EL DISCURSO CRÍTICO DE MARX (BOLIVAR ECHECERRIA)-MARX - María Cruz Flores

Vista previa del material en texto

!"#$%&'()&*#')+,%'*#$!#-.)/
0*"+1.)#!'2!1!))+.
3)!&!4,.'%5466666666666666666666666666666666666666666666666666666666666666666666666666667
!"#-.,!)%."%&-*#$!#-.)/66666666666666666666666666666666666666666666666689
$!:%4%'%54#$!"#$%&'()&*#')+,%'*6666666666666666666666666666666666;<
!&=(!-.#$!#!"#'.3%,."6666666666666666666666666666666666666666666666666666666>9
'*-!4,.)%*#&*0)!#!"#?3(4,*#$!#3.),%$.?#$!#!"#'.3%,." @>
1."*)#A#3"(&1."*)666666666666666666666666666666666666666666666666666666666666666BC
'".&%:%'.'%54#$!"#3"(&1."*)6666666666666666666666666666666666666689D
".#')%&%&#!&,)(',()."#&!EF4#-.)/666666666666666666666666668<D
)*&.#"(/!-0()E*G#!&3*4,.4!%$.$#666666666666666666666666668@8
)!1*"('%*4.)%.#!#%4,!)4.'%*4."%&-*66666666666666666668@8
!"#3)*0"!-.#$!#".#4.'%54#$!&$!#".#?')H,%'.#$!#".#!'*4*-+.#3*"+,%'.? 8CC
'(!&,%*4.)%*#&*0)!#"*#3*"+,%'*666666666666666666666666666666667;8
3)!&!4,.'%54
4I# JKLMNIJ #LOMP # QI # RSM #)IJK #"STMNLSUVI #RSMUHK # WMXOU # XIP # ?LKULKUOM? # XSKPWIY # MP # MQ # ZMUWKWMUI#
XINOMP[I#WM#MJ\M#JOVQIY#MP#QK#EUKP#ESMUUKY#UMXIPIXHK#]KUK#QK#NKUX^K#WM#QK#^OJ\IUOK#SPK#MPXUSXO_KWK#
OPMZO\KLQMG#I#KWI]\K#MQ#WO`HXOQ#XKNOPI#WMQ#JIXOKQOJNIY#I#JM#^SPWM#MP#QK#LKULKUOM6#a!UK#KWMXSKWI#MJ\M#
UMXIPIXONOMP\Ib#.QVSOMP#QQMVKWI#WM#K`SMUK#WOUHK#RSM#JHY#RSM#MJ#MZOWMP\MG#QK#^OJ\IUOK#JM#WMXOWOc#]IU#QK#
LKULKUOM#d#eJ\K#JM#VMPMUKQO[K#d#]UI`SPWO[K6#4SPXK#XINI#MP#MQ#JOVQI#//Y#OPJOJ\OUHKY#\KP\KJ#]IJOLOQOWKWMJ#
JIXOKQMJ#d#\eXPOXKJ#WM#`MQOXOWKWY#WM#KUNIPHK#MP\UM#QIJ#^INLUMJ#d#MP\UM#eJ\IJ#d#QK#PK\SUKQM[K#`SMUIP#
XIPZMU\OWKJ#WM#NKPMUK#\KP#JOJ\MNf\OXK#MP#XIN]SQJOIPMJ#K#QK#WMJVUKXOK#d#QK#WMJ\USXXOcP6#3MUI#QIJ#RSM#
ZOZMP#MJ\M#JOVQI#PI#MJ\fP#WOJ]SMJ\IJ#K#SPK#XIPJ\K\KXOcP#\KP#XIP\SPWMP\M#d#XIPWMPK\IUOK#XINI#eJ\K6#
'UOKWIJ#]KUK#MQ#KU\M#WM#OP\MU]UM\KU#QI#NKQI#XINI#NMPIJ#NKQI#K#QK#QS[#WM#QK#]IJOLOQOWKW#WM#QI#]MIUG#
KPJOIJIJ#WM#MPXIP\UKUQM#JOMN]UM#K#\IWIY#OPXQSJI#K#QI#]MIUY#MQ#QKWI#LSMPIY#JM#UMJOJ\MP#XIP#UMXMQI#`M\OX^OJ\K#
K#JSNKU#LK_I#MQ#\eUNOPI#?LKULKUOM?#\IWKJ#QKJ#XK\fJ\UI`MJ#d#QKJ#NKJKXUMJY#WM#JS#e]IXKY#QK#`USJ\UKXOcP#WM#
]SMLQIJ#d#VMPMUKXOIPMJ#MP\MUKJ#RSM#MQQK#XIP\OMPMY#MQ#KJ`OTOKP\M#MJ\UMX^KNOMP\I#WM#QK#ZOWK#OPWOZOWSKQ#d#
XIQMX\OZK#RSM#MQQK#^K#\UKHWI#XIPJOVI6#3KUK#MQQIJY#]MJM#K#\IWIY#MQ#]UIVUMJI#?RSM#JMUHK#]IU#MJMPXOK#LSMPI?#
JOVSMG#QK#^SNKPOWKW#NKP\OMPM#JS#NKUX^K#KJXMPWMP\M6
0KULKUOMG#SPK#ZOWK#JIXOKQ#XSdI#\UKPJXSUUOU#`SMUK#MQ#WOJXSUJI#WM#SP#OWOI\KY#QQMPI#WM#USOWI#d#`SUIU#d#XKUMP\M#
WM#\IWI#JMP\OWI6#.SJMPXOK#WM#JMP\OWIG#^M#K^H#QK#XQKZM#WM#QK#LKULKUOM6#a2K#JOWI#MQ#JOVQI#//#XINI#SPK#NMUK#
XIU]IUO[KXOcP#WM#SP#XSMP\I#OPXI^MUMP\M#d#ZOIQMP\Ib#,KQ#ZM[6#3MUI#MQ#NSUKQ#WM#LKULKUOWKWMJ#WMQ#JOVQI#//Y#
OPNMPJI#d#UMXKUVKWIY#PI#]SMWM#JMU#WMJXUO\I#WM_KPWI#WM#QKWI#SPK#]UMJMPXOK#\KPVMPXOKQ#]MUI#WM\MUNOPKP\M#
RSM#IUVKPO[K#JS#XIP\MPOWI#MP#QK#NOJNK#NMWOWK#MP#RSM#QI#POMVK6#-M#UM`OMUI#K#QK#]UMJMPXOK#UMKQ#WM#SP#
]UIdMX\I#WM#JMP\OWI#IY#NM_IUY#WM#XIP\UKgJMP\OWI#]KUK#QK#^OJ\IUOK#XIP\MN]IUfPMKG#MQ#XINSPOJNIh#K#QK#
NK\MUOKQO[KXOcP #WM #eJ\M # MP #SPK # MP\OWKW # JIXOI]IQH\OXK # ]MXSQOKUG # QK # O[RSOMUWKh # K # JS #NKPO`MJ\KXOcP # MP#
XIPXM]\IJ#NMWOKP\M#SP#WOJXSUJI#]UI]OIG#MQ#NKUTOJNI6
&cQI#SP#^MX^I#ON]OWM#^KLQKU#WMQ#JOVQI#//#XINI#WM#SPK#e]IXK#WM#LKULKUOM6#4I#JM#\UK\K#WM#QK#MTOJ\MPXOK#WM#
SP#PMTI#RSMY#KQ#SPOU#SPK#iLKULKUOWKW#XIP#I\UKY#QMJ#I\IUVSM#SP#JMP\OWI#\UKJXMPWMP\MG#SPK#XK\MVIUHK#WM#
NKQMJ#PMXMJKUOIJ#MP#MQ#XKNOPI#K#SP#LOMP#jQ\ONI6#&M#\UK\K#WM#QK#MTOJ\MPXOK#WM#QK#O[RSMUWKG#SPK#XOMU\K#
XINSPOWKW#WM#OPWOZOWSIJY#SPK#XOMU\K#`UK\MUPOWKWY#K#ZMXMJ#XIN]KX\KY#K#ZMXMJ#WO`SJKY#RSM#^K#ZOZOWI#MJ\K#
^OJ\IUOK#LfULKUK#XINI#QK#PMVKXOcP#WM#I\UK#^OJ\IUOK#WMJMKWK#d#]IJOLQM#K#QK#RSM#JM# #WMLM#\MPMU#KXXMJI#
NMWOKP\M#QK#UMZIQSXOcP6#!P#ZOU\SW#WM#QK#MTOJ\MPXOK#WM#QK#O[RSOMUWK#QK#NOJMUOK#WM#QK#ZOWK#NIWMUPKY#QK#
WMJ\USXXOcP#WM#QIJ#^INLUMJ#d#WM#QK#PK\SUKQM[K#MP#QKJ#XOSWKWMJ#d#MP#QIJ#XKN]IJ#WM#QK#e]IXK#OPWSJ\UOKQ#
WM_K#WM#JMU#SP#KLJSUWI#d#JM#ZSMQZM#SP#KXIP\MXONOMP\I#^OJ\cUOXI#WI\KWI#WM#SP#JMP\OWI#kPMVK\OZIk#d#
]IU#\KP\I#MT]QOXKLQM6#!T]QOXKLQM#]IU#MQ#^MX^I#WM#RSM#QK#UM]UIWSXXOcP#WM#QK#ZOWK#JIXOKQ#kQK#SPOWKW#WM#
\UKLK_I#d#WOJ`US\Mk#JM#QQMZK#K#XKLI#WM#SP#NIWI#\KQ#RSM#XIP\UKWOXM#QKJ#\MPWMPXOKJ#JIXOKQMJ#d#\eXPOXKJ#
OP^MUMP\MJ#K#MJM#NOJNI#]UIXMJI#RSM#PI#JcQI#JM#^K#ZSMQ\I#dK#JSJ\O\SOLQMY#JOPI#RSM#WMJ]OMU\K#MQ#WMJMI#WM#
JS#JSJ\O\SXOcP6#"K#MTOJ\MPXOK#WM#QK#O[RSOMUWK#QM#WK#SP#JMP\OWI#kSP#XIP\UKgJMP\OWIk#KQ#JOPJMP\OWI#WMQ#
JOVQI #//6 #EUKXOKJ # K # MQQKY # QKJ # VSMUUKJ #NSPWOKQMJ # PI # JIP #NMUKJ # UOlKJ # OPMZO\KLQMJ # MP\UM # IUVKPOJNIJ#
PKXOIPKQMJ#K#QIJ#RSM#JM#QMJ#WMJLIXK#JS#KVUMJOZOWKW#OPJ\OP\OZKY#PO#MQ#JKPVUOMP\I#XIP\UIQ#XIQIPOKQOJ\K#WMQ#
]QKPM\K#SP#NMUI#M]OJIWOI#MP#QK#QSX^K#]IU#QK#JS]UMNKXHK#WMQ#NfJ#`SMU\M#d#QK#MT\OPXOcP#WMQ#NfJ#WeLOQG#eJ\MY#
XINI#KRSeQQKJY#ZOMPM#WM#QK#\UKJQKXOcP#WM#QK#OUUKXOIPKQOWKW#WM#QK#ZOWK#XK]O\KQOJ\K#PKXOIPKQ#K#QK#MJXKQK#
]QKPM\KUOKh #JIP#XK\fJ\UI`MJ#d #VMPIXOWOIJ# \KQ #ZM[# OPONKVOPKLQMJ#]MUI#JH #]MPM\UKLQMJ #K # QK #UK[cP#XINI#
UMJSQ\KWI#PMXMJKUOI#WM#QK#WOJ]S\K#MP\UM#QIJ#XK]O\KQMJ#PKXOIPKQMJ#ON]MUOKQOJ\KJ#]IU#KQXKP[KU#MQ#WINOPOI#
JILUM#QIJ#WMNfJ6#3IURSM#QK#O[RSOMUWK#MJ\SZI#KQQH#!"#$%&'()*WM_c#WM#JMU#SP#^IQIXKSJ\I#XKJSKQ#]UIZIXKWI#
]IU#SP#QIXIh#`SM#MQ#UMJSQ\KWI#WMQ#`UKXKJI#WM#QK#]UI]OK#O[RSOMUWKh#MQ#JKXUO`OXOI#MTXMWMP\KUOI#XIP#RSM#MQ#
XSMU]I # JIXOKQ # WMLHK # ]KVKU # MQ # \UOSP`I # WM # QK # XIP\UKUUMZIQSXOcP # KP\OXINSPOJ\K # MP # QK # !SUI]K # WM # QK#
XOZOQO[KXOcP#LSUVSMJK6
3MUI#?MQ#WMJOMU\I#XUMXM?G#OPXQSJI#QK#`SMP\M#WM#JS#XIP\UKgJMP\OWI#KNMPK[K#XIP#XMVfUJMQM#KQ#JOVQI #//#MP#
MJ\IJ#JSJ#jQ\ONIJ#WMXMPOIJ6#'INSPOJNIY#O[RSOMUWK#d#NKUTOJNI#JM#MPXSMP\UKP#MP#XUOJOJG#MP#SP#NINMP\I#
MP #RSM #JS # UMPKXONOMP\I #I#JS #WMJK]KUOXOcP#JIP# OVSKQNMP\M #]IJOLQMJ6 #4I#JM # \UK\KY # JOP #WSWKY #WM #SPK#
JO\SKXOcP#WM#JSLIUWOPKXOcP#\I\KQ #WM#QK #JIXOMWKW#KQ #KXOKVI#WMJ\OPI#RSM#QM#NKUXK#QK#KXSNSQKXOcP#WMQ#
XK]O\KQh#QK#UMLMQWHK#LUI\K#]IU#\IWKJ#]KU\MJY#WM#NKPMUK#NfJ#I#NMPIJ#UKWOXKQY#]IWMUIJK#d#WSUKWMUKh#MQ#JMU#
^SNKPI#JM#UMJOJ\M#MP#\KP\I#RSM#`SMU[K#WM#\UKLK_I#NKQ#]KVKWKY#MP#\KP\I#RSM#ZKUOMWKW#WOJXUONOPKWK#]IU#JS#
JMTIY#JS#UK[K#I#JS#XIN]IU\KNOMP\IY#MP#\KP\I#RSM#VUS]I#JIXOKQ#UM]UONOWI#MP#QI#]IQH\OXIY#QI#PKXOIPKQ#I#QI#
UMQOVOIJI6 #$M # QI #RSM # JM # \UK\K # MJ #WM #SP #WMJVKJ\M # OUUMZIXKLQM #WM # QK # `OVSUK #^OJ\cUOXK # XIPXUM\K #RSM # QK#
]UMJMPXOK#WMQ#XIP\UKgJMP\OWI#MP#MQ#JOVQI#//Y#XINI#UMJOJ\MPXOK#d#UMLMQWHK#UMKQMJY#XINI#\UHKWK#XINSPOJNIg
O[RSOMUWKgNKUTOJNIY#^MUMWc#WMQ #JOVQI#KP\MUOIU6 #"K#\UHKWK#XINSPOJNIgO[RSOMUWKgNKUTOJNI#JcQI#]SWI#
KWRSOUOU#SPK#`OVSUK#XIPXUM\KY#SPK#ZOVMPXOK#M`MX\OZK#MP#QK#^OJ\IUOK#XIP\MN]IUfPMK#NMWOKP\M#SP#XIP_SP\I#
WM#\UMJ#KS\IK`OUNKXOIPMJ#\McUOXIg]UfX\OXKJ#RSM#WMLOMUIP#JMU#XIN]K\OLQMJ#XIP#QK#MJMPXOK#WM#QI#]IQH\OXI#
WMQONO\KWK#]IU#QK#JIXOMWKW#XOZOQ#I#LSUVSMJK6#"K#K`OUNKXOcP#WM#RSM#JS#?LKJM#JIXOKQ?#MTOJ\M#WM#^MX^I#d#
XIOPXOWM # K]UITONKWKNMP\M # XIP # QI # RSM # MQ # WOJXSUJI # JIXOIQcVOXI # QQKNK # ?XQKJM #ILUMUK # OPWSJ\UOKQ?6 #"K#
K`OUNKXOcP#WM#RSM#JS#NIWMQI#WM#JIXOMWKW#KQ\MUPK\OZK#MJ#UMKQNMP\M#ZOKLQM#d#RSM#k^KLOWK#XSMP\K#WM#
`KX\IUMJ#WOJ\IUJOIPKP\MJk#]SMWM#JMU#MPXIP\UKWK#MN]HUOXKNMP\M#MP#QK #()&&# d#JSJ#]UIQIPVKXOIPMJ6#"K#
K`OUNKXOcPY # ]IU # `OPY # WM # RSM # JS # KXXOcPY # QM_IJ # WM # JMU # S\I]OJ\KY # PI # MJ # I\UK # XIJK # RSM # MQ # OP\MP\I # WM#
?NIWMUPO[KU? # QK # JIXOMWKWY # WM # KWMXSKUQK # K # QKJ # XIPRSOJ\KJ # ]UIWSX\OZKJ # OPPMVKLQMJY # QIVUKWKJ#
MJ]IP\fPMKNMP\M#]IU#QIJ#NMWOIJ#WM#]UIWSXXOcP6
3MUI#MJ\IJ#jQ\ONIJ#XOMP#KlIJ#^KP#JOWI#WMNKJOKWIJ#KlIJ#]KUK#QK#XK]KXOWKW#WM#KWK]\KXOcP#WM#XSKQRSOMUK#
WM#QKJ#`OVSUKJ#XIPXUM\KJ#XUMKWKJ#MP#JS#UMKQOWKW#^OJ\cUOXK6#$MNKJOKWIJ#\KNLOePY#]IU#QI#\KP\IY#]KUK#QK#
`OVSUK#\UKWOXOIPKQ#WM#QK#%[RSOMUWK#d#WM#QK#\UHKWK#K#QK#RSM#MQQK#]MU\MPMXM6#!P#]UONMU#QSVKUY#MQ#KLOVKUUKWI#
]KPIUKNK # WM # LUI\MJ # WM # ON]SVPKXOcP # WMQ # JOJ\MNK # PI # ]SMWM # dK # JMU # WMJXUO\I # XINI # SPK # JON]QM#
NIWO`OXKXOcP#WM#QK#NOJNK#`OVSUK#^OJ\cUOXK#WM#QK#%[RSOMUWK6#-SX^KJ#WM#MJKJ#UMLMQWHKJ#JIPY#NfJ#RSM#
MT\UKlKJ#MP\UM#JHY#MPXIPKWKNMP\M#^IJ\OQMJ#QKJ#SPKJ#K#QKJ#I\UKJ6#"K#?XQKJM#ILUMUKY#OPWSJ\UOKQ?Y#]IU#JS#QKWIY#
KQ #NOJNI#\OMN]I#RSM#^K#WM_KWI#WM#JMU#QK #]IU\KWIUK#WMQ#]UIdMX\I#XINSPOJ\K#WM#SPK#XIP\UKg^OJ\IUOK#
XIP\MN]IUfPMKY#^K#]MUWOWI#\KNLOeP#QK#XK]KXOWKW#WM#I`UMXMU#SP#]QKPI#^INIVePMI#WM#KXXOcP#K#QIJ#WMNfJ#
JS_M\IJ#WM#QK#UMLMQWHKY#d#WM#JMU#KJH#JS#UM]UMJMP\KP\M6#!P#JMVSPWI#QSVKUY#QK#MTOJ\MPXOK#WM#QIJ#+",-.Y#WM#QK#
UM]UMJOcP # WM # QK # WMNIXUKXOK # d # WMQ # KPRSOQIJKNOMP\I # WM # QK # ZOWK # JIXOKQ # ]KUK # MQ # JIJ\MPONOMP\I # WMQ#
?JIXOKQOJNI#UMKQ?#PI#]SMWM#dK#JMU#OP\MU]UM\KWK#XINI#UMJSQ\KWI#WM#SPK#PMXMJOWKW#ON]SMJ\K#WMJWM#K`SMUKY#
]IU#MQ#XIP\IUPI#XK]O\KQOJ\KY#K#SP#]UIXMJI#WM#?\UKPJOXOcP#KQ#JIXOKQOJNI?h#WMLM#JMU#UMXIPIXOWK#XINI#QK#
]UMJMPXOK#OPZMU\OWKY#]MUZMUJKNMP\M#NM\KNIU`IJMKWKY#WM#QKJ#NOJNKJ#QMdMJ#VMPMUKQMJ#WMQ#NIWI#XK]O\KQOJ\K#
WM#QK#UM]UIWSXXOcP#JIXOKQY#MN]MlKWKJ#MP#XIPJIQOWKUJM#d#]MUJMZMUKU6#!Q#NIWMQI#WM#JIXOMWKW#KQ\MUPK\OZK#
JcQI#]SMWM#\MPMU#MP#MQ#IUWMP#ON]QKP\KWI#]IU#QK#()&&#QK#ONKVMP#WM#QI#RSM#PI#WMLM#JMU6#3IU#jQ\ONIY#PI#^Kd#
dK#MJ`SMU[I#XK]K[#WM#NKP\MPMU#MP#]OM#QK#XUMMPXOK#MP#SPK#?LIPWKW?#OP\UHPJMXK#WM#QK#\eXPOXKG#UMJSQ\K#
OQSJIUOK# QK#]IJOLOQOWKW#WM#RSM#SP#PSMZI#IUWMP#JIXOKQ#WMJ]QKXM#WMQ# QKWI#PMVK\OZI#KQ# QKWI#]IJO\OZI#MQ#
NMXKPOJNI#RSM#UMVSQK#MQ#JMP\OWI#WMQ#`SPXOIPKNOMP\I#WM#SPK#NOJNK#\MXPIQIVHKY#QK#\MXPIQIVHK#NIWMUPK6#
,MXPIQIVHK#OWMKWK#]KUK#]I\MPXOKU#QK#MT]QI\KXOcP#WM#QK#`SMU[K#WM#\UKLK_IY#ON]IPM#K^IUK#JS#WMJ\USX\OZOWKW#
WMJK`IUKWKh#PI#]SMWM#dK#NKP\MPMUJM#MP#JS#]K]MQ#WM#LMPMZIQMP\M#XIUUMX\OZI#UMKQOJ\K#]KUK#QIJ#JSMlIJ#WM#
SPK#^OJ\IUOK#KQ\MUPK\OZK6
"K#XKWSXOWKW#WM#QK#`OVSUK#XIPXUM\K#RSM#QK#\UHKWK#XINSPOJNIgO[RSOMUWKgNKUTOJNI#WMLOc#KWI]\KU#]KUK#
\MPMU#M`MX\OZOWKW#MP#QK#^OJ\IUOK#XIP\MN]IUfPMK#JM#NSMJ\UK#WM#NKPMUK#NSd#MJ]MXOKQ#MP#QI#RSM#UMJ]MX\K#KQ#
NKUTOJNI6#"K#`SMP\M#WMQ#WOJXSUJI#WM#QK#UMLMQWHK#d#MQ#XIP\UKgJMP\OWI#^K#MT]MUONMP\KWI#MP#MJ\M#JOVQI#SPK#
WOZMUJO`OXKXOcP#d#SPK#UKWOXKQO[KXOcP#\KP#NKUXKWKJY#RSM#QK#ZMUJOcP#WM#JH#NOJNI#RSM#MQ#WOJXSUJI#XUH\OXI#
NKUTOJ\K#WMLOc#MQMVOU#d#WMJKUUIQQKU#WMJWM#QK#e]IXK#WMQ#]UI]OI#-KUT#kQK#WM#SP#XSMU]I#WM#JKLMU#XOMP\H`OXI#
]IJO\OZIY#]UI]OI#WM#QK#?XQKJM#ILUMUK#OPWSJ\UOKQ?#d#XK]K[#WM#JSJ\O\SOU#K#JS#MRSOZKQMP\M#LSUVSeJ#XINI#
VKUKP\HK#WM#UKXOIPKQOWKW#]KUK#MQ#PSMZI#IUWMP#JIXOKQk#UMJSQ\K#WMNKJOKWI#MJ\UMX^K#M#OPI`MPJOZK#XSKPWI#
]UM\MPWM#I`UMXMU#K#\IWIJ#QIJ#I\UIJ#MJLI[IJ#WM#WOJXSUJI#XUH\OXI#SP#\MUUMPI#XINjP#]KUK#JS#`IUNSQKXOcP#M#
OP\MU]MPM\UKXOcP6
$M#MJ\K#ZMUJOcP#WMQ#WOJXSUJI#XUH\OXI#RSM#QQMVc#KQ#UOWHXSQI#XIP#MQ#?NK\MUOKQOJNI#WOKQeX\OXI?#J\KQOPOKPI#d#
RSM#\SZI#JS#jQ\ONI#OP\MP\I#WM#KWK]\KXOcP#K#XINOMP[IJ#WM#QIJ#KlIJ#JMJMP\K#mMQ#NK\MUOKQOJNI#^OJ\cUOXIG#SP#
PSMZI # ?XIP\OPMP\M? # MP # MQ #NK]KNSPWO # WM # QK # XOMPXOKnY # MJXUOLHK # :ISXKSQ\ # RSM # ?JM # MPXSMP\UK # MP # MQ#
]MPJKNOMP\I#WMQ#JOVQI#/%/#XINI#]M[#MP#MQ#KVSKh#MJ#WMXOUY#MP#XSKQRSOMU#I\UK#]KU\M#WM_K#WM#UMJ]OUKU?6#3KUK#
:ISXKSQ\Y#QK#\MIUHK#NKUTOJ\K#XKUMXM#WM#KX\SKQOWKW#]IURSMY#KWMNfJ#WM#]MU\MPMXMU#KQ#JOVQI#/%/Y#MJ#WMXOUY#WM#
^KLMU#KQXKP[KWI#ZOVMPXOK#^OJ\cUOXK#MP#eQ#kQI#RSM#WM#]IU#JH#JMUHK#SPK#ZOU\SWk#]MUNKPMXM#K\UK]KWK#MP#QK#
]UILQMNf\OXK # ]UI]OK # WM # MJM # JOVQIY # XSdIJ # KQXKPXMJ # JIP # MJ\UMX^IJ # d # `KQ\IJ # WM # UKWOXKQOWKW6 # "K#
?MPXINOMPWK?#RSM#MQ#MJ]HUO\S#UMZIQSXOIPKUOI#WMQ#JOVQI #/%/# ^KXHK#KQ#]MPJKNOMP\I#MUK#QK#WM#?MJ\KLQMXMU#
]KUK#MQ#2INLUM#SPK#]MUNKPMPXOK#MJ\KLQM#JILUM#MJ\K#\OMUUKY#WM#QK#RSM#QIJ#WOIJMJ#JM#^KLHKP#K]KU\KWI#I#
MJ`SNKWI?6#(PK#?MPXINOMPWK?Y#JO#PI#NM[RSOPK#mXINI#QK#QQKNKUHK#2MOWMVVMUnY#JH#JS]MU`OXOKQ6#3IURSM#QI#
RSM#MJ\f#MP#XSMJ\OcP#UKWOXKQNMP\M#kMJ\I#WMLM#JKLMUQI#QK#e]IXK#WMQ#]MPJKU#RSM#JM#KLUM#XIP#4OM\[JX^Mk#
PI#MJ #MQ # QIVUI #d # QK #WOJ\UOLSXOcP#WM # QIJ #?LOMPMJ # \MUUMPKQMJ?Y #PI#JIP# QKJ #]IJMJOIPMJ#WMQ #2INLUM# mMQ#
NIWMUPI#/-0(12*2(*34##2##2"1*52*,-*6-("12nY#JOPI#QI#^SNKPI#NOJNIY#MJ\K#MP\OWKW#^OJ\cUOXK#]MXSQOKU#RSM#
MJ\f # MP # \UKPXM #WM #WMJK]KUMXMU # SPK #ZM[ #RSM # \IWKJ # QKJ # ZOU\SWMJ #RSM #WMJKUUIQQc # K # XIJ\K # WM # XUSMP\KJ#
NS\OQKXOIPMJ#JM#XIPZOMU\MP#SPK#K#SPK#MP#ZOXOIJ#PIXOZIJ#]KUK#eQ#NOJNI#d#]KUK#QK#PK\SUKQM[K6#!Q#WOJXSUJI#
XIP\MN]IUfPMI#JcQI#]SMWM#JMU#UKWOXKQ#JO#KXM]\K#QK#?MPXINOMPWK#WMQ#]MPJKU?#RSM#ZOMPM#WM#MJ\K#?]MQOVUIJK#
OPNOPMPXOK?G#?MQ#`OP#WMQ#2INLUM?6
3MUI#aJM#WM\OMPM#QK#?MPXINOMPWK?#RSM#MQ#XINSPOJNI#^KXM#K#JS#WOJXSUJI#XUH\OXI#MP#QIJ#QHNO\MJ#UMJ]M\KWIJ#
kMP#?KXINIWKXOcP#KQ#MJ]HUO\S#WM#QK#e]IXK?k#]IU#QK#ZMUJOcP#]UMWINOPKP\M#WMQ#NKUTOJNIG#JIXOIQIVOJ\KY#
MJ\K\KQOJ\K#d#]UIVUMJOJ\Kb#&O#PI#MJ#KJHY#aRSe#I\UK#NKPO`MJ\KXOcP#XIPXUM\K#^K#\MPOWI#I#]SMWM#\MPMU#MJM#
WOJXSUJI#XUH\OXI#XINSPOJ\Kb#a(P#NKUTOJNI#?WO`MUMP\M?#I#SP#PSMZI#?gOJNI?Y#]IJ\gNKUTOJ\Kb
"K#KX\OZOWKW#d#MQ#WOJXSUJI#WM#-KUT#JIP#XINI#SPK#JSJ\KPXOK#RSM#KWRSOMUM#WO`MUMP\MJ#`IUNKJ#JMVjP#QK#
JO\SKXOcP #MP #RSM #MQQIJ # JIP # OPZIXKWIJ #]KUK # `SPWKNMP\KU #WO`MUMP\MJ #NKUTOJNIJG #WO`MUMP\MJ #VKUKP\HKJ#
\McUOXKJ#mXOMP\H`OXKJn#WM#]UIdMX\IJ#]UfX\OXIJ#mMN]HUOXIJnY#^OJ\cUOXIgXIPXUM\IJY#WM#KX\OZOWKW#]IQH\OXK#RSM#
JM#]UM\MPWM#KP\OXK]O\KQOJ\K6 #.]KU\M#WMQ#PINLUM#?-KUT?Y #WOJ]S\KWI#]IU#JS#]UMJ\OVOI#QMVMPWKUOIY #MJ\IJ#
WO`MUMP\MJ#]UIdMX\IJ#]SMWMP#QQMVKU#K#PI#\MPMU#MP#XINjP#NfJ#RSM#KQVSPIJ#UM\K[IJ#WM#\MIUMNKJY#MT\UKHWIJ#
JOMN]UM#WM#SP#JMX\IU#NSd#QONO\KWI#WM#QK#MT\MPJK#ILUK#WM#-KUTh#I#OPXQSJI#NMPIJG#SPKJ#XSKP\KJ#`cUNSQKJ#
?NKUTOJ\KJ?#WI\KWKJ#WM#SP#ZKQIU#]SUKNMP\M#MNLQMNf\OXI6
2Kd#NSX^IJ#NKUTOJNIJ#PI#JcQI#WMLOWI#K#QK#]IQOJMNOK#WMQ#PINLUM#-KUTY#KQ#^MX^I#WM#RSM#^Kd#NSX^KJ#
]IJOXOIPMJ#KP\OXK]O\KQOJ\KJ#WMJWM#QKJ#RSM#JM#QMM#K#-KUT6#"IJ#^Kd#\KNLOeP#]IURSM#MQ#]UI]OI#-KUTY#XINI#
\IWI# OPWOZOWSI#^SNKPIY #MJ#NjQ\O]QMY #]IURSM#^Kd#ZKUOIJ#JS_M\IJ #^INcPONIJ# QQKNKWIJ#-KUTG #ZKUOIJ#
MJLI[IJ # WOZMUVMP\MJ # WM # `IUNK # RSM # QK # JSJ\KPXOK # -KUT # \OMPM # ]IU # JH # NOJNK # d # RSM # XIMTOJ\MP#
XIP`QOX\OZKNMP\M#\UK\KPWI#WM#JMU#XKWK#SPI#WM#MQQIJ#MQ#RSM#\OMPM#QK#XQKZM#d#UM]UMJMP\K#QK#ZMUWKW#WM#QIJ#
I\UIJ6
!P#XIPJOWMUKXOcP#WM#MJ\I#MJ#]IJOLQM#XQKJO`OXKU#K#QIJ#WOJ\OP\IJ#NKUTOJNIJ#MP#WIJ#VUKPWMJ#VUS]IJG#WM#SPK#
]KU\MY#MQ#WM#QIJ#RSM#kXINI#MQ#NKUTOJNI#WINOPKP\Mk#UMJSQ\KP#WM#SPK#MQMXXOcPgON]IJOXOcP#RSM#XIPVMQK#
I#]M\UO`OXK#MP#SPK#WM#JSJ#ZKUOKJ#`IUNKJ#I#UMJSQ\KWIJ#K#MJ\K#JSJ\KPXOK#]IU#JH#NOJNK#NSQ\O`IUNMY#K#MJ\M#
]UIdMX\I#WMJOVSKQ#M#OPKXKLKWI#WM#KXXOcP#d#WM#WOJXSUJI#RSM#`SM#-KUTh#MJ#MQ#VUS]I#WM#QIJ#NKUTOJNIJ#RSM#
KWI]\KP #WM\MUNOPKWIJ # \MT\IJ #I #^MX^IJ #WM #-KUT#XINI#]OMWUKJ # OPKNIZOLQMJY # OWeP\OXKJ #K # JH #NOJNKJY#
]UOZKWKJ#WM#\IWI#XIP`QOX\IY#JILUM#QKJ#RSM#QMZKP\KP#JSJ#XIPJ\USXXOIPMJ#\McUOXIg]UfX\OXKJ6#$M#I\UK#]KU\MY#
^Kd#QIJ#NKUTOJNIJ#RSM#UMJSQ\KP#WM#SPK#MQMXXOcP#RSM#UMJ]M\K#MJK#LjJRSMWK#OPKXKLKWK#WM#SPO`OXKXOcP#RSM#
XIPMX\K#MP\UM#JH#K#QIJ#WOJ\OP\IJ#MJLI[IJ#MJ]IP\fPMIJ#WM#OWMP\OWKW#RSM#^Kd#MP#MQ#]UI]OI#-KUTh#WM#SPK#
KWI]XOcP#WM#QIJ#QOPMKNOMP\IJ#`SPWKNMP\KQMJ#WM#JS#]UIdMX\I#UMZIQSXOIPKUOIY#MP#QK#NMWOWK#MP#RSM#eJ\MY#
]IU#JS#SPOZMUJKQOWKW#XIPXUM\K#d#]IU#JS#IUOVOPKQOWKWY#]SMWM#JMU#]MU`MXXOIPKWI#XUH\OXKNMP\M#XIP#MQ#`OP#WM#
KUNIPO[KU#MQ#WOJXSUJI#WM#KRSMQQK#UMLMQWHK#NjQ\O]QM#`UMP\M#K#QK#^OJ\IUOK#XK]O\KQOJ\KY#RSM#WM#I\UK#NKPMUK#
]MUNKPMXMUHK#LKQLSXMKP\M#d#XIP\UKWOX\IUOK6
"K#XUOJOJ#WMQ#NKUTOJNI#]KUMXM#WMXOWOUJMY#MP#SP#JMP\OWIY#]IU#MQ#\UKJQKWI#WM#JS#ZMUJOcP#\UKWOXOIPKQNMP\M#
WINOPKP\M#kd#WM#I\UKJ#RSM#]MU\MPMXMP#KQ#NOJNI#\O]Ik#KQ#XKN]I#WMQ#WOJXSUJI#WMQ#]IWMU#MJ\KLQMXOWIY#
XINI # ]IWMU # MJ\K\KQ # MP # MQ # RSM # XIPZMUVMP # QIJ # OP\MUMJMJ # ?PIUNKQMJ? # S # IXXOWMP\KQMJ # d # QIJ # OP\MUMJMJ#
NIWO`OXKWIJ#I#?JIXOKQOJ\KJ#UMKQMJ?#WMQ#NIWI#XK]O\KQOJ\K#WM#QK#UM]UIWSXXOcP#JIXOKQ6
!P#I\UI#JMP\OWIY#QK#XUOJOJ#WMQ#NKUTOJNI#]KUMXM#WOUOVOUQIY#MP#XKNLOIY#^KXOK#MQ#KLOVKUUKWI#XIN]I#WM#QK#
UMLMQWHK # XIP\MN]IUfPMKY # K # WOJXS\OU # WMP\UI # WM # eQY # JOP # QHNO\MJY # UMJMUZKJ # PO # XIPXMJOIPMJY # \IWIJ # JSJ#
XIP\MPOWIJ#d#JS#MJ\USX\SUK#NOJNK#XINI#WOJXSUJIY# \IWKJ#JSJ#`IUNKJ#WM#]UMJMPXOK#XINI#NIZONOMP\I#
]UfX\OXI6
"K#?MPXINOMPWK?#RSM#MQ#XINSPOJNI#^KXM#K#JS#WOJXSUJI#^OJ\cUOXI#XIPXUM\I#^K#UMLKJKWI#JOMN]UM#kWMJWM#
QK #e]IXK#MP#RSM#MQ #]UI]OI#-KUT#^O[I#LSUQK#WMQ#]UIVUKNK#JIXOKQWMNcXUK\K#K]IdKWI#]IU# QK# `UKXXOcP#
?NKUTOJ\K?#MP#EI\^Kk#QIJ#QHNO\MJ#WMQ#NKUTOJNI#?WMNKJOKWI#UMKQOJ\K?6#&M#^K#^MX^I#]UMJMP\M#MP#NSX^IJ#
-KUTOJNIJ #NKUVOPKQMJ #kXIPIXOWIJ # ]IU # XOMU\IJ # PINLUMJ # XQKZM # RSM # ZKP # WM #)IJK # "STMNLSUVI# d#
2MUNKPP#EIMU\MU #K #oKUMQ #oIJOp #d #)SWO #$S\JX^pMY #]KJKPWI#]IU #oKUQ #oIUJX^Y #!UPJ\ #0QIX^Y #EMIUV#
"SpfXJY#d#NSX^IJ#NfJk#RSMY#KQ#KXIN]KlKUY #MP#XKQOWKW#WM#MJ\IULIJ#d#WMJZOKXOIPMJY#QK#^OJ\IUOK#WMQ#
NKUTOJNI#]UMWINOPKP\MY#`SMUIP#QK#XKSWK#WM#QK#]MUJOJ\MPXOK#MP#eQ#WM#SP#XOMU\I#VUKWI#WM#UKWOXKQOWKW#dY#
]IU#\KP\IY#WM#M`MX\OZOWKW#UMZIQSXOIPKUOK6
!J#SPK#^OJ\IUOK#RSM#^K#WMJVKJ\KWI#\IWKJ#JSJ#?ZHKJ#]UM`MUMPXOKQMJ?Y#RSM#JM#^K#ZSMQ\I#\IWK#MQQK#NKUVOPKQY#MQ#
NKUTOJNI#RSM#]KUMXM#]IWMU#UMPKXMU#WM#JS#XUOJOJ#KX\SKQ#MJ#MQ#WM#MJ\K#\UKWOXOcP#^M\MUIWITK6
"K#OPJOJ\MPXOK#MP#SP#WILQM#WMJXSLUONOMP\I#\McUOXI#WMQ#-KUT#_IZMP#m8B<;g8B<BnY#RSM#JM#ZSMQZM#SPK#
WILQM#XIPJ\KP\M#\McUOXKY#NfJ#I#NMPIJ#NKPO`OMJ\K#]MUI#JOMN]UM#WM\MUNOPKP\MY#WM#QIJ#MJXUO\IJ#WMQ#-KUT#
NKWSUI#mMQ#WM#7,*$-3'(-,Y#QK#OPXIPXQSJK#?XUH\OXK#WM#QK#MXIPINHK#]IQH\OXK?nY#]KUMXM#MJ\KU#XIPMX\KWK#XIP#QK#
]IJOLOQOWKW#WMQ#UMPKXONOMP\I#d#QK#UMPIZKXOcP#NKUTOJ\K6#!Q#]UONMU#KJ]MX\I#WM#MJ\M#WMJXSLUONOMP\I#\OMPM#
RSM#ZMU#XIP#QK#OWMK#NOJNK#WM#SP#WOJXSUJI#XK]K[#WM#QQMZKU#KWMQKP\M#QK#?MPXINOMPWK?#XINSPOJ\K6#&M#\UK\K#
WMQ # UMXIPIXONOMP\I #WM # RSM # QK # ^OJ\IUOK # WMQ # WOJXSUJI # ]IJO\OZIY # WMQ #,8.4## ]KUK # QK # ]UIWSXXOcP #kMJ\K#
XUMKXOcP#MJ]MXH`OXK#WMQ#JMU#^SNKPIk#^K#MJ\KWI#WM#\KQ#NKPMUK#QOVKWK#K#QIJ#OP\MUMJMJ#WM#XIPJIQOWKXOcP#WM#
NIWIJ#WM#UM]UIWSXXOcP#LKJKWIJ#MP#QK#MT]QI\KXOcP#d#QK#UM]UMJOcP#RSM#^Id#MP#WHKY#MP#QK#e]IXK#MP#RSM#
ZOZOU#JM#^K#ZSMQ\I#JOPcPONI#WM#MTOJ\OU#]KUK#MQ#NKP\MPONOMP\I#WMQ#]IWMU#WMQ#XK]O\KQ#d#JS#XIPVUMJI#WM#
MJ\KWIJ#PKXOIPKQMJY#QK#]IJO\OZOWKW#WMQ#WOJXSUJI#^K#QQMVKWI#K#OWMP\O`OXKUJM#XIP#JS#XKUfX\MU#K]IQIVe\OXI#WMQ#
JOJ\MNK6#&M#\UK\KY#KJHY#WMQ#WMJXSLUONOMP\I#WM#RSM#MQ#WOJXSUJI#WMQ#XINSPOJNI#JcQI#]SMWM#JMU#\KQ#JO#MJ#
MJ\USX\SUKQNMP\M # XUH\OXIY # MJ # WMXOUY # JO # ZOZM # WM # QK # NSMU\M # WMQ # WOJXSUJI # WMQ # ]IWMUG # WM # NOPKUQI#
JOJ\MNf\OXKNMP\Mh#JO#JS#WMXOU#UMJSQ\K#WM#SPK#MJ\UK\MVOK#WM#XIP\UKgWMXOU6
!Q#JMVSPWI#KJ]MX\I#WMQ#WMJXSLUONOMP\I#RSM#]SMWM#UMPIZKU#QK#KX\SKQOWKW#WMQ#NKUTOJNI#\OMPM#RSM#ZMU#XIP#
QI#RSM#]IWUHK# QQKNKUJM#MQ# \MIUMNK#XUH\OXI#XMP\UKQ #WM #7,*$-3'(-, *WM#-KUT6#"K#OWMK#WM#RSM#\IWIJ#QIJ#
XIP`QOX\IJ # WM # QK # JIXOMWKW # XIP\MN]IUfPMK # VOUKPY # XIP # JS # MJ]MXO`OXOWKW # OUUMWSX\OLQMY # MP # \IUPI # K # SPK#
`SPWKNMP\KQ#XIP\UKWOXXOcPY#OP^MUMP\M#KQ#NIWI#XK]O\KQOJ\K#WM#QK#UM]UIWSXXOcP#JIXOKQh#QK#XIP\UKWOXXOcP#
MP\UM#ZKQIU#WM#SJI#d#ZKQIUY#MP\UM#WIJ#?`IUNKJ#WM#MTOJ\MPXOK?#WMQ#]UIXMJI#WM#UM]UIWSXXOcP#JIXOKQG#SPKY#
?JIXOKQgPK\SUKQ?Y#\UKPJg^OJ\cUOXKY#RSM#MJ#WM\MUNOPKP\MY#d#I\UK#^OJ\cUOXKNMP\M#JS]MU]SMJ\K#K#QK#]UONMUKY#
]KUKJO\KUOK#]MUI#WINOPKP\MY#RSM#MJ#QK#`IUNK#WM#?ZKQIU#RSM#JM#ZKQIUO[K?Y#WM#KXSNSQKXOcP#WM#XK]O\KQ6
"IJ#MPJKdIJ#UMSPOWIJ#MP#MQ#]UMJMP\M#ZIQSNMPY#UMWKX\KWIJ#MP\UM#8CD<#d#8CB9Y#KLIUWKP#WO`MUMP\MJ#\MNKJ#
RSM#JM#UM`OMUMP#WOUMX\KNMP\M#K#MJ\IJ#WIJ#KJ]MX\IJ#WMQ#]UIdMX\I#\McUOXIg]IQH\OXI#WM#-KUT6
"IJ#WIJ#]UONMUIJY #RSM#ZMUJKP#JILUM#MQ#NK\MUOKQOJNI#WM#-KUT#d#JILUM#QK #XIPJOJ\MPXOK#XUH\OXK#WM#JS#
WOJXSUJIY#]UI]IPMP#SPK#UMXIPJOWMUKXOcP#WMQ#JMP\OWI#MP#RSM#WMLM#MP\MPWMUJM#KX\SKQNMP\M#MQ#XKUfX\MU#
XOMP\H`OXI#WMQ#WOJXSUJI#\McUOXI#JILUM#QK#UMKQOWKW#JIXOKQ6#%P\MP\KP#NIJ\UKU#RSM#QK#ILUK#WM#-KUT#ON]QOXK#
SPK#]UI]SMJ\K#WM#WM`OPOXOcP#]KUK#MJM#XKUfX\MUh#]UI]SMJ\K#RSM#XIPXOLM#K#QK#WMJgXIPJ\USXXOcP#XUH\OXK#WMQ#
WOJXSUJI#XOMP\H`OXI#MJ]IP\fPMIY#KQ#WMJRSOXOKNOMP\I#JOJ\MNf\OXI#WM#JS#^IUO[IP\M#WM#OP\MQOVOLOQOWKWY#XINI#
QK # MJ\UK\MVOK # M]OJ\MNIQcVOXK # KWMXSKWK # ]KUK # SP # WOJXSUJI # XSdK # ]UIWSXXOcP # WM # XIPIXONOMP\I # WMLM#
XSN]QOUJM#XSKPWI#QK#^OJ\IUOK#RSM#^K#XSQNOPKWI#MP#MQ#XK]O\KQOJNI#\UKPJO\K#^KXOK#SPK#PSMZK#^OJ\IUOK6
"IJ#XOPXI#MPJKdIJ#JOVSOMP\MJ#ZMUJKP#JILUM#MQ# \MT\I#WM #7,*$-3'(-,6 #!Q#]UONMUI#WM#MQQIJ#]UI]IPM#SPK#
QMX\SUK#WMQ#NOJNI#K#]KU\OU#WMQ#UMXIPIXONOMP\I#WM#RSM#QK#QcVOXK#RSM#QI#IUVKPO[K#UM`QM_K#JS#OP\MPXOcP#
XUH\OXK # KQ # ^KXMUQI # KZKP[KU # WM # SP # KPfQOJOJ # WM # QK # K]KUOMPXOK # RSM # I`UMXM # QK # UORSM[K # JIXOKQ # K # SP#
WMJXSLUONOMP\I#WM#JS#MJMPXOKY#d#WM#eJ\M#K#SPK#WMJNOJ\O`OXKXOcP#WM#JS#UMKQOWKW6#!Q#JMVSPWI#]UMJMP\K#SP#
UMJSQ\KWI#WM#MJK#QMX\SUKG#MQ#RSM#XIUUMJ]IPWM#K#QKJ#WIJ#]UONMUKJ#JMXXOIPMJ#WM#QK#ILUK6#)MXIPJ\USdM#MQ#
KUVSNMP\I # OPOXOKQ # WM #7, * $-3'(-, *kRSM # MJ\KLQMXM # XSfQ # ZK # K # JMU # JS # IL_M\I # \McUOXI # VMPMUKQk#
UMXIPIXOePWIQI#XINI#SPK#WMQONO\KXOcP#WM#QK#]MXSQOKUOWKW#]UILQMNf\OXK#WM#QK#UORSM[K#JIXOKQ#NMUXKP\OQ#
XK]O\KQOJ\K#JILUM#MQ#\UKJ`IPWI#NOJ\O`OXKWI#WM#QKJ#XKUKX\MUHJ\OXKJ#]UI]OKJ#WM#QK#UORSM[K#JIXOKQ#NMUXKP\OQ#
JON]QM6#"IJ#I\UIJ#\UMJ#M_MN]QO`OXKP#MJK#NOJNK#QMX\SUK#MP#\IUPI#K#WOJ\OP\IJ#\MNKJ#XQKZM#WM#QK#XUH\OXK#WM#QK#
MXIPINHK#]IQH\OXKY#]UOPXO]KQNMP\M#MQ#WM#SPK#XIPXM]XOcP#WMQ#ZKQIU#KQM_KWK#]IU#OVSKQ#WMQ#?OPNKPMP\OJNI?#
d#WMQ#?`MPINMPOJNI?Y#MQ#WMQ#]UOPXO]OI#WM#WOJ\OPXOcP#MP\UM#QIJ#WOJ\OP\IJ#\O]IJ#WM#]QSJZKQIU#d#MQ#WM#QK#
WM`OPOXOcP#VMPMUKQ#WM#QK#XUOJOJ#MXIPcNOXK6
"IJ#\UMJ#MPJKdIJ#jQ\ONIJ#ZMUJKP#JILUM#QK#WMUOZKXOcP#WM#QK#\MIUHK#WM#-KUT#^KXOK#\MNKJ#]UI]OKNMP\M#
]IQH\OXIJ6#!Q#MTKNMP#WM#QIJ#]QKP\MKNOMP\IJ#QSTMNLSUVSOKPIJ#JILUM#QK#?MJ]IP\KPMOWKW#UMZIQSXOIPKUOK?#d#
QK # ?PKXOcP # UMKQ? # XIPWSXM # MP # MQQIJ # K # QK # ]UILQMNK\O[KXOcP #WM # QIJ # XIPXM]\IJ # WM # ?MPK_MPKXOcP? #d #WM#
?`M\OX^OJNI?#d#K#QK#]UI]SMJ\K#WM#SPK#UMWM`OPOXOcP#WM#eJ\IJ#XINI#XK\MVIUHKJ#OPMQSWOLQMJ#WMQ#WOJXSUJI#
XUH\OXI#XSKPWI#eQ#]UM\MPWM#UM`MUOUJM#K#QKJ#]IJOLOQOWKWMJ#WM#SPK#]IQH\OXK#UMZIQSXOIPKUOK#MP#QKJ#XIPWOXOIPMJ#
XIPXUM\KJ#WMQ#JS_M\I#JIXOKQY#MJ#WMXOUY#MP#MQ#NKUXI#WM#QKJ#MN]UMJKJ#MJ\K\KQMJ#NIWMUPKJ#RSM#QI#XIPJ\O\SdMP#
MP#SPK#MP\OWKW#PKXOIPKQ6##
q8CB<r
!"#-.,!)%."%&-*#$!#-.)/8
$.,*&
.WMNfJ#WMQ#NKPSJXUO\I#RSM#IXS]c#K#-KUT#WSUKP\M#QIJ#]UONMUIJ#NMJM#WM#JS#MJ\KWHK#MP#0USJMQKJY#MQ#WM#JS#
]UONMUK#?'UH\OXK#WM#QK#MXIPINHK#]IQH\OXK?Y#MQKLIUKWI#MP#8B<<Y#MP#3KUHJh#KWMNfJ#WM#QIJ#XSKWMUPIJ#XIP#
QIJ#K]SP\MJ#WM#QMX\SUK#RSM#KXIN]KlKLKP#K#JSJ#MJ\SWOIJ#WM#MXIPINHKY#\MIUHK#JIXOKQ#M#^OJ\IUOKh#KWMNfJ#WMQ#
NKPSJXUO\I#WM#9-*'524,4.:-*-,2/-6-Y#UMWKX\KWI#_SP\I#XIP#!PVMQJ#MP#8B<>#d#8B<@Y#JM#XIPJMUZK#\KNLOePY#
MP\UM#I\UIJ#WIXSNMP\IJ#WM#MJ\K#e]IXK#WM#JS#ZOWKY#QK#KVMPWK#I#NMNIUfPWSN#RSM#QM#JOUZOc#MP\UM#8B<<#d#
8B<D6 #!P#MJ\K# QOLUM\KY #RSM#XIP\OMPM#XKJO #MTXQSJOZKNMP\M # \H\SQIJ#WM# QOLUIJ #d # UMXKWIJ#WINeJ\OXIJY # JM#
MPXSMP\UKP#\KNLOeP#KQVSPKJ#KPI\KXOIPMJ#JSNKUOKJ#I#MJRSMNf\OXKJ#WM#-KUT#RSM#\OMPMP#SPK#UMQKXOcP#
WOUMX\K#XIP#JSJ#NKPSJXUO\IJ#]UI]OKNMP\M#\McUOXIJ6
"K # ]UOPXO]KQ # WM # MJ\KJ # KPI\KXOIPMJ # \McUOXKJ # MJ # QK # RSM # JM # XIN]IPM # WM # QKJ # `KNIJKJ # IPXM # \MJOJ # ?KW#
:MSMULKX^?6
&M # JS]IPM # VMPMUKQNMP\M # RSM # QKJ #;2#'## `SMUIP # KPI\KWKJ # ]IU # -KUT # MP # NKU[I # WM # 8B<>h # I\UKJ#
XIPJOWMUKXOIPMJ#]MUNO\OUHKP#]MPJKUY#JOP#MNLKUVIY#RSM#`SMUIP#MJXUO\KJ#K#]UOPXO]OIJ#WM#8B<@6#"I#RSM#JH#
]SMWM#K`OUNKUJM#XIP#JMVSUOWKW#MJ#RSM#JS#UMWKXXOcP#\SZI#RSM#ZMU#WOUMX\KNMP\M#XIP#QK#OP\MUZMPXOcP#WM#
-KUT #d #!PVMQJY #WSUKP\M #8B<>#d#8B<@Y #MP# QK #WOJXSJOcP#]UI]OKNMP\M #KQMNKPK#WM # QIJ #]UILQMNKJ #WMQ#
JIXOKQOJNIh#MJ#WMXOUY#RSM#JSJ#KJMZMUKXOIPMJ#`IUNKP#]KU\M#WMQ#\UK\KNOMP\I#XUH\OXI#KQ#RSM#`SMUIP#JINM\OWKJ#
]IU #-KUT #d #!PVMQJ # MP #MJIJ # KlIJ # \KP\I # QKJ #ZMUJOIPMJ #WM # QK #WIX\UOPK # JIXOKQOJ\K #RSM #]UMZKQMXHKP #MP#
8 #3SLQOXKWI#IUOVOPKQNMP\M#MP#<'#(41'-*=*#4$'25-5Y#PjN6#@Y#-eTOXIY#8CD>6
.QMNKPOK#XINI#QKJ#XIPJ\USXXOIPMJ#`OQIJc`OXKJ#MP#RSM#MQQKJ#]UM\MPWHKP#MPXIP\UKU#JS#_SJ\O`OXKXOcP#\McUOXK6
!J#MP#MPMUI#WM#8B<@#XSKPWI#-KUT#d#!PVMQJ#WMXOWMP#KN]QOKU#d#\UKPJ`IUNKU#JSJ\KPXOKQNMP\M#MQ#MJXUO\I#
RSM#]UM]KUKLKP#XIP\UK#0KSMU#d#&\OUPMU6#"K#UMWKXXOcP#WM#MJ\K#PSMZK#ILUKY #9-*'524,4.:-*-,2/-6-Y#RSM#
WMLM#OPXQSOU#SP#XK]H\SQI#OPOXOKQ#JILUM#:MSMULKX^Y#MJY#WMJ]SeJ#WM#QK#UMWKXXOcP#WM#9-*#-.1-5-*>-/','-Y#QK#
I]IU\SPOWKW#NfJ#]UcTONK#RSM#\OMPM#-KUT#WM#KLIUWKU#SPK#XIPJOWMUKXOcP#VQILKQ#WMQ#NK\MUOKQOJNI#d#WM#QK#
`OQIJI`HK #WM #:MSMULKX^6 #m?>6 #-KUTg!PVMQJg"MPOP #%PJ\O\S\6Y #@A *B-1CY #?%146'D *#2'62# *92E26#Y #-IJXjY#
8C;<Y#]fV6#;96n
'*4&%$!).'%54#E!4!)."
(PK#XIN]KUKXOcP#KPKQH\OXK#WMQ#\MT\I#WM#QKJ#;2#'##XIP#QIJ#\MT\IJ#WM#QIJ#WIJ#MJXUO\IJ#]UOPXO]KQMJ#WM#-KUT#
MP#MJ\IJ#KlIJ#kQIJ#?-KPSJXUO\IJ#WM#3KUHJ?#d#9-*'524,4.:-*-,2/-6-k#UMZMQK#`fXOQNMP\M#RSM#\IWKJ#QKJ#
KJMZMUKXOIPMJ#JOPVSQKUMJ#WOJXMUPOLQMJ#MP#MQ#]UONMUI#]SMWMP#\KNLOeP#JMU#UMXIPIXOWKJ#JMK#MP#SPI#WM#QIJ#I\UIJ#WIJ#I#MP#KNLIJ6#0KJ\K#MQONOPKU#WMQ#\MT\I#WM#QKJ#;2#'##MQ#]QKPI#K]KUMP\MNMP\M#KXXOWMP\KQ#MP#RSM#
\OMPM # QSVKU # JS # SPOWKWY # MQ # ]QKPI # WM # JS # `IUNSQKXOcP # IXKJOIPKQ # XINI # JSXMJOcP # WM # IPXM # MPSPXOKWIJ#
K`IUHJ\OXIJ#mWIPWM#JH#MJ#OPPMVKLQM#QK#]UMJMPXOK#WM#MT]UMJOIPMJ#PSMZKJ#d#MTXQSJOZKJnY#]KUK#RSM#MQ#UMJOWSIY#
QK#QOJ\K#WM#KJMZMUKXOIPMJ#KOJQKWKJ#RSM#JM#MPXSMP\UKP#MP#eQY#UMJSQ\M#XKUMP\M#WM#\IWI#K]IU\M#IUOVOPKQ#I#
OPWOJ]MPJKLQM#MP#MQ#POZMQ#]UI]OKNMP\M#XIPXM]\SKQY#d#]KUK#RSMY#MP#XIPJMXSMPXOKY#\IWI#MQ#\MT\I#]OMUWK#QI#
]UI]OI#I#WOJ\OP\OZI#d#JM#ZSMQZK#UMWSX\OLQM#K#QIJ#WIJ#\MT\IJ#NKdIUMJ6
3MUI#MQ #NMPJK_M#XINSPOXKWI#MP#MQ# \MT\I#WM#QKJ #;2#'#G # UMXIPIXMUQI#XINI#SPK#\I\KQOWKW#JOVPO`OXK\OZK#
]MU\MPMXOMP\M#K#SP#]UIXMJI#WOJXSUJOZI#RSM#K]UIZMX^K#]UMXOJKNMP\M#QK#]MXSQOKUOWKW#WM#JS#MT]UMJOcPY#KQ#
KW_SWOXKUQM#JS#JMP\OWI#WM`OPO\OZIY#]KUK#RSM#JM#UMZMQMP#QKJ#]IJOLOQOWKWMJ#RSM#\OMPM#JS#NMPJK_M#WM#JMU#
IUOVOPKQ#I#OUUMWSX\OLQMY#MJ#WMXOUY#PI#UMWSPWKP\M#JOPI#XIN]QMNMP\KUOI#XIP#UMJ]MX\I#KQ#NMPJK_M#K]IU\KWI#
]IU#QIJ#?-KPSJXUO\IJ#WM#3KUHJ?#d#9-*'524,4.:-*-,2/-6-A
!Q#MTKNMP#WM#QKJ #(2#'##RSM#OP\MP\KUMNIJ#^KXMU#MP#QKJ#]fVOPKJ#JOVSOMP\MJ#JM#VSHK#]IU#SPK#OWMK#VMPMUKQ#
KXMUXK#WM#XcNI#JM#WK#d#MP#RSe#XIPJOJ\M#MJ\M#XKUfX\MU#IUOVOPKQ#M#OUUMWSX\OLQM#WMQ#NMPJK_M#\UKPJNO\OWI#MP#
JS#\MT\I6
3MPJKNIJ#RSM#QK#NKPMUK#MP#RSM#MQ#\MT\I#UMjPM#K#QKJ#IPXM#\MJOJ#I#MPSPXOKWIJ#K`IUHJ\OXIJ#MP#MQ#]QKPI#WM#QK#
`IUNSQKXOcP#IXKJOIPKQ#kQK#`OVSUK#WM#SP#]UIVUKNK#I#NKPO`OMJ\I#RSM#]IJ\SQK#SP#XIP_SP\I#WM#]UOPXO]OIJ#
JILUM#SP#\MNK#WM\MUNOPKWIk#]IJMM#SPK#`SPXOcP#JOVPO`OXK\OZK#]UI]OK#MP#QK#NMWOWK#MP#QK#RSM#WMQONO\K#
SPK#WOUMXXOcP#M# OPWOXK#SPK#\MPWMPXOK#K # QKJ#KJMZMUKXOIPMJ#IUVKPO[KWKJ#JMVjP#MQQK6 #=SM#MJ\K#`SPXOcP#
XIPJOJ\M#MP#XIPZMU\OU#K#QKJ#IPXM#\MJOJY#NI\OZKWKJ#]IU#QK#]UMJMPXOK#\McUOXIg]IQH\OXK#WM#:MSMULKX^Y#MP#SPK#
JMUOM # WM # ]KJIJ # WM # KUVSNMP\KXOcP # XSdK # JSXMJOcP # MQKLIUK # SPK # UMVOcP # ]UILQMNf\OXK # NfJ # VMPMUKQY#
XSN]QOMPWI#SP#UMRSMUONOMP\I#OPWOJ]MPJKLQM#WMQ #]UIXMJI#WOJXSUJOZI#MP#RSM#JM#M`MX\jK#QK#UMZIQSXOcP#
\McUOXK#XINSPOJ\K6
.`OUNKNIJ#KWMNfJ#RSM#QK#UMVOcP#]UILQMNf\OXK#XOUXSPJXUO\K#WM#NIWI#MJ]MXOKQ#I#]UMWINOPKP\M#NMWOKP\M#
MJ\K # JMXSMPXOK # KUVSNMP\KQY # ]IU # MQ # XIP_SP\I # WM # QKJ #;2#'## XIPJ\O\SdM # SP # JMX\IU # WMXOJOZIY # XMP\UKQ # I#
`SPWKNMP\KQ#WMQ#XKN]I#]UILQMNf\OXI#VMPMUKQ#KLOMU\I#MP#MQ#]UIXMJI#WM#`SPWKXOcP#WM#QK#\MIUHK#NKUTOJ\KY#
SP#JMX\IU#RSM#MP#I\UIJ#\MT\IJ#JcQI#MJ#\UK\KWI#WM#NKPMUK#VMPMUKQY#\KPVMPXOKQ#I#JS]MWO\KWK6#=SM#MJ\K#[IPK#
WMXOJOZK#WM#QK#]UILQMNf\OXK#\McUOXK#NKUTOJ\K#MJ#]UMXOJKNMP\M#KRSMQQK#MP#RSM#K]KUMXMP#QKJ#XSMJ\OIPMJ#
\MPWOMP\MJ#K#QK#WM`OPOXOcP#WMQ#XKUfX\MU#d#MQ#\O]I#MJMPXOKQMJ#WMQ#WOJXSUJI#\McUOXI#XINSPOJ\KY#d#RSM#XIP\OMPM#
]IU#\KP\I#MQ#]UILQMNK#WM#QK#MJ]MXO`OXOWKW#WM#QK#\MIUHK#NKUTOJ\K6
'UMMNIJY#MP#M`MX\IY#RSM#QK#XSMJ\OcP#XMP\UKQ#MP#\IUPI#K#QK#XSKQ#JM#IUVKPO[K#QK#]UILQMNf\OXK#OP\MUPK#WMQ#
\MT\I # WM # QKJ #;2#'## kd # RSM # ^KXM # WM # JS # NMPJK_M # SP # K]IU\M # IUOVOPKQY # MJ # WMXOUY # MJMPXOKQNMP\M#
XIN]QMNMP\KUOI#WMP\UI#WMQ#JOJ\MNK#\McUOXI#NKUTOJ\Kk#]SMWM#JMU#MT]QOXKWK#MP#MJ\IJ#\eUNOPIJG#aXcNI#MJ#
]IJOLQM#SP#WOJXSUJI#\McUOXI#]UI]OKNMP\M#XINSPOJ\Kb#!J#WMXOUG#aXcNI#K`MX\K#QK#]MXSQOKUOWKW#WMQ#NMPJK_M#
XINSPOJ\K#K#QK#XIP`OVSUKXOcP#`SPWKNMP\KQ#WMQ#WOJXSUJI#\McUOXIb#a$M#RSe#K`OUNKXOcP#LfJOXK#JILUM#QK#
IL_M\OZOWKW#d#JILUM#MQ#\O]I#WM#KX\OZOWKW#\McUOXK#KWMXSKWK#K#MQQK#]KU\M#MQ#WOJXSUJI#\McUOXI#XINSPOJ\Kb
.JHY #]SMJY # QK # OWMK #VMPMUKQ #RSM #IUOMP\K #PSMJ\UI #MTKNMP#WM # QKJ #;2#'## kd#RSM # \UK\K #WM # UK\O`OXKUJM #d#
]IUNMPIUO[KUJM#MP#MQQIJk#XIPJOWMUK#K#JS#MJXUO\SUK#I#UMWKXXOcP#XINI#SP#]KJI#PMXMJKUOI#WMP\UI#WM#MJ\K#
OP\MUZMPXOcP#]UI]OKNMP\M#\McUOXK#WM#-KUT#MP#MQ#]UIXMJI#WM#XIPJ\O\SXOcP#WMQ#NIZONOMP\I#XINSPOJ\K#K#QK#
RSM #^MNIJ#XKQO`OXKWI#WM#UMZIQSXOcP# \McUOXK6 #4MXMJKUOI#]IU #XSKP\I#]UMXOJKNMP\M#K # \UKZeJ #WM#eQ #MJK#
OP\MUZMPXOcP#KWZOMPM #K # JS #KS\IUUMXIPIXONOMP\I #dY #]IU # \KP\IY #K # JS #KS\IK`OUNKXOcP#XINI# UMZIQSXOcP#
\McUOXKY#MJ#WMXOUY#XINI#UMXIP`OVSUKXOcP#`SPWKNMP\KQ#WMQ#XKN]I#WM#]IJOLOQOWKWMJ#WM#XIN]IJOXOcP#WMQ#
WOJXSUJI#\McUOXI6
"K#UMWKXXOcP#WM#QKJ #;2#'## JM#PIJ#]UMJMP\KY#MP\IPXMJY#XINI#SP#OP\MP\I#XIPJ\O\S\OZI#WM#QK#OP\MUZMPXOcP#
\McUOXK#WM#-KUT#MP#MQ#XSKQ#eJ\K#WM`OPM#JILUM#QK#NKUX^K#MQ#XKUfX\MU#d#MQ#KQXKPXM#WM#JS#]UI]OK#UMKQO[KXOcPh#
XINI#SP#KX\I#WM#UMXIPIXONOMP\I#]UIZOJOIPKQ#WMQ#\UKdMX\I#UMXIUUOWI#d#WMQ#RSM#RSMWK#]IU#UMXIUUMU#MP#MQ#
]UIXMJI#WM#QK#UMZIQSXOcP#\McUOXKh#XINI#SP#KX\I#WM#K`OUNKXOcPY#]IU#SPK#]KU\MY#WM#QK#WO`MUMPXOK#MP\UM#MQ#
WOJXSUJI#\McUOXI#XINSPOJ\K#d#MQ#WOJXSUJI#\McUOXI#\UKWOXOIPKQY#dY#]IU#I\UKY#WM#QK#]UILQMNf\OXK#`SPWKNMP\KQ#
RSM#]UINSMZM#MJ\K#MJ]MXO`OXOWKW#WMQ#PSMZI#WOJXSUJI#d#KWRSOMUM#XIP#eQ#QK#]IJOLOQOWKW#WM#JS#`IUNSQKXOcP#
KWMXSKWK6
!"#*)$!4#$!#".&#,!&%&
(P#UMXIPIXONOMP\I#OPOXOKQ#WMQ#\MT\I#WM#QKJ#;2#'#*MP#JS#XIP_SP\I#UMZMQK#RSM#JS#SPOWKW#MP#MQ#]QKPI#WM#QK#
`IUNSQKXOcP#OPNMWOK\K#UMJSQ\K#WM#QK#]UMJMPXOK#WM#SP#XOMU\I#IUWMP#WM#KUVSNMP\KXOcP#MJLI[KWI#MP#QK#
JMXSMPXOK#WM#QIJ#IPXM#MPSPXOKWIJ#K`IUHJ\OXIJ#RSM#QI#XIN]IPMPh#RSM#JS#XIPJ\O\SXOcP#XINI#\I\KQOWKW#WM#
JOVPO`OXKXOcP#JM#WMLM#K#RSM#XKWK#SPK#WM#JSJ#KJMZMUKXOIPMJ#JM#^KQQK#XIP\UOLSdMPWI#KQ#XSN]QONOMP\I#
K]UITONKWI#WM#SPK#OP\MPXOcP#KUVSNMP\KQ#WM\MUNOPKWK67#
!J\M#IUWMP#d#MJ\K#OP\MPXOcP#QcVOXIJY#XIPJ\K\KLQMJ#MP#MQ#\MT\I#WM#QKJ #;2#'#Y#]IJMMP#I#JOVSMP#SP#JMP\OWI#
WMWSX\OZIG # QK #,MJOJ #%# XSN]QM # QK # `SPXOcP # WM # ]UMNOJKY #NOMP\UKJ # QKJ # I\UKJ # WOM[ # OQSJ\UKPY # MT]QOXKP # I#
]KU\OXSQKUO[KP#QI#]IJ\SQKWI#]IU#MQQK6#&O#MP#QK#;2#'##%#MPXIP\UKNIJ#SPK#WM`OPOXOcP#WMQ#XKUfX\MU#MJ]MXH`OXI#
WMQ#PSMZI#NK\MUOKQOJNIY#MP#QKJ#WMNfJ#UMXIPIXMNIJ#QKJ#XIPXQSJOIPMJ#I#UMJSQ\KWIJ#WM#QK#K]QOXKXOcP#WM#
MJK#WM`OPOXOcP#KQ#\UK\KNOMP\I#WM#ZKUOKJ#XSMJ\OIPMJ#MJ]MXOKQMJY#\KQMJ#XINI#QK#MT]QOXKXOcP#WM#QIJ#QHNO\MJ#
\McUOXIJ#M#^OJ\cUOXIJ#WM#QK#`OQIJI`HK#\UKWOXOIPKQY#QK#WMQONO\KXOcP#WM#QK#PMXMJOWKWY#MQ#IL_M\I#d#QK#`SPXOcP#WM#
QK#PSMZK#\MIUHK#XINSPOJ\KY#QK#SLOXKXOcP#WM#QK#LKJM#UMKQ#WM#QK#MPK_MPKXOcPY#QK#XKUKX\MUO[KXOcP#WMQ#]UIXMJI#
WM#\UKPJ`IUNKXOcP#JIXOKQY#M\Xe\MUK6
3MUI#WMLMNIJ#ILJMUZKU#\KNLOeP#RSM#QK#NKPMUK#XINI#JM#NSMJ\UKP#MJ\M#IUWMP#d#MJ\K#OP\MPXOcP#UM`QM_K#MQ#
XKUfX\MU#]UIZOJOIPKQ#M# OPXIPXQSJI#WMQ# \MT\I#WM#QKJ #;2#'#Y #MQ #^MX^I#WM#RSM#JM# \UK\K#WM#SP#MJXUO\I#PI#
KXKLKWIY#UMJSQ\KWI#WM#SPK#UMWKXXOcP#OP\MUUSN]OWK6#4I#K]KUMXMPY#MP#M`MX\IY#PO#XINI#SP#IUWMP#QcVOXI#
XIPJ\USOWI # d # MRSOQOLUKWI # MP # \IWK # JS # XI^MUMPXOK # PO # XINI # SPK # OP\MPXOcP # KUVSNMP\KQ # WM]SUKWK # d#
WMJKUUIQQKWK # MP # \IWKJ # JSJ # ON]QOXKXOIPMJ # MJMPXOKQMJ6 # "K # MT]IJOXOcP # WM # QKJ #;2#'## ]UMJMP\K # XOMU\KJ#
XKUKX\MUHJ\OXKJ # kOP\MUUS]XOIPMJY # JKQ\IJY # UM]M\OXOIPMJY # M\Xe\MUKk # RSMY # JO # LOMP # PI # K`MX\KP # K # QK#
XIN]IJOXOcP#WM#JS#JMP\OWI#VMPMUKQY#JH#QI#ZSMQZMP#NMPIJ#MZOWMP\M6
)MJSQ\K#MP\IPXMJ#XIPZMPOMP\M#XINMP[KU#MQ#MTKNMP#WM#QKJ#;2#'##XIP#SPK#]UONMUK#OP\MUZMPXOcP#WMJ\OPKWK#
K#`IU\KQMXMU#QK#XIPJOJ\MPXOK#WM#QK#WOJ\UOLSXOcP#]UI]OK#WMQ#\MT\I#d#K#]MUNO\OU#KJH#RSM#MQ#IUWMP#d#QK#OP\MPXOcP#
KUVSNMP\KQMJ#WM#JS#MT]IJOXOcP#UMJKQ\MP#XIP#NKdIU#PO\OWM[6#!P#PSMJ\UK#I]OPOcPY#MJ\K#OP\MUZMPXOcP#WMLM#
XIPJOJ\OU#MP#MQ#\UK[I#WM#SPK#WOZOJOcP#MP#QK#JMUOM#WM#QKJ#;2#'##RSM#KXMP\jM#QK#]MU\MPMPXOK#WM#XKWK#SPK#WM#
MQQKJ#kUMSLOXfPWIQKJ#OPXQSJIY#MP#XOMU\IJ#XKJIJk#K#SPI#WM#QIJ#]KJIJ#WM#QK#KUVSNMP\KXOcP#UMXIPIXOWK#MP#
MQ#\MT\I6
7 #!UPMJ\#0QIX^#^K#JOWI#MQ#]UONMUI#MP#UMXIPIXMU#QK#VKPKPXOK#\McUOXK#RSM#ON]QOXK#MQ#\UK\KU#K#\IWKJ#QKJ#;2#'##XINI#SP#\MT\I#
SPO\KUOI#d#]UI]IPMU#SP#UMIUWMPKNOMP\I#WM#QKJ#NOJNKJ#XK]K[#WM#NM_IUKU#QK#M`OXKXOK#WM#JS#MT]IJOXOcP6#)M]UIWSXONIJ#K#
XIP\OPSKXOcP#SP#]KJK_M#m]]6#7C;gC<n#WM#QK#]KU\M#WM#JS#QOLUI#F-#*G1'6)'3*<4>>6"6.#m:UKPX`IU\s-KOP#8C>Cn#MP#MQ#RSM#
OP\UIWSXM#KQ#QMX\IU#MP#JS#XINMP\KUOI#WM#QKJ#;2#'#G#?3MUI#PSNMUKXOcP#PI#MJ#JOJ\MNK\OXOWKWY#MJ#SP#UMXSUJI#]KUK#JS]QOUQKY#WMQ#
XSKQ#-KUT#MJ#RSOMP#NMPIJ#PMXMJOWKW#\OMPM6#3IU#MQQIY#MQ#IUWMPKNOMP\I#WMLM#JMU#`OQIJc`OXI#d#PI#KUO\Ne\OXIG#QK#JSXMJOcP#WM#
QKJ#,MJOJ#JcQI#]SMWM#JMU#QK#WM#JSJ#\MNKJ#d#XIP\MPOWIJ6#4I#MTOJ\MY#WM#QI#RSM#JM#]SMWM#ZMUY#POPVjP#XINMP\KUOI#JILUM#QKJ#
tIPXM#,MJOJuG#JOP#MNLKUVIY#JIQKNMP\M#XIP#eQ#kXINI#KQVI#RSM#\OMPM#QSVKU#K#]KU\OU#WM#SP#XIN]UINOJI#XINjPk#JM#NKPO`OMJ\K#QK#OP\MUWM]MPWMPXOK#WOPfNOXK#WM#JS#LUMZMWKW#d#JS#]UI`SPWOWKW6#.]KUMXM#MP\IPXMJY#MP#]UONMU#QSVKUY#MQ#VUS]I#
WM#\MIUHK#WMQ#XIPIXONOMP\IY#UM`MUOWI#K#OP\SOXOcP#d#KX\OZOWKW#m,MJOJ#1Y#%Y#%%%nh#MP#JMVSPWI#QSVKUY#MQ#VUS]I#^JO\cUOXIg
KP\UI]IQcVOXIY#UM`MUOWI#K#QK#KS\IMPK_MPKXOcPY#JSJ#XKSJKJ#UMKQMJ#d#MQ#ZMUWKWMUI#NK\MUOKQOJNI#m,MJOJ#%1Y#1%Y#1%%Y#%/Y#/nh#MP#
\MUXMU#QSVKUY#MQ#VUS]I#JOP\M\O[KWIU#I#VUS]I#t\McUOXIg]UfX\OXIuY#UM`MUOWI#K#QK#]USMLK#d#K#QK#WMNIJ\UKXOcP#m,MJOJ#%%Y#1%%%n6#
)MJSQ\KY#MP#jQ\ONI#QSVKUY#QK#\MJOJ#NfJ#ON]IU\KP\MY#K#NKPMUK#WM#XIPJOVPK#KP\M#QK#XSKQ#QIJ#MJ]HUO\SJ#\INKP#]KU\OWI#
WM`OPO\OZKNMP\M#dY#SPK#ZM[#RSM#JM#JOUZMP#WM#MQQKY#WM_KP#WM#JMU#MJ]HUO\SJ#]SUIJ#m,MJOJ#/%n#?#3UMJXOPWONIJY#]IU#UK[IPMJ#WM#
MJ]KXOIY#WM#QK#PMXMJKUOK#WOJXSJOcP#RSM#WMLMUHK#XIN]KUKU#MJ\M#UMIUWMPKNOMP\I#WM#QKJ#;2#'##XIP#MQ#PSMJ\UI6
"K#WOZOJOcP#RSM#PIJI\UIJ#]UI]IPMNIJ#WOJ\OPVSM#XSK\UI#\MNKJ#]UMWINOPKP\MJ#MP#MQ#XIP\MPOWI#WMQ#\MT\I#d#
WMQONO\K#MP#UM`MUMPXOK#K#MQQIJ#XSK\UI#VUS]IJ#MP#QK#JMUOM#WM#QKJ#IPXM#,MJOJh#WMJ\KXK#KWMNfJ#KQ#]UONMUI#WM#
eJ\IJ#MP#XKQOWKW#WM#]UMNOJK#WM#QIJ#WMNfJ6#4SMJ\UI#MTKNMP#WOJ\UOLSdMY#]SMJY#MQ#\MT\I#WM#QKJ#;2#'##MP#QIJ#
JOVSOMP\MJ#VUS]IJG
86 # MQ #VUS]I #.Y # XSdI # \MNK#]UMWINOPKP\M #MJ # QK #WM\MUNOPKXOcP#WMQ # XKUfX\MU #WOKQeX\OXI#NK\MUOKQOJ\K # mI#
]UfX\OXIn#XINI#XKUfX\MU#MJ]MXH`OXI#WMQ#WOJXSUJI#\McUOXI#XINSPOJ\KY#RSM#MJ\f#XIN]SMJ\I#XMP\UKQNMP\M#]IU#
XKJO#\IWK#QK#,MJOJ#%#d#]IU#QK#,MJOJ#1Y#d#RSM#OPXQSdM#\KNLOeP#K#QKJ#,MJOJ#%%#d#1%%%Y#MP#QKJ#RSMY#K#NKPMUK#WM#
XIUIQKUOIY#JM#WM\MUNOPK#K#QK#KX\OZOWKW#\McUOXK#XINI#NINMP\I#XIPJ\O\S\OZI#WM#QK#]UKTOJ#JIXOKQ#NK\MUOKQh
76#MQ#VUS]I#0Y#XSdI#\MNK#]UMWINOPKP\M#MJ#QK#WM\MUNOPKXOcP#WM#QK#^OJ\IUOK#WM#QKJ#XIP`OVSUKXOIPMJ#WM#QK#
JIXOMWKW#XINI#]UILQMNf\OXK#MJ]MXH`OXK#WMQ#WOJXSUJI#WOKQeX\OXI#NK\MUOKQOJ\KY#RSM#MJ\f#XIN]SMJ\I#]IU#QKJ#
,MJOJ#%1Y#1%#d#1%%h
;6 #MQ #VUS]I #'Y #XSdI# \MNK#]UMWINOPKP\M#MJ # QK #WM\MUNOPKXOcP#WM # QK #PMXMJOWKW#^OJ\cUOXK#WMQ #WOJXSUJI#
WOKQeX\OXI#NK\MUOKQOJ\KY#RSM#MJ\f#XIN]SMJ\I#]IU#QKJ#,MJOJ#%/#d#/#d#]IU#QK#jQ\ONK#]KU\M#WM#QK#,MJOJ#%Y#d
<6 #MQ #VUS]I# $Y#XSdI#\MNK#]UMWINOPKP\M#MJ# QK#WM\MUNOPKXOcP#WMQ#XIPXM]\I#WOKQeX\OXI#NK\MUOKQOJ\K#WM#
\UKPJ`IUNKXOcP#JIXOKQY#RSM#MJ\f#XIN]SMJ\I#]IU#QKJ#,MJOJ#%%%#d#/%6
".&#,!&%&#$!"#E)(3*#.
"IJ#]KJK_MJ#WMQ#\MT\I#WM#QKJ#,MJOJ#RSM#^MNIJ#UMSPOWI#MP#MJ\M#VUS]I#JIP#QIJ#JOVSOMP\MJG;
!P#]UONMU#QSVKUY#QK#]KU\M#OPOXOKQ#WM#QK#,MJOJ#%G
?"K#]UOPXO]KQ#OPJS`OXOMPXOK#WM#\IWI#MQ#NK\MUOKQOJNI#\UKWOXOIPKQ#qE'#%21'6.r#qOPXQSOWI#MQ#WM#:MSMULKX^r#
MJ#RSM#qY#MP#eQr#MQ#IL_M\I#%#q+2.26#(-65rY#QK#UMKQOWKWY#QK#NK\MUOKQOWKW#qH'66,'$%D2'(r#JcQI#MJ#XK]\KWK#LK_I#
QK#`IUNK#WMQ#IL_M\I#%%# qIEJ2D(r#I#WM#QK#OP\SOXOcP#JMPJOLQM#q!6#$%-""6.rh#d#PI#XINI#KX\OZOWKW#^SNKPK#
NK\MUOKQ#qJOPPQOX^rY#mXINIn#]UKTOJh#PI#JSL_M\OZKNMP\M6#$M#K^H#RSMY#MP#I]IJOXOcP#KQ#NK\MUOKQOJNIY#MQ#
KJ]MX\I#KX\OZI#q^KdK#JOWIr#WMJKUUIQQKWI#WM#NKPMUK#KLJ\UKX\K#]IU#MQ#OWMKQOJNI#kMQ#XSKQY#PK\SUKQNMP\MY#
PI#XIPIXM#QK#KX\OZOWKW#UMKQY#NK\MUOKQ#q#'66,'$%r#MP#XSKP\I#\KQ6?
.#XIP\OPSKXOcPY#QK#,MJOJ#1#d#QK#]KU\M#OP\MUNMWOK#WM#QK#,MJOJ#%G
?:MSMULKX^Y # OPJK\OJ`MX^I # XIP # MQ # ]MPJKNOMP\I # KLJ\UKX\IY # RSOMUM # qZIQZMU # Kr # QK # OP\SOXOcP # JMPJOLQM#
q!6#$%-""6.rh#]MUI#PI#XK]\K#QK#NK\MUOKQOWKW#qH'66,'$%D2'(r#XINI#KX\OZOWKW#]UfX\OXKY#NK\MUOKQg^SNKPK6?
?:MSMULKX^ #RSOMUM # qUM`MUOUJM # Kr # IL_M\IJ #NK\MUOKQMJ # q#'66,'$%2# *L_Mp\MrY # UMKQNMP\M #WO`MUMP\MJ #WM # QIJ#
IL_M\IJ#]MPJKWIJ#q+25-6D264EJ2D(2rG#]MUI#PI#XK]\K#QK#]UI]OK#KX\OZOWKW#^SNKPK#XINI#KX\OZOWKW#IL_M\OZK#
q.2.26#(K65,'$%r6?
; #,UKPJXUOLONIJ#WM#KXSMUWI#KQ#\MT\I#IUOVOPKQY#]SLQOXKWI#]IU#]UONMUK#ZM[#]IU#$6#)OK[KPIZ#MP#B-1CL76.2,##!1$%'MY#\6#%Y#
:UKPX`IU\s-Y#8C7BY#]]6#777g;96
!P#JMVSPWI#QSVKUY#QK#,MJOJ#1%%%#d#QK#,MJOJ#%%G
?,IWK#ZOWK#JIXOKQ#MJ#MJMPXOKQNMP\M#]UfX\OXK6#,IWIJ#QIJ#NOJ\MUOIJ#RSM#OPWSXMP#qM21-6,-##26r#K#QK#\MIUHK#
KQ#NOJ\OXOJNI#MPXSMP\UK#JS#JIQSXOcP#UKXOIPKQ#MP#QK#]UKTOJ#^SNKPK#d#MP#QK#XIN]UMPJOcP#qN2.12'>26r#WM#
MJ\K#]UKTOJ6?
?"K # XSMJ\OcP # WM # JO # KQ # ]MPJKNOMP\I # ^SNKPI # QM # XIUUMJ]IPWM # q)"D4//2r # SPK # ZMUWKW # IL_M\OZK#
q.2.26#(K65'$%2r#PI#MJ#SPK#XSMJ\OcP#WM#QK#\MIUHK#JOPI#SPK#XSMJ\OcP#]UfX\OXK6#!P#QK#]UKTOJ#WMLM#MQ#^INLUM#
WMNIJ\UKU # QK #ZMUWKWY #MJ\I#MJY # QK # UMKQOWKW#d#MQ #]IWMU # qB-$%(rY # QK # \MUUMPKQOWKW#qF'2##2'('.D2'(r #WM#JS#
]MPJKNOMP\I6#"K#WOJ]S\K#JILUM#QK#UMKQOWKW#I#OUUMKQOWKW#qO'$%(&'1D,'$%D2'(r#WMQ#]MPJKNOMP\I#kRSM#MJ\f#
KOJQKWI#WM#QK#]UKTOJk#MJ#SPK#XSMJ\OcP#]SUKNMP\M#MJXIQfJ\OXK6?
3MUI#XIPZOMPM#ILJMUZKU#RSM#QK#`SPXOcP#WM\MUNOPKP\M#I#WM#]UMNOJK#RSM#]UM\MPWMNIJ#UMXIPIXMU#MP#MJ\M#
VUS]I#PI#JM#MT\OMPWM#]IU#OVSKQ#K#\IWIJ#QI#]KJK_MJ#RSM#QI#OP\MVUKP6#&M#XIPXMP\UK#MP#MQ#]KJK_M#OPOXOKQ#WMQ#
\MT\IY#MJ#WMXOUY#MP#MQ#]UONMUI#WM#QIJ#\UMJ#RSM#^MNIJ#\UKPJXUO\I#MP#]UONMU#QSVKU6#"IJ#I\UIJ#WIJ#OPXQSOWIJ#K#
XIP\OPSKXOcP#d#QKJ#,MJOJ#1%%%#d#%%Y#\UKPJXUO\KJ#MP#JMVSPWI#QSVKUY#JcQI#]KU\OXO]KP#WM#NKPMUK#JMXSPWKUOK#I#
WMUOZKWK#WM#MJK#`SPXOcP#WM#]UMNOJKh#KRSeQQIJ#K]IU\KP#SPK#OQSJ\UKXOcP#WM#QI#K`OUNKWI#MP#MQ#]KJK_M#OPOXOKQY#
NOMP\UKJ#eJ\KJ#QI#XIP`OUNKP#JILUM#SPK#XSMJ\OcP#]KU\OXSQKUY#K#NKPMUK#WM#XIUIQKUOI6
!P # XIPJMXSMPXOKY # PSMJ\UI # MTKNMP # WMLM # \KNLOeP # XIPXMP\UKU # JS # K\MPXOcP # MP # MQ # ]KJK_M # OPOXOKQ # d#
WM\MUNOPKP\M#WMQ#\MT\I#WM#QKJ#;2#'#6
8
a'SfQ #MJ #d #XcNI#JM#^KQQK# UMKQO[KWI#MQ #]UI]cJO\I# \McUOXI#WMQ #]KJK_M# OPOXOKQ #WM# QKJ #;2#'#b#vJ\K#MJ# QK#
]UMVSP\K#RSM#WMLM#UMJ]IPWMU#SPK#]UONMUK#K]UITONKXOcP#K#JS#\MT\I6
&S # ]UMIXS]KXOcP # NfJ # MZOWMP\M # MJ\f # WOUOVOWK # K # QKJ # ZOU\SWMJ # d # QIJ # WM`MX\IJ # WMQ # ?NK\MUOKQOJNI?#
m\UKWOXOIPKQn #d #WMQ # ?OWMKQOJNI?6 #!J\K #]UMIXS]KXOcP #kRSM #WM #]IU # JH #PI #]KUMXM #WOJ\OPVSOUJM #WM #SPK#
XSUOIJOWKW#`OQIJc`OXK#]SUKNMP\M#]UI`MJOIPKQk#WM`OPM#JS#JMP\OWI#XSKPWI#QK#UMQKXOIPKNIJ#XIP#QK#jQ\ONK#
`UKJM#WM#QK#NOJNK#,MJOJ #%# d#QK#XIPJOWMUKNIJ#WMP\UI#WM#QKJ#ZOXOJO\SWMJ#WMQ#]UIXMJI#VQILKQ#WM#\UKLK_I#
\McUOXI#RSM#IXS]K#K#-KUT#MP#MJIJ#KlIJ6
$M # KXSMUWI # K # MJK # `UKJMY # QI # RSM # MJ # PMXMJKUOI # XIN]UMPWMU # MJ # ?QK # JOVPO`OXKXOcP # WM # QK # KX\OZOWKW#
UMZIQSXOIPKUOK?h # d # JO # OP\MUMJK # SP # _SOXOI # JILUM # MQ # ?NK\MUOKQOJNI? # m\UKWOXOIPKQn # d # MQ # ?OWMKQOJNI? # MJ#
]UMXOJKNMP\M#MP#QK#NMWOWK#MP#RSM#eJ\IJ#JIP#QIJ#WIJ#NIWIJ#LfJOXIJ#MP#RSM#JM#JSMQM#WM#^MX^I#JK\OJ`KXMU#
MJK#PMXMJOWKW6#.^IUK#LOMPY#XINI#^MNIJ#OPWOXKWI#KP\MUOIUNMP\MY#QK#PMXMJOWKW#WM#MJ\K#XIN]UMPJOcP#MJ#
MT]MUONMP\KWK#]IU#MQ#PSMZI#NIZONOMP\I#XINSPOJ\KY#MP#MQ#RSM#OP\MUZOMPM#\McUOXKNMP\M#-KUTY#XINI#SPK#
PMXMJOWKW#RSM#]IPM#MP#XUOJOJ#KQ#XKN]I#ZOVMP\M#WM#]IJOLOQOWKWMJ#WM#XIN]UMPJOcP#WM#\IWI#IL_M\I#WMQ#\O]I#
WM#QK#?KX\OZOWKW#UMZIQSXOIPKUOKY#XUH\OXIg]UfX\OXK?6#"KJ#K]IUHKJ#MP#RSM#ZKP#K#MPXMUUKUJM#QKJ#MQKLIUKXOIPMJ#
WIX\UOPKQMJ#JIXOKQOJ\KJ#WM#QK#WeXKWK#WM#8B<9#WMNSMJ\UKP#QK#ON]IJOLOQOWKW#WM#RSM#MQ#WOJXSUJI#\McUOXI#
UMZIQSXOIPKUOI # KQXKPXM # KS\IJS`OXOMPXOKY # XI^MUMPXOK # d # M`MX\OZOWKW # LK_I # QK # JS_MXOcP # OWMIQcVOXK # K # QK#
MJ\USX\SUK#WMQ#WOJXSUJI#XK]O\KQOJ\K#d#K#JS#WOPfNOXK#WM#KS\IK`OUNKXOcP#d#KS\IUM]UIWSXXOcP6#"K#PMXMJOWKW#
WM#]MPJKU#MQ#]UIXMJI#UMZIQSXOIPKUOI#UMJSQ\K#JMUY#JONSQ\fPMKNMP\MY#PMXMJOWKW#WM#UMZIQSXOIPKU#MQ#]UIXMJI#
WM#]MPJKU6
3IWMNIJ#WMXOUY#MP\IPXMJY#RSM#QI#RSM#LSJXK#XMP\UKQNMP\M#MQ#]KJK_M#OPOXOKQ#WM#QKJ#;2#'##MJ#MQ#XKUfX\MU#RSM#
XIPZOMPM # KQ # WOJXSUJI # \McUOXI # XINSPOJ\K # XINI # WOJXSUJI # UMZIQSXOIPKUOIG # UMZIQSXOIPKUOI # ]IU # \UK\KU#
KWMXSKWKNMP\M#WM#QK#UMZIQSXOcP#d#]IU#JMUY#eQ#NOJNIY#NINMP\I#XIPJ\O\S\OZI#m\McUOXIn#WM#QK#UMZIQSXOcP6#
!J#MJ\K#LjJRSMWK#QK#RSM#JM#KLUM#]KJI#NMWOKP\M#MQ#_SOXOI#XUH\OXI#JILUM#MQ#?NK\MUOKQOJNI?#m\UKWOXOIPKQn#d#MQ#
?OWMKQOJNI?#MP#\KP\I#RSM#XKUKX\MUMJ#XIP\UK]SMJ\IJ#]MUI#XIN]QMNMP\KUOIJ#WMQ#WOJXSUJI#\McUOXI#RSM#MJ#
PMXMJKUOI#UMZIQSXOIPKU6
!`MX\OZKNMP\MY # QK # WMQONO\KXOcP # WMQ # XKUfX\MU # MJ]MXH`OXI # WMQ # WOJXSUJI # \McUOXI # XINSPOJ\K # JOVSM # SP#
]UIXMWONOMP\I#PMVK\OZI#I#XUH\OXIG#NKUXK#XIP#]UMXOJOcP#kMP#UM`MUMPXOK#K#QK#?KX\OZOWKW#UMZIQSXOIPKUOK?#
XINI#IL_M\I #]IU #]MPJKUk#QIJ #WM`MX\IJ #MJMPXOKQMJ #WM#RSM#KWIQMXM#MQ #WOJXSUJI# \McUOXI# \UKWOXOIPKQ #M#
OPWOXKY#MP#XKQOWKW#WM#\KUMK#]IU#XSN]QOUY#QK#]IJOLOQOWKW#WM#SP#PSMZI#WOJXSUJI#\McUOXI#RSM#PI#MJ\e#K`MX\KWI#]IU#MQQIJ6
7
3MUI # aRSe # MJ # ]UI]OKNMP\M # QI # RSM # MP\UK # MP # QK #NOUK # WM # QK # XUH\OXK # WM #-KUT # XSKPWI # JM # UM`OMUM # KQ#
?NK\MUOKQOJNI? # m\UKWOXOIPKQn # d # KQ # ?OWMKQOJNI?b #4I # MJY # JOP # WSWKY # MQ # XIP\MPOWI # WM # QIJ # `OQIJI`MNKJ#
WM`OPO\IUOIJ#WM#WIJ#WIX\UOPKJ#]UMJMP\MJ#MP#MQ#]KPIUKNK#WM#QK#^OJ\IUOK#WMQ#]MPJKNOMP\IG#PI#JM#\UK\K#WM#
MQMVOU#MP\UM#WIJ#]IJOXOIPMJ#S#I]OPOIPMJ#`OQIJc`OXKJ#PO#WM#JOP\M\O[KUQKJ#I#JS]MUKUQKJ#MP#I\UK#XIPXM]XOcP#WMQ#
NSPWI6#-KUT#^KLQK#XQKUKNMP\M#WMQ#?NK\MUOKQOJNI?#m\UKWOXOIPKQn#d#MQ#?OWMKQOJNI?#XINI#^IUO[IP\MJ#I#
fNLO\IJ#WM#QK#K]UM^MPJOcP#XIVPIJXO\OZKY#XINI#XKN]IJ#WM#]IJOLOQOWKW#WMQ#XIN]IU\KNOMP\I#\McUOXI#MP#QIJ#
RSM#SP#IL_M\I#]SMWM#JMU#?XK]\KWI?#m.2>-#)(n#I#PI6#&S#XUH\OXK#K]SP\K#PI#\KP\I#^KXOK#MQ#JKLMU#]UIWSXOWI#
MT]QHXO\KNMP\M#MP#MQ#WOJXSUJI#XOMP\H`OXIg`OQIJc`OXI#NIWMUPIY#JOPI#]UMXOJKNMP\M#^KXOK#MQ#^IUO[IP\M#WM#
]IJOLOQOWKWMJ#XIVPIJXO\OZKJ#]QKP\MKWI#XINI#XIPWOXOcP#WM#MJM#WOJXSUJIY#^KXOK#JS#XKUfX\MU#I#^KXOK# QK#
XIP`OVSUKXOcP#MJ]MXH`OXK#WM#JS#MJ\USX\SUK#`SPWKNMP\KQ6#!J#MJ\K#MJ\USX\SUK#LfJOXK#WMQ#WOJXUSJI#\McUOXI#k
VMPMUKQNMP\M # ON]QHXO\K #I # QK\MP\M #]MUI # JOMN]UM #WM\MUNOPKP\M # MP # \IWKJ # QKJ # `IUNSQKXOIPMJ #XOMP\H`OXIg
`OQIJc`OXKJ#WMJKUUIQQKWKJ#WM#^MX^Ik#QK#RSM#MJ#\MPOWK#MP#XSMP\K#]IU#-KUT#MP#JS#_SOXOI#XUH\OXI#JILUM#MQ#
?NK\MUOKQOJNI?#m\UKWOXOIPKQn#d#MQ#?OWMKQOJNI?h#eJ\IJ#JIP#\UK\KWIJ#XINI#QKJ#WIJ#NIWKQOWKWMJ#]KU\OXSQKUMJ#
XIN]QMNMP\KUOKJ#WM#QK#XIP`OVSUKXOcP#NIWMUPK#I#XK]O\KQOJ\K#WM#QK#MJ\USX\SUK#`SPWKNMP\KQ#WMQ#WOJXSUJI#
\McUOXI6
aA#MP#RSe#XIPJOJ\M#MJ\K#MJ\USX\SUK#LfJOXK#WMQ#WOJXSUJI#\McUOXIY#JS#^IUO[IP\M#I#XKN]I#WM#]IJOLOQOWKWMJ#
XIVPIJXO\OZKJb#!Q#]KJK_M#RSM#MTKNOPKNIJ#]KUMXM#WM`OPOUQK#K#]KU\OU#WM#QI#RSM#]IWUHKNIJ#QQKNKU#MQ#PjXQMI#
WM#\IWI#NMPJK_M#\McUOXI#QK\MP\MY#MJ#WMXOUY#NfJ#]UMXOJKNMP\MY#K#]KU\OU#WM#SPK#JOVPO`OXKXOcP#XMP\UKQ#RSMY#
]IU#JS#NfTONK#JON]QOXOWKW#d#UKWOXKQOWKWY#JM#OPJXUOLM#MP#MQ#POZMQ#WMQ#XcWOVI#QOPVwHJ\OXI#d#QI#]MPM\UK#
WMXOJOZKNMP\MY#MJLI[KPWI#KJH#SPK#JSLXIWO`OXKXOcP#\I\KQO[KWIUKY#XK]K[#WM#JILUMWM\MUNOPKU#\IWI#NMPJK_M#
MT]QHXO\I#]IJOLQM6#!P#M`MX\IY#QI#RSM#MQ#\MT\I#WM#-KUT#UMXIPIXM#XINI#WM\MUNOPKP\M#d#XKUKX\MUHJ\OXI#WMQ#
XKN]I#WM#]IJOLOQOWKWMJ#XIVPIJXO\OZKJ#I#WM#?XK]\KXOcP?#\McUOXK#MJ#QK#WM`OPOXOcP#jQ\ONKY#NfJ#JON]QM#d#
NfJ#UKWOXKQY#XIP\MPOWK#MP#eQ#WM#QI#RSM#MJ#QK#IL_M\OZOWKW#mMQ#?IL_M\I#%?nY#?QK#UMKQOWKWY#QK#NK\MUOKQOWKW?#WMQ#
IL_M\I#m?IL_M\I#%%?n6#"I#NfJ#MQMNMP\KQ#d#`SPWKNMP\KQY#QI#WM\MUNOPKP\M#?MP?#MQ#fNLO\I#WM#SPK#\MIUHK#MJ#QK#
NKPMUK#MP#RSM#KQQH#JM#WK#XSMP\K#WM#QK#MT]MUOMPXOK#OUUMWSX\OLQM#WM#QK#]UMJMPXOK#WM#JMP\OWI#MP#QI#UMKQY#WM#QK#
]UMJMPXOK#WM#QI#UMKQ#XINI#WI\KWI#WM#JMP\OWI#d#PI#XINI#SP#XKIJ#OPM`KLQM#I#XINI#SP#MPgJH#KLIQS\KNMP\M#
OPWM`OPOWIh#IY#QI#RSM#MJ#QI#NOJNIY#QK#NKPMUK#MP#RSM#KQQH#JM#WK#XSMP\K#WM#QK#]UI]OK#XK]KXOWKW#WM#KJMZMUKU#
KQVI#kKJH#JMK#QK#JON]QM#MTOJ\MPXOKk#WMQ#IL_M\IY#WM#QK#]UI]OK#XK]KXOWKW#WM#]UIWSXOU#JOVPO`OXKXOIPMJ6
!J#QK #ZMUJOcP#RSM#QK #e]IXK#NIWMUPK#I#LSUVSMJK#I`UMXM#WM#MJ\K#?WM`OPOXOcP?#`SPWKNMP\KQ# QK #RSM#MJ#
\UK\KWK # XUH\OXKNMP\M # ]IU # -KUT # XSKPWI # WMQONO\K # QKJ # ZOU\SWMJ # d # QIJ # WM`MX\IJ # WMQ # ?NK\MUOKQOJNI?#
m\UKWOXOIPKQn#d#MQ#?OWMKQOJNI?6#$OX^I#MP#I\UKJ#]KQKLUKJY#QI#RSM#]UI]OKNMP\M#MJ#K`MX\KWI#]IU#QK#XUH\OXK#WMQ#
]KJK_M#OPOXOKQ#WM#QKJ#;2#'##JIP#QKJ#WIJ#NIWKQOWKWMJ#RSM#]UMJMP\K#QK#JOVPO`OXKXOcP#XMP\UKQ#WM#QK#MJ\USX\SUK#
WMQ#WOJXSUJI#\McUOXI#XSKPWI#eJ\M#JM#MJ]MXO`OXK#^OJ\cUOXKNMP\M#XINI#WOJXSUJI#\McUOXI#XK]O\KQOJ\K6
A#MQ#\MT\I#WM#MJ\M#]KJK_M#QQMVK#K#SPK#XIPXQSJOcP#]UMXOJK#XINI#UMJSQ\KWI#WM#JS#QKLIU#XUH\OXKG#NOMP\UKJ#QK#
NIWKQOWKW #NK\MUOKQOJ\KgMN]OUOJ\K # WMQ # WOJXSUJI # \McUOXI #NIWMUPI # JM # LKJK # MP # SPK # ]UILQMNK\O[KXOcP#
OPJS`OXOMP\M#I#]IXI#UKWOXKQ#WM#QK#IL_M\OZOWKW#WMQ#IL_M\IY#QK#NIWKQOWKW#OWMKQOJ\KgUKXOIPKQOJ\K#JM#XIN]IU\K#
WM #NKPMUK # OPXIPJMXSMP\M #XIP #MQ #]UOPXO]OI #WM #]UILQMNK\O[KXOcP #KWMXSKWK #WMQ #RSM #MQQK #]KU\M # MP # JS#
?XK]\KXOcP?#\McUOXK#WM#QK#IL_M\OZOWKW6
;
"K #NIWKQOWKW #NK\MUOKQOJ\KgMN]OUOJ\K #WM # QK # MJ\USX\SUK #WMQ #WOJXSUJI # \McUOXI#NIWMUPI#I #XK]O\KQOJ\K # JM#
QMZKP\K#MP# \IUPI#K#SPK#PIXOcP#LfJOXK#WM#IL_M\OZOWKW#m?IL_M\I #%?nY #MP# QK #RSM#eJ\K#RSMWK#UMWSXOWK#I#
KJONOQKWK#K#QK#XIPJ\O\SXOcP#]UI]OK#WMQ#IL_M\I#WM#QK#OP\SOXOcP#I#XIP\MN]QKXOcP#m?IL_M\I#%%?nY#MJ#WMXOUY#K#QK#
XIPJ\O\SXOcP#WM#SP#IL_M\I#RSM#JM#ON]IPMY#MP#]QMPK#MT\MUOIUOWKWY#XINI#]SUK#]UMJMPXOK#XKJSKQ#K#SP#JS_M\I#
]UMMTOJ\MP\M#RSM#QI#XIPJ\K\K6#!P#MJ\K#WMQONO\KXOcP#LfJOXKY#QK#IL_M\OZOWKW#MJ#K]UM^MPWOWK#\McUOXKNMP\M#
XINI #SPK # JSJ\KPXOK # OP^MUMP\M # KQ # IL_M\IY # OPWM]MPWOMP\M # WM # \IWI # \O]I # WM # UMQKXOcP # JS_M\IgIL_M\Ih # QK#
]UMJMPXOK#WM#JMP\OWI#MP#QI#UMKQ#MJ#\UK\KWK#XINI#SP#MJ\KWI#MT]UMJOZI#MJ]IP\fPMI#I#OPMU\M#WM#QKJ#XIJKJY#
XINI # SPK # JOVPO`OXK\OZOWKW # XIPJ\O\SOWK # PK\SUKQNMP\MY # ]UMZOK # K # \IWK # KX\OZOWKW # WM # XINSPOXKXOcP # d#
JOVPO`OXKXOcP6
"K#XUH\OXK#WM#-KUT#]IPM#MP#MZOWMPXOK#MQ#WM`MX\I#I#QK#QONO\KXOcP#]UOPXO]KQ#WM#MJ\K#]UILQMNK\O[KXOcP#WM#QK#
IL_M\OZOWKW#MP#MQ#WOJXSUJI#NK\MUOKQOJ\KgMN]OUOJ\K6#vJ\M#\UK\K#WM#`O_KUQK#XINI#JSLJ\UK\I#NM\K`HJOXIY#XINI#
XIJK#MT\MUOIU#JOMN]UM#dK#WKWK#`UMP\M#KQ#JS_M\IY#]MUI#QI#MJ]MXH`OXI#WM#QK#IL_M\OZOWKW#WMJLIUWK#MQ#KQXKPXM#
WM#MJ\M#OP\MP\I#\McUOXI6#3KUK#]UILQMNK\O[KU#KWMXSKWKNMP\M#QI#RSM#WOJ\OPVSM#K#QK#IL_M\OZOWKW#MP#XSKP\I#
\KQ#MJ#PMXMJKUOI#XIPJOWMUKUQK#?JSL_M\OZKNMP\M?Y#MJ\I#MJY#XINI#]UIXMJI#MP#XSUJIY#d#XINI#]UIXMJI#RSM#
K`MX\K#MJMPXOKQNMP\M#d#]IU#OVSKQ#\KP\I#KQ#IL_M\I#XINI#KQ#JS_M\I#RSM#K]KUMXMP#MP#eQh#XIPJOWMUKUQK#?XINI#
KX\OZOWKW?Y#XINI#]UKTOJ#RSM#`SPWK#\IWK#UMQKXOcP#XIVPIJXO\OZK#JS_M\IgIL_M\I#d#RSM#XIPJ\O\SdMY#]IU#\KP\IY#
MQ#JMP\OWI#WM#QI#UMKQ#d#QK#]IJOLOQOWKW#WM#XINSPOXKU#d#JOVPO`OXKU6
!J\K#MZOWMP\M#OPJS`OXOMPXOK#WMQ#WOJXSUJI#NK\MUOKQOJ\K#MN]OUOJ\K#PI#ON]OWMY#JOP#MNLKUVIY#RSM#-KUT#JM#
UMXIPI[XK # K # JH # NOJNI # XINI # SP # XIP\OPSKWIU # UMZIQSXOIPKUOI # WM # JS # WMJKUUQQI6 # !P # QK # NM\K`HJOXK#
?IL_M\OZOJ\K?#WM#MJ\M#WOJXSUJI#-KUT#WOJ\OPVSM#QK#MTKVMUKXOcP#WM#SP#MQMNMP\I#\McUOXI#RSM#MQ#WOJXSUJI#
XINSPOJ\K#WMLM#UMJXK\KUG#QK#OPJOJ\MPXOK#MP#MQ#XKUfX\MU#OUUMWSX\OLQM#WM#QK#MJMPXOK#WMQ#IL_M\I#K#QK#KX\OZOWKW#
SPOQK\MUKQ#WMQ#JS_M\I6
.#JS#ZM[Y#QK#NIWKQOWKW#OWMKQOJ\KgUKXOIPKQOJ\K#WM#QK#MJ\USX\SUK#WMQ#WOJXSUJI#\McUOXI#NIWMUPIY#JMVjP#QK#
XUH\OXK#RSM#WM#MQQK#MJLI[K#MJ\M#]KJK_M#WM#QKJ#;2#'#Y#JM#UMZMQK#OPXIPJMXSMP\MG#WSMlK#WM#SP#]UOPXO]OI#ZfQOWI#
KQ#RSM#MQQKY#JOP#MNLKUVI#WM`IUNK#d#NOJ\O`OXK6
"K#PIXOcP#LfJOXK#]UI]OK#WM#MJ\M#WOJXSUJI#ON]QOXK#SPK#]UILQMNK\O[KXOcP#WM#QK#IL_M\OZOWKW#RSM#JH#KQXKP[K#
K#]QKP\MKUQK#MP#JS#MJ]MXO`OXOWKWh#QK#XIPJOWMUK#?JSL_M\OZKNMP\M?Y#XINI#]UIXMJI#`SPWKP\MY#XINI#KX\OZOWKW#
WM # XIPJ\O\SXOcP6 # 3KUK # MQ # ?OWMKQOJNI? #NIWMUPIY # QK # IL_M\OZOWKW # MJ # JOMN]UM # SP # KX\I # WM # XIPZMUJOcP#
`SPWKNMP\KQ # WM #SP # MPgJHY # WM # SP # KQVI #SPO\KUOI # JON]QM # M # OPWO`MUMPXOKWI # MP #SPK #SPOWKW # I # \I\KQOWKW#
XIN]QM_K#d#WO`MUMPXOKWK#WM#JS_M\I#d#IL_M\Ih#\I\KQOWKW#WMP\UI#WM#QK#XSKQ#jPOXKNMP\M#JM#XIPJ\O\SdM#SP#
JMP\OWIY # MJ\I # MJY # SPK # XIPMTOcP # XIUUMQK\OZK # MP\UM # SPK # UMKQOWKW # JOVPO`OXK\OZK # d # SPK # XIPXOMPXOK#
JOVPO`OXKWIUK6
3MUI#MJ#]UMXOJKNMP\M#MJ\K#]UILQMNK\O[KXOcP#KWMXSKWK#WM#QK#IL_M\OZOWKWY#]QKP\MKWK#]IU#QK#NIWKQOWKW#
OWMKQOJ\K#WMQ#WOJXSUJI#\McUOXI#NIWMUPIY#QK#RSMY#XIP\UKWOX\IUOKNMP\MY#JcQI#JM#MPXSMP\UK#MP#MQQK#WM#NKPMUK#
WM`IUNKWK#d#NOJ\O`OXKWKG#MN]ILUMXOWK#WM#SP#MQMNMP\I#XMP\UKQ#I#WM#SPK#XIN]IPMP\M#MJMPXOKQ#WM#MQQK#
NOJNK6#!Q#?OWMKQOJNI?#WMJXSOWK#d#WM_K#WM#QKWI#MQ#XKUfX\MU#]UOIUO\KUOI#WM#QK#UMQKXOcP#JS_M\IgIL_M\I#XIP#
UMJ]MX\I#K#XKWK#SPI#WM#JSJ#WIJ#\eUNOPIJY#d#MUOVM#KQ#]UONMUI#WM#MQQIJY#KQ#JS_M\IY#MP#XKQOWKW#WM#`SMP\M#d#
`SPWKNMP\I#WM#MQQKh#KLKPWIPKY#KJHY#KQ#NOJNI#\OMN]I#RSM#QK#]UMJS]IPMY#QK#PIXOcP#WM#IL_M\OZOWKW#XINI#
]UIXMJI#WM#XIPJ\O\SXOcP#\KP\I#WMQ#JS_M\I#XINI#WMQ#IL_M\IY#M#SP\UIWSXM#MP#JS#QSVKU#SPK#PIXOcP#WO`MUMP\MY#
MP#QK#XSKQ#MQ#]UIXMJI#WM#XIPJ\O\SXOcP#K]KUMXM#XINI#SP#KX\I#SPOQK\MUKQ#WM#XIPJ\USXXOcP#WMQ#IL_M\I#]IU#
]KU\M#WMQ#JS_M\I6
"K#OPXIPJMXSMPXOK#WMQ#WOJXSUJI#OWMKQOJ\KgUKXOIPKQOJ\K#XIPJOJ\MY#]SMJY#MP#RSM#JM#WMJWOXM#WMQ#]UOPXO]OI#MP#
RSM#JM#JSJ\MP\K#KQ#]UMJMP\KUQI#WM#NKPMUK#NMPVSKWK#d#SPOQK\MUKQh#MP#RSM#UMWSXM#QK#PIXOcP#WM#IL_M\OZOWKW#K#QK#WM#SP#]UIXMJI#MNKPKWI#WMQ#KX\I#MP#RSM#MQ#JS_M\I#?]IPM?#KQ#IL_M\I6
!Q#]KJK_M#OPOXOKQ#WM#QKJ #;2#'## XKQO`OXK#WM#?KLJ\UKX\K?#K#MJ\K#NKPMUK#OPXIPJMXSMP\M#MP#RSM#MQ#WOJXSUJI#
\McUOXI#OWMKQOJ\KgUKXOIPKQOJ\K#?WMJKUUIQQK#MQ#KJ]MX\I#KX\OZI?#I#?JSL_M\OZI?#WM#QK#IL_M\OZOWKW6#A#MT]QOXKG#
MJ\M#WMJKUUIQQI#MJ#KLJ\UKX\I#kMJ#WMXOUY#WM_K#WM#QKWI#QK#\I\KQOWKW#WMQ#]UIXMJI#WM#XIPJ\O\SXOcP#S#JcQI#\OMPM#
MP#XSMP\KY#MTKVMUfPWIQKY#QK#KX\OZOWKW#]SUK#WMQ#JS_M\Ik#]IURSM#QK#MJ\USX\SUK#\McUOXK#LfJOXK#MP#RSM#\OMPM#
QSVKU#JM#^K#`IUNKWI#\KNLOeP#MP#UM`MUMPXOK#mKLJ\UKX\Kn#K#SP#JIQI#POZMQ#WM#QK#]UKTOJ#JIXOKQG#KQ#POZMQ#WM#QK#
KX\OZOWKW#MJ]OUO\SKQ#I#\McUOXIgMJ]MXSQK\OZK6#"K#?WM`OPOXOcP?#OWMKQOJ\KgUKXOIPKQOJ\K#WM#IL_M\OZOWKW#JM#WK#
WMP\UI#WM#SPK#]UILQMNf\OXK#`SPWKNMP\KQ#RSM#?PI#XIPIXM#QK#KX\OZOWKW#UMKQY#NK\MUOKQY#MP#XSKP\I#\KQ?#mMP#QK#
RSM#JS_M\I#d#IL_M\I#]UfX\OXIJ#JM#XIPJ\O\SdMP#UMXH]UIXKNMP\MnY#I#RSM#?XIPIXM?#jPOXKNMP\M#QK#KX\OZOWKW#
MP#QK#RSM#QK#UK[cP#I#QK#`KP\KJHK#]KUMXMP#MT]UMJKUJM#JILMUKPKNMP\M#MP#SP#NMWOI#]KJOZI#K#JS#MP\MUK#
WOJ]IJOXOcP6
<
"K#XUH\OXK#WMQ#WOJXSUJI#\McUOXI#NIWMUPI#I#XK]O\KQOJ\K#XSN]QM#JS#`SPXOcP#XSKPWI#XIP`UIP\K#MP\UM#JH#K#QKJ#
WIJ#NIWKQOWKWMJ#MJ\USX\SUKQMJ#WM#MJ\M#WOJXSUJI#XIP#MQ#`OP#WM#WMQOPMKU#]IU#XIP\UKJ\MY #K#]KU\OU#WM#QIJ#
UMJSQ\KWIJ#WM#MJK#XIP`UIP\KXOcP#d#WMJWM#QK#]MUJ]MX\OZK#WM#QKJ#PMXMJOWKWMJ#\McUOXKJ#WM#QK#UMZIQSXOcP#
XINSPOJ\KY#QK#]IJOLOQOWKW#WM#SP#PSMZI#WOJXSUJIY#WMQ#WOJXSUJI#\McUOXI#]UI]OKNMP\M#XINSPOJ\K6
!P#M`MX\IY#MJ\K#]IJOLOQOWKW#MJ#UMXIPIXOLQM#K#]KU\OU#WM#QK#XIPJ\K\KXOcP#WM#RSM#QK#MJ\USX\SUK#WMQ#WOJXSUJI#
\McUOXI#NIWMUPI#\OMPM#PMXMJKUOKNMP\M#RSM#MQMVOU#MP\UM#WIJ#ZMUJOIPMJ#OVSKQNMP\M#XIP\UKWOX\IUOKJ#WM#SPK#
?XK]\KXOcP?#\McUOXK#OPKWMXSKWK#WM#QK#IL_M\OZOWKWG#I#LOMPY#MP#QK#ZMUJOcP#WM#JS#NIWKQOWKW#NK\MUOKQOJ\Kg
MN]OUOJ\KY#IQZOWK#MQ#?KJ]MX\I#KX\OZI?#WM#QK#IL_M\OZOWKWY#]UMIXS]KWK#^KJ\K#QK#MTKVMUKXOcP#NM\K`HJOXK#]IU#
UMJXK\KU # QK # OUUMWSX\OLOQOWKW # WM # eJ\K # K # QKJ # WM\MUNOPKXOIPMJ #WMQ # JS_M\Ih # I # LOMPY # MP # QK # ZMUJOcP #WM # JS#
NIWKQOWKW#OWMKQOJ\KgUKXOIPKQOJ\KY#MQONOPK#MJ\K#OUUMWSX\OLOQOWKW#MP#`KZIU#WM#SPK#KXMP\SKXOcP#NOJ\O`OXKWK#d#
KLJ\UKX\K#WM#MJM#?KJ]MX\I#KX\OZI?6
"K#]IJOLOQOWKW#WM#SP#WOJXSUJI#\McUOXI#K#JKQZI#WM#MJ\M#WOQMNK#RSM#K`MX\K#MJ\USX\SUKQNMP\M#KQ#WOJXSUJI#
\McUOXI#XK]O\KQOJ\K#MJ#UMXIPIXOWK#]IU#QK#\MIUHK#XINSPOJ\KY #RSM#JM#KS\IWM`OPM#d#JM#WMJKUUIQQKY #MP#MJ\M#
MJXUO\I#WM#-KUTY#XINI#SPK#\KUMK#]IU#XSN]QOU6#!J\I#QI#KWZMU\ONIJ#XSKPWIY#]KUK#XIN]QM\KU#QK#UMKQO[KXOcP#
WMQ#]UOPXO]KQ#]UI]cJO\I#WMQ#]KJK_M#OPOXOKQ#WM#QKJ#;2#'#Y#ZIQZMNIJ#MT]QHXO\KJ#QKJ#WM\MUNOPKXOIPMJ#XMP\UKQMJ#
RSM#MJK#]IJOLOQOWKW#OPWOXK#XINI#MJ]MXH`OXKJ#]KUK#MQ#XKUfX\MU#WMQ#WOJXSUJI#\McUOXI#XINSPOJ\K#d#WM`OPONIJ#
K#eJ\M#XINI#SP#WOJXSUJI#\McUOXI#XSdK#MJ\USX\SUK#LfJOXK#WMLM#JMU#WOKQeX\OXK#d#NK\MUOKQOJ\K6
!P#M`MX\IY#MQ#PSMZI#WOJXSUJI#\McUOXI#WMLMY#MP#]UONMU#QSVKUY#ZMPXMU#QK#QONO\KXOcP#I#OPJS`OXOMPXOK#WM#QK#
]UILQMNK\O[KXOcP#NK\MUOKQOJ\KgMN]OUOJ\K#WM# QK #IL_M\OZOWKW#d#KJSNOU #KQ #NOJNI#\OMN]I#QK# UKWOXKQOWKWY#
\UKOXOIPKWK#]IU#MQ#OWMKQOJNIgUKXOIPKQOJNIY#WM#JS#]UILQMNK\O[KXOcP#?JSL_M\OZK?#I#mJMVjP#QK#\MUNOPIQIVHK#
WM`OPO\OZK #d #NfJ #KWMXSKWK#WM#-KUTn #WOKQeX\OXKG #WMLM#JSJ\MP\KUJM #MP#SPK #K]UM^MPJOcP# \McUOXK #WM # QK#
IL_M\OZOWKW # XINI #]UIXMJI # I # ]UKTOJ # `SPWKP\M # WM # \IWK # UMQKXOcP # JS_M\IgIL_M\I # dY # ]IU # \KP\IY # WM # \IWK#
]UMJMPXOK#WM#JMP\OWI#MP#QI#UMKQ6
$MLMY#MP#JMVSPWI#QSVKUY#?]IPMU#WM#]OM?#d#UMXILUKU#QK#\I\KQOWKW#WM#QK#]UILQMNK\O[KXOcP#WOKQeX\OXK#WM#QK#
IL_M\OZOWKWY#NOJ\O`OXKWK#d#]KUXOKQO[KWK#MP#JS#WMJKUUIQQI#OWMKQOJ\KgUKXOIPKQOJ\KY#]QK\MfPWIQK#kNMWOKP\M#
SPK#KWI]XOcP#XUH\OXK#WM#QK#OPJOJ\MPXOK#NK\MUOKQOJ\KgMN]OUOJ\Kk#XINI#SPK#]UILQMNK\O[KXOcP#WOKQe\OXIg
]UfX\OXK#I#WOKQeX\OXIgNK\MUOKQOJ\KG#WMLM#JSJ\MP\KUJM#MP#SPK#K]UM^MPJOcP#\McUOXK#WM#MJM#]UIXMJI#`SPWKP\M#
XINI#SP#]UIXMJI#LfJOXKNMP\M#NK\MUOKQY#XINI#SP#]UIXMJI#WM#?NM\KLIQOJNI?#]UfX\OXI#MP\UM#MQ#^INLUM#d#
QK#PK\SUKQM[K6<
!Q#XIN]QM_I#]UIXMJI#^OJ\cUOXIg\McUOXI#RSM#QQMZK#K#-KUT#K#WMQONO\KU#QK#MJ\USX\SUK#LfJOXK#I#MQ#XKUfX\MU#
MJ]MXH`OXI#RSM#XIPZOMPM#KQ#WOJXSUJI#\McUOXI#XINSPOJ\K#XSQNOPKY#MP#QK#JMVSPWK#NO\KW#WM#QK#WeXKWK#WM#
8B<9Y#XIP#QK#XUH\OXK#WM#QIJ#OP\MP\IJ#JIXOKQOJ\KJ#KQMNKPMJ#WMJ\OPKWIJ#K#XIPJ\USOU#SPK#LKJM#\McUOXK#]KUK#JS#
WIX\UOPK#d#JS#QSX^K#NMWOKP\M#QK#KWI]XOcP#d#]IQO\O[KXOcP#WM#QK#`OQIJI`HK#NK\MUOKQOJ\K#WM#:MSMULKX^6#!J#
]UMXOJKNMP\M#MQ#MTKNMP#XUH\OXI#WMQ#WOJXSUJI#`MSMULKX^OKPIY#XINI#NK\UO[#]UI]SMJ\K#]KUK#MQ#WOJXSUJI#
UMZIQSXOIPKUOIY#MQ#RSM#kUMKQO[KWI#K#QK#QS[#WM#QKJ#PMXMJOWKWMJ#\McUOXKJ#WMQ#NIZONOMP\I#]UIQM\KUOI#MP#JS#
]UIXMJI#WM#XIPJ\O\SXOcP#MP#NIZONOMP\I#XINSPOJ\Kk#XIPWSXM#K#-KUT#K#QKJ#XIPXQSJOIPMJ#KPI\KWKJ#MP#MQ#
]KJK_M#OPOXOKQ#WM#MJ\M#EUS]I#.#WM#QKJ#;2#'#A
$MXOJOZK # MP # SPK # ]MU]MX\OZK # ^OJ\cUOXIg\McUOXKY # MJ\K # ]UMJMPXOK # WM # QK # `OQIJI`HK # WM # :MSMULKX^ # MP # QK#
MQKLIUKXOcP#WM#QK#\MIUHK#NKUTOJ\K#JcQI#]SMWM#UM]UIWSXOUJM#MP#XKQOWKW#WM#M_MN]QI#I#OQSJ\UKXOcP#MP#QK#
]MUJ]MX\OZK#WM#QK#XIPJ\USXXOcP#QcVOXK#WM#QKJ#;2#'#6#!Q#WOJXSUJI#NK\MUOKQOJ\K#WM#:MSMULKX^#K]KUMXMY#MP#QIJ#
WIJ#]KJK_MJ#RSM#^MNIJ#\UKPJXUO\I#K#XIP\OPSKXOcP#WMQ#]UONMUI#XINI#M_MN]QI#WM#QI#RSM#PI#WMLM#JMU#MQ#
WOJXSUJI#NK\MUOKQOJ\K#WMQ#NIZONOMP\I#XINSPOJ\Kh#XINI#OQSJ\UKXOcP#WM#SP#OP\MP\I#LOMP#OP\MPXOIPKWI#]MUI#
`KQQOWI#WM#\UK[KU#QIJ#QOPMKNOMP\IJ#`SPWKNMP\KQMJ#WM#QK#\MIUHK#UMZIQSXOIPKUOK#WMQ#]UIQM\KUOKWI6
(P# OP\MP\I #WILQMNMP\M # `KQQOWIY #]SMJ #IJXOQK # MP\UM # QK # OPJS`OXOMPXOK #WMQ #NK\MUOKQOJNIgMN]OUOJNI#d # QK#
OPXIPJMXSMPXOK#WMQ#OWMKQOJNIgUKXOIPKQOJNI6#"KJ#]UM\MPJOIPMJ#WMQ#WOJXSUJI#WM#:MSMULKX^#JM#WMJZKPMXMP#
< #!P#MQ#MTKNMP#WM#MJ\M#]KJK_M#OPOXOKQ#WM#QKJ#;2#'#*^MNIJ#UMXIVOWI#KQVSPKJ#OWMKJ#WMQ#MPJKdI#x"K#XIJO`OXKXOcP#d#QK#
XIPXOMPXOK#WMQ#]UIQM\KUOKWIy#MP#E6#"SpfXJY#+2#$%'$%(2*"65*@,-##26E2&"#)(#2'6Y#$MU#-KQOp#1MUQKVY#0MUQHPY#8C7;Y#]]6#C<g
77B6
]IU#SPK#WILQM#UK[cPG#]IURSM#kJMVjP#MQ#]UONMUI#WM#MJ\IJ#]KJK_MJk#XSKPWI#RSOMUM#JMU#NK\MUOKQOJ\K#
WMJXSOWK # MQ # ?KJ]MX\I # KX\OZI? #WM # QK # IL_M\OZOWKW # m?QK #NK\MUOKQOWKW # XINI #KX\OZOWKW?nY # PI # QQMVK # K # JMU#
?JSL_M\OZI?Y#WOKQeX\OXIY#d#]IURSM#kWM#KXSMUWI#KQ#I\UI#]KJK_Mk#XSKPWI#RSOMUM#XIPJOWMUKU#MJM#?KJ]MX\I#
KX\OZI?#m?QK#]UI]OK#KX\OZOWKW#^SNKPK?n#WM_K#WM#JMU#NK\MUOKQOJ\K6
'OUXSPJXUO\I #K # QK #XIPJOWMUKXOcP#WM#KRSMQQK #KX\OZOWKW#]KU\OXSQKU #RSM #JOUZM #WM #]KUKWOVNK#KQ #WOJXSUJI#
OWMKQOJ\KgUKXOIPKQOJ\K#MP#JS#K]UM^MPJOcP#WMQ#?KJ]MX\I#KX\OZI?#I#?JSL_M\OZI?#WM#QK#IL_M\OZOWKWY#QK#KX\OZOWKW#
MJ]MXH`OXKNMP\M# \McUOXKY#MQ #WOJXSUJI#WOKQeX\OXIgNK\MUOKQOJ\K#WMLM#KUUOLKU#K#SP#XIUIQKUOIY #KPI\KWI#]IU#
-KUT#MP#JSJ#,MJOJ #1%%%# d #%%G #MQ #XKN]I#d#MQ#NK\MUOKQ#JOVPO`OXK\OZIJY#XSdK#MQKLIUKXOcP#MJ]MXH`OXKNMP\M#
XIPXM]\SKQ#WK#LKJM#K#QK#PMXMJOWKW#WM#QK#KX\OZOWKW#\McUOXK#MP#XSKP\I#\KQY#WMLMP#JMU#XIPXMLOWIJ#XINI#
XIPWOXOcP#WM#eJ\K#d#PI#XINI#JS#]UIWSX\I#I#UMJSQ\KWI6#"K#]UKTOJ#JIXOKQY#RSM#`SPWK#\IWK#UMQKXOcP#JS_M\Ig
IL_M\IY # MJ # MQQK #NOJNK #]UIXMJI #WM # XIPJ\O\SXOcP #WM # JMP\OWI # MP # QI # UMKQY # WM # UMQKXOcP # MJ]MXH`OXKNMP\M#
JMNOc\OXKh#QKJ#JOVPO`OXKXOIPMJ#RSM#JM#XIN]IPMP#MP#MJ\M#POZMQ#`SPWKNMP\KQ#WMQONO\KP#d#MJ\USX\SUKP#MQ#
XKN]I#WM#]IJOLOQOWKWMJ#WM#JOVPO`OXKU#WM#QK#KX\OZOWKW#\McUOXK#MJ]MXH`OXK6
"K#?ZMUWKW?#WMQ#WOJXSUJI#\McUOXI#kd#]IU#\KP\I#\KNLOeP#JS#?`KQJMWKW?#JS#MZKJOcP#?KQ#NOJ\OXOJNI?k#JcQI#
]SMWM#JMU#MT]QOXKWK#JO#MJM#WOJXSUJI#MJ#XIPXMLOWI#XINI#NINMP\I#XIN]IPMP\M#WMQ#]UIXMJI#]UfX\OXIg
^OJ\cUOXI#MP#JS#\I\KQOWKW#md#PI#XINI#KX\I#OPWM]MPWOMP\M#WM#`OVSUKXOcP#KWMXSKWK#I#OPKWMXSKWKY#?UMKQOJ\K?#
I#?OUUMKQOJ\K?#WM#SPK#XIJKn6 #!J#MJ\M#]UIXMJI#MQ#RSMY#JMVjP#QK# \MPWMPXOK# OPNKNMP\M#WM#JS#WMJKUUIQQI#
VMPMUKQY # IUVKPO[K # MP # XKWK # SPK # WM # JSJ # e]IXKJ # MQ # XKN]I # WM # ]IJOLOQOWKWMJ # WM # QK # ]UIWSXXOcP # WM#
JOVPO`OXKXOIPMJY#MJ#WMXOUG#_MUKURSO[K#QIJ#POZMQMJ#d#QKJ#UMVOIPMJ#WM#]UILQMNK\OXOWKW#MP#QI#UMKQ#d#SLOXK#QK#
]MUJ]MX\OZK#WMJWM#QK#XSKQ#MJ\K#]UILQMNK\OXOWKW#]SMWM#JMU#KLIUWKWK#M`OXK[NMP\M6#3IU#MJ\K#UK[cPY#QI#RSM#
XIPJ\O\SdM#QK#?ZMUWKW?#WMQ#WOJXSUJI#\McUOXI#MJ#]UMXOJKNMP\M#JS#XIN]MPM\UKXOcP#XIP#MJ\M#]UIXMJI#k
XINI#MQKLIUKXOcP#XIPXM]\SKQ#WM#QKJ#JOVPO`OXKXOIPMJ#RSM#MP#eQ#JM#]UIWSXMP#d#RSMY#\UKLK_KWKJY#WMLMP#
UMZMU\OUJM# JILUM#eQ #]KUK #JS #KS\I\UKPJ`IUNKXOcPkG#MP#I\UKJ #]KQKLUKJY #JS #?ZMUWKW? #MJ # JS#?]IWMU?Y # JS#
XIP\UOLSXOcP#I#]KU\OXO]KXOcP#MJ]MXH`OXK#MP#QK#UMKQO[KXOcP#XIPXUM\K#WM#QK#\MPWMPXOK#`SPWKNMP\KQ#WM#MJ\M#
]UIXMJI#]UfX\OXIg^OJ\cUOXI6
".&#,!&%&#$!"#E)(3*#0
"K#,MJOJ#%1G
?:MSMULKX^#]KU\M#WMQ #>-$("/ *WM# QK#KS\IMPK_MPKXOcP# UMQOVOIJKY #WM # QK #WS]QOXKXOcP#WMQ #NSPWI#MP #SPI#
UMQOVOIJI#d#I\UI#NSPWKPI6#&S#\UKLK_I#XIPJOJ\M#MP#WOJIQZMU#q-">,P#26r#MQ#NSPWI#UMQOVOIJI#MP#JS#LKJM#
q+1"65,-.2r#NSPWKPK6#3MUI#MQ#q^MX^I#WMr#RSM#QK#LKJM#NSPWKPK#JM#WMJ]UMPWM#q-E%2E(r#WM#JH#NOJNK#d#JM#
`O_K#mXINIn#SP#UMOPI#OPWM]MPWOMP\M#MP#QKJ#PSLMJ#JcQI#MJ#MT]QOXKLQM#K#]KU\OU#WMQ#KS\IWMJNMNLUKNOMP\I#
qH2,E#()211'##26%2'(r#d#qWMQr#KS\IXIP\UKWMXOUJM#WM#MJ\K#LKJM#NSPWKPK6#!J#eJ\K#MP\IPXMJY#MP#JH#NOJNKY#QK#
RSM#WMLM#JMU#\KP\I#XIN]UMPWOWK#qM21#(-6526r#MP#JS#XIP\UKWOXXOcP#XINI#UMZIQSXOIPKWK#]UfX\OXKNMP\M6#
!J#WMXOUY#]IU#M_MN]QIY#SPK#ZM[#RSM#QK#`KNOQOK#\MUUMPKQ#q'15'#$%2r#^K#JOWI#WMJXSLOMU\K#XINI#MQ#NOJ\MUOI#WM#
QK#&KVUKWK#:KNOQOKY#WMLM#K^IUK#JMU#KPORSOQKWK#qM216'$%(2(r#\McUOXK#d#]UfX\OXKNMP\M6?
9-*;2#'#*QRS
?:MSMULKX^#WOJSMQZM#QK#MJMPXOK#UMQOVOIJK#q5-#*12,'.'4#2*T2#26r#MP#QK#MJMPXOK#^SNKPK#q5-#*/26#$%,'$%2*
T2#26r6#3MUI#QK#MJMPXOK#^SNKPK#PI#MJ#SP#-E#(1-$("/*OP^MUMP\M#q'6&4%625r#KQ#OPWOZOWSI#JOPVSQKU6#!P#JS#
UMKQOWKWY#MJ#MQ#XIP_SP\I#WM#QKJ#UMQKXOIPMJ#JIXOKQMJ#q5-#*26#2/E,2*521*.2#2,,#$%->(,'$%26*Q21%K,(6'##2r6
?:MSMULKX^Y#RSM#PI#MP\UK#MP#QK#XUH\OXK#WM#MJ\K#MJMPXOK#UMKQ#q5'2#2#*&'1D,'$%26*T2#26rY#MJ\f#ILQOVKWIY#]IU#
\KP\IG
?8n#K#^KXMU#KLJ\UKXXOcP#WMQ#KXIP\MXMU#qQ21,-">r #^OJ\cUOXI#d#K#`O_KU #XINI#OPWM]MPWOMP\M#q>U1*#'$%r #KQ#
fPONI#q+2/U(r#UMQOVOIJIY#d#K#]UMJS]IPMU#SP#OPWOZOWSI#^SNKPI#KLJ\UKX\I#qKOJQKWIr6
?7n #]IU # QI # \KP\IY # QK # MJMPXOK # q5-# *T2#26r # JcQI #]SMWM #JMU # XK]\KWK #XINI#tVMPMUIu# q+-(("6.rY # XINI#
SPOZMUJKQOWKW#OP\MUOIUY # OPMT]UMJOZK#q#("//2rY #RSM#XIPMX\K#qM21E'652652r #PK\SUKQNMP\M#K# QIJ#NSX^IJ#
OPWOZOWSIJ6?
"K#,MJOJ#1%%G
?:MSMULKX^#PI#ZMY#]IU#\KP\IY#RSM#MQ#]UI]OI#tfPONI#UMQOVOIJIuY#MJ#SP#]UIWSX\I#JIXOKQY#d#RSM#MQ#OPWOZOWSI#
KLJ\UKX\I # RSM # eQ # KPKQO[K # ]MU\MPMXM # K # SPK # `IUNK # WM\MUNOPKWK # WM # JIXOMWKW # q2'621 * E2#('//(26*
+2#2,,#$%>(#>41/r6?
!Q#\MNK#]UMWINOPKP\M#MP#MQ#XIP_SP\I#WM#MJ\KJ#\UMJ#,MJOJ#JM#^KQQK#JS]MWO\KWI#WOUMX\KNMP\M#KQ#RSM#MJ#
\UK\KWI#MP#XKQOWKW#WM#]UMNOJK#]IU#MQ#VUS]I #.6#-OMP\UKJ#MP#eJ\M#\OMPM#QSVKU#QK#WM`OPOXOcP#WMQ#XKUfX\MU#
MJ]MXH`OXI#WMQ#WOJXSUJI#\McUOXI#XINSPOJ\K#MP#\KP\I#RSM#NINMP\I#WMQ#]UIXMJI#]UfX\OXIY#MP#MQ#VUS]I#0#JM#
QQMZK#K#XKLI#QK#WM\MUNOPKXOcP#WM#QI#RSM#WMLM#JMU#QK#]UILQMNf\OXK#MJ]MXH`OXK#WMQ#NOJNI#MP#\KP\I#RSM#
WOJXSUJI#JILUM#MJM#]UIXMJI#]UfX\OXI6
0KJ\K#XIPJOWMUKU#KQ#WOJXSUJI#\McUOXI#WOKQeX\OXIgNK\MUOKQOJ\K#XINI#SP#WOJXSUJI#RSM#]IU#PMXMJOWKW#MJ\f#
JO\SKWI#^OJ\cUOXKNMP\M#WMP\UI#WMQ#]UIXMJI#]UfX\OXI#]KUK#RSM#JM#ZSMQZK#MZOWMP\M#RSM#JS#]UI]OI#XKUfX\MU#
WOKQeX\OXIgNK\MUOKQOJ\K#ON]QOXK#dK#SPK#_MUKURSO[KXOcP#WMQ#XKN]I#]UILQMNf\OXI#RSM#JM#KLUM#KP\M#eQ6#&O#QI#
UMKQY #XIPXMLOWI#XINI#]UIXMJI#]UfX\OXIY #JM#MPXSMP\UK#MP#SPK#MUK#MP#RSM#JS#KXIP\MXMU# QI#WM\MUNOPK#
MJMPXOKQNMP\M#XINI#]UIXMJI#WM#\UKPJ`IUNKXOcP#`SPWKNMP\KQ#WM#QK#JIXOKQOWKWY#UMJSQ\K#PMXMJKUOI#RSM#JS#
]UILQMNK\OXOWKW#JM#XIPXMP\UM#]UMXOJKNMP\M#MP#MQ#QKWI#WM#JS#MJ\USX\SUK#RSM#MP\UK#MP#XUOJOJ#MP#SPK#e]IXK#
\KQG#MP#QI#RSM#MJ#]UI]OKNMP\M#JS#XIN]IJOXOcP#^OJ\cUOXIgJIXOKQ6#!Q#WOJXSUJI#WOKQeX\OXIgNK\MUOKQOJ\K#JM#
WM`OPMY # KJHY # XIPXUM\KNMP\M #MP # UM`MUMPXOK # K # QK #]UILQMNf\OXK #MJ]MXH`OXK #WM # QK #^OJ\IUOK #WM # QKJ # `IUNKJ#
JIXOKQMJ # WMP\UI # WM # QKJ # XSKQMJ # JM # UMKQO[K # MQ # ]UIXMJI # ]UIWSX\OZIY # QK # ]UKTOJ # I # KX\OZOWKW # ]UfX\OXK#
XIPJ\O\SdMP\Mh#JM#XIP`OVSUK#XINI#NK\MUOKQOJNI#^OJ\cUOXIY#XINI#\MIUHK#NK\MUOKQOJ\K#d#WOKQeX\OXK#WM#QK#
JIXOMWKW#d#WM#JS#^OJ\IUOK6
"IJ#QOPMKNOMP\IJ#XMP\UKQMJ#WM#MJ\K#XIPXUM\O[KXOcP#WM#QK#WM`OPOXOcP#WMQ#WOJXSUJI#\McUOXI#XINSPOJ\K#JIP#
QIJ#RSM#MPXIP\UKNIJ#\UK[KWIJ#MP#MQ#VUS]I#0#WM#QKJ#;2#'#6
!Q#]UIXMWONOMP\I#NMWOKP\M#MQ#XSKQ#JM#QQMVK#K#MJ\M#MJLI[I#XIPJOJ\M#MP#SPK#XUH\OXK#WMQ#XIPXM]\I#XIP#MQ#RSM#
MQ # WOJXSUJI #NK\MUOKQOJ\K # WM #:MSMULKX^ # OP\MP\K # ]MPJKU # QK # JO\SKXOcP # UMZIQSXOIPKUOK # WM # JS # \OMN]IG # MQ#
XIPXM]\I#WM#?KS\IMPK_MPKXOcP#UMQOVOIJK#WM#QK#MJMPXOK#^SNKPK?6#&M#WMNSMJ\UK#]UONMUI#QK#OPJS`OXOMPXOK#
WM#QK#]UILQMNK\O[KXOcP#`MSMULKX^OKPK#]KUK#K]UM^MPWMU#\McUOXKNMP\M#MQ#QSVKU#mMQ#NSPWI#WM#QK#?MJMPXOK#
^SNKPK?n#MP#RSM#JM#WK#MJK#JO\SKXOcP#UMZIQSXOIPKUOKY #MJM#`MPcNMPI#WM#?MPK_MPKXOcP?h#d#WMJ]SeJ#JM#
XIPZOMU\M#K#MJ\K#WMNIJ\UKXOcP#MP#SPK#OPWOXKXOcP#W#MQI#RSM#WMLM#JMU#QK#]UILQMNK\O[KXOcP#JS`OXOMP\M#]KUK#
\KQ#M`MX\IG#QK#]UILQMNK\O[KXOcP#^OJ\cUOXIgNK\MUOKQOJ\K6
a'cNI#MT]QOXKU#MQ#^MX^I#WM#QK#MPK_MPKXOcP#UMQOVOIJKG#?QK#WS]QOXKXOcP#WMQ#NSPWI#MP#SPI#UMQOVOIJI#d#I\UI#
NSPWKPI?#d#QK#JS_MXOcP#WM#eJ\M#LK_I#MQ#]UONMUIb#!J\K#MJ#QK#XSMJ\OcP#RSM#JM#]QKP\MK#MQ#WOJXSUJI#WM#
:MSMULKX^#d#RSM#OP\MP\K#UMJIQZMUY#MP#WOUMXXOcP#NK\MUOKQOJ\KY#NMWOKP\M#QK#WM\MUNOPKXOcP#WM#QK#ZOVMPXOK#WM#
QK # MP\OWKW # WOZOPK # K # ]KU\OU # WM # SPK # PMXMJOWKW # XIPJ\O\SOWK # MP # QK # MTOJ\MPXOK # ]UI`KPKh #NMWOKP\M # SPK#
KUVSNMP\KXOcP#RSM#?WOJSMQZM#MQ#NSPWI#UMQOVOIJI#MP#JS#LKJM#NSPWKPK?6#!Q#^MX^I#WM#QK#MPK_MPKXOcP#JM#
XIN]UMPWMUf#KJH#XINI#MQ#UMJSQ\KWI#WM#SP#KX\I#WM#MPK_MPKXOcPG#SP#KX\I#MP#MQ#RSM#QK#?LKJM#NSPWKPK?#I#
NSPWI#WMQ#JS_M\IY#WM#QK#MJMPXOK#^SNKPKY#XMWM#I#\UKPJ`OMUM#QK#`SPXOcP#?JSL_M\OZK?Y#KX\OZK#I#WM\MUNOPKP\MY#
RSM#QM#]MU\MPMXM#MJMPXOKQNMP\MY#KQ#?NSPWI#UMQOVOIJI?Y#NSPWI#XUMKWI#I#NSPWIgIL_M\I6
!P#MJ\M#OP\MP\I#`MSMULKX^OKPI#WM#]UILQMNK\O[KU#MQ#`MPcNMPI#WM#QK#MPK_MPKXOcPY#QKJ#;2#'##MPXSMP\UKP#SPK#
WMLOQOWKW # XIPJ\O\S\OZKG # QK # KSJMPXOK # WM # QIJ # MQMNMP\IJ # XIPXM]\SKQMJ # PMXMJKUOIJ # ]KUK # WKU # XSMP\KY # MP#
VMPMUKQY#WM#MJM#]UIXMJI#WM#MPK_MPKXOcPY#XMJOcP#I#\UKPJ`MUMPXOK#WM#QK#`SPXOcP#WM#JS_M\IY#dY#MP#]KU\OXSQKUY#
WM#MJK#`IUNK#UMQOVOIJK#RSM#eQ#]SMWM#KWI]\KU6#!P#M`MX\IY#MP#SPK#XIPXM]XOcP#XINI#QK#WM#:MSMULKX^#k
]KUK#QK#XSKQ#MQ#?NSPWI#NSPWKPI?#MJ#MQ#NMWOI#WM#QK#UMKQO[KXOcPY#KS\IK`OUNKXOcP#S#IL_M\OZKXOcP#WM#QK#
?MJMPXOK#^SNKPK?Y#d#eJ\K#MJ#SP#XIP_SP\I#SPO\KUOI#d#`O_I#WM#PMXMJOWKWMJY#]I\MPXOKQOWKW#I#fPONIJ#XINjP#K#
\IWIJ#QIJ#OPWOZOWSIJ#WM#QK#MJ]MXOM#I#?VePMUI?#^SNKPIk#MQ#IUOVMP#WM#MJM#?NSPWI#MPK_MPKWI?#RSM#?JM#
WMJ]UMPWM? # WMQ # NSPWI # UMKQ # RSMWK # XINI # SP # ^MX^I # XKJSKQ # I # OPPMXMJKUOIY # MJ # WMXOUY # OPMT]OXKLQM6#
%VSKQNMP\MY #MQ #XIPXM]\I # `MSMULKX^OKPI#WM # QK #XIN]IJOXOcP#WM #MJK #?MJMPXOK #^SNKPK?Y #RSM #MTKQ\K #KQ#
?fPONI#UMQOVOIJI?#XINI#JS#MQMNMP\I#]UMWINOPKP\MY#PI#\OMPM#I\UK#PMXMJOWKW#\McUOXK#RSM#QK#WM#JMU#QK#
WMJXUO]XOcP#`fX\OXK#I#XKJSKQ#WMQ#\O]I#WM#OPWOZOWSIJ#^SNKPIJ#mMQ#?OPWOZOWSI#KLJ\UKX\I?#WM#QK#UMQOVOcP#
NIWMUPKn#RSM#MJ#ILJMUZKLQM#MP#SPK#JIXOMWKW#]MXSQOKUY#QK#JIXOMWKW#RSM#\UKPJO\K#WM#QK#`IUNK#`MSWKQ#K#QK#
`IUNK#LSUVSMJK6
3KUK#XIPXMLOU#K#QK#MPK_MPKXOcP#XINI#WM\MUNOPKXOcP#WM#QK#JO\SKXOcP#UMZIQSXOIPKUOKY#OPWOXK#MJ\M#VUS]I#WM#
QKJ#;2#'#Y#JM#UMRSOMUM#SPK#]UILQMNK\O[KXOcP#RSMY#MP#QSVKU#WM#?WOQSOU?#MQ#?NSPWI#MPK_MPKWI?#MP#JS#?LKJM#
NSPWKPK?Y#NSMJ\UM#QK#PMXMJOWKW#WM#RSM#MQ#]UONMUI#?JM#WMJ]UMPWK?#WM#eJ\K#d#XSN]QK#XIP#UMJ]MX\I#K#MQQK#
SPK#`SPXOcP#WM\MUNOPKP\M6#(PK#]UILQMNK\O[KXOcP#RSM#jPOXKNMP\M#]SMWM#WKUJM#K#]KU\OU#WM#QK#MJ\USX\SUK#
WMQ#WOJXSUJI#WOKQeX\OXIgNK\MUOKQOJ\K#]IU#XSKP\I#JcQI#MQQK#]MUNO\M#XIPXMLOU#K#MJK#?LKJM#NSPWKPK?Y#PI#
XINI#SPK#JSJ\KPXOK#dK #XIPJ\O\SOWK#d#]MUNKPMP\MY#JOPI#XINI#MQ#]UIXMJI#MP#MQ#RSM#JM#XIPJ\O\SdM#QK#
\I\KQOWKW#WM#SP#JS_M\I#JIXOKQ#d#SP#IL_M\I#]UfX\OXIY#d#MP#MQ#RSMY#]IU#\KP\IY#MJKJ#?KS\IXIP\UKWOXXOIPMJ?Y#
?WS]QOXKXOIPMJ?#I#?MPK_MPKXOIPMJ?#d#xUMZIQSXOIPKUOIJy#JM#]UIWSXMP#XINI#NINMP\IJ#PMXMJKUOIJ6
!J\K#OPWOXKXOcP#RSMWK#]UMXOJKWK#mMP#QK#,MJOJ#1%n#XSKPWI#-KUT#MP`UMP\K#K#QK#WM`OPOXOcP#RSM#WK#:MSMULKX^#
WMQ#JS_M\I#WM#QK#MPK_MPKXOcPY#WM#QK#?MJMPXOK#^SNKPK?Y#QK#JSdK#]UI]OKG#QK#?MJMPXOK#^SNKPK#UMKQ?Y#KPI\KY#
?MJ#MQ#XIP_SP\I#WM#QKJ#UMQKXOIPMJ#JIXOKQMJ?6>#&IP#eJ\KJY#MP\IPXMJY#QKJ#RSM#MP#MQ#`MPcNMPI#WM#MPK_MPKXOcP#
PMS\UKQO[KP#JS#XIP\UKWOXXOcP#XIP#QKJ#PMXMJOWKWMJ#WMQ#]UIXMJI#]UfX\OXIY# OPJ\O\SdePWIJM#MP#SP#NSPWI#
KS\cPINI # RSM # KX\jK # WM\MUNOPKP\MNMP\M # JILUM # eQY # d # QKJ # RSMY # KQ # ILJ\KXSQO[KU # KJH # JS # WMJKUUIQQIY# QI#
XIPWSXMP#K#SPK#JO\SKXOcP#UMZIQSXOIPKUOK6
3UMXOJKWK#MP#MJ\IJ#\eUNOPIJY#QK#OPWOXKXOcP#WMQ#VUS]I#0#WM#QKJ#;2#'#*MJ#KQ#NOJNI#\OMN]I#SPK#WMQONO\KXOcP#
WMQ#XKN]I#]UILQMNf\OXI#MJ]MXH`OXI#WIPWM#MQ#XKUfX\MU#WOKQeX\OXIgNK\MUOKQOJ\K#WMQ#WOJXSUJI#XINSPOJ\K#JM#
UMKQO[K#XIPXUM\KNMP\MG#MQ#XKN]I#]UILQMNf\OXI#WM#QK#^OJ\IUOK#WM#QKJ#?`IUNKJ#WM\MUNOPKWKJ#WM#JIXOMWKW?6#
"K#]IJOLOQOWKW#^OJ\cUOXK#UMKQ#WMQ#NK\MUOKQOJNI#WOKQeX\OXI#MJ\f#MP#MQ# \UKLK_I#\McUOXI#WMQ#NK\MUOKQOJNI#
^OJ\cUOXI6
".&#,!&%&#$!"#E)(3*#'
!P#MJ\M#VUS]I#^MNIJ#UMSPOWIY#MP#]UONMU#QSVKU#d#WM#NKPMUK#XMP\UKQY#K#QK#,MJOJ#/#dY#MP#JMVSPWI#QSVKU#d#MP#
]K]MQ#XIN]QMNMP\KUOIY#K#QK#,MJOJ#%/#d#K#QK#]KU\M#`OPKQ#WM#QK#,MJOJ#%6#,UKPJXUOLONIJG#
9-*;2#'#*VG
?"K#]IJOXOcP#qH(-653"6D(r#WMQ#ZOM_I#NK\MUOKQOJNI#MJ#QK#JIXOMWKW#XOZOQ#qI#LSUVSMJKr#q5'2*EU1.21,'$%2*
+2#2,,#$%->(rY#QK#]IJOXOcP#WMQ#PSMZI#MJ#QK#JIXOMWKW#^SNKPK#I#QK#^SNKPOWKW#JIXOKQ6?
> #4I#PIJ#]KUMXMP#XIPZOPXMP\MJ#QKJ#UK[IPMJ#KWSXOWKJ#]IU#.6#&X^K``#m?.S#JS_M\#WM#QK#\UKWSX\OIP#WMJ#,^zJMJ#WM#-KUT#JSU#
:MSMULKX^?Y#MP#9W%4//2*2(*,-*#4$'X(XY#PjN6#77Y#]]6#;9g;8nY#]KUK#\UKWSXOU#?5-#*/26#$%,'$%2*T2#26?Y#KQ#XINOMP[I#WM#QK#
,MJOJ#1%Y#]IU#?"6*Y(12*%"/-'6?6#!Q#OP_SJ\O`OXKWI#XKNLOI#WM#QK#WM\MUNOPKXOcP#WMQ#KU\HXSQI#MTKVMUK#QK#?\MUUMPKQO[KXOcP?#WMQ#
XIPXM]\I#WM#?MJMPXOK?#kMP#MQ#]KJI#WM#?QK#!JMPXOK#mNM\K`HJOXKY#OP\MN]IUKQn#WMQ#2INLUM?#K#?QK#MJMPXOK#m^OJ\cUOXKn#
?^SNKPK?k#KQ#OWMP\O`OXKUQI#XIP#?MJ\USX\SUK#JOPVSQKU#WM#QK#]MUJIPK?#d#PIY#XINI#JMUHK#QI#OPWOXKWI#]IU#MQ#XIP\MT\IY#XIP#
?MJ\USX\SUK#VMPMUKQ#WMQ#JS_M\I#^OJ\cUOXI?6
9-*;2#'#*'CS
?"I#NfTONI#K#QI#RSM#QQMVK#MQ#NK\MUOKQOJNI#WM#QK#OP\SOXOcP#JMPJOLQM#q521*-6#$%-"2652*B-(21'-,'#/"#rY#
MJ #WMXOUY # MQ #NK\MUOKQOJNI#RSM #PI #XIPXOLM # qE2.1'>(r # K # QK #NK\MUOKQOWKW # qH'66,'$%D2'(r # XINI#KX\OZOWKW#
]UfX\OXKY#MJ#K#QK#ILJMUZKXOcP#q!6#$%-""6.r#WM#QIJ#OPWOZOWSIJ#JOPVSQKUMJ#d#WM#QK#JIXOMWKW#XOZOQ#q521*
EU1.21,'$%26*+2#2,,#$%->(r6?
9-*3-1(2*>'6-,*52*,-*;2#'#*RS
?$M#K^H#qkWM#QK#OPJS`OMPXOK#WM#JS#NK\MUOKQOJNIkr#RSM#q:MSMULKX^rY#MP #9-*2#26$'-*52,*$1'#('-6'#/4Y#
JcQI#XIPJOWMUM#KQ#XIN]IU\KNOMP\I#\McUOXI#XINI#MQ#KS\eP\OXKNMP\M#^SNKPI#NOMP\UKJ#QK#]UKTOJ#JcQI#MJ#
XK]\KWK # d # `O_KWK # MP # JS # `IUNK # JSXOKNMP\M # _SWHK # WM #NKPO`MJ\KXOcP # q'6 * '%121 * #$%/"()'6. * JU5'#$%26*
71#$%2'6"6.#>41/r6#$M#K^H#RSM#PI#XIN]UMPWM#qE2.12'>(r#QK#JOVPO`OXKXOcP#qN252"("6.r#WM#QK#KX\OZOWKW#
tUMZIQSXOIPKUOKuY#tXUH\OXIg]UfX\OXKu6?
!Q # \MNK #]UMWINOPKP\M #RSM #SPO`OXK # K # MJ\IJ #]KJK_MJ #WMQ # \MT\I #WM # QKJ #;2#'## PI #MJ #dK #SPK #WMUOZKXOcP#
OPNMWOK\K#WMQ#]UONMUI#d#]UOPXO]KQY#MQKLIUKWI#MP#MQ#VUS]I#.6#)MJSQ\KY#NfJ#LOMPY#WM#QK#UMKQO[KXOcP#I#MQ#
M_MUXOXOI # M`MX\OZI # WMQ # WOJXSUJI # WOKQeX\OXIgNK\MUOKQOJ\KY # XINI # \MIUHK # # ^OJ\cUOXK # NK\MUOKQOJ\KY # MP # MQ#
\UK\KNOMP\I#WM#SPK#XSMJ\OcP#]KU\OXSQKU#WM#ON]IU\KPXOK#MTXM]XOIPKQG#QK#XSMJ\OcP#WM#QK#KX\SKQOWKW#I#WM#QK#
PMXMJOWKW #^OJ\cUOXIgJIXOKQ #WM #JS #]UI]OK # MTOJ\MPXOK6 #a'SfQ #MJY #d # MP #RSe #XOUXSPJ\KPXOKJ #^OJ\cUOXKJ # JM#
XIP`OVSUK #XINI#WM\MUNOPKP\M # QK # ]UILQMNK\OXOWKW #]MXSQOKU # XSdI # \UK\KNOMP\I #MTOVM # QK # KXXOcP #WM #SP#
WOJXSUJI # \McUOXI#WM #XKUfX\MU #WOKQeX\OXIgNK\MUOKQOJ\Kb #vJ\K #MJ # QK #WILQM #]UMVSP\K #XMP\UKQ #RSM #XUMMNIJ#
UMXIPIXMU#XINI#NI\OZI#WM#QKJ#KPI\KXOIPMJ#UMSPOWKJ#MP#MJ\M#VUS]I#'6
!Q#]UIXMWONOMP\I#RSM#QQMZK#K#JS#UMJ]SMJ\K#kMJ#WMXOUY#\KP\I#K#QK#OWMP\O`OXKXOcP#WM#\KQ#]UILQMNK\OXOWKW#
XINI#K#JS#SLOXKXOcP#^OJ\cUOXKk#XIPJOJ\MY#\KNLOeP#MP#MJ\M#XKJIY#MP#SPK#XIP\UK]IJOXOcP#XUH\OXK#WM#QK#
`SMP\M#WM#WM\MUNOPKXOcP#RSM#WK#IUOVMP#KQ#WOJXSUJI#NK\MUOKQOJ\KgWOKQeX\OXI#XIP#KRSMQQK#WM#QK#RSM#]UIZOMPM#
MQ#WOJXSUJI#NK\MUOKQOJ\K#\UKWOXOIPKQ6#.#JS#ZM[Y#MJ\K#`SMP\M#WM#WM\MUNOPKXOcP#MJ#XIPJOWMUKWKY#MP#KNLIJ#
XKJIJY#\KP\I#MP#JS#JMP\OWI#JOPXUcPOXI#kMJ\I#MJY#XINI#POZMQ#WM#QK#]UILQMNK\OXOWKW#JIXOKQk#XINI#MP#JS#
JMP\OWI#WOKXUcPOXI#kMJ\I#MJY#XINI#]UIdMX\I#^OJ\cUOXI#M`MX\OZIk6
"K#OWMP\O`OXKXOcP#WM#QK#`SMP\M#JIXOKQ#WM#WM\MUNOPKXOcP#WMQ#NK\MUOKQOJNI#WOKQeX\OXI#JM#UMKQO[K#NMWOKP\M#QK#
JOVSOMP\M # XIP\UK]IJOXOcPG #NOMP\UKJ # MQ # WOJXSUJI #NK\MUOKQOJ\K # \UKWOXOIPKQ # \UKLK_K # JILUM # QK # LKJM # WM # QK#
]UILQMNK\OXOWKW # RSM # JM # XIPJ\O\SdM # MP # MQ # POZMQ # ]UI]OKNMP\M # ?XOZOQ? # WMQ # XIN]IU\KNOMP\I # JIXOKQY # MQ#
WOJXSUJI#WOKQeX\OXIgNK\MUOKQOJ\K#\UKLK_K#JILUM#QK#LKJM#WM#QK#]UILQMNK\OXOWKW#RSM#JM#XIPJ\O\SdM#MP#MQ#POZMQ#
]UI]OKNMP\M # ?^SNKPI? # WMQ # XIN]IU\KNOMP\I # JIXOKQ # mI # MP # MQ # POZMQ # ]UI]OKNMP\M # ?JIXOKQ? # WMQ#
XIN]IU\KNOMP\I#^SNKPIn6
!Q#POZMQ#?XOZOQ?#WM#QK#JIXOKQOWKW#MJY#WM#KXSMUWI#K#QK#\UKWOXOcP#^MVMQOKPK#WM#JS#WM`OPOXOcPY@#KRSMQ#POZMQ#WMQ#
XIN]IU\KNOMP\I#d#WM#QK#MJ\USX\SUK#JIXOKQMJ#XIN]SMJ\I#]IU#MQ#XIP_SP\I#WM#QKJ#UMQKXOIPMJ#RSM#NKP\OMPMP#
MP\UM#JH#QIJ#^INLUMJ#MP#XKQOWKW#WM#]MUJIPKJ#QOLUMJ#I#KOJQKWKJY#]UI]OM\KUOKJ#]UOZKWKJ#WM#NMUXKPXHKJY#I#WM#
WOJ\UOLSXOcP#WM#QK#UORSM[K#KLJ\UKX\K6#3IU#MQ#XIP\UKUOIY#MQ#POZMQ#]UI]OKNMP\M#?^SNKPI?#WM#QK#JIXOKQOWKW#MJY#
WM#KXSMUWI#KQ#XIP\MT\I#WM#QK#ILUK#WM#-KUT#MP#MJ\IJ#KlIJYD#KRSMQ#POZMQ#LfJOXI#WMQ#XIN]IU\KNOMP\I#d#QK#
MJ\USX\SUK#JIXOKQMJ#XIN]SMJ\I#]IU#MQ#XIP_SP\I#WM#QKJ#UMQKXOIPMJ#RSM#NKP\OMPMP#MP\UM#JH#QIJ#^INLUMJ#MP#
\KP\I#RSM#KVMP\MJ#WM#QK#]UIWSXXOcP#WM#QK#UORSM[K#JIXOKQ#XSKQO\K\OZKY#MJ#WMXOUY#MP#\KP\I#RSM#MQMNMP\IJ#
JOPVSQKUNMP\M#WO`MUMPXOKWIJ#WMP\UI#WMQ#JS_M\I#XIQMX\OZI#I#XINSPO\KUOI#WM#QK#]UKTOJ#I#KX\OZOWKW#]UfX\OXK#
`SPWKNMP\KQ6
3MUI # MJ\K # OWMP\O`OXKXOcP # WMQ # POZMQ # WM # QK # JIXOKQOWKW # XSdK # ]UILQMNK\OXOWKW # UMRSOMUM # I # MTOVM # SPK#
MQKLIUKXOcP#WOKQeX\OXIgNK\MUOKQOJ\K#PI#MJ#JS`OXOMP\M#]KUK#OPWOXKU#QK#PMXMJOWKW#UMKQ#WMQ#WOJXSUJI#\McUOXI#
WOKQeX\OXIgNK\MUOKQOJ\K6#3KUK#JMUQI#WMLM#KZKP[KU#^KJ\K#ZIQZMUJM#SP#UMXIPIXONOMP\I#WM#QK#I]IU\SPOWKWY#
KWMXSKXOcP#I#KX\SKQOWKW#^OJ\cUOXK#WM#MJM#UMRSMUONOMP\I#I#MTOVMPXOK6#3IU#MQQIY#QKJ#,MJOJ#WMQ#VUS]I #'#
XIPJOWMUKP#K#QK#`SMP\M#WM#WM\MUNOPKXOcP#WM#QK#PMXMJOWKW#WM#QIJ#WIJ#?NK\MUOKQOJNIJ?#\KNLOeP#MP#JS#
@ #?06#&IXOMWKW#XOZOQY#SPOcP#WM#QIJ#NOMNLUIJ#XINI#OPWOZOWSIJ#OPWM]MPWOMP\MJ#MP#SPK#SPOZMUJKQOWKW#RSM#MJ#]IU#MQQI#`IUNKQY#
MP#ZOU\SW#WM#JSJ#PMXMJOWKWMJ#d#VUKXOKJ#K#QK#XKU\K#_SUHWOXK#XINI#NMWOI#]KUK#QK#JMVSUOWKW#WM#QKJ#]MUJIPKJ#d#WM#QK#]UI]OMWKW#
d#K#\UKZeJ#WM#SP#IUWMP#MT\MUOIUY#]KUK#JSJ#OP\MUMJMJ#]KU\OXSQKUMJ#d#XINSPMJ?#2MVMQY#+1"65,'6'26*521*G%',4#43%'2*52#*
Z2$%(#[*T21D2[*\6#1%%Y#8>DY#]fV6#;9@Y#&SP^UpKN]Y#:UKPX`IU\s-KOPY#8CD96#.QQH#NOJNI#8B7k#8BBY#]]6#;;Cg<@6
D #?"K#XUMKXOcP#]UfX\OXK#WM#SP#NSPWI#IL_M\OZIY#QK#MQKLIUKXOcP#WM#QK#PK\SUKQM[K#PI#IUVfPOXK#MJ#QK#M`MX\SKXOcP#WMQ#^INLUM#
XINI#SP#JMU#VMPeUOXI#XIPJXOMP\MY#MJ#WMXOUY#XINI#SP#JMU#RSM#JM#XIN]IU\K#MP#UM`MUMPXOK#KQ#VePMUI#XINI#K#JS#]UI]OK#
MJMPXOK#I#RSM#JM#XIN]IU\K#XINI#SP#JMU#VMPeUOXI6#q666r#6
?3UMXOJKNMP\M#MP#QK#MQKLIUKXOcP#WMQ#NSPWI#IL_M\OZI#MQ#^INLUM#JM#M`MX\jK#UMKQNMP\M#XINI#JMU#VMPeUOXI6#!J\K#]UIWSXXOcP#MJ#
JS#ZOWK#JIXOKQ#MP#MQ#\UKLK_I6#.#\UKZeJ#WM#MQQK#K]KUMXM#QK#PK\SUKQM[K#XINI#JS#ILUK#d#JS#UMKQOWKW6#?#-KUTY#B-6"#$1'(4# *
2$468/'$4L>',4#8>'$4#Y#-!E.Y#0MUQHPY#8C;7Y#%Y#;Y#]]6#BBgBC6
?"K#]UIWSXXOcP#WM#QK#ZOWKY#\KP\I#WM#QK#]UI]OK#MP#MQ#\UKLK_I#XINI#WM#QK#K_MPK#MP#QK#]UIXUMKXOcPY#JM#NKPO`OMJ\K#OPNMWOK\KNMP\M#
XINI#SP#WILQM#UMQKXOcP#kWM#SPK#]KU\MY#XINI#SPK#UMQKXOcP#PK\SUKQY#d#WM#I\UK#XINI#SPK#UMQKXOcP#JIXOKQk#q666r?
?!J\K#XIPXM]XOcP#WM#QK#^OJ\IUOK#qQK#WMQ#PSMZI#NK\MUOKQOJNIr#JM#LKJKY#]SMJY#MP#QK#XIN]UMPJOcP#WMQ#]UIXMJI#UMKQ#WM#QK#
]UIWSXXOcPY#]KU\OMPWI#]KUK#MQQI#WM#QK#]UIWSXXOcP#NK\MUOKQ#WM#QK#ZOWK#OPNMWOK\KY#d#MP#QK#XIPXM]XOcP#WM#QK#`IUNK#WM#
XXPZOZMPXOK#XIUUMJ]IPWOMP\M#K#MJ\M#NIWI#WM#]UIWSXXOcP#d#MPVMPWUKWK#]IU#eQY#MJ#WMXOUY#WM#QK#JIXOMWKW#XOZOQ#MP#JSJ#
WO`MUMP\MJ#`KJMJY#XINI#MQ#\MUUMPI#WM#\IWK#QK#^OJ\IUOK?#-KUTY#9-*'524,4.:-*-,2/-6-Y#-!E.Y#0MUQHPY#8C;7Y#%Y#>Y#]]6#8C#d#7D6#
?>A*O2"M21P>>26(,'$%"6.*52#*@-3'(2,##%Y#MP#F2"(#$%2*\2'(#$%1'>(*>"1*G%',4#43%'2Y#PjN6#89Y#0MUQHPY#8C@@Y#]]6#8787#d#87786
JMP\OWI#WOKXUcPOXIG#JIP#WIJ#NIZONOMP\IJ#I#]UIdMX\IJ#^OJ\cUOXIJ#UMKQMJY#UM]UMJMP\K\OZIJ#WM#MJIJ#WIJ#
POZMQMJ #I #NIWIJ #WO`MUMP\MJ #WM # QK # JIXOMWKW# QIJ #RSM #XIPJ\O\SdMP#ZMUWKWMUKNMP\M #K # QIJ #WIJ # \O]IJ #WM#
]UILQMNK\OXOWKW#KLIUWKWIJY#UMJ]MX\OZKNMP\MY#]IU#MQ#?ZOM_I?#WOJXSUJI#NK\MUOKQOJ\K#d#]IU#MQ#?PSMZI?6
"K # ]UILQMNf\OXK# WMQ #NK\MUOKQOJNI # MN]OUOJ\K # I # \UKWOXOIPKQ # JM # QMZKP\K # MP # UMKQOWKW # K # ]KU\OU # WM # SP#
NIZONOMP\I#^OJ\cUOXIG#WMQ#NIZONOMP\I#^OJ\cUOXI#?LSUVSeJ?#qEU1.21,'$%rY#WMQ#XIN]IU\KNOMP\I#JIXOKQ#MP#
JS # `SPXOcP # WM # POZMQ # ]UMWINOPKP\M # I # ]UOPXO]KQ # WM # \IWK # QK # MJ\USX\SUK # JIXOKQ6B# 3IU # MQ # XIP\UKUOIY # QK#
]UILQMNf\OXK # ]UI]OK # WMQ # NK\MUOKQOJNI # WOKQeX\OXI # JM # XIPJ\O\SdM # K # ]KU\OU # WMQ #NIZONOMP\I # ^OJ\cUOXI#
\MPWOMP\M # K # QK # OPJ\KSUKXOcP # WMQ # POZMQ # ]UfX\OXIgXINSPO\KUOI # WMQ # XIN]IU\KNOMP\I # JIXOKQ # XINI # POZMQ#
]UMWINOPKP\M#I#MJ\USX\SUKP\M#WM#QK#JIXOKQOWKW#MP#JS#XIP_SP\Ih#JM#XIPJ\O\SdMY#]IU#QI#\KP\IY#K#]KU\OU#WM#SP#
NIZONOMP\I # ^OJ\cUOXI # \MPWMPXOKQNMP\M # XINSPOJ\KY # UKWOXKQNMP\M # UMZIQSXOIPKUOI # XIP # UMQKXOcP # K # QK#
IUVKPO[KXOcP#ZOVMP\M#WM#QK#JIXOMWKW#MP#\eUNOPIJ#LSUVSMJMJ6
3IWMNIJ#WMXOUY#MP#UMJSNMPY#RSM#MP#MQ#VUS]I#'#WM#QKJ#;2#'#Y#MQ#WOJXSUJI#\McUOXI#NK\MUOKQOJ\K#WOKQeX\OXI#MJ#
]UMJMP\KWI#XINI#SP#WOJXSUJI#RSM#\OMPM#SPK#PMXMJOWKW#^OJ\cUOXK#MP#QK#NMWOWK#MP#RSM#MJ#WOJXSUJI#\McUOXI#
XINSPOJ\KG #SP#WOJXSUJI# \McUOXI#RSM#MQKLIUK#SPK#]UILQMNf\OXK#PSMZK#kQK#]UILQMNf\OXK#WMQ #]UIXMJI#
^OJ\cUOXI#WM#QK#]UKTOJ#JIXOKQkY#KLOMU\K#]KUK#eQ#]IU#MQ#NIZONOMP\I#^OJ\cUOXI#WM#QK#UMZIQSXOcP#XINSPOJ\K6
'IN]QMNMP\KUOKJ # WMQ # \UK\KNOMP\I # WOUMX\I # WKWI # KQ # \MNK # WM # MJ\M # VUS]I #'# ]IU # QK # ,MJOJ #/# JIP # QKJ#
ILJMUZKXOIPMJY #KPI\KWKJ#MP#QK #,MJOJ #%/# d#MP#QK #]KU\M#`OPKQ#WM#QK#,MJOJ #%Y #JILUM#MQ # OP\MP\I#^MX^I#]IU#
:MSMULKX^#WM#K]UMPWMU#\McUOXKNMP\M#QK#KX\OZOWKW#JIXOKQ6
$MP\UI#WM#QK#]UILQMNf\OXK#WM#SP#NK\MUOKQOJNI#XINI#MQ#WM#:MSMULKX^#kNK\MUOKQOJNI#MN]OUOJ\KY#RSM#
VOUK # MP # \IUPI # KQ # XIN]IU\KNOMP\I # JIXOKQ # ?XOZOQ? # I # ?LSUVSeJ?kY # \IWI # OP\MP\I # ]IU # XIPXMLOU#
XIPXM]\SKQNMP\M#QK#]UKTOJ#I#QK#KX\OZOWKW#XSKQO\K\OZKNMP\M#]UIWSX\OZK#\OMPWM#PMXMJKUOKNMP\M#K#UMWSXOU#
MJ\K#KX\OZOWKW#`SPWKNMP\KQ#KQ#NIWMQI#WM#QK#KX\OZOWKW#]UI]OK#WM#QIJ#LSUVSMJMJY#WM#QIJ#OPWOZOWSIJ#XOZOQMJ#
KOJQKWIJ#I#OP\MUXIPMX\KWIJ#JcQI#]IU#MQ#NIZONOMP\I#WMQ#WOPMUIG#KQ#NIWMQI#WM#QK#KX\OZOWKW#?JSXOKNMP\M#
_SWHK?6C
3IU#MQQIY#XSKPWI#:MSMULKX^#ON]SVPK#MQ#IUWMP#JIXOKQ#ON]MUKP\M#\OMPM#ILQOVKWKNMP\M#RSM#WMJXIPIXMU#QK#
]IJOLOQOWKW # WM # QK # KX\OZOWKW # XINI # KX\OZOWKW # UMZIQSXOIPKUOKY # XINI # KX\OZOWKW # NK\MUOKQNMP\M # I#
B #"IJ#WIJ#SJIJ#kMJ\USX\SUKQ#M#^OJ\cUOXIk#WMQ#\eUNOPI#?EU1.21,'$%2*+2#2,,#$%->(?#?JIXOMWKW#XOZOQ?Y#?JIXOMWKW#LSUVSMJK?#
JIP#WOJ\OPVSOWIJ#XIP#XQKUOWKW#]IU#-KUT#MP#9-*'524,4.:-*-,2/-6-Y#]]6#7>g7@G#?"K#JIXOMWKW#XOZOQ#KLKUXK#\IWI#MQ#
OP\MUXKNLOI#NK\MUOKQ#WM#QIJ#OPWOZOWSIJ#MP#SPK#`KJM#WM\MUNOPKWK#WM#WMJKUUIQQI#WM#QKJ#`SMU[KJ#]UIWSX\OZKJ?#?"K#JIXOMWKW#
XOZOQ#MP#XSKP\I#\KQ#JcQI#JM#WMJKUUIQQK#XIP#QK#LSUVSMJHK?#'`6#\KNLOeP#MQ#K]ePWOXM#WM#QK#XKU\K#WM#!PVMQJ#K#-KUT#WMQ#7;#WM#
JM]\OMNLUM#WM#8B>7Y#MP#-!{Y#\6#7BY#]fV6#8;C6
C #&ILUK#WMXOU#RSM#]IU#KX\OZOWKW#?JSXOKNMP\M#_SWHK?#-KUT#PI#MP\OMPWM#QK#KX\OZOWKW#]UI]OK#WM#SPK#XINSPOWKW#UMQOVOIJK#I#WM#
SP#VUS]I#e\POXI#WM\MUNOPKWIY#JOPI#QK#KX\OZOWKW#]UI]OK#WM#KRSMQQK#`SPXOcP#\MJKSUOJKWIUK#I#KXSNSQKWIUK#WM#XK]O\KQgWOPMUI#
RSM#QKJ#JIXOMWKWMJ#MSUI]MKJ#KW_SWOXKUIP#K#WM\MUNOPKWIJ#NOMNLUIJ#WM#QK#XINSPOWKW#_SWHK#WSUKP\M#QK#e]IXK#NMUXKP\OQOJ\K#
WM#QK#KXSNSQKXOcP#IUOVOPKUOK#WMQ#XK]O\KQ6#?>6#-KUTY#"K#XSMJ\OcP#_SWHKY#-!E.Y#:UKPX`IU\Y#8C7DY#]]6#@9>g9@6
?]UfX\OXKNMP\M#XUH\OXK?6#,OMPWMY#NfJ#LOMPY#XIP#OVSKQ#PMXMJOWKWY#K#MTKQ\KU#QK#KX\OZOWKW#\McUOXK#XINI#QK#
jPOXK#RSM#MJXK]K#K#QK#JIUWOWM[#LSUVSMJK#RSM#eQ#RSOJOMUK#XINLK\OU6#,OMPWM#K#ZMU#QK#\UKPJ`IUNKXOcP#WMQ#
NSPWI#LSUVSeJ#NfJ#XINI#SP#]UIXMJI#]MWKVcVOXI#RSM#XINI#SP#]UIXMJI#UMZIQSXOIPKUOI6
".#,!&%&#$!"#E)(3*#$
"K#,MJOJ#%%%G
?"K # WIX\UOPK #NK\MUOKQOJ\K # KXMUXK # WM # QK # \UKPJ`IUNKXOcP # WM # QKJ # XOUXSPJ\KPXOKJ # q]/#(K652r # d # WM # QK#
MWSXKXOcP#IQZOWK#RSM# QKJ #XOUXSPJ\KPXOKJ #WMLMP#JMU # \UKPJ`IUNKWKJ#]IU # QIJ #^INLUMJ #d#RSM#MQ #]UI]OI#
MWSXKWIU#WMLM#JMU#MWSXKWI6#,OMPM#]IU#\KP\I#RSM#WOZOWOU#q#465'2126r#K#QK#JIXOMWKW#MP#WIJ#]KU\MJY#SPK#WM#
QKJ#XSKQMJ#MJ\f#]IU#MPXONK#WM#MQQK#qUE21*'%1*21%-E26*'#(r6
?"K#XIOPXOWMPXOK#q\"#-//26>-,,26r#WMQ#XKNLOI#WM#QKJ#XOUXSPJ\KPXOKJ#d#WM#QK#KX\OZOWKW#^SNKPK#I#qQKr#
KS\I\UKPJ`IUNKXOcP # JcQI # ]SMWM # JMU # XK]\KWK # d # XIN]UMPWOWK # UKXOIPKQNMP\M # q.2>-#)( * "65 * 1-('462,, *
M21#(-6526*&21526r#XINI#]UKTOJ#UMZIQSXOIPKUOK6?
"K#,MJOJ#/%G
"IJ#`OQcJI`IJ#JcQI#^KP#OP\MU]UM\KWI#qOP\MU]UM\OMU\r#MQ#NSPWI#WM#WOJ\OP\KJ#NKPMUKJh#WM#QI#RSM#JM#\UK\K#MJ#WM#
\UKPJ`IUNKUQI6?
!Q#\MNK#]UMWINOPKP\M#MP#MJ\KJ#WIJ#,MJOJ89#UMJSQ\K#WM#SPK#MT]QIUKXOcP#NfJ#WM\MPOWK#WMQ#\MNK#\UK\KWI#MP#
MQ # VUS]I #06 #"K # WM\MUNOPKXOcP # WM # QK # ]UILQMNf\OXK # MJ]MXH`OXK # RSM # XIPXUM\O[K # KQ # WOJXSUJI # WOKQeX\OXI#
NK\MUOKQOJ\K # XINI # \MIUHK # ^OJ\cUOXIgNK\MUOKQOJ\K #kQK # ]UILQMNf\OXK #WM # QK # ^OJ\IUOK # WM # QKJ # ?`IUNKJ # WM#
JIXOMWKW? # MP # RSM # \OMPM # QSVKU # MQ # ]UIXMJI # ]UfX\OXIk # XOUXSPJXUOLM # PMXMJKUOKNMP\M # KQ # XIPXM]\I # WM#
?\UKPJ`IUNKXOcP?#JIXOKQY#WM#NIWO`OXKXOcP#^OJ\cUOXK#WMQ#JS_M\I#]UfX\OXIY#MP#XKQOWKW#WM#XIPXM]\I#XQKZM#
WMP\UI#WM#MJK#]UILQMNf\OXK6#A#QKJ#,MJOJ#WMQ#VUS]I#$# OPJOJ\MP#]UMXOJKNMP\M#MP#eQh#]KUMXMP#UMJ]IPWMU#K#
MJ\K # ]UMVSP\KG # aXSfQ # WMLM # JMU # MQ # XIPXM]\I # ]UI]OKNMP\M # WOKQeX\OXI # M # ^OJ\cUOXIgNK\MUOKQOJ\K # WM#
?\UKPJ`IUNKXOcP#JIXOKQ?b6
!Q#XIPXM]\I#NK\MUOKQOJ\K#^SNKPOJ\K#WM#\UKPJ`IUNKXOcP#JIXOKQ#JM#XIPJ\USdM#WMP\UI#WM#SPK#]UILQMNf\OXK#
kWMUOZKWK#WM#QK#MT]MUOMPXOK#LfJOXK#WM#QK#UMQKXOcP#JS_M\IgIL_M\I#XINI#SPK#UMQKXOcP#OPPMXMJKUOK#I#WM#
MT\MUOIUOWKWk#RSM#]KU\M#WM#QK#K]UM^MPJOcP#\McUOXK#WM#QK#ZOWK#JIXOKQ#XINI#SP#]UIXMJI#WM#KWMXSKXOcP#I#
WM#XIP`QOX\I#MP\UM#WIJ#MP\OWKWMJ#^M\MUIVePMKJY#]UMMTOJ\MP\MJ#K#JS#MP`UMP\KNOMP\IG#MQ#?^INLUM?#d#QKJ#
?XOUXSPJ\KPXOKJ?# mNK\MUOKQMJ#I#MXIPcNOXIg]IQH\OXKJ#d#MJ]OUO\SKQMJ #I #XSQ\SUKQgMWSXK\OZKJn6 #&INM\OWI#K#
MJ\M#WSKQOJNIY#MQ#PjXQMI#WM#QK#\MIUHK#JIXOKQ#WMQ#NK\MUOKQOJNI#\UKWOXOIPKQ#IJXOQK#MP\UM#WIJ#MT]QOXKXOIPMJ#
89 #!P#MQ#MTKNMP#WM#QKJ#,MJOJ#WM#MJ\M#VUS]I#^MNIJ#\MPOWI#MP#XSMP\KY#JILUM#\IWIY#MQ#MJ\SWOI#RSM#WM#MQQKJ#^KXM#.WIQ`I#&fPX^M[#
1f[RSM[#MP#QKJ#]]6#8;9g8;>#WM#JS#QOLUI#^',4#4>:-*52*,-*31-C'#Y#EUO_KQLIY#-eTOXIY#8C@D6
KP\OPcNOXKJY#KNLKJ#SPOQK\MUKQMJ#M#OPJS`OXOMP\MJ#kQK#SPK#`K\KQOJ\KY#QK#I\UK#ZIQSP\KUOJ\Kk#WM#QK#UMQKXOcP#
WM#WM\MUNOPKXOcP#MP\UM#MQ#JS_M\I#JIXOKQ#d#MQ#NMWOI#JIXOKQG#I#LOMP#WM`OPM#KQ#JS_M\I#JIXOKQ#XINI#UMJSQ\KWI#
WMQ#NMWOI#mNK\MUOKQ#d#MJ]OUO\SKQnY#d#MP\IPXMJ#?IQZOWK?#QK#KX\OZOWKW#^SNKPK#mIQZOWK#RSM#QKJ#XOUXSPJ\KPXOKJ#
JIP#\UKPJ`IUNKLQMJ#]IU#eQnh#I#LOMP#WM`OPM#KQ#NMWOI#JIXOKQ#XINI#]SUK#XIPJ\USXXOcP#I#XUMKXOcP#mNK\MUOKQ#d#
MJ]OUO\SKQn#WMQ#JS_M\IY#d#MP\IPXMJ#?IQZOWK?#QK#ZOVMPXOK#KS\cPINK#WM#QKJ#OPJ\O\SXOIPMJ#mIQZOWK#RSM#QKJ#
XOUXSPJ\KPXOKJ#?MWSXKP?#KQ#^INLUMn6#3KUK#MJ\M#PjXQMI#\McUOXI#WMQ#NK\MUOKQOJNI#JIXOKQ#\UKWOXOIPKQY#]MPJKU#
QK#SPOWKW#WM#KNLKJ#WM\MUNOPKXOIPMJ#MJ#\KUMK#ON]IJOLQM6#
$M#K^H#RSM#XSKPWI#QK#XIPXM]XOcP#NK\MUOKQOJ\K#^SNKPOJ\K#kK#WO`MUMPXOK#WM#QK#XIPXM]XOcP#NK\MUOKQOJ\K#
NMXKPOXOJ\Kk#WM # QK # \UKPJ`IUNKXOcP # JIXOKQ # OP\MP\K # JKQZKU # MXQeX\OXKNMP\M # MJ\M # WOQMNK # KWI]\KPWI # QK#
]IJOXOcP # ZIQSP\KUOJ\K # ]MUI # JOP # UMX^K[KU # QK # `K\KQOJ\K # QI # jPOXI # RSM # ^KXM # MJ # XIN]MPWOKU # JSJ # WIJ#
WM`OXOMPXOKJ6#"K#\UKPJ`IUNKXOcP#JIXOKQ#K]KUMXM#MP\IPXMJ#XINI#QK#KX\OZOWKW#M_MUXOWK#]IU#SP#JMX\IU#WMQ#
JS_M\I#JIXOKQ#]IU#SPK#MQO\M#UM`IUNKWIUK#d#MWSXKWIUK#k]KUK#QK#XSKQ#MQ#NSPWI#OPJ\O\SXOIPKQ#JMUHK#NK\MUOK#
WjX\OQY#KLJIQS\KNMP\M#WM\MUNOPKLQMY#NMUI#UMJSQ\KWI#I#XUMKXOcPk#JILUM#MQ#UMJ\I#WMQ#JS_M\I#JIXOKQ#k]KUK#
MQ#XSKQ#MQ#NSPWI#OPJ\O\SXOIPKQ#JMUf#ON]IJOXOcP#`eUUMKY#KLJIQS\KNMP\M#WM\MUNOPKP\Mk6
(PK#ZMUWKWMUK#JS]MUKXOcP#WMQ#WOQMNK#OP^MUMP\M#K#QK#]UILQMNK\O[KXOcP#NK\MUOKQOJ\K#\UKWOXOIPKQ#WM#QK#ZOWK#
JIXOKQ#JcQI#]SMWM#WKUJM#WMP\UI#WM#SPK#]UILQMNf\OXK#MJ\USX\SUKWK#MP#\IUPI#K#SPK#K]UM^MPJOcP#mWOKQeX\OXKn#
WM#QK#UMKQOWKW#JIXOKQ#XINI#]UIXMJI#\I\KQO[KWIUY#XIPJ\O\S\OZI#]IU#OVSKQ#WMQ#JS_M\I#d#WMQ#IL_M\I#JIXOKQMJY#WM#
QIJ # KVMP\MJ # d # WM # QKJ # OPJ\O\SXOIPMJ # JIXOKQMJh # MP # SPK # ]UILQMNK\O[KXOcP # RSM # UMXIPI[XK # SPK # UMQKXOcP#
PMXMJKUOK#I#WM#OP\MUOIUOWKW#MP\UM#MQQIJ6#!J\K#]UILQMNK\O[KXOcPY#XINI#^MNIJ#ZOJ\IY#MJ#]UMXOJKNMP\M#QK#