Peru Texto Unico Ordenado de Reglamento de Telecomunicaciones

!"#$%&'()*%+,-).(/0-)1#2%('2-)2%3)4%53'6%(,-)7%(%#'3)2%)3')8%9)2%
*%3%0-6$(/0'0/-(%:
;<=4<*1)>?@4<A1)BC)DEFGEDDHGA*=
!"# $ %& $ '()*(+,-./. $ '()$ 0/$ %1'-,( $ 23/+4/$ %-56(5-'-7)$ 8-)/0$ 9$ :+/)5-4(+-/ $ .&0 $ %&'+&4(
;36+&,($<=$>>?@A>>?@B:2C$63D0-'/.($&0$E?$8&D+&+($A>>?C$.&+7F3&)5&$0/5$.-56(5-'-()&5
.&0$6+&5&)4&$%&'+&4($;36+&,(C$&)$0/$6/+4&$+&0/4-G/$/$0(5$5&+G-'-(5$.&$+/.-(.-*35-7)$&)$0(
H3&$5&/$/60-'/D0&I
<8)@4<>I;<B*<);<)8!)4<@.J8I=!
=1B>I;<4!B;1K
J3&C$,&.-/)4&$%&'+&4($;36+&,($<K$>L@MN@:22C$.&$*&'O/$EE$.&$*&D+&+($.&$EMMNC
5&$/6+(D7$&0$P&F0/,&)4($Q&)&+/0$.&$0/$R&9$.&$:&0&'(,3)-'/'-()&5S
J3&C$&0$P&F0/,&)4($Q&)&+/0$.&$0/$R&9$.&$:&0&'(,3)-'/'-()&5$O/$5-.($,(.-*-'/.(
,&.-/)4& $ %&'+&4(5 $ ;36+&,(5 $ <K5I $ >E?@MT@B:2C $ >>?@MU@B:2C $ >AA@MU@B:2C $ >>A@MM@
B:2C $ >>V@MM@B:2C $ >NV@A>>>@B:2C$ >AM@A>>E@B:2C $ >AM@A>>A@B:2C $ >E?@A>>V@B:2 $ 9
>EA@A>>N@B:2S
J3&C$&0$/+4W'30($EN$.&0$%&'+&4($;36+&,($<K$>EA@A>>N@B:2C$.-5635($0/$/6+(D/'-7)
.&0$:&X4($Y)-'($Z+.&)/.($.&0$P&F0/,&)4($Q&)&+/0$.&$0/$R&9$.&$:&0&'(,3)-'/'-()&5$&)
&0$ 60/[($ .&$ 5&5&)4/$ !L>#$ .W/5$ O\D-0&5$ '()4/.(5$ /$ 6/+4-+ $ .&$ 0/$ &)4+/./$ &)$ G-F&)'-/$ .&0
+&*&+-.($.&'+&4(S
J3&C$,&.-/)4&$P&5(03'-7)$B-)-54&+-/0$<K$TUN@A>>V@B:2]>VC$5&$'0/5-*-'/$/0$5&+G-'-(
.&$&X60(+/'-7)$.&$0/$:-&++/$6(+$5/410-4&$9$/0$5&+G-'-($.&$53,-)-54+($.&$-)*(+,/'-7)$'(,(
5&+G-'-(5$.&$+/.-('(,3)-'/'-7)$9$.&$G/0(+$/^/.-.(C$+&56&'4-G/,&)4&S
J3&C $ ,&.-/)4& $ 0/ $ /6+(D/'-7)$ .& $ 3) $ :&X4( $ Y)-'( $ Z+.&)/.( $ 5& $ '()5(0-./)$ 0/5
,(.-*-'/'-()&5$O&'O/5$/$3)$.-56(5-4-G($0&F/0$'()$0/$*-)/0-./.$.&$'(,6-0/+$4(./$0/$)(+,/4-G/
&)$3)$5(0($4&X4($9$*/'-0-4/+$53$,/)&_($6(+$0(5$-)4&+&5/.(5S
J3&C $ 5& $ O/ $ &)'()4+/.( $ .-56/+-./. $ &) $ 0/ $ &54+3'43+/C $ 41+,-)(5C $ +&*&+&)'-/5 $ 9
+&./''-7)$.&0$P&F0/,&)4(C$6(+$0($H3&$+&5304/$'()G&)-&)4&$,(.-*-'/+$0(5$/+4W'30(5$AC$VC$?UC
EEMC$EAMC$EVTC$EVT@`C$EVT@aC$EVT@2C$EVT@bC$EVUC$ENAC$ENLC$ENUC$AAL@`C$AAL@2C$AVNC$AV?C
AVLC$AVT$9$AVMC$/$*-)$.&$3)-*(+,-[/+$53$4&X4($D/_($3)$,-5,($'+-4&+-($9$/'43/0-[/+$.-G&+5/5
+&*&+&)'-/5$9$41+,-)(5$/$0/$)(+,/4-G/$G-F&)4&S
J3&C$6(+$(4+($0/.(C$&5$(6(+43)($,(.-*-'/+$&0$6+-,&+$6\++/*($.&0$/+4W'30($ANA$.&0
P&F0/,&)4(C$/$*-)$.&$/'0/+/+$H3&$0/$63D0-'/'-7)$.&$0/5$4/5/5$.&$-)4&+15$'(,6&)5/4(+-($9
,(+/4(+-($&5$+&/0-[/./$6(+$0/$;36&+-)4&).&)'-/$.&$a/)'/$9$;&F3+(5S
J3&C $ *-)/0,&)4&C $ &5 $ )&'&5/+-($ ,(.-*-'/+ $ 0/5 $ .&*-)-'-()&5$ .& $ /D()/.(C $ \+&/ $ .&
'()'&5-7)C $ \+&/ $ .& $ 5&+G-'-(C $ 03F/+ $ .& $ 6+&*&+&)4& $ -)4&+15 $ 5('-/0C $ (6&+/.(+/C $ 60/) $ .&
&X6/)5-7) $ ,W)-,( $ 9 $ 6+&&,-)&)'-/ $ .& $ 5&+G-'-(5 $ 6cD0-'(5 $ .& $ 4&0&'(,3)-'/'-()&5C
'()4&)-./5$ &)$&0$/)&X($.&0$P&F0/,&)4(C$ /$*-)$.&$ /'43/0-[/+$0/$)(+,/4-G/$G-F&)4&$/$0(5
'/,D-(5$H3&$O/$&X6&+-,&)4/.($&0$5&'4(+$4&0&'(,3)-'/'-()&5S
%&$'()*(+,-./.$'()$&0$)3,&+/0$U$.&0$/+4W'30($EEU$.&$0/$2()54-43'-7)$d(0W4-'/$.&0
d&+cC$0/$R&9$<K$ATTMEC$R&9$.&$Z+F/)-[/'-7)$9$83)'-()&5$.&0$B-)-54&+-($.&$:+/)56(+4&5$9
2(,3)-'/'-()&5$9$&0$%&'+&4($;36+&,($<K$>EA@MN@B:2S
;<=4<*!K
!#,L0$3-)MNG$ `6+31D&5&$&0$:&X4($Y)-'($Z+.&)/.($.&0$P&F0/,&)4($Q&)&+/0$.&$0/
R&9$ .&$ :&0&'(,3)-'/'-()&5C$ &0$ ,-5,($ H3&$ '()54/$ .&$ !AUA# $ .(5'-&)4(5$ ('O&)4/$ 9$ .(5
/+4W'30(5 $ 9 $ !A># $ G&-)4& $ .-56(5-'-()&5$ 4+/)5-4(+-/5 $ 9 $ *-)/0&5C $ '(,6+&).-.(5 $ &) $ !L# $ 5&-5
;&''-()&5C $ !ef# $ Z)'& $ :W430(5 $ 9 $ 3) $ /)&X(C $ H3& $ *(+,/) $ 6/+4& $ -)4&F+/)4& $ .&0 $ 6+&5&)4&
%&'+&4($;36+&,(C$-)'(+6(+/).($0/5$,(.-*-'/'-()&5$/$0(5$/+4W'30(5$AC$VC$?UC$EEMC$EAMC$EVTC
EVT@`C$EVT@aC$EVT@2C$EVT@bC$EVUC$ENAC$ENLC$ENUC$AAL@`C$AAL@2C$AVNC$AV?C$AVLC$AVTC$AVM$9
ANAC$/5W$'(,($/$0/5$.&*-)-'-()&5$.&$/D()/.(C$\+&/$.&$'()'&5-7)C$\+&/$.&$5&+G-'-(C$03F/+
.& $ 6+&*&+&)4& $ -)4&+15$ 5('-/0C$ (6&+/.(+/C $ 60/)$ .&$ &X6/)5-7)$ ,W)-,($ 9$ 6+&&,-)&)'-/$ .&
5&+G-'-(5 $ 6cD0-'(5 $ .& $ 4&0&'(,3)-'/'-()&5 $ .&0 $ F0(5/+-( $ .& $ 41+,-)(5 $ .&0 $ P&F0/,&)4(
Q&)&+/0$.&$0/$R&9$.&$:&0&'(,3)-'/'-()&5C$/6+(D/.($6(+$%&'+&4($;36+&,($<K$>L@MN@:22
9 $ 535 $ ,(.-*-'/4(+-/5C $ '()*(+,& $ / $ 0( $ 5&^/0/.($ &) $ 0/ $ 6/+4& $ '()5-.&+/4-G/ $ .&0 $ 6+&5&)4&
.-56(5-4-G(I
!#,L0$3-) ENG$ b0 $ 6+&5&)4&$ %&'+&4( $ ;36+&,( $ 5&+\ $ +&*+&)./.( $ 6(+ $ &0 $ B-)-54+($ .&
:+/)56(+4&5$9$2(,3)-'/'-()&5I
%/.($&)$0/$2/5/$.&$Q(D-&+)(C$&)$R-,/C$/$0(5$)3&G&$.W/5$.&0$,&5$.&$_30-($.&0$/^(
.(5$,-0$'3/4+(I
`Rbg`<%PZ$:ZRb%Z
d+&5-.&)4&$2()54-43'-()/0$.&$0/$P&6cD0-'/
gZ;h$ZP:fi$PfjbP`
B-)-54+($.&$:+/)56(+4&5$9$2(,3)-'/'-()&5
*<O*1).BI=1)14;<B!;1);<8)4<78!A<B*1)7<B<4!8);<)8!)8<P);<
*<8<=1A?BI=!=I1B<>
B14A!>)@4<8IAIB!4<>
!#,L0$3-)MNG)b0$6+&5&)4&$P&F0/,&)4($&54/D0&'&$0/5$.-56(5-'-()&5$F&)&+/0&5$6/+/$0/
6+&54/'-7) $ .& $ 0(5 $ 5&+G-'-(5 $ .& $ 4&0&'(,3)-'/'-()&5C $ 0/ $ /.,-)-54+/'-7) $ .&0 $ &56&'4+(
+/.-(&01'4+-'(C $ 0/ $ )(+,/0-[/'-7) $ 9 $ O(,(0(F/'-7) $ .& $ &H3-6(5 $ 9 $ /6/+/4(5 $ .&
4&0&'(,3)-'/'-()&5$9$0/$+&F30/'-7)$.&0$,&+'/.($.&$5&+G-'-(5C$/$*-)$.&$H3&$154(5$5&$00&G&)
/ $ '/D( $ '3,60-&).( $ 0(5 $ (D_&4-G(5 $ 9 $ 6+-)'-6-(5 $ &54/D0&'-.(5 $ &) $ 0/ $ R&9 $ .&
:&0&'(,3)-'/'-()&5I
!#,L0$3-)ENG$ b0$B-)-54&+-($.&$:+/)56(+4&5$9$2(,3)-'/'-()&5$&54\$*/'304/.($6/+/
.-'4/+$0(5$P&F0/,&)4(5$b56&'W*-'(5$9$.&,\5$.-56(5-'-()&5$'(,60&,&)4/+-/5$H3&$+&5304&)
)&'&5/+-/5 $ 6/+/ $ &0 $ '3,60-,-&)4( $ .& $ 0/ $ R&9 $ .& $ :&0&'(,3)-'/'-()&5 $ 9 $ .&0 $ 6+&5&)4&
P&F0/,&)4(I
R/$6+&54/'-7)$.&$4&0&5&+G-'-(5$($5&+G-'-(5$*-)/0&5$6cD0-'(5$.&$4&0&'(,3)-'/'-()&5C
5&+\$+&F0/,&)4/./$6(+$&0$B-)-54&+-($/$6+(63&54/$.&$Z5-64&0I
!#,L0$3-)QNG$d/+/$&*&'4(5$.&$&54&$P&F0/,&)4(C$&)4-1)./5&$6(+k
R&9$
k$R/$R&9$.&$:&0&'(,3)-'/'-()&5I
P&F0/,&)4( k$b0$6+&5&)4&$P&F0/,&)4($Q&)&+/0$.&$0/$R&9$.&
:&0&'(,3)-'/'-()&5I
B-)-54&+-(
$k$b0$B-)-54&+-($.&$:+/)56(+4&5$9$2(,3)-'/'-()&5I
Z5-64&0
k$b0$Z+F/)-5,($;36&+G-5(+$.&$f)G&+5-7)$d+-G/./$&)
:&0&'(,3)-'/'-()&5I
l+F/)(
k$b0$H3&$'(++&56()./C$.&$/'3&+.($/$0/5$'(,6&4&)4&$*3)'-()&5
/5-F)/./5$&)$&0$P&F0/,&)4($.&$Z+F/)-[/'-7)$9$83)'-()&5
$$.&0$B-)-54&+-($.&$:+/)56(+4&5$9$2(,3)-'/'-()&5I
%-+&''-7)$.& k$%-+&''-7)$Q&)&+/0$.&$Q&54-7)$.&$:&0&@
Q&54-7)$
$$'(,3)-'/'-()&5I
%-+&''-7)$.& k$%-+&''-7)$Q&)&+/0$.&$2()4+(0$9$;36&+G-5-7)$2()4+(0$.&
:&0&'(,3)-'/'-()&5I
8-4&0
k$8().($.&$f)G&+5-7)$&)$:&0&'(,3)-'/'-()&5I
d<`8
k$d0/)$</'-()/0$.&$`4+-D3'-7)$.&$8+&'3&)'-/5I
mf:
k$m)-./.$f,6(5-4-G/$:+-D34/+-/I
b56&'4+(
k$b56&'4+($+/.-(&01'4+-'(
`5-,-5,(C$'3/).($5&$O/F/$+&*&+&)'-/$/$3)$/+4W'30($5-)$-).-'/+$/$'()4-)3/'-7)$&0
.-56(5-4-G($/0$'3/0$6&+4&)&'&C$5&$&)4&).&+\$+&*&+-.($/0$6+&5&)4&$P&F0/,&)4(I
!#,L0$3-)HNG$ b0$B-)-54&+-($6(.+\$&54/D0&'&+$&0$6+('&.-,-&)4($6/+/$0/5$/3.-&)'-/5
6cD0-'/5$H3&$6+&G1$&54&$P&F0/,&)4($&)$0(5$/+4W'30(5$?C$A>C$AT$9$ENMC$&)$&0$.('3,&)4($.&
'()G('/4(+-/$+&56&'4-G(I
!#,L0$3-)RNG$b0$Q0(5/+-($.&$:1+,-)(5$'()4&)-.($&)$&0$`)&X($*(+,/$6/+4&$-)4&F+/)4&
.&0$P&F0/,&)4(I
R/5$/,60-/'-()&5$.&$0(5$41+,-)(5$'()4&)-.(5$&)$&0$Q0(5/+-($5&+\)$/6+(D/./5$6(+
&0$ :-430/+$ .&0$ B-)-54&+-($ 9$ 0/5 $ ,(.-*-'/'-()&5$ / $ 0/5$ .&*-)-'-()&5$ .&$ .-'O(5$ 41+,-)(5$ 5&
&*&'43/+\)$,&.-/)4&$%&'+&4($;36+&,($9$6+&G-/$/3.-&)'-/$6cD0-'/$'3/).($&0$B-)-54&+-($3
Z5-64&0C $ &) $ &0 $ '/5( $ .& $ 5&+G-'-(5 $ 6cD0-'(5C $ '()5-.&+&) $ )&'&5/+-( $ +&'(F&+ $ /6(+4&5 $ .&
6&+5()/5$&$-)54-43'-()&5$&56&'-/0-[/./5I
R(5 $ 41+,-)(5 $ )( $ '()4&)-.(5 $ &) $ .-'O( $ Q0(5/+-( $ H3& $ 5& $ 34-0-[/) $ &) $ &0 $ 6+&5&)4&
P&F0/,&)4($4&).+\)$&0$ 5-F)-*-'/.($/.(64/.($6(+$&0$2()G&)-($f)4&+)/'-()/0$.&$0/$m)-7)
f)4&+)/'-()/0$.&$:&0&'(,3)-'/'-()&5I
><==ISB)@4IA<4!
;<)8!>)B14A!>)7<B<4!8<>
!#,L0$3-) TNG$ R(5$ 5&+G-'-(5$ .&$ 4&0&'(,3)-'/'-()&5$ 5&$ 6+&54/)$&)$ 3)$ +1F-,&)$ .&
0-D+&$'(,6&4&)'-/I$`$4/0$&*&'4($&54\)$6+(O-D-./5$0/5$6+\'4-'/5$&,6+&5/+-/0&5$+&54+-'4-G/5$.&
0/ $ 0&/0 $ '(,6&4&)'-/C $ &)4&).-1).(5& $ 6(+ $ 4/0&5C $ &)4+& $ (4+(5C $ 0(5 $ /'3&+.(5C $ /'43/'-()&5
6/+/0&0/5$($6+\'4-'/5$'()'&+4/./5$&)4+&$&,6+&5/5$H3&$6+(.3['/)$($63&./)$6+(.3'-+$&0
&*&'4($.&$+&54+-)F-+C$-,6&.-+$($*/05&/+$0/$'(,6&4&)'-/I
R(5 $ 4-430/+&5 $ .& $ '()'&5-()&5 $ 9 $ /34(+-[/'-()&5C $ &) $ )-)Fc) $ '/5( $ 6(.+\) $ /60-'/+
6+\'4-'/5$,()(670-'/5$+&54+-'4-G/5$.&$0/$0-D+&$'(,6&4&)'-/C$H3&$-,6-./)$3)/$'(,6&4&)'-/
5(D+&$D/5&5$&H3-4/4-G/5$'()$(4+(5$4-430/+&5$.&$'()'&5-()&5$9$/34(+-[/'-()&5$.&$5&+G-'-(5
.&$4&0&'(,3)-'/'-()&5I
!#,L0$3-) FNG$ b0 $ b54/.($ &_&+'&$ 3)/ $ *3)'-7) $ 6+(,(4(+/ $ 9 $ */'-0-4/.(+/$ +&56&'4( $ /0
.&5/++(00($.&$4&')(0(FW/5$.&$63)4/C$ 6+(6&).-&).(C $&)$0($6(5-D0&C$/$0/$'()G&+F&)'-/$.&
5&+G-'-(5$9$4&')(0(FW/5C$'()$0/$*-)/0-./.$.&$(4(+F/+$,/9(+&5$D&)&*-'-(5$/$0/$5('-&./.I
!#,L0$3- ) UNG$ b0 $ b54/.( $ 6+(,3&G& $ &0 $ .&5/++(00( $ .& $ 0/5 $ :&')(0(FW/5 $ .& $ 0/
f)*(+,/'-7) $ 9 $ 2(,3)-'/'-7) $ !:f25#C $ '(,( $ 5(6(+4& $ .& $ 0/ $ ;('-&./. $ Q0(D/0 $ .& $ 0/
f)*(+,/'-7)I $ b) $ &54& $ 5&)4-.(C $ /.(64/+\ $ 0/5 $ ,&.-./5 $ )&'&5/+-/5 $ 6/+/ $ &0 $ '+&'-,-&)4(C
&X6/)5-7) $ 9 $ .&,('+/4-[/'-7) $ .&0 $ 35( $ .& $ 0/5 $ :&')(0(FW/5 $ .& $ 0/ $ f)*(+,/'-7) $ 9
2(,3)-'/'-7)I
!#,L0$3- ) VNG$ b) $ G-+43. $ .&0 $ 6+-)'-6-( $ .& $ 5&+G-'-( $ '() $ &H3-./. $ 5& $ 6+(,3&G& $ 0/
-)4&F+/'-7)$.&$0(5$03F/+&5$,\5$/6/+4/.(5$.&$0(5$'&)4+(5$3+D/)(5C$/5W$'(,($.&$0/5$\+&/5
+3+/0&5$9$03F/+&5$.&$6+&*&+&)4&$-)4&+15$5('-/0C$,&.-/)4&$&0$/''&5($3)-G&+5/0I
b)4-1)./5&$6(+$/''&5($3)-G&+5/0$/0$/''&5($&)$&0$4&++-4(+-($)/'-()/0$/$3)$'()_3)4(
.&$5&+G-'-(5$6cD0-'(5$.&$4&0&'(,3)-'/'-()&5$&5&)'-/0&5I
;()$5&+G-'-(5$6cD0-'(5$.&$4&0&'(,3)-'/'-()&5$&5&)'-/0&5C$0(5$.-56()-D0&5$6/+/$0/
,/9(+W/$ .&$ 353/+-(5$ 9$ H3& $ 5()$ 6+(G-54(5$ 6(+$ 0(5$ (6&+/.(+&5$ .&$ 5&+G-'-(5$ 6cD0-'(5$ .&
4&0&'(,3)-'/'-()&5I
b0$b54/.($6+(,3&G&$9$*-)/)'-/$&0$/''&5($3)-G&+5/0$,&.-/)4&$&0$8-4&0I
!#,L0$3- ) MDNG$ b0 $ /''&5( $ / $ 0/ $ 34-0-[/'-7) $ 9 $ 6+&54/'-7) $ .& $ 0(5 $ 5&+G-'-(5 $ .&
4&0&'(,3)-'/'-()&5 $ &54\ $ 53_&4( $ /0 $ 6+-)'-6-( $ .& $ )( $ .-5'+-,-)/'-7)S $ 6(+ $ 0( $ 4/)4(C $ 0/5
&,6+&5/5$6+&54/.(+/5$.&$.-'O(5$5&+G-'-(5C$.&$/'3&+.($/$0/$(*&+4/$.-56()-D0&C$)($63&.&)
)&F/+$&0$5&+G-'-($/$)-)F3)/$6&+5()/$)/43+/0$($_3+W.-'/$H3&$'3,60/$'()$0/5$'().-'-()&5
&54/D0&'-./5$6/+/$.-'O($5&+G-'-(I
!#,L0$3-)MMNG$ d(+$&0$6+-)'-6-($.&$)&34+/0-./.C$&0$'()'&5-()/+-($.&$3)$5&+G-'-($.&
4&0&'(,3)-'/'-()&5C $ H3& $ &5 $ 5(6(+4& $ .& $ (4+(5 $ 5&+G-'-(5 $ ( $ H3& $ 4-&)& $ 3)/ $ 6(5-'-7)
.(,-)/)4& $ &) $ &0 $ ,&+'/.(C $ &54\ $ (D0-F/.( $ / $ )( $ 34-0-[/+ $ 4/0&5 $ 5-43/'-()&5 $ 6/+/ $ 6+&54/+
5-,304\)&/,&)4&$(4+(5$5&+G-'-(5$.&$4&0&'(,3)-'/'-()&5$&)$'().-'-()&5$.&$,/9(+$G&)4/_/
9$&)$ .&4+-,&)4($ .&$ 535$ '(,6&4-.(+&5C$ ,&.-/)4&$ 6+\'4-'/5$ +&54+-'4-G/5$ .&$ 0/$ 0-D+&$9$ 0&/0
'(,6&4&)'-/C$ 4/0&5 $ '(,( $ 0-,-4/+ $ &0 $ /''&5($ / $ 0/ $ -)4&+'()&X-7)$ ( $ /*&'4/+ $ 0/ $ '/0-./.$ .&0
5&+G-'-(I
!#,L0$3- ) MENG$ b0 $ B-)-54&+-( $ 6+(,(G&+\ $ 9 $ .&5/++(00/+\ $ 6+(9&'4(5 $ .&
4&0&'(,3)-'/'-()&5C $ -)'039&).( $ 6+(9&'4(5 $ 6-0(4(C $ &56&'-/0,&)4& $ /H3&00(5 $ .-+-F-.(5 $ /
'3,60-+$'()$0(5$*-)&5$.&0$/''&5($3)-G&+5/0$9$H3&$4&)F/)$'(,($*-)/0-./.$-,6305/+$&0$/''&5(
/$0/5$:&')(0(FW/5$.&$0/$f)*(+,/'-7)$9$2(,3)-'/'-7)$!:f25#$9$&0$.&5/++(00($.&$0/$;('-&./.
Q0(D/0$.&$0/$f)*(+,/'-7)$9$&0$2()('-,-&)4(I
b0$B-)-54&+-($&0/D(+/+\$&0$+&F0/,&)4($'(++&56().-&)4&I
!#,L0$3- ) MQNG$ ;& $ /4&)4/ $ '()4+/ $ 0/ $ -)G-(0/D-0-./. $ 9 $ &0 $ 5&'+&4( $ .& $ 0/5
4&0&'(,3)-'/'-()&5C$'3/).($.&0-D&+/./,&)4&$3)/$6&+5()/$H3&$)($&5$H3-&)$(+-F-)/$)-$&5
&0$.&54-)/4/+-($.&$0/$'(,3)-'/'-7)C$5354+/&C$-)4&+'&64/C$-)4&+*-&+&C$'/,D-/$($/04&+/$53$4&X4(C
.&5GW/$53$'3+5(C$63D0-'/C$.-G30F/C$34-0-[/C$4+/4/$.&$'()('&+$($*/'-0-4/+$H3&$10$,-5,($3$(4+/
6&+5()/C$'()(['/$0/$&X-54&)'-/$($&0$'()4&)-.($.&$'3/0H3-&+$'(,3)-'/'-7)I
R/5 $ 6&+5()/5 $ H3& $ &) $ +/[7) $ .& $ 53 $ *3)'-7) $ 4-&)&) $ '()('-,-&)4( $ ( $ /''&5( $ /0
'()4&)-.( $ .& $ 3)/ $ '(,3)-'/'-7) $ '3+5/./ $ / $ 4+/G15 $ .& $ 0(5 $ 5&+G-'-(5 $ 6cD0-'(5 $ .&
4&0&'(,3)-'/'-()&5C$&54\)$(D0-F/./5$/$6+&5&+G/+$0/$-)G-(0/D-0-./.$9$&0$5&'+&4($.&$0/$,-5,/I
R(5$'()'&5-()/+-(5$.&$5&+G-'-(5$6cD0-'(5$.&$4&0&'(,3)-'/'-()&5$&54\)$(D0-F/.(5$/
5/0G/F3/+./+$&0$5&'+&4($.&$0/5$4&0&'(,3)-'/'-()&5$9$0/$6+(4&''-7)$.&$./4(5$6&+5()/0&5C
/.(64/+$ 0/5$ ,&.-./5$ 9$ 6+('&.-,-&)4(5$ +/[()/D0&5$ 6/+/$ F/+/)4-[/+ $ 0/$ -)G-(0/D-0-./.$ 9$ &0
5&'+&4($.&$0/5$'(,3)-'/'-()&5$'3+5/./5$/$4+/G15$.&$4/0&5$5&+G-'-(5C$/5W$'(,($,/)4&)&+$0/
'()*-.&)'-/0-./.$.&$0/$-)*(+,/'-7)$6&+5()/0$+&0/4-G/$/$535$353/+-(5$H3&$5&$(D4&)F/$&)$&0
'3+5($.&$535$)&F('-(5C$5/0G($'()5&)4-,-&)4($6+&G-(C$&X6+&5($9$6(+$&5'+-4($.&$535$353/+-(5
9$.&,\5$6/+4&5$-)G(03'+/./5$($6(+$,/)./4($_3.-'-/0I
R(5$ 4-430/+&5$ .&$ 5&+G-'-(5$ 6+-G/.(5$ .&$ 4&0&'(,3)-'/'-()&5$ .&D&+\)$ /.(64/+$ 535
6+(6-/5$,&.-./5$.&$5&F3+-./.$5(D+&$-)G-(0/D-0-./.$9$5&'+&4($.&$0/5$4&0&'(,3)-'/'-()&5I
b0$B-)-54&+-($6(.+\$&,-4-+$0/5$.-56(5-'-()&5$H3&$5&/)$)&'&5/+-/5$6/+/$6+&'-5/+$0(5
/0'/)'&5$.&0$6+&5&)4&$/+4W'30(I
!#,L0$3-)MHNG$ R(5$5&+G-'-(5$6cD0-'(5$.&$4&0&'(,3)-'/'-()&5C$4-&)&)$6+&&,-)&)'-/
5(D+&$0(5$5&+G-'-(5$6+-G/.(5$.&$4&0&'(,3)-'/'-()&5I$b54&$6+-)'-6-($&5$/60-'/D0&$&)$4(.(5
0(5$/'4(5$.&$(4(+F/,-&)4($.&$'()'&5-()&5C$/34(+-[/'-()&5C$/5-F)/'-7)$.&$*+&'3&)'-/5$9C
&)$F&)&+/0C$&)$4(./5$/H3&00/5$5-43/'-()&5$&)$0/5$H3&$0/$/34(+-./.$.&$4&0&'(,3)-'/'-()&5
4-&)&$H3&$.&'-.-+C$.&$,/)&+/$&X'039&)4&C$&)4+&$/,D/5$'0/5&5$.&$5&+G-'-(5I
!#,L0$3-)MRNG)b0$/D()/.($4-430/+$.&$3)$5&+G-'-($6cD0-'($.&$4&0&'(,3)-'/'-()&5C$&5
+&56()5/D0&$.&0$35($H3&$5&$O/F/$.&0$,-5,(I
!#,L0$3-) MTNG$ b0$ B-)-54&+-($ &) $ 53 $ '/0-./.$ .&$ +&6+&5&)4/)4&$ .&0 $ b54/.($ /)4&$ 0/5
(+F/)-[/'-()&5$-)4&+)/'-()/0&5$.&$4&0&'(,3)-'/'-()&5C$6(.+\$.&0&F/+$53$+&6+&5&)4/'-7)
&)$'/5(5$&56&'W*-'(5I
!#,L0$3-)MFNG$R/5$6&+5()/5$)/43+/0&5$($_3+W.-'/5$/34(+-[/./5$6/+/$(6&+/+$5&+G-'-(5
6+-G/.(5$ .& $ +/.-('(,3)-'/'-7)C$ &) $ 03F/+&5$ .().&$ )( $ *3)'-()/)$ 5&+G-'-(5 $ 6cD0-'(5 $ .&
4&0&'(,3)-'/'-()&5C$&54\)$(D0-F/./5$/$'3+5/+$,&)5/_&5$.&$0/5$/34(+-./.&5$($.&$4&+'&+(5C
'3/).($5&/$)&'&5/+-($6+(4&F&+$0/$G-./$O3,/)/C$,/)4&)&+$&0$(+.&)$6cD0-'(C$F/+/)4-[/+$0/
5&F3+-./.$.&$0(5$+&'3+5(5$)/43+/0&5$9$.&$0(5$D-&)&5$6cD0-'(5$($6+-G/.(5I
b)$4/0$'/5(C$5&$.&D&$6+&5&+G/+$0/$-)G-(0/D-0-./.$9$5&'+&4($.&$0/5$'(,3)-'/'-()&5
H3&$'3+5&C$6(+$0($H3&$5&+\$.&$/60-'/'-7)$0($6+&G-54($&)$&0$/+4W'30($EVI
!#,L0$3-) MUNG$ b)$ 0(5$ &54/.(5 $ .& $ &X'&6'-7)$ '()4&,60/.(5$ &) $ 0/$ 2()54-43'-7)$ 9
.&'0/+/.(5$'()*(+,&$/$0&9C$4(.(5$0(5$(6&+/.(+&5$.&$5&+G-'-(5$6(+4/.(+&5$9$4&0&5&+G-'-(5$(
5&+G-'-(5$*-)/0&5$.&D&)$(4(+F/+$6+-(+-./.$/$0/$4+/)5,-5-7)$.&$G([$9$./4/C$)&'&5/+-/$6/+/$0(5
,&.-(5$.&$'(,3)-'/'-7)$.&$0(5$;-54&,/5$.&$%&*&)5/$</'-()/0$9$%&*&)5/$2-G-0I
b) $ '/5($ .&$ F3&++/ $ &X4&+-(+C$ .&'0/+/./$ '()*(+,&$ / $ 0&9C$ &0 $ 2()5&_($ .&$ %&*&)5/
</'-()/0 $ / $ 4+/G15 $ .&0 $ 2(,/).( $ 2()_3)4( $ .& $ 0/5 $ 83&+[/5$ `+,/./5C $ 6(.+\ $ /53,-+ $ &0
'()4+(0$.-+&'4($.&$0(5$5&+G-'-(5$.&$4&0&'(,3)-'/'-()&5C$/5W$'(,($.-'4/+$.-56(5-'-()&5$.&
4-6($(6&+/4-G(I
d/+/ $ /4&).&+ $ .-'O(5 $ +&H3&+-,-&)4(5C $ &0 $ (6&+/.(+ $ .&0 $ 5&+G-'-( $ .&
4&0&'(,3)-'/'-()&5$6(.+\$5356&).&+$($+&54+-)F-+$6/+4&$.&$0(5$5&+G-'-(5$/34(+-[/.(5C$&)
'((+.-)/'-7)$6+&G-/$'()$&0$B-)-54&+-($9$0(5$;-54&,/5$.&$%&*&)5/$</'-()/0$9$2-G-0I
d/+/ $ .-'O(5 $ *-)&5C $ &0 $ B-)-54&+-($ '(,3)-'/+\ $ / $ 0(5 $ 7+F/)(5 $ '(,6&4&)4&5 $ .&$ 0(5
;-54&,/5$.&$%&*&)5/$6+&'-4/.(5C$0/5$'()'&5-()&5C$/34(+-[/'-()&5C$6&+,-5(5$9$0-'&)'-/5
H3&$(4(+F/C$/5W$'(,($535$'/)'&0/'-()&5I
!#,L0$3-)MVNG$ b)$'/5($.&$6+(.3'-+5&$3)/$5-43/'-7)$.&$&,&+F&)'-/$($'+-5-5$0('/0C
+&F-()/0$($)/'-()/0C$4/0&5$'(,($4&++&,(4(5C$-)3)./'-()&5$3$(4+(5$O&'O(5$/)\0(F(5C$H3&
+&H3-&+/) $ .& $ /4&)'-7) $ &56&'-/0 $ 6(+ $ 6/+4& $ .& $ 0(5 $ (6&+/.(+&5 $ .& $ 0(5 $ 5&+G-'-(5 $ .&
4&0&'(,3)-'/'-()&5C $ 154(5 $ D+-)./+\) $ 0(5 $ 5&+G-'-(5 $ .& $ 4&0&'(,3)-'/'-()&5 $ H3& $ 5&/)
)&'&5/+-(5$ ./).($ 6+-(+-./.$ / $ 0/5$ /''-()&5$ .& $ /6(9($ '().3'&)4&5$ /$ 0/$ 5(03'-7)$ .&$ 0/
5-43/'-7)$.&$&,&+F&)'-/I$d/+/$4/0$&*&'4(C$0(5$4-430/+&5$.&$'()'&5-()&5$9$/34(+-[/'-()&5
5&F3-+\)$0/5$.-56(5-'-()&5$.&0$B-)-54&+-(I
!#,L0$3- ) EDNG$ b0 $ d0/) $ </'-()/0 $ .& $ :&0&'(,3)-'/'-()&5$ &5 $ &0 $ .('3,&)4( $ H3&
'()4-&)&$0(5$60/)&5$41')-'(5$*3)./,&)4/0&5$H3&$5(D+&$0/$D/5&$.&0$6+-)'-6-($.&$-)4&F+/'-7)
.&$+&.&5C$5-54&,/5$9$5&+G-'-(5C$&54/D0&'&$0/5$6/34/5$9$0-)&/,-&)4(5$41')-'(5$D\5-'(5$H3&
/5&F3+/)$0/$-)4&F+/'-7)$&$-,60&,&)4/'-7)$.&$0(5$5&+G-'-(5$.&$4&0&'(,3)-'/'-()&5$/$)-G&0
)/'-()/0I
b5$&0/D(+/.($6(+$&0$B-)-54&+-($9$/6+(D/.($6(+$+&5(03'-7)$536+&,/$+&*+&)././$6(+
&0$:-430/+$.&0$B-)-54&+-(I$;3$/'43/0-[/'-7)$($+&G-5-7)$.&D&$+&/0-[/+5&$(D0-F/4(+-/,&)4&$&)
6&+W(.(5$)($,/9(+&5$.&$'-)'($!?#$/^(5I$b0$B-)-54&+-($6(.+\$'()G('/+$/$/3.-&)'-/$6cD0-'/
6+&G-/,&)4&$/$0/$/6+(D/'-7)$.&$0/5$,(.-*-'/'-()&5$.&0$'-4/.($60/)C$/$*-)$.&$+&'(F&+$0(5
/6(+4&5$.&$0/5$6&+5()/5$($&)4-./.&5$&56&'-/0-[/./5I
R(5 $ 60/)&5 $ )/'-()/0&5 $ .& $ .&5/++(00( $ .& $ 0/5 $ 4&0&'(,3)-'/'-()&5 $ .&D&+\)
&0/D(+/+5&$4(,/).($&)$'3&)4/$&0$'-4/.($60/)I$!"#
!"# $ `+4W'30( $ ,(.-*-'/.( $ 6(+ $ &0 $ `+4W'30( $ E $ .&0 $ %&'+&4( $ ;36+&,( $ <= $ >N>@A>>N@B:2C
63D0-'/.($&0$AA@EA@A>>NC$'39($4&X4($&5$&0$5-F3-&)4&k
n`+4W'30( $ A>I@ $ b0 $ d0/) $ </'-()/0 $ .& $ :&0&'(,3)-'/'-()&5$ &5 $ &0 $ .('3,&)4( $ H3&
'()4-&)&$0(5$60/)&5$41')-'(5$*3)./,&)4/0&5$H3&$5(D+&$0/$D/5&$.&0$6+-)'-6-($.&$-)4&F+/'-7)
.&$+&.&5C$5-54&,/5$9$5&+G-'-(5C$&54/D0&'&$0/5$6/34/5$9$0-)&/,-&)4(5$41')-'(5$D\5-'(5$H3&
/5&F3+/)$0/$-)4&F+/'-7)$&$-,60&,&)4/'-7)$.&$0(5$5&+G-'-(5$.&$4&0&'(,3)-'/'-()&5$/$)-G&0
)/'-()/0I
b5$&0/D(+/.($6(+$&0$B-)-54&+-($9$/6+(D/.($6(+$P&5(03'-7)$;36+&,/$+&*+&)././$6(+
&0$:-430/+$.&0$B-)-54&+-(I$;3$/'43/0-[/'-7)$($+&G-5-7)$.&D&$+&/0-[/+5&$(D0-F/4(+-/,&)4&$&)
6&+W(.(5$)($,/9(+&5$.&$'-)'($!?#$/^(5I$b0$B-)-54&+-($6(.+\$'()G('/+$/$/3.-&)'-/$6cD0-'/
6+&G-/,&)4&$/$0/$/6+(D/'-7)$.&$0/5$,(.-*-'/'-()&5$.&0$'-4/.($60/)C$/$*-)$.&$+&'(F&+$0(5
/6(+4&5$.&$0/5$6&+5()/5$($&)4-./.&5$&56&'-/0-[/./5I
b0 $ B-)-54&+-(C $ / $ 4+/G15 $ .& $ 0/ $ ;&'+&4/+W/$ .& $ 2(,3)-'/'-()&5C$ &0/D(+/+\ $ &0 $ d0/)
b54+/41F-'($.&$%&5/++(00($.&$0(5$;&+G-'-(5$.&$:&0&'(,3)-'/'-()&5C$&0$'3/0$'()4&,60/+\
0/5 $ 6(0W4-'/5C$ (D_&4-G(5$ 9 $ ,&4/5 $ .& $ .&5/++(00($ / $ ,&.-/)( $ 9 $ 0/+F( $ 60/[(C$ .&D-&).($ 5&+
+&G-5/.($'/./$'-)'($/^(5oI
><==ISB)><7?B;!
;<)81>)><4WI=I1>);<)*<8<=1A?BI=!=I1B<>
*X*?81)I
;<)8!)=8!>IYI=!=ISB)7<B<4!8
!#,L0$3- ) EMNG$ %& $ '()*(+,-./. $ '() $ &0 $ /+4W'30( $ U $ .& $ 0/ $ R&9C $ 0(5 $ 5&+G-'-(5 $ .&
4&0&'(,3)-'/'-()&5$5&$'0/5-*-'/)$&)k
EI$;&+G-'-(5$6(+4/.(+&5I
AI$:&0&5&+G-'-(5C$4/,D-1)$00/,/.(5$5&+G-'-(5$*-)/0&5I
VI$;&+G-'-(5$.&$.-*35-7)I
NI$;&+G-'-(5$.&$G/0(+$/^/.-.(I
d/+/$&*&'4($.&0$'-4/.($/+4W'30($U$.&$0/$R&9C$5&$&)4-&).&$6(+$+&.$.-F-4/0$-)4&F+/./$.&
5&+G-'-(5$9$5-54&,/5C$/$0/$+&.$H3&$,&.-/)4&$0/$/60-'/'-7)$.&$4&')(0(FW/5$.-F-4/0&5$6&+,-4&
0/$-)4&F+/'-7)$.&$4(.(5$0(5$5&+G-'-(5$&)$3)/$+&.$c)-'/I
!#,L0$3- ) EENG$ %& $ '()*(+,-./. $ '() $ &0 $ /+4W'30( $ M $ .& $ 0/ $ R&9C $ 0(5 $ 5&+G-'-(5 $ .&
4&0&'(,3)-'/'-()&5$5&$'0/5-*-'/)$&)k
EI$dcD0-'(5I
AI$d+-G/.(5I
VI$%&$+/.-(.-*35-7)k$d+-G/.(5$.&$-)4&+15$6cD0-'(I
!#,L0$3-) EQNG$ ;() $ 5&+G-'-(5$ 6cD0-'(5 $ /H3&00(5$ '39( $ 35( $ &54\ $ / $ .-56(5-'-7)$ .&0
6cD0-'($&)$F&)&+/0$/$'/,D-($.&$3)/$'()4+/6+&54/'-7)$4/+-*/+-/C$5-)$.-5'+-,-)/'-7)$/0F3)/C
.&)4+($.&$0/5$6(5-D-0-./.&5$.&$(*&+4/$41')-'/$H3&$(*+&'&)$0(5$(6&+/.(+&5I
R(5 $ 5&+G-'-(5 $ 6(+4/.(+&5 $ 5() $ )&'&5/+-/,&)4& $ 6cD0-'(5I $ R(5 $ 4&0&5&+G-'-(5C $ 0(5
5&+G-'-(5$.&$.-*35-7)$9$0(5$.&$G/0(+$/^/.-.($63&.&)$5&+$6cD0-'(5I
!#,L0$3-)EHNG$ ;()$5&+G-'-(5$6+-G/.(5$/H3&00(5$H3&$O/)$5-.($&54/D0&'-.(5$6(+$3)/
6&+5()/$ )/43+/0 $ ( $ _3+W.-'/$ 6/+/ $ 5/4-5*/'&+C $ &54+-'4/,&)4&C$ 535 $ 6+(6-/5$ )&'&5-./.&5$ .&
'(,3)-'/'-7)$.&)4+($.&0$4&++-4(+-($)/'-()/0$5/0G(C$0(5$'/5(5$6+&G-54(5$&)$0(5$/+4W'30(5$ET$9
EUI
<($6(.+\$ '0/5-*-'/+5&$'(,($5&+G-'-($ 6+-G/.($/H3&0$H3&$&5$ (*+&'-.($ /$4&+'&+(5$/
'/,D-($.&$3)/$'()4+/6+&54/'-7)$H3&$4&)F/$+&0/'-7)$'()$&0$5&+G-'-(C$ 5&/$154/$.-+&'4/$(
-).-+&'4/I
R(5$4&0&5&+G-'-(5C$0(5$5&+G-'-(5$.&$.-*35-7)$9$0(5$5&+G-'-(5$.&$G/0(+$/^/.-.($63&.&)
5&+$6+-G/.(5I
!#,L0$3-)ERNG$ d/+/$&*&'4(5$.&0$/+4W'30($NE$.&$0/$R&9C$'()5-.1+/5&$'(,($'()_3)4(
&'()7,-'($/0$F+36($.&$&,6+&5/5$H3&$4-&)&)$'(,($5('-($6+-)'-6/0$/$3)/$,-5,/$6&+5()/
)/43+/0$($_3+W.-'/C$0/$'3/0$&5$4-430/+$.-+&'4($($-).-+&'4($.&$6(+$0($,&)(5$&0$'-)'3&)4/$9$3)(
6(+ $ '-&)4($ !?Ep#$ .&$ 0/5 $ /''-()&5C$ 6/+4-'-6/'-()&5$ ( $ .&$ 0(5 $ .&+&'O(5$ H3&$ (4(+F3&)$ &0
'()4+(0 $ &*&'4-G( $ 5(D+& $ 0(5 $ -)4&F+/)4&5 $ .&0$ F+36( $ &,6+&5/+-/0C$ 9/ $ 5&/ $ H3& $ 154(5 $ &541)
'()54-43-.(5 $ '(,( $ *-0-/0&5 $ ( $ 53D5-.-/+-/5 $ .& $ 0/ $ 6&+5()/ $ _3+W.-'/ $ 6+-)'-6/0C $ '3/).(
'(++&56()./I
!#,L0$3-)ETNG$b0$B-)-54&+-($6(.+\$-)'03-+$.&)4+($.&0$,/+'($.&$0/$'0/5-*-'/'-7)$F&)&+/0
&54/D0&'-./$&)$ 0(5$/+4W'30(5$U$ 9$M$.&$0/$R&9C$ /H3&00(5$ 5&+G-'-(5$)($'()5-.&+/.(5$ &)$&0
P&F0/,&)4($ 9$ 0(5$ H3& $ 53+_/) $ &)$ &0 $ *343+( $ '(,($ '()5&'3&)'-/$ .&0$ /G/)'&$ '-&)4W*-'($ 9
4&')(07F-'(I
!#,L0$3- ) EFNG$ b0 $ .&+&'O( $ .& $ -)-'-/4-G/ $ .& $ 0(5 $ 6/+4-'30/+&5 $ 6/+/ $ 6+(6()&+ $ 0/
+&F30/'-7)$9$'(++&56().-&)4&$'0/5-*-'/'-7)$.&$)3&G(5$5&+G-'-(5C$5&$&_&+'&$6+&5&)4/).($3)/
5(0-'-43.$'()4&)-&).($0/$5-F3-&)4&$-)*(+,/'-7)k
EI$%&5'+-6'-7)$.&0$5&+G-'-($9$53$'0/5-*-'/'-7)$5&Fc)$53$35($9$)/43+/0&[/I
AI$d+(63&54/$.&$)(+,/5$41')-'/5I
VI$d+(63&54/$.&$)(+,/5$/.,-)-54+/4-G/5I
b0$B-)-54&+-(C$&)$'/5($H3&$0($'+&/$'()G&)-&)4&C$6(.+\$'()G('/+$/$/3.-&)'-/$6cD0-'/
6/+/$G&)4-0/+$0/5$6+(63&54/5$/)4&5$-).-'/./5I
b0 $ B-)-54&+-($ &X6&.-+\$ +&5(03'-7) $ .&)4+( $ .& $ 0(5 $ 4+&-)4/ $ !V># $ .W/5 $ '/0&)./+-($ .&
6+&5&)4/./$0/$5(0-'-43.$($/$6/+4-+$.&$0/$*&'O/$.&$+&/0-[/./$0/$/3.-&)'-/$6cD0-'/$5-$*3&+/$&0
'/5(I $ j&)'-.($ &54& $ 60/[( $ 5-) $ H3& $ 5& $ O/9/ $ &X6&.-.($ +&5(03'-7)C $ &0 $ -)4&+&5/.( $ 6(.+\
'()5-.&+/+ $ H3& $ 53 $ 6+(6(5-'-7) $ O/ $ 5-.( $ .&)&F/./ $ ( $ &56&+/+\ $ &0 $ 6+()3)'-/,-&)4( $ .&0
B-)-54&+-(I
!#,L0$3-) EUNG$ b54\)$ &X'&643/.(5$ .&$ 0/$ '0/5-*-'/'-7)$ .&$ 5&+G-'-(5$ .&$ 0/$ R&9C$ .&0
P&F0/,&)4($ 9$ .&$ 0(5$ P&F0/,&)4(5$ b56&'W*-'(5 $ H3& $ 5& $ .-'4&)C$ 0/5 $ 4&0&'(,3)-'/'-()&5
-)54/0/./5$.&)4+($.&$3)$,-5,($-),3&D0&$H3&$)($34-0-[/)$&0$&56&'4+($+/.-(&01'4+-'($9$)(
4-&)&)$'()&X-7)$'()$+&.&5$&X4&+-(+&5I
:/,D-1)$&54\)$&X'&643/.(5$.&$'()4/+$'()$'()'&5-7)C$5/0G($&0$'/5($.&0$)3,&+/0$NC
.& $ 0/ $ /5-F)/'-7) $ .&0 $ &56&'4+( $ +/.-(&01'4+-'(C$ /34(+-[/'-7)C$ 6&+,-5($ ( $ 0-'&)'-/C $ 6/+/ $ 0/
6+&54/'-7)$.&$5&+G-'-(5$.&$4&0&'(,3)-'/'-()&5C$.&$0/$'0/5-*-'/'-7)$.&$5&+G-'-(5$.&$0/$R&9C
.&0$P&F0/,&)4($9$.&$0(5$P&F0/,&)4(5$b56&'W*-'(5$H3&$5&$.-'4&)k
EI $ `H3&00(5 $ 5&+G-'-(5 $ '39(5 $ &H3-6(5C $ 34-0-[/).( $ &0 $ &56&'4+( $ +/.-(&01'4+-'(
4+/)5,-4&)$'()$3)/$6(4&)'-/$)($536&+-(+$/$.-&[$,-0-G/4-(5$!E>,q# $&)$/)4&)/$!6(4&)'-/
&*&'4-G/ $ -++/.-/./#I $ %-'O(5 $ 5&+G-'-(5 $ )( $ 6(.+\) $ (6&+/+ $ &) $ 0/5 $ D/)./5 $ .& $ *+&'3&)'-/5
/4+-D3-./5 $ / $ 0(5 $ 5&+G-'-(5 $ 6cD0-'(5 $ .& $ 4&0&'(,3)-'/'-()&5S $ 5/0G( $ &) $ 0/5 $ D/)./5 $ .&
*+&'3&)'-/5$AN>>@ANUVC?$Br[$9$?TA?@?U?>$Br[I
AI$`H3&00(5$5&+G-'-(5$'39(5$&H3-6(5C$34-0-[/).($3)/$'/)/0-[/'-7)$&54/D0&'-./$&)$0/
D/)./$NLAC$??>@NLAC$TA?$Br[$9$NLTC$??>@NLTC$TA?$Br[C$4+/)5,-4&)$'()$3)/$6(4&)'-/$)(
536&+-(+$/$H3-)-&)4(5$,-0-G/4-(5$!?>>,q#$&)$/)4&)/$!6(4&)'-/$&*&'4-G/$-++/.-/./#I$%-'O(5
&H3-6(5 $ )( $ 6(.+\) $ 5&+ $ &,60&/.(5 $ 6/+/ $ 0/ $ 6+&54/'-7) $ .& $ 5&+G-'-(5 $ 6cD0-'(5 $ .&
4&0&'(,3)-'/'-()&5I
VI$`H3&00(5$5&+G-'-(5$'39(5$&H3-6(5C$34-0-[/).($0/5$D/)./5$.&$M>A@MAU$Br[C$AN>>@
ANUVC?$Br[$9$?TA?@?U?>$Br[$4+/)5,-4&)$'()$3)/$6(4&)'-/$)($536&+-(+$/$'-&)$,-0-G/4-(5
!E>>,q# $ &)$ /)4&)/$ !6(4&)'-/$ &*&'4-G/$ -++/.-/./#C$ 9$ )( $ 5&/)$ &,60&/.(5$ 6/+/$ &*&'43/+
'(,3)-'/'-()&5$&)$&56/'-(5$/D-&+4(5I$%-'O(5$5&+G-'-(5$)($.&D&+\)$'/35/+$-)4&+*&+&)'-/5
/$'()'&5-()/+-(5$.&$5&+G-'-(5$6cD0-'(5$.&$4&0&'(,3)-'/'-()&5I
NI$`H3&00(5$5&+G-'-(5$'39(5$&H3-6(5C$34-0-[/).($0/5$D/)./5$.&$M>A@MAU$Br[C$AN>>@
ANUVC?$Br[$9$?TA?@?U?>$Br[$4+/)5,-4&)$'()$3)/$6(4&)'-/$)($536&+-(+$/$'3/4+($G/4-(5
!Nq#$($VL$.a,$&)$/)4&)/$!6(4&)'-/$&*&'4-G/$-++/.-/./#C$&)$&56/'-($/D-&+4(I
b)$&0$'/5($.&$34-0-[/+$&H3-6(5$D/_($0/5$'().-'-()&5$5&^/0/./5$&)$&0$)3,&+/0$NC
6/+/ $ 0/ $ 6+&54/'-7) $ .& $ 5&+G-'-(5 $ 6cD0-'(5 $ .& $ 4&0&'(,3)-'/'-()&5C $ 5& $ .&D& $ '()4/+
6+&G-/,&)4&$'()$0/$'()'&5-7)$+&56&'4-G/I$b)$&54&$'/5(C$0(5$'()'&5-()/+-(5$.&$5&+G-'-(5
6cD0-'(5$.&$4&0&'(,3)-'/'-()&5$H3&$&,60&&)$.-'O(5$&H3-6(5$)($+&H3&+-+\)$.&0$6&+,-5(
6/+/$53$-)54/0/'-7)$9$(6&+/'-7)C$)-$.&$0/$/5-F)/'-7)$.&$&56&'4+($+/.-(&01'4+-'($6/+/$53
35(I
;-)$6&+_3-'-($.&$0($.-563&54($&)$&0$6+&5&)4&$/+4W'30(C$/H3&00(5$H3&$O/F/)$35($.&$0/5
*+&'3&)'-/5$/)4&5$-).-'/./5$.&D&+\)$+&56&4/+$0/5$)(+,/5$41')-'/5$&,-4-./5$($H3&$&,-4/$&0
B-)-54&+-(I$!"#
!"# $ `+4W'30( $ ,(.-*-'/.( $ 6(+ $ &0 $ `+4W'30( $ E $ .&0 $ %&'+&4( $ ;36+&,( $ <= $ >N>@A>>N@B:2C
63D0-'/.($&0$AA@EA@A>>NC$'39($4&X4($&5$&0$5-F3-&)4&k
n`+4W'30($AUI@$ $b54\)$&X'&643/.(5$.&$0/$'0/5-*-'/'-7)$.&$5&+G-'-(5$.&$0/$R&9C$.&0
P&F0/,&)4($ 9$ .&$ 0(5$ P&F0/,&)4(5$ b56&'W*-'(5 $ H3& $ 5& $ .-'4&)C$ 0/5 $ 4&0&'(,3)-'/'-()&5
-)54/0/./5$.&)4+($.&$3)$,-5,($-),3&D0&$H3&$)($34-0-[/)$&0$&56&'4+($+/.-(&01'4+-'($9$)(
4-&)&)$'()&X-7)$'()$+&.&5$&X4&+-(+&5I
:/,D-1) $ &54\) $ &X'&643/.(5 $ .& $ '()4/+ $ '() $ '()'&5-7)C $ 5/0G( $ &0 $ '/5( $ .& $ 0(5
)3,&+/0&5$ N$ 9$ ?C $.&$ 0/$/5-F)/'-7)$ .&0$ &56&'4+($ +/.-(&01'4+-'(C$/34(+-[/'-7)C$ 6&+,-5($(
0-'&)'-/C$ 6/+/$ 0/$ 6+&54/'-7)$ .& $ 5&+G-'-(5$ .&$ 4&0&'(,3)-'/'-()&5C$ .& $ 0/$ '0/5-*-'/'-7)$ .&
5&+G-'-(5$.&$0/$R&9C$.&0$P&F0/,&)4($9$.&$0(5$P&F0/,&)4(5$b56&'W*-'(5$H3&$5&$.-'4&)k
EI $ `H3&00(5 $ 5&+G-'-(5 $ '39(5 $ &H3-6(5C $ 34-0-[/).( $ &0 $ &56&'4+( $ +/.-(&01'4+-'(
4+/)5,-4&)$'()$3)/$6(4&)'-/$)($536&+-(+$/$.-&[$,-0-G/4-(5$!E>$,q#$&)$/)4&)/$!6(4&)'-/
&*&'4-G/ $ -++/.-/./#I $ %-'O(5 $ 5&+G-'-(5 $ )( $ 6(.+\) $ (6&+/+ $ &) $ 0/5 $ D/)./5 $ .& $ *+&'3&)'-/5
/4+-D3-./5 $ / $ 0(5 $ 5&+G-'-(5 $ 6cD0-'(5 $ .& $ 4&0&'(,3)-'/'-()&5S $ 5/0G( $ &) $ 0/5 $ D/)./5 $ .&
*+&'3&)'-/5$AN>>@ANUVC?$Br[$9$?TA?@?U?>$Br[I
AI$`H3&00(5$5&+G-'-(5$'39(5$&H3-6(5C$34-0-[/).($3)/$'/)/0-[/'-7)$&54/D0&'-./$&)$0/
D/)./$NLAC$??>@NLAC$TA?$Br[$9$NLTC$??>@NLTC$TA?$Br[C$4+/)5,-4&)$'()$3)/$6(4&)'-/$)(
536&+-(+$/$H3-)-&)4(5$,-0-G/4-(5$!?>>$,q#$&)$/)4&)/$!6(4&)'-/$&*&'4-G/$-++/.-/./#I$%-'O(5
&H3-6(5 $ )( $ 6(.+\) $ 5&+ $ &,60&/.(5 $ 6/+/ $ 0/ $ 6+&54/'-7) $ .& $ 5&+G-'-(5 $ 6cD0-'(5 $ .&
4&0&'(,3)-'/'-()&5I
VI$`H3&00(5$5&+G-'-(5$'39(5$&H3-6(5C$34-0-[/).($0/5$D/)./5$.&$M>A@MAU$Br[C$AN>>@
ANUVC?$Br[C$?E?>@?A?>$Br[$9$?TA?@?U?>$Br[$4+/)5,-4&)$'()$3)/$6(4&)'-/$)($536&+-(+
/$'-&)$,-0-G/4-(5$!E>>$,q#$&)$/)4&)/$!6(4&)'-/$&*&'4-G/$-++/.-/./#C$9$)($5&/)$&,60&/.(5
6/+/$&*&'43/+$'(,3)-'/'-()&5$&)$&56/'-(5$/D-&+4(5I$%-'O(5$5&+G-'-(5$)($.&D&+\)$'/35/+
-)4&+*&+&)'-/5$/$'()'&5-()/+-(5$.&$5&+G-'-(5$6cD0-'(5$.&$4&0&'(,3)-'/'-()&5I
NI$`H3&00(5$5&+G-'-(5$'39(5$&H3-6(5C$34-0-[/).($0/5$D/)./5$.&$M>A@MAU$Br[C$AN>>@
ANUVC?$Br[$9$?TA?@?U?>$Br[$4+/)5,-4&)$'()$3)/$6(4&)'-/$)($536&+-(+$/$'3/4+($G/4-(5$!N
q#$($VL$.a,$&)$/)4&)/$!6(4&)'-/$&*&'4-G/$-++/.-/./#C$&)$&56/'-($/D-&+4(I
?I $ `H3&00(5 $ 5&+G-'-(5 $ '39(5 $ &H3-6(5S $ 34-0-[/).( $ 0/ $ D/)./ $ .& $ ?A?>@?V?> $ Br[
4+/)5,-4&)$'()$3)/$6(4&)'-/$)($536&+-(+$/$3)$G/4-($!E$q#$($V>$.a,$&)$/)4&)/$!6(4&)'-/
&*&'4-G/$-++/.-/./#C$&)$&56/'-($/D-&+4(I$%-'O(5$&H3-6(5$)($6(.+\)$5&+$&,60&/.(5$6/+/$&0
&54/D0&'-,-&)4($.&$5&+G-'-(5$6+-G/.(5$.&$4&0&'(,3)-'/'-()&5I
b)$&0$'/5($.&$34-0-[/+$&H3-6(5$D/_($0/5$'().-'-()&5$5&^/0/./5$&)$0(5$)3,&+/0&5$N$9
?C $ 6/+/ $ 0/ $ 6+&54/'-7) $ .& $ 5&+G-'-(5 $ 6cD0-'(5 $ .& $ 4&0&'(,3)-'/'-()&5C $ 5& $ .&D& $ '()4/+
6+&G-/,&)4&$'()$0/$'()'&5-7)$+&56&'4-G/I$b)$&54&$'/5(C$0(5$'()'&5-()/+-(5$.&$5&+G-'-(5
6cD0-'(5$.&$4&0&'(,3)-'/'-()&5$H3&$&,60&&)$.-'O(5$&H3-6(5$)($+&H3&+-+\)$.&0$6&+,-5(
6/+/$53$-)54/0/'-7)$9$(6&+/'-7)C$)-$.&$0/$/5-F)/'-7)$.&$&56&'4+($+/.-(&01'4+-'($6/+/$53
35(I
;-)$6&+_3-'-($.&$0($.-563&54($&)$&0$6+&5&)4&$/+4W'30(C$/H3&00(5$H3&$O/F/)$35($.&$0/5
*+&'3&)'-/5$/)4&5$-).-'/./5$.&D&+\)$+&56&4/+$0/5$)(+,/5$41')-'/5$&,-4-./5$($H3&$&,-4/$&0
B-)-54&+-(Io
!#,L0$3- ) EVNG$ R(5 $ 5&+G-'-(5 $ 9 $ 535 $ &H3-6(5 $ '(,6+&).-.(5 $ .&)4+( $ .&0 $ \,D-4(
&54/D0&'-.($&)$&0$/+4W'30($/)4&+-(+C$F([/)$.&$/34(+-[/'-7)$.&$'/+\'4&+$F&)&+/0$/$6/+4-+$.&$0/
G-F&)'-/$.&0$P&F0/,&)4(I
*X*?81)II
;<)81>)><4WI=I1>)@14*!;14<>
!#,L0$3- ) QDNG$ R(5 $ 5&+G-'-(5 $ 6(+4/.(+&5 $ 5() $ /H3&00(5 $ H3& $ 34-0-[/).( $ 0/
-)*+/&54+3'43+/ $ .&0 $ 5-54&,/ $ 6(+4/.(+C $ 4-&)&) $ 0/ $ */'304/. $ .& $ 6+(6(+'-()/+ $ 0/ $ '/6/'-./.
)&'&5/+-/ $ 6/+/ $ &0 $ 4+/)56(+4& $ 9 $ &)+34/,-&)4( $ .& $ 0/5 $ 5&^/0&5 $ .& $ '(,3)-'/'-()&5C
'()54-439&).( $ &0 $ 6+-)'-6/0 $ ,&.-( $ .& $ -)4&+'()&X-7) $ &)4+& $ 0(5 $ 5&+G-'-(5 $ 9 $ +&.&5 $ .&
4&0&'(,3)-'/'-()&5I
!#,L0$3-) QMNG$ b0 $ 5-54&,/ $ 6(+4/.(+ $ &5 $ &0 $ '()_3)4( $ .& $ ,&.-(5 $ .& $ 4+/)5,-5-7) $ 9
'(),34/'-7)$H3&$'()54-439&)$3)/$+&.$/D-&+4/$/$)-G&0$)/'-()/0$($-)4&+)/'-()/0$H3&$4-&)&)$0/
*/'304/.$.&$6+(6(+'-()/+$0/$'/6/'-./.$9$'/0-./.$53*-'-&)4&$6/+/$&0$4+/)56(+4&$.&$5&^/0&5$.&
4&0&'(,3)-'/'-()&5 $ 9 $ 6/+/ $ 0/ $ -)4&+'()&X-7) $ .& $ 0(5 $ 5&+G-'-(5 $ 6cD0-'(5 $ .&
4&0&'(,3)-'/'-()&5I
R/$-)4&+'()&X-7)$&)4+&$+&.&5$(6&+/./5$6(+$.-*&+&)4&5$'()'&5-()/+-(5$.&$.-54-)4(5
5&+G-'-(5$6cD0-'(5$.&$4&0&'(,3)-'/'-()&5C$.&)4+($.&0$\,D-4($.&$3)/$,-5,/$\+&/$3+D/)/C
5&+\ $ ,/4&+-/ $ .& $ /'3&+.( $ &)4+& $ 0/5 $ &,6+&5/5 $ 6+&54/.(+/5 $ .& $ 0/5 $ +&.&5 $ H3& $ 5&
-)4&+'()&'4/)I
!#,L0$3-)QENG$ R/5$5&^/0&5$4+/)56(+4/./5$6(+$&0$5-54&,/$6(+4/.(+$.&D&+\)$'3,60-+
'()$0/5$)(+,/5$41')-'/5$)/'-()/0&5$/6+(D/./5$6(+$&0$B-)-54&+-(C$5&Fc)$&0$5&+G-'-($.&$H3&
5&$4+/4&I
!#,L0$3-)QQNG$R/5$,(./0-./.&5$H3&$63&.&)$/.(64/+$0(5$5&+G-'-(5$6(+4/.(+&5$5()k
EI$;&+G-'-(5$H3&$34-0-[/)$0/5$+&.&5$.&$4&0&'(,3)-'/'-()&5$'(),34/./5$6/+/$&)0/[/+
0(5$63)4(5$.&$4&+,-)/'-7)$.&$+&.I$d&+4&)&'&)$/$&54/$,(./0-./.C$&)4+&$(4+(5C$0(5$5&+G-'-(5
6(+4/.(+&5 $ 6/+/k $ 5&+G-'-(5 $ .& $ '(),34/'-7) $ .& $ ./4(5 $ 6(+ $ 6/H3&4&5C $ 5&+G-'-(5 $ .&
'(),34/'-7)$.&$'-+'3-4(5C$5&+G-'-($4&0&*7)-'($($5&+G-'-($410&XI
AI $ ;&+G-'-(5 $ H3& $ 34-0-[/) $ 0/5 $ +&.&5 $ .& $ 4&0&'(,3)-'/'-()&5 $ )( $ '(),34/./5I
d&+4&)&'&)$/$&54/$,(./0-./.C$&)4+&$(4+(5C$&0$5&+G-'-($.&$/++&)./,-&)4($.&$'-+'3-4(5$.&0
4-6($63)4($/$63)4($9$63)4($/$,304-63)4(I
!#,L0$3- ) QHNG$ b0 $ /++&)./,-&)4( $ .& $ '-+'3-4(5 $ 6/+/ $ '(,3)-'/'-()&5 $ .& $ 0/+F/
.-54/)'-/$ )/'-()/0 $ ( $ -)4&+)/'-()/0C$ 6/+/ $ 0(5 $ .&,\5 $ 5&+G-'-(5 $ 6(+4/.(+&5C $ 4&0&5&+G-'-(5C
5&+G-'-(5$.&$.-*35-7)$9$5&+G-'-(5$.&$G/0(+$/^/.-.(C$5&$&*&'43/+\)$)&'&5/+-/,&)4&$/$4+/G15
.&$0(5$5&+G-'-(5$6(+4/.(+&5$(4(+F/.(5$&)$'()'&5-7)I
R/5 $ 6&+5()/5 $ )/43+/0&5 $ ( $ _3+W.-'/5 $ /34(+-[/./5 $ / $ 6+&54/+ $ 3) $ 5&+G-'-( $ .&
+/.-(.-*35-7)C $ /5W $ '(,( $ 0(5 $ 4&0&5&+G-'-(5 $ 6+-G/.(5 $ 6+&54/.(5 $ 6(+ $ &0 $ b54/.(C $ 63&.&)
/''&.&+ $ .-+&'4/,&)4&$ / $ 0(5 $ '-+'3-4(5 $ / $ 4+/G15$ .& $ 5/410-4&5C $ ,&.-/)4& $ 0/ $ 34-0-[/'-7) $ .&
5&F,&)4(5$&56/'-/0&5$.&D-&).($5(0-'-4/+$0/$/34(+-[/'-7)$.&$0/$%-+&''-7)$.&$Q&54-7)$6/+/$&0
35($.&0$5&F,&)4($4&++&54+&I
!#,L0$3-)QRNG$R(5$5&+G-'-(5$6(+4/.(+&5C$6(+$53$\,D-4($.&$/''-7)C$63&.&)$5&+k
EI$d(+4/.(+&5$0('/0&5I
AI$d(+4/.(+&5$.&$0/+F/$.-54/)'-/$)/'-()/0I
VI$d(+4/.(+&5$.&$0/+F/$.-54/)'-/$-)4&+)/'-()/0I
2/./ $ 3)/ $ .& $ &54/5 $ ,(./0-./.&5 $ +&H3-&+& $ .& $ '()'&5-7) $ &X6+&5/ $ 6/+/ $ 53
6+&54/'-7)I
!#,L0$3-)QTNG$R(5$5&+G-'-(5$6(+4/.(+&5$0('/0&5$5()$/H3&00(5$H3&$4-&)&)$0/$*/'304/.
.& $ 6+(6(+'-()/+ $ 0/ $ '/6/'-./. $ )&'&5/+-/ $ 6/+/ $ &0 $ 4+/)56(+4& $ .& $ 5&^/0&5 $ .&
4&0&'(,3)-'/'-()&5$&$-)4&+'()&'4/+$+&.&5$9$5&+G-'-(5$6cD0-'(5$.&$4&0&'(,3)-'/'-()&5$.&
.-54-)4(5$(6&+/.(+&5$&)$3)/$,-5,/$\+&/$0('/0I
R(5 $ 5&+G-'-(5$ 6(+4/.(+&5$ 0('/0&5 $ 4/,D-1) $ 4-&)&) $ 0/ $ */'304/. $ .& $ 6+(6(+'-()/+$ 0/
'/6/'-./.$)&'&5/+-/$6/+/$&0$4+/)56(+4&$.&$5&^/0&5$.&$4&0&'(,3)-'/'-()&5$.&$5&+G-'-(5
6+-G/.(5$&)$3)/$,-5,/$\+&/$0('/0I
!#,L0$3-) QFNG$ R(5$ 5&+G-'-(5$ 6(+4/.(+&5$ .&$ 0/+F/$ .-54/)'-/$ )/'-()/0$ 5()$ /H3&00(5
H3& $ 4-&)&) $ 0/ $ */'304/. $ .& $ 6+(6(+'-()/+$ 0/ $ '/6/'-./. $ )&'&5/+-/$ 6/+/ $ &0 $ 4+/)56(+4& $ .&
5&^/0&5$.&$4&0&'(,3)-'/'-()&5$&$-)4&+'()&'4/+$+&.&5$9$5&+G-'-(5$.&$4&0&'(,3)-'/'-()&5$/
)-G&0$)/'-()/0I
!#,L0$3-)QUNG$R(5$5&+G-'-(5$6(+4/.(+&5$.&$0/+F/$.-54/)'-/$-)4&+)/'-()/0$5()$/H3&00(5
H3& $ 4-&)&) $ 0/ $ */'304/. $ .& $ 6+(6(+'-()/+$ 0/ $ '/6/'-./. $ )&'&5/+-/$ 6/+/ $ &0 $ 4+/)56(+4& $ .&
5&^/0&5$ .& $ 4&0&'(,3)-'/'-()&5$ (+-F-)/./5$ 9 $ 4&+,-)/./5 $ &) $ &0 $ 6/W5C $ O/'-/$ ( $ .&5.&$ &0
\,D-4($-)4&+)/'-()/0I
!#,L0$3-) QVNG$ R(5 $ '()'&5-()/+-(5$ .& $ 0(5 $ 5&+G-'-(5$ 6(+4/.(+&5$ 0('/0&5C $ .& $ 0/+F/
.-54/)'-/$)/'-()/0$&$-)4&+)/'-()/0C$4&).+\)$0/$*/'304/.$6/+/$6+(6(+'-()/+$0(5$&)0/'&5$.&
&)4+/./$9$5/0-./$0('/0&5C$)/'-()/0$&$-)4&+)/'-()/0C$5&Fc)$'(++&56()./C$&)$0/$,&.-./$H3&
5&/ $ 41')-'/,&)4& $ */'4-D0&C $ 5&Fc) $ 0/5 $ .-56()-D-0-./.&5$ &X-54&)4&5 $ 9 $ .& $ /'3&+.( $ / $ 0/5
)&'&5-./.&5$.&$0(5$5&+G-'-(5C$5-)$.-5'+-,-)/+$/$0(5$353/+-(5I
!#,L0$3- ) HDNG$ R(5 $ '()'&5-()/+-(5 $ .& $ 5&+G-'-(5 $ 6(+4/.(+&5 $ 9 $ 5&+G-'-(5 $ *-)/0&5
0('/0-[/.(5$ &) $ [()/5 $ *+()4&+-[/5$ .&0 $ 6/W5C$ '() $ /34(+-[/'-7)$ 6+&G-/$ .&0 $ B-)-54&+-($ 9 $ &)
'((+.-)/'-7) $ '() $ Z5-64&0C $ 6(.+\) $ '&0&D+/+ $ '()G&)-(5 $ .& $ -)4&+'()&X-7) $ .& $ '/+\'4&+
&56&'-/0 $ '() $ &,6+&5/5 $ (6&+/.(+/5 $ .& $ &54(5 $ ,-5,(5 $ 5&+G-'-(5 $ 0('/0-[/./5$ &) $ [()/5
*+()4&+-[/5$.&0$6/W5$G&'-)(I
*X*?81)III
;<)81>)*<8<><4WI=I1>)1)><4WI=I1>)YIB!8<>
>?J*X*?81)I
;<)8!)=8!>IYI=!=ISB
!#,L0$3-)HMNG$R(5$4&0&5&+G-'-(5$($5&+G-'-(5$*-)/0&5$5&$'0/5-*-'/)$&)k
EI$dcD0-'(5I
AI$d+-G/.(5I
d(+$0/$,(./0-./.$.&$(6&+/'-7)C$0(5$4&0&5&+G-'-(5$6cD0-'(5$($6+-G/.(5$63&.&)$5&+k
EI$8-_(5I
AI$B7G-0&5I
!#,L0$3-) HENG$ b0 $ 5&+G-'-($ *-_(C $ &5 $ /H3&0 $ 5&+G-'-($ 6+&54/.($ 6(+ $ +&.&5 $ ( $ 5-54&,/5
-)54/0/.(5$&)$63)4(5$*-_(5I
!#,L0$3-)HQNG$b0$5&+G-'-($*-_($5&$'0/5-*-'/$&)k
EI$8-_($4&++&54+&I
AI$8-_($/&+()\34-'(I
VI$8-_($6(+$5/410-4&I
!#,L0$3-)HHNG$ b0$5&+G-'-($*-_($ 4&++&54+&$ &5$/H3&0$5&+G-'-($ 6+&54/.($6(+$&54/'-()&5
4&+,-)/0&5$9$+&.&5$($5-54&,/5$-)54/0/.(5$&)$63)4(5$*-_(5$&)$4-&++/I
!#,L0$3-)HRNG$b0$5&+G-'-($*-_($/&+()\34-'($&5$/H3&0$5&+G-'-($6+&54/.($6(+$&54/'-()&5
4&+,-)/0&5$-)54/0/./5$&)$0(5$/&+(63&+4(5$'()$&0$6+(675-4($.&$'3+5/+$4+\*-'($+&0/4-G($/$./4(5
.& $ )/G&F/'-7)$ /1+&/C $ 6+&6/+/'-7) $ 9 $ 5&F3+-./. $ .& $ 0(5 $ G3&0(5C $ -)*(+,& $ 5(D+& $ '/+F/5C
6/5/_&+(5$9$.&,\5$-)*(+,/'-()&5$+&0/4-G/5$/0$5&+G-'-($.&$/&+(63&+4(5I
!#,L0$3-)HTNG$b0$5&+G-'-($*-_($6(+$5/410-4&$&5$&0$5&+G-'-($.&$+/.-('(,3)-'/'-7)$&)4+&
&54/'-()&5$4&++&)/5$5-43/./5$&)$63)4(5$*-_(5$.&4&+,-)/.(5C$34-0-[/).($3)($($,\5$5-54&,/5
5/4&0-4/0&5S$&)$/0F3)(5$'/5(5$&54&$5&+G-'-($-)'039&$&)0/'&5$&)4+&$5/410-4&5I
!#,L0$3- ) HFNG$ b0 $ 5&+G-'-( $ ,7G-0C $ &5 $ /H3&0 $ 5&+G-'-( $ 6+&54/.( $ 6(+ $ &54/'-()&5
+/.-(&01'4+-'/5$*-_/5$'()$&54/'-()&5$,7G-0&5$9$6(+4\4-0&5I
!#,L0$3-)HUNG$b0$5&+G-'-($,7G-0$5&$'0/5-*-'/$&)k
EI$B7G-0$4&++&54+&I
AI$B7G-0$/&+()\34-'(I
VI$B7G-0$,/+W4-,(I
NI$B7G-0$6(+$5/410-4&I
!#,L0$3-)HVNG$b0$5&+G-'-($,7G-0$4&++&54+&$&5$/H3&0$5&+G-'-($6+&54/.($&)4+&$&54/'-()&5
D/5&$9$&54/'-()&5$,7G-0&5$4&++&54+&5$($&)4+&$&54/'-()&5$,7G-0&5$-)4&F+/)4&5$.&$3)$,-5,(
5-54&,/I
bX'&6'-()/0,&)4&C $ &0 $ 5&+G-'-( $ 6(.+\ $ 6+&54/+5& $ .-+&'4/,&)4& $ &)4+& $ &54/'-()&5
,7G-0&5$6(+4\4-0&5$.&)4+($.&$3)$\+&/$+&54+-)F-./C$'()$3)/$6(4&)'-/$,\X-,/$.&$'-)'($G/4-(5
!?q#I
!#,L0$3-)RDNG$b0$5&+G-'-($,7G-0$/&+()\34-'(C$&5$&0$5&+G-'-($6+&54/.($&)4+&$&54/'-()&5
*-_/5 $ /&+()\34-'/5$ '() $ &54/'-()&5 $ ,7G-0&5 $ 9 $ 6(+4\4-0&5 $ &) $ /&+()/G&5$ &) $ G3&0($ ( $ H3&
+&/0-[/)$,/)-(D+/5$&)$/&+(63&+4(5C$/5W$'(,($&)4+&$154/5$9$0/5$&54/'-()&5$6(+4\4-0&5$.&0
6&+5()/0$.&$0(5$/&+(63&+4(5$/$'/+F($.&0$'()4+(0$.&0$4+\*-'($/1+&(I
!#,L0$3- ) RMNG$ b0 $ 5&+G-'-( $ ,7G-0 $ ,/+W4-,( $ &5 $ &0 $ 5&+G-'-( $ .& $ +/.-('(,3)-'/'-7)
6+&54/.($&)4+&$&54/'-()&5$'(54&+/5$($6(+43/+-/5$9$&54/'-()&5$.&$D/+'($($&,D/+'/'-()&5
.&$'3/0H3-&+$W).(0&$9$&54/'-()&5$6(+4\4-0&5$.&$/6(9($/$&54&$5&+G-'-(C$'()$&0$*-)$.&$'3+5/+
'(,3)-'/'-()&5$&)4+&$154(5I
b54& $ 5&+G-'-( $ '(,6+&).& $ 4/,D-1) $ 0/5 $ */'-0-./.&5 $ .& $ +/.-('(,3)-'/'-7) $ .&
&,D/+'/'-()&5$H3&$(6&+/)$&)$0(5$0/F(5$9$+W(5I
!#,L0$3-)RENG$b0$5&+G-'-($,7G-0$6(+$5/410-4&$&5$&0$5&+G-'-($&)4+&$&54/'-()&5$4&++&)/5
,7G-0&5$'()$3)/$($G/+-/5$&54/'-()&5$&56/'-/0&5C$($&)4+&$&54/'-()&5$&56/'-/0&5$34-0-[/./5
6(+$ &54&$ 5&+G-'-(C$ ( $ &)4+&$ &54/'-()&5$ 4&++&)/5$ ,7G-0&5$ 6(+$ -)4&+,&.-($ .&$ 3)/$ ($ G/+-/5
&54/'-()&5$&56/'-/0&5I
>?J*X*?81)II
;<)81>)*<8<><4WI=I1>)@.J8I=1>
!#,L0$3-)RQNG$;&$'()5-.&+/)$4&0&5&+G-'-(5$6cD0-'(5$/$0(5$5-F3-&)4&5k
EI$;&+G-'-($4&0&*7)-'(I@$b5$&0$H3&$6&+,-4&$/$0(5$353/+-(5$0/$'()G&+5/'-7)$4&0&*7)-'/
&) $ 4-&,6( $ +&/0C $ &) $ /,D(5 $ 5&)4-.(5 $ .& $ 4+/)5,-5-7)C $ / $ 4+/G15 $ .& $ 0/ $ +&. $ .&
4&0&'(,3)-'/'-()&5I
AI$;&+G-'-($410&XI@$b5$&0$H3&$6&+,-4&$0/$'(,3)-'/'-7)$-)4&+/'4-G/$.&$4&X4(5$&)4+&
/D()/.(5$,&.-/)4&$/6/+/4(5$4&0&-,6+&5(+&5C$H3&$5&$'(,3)-'/)$&)4+&$5W$/$4+/G15$.&$3)/
+&.$410&XC$,&.-/)4&$0/$4+/)5,-5-7)$.&$./4(5$'()G&)-&)4&,&)4&$'(.-*-'/.(5I
VI$;&+G-'-($4&0&F+\*-'($!4&0&F+/,/#I@$b5$&0$H3&$6&+,-4&$0/$4+/)5,-5-7)$.&$,&)5/_&5
&5'+-4(5$6/+/$5&+$&)4+&F/.(5$/0$.&54-)/4/+-(I
NI$;&+G-'-($.&$D35'/6&+5()/5I@
/#$b)$53$,(./0-./.$3)-.-+&''-()/0k$b5$&0$H3&$6&+,-4&$/0$/D()/.($+&'-D-+$3)$/G-5(
6(+ $ +/.-($ 6(+ $ ,&.-($ .& $ 3) $ &H3-6($ +/.-(&01'4+-'($ 6(+4\4-0 $ 34-0-[/.($ &) $ 3)/$ .&4&+,-)/./
[()/I$b54&$/G-5($63&.&$5&+$3)$,&)5/_&$G&+D/0$($3)/$6+&5&)4/'-7)$G-53/0$'(.-*-'/./I
D#$b)$53$,(./0-./.$D-.-+&''-()/0k$b5$&0$H3&$6&+,-4&$/0$/D()/.($+&'-D-+$3)$/G-5($6(+
+/.-($6(+$,&.-($.&$3)$&H3-6($+/.-(&01'4+-'($6(+4\4-0$34-0-[/.($&)$3)/$.&4&+,-)/./$[()/C$&0
,-5,( $ H3& $ 63&.& $ 5&+ $ 3) $ ,&)5/_& $ G&+D/0 $ ( $ 3)/ $ 6+&5&)4/'-7) $ G-53/0 $ '(.-*-'/./I
`.-'-()/0,&)4&C$ 6&+,-4&$ &)G-/+$ 3) $ /G-5($ .& $ '()*-+,/'-7)$ .&$ +&'&6'-7)$ .&0$ ,&)5/_&$ (
&)G-/+$3)$,&)5/_&$'(+4(C$&)4+&$(4+(5I
?I$;&+G-'-($,7G-0$.&$'/)/0&5$,c04-60&5$.&$5&0&''-7)$/34(,\4-'/$!4+()'/0-[/.(#I@$b5
&0$H3&$6&+,-4&$/$0(5$/D()/.(5$'3+5/+$5&^/0&5$.&$G([$9$./4(5C$-).-G-.3/0&5$($.&$F+36(C
,&.-/)4&$&0$35($.&$'/)/0&5$,c04-60&5$.&$+/.-('(,3)-'/'-7)$'39/$/5-F)/'-7)$5&$+&/0-[/$&)
*(+,/$/34(,\4-'/I
LI$;&+G-'-($.&$'(),34/'-7)$6/+/$4+/)5,-5-7)$.&$./4(5I@$b5$&0$H3&$34-0-[/).($3)/
+&.$6+(6-/$6&+,-4&$/$0(5$/D()/.(5$'(,3)-'/'-()&5$-).-G-.3/0&5$&)$*(+,/$.&$./4(5$&)4+&
&H3-6(5$-)*(+,\4-'(5$5-43/.(5$&)$03F/+&5$.-*&+&)4&5I
TI$;&+G-'-($,304-,&.-(5I@$b5$&0$5&+G-'-($.&$4&0&'(,3)-'/'-()&5$H3&$/.&,\5$D+-)./
5&+G-'-(5 $ .& $ -)*(+,\4-'/ $ 9 $ 5&+G-'-(5 $ /3.-(G-53/0&5C$ '()G&+F&)4&5 $ &) $ 3) $ 5-54&,/C $ 3)/
D/)./$($3)$.-56(5-4-G(C$'()$*-)&5$.&$)&F('-(C$5&F3+-./.C$&)4+&4&)-,-&)4(C$&)4+&$(4+(5I
UI$;&+G-'-($.&$'(,3)-'/'-()&5$6&+5()/0&5I@$b5$&0$5&+G-'-($H3&$34-0-[/).($;-54&,/5
.&$2(,3)-'/'-()&5$d&+5()/0&5$!d2;#$6&+,-4&$D+-)./+$5&+G-'-(5$.&$4&0&'(,3)-'/'-()&5
,7G-0&5$ H3&$ ,&.-/)4&$ 3) $ 4&+,-)/0$ /5('-/.($ /0$ /D()/.($ 6(5-D-0-4/)$ '(,3)-'/'-()&5$ &)
4(.($,(,&)4($.&)4+($.&0$\+&/$.&$'()'&5-7)I
MI $ ;&+G-'-(5$ ,7G-0&5$ 6(+ $ 5/410-4&I@$ ;()$ 5&+G-'-(5$ ,7G-0&5$ .&$ 4&0&'(,3)-'/'-()&5
H3&$5&$D+-)./)$,&.-/)4&$4&+,-)/0&5$6(+4\4-0&5C$34-0-[/).($5/410-4&5I
E>I $ ;&+G-'-( $ ,7G-0 $ .& $ ./4(5 $ ,/+W4-,( $ 6(+ $ 5/410-4&I@ $ `H3&0 $ 5&+G-'-( $ .&
4&0&'(,3)-'/'-()&5 $ H3& $ 6+(6(+'-()/ $ ./4(5C $ '(,( $ &0 $ 6(5-'-()/,-&)4( $ .& $ 0/5
&,D/+'/'-()&5C$ 34-0-[/).($ 5/410-4&5I$ b54&$5&+G-'-($ 5&$6+&54/+\$ &)$ 0/5$ D/)./5$ /4+-D3-./5
6/+/$0(5$5&+G-'-(5$6cD0-'(5$.&$4&0&'(,3)-'/'-()&5$.&$/'3&+.($/0$d<`8I
EEI $ 23/0H3-&+ $ (4+( $ H3& $ &0 $ B-)-54&+-( $ '0/5-*-H3& $ '(,( $ 4/0 $ ,&.-/)4& $ +&5(03'-7)
,-)-54&+-/0I
!#,L0$3-)RHNG$b0$5&+G-'-($4&0&*7)-'(C$6(+$0/$*(+,/$&)$H3&$5&$6+&54/C$63&.&$5&+k$*-_($(
,7G-0I
!#,L0$3-)RRNG$b0$5&+G-'-($4&0&*7)-'($*-_($00/,/.($4/,D-1)$5&+G-'-($4&0&*7)-'($D\5-'(C
&5$/H3&0$H3&$5&$6+&54/$/$4+/G15$.&$3)/$+&.$*-_/C$)($&X63&54/$/$,(G-,-&)4($($/04&+/'-7)C
34-0-[/).($,&.-(5$/0\,D+-'(5C$764-'(5$9]($+/.-(@&01'4+-'(5I
!#,L0$3-)RTNG)b0$5&+G-'-($4&0&*7)-'($,7G-0$&5$/H3&0$H3&$5&$6+&54/$/$4+/G15$.&0$,&.-(
+/.-(&01'4+-'($ &)$0/5$ D/)./5$&56&'W*-'/,&)4&$ .&4&+,-)/./5$6(+$ &0$ B-)-54&+-(C$ ,&.-/)4&
4&+,-)/0&5$ ,7G-0&5$ H3& $ 5&$ 63&.&)$ 4+/)56(+4/+ $ .& $ 3)$ 03F/+ $ / $ (4+( $ .&)4+( $ .&0 $ \+&/$ .&
5&+G-'-($.&$0/$&,6+&5/$(6&+/.(+/C$0/$,-5,/$H3&$5&$&)'3&)4+/$'()*-F3+/./$&)$'1030/5I
!#,L0$3-)RFNG$R/$'()'&5-7)$.&0$5&+G-'-($4&0&*7)-'($6(.+\$*/'304/+$/0$'()'&5-()/+-(C$/
6+&54/+ $ &0 $ 5&+G-'-($ / $ 4+/G15 $ .& $ 4&+'&+(5$ 53D'()4+/4-54/5C$ &) $ 0/$ ,(./0-./.$ .& $ 4&01*()(5
,()&.&+(5C$4&01*()(5$'(,3)-4/+-(5$9$'/D-)/5$6cD0-'/5I
!#,L0$3-)RUNG$b0$5&+G-'-($4&0&*7)-'(C$5&Fc)$53$\,D-4($.&$6+&54/'-7)C$63&.&$5&+k
EI$R('/0I@$b5$/H3&0$H3&$6&+,-4&$0/$'(,3)-'/'-7)$.&$0(5$353/+-(5$.&)4+($.&0$\+&/
0('/0I
b0$\+&/$0('/0$6/+/$4&0&*()W/$*-_/$&5$&0$.&6/+4/,&)4($.&,/+'/.($F&(F+\*-'/,&)4&I
b0$\+&/$,W)-,/$6/+/$&0$(4(+F/,-&)4($.&$3)/$'()'&5-7)$&5$0/$6+(G-)'-/I
d/+/$0/$6+&54/'-7)$.&0$5&+G-'-($.&$4&0&*()W/$*-_/$0('/0$&)$03F/+&5$/6/+4/.(5$.&$0(5
'&)4+(5$3+D/)(5C$&)$03F/+&5$.&$6+&*&+&)4&$-)4&+15$5('-/0C$+&*&+-.($/$4&0&'(,3)-'/'-()&5
+3+/0&5C$&0$\+&/$.&$'()'&5-7)$ 5&+\$.&$\,D-4($+3+/0C$.&*-)-.($'(,($ &0$&54/D0&'-.($&)4+&
353/+-(5$.&$3)$\+&/$)($3+D/)/$.&4&+,-)/./$&)$0/$'()'&5-7)$+&56&'4-G/I
AI$%&$0/+F/$.-54/)'-/$)/'-()/0I@$d&+,-4&$0/$'(,3)-'/'-7)$.&$0(5$353/+-(5$.&)4+($.&0
4&++-4(+-($)/'-()/0I
VI$%&$0/+F/$.-54/)'-/$-)4&+)/'-()/0I@$b5$/H3&0$H3&$6&+,-4&$0/$'(,3)-'/'-7)$.&$0(5
353/+-(5$.&0$4&++-4(+-($6&+3/)($'()$0(5$353/+-(5$.&$(4+(5$6/W5&5I
!#,L0$3-)RVNG$b0$5&+G-'-($4&0&*7)-'($5&$6+&54/$D/_($0/5$5-F3-&)4&5$,(./0-./.&5k
EI$`D()/.(5I
AI$:&01*()(5$6cD0-'(5$*-_(5$($,7G-0&5C$,&.-/)4&$63&54(5$4&0&*7)-'(5C$4&+,-)/0&5$*-_(5
($,7G-0&5C$'/D-)/5$($0('34(+-(5$6cD0-'(5C$($4&01*()(5$,()&.&+(5I
!#,L0$3-)TDNG$d/+/$0/$6+&54/'-7)$.&$'/./$3)($.&$0(5$4&0&5&+G-'-(5$'()4&,60/.(5$&)
&0 $ 6+&5&)4& $ 53D4W430( $ 5& $ +&H3-&+& $ 6+&G-/,&)4& $ .&0 $ (4(+F/,-&)4( $ .& $ 0/ $ '()'&5-7)
+&56&'4-G/C$'()*(+,&$/$0/5$)(+,/5$.&0$P&F0/,&)4(I
R(5$5&+G-'-(5$.&$4&01*()(5$6cD0-'(5$/$H3&$5&$+&*-&+&$&0$)3,&+/0$A$.&0$/+4W'30($?MC
6(.+\) $ 5&+ $ 6+&54/.(5 $ 6(+ $ (6&+/.(+&5 $ -).&6&).-&)4&5C $ '(,6+&).-&).( $ / $ 6&+5()/5
)/43+/0&5$($_3+W.-'/5$H3&$5&$&)'3&)4+&)$*/'304/./5$6(+$&0$B-)-54&+-($6/+/$6+&54/+$.-'O(5
5&+G-'-(5C$5-&).($.-54-)4(5$.&$0(5$'()'&5-()/+-(5$H3&$6+&54/)$0(5$5&+G-'-(5$.&$4&0&*()W/$*-_/
($,7G-0S$5&Fc)$0(5$+&H3-5-4(5$9$6+('&.-,-&)4(5$H3&$&0$B-)-54&+-($&54/D0&['/I
R/ $ 6+&54/'-7) $ .&0 $ 5&+G-'-( $ 4&0&*7)-'( $ .& $ 0/+F/ $ .-54/)'-/C $ 4/)4( $ )/'-()/0 $ '(,(
-)4&+)/'-()/0C$ 5&$ &*&'43/+\ $ 34-0-[/).($ 0(5$ 5&+G-'-(5$ 6(+4/.(+&5$ D+-)./.(5$ 6(+$ &,6+&5/5
'()'&5-()/+-/5$/34(+-[/./5$&X6+&5/,&)4&$6/+/$4/0$*-)I
!#,L0$3-)TMNG$b0$5&+G-'-($4&0&*7)-'($6+&54/.($.&5.&$63&54(5$4&0&*7)-'(5C$'/D-)/5$(
0('34(+-(5$6cD0-'(5C$4&01*()(5$,()&.&+(5C$(6&+/$.&)4+($.&0$\+&/$.&$'()'&5-7)$.&0$5&+G-'-(C
9/$5&/$6(+$-)4&+,&.-($.&$4&0&*()-54/5$($6(+$/6/+/4(5$4&+,-)/0&5$/''-()/.(5$6(+$,()&./5C
*-'O/5C$4/+_&4/5$($'7.-F(5I
b0$'()4+/4($.&$'()'&5-7)$'()5-.&+/+\$&0$60/)$,W)-,($.&$&X6/)5-7)$.&$0(5$4&01*()(5
'(,6+&).-.(5$&)$&0$6+&5&)4&$/+4W'30(I
23/0H3-&+$6&+5()/$)/43+/0$($_3+W.-'/C$.&)(,-)/./$(6&+/.(+$-).&6&).-&)4&C$6(.+\
5(0-'-4/+$/$3)/$'()'&5-()/+-/$.&$4&0&*()W/$*-_/$($,7G-0C$3)/$($,\5$0W)&/5$4&0&*7)-'/5$'()$0/
*-)/0-./. $ .& $ -)54/0/+ $ 6/+/ $ 53 $ &X60(4/'-7) $ .-+&'4/ $ 4&01*()(5 $ 6cD0-'(5 $ .&5.& $ 63&54(5
4&0&*7)-'(5C$'/D-)/5$($0('34(+-(5$6cD0-'(5C$&)$3)$\+&/$.&4&+,-)/./$.&$0/$'()'&5-7)I$R(5
4&01*()(5$6cD0-'(5$H3&$5&$-)54/0&)$D/_($&54/$,(./0-./.C$5&$+&'()('&+\)$'(,($6/+4&$.&0
60/)$,W)-,($.&$&X6/)5-7)$.&$0/$'()'&5-()/+-/$.&$4&0&*()W/$*-_/$($,7G-0$H3&$0&$5-+G&$.&
5(6(+4&I
;- $ 0/ $ '()'&5-()/+-/ $ )( $ &543G-&5& $ &) $ '().-'-()&5 $ .& $ /''&.&+ $ / $ 0( $ 5(0-'-4/.(C
'(,3)-'/+\ $ /0 $ 5(0-'-4/)4& $ 0/5 $ /04&+)/4-G/5 $ 41')-'/5 $ .& $ 5(03'-7) $ 6/+/ $ O/'&+ $ 6(5-D0& $ 0/
-)54/0/'-7)$.&$0(5$4&01*()(5$6cD0-'(5$5(0-'-4/.(5I
;-$ &0$ 5(0-'-4/)4&$)($5&$ &)'()4+/+/$'()*(+,&$($ 5-$4+/)5'3++-&5&)$4+&-)4/$!V>#$.W/5
O\D-0&5$.&$6+&5&)4/./$53$5(0-'-43.$5-)$+&'-D-+$+&563&54/$.&0$'()'&5-()/+-(C$6(.+\$+&'3++-+$/
Z5-64&0C$H3-&)$&,-4-+\$3)$6+()3)'-/,-&)4($.&$(D0-F/4(+-($'3,60-,-&)4(C$4&)-&).($&)$'3&)4/
0( $ -)*(+,/.( $ 6(+ $ 0/ $ '()'&5-()/+-/$ 9 $ 0/ $ .('3,&)4/'-7)$ 5354&)4/4(+-/ $ .&0 $ 5(0-'-4/)4&C $ 0/
+&5(03'-7)$5&$&,-4-+\$.&)4+($.&$0(5$4+&-)4/$!V>#$.W/5$O\D-0&5$5-F3-&)4&5$/$0/$6+&5&)4/'-7)$.&
0/$5(0-'-43.$/$Z5-64&0I
Z5-64&0$+&F30/+\$0/5$+&0/'-()&5$&)4+&$&0$'()'&5-()/+-($.&0$4&0&5&+G-'-($9$&0$(6&+/.(+
-).&6&).-&)4&I
!#,L0$3-) TENG$ :(./$ \+&/$ .&$ 5&+G-'-($ 4&0&*7)-'($ 0('/0$ .&D&+\$ '()4/+$ '()$ 63&54(5
4&0&*7)-'(5C $ '/D-)/5$ ( $ 0('34(+-(5$ 6cD0-'(5$ 9 $ 4&01*()(5 $ ,()&.&+(5$ .&$ 35($ 6cD0-'(C$ '()
/''&5($/0$5&+G-'-($.&$0/+F/$.-54/)'-/$)/'-()/0$&$-)4&+)/'-()/0I
!#,L0$3-)TQNG$ R(5$(6&+/.(+&5$.&0$5&+G-'-($4&0&*7)-'($0('/0C$00&G/+\)$3)$+&F-54+($.&
5(0-'-43.&5$6/+/$0/$-)54/0/'-7)$.&$0W)&/5$4&0&*7)-'/5$6(+$(+.&)$'+()(07F-'(I
!#,L0$3-)THNG$ R/$6+&54/'-7)$.&0$5&+G-'-($4&0&*7)-'($&54\$53_&4($/$3)$'()4+/4($H3&
535'+-D-+\) $ &0 $ '()'&5-()/+-( $ 9 $ &0 $ /D()/.(C $ .& $ /'3&+.( $ / $ '0\3530/5 $ F&)&+/0&5 $ .&
'()4+/4/'-7)$/6+(D/./5$6(+$Z5-64&0$9$63D0-'/./5$&)$0/$F3W/$.&$/D()/.(5I
!#,L0$3-)TRNG$ R(5$5&+G-'-(5$4&0&*7)-'(5$.&D&+\)$(6&+/+$*+&)4&$/0$353/+-($'(,($3)
5-54&,/$-)4&F+/.($.&$5&+G-'-(5C$-).&6&).-&)4&,&)4&$.&$H3&$&X-54/$,\5$.&$3)$(6&+/.(+
H3&$0(5$6+&54&I
!#,L0$3-)TTNG$ b5$(D0-F/'-7)$.&$0(5$'()'&5-()/+-(5$.&$5&+G-'-(5$.&$4&0&*()W/$*-_/$9
410&XC$63D0-'/+$ 6(+$0($,&)(5$ '/./$.(5$!A#$ /^(5$3)/$ F3W/$.&$/D()/.(5$.&$53$\+&/$.&
5&+G-'-(I $ `5-,-5,(C $ 0(5 $ '()'&5-()/+-(5 $ .&D&+\) $ 63D0-'/+ $ 5360&,&)4(5 $ .& $ F3W/
/)3/0,&)4&C $ &) $ 0(5 $ /^(5 $ H3& $ )( $ '(++&56()./ $ 63D0-'/+ $ 3)/ $ F3W/ $ .& $ /D()/.(5C
'()4&)-&).($0(5$)3&G(5$/D()/.(5$9$'/,D-(5$.&$)c,&+(5I
!#,L0$3-)TFNG$ b0$/D()/.(C$5-$0($.&5&/C$63&.&$5(0-'-4/+$53$&X'035-7)$.&$0/$+&0/'-7)
'()5-F)/./$6(+$0/$F3W/$.&$/D()/.(5I$R/$5(0-'-43.$.&D&+\$5&+$6(+$&5'+-4(I
!#,L0$3-) TUNG$ R/5$ .-56(5-'-()&5$ 5(D+& $ 4&0&5&+G-'-(5 $ 6cD0-'(5C$ '()4&)-./5$ &) $ 0(5
/+4W'30(5$LVC$LN$9$L?C$5()$.&$/60-'/'-7)C$&)$0($6&+4-)&)4&C$/$0(5$.&,\5$5&+G-'-(5$6cD0-'(5
.&$4&0&'(,3)-'/'-()&5I
>?J*X*?81)III
;<)81>)*<8<><4WI=I1>)@4IW!;1>
!#,L0$3-)TVNG$R(5$4&0&5&+G-'-(5$6+-G/.(5C$63&.&)$5&+k
EI$:&0&5&+G-'-(5$6+-G/.(5$H3&$34-0-[/)$,&.-(5$/0\,D+-'(5$3$764-'(5I$h54(5$/$53$G&[
63&.&)$5&+k$0W)&/$*W5-'/C$'/D0&5C$'/D0&5$'(/X-/0&5$9$*-D+/$764-'/I
AI $ :&0&5&+G-'-(5 $ 6+-G/.(5 $ H3& $ )( $ 34-0-[/) $ ,&.-(5 $ /0\,D+-'(5 $ 3 $ 764-'(5C
.&)(,-)/.(5$4/,D-1)$6+-G/.(5$.&$+/.-('(,3)-'/'-7)I
=!@X*?81)I
;< ) 81> ) *<8<><4WI=I1> ) @4IW!;1> ) Z?< ) ?*I8I[!B ) A<;I1> ) !8\AJ4I=1>) ?
S@*I=1>
!#,L0$3-)FDNG$ R(5$4&0&5&+G-'-(5$6+-G/.(5$H3&$34-0-[/)$,&.-(5$/0\,D+-'(5$3$764-'(5
5&$&)'3&)4+/)$.&)4+($.&0$\,D-4($.&0$/+4W'30($NE$.&$0/$R&9I$b)$0(5$'/5(5$H3&$6/+/$&54(5
5&+G-'-(5$ 5&$ +&H3-&+/$ /4+/G&5/+$ '/00&5C $ /G&)-./5C$ 60/[/5$ 3$ (4+(5$ 03F/+&5$ 6cD0-'(5C$ 6/+/
O/'&+$6(5-D0&$0/$'(,3)-'/'-7)$6+-G/./C$5&$34-0-[/+\)$0/5$*/'-0-./.&5$.&$4&0&'(,3)-'/'-()&5
.&$0(5$(6&+/.(+&5$.&$5&+G-'-(5$6cD0-'(5$.&$4&0&'(,3)-'/'-()&5C$H3-&)&5$&54\)$(D0-F/.(5
/$(4(+F/+0/5$&)$'3/)4($&00/5$5&/)$41')-'/,&)4&$*/'4-D0&5I
!#,L0$3-) FMNG$ R/5 $ )(+,/5 $ .&0 $ '/6W430($ 5-F3-&)4& $ 5() $ .& $ /60-'/'-7)C $ &) $ 0( $ H3&
+&5304&$6&+4-)&)4&C$/$0(5$4&0&5&+G-'-(5$6+-G/.(5$H3&$34-0-[/)$,&.-(5$/0\,D+-'(5$3$764-'(5I
=!@X*?81)II
;<)81>)*<8<><4WI=I1>)@4IW!;1>)Z?<)B1)?*I8I[!B)A<;I1>)!8\AJ4I=1>)?
S@*I=1>
!#,L0$3- ) FENG$ ;& $ '()5-.&+/ $ 4&0&5&+G-'-(5 $ 6+-G/.(5 $ H3& $ )( $ 34-0-[/) $ ,&.-(5
/0\,D+-'(5 $ 3 $ 764-'(5C $ .&)(,-)/.(5 $ 4/,D-1) $ 6+-G/.(5 $ .& $ +/.-('(,3)-'/'-7)C $ / $ 0(5
5-F3-&)4&5k
EI$;&+G-'-($*-_($6+-G/.(I
AI$;&+G-'-($,7G-0$6+-G/.(I
VI$;&+G-'-($,7G-0$.&$'/)/0&5$,c04-60&5$.&$5&0&''-7)$/34(,\4-'/$!4+()'/0-[/.(#I
NI$;&+G-'-($.&$+/.-()/G&F/'-7)I
?I$;&+G-'-($.&$'/)/0&5$7,)-D35$!D/)./$'-3././)/#I
LI$;&+G-'-($.&$+/.-(/*-'-()/.(5I
TI$;&+G-'-($&56/'-/0I
UI$;&+G-'-($'(0&'4-G($*/,-0-/+I
MI $ Z4+(5 $ 5&+G-'-(5 $ .& $ +/.-('(,3)-'/'-()&5 $ '/0-*-'/.(5 $ '(,( $ 4/0&5 $ &) $ &0
P&F0/,&)4(I
E>I $ 23/0H3-&+ $ (4+( $ H3& $ &0 $ B-)-54&+-( $ '0/5-*-H3& $ '(,( $ 4/0 $ ,&.-/)4& $ +&5(03'-7)
,-)-54&+-/0I
R(5 $ 5&+G-'-(5 $ .& $ +/.-('(,3)-'/'-()&5$ ,&)'-()/.(5C $ /.&,\5 $ .& $ 53_&4/+5& $ /0
P&F0/,&)4(C$&54\)$+&F30/.(5$6(+$&0$d<`8C$&0$P&F0/,&)4($.&$P/.-('(,3)-'/'-()&5$.&$0/
m)-7) $ f)4&+)/'-()/0 $ .& $ :&0&'(,3)-'/'-()&5 $ 9 $ .&,\5 $ .-56(5-'-()&5 $ H3& $ &,-4/ $ &0
B-)-54&+-(I$!"#
!"# $ `+4W'30( $ ,(.-*-'/.( $ 6(+ $ &0 $ `+4W'30( $ E $ .&0 $ %&'+&4( $ ;36+&,( $ <= $ >N>@A>>N@B:2C
63D0-'/.($&0$AA@EA@A>>NC$'39($4&X4($&5$&0$5-F3-&)4&k
n`+4W'30( $ TAI@ $ $ ;& $ '()5-.&+/ $ 4&0&5&+G-'-(5 $ 6+-G/.(5 $ H3& $ )( $ 34-0-[/) $ ,&.-(5
/0\,D+-'(5 $ 3 $ 764-'(5C $ .&)(,-)/.(5 $ 4/,D-1) $ 6+-G/.(5 $ .& $ +/.-('(,3)-'/'-7)C $ / $ 0(5
5-F3-&)4&5k
EI$;&+G-'-($*-_($6+-G/.(I
AI$;&+G-'-($,7G-0$6+-G/.(I
VI$;&+G-'-($,7G-0$.&$'/)/0&5$,c04-60&5$.&$5&0&''-7)$/34(,\4-'/$!4+()'/0-[/.(#I
NI$;&+G-'-($.&$+/.-()/G&F/'W7)I
?I$;&+G-'-($.&$'/)/0&5$7,)-D35$!D/)./$'-3././)/#I
LI$;&+G-'-($.&$+/.-(/*-'-()/.(5I
TI$;&+G-'-(5$&56/'-/0I
UI$;&+G-'-($'(0&'4-G($*/,-0-/+I
MI $ Z4+(5 $ 5&+G-'-(5 $ .& $ +/.-('(,3)-'/'-()&5 $ '/0-*-'/.(5 $ '(,( $ 4/0&5 $ &) $ &0
P&F0/,&)4(I
E>I $ 23/0H3-&+ $ (4+( $ H3& $ &0 $ B-)-54&+-( $ '0/5-*-H3& $ '(,( $ 4/0 $ ,&.-/)4& $ +&5(03'-7)
,-)-54&+-/0I
b0 $ 5&+G-'-( $ '()4&,60/.( $ &) $ &0 $ )3,&+/0 $ V $ 6&+,-4& $ / $ 0/5 $ 6&+5()/5 $ )/43+/0&5 $ (
_3+W.-'/5$5/4-5*/'&+$535$6+(6-/5$)&'&5-./.&5$.&$'(,3)-'/'-()&5$-).-G-.3/0&5$,&.-/)4&$&0
35( $ .& $ '/)/0&5$ ,c04-60&5 $ .& $ +/.-('(,3)-'/'-7)$ '39/ $ /5-F)/'-7) $ 5& $ +&/0-[/$ &) $ *(+,/
/34(,\4-'/I
R(5 $ 5&+G-'-(5 $ .& $ +/.-('(,3)-'/'-()&5$ ,&)'-()/.(5C $ /.&,\5 $ .& $ 53_&4/+5& $ /0
P&F0/,&)4(C$&54\)$+&F30/.(5$6(+$&0$d<`8C$&0$P&F0/,&)4($.&$P/.-('(,3)-'/'-()&5$.&$0/
m)-7) $ f)4&+)/'-()/0 $ .& $ :&0&'(,3)-'/'-()&5 $ 9 $ .&,\5 $ .-56(5-'-()&5 $ H3& $ &,-4/ $ &0
B-)-54&+-(oI
>?J=!@X*?81)I
;%)3-:)>%#]/0/-:)Y/^-)9)A_]/3)@#/]'2-:
!#,L0$3-)FQNG$R/5$.&*-)-'-()&5$.&$0(5$5&+G-'-(5$*-_($6+-G/.($9$,7G-0$6+-G/.($5()$0/5
,-5,/5$H3&$5&$&54/D0&'&)$&)$0(5$/+4W'30(5$NA$9$NTI
>?J=!@X*?81)II
;%3)>%#]/0/-)2%)4'2/-(']%5'0/_(
!#,L0$3-)FHNG$ b0$5&+G-'-($.&$+/.-()/G&F/'-7)$&5$/H3&0$H3&$6&+,-4&$.&4&+,-)/+$0/
6(5-'-7)C$ G&0('-./.C$ (+-&)4/'-7)C$ ,/)4&)-,-&)4( $ &)$ +34/$ 3 $ (4+/5 $ '/+/'4&+W54-'/5 $ .&$ 3)/
/&+()/G& $ ( $ &,D/+'/'-7)$ ( $ 0/ $ (D4&)'-7) $ .& $ -)*(+,/'-7) $ +&0/4-G/$ / $ &54(5 $ 6/+\,&4+(5C
&,60&/).($()./5$+/.-(&01'4+-'/5I
!#,L0$3- ) FRNG$ b0 $ 5&+G-'-( $ .& $ +/.-()/G&F/'-7) $ 63&.& $ /.(64/+ $ 0/5 $ 5-F3-&)4&5
,(./0-./.&5k
EI$P/.-()/G&F/'-7)$/&+()\34-'/I@$b54\$+&*&+-.($/$0/5$/&+()/G&5I$b)$&0$5&+G-'-($.&
+/.-()/G&F/'-7)$ /&+()\34-'/$6(+$ 5/410-4&C$ 0/5$ &54/'-()&5$H3&$ '/64/)$ 0/5$ 5&^/0&5$ &54\)
3D-'/./5$/$D(+.($.&$0/5$/&+()/G&5I
AI$P/.-()/G&F/'-7)$,/+W4-,/I@$b54\$+&*&+-.($/$0/5$&,D/+'/'-()&5I$b)$&0$5&+G-'-(
.&$ +/.-()/G&F/'-7)$ ,/+W4-,/$ 6(+$ 5/410-4&$ 0/5$ &54/'-()&5$ H3&$ '/64/)$ 0/5$ 5&^/0&5$ &54\)
3D-'/./5$/$D(+.($.&$&,D/+'/'-()&5I
>?J=!@X*?81)III
;%3)>%#]/0/-)2%)='('3%:)S6(/&$:
!#,L0$3-)FTNG$b0$5&+G-'-($.&$'/)/0&5$7,)-D35$&5$3)/$*(+,/$6/+4-'30/+$.&$5&+G-'-($.&
+/.-('(,3)-'/'-()&5$+&/0-[/.($,&.-/)4&$&H3-6(5$.&$6(4&)'-/$0-,-4/./C$H3&$4+/D/_/)$&)
*+&'3&)'-/5 $ '(,3)&5C $ 5-) $ .&+&'O( $ / $ 6+(4&''-7) $ '()4+/ $ -)4&+*&+&)'-/5C $ '()*(+,& $ / $ 0(
&54/D0&'-.($&)$&0$d<`8I
>?J=!@X*?81)IW
;%3)>%#]/0/-)2%)4'2/-'`/0/-('2-:
!#,L0$3-)FFNG$b0$5&+G-'-($.&$+/.-(/*-'-()/.(5$&5$3)/$*(+,/$6/+4-'30/+$.&0$5&+G-'-($.&
+/.-('(,3)-'/'-7)C$ '()$ *-)&5$.&$-)4&+'(,3)-'/'-7)C$ &)4+&4&)-,-&)4(C $&X6&+-,&)4/'-7)$&
-)G&54-F/'-7)I$b0$b54/.($*(,&)4/$&54/$/'4-G-./.$9$&54\$53_&4/$/$'()4+(0I
!#,L0$3-)FUNG$R(5$(6&+/.(+&5$.&0$5&+G-'-($.&$+/.-(/*-'-()/.(5$&54\)$'/4&F(+-[/.(5
&)$0/$*(+,/$5-F3-&)4&k
EI$2/4&F(+W/$)(G-'-(k$`H3&00(5$H3&$&54\)$/34(+-[/.(5$6/+/$(6&+/+$&54/'-()&5$.&
20/5&$s2oC$&)$0/5$5-F3-&)4&5$D/)./5$.&$5&+G-'-(5$.&$+/.-(/*-'-()/.(5k$D/)./$.&$EL>C$U>C$L
9$A$,&4+(5C$9$&0$5&F,&)4($.&$0/$D/)./$.&$N>$,&4+(5C$'(,6+&).-.($&)4+&$TE>>$9$TV>>$tr[
9$'()$0/5$0-,-4/'-()&5$H3&$5&^/0&$53$P&F0/,&)4($b56&'W*-'(I
AI$2/4&F(+W/$-)4&+,&.-/k$`H3&00(5$H3&$&54\)$/34(+-[/.(5$6/+/$(6&+/+$&54/'-()&5
.&$20/5&$saoC$&)$0/5$5-F3-&)4&5$D/)./5$.&0$5&+G-'-($.&$+/.-(/*-'-()/.(5k$D/)./$.&$EL>C$U>C
N>C$E>C$L$9$A$,&4+(5C$9$0(5$5&F,&)4(5$.&$0/5$D/)./5$.&$A>$,&4+(5C$'(,6+&).-.(5$&)4+&
EN>>>$9$ENA>>$tr[C$9$.&$E?$,&4+(5$'(,6+&).-.(5$&)4+&$AE>>>$9$AEA?>$tr[C$9$'()$0/5
0-,-4/'-()&5$H3&$5&^/0&$53$P&F0/,&)4($b56&'W*-'(I
VI$2/4&F(+W/$536&+-(+k$`H3&00(5$H3&$&54\)$/34(+-[/.(5$6/+/$(6&+/+$&54/'-()&5$.&
20/5& $ s`o $ &) $ 4(./5 $ 0/5 $ D/)./5 $ /5-F)/./5 $ /0 $ 5&+G-'-( $ .& $ +/.-(/*-'-()/.(5 $ 9 $ '() $ 0/5
0-,-4/'-()&5$H3&$5&^/0&$53$P&F0/,&)4($b56&'W*-'(I
!#,L0$3-) FVNG$ R/5 $ &54/'-()&5$ .&0$ 5&+G-'-($ .& $ +/.-(/*-'-()/.(5$ 5& $ '0/5-*-'/)C $ .&
/'3&+.($/$0/$6(4&)'-/$.&$5/0-./C$&)k
EI$20/5&$s`ok$`H3&00/5$'39/$6(4&)'-/$)($&X'&./$.&$,-0$G/4-(5$!E$>>>q#!PB;#I
AI$20/5&$saok$`H3&00/5$'39/$ 6(4&)'-/$)($&X'&./$.&$ .(5'-&)4(5$'-)'3&)4/$G/4-(5
!A?>q#!PB;#I
VI$20/5&$s2ok$`H3&00/5$'39/$6(4&)'-/$)($&X'&./$.&$'-&)$G/4-(5$!E>>q#!PB;#I
>?J=!@X*?81)W
;%3)>%#]/0/-)<:"'0/'3
!#,L0$3- ) UDNG$ b0 $ 5&+G-'-( $ &56/'-/0 $ &5 $ 3)/ $ *(+,/ $ 6/+4-'30/+ $ .& $ 5&+G-'-( $ .&
+/.-('(,3)-'/'-7)$H3&$6&+,-4&$&54/D0&'&+$'(,3)-'/'-()&5$ &)4+&$&54/'-()&5$4&++&)/5$ 9
&54/'-()&5$&56/'-/0&5$9$G-'&G&+5/C$'3/).($0/5$5&^/0&5$5()$+&4+/)5,-4-./5$6(+$&54/'-()&5
&56/'-/0&5I
!#,L0$3-)UMNG$R(5$5&+G-'-(5$&56/'-/0&5$5&$'0/5-*-'/)$&)k
EI$f)G&54-F/'-7)$&56/'-/0I
AI$Z6&+/'-()&5$&56/'-/0&5I
VI$B&4&(+(0(FW/$6(+$5/410-4&I
!#,L0$3- ) UENG$ b0 $ 5&+G-'-( $ .& $ -)G&54-F/'-7) $ &56/'-/0 $ &5 $ &0 $ 5&+G-'-( $ H3& $ 34-0-[/
G&OW'30(5$&56/'-/0&5$3$(4+(5$(D_&4(5$&56/'-/0&5$6/+/$*-)&5$.&$-)G&54-F/'-7)$'-&)4W*-'/$(
4&')(07F-'/I
!#,L0$3- ) UQNG$ b0 $ 5&+G-'-( $ .& $ (6&+/'-()&5 $ &56/'-/0&5 $ &5 $ &0 $ 5&+G-'-( $ .&
+/.-('(,3)-'/'-7)$ H3& $ '()'-&+)& $ &X'035-G/,&)4&$ /0 $ *3)'-()/,-&)4( $ .& $ 0(5 $ G&OW'30(5
&56/'-/0&5C$&)$6/+4-'30/+$&0$5&F3-,-&)4($&56/'-/0C$0/$4&0&,&.-./$&56/'-/0$9$&0$4&0&,/).(
&56/'-/0I $ b54/5 $ *3)'-()&5 $ 5() $ )(+,/0,&)4& $ +&/0-[/./5 $ .&)4+( $ .&0 $ 5&+G-'-( $ &) $ &0 $ H3&
*3)'-()&$0/$&54/'-7)$&56/'-/0I
!#,L0$3-)UHNG$b0$5&+G-'-($.&$B&4&(+(0(FW/$6(+$5/410-4&$&5$&0$5&+G-'-($.&$&X60(+/'-7)
.&$0/$4-&++/$'()$*-)&5$,&4&(+(07F-'(5$/$4+/G15$.&$5/410-4&5I
>?J=!@X*?81)WI
1,#-:)>%#]/0/-:)2%)4'2/-0-6$(/0'0/-(%:
!#,L0$3-)URNG$Z4+(5$5&+G-'-(5$.&$+/.-('(,3)-'/'-()&5$5()k
EI$b,-5-()&5$.&$*+&'3&)'-/$6/4+7)$9$.&$5&^/0&5$O(+/+-/5I
AI$P/.-(/54+()(,W/I
VI$`93./$/$0/$B&4&(+(0(FW/I
NI$P/.-(0('/0-[/'-7)I
?I$;&+G-'-($.&$&X60(+/'-7)$.&$0/$:-&++/$6(+$5/410-4&I
LI$23/0H3-&+$(4+($5&+G-'-($H3&$&0$B-)-54&+-($'0/5-*-H3&$'(,($4/0$,&.-/)4&$+&5(03'-7)
,-)-54&+-/0I
`+4W'30($ULI@$b0$5&+G-'-($.&$&,-5-()&5$.&$*+&'3&)'-/$6/4+7)$9$.&$5&^/0&5$O(+/+-/5
5&$ &,60&/$ 6/+/$ 0/$ 4+/)5,-5-7)$ .&$ *+&'3&)'-/5$ &56&'W*-'/5$ ($ .&$ 5&^/0&5$ O(+/+-/5$ ($ .&
/,D/5C$'3/).($154/5$5()$.&$+&'()('-./$9$&0&G/./$6+&'-5-7)I$R(5$*-)&5$/$0(5$H3&$&54\)
.&54-)/.(5$5()$'-&)4W*-'(5C$41')-'(5$9$/'4-G-./.&5$5-,-0/+&5$+&0/'-()/./5$'()$0/$(6&+/'-7)
.&$&54/'-()&5$+/.-(&01'4+-'/5I
!#,L0$3-)UFNG$ b0$5&+G-'-($.&$P/.-(/54+()(,W/$&5$&0$5&+G-'-($H3&$5&$34-0-[/$6/+/$0/
.&4&+,-)/'-7)$.&$./4(5$9$6/+\,&4+(5$'-&)4W*-'(5$+&0/'-()/.(5$'()$0/$`54+()(,W/$9$'39($*-)
&5$&0$6+(F+&5($.&$0/$'-&)'-/$&)$F&)&+/0I
!#,L0$3- ) UUNG$ b0 $ 5&+G-'-( $ .& $ /93./ $ / $ 0/ $ B&4&(+(0(FW/ $ &54\ $ '()54-43-.( $ 6(+
*/'-0-./.&5 $ .& $ +/.-('(,3)-'/'-7)C $ .&54-)/./5 $ / $ 0/ $ 4+/)5,-5-7) $ .& $ +&5304/.(5 $ .&
(D5&+G/'-()&5$,&4&(+(07F-'/5$+&/0-[/./5$6(+$-)54-43'-()&5$&56&'-/0-[/./5I
!#,L0$3- ) UVNG$ b0 $ 5&+G-'-( $ .& $ +/.-(0('/0-[/'-7) $ &5 $ &0 $ 5&+G-'-( $ .&54-)/.( $ / $ 0/
.&4&+,-)/'-7)$.&$6/+\,&4+(5$+&0/4-G(5$/$0/$3D-'/'-7)$9$6(5-'-7)$.&$(D_&4(5$*-_(5$($,7G-0&5C
H3&$&,-4&)$&)&+FW/$&0&'4+(,/F)14-'/I
!#,L0$3-)VDNG$ b0$5&+G-'-($.&$&X60(+/'-7)$.&$0/$:-&++/$6(+$5/410-4&$&5$&0$5&+G-'-($.&
+/.-('(,3)-'/'-7)$&)4+&$&54/'-()&5$4&++&)/5$9]($60/4/*(+,/5$.&$+&'(0&''-7)$.&$./4(5C$9
3)/$($G/+-/5$&54/'-()&5$&56/'-/0&5$H3&$63&.&$-)'03-+$&)0/'&5$&)4+&$&54/'-()&5$&56/'-/0&5
9$&)$&0$H3&k
EI $ ;& $ (D4-&)&$ -)*(+,/'-7)$ .& $ .-G&+5/5$ *3&)4&5 $ H3& $ 63&.&) $ &54/+ $ 3D-'/./5 $ &)
'3/0H3-&+$03F/+$.&0$,3).(I
AI $ R/ $ -)*(+,/'-7) $ &5 $ '/64/./ $ ,&.-/)4& $ 3) $ '()_3)4( $ .& $ 5&)5(+&5C $ +&3)-./ $ 9
4+/)5,-4-./$6(+$0/5$60/4/*(+,/5$/$0(5$5/410-4&5$6/+/$5&+$/0,/'&)/./$9$+&4+/)5,-4-./$/$0/5
&54/'-()&5$4&++&)/5$.&$+&'(0&''-7)$.&$./4(5$9$.&$/00W$/$3)$'&)4+($.&$F&54-7)$.&0$5-54&,/I
VI$R/5$60/4/*(+,/5$.&$+&'(0&''-7)$.&$./4(5$63&.&)$5&+$*-_/5$9]($,7G-0&5I
NI$d3&.&$-)'03-+$3)$5-54&,/$.&$0('/0-[/'-7)$H3&$.&4&+,-)&$0/5$'((+.&)/./5$.&$0/5
60/4/*(+,/5$.&$4+/)5,-5-7)I
?I$d3&.&$-)'03-+5&$0/$-)4&++(F/'-7)$/$0/5$60/4/*(+,/5$9$&0$-)4&+'/,D-($.&$,&)5/_&5
'(+4(5$'(.-*-'/.(5I
*X*?81)IW
;<)81>)><4WI=I1>);<);IY?>ISB
!#,L0$3-)VMNG$R(5$5&+G-'-(5$.&$.-*35-7)$5&$'/+/'4&+-[/)$6(+H3&$0/$'(,3)-'/'-7)$5&
+&/0-[/$&)$3)$5(0($5&)4-.(C$.&5.&$3)($($,\5$63)4(5$.&$4+/)5,-5-7)$O/'-/$G/+-(5$63)4(5$.&
+&'&6'-7)I$J3-&)$+&'-D&$0/$'(,3)-'/'-7)$0($O/'&$0-D+&,&)4&C$'/64/).($0($H3&$5&/$.&$53
-)4&+15I
!#,L0$3-)VENG$R(5$5&+G-'-(5$.&$.-*35-7)$5&$'0/5-*-'/)$&)k
EI$dcD0-'(5$.&$.-*35-7)I
AI$d+-G/.(5$.&$.-*35-7)I
VI$%&$+/.-(.-*35-7)k$d+-G/.(5$.&$-)4&+15$6cD0-'(I
>?J*X*?81)I
;<)81>)><4WI=I1>)@.J8I=1>);<);IY?>ISB
!#,L0$3-)VQNG$R(5$5&+G-'-(5$6cD0-'(5$.&$.-*35-7)$63&.&)$5&+k
EI$%&$.-54+-D3'-7)$.&$+/.-(.-*35-7)$6(+$'/D0&C$&)$0/5$,(./0-./.&5$.&k
/#$2/D0&$/0\,D+-'($3$764-'(I
D#$;-54&,/$.&$.-54+-D3'-7)$,304-'/)/0$,304-63)4($!BB%;#I
'#$%-*35-7)$.-+&'4/$6(+$5/410-4&I
AI$%&$,c5-'/$/,D-&)4/0I
VI $ 23/0H3-&+ $ (4+( $ H3& $ &0 $ B-)-54&+-( $ '0/5-*-H3& $ '(,( $ 4/0 $ ,&.-/)4& $ +&5(03'-7)
,-)-54&+-/0I
!#,L0$3-)VHNG$ b0$5&+G-'-($.&$.-54+-D3'-7)$.&$+/.-(.-*35-7)$6(+$'/D0&$&5$/H3&0$H3&
.-54+-D39&$5&^/0&5$.&$+/.-(.-*35-7)$.&$,304-'/)/0&5$/$,304-63)4(C$/$4+/G15$.&$'/D0&5$9]3
()./5$+/.-(&01'4+-'/5C$.&5.&$3)/$($,\5$&54/'-()&5$6&+4&)&'-&)4&5$/$3)$,-5,($5-54&,/
.&$.-54+-D3'-7)C$.&)4+($.&0$\+&/$.&$'()'&5-7)I
!#,L0$3-)VRNG$ b0$5&+G-'-($.&$,c5-'/$/,D-&)4/0$&54\$'()54-43-.($6(+$*/'-0-./.&5$.&
4&0&'(,3)-'/'-()&5$.&54-)/./5$/$0/$4+/)5,-5-7)$.&$,c5-'/I
>?J*X*?81)II
;<)81>)><4WI=I1>)@4IW!;1>);<);IY?>ISB
!#,L0$3-)VTNG$R0\,/5&$5&+G-'-($6+-G/.($.&$.-*35-7)$/0$5&+G-'-($&54/D0&'-.($6(+$3)/
6&+5()/$)/43+/0$($_3+W.-'/$6/+/$5/4-5*/'&+$535$6+(6-/5$)&'&5-./.&5$.&$.-*35-7)$.&)4+($.&
3)$\+&/$.&0-,-4/./I
!#,L0$3-)VFNG$b0$5&+G-'-($.&$'-+'3-4($'&++/.($.&$4&0&G-5-7)$&5$3)$5&+G-'-($6+-G/.($.&
.-*35-7)C$H3&$'()5-54&$&)$0/$4+/)5,-5-7)$.&$5&^/0&5$&)$D/)./$D/5&$.&$4&0&G-5-7)$/$4+/G15
.&$,&.-(5$*W5-'(5$3$()./5$+/.-(&01'4+-'/5C$'3/).($&0$'/5($0($+&H3-&+/C$34-0-[/).($D/)./5
&X'035-G/5$ 6/+/ $ &0 $ 4+/)56(+4& $ .& $ 0/ $ 5&^/0I $ ;- $ 6/+/ $ &54& $ 5&+G-'-( $ 5& $ +&H3-&+& $ 34-0-[/+
6(4&)'-/5$536&+-(+&5$/$.-&[$,-0-G/4-(5$!E>,q#$&)$/)4&)/$!6(4&)'-/$&*&'4-G/$-++/.-/./#C$&5
6+&'-5($(D4&)&+$/34(+-[/'-7)$6/+/$&0$35($.&0$&56&'4+($+/.-(&01'4+-'(I
>?J*X*?81)III
;<)81>)><4WI=I1>);<)4!;I1;IY?>ISBK)@4IW!;1>);<)IB*<4a>)@.J8I=1
!"# $ %& $ '()*(+,-./. $ '()$ 0/$ %1'-,( $ 23/+4/$ %-56(5-'-7)$ 8-)/0$ 9$ :+/)5-4(+-/ $ .&0 $ %&'+&4(
;36+&,($<=$>>?@A>>?@B:2C$63D0-'/.($&0$E?$8&D+&+($A>>?C$.&+7F3&)5&$0/5$.-56(5-'-()&5
.&0$6+&5&)4&$%&'+&4($;36+&,(C$&)$0/$6/+4&$+&0/4-G/$/$0(5$5&+G-'-(5$.&$+/.-(.-*35-7)$&)$0(
H3&$5&/$/60-'/D0&I
!#,L0$3-)VUNG$b0$5&+G-'-($.&$+/.-(.-*35-7)k$d+-G/.($.&$-)4&+15$6cD0-'(C$5&$'/+/'4&+-[/
6(+H3&$535$&,-5-()&5$&54\)$.&54-)/./5$/$5&+$+&'-D-./5$.-+&'4/,&)4&$6(+$&0$6cD0-'($&)
F&)&+/0I$b0$5&+G-'-($.&$+/.-(.-*35-7)$63&.&$5&+$5()(+($($6(+$4&0&G-5-7)C$9$6(+$0/$,(./0-./.
.&$(6&+/'-7)$.&$0/$&54/'-7)C$4+/)5,-5(+/$($+&4+/)5,-5(+/I
!#,L0$3- ) VVNG$ m)/ $ &54/'-7) $ .& $ +/.-(.-*35-7) $ '(,6+&).& $ 0/ $ 60/)4/ $ 4+/)5,-5(+/
!4+/)5,-5(+$ 9]($4+/)5,-5(+$.&$+&56/0.(#C$ 5-54&,/$ -++/.-/)4&C$&)0/'&5$*W5-'(5$ 9$ /3X-0-/+&5
!+/.-(&01'4+-'(5#$9$&543.-(!5#C$.&54-)/.(5$/$6+&54/+$&0$5&+G-'-($.&$+/.-(.-*35-7)I$b)$&0$'/5(
.&$34-0-[/+$&)0/'&5$/3X-0-/+&5$+/.-(&01'4+-'(5C$154(5$.&D&+\)$5&+$/34(+-[/.(5$6(+$&0$7+F/)(
'(,6&4&)4&$.&0$B-)-54&+-(C$&)$0/5$D/)./5$/4+-D3-./5$6/+/$4/0$*-)$&)$&0$d<`8I
!#,L0$3-)MDDNG$ 2/./$&54/'-7)$ .&0$ 5&+G-'-($.&$ +/.-(.-*35-7)$+&H3-&+&$/34(+-[/'-7)
&X6+&5/$9$6+&G-/$6/+/$53$(6&+/'-7)C$6(+$0('/0-./.$9$D/)./$.&$*+&'3&)'-/I
!#,L0$3-)MDMNG$ R/$/5-F)/'-7)$.&$*+&'3&)'-/5$.&$(6&+/'-7)$.&$0/5$&54/'-()&5$.&
+/.-(.-*35-7) $ 0/ $ &*&'4c/ $ 0/ $ %-+&''-7)C $ .& $ /'3&+.( $ /0 $ d<`8C $ &0 $ P&F0/,&)4( $ .&
P/.-('(,3)-'/'-()&5$.&$0/$m)-7)$f)4&+)/'-()/0$.&$:&0&'(,3)-'/'-()&5C$9$0(5$'()G&)-(5
-)4&+)/'-()/0&5$535'+-4(5$6(+$&0$6/W5I
!#,L0$3-)MDENG$b0$5&+G-'-($.&$+/.-(.-*35-7)$63&.&$6+&54/+5&$D/_($'3/0H3-&+/$.&$0/5
5-F3-&)4&5$,(./0-./.&5k
EI$d(+$&0$4-6($.&$&,-5-7)k
/#$;()(+/I
D#$d(+$4&0&G-5-7)I
AI$d(+$535$*-)&5k
/# $ P/.-(.-*35-7) $ '(,&+'-/0k $ b5 $ /H3&00/ $ '39/ $ 6+(F+/,/'-7) $ &54\ $ .&54-)/./ $ /0
&)4+&4&)-,-&)4($9$+&'+&/'-7)$.&$0/$/3.-&)'-/C$5-)$H3&$&00($&X'039/$&0$6+(675-4($&.3'/4-G($9
'3043+/0$H3&$(+-&)4/$/$0/$+/.-(.-*35-7)$&)$F&)&+/0I$;&$6+&54/$'()$\)-,($.&$03'+(I
D#$P/.-(.-*35-7)$&.3'/4-G/k$b5$/H3&00/$'39/$6+(F+/,/'-7)$4-&)&$*3)./,&)4/0,&)4&
'()4&)-.(5$ &.3'/4-G(5C$ '-&)4W*-'(5$ 9 $ '3043+/0&5C$ +&0&G/).($ 0(5 $ G/0(+&5$ 5('-/0&5 $ 9 $ .& $ 0/
6&+5()/ $ O3,/)/I $ 2(/.93G/$ / $ *(+4/0&'&+ $ 0/ $ -.&)4-./. $ 9 $ 6+(,(G&+ $ &0 $ .&5/++(00( $ .& $ 0/
'(,3)-./.$&)$0/$H3&$(6&+/)I$b54&$5&+G-'-($5&$6+&54/$6(+$6&+5()/5$_3+W.-'/5$5-)$*-)&5$.&
03'+(I
VI$d(+$53$\,D-4($.&$(6&+/'-7)k
/#$R('/0k$b5$/H3&00/$&54/'-7)$H3&$'3D+&$3)/$[()/$.&$5&+G-'-($.&4&+,-)/./$6(+$0(5
'()4(+)(5$.&$6+(4&''-7)$&54/D0&'-.(5$&)$0/5$)(+,/5$41')-'/5$+&56&'4-G/5I
D# $ 2(,3)/0k $ b5 $ /H3&00/ $ &54/'-7) $ 3D-'/./ $ 9 $ H3& $ D+-)./ $ &0 $ 5&+G-'-( $ &) $ 3)/
'(,3)-./.$($'(,3)-./.&5$0('/0-[/./5$&)$\+&/5$+3+/0&5$($03F/+&5$.&$6+&*&+&)4&$-)4&+15
5('-/0C$'/0-*-'/./5$'(,($4/0&5$6(+$&0$B-)-54&+-(I$d/+/$4/0$&*&'4(C$5&$4&).+\)$&)$'3&)4/$0(5
'+-4&+-(5$.&$6+(4&''-7)$&54/D0&'-.(5$&)$0/5$)(+,/5$41')-'/5$+&56&'4-G/5I
b0$5&+G-'-($.&$+/.-(.-*35-7)$'(,3)/0C$-).&6&).-&)4&,&)4&$.&$535$*-)&5C$F([/$.&
0(5$D&)&*-'-(5$.&0$5&+G-'-($.&$+/.-(.-*35-7)$&.3'/4-G/C$6+&G-/$'/0-*-'/'-7)$'(,($4/0$6(+$6/+4&
.&$0/$%-+&''-7)$.&$Q&54-7)I
`+4W'30($E>VI@$b0$5&+G-'-($.&$+/.-(.-*35-7)$6(+$5/410-4&$&5$&0$5&+G-'-($.&$.-*35-7)$&)
&0$'3/0$0/5$5&^/0&5$.&$'(,3)-'/'-7)$5()$&,-4-./5$($+&4+/)5,-4-./5$.&5.&$3)/$&54/'-7)
4&++&)/$O/'-/$3)/$&54/'-7)$&56/'-/0$6/+/$53$.-*35-7)I
h54&$63&.&$5&+k
EI$P/.-(.-*35-7)$.-+&'4/$6(+$5/410-4&I@$;&+G-'-($.&$+/.-('(,3)-'/'-7)$&)$&0$'3/0$0/5
5&^/0&5$&,-4-./5$($+&4+/)5,-4-./5$6(+$&54/'-()&5$&56/'-/0&5$!5/410-4&5#$&54\)$.&54-)/./5$/
0/$+&'&6'-7)$.-+&'4/$6(+$&0$6cD0-'($&)$F&)&+/0I
AI$P/.-(.-*35-7)$/6(9/.($6(+$3)$5&+G-'-($*-_($6(+$5/410-4&I@$23/).($0/$5&^/0$&)G-/./
,&.-/)4&$&0$5/410-4&$&5$'/64/./$&)$3)/$&54/'-7)$4&++&)/$.&$'(,3)-'/'-()&5$6(+$5/410-4&
6/+/$5&+$.-*3).-./$&)$*(+,/$'()G&)'-()/0$/0$6cD0-'($&)$F&)&+/0I
!#,L0$3-)MDHNG$b0$35($.&$'-+'3-4(5$6/+/$0/$+/.-(.-*35-7)$/$4+/G15$.&$5/410-4&5C$5&$+-F&
&X'035-G/,&)4&$6(+$0($.-563&54($&)$&0$/+4W'30($AELI
*X*?81)W
;<)81>)><4WI=I1>);<)W!814)!b!;I;1
!#,L0$3-)MDRNG$;()$5&+G-'-(5$.&$G/0(+$/^/.-.($0(5$5-F3-&)4&5k
EI$8/'5W,-0$&)$0/$*(+,/$.&$/0,/'&)/,-&)4($9$+&4+/)5,-5-7)$.&$*/XI@$b5$&0$5&+G-'-(
.&$'-+'30/+&5$.&$*/XC$&0$.&$'()G&+5-7)$F+\*-'($/$4&X4($9$4&X4($/$*(+,/4($*/XI
AI $ j-.&(4&XI@ $ b5 $ &0 $ 5&+G-'-( $ -)4&+/'4-G( $ H3& $ 5& $ 6+&54/ $ 6(+ $ 0/ $ +&. $ .&
4&0&'(,3)-'/'-()&5$9$H3&$6&+,-4&$0/$G-53/0-[/'-7)$.&$4&X4(5$($F+\*-'(5$6(+$,&.-($.&$3)
.-56(5-4-G($5-43/.($&)$&0$.(,-'-0-($.&0$353/+-(I
VI$:&0&4&XI@$b5$&0$5&+G-'-($H3&$.-*3).&$-)*(+,/'-7)$&)$*(+,/$.&$4&X4($/$.-G&+5(5
353/+-(5$4/0&5$'(,($)(4-'-/5C$-)*(+,/'-7)$.&$D(05/C$&)4+&$(4+(5I
NI$:&0&4&X4(I@$b5$&0$5&+G-'-($H3&$'()5-54&$&)$-)5&+4/+$-)*(+,/'-7)$.&$3)$4&X4($&)$0/
4+/,/$.&$0/$5&^/0$.&$4&0&G-5-7)$9$&5$.-54+-D3-.($/$4+/G15$.&$+/.-(.-*35-7)I
?I $ :&0&/''-7)I@ $ b5 $ &0 $ 5&+G-'-( $ H3& $ &,60&/ $ ,&)5/_&5 $ '(+4(5 $ 9 $ H3& $ +&H3-&+&
G&0('-./.&5$.&$4+/)5,-5-7)$,39$D/_/5$&)4+&$&0$353/+-($9$0/$+&.$.&$4&0&'(,3)-'/'-()&5I
LI$:&0&,/).(I@$b5$&0$5&+G-'-($,&.-/)4&$&0$'3/0$5&$/'4c/$.&5.&$3)$.-56(5-4-G($.&
'()4+(0$.-54/)4&$5(D+&$&0$5-54&,/$536&+G-5/.($6/+/$,(.-*-'/+$0/5$'().-'-()&5$&)$H3&$5&
&)'3&)4+/I
TI$:&0&/0/+,/I@$b5$&0$5&+G-'-($,&.-/)4&$&0$'3/0$5&$F&)&+/$3)/$5&^/0$&01'4+-'/$O/'-/
3)$.-56(5-4-G($.&$'()4+(0$.-54/)4&C$'/./$G&[$H3&$0/5$'().-'-()&5$.&0$5-54&,/$536&+G-5/.(
5&$,(.-*-'/)C$.&$*(+,/$H3&$5&$/6/+4/)$.&$3)$,/+F&)$6&+,-4-.(I
UI$`0,/'&)/,-&)4($9$+&4+/)5,-5-7)$.&$./4(5I@$b5$&0$5&+G-'-($H3&C$/$4+/G15$.&$0/$+&.
6cD0-'/$.&$4&0&'(,3)-'/'-()&5C$6&+,-4&$&0$-)4&+'/,D-($.&$,&)5/_&5$&)4+&$4&+,-)/0&5$.&
353/+-(5$ &,60&/).($ ,&.-(5 $ .& $ /0,/'&)/,-&)4($ 9$ +&4+/)5,-5-7)I$ b5 $ .&'-+C $ 6&+,-4&$ &0
-)4&+'/,D-($&)$4-&,6($.-*&+-.($.&$,&)5/_&5$&)4+&$353/+-(5$F&(F+\*-'/,&)4&$.-56&+5(5I
MI$:&0&6+('&5($9$6+('&5/,-&)4($.&$./4(5I@$b5$&0$5&+G-'-($-)4&+/'4-G($H3&$/$4+/G15
.&$0/$+&.$6cD0-'/$.&$4&0&'(,3)-'/'-()&5$6&+,-4&$&0$6+('&5/,-&)4($.&$./4(5$&$-)4&+'/,D-(
.&$,&)5/_&5$/$.-54/)'-/$&)4+&$4&+,-)/0&5$.&$353/+-(5$F&(F+\*-'/,&)4&$.-56&+5(5I
E>I$B&)5/_&+W/$-)4&+6&+5()/0$!'(++&($&0&'4+7)-'($&)$4(./5$535$,(./0-./.&5#I@$b5$&0
5&+G-'-($H3&$6&+,-4&$/$0(5$353/+-(5$&)G-/+$,&)5/_&5$/$3)($($,\5$.&54-)/4/+-(5$9$+&'-D-+
,&)5/_&5 $ / $ 4+/G15 $ .& $ +&.&5 $ .& $ 4&0&'(,3)-'/'-()&5C$ &,60&/).( $ 3)/ $ '(,D-)/'-7)$ .&
41')-'/5 $ .& $ /0,/'&)/,-&)4( $ 9 $ .& $ +&4+/)5,-5-7) $ .& $ ./4(5C $ 6/+/ $ 0/ $ +&'36&+/'-7) $ .&0
,&)5/_&$6(+$&0$353/+-($*-)/0I
R/5$,(./0-./.&5$H3&$63&.&$/.(64/+$&54&$5&+G-'-($5()k
/#$2(++&($&0&'4+7)-'($!eIN>>#I
b5 $ 0/ $ ,&)5/_&+W/$ -)4&+6&+5()/0 $ H3& $ 35/ $ 0/5 $ )(+,/5 $ -)4&+)/'-()/0&5$ eIN>> $ .&0
22f::I
D#$:+/)5,-5-7)$&0&'4+7)-'/$.&$.('3,&)4(5$!b%f#I
b5$0/$,&)5/_&+W/$-)4&+6&+5()/0$H3&$35/$0/5$)(+,/5$.&$'(,3)-'/'-7)$b%f8`2:I
'#$:+/)5*&+&)'-/$&0&'4+7)-'/$.&$*().(5I
.#$2(++&($&0&'4+7)-'($.&$G([I
b5$0/$,&)5/_&+W/$-)4&+6&+5()/0$H3&$/$4+/G15$.&$0/$.-F-4/0-[/'-7)C$/0,/'&)/$0/$G([
'(,($/+'O-G($.-F-4/0$9$0/$4+/)5*-&+&$/$(4+/$0('/0-./.$6/+/$53$+&'&6'-7)$6(+$&0$.&54-)/4/+-(I
&#$Z4+(5$H3&$.&4&+,-)&$&0$B-)-54&+-(I
EEI$ B&)5/_&+W/$ .&$ G([I@$ b5$ &0$ 5&+G-'-($ .&$ 4+/)5,-5-7)$ .&$ 3)$,&)5/_&$ G&+D/0I$`
6&4-'-7)$.&0$5(0-'-4/)4&$!/D()/.($($)(#C$3)/$(6&+/.(+/$4+/)5,-4&$3)$D+&G&$,&)5/_&$9/$5&/
00/,/).( $ / $ 3)( $ ( $ / $ G/+-(5 $ )c,&+(5 $ 4&0&*7)-'(5 $ / $ 3)/ $ O(+/ $ .&4&+,-)/./C $ 9/ $ 5&/
+&56().-&).($/$0/$00/,/./$.&$3)/$6&+5()/$.&4&+,-)/./$!/D()/.($($)(#I
EAI$;&+G-'-($.&$'()5304/I@$b5$&0$5&+G-'-($-)4&+/'4-G($H3&$6+(6(+'-()/$0/$'/6/'-./.
.&$/''&.&+$/$0/$-)*(+,/'-7)$/0,/'&)/./$&)$'&)4+(5$.&$D/5&5$.&$./4(5I$b54/$-)*(+,/'-7)
5& $ &)G-/+\ $ /0 $ 353/+-( $ c)-'/,&)4& $ / $ 6&4-'-7)I $ R/ $ -)*(+,/'-7) $ 63&.& $ '()5304/+5&
-).-G-.3/0,&)4&$ &) $ &0 $ ,(,&)4( $ &) $ H3& $ .&D& $ '(,&)[/+ $ 0/ $ 5&'3&)'-/ $ .& $ -)*(+,/'-7)
.&5&/./C$&)'()4+\).(5&$D/_($&0$'()4+(0$.&0$353/+-(I
EVI$;&+G-'-($.&$'(),34/'-7)$.&$./4(5$6(+$6/H3&4&5I@$b5$&0$5&+G-'-($H3&$5-)$34-0-[/+
+&.&5$6+(6-/5C$*+/''-()/$.&$/'3&+.($/$3)/$5&'3&)'-/$($4+/,/C$0/5$5&^/0&5$.&$./4(5$&)
4/,/^($ )(+,/0-[/.($ .&)(,-)/.(5$ 6/H3&4&5C $ 34-0-[/).($ 0/5$ )(+,/5$ eIA? $ 9$ eIT? $ .& $ 0/
22f::I
b54&$5&+G-'-($63&.&$-)'03-+$,(./0-./.&5$.&$)3&G/5$4&')(0(FW/5$5-,-0/+&5I
J3&./$&X'03-.($.&$&54&$5&+G-'-($&0$4+\*-'($.&$G([$&)$4-&,6($+&/0I
ENI$;3,-)-54+($.&$-)*(+,/'-7)I@$b5$&0$5&+G-'-($H3&$53,-)-54+/$-)*(+,/'-7)$(D4&)-./
,&.-/)4&$0(5$5&+G-'-(5$.&$+/.-('(,3)-'/'-()&5I
E?I $ 23/0H3-&+ $ (4+( $ H3& $ &0 $ B-)-54&+-( $ '0/5-*-H3& $ '(,( $ 4/0 $ ,&.-/)4& $ +&5(03'-7)
,-)-54&+-/0I
!#,L0$3- ) MDTNG$ R(5 $ 5&+G-'-(5 $ .& $ G/0(+ $ /^/.-.( $ 570( $ 6(.+\) $ '3+5/+ $ 4+\*-'(
-)4&+)/'-()/0$/$4+/G15$.&$0/5$+&.&5$.&$0(5$'()'&5-()/+-(5$.&$0(5$5&+G-'-(5$6(+4/.(+&5I
!#,L0$3-)MDFNG$`$&*&'4($.&$0($.-563&54($&)$&0$/+4W'30($VV$.&$0/$R&9C$6+&'W5/5&$H3&
0/ $ -)54/0/'-7)$ 9 $ (6&+/'-7) $ .& $ 3)/ $ +&. $ 6+(6-/C $ &) $ 0(5 $ '/5(5 $ H3& $ *3&+/ $ &54+-'4/,&)4&
)&'&5/+-($9$570($'(,($'(,60&,&)4($/$0/$+&.$6cD0-'/$H3&$35/$'(,($5(6(+4&$D\5-'($6/+/$0/
6+&54/'-7)$&X'035-G/$.&$5&+G-'-(5$.&$G/0(+$/^/.-.(C$+&H3-&+&$&0$(4(+F/,-&)4($6+&G-($.&$3)/
/34(+-[/'-7) $ &56&'-/0 $ &H3-G/0&)4& $ /0 $ .&0 $ (4(+F/,-&)4( $ .& $ 3) $ 5&+G-'-( $ 6+-G/.( $ .&
+/.-('(,3)-'/'-7)C$&X6&.-./$6(+$0/$%-+&''-7)I
%-'O/$ /34(+-[/'-7)$ )($ 5&$ (4(+F/+\$ 5-$ &)$ &0$ 03F/+$ .().&$ 5&$ G/$ /$ -)54/0/+$ 0/$ +&.
6+(6-/C $ &X-54&) $ 5&+G-'-(5 $ 6(+4/.(+&5 $ ( $ 4&0&5&+G-'-(5 $ 6cD0-'(5 $ H3& $ 63&.&) $ /4&).&+ $ 0(5
+&H3&+-,-&)4(5$6/+/$0/$6+&54/'-7)$.&0$5&+G-'-($.&$G/0(+$/^/.-.(I
!#,L0$3- ) MDUNG$ b0 $ B-)-54&+-( $ &54\ $ */'304/.( $ 6/+/ $ 5356&).&+ $ 0/ $ 6+&54/'-7) $ .&
5&+G-'-(5 $ .& $ G/0(+ $ /^/.-.(C $ '3/).( $ 53 $ (6&+/'-7) $ '/35& $ 6&+_3-'-( $ / $ 0/ $ +&. $ .&
4&0&'(,3)-'/'-()&5I
*X*?81)WI
;<)8!>)B14A!>)7<B<4!8<>);<)IB*<4=1B<OISB);<)8!>)4<;<>);<)><4WI=I1>
@.J8I=1>);<)*<8<=1A?BI=!=I1B<>
!#,L0$3- ) MDVNG$ R/ $ -)4&+'()&X-7) $ .& $ 0/5 $ +&.&5 $ .& $ 0(5 $ 5&+G-'-(5 $ 6cD0-'(5 $ .&
4&0&'(,3)-'/'-()&5$&)4+&$5WC$&5$.&$-)4&+15$6cD0-'($9$5('-/0$9C$6(+$4/)4(C$&5$(D0-F/4(+-/I$R/
-)4&+'()&X-7)$&5$3)/$'().-'-7)$&5&)'-/0$.&$0/$'()'&5-7)I
!#,L0$3- ) MMDNG$ R(5 $ '()'&5-()/+-(5 $ 6/+/ $ 6+&54/+ $ 5&+G-'-(5 $ 6cD0-'(5 $ .&
4&0&'(,3)-'/'-()&5C$&54\)$(D0-F/.(5$/$/60-'/+$0(5$.-5&^(5$.&$/+H3-4&'43+/$.&$+&.$/D-&+4/
(+-&)4/./$O/'-/$&0$&54/D0&'-,-&)4($.&$3)/$+&.$.-F-4/0$-)4&F+/./$.&$5&+G-'-(5$9$5-54&,/5$H3&
*/'-0-4&$0/$-)4&+'()&X-7)I
!#,L0$3- ) MMMNG$ R/ $ -)4&+'()&X-7) $ .& $ 0/5 $ +&.&5 $ .& $ 0(5 $ 5&+G-'-(5 $ 6cD0-'(5 $ .&
4&0&'(,3)-'/'-()&5$.&D&$+&/0-[/+5&$.&$/'3&+.($'()$&0$6+-)'-6-($.&$-F3/0./.$.&$/''&5(C
&) $ G-+43. $ .&0 $ '3/0 $ 0(5 $ (6&+/.(+&5 $ .& $ 5&+G-'-(5$ 6cD0-'(5$ .& $ 4&0&'(,3)-'/'-()&5$ &54\)
(D0-F/.(5 $ / $ -)4&+'()&'4/+5&C $ /'(+./).( $ /56&'4(5 $ 41')-'(5C $ &'()7,-'(5C $ 4/+-*/+-(5C $ .&
,&+'/.($.&$5&+G-'-(5$9$(4+(5C$&)$'().-'-()&5$.&$-F3/0./.$6/+/$4(.($(6&+/.(+$.&$5&+G-'-(5
.&$0/$,-5,/$)/43+/0&[/$H3&$0($5(0-'-4&I
R/$+&.$.&$0(5$5&+G-'-(5$6cD0-'(5$.&$4&0&'(,3)-'/'-()&5$)($)&'&5/+-/,&)4&$.&D&
&54/+ $ -)4&+'()&'4/./ $ / $ 0/5 $ +&.&5 $ 6+-G/./5 $ .& $ 4&0&'(,3)-'/'-()&5I$ b54\ $ 6+(O-D-./ $ 0/
-)4&+'()&X-7)$.&$5&+G-'-(5$6+-G/.(5$&)4+&$5WI
!#,L0$3-)MMENG)R(5$/'3&+.(5$.&$-)4&+'()&X-7)$.&D&)$'()54/+$6(+$&5'+-4($9$.&D&)
&54/+ $ &) $ /+,()W/ $ '() $ 0(5 $ 6+-)'-6-(5 $ .& $ )&34+/0-./.C $ )( $ .-5'+-,-)/'-7)$ & $ -F3/0./. $ .&
/''&5(I$;3$&_&'3'-7)$.&D&$+&/0-[/+5&$&)$0(5$41+,-)(5$9$'().-'-()&5$)&F('-/.(5$.&$D3&)/
*&$&)4+&$0/5$6/+4&5I
R(5$ '()4+/4(5$ .& $ -)4&+'()&X-7)$ .&D&)$ 53_&4/+5&$ /$ 0($ &54/D0&'-.($ 6(+ $ 0/$ R&9C$ /0
P&F0/,&)4(C$0(5$P&F0/,&)4(5$b56&'W*-'(5C$0(5$60/)&5$41')-'(5$*3)./,&)4/0&5$'()4&)-.(5
&) $ &0 $ d0/) $ </'-()/0$ .& $ :&0&'(,3)-'/'-()&5C$ /5W$ '(,( $ / $ 0/5 $ .-56(5-'-()&5$ H3& $ .-'4&
Z5-64&0I
%-'O(5$'()4+/4(5$.&D&+\)$'()4&,60/+C$&)4+&$(4+(5$/56&'4(5C$0(5$5-F3-&)4&5k
EI$2/6/'-./.$.&$-)4&+'()&X-7)$9$535$6+&G-5-()&5$6/+/$&0$*343+(C$H3&$6&+,-4/$H3&$&0
4+\*-'($.&$5&^/0&5$&)4+&$0/5$+&.&5$4&)F/$'/0-./.$+/[()/D0&I
AI$d3)4(5$.&$'()&X-7)$.&$0/5$+&.&5I
VI$8&'O/5$9$6&+W(.(5$&)$0(5$'3/0&5$5&$+&/0-[/+\$0/$-)4&+'()&X-7)I
NI$2/+/'4&+W54-'/5$.&$0/5$5&^/0&5$4+/)5,-4-./5$($+&'-D-./5$-)'039&).($/++&F0(5$.&
&)'/,-)/,-&)4(C$4+/)5,-5-7)C$5-)'+()-[/'-7)C$5&^/0-[/'-7)C$)3,&+/'-7)C$4/+-*/5$9$'/0-./.
.&$5&+G-'-($9$5&F3+-./.$.&$4&0&'(,3)-'/'-()&5I
?I$Q/+/)4W/5$6(+$/,D/5$6/+4&5C$4&).-&)4&5$/$,/)4&)&+$0/$'/0-./.$.&$0(5$5&+G-'-(5
6+&54/.(5$,&.-/)4&$0/5$+&.&5$-)4&+'()&'4/./5I
LI $ 2().-'-()&5 $ 4/+-*/+-/5$ 9$ &'()7,-'/5$ .&$ 0/$ -)4&+'()&X-7)C$ 4&)-&).($ &) $ '3&)4/
&)4+&$(4+(5$/56&'4(5C$'(54(5$9$3)$,/+F&)$+/[()/D0&$.&$34-0-./.I
TI$8&'O/5$($6&+W(.(5$.&$+&G-5-7)$.&$0/5$'().-'-()&5$.&0$'()4+/4(I
Z5-64&0C $ / $ 6&.-.( $ .& $ '3/0H3-&+/ $ .& $ 0/5 $ 6/+4&5C $ 63&.& $ 6/+4-'-6/+ $ &) $ 0/5
)&F('-/'-()&5$/$*-)$.&$'(/.93G/+$/0$&)4&).-,-&)4($9$/'3&+.($.&$154/5I$`5-,-5,(C$.&D&
/.(64/+ $ 0/5 $ ,&.-./5 $ )&'&5/+-/5 $ 6/+/ $ H3& $ 0/5 $ 6/+4&5 $ '3,60/) $ '() $ 0(5 $ 60/[(5 $ /)4&5
5&^/0/.(5I
!#,L0$3- ) MMQNG$ b0 $ 6&+W(.( $ .& $ )&F('-/'-7) $ 6/+/ $ &54/D0&'&+ $ 0(5 $ 41+,-)(5 $ 9
'().-'-()&5$.&$3)$'()4+/4($.&$-)4&+'()&X-7)$)($63&.&$5&+$536&+-(+$/$5&5&)4/$!L>#$.W/5
'/0&)./+-(C$ 5/0G($ H3&$ 6(+$ +/[()&5$ _354-*-'/./5$ '3/0H3-&+/$ .&$ 0(5$ -)4&+&5/.(5$ 5(0-'-4&$ /
Z5-64&0$3)$60/[($/.-'-()/0I
d+(.3'-.( $ &0 $ /'3&+.(C $ 0/5 $ 6/+4&5 $ 6+('&.&+\) $ / $ 535'+-D-+ $ &0 $ '()4+/4( $ .&
-)4&+'()&X-7)$9$'3/0H3-&+/$.&$&00/5$0($6+&5&)4/+\$/$Z5-64&0$6/+/$53$6+()3)'-/,-&)4(C$'()
3)/$/)4-'-6/'-7)$)($,&)(+$.&$4+&-)4/$9$'-)'($!V?#$.W/5$O\D-0&5$/$0/$*&'O/$.&$&)4+/./$&)
G-F&)'-/$6+&G-54/$&)$.-'O($'()4+/4(I$b)$'/5($'()4+/+-(C$0/$&)4+/./$&)$G-F&)'-/$6+(63&54/
5&$&)4&).&+\$6+(++(F/./$6(+$&0$4-&,6($H3&$*3&+/$)&'&5/+-($/$*-)$.&$H3&$&0$4-&,6($H3&
,&.-&$&)4+&$154/$9$0/$*&'O/$.&$6+&5&)4/'-7)$.&0$'()4+/4($5&/$&0$/)4&5$5&^/0/.(I
`)4&5$.&$0/$*&'O/$.&$&)4+/./$&)$G-F&)'-/$.&0$+&*&+-.($'()4+/4($.&$-)4&+'()&X-7)
Z5-64&0$.&D&+\$&,-4-+$53$6+()3)'-/,-&)4(C$&X6+&5/).($53$'()*(+,-./.$($*(+,30/).($0/5
.-56(5-'-()&5$41')-'/5$H3&$5&+\)$(D0-F/4(+-/,&)4&$-)'(+6(+/./5$/0$'()4+/4(I
!#,L0$3-)MMHNG$;-$G&)'-.($&0$60/[($+&*&+-.($&)$&0$6+-,&+$6\++/*($.&0$/+4W'30($/)4&+-(+
0/5 $ 6/+4&5 $ )( $ 5& $ O3D-&+/) $ 63&54( $ .& $ /'3&+.( $ &) $ 0(5 $ 41+,-)(5 $ 9 $ '().-'-()&5 $ .& $ 0/
-)4&+'()&X-7)C$Z5-64&0C$/$5(0-'-43.$.&$3)/$.&$0/5$6/+4&5$($.&$/,D/5C$.-'4/+\$0/5$)(+,/5
&56&'W*-'/5 $ / $ 0/5 $ H3& $ 5& $ 53_&4/+\ $ 154/C $ -)'039&).( $ 0(5 $ '/+F(5 $ .& $ -)4&+'()&X-7)
+&56&'4-G(5I
R/ $ 5(0-'-43. $ ( $ 5(0-'-43.&5 $ 5&+\) $ 6+&5&)4/./5 $ /._3)4/).( $ 0/ $ -)*(+,/'-7)
5354&)4/4(+-/C$ 5-)$ 6&+_3-'-($ .&$ H3& $ Z5-64&0$ 0&5 $ +&H3-&+/ $ 0/$ 6+&5&)4/'-7)$ .&$ -)*(+,/'-7)
/.-'-()/0I
Z5-64&0$+&,-4-+\$/$0/5$6/+4&5$&0$6+(9&'4($.&$,/)./4($.&$-)4&+'()&X-7)C$/$*-)$.&$H3&
154/5$*(+,30&)$535$'(,&)4/+-(5$3$(D_&'-()&5$.&)4+($.&0$60/[($H3&$6/+/$4/0$*-)$*-_&$Z5-64&0C
&0$'3/0$)($6(.+\$5&+$-)*&+-(+$/$!E>#$.W/5$'/0&)./+-(I
b0$,/)./4($.&$-)4&+'()&X-7)$.&D&$&,-4-+5&$&)$3)$60/[($,\X-,($.&$)(G&)4/$!M>#
.W/5$'/0&)./+-(C$'()4/.(5$/$6/+4-+$.&$0/$6+&5&)4/'-7)$.&$0/$5(0-'-43.$/$H3&$5&$+&*-&+&$&0
6+-,&+$6\++/*($9$&5$.&$'3,60-,-&)4($(D0-F/4(+-(I
!#,L0$3-)MMRNG$R/$&,6+&5/$/$0/$H3&$5&$5(0-'-4/$0/$-)4&+'()&X-7)$H3&./$+&0&G/./$.&
53$(D0-F/'-7)$.&$)&F('-/+$($'&0&D+/+$3)$'()4+/4($.&$-)4&+'()&X-7)$&)$'/5($H3&k
EI$R/$-)4&+'()&X-7)$)($&541$'()4&,60/./$6(+$0/$R&9$($535$+&F0/,&)4(5I
AI $ 23/).($ / $ _3-'-($ .&$ Z5-64&0$ 5& $ 6()F/$ &) $ 6&0-F+($ 0/$ G-./$ ( $ 5&F3+-./.$ .& $ 0/5
6&+5()/5$($5&$'/35&$./^($/$0/5$-)54/0/'-()&5$9$&H3-6(5$.&$0/$&,6+&5/$/$0/$H3&$5&$0&
5(0-'-4/$0/$-)4&+'()&X-7)I
VI$23/).($0/5$'().-'-()&5$41')-'/5$&X-54&)4&5$)($5&/)$/.&'3/./5I$b)$&54&$'/5(C
Z5-64&0 $ 6(.+\ $ 5&^/0/+ $ 3) $ 60/[($ 6+3.&)'-/0 $ 6/+/ $ H3& $ &0 $ '()'&5-()/+-($ H3& $ D+-)./ $ 0/5
*/'-0-./.&5 $ .& $ -)4&+'()&X-7)C $ O/F/ $ 0/5 $ 6+&G-5-()&5 $ 41')-'/5 $ .&0 $ '/5( $ '() $ 0/5
&56&'-*-'/'-()&5$.&$'/0-./.$H3&$5&$+&H3-&+/I
><==ISB)*<4=<4!
;< ) 8!> ) =1B=<>I1B<>c ) !?*14I[!=I1B<>c ) @<4AI>1> ) P ) 8I=<B=I!> ) P ) ;<8
<>@<=*41)4!;I1<8a=*4I=1
*X*?81)I
;<)8!>);I>@1>I=I1B<>)=1A?B<>
!#,L0$3-)MMTNG )b0$B-)-54&+-($/4&).&+\$0/5$5(0-'-43.&5$.&$'()'&5-7)$9$/34(+-[/'-7)
4&)-&).($&)$'3&)4/$&0$d0/)$</'-()/0$.&$:&0&'(,3)-'/'-()&5$9$&0$d<`8I
!#,L0$3- ) MMFNG$ R/5 $ 5(0-'-43.&5 $ +&0/4-G/5 $ / $ 0/ $ (D4&)'-7) $ 9]( $ ,(.-*-'/'-7) $ .&
'()'&5-()&5C $ /34(+-[/'-()&5C$ +&)(G/'-()&5C$ 6&+,-5(5C $ 0-'&)'-/5$ 9 $ /H3&00/5 $ +&0/4-G/5 $ /0
'/)()C$4/5/5$9$.&+&'O(5C$*-_/'-7)$.&$4/+-*/5$($.&$,&'/)-5,(5$6/+/$53$.&4&+,-)/'-7)$)(
4-&)&)$&0$D&)&*-'-($.&0$5-0&)'-($/.,-)-54+/4-G($6(5-4-G(I$R(5$-)4&+&5/.(5$3)/$G&[$G&)'-.(5
0(5 $ 60/[(5 $ +&56&'4-G(5C $ 63&.&) $ 4&)&+ $ 6(+ $ .&)&F/./5 $ 535 $ 6&4-'-()&5 $ ( $ &56&+/+ $ &0
6+()3)'-/,-&)4($.&0$B-)-54&+-(I
!#,L0$3-)MMUNG$b0$B-)-54&+-($&*&'43/+\$3)$/)\0-5-5$-)4&F+/0$.&$0/5$5(0-'-43.&5$H3&$5&
6+&5&)4&)$6/+/$6+&54/+$5&+G-'-(5$.&$4&0&'(,3)-'/'-()&5C$/$*-)$.&$H3&$0/5$'()'&5-()&5$9
/34(+-[/'-()&5 $ 5& $ (4(+F3&) $ / $ /H3&00(5 $ 5(0-'-4/)4&5 $ H3& $ 6+&5&)4&) $ 6+(9&'4(5 $ H3&
'()4+-D39/)$ ,&_(+ $ / $ 0(5$ *-)&5 $ .& $ 0/5 $ '(,3)-'/'-()&5C$ 6+-)'-6/0,&)4&$ / $ 0/$ -)4&F+/'-7)C
6/'-*-'/'-7)C$.&5/++(00($9$4+/)5,-5-7)$.&$'3043+/I$b)$4/0$5&)4-.(C$0/$*&'O/$.&$6+&5&)4/'-7)
.&$0/$+&56&'4-G/$5(0-'-43.$/5W$'(,($0/$63D0-'/'-7)$/$H3&$5&$+&*-&+&$&0$/+4W'30($ENM$570(
(4(+F/$6+&*&+&)'-/$&)$&0$/)\0-5-5$.&$0/$5(0-'-43.$9$.&0$6+(9&'4(C$,/5$)($'()*-&+&$.&+&'O(5
/.-'-()/0&5$)-$'(,6+(,-5(5$6(+$6/+4&$.&0$b54/.($+&56&'4($.&$0($5(0-'-4/.(I$!"#
!"# $ `+4W'30( $ ,(.-*-'/.( $ 6(+ $ &0 $ `+4W'30( $ E $ .&0 $ %&'+&4( $ ;36+&,( $ <= $ >N>@A>>N@B:2C
63D0-'/.($&0$AA@EA@A>>NC$'39($4&X4($&5$&0$5-F3-&)4&k
n`+4W'30($EEUI@$b0$B-)-54&+-($&*&'43/+\$3)$/)\0-5-5$-)4&F+/0$.&$0/5$5(0-'-43.&5$H3&$5&
6+&5&)4&)$6/+/$6+&54/+$5&+G-'-(5$.&$4&0&'(,3)-'/'-()&5C$/$*-)$.&$H3&$0/5$'()'&5-()&5$9
/34(+-[/'-()&5 $ 5& $ (4(+F3&) $ / $ /H3&00(5 $ 5(0-'-4/)4&5 $ H3& $ 6+&5&)4&) $ 6+(9&'4(5 $ H3&
'()4+-D39/) $ ,&_(+ $ / $ 0(5 $ *-)&5 $ .& $ 0/5 $ '(,3)-'/'-()&5I $ b) $ 4/0 $ 5&)4-.(C $ 0/ $ *&'O/ $ .&
6+&5&)4/'-7)$.&$0/$+&56&'4-G/$5(0-'-43.$/5W$'(,($0/$63D0-'/'-7)$/$H3&$5&$+&*-&+&$&0$/+4W'30(
ENM$570($(4(+F/$6+&*&+&)'-/$&)$&0$/)\0-5-5$.&$0/$5(0-'-43.$9$.&0$6+(9&'4(C$,/5$)($'()*-&+&
.&+&'O(5$/.-'-()/0&5$)-$'(,6+(,-5(5$6(+$/+4&$.&0$b54/.($+&56&'4($.&$0($5(0-'-4/.(I
b0$/)\0-5-5$-)4&F+/0$/$H3&$5&$+&*-&+&$&0$6\++/*($/)4&+-(+$'()5-54&$&)$0/$&G/03/'-7)$.&0
6&+*-0$.&0$6+(9&'4($41')-'($6+&5&)4/.($/$*-)$.&$.&4&+,-)/+$5-$&0$,-5,($&5$'()5-54&)4&$'()
&0$5&+G-'-($/$5&+$6+&54/.(C$9$'3,60&$6/+/$4/0$&*&'4($'()$0(5$+&H3-5-4(5$&54/D0&'-.(5$&)$&0
/+4W'30($ENT$9$0(5$R-)&/,-&)4(5$/6+(D/.(5$6(+$%&'+&4($;36+&,($<K$>A>@MU@B:2$9$535
,(.-*-'/4(+-/5oI
!#,L0$3-)MMVNG)b0$B-)-54&+-($)($(4(+F/+\$0/$'()'&5-7)$($/34(+-[/'-7)$'3/).(k
EI$b0$(4(+F/,-&)4($.&$0/$'()'&5-7)$($/34(+-[/'-7)$6()F/$&)$6&0-F+($+&/0$($6(4&)'-/0
0/$5&F3+-./.$)/'-()/0$($G/9/$&)$'()4+/$.&0$-)4&+15$6cD0-'(I
AI $ `0 $ 5(0-'-4/)4& $ ( $ /0F3)( $ .& $ 0(5 $ 5('-(5 $ ( $ /5('-/.(5C $ 4+/4\).(5& $ .& $ 6&+5()/5
_3+W.-'/5C$ ($ 53$ +&6+&5&)4/)4&C $ 5&$ 0&$ O3D-&+/$ 5/)'-()/.( $ '()$ 0/$ '/)'&0/'-7)$ 9$ )($ O/9/
4+/)5'3++-.($3)$!E#$/^($.&5.&$0/$*&'O/$&)$H3&$0/$+&5(03'-7)$H3&$5/)'-()/$H3&.7$*-+,&
/.,-)-54+/4-G/,&)4&I
VI $ ;& $ 6()F/ $ &) $ 6&0-F+( $ +&/0 $ ( $ 6(4&)'-/0 $ &0 $ '3,60-,-&)4( $ .& $ 0(5 $ *-)&5 $ .& $ 0/5
4&0&'(,3)-'/'-()&5$ '(,( $ ,&'/)-5,( $ .& $ -)4&F+/'-7)C $ 6/'-*-'/'-7)C $ .&5/++(00( $ 9 $ '(,(
G&OW'30($.&$'3043+/I
NI$b0$5(0-'-4/)4&$&543G-&+/$-)'3+5($&)$/0F3)/5$.&$0/5$6+(O-D-'-()&5$&54/D0&'-./5$&)
0/$R&9$9$&0$P&F0/,&)4(I
?I$b0$5(0-'-4/)4&$)($O3D-&+/$'3,60-.($'()$0(5$6/F(5$H3&$+&5304&)$&X-F-D0&5$+&56&'4(
.& $ .&+&'O(5C $ 4/5/5 $ 9 $ '/)() $ 6(+ $ /0F3)/ $ '()'&5-7) $ ( $ /34(+-[/'-7)$ H3& $ 5& $ 0& $ O3D-&+/
(4(+F/.(C$5/0G($H3&$'3&)4&$'()$*+/''-()/,-&)4($.&$6/F($G-F&)4&$($5&$O/9/$.&_/.($&)
5356&)5($ 0/ $ &X-F-D-0-./. $ .& $ .-'O/5$ (D0-F/'-()&5C $ '()*(+,& $ / $ 0( $ &54/D0&'-.($ &) $ 0/ $ R&9
Q&)&+/0$.&0$;-54&,/$2()'3+5/0I
LI$`0$5(0-'-4/)4&$5&$0&$O3D-&+/$5/)'-()/.($'()$,304/$9$)($O/9/$'3,60-.($'()$&0
6/F( $ 6+&G-($ .&$ 0/$ ,-5,/C $ 5-&,6+& $ H3& $ 154/ $ +&5304/+/$ &X-F-D0&C $ 5/0G($ H3& $ '3&)4&$ '()
*+/''-()/,-&)4($.&$6/F($G-F&)4&$($5&$O/9/$.&_/.($&)$5356&)5($0/$&X-F-D-0-./.$.&$.-'O/5
(D0-F/'-()&5C$'()*(+,&$/$0($&54/D0&'-.($&)$0/$R&9$Q&)&+/0$.&0$;-54&,/$2()'3+5/0I
TI $ 23/).( $ &) $ 0/ $ D/)./ $ .& $ *+&'3&)'-/ $ 9 $ 0('/0-./. $ 5(0-'-4/./5 $ )( $ &X-54/
.-56()-D-0-./. $ .& $ *+&'3&)'-/5 $ ( $ 5& $ '()*-F3+& $ +&54+-''-7) $ &) $ 0/ $ .-56()-D-0-./. $ .&
*+&'3&)'-/5C$&)$0(5$'/5(5$&)$H3&$5&$+&H3-&+&$34-0-[/+$&56&'4+($+/.-(&01'4+-'(I
UI$Z4+/5$H3&$5&$'()4&,60&)$&)$0/$R&9$3$(4+/$)(+,/$'()$+/)F($.&$0&9I
b0$6+&5&)4&$/+4W'30($)($5&+\$.&$/60-'/'-7)$/$0/5$5(0-'-43.&5$5(D+&$+&)(G/'-7)$.&
'()'&5-7)$($/34(+-[/'-7)$H3&$6+&5&)4&)$0(5$4-430/+&5I
R($.-563&54($&)$0(5$)3,&+/0&5$?$9$L$5&$/60-'/+\$/.&,\5$/$0(5$/''-()-54/5C$5('-(5C
/5('-/.(5C$.-+&'4(+$($ +&6+&5&)4/)4&$ 0&F/0$ .&$ 0/$ 6&+5()/$ _3+W.-'/C$ 5&/$ 154/$5(0-'-4/)4&$ (
*(+,&$6/+4&$.&$3)/$6&+5()/$_3+W.-'/$5(0-'-4/)4&I
n`+4W'30($EEM@`I@$d/+/$&*&'4(5$.&$0/$/60-'/'-7)$.&$0($.-563&54($&)$&0$)3,&+/0$E$.&0
/+4W'30($EEMC$&0$B-)-54&+-($6(.+\$5(0-'-4/+$0/$(6-)-7)$.&$0/5$&)4-./.&5$'(,6&4&)4&5Io$!"#
!"# $ `+4W'30( $ -)'(+6(+/.( $ 6(+ $ &0 $ `+4W'30( $ A $ .&0 $ %&'+&4( $ ;36+&,( $ <= $ >N>@A>>N@B:2C
63D0-'/.($&0$AA@EA@A>>NI
!#,L0$3-)MEDNG$ b0$'()4+/4($.&$'()'&5-7)$9$0/$+&5(03'-7)$.&$/34(+-[/'-7)$.&D&+\)
'()4&)&+C $ &)4+& $ (4+(5C $ 0/5 $ '/+/'4&+W54-'/5 $ 41')-'/5 $ &56&'W*-'/5 $ .& $ (6&+/'-7) $ .& $ 0(5
5&+G-'-(5$/34(+-[/.(5$9$&0$60/[($6/+/$+&/0-[/+$0/$-)54/0/'-7)$.&$0(5$,-5,(5C$/5W$'(,($0(5
5-54&,/5$H3&$5&/)$)&'&5/+-(5$6/+/$0/$6+&54/'-7)$.&0$5&+G-'-(I
b) $ &0 $ '/5( $ .& $ 5&+G-'-(5 $ 6cD0-'(5 $ H3& $ 34-0-'&) $ ,&.-(5 $ +/.-(&01'4+-'(5C $ .-'O/5
'/+/'4&+W54-'/5$41')-'/5$&54/+\)$'()4&)-./5$&)$0/$+&56&'4-G/$+&5(03'-7)$.&$/5-F)/'-7)$.&
&56&'4+(I
R(5$4-430/+&5$.&$'()'&5-()&5$9$/34(+-[/'-()&5$.&$5&+G-'-(5$.&$4&0&'(,3)-'/'-()&5
)($6(.+\)$,(.-*-'/+$0/5$'/+/'4&+W54-'/5$41')-'/5$.&$(6&+/'-7)$.&$0(5$5&+G-'-(5$+&56&'4-G(5
5-)$6+&G-/$/34(+-[/'-7)$.&0$B-)-54&+-(I
!#,L0$3-)MEMNG$ R(5$4-430/+&5$.&$'()'&5-()&5$($/34(+-[/'-()&5$.&D&+\)$D+-)./+$/0
B-)-54&+-($9$/$Z5-64&0$4(./5$0/5$*/'-0-./.&5$)&'&5/+-/5$6/+/$H3&$154(5$'3,60/)$'()$535
*3)'-()&5$.&$-)56&''-7)$9$G&+-*-'/'-7)C$6&+,-4-&).(C$&)4+&$(4+(5C$0/5$G-5-4/5$/$535$0('/0&5C
-)54/0/'-()&5$9$+&G-5-7)$.&$&H3-6(5$9$.('3,&)4(5$5-$*3&+/$)&'&5/+-(I
`5-,-5,(C $ .&D&+\) $ 6+(6(+'-()/+$ 0/ $ -)*(+,/'-7) $ H3& $ &0 $ B-)-54&+-( $ 9 $ Z5-64&0 $ 0&5
5(0-'-4&)C $ +&56&'4( $ .& $ ,/4&+-/5 $ .& $ 53 $ '(,6&4&)'-/C $ &) $ 0/ $ *(+,/ $ 9 $ 60/[( $ H3& $ 154(5
-).-H3&)I$ b00($ 5-)$ 6&+_3-'-( $ .& $ 0/$ (D0-F/'-7)$ .& $ 6+&5&)4/+ $ 0/$ -)*(+,/'-7)$ /.-'-()/0$ H3&
+&H3-&+/)$6/+/$&0$/)\0-5-5$.&$'/5(5$&56&'W*-'(5I
d/+/$&*&'4(5$.&$0/$536&+G-5-7)$'(++&56().-&)4&C$4(.(5$0(5$(6&+/.(+&5$.&$5&+G-'-(5
6cD0-'(5$.&$4&0&'(,3)-'/'-()&5$5&$&)'3&)4+/)$(D0-F/.(5$/$,/)4&)&+$+&F-54+(5$.&4/00/.(5
.& $ 535 $ (6&+/'-()&5 $ H3& $ 6&+,-4/) $ /3.-4/+ $ &*-'-&)4&,&)4& $ 0(5 $ ,()4(5 $ '(D+/.(5 $ / $ 0(5
353/+-(5$6(+$0(5$5&+G-'-(5$H3&$0&5$6+&54/)$9$/5&F3+/+$&0$'3,60-,-&)4($.&$0/5$(D0-F/'-()&5
'()4+/W./5$ &) $ 0(5 $ '()4+/4(5 $ .& $ '()'&5-7)$ 9 $ 0/5 $ .&,\5 $ &54/D0&'-./5 $ 6(+ $ 0/ $ )(+,/4-G/
G-F&)4&I$:/0&5$+&F-54+(5$5&+\)$63&54(5$/$.-56(5-'-7)$.&$Z5-64&0$9$.&0$B-)-54&+-(C$6+&G-(
+&H3&+-,-&)4(C$5/0G/F3/+.\).(5&$&0$.&+&'O($/0$5&'+&4($.&$0/5$4&0&'(,3)-'/'-()&5I
!#,L0$3- ) MEENG$ R/5 $ /34(+-[/'-()&5C $ /5W $ '(,( $ 0(5 $ 6&+,-5(5 $ 9 $ 0-'&)'-/5 $ .& $ 0(5
5&+G-'-(5 $ .& $ 4&0&'(,3)-'/'-()&5C $ 5() $ -)4+/)5*&+-D0&5 $ 4(4/0 $ ( $ 6/+'-/0,&)4&C $ 5/0G(
/6+(D/'-7) $ 6+&G-/ $ 9 $ &X6+&5/ $ .&0 $ B-)-54&+-(I $ :+/4\).(5& $ .&0 $ 5&+G-'-( $ .& $ +/.-(.-*35-7)
.&D&+\$O/D&+$4+/)5'3++-.($6(+$0($,&)(5$.(5$!A#$/^(5$'()4/.(5$/$6/+4-+$.&$0/$*&'O/$.&
&)4+/./$&)$G-F&)'-/$.&$0/$/34(+-[/'-7)I$`6+(D/./$0/$4+/)5*&+&)'-/C$&0$/.H3-+&)4&$/53,-+\
/34(,\4-'/,&)4&$4(.(5$0(5$.&+&'O(5$9$(D0-F/'-()&5$.&+-G/./5$.&$0/$/34(+-[/'-7)I
R/5 $ '()'&5-()&5 $ 9 $ 0/5 $ /5-F)/'-()&5 $ .& $ &56&'4+( $ +&0/4-G/5 $ / $ /H3100/5 $ 5()
-)4+/)5*&+-D0&5$4(4/0$($6/+'-/0,&)4&C$5/0G($/6+(D/'-7)$6+&G-/$9$&X6+&5/$.&0$B-)-54&+-(C$0/
'3/0 $ 5&+\ $ *(+,/0-[/./ $ ,&.-/)4& $ +&5(03'-7) $ G-'&,-)-54&+-/0I$ R/ $ /.&)./ $ +&56&'4-G/ $ 5&+\
535'+-4/$&)$3)$60/[($.&$5&5&)4/$!L>#$.W/5$O\D-0&5C$6+&G-/$6+&5&)4/'-7)$.&0$.('3,&)4($H3&
/'+&.-4& $ &0 $ /'3&+.( $ .& $ 4+/)5*&+&)'-/I $ b) $ '/5( $ .& $ -)'3,60-,-&)4( $ .&0 $ 60/[( $ /)4&5
,&)'-()/.($6(+$6/+4&$.&0$-)4&+&5/.(C$0/$/6+(D/'-7)$H3&./+\$5-)$&*&'4($.&$60&)($.&+&'O(C
5-) $ 6&+_3-'-( $ .& $ H3& $ 5& $ &X6-./$ &0 $ /'4( $ /.,-)-54+/4-G( $ '(++&56().-&)4&I$ ;35'+-4/ $ .-'O/
/.&)./ $ &0 $ /.H3-+&)4& $ /53,-+\ $ /34(,\4-'/,&)4& $ 4(.(5 $ 0(5 $ .&+&'O(5 $ 9 $ (D0-F/'-()&5
.&+-G/./5$.&$0/$'()'&5-7)I
R/ $ 4+/)5*&+&)'-/ $ )( $ 6(.+\ $ 5&+ $ .&)&F/./$ 5-) $ '/35/ $ _354-*-'/./I $ b)4-1)./5&$ 6(+
'/35/$_354-*-'/./$/$0/5$5&^/0/./5$&)$&0$/+4W'30($EEMC$/$4(./$5-43/'-7)$H3&$63.-&+/$/4&)4/+
'()4+/$0($.-563&54($&)$&0$/+4W'30($L$.&$0/$R&9$9$/H3&00/5$H3&$5&^/0&$0/$R&9C$&0$P&F0/,&)4(
3$(4+/$.-56(5-'-7)$0&F/0I
b0 $ -)'3,60-,-&)4($ .& $ &54/ $ )(+,/ $ 6+(.3'& $ 0/ $ +&5(03'-7) $ .& $ 60&)( $ .&+&'O( $ .&0
'()4+/4( $ .& $ '()'&5-7) $ ( $ .&_/ $ 5-) $ &*&'4( $ 0/5 $ /34(+-[/'-()&5C $ 6&+,-5(5 $ 9 $ 0-'&)'-/5
'(++&56().-&)4&5I
`5-,-5,(C $ &0 $ 6+&5&)4& $ /+4W'30( $ 5&+\ $ /60-'/D0& $ / $ 0(5 $ '/5(5 $ .& $ +&(+F/)-[/'-7)
5('-&4/+-/C$'()*(+,&$/$0($.-563&54($&)$0/$R&9$Q&)&+/0$.&$;('-&./.&5C$'()$&X'&6'-7)$.&$0/
4+/)5*(+,/'-7)I
!#,L0$3-)MEQNG$:(./$4+/)5*&+&)'-/$($'3/0H3-&+$(4+/$*(+,/$.&$'&5-7)$($F+/G/,&)C$.&
/''-()&5$ ($ 6/+4-'-6/'-()&5$ '()$ .&+&'O($ /$ G(4($ H3&$ +&6+&5&)4&)$ 3)$ 6(+'&)4/_&$ -F3/0$ (
536&+-(+$ /0$.-&[$ 6(+$ '-&)4($ !E>p#$.&0$ '/6-4/0$ 5('-/0$ .&$ 0/$ &,6+&5/$'()'&5-()/+-/C$ 5&+\
'(,3)-'/./$/0$B-)-54&+-(C$/._3)4/).($0/$.('3,&)4/'-7)$0&F/0$5354&)4/4(+-/I$b)$&0$'/5($.&
5('-&./.&5 $ /)7)-,/5 $ /D-&+4/5C $ /.-'-()/0,&)4& $ /0 $ '3,60-,-&)4( $ .& $ 0( $ -).-'/.( $ &) $ &0
6\++/*( $ 6+&'&.&)4&C $ 5& $ .&D&+\ $ 6+&5&)4/+ $ &) $ *(+,/ $ 5&,&54+/0 $ 0/ $ -)*(+,/'-7) $ .& $ 0(5
/''-()-54/5$'39/5$/''-()&5$+&6+&5&)4&)$,\5$.&0$'-)'($6(+$'-&)4($!?p#$.&0$'/6-4/0$5('-/0I
:(./$4+/)5*&+&)'-/$($'3/0H3-&+$(4+/$*(+,/$.&$'&5-7)$($F+/G/,&)C$.&$/''-()&5$(
6/+4-'-6/'-()&5$.&$3)/$&,6+&5/$4-430/+$.&$/34(+-[/'-7)$.&0$5&+G-'-($.&$+/.-(.-*35-7)$5&+\
'(,3)-'/./$/0$B-)-54&+-($/._3)4/).($0/$.('3,&)4/'-7)$0&F/0$5354&)4/4(+-/I$b)$&0$'/5($.&
5('-&./.&5 $ /)7)-,/5 $ /D-&+4/5C $ /.-'-()/0,&)4& $ /0 $ '3,60-,-&)4( $ .& $ 0( $ -).-'/.( $ &) $ &0
6\++/*( $ 6+&'&.&)4&C $ 5& $ .&D&+\ $ 6+&5&)4/+ $ &) $ *(+,/ $ 5&,&54+/0 $ 0/ $ -)*(+,/'-7) $ .& $ 0(5
/''-()-54/5$'39/5$/''-()&5$+&6+&5&)4&)$,\5$.&0$'-)'($6(+$'-&)4($!?p#$.&0$'/6-4/0$5('-/0I
`5-,-5,(C $ 0(5 $ 4-430/+&5 $ .& $ '()'&5-()&5 $ ( $ /34(+-[/'-()&5 $ .&0 $ 5&+G-'-( $ .&
+/.-(.-*35-7)$ '(,3)-'/+\) $ 0(5 $ '/,D-(5$ .& $ +&6+&5&)4/'-7)$ 0&F/0 $ 9 $ .& $ '(,6(5-'-7)$ .&0
%-+&'4(+-( $ ( $ .&0 $ 2()5&_( $ %-+&'4-G( $ H3& $ 5& $ O3D-&+/) $ 6+(.3'-.(C $ /._3)4/).( $ 0/
.('3,&)4/'-7)$0&F/0$+&56&'4-G/$'()$0/$'(++&56().-&)4&$-)5'+-6'-7)$+&F-54+/0S$&)$&0$'/5($.&0
+&6+&5&)4/)4& $ 0&F/0 $ 5& $ .&D&+\ $ /._3)4/+C $ /.&,\5C $ '(6-/ $ .&0 $ .('3,&)4( $ .& $ -.&)4-./.
0&F/0-[/./$($'&+4-*-'/./I
b)$ '3/0H3-&+/$ .&$ 0(5$ '/5(5C$ 0(5$ )3&G(5$ 5('-(5C$ /5('-/.(5C$ +&6+&5&)4/)4&$ 0&F/0C
,-&,D+(5$ .&0$ %-+&'4(+-($ ($ .&0$ 2()5&_($ %-+&'4-G(C$ .&D&+\)$ 6+&5&)4/+ $ 0/$ .('3,&)4/'-7)
&54/D0&'-./$&)$0(5$/+4W'30(5$ENT$9$EUVC$5&Fc)$'(++&56()./C$.&)4+($.&0$60/[($5&^/0/.(I
b0$60/[($,\X-,($6/+/$0/$6+&5&)4/'-7)$.&$0/$.('3,&)4/'-7)$-).-'/./$&)$&0$6+&5&)4&
/+4W'30($&5$.&$4+&-)4/$!V>#$.W/5$O\D-0&5C$'()4/.(5$/$6/+4-+$.&$0/$+&56&'4-G/$-)5'+-6'-7)S$&)
'/5( $ '()4+/+-(C $ &0 $ B-)-54&+-( $ )( $ 4+/,-4/+\ $ 0/5 $ 5(0-'-43.&5 $ 6+&5&)4/./5 $ O/54/ $ H3& $ 5&
+&F30/+-'&$4/0$5-43/'-7)I
!#,L0$3-)MEHNG$ R/5$&,6+&5/5$&X4+/)_&+/5C$6/+/$.&.-'/+5&$/$6+&54/+$3$(6&+/+$3)
5&+G-'-( $ .& $ 4&0&'(,3)-'/'-()&5C $ .&D&+\) $ .(,-'-0-/+ $ &) $ &0 $ 6/W5 $ ( $ )(,D+/+ $ / $ 3)
+&6+&5&)4/)4&$0&F/0$.(,-'-0-/.($&)$&0$6/W5I
!#,L0$3-) MERNG$ R/5 $ 5(0-'-43.&5 $ .& $ ,(.-*-'/'-7) $ .&0 $ 60/) $ ,W)-,( $ .& $ &X6/)5-7)C
'/,D-($.&$&54/'-()&5$+/.-(&01'4+-'/5C$/5-F)/'-7)$ .&$5&F,&)4($/.-'-()/0$.&$&56&'4+($9
(4+/5$'/+/'4&+W54-'/5$41')-'/5$.&$0/$ '()'&5-7)$(4(+F/./C$5&+\)$+&53&04/5$6(+$+&5(03'-7)
.-+&'4(+/0$($_&*/43+/0$.&0$7+F/)($'(,6&4&)4&$.&0$B-)-54&+-(I
R/5$,(.-*-'/'-()&5$.&$'/+/'4&+W54-'/5$41')-'/5$.&$0(5$5&+G-'-(5$.&$+/.-(.-*35-7)$9
6+-G/.(5$.&$4&0&'(,3)-'/'-()&5C$5&+\)$+&53&04/5$6(+$+&5(03'-7)$.&$0/$%-+&''-7)C$6+&G-(
'3,60-,-&)4($.&$0(5$+&H3-5-4(5$6&+4-)&)4&5I
R/5$5(0-'-43.&5$.&$,(.-*-'/'-7)$.&0$60/)$,W)-,($.&$&X6/)5-7)$6(.+\)$&*&'43/+5&
&)$'3/0H3-&+$,(,&)4(C$/)4&5$.&0$G&)'-,-&)4($.&0$60/[($6+&G-54($6/+/$53$'3,60-,-&)4(I
*X*?81)II
;<)8!>)=1B=<>I1B<>
!#,L0$3-)METNG$R(5$5&+G-'-(5$6(+4/.(+&5C$*-)/0&5$9$.&$.-*35-7)$.&$'/+\'4&+$6cD0-'(C
5&$6+&54/)$D/_($&0$+1F-,&)$.&$'()'&5-7)C$0/$'3/0$5&$(4(+F/$6+&G-($'3,60-,-&)4($.&$0(5
+&H3-5-4(5$9$4+\,-4&5$H3&$&54/D0&'&)$0/$R&9$9$&0$P&F0/,&)4($9$5&$6&+*&''-()/$6(+$'()4+/4(
&5'+-4($/6+(D/.($6(+$&0$:-430/+$.&0$B-)-54&+-(I
!#,L0$3- ) MEFNG$ R/5 $ '()'&5-()&5C $ /5W $ '(,( $ 0/ $ /5-F)/'-7) $ .& $ &56&'4+( $ H3&
'(++&56()./C$5&$(4(+F/+\)$/$5(0-'-43.$.&$6/+4&$($,&.-/)4&$'()'3+5($6cD0-'($.&$(*&+4/5I
!#,L0$3-) MEUNG$ b0$ (4(+F/,-&)4($ .& $ 0/$ '()'&5-7)C$ /5W$ '(,( $ 0/5 $ /5-F)/'-()&5$ .&
&56&'4+( $ H3& $ '(++&56()./)C $ 5& $ &*&'43/+\) $ (D0-F/4(+-/,&)4& $ 6(+ $ '()'3+5( $ 6cD0-'( $ .&
(*&+4/5$'3/).(k
EI $ b) $ 3)/ $ .&4&+,-)/./ $ 0('/0-./. $ ( $ \+&/ $ .& $ 5&+G-'-(C $ &X-54/ $ +&54+-''-7) $ &) $ 0/
.-56()-D-0-./.$.&$*+&'3&)'-/5$($D/)./$.&$*+&'3&)'-/5$.-56()-D0&C$6/+/$0/$6+&54/'-7)$.&$3)
.&4&+,-)/.($5&+G-'-($6cD0-'($.&$4&0&'(,3)-'/'-()&5I
AI$;&$5&^/0&$&)$&0$d<`8I
VI$;&$+&54+-)_/$&0$)c,&+($.&$'()'&5-()/+-(5$.&$3)$.&4&+,-)/.($5&+G-'-($6cD0-'($/0
/,6/+($.&0$/+4W'30($T>$.&$0/$R&9$.&D-.($/$+&54+-''-()&5$41')-'/5$D/5/./5$&)$+&'3+5(5
&5'/5(5I
!#,L0$3-)MEVNG$R/$535'+-6'-7)$.&0$'()4+/4($.&$'()'&5-7)$5&$+&/0-[/+\$.&)4+($.&$3)
60/[($,\X-,($.&$5&5&)4/$!L>#$.W/5$O\D-0&5$.&$63D0-'/./$0/$+&5(03'-7)$'(++&56().-&)4&I
d/+/$4/0$&*&'4($.&D&+\$'3,60-+$'()$&0$6/F($6(+$.&+&'O($.&$'()'&5-7)C$6(+$63D0-'/'-7)$.&
0/$+&5(03'-7)$&)$&0$%-/+-($Z*-'-/0$b0$d&+3/)(C$/5W$'(,($0/$6+&5&)4/'-7)$.&$'/+4/$*-/)[/$9
6/F( $ .&0$ '/)()C $ 5-$ &54(5$ .(5$ c04-,(5$ '(++&56().-&+/)I $ b)$ '/5($ .& $ -)'3,60-,-&)4(C$ 0/
+&5(03'-7)$ .& $ (4(+F/,-&)4($ .&$ '()'&5-7)$ 9$ 0/$ .&$ /5-F)/'-7)$ .&$ &56&'4+($ H3&./+\$ 5-)
&*&'4( $ .& $ 60&)( $ .&+&'O(C $ 5-) $ 6&+_3-'-( $ H3& $ &0 $ B-)-54&+-( $ &,-4/ $ &0 $ /'4( $ /.,-)-54+/4-G(
'(++&56().-&)4&I
R/$535'+-6'-7)$.&$0/5$/.&)./5$/$0(5$'()4+/4(5$.&$'()'&5-7)$5&$&*&'43/+\$.&)4+(
.&0 $ 60/[( $ /)4&5 $ -).-'/.(I $ b) $ '/5( $ .& $ -)'3,60-,-&)4(C $ 0/ $ +&5(03'-7) $ H3& $ 5354&)4/ $ 0/
/.&)./ $ H3&./+\ $ 5-) $ &*&'4( $ .& $ 60&)( $ .&+&'O(C $ 5-) $ 6&+_3-'-( $ .& $ H3& $ 5& $ &,-4/ $ &0 $ /'4(
/.,-)-54+/4-G($'(++&56().-&)4&I$!"#
!"# $ `+4W'30( $ ,(.-*-'/.( $ 6(+ $ &0 $ `+4W'30( $ E $ .&0 $ %&'+&4( $ ;36+&,( $ <= $ >N>@A>>N@B:2C
63D0-'/.($&0$AA@EA@A>>NC$'39($4&X4($&5$&0$5-F3-&)4&k
n`+4W'30($EAMI@$R/$535'+-6'-7)$.&0$'()4+/4($.&$'()'&5-7)$5&$+&/0-[/+\$.&)4+($.&$3)
60/[($,\X-,($.&$5&5&)4/$!L>#$.W/5$O\D-0&5$.&$63D0-'/./$0/$+&5(03'-7)$'(++&56().-&)4&I
d/+/ $ 4/0 $ &*&'4( $ .&D&+\ $ '3,60-+ $ '() $ &0 $ 6/F( $ 6(+ $ .&+&'O( $ .& $ '()'&5-7)C$ /5W$ '(,( $ 0/
6+&5&)4/'-7)$.&$'/+4/$*-/)[/$9$6/F($.&0$'/)()C$5-$&54(5$.(5$c04-,(5$'(++&56().-&+/)I$b)
'/5($.&$-)'3,60-,-&)4(C$0/$+&5(03'-7)$.&$(4(+F/,-&)4($.&$'()'&5-7)$9$0/$+&5(03'-7)$.&
/5-F)/'-7)$.&$&56&'4+($ H3&./+\)$ 5-)$ &*&'4($ .&$ 60&)($ .&+&'O(C$ 5-)$ 6&+_3-'-($ .&$ H3&$ &0
B-)-54&+-($&,-4/$&0$/'4($/.,-)-54+/4-G($'(++&56().-&)4&I
R/$535'+-6'-7)$.&$0/5$/.&)./5$/$0(5$'()4+/4(5$.&$'()'&5-7)$4/,D-1)$5&$&*&'43/+\
.&)4+($.&0$60/[($/)4&5$-).-'/.(I$b)$'/5($.&$-)'3,60-,-&)4(C$0/$+&5(03'-7)$H3&$5354&)4/$0/
/.&)./ $ H3&./+\ $ 5-) $ &*&'4( $ .& $ 60&)( $ .&+&'O(C $ 5-) $ 6&+_3-'-( $ .& $ H3& $ 5& $ &,-4/ $ &0 $ /'4(
/.,-)-54+/4-G($'(++&56().-&)4&Io
!#,L0$3-)MQDNG$<($6(.+\)$5&+$'()'&5-()/+-(5$0/5$6&+5()/5$6+(O-D-./5$.&$'()4+/4/+
'()$&0$b54/.($6(+$,/)./4($0&F/0$($.&$/34(+-./.$'(,6&4&)4&I
!#,L0$3-)MQMNG$m)$'()4+/4($63&.&$'(,6+&).&+$,\5$.&$3)/$'()'&5-7)$6/+/$6+&54/+
,\5$.&$3)$5&+G-'-($6cD0-'($.&$4&0&'(,3)-'/'-()&5C$0(5$'3/0&5$.&D&)$'()54/+$&)$*(+,/
&X6+&5/$&)$&0$'()4+/4($+&56&'4-G(I
b) $ &0 $ '/5( $ .& $ 5&+G-'-(5 $ ,c04-60&5 $ & $ -)4&F+/.(5C $ 5&+\ $ )&'&5/+-( $ '()4/+ $ '()
'()'&5-7)$6/+/$0/$6+&54/'-7)$.&$'/./$3)($.&$0(5$5&+G-'-(5$-)G(03'+/.(5C$.&$/'3&+.($/$0/
'0/5-*-'/'-7)$0&F/0I
!#,L0$3-)MQENG$R(5$6&+,-5(5$6/+/$-)54/0/+$9$(6&+/+$&H3-6(5$.&$4&0&'(,3)-'/'-()&5
H3& $ 5&/) $ )&'&5/+-(5$ 6/+/ $ 0/ $ 6+&54/'-7) $ .&0 $ 5&+G-'-( $ 6cD0-'( $ '()'&.-.(C $ 6(.+\) $ &54/+
-)'03-.(5$&)$&0$'()4+/4($.&$'()'&5-7)$9]($&)$0/$+&5(03'-7)$H3&$/5-F)/$&0$&56&'4+($.&$5&+$&0
'/5(I
!#,L0$3-)MQQNG$<($5&+\$)&'&5/+-($5(0-'-4/+$6&+,-5(5$6/+/$-)54/0/+$9$(6&+/+$&H3-6(5
.&$4&0&'(,3)-'/'-()&5$6/+/$0/$6+&54/'-7)$.&0$5&+G-'-($6cD0-'($'()'&.-.(C$'3/).($5&$4+/4&
.&k
EI$b54/'-()&5$+/.-(&01'4+-'/5$H3&$34-0-[/)$3)/$D/)./$/5-F)/./$'()$&0$'/+\'4&+$.&
35($&X'035-G($6/+/$3)$\+&/$.&4&+,-)/./I
AI $ b54/'-()&5$ +/.-(&01'4+-'/5$ 4&+,-)/0&5C$ 6&+4&)&'-&)4&5$ / $ 5&+G-'-(5$ 6(+4/.(+&5C
H3& $ 5& $ -)54/0/)$ &)$ &0$ 0/.( $ .&0 $ '0-&)4&I$ b54($ '(,6+&).&$ 0/5 $ &54/'-()&5 $ 4&+,-)/0&5$ .&0
5&+G-'-($6(+4/.(+$0('/0$&)$0/5$/60-'/'-()&5$63)4($/$,304-63)4($9$0/5$&54/'-()&5$+&,(4/5
6&+4&)&'-&)4&5$/$0(5$5-54&,/5$j;`:I
;-)$6&+_3-'-($.&$0($5&^/0/.(C$0(5$'()'&5-()/+-(5$H3&$5&$&)'3&)4+&)$'(,6+&).-.(5
&) $ 0(5$ /0'/)'&5$ .&0$ 6+&5&)4&$ /+4W'30($ 6+&5&)4/+\)$ /0$ B-)-54&+-(C$ /)4&5$ .& $ -)54/0/+5&$ 0/
&54/'-7)C$0($5-F3-&)4&k
/#$f)*(+,/'-7)$41')-'/$5(D+&$.-'O/$&54/'-7)C$.&$/'3&+.($/0$*(+,/4($/6+(D/.($6(+
&0$7+F/)($'(,6&4&)4&$.&0$B-)-54&+-(I
D# $ b543.-( $ 4&7+-'( $ .& $ +/.-/'-()&5 $ )( $ -()-[/)4&5C $ .& $ /'3&+.( $ /0 $ *(+,/4( $ H3&
/6+3&D&$&0$7+F/)($'(,6&4&)4&$.&0$B-)-54&+-(I
R/5 $ &54/'-()&5 $ 3D-'/./5 $ &) $ 0/5 $ 6+(X-,-./.&5$ .& $ 0/5 $ &54/'-()&5 $ .& $ '()4+(0 $ 9
P/.-(F()-(,&4+W/$ .&D&+\) $ 53_&4/+5&$ / $ 0($ &54/D0&'-.($ &)$ 0/$ )(+,/4-G/$ '(++&56().-&)4&I
`5-,-5,(C $ .&D&+\) $ '3,60-+ $ '() $ 0/5 $ )(+,/5 $ 41')-'/5 $ .& $ 6+(4('(0(5 $ .& $ ,&.-'-7)C
+&54+-''-()&5 $ +/.-(&01'4+-'/5$ &) $ \+&/5 $ .& $ 35( $ 6cD0-'( $ 9 $ .&,\5 $ )(+,/5 $ H3& $ &,-4/ $ &0
B-)-54&+-(I
b5$(D0-F/'-7)$.&$0(5$'()'&5-()/+-(5$&0$(D4&)&+$.&$0(5$.&,\5$(+F/)-5,(5$6cD0-'(5C
0/5$/34(+-[/'-()&5$H3&$ +&5304&)$ &X-F-D0&5$ 6/+/$ 6+('&.&+$ /$ 0/$ -)54/0/'-7)$ 9$'()54+3''-7)
+&56&'4-G/5I
!#,L0$3-)MQHNG$R/5$&54/'-()&5$+/.-(&01'4+-'/5$.&$+&.&5$6(+4/.(+/5$0('/0&5C$.&$0/+F/
.-54/)'-/$ )/'-()/0$9$ 0/5$ &54/'-()&5$ +/.-(&01'4+-'/5$ .&54-)/./5$ /$ &)0/[/+$ 0/5$&54/'-()&5
D/5& $ .& $ 3) $ 5&+G-'-( $ 6cD0-'( $ *-)/0 $ H3& $ 5() $ 34-0-[/./5 $ &) $ *(+,/ $ )( $ &X'035-G/ $ 6/+/
/60-'/'-()&5 $ 63)4( $ / $ 63)4(C $ .&D&+\) $ '()4/+ $ '() $ 6&+,-5( $ .& $ -)54/0/'-7)$ 9 $ (6&+/'-7)
&,-4-.($,&.-/)4&$+&5(03'-7)$.&0$7+F/)($'(,6&4&)4&$.&0$B-)-54&+-(I$b)$4(.(5$0(5$'/5(5C$&0
B-)-54&+-($+&/0-[/+\$0/$/5-F)/'-7)$.&$0/5$*+&'3&)'-/5$4&)-&).($&)$'3&)4/$,&'/)-5,(5$.&
+&34-0-[/'-7)C$,-&)4+/5$5&/$41')-'/,&)4&$*/'4-D0&I
R/5$0-'&)'-/5$.&$(6&+/'-7)$)($5()$/60-'/D0&5$6/+/$0/$6+&54/'-7)$.&$0(5$5&+G-'-(5
6cD0-'(5$.&$4&0&'(,3)-'/'-()&5I
!#,L0$3-)MQRNG$;()$.&+&'O(5$.&0$'()'&5-()/+-(C$6+-)'-6/0,&)4&$0(5$5-F3-&)4&5k
EI$d+&54/+$&0$5&+G-'-($9$6&+'-D-+$.&0$353/+-(C$'(,($+&4+-D3'-7)$6(+$0(5$5&+G-'-(5$H3&
6+&54/C$0/$4/+-*/$H3&$5&$*-_&$5-F3-&).($0/$,&4(.(0(FW/$6/'4/./$&)$&0$'()4+/4($.&$'()'&5-7)I
AI$:+/)5*&+-+$0/$'()'&5-7)$/$(4+/$6&+5()/C$6+&G-/$/6+(D/'-7)$&X6+&5/$.&0$B-)-54&+-(I
VI $ ;3D'()4+/4/+$ &) $ 0(5 $ '/5(5 $ &56&'W*-'(5$ H3& $ 5& $ .&4&+,-)& $ &) $ &0 $ '()4+/4( $ .&
'()'&5-7)I
NI$j&+-*-'/+$H3&$535$/D()/.(5$($353/+-(5$)($O/F/)$,/0$35($.&$0(5$5&+G-'-(5$H3&
0&5$6+&54&I
;-$.&$4/0$G&+-*-'/'-7)$5&$.&56+&).-&5&$3)$35($*+/3.30&)4($($-).&D-.(C$6().+\$4/0&5
O&'O(5$&)$'()('-,-&)4($.&$Z5-64&0C$6/+/$H3&$154&$/.(64&$0/5$,&.-./5$)&'&5/+-/5$6/+/
H3&$'&5&$0/$-++&F30/+-./.I$23/).($)($5&/$6(5-D0&$0/$-)4&+G&)'-7)$-),&.-/4/$.&$Z5-64&0C$&0
'()'&5-()/+-($6(.+\$6+('&.&+$'/34&0/+,&)4&$/$.&5'()&'4/+$.&$0/$+&.$'3/0H3-&+$/6/+/4(C
&H3-6(C $ .-56(5-4-G( $ ( $ 5-54&,/ $ H3& $ /*&'4& $ F+/G&,&)4& $ 0(5 $ .&+&'O(5 $ .& $ '()'&5-7) $ (
6+(.3['/$./^(5$,39$F+/G&5$&)$535$+&.&5$.&$4&0&'(,3)-'/'-()&5I$%&$&00($./+\$'3&)4/C$&)
&0$60/[($,\X-,($.&$NU$O(+/5C$/0$B-)-54&+-($9$/$Z5-64&0I
?I $ Z*&+4/+ $ 535 $ 5&+G-'-(5 $ 9]( $ 4+\*-'( $ / $ 4&+'&+(5C $ / $ 4+/G15 $ .& $ '(,&+'-/0-[/.(+&5
/'+&.-4/.(5 $ /)4& $ &0 $ B-)-54&+-(C $ +&56&4/).( $ 0(5 $ 6+-)'-6-(5 $ .& $ )&34+/0-./. $ 9 $ )(
.-5'+-,-)/'-7)I
LI$R(5$.&,\5$H3&$5&$6/'4&)$&)$&0$'()4+/4($.&$'()'&5-7)$($H3&$5&$.&+-G&)$.&$0/
R&9$9$.&0$P&F0/,&)4(I
!#,L0$3-)MQTNG$;()$(D0-F/'-()&5$.&0$'()'&5-()/+-($6+-)'-6/0,&)4&$0/5$5-F3-&)4&5k
EI$f)54/0/+C$(6&+/+$9$/.,-)-54+/+$&0$5&+G-'-($.&$/'3&+.($/$0(5$41+,-)(5C$'().-'-()&5
9$60/[(5$6+&G-54(5$&)$&0$'()4+/4($.&$'()'&5-7)I
AI$f)54/0/+$0/$-)*+/&54+3'43+/$H3&$5&$+&H3-&+/$6/+/$0/$6+&54/'-7)$.&0$5&+G-'-($H3&$5&
(4(+F/$&)$'()'&5-7)C$'3,60-&).($0/5$)(+,/5$,3)-'-6/0&5$($.&$(4+(5$(+F/)-5,(5$6cD0-'(5C
0/5$'3/0&5$)($6(.+\)$'()54-43-+$D/++&+/5$.&$/''&5($/0$,&+'/.(I
VI$d+&54/+$&0$5&+G-'-($&)$*(+,/$-)-)4&++3,6-./C$5/0G($'/5($*(+43-4($($*3&+[/$,/9(+C
&)$0/$H3&$5&$./+\$6+&*&+&)'-/$/$'(,3)-'/'-()&5$.&$&,&+F&)'-/I
NI $ Z4(+F/+ $ 0/5 $ F/+/)4W/5 $ H3& $ 0& $ &X-F& $ &0 $ B-)-54&+-( $ 6/+/ $ &0 $ '3,60-,-&)4( $ .&0
'()4+/4(C$.&$0/$R&9$9$.&0$P&F0/,&)4(C$&)$0/$*(+,/$9$,()4(5$H3&$5&$&X-_/)C$'3/).($0&$5&/)
5(0-'-4/./5I
?I$b54/D0&'&+$3)/$GW/$&X6&.-4-G/$6/+/$/4&).&+$0(5$+&'0/,(5$.&$0(5$353/+-(5$&)$0(5
41+,-)(5$9$60/[(5$H3&$*-_&$Z5-64&0I
LI $ d/F/+$ (6(+43)/,&)4&$ 0(5 $ .&+&'O(5C $ 4/5/5C$ '/)()$ 9$ .&,\5$ (D0-F/'-()&5$ H3&
F&)&+&$0/$'()'&5-7)I
TI$d+(6(+'-()/+$/0$B-)-54&+-($9$/$Z5-64&0$-)*(+,/'-7)$H3&$154(5$0&$5(0-'-4&)C$9$&)
F&)&+/0$D+-)./+$0/5$*/'-0-./.&5$6/+/$&*&'43/+$535$0/D(+&5$.&$-)56&''-7)$9$G&+-*-'/'-7)I
UI$b0$'3,60-,-&)4($.&$0($.-563&54($&)$&0$/+4W'30($EVI
MI$f)*(+,/+$/$Z5-64&0$.&$'3/0H3-&+$'/,D-($($,(.-*-'/'-7)$+&*&+&)4&$/$/'3&+.(5$'()
&0$353/+-(C$'().-'-()&5$.&$-)4&+'()&X-7)$($4/+-*/5I
E>I$r/'&+$.&$'()('-,-&)4($.&$0(5$-)4&+&5/.(5$0/$-)*(+,/'-7)$5(D+&$.&5'3&)4(5$/
0(5 $ '(,&+'-/0-[/.(+&5 $ 9 $ (4+(5 $ '()'&5-()/+-(5C $ 6+(6(+'-()/).( $ .-'O/ $ -)*(+,/'-7) $ /0
B-)-54&+-($9$/$Z5-64&0$'3/).($5&$0($5(0-'-4&)I
EEI$R(5$.&,\5$H3&$5&$6/'4&)$&)$&0$'()4+/4($.&$'()'&5-7)C$H3&$5&$.&+-G&)$.&$0/
R&9C$.&0$P&F0/,&)4($9$.&,\5$)(+,/5$/60-'/D0&5I
!#,L0$3- ) MQFNG$ R(5 $ '()'&5-()/+-(5 $ .&0 $ 5&+G-'-( $ 6cD0-'( $ .& $ .-54+-D3'-7) $ .&
+/.-(.-*35-7)$6(+$'/D0&$.&D&+\)$6+(G&&+$&0$5&+G-'-($&)$*(+,/$F+/43-4/$9$&)$&0$5-F3-&)4&
(+.&)$.&$6+&0/'-7)$/k
EI$2&)4+(5$&.3'/4-G(5$&54/4/0&5I
AI $ r(56-4/0&5 $ 9 $ '&)4+(5 $ .& $ 5/03. $ &54/4/0&5 $ '() $ ,/9(+ $ )c,&+( $ .& $ /4&)'-()&5
/5-54&)'-/0&5I
b54/$ (D0-F/'-7)$ 5&+\$ &*&'4-G/$ 5-&,6+&$ 9$ '3/).($ 0(5$ 0('/0&5$ .&$ 0/5$ -)54-43'-()&5
/)4&5$,&)'-()/./5$5&$&)'3&)4+&)$3D-'/./5$.&)4+($.&0$/0'/)'&$.&$53$+&.S$'/5($'()4+/+-(
.-'O/5$-)54-43'-()&5$.&D&+\)$'3D+-+$0(5$'(54(5$.&$0/$&X4&)5-7)$.&$0/$,-5,/I
%-'O/$6+(G-5-7)$.&0$5&+G-'-($5&+\$O/54/$&0$3)($6(+$'-&)4($!Ep#$.&0$)c,&+($4(4/0$.&
353/+-(5$'()$H3&$'3&)4/$0/$(6&+/.(+/C$(*+&'-&).($'(,($,W)-,($&0$5&+G-'-($F+/43-4($/$3)
353/+-($!3)$63)4($6(+$'/./$3)(#I
b) $ '/5( $ .& $ '()'3++&)'-/ $ .& $ G/+-(5 $ '()'&5-()/+-(5 $ 9 $ 5- $ 0/ $ '/)4-./. $ .&
.&6&).&)'-/5$/$5&+$/4&).-./5$&5$,&)(+$/$0/$53,/$.&$0/5$(D0-F/'-()&5$.&$'/./$3)/$.&
&00(5C$.-'O/$(D0-F/'-7)$5&+\$+&6/+4-./$.&$,/)&+/$6+(6(+'-()/0$/0$)c,&+($.&$/D()/.(5$.&
'/./$(6&+/.(+I
!#,L0$3- ) MQUNG$ b0 $ '()4+/4( $ .& $ '()'&5-7) $ .&D& $ 5&+ $ &5'+-4( $ 9 $ '()4&)&+
*3)./,&)4/0,&)4&$0($5-F3-&)4&k
EI$f.&)4-*-'/'-7)$.&$0/5$6/+4&5I
AI$ZD_&4($.&$0/$'()'&5-7)$9$0(5$5&+G-'-(5$&56&'W*-'(5$H3&$/34(+-[/$/$6+&54/+I
VI$d0/[($.&$.3+/'-7)$.&$0/$'()'&5-7)I
NI$%&+&'O(5$9$(D0-F/'-()&5$.&0$'()'&5-()/+-(I
?I$d0/)$,W)-,($.&$&X6/)5-7)$.&0$5&+G-'-(I
LI $ 2(,6+(,-5( $ .& $ '3,60-,-&)4( $ .& $ 0/5 $ '/+/'4&+W54-'/5 $ 41')-'/5 $ .& $ 0/5
-)54/0/'-()&5$H3&$5&$&56&'-*-H3&)$&)$0(5$60/)&5$41')-'(5$*3)./,&)4/0&5I
TI$2(,6+(,-5($.&$)($-)54/0/+$ &H3-6(5$ .&$ 5&F3).($ 35(C$ 5/0G($ &)$0(5$'/5(5$ .&
4+/50/.(5$-)4&+)(5$.&)4+($.&$0/5$\+&/5$.&$'()'&5-7)$(D4&)-./5$($&)$/H3&00(5$'/5(5$&)$H3&
&0$B-)-54&+-($0($/34(+-'&$,&.-/)4&$+&5(03'-7)$.&0$7+F/)($'(,6&4&)4&I$d/+/$&*&'4(5$.&$0/
/34(+-[/'-7)$/)4&5$,&)'-()/./C$&0$60/[($6/+/$0/$/4&)'-7)$.&$0/$5(0-'-43.$&5$.&$.-&[$!E>#
.W/5$O\D-0&5I
UI$2/5(5$&56&'W*-'(5$&)$H3&$63&.&$6&+,-4-+5&$0/$53D'()4+/4/'-7)I
MI$u+&/$.&$'(D&+43+/$.&0$5&+G-'-(I
E>I$2(,6/4-D-0-./.$.&$0/5$.-54-)4/5$F&)&+/'-()&5$.&$&H3-6(5$4&+,-)/0&5$H3&$3)/
G&[$O(,(0(F/.(5C$63&.&)$'()&'4/+5&I
EEI$d0/[(5$6/+/$&0$-)-'-($.&$0/$6+&54/'-7)$.&0$5&+G-'-(I
EAI $ ZD0-F/'-7)$ .& $ '()4/+ $ '() $ '()4/D-0-./.$ 5&6/+/./ $ &) $ G-+43. $ .&0 $ 6+-)'-6-($ .&
)&34+/0-./.C$5&Fc)$5&$&54/D0&'&$&)$&0$/+4W'30($ALN$9$5-F3-&)4&5I
EVI$2(,6+(,-5($.&$/_354/+5&$/$0/5$)(+,/5$H3&$.-'4&$Z5-64&0$&)$,/4&+-/$.&$4/+-*/5C
'().-'-()&5$ .& $ 35(C$ '3,60-,-&)4($ .& $ 0(5$ (D_&4-G(5$ .&$ '/0-./.$ .&0$ 5&+G-'-($ 9$ +&F0/5$ .&
-)4&+'()&X-7)$.&$5&+G-'-(5I
ENI$2/35/0&5$.&$+&5(03'-7)$.&0$'()4+/4($.&$'()'&5-7)I
E?I$d&)/0-./.&5I
!#,L0$3-)MQVNG$ b0$B-)-54&+-(C$'()$0/$(6-)-7)$6+&G-/$.&$Z5-64&0C$/6+(D/+\$'()4+/4(5
4-6($.&$'()'&5-()&5I$d/+/$4/0$&*&'4(C$Z5-64&0$&,-4-+\$6+()3)'-/,-&)4($+&56&'4($.&$.-'O(5
'()4+/4(5$.&)4+($.&$0(5$G&-)4&$!A>#$.W/5$O\D-0&5$5-F3-&)4&5$/$53$+&'&6'-7)I
!#,L0$3- ) MHDNG$ R/5 $ 5/)'-()&5 $ /.,-)-54+/4-G/5 $ &54/D0&'-./5 $ &) $ 0/ $ R&9 $ 9 $ &0
P&F0/,&)4($5&$/60-'/+\)$-).&6&).-&)4&,&)4&$.&$0/5$6&)/0-./.&5$H3&$6(+$-)'3,60-,-&)4(
5&$6/'4&)$&)$&0$'()4+/4($.&$'()'&5-7)I
!#,L0$3-)MHMNG$b)$&0$'()4+/4($.&$'()'&5-7)$5&$&54/D0&'&+\$&)$*(+,/$&56&'W*-'/$&0
60/[($6/+/$H3&$&0$'()'&5-()/+-($-)-'-&$0/$6+&54/'-7)$.&0$5&+G-'-($.&$4&0&'(,3)-'/'-()&5
'()'&.-.(I$%-'O($60/[($)($&54\$53_&4($/$6+7++(F/C$5/0G($'/5($*(+43-4($($*3&+[/$,/9(+I
b) $ &0 $ '/5( $ .& $ +&H3&+-+ $ 0/ $ 34-0-[/'-7) $ .& $ 5/410-4&5C $ 6/+/ $ 0/ $ /5-F)/'-7) $ .& $ 0/5
+&56&'4-G/5 $ *+&'3&)'-/5C $ &0 $ '()'&5-()/+-( $ .&D&+\ $ 6+(6(+'-()/+ $ 0/ $ -)*(+,/'-7) $ 9
.('3,&)4/'-7)$.&0$(6&+/.(+$H3&$0&$6+&54/+\$0/5$*/'-0-./.&5$5/4&0-4/0&5I
!#,L0$3-)MHENG$j&)'-.($&0$60/[($-).-'/.($'()*(+,&$/0$/+4W'30($/)4&+-(+$5-)$O/D&+5&
-)-'-/.($0/$6+&54/'-7)$.&0$5&+G-'-($.&$4&0&'(,3)-'/'-()&5$'()'&.-.(C$5&$6+(.3'-+\$.&$60&)(
.&+&'O($0/$+&5(03'-7)$.&0$'()4+/4($.&$'()'&5-7)C$9$5-,304\)&/,&)4&$H3&./+\$5-)$&*&'4($0/
'(++&56().-&)4&$+&5(03'-7)$H3&$/5-F)7$&0$35($.&0$&56&'4+(I
!#,L0$3-)MHQNG$R/$'()'&5-7)$5&$&X4-)F3&$6(+$0/5$5-F3-&)4&5$'/35/0&5k
EI$j&)'-,-&)4($.&0$60/[($.&$G-F&)'-/$.&$0/$'()'&5-7)I
AI$`'3&+.($,343($.&$0/5$6/+4&5I
VI$d(+$,3&+4&$($.&'0/+/'-7)$.&$H3-&D+/$.&0$'()'&5-()/+-(C$&)$'/5($.&$5&+$6&+5()/
)/43+/0S $ (C $ 4+/4\).(5& $ .& $ 6&+5()/5 $ _3+W.-'/5C$ 6(+ $ &X4-)'-7)C $ .&'0/+/4(+-/ $ .& $ H3-&D+/ $ (
/'3&+.($($.&'0/+/4(+-/$.&$.-5(03'-7)$($0-H3-./'-7)I
R/ $ &X4-)'-7) $ .& $ 0/ $ '()'&5-7) $ (6&+/ $ .& $ 60&)( $ .&+&'O(C $ 5-) $ 6&+_3-'-( $ .& $ 53
*(+,/0-[/'-7)$,&.-/)4&$0/$'(++&56().-&)4&$+&5(03'-7)$,-)-54&+-/0I
!#,L0$3-)MHHNG$b0$'()4+/4($.&$'()'&5-7)$5&$+&53&0G&$6(+k
EI$f)'3,60-,-&)4($.&0$60/[($6/'4/.($6/+/$-)-'-/+$0/$6+&54/'-7)$.&0$ 5&+G-'-(I$;-$&0
'()4+/4($.&$'()'&5-7)$'(,6+&).&$G/+-(5$5&+G-'-(5$($G/+-/5$,(./0-./.&5$.&$3)$5&+G-'-($9
&0 $ -)'3,60-,-&)4( $ &54\ $ +&*&+-.( $ / $ 3)( $ .& $ 0(5 $ 5&+G-'-(5 $ ( $ ,(./0-./.&5 $ (4(+F/.(5C $ &0
'()'&5-()/+-($6&+.&+\$&0$.&+&'O($/$6+&54/+$.-'O(5$5&+G-'-(5$($,(./0-./.&5I
AI$f)'3,60-,-&)4($.&$(4+/5$(D0-F/'-()&5$'()4+/W./5$6(+$&0$'()'&5-()/+-(C$'3/).(
O/9/)$5-.($&X6+&5/,&)4&$'()G&)-./5$'(,($'/35/0$.&$+&5(03'-7)$.&0$'()4+/4(I
VI$;356&)5-7)$.&$0/$6+&54/'-7)$.&0$5&+G-'-($5-)$6+&G-/$/34(+-[/'-7)$.&0$B-)-54&+-(C
5/0G($H3&$154/$5&$6+(.3['/$6(+$+/[()&5$.&$*3&+[/$,/9(+$($'/5($*(+43-4($.&D-./,&)4&
/'+&.-4/.(5$9$'/0-*-'/.(5$'(,($4/0&5$6(+$&0$B-)-54&+-(I
NI$ f)'3,60-,-&)4($ +&-4&+/.($ .&$ 0/5$ (D0-F/'-()&5$+&*&+-./5$ /$0/$ -)G-(0/D-0-./.$9$ &0
5&'+&4($.&$0/5$4&0&'(,3)-'/'-()&5C$.&D-./,&)4&$/'+&.-4/.(C$5-F3-&).($&0$.&D-.($6+('&5(
9$5-&,6+&$H3&$5&$&)'3&)4+&$'()$+&5(03'-7)$*-+,&I
?I $ f)'3,60-,-&)4( $ .&0 $ 6/F( $ .& $ 0/ $ 4/5/ $ .3+/)4& $ .(5 $ !A# $ /^(5 $ '/0&)./+-(
'()5&'34-G(5C $ 5/0G( $ H3& $ '3&)4& $ '() $ *+/''-()/,-&)4( $ G-F&)4& $ ( $ 5& $ O/9/ $ .&_/.( $ &)
5356&)5($0/$&X-F-D-0-./.$.&$0/5$(D0-F/'-()&5$&'()7,-'/5$'()*(+,&$/$0($&54/D0&'-.($&)$0/
R&9$Q&)&+/0$.&0$;-54&,/$2()'3+5/0I
LI$f)'3,60-,-&)4($.&0$6/F($.&0$'/)()$6(+$.(5$!A#$/^(5$'/0&)./+-($'()5&'34-G(5C
5/0G( $ H3& $ '3&)4& $ '() $ *+/''-()/,-&)4( $ G-F&)4& $ ( $ 5& $ O/9/ $ .&_/.( $ &) $ 5356&)5( $ 0/
&X-F-D-0-./.$.&$0/5$(D0-F/'-()&5$&'()7,-'/5$'()*(+,&$/$0($&54/D0&'-.($&)$0/$R&9$Q&)&+/0
.&0$;-54&,/$2()'3+5/0I
TI$d1+.-./$.&0$*+/''-()/,-&)4($.&$6/F($6(+$0/5$.&3./5$&X-54&)4&5$/0$,(,&)4($.&
(4(+F/+5&$0/$'()'&5-7)$+&56&'4-G/I
b0 $ '()4+/4( $ .& $ '()'&5-7) $ 6(.+\ $ &54/D0&'&+ $ 3) $ 6+('&.-,-&)4($ &56&'-/0 $ 6/+/ $ 0/
+&5(03'-7)I$d/+/$0(5$'/5(5$.&$0(5$)3,&+/0&5$?$9$LC$0/$+&5(03'-7)$(6&+/$.&$60&)($.&+&'O(C
5-)$6&+_3-'-($.&$53$*(+,/0-[/'-7)$,&.-/)4&$0/$+&5(03'-7)$'(++&56().-&)4&I
!#,L0$3-)MHRNG$R(5$5&+G-'-(5$6cD0-'(5$.&$4&0&'(,3)-'/'-()&5$9]($&0$4+\*-'($63&.&)
5&+ $ '(,&+'-/0-[/.(5C $ &)4&).-1).(5& $ &54/ $ /'4-G-./. $ '(,( $ 0/ $ 6(5-D-0-./. $ .& $ H3& $ 3)/
6&+5()/$)/43+/0$($_3+W.-'/C$/.H3-&+/$5&+G-'-(5$9]($G(03,&)$/0$6(+$,/9(+$.&$4+\*-'($'()$0/
*-)/0-./.$.&$(*&+4/+0(5$/$4&+'&+(5I
;() $ '(,&+'-/0-[/.(+&5 $ 63+(5 $ /H3&00(5 $ H3& $ )( $ '()54+39&) $ -)*+/&54+3'43+/ $ &)
4&0&'(,3)-'/'-()&5$ )-$ '3&)4&)$ '()$ '()'&5-7)S$ 6/+/$ 4/0$ &*&'4(C $ .&D&)$ -)5'+-D-+5&$ &)$ &0
+&F-54+($.&$'(,&+'-/0-[/.(+&5$/$'/+F($.&0$B-)-54&+-(I$d+&G-($/0$-)-'-($.&$535$/'4-G-./.&5$.&
'(,&+'-/0-[/'-7)$.&D&+\)$(D4&)&+$&0$'(++&56().-&)4&$'&+4-*-'/.(I
2(++&56().& $ /0 $ B-)-54&+-( $ &54/D0&'&+ $ 0(5 $ +&H3-5-4(5 $ 9 $ 6+('&.-,-&)4(5 $ 6/+/ $ 0/
-)5'+-6'-7)$&)$&0$+&F-54+($.&$'(,&+'-/0-[/.(+&5I
!#,L0$3-)MHTNG$b0$4-430/+$.&$3)$+&F-54+($.&$'(,&+'-/0-[/.(+$.&$5&+G-'-(5$6cD0-'(5$.&
4&0&'(,3)-'/'-()&5$ 9]( $ 4+\*-'(C $ 5& $ &)'3&)4+/ $ (D0-F/.( $ / $ 6+(6(+'-()/+ $ /0 $ B-)-54&+-( $ 0/
-)*(+,/'-7)$+&0/'-()/./$/0$5&+G-'-($H3&$154&$0&$5(0-'-4&I
>?J*X*?81)I
;<8)1*147!AI<B*1);<)=1B=<>ISB)!)>18I=I*?;);<)@!4*<
!#,L0$3-)MHFNG$R/$5(0-'-43.$6/+/$&0$(4(+F/,-&)4($.&$3)/$'()'&5-7)$.&D&$.-+-F-+5&$/0
B-)-54&+-(C$/._3)4/).($0/$5-F3-&)4&$-)*(+,/'-7)$9$.('3,&)4/'-7)k
EI$b)$&0$'/5($.&$6&+5()/5$_3+W.-'/5k$'(6-/$.&0$4&54-,()-($.&$ '()54-43'-7)$5('-/0
-)5'+-4( $ '()*(+,& $ / $ 0&9 $ ( $ .&0 $ -)54+3,&)4( $ H3& $ '(++&56()./ $ 4+/4\).(5& $ .& $ &,6+&5/5
&X4+/)_&+/5C$ 0&F/0-[/./$ 6(+$ <(4/+-($ dcD0-'($ ( $ '&+4-*-'/./$ 6(+$ 8&./4/+-($ 9$ '&+4-*-'/.($ .&
G-F&)'-/$.&$6(.&+$.&$53$+&6+&5&)4/)4&$0&F/0$'()$3)/$/)4-Fv&./.$)($,/9(+$.&$4+&5$!V#
,&5&5$9$/.&,\5$'(6-/$0&F/0-[/./$($'&+4-*-'/./$.&$53$.('3,&)4($.&$-.&)4-./.I$:+/4\).(5&
.& $ 6&+5()/5 $ )/43+/0&5k $ '(6-/ $ .&0 $ .('3,&)4( $ .& $ -.&)4-./.C $ -F3/0,&)4& $ 0&F/0-[/./ $ (
'&+4-*-'/./I
AI$%/4(5$6&+5()/0&5$.&0$5(0-'-4/)4&k$:+/4\).(5&$.&$6&+5()/5$_3+W.-'/5$'(,6+&).&
/0$+&6+&5&)4/)4&$0&F/0$9$/$0(5$5('-(5$H3&$6(5&/)$/''-()&5$($6/+4-'-6/'-()&5$'()$.&+&'O($/
G(4(C$H3&$+&6+&5&)4&)$3)$6(+'&)4/_&$-F3/0$($536&+-(+$/0$.-&[$6(+$'-&)4($!E>p#$.&0$'/6-4/0
5('-/0$.&$0/$,-5,/I$b)$'/5($.&$H3&$/0F3)($.&$0(5$5('-(5$($/''-()-54/5$5&/$/$53$G&[$3)/
6&+5()/$_3+W.-'/C$53$+&6+&5&)4/)4&$0&F/0$.&D&+\$6+&5&)4/+$.-'O($+&H3-5-4(I
VI$%&'0/+/'-7)$_3+/./$.&0$5(0-'-4/)4&$.&$)($O/00/+5&$-,6&.-.($.&$'()4+/4/+$'()$&0
b54/.( $ )- $ &54/+ $ -)'3+5( $ &) $ 0/5 $ 0-,-4/'-()&5$ &54/D0&'-./5 $ &) $ 0/ $ R&9 $ 9 $ &0 $ P&F0/,&)4(I
:+/4\).(5& $ .& $ 6&+5()/5 $ _3+W.-'/5 $ '(,6+&).&$ /0$ +&6+&5&)4/)4&$ 0&F/0 $ 9 $ / $ 0(5 $ 5('-(5$ (
/''-()-54/5$H3&$6(5&/)$/''-()&5$($6/+4-'-6/'-()&5$'()$.&+&'O($/$G(4(C$H3&$+&6+&5&)4&)
3)$6(+'&)4/_&$-F3/0$($536&+-(+$/0$.-&[$6(+$'-&)4($!E>p#$.&0$'/6-4/0$5('-/0$.&$0/$&,6+&5/
5(0-'-4/)4&I$b)$'/5($.&$H3&$/0F3)($.&$0(5$5('-(5$5&/$/$53$G&[$3)/$6&+5()/$_3+W.-'/C$53
+&6+&5&)4/)4&$0&F/0$.&D&+\$6+&5&)4/+$.-'O($+&H3-5-4(I
NI$d&+*-0$.&0$6+(9&'4($41')-'($6/+/$0/$6+&54/'-7)$.&0$5&+G-'-($5(0-'-4/.(C$/34(+-[/.(
6(+$-)F&)-&+($'(0&F-/.($O\D-0$.&$0/$&56&'-/0-./.I
?I$d+(9&''-7)$.&$0/$-)G&+5-7)$6+&G-54/$6/+/$0(5$6+-,&+(5$'-)'($!?#$/^(5$9$,()4($.&
0/$-)G&+5-7)$-)-'-/0$/$5&+$&_&'34/.($.3+/)4&$&0$6+-,&+$/^(I
LI$2/+4/$*-/)[/$6(+$&0$5&-5$6(+$'-&)4($!Lp#$.&$0/$-)G&+5-7)$-)-'-/0$/$*-)$.&$/5&F3+/+$&0
-)-'-($.&$(6&+/'-()&5C$5-&,6+&$H3&$0/$'()'&5-7)$-)G(03'+&$&)$53$\+&/$0/$6+(G-)'-/$.&$R-,/
9$0/$d+(G-)'-/$2()54-43'-()/0$.&0$2/00/(I$%-'O/$'/+4/$5&$6+&5&)4/+\$'()*(+,&$/$0($6+&G-54(
&)$&0$/+4W'30($EAMI
TI$d/F($6(+$.&+&'O($.&$4+\,-4&I
b) $ &0 $ '/5( $ .& $ H3& $ 0/ $ -)*(+,/'-7) $ 0&F/0 $ /)4&5 $ 5&^/0/./ $ 9/ $ '()54& $ &) $ (4+(
&X6&.-&)4&C$ &00( $ 5& $ -).-'/+\$ &) $ 0/ $ 5(0-'-43.C$ 6+&'-5/).($ .& $ 5&+ $ 6(5-D0&C $ &0 $ )c,&+( $ .&
&X6&.-&)4&$+&56&'4-G(I$!"#
!"# $ `+4W'30( $ ,(.-*-'/.( $ 6(+ $ &0 $ `+4W'30( $ E $ .&0 $ %&'+&4( $ ;36+&,( $ <= $ >N>@A>>N@B:2C
63D0-'/.($&0$AA@EA@A>>NC$'39($4&X4($&5$&0$5-F3-&)4&k
n`+4W'30($ENTI@$$R/$5(0-'-43.$6/+/$&0$(4(+F/,-&)4($.&$3)/$'()'&5-7)$.&D&$.-+-F-+5&$/0
B-)-54&+-(C$/._3)4/).($0/$5-F3-&)4&$-)*(+,/'-7)$9$.('3,&)4/'-7)k
EI$b)$&0$'/5($.&$6&+5()/5$_3+W.-'/5k$'(6-/$.&0$4&54-,()-($.&$ '()54-43'-7)$5('-/0
-)5'+-4( $ '()*(+,& $ / $ 0&9 $ ( $ .&0 $ -)54+3,&)4( $ H3& $ '(++&56()./ $ 4+/4\).(5& $ .& $ &,6+&5/5
&X4+/)_&+/5C$ 0&F/0-[/./$ 6(+$ <(4/+-($ dcD0-'($ ( $ '&+4-*-'/./$ 6(+$ 8&./4/+-($ 9$ '&+4-*-'/.($ .&
G-F&)'-/$.&$6(.&+$.&$53$+&6+&5&)4/)4&$0&F/0$'()$3)/$/)4-Fv&./.$)($,/9(+$.&$4+&5$!V#
,&5&5$9$/.&,\5$'(6-/$0&F/0-[/./$($'&+4-*-'/./$.&$53$.('3,&)4($.&$-.&)4-./.$9$'(6-/$.&0
.('3,&)4($ H3&$ /'+&.-4&$ 0/$ -)5'+-6'-7)$ &)$ &0$ P&F-54+($ Y)-'($ .&$ 2()4+-D39&)4&5$ !Pm2#I
:+/4\).(5& $ .& $ 6&+5()/5 $ )/43+/0&5k $ '(6-/ $ .&0 $ .('3,&)4( $ .& $ -.&)4-./.C $ -F3/0,&)4&
0&F/0-[/./$($'&+4-*-'/./$9$'(6-/$.&0$.('3,&)4($H3&$/'+&.-4&$0/$-)5'+-6'-7)$&)$&0$P&F-54+(
Y)-'($.&$2()4+-D39&)4&5$!Pm2#I
AI$%/4(5$6&+5()/0&5$.&0$5(0-'-4/)4&k$:+/4\).(5&$.&$6&+5()/5$_3+W.-'/5$'(,6+&).&
/0$+&6+&5&)4/)4&$0&F/0$9$/$0(5$5('-(5$H3&$6(5&/)$/''-()&5$($6/+4-'-6/'-()&5$'()$.&+&'O($/
G(4(C$H3&$+&6+&5&)4&)$3)$6(+'&)4/_&$-F3/0$($536&+-(+$/0$.-&[$6(+$'-&)4($!E>p#$.&0$'/6-4/0
5('-/0$.&$0/$,-5,/I$b)$'/5($.&$H3&$/0F3)($.&$0(5$5('-(5$($/''-()-54/5$5&/$/$53$G&[$3)/
6&+5()/$_3+W.-'/C$53$+&6+&5&)4/)4&$0&F/0$.&D&+\$6+&5&)4/+$.-'O($+&H3-5-4(I
VI$%&'0/+/'-7)$_3+/./$.&0$5(0-'-4/)4&$.&$)($O/00/+5&$-,6&.-.($.&$'()4+/4/+$'()$&0
b54/.( $ )- $ &54/+ $ -)'3+5( $ &) $ 0/5 $ 0-,-4/'-()&5$ &54/D0&'-./5 $ &) $ 0/ $ R&9 $ 9 $ &0 $ P&F0/,&)4(I
:+/4\).(5& $ .& $ 6&+5()/5 $ _3+W.-'/5 $ '(,6+&).&$ /0$ +&6+&5&)4/)4&$ 0&F/0 $ 9 $ / $ 0(5 $ 5('-(5$ (
/''-()-54/5$H3&$6(5&/)$/''-()&5$($6/+4-'-6/'-()&5$'()$.&+&'O($/$G(4(C$H3&$+&6+&5&)4&)
3)$6(+'&)4/_&$-F3/0$($536&+-(+$/0$.-&[$6(+$'-&)4($!E>p#$.&0$'/6-4/0$5('-/0$.&$0/$&,6+&5/
5(0-'-4/)4&I$b)$'/5($.&$H3&$/0F3)($.&$0(5$5('-(5$5&/$/$53$G&[$3)/$6&+5()/$_3+W.-'/C$53
+&6+&5&)4/)4&$0&F/0$.&D&+\$6+&5&)4/+$.-'O($+&H3-5-4(I
NI$d&+*-0$.&0$6+(9&'4($41')-'($6/+/$0/$6+&54/'-7)$.&0$5&+G-'-($5(0-'-4/.(C$/34(+-[/.(
6(+$-)F&)-&+($'(0&F-/.($O\D-0$.&$0/$&56&'-/0-./.I
?I$d+(9&''-7)$.&$0/$-)G&+5-7)$6+&G-54/$6/+/$0(5$6+-,&+(5$'-)'($!?#$/^(5$9$,()4($.&
0/$-)G&+5-7)$-)-'-/0$/$5&+$&_&'34/.($.3+/)4&$&0$6+-,&+$/^(I$R/$-)*(+,/'-7)$/$6+&5&)4/+$.&D&
+&/0-[/+5&$&)$*(+,/$.&5/F+&F/./$.&$/'3&+.($/0$*(+,/4($6+(6(+'-()/.($6(+$0/$%-+&''-7)$.&
Q&54-7)I
R/ $ 6+(9&''-7)$ .&$ 0/$ -)G&+5-7)$ -).-'/./$ .&D&+\$ 5&+$ '()5-54&)4&$ '()$ &0$ d&+*-0$ .&0
d+(9&'4($:1')-'($6+&5&)4/.(C$4(,/).($&)$'3&)4/$&0$\+&/$/$5&+G-+$9$0/$'0/5&$9$,(./0-./.
.&0$5&+G-'-($/$6+&54/+I
LI $ 2/+4/ $ *-/)[/$ 6(+ $ &0$ H3-)'&$ 6(+ $ '-&)4($ !E?p# $ .& $ 0/ $ -)G&+5-7)$ -)-'-/0$ / $ *-) $ .&
/5&F3+/+$&0$-)-'-($.&$0/5$(6&+/'-()&5C$5-&,6+&$H3&$0/$'()'&5-7)$-)G(03'+&$&)$53$\+&/$0/
6+(G-)'-/$.&$R-,/$9]($0/$d+(G-)'-/$2()54-43'-()/0$.&0$2/00/(I$%-'O/$'/+4/$5&$6+&5&)4/+\
'()*(+,&$/$0($6+&G-54($&)$&0$/+4W'30($EAMI
TI$d/F(5$6(+$.&+&'O($.&$4+\,-4&$9$6(+$.&+&'O($.&$63D0-'/'-7)$.&$0/$+&5(03'-7)$.&
'()'&5-7)$&)$ &0$%-/+-($Z*-'-/0$b0$d&+3/)(I$ b)$ '/5($.&$.&)&F/+5&$ 0/$5(0-'-43.C$&0$6/F(
&*&'43/.($6(+$.&+&'O($.&$63D0-'/'-7)$5&+\$.&G3&04($/0$5(0-'-4/)4&I
UI$d/+/$0(5$'/5(5$&)$H3&$0/$'()'&5-7)$6/+/$5&+G-'-(5$*-)/0&5$-)G(03'+&$0/$6+(G-)'-/
.&$R-,/$9]($0/$d+(G-)'-/$ 2()54-43'-()/0$ .&0$2/00/(C$0(5$ 5(0-'-4/)4&5$ .&D&+\)$'()4&,60/+
/.-'-()/0,&)4&$&)$53$6+(9&'4($41')-'($0/$/4&)'-7)C$'(,($,W)-,(C$.&$3)/$0('/0-./.$*3&+/
.&0 $ .&6/+4/,&)4( $ .& $ R-,/ $ 9 $ 0/ $ d+(G-)'-/ $ 2()54-43'-()/0 $ .&0 $ 2/00/(C $ /5&F3+/).( $ 0/
6+&54/'-7)$.&0$5&+G-'-($&)$.-'O/$0('/0-./.$6(+$&0$6&+W(.($H3&$.3+&$0/$'()'&5-7)I
%-'O/5 $ 0('/0-./.&5$ 5&+\) $ 5&0&''-()/./5 $ 6(+ $ &0 $ B-)-54&+-($ ,&.-/)4& $ P&5(03'-7)
B-)-54&+-/0$.&$/'3&+.($/$0(5$'+-4&+-(5$H3&$&54/D0&['/I
b) $ &0 $ '/5( $ .& $ H3& $ 0/ $ -)*(+,/'-7) $ 0&F/0 $ /)4&5 $ 5&^/0/./ $ 9/ $ '()54& $ &) $ (4+(
&X6&.-&)4&C$ &00( $ 5& $ -).-'/+\$ &) $ 0/ $ 5(0-'-43.C$ 6+&'-5/).($ .& $ 5&+ $ 6(5-D0&C $ &0 $ )c,&+( $ .&
&X6&.-&)4&$+&56&'4-G(Io
=!@X*?81)I
;<8)@41=<;IAI<B*1
!#,L0$3-)MHUNG$ b0$5(0-'-4/)4&$6+&5&)4/+\$/0$B-)-54&+-($53$5(0-'-43.$.&$(4(+F/,-&)4(
.&$'()'&5-7)C$6+&G-/$G&+-*-'/'-7)$.&0$'3,60-,-&)4($.&$0(5$+&H3-5-4(5$*(+,/0&5I$;-$*/04/5&
/0F3)($.&$0(5$+&H3-5-4(5C$5&$.&_/+\$'()54/)'-/$.&$&00($&)$0/$,-5,/$5(0-'-43.$($)(4-*-'/'-7)
/._3)4/C$ (4(+F\).(0&$ 3)$ 60/[($ ,\X-,($ .&$ 5-&4&$ !T#$ .W/5$ O\D-0&5$ 6/+/$ H3&$ '3,60/$ '()
53D5/)/+$0/$(,-5-7)$&)$H3&$O3D-&5&$-)'3++-.(I
;3D5/)/./$0/$(,-5-7)$5&^/0/./$&)$&0$6\++/*($/)4&+-(+C$5&$&)4&).&+\$/.,-4-./$0/
5(0-'-43.$.&$(4(+F/,-&)4($.&$'()'&5-7)$&)$0/$*&'O/$&)$H3&$5&$6+&5&)4/+()$0(5$+&H3-5-4(5
*/04/)4&5I
23,60-.($&0$60/[($5-)$H3&$5&$O/9/$&*&'43/.($0/$53D5/)/'-7)$.&$0($(D5&+G/.(C$0/
5(0-'-43.$5&$'()5-.&+/+\$'(,($)($6+&5&)4/./$9$5&$6().+\$/$.-56(5-'-7)$.&0$-)4&+&5/.($0/
.('3,&)4/'-7)$'(++&56().-&)4&I$b0$7+F/)($'(,6&4&)4&$.&0$B-)-54&+-($6(.+\$&0-,-)/+$.-'O/
.('3,&)4/'-7)C $ 5- $ 4+/)5'3++-.(5 $ '3/+&)4/ $ 9 $ '-)'( $ !N?# $ .W/5 $ '/0&)./+-( $ .&5.& $ 53
6+&5&)4/'-7)$)($O3D-&+/$5-.($+&'/D/./$6(+$&0$5(0-'-4/)4&I
!#,L0$3- ) MHVNG$ `.,-4-./ $ 0/ $ 5(0-'-43. $ 9 $ '3,60-.(5 $ 0(5 $ +&H3-5-4(5 $ *(+,/0&5C $ &0
B-)-54&+-( $ &) $ 3) $ 60/[( $ )( $ ,/9(+ $ .& $ '-)'( $ !?# $ .W/5 $ O\D-0&5 $ )(4-*-'/+\ $ /0 $ 5(0-'-4/)4&
(+.&)/).($0/$63D0-'/'-7)$.&$3)$&X4+/'4($.&$0/$5(0-'-43.C$6(+$3)/$G&[C$&)$&0$%-/+-($Z*-'-/0$b0
d&+3/)($9$&)$3)$.-/+-($.&$'-+'30/'-7)$)/'-()/0I$b0$5(0-'-4/)4&$/'+&.-4/+\$&0$'3,60-,-&)4($.&
&54/$(D0-F/'-7)$6+&5&)4/).($0(5$&_&,60/+&5$'()4&)-&).($0/5$+&56&'4-G/5$63D0-'/'-()&5I
b0$&X4+/'4($.&$0/$5(0-'-43.$'()4&).+\$0/$5-F3-&)4&$-)*(+,/'-7)k
EI$b0$5&+G-'-($5(0-'-4/.(I
AI$b0$\+&/$.&$'()'&5-7)I
VI$b0$,()4($.&$0/$-)G&+5-7)$-)-'-/0I
NI$b0$60/[($6/+/$*(+,30/+$(D5&+G/'-()&5$/$0/$5(0-'-43.$.&$'()'&5-7)C$'()$-).-'/'-7)
.&$0/$.&6&).&)'-/$/$0/$'3/0$.&D&+\)$.-+-F-+0/5I$b54&$60/[($)($6(.+\$5&+$,/9(+$/$'-)'($!?#
.W/5$O\D-0&5$'()4/.(5$.&5.&$0/$c04-,/$63D0-'/'-7)I
?I$`H3&00/$-)*(+,/'-7)$H3&$&0$B-)-54&+-($&54-,&$'()G&)-&)4&$O/'&+$.&$'()('-,-&)4(
6cD0-'(I
LI$b)$53$'/5(C$0/5$D/)./5$($*+&'3&)'-/5$5(0-'-4/./5I
R/$63D0-'/'-7)$5&$&*&'43/+\$&)$3)$60/[($)($,/9(+$.&$.-&[$!E>#$.W/5$'/0&)./+-(C
'()4/.(5$ .&5.&$ 0/$ )(4-*-'/'-7)$ +&*&+-./$ &)$ &0$ 6+-,&+$ 6\++/*( $ .&$ &54&$ /+4W'30(I$ b)$ '/5(
'()4+/+-(C $ 0/ $ 5(0-'-43. $ H3&./+\ $ .&)&F/./ $ /34(,\4-'/,&)4& $ 5-) $ )&'&5-./. $ .&
6+()3)'-/,-&)4($H3&$/5W$0($.&'0/+&I
m)/$G&[$&*&'43/./$0/$63D0-'/'-7)C$&0$B-)-54&+-($63&.&$.-56()&+$H3&$0/$5(0-'-43.$5&
G&)4-0&$&)$/3.-&)'-/$6cD0-'/C$63D0-'/).($6/+/$4/0$&*&'4($&)$&0$%-/+-($Z*-'-/0$b0$d&+3/)($9
&)$3)$.-/+-($.&$'-+'30/'-7)$)/'-()/0C$3)$/G-5($H3&$'()4&)F/$0/$'()G('/4(+-/$/$0/$/3.-&)'-/
6cD0-'/$9$&0$03F/+C$.W/$9$O(+/$.&$53$+&/0-[/'-7)I$!"#
!"# $ `+4W'30( $ ,(.-*-'/.( $ 6(+ $ &0 $ `+4W'30( $ E $ .&0 $ %&'+&4( $ ;36+&,( $ <= $ >N>@A>>N@B:2C
63D0-'/.($&0$AA@EA@A>>NC$'39($4&X4($&5$&0$5-F3-&)4&k
n`+4W'30( $ ENMI@ $ `.,-4-./ $ 0/ $ 5(0-'-43. $ 9 $ '3,60-.(5 $ 0(5 $ +&H3-5-4(5 $ *(+,/0&5C $ &0
B-)-54&+-( $ &) $ 3) $ 60/[( $ )( $ ,/9(+ $ .& $ '-)'( $ !?# $ .W/5 $ O\D-0&5 $ )(4-*-'/+\ $ /0 $ 5(0-'-4/)4&
(+.&)/).($0/$63D0-'/'-7)$.&$3)$&X4+/'4($.&$0/$5(0-'-43.C$6(+$3)/$G&[C$&)$&0$%-/+-($Z*-'-/0$b0
d&+3/)($9$&)$3)$.-/+-($.&$'-+'30/'-7)$)/'-()/0I$b0$5(0-'-4/)4&$/'+&.-4/+\$&0$'3,60-,-&)4($.&
&54/$(D0-F/'-7)$6+&5&)4/).($0(5$&_&,60/+&5$'()4&)-&).($0/5$+&56&'4-G/5$63D0-'/'-()&5I
b0$&X4+/'4($.&$0/$5(0-'-43.$'()4&).+\$0/$5-F3-&)4&$-)*(+,/'-7)k
EI$b0$5&+G-'-($5(0-'-4/.(I
AI$b0$\+&/$.&$'()'&5-7)I
VI$b0$,()4($.&$0/$-)G&+5-7)$-)-'-/0I
NI$b0$60/[($6/+/$*(+,30/+$(D5&+G/'-()&5$/$0/$5(0-'-43.$.&$'()'&5-7)C$'()$-).-'/'-7)
.&$0/$.&6&).&)'-/$/$0/$'3/0$.&D&+\)$.-+-F-+0/5I$b54&$60/[($)($6(.+\$5&+$,/9(+$/$'-)'($!?#
.W/5$O\D-0&5$'()4/.(5$.&5.&$0/$c04-,/$63D0-'/'-7)I
?I $ `H3&00/5 $ -)*(+,/'-7) $ H3& $ &0 $ B-)-54&+-( $ &54-,& $ '()G&)-&)4& $ O/'&+ $ .&
'()('-,-&)4($6cD0-'(I
LI$b)$53$'/5(C$0/5$D/)./5$($*+&'3&)'-/5$5(0-'-4/./5I
R/$63D0-'/'-7)$5&$&*&'43/+\$&)$3)$60/[($)($,/9(+$.&$.-&[$!E>#$.W/5$'/0&)./+-(C
'()4/.(5$ .&5.&$ 0/$ )(4-*-'/'-7)$ +&*&+-./$ &)$ &0$ 6+-,&+$ 6\++/*( $ .&$ &54&$ /+4W'30(I$ b)$ '/5(
'()4+/+-(C $ 0/ $ 5(0-'-43. $ H3&./+\ $ .&)&F/./ $ /34(,\4-'/,&)4& $ 5-) $ )&'&5-./. $ .&
6+()3)'-/,-&)4($H3&$/5W$0($.&'0/+&Io
!#,L0$3-)MRDNG$b0$B-)-54&+-(C$.&)4+($.&$0(5$4+&-)4/$!V>#$.W/5$O\D-0&5$5-F3-&)4&5$/$0/
6+&5&)4/'-7)$6(+$6/+4&$.&0$5(0-'-4/)4&$.&$0/$63D0-'/'-7)$-).-'/./$&)$&0$/+4W'30($6+&'&.&)4&
( $ .& $ +&/0-[/./ $ 0/ $ /3.-&)'-/ $ 6cD0-'/C $ 6+('&.&+\ $ / $ 3) $ /)\0-5-5 $ -)4&F+/0I $ b) $ *(+,/
&X'&6'-()/0C $ 4+/4\).(5& $ .& $ )3&G(5 $ 5&+G-'-(5C $ &0 $ B-)-54&+-( $ 63&.& $ /,60-/+ $ &0 $ 60/[( $ /
'-)'3&)4/$!?>#$.W/5$O\D-0&5I
b)$&54/$&4/6/$5&$6(.+\$+&H3&+-+$/0$5(0-'-4/)4&$0/$6+&5&)4/'-7)$.&$-)*(+,/'-7)$9](
.('3,&)4/'-7) $ H3&C $ / $ '+-4&+-( $ .&0 $ B-)-54&+-(C $ 5&/) $ )&'&5/+-/5 $ 6/+/ $ &,-4-+ $ 53
6+()3)'-/,-&)4(I$b0$+&H3&+-,-&)4($.&D&+\$5&+$'3,60-.($&)$3)$60/[($)($,/9(+$/$'-)'($!?#
.W/5$O\D-0&5I$%&$'()5-.&+/+0($6&+4-)&)4&C$&0$B-)-54&+-(C$&)$+/[7)$.&0$F+/.($.&$'(,60&_-./.
.&$0/$-)*(+,/'-7)$9]($.('3,&)4/'-7)$+&H3&+-./C$6(.+\$6+(++(F/+$.-'O($60/[($'3/).($/5W$0(
O/9/$5(0-'-4/.($&0$-)4&+&5/.(I
:+/)5'3++-.($&0$60/[($/)4&5$,&)'-()/.($($53$6+7++(F/C$.&$O/D&+5&$(4(+F/.(C$5-)
H3&$&0$5(0-'-4/)4&$O/9/$'3,60-.($'()$0/$6+&5&)4/'-7)$.&$0/$-)*(+,/'-7)$9]($.('3,&)4/'-7)
+&H3&+-./C$5&$.&'0/+/+\$&0$/D/).()($.&0$6+('&.-,-&)4($-)-'-/.(I
!#,L0$3- ) MRMNG$ 2()'03-.( $ &0 $ 60/[( $ *-_/.( $ &) $ &0 $ 6+-,&+ $ 6\++/*( $ .&0 $ /+4W'30(
6+&'&.&)4&C $ &0 $ 7+F/)( $ '(,6&4&)4& $ .&0 $ B-)-54&+-( $ &,-4-+\ $ &0 $ -)*(+,& $ +&56&'4-G(
+&'(,&)./).($5&$(4(+F3&$($.&)-&F3&$0/$'()'&5-7)$5(0-'-4/./I
%&$'()5-.&+/+5&$6+('&.&)4&$0/$5(0-'-43.$.&$'()'&5-7)C$&0$7+F/)($'(,6&4&)4&$.&0
B-)-54&+-($ +&,-4-+\ $ 0(5 $ /'43/.(5 $ '() $ 0(5 $ '(++&56().-&)4&5$ 6+(9&'4(5 $ .& $ +&5(03'-7)$ .&
(4(+F/,-&)4($.&$'()'&5-7)$9$.&$'()4+/4($.&$'()'&5-7)$/$0/$Z*-'-)/$Q&)&+/0$.&$`5&5(+W/
g3+W.-'/$6/+/$53$G-5/'-7)C$154/$.&D&+\$6+()3)'-/+5&$.&)4+($.&$3)$60/[($,\X-,($.&$'-)'(
!?#$.W/5$O\D-0&5C$&0&G/).($0(5$/'43/.(5$/0$%&56/'O($.&0$j-'&,-)-54+($.&$2(,3)-'/'-()&5I
%&$./+$&0$j-'&,-)-54+($.&$2(,3)-'/'-()&5$53$'()*(+,-./.$/0$(4(+F/,-&)4($.&$0/
'()'&5-7)C$&0&G/+\$0(5$/'43/.(5$/0$:-430/+$.&0$B-)-54&+-($H3-&)$.&$'()5-.&+/+0($6+('&.&)4&
&,-4-+\$0/$+&5(03'-7)$'(++&56().-&)4&S$(D5&+G\).(5&$&0$60/[($6/+/$&0$(4(+F/,-&)4($.&$0/
'()'&5-7)$&54/D0&'-.($&)$&0$/+4W'30($E?VI
b0 $ -)4&+&5/.( $ '3D+-+\ $ 0(5 $ F/54(5 $ H3& $ -++(F3& $ 0/ $ 63D0-'/'-7) $ .& $ 0/ $ +&5(03'-7)
,-)-54&+-/0$'(++&56().-&)4&$&)$&0$%-/+-($Z*-'-/0$b0$d&+3/)(C$&)$0/$(6(+43)-./.$5&^/0/./$&)
&0$/+4W'30($EAM$.&0$P&F0/,&)4(I
!#,L0$3-)MRENG$ ;-$&0$7+F/)($'(,6&4&)4&$.&0$B-)-54&+-($'()5-.&+/$-,6+('&.&)4&$0/
5(0-'-43.$.&$'()'&5-7)C$&,-4-+\$&0$-)*(+,&$)&F/4-G(S$9$,&.-/)4&$+&5(03'-7)$G-'&,-)-54&+-/0
5&$.&)&F/+\$0/$5(0-'-43.$.&$(4(+F/,-&)4($.&$'()'&5-7)I
!#,L0$3-)MRQNG$b0$60/[($6/+/$&0$(4(+F/,-&)4($.&$'()'&5-()&5$&5$.&$'-)'3&)4/$!?>#
.W/5$O\D-0&5C$63.-&).($6+(++(F/+5&$&X'&6'-()/0,&)4&$/$5&4&)4/$!T>#$.W/5$O\D-0&5C$&)$&0
'/5( $ 6+&G-54( $ &) $ &0 $ /+4W'30( $ E?>C $ '(,634/.(5 $ / $ 6/+4-+ $ .& $ '()5-.&+/+5& $ /.,-4-./ $ 0/
+&56&'4-G/$5(0-'-43.I
b0 $ 60/[( $ 6/+/ $ &0 $ (4(+F/,-&)4( $ .& $ '()'&5-()&5$ &) $ \+&/5 $ +3+/0&5 $ 9 $ 03F/+&5 $ .&
6+&*&+&)4&$-)4&+15$5('-/0$&5$.&$4+&-)4/$!V>#$.W/5$O\D-0&5I
b0$'7,634($.&$0(5$60/[(5$6+&'-4/.(5C$5&$-)4&++3,6-+\$'3/).(k
EI$b541$6&).-&)4&$.&$'3,60-,-&)4($/0Fc)$+&H3&+-,-&)4($&*&'43/.($/0$5(0-'-4/)4&I
AI $ ;& $ &*&'4c&) $ (D5&+G/'-()&5 $ / $ 0/ $ 5(0-'-43.$ .& $ '()'&5-7)$ / $ H3& $ 5& $ +&*-&+& $ &0
/+4W'30($ENMI
VI$%3+/)4&$&0$6+('&5($.&$0/$/3.-&)'-/$6cD0-'/I
R/5 $ -)4&++36'-()&5 $ H3& $ 5& $ 6+(.3['/) $ &) $ /60-'/'-7) $ .& $ &54& $ /+4W'30( $ )(
5(D+&6/5/+\)$0(5$60/[(5$,\X-,(5$*-_/.(5$6/+/$&0$(4(+F/,-&)4($.&$0/$'()'&5-7)I
!#,L0$3- ) MRHNG$ 2()4+/ $ 0/5 $ +&5(03'-()&5 $ H3& $ 5& $ &X6-./) $ '()*(+,& $ /0 $ /+4W'30(
/)4&+-(+C $ 6(.+\) $ -)4&+6()&+5& $ 0(5 $ +&'3+5(5 $ /.,-)-54+/4-G(5$ H3& $ '()4&,60/ $ 0/ $ R&9 $ .&0
d+('&.-,-&)4($`.,-)-54+/4-G($Q&)&+/0I
>?J*X*?81)II
;<8) 1*147!AI<B*1) ;< ) 8!) =1B=<>ISB) A<;I!B*<) =1B=?4>1) @.J8I=1) ;<
1Y<4*!>
!#,L0$3-)MRRNG$ R/$&0/D(+/'-7)$.&$0/5$D/5&5$9$0/$'().3''-7)$.&0$'()'3+5($6cD0-'(
.&$(*&+4/5$&54\)$/$'/+F($.&0$7+F/)($'(,6&4&)4&$.&0$B-)-54&+-(I
R/ $ /6+(D/'-7) $ .& $ 0/5 $ D/5&5 $ 9 $ 0/ $ '()*(+,/'-7) $ .&0 $ '(,-41 $ .& $ +&'&6'-7) $ 9
&G/03/'-7)$.&$(*&+4/5$'(,6&4&$/0$j-'&,-)-54+($.&$2(,3)-'/'-()&5I
b0$(4(+F/,-&)4($.&$0/$'()'&5-7)$9$0/$/5-F)/'-7)$.&0$&56&'4+(C$&)$53$'/5(C$5&+\$6(+
'()'3+5($6cD0-'($.&$(*&+4/5C$5&Fc)$0($&54/D0&'-.($6(+$&0$/+4W'30($EAUI
b)$'/5($.&$H3&$0/$&,6+&5/$H3&$(D4-&)&$0/$D3&)/$6+(C$ 4+/4\).(5&$.&$'()'3+5(
6/+/ $ /5-F)/'-7)$ .& $ &56&'4+(C $ '3&)4& $ '() $ '()'&5-7)$ 6/+/ $ &0 $ 5&+G-'-($ (*&+4/.(C $ .&D&+\
&,-4-+5& $ 0/ $ +&5(03'-7) $ G-'&,-)-54&+-/0 $ H3& $ (4(+F3& $ &0 $ .&+&'O( $ .& $ 35( $ .&0 $ &56&'4+(
/5-F)/.(I
B&.-/)4&$ +&5(03'-7)$.&0$ :-430/+$.&0$ B-)-54&+-($5&$ 6(.+\C$6/+/$ '/5(5$ &56&'W*-'(5C
&)'/+F/+$/$(4+/$&)4-./.$0/$'().3''-7)$.&0$'()'3+5($9$&0$(4(+F/,-&)4($.&$0/$D3&)/$6+($/
H3&$5&$+&*-&+&)$0(5$6\++/*(5$6+&'&.&)4&5I
!#,L0$3- ) MRTNG$ R/ $ '()G('/4(+-/ $ / $ '()'3+5( $ 6cD0-'( $ .& $ (*&+4/5 $ 5& $ 63D0-'/+\
(D0-F/4(+-/,&)4&$6(+$.(5$!A#$G&'&5$'()5&'34-G/5$&)$&0$%-/+-($Z*-'-/0$b0$d&+3/)($9$&)$3)(
.&$0(5$.-/+-(5$.&$'-+'30/'-7)$)/'-()/0I
!#,L0$3-)MRFNG$R/$'()G('/4(+-/$.&D&+\$'()4&)&+$(D0-F/4(+-/,&)4&$0($5-F3-&)4&k
EI$%&)(,-)/'-7)$.&$0/$&)4-./.$H3&$'()G('/I
AI$ZD_&4($.&0$'()'3+5(I
VI$R3F/+$.().&$0(5$-)4&+&5/.(5$63&./)$-)5'+-D-+5&C$+&'/D/+$-)*(+,/'-7)$9$/.H3-+-+
0/5$D/5&5$.&0$'()'3+5(I
NI$d+&'-($.&$G&)4/$.&$0/5$D/5&5I
?I$%W/C$O(+/$9$03F/+$.().&$5&$&*&'43/+\$0/$+&'&6'-7)$.&$(*&+4/5I
LI$Z4+(5$H3&$&0$7+F/)($'(,6&4&)4&$.&0$B-)-54&+-($'()5-.&+&$)&'&5/+-(5I
!#,L0$3-) MRUNG$ R/5 $ D/5&5 $ .&0 $ '()'3+5( $ 6cD0-'($ '()4&).+\) $ (D0-F/4(+-/,&)4&$ 0(
5-F3-&)4&k
EI$2+()(F+/,/$.&0$'()'3+5(I
AI$ZD_&4($.&0$'()'3+5(I
VI$%('3,&)4(5$+&H3&+-.(5$6/+/$0/$'/0-*-'/'-7)$.&$6(54(+&5I
NI$u+&/$.&$'()'&5-7)I
?I$d0/[(5I
LI$ZD0-F/'-7)C$&)$53$'/5(C$.&$6+&5&)4/+$3)$6&+*-0$.&0$6+(9&'4($41')-'($.&0$5&+G-'-($/
-)54/0/+C$/34(+-[/.($6(+$3)$-)F&)-&+($'(0&F-/.($O\D-0$.&$0/$&56&'-/0-./.I
TI$%&5'+-6'-7)$.&$0(5$6+-)'-6/0&5$6/+\,&4+(5$41')-'(5$9$'/+/'4&+W54-'/5$.&0$5&+G-'-(C
6+&'-5/).($0/5$)(+,/5$41')-'/5$(D0-F/4(+-/5$/60-'/D0&5$/$&54&$5&+G-'-(I
UI$%&5'+-6'-7)$.&$0(5$'(,6()&)4&5$D\5-'(5$.&$0/$&54+3'43+/$4/+-*/+-/$9$'+-4&+-(5$.&
/60-'/'-7)I
MI$`)4&6+(9&'4($.&$'()4+/4($.&$'()'&5-7)I
E>I$Q/+/)4W/5C$&)4+&$0/5$H3&$*-F3+/+\$0/$'/+4/$*-/)[/$D/)'/+-/$.&$5&+-&./.$.&$(*&+4/
9$,()4(5$'(++&56().-&)4&5$H3&$'()54-43-+\)$0(5$'()'3+5/)4&5$9$&0$F/)/.(+$.&0$'()'3+5(C
+&56&'4-G/,&)4&I
EEI $ %('3,&)4/'-7) $ H3& $ .&D&+\ $ 6+&5&)4/+ $ &0 $ '()'3+5/)4& $ F/)/.(+ $ 6/+/ $ 0/
'&0&D+/'-7)$.&0$'()4+/4($.&$'()'&5-7)I
EAI$2+()(F+/,/$.&$&_&'3'-7)$.&0$6+(9&'4(I
EVI$B()4($D/5&$.&$0/$(*&+4/$&)$.-)&+(I
ENI$2+-4&+-(5$9$6/34/5$6/+/$0/$&G/03/'-7)$.&$0/5$(*&+4/5I
E?I$b56&'4+($/$5&+$/5-F)/.(I
ELI$B&4/5$.&$35($.&$&56&'4+(I
ETI$Z4+/$-)*(+,/'-7)$H3&$&0$7+F/)($'(,6&4&)4&$.&0$B-)-54&+-($&54-,&$)&'&5/+-/$/
*-)$.&$&G/03/+$0/$(*&+4/I
!#,L0$3- ) MRVNG$ R/5 $ D/5&5 $ .&4&+,-)/+\) $ &0 $ 4+\,-4& $ &56&'W*-'( $ / $ 5&F3-+5& $ 9 $ 5&
&0/D(+/+\)$.&$/'3&+.($/$0/$)/43+/0&[/$.&$0(5$5&+G-'-(5$H3&$5&$'()'3+5/)I
*X*?81)III
;<)8!>)!?*14I[!=I1B<>
!#,L0$3- ) MTDNG$ R(5 $ 5&+G-'-(5 $ .& $ +/.-(.-*35-7)k $ d+-G/.(5 $ .& $ -)4&+15 $ 6cD0-'(C $ 5&
6+&54/) $ 6+&G-( $ (4(+F/,-&)4( $ .& $ 0/ $ /34(+-[/'-7) $ +&56&'4-G/ $ ,&.-/)4& $ +&5(03'-7) $ .&0
j-'&,-)-54+($.&$2(,3)-'/'-()&5I
R/5$/34(+-[/'-()&5$6/+/$4&0&5&+G-'-(5$6+-G/.(5$9$5&+G-'-(5$.&$.-*35-7)$6+-G/.(5$5&
6+&54/) $ D/_( $ &0 $ +1F-,&) $ .& $ /34(+-[/'-()&5 $ H3& $ 5() $ (4(+F/./5 $ 6(+ $ +&5(03'-7) $ .& $ 0/
%-+&''-7)I
R(5$5&+G-'-(5$.&$4&0&'(,3)-'/'-()&5$.&$0/5$83&+[/5$`+,/./5$9$83&+[/5$d(0-'-/0&5
)( $ +&H3-&+&) $ /34(+-[/'-7)$ .&0$ B-)-54&+-($ 9 $ 5&$ +-F&) $ 6(+ $ 0/5 $ .-56(5-'-()&5$ H3& $ .-'4& $ &0
2(,/).($2()_3)4($.&$0/5$83&+[/5$`+,/./5I
!#,L0$3-)MTMNG$R/5$&54/'-()&5$+/.-(&01'4+-'/5$'(,6+&).-./5$&)$&0$d+(9&'4($`6(9(
/ $ 0/ $ 2(,3)-'/'-7) $ 2(,3)/0 $ 9 $ &) $ (4+(5 $ 6+(9&'4(5 $ (+-&)4/.(5 $ /0 $ .&5/++(00( $ .& $ 0/5
4&0&'(,3)-'/'-()&5$/$'/+F($.&0$B-)-54&+-($9$'39/$(6&+/'-7)$5&$/6(9&$&)$3)$5&+G-'-($*-_(
6(+$5/410-4&C$6(.+\)$5&+$/34(+-[/./5$.&$(*-'-($6(+$0/$%-+&''-7)$.&$Q&54-7)I$fF3/0,&)4&C$0/
'-4/./$%-+&''-7)$&X6&.-+\$.&$(*-'-($&0$6&+,-5($9$0/$0-'&)'-/$'(++&56().-&)4&I
!#,L0$3- ) MTENG$ R/ $ /34(+-[/'-7)$ 6/+/ $ 6+&54/+ $ 3) $ 5&+G-'-( $ .& $ +/.-('(,3)-'/'-7)
6+-G/./$ &)$ 0/$ D/)./$ .&$ /04/$ *+&'3&)'-/$ !r8#C $ '39/5$ &54/'-()&5$ 5&/)$ -)54/0/./5$ &) $ &0
,/+'($.&0$d+(9&'4($`6(9($/$0/$2(,3)-'/'-7)$2(,3)/0$9$(4+(5$6+(9&'4(5$(+-&)4/.(5$/0
.&5/++(00($ .&$ 0/5$ 4&0&'(,3)-'/'-()&5$ &)$ \+&/5$ +3+/0&5$ 9$ 03F/+&5$ .&$ 6+&*&+&)4&$ -)4&+15
5('-/0$/$'/+F($.&0$B-)-54&+-(C$6(.+\$5&+$(4(+F/./$.&$(*-'-($6(+$0/$%-+&''-7)$.&$Q&54-7)I
fF3/0,&)4&C $ 0/ $ '-4/./ $ %-+&''-7) $ 6(.+\ $ &X6&.-+ $ .& $ (*-'-( $ &0 $ 6&+,-5( $ 9 $ 0/ $ 0-'&)'-/
'(++&56().-&)4&I
!#,L0$3-) MTQNG$ R/ $ /34(+-[/'-7)C$ 5/0G($ 0(5 $ 5&+G-'-(5 $ .&$ '/)/0&5$ 7,)-D35 $ !D/)./
'-3././)/# $ 9 $ +/.-(/*-'-()/.(5 $ H3& $ 6(+ $ 535 $ 6/+4-'30/+&5 $ '/+/'4&+W54-'/5 $ 4-&)&) $ 3)
4+/4/,-&)4($&56&'-/0C$'(,6+&).&$&0$&54/D0&'-,-&)4(C$-)54/0/'-7)C$(6&+/'-7)C$&X60(4/'-7)$9
&0$35($.&0$&56&'4+($+/.-(&01'4+-'($.&$5&+$)&'&5/+-(I
`.-'-()/0,&)4& $ / $ 0/ $ /34(+-[/'-7)C $ 6/+/ $ 0/ $ (6&+/'-7) $ .& $ 5&+G-'-(5 $ .&
+/.-('(,3)-'/'-7)C$5&$+&H3-&+&$6+&G-/,&)4&$0/$&X6&.-'-7)$.&$0/$0-'&)'-/$'(++&56().-&)4&I
!#,L0$3-)MTHNG$b0$4-430/+$.&$0/$/34(+-[/'-7)$.&D&+\$'3,60-+$'()$&0$6/F($6(+$.&+&'O(
.&$ /34(+-[/'-7)$ 9$ .&0$ '/)()$ /)3/0C$ /5W$ '(,($ 6(+$ 0/$ 63D0-'/'-7)$ &)$ &0$ %-/+-($ Z*-'-/0$ b0
d&+3/)($.&$0/$+&5(03'-7)$/34(+-4/4-G/$&)$&0$'/5($.&0$5&+G-'-($.&$+/.-(.-*35-7)C$.&)4+($.&$0(5
5&5&)4/$!L>#$.W/5$O\D-0&5$5-F3-&)4&5$/$0/$*&'O/$.&$53$)(4-*-'/'-7)I
b)$'/5($.&$-)'3,60-,-&)4(C$0/$+&5(03'-7)$.&$(4(+F/,-&)4($.&$/34(+-[/'-7)$H3&./+\
5-)$&*&'4($.&$60&)($.&+&'O(C$5-)$6&+_3-'-($.&$H3&$&0$B-)-54&+-($&,-4/$&0$/'4($/.,-)-54+/4-G(
'(++&56().-&)4&I
!#,L0$3-)MTRNG$R/$/34(+-[/'-7)$5&$'()'&.&$6(+$&0$60/[($,\X-,($.&$.-&[$!E>#$/^(5
4+/4\).(5&$.&$5&+G-'-(5$.&$+/.-(.-*35-7)C$9$6(+$&0$60/[($,\X-,($.&$'-)'($!?#$/^(5$6/+/$&0
'/5($.&$4&0&5&+G-'-(5$6+-G/.(5$9$.&$.-*35-7)$6+-G/.(5I
R/5 $ /34(+-[/'-()&5 $ &)4+/+\) $ &) $ G-F&)'-/ $ / $ 6/+4-+ $ .&0 $ .W/ $ 5-F3-&)4& $ .& $ 53
)(4-*-'/'-7)I $ b) $ &0 $ '/5( $ .&0 $ 5&+G-'-( $ .& $ +/.-(.-*35-7)C $ .&D&+\ $ 63D0-'/+5& $ /.&,\5 $ 0/
+&56&'4-G/$ +&5(03'-7)$ &)$ &0$ %-/+-($ Z*-'-/0$ b0$ d&+3/)(C $ '39($ '(54($ 5&+\$ /53,-.($ 6(+ $ &0
-)4&+&5/.(I
!#,L0$3-)MTTNG$ d+&5&)4/./$0/$5(0-'-43.$6/+/$&0$(4(+F/,-&)4($.&$0/5$/34(+-[/'-()&5
'()$4(.(5$0(5$+&H3-5-4(5$&54/D0&'-.(5$&)$&54&$P&F0/,&)4(C$5&$/60-'/+\$&0$6+('&.-,-&)4(
&54/D0&'-.($&)$&0$/+4W'30($ENUI
%&)4+($.&$0(5$)(G&)4/$!M>#$.W/5$O\D-0&5$/$6/+4-+$.&$0/$6+&5&)4/'-7)$.&$0(5$-)*(+,&5
41')-'( $ 9 $ 0&F/0 $ 9 $ '3,60-.(5 $ 4(.(5 $ 0(5 $ +&H3-5-4(5 $ &54/D0&'-.(5 $ /0 $ &*&'4(C $ &0 $ 7+F/)(
'(,6&4&)4&$6+('&.&+\$/$&X6&.-+$+&5(03'-7)$/34(+-4/4-G/C$&)$'/5($.&$H3&$.-'O(5$-)*(+,&5
*3&+/)$*/G(+/D0&5I
;-$ .&$0/$&G/03/'-7)$.&0$&X6&.-&)4&$ 5&$'()5-.&+/$-,6+('&.&)4&$ 0/$ 5(0-'-43.C$5&+\
.&'0/+/./$,&.-/)4&$+&5(03'-7)$.&$0/$%-+&''-7)$.&$Q&54-7)I
:+/)5'3++-.($&0$60/[($5&^/0/.($&)$&0$6\++/*($5&F3).($.&0$6+&5&)4&$/+4W'30(C$5-$)(
5& $ O/ $ &X6&.-.( $ +&5(03'-7) $ 6+()3)'-\).(5& $ 5(D+& $ 0/ $ 5(0-'-43.C $ &0 $ 6&4-'-()/+-( $ 6(.+\
'()5-.&+/+0/$.&)&F/./C$5-)$6&+_3-'-($.&$&56&+/+$&0$6+()3)'-/,-&)4($.&0$B-)-54&+-(I
!#,L0$3-)MTFNG$ b0$'7,634($ .&$0(5$60/[(5$&54/D0&'-.(5$ 6/+/$&0$ 6+('&.-,-&)4($ .&
(4(+F/,-&)4( $ .& $ /34(+-[/'-7)$ 5& $ -)4&++3,6-+\$ '3/).($ &541 $ 6&).-&)4&$ .& $ '3,60-,-&)4(
/0Fc)$+&H3&+-,-&)4($&*&'43/.($6(+$0/$`.,-)-54+/'-7)$/0$5(0-'-4/)4&I
!#,L0$3- ) MTUNG$ ;() $ .&+&'O(5 $ .&0 $ 4-430/+ $ .& $ 0/ $ /34(+-[/'-7)C $ 6+-)'-6/0,&)4& $ 0(5
5-F3-&)4&5k
EI$bX60(4/+$&0$5&+G-'-(I
AI$ :+/)5*&+-+ $ &X'&6'-()/0,&)4&$ 0/$ /34(+-[/'-7)$ /$ (4+/$ 6&+5()/$ )/43+/0$ ($ _3+W.-'/
6+&G-/$/34(+-[/'-7)$&X6+&5/$.&0$B-)-54&+-(I
VI$R(5$.&,\5$H3&$5&$&54/D0&['/)$&)$0/$/34(+-[/'-7)$($&)$&0$P&F0/,&)4($:1')-'(
b56&'W*-'(I
!#,L0$3-) MTVNG$ ;() $ (D0-F/'-()&5$ .&0 $ 4-430/+ $ .& $ 0/ $ /34(+-[/'-7)C$ &)4+& $ (4+/5C $ 0/5
5-F3-&)4&5k
EI$f)54/0/+$9$ (6&+/+$&0$5&+G-'-($.&$/'3&+.($/$0(5$41+,-)(5C$'().-'-()&5$9$60/[(5
6+&G-54(5$&)$0/$/34(+-[/'-7)I
AI $ d+&54/+ $ &0 $ 5&+G-'-($ &)$ *(+,/ $ -)-)4&++3,6-./C$ 5/0G($ 5-43/'-()&5$ &X'&6'-()/0&5
.&D-./5$/$'/5($*(+43-4($($*3&+[/$,/9(+$.&D-./,&)4&$/'+&.-4/./5I
VI$d/F/+$(6(+43)/,&)4&$0(5$.&+&'O(5C$4/5/5$9$'/)()C$H3&$'(++&56()./)I
NI $ d+(6(+'-()/+$ /0 $ B-)-54&+-( $ 0/ $ -)*(+,/'-7) $ H3& $ 154& $ 0& $ 5(0-'-4&C $ 9 $ &) $ F&)&+/0
D+-)./+$0/5$*/'-0-./.&5$6/+/$&*&'43/+$535$0/D(+&5$.&$-)56&''-7)$9$G&+-*-'/'-7)I
?I$Z4+/5$H3&$O/9/)$5-.($&X6+&5/,&)4&$&54/D0&'-./5$&)$0/5$D/5&5$.&$3)$'()'3+5(
6cD0-'(C $ '3/).( $ &0 $ (4(+F/,-&)4( $ .& $ 3)/ $ /34(+-[/'-7)$ O/9/ $ 5-.( $ &*&'43/.( $ D/_( $ &54&
,&'/)-5,(I
!#,L0$3-)MFDNG$;()$'/35/0&5$6/+/$.&_/+$5-)$&*&'4($3)/$/34(+-[/'-7)C$0/5$5-F3-&)4&5k
EI $ f)'3,60-,-&)4($ .&0$ 4-430/+ $ .&$ 0/$ /34(+-[/'-7)C$ .& $ 535 $ (D0-F/'-()&5$ .3+/)4& $ &0
6&+W(.($.&$-)54/0/'-7)$9$6+3&D/C$.&$/'3&+.($/0$/+4W'30($EULI
AI$;356&)5-7)$.&$0/5$(6&+/'-()&5$5-)$/34(+-[/'-7)$.&0$B-)-54&+-(C$.3+/)4&$4+&5$!V#
,&5&5$'()4-)3(5$($.3+/)4&$'-)'($!?#$,&5&5$/04&+)/.(5$&)$&0$0/65($.&$3)$!E#$/^(I
VI$P&)3)'-/$6(+$6/+4&$.&0$4-430/+$.&$0/$/34(+-[/'-7)I
NI$R/$61+.-./$.&$*+/''-()/,-&)4($.&$6/F($6(+$0/5$.&3./5$&X-54&)4&5$/0$,(,&)4(
.&$(4(+F/+5&$0/$+&56&'4-G/$/34(+-[/'-7)I
?I $ f)'3,60-,-&)4($ .& $ 0/5 $ (D0-F/'-()&5 $ &54/D0&'-./5$ &) $ 0/5 $ D/5&5$ .&0 $ '()'3+5(
6cD0-'(I
d/+/$.&_/+$5-)$&*&'4($0/$/34(+-[/'-7)$5&$+&H3-&+&$0/$&X6&.-'-7)$.&$+&5(03'-7)C$0/
'3/0$5&+\$.&0$,-5,($)-G&0$H3&$'(++&56().&$/0$(4(+F/,-&)4($.&$0/$/34(+-[/'-7)I
!#,L0$3-)MFMNG$;()$'/35/0&5$.&$&X4-)'-7)$.&$0/$/34(+-[/'-7)$0/5$5-F3-&)4&5k
EI$f)'3,60-,-&)4($.&$6/F($.&$0/$4/5/$/)3/0$6(+$.(5$!A#$/^(5$'()5&'34-G(5C$5/0G(
H3&$'3&)4&$'()$*+/''-()/,-&)4($G-F&)4&$($5&$O/9/$.&_/.($&)$5356&)5($0/$&X-F-D-0-./.$.&
0/5$(D0-F/'-()&5$&'()7,-'/5$'()*(+,&$/$0($&54/D0&'-.($&)$0/$R&9$Q&)&+/0$.&0$;-54&,/
2()'3+5/0I
AI$f)'3,60-,-&)4($.&$6/F($.&0$'/)()$/)3/0$6(+$.(5$!A#$/^(5$'()5&'34-G(5C$5/0G(
H3&$'3&)4&$'()$*+/''-()/,-&)4($G-F&)4&$($5&$O/9/$.&_/.($&)$5356&)5($0/$&X-F-D-0-./.$.&
0/5$(D0-F/'-()&5$&'()7,-'/5$'()*(+,&$/$0($&54/D0&'-.($&)$0/$R&9$Q&)&+/0$.&0$;-54&,/
2()'3+5/0I
VI$B3&+4&$($.&'0/+/4(+-/$.&$H3-&D+/$.&0$4-430/+C$&)$'/5($.&$5&+$6&+5()/$)/43+/0C$(C
4+/4\).(5&$.&$6&+5()/5$_3+W.-'/5C$6(+$&X4-)'-7)$($.&'0/+/4(+-/$.&$H3-&D+/I
NI$b0$G&)'-,-&)4($.&0$60/[($.&$G-F&)'-/C$5/0G($H3&$5&$O/9/$5(0-'-4/.($0/$+&56&'4-G/
+&)(G/'-7)C$'()*(+,&$0($&54/D0&'-.($&)$&0$/+4W'30($A>E$.&0$P&F0/,&)4(I
R/ $ &X4-)'-7) $ .& $ 0/ $ /34(+-[/'-7) $ (6&+/ $ .& $ 60&)( $ .&+&'O(C $ 5-) $ 6&+_3-'-( $ .& $ 53
*(+,/0-[/'-7)$,&.-/)4&$+&5(03'-7)$.&0$,-5,($)-G&0$'()$H3&$5&$(4(+F/)$0/5$/34(+-[/'-()&5I
>?J*X*?81)I
;<)8!>)!?*14I[!=I1B<>)@!4!)><4WI=I1>);<);IY?>ISB)@4IW!;1>
!#,L0$3-)MFENG$ d/+/$(D4&)&+$/34(+-[/'-()&5$6/+/$&54/D0&'&+$5&+G-'-(5$.&$.-*35-7)
6+-G/.(5C$ 5& $ '3,60-+\$ 0($ &54/D0&'-.($ &) $ &0 $ /+4W'30($ ETV$ 9$ 5& $ 5&F3-+\ $ &0 $ 6+('&.-,-&)4(
'()4&)-.($&)$&0$/+4W'30($ELLI
>?J*X*?81)II
;<)8!>)!?*14I[!=I1B<>)@!4!)*<8<><4WI=I1>)@4IW!;1>
!#,L0$3-)MFQNG$d/+/$(D4&)&+$/34(+-[/'-7)$6/+/$&54/D0&'&+$4&0&5&+G-'-(5$6+-G/.(5C$5&
+&H3-&+& $ 6+&5&)4/+ $ 5(0-'-43. $ /0 $ B-)-54&+-(C $ /'(,6/^/).( $ 0/ $ 5-F3-&)4& $ -)*(+,/'-7) $ 9
.('3,&)4/'-7)k
EI$b)$&0$'/5($.&$6&+5()/5$_3+W.-'/5k$'(6-/$.&0$4&54-,()-($.&$'()54-43'-7)C$-)5'+-4(
'()*(+,&$/$0&9C$($.&0$-)54+3,&)4($H3&$'(++&56()./$4+/4\).(5&$.&$&,6+&5/5$&X4+/)_&+/5C
0&F/0-[/./$ 6(+ $ <(4/+-($ dcD0-'($ ($ '&+4-*-'/./$ 6(+$ 8&./4/+-($ 9$ '&+4-*-'/.($ .& $ G-F&)'-/$ .&
6(.&+$.&$53$+&6+&5&)4/)4&$0&F/0$'()$3)/$/)4-Fv&./.$)($,/9(+$.&$4+&5$!V#$,&5&5C$/.&,\5
.& $ 0/ $ '(6-/ $ 0&F/0-[/./ $ ( $ '&+4-*-'/./ $ .& $ 53 $ .('3,&)4( $ .& $ -.&)4-./.I $ :+/4\).(5& $ .&
6&+5()/5 $ )/43+/0&5k $ '(6-/ $ .&0 $ .('3,&)4( $ .& $ -.&)4-./.C $ -F3/0,&)4& $ 0&F/0-[/./ $ (
'&+4-*-'/./I
AI$%/4(5$.&0$5(0-'-4/)4&C$5&Fc)$*(+,30/+-($H3&$0&$5&+\$6+(6(+'-()/.($6(+$&0$7+F/)(
'(,6&4&)4&$.&0$B-)-54&+-(I
VI $ d&+*-0$ .&0$ 6+(9&'4($ 41')-'($ .&0$ 5&+G-'-($ / $ -)54/0/+C$ .&$ /'3&+.($ /$ *(+,/4( $ H3&
6+(6(+'-()&$&0$7+F/)($'(,6&4&)4&$.&0$B-)-54&+-(I$ %-'O($6&+*-0$&54/+\$ /34(+-[/.($ 6(+$3)
-)F&)-&+($'(0&F-/.($O\D-0$.&$0/$&56&'-/0-./.I
NI$2(6-/$5-,60&$.&$0/5$4/+_&4/5$.&$6+(6-&./.$.&$G&OW'30(5$4&++&54+&5$9$,/4+W'30/5
.& $ &,D/+'/'-()&5 $ 9 $ /&+()/G&5C $ '3/).( $ 5& $ 4+/4& $ .& $ 5&+G-'-(5 $ .& $ +/.-('(,3)-'/'-7)
,7G-0&5$4&++&54+&C$,/+W4-,($9$/&+()\34-'(C$+&56&'4-G/,&)4&I
?I$d/F($6(+$.&+&'O($.&$4+\,-4&I
LI$Z4+(5$+&H3-5-4(5$H3&$5&$&54/D0&['/)$&)$&0$P&F0/,&)4($b56&'W*-'($9$)(+,/5$H3&
&X6-./$&0$B-)-54&+-(I
:+/4\).(5&$.&$&)0/'&5$+/.-(&01'4+-'(5$6/+/$&0$5&+G-'-($.&$+/.-(.-*35-7)C$&0$4-430/+$.&
0/ $ /34(+-[/'-7) $ .&D&+\ $ 6+&5&)4/+C $ /.&,\5C $ 0/ $ '(6-/ $ 0&F/0-[/./ $ ( $ *&./4&/./ $ .& $ 0(5
.('3,&)4(5 $ 535'+-4(5 $ '() $ 0(5 $ (6&+/.(+&5 $ ( $ 6+(G&&.(+&5 $ 5/4&0-4/0&5 $ .&54-)/.(5 $ / $ 0/
6+(G-5-7)$.&$'/6/'-./.$5/4&0-4/0$&)$4&++-4(+-($6&+3/)(C$'3/).($34-0-'&)$0/5$*/'-0-./.&5$.&
.-'O(5$(6&+/.(+&5I
d/+/$&0$'/5($.&0$5&+G-'-($.&$+/.-(/*-'-()/.(5$0(5$+&H3-5-4(5$5&+\)$0(5$6+&G-54(5$&)
53$P&F0/,&)4($b56&'W*-'(I
>?J*X*?81)II3
;<)8!>)!?*14I[!=I1B<>)@!4!)><4WI=I1>);<)4!;I1!YI=I1B!;1>
!#,L0$3-)MFHNG$ R/$/34(+-[/'-7)$6/+/$&54/D0&'&+$5&+G-'-(5$.&$+/.-(/*-'-()/.(5$5&+\
5(0-'-4/./ $ 9 $ (4(+F/./ $ .& $ /'3&+.( $ '() $ 0( $ .-563&54( $ &) $ &0 $ P&F0/,&)4( $ b56&'W*-'( $ .&0
;&+G-'-($.&$P/.-(/*-'-()/.(5I
>?J*X*?81)IW
;<)8!>)!?*14I[!=I1B<>)@!4!)><4WI=I1>);<)4!;I1;IY?>I1B
!"# $ %& $ '()*(+,-./. $ '()$ 0/$ %1'-,( $ 23/+4/$ %-56(5-'-7)$ 8-)/0$ 9$ :+/)5-4(+-/ $ .&0 $ %&'+&4(
;36+&,($<=$>>?@A>>?@B:2C$63D0-'/.($&0$E?$8&D+&+($A>>?C$.&+7F3&)5&$0/5$.-56(5-'-()&5
.&0$6+&5&)4&$%&'+&4($;36+&,(C$&)$0/$6/+4&$+&0/4-G/$/$0(5$5&+G-'-(5$.&$+/.-(.-*35-7)$&)$0(
H3&$5&/$/60-'/D0&I
!#,L0$3-) MFRNG$ R/5 $ /34(+-[/'-()&5$ .&0 $ 5&+G-'-($ .& $ +/.-(.-*35-7) $ 5& $ (4(+F/+\) $ /
5(0-'-43.$.&$6/+4&$($,&.-/)4&$'()'3+5($6cD0-'($.&$(*&+4/5I
!#,L0$3-)MFTNG$ R/$/34(+-[/'-7)$6/+/$0/$6+&54/'-7)$.&0$5&+G-'-($.&$+/.-(.-*35-7)C$5&
(4(+F/+\$,&.-/)4&$'()'3+5($6cD0-'($'3/).(k
EI$b)$3)/$.&4&+,-)/./$D/)./$9$0('/0-./.$&X-54/$+&54+-''-7)$&)$0/$.-56()-D-0-./.$.&
*+&'3&)'-/5C$0/$'3/0$5&+\$.&'0/+/./$6(+$+&5(03'-7)$.-+&'4(+/0I
AI$;&$-).-H3&$&)$&0$d<`8I
b) $ 0/5 $ 0('/0-./.&5 $ 9 $ D/)./5 $ .& $ *+&'3&)'-/5 $ .().& $ 5& $ O3D-&+/ $ +&/0-[/.( $ 3)
'()'3+5($6cD0-'(C$0/$/5-F)/'-7)$.&$)3&G/5$*+&'3&)'-/5$.-56()-D0&5$5&$&*&'43/+\$4/,D-1)
D/_($0/$,(./0-./.$.&$'()'3+5($6cD0-'(I
!#,L0$3-)MFFNG$B&.-/)4&$+&5(03'-7)$G-'&,-)-54&+-/0$5&$.&5-F)/+\$/0$2(,-41$b56&'-/0
6/+/$0/$'().3''-7)C$+&'&6'-7)$9$&G/03/'-7)$.&$(*&+4/5$9$(4(+F/,-&)4($.&$0/$D3&)/$6+(C$9
5&$/6+(D/+\)$0/5$+&56&'4-G/5$D/5&5I
R/$&0/D(+/'-7)$.&$0/$6+(63&54/$.&$0/5$D/5&5$9$0/$'()G('/4(+-/$.&0$'()'3+5($6cD0-'(
&54/+\$/$'/+F($.&$0/$%-+&''-7)$.&$Q&54-7)$9$5&$ +&F-+\$6(+$0($.-563&54($&)$&0$6+&5&)4&
P&F0/,&)4($9$.&,\5$.-56(5-'-()&5$0&F/0&5I
!#,L0$3-)MFUNG$ R(5$5&+G-'-(5$.&$+/.-(.-*35-7)$&.3'/4-G/C$F([/+\)$.&$3)/$/4&)'-7)
6+&*&+&)'-/0$&)$53$4+/,-4/'-7)$9$+&5(03'-7)I
:-&)&)$4+/4/,-&)4($&56&'-/0$0/5$5(0-'-43.&5$.&$/34(+-[/'-7)$6/+/$6+&54/+$5&+G-'-($.&
+/.-(.-*35-7)$ &)$[()/5$*+()4&+-[/5$'39/5$&,-5-()&5$4&)F/)$3)/$6(4&)'-/$ 536&+-(+$/$3)
t-0(G/4-($!E$tq#I
;& $ .&)(,-)/ $ &54/'-7) $ *+()4&+-[/ $ / $ /H3&00/ $ &54/'-7) $ .& $ +/.-(.-*35-7) $ 3D-'/./
F&(F+\*-'/,&)4&$&)$3)/$6+(G-)'-/$*+()4&+-[/I
!#,L0$3-)MFVNG$ b)4-1)./5&$6(+$/4&)'-7)$6+&*&+&)'-/0$&)$0/$4+/,-4/'-7)$.&0$5&+G-'-(
.&$+/.-(.-*35-7)$&.3'/4-G/C$/$0/$H3&$5&$+&*-&+&$&0$/+4W'30($/)4&+-(+C$/$0/$/4&)'-7)$6+-(+-4/+-/
.& $ 0/5 $ 5(0-'-43.&5 $ 6+&5&)4/./5 $ /5W $ '(,( $ 0/ $ 6+&*&+&)'-/ $ &) $ &0 $ (4(+F/,-&)4( $ .& $ 0/
/34(+-[/'-7) $ 9 $ /5-F)/'-7) $ .& $ *+&'3&)'-/5 $ .& $ 0/5 $ D/)./5 $ /4+-D3-./5 $ /0 $ 5&+G-'-( $ .&
+/.-(.-*35-7)I
b) $ '/5( $ .& $ H3& $ &0 $ (4(+F/,-&)4( $ .& $ 3)/$ /34(+-[/'-7)$ 5&$ &*&'4c& $ 6(+ $ '()'3+5(
6cD0-'($.&$ (*&+4/5C$0/5$ D/5&5$ &54/D0&'&+\)$0/5$'().-'-()&5$ .&0$4+/4/,-&)4($6+&*&+&)'-/0
H3& $ .&D/ $ ./+5& $ /0 $ 5&+G-'-( $ .& $ +/.-(.-*35-7) $ &.3'/4-G/C $ 63.-&).( $ .-56()&+5& $ 0/
6/+4-'-6/'-7)$&X'035-G/$.&$6&+5()/5$)/43+/0&5$($_3+W.-'/5$'()$*-)&5$&.3'/4-G(5I
!#,L0$3-)MUDNG$b)4-1)./5&$'(,($0('/0-./.C$/$0/$&X4&)5-7)$.&$0/$536&+*-'-&$&)$.().&
&5$6(5-D0&$0/$+&'&6'-7)$.&$0/$5&^/0$&,-4-./$6(+$3)/$.&4&+,-)/./$&54/'-7)$.&$+/.-(.-*35-7)C
34-0-[/).( $ +&'&64(+&5 $ '(,&+'-/0&5 $ '(,3)&5 $ '() $ 3) $ )-G&0 $ .& $ 5&^/0 $ /'(+.& $ '() $ 0(
&54/D0&'-.($&)$0/5$<(+,/5$:1')-'/5$.&0$;&+G-'-($.&$P/.-(.-*35-7)$(C$&)$53$.&*&'4(C$&)$&0
P&F0/,&)4($.&$P/.-('(,3)-'/'-()&5$.&$0/$m)-7)$f)4&+)/'-()/0$.&$:&0&'(,3)-'/'-()&5I
!#,L0$3-)MUMNG$b0$(4(+F/,-&)4($.&$3)/$/34(+-[/'-7)$6/+/$+/.-(.-*35-7)$)($-)'039&$0/
/34(+-[/'-7)$.&$35($.&0$&56&'4+($+/.-(&01'4+-'(C$)-$0(5$6&+,-5(5$9$0-'&)'-/5$6/+/$-)54/0/+
(4+(5$&H3-6(5$.&$+/.-('(,3)-'/'-7)C$5/0G($H3&$&541)$&X6+&5/,&)4&$'(,6+&).-.(5$&)$0/
/34(+-[/'-7)I
!#,L0$3-)MUENG$R/$/60-'/'-7)$/0$4-430/+$.&$0/$/34(+-[/'-7)$.&$5/)'-()&5$6+&G-54/5$&)
0/$R&9$9$&)$&0$P&F0/,&)4(C$)($&X-,&$/$154&$.&$0/$+&56()5/D-0-./.$.&$'3,60-,-&)4($.&$535
(D0-F/'-()&5$&)$0/$6+&54/'-7)$.&0$5&+G-'-(C$5-&,6+&$9$'3/).($)($5&$4+/4&$.&$0/$'/)'&0/'-7)
.&$0/$/34(+-[/'-7)I
!#,L0$3-)MUQNG$ d/+/$(D4&)&+$/34(+-[/'-7)$6/+/$6+&54/+$5&+G-'-(5$.&$+/.-(.-*35-7)C
5&$+&H3-&+&$6+&5&)4/+$3)/$5(0-'-43.$/0$B-)-54&+-($/'(,6/^/).($0/$5-F3-&)4&$-)*(+,/'-7)$9
.('3,&)4/'-7)k
EI$b)$&0$'/5($.&$6&+5()/5$_3+W.-'/5k$'(6-/$.&0$4&54-,()-($.&$'()54-43'-7)C$-)5'+-4(
'()*(+,&$/$0&9C$0&F/0-[/./$6(+$<(4/+-($dcD0-'($($'&+4-*-'/./$6(+$8&./4/+-(C$9$'&+4-*-'/.($.&
G-F&)'-/$.&$6(.&+$.&$53$+&6+&5&)4/)4&$0&F/0$'()$3)/$/)4-Fv&./.$)($,/9(+$.&$4+&5$!V#
,&5&5C$/.&,\5$'(6-/$0&F/0-[/./$($'&+4-*-'/./$.&$53$.('3,&)4($.&$-.&)4-./.I$:+/4\).(5&
.& $ 6&+5()/5 $ )/43+/0&5k $ '(6-/ $ .&0 $ .('3,&)4( $ .& $ -.&)4-./.C $ -F3/0,&)4& $ 0&F/0-[/./ $ (
'&+4-*-'/./I
AI$r(_/$.&$./4(5$6&+5()/0&5C$'()*(+,&$&0$*(+,30/+-($H3&$0&$5&+\$6+(6(+'-()/.($6(+
&0$ 7+F/)($ '(,6&4&)4&$ .&0$ B-)-54&+-(C$ .&0$ 5(0-'-4/)4&$ 4+/4\).(5&$ .&$ 6&+5()/$ )/43+/0I$ b)
'/5($.&$6&+5()/$_3+W.-'/$.-'O/$O(_/$.&D&+\$5&+$6+&5&)4/./$6(+$0(5$5('-(5C$/5('-/.(5$9
+&6+&5&)4/)4&$0&F/0I
VI $ %&'0/+/'-7)$ _3+/./ $ .&0 $ 5(0-'-4/)4&$ .& $ )( $ &54/+ $ -)'3+5( $ &) $ 0/ $ 6+(O-D-'-7) $ .&0
/+4W'30($AV$.&$0/$R&9C$.&$4+/4/+5&$.&$6&+5()/$)/43+/0I$b)$'/5($.&$6&+5()/$_3+W.-'/C$.-'O/
.&'0/+/'-7)$.&D&+\$5&+$6+&5&)4/./$6(+$0/5$6&+5()/5$H3&$5&$-).-'/)$&)$&0$/+4W'30($AV$.&$0/
R&9I
NI $ d&+*-0 $ .&0 $ 6+(9&'4( $ 41')-'( $ .&0 $ 5&+G-'-( $ / $ -,60&,&)4/+C $ '()*(+,& $ *(+,/4(
6+(6(+'-()/.($6(+$&0$7+F/)($'(,6&4&)4&$.&0$B-)-54&+-(I$%-'O($6&+*-0$.&D&$5&+$/34(+-[/.(
6(+$3)$-)F&)-&+($'(0&F-/.($O\D-0$.&$0/$&56&'-/0-./.I
?I$d0/)($/$&5'/0/$E]E>>>>>$.&$0/5$0('/0-./.&5$&)$0/5$H3&$5&$G/$/$&54/D0&'&+$&0
5&+G-'-(C$ F+/*-'/).( $ &0 $ \+&/ $ .& $ '(D&+43+/I $ <( $ &5 $ +&H3-5-4( $ &) $ '/5( $ .& $ 5(0-'-43.&5 $ .&
/34(+-[/'-7)$6/+/$6+&54/+$&0$5&+G-'-($.&$+/.-(.-*35-7)$&)$0/$D/)./$.&$()./$'(+4/I
LI $ d0/)($ /$ &5'/0/$ E]E>>>>$ .& $ 0/$ 0('/0-./.$ .&4/00/).($ 0/$ 3D-'/'-7)$ .& $ 0/$ 60/)4/
4+/)5,-5(+/$($&)$'/5($'()4+/+-($'()54/)'-/$.&$0/$,3)-'-6/0-./.$.&$H3&$0/$3D-'/'-7)$.&$0/
60/)4/$4+/)5,-5(+/$&54\$*3&+/$.&0$6&+W,&4+($3+D/)(I
TI$d/F($6(+$.&+&'O($.&$4+\,-4&I
UI $ Z4+(5 $ .('3,&)4(5 $ ( $ -)*(+,/'-7) $ H3& $ 5& $ &54/D0&['/) $ &) $ &0 $ P&F0/,&)4(
b56&'W*-'($.&$&54&$5&+G-'-($9$.&,\5$.-56(5-'-()&5$'(,60&,&)4/+-/5I
!#,L0$3-)MUHNG$ Z4(+F/./$0/$/34(+-[/'-7)$6/+/$6+&54/+$&0$5&+G-'-($.&$+/.-(.-*35-7)C
5&$-)-'-/$3)$6&+W(.($.&$-)54/0/'-7)$9$6+3&D/C$.&)4+($.&0$'3/0$&0$4-430/+$-)54/0/+\$0(5$&H3-6(5
+&H3&+-.(5 $ 6/+/ $ 0/ $ 6+&54/'-7) $ .&0 $ 5&+G-'-( $ /34(+-[/.( $ 9 $ +&/0-[/+\ $ 0/5 $ 6+3&D/5 $ .&
*3)'-()/,-&)4($+&56&'4-G/5C$H3&$5&+\$G&+-*-'/.($6(+$&0$7+F/)($'(,6&4&)4&$.&0$B-)-54&+-(I
b0$6&+W(.($.&$-)54/0/'-7)$9$6+3&D/$4-&)&$3)/$.3+/'-7)$-,6+(++(F/D0&$.&$.('&$!EA#
,&5&5$'()4/.(5$/$6/+4-+$.&$0/$&)4+/./$&)$G-F&)'-/$.&$0/$+&5(03'-7)$.&$/34(+-[/'-7)I
R/$+&56&'4-G/$-)56&''-7)$5&$&*&'43/+\$.&$(*-'-($O/54/$.&)4+($.&$0(5$4+&5$!V#$,&5&5
5-F3-&)4&5$/0$G&)'-,-&)4($.&0$,&)'-()/.($6&+W(.(C$.&D-1).(5&$G&+-*-'/+$&0$&54/.($.&$0/5
-)54/0/'-()&5$9$'().-'-()&5$.&$(6&+/4-G-./.$.&0$5&+G-'-($/34(+-[/.(I$<($(D54/)4&C$&0$4-430/+
6(.+\$5(0-'-4/+$0/$+&/0-[/'-7)$.&$0/$-)56&''-7)$41')-'/$/)4&5$.&0$G&)'-,-&)4($.&0$6&+W(.($.&
-)54/0/'-7)$9$6+3&D/$(4(+F/.(I
%-'O/ $ -)56&''-7) $ 5&+\ $ &*&'43/./ $ 6(+ $ &0 $ B-)-54&+-( $ ( $ 3)/ $ &)4-./. $ -)56&'4(+/
/34(+-[/./$6(+$&0$B-)-54&+-(I
!#,L0$3- ) MURNG$ P&/0-[/./ $ 0/ $ -)56&''-7)C $ 5& $ &,-4-+\ $ &0 $ -)*(+,& $ 41')-'(
'(++&56().-&)4&C$&)$&0$H3&$5&$-).-'/+\C$&)4+&$(4+(5C$5-$0/5$-)54/0/'-()&5$5&$O/)$+&/0-[/.(C
0(5$+&5304/.(5$.&$0/5$6+3&D/5$ .&$*3)'-()/,-&)4($9$&0$'3,60-,-&)4($.&$0/5$'().-'-()&5
&54/D0&'-./5$&)$0/$/34(+-[/'-7)C$&)$0/5$<(+,/5$:1')-'/5$.&0$;&+G-'-($.&$P/.-(.-*35-7)$9
&)$&0$P&F0/,&)4($b56&'W*-'($.&0$;&+G-'-($.&$P/.-(.-*35-7)I
%&$5&+$.-'O($-)*(+,&$*/G(+/D0&$5&$&X6&.-+\$0/$'(++&56().-&)4&$0-'&)'-/I
!#,L0$3- ) MUTNG$ b0 $ B-)-54&+-( $ .&_/+\ $ 5-) $ &*&'4( $ 0/ $ /34(+-[/'-7)C $ /.&,\5 $ .& $ 0(
.-563&54($&)$0/$R&9$9$&)$&0$P&F0/,&)4(C$&)$0(5$5-F3-&)4&5$'/5(5k
EI$;-$0/$-)56&''-7)$41')-'/$)($5&$O3D-&+/$6(.-.($+&/0-[/+$6(+$'/35/5$-,634/D0&5$/0
4-430/+$.&$0/$/34(+-[/'-7)I
AI $ ;- $ G&)'-.($ &0 $ 6&+W(.($ .&$ -)54/0/'-7)$ 9 $ 6+3&D/C $ )( $ 5& $ O3D-&+/ $ '3,60-.($ '()
-)54/0/+$0/$&54/'-7)$+/.-(.-*35(+/I
VI$;-$&0$-)*(+,&$.&$0/$-)56&''-7)$41')-'/$*3&+/$.&5*/G(+/D0&I
!#,L0$3- ) MUFNG )R(5 $ F/54(5 $ .& $ G-/_& $ 9 $ G-\4-'(5 $ .&+-G/.(5 $ .& $ 0/5 $ -)56&''-()&5
41')-'/5$/)4&5$5&^/0/./5C$5&+\)$/53,-.(5$6(+$&0$B-)-54&+-(I$d/+/$4/0$&*&'4(C$6(+$+&5(03'-7)
G-'&,-)-54&+-/0C$5&$*-_/+\$0/$&5'/0/$'(++&56().-&)4&$6(+$.&6/+4/,&)4(5I
!#,L0$3-)MUUNG$b0$7+F/)($'(,6&4&)4&$.&0$B-)-54&+-($6().+\$/$'()('-,-&)4($.&$0/5
,3)-'-6/0-./.&5 $ 6+(G-)'-/0&5 $ '(++&56().-&)4&5C $ 3)/ $ +&0/'-7) $ .& $ 0/5 $ '()'&5-()&5 $ 9
/34(+-[/'-()&5$ +&*&+-./5$ /$ 0/$ 6+&54/'-7)$ .&$ 5&+G-'-(5$ .&$ 4&0&'(,3)-'/'-()&5C$ /5W$ '(,(
/H3&00/5$H3&$5&$O/)$.&_/.($5-)$&*&'4($($'/)'&0/.(C$6/+/$0(5$*-)&5$6&+4-)&)4&5C$.&$/'3&+.(
/$0(5$,&'/)-5,(5$.&$63D0-'/'-7)$6+&G-54(5$&)$0/5$)(+,/5$.&$4+/)56/+&)'-/$/6+(D/./5$6(+
&0$B-)-54&+-(I
*X*?81)IW
;<)81>)@<4AI>1>
!#,L0$3- ) MUVNG$ R(5 $ 4-430/+&5 $ .& $ 3)/ $ /34(+-[/'-7) $ 6/+/ $ 6+&54/+ $ 5&+G-'-(5 $ .&
+/.-('(,3)-'/'-7)C$4-&)&)$.&+&'O($/$+&'-D-+$.&0$B-)-54&+-($4/)4(5$6&+,-5(5$'(,($&0$'/5(
+&H3-&+/$6/+/$0/$-)54/0/'-7)$.&$'/./$&54/'-7)$/34(+-[/./I
!#,L0$3-)MVDNG$ b0$6&+,-5($.&$-)54/0/'-7)$63&.&$-)'(+6(+/+5&$&)$0/$+&5(03'-7)$.&
/34(+-[/'-7)I$;-$/5W$)($5&$O-'-&+&C$0(5$6&+,-5(5$5&$&X6&.-+\)$.&)4+($.&$0(5$H3-)'&$!E?#
.W/5$'/0&)./+-($6(54&+-(+&5$/$0/$G-F&)'-/$.&$0/$/34(+-[/'-7)C$&)$0(5$*(+,30/+-(5$/6+(D/.(5
6/+/$'/./$'0/5&$.&$5&+G-'-(C$.().&$&0$4-430/+$'()5-F)/+\$0/$-)*(+,/'-7)$41')-'/$9$(6&+/4-G/
)&'&5/+-/$6/+/$&0$'()4+(0$41')-'($9$&54/.W54-'($.&$0(5$&H3-6(5$&$-)54/0/'-()&5I
!#,L0$3- ) MVMNG$ R/5 $ '/+/'4&+W54-'/5 $ 41')-'/5 $ .& $ (6&+/'-7) $ .& $ 0(5 $ 5&+G-'-(5C
'()4&)-./5$&)$0(5$6&+,-5(5$.&$-)54/0/'-7)C$6(.+\)$,(.-*-'/+5&$/$5(0-'-43.$.&0$4-430/+$.&$0/
/34(+-[/'-7)$'(++&56().-&)4&I
*X*?81)W
;<)8!>)8I=<B=I!>
!#,L0$3- ) MVENG$ R(5 $ 4-430/+&5 $ .& $ 3)/ $ /34(+-[/'-7) $ 6/+/ $ 6+&54/+ $ 3) $ 5&+G-'-( $ .&
+/.-('(,3)-'/'-7)C$4-&)&)$.&+&'O($/$+&'-D-+$.&0$B-)-54&+-(C$3)/$($,\5$0-'&)'-/5$6/+/$-)-'-/+
0/$(6&+/'-7)$.&$0(5$5&+G-'-(5$/34(+-[/.(5I
R/5 $ '/+/'4&+W54-'/5$ 41')-'/5$ .&$ (6&+/'-7)$ '()4&)-./5 $ &) $ 0/ $ 0-'&)'-/$ 6(.+\)$ 5&+
,(.-*-'/./5$.&$/'3&+.($'()$0($.-563&54($&)$&0$/+4W'30($/)4&+-(+I
!#,L0$3- ) MVQNG$ R/5 $ 0-'&)'-/5 $ 5& $ &X6&.-+\) $ 5-&,6+& $ H3& $ 0/ $ -)54/0/'-7) $ .& $ 0(5
&H3-6(5$9$0/5$6+3&D/5$.&$*3)'-()/,-&)4($O3D-&+/)$+&5304/.($5/4-5*/'4(+-/5I
!#,L0$3-)MVHNG$ R/5$0-'&)'-/5$5&$&X6&.-+\)$&)$0(5$*(+,/4(5$/6+(D/.(5$6/+/$'/./
'0/5&$.&$5&+G-'-($.&$4&0&'(,3)-'/'-()&5I
!#,L0$3- ) MVRNG$ b0 $ 60/[( $ .& $ 0/5 $ 0-'&)'-/5 $ )( $ 6(.+\ $ &X'&.&+ $ 0/ $ G-F&)'-/ $ .& $ 0/
/34(+-[/'-7)$+&56&'4-G/I
*X*?81)WI
;<8)4<7I>*41)@!4!)><4WI=I1);<)W!814)!b!;I;1
!#,L0$3-) MVTNG$ R/ $ -)54/0/'-7)C$ (6&+/'-7)$ 9 $ 6+&54/'-7)$ .& $ 0(5 $ 5&+G-'-(5$ .& $ G/0(+
/^/.-.($)($+&H3-&+&$.&$/34(+-[/'-7)$6+&G-/$.&0$B-)-54&+-(C$5/0G($H3&$5&$4+/4&$.&$5&+G-'-(5
.& $ G/0(+ $ /^/.-.( $ H3& $ +&H3-&+/) $ .& $ +&.&5 $ 6+(6-/5 $ .-54-)4/5 $ / $ 0/5 $ .& $ 0(5 $ 5&+G-'-(5
6(+4/.(+&5$($4&0&5&+G-'-(5C$0(5$'3/0&5$&54\)$53_&4(5$/0$+1F-,&)$&54/D0&'-.($&)$&0$/+4W'30(
E>TI
!#,L0$3-)MVFNG$R/5$6&+5()/5$)/43+/0&5$($_3+W.-'/5$H3&$.&5&&)$6+&54/+$5&+G-'-(5$.&
G/0(+ $ /^/.-.(C $ .&D&+\) $ -)5'+-D-+5& $ &) $ 3) $ +&F-54+( $ H3& $ 6/+/ $ 4/0 $ *-) $ 00&G/+\ $ &0 $ 7+F/)(
'(,6&4&)4&$.&0$B-)-54&+-(I$R/$-)5'+-6'-7)$.&D&+\$&*&'43/+5&$6+&G-/,&)4&$/0$-)-'-($.&$0/
6+&54/'-7)$.&0$5&+G-'-($+&56&'4-G(I
R/ $ -)5'+-6'-7) $ 5& $ +&/0-[/+\ $ 6+&5&)4/).( $ 3)/ $ .&'0/+/'-7) $ _3+/./ $ / $ 4+/G15 $ .&0
*(+,30/+-($H3&$0&5$5&+\$6+(6(+'-()/.($6(+$&0$7+F/)($'(,6&4&)4&$.&0$B-)-54&+-(C$&)$&0$H3&
5&$/)(4/+\)$&)4+&$(4+(5$./4(5C$0(5$5-F3-&)4&5k
EI$f.&)4-*-'/'-7)$.&0$4-430/+$.&0$5&+G-'-(I
AI$20/5&$.&$5&+G-'-(5I
VI$u+&/$.&$'(D&+43+/$.&0$5&+G-'-(I
NI$f.&)4-*-'/'-7)$.&$0(5$&H3-6(5$/$5&+$34-0-[/.(5I
R/$(,-5-7)$.&$0/$-)5'+-6'-7)$&54\$53_&4/$/$0/5$5/)'-()&5$&54/D0&'-./5$&)$0/$R&9$9$&0
P&F0/,&)4(I
!#,L0$3-)MVUNG$b0$4-430/+$.&$3)$+&F-54+($.&$&,6+&5/$.&$G/0(+$/^/.-.($5&$&)'3&)4+/
(D0-F/.($ / $ 6+(6(+'-()/+$ /0$ B-)-54&+-($ 0/ $ -)*(+,/'-7)$ H3& $ 154& $ 0&$ 5(0-'-4&C$ 9$ &) $ F&)&+/0
D+-)./+$0/5$*/'-0-./.&5$6/+/$&*&'43/+$535$0/D(+&5$.&$-)56&''-7)$9$G&+-*-'/'-7)I
!#,L0$3-)MVVNG$b0$+&F-54+($.&$&,6+&5/5$6+&54/.(+/5$.&$5&+G-'-(5$.&$G/0(+$/^/.-.(
5&+\ $ /'43/0-[/.( $ 6&+,/)&)4&,&)4& $ 6(+ $ &0 $ B-)-54&+-( $ H3-&) $ .&D&+\ $ +&F0/,&)4/+ $ &0
6+('&.-,-&)4($ '()*(+,&$ /0$ '3/0$ 5&$ &*&'43/+\ $ .-'O($ +&F-54+(C $ -)'039&).($ 53 $ 6&+W(.($ .&
G-F&)'-/I$%-'O($+&F-54+($&54/+\$/$'/+F($.&0$7+F/)($'(,6&4&)4&$.&0$B-)-54&+-(I
*X*?81)WII
;<)8!>)4<B1W!=I1B<>
!#,L0$3-)EDDNG$R/5$'()'&5-()&5$9$/34(+-[/'-()&5$(4(+F/./5$/$5(0-'-43.$.&$6/+4&$(
,&.-/)4& $ '()'3+5( $ 6cD0-'( $ .& $ (*&+4/5C $ 6(.+\) $ +&)(G/+5& $ /0 $ G&)'-,-&)4( $ .& $ 535
+&56&'4-G(5$60/[(5$.&$G-F&)'-/$5&Fc)$535$6+(6-(5$41+,-)(5$9$'().-'-()&5I
b)$&0$'()4+/4($.&$'()'&5-7)$5&$63&.&)$&54/D0&'&+$,&'/)-5,(5$&56&'-/0&5$6/+/$0/
+&)(G/'-7)$.&0$60/[($.&$'()'&5-7)C$5-&,6+&$H3&$&0$6&+W(.($.&$+&)(G/'-7)$)($&X'&./$&0
-)-'-/0,&)4&$6/'4/.(I
!#,L0$3-)EDMNG$ b0$4-430/+$.&$3)/$'()'&5-7)$6+&5&)4/+\$5(0-'-43.$.&$+&)(G/'-7)$'()
3)/$/)4-'-6/'-7)$.&$3)$!E#$/^($&)$+&0/'-7)$/0$60/[($.&$G&)'-,-&)4(S$9$6/+/$&0$'/5($.&
/34(+-[/'-()&5C$&0$4-430/+$5(0-'-4/+\$0/$+&)(G/'-7)$O/54/$&0$c04-,($ .W/$ .&$G&)'-,-&)4($.&0
60/[($.&$0/$/34(+-[/'-7)$(4(+F/./I
b0 $ '()4+/4( $ .& $ '()'&5-7)$ 6(.+\ $ '()4&,60/+$ 60/[(5$ &56&'-/0&5 $ 6/+/ $ 5(0-'-4/+ $ 0/
+&)(G/'-7)I$b)$4/0&5$'/5(5$5&$/60-'/+\)$.-'O(5$60/[(5I
!#,L0$3-)EDENG$ R/$5(0-'-43.$.&$+&)(G/'-7)$5&+\$&G/03/./$4&)-&).($&)$'3&)4/$5-$&0
'()'&5-()/+-($'3,60-7$'()$0/5$(D0-F/'-()&5$.&+-G/./5$.&0$'()4+/4($.&$'()'&5-7)C$.&$0/
R&9C$.&0$P&F0/,&)4($9$.&,\5$)(+,/5$H3&$+&5304&)$/60-'/D0&5I
!#,L0$3-)EDQNG$d/+/$0/$+&)(G/'-7)$.&$0/5$'()'&5-()&5C$5&$/60-'/+\$0($.-563&54($&)
0(5$/+4W'30(5$ENM$/0$E?VI
!#,L0$3-)EDHNG$ R/5$+&)(G/'-()&5$5&$(4(+F/+\)$'()$&0$,-5,($)-G&0$.&$+&5(03'-7)
'()$H3&$5&$(4(+F/$0/$'()'&5-7)$($/34(+-[/'-7)I
b)$&0$'/5($.&$0(5$5&+G-'-(5$.&$+/.-(.-*35-7)$0/$+&)(G/'-7)$&5$/34(,\4-'/C$6+&G-/
5(0-'-43.$.&0$4-430/+I
!#,L0$3-) EDRNG$ b5 $ +&H3-5-4($ -).-56&)5/D0&$ 6/+/$ 0/$ +&)(G/'-7)$ .&$ '()'&5-()&5$ 9
/34(+-[/'-()&5$O/D&+$'3,60-.($'()$4(.(5$0(5$6/F(5$.&$0(5$.&+&'O(5C$4/5/$/)3/0C$'/)()
/)3/0$9$.&,\5$'()'&64(5$H3&$5&$/.&3.&)$/0$B-)-54&+-($G-)'30/.(5$/$4&0&'(,3)-'/'-()&5C
($&)$53$'/5($'()4/+$'()$*+/''-()/,-&)4($.&$6/F($G-F&)4&$($H3&$5&$&)'3&)4+&$5356&).-./
0/ $ &X-F-D-0-./.$ .& $ 0/5 $ (D0-F/'-()&5 $ &'()7,-'/5C $ '()*(+,& $ / $ 0( $ &54/D0&'-.($ &) $ 0/ $ R&9
Q&)&+/0$.&0$;-54&,/$2()'3+5/0I
:+/4\).(5& $ .&0 $ 5&+G-'-( $ .& $ +/.-(.-*35-7)C $ .-'O( $ +&H3-5-4( $ &5 $ .& $ (D0-F/4(+-(
'3,60-,-&)4($6/+/$H3&$(6&+&$0/$+&)(G/'-7)$/34(,\4-'/I
*X*?81)WIII
;<8)<>@<=*41)4!;I1<8a=*4I=1
>?J*X*?81)I
;<8)?>1);<8)<>@<=*41)4!;I1<8a=*4I=1
!#,L0$3-)EDTNG$b56&'4+($+/.-(&01'4+-'($&5$&0$,&.-($6(+$&0$'3/0$63&.&)$6+(6/F/+5&
0/5 $ ()./5$ +/.-(&01'4+-'/5$ 5-) $ F3W/$ /+4-*-'-/0I$ 2()54-439&$ 3) $ +&'3+5( $ )/43+/0$ 0-,-4/.($ H3&
*(+,/$6/+4&$.&0$6/4+-,()-($.&$0/$)/'-7)I
2(++&56().&$/0$B-)-54&+-($0/$/.,-)-54+/'-7)C$0/$/4+-D3'-7)C$0/$/5-F)/'-7)$9$&0$'()4+(0
.&0$&56&'4+($.&$*+&'3&)'-/5$+/.-(&01'4+-'/5$9C$&)$F&)&+/0C$'3/)4($'()'-&+)&$/0$&56&'4+(
+/.-(&01'4+-'(I
!#,L0$3-)EDFNG$b0$d0/)$</'-()/0$.&$`5-F)/'-7)$.&$8+&'3&)'-/5C$/$H3&$5&$+&*-&+&$0/
R&9C $ .&)(,-)/.( $ -F3/0,&)4&$ d0/)$ </'-()/0$ .& $ `4+-D3'-7)$ .&$ 8+&'3&)'-/5$ !d<`8#C $ 5&
/6+3&D/$6(+$+&5(03'-7)$,-)-54&+-/0I
b0 $ d<`8 $ &5 $ &0 $ .('3,&)4( $ 41')-'( $ )(+,/4-G( $ H3& $ '()4-&)& $ 0(5 $ '3/.+(5 $ .&
/4+-D3'-7)$.&$*+&'3&)'-/5$9$0/$'0/5-*-'/'-7)$.&$35(5$.&0$&56&'4+($+/.-(&01'4+-'(C$/5W$'(,(
0/5$)(+,/5$41')-'/5$F&)&+/0&5$6/+/$0/$34-0-[/'-7)$.&0$&56&'4+($+/.-(&01'4+-'(I
b0$B-)-54&+-($/4+-D3-+\$0/5$D/)./5$.&$*+&'3&)'-/5$6/+/$0/$(6&+/'-7)$.&$0(5$5&+G-'-(5
.& $ 4&0&'(,3)-'/'-()&5$ .& $ 0/5 $ 83&+[/5 $ `+,/./5 $ 9 $ d(0-'W/$ </'-()/0 $ .&0 $ d&+cC $ 6+&G-/
'((+.-)/'-7)$'()$&0$2(,/).($2()_3)4($.&$0/5$83&+[/5$`+,/./5C$0/5$,-5,/5$H3&$&54/+\)
'()4&)-./5$&)$&0$d<`8I
b0$ d<`8$ -).-'/+\$ 0/$'0/5&$ 9$ '/4&F(+W/$ .&$ 5&+G-'-(5$ .&$ 4&0&'(,3)-'/'-()&5$ 6/+/
'/./ $ 3)/ $ .& $ 0/5 $ D/)./5 $ .& $ *+&'3&)'-/5C $ .& $ '()*(+,-./. $ '() $ &0 $ P&F0/,&)4( $ .&
P/.-('(,3)-'/'-()&5C $ /)&X( $ /0 $ 2()G&)-( $ .& $ 0/ $ m)-7) $ f)4&+)/'-()/0 $ .&
:&0&'(,3)-'/'-()&5C$.&D-&).($'()4&,60/+$0/5$)&'&5-./.&5$.&$0(5$5-54&,/5$.&$.&*&)5/$9
5&F3+-./.$)/'-()/0I
b0$ d<`8C$/5W$ '(,($535$ 6(54&+-(+&5$ ,(.-*-'/'-()&5C$ 5&+\$ 63D0-'/.($ &)$ &0$ %-/+-(
Z*-'-/0$b0$d&+3/)(I
:(./ $ /5-F)/'-7) $ .& $ *+&'3&)'-/5 $ 5& $ +&/0-[/ $ &) $ D/5& $ /0 $ +&56&'4-G( $ 60/) $ .&
'/)/0-[/'-7)C$&0$ '3/0$5&+\$/6+(D/.($ 6(+$ +&5(03'-7)$ G-'&,-)-54&+-/0I$ d/+/$ &0$ '/5($ .&$0(5
5&+G-'-(5$.&$+/.-(.-*35-7)$5&$.&D&+\$4&)&+$&)$'3&)4/$/.&,\5$0(5$d0/)&5$.&$`5-F)/'-7)$.&
8+&'3&)'-/5 $ .&0 $ ;&+G-'-( $ .& $ P/.-(.-*35-7)C $ 0(5 $ H3& $ 5&+\) $ /6+(D/.(5 $ 6(+ $ +&5(03'-7)
G-'&,-)-54&+-/0I
!#,L0$3- ) EDUNG$ :(./ $ &54/'-7) $ +/.-(&01'4+-'/ $ &54\ $ 53_&4/ $ / $ 3)/ $ /5-F)/'-7) $ .&
*+&'3&)'-/S$4(.($5&+G-'-($.&$4&0&'(,3)-'/'-()&5$H3&$34-0-'&$0/$+/.-('(,3)-'/'-7)$/$3)/
/4+-D3'-7)$ .& $ D/)./5$ .& $ *+&'3&)'-/5S $ 9 $ 4(./ $ [()/$ .& $ 5&+G-'-($ / $ 3)/ $ /._3.-'/'-7)$ .&
*+&'3&)'-/5I
!#,L0$3-)EDVNG$R/$/5-F)/'-7)$&5$&0$/'4($/.,-)-54+/4-G($6(+$&0$H3&$&0$b54/.($(4(+F/
/ $ 3)/ $ 6&+5()/ $ &0 $ .&+&'O( $ .& $ 35( $ 5(D+& $ 3)/ $ .&4&+,-)/./ $ 6(+'-7) $ .&0 $ &56&'4+(
+/.-(&01'4+-'(C$.&)4+($.&$3)/$.&4&+,-)/./$\+&/$F&(F+\*-'/C$6/+/$0/$6+&54/'-7)$.&$5&+G-'-(5
.&$4&0&'(,3)-'/'-()&5C$.&$/'3&+.($'()$0($&54/D0&'-.($&)$&0$d<`8I
n`+4W'30( $ A>M@`I@ $ R/ $ /5-F)/'-7) $ .&0 $ &56&'4+( $ +/.-(&01'4+-'( $ &) $ 0/5 $ D/)./5
-.&)4-*-'/./5$6/+/$5-54&,/5$.&$/''&5($*-_($-)/0\,D+-'($9$/4+-D3-./5$/$4W430($6+-,/+-($6/+/$0/
6+&54/'-7)$.&$5&+G-'-(5$6cD0-'(5$.&$4&0&'(,3)-'/'-()&5C$5&$+&/0-[/+\$,&.-/)4&$'()'3+5(
6cD0-'($6/+/$0/$6+(G-)'-/$.&$R-,/$9$0/$d+(G-)'-/$2()54-43'-()/0$.&0$2/00/(I$d/+/$4/0$&*&'4(C
&0$B-)-54&+-($.&$:+/)56(+4&5$9$2(,3)-'/'-()&5$&,-4-+\$0(5$.-56(5-4-G(5$'(++&56().-&)4&5I
b0$d0/)$</'-()/0$.&$`4+-D3'-7)$.&$8+&'3&)'-/5$!d<`8#$5&$/.&'3/+\$/$0($.-563&54(
&)$&0$6+&5&)4&$/+4W'30(I
b) $ '/5( $ .& $ +&54+-''-()&5 $ &) $ 0/ $ .-56()-D-0-./. $ .& $ *+&'3&)'-/5 $ ( $ D/)./ $ .&
*+&'3&)'-/5$ *3&+/$ .&$ 0/$ 6+(G-)'-/$ .&$ R-,/$ 9$ 0/$ d+(G-)'-/$ 2()54-43'-()/0$ .&0$ 2/00/(C$ 5&
5&F3-+\$0($&54/D0&'-.($&)$&0$/+4W'30($EAUoI$!"#
$ !"# $ `+4W'30( $ -)'(+6(+/.( $ 6(+ $ &0 $ `+4W'30( $ A $ .&0 $ %&'+&4( $ ;36+&,( $ <= $ >N>@A>>N@B:2C
63D0-'/.($&0$AA@EA@A>>NI
!#,L0$3-) EMDNG$ b0 $ 35( $ .&0 $ &56&'4+( $ +/.-(&01'4+-'($ +&H3-&+& $ .& $ 3)/ $ '()'&5-7)$ (
/34(+-[/'-7) $ .&0 $ 5&+G-'-( $ .& $ 4&0&'(,3)-'/'-()&5$ '(++&56().-&)4&C $ 5&Fc) $ 5&/ $ &0 $ '/5(C
6+&G-( $ '3,60-,-&)4($ .& $ 0(5 $ +&H3-5-4(5 $ &54/D0&'-.(5$ &) $ &0 $ P&F0/,&)4(I $ :+/4\).(5& $ .&
5&+G-'-(5 $ 6cD0-'(5 $ .& $ 4&0&'(,3)-'/'-()&5 $ 0/ $ /5-F)/'-7) $ 5& $ O/+\ $ ,&.-/)4& $ +&5(03'-7)
.-+&'4(+/0$($_&*/43+/0$.&0$7+F/)($'(,6&4&)4&$.&0$B-)-54&+-(I
!#,L0$3-)EMMNG$R/$/5-F)/'-7)$.&$&56&'4+($6/+/$5&+G-'-(5$6cD0-'(5C$&54/+\$53_&4/$/0
'3,60-,-&)4( $ .& $ ,&4/5 $ .& $ 35( $ .& $ &56&'4+(C $ 0/5 $ '3/0&5 $ &54/+\) $ '()4&,60/./5 $ &) $ &0
-)54+3,&)4($H3&$0($/5-F)/I
b)4-1)./5&$6(+$,&4/5$.&$35($.&$&56&'4+($/$0/$(D0-F/'-7)$9$'(,6+(,-5($H3&$4-&)&
0/$&,6+&5/$'()'&5-()/+-/$.&$34-0-[/+$&)$*(+,/$&*-'-&)4&$9$&*&'4-G/$&0$&56&'4+($/5-F)/.(C$.&
4/0$,/)&+/$H3&$5&$F/+/)4-'&$&0$35($&*-'-&)4&$.&$.-'O($+&'3+5(I
!#,L0$3-)EMENG$R/$/,60-/'-7)$.&$0/$/5-F)/'-7)$.&0$&56&'4+($5&$O/+\$/$5(0-'-43.$.&
6/+4&$($,&.-/)4&$'()'3+5($6cD0-'($.&$(*&+4/5$&)$0(5$'/5(5$6+&G-54(5$&)$&0$/+4W'30($EAUI
`5-,-5,(C$0/$'()'&5-()/+-/$.&D&+\$'3,60-+$'()$0(5$5-F3-&)4&5$+&H3-5-4(5k
EI$23,60-,-&)4($.&$,&4/5$.&$35($.&0$&56&'4+($9/$/5-F)/.(I
AI$d+(9&''-7)$.&$.&,/)./$H3&$_354-*-H3&$0/$5(0-'-43.$.&$&56&'4+($/.-'-()/0I
VI$<($/.&3./+$6/F(5$.&$'/)()$6(+$35($.&0$&56&'4+($/5-F)/.(C$/5W$'(,($.&$(4+(5
H3&$+&5304&)$&X-F-D0&5I
b0$B-)-54&+-($'/34&0/+\$H3&$0/$/5-F)/'-7)$.&$*+&'3&)'-/5$)($'()4+-D39/$/$'()*-F3+/+
3)/$6(5-'-7)$.&$.(,-)-($&)$&0$,&+'/.(I
!#,L0$3-)EMQNG$ b)$ *(+,/$&X'&6'-()/0C$&0$B-)-54&+-(C$6+&G-/$ 5(0-'-43.$.&D-./,&)4&
5354&)4/./C$6(.+\$/5-F)/+$&0$&56&'4+($+/.-(&01'4+-'($&)$*(+,/$4&,6(+/0$6/+/$0/$6+&54/'-7)
.&$5&+G-'-(5$6+-G/.(5$9$.&$5&+G-'-(5$6cD0-'(5$.&$4&0&'(,3)-'/'-()&5I$b)$&54&$c04-,($'/5(C
0/ $ /5-F)/'-7) $ 5&+G-+\ $ c)-'/,&)4& $ 6/+/ $ +&/0-[/+ $ 6+3&D/5 $ 6/+/ $ /60-'/'-()&5$ .& $ )3&G/5
4&')(0(FW/5$($&543.-(5$41')-'(5$6/+/$5&+G-'-(5$6cD0-'(5I$b)$/,D(5$'/5(5C$0/$/5-F)/'-7)$5&
O/+\$6(+$+&5(03'-7)$.-+&'4(+/0$9$&0$60/[($,\X-,($.&$G-F&)'-/$)($5&+\$,/9(+$.&$5&-5$!L#
,&5&5$-,6+(++(F/D0&5I
b54/$/5-F)/'-7)$)($&X-,&$.&$0/$(D0-F/'-7)$.&$6/F/+$&0$'/)()$6(+$0/$/5-F)/'-7)
4&,6(+/0 $ 9 $ 5& $ 53_&4/+\ $ / $ 0/5 $ '().-'-()&5 $ H3& $ 5& $ .&4&+,-)&) $ &) $ 0/ $ +&5(03'-7) $ .&
/5-F)/'-7)C$/5W$'(,($/$0/5$)(+,/5$H3&$&,-4/$&0$B-)-54&+-(I
8-)/0-[/./5$ 0/5$ 6+3&D/5C$ .&D&+\$ 6+&5&)4/+5&$ 0/$ -)*(+,/'-7)$ H3& $ &0$ B-)-54&+-($ 0&
5(0-'-4&I$!"#
!"# $ `+4W'30( $ ,(.-*-'/.( $ 6(+ $ &0 $ `+4W'30( $ E $ .&0 $ %&'+&4( $ ;36+&,( $ <= $ >N>@A>>N@B:2C
63D0-'/.($&0$AA@EA@A>>NC$'39($4&X4($&5$&0$5-F3-&)4&k
n`+4W'30($AEVI@$b)$*(+,/$&X'&6'-()/0C$&0$B-)-54&+-(C$6+&G-/$5(0-'-43.$.&D-./,&)4&
5354&)4/./C$6(.+\$/5-F)/+$&0$&56&'4+($+/.-(&01'4+-'($&)$*(+,/$4&,6(+/0$/$*-)$.&$+&/0-[/+
6+3&D/5$6/+/$/60-'/'-()&5$.&$)3&G/5$4&')(0(FW/5$($&543.-(5$41')-'(5I$b)$/,D(5$'/5(5C$0/
/5-F)/'-7)$5&$O/+\$6(+$+&5(03'-7)$.-+&'4(+/0$9$&0$60/[($,\X-,(C$.&$G-F&)'-/$)($5&+\$,/9(+
.&$5&-5$!L#$,&5&5$-,6+(++(F/D0&5I
b54/$/5-F)/'-7)$)($&X-,&$.&$0/$(D0-F/'-7)$.&$6/F/+$&0$'/)()$6(+$0/$/5-F)/'-7)
4&,6(+/0$.&$/'3&+.($/0$5&+G-'-($5(D+&$&0$'3/0$5&$+&/0-[/+\)$0/5$6+3&D/5$9$5&$53_&4/+\$/$0/5
'().-'-()&5$H3&$5&$.&4&+,-)&)$&)$0/$+&5(03'-7)$.&$/5-F)/'-7)C$/5W$'(,($/$0/5$)(+,/5
H3&$&,-4/$&0$B-)-54&+-(I
8-)/0-[/./5$0/5$6+3&D/5C$&0$/.,-)-54+/.($.&D&+\$6+&5&)4/+$0/$-)*(+,/'-7)$H3&$&0
B-)-54&+-($0&$5(0-'-4&Io
!#,L0$3-)EMHNG$R/$/5-F)/'-7)$.&$&56&'4+($+/.-(&01'4+-'($&)$D/)./5$/4+-D3-./5$6/+/
0/$6+&54/'-7)$.&$,\5$.&$3)$5&+G-'-($6cD0-'($.&$4&0&'(,3)-'/'-()&5C$(4(+F/$/$53$4-430/+$&0
.&+&'O($/$6+&54/+$&54(5$5&+G-'-(5C$ 5-&).($+&H3-5-4($6+&G-($6/+/$ &00($H3&$&0$4-430/+$.&$ 0/
/5-F)/'-7)$.&$ &56&'4+($'3&)4&$'()$ 0/$'()'&5-7)$H3&$ 0($O/D-0-4&$ /$ 6+&54/+$0(5$5&+G-'-(5
6cD0-'(5 $ .& $ 4&0&'(,3)-'/'-()&5 $ H3& $ '(++&56()./) $ / $ 0/ $ /4+-D3'-7) $ .& $ 0/ $ D/)./ $ .&
*+&'3&)'-/5$/5-F)/./I
!#,L0$3- ) EMRNG$ R(5 $ 5&+G-'-(5 $ 6cD0-'(5 $ .& $ 4&0&'(,3)-'/'-()&5 $ H3& $ &,60&/)
&54/'-()&5 $ +/.-(&01'4+-'/5C $ 4-&)&) $ D/)./5 $ .& $ *+&'3&)'-/5 $ &56&'W*-'/5 $ /4+-D3-./5 $ &) $ &0
d<`8I
!#,L0$3-) EMTNG$ b0$ 35($ .&0$ &56&'4+($ +/.-(&01'4+-'($ 6/+/$ +/.-(.-*35-7)$ 6(+$ 5/410-4&
+&H3-&+& $ .& $ /34(+-[/'-7) $ .& $ 0/ $ %-+&''-7)I $ ;& $ ./+\ $ 3) $ 4+/4/,-&)4( $ 6+&*&+&)'-/0 $ &) $ 0/
4+/,-4/'-7) $ .& $ .-'O/ $ /34(+-[/'-7)$ 6/+/ $ 6+&54/+ $ &0 $ 5&+G-'-( $ .& $ +/.-(.-*35-7) $ &) $ [()/5
/0&_/./5$.&$0(5$'&)4+(5$3+D/)(5$($.&6+-,-./5$&'()7,-'/,&)4&I$b)$&54&$c04-,($'/5(C$0/
%-+&''-7)$6(.+\$&X4&).&+$.&$(*-'-($0/$/34(+-[/'-7)$'(++&56().-&)4&I
!#,L0$3- ) EMFNG$ b) $ &0 $ '/5( $ .& $ H3& $ G/+-(5 $ 5&+G-'-(5 $ .& $ 4&0&'(,3)-'/'-()&5
'(,6/+4/)$ *+&'3&)'-/5C$ 0(5 $ 5&+G-'-(5$ 6cD0-'(5$ .&$ 4&0&'(,3)-'/'-()&5$ 4&).+\)$ 6+-(+-./.
5(D+&$0(5$(4+(5$5&+G-'-(5I
!#,L0$3-)EMUNG$b0$B-)-54&+-($00&G/+\$3)$+&F-54+($)/'-()/0$.&$*+&'3&)'-/5$&)$&0$H3&$5&
-)5'+-D-+\)$0/5$/5-F)/'-()&5$&*&'43/./5I
b0 $ B-)-54&+-($ &54/D0&'&+\$ &0 $ 6+('&.-,-&)4($ 9 $ *(+,/ $ .& $ /''&5($ .&0$ 6cD0-'($ / $ 0/
-)*(+,/'-7) $ .& $ .-'O( $ +&F-54+(C $ 4&)-&).( $ &) $ '3&)4/ $ 53 $ F+/.( $ .& $ '()*-.&)'-/0-./.$ 9 $ 0/
5&F3+-./.$)/'-()/0I
!#,L0$3- ) EMVNG$ :(./ $ &54/'-7) $ +/.-(&01'4+-'/ $ (6&+/+\ $ 5-) $ /*&'4/+ $ 0/ $ '/0-./. $ )-)4&+*&+-+ $ (4+(5$ 5&+G-'-(5$ .&$ +/.-('(,3)-'/'-()&5$ /34(+-[/.(5I$ b)$ '/5( $ .&$ -)4&+*&+&)'-/
6&+_3.-'-/0C$&0$'/35/)4&$&54\$(D0-F/.($/$5356&).&+$.&$-),&.-/4($535$(6&+/'-()&5$O/54/
'(++&F-+$0/$-)4&+*&+&)'-/$/$5/4-5*/''-7)$.&0$B-)-54&+-(I
!#,L0$3-)EEDNG$ <($5()$,(.-*-'/D0&5$0/5$'/+/'4&+W54-'/5$.&$-)54/0/'-7)$9$(6&+/'-7)
/34(+-[/./5$6/+/$&0$35($($&X60(4/'-7)$.&$*+&'3&)'-/5C$0/$6(4&)'-/$.&$4+/)5,-5-7)$9$(4+(5
6/+\,&4+(5$41')-'(5$+&0/4-G(5$/0$35($.&0$&56&'4+($+/.-(&01'4+-'(C$5-$/)4&5$)($5&$(D4-&)&$0/
'(++&56().-&)4&$ /6+(D/'-7)$.&0$B-)-54&+-(I$`5-,-5,(C$&54\$ 6+(O-D-.($35/+$0/$*+&'3&)'-/
/5-F)/./$6/+/$*-)&5$.-54-)4(5$/$0(5$/34(+-[/.(5I
!#,L0$3-)EEMNG$b0$B-)-54&+-($6(.+\$.-56()&+$.&$(*-'-($9$.&$,/)&+/$&X'&6'-()/0C$&0
'/,D-($.&$0/5$'/+/'4&+W54-'/5$41')-'/5$/5-F)/./5C$&)$0(5$5-F3-&)4&5$'/5(5k
EI $ J3& $ 0/ $ (6&+/'-7) $ .&0 $ 5&+G-'-($ 6()F/ $ &) $ 6&0-F+( $ 0/ $ G-./ $ ( $ 0/ $ 5/03. $ .& $ 0/5
6&+5()/5I
AI$`$&*&'4(5$.&$./+$'3,60-,-&)4($/$0($.-563&54($&)$0/$<(+,/$H3&$&54/D0&'&$0(5
RW,-4&5$B\X-,(5$d&+,-5-D0&5$.&$P/.-/'-()&5$<($0()-[/)4&5$&)$:&0&'(,3)-'/'-()&5$9$0/5
<(+,/5$:1')-'/5$.&0$;&+G-'-($.&$P/.-(.-*35-7)I
VI $ b) $ '3,60-,-&)4( $ / $ 0/5 $ )(+,/5$ H3& $ &,-4/ $ &0 $ B-)-54&+-($ 5(D+& $ &0 $ 5-54&,/ $ .&
F&54-7)$9$'()4+(0$.&0$&56&'4+($+/.-(&01'4+-'(I
!#,L0$3-)EEENG$ :(./$&54/'-7)$+/.-(&01'4+-'/$H3&$(6&+&$&)$&0$6/W5$&54\$(D0-F/./$/
4+/5,-4-+$'()$0/$6(4&)'-/C$/)'O($.&$D/)./$9$&)$0/$*+&'3&)'-/$($D/)./$/34(+-[/./I
!#,L0$3-)EEQNG$ b54\$6+(O-D-.($&0$35($.&$&54/'-()&5$+/.-(&01'4+-'/5$6/+/$*-)/0-./.
.-*&+&)4&$/$0/$/34(+-[/./C$&X'&64($&)$0(5$5-F3-&)4&5$'/5(5k
EI$b)$/6(9($.&$0(5$5-54&,/5$.&$.&*&)5/$)/'-()/0$($'-G-0C$9$.3+/)4&$0(5$&54/.(5$.&
&X'&6'-7)C$.&$/'3&+.($/0$/+4W'30($EUI
AI $ 23/).( $ 5&/ $ )&'&5/+-( $ 6/+/ $ 6+(4&F&+ $ 0/ $ G-./ $ O3,/)/C $ '(/.93G/+ $ /0
,/)4&)-,-&)4($.&0$(+.&)$6cD0-'(C$F/+/)4-[/+$0/$5&F3+-./.$.&$0(5$+&'3+5(5$)/43+/0&5$9$&)
F&)&+/0$.&$0(5$D-&)&5$6cD0-'(5$9$6+-G/.(5C$./).($'3&)4/$/0$B-)-54&+-(I
!#,L0$3-) EEHNG$ b0$ B-)-54&+-($ 6(.+\$ ,(.-*-'/+$ .&$ (*-'-($ 3)/$ *+&'3&)'-/$ /5-F)/./C
6+('3+/).($)($/*&'4/+$.&+&'O(5C$&)$0(5$5-F3-&)4&5$'/5(5k
EI$d+&54/'-7)$.&$0(5$5&+G-'-(5$6cD0-'(5$.&$4&0&'(,3)-'/'-()&5C$'3/).($0($&X-_/$&0
-)4&+15$6cD0-'(I
AI$;(03'-7)$.&$6+(D0&,/5$.&$-)4&+*&+&)'-/$6&+_3.-'-/0I
VI$m4-0-[/'-7)$.&$)3&G/5$4&')(0(FW/5I
NI$23,60-,-&)4($.&$/'3&+.(5$-)4&+)/'-()/0&5C$.&0$d<`8$9$&)$&0$'/5($.&0$5&+G-'-(
.&$+/.-(.-*35-7)C$/.&,\5C$6(+$0($.-563&54($&)$0(5$60/)&5$.&$/5-F)/'-7)$.&$*+&'3&)'-/5$.&0
5&+G-'-($.&$+/.-(.-*35-7)I
b0$B-)-54&+-($&54/D0&'&+\$0(5$41+,-)(5$9$'().-'-()&5$&)$0(5$H3&$5&$&*&'43/+\)$0(5
6+('&5(5$.&$,-F+/'-7)$.&$D/)./5$9$*+&'3&)'-/5I
!#,L0$3-)EERNG$b0$&56&'4+($/5-F)/.($6/+/$5&+G-'-(5$6cD0-'(5C$+&G&+4-+\$/0$b54/.($&)
0(5$5-F3-&)4&5$'/5(5k
EI $ d(+ $ +&G('/'-7) $ 6/+'-/0 $ ( $ 4(4/0 $ .& $ 0/ $ /5-F)/'-7)C $ .&D-.( $ / $ -)'3,60-,-&)4(
-)_354-*-'/.($.&$,&4/5$.&$35($.&$&56&'4+($($'3/).($5&$4+/4&$.&$3)$+&'3+5($&5'/5($9$&X-54/
3)$35($-)&*-'-&)4&$.&0$,-5,(I
AI$`$5(0-'-43.$.&0$4-430/+$.&$0/$/5-F)/'-7)I
VI$d(+$G&)'-,-&)4($.&0$60/[($6(+$&0$H3&$5&$0&$(4(+F7$0/$/5-F)/'-7)C$5-)$H3&$&0$4-430/+
O3D-&5&$5(0-'-4/.($0/$+&)(G/'-7)$.&$0/$,-5,/I
NI$d(+$+&5(03'-7)$.&0$'()4+/4($.&$'()'&5-7)$.&0$5&+G-'-($6/+/$&0$'3/0$5&$/5-F)7$&0
&56&'4+(I
?I$d(+$+&)3)'-/$/$0/$'()'&5-7)I
!#,L0$3- ) EETNG$ R/5 $ &54/'-()&5 $ .& $ +/.-('(,3)-'/'-7) $ 9 $ +/.-(.-*35-7)C $ 5&
-.&)4-*-'/+\)$'()$0(5$-).-'/4-G(5$.&$00/,/./5$/5-F)/.(5I$b54/$.-56(5-'-7)$)($/0'/)[/$/$0/5
&54/'-()&5$.&$&,D/+'/'-()&5$($.-56(5-4-G(5$.&$5/0G/,&)4($H3&$&,-4/)$/34(,\4-'/,&)4&
0/5$5&^/0&5$.&$5('(++(I
!#,L0$3- ) EEFNG$ R(5 $ /6/+/4(5 $ 4&0&*7)-'(5C $ &H3-6(5 $ 4&+/6134-'(5 $ ( $ -).354+-/0&5C
,(4(+&5$($F&)&+/.(+&5C$/+4&*/'4(5$&01'4+-'(5$9$(4+(5C$.&D&+\)$&54/+$/'().-'-()/.(5$.&$4/0
,/)&+/$.&$H3&$5&$&G-4&$&)$0($6(5-D0&$9$.&)4+($.&$0(5$0W,-4&5$.&$0/$4&')(0(FW/$G-F&)4&C$0/5
-)4&+*&+&)'-/5$+/.-(&01'4+-'/5$H3&$4/0&5$&H3-6(5$63&./)$('/5-()/+S$&)$'/5($'()4+/+-(C$5&+\
.&$/60-'/'-7)$0($.-563&54($&)$&0$/+4W'30($5-F3-&)4&I
!#,L0$3- ) EEUNG$ R/5 $ 6&+5()/5 $ )/43+/0&5 $ ( $ _3+W.-'/5 $ H3& $ 6(5&/) $ &H3-6(5 $ .&
'3/0H3-&+ $ )/43+/0&[/C$ &54\) $ (D0-F/./5 $ / $ &0-,-)/+ $ 0/5 $ -)4&+*&+&)'-/5 $ +/.-(&01'4+-'/5$ H3&
4/0&5$&H3-6(5$6+(.3['/)C$&)$&0$60/[($H3&$/0$&*&'4($.&4&+,-)&$&0$B-)-54&+-(I$j&)'-.($.-'O(
60/[(C$.&$'()4-)3/+$4/0&5$-)4&+*&+&)'-/5C$5&$/60-'/+\)$0/5$5/)'-()&5$6+&G-54/5$&)$0/$R&9$9$&0
P&F0/,&)4(I
>?J*X*?81)II
;<8)=1B*418);<8)<>@<=*41)4!;I1<8a=*4I=1
!#,L0$3-) EEVNG$ b0 $ B-)-54&+-($ .&D& $ G&0/+ $ 6(+ $ &0 $ '(++&'4( $ *3)'-()/,-&)4( $ .& $ 0(5
5&+G-'-(5$.&$4&0&'(,3)-'/'-()&5$H3&$34-0-[/)$&0$&56&'4+($+/.-(&01'4+-'($9$6(+$0/$34-0-[/'-7)
+/'-()/0$.&$154&I
!#,L0$3-)EQDNG$ d/+/$&0$'3,60-,-&)4($.&$ 0($&54/D0&'-.($&)$&0$ /+4W'30($/)4&+-(+C$&0
B-)-54&+-($.&D&+\k
EI$b*&'43/+$0/$'(,6+(D/'-7)$41')-'/$.&$0/5$&,-5-()&5$+/.-(&01'4+-'/5C$-.&)4-*-'/+$9
0('/0-[/+$0/5$-)4&+*&+&)'-/5$6&+_3.-'-/0&5$9$.&,\5$6&+43+D/'-()&5$/$0(5$5-54&,/5$9$5&+G-'-(5
.&$4&0&'(,3)-'/'-()&5I
AI $ %&4&'4/+ $ / $ 0/5 $ 6&+5()/5 $ H3& $ 6+&54&) $ 5&+G-'-(5 $ .& $ 4&0&'(,3)-'/'-()&5 $ &)
'().-'-()&5$41')-'/5$.-54-)4/5$/$0/5$&54/D0&'-./5$6(+$&0$B-)-54&+-($(C$5-)$0/$'(++&56().-&)4&
'()'&5-7)C$/34(+-[/'-7)C$6&+,-5($($0-'&)'-/I
%-'O/5$/''-()&5$6(.+\$+&/0-[/+0/5$.-+&'4/,&)4&$($/$4+/G15$.&$6&+5()/5$)/43+/0&5$(
_3+W.-'/5 $ 6+&G-/,&)4& $ /34(+-[/./5C $ / $ 0/5 $ H3& $ 5& $ .&)(,-)/+\) $ &)4-./.&5 $ -)56&'4(+/5I
`.-'-()/0,&)4&C$&0$B-)-54&+-($4/,D-1)$6(.+\$&)'/+F/+$/$&54/5$&)4-./.&5$0/$&_&'3'-7)$.&
0/5$5/)'-()&5$9$0/$'(D+/)[/$.&$0/5$,304/5$H3&$154&$-,6()F/$/$0/5$&,6+&5/5$-)*+/'4(+/5I
!#,L0$3- ) EQMNG$ b0 $ B-)-54&+-( $ .&D&+\ $ &X6&.-+ $ &0 $ +&F0/,&)4( $ .& $ 0/5 $ &)4-./.&5
-)56&'4(+/5C$&)$&0$H3&$5&$&54/D0&'&+\)$0(5$,&'/)-5,(5$9$+&H3-5-4(5$6/+/$53$.&5-F)/'-7)C
535$.&+&'O(5$9$(D0-F/'-()&5C$(4(+F/,-&)4($.&$F/+/)4W/5$H3&$+&56/0.&$&0$'3,60-,-&)4($.&
535 $ (D0-F/'-()&5C$ -)*+/''-()&5$ 9$ 5/)'-()&5C $ 0/5$ 6/34/5$ F&)&+/0&5$ 6/+/$ 53$ (6&+/'-7)$ 9
(4+(5$/56&'4(5$H3&$5&$'()5-.&+&)$6&+4-)&)4&5I
!#,L0$3- ) EQENG$ <( $ 6(.+\) $ 5&+ $ .&5-F)/./5 $ '(,( $ &)4-./.&5 $ -)56&'4(+/5C $ 0/5
6&+5()/5$)/43+/0&5$($_3+W.-'/5$H3&k
EI$;&/)$4-430/+&5$.&$'()'&5-()&5$($/34(+-[/'-()&5$6/+/$6+&54/+$3)$5&+G-'-($6cD0-'(
.&$4&0&'(,3)-'/'-()&5$($6+-G/.($.&$-)4&+15$6cD0-'(I
AI$r3D-&+/)$5-.($5/)'-()/./5$'()$0/$'/)'&0/'-7)$.&$53$.&5-F)/'-7)$'(,($&)4-./.
-)56&'4(+/C$9$)($O3D-&+/)$4+/)5'3++-.($.(5$!A#$/^(5$.&5.&$H3&$0/$+&5(03'-7)$H3&$-,635($0/
5/)'-7) $ H3&.7 $ *-+,& $ /.,-)-54+/4-G/,&)4&I $ fF3/0,&)4& $ H3&./+\ $ -,6&.-./ $ 0/ $ 6&+5()/
_3+W.-'/$'39($5('-($($+&6+&5&)4/)4&$0&F/0$&543G-&+/$-)'3+5($&)$0($/)4&5$5&^/0/.(I
!#,L0$3-) EQQNG$ d/+/ $ 5&+ $ .&5-F)/./$ &)4-./. $ -)56&'4(+/ $ 5& $ +&H3-&+& $ '3,60-+ $ 0(5
5-F3-&)4&5$+&H3-5-4(5k
EI$d+&5&)4/+$60/)$.&$4+/D/_(C$+&0/'-7)$.&0$6&+5()/0$41')-'($'/0-*-'/.(C$.&5'+-6'-7)
.&$0/5$-)54/0/'-()&5$9$&0$,14(.($.&$&_&'3'-7)$.&$0(5$4+/D/_(5$.&$G&+-*-'/'-7)I
AI$`'+&.-4/+$'/6/'-./.$41')-'/$9$&'()7,-'/$53*-'-&)4&5$6/+/$0/$&_&'3'-7)$.&0$60/)
.&$4+/D/_($6+(63&54(I
VI$ Z4(+F/+ $ F/+/)4W/$ 6/+/$ +&56/0./+$ &0$ '3,60-,-&)4($ (6(+43)($ 9$ &*-'-&)4&$ .&$ 535
(D0-F/'-()&5I
NI $ Z4+(5 $ +&H3-5-4(5 $ H3& $ 5& $ &54/D0&['/) $ &) $ &0 $ +&F0/,&)4( $ H3& $ 5& $ /6+3&D& $ .&
/'3&+.($'()$&0$/+4W'30($AVEI
*X*?81)IO
;<)81>);<4<=d1>)*!>!>)P)=!B1B
>?J*X*?81)I
;<)81>);<4<=d1>);<)=1B=<>ISB)P)!?*14I[!=ISB
!#,L0$3-)EQHNG$b0$6/F($6(+$.&+&'O($.&$'()'&5-7)$($/34(+-[/'-7)$&5$&0$5-F3-&)4&k
EI$2()'&5-()&5k$.(5$9$,&.-($6(+$,-0$!AC?]E>>>#$.&$0/$-)G&+5-7)$-)-'-/0$6+&G-54/$6/+/
&0$&54/D0&'-,-&)4($.&0$5&+G-'-($.&$4&0&'(,3)-'/'-()&5$'()'&.-.(C$5/0G($6/+/$&0$'/5($.&
0(5$5&+G-'-(5$,7G-0&5$6(+$5/410-4&$5&$/60-'/+\)$0(5$5-F3-&)4&5$.&+&'O(5k
/# $ m) $ ,()4( $ &H3-G/0&)4&$ / $ ('O('-&)4(5 $ .-&[$ !UE># $ mf: $ &) $ '/5( $ .&$ H3& $ 5& $ 0&
(4(+F3&$0/$&X'035-G-./.$.&0$35($.&$0/$6(+'-7)$.&0$&56&'4+($/5-F)/.(I
D# $ m) $ ,()4( $ &H3-G/0&)4& $ / $ H3-)-&)4(5$ '3/+&)4/$ !?N># $ mf: $ &) $ '/5( $ .& $ H3& $ 0/
'()'&5-7)$)($(4(+F3&$0/$&X'035-G-./.$.&0$35($.&$0/$6(+'-7)$.&0$&56&'4+($/5-F)/.(I
b) $ )-)Fc) $ '/5(C $ &0 $ .&+&'O( $ .& $ '()'&5-7)C $ /5W $ '(,( $ &0 $ .& $ +&)(G/'-7) $ .& $ 0/
'()'&5-7)C$5&+\$-)*&+-(+$/$3)/$!E#$mf:I
AI$`34(+-[/'-()&5$6/+/$&0$5&+G-'-($.&$+/.-(.-*35-7)$9$53$+&)(G/'-7)k$3)/$!E#$mf:I
VI $ `34(+-[/'-()&5$ 6/+/ $ &0 $ 5&+G-'-( $ .& $ +/.-(.-*35-7) $ '(,3)/0 $ 9 $ 53 $ +&)(G/'-7)k
G&-)4-'-)'($6(+$'-&)4($!A?p#$.&$0/$mf:I
NI$`34(+-[/'-7)C$+&)(G/'-7)$9$'/,D-($.&$'/4&F(+W/$6/+/$+/.-(/*-'-()/.(5k$3)($6(+
'-&)4($!Ep#$.&$0/$mf:I
?I$`34(+-[/'-()&5$6/+/$&0$5&+G-'-($6+-G/.($.&$4&0&'(,3)-'/'-()&5$9$53$+&)(G/'-7)k
G&-)4-'-)'($6(+$'-&)4($!A?p#$.&$0/$mf:I
R/$mf:$/60-'/D0&$6/+/$&0$'\0'30($.&$0(5$.&+&'O(5C$5&+\$0/$G-F&)4&$/$0/$*&'O/$&)$H3&
'(++&56().&$&*&'43/+$&0$6/F(I
<( $ &54\) $ /*&'4/5 $ /0 $ 6/F( $ .&0 $ .&+&'O($ .& $ /34(+-[/'-7)$ /H3&00/5$ /34(+-[/'-()&5
(4(+F/./5$D/_($0(5$+&FW,&)&5$&56&'-/0&5$'()4&,60/.(5$&)$0(5$/+4W'30(5$ELE$9$ELAI
b0 $ B-)-54&+-($ 6(.+\ $ &54/D0&'&+$ &) $ &0 $ '()4+/4( $ .& $ '()'&5-7)$ '(++&56().-&)4& $ 0/
*(+,/ $ .& $ 6/F( $ H3& $ '()5-.&+& $ ,\5 $ /.&'3/./C $ +&56&4/).( $ 0(5 $ ,()4(5 $ ,W)-,(5
&54/D0&'-.(5$&)$&0$6+&5&)4&$/+4W'30(I
!#,L0$3- ) EQRNG$ b0 $ .&+&'O( $ / $ 6/F/+ $ 6(+ $ &0 $ (4(+F/,-&)4( $ .& $ '()'&5-()&5 $ (
/34(+-[/'-()&5$53_&4(5$/$'()'3+5($6cD0-'($.&$(*&+4/5C$5&$'/0'30/+\$&)$0/$*(+,/$9$5(D+&$0(5
,()4(5$.&*-)-.(5$&)$0/5$D/5&5$+&56&'4-G/5C$&)$*3)'-7)$.&$0/$,&_(+$(*&+4/I
>?J*X*?81)II
;<)8!)*!>!)@14)<O@81*!=ISB)=1A<4=I!8);<8)><4WI=I1
!#,L0$3- ) EQTNG$ R(5 $ 4-430/+&5 $ .& $ '()'&5-()&5 $ ( $ /34(+-[/'-()&5C $ 6/F/+\) $ 6(+
'()'&64($.&$0/$&X60(4/'-7)$'(,&+'-/0$.&$0(5$5&+G-'-(5$.&$4&0&'(,3)-'/'-()&5C$3)/$4/5/
/)3/0 $ &H3-G/0&)4& $ / $ ,&.-( $ 6(+ $ '-&)4( $ !>C?p# $ .& $ 535 $ -)F+&5(5 $ D+34(5 $ */'43+/.(5 $ 9
6&+'-D-.(5$/)3/0,&)4&I
b)$&0$'/5($.&$5&+G-'-(5$6cD0-'(5$.&$4&0&'(,3)-'/'-()&5$9$6/+/$0(5$*-)&5$.&$&54/
4/5/C$*(+,/$6/+4&$.&$0/$D/5&$.&$'\0'30(C$0(5$-)F+&5(5$6+(G&)-&)4&5$.&$0/5$0-H3-./'-()&5
&)4+&$&,6+&5/5$6(+$&0$4+\*-'($-)4&+)/'-()/0$.&$&)4+/./$9$5/0-./$.&0$6/W5I
!#,L0$3-)EQFNG$ R(5$4-430/+&5$.&$'()'&5-()&5$($/34(+-[/'-()&5$/$H3&$5&$+&*-&+&$&0
/+4W'30($/)4&+-(+C$/D()/+\)$'()$'/+\'4&+$.&$6/F($/$'3&)4/$.&$0/$4/5/$H3&$&)$.&*-)-4-G/$0&5
'(++&56()./ $ /D()/+ $ 6(+ $ 0/ $ &X60(4/'-7) $ '(,&+'-/0 $ .&0 $ 5&+G-'-(C $ '3(4/5 $ ,&)53/0&5
&H3-G/0&)4&5$/0$6(+'&)4/_&$*-_/.($&)$&0$/+4W'30($/)4&+-(+$/60-'/.($5(D+&$0(5$-)F+&5(5$D+34(5
6&+'-D-.(5$.3+/)4&$&0$,&5$-),&.-/4($/)4&+-(+$/0$6/F(I$b)$&0$,&5$.&$/D+-0$.&$'/./$/^($5&
&*&'43/+\$0/$0-H3-./'-7)$*-)/0C$.&D-1).(5&$/D()/+$0/$'3(4/$.&$+&F30/+-[/'-7)$+&56&'4-G/I$;H3&./+/$5/0.($/$*/G(+$.&0$'()4+-D39&)4&C$6(.+\$/60-'/+0($/$0(5$+&56&'4-G(5$6/F(5$/$'3&)4/
.& $ 0(5$ ,&5&5$ 5-F3-&)4&5$ ($ /04&+)/4-G/,&)4&$ 6(.+\$ O/'&+ $ 35($ .&$ 0(5 $ ,&'/)-5,(5$ H3&
.&4&+,-)&$(6(+43)/,&)4&$&0$B-)-54&+-(I
2()_3)4/,&)4& $ '() $ &0 $ 6/F( $ / $ '3&)4/ $ ,&)53/0C $ 0/5 $ &,6+&5/5 $ 6+&5&)4/+\) $ /0
B-)-54&+-($3)/$.&'0/+/'-7)$_3+/./$&)$&0$*(+,/4($H3&$154&$/6+3&D&C$0/$,-5,/$H3&$&54/+\
53_&4/$/$G&+-*-'/'-7)$6(54&+-(+$6(+$6/+4&$.&0$6&+5()/0$/34(+-[/.($6(+$&0$B-)-54&+-(I
R/$.&'0/+/'-7)$_3+/./$9$&0$6/F($'(++&56().-&)4&C$5&$&*&'43/+\)$.&)4+($.&$0(5$.-&[
!E>#$.W/5$'/0&)./+-($.&0$,&5$5-F3-&)4&$/0$H3&$'(++&56()./$&0$6/F($/$'3&)4/I
b0 $ -)'3,60-,-&)4( $ .& $ 0(5 $ 6/F(5 $ / $ '3&)4/ $ 9 $ .&0 $ 6/F( $ .& $ +&F30/+-[/'-7)
'(++&56().-&)4&$&)$0(5$60/[(5$&54/D0&'-.(5C$./+\$03F/+$/$0/$/60-'/'-7)$6(+$'/./$,&5$.&
+&4+/5($9$.&$,/)&+/$/'3,30/4-G/C$.&$0/$4/5/$.&$-)4&+15$,(+/4(+-($!:fB#C$0/$'3/0$5&+\$.&0
H3-)'&$ 6(+$'-&)4($!E?p#$.&$ 0/$4/5/$/'4-G/$ .&0$,&+'/.($6+(,&.-($ ,&)53/0$&)$,()&./
)/'-()/0$!:`B<#$H3&$63D0-H3&$0/$;36&+-)4&).&)'-/$.&$a/)'/$9$;&F3+(5$&0$c04-,($.W/$O\D-0
.&0$,&5$/)4&+-(+I
>?J*X*?81)III
;<8)=!B1B)@14)8!)?*I8I[!=ISB);<8)<>@<=*41)4!;I1<8a=*4I=1
!#,L0$3-)EQUNG$ b0$'/)()$/)3/0$H3&$.&D&)$/D()/+$0(5$4-430/+&5$.&$'()'&5-()&5$(
/34(+-[/'-()&5$6(+$'()'&64($.&0$35($.&0$&56&'4+($+/.-(&01'4+-'(C$5&$'/0'30/$/60-'/).($0(5
6(+'&)4/_&5$H3&$5&$*-_/)$/$'()4-)3/'-7)$5(D+&$0/$mf:C$G-F&)4&$/0$6+-,&+($.&$&)&+($.&0$/^(
&)$H3&$'(++&56().&$&*&'43/+$&0$6/F(I
EI$;bPjf2fZ;$dZP:`%ZPb;I$
/#$;-54&,/$.&$4+/)5,-5-7)$/)/07F-'(I
d(+ $ '/./ $ &54/'-7) $ 4&++&54+& $ ( $ 5/4&0-4/0 $ H3& $ 34-0-'& $ 5-54&,/5 $ ,304-'/)/0&5 $ 6(+
*+&'3&)'-/$.&$4+/)5,-5-7)$9$6(+$'/6/'-./.$-)54/0/./$.&0$5-54&,/k
r/54/$EA$'/)/0&5
%&$EV$O/54/$AN$'/)/0&5
%&$A?$O/54/$NU$'/)/0&5
%&$NM$O/54/$L>$'/)/0&5
%&$LE$O/54/$EA>$'/)/0&5
%&$EAE$O/54/$V>>$'/)/0&5
%&$V>E$O/54/$L>>$'/)/0&5
%&$L>E$O/54/$ML>$'/)/0&5
%&$MLE$/$,\5$'/)/0&5
$$Np
EAp
ENp
ELp
EUp
$$Lp
$$Up
E>p
A>p
D#$;-54&,/$.&$4+/)5,-5-7)$.-F-4/0I
d(+$'/./$&54/'-7)$H3&$34-0-'&$5-54&,/5$.&$4+/)5,-5-7)$.-F-4/0&5C$6(+$*+&'3&)'-/$.&
4+/)5,-5-7)$9$6(+$'/6/'-./.$-)54/0/./$.&0$5-54&,/k
@$r/54/$AC>NU$BD-45]5&FI
@$B/9(+$H3&$AC>NU$BD-45]5&FI
$$O/54/$UCNNU$BD-45]5&FI
@$B/9(+$H3&$UCNNU$BD-45]5&FI$
$$$O/54/$VNCVLU$BD-45]5&FI
@$B/9(+$H3&$VNCVLU$BD-45]5&FI
$$Up
EAp
ELp
A>p
AI$:bRb;bPjf2fZ;$dYaRf2Z;I
/#$;&+G-'-($4&0&*7)-'($,7G-0C$5&+G-'-($.&$'(,3)-'/'-()&5$6&+5()/0&5$9$4&0&5&+G-'-(
,7G-0$.&$'/)/0&5$,c04-60&5$.&$5&0&''-7)$/34(,\4-'/$!4+()'/0-[/.(#I
$$
@$d(+$'/./$&54/'-7)$D/5&$9$D/5&$+&6&4-.(+/
$$.&0$5&+G-'-(
A>p
@$d(+$'/./$&54/'-7)$,7G-0k$&)$*3)'-7)$.&$0/
$$'/)4-./.$.&$4&+,-)/0&5$,7G-0&5$/'4-G/.(5
$$.&'0/+/.(5$/0$VE$.&$.-'-&,D+&$.&0$/^(
$$/)4&+-(+
>C?p$!"#
!"#$R-4&+/0$,(.-*-'/.($6(+$&0$`+4W'30($E$.&0$%&'+&4($;36+&,($<=$>N>@A>>N@B:2C$63D0-'/.(
&0$AA@EA@A>>NC$&0$,-5,($H3&$+-F&$/$6/+4-+$.&0$E$.&$&)&+($.&$A>>?$.&$'()*(+,-./.$'()$0(
&54/D0&'-.($6(+$&0$`+4W'30($V$.&0$'-4/.($%&'+&4($;36+&,(C$'39($4&X4($&5$&0$5-F3-&)4&k
n/#$;&+G-'-($4&0&*7)-'($,7G-0C$5&+G-'-($.&$'(,3)-'/'-()&5$6&+5()/0&5$9$4&0&5&+G-'-(
,7G-0$.&$'/)/0&5$,c04-60&5$.&$5&0&''-7)$/34(,\4-'/$!4+()'/0-[/.(#I
@ $ d(+ $ '/./ $ &54/'-7) $ ,7G-0k $ &) $ *3)'-7) $ .& $ 0/ $ '/)4-./. $ .& $ 4&+,-)/0&5 $ ,7G-0&5
/'4-G/.(5$.&'0/+/.(5$/0$VE$.&$.-'-&,D+&$.&0$/^($/)4&+-(+k
@$b)$0/$6+(G-)'-/$.&$R-,/$9$&)$0/$d+(G-)'-/$2()54-43'-()/0$.&0$2/00/($
>CNp
@$b)$&0$+&54($.&$6+(G-)'-/5$
>CVpn
D#$;&+G-'-($.&$D35'/6&+5()/5I
@$d(+$&54/'-7)$D/5&$9$6(+$*+&'3&)'-/$.&
$$$4+/)5,-5-7)
A>p
'#$;&+G-'-($/&+()\34-'($9$,/+W4-,(I
@$d(+$&54/'-7)$*-_/C$*-_/$.&$D/5&$9$,7G-0&5$6(+
$$*+&'3&)'-/$.&$4+/)5,-5-7)
$$Vp
.#$;&+G-'-($,7G-0$6(+$5/410-4&$9$5&+G-'-($,7G-0$.&$./4(5$,/+W4-,($6(+$5/410-4&I
$
$
$$
$$
@$d(+$Br[$/5-F)/.(
ELLp
@$d(+$'/./$&54/'-7)$,7G-0k$&)$*3)'-7)$.&$0/
$$'/)4-./.$.&$4&+,-)/0&5$,7G-0&5$/'4-G/.(5C
$$.&'0/+/.(5$/0$VE$.&$.-'-&,D+&$.&0$/^(
$$/)4&+-(+k
$>C?p
@$d/+/$&0$&)0/'&$&)4+&$0/$&54/'-7)$4&++&)/$9
$$&0$5/410-4&k
$$d(+$Br[$/5-F)/.(
$>C?p
b)$'/5($.&$H3&$0/$/5-F)/'-7)$)($*3&+/$,c04-60($&X/'4($&)$Br[C$&0$6/F($6(+$&0
&X'&.&)4&$5&+\$'/0'30/.($6+(6(+'-()/0,&)4&I
&#$;&+G-'-(5$'()$/60-'/'-()&5$.&$/''&5($*-_($-)/0\,D+-'($9$5&+G-'-($.&$'(),34/'-7)
6/+/$4+/)5,-5-7)$.&$./4(5I
@$d(+$'/./$&54/'-7)$D/5&
A>p
@$d(+$'/./$4&+,-)/0$*-_(k$&)$*3)'-7)$.&$0/
$$'/)4-./.$.&$4&+,-)/0&5$/'4-G/.(5C$.&'0/+/@
$$.(5$/0$VE$.&$.-'-&,D+&$.&0$/^($/)4&+-(+
VI$;bPjf2fZ$dYaRf2Z$%b$%f8m;fl<I
;&+G-'-($.&$.-54+-D3'-7)$.&$+/.-(.-*35-7)$6(+$'/D0&I
>C?p
@$;-54&,/$BB%;
$$d(+$'/)/0
@$;-54&,/$.&$.-*35-7)$.-+&'4/$6(+$5/410-4&
$$d(+$Br[$/5-F)/.(
A>p
NI$:bRb;bPjf2fZ;$dPfj`%Z;
/#$;&+G-'-($.&$+/.-('(,3)-'/'-7)$6+-G/./I
!E#$`&+()\34-'($9$,/+W4-,(
d(+$&54/'-7)$*-_/C$*-_/$.&$D/5&$9$,7G-0k
@$d(+$&54/'-7)$9$6(+$*+&'3&)'-/$.&$4+/)5,-5-7)
!A#$:&++&54+&
@$d(+$&54/'-7)$*-_/C$*-_/$.&$D/5&$9$6(+
$$*+&'3&)'-/$.&$4+/)5,-5-7)$9$6(+$D0(H3&
$$O(+/+-(
@$d(+$&54/'-7)$,7G-0$9$6(+$*+&'3&)'-/$.&
$$4+/)5,-5-7)
E>p
$$Np
$$E>p!"#
!"#$f)'-5($,(.-*-'/.($6(+$&0$`+4W'30($E$.&0$%&'+&4($;36+&,($<=$>N>@A>>N@B:2C$63D0-'/.(
&0$AA@EA@A>>NC$&0$,-5,($H3&$+-F&$/$6/+4-+$.&0$E$.&$&)&+($.&$A>>?$.&$'()*(+,-./.$'()$0(
&54/D0&'-.($6(+$&0$`+4W'30($V$.&0$'-4/.($%&'+&4($;36+&,(C$'39($4&X4($&5$&0$5-F3-&)4&k
n!A#$:&++&54+&
@$d(+$&54/'-7)$*-_/C$*-_/$.&$D/5&$9$6(+$*+&'3&)'-/$.&$4+/)5,-5-7)$9$6(+$D0(H3&$O(+/+-(
$Np
@$d(+$&54/'-7)$,7G-0$
E>pn
!V# $ d(+ $ '/./ $ &54/'-7) $ H3& $ 34-0-'& $ 5-54&,/5 $ ,304-'/)/0&5C $ 6(+ $ *+&'3&)'-/ $ .&
4+/)5,-5-7)$9$6(+$'/6/'-./.$-)54/0/./$.&0$5-54&,/k
VI/#$d(+$'/./$&54/'-7)$H3&$34-0-'&$5-54&,/$,304-'/)/0&5$/)/07F-'(5k
r/54/$EA$'/)/0&5
%&$EV$O/54/$AN$'/)/0&5
%&$A?$O/54/$NU$'/)/0&5
%&$NM$O/54/$L>$'/)/0&5
%&$LE$O/54/$EA>$'/)/0&5
%&$EAE$O/54/$V>>$'/)/0&5
%&$V>E$O/54/$L>>$'/)/0&5
%&$L>E$O/54/$ML>$'/)/0&5
%&$MLE$/$,\5$'/)/0&5
$$N>p
EA>p
EN>p
EL>p
EU>p
$$L>p
$$U>p
E>>p
A>>p
VID#$d(+$'/./$&54/'-7)$H3&$34-0-'&$5-54&,/5$.&$4+/)5,-5-7)$.-F-4/0&5k
r/54/$AC>NU$BD-45]5&FI
B/9(+$H3&$AC>NU$O/54/$UCNNU$BD-45]5&FI
$$U>p
EA>p
B/9(+$H3&$UCNNU$O/54/$VNCVLU$BD-45]I5&FI EL>p
B/9(+$H3&$VNCVLU$BD-45]5&FI
A>>p
!N#$;&+G-'-($*-_($6(+$5/410-4&
@$d(+$&54/'-7)$4+/)5,-5(+/$9$*+&'3&)'-/$.&
$$4+/)5,-5-7)
E>>p
!?#$;&+G-'-($,7G-0$6(+$5/410-4&
$$
@$d(+$&54/'-7)$4+/)5,-5(+/$9$*+&'3&)'-/$.&
$$4+/)5,-5-7)
A>p
!L#$;&+G-'-(5$)($53_&4(5$/$6+(4&''-7)
@$;&+G-'-($'/)/0&5$7,)-D35$6(+$&54/'-7)
$$!D/)./$'-3././)/#
E>p
@$;&+G-'-($*-_($H3&$34-0-'&$4&')(0(FW/$&56&'4+(
$$&)5/)'O/.(k
"$d(+$&54/'-7)$*-_/$63)4($/$63)4($($63)4($/
$$$,304-63)4(
A>p
"$d(+$&0$'()_3)4($.&$&54/'-()&5$'()*(+,/)4&5
$$.&$3)/$+&.$0('/0$.&)4+($.&$3)/$,-5,/$\+&/
$$'&++/./$!R`<#
A>p
!T#$:&0&5&+G-'-($,7G-0$.&$'/)/0&5$,c04-60&5$.&$5&0&''-7)$/34(,\4-'/$!4+()'/0-[/.(#
@$d(+$'/./$&54/'-7)$D/5&$9$D/5&$+&6&4-.(+/$
$$.&0$5&+G-'-(
NUp
@$d(+$'/./$&54/'-7)$,7G-0$($6(+4\4-0$
E>p
!U#$;&+G-'-($.&$&X60(+/'-7)$.&$0/$:-&++/$6(+$5/410-4&$(+-&)4/.($/$0/$+&'(0&''-7)$.&
./4(5$&$-)*(+,/'-7)
d(+$&54/'-7)$4&++&)/$9]($6(+$60/4/*(+,/$.&
+&'(0&''-7)$.&$./4(5$*-_(5$9]($,7G-0&5
E>p
D#$;&+G-'-($.&$+/.-(/*-'-()/.(5I
@$2/4&F(+W/$536&+-(+
@$2/4&F(+W/$-)4&+,&.-(
@$2/4&F(+W/$)(G-'-(
Vp
Ap
Ep
?I$;bPjf2fZ;$%b$P`%fZ%f8m;fl<k$dPfj`%Z;$%b$f<:bPh;$dYaRf2ZI
/#$;&+G-'-($.&$%-*35-7)
@$P/.-(.-*35-7)$6(+$4&0&G-5-7)
!"#$b)$jr8$6(+$'/./$&54/'-7)k
@$r/54/$E$wxI$.&$6(4&)'-/
@$%&$ECE$wxI$/$?$wxI$.&$6(4&)'-/
@$%&$?CE$wxI$/$E>$wxI$.&$6(4&)'-/
@$%&$E>CE$wxI$/$A>$wxI$.&$6(4&)'-/
@$%&$A>CE$wxI$/$,\5
$$?>p
$$L>p
$$T>p
$$U?p
E>>p
!"#$b)$mr8$6(+$&54/'-7)k
@$r/54/$E$wxI$.&$6(4&)'-/
@$%&$ECE$wxI$/$?$wxI$.&$6(4&)'-/
@$%&$?CE$wxI$/$E>$wxI$.&$6(4&)'-/
@$%&$E>CE$wxI$/$A>$wxI$.&$6(4&)'-/
@$%&$A>CE$wxI$/$,\5
$$V>p
$$N>p
$$?>p
$$L?p
$$U>p
@$P/.-(.-*35-7)$5()(+/
d(+$&54/'-7)k
r/54/$E$wxI$.&$6(4&)'-/
"$%&$ECE$wxI$/$?$wxI$.&$6(4&)'-/
"$%&$?CE$wxI$/$E>$wxI$.&$6(4&)'-/
"$%&$E>CE$wxI$/$A>$wxI$.&$6(4&)'-/
"$%&$A>CE$wxI$/$,\5
E>p
E?p
A>p
A?p
V>p
@$d(+$&)0/'&5$/3X-0-/+&5$*-_(5$4&++&54+&5$.&$+/.-(.-*35-7)$5()(+/$($6(+$4&0&G-5-7)k
"$d(+$&54/'-7)$9$*+&'3&)'-/$.&$4+/)5,-5-7)$ VLp
@ $ d(+ $ 0(5 $ &)0/'&5 $ /3X-0-/+&5 $ ,7G-0&5 $ 4&++&54+&5 $ .& $ +/.-(.-*35-7) $ 5()(+/ $ 9 $ .&
4&0&G-5-7)k
"$d(+$&54/'-7)$9$*+&'3&)'-/$.&$4+/)5,-5-7) $$Lp
@$d(+$&)0/'&5$5/4&0-4/0&5k
"$d(+$&54/'-7)$*-_/$4+/)5,-5(+/
"$d(+$&54/'-7)$,7G-0$4+/)5,-5(+/
?>p
E>p
b)$&0$'/5($.&$0/$/34(+-[/'-7)$.&0$5&+G-'-($.&$+/.-(.-*35-7)$3D-'/./5$&)$0('/0-./.&5
*+()4&+-[/5$/D()/+\)$6(+$'()'&64($.&$'/)()$&0$'-)'3&)4/$6(+$'-&)4($!?>p#$.&$0(5$,()4(5
-).-'/.(5$&)$0(5$6\++/*(5$6+&'&.&)4&5C$5&Fc)$0/$6(4&)'-/$.&$(6&+/'-7)$H3&$'(++&56()./I
!#,L0$3-)EQVNG$ <($&54\)$/*&'4(5$/0$6/F($.&$'/)()$/)3/0$6(+$&0$35($.&0$&56&'4+(
+/.-(&01'4+-'(C $ 0/5 $ &54/'-()&5 $ (6&+/./5 $ 6(+ $ &)4-./.&5 $ .&0 $ d(.&+ $ b_&'34-G(C $ 0/ $ d(0-'W/
</'-()/0$.&0$d&+cC$2(,6/^W/5$.&$a(,D&+(5$j(03)4/+-(5C$0/5$&54/'-()&5$+/.-(&01'4+-'/5$.&
0(5$5&+G-'-(5$.&$+/.-()/G&F/'-7)$/&+()\34-'/$9$,/+W4-,/$9$0(5$(6&+/.(+&5$.&0$5&+G-'-($.&
&X60(+/'-7)$.&$0/$:-&++/$6(+$5/410-4&C$(+-&)4/.(5$/$0/$+&'(0&''-7)$.&$./4(5$&$-)*(+,/'-7)
5-&,6+&$H3&$5&$+&/0-'&$'()$*-)&5$'-&)4W*-'(5$9]($.&$-)G&54-F/'-7)$H3&$)($5&/)$34-0-[/.(5
'()$*-)&5$'(,&+'-/0&5I
<($&54\)$'(,6+&).-./5$&)$0(5$/0'/)'&5$.&0$6\++/*($6+&'&.&)4&C$0/5$&)4-./.&5$D/_(
&0$\,D-4($.&0$8().($</'-()/0$.&$8-)/)'-/,-&)4($.&$0/$`'4-G-./.$b,6+&5/+-/0$.&0$b54/.(I
R/5$&54/'-()&5$+/.-(&01'4+-'/5$-)54/0/./5$&)$&0$,/+'($.&$0(5$6+(9&'4(5$(+-&)4/.(5
/0$.&5/++(00($.&$0/5$4&0&'(,3)-'/'-()&5$/$'/+F($.&0$B-)-54&+-(C$9$'39/$(6&+/'-7)$5&$/6(9&
&)$3)$5&+G-'-($*-_($6(+$5/410-4&C$/5W$'(,($0/5$H3&$(6&+&)$&0$5&+G-'-($.&$+/.-('(,3)-'/'-7)
6+-G/./$&)$0/$D/)./$.&$/04/$*+&'3&)'-/$!r8#C$H3&$O/9/)$5-.($/34(+-[/./5$'()*(+,&$0(5
/+4W'30(5$ELE$9$ELAC$)($&54\)$/*&'4/5$/0$6/F($.&0$'/)()$/)3/0I
:+/4\).(5&$.&$&54/'-()&5$.&$4&0&5&+G-'-($6+-G/.(C$/34(+-[/./5$/$-)54-43'-()&5$.&
-)4&+15$5('-/0$.&$'/+\'4&+$6+-G/.(C$154/5$6/F/+\)$6(+$'()'&64($.&$'/)()$/)3/0$&0$3)($6(+
'-&)4($!E$p#$.&$0/$mf:$6(+$&54/'-7)I
;&$'()5-.&+/)$-)54-43'-()&5$.&$-)4&+15$5('-/0$.&$)/43+/0&[/$6+-G/./C$/$0/5$&)4-./.&5
5-) $ *-)&5 $ .& $ 03'+( $ .&.-'/./5 $ / $ 0/5 $ /'4-G-./.&5 $ .& $ D&)&*-'&)'-/C $ 5('(++(C $ 5/03. $ (
&.3'/'-7)C$6+&G-/$'/0-*-'/'-7)$.&$0/$%-+&''-7)$.&$Q&54-7)I
:+/4\).(5& $ .& $ 5&+G-'-(5C $ '39(5 $ &H3-6(5 $ 34-0-'&) $ &0 $ &56&'4+( $ +/.-(&01'4+-'(
'(,6+&).-.($&)$0(5$/0'/)'&5$.&0$/+4W'30($AUC$)($&54\)$/*&'4(5$/0$6/F($.&$'/)()I
!#,L0$3-)EHDNG$R(5$5&+G-'-(5$.&$+/.-(.-*35-7)$&.3'/4-G/$9$.&$+/.-(.-*35-7)$'(,3)/0
/D()/+\)$6(+$'()'&64($.&$'/)()$&0$'-)'3&)4/$6(+$'-&)4($!?>p#$.&0$'/)()$'(++&56().-&)4&
/0$5&+G-'-($.&$+/.-(.-*35-7)$*-_/.($&)$&0$/+4W'30($AVUI
:+/4\).(5& $ .&0 $ 5&+G-'-( $ .& $ +/.-(.-*35-7) $ &.3'/4-G/ $ '(,3)/0C $ 5& $ /D()/+\ $ 6(+
'()'&64($.&$'/)()$&0$G&-)4-'-)'($6(+$'-&)4($!A?p#$.&0$'/)()$'(++&56().-&)4&$/0$5&+G-'-(
.&$+/.-(.-*35-7)$6+&G-54($&)$&0$/+4W'30($AVUI
d(+$0/5$&54/'-()&5$+/.-(&01'4+-'/5$.&$5&+G-'-(5$6cD0-'(5$3D-'/./5$&)$\+&/5$+3+/0&5
($03F/+&5$.&$6+&*&+&)4&$-)4&+15$5('-/0C$5&$/D()/+\$&0$'-)'3&)4/$6(+$'-&)4($!?>p#$.&0$'/)()
6+&G-54($6/+/$'/./$5&+G-'-($&)$&0$/+4W'30($AVUI
!#,L0$3- ) EHMNG$ b0 $ B-)-54&+-( $ 63D0-'/+\ $ (6(+43)/,&)4& $ &) $ &0 $ %-/+-( $ Z*-'-/0 $ b0
d&+3/)(C$0(5$,()4(5$'(++&56().-&)4&5$/0$'/)()$/)3/0$'/0'30/.(5$&)$*3)'-7)$.&0$G/0(+$.&
0/$mf:$G-F&)4&$/0$3)($!E#$.&$&)&+($.&$'/./$/^(I
!#,L0$3-)EHENG$b0$6/F($.&0$'/)()$/)3/0$5&$&*&'43/+\$6(+$/.&0/)4/.($&)$&0$,&5$.&
*&D+&+( $ .& $ '/./ $ /^(I $ j&)'-.( $ &54& $ 60/[($ 5& $ /60-'/+\$ 6(+ $ '/./ $ ,&5 $ .& $ +&4+/5( $ 9 $ .&
,/)&+/$/'3,30/4-G/C$0/$4/5/$.&$-)4&+15$,(+/4(+-($!:fB#$&54/D0&'-.($&)$&0$/+4W'30($AVT$.&0
P&F0/,&)4(I
!#,L0$3-)EHQNG$b)$0(5$'/5(5$.&$'()'&5-()&5$9$/34(+-[/'-()&5$6/+/$6+&54/+$5&+G-'-(5
.& $ 4&0&'(,3)-'/'-()&5$ (4(+F/./5$ .3+/)4& $ &0 $ 4+/)5'3+5( $ .&0$ /^(C $ &0 $ '/)()$ /)3/0$ 5&+\
6/F/.($6+(6(+'-()/0,&)4&$/$4/)4(5$.([/G(5$'(,($,&5&5$*/04/+/)$6/+/$0/$4&+,-)/'-7)$.&0
/^(C$'(,634/.(5$/$6/+4-+$.&$0/$*&'O/$.&$&X6&.-'-7)$.&$0/$/34(+-[/'-7)$($.&$0/$+&5(03'-7)
.& $ /5-F)/'-7)$ .&0$ &56&'4+( $ 4+/4\).(5&$ .&$ '()'&5-()&5I$ d/+/$ 4/0$ &*&'4(C$ 5&$ '(,634/+\
'(,( $ 6&+W(.( $ ,&)53/0 $ '3/0H3-&+ $ )c,&+( $ .& $ .W/5 $ '(,6+&).-.(5 $ .&)4+( $ .&0 $ ,&5
'/0&)./+-(I $ `5-,-5,(C $ .-'O( $ 6/F( $ 5&+\ $ /D()/.( $ .&)4+( $ .& $ 0(5 $ 5&5&)4/ $ !L># $ .W/5
'/0&)./+-($6(54&+-(+&5$/0$(4(+F/,-&)4($.&$0/$'()'&5-7)$($/34(+-[/'-7)I$:+/)5'3++-.($.-'O(
60/[($5&$/60-'/+\$0($.-563&54($&)$&0$/+4W'30($/)4&+-(+I
d/+/$&0$ '/5($ .&$ 0/5$ '()'&5-()&5$ (4(+F/./5$ .3+/)4&$ &0$ 4+/)5'3+5($ .&0$ /^($6/+/
6+&54/+$0(5$4&0&5&+G-'-(5$6cD0-'(5$'()4&,60/.(5$&)$0(5$0-4&+/0&5$/#C$.#$9$&#C$.&0$)3,&+/0$A
.&0$/+4W'30($AVUC$&0$'\0'30($.&0$'/)()$6/+/$&0$'/5($.&$0/5$&54/'-()&5$,7G-0&5$($4&+,-)/0&5
*-_(5C $ 5& $ &*&'43/+\ $ 4(,/).( $ &) $ '3&)4/ $ 0/ $ '/)4-./. $ .& $ 4&+,-)/0&5 $ 6+(9&'4/.(5 $ 6(+ $ 0/
'()'&5-()/+-/C$6/+/$0(5$,&5&5$H3&$*/04&$6/+/$4&+,-)/+$&0$/^(I
!#,L0$3- ) EHHNG$ R(5 $ 6/F(5 $ '(++&56().-&)4&5 $ / $ .&+&'O(5 $ .& $ '()'&5-7) $ (
/34(+-[/'-7)C$4/5/5C$'/)()$9$,304/5$5&$&*&'43/+\)$&)$0/5$*&'O/5$9$03F/+&5$&54/D0&'-.(5
6(+$&0$B-)-54&+-($'()*(+,&$0($.-56()&$&0$P&F0/,&)4(I
b0 $ 7+F/)( $ '(,6&4&)4&$ .&0$ B-)-54&+-( $ +&H3&+-+\ $ &0 $ 6/F( $ .&$ 0(5 $ '()'&64(5 $ /)4&5
-).-'/.(5C$&0$H3&$.&D&+\$&*&'43/+5&$.&)4+($.&$0(5$60/[(5$6+&G-54(5$6/+/$'/./$'/5($&)$&0
P&F0/,&)4(I$b)$'/5($.&$-)'3,60-,-&)4($5&$6+('&.&+\$/$0/$'(D+/)[/$'(/'4-G/I
b0$B-)-54&+-($6(.+\$'&0&D+/+$'()G&)-(5$'()$4&+'&+(5C$'()*(+,&$0($.-56()&$0/$R&9$.&
d+('&.-,-&)4($.&$2(D+/)[/$2(/'4-G/C$/$*-)$.&$H3&$154(5$5&$&)'/+F3&)$.&$0/$4+/,-4/'-7)
.&$0(5$6+('&.-,-&)4(5$'(/'4-G(5I
>?J*X*?81)IW
;<8 ) ;<4<=d1 ) <>@<=I!8 ) ;<>*IB!;1 ) !8 ) Y1B;1 ) ;< ) IBW<4>ISB ) <B
*<8<=1A?BI=!=I1B<>
!#,L0$3-)EHRNG$ b0$/6(+4&$&54/D0&'-.($&)$&0$/+4W'30($EA$.&$0/$R&9C$/$'/+F($.&$0/5
&,6+&5/5 $ 6+&54/.(+/5 $ .& $ 5&+G-'-(5 $ 6(+4/.(+&5 $ 9 $ 4&0&5&+G-'-(5$ 6cD0-'(5C $ '()54-439& $ 3)
.&+&'O($&56&'-/0$H3&$5&$.&+-G/$.&$0/$&X60(4/'-7)$.&$0/$'()'&5-7)$(4(+F/./$6(+$&0$b54/.(
6/+/$0/$6+&54/'-7)$.&$4/0&5$5&+G-'-(5I
%-'O($.&+&'O($&5$.&0$3)($6(+$'-&)4($!Ep#$/60-'/D0&$5(D+&$&0$,()4($4(4/0$/)3/0$.&
0(5$-)F+&5(5$D+34(5$*/'43+/.(5$9$6&+'-D-.(5$'(++&56().-&)4&5$/$'/./$&_&+'-'-($.&.3'-.($&0
f,63&54($Q&)&+/0$/$0/5$j&)4/5$3$(4+(5$-,63&54(5$'()$5-,-0/+&5$&*&'4(5I$d/+/$4/0$&*&'4(C
4/,D-1)$*(+,/$6/+4&$.&$0/$D/5&$.&$'\0'30(C$0(5$-)F+&5(5$6+(G&)-&)4&5$.&$0/5$0-H3-./'-()&5
&)4+&$&,6+&5/5$6(+$&0$4+\*-'($-)4&+)/'-()/0$.&$&)4+/./$9$5/0-./$.&0$6/W5I
!#,L0$3-)EHTNG$ R(5$'()'&5-()/+-(5$/D()/+\)$'()$'/+\'4&+$.&$6/F($/$'3&)4/$.&0
/6(+4& $ H3& $ &) $ .&*-)-4-G/ $ 0&5 $ '(++&56()./ $ /D()/+ $ 6(+ $ '()'&64( $ .&0 $ .&+&'O( $ &56&'-/0C
'3(4/5$,&)53/0&5$&H3-G/0&)4&5$/0$3)($6(+$'-&)4($!E$p#$.&$535$-)F+&5(5$D+34(5$*/'43+/.(5
9$6&+'-D-.(5$.3+/)4&$&0$,&5$/)4&+-(+I
b) $ &0$ ,&5$ .& $ &)&+($ .&$ '/./$ /^($ 5&$ &*&'43/+\$ 0/$ 0-H3-./'-7)$ *-)/0C$ .&D-1).(5&
/D()/+$0/$'3(4/$.&$+&F30/+-[/'-7)$+&56&'4-G/I$;-$H3&./+/$5/0.($/$*/G(+$.&0$/6(+4/)4&C$154&
6(.+\ $ /60-'/+0( $ / $ 0(5 $ +&56&'4-G(5 $ 6/F(5 $ / $ '3&)4/ $ .& $ 0(5 $ ,&5&5 $ 5-F3-&)4&5 $ (
/04&+)/4-G/,&)4&$6(.+\$O/'&+$35($.&$0(5$,&'/)-5,(5$H3&$.&4&+,-)&$(6(+43)/,&)4&$&0
B-)-54&+-(I
2()_3)4/,&)4&$'()$&0$6/F($/$'3&)4/$,&)53/0C$0/5$&,6+&5/5$6+&5&)4/+\)$/$Z5-64&0
3)/ $ .&'0/+/'-7) $ _3+/./ $ &) $ &0 $ *(+,/4( $ H3& $ 154& $ /6+3&D&I $ `5-,-5,(C $ &0 $ 6/F( $ .&
+&F30/+-[/'-7) $ .&D& $ &*&'43/+5& $ / $ Z5-64&0C $ .& $ '()*(+,-./. $ '() $ 0/5 $ )(+,/5 $ H3& $ 154&
/6+3&D&I
R/$.&'0/+/'-7)$_3+/./$9$&0$6/F($'(++&56().-&)4&C$5&$&*&'43/+\)$.&)4+($.&$0(5$.-&[
!E>#$.W/5$'/0&)./+-($.&0$,&5$5-F3-&)4&$/0$H3&$'(++&56().&$&0$6/F($/$'3&)4/I
j&)'-.($&54&$60/[(C$6/F/+\)$6(+$'/./$,&5$.&$+&4+/5($9$.&$,/)&+/$/'3,30/4-G/C
0/5$4/5/5$,\X-,/5$.&$-)4&+15$'(,6&)5/4(+-($9$,(+/4(+-($*-_/.(5$6(+$&0$a/)'($2&)4+/0$.&
P&5&+G/C$G-F&)4&5$/$0/$*&'O/$.&$6/F(I
n`+4W'30($ANL@`I@$Z5-64&0$6+&5&)4/+\$/0$B-)-54&+-($&)$&0$,&5$.&$&)&+($.&$'/./$/^(
3)$6+(F+/,/$.&$/'4-G-./.&5$&0$'3/0$'()4&,60/+\C$'(,($,W)-,(C$0/$&_&'3'-7)$.&$.(5$!A#
6+(9&'4(5$.&$4&0&'(,3)-'/'-()&5$.&$53$6+(6-/$-)-'-/4-G/$6/+/$0/$/4&)'-7)$.&$\+&/5$+3+/0&5
9$03F/+&5$.&$6+&*&+&)4&$-)4&+15$5('-/0$.3+/)4&$&0$/^(I
`5-,-5,(C$0(5$'()'&5-()/+-(5$6(.+\)$6+&5&)4/+$6+(9&'4(5$6/+/$D+-)./+$5&+G-'-(5
*-)/0&5C $ 4/0&5 $ '(,( $ 4&0&*()W/ $ 9 $ /''&5( $ / $ f)4&+)&4 $ +3+/0 $ /0 $ Z5-64&0 $ 5(0-'-4/).($ 6/+/ $ 53
*-)/)'-/,-&)4($0/$/5-F)/'-7)$.&$0(5$+&'3+5(5$.&0$8f:bR$6/+/$0/$/4&)'-7)$.&$\+&/5$+3+/0&5$9
03F/+&5$.&$6+&*&+&)4&$-)4&+15$5('-/0$D/_($&0$,&'/)-5,($.&$/._3.-'/'-7)$.-+&'4/I$Z5-64&0
.&D&+\$6+()3)'-/+5&$5(D+&$0/$5(0-'-43.$&)$3)$60/[($)($,/9(+$.&$4+&-)4/$!V>#$.W/5$/$6/+4-+
.& $ 53 $ 6+&5&)4/'-7) $ 9 $ )( $ 6(.+\ $ )&F/+0/ $ 5-) $ '/35/ $ .&D-./,&)4& $ _354-*-'/./I $ .&D-&).(
-)*(+,/+$.&$&00($/0$B-)-54&+-(I
R(5 $ 6+(9&'4(5 $ /)4&5 $ ,&)'-()/.(5 $ )( $ +&H3&+-+\) $ 0/ $ /6+(D/'-7) $ .&0 $ B-)-54&+-(C
5-&).( $ +&H3-5-4( $ 6/+/ $ &0 $ /''&5( $ .& $ &54& $ ,&'/)-5,(C $ H3& $ 0(5 $ '()'&5-()/+-(5 $ 5&
&)'3&)4+&) $ /0 $ .W/ $ &) $ &0 $ 6/F( $ .& $ 535 $ /6(+4/'-()&5 $ 9 $ 5& $ /60-'/+\ $ 5(D+& $ 0(5 $ /6(+4&5
&*&'43/.(5$/$6/+4-+$.&0$/^($A>>?I
R/$/5-F)/'-7)$D/_($&0$,&'/)-5,($.&$/._3.-'/'-7)$.-+&'4/$/)4&5$,&)'-()/.($ )(
&X'&.&+\$.&0$,()4($/6(+4/.($6(+$&0$'()'&5-()/+-($5(0-'-4/)4&$/0$8f:bRC$/$0/$*&'O/$.&$0/
5(0-'-43.I
b0$B-)-54&+-($9$&0$Z5-64&0$.-'4/+\)$0/5$)(+,/5$'(,60&,&)4/+-/5$6/+/$0/$/60-'/'-7)
.&$0($.-563&54($&)$&0$6+&5&)4&$/+4W'30(C$.&$5&+$&0$'/5(Io$!"#
!"# $ `+4W'30( $ -)'(+6(+/.( $ 6(+ $ &0 $ `+4W'30( $ A $ .&0 $ %&'+&4( $ ;36+&,( $ <= $ >N>@A>>N@B:2C
63D0-'/.($&0$AA@EA@A>>NI
!#,L0$3-)EHFNG$ 2(,($/.,-)-54+/.(+$.&0$8-4&0C$Z5-64&0$)($6(.+\$35/+$6/+/$F/54(5
6+(6-(5$)-$'(,($*3&)4&$6/+/$53$*-)/)'-/,-&)4($0(5$+&'3+5(5$.&0$8().(I
Z5-64&0C$/6+(D/+\$0/5$)(+,/5$H3&$+&F30&)$&0$*3)'-()/,-&)4($.&0$8-4&0C$.&$/'3&+.($/
0/5$6(0W4-'/5$H3&$5&^/0&$&0$B-)-54&+-(I
*X*?81)O
;< ) 8! ) B14A!8I[!=ISB) P ) d1A1817!=ISB ) ;< ) <Z?I@1> ) P ) !@!4!*1>) ;<
*<8<=1A?BI=!=I1B<>
!#,L0$3- ) EHUNG$ b0 $ (D_&4-G( $ .& $ 0/ $ O(,(0(F/'-7) $ .& $ &H3-6(5 $ 9 $ /6/+/4(5 $ .&
4&0&'(,3)-'/'-()&5$ &5 $ /5&F3+/+ $ &0$ '3,60-,-&)4($ .& $ 0/5$ )(+,/5$ 41')-'/5$ )/'-()/0&5$ &
-)4&+)/'-()/0&5 $ 6/+/ $ 6+&G&)-+ $ ./^(5 $ / $ 0/5 $ +&.&5 $ / $ 0/5 $ H3& $ 5& $ '()&'4&) $ 9 $ &G-4/+
-)4&+*&+&)'-/5 $ / $ (4+(5 $ 5&+G-'-(5$ .& $ 4&0&'(,3)-'/'-()&5C$ F/+/)4-[/).($ &0 $ D3&) $ 35( $ .&0
&56&'4+($9$0/$5&F3+-./.$.&0$353/+-(I
!#,L0$3-)EHVNG$R(5$&H3-6(5$($/6/+/4(5$.&$4&0&'(,3)-'/'-()&5$H3&$5&$'()&'4&)$/
0/ $ +&. $ 6cD0-'/ $ ( $ 5& $ 34-0-'&) $ 6/+/ $ +&/0-[/+ $ &,-5-()&5 $ +/.-(&01'4+-'/5C $ 6/+/ $ 53
'(,&+'-/0-[/'-7)C$ 35( $ 9$ (6&+/'-7)C$ &54/+\) $ 6+&G-/,&)4& $ O(,(0(F/.(5C$ 6/+/$ 0( $ '3/0 $ &0
5(0-'-4/)4&$'3,60-+\$'()$0(5$+&H3-5-4(5$H3&$&0$7+F/)($'(,6&4&)4&$&54/D0&['/I
b0$ B-)-54&+-($ 63D0-'/+\$ 0/$ +&0/'-7)$ .&$ &H3-6(5$ O(,(0(F/.(5C$ 0/$ ,-5,/$H3&$5&+\
/'43/0-[/./$6&+-7.-'/,&)4&I
!#,L0$3-)ERDNG$ d/+/$53$'(,&+'-/0-[/'-7)C$0(5$&H3-6(5$H3&$34-0-'&)$&56&'4+($9$H3&
4+/)5,-4/)$&)$3)/$6(4&)'-/$-F3/0$($-)*&+-(+$/$.-&[$,-0-G/4-(5$!E>,q#$&)$/)4&)/$!6(4&)'-/
&*&'4-G/$-++/.-/./#C$)($+&H3&+-+\)$5&+$O(,(0(F/.(5C$.&D-&).($53_&4/+5&$/$0($.-563&54($&)
&0$5&F3).($6\++/*($.&0$/+4W'30($AUI
!#,L0$3-)ERMNG$b0$B-)-54&+-($6(.+\$&)'/+F/+$/$4&+'&+(5$0/$+&/0-[/'-7)$.&$0/5$6+3&D/5
)&'&5/+-/5 $ 6/+/ $ 0/ $ )(+,/0-[/'-7) $ 9 $ O(,(0(F/'-7) $ .& $ &H3-6(5 $ ( $ /6/+/4(5 $ .& $ '/./
&56&'-/0-./.C$.&$/'3&+.($/$&56&'-*-'/'-()&5$41')-'/5$H3&$&0/D(+/+\$4&)-&).($&)$'3&)4/
0/5$)(+,/5$41')-'/5$.&$0/$m)-7)$f)4&+)/'-()/0$.&$:&0&'(,3)-'/'-()&5I
R/$6&+5()/$($6&+5()/5$&)'/+F/./5$.&$4/0&5$6+3&D/5$5&+\)$.&5-F)/./5$/$5(0-'-43.
.& $ 6/+4& $ ( $ ,&.-/)4& $ '()'3+5( $ 6cD0-'( $ .& $ (*&+4/5 $ 9 $ 5&+\) $ .&)(,-)/./5 $ &)4-./.&5
G&+-*-'/.(+/5I
R/$.&5-F)/'-7)$5&$O/+\$6(+$60/[($.&4&+,-)/.($+&)(G/D0&I
!#,L0$3-)ERENG$ d/+/$0/$.&5-F)/'-7)$.&$&)4-./.&5$G&+-*-'/.(+/5$+&5304/)$/60-'/D0&5
0/5$.-56(5-'-()&5$'()4&)-./5$&)$0(5$/+4W'30(5$AVA$9$AVVI
!#,L0$3-)ERQNG$ R/$%-+&''-7)$&X6&.-+\$3)$'&+4-*-'/.($.&$O(,(0(F/'-7)$&)$D/5&$/0
-)*(+,&$&5'+-4($*/G(+/D0&$.&0$7+F/)($.&$0W)&/$.&$0/$%-+&''-7)$($.&$0/$&)4-./.$G&+-*-'/.(+/C
H3&$/'+&.-4/+\$H3&$&0$&H3-6($($/6/+/4($O(,(0(F/.($'3,60&$0/5$&56&'-*-'/'-()&5$41')-'/5
&54/D0&'-./5$&)$D/5&$/0$P&F0/,&)4($9$/0$d<`8I
!#,L0$3- ) ERHNG$ R(5 $ (6&+/.(+&5 $ .& $ 5&+G-'-(5 $ .& $ :&0&'(,3)-'/'-()&5 $ &54\)
(D0-F/.(5$/$'()&'4/+$/$535$+&.&5$($5-54&,/5C$0(5$&H3-6(5$4&+,-)/0&5$H3&$0(5$353/+-(5
/.H3-&+/) $ ( $ /++-&).&)$ / $ 4&+'&+(5C $ 5-&,6+& $ 9 $ '3/).( $ 5&/) $ '(,6/4-D0&5$ 9 $ O/9/) $ 5-.(
.&D-./,&)4&$O(,(0(F/.(5C$6(+$0($H3&$)($6(.+\)$(D0-F/+$/$0(5$535'+-64(+&5$/$/.H3-+-+$535
&H3-6(5 $ )- $ (4+(5 $ D-&)&5 $ ( $ 5&+G-'-(5 $ '(,( $ '().-'-7) $ 6/+/ $ 6+(6(+'-()/+0&5 $ &0 $ 5&+G-'-(
5(0-'-4/.(I
!#,L0$3- ) ERRNG$ R/5 $ '/5/5 $ '(,&+'-/0-[/.(+/5 $ .& $ &H3-6(5 $ 9 $ /6/+/4(5 $ .&
4&0&'(,3)-'/'-()&5$&54\)$(D0-F/./5$/$-)5'+-D-+5&$&)$&0$+&F-54+($H3&$6/+/$&0$&*&'4($4-&)&$/
53$'/+F($0/$%-+&''-7)I$b0$-)'3,60-,-&)4($.&$&54/$(D0-F/'-7)$5&+\$'()5-.&+/.($'(,($3)/
-)*+/''-7)$0&G&I
R(5$+&H3-5-4(5$6/+/$0/$-)5'+-6'-7)$5&+\)$&54/D0&'-.(5$6(+$0/$%-+&''-7)I
R/5 $ '/5/5 $ '(,&+'-/0-[/.(+/5 $ +&F-54+/./5 $ +&,-4-+\) $ (D0-F/4(+-/,&)4& $ &) $ *(+,/
,&)53/0 $ &0 $ 0-54/.($ .& $ 0/5 $ G&)4/5 $ &*&'43/./5C $ .&D-&).( $ 6+(6(+'-()/+$ 0/ $ -)*(+,/'-7) $ 9
.('3,&)4/'-7)$H3&$0/$%-+&''-7)$0&5$5(0-'-4&I
!#,L0$3-) ERTNG$ ;& $ (4(+F/+\) $ 6&+,-5(5 $ .& $ -)4&+)/,-&)4( $ .&*-)-4-G( $ / $ 0/5 $ '/5/5
'(,&+'-/0-[/.(+/5$H3&$&541)$-)5'+-4/5$&)$&0$+&F-54+($9$/$0/5$6&+5()/5$)/43+/0&5$9$_3+W.-'/5
H3& $ 4&)F/) $ '()'&5-7) $ ( $ /34(+-[/'-7) $ 6/+/ $ 6+&54/+ $ 5&+G-'-(5 $ .& $ 4&0&'(,3)-'/'-()&5
(4(+F/./5$ 6(+ $ &0 $ B-)-54&+-(I$ %-'O(5$ &H3-6(5$ .&D&)$ &54/+$ O(,(0(F/.(5S $ &)$ '/5($ )($ 0(
&543G-&+/)C $ 154(5 $ )( $ 6(.+\) $ 5&+ $ 34-0-[/.(5 $ ( $ '(,&+'-/0-[/.(5$ O/54/ $ H3& $ (D4&)F/) $ &0
'&+4-*-'/.($.&$O(,(0(F/'-7)$&X6&.-.($6(+$&0$7+F/)($'(,6&4&)4&$.&0$B-)-54&+-(I
`5-,-5,(C$ 5&$ (4(+F/+\)$ 6&+,-5(5 $ .&$ -)4&+)/,-&)4($ 4&,6(+/0$ O/54/$ 6(+ $ 5&-5$ !L#
,&5&5$6/+/$+&/0-[/+$6+3&D/5C$&XO-D-'-()&5C$,3&54+/5$9$.&,(54+/'-()&5$.&$(6&+/4-G-./.$&)
4&++-4(+-( $ )/'-()/0 $ .&$ &H3-6(5$ 9 $ /6/+/4(5 $ .& $ 4&0&'(,3)-'/'-()&5C$ )( $ 5-&).( $ )&'&5/+-(
'()4/+$'()$'&+4-*-'/.($.&$O(,(0(F/'-7)$'(++&56().-&)4&I
R(5 $ +&H3-5-4(5 $ 6/+/ $ &0 $ (4(+F/,-&)4( $ .&0 $ 6&+,-5( $ .& $ -)4&+)/,-&)4( $ 5&+\)
&54/D0&'-.(5$6(+$&0$7+F/)($'(,6&4&)4&$.&0$B-)-54&+-(I
!#,L0$3-)ERFNG$R(5$&H3-6(5$($/6/+/4(5$.&$4&0&'(,3)-'/'-()&5$H3&$5&$34-0-'&)$6/+/
&*&'43/+ $ ,&.-'-()&5 $ .& $ +/.-/'-()&5 $ )( $ -()-[/)4&5 $ +&H3&+-+\) $ .& $ 3) $ '&+4-*-'/.( $ H3&
F/+/)4-'& $ 53 $ -.()&-./.C $ 6+&'-5-7)C $ &X/'4-43. $ 9 $ '3,60-,-&)4( $ .& $ &54\)./+&5 $ .&
'(,6/4-D-0-./.$&0&'4+(,/F)14-'/I
R/$5(0-'-43.$6/+/$&0$(4(+F/,-&)4($.&0$'&+4-*-'/.($.&$-.()&-./.$/)4&5$,&)'-()/.(
.&D&$.-+-F-+5&$/0$B-)-54&+-(C$5&Fc)$&0$*(+,/4($/6+(D/.($6(+$0/$%-+&''-7)$.&$2()4+(0C$H3&
4&).+\ $ / $ 53 $ '/+F( $ 0/ $ &G/03/'-7) $ .& $ 0( $ 5(0-'-4/.(S $ /'(,6/^/).( $ 0/ $ 5-F3-&)4&
.('3,&)4/'-7)k
EI $ 2(6-/ $ 5-,60& $ .&0 $ .('3,&)4( $ .& $ -.&)4-./. $ .&0 $ 5(0-'-4/)4& $ ( $ .&0 $ 6(.&+ $ .&0
+&6+&5&)4/)4&$0&F/0C$&)$'/5($.&$6&+5()/$_3+W.-'/C$.&D-./,&)4&$-)5'+-4($&)$0(5$P&F-54+(5
dcD0-'(5I
AI$2(6-/$.&0$'&+4-*-'/.($($.&'0/+/'-7)$.&$'()*(+,-./.$.&0$*/D+-'/)4&C$./).($*&$.&0
'3,60-,-&)4($.&$0(5$&54\)./+&5$.&$'(,6/4-D-0-./.$&0&'4+(,/F)14-'/I
VI$2(6-/$.&0$'&+4-*-'/.($.&$'/0-D+/'-7)$.&0$0/D(+/4(+-($H3&$+&/0-[7$0/5$6+3&D/5$.&0
&H3-6(I
NI$d/F($6(+$.&+&'O($.&$4+\,-4&I
*X*?81)OI
;<8)A<4=!;1);<)><4WI=I1>
!#,L0$3-)ERUNG$d/+/$&0$&_&+'-'-($.&0$.&+&'O($.&0$353/+-(C$&54/D0&'-.($&)$&0$/+4W'30(
TV$.&$0/$R&9C$.&$&0&F-+$/0$(6&+/.(+$.&0$5&+G-'-($.&$4&0&'(,3)-'/'-()&5$+&56&'4-G(C$Z5-64&0
&54/D0&'&+\$0/5$.-56(5-'-()&5$&56&'W*-'/5$)&'&5/+-/5I
!#,L0$3-)ERVNG$ R(5$5&+G-'-(5$.&$4&0&'(,3)-'/'-()&5$5&$6+&54/)$&)$3)$+1F-,&)$.&
0-D+&$'(,6&4&)'-/I
2(++&56().& $ / $ Z5-64&0 $ 536&+G-5/+ $ &0 $ ,&+'/.( $ .& $ 0(5 $ 5&+G-'-(5 $ .&
4&0&'(,3)-'/'-()&5 $ 9 $ /.(64/+ $ 0/5 $ ,&.-./5 $ '(++&'4-G/5C $ H3& $ 5&+\) $ .& $ '3,60-,-&)4(
(D0-F/4(+-(I
!#,L0$3-) ETDNG$ 2()$ &0 $ (D_&4( $ .& $ 6+(,(G&+$ 0/ $ '/0-./.$ .& $ 0(5 $ 5&+G-'-(5$ 6cD0-'(5
D+-)./.(5$/0$353/+-(C$&5$6(4&54/.$.&$Z5-64&0$&,-4-+$+&F0/,&)4(5$H3&$)(+,&)$0/$'/0-./.$.&
0(5$.-*&+&)4&5$5&+G-'-(5$6cD0-'(5C$5-&,6+&$H3&$)($-,60-H3&$-,6()&+$W).-'&5$($,(./0-./.&5
.&$6+(.3''-7)$($W).-'&5$.&$6+(.3'4-G-./.I
!#,L0$3-)ETMNG$b)$0($H3&$)($&541$6+&G-54($&)$0/$R&9$9$&0$P&F0/,&)4(C$&)$0($+&*&+-.(
/$ 0/$ 6+(O-D-'-7)$ .&$0/5$ 6+\'4-'/5$&,6+&5/+-/0&5$ +&54+-'4-G/5$.&$ 0/$0-D+&$ '(,6&4&)'-/C$5&
/60-'/+\)$0/5$.-56(5-'-()&5$0&F/0&5$G-F&)4&5$5(D+&$6+\'4-'/5$,()(670-'/5C$'()4+(0-54/5$9
+&54+-'4-G/5$.&$0/$0-D+&$'(,6&4&)'-/I
!#,L0$3-) ETENG$ Z5-64&0 $ &54\ $ */'304/.( $ 6/+/ $ 6+&54/+ $ 5&+G-'-(5 $ &56&'-/0-[/.(5$ .&
'/+\'4&+ $ &X4+/(+.-)/+-( $ / $ 0/5 $ 6&+5()/5 $ )/43+/0&5 $ ( $ _3+W.-'/5 $ H3& $ 6+&54&) $ 5&+G-'-(5$ .&
4&0&'(,3)-'/'-()&5I
b0$ 2()5&_($ %-+&'4-G($.&$Z5-64&0$ *-_/+\$&)$ '/./$ '/5($0/$+&4+-D3'-7)$ /$'(D+/+$9$ 0/
*(+,/$.&$6/F($6(+$0/$6+&54/'-7)$.&$4/0&5$5&+G-'-(5I$%-'O(5$-)F+&5(5$'()54-439&)$+&'3+5(5
6+(6-(5$.&$Z5-64&0I
!#,L0$3-)ETQNG$R(5$60/[(5$9$41+,-)(5$6/+/$+&5(0G&+$0(5$+&'0/,(5$.&$0(5$353/+-(5$/
H3&$5&$+&*-&+&$&0$/+4W'30($TN$.&$0/$R&9C$5&+\)$*-_/.(5$6(+$Z5-64&0I
!#,L0$3- ) ETHNG$ b) $ /60-'/'-7) $ .&0 $ 6+-)'-6-( $ .& $ )&34+/0-./.C $ 0(5 $ (6&+/.(+&5 $ .&
5&+G-'-(5$6(+4/.(+&5$9$5&+G-'-(5$*-)/0&5$.&$'/+\'4&+$6cD0-'(C$/5W$'(,($0(5$.&$.-54+-D3'-7)
.& $ +/.-(.-*35-7) $ 6(+ $ '/D0&C $ H3& $ 5-,304\)&/,&)4& $ 6+&54&) $ ,\5 $ .& $ 3) $ 5&+G-'-( $ .&
4&0&'(,3)-'/'-()&5$ 9$ '39(5$ -)F+&5(5$ /)3/0&5$ 536&+&) $ 0(5 $ H3-)'&$ ,-00()&5 $ .&$ .70/+&5
/,&+-'/)(5 $ 00&G/+\) $ '()4/D-0-./. $ 5&6/+/./ $ 6(+ $ 5&+G-'-(5C$ .& $ /'3&+.( $ / $ 0/5 $ 0W)&/5$ .&
)&F('-($9$0-)&/,-&)4(5$H3&$Z5-64&0$&,-4/I
!#,L0$3-)ETRNG$ m)$6+(G&&.(+$-,6(+4/)4&C$5&Fc)$0($.&*-)-.($&)$0(5$/'3&+.(5$.&$0/
Z+F/)-[/'-7) $ B3).-/0 $ .& $ 2(,&+'-(C $ G&+4-'/0,&)4& $ -)4&F+/.( $ )( $ 6(.+\ $ '(D+/+ $ / $ (4+(
(6&+/.(+$3)/$4/+-*/$536&+-(+$/$0/$H3&$5&$'(D+/$($-,634/$/$5W$,-5,(C$/$535$53'3+5/0&5C$/
535$ 53D5-.-/+-/5$ ($ /$535$ .-G-5-()&5C$5&Fc)$ 5&/$&0$ '/5(C$ 6(+$ &0$35($ .&$ 3)/$ -)54/0/'-7)
&5&)'-/0$.&$-)4&+'()&X-7)$H3&$0&$5-+G&$.&$-)53,(C$/$53$G&[C$6/+/$D+-)./+$(4+(5$5&+G-'-(5$.&
4&0&'(,3)-'/'-()&5I $ R/ $ 0-54/ $ .& $ -)54/0/'-()&5 $ &5&)'-/0&5 $ 5&+\ $ 0/ $ H3& $ Z5-64&0 $ O/9/
.&4&+,-)/.($ 6/+/ $ 0(5 $ *-)&5 $ .& $ -)4&+'()&X-7)C$ 4(,/).( $ &) $ '3&)4/ $ 0(5 $ /'3&+.(5$ .& $ 0/
Z+F/)-[/'-7)$B3).-/0$.&$2(,&+'-(I$R3&F($.&$3)$6+('&5($.&$'()5304/C$5-$/5W$0($'()5-.&+/
'()G&)-&)4&C $ Z5-64&0 $ *-_/+\ $ 0/5 $ 4/+-*/5 $ -,634/./5 $ 6/+/ $ 0/5 $ -)54/0/'-()&5 $ &5&)'-/0&5
D+-)././5$6(+$.-'O($6+(G&&.(+$-,6(+4/)4&I
Z5-64&0$-)4&+G&).+\$.&$(*-'-($($/$5(0-'-43.$.&$6/+4&C$'3/).($3)$(6&+/.(+$6+&5&)4&
-).-'-(5 $ +/[()/D0&5 $ H3& $ 3) $ 6+(G&&.(+ $ -,6(+4/)4& $ &541 $ -)*+-)F-&).( $ &54/ $ )(+,/ $ 9 $ 0(
(D0-F/+\C$/$&54&$c04-,(C$/$/60-'/+$0/$6+3&D/$.&$-,634/'-7)I
!#,L0$3- ) ETTNG$ b) $ '3,60-,-&)4( $ .& $ 0/5 $ )(+,/5 $ H3& $ 6+(O-D&) $ 0(5 $ 53D5-.-(5
'+3[/.(5C $ 4/+-*/5 $ .-5'+-,-)/4(+-/5 $ 9 $ .&5-F3/0./. $ .& $ /''&5(C $ 0/5 $ 4/+-*/5 $ .&0 $ 6+(G&&.(+
-,6(+4/)4&$.&$/H3&00(5$5&+G-'-(5$6cD0-'(5$.&$4&0&'(,3)-'/'-()&5$H3&$5&/)$(*+&'-.(5$9/
5&/$/$4+/G15$.&$5W$,-5,(5C$.&$535$53'3+5/0&5C$.&$535$53D5-.-/+-/5$($.&$535$.-G-5-()&5C$9
H3& $ 34-0-'&)C $ / $ 53 $ G&[C $ -)54/0/'-()&5 $ &5&)'-/0&5 $ D+-)././5 $ 6(+ $ &0 $ ,-5,( $ 6+(G&&.(+
-,6(+4/)4&C$&54/+\)$53_&4/5$/$3)/$6+3&D/$6&+-7.-'/$.&$-,634/'-7)I
R/ $ 6+3&D/ $ .& $ -,634/'-7) $ .& $ 3) $ 5&+G-'-( $ 6cD0-'( $ .& $ 4&0&'(,3)-'/'-()&5
.&4&+,-)/.(C$'()5-54-+\$&)$H3&$0/$4/+-*/$,-)(+-54/$'(D+/./$6(+$.-'O($6+(G&&.(+$-,6(+4/)4&
6(+$.-'O($5&+G-'-(C$.&D&+\$5&+$4/0$H3&$6&+,-4/$/0$,&)(5$'3D+-+$0(5$'(54(5$9$F/54(5$&)$H3&
-)'3++&$6/+/$53$6+&54/'-7)$,\5$3)$,/+F&)$+/[()/D0&$.&$34-0-./.C$5-$&5$H3&$&5$/60-'/D0&I
d/+/$&*&'4(5$.&$0/$/60-'/'-7)$.&$0/$6+3&D/C$0(5$'(54(5$4(4/0&5$.&D&+\)$'0/5-*-'/+5&
&)$.(5$F+36(5k
EI$R(5$'(54(5$.&$0/5$-)54/0/'-()&5$&5&)'-/0&5$.&*-)-./5$&)$&0$/+4W'30($AL?$G/0(+/.(5
.&$/'3&+.($/$4/+-*/5$-,634/./5C$0/5$'3/0&5$.&D&+\)$5&+$.&4&+,-)/./5$9$/6+(D/./5$6(+
Z5-64&0I
AI$R(5$+&54/)4&5$'(54(5$-)'3++-.(5$6/+/$0/$6+(G-5-7)$.&0$5&+G-'-($H3&$&54\$5-&).(
(D_&4($.&$0/$6+3&D/$.&$-,634/'-7)I
!#,L0$3-)ETFNG$ b0$6+(G&&.(+$-,6(+4/)4&$G&+4-'/0,&)4&$-)4&F+/.($.&D&+\$D+-)./+$/
Z5-64&0C$ .&)4+($ .&0$ 6+-,&+$ ,&5 $ .& $ '/./$ 4+-,&54+& $ .&0$ /^(C$ &0 $ .&4/00&$ .&$ 0/$ 6+3&D/$ .&
-,634/'-7)$6/+/$'/./$3)/$.&$0/5$4/+-*/5$.&$0(5$5&+G-'-(5$(4(+F/.(5$&)$'()'&5-7)I
b0 $ 6+(G&&.(+ $ -,6(+4/)4& $ G&+4-'/0,&)4& $ -)4&F+/.( $ .&D&+\ $ 6+&5&)4/+ $ +&6(+4&5
*-)/)'-&+(5 $ 9 $ F/54(5 $ .& $ (6&+/'-7) $ 6/+/ $ '/./ $ 5&+G-'-( $ (4(+F/.( $ &) $ '()'&5-7)C $ '39(5
'()4&)-.(5$5&+\)$(6(+43)/,&)4&$.&*-)-.(5$6(+$Z5-64&0$9$/'(,6/^/+\)$/$0(5$+&6(+4&5$H3&
5(D+&$'()4/D-0-./.$5&6/+/./$5&$O/)$&54/D0&'-.($&)$&0$(+.&)/,-&)4($/60-'/D0&I
><==ISB)=?!4*!
;<)8!>)IBY4!==I1B<>)P)>!B=I1B<>
!#,L0$3- ) ETUNG$ R/5 $ -)*+/''-()&5 $ / $ 0/ $ )(+,/4-G/ $ .& $ 4&0&'(,3)-'/'-()&5 $ 5()
G&+-*-'/./5C $ &G/03/./5C $ .&4&+,-)/./5 $ 9 $ 5/)'-()/./5 $ 6(+ $ &0 $ 7+F/)( $ '(,6&4&)4& $ .&0
B-)-54&+-(I
;()$5/)'-()/.(5$/H3&00(5$/'4(5$H3&C$.&$/'3&+.($'()$0/$)(+,/4-G-./.$G-F&)4&$/0
,(,&)4( $ .& $ 53 $ '(,-5-7) $ & $ -,6(5-'-7) $ .& $ 0/ $ 5/)'-7)C $ 5&/) $ '()5-.&+/.(5 $ '(,(
-)*+/''-()&5$/.,-)-54+/4-G/5I
;& $ '()5-.&+/$ 53_&4($ -)*+/'4(+$ /$ 4(./$ 6&+5()/$ )/43+/0$ ($ _3+W.-'/$ H3&$ +&/0-'&$ 3)/
'().3'4/$ /'4-G/$ 3$(,-5-G/$ '()54-434-G/$ .&$ -)*+/''-7)C$ 4-6-*-'/./$ '(,($ 4/0$ &)$ 0/$ R&9$ 9$&0
P&F0/,&)4(C $ 5-) $ 6&+_3-'-( $ .& $ 0/5 $ +&56()5/D-0-./.&5 $ '-G-0&5 $ 9 $ 6&)/0&5 $ H3& $ 63.-&+/)
.&+-G/+5&$.&$4/0&5$/'4(5I
!#,L0$3-)ETVNG$2()54-439&)$-)*+/''-()&5$,39$F+/G&5C$/.&,\5$.&$0/5$4-6-*-'/./5$&)
&0$/+4W'30($UT$.&$0/$R&9C$0/5$5-F3-&)4&5k
EI$b0$-)'3,60-,-&)4($.&$0/5$(D0-F/'-()&5$+&*&+-./5$/$5/0G/F3/+./+$0/$-)G-(0/D-0-./.$9
&0$5&'+&4($.&$0/5$4&0&'(,3)-'/'-()&5I
AI$R/$(*&+4/$.&$5&+G-'-(5$4&0&*7)-'(5$6/+/$0/$+&/0-[/'-7)$.&$-)4&)4(5$.&$00/,/./5
4&0&*7)-'/5$(+-F-)/./5$&)$&0$6/W5C$'()$&0$*-)$.&$(D4&)&+$3)/$00/,/./$.&$+&4(+)($'()$4()($.&
-)G-4/'-7)$/$.-5'/+C$6+(G&)-&)4&$.&$3)/$+&.$D\5-'/$.&$4&0&'(,3)-'/'-()&5$3D-'/./$*3&+/
.&0$4&++-4(+-($)/'-()/0I
VI $ R/ $ '()4+/4/'-7) $ '() $ &)4-./.&5 $ )/'-()/0&5 $ ( $ &X4+/)_&+/5 $ 6/+/ $ '/)/0-[/+ $ 535
'(,3)-'/'-()&5$O/'-/$(4+(5$6/W5&5C$5-)$-)4&+G&)'-7)$.&$0(5$'()'&5-()/+-(5$.&$5&+G-'-(5
6cD0-'(5$.&$4&0&'(,3)-'/'-()&5I
NI$b0$-)'3,60-,-&)4($.&$0/5$(D0-F/'-()&5$.&$)($&X'&.&+$0(5$G/0(+&5$&54/D0&'-.(5
'(,($0W,-4&5$,\X-,(5$6&+,-5-D0&5$.&$+/.-/'-()&5$)($-()-[/)4&5$&)$4&0&'(,3)-'/'-()&5I
?I $ R/ $ 34-0-[/'-7) $ .& $ )3,&+/'-7)$ 5-) $ 0/ $ .&D-./$ /5-F)/'-7) $ 6(+ $ 6/+4& $ .&0$ 7+F/)(
'(,6&4&)4&$.&0$B-)-54&+-($($.&$3)/$.-54-)4/$/$0/$/5-F)/./I
LI $ R/ $ 34-0-[/'-7) $ .& $ 5&^/0-[/'-7)$ ( $ )3,&+/'-7) $ &) $ '().-'-()&5 $ .-54-)4/5 $ / $ 0/5
'()4&,60/./5$&)$&0$+&56&'4-G($60/)$41')-'(I
!#,L0$3-)EFDNG$ d/+/$&*&'4(5$.&$0/$/60-'/'-7)$.&0$/+4W'30($UT$.&$0/$R&9C$6+&'W5/5&
H3&k
EI$2()$+&0/'-7)$/0$)3,&+/0$VC$&)4-1)./5&$'(,($.&0-D&+/./$/$0/$)&F/4-G/$/$/'/4/+$&0
+&H3&+-,-&)4( $ *(+,30/.( $ 6(+ $ 0/ $ /34(+-./. $ '(,6&4&)4& $ 6/+/ $ 0/ $ '(++&''-7) $ .& $ 0/5
-)4&+*&+&)'-/5$6&+_3.-'-/0&5$G&+-*-'/./5$($&0$+&-)-'-($.&$0/5$(6&+/'-()&5$5-)$0/$'()*(+,-./.
&X6+&5/$.&0$7+F/)($'(,6&4&)4&$.&0$B-)-54&+-(I
AI $ <( $ &54\) $ '(,6+&).-./5 $ .&)4+( $ .& $ 0(5 $ /0'/)'&5 $ .&0 $ )3,&+/0 $ NC $ /H3&00/5
/'4-G-./.&5$ H3& $ +&/0-'& $ &0 $ B-)-54&+-($ '() $ 0/ $ *-)/0-./.$ .&$ '()4+(0/+ $ &0 $ 35($ .&0 $ &56&'4+(
+/.-(&01'4+-'(I
!#,L0$3-)EFMNG$ 2()54-439&)$-)*+/''-()&5$F+/G&5C$/.&,\5$.&$ 0/5$4-6-*-'/./5$&)$&0
/+4W'30($UU$.&$0/$R&9C$0/5$5-F3-&)4&5k
EI $ R/ $ '()4+/4/'-7) $ .& $ ,&)5/_&5 $ 63D0-'-4/+-(5 $ & $ -)54-43'-()/0&5 $ / $ 4+/G15 $ .&
&54/'-()&5$H3&$)($'3&)4&)$'()$0/$+&56&'4-G/$/34(+-[/'-7)$($'()'&5-7)I
AI$R/$/.H3-5-'-7)$.&$3)$5&+G-'-($.&$4&0&'(,3)-'/'-()&5$/$3)/$6&+5()/$)/43+/0$(
_3+W.-'/$H3&$)($'3&)4&$'()$/34(+-[/'-7)C$'()'&5-7)$($+&F-54+($6/+/$6+&54/+0($'()*(+,&$0(
&54/D0&'&$&54&$P&F0/,&)4(I
VI$<($'3,60-+$'()$0/$-)5'+-6'-7)$&)$&0$+&F-54+($.&0$5&+G-'-($.&$G/0(+$/^/.-.($H3&$0/
6&+5()/$6+&54&I
NI$R/$G-(0/'-7)$.&$0/5$)(+,/5$5354/)'-/0&5$.&0$27.-F($.&$h4-'/$9$2().3'4/$H3&$5&
/6+3&D&$&)$'()'(+./)'-/$'()$&0$/+4W'30($AU$.&$0/$R&9I
?I$R/$+&/0-[/'-7)$.&$/'4-G-./.&5$+&0/'-()/./5$'()$0(5$5&+G-'-(5$.&$+/.-(.-*35-7)$9](
'() $ 0(5 $ 5&+G-'-(5$ 6+-G/.(5$ .& $ 4&0&'(,3)-'/'-()&5$ 5-) $ 0/ $ '(++&56().-&)4& $ /34(+-[/'-7)C
'3/).($ &0$ 53_&4($ -)*+/'4(+ $ (6&+&$ 0/$ &54/'-7)$ '()$ 6(4&)'-/$ .&$ 4+/)5,-5-7)$ &)4+&$ '-&)$ 9
H3-)-&)4(5$G/4-(5$!E>>q$9$?>>q#I
LI$R/$34-0-[/'-7)$.&0$&56&'4+($.&$*+&'3&)'-/5$+/.-(&01'4+-'/5$5-)$0/$'(++&56().-&)4&
/34(+-[/'-7)C$'3/).($&0$53_&4($-)*+/'4(+$(6&+&$3)/$&54/'-7)$.&0$5&+G-'-($.&$+/.-(.-*35-7)
9]($.&0$5&+G-'-($6+-G/.($.&$4&0&'(,3)-'/'-()&5C$'()$6(4&)'-/$.&$4+/)5,-5-7)$&)4+&$'-&)$9
H3-)-&)4(5$G/4-(5$!E>>q$9$?>>q#I
TI $ b0 $ -)'3,60-,-&)4($ .& $ 0/ $ (D0-F/'-7)$ .& $ +&/0-[/+C$ .&)4+( $ .&0$ 60/[($ 6+&G-54(C$ &0
,()-4(+&( $ 6&+-7.-'( $ .& $ 0/5 $ &54/'-()&5 $ +/.-(&01'4+-'/5C $ / $ *-) $ .& $ F/+/)4-[/+ $ H3& $ 0/5
+/.-/'-()&5 $ H3& $ &,-4/) $ )( $ &X'&./) $ 0(5 $ G/0(+&5 $ &54/D0&'-.(5 $ '(,( $ 0W,-4&5 $ ,\X-,(5
6&+,-5-D0&5$.&$+/.-/'-()&5$)($-()-[/)4&5$&)$4&0&'(,3)-'/'-()&5I
R/ $ '/0-*-'/'-7) $ 5&^/0/./ $ &) $ 0(5 $ )3,&+/0&5 $ ? $ 9 $ LC $ 570( $ +&5304/ $ .& $ /60-'/'-7)
+&56&'4($.&$0/$5/)'-7)$.&$,304/C$,/)4&)-1).(5&$0/$'/0-*-'/'-7)$.&$-)*+/''-7)$,39$F+/G&$/
&*&'4(5$.&$0/$/60-'/'-7)$.&$0/$5/)'-7)$.&$.&'(,-5($6+&G-54/$&)$&0$/+4W'30($M>$.&$0/$R&9C$/5W
'(,($.&$0/5$,&.-./5$'/34&0/+&5$'()4&)-./5$&)$0/$,&)'-()/./$R&9I
!#,L0$3-)EFENG$`$&*&'4(5$.&$0/$/60-'/'-7)$.&0$/+4W'30($UU$.&$0/$R&9C$6+&'W5/5&$H3&k
EI$R/$/34(+-[/'-7)$/$H3&$5&$+&*-&+&$&0$)3,&+/0$V$&5$0/$O/D-0-4/'-7)$H3&$5&$+&H3-&+&
6/+/$H3&$0/$&54/'-7)$+/.-(&01'4+-'/$(6&+&I
AI$b0$)3,&+/0$?$)($5&$/60-'/+\$4+/4\).(5&$.&$'/,D-($.&$3D-'/'-7)$6+(.3'-.($.&)4+(
.&0$6&+W(.($.&$-)54/0/'-7)$9$6+3&D/C$5-&,6+&$H3&$5&$5(0-'-4&$.&)4+($.&$0(5$5&-5$!L#$,&5&5
6(54&+-(+&5$ / $ 0/ $ )(4-*-'/'-7) $ .& $ 0/ $ +&5(03'-7)$ .& $ /34(+-[/'-7)C$ )( $ 5& $ G/+W&$ &0 $ \+&/ $ .&
'(D&+43+/ $ .& $ 0/ $ &54/'-7) $ /34(+-[/./C $ )( $ 5& $ /3,&)4& $ 0/ $ 6(4&)'-/C $ )( $ 5& $ '/35&
-)4&+*&+&)'-/5$9$&0$-)*(+,&$41')-'($0&F/0$5&/$*/G(+/D0&I
VI $ b54\) $ '(,6+&).-./5 $ &) $ 0( $ &54/D0&'-.( $ &) $ &0 $ )3,&+/0 $ LC $ 0/5 $ -)4&+*&+&)'-/5
6+(.3'-./5$6(+$.&*&'4(5$.&$0(5$/6/+/4(5$($&H3-6(5C$&)$'()'(+./)'-/$'()$0($.-563&54($&)
&0$/+4W'30($AAUI
NI$;&$'()5-.&+/+\$'(,($34-0-[/'-7)$-).&D-./C$-).-'/./$&)$&0$)3,&+/0$MC$/k
/# $ R/ $ -)54/0/'-7) $ .& $ &H3-6(5 $ .& $ +/.-('(,3)-'/'-7) $ 5-) $ '()4/+ $ '() $ &0
'(++&56().-&)4&$6&+,-5(C$'3/).($5&/$+&H3-5-4($6+&G-(I
D#$R/$'(,&+'-/0-[/'-7)$.&$5&+G-'-(5$.&$4&0&'(,3)-'/'-()&5$9]($4+\*-'($.&$4&+'&+(5
.&$5&+G-'-(5$H3&$)($'3&)4&)$'()$0/$.&D-./$'()'&5-7)I
'#$R/$34-0-[/'-7)$.&0$5&+G-'-($.&$4&0&'(,3)-'/'-()&5$.&0$H3&$5&$&5$4-430/+$6/+/$*-)&5
-0W'-4(5C$6+&G-/,&)4&$.&4&+,-)/.(5$,&.-/)4&$+&5(03'-7)$_3.-'-/0$'()5&)4-./$($&_&'34(+-/./I
!#,L0$3-)EFQNG$ d/+/$0/$/60-'/'-7)$.&$0($.-563&54($6(+$&0$)3,&+/0$A$.&0$/+4W'30($UM
.& $ 0/ $ R&9C $ &)4-1)./5& $ 6(+ $ 34-0-[/'-7) $ -).&D-./ $ .& $ 5&+G-'-(5 $ .& $ 4&0&'(,3)-'/'-()&5C
/H3&00(5$'/5(5$&)$H3&$0(5$353/+-(5$.&$0(5$5&+G-'-(5$.&$4&0&'(,3)-'/'-()&5$O/'&)$,/0$35(
.&$0(5$,-5,(5$6/+/$&*&'43/+$00/,/./5$,/0-'-(5/5C$&)4+&$(4+(5I
!#,L0$3-) EFHNG$ b) $ 0( $ H3& $ +&56&'4/ $ / $ 0/ $ +&6&+'35-7) $ 5('-/0$ / $ H3& $ 5& $ +&*-&+& $ &0
/+4W'30($MN$.&$0/$R&9C$5&$'()5-.&+/+\$'(,($4/0$/k
EI$R/$)/43+/0&[/$9$F+/G&./.$.&$0/$-)*+/''-7)I
AI$b0$./^($'/35/.(I
VI$R/$+&-)'-.&)'-/I
NI$b0$D&)&*-'-($(D4&)-.($6(+$&0$-)*+/'4(+C$/$*-)$.&$&G-4/+C$&)$0($6(5-D0&C$H3&$/H310$5&/
536&+-(+$/0$,()4($.&$0/$5/)'-7)I
b) $ '/5( $ .& $ H3& $ 3)/ $ ,-5,/ $ '().3'4/ $ .&+-G& $ &) $ 0/ $ '(,-5-7) $ .& $ ,\5 $ .& $ 3)/
-)*+/''-7)$5&$/60-'/+\$0/$5/)'-7)$6+&G-54/$6/+/$0/$-)*+/''-7)$.&$,/9(+$F+/G&./.I
R/5 $ 5/)'-()&5 $ /.,-)-54+/4-G/5 $ H3& $ 5& $ -,6()F/)C $ 5() $ $ -).&6&).-&)4& $ .&0
'3,60-,-&)4($ .& $ 0/ $ (D0-F/'-7) $ ( $ .& $ 0(5 $ +&H3-5-4(5 $ &X-F-.(5C$ 6(+ $ &00( $ 53 $ /60-'/'-7)$ )(
'()G/0-./C$ &X-,& $ ($ +&&,60/[/$ )-)F3)/$ &X-F&)'-/$ -)'3,60-./C$ )-$ 0(5$ ./^(5$ 9$ 6&+_3-'-(5
'/35/.(5I
R/ $ /60-'/'-7) $ /0 $ '()'&5-()/+-( $ .& $ 5/)'-()&5 $ 6+&G-54/5 $ &) $ 0/ $ R&9 $ 9 $ &54&
P&F0/,&)4(C$)($0($&X-,&$.&$53$+&56()5/D-0-./.$.&$'3,60-+$'()$535$(D0-F/'-()&5$*+&)4&$/
0(5 $ 353/+-(5$ .&0$ 5&+G-'-($ H3& $ 6+&54/C$ ($ .& $ -).&,)-[/+0($ '()*(+,&$ /$ 0($ 6/'4/.($ ($ /$ 0(
&54/D0&'-.($6(+$0/$)(+,/4-G/$.&$0/$,/4&+-/I
b0$,()4($.&$0/$,304/$&54\$+&*&+-.($/$0/$mf:$G-F&)4&$/0$,(,&)4($.&$53$'/)'&0/'-7)I
!#,L0$3-)EFRNG$%&$'()*(+,-./.$'()$0(5$/+4W'30(5$MLC$MT$9$MU$.&$0/$R&9C$0/$/34(+-./.
63&.&$.-56()&+$0/$/.(6'-7)$.&$,&.-./5$'/34&0/+&5$4/0&5$'(,($0/$-)'/34/'-7)C$0/$'0/353+/
6+(G-5-()/0C$0/$5356&)5-7)$6+(G-5-()/0$.&$0/$'()'&5-7)$($/34(+-[/'-7)$($&0$.&'(,-5(C$6/+/
/H3&00(5$ '/5(5$ .().&$ 5&$ 6+&53,/$ 0/$ '(,-5-7)$ .&$ 3)/$ -)*+/''-7)$ '/0-*-'/./$ '(,($ ,39
F+/G&I
23/).($5&$.-56()F/$0/$5356&)5-7)$6+(G-5-()/0$.&$0/$'()'&5-7)$($/34(+-[/'-7)C$&)
/60-'/'-7)$.&$0($.-563&54($&)$&0$/+4W'30($ML$.&$0/$R&9C$3)/$G&[$)(4-*-'/./$0/$+&5(03'-7)C$&0
6+&53)4($ -)*+/'4(+$ /$ H3-&)$ 5&$ 0&$ /60-'7$ 4/0$ ,&.-./$ .&D&$ .&_/+ $ .&$ 6+&54/+ $ 0(5$ 5&+G-'-(5
(D_&4( $ .& $ 0/ $ '()'&5-7) $ ( $ /34(+-[/'-7) $ .& $ ,/)&+/ $ -),&.-/4/I $ ;- $ /5W $ )( $ 0( $ O-'-&+&C $ &0
B-)-54&+-($6(.+\$'/)'&0/+$0/$'()'&5-7)$($/34(+-[/'-7)$+&56&'4-G/I
!#,L0$3-)EFTNG$ R(5$&H3-6(5$9$/6/+/4(5$.&$4&0&'(,3)-'/'-()&5$H3&$*3&+/)$(D_&4(
.& $ 0/5 $ ,&.-./5 $ '/34&0/+&5 $ .&$ -)'/34/'-7)$ 6+(G-5-()/0$ ( $ .&'(,-5(C$ 5& $ ,/)4&).+\)$ &)
6(5&5-7)$ .&0 $ B-)-54&+-( $ &) $ '/0-./.$ .& $ F/+/)4W/$ O/54/ $ 0/$ '/)'&0/'-7)$ 4(4/0 $ .& $ 0/ $ ,304/
-,63&54/C$5/0G($H3&$5&$O3D-&+/$.-563&54($&0$.&'(,-5($'(,($5/)'-7)I
d/+/ $ &*&'4(5 $ .& $ 0/$ .&G(03'-7)$ '(++&56().-&)4&C$ &0 $ -)*+/'4(+ $ .&D&+\$ /'+&.-4/+ $ 0/
6+(6-&./.$ .&$ 0(5$ &H3-6(5$ 9$ /6/+/4(5$ '39/$ .&G(03'-7)$ 5(0-'-4/$ 9$ 5-&,6+& $ H3&$ 154(5$ 5&
&)'3&)4+&)$O(,(0(F/.(5I
!#,L0$3-) EFFNG$ d/+/$ &*&'4(5 $ .& $ .&4&+,-)/+ $ &0 $ -)-'-( $ .& $ (6&+/'-()&5 $ -++&F30/+ $ 9
/60-'/+$0($.-563&54($&)$&0$ 4&+'&+$6\++/*($.&0$/+4W'30($M>$.&$0/$R&9C$&0$B-)-54&+-($4(,/+\
'(,($D/5&$0/$*&'O/$'()5-F)/./$&)$0(5$'(,6+(D/)4&5$.&$6/F(C$'(,3)-'/'-()&5$&,-4-./5
&)$+&0/'-7)$'()$0/$6+&54/'-7)$.&$0(5$5&+G-'-(5$.&$4&0&'(,3)-'/'-()&5$($0/$*&'O/$&)$H3&$5&
.&4&'47$53$*3)'-()/,-&)4($-++&F30/+C$0/$H3&$+&5304&$,\5$/)4-F3/$.&$'3/0H3-&+/$.&$154/5C
&)4+&$(4+(5$,&.-(5$'()$0(5$H3&$5&$63&./$/'+&.-4/+$0/$*&'O/$.&$(6&+/'-7)I
;&$6+&53,&$H3&$&0$-)*+/'4(+$(6&+7$.&$,/)&+/$-)-)4&++3,6-./$.&5.&$0/$*&'O/$H3&
5&$.&4&+,-)&$'()*(+,&$/0$6\++/*($6+&'&.&)4&$O/54/$0/$*&'O/$.&$-,6(5-'-7)$.&$0/$5/)'-7)
/.,-)-54+/4-G/C$5/0G($6+3&D/$&)$'()4+/+-(I
!#,L0$3-)EFUNG$R/5$,304/5$-,63&54/5$.&D&+\)$5&+$'/)'&0/./5$.&)4+($.&$0(5$4+&-)4/
!V># $ .W/5 $ O\D-0&5 $ 5-F3-&)4&5 $ / $ 53 $ -,6(5-'-7)C$ / $ '39( $ G&)'-,-&)4($ 5& $ 6+('&.&+\ $ / $ 0/
'(D+/)[/ $ '(/'4-G/C $ 5-) $ 6&+_3-'-( $ .& $ 0/ $ /60-'/'-7) $ .& $ 0(5 $ +&'/+F(5 $ H3& $ &54/D0&['/ $ &0
B-)-54&+-($9$.&$0(5$-)4&+&5&5$'(,6&)5/4(+-(5$9$,(+/4(+-(5$&)$D/5&$/$0/$4/5/$H3&$63D0-H3&
0/$;36&+-)4&).&)'-/$.&$a/)'/$9$;&F3+(5$/60-'/.(5$5(D+&$&0$,()4($-)5(034($.&$0/$,304/I
d/+/ $ &0 $ 6/F( $ .& $ 0/5 $ ,304/5 $ /.,-)-54+/4-G/5C $ &0 $ B-)-54&+-( $ 6(.+\ $ &,-4-+ $ 0(5
.-56(5-4-G(5$H3&$ *3&+/)$)&'&5/+-(5$ /$ *-)$.&$./+$ */'-0-./.&5$/$ 0/5$ 6&+5()/5$)/43+/0&5$(
_3+W.-'/5$H3&$5&$&)'3&)4+&)$/.&3./).($6(+$.-'O($'()'&64(I
R/$'(D+/)[/$.&$0/5$,304/5$6(.+\$5&+$&)'/+F/./$/$4&+'&+(5I
!#,L0$3- ) EFVNG$ R/5 $ ,304/5 $ H3& $ 5& $ '/)'&0&) $ W)4&F+/,&)4& $ .&)4+( $ .&0 $ 60/[(
5&^/0/.($ &)$ &0$ /+4W'30($ 6+&'&.&)4&C$ (D4&).+\)$ &0 $ D&)&*-'-($ .&$ 6/F($ +&.3'-.($ O/54/$ &0
G&-)4& $ 6(+ $ '-&)4( $ !A>p# $ .& $ 53 $ ,()4( $ 4(4/0C $ 5-&,6+& $ 9 $ '3/).( $ )( $ &X-54/ $ +&'3+5(
-,63F)/4-G($&)$4+\,-4&I
!#,L0$3-)EUDNG$ b0$6&+5()/0$ /34(+-[/.($.&$0/$%-+&''-7)$.&$2()4+(0$6(.+\$ /.(64/+
,&.-./5$'(++&'4-G/5$-),&.-/4/5$.&54-)/./5$/$6+&G&)-+C$-,6&.-+$($'&5/+$0/$'(,-5-7)$.&$3)/
-)*+/''-7)I$:/0&5$,&.-./5$6(.+\)$5&+C$&)4+&$(4+/5S
EI$b0$'&5&$-),&.-/4($.&$0/5$(6&+/'-()&5$(C$&)$F&)&+/0C$.&$0/$'().3'4/$'()5-.&+/./
'(,($6(5-D0&$-)*+/''-7)I
AI$b0$.&5,()4/_&$.&$0(5$&H3-6(5$.&$4&0&'(,3)-'/'-()&5I
VI$R/$-),(G-0-[/'-7)$.&$&H3-6(5$.&$4&0&'(,3)-'/'-()&5I
b54/5$,&.-./5$)($&)&+G/)$0/$/.(6'-7)$.&$,&.-./5$'/34&0/+&5$9$.&$0/$5/)'-7)$/
H3&$O3D-&+&$03F/+I
!#,L0$3-)EUMNG$ R/$/60-'/'-7)$/0$'()'&5-()/+-($.&$5/)'-()&5$6+&G-54/5$&)$0/$R&9$9
&54&$P&F0/,&)4(C$'()$&X'&6'-7)$.&$0/$.&$'/)'&0/'-7)C$)($0($&X-,&$.&$53$+&56()5/D-0-./.
.& $ '3,60-+ $ '() $ 535 $ (D0-F/'-()&5$ *+&)4& $ / $ 0(5 $ 353/+-(5 $ .&0 $ 5&+G-'-( $ H3& $ 6+&54/ $ ( $ .&
-).&,)-[/+0($'()*(+,&$/$0($6/'4/.($($/$0($&54/D0&'-.($6(+$0/$R&9I
><==ISB)Z?IB*!
;<)8!>)*!>!>)=1B*!J8<>
!#,L0$3-)EUENG$R/5$4/5/5$'()4/D0&5$9$0(5$/'3&+.(5$&)$0/5$0-H3-./'-()&5$.&$'3&)4/5
-)4&+)/'-()/0&5$.&D&+\)$4&).&+$F+/.3/0,&)4&$/$'(54(5$9$5&+$)&F('-/.(5$9$&54/D0&'-.(5
(D5&+G/).($0(5$6+-)'-6-(5$.&$)($.-5'+-,-)/'-7)$9$4+/)56/+&)'-/I
2(++&56().&$ / $ Z5-64&0$ 0/ $ 536&+G-5-7)$ .&0 $ '3,60-,-&)4($ .& $ 0($ &54/D0&'-.($ &) $ &0
6\++/*( $ /)4&+-(+C $ 6/+/ $ 0( $ '3/0 $ 4(.(5 $ 0(5 $ (6&+/.(+&5 $ .&D&+\) $ &)4+&F/+ $ / $ Z5-64&0 $ 0/
-)*(+,/'-7)$+&0/'-()/./$'()$0/5$4/5/5$'()4/D0&5$H3&$154&$0&5$5(0-'-4&C$'()$0/$*-)/0-./.$.&
/5&F3+/+$0/$(D5&+G/)'-/$ .&$0(5$0-)&/,-&)4(5C$'+-4&+-(5$9]($0-,-4/'-()&5$H3&$&0$+&F30/.(+
.&*-)/$6/+/$0/5$)&F('-/'-()&5$5(D+&$/'3&+.(5$-)4&+)/'-()/0&5$.&$(6&+/'-7)I
Z5-64&0$.&D&+\$4&)&+$/$.-56(5-'-7)$.&0$6cD0-'($0/$-)*(+,/'-7)$/'&+'/$.&$0(5$G/0(+&5
.&$0/5$4/5/5$'()4/D0&5$9$'3/0H3-&+$(4+($/++&F0($.-*&+&)4&$/0$5-54&,/$.&$4/5/5$'()4/D0&5
-)4&+)/'-()/0&5I
><==ISB)><O*!
;<)8!>);I>@1>I=I1B<>)*4!B>I*14I!>)P)YIB!8<>
@#/6%#'NG$ R(5 $ 4-430/+&5 $ .& $ '()'&5-()&5 $ ( $ /34(+-[/'-()&5 $ H3& $ / $ 0/ $ *&'O/ $ )(
O3D-&+/)$'3,60-.($'()$&0$6/F($.&$0/5$4/5/5$6(+$&X60(4/'-7)$.&0$5&+G-'-($9$6(+$&0$35($.&0
&56&'4+($+/.-(&01'4+-'($'()5-.&+/.($&)$&0$P&F0/,&)4($.&0$%&'+&4($R&9$<K$EM>A>C$.&D&+\)
+&F30/+-[/+$53$5-43/'-7)$O/54/$&0$VE$.&$,/+[($.&$EMMNI$`$6/+4-+$.&$.-'O/$*&'O/$&0$B-)-54&+-(
6+('&.&+\$ /$ 0/$ '(D+/)[/$ '(/'4-G/C$ 5-)$ 6&+_3-'-($ .&$ 5/)'-()/+$ /0$ .&3.(+$ '()*(+,& $ / $ 0(
&54/D0&'-.($&)$0(5$/+4W'30(5$UT$9$UU$.&$0/$R&9I
>%5$(2'NG$ R(5$6/F(5$H3&$5&$O3D-&+/)$&*&'43/.($ /$0/$*&'O/$.&$63D0-'/'-7)$ .&0
6+&5&)4&$P&F0/,&)4($6(+$'()'&64($.&$0/$4/5/$/)3/0$&54/D0&'-./$6(+$&0$%&'+&4($R&9$<K
EM>A> $ 9 $ 535 $ )(+,/5 $ +&F0/,&)4/+-/5C $ '(++&56().-&)4&5$ /0 $ /^( $ EMMNC $ 5& $ '()5-.&+/+\)
'(,($6/F($ /$ '3&)4/$.&0$ '/)()$ /)3/0$ .&0$ /^($ EMMNI$ R/$ .-*&+&)'-/C$ 5-$ 0/$O3D-&+&C$ 5&+\
/D()/./$.&)4+($.&$0(5$'3/+&)4/$ 9$ '-)'($ !N?#$ .W/5$ '/0&)./+-($ 5-F3-&)4&5$/$0/$ *&'O/$ .&
63D0-'/'-7)$.&0$P&F0/,&)4(I
`$6/+4-+$.&$0/$G-F&)'-/$.&0$6+&5&)4&$.-56(5-4-G(C$&0$6/F($.&$0/$4/5/$6(+$&X60(4/'-7)
'(,&+'-/0$.&0$5&+G-'-(C$&0$'/)()$6(+$35($.&0$&56&'4+($+/.-(&01'4+-'($9$&0$.&+&'O($&56&'-/0
.&54-)/.($ /0$ 8-4&0C$ 5& $ &*&'43/+\)$ '()*(+,& $ /$ 0/5 $ )(+,/5$ '()4&)-./5 $ &) $ 0/$ R&9$ 9$ &54&
P&F0/,&)4(I
*%#0%#'NG$b)$0/5$[()/5$.&0$6/W5$.&'0/+/./5$&)$&54/.($.&$&,&+F&)'-/$6(+$&0$d(.&+
b_&'34-G(C $ 0/5 $ &,6+&5/5 $ 6+&54/4/+-/5 $ ( $ '()'&5-()/+-/5 $ .& $ 5&+G-'-(5 $ .&
4&0&'(,3)-'/'-()&5C$'(D+/+\)$/$0(5$f)54-434(5$`+,/.(5$9$d(0-'W/$</'-()/0k$-#$b0$'-)'($6(+
'-&)4($!?p#$.&$0/5$4/+-*/5$G-F&)4&5$6/+/$5&+G-'-(5$0('/0&5$.&$4&0&'(,3)-'/'-()&5$9$6/+/
&)0/'&5 $ 6+-G/.(5 $ .& $ 0/+F/ $ .-54/)'-/C $ H3& $ 6&+,-4/) $ 0/ $ '(,3)-'/'-7) $ &)4+& $ 0/5
.&6&).&)'-/5 $ .& $ 4/0&5 $ -)54-43'-()&5 $ 3D-'/./5 $ &) $ .-'O/5 $ [()/5 $ 9 $ &)4+& $ 154/5 $ 9 $ 0/5
3D-'/./5$&)$R-,/I$--#$b0$'-)'($6(+$'-&)4($!?p#$.&$0/5$4/+-*/5$G-F&)4&5$6/+/$./+$'()4-)3-./.
/0$'-+'3-4($.&$&)0/'&$&)$0/$'-3./.$.&$R-,/C$.&5.&$&0$4&+,-)/0$.&$0/+F/$.-54/)'-/$O/54/$&0
0('/0$5(0-'-4/.(I
d/+/$ F([/+$ .&$ .-'O($ 4+/4/,-&)4($ 4/+-*/+-( $ 6+&*&+&)'-/0C$ 0(5 $ f)54-434(5 $ `+,/.(5$ 9
d(0-'W/$</'-()/0$.&D&)$'/)/0-[/+$535$5(0-'-43.&5$/$4+/G15$.&0$2(,/).($2()_3)4($.&$0/5
83&+[/5 $ `+,/./5C $ H3-&) $ *(+,/0-[/+\ $ &0 $ 6&.-.( $ /)4& $ 0/5 $ &,6+&5/5 $ '()'&5-()/+-/5
'(++&56().-&)4&5I
=$'#,'NG$ R/5$ '()'&5-()&5 $ 9 $ /34(+-[/'-()&5$ (4(+F/./5 $ /)4&5 $ .& $ 0/ $ G-F&)'-/$ .&0
P&F0/,&)4($H3&$5&$/.&'c&)$/$0($.-563&54($&)$0/$R&9$9$&)$&0$6+&5&)4&$P&F0/,&)4(C$)(
&54\)$53_&4/5$/0$6/F($.&$0(5$.&+&'O(5$.&$'()'&5-7)$9$/34(+-[/'-7)$+&*&+-.(5$&)$&0$/+4-'30(
AVNI
Z$/(,'NG$R(5$&X6&.-&)4&5$H3&$5&$&)'3&)4+/)$&)$4+\,-4&$9$6&).-&)4&5$.&$+&5(0G&+$/
0/$ *&'O/$ .&$ 63D0-'/'-7)$.&0$ P&F0/,&)4(C$ '()4-)3/+\)$ 5-&).($ /4&).-.(5$ '()*(+,&$ /$ 0/5
.-56(5-'-()&5$'()4&,60/./5$&)$&0$P&F0/,&)4(I
>%+,'NG$b)$4/)4($5&$&0/D(+&$&0$d<`8$H3&$+&F30/$&0$35($.&0$&56&'4+($+/.-(&01'4+-'(C
53561)./5&$6(+$&0$60/[($.&$5&-5$!L#$,&5&5$'()4/.(5$/$6/+4-+$.&$0/$*&'O/$.&$6+(,30F/'-7)
.&0$P&F0/,&)4(C$&0$4+\,-4&$.&$)3&G/5$5(0-'-43.&5$6/+/$(D4&)&+$/34(+-[/'-7)$6/+/$-)-'-/+5&
&)$0/$6+&54/'-7)$.&0$5&+G-'-($.&$+/.-(.-*35-7)$5()(+/$($4&0&G-5-G/I
>e,/6'NG$R/5$&,6+&5/5$H3&$/$0/$*&'O/$.&$63D0-'/'-7)$.&$&54&$P&F0/,&)4($G-&)&)
6+&54/).($5&+G-'-(5$&56&'-/0-[/.(5$.&$4&0&'(,3)-'/'-()&5$/$353/+-(5$'(,&+'-/0&5$.&$3)/
,-5,/$ /'4-G-./.$ &'()7,-'/C$ '0/5-*-'/.(5$'(,($ 4&0&5&+G-'-(5$ ($ 5&+G-'-(5$*-)/0&5C$ 6(.+\)
6(+$&X'&6'-7)$/.&'3/+5&$/0$+1F-,&)$.&0$6+&5&)4&$P&F0/,&)4($6+&5&)4/).($3)/$5(0-'-43.
5-,60& $ .-+-F-./ $ /0 $ B-)-54&+-(C $ .&4/00/).( $ 0/ $ '0/5& $ 9 $ \,D-4( $ .&0 $ 5&+G-'-( $ H3& $ G-&)&)
6+&54/).(C$ &)$ D/5&$ /$0/$ '3/0$ &0$ B-)-54&+-(C$ .&)4+($ .&0$ 60/[($ &54/D0&'-.($&)$ 0/$d+-,&+/
%-56(5-'-7) $ :+/)5-4(+-/ $ .& $ 0/ $ R&9C $ 5& $ (4(+F/+\ $ '()'&5-7)C $ /34(+-[/'-7)C $ 6&+,-5( $ 9](
0-'&)'-/$H3&$'(++&56()./I
10,']'NG$ R/5$/34(+-./.&5$6(0W4-'/5C$/.,-)-54+/4-G/5C$_3.-'-/0&5$9$6(0-'-/0&5C$.&D&)
D+-)./+$&0$/6(9($)&'&5/+-($/$0(5$*3)'-()/+-(5$.&0$B-)-54&+-($($/$0/5$&)4-./.&5$H3&$154&
.&0&F3&C $ 6/+/ $ */'-0-4/+ $ &0 $ '3,60-,-&)4( $ .& $ 0/5 $ /''-()&5 $ G&+-*-'/.(+/5C $ -)56&'4(+/5 $ (
5/)'-()/.(+/5$.&+-G/./5$.&0$'3,60-,-&)4($.&$0/$R&9$9$.&0$6+&5&)4&$P&F0/,&)4(I
B-]%('NG$%1_/)5&$5-)$&*&'4($0/5$/34(+-[/'-()&5$9$6&+,-5(5$(4(+F/.(5$6/+/$6+&54/+
5&+G-'-(5$ .&$4&0&'(,3)-'/'-()&5C$5-$ 535$ 4-430/+&5$ )($ O3D-&+/)$ '3,60-.($ '()$-)54/0/+$ 0(5
5&+G-'-(5 $ /34(+-[/.(5 $ .&)4+( $ .& $ 0(5 $ 60/[(5 $ &54/D0&'-.(5 $ /0 $ &*&'4( $ (C $ H3& $ &543G-&+/)
-)'3+5(5$&)$&0$)3,&+/0$N$.&0$/+4W'30($ET>I$b54/$.-56(5-'-7)$(6&+/$.&$60&)($.&+&'O(C$)(
5-&).($)&'&5/+-/$0/$&X6&.-'-7)$.&$+&5(03'-7)$&X6+&5/$6/+/$'/./$'/5(I
;e0/6'NG$m)/$'(,-5-7)$0-H3-./.(+/$'39(5$-)4&F+/)4&5$5&+\)$.&5-F)/.(5$,&.-/)4&
+&5(03'-7)$.&0$:-430/+$.&0$B-)-54&+-(C$5&$&)'/+F/+\$.&$'().3'-+$&0$6+('&5($.&$.-5(03'-7)$9
0-H3-./'-7)$ .& $ 0/ $ 2(,-5-7) $ P&F30/.(+/ $ .& $ :/+-*/5 $ .& $ 2(,3)-'/'-()&5$ @ $ 2Pb:2Z $ @C
6+('&5($ H3&$ .&D&+\$ '()'03-+$ &)$ 3)$ 60/[($ .&$ 5&5&)4/$ !L>#$ .W/5$ '/0&)./+-($ '()4/.(5$ /
6/+4-+$.&$0/$-)54/0/'-7)$.&$0/$2(,-5-7)C$/0$G&)'-,-&)4($.&0$'3/0$.&D&+\$&0&G/+$&0$-)*(+,&$.&
4(.($0($/'43/.($/0$:-430/+$.&0$B-)-54&+-(I
b0$ 6&+5()/0$ .&$ 0/$ 2Pb:2Z$ 5&+\$ /D5(+D-.($ 6(+$ &0$ B-)-54&+-($ /$ *-) $ .&$ '3D+-+$ 0/5
60/[/5$H3&$5&$&)'()4+/+/)$G/'/)4&5$6+(.3'4($.&$53$6+('&5($.&$+&(+F/)-[/'-7)C$5/0G($H3&
&0$4+/D/_/.(+$(64&$6(+$53$+&4-+(I
?(2e0/6'NG$b)$'3,60-,-&)4($.&0$/+4W'30($E>E$.&$0/$R&9C$/34(+W[/5&$/0$B-)-54&+-($/
-)4+(.3'-+$0/5$,(.-*-'/'-()&5$6+&5363&54/0&5$H3&$*3&+/)$)&'&5/+-/5$/$*-)$.&$H3&$'()$'/+F(
/$0(5$-)F+&5(5$H3&$6&+'-D/$6(+$'()'&64($.&$.&+&'O(5C$4/5/5$9$'/)()C$63&./$'3D+-+$0(5
'(54(5$.&0$'()4+(0$9$,()-4(+&($.&0$&56&'4+($+/.-(&01'4+-'(C$6/+/$0($'3/0$6(.+\$'()4+/4/+$/
&)4-./.&5 $ -)56&'4(+/5 $ ( $ G&+-*-'/.(+/5C $ .& $ '()*(+,-./. $ '() $ 0( $ &54/D0&'-.( $ &) $ &54&
P&F0/,&)4(I
;$-2e0/6'NG$ %&+7F/5&$ &0$ %&'+&4($ ;36+&,($ <K$ >>M@TN@:2$ /5W$ '(,($ 4(./5$ 0/5
)(+,/5$H3&$5&$(6()F/)$/0$P&F0/,&)4(C$.&_\).(5&$/$5/0G(C$5-&,6+&$H3&$)($5&$(6()F/)$/
0($.-563&54($&)$0/$R&9$9$&0$P&F0/,&)4(C$0(5$P&F0/,&)4(5$b56&'W*-'(5$9$<(+,/5$:1')-'/5
.&$0(5$5&+G-'-(5$.&$4&0&'(,3)-'/'-()&5$&X6&.-.(5$/0$/,6/+($.&0$%&'+&4($R&9$<K$EM>A>C
&)$4/)4($)($5&$.-'4&)$0/5$)(+,/5$H3&$0(5$5354-439/)I
;%0/6-,%#0%#'NG$b)$4/)4($5&$/6+3&D&$&0$P&F0/,&)4($b56&'W*-'($H3&$.&4&+,-)&$0(5
,()4(5$9$0/$*(+,/$.&$ 6/F($.&0$'/)()$/)3/0$6(+$&0$35($.&0$&56&'4+($+/.-(&01'4+-'(C$5&
/60-'/+\$0($.-563&54($&)$0(5$/+4W'30(5$AVU$/0$ANV$.&0$6+&5&)4&$P&F0/,&)4(I
m)/ $ G&[ $ /6+(D/.( $ &0 $ ,&)'-()/.( $ P&F0/,&)4( $ b56&'W*-'(C $ 0(5 $ 4-430/+&5 $ .&
'()'&5-()&5$9$/34(+-[/'-()&5$.&D&+\)$53_&4/+5&$/$4/0&5$.-56(5-'-()&5I
;%0/6-0$'#,'NG$ R(5$4-430/+&5$.&$'()'&5-()&5$G-F&)4&5$/$0/$*&'O/$.&$&)4+/./$&)
G-F&)'-/$.&0$6+&5&)4&$%&'+&4($9$H3&$4&)F/)$/5-F)/.($&56&'4+($+/.-(&01'4+-'(C$5&$53_&4/+\)
/$ 0($ )(+,/.($ 6(+ $ &0$ /+4W'30($ AA?$ 9$ /$ 0/5$ .-56(5-'-()&5$ H3&$ 5(D+&$ 0/$ ,/4&+-/$ &,-4/ $ &0
B-)-54&+-(I
;%0/6-f$/(,'NG$ b0 $ 60/) $ ,W)-,( $ .& $ &X6/)5-7) $ .&0 $ 5&+G-'-( $ 6(+4/.(+ $ .& $ 0/+F/
.-54/)'-/C$&54/D0&'-.($&)$&0$)3,&+/0$AU$.&0$%&'+&4($;36+&,($<K$>A>@MU@B:2C$)($4(,/+\
&) $ '3&)4/ $ 0(5 $ +&H3-5-4(5 $ 6/+/ $ 0/ $ 6+&54/'-7) $ .&0 $ 5&+G-'-( $ 6(+4/.(+ $ .& $ 0/+F/ $ .-54/)'-/
)/'-()/0$9]($-)4&+)/'-()/0C$'3/).($5&$4+/4&$.&0$5&+G-'-($6(+4/.(+$H3&$570($34-0-[/$+&.&5$.&
4&0&'(,3)-'/'-()&5 $ )( $ '(),34/./5I $ d/+/ $ &54/ $ ,(./0-./. $ .& $ 5&+G-'-(C $ &0 $ B-)-54&+-(
.&4&+,-)/+\$&)$'/./$'/5($&0$60/)$,W)-,($.&$&X6/)5-7)I
;%0/6-:%+,'NG$d/+/$&0$'/5($.&0$5&+G-'-($.&$4&0&*()W/$*-_/$0('/0$H3&$5&$6+&54&$&)$0/
,(./0-./.$ .&$ 4&01*()(5$ 6cD0-'(5$ 9$ 6/+/$ 0(5 $ 5&+G-'-(5$ .& $ 4&0&'(,3)-'/'-()&5$ &) $ \+&/5
+3+/0&5$9$.&$6+&*&+&)4&$-)4&+15$5('-/0C$)($5&$/60-'/+\$0($&54/D0&'-.($&)$0(5$)3,&+/0&5$AU$9
V?$.&$0(5$0-)&/,-&)4(5$/6+(D/.(5$6(+$%&'+&4($;36+&,($<K$>A>@MU@B:2I
;%0/6-:e,/6'NG$ b0 $ 60/) $ ,W)-,( $ .& $ &X6/)5-7) $ .&D&+\ $ &54/+ $ &) $ *3)'-7) $ /0
6+(F+/,/ $ .& $ -)54/0/'-()&5 $ .& $ &X6/)5-7) $ .& $ 0/ $ +&. $ 9]( $ /0 $ )c,&+( $ .& $ &54/'-()&5
+/.-(&01'4+-'/5C$5&Fc)$5&/$&0$'/5(C$6+(63&54($&)$&0$6&+*-0$41')-'(I
;%0/6-0,']'NG$R(5$&H3-6(5$9$/6/+/4(5$.&$4&0&'(,3)-'/'-()&5$5(D+&$0(5$H3&$O/9/
+&'/W.($ ,&.-./$ '/34&0/+$ .&$ -)'/34/'-7)$ 6+(G-5-()/0$ ($ .&'(,-5(C$ 6/5/+\)$ /$ .-56(5-'-7)
.&*-)-4-G/$.&0$B-)-54&+-(C$5-&,6+&$H3&$O/9/$4+/)5'3++-.($3)$/^($'()4/.($/$6/+4-+$H3&$H3&.&
*-+,&$/.,-)-54+/4-G/,&)4&$0/$5/)'-7)$-,63&54/$9$)($5&$O/9/$6+('&.-.($/$53$.&G(03'-7)
6(+$'/35/$-,634/D0&$/0$-)*+/'4(+I$b)$'/5($.&$-,63F)/'-7)$.&$0/$5/)'-7)$&)$5&.&$_3.-'-/0C
&0$60/[($5&$'(,634/+\$/$6/+4-+$.&$0/$'()'035-7)$.&0$6+('&5($+&56&'4-G(I
;%0/6-(-]%('NG$ %&+7F/5& $ &0 $ %&'+&4( $ ;36+&,( $ <K $ >>M@ME@:2 $ H3& $ /6+(D7 $ &0
P&F0/,&)4($.&0$;&+G-'-($dcD0-'($.&$:&0&*()W/$B7G-0C$&0$'3/0$*3&+/$,(.-*-'/.($,&.-/)4&
%&'+&4( $ ;36+&,($ <K $ >EE@ME@:2 $ 9 $ &0 $ %&'+&4( $ ;36+&,($ <K $ >EU@MT@B:2$ 9 $ &0 $ %&'+&4(
;36+&,( $ <K $ >>L@MA@:22 $ H3& $ /6+(D7 $ &0 $ P&F0/,&)4( $ .&0 $ ;&+G-'-( $ 8-)/0 $ dcD0-'( $ .&
a35'/6&+5()/5$m)-.-+&''-()/0I$b54/$.-56(5-'-7)$4&).+\$&*&'4(5$/$6/+4-+$.&$0/$63D0-'/'-7)
.& $ 0/ $ +&5(03'-7) $ ,-)-54&+-/0 $ .&0 $ :-430/+ $ .&0 $ ;&'4(+ $ H3& $ /6+3&D& $ 0(5 $ P&F0/,&)4(5
b56&'W*-'(5I
W/5e:/6'NG$ R($.-563&54($&)$&0$)3,&+/0$N$.&0$/+4W'30($AU$5&$/60-'/+\$6/+/$4(.($&0
4&++-4(+-($)/'-()/0C$&X'&64($&)$0/$D/)./$.&$AN>>$@$ANUVC?$Br[$6/+/$0/$6+(G-)'-/$.&$R-,/$9
0/ $ d+(G-)'-/ $ 2()54-43'-()/0 $ .&0 $ 2/00/(I $ m)/ $ G&[ $ H3& $ '30,-)& $ 0/ $ ,-F+/'-7) $ .& $ 0(5
(6&+/.(+&5 $ H3& $ 4-&)&) $ /5-F)/'-()&5 $ 6/+/ $ 6+&54/+ $ 5&+G-'-(5 $ 6cD0-'(5 $ .&
4&0&'(,3)-'/'-()&5 $ / $ 4W430( $ 6+-,/+-( $ &) $ 0/ $ D/)./ $ .& $ AN>> $ @ $ ANUVC? $ Br[ $ &) $ &54/5
6+(G-)'-/5C$5&$/60-'/+\$/$4(.($&0$6/W5I
!B<O1
781>!4I1);<*a4AIB1>
`aZ<`%Z
b5 $ &0 $ 353/+-( $ H3& $ O/ $ '&0&D+/.( $ 3) $ '()4+/4( $ .& $ 6+&54/'-7) $ .& $ 5&+G-'-(5 $ .&
4&0&'(,3)-'/'-()&5$'()$3)/$&,6+&5/$6+&54/.(+/$.&$5&+G-'-(5$6cD0-'(5I
uPb`$%b$2Z<2b;fl<
u+&/$F&(F+\*-'/$.&)4+($.&$0/$'3/0$5&$6&+,-4&$0/$6+&54/'-7)$.&$3)$5&+G-'-($6cD0-'(
.&$4&0&'(,3)-'/'-()&5$6(+$3)$'()'&5-()/+-(I
uPb`$%b$;bPjf2fZ
u+&/ $ O/54/ $ .().& $ 00&F/) $ '() $ D3&)(5 $ )-G&0&5 $ .& $ '/0-./. $ 0/5 $ 5&^/0&5 $ .&
4&0&'(,3)-'/'-()&5$4+/)5,-4-./5$6(+$3)$'()'&5-()/+-($3$(6&+/.(+$/34(+-[/.(C$5&Fc)$0(5
6/4+()&5$.&$0/$m)-7)$f)4&+)/'-()/0$.&$:&0&'(,3)-'/'-()&5I
`PPb<%`Bfb<:Z$%b$2fP2mf:Z;
8/'-0-./. $ D+-)././ $ 6(+ $ &0 $ '()'&5-()/+-( $ .&0 $ 5&+G-'-( $ 6(+4/.(+ $ 6/+/ $ &0
&54/D0&'-,-&)4( $ .& $ 3) $ &)0/'& $ 63)4( $ / $ 63)4( $ 6/+/ $ 0/ $ 4+/)5,-5-7) $ .& $ 5&^/0&5 $ .&
4&0&'(,3)-'/'-()&5I$ `5-,-5,(C $ &54\ $ '(,6+&).-./ $ 0/ $ ,(./0-./. $ .& $ /++&)./,-&)4( $ .&
'-+'3-4(5$.&$63)4($/$,304-63)4(I
2`Rf%`%$%bR$;bPjf2fZ
b5$&0$F+/.($.&$5/4-5*/''-7)$.&0$353/+-($5(D+&$&0$5&+G-'-($H3&$+&'-D&I$23/).($5&
&56&'-*-'/$0/$'/0-./.$.&0$5&+G-'-(C$.&D&$'()5-.&+/+5&$&0$&*&'4($'(,D-)/.($.&$0/5$5-F3-&)4&5
'/+/'4&+W54-'/5$.&0$,-5,(k$0(FW54-'/C$*/'-0-./.$.&$34-0-[/'-7)C$.-56()-D-0-./.C$'()*-/D-0-./.C
-)4&F+-./.$9$(4+(5$*/'4(+&5$&56&'W*-'(5$.&$'/./$5&+G-'-(I
2b<:P`R
2()_3)4($.&$.-56(5-4-G(5$.&$4+/)56(+4&$.&$4+\*-'(C$.&$&4/6/5$.&$'(),34/'-7)C$.&
,&.-(5$.&$'()4+(0$9$5&^/0-[/'-7)$9$.&$(4+/5$3)-./.&5$*3)'-()/0&5$&)$3)$)(.($.&$0/$+&.C
H3&$6&+,-4&$0/$-)4&+'()&X-7)$.&$0W)&/5$.&$/D()/.(C$'-+'3-4(5$.&$4&0&'(,3)-'/'-()&5$9]3
(4+/5$3)-./.&5$*3)'-()/0&5$5&Fc)$0($+&H3-&+&)$0(5$353/+-(5$-).-G-.3/0&5I
2b<:P`R$RZ2`R
2&)4+/0$&)$0/$H3&$4&+,-)/)$0/5$0W)&/5$.&$/D()/.(I
2b<:P`R$`m:ZBu:f2`
b5$0/$'&)4+/0$H3&$6&+,-4&$&54/D0&'&+$0/$'(,3)-'/'-7)$&)4+&$353/+-(5$.&0$5&+G-'-(
5-)$-)4&+G&)'-7)$.&$0/$(6&+/.(+/I
2b<:P`R$B`<m`R
b5 $ 0/ $ '&)4+/0 $ H3& $ 6&+,-4& $ &54/D0&'&+ $ 0/ $ '(,3)-'/'-7) $ &)4+& $ 0(5 $ 353/+-(5 $ .&0
5&+G-'-($,&.-/)4&$0/$-)4&+G&)'-7)$.&$3)/$($,\5$(6&+/.(+/5I
2fP2mf:Z$%b$:bRb2ZBm<f2`2fZ<b;
B&.-($.&$4+/)5,-5-7)$H3&$6&+,-4&$0/$'(,3)-'/'-7)$&)4+&$.(5$63)4(5I
2ZBm<f2`2fZ<b;$%b$bBbPQb<2f`
;() $ 0/5 $ '(,3)-'/'-()&5 $ (+-&)4/./5 $ / $ 53D5/)/+ $ &0 $ &54/.( $ .& $ &,&+F&)'-/
.&'0/+/.($6(+$&0$d(.&+$b_&'34-G(I$/5W$'(,($0/5$H3&$5&$+&/0-[/)$6/+/$5/0G/F3/+./+$0/$G-./
O3,/)/I
2Z<jbP;`2fl<$b<$:fbBdZ$Pb`R
b5$0/$'(,3)-'/'-7)$&*&'43/./$5-)$)-)Fc)$+&4/+.($($/4+/5(C$5/0G($&0$.&$0/$6+(6-/
6+(6/F/'-7)I
bJmfdZ$:bRb:be
%-56(5-4-G($'/6/[$.&$4+/)5,-4-+$9$+&'-D-+$.('3,&)4(5$.&0$5&+G-'-($.&$4&0&4&XI
bJmfdZ$:bPBf<`R
b5 $ &0 $ .-56(5-4-G( $ &) $ &0 $ '3/0 $ 4&+,-)/ $ 3) $ '-+'3-4( $ .& $ 4&0&'(,3)-'/'-()&5$ 9 $ H3&
6&+,-4&$/0$353/+-($&0$/''&5($/$0/$+&.I
rZBZRZQ`2fl<
2(,6+(D/'-7)$9$G&+-*-'/'-7)$.&$0/$'(,6/4-D-0-./.$.&$*3)'-()/,-&)4($9$(6&+/'-7)
.&$3)$&H3-6($.&$4&0&'(,3)-'/'-()&5$'()$3)/$+&.$($5-54&,/$.&$4&0&'(,3)-'/'-()&5C$.&
/'3&+.($/$)(+,/5$41')-'/5$&54/D0&'-./5I
f<:bP2Z<befl<$%b$;bPjf2fZ;$%b$:bRb2ZBm<f2`2fZ<b;
r/'&+ $ 3)/ $ '()&X-7) $ &)4+& $ .(5 $ ( $ ,\5 $ &H3-6(5 $ 9]( $ +&.&5 $ ( $ 5-54&,/5 $ .&
4&0&'(,3)-'/'-()&5C$6&+4&)&'-&)4&5$/$.-*&+&)4&5$6&+5()/5$)/43+/0&5$($_3+W.-'/5C$5&Fc)$&0
'(++&56().-&)4&$'()4+/4($.&$-)4&+'()&X-7)$'&0&D+/.($&)4+&$0/5$6/+4&5I
Rby$%b$:bRb2ZBm<f2`2fZ<b;
b5$&0$:&X4($Y)-'($Z+.&)/.($.&$0/$R&9$.&$:&0&'(,3)-'/'-()&5$/6+(D/.($,&.-/)4&
%&'+&4($;36+&,($<K$>EV@MV@:22C$.&0$AU$.&$/D+-0$.&$EMMV$9$53$/,60-/4(+-/$/6+(D/./$6(+
%&'+&4($;36+&,($<K$>AE@MV@:22$.&0$?$.&$/F(54($.&$EMMVI
Rz<b`
b0$,&.-($.&$4+/)5,-5-7)$&)4+&$.(5$4&+,-)/'-()&5$.&$0W)&/I$b0$41+,-)($63&.&$5&+
'/0-*-'/.($6(+$&0$4-6($.&0$,&.-($35/.(C$6(+$&_&,60(k
@$RW)&/$,&4\0-'/k$3)$6/+$.&$/0/,D+&5$!353/0,&)4&$.&$'(D+&#I
@$RW)&/$764-'/k$3)/$*-D+/$764-'/$!4+/)5,-5-7)$D-.-+&''-()/0#C$3)$6/+$.&$*-D+/5$764-'/5
!4+/)5,-5-7)$3)-.-+&''-()/0#I
Rz<b`$%b$`aZ<`%Z
;() $ 0(5 $ '-+'3-4(5 $ H3& $ -)4&+'()&'4/) $ 0(5 $ /6/+/4(5 $ .& $ /D()/.(5$ / $ 0/5 $ '&)4+/0&5
0('/0&5I
Rz<b`$b<$;bPjf2fZ
b5$3)/$0W)&/$H3&$5&$&)'3&)4+/$'()&'4/./$.&$0/$'&)4+/0$/0$353/+-($.&$3)$5&+G-'-(I
RmQ`P$%b$dPb8bPb<:b$f<:bPh;$;Z2f`R
;() $ /H3&00(5 $ 03F/+&5 $ H3& $ &X6+&5/,&)4& $ 5&/) $ .&'0/+/.(5 $ '(,( $ 4/0&5 $ 6(+ $ &0
;36+&,($Q(D-&+)($/$4+/G15$.&0$B-)-54&+-($.&$:+/)56(+4&5$9$2(,3)-'/'-()&5I
Bb<;`gb
b5 $ 0/$ 3)-./.$ D\5-'/$ .&$ -)*(+,/'-7)C$ 4+/)5,-4-./$ 6(+ $ ,&.-($ .&$ 4+/)5*&+&)'-/$ .&
,&)5/_&5$9$H3&$'(,6+&).&$3)$5(D+&$9$3)$'()4&)-.(I$b0$5(D+&$5&$+&*-&+&$/$0/$-)*(+,/'-7)
)&'&5/+-/$ 6/+/ $ H3& $ &0 $ ,&)5/_& $ 63&./$ 5&+ $ .-+&''-()/.($ 9 $ 4+/4/.( $ /.&'3/./,&)4&I$ b0
'()4&)-.($&5$&0$,&)5/_&$6+(6-/,&)4&$.-'O(I
ZdbP`%ZP`
d&+5()/$)/43+/0$($_3+W.-'/$H3&$'3&)4/$'()$'()'&5-7)C$/34(+-[/'-7)$($+&F-54+($6/+/
0/$6+&54/'-7)$.&$3)($($,\5$5&+G-'-(5$.&$4&0&'(,3)-'/'-()&5I
ZdbP`%ZP$f<%bdb<%fb<:b$%b$;bPjf2fZ;$:bRb8l<f2Z;
b5$&0$'()'&5-()/+-($.&0$5&+G-'-($4&0&*7)-'($0('/0C$H3&$(6&+/$.&)4+($.&$3)$\+&/$.&
5&+G-'-($9/$(4(+F/./$&)$'()'&5-7)$6/+/$&0$,-5,($4&0&5&+G-'-(I
dR`<$Bz<fBZ$%b$bed`<;fl<
b5$&0$ 6+(F+/,/$.&$-)54/0/'-()&5$ 9$/,60-/'-()&5$ .&$ 5&+G-'-(5$9$5-54&,/5$ H3&$&0
'()'&5-()/+-($.&$5&+G-'-($6cD0-'($.&$4&0&'(,3)-'/'-()&5$5&$O/$'(,6+(,&4-.($/$'3,60-+C
6/+/$ /0'/)[/+$ 0/5$ ,&4/5$ 9$ (D_&4-G(5$ '()G&)-.(5$ &)$ &0$ '()4+/4($ .& $ '()'&5-7)$ 6/+/$ 3)
6&+W(.($.&4&+,-)/.(I
dR`<$<`2fZ<`R$%b$`:Pfam2fl<$%b$8Pb2mb<2f`;$!d<`8#
%('3,&)4($3)-*-'/.($&)$&0$H3&$5&$+&'(F&)$0/5$.-56(5-'-()&5$.&$0(5$+&F0/,&)4(5
.& $ +/.-('(,3)-'/'-()&5 $ .& $ 0/ $ m)-7)$ f)4&+)/'-()/0$ .& $ :&0&'(,3)-'/'-()&5C $ '()G&)-(5
D-0/4&+/0&5$9$/H3&00/5$H3&$&0$b54/.($'()5-.&+/$/6+(6-/./5$6/+/$0/$5/0G/F3/+./$9$&0$D3&)
35($.&0$&56&'4+($+/.-(&01'4+-'($&)$&0$6/W5I
dPbbBf<b<2f`$%b$RZ;$;bPjf2fZ;$dYaRf2Z;$%b$:bRb2ZBm<f2`2fZ<b;
b5$&0$4+/4/,-&)4($6+&*&+&)'-/0$.&$4(.($(+.&)$H3&$F([/)$0(5$5&+G-'-(5$6cD0-'(5$.&
4&0&'(,3)-'/'-()&5$5(D+&$0(5$5&+G-'-(5$6+-G/.(5$.&$4&0&'(,3)-'/'-()&5I
dm<:Z$%b$2Z<befl<
R3F/+$&)$&0$H3&$&0$&H3-6($.&0$/D()/.($3$(6&+/.(+$-).&6&).-&)4&$5&$'()&'4/$/$0/
+&.$.&0$4&0&5&+G-'-($0('/0I
P`%fZ
:1+,-)($F&)&+/0$H3&$5&$/60-'/$/0$&,60&($.&$0/5$()./5$+/.-(&01'4+-'/5I
P`%fZ2ZBm<f2`2fl<
:(./$4&0&'(,3)-'/'-7)$4+/)5,-4-./$6(+$,&.-($.&$()./5$+/.-(&01'4+-'/5I
Pb%$Z$;f;:bB`;$%b$:bRb2ZBm<f2`2fZ<b;
R/$-)*+/&54+3'43+/$($-)54/0/'-7)$H3&$&54/D0&'&$3)/$+&.$.&$'/)/0&5$($'-+'3-4(5$6/+/
'().3'-+$5&^/0&5$.&$G([C$5()-.(5C$./4(5C$4&X4(5C$-,\F&)&5$3$(4+/5$5&^/0&5$.&$'3/0H3-&+
)/43+/0&[/C$&)4+&$.(5$($,\5$63)4(5$.&*-)-.(5$6(+$,&.-($.&$3)$'()_3)4($.&$0W)&/5$*W5-'/5C
&)0/'&5$+/.-(&01'4+-'(5$764-'(5$($.&$'3/0H3-&+$4-6(C$/5W$'(,($6(+$0(5$.-56(5-4-G(5$($&H3-6(5
.&$'(),34/'-7)$/5('-/.(5$6/+/$4/0$&*&'4(I
Pb%$dPfj`%`$%b$:bRb2ZBm<f2`2fZ<b;
P&. $ ( $ 5-54&,/ $ .& $ 4&0&'(,3)-'/'-()&5 $ H3& $ &54/D0&'& $ 3)/ $ 6&+5()/ $ )/43+/0 $ (
_3+W.-'/ $ '() $ 53 $ 6+(6-/ $ -)*+/&54+3'43+/C $ ( $ ,&.-/)4& $ &0 $ /++&)./,-&)4( $ .& $ '/)/0&5 $ 9](
'-+'3-4(5 $ .& $ +&.&5 $ 6cD0-'/5 $ .& $ 4&0&'(,3)-'/'-()&5C $ 6/+/ $ 5/4-5*/'&+ $ 535 $ 6+(6-/5
)&'&5-./.&5$.&$'(,3)-'/'-7)I
Pb%$dYaRf2`$%b$:bRb2ZBm<f2`2fZ<b;
P&. $ ( $ 5-54&,/ $ .& $ 4&0&'(,3)-'/'-()&5$ &54/D0&'-.( $ 9 $ &X60(4/.($ 6(+$ 3)/$ ( $ ,\5
&,6+&5/5C $ '() $ 0/ $ *-)/0-./. $ &56&'W*-'/ $ .& $ (*+&'&+ $ 5&+G-'-(5 $ .& $ 4&0&'(,3)-'/'-()&5$ /0
6cD0-'(I
Pb%$dYaRf2`$%b$:bRb8Z<z`
P&. $ ( $ 5-54&,/ $ .& $ 4&0&'(,3)-'/'-()&5$ &54/D0&'-.( $ 9 $ &X60(4/.($ 6(+$ 3)/$ ( $ ,\5
&,6+&5/5C$'()$0/$*-)/0-./.$&56&'-*-'/$.&$(*+&'&+$5&+G-'-($6cD0-'($4&0&*7)-'(I
;bQBb<:Z$b;d`2f`R
a/)./5 $ ( $ *+&'3&)'-/5 $ .& $ +&'&6'-7) $ 9]( $ 4+/)5,-5-7) $ &) $ 3) $ 5/410-4& $ .&
4&0&'(,3)-'/'-()&5$6/+/$&54/D0&'&+$&)0/'&5$6(+$5/410-4&I
;bQBb<:Z$:bPPb;:Pb
f)*+/&54+3'43+/$9$5&+G-'-(5$+&H3&+-.(5$&)$4-&++/$6/+/$&54/D0&'&+$3)$&)0/'&$5/4&0-4/0
H3&$'(,6+&).&$0/$&54/'-7)$($&54/'-()&5$4&++&)/5$/5W$'(,($0/5$-)54/0/'-()&5$)&'&5/+-/5
6/+/$'()&'4/+5&$'()$/0F3)/$+&.$4&++&54+&$.&$4&0&'(,3)-'/'-()&5$6+-G/./$($6cD0-'/I
;bPjf2fZ$%b$:bRb2ZBm<f2`2fZ<b;
`'4-G-./.$.&5/++(00/./$D/_($0/$+&56()5/D-0-./.$.&$3)/$6&+5()/$)/43+/0$($_3+W.-'/
6/+/$6(5-D-0-4/+$9$(*+&'&+$3)/$,(./0-./.$&56&'W*-'/$.&$4&0&'(,3)-'/'-()&5I
;bPjf2fZ;$:bRb8l<f2Z;$;mdRbBb<:`PfZ;
;() $ /H3&00(5 $ H3& $ 6+(6(+'-()/) $ 6+&54/'-()&5 $ /.-'-()/0&5 $ /0 $ 5&+G-'-( $ 4&0&*7)-'(
D\5-'(C$&,60&/).($0/$+&.$4&0&*7)-'/$'()G&)'-()/0I
;bPjf2fZ$:bRb8l<f2Z$au;f2Z
b5 $ /H3&0$ H3&$ 6+(6(+'-()/ $ 0/$ '/6/'-./.$ '(,60&4/$ 6/+/ $ 0/$ '(,3)-'/'-7)$ .&$ G([
&)4+&$353/+-(5C$-)'03-./$0/$'().3''-7)$.&$0/5$5&^/0&5$&)4+&$63)4(5$4&+,-)/0&5$.&$'()&X-7)C
/5W$'(,($&0$'/D0&/.($9C$&)$*(+,/$(6'-()/0C$&0$/6/+/4($4&0&*7)-'($4&+,-)/0I
;f;:bB`$%b$:P`<;Bf;fl<$%b$`R:`$2`d`2f%`%
;()$0(5$5-54&,/5$.&$4+/)5,-5-7)$.&$,-'+(()./5C$*-D+/$764-'/C$&54/'-()&5$4&++&)/5
GW/ $ 5/410-4& $ 9 $ (4+(5 $ 5-54&,/5 $ .& $ 4+/)5,-5-7)C $ H3& $ 4+/)56(+4/) $ /04(5 $ G(0c,&)&5 $ .&
-)*(+,/'-7)$'()G&+4-.(5$&)$5&^/0&5$.&$4&0&'(,3)-'/'-()&5I
;f;:bB`$f<:bQP`%Z$%b$;bPjf2fZ;
2()_3)4($ .&$ +&.&5$ (6&+/./5$ 6(+$ 3)($ ($ ,\5$ '()'&5-()/+-(5$ H3&$ 5&$ '(,6(+4/)
'(,($+&.$c)-'/$.&$4&0&'(,3)-'/'-()&5I
:bRb2ZBm<f2`2fZ<b;
b5$4(./$4+/)5,-5-7)$9]($&,-5-7)$9$+&'&6'-7)$.&$5&^/0&5$H3&$+&6+&5&)4/)$5-F)(5C
&5'+-43+/5C$-,\F&)&5C$5()-.(5$($-)*(+,/'-7)$.&$'3/0H3-&+$)/43+/0&[/$6(+$,&.-(5$*W5-'(5C
,&.-(5$&0&'4+(,/F)14-'(5C$,&.-(5$764-'(5$3$(4+(5I$
:bRh8Z<Z$dYaRf2Z$BZ<b%bPZ
`6/+/4($4&0&*7)-'($4&+,-)/0$.-56()-D0&$/0$6cD0-'($&)$F&)&+/0$9$H3&$5()$/''-()/.(5
,&.-/)4&$&0$6/F($/$4+/G15$.&$,()&./5C$*-'O/5$($4/+_&4/5I
:fbBdZ$%b$Rf;:`$%b$b;dbP`
b5 $ &0 $ 6&+W(.($ H3& $ '(,6+&).& $ .&5.& $ H3& $ 3) $ 6(4&)'-/0 $ /D()/.( $ 5(0-'-4/ $ ( $ 5&
-)5'+-D& $ /)4& $ 0/ $ &,6+&5/ $ '()'&5-()/+-/ $ 6/+/ $ /''&.&+ $ '(,( $ /D()/.( $ /0 $ 4&0&5&+G-'-(
6cD0-'($.&$H3&$5&$4+/4&$O/54/$H3&$5&$0&$/4-&).&$&0$6&.-.(I
m;m`PfZ
d&+5()/$)/43+/0$($ _3+W.-'/$H3&$&)$*(+,/$&G&)43/0$($6&+,/)&)4&$4-&)&$/''&5($/
/0Fc)$5&+G-'-($6cD0-'($($6+-G/.($.&$4&0&'(,3)-'/'-()&5I$
iZ<`$%b$;bPjf2fZ$!%&$4&0&*()W/$,7G-0#
i()/$&)$0/$H3&$&0$/D()/.($.&0$5&+G-'-($.&$4&0&*()W/$,7G-0$63&.&$5&+$/0'/)[/.($6(+
(4+($/D()/.($.&$3)/$+&.$6cD0-'/$5-)$H3&$154&$'()(['/$0/$6(5-'-7)$+&/0I$b)$&54&$'/5(C$3)/
[()/$.&$5&+G-'-($)($63&.&$5&+$,/9(+$H3&$&0$\+&/$.&$'(D&+43+/I