ~ i#ucN ,$#A2$
L?M?3@3$ 3$ F":5@5" F"# @  %
[4$ @ 52@:;#?;;=" _ #@:5?3@ :@ A"B
1$%-
   A":5"; 3$ E?q@<="N (# 2$L"[4$ $E$B
54@3" 3$ #"3" ?#A2hA2?" A"3$ A2"B
! Y"F@2 3@:"; :" Y$XF4M"N
6   !
!" A2$;$:5$ 5hA?F" ;=" 3$;F2?5";
"; A2"F$3?#$:5"; A@2@ " 2$L"[4$ 3"
Y$XF4M" $# ;?54@<]$; 3$ $#$2b\:F?@N


1@2@ $E$54@2 " 2$L"[4$^ _ :$F$;;aB
2?@ 4#@ L@22@ 3$ 2$L"[4$ 2Xb?3@ 3$
#"3" @ $Y?5@2 3@:?E?F@2 " Y$XF4M"N


(5?M?Z@2 @A$:@; L@22@ 3$ 2$L"[4$
2Xb?3@N &
D$;A$?5@2 @ M$b?;M@<=" 3$ 52f:;?5"
Y?b$:5$ A@2@ A2"F$3?#$:5"; 3$ 2$L"B
[4$N


w4@:3" ;$ E?q@ " Y$XF4M" :@ AM@5@B
E"2#@ 3$ 4# F@#?:c=" 3$ 2$L"[4$^
:=" 45?M?Z@2 "; F"#A":$:5$; 3@; ;4;B
A$:;]$; 3?@:5$?2@ "4 52@;$?2@ F"#"
1$%!
.*+  ;?,+& % ,  <) A  

  $4     E$ 37  E$ 


,$ " Ff#L?" $;5?Y$2 E4:F?":@:3"^
D$L"[4$ $# 4#@ ;4A$2EXF?$
!+!8(&’ !0- 1+D&>.>*- F"M"FaBM" $# A":5" #"25"N -
AM@:@
Y$XF4M" _^ @;;?#^ 2$L"FaY$M^ #@;
A"2 L2$Y$; 3?;5f:F?@; sF$2F@ 3$
.D’,+>D-, !0- 1+D&>.>*- JI i#t $ @ Y$M"F?3@3$ 2$34Z?3@
+M$Y@<=" 3@; 2"3@; "4 2$L"[4$
s#aq?#" OI i#uct
:" Y$XF4M"
*>’!.+>D-, -{ -{
W$XF4M" $# 4#@ AM@5@E"2#@ 3$
.-*-, &+)8-D &d.-*- &+)8-D &d.-*-
Y$XF4M" 3$ ;"F"22"

1$%"
 ) , ,- .   +& 2"3@; 3?@:5$?2@; +)+W’*’, 3" ;"M" @ 2$5?2@3@ 3" Y$XF4M" A"2 ;4@ A2hA2?@
s45?M?Z@:3" 4# Y$XF4M" "4 4#@ E$22@B 52@<="^ F"#"^ A"2 $q$#AM"^ A?;" $qB
d 2$F"#$:3aY$M 2$L"F@2 " Y$XF4M"
#$:5@ @3$[4@3@ [4$ A$2#?5@ @ $M$B F$;;?Y@#$:5$ $;F"22$b@3?"^ @2$:";"^
F"# @; [4@52" 2"3@; +)+W’*’, 3"
Y@<=" 3@; 2"3@; 3?@:5$?2@;tN M@#@^ $5FN^ 4# Y$XF4M" @A2"A2?@3"
;"M" :@ AM@5@E"2#@ 3$ 4# Y$XF4M" 3$
A@2@ 2$L"[4$ 3$Y$ ;$2 45?M?Z@3"N +#
;"F"22"N
6  ;$b4?3@^ 3$A$:3$:3" 3@ ;?54@<="^
+;5@; Y$2;]$; A"3$# 5@#L_# ;$2 F"M"F@2 " Y$XF4M" $# A2?#$?2@ #@2B
2$L"F@3@; :4#@ ;4A$2EXF?$ AM@:@ s5"B Fc@ s"4 t "4 #@2Fc@ 2_ s"4 t^ @F$B
3@; @; 2"3@; :" ;"M"t F"# " Ff#L?" M$2@:3" b2@3@5?Y@#$:5$ $ ;?#4M5@:$B
$# A":5" #"25"^ #@; A"2 L2$Y$; 3?;B ! @#$:5$ @" Y$XF4M" 4;@3" A@2@ " 2$B
5f:F?@; sF$2F@ 3$ JI i#t $ @ Y$M"F?B D$;A$?5@2 @ M$b?;M@<=" 3$ 52f:;?5" L"[4$N
3@3$ 2$34Z?3@ s#aq?#" OI i#uctN Y?b$:5$ A@2@ @; ;?54@<]$; 3$ 2$L"[4$N +;5@ "A$2@<="  3$Y$ ;$2 2$@M?B
’" 2$L"F@2 " Y$XF4M"^ :=" 3@2 52@:B Z@3@ $# [4@M[4$2 F":3?<=" 3$ 2?;F"
 F"; $ "4 @22@:[4$; [4$ A";;@# 3@:?B A@2@ "; F":345"2$; $ A$;;"@; $:Y"MB
- 2$L"[4$ 3"; Y$XF4M"; ;$# 2$;B E?F@2 " Y$XF4M" $ F"M"F@2 $# 2?;F" @; Y?3@;N
A$?5@2 "; 2$[4?;?5"; @F?#@ ?:3?F@3"; A$;;"@; $:Y"MY?3@; :@ "A$2@<="N
A"3$ A2"Y"F@2 3@:"; b2@Y$; :@ F@?q@
3$ Ff#L?"N &
 ) , ,- .  !
+ / ,7 
1@2@ " 3$;@5"M@#$:5" 3" Y$XF4M"
d 2$F"#$:3aY$M 2$L"F@2 " Y$XF4M" E"2@ 3@ Y?@ A@Y?#$:5@3@^ "4 ;$‘@^ $#
F"# @; [4@52" 2"3@; +)+W’*’, 3" F":3?<]$; 3$ L@22"^ @2$?@^ A?;"; $;B
;"M" :@ AM@5@E"2#@ 3$ 4# Y$XF4M" 3$ F"22$b@3?";^ $5FN^ #$3?@:5$ " @4qXB
;"F"22"N M?" 3$ "452" Y$XF4M"^ ;$#A2$ 45?M?Z@2
9@;" :=" $;5$‘@ 3?;A":XY$M 4# Y$XB 4#@ L@22@ 3$ 2$L"[4$ 2Xb?3@N ’:5$;
F4M" 3$ ;"F"22" F"# AM@5@E"2#@^ " 3$ ?:?F?@2 @ "A$2@<="^ 3$;"L;524?2 @;
Y$XF4M" 3$Y$ ;$2 2$L"F@3" F"# @; 2"3@; $^ ;$ "452"; E@5"2$; ?#A$3?2$#

1$%%

- Y$XF4M" _ Y$:3?3" ;$# " $q5?:5"2
3$ ?:F\:3?";N - $q5?:5"2 3$ ?:F\:3?";
A"3$ ;$2 @3[4?2?3" $ ?:;5@M@3" :@
   , & # N


D$F"#$:3@#"; M$2 @; ?:;524<]$;
?#A2$;;@; :" $[4?A@#$:5"N

-L;$2Y@2 F"# @5$:<=" @ Y@M?3@3$


3" $q5?:5"2 s@ 3@5@ $:F":52@B;$ b2@B
Y@3@ :" F"2A" 3" F?M?:32"t $ ;$ "
A":5$?2" 3" #@:r#$52" $;5a 3$:52"
3@ E@?q@ :"2#@M 3$ "A$2@<="N

'   
 
J  !
’ $;524542@ 3@ F@22"F$2?@^ A@25$ 3?B
@:5$?2@ 3$L@?q" 3" L@:F" 3" #"5"B
2?;5@  $;5a A2$Y?;5@ A@2@ @ ?:;5@M@<="
3" ;4A"25$ A@2@ E?q@<=" 3" $q5?:5"2
3$ ?:F\:3?";N

1$%&
     
   !
(#@ F"22$5@ #@:45$:<=" A$2#?5$ #@:5$2 " 3$;$#A$B
:c" 3" Y$XF4M" @" M":b" 3" 5$#A"^ 2$34Z?2 "; F4;5"; 3$
E4:F?":@#$:5" $ A2"5$b$2 @ $E?F?\:F?@ 3"; ;?;5$#@; 3$
;$b42@:<@N
!$;5$ F@AX54M"^ $qAM?F@B;$ F"#"N

,+DW>/-, ’U+!*’*-, N N N N N N N N N N N N N N UBJ


9-&1’D.>&+!.- *- &-.-D N N N N N N N N N N UBO
D+9’DD+U’!*- ’ C’.+D>’ N N N N N N N N N N N UBJJ
,+DW>/-, !’ 9-!9+,,>-!«D>’ N N N N N N N N UBJO
)+W’!.’!*- - W+n9()- N N N N N N N N N N N N UBOI
D-*’, + 1!+(, N N N N N N N N N N N N N N N N N N UBOI
)-!U’ >!’.>W>*’*+ *- W+n9()- N N N N N N UBHG
9’DD-9+D>’ N N N N N N N N N N N N N N N N N N N N UBHJ

>!.+D>-D *- W+n9()- N N N N N N N N N N N N N N UBH}

2
    ,$ E"2 :$F$;;a2?" $E$54@2 4#@ M@B
Y@b$# 3$Y?3" e @Y@2?@ 3$ 4# F"#B
 ! A":$:5$^ 45?M?Z@2 $qFM4;?Y@#$:5$ "
   MX[4?3" $;A$FXE?F" A@2@ 5@M A2"F$3?B
’ #@:45$:<=" $22@3@ 3" Y$XF4M" #$:5"N
- ;$2Y?<" 3$ &@:45$:<=" 12"b2@B "4 @ :=" $q$F4<=" 3$ ?:5$2Y$:<]$; $
#@3@ _ $E$54@3" A$M@    % 2$A@2@<]$; s[4@:3" :$F$;;a2?@;t A"B
, & # I F"# "; 5$#A"; A2_BE?q@3";N 3$# F"#A"25@2 2$A@2@<]$; #@?; 3?;B
A$:3?";@;^ 3@:"; $# "452"; F"#A"B
(5?M?Z@:3" E2$[4$:5$#$:5$ " Y$XB :$:5$; "4 4# ?#A@F5" :$b@5?Y" :" !
F4M" A@2@ " 2$L"[4$ 3$ @52$M@3";^ 3$;$#A$:c" 3" Y$XF4M"N d @F":;$McaY$M F":E?@2 @ #@:45$:B
2$F"#$:3@B;$ 2$34Z?2 " ?:5$2Y@M" $:B
<=" 3" Y$XF4M" e    , &
52$ @; #@:45$:<]$; A2"b2@#@3@;N &@:3@2 $q@#?:@2 ?#$3?@5@#$:5$
# C 1@2@ $E$54@2 A$;;"@M#$:5$ @;
$Y$:54@?; @:"#@M?@; 3$ E4:F?":@B
"A$2@<]$; A$2?h3?F@; $ @; A$[4$:@;
#$:5" :@    , & # 
 ?:5$2Y$:<]$; 3$ #@:45$:<=" :" Y$XB
F4M"^ _ @F":;$McaY$M 45?M?Z@2 $[4?A@B
- AM@:" 3$ &@:45$:<=" 12"b2@B
#$:5" @3$[4@3"^ A$<@; b$:4X:@; $
#@3@ _ $;5@L$M$F?3" A$M@ #":5@3"2@N
"; MX[4?3"; :$F$;;a2?";NB
’ :=" $q$F4<=" 3" #$;#" @ 5$#A"
!
$ #"3"^ A"3$ $:;$‘@2 @ A$23@ 3@ b@B !=" $E$54@2 [4@M[4$2 5?A" 3$ ?:5$2B
2@:5?@ F":52@54@MN - Y$XF4M" $;5a $[4?A@3" F"# MX[4?B
Y$:<=" ;$ :=" ;$ A";;4?2 @ $qA$2?\:B
3"; "5?#?Z@3"; A@2@ A2"5$b$2 " ;$4
F?@ :$F$;;a2?@N
3$;$#A$:c"^ 342@<=" $ A2"M":b@2 "; ’
 ;$4; ?:5$2Y@M"; 3$ #@:45$:<="N !="
’; Aab?:@; ;$b4?:5$; F":5\# @;
d @F":;$McaY$M ;?:@M?Z@2 e  45?M?Z@2 ;4L;5f:F?@; [4X#?F@; A@2@ M@B
:"2#@; ;"L2$ @ #@:45$:<=" :$F$;;aB
  , & #  $Y$:54@?; A$[4$:@; Y@2 $;5$; F"#A":$:5$;^ 4#@ Y$Z [4$
2?@ A2$Y?;5@ A$M" A$;;"@M 5_F:?F" [4$
@:"#@M?@; 3$ E4:F?":@#$:5"^ ;$# A"3$# 3@:?E?F@2 " #"5"2^ @ F@?q@ 3$
A2"‘$5"4 " Y$XF4M"N
$;A$2@2 A$M@ $q$F4<=" 3@ A2hq?#@ Ff#L?" "4 " ;?;5$#@ 3$ FM?#@5?Z@B
2$Y?;=" A2$Y?;5@N <="N +;;$; 3@:"; :=" $;5=" F"L$25"; ’M_# 3$;5@; ?:3?F@<]$; 3$ #@:4B
A$M@ b@2@:5?@ 3" Y$XF4M"N 5$:<=" $;A$F?E?F@3@; :@ #@:45$:<="
A2"b2@#@3@ 2$b4M@2^ $;5=" A2$;$:5$;
2$!
"452"; F"#A":$:5$; [4$ A"3$# :$B
F$;;?5@2 3$ ?:5$2Y$:<]$; "4 ;4L;5?54?B
<]$; 342@:5$ " F?FM" 3$ Y?3@ 3" Y$XB !
F4M"N
*42@:5$ "; 2$@L@;5$F?#$:5";^ 5$B
:c@ @5$:<=" A@2@ :=" F":E4:3?2 ";
Ya2?"; 5?A"; 3$ MX[4?3";% ;=" 5"3"; ?:B
&   F"#A@5XY$?; $:52$ ;?Q
 
(# 2$@L@;5$F?#$:5" F"# MX[4?3"
#   ?:@3$[4@3" A"3$ 3@:?E?F@2 b2@Y$B
#$:5$ " Y$XF4M"N

!
!4:F@ E4#@2 342@:5$ [4@M[4$2 ?:B
5$2Y$:<=" :" Y=" 3" #"5"2N
1"3$2=" $;5@2 A2$;$:5$; b@;$; $ Y@B
A"2$; ?:EM@#aY$?;^ F"# 2?;F" 3$ ?:B
F\:3?"N

!
9"# #"5"2 [4$:5$^ @54@2 F"#
#4?5" F4?3@3" :" ?:5$2?"2 3" Y=" 3"
#"5"2N
1$2?b" 3$ [4$?#@342@;N

2$"
 ) NCW ] #&'

’N W@2$5@ 3$ F":52"M$ 3" :XY$M 3" hM$" 3" #"5"2  CN .@#A=" u ’L@;5$F?#$:5" 3" hM$" 3" #"5"2  9N )X[4?3" 3$
@22$E$F?#$:5" 3" #"5"2  *N )X[4?3" 3"; E2$?";  +N )X[4?3" 3" M@Y@3"2 3" A@2@BL2?;@ $ Y?32" 52@;$?2"  RN C@5$2?@

2$%
 ) NCH [ #&'

’N W@2$5@ 3$ F":52"M$ 3" :XY$M 3" hM$" 3" #"5"2  CN .@#A=" u ’L@;5$F?#$:5" 3" hM$" 3" #"5"2  9N )X[4?3" 3$
@22$E$F?#$:5" 3" #"5"2  *N )X[4?3" 3"; E2$?";  +N )X[4?3" 3" M@Y@3"2 3" A@2@BL2?;@ $ Y?32" 52@;$?2"  RN C@5$2?@

2$&
 ) NC[ N] #&'

’N W@2$5@ 3$ F":52"M$ 3" :XY$M 3" hM$" 3" #"5"2  CN .@#A=" u ’L@;5$F?#$:5" 3" hM$" 3" #"5"2  9N )X[4?3" 3$
@22$E$F?#$:5" 3" #"5"2  *N )X[4?3" 3"; E2$?";  +N )X[4?3" 3" M@Y@3"2 3" A@2@BL2?;@ $ Y?32" 52@;$?2"  RN C@5$2?@

2$(
5   4#@ L"@ M4L2?E?F@<="^ A@25$ 3" hM$"
M4L2?E?F@:5$ _ F":;4#?3" 342@:5$ "
 ! E4:F?":@#$:5" 3" #"5"2N
W$2?E?[4$ " :XY$M $ $E$54$ @ 52"F@ ,"#$:5$ @ Y$2?E?F@<=" 3" :XY$M 3"
3" hM$" 3" #"5"2 3$ @F"23" F"# hM$" 3$Y$ ;$2 $E$54@3@ F"# " #"5"2
@ E2$[4\:F?@ ?:3?F@3@ :" x1M@:" 3$ @?:3@ [4$:5$N
&@:45$:<=" 12"b2@#@3@zN !
- F"#AM$5@#$:5" 3" :XY$M 3$Y$
’" @L@;5$F$2^ 4;$ 4# E4:?M A@2@
+q52@?2 @ Y@2$5@ 3$ F":52"M$ 3" :XB ;$2 $E$54@3" F"# " #"5"2 E2?"N
$Y?5@2 " 3$22@#@#$:5"N 9@;" "F"22@
Y$M 3$ hM$" 3" #"5"2^ M?#AaBM@ F"# " 3$22@#@#$:5"^ M?#A$ ?#$3?@5@B
4# A@:" [4$ :=" ;"M5$ A$M" $ ?:;$2?B ,$ " :XY$M 3" hM$" $;5?Y$2 A$25"
#$:5$ "; F"#A":$:5$; @E$5@3";N
M@ :"Y@#$:5$N +q52@XBM@ 4#@ ;$b4:3@ "4 @5_ @L@?q" 3@ 2$E$2\:F?@ ^
Y$Z $ F$25?E?F@2B;$ 3$ [4$ " :XY$M 3$ @3?F?":@2 hM$" @52@Y_; 3" L"F@M 3$ ’Ah; " @L@;5$F?#$:5" F$25?E?[4$B
hM$" 3" #"5"2 $;5a F"#A2$$:3?3" $:B $:Fc?#$:5" @5_ @5?:b?2 @ 2$E$2\:F?@ ;$ 3$ [4$ @ 5@#A@ E"? F"22$5@#$:5$
52$ @; #@2F@;  $ J $q?;5$:5$; JN E$Fc@3@N
:@ A2hA2?@ Y@2$5@N - $;A@<" $:52$ - :XY$M 3" hM$" :4:F@ 3$Y$ 4MB
$M@; F"22$;A":3$ @ F$2F@ 3$ J M?52" 52@A@;;@2 @ 2$E$2\:F?@ JN ,$ ?;;"
3$ hM$"N @F":5$F$2^ @b4@23@2 " #"5"2 $;E2?@2 $
- F":52"M$ 3" :XY$M 3" hM$" 3$Y$ 2$5?2@2 " $qF$;;" 3$ hM$"N
;$2 $E$54@3" F"# " Y$XF4M" $# 5$2B
2$:" AM@:" $ F"# " #"5"2 @?:3@
[4$:5$ sF$2F@ 3$ JG #?:45"; @Ah; 5\B 
M" 3$;M?b@3"tN *$A"?; 3$ 5$2 @3?F?":@3" "4 ;4L;B
5?54X3" " hM$"^ E4:F?":@2 " #"5"2 A"2
@Mb4:; ;$b4:3";^ 3$;M?baBM" $ ;h $:B
5=" Y$2?E?F@2 " :XY$MN

*$Y?3" e F":F$A<=" 3"; #"5"2$;


@ F"#L4;5=" ?:5$2:@^ A@2@ [4$ c@‘@
2$)
4  #
 
! ! ,$ " :XY$M E"2 ?:;4E?F?$:5$^ 3$;@A$2B
9"# #"5"2 [4$:5$^ #$q$2 F"# - @L@;5$F?#$:5" 3$ hM$" 3" #"B 5@2 " 5@#A=" 3" 2$;$2Y@5h2?"  $ 3$;B
#4?5" F4?3@3" 3$:52" 3" Y=" 3" #"B 5"2 3$Y$ ;$2 $E$54@3" F"# " #"5"2 A$‘@2 M$:5@#$:5$ " MX[4?3" 3$;F2?5"
5"2^ A"?; ca A$2?b" 3$ [4$?#@342@;N E2?"^ M$:5@#$:5$ $ F"# F4?3@3"^ $Y?B :" F@AX54M" p*@3"; 5_F:?F";pN
5@:3" " 3$22@#@#$:5" ;"L2$ "; F"#B
)$#L2$B;$ [4$^ F"# " #"5"2 A":$:5$; 3" Y=" 3" #"5"2N
[4$:5$^ " $M$52"Y$:5?M@3"2 A"3$ b?2@2
$ "F@;?":@2 M$;]$;N - hM$" $# F":5@5" F"# F"#A"B
:$:5$; [4$:5$; A"3$ F@4;@2 3@:"; e; !
A$<@; $ A2"Y"F@2 " ;42b?#$:5" 3$ 1@2@ $Y$:54@?; 2$@L@;5$F?#$:5";
E4#@<@^ ?:F\:3?"; "4 [4$?#@342@;^ 3" ;?;5$#@ 3$ @22$E$F?#$:5" 3"
@M_# 3$ F":5@#?:@2 " #$?" @#L?B #"5"2^ 45?M?Z@2 4# MX[4?3" 3" #$;#"
!
$:5$N 5?A" $# 2$M@<=" @" ‘a A2$;$:5$ :" ?:B
!=" @3?F?":@2 hM$" F"# F@2@F5$B 5$2?"2 3" 2$;$2Y@5h2?"N - MX[4?3" :="
2X;5?F@; 3?E$2$:5$; 3@; 3" hM$" ‘a $q?;B A"3$ ;$2 #?;542@3" F"# [4@M[4$2
5$:5$ :" #"5"2N "452" 5?A" 3$ MX[4?3" @:5?F":b$M@:5$N
,h " 4;" 3"; hM$"; 2$F"#$:3@3"; ! ,$ :=" c"4Y$2 " A2"345" $;A$F?E?B
sY$2 x9@2@F5$2X;5?F@; 3"; M4L2?E?F@:5$; - hM$" 3" #"5"2 4;@3" $ " E?M52" 3" F@3"^ :=" M?b@2 " #"5"2 $ 2$L"F@2 "
$ 3"; MX[4?3";z :$;5$ #@:4@Mt b@2@:5$ Y$XF4M" A@2@ @    , & # N
@ [4?M"#$52@b$# "4 " A2@Z" A2$Y?;5";
hM$" ;4L;5?54X3" F":5\# ;4L;5f:F?@; ’
A$2?b";@; A@2@ " @#L?$:5$N
A$M" AM@:" 3$ #@:45$:<="N
1@2@ @ ;4L;5?54?<=" 3" hM$" $ 3";
E?M52";^ _ @F":;$McaY$M 3?2?b?2B;$ e
   , & # N !
- ;?;5$#@ 3$ @22$E$F?#$:5" $;5a
A2$;;42?Z@3"N 9@;" ;$‘@ :$F$;;a2?"
;4L;5?54?2 " 5@#A="^ 45?M?Z@2 "452" b$B

2$*
:4X:"^ F@;" F":52a2?" @ $E?F?\:F?@ 3" 9@;" ?;;" @F":5$<@^ M@Y@2 ?#$3?@B
;?;5$#@ A"3$ E?F@2 F"#A2"#$5?3@N 5@#$:5$ F"# ab4@N
9"# " #"5"2 [4$:5$^ :=" 2$5?2@2 !
" 5@#A=" 3" 2$;$2Y@5h2?"% A$2?b" 3$ ’Mb4:; @3?5?Y"; F"#$2F?@?; 3" MXB
[4$?#@342@;N [4?3" M@Y@3"2 3" A@2@BL2?;@ ;=" ?:B
EM@#aY$?; !
- MX[4?3" 3"; E2$?"; _ Y$:$:";" $
4    - Y=" 3" #"5"2 F":5_# A@25$;
@M5@#$:5$ F"22";?Y"N +# F@;" 3$ F":B
%$    [4$:5$; [4$^ $# F":5@5"^ A"3$# A2"B
5@5" @F?3$:5@M^ M@Y@2 ?#$3?@5@#$:5$
Y"F@2 4# ?:F\:3?"N
,$ " :XY$M E"2 ?:;4E?F?$:5$^ M$Y@:5@2 @; A@25$; @E$5@3@; F"# ;@L=" :$452"
" 5@#A="  3" 2$;$2Y@5h2?" $ 3$;A$‘@2 $ $:q@b4@2 F"# ab4@ @L4:3@:5$N
" MX[4?3" 3$;F2?5" :" F@AX54M" p*@3"; 4  #
+# F@;" 3$ ?:b$;5="^ 3?2?b?2B;$ ?#$B
5_F:?F";pN
9$25?E?F@2B;$ 3$ [4$ " MX[4?3" $;5a 3?@5@#$:5$ @ 4# #_3?F"N
:" :XY$M #aq?#"N
,$ " :XY$M 3" MX[4?3" :" 2$;$2Y@5hB
2?" E"2 ?:;4E?F?$:5$^ 3$;@A$25@2 " 5@#B
!
A="  3" 2$;$2Y@5h2?" $ 3$;A$‘@2 M$:B !
!=" Y?@‘@2 F"# " 2$;$2Y@5h2?" 3" 5@#$:5$ " MX[4?3" 3$;F2?5" :" F@AXB
M@Y@3"2 3" A@2@BL2?;@ Y@Z?"% @ @<=" - ;X#L"M" ^ A2$;$:5$ :" 2$;$2Y@B
54M" p*@3"; 5_F:?F";pN 5h2?"^ ?3$:5?E?F@ "; MX[4?3"; 3$ E2$?";
3" M@Y@3"2 3" A@2@BL2?;@ _ E4:3@B
#$:5@M A@2@ #$Mc"2@2 @ Y?;?L?M?3@3$N 3$ 5?A" ;?:5_5?F"^ 3?;5?:b4?:3"B"; 3";
3$ 5?A" #?:$2@MN
- E4:F?":@#$:5" 2$A$5?3" 3" ;?;B
5$#@ :@ @4;\:F?@ 3$ MX[4?3" A"3$ (5?M?Z@2 MX[4?3"; 3$ 5?A" #?:$2@M
! 3@:?E?F@ ?22$#$3?@Y$M#$:5$ @; ‘4:5@;
3@:?E?F@2 "4 3$5$2?"2@2 2@A?3@#$:5$
+Y?5@2 [4$ " MX[4?3" 3"; E2$?";^ @MB $;A$F?@?; $# L"22@Fc@ 3" ;?;5$#@ 3$
@Mb4#@; A@25$; 3" ;?;5$#@N
5@#$:5$ F"22";?Y"^ $:52$ $# F":5@5" E2$:@b$#N
F"# @; A@25$; A?:5@3@;N

2$+
5     !=" ;$ @A2"q?#$ 3@ L@5$2?@ F"#
 E$ 3 Fc@#@ "4 A";;XY$?; E":5$; 3$ E@X;F@;%
A$2?b" 3$ $qAM";=" $ ?:F\:3?"N
1@2@ " F":52"M$ 3" :XY$M 3" hM$" !
3$ F"#@:3" 3@ F@?q@ 3$ Ff#L?"^ ’; L@5$2?@; F":5\# ;4L;5f:F?@;
3?2?b?2B;$ $qFM4;?Y@#$:5$ e  % #4?5" A$2?b";@; A@2@ " #$?" @#L?B
  , & # N $:5$N
!
1@2@ @ ;4L;5?54?<=" 3@ L@5$2?@^
,$ " Y$XF4M" E?F@2 A@2@3" A"2 4#
@F":;$Mc@#"; 3?2?b?2B;$ e   %
A$2X"3" A2"M":b@3" $# F":3?<]$;
 , & # ^ [4$ $;5a A2$A@2@3@ A@2@
! 3$ E2?" ?:5$:;"^ 2$5?2@2 @ L@5$2?@ 3"
@ $M?#?:@<=" 3@ #$;#@ 2$;A$?5@:3"
Y$XF4M" $ 52@:;A"25aBM@ A@2@ 4# M4b@2
- hM$" [4$?#@3" 3@ F@?q@ 3$ @ :@542$Z@ $ @; 3?;A";?<]$; M$b@?;N
@[4$F?3"N
Ff#L?" F":5_# ;4L;5f:F?@; A$2?b"B
;@; A@2@ " @#L?$:5$N 9"22$B;$ " 2?;F" 3$ F":b$M@#$:5"N ’ L@5$2?@ :=" :$F$;;?5@ 3$ @L@;5$B
F?#$:5"; 3" $M$52hM?5" F"# ab4@ 3$;B
1@2@ @ ;4L;5?54?<=" 3" hM$"^ _ @F":B
5?M@3@N
;$McaY$M 3?2?b?2B;$ e    , &
# N (# F":52"M$ A$2?h3?F"^ $E$54@3"
! A$M@    , & # ^ _^ F":B
’" #@:4;$@2 @ L@5$2?@ "4 $# ;4@; 543"^ :$F$;;a2?" A@2@ Y$2?E?F@2 @ ;4@
$ $E?F?\:F?@N
A2"q?#?3@3$;^ 3$Y$B;$ ;$#A2$ A2"5$B
b$2 "; "Mc";N ’
 &@ a    & A
(5?M?Z@2 hF4M"; @A2"A2?@3"; A@2@ @ + <=  . 
! "A$2@<="N
- MX[4?3" $q?;5$:5$ :@ L@5$2?@ _ Y$B 1@2@ $Y?5@2 3$;F@22$b@2 2@A?3@B
:$:";" $ F"22";?Y"N +Y?5@2 " F":5@5" #$:5$ @ L@5$2?@ $ A@2@ A2$;$2Y@2 @
F"# @ A$M$ $ "; "Mc";N E4:F?":@M?3@3$ :" 5$#A"^ ;$b4?2 2?B
b"2";@#$:5$ @; ;$b4?:5$; ?:3?F@<]$;%

2$,
 ’" $;5@F?":@2 " Y$XF4M"^ ;?L?M?3@3$ 3$ F":b$M@#$:5" sA"3$
F$25?E?[4$B;$ [4$ @; A"25@;^ F@Ar^ "F"22$2 @ JG9tN +# F@;" 3$ A@2@3@
A"25@; 3" F"#A@25?#$:5" 3$ ! A2"M":b@3@^ F":;4M5@2 " A@2ab2@E"
F@2b@; $ A"25?:c"M@; $;5$‘@# p>:@5?Y?3@3$ A2"M":b@3@ 3" Y$XF4M"p^
L$# E$Fc@3";^ A@2@ $Y?5@2 [4$ (#@ #":5@b$# ?:F"22$5@ 3$ @F$;B
:$;5$ F@AX54M"N
@; M4Z$; ?:5$2:@; 3" c@L?5aF4M" ;h2?"; $M_52?F"; $ $M$52r:?F"; A"3$
A$2#@:$<@# @F$;@;N F@4;@2 b2@Y$; 3@:"; @" Y$XF4M"N
+. + <=  . 
 ’A@b@2 @; M4Z$; ?:5$2:@;% 3$ [4@MB 12"F42$ ;$#A2$ @ D$3$ ’;;?;5$:B
[4$2 #"3"^ " Y$XF4M" $;5a $[4?B F?@M F"# A$;;"@M $;A$F?@M?Z@3" A@2@ 1@2@ ;4L;5?54?<=" 3@ L@5$2?@ A2"F$B
A@3" F"# 4# ;?;5$#@ 3$ 3$;B ?:5$2Y$:<]$; :" Y$XF4M"N 3$2 F"#" @ ;$b4?2%
M?b@#$:5" @45"#a5?F" 3@; M4Z$;
?:5$2:@;N

 9"# " #"5"2 3$;M?b@3"^ :=" 3$?B
q@2 3?;A";?5?Y"; @F$;"; A"2 M":b" ’Ah; 4#@ 3$;@5?Y@<=" 3@ L@5$2?@^
5$#A" sA"2 $qN @45"22a3?"^ M4Z$; @ 3?2$<=" :$F$;;?5@ 3$ 4#@ ?:?F?@M?B
3$ $#$2b\:F?@^ $5FNtN Z@<=" [4$ _ ?:3?F@3@ A$M" @F$:3?B
#$:5" 3@ M4ZB$;A?@ :" [4@32" 3$
 ’:5$; 3$ [4@M[4$2 ?:5$2Y$:<=" :"
?:;524#$:5";N 1@2@ $q$F45@2 $;5$ A2"B
;?;5$#@ $M_52?F"^ 2$5?2@2 " F@L" 3"
F$3?#$:5"^ L@;5@ Y?2@2 " Y"M@:5$ 3$
A"M" :$b@5?Y" 3@ L@5$2?@N
4#@ $q52$#?3@3$ e "452@ "4 ;?#AM$;B
#$:5$ A2";;$b4?2 $# 3?2$<=" 2$5?MXB  *$;M?b@2 @ ?b:?<="N
,$^ @Ah; @ @[4?;?<=" 3" Y$XF4M"^ :$@ A"2 F$# #$52";
A2$5$:3$2 ?:;5@M@2 @F$;;h2?"; $M_52?B  *$;F":$F5@2 A2?#$?2" " F@L"
F"; [4$ :$F$;;?5@# 3$ @M?#$:5@<=" :$b@5?Y" sBt $^ $# ;$b4?3@^
$M_52?F@ A$2#@:$:5$ sA"2 $qN @M@2#$^  3$;F":$F5@2 " F@L" A";?5?Y"
$5FNt "4 @F$;;h2?"; [4$ @E$5$# " L@B ’ L@5$2?@ #@:5?3@ A"2 #4?5" s›t^ 45?M?Z@:3" E$22@#$:5@;
M@:<" $M_52?F"^ F":5@5@2 @   % 5$#A" $# $;5@3" 3$ F@2b@ ?:E$2?"2 @3$[4@3@; s:=" E"2:$F?3@;t A@2@
 , & # ^ F4‘" A$;;"@M [4@M?E?F@3" @ IG¤ ;"E2$ 3@:"; A"2 ;4ME@5@<="^ " A2"F$3?#$:5"N
@Y@M?@2a @ @L;"2<=" $M_52?F@ 5"5@MN 2$34Z?:3" @ F@A@F?3@3$ 3$ A@25?3@N  D$5?2@2 " 5@#A="  3" E42" 3$
’M_# 3?;;"^ E?F@ #@?; ;4‘$?5@ e A";B ;@X3@ 3"; b@;$; 3@ L@5$2?@N
2$!-
 D$5?2@2 " 54L" 3$ $;F"@#$:5" 3$ M@3" 3@ L@:3$‘@ 3@ L@5$2?@^ A@2@
b@;$; $ 3@ L@5$2?@N 
$Y?5@2 [4$ 3"L2$ $ A2"Y"[4$ @Y@B
 ,4L;5?54?2 @ L@5$2?@ 4;@3@ A"2 "4B 2?@;N ’:5$; 3$ A2"F$3$2 @" F"25$ 3@ @M?B
52@ F"# @; #$;#@; F@2@F5$2X;5?B #$:5@<=" $M_52?F@ 3@ L@5$2?@ A@2@ ;4@
F@;N (;@2 ;"#$:5$ L@5$2?@; [4$ 2$5?2@3@^ @b4@23@2 A$M" #$:"; 4# #?B
5$:c@# ;?3" @A2"Y@3@; A@2@ " :45" @ A@25?2 3" A";?F?":@#$:5" 3@
;$4 Y$XF4M" A$M" E@L2?F@:5$^ F@;" Fc@Y$ 3$ ?b:?<=" $#  $ @ A@25?2
F":52a2?"^ " ;?;5$#@ "4 E4:<]$; 3" E$Fc@#$:5" 3@ A"25@ 3" M@3" 3"
3" Y$XF4M" A"3$# E?F@2 ?:3?;A"B F":345"2N !" A";5$2?"2 2$;5@L$M$F?B
:XY$?; $ 3@:?E?F@2 " Y$XF4M"N #$:5" 3@ @M?#$:5@<=" $M_52?F@ 3@ L@B
5$2?@^ F$25?E?F@2B;$ 3$ [4$ @ Fc@Y$ 3$
 9":$F5@2 A2?#$?2" " F@L" A";?B ?b:?<=" $;5$‘@ $#  $ [4$ @ A"25@
5?Y" s›t $^ $# ;$b4?3@^ F":$F5@2 " 3" M@3" 3" #"5"2?;5@ $;5$‘@ E$Fc@3@N
F@L" :$b@5?Y" sBtN
 1";?F?":@2 " 5@#A="   1@2@ " A2"F$3?#$:5" 3$ ;4L;5?B
E?2#$#$:5$ @" M@3" 3" A"M" 54?<="^ _ @F":;$McaY$M 3?2?b?2B;$ 
A";?5?Y" 3@ :"Y@ L@5$2?@N e    , & # N D$F"#$:3@B;$ 4#@ 2$F@2b@ M$:5@
 W$2?E?F@2 ;$ " 54L" 3$ $;F"@#$:5" 3$ L@?q@ ?:5$:;?3@3$ 3$ F"22$:5$^ 34B
3$ b@;$; $ $;5a 5"5@M#$:5$ 3$B 2@:5$ F$2F@ 3$ O} c"2@;N (#@ F@2b@
;"L;524X3"^ M?Y2$ 3$ 2$;X34";N    3$ @M5@ ?:5$:;?3@3$ 342@:5$ #4?5"
1";?F?":aBM" E?2#$#$:5$ @" M@3"   5$#A" A"3$ 3@:?E?F@2 @ L@5$2?@N
3" A"M" :$b@5?Y" 3@ :"Y@ L@5$2?@N
 ’
 9$25?E?F@2B;$ 3$ [4$ 4#@ $q52$#?B 
3@3$ 3" 54L" 3$ $;F"@#$:5" 3$  d $;;$:F?@M [4$ "; F@L"; 3" ;?;B
b@;$; $;5$‘@ E?q@3@ :@ L@5$2?@ $
’ 3$;F2?<=" 3" A2"F$3?#$:5" 3$ 5$#@ $M_52?F" ;$‘@# :"Y@#$:5$ M?b@B
@ "452@ 3?2$F?":@3@ A@2@ @ A2"5$B
2$F@2b@ 3@ L@5$2?@ $;5a ?:3?F@3@ 4:?B 3"; F"22$5@#$:5$ e L@5$2?@^ "4 ;$‘@^
<=" 3" Fa25$2 sA$?5" 3$ @<"tN
F@#$:5$ @ 5X54M" ?:E"2#@5?Y"N 1@2@ @ " F@L" A";?5?Y" s›t @" 5$2#?:@M A";?B
1@;;@2 " 54L" 3$ $;F"@#$:5" 3$ $q$F4<=" 3$;5@ "A$2@<="^ 3?2?b?2B;$ e 5?Y" $ " F@L" :$b@5?Y" st @" 5$2#?:@M
b@;$; @52@Y_; 3@ A2$;?Mc@ ^ @"    , & # N :$b@5?Y"N -; 5$2#?:@?; 3@ L@5$2?@ $;B

2$!!
5=" @;;?:@M@3"; F"# "; ;X#L"M"; 3$  )?b@2 " 5$2#?:@M @" A"M" :$b@5?Y" ’; 2$Y?;]$; 3$Y$# ;$2 2$@M?Z@3@;
5$2#?:@M A";?5?Y" s›t $ 5$2#?:@M :$b@B 3@ L@5$2?@N A"2 *+ &  A +   ^ "4
5?Y" st $ $;5=" ?:3?F@3"; :@ 5@#A@ ;$‘@^ @ F@3@ JGNGGG i# "4 @ F@3@ JO
3@ L@5$2?@N -; 5$2#?:@?; 3"; F@L"; #$;$;^ ;&,   *+ , 
3$Y$# 5@#L_# $;5@2 M?Y2$; 3$ F"22"B       C
;=" $ E?q@3"; E?2#$#$:5$ @"; 5$2#?B ’ 5"M$2f:F?@ A$2#?5?3@ A@2@ @ $q$B
:@?;N ,$ E"2 45?M?Z@3" 4# F@22$b@3"2   + 
F4<=" 3@; 2$Y?;]$; ;$2a 3$ JNGGG i#
3$ L@5$2?@; 3$ 5?A" p2aA?3"p F"# L@B    A@2@ #$:"; "4 A@2@ #@?; F@;" "F"22@
5$2?@ #":5@3@ :" Y$XF4M"^ @:5$; 3$ A"2 [4?M"#$52@b$#^ "4 HG 3?@; A@2@
M?b@2 " F@22$b@3"2 3$ L@5$2?@;^ 3$;B (#@ F"22$5@ #@:45$:<=" _ 3$5$2B
#?:@:5$ A@2@ b@2@:5?2 @" Y$XF4M" 4#@ #$:"; "4 A@2@ #@?; F@;" "F"22@ A"2
M?b@2 @#L"; "; F@L"; 3@ L@5$2?@ 3" 5$#A"N
Y$XF4M"N !=" 45?M?Z@2 " F@22$b@3"2 3$ M":b@ 342@<=" $# F":3?<]$; A$2E$?B
L@5$2?@ 3$ 5?A" p2aA?3"p A@2@ E"2:$F$2 5@;N 1"2 ?;;"^ @ R?@5 A2$A@2"4 4#@ +q$#AM";%
@ 5$:;=" 3$ A@25?3@N ;_2?$ 3$ F":52"M$; $ 3$ ?:5$2Y$:<]$;
3$ #@:45$:<=" @ F@3@ JG #?M [4?MrB  J⁄ 2$Y?;="% F@;" "F"22@ A"2 [4?B
#$52"; "4 JO #$;$; sA2$Y@M$F$:3" " M"#$52@b$#^ 3$Y$2a ;$2 2$@M?Z@3@
  [4$ "F"22$2 A2?#$?2"tN $:52$ PNGGG $ JJNGGG i#N &@;
1@2@ $E$54@2 @ 2$F@2b@^ A2"F$3$2 F@;" "F"22@ A"2 5$#A"^ 3$Y$2a
F"#" ?:3?F@3" @ ;$b4?2%  ;$2 2$@M?Z@3@ $:52$ JJ $ JH #$B
;$;N
’; 2$Y?;]$; 3$ &@:45$:<=" 12"b2@B
 *$;M?b@2 " 5$2#?:@M 3" A"M" :$B #@3@ ;=" A2$;F2?5@; A$M" E@L2?F@:5$N  O⁄ 2$Y?;="% F@;" "F"22@ A"2 [4?B
b@5?Y" 3@ L@5$2?@N ’ :=" 2$@M?Z@<=" 3@; #$;#@; A"3$ M"#$52@b$#^ 3$Y$2a ;$2 2$@M?Z@3@
 )?b@2 @"; A"M"; 3@ L@5$2?@ "; F@B @F@22$5@2 @ A$23@ 3@ b@2@:5?@N $:52$ PNGGG JJNGGG i#  _ 
L"; 3" @A@2$Mc" 3$ 2$F@2b@^ 2$;B Ne ; =N &@; F@;" "F"22@ A"2
A$?5@:3" @; A"M@2?3@3$;N 5$#A"^ 3$Y$2a ;$2 2$@M?Z@3@ $:52$
- ;$2Y?<" 3$ &@:45$:<=" 12"b2@B
JJ $ JH #$;$;  _  Ne ; =C
 )?b@2 " @A@2$Mc" 3$ 2$F@2b@N #@3@ _ A2$;5@3" A"2 5"3@ @  %
 .$2#?:@3@ @ 2$F@2b@^ 3$;M?b@2 "   , & # I F"# 5$#A"; A2$E?q@B
@A@2$Mc" @:5$; 3$ " 3$;M?b@2 3@ 3";N
L@5$2?@N
2$!"
     6   ##G NCW ]I NCH [  NC[ N]
6
1ddd2  , NWCWWW V +  , NM I %
;&,   *+ ,    1 _  a&  WNe WMe WHe Wbe W\e W]e Wce W[e WZe NWe NNe NMe NHe Nbe N\e N]e Nce N[e
; = & >2
,4L;5?54?<=" 3" hM$" 3" #"5"2 $ E?M52" 3$ hM$" 3"
› › › › › › › › › › › › › › › › › ›
#"5"2N s¡t
,4L;5?54?<=" 3" $M$#$:5" 3" E?M52" 3$ @;A?2@<=" 3$
› › › › › › › › › › › › › › › › › ›
@2 3" #"5"2N s¡t
W$2?E?F@<=" 3"; :XY$?; 3"; MX[4?3";uEM4?3"; 3$ 5"3";
"; ;?;5$#@;% @22$E$F?#$:5" 3" #"5"2^ E2$?";^ $#L2$B › › › › › › › › › › › › › › › › › ›
@b$#^ M@Y@3"2 3"; Y?32";^ $5FN
W$2?E?F@<=" 3@; A@;5?Mc@; 3$ E2$?" 3@; 2"3@; 3?@:B
5$?2@;N -L;% ;$ @ $;A$;;42@ v5?M 3@; A@;5?Mc@; E"2 › › › › › › › › › › › › › › › › › ›
#$:"2 3" [4$ I ##^ 3$Y$B;$ ;4L;5?54XBM@;N
W$2?E?F@<=" 3@; 54L4M@<]$; 3$ $;F@A@#$:5"^ 3$ @M?B
#$:5@<=" 3$ F"#L4;5XY$M^ 3"; E2$?";^ F"#A":$:5$;
› › › › › › › › › › › › › › › › › ›
3$ L"22@Fc@ 3@ A@25$ ?:E$2?"2 3" Y$XF4M"^ F"?E@;^
b4@2:?<]$;^ #@:b4$?2@; $ A:$4;N
W$2?E?F@<=" 3" $;b4?Fc" $ A@Mc$5@; 3"; Y?32"; 3"
A@2@BL2?;@ $ Y?32" 52@;$?2"^ F?:5"; 3$ ;$b42@:<@^ F"B

#@:3"; $M_52?F"; 3"; Y?32"; 3@; A"25@; $ ;?;5$#@
3$ @L$2542@uE$Fc@#$:5" 3@; A"25@;N ,?;5$#@ $M_B › › › › › › › › › › › › › › › › › ›
52?F"u$M$52r:?F" s2a3?"^ @M@2#$^ $5FNt^ F@2b@ 3$ L@B
5$2?@ $ 5$2#?:@?; $ ?M4#?:@<=" ?:5$2:@ $ $q5$2:@N
w4@32" 3$ ?:;524#$:5"; $ ?:3?F@3"2$;N
W$2?E?F@<=" 3" E?M52" 3" @2BF":3?F?":@3"N s¡t › › › › › › › › › › › › › › › › › ›

2$!%
6
1ddd2  , NWCWWW V +  , NM I %
;&,   *+ ,    1 _  a&  WNe WMe WHe Wbe W\e W]e Wce W[e WZe NWe NNe NMe NHe Nbe N\e N]e Nce N[e
; = & >2
W$2?E?F@<=" $^ ;$ :$F$;;a2?"^ 2$b4M@b$# 3" E2$?" 3$
› › › › › › › › › › › › › › › › › ›
$;5@F?":@#$:5"N
,4L;5?54?<=" 3" E?M52" 3$ F"#L4;5XY$MN s¡t › › › › › › › › ›
W$2?E?F@<=" 3@; F"22$?@; 3"; h2b="; @4q?M?@2$; 3"
› › › › › ›
#"5"2N s¡¡t
W$2?E?F@<=" 3" ;?;5$#@ 3$ ?:‘$<="u?b:?<=" 3" #"B
› › › › › ›
5"2N (5?M?Z@2 " $[4?A@#$:5" 3$ 3?@b:h;5?F"N
,4L;5?54?<=" 3@; Y$M@; 3$ ?b:?<=" 3" #"5"2 s#"5"B
@ F@3@ }GNGGG i# s?:3$A$:3$:5$ 3" 5$#A"t
2$; JNG $ JNH R?2$EMytN
,4L;5?54?<=" 3@; Y$M@; 3$ ?b:?<=" 3" #"5"2 s#"5"2
@ F@3@ 7GNGGG i# s?:3$A$:3$:5$ 3" 5$#A"t
JN~ $."2[tN
W$2?E?F@<=" 3" ;?;5$#@ 3$ Y$:5?M@<=" 3" Fa25$2 3"
› › › ›
#"5"2 pLM"jBLyp s#"5"2$; JNG $ JNH R?2$EMytN
>:;A$F?":@2 $^ ;$ :$F$;;a2?"^ ;4L;5?54?2 @ YaMY4M@
19W ,?;5$#@ 3$ Y$:5?M@<=" 3" Fa25$2 3" #"5"2 › › ›
pCM"jBLyp s¡t s#"5"2 JN~ $."2[t
,4L;5?54?<=" 3" EM4?3" 3"; E2$?"; s[4@:3" 3?;A":XB
Y$M^ 3$Y$B;$ 5@#L_# ;4L;5?54?2 " EM4?3" 3" ;?;5$#@ @ F@3@ O} #$;$; "4 @ F@3@ }GNGGG i# s" [4$ "F"22$2 A2?#$?2"t
3$ @F?":@#$:5" c?32a4M?F" 3@ $#L2$@b$#tN
W$2?E?F@<=" 3" :XY$M 3" hM$" 3@ F@?q@ 3$ Ff#L?"
› › ›
#$Ff:?F" $ U,D 9"#E"25N
W$2?E?F@<=" 3" :XY$M 3$ $#?;;]$; 3"; b@;$; 3$ $;B
› › ›
F@A@#$:5"N

2$!&
6
1ddd2  , NWCWWW V +  , NM I %
;&,   *+ ,    1 _  a&  WNe WMe WHe Wbe W\e W]e Wce W[e WZe NWe NNe NMe NHe Nbe N\e N]e Nce N[e
; = & >2
W$2?E?F@<=" 3" ;?;5$#@ $Y@A"2@5?Y" 3" 5@:[4$ 3$
› › ›
F"#L4;5XY$MN s¡t
W$2?E?F@<=" $^ ;$ :$F$;;a2?"^ ;4L;5?54?<=" 3@; M":@;
$ 5@#L"2$; 3$ E2$?" 3@; 2"3@; 52@;$?2@;N s¡t
-L;N% +# F@;" 3$ $qF$;;" 3$ ?#A42$Z@; A2"Y$:?B
$:5$; 3$ 5$22$:"; :=" A@Y?#$:5@3";^ A2"F42@2 @ › › ›
D$3$ ’;;?;5$:F?@M R?@5 A@2@ M?#A$Z@^ M4L2?E?F@<="
$ 2$b4M@b$# 3" E2$?" 3$ ;$2Y?<" $ 3$ $;5@F?":@B
#$:5"N
,4L;5?54?<=" 3@ F"22$?@ 3"; h2b="; @4q?M?@2$; 3"
@ F@3@ }~ #$;$; "4 @ F@3@ 7GNGGG i# s" [4$ "F"22$2 A2?#$?2"t
#"5"2N s¡t
,4L;5?54?<=" 3" hM$" 3@ F@?q@ 3$ Ff#L?" #$Ff:?F"

$ U,D 9"#E"25N
,4L;5?54?<=" 3" MX[4?3" 3$ @22$E$F?#$:5" 3" #"5"2N @ F@3@ O} #$;$; s?:3$A$:3$:5$ 3@ [4?M"#$52@b$#t

VM$" 3@ F@?q@ 3$ Ff#L?" @45"#a5?F" s;$ $[4?B


R"2 )?E$ s;$# :$F$;;?3@3$ 3$ ;4L;5?54?<="t
A@3"tN
D$Y?;=" 3$ 9@22"F$2?@% Y$2?E?F@<=" [4@:5" @ 3@:";^

› › › › › › › › › › › › › › › › ›
?:FM4;?Y$ @; A2"5$<]$; ?:E$2?"2$; 3@ F@22"F$2?@N

2$!(
6
1ddd2  , NWCWWW V +  , NM I %
;&,   *+ ,    1 _  a&  WNe WMe WHe Wbe W\e W]e Wce W[e WZe NWe NNe NMe NHe Nbe N\e N]e Nce N[e
; = & >2
s¡t >5$:; [4$ 3$Y$# ;$2 ;4L;5?54X3";uY$2?E?F@3"; :@ #$5@3$ 3"; A2@Z"; ?:3?F@3";^ A@2@ Y$XF4M"; 45?M?Z@3"; A2$3"#?:@:5$#$:5$ $# $;52@3@; A"B
$?2$:5@;^ @2$:";@;^ M@#@F$:5@; "4 $# F":3?<]$; ;$Y$2@; 3$ 4;" s2$L"[4$^ 5aq?^ $:52$b@ 3$ A"25@ $# A"25@^ $5FNt "4 [4@:3" c"4Y$2 M":b@ ?:@5?B
Y?3@3$N
s¡¡t +# F@;" 3$ 45?M?Z@<=" 3" Y$XF4M" A2$3"#?:@:5$#$:5$ $# $;52@3@; A"$?2$:5@;^ @2$:";@; "4 M@#@F$:5@;^ $E$54@2 4# F":52"M$ 3" $;5@3" 3";
2"M@#$:5"; $ 3@; F"22$?@; 3"; h2b="; @4q?M?@2$; s@2BF":3?F?":@3"uL"#L@ 3†ab4@u@M5$2:@3"2t @ F@3@ JGNGGG i# "4 JO #$;$; $^ ;$ :$F$;;a2?"^
$E$54@2 @; ;4L;5?54?<]$;N
s¡¡¡t ’ .-)+D‹!9>’ 1+D&>.>*’ 1’D’ ’ +6+9(/0- *’, D+W>,o+, d%
 *+ HG *>’, s1’D’ &’>, -( 1’D’ &+!-,t 9’,- -9-DD’ 1-D .+&1-
 *+ JNGGG {& s1’D’ &’>, -( 1’D’ &+!-,t 9’,- -9-DD’ 1-D w(>)-&+.D’U+&

2$!)
#6 5   % [4$ @ ?:3?F@3@ :" 1M@:" 3$ &@:4B
 5$:<=" 12"b2@#@3@%
’ F@3@ JNGGG i# "4 @:5$; 3$ Y?B
@b$:; M":b@;^ F":52"M@2 $ $Y$:54@MB ’Ah; @ 2$@M?Z@<=" 3@ vM5?#@ 2$B
#$:5$ 2$;5@L$M$F$2% Y?;=" ?:3?F@3@ :" AM@:" 3$ #@:4B  9":52"M$ 3@; F":3?<]$; $ 3$;B
5$:<=" sJ~GNGGG i#t^ F":;?3$2@2 @ b@;5$ 3@; A@;5?Mc@; 3"; E2$?"; 3?B
#$;#@ E2$[4\:F?@ A@2@ ;4L;5?54?<=" @:5$?2";N
 - :XY$M 3" MX[4?3" 3$ @22$E$F?B
#$:5" 3" #"5"2 $ Y$2?E?F@<=" 3$ F@3@ ?5$#N  9":52"M$ 3@; F":3?<]$; $ 3$;B
b@;5$ 3" E2$?" 52@;$?2" @ 5@#L"2N
 - :XY$M 3" EM4?3" 3"; E2$?";N
 9":52"M$ 3" $;5@3" 3$ M?#A$Z@
 - :XY$M 3" MX[4?3" 3" M@Y@3"2 3" K   % 3@; E$Fc@342@; 3" F@Ar 3" #"5"2
A@2@BL2?;@N  $ 3@; A"25@;^ M?#A$Z@ $ M4L2?E?F@B
 12$;;=" $ F":3?<]$; 3"; A:$4;N 9@;" " Y$XF4M" ;$‘@ 45?M?Z@3" A2$B <=" 3@; @M@Y@:F@;N
 - E4:F?":@#$:5" 3" ;?;5$#@ 3$ 3"#?:@:5$#$:5$ :4#@ 3@; ;$b4?:5$;  9":52"M$ Y?;4@M 3@; F":3?<]$;%
?M4#?:@<=" sE@2h?;^ ?:3?F@3"2$; F":3?<]$;% #"5"2^ F@?q@ 3$ Ff#L?"^
3$ 3?2$<="^ $#$2b\:F?@^ $5FNt 52@:;#?;;="^ ;$b#$:5";
 R4:F?":@#$:5" 3" ;?;5$#@ M?#B  D$L"[4$ @52$M@3"N 2Xb?3"; $ EM$qXY$?; 3@;
A@3"2uM@Y@3"2 3" A@2@BL2?;@ $ A"B  +;52@3@; :=" A@Y?#$:5@3@;N 54L4M@<]$; s$;F@A$u@M?#$:5@<="
;?F?":@#$:5"u 3$;b@;5$ 3@; A@B 3$ F"#L4;5XY$MuE2$?";t
 1$2F42;"; L2$Y$; s#$:"; 3$ KB~
Mc$5@;N $M$#$:5"; 3$ L"22@Fc@
i#t $ 2$A$5?3"; F"# 5$#A$2@542@
$q5$2:@ @L@?q" 3$ Z$2"N sF"?E@;u#@:b@;uF@;[4?Mc";^ $5FNtN
’ F@3@ HCWWW i#^ Y$2?E?F@2 $^ ;$
:$F$;;a2?"^ 2$;5@L$M$F$2 " :XY$M 3$  &"5"2 [4$ b?2@ E2$[4$:5$#$:5$  9":52"M$ 3" $;5@3" 3$ F@2b@ $ ’
$# #@2Fc@ M$:5@ "4 M":b"; A$2B :XY$M 3" MX[4?3" 3@ L@5$2?@ s$M$B
hM$" 3" #"5"2N 52hM?5"tN
F42;"; @ L@?q@ Y$M"F?3@3$ "4 $#
F@;" 3$ M":b@ ?:@5?Y?3@3$N  9":52"M$ Y?;4@M 3@; F":3?<]$; 3@;
F"22$?@; 3$ F"#@:3" 3"; @F$;;hB
d :$F$;;a2?" $E$54@2 @; ;$b4?:5$; 2?";N
Y$2?E?F@<]$; F"# #@?; E2$[4\:F?@ 3"

2$!*
 9":52"M$ $ $Y$:54@M ;4L;5?54?<=" " hM$" ;$‘@ ;$#A2$ #@:5?3" @" :XB & <=  _&   A
3" hM$" 3" #"5"2 $ 3" E?M52" 3" Y$M A2$;F2?5" sF":;4M5@2 " A@2ab2@E"    , ; 0 & 
hM$"N p9"#A@25?#$:5" 3" #"5"2p :$;5$ F@B 1@2@ @ $M?#?:@<=" 3" hM$" 3" #"B
 9":52"M$ $ $Y$:54@M ;4L;5?54?<=" AX54M"tN 5"2 $ 3"; 2$;A$F5?Y"; E?M52";^ 3?2?b?2B
3" E?M52" 3" @2BF":3?F?":@3"N W$2?E?F@2 " :XY$M 3" hM$" $# ?:5$2B ;$ e; $:5?3@3$; F"#A$5$:5$; A@2@ F"B
 9":52"M$ $ $Y$:54@M ;4L;5?54?<=" Y@M"; 2$b4M@2$;^ A"2 $q$#AM" @ F@3@ :c$F$2 @ :"2#@ M"F@MN
3" E?M52" 3" @2N @L@;5$F?#$:5" 3$ F"#L4;5XY$MN
 >:;A$<=" 3" E2$?" 52@;$?2" @ 5@#B R@Z$2 F"# [4$ " :XY$M 3" hM$" 
L"2N 9":52"M$ 3" $;5@3" 3$ M?#B ;$ ;?54$ ;$#A2$ :" ?:5$2?"2 3@ ;$<="
A$Z@ $ M4L2?E?F@<=" 3"; @A"?"; VM$" 4;@3" $ E?M52"; $M?#?:@3"; 3$
3@ c@;5$ 3$ F":52"M$ F"#A2$$:3?3@
3@; ;@A@5@;N E"2#@ ?:F"22$5@ A"3$# A2"Y"F@2 b2@B
$:52$ "; M?#?5$; #X:?#" $ #aq?#"N
Y$; 3@:"; :" @#L?$:5$N

5   +. + <=  _&  


#  5  
  &  ?;&  _&   9":;4M5@2 " p1M@:" 3$ #@:45$:<="
A2"b2@#@3@p A@2@ F":c$F$2 "; ?:5$2B +. + <=  0 &   _& 
Y@M"; 3$ #@:45$:<=" F"22$5";N 
- E?M52" 3" hM$" 3" #"5"2 3$Y$
! ,&@     _&   ;$2 ;4L;5?54X3" @ F@3@ ;4L;5?54?<=" 3"
(#@ [4@:5?3@3$ $qF$;;?Y@ "4 1@2@ b@2@:5?2 h5?#" 3$;$#A$:c" $ hM$" 3" #"5"2N
?:;4E?F?$:5$ 3$ hM$" :" ?:5$2?"2 3" #aq?#@ A2"5$<=" $# [4@M[4$2 5?A"
LM"F" _ $q52$#@#$:5$ A2$‘43?F?@M -; ?:5$2Y@M"; 3$ #@:45$:<=" 3$B
3$ F":3?<=" 3$ E4:F?":@#$:5"^ _ Y$# ;$2 "L;$2Y@3"; :" x1M@:" 3$
A@2@ " #"5"2N @F":;$McaY$M 45?M?Z@2 $qFM4;?Y@#$:5$ &@:45$:<=" A2"b2@#@3@z 3$ @F"23"
12$;5@2 @5$:<=" A@2@ #@:5$2 4# hM$"; 3" #"5"2 F$25?E?F@3"; ’9+’ F"# " 5?A" 3$ 45?M?Z@<=" 3" Y$XF4M"N
:XY$M @3$[4@3"N sF":;4M5@2 " A@2ab2@E" pRM4?3"; "2?b?B
:@?; $ M4L2?E?F@:5$;p :" F@AX54M" p*@B 1@2@ @ ;4L;5?54?<="^ _ :$F$;;a2?"
3"; 5_F:?F";ptN 45?M?Z@2 4#@ A$<@ b$:4X:@^ $;A$F?B
1@2@ b@2@:5?2 4#@ F"22$5@ M4L2?E?B E?F@#$:5$ F":F$L?3@ A@2@ $;5$ Y$XB
F@<=" 3" #"5"2^ _ ?:3?;A$:;aY$M [4$ F4M"N
2$!+
#   % % % MX[4?3" 2$E2?b$2@:5$ "4 [4@M[4$2 2$B
   A@2@<=" [4$ $q?‘@ @ 3$;@5?Y@<=" 3@;
54L4M@<]$; 3$Y$ ;$2 $E$54@3" A$M@
   , & # N
!
- ;?;5$#@ 3$ ?:52"34<=" 3$ @2 sE?MB ! 1@2@ b@2@:5?2 " #$Mc"2 3$;$#B
52" 3$ @2^ 54L4M@<]$; 3$ L"22@Fc@^ D$F"#$:3@B;$ @ 45?M?Z@<=" $qFM4B A$:c" A";;XY$M^ " ;?;5$#@ 3$
$5FNt A"3$ 3$;$#A$:c@2 4#@ E4:B ;?Y@ 3$ MX[4?3"; 2$E2?b$2@:5$; $ M4L2?B @2BF":3?F?":@3" 3$Y$ ;$2 F":52"M@3"
<=" 3$ A2"5$<=" $# F@;" 3$ 2$5"2:"; E?F@:5$; A@2@ F"#A2$;;"2 @A2"Y@3"; $ ;4L#$5?3" @ #@:45$:<=" ‘4:5" e
3$ Fc@#@ 3" #"5"2N !0- D+&-B $ @3$[4@3"; @" $;A$FXE?F" ;?;5$#@    , & #  :" ?:XF?" 3"
W+D $;5$ ;?;5$#@ @ :=" ;$2 A@2@ A"B 3$ @2BF":3?F?":@3" 3" Y$XF4M"N ’MB Y$2="N
3$2 A2"F$3$2 @ ?:5$2Y$:<]$; 3$ 2$A@B b4:; 2$E2?b$2@:5$; :=" @A2"Y@3"; ;="
2@<=" "4 3$ #@:45$:<="N ?:EM@#aY$?; $ A"3$# $qAM"3?2^ F"#
" 2?;F" 3$ F@4;@2 M$;]$;N 
’:5$; 3$ M?b@2 " #"5"2^ F$25?E?F@2B;$ !=" 45?M?Z@2 ;4L;5f:F?@; [4XB
3$ [4$ " ;?;5$#@ :=" $;5a 3$;#":B ’ 45?M?Z@<=" 3$ MX[4?3"; 2$E2?b$2@:B #?F@; A@2@ M@Y@2 " ;?;5$#@ 3"
5@3"% @ ?:"L;$2Yf:F?@ 3$;5@ A2$F@4B 5$; "4 M4L2?E?F@:5$; :=" @A2"Y@3"; @2BF":3?F?":@3"^ 4#@ Y$Z [4$ ";
<=" A"3$ A2"Y"F@2 b2@Y$; M$;]$;N A"3$^ @?:3@^ F"#A2"#$5$2 @ $E?F?\:B F"#A":$:5$; ?:5$2:"; A"3$# E?F@2
F?@ 3" ;?;5$#@^ 5"2:@:3" :$F$;;a2?@; 3@:?E?F@3";N *@:"; 3$;;@ :@542$Z@
+. + <=  0 &    2$A@2@<]$; 3?;A$:3?";@;N :=" ;=" F"L$25"; A$M@ b@2@:5?@N
1@2@ @ ;4L;5?54?<="^ _ :$F$;;a2?"
45?M?Z@2 4#@ A$<@ A +? ^ $;A$F?B +. + <=  0 &   ’
E?F@#$:5$ F":F$L?3@ A@2@ $;5$ Y$XB  %,  ,   1 *+ 2
F4M"N !
9":;4M5@2 " p1M@:" 3$ #@:45$:<="
-; ?:5$2Y@M"; 3$ #@:45$:<=" 3$B - ;?;5$#@ 3" @2BF":3?F?":@3" A2"b2@#@3@p A@2@ F":c$F$2 "; ?:5$2B
Y$# ;$2 "L;$2Y@3"; :" x1M@:" 3$ F":5_# MX[4?3" 2$E2?b$2@:5$ @ @M5@ Y@M"; 3$ #@:45$:<=" F"22$5";N
&@:45$:<=" A2"b2@#@3@z 3$ @F"23" A2$;;="N
1@2@ @ ;4L;5?54?<=" 3" E?M52"^ 3?2?b?2B
F"# " 5?A" 3$ 45?M?Z@<=" 3" Y$XF4M"N 1@2@ $Y?5@2 3@:"; $# A$;;"@; "4 ;$ e    , & # N
:" ;?;5$#@^ " $Y$:54@M @F2_;F?#" 3$
2$!,
#  $ L_# @"; 3?;A";?5?Y"; 3$ E$Fc@#$:5"
3" F@Ar 3" #"5"2^ A@2@ b@2@:5?2 " ;$4
1@2@ @ ;4L;5?54?<="^ _ :$F$;;a2?"
F"22$5" E4:F?":@#$:5"N *42@:5$ @;
45?M?Z@2 4#@ A$<@ A +? ^ $;A$F?B !
"A$2@<]$; :" F@Ar 3" #"5"2 s$E$54@2
E?F@#$:5$ F":F$L?3@ A@2@ $;5$ Y$XB - ;?;5$#@ 3$ $;F@A@#$:5" A"3$
F"# " #"5"2 E2?"t^ M$#L2@2B;$ 5@#B
F4M"N @5?:b?2 $M$Y@3@; 5$#A$2@542@; $ A"3$
L_# 3$ F":52"M@2^ M?#A@2 $ M4L2?E?F@2
-; ?:5$2Y@M"; 3$ #@:45$:<=" 3$B A2"Y"F@2 ?:F\:3?" F@;" ;$ $;5@F?":$
"; 2$;A$F5?Y"; 3?;A";?5?Y"; 3$ E$Fc@B
Y$# ;$2 "L;$2Y@3"; :" x1M@:" 3$ " Y$XF4M" ;"L2$ #@5$2?@M ?:EM@#aY$MN
#$:5"^ 3$;$:b@5$ $ 3$ ;$b42@:<@N
&@:45$:<=" A2"b2@#@3@z 3$ @F"23" ’;;?#^ $2Y@^ F@A?#^ #@5"^ "4 E"Mc@;
)4L2?E?F@2 "; 5@#L"2$; 3@; E$Fc@B ;$F@;^ $# b$2@M^ A"3$# ?:F$:3?@2B
F"# " 5?A" 3$ 45?M?Z@<=" 3" Y$XF4M"N
342@; $q5$2:@; 34@; Y$Z$; A"2 @:"N ;$ ;$ $:52@2$# $# F":5@5" F"# "
’AM?F@2 4#@ A$[4$:@ [4@:5?3@3$ 3$ ;?;5$#@ 3$ $;F@A@#$:5" 3" Y$XF4M"N
$#   5% M4L2?E?F@:5$ 3$ @M5@ [4@M?3@3$ 3?2$5@B
#$:5$ :" 5@#L"2 3@ E$Fc@342@N +Y?5@2 $;5@F?":@2 " Y$XF4M" "4
  
45?M?ZaBM" ":3$ " ;?;5$#@ 3$ $;F@A@B
9$25?E?F@2B;$ 3$ [4$ @; E$Fc@342@; *?2?b?2B;$^ ;$ :$F$;;a2?"^ e  #$:5" A";;@ $:52@2 $# F":5@5" F"#
$ "; A":5"; 3$ @25?F4M@<=" 3@ F@22"B   , & # N #@5$2?@M ?:EM@#aY$MN
F$2?@^ ?:FM4?:3" $M$#$:5"; F"#" @;
b4?@; 3"; L@:F";^ @; 3"L2@3?<@; 3@;
  
A"25@; s$ "; 2$;A$F5?Y"; 2"M";t^ " F@Ar
3" #"5"2 ;$‘@# M4L2?E?F@3@; A$2?"3?B
F@#$:5$ F"# b2@q@ e L@;$ 3$ MX5?" !
A@2@ @;;$b42@2 " ;$4 E4:F?":@#$:5" -; Y$XF4M"; $[4?A@3"; F"# F":B
!
F"22$5" $ ;?M$:F?";" $ A@2@ A2"5$b\B Y$2;"2 F@5@MX5?F" 3$Y$# ;$2 @M?#$:5@B
M@; 3@ E$224b$# $ 3" 3$;b@;5$N ’; $#?;;]$; 3" $;F@A@#$:5" ;=" 3"; $qFM4;?Y@#$:5$ F"# b@;"M?:@
#4?5" A$2?b";@; $ A"3$# ;$2 M$5@?;N ;$# Fc4#L"N (#@ b@;"M?:@ F":B
)?#A@2 3$Y?3@#$:5$ @; A$<@; 3$ 5$:3" Fc4#L" 3@:?E?F@2?@ ?22$#$3?@B
#"3" @ $M?#?:@2 [4@M[4$2 Y$;5Xb?" *$ E@5"^ F":5\# #":hq?3" 3$ F@2B
L":"^ 4# ba; ?:F"M"2 $ ?:"3"2" [4$^ Y$M#$:5$ " F@5@M?;@3"2 $ @:4M@2?@
3$ Ah $ ;4‘$?2@N ’Ah; @ M4L2?E?F@<="^ @ E4:<=" 3$ 2$34<=" 3@; $#?;;]$;
$M?#?:@2 " hM$" "4 @ b2@q@ $# $qB ;$ ?:@M@3"^ A"3$ A2"Y"F@2 3$;#@?";
$ $:Y$:$:@#$:5";N A"M4$:5$;^ F"#A2"#$5$:3" b2@Y$B
F$;;"N 12$;5@2 A@25?F4M@2 @5$:<=" 5@#B

2$"-
#$:5$ " 3$;$#A$:c" 3" #"5"2^ 3@:?E?F@3";^ 3$5$2?"2@3"; "4 [4$ 5$B #@2Fc@ @F"AM@3@ $ " Y$XF4M" $#
3@:?E?F@:3"B" 3$ #"3" ?22$A@2aY$MN :c@# ;"E2?3" 3$;M"F@#$:5"; 2$M@5?B #"Y?#$:5"N
Y@#$:5$ e A";?<=" 3$ #":5@b$# F"2B  !=" 5$:5@2 M?b@2 " #"5"2 F"#
,$ " #"5"2 :=" E4:F?":@2 F"22$5@B 2$5@N
#$:5$^ A@25?F4M@2#$:5$ $# F@;" 3$ #@:"L2@; 3$ ?:_2F?@N
?b:?<=" ?22$b4M@2 "4 3$ 4#@ [4$3@ ,"M3@342@; @L$25@; "4 M?b@<]$; 3$B  !=" ?:;?;5?2 :@ 45?M?Z@<=" 3" Y$XB
3$ 3$;$#A$:c"^ 3?2?b?2B;$ ?#$3?@5@B ;@A$25@3@; A"3$# A$2#?5?2 ?:E?M52@B F4M" ;$ " 2$b?#$ 3$ #@2Fc@ M$:5@
#$:5$ e    , & # N - <]$; 3$ b@;$; 3$ $;F@A$ :" ?:5$2?"2 E"2 #4?5" ?22$b4M@2 "4 @; F":B
E4:F?":@#$:5" A2"M":b@3" $ @:rB 3" c@L?5aF4M"N 3?<]$; 3$ E4:F?":@#$:5" E"2$#
#@M" 3" #"5"2 A"3$ A2"Y"F@2 " ;4A$B #@:?E$;5@#$:5$ ?22$b4M@2$;N
D$F"#$:3@B;$ Y$2?E?F@2 " ;?;5$#@
2@[4$F?#$:5" 3" F@5@M?;@3"2 $^ F":B 3$ $;F@A@#$:5" ;$#A2$ [4$ " Y$XB
;$[4$:5$#$:5$^ A";;XY$?; 3@:"; :" F4M" E"2 $M$Y@3"N ,4L;5?54?2 "; F"#B   #
#$;#" $ :" Y$XF4M"N A":$:5$; [4@:3" :$F$;;a2?" sA@2@ $;B
’ ;@X3@ 3$ MX[4?3" 3$ @22$E$F?B
5@; "A$2@<]$;^ 3?2?b?2B;$ e  %
(#@ #@:45$:<=" @3$[4@3@ 3" #$:5" 3" #"5"2 "4 3$ Y@A"2 3" 2@B
  , & # tN
;?;5$#@ 3$ $;F@A@#$:5" 3" #"5"2 3?@3"2 A"3$ A2"Y"F@2 [4$?#@342@;
F":;5?54? @ #$Mc"2 A2"5$F=" F":52@ +# F":3?<]$; 3$ E4:F?":@#$:5" b2@Y$;N
?:E?M52@<]$; 3$ #":hq?3" 3$ F@2L":" :"2#@?;^ " F":Y$2;"2 F@5@MX5?F" :="
,$ :"5@2 Y@A"2 A2"Y$:?$:5$ 3" Y="
:" c@L?5aF4M"N 2$[4$2 #@:45$:<="% 5"3@Y?@^ A@2@
3" #"5"2^ :=" @L2?2 " F@Ar @5_ [4$ "
@;;$b42@2 " F"22$5" E4:F?":@#$:5"
,$ E"2 3$5$F5@3" 4# 24X3" @:r#@M" 2@3?@3"2 5$:c@ @22$E$F?3"N
$ $Y?5@2 [4$ E?[4$ 3@:?E?F@3"^ _ $qB
3" $;F@A@#$:5"^ "4 @ A2$;$:<@ 3$ 52$#@#$:5$ ?#A"25@:5$ [4$ " #"5"2
E4#@<@ :" ?:5$2?"2 3" c@L?5aF4M"^ "4 E4:F?":$ A$2E$?5@#$:5$N 

;$ " E4:3" 3@ F@22"F$2?@ "4 @ A@25$
52@;$?2@ 3" Y$XF4M" 5?Y$2$# E?F@3" 1@2@ 2$34Z?2 @" #X:?#" " 2?;F" w4@:3" " #"5"2 $;5?Y$2 [4$:5$^
3@:?E?F@3";^ 2$F"#$:3@B;$ Y$2?E?F@2 3$ 3@:?E?F@2 " F":Y$2;"2 F@5@MX5?F"^ :=" 2$#"Y$2 @ 5@#A@ 3" 2$;$2Y@5h2?"^
5"3" " ;?;5$#@ 3$ $;F@A@#$:5" $ @; A2"F$3$2 3" ;$b4?:5$ #"3"% A"?; ca A$2?b" 3$ [4$?#@342@;N
a2$@; 3@ F@22"F$2?@ @3‘@F$:5$; ‘4:5"
e    , & #  A@2@ ?3$:5?E?B  !=" 3$;M?b@2 " #"5"2 "4 3$;M?b@2
F@2 $Y$:54@?; F"#A":$:5$; A@25?3";^ " F"#45@3"2 3$ ?b:?<=" F"# 4#@

2$"!
 0 ,<=  &?*+    0, % 3" ;?;5$#@ sA"2 $qN :@ A2$;$:<@ 3@ <]$; 3$ M?#A$Z@ $ M@Y@b$# ‘4:5" e
    :$F$;;?3@3$ 3$ @L@;5$F?#$:5"; E2$B    , & # N
- :XY$M 3" MX[4?3" 3$Y$ ;$2 F":52"B [4$:5$;t^ #@:3@2 Y$2?E?F@2 @ $;5@:B
9":;4M5@2 " p1M@:" 3$ #@:45$:<="
M@3" F"# #"5"2 E2?" $ :=" 3$Y$ $;5@2 [4$?3@3$ ‘4:5" e    , &
A2"b2@#@3@p A@2@ F":c$F$2 "; ?:5$2B
@L@?q" 3@ 2$E$2\:F?@ &>! #@2F@3@ # N
Y@M"; 3$ #@:45$:<=" F"22$5";N
:" 2$;$2Y@5h2?"N ,$ " :XY$M E"2 ?:;4E?B 9"# " #"5"2 3$;M?b@3" $ @ 5$#A$B
F?$:5$^ 3$;A$‘@2 M$:5@#$:5$^ @52@Y_; 2@542@ 3$ E4:F?":@#$:5" :"2#@M^ Y$B
3" L"F@M 3" 2$;$2Y@5h2?"^ 4#@ #?;B 2?E?F@2 @ Y$3@<=" 3" 2@3?@3"2 3" ;?;B 
542@ F"# IG¤ 3$ 9""M@:5 4A sY$2#$B 5$#@ 3$ @22$E$F?#$:5"N 1@2@ " @L@;5$F?#$:5"^ 45?M?Z@2 4#
Mc"t $ IG¤ 3$ ab4@ A42@N MX[4?3" F"# @; #$;#@; F@2@F5$2X;B
5?F@; ?:3?F@3@; $#pRM4?3"; "2?b?:@?;
,$^ :" ?:5$2?"2 3" MX[4?3" 3$ @22$E$B  $ M4L2?E?F@:5$;p sF":;4M5@2 " F@AX54M"
F?#$:5" 3" #"5"2 $q?;5?2$# ?#A42$B
!0- 5?2@2 " 5@#A=" ;$ " MX[4?3" p*@3"; 5_F:?F";ptN
Z@;^ $;Y@Z?@2^ M@Y@2 $ @L@;5$F$2 " ;?;B
$;5?Y$2 E$2Y$:3"% 1+D>U- *+ w(+>B
5$#@% _ :$F$;;a2?" 3?2?b?2B;$ e 
&’*(D’,Q
  , & # N 
W$2?E?F@2 @ A@25$ 3?@:5$?2@ 3" F":B !=" 45?M?Z@2 @A$:@; ab4@ A42@^ MXB
3$:;@3"2 A@2@ Y$2?E?F@2 $Y$:54@M @FvB  [4?3"; 3$ @22$E$F?#$:5" 3" #"5"2 e
#4M" 3$ ?:;$5";^ E"Mc@; $ "452"; 3$B ’:5$; 3$ ?:5$2Y?2 :@ 3$;#":5@b$# L@;$ 3$ aMF""M^ ?:?L?3"2$; 3$ F"22"B
52?5";N ,$ $;5?Y$2 ;4‘@^ M?#AaBM@ A4MY$B 3" 5@#A=" 3" 2$;$2Y@5h2?" 3" MX[4?3" ;=" "4 A2"345"; @:5?E$224b$# @3?F?B
2?Z@:3" M$Y$#$:5$ F"# ab4@N 3$ @22$E$F?#$:5" 3" #"5"2^ @b4@23@2 ":@?;^ 4#@ Y$Z [4$ A"3$# ;$2 ?:B
[4$ " ;?;5$#@ $;E2?$N F"#A@5XY$?; F"# " MX[4?3" 3$ @22$E$B
W$2?E?F@2 "; 54L"; EM$qXY$?; 3" ;?;B
F?#$:5" 3" #"5"2 $ A2"Y"F@2 @ "L;B
5$#@ 3$ @22$E$F?#$:5" 3" #"5"2 A@2@
.,  7, A7&;A 524<=" 3" 2@3?@3"2N ’M_# 3?;;"^ _
b@2@:5?2 [4$ @ L"22@Fc@ :=" $;5$‘@
, &?*+    0,    @F":;$McaY$M @ 45?M?Z@<=" 3$ MX[4?3"
3$5$2?"2@3@ $ [4$ :=" $q?;5$# E$:B
 3$ @22$E$F?#$:5" e L@;$ 3$ #":"$5?B
3@;^ M@F$2@<]$;^ F"25$; $ "L;524<]$;
M$:" bM?F"MN
:"; 54L"; 3" M@3" 3" 2$;$2Y@5h2?" 3$ ,$ " MX[4?3" 3$ @22$E$F?#$:5" 3"
$qA@:;=" $ 3" M@3" 3" 2@3?@3"2N ,$ #"5"2 $;5?Y$2 ;4‘"^ $E$54@2 ?:5$2Y$:B
5?Y$2 3vY?3@; [4@:5" @ Y@Z@#$:5";
2$""
 =   ;_   &?*+  E2":5@M 3" F@Ar 3" Y$XF4M"N .2@5@B

  0,     ;$ 3$ 4# E$:r#$:" :"2#@M 3$Y?3"
(5?M?Z@2 $qFM4;?Y@#$:5$ " 5@#A=" @ A2$;$:<@ 3$ Fc4Y@^ :$Y$ "4 E"25$
- 5@#A=" 3$Y$ ;$2 L$# E$Fc@3" 3" 2$;$2Y@5h2?" 3$ MX[4?3" 3$ @22$E$B
A@2@ $Y?5@2 Y@Z@#$:5" 3$ MX[4?3" 3$ 4#?3@3$ :@ ;4A$2EXF?$ 3" 2@3?@3"2N
F?#$:5" A2$Y?;5" A@2@ " Y$XF4M" A@2@
@22$E$F?#$:5" 3" #"5"2 $ b@2@:5?2 $Y?5@2 3@:"; :" #"5"2N
[4$ " MX[4?3" 2$b2$;;$ @" 2@3?@3"2 3" 
2$;$2Y@5h2?" 3$ $qA@:;="N
& <=  &?*+    0, % 9"# " #"5"2 $ " ;?;5$#@ E2?";^ :="
W$2?E?F@2 A$2?"3?F@#$:5$ " 5@#A="     @3?F?":@2 MX[4?3" 3$ @22$E$F?#$:5"
$ M?#AaBM" 3$ $Y$:54@?; F"2A"; $;B @M_# 3" :XY$M #aq?#" ?:3?F@3" :"
’ $M?#?:@<=" 3" MX[4?3" 3$ @22$E$B
52@:c"; 3$A";?5@3"; :@ ;4A$2EXF?$ $qB 2$;$2Y@5h2?" :" ?:5$2?"2 3" Y=" 3"
F?#$:5" 3" #"5"2 $;5a ;4‘$?5@ @ :"2B
5$2:@N #"5"2N
#@; M$b@?;% 3?2?b?2B;$ e; $:5?3@3$;
F"#A$5$:5$; A@2@ F":c$F$2 @ :"2#@
 M"F@MN   # 
!4:F@ @3?F?":@2 MX[4?3" 3$ @22$E$B 1@2@ b@2@:5?2 @ $E?F?\:F?@ 3" ;?;B
F?#$:5" F"# " #"5"2 [4$:5$ "4 ;"B  5$#@ 3$ E2$:@b$#^ Y$2?E?F@2 A$2?"3?B
L2$@[4$F?3"N F@#$:5$ "; F"#A":$:5$;% A@2@ $;5@
1@2@ $Y?5@2 [4$ " MX[4?3" ;$‘@ ?:B
b$2?3" A"2 F2?@:<@; "4 @:?#@?;^ :=" "A$2@<="^ 3?2?b?2B;$ e    %
" b4@23@2 $# 2$F?A?$:5$; @L$25"; $ , & # N

:=" " 3$;F@22$b@2 :" ;"M"N ,$ ?:b$B 9":;4M5@2 " p1M@:" 3$ #@:45$:<="
!=" 5$:5@2 $;E2?@2 " #"5"2 ;4A$2@B
[4$F?3" 3$;@A$25@:3" "4 2$5?2@:3" "
2?3"^ F":5@5@2 ?#$3?@5@#$:5$ 4# #_B A2"b2@#@3@p A@2@ F":c$F$2 "; ?:5$2B ’
3?F"N +M?#?:@2 ?#$3?@5@#$:5$ $Y$:B Y@M"; 3$ #@:45$:<=" F"22$5";N
5@#A="N - F@M"2 A2"Y"F@^ 3$ E@5"^
54@?; Y$;5Xb?"; 3$ MX[4?3" 3" 5$22$:"N
4# :"5aY$M @4#$:5" 3@ A2$;;=" :"
;?;5$#@ 3$ @22$E$F?#$:5"N


9":34Z?2 F"# " A_ @A"?@3" :" A$B
!@ A@2@3@ 3" Y$XF4M" @Ah; 4# 3@M 3" E2$?" A"3$ A2$‘43?F@2 @ ;4@ $E?B
L2$Y$ 52@‘$5"^ $Y$:54@M#$:5$ A"3$B F?\:F?@^ @4#$:5@:3" " 2?;F" 3$ @F?B
;$ :"5@2 @ ;@X3@ 3$ Y@A"2 A$M" M@3"
2$"%
3$:5$;N *42@:5$ @ #@2Fc@^ :4:F@ E$ 

#@:5$2 " A_ :" A$3@M 3" E2$?" $ :="
&@:5$2 ;$#A2$ " 5@#A=" 3" 2$B (5?M?Z@2 4:?F@#$:5$ 4# hM$" 3@
;"M?F?5aBM" ?:45?M#$:5$ A@2@ $Y?5@2 "
;$2Y@5h2?" 3" MX[4?3" 3"; E2$?"; sA2$B F@?q@ 3$ Ff#L?" F"# @; #$;#@;
;4A$2@[4$F?#$:5" 3"; E2$?";% " 3$;B
;$:5$ :" Y=" 3" #"5"2t A$2E$?5@#$:5$ F@2@F5$2X;5?F@; ?:3?F@3@; $# pRM4?3";
b@;5$ $qF$;;?Y" 3@; A@;5?Mc@; A"3$
E$Fc@3"N "2?b?:@?; $ M4L2?E?F@:5$;p sF":;4M5@2 "
A2"Y"F@2 3@:"; :" ;?;5$#@ 3$ E2$:@B
F@AX54M" p*@3"; 5_F:?F";ptN
b$#N
 # *+L ,    ,  _&
 (#@ [4@:5?3@3$ $qF$;;?Y@ 3$ MXB !@; F":3?<]$; :"2#@?; 3$ E4:F?"B
1@2@ " @L@;5$F?#$:5"^ 45?M?Z@2 4# [4?3" 3"; E2$?"; :" ?:5$2?"2 3" 2$;$2B :@#$:5" 3" Y$XF4M"^ :=" _ :$F$;;aB
MX[4?3" F"# @; #$;#@; F@2@F5$2X;5?B Y@5h2?" A"3$ A2"Y"F@2 @ E4b@ A@2@ @; 2?" ;4L;5?54?2 " hM$" 3" Ff#L?" sF":B
F@; ?:3?F@3@; $# pRM4?3"; "2?b?:@?; A@25$; [4$:5$; 3" #"5"2^ F"# " 2$;B ;4M5@2 " AM@:" 3$ #@:45$:<=" A2"B
$ M4L2?E?F@:5$;p sF":;4M5@2 " F@AX54M" A$F5?Y" 2?;F" 3$ ?:F\:3?"N - MX[4?3" b2@#@3@t^ @ #$:"; [4$ " M4L2?E?F@:5$
p*@3"; 5_F:?F";ptN 3"; E2$?"; A"3$ 3@:?E?F@2 5@#L_# ;4B $:52$ $# F":5@5" F"# ab4@N !$;;$
A$2EXF?$; A?:5@3@; $ A@25$; 3$ AMa;B F@;"^ A@2@ @ "A$2@<=" 3$ ;4L;5?54?B
5?F"% @;;?#^ A2$;5@2 A@25?F4M@2 @5$:B <=" 3" hM$"^ 3?2?b?2B;$ e   %
 <="N  , & # N
+# F@;" 3$ @L@;5$F?#$:5"^
45?M?Z@2 @A$:@; MX[4?3" 3"; E2$?"; +Y?5@2 " F":5@5" 3" MX[4?3" 3";
:"Y" "4 F":5?3" $# 4# 2$F?A?$:5$ E2$?"; F"# MX[4?3"; e L@;$ 3$ A$52hB E$ 3
A$2E$?5@#$:5$ E$Fc@3"N (# MX[4?3" M$"N ’; b4@2:?<]$; 3$ Y$3@<=" A"B
3"; E2$?"; F":5?3" $# 4# 2$F?A?$:5$ 3$# E?F@2 3@:?E?F@3@;^ F"# F":;$B
@L$25" @L;"2Y$ 4#?3@3$% 5@M F":3?B [4$:5$ ?:$E?F?\:F?@ 3"; E2$?";N
<=" A"3$ A2"Y"F@2 @ $L4M?<=" ?#A2$B !
Y?;5@ 3" MX[4?3" 342@:5$ E2$:@b$:; ’ 45?M?Z@<=" 3$ hM$" 3" Ff#L?"
L24;F@; $ A2"M":b@3@;^ A2"Y"F@:3" 3?E$2$:5$ 3" A2$;F2?5" A"3$ F"#A2"B
4#@ @Y@2?@ ?#A2$Y?;5@ :"; E2$?";^ " #$5$2 @ [4@M?3@3$ 3@; #43@:<@; 3$
[4$ A"3$ ;$2 F@4;@ 3$ @F?3$:5$;N #@2Fc@ $u"4 A2"Y"F@2 Y?L2@<]$; @:rB
#@M@; 3@ A2hA2?@ F@?q@ 3$ Ff#L?"N
2$"&
(5?M?Z$ ;"#$:5$ A2"345"; A2$;F2?B # *+L ,    ,  _& -; A":5"; 3$ $M$Y@<=" 3" Y$XF4M"
5"; A@2@ ;$4 Y$XF4M" sY$2 F@AX54M" p3@B 1,- .  + / ,2 $;5=" @;;?:@M@3"; :@; #?:?;;@?@; M@5$B
3"; ._F:?F";pt 2@?; A$M"; ;X#L"M"; N
!@; F":3?<]$; :"2#@?; 3$ E4:F?"B
:@#$:5" 3" Y$XF4M"^ :=" _ :$F$;;aB
(5?M?Z@2 4:?F@#$:5$ 4# hM$" 3@ 2?" ;4L;5?54?2 " hM$" 3" Ff#L?"N
F@?q@ 3$ Ff#L?" F"# @; #$;#@;
F@2@F5$2X;5?F@; ?:3?F@3@; $# pRM4?3"; ,$ E"2$# :"5@3"; Y@Z@#$:5"; 3$
"2?b?:@?; $ M4L2?E?F@:5$;p sF":;4M5@2 " hM$" "4 ;$ 3$5$F5@2$# @:"#@M?@; :"
F@AX54M" p*@3"; 5_F:?F";ptN E4:F?":@#$:5" 3@ F@?q@ 3$ Ff#L?"^
$E$54@2 ?#$3?@5@#$:5$ " F":52"M$
  ;  ,   ‘4:5" e    , & # N

!=" @3?F?":@2 [4@M[4$2 5?A" 3$


@3?5?Y"; @" hM$" 3" Ff#L?" @45"#aB 
5?F"N - hM$" A@2@ " Ff#L?" @45"#aB 9":34Z?2 " Y$XF4M" F"# 4# :XY$M
5?F" _^ 3$ E@5"^ 4# A2"345" $;A$F?E?B 3$ hM$" ?:;4E?F?$:5$ A"3$ A2"Y"F@2
F@#$:5$ F":F$L?3" A@2@ $;5$ Y$XF4M"
  & 
b2@Y$; 3@:"; :@ F@?q@ 3$ Ff#L?"N
$ " 3$;$#A$:c" A"3$ E?F@2 A2$‘43?B #6 $   %
F@3" A$M" @F2_;F?#" 3$ "452"; @3?5?B 
Y";N     ’:5$; 3$ M":b@; Y?@b$:; $^ 3$ [4@MB
! [4$2 E"2#@^ @ F@3@ JGGG i#^ @A2"q?B
 #@3@#$:5$^ F":52"M@2 @ A2$;;=" 3"; ’
   A:$4;^ ?:FM4?:3" @ $Y$:54@M 2"3@ ;"B
!=" 45?M?Z@2 ;4L;5f:F?@; [4X#?F@;
9@;" ;$‘@ :$F$;;a2?" M$Y@:5@2 " Y$XB L2$;;@M$:5$N +E$54@2 " F":52"M$ F"#
A@2@ M@Y@2 @ F@?q@ 3$ Ff#L?"^ 4#@
F4M"^ 3?2?b?2B;$ e    , & "; A:$4; E2?";N
Y$Z [4$ A"3$# 3@:?E?F@2 "; F"#A"B
:$:5$;N # ^ [4$ $;5a $[4?A@3@ F"# $M$Y@B 9"# @ 45?M?Z@<=" 3" Y$XF4M"^ _ :"2B
3"2$; 3$ L2@<"; "4 $M$Y@3"2$; 3$ "E?B #@M [4$ @ A2$;;=" @4#$:5$ 3$Y?3"
F?:@N @" @[4$F?#$:5" 3"; A:$4;g A@2@ "
F"22$5" Y@M"2 2$M@5?Y" e A2$;;=" 3$

2$"(
$:Fc?#$:5" 3" A:$4^ F":;4M5@2 " A@B

2ab2@E" xD"3@; $ A:$4;z :" F@AX54M"
x*@3"; 5_F:?F";zN -; A:$4; 3$Y$# ;$2 ;4L;5?54X3";
! [4@:3" @ A2"E4:3?3@3$ 3@ 2"3@b$#
(#@ A2$;;=" $22@3@ A2"Y"F@ 4# 1@2@ Y$2;]$; $[4?A@3@; F"# " ;?;B @MF@:<@2 @ #@2F@ R ?:E"2#@3@
F":;4#" @:"2#@M 3"; A:$4;% 5$#@ 3$ #":?5"2@#$:5" 3@ A2$;;=" A$M" E@L2?F@:5$
3"; A:$4; ?.1&, s>:3?2$F5 .y2$ 12$;B
;42$ &":?5"2?:b ,y;5$#t^ "L;$2Y@2 @;
#$:;@b$:; $ ?:E"2#@<]$; 3?;A":XB
Y$?; :" 3?;AM@y $ @F$:3?#$:5"; 3@;
M4Z$;B$;A?@ 2$E$2$:5$;N - ;?;5$#@ 3$B
5$F5@ $ ?:E"2#@ @" F":345"2 ;"L2$
A";;XY$?; 3?E$2$:<@; 3$ A2$;;=" :";
A:$4;N +;5$‘@ @5$:5" e; #$:;@b$:; $
?:E"2#@<]$; 3@ :$F$;;?3@3$ 3$ $E$B
54@2 " 2$;$5 3" ;?;5$#@N
’Ah; " $:Fc?#$:5" 3"; A:$4;^
 B A2$;;=" :"2#@M% L@:3@ 3$ 2"B 3$Y$B;$ 2$@M?Z@2 " 2$;$5 3" ;?;5$#@ #6 
3@b$# b@;5@ 3$ #"3" 4:?E"2#$N @52@Y_; 3" [4@32" 3$ ?:;524#$:5";N
$ B A2$;;=" ?:;4E?F?$:5$% L@:3@ 3$ 9@;" F":52a2?"^ @; ?:E"2#@<]$; E"2:$B
2"3@b$# A@25?F4M@2#$:5$ b@;5@ :@; F?3@; A$M" ;?;5$#@ :=" ;$2=" A2$F?;@;N
L"23@;N !
- F"#A"25@#$:5" $# $;52@3@ 3"
 B A2$;;=" $qF$;;?Y@% L@:3@ 3$ 2"B  Y$XF4M" 3$A$:3$ 3@ F"22$5@ A2$;;="
3@b$# A@25?F4M@2#$:5$ b@;5@ :" F$:B W$2 ?:E"2#@<]$; $;A$FXE?F@; ;"L2$ 3$ $:Fc?#$:5" 3"; A:$4;N
52"N " ;?;5$#@ ?.1&, :" F@AX54M" p %
A+  <pN 9":;4M5$ "; Y@M"2$; 3$ A2$;;=" :"
F@AX54M" p*@3"; ._F:?F";pN

2$")
 ’ F@3@ JGNGGG i# $E$54@2 "
2"3XZ?" 3"; A:$4;^ #@:5$:3"B";
! ! 3" #$;#" M@3" 3" Y$XF4M" A@2@
:=" ?:Y$25$2 " ;$:5?3" 3$ 2"5@<="
(#@ A2$;;=" 3$#@;?@3" L@?q@ A2"B !=" $E$54@2 52@5@#$:5"; 3$ :"Y@ sF@;" "; A:$4; E"2$# 3$ 5?A"
Y"F@ " ;4A$2@[4$F?#$:5" 3" A:$4 A?:542@ 3@; 2"3@; $# M?b@ M$Y$ [4$ p4:?3?2$F?":@MptN
F"# A";;?L?M?3@3$ 3$ b2@Y$; 3@:"; :$F$;;?5@# 3@ 45?M?Z@<=" 3$ 5$#A$2@B
:" #$;#"N 542@; ;4A$2?"2$; @ JIG9N  -; A:$4; $:Y$Mc$F$#^ #$;#" ;$
A"4F" 45?M?Z@3";N ’ A2$;$:<@ 3$
(5?M?Z$ "; Y@M"2$; 3$ A2$;;=" 3$;B ’; F@2@F5$2X;5?F@; #$Ff:?F@; 3@; 2@Fc@342@; :@ L"22@Fc@ 3@ E@?q@
F2?5"; :" F@AX54M" p*@3"; ._F:?F";pN 2"3@; A"3$# E?F@2 F"#A2"#$5?3@;N 3$ 2"M@#$:5" $ :"; EM@:F"; 3"
A:$4 F":;5?54? 4# ;?:@M 3$ $:B
1@2@ $Y?5@2 3@:"; :"; A:$4;^ ;$b4?2 Y$Mc$F?#$:5"N +# 5"3" " F@;"^
@; ;$b4?:5$; A2$F@4<]$;% ;$ "; A:$4; 5?Y$2$# ;?3" #":5@B
3"; ca #@?; 3$ 7 @:";^ _ :$F$;B
!
 +Y?5@2 E2$:@b$:; $ A@25?3@; ;a2?" [4$ ;$‘@# F":52"M@3"; A"2
!@ A2$;$:<@ 3$ A:$4; p4:?3?2$F?"B A$;;"@M $;A$F?@M?Z@3"N 9":52"M@2
L24;F@;^ Fc"[4$; Y?"M$:5";
:@?;p^ :=" $E$54@2 @ 52"F@ $# F24Z 3"; ?b4@M#$:5$ F"# $;A$F?@M F4?3@3"
F":52@ A@;;$?";^ L42@F";^
A:$4;^ 3$;M"F@:3"B"; 3" M@3" 3?2$?5" @ 2"3@ ;"L2$;;@M$:5$N
"L;5aF4M"; $ A$2F42;";
3" Y$XF4M" A@2@ " $;[4$23" $ Y?F$B
A2"M":b@3"; $# $;52@3@;  +# F@;" 3$ ;4L;5?54?<="^ #":5@2
Y$2;@N
?22$b4M@2$;N ;$#A2$ A:$4; :"Y";^ $Y?5@:3" ";
!@ A2$;$:<@ 3$;5$ 5?A" 3$ A:$4;^  9":52"M@2 A$2?"3?F@#$:5$ ;$ "; 3$ A2"Y$:?\:F?@ 34Y?3";@N
;h _ A";;XY$M 3$;M"F@2 @; 2"3@; 3" A:$4; @A2$;$:5@# F"25$; :"; M@B  ’" ;4L;5?54?2 4# A:$4^ _ @F":B ’
$?q" 3?@:5$?2" A@2@ " $?q" 52@;$?2" $ 3";^ L"Mc@; "4 ;$ @ E@?q@ 3$ 2"M@B ;$McaY$M ;4L;5?54?2 5@#L_# @ YaMB
Y?F$BY$2;@^ #@:5$:3"B@; :" #$;#" #$:5" $;5a 3$;b@;5@3@ 3$ E"2#@ Y4M@ 3$ $:Fc?#$:5"N
M@3" 3" Y$XF4M"N ?22$b4M@2N
 +Y?5@2 Y?@‘@2 F"# " Y$XF4M" ;"B
L2$F@22$b@3"N ,$ E42@2 4# A:$4^
A@2@2 ?#$3?@5@#$:5$ $ ;4L;5?54XB
M"N
2$"*
   2"3@;uA:$4; 3$ 4;" :"2#@M^ @
1@2@ " 5?A" 3$ 2"3@; $ A:$4; #":B Y$M"F?3@3$ #aq?#@ 3$ 45?M?Z@<=" _
5@3"; :" Y$XF4M"^ F":;4M5@2 " A@2aB 3$ ~G i#ucN !
b2@E" xD"3@; $ A:$4;z :" F@AX54M" !=" 4M52@A@;;@2^ $# c?Ah5$;$ @MB 1@2@ @; Y$2;]$; F"# F":‘4:5"
x*@3"; 5_F:?F";zN b4#@^ " M?#?5$ 3$ Y$M"F?3@3$ A$2#?B 2"3@uA:$4 ;"L2$;;@M$:5$ 3$ 3?#$:B
5?3"N ;]$; :"2#@?;^ @ Y$M"F?3@3$ #aq?#@
 + , . '  L ,  f &% 3$ 45?M?Z@<=" _ 3$ JOG i#ucN
A
T    % !=" 4M52@A@;;@2^ $# c?Ah5$;$ @MB
-; Y$XF4M"; R?@5 $;5=" $[4?A@3"; $ b4#@^ " M?#?5$ 3$ Y$M"F?3@3$ A$2#?B
F"# A:$4; F"# L@?q@ 2$;?;5\:F?@ e 5?3"N
2"M@b$#^ 4#@ :"Y@ b$2@<=" 3$ A:$4; !@ 2"3@ $:F":52@B;$ @AM?F@3" 4#
F"# F@2@F5$2X;5?F@; F":;5245?Y@; [4$ @3$;?Y" F"# "; A2?:F?A@?; @Y?;"; ;"B
A2"A"2F?":@# $F":"#?@ 3$ F"#L4;B L2$ @ 45?M?Z@<=" $ 3@; 2$;A$F5?Y@; 
5XY$M $ F":;$[4$:5$#$:5$^ @ 3?#?:4?B M?#?5@<]$;N !=" 2$#"Y$2 " @3$B +# F@;" 3$ 3vY?3@ [4@:5" e ;?54B
<=" :@; $#?;;]$; 3$ b@;$; A"M4$:5$;N ;?Y"^ :=" F"L2?BM" $ :4:F@ @AM?F@2 :$B @<=" A2$;$:5$ $# ;$4 Y$XF4M"^ F":B
:c4#@ F@M"5@ 3$ 2"3@N ;4M5$ @ $5?[4$5@ @3$;?Y@ @M@2@:‘@3@
- #@5$2?@M $#A2$b@3" :@ F":;B
524<=" 3" A:$4 3?#?:4? ;$4 @[4$F?B @AM?F@3@ :@ 2"3@ ;"L2$;;@M$:5$^ :@
#$:5" $ " ?#A@F5" 3@; E"2<@; [4$ ;$ [4@M $;5a $;A$F?E?F@3@ @ Y$M"F?3@3$
"A]$# @" 3$;M"F@#$:5" 3" Y$XF4M" #aq?#@ A$2#?5?3@ 3$ 4;"N *?2?b?2
F"#" @ 2$;?;5\:F?@ @" 2"M@#$:5"N ! F"# A243\:F?@N
- F":‘4:5" 2"3@uA:$4 ;"L2$;;@B
M$:5$ ;$ 3$;5?:@ $qFM4;?Y@#$:5$ @"
4;" 5$#A"2a2?"^ $# F@;" 3$ $#$2B
b\:F?@N !
!
1@2@ Y$XF4M"; F"# F":‘4:5" ’ 45?M?Z@<=" 3$Y$ ;$2 2$34Z?3@ @" ’; F@2@F5$2X;5?F@; 3$ F":34<=" 3"
2"3@uA:$4 ;"L2$;;@M$:5$ 3$ 3?#$:B #X:?#" ?:3?;A$:;aY$MN Y$XF4M"^ F"# @ 2"3@ ;"L2$;;@M$:5$
;]$; #$:"2$; [4$ "; F":‘4:5"; #":5@3@^ ;=" @M5$2@3@;N *$;5$ #"3"^
3$Y$B;$ $Y?5@2 @F$M$2@<]$; $ E2$:@B
2$"+
b$:; Y?"M$:5@;^ #43@:<@; 3$ 3?2$B +# :$:c4#@ F?2F4:;5f:F?@ "; A@B - F":‘4:5" 2"3@uA:$4 ;"L2$;;@B
<=" L24;F@; $ F42Y@; @ b2@:3$ Y$M"F?B 2@E4;"; 3$Y$# ;$2 M4L2?E?F@3";N M$:5$ 3$Y$ $;5@2 ;$#A2$ F":3?F?"B
3@3$N ’ 342@L?M?3@3$ #_3?@ 3" A:$4 :@3" $# M"F@M @3$[4@3" :" Y$XF4M"
;"L2$;;@M$:5$ _ 3$ HGGG i#N $ F@M?L2@3" :@ A2$;;=" ?:3?F@3@^ A@2@
[4$^ $# F@;" 3$ $#$2b\:F?@^ $;5$‘@
.2@:;F"22?3@ $;5@ [4?M"#$52@b$#^ A2":5" A@2@ ;$2 45?M?Z@3" 3$ E"2#@ ;$B
" A:$4 3$Y$ ;$2 ;4L;5?54X3" A$M" !
b42@ $ @3$[4@3@N
"2?b?:@M "4 A"2 "452" ;"L2$;;@M$:5$ - :=" F4#A2?#$:5" 3@; 2$;52?<]$;
F"# @; #$;#@; F@2@F5$2X;5?F@; 3" 3$ 4;" 3@ 2"3@ ;"L2$;;@M$:5$ A"3$ - Y$XF4M" A"3$ $;5@2 $[4?A@3"
[4$ b4@2:$F$ " Y$XF4M"N F@4;@2 @F?3$:5$; F"# 2?;F" 3$ b2@Y$; F"# ;?;5$#@ 3$ #":?5"2@<=" 3@
M$;]$; "4 #"25$N A2$;;=" 3"; A:$4; ?.1&, s>:3?2$F5
.y2$ 12$;;42$ &":?5"2?:b ,y;5$#t
,?b@ ;$#A2$ @; A2$;F2?<]$; 3" #@B " [4@M _ F@A@Z 3$ @;;?:@M@2 @"
:4@MN F":345"2 4#@ $Y$:54@M A2$;;="
! ?:;4E?F?$:5$ 3"; A:$4; F"# L@;$ :@
!=" _ A$2#?5?3" 45?M?Z@2 ;?#4M5@:$B A2$;;=" @ E2?" ?:3?F@3@ :$;5$ #@B
@#$:5$ 34@; "4 #@?; 2"3@; ;"L2$;;@B 
:4@M^ :" F@AX54M" x*@3"; 5_F:?F";zN
M$:5$;N W$2?E?F@2 2$b4M@2#$:5$ @ A2$;;=" ’; #"3@M?3@3$; 3$ E4:F?":@#$:5"
3"; A:$4; "2?b?:@M#$:5$ ?:;5@M@3"; 3" ;?;5$#@^ ?:3?F@<]$;^ 2$;52?<]$; $
D$;A$?5@2 ;$#A2$ @; 2$F"#$:3@B $ 3" A:$4 ;"L2$;;@M$:5$^ 2$;A$?5@:3" @3Y$25\:F?@; 3$ ;$b42@:<@ ;$ $:B
<]$; 3$;5$ #@:4@MN "; Y@M"2$; ?:3?F@3"; :$;5$ #@:4@M^ F":52@# :$;5$ #@:4@M^ :" F@AX54M"
:" F@AX54M" x*@3"; 5_F:?F";zN x1@25?3@ $ "A$2@<="zN

!" F@;" 3$ $Y$:54@M $;Y@Z?@#$:5"
! A@2F?@M "4 5"5@M 3" F":‘4:5" 2"3@ $
!=" M4L2?E?F@2 @; 2";F@; 3"; A@2@B A:$4 ;"L2$;;@M$:5$^ $E$54@2 " $:Fc?B
E4;"; @:5$; 3$ #":5@2 "; A:$4;^ A"?; #$:5" 3" A:$4 ;"L2$;;@M$:5$ @5_ @MB
$;5$; A"3$2=" ;"M5@2B;$ $;A":5@:$@B F@:<@2 @ A2$;;=" A2$;F2?5@ :$;5$ #@B
#$:5$ 342@:5$ @ 45?M?Z@<=" 3" Y$XB :4@M^ :" F@AX54M" x*@3"; 5_F:?F";zN
F4M"Q

2$",
6 $  % #$:5" 3@; 2"3@; A@2@ 4#@ A";?<="
K   3?E$2$:5$^ 2$M@5?Y@#$:5$ @" Y$XF4M"N
9@3@ 2"3@ ;$2a^ @;;?# A";5@ @ 52@L@B
Mc@2 $# 4# $?q" 3?E$2$:5$ $^ ;$#A2$
[4$ A";;XY$M^ :" M@3" "A";5" 3" Y$XB
! F4M"N
-; #_5"3"; 3$ 2"3XZ?" 3@; 2"3@;
- 2"3XZ?" 3"; A:$4; F":52?L4? A@2@
?:3?F@3"; !0- 3$Y$# ;$2 @3"5@3";
#@:5$2 ?:@M5$2@3@; @; F@A@F?3@3$; 3$ 
$# F@;" 3$ 45?M?Z@<=" 3$ A:$4; p4:?B
@3$2\:F?@ $ 3$ 52@<=" $# $;52@3@; ’Ah; " A2"F$3?#$:5" 3$ 2"3XZ?"
3?2$F?":@?;pQ (5?M?Z@:3" $;5$ 5?A" 3$
#"Mc@3@; "4 F"# M@#@^ @;;$b42@:3" 3"; A:$4;^ " ;?;5$#@ ?.1&, 3$Y$ ;$2
A:$4;^ ;h _ A";;XY$M 3$;M"F@2 @; 2"3@;
4#@ h5?#@ #@:"L2@L?M?3@3$ 3" Y$XB 2$;$5@3" A@2@ F"22$5@ ?:3?F@<="N
3" $?q" 3?@:5$?2" A@2@ " $?q" 52@;$?2"
F4M"N
$ Y?F$BY$2;@^ #@:5$:3"B@; :" #$;#"
M@3" 3" Y$XF4M"N +# F@;" 3$ 3$;b@;5$ @:"2#@M 3";
A:$4;^ ?3$:5?E?F@2 @ F@4;@ $ F"22?b?B     
9":;4M5@2 @; A2$F@4<]$; 3$;F2?5@; M@ @;;?# [4$ A";;XY$M^ 3?2?b?:3"B;$ e
:" A@2ab2@E" p>:E"2#@<]$; b$2@?;p    , & # N
  !
A@2@ "L5$2 #@?; ?:E"2#@<]$; @ 6
2$;A$?5"N
- #_5"3" 3$ 2"3XZ?" ;4b$2?3" A@2@ ,$ " Y$XF4M" 5?Y$2 3$ A$2#@:$F$2
@ 52@<=" 3?@:5$?2@ _ F":E"2#$ ?:3?B A@2@3" 342@:5$ #@?; 3$ 4# #\;^
-; A:$4; 3?@:5$?2"; $ 52@;$?2"; $;B F@3" :@ E?b42@ ;$b4?:5$ s@ ;$5@ $qB
5=" ;4‘$?5"; @ 3?E$2$:5$; F@2b@; $ ;"B "L;$2Y@2 @; ;$b4?:5$; A2$F@4<]$;%
5$2:@ ?:3?F@ " ;$:5?3" 3$ #@2Fc@ 3"
M?F?5@<]$; 3$Y?3" @ F42Y@;^ #@:"L2@; Y$XF4M"tN
$ E2$:@b$:;N 1"2 ?;;"^ $;5=" ;4‘$?5"; @  +;5@F?":@2 " Y$XF4M" $# M"F@M F"B
4# 3$;b@;5$ :=" 4:?E"2#$N L$25"^ ;$F" $^ ;$ A";;XY$M^ Y$:B
5?M@3" $ @L2?2 M?b$?2@#$:5$ "; Y?B
1@2@ $Y?5@2 $;5$ A2"LM$#@^ _ A";B 32";N
;XY$M $E$54@2 " 2"3XZ?" 3"; A:$4;
 9$25?E?F@2B;$ 3$ [4$ " E2$?" 3$
:" #"#$:5" "A"254:"N 1"2 2"3XB
$;5@F?":@#$:5" :=" $;5$‘@ $:b@B
Z?" 3"; A:$4; $:5$:3$B;$ " 3$;M"F@B
5@3"N
2$%-
 *$;M?b@2 " 5$2#?:@M :$b@5?Y" 3"  +:Fc$2 "; A:$4; @ 4#@ A2$;;=" 5$2?"2 2$;5@L$M$F?#$:5" 3@ @M?#$:5@B
A"M" 3@ L@5$2?@ $ Y$2?E?F@2 ;$4 $;B 3$ ›G^I L@2 s›K^OI A;?t ;4A$2?"2 <=" $M_52?F@ 3@ L@5$2?@^ F$25?E?F@2B;$
5@3" 3$ F@2b@N *42@:5$ " @2#@Z$B $# 2$M@<=" e A2$;F2?5@ $ F":52"MaB 3$ [4$ " F"#45@3"2 3$ ?b:?<=" $;5a
:@#$:5"^ $;5$ F":52"M$ 3$Y$ ;$2 M@ A$2?"3?F@#$:5$N $#  $ [4$ @ A"25@ 3" M@3" 3"
2$A$5?3" 52?#$;52@M#$:5$N  !=" $;Y@Z?@2 " ;?;5$#@ 3$ 2$E2?B F":345"2 $;5a E$Fc@3@N
 ,$ :=" ;$ 3$;M?b@2 @ L@5$2?@ 3" b$2@<=" 3" #"5"2N
;?;5$#@ $M_52?F"^ F":52"M@2 " ;$4  ,$#A2$ [4$ ;$ 3$?q@2 " Y$XF4M"
$;5@3" 3$ F@2b@ @ F@3@ 52?:5@ 3?@;N ?:@5?Y" 342@:5$ 34@; "4 #@?; ;$B  
 )?#A@2 $ A2"5$b$2 @; A@25$; A?:5@B #@:@;^ F"# " #"5"2 $# #@2B     
3@; @AM?F@:3" F$2@; A2"5$5"2@;N Fc@ M$:5@^ _ :$F$;;a2?" M?b@2 " ;?;B #"
 )?#A@2 $ A2"5$b$2 @; A@25$; #$B 5$#@ 3$ @2BF":3?F?":@3" 342@:5$
F$2F@ 3$ I #?:45";^ 2$b4M@:3"B" - Y$XF4M" _ 3"5@3" 3@; #$Mc"2$;
5aM?F@; L2?Mc@:5$; F"# A2"345";
A@2@ @2 $q5$2:" $ F"# Y$:5"?:c@ ;"M4<]$; 5$F:"Mhb?F@; A@2@ A2"5$b$2
$;A$FXE?F"; 3?;A":XY$?; :" #$2B
3$E?:?3@ :" #aq?#"N +;;@ "A$B $E?F@Z#$:5$ @ F@22"F$2?@ 3@ F"22"B
F@3"N
2@<=" b@2@:5?2a 4#@ M4L2?E?F@<=" ;="N
 +;A@Mc@2 Ah 3$ 5@MF" :@; A@Mc$B
5@; $# L"22@Fc@ 3" M?#A@3"2 3" @3$[4@3@ :" ;?;5$#@ 2$34Z?:3"^ +?; @; A2?:F?A@?;%
A@2@BL2?;@ $ 3$?qaBM@; M$Y@:5@3@; @;;?#^ @" #X:?#" @ $Y$:54@M?B
3"; Y?32"; 3@3$ 3$ 3@:"; :" F"#A2$;;"2  12"345"; $ ;?;5$#@; 3$ A?:542@
[4@:3" " ;?;5$#@ E"2 :"Y@#$:5$ [4$ F":E$2$# @" Y$XF4M" 2$;?;B
 9"L2?2 " Y$XF4M" F"# 4#@ F@A@ M?b@3"N
3$ 5$F?3" "4 3$ AMa;5?F" A$2E4B 5\:F?@ e F"22";=" $ e @L2@;="N
2@3"^ A2$;5@:3" A@25?F4M@2 @5$:B ’
<=" A@2@ :=" 3@:?E?F@2 @ ;4A$2EXB   +#A2$b" 3$ Fc@A@; b@MY@:?Z@3@;
F?$ A?:5@3@ @22@;5@:3" @ $Y$:54@M s"4 A2_B52@5@3@;t^ 3"5@3@; 3$ @M5@
’:5$; 3$ A2"F$3$2 @" F"25$ 3@ @M?B
A"$?2@ :$M@ @F4#4M@3@N !=" 45?B 2$;?;5\:F?@ e F"22";="N
#$:5@<=" $M_52?F@ 3@ L@5$2?@^ @b4@2B
M?Z@2 F@A@; 3$ AMa;5?F" F"#A@F5"^ 3@2 A$M" #$:"; 4# #?:45" @ A@25?2 3"
[4$ :=" A$2#?5$# @ $Y@A"2@<=" A";?F?":@#$:5" 3@ Fc@Y$ 3$ ?b:?<="  .2@5@#$:5" ;A2@y F"# #@5$2?@?;
3@ 4#?3@3$ A2$;$:5$ :@ ;4A$2EXB $#  $ @ A@25?2 3" E$Fc@#$:5" 3@ AMa;5?F";^ F"# E4:<=" 3$ A2"5$B
F?$ 3" Y$XF4M"N A"25@ 3" M@3" 3" #"5"2?;5@N !" A";B <="^ :"; A":5"; #@?; $qA";5";%

2$%!
?:5$2?"2 3" A@2@BM@#@;^ L"23@;^    ;a2?";^ A@2@ $Y?5@2 @ E"2#@<=" 3$ E$2B
$5FN  +  24b$#N
’ #@:45$:<=" 3@ A?:542@ F":;?;5$
 (;" 3$ F@?q@; x@L$25@;z^ A@2@ $Y?B :@ M@Y@b$#^ F4‘@ A$2?"3?F?3@3$ 3$B
5@2 @ F":3$:;@<=" $ @ @Fv#4M" 3$ A$:3$ 3@; F":3?<]$; $ 3" @#L?$:5$
ab4@^ [4$ A"3$# E@Y"2$F$2 @ E"2B ! 3$ 45?M?Z@<="N 1"2 $q$#AM"^ :@; 2$B
#@<=" 3$ E$224b$# :" ?:5$2?"2N -; 3$5$2b$:5$; ;4‘@# @; ab4@;N b?]$; 3$ b2@:3$ A"M4?<=" @5#";E_B
2?F@^ _ @F":;$McaY$M M@Y@2 " Y$XF4M"
 (5?M?Z@<=" 3$ A$MXF4M@; $;A$F?@?; )@Y@2 " Y$XF4M" ;"#$:5$ $# M"B F"# #@?"2 E2$[4\:F?@N
F"# E4:<=" A2"5$5"2@ @:5?@L2@;=" F@?; $[4?A@3"; A@2@ " 2$F"Mc?#$:5"
:"; A":5"; #@?; $qA";5"; sA"2 $qN $ @ 3$A42@<=" 3"; MX[4?3"; 45?M?Z@3"; ’Mb4#@; A@25$; 3" Y$XF4M" A"3$#
A@2@BM@#@; 52@;$?2"^ A"25@;^ $5FNtN A@2@ @ M@Y@b$#N $;5@2 $[4?A@3@; F"# 5?:5@ "A@F@ [4$^
A@2@ ;$2 A2$;$2Y@3@ F"#" 5@M^ :$F$;B
;?5@ 3$ F4?3@3"; A@25?F4M@2$;% F":;4MB
  J  5@2 @ @3Y$25\:F?@ ;$b4?:5$N
    #
  !
’ E?# 3$ #@:5$2 ?:5@F5@; @; F@2@FB
- Y$XF4M" A";;4? 4#@ b@2@:5?@
5$2X;5?F@; $;5_5?F@; 3@ A?:542@^ _ @F":B
F":52@ @ A$2E42@<="^ 3$Y?3" e F"22"B !
;$McaY$M :=" 45?M?Z@2 A2"345"; @L2@;?B
;="^ 3$ [4@M[4$2 $M$#$:5" b$:4X:" !@; $;5@<]$; 3$ M@Y@b$#^ $Y?5@2 @
Y"; $u"4 $:F$2@3"2$; A@2@ " $#L$M$B
3@ $;524542@ "4 3@ F@22"F$2?@N 1@2@ M@Y@b$# 3" Y$XF4M" F"# 2"M"; $u"4
Z@#$:5" 3" Y$XF4M"N
@; F":3?<]$; b$2@?; 3$;5@ b@2@:5?@^ $;F"Y@;N )@Y@2 " Y$XF4M" $qFM4;?B
F":;4M5@2 " &@:4@M 3$ U@2@:5?@N -L;$2Y$ ;$#A2$ @; 2$F"#$:3@B Y@#$:5$ e #=" 45?M?Z@:3" A2"345";
<]$; 3$;5$ #@:4@MN 3$5$2b$:5$; F"# 18 :$452"g ;$FaB
M" F"# 4# A@:" #@F?"^ 4#$3$B
+# F@;" 3$ @L2@;]$; "4 E?;;42@; F?3"N !=" 45?M?Z@2 A2"345"; @L2@;?Y";
A2"E4:3@;^ 2$F"#$:3@B;$ [4$ ;$‘@# $u"4 @L2?Mc@:5@3"2$; A@2@ " $#L$M$B
E$?5"; 3$ ?#$3?@5" "; 2$5"[4$; :$F$;B Z@#$:5" 3" Y$XF4M"N -; $qF2$#$:5";
3$ Aa;;@2"; 3$Y$# ;$2 M@Y@3"; ?#$3?B

2$%"
@5@#$:5$ $ F"# F4?3@3"^ A"?; @ ;4@  ,$ A@2@ @ M@Y@b$# 3" Y$XF4M" E"B ’; A@25$; $q5$2:@; 3$ AMa;5?F" 3$B
@F?3$Z _ A@25?F4M@2#$:5$ @b2$;;?Y@N 2$# 45?M?Z@3"; Y@A"2?Z@3"2$; "4 Y$# ;$2 M?#A@; F"# " #$;#" A2"B
M?#A@3"2$; 3$ @M5@ A2$;;="^ #@:B F$3?#$:5" 2$@M?Z@3" A@2@ @ M@Y@b$#
+Y?5@2 s;$ :=" E"2 ?:3?;A$:;aY$Mt $;B 5$2 4#@ 3?;5f:F?@ #X:?#@ 3$ }G :"2#@M 3" Y$XF4M"N
5@F?":@2 " Y$XF4M" 3$L@?q" 3$ a2Y"B F# 3@ F@22"F$2?@ A@2@ $Y?5@2 3@B
2$;g 2$#"Y$2 ?#$3?@5@#$:5$ @; ;4L;B :"; "4 @M5$2@<]$;N ’Fv#4M"; 3$
5f:F?@; 2$;?:";@; 3$ "2?b$# Y$b$B ab4@^ @ M":b" A2@Z"^ A"3$# 3@B 
5@M A"2[4$^ 4#@ Y$Z ;$F@;^ A@2@ @ :?E?F@2 " Y$XF4M"N +Y?5@2 $;5@F?":@2 " Y$XF4M" 3$L@?q"
;4@ 2$#"<="^ A"3$ ;$2 :$F$;;a2?" " 3$ a2Y"2$;g @; ;4L;5f:F?@; 2$;?:";@;
 d A2$E$2XY$M #"Mc@2 @ F@22"F$2?@
$#A2$b" 3$ A2"345"; @L2@;?Y"; $u"4 F":E$2$# 4# @;A$F5" "A@F" e 5?:5@ $
@L2?Mc@:5@3"2$;^ A@25?F4M@2#$:5$ 3$B F"# 4# ‘@5" 3$ ab4@ 3$ L@?q@
A2$;;="N @4#$:5@# @ A";;?L?M?3@3$ 3$ F"22"B
;@F":;$Mc@3"; A"2 ;$2$# A"5$:F?@?; ;="N
F@4;@; 3$ @M5$2@<=" 3@ F@2@F5$2X;5?F@  1@;;@2 ;"L2$ @ F@22"F$2?@^ 4#@
3$ "A@F?3@3$ 3@ 5?:5@N 1@2@ @ M?#B $;A":‘@ F"# 4#@ M?b$?2@ ;"M4<="
3$5$2b$:5$^ $:q@b4@:3" E2$[4$:B   
A$Z@ 3" A@2@BL2?;@ 3?@:5$?2" $ 3"
Y?32" 52@;$?2" :=" 45?M?Z@2 " MX[4?3" 5$#$:5$ @ $;A":‘@N (5?M?Z@2 3$5$2b$:5$; $;A$FXE?F"; $
M@Y@BY?32"; A42"g _ :$F$;;a2?" 3?M4XB  +:q@b4@2 L$# F"# ab4@ $ ;$F@2 A@:"; L$# M?#A"; A@2@ :=" "; 2?;F@2
M" A$M" #$:"; @ IG¤ F"# ab4@N )?B F"# ‘@5" 3$ @2 "4 4# A@:" #@B "4 @M5$2@2 @ ;4@ 52@:;A@2\:F?@N
#?5@2 @ 45?M?Z@<=" 3$ MX[4?3" M@Y@B F?"N
Y?32"; A42" @A$:@; [4@:3" $;52?5@B # _     
#$:5$ $q?b?3" A$M@; F":3?<]$; 3$ *42@:5$ @ ;$F@b$#^ F4?3@2 ;"L2$B (5?M?Z@2 4# A@:" #@F?"^ :=" ;$F"^
5$#A$2@542@ $q5$2?"2N 543" 3@; A@25$; #$:"; Y?;XY$?; sA"2
$qN Y="; 3@; A"25@;^ F@Ar^ F":5"2:"
$#L$L?3" $# ab4@ $ ;@L=" A@2@ @4B ’
5"#hY$?;N
1@2@ 4#@ M@Y@b$# F"22$5@ 3" Y$XB 3"; E@2h?;^ $5FNt ":3$ @ ab4@ A"3$ A@B
F4M"^ ;$b4?2 $;5@; ?:3?F@<]$;% 2@2 F"# #@?"2 E@F?M?3@3$N !=" M@Y@2
" Y$XF4M" 3$A"?; 3$ 4#@ A@2@3@ @" 
 ,$ E"2 M@Y@2 " Y$XF4M" $# 4#@ ;"M "4 F"# " F@Ar 3" #"5"2 [4$:5$% !@ "A$2@<=" 3$ M?#A$Z@ 3"; 52@:;B
#a[4?:@ @45"#a5?F@^ 2$5?2@2 @ @:B A"3$ @M5$2@2 " L2?Mc" 3@ 5?:5@N A@2$:5$; 3$ AMa;5?F" 3"; E@2h?;^ :="
5$:@ 3" 5$5"N 45?M?Z@2 ;4L;5f:F?@; @2"#a5?F@; sA"2

2$%%
$qN L$:Z?:@t "4 [4$5":@; sA"2 $qN  !=" " M@Y$ [4@:3" $;5?Y$2 @?:3@
@F$5":@tN [4$:5$N
   !
 !=" 45?M?Z$ ;4L;5f:F?@; Fa4;5?F@;^ 
+# F@;" 3$ M?#A$Z@ F"# 4#@ #@:B A2"345"; aF?3"; "4 3$2?Y@3"; 3$ 
b4$?2@ 3$ ab4@^ #@:5$2 " ‘@5" 3$ ab4@ A$52hM$"N
@ 4#@ 3?;5f:F?@ 3$^ A$M" #$:";^ OG  +Y?5$ ‘@5"; 3†ab4@ 3?2$5@#$:5$ ;"B
F# 3"; E@2h?;N L2$ "; F"#A":$:5$; $M$52"$M$52rB
:?F"; $ ;$4; Fc?F"5$;N !
=    12"5$‘@ F"# AMa;5?F"; " @M5$2:@B !4:F@ 45?M?Z@2 A2"345"; ?:EM@#aB
3"2^ @ F$:52@M 3@ ?b:?<="u?:‘$<=" Y$?;^ F"#" _5$2 "4 L$:Z?:@^ A@2@ @
 $M$52r:?F@^ @ L@5$2?@^ @ L"L?:@ $ M?#A$Z@ 3@; A@25$; ?:5$2?"2$; 3" Y$XB
’ M@Y@b$# 3$Y$ ;$2 $E$54@3@ F"# @ F$:52@M 3" ;?;5$#@ ’C, "4 +,9 F4M"N
" #"5"2 E2?" $ " F"#45@3"2 3$ ?bB s;$ $[4?A@3"t
:?<=" :@ A";?<=" N ’Ah; @ M@B ’; F@2b@; $M$52";5a5?F@; [4$ ;=" b$B
 12"5$‘@ 5@#L_# F"# AMa;5?F" " 2@3@; 342@:5$ @ "A$2@<=" 3$ M?#A$Z@
Y@b$#^ F$25?E?F@2B;$ 3$ [4$ @; Ya2?@; 2$;$2Y@5h2?" 3" EM4?3" 3$ E2$?"^
A2"5$<]$; sA"2 $qN^ 5@#A]$; 3$ L"2B A"3$# A2"Y"F@2 ?:F\:3?"N
A@2@ $Y?5@2 @ ;4@ F":5@#?:@<="N
2@Fc@ $ A2"5$<]$; Ya2?@;t^ :=" $;5="
2$#"Y?3@; "4 3@:?E?F@3@;N ’Ah; @ M@Y@b$#^ :=" A4MY$2?Z$ :$B
:c4# 5?A" 3$ EM4?3" shM$" 3?$;$M^ [4$B
’ M@Y@b$# 3" F"#A@25?#$:5" 3" 2";$:$^ hM$" 3$ #@#":@ $5FNt ;"L2$ !
#"5"2 _ 4# A2"F$3?#$:5" [4$ 3$Y$ " #"5"2 $ F"#A":$:5$;^ ;"L A$:@ 3$ !=" A"25@2 $#L@M@b$:; 3$ @$2";B
;$2 $Y?5@3"N 1"2_#^ [4@:3" ?;5" ;$ 3@:?E?FaBM";^ F@4;@:3"^ ?:FM4;?Y$^ @ ;h?; :" Y$XF4M"% A$2?b" 3$ $qAM";="N
5"2:@2 :$F$;;a2?"^ "L;$2Y@2 @; 2$F"B 2$5$:<=" 3$ A"$?2@N
#$:3@<]$; @ ;$b4?2% -; @$2";;h?; :=" 3$Y$# $;5@2 $qB
A";5"; @ 4#@ 5$#A$2@542@ ;4A$2?"2 @
’" M@Y@2 " #"5"2^ 5"#$ "; ;$b4?:B IG 9N !" ?:5$2?"2 3$ 4# Y$XF4M" $qB
5$; F4?3@3";% A";5" @" ;"M^ @ 5$#A$2@542@ A"3$ ;4B
A$2@2 3$ E"2#@ ;?b:?E?F@5?Y@ $;;$; Y@B
M"2$;N

2$%&
’ 3?;A";?<=" ?:3$Y?3@^ "4 " 4;" 3$ $    
4# 5@A$5$ :=" c"#"M"b@3"^ A"3$ ;$
+M?#?:@2 " Ah F"# 4#@ $;F"Y@ #@B
5"2:@2 4# "L;5aF4M" @" @F?":@#$:5"
! F?@ "4 F"# 4# @;A?2@3"2N 1@2@ 4#@
3"; A$3@?;N (5?M?Z@2^ $qFM4;?Y@#$:5$^
’ a2$@ 3" A?;" ;"L @ A$3@M$?2@ :=" #$Mc"2 M?#A$Z@ 3"; 2$Y$;5?#$:5";
5@A$5$; "2?b?:@?; $u"4 c"#"M"b@3";
3$Y$ @A2$;$:5@2 "L;5aF4M";N $# Y$M43"^ @F":;$Mc@#"; @ 4#$3$B
A$M@ R>’.^ $Y?5@:3" #@5$2?@?; :="
F$2 @ $;F"Y@N +;E2$b@2 "; L@:F"; F"#
9$25?E?[4$B;$ 3$ [4$ $Y$:54@?; 5@B @45"2?Z@3";N
4#@ $;A":‘@ 4#$3$F?3@ $# 4#@ ;"B
A$5$; $;5$‘@# ;$#A2$ L$# $;5?F@3"; M4<=" 3$ ab4@ $ 3$5$2b$:5$ :$452"N
$ :=" ?:5$2E?2@# F"# "; A$3@?;N

$   1 *+ %


    % 2

+M?#?:@2 @ ;4‘$?2@ ;$F@ F"# 4#@
9$25?E?F@2B;$ [4$ :@3@ s5@A$5$;^ EM@:$M@ "4 4# A@:" v#?3"^ ;$# $q$2B
$5FNt ?#A$<@ " #"Y?#$:5" $ " F42;" F$2 3$#@;?@3@ A2$;;="N
3"; A$3@?; 3" Y$XF4M"N
D$5?2@2 @; #@:Fc@; 3$ MX[4?3"; "4
3$ b"2342@ F"# 4# A@:" ;$F" @LB
 ;"2Y$:5$^ ;$# $;E2$b@2N 1@;;@2 $#
1@2@ @ ;$b42@:<@ 3" F":345"2^ " ;$b4?3@ 4#@ EM@:$M@ "4 A@:" #@F?"
!
5@A$5$ 3$Y$ ;$2 E?q@3" :@; A2$;?Mc@; 4#$3$F?3" F"# ab4@ $ ;@L=" :$452"N
9$25?E?F@2B;$ 3$ [4$ "; 5@A$5$; $;5$B ?:3?F@3@; A$M@; ;$5@; N ’
‘@# ;$#A2$ $;5$:3?3"; $ L$# A";?F?B
":@3";N -L;$2Y@2 @ M"F@M?Z@<=" F"2B 
W$2?E?F@2 A$2?"3?F@#$:5$ " $;5@3"
2$5@ $# F@3@ 4:?3@3$ $ ;$4 2$;A$FB !=" 4;@2 :4:F@ aMF""M "4 A2"345";
3$ M?#A$Z@ 3"; ?:5$2?"2$;^ A"2 L@?q"
5?Y" A";?F?":@#$:5"N ’Mb4#@; Y$2B 3$2?Y@3"; 3$ A$52hM$"N
3"; 5@A$5$;^ [4$ A"3$2?@ A2"Y"F@2 @
;]$; 3?;A]$# 3$ A2$;?Mc@; 3$ E?q@<="^
"q?3@<=" 3@ Fc@A@N 1@2@ @ ;$b42@:<@
?:3?F@3@; A$M@; ;$5@; ^ A@2@ @4q?M?@2
:@ F":34<="^ 45?M?Z@2 ;"#$:5$ 5@A$B
:@ ;4@ 2$5$:<=" :" @;;"@Mc"N
5$; b$:4X:"; R?@5N

2$%(
  3  %    
 1 *+ 2
1@2@ M?#A@2 $;5$; F"#A":$:5$;
4;@2 ;h ab4@ $ ;@L=" :$452"N !4:F@
45?M?Z@2 aMF""M "4 A2"345"; e L@;$ 3$
!
aMF""MN
!=" 45?M?Z@2 aMF""M^ L$:Z?:@ $ ;$4;
3$2?Y@3"; A@2@ @ M?#A$Z@ 3" 52@:;B
A@2$:5$ 3" [4@32" 3$ ?:;524#$:5"; $
3" A@?:$MN
D?;F" 3$ 3@:"; @"; #@5$2?@?;N

+E$54@2 @ M?#A$Z@ 3"; AMa;5?F"; ?:B


5$2:"; F"# 4# A@:" 3$ #?F2"E?L2@^
;$ A";;XY$M^ 4#$3$F?3" $# 4#@ ;"M4B
<=" 3$ ab4@ $ 3$5$2b$:5$ :$452" :="
@L2@;?Y"N
1@2@ 2$#"Y$2 " $Y$:54@M Ah^ 45?M?B
Z@2 4# A@:" 3$ #?F2"E?L2@^ $Y$:54@MB
#$:5$ 4#$3$F?3" F"# ab4@N d 3$;@B
F":;$Mc@3" " $#A2$b" 3$ M$:<"; 3$
A@A$M [4$ A"3$2?@# 3$?q@2 2$;X34";N

2$%)
 (  D’*>-RD+w(m!9>’ *+ 9-!.D-)+
D+&-.- N N N N N N N N N N N N N N N N N N N N N N 8BOH
."3@; ?:;524<]$; v5$?; A@2@ A$2F$L$2 F"#" _ E$?5"
$ F"#" E4:F?":@ " ;$4 Y$XF4M" $;5=" F":5?3@; :$;5$
F@AX54M" $ ?M4;52@3@; F"# 3@3"; $ 5@L$M@;N 1@2@ "
@A@?q":@3"^ " 5_F:?F"^ #@; 5@#L_# ;?#AM$;#$:5$ A@2@
[4$# [4$2 F":c$F$2 #@?; 3$5@Mc@3@#$:5$ " ;$4 Y$XF4M"N

*’*-, 1’D’ ’ >*+!.>R>9’/0- N N N N N N N N N 8BJ


&-.-D N N N N N N N N N N N N N N N N N N N N N N N N 8BO
.D’!,&>,,0- N N N N N N N N N N N N N N N N N N N N 8B}
RD+>-, N N N N N N N N N N N N N N N N N N N N N N N N 8BI
,(,1+!,o+, N N N N N N N N N N N N N N N N N N N N N 8BI
*>D+/0- N N N N N N N N N N N N N N N N N N N N N N N 8BK
D-*’, + 1!+(, N N N N N N N N N N N N N N N N N N N 8B~
*>&+!,o+, N N N N N N N N N N N N N N N N N N N N 8BJJ
1+,-, + 9’DU’, N N N N N N N N N N N N N N N N N 8BJH
’C’,.+9>&+!.-, N N N N N N N N N N N N N N N N N 8BJ}
R)(>*-, U+!(n!-, + )(CD>R>9’!.+, N N N N 8BJK
W+)-9>*’*+ &«6>&’ N N N N N N N N N N N N N N 8BJP (
+&>,,o+, *+ 9- N N N N N N N N N N N N N N N N N 8BOJ
,>,.+&’ +)d.D>9- N N N N N N N N N N N N N N N N 8BOJ

3
 &    " 
’ 5@L$M@ ?:3?F@ @ M"F@M?Z@<=" 3@; $5?[4$5@; $ b2@Y@<]$; 3$ ?3$:5?E?F@<=" :" Y$XF4M"N

4  
  ,<= ,& ><=

 1 a    ,@ 2% b2@Y@<=" :" @;;"@Mc" ;"L " L@:F" 3?@:5$?2" 3?2$?5"N 1@2@ @F$;;@2 " :v#$2" W>!^ M$Y@:5@2 @ 5@#A@

3" F@2A$5$ ;"L " L@:F" 3?@:5$?2" 3?2$?5"N
$    0. ,<=% b2@Y@<=" $# $5?[4$5@ ;"L2$ @ F"M4:@ 3$ E?q@<=" 3@ A"25@ 3?@:5$?2@ 3?2$?5@

 % b2@Y@<=" $# $5?[4$5@ ;"L2$ @ F"M4:@ 3$ E?q@<=" 3@ A"25@ 3?@:5$?2@ 3?2$?5@

 % b2@Y@<=" $# $5?[4$5@ ;"L2$ " A@2@BM@#@ 3?@:5$?2" 3?2$?5"

 % b2@Y@<=" :" A@2@BL2?;@^ :" Y?32" 52@;$?2" $ :"; Y?32"; 3@; A"25@;

#    a     % b2@Y@<=" :" M@3" 3?2$?5" "4 :@ A@25$ F$:52@M 3" LM"F" 3" #"5"2 sF":E"2#$ @ Y$2;="t

3$!

 A  
 &   & 1, g2 NCW ] #&' NCH [ #&' NC[ N] #&'

 ,& -..- -..- -..-

a    , &   GH G} G}

a    ;/&;+&  , &   GO GO G}

 -    ,+   ) 1 2 KG q ~7^I KG^G q ~7^I ~G^I q ~I^~

 &   & 1, g2 PPP^G JHHO^G JK}K

'  , = JH^O%J JH^O%J JO^I% J


&   & &   & &   &
L ,  /'  1$2 1VR7,;2
IH^GuKO^G IK^GuKK^G K}^GuJGJ^G ~G^GuJGP^G PP^HuJHI^G JGO^OuJHP^G
A  ,     1 2 7GGG 7OIG 7GGG 7OIG IKIG IKIG

 *+ /'  1$2 1VA0 7 2 JG^}uJGO^G JG^PuJGK^G JH^KuJH}^G J}^OuJHP^G J~^K7uJ~}^G JP^OKuJ~P^G

A  ,     1 2 HOIG HOIG HIGG HIGG HKIG HKIG

A    ,@ &  ~7G IG ~JG IG ~IG IG


$ %  =
’1&, JP^J OH^I£ 7£
*1&> H7^H HP^J£ OK^H£
$ % ,   
’1&> 7~^O I~£ IO^J£
*1&, B}^~ BK^O£ BP^P£
     ,@ &  ‡ G^O¤ ‡ G^O¤ ‡ G^O¤

3$"
+? ; ,+& 
?;&  +?   0  
 ) <= 1 2
0 ,& ><= % $ 12 1d2

  NCW #&' ~H^G }7~~

   NCW #&' ~H^G }7~~

   NCH #&' ~I^O }7~~

   NCH  #&' ~K^O }7~~

   NC[ #&' ~K^} }HJH

   NC[ + / , #&' ~K^I }HJH

    NC[ + / , #&' ~}^K }HJH

s¡t +;5$ Y$XF4M" $;5a $# F":E"2#?3@3$ F"# @ M$b?;M@<=" Y?b$:5$ 3$ F":52"M$ 3@ A"M4?<=" ;":"2@ A@2@ Y$XF4M";
@45"#"5"2$;N )?#?5$ #aq?#" 3$ 24X3" A@2@ E?;F@M?Z@<=" 3$ Y$XF4M" $# F?2F4M@<=" sY$XF4M" A@2@3" ;$b4:3" D$;"M4<="
: GJuPH 3" 9-!’&’tN


 A  
 ) &  <=

NCW ] #&' >:‘$<=" 5?A" #4M5?A":5"^ ;$[4$:F?@M ?:3?2$5@

NCH [ #&' >:‘$<=" 5?A" #4M5?A":5"^ ;$[4$:F?@M ?:3?2$5@ (


NC[ N] #&' >:‘$<=" 5?A" #4M5?A":5"^ ;$[4$:F?@M ?:3?2$5@

3$%
!
&"3?E?F@<]$; "4 2$A@2@<]$; 3" ;?;5$#@ 3$ @M?#$:5@<=" $E$54@3@; 3$ #"3" ?:F"22$5" $ ;$# 5$2 $# F":5@ @;
F@2@F5$2X;5?F@; 5_F:?F@; 3" ;?;5$#@ A"3$# F@4;@2 @:"#@M?@; 3$ E4:F?":@#$:5"N
D>,9- *+ >!9m!*>-Q

  
 ) , ,- .  + / ,
 ) - .   <=

’45"#a5?F@ F"# F":Y$2;"2 3$ 5"2[4$^ ;$?; #@2Fc@;


NC[ N] #&' + / , *?@:5$?2@
e E2$:5$ $ #@2Fc@ @ 2_p

 ) , ,- .   +&
 ) 1d2 - .   <=

9"# F?:F" #@2Fc@; e E2$:5$ $ #@2Fc@ @ 2_ F"#


NCW ] #&' *?@:5$?2@
;?:F2":?Z@3"2$; A@2@ " $:b@5$ 3@; #@2Fc@;
9"# F?:F" #@2Fc@; e E2$:5$ $ #@2Fc@ @ 2_ F"#
NCH [ #&' *?@:5$?2@
;?:F2":?Z@3"2$; A@2@ " $:b@5$ 3@; #@2Fc@;
9"# F?:F" #@2Fc@; e E2$:5$ $ #@2Fc@ @ 2_ F"#
NC[ N] #&' *?@:5$?2@
;?:F2":?Z@3"2$; A@2@ " $:b@5$ 3@; #@2Fc@;
s¡t 1@2@ Y$2;=" JNH ~W RM$q U,D 9"#E"25^ Y$2 ;4AM$#$:5" $;A$FXE?F"

3$&
" 
 , 0 ,<)
 ) #       #      #    ,    

’ 3?;F" ;hM?3"^ F"# A?:<@ ’ 5@#L"2^ F"# ;@A@5@; 9"#@:3" #$Ff:?F" @54@:5$ :@;
NCW ] #&' EM454@:5$ $ 4# F?M?:32" 3$ @45"F$:52@:5$; $ 2$b4M@b$# 2"3@; 52@;$?2@; F"# F"#A$:;@<="
F"#@:3" A@2@ F@3@ 2"3@ @45"#a5?F@ 3$ ‘"b"N 3$ 3$;b@;5$

NCH [ #&' ’ 3?;F" Y$:5?M@3"^ F"# A?:<@ ’ 5@#L"2^ F"# ;@A@5@; 9"#@:3" #$Ff:?F" @54@:5$ :@;
EM454@:5$ $ 4# F?M?:32" 3$ @45"F$:52@:5$; $ 2$b4M@b$# 2"3@; 52@;$?2@; F"# F"#A$:;@<="
NC[ N] #&' F"#@:3" A@2@ F@3@ 2"3@ @45"#a5?F@ 3$ ‘"b"N 3$ 3$;b@;5$

 & #
 , 0 ,<)
 )       

NCW ] #&' ,?;5$#@ &F1c$2;": F"# 2"3@; ?:3$A$:3$:5$;^


+?q" 3$ 5"2<=" F"# 2"3@; ;$#? ?:3$A$:3$:5$;^
L2@<"; ";F?M@:5$; ?:E$2?"2$; 52@:;Y$2;@?; F"# L@22@
NCH [ #&' @#"25$F$3"2$; c?32a4M?F"; $ 5$M$;FhA?F" 3$ 34AM"
$;5@L?M?Z@3"2@N ’#"25$F$3"2$; c?32a4M?F"; $
$E$?5"N
NC[ N] #&' 5$M$;FhA?F" 3$ 34AM" $E$?5" s,5"A c?32a4M?F"tN

    
 ) 1d2 - . /  ; AL ,  & 1dd2 (
  NCW #&' BG HO· G HI· ›H HG· GHP· BJ^G J^G ##

   NCW #&' BG HO· G HI· ›H HG· GHP· BJ^G J^G ##

   NCH #&' BG H7· G£ HI· ›H OI· G HP· BJ^G J^G ##

3$(
 ) 1d2 - . /  ; AL ,  & 1dd2

   NCH  #&' BG H~· G£ HI· ›H OO· G HP· BJ^G J^G ##
›H O}· G HP·
s2"3@ JIpt BJ^G J^G ## s2"3@ JIpt
   NC[ #&' BG }G· G£ HI·
›H O7· G HP· BJ^O J^G ## s2"3@ J7pt
s2"3@ J7pt
›H OI· G HP·
s2"3@ JIpt BJ^G J^G ## s2"3@ JIpt
   NC[ + / , #&' BG H7· G£ HI·
›H O~· G HP· BJ^O J^G ## s2"3@ J7pt
s2"3@ J7pt
    NC[ #&' BG }7· G£ HI· ›H HK· G HP· BJ^O J^G ##

    NC[ + / , #&' BG }7· G£ HI· ›H HO· G HP· BJ^O J^G ##

   
 ) 1d2 - .  ; AL ,  & 1dd2

  NCW #&' BG OP· G HG· ›H^~ }^G ##

   NCW #&' BG OP· G HG· ›H^~ }^G ##

   NCH #&' BG OP· G HG· ›H^~ }^G ##

   NCH  #&' BG OP· G HG· ›H^~ }^G ##


›}^O }^G ## s2"3@ JIpt
   NC[ #&' BG OP· G HG·
›}^} }^G ## s2"3@ J7pt
›}^O }^G ## s2"3@ JIpt
   NC[ + / , #&' BG OP· G HG·
›}^} }^G ## s2"3@ J7pt
    NC[ #&' BG HJ· G HG· ›}^7 }^G ##

3$)
 ) 1d2 - .  ; AL ,  & 1dd2

    NC[ + / , #&' BG HJ· G HG· ›}^7 }^G ##

s¡t W@M"2$; 3$ 2$E$2\:F?@ A@2@ Y$XF4M"; $# "23$# 3$ #@2Fc@N


s¡¡t ’.+!/0-% "; Y@M"2$; ?:E"2#@3"; ;=" A@2@  ! N

 
 , 0 ,<)
 ) a    ;&  ;&   -   ?   ,+ ; 1 2  

  NCW #&' O^PO JG^HG

   NCW #&' O^PO JG^HG


*$ A?:c=" $ F2$#@Mc$?2@ F"#
   NCH #&' O^PO JG^}G
3?2$<=" @;;?;5?3@ $M_52?F@
   NC[ #&' O^~I JG^PG

    NC[ #&' O^~I JJ^GG

3$*
  &  B .?A" 3$ F":;524<=" B Fh3?b" 3$    
2@3?@M
' &( cT ' Nc  bW
’; 2"3@; ;=" $# M?b@ 3$ @M4#X:?"
NbB *?f#$52" 3@ 2"3@ $# A"M$b@B
"4 $# @<" $;5@#A@3" $ "; A:$4; c )@2b42@ 3" @2" $# A"M$b@3@; sJtN
3@; ¶
.4L$M$;; s;$# Ff#@2@t 3$ F@2F@<@ T .?A" 3" A$2E?M 3" @2"N
2@3?@MN [M B n:3?F$ 3$ F@A@F?3@3$ 3$ F@2b@
Nc *?f#$52" :"#?:@M 3" @2" $#
 B n:3?F$ 3$ Y$M"F?3@3$ #aq?#@ A"M$b@3@; sF"22$;A":3$ @" 3" A:$4
 [4$ 3$Y$ ;$2 #":5@3"t sH ƒ ¶tN
9"# A:$4; .4L$M$;; :=" 45?M?Z@2   ,  ;&,  /' 
 bW -EE;$5 3@ 2"3@% 3?E$2$:<@
Ff#@2@; 3$ @2N  @5_ JPG i#uc $:52$ @ #$5@3$ 3@ M@2b42@ 3@ 2"3@
 @5_ OGG i#uc $ @ ;4A$2EXF?$ 3$ @A"?" 3@ 2"3@ :"
    Y$XF4M"N
 @5_ OJG i#uc
 @5_ O}G i#uc
R @5_ OKG i#uc

  ,  , A 1, , 2
 A /'  
  ,  , A
+ 1VA2

~O }KI ib

+q$#AM"% Nc\7]\ Nb [M ~} IGG ib

Nc\ B )@2b42@ :"#?:@M 3" A:$4 $# ~~ I7G ib

## s,t PJ 7JI ib

]\B D$M@<=" @M542@uM@2b42@ $# ¤


s8u,t

3$+
#6    
 & ,<=
 )   +   + . &  1d2

  NCW #&' I^I q J}z B @<" $;5@#A@3" JKIu7IDJ} ~O. I^I q J}p B JKIu7IDJ} ~O.

   NCW #&' I^I q J}z B @<" $;5@#A@3" JKIu7IDJ} ~O. I^I q J}p B JKIu7IDJ} ~O.
I^I q J}z B @<" $;5@#A@3"
JKIu7IDJ} ~O.
   NCH #&' 7^G q JIz B M?b@ 3$ @M4#X:?" I^I q J}z B JKIu7IDJ} ~O.
J~Iu7GDJI ~~8 s"AF?":@Mt
s"AF?":@Mt
I^I q J}z B @<" $;5@#A@3"
JKIu7IDJ} ~O.
   NCH  #&' 7^G q JIz B M?b@ 3$ @M4#X:?" I^I q J}p B JKIu7IDJ} ~O.
J~Iu7GDJI ~~8 s"AF?":@Mt
s"AF?":@Mt
7^G q JIz B M?b@ 3$ @M4#X:?"
J~Iu7GDJI ~~8 7^G q JIz B JKIu7IDJI ~}. "4
   NC[ #&' 7^G q J7z B M?b@ 3$ @M4#X:?"
JPIuIIDJ7 PJW "4 ~KW s"AF?":@Mt J~Iu7GDJI ~~8
s"AF?":@Mt
7^G q JIz B M?b@ 3$ @M4#X:?"
   NC[ J~Iu7GDJI ~~8 7^G q JIz B JKIu7IDJI ~}. "4
7^G q J7z B M?b@ 3$ @M4#X:?"
+ / , #&' JPIuIIDJ7 PJW "4 ~KW s"AF?":@Mt J~Iu7GDJI ~~8
s"AF?":@Mt
7^G q J7z B M?b@ 3$ @M4#X:?"
JPIuIIDJ7 PJW "4 ~KW 7^G q JIz B JKIu7IDJI ~}. "4
    NC[ #&' 7^G q JKz B M?b@ 3$ @M4#X:?"
OGIuIGDJK PH§ s"AF?":@Mt J~Iu7GDJI ~~8
s"AF?":@Mt
7^G q J7z B M?b@ 3$ @M4#X:?"
    NC[ + / , JPIuII DJ7 PJW "4 ~KW 7^G q JIz B JKIu7IDJI ~}. "4
#&'
7^G q JKz B M?b@ 3$ @M4#X:?"
OGIuIGDJK PH§ s"AF?":@Mt J~Iu7GDJI ~~8 (
s"AF?":@Mt

s¡t ’ 2"3@ ;"L2$;;@M$:5$ _ $# Fc@A@ 3$ @<"N

3$,
  
’ F@M?L2@b$# 3"; A:$4; 3$Y$ ;$2 $E$54@3@ F"# "; A:$4; E2?";N

 , 0 ,<)
  , A  &  , A  = , B , 
 = . & 
                     1d2
O^O L@2 sHO O^O L@2 sHO O^O L@2 sHO O^O L@2 sHO O^} L@2 sHI O^} L@2 sHI O^O L@2 sHO
  NCW #&'
A;?t A;?t A;?t A;?t A;?t A;?t A;?t
O^O L@2 sHO O^O L@2 sHO O^O L@2 sHO O^O L@2 sHO O^} L@2 sHI O^} L@2 sHI O^O L@2 sHO
   NCW #&'
A;?t A;?t A;?t A;?t A;?t A;?t A;?t
O^O L@2 sHO O^O L@2 sHO O^O L@2 sHO O^O L@2 sHO O^O L@2 sHO
   NCH #&' – –
A;?t A;?t A;?t A;?t A;?t
O^O L@2 sHO
   NC[ O^O L@2 sHO O^O L@2 sHO O^O L@2 sHO O^O L@2 sHO A;?t
– –
#&' A;?t A;?t A;?t A;?t ¡¡ O^} L@2
sHI A;?t
O^O L@2 sHO O^O L@2 sHO O^O L@2 sHO O^O L@2 sHO O^} L@2 sHI
    NC[ #&' – –
A;?t A;?t A;?t A;?t A;?t

s¡t ’Ah; 4#@ 45?M?Z@<=" $# $#$2b\:F?@ 3@ 2"3@ ;"L2$;;@M$:5$^ F@;" ;$‘@ :$F$;;a2?"^ F@M?L2@2 @ 2"3@ F"# " Y@M"2
2$F"#$:3@3"^ F":;4M5@:3" @ 5@L$M@N
s¡¡t W@M"2$; 3$ A2$;;=" A@2@ Y$XF4M"; $[4?A@3"; F"# 2"3@ 3$ M?b@ 3$ J7 A"M$b@3@;
,$ E"2 :$F$;;a2?" $M$Y@2 " Y$XF4M"^ F":;4M5@2 p)$Y@:5@:3" " Y$XF4M"p^ :" F@AX54M" p&@:45$:<=" $ F4?3@3"; F"# ;$4
Y$XF4M"pN

3$!-
  #
’; 3?#$:;]$; $;5=" $qA2$;;@; $# ## $ 2$E$2$#B;$ @" Y$XF4M" $[4?A@3" F"# A:$4; "2?b?:@?;N 9":;?3$2@2 @ @M542@
F"# " Y$XF4M" ;$# F@2b@N *$ @F"23" F"# @ 3?#$:;=" 3@; 2"3@; _ A";;XY$M $:F":52@2 A$[4$:@; Y@2?@<]$; @"; Y@M"2$;
?:3?F@3";N

3$!!
 
 $    1d2 #  

’DU- JNG% JIGH


’DU- *D>W+ JNG% JIGH
JP7O
’DU- *D>W+ JNH% JIGJ
7IK HPP~ ’DU-
’DU- *D>W+ JNH U,D% JIGG J}7I JKO} JIGG
’DU- ’DU- 1D+9>,>-!%
~OG OIOJ ’DU- 1D+9>,>-!% JIGI ’DU- 8U.% ’DU- 8U.% ’DU- 8U.%
8U.% 8U.% JP~G
’DU- 1D+9>,>-! ’45"#a5?F"% J}7J JKIG J}P7
7IP }GGG ’DU- 8U.%
JIGK
JP~G
’DU- 8U.% JIGI
’DU- 8U. ’45"#a5?F"% JIGK

¡ 9":;?3$2@:3" L@22@; 3$ 5$5" sA@2@ @Mb4#@; Y$2;]$;t $ F"# " Y$XF4M" Y@Z?"N

  %
 ,  1    H[HM2
$ , .   ( $ , .   (
 ,  <)   .  & 1d2
.  N7H 1d2 .  M7H 1d2

9@A@F?3@3$ 3" A"25@B#@M@; s$# M?52";t HGG KOG }~I IOI

¡W"M4#$ F":;?3$2@3" @5_ @ @M542@ 3" $:F";5" 3" L@:F" 3?@:5$?2"N

3$!"
&   
 , 0 ,<)
 
     
        
   NC[
 1VA2    NC[   NC[
NCW #&' NCH  + / ,
NCW #&' NCH #&' NC[ #&' + / , #&'
#&' #&'
#&'
  ;?,+&   
  ,@ 1, ., %
JGPG JGPG JJOI JJ}~ JOOP JO7} JO}H JOKP
 I    ;I
0     ,_ 2
 A /'    
  ' 1d2
 $?q" 3?@:5$?2" KPI KPI KPI KPI PGO PGO PGO PGO
 $?q" 52@;$?2" K7K K7K K7K K7J K~I K~I K~I K~I
 A /'  .,/%
}GG }GG }GG }GG }GG }GG }GG }GG
;  1 .*+  0  2

s¡t 9@2b@; @ :=" 4M52@A@;;@2N d 3@ 2$;A":;@L?M?3@3$ 3" F":345"2 3?;A"2 @; #$2F@3"2?@; :" A"25@B#@M@;^ 2$;A$?5@:3"
@; F@2b@; #aq?#@; @3#?5?3@;N

 (
- A$;" F"#L?:@3" 3$ "F4A@:5$;^ L@b@b$# $ F@2b@ @ ;$2 52@:;A"25@3@ :=" A"3$ 4M52@A@;;@2 @ F@A@F?3@3$ 3$ F@2b@
3$E?:?3@ :@ 5@L$M@ 3$ $;A$F?E?F@<=" 3$ A$;"; 3$;5$ #@:4@MN

3$!%

,"L2$F@22$b@2 " A"25@B#@M@; "4 " F@22$b@#$:5" ?#A2hA2?" A"3$# @E$5@2 @ 3?2?b?L?M?3@3$ $ $;5@L?M?3@3$ 3" Y$XF4M"^
A"3$:3" F@4;@2 b2@Y$; @F?3$:5$;N -L$3$<@ @ 5"3"; "; M?#?5$; 3$ F@2b@; @3#?5?3@; $ "452@; "2?$:5@<]$; 3$
F@22$b@#$:5" F":5?3@; :$;;$ #@:4@MN

   
 , 0 ,<) 1 &  2
 
   
      
  NCW     NC[
 NCW  NCH  NC[
#&' NC[ #&' + / ,
#&' #&' NC[ #&' + / ,
#&'
#&'

 *+  , .+?;& }~^GG }~^GG }~^GG }~^GG }~^GG }~^GG }~^GG

,&+   ;  I^IG @ K^IG I^IG @ K^IG I^IG @ K^IG I^IG @ K^IG I^IG @ K^IG I^IG @ K^IG I^IG @ K^IG
}^7I sIG¤ }^7I sIG¤ }^~H sIG¤ I^OH sIG¤ I^HK sIG¤ I^OH sIG¤ I^HK sIG¤
MX[4?3" @:5?B MX[4?3" @:5?B MX[4?3" @:5?B MX[4?3" @:5?B MX[4?3" @:5?B MX[4?3" @:5?B MX[4?3" @:5?B
     0,   F":b$M@:5$ F":b$M@:5$ F":b$M@:5$ F":b$M@:5$ F":b$M@:5$ F":b$M@:5$ F":b$M@:5$
  s9""M@:54At $ s9""M@:54At $ s9""M@:54At $ s9""M@:54At $ s9""M@:54At $ s9""M@:54At $ s9""M@:54At $
IG¤ ab4@ IG¤ ab4@ IG¤ ab4@ IG¤ ab4@ IG¤ ab4@ IG¤ ab4@ IG¤ ab4@
A42@t A42@t A42@t A42@t A42@t A42@t A42@t
/    O^H7 O^H7 H^JP }^}G }^}G }^}G }^}G

/     0 &  O^I} O^I} H^H7 }^KG }^KG }^KG }^KG

- . 7 0  , & O^GG O^GG O^GG O^GG 7^OG O^GG 7^OG

3$!&
 
   
      
  NCW     NC[
 NCW  NCH  NC[
#&' NC[ #&' + / ,
#&' #&' NC[ #&' + / ,
#&'
#&'
 ,+   0   @ %
G^}H G^}H G^}H G^}H G^}H G^}H G^}H
 /+& ,
M@3" 2"3@ ~I M@3" 2"3@ ~I M@3" 2"3@ PG M@3" 2"3@ M@3" 2"3@ M@3" 2"3@ M@3" 2"3@
T+  @ , O , 1
buM@3" F@?q@ buM@3" F@?q@ buM@3" F@?q@ JOI buM@3" JOI buM@3" JOI buM@3" JOI buM@3"
VA2
Gb Gb Gb F@?q@ J}G b F@?q@ JOG b F@?q@ J}G b F@?q@ JOG b
 ;_   &?*+ 
 &;    % O^}G O^}G O^}G O^}G O^}G O^}G O^}G
. 

D$;$2Y@5h2?" 3" ;?;5$#@ U,D 9"#E"25 sY$2;=" *2?Y$ JNH ~W RM$q U,D 9"#E"25t% O^HG M?52";N

 $    


5&
!=" F"#AM$5@2 " :XY$M F"# hM$"; 3$ F@2@F5$2X;5?F@; 3?E$2$:5$; 3@; 3" hM$" ‘a $q?;5$:5$N

 .+?; 
-; #"5"2$; E"2@# A2"‘$5@3"; A@2@ 45?M?Z@2 b@;"M?:@ 3" 5?A" x9z F"# 5$"2 3$ aMF""M $5XM?F" @:?32" F":E"2#$ (
M$b?;M@<=" Y?b$:5$ s1D-UD’&’ *+ 9-!.D-)+ *+ 1-)(>/0- *- ’D 1’D’ W+n9()-, ’(.-&-.-D+, $ ’!1t
"4 $5@:"M $5XM?F" c?32@5@3" F"#L4;5XY$M $# [4@M[4$2 A2"A"2<="N

3$!(
!
- 4;" 3$ F"#L4;5XY$?; 3?E$2$:5$; 3"; $;A$F?E?F@3"; A"3$2a F"#A2"#$5$2 " 3$;$#A$:c" 3" Y$XF4M"N
1"3$ F@4;@2 5@#L_# 3@:"; @"; F"#A":$:5$; 3" ;?;5$#@ 3$ @M?#$:5@<=" $ 3" A2hA2?" #"5"2^ [4$ :=" ;=" F"L$25";
A$M@ b@2@:5?@N

  5  


*$Y?3" e F":F$A<=" 3"; #"5"2$; @ F"#L4;5=" ?:5$2:@^ A@2@ [4$ c@‘@ 4#@ L"@ M4L2?E?F@<="^ A@25$ 3" hM$"
M4L2?E?F@:5$ _ F":;4#?3" 342@:5$ " E4:F?":@#$:5" 3" #"5"2N
*$ #@:$?2@ ?:3?F@5?Y@^ " F":;4#" #aq?#" 3$ hM$" 3" #"5"2^ $qA2$;;" $# #M @ F@3@ JGGG i#^ _ " ;$b4?:5$%

 , 0 ,<)
&  , NWWW V

&"5"2$; JNGuJNHuJN~ RM$q }GG


- F":;4#" 3" hM$" 3" #"5"2 3$A$:3$ 3" #"3" 3$ 3?2?b?2 $ 3@; F":3?<]$; 3$ 4;" 3" Y$XF4M"N

3$!)
"   !    "  
- hM$" 3" #"5"2 [4$ $[4?A@ " ;$4 Y$XF4M" E"? $;A$F?E?F@#$:5$ 3$;$:Y"MY?3" $ 5$;5@3" A@2@ ;@5?;E@Z$2 "; 2$[4?;?5";
A2$Y?;5"; A$M" 1M@:" 3$ &@:45$:<=" 12"b2@#@3@N ’ 45?M?Z@<=" F":;5@:5$ 3"; M4L2?E?F@:5$; ?:3?F@3"; b@2@:5$
@; F@2@F5$2X;5?F@; 3$ F":;4#" 3$ F"#L4;5XY$M $ $#?;;]$;N ’ [4@M?3@3$ 3" M4L2?E?F@:5$ _ 3$5$2#?:@:5$ A@2@ "
E4:F?":@#$:5" $ @ 342@L?M?3@3$ 3" #"5"2N

 , 0 ,<)
 , ? , *+&  ; 
&?*+   &+. 0 , 
 A   ;&  +. + <=  + @ &A
,     + , 
0+ ,      ;?,+&
)4L2?E?F@:5$ 5"5@M#$:5$ ;?:5_5?F"
+. 0 ,      NCW  ,$b4:3" 1M@:" 3$ &@:45$:<="
,’+ G§BOG^ ’1> ,!^ >),’9 URBI^ ,$M•:?@ { R"2j@23
NCH #&' 12"b2@#@3@
:"2#@ R?@5 PNIIIHI B FM@;;$ U,6N
)4L2?E?F@:5$ 5"5@M#$:5$ ;?:5_5?F"
I§BHG R+^ w4@M?E?F@<=" ,$b4:3" 1M@:" 3$ &@:45$:<="
+. 0 ,     NC[ #&' ,$M•:?@ { 142$ +:$2by
PNIIIHIBUJ^ ’1> ,&^ ’9+’ 12"b2@#@3@
’JuCJBG}g >),’9 URBHN

+# F@;"; 3$ $#$2b\:F?@ ":3$ :=" $;5?Y$2$# 3?;A":XY$?; "; M4L2?E?F@:5$; F"# @; F@2@F5$2X;5?F@; $;A$F?E?F@3@;^ _
A$2#?5?3" 45?M?Z@2^ A@2@ $E$54@2 "; $:Fc?#$:5";^ A2"345"; F"# @; $;A$F?E?F@<]$; #X:?#@; ’9+’ ?:3?F@3@;g :$;5$
F@;"^ :=" $;5a b@2@:5?3" " 3$;$#A$:c" ?3$@M 3" #"5"2N
(

3$!*
 , 0 ,<)
 , ? , *+&  ;  &?*+   &+. 0 ,   +
 A ,&   & ,<=
,     + ,  0+ ,      ;?,+& @ &A
)4L2?E?F@:5$ ,?:5_5?F"g ’1> U) }g ,’+ KI§N w4@M?E?F@<=" 9@?q@ #$Ff:?F@ $
.45$M@ U$@2E"2F$
PNIIIIG B &SN 3?E$2$:F?@M
.45$M@ U>uW> s7
]  ,@% M4L2?E?F@:5$g +;A$FN% ’.R ’§BJg w4@M?E?F@<=" #@2Fc@;t
9f#L?" @45"#a5?F"
PNIIIIG B ’WN .45$M@ ’,~ sP
#@2Fc@;t
U2@q@ F"# L?;;4ME$5" 3$ #"M?L3\:?"^ A@2@ $M$Y@3@;
+. 0 ,   A ' l4:5@; c"#"F?:_5?F@;
5$#A$2@542@; 3$ 45?M?Z@<="N 9":;?;5\:F?@ !)U> ON .45$M@ &D& Ou)
  = 1d2 M@3" 3@ 2"3@
w4@M?E?F@<=" PNIII~GN
U2@q@ M4L2?E?F@:5$ $;A$FXE?F@ A@2@ ‘4:5@; c"#"F?:_5?F@; F"#
l4:5@; c"#"F?:_5?F@;
L@?q" F"$E?F?$:5$ 3$ @52?5"N 9":;?;5\:F?@ !)NUN>N J^IN –
M@3" 3" 3?E$2$:F?@M
w4@M?E?F@<=" PNIII~GN
VM$" ;?:5_5?F" A@2@ F@?q@ 3$ #43@:<@; $ 3?E$2$:F?@?; F"#
9@?q@ 3$ #43@:<@; $
b2@34@<=" ,’+ KI§N ’5$:3$ e; $;A$F?E?F@<]$; ’1> U)B}^ .45$M@ U+’DR-D9+
3?E$2$:F?@M
R>’. PNIIIIGB&S7
RM4?3" ;?:5_5?F" A@2@ ;?;5$#@; 3$ E2$?"; $ $#L2$@b$#g ,’+ l R2$?"; c?32a4M?F"; $
#&+     0   JKG}g 9(!’ !9 PI7 *-. } ’NCNg >,- }POIg R&W,, !£ F"#@:3"; c?32a4M?F"; 3@ .45$M@ .-1 }u,
JJ7 *-. }g+C JIIuPJ B ’C!. }^ PNIIIPK $#L2$@b$#
RM4?3" F":F$:52@3" A@2@ ;?;5$#@; 3$ @22$E$F?#$:5" @ L@;$ 3$
  
#":"$5?M$:" bM?F"M $ 4# A@F"5$ ?:?L?3"2 3$ F"22";=" 3$
  %, A&  ,?;5$#@ 3$ @22$E$F?#$:5"
"2?b$# "2bf:?F@ B -’. s-2b@:?F @:3 ’F?3 .$F:"M"bytN 1$52":@; 9""M@:5 (A
      s¡¡t
&?;542@ 3$ IG¤ F"# IG¤ 3$ ab4@ A42@^ R>’. &,NPGGHO B
 0,  
1@25$ Ct

3$!+
 , ? , *+&  ;  &?*+   &+. 0 ,   +
 A ,&   & ,<=
,     + ,  0+ ,      ;?,+& @ &A
*$Y$ ;$2 45?M?Z@3" A42"
?*+   &; 
"4 3?M4X3" :"; ;?;5$#@;
  %.   ;   ’MFh"?; $ 5$:;?"@5?Y";N .45$M@ ,9 HI
M?#A@3"2uM@Y@3"2 3"
  
A@2@BL2?;@

s¡t 1@2@ $;A$F?E?F@<=" $ F@A@F?3@3$ 3" Ff#L?" U,D 9"#E"25^ F":;4M5@2 " ;4AM$#$:5" $;A$FXE?F"N
s¡¡t ’W>,-% :=" 2$A"2 :$# #?;542@2 F"# "452"; MX[4?3"; F"# F@2@F5$2X;5?F@; 3?E$2$:5$; 3@; 3$;F2?5@;N

!
’ 45?M?Z@<=" 3$ A2"345"; F"# F@2@F5$2X;5?F@; 3?E$2$:5$; 3@; @F?#@ ?:3?F@3@; A"3$2a A2"Y"F@2 3@:"; @"; ;?;5$#@;
3" #"5"2 $ 3" Y$XF4M" [4$ :=" ;=" @L2@:b?3"; $# b@2@:5?@N
(5?M?Z$ ;"#$:5$ A2"345"; F"# @; $;A$F?E?F@<]$; 2$F"#$:3@3@;N

  +' 


W$M"F?3@3$; #aq?#@; @MF@:<aY$?; @Ah; " A2?#$?2" A$2X"3" 3$ 45?M?Z@<=" 3" Y$XF4M"N

 , 0 ,<) (
 ) V 7@

  NCW #&' JIK^G sU@;"M?:@t u J7O^G s+5@:"Mt

   NCW #&' JIK^G sU@;"M?:@t u J7O^G s+5@:"Mt

3$!,
 ) V 7@

   NCH #&' J~G^G sU@;"M?:@t u J~}^G s+5@:"Mt

   NC[ #&' JPG^G sU@;"M?:@t u JPJ^I s+5@:"Mt

   NC[ + / , #&' J~P^} sU@;"M?:@t u JPG^} s+5@:"Mt

    NC[ #&' J~K^I sU@;"M?:@t u JPG^G s+5@:"Mt

    NC[ + / , #&' J~P^} sU@;"M?:@t u JPG^} s+5@:"Mt

 3J 3


D@#A@ #aq?#@ ;4A$2aY$M s¡t^ F"# AM$:@ F@2b@ sY@M"2$; 3$ 2$E$2\:F?@ F@MF4M@3";tN

  /'  +  /;&
 )   /'  +  /;&

 CNCW #&' H7 ¤

   NCW #&' H7 ¤

   NCH #&' HK ¤

   NCH  #&' HK ¤

   NC[ #&' }O ¤

   NC[ N] + / , #&' }} ¤

    NC[ #&' }O ¤

    NC[ + / , #&' }} ¤

3$"-
-L;N% "; Y@M"2$; "L5?3"; ;=" 3$ Y$XF4M"; L@;$ $ "; Y@M"2$; A"3$# Y@2?@2 A@2@ #$:"; I¤^ 3$A$:3$:3" 3"; "AF?":@?;
3" Y$XF4M"N

 #  
+#?;;=" 3$ #":hq?3" 3$ F@2L":" s9-t $# #@2Fc@ M$:5@^ $qA2$;;@ $# A"2F$:5@b$#N

 , 0 ,<)
 )  )  

NCW ] #&' ‡ G^O¤

NCH [ #&' ‡ G^O¤

NC[ N] #&' ‡ G^O¤

 ( 
.$:;=" 3$ @M?#$:5@<="% JO Y"M5;N

$
NCW ] #&' NCH [ #&' NC[ N] #&'

 ,  7G ’c 7G ’c 7G ’c
(

3$"!
!
&"3?E?F@<]$; "4 F":;$25"; :" ;?;5$#@ $M_52?F"^ $E$54@3"; 3$ #@:$?2@ ?:F"22$5@ $ ;$# 5$2 $# F":5@ @; F@2@F5$2X;5?F@;
5_F:?F@; 3" ;?;5$#@^ A"3$# F@4;@2 @:"#@M?@; 3$ E4:F?":@#$:5" F"# 2?;F"; 3$ ?:F\:3?"N
12"F42$ ;$#A2$ @    , & # N

3$""
 . & > 1$ Z2  ;   :   &
 ")  
   

 6  
+;5$; A2"345"; $;5=" c"#"M"b@3";
A$M@ ’!’.+) s’b\:F?@ !@F?":@M 3$
.$M$F"#4:?F@<]$;t 3$ @F"23" F"#  ;   : $= 9:& /  $c S
"; A2"F$3?#$:5"; 2$b4M@#$:5@3";   %% 
A$M@ D$;"M4<=" O}OuOGGG^ $ @5$:3$#
@"; 2$[4?;?5"; 5_F:?F"; @AM?F@3";N
’ ;$[4\:F?@ :4#_2?F@ ?#A2$;;@
?3$:5?E?F@ " :v#$2" 3$ c"#"M"b@B
<=" ‘4:5" e ’!’.+)N

/  , , M % 


  ;   : @; & B ,
+;5$ $[4?A@#$:5" :=" 5$# 3?2$?5"
e A2"5$<=" F":52@ ?:5$2E$2\:F?@ A2$‘4B
3?F?@M $ :=" A"3$ F@4;@2 ?:5$2E$2\:B
F?@ $# ;?;5$#@; 3$Y?3@#$:5$ @45"2?B
Z@3";N
(

3$"%
&,   1@; , ,  &
 2

3$"&
!   "( ’M@2#$ N N N N N N N N N N N N N N N CBJO 
’M@Y@:F@ 3$ Ff#L?" N N N N N N +BJG C@b@b$?2" 3$ 5$5" N N N N N N N N CB7K
 
’M<@; 3$ ;$b42@:<@ N N N N N N CB7I C@:F" 52@;$?2" N N N N N N N N N N CBOO
 ’M?#$:5@<=" N N N N N N N N N N N N 8BH C@:F"; N N N N N N N N N N N N N N N CBOG
’ ?:;5@M@<=" 3$ 4# ;?;5$#@ ’M?:c@#$:5" 3"; E@2h?; N N N N CBHH C@5$2?@ N N N N N N N N N N N N N N N N UBP
>;"E?q N N N N N N N N N N N N N N N N *BOI ’M5$2@<=" 3@ Y$M"F?3@3$ :" CM"[4$?" 3$ ?b:?<=" $ A";?<="
’L@;5$F?#$:5" 3" 924?;$ F":52"M N N N N N N N N N N +BOI 3$ $;5@F?":@#$:5" N N N N N N N +BJI
Y$XF4M" N N N N N N N N N N N N N N +BHH ’A"?@BF@L$<@; N N N N N N N N N CBOH C"2L"M$5@; 3$ #43@:<@ 3$
’L@;5$F?#$:5" $# ;?54@<=" 3$ ’A"?" 3$ L2@<" #@2Fc@; :" Y"M@:5$ N N N N N N +BJ}
$#$2b\:F?@ N N N N N N N N N N N N RBOK 3?@:5$?2" N N N N N N N N N N N N N CB7I C"5]$; 3$ F"#@:3" N N N N N N CB77
’L@;5$F?#$:5"; N N N N N N N N N 8BJ} ’[4$F?#$:5" 3" #"5"2 M"b" C"5]$; 3$ F"#@:3" 3" F"#A4B
’L$2542@ 3$ $#$2b\:F?@ 3@ @Ah; @ A@25?3@ N N N N N N N N N N N +BI 5@3"2 3$ L"23" N N N N N N N N N N 9B7
5@#A@ 3" A"25@B#@M@; N N N N N CB7O ’2BF":3?F?":@3" @45"#aB
’L$2542@ 3" F@Ar 3" #"B 5?F" N N N N N N N N N N N N N N N N N CBIG

5"2 N N N N N N N N N N N N N N N N N N CBI~ ’5?Y@<=" 3" @M@2#$ N N N N N N CBJO
9f#$2@ 3$ 2_ B
’L$2542@ 3" A"25@B#@M@; N N N CB7G ’5?Y@<=" 3" 3?;A";?5?Y" 3$
3$;F2?<=" N N N N N N N N N N N N N +BHJ
’C, s’:5?BM"Fi C2@i?:b ,y;B 924?;$ F":52"M N N N N N N N N N N +BOH
9f#$2@ 3$ 2_ B W?;4@M?Z@<]$;
5$#t N N N N N N N N N N N N N N N N N N *B~ ’5?Y@<=" $ 3$;@5?Y@<=" 3"
$ #$:;@b$:; :" 3?;AM@y N N N +BHO
’F$:3$3"2 3$ F?b@22"; N N N N CB7} ;?;5$#@ ,5@25¥,5"A N N N N N N N +BJK
9@Ar 3" #"5"2 N N N N N N N N N CBI~
’F$;;" @"; E4;XY$?; N N N N N N N RBJO ’Y@2?@ 3" ;?;5$#@ 3$ 3?@bB
:h;5?F" 3$ L"23"uF":52"M$ 3" 9@22"F$2?@ N N N N N N N N N N N N UBHJ
’3$[4@<=" 3" 3?;A";?5?Y" 3$
#"5"2 N N N N N N N N N N N N N N N 9BO~ 9$:52@M A"25@BE4;XY$?; 3" F"#B
2$5$:<=" ?:E@:5?M N N N N N N N N *BOH
’Y?;"; b$2@?; ;"L2$ " Ff#L?" A@25?#$:5" 3" #"5"2 N N N N N RBJO
’?2L@b N N N N N N N N N N N N N N N *BO~
@45"#a5?F" N N N N N N N N N N N N +BJI 9c@Y$ F"# F":52"M$
’?2L@b; E2":5@?; N N N N N N N N N *BO~ 2$#"5" N N N N N N N N N N N N N N N N CBJ
’?2L@b; M@5$2@?; N N N N N N N N N *BHG
’Y?;"; A@2@ 45?M?Z@<=" 3"; )
F?:5"; 3$ ;$b42@:<@ N N N N N N *BJ7 9?:5"; 3$ ;$b42@:<@ N N N N N N *BJ}

4$!
9M?#@5?Z@<=" N N N N N N N N N N N CB}H *$E?:?<=" 3@ Y$M"F?3@3$ :" *?;52?L4?<=" 3" @2 :" ?:5$2?"2
9"L$2542@ 3" 924?;$ F":52"M N N N N N N N N N N +BO} 3" Y$XF4M" N N N N N N N N N N N N CB}H
A"25@B#@M@; N N N N N N N N N N N N CB7J *$;@L?M?5@<=" 3"; ;?;5$#@; 3$ *4AM?F@<=" 3@; Fc@Y$; N N N N N CBK
9"3$ ,y;5$# N N N N N N N N N N N CBJJ ;$b42@:<@ @5?Y"; N N N N N N N N N *B7
9"#@:3"; 3" *$;@5?Y@<=" 3" @M@2#$ N N N N CBJH 
@2BF":3?F?":@3" N N N N N N N N CB}7 *$;@5?Y@<=" 3" F24?;$ F":B +F":"#?@ 3$
9"#A@25?#$:5" 3" #"5"2 N N N UBO 52"M N N N N N N N N N N N N N N N N N +BOI F"#L4;5XY$M N N N N N N N N N N N +B}G
9"#A"25@#$:5" 3@ M4ZB$;A?@ *$;F":b$M@#$:5" 3" M@3" +[4?A@#$:5"; ?:5$2:"; N N N N CB7O
3" F?:5" 3$ ;$b42@:<@ N N N N *BJP $q5$2:" 3" A@2@BL2?;@ N N N N N CB}~
+,9 s+M$F52":?F ,5@L?M?5y 9":B
9"#A45@3"2 3$ L"23" N N N N N 9B} *$;$#L@<@#$:5" 3" M@3" 52"Mt N N N N N N N N N N N N N N N N N N *BH
9"#45@3"2 3$ ?b:?<=" B Fc@Y$ ?:5$2:" 3" A@2@BL2?;@ N N N N N CB}K
+;b4?Fc"; N N N N N N N N N N N N N CB}O
$M$52r:?F@ N N N N N N N N N N N N N CBJG *$;$#L@<@#$:5"
$M_52?F" N N N N N N N N N N N N N N CB}~ +;A$F?E?F@<]$; 3$ 2"3@; $
9"#45@3"2 3$ ?b:?<=" B Fc@Y$ A:$4; N N N N N N N N N N N N N N N N 8BP
#$Ff:?F@ N N N N N N N N N N N N N N CBP *$;52@Y@#$:5" 3$ $#$2b\:F?@
3@ @M@Y@:F@ 3" Ff#L?" @45"B +;A$Mc" ?:5$2:" $M$52"F2rB
9"#45@3"2 3$ M4Z$; N N N N N N CBOP #?F" N N N N N N N N N N N N N N N N CBO7
#a5?F" N N N N N N N N N N N N N N N RBOP
9":‘4:5" 3@ M4Z ?:5$2:@ 3?@:B +;A$Mc" 2$52"Y?;"2
5$?2@ N N N N N N N N N N N N N N N N N CBH} *?E4;"2$; "2?$:5aY$?; $ 2$b4MaB
Y$?; N N N N N N N N N N N N N N N N N CB}} ?:5$2:" N N N N N N N N N N N N N N N CBO7
9":;$2Y@<=" 3@ F@22"F$B +;A$Mc"; N N N N N N N N N N N N N N CBO7
2?@ N N N N N N N N N N N N N N N N N N UBHO *?2$<=" N N N N N N N N N N N N N N CBOI^
8BK +;A$Mc"; 2$52"Y?;"2$; $q5$2B
9":52"M$ 3@; $#?;;]$; A"M4B *?2$<=" @;;?;5?3@ $M_52?F@ N N N N *BK :"; N N N N N N N N N N N N N N N N N CBO7
$:5$; N N N N N N N N N N N N N N N N CB7~ +,, s+#$2b$:Fy ,5"A ,?b:@B
*?;AM@y N N N N N N N N N N N N N N N 9B}^
924?;$ F":52"M N N N N N N N N N N +BOH +BJG M?:bt B R2$:@b$# 3$ $#$2b\:B
*?;AM@y #4M5?E4:F?":@M N N N N N 9B} F?@ N N N N N N N N N N N N N N N N N CBH}
 *?;AM@y #4M5?E4:F?":@M 2$F":E?B +;5?M" 3$ F":34<=" N N N N N N N +B}G
*@3"; A@2@ @ b42aY$M N N N N N N N N N N N N N N N 9BI +5?[4$5@; 3$ ?3$:5?E?F@<=" 3"
?3$:5?E?F@<=" N N N N N N N N N N N N 8BJ Y$XF4M" N N N N N N N N N N N N N N N 8BJ

4$"
+qFM4;=" 3" @M@2#$ N N N N N N CBJ} R4:F?":@#$:5" A@2@ Ff#L?" )$?542@ F"22$5@ 3@ 2"3@ N N N N N 8B~
+q5?:5"2 3$ ?:F\:3?" N N N N N N RBH} #@:4@M s,5@25¥,5"At N N N N N N +BJ~ )$?542@ F"22$5@ 3" A:$4 N N N N N 8B~
R4;XY$?; N N N N N N N N N N N N N N RBJJ )$Y@:5@3"2 $M_52?F" 3"; Y?B
" 32"; N N N N N N N N N N N N N N N N N CBI7
R@M5@ 3$ A@25?3@ 3" #"5"2 N N N +B}  )$Y@:5@:3" " Y$XF4M" N N N N N UBOI
R@2h?; @M5"; N N N N N N N N N N N N CBHJ U@:Fc" 3$ 2$L"[4$ N N N N N N +BHK )?L$2@:3" 4# Y$XF4M"
U@2@:5?@ 3" $q5$2?"2 3" Y$XB A2$;" N N N N N N N N N N N N N N N N RBHG
R@2h?; 3$ :$LM?:@ B "2?$:5@B
<=" N N N N N N N N N N N N N N N N N CBHH F4M" $ 3@ A@25$ ?:E$2?"2 3@ )?#?5@3"2$; 3$ F@2b@ N N N N N *BOG
R$Fc@#$:5" 3" F@Ar N N N N N CBIP F@22"F$2?@ N N N N N N N N N N N N N UBHO )?#A@3"2 3" A@2@BL2?;@ N N N N CBHK
R$Fc@#$:5" 3" U@;$; 3$ 3$;F@2b@ N N N N N N N +B}O )?#A@3"2 $ M@Y@3"2 3" Y?32"
A"25@B#@M@; N N N N N N N N N N N N CB7J U$@2 ,c?E5 >:3?F@5"2 sU,>t N N N 9BI 52@;$?2" N N N N N N N N N N N N N N CBH~
R?M52" 3$ @2 N N N N N N N N N N N N UBJP )?#A@3"2 ?:5$M?b$:5$ 3" Y?32"
52@;$?2" N N N N N N N N N N N N N N CB}G
R?M52" 3$ F"#L4;5XY$M N N N N N UBOG
)?#A@3"2$; $ M@Y@3"2$; 3"
R?M52" 3" hM$" 3" #"5"2 N N N N UBJ~ >:@5?Y?3@3$ 3" Y$XF4M" :" A@2@BL2?;@ N N N N N N N N N N N N N CBHK
RM4?3"; b$:4X:"; $ M4L2?E?F@:B ;?;5$#@ ,5@25¥,5"A N N N N N N N +BOO
)?#A$Z@ 3@; A@25$; 3$ AMa;B
5$; N N N N N N N N N N N N N N N N N N 8BJK >:3?F@3"2$; 3$ 3?2$<=" B ;$B 5?F" $ 2$Y$;5?3@; N N N N N N N N N UBH7
R"MM"j #$ c"#$ N N N N N N N N CBHO 5@; N N N N N N N N N N N N N N N N N N CBOP
)?#A$Z@ 3@; A@25$; 2$Y$;5?3@;
E2$?" 3$ $;5@F?":@#$:5" N N N N +B7 >:;524#$:5"; 3$ L"23" N N N N N 9B} $# F"42" N N N N N N N N N N N N N UBH7
R2$?"; N N N N N N N N N N N N N N N N 8BI >:5$2Y$:<=" 3" @M@2#$ N N N N CBJO )?#A$Z@ 3$ L@:F"; $ A@25$;
R4:<=" 3$ $#$2b\:F?@ 3" >22$b4M@2?3@3$; :" $# 5$F?3" N N N N N N N N N N N N N UBHI
Ff#L?" N N N N N N N N N N N N N N +BJ} E4:F?":@#$:5" 3" ;?;5$#@ )?#A$Z@ 3$ L@:F"; $#
,5@25¥,5"A N N N N N N N N N N N N +BOO F"42" N N N N N N N N N N N N N N N N UBHI
R4:F?":@#$:5" 3"
9"3$ N N N N N N N N N N N N N N N N CBJJ )?#A$Z@ 3" ?:5$2?"2 3" Y$XB
R4:F?":@#$:5" 3" 1@2i;$:;$  F4M" N N N N N N N N N N N N N N N N N UBH}
)
F"# @52$M@3"; N N N N N N N N N N +BHG )@Y@3"2 3" A@2@BL2?;@ N N N N N CBHK

4$%
)X[4?3" 3$ @22$E$F?#$:5" 3" &$:;@b$:; 3$ @3Y$25\:B 1@25?3@ 3$ $#$2b\:F?@ :"
#"5"2 N N N N N N N N N N N N N N N N UBK F?@ N N N N N N N N N N N N N N N N N 9BJH ;?;5$#@ ,5@25¥,5"A N N N N N N N +BOO
)X[4?3" 3" M@Y@3"2 3" A@2@B &$:4 A2?:F?A@M 3" F"#A45@3"2 1@25?3@ 3" #"5"2 N N N N N N N N N +BJ
L2?;@ $ Y?32" 52@;$?2" N N N N N N N UB~ 3$ L"23" N N N N N N N N N N N N N N 9B7 1@25?3@ 3" #"5"2 B RM$q N N N N N +BO
)X[4?3" 3"; E2$?"; N N N N N N N N UB~ &"5"2 N N N N N N N N N N N N N N N N 8BO 1@;;?Y$ $:52y N N N N N N N N N N N CBJ7
)":b@ ?:@5?Y?3@3$ 3" Y$XB 1$;"; $ F@2b@; N N N N N N N N N N 8BJH
F4M" N N N N N N N N N N N N N N N N N UBHG 1:$4; B b$:$2@M?3@3$; N N N N N UBOI
)4L2?E?F@<=" 3@; A@25$; #hB !v#$2" 3" Fc@;;? N N N N N N N N 8BJ 1:$4; B ?:E"2#@<]$; ;"L2$ @
Y$?; 3@ F@22"F$2?@ N N N N N N N UBOG ;$b42@:<@ N N N N N N N N N N N N N UBOI
)4Z$; 3$ $#$2b\:F?@ N N N N N CBH}^ 1"25@ (,C N N N N N N N N N N N N N CB7I
RBJ 
)4Z$; 3$ $;5@F?":@B 1"25@BF"A";uA"25@BM@5@; N N N N CB7I
VM$" 3" #"5"2 N N N N N UB7^ UBJ~
#$:5" N N N N N N N N N N N N N N N CBHH 1"25@BM4Y@; N N N N N N N N N N N N CB7O
VM$" 3" ;?;5$#@ 3$ @54@<=" 3"
)4Z$; 3$ :$LM?:@ N N N N N N N N CBHO Ff#L?" @45"#a5?F" N N N N N N N UBP 1"25@B#@M@; N N N N N N N N N N N N CB7G
)4Z$; $q5$2:@; N N N N N N N N N N CBOP 1"25@BhF4M"; N N N N N N N N N N N CB7I
)4Z$; ?:5$2:@; N N N N N N N N N N CBH} & 1"25@; N N N N N N N N N N N N N N N CBJ}
)4Z$;B$;A?@ N N N N N N N N N N N N 9BJH 1";?<]$; 3@ @M@Y@:F@ 3$ Ff#B
1@?:$M 3$ ?:;524#$:5"; N N N N N 9BJ
L?" N N N N N N N N N N N N N N N N N +BJJ
1@2@B;"M N N N N N N N N N N N N N N CB7H
12$;;=" 3"; A:$4; N N N N N N N 8BJG
 1@25?3@ @Ah; ?:@5?Y?3@3$ A2"M":B
12_B5$:;?":@3"2$; N N N N N N N *BJP
&@:45$:<=" 3" ;?;5$#@ 3$ b@3@ N N N N N N N N N N N N N N N N N +BH
@2BF":3?F?":@3" N N N N N N N N UBJP 12"F$3?#$:5"; 3$
1@25?3@ F"# L@5$2?@ @4q?B
;$b42@:<@ N N N N N N N N N N N N N +BOO
&@:45$:<=" 3"; F?:5"; 3$ M?@2 N N N N N N N N N N N N N N N N N RBOO
;$b42@:<@ N N N N N N N N N N N N N *BJ~ 12"5$<=" F":52@ "; @b$:5$;
1@25?3@ F"# #@:"L2@; 3$
@5#";E_2?F"; N N N N N N N N N N N UBHJ
&@:45$:<=" A2"b2@B ?:_2F?@ N N N N N N N N N N N N N N N RBO7
#@3@ N N N N N N N N N N N N UBJ^ UBJO 12"5$<=" Y"M4#_B
1@25?3@ 3$ $#$2b\:F?@ N N N N RBOJ
52?F@u’:5?$M$Y@<=" N N N N N N N CBJH

4$&
) ,$:;"2 3$ Fc4Y@ N N N N N N N N CBHP ,?;5$#@ +D& s+M$F52":?F D"MM"B
,$:;"2$; N N N N N N N N N N N N N N +BO7 Y$2 &?5?b@5?":t N N N N N N N N N N N *BO
w4@32" 3$ ?:;524#$:5"; N N N N 9BO
,$2Y?<"; @b$:3@3"; N N N N N N N UBJ ,?;5$#@ +,9 s+M$F52":?F ,5@L?B
,$2Y?<"; :@ F":F$;;?":aB M?5y 9":52"Mt N N N N N N N N N N N N *BH
 ,?;5$#@ EM$q sF"#L4;5XY$M
2?@ N N N N N N N N N N N N N N N N N N UBJO
D@#A@ #aq?#@ ;4A$2aB $5@:"M $u"4 b@;"M?:@t N N N N N +BH}
,?:@M?Z@<=" 3$ @:"#@M?@;
Y$M N N N N N N N N N N N N N N N N N 8BOG ,?;5$#@ ?.1&, B ,?;5$#@ 3$
3" @;;?;5$:5$ 3$ $;5@F?":@B
D$@L@;5$F?#$:5" N N N N N N N N +BHI #$:5" N N N N N N N N N N N N N N N +BHG &":?5"2@#$:5" 3@ 12$;;=" 3";
D$L"F@:3" " Y$XF4M" $# ,?;5$#@ ’C, s’:5?BM"Fi C2@i?:b 1:$4; N N N N N N N N N N N N N N N N *BP
;?54@<]$; 3$ $#$2b\:F?@ N N N RBHJ ,y;5$#t N N N N N N N N N N N N N N N *B~ ,?;5$#@ -C* N N N N N N N N N N 9BO~
D$F@2b@ 3@ L@5$2?@ N N N N N N N UBJJ ,?;5$#@ 3$ @22$E$F?#$:5" B ,?;5$#@ ,CD s,$@5 C$M5 D$#?:B
D$F"#$:3@<]$; A@2@ 3$;M?b@2 " #@:45$:<=" N N N N N N N N N N N UBOJ 3$2t N N N N N N N N N N N N N N N N N *BJ~
#"5"2 N N N N N N N N N N N N N N N N +BI ,?;5$#@ 3$ F"25$ 3$ F"#L4;5XB ,?;5$#@ ,5@25¥,5"A N N N N N N N +BJK
D$b4M@b$# 3" Y"M@:5$ N N N N CBOI Y$M N N N N N N N N N N N N N N N N N RBO7 ,?;5$#@ .9 s.2@F5?": 9":B
D$b4M@b$# $# @M542@ 3"; ,?;5$#@ 3$ 3?@b:h;5?F" 3$ 52"Mt N N N N N N N N N N N N N N N N N N *BJ
F?:5"; 3$ ;$b42@:<@ N N N N N N *BJ7 L"23" N N N N N N N N N N N N N N N 9BO~ ,?;5$#@ 52@;$?2" N N N N N N N N N +BO7
D$b4M@b$:; 3"; L@:F"; N N N N CBOG ,?;5$#@ 3$ $;F@A@#$:5" B ,?;5$#@; 3$ ;$b42@:<@
D$5?2@3@ 3$ $#$2b\:F?@ 3@ #@:45$:<=" N N N N N N N N N N N UBOG @5?Y@ N N N N N N N N N N N N N N N N N *BJ
Fc@Y$ 3$ ?b:?<=" N N N N N N N N RBO~ ,?;5$#@ 3$ E2$:@b$# B #@:4B ,?;5$#@; A@2@ A2"5$<=" 3"
D"3@ $ A:$4 5$:<=" $ F4?3@3"; N N N N N N N UBOH #$?" @#L?$:5$ N N N N N N N N N CB7~
;"L2$;;@M$:5$ N N N N N N N N N N UBO~ ,?;5$#@ 3$ ?:?L?<=" 3" $:b@5$ ,"M?F?5@<=" 3$ Fc@Y$; @3?F?"B
D"3@; $ A:$4; N N N N N N N N N N N 8B~ 3$ #@2Fc@; ;$# " A$3@M 3$ :@?; N N N N N N N N N N N N N N N N N N CBK
D"3XZ?" 3"; A:$4; N N N N N N N UBHG E2$?" @F?":@3" N N N N N N N N N N +BJI ,4L;5?54?<=" 3@ L@5$2?@ N N N N UBJG
,?;5$#@ 3$ ;$b42@:<@ ;4AM$B ,4L;5?54?<=" 3@ L@5$2?@
#$:5@2 s,D,t B ’?2L@b N N N N N *BO~ 3@ Fc@Y$ F"# F":52"M$
,?;5$#@ $M_52?F" N N N N N N N N N 8BOJ 2$#"5" N N N N N N N N N N N N N N N N CBK )
,$:;"2 F2$A4;F4M@2 N N N N N N N CBHJ

4$(
,4L;5?54?<=" 3@ L@5$2?@ 3@ .2@:;A"25$ 3$ F2?@:<@; $# W"M5@2 @ @5?Y@2 @ Y$M"F?3@3$ :"
Fc@Y$ $M$52r:?F@ N N N N N N N N N CBP ;$b42@:<@ N N N N N N N N N N N N N *BOG 924?;$ F":52"M N N N N N N N N N N +BOI
,4L;5?54?<=" 3@; .2@:;A"25$ 3$ W"M4#$ 3" A"25@B#@M@; N N N N 8BJO
A@Mc$5@; N N N N N N N N N N N N N N CB}J A@;;@b$?2"; N N N N N N N N N N N N +B}J
,4L;5?54?<=" 3$ 4#@ .2@Y@#$:5"u3$;52@Y@#$:5"
Mf#A@3@ N N N N N N N N N N N N N N N RBJ 3@; A"25@; A$M" $q5$2?"2 N N N N CBJI
,4L;5?54?<=" 3$ 4#@ Mf#A@3@ .2@Y@#$:5"u3$;52@Y@#$:5"
$q5$2:@ N N N N N N N N N N N N N N N RB} 3@; A"25@; A$M" ?:5$2?"2 N N N N CBJ}
,4L;5?54?<=" 3$ 4#@ Mf#A@3@ .2?A F"#A45$2 N N N N N N N N N N 9BJO
?:5$2:@ N N N N N N N N N N N N N N N N RBP .2"F@ 3$ A:$4; N N N N N N N N N RBJK
,4A$2@[4$F?#$:5" 3" #"B
5"2 N N N N N N N N N N N N N N N N N N RBOK

,4;A$:;]$; N N N N N N N N N N N N N 8BI
(5?M?Z@<=" 3"; F?:5"; 3$ ;$b4B
2@:<@ N N N N N N N N N N N N N N N N *BJ}
 (5?M?Z@<=" ;$Y$2@ 3" Y$XB
.@A$5$; :" @;;"@Mc" 3" Y$XB F4M" N N N N N N N N N N N N N N N N N UBJK
F4M" N N N N N N N N N N N N N N N N N UBH}
.$#A"2?Z@<=" 3" 3$;M?b@B 
#$:5" 3"; E@2h?; N N N N N N N N CBHO
W$2?E?F@<=" 3"; :XY$?; N N N N N N UBO
.?A"; 3$ Mf#A@3@; N N N N N N N N RBO
W$2?E?F@<=" 3"; :XY$?; 3" #"B
."#@3@ 3$ F"22$:5$ N N N N N N CB7H 5"2 JNG N N N N N N N N N N N N N N N N UBH
.2@:;#?;;=" N N N N N N N N N N N N 8B} W$2?E?F@<=" 3"; :XY$?; 3" #"B
.2@:;#?;;=" @45"#a5?F@ N N N +BJG 5"2 JNH N N N N N N N N N N N N N N N N UB}
.2@:;#?;;=" #@:4@M N N N N N N N +B~ W$2?E?F@<=" 3"; :XY$?; 3" #"B
.2@:;A"25$ 3$ @:?#@?; N N N N +B}O 5"2 JN~ N N N N N N N N N N N N N N N N UBI
W$2?E?F@<]$; A$2?h3?F@; N N N N UBJK
4$)
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

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.


ARGO - 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.

ARGO - Impresso 60351070 - MAR/2019

Você também pode gostar