A History of Musique Concrete and its Influence on Ulysses

University of Arkansas, Fayetteville
ScholarWorks@UARK
Theses and Dissertations
5-2013
A History of Musique Concrete and Ulysses

Thomas Elijah-William Rastall
University of Arkansas, Fayetteville
Follow this and additional works at: http://scholarworks.uark.edu/etd

Part of the Composition Commons
Recommended Citation
Rastall, Thomas Elijah-William, "A History of Musique Concrete and Ulysses" (2013). Theses and Dissertations. 772.
http://scholarworks.uark.edu/etd/772
This Thesis is brought to you for free and open access by ScholarWorks@UARK. It has been accepted for inclusion in Theses and Dissertations by an
authorized administrator of ScholarWorks@UARK. For more information, please contact scholar@uark.edu, ccmiddle@uark.edu.
!"#$%&'()"'*"+,%$-,."/'0/(.&."
!01
!"#$$%$
!"#$%&'()"'*"+,%$-,."/'0/(.&."
!01
!"#$$%$
!"234565"57896224:"6;"<=>26=?"@7?@6??94;2
A@"234">4B76>494;25"@A>"234":4C>44"A@
+=524>"A@"!>25"6;"+756D"/A9<A5626A;
EF
&3A9=5"(=52=??
,;6G4>562F"A@"$;:6=;=<A?65
E=D34?A>"A@"%D64;D4"6;"+756D"/A9<A5626A;H"IJKJ
+=F"IJKL
,;6G4>562F"A@"!>M=;5=5
!"#$%!&$
!"#$%&"'$#$%()('*%'+),#-'$%&"'%./,(/$#&#/-)0%&'."-#12'$%2$'3%#-%&"'%./-$&*2.&#/-%/4%,5%
.)($&/-'%(*/6'.&%4/*%)%7)$&'*$%#-%72$#.%8/,(/$#&#/-%4*/,%&"'%9-#:'*$#&5%/4%;*<)-$)$=%;%"#$&/*5%
/4%!"#$%"&'()*(+&,&'#$%#-.023'3%&/%(0).'%('*$('.&#:'%/-%,5%>/*<%)-3%&/%3#$.2$$%&'."-#12'$%)-3%
("#0/$/("#.)0%)((*/)."'$%&/%./-.*'&'%,2$#.=%!"#$%"#$&/*5%'+),#-'$%&"'%>/*<%?5%&"'%@2&2*#$&$A%
B#'**'%C.")'44'*A%D)*0"'#-&E%C&/.<")2$'-A%)-3%F3G)*3%H)*I$'%),/-G%/&"'*$=%!"'%&'."-/0/G#.)0%
"#$&/*5%#-.023'$%$#G-#4#.)-&%3':'0/(,'-&$%#-%)23#/%*'./*3#-G%?2&%3/'$%-/&%3#$.2$$%&"'%
3':'0/(,'-&%/4%'0'.&*/-#.%#-$&*2,'-&$=%;%("#0/$/("#.)0%('*$('.&#:'%/4%,2$#.%)-3%-/#$'%#$%
#-.023'3%&/%:)0#3)&'%&"'%&'."-#12'$%)-3%,)&'*#)0$%2$'3%#-%,5%(#'.'%-./##&#=%J-.023'3%)*'%
3#$.2$$#/-$%/4%)%3'4#-#&#/-%/4%,2$#.A%&"'%K'*,)-%LMN%:$=%&"'%@*'-."%N!@%$."//0$A%)-3%&"'%
'+.02$#/-O)..'(&)-.'%/4%*'4'*'-&#)0%$/2-3=%C2((0','-&)0%,)&'*#)0%#-.023'$%)-%,(P%4#0'%/4%&"'%
./,(/$#&#/-%-./##&#'#-%Q=R%&*).<%)23#/=%%
!"#$%&"'$#$%#$%())*+,'-%.+*%*'/+00'1-(&#+1
&+%&"'%2*(-3(&'%4+31/#56
!"'$#$%7#*'/&+*8
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
!"#$%&'()$*"(()+,
!"'$#$%4+00#&&''8
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
!"#$-+.("/$01(22("
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
3"+4#$*("&25$62+&,
!"#$%$&'()*%+,!%-.&/#*#,$#
!"#$%$&'"()*#+%,-$"*#$"./,0$%1,*'"+2"3%4(/1(1"5,&%(%,$1"*+"6)78,9(*$"*#,1"*#$1,1":#$/
/$$6$6"2+%"%$1$(%9#"(/6;+%"19#+8(%1#,7<
,01223""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
!"#$%&'(&)'*!%*!+
!" ############!$%&'()*%!'$ +
!!" ############%,-#.)%)&!/%/ 0
!!!" ############%,-#-..-*%/#'.#$'!/-#'$#*&-1%!2!%34#5-&.'&61$*-4#
######### #1$(#7!2-7!,''(## 8
!2" ############*'$*&-%-#6)/!*# 9
2" ############:,1%#!/#6)/!*; +<
2!" ############%,-#,!/%'&3#'.#6)/!=)-#*'$*&-%- +>
2!!" /51%!17!?1%!'$#'.#%,-#/')$(#.!-7( 0@
2!!!" &-.-&-$%!17#/')$(# @<
!A" %,-'&3#'.#6)/!=)-#*'$*&-%-4#1#*71//!.!*1%!'$#'. @@
/')$(/
A" ############)73//-/#%!6-7!$- @>
A!" ############)73//-/ @B
A!!" *'$*7)/!'$# C<
!
"#$%&'$&'()&%$*+$,-.//(,.-$01/(21'$,*#,3'%'4$56).36$7.38/'$9!::;<!=>?@$A3'0('3'6$&(/$
!"#$%&'(%)*+",-./%$.%$%&'$!=?:$B31//'-/$C*3-6D/$E.(30&F&(/$G*3H$3'0.(#/$.$0*#10'#%$%*$%&'$
/%I-'$*+$01/(21'$,*#,3'%'&#*%$*#-I$+*3$(%/$01/(,.-$(#%'3'/%4$J1%$+*3$%&'$A-.,'$(%$.#6$7.38/'$/%.#6$(#$
01/(21'$,*#,3'%'$&(/%*3IK$L-%&*1)&$%&(/$G*3H$G./$,*0A*/'6$+*3$;$,&.##'-$.16(*4$%&'$A(','$G./$
A'3+*30'6$*#$.#$'/%(0.%'6$;?M$6(++'3'#%$/A'.H'3/$G(%&$.AA3*N(0.%'-I$;M$6(++'3'#%$/*1#6$
A3*O',%(*#(/%/$0.#(A1-.%(#)$%&'$,*#%'#%$.#6$-*,.%(*#$*+$1A$%*$!P$/A'.H'3/K !$F&(/$0.H'/$!"#$%&
'(%)*+",-./%&*#'$%&'$-.3)'/%$01/(21'$,*#,3'%'&A'3+*30.#,'/$%*$6.%'K$
F&'$G*3H$G./$,*00(//(*#'6$./$.$/*1#6%3.,H$%*$.#$.J/%3.,%$+(-0$JI$%&'$6(3',%*3$Q'$
R*3J1/('3KP$F&'3'+*3'4$!"#$%&'(%)*+",-./%&3'A3'/'#%/$*#'$*+$%&'$+'G$A(','/$%&.%$,*0J(#'/$
01/(21'$,*#,3'%'$G(%&$.$S(/1.-$.3%K$F&'$A'3+*30.#,'$%**H$A-.,'$(#$.#$.3,&(%',%13.--I$(0A3'//(S'$
%'#%<-(H'$A.S(-(*#$G(%&$.$A3'/'#%.%(*#$#'.3JI$*+$T'#.H(/D$9!=PP<PMM!@$1",)+%*&!20
7.3U/'$,3'.%'/$&(/$.J/%3.,%$G*3H$JI$.S*(6(#)$%&'$1/'$*+$0'-*6I$.#6$&.30*#IK$"+$.$0'-*6I$
(/$A3'/'#%4$%&'$0'-*6(,$-(#'$(/$6(S(6'6$JI$%&'$1/'$*+$V-.#)+.3J'#0'-*6('K$E13%&'30*3'4$%&'3'$(/$#*$
'N%'3#.-$0'%'3$%&.%$,*#%3*-/$%&'$*3).#(W.%(*#$*+$/*1#6K$BI$*0(%%(#)$%&3''$+'.%13'/$+1#6.0'#%.-$%*$
%&'$(#%'3A3'%.%(*#$*+$,-.//(,.-$.#6$3*0.#%(,$01/(,4$!"#$%&'(%)*+",-./%&01/%$J'$A'3,'(S'6$G(%&$.$
6(++'3'#%$A'3/A',%(S'$%&.#$%*#.-$G*3H/$%*$+(#6$0'.#(#)K$$F&(/$#'G$S.-1'$,.#$J'$1#6'3/%**6$./4$X.$
0.%%'3$*+$G&.%$&./$J''#$-'+%$J'&(#64$.#6$G&.%$G'$.3'$-'+%$G(%&$.+%'3$%&'$63.G(#)$.G.IY$%&'$
.J/%3.,%'6$0.#$&./$-'+%$%&'$G*3-6$J'&(#6Z$%&'$.J/%3.,%$%31%&$&./$-'+%$J'&(#6$.--$S.).3('/$.#6$
,*#%(#)'#,('/K[;$
! R3.()$\K$C3(%)&%4$B3I.#$]K$^(00/K$3/4-)&"5&*6%&78%,*-%*6&1%,*/+9K$9^,&(30'3$B**H/@4$;=PK
P _'%'3$\.##(#)K$XF&'$"#+-1'#,'$*+$]',*36(#)$F',&#*-*)('/$*#$%&'$5.3-I$`'S'-*A0'#%$*+$
5-',%3*.,*1/%(,$\1/(,[$:%",;+<"&3/4-)&="/+,;(&!;$9PMM;@Y$?K
; ]*J'3%$a(00'34$XLJ/%3.,%(*#$(#$L3%$G(%&$"0A-(,.%(*#/$+*3$_'3,'A%(*#K[$76%&>"9;(&?")-%*9K$
&%%AYbbM<GGGKO/%*3K*3)K-(J3.3IK1.3HK'61b/%.J-'bA6+A-1/b;??:PP!KA6+c.,,'A%FRd%31'K
P
_('33'$^,&.'++'3$9!=!M<!==?@4$%&'$X+.%&'3$*+$$/4-./%&)",)+%*%[$6'/,3(J'/$.$/(0(-.3$
A'3/A',%(S'$(#$&(/$G*3HY$
F&'#4$G(%&*1%$%&'$&'-A$*+$.#I$0'-*6I4$.#I$&.30*#I4$I*1$G*1-6$*#-I$#''6$%*$J'$.J-'$%*$
6(/,'3#$.#6$/.S*34$(#$%&'$0*/%$0',&.#(/%(,$0*#*%*#I4$%&'$(#%'3A-.I$*+$.$+'G$.%*0/$*+$
+3''6*04$%&'$(0A'3,'A%(J-'$(0A3*S(/.%(*#/$*+$,&.#,'K[ e$
"$1#6'3/%.#6$^,&.'++'3$%*$0'.#$%&.%$G(%&*1%$0'-*6I$*3$&.30*#I$*%&'3$+'.%13'/$*+$/*1#6$
J',*0'$A3*0(#'#%K$$F&'/'$+'.%13'/$(#,-16'$%(0J3'$.#6$3&I%&0K$$F&'3'+*3'4$%&'$.J/%3.,%$G*3H$*+$
$/4-./%&)",)+%*%&'0A&./(W'/$3&I%&0/$*3$%(0J3'/$JI$'N,-16(#)$0'-*6I$.#6$&.30*#IK$
!"#$%&'(%)*+",-./%&.-/*$.J/%3.,%/$'N%'3#.-$3&I%&0/$-'.S(#)$*#-I$%(0J3'$.#6$%&'$(#%'3#.-$
3&I%&0/$*+$(#6(S(61.-$/*1#6/K$F&'$01/(,.-$(#%'3'/%$J'(#)$%&'$3'-.%(*#/&(A$*+$%&'/'$/*1#6/K$
F*$,3'.%'$,*&'/(*#4$!"#$%&'(%)*+",-./%&(/$6(S(6'6$(#%*$6(++'3'#%$/',%(*#/K$F&'/'$/',%(*#/$
.3'$#*%$,3'.%'6$JI$%(0J3.-$,*#%(#1(%IK$F&'I$.3'$/'A.3.%'6$JI$A.1/'/K$E*3$'N.0A-'K$F&'$+(3/%$
/',%(*#$-./%/$e;$/',*#6/K$"%$(#,-16'/$J'--$%*#'/4$/(3'#/4$/%31,H$G**64$'-',%3(,$)-(//.#6*D/4$%.AA(#)$
/%3(#)/4$.#6$A13'$/(#'$%*#'/K$$F&(/$/',%(*#$(/$/'A.3.%'6$+3*0$%&'$#'N%$JI$.$J3('+$9!$f$/',*#6@$
A.1/'K$F&'$#'N%$/',%(*#$(#,-16'/$/(0(-.3$/*1#6/4$-(H'$%&'$'-',%3(,$)-(//.#6($.#6$%.AA(#)$/%3(#)/K$
F&'$/',*#6$/',%(*#$.-/*$&./$#'G$/*1#6/$-(H'$)3(#6(#)$/*1#6/K$
F&'/'$#*%'G*3%&I$./A',%/$*+$(#,'A%(*#$.#6$A'3+*30.#,'$.3'$/1AA-'0'#%'6$JI$.$+3('#6/&(A$
J'%G''#$%&'$,*0A*/'3$7.3U/'$.#6$%&'$E1%13(/%$A*'%$E(-(AA*$F*00./*$50(-(*$\.3(#'%%($9!:g><
!=ee@K$F&'(3$+.0(-(.3(%I$0()&%$&.S'$(%$/''0$%&.%$01/(21'$,*#,3'%'$.#6$%&'$E1%13(/%$0*S'0'#%$.3'$
(#$.)3''0'#%K$h*G'S'34$./$"$G(--$/&*G4$%&'I$.3'$21(%'$6(++'3'#%$.$-.3)'$A.3%$61'$%*$%&'$
A&(-*/*A&('/$.#6$.3%(/%(,$,*#,'A%/$*+$%&'$X+.%&'3$*+$01/(21'$,*#,3'%'4[$_('33'$^,&.'++'3K
9A1J-(/&'6$*#-(#'$\.I$!:4$PMM;@K
e$$$_('33'$^,&.'++'3K$"#%'3S('G$JI$F(0$h*6)H(#/*#K$XL#$"#%'3S('G$G(%&$_('33'$^,&.'++'3K[$>%>&
&&&& @/;+*%+(9&P4$#*K$!$9!=:g@Y$!PK
;
!"#$%&'&()*'*$
"#$&(/$J**H4$A(%)*+",-)&;,<&1"$B/*%+&3/4-)4$_'%'3$\.##(#)$6'/,3(J'/$%&'$E1%13(/%$
0*S'0'#%$(#$01/(,$./$X*#'$*+$%&'$'.3-('/%$.%%'0A%/$%*$'0A-*I$#*#<%3.6(%(*#.-$/*1#6<)'#'3.%(*#$
%',&#(21'/$./$A.3%$*+$.$,*001#(,.%(S'$.3%$+*30KKK[ ?$F&'$0*S'0'#%$%**H$+*30$(#$!=M=$G&'#$
\.3(#'%%($G3*%'$&(/$E1%13(/%$\.#(+'/%*K$F&(/$.3%(,-'$A3'/'#%/$%&'$.3%(/%(,$(#%'#%(*#/$*+$.$A.//(*#.%'$
)3*1A$%*$*S'3%&3*G$%&'$A./%$G(%&$S(*-'#,'4$.#6$%&'/'$(6'./$.3'$'NA3'//'6$(#$.$/%.%'0'#%$*+$
A13A*/'$G(%&$'-'S'#$6(/,1//(*#$%*A(,/K$^*0'$*+$%&'/'$%*A(,/$(#,-16'Y
!K$$C'$G.#%$%*$/(#)$%&'$-*S'$*+$6.#)'34$%&'$&.J(%$*+$'#'3)I$.#6$3./&#'//K
;K$$Q(%'3.%13'$&./$1A$%*$#*G$0.)#(+('6$A'#/(S'$(00*J(-(%I4$',/%./I$.#6$/-10J'3K$C'$G.#%$
$$$$$%*$'N.-%$0*S'0'#%/$*+$.))3'//(*#4$+'S'3(/&$/-''A-'//#'//4$%&'$6*1J-'$0.3,&4$%&'$$
$$$ $$$$$A'3(-*1/$-'.A4$%&'$/-.A$.#6$%&'$J-*G$G(%&$%&'$+(/%K
eK$$C'$6',-.3'$%&.%$%&'$/A-'#6*3$*+$%&'$G*3-6$&./$J''#$'#3(,&'6$JI$.$#'G$J'.1%IY$%&'$
$$ $$$$$J'.1%I$*+$/A''6K$L$3.,(#)$.1%*0*J(-'$G(%&$(%/$J*##'%$.6*3#'6$G(%&$)3'.%$%1J'/$-(H'$$
$$$$$/'3A'#%/$G(%&$'NA-*/(S'$J3'.%&$KKK$.$3*.3(#)$0*%*3$,.3$G&(,&$/''0/$%*$31#$*#$0.,&(#'<
$$$$$)1#$+(3'4$(/$0*3'$J'.1%(+1-$%&.#$%&'$7(,%*3I$*+$^.0*%&3.,'K
gK$$B'.1%I$'N(/%/$*#-I$(#$/%31))-'K$F&'3'$(/$#*$0./%'3A(','$%&.%$&./$#*%$.#$.))3'//(S'$
$$$$$,&.3.,%'3K$_*'%3I$01/%$J'$.$S(*-'#%$.//.1-%$*#$%&'$+*3,'/$*+$%&'$1#H#*G#4$%*$+*3,'$%&'0$
$$ $$$$$%*$J*G$J'+*3'$0.#K
=K$$C'$G.#%$%*$)-*3(+I$G.3$i$%&'$*#-I$,13'$+*3$%&'$G*3-6$i$0(-(%.3(/04$A.%3(*%(/04$%&'$$$$
$$$$$6'/%31,%(S'$)'/%13'$*+$%&'$.#.3,&(/%/4$%&'$J'.1%(+1-$(6'./$G&(,&$H(--4$.#6$,*#%'0A%$+*3$$
$ $$$$$G*0.#K
!MKC'$G.#%$%*$6'0*-(/&$01/'10/$.#6$-(J3.3('/4$+()&%$0*3.-(%I4$+'0(#(/0$.#6$.--$$$
$$$$$*AA*3%1#(/%$.#6$1%(-(%.3(.#$,*G.36(,'K
!!KC'$G(--$/(#)$*+$%&'$)3'.%$,3*G6/$.)(%.%'6$JI$G*3H4$A-'./13'$.#6$3'S*-%Z$%&'$01-%(<
$$$$$,*-*3'6$.#6$A*-IA&*#(,$/13+$*+$3'S*-1%(*#/$(#$0*6'3#$,.A(%.-/Y$%&'$#*,%13#.-$S(J3.%(*#$
$$$$$*+$%&'$.3/'#.-/$.#6$%&'$G*3H/&*A/$J'#'.%&$%&'(3$S(*-'#%$'-',%3(,$0**#/Y$%&'$)-1%%*#*1/$
$$$$$3.(-G.I$/%.%(*#/$6'S*13(#)$/0*H(#)$/'3A'#%/Z$+.,%*3('/$/1/A'#6'6$+3*0$%&'$,-*16/$JI$
$$$$$%&'$%&3'.6$*+$%&'(3$/0*H'Z$J3(6)'/$G(%&$%&'$-'.A$*+$)I0#./%/$+-1#)$.,3*//$%&'$6(.J*-(,$
$$$$$,1%-'3I$*+$/1##I$3(S'3/Y$.6S'#%13*1/$/%'.0'3/$/#(++(#)$%&'$&*3(W*#Z$)3'.%<J3'./%'6$
$$$$$-*,*0*%(S'/4$A1++(#)$*#$%&'$3.(-/$-(H'$'#*30*1/$/%''-$&*3/'/$G(%&$-*#)$%1J'/$+*3$J3(6-'4$
$$$$$.#6$%&'$)-(6(#)$+-()&%$*+$.'3*A-.#'/$G&*/'$A3*A'--'3$/*1#6/$-(H'$%&'$+-.AA(#)$*+$.$+-.)$$
$$$$$.#6$%&'$.AA-.1/'$*+$'#%&1/(./%(,$,3*G6/K>
?$$_'%'3$\.##(#)K$A(%)*+",-)&;,<&1"$B/*%+&3/4-)&9jN+*36Y$R-.3'#6*#$_3'//$!=:?@$eK
>$$E(-(AA*$F*00./*$50(-(*$\.3(#'%%(K$XF&'$E1%13(/%$\.#(+'/%*[$.,,'//'6$E'J1.3I$!; %&$PM!;$$$$$$
$$$$$&%%AYbbS/'3S'3!K,/,/K-/.K10(,&K'61bk,3/&.-(W(bFe_\b+1%13(/%<0.#(+'/%*K&%0-K
e
$
F&'/'$A*(#%/$.3'$(#,-16'6$J',.1/'$\.3(#'%%(D/$,&*(,'$*+$G*36/$,.#$J'$A*G'3+1-K$L%$%(0'/4$
%&'$-(/%$(/$.-0*/%$01/(,.-$(%/'-+$G(%&$0'%.A&*3/$-(H'$X$.$3*.3(#)$0*%*3$,.3$G&(,&$/''0/$%*$31#$*#$
0.,&(#'<)1#$+(3'4[$*3$X$)3'.%<J3'./%'6$-*,*0*%(S'/4$A1++(#)$*#$%&'$3.(-/$-(H'$'#*30*1/$/%''-$
&*3/'/K[$F.H(#)$&*-6$*+$\.3(#'%%(D/$X'#*30*1/$/%''-$&*3/'[$3'()#/4$B.-(--.$_3.%'--.$6'S'-*A'6$%&'$
01/(,.-$(0A-(,.%(*#/$*+$E1%13(/0$G(%&$&(/$X\.#(+'/%*$*+$E1%13(/%$\1/(,(.#/K[$
_3.%'--.$&./$0*6'-'6$&(/$.3)10'#%$*#$\.3(#'%%(D/$/%.#6.36$.#6$,3'.%'6$!!$31-'/$G&(,&$
E1%13(/%$\1/(,(.#/$/&*1-6$+*--*GK$^*0'$*+$%&'/'$(#,-16'Y
!K$$F*$,*#S(#,'$I*1#)$,*0A*/'3/$%*$6'/'3%$/,&**-/4$,*#/'3S.%*3('/$.#6$01/(,.-$
$$$$$.,.6'0('/4$.#6$%*$,*#/(6'3$+3''$/%16I$./$%&'$*#-I$0'.#/$*+$3')'#'3.%(*#K$
eK$$F*$H''A$.%$.$6(/%.#,'$+3*0$,*00'3,(.-$*3$.,.6'0(,$,(3,-'/4$6'/A(/(#)$%&'04$.#6$
$$$$$A3'+'33(#)$.$0*6'/%$-(+'$%*$J*1#%(+1-$'.3#(#)/$.,21(3'6$JI$/'--(#)$.3%K$
?K$$F&'$-(J'3.%(*#$*+$(#6(S(61.-$01/(,.-$/'#/(J(-(%I$+3*0$.--$(0(%.%(*#$*3$(#+-1'#,'$*+$%&'$
$$$$$A./%4$+''-(#)$.#6$/(#)(#)$G(%&$%&'$/A(3(%$*A'#$%*$%&'$+1%13'4$63.G(#)$(#/A(3.%(*#$.#6$$$
$$$$$.'/%&'%(,/$+3*0$#.%13'4$%&3*1)&$.--$%&'$&10.#$.#6$'N%3.<&10.#$A&'#*0'#.$A3'/'#%$(#$
$$$$$(%K$5N.-%(#)$%&'$0.#</I0J*-$'S'3-./%(#)-I$3'#'G'6$JI$%&'$S.3('6$./A',%/$*+$0*6'3#$$
$$$$$-(+'$.#6$(%/$(#+(#(%I$*+$(#%(0.%'$3'-.%(*#/&(A/$G(%&$#.%13'K$
>K$$F*$6'/%3*I$%&'$A3'O16(,'$+*3$XG'--<0.6'[$01/(,i3&'%*3(,$.#6$(0A*%'#,'i%*$
$$$$$A3*,-.(0$%&'$1#(21'$,*#,'A%$*+$E1%13(/%$01/(,4$./$.J/*-1%'-I$6(++'3'#%$+3*0$01/(,$%*$
$$$$$6.%'4$.#6$/*$%*$/&.A'$(#$"%.-I$.$E1%13(/%$01/(,.-$%./%'4$6'/%3*I(#)$6*,%3(#.(3'4$.,.6'0(,$
$$$$$.#6$/*A*3(+(,$S.-1'/4$6',-.3(#)$%&'$A&3./'$X-'%$1/$3'%13#$%*$%&'$*-6$0./%'3/[$%*$J'$
$$$$$&.%'+1-4$/%1A(6$.#6$S(-'K$
gK$$F*$A3*,-.(0$%&.%$%&'$3'()#$*+$%&'$/(#)'3$01/%$'#64$.#6$%&.%$%&'$(0A*3%.#,'$*+$%&'$/(#)'3$
$$$$$(#$3'-.%(*#$%*$.$G*3H$*+$.3%$(/$%&'$'21(S.-'#%$*+$%&'$(0A*3%.#,'$*+$.#$(#/%310'#%$(#$%&'$$$
$$$$$*3,&'/%3.K$
F&'3'$.3'$0.#I$/(0(-.3(%('/$J'%G''#$%&'/'$%G*$0.#(+'/%*D/4$G&(,&$-.I$(#$/%.3H$,*#%3./%$%*$
+1%13'$6'S'-*A0'#%/$(#$01/(21'$,*#,3'%'K$"$G*1-6$-(H'$%*$'0A&./(W'$%&'$6(++'3'#,'/$J'%G''#$
%&'0$J',.1/'$"$&.S'$J''#$(#+-1'#,'6$JI$01/(,.-$6',(/(*#/$0.6'$JI$^,&.'++'3$.#6$&(/$,*G*3H'3/$
.%$%&'$]FE$9>;<-"<-55/4-",C7D(DE-4-",&F+;,G;-4%@K$"#$,*#%3./%$%*$%&'$E1%13(/%/4$"$6*$#*%$/''$
^,.&'++'3D/$01/(,$./$.#$.%%'0A%$%*$*S'3%&3*G$%&'$A./%K$"#$+.,%4$^,&.'++'3$G*3H'6$.-*#)/(6'$.#6$
?
,*--.J*3.%'6$G(%&$_('33'$h'#3I$9JK$!=Pg@4$.$,-.//(,.--I$%3.(#'6$,*0A*/'3K$l#-(H'$%&'$.#%(<
,*00'3,(.-(/%$E1%13(/%/4$"$/''$%&'$*3()(#.%(*#$*+$$/4-./%&)",)+%*%$./$.$A3*A*#'#%$*+$
,*00'3,(.-(/0K$F&'$]FE$*G#'6$%',&#*-*)I$+*3$G&(,&$%&'I$G'3'$(#%'3'/%'6$(#$+(#6(#)$.$#'G$
0.3H'%K$L+%'3$^,&.'++'3$3','(S'6$/1,,'//$G(%&$%&'$3.6(*$J3*.6,./%$*+$&(/$+(3/%$G*3H$A*/<%&H/I &
16%$-,4&<%&F%+J$*%&'3$/%16(*/$+*3$01/(21'$,*#,3'%'$.3*/'$(#$m'30.#I4$.#6$"%.-IK$F&'/'$
G*3H/&*A/$G'3'$(#$R*-*)#'$.%$%&'$m'30.#$3.6(*$/%.%(*#$C`]$9K%4*<%/*4)6%+&>/,<5/,L@$.#6$(#$
]*0'$.%$%&'$"%.-(.#$3.6(*$/%.%(*#$]L"$9>;<-"&H/<-M-",-&N*;(-;,%OK$F&'$/I0J(*/(/$*+$$/4-./%&
)",)+%*%$.#6$,*00'3,(.-$3.6(*$&'-A'6$%&'$.6S.#,'0'#%$*+$$/4-./%&)",)+%*%$J',.1/'$%&'$
A'3+*30.#,'$S'#1'$*+$%&'$3.6(*$/%.%(*#/$.--*G'6$%&'$.3%$%*$)3*G4$)(S(#)$%&'$G*3H$.#$.16('#,'$.#6$
.%%3.,%(#)$#'G$,*0A*/'3/K$"%$(/$+*3%1#.%'$%&.%$_('33'$^,&.'++'3$.#6$%&'$'.3-I$,*0A*/'3/$*+$
01/(21'$,*#,3'%'$G'3'$#*%$(#+-1'#,'6$JI$%&'$E1%13(/%$A'3/A',%(S'K
"#$!=!;4$Q1()($]*//*-*$A1J-(/&'6$.$%&(36$%'N%$*+$E1%13(/%$01/(,$.'/%&'%(,/$%(%-'6$76%&H+*&"5&
P"-4%4K$C&'3'./$%&'$0.#(+'/%*/$JI$\.3(#'%%($.#6$_3.%'--.$&*-6$S(*-'#%$*S'3%*#'/$.#64$(#$0I$
*A(#(*#4$G'3'$6*,10'#%/$G&(,&$'NA3'//$%&'$A3(#,(A-'/$*+$E1%13(/0$./$.$,&.3%'3$+*3$+3('#6/$%*$
'/%.J-(/&$-')(%(0.,I$+*3$%&'$S.-1'/$*+$E1%13(/0K$]1//*-*D/$76%&H+*&"5&P"-4%4$/'3S'/$0*3'$./$.$
%3'.%(/'$*+$#*#<%3.6(%(*#.-$(#/%310'#%/$(#,-16(#)$.$A&(-*/*A&I$*+$%&'$A13A*/'$*+$#*#<%3.6(%(*#.-$
(#/%310'#%/$(#$01/(,K$]1//*-*$.)3''/$G(%&$%&'$E1%13(/%/$%&.%$%&'$A./%$/&*1-6$J'$*S'3%&3*G#Y
C'$+1%13(/%/$&.S'$.--$6''A-I$-*S'6$.#6$'#O*I'6$%&'$&.30*#('/$*+$%&'$)3'.%$0./%'3/K$
B''%&*S'#$.#6$C.)#'3$&.S'$/%(33'6$*13$#'3S'/$.#6$&'.3%/$+*3$0.#I$I'.3/K$n*G$G'$&.S'$
&.6$'#*1)&$*+$%&'04$;,<&8%&<%(-Q6*&$/)6&$"+%&-,&)"$R-,-,Q&-,&"/+&*6"/Q6*4&*6%&,"-4%4 &
"5&*+;$4J&"5&;/*"$"R-(%&%,Q-,%4J&"5&);++-;Q%4&;,<&R+;8(-,Q&)+"8<4J&*6;,&-,&6%;+-,Q &
;Q;-,&*6%&SA+"-);T&"+&*6%&S!;4*"+;(%0T]1//*-*4$A)K$P?K
]1//*-*$#*%$*#-I$A3*S(6'/$%&(/$'%&*/$+*3$%&'$,3'.%(*#$.#6$A'3+*30.#,'$*+$E1%13(/%$G*3H/4$J1%
.%%'0A%/$%*$A*3%3.I$E1%13(/0$./$.$#.%13.-$'S*-1%(*#$*+$01/(,Z$%&.%$J',.1/'$0.,&(#'/$&.S'
>
01-%(A-('6$.#6$(#%')3.%'6$/*$+1--I$(#%*$/*,('%I4$,*0A*/'3/$/&*1-6$3'+-',%$0.,&(#'$#*(/'/$(#$%&'(3$
G*3HK$
!"#$+,,#-'*$.,$/.)*#$.0$1(#2')3)'45$6#(,.(720-#5$208$9)3#:)"..8
"#$3'%3*/A',%(*#4$%&'$,*0A*/'34$G3(%'34$.#6$J3*.6,./%'3$]*J'3%$C*3JI4$.)3''/$(#$%&'$!==MD/$
G(%&$E1%13(/0D/$#'.3-I$&1#63'6<I'.3$*-6$.//'//0'#%$*+$*13$0*6'3#$0.,&(#'<+(--'6$G*3-64$
G3(%(#)Y
n*(/'$0.I$G'--$A3*S'$%*$J'$%&'$0*/%$.AA3*A3(.%'$0'%.A&*3$+*3$%&'$%G'#%('%&$,'#%13IK$F&(/$
&1#63'6<I'.3$A'3(*6$G(%#'//'6$%&'$).%&'3(#)$*+$&10.#$J'(#)/$(#%*$%&'$13J.#$,*#13J.%(*#/$
%&.%$&.S'$J',*0'$*13$)3'.%$,(%('/4$%&'$(#S'#%(*#$*+$%&'$.'3*A-.#'$.#6$%&'$(#S./(*#$*+$%&'$
0*%*3$,.34$%&'$6'S'-*A0'#%$*+$&*33'#6*1/$G.3$0.,&(#'/$.#6$%&'$'S*-1%(*#$*+$3.6(*4$
%'-'S(/(*#$.#6$/*1#6$3',*36(#)K$F*6.I$%&'3'$(/$0*3'$/*1#6$J',.1/'$%&'3'$.3'$0*3'$A'*A-'$
.#6$%&'3'$.3'$0*3'$G.I/$*+$0.H(#)4$/%*3(#)4$3'%3('S(#)$.#6$%3.#/0(%%(#)$/*1#6K$n*(/'$(/$
G(%&$1/$.--$%&'$%(0'$.#6$(%$/I0J*-(W'/$.$G*3-6$%&.%$(/$+*3'S'3$'NA.#6(#)$.#6$.,,'-'3.%(#)K g
F&'3'$.3'$./A',%/$*+$%&(/$13J.#(W.%(*#4$-(H'$'-',%3(,(%I4$G&(,&$,3'.%'$.0J('#%$/*1#6K$F&(/$
,*#/%.#%$/*1#6$&./$J''#$/&*G#4$(#$0*/%$A'*A-'4$%*$-(0(%$,3'.%(S(%I :$.#6$A'3+*30.#,'K=$h*G'S'34$
%&'3'$&.S'$.-/*$J''#$/%16('/$G&(,&$/&*G$%&.%$(%$(/$A*//(J-'$+*3$/*0'$9.-J'(%$+'G'3@$A'*A-'$%*$1/'$
.0J('#%$/*1#6$%*$(#,3'./'$,3'.%(S(%IK !M$F&(/$,*#,-1/(*#$(/$/1AA*3%'6$JI$.$/%16I$%&.%$6'0*#/%3.%'/$
0*6'3.%'$-'S'-$/*1#6/$9gM$6B@$3'61,'$%&'$J3.(#/$.J(-(%I$%*$A3*,'//$(#+*30.%(*#4$/1J/'21'#%-I$
'#&.#,(#)$,3'.%(S(%IK !!$L$+(#.-$/%16I$*+$.0J('#%$/*1#6$3'-.%'/$(#,3'./'6$-'S'-/$*+$/*1#6$%*$A**3$
g$$$]*J'3%$C*3JI4$XR.,*A&*#I$(#$\1/(,[J&-,&A(%)*+",-)&3%<-;&;,<&1/(*/+%J&'6K$^(0*#$$$
$$$$$500'3/*#K$9L/&).%'$B13-(#)%*#4$l^L@4$!;:K
: L/&-'()&$h(--('34$o'//(,.$VK$L-'N.#6'34$.#6$`.S(6$pK$B'S'3/6*3+K$X"##*S.%(S'#'//4$n*S'-%I$
^''H(#)4$.#6$R*#/10'3$R3'.%(S(%I4[$="/+,;(&"5&1",4/$%+&>%4%;+)6&$g$9`','0J'3@Y$P:;<=?K&
= B&.3.%&$R&.#63./'H.3.#$.#6$n(#.$V3.1/K$X\1/(,4$n*(/'<5N,-1/(*#4$.#6$Q'.3#(#)[$3/4-)&
!%+)%B*-",U&H,&N,*%+<-4-B(-,;+9&="/+,;(&Pg4$#*K$e$9LA3(-$PM!M@Y$P=g<;M>K
!M F*A-I#4$m-'##4$.#6$C(--(.0$\.)1(3'4$XF&'$`(++'3'#%(.-$5++',%$*+$n*(/'$*#$R3'.%(S'$F./H$
_'3+*30.#,'4[$1+%;*-E-*9&>%4%;+)6&="/+,;($e4$#*K$e$9!==!@Y$;;gqegK
!! ].S($\'&%.4$]1($9o1-('%@$a&14$.#6$L0.3$R&''0.K$X"/$n*(/'$L-G.I/$B.6c$5NA-*3(#)$%&'$
5++',%/$*+$L0J('#%$n*(/'$*#$R3'.%(S'$R*)#(%(*#[4$="/+,;(&"5&1",4/$%+&>%4%;+)6&;=$#*K$e$
9`','0J'3$PM!P@Y$g:e<g==K
g
0'#%.-$&'.-%&$(#$,&(-63'#K !P$F&'3'+*3'4$#*(/'$A*--1%(*#$,3'.%'6$(#$.#$(#61/%3(.-(W'6$/*,('%I$.AA'.3/$
%*$&.S'$.$0(N'6$*3$/*0'G&.%$#').%(S'$'++',%$*#$,3'.%(S(%I$.#6$A'3+*30.#,'K$
F&'3'$.3'$*%&'3$-*16'3$#*(/'/4$&*G'S'34$G&(,&$&.S'$J''#$/&*G#$%*$#*%$*#-I$.++',%$
A'3+*30.#,'4$J1%$%*$,3'.%'$.$-*G'3$/%.#6.36$*+$-(S(#)4$'S'#$,*33'-.%(#)$G(%&$%'30(#.-$(--#'//K$5-(/'$
S.#$V'0A'#$G3(%'/$.J*1%$%&'$#10J'3$*+$A'*A-'$,*#/(6'3'6$%*$J'$.++',%'6$JI$%&'/'$-*16'3$#*(/'/Y$
"#$513*A'4$.J*1%$e?M$0(--(*#$A'3/*#/$.3'$'NA*/'6$6.(-I$%*$'21(S.-'#%$#*(/'$-'S'-/$*+$.%$
-'./%$??$6BZ$!!;$0(--(*#$A'3/*#/$.3'$'NA*/'6$%*$'21(S.-'#%$#*(/'$-'S'-/$*+$.%$-'./'$>?$6BZ$
.#6$=Kg$0(--(*#$A'3/*#/$.3'$'NA*/'6$%*$'21(S.-'#%$#*(/'$-'S'-/$*+$g?$6B$*3$0*3'K !;$
F&(/$.,,*1#%/$+*3$*S'3$&.-+$*+$513*A'D/$A*A1-.%(*#$J'(#)$.++',%'6$JI$#*(/'$A*--1%(*#$*+$??$6B
9'/%K$:MM$0(--(*#$(#$PMMP@K!e$F&'$'++',%/$*+$%&'/'$S*-10'/$*#$.$A*A1-.%(*#$&.S'$J''#$/&*G$%*$
(#,3'./'$&IA'3%'#/(*#!?4$0I*,.36(.-$(#+.3,%(*#!>4$.#6$/-''A$6'A3(S.%(*#K$E*3$#*(/'/$-'//$%&.#$eM$
6',(J'-/$%&'3'$.3'$#*$A'3,'(S'6$A&I/(,.-$,*#/'21'#,'/4$(#,-16(#)$X.##*I.#,'[$+3*0$%&'$/*1#6K !g
\1/(,4$&*G'S'34$,.#$%3.#/,'#6$%&'/'$#').%(S'$(0A-(,.%(*#/$*+$#*(/'$%*$J',*0'$/*0'%&(#)$
J'.1%(+1-K$F&(/$(/$G&'3'$"$+''-$0I$A(','4$V(944%4J$(/$6(++'3'#%$+3*0$%&'$G*3H$*+$%&'$E1%13(/%/K$C(%&$
%&'$S(*-'#%$.#6$.))3'//(S'$./A',%/$*+$%&'$E1%13(/%$0.#(+'/%*/4$"$J'-('S'$/*0'$*+$%&'(3$G*3H$G./$
!P _$Q'3,&'34$5%$.-K$XL0J('#%$n'()&J*13&**6$#*(/'$.#6$,&(-63'#D/$0'#%.-$&'.-%&[$W))/B&A,E-+", &
3%<&?=&9PMMP@Y$;:M<;:>K
!; 5-(/'$5K$\K$\K$S.#$V'0A'#4$'%$.-K$XF&'$L//*,(.%(*#$J'%G''#$n*(/'$5NA*/13'$.#6$B-**6$
_3'//13'$.#6$"/,&'0(,$h'.3%$`(/'./'Y$L$\'%.<L#.-I/(/[$A,E-+",$%,*;(&2%;(*6&!%+4B%)*-E%4&
!!M4$#*K$;$9\.3K$PMMP@Y$;Mg<;!gK
!e lK$^K$R'#/1/$B'.3'.1K$X("R;(&!"B/(;*-",&X+"8*60 &
&%%AYbbGGGK,'#/1/K)*SbA*A1-.%(*#b(#%'3#.%(*#.-b+(-'/bGAMPbGA<MPMM;KA6+K$9.,,'//'6$eb!b!;@K
!? ]*/'#-1#6$\4$5%$.-K$X"#,3'./'6$A3'S.-'#,'$*+$&IA'3%'#/(*#$(#$.$A*A1-.%(*#$'NA*/'6$%*$.(3,3.+%$
#*(/'K[$W))/B&A,E-+",$%,*;(&3%<-)-,%$?:$9PMMe@$g>=<gg;K
!> B.J(/,&$'%$.-K$XF&'$#*(/'b/%3'//$,*#,'A%4$3(/H$.//'//0'#%$.#6$3'/'.3,&$#''6/K$P"-4%&2%;(*6&e$
9PMM?@Y$!<!!K
!g C(--I$_.//,&('3<7'30''$.#6$C(0$EK$_.//,&('3K$Xn*(/'$5NA*/13'$.#6$_1J-(,$h'.-%&K$
A,E-+",$%,*;(&2%;(*6&!%+4B%)*-E%4J&!M:4$^1AA-'0'#%$!Y$]'S('G/$(#$5#S(3*#0'#%.-$h'.-%&K$
9\.3,&$PMMM@Y$!P;<!;!K
:
(#%'#6'6$%*$,3'.%'$&.30$JI$3'+-',%(#)$%&'$A&I/(,.-$'++',%/$*+$#*(/'K$\I$G*3H$(/$6(++'3'#%$J',.1/'$
(%$(/$,3'.%'6$%*$J'$,.%&.3%(,K$"$&.S'$J''#$(#%3()1'6$JI$#*(/'4$.#6$%&(/$A3*O',%$'NA-*3'6$%&'$
A&'#*0'#*#$*+$/*1#6K$L%$%(0'/$%&'$#*(/'$(/$'NA-*3'6$./$J'(#)$6I#.0(,4$G&(-'$(#$*%&'3$(#/%.#,'/4$
#*(/'$(/$A3'/'#%'6$./$/%.%(,K$BI$,*#%3./%(#)$J*%&$A'3,'A%(*#/4$"$,.#$'NA-*3'$.$A'3/*#.-$
1#6'3/%.#6(#)$*+$#*(/'K
F.H'$+*3$(#/%.#,'$0(#1%'$!=Ye!$(#$0I$A(','$V(944%4K&h'3'4$%&'$G(#6$0*S'/$(#%*$.$&()&$
3')(/%'3$.#6$(/$-*164$/&3(--$.#6$.))3'//(S'0&"$.0$#*%$A3'/'#%(#)$%&(/$/*1#6$%*$.))3.S.%'$%&'$
.16('#,'Z$%&'$&.3/&$/*1#6$'/%.J-(/&'/$,*#%3./%$G(%&$%&'$G.%'3$/*1#6/K$C&'#$%&'$G.%'3$/*1#6$(/$
3'(#%3*61,'6$.%$0(#1%'$PMYeP4$"$G.#%$%&.%$/*1#6$%*$J'$G'%%'34$'S'#$%&*1)&$%&'$/*1#6$G./$A3'/'#%$
'.3-('3$(#$%&'$A(','K$F&.%$/A',(+(,$G.%'3$/*1#6$G./$,&*/'#$J',.1/'$(%$(/$%&'$G'%%'/%$/*1#6$"$
,3'.%'6K$F&'$+3.0'$.#6$,*#%'N%$%&'$/*1#6$(/$A3'/'#%'6$(#$.%%'0A%/$%*$.-%'3$%&'$/*1#6D/$A'3,'A%(*#4$
J',*0(#)$'S'#$G'%%'3$%&.#$(%$G./$J'+*3'K
F&(/$.%%'0A%$%*$.-%'3$%&'$-(/%'#'3r/$A'3,'A%(*#$*+$%&'$%(0J3'$0.I$#*%$J'$/1,,'//+1--I$
,*#S'I'6K$j#$%&(/$(//1'4$"$3'-.%'$%*$%&'$.1%&*3$V13%$7*##')1%$G&'#$&'$/.(64$X%&.%$'S'3I$/1,,'//+1-$
,3'.%(S'$A'3/*#$,3'.%'/$G(%&$.#$.16('#,'$*+$*#'$(#$0(#6K$F&.%r/$%&'$/',3'%$*+$.3%(/%(,$1#(%IK$
L#IJ*6I$,.#$.,&('S'$(%4$(+$&'$*3$/&'$G(--$0.H'$/*0'%&(#)$G(%&$*#-I$*#'$A'3/*#$(#$0(#6K[ !:$E*3$
0I$A.3%4$0I$X*#'$A'3/*#[$(/$0I/'-+K$L-%&*1)&$"$,*#/(6'3$.#6$S.-1'$%&'$*A(#(*#$*+$*%&'3/4$"$&*-6$
+(#.-$O16)0'#%$*#$.--$0I$G*3HK$
1.0-(#'#$;&*)-
C&'3'S'3$G'$.3'4$G&.%$G'$&'.3$(/$0*/%-I$#*(/'K$C&'#$G'$()#*3'$(%4$(%$6(/%13J/$1/4$C&'#$
G'$-(/%'#$%*$(%4$G'$+(#6$(%$+./,(#.%(#)K !=
!: V13%$7*##')1%4$!;($&?/,<;9U&H,&H/*"R-"Q+;B6-);(&1"((;Q%&Y].#6*0$h*1/'$PMM=@4$gPK
!= o*&#$R.)'4$?-(%,)%&9Q*#6*#Y\.3(*#$B*I.3/Y$!=>:@4$;K
=
ko*&#$R.)'
\1/(21'$,*#,3'%'$6*'/$#*%$&.S'$.#$'N.,%$6'+(#(%(*#K$$L--$6'+(#(%(*#/$(#,-16'$%&.%$%&'$
/*1#6$J'(#)$0.#(A1-.%'6$01/%$J'$3',*36'6K$$F&'$/%3(,%'/%$6'+(#(%(*#$*+$01/(21'$,*#,3'%'$(/$%&'$
*A(#(*#$%&.%$%&'$/*1#6/$3',*36'6$01/%$J'$JI$#*#<%3.6(%(*#.-$(#/%310'#%/K$$L$0*3'$-'#('#%$
6'+(#(%(*#$(#,-16'/$%&'$3',*36(#)$*+$%3.6(%(*#.-$(#/%310'#%/$./$-*#)$./$%&'I$.3'$0.#(A1-.%'6$(#$
G.I/$J'I*#6$.$%3.6(%(*#.-$A'3+*30.#,'K$$F&'$0*/%$-'#('#%$6'+(#(%(*#$(#,-16'/$%&'$3',*36(#)$.#6$
0.#(A1-.%(*#$*+$'-',%3*#(,.--I$A3*61,'6$/*1#6/K$$
"%$(/$0I$J'-('+$%&.%$%&'3'$(/$#*$6'+(#(%(S'$6'+(#(%(*#$*+$01/(21'$,*#,3'%'$J',.1/'$%&'$
0'6(10$&./$#*%$+-*13(/&'6$./$.$,-.//(,.-$.3%$01/(,$+*30K$$^*0'$0*6'3#$1/'/$*+$%&'$0'6(10$
(#,-16'$01/(21'$,*#,3'%'$J'(#)$1/'6$./$.$3',*36'6$.,,*0A.#(0'#%K$$`.S(6*S/HID/$9JK$!=;e@$
?9,)6+",-4$4&/'3('/$(/$*#'$'N.0A-'$*+$%&(/$/%I-'4$G&'3'$%&'$3',*36'6$/*1#6/$A3*S(6'$.#$'N%3.$
'-'0'#%$%*$.$-(S'$/*-*$G*3HK$$L$J'#'+(%$%*$%&'/'$,*0A*/(%(*#/$(/$%&.%$%&'I$6*$#*%$3'-(#21(/&$'(%&'3$
%&'$S(/1.-$'-'0'#%$*3$%&'$-(S'$A'3+*30.#,'$./A',%$*+$01/(,K$$
C(%&$%&'$6'S'-*A0'#%$*+$(#'NA'#/(S'$A'3/*#.-$,*0A1%'3/$A3*)3.0/$-(H'$\LT0/A$,.#$
&'-A$,*0A*/'3D/$,3'.%'$.-)*3(%&0/$%*$A3*,'//$/*1#6$-(S'K$$F&(/$.--*G/$+*3$%&'$6'S'-*A0'#%$*+$
'-',%3*#(,$01/(,$A'3+*30'3/K$$"#$%&'$/*,('%I$*+$,-.//(,.-$.3%$01/(,$%&(/$+*30.%$(/$%&'$0*/%$'N,(%(#)$
%*$%.H'$A-.,'$3','#%-IK
h*G'S'34$%&'$0*/%$A3*0(#'#%$1/'$*+$01/(21'$,*#,3'%'$(/$G(%&$A*A1-.3$01/(,K$$F&'$
B'.%-'/$G'3'$*#'$*+$%&'$+(3/%$)3*1A/$%*$).(#$#*%*3('%I$+*3$%&'(3$1/'$*+$#*#<%3.6(%(*#.-$(#/%310'#%/$
(#$%&'(3$.-J10$>/RR%+&?"/(0&&^1J/'21'#%$)3*1A/$&.S'$(#,-16'6$_(#H$E-*I64$p1''#4$].6(*&'.6$
.#6$\*6'/%$\*1/'K$
F&'$%'30$0/4-./%&)",)+%*%&G./$*3()(#.--I$,&*/'#$JI$_('33'$^,&.'++'3$J',.1/'$&'$6(6$#*%$
!M
+''-$,*0+*3%.J-'$6'/,3(J(#)$&(/$G*3H$(#$%'30/$*+$,-.//(,.-$.3%$01/(,$%'30/K$L/$^,&.'++'3$
'NA-.(#'6Y
F&'3'$.3'$%G*$A*//(J(-(%('/Y$'(%&'3$*#'$6*'/$*3$6*'/$#*%$%'--$.$/%*3I$G(%&$#*(/'/Z$G&'#$*#'$
6*'/$#*%4$*#'$%.H'/$/*1#6/$+*3$%&'(3$(#%3(#/(,$21.-(%('/$.#6$%&'#$%&'$3'-.%(*#/&(A/$J'%G''#$
%&'0$)(S'$.$H(#6$*+$01/(,K$L,%1.--I4$"$6(6$#*%$%&'#$6.3'$%*$,.--$%&(/$D01/(,D4$+*3$(%$G./$%**$
1#1/1.-$G&'#$,*0A.3'6$%*$,-.//(,.-$01/(,K$F&'3'+*3'4$"$+(#.--I$,.--'6$(%$D,*#,3'%'D$#*%.%(*#4$
,*0A*/(#)<J1%$%&.%$(%$,*#/(/%'6$*+$3',*36'6$/*1#6/$#*%$A3*61,'6$JI$'/A',(.--I$6'/()#'6$
01/(,.-$(#/%310'#%/$*3$JI$S*(,'KPM
F&(/$6*'/$#*%$0'.#$%&.%$^,&.'++'3$(#%'#6'6$%&'$G*3H$%*$J'$6'/,3(J'6$(#$%&'$5#)-(/&$
6'+(#(%(*#$*+$R*#,3'%'4$./$(#$+(N'6$*3$/*-(6K$"#$+.,%4$%&'$E3'#,&$%3.#/-.%(*#$,.#$0'.#$21(%'$%&'$
*AA*/(%'K$"#$%&'$(#%3*61,%(*#$%*$^,&.'++'3D/$6(.3Ib%&'*3I$%'N%$N,&?%;+)6&"5&;&1",)+%*%&3/4-)J &
^,&.'++'3$'NA-.(#/$%&'$E3'#,&$6'+(#(%(*#$*+$D,*#,3'%'D4SF&'$G*36$(#$E3'#,&$4$G&(,&$&./$#*%&(#)$
*+$%&'$+.0(-(.3$0'.#(#)$*+$D,*#,3'%'D$(#$5#)-(/&4$(/$1/'6$%&3*1)&*1%$%&'$%'N%$G(%&$.--$(%/$1/1.-$
E3'#,&$,*##*%.%(*#/$*+$DA.-A.J-'4D$D#*#%&'*3'%(,.-4D$.#6$D'NA'3(0'#%.-DKKK[ P!$
F&(/$'NA'3(0'#%.-$01/(,$3'-('/$*#$.$A'3/*#$J'(#)$.J-'$%*$.-%'3$.#$*JO',%$+1#,%(*#.-$
+(N'6#'//K$_('33'$^,&.'++'3$'NA-.(#/4$
"%$(/$/%3.#)'$&*G$G'$S.-1'$%&'$,3.+%$*+$^%3.6(S.3(1/$G&'#$&'$'N,'-/$(#$J1(-6(#)$S(*-(#/4$*3$
%&'$G*3H$*+$.$A'3+*30'3$G&*$%'0A'3/$%&'(3$J*6I$.#6$0(#6$%*$A3*61,'$/*1#6/$+3*0$%&*/'$
S(*-(#/4$I'%$,./%$./(6'$%&'$/H(--$*+$.#$'#)(#''34$G&*$J1(-6/$.$%3.(#K$C'$/''$.$%3.(#D/$A3(0.3I$
A13A*/'$%*$ %3.#/A*3%$0.%'3(.-/4$*3$A'*A-'4$.#6$%&'$/*1#6/$(%$0.H'/$./$.$/(6'<'++',%4$*3$JI<
A3*61,%$*+$%&.%$%3.#/A*3%K$h*G'S'34$(+$%&'$,3.+%$*+$J*%&$%&'$'#)(#''3$.#6$01/(,(.#$,.#$J''#$
/''#$./$'21.-/$%&'#$%&'$%3.(#$,.#$J'$/''#$G(%&$.$A3(0.3I$A13A*/'$*+$.#$(#/%310'#%$G(%&$.$
JIA3*61,%$*+$%3.#/A*3%.%(*#K$F&(/$A3*A*/(%(*#$3'-('/$*#$%&'$0(#6$1#,*1A-(#)$%&'$%3.(#$+3*0$
(%/$',*#*0(,$3'-.%(*#/&(A$%&.%$,3'.%'6$(%/$+1#,%(*#.-$+(N'6#'//K$"$+''-$%&.%$%&'$/*1#6$*+$.$
%3.(#$G*1-6$J'$.$0*3'$S.-(6$(#/%310'#%$(+$.#$'#)(#''3$G'3'$&(3'6$JI$.$A3*+'//(*#.-$
*3,&'/%3.s
PM$E3.#H$oK$\.-(#.$.#6$_('33'$^,&.'++'3$XL$R*#S'3/.%(*#$*#$R*#,3'%'$\1/(,$.#6$V(#'%(,$L3%4[$
$$$$$F3.#/K$o*I,'$\.#6'-J3*O%K$:%",;+<"$?4$#*K$;$9^100'34$!=gP@Y$P??K
P!$_('33'$^,&.'++'34$o*&#$.#6$R&3(/%(#'$n*3%&$F3.#/-.%*3K$"#%3*61,%(*#$%*$N,&?%;+)6&"5&;&1",)+%*% &
&&&&&3/4-)U&Y1;(-5"+,-;&?*/<-%4&-,&Z[*6C1%,*/+9&3/4-)OJ$9l#(S'3/(%I$*+$R.-(+*3#(.$_3'//Y$B'3H'-I4$
$$$$$PM!P@4$;K
!!
F&(/$A'3/A',%(S'$3'A3'/'#%/$%&'$.J(-(%I$*+$.#I$/*1#6$%*$J',*0'$.#$(#/%310'#%K$h*G'S'34$%&'3'$.3'$
*A(#(*#/$%&.%$*#-I$.,,'A%$%&'$/*1#6$0.6'$+3*0$.$%3.(#$./$.$/(6'<'++',%K$
F&'$'N,-1/(*#$*+$/*1#6$+3*0$01/(,$&./$6'S'-*A'6$.$/%()0.$(#%*$%&'$%'30$$/4-./%&)",)+%*%K$
F&(/$/%()0.$(#S*-S'/$01/(21'$,*#,3'%'$#*%$J'(#)$A'3,'(S'6$./$.$S.-(6$.3%$+*30K$F&'3'+*3'4$"$
,&**/'$%*$1/'$%&'$%'30$X,*#,3'%'$01/(,[$G&'#$3'+'33(#)$%*$%&'$.3%$+*30$.J/%3.,%-I$*3$0I$
(#%'3A3'%.%(*#$*+$%&'$.3%K$"$,*#%3./%$0I$A'3/A',%(S'$*+$%&'$0'6(10$G(%&$%&'$*3()(#.-$01/(21'$
,*#,3'%'&%*$(6'#%(+I$G&'#$.$G*3H$*3$*A(#(*#$*1%/(6'$*+$0I$*G#$(/$J'(#)$3'+'3'#,'6$%*$%&'$
0'6(10K$"$0.H'$%&(/$6(/%(#,%(*#$(#$.#$.%%'0A%$%*$6(/%.#,'$0I/'-+$+3*0$.$,-(,&8$*+$01/(21'$
,*#,3'%'K$
<"2'$)*$;&*)-=$
F&'/'$#').%(S'$(0A-(,.%(*#/$&.S'$.$6(3',%$(0A.,%$*#$$/4-./%&)",)+%*%K$F&(/$3'/1-%/$(#$%&'$
0'6(10$#*%$J'(#)$.,,'A%'6$./$01/(,K$F&'3'+*3'4$JI$6'+(#(#)$.$A'3/*#.-$1#6'3/%.#6(#)$*+$01/(,$
%&'$.16('#,'$%*$0I$%&'/(/$,.#$J'%%'3$1#6'3/%.#6$%&'$A13A*/'$*+$%&'$G*3HK$F&(/$6'+(#(%(*#$(/$)(S'#$
'%&*/$G(%&$/(0(-.3$*A(#(*#/$JI$01/(,$A3*+'//(*#.-/K$"$6'+(#'$01/(,$./$%&'$3'-.%(*#/&(A$J'%G''#$
%G*$/*1#6/K$_('33'$^,&.'++'3$&./$.$/(0(-.34$J1%$0*3'$(#$6'A%&$(#%'3A3'%.%(*#4$.#6$'NA-.(#/Y
F&'/'$*,,13$G&'#$/*1#6/$J'.3$01/(,.-$S.-1's$"+$I*1$&'.3$.$6**3$,3'.H$.#6$.$,.%$0'G4$
I*1$,.#$/%.3%$%*$,*0A.3'$%&'0iA'3&.A/$JI$613.%(*#4$*3$JI$A(%,&4$*3$JI$%(0J3'K$F&1/4$
G&(-/%$G'$.3'$1/'6$%*$&'.3(#)$/*1#6/$JI$3'+'3'#,'$%*$%&'(3$(#/%310'#%.-$,.1/'/4$%&'$/*1#6<
A3*61,(#)$J*6('/4$G'$.3'$1/'6$%*$&'.3(#)$01/(,.-$/*1#6/$+*3$%&'(3$01/(,.-$S.-1'K$C'$)(S'$
%&'$/.0'$S.-1'$%*$/*1#6/$'0.#.%(#)$+3*0$21(%'$6(++'3'#%$/*13,'/K$^*$%&'$A3*,'//$*+$
,*0A.3(#)$.$,.%r/$0'G$%*$.$6**3$,3'.H$(/$6(++'3'#%$+3*0$%&'$A3*,'//$*+$,*0A.3(#)$.$S(*-(#$
#*%'$%*$.$%310A'%$#*%'4$G&'3'$I*1$0()&%$/.I$%&'I$&.S'$%&'$/.0'$A(%,&$.#6$613.%(*#$J1%$
6(++'3'#%$%(0J3'K$F&(/$(/$%&'$/I00'%3I$J'%G''#$%&'$G*3-6$*+$/*1#6$.#6$%&'$G*3-6$*+$
01/(,.-$S.-1'/KPP
PP _('33'$^,&.'++'3K$"#%'3S('G$JI$F(0$h*6)H(#/*#K$XL#$"#%'3S('G$G(%&$_('33'$^,&.'++'3K[$>%>&
@/;+*%+(9&P4$#*K$!$9!=:g@Y$!PK
!P
"$J'-('S'$(+$"$,.#$A'3,'(S'$3'-.%(*#/&(A/$J'%G''#$A(%,&'/4$%(0J3'/4$*3$3&I%&0/$%&.%$/*1#6$(/$
01/(,K$^*0'$/*1#6/$,.#$'N(/%$+3*0$.$/(#)-'$/*13,'4$I'%$&.S'$(#%'3#.-$3'-.%(*#/&(A/$%&.%$0.H'$
%&'0$01/(,.-K$j%&'3$/*1#6/$#''6$.$/',*#6$/*1#64$/*$%&.%$%&'3'$,.#$J'$.$3'-.%(*#/&(A$J'%G''#$
%&'0K$F&(/$6'+(#'/$0I$A'3,'A%(*#$*+$01/(,K$h*G'S'34$%&'3'$(/$#*$*#'$.)3''.J-'$6'+(#(%(*#$*+$
01/(,K$F&'$/%.3H'/%$,*#%3./%$%*$0I$*A(#(*#$*+$01/(,$(/$%&'$3'21(3'0'#%$*+$J*%&$+*30$.#6$A(%,&$(#$
.$&10.#$,3'.%'6$,*0A*/(%(*#$%*$,-.//(+I$.$,*--',%(*#$*+$/*1#6/$./$01/(,K$F&'3'$.3'$%&3''$
21.-(+(,.%(*#/$(#$%&.%$6'+(#(%(*#$%&.%$,.#$J'$'NA-.(#'6K
F*$J')(#$G(%&$+*304$%&'3'$.3'$A3*J.J-I$(#6(S(61.-/$%&.%$#''6$+*30$%*$J'$.#$'/%.J-(/&'6$
01/(,.-$,*#/%31,%4$.#6$*%&'3/$%&.%$,.#$.,,'A%$01/(,$%&.%$'/%.J-(/&'/$(%/$*G#$+*30K$E*3$'N.0A-' 4$"$
/''$B''%&*S'#D/$n(#%&$Î0A&*#I$./$.#$'N.0A-'$*+$%&(/$6(++'3'#,'$(#$-(/%'#'3D/$A'3,'A%(*#K$E*3$
%&*/'$G&*$#''6$01/(,.-$+*30$%*$J'$'/%.J-(/&'64$%&'I$A3'+'3$%&'$+(3/%$%&3''$0*S'0'#%/$*+$%&'$
n(#%&K$F&*/'$G&*$6*$#*%$3'21(3'$+*30$%*$J'$A3'<'/%.J-(/&'64$,.#$'#O*I$%&'$+*30$*+$%&'$-./%$
0*S'0'#%$./$G'--K$F&(/$(6'.$G./$'NA3'//'6$JI$56).36$7.38/'$(#$.#$(#%'3S('G$G(%&$L-+3'6$QK$
R*A-'IY
"$&.S'$#'S'3$%3('6$%*$+(%$0I$,*#,'A%(*#/$(#%*$.$H#*G#$,*#%.(#'3K$"+$I*1$%.H'$.$3()(6$J*N$*+$
6'+(#(%'$/&.A'$q$,.--$(%$.$/*#.%.$J*N$q$.#6$I*1$G.#%$%*$+(--$(%4$I*1$01/%$&.S'$/*0'%&(#)$%&.%$
(/$%&'$/.0'$/&.A'$*3$%&.%$(/$'-./%(,$'#*1)&$%*$J'$0.6'$%*$+(%K$B1%$(+$I*1$%3I$%*$+*3,'$(#%*$(%$
/*0'%&(#)$*+$6(++'3'#%$/&.A'$.#6$&.36'3$/1J/%.#,'4$'S'#$(+$(%/$S*-10'$.#6$/(W'$.3'$%&'$
/.0'4$(%$G(--$J3'.H$%&'$J*NKP;
F&'$(6'.$%&.%$01/(,$'/%.J-(/&'/$(%/$*G#$+*30$(/$#*%$#'GK$"#$&(/$/A'',&4$%&'$E3*#%('3/$*+$
n*#/'#/'4$R&.3-'/$]*/'#$6'/,3(J'/$%&'$XA.3.6*N[$*+$.#$.3%G*3Hr/$.J(-(%I$%*$/%.#6$.-*#'4$'N(/%'#%$
P; 56).36$7.3U/'K$"#%'3S('G$JI$L-+3'6$Q$R*A-'IK$X56).36$7.3U/'$*#$\1/(,$.#6$L3%Y$L$
R*#S'3/.%(*#$J'%G''#$7.3U/'$.#6$L$Q$R*A-'IK[&:%",;+<"&!4$#*K$P$9LA3(-$!=>:@Y$!=MK
!;
+3*0$%&'$(#+-1'#,'/$*+$%&'$.1%&*34$%&'$-(/%'#'34$*3$%&'$,3(%(,K Pe$]*/'#$/&*G/$%&.%$%&(/$(6'.$G./$+(3/%$
'NA3'//'6$(#$%&'$0.#(+'/%*$*+$R'#%3.-$513*A'.#$]*0.#%(,(/0$A1J-(/&'6$(#$!g==4$76%&H*6%,;%/$Y
5N,'--'#%$G*3H/$)'#'3.--I$,3(%(,(W'$t,&.3.,%'3(W'4$*3$3'S('Gu$%&'0/'-S'/4$.#6$(#$%&(/$
3'/A',%$(%$(/$/1A'3+-1*1/$+*3$.#*%&'3$%*$A'3+*30$I'%$.).(#$%&'$S'3I$%./H$%&.%$%&'$.1%&*3$&./$
6*1J%-'//$.-3'.6I$6*#'K$"+$/1,&$.$,3(%(,(/04$#'S'3%&'-'//4$(/$.$G*3H$*+$.3%$9./$(%$.-G.I/$*1)&%$
%*$J'@4$%&'#$(%/$'N(/%'#,'$(/$.#I%&(#)$J1%$/1A'3+-1*1/Z$J1%$(%$/%.#6/$'#%(3'-I$+*3$(%/'-+$.#6$(/$
./$(#6'A'#6'#%$*+$%&'$G3(%%'#$G*3H$,3(%(,(W'6$./$%&(/$90.#(+'/%*@$(%/'-+$(/$(#6'A'#6'#%$*+$%&'$
0.%'3(.-$%3'.%'6$.#6$6'/,3(J'6$G(%&(#$(%K P?$
L,,*36(#)$%*$]*/'#$.#6$76%&H*6%,;/$4$%&'$.3%G*3H4$J.33(#)$%&'$(#.6'21.,I$*+$%&'$
,*0A*/'34$+*30/$.$,3(%(21'$*+$(%/'-+K$F&'#4$%&'$,3(%(,/$+*30$%&'(3$*G#$.3%G*3H4$/,31%(#(W(#)$%&'$
A(','$(#$21'/%(*#K$5S'3I$-(/%'#'34$%*$'S'3I$A(','$*+$01/(,4$*#$'S'3I$&'.3(#)4$+*30/$%&'(3$*G#$
1#A1J-(/&'6$.3%G*3HZ$.#.-IW(#)4$/,31%(#(W(#)4$.#6$,*#,-16(#)$.$6',(/(*#$*+$S.-(6(%I$*#$%&'$
/I#%&'/(/$*+$%&'(3$'NA'3('#,'/$.#6$%&'$A'3,'(S'6$'++',%$*+$%&'$.3%K$F&(/$,*#,'A%$,.#$J'$/''#$./$%&'$
%&'*3I$*+$3'-.%(S(%I$*+$.3%K$F&(/$'NA-.(#/$%&'$6(-'00.$*+$,3'.%(#)$.$1#(S'3/.-$6'+(#(%(*#$*+$01/(,4 $
.#6$.--*G/$'.,&$A'3/A',%(S'$%*$S.-(6.%'$/*1#6$./$01/(,$*#$.$A'3/*#.-$J./(/K
F&'/'$%&'*3('/$+3*0$%&'$!:%&$,'#%13I$6'/,3(J'$%&'$/.0'$,*#,'A%/$%&'$E3'#,&$%3.6(%(*#$1/'6$
(#$,*0A*/(#)$G(%&$01/(21'$,*#,3'%'K$_('33'$^,&.'++'3$.#6$*%&'3$.%$%&'$]FE$/%16(*$/'.3,&'6$+*3$
+*30$(#/(6'$#.%13.-$/*1#6/Z$^%*,H&.1/'#$.#6$%&'$R*-*)#'$/,&**-$1/'6$'-',%3*#(,/$%*$0.#(A1-.%'$
/*1#6$G(%&$'N(/%(#)$01/(,.-$+*30/K$"#$0I$*A(#(*#4$%&'$6(++'3'#,'$&'3'$(/$%&.%$^,&.'++'3D/$
A&(-*/*A&I$6(/,*S'3/$01/(,$(#$/*1#64$G&'3'./$%&'$R*-*)#'$/,&**-$0.H'/$01/(,$G(%&$/*1#6K$
F&'3'+*3'$%&'$E3'#,&$^,&**-$,.#$J'$6'/,3(J'64$01,&$-(H'$`1,&.0AD/$F"/,*;-,J&./$.AA3',(.%(#)$
/*1#6$J',.1/'$*+$%&'$,*#%'N%K$^,&.'++'3$'NA-.(#/4
Pe R&.3-'/$]*/'#K$76%&F+",*-%+4&"5&3%;,-,QU&76+%%&N,5"+$;(&:%)*/+%4&",&3/4-)0&$9V.&#$v$
LS'3(--4$!==:@$=K
P? "J(6K
!e
C&I$/&*1-6#D%$%&'I$J3*.6,./%$%&3''$0(#1%'/$*+$XA13'$,*.,&[$%'--(#)$A'*A-'$%&.%$%&'I$*#-I$
#''6$%*$H#*G$&*G$%*$-(/%'#4$.#6$%&.%$%&'$G&*-'$.3%$(/$(#$&'.3(#)c$B',.1/'$%&'I$.3'$
'N%3.*36(#.3I$%*$-(/%'#$%*4$A3*S(6'6$I*1$&.S'$3'.,&'6$%&.%$/A',(.-$/%.%'$*+$0(#6$%&.%$"D0$
#*G$(#KP>$
F&(/$(/$G&I$9(#$%'30/$*+$%&'$E3'#,&$^,&**-@$.$6(/,1//(*#$*#$%&'$A&(-*/*A&I$*+$01/(,$(/$3'-'S.#%K$
]*J'3%$n*30.#6'.14$.$R*#,3'%'$,*0A*/'3$+3*0$R.#.6.4$6(/,1//'6$(#$.#$(#%'3S('G$G&I$
&'$,&*/'$R*#,3'%'$01/(,$9.#6$0I$(#%'3A3'%.%(*#$*+$%&'$E3'#,&$%3.6(%(*#@Y
"$#''6$%*$J'$(#$%*1,&$G(%&$/*1#64$.#6$%&'$/*1#6$%3())'3/$0I$(0.)(#.%(*#4$#*%$%&'$*AA*/(%'K$
"r0$#*%$%&(#H(#)$(#$%&'$.J/*-1%'$.J*1%$/*0'$/*1#6/K$"$,.#$%&(#H$.J*1%$/*0'$/*13,'/4$J1%$
%&(#H(#)$.J*1%$%&'$/*13,'/$(/$#*%$.J*1%$/*1#6K$^*1#6$(/$%&'$3'.-$%&(#)K$C&'#$I*1$)*$(#%*$
%&'$/%16(*$G(%&$.$A'3+*30'3$*3$G(%&$.#$*JO',%4$*3$G&.%'S'34$.#6$%&'#$I*1$/%.3%$%*$,3'.%'$
/*1#6/K$F&(/$(/$%&'$/*1#6K$L#6$I*1$#'S'3$H#*G$G&.%$G(--$&.AA'#K$L#6$%&.%$%3())'3/$0I$
(0.)(#.%(*#KPg
F&(/$A'3/A',%(S'$&./$J''#$S'3I$(0A*3%.#%$%*$0'$6'S'-*A(#)$.$S*(,'$./$.$,*0A*/'34$.#6$(#$
6'%'30(#(#)$%&'$A&(-*/*A&(,.-$,&*(,'/$*+$%./%'$3').36(#)$0I$,*0A*/(%(*#/K$"$.)3''$G(%&$o'.#<
\(,&'-$o.33'$G&*4$3'/A',%(#)$^,&.'++'34$/.(6$Xh'$G./$S'3I$(0A*3%.#%$(#$0I$-(+'$J',.1/'$&'$G./$
%&'$+(3/%$0.#$%*$,*#/(6'3$01/(,$(#$%'30/$*+$/*1#6$.#6$#*%$#*%'/4$&.30*#('/4$.#6$,&*36/K[ P:$
"3*#(,.--I$^,&.'++'3$(/$#*%$./$,*#S(#,'6$*+$&(/$*G#$A'3,'A%(*#4$/%.%(#)Y
"$G./$(#S*-S'6$(#$01/(,Z$"$G./$G*3H(#)$G(%&$%13#%.J-'/$9%&'#$G(%&$%.A'<3',*36'3/@Z$"$G./$
&*33(+('6$JI$0*6'3#$!P<%*#'$01/(,K$"$/.(6$%*$0I/'-+4$w\.IJ'$"$,.#$+(#6$/*0'%&(#)$
6(++'3'#%KKK$0.IJ'$/.-S.%(*#4$-(J'3.%(*#4$(/$A*//(J-'Kr$^''(#)$%&.%$#*<*#'$H#'G$G&.%$%*$6*$
.#I0*3'$G(%&$`*]8\(4$0.IJ'$G'$&.6$%*$-**H$*1%/(6'$%&.%KKK$l#+*3%1#.%'-I$(%$%**H$0'$+*3%I$
I'.3/$%*$,*#,-16'$%&.%$#*%&(#)$(/$A*//(J-'$*1%/(6'$`*]8\( P=
P> _('33'$^,&.'++'3K$"#%'3S('G$JI$F(0$h*6)H(#/*#K$XL#$"#%'3S('G$G(%&$_('33'$^,&.'++'3K[$>%>&
@/;+*%+(9&P4$#*K$!$9!=:g@$!PK
Pg$]*J'3%$n*30.#6'.1K$N,*%+E-%8&8-*6&>"R%+*&P"+$;,<%;/J&R*001#.1%8$8-',%3*.,*1/%(21'$$
$$$$$,.#.6('##'4$E'J1.3I$:4$PM!!$
$$$$$&%%AYbb,',K/*#1/K,.b',*#%.,%b!;x;bG*-*/&I#x#*30.#6'.1xPM!!K&%0-K$9.,,'//'6$!Mb=b!P@K
P:$o*&#$`(-(J'3%*4$X_('33'$^,&.'++'3$.#6$_('33'$h'#3IY$_(*#''3/$(#$^.0A-(#)$4[$A(%)*+",-)&
&&&&&3/4-)-;,&9`','0J'3$!=:>@Y$?eK
P=$"J(64&?>K
!?
"$0.I$J'$G3*#)4$J1%$J'-('S'$%&.%$(#+*30.%(*#$,.#$J'$,*001#(,.%'6$%&3*1)&$/*1#6$
J'I*#6$0'-*6I$.#6$&.30*#IZ$%&.%$01/(,$,.#$J'$+*30'6$(#%*$/*#.%.<.--')3*4$.$G.-%W$*3$.$+1)1'4$
J1%$%&.%$01/(,$'N(/%/$J'+*3'$+*30K$E13%&'30*3'4$-(H'$76%&H*6%,;/$J&"$J'-('S'$%&.%$01/(,$&./$.$
/%3*#)'3$'0*%(*#.-$A*G'3$G&'#$3'+-',%(#)$(##'3$3'-.%(*#/&(A/$*+$/*1#64$3.%&'3$%&.#$A3'<
'/%.J-(/&'6$01/(,.-$+*30/K$F&'3'+*3'4$"$'#O*I$L6*3#*D/$6'/,3(A%(*#$*#$%&'$A13A*/'$*+$+*30Y
C&'3'$/'3(*1/$01/(,$/.%(/+('/$(%/$*G#$,*#,'A%4$'S'3I$6'%.(-$)'%/$(%/$,*#,3'%'$0'.#(#)$
+3*0$%&'$%*%.-$,*13/'4$.#6$%&(/$%*%.-(%I$(#$%13#$3','(S'/$(%$+3*0$%&'$-(S(#)$(#%'33'-.%(*#$*+$
6'%.(-/$%&.%$*AA*/'$.#6$,*#%(#1'$*#'$.#*%&'34$A.//$(#%*$'.,&$*%&'34$.#6$3',13K$C&'3'$%&'$
+*30$(/$6(,%.%'6$+3*0$%&'$*1%/(6'4$*#$%&'$*%&'3$&.#64$*#'$G(--4$./$C.)#'3$A1%$(%4$D&'.3$%&'$
&.3#'//$3.%%-'KD;M
h*G'S'34$%&'3'$(/$.#*%&'3$/,&**-$*+$'-',%3*#(,$01/(,$+3*0$R*-*)#'$G(%&$.$S.-(6$*A(#(*#$
%*$,*#/(6'3K$F&'$R*-*)#'$/,&**-$G./$'/%.J-(/&'6$JI$%&'$A&I/(,(/%$C'3#'3$\'I'3<5AA-'34$%&'$
,*0A*/'3$]*J'3%$B'I'34$.#6$%&'$,*0A*/'3b,3(%(,$h'3J'3%$5(0'3%K$"#$%&'$!=?MD/$%&'I$A'%(%(*#'6$%&'$
6(3',%*3$*+$%&'$nC`]$3.6(*$/%.%(*#4$h.##/$h.3%0.##4$%*$,3'.%'$.#$'-',%3*#(,$01/(,$/%16(*K$"%$
G./$%&'$/,('#%(+(,$'NA-*3.%(*#$*+$\'I'3<5AA-'3$G&(,&$-'6$%*$%&'$+*30.%(*#$*+$%&'$'-',%3*#(,$/%16(*$
.%$%&'$m'30.#$3.6(*$/%.%(*#$C`]K$"#$&(/$J**H4$W*6%+&!(;,%*4J&*6%&3/4-)&"5&\;+(6%-,M &
?*")L6;/4%,J&]*J(#$\.,*#('$'NA-.(#/Y
L/$A.3%$*+$&(/$(#S'/%().%(*#/4$\'I'3<5AA-'3$6(//',%'6$(#6(S(61.-$/A'',&$/*1#6/$+3*0$%.A'$
3',*36(#)/4$.#6$3'.//'0J-'6$%&'0$%*$+*30$/I#%&'%(,$G*36/$.#6$A&3./'/K$"%$G./$&'.3(#)$%&'$
+31(%/$*+$/1,&$'NA'3(0'#%/$%&.%$A'3/1.6'6$5(0'3%$%&.%$.$/*1#6$%&'*3'%(,.-$J./(/$'N(/%'6$+*3$
/'%%(#)$1A$.#$'-',%3*#(,$01/(,$/%16(*$G&'3'$.$#'G$.3%$*+$01/(,4$)3*1#6'6$(#$A13'$3'/'.3,&$
(#$%*#'$/I#%&'/(/$.#6$+1#6.0'#%.-$A3(#,(A-'/$*+$01/(,.-$*3).#(W.%(*#$.#6$A'3,'A%(*#4$
0()&%$J'$,3'.%'6K$"%$G./$*1%$*+$%&(/$,*#S(,%(*#$%&.%$%&'$R*-*)#'$].6(*$'-',%3*#(,$01/(,$
/%16(*$'S'#%1.--I$,.0'$(#%*$J'(#)K ;!$
;M F&'*6*3$C$L6*3#*K$F3.#/4$5K$BK$L/&%*#4$(#%3*61,%(*#$%*$76%&?")-"("Q9&"5&3/4-)$9n'G$y*3HY$
F&'$^'.J13I$_3'//4$!=g>@4$P:K
;! ]*J(#$\.,j#('K$W*6%+&!(;,%*4U&76%&3/4-)&"5&\;+(6%-,M&?*")L6;/4%,$9^,.3',3*G$_3'//4$PMM?@$
e>K
!>
C&'#$V.3-&'(#%W$^%*,H&.1/'#$9!=P:<PMMg@$.#6$m*%%+3('6$\(,&.'-$V*'#()$9JK$!=P>@$
O*(#'6$%&'$A3*)3.0$(#$!=?;$%&'$nC`]$/%16(*$3','(S'6$.#$(#+-1N$*+$/%16'#%/$.#6$%'.,&'3/$%*$
,*0A*/'$*#$%&'$'-',%3*#(,$'21(A0'#%K$F&'/'$,*0A*/'3/$(#,-16'6$V*#3.6$B*'&0'34$Q1,$E'33.3(4$
53#/%$V3'#'H4$mIz3)I$Q()'%(4$]*)'3$^0.--'I4$.#6$".##(/$T'#.H(/4$.0*#)$*%&'3/K$C&'3'$%&'$
,*0A*/'3/$.%$%&'$]FE$%3('6$%*$%.H'$/*1#6/$.#6$0.H'$%&'0$(#%*$01/(,4$.$-.$^,&.'++'3D/$A*/<%&H/I &
16%$-,4&]%&F%+J&%&'$nC`]$,*0A*/'3/$3'-('6$0*3'$*#$A(%,&$3'-.%(*#/&(A/$.#6$1/(#)$/I#%&'%(,$
/*1#6/$93.%&'3$%&.#$+*1#6$/*1#6/@$(#$%G'-S'$%*#'$*3$.#%(<%G'-S'$%*#'$%&'*3('/K$F&(/$/,&(/0$(#$
'-',%3*.,*1/%(,$01/(,$(/$/100.3(W'6$JI$\.,*#('Y
5++',%(S'-I4$%&'$,&*(,'$+.,(#)$%&'$,*0A*/'3$*+$%.A'$01/(,$G./$'(%&'3$%*$+*--*G$^,&.'++'3$(#$
(#%1(%(S'$0.#(A1-.%(*#$*+$A3'+*30'6$0.%'3(.-/4$+*--*G(#)$*#-I$(#/%(#,%4$%*%.--I$-.,H(#)$(# $
/,('#%(+(,$3()*34$.#6$*++'3(#)$#*$3'.-$&*A'$*+$.33(S(#)$.%$.#I$/I/%'0.%(,$0'%&*6<<<$*3$%*$.(0$
%*G.36$.$,*0A*/(%(*#.-$/I/%'0$)3*1#6'6$*#$/,('#,'4$J1%$+*3$G&(,&$#'(%&'3$.$
,*0A3'&'#/(S'$.#6$(#%'--()(J-'$%&'*3I$#*3$/1(%.J-'$%',&#(,.-$0'.#/$I'%$'N(/%'6K ;P
F&'3'$.3'$%G*$'N.0A-'/$+3*0$%&(/$'3.$G&(,&$J3.#,&$%&(/$J(#.3I$.//'//0'#%K$F&'$+(3/%$J'(#)$
.$A3*61,%$*+$%&'$R*-*)#'$/,&**-4$^%*,H&.1/'#D/$X%4;,Q&<%+&=^,Q(-,Q%$9^*#)$*+$%&'$y*1%&/4$
!=??<?>@4$1/'/$J*%&$'-',%3*#(,.--I$A3*61,'6$/(#'$%*#'/$.#6$3',*36'6$A&*#'0'/$*+$S*,.-$.3%(+.,%/K$
X%4;,Q&<%+&=^,Q(-,Q%4$A3*S(6'/$.#$'N.0A-'$*+$&*G$R*#,3'%'$/*1#6/$,.#$J'$,*1#%'3A*(/'6$
.).(#/%$'-',%3*#(,$/*1#6/4$G(%&$'.,&$,3'.%(#)$.$6''A'3$1#6'3/%.#6(#)$*+$%&'$*%&'3$61'$%*$%&'$
J.-.#,'$*+$%&'(3$3'-.%(*#/&(AK
F&'$/',*#6$'N.0A-'$+3*0$%&(/$'3.4$J3'.H(#)$%&'$E3'#,&<m'30.#$/,&(/04$(/$%&'$"%.-(.#$
R'#%'3$+*3$R*#,3'%'$\1/(,$`'S'-*A0'#%4$'/%.J-(/&'6$.%$%&'$3.6(*$/%.%(*#4$]L"4&(#$!=??0&F&'$/%I-'$
*+$%&'$]L"$+*1#6$.$0(66-'$)3*1#6$J'%G''#$%&'$E3'#,&$.#6$m'30.#$/,&**-/$JI$#*%$G*33I(#)$
.J*1%$A&(-*/*A&I$*+$,3'.%(*#$9'-',%3*#(,$*3$3',*36'6$/*1#6/@$.#6$+*,1/(#)$*#$%&'$'++',%$%&'$
;P "J(6K
!g
/*1#6/$,3'.%'6$*#$%&'$.16('#,'Y
F&(/$,'#%'3$9]L"@4$.-%&*1)&$,-'.3-I$(#+-1'#,'6$JI$%&'$6'/()#$*+$%&'$R*-*)#'$/%16(*4$G./$
,3'.%'6$%*$/'3S'$%&'$#''6/$*+$%&'$"%.-(.#$/,&**-/$*+$,*0A*/(%(*#4$3'+-',%(#)$+.3$0*3'$,.%&*-(,$
%./%'/$%&.#$ %&*/'$.//*,(.%'6$G(%&$'(%&'3$*+$(%/$+*3'J'.3/K$F&'$0.O*3(%I$*+$,*0A*/'3/$%&1/$
A.(6$-(%%-'$.%%'#%(*#$%*$%&'$A&(-*/*A&(,.-$(0A-(,.%(*#/$*+$1/(#)$*3$.S*(6(#)$%&'$1/'$*+$
0(,3*A&*#'/$(#$%&'$A3*61,%(*#$*+$0.%'3(.-4$+*3$%&'I$G'3'$+.3$0*3'$(#%'3'/%'6$(#$%&'$
A'3,'(S'6$,&.3.,%'3(/%(,/$*+$/*1#6$/%31,%13'/$%&.#$%&'$+*30.-(/%(,$A3(#,(A.-/$JI$G&(,&$%&'I$
G'3'$*J%.(#'6K;;$
F&(/$+.,(-(%I4$6'/()#'6$JI$%&'$/*1#6$'#)(#''3$L-+3'6*$Q('%%(4$/*1)&%$%*$'NA.#6$5-',%3*.,*1/%(,$
01/(,$A3*61,%(*#$J'I*#6$,*00'3,(.-$'-',%3*#(,$'21(A0'#%$G(%&$0.,&(#'/$6'/()#'6$/A',(+(,.--I$
+*3$.3%$01/(,$.AA-(,.%(*#K ;e$E*3$.$J3('+$%(0'4$%&(/$+.,(-(%I$J',.0'$9%',&#*-*)(,.--I$/A'.H(#)@$%&'$
-'.6(#)$,'#%'3$+*3$R*#,3'%'$\1/(,$A3*61,%(*#$(#$%&'$G*3-6K
Q1,(.#*$B'3(*$9!=P?<PMM;@$.,%'6$./$6(3',%*3$*+$%&'$'-',%3*#(,$01/(,$6'A.3%0'#%$.%$%&'$]L"$
G&(,&$(#,-16'6$,*0A*/(%(*#/$JI$_*1//'13$9?);$R-J&!=?g@$B'3(*$976%$;CCCW$;QQ-"&;&="9)%4$
!=?:@4$o*&#$R.)'$9F",*;,;&3-IJ$!=?:<?=@$.#6$Q1()($n*#*4$9W$;QQ-"&;&A$-(-"&_%<"E;4$!=>M@K$
h'#3($_*1//'13D/$^,.0J($(/$3'-'S.#%$%*$0I$,*0A*/(%(*#$J',.1/'$(%$.663'//'/$/(0(-.3$
A&(-*/*A&(,.-$,*#,'3#/$.#6$1/'/$.$G&(%'$#*(/'$)'#'3.%*3$./$(%/$/*-'$/*13,'$0.%'3(.-4$G&(,&$(/$
/(0(-.3$%*$0I$1/'$*+$.$wG(#6D$/*1#6$+*3$-.3)'$/',%(*#/$*+$0I$G*3HK$"#$^,.0J(4$%&'$G&(%'$#*(/'$(/$
%3'.%'6$%&3*1)&$'21.-(W.%(*#$%*$+*,1/$/A',(+(,$J.#6<G.S'/$(#%*$6(/,'3#(J-'$A(%,&'/K$F&'#4$%&'/'$
/',%(*#/$.3'$,*0J(#'6$%*$,3'.%'$.$)&./%-I$9J1%$J'.1%(+1-@$A(%,&$%*3#.6*K$
F&'/'$%&3''$,'#%'3/$+*3$,*#,3'%'$01/(,$/&*G$%&.%$0.H(#)$.$J(#.3I$.//'//0'#%$*+$%&'$.3%$
6*'/$#*%$)(S'$O1/%(,'$%*$%&'$A*//(J(-(%('/$(#&'3'#%$(#$%&'$0'6(10K$E13%&'30*3'4$./$%(0'$&./$A.//'64$
%&'$0'6(10$&./$'NA.#6'6$%*$(#,-16'$A*//(J(-(%('/$J'I*#6$/*1#6$,*--.)'/$.#6$!P$%*#'$
;; _'%'3$\.##(#)K$XF&'$"#+-1'#,'$*+$]',*36(#)$F',&#*-*)('/$*#$%&'$5.3-I$`'S'-*A0'#%$*+$
5-',%3*.,*1/%(,$\1/(,[$:%",;+<"&3/4-)&="/+,;(&9PMM;@Y$>:K
;e "J(6$:!K
!:
,*#/%31,%(*#K$F&'/'$#'G$A*//(J(-(%('/$3'+-',%$J*%&$,*0A*/'3D/$'NA.#6(#)$%&'$A*//(J(-(%('/$*+$%&'$
0'6(104$.#6$%',&#*-*)I$6'S'-*A(#)$%*$G&'3'$,*0A*/'3/$,.#$1/'$-'//$%(0'$.#6$,3'.%'$0*3'$
A3',(/'$6',(/(*#/$G(%&$0*3'$.,,13.%'$3'/1-%/K$
>)*'.(4$.,$'"#$!#-"0.:.?4
R*#,3'%'$01/(,$J',.0'$A*//(J-'$G&'#$F&*0./$56(/*#$6'S'-*A'6$%&'$A&*#*)3.A&$(#$
!:ggK;?$F&(/$G./$%&'$+(3/%$0.,&(#'$,3'.%'6$%&.%$,*1-6$3',*36$.#6$A-.I$/*1#6K$h*G'S'34$(%$G*1-6$
J'$.-0*/%$gM$I'.3/$J'+*3'$.$,*0A*/'3$G*1-6$1/'$3',*36'6$/*1#6$%*$,3'.%'$01/(,K$F&'$+(3/%$1/'/$
*+$3',*36'6$/*1#6/$G'3'$,*00'3,(.-$*#'/4$G(%&$.$+*,1/$*#$3'A3*61,(#)$/*1#6$3.%&'3$%&.#$
,3'.%(#)$(%K$F&'$*3()(#.-$A&*#*)3.A&$,I-(#6'3/$G*1-6$.-/*$&.S'$J''#$*+$-(%%-'$1/'$%*$.$,*0A*/'3$
.#IG.I4$J',.1/'$G(%&(#$.$+'G$A-.I/$%&'$%(#+*(-$G*1-6$6'+*30$.#6$%&'$21.-(%I$*+$%&'$3',*36(#)$
G*1-6$J',*0'$6(/+()13'6K$"#$!:g=$L-'N.#6'3$m3.&.0$B'--$.#6$&(/$7*-%.$-.J*3.%*3('/$(0A3*S'6$
%&'$613.J(-(%I$*+$%&'$G.N$,I-(#6'3/4$J1%$%&'$0.%'3(.-/$G'3'$/%(--$J'/%$/1(%'6$+*3$3'<,3'.%(#)$
3',*36'6$/*1#6/$3.%&'3$%&.#$,3'.%(#)$#'G$*#'/K;>
"#$!::=$50(-'$B'3-(#'3$(#S'#%'6$%&'$-.%'3.--I$,1%$6(/,$3',*36$%*$A-.I$J.,H$/*1#6K$h'$
#.0'6$&(/$0.,&(#'$%&'$m3.0*A&*#'$%*$6(/%(#)1(/&$(%$+3*0$56(/*#D/$G.N$,I-(#6'3$_&*#*)3.A&K$
F&'$-.%'3.-$0'6(10$*+$%&'$m3.0*A&*#'$(#%3()1'6$/*0'$'.3-I$,*0A*/'3/4$./$\.##(#)$'NA-.(#/Y
`13(#)$%&'$!=PM/4$+*3$'N.0A-'4$_.1-$h(#6'0(%&4$`.3(1/$\(-&.164$53#/%$F*,&$.#6$_'3,I$
m3.(#)'3$'.,&$(#6(S(61.--I$*J/'3S'6$%&'$/1JO',%(S'$'++',%/$*+$A-.I(#)$)3.0*A&*#'$3',*36/$
.%$6(++'3'#%$/A''6/K$F&'(3$6(/,*S'3('/4$&*G'S'34$G'3'$0.(#-I$*+$.#$'NA-*3.%*3I$#.%13'4$.#6$
#*$6'%.(-'6$3',*36/$*3$.3%(+.,%/$&.S'$/13S(S'6K[ ;g
$
;?$XF&'$h(/%*3I$*+$%&'$56(/*#$RI-(#6'3$_&*#*)3.A&4[$Q(J3.3I$*+$R*#)3'//4$$
$$$$$&%%AYbb0'0*3IK-*,K)*Sb.00'0b'6&%0-b'6,I-63K&%0-K$9.,,'//'6$;b!eb!;@K
;>$]*J'3%$7K$B31,'4$H(%I;,<%+&X+;6;$&`%((&;,<&*6%&1",./%4*&"5&?"(-*/<%$9R*3#'--Y$R*3#'--$l_4$$
$$$$$!=g;@4$;e;K
;g _'%'3$\.##(#)4$XF&'$"#+-1'#,'$*+$]',*36(#)$F',&#*-*)('/$*#$%&'$5.3-I$`'S'-*A0'#%$*+$
5-',%3*.,*1/%(,$\1/(,[$:%",;+<"&3/4-)&="/+,;(&!;$9PMM;@Y$?K
!=
"#$!:::b!::=4$7-.6'0.3$_*1-/'#$(#S'#%'6$%&'$0.)#'%(,$G(3'$3',*36'3K$h(/$0.,&(#'$
G*3H'6$G&'#$.#$'-',%3(,$/()#.-$0.)#'%(W'6$.$A.%%'3#$*#%*$.$A.//(#)$0'%.-$G(3'K$C&'#$%&'$G(3'$
G./$/'#%$%&3*1)&$%&'$XA-.IJ.,H$&'.6[$(%$G*1-6$1#6'3/%.#6$%&'$0.)#'%(W'6$/()#.-$.#6$3'<,3'.%'$
%&'$/*1#6$%&.%$G./$(0A3(#%'6$*#$(%K$L-%&*1)&$0*/%$,*#,3'%'$01/(,$,*0A*/'3/$G*1-6$G*3H$G(%&$
%.A'$*3$'-',%3*#(,$0'6(10/4$%&'$+(3/%$A(','$*+$01/(21'$,*#,3'%'$'S'3$,*0A*/'6$G./$*#$.$G(3'$
3',*36'3$JI$h.-(0$5-<`.J&$(#$5)IA%$(#$!=eeK ;:$
L$6(++'3'#%$-(#'$*+$01/(,$%',&#*-*)I$6'S'-*A'6$.3*1#6$%&'$0(N'6$01/(,$0'6(.$*+$.$)3*1A$
*+$.3%(/%/$(#$%&'$m'30.#$.3%$/,&**-4$%&'$B.1&.1/K$F&(/$*3).#(W.%(*#$/A',(.-(W'6$(#$0(N(#)$,3.+%/$
G(%&$+(#'$.3%/K$F&'(3$01/(,.-$'NA'3(0'#%/$,*#/(/%'6$*+$0.#(A1-.%(#)$g:$Q_D/$9-*#)$A-.I(#)$3',*36@$
%*$,3'.%'$1#(21'$01/(,.-$'NA'3('#,'/K$F&'I$6(6$/*$JI$.-%'3(#)$%&'$Q_$3',*36$)3**S'/$1/(#)$.$+(#'$
A.(#%J31/&$%*$(0A3(#%$0./H(#)$/*-1%(*#/4$.#6$0*1#%(#)$%&'$A-.I(#)$/%I-1/$J.,HG.36/$%*$3'S'3/'$
/*1#6K$\.##(#)$'NA-.(#/Y
m3'.%'3$/()#(+(,.#,'$,.#$J'$.%%.,&'6$%*$%&'$G*3H$*+$%&'$B.1&.1/$.3%(/%/$Q{/W-|$\*&*-I<
n.)I4$ j/H.3$E(/,&(#)'3$.#6$_.1-$L30.$613(#)$%&'$!=;MD/4$/''H(#)$(#$%&'$+(3/%$(#/%.#,'$%*$
0*6(+I$%&'$A&I/(,.-$,*#%'#%/$*+$%&'$3',*36$)3**S'K$h*G'S'34$%&'(3$.%%'0A%/$%*$0*6(+I$
.,*1/%(,.-$6.%.$JI$/,3.%,&(#)$#'G$S(J3.%*3I$A.%%'3#/$A3*61,'6$*#-I$#*(/I$6(/%*3%(*#/$*+$
%&'$*3()(#.-$0.%'3(.-K ;=
F&'$0(N'6$0'6(.$./A',%/$*+$B.1&.1/$G*3H$(#,-16'6$6'S'-*A(#)$.$/I#%&'/(/$J'%G''#$
A3'/'#%(#)$S(/1.-$(0.)'/$.#6$,3'.%(#)$.$01/(,.-$3'A3'/'#%.%(*#4$*3$S(,'<S'3/.K$F&(/$/%I-'$*+$
,*0A*/(%(*#$G./$'NA'3(0'#%'6$G(%&$%&3*1)&*1%$%&'$G*3-6K$j#'$*+$%&'/'$'NA'3(0'#%/$G./$JI$%&'$
B.1&.1/$(#+-1'#,'6$]1//(.#$,*0A*/'34$y'S)'#I$^&*-A*4$G&*$(#$!=;P4$'NA.#6'6$*#$%&'$(6'.$*+$
;:$L#63'$\(--.364$H$%+-);&",&>%)"+<U&H&2-4*"+9&"5&>%)"+<%<&?"/,<0&9R.(0J3(6)'$l_Y$!==?@K
;= _'%'3$\.##(#)4$XF&'$"#+-1'#,'$*+$]',*36(#)$F',&#*-*)('/$*#$%&'$5.3-I$`'S'-*A0'#%$*+$
5-',%3*.,*1/%(,$\1/(,[$:%",;+<"&3/4-)&="/+,;(&!;$9PMM;@Y$?K
PM
*A%(,.-$/*1#6$(0.)'/$G(%&$.#$X.16(*<*#-I$/I#%&'/(/$+.,(-(%I$H#*G#$./$%&'$7.3(*A&*#'K[ eM$F&'$
(6'.$*+$,3'.%(#)$*A%(,.-$/*1#6$,*#%(#1'6$(#%*$!=e:4$G&'3'$(#$R.#.6.4$n*30.#$\,Q.3'#$
'NA'3(0'#%'6$G(%&$.$S(/1.-$/I#%&'/(/$*+$/*1#6K$X"#$:""B4$9!=e:@4$+*3$'N.0A-'4$%&'$0*S'0'#%$*+$
-**A/$*+$3'6$.#6$G&(%'$.).(#/%$.$J-1'$J.,H)3*1#6$+*30$.#$(#%3(,.%'$,*1#%'3A*(#%$G(%&$
.,,*0A.#I(#)$G./&'/$*+$/I#%&'%(,.--I$63.G#$/*1#6K[ e!
F&'/'$G*3H/$(#$*A%(,.-$/*1#6$J',.0'$*S'3-**H'64$.#6$%&'#$+*3)*%%'#4$61'$%*$.6S.#,'0'#%/$0.6'$
(#$%&'$&()&$21.-(%I$3'A-(,.%(*#$.J(-(%('/$*+$%&'$%.A'<3',*36'3K
E*--*G(#)$%&'$*A%(,.-$/*1#6$G*3H/$*+$%&'$B.1&.1/4$%&'3'$G'3'$%&'$E1%13(/%$(#/A(3'6$
*3,&'/%3.-$G*3H/$JI$m'*3)'$L#%&'(-K$_*'%$5W3.$_*1#6$6'/,3(J'/$L#%&'(-$./$X%&'$+(3/%$.3%(/%$%*$1/'$
0.,&(#'/4$"$0'.#$.,%1.-$0*6'3#$0.,&(#'/4$G(%&*1%$J.%&*/K[ eP$h(/$G*3H$`;((%*&3%)6;,-./%J&.$
#*#<%3.6(%(*#.-$+(-0</,*3'4$1/'/$!>$A-.I'3$A(.#*/4$.(3A-.#'$'#)(#'/$G(%&$A3*A'--'3/4$.#6$.$/(3'#4$
.0*#)$0*3'$%3.6(%(*#.-$(#/%310'#%/K
L#%&'(-$&./$0.6'$.$J')(##(#)Z$%&.%$(/$(#$G3(%(#)$01/(,$%&.%$,*1-6#D%$&.S'$J''#$G3(%%'#$
J'+*3'K$h(/$01/(,.-$G*3-6$(/$.$G*3-6$*+$/%''-$J.3/4$#*%$*+$*-6$/%*#'$.#6$(SIK$C(%&$%&'$
A'3+*30.#,'$*+$%&'$`;((%*&3%);,-./%$*#'$,.#$,*#,'(S'$%&'$A*//(J(-(%I$*+$*3).#(W(#)$%&'$
/*1#6/$*+$.$+.,%*3I4$-'%$1/$/.I4$*+$J*(-'3$A-.%'$*3$.#I$*%&'3$,-.#)*3*1/$#*(/(#'//4$%&'$.,%1.-$
/*1#6/$*+$%&'$-.J*34$%&'$S.3(*1/$%(#'/$*+$%&'$)3(#6(#)/KKKe;
"#$!=;!4$\'3-'$`1/%*#4$.$`'%3*(%$R(%I$9\"@$#.%(S'4$A3*S(6'6$.$,&'.A'3$/*-1%(*#$%*$
3',*36(#)$/*1#6$JI$(0A3(#%(#)$%&'$.16(*$(#+*30.%(*#$*#$,&'0(,.--I$%3'.%'6$A.A'3K ee$F&'/'$
*3()(#.-$%.A'$3',*36'3/$,*1-6$*#-I$3',*36$/*1#64$.#6$#''6'6$.$/'A.3.%'$/I/%'0$%*$3',3'.%'$%&'$
eM "J(6K4$>K
e! "J(6K
eP 5W3.$_*1#6K$H,*6%-(&;,<&*6%&7+%;*-4%&"5&2;+$",9K$9n'G$y*3H4$`.$R.A*Y$!=>:@$?!K
e;$o*'-$R&.6.J'4$A(%)*+-)&?"/,<U&76%&!;4*&;,<&!+"$-4%&"5&A(%)*+",-)&3/4-)$9_3'#%(,'$h.--$$
$$$$$!==g@4$!>K
ee$_*A1-.3$^,('#,'K$X]',*36$j+$7*(,'$n*G$\.6'$j#$\*S(#)$_.A'3$F.A'[$!"B/(;+&?)-%,)%
$$$$$B*##('3$R*3A*3.%(*#$!Pe$#*K$P$9E'J31.3I$!=;e@Y$eMK
P!
/*1#6K$E13%&'30*3'4$%&'/'$*3()(#.-$0.,&(#'/$G'3'$-(0(%'6$JI$#*%$A3*61,(#)$.$3'.-(/%(,$21.-(%I$*+$
/*1#6$3',3'.%(*#K$h*G'S'34$%&'$%.A'<3',*36'3$G*1-6$A3*S'$/1J/%.#%(.-$%*$%&'$6'S'-*A0'#%$*+$
01/(21'$,*#,3'%'$J',.1/'$%&'$A.A'3$,*1-6$J'$0.#(A1-.%'6$(#$G.I/$%&.%$G.N$,I-(#6'3/4$-.%'3.-$Q_$
3',*36/$.#6$G(3'$3',*36'3/$0.6'$(0A*//(J-'K
F&'$m'30.#$\.)#'%*A&*#4$6'S'-*A'6$JI$E3(%W$_+'10'34$(0A3*S'6$*#$%&'$A3.,%(,.-$
,*00'3,(.-$.AA-(,.%(*#/$*+$.16(*$3',*36(#)$JI$0.)#'%(,.--I$(0A3(#%(#)$.16(*$(#+*30.%(*#K e?$"#$
!=;?4$%&'$\.)#'%*A&*#$G./$A3'0('3'6$.%$%&'$m'30.#$].6(*$5N&(J(%(*#$(#$B'3-(#K$h'3'4$
.16('#,'/$X3'.-(W'6$%&'$0.#I$(0A*3%.#%$.AA-(,.%(*#/$*+$%&'$0.,&(#'4[$.#6$'NA3'//'6$6'/(3'$%*$/''$
S.3(.%(*#/$*+$%&'$\.)#'%*A&*#4$(#,-16(#)$XA3'<3',*36'6$01/(,$.#6$'#%'3%.(#0'#%$%.A'/Z$.$/A',(.-$
S'3/(*#$%*$,3'.%'$.3%(+(,(.-$3'S'3J$+*3$*A'#<.(3$,*#,'3%/Z$+''6J.,H$,*#%3*-$+*3$(#<6**3$
A'3+*30.#,'/$G(%&$/*1#6$3'(#+*3,'0'#%Z$.$6'S(,'$+*3$D/A''6$%'-'A&*#(#)D4$%&.%$(/4$3',*36(#)$.$
/A'',&$.%$#*30.-$/A''64$A-.I(#)$(%$J.,H$*S'3$%&'$A&*#'$.%$.$&()&'3$/A''6$G(%&$%&'$3',*36'3$*#$%&'$
*%&'3$'#6$*+$%&'$-(#'$.-/*$G*3H(#)$.%$%&'$(#,3'./'6$/A''64$.#6$%&'#$A-.I(#)$J.,H$%&'$%.A'$.%$.$
#*30.-$/A''6K[e>$5S'#$(#$!=;?4$!M$I'.3/$J'+*3'$h.-(0$5-<`.&J$,3'.%'/$%&'$+(3/%$A(','$*+$01/(21'$
,*#,3'%'J&,*00'3,(.-$.16('#,'/$1#6'3/%**6$%&'$%',&#(21'/$,*0A*/'3/$G*1-6$1/'$(#$%&'$,3'.%(*#$
*+$.$#'G$.3%$+*30K$h*G'S'34$%&'$(6'.$%&.%$01/(,$,*1-6$J'$6'+(#'6$*1%/(6'$*+$.#$(#/%310'#%.-$
G*3-6$G./4$(+$#*%$(#,*#,'(S.J-'4$#*%$I'%$.,%1.-(W'6K
F&'$\.)#'%*A&*#$3'0.(#'6$.$A3(S(-')'$%*$(%/$m'30.#$,*#/%31,%*3/$1#%(-$%&'$L--('6$
(#S./(*#$*+$!=e?K$"%$G./$%&'$6(//'0(#.%(*#$*+$%&(/$0.,&(#'$.0*#)$%&'$.--('6$+*3,'/4$.#6$%&'$
e?$F(0$j#*/H*K$K;4,a*&*6%&F/*/+%&K",<%+5/(bU&H&E-%8&"5&7+%,<4&;,<&7%)6,"("Q9&5+"$&*6%&cde[a4 &
&&&&&9`1%%*#4$!=g=@Y$?:K
e> $E3('63(,&$5#)'-$.#6$_'%'3$h.00.34$L$^'-',%'6$h(/%*3I$*+$\.)#'%(,$]',*36(#)4$'6K$](,&.36$$$
$QK$h'//K$$9A1J-(/&'6$*#-(#'$L1)1/%$Pg%&$PMM>@K$$$
$$$$$$&%%AYbbGGGK3(,&.36&'//K,*0b%.A'b&(/%*3Ib5#)'-xh.00.3\.)#'%(,xF.A'xh(/%*3IKA6+K
PP
,*00'3,(.-$S.-1'$%&.%$%&(/$0.,&(#'$A3*S(6'6$3.6(*$/%.%(*#/4$G&(,&$-'6$%*$%&'$+(3/%$,'#%'3/$+*3$%&'$
A3*61,%(*#$*+$01/(21'$,*#,3'%'0&F&'$]FE4$C`]4$.#6$]L"$3.6(*$/%.%(*#/$(#$513*A'$.--$1/'6$
%',&#*-*)I$J./'6$*#$%&'$0.)#'%(,$%.A'$.#6$01-%(<%3.,H$A*//(J(-(%('/$*+$%&'$\.)#'%*A&*#K$
B',.1/'$*+$%&'$L0'3(,.#$5-',%3*#(,$R*3A*3.%(*#$L0A'N$6(/',%'6$%&'$\.)#'%*A&*#$+*3$
0.3H'%(#)$.#6$3'/'.3,&4$Q*(1/$.#6$B'J'$B.33*#$G'3'$.J-'$%*$,3'.%'$%&'$+(3/%$3',*36(#)$/%16(*$(#$
L0'3(,.K$h*G'S'34$(%$G./$%&'$]RL$R*3A*3.%(*#$(#$L0'3(,.$%&.%$%**H$%&'$#'N%$-'.A$(#$'-',%3*#(,$
01/(,$%',&#*-*)I$JI$6'S'-*A(#)$.$3**0</(W'6$A&'#*0'#*#$*+$/*1#6$0.#(A1-.%(*# Y$%&'$\.3H$""$
^*1#6$Î#%&'/(W'3K$
"#$%&'$'.3-I$!=?MD/4$%&'$R*-10J(.<_3(#,'%*#$5-',%3*#(,$\1/(,$R'#%'3$J',.0'$%&'$A3'0('3$
/%16(*$+*3$'-',%3*.,*1/%(,$01/(,$(#$L0'3(,.K$F&'$,'#%'3$G./$+*1#6'6$JI$R*-10J(.$1#(S'3/(%I$
A3*+'//*3/$7-.6(0(3$l//.,&'S/HI$.#6$j%%*$Q'1#(#)$./$G'--$./$_3(#,'%*#$l#(S'3/(%I$_3*+'//*3/$
\(-%*#$B.JJ(%%$.#6$]*)'3$^'//(*#/K$L$,*--.J*3.%(*#$J'%G''#$l//.,&'S/HI$.#6$B.JJ(%%$+*30'64$
.#6$G(%&$%&'$&'-A$*+$.$]*,H'+'--'3$m3.#%$%&'I$3','(S'6$+1#6(#)$%*$A13,&./'$%&'$\.3H$"" K$L/$
B.JJ(%%$G*1-6$G3(%'Y$
"$%.-H'6$G(%&$h.33I$j-/'#$.#6$&'$.)3''6$%&.%$(+$}7-.6(0(3~$l//.,&'S/HI$.#6$"$G'3'$
G(--(#)$%*$-'.3#$&*G$%*$1/'$(%4$&'$G*1-6$J'$)3.%'+1-4$.#6$G'$,*1-6$'S.-1.%'$(%$.#6$6',(6'$
G&(,&$1#(S'3/(%('/$0()&%$J'$(#%'3'/%'6$(#$A13,&./(#)$(%K$7-.6.0(3$.#6$"$G'#%$%&'3'$0.#I$
%(0'/$'.,&$G''H4$'.3-I$(#$%&'$0*3#(#)4$1#6'3$.$,-*.H$*+$(#61/%3(.-$/',3',IK$F&'I$,&',H'6$
1/$+*3$,.0'3./K$7-.6(0(3$G*1-6$'.%$&(/$h'3/&'I$J.3$.#6$G'$G*1-6$G*3H$(#$.#$1#<
.(3<,*#6(%(*#'6$3**0K$B1%$&'$6',(6'6$'.3-I$*#$%&.%$(%$G./#D%$%&'$G.I$+*3$&(04$/*$"$G./$-'+%$
*#$0I$*G#Keg$
F&'$]RL$\.3H$""$^*1#6$Î#%&'/(W'3$.--*G'6$%&'$,*0A*/'3/$%*$A1#,&$(#/%31,%(*#/$(#%*$
A.A'34$01,&$-(H'$&*G$#*%'/$.3'$A1#,&'6$(#%*$.$A-.I'3$A(.#*$3*--K$F&'$/I#%&'/(W'3$G*1-6$%&'#$
eg$$o*'-$R&.6.J'4$$A(%)*+-)&?"/,<U&76%&!;4*&;,<&!+"$-4%&"5&A(%)*+",-)&3/4-)$9_3'#%(,'$h.--$$$
$$$$$$!==g@4$!>K
P;
%3.#/+'3$A(%,&'/4$/*1#6/4$.#6$'++',%/4$+3*0$%&'/'$(#/%31,%(*#/$*#%*$.$Q_$3',*36$#'N%$%*$%&'$
0.,&(#'K$"#$%&(/$G.I4$%&'$\.3H$""$G./$.J-'$%*$,3'.%'$'-',%3*#(,$/*1#6/$+3*0$.$/I#%&'/(W'3$./$G'--$
./$0(N$'-',%3*#(,$.#6$,*#,3'%'$/*1#6/$(#$.$J(#.3I$/'21'#,'3K$R&.3-'/$C1*3(#'#$6'/,3(J'6$%&'$
]RL$\.3H$""$./Y
L$g?M<S.,,10<%1J'$.++.(3$(#$G&(,&$(#+*30.%(*#$G./$'#,*6'6$JI$.$+('#6(/&$,*0J(#.%(*#$
*+$e<J(%$J(#.3I$/G(%,&'/4$J.#H/$*#$%&'$G.--/$.#6$,*#/*-'$*+$%&(/$#'.3-I$3**0</(W'6$
0.,&(#'4$.#6$%G*$A.3%(,1-.3-I$,-'S'3$A.A'3$63(S'/4$'.,&$*+$G&(,&$G*1-6$'#,*0A.//$%G*$
,&.##'-/$*+$(#+*30.%(*#K$h*-'/$G'3'$A1#,&'6$(#$%&'$A.A'3$%&.%$%&'#$A.//'6$*S'3$.$0'%.-$
3*--'3$%*$G&(,&$,*#%.,%$G./$0.6'$JI$.$/'%$*+$J31/&'/K$F&'$J31/&'/$G'3'$.33.#)'6$/*$%&.%$
%&'I$G*1-6$-('$*S'3$%&'$&*-'/$%&.%$A.//'6$J'#'.%&4$0.H(#)$,*#%(#1*1/$,*#%.,%K$F(0'$G./$
3'A3'/'#%'6$*#$%&'$0.,&(#'$./$%&'$#10J'3$*+$&*-'/$.%$.$,'3%.(#$3.%'$*+$%&'$A.A'3$63(S'K$
_(%,&$.#6$*%&'3$(#+*30.%(*#$G./$3'A3'/'#%'6$(#$J(#.3I$#10J'3/$JI$.$,*0J(#.%(*#$*+$
A3'/'%$/G(%,&'/$.#6$J.#H/$*+$&*-'/$(#$%&'$A.A'3Ke:
E*3$B.JJ(%%4$%&'$.6S.#%.)'$*+$%&'$\.3H$""$*S'3$%.A'<3',*36'3/$G./$%&.%$&'$G./$.J-'$%*$
0'%(,1-*1/-I$.33.#)'$.#6$/'3(.-(W'$&(/$01/(,$(#$.$G.I$J'I*#6$%&'$.J(-(%('/$*+$.$%.A'<3',*36'3K$E*3$
*%&'3$,*0A*/'3/4$-(H'$l//.,&'S/HI4$%&(/$/%I-'$*+$,*0A1%'3$,*0A*/(%(*#$G./$#*%$%&'(3$/%I-'K$
L-%&*1)&$&'$G*1-6$#*%$J')(#$%*$,*0A*/'$1#%(-$%&'$!=:MD/4$%&'$,*0A*/'3$]*J'3%$n*30.#6'1$
6'/,3(J'/$&'3'$&(/$*A(#(*#$*+$&*G$'.3-I$,*0A1%'3$01/(,$G./$#*%$%*$&(/$-(H(#)Y
R*0A1%'3$01/(,$*+$%&.%$%(0'$G./$#*%$+*3$0'$.%$.--$J',.1/'$*+$%&'$G.(%(#)$%(0'KKK$"$-(H'$%*$6*$
%&(/$01/(,$J',.1/'$"$-(H'$%&'$(#%'3.,%(*#$G(%&$%&'$/*1#6K$^*$A1%%(#)$#10J'3/$*#$%&'$
A1#,&(#)$,.36$.#6$G.(%(#)$%G*$6.I/$+*3$%&'$3'/1-%$%&.%$G*1-6$/*1#6$-(H'$}$;L%4&X%;+(9&
)"$B/*%+&$/4-)[&4"/,<&%55%)*~K$y*1$H#*G4$&*G$6(/,*13.)(#)Ke=
F&'$+(#.-$%',&#*-*)(,.-$.6S.#,'0'#%$(#$'-',%3*.,*1/%(,$01/(,$,*#/%31,%(*#$G*1-6$3'0*S'$
%&'$%(0'$&(#63.#,'$+.,(#)$n*30.#6'.14$J1%$G*1-6$%.H'$*S'3$;M$I'.3/$%*$J'$3'.-(W'6K$L-%&*1)&$
e: p%6K$(#$"J(6K
e= ]*J'3%$n*30.#6'.14$"#%'3S('G$G(%&$]*J'3%$n*30.#6'.14$"#%'3S('G'6$JI$L-'N.$C*-*/&I#K$
V,-E%+4-*D&<%&3",*+D;(0E'J1.3I$:4$PM!!K$
&%%AYbb,',K/*#1/K,.b',*#%.,%b!;x;bG*-*/&I#x#*30.#6'.1xPM!!K&%0-K$9.,,'//'6$\.3,&$!?4$
PM!;K@
Pe
A*A1-.3$01/(,$/%16(*/$G*1-6$+(#6$.6S.#,'0'#%/$(#$01-%(A-'$%3.,H$3',*36(#)/4$.#.-*)1'$
'21.-(W.%(*#$.#6$3'S'3J'3.%(*#$0.,&(#'/4$.#6$0*/%$(0A*3%.#%-I$#*(/'$3'61,%(*#$%',&#*-*)I4$(%$
G./$#*%$1#%(-$%&'$-.%'$!=:MD/$%&.%$%&'$#'N%$J3'.H%&3*1)&$(#$R*#,3'%'$\1/(,$%',&#*-*)I$*,,133'6K$
"#$%&'$:MD/4$,*#/10'3$)3.6'$,*0A1%'3/$6'S'-*A'6$%*$(#,-16'$'#*1)&$A3*,'//(#)$A*G'3$%*$0.#.)'$
.16(*$'6(%(#)$/*+%G.3'K$"%$G./$(#$!=:=$%&.%$5S.#$B3**H/$.#6$_'%'3$m*%,&'3D/$/*1#6$'6(%(#)$
/*+%G.3'$?"/,<&7""(4&6'J1%'6$.%$%&'$n.%(*#.-$L//*,(.%(*#$*+$\1/(,.-$\'3,&.#6(/'3/K$
^*1#6$F**-/$9-.%'3$#.0'6$_3*<F**-/@$G./$%&'$+(3/%$`LC$9`()(%.-$L16(*$C*3H/%.%(*#@K$F&(/$
.6S.#,'0'#%$(#$%&'$&(/%*3I$*+$3',*36(#)$%',&#*-*)I$&./$&.6$.$0*#10'#%.-$(0A.,%$0I$*G#$G*3HK$
V(944%4$(/$'#%(3'-I$0.#(A1-.%'6$(#/(6'$*+$_3*<F**-/4$.--*G(#)$+*3$'N.,%$.6O1/%0'#%/$*+$.16(*$+(-'/K$
F&(/$A3*)3.0$.--*G/$+*3$(#/%.#%$.,%1.-(W.%(*#$*+$%&'$0.#(A1-.%'6$01/(,4$(#,-16(#)$.#$1#6*$
+'.%13'$%&.%$.--*G/$0'$%*$'NA'3(0'#%$(#$G.I/$,*0A*/'3/$*+$%&'$A./%$,*1-6$#*%K$_3*<F**-/$&./$.-/*$
.--*G'6$0'$%*$J1(-6$/*1#6/$(#%*$)(.#%$.0.-).0.%(*#/$*+$0.%'3(.-4$/*0'%(0'/$/*1#6(#)$
.AA3*N(0.%'-I$!MM$6(++'3'#%$/*1#6$+(-'/$G(%&(#$.$/',*#6D/$%(0'K
@A2')2:)B2').0$.,$'"#$@.&08C,)#:8
L-*#)$G(%&$%&'$%',&#*-*)(,.-$.6S.#,'/$(#$,*0A*/(%(*#.-$%',&#*-*)I4$%&'3'$&./$.-/*$J''#$
A3*)3'//$JI$,*0A*/'3/$.#6$.16(*$'#)(#''3/$6'S'-*A(#)$%&'$/*1#6</A.,'$3'-.%(*#/&(A/K$Â.%(.-$
\1/(,$(/$01/(,$%&.%$(/$G3(%%'#$G(%&$,*0A*/(%(*#.-$(#%'3'/%$(#$%&'$-*,.%(*#$*+$/*1#6K$F&(/$,.#$J'$
.,&('S'6$(#$,-.//(,.-$.3%$01/(,$JI$A-.,(#)$.$,&*(3$*++/%.)'4$JI$,3'.%(#)$.$1#(21'$.33.#)'0'#%$+*3$
0'0J'3/$*+$%&'$*3,&'/%3.$*3$JI$A1%%(#)$*3,&'/%3.$0'0J'3/$(#$%&'$.16('#,'K$
j3,&'/%3.-$/A.%(.-(W.%(*#$(/$6(++'3'#%$+3*0$.#$'-',%3*#(,$/*1#6$/A.,'$J',.1/'$*+$%&'$
.-'.%*3(,$#.%13'$*+$-(S'$01/(,$,*0A.3'6$%*$%&'$'N.,%$3'A'%(%(*#$*+$'-',%3*#(,$/*1#6K$"+$%G*$
,-.3(#'%/$.3'$/%.#6(#)$*#$/%.)'4$*#'$*#$/%.)'$-'+%4$%&'$*%&'3$*#$/%.)'$3()&%4$.#6$%&'I$.3'$A-.I(#)$.#$
P?
(6'#%(,.-$A.//.)'4$(%$(/$.-0*/%$(#+(#(%'-I$(0A3*J.J-'$%&.%$%&'$S(J3.%(*#/$G(--$J'$(6'#%(,.-K$B',.1/' $
%&'$S(J3.%(*#/$.3'$#*%$(6'#%(,.-4$.#6$S.3I$(#$.0A-(%16'4$S(J3.%*4$A(%,&4$%(0J3'$9'0A&./(/$*+$
*S'3%*#'/@4$.#6$613.%(*#4$%&'$0(#6$G(--$A3*,'//$%&'$/*1#6$(#+*30.%(*#$./$%G*$6(/%(#,%$,-.3(#'%/K$
B',.1/'$'-',%3*#(,$01/(,$,.#$J'$(6'#%(,.--I$3'A-(,.%'6$(#$01-%(A-'$/A'.H'3/4$'-',%3*#(,$01/(, $
,3'.%'/$.$A&.#%*0$/()#.-4$G&'3'$%&'$/*1#6$'N(/%/$J'%G''#$%&'$/A'.H'3/K$
n*30.#$Q''$.#6$&(/$,*--'.)1'/$'NA-.(#$%&.%$G&'#$XP$/A.%(.--I$/'A.3.%'6$,*&'3'#%$/()#.-/$*+$
'21.-$(#%'#/(%I$%&.%$.33(S'$.%$%&'$'.3/$/(01-%.#'*1/-I4$S'3%'J3.%'$.16(%*3I$/I/%'0/$'NA'3('#,'$.$
A/I,&*A&I/(,.-$A&'#*0'#*#$H#*G#$./$/100(#)$-*,.-(W.%(*#$.#6$A'3,'(S'$%&'/'$(#A1%/$./$.$
/(#)-'$DA&.#%*0D$/*13,'$-*,.%'6$J'%G''#$%&'$.,%1.-$/*13,'/K[ ?M$"+$%&'$-'S'-/$(#$'.,&$/A'.H'3$.3'$
'21.-4$%&'$/*1#6$G(--$J'$A'3,'(S'6$(#$.$0(66-'$/A.,'$'21(6(/%.#%$+3*0$J*%&$/A'.H'3/K$F&'3'+*3'4$
.-%&*1)&$%&'$/A.%(.-(W.%(*#$*+$*3,&'/%3.-$01/(,$0.I$/''0$.$/(0(-.3$/1JO',%4$(#$A3.,%(,'$%&'I $
6(++'3'#%K
E*3$0I$G*3H$V(944%44$'.,&$/*1#6$(/$3',*36'6$/'A.3.%'-I$.#6$%&'$/*1#6$/A.%(.-(W.%(*#$
*,,13/$JI$0.#(A1-.%(#)$%&'$A-.,'0'#%$.#6$%(0J3'$(#$%&'$`LCK$L-/*4$J',.1/'$0I$/*1#6/$.3'$+('-6$
3',*36(#)/4$"$G./$#*%$.J-'$%*$0.N(0(W'$%&'$/*1#6$21.-(%I$%&3*1)&$0(,3*A&*#'$,&*(,'$*3$
A-.,'0'#%K$\I$A*3%.J-'$a**0$hP$A3*S(6'6$%&'$0*/%$A3.,%(,.-$0'.#/$%*$3',*36$%&'$/*1#64$.#6$"$
G./$*#-I$.J-'$%*$0*6(+I$%&'$0'.#/$JI$G&(,&$"$,3'.%'6$%&'$/*1#64$#*%$&*G$"$,.A%13'6$(%K$
F&'/'$/A.%(.-$./A',%/$,.#$J'$,*#%3*--'6$JI$.-%'3(#)$%&'$21.#%(%I$*+$/A'.H'3/$3'A-(,.%(#)$
/*1#64$JI$0*6(+I(#)$%&'$.33.#)'0'#%$*+$%&'$/A'.H'3/$%*$,*#/(6'3$.$6'/(3'6$.,*1/%(,.-$'++',%4$*3$
?M n*30.#$Q''4$`.0({#$jK$5-(./4$.#6$L#63'G$RK$\./*#.K$XL$A3','6'#,'$'++',%$3'/*-S'/$
A&.#%*0$/*1#6$/*13,'$(--1/(*#/$(#$%&'$A.3./(%*(6$+-I$j30(.*,&3.,'.[K$!+")%%<-,Q4&"5&*6% &
P;*-",;(&H);<%$9&"5&?)-%,)%4&"5&*6%&V,-*%<&?*;*%4&"5&H$%+-);&!M>$#*K$!?$9LA3K$!e4$PMM=@Y$
>;?g0
P>
JI$/'#6(#)$/*1#6/$(#6(S(61.--I$%&3*1)&$%&'$/A'.H'3/K$
F&'$,*0A*/(%(*#.-$(#%'3'/%$(#$/A.%(.-$01/(,$'0A&./(W'/$%&'$J3.(#D/$.J(-(%I$+*3$.16(%*3I$
/A.%(.-$.%%'#%(*#$9L^L@K$L^L$.,%/$G(%&$/*1#6$01,&$-(H'$%&'$'I'/$G(%&$-()&%$.#6$*JO',%/4$
(#+*30(#)$%&'$J3.(#$(+$.#$*JO',%$(/$%*$%&'$-'+%4$3()&%4$#'.34$*3$+.3K$"#$0*3'$3','#%$&10.#$&(/%*3I4$%&'$
/%3'#)%&$.#6$#','//(%I$*+$L^L$%*$+1#,%(*#$(#$6.(-I$-(+'$&./$J''#$/1))'/%'6$%*$&.S'$6',3'./'6$./$
&10.#/$&.S'$3'-('6$0*3'$*#$S(/1.-$,1'/K$Â'#,'$.#6$`3(S'3$G3*%'$%&.%$&10.#$.J(-(%I$%*$
.,,13.%'-I$A'3,'(S'$(#+*30.%(*#$G(%&$L^L$0.I$&.S'$.%3*A&('6$JI$%&'$J3.(#$3'-I(#)$0*3'$*#$*%&'3$
/'#/'/4$3'/1-%(#)$(#$X6',3'./'6$/A.%(.-$.,1(%I[K ?!$F&(/$(/$(0A*3%.#%$%*$,*#/(6'3$./$.$,*0A*/'3$
J',.1/'$*+$%&'$'./'$/A.%(.-(W.%(*#$J',*0'/$'(%&'3$,-(,&8$*3$1##*%(,'.J-'$%*$.#$.16('#,'K$
E13%&'30*3'$%&'$S.-1'$*+$L^L$(#,3'./'/$+*3$.$,*0A*/'3$J',.1/'$JI$3'0*S(#)$%&'$S(/1.-$'-'0'#%$
*+$.$-(S'$A'3+*30'34$%&'$J3.(#$01/%$+(#6$*%&'3$G.I/$%*$A'3,'(S'$%&'$(#,*0(#)$/*1#64$.#6$G(--$+.--$
J.,H$*#$%&'$.%3*A&('6$/'#/'$*+$/A.%(.-$.%%'#%(*#K$F&'$(0A*3%.#,'$*+$L^L$,3'.%'/$.$G(6'$S.3('%I$*+$
*A%(*#/$+*3$,3'.%(#)$.$/A.%(.-$'#S(3*#0'#%$+*3$/*1#6$A'3+*30.#,'K
F*$J')(#$G(%&4$.$/A'.H'3$(/$3'21(3'6$(#$'-',%3*#(,$01/(,$%*$3'A-(,.%'$.#6$A3'/'#%$%&'$/*1#6K$
"+$*#-I$*#'$/A'.H'3$(/$A3'/'#%$.$-(/%'#'3$(/$,*#+3*#%'6$G(%&$.$*#'$6(0'#/(*#.-$/A.%(.-(W.%(*#$*+$
/*1#6K$
F&'$/*1#6$+('-6$,.#$J'$(#,3'./'6$%*$%G*$6(0'#/(*#/$JI$(#+*30.%(*#$J'(#)$A3'/'#%'6$+3*0$
%G*$/A'.H'3/K$F&(/$(#+*30.%(*#$,.#$'(%&'3$J'$A3'/'#%$G(%&$'21.-$(#+*30.%(*#$,*0(#)$+3*0$J*%&$
/A'.H'3/4$*3$6(++'3'#%$/*1#6$.#6$S*-10'/$*+$/*1#6/$.AA'.3(#)$(#$'.,&$/A'.H'3K$C(%&$%G*$
/A'.H'3/4$%&'$6(3',%(*#.-$*3()(#$*+$/*1#6$J',*0'/$.$+3*#%<+.,(#)$G.--4$*34$,.#$,3'.%'$.$-(#'.3$
?! RKoK$Â'#,'$.#6$`3(S'34$oK$R*S'3%$Â.%(.-$j3('#%(#)$(#$L16(%(*#Y$5N*)'#*1/$.#6$5#6*)'#*1/$
\',&.#(/0/K$="/+,;(&"5&AIB%+-$%,*;(&!49)6"("Q9U&2/$;,&!%+)%B*-",&;,<&!%+5"+$;,)%$PM$
#*K$;$9!==e@Y$???q?geK
Pg
'#S(3*#0'#%$(+$A-.,'6$*#$'.,&$/(6'$*+$.$-(/%'#'3K$F&'3'$(/$.#$(#%'3'/%(#)$A(','$JI$%&'$,*0A*/'3$
L-S(#$Q1,('3$,.--'6$3/4-)&",&;&:",Q&76-,&K-+%&G&'3'$%&'$/*1#6$/A.,'$J'%G''#$%G*$/A'.H'3/$
0.#(A1-.%'/$.$G(3'4$G&(,&$,3'.%'/$(%/$*G#$%*#'/$J./'6$*#$%&'$+3'21'#,('/$/'#%$S(J3.%(#)$%&3*1)&$
%&'$/A'.H'3/K$l#-(H'$01/(,$G&(,&$,3'.%'/$.$A&.#%*0$/()#.-4$Q1,('3D/$G*3H$,3'.%'/$.$#'G$/*1#6$(#$
%&'$/A.,'$J'%G''#$%&'$/A'.H'3/K$F&'$G(3'$,.#$,3'.%'$.$+1#6.0'#%.-$A(%,&$(+$%&'$/A'.H'3/$A-.I$%&'$
/.0'$+3'21'#,I4$,&*36$%*#'/$%&3*1)&$,*0J(#.%(*#$+3'21'#,('/$(+$%&'$/A'.H'3/$A-.I$6(++'3'#%$
A(%,&'/4$.#6$A.//(#)$%*#'/$./$%&'$G(3'$,&.#)'/$S(J3.%(*#/$%*$.-()#$G(%&$#'G$A(%,&'/$+3*0$%&'$
/A'.H'3/K$F&(/$A(','$A3*S(6'/$.$1#(21'$.AA3*.,&$%*$0.#(A1-.%(#)$%&'$/*1#6$/A.,'$J'%G''#$%G*$
/A'.H'3/$JI$1/(#)$%&'$XA&.#%*0$,'#%'3[$%*$,3'.%'$#'G$/*1#6/K$L/$.$+(#.-$#*%'4$"$&.S'$#*%$+*1#6$.$
A(','$G&(,&$.-()#/$*#'$/A'.H'3$3.(/'6$.J*S'$%&'$*%&'3$%*$0.#(A1-.%'$/*1#6$*#$%&'$S'3%(,.-$A-.#'K$
F&(/$(/$/13A3(/(#)$61'$%*$.$&10.#$6'+(,('#,I$(#$6'%',%(#)$/*1#6$S'3%(,.--IK$$"#$!=>:4$^K$VK$
]*++-'3$.#6$]K$LK$B1%-'3$/%16('6$%&'$J3.(#D/$.J(-(%I$%*$A'3,'(S'$/*1#6$-*,.-(W.%(*#$.#6$+*1#6$%&.%$
.-%&*1)&$&10.#/$,.#$.,,13.%'-I$6'%',%$%&'$-*,.%(*#$*+$.$/*1#6$&*3(W*#%.--I4$G'$.3'$(#'A%$.%$
.,,13.%'-I$-*,.%(#)$/*1#6$S'3%(,.--IK ?P$F&(/$A&'#*0'#*#$3'/1-%/$(#$A(%,&$.++',%(#)$%&'$S'3%(,.-$
A'3,'A%(*#$*+$/*1#6K$L$&()&$A(%,&$(/$A'3,'(S'6$./$*3()(#.%(#)$&()&'3$(#$/A.,'4$.#6$-*G$A(%,&'/$
+3*0$-*G'3$/A.,'/4$'S'#$(+$%&'$A(%,&'/$/*1#6$+3*0$%&'$/.0'$-*,.%(*#K
L-%&*1)&$0*/%$'-',%3*#(,.--I$A3*61,'6$/*1#6$(/$/%'3'*A&*#(,$G(%&$%G*$/A'.H'3/4$.$%&(36$
/A'.H'3$(#,3'./'/$%&'$/*1#6$/A.,'$%*$(#,-16'$.$A*//(J-'$;>MÄ$/*1#6$,(3,-'$.3*1#6$.$-(/%'#'3K$"+$
0*3'$/A'.H'3/$.3'$.66'64$%&'$/*1#6$+('-6$,*1-6$J',*0'$'S'#$0*3'$(00'3/(S'K$F&'$0*3'$
,*00*#$/'%<1A/$(#,-16'$e$,&.##'-4$?K!$,&.##'-4$.#6$gK!$,&.##'-$.16(*4$G&'3'$%&'$K!$3'A3'/'#%/$.$
?P ^K$VK$]*++-'3$.#6$]K$LK$B1%-'3K$XE.,%*3/$F&.%$"#+-1'#,'$%&'$Q*,.-(W.%(*#$*+$^*1#6$(#$%&'$
7'3%(,.-$_-.#,'K[$="/+,;(&"5&*6%&H)"/4*-);(&?")-%*9&"5&H$%+-);&e!$#*K$>$!P??<!P?=K
P:
-*G<'#6$,&.##'-$6'6(,.%'6$%*$.$/1JG**+'3K$
\*3'$3','#%-I$%&'3'$&.S'$J''#$A3'/'#%.%(*#/$%*$'NA.#6$h*--IG**6$3',*36(#)$%',&#*-*)I4$
.#6$%&'3'JI$&*0'$%&'.%'3$/I/%'0/4$%*$J'$./$'NA.#/(S'$./$!!K!$.16(*K$F&'$B-1<].I$'6(%(*#$*+$76%&
AIB%,<;R(%4&Z&,-.(0/$%*$J'$%&'$+(3/%$0*S('$3'-'./'6$G(%&$.#$!!K!$,&.##'-$.16(*$*A%(*#K ?;$F&(/$(/$
.#$'N,(%(#)$6'S'-*A0'#%$G&(,&$*,,133'6$613(#)$%&'$A3*61,%(*#$*+$0I$%&'/(/K
"+$%&'$/A'.H'3/$.3'$.33.#)'6$/I00'%3(,.--I$%*$'.,&$*%&'3$.#6$'21(6(/%.#%$+3*0$.$,'#%3.-$
A*(#%4$.$X/G''%$/A*%[$*3$X(6'.-$,'#%'3[$(/$+*30'6$(#$%&'$,'#%'3$*+$%&'$/A'.H'3/4$G&'3'$/*1#6$+3*0$
.--$%&'$/A'.H'3/$.33(S'/$/(01-%.#'*1/-IK$\I$G*3H$(#$/133*1#6$/*1#6$3'-('/$*#$A3*61,(#)$'#*1)&$
/%(01-($(#$'.,&$/A'.H'3$.#6$'NA-*(%(#)$/*1#6$-*,.-(W.%(*#$%*$3'61,'$%&'$.J(-(%I$*+$%&'$/G''%$/A*%$
A3*61,(#)$.#$(6'.-$-(/%'#(#)$-*,.%(*#K$F&(/$6*'/$#*%$0'.#$%&.%$"$&.S'$.%%'0A%'6$%*$/A.%(.--I$
3'61,'$%&'$(6'.-$-(/%'#(#)$-*,.%(*#Z$3.%&'34$'.,&$.16('#,'$0'0J'3$-(/%'#/$%*$.$6(++'3'#%$A(','$*+ $
01/(,$6'A'#6(#)$*#$%&'(3$-*,.%(*#$(#$%&'$/*1#6$/A.,'K$"#$%&(/$G.I4$.#$.-'.%*3(, $9,&.#,'@$'++',%$(/$
,3'.%'6$JI$6(++'3'#%$-*,.%(*#/$(#+-1'#,(#)$6(++'3'#%$A'3,'A%(*#/$*+$%&'$01/(,.-$(#+*30.%(*#K$F&(/$
,*#,'A%$'NA.#6/$*#$%&'$G*3H$*+$5.3-'$B3*G#'4$_('33'$h'#3I4$.#6$V.3-&'(#W$^%*,H&.1/'#4$JI$
0.#(A1-.%(#)$%&'$(6'.-$/*1#6$-*,.%(*#4$#*%$%&3*1)&$/A'.H'3$A-.,'0'#%4$J1%$%&3*1)&$/*1#6$
0.#(A1-.%(*#K
j#'$*+$%&'$+(3/%4$(+$#*%$%&'$+(3/%4$'-',%3*#(,$A(','/$,*0A*/'6$+*3$'()&%$,&.##'-$.16(*$G./$
5.3-'$B3*G#D/$W)*%*&N$9!=?;@K$F&(/$A(','$G./$+*--*G'6$JI$.$/1J/'21'#%$/'21'-4$W)*%*&NN$9!=?e@K$
B*%&$*+$%&'/'$A(','/$G'3'$,*0A*/'6$+*3$'()&%$-*16/A'.H'3/$.#6$G'3'$/*0'$*+$%&'$+(3/%$G*3H/$+*3$
,*0A-'N$/%'3'*A&*#(,$/*1#6$9'()&%$,&.##'-$.16(*@K$W)*%*&NN$6(++'3/$+3*0$W)*%*&N$(#$%&.%$(%$.--*G/$
?; ](,&.36$Q.G-'34$76%&AIB%,<;R(%4&Z&`(/C+;9&46-B4&P"E%$R%+&Z[*6&;,<&-4&*6%&5-+4*&",%&8-*6 &
cc0c&)6;,,%(&]7?&P%"Uf&;/<-"0&5#).6)'%K$$&%%AYbbGGGK'#).6)'%K,*0bPM!Pb!Mb!Mb%&'<
'NA'#6.J-'/<P<J-1<3.I<6%/<#'*<N<!!K!bK$9.,,'//'6$LA3(-$e4$PM!;@K
P=
.#$(#6'%'30(#.%'$+.,%*3$%*$J'$6',(6'6$JI$.$-(S'$A'3+*30'3K$F&'$'()&%$%.A'$/',%(*#/$,.#$J'$-**A'6$
%*$,3'.%'$-.I'3/$*+$/*1#6$%*$A3*S(6'$%&'$A(','$G(%&$.$0*3'$.-'.%*3(,$'-'0'#%$%&.#$W)*%*&cK$
F&'$+(3/%$-.3)'$/,.-'$0.#(A1-.%(*#$*+$/*1#6$/A.,'$G./$,3'.%'6$JI$56).36$7.3U/'$G(%&$&(/$
!"#$&'(%)*+",-./%0&F&(/$G*3H$1%(-(W'6$.#$X*A'#[$/*1#6$/A.,'4$3.%&'3$%&.#$.$XJ*1#6'6$*#'K[$F&(/$
0'.#/$%&.%$.-%&*1)&$%&'$A(','$G./$%&3''$,&.##'-4$%&'$/*1#6$'#)(#''3/$*A'3.%(#)$%&'$/A'.H'3/$.3'$
.J-'$%*$,*#%3*-$G&'3'$%&'$/*1#6$,*0'/$+3*0K$"#$%&(/$(#/%.#,'4$%&'I$,*1-6$0.#(A1-.%'$1A$%*$!P$
/A'.H'3/$'.,&K$"#$,*#%3./%$%*$0I$G*3H4$%&(/$X*A'#[$/*1#6$/A.,'$,3'.%'/$.#$.-'.%*3(,$'++',%$
6(++'3'#%$+3*0$0I$XJ*1#6'6[$G*3HZ$0I$A3*O',%$G(--$.-G.I/$&.S'$%&'$/.0'$/*1#6/$/'#%$%*$%&'$
/.0'$/A'.H'3/K$"$.,&('S'$0I$.-'.%*3(,$'++',%$#*%$%&3*1)&$A'3+*30.#,'4$J1%$%&3*1)&$A'3,'A%(*#K
L$0*3'$.0J(%(*1/$/*1#6</A.,'$'#S(3*#0'#%$G./$,3'.%'6$+*3$.$)3*1A$A3*O',%$6'/()#'6$JI$
_('33'$h'#3I$.#6$%&'$m]\K$"#$%&'$'.3-I$!=>MD/$#(#'$,*0A*/'3/?e$,*--.J*3.%'6$*#$.$A3*O',%$(#$
G&(,&$'.,&$,*0A*/'3$.66'6$01/(,.-$/')0'#%/$%*$,3'.%'$.$,*--.)'K$F&(/$A3*O',%$6'S'-*A'6$(#%*$.#$
'NA.#/(S'$/*1#6$%&'.%'3$,*0A-'%'$G(%&$/%.6(10$/'.%(#)$.#6$/A'.H'3/$+.,(#)$J*%&$%*G.36$.#6$
.G.I$+3*0$%&'$.16('#,'$.%$6(++'3'#%$6(/%.#,'/K$F&(/$/'%<1A$&'-A'6$3'0*S'$%&'$X(6'.-$/*1#6$
,'#%'3K[$F&'$,*#/%31,%(*#$*+$%&(/$%&'.%'3$G./$(0A*3%.#%$J',.1/'4$./$^(0*#$500'3/*#$G3(%'/Y
E*3$%&'$+(3/%$%(0'$.$,*#%3*--'6$/*1#6$'#S(3*#0'#%$G./$,*#,'(S'6$+*3$,*#,'3%/$.%$%&'$m]\4$
(#,-16(#)$-*16/A'.H'3/$/133*1#6(#)$%&'$.16('#,'$.#6$.$,*#/*-'$+*3$D/A.%(.-(W.%(*#D$.%$%&'$
,'#%3'$*+$%&'$3**0K$^1,&$.$/I/%'0$G./$-.1#,&'6$.%$%&'$+(3/%$*+$.#$.##1.-$/'3('/$*+$
AIB"4-*-",4&<%&3/4-./%&AIB%+-$%,*;(%$(#$!=>>K??
"#$%&'$!=gMD/4$h'#3I$,*#%(#1'6$%*$6'S'-*A$G*3H$(#$%&'$'NA.#/(*#$*+$/*1#6$/A.,'$G(%&$&(/$
?%)",<&?9$B6",9K$h'#3I4$.-*#)$G(%&$7.38/'$.#6$T'#.H(/4$,*#%(#1'6$%*$6'S'-*A$,*0A*/(%(*#/$
?e$E3.#,*(/$B.I-'4$56).36*$R.#%*#4$_&(-(AA'$R.3/*#4$Q1,$E'33.3(4$E3.#,*(/$B'3#.36$\.,&'4$"S*$
$$$$$\.-''4$o'.#<5%'##'$\.3('4$B'3#.36$_.30')(.#(4$.#6$$nDm1I'#$7.#$F1*#)K
??$^(0*#$500'3/*#4$:-E-,Q&A(%)*+",-)&3/4-)$9L/&).%'Y$Q*#6*#$PMMg@4$!?eK
;M
6(3',%-I$3'-.%'6$%*$.#$(0.)(#'6$/*1#6$/A.,'$/A'.H'3$.33.#)'0'#%K$"#$%&(/$(#/%.#,'4$F&'$?%)",<&
?9$B6",9$G./$,*0A*/'6$+*3$%&'$,(3,1-.3$%&'.%'3$#.0'6$%&'$R(321'$6Dh(S'3K$h'#3I$'NA-.(#/Y
"%$G./$.$G*3H$+*3$.$!><%3.,H$3',*36(#)4$G&(,&$G./$S'3I$.0J(%(*1/$+*3$%&'$%(0'Z$G'$1/'6$
'()&%$/%'3'*$%.A'$3',*36'3/4$G(3'6$%*)'%&'3$.#6$.J*1%$!MM$-*16/A'.H'3/$%&.%$G*1-6$6(++1/'$
%&'$/*1#6$,(3,1-.3-IK$_'*A-'$G*1-6$+''-$(00'3/'6$.#6$/133*1#6'6$JI$%&'$01/(,K ?>
^%*,H&.1/'#$.-/*$'NA-*3'6$6(++'3'#%$/*1#6</A.,'$/'%<1A/$G(%&$%&'$(#%'#%(*#$*+4$(#$&(/$G*36/4$
X'21.-(W(#)$%&'$'NA'3('#,'$*+$/A.%(.-$/*1#6$%&3*1)&*1%$%&'$.16(%*3(10[$JI$1/(#)$X/'S'3.-$
3',%.#)1-.3$)'*0'%3(,$D/*-1%(*#/DK[ ?g$`13(#)$!=?:<!=>M$^%*,H&.1/'#$0.#(A1-.%'6$%&'$/A.%(.-$
./A',%/$*+$&(/$A(','$\",*;L*%$%*$A3*0*%'$/A.%(.-$(#%'3'/%K$h'$'NA-.(#/Y
"#$\",*;L*%4$"$6(/,*S'3'6$.$G.I$*+$0.H(#)$D+-**6$/*1#6/DK$y*1$&.S'$/*1#6$,*#%(#1.--I$
/%.3%(#)$(#$ /A'.H'3/$J'&(#6$%&'$-(/%'#'34$.#6$.+%'3$.$/&*3%$6'-.I$%&'$/.0'$/*1#6/$.AA'.3$(#$
/A'.H'3/$.%$%&'$-'+%$.#6$3()&%4$.#64$.).(#$.$/&*3%$%(0'$-.%'34$(#$%&'$/A'.H'3/$(#$+3*#%KKK$
F&'$/*1#6$3'.--I$A.//'/$+3*0$%&'$ J.,H$%*$%&'$+3*#%$-(H'$G.%'3$)*(#)$*S'3$I*13$&'.6 ?:K
"$+*1#6&\",*;L*%4$A.3%(,1-.3-I$(#%'3'/%(#)$J',.1/'$*+$^%*,H&.1/'#D/$/(0(-.3$(#%'3'/%$(#$+-**6$
/*1#6/K$C&'3'$^%*,H&.1/'#$.#6$"$6(++'3$(#$.,%1.-(W(#)$%&'/'$,*#,'A%/$(/$%&.%$"$6*$#*%$%3I$%*$
0.N(0(W'$.#$'21.-$/*1#6$'#S(3*#0'#%$J1%$A3*S(6'$6(++'3'#%$-'S'-/$*+$(#+*30.%(*#$6'A'#6(#)$*#$
G&'3'$'.,&$-(/%'#'3$(/$A*/(%(*#'6K$"#$%&(/$G.I4$"$&.S'$+*1#6$%&.%$"$,3'.%'$.#$.-'.%*3(,$'++',%$(#$%&'$
01/(,$J',.1/'$%&'$-(/%'#'3$6*'/$#*%$3','(S'$%&'$/.0'$.0*1#%$*+$(#+*30.%(*#$'.,&$%(0'$%&'I$-(/%'#$
%*$%&'$A(','$.#6$"$,.##*%$,*#%3*-$%&'$-*,.%(*#$*+$'.,&$-(/%'#'3K$\I$01/(,$3'+-',%/$%&.%$JI$#*%$
.--*G(#)$%&'$/*1#6$%*$J'$(#$%&'$/.0'$A-.,'$'(%&'3K
L#*%&'3$/*-1%(*#$G*1-6$J'$%*$,3'.%'$.$/',*#6$9*3$%&(36$*3$+*13%&@$(6'.-$,'#%'3$JI$
,*#/(6'3(#)$%&'$A&*#(,$3'J*1#6$*+$%&'$/*13,'$/*1#6K$C(%&$,.3'+1-$,*#/(6'3.%(*#$*+$3**0$
?>$_('33'$h'#3I4$p%6K$"#$o*&#$`(-(J'3%*4$X_('33'$^,&.'++'3$.#6$_('33'$h'#3IY$_(*#''3/$(#$
$$$$$^.0A-(#)4[$A(%)*+",-)&3/4-)-;,&9`','0J'3$!=:>@Y$?eq?=K
?g $^(0*#$500'3/*#4&:-E-,Q&A(%)*+",-)&3/4-)&9L/&).%'Y$Q*#6*#$PMMg@4$!?eK
?: $o*#.%&.#$R*%%4$V.3-&'(#W$^%*,H&.1/'#4$?*")L6;/4%,U&)",E%+4;*-",4&8-*6&*6%&)"$B"4%+$9_.#$$
$B**H/Y$!=ge@4$!?MK
;!
.,*1/%(,/$.#6$/A'.H'3/$A-.,'0'#%$#'G$X(6'.-$,'#%'3/[$,*1-6$J'$,3'.%'6K$n*30.#$Q''4$'%$.-K4$
'NA-.(#4$XQ*,.-(W(#)$(#6(S(61.-$/*1#6$/*13,'/$1#6'3$3'S'3J'3.#%$'#S(3*#0'#%.-$,*#6(%(*#/$,.#$J'$
.$,&.--'#)'$G&'#$%&'$*3()(#.-$/*13,'$.#6$(%/$.,*1/%(,$3'+-',%(*#/$.33(S'$.%$%&'$'.3/$/(01-%.#'*1/-I$
+3*0$6(++'3'#%$A.%&/$%&.%$,*#S'I$.0J()1*1/$6(3',%(*#.-$(#+*30.%(*#K[ ?=
F&'3'$&.S'$J''#$*%&'3$/*1#6<(00'3/(*#$,'#%'3/4$0*/%$#*%.J-I$%&'$_'A/($_.S(-(*#$.%$5NA*$
DgM$(#$j/.H.4$o.A.#K$F&(/$/%31,%13'$G./$.#$(00'#/'$)'*6'/(,$6*0'$G&(,&$'N(/%'6$./$.#$
(#%')3.%(*#$*+$.3,&(%',%13'4$.3%4$.#6$01/(,K$L/$G'--$./$J'(#)$J1(-%$+*3$01/(,.-$,*#/(6'3.%(*#/4$%&'$
*1%/(6'$-.I'3$*+$%&'$6*0'$G./$,*S'3'6$(#$.$/(N$+**%$%&(,H$G.%'3$S.A*3$,-*16$/%31,%13'4$0(N(#)$
/,1-A%13'4$.3,&(%',%13'$.#6$01/(,K$"#/(6'$%&'$6*0'$G'3'$/'S'#4$/(N<+**%$%.--$/,1-A%13'/$'21(AA'6$
G(%&$/A'.H'3/$.#6$0*S(#)$.%$-'//$%&.#$%G*$+''%$A'3$0(#1%'K >M$F&'$A'3+*30.#,'$.3'.$,*#/(/%'6$*+$.$
/*1#6<+('-6$/%31,%13'$,3'.%'6$JI$`.S(6$F16*3K$F&(/$/A.,'$.#6$(#,-16'6$;P$(#A1%/$,*##',%(#)$%*$;g$
/A'.H'3/$,.A.J-'$*+$0*S(#)$/*1#6$%&3*1)&*1%$%&'$6*0'K
j#'$*+$%&'$+'G$0*6'3#$/*1#6$/A.%(.-(W.%(*#$,'#%'3/$(/$%&'$L16(10$(#$^.#$E3.#,(/,*K$$F&(/$
J1(-6(#)$G./$6'/()#'6$JI$%&'$,*0A*/'3$^%.#$^&.++$.#6$/*1#6$6'/()#'3$`*1)$\,5.,&'3#K$$C(%&$
&'-A$+3*0$%&'$n.%(*#.-$5#6*G0'#%$+*3$%&'$L3%/$%&(/$+.,(-(%I$&./$&'-6$G''H-I$A'3+*30.#,'/$/(#,'$
!=gPK$$F&'$+.,(-(%I$/%.3%'6$G(%&$!>$/A'.H'3/$.#6$&./$(#,3'./'6$%*$,133'#%-I$%*%.-$!g>$/A'.H'3/K >!
D#,#(#0')2:$@.&08
?= n*30.#$Q''4$`.0({#$jK$5-(./4$.#6$L#63'G$RK$\./*#.K$XL$A3','6'#,'$'++',%$3'/*-S'/$
A&.#%*0$/*1#6$/*13,'$(--1/(*#/$(#$%&'$A.3./(%*(6$+-I$j30(.*,&3.,'.[K$!+")%%<-,Q4&"5&*6% &
P;*-",;(&H);<%$9&"5&?)-%,)%4&"5&*6%&V,-*%<&?*;*%4&"5&H$%+-);&!M>$#*K$!?$9LA3K$!e4$PMM=@Y$
>;?g0
>M B(--I$V-ÅS'34$N,&]%B*6K$&%%AYbbGGGKGPS3K,*0b.3,&(S'/bV-1S'3b!Mx_.S(-(*#K&%0-K$9.,,'//'6$
eb!b!;@K
>! XL16(10D/$h(/%*3I$*+$;<`(0'#/(*#.-$^*1#6$_3*O',%(*#Y$!=?>$%*$%&'$_3'/'#%4[$
&%%AYbbGGGK.16(10K*3)b*0&AAK,)(c/3,d.3,&(S'b.3,&(S'x&(/%*3IK&AAK$9.,,'//'6$eb!?b!;@K
;P
F&'$1/'$*+$3'+'3'#%(.-$/*1#6/$(#$R*#,3'%'$\1/(,$(/$*#'$*+$%&'$,*#%3*S'3/(.-$(//1'/$
/133*1#6(#)$%&'$0'6(10K$F&'$6'J.%'$(/$G&'%&'3$%*$1/'$3',*36'6$/*1#6/$G&'3'$%&'$*3()(#$,.#$J'$
(6'#%(+('6K$E*3$'N.0A-'4$(#$A*/<%&H/I&16%$-,4&<%&F%+J&%&'$.16('#,'$,.#$A'3,'(S'$9G(%&$&'-A$+3*0$
%&'$%(%-'@$%&.%$%&'$/*13,'$+*3$%&'$0.%'3(.-$1/'6$(/$.$%3.(#K$^,&.'++'3D/$,31/.6'$%*$6(/%.#,'$&(/$G*3H$
+3*0$3'+'3'#%(.-$(#%'3A3'%.%(*#/$,.0'$+3*0$.$6'/(3'4$1#-(H'$%&'$E1%13(/%/4$%*$X3'0*S'$0'.#(#)/$
.#6$6'+(#(%(*#/$*+$&(/$/*1#6/$.#6$,3'.%'$.$6''A'3$A/I,&*-*)(,.-<'0*%(*#.-$3'/A*#/'K gZ&o*'-$
R&.6.J'$'NA-.(#/$^,&.'++'3D/$3'./*#(#)Y$
}^,&.'++'3D/~$0'%&*6$*+$3'%13#(#)$0'.#(#)$.#6$'0*%(*#$%*$01/(,$G./$%*$)*$(#%*$%&'$G*3-6$
.#6$%&'$/*1#6$'++',%/$-(J3.3I$*+$&(/$3.6(*$/%16(*KKK$"#$%&'$A3*,'//4$&'$J',.0'$0*3'$
(#%'3'/%'6$(#$&(/$/*1#6$'++',%/$+*3$3.6(*$A-.I/$3.%&'3$%&.#$%&'$63.0./$%&'0/'-S'/K$E3*0$
%&'$0*0'#%$I*1$.,,101-.%'$/*1#6/$.#6$#*(/'/4$6'A3(S'6$*+$%&'(3$63.0.%(,$
,*##*%.%(*#/4$I*1$,.##*%$&'-A$J1%$0.H'$01/(,4$&'$(#/(/%/K >;
F*$.66$A.%&*/$%*$&(/$.3)10'#%4$^,&.'++'3$'NA-.(#/4$XL$+3('#64$o'3*0'$_'()#.%4$%*-6$0'$
%&.%$%&'$m3''H/$H#'G$*+$%&(/$'NA'3('#,'$.#6$,.--'6$(%$.,*1/0.%(,/$%&'$/%16I$*+$%&'$0'.#(#)$*+$
/*1#6$.#6$#*(/'$G&'#$%&'(3$*3()(#$(/$()#*3'6$*3$1#H#*G#K[>e$
V*#3.6$B*'&0'34$.$m'30.#$,*0A*/'3$G&*$/%16('6$.%$%&'$R*-*)#'$/,&**-$.%$nC]4$
.)3''/$%&.%$3'+'3'#%(.-$/*1#6$/&*1-6$J'$'N,-16'6$+3*0$01/(21'$,*#,3'%'0&h(/$A'3/A',%(S'$(/$J./'6$
*#$%&'$(6'.$%&.%$,*0A*/'3/$G&*$1/'$3'+'3'#%(.-$/*1#64$6*$/*$(#$.$G.I$G&(,&$'N,-16'/$%&'$
.16('#,'K$F&(/$(/$.,,*0A-(/&'6$JI$#''6(#)$.$/(#)-'$1#6'3/%.#6(#)$*+$%&'$/*1#6/4$G&(,&$*#-I$%&'$
,*0A*/'3$,.#$&.S'4$%*$1#6'3/%.#6$%&'$01/(,.-$(0A-(,.%(*#/K$h'$'NA-.(#/Y
>P$o*&#$`(-(J'3%*4$X_('33'$^,&.'++'3$.#6$_('33'$h'#3IY$_(*#''3/$(#$^.0A-(#)4[$A(%)*+",-)&
&&&&&3/4-)-;,&9`','0J'3$!=:>@$?eq?=K
>;$o*'-$R&.6.J'4$A(%)*+-)&?"/,<U&76%&!;4*&;,<&!+"$-4%&"5&A(%)*+",-)&3/4-)$9_3'#%(,'$h.--$
$$$$$!==g@$?!K
>e$o*&#$`(-(J'3%*4$X_('33'$^,&.'++'3$.#6$_('33'$h'#3IY$_(*#''3/$(#$^.0A-(#)$4[$A(%)*+",-)&&
&&&&&3/4-)-;,&9`','0J'3$!=:>@Y$?eq?=K
;;
F&(/$(/$*#'$*+$%&'$0.(#$A3*J-'0/$*+$0*/%$,*0A*/(%(*#/$%&.%$0.H'$1/'$*+$/*1#6/$X,.A%13'6[$
JI$,*0A*/'3/$%&'0/'-S'/K$F&'I$0.I$&.S'$S'3I$/A',(+(,$.//*,(.%(*#/$*3$3'0'0J3.#,'/$
,*#,'3#(#)$%&'$3'/A',%(S'$/*1#6$%&.%$%&'I$,*#+1/'$G(%&$01/(,.-$ 3'-'S.#,'4$J'-('S(#)$%&.%$
%&'I$.3'$X/A',(+(,K[$F&'$-(/%'#'3$&'.3/$*#-I$%&'$/*1#64$G&(,&4$(#$)'#'3.-4$(/$'NA*/'6$/*-'-I$
G(%&(#$%&'$+3.0'G*3H$*+$.$,*0A*/(%(*#$.#6$(/$#*%$(#%')3.%'6$*#$%&'/'$9/1JO',%(S'@$+.,%*3/$ >?$
"#$,*#%3./%$%*$^,&.'++'3$.#6$B*'&0'3D/$.3)10'#%/4$]*J'3%$n*30.#6'.1$+''-/$%&.%$%&'3'$
.3'$%(0'/$G&'#$3'+'3'#%(.-$/*1#6/$.3'$.,,'A%'64$'S'#$A3'+'33'6$%*$#*#<3'+'3'#%(.-$/*1#6/Y$
1-,D$;&B"/+&(h"+%-((%$(/$3'.--I$G&'#$"$G*3H$9/(,@$*#$.$A(','$(#$G&(,&$"$G(--$1/'$6.(-I$-(+'$
/*1#6/4$+*3$'N.0A-'Y$/*1#6$3',*)#(%(*#K$L#6$"$G(--$1/'$%&'0$'/A',(.--I$+*3$%&.%4$J',.1/'$
%&'I$&.S'$.$0'.#(#)$+*3$0'4$.#6$"$6*#r%$/1AA*/'$(%$&./$.$0'.#(#)$+*3$'S'3I*#'K$"+$"$1/'$
%&'$/*1#6$*+$.$%3.(#$G&.%'S'3$(%$0'.#/$+*3$I*14$(%$G(--$&.S'$.$0'.#(#)K$"%$G(--$A1%$.$
3'+'3'#,'$*+$/*0'%&(#)$(#$%&'$A(','KKK$"+$"$1/'$.$/*1#6$*+$.$%3.(#4$(%$G(--$J'$'S'3I$-(/%'#'3r/$
%3.(#$.,,*36(#)$%*$%&'(3$*G#$'NA'3('#,'K$"%$G(--$3'0(#6$%&'0$*+$6(++'3'#%$%&(#)/K$L#6$%&'#$
%&'I$G(--$J'$A1%$(#$.$/(%1.%(*#$G&'3'$%&'I$&.S'$%*$6'.-$G(%&$%&'0/'-S'/K$B1%$(+$"$A1%$.$%3.(#$
*#$.$/,3''#$(%$G(--$J'$0I$%3.(#$+*3$'S'3I*#'4$%&'$/.0'$%3.(#$+*3$'S'3I*#'K$"%$%3())'3/$%&'$
(0.)(#.%(*#$.$-*%$-'//$,*0A.3'6$%*$,-,D$;&B"/+&(h"+%-((%0>>
"$'#O*I$n*30.#6'.1D/$A'3/A',%(S'4$.#6$,.#$3'-.%'$%*$(%K$C&'#$"$A(,%13'$.$%3.(#4$"$/''$%&'$
h**/('3$^%.%'$3*--(#)$.,3*//$5K$h.##.$LS'K$*1%/(6'$*+$%&'$&*1/'$"$3'#%'6$(#$"#6(.#.A*-(/K$F&(/$
'++',%$%3.#/A*3%/$0'$%*$.$1#(21'$-(/%'#(#)$'#S(3*#0'#%$,3'.%'6$JI$0I$'NA'3('#,'/K$
L#*%&'3$'N.0A-'$*+$.$/1,,'//+1-$01/(21'$,*#,3'%'$,*0A*/(%(*#$G&(,&$1/'/$3'+'3'#%(.-$
/*1#6/$(/$Q1,$E'3.33(D/$!+%4./%&>-%,K$F&(/$G*3H$%.H'/$%&'$3',*36(#)/$*S'3$01-%(A-'$0*3#(#)/$*+$.$
E3'#,&$+(/&(#)$S(--.)'$XG.H(#)$1AK[$F&'/'$3',*36(#)/$.3'$#*%$A3'/'#%'6$#.H'64$J1%$3.%&'3$(#$
X.-0*/%$#*%&(#)[$-(H'$%&'$%(%-'$(#6(,.%'/K$F&'3'$.3'$/',%(*#/$(#$%&(/$A(','$G&(,&$/*1#6$-(H'$
1#(#%'331A%'6$S'3/(*#/$*+$6.(-I$-(+'4$,*#%3./%'6$.).(#/%$/',%(*#/$G&(,&$0.#(A1-.%'$%&'$.3%(+.,%/$
(#%*$3&I%&0(,$0*%(S'/K
>?$V*#3.6$B*.'&0'34$A(%)*+";)"/4*-)&3/4-)U&H,;(9*-);(&!%+4B%)*-E%4$'6K$F&*0./$Q(,.%.$$$
$$$$$V*'#()4$9m3''#G**6$_3'//Y$PMMP@4$>M<>!K
>> ]*J'3%$n*30.#6'.14$X"#%'3S('G$G(%&$]*J'3%$n*30.#6'.1[4$"#%'3S('G'6$JI$L-'N.$C*-*/&I#K$
V,-E%+4-*D&<%&3",*+D;(0&E'J1.3I$:4$PM!!K$&%%AYbb,',K/*#1/K,.b',*#%.,%b!;x;b$
G*-*/&I#x#*30.#6'.1xPM!!K&%0-K$9.,,'//'6$\.3,&$!?4$PM!;@K
;e
RKoK$`.3G(#$'#3(,&'/$%&(/$.3)10'#%$G(%&$G*3H$*#$%&'$J3.(#/$.J(-(%I$3'+'3'#,'$.$/*1#6$
G&'#$(#+*30.%(*#$(/$J'(#)$6(3',%'6$+3*0$01-%(A-'$/*13,'/K$`.3G(#$G3(%'/4$XF&'$(#%'--()(J(-(%I$*+$
/A'',&$0./H'6$JI$.$/(#)-'$,*#%(#1*1/$#*(/'$(/$&()&'3$G&'#$%&'$/A'',&$.#6$#*(/'$,*0'$+3*0$
6(++'3'#%$6(3',%(*#/K[>g$"$1/'$%&(/$%',&#(21'$(#$0I$G*3H$.%$0(#1%'$P:YMM$613(#)$%&'$%*3#.6*$
/',%(*#K$F&'$%*3#.6*$/*1#6$,.#$J'$%&*1)&%$*+$./$%&'$X/(#)-'$,*#%(#1*1/$#*(/'[$6(/%*3%(#)$%&'$
J3.(#/$.J(-(%I$%*$3'+'3'#,'$*%&'3$/*1#6/K$"#$0(#1%'$;!YM;4$G&'#$%&'$J(36$/*1#6/$J')(#4$%&'I$.3'$
6*#'$/*$(#$.$G.I$G&(,&$0./H/$%&'(3$(6'#%(%IK$F&'/'$/*1#6/$.3'$A''-'6$.G.I$%*$3'S'.-$%&'$(6'#%(%I4$
(#$.$G.I$"$+''-$'#&.#,'/$%&'$'0*%(*#$*+$%&'$G*3HK
F&'$(6'.$*+$3'+'3'#%(.-$/*1#6/$,3'.%(#)$*3$6(++1/(#)$'0*%(*#$J',*0'/$0*3'$(#%'3'/%(#)$
G&'#$-**H'6$.%$/,('#%(+(,.--IK$R*3#'-(.$E.-'/$G3(%'/$.J*1%$&*G$&10.#/$.3'$A3*)3.00'6$%*$
A'3,'(S'$/*1#6$3'+'3'#%(.--I4$XC(%&$G&.%'S'3$6')3''$*+$.16(%*3I$1#,*#/,(*1/#'//4$%&'$+.,%$
3'0.(#/$%&.%$-(/%'#'3/$.3'$.0.W(#)-I$.#6$,*#+(6'#%-I$)**6$.%$6'3(S(#)$(#+*30.%(*#$.J*1%$%&'$
.,*1/%(,$G*3-6$+3*0$%&'$A'3,'(S'6$G*3-6$(%$(#/A(3'/K[ EF$V''A(#)$%&(/$(#+*30.%(*#$(#$0(#64$'.,&$
,*0A*/'3$01/%$6',(6'$G&'%&'3$'0*%(*#$(/$,3'.%'6$JI$+1-+(--(#)$%&'$&10.#$6'/(3'4$*3$JI$
/1JS'3%(#)$(%K$
"#$^,&.'++'3D/$A&(-*/*A&I4$JI$/1JS'3%(#)$%&'$&10.#$6'/(3'$%*$,.%')*3(W'$/*1#6$(#$.$
-'N(,*#$*+$(%/$*3()(#4$&'$(/$&'()&%'#(#)$%&'$'0*%(*#.-$3'/A*#/'$*+$%&'$.16('#,'K$E3*0$
n*30.#6'.1D/$A'3/A',%(S'4$+1-+(--(#)$%&'$&10.#$6'/(3'$*+$,.%')*3(W(#)$%&'$.,*1/%(,$G*3-6$(/4$.%$
%(0'/4$J'%%'3$/1(%'6$%*$,3'.%'$.#$'0*%(*#.-$3'/A*#/'$J',.1/'$(%$%3.#/A*3%/$'.,&$-(/%'#'3$%*$.$
>g$RKo$`.3G(#4$XQ(/%'#(#)$%*$/A'',&$(#$%&'$A3'/'#,'$*+$*%&'3$/*1#6/[$_&(-*/$F3.#/$]$^*,$Q*#6$B$
$$$$$B(*-$^,(K$9\.3,&$PMM:@Y$!M!!q!MP!K
>: R*3#'-(.$E.-'/4$XF&'$_.3.6*N$*+$F(0J3'[K&A*6,"$/4-)"("Q9J&e>4$#*K$!&9C(#%'34$PMMP@4$>!K
;?
A'3/*#.-$'NA'3('#,'$X+3*0$%&'$A'3,'(S'6$G*3-6[$%&'$3'+'3'#%(.-$/*1#6$(#/A(3'/K
"#$%&(/$3').364$%&'3'$G(--$J'$,*0A*/'3/$G&*$.3'$.J-'$%*$'++',%(S'-I$'0A&./(W'$.#$
'0*%(*#.-$./A',%$*+$%&'(3$01/(,$JI$'(%&'3$.--*G(#)$*3$.S*(6(#)$3'+'3'#%(.-$/*1#6K$F&'3'+*3'4$(#$
0I$A(','$V(944%44$"$&.S'$,&*/'#$%*$.)3''$G(%&$n*30.#6'.1$.#6$#*%$'N,-16'$3'+'3'#%(.-$/*1#6/$
+3*0$0I$G*3HK$F&(/$,.#$'#&.#,'$.#$.-'.%*3(,$A'3,'A%(*#$*+$%&'$G*3H4$.--*G(#)$%&'$.16('#,'$%*$
A'3,'(S'$.#$1#(#%'#6'6$'NA'3('#,'/K$
G$!"#.(4$.,$;&*)H&#$1.0-(#'#5$1:2**),)-2').0*$.,$@.&08*I
L#$.%%'0A%$%*$,3'.%'$.$,.%.-*)1'$+*3$%&'$,-.//(+(,.%(*#$*+$,*#,3'%'$/*1#6/4$(#$'//'#,'4$(/$.$
6'S(,'$+*3$%&'$A'3,'A%(*#$*+$,*#,3'%'$01/(,K$E*3$%&'$,*0A*/'34$%&(/$0.I$J'$%*$1#6'3/%.#6$
,*0A*/(%(*#.-$,&*(,'/$0.6'4$(#$%'30/$*+$/(0(-.3(%I$.#6$,*#%3./%K$E*3$%&'$01/(,$%&'*3(/%4$%&(/$0.I$
J'$%*$A3*S(6'$.$/*-(6$6'+(#(%(*#$*+$%'30/$/*$%&.%$.#.-*)('/$J'%G''#$,*#,3'%'$01/(,$A(','/4$.#6$
01/(,.-$G*3H/$(#$*%&'3$)'#'3.$,.#$J'$'/%.J-(/&'6K$"$G(--$.663'//$%&'$.%%'0A%/ >=$*+$Q1()($]*//*-*4$
_('33'$^,&.'++'34$.#6$]*J'3%$53(,H/*#$%*$,3'.%'$3'+'3'#,'/$G(%&$G&(,&$%*$6(/,1//$,*#,3'%'$01/(,K$
F&'3'$0.I$J'4$*3$&.S'$J''#4$.$,-.//(+(,.%(*#$*+$,*#,3'%'$/*1#6/$A3(*3$%*$Q1()($]*//*-*K$
h*G'S'34$]*//*-*D/$76%&H+*&"5&P"-4%4&A3*S(6'/$*#'$*+$%&'$+(3/%$,-.//(+(,.%(*#/$*+$'N%3.,133(,1-.3$
/*1#6$%',&#(21'/K$h(/$0.#(+'/%*$,-.//(+('/$#*#<%3.6(%(*#.-$/*1#6/$(#%*$>$XE.0(-('/$*+$n*(/'/K[
!Y$]*.3/4$F&1#6'3(#)/4$5NA-*/(*#/4$h(//(#)$]*.3/4$B.#)/4$.#6$B**0/
PY$C&(/%-(#)4$h(//(#)4$_1++(#)
;Y$C&(/A'3/4$\13013/4$\10J-(#)4$\1%%'3(#)4$m13)-(#)
eY$^,3'',&(#)4$R3'.H(#)4$]1/%-(#)4$h100(#)4$R3.,H-(#)4$]1JJ(#)
?Y$n*(/'/$*J%.(#'6$JI$J'.%(#)$*#$q$\'%.-/4$C**6/4$^H(#/4$^%*#'/4$_*%%'3I4$'%,K
>Y$7*(,'/$*+$.#(0.-/$.#6$A'*A-'$q$^&*1%/4$^,3'.0/4$^&3('H/4$C.(-/4$h**%/4$h*G-/4$`'.%&$$
$$$$].%%-'/4$^*J/
>= "$,.--$%&'0$.%%'0A%/$J',.1/'$%&'I$&.S'$#*%$J',*0'$%&'$(#61/%3I$/%.#6.36$+*3$,*#,3'%'$01/(,K
;>
C&(-'$%&(/$-(/%$(/$#*%$.--<(#,-1/(S' 4$"$.0$/13A3(/'6$JI$%&'$/*1#6$*+$%.-H(#)$J'(#)$'N,-16'64$
./$%&'$S*(,'$J',*0'/$+1#6.0'#%.-$%*$%&'$G*3H/$*+$^%*,H&.1/'#4$^,&.'++'34$.#6$*%&'3/K$h*G'S'34$
./$_3.%'--.$G3*%'4$%&'$X3'()#$*+$%&'$/(#)'3$01/%$'#6[K$]1//*-*$/''0/$%*$&.S'$%.H'#$%&(/$%*$'N,-16'$
.--$G*36/$.J*S'$&1/&'6$%*#'/K
l#-(H'$%.-H(#)4$%&'3'$.3'$/*0'$/*1#6/$'N,-16'6$+3*0$]1//*-*D/$-(/%$%&.%$,.#$'./(-I$J'$
(#,-16'6$(#%*$.#$'N(/%(#)$,.%')*3IK$E*3$(#/%.#,'4$,-(,H(#)$,.#$J'$(#,-16'6$(#%*$,.%')*3I$e$G(%&$
,3'.H(#)$.#6$,3.,H-(#)K$F&'3'$.3'$.-/*$/*1#6/$-'//$'./I$%*$,-.//(+IK$E*3$(#/%.#,'4$G&'3'$/&*1-6$
,31#,&(#)$J'$,-.//(+('6c$"$,.#$/''$,31#,&(#)$+**6$J'(#)$.66'6$(#%*$,.%')*3I$e$J',.1/'$*+$31/%-(#)$
.#6$,3.,H-(#)4$J1%$,31#,&(#)$)-.//$6*'/$#*%$+(%$(#%*$,.%')*3I$eK$E13%&'30*3'4$(+$%&'$S*-10'$*+$
,31#,&(#)$)-.//$G'3'$(#,3'./'64$(%$0()&%$J'$(#,-16'6$(#%*$,.%')*3I$!$G(%&$&(//(#)$3*.3/K$
BI$,*#/(6'3(#)$S*-10'$(#$%&'$,-.//(+(,.%(*#$/I/%'0$.$G&*-'$#'G$/'%$*+$A3*J-'0/$.3(/'K$
E*3$(#/%.#,'4$XG&'#$6*'/$.$&10$J',*0'$.$3*.3c[$"$+*1#6$%&(/$/.0'$A3*J-'0$(#$0I$*G#$G*3H$
G&'#$"$,3'.%'6$.$-(/%$*+$(#%'#/(%('/$*+$6(++'3'#%$/*1#6/4$*#-I$-.%'3$%*$3'.-(W'$%&.%$"$&.S'$1/'6$%&'$
6',(J'-$-'S'-$./$.$+.,%*3$*+$0I$,-.//(+(,.%(*#K$L-/*4$(%$(/$#*%$/*$'./I$%*$J.-.#,'$%&'$-'S'-/$*+$
/*1#6/$G(%&$6(++'3'#%$%(0J3'/4$.%%.,H/4$.#6$/*1#6$/%31,%13'K$C&'3'./$*#'$0.I$&.S'$.$/%3*#)$
.%%.,H$.#6$.$G'.H$613.%(*#4$.#*%&'3$0.I$J'$0*3'$1#(+*30$%&3*1)&*1%4$.#6$%&'$/*1#6/$,.##*%$J'$
J.-.#,'6$J',.1/'$*+$%&'$6(++'3'#,'/$(#$%&'(3$,*#%'#%K$
]1//*-*D/$,-.//(+(,.%(*#$/I/%'0$J3'.H/$6*G#$+13%&'3$G&'#$,*#/(6'3(#)$(%$(#$%'30/$*+$.$
,*#,3'%'$A'3+*30.#,'$J',.1/'$%&'$,.%.-I/%$+*3$/*1#6$,.##*%$J'$/''#K$"+$%G*$-(/%'#'3/$*+$,*#,3'%'$
01/(,$.3'$&'.3(#)$%&'$/.0'$A(','4$%&'I$0.I$6(/.)3''$./$%*$G&'%&'3$/*0'*#'$G./$XJ'.%(#)$*#$
0'%.-[$(#$,.%')*3I$?$*3$%&1#6'3(#)$(#$,.%')*3I$!K$F*$&'-A$(#$%&(/$6(/,1//(*#4$]1//*-*$(#,-16'/$.#$
'NA-.#.%(*#$*+$&*G$%&'/'$/*1#6/$/&*1-6$J'$,*#/(6'3'6$JI$.$-(/%'#'3$.#6$&*G$%&'/'$/*1#6/$/&*1-6$
;g
J'$1/'6$JI$.$,*0A*/'3Y$
5S'3I$0.#(+'/%.%(*#$*+$-(+'$(/$.,,*0A.#('6$JI$#*(/'K$n*(/'$(/$%&1/$+.0(-(.3$%*$*13$'.3$.#6$
&./$%&'$A*G'3$*+$(00'6(.%'-I$3',.--(#)$-(+'$(%/'-+K$^*1#64$'/%3.#)'6$+3*0$-(+'4$.-G.I/$
01/(,.-4$/*0'%&(#)$(#$(%/'-+4$.#$*,,./(*#.-$#*%$.$#','//.3I$'-'0'#%4$&./$J',*0'$+*3$*1%$
'.3$G&.%$+*3$%&'$'I'$(/$.$%**$+.0(-(.3$/()&%K$n*(/'$(#/%'.64$.33(S(#)$,*#+1/'6$.#6$(33')1-.3$
+3*0$%&'$(33')1-.3$,*#+1/(*#$*+$-(+'4$(/$#'S'3$3'S'.-'6$%*$1/$'#%(3'-I$.#6$.-G.I/$&*-6/$
(##10J'3.J-'$/13A3(/'/K$C'$.3'$,'3%.(#4$%&'#4$%&.%$JI$/'-',%(#)4$,**36(#.%(#)4$.#6$
,*#%3*--(#)$.--$%&'$#*(/'/4$G'$G(--$'#3(,&$0.#H(#6$G(%&$.$#'G$.#6$1#/1/A',%'6$A-'./13'$*+$
%&'$/'#/'/K$L-%&*1)&$%&'$,&.3.,%'3(/%(,$*+$#*(/'$(/$%&.%$*+$3'0(#6(#)$1/$J31%.--I$*+$-(+'4$*6%&
;+*&"5&,"-4%4&46"/(<&,"*&(-$-*&-*4%(5&*"&;,&-$-*;*-E%&+%B+"</)*-",K$"%$G(--$.,&('S'$(%/$)3'.%'/%$
'0*%(*#.-$A*G'3$(#$.,*1/%(,.-$'#O*I0'#%$(%/'-+4$G&(,&$%&'$(#/A(3.%(*#$*+$%&'$.3%(/%$G(--$
H#*G$&*G$%*$63.G$+3*0$%&'$,*0J(#(#)$*+$#*(/'/KgM$
\I$+(#.-$,*#,'3#$G(%&$%&(/$-(/%$(/$.$-.,H$*+$'NA-.#.%(*#$+*3$G&I$%&'$-(/%$01/%$'N(/%$(#$%&'$
+(3/%$A-.,'K$L$,-.//(,.-$*3,&'/%3.%(*#$J**H4$JI$](0/HI<V*3/.H*S4$*3$j-(S('3$\'//(.'#$+*3$
'N.0A-'4$(#,-16'/$'N.0A-'/$*#$&*G$%&'I$1/'6$%(0J3'/$(#$%&'(3$G*3HZ$J1%4$JI$-'.S(#)$%&'$
,*0J(#.%(*#$*+$%&'/'$#*(/'/$%*$%&'$X(#/A(3.%(*#$*+$%&'$.3%(/%[K$
F&(/$+(#.-$,*#,'3#$(/$3'/*-S'6$JI$%&'$0*3'$/,('#%(+(,$.AA3*.,&$%.H'#$JI$_('33'$^,&.'++'3$
(#$6'S'-*A(#)$&(/$XF&'*3I$*+$\1/(21'$R*#,3'%'K[$F&(/$#'G$.AA3*.,&$/&*G/$J*%&$%&'$.6S.#,'$(#$
%',&#*-*)I$J'%G''#$!=!;$.#6$!=>M4$.#6$1#6'3/%.#6(#)$*+$/*1#6$J./'6$*#$^,&.'++'3D/$%3.(#(#)$./$
.$3.6(*$'#)(#''3K$F&(/$#'G$.AA3*.,&$&./$%&3''$.N(/$,*#/(/%(#)$*+$`',(J'-$-'S'-$*#$%&'$I<.N(/4$
613.%(*#$*#$%&'$N<.N(/4$.#6$A(%,&$*#$%&'$W<.N(/K$
F&'$/%3'#)%&$*+$%&(/$^,&.'++'3D/$0'%&*6$(/$%&'$0'%(,1-*1/$,*#/%31,%(*#4$/A',(+(,.--I$*+$%&'$
613.%(*#$'-'0'#%K$F&(/$'-'0'#%$(/$J3*H'#$(#%*$%&3''$,.%')*3('/Y$.%%.,H4$/1/%.(#4$.#6$6',.IK$F&(/ $
,-.//(+(,.%(*#$(/$.#$(0A*3%.#%$G.I$%*$1#6'3/%.#6$01/(21'$,*#,3'%'&J',.1/'$%&'$%&'#<#'G$
.6S.#,'/$(#$%',&#*-*)I$.--*G'6$0.#(A1-.%(*#$*+$/*1#6/$%&.%$.-%'3$%&'(3$,*3'$A'3,'A%(*#K$
^,&.'++'3$6(/,*S'3'6$(#$&(/$'NA'3(0'#%/$%&.%$3'0*S(#)$%&'$.%%.,H$*+$.$/*1#6$&./$.$A3*+*1#6$
gM$Q1()($]1//*-*K$3","Q+;B64&-,&$/4-)"("Q9&,"0&g&$9_'#63.)*#$_3'//Y$n'G$y*3H4$!=:>@$Pg<P:K
;:
'++',%$*#$%&'$-(/%'#'3$J'(#)$.J-'$%*$6(/,'3#$%&'$*3()(#$*+$%&'$/*1#6Y
BI$&.S(#)$*#'$*+$%&'$J'--/$&(%$"$)*%$%&'$/*1#6$;5*%+$%&'$.%%.,HK$C(%&*1%$(%/$A'3,1//(*#$%&'$
J'--$J',*0'/$.#$*J*'$/*1#6KKK$"+$"$,1%$*++$%&'$/*1#6/$+3*0$%&'(3$.%%.,H/4$"$)'%$.$6(++'3'#%$
/*1#6Z$*#$%&'$*%&'3$&.#64$(+$"$,*0A'#/.%'$+*3$%&'$63*A$(#$(#%'#/(%I$G(%&$%&'$A*%'#%(*0'%'3$
}L$O*I/%(,H$1/'6$%*$,*#%3*-$A(%,&~4$"$)'%$.$63.G#$*1%$/*1#6$.#6$,.#$0*S'$%&'$,*#%(#1.%(*#$.%$
G(--Kg!
F&'3'+*3'4$JI$3'0*S(#)$%&'$.%%.,H4$%&'$.J(-(%I$%*$3'+'3'#,'$%&'$/*1#6$(/$-(0(%'6K$
L$%&(36$,-.//(+(,.%(*#$+*3$X,*#%'0A*3.3I$01/(,[$(/$]*J'3%$53(,H/*#D/$?"/,<&?*+/)*/+%&-, &
3/4-)K$L-%&*1)&$%&(/$%'N%$(/$#*%$,3'.%'6$./$.$%&'*3I$+*3$,*#,3'%'$01/(,4$53(H/*#$,-.//(+I'/$/*1#6/$
JI$%(0J3'4$01,&$(#$%&'$/.0'$G.I$./$]*//*-*$.#6$^,&.'++'3K$
53(,H/*#$'NA.#6/$*+$%&'$G*3H$*+$^,&.'++'3$JI$A3*S(6(#)$,*#,-1/(*#/$+3*0$%&'$/,('#%(+(,$
+('-6$*#$%(0J3'$.#6$/*1#6$A'3,'A%(*#K$53(H/*#$A3*S(6'/$.$,*0A3'&'#/(S'$-(/%$*+$'NA'3(0'#%/$%&.%$
A3*S(6'$3'-'S.#%$(#+*30.%(*#$%*$.$,*0A*/'3K$C&.%$"$0'.#4$(/$%&.%$0*6'3#$3'/'.3,&$.AA'.3/$%*$J'$
3'-.%'6$%*$&*G$%&'$,*3'$*+$%&'$.16(*$,*3%'N4$.#6$/A',(+(,.--I$%&'$,.16*-.%'3.-$9RQ@$.#6$
,.16*0'6(.-$9R\@$3')(*#/$.3'$(#%'33'-.%'6$(#$(#%'3A3'%(#)$(#+*30.%(*#$/'#%$+3*0$%&'$,*,&-'.K gP$
\(--'34$]',.#W*#'4$\'3W'#(,&K$'NA-.(#Y
6'/A(%'$,*#/(6'3.J-'$'++*3%$%*$6'%'30(#'$&*G$%&'$,'3'J3.-$,*3%'N$A3*,'//$.,*1/%(,$/A.,'4$
*13$1#6'3/%.#6(#)$3'0.(#/$316(0'#%.3IK$E3*0$%&'/'$/%16('/$.#6$*%&'3/4$G'$H#*G$%&.%$
.,*1/%(,$/A.,'$(/$#*%$%*A*)3.A&(,.--I$*3).#(W'6$(#$%&'$0.00.-(.#$,'3'J3.-$,*3%'N$.#6$
/(#)-'$#'13*#$/A.%(.-$3','A%(S'$+('-6/$.#6$S'3I$J3*.6$.#64$(#$%&'0/'-S'/4$1#-(H'-I$%*$
.,,*1#%$+*3$-*,.-(W.%(*#$.J(-(%IK$F&1/4$/*0'$+*30$*+$A*A1-.%(*#$,*6'$(/$-(H'-I$1/'6$%*$
3'A3'/'#%$.,*1/%(,$/A.,'$(#$%&'$.16(%*3I$,*3%'NK g;
F&'3'+*3'4$G&(-'$53(,H/*#D/$J**H$(/$;?$I'.3/$*-64$0*6'3#$/%16('/$&.S'$A3*S(6'6$-(%%-'$
g!$"J(6$gK
gP Q''$\K$\(--'34$m3'))$hK$]',.#W*#'4$.#6$\(,&.'-$\K$\'3W'#(,&K$X_*A1-.%(*#/$*+$L16(%*3I$
R*3%(,.-$n'13*#/$R.#$.,,13.%'-I$5#,*6'$L,*1/%(,$Â.,'$.,3*//$^%(01-1/$"#%'#/(%I[K$
!+")%%<-,Q4&"5&*6%&P;*-",;(&H);<%$9&"5&?)-%,)%4&"5&*6%&V,-*%<&?*;*%4&"5&H$%+-);0&!M>4$#*K$!e$
9LA3(-$g4$PMM=@Y$?=;!K
g; "J(6K
;=
(#+*30.%(*#$3'-'S.#%$%*$A'3,'A%(*#4$./$/,('#%(/%/$&.S'$J''#$/%16I(#)$9.-J'(%$(#,*#,-1/(S'-I@$&*G$
.#6$G&'3'$(#$%&'$J3.(#$/*1#6$(#+*30.%(*#$(/$A3*,'//'6K
53(,H/*#D/$J**H$.-/*$(#,-16'/$'N.0A-'/$*+$V-.#)+.3J'30'-*6('4$G(%&$'N.0A-'/$+3*0$
B.,&4$.#6$C'J'3#K$L-%&*1)&$%&'$/1JO',%$(/$6(/,1//'64$53(,H/*#$A3*S(6'/$#*$(#+*30.%(*#$A./%$
h'-0&*-%W$9!:gg@$*#$%(0J3.-$/I#%&'/(/K$E13%&'3$.#.-I/(/$*+$3','#%$/%16('/$*#$+1/(#)$%(0J3'/$G(%&$
0*6'3#$%',&#*-*)I$G*1-6$J'$(#%'3'/%(#)$%*$6'S'-*A$(#$01/(21'$,*#,3'%'K$
"#$m'*3)'/$E*3)'%4$G*3H$:a;BB%(J&&'$0(N'/$%&'$/*1#6$*+$G.S'/$.#6$%3.6(%(*#.-$
(#/%310'#%/4$-(H'$,-.3(#'%/4$S(*-(#/$.#6$.#$*3).#K$F&(/$/I#%&'/(/$&./$/*1#6/$,3./&(#)$(#$.#6$*1%$*+$
%&'$G.S'$/*1#6/K$F&'$,*0J(#.%(*#$*+$01-%(A-'$(#/%310'#%/$,3'.%'/$.$X%&(,H[$/*#*3(%I$(#$
^,&.'++'3D/$X,3(%'3(*#$+*3$%&(,H#'//[$G&(,&$0.%,&'/$%&'$G.S'/$X%&(,H<G&(%'[$%(0J3'$S'3I$G'--K$"#$
%&(/$G.I4$E*3)'%$,3'.%'/$&(/$*G#$/%16I$*+$%(0J3.-$/I#%&'/(/
!"#$$%$&'()%"(*%
F&'$+*--*G(#)$-(/%$6(/A-.I/$%&'$%(0'$+*3$/*1#6/$.#6$'S'#%/$(#$0I$G*3H$V(944%40&&F&'$G*3H$
(/$,*#/%31,%'6$+3*0$*#-I$3',*36'6$/*1#6/$9#*$'-',%3*#(,.--I$/I#%&'/(W'6$/*1#6/@K$F&'/'$(#,-16'$
G.%'34$G(#64$+(3'4$.#6$J(36/K$$F&'$A(','$-./%/$e?$0(#1%'/K
l-I//'/$F(0'-(#'Y
MYMM<>YP; "#%3*61,%(*#$.#6$'NA*/(%(*#$*+$%(0J3'/
MYMM<MY!:$$$$$$$$$$$$$$$$$$$$$$$].%%-'$q$.0A-(+('6$G.%'3$/%.%(,
!YP?<!Ye= $$$Q()&%$].(#$^%*30$q$,*--',%(*#$*+$/*+%$3.(#$63*A/
!Y?e<PYMe $$$Q**#$R.--$q$-*G'3'6$(#$A(%,&$.#6$-'#)%&'#'6$%*$6(/)1(/'$/*1#6$
$$$$$$$$$$$/*13,'
PYP:<PY;: $$$Q**#$R.--$91A$.$+(+%&@
PY?M<PY?e $$$`','A%(S'$Q**#$R.--$q$.$6(++'3'#%$J(36$,.--$%&.%$6*'/$#*%$+*--*G$
$$$$$%&'$0'-*6I$*+$%&'$Q**#
;YM!<;YM? $$$].(#$`3*A$.#6$E(3'$R*0J*
;Y!M $$$].(#$`3*A$F*#'$]*G
eM
;YP?<;Y?P $$$^&(00'3$].(#$q$&()&$+3'21'#,I$J**/%$%*$&'-A$(%$/&(00'3
;Y;!<;Ye! $$$h()&$C(#6$^*1#6$9R<Â'.H'3/@
>YP?<!MYP! C.%'3$`'S'-*A0'#%
>YP? $$$E(3/%$Q*G$C.%'3$B**0$q$A(%,&$63*AA'6$+3*0$XL![$3.(#$63*A
>Y;P $$$^&*3%$jS'3%*#'$C.%'3$m13)-'$<$XL![$/*1#6$/*13,'
>Y?; $$$Q**#$!$G(%&$F1#(#)$E*3H/
gYM; $$$Q**#$P$91A$.$A'3+',%$?%&@$G(%&$F1#(#)$E*3H/
:Y;;<:Y?M $$$jS'3%*#'$C.%'3$m13)-'
=Y!?<!MYPM $$$^.0'$].(#$`3*A$^%*30$<$XL![$/*1#6$/*13,'
!MY!=<!:YM> ^.0'$^*1#6$C(#6$`'S'-*A0'#%$
F&'$G(#6$/*1#6$(/$.$G&.-'$'O',%(#)$G.%'3$+3*0$(%/$J-*G&*-'
!>YeM $$$Q*G$R3./&$(#$^(-'#,'
!:Y!M<!=Y;= Q*G$%*$h()&$C(#6$F3.#/(%(*#
!=Ye!<P!Ye> h()&$C(#6$`'S'-*A0'#%
!=Ye!<!=Y?; $$$Â.3/'$`'S'-*A0'#%$
!=Y?;<PMYe! $$$E./%$]&I%&0(,$`'S'-*A0'#%$q$B.,&$/',%(*#
PMYeP $$$C.%'3$`3*A
PMYe?<P!Y!P $$$C.%'3$_*13(#)
P!Y!e<P!Ye? $$$L/,'#6(#)$C(#6$F3.#/(%(*#
P!Ye?<P>Y!: ]10J-'$F3.#/(%(*#
PPY!M<;PY;; F*3#.6*
PPY!M $$$F*3#.6*$(##'3$,(3,-'$9F!@
PPY;P $$$F*3#.6*$/',*#6$,(3,-'$9F!ÇFP@
P;YP! $$$F*3#.6*$%&(36$,(3,-'$9F!ÇFPÇF;@
PeYMe $$$F*3#.6*$+*13%&$,(3,-'$9F!ÇFPÇF;ÇFe@
PeYe: $$$F*3#.6*$+(+%&$,(3,-'$9F!ÇFPÇF;ÇFeÇF?@
P?Y;= $$$ $$$F*3#.6*$/(N%&$,(3,-'$9F!ÇFPÇF;ÇFeÇF?ÇF>@
;MY!g $$$L66$E(3'$B.--/$q$%&'$+(3'$J.--/$.3'$,*0A3'//'6$3',*36(#)/$*+$
$$$$$$0.%,&'/$J'(#)$-(%
;!YM;<;?Y?e B(36$R.--/
e!
;?Y?e<eMYe! \.%3(N<].(#
;:Y;; $$$L66$n'G$`3*A/
;=YM> $$$L66$E(3/%$h'.SI$`3*A
eMYeP<e;Y;M F*%.-$F*3#.6*
<(#,-16(#)$0.%3(N$3.(#
eMYeP<eMYMP $$$ $$$F1#(#)$F*3#.6*

eMY?! $$$ $$$E(3'$B.--/
eMYMP $$ $$$_(%,&'6$F*3#.6*
e;YM=<e?YMM$ E.6'$j1%$^%.%(,
!"#$$%$
^*1#6/$'N(/%$(#$.,*1/%(,.-$,*#%'N%/K$"#$-(S'$A'3+*30.#,'/$G'$A'3,'(S'$/*13,'/$.%$6(++'3'#%$
-*,.%(*#/4$.#6$.%$6(++'3'#%$6(/%.#,'/4$(#$3**0/$%&.%$,.#$)(S'$1/$/%3*#)$(0A3'//(*#/$*+$
'#S'-*A0'#%K$L$,*0A-'%'$3'A3*61,%(*#$/&*1-6$,*#S'I$%&'$'//'#,'$*+$%&'/'$(0A3'//(*#/K$L$
0*0'#%D/$%&*1)&%$3'S'.-/$%&.%$J',.1/'$*13$J(#.13.-$A'3,'A%1.-$0',&.#(/0$(/$/'#/(%(S'$%*$
/*1#6/$.33(S(#)$+3*0$.--$.#)'-/4$3'A3*61,(#)$.$A'3/1./(S'$(--1/(*#$*+$3'.-(/%(,$6(3',%(*#$
.#6$/A.,'$01/%$'#%.(-$01-%(A-'$,&.##'-/$6'-(S'3(#)$/*1#6/$%*$%&'$-(/%'#'3$+3*0$0.#I$
6(3',%(*#/Kge
kE-*I6$F**-'$
L$A13A*/'$+*3$0I$%&'/(/$G./$%*$'NA-*3'$/*1#6/$(#$gK!$,&.##'-$.16(*K$L/$.#$1#6'3)3.61.%'$
/%16'#%4$"$G3*%'$A(','/$+*3$%G*$.#6$+*13$,&.##'-$.16(*4$.#6$.$gK!$,&.##'-$A(','$G./$.$,&.--'#)'$"$
+'-%$+(%%(#)$%*$%&'$0./%'3r/$%&'/(/$(6'.-K$F&'$,&.--'#)'$gK!$,&.##'-$.16(*$A*/'/$%*$.#$.3%(/%$(/$&*G$
%*$1/'$%&'$,&.##'-/$(#$.#$'++',%(S'$G.I4$/*$%&.%$%&'3'$(/$.$A13A*/'$%*$%&'$01/(,$+*3$3'21(3(#)$0*3'$
/A'.H'3/K$"$.S(6-I$.S*(6'6$G*3H(#)$G(%&$%&'$/A'.H'3/$(#$.$G.I$%&.%$?K!$*3$-'//$.16(*$G*1-6$&.S'$
.--*G'6$+*3$.$/(0(-.3$'NA'3('#,'K$"$.-/*$.S*(6'6$1/(#)$%&'$/A'.H'3/$(#$%&'$G.I$"$J'-('S'$%&.%$
0*S('/$1/'$%&'0K$"#$0I$*A(#(*#4$0*S('/$1/'$/A'.H'3/$%*$A-.,'$/*1#6/$.3*1#6$%&'$.16('#,'$%&.%$
(00'3/'/$%&'0$(#$%&'$X/%*3I[K$F&'3'+*3'4$+*3$0I$A13A*/'/4$"$J'-('S'$%&.%$%&'$)3'.%'/%$.//'%$*+$gK!$
ge E-*I6$F**-'K$?"/,<&>%B+"</)*-",U&76%&H)"/4*-)4&;,<&!49)6";)"/4*-)4&"5&:"/<4B%;L%+4&;,< &
>""$4$9B13-(#)%*#Y$E*,.-$_3'//4$PMM:@$ePK
eP
,&.##'-$.16(*$*S'3$%G*$,&.##'-$.16(*$(/$%&.%$%&'$'N%3.$/A'.H'3/$.--*G$+*3$(#,3'./'6$(#+*30.%(*#$
%*$J'$%3.#/0(%%'6K$"#$%&(/$G.I$gK!$,&.##'-$.16(*$(00'3/'/$%&'$.16('#,'$(#$%&'$/*1#6$JI$
A&I/(,.--I$&.S(#)$%&'$S(J3.%(*#/$0.#(A1-.%'$%&'$J*6I$+3*0$6(++'3'#%$6(3',%(*#/4$#*%$JI$-*,.-(W(#)$
%&'$*3()(#$*+$/*1#6$+*3$(#%'3'/%K$
"#$,&**/(#)$gK!$.16(*4$"$%&'#$&.6$%*$,3'.%'$.#$(6'.$*+$&*G$"$G*1-6$.33.#)'$%&'$/A'.H'3/$%*$
,3'.%'$.#$(#%'3'/%(#)$/*1#6<+('-6$%*$'NA-*3'K$"+$.--$g$/A'.H'3/$.3'$'21(6(/%.#%$+3*0$.$-*,.%(*#4$.$
/A',(+(,$A*(#%$J',*0'/$.$X/G''%$/A*%[$+*3$.#$(6'.-$-(/%'#'3$%*$A'3,'(S'$%&'$/*1#6K$F&(/$(6'.$(/$
'/A',(.--I$(0A*3%.#%$+*3$+(-0$+*-'I4$-(H'$0*S(#)$,.3/K$"+$.$-(/%'#'3$(/$/(%1.%'6$%**$,-*/'$%*$.$
/A'.H'34$%&.%$A'3/*#$0.I$#*%$&'.3$%&'$0*S'0'#%$*+$%&'$S'&(,-' K$"+$.$-(/%'#'3$(/$%**$+.3$.G.I4$%&.%$
A'3/*#$0.I$#*%$&'.3$%&'$S'&(,-'$.%$.--K$F&(/$,'#%3.-$-*,.%(*#$A3*S(6'/$.$J.-.#,'$+*3$%&'$.3%(/%$%*$
0(N$%&'$/*1#6$(#$.#$X(6'.-$/'%%(#)K[$
"#$'/%.J-(/&(#)$%&'$/A'.H'3$A-.,'0'#%$+*3$V(944%44$"$&.6$%*$,*#,-16'$(+$.#$(6'.-$X/G''%$
/A*%[$3'+-',%'6$%&'$A13A*/'$*+$%&'$01/(,K$"$,*#/(6'3'6$.(0(#)$%&'$/A'.H'3/$(#$6(++'3'#%$6(3',%(*#/$
%*$.--*G$%&'$A'3+*30.#,'$/A.,'$&.30*#(,/$%*$0.#(A1-.%'$%&'$A'3+*30.#,'K$"$3'O',%'6$%&(/$(6'.$
J',.1/'$"$J'-('S'$0166I$21.-(%I$*+$3.#6*0$3**0$.,*1/%(,/$6(6$#*%$+(%$%&'$0'%(,1-*1/$/%31,%13'$*+$
%&'$A(','K$"$.-/*$,*#/(6'3'6$A-.,(#)$%&'$/A'.H'3/$.%$6(++'3'#%$&'()&%/$/*$%&.%$%&'$/*1#6<+('-6$,*1-6$
(#,-16'$.$S'3%(,.-$'-'0'#%K$"$A.3%(.--I$3'O',%'6$%&(/$,*#,'A%$J',.1/'$"$,&*/'$%&(/$/1JO',%$%*$'NA.#6 $
*#$0I$1#6'3)3.61.%'$G*3H$G(%&$+*13$,&.##'-$.16(*K$C(%&$%&(/$J'(#)$0I$+(3/%$'NA-*3.%(*#$*+$gK!$
,&.##'-$.16(*4$"$6',(6'6$%*$H''A$%&'$A*//(J(-(%('/$+*3$/*1#6<+('-6$6'S'-*A0'#%$*#$%&'$&*3(W*#%.-$
A-.#'K$BI$1/(#)$*#-I$/'S'#$/A'.H'3/4$/%.))'3(#)$%&'0$S'3%(,.--I$G*1-6$#*%$'++',%(S'-I$,3'.%'$.$
/*1#6$+('-6$'(%&'3$S'3%(,.--I$*3$&*3(W*#%.--IK$"+$(#$%&'$+1%13'$"$.0$.J-'$%*$,3'.%'$.$/*1#6$/A.,'$%&.%$
(0A-*3'/$P:$/'A.3.%'$/A'.H'3/$G(%&$(#6(S(61.-$,&.##'-/4$"$0.I$'NA-*3'$%&'$A*//(J(-(%('/$*+$S'3%(,.-$
e;
/*1#6$,*#/%31,%(*#K$h*G'S'34$JI$A-.,(#)$%&'$/1JG**+'3$1#6'3#'.%&$%&'$.16('#,'4$.$S'3%(,.-$
'-'0'#%$,.#$J'$.,&('S'6$G(%&$.#$'-',%3*#(,$6'S(,'$,.--'6$.$,3*//*S'3K$F&'$,3*//*S'3$6(S(6'/$.$
/()#.-$(#%*$+3'21'#,I$3.#)'/$.#6$%&'#$/'#6/$6(++'3'#%$+3'21'#,('/$%*$6(++'3'#%$,&.##'-/K$BI$
-.I'3(#)$01-%(A-'$,3*//*S'3/4$"$&.S'$.,&('S'6$.$+.-/'$S'3%(,.-$'-'0'#%$%&.%$.66/$0*3'$(#+*30.%(*#$
%*$%&'$/*1#6$/A',%310$%&.#$G*1-6$&.S'$J''#$.,,*0A-(/&'6$JI$/'#6(#)$#'G$/*1#6/$%*$%&'$
/1JG**+'3$.#6$'-(0(#.%'6$%&'$'N%3.$,*/%/$*+$0*3'$/A'.H'3/K
J)2?(27$K$@A#2L#($6:2-#7#0'
`(.)3.0$!$6'0*#/%3.%'/$%&'$.33.#)'0'#%$*+$/A'.H'3/$(#$(6'.-$,*#6(%(*#/K$F&'$6(.)3.0$(/$
-.J'-'6$JI$%&'$#.0'/$*+$%&'$/'#6/$G&(,&$"$1/'6$%*$.33.#)'$%&'$/*1#6/K$F&'$XB[$,&.##'-$/A'.H'3/4$
;$9-'+%@$.#6$e$93()&%@4$.3'$1/'6$A3*0(#'#%-I$./$.$,'#%3.-$-*,.%(*#$+*3$/*1#6$J',.1/'$%&'$X(6'.-[$
-(/%'#'3$G(--$J'$/(%%(#)$J'%G''#$%&'0K$L).(#4$%&(/$6*'/$#*%$0'.#$%&.%$"$(#%'#6$.--$-(/%'#'3/$%*$/(%$(# $
%&'$X/G''%$/A*%[$#*3$%&.%$-(/%'#'3/$/(%%(#)$*1%/(6'$%&'$/G''%$/A*%$3','(S'$.$-'//$%&.#$(6'.-$
A'3+*30.#,'K$C&'#$-'S'-/$.#6$A.##(#)$G'3'$J'(#)$,*#/(6'3'6$%&'$X/G''%$/A*%[$.,%'6$./$.$,'#%3.-$
-*,.%(*#$%*$J.-.#,'4$*3$1#J.-.#,'$%&'$/*1#6/K$R&.##'-$g4$%&'$X+3*#%[$/A'.H'34$(/$1/'6$%*$J')(#$%&'$
A(','$J',.1/'$"$J'-('S'$%&.%$%&'$+*3G.36$-*,.%(*#$G(--$A3*0*%'$.$,./1.-$-(/%'#'3$A'3,'(S(#)$%&'$
ee
,*#%'#%$*+$/*1#6$J'+*3'$%&'I$J',*0'$,*#/,(*1/$*+$.$0.#(A1-.%(*#$%*$%&'$-*,.%(*#$*+$%&.%$/*1#6K$"$
%3('6$(#$%&(/$A(','$%*$#'S'3$1/'$.13.-$.3,&(%',%13'$./$.$)(00(,H4$J1%$%*$(00'3/'$%&'$.16('#,'$(#$. $
/*1#6$+('-6K$E(#.--I4$(#$(6'.-$,*#6(%(*#/$%&'$.16('#,'$G*1-6$J'$/(%%(#)$.J*S'$%&'$/1JG**+'3$%*$
0.N(0(W'$%&'$S'3%(,.-$'-'0'#%$,3'.%'6$JI$%&'$,3*//*S'3$A.%,&'/Z$&*G'S'34$61'$%*$A'3+*30.#,'$
,*#/%3.(#%/4$%&'$A3'0('3$*+$%&(/$A(','$G(--$#*%$&.S'$%&'$.16('#,'$'-'S.%'6$.J*S'$%&'$/1JG**+'3K
j#,'$%&'$.33.#)'0'#%$*+$%&'$/A'.H'3$&.6$J''#$6',(6'64$0I$.%%'#%(*#$%13#'6$(#%*$&*G$"$
,*1-6$1/'$%&'0$%*$0.N(0(W'$%&'(3$A13A*/'$9(K'K$#''6(#)$gK!$(#/%'.6$*+$?K!$*3$e@$G&(-'$-(0(%(#)$%&'$
A'3,'A%(*#$*+$/*1#6$-*,.-(W.%(*#$./$.$)(00(,HK$"$6',(6'6$%&.%$0I$A13A*/'$+*3$gK!$,&.##'-$.16(*$
G*1-6$3'-.%'$%*$.$6'+(,('#,I$"$&.S'$#*%(,'6$(#$3',*36(#)$/*1#6Y$/A',(+(,.--I$%&'$/*1#6/$*+$3.(#4$
G(#64$,3*G6/4$*3$.#I$/(0(-.3$,.,*A&*#IK$B',.1/'$%&'$/*1#6$*+$3.(#/%*30$(/$,3'.%'6$JI$%&*1/.#6/$
*+$(#6(S(61.-$S(J3.%(*#/$,*'N(/%(#)4$.#6$.0A-(+I(#)$61'$%*$%&'(3$3'-.%(*#4$.$/(#)-'$0(,3*A&*#'$
,.##*%$.,,13.%'-I$,.A%13'$%&'$'++',%$.$3.(#/%*30$,3'.%'/K$L-%&*1)&$.$)3*1A$*+$0(,3*A&*#'/$A-.,'6$
%&3*1)&*1%$.$3.(#/%*30$G*1-6$.,&('S'$J'%%'3$3'/1-%/4$(%$G*1-6$#*%$.--*G$0'$%*$0.#(A1-.%'$%&'$
/*1#6/$(#$.$X01/(,.-[$G.IK$F&'3'+*3'4$"$6',(6'6$%*$.%%'0A%$%*$3'<,3'.%'$3.(#/%*30$+3*0$%&'$
/*13,'Z$(#6(S(61.-$63*A/K$F&'$gK!$,&.##'-$.16(*$(/$/1(%'6$+*3$%&(/$J',.1/'$(%$,.#$(00'3/'$%&'$
-(/%'#'3$(#$.$/*1#6</A.,'$/(0(-.3$%*$/*0'*#'$/%.#6(#)$(#$%&'$,'#%'3$*+$.$3.(#/%*30K
F&'3'+*3'4$+*3$0I$%&'/(/4$"$+'-%$%&.%$%&'$%(0J3'$*+$%&'$/*1#6/$"$1/'6$%*$,3'.%'$0I$
,.,*A&*#('/$G./$(0A*3%.#%$.#6$&IA*%&'/(W'6$%&.%$3.(#$0.6'$+3*0$/0.--$G.%'3$/0.,H/$G*1-6$J'$.$
/0.--$3.(#/%*304$.#6$%&.%$3.(#$0.6'$+3*0$.$).3J.)'$J.)$+1--$*+$G.%'3$J'(#)$63*AA'6$!M$/%*3('/$
G*1-6$J'$.$&'.SI$3.(#/%*30K$"$3',*36'6$%&'$/*1#6/$*+$6(++'3'#%$/(W'$G.%'3$J.--**#/$J'(#)$
63*AA'6K$F&'/'$/'//(*#/$(#,-16'6$3',*36(#)$%&'$/*1#6$*+$%G*$).3J.)'$J.)/$+1--$*+$G.%'3K$"$.-/*$
+'-%$%&.%$%&'$S'-*,(%I$%&.%$%&'/'$X3.(#63*A/[$.,&('S'6$G*1-6$,&.#)'$%&'$(#+*30.%(*#$,.33('6$JI$
e?
%&'(3$/*1#6K$F&'3'+*3'$"$3',*36'6$6*W'#/$*+$6(++'3'#%$/(W'6$J.--**#/$.%$6(++'3'#%$&'()&%/$93.#)(#)$
+3*0$!$%*$!M$/%*3('/@4$J'(#)$%&3*G#$G(%&$+./%$.,,'-'3.%(*#$*#$(0A.,%$+*3$X.))3'//(S'[$/*1#6$
(#+*30.%(*#4$*3$J'(#)$63*AA'6$.#6$)'#%-I$.,,'-'3.%(#)$+*3$X+-1++I[$/*1#6$(#+*30.%(*#K$
"$,*0A-'%'6$%&'$A.-.%'$+*3$0I$G.%'3$/*1#6/$JI$,3'.%(#)$63(A$/*1#6/K$"$+*1#6$%&.%$
3',*36(#)$.$63(A$6*'/$#*%$G*3H$G'--Z$G&'#$%&'$63(A$(/$.0A-(+('64$'N%3.$/*1#6$9'-',%3*#(,$J1WW(#)@$
(/$.-/*$.0A-(+('64$,3'.%(#)$1#G.#%'6$/%.%(,$.#6$A*--1%(#)$%&'$A13'$G.%'3$/*1#6K$F&'3'+*3'4$"$
3',*36'6$/*1#6/$0.6'$+3*0$0.#(A1-.%(#)$G.%'3$G(%&$G.%'3$J.--**#/4$A.#/4$,1A/4$.#6$0.--'%/K$
C(%&$%&'$G.%'3$J.--**#/4$"$'NA-*3'6$G.I/$*+$,3'.%(#)$G.%'3$/*1#6/$G(%&$O())-(#)4$+-(,H(#)4$.#6$
/%3(H(#)4$.#6$A*AA(#)$%&'$J.--**#/K$"$'NA'3(0'#%'6$G(%&$J.--**#/$*+$6(++'3'#%$/(W'/$.#6$J.--**#/$
G(%&$6(++'3'#%$,*#/(/%'#,('/$*+$G.%'3$.#6$.(3$(#/(6'$%&'$J.--**#K$"$+*1#6$%&.%$(%$(/$A*//(J-'$%*$+-(,H$
.$G.%'3$J.--**#$.#6$0(#(0(W'$%&'$%(0J3'$*+$%&'$31JJ'3$J.--**#$/*1#6$%*$,3'.%'$*#-I$%&'$/*1#6$*+$
G.%'3K$_*AA(#)$%&'$J.--**#$6(6$#*%$,3'.%'$%&'$/*1#6$6'/(3'6Z$3'/1-%(#)$(#$.$/*1#6$6'%'30(#'6$#*%$
JI$%&'$J.--**#$/(W'$*3$G.%'3$6'#/(%I4$J1%$JI$%&'$/*1#6$*+$%&'$S'//'-$G&(,&$,.A%13'6$%&'$G.%'3K$"$
.-/*$'NA'3(0'#%'6$3',*36(#)$G.%'3$63(A/$*#$6(++'3'#%$/13+.,'/$(#,-16(#)$%*G'-/4$A.A'34$.#6$
S'//'-/$*+$)-.//4$0'%.-4$.#6$,'3.0(,K$F&'/'$S'//'-/$G'3'$1/'6$%*$,&.#)'$%&'$%(0J3'$*+$A*13(#)$
G.%'3K$Q(H'$%&'$63*AA'6$J.--**#/4$"$%3('6$6(++'3'#%$&'()&%/$%*$.6O1/%$%&'$.))3'//(S'#'//$*+$%&'$
/*1#6K$
E3*0$%&'/'$3',*36(#)/$"$&.S'$+*1#6$%&.%$0I$&IA*%&'/(/$*+$S'-*,(%I$.++',%(#)$%(0J3'$+*3$
#*#<%3.6(%(*#.-$/*1#6$,3'.%(#)$G./$%31'K$F&'3'+*3'4$"$A.3%-I$.)3''$G(%&$V*#3.6$B*'&0'34$.$
/%16'#%$*+$^%*,H&.1/'#$.#6$%&'$R*-*)#'$^,&**-$9_&`$!=>>@4 g?$G&'#$&'$G3*%'Y
g? h'30.#$^.JJ'4$B*'&0'34$V*#3.64$76%&P%8&X+"E%&]-)*-",;+9&"5&3/4-)&;,<&3/4-)-;,44$
/',*#6$'6(%(*#4$'6K$JI$^%.#-'I$^.6('$.#6$o*&#$FI33'--4$P$9Q*#6*#Y$\.,0(--.#$_1J-(/&'3/4$
PMM!@K
e>
KKK%&'$#10J'3$*+$,.1/'/$}(#$0I$,./'$G.%'3$J.--**#/~$(/$#*%$(#+(#(%'4$.-%&*1)&$%&'$6'3(S.%(*#/$
0.I$ 0.#(+'/%$#10'3*1/$/1J%-'$S.3(.%(*#/$/*$%&.%$%&'(3$21.#%(%I$,.#$J'$,*#/(6'3'6$
1#3'/%3(,%'6<<$.%$-'./%$(#$3'-.%(*#$%*$%&'$,.A.,(%('/$*+$%&'$&10.#$J3.(#K$F&(/$X(#+(#(%I[$(/$*+$.$
S'3I$3'/%3(,%'6$.'/%&'%(,$3'-'S.#,'Y$#*$/'.$G.S'$/13)(#)$%*G.36$%&'$/&*3'$G(--$'S'3$/*1#6$
'N.,%-I$-(H'$.#I$*%&'3$/'.$G.S'$J'+*3'$*3$.+%'3$(%4$.#6$%&1/4$(%/$,*1#%-'//$S.3(.#%/$&.S'$*#-I$
.#$'N%3'0'-I$3'/%3(,%'6$.'/%&'%(,$.#6$%&1/$,*0A*/(%(*#.-$/()#(+(,.#,'KKKK$0.I4$.%$J'/%4$J'$
1/'+1-$+*3$A/I,&*<.,*1/%(,$-(/%'#(#)$%'/%/Kg>$
C&'3'$"$6(/.)3''$(/$G(%&$&(/$1#6'3/%.#6(#)$*+$%&'$X.'/%&'%(,$.#6$,*0A*/(%(*#.-$
/()#(+(,.#,'[$*+$%&'$G.S'/K$"#$0I$%&'/(/4$"$G(--$/&*G$%&.%$%&'$.%%.,H$.#6$%(0J3'$*+$%&'$G.%'3$
J.--**#/$6(3',%-I$.++',%/$%&'$.13.-$'++',%$*+$%&'$01/(,4$.#6$(/$.3%4$#*%$.$A/I,&*<.,*1/%(,$/,('#,'$
A3*O',%K$F&'$.33.I$*+$3',*36(#)/$"$'/%.J-(/&'6$.--*G'6$0'$%*$/'-',%$%(0J3'/$G&(,&$J'/%$3'+-',%'6$
%&'$A13A*/'$*+$%&'$0*0'#%K$"#$0I$*A(#(*#4$/*1#6/$.3'$#'(%&'3$)**6$*3$J.6K$L--$*+$%&'$/*1#6/$,.#$
/'3S'$.$A13A*/'$(+$1/'6$%*$%&'(3$%(0J3.-4$3&I%&0(,4$.#6$0'-*6(,$.6S.#%.)'/K$F*$1/'$.#$*3,&'/%3.-$
.#.-*)I4$J',.1/'$"$3',*36'6$/*$0.#I$6(++'3'#%$G'%$/*1#6/4$"$,*1-6$,&**/'$#*%$*#-I$J'%G''#$.$G'%$
9S(*-(#@$.#6$.$63I$9%310A'%@$/*1#64$J1%$"$,.#$,.--$1A*#$6(++'3'#%$%',&#(21'/$%*$%&'$G'%$/*1#64$-(H'$
.$S(*-(#$1/(#)$01%'/4$J*G(#)/4$.#6$'N%'#6'6$%',&#(21'/K
"$&.S'$+*,1/'6$*#$6(/,1//(#)$%&'$%(0J3.-$'++',%/$*+$%&'$3',*36'6$/*1#6/$J',.1/'$G(%&$
0*6'3#$%',&#*-*)I$"$&.S'$+*1#6$%&.%$.--$*%&'3$./A',%/$,.#$J'$0*6(+('6K$F&'3'$.3'$-(0(%/$%*$%&(/$
0*6(+(,.%(*#K$"+$.$/*1#6$(/$%*$J'$A(%,&</&(+%'64$6(++'3'#%$A3*)3.0/$&.S'$-(0(%/$*#$%&'$3.#)'$%&'$
A(%,&$,.#$J'$/&(+%'6$G&'3'$%&'$/*1#6$0.(#%.(#/$(%/$#.%13.-$(#%')3(%IK$F&(/$0'.#/$%&.%$(+$.$/*1#6$(/$
/&(+%'6$+13%&'3$%&.#$%&'$A3*)3.0$.--*G/$%&'#$X'-',%3*#(,[$.3%(+.,%/$.3'$(#%3*61,'6$%*$%&'$/*1#6K$
L).(#4$%&'/'$.3%(+.,%/$.3'$#*%$#','//.3(-I$J.6K$E*3$A(%,&'6$/*1#6/4$"$&.S'$+*1#6$%&'$A3*)3.0$
\'-*6I#'$%*$J'$0*/%$'++',%(S'$(#$A(%,&</&(+%(#)K$"$&.S'$+*1#6$%&.%$0*/%$%1#(#)$/*+%G.3'$,.#$
g>$V*#3.6$B*'&0'34$A(%)*+";)"/4*-)&3/4-)U&H,;(9*-);(&!%+4B%)*-E%4$(#$X^*1#6$R*0A*/(%(*#[$
$$$$$'6K$F&*0./$Q(,.%.$V*'#()4$>M<>!K
eg
.6O1/%$.$A(%,&$.$/'0(<%*#'$1A$*3$6*G#$J'+*3'$"$,.#$#*%(,'$.$6(/,'3#(J-'$.-%'3.%(*#$%*$%&'$%(0J3'$*+$
%&'$/*1#6Z$G&'3'./4$\'-*6I#'$,.#$.6O1/%$.$/*1#6$.%$-'./%$.$0(#*3$%&(36$9;$/'0(%*#'/@$/*0'%(0'/$
'S'#$1A$%*$.$A'3+',%$+*13%&$9?$/'0(%*#'/@$J'+*3'$"$,.#$6'%',%$.$%(0J3.-$/&(+%K$
F&(/$6(/,1//(*#$*+$A(%,&$/&(+%(#)$.#6$'-',%3*#(,$.3%(+.,%/$&./$*#-I$(#,-16'6$3',*36(#)/$
G&'3'$%&'$6'/(3'$G./$%*$/&(+%$%&'$A(%,&$G(%&*1%$/&(+%(#)$%&'$613.%(*#K$F&'$'./('/%$G.I$%*$.S*(6$
'-',%3*#(,$.3%(+.,%/$(/$%*$/&(+%$A(%,&$.#6$%'0A*$.%$%&'$/.0'$%(0'K$
"#$_3*<F**-/4$%&'$+1#,%(*#$,.--'6$X_(%,&$^&(+%[$&./$.$%(0'$,*33',%(*#&J*N$G&(,&$,.#$J'$1#<
/'-',%'6$.#6$.--*G/$+*3$.6O1/%0'#%$*+$.$/*1#6$A3*A*3%(*#.--I$%*$(%/$/&(+%$(#$A(%,&K$L-%&*1)&$63./%(,$
,&.#)'/$(#$/*1#6$6*$'++',%$%(0J3'4$%&'$,&.#)'$&.AA'#/$(#$.$G.I$0*3'$.#.-*)*1/$%*$%&'$6(++'3'#%$
%(0J3.-$3')(/%'3/$*+$.$A(.#*K
F&(/$.J(-(%I$%*$'-',%3*#(,.--I$0.#(A1-.%'$/*1#6$+(-'/$G(%&$A'3+',%-I$A3*A*3%(*#.-$
3'-.%(*#/&(A/$J'%G''#$%&'$*3()(#$.#6$%&'$0.#(A1-.%'6$/*1#6$(/$.$#'G$6'S'-*A0'#%K$"#$%.A'$01/(,4$
.$/*1#6$,.#$J'$.6O1/%'6$JI$/%3'%,&(#)$%&'$%.A'4$J1%$(+$%G*$%.A'$/*1#6/$.3'$/%3'%,&'6$(#$%&'$/.0'$
0.##'34$%&'I$0.I$G.3A$(#$6(++'3'#%$A-.,'/$#*%$A3*61,(#)$.$3'/1-%$'21.--I$A3*A*3%(*#.-$%*$%&'$
*3()(#.-K$
L#*%&'3$'.3-I$0.#(A1-.%(*#$*+$%'0A*$G./$R*#-*#$n.#,.33*GD/$?*/<9&,"0&ZcU&1;,",&f0&"#$
1;,",&fJ&%&'$n.#,.33*G$0.#(A1-.%'6$%'0A($+*3$%G*$/'3('/$*+$?e$#*%'/K gg$B',.1/'$*+$%&'$'N%3.<
&10.#$A'3+*30.#,'$.J(-(%('/$*+$%&'$A-.I'3$A(.#*4$n.#,.33*G$G./$.J-'$%*$&.S'$*#'$3*G$.,,'-'3.%'$
%'0A*$G&(-'$%&'$*%&'3$3*G$3'%.36/$(#$%'0A*K$_3*<F**-/$9.#6$A3*J.J-I$*%&'3$`LC/@$(/$.J-'$%*$
'NA.#6$*#$%&(/$(6'.4$#*%$*#-I$JI$&.S(#)$?e$6(++'3'#%$%3.,H/$G(%&$6(++'3'#%$%'0A(4$J1%$JI$
'NA.#6(#)$%&'$613.%(*#$*+$%&'$/*1#6$A3*A*3%(*#.-$%*$%&'$%'0A*$*+$%&'$01/(,K$
gg o.0'/$m3''/*#4$1",(",&P;,);++"8J&_-+/"4"&"5&*6%&!(;9%+&!-;,"0&o1-I$!4$PM!PK
e:
F&(/$'++',%$(/$1/'6$(#$0(#1%'$;?Y?e$G(%&$%&'$3'<,.A(%1-.%(*#$*+$%&'$3.(#$%(0J3'K$F&'$3.(#$
63*A/$.3'$(#%3*61,'6$./$!P4$!P<%*#'$3*G/K$5.,&$3*G$'#%'3/$G(%&$.$6(++'3'#%$%'0A*K$F&'/'$%'0A*D/$
3.#)'$+3*0$>M$%*$!PM$JA0$G(%&$.$3.(#$63*A$*#$'.,&$21.3%'3$#*%'K$5.,&$3*G$3'A'.%/$!P$%(0'/K$
F&'/'$3*G/$G'3'$0.#(A1-.%'6$/*$%&.%$%&'$+(#.-$63*A$*+$'.,&$/'3('/$/*1#6/$/(01-%.#'*1/-IK$F&(/$
%',&#(21'$.--*G/$+*3$J*%&$%&'$0'-*6(,$'NA*/(%(*#$*+$%&'$%*#'$3*G$1/'6$(#$%&'$A(','4$./$G'--$./$.$
#'G$*3).#(W.%(*#$+*3$,3'.%(#)$.$,.,*A&*#IK
F&'$A(%,&<613.%(*#$3'-.%(*#/&(A$J'%G''#$/*1#6/$J',*0'/$'//'#%(.-$%*$0I$A(','4$l-I//'/J&
J',.1/'$%&'$A(%,&$./A',%$(/$*J/,13'6$JI$%&'$XG&(%'$#*(/'[$,&.3.,%'3(/%(,/$*+$'(%&'3$%&'$G(#6$/*1#6$
*3$%&'$.0J()1*1/$#.%13'$*+$A(%,&$,*#)-*0'3.%(*#/K$F&'$,*0A-(,.%(*#$"$+.,'6$./$.$,*0A*/'34$
G&(,&$0.6'$%&(/$3'-.%(*#/&(A$.$A3*0(#'#%$,*0A*/(%(*#.-$+.,%*34$(/$%&'$,&*(,'$"$G./$)(S'#$JI$%&'$
%',&#*-*)I$.#6$%&'$H#*G-'6)'$%&.%$O1/%$.#6$'21.-$%'0A'3.0'#%$.3'$#*%$(6'#%(,.-K$
"#$!P$%*#'$01/(,4$'#&.30*#(,$'21(S.-'#%/$.3'$,*#/(6'3'6$'21.-K$F&'$J'#'+(%b,*0A-(,.%(*#$
*+$_3*<F**-/$A(%,&$/&(+%(#)$(/$%&.%$(+$.$A(%,&$(/$%*$J'$,&.#)'64$%&'$/'0(<%*#'$.#6$,'#%/$,.#$J'$
.6O1/%'6$(#6'A'#6'#%-IK$F&(/$0'.#/$%&.%$%*$/&(+%$.$A(%,&$"$01/%$6',(6'$&*G$0.#I$/'0(<%*#'/$.#6$
,'#%/$'.,&$/*1#6$(/$/&(+%'6K
B',.1/'$"$01/%$0.H'$%&(/$6',(/(*#4$"$6',(6'6$%*$,3'.%'$.$/I/%'0$%*$6'%'30(#'$%&'$
.33.#)'0'#%$*+$/*1#6/K$`1'$%*$0.#I$*+$%&'$/*1#6/$J'(#)$6'/,3(J'6$,*#%.(#$01-%(A-'$+3'21'#,('/$
921.-(+I(#)$./$XG&(%'[$(#$^&.'++'3D/$,3(%'3(.$+*3$%&(,H#'//@4$%&'$3'-'S.#,'$*+$/1,&$.$/I/%'0$(/$
6'J.%.J-'K$_.3%$*+$%&(/$%&'/(/$.,%/$%*$21.-(+I$%&'$3'-'S.#,'$*+$1#/'3(.-(W'6$.#6$3'-'S.#%$1#<A(%,&'6$
/*1#6$,*#/%31,%(*#$.13.--IK$h*G'S'34$(+$.$-(/%'#'3$6*'/$#*%$.)3''$.13.--I$G(%&$0I$.//'//0'#%$*+$
/*1#6$%&.#$(%$,.#$/%(--$J'$.)3''6$1A*#$%&.%$%&'$613.%(*#.-$3'-.%(*#/&(A/$9G&(,&$3'0.(#'6$
A3*A*3%(*#.-$%*$%&'$/&(+%'6$A(%,&$3'-.%(*#/&(A/@$.3'$.16(J-'4$/*0'%(0'/$%3.#/+*30(#)$.$/*1#6$+3*0$
e=
!M$/',*#6/$%*$-'//$%&.#$.$!b!M$*+$.$/',*#6K$
9)3)0?$208$J#28$@.&08*
F&'$6'S'-*A0'#%$/',%(*#$*+$0I$A(','$*A'#/$.%$0(#1%'$>YP?K$F&'3'$(/$.$J.//$*/%(#.%*$
,3'.%'6$+3*0$%&'$3',*36(#)$*+$.$&()&<S'-*,(%I$G.%'3$J.--**#$'NA-*/(*#K$F&'$/*1#6$(/$3'A'.%'6$*#$
+(S'$6(++'3'#%$%3.,H/4$G(%&$'.,&$/1,,'//(S'$/*1#6$J'(#)$+(S'$,'#%/$&()&'3$%&.#$%&'$A3'S(*1/$/*1#6K$
F&'$(#%'3S.-$*+$+(S'$,'#%/$G./$,&*/'#$J',.1/'$%&.%$(/$%&'$/0.--'/%$(#%'3S.-$.$&10.#$'.3$,.#$
6(/%(#)1(/&$G&'#$%G*$/*1#6/$.3'$#*%$A-.I'6$/(01-%.#'*1/-IK$F&'$.%%.,H$*+$%&'$'NA-*/(*#$(/$
3'0*S'6$+3*0$0*/%$*+$%&'$+(-'/4$G(%&$%&'$+1--$+(-'$J'(#)$3'/'3S'6$+*3$'S'3I$PM %&$+(-'$%*$6(/%(#)1(/&$
G&'#$%&'$A(%,&$&./$(#,3'./'6$*#$*,%.S'K$F&(/$.-/*$&'-A/$%&'$01/(,$%*$0.3H$.$A.//.)'$*+$%(0'4$
01,&$-(H'$.$,.6'#,'$G*1-6$(#$%*#.-$01/(,K$F&'$*/%(#.%*$.-/*$1/'/$.$%',&#(21'$"$6'S'-*A'6$%*$
.#(0.%'$%&'$/*1#6/4$.#6$H''A$%&'0$X.-(S'[K$"$&.S'$+*1#6$%&.%$.$/*1#6$*3$,*0J(#.%(*#$*+$/*1#6/$
J'(#)$3'A'.%'6$(6'#%(,.--I$H(--/$%&'$#*S'-%I$*+$%&'$/*1#6K$F*$,-.3(+I$0I$0'.#(#)Z$.$3'A'.%'6$
/*1#6$J',*0'/$3*J*%(,4$'-',%3*#(,4$.#6$-*/'/$%&'$O*I$*+$(%/$%(0J3'$.#6$21.-(%IK$"#$'-',%3*#(,$01/(,$
(%$(/$A*//(J-'$%*$(6'#%(,.--I$3'A'.%$.$/*1#6$(#$.$G.I$%&.%$#*$-(S'$A'3+*30'3$,.#K$F&(/$0',&.#(,.--I$
3'A'.%'6$/*1#6$J',*0'/$X6'.6K[$F&'$X6'.6'/%[$/*1#6$"$,.#$6'/,3(J'$(/$.#$.3%(+.,%$J'(#)$3'A'.%'6$
(6'#%(,.--I$G(%&$#*$/A.,'$(#$J'%G''#$*S'3$.#6$*S'3$.).(#K$"$&.S'$+*1#6$%&.%4$.+%'3$.J*1%$%&3''$
3'A'%(%(*#/4$%&'$/*1#6$6('/$.#6$0I$A'3,'A%(*#$*+$%&'$/*1#6$(/$63./%(,.--I$.-%'3'6K$h*G'S'34$(+$
/A.,'$(/$A-.,'6$J'%G''#$%&'$/*1#6/$%&.#$%&'$/*1#6$J')(#/$%*$J'$.#(0.%'6Z$(+$%&.%$/A.,'$(/$'S'#-I$
3'A'.%'6$%&.#$%&'$/(-'#,'$J',*0'/$A.3%$*+$%&'$/*1#6$.#6$%*)'%&'3$%&'$/*1#6$.#6$/(-'#,'$X6('[K$
B1%4$(+$%&'$/(-'#,'$J'%G''#$(6'#%(,.-$/*1#6/$(/$.-%'3'64$%&'$/*1#6$).(#/$-(+'4$.#6$'S'#$%&'$(6'#%(,.-$
#.%13'$*+$%&'$/*1#6$,*#/%3(,%/$(%D/$-(+'$%*$J'(#)$J*3(#)4$-(H'$.#$.,,*1#%.#%4$%&'$,&.#)(#)$/A.,'$/%(--$
.--*G/$(%$%*$-(S'K$F*$,&.#)'$J*%&$%&'$/(-'#,'$J'%G''#$%&'$/*1#6$.#6$%&'$/*1#6$(%/'-+$.--*G/$%&'$
?M
/*1#6$%*$'#3(,&$(%/$X-(+'[K
_('33'$^,&.'++'3$6(/,*S'3'6$%&'$/.0'$%',&#(21'$G&(-'$G*3H(#)$*#$&(/$+(3/%$R*#,3'%'&A(','$
A*/<%&H/I&16%$-,4&<%&F%+Y$^,&.'++'3$6'/,3(J'/$(/*-.%(#)$%&'$0',&.#(,.-$3&I%&0$*+$%&'$%3.(#$I'%$
,*#%3./%(#)$%&'$,*-*3$%*$,3'.%'$.#$X(6'#%(%I[$+*3$%&'$/*1#6Y
"DS'$0.#.)'6$%*$(/*-.%'$.$3&I%&0$.#6$,*#%3./%$(%$G(%&$(%/'-+$(#$.$6(++'3'#%$/*1#6$,*-*3K$`.3H4$
-()&%4$6.3H$-()&%K$F&(/$3&I%&0$,*1-6$S'3I$G'--$3'0.(#$1#,&.#)'6$+*3$.$-*#)$%(0'K$"%$,3'.%'/$.$
/*3%$*+$(6'#%(%I$+*3$(%/'-+4$.#6$3'A'.%(#)$(%$0.H'/$I*1$+*3)'%$(%D/$.$%3.(#K g:$
"$J'-('S'$^,&.'++'3D/$(6'#%(%I$(/$/(0(-.3$%*$0I$X-(S(#)$/*1#6[K$h*G'S'34$"$6*$#*%$G.#%$%*$
A3*0*%'$%&'$,*#,'A%$*+$-(S(#)$/*1#6/$*S'3$6'.6$/*1#6/$./$J'(#)$/1A'3(*3K$F&'3'$(/$.$%(0'$+*3$
J*%&K$F&'$6'.6$/*1#6$%',&#(21'$G./$1/'6$J3(--(.#%-I$JI$B3(.#$\.I4$%&'$)1(%.3(/%$+*3$%&'$3*,H$J.#6$
p1''#4$(#$K%&K-((&>")L&i"/K$L%$%&'$'#6$*+$%&'$/*#)4$%&'$)1(%.3(/%$A-.I/$.$3(++4$.#6$%&'$3(++$3'A'.%/K$
].%&'3$%&.#$3',*36$&(0$A-.I(#)$%&(/$3(++$01-%(A-'$%(0'/4$%&'$J.#6$,&*/'$%*$-**A$%&'$3(++$
0',&.#(,.--IK$"#$.#$(#%'3S('G$G(%&$n_]D/$F'33I$m3*//4$\.I$/.(6Y$
C'$.3'$(#$.$6(++'3'#%$1#(S'3/'$*#,'$%&'$)1(%.3$/%.3%/4$.#6$%&.%$G./$%&'$(#%'#%(*#KKK$I*1$0.I$
#*%(,'$%&.%$%&'$-./%$A(','4$%&'$S'3I$-./%$-(%%-'$3(++/4$.3'$3'A'.%'64$.#6$%&'I$.3'$#*%$O1/%$3'A'.%'6 $
JI$0'$A-.I(#)$%&'0$.).(#4$%&'I$.3'$3'A'.%'6$JI$,1%%(#)$%&'$%.A'$.#6$/A-(,(#)$(%$*#$.).(#$.#6$
.).(#K$L#6$%&.%$(/$6'-(J'3.%'$%**4$(%r/$.$G.I$*+$)'%%(#)$.$/*3%$*+$.$%&(#)$%&.%$0.H'/$I*1$/(%$1A$
%*G.36/$%&'$'#64$.#6$%&'#$(%$/%*A/4$%&'3'$(/$#*%&(#)$.+%'3$(%4$G&(,&$"$3'.--I$'#O*I4$%&'3'$(/$#*$
J()$'#6(#)$(%$O1/%$/%*A/$.#6$-'.S'/$I*1$(#$0(6<.(34$%&(#H(#)4$G&.%$&.AA'#'6$%&'3'K g=
"$J'-('S'$%&(/$%',&#(21'$%*$J'$'++',%(S'$J',.1/'$3.6(*$/%.%(*#/$3.3'-I$A-.I$%&'$/*#)$JI$(%/'-+4$
J1%$+*--*G$%&'$/*#)$G(%&$.#*%&'3$JI$p1''#4$K%&;+%&*6%&16;$B-",4K$F*$0'4$%&'$3.6(*$/%.%(*#/$
&.S'$/1J,*#/,(*1/-I$.)3''6$%&.%$'#6(#)$G(%&$%&(/$3'A'.%(#)$3(++$(/$1#,*0+*3%.J-'4$.#6$+*--*G(#)$
K%&K-((&>")L&i"/$G(%&$%&'$#'N%$/*#)$6*'/$#*%$-'.S'$%&'$-(/%'#'3$G(%&$%&.%$1#,*0+*3%.J-'$'#6(#)K$
g:$_('33'$^,&.'++'3K$`.,H4$o*&#$.#6$R&3(/%(#'$n*3%&$F3.#/-.%*3K$N,&?%;+)6&"5&;&1",)+%*%&3/4-)$$$$
&&&&&Y1;(-5"+,-;&?*/<-%4&-,&Z[*6C1%,*/+9&3/4-)O$l#(S'3/(%I$*+$R.-(+*3#(.$_3'//$B'3H'-I$PM!PK$
g= B3(.#$\.I4$"#%'3S('G$JI$F'33I$m3*//4$@/%%,a4&`+-;,&3;9&>")L4&W/*&7"&!694-)4J &
!6"*"Q+;B690&n_]4$L1)1/%$!M4$PM!MK
?!
C&'%&'3$0I$(#%'3A3'%.%(*#$(/$,*33',%4$*3$3.6(*$/%.%(*#D/$1/'$%&'/'$%G*$/*#)/$+*3$.$J.%&3**0$J3'.H4$
*3$.#I$*%&'3$3'./*#4$6*'/$#*%$,&.#)'$%&.%$%&'/'$%G*$/*#)/$.3'$.-0*/%$.-G.I/$A-.I'6$%*)'%&'34$.#6$
%&'3'$.3'$+'G$*%&'3$/*#)/$,*1A-'6$-(H'$%&(/K$F&'3'+*3'4$%&'$,*(#,(6'#,'$*+$B3(.#$\.ID/$6',(/(*#$%*$
,3'.%'$.#$1#,*0+*3%.J-'$X#'G$1#(S'3/'[$%&3*1)&$0',&.#(,.-$3'A'%(%(*#$.#6$%&'$,*1A-(#)$*+$%&'/'$
/*#)/$/&*G/$&*G$)",)+%*%&$/4-)$,.#$J'$1/'6$*1%/(6'$*+$.3%$01/(,$%*$,3'.%'$.#$'++',%$(#$%&'$
.16('#,'$(0A*//(J-'$(#$.$-(S'$/'%%(#)K
\I$A(','$'NA-*3'/$%&'$.J(-(%I$%*$0.(#%.(#$-(S(#)$/*1#6/$G(%&$0(#(0.-$-(S(#)$'-'0'#%/K$F&'$
*A'#(#)$3.(#/%*30$(#$0(#1%'$=Y!?$H''A/$%&'$/*1#6/$-(S(#)$G&(-'$0*S(#)$.$,*--',%(*#$*+$/(#)-'$
A(%,&$63*A/$+3*0$.$,&3*0.%(,$/,.-'$%*$.$G&*-'$%*#'$/,.-'K$L-%&*1)&$0I$'.3$,.##*%$6(/%(#)1(/&$%&'$
'N.,%$A(%,&'/$(#$%&'$3.(#$,*--',%(*#4$"$J'-('S'$"$&'.3$.#$'++',%$*+$6(//*#.#,'$0*S(#)$%*$
,*#/*#.#,'4$&*G'S'34$"$.0$G(--(#)$%*$.60(%$%&.%$"$0.I$J'$,3'.%(#)$%&(/$+''-(#)$0'#%.--I$J',.1/'$"$
1#6'3/%.#6$G&.%$(/$&.AA'#(#)$01/(,.--IK$"$-**H$+*3G.36$%*$/''(#)$6(++'3'#%$A'3,'A%(*#/$*+$%&'/'$
/')0'#%/$JI$J*%&$01/(,(.#/$.#6$#*#<01/(,(.#/$.#6$+(#6(#)$*1%$%&'(3$(#%'3A3'%.%(*#/
F&'$01/(,$,*--',%(*#/$J')(#$%*$)'%$0*3'$,*0A-(,.%'6$G(%&$%&'$6'S'-*A0'#%$*+$%&'$G(#6$
/*1#6$.%$0(#1%'$!MY!=K$F&(/$+(3/%$6'S'-*A0'#%$*+$/*1#6$1/'/$*#-I$*#'$XA(%,&[$.#6$613.%(*#$*+$
G(#6$/*1#6K$F&(/$/*1#6$(/$A-.I'6$J*%&$+*3G.36$.#6$J.,HG.36$93'S'3/'6@K$F&'$/*1#6$J')(#/$(#$%&'$
XA&.#%*0$,'#%'3[$*+$%&'$R$/A'.H'3/4$.#6$0*S'/$*1%G.36$G(%&$%&3''$+(-'/$(#$'.,&$6(3',%(*#$
,3'.%(#)$/'S'#$+(-'/$(#$%&'$R$/A'.H'3/$-'S'-$6'A%&K$L$%'0A*$*+$:PK?$J'.%/$A'3$0(#1%'$(/$,3'.%'6$+*3$
%&(/$+(-'$G&'3'$*#'$0'./13'$(/$'21.-$%*$%&'$-'#)%&$*+$%&'$+(-'4$.J*1%$%&3''$/',*#6/K$
?P
`(.)3.0$P4$C(#6$^*1#6$!
"#$`(.)3.0$P4$%&'$#10J'3/$!4$P4$;4$.#6$e$/&*G$%&'$%'0A*$0.3H(#)/$(#$3'-.%(*#$%*$%&'$+(3/%$
G(#6$/*1#6K$F&(/$.3%(+.,%$.,%/$./$'NA*/(%(*#$(#$+*3G.36$+*30$%*$%&'$/1J/'21'#%$G(#6$/',%(*#K$"%$(/$
+*--*G'6$JI$%G*$J'.%/$*+$/(-'#,'4$./$/&*G#$JI$%&'$-'%%'3$X.[K$F&'$+(3/%$/*1#6$(/$%&'#$3'A'.%'6$(#$
X0K$P$J'.%$;[K$F&'$/*1#6$6'S'-*A/$JI$J',*0(#)$-.I'3'6$G(%&$(%/'-+4$.#6$(#$X0K$;$J'.%$![$.#$
(6'#%(,.-$3'A'%(%(*#$*+$%&'$/*1#6$(/$.66'6$(#$%&'$#'G$/*1#6$/A.,'4$A.##'6$;;$-'+%K$F&(/$(/$
+*--*G'6$(#$J'.%$P$*+$0'./13'$;$G(%&$.#$(6'#%(,.-$/*1#6$J'(#)$A-.I'6$(#$%&'$/*1#6$/A.,'$A.##'6$
;;$3()&%K$C&'#$%&'$+(3/%$+(-'$%&.%$/*1#6'6$'#6/4$(%$(/$+*--*G'6$JI$;$J'.%/$*+$/(-'#,'$./$/&*G#$JI$
-'%%'3$XJ[K$5.,&$/1J/'21'#%$6'S'-*A0'#%$*+$%&'$/*1#6$(#,-16'/$'N%3.$S'3/(*#/$.66'6$*#$%&'$/(6'/$
*+$%&'/'$/*1#6/$.#6$'S'#%1.--I$0*S'/$+*3G.36$%*G.36$%&'$B$.#6$L$/A'.H'3$-'S'-/K$5S'3I$%(0'$%&'$
G.S'/$J')(#$.).(#4$*#'$0*3'$J'.%$*+$3'/%$(/$.66'6$J'%G''#$%&'$*A'#(#)$/*1#6$.#6$%&'$#'N%$
*A'#(#)$/',%(*#4$./$/&*G#$G(%&$e$J'.%/$*+$/(-'#,'$.%$-'%%'3$,4$?$J'.%/$.%$64$>$.%$'4$'%,K$
?;
F&(/$'++',%$(/$1/'6$%*$0.(#%.(#$.$J./'-(#'$*+$X-(S(#)[$(#$%&'$/*1#6Z$&*G'S'34$%&'$-(+'$(/$
0(#(0.-K$F&'$/*1#6$,.#$J'$&'.36$J*1#,(#)$J.,H$.#6$+*3%&$J'%G''#$/A'.H'3/4$.#6$%&'$
3'-.%(*#/&(A/$J'%G''#$%&'$/*1#6/$3'0.(#$S'3I$/(0(-.3$%&3*1)&*1%$%&'$/(N$0(#1%'$/',%(*#K$
h*G'S'34$%&'$%3.(-$'#6$*+$%&'$-./%$3(AA-'$.#6$%&'$#'G$3(AA-'$0(N$(#$6(++'3'#%$G.I/4$.#6$%&'$
(6'#%(,.-$3'-.%(*#/&(A$J'%G''#$/*1#6/$(/$*#-I$/-()&%-I$.-%'3'6K$"$J'-('S'$%&.%$%&(/$%',&#(21'$.--*G/ $
%&'$/*1#6$%*$J'$S('G'6$*#$0*3'$*+$.$0(,3*,*/0$%&.#$.$0.,3*,*/0K$^,&.'++'3$.-/*$#*%(,'6$%&(/$
/.0'$'++',%$G&(-'$G*3H(#)$*#$A*/<%&;/I&16%$-,4&<%&F%+&.#6$3'-.%'/$%&'$3'/1-%$%*$.#$.3,&(%',%$
G*3H(#)$*#$.$J1(-6(#)U
L3,&(%',%13'$(/$#*%$J*%&'3'6$.J*1%$,&'0(,.--I$A13'$0.%'3(.-/$J1%$.J*1%$%&'(3$+*30K$"+$"$A1%$
/%*#'/$%*)'%&'34$"$G(--$J'$(#%'3'/%'6$#*%$/*$01,&$(#$%&'(3$/%3(.%(*#/$.#6$S'(#/$./$(#$%&'(3$
S*-10'/$.#6$.-()#0'#%/K$^*$%&'$(#%'3#.-$3&I%&0$*+$.$X%3.(#[$'-'0'#%$%&.%4$+3*0$%&'$01/(,$
%&'*3I$A*(#%$*+$S('G4$(/$S'3I$(0A*3%.#%$J',*0'/$#')-()(J-'$G&'#$%&(/$'-'0'#%$+*30/$%&'$
'-'0'#%.3I$0.%'3(.-$*+$,*0A*/(%(*#K:M
R*#%(#1(#)$G(%&$^,&.'++'3D/$0'%.A&*34$+*3$0I$.3,&(%',%13'4$"$.0$#*%$/*$01,&$(#%'3'/%'6$(#$
%&'$'N%'3#.-$+*30$9/*#.%.4$3*#6*4$'%,K@$./$"$.0$*#$'0A&./(W(#)$%&'$(#%'3'/%$(#$%&'$X/%3(.%(*#/$.#6$
S'(#/K[$"$+''-$%&.%$JI$-(0(%(#)$%&'$-(+'$*+$%&'$/*1#64$"$.0$'0A&./(W(#)$%&'/'$,&.3.,%'3(/%(,/$(#$%&'$
G*3HK
F&(/$/',%(*#$'#6/$JI$%&'$6'S'-*A0'#%$1#3.S'-(#)$+3*0$(%/$J')(##(#)K$F&(/$1#3.S'-(#)4$%*$
0'4$(/$-(H'$'NA'3('#,(#)$/*1#6$6('K$F&(/$6'.%&$(/$6(++'3'#%$+3*0$%&'$6'.6$'-',%3*#(,$'++',%4$.#6$"$
3'-.%'$(%$%*$.$01/&3**0$"$*#,'$&'-6K$"$A-1,H'6$.$01/&3**0$+3*0$%&'$)3*1#64$.#6$&'-6$(%$(#$0I$
&.#6K$L+%'3$/*0'$%(0'$%&'$01/&3**0$J').#$%*$/G'.%4$.#6$/&3(S'-K$C.%,&(#)$%&(/$01/&3**0$6('$
(0A.,%'6$0'$(#$.$G.I$"$%3('6$%*$,3'.%'$&'3'$01/(,.--IK$L+%'3$%&'$G&*-'$#'%G*3H$*+$e=$/*1#6/$(/$
:M$_('33'$^,&.'++'3K$`.,H4$o*&#$.#6$R&3(/%(#'$n*3%&$F3.#/-.%*3K$N,&?%;+)6&"5&;&1",)+%*%&3/4-)$$
&&&&&Y1;(-5"+,-;&?*/<-%4&-,&Z[*6C1%,*/+9&3/4-)O$9l#(S'3/(%I$*+$R.-(+*3#(.$_3'//Y$B'3H'-I4$PM!P@$$
$$$$$!eK
?e
'NA*/'64$%&'$/*1#6/$,'./'$/%.3%(#)$+3*0$%&'$J')(##(#)4$1#G(#6(#)$(#$.$01/(,.-$3'A-(,.%(*#$*+$%&(/$
6'.%&K$F&'$/*1#6/$+*--*G$%&'$/.0'$A.%%'3#$./$%&'I$&.S'$J'+*3'4$G(%&$'.,&$/1,,'//(*#$,*#%(#1(#)$
%*$-'#)%&'#$%&'$(#%'30(%%'#%$/(-'#,'$JI$*#'$J'.%Z$&*G'S'34$%&'3'$.3'$#*G$+'G'3$/*1#6/$+*3$'.,&$
/',%(*#K$F&(/$'S'#%1.--I$,3'.%'/$.$/(-'#,'$(#$%&'$0.%'3(.-K$"$G./$3'-1,%.#%$%*$+(--$%&'$/(-'#,'$G(%& $
/*1#64$J',.1/'$%&'$1#,*0+*3%.J-'$/(-'#,'$,3'.%'6$.++',%'6$0'$%&'$/.0'$G.I$%&.%$%&'$01/&3**0$
6(6K$h*G'S'34$%&'$A13A*/'$*+$%&(/$/',%(*#4$%&'$#'N%$/',%(*#4$.#6$%&'$%3.#/(%(*#$(#$J'%G''#$G./$%*$
A3'A.3'$+*3$*#'$0*0'#%K$L#6$(+$"$+1-+(--'6$%&'$'++',%$*+$&.S(#)$%&(/$/*1#6$6('4$"$G./$%.H(#)$.G.I$
+3*0$%&.%$0*0'#%K$F&'3'+*3'4$"$3'-1,%.#%-I$.66'6$/*1#6$(#$1#6'3#'.%&$%&'$/(-'#,'$/*$%&.%$%&(/$
/',%(*#$,*#%(#1'/$%*$J1(-6$%*G.36$.$+13%&'3$0*0'#%K
E*--*G(#)$%&(/$/',%(*#4$%&'3'$(/$.$%3.#/(%(*#$/',%(*#$G&'3'$%&'$G(#6$/*1#6$,&.#)'/$%(0J3'/$
+3*0$-*G$%*$&()&K$F&(/$/',%(*#$G./$,3'.%'6$JI$-.I'3(#)$6(++'3'#%$A(%,&$.#6$613.%(*#</&(+%'6$G(#6$
/*1#6/$(#$/%3(,%$%'0A*/K$F&'$*3()(#.-$%'0A*$+*3$%&(/$/',%(*#$G./$#*%$3'-.%'6$%*$%&'$613.%(*#$*+$%&'$
G(#6$/*1#6Z$&*G'S'34$/1J/'21'#%$%'0A*/$G'3'$-.I'3'6$A3*A*3%(*#.--I$%*$%&'$*3()(#.-$%'0A*K$
F&'3'+*3'4$(+$%&'$*3()(#.-$%'0A*$G./$>M$JA0$.#6$%&'$A(%,&$G'3'$3.(/'6$.$+(+%&4$%&'$+*--*G(#)$
%'0A*$G*1-6$J'$=M$JA0K$l/(#)$A(%,&$3.%(*/$+*3$.--$3.(/'6$(#%'3S.-/4$%&'/'$%'0A($3'0.(#$/%3(,%$
%&3*1)&*1%$%&'$%3.#/(%(*#$/',%(*#K
F&'$#'N%$/',%(*#$6'S'-*A/$%&'$G(#6$/*1#6$G(%&$#'G$%',&#(21'/$(#$.$&()&$3')(/%'3K$F&'$
/',%(*#$J')(#/$JI$.66(#)$/(-'#,'$.#6$/A.,'$%*$%&'$G(#6$/*1#64$G&(,&$&./$J''#$.-0*/%$,*#/%.#%$
+*3$!M$0(#1%'/K$L+%'3$%&(/$/A.,'4$%&'$G(#6$/*1#6$6'S'-*A/$G(%&$.$/%3(,%$%'0A*$%*$%&'$%1#'$*+$B.,&$
BC7$==gK$B',.1/'$%&'$G(#6$/*1#6$,*#%.(#/$#10'3*1/$A(%,&'/4$%&'$%1#'$%*$BC7$==g$(/$#*%$
.16(J-'4$J1%$"$+''-$%&.%$%&'$/*1#6/$.3'$A'3,'(S'6$./$J'(#)$,*#/%31,%'6$+*3$.$3'./*#$3.%&'3$%&.#$
A3'/'#%'6$./$3.#6*0K
??
+M27A:#$NO$P2-"$P<Q$RRS
F&'$B.,&$%&'0'$(/$#*%$.$6(3',%$3'A-(,.%(*#$./$"$&.S'$(#/'3%'6$/',%(*#/$G&'3'$%&'$/*1#6/$
+*--*G$.#$./,'#6(#)$*3$6'/,'#6(#)$,&3*0.%(,$/,.-'K$"$+*1#6$%&.%$%&'$/,.-'$,3'.%'/$.$/'#/'$*+$
%'#/(*#$J',.1/'$%&'$/'21'#%(.-$/*1#6/$.3'$'./('3$%*$A'3,'(S'$%&.#$%&'$B.,&$0'-*6IK$F&(/$/',%(*#4$
.#6$%&'$A3'S(*1/$/',%(*#4$.3'$.--$J1(-6(#)$%*$.$0*0'#%$.%$0(#1%'$PMYeP$G&'3'$%&'$G(#6$/*1#6$(/$
,*#%3./%'6$G(%&$%&'$/*1#6$*+$G.%'3K$"$+*1#6$G&(-'$G*3H(#)$G(%&$%&'$&()&$G(#6$/*1#6$(#$#*(/'$
,.#,'-(#)$&'.6A&*#'/$%&.%$%&'$63I$#.%13'$*+$%&'$&()&$G(#6$/*1#6$,*0A*1#6'6$.#6$G./$-(H'$.$
6'/'3%$%*$0I$'.3/K$L+%'3$-(/%'#(#)$%*$%&(/$/*1#6$+*3$;M$0(#1%'/$"$&'.36$%&'$G.%'3$/*1#6$.).(#4$.#6$
(%$,3'.%'6$.$A-'./(#)$'++',%K$BI$+3.0(#)$%&'$G.%'3$/*1#6$G(%&$%&'$63I$G(#6$/*1#64$(%$,&.#)'6$0I$
A'3/A',%(S'$*#$%&'$%(0J3'$.#6$.,,'#%1.%'6$^,&.'++'3D/$X/%3(.%(*#/[$*+$%&'$0.%'3(.-K$]*J'3%$
53(,H/*#$6'/,3(J'/$X0I[$%(0J3'$%',&#(21'$(#$&(/$J**H$?"/,<&?*+/)*/+%&-,&3/4-)Y
L$,*0A*/'3$G&*$G(/&'/$%*$,.3S'$*1%$,'3%.(#$/*1#6/$+3*0$%&(/$(#+(#(%I$*+$A*//(J(-(%('/$01/%$
6',(6'Y$G&(,&$*#'/c$h'$0.I$.%%'0A%$%*$,3'.%'$X.#$(#/%310'#%4[$0'.#(#)$/*0'$/*3%$*+$
1#(+('6$/'-',%(*#$*+$/*1#6/$+3*0$%&'$(#+(#(%I$*+$A*//(J(-(%('/K$F&(/$(/$.#$.S'#1'$%&.%$&./$J''#$
'NA-*3'6$JI$/*0'$*+$%&*/'$,*0A*/(#)$,*0A1%'3$01/(,4$.#6$%&'$3'/1-%/$&.S'$J''#$
/*0'G&.%$6(/.AA*(#%(#)K$j3$ &'$0.I$)*$.%$%&(#)/$0*3'$.J/%3.,%-I4$%&(#H(#)$(#$%'30/$*+$
,*#%3./%4$/(0(-.3(%I4$/*1#6$,-.//'/K$h'$G(--$6(/,*S'3$%&'$A.3.6*N$%&.%$%&'$0*3'$&'$%3('/$+*3$
.#$(#+(#(%I$*+$%(0J3'/$%&'$0*3'$&'$G(--$%'#6$%*G.36$#*$/()#(+(,.#,'$,*#%3./%/K$h'$0.I$
.,,'A%$%&(/$/(%1.%(*#$*3$'S'#$0.H'$(%$%&'$J./(/$*+$&(/$ 01/(,4$'-(0(#.%(#)$%&'$A*//(J(-(%I$*+$
.#I$/()#(+(,.#%$*3).#(W.%(*#$*+$%(0J3'K$E*3$%&*/'$,*0A*/'3/$G&*$%3I$%*$*3).#(W'$.$-.3)'$
?>
S.3('%I$*+$,*#%3./%(#)$/*1#6/$%&'$A1WW-'$(/$/%(--$%&'3'K :!$
$
F&'3'+*3'4$3.%&'3$%&.#$%3I(#)$%*$,3'.%'$.$6(S'3/'$+('-6$*+$%',&#(21'/4$"$,3'.%'$,*#%3./%$JI$
-(0(%(#)$A*//(J-'$%',&#(21'/4$.#6$'N(/%(#)$(#/(6'$*+$%&'0$+*3$%(0'$A'3(*6/$-*#)'3$%&.#$#*30.-$
A3.,%(,'4$1#%(-$%&.%$1#(S'3/'$*+$/*1#6$(/$+*3,'6$*#$%&'$-(/%'#'3K$F&(/$A'3/A',%(S'$*#$%(0J3.-$
0.(#%'#.#,'$3'+-',%/$0I$J'+*3'<0'#%(*#'6$A&(-*/*A&(,.-$A'3/A',%(S'$*#$%&'$A13A*/'$*+$/*1#6K$"#$
A3.,%(,'4$%&(/$'++',%$J*36'3/$*#$1/'6$./$.$,-(,&8K$h*G'S'34$"$&*A'$%&3*1)&$+1%13'$A3.,%(,'$%*$3'+(#'$
%&(/$X*3,&'/%3.-[$%',&#(21'K$
!"#$!.(028.
F&'$/A.%(.-(W.%(*#$./A',%/$*+$0I$A(','$.3'$0*/%$0'%(,1-*1/-I$,*#/%31,%'6$.3*1#6$%&'$
+*30.%(*#$*+$0I$DG(#6$%*3#.6*DK$F&'$(6'.$G./$%*$,3'.%'$6(++'3'#%$-.I'3/$*+$/*1#6$/A.%(.--I$G&(,&$
,*0J(#'$(#%*$.$,.,*A&*#I$*+$/G(3-(#)$G(#6K$F&'$/*1#6$J')(#/$G(%&$%&'$,3'.%(*#$*+$.#$X.--$
(#%'3S.-$%*#'$3*GK[
J)2?(27$T$U$KN$!.0#CD.V
É_e Ñ\> É0> É0; É\P ÑFF É0g Ñ\g É\; Ñ_? Ñ0P
F&(/$%*#'$3*G$6*'/$#*%$'N(/%$*#$%&'$-(/%$*+$!4=P:$6(++'3'#%$X.--$(#%'3S.-$%*#'$3*G/[$
A*//(J-'4$J',.1/'$"$'/%.J-(/&'6$.$6(++'3'#%$,3(%'3(.$+*3$1/(#)$.--$*+$%&'$(#%'3S.-/K$L/$,.#$J'$/''#$
+3*0$%&'$%.J-'$J'-*G$`(.)3.0$;4$%&'$(#%'3S.-/$)*$'(%&'3$1A$*3$6*G#$.%$'S'3I$A*//(J-'$(#%'3S.-4$
:! ]*J'3%$53(H/*#4$?"/,<&?*+/)*/+%&-,&3/4-)0&Yl#(S'3/(%I$*+$R.-(+*3#(.$_3'//Y$B'3H'-I4$!=g?@$=K
?g
G(%&$.$X3'.,&<.3*1#6[$(#%'3S.-$*+$.$0.O*3$/',*#6K$F&(/$3*G$G./$%&'#$1/'6$(#$,*#/%31,%(#)$.$
\.%3(N$G&'3'$%&'$3**%$R$*+$_!$(/$A-.,'6$(#$%&'$Q'+%$R$/A'.H'3K
J)2?(27$W$U$KN$!.0#$D.V$;2'()M
F&'$A(%,&$/&(+%$+'.%13'$*+$_3*<F**-/$.--*G/$+*3$%&'$/A',(+(,$A(%,&$(#%'3S.-/$%*$J'$.6O1/%'6$(#$
'(%&'3$'21.-$%'0A'3.0'#%$*3$O1/%$%'0A'3.0'#%K$B',.1/'$*+$%&(/4$"$6',(6'6$%*$.6O1/%$0I$0.%3(N$
G&'3'$%&'$-'+%$,*-10#$*+$/*1#6/$.3'$(#$O1/%$%'0A'3.0'#%4$.#6$'.,&$3*G$&./$(%/$A(%,&'/$6'%'30(#'6$
J./'6$*#$%&'$O1/%$(#%'3S.-$J'%G''#$/*1#6/K$E*3$'N.0A-'4$(#$_!$.$B<#.%13.-$G*1-6$#*30.--I$&.S'$.$
3'-.%(S'$%'0A'3.0'#%$%*$R<#.%13.-$*+$!$/'0(%*#'/$.#6$!P$,'#%/$-*G'3$93'A3'/'#%'6$./$<!<!P@K$
h*G'S'3$J',.1/'$3*G$_!$J')(#/$*#$5$#.%13.-$.%$Çe<!e4$.#6$%&'$B$#.%13.-$(/$.-%'3'6$./$.$A'3+',%$
+*13%&$-*G'3$9(#S'3%'6$./$<?ÇP=@$%&.#$Çe<!e4$%&'$3'/1-%(#)$A(%,&$+*3$B$#.%13.-$(/$<!Ç!?4$Pg$,'#%/$
?:
&()&'3$+3*0$%&'$O1/%$%'0A'3.0'#%$*+$B<#.%13.-$(#$%&'$H'I$*+$RK$`(.)3.0$?$/&*G/$0I$.-%'3'6$A(%,&$
0.%3(NY
J)2?(27$X$U$!"#$Y&*'$G:'#(#8$6)'-"$;2'()M
F*$,3'.%'$.$/*1#6$+('-6$G(%&$%&(/$0.%'3(.-$"$6',(6'6$*#$A.##(#)$.#6$-'S'-$0.#(A1-.%(*#/$
+*3$'.,&$/*1#6K$"$G./$-1,HI$%*$/A(#$%&'$%*3#.6*$(#$.$,*1#%'3,-*,HG(/'$6(3',%(*#4$G&(,&$"$G./$-.%'3$
(#+*30'6$JI$`3K$]*J'3%$\1'--'34$.$A3*+'//*3$.%$%&'$l#(S'3/(%I$*+$L3H.#/./4$(/$0*3'$,*00*#$+*3$
?=
%*3#.6*/$(#$%&'$#*3%&'3#$&'0(/A&'3'K$F&'$A.##(#)$,&*(,'/$,.#$J'$/''#$*#$%&'$J*%%*0$*+$%&'$
`(.)3.0$?K$
F&'$!P$/*1#6/$.3'$0*/%$'S'#-I$6(S(6'6$.0*#)$%&'$!==$A*//(J-'$/'%%(#)/$9==$Q'+%4$==$
]()&%4$.#6$M$(#$%&'$0(66-'@$JI$6(S(6(#)$%&'$1#(%/$(#%*$)3*1A/$*+$!gK$F&'/'$6(S(/(*#/$.3'$'NA.#6'6$
(#$A3.,%(,'$%*$(#,-16'$:$A*(#%$0.#(A1-.%(*#$(#$%&'$-*G'3$/*1#6/$9*,%.S'/$!<e@$.$>$A*(#%$
0.#(A1-.%(*#$(#$*,%.S'$?$.#6$.$e$A*(#%$0.#(A1-.%(*#$(#$*,%.S'$>K$F&'3'+*3'4$%&'$<=<M:$*#$%&'$
J*%%*0$3*G4$#'.3$%&'$,'#%'34$>$/*1#6/$(#$+3*0$%&'$-'+%$/(6'4$G(--$0*S'$+3*0$;e$-'+%$%*$!g$3()&%$
%&3*1)&*1%$%&'$613.%(*#$*+$%&'$/*1#6K$F&'$<g<e$/*1#6$*#$%&'$%*A$3*G$G(--$0*S'$!g$3()&%$%*$;e$
-'+%K
F&'$/*1#6/$.3'$.-/*$0.#(A1-.%'6$J'%G''#$%&'$/%'3'*$)3*1A/$*+$/A'.H'3/$JI$.6O1/%(#)$%&'$
-'S'-/$0.#1.--I$9%&'$G.I$A.##(#)$6*'/$.1%*0.%(,.--I@K$F&'$-'S'-/$"$1/'6$%*$J.-.#,'$%&'$/*1#6/$(#$
'.,&$/*1#6D/$/A.,'$.#6$.3'$/&*G#$*#$%&'$3()&%$/(6'$*+$%&'$)3.A&K$F&'3'+*3'4$%&'$Ç?<P=$*#$%&'$-'+%$
/(6'$*+$%&'$,&.3%$#'.3$%&'$-'%%'3$B$G(--$0*S'$(#$%&'$L$/A'.H'3$+3*0$<;?$%*$<Ö4$%&'$B$/A'.H'3$+3*0$
<:$%&3*1)&$M$<:$.#6$%&'$R$/A'.H'3$+3*0$<Ö$%*$<P:$6',(J'-/K$
F&'3'$(/$.#$(0J.-.#,'$,3'.%'6$(#$%&'$-'S'-$6(/A-.,'0'#%$61'$%*$%&'$.-)*3(%&0(,$#.%13'$*+ $
%&'$-'S'-/$,&*/'#$.#6$%&'$-*).3(%&0(,$*+$%&'$6',(J'-$/I/%'0K$j3()(#.--I4$%&(/$6(/,3'A.#,I$G./$61'$
%*$0I$(#.J(-(%I$%*$1#6'3/%.#6$%&'$-*).3(%&0(,$,*#/%31,%(*#$*+$%&'$6',(J'-$/I/%'0K$h*G'S'34$
A'3+',%-I$J.-.#,'6$-'S'-/$G*1-6$,3'.%'$.$J.-.#,'6$6'A%&$*+$/*1#6K$F&'3'+*3'4$%&'$(0J.-.#,'$
,3'.%'6$JI$%&'$0.%&'0.%(,.-$6(++'3'#,'/$(/$.#$'#O*I.J-'$-.I'3$*+$6'A%&$.66'6$%*$%&'$/*1#6$
/%31,%13'K$
F&'$#'N%$-.I'3$G./$,3'.%'6$JI$/&(+%(#)$%&'$G(#6$/*1#6$(#%*$6(++'3'#%$*,%.S'/$J./'6$*#$
G&'3'$%&'$G(#6$G*1-6$J'$/A(##(#)$(#$%&'$Xo1/%$L-%'3'6$_(%,&$\.%3(NK[$"#$`(.)3.0$?4$J*N'/$G'3'$
>M
,3'.%'6$*S'3$%&'$/*1#6/$%*$,&**/'$G&(,&$/*1#6/$G*1-6$J'$(#$G&(,&$*,%.S'K$>$*,%.S'/$G'3'$
,&*/'#4$G(%&$%&'$-*G'/%$*,%.S'$.#6$&()&'/%$*,%.S'/$-'#)%&$J'(#)$A(,H'6$J./'6$*#$A'3/*#.-$
A3'+'3'#,'$*+$%&'$613.%(*#4$.#6$/*1#6$21.-(%IK$F&'$,'#%3.-$J*N$*+$e$/*1#6/$9ÇP<PM4$<e<;g4$Ç!Ç!e4$
ÇgÇ;!@$,3'.%'/$%&'$-*G'/%$*,%.S'K$F&'$#'N%$*,%.S'$(#,-16'/$%&'$!P$/*1#6/$9:Çe@$%&.%$/133*1#6$%&'$
,'#%3.-$+*13$/*1#6/K$F&'$-*G'/%$/*1#6$(#$%&'$/',*#6$)3*1A$9<!M<P:@$'N(/%/$-*G'3$%&.#$%&'$&()&'/%$
/*1#6$(#$)3*1A$!K$
F&'3'$.3'$%G*$G.I/$%&.%$6'A%&$.3'$,3'.%'6$%*$6(/%(#)1(/&$%&'/'$/*1#6/K$E(3/%4$%&'$/*1#6$(#$
%&'$/',*#6$)3*1A$G(--$J'$0*S(#)$.$-.3)'3$6(/%.#,'$%&.#$%&'$/*1#6$(#$%&'$+(3/%$)3*1AK$^',*#64$./$
%&'$%*3#.6*$6'S'-*A/4$6'A%&$(/$.66'6$%*$%&'$/*1#6$G(%&$(#,3'./(#)$-.I'3/$*+$3'S'3J'3.%(*#K$
L$%G*$6(0'#/(*#.-$3'A3'/'#%.%(*#$*+$%&'$/*1#6$,(3,-'$,.#$J'$/''#$(#$E()13'$>4$G&(-'$
E()13'$g$/&*G/$.$;<6(0'#/(*#.-$3'A3'/'#%.%(*#$*+$%&'$/*1#6<+('-6K
%)?&(#$EU$G$NC8)7#0*).02:$(#A(#*#0'2').0$.,$'"#$'.(028.$*.&08C,)#:8
>!
%)?&(#$S$U$G$TCJ)7#0*).02:$(#A(#*#0'2').0$.,$'"#$'.(028.$*.&08C,)#:8
>P
l/(#)$%&'/'$31-'/$.#6$,&.3%/$./$.$J./(/$+*3$,*#/%31,%(*#$"$0.#(A1-.%'6$%&'$+(-'/$%*$,3'.%'$
0I$/*1#6$%*3#.6*Z$'.,&$+(-'$'N(/%(#)$(#$.$A3',(/'$-*,.%(*#4$6(3',%(*#4$613.%(*#4$.#6$6'A%&K$
L-%&*1)&$%&'$A(%,&$,*#%'#%$(/$,*#/(6'3'6$XG&(%'$#*(/'[4$"$J'-('S'$%&.%$%&'$0'%(,1-*1/$#.%13'$*+$
%&'$,*#/%31,%(*#$,3'.%'/$.$+''-(#)$%*$%&'$01/(,$#*%$A*//(J-'$G(%&$.-'.%*3(,$*3$/'3(.-$%',&#(21'/K$
F&'$F*3#.6*$'NA*/'/$%&'$/*1#6/$+3*0$%&'$,'#%'3$*1%G.36K$$F&'#$%&'$A.##(#)$.#6$-'S'-(#)$
*+$%&'$G(#6$.-()#/K$$F&(/$0.H'/$%&'$G(#6$.AA'.3$%*$J'$,(3,-(#)$%&'$.16('#,'K$$F&(/$/*1#6$)3*G/$
1#%(-$%&'$J(36$/*1#6/$.3'$.66'6$1#6'3#'.%&K$$F&'/'$/*1#6/$.3'$.66'6$%*$%&'$%*3#.6*$%*$(#,3'./'$
%&'$%'#/(*#$*+$%&'$A&3./'K
F*$3'0*S'$3'+'3'#%(.-$./A',%/$+3*0$%&'$J(36$/*1#6/4$%&'I$.3'$J3*H'#$(#%*$/&*3%'3$
+3.)0'#%/$.#6$A(%,&<%(0'$/&(+%'6$%*$-*G'3$.#6$-'#)%&'#$%&'(3$,*#%'#%K$F&'/'$#*#<3'+'3'#%(.-$J(36$
/*1#6/$.3'$3'A-.,'6$JI$/')0'#%/$G&(,&$.3'$0*3'$#.%13.-$.#6$'./('3$%*$(6'#%(+IK$F&'$J(36$/',%(*#$
'#6/$JI$-*G'3(#)$%&'$%'#/(*#$,3'.%'6$JI$%&'$%*3#.6*K$$F&'$+(#.-$J(36$,.--/$&'.36$.3'$%&3''$%&.%$"$
+(#6$3'-.N(#)K$F&'/'$.3'$61,H/4$J.3#$/G.--*G/$.#6$3'6$G(#)'6$J-.,HJ(36/K
F&'$/(-'#,'$.+%'3$%&'$3'6$G(#)'6$J-.,HJ(36$,.--$(/$%&'$X+.3<*1%$A*(#%[$*+$%&'$6'S'-*A0'#%$
*+$%&'/'$/*1#6/K$F&'$#'N%$/',%(*#$J3(#)/$%&'$/*1#6/$.-3'.6I$6'S'-*A'6$J.,H$%*)'%&'3$(#%*$%&'$
%&(,H'/%$%'N%13'K$$F&(/$J')(#/$G(%&$.$/%.%'0'#%$*+$%&'$%G'-S'$%*#'$3*G$(#$.$3.(#$63*A$/*1#6K$$L--$
!P$3*G/$*+$%&'$0.%3(N$.3'$1/'6K$$5.,&$3*G$(/$.-()#'6$%*$.$)3(6$%'0A*$*+$6(++'3'#%$-'#)%&/$9+3*0$
>M<!PM$JA0@$G(%&$'.,&$63*A$/*1#6(#)$*#$.$21.3%'3$#*%'$+*3$%&.%$%'0A*K$L--$!P$%'0A*D/$/*1#6$
%&'(3$+(#.-$63*A$G(%&(#$K!$*+$.$/',*#6$+3*0$'.,&$*%&'3K$$
F*$,3'.%'$%'#/(*#$(#$%&(/$/',%(*#4$*%&'3$3.(#$63*A/$.3'$.66'6$(#K$F&'/'$63*A/$&.S'$%&'(3$
*G#$%'0A($.#6$A(%,&'/4$/*0'$*+$%&'0$%*#.--I$0'-*6(,K$F&'$3.(#$63*A$(#%'#/(%I$(#,3'./'/$G(%&$%&'$
.66(%(*#$*+$#'G$63*A/4$G(%&$%&'$0*/%$(#%'#/'$63*A$J'(#)$.$).3J.)'$J.)$+1--$*+$G.%'3$+.--(#)$!M$
>;
/%*3('/K$F*$3'-'./'$%'#/(*#4$.--$!P$63(A/$*+$%&'$0.%3(N<3.(#$/*1#6$JI$%&'0/'-S'/K
E*--*G(#)$%&(/$0*0'#%$'#/1'/$.$+(#.-$,3'/,'#6*$*+$0.%'3(.-K$F&'$%*3#.6*$/*1#6$(/$
J3*1)&%$J.,H4$J1%$%&(/$%(0'$.#$'21.-(W'3$&./$J''#$.1%*0.%'6$%*$,3'.%'$A(%,&$(#$%&'$G&(%'<#*(/'K$
F&'$+(3/%$%(0'$%&'$'21.-(W'3$0*S'/$613(#)$%&'$G.S'$/*1#6K$F&(/$,3'.%'/$.#$'++',%$/(0(-.3$%*$%1#(#)$
.$3.6(*K$F&(/$(/$6*#'$G(%&$;e$6(++'3'#%$%3.,H/$*+$%&'$%*3#.6*$%*$,3'.%'$.$%&(,H$%'N%13'K$
F&'$/',*#6$/',%(*#$(#6(S(61.--I$'21.-(W'/$'.,&$+(-'4$.#6$%&'$'21.-(W'3$/%.I/$,*#/%.#%$
%&3*1)&*1%$%&'$/*1#6K$$F&(/$,3'.%'/$.$6(++'3'#%4$0*3'$/%.J-'$'++',%$%&'#$%&'$+(3/%$%',&#(21'K$F&'$
/*1#6/$*+$%&'$0.%3(N$3.(#$63*A/$.#6$+(3'$J.--/$.3'$.66'6$1#6'3#'.%&$%*$,3'.%'$.$+1--$/*1#6$*+$%&'$
'-'0'#%/$&'.36$%&3*1)&*1%$%&'$A(','K
F&'$+(#.-$'-'0'#%$3'-'./'/$%&'$%'#/(*#$.#6$3'%13#/$%&'$0.%'3(.-$J.,H$%*$%&'$J.,H)3*1#6$
#*(/'$%&.%$/%.3%'6$%&'$A(','K$$F&(/$(/$/*$%&'$A(','$,.#$J'$3'A'.%'6$*#$.$-**A4$01,&$-(H'$%&'$#*S'-$
E(##').#r/$C.H'K
1.0-:&*).0
V(944%4$,*0J(#'/$%&'$/*1#6/$*+$G.%'34$G(#64$+(3'4$.#6$J(36/$%*$,3'.%'$.$e?$0(#1%'$,I,-(,.-$
'NA'3('#,'K$$F&'$6(++'3'#%$/',%(*#/$*+$%&'$G*3H$6'S'-*A$%&'$/*1#6/4$+(3/%$%&3*1)&$/(0A-'4$.#6$%&'#$
JI$(#,3'./(#)-I$,*0A-'N$0'%&*6/K$$F&'$0*/%$01/(,.-$'NA'3('#,'/$.3'$,3'.%'6$G&'#$%&'$/*1#6/$
.3'$/I#%&'/(W'6$%*)'%&'3K$$h*G'S'3$%*$1#6'3/%.#6$%&'/'$,*0A-'N$/',%(*#/4$%&'$/*1#6/$.3'$+(3/%$
6'S'-*A'6$/(0A-IK
V(944%4$'NA-*3'/$%&'$A*//(J(-(%('/$*+$gK!$,&.##'-$.16(*$(#$.#$.%%'0A%$%*$0.N(0(W'$%&'$
/*1#6$/A.,'$,3'.%'6K$$F&(/$(#,-16'/$%&'$A(','$J')(##(#)$.#6$'#6(#)$(#$%&'$+3*#%$Xg[$/A'.H'3Z$%&'$
3.(#$/*1#6$(00'3/(*#/Z$%&'$G(#6$0*S(#)$+3*0$J.,H$%*$+3*#%Z$%&'$%*3#.6*$0*S(#)$(#$.$,(3,-'4$.#6$
>e
%&'$J(36/$J*%&$(00'3/(#)$%&'$.16('#,'$(#$/*1#6$.#6$3'%3'.%(#)$%*$%&'$/(6'/K
V(944%4$(/$,*#/%31,%'6$+3*0$J*%&$(#%'3#.-$.#6$'N%'3#.-$/%31,%13'/K$L-*#)$G(%&$%&'$e?$
0(#1%'$-'#)%&$*+$%&'$G*3H4$%&(/$0()&%$0.H'$%&'$A(','$1#<'#O*I.J-'K$$`'##(/$^0.--'I$'NA-.(#/Y
F*6.I$G'$,*#%(#1.--I$#''6$%*$3'.//'3%$%&'$A3(0.,I$*+$.13.-$'NA'3('#,'$(#$01/(,K$F&'$
&'3(%.)'$*+$%G'#%('%&<,'#%13I$+*30.-(/0$.#6$%&'$,*#%(#1(#)$A3*A'#/(%I$*+$,*0A*/'3/$%*$
/''H$/1AA*3%$(#$#*#<01/(,.-$0*6'-/$&.S'$A3*61,'6$%&'$1#6'/(3.J-'$/(6'<'++',%$*+$
/%3'//(#)$,*#,'A%$.%$%&'$'NA'#/'$*+$A'3,'A%K$B*33*G(#)$,*#,'A%/$+3*0$#*#<01/(,.-$
6(/,(A-(#'/$(/$,*00*#$.#6$,.#$J'$&'-A+1-4$J1%$1#-'//$,*#,'A%$(/$,3*//<,&',H'6$*3$
0(%().%'6$JI$%&'$'.3$(%$(/$.-G.I/$A*//(J-'$%&.%$%&'$-(/%'#'3$G(--$J'$*/%3.,(W'6K :P$
"%$(/$A*//(J-'$%&.%$/*0'$.16('#,'$G(--$J'$*/%3.,(W'6$+3*0$V(944%4&J',.1/'$"$&.S'$/%3'//'6$
,*#,'A%$*S'3$A'3,'A%(*#K$$h*G'S'34$%&(/$G./$#*%$6*#'$(#$()#*3.#,'K$$F&'$/%31,%13'$*+$%&'$G*3H$(/$
,3'.%'6$+3*0$%&'$/%31,%13'$*+$0*%(S(,$,'--/K$$F&'/'$,'--/$.3'$A3'/'#%'6$.%$+(3/%$./$/0.--$1#(%/4$%&'#$
,*0J(#'6$+*3$0*3'$/1J/%.#%(.-$,*0J(#.%(*#/K$$F&'$(0A*3%.#%$0*0'#%/$.3'$'0A&./(W'6$.#6$
J',*0'$'0*%(*#.-$J',.1/'$*+$%&'(3$/%31,%13.-$%3'.%0'#%K$$"$J'-('S'$%&.%$JI$J1(-6(#)$'.,&$
,*0A-(,.%'6$%'N%13'$(#6(S(61.--I$%&'$X'#%'3%.(#0'#%[$S.-1'$*+$%&'$G*3H$(/$6(0(#(/&'6K$$h*G'S'34$
"$J'-('S'$%&(/$(/$.,%1.--I$.#$.//'%$%*$%&'$G*3H4$JI$,3'.%(#)$/%31,%13'4$J.-.#,'4$A.%('#,'4$.#6$
,*&'/(*#K$$
:P$`'##(/$^0.--'I4$XÂ',%3*<0*3A&*-*)I$.#6$^%31,%13(#)$A3*,'//'/[$(#$76%&:;,Q/;Q%&"5&&
&&&&&A(%)*+",-)&3/4-)4$,*0A(-'6$JI$^(0*#$500'3/*#K$9\.,\(--.#$_3'//$Q%6Y$Q*#6*#4$!=:>@4$ePK

!"
#$%& '()*$
+ ,
-"

.
/00$10$//1234
04
5 //6

70-0(8

+#

0

/
$

&
+ 7
9::-

$
;
$<
;
1=

9::9

>
? !
++
++@
!(
1
A !< B "C

A
+ !

&++
!!

;#B
)D+ <
1.
" # !9! 7/+9::
A ;+
E
$%
!7
* A#<
1 /

/

'
.+ ><
!B9::C
*+
A #

''

&

$/+ 1.

!*

$
6 C"8
$$
$ &
!1
< 9::!
1
+F

&$$
+

& 'B1
>
1
>
<&
6/+
+
1 9! 9::"8
/00
$0 /
0 0 1
+5&$$B1
5/
5& /'
>
!@ 4
'+'

+ !-
F+

+
D'$
.'
(7"
69::98
=
A$
)%(* !A+9:9
&++
+
1A
;+
D
*4G
4
'#H 4 4

4
+

1 $

4 .# +!6 C:8
#
& '
+
1/.<' 1

/00$
$+140$$
$0
$+0
+ $+6

(070(8
;+I4
++",! /0094$04
0;+4
0:54+ $+6

700(8
<+
>#
D/
+
9+)/4
$
9:
'

+*
J.

/00
11
$09:90:0:0
)

D/
+
)9)+)) )
)D)06

/+79:(8
<
$ *$K L+

B A =&+
#/

''

+4
/ $
++
/ '+L$
.

) -:" -
6/79:: 8!
<

+#$

1
+
%$
+
+ ..
- /9::98
BL
> . 0 1$

9::-
B+ F A

''
# 4

B ;
.
A
B
+, &- (6$$
!98
B 1

#
H '+

'>
1
+1

+*
4
+/$
'
+
B.& # (9::(
B 1

LD'+

C-
B
F+//$$$+#
F B '
. /004
4
+
$
0M+E07B0' )$ '
$+6

F
( 9:(8
B H
4

=23 +$.(
!
>1 :9::
B
>4>6A+
8N $
$#H
+2D/+ 1
''

'$

4
1 .# +( 76*

$

9:98
B++
+4+!$1
@ -
B++
<
B=
11&>
E
B
+BB
E
#/+ '
+

+
/
$+H
.

) -!:" 7
6/+!9:: 8
$
>
H
4
>
$
H
4

+
D+
-5 5 !F
C9: /00
0
0(5(0
+ 5 $
59: $+6

B-9:(8
$
>
"%%+6)($$ OO+
P

F
C9: /00
0
0(5(0
+ 5 $
59: $+6

:0 098
L $7387 9%

:;<=3
6 ! 8
/+

#>
L'?
B
L B4 1/
/
.

/ 97 96F
(78
E 4

*/ "C
>''+
; > +
#F H '+

<+E '
?
+
+
.# 7 "6 "C8
>
+
8
" & ; Q4
++
C
>
+ B +#H

/
4+

'/

//+
D/
'

.. -C69::78
>+<1

!>
1

C"

&
$ R
$
; R

=4
, (

+

A
++< B$++ +
9::

''

H
4
$&1 # H
4

''
.++
2 9 6 C!8

''

H " / ?=@
A( A
@ 4
'+'

+
9:9
$++
*
#/
)$/+1 1/

. &

( 6!BB++
< < C"
/

A *4
AR4
/ +L
1 D1
1

B
$.#
49:
(6 78
/+ =+
++$B1
#
*''

+''
'

4

'$
.+# 7 76 8
+
F++&$
++ 1 F+
9::C
@

=++/+ =
/00
140//+ 0
+0'+
0/:90/):9::(/'6

700(8
? ;
$/
+
BB
+#

D/
+

H
$&
*

B
) +. 4
: (6B9::98
?S
1H
4
+'
</+
#1?S
B
4

?S
</+
.& 96/+ "C8
?
$
++
$F
#
D/
+&
+
4 (:C//+
$
>
4
4 $
+&
+
6B9:::8
?
1 ; 6

(6> $&
9:: 8
>
#/ B.( (
$
$$
61
+ 1 @8
1 1 B >$$ %$

C"
N$$
>
# H$/+ '

/ .+
/00:), 1+
0 +
0/'/+0(--C99/'2
/ 3

6/+
+
BC9::(8

A History of Musique Concrete and its Influence on Ulysses

Încărcat de

Informații document

Descriere originală:

Titlu original

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

A History of Musique Concrete and its Influence on Ulysses

Încărcat de

Drepturi de autor:

Formate disponibile

University of Arkansas, Fayetteville

A History of Musique Concrete and Ulysses

Follow this and additional works at: http://scholarworks.uark.edu/etd

eMYeP<eMYMP $$$ $$$F1#(#)$F3#.6

$/+ 1.

1 $

$ *$K L+

B+ F A

L $7387 9%

E 4

1 1 B >$$ %$

S-ar putea să vă placă și

A History of Musique Concrete and its Influence on Ulysses

Încărcat de

Informații document

Descriere originală:

Titlu original

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

A History of Musique Concrete and its Influence on Ulysses

Încărcat de

Drepturi de autor:

Formate disponibile

University of Arkansas, Fayetteville

A History of Musique Concrete and Ulysses

Follow this and additional works at: http://scholarworks.uark.edu/etd

eMYeP<eMYMP $$$ $$$F1#(#)$F*3#.6*

 $/+ 1. 

 1  $

$ *$K L+ 

B+ F A 

L $7387  9%  

 E  4 

1 1 B >$$  % $

S-ar putea să vă placă și

eMYeP<eMYMP $$$ $$$F1#(#)$F3#.6

$/+ 1.

1 $

$ *$K L+

B+ F A

L $7387 9%

E 4

1 1 B >$$ %$