By Tania Zampini A dissertation submitted to Johns

Transcript

SOLE E OMBRA: A STUDY OF SIXTEENTH CENTURY HUMOURISM AND GROTESQUE THROUGH THE
WORKS OF ANTONFRANCESCO GRAZZINI, L’ACCADEMIA DEGLI HUMIDI, AND L’ACCADEMIA DEGLI
INFIAMMATI
By
Tania Zampini
A dissertation submitted to Johns Hopkins University in conformity with the requirements for
the degree of Doctor of Philosophy
Baltimore, Maryland
October 23, 2013
!
!
!!!!!!!!!!!
Abstract
#$"%!&'()'*+,!&"%%-*)+)"'.!"%!+.!".)-*&"%("/,".+*0!-.1+1-2-.)!3")$!)3'!".)-,,-()4+,!
("*(,-%!'5!)$-!-+*,0!)'!2"&6%"7)--.)$!(-.)4*0!6!)$-!!""#$%&'#($%)*'(+&'$'!".!8,'*-.(-!+.&!)$-!
!""#$%&'#($%)*'(,-.'#&&#/'(".!9+&4+!6!)$+)!-7+2".-%!)$-!$"%)'*"(+,!+.&!,")-*+*0!".)-*+()"'.!
'5!)$-%-!1*'4/%:!;-0!2-2<-*%!".!+.!".(*-+%".1,0!)-.%-!(4,)4*+,!(,"2+)-=!>)!"%!/*"2+*",0!+!
,")-*+*0!-7-*("%-!".!)-7)4+,!".)-*/*-)+)"'.!+.&!".)-*)-7)4+,!+.+,0%"%!)'!)$*--!-.&%=!#$-!5"*%)!"%!
)$-!"&-.)"5"(+)"'.!'5!)$-!".)-,,-()4+,!)*-.&%!('22'.!)'!<')$!1*'4/%?!3$"($!('.)*"<4)-!)'!)$-!
(*-+)"'.!'5!+!,")-*+*0!1-.*-!*-,+)-&!)'!)$-!,+*1-*!)*+&")"'.%!'5!*-+,"%2!+.&!)$-!1*')-%@4-=!#$-!
%-('.&!"%!)$-!*-,+)"'.!'5!)$"%!,")-*+*0!1-.*-!)'!)$-!$"%)'*0!'5!2-&"(+,!&"%('4*%-=!#$-!,+%)!"%!
)$-!-7+2".+)"'.!'5!)$-%-!)*-.&%!+%!+.)"("/+)"'.%!'5!)$-!0%-/'&%-/1($%*("1-/2#2'1!+)!)$-!$-+*)!
'5!A4"1"!9"*+.&-,,':%!-+*,0!)3-.)"-)$!(-.)4*0!)$-'*0!'5!$42'4*"%2!+.&!)$-!/%#/21($%*(
)21//%0"1=!!
#$-!2+".!/'".)!'5!".)-*-%)!+(*'%%!20!+.+,0%"%!"%!B.)'.5*+.(-%('!C*+DD"."=!B%!'.-!'5!
)$-!5'4.&".1!2-2<-*%!'5!)$-!!""#$%&'#($%)*'(3&'$'?!$"%!3'*;%!E!/'-)"(?!/*'%+"(?!+.&!
&*+2+)"(!6!%/-+;!)'!<')$!)$-!-.F"*'.2-.)!'5!*"F+,*0!".$-*-.)!)'!+*)"%)"(!/*'&4()"'.!'5!$"%!
)"2-?!+.&!)'!+!1*'3".1!-.1+1-2-.)!3")$!&"%('4*%-!'.!)$-!5'4*!<'&",0!$42'4*%!+.&!-+*)$,0!
-,-2-.)%=!#$-!,+))-*!'5!)$-%-?!>!+*14-?!<')$!%"1.+,%!+!%$"5)?!".!>)+,"+.!,")-*+)4*-?!5*'2!)$-!
".)*'%/-()"F-!+.&!,0*"(+,!)'!)$-!%'("+,?!/*'%+"(?!+.&!/-*5'*2+)"F-?!+.&!/*'F"&-%!+!2'*-!
%4<%)+.)"+,!,".;!)'!)$-!)3-.)"-)$!(-.)4*0!+.&!9"*+.&-,,':%!$42'4*"%2=
Primary advisor: Professor Walter Stephens
Readers: Professors Christopher Celenza, Pier Massimo Forni, John McLucas, Jean McGarry,
and James Coleman
!
""!
!
!
!!!!!!!!!!!
Acknowledgments
My greatest and most sincere thanks I reserve for Professor Walter Stephens, not only for
his confidence in my work, patience, and guidance, but also for our many conversations from
which I continue to benefit and which I hope remain alive for many years. Professors Renzo
Bragantini, Christopher Celenza, James Coleman, William Egginton, Pier Massimo Forni, and
Bernadette Wegenstein were readers of my early drafts and in no small measure helped to shape
my ideas and redefine my methodological approach and focus. Many administrators also
provided invaluable assistance in both the research and writing phases of my work: many thanks
especially to Kathy Loehmer among them. Paola, Mario, Cristiana, and Eleonora Furlan, my
surrogate family in Italy, showered me with an embarrassing display of hospitality during my
research visits there; I owe them a tremendous debt of gratitude. Alongside them are a flurry of
other hosts who facilitated and enlivened my research stays in Florence, Rome, Milan, and
Padua. Among them are Niccolò Coli, Antontella and Francesco D’Amico, Hannah Friedman,
Ludovica Jona, Naisa Mercuri, Alice Pinzani, Diego Scattolin, and Davide Trento.
I extend my final, warmest and most heartfelt thanks to the following people: for their
intellectual stimulation, friendship and support, most of it ongoing, Lorenzo Bacchini, Francesco
Caruso, Bernardo Cioci, Celia D’Andrea, Richard Geekie, Janet Gomez, Katie Johnson, Andreea
Marculescu, Maria Pia Norbis, Bridget Pupillo, Brian Tetrick, Daniel Tonozzi, Troy Tower,
Eleanor Vanden Heuvel, Jennifer Watson; for their understanding and kindness, Armano and
Marisa Zampini, Fabrizio Andaloro, Bruno E. Bailey; for their love and encouragement, Nicola
Bianchi, and, especially, Carmela and Felice Zampini.
Many translations of the texts I examine and any errors, discrepancies, or oversights
therein and more generally, it goes without saying, are exclusively and entirely my own.
!
"""!
!
!
!!!!!!!!!!!
Table of Contents
!
I.
Introduction
1
II.
Chapter One: History and Foundations
19
III.
Chapter Two: Humours and Elemental Discourse
54
IV.
Chapter Three: Love, Jealousy, and Literary Rivalry
115
V.
Chapter Four: Grazzini and the Social Grotesque
163
VI.
Chapter Five: From Humours to Humourism
218
VII.
Concluding Remarks
278
VIII.
Appendix: Selected Translations
284
IX.
Bibliography
314
X.
Curriculum vitae et studiorum
334
"F!
!
!
!!!!!!!!!!!
>.)*'&4()"'.!
!
HF-*,'';".1!)$-!1*'4.&%!'.!3$"($!)$-!I-&"(-+.!J",,+!'5!9*+)',".'!'.(-!%)''&!"%!K-+.!
&-!L'4,'1.-:%!(-,-<*+)-&!B//-.".-!M','%%4%=!!L4",)!<-)3--.!GNOP!+.&!GNQR!+.&!
('22"%%"'.-&!<0!)$-!0'4.1!8*+.(-%('!>!&-:!I-&"("!2'*-!)$+.!)-.!0-+*%!+5)-*!$"%!/4*($+%-!
'5!)$-!,+.&%!%4**'4.&".1!")?!)$-!%-+)-&!1"+.)?!+1-&!+.&!<-+*&-&?!*"1$)!+*2!<-)3--.!$"%!
;.--%?!)'3-*%!5'*)065"F-!2-)-*%!'F-*!)$-!2+.62+&-!,+;-!<-.-+)$!$"2!".)'!3$"($!3+)-*!$-!
%@4--D-%!'4)!'5!+!&-5-+)-&!&*+1'.:%!2'4)$!4.&-*5'')!5,'3%=!B*14+<,0!C"+2<','1.+:%!
2+%)-*/"-(-?!)$'41$!.')!)$-!3'*;!5'*!3$"($!$-!"%!<-%)!;.'3.?!)$-!41*1001!-7-2/,"5"-%!)$-!
&-5".".1!+-%)$-)"(!'5!)$-%-!I-&"("!1*'4.&%=!#$-!*-1-.-*+)"F-!+.&!/4*"50".1!/*'/-*)"-%!'5!
3+)-*!(-.)*+,!)'!C"+2<','1.+:%!1"+.)!%''.!<-('2-!.')!'.,0!)$-!5'(+,!/'".)!'5!L-*.+*&'!
L4'.)+,-.)":%!1-.-*+,!&-%"1.!'5!)$-!,+.&%!+.&!")%!1+*&-.%?!<4)!+.!-7)-.&-&!+,,-1'*0!'5!)$-!
I-&"("!5+2",0:%!".5,4-.(-!+.&!/'3-*!<')$!".!8,'*-.(-!+.&!<-0'.&=!
!C"+2<','1.+:%!2+%%"F-!(*-+)"'.!+,%'!*-(+,,%!+.&!&*+3%!+))-.)"'.!)'!+!%-*"-%!'5!
%)0,"%)"(!+.&!/$",'%'/$"(+,!/*".("/,-%!)$+)!&'2".+)-!8,'*-.)".-!(4,)4*-?!4.&-*!)$-!I-&"("!
*4,-?!5*'2!)$-!&-+)$!'5!B,-%%+.&*'!&-:!I-&"("!".!GNSO!'.3+*&=!B.!'.6%")-!&-%(*"/)"'.!'5!)$-!
41*10030!+)!/*-%-.)6&+0!J",,+!T-2"&'55!%--%!".!")%!%02<',"(!*-,-F+.(-!+.&!".!)$-!%4<2"%%"'.!
'5!)$-!&*+1'.!4.&-*!)$-!1"+.):%!5'')!)$-!)*"42/$!'5!".)-,,-()!'F-*!".%)".()=!L4)!
C"+2<','1.+:%!(*-+)"'.!+,%'!%/-+;%!)'!,+*1-*!"%%4-%!)$+)?!<0!)$-!)"2-!'5!")%!".%)+,,+)"'.?!$+&!
2+&-!)$-"*!3+0!".)'!2+".%)*-+2!&"%('4*%-U!)$-!&"+,'14-!+2'.1!)$-!/,+.-):%!5'4*!-,-2-.)%!
E!-+*)$?!+"*?!5"*-?!+.&!3+)-*!E?!)$-!('2/-)")"'.!<-)3--.!'//'%".1!+.&!$'%)",-!5'*(-%?!)$-!
/*-%-.(-!+.&!%"1."5"(+.(-!'5!)$-!1*')-%@4-?!2+*F-,'4%?!'*!+.'2+,'4%?!+.&!)$-!*-,+)"'.%$"/!
<-)3--.!0'4)$!+.&!',&!+1-?!)*+&")"'.!+.&!)*-.&?!*-/4<,"(!+.&!&4;-&'2=!>.!%$'*)?!+,'.1%"&-!
+!.42<-*!'5!3'*;%!('22"%%"'.-&!)'!1,'*"50!)$-!,"5-!+.&!+(('2/,"%$2-.)%!'5!8*+.(-%(':%!
!
G!
!
!
!!!!!!!!!!!
5+)$-*?!M'%"2'!>!&-:!I-&"("?!C"+2<','1.+:%!1"+.)!-.(+/%4,+)-%!3$+)!5'*!&-(+&-%!<-5'*-!$"2!
('.%)")4)-!)$-!2'%)!"2/'*)+.)!,")-*+*0!+.&!/',")"(+,!&-<+)-%!'5!(-.)*+,!+.&!.'*)$-*.!>)+,0=!
B)!)$-!$-+*)!'5!)$"%!+*)"%)"(!(,"2+)-!+.&!)$-!('2/,-7!)-.%"'.%!")!1-.-*+)-%!+*-!)3'!
(-.)*+,6.'*)$-*.!>)+,"+.!+(+&-2"-%!+.&!)$-!+(-*<"(!*-,+)"'.%$"/!<-)3--.!)$-2=!GNWR!
3").-%%-%!)$-!<"*)$!5"*%)!'5!)$-!!""#$%&'#($%)*'(,-.'#&&#/'!".!9+&4+?!+.&!%''.!)$-*-+5)-*?!'5!
)$-!!""#$%&'#($%)*'(53&'$'!".!8,'*-.(-=!>.!.+2-!+%!".!/4*/'%-!+.&?!+)!,-+%)!".")"+,,0?!
%)*4()4*-?!)$-!5'*2+)"'.!'5!)$-!,+))-*!"%!".)-.&-&!)'!<-!+!*-%/'.%-!)'!+.&!*-+()"'.!+1+".%)!
)$-!5'*2-*!")!&--2%!)'!<-!+!/-&+.)"(!+&$-*-.)!)'!%)*"()!$42+."%)"(!/*+()"(-%!".!+.!-*+!'5!
,")-*+*0!1*'3)$!+.&!-7/-*"2-.)+)"'.!-,%-3$-*-=!#$-!+."2'%")0!<-)3--.!)$-%-!)3'!1*'4/%!
E!.')3")$%)+.&".1!)$-"*!%$+*-&!2-2<-*%!E!".!5+()!%)-2%!5*'2!+!1*'3".1!%;-/)"("%2!".!+,,!
,")-*+*0!("*(,-%?!+.&!)$-"*%!%/-("5"(+,,0?!+<'4)!)$-!&-5".")"'.?!.+)4*-?!"2/'*)+.(-?!+.&!4)",")0!
'5!)$-!$42+."%)"(!)-.&-.("-%!)$-0!".$-*")!5*'2!1-.-*+)"'.%!/*-(-&".1!)$-2!<')$!
"22-&"+)-,0!+.&!<0!&-(+&-%=!X$",-!)$-!,-.'#&&#/'!%--!)$-2%-,F-%!+%!-.,"1$)-.-&!
*-5'*2-*%!'5!+!)*+&")"'.!1*'3.!%)+,-!".!)$-!5'*2+,!+.&!*-%)*"()"F-!-.F"*'.2-.)!'5!)$-!
9+&4+.!%)4&"'?!)'!)$-!53&'$'?!%)",,!2'*-!*-%"%)+.)!)'!$42+."%)"(!('.%-*F+)"F"%2?!)$-0!%--2!
.')$".1!2'*-!)$+.!)$-!.+)4*+,!-7)-.%"'.!'5!")!".!+!*-.-3-&!+.&!,-%%!5'*2+,!,")-*+*0!%-))".1=!!
B,)$'41$!)$-*-!"%!.'!%$'*)+1-!'5!%($',+*%$"/!'.!$42+."%2?!")%!2+.0!&-5".")"'.%?!+.&!
)$-!F+*"'4%!*-+()"'.%!")!1-.-*+)-%?!*-,+)"F-,0!,")),-!$+%!<--.!3*"))-.?!)'!&+)-?!-")$-*!+<'4)!)$-!
,-.'#&&#/'!+%!+.!".&-/-.&-.)!%'("-)0!'*!+<'4)!)$-"*!".)-*+()"'.!3")$!)$-!2'*-!*-.'3.-&!
+.&!<-))-*!%)4&"-&!6'12%-/'-#=!Y)",,!5-3-*!+*-!)$-!+))-2/)%!2+&-!)'!,".;!)$-%-!)3'!%'("-)"-%!
.')!'.,0!<0!)$-"*!2-2<-*%!'*!%$+*-&!$"%)'*"(+,!5*+2-3'*;?!<4)!<0!)$-"*!('22'.!".5,4-.(-%!
+.&?!'5)-.?!24)4+,!('.)*"<4)"'.!)'!'*!*-+()"'.!+1+".%)!+!)*-.&!)$-0!$-,/!)'!&-5".-U!)$-!
Z-.+"%%+.(-!1*')-%@4-=!J+,-*"'!J"+.-,,':%!%)4&"-%!'5!)$-!8,'*-.)".-!.31230"'/'!['*!/',")"(+,,0!
!
V!
!
!
!!!!!!!!!!!
-7",-&!('224.")"-%\?!)$-!+(+&-2"(!('224.")"-%!)$-0!('2-!)'!5'*2?!+.&!'5!Y/-*'.-!
Y/-*'.":%!*',-!3")$".!)$-2!+*-!+2'.1!)$-!2'%)!.')+<,-!+.&!"2/'*)+.)!('.)*"<4)"'.%!)'!)$-!
%)4&0!'5!)$-!%'("-)"-%!%4**'4.&".1!)$-!,-.'#&&#/'!+.&!/*'2')".1!)$-"*!-F-.)4+,!5'*2+)"'.=!
]')!%".(-!$"%!+*)"(,-%!5*'2!)$-!GPQR%?!$'3-F-*?!$+%!+.0!%"1."5"(+.)!%($',+*%$"/!<--.!
/*'&4(-&!'.!)$-!,-.'#&&#/'!("*(,-=!#'!&+)-?!Z"($+*&!Y=!Y+24-,%:%!GPO^!+*)"(,-?!“Benedetto
Varchi, the Accademia degli Infiammati, and the Origins of the Italian Academic Movement,” is
still the first and perhaps best point of reference not only on the formation of the Infiammati, but
on their direct influence on the Humidi to follow.
Much more has been written, however, on the Humidi circle, and much of it in recent
years. Like the Infiammati, the Fiorentina came under the biggest amount of contemporary
critical scrutiny in the late 1970s and 1980s, but often in either exclusively historical or
exclusively literary terms; when they were not studied as Cosimo I’s personal propagandistic
tool, they were viewed in connection with comic and burlesque literature. The past ten years,
however, have witnessed a proliferation of studies related to the members of the Humidi
academy. Domenico Zanrè’s Cultural Non-Conformity in Early Modern Florence (2004) is in
many ways an updated and more ambitious take on Robert J. Rodini’s 1970 Antonfrancesco
Grazzini. Poet, Dramatist, and Novelliere. 1503-1584. Both prove indispensible to an in-depth
examination of Grazzini and the intellectual connections that most influence his work. Ian F.
McNeely’s 2009 article, “The Renaissance Academies Between Science and the Humanities,”
necessarily complicates a reading of these and other academic societies as strictly literary groups,
perhaps in response to Michael Sherberg’s focus on language and Granducal politics in his 2003
article, “The Accademia Fiorentina and the Question of the Language: The Politics of Theory in
Ducal Florence.” Increasingly with an eye to both societies here discussed, Michel Plaisance has
!
S!
!
!
!!!!!!!!!!!
also published a number of seminal studies on Grazzini, the Humidi more generally and, more
recently, the members of the Infiammati, all between 2002 and 2011. Still, the intertext -more
than the interaction - between these circles remains a point of interest beyond the scope of
contemporary research. It is precisely here that I wish to begin this study of elemental discourse,
humour, and literary genre. !
#'!-7+2".-!)$-!".)-*+()"'.!'5!)$-!,-.'#&&#/'!+.&!)$-!53&'$'!+.&!)$-!%'4*(-!'5!)$-"*!
&"%%-.)?!")!3",,!<-!.-(-%%+*0!)'!*-F"-3!)$-"*!$42+."%)"(!$-*")+1-!+.&!)$-!+&F-.)!'5!,")-*+*0!
+(+&-2"-%!".!*-%/'.%-!)'!")=!#$-!_$42+."%)`!/*'1*+2!/*-&'2".+)-%!2'%)!,")-*+)4*-!5*'2!
9-)*+*($!)'!)$-!%-F-.)--.)$6(-.)4*0!/+%)'*+,?!&-%/")-!F+*"'4%!%)*+.&%!'5!+.)"6$42+."%2!
)$+)!('2-!+1+".%)!")!'F-*!)$-!(-.)4*"-%=!#$-!&-5".")"'.%!'5!+.&!&-<+)-%!%4**'4.&".1!
_a42+."%2`!+%!+!)-*2!+*-!F+*"-&!+.&!,-.1)$0=!9+4,!H%;+*!b*"%)-,,-*!(+,,%!")!+!*-F"F+,!'5!
".)-*-%)!".!)$-!B.("-.)!/+%)?!+!*-)4*.!)'!5'*2%!'5!M,+%%"(+,!,-+*.".1?!+.&!)$-!3"&-%/*-+&!
".%)")4)"'.!'5!)$-!A"<-*+,!B*)%=G!!c41-."'!C+*".!"&-.)"5"-%!")!+%!+!/-*"'&!'5!%4%)+".-&!
+))-2/)%?!+2'.1!,")-*+*0!+.&!$"%)'*"(+,!5"14*-%?!+)!+()"F-!%-,56+()4+,"%+)"'.!)$*'41$!)$-!
"2")+)"'.!'5!)$-!B.("-.)%!E!)$-!2-+.%!)'!)$-!5'*2+)"'.!'5!)$-!1''&?!(4,)4*-&?!*-5".-&?!3-,,!
*'4.&-&?!+.&!-7-2/,+*0!(")"D-.=V!a+.%!L+*'.!+%%'("+)-%!)$-!)-*2!3")$!/',")"(+,!+()"'.!+.&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
G!X$-.!b*"%)-,,-*!%/-+;%!'5!)$-!A"<-*+,!B*)%?!$-!*-5-*%!.')!E!'*!.')!'.,0!E!)'!)$-!3-,,6;.'3.!
&"F"%"'.!'5!%-F-.!%4<d-()%!".)'!!)*"F"42![1*+22+*?!*$-)'*"(?!,'1"(\!+.&!@4+&*"F"42!
[1-'2-)*0?!+*")$2-)"(?!24%"(?!+%)*'.'20\e!*+)$-*?!$-!&-5".-%!)$-2!+%!_+!(,-+*,0!&-5".-&!
(0(,-!'5!%($',+*,0!&"%("/,".-%?!.+2-,0!1*+22+*?!*$-)'*"(?!$"%)'*0?!/'-)*0?!+.&!2'*+,!
/$",'%'/$0`!'5)-.!/$0%"(+,,0!2+."5-%)-&!".!_&'(42-.)%?!,-))-*%?!+.&!/4<,"(!%/--($-%`![9+4,!
H%;+*!b*"%)-,,-*?!7%-#'00#-"%(8913)9/(#-$(,/0(:132"%0?!-&=!I"($+-,!I''.-0![]-3!f'*;U!
M',42<"+!g."F-*%")0!9*-%%?!GPOP\!VV?!VW\=!
V!C+*".!3*")-%?!_M"h!($-!(+*+))-*"DD+!,'!%/"*")'!&"!)4))+!,:-&4(+D"'.-!42+."%)"(+!i!,:-%"1-.D+!
&-,,+!5'*2+D"'.-!&-,,:4'2'!".)-1*+,-?!<4'.!("))+&".'?!-!%-!'(('**-?!<4'.!%',&+)'?!2+?!
".%"-2-?!4'2'!(',)'?!&"!<4'.!14%)'?!($-!%+!1'&-*-!&-,,+!<-,,-DD+!-!%+!14%)+*-!&-,,+!F")+=`!
A+)-*!".!)$-!%+2-!-%%+0!+.&!+,'.1!)$-!%+2-!,".-%?!$-!3*")-%?!_j4-%)+!54!,:-&4(+D"'.-!
42+."%)"(+U!.'.?!('2-!+!F',)-!%"!(*-&-?!%)4&"'!1*+22+)"(+,-!-!*-)'*"('!5".-!+!%-!%)-%%'?!<-.%k!
5'*2+D"'.-!&"!4.+!('%("-.D+!&+FF-*'!42+.+?!+/-*)+!".!'1."!&"*-D"'.-!+))*+F-*%'!,+!
!
W!
!
!
!!!!!!!!!!!
%'("+,!-.1+1-2-.)!'*"-.)-&!)'3+*&!+!&-%"*-&!*-)4*.!)'!B.("-.)!Z'2-=S!Y)",,!')$-*!%($'',%!'5!
)$'41$)!('.%"&-*!a42+."%2!+.!-.)"*-,0!".&"F"&4+,"%)"(!+.&!"**-,"1"'4%!2'F-2-.)!
($+*+()-*"%-&!2'%),0!<0!!_4.+!%/-("-!&"!*"<-,,"%2'!/*-*"5'*2"%)"('?!4.+!%'*)+!&"!%)*"&-.)-?!
("."('!"22+.-.)"%2'!($-!*-+1"*-<<-!+&!'1."!+4)'*")l!-!*"%('/*"*-<<-!4.!'*1'1,"'%'!
".&"F"&4+,"%2'=`W #$"%!,+%)!&-5".")"'.!"%!)$-!'.-!2'%)!$-+F",0!+.&!5*-@4-.),0!('.)-%)-&!<0!
('.)-2/'*+*0!%($',+*%!3$'!+,2'%)!4.-@4"F'(+,,0!+1*--!)$+)!3$+)!"%!2'%)!-%%-.)"+,!)'!)$-!
$42+."%)!2'F-2-.)!'*!/*'1*+2!"%!+!('.(-*.!3")$!B.)"@4")0?!)$-!"2")+)"'.!'5!M,+%%"(+,!5'*2?!
+.&!)$-!&-%"*+<",")0!'5!+!*-)4*.!)'!+!2'*-!"&-+,!/+%)=!!
>.!('.(*-)-!)-*2%?!)$"%!,+<-,!)*+.%,+)-%!)'!+!F+*"-)0!'5!,")-*+*0!<-$+F"'4*%!+.&!
/*+()"(-%!)$+)!-F',F-!'F-*!)"2-?!+.&!3")$!)$-!)"2-%=!>.!5"5)--.)$!(-.)4*0!8,'*-.(-?!")!"%!
($+*+()-*"%)"(+,,0!-7/*-%%-&!".!)$-!+2<")"'.%!+.&!-7-*("%-%!'5!)$-!0/3$'1(.'12%-/'-1!'*!)$-!
9,+)'."(!B(+&-20!'5!8,'*-.(-;!I+*%","'!8"(".'!+)!")%!(-.)-*=!#$-!/*"2+*0!('.(-*.!'5!)$"%!
,")-*+*0!1*'4/!"%?!'5!('4*%-?!)$-!*-('.(","+)"'.!'5!M$*"%)"+.")0!+.&!/+1+.!".5,4-.(-!F"+!)$-!
%)4&0!'5!9,+)'!+.&!)$-!.-'69,+)'."%)%=!#$-"*!*-)4*.!)'!B.)"@4")0!"%!,'(+)-&!".!)$-"*!
+//*-("+)"'.!'5!)$-!/$",'%'/$"(+,!+.("-.)!/+%)!+.&!".!)$-"*!+//,"(+)"'.!'5!+.("-.)!)$'41$)!
+.&!*$-)'*"(!)'!1*'3".1!,")-*+*0!)*-.&%?!-F-.!".!)$-!5+(-!'5!%)*'.1!I-&"("!/+)*'.+1-=!X*")-*%!
,";-!B.1-,'!9',"D"+.'!(+/")+,"D-!'.!)$-!*-)4*.-&!/'/4,+*")0!'5!/+1+.!)*+&")"'.%!)'!".(*-+%-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
('.%+/-F',-DD+!%)'*"('6(*")"(+!&-,,+!)*+&"D"'.-!(4,)4*+,-?`!c41-."'!C+*".?!_A:-&4(+D"'.-!
42+."%)"(+?`!<#(*%//%2#/32#('/#*'#-#=(>%2(0#))'(0/12'"#&%-/%($'0?10/';!V!F',%=?!F',=!V?!,*(
@3#//21"%-/1?!-&%=!A+.5*+.('!M+*-))"!+.&!C"'*1"'!A4)"![I",+.'U!I4*%"+!-&")'*-?!GPON\!GN6GQ?!
GN?!GQ=!M$*"%)'/$-*!M-,-.D+!'55-*%!+!('2/+*+<,-!-7/,+.+)"'.!'5!$42+.%"2!".!$"%?!
_a42+."%2!+.&!)$-!M,+%%"(+,!#*+&")"'.`!3$-*-".!$-!+%%-*)%!_#'!<-!m$42+.-:![93&#-30\!
2-+.)!.')!'.,0!)'!<-!+!$42+.!<-".1!<4)!+,%'!)'!$+F-!-7-*("%-&!'.-:%!(+/+(")0!+%!+!$42+.!
<-".1!)'!)$-!54,,-%)!)$*'41$!,-+*.".1`![!--#*'($A,/#*'#-'0/'"#!V^![VRRQ\?!VN6WP\=!
S!a+.%!L+*'.?!,-(0%#2"9(1.(6*12%-/'-%(4'B'"(53&#-'0&=(C00#D0(1-(/9%(82#-0'/'1-(.21&(E%$'%B#*(
/1(E1$%2-(8913)9/;!V!F',%=?!F',=!G![9*".(-)'.U!9*".(-)'.!g."F-*%")0!9*-%%?!GPQQ\!GSW6GSP=!
W!B!)0/-!'5!/*-6Z-5'*2!*-<-,,"'.?!+!;".&!'5!&-*"%"F-?!(0."(+,!)*+.%(-.&-.)+,"%2!)$+)!*-+()%!)'!
-F-*0!+4)$'*")0!+.&!*-F-+,%!+!/*'4&!".&"F"&4+,"%2=![C"4,"'!J+,,-%-?!_>,!mI'*1+.)-:!-!
,:+.)"42+.-%"2'!&-,!94,("?`!,/#*'"#!S=V![GPNS\U!QG6Q^?!QV\=!
!
N!
!
!
!!!!!!!!!!!
)$-"*!5+F'4*!3")$!)$-!I-&"("!(,+.e!$"%!:/#-F%(?%2(*#()'10/2#!+*-!d4%)!'.-!-7+2/,-!'5!+!
,")-*+)4*-!+"2-&!)'!+,"1.!)$-!I-&"("!5+2",0!3")$!B.("-.)!1*-+).-%%=!84*)$-*!.'*)$?!".!
9+&4+:%!%)4&"'!+.&?!/-*$+/%!)'!+!,-%%-*!-7)-.)?!".!J-."(-?!+.&!+)!)$-!')$-*!-.&!'5!)$-!
Z-.+"%%+.(-!/$",'%'/$"(+,!%/-()*42?!")!<-('2-%!+%%'("+)-&!3")$!+.&!-F"&-.(-&!<0!+!
1*'3".1!/*'(,"F")0!)'3+*&!.+)4*+,"%2!+.&!)$-!%)4&0!'5!#$'2"%)"(!+.&!B*"%)')-,"+.!<-,"-5!
%0%)-2%?!+.&!)$-!".('*/'*+)"'.!+.&!-7/,"(+)"'.!'5!%4($!<-,"-5!%0%)-2%=!I'*-!1-.-*+,,0?!
$'3-F-*?!".!<')$!/,+(-%!+%!".!')$-*!(-.)-*%!'5!"2/'*)+.)!-*4&")-!-7($+.1-?!)$-!&-5".".1!
($+*+()-*"%)"(!'5!,")-*+*0!-7+2".+)"'.!+.&!/*'&4()"'.!"%!)$-!%)4&0!+.&!+//*-("+)"'.!'5!
%0%)-2%!'5!)$'41$)!E!+.&!%)0,-!E!/+%)?!*-2-2<-*-&!+.&?!'((+%"'.+,,0?!*-".F-.)-&=!!!
Y)",,?!&-%/")-!")%!%)*'.1$',&!'F-*!2'%)!".)-,,-()4+,!+()"F")0!5*'2!)$-!,+)-!5'4*)--.)$!
(-.)4*0!'.3+*&?!a42+."%2!+%!+!1-.-*+,!/$",'%'/$0!+.&!2-)$'&','10!&'-%!.')!1'!
4.($+,,-.1-&=!]-")$-*!+*-!")%!5"*%)!'//'.-.)%!2-2<-*%!'5!)$-!53&'$'!(,+.=N!H.-!(-.)4*0!
-+*,"-*?!A4"1"!94,("?!+!(+%-!".!/'".)?!&"%/,+0%!+!%"2",+*!&"%-.1+1-2-.)!5*'2!)$-!)*-.&%!(-.)*+,!
)'!)$-!3'*;%!'5!2+.0!'5!$"%!('.)-2/'*+*"-%=!H.-!'5!94,(":%!2'%)!+.)+1'."%)"(!*-,+)"'.%$"/%!
"%?!".!5+()?!3")$!I+*%","'!8"(".'=^!94,("?!_"1.+*'!&"!,+)".'!-!&"!(,+%%"("?!.'.(4*+.)-!&-,,-!
)*+&"D"'."!)*-(-.)-%($-!n!-!,-1+)'!".&4<<"+2-.)-?!.-,!%4'!&"%/*-1"'!&"!/*'<,-2"!*-,"1"'%"?!
+*"%)')-,"('6)'2"%)"("!'!/,+)'."('65"("."+."?!+,,+!2"%(*-&-.D+!&-1,"!"%*+-,")"!5"'*-.)"."?!-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
N!#-'5",'!8',-.1'?!".!9+&'F+!+.&!J-."(-!".!)$-!GNVR%!+.&!GNSR%!"%!+.')$-*!.')+<,-!
('.)-2/'*+*0!'5!C*+DD".":%!+.&!B*-)".'![+.&!".!5*-@4-.)!('.)+()!3")$!)$-!,+))-*\!3")$!+!
%"2",+*!)$'41$!<0!.'!2-+.%!"&-.)"(+,!,")-*+*0!/*'d-()=!a-!$+%!<--.!,";-.-&?!+.&!2'*-!)$+.!
'.(-?!)'!94,("![%--?!5'*!".%)+.(-?!K-55-*%'.!L4),-*!8,-)($-*?!<'/%2#/32%(1.(/9%(,/#*'#-(
7%-#'00#-"%![]-3!f'*;U!#$-!I+(I",,+.!M'2/+.0?!GPSW\!VWS\?!+.&!$+%!<--.!(+,,-&!_)*'//'!
+.)"('*)"1"+.'?!+.)",-))-*+*"'?!+.)"(4*"+,-%('!n!/-*!.'.!F-."*-!-2+*1".+)'!&+,,:'//%)'!
%/"*")'!&-,,+!(*")"(+!+*"%)')-,"(+!-!&+,!14%)'!(,+%%"("%)"('!"2/-*+.)-`!'5!$"%!)"2-![<#(
*%//%2#/32#('/#*'#-#;(0/12'#(%(/%0/';(&"*=!&+!Z+55+-,-!I+))"',"?!9"-)*'!9+.(*+D"!-!B,5*-&'!
Y($"+55"."?!F',=!V^?!)'2'!GU!61*%-)1;(!2%/'-1;(G1-'H(8%1.'*1(61*%-)1![I",+.'U!Z"(("+*&"!-&")'*-?!
GPOô\?!_]')+!".)*'&4))"F+?`!/=!p>>>=!
^!Y--!c&'+*&'!B=!A-<+.'?!_A4"1"!94,("!+.&!A+)-!8"5)--.)$6M-.)4*0!a42+."%2!".!8,'*-.(-?`!
7%-#'00#-"%(I3#2/%2*D!VO=W![GPOW\U!WQP6PQ=!
!
^!
!
!
!!!!!!!!!!!
+,,:+F-**'"%2'!%("-.)"5"('!-!+,!.+)4*+,"%2'!/+&'F+.'`!4.&'4<)-&,0!<4))%!$-+&%!<')$!3")$!
)$-!8,'*-.)".-!+(+&-20!+*'4.&!$"2!+.&!")%!(,-+*!-2/$+%"%!'.!(,+%%"(+,!,-+*.".1?!+.&!")%!
9+&4+.!('4.)-*/+*)=O!94,(":%!/'%")"'.!3")$!*-%/-()!)'!$"%!/--*%?!+%!C"'*1"'!J+,,-%-!%--%?!")!
$+%!<--.!($+,,-.1-&!+.&?!)'!+!&-1*--?!&"%/*'F-.!%".(-!)$-!/4<,"(+)"'.!'5!$"%!+*)"(,-!".!GPNS=Q!
I'%)!%($',+*%!+1*--?!$'3-F-*?!)$+)!&-%/")-!$"%!/'%")"'.!+%!'55"("+,!3*")-*!+)!)$-!I-&"("!('4*)?!
94,("!&"%/,+0%!.'!".)-*-%)!".!/+*)"("/+)".1!54,,0!".!)$-!8,'*-.)".-!$42+."%2!%4**'4.&".1!
$"2?!+.&!".%)-+&!($''%-%!)'!5'(4%!$"%!-55'*)%?!-%/-("+,,0!.')+<,-!".!$"%!E12)#-/%;('.!)$-!
(-,-<*+)"'.!'5!)$-!_('2"('!-!<4*,-%('!&"!4'2"."!-!&:+2<"-.)"=`P!!
Z-&4(".1!)$-!/*'<,-2!'5!a42+."%2!)'!")%!F-*0!('*-?!24($!'5!)$-!)-.%"'.!<-)3--.!
3$+)!2"1$)!<-!)-*2-&!)$-!_94,("!(+2/`!+.&!")%!'//'%".1!_8"(".'!(+2/`!,".1-*%!3-,,!<-0'.&!
)$-!&-+)$%!'5!<')$!+4)$'*%!+.&!".5,4-.(-%!)$-!2'F-2-.)?!*-1*'4/".1?!+.&!2')"F-%!'5!
3*")-*%!5'*!1-.-*+)"'.%=!#$-!-+*,0!%"7)--.)$!(-.)4*0!%--%!+!/*',"5-*+)"'.!'5!>)+,"+.!
+(+&-2"-%!)$+)!'.,0!<-('2-%!2'*-!/*'.'4.(-&!3")$!)"2-=!#$'41$!<0!.'!2-+.%!+!.-3!
('.(-/)?!)$-!>)+,"+.!+(+&-20!+%!'5)-.!%;-/)"(+,!_+.)"6".%)")4)"'.+,!".%)")4)"'.`!<-('2-%!
".(*-+%".1,0!/'/4,+*!)'3+*&!)$-!-.&!'5!)$-!5"5)--.)$!(-.)4*0!".!2+.0!3*")-*%:!)4*.!+3+0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
O!>1.'*+.)!'5!A+)".!+.&!)$-!(,+%%"(%?!$--&,-%%!'5!)$-!)*+&")"'.%!'5!)$-!#*-(-.)'!n!+.&?!".!$"%!
('.)-2/)!'5!+*"%)')-,"(6)$'2"%)"(!'*!/,+)'."(65"("."+.!*-,"1"'4%!@4-%)"'.%?!4.&-."+<,0!)"-&!)'!
)$-!"**-,"1"'4%.-%%!'5!)$-!8,'*-.)".-!>%*+-,")-%?!)'!%("-.)"5"(!+F-**'"%2?!+.&!)'!9+&4+.!
.+)4*+,"%2=![J+,,-%-!QS=\!
Q!%--!9+','!H*F"-)'?!>3*"'(&%$'%B#*%![Z'2+?!Y+,-*.'!-&")*"(-?!GPOQ\=!9+','!H*F"-)'?!".!$"%(
GPOQ!<'';!>3*"'(&%$'%B#*%?!"&-.)"5"-%!+!.42<-*!'5!2-&"-F+,!/1?1'!".5,4-.)"+,!)'!94,(":%!
E12)#-/%;($"%!2'%)!(+.'."(+,!/'-2?!+.&!'4),".-%!)$-!3+0%!".!3$"($!)$-0!+*-!2'&"5"-&!+.&!
)*+.%5'*2-&!".!)$"%!('.)-7)=!>.&--&?!J+,,-%-:%!(,+"2!)$+)!)$-!E12)#-/%(3+%(/"-(-&!)'1-)$-*!
+.&!".%/"*-&!<0!_2')"F"!(+F+,,-*-%($"!($-!)*'F+F+!*'DD+2-.)-!+11*4//+)"!'!".1-.4+2-.)-!
/+*"'&+)"!".!(+.)+*"!+.'."2"`!%/-+;%!+%!24($!)'!94,(":%!)4*.!)'!2-&"-F+,!2'&-,%!".!$"%!
3*")".1!+%!24($!)'!$"%!+//*-("+)"'.!5'*!%'4*(-%!'5!/'/4,+*!-.)-*)+".2-.)!*+)$-*!)$+.!
-*4&")-!-7+2/,-=!
P!)$-!('2"(!+.&!<4*,-%@4-!q/*'/-*)"-%r!'5!2-.!+.&!q)$-"*r!-.F"*'.2-.)%![J+,,-%-!QS6QW=!8'*!
2'*-!'.!94,(":%!+//*-("+)"'.!'5!)$-!<4*,-%@4-!+.&!)$-!1*')-%@4-?!%--!I+*;!T+F"-?!_A4"1"!
94,(":%!:/#-F%(?%2(*#()'10/2#U!J-*%-!+.&!9*'%-!B(('4.)%!'5!+!8,'*-.)".-!K'4%)!'5!GW^P?`!,/#*'#-(
:/3$'%0!WW![GPQP\U!WG6NQ\=!
!
O!
!
!
!!!!!!!!!!!
5*'2!)$-!5'*2+,!0/3$'1=GR!>.!2'%)!-+*,0!(+%-%?!)$-%-!+*-!".5'*2+,!(',,-()"'.%!'5!,";-2".&-&!
".&"F"&4+,%!3'*;".1!)'3+*&!+!('22'.!1'+,!.')!+,3+0%!-7/,"("),0!'*!'F-*),0!+*)"(4,+)-&=!
A+)-*?!+.&!3")$!)$-!(*-+)"'.!'5!)$-!,-.'#&&#/'!+.&!,+)-*!%)",,?!6'12%-/'-#?!)$"%!)-*2!)+;-%!'.!
2'*-!($+*1-&!"2/,"(+)"'.%=!!
B.."<+,-!M+*'?!I+))-'!8*+.D-%"?!+.&!8*+.(-%('!L-*."!".!Z'2-?!$'3-F-*?!2"1$)!<-!
('.%"&-*-&!+!/*"2+*0!-7+2/,-!'5!)$-!5'*2-*!;".&!'5!+(+&-20e!+,,!+&$-*-.)%!)'!)$-!_94,("!
(+2/`!+.&!('.(-*.-&!3")$!)$-!('2"(?!*-+,"%)"(?!+.&!<4*,-%@4-?!)$-"*!,")-*+*0!/*'&4()"'.!"%!
&-5".-&!".!)-*2%!.')!'.,0!'5!-+($!')$-*?!<4)!'5!)$-"*!(',,-()"F-!*-%"%)+.(-!)'!('2/-)".1!
)*-.&%!+*'4.&!)$-2=!#'3+*&!)$-!-.&!'5!)$-!GNVR%?!)$-0!+.&!')$-*!2-2<-*%!'5!)$-"*!
4.'55"("+,!%-()!('2-!".)'!('.)+()!+.&!*-14,+*!('.F-*%+)"'.!3")$!/'(;-)%!'5!.31230"'/'!
%($',+*%U!2-.!'5!,-))-*%!-7/-,,-&!F',4.)+*",0!'*!<0!5'*(-!5*'2!)$-"*!.+)"F-!8,'*-.(-!+.&!".!
('.%)+.)!)*+.%")!+2'.1!>)+,0:%!2'%)!"2/'*)+.)!('4*)%!+.&!(4,)4*+,!(-.)-*%?!-F-.)4+,,0!
%-)),".1!".!')$-*?!2'*-!'*1+."D-&!+(+&-2"-%!)$-*-=!I'%)!5+2'4%!+2'.1!)$-2!"%!L-.-&-))'!
J+*($"?!3$'?!)*+F-,".1!5*-@4-.),0!<-)3--.!9+&4+!+.&!8,'*-.(-?!,+)-*!<-('2-%!)$-!,0.($/".!
".!)$-!+%%'("+)"'.!<-)3--.!)$-!+(+&-2"-%!4.&-*!-7+2".+)"'.!5'*2-&!)$-*-=!H)$-*%!.')+<,0!
".(,4&-!9"-)*'!B*-)".'!+.&!A'&'F"('!T',(-!".!J-."(-?!+,'.1%"&-!.+)"F-!'5!)$-!J-.-)'?!
Y/-*'.-!Y/-*'."=GG!#$"%!('.F-*%+)"'.!".!2+.0!3+0%!5+(",")+)-%!)$-!('.%-@4-.(-%!)$+)!
.+)4*+,,0!5',,'3!")=!#$-!_5*--,+.(-`!.31230"'/'!%''.!+,%'!<-('2-!&"F"&-&!'.!)$-!"%%4-!'5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GR!%--!M=Y=!M-,-.D+?!_B(+&-20?`!".!B=!C*+5)'.?!C=!I'%)?!+.&!Y=!Y-))"%?!-&%=?!89%(4*#00'"#*(
82#$'/'1-![M+2<*"&1-U!a+*F+*&!g."F-*%")0!9*-%%?!VRGR\!G6S=!#$-*-?!M-,-.D+!)*+(-%!)$-!
$"%)'*0!'5!)$-!)-*2!5*'2!")%!-+*,"-%)!4%-!3")$!9,+)'!)'!)$-!GP)$!(-.)4*0!+.&!'4),".-%!")%!
F+*"'4%!&-5".")"'.%=!M$"-5!+2'.1!)$-2!+*-!)$-!('.(-/)"'.!'5!)$-!+(+&-20!+%!+!%4<%)")4)"'.!
5'*!".%)")4)"'.+,"D-&!,-+*.".1?!+.&!+%!+!/*'5'4.&,0!%;-/)"(+,!+%%-2<,0!'5!".&"F"&4+,%!E!+,%'!
".!9,+)'."(!)-*2%=!!
GG!Y=!A'.1$"?!_A+!/'-%"+!<4*,-%(+?!%+)"*"(+?!&"&+%(+,"(+`!".!E#-3#*%($'(<%//%2#/32#(,/#*'#-'H(
:/12'#(?%2()%-%2'(%(?21J*%&';(F',=!V?!G#*("'-@3%"%-/1(#**#(&%/K($%*(0%//%"%-/1?!+!(4*+!&"!8*+.('!
L*"'%($"!-!M'%)+.D'!T"!C"*',+2'![#'*".'U!L',,+)"!L'*".1$"-*"?!GPPW\!VPS6!SRW=!
!
Q!
!
!
!!!!!!!!!!!
a42+."%2!+.&!)$-!/*'2')"'.!'5!$42+."%)!)$'41$)!+.&!+()"F")0=!Y'2-?!+.&!/-*$+/%!)$-!
,+*1-*!/+*)?!%--!".!M+*':%!+.&!L-*.":%!,")-*+*0!*-.-3+,!'5!)$-!<4*,-%@4-!+.!'//'*)4.")0!5'*!
"..'F+)"'.!<-0'.&!)$-!('.5".-%!'5!)$-!<0!)$-.!(-.)4*"-%6',&!$42+."%2!)'!3$"($!)$-0!$+F-!
<-('2-!+((4%)'2-&=!H)$-*%!F"-3!")!+%!+!2-*-!&"%)*+()"'.!5*'2!2'*-!"2/'*)+.)!,")-*+*0!+.&!
/$",'%'/$"(+,!2+))-*%!2'*-!3'*)$0!'5!".)-,,-()4+,!2-.=!
#$"%!1*'3".1!2'F-2-.)!)'3+*&!#-/'6$42+."%2?!)$-.?!'.,0!%'2-3$+)!%4((-%%54,?!
,+*1-,0!&-5".-%!)$-!".)-*+()"'.%!+.&!(-.)*+,!('.(-*.%!'5!2+.0!'5!)$-!-+*,0!%"7)--.)$!
(-.)4*0:%!+(+&-2"-%!+.&!+(+&-2"(!,-+&-*%=!>)!"%!+)!)$-!('*-!'5!)$-!('.5,"()?!+,<-")!2'%),0!
+*)"5"("+,?!+%!3",,!<-!%$'3.?!<-)3--.!)$-!,-.'#&&#/'!+.&!)$-!53&'$'=!c+($!5+.("-%!")%-,5!+!
/"'.--*!".!")%!5"-,&=!L4)!)$-!,-.'#&&#/':%!".%"%)-.(-!'.!B*"%)')-,"+.!+.&!9)','2+"(!)-+($".1!
+.&!"2")+)"'.!'5!(,+%%"(+,!2'&-,%!+.&!)*'/-%!<')$!".!*$-)'*"(!+.&!".!)$-+)*-!%--2!'4)&+)-&!
)'!)$-!53&'$'?!($"-5!+2'.1!)$-2!B.)'.5*+.(-%('!C*+DD"."?!3$'%-!/,+054,!-7($+.1-!'5!F-*%-!
".!*-+()"'.!+1+".%)!)$-!$42+."%)!("*(,-%!+*'4.&!)$-2!('2-%!+(*'%%!)'!)$-!,-.'#&&#/'!+%!
5*"F','4%!+.&!%$+,,'3=!Y4/-*5"("+,,0?!)$-%-!1*'4/%!%--2!-.)"*-,0!+.&!-7(,4%"F-,0!+)!'&&%!
3")$!-+($!')$-*?!<')$!".!)-*2%!'5!/4*/'%-!+.&!'5!%)0,-=!#$-!("*(42%)+.(-%!,-+&".1!4/!)'!+.&!
%4**'4.&".1!)$-!(*-+)"'.!'5!)$-%-!+(+&-2"-%?!$'3-F-*?!%411-%)!+!2'*-!('2/,"(+)-&!
*-,+)"'.%$"/!<-)3--.!)$-2e!".&--&?!2+.0!2-2<-*%!'5!)$-!,-.'#&&#/'!E!%'2-!/+*)!'5!")%!
5'4.&".1!("*(,-!E!3-*-?!+)!'.-!)"2-!'*!+.')$-*?!+,%'!2-2<-*%!'5!)$-!+&'$'=GV!!B%!3-,,?!)$-!
%"1."5"(+.)!'F-*,+/!'5!2-2<-*%!<-,'.1".1!)'!<')$!+(+&-2"-%!+.&!)$-"*!,")-*+*0!/*'&4()"'.!
".&"(+)-%!+.!+)!,-+%)!'((+%"'.+,!"5!.')!('.%"%)-.),0!%$+*-&!".)-*-%)!".!%"2",+*!,")-*+*0!1-.*-%=!!
>.&--&?!+!(,'%-*!*-+&".1!'5!)$-"*!3'*;%!".!*-,+)"'.!)'!-+($!')$-*!+.&!)'!')$-*%!)$+)!
5',,'3!*-F-+,%!+!24($!*"($-*!+.&!2'*-!('2/,-7!*-,+)"'.%$"/!<-)3--.!)$-%-!)3'!1*'4/%=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GV!J+*($"!3+%!'.-!'5!)$-%-=!>.)-*-%)".1,0?!$"%!/%-4&'.02!3")$".!)$-!!""#$%&'#($%)*'(+&'$'!
3+%!_A:>.5"+22+)'=`!
!
P!
!
!
!!!!!!!!!!!
L')$!".!('**-%/'.&-.(-!+.&!".!+*)"%)"(!3'*;%?!%'2-!)$-+)*"(+,?!)$-%-!+4)$'*%!-.)-*!+!
&'(42-.)-&!_1"'('!&"!/*'/'%)-!-!*"%/'%)-`GS!3$"($!".!2+.0!3+0%!.')!'.,0!*-%$+/-%!)$-!
,")-*+*0!,+.&%(+/-!'5!)$-"*!)"2-?!<4)!+,%'!($+,,-.1-%!)$-!/4*/'%-%!+.&!,"2")+)"'.%!'5!)$-!
+(+&-2"-%!)'!3$"($!)$-0!<-,'.1!+.&!'5!+(+&-2"(!'*1+."D+)"'.%!2'*-!1-.-*+,,0=GW!C*'3".1!
'4)!'5!+.&?!+)!)"2-%?!+3+0!5*'2!)$-!$42+."%)!)*+&")"'.!)$+)!".5'*2%!)$-!,+*1-%)!/'*)"'.!'5!
)$-"*!/*'&4()"'.?!)$-0!-F-.)4+,,0!1-.-*+)-!+!,")-*+)4*-!)$+)!&-("%"F-,0!<*-+;%!3")$!/*-F"'4%!
,")-*+*0!2'&-,%!+.&!$-+F",0!".5,4-.(-%!)$-!,")-*+*0!/*'&4()"'.!'5!)$-!5',,'3".1!(-.)4*"-%?!+,,!
)$-!3+0?!".&--&?!4.)",!)$-!-+*,0!]'F-(-.)'=!>.!')$-*!3'*&%?!)$-!*"F+,*0!<-)3--.!)$-!
,-.'#&&#/'(+.&!)$-!+&'$'!+(+&-2"-%!4.$".1-%!'.-!'5!)$-!.'*1-'(2100'!'5!>)+,"+.!,")-*+)4*-!
4.)",!)$-.!+.&?!*-%$+/".1!")?!*-(0(,-%!")!".!+!.-3!5'*2!2'*-!+((-%%"<,-!)'!54)4*-!1-.-*+)"'.%!
'5!3*")-*%=!
#$-!%--&%!'5!)$"%!)*+.%5'*2+)"'.!,"-!".!)3'!%-/+*+)-!<4)!*-,+)-&!5"-,&%!'5!".)-*-%)!)'!
)$-!Z-.+"%%+.(-!3*")-*=!#$-!5"*%)?!+.&!+!)*"<4)-!)'!$42+."%)!-&4(+)"'.?!"%!)$-!%)4&0!'5!'*!
1-.-*+,!/*-'((4/+)"'.!3")$!)$-!5'4*!-+*)$,0!-,-2-.)%!+.&!<'&",0!$42'4*%?!3$"($!,-.&%!
")%-,5!)'!<')$!+(+&-2"-%:!.+2-%=!#$-!%)4&0!'5!)$-!$42'4*%!/*-&+)-%!-F-.!)$-!-+*,"-%)!
*-('*&-&!+(+&-2"(!+()"F")0?!+.&!<-1".%!3")$!C+,-.:%!+.&!a"//'(*+)-%:!%)4&"-%!+.&!<-,"-5!".!
$42'4*+,!<+,+.(-=!#'!<')$!-+*,0!2-&"(+,!)$-'*"%)%?!+!/*'/-*!<+,+.(-!'5!<,''&?!0-,,'3!<",-?!
<,+(;!<",-?!+.&!/$,-12!".!+!$42+.!<'&0!/*'2')-%!'F-*+,,!$-+,)$?!<4)!+.!-7(-%%!'5!+.0!'5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GS!C+2-!'5!/*'/'%")"'.%!+.&!*-%/'.%-%!
GW!><"&?!VPN=!H.!)$-!@4-%)"'.!'5!)$-!)-*2!#"#$%&D(2'*-!1-.-*+,,0?!%--!M=Y=!M-,-.D+?!
_B(+&-20?`!".!B=!C*+5)'.?!C=!I'%)?!+.&!Y=!Y-))"%?!-&%=?!89%(4*#00'"#*(82#$'/'1-![M+2<*"&1-U!
a+*F+*&!g."F-*%")0!9*-%%?!VRGR\!G6S=!#$-*-?!M-,-.D+!)*+(-%!)$-!$"%)'*0!'5!)$-!)-*2!5*'2!")%!
-+*,"-%)!4%-!3")$!9,+)'!)'!)$-!GP)$!(-.)4*0!+.&!'4),".-%!")%!F+*"'4%!&-5".")"'.%![2'%)!
".)-*-%)".1,0!)'!20!/4*/'%-%!)$-!.4+.(-&!2-+.".1%!)$-!)-*2!$-,&!".!)$-!5"5)--.)$!+.&!
%"7)--.)$!(-.)4*"-%\!5*'2!)$-!-7/*-%%"'.!'5!,";-2".&-&.-%%!)'!)$-!/$0%"(+,!1+)$-*".1!/,+(-!
'5!+!1*'4/!'5!".)-,,-()4+,%=!X$+)!"%?!>!)$".;?!-%%-.)"+,!)'!*-)+".!".!)$-!('.)-7)!'5!)$"%!/+/-*!"%!
)$-!)-.&-.(0?!+%!M-,-.D+!.')-%!")?!'5!Z-.+"%%+.(-!$42+."%)%!+.&!,+)-*!)'!5'*2!+(+&-2"-%!".!
'*&-*!)'!+F'"&!'*!%4<%)")4)-!3")$!)$-2!".%)")4)"'.+,"D-&!,-+*.".1![V\=!
!
GR!
!
!
!!!!!!!!!!!
)$-%-!-.)+",%!&*+%)"(!$-+,)$!('.%-@4-.(-%!'.!")%!F"()"2?!5-,)!/$0%"(+,,0!+%!3-,,!+%!2-.)+,,0!
+.&!-2')"'.+,,0=!>)+,"+.!,")-*+)4*-!5*'2!)$-!T4-(-.)'!'.3+*&!%--%!+!$"1$!('.(-.)*+)"'.!".!
,")-*+)4*-!".5,4-.(-&!/*"2+*",0!<0!)$-!%4*/,4%!'5!'.-!'5!)$-%-!5'4*!$42'4*%?!<,+(;!<",-?!+.&!
)$-!('.&")"'.!")!1-.-*+)-%U!2-,+.($',0=!#$"%!,")-*+)4*-?!/-*$+/%!<-%)!-7-2/,"5"-&!<0!
9-)*+*($!".!$"%!7%23&(B3*)#2'3&(.2#)&%-/#?!"%!($+*+()-*"%)"(+,,0!,0*"(+,?!".)*'%/-()"F-?!+.&!
-@4"F'(+,=!8'*!(-.)4*"-%?!5*'2!T+.)-!)'!8"(".'?!2-,+.($',0!+%%42-%!+!(-.)*+,!/'%")"'.!".!
+*)"%)"(!/*'&4()"'.!+.&!"22-&"+)-,0!<-('2-%!+%%'("+)-&!3")$!)$-!1-."4%!'*!)$-!2+.!'5!
1*-+)!".)-,,-()=!L4)!)$-!%'("+,!(,"2+)-!%4**'4.&".1!)$-!,-.'#&&#/'!+.&!)$-!53&'$'!+%!3-,,!+%!
)$-"*!".$-*-.)!+.)+1'."%2!)'3+*&!-+($!')$-*!,-.&%!")%-,5!)'!+!&"55-*-.)!;".&!'5!,")-*+*0!
)$'41$)!".5,4-.(-&!<0!+!%-*"-%!'5!$42'4*+,!*-,+)"'.%!)$+)!54.&+2-.)+,,0!/'".)!)'!)$-!
,")-*+*0!&'2".+.(-!'5!+.')$-*!'5!)$-!5'4*!$42'4*%?!0-,,'3!<",-?!+.&!")%!+%%'("+)-&!&"%-+%-?!
($',-*=!B)!)$-!('*-!'5!)$"%!%3")($?!+%!>!3",,!+*14-?!"%!+!%4%)+".-&!d-+,'4%0!+2'.1!*"F+,".1!
+(+&-2"(%=!B!%02/)'2!'5!)$-!($',-*"(!)*+&")"'.!+%!3-,,!+%!+!('.%-@4-.(-!'5!,")-*+*0!&-<+)-?!
)$"%!d-+,'4%0?!+%!+!%4<%-)!'5!,'F-?!<-('2-%!+!/*".("/+,!/'".)!'5!&"%(4%%"'.!+2'.1!+(+&-2"(%!
".!)$-"*!'.1'".1!3+*!'5!3'*&%=!!!
>.&--&?!".!)$-!%'("+,!&"2-.%"'.!'5!-+*,0!%"7)--.)$!(-.)4*0!("*(4,+)"'.!'5!"&-+%!,"-%!)$-!
%-('.&!%--&!'5!3$+)!>!%411-%)!)'!<-!)$-!&-5".")"F-!,")-*+*0!)*+.%5'*2+)"'.!")!".)*'&4(-%=!#$-!
*-<"*)$!'5!_*-+,"%2`!".!+!.-3?!%'("+,!%/$-*-?!3$-*-!%/-()+)'*!/+*)"("/+)"'.!"%!d4%)!+%!
.-(-%%+*0!)'!)$-!%4((-%%54,!".)-*/*-)+)"'.!'5!+!3'*;!'5!+*)!+%!)$-!".&"F"&4+,!+4)$'*:%!%;",,!
5+()'*%!$-+F",0!".)'!)$-!/*'&4()"'.!'5!)-7)%!+.&!/-*5'*2+.(-%!.'!,'.1-*!('.(-*.-&!3")$!
&-)+($-&!".)*'%/-()"'.?!<4)!3")$!%'("+,!".)-*+()"'.=!>.!)$"%!<4&&".1!2","-4!'5!".(*-+%".1!
".)-,,-()4+,!-7($+.1-!.')!'.,0!3")$".!".&"F"&4+,!+(+&-2"-%!<4)!+2'.1!)$-2?!)$-!_/*'1-))'!
&-,,:"'`!*-.&-*-&!5+2'4%!<0!&-%-*)!2'.;%!+.&!)$-"*!,+)-*!%-(4,+*!5',,'3-*%!@4"(;,0!1"F-%!
!
GG!
!
!
!!!!!!!!!!!
3+0!)'!+!%/-()+(4,+*!_/*'1-))'!&:".)*+))-."2-.)'!&-,,:+,)*'`!3$'%-!/*"2+*0!54.()"'.!"%!)'!
-.)-*)+".!")%!/4<,"(?!'5)-.!".!)$-!2'%)!*"<+,&!5+%$"'.=!X$+)!)$-!,")-*+)4*-!'5!)$"%!/-*"'&!
3").-%%-%?!)$-.?!"%!+!($+.1-!".!_2''&`!E!5*'2!2-,+.($',"(!)'!($',-*"(?!5*'2!/*"F+)-!)'!/4<,"(!
E!)$-!-55-()%!'5!3$"($!,".1-*!3-,,!<-0'.&!)$-!-F-.)4+,!(',,+/%-!'5!)$-!,-.'#&&#/'!+.&!
53&'$'(("*(,-%=!
#$"%!($+.1-!'5!_2''&`!"%!+,%'!".F+*"+<,0!,".;-&!)'!)$-!+(+&-2"(%:!('.)*"<4)"'.!)'!
%/-("5"(!,")-*+*0!1-.*-%!E!)$-!_1$"*"<"DD'?`!+.&!)$-!_1*')-%@4-`!6!*'')-&!".!)$-!<4*,-%@4-!
)*+&")"'.!2'*-!)$+.!'.(-!@4+,"5"-&!+%!_(+/*"("'4%U`!+!%)0,-!)$+)!/*-%-.)%!")%-,5?!+)!,-+%)!
)$*'41$!/'-)*0?!+%!+!1-.*-!'5!_)$".1%`!*-+()".1!+1+".%)!)$-!_3'*&%`!/*"F",-1-&!<0!)$-!,0*"(!
)*+&")"'.=GN!#$"%!'//'%")"'.!'5!)$-!('.(*-)-!)'!)$-!)$-'*-)"(+,!"%!.')!.-3!)'!+(+&-2"(%!".!
-")$-*!("*(,-=!>)!<-('2-%?!$'3-F-*?!+!;-0!-,-2-.)!'5!)$-"*!".)-*+()"'.e!)$-!_(+/*"(("'`!3")$!
3$"($!")!"%!('.(-*.-&!'F-*!)$-!('4*%-!'5!)$-!-+*,0!)'!2"&!%"7)--.)$!(-.)4*0!%)-+&",0!1*'3%!
".)'!+!&"%)".()!+*)"%)"(!%)0,-!)$+)!*"F+,%!")%!-@4"F+,-.)!".!)$-!F"%4+,!+*)%!+.&!)$+)!<-('2-%!
".(*-+%".1,0!+%%'("+)-&!3")$!)$-!('2/'%")"'.!.')!'.,0!'5!_*-+,"%)"(`!)-7)%?!<4)!'5!
_$42'4*'4%`!)-7)%=G^!!
#$"%!&-%"1.+)"'.!E!_$42'4*'4%`!E!-.d'0%!+!F+*"-)0!'5!*-,+)-&!%"1."5"(+.(-%=!B)!")%!
2'%)!%)*+"1$)5'*3+*&?!")!*-5-*%!)'!,")-*+)4*-!+"2".1!'.,0!)'!-.)-*)+".!<0!3+0!'5!,+41$)-*=!L4)!
$"%)'*"(+,,0?!")!+,%'!/'".)%!)'!+.0!,")-*+*0!/*'&4()"'.!+)!+,,!('.(-*.-&!3")$!'*!&'2".+)-&!<0!
)$-!".5,4-.(-!'5!+.0!'5!)$-!5'4*!$42'4*%?!)$-!/+%%+1-!5*'2!'.-!)'!+.')$-*?!'*!)$-!
".)-*+()"'.!+2'.1!)$-2=!94%$".1!+$-+&?!")!,'';%!5'*3+*&!)'!+.&!)'!%'2-!&-1*--!+.)"("/+)-%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GN!_>!"#?2'""'!-!,-!.#-/#0'%!<4*,-%($-!%"!/*-%-.)+.'!('2-!/'-%"+!&-,,-!m('%-:!('.)*'!,-!m/+*',-:!
4%4*+)-!&-,,+!)*+&"D"'.-!,"*"(+`![A'.1$"!VP^\e!5'*!".5'*2+)"'.!'.!)$-!"#?2'""'1?!2+..-*"%2?!
+.&!+.)"6(,+%%"(+,!)$'41$)?!%--!Z-".$',&!C*"22?!_8*'2!M+,,')!)'!L4)'*=!c=#=B=!a'552+.!+.&!
)$-!#*+&")"'.!'5!)$-!M+/*"(("'?`!E<L(PS=S![GPOQ\!SPP6WGN=!
G^!B%!3",,!<-!%--.!,+)-*?!I"($-,+.1-,'!L4'.+*'))"!"%!)$-!/*"2+*0!-7+2/,-!'5!%"7)--.)$6
(-.)4*0!(+/*"(("'?!2'%)!/+*)"(4,+*,0!".!$"%!*-/*-%-.)+)"'.!'5!.4&-%=!
!
GV!
!
!
!!!!!!!!!!!
3$+)!3",,!,+)-*!('.%)")4)-!)$-!(*47!'5!A4"1"!9"*+.&-,,':%!GPRQ!)$-'*0!'5!$42'4*"%2!)$+)!
%$+*-%!")%!*'')=!
#$-!<*"&1-!5*'2!%"7)--.)$!)'!.".-)--.)$!(-.)4*0!$42'4*!"%?!>!)$".;?!,'(+)-&!".!)$"%!
F-*0!('.(-/)!'5!)$-!(+/*"(("'e!")!"%!3'*)$!)+;".1!+!%$'*)!&-)'4*!$-*-?!)'!*-(+,,!<')$!
9"*+.&-,,':%!-+*,0!VR)$!(-.)4*0!3&12'0&1!+.&!)$-!_(+/*"(("'%'`!%)0,-!'5!3*")".1!)$+)!"%!<'*.!
+.&!)+;-%!%$+/-!/*-("%-,0!".!)$-!GNSR%!+,'.1%"&-!)$-!5'*2+)"'.!'5!)$-!+(+&-2"-%!".!
@4-%)"'.=!89%(C-"'"*1?%$'#('/#*'#-#($'(0"'%-F%;(*%//%2%(%$(#2/'!(+,,%!_",!(+/*"(("'`!)$-!(-.)*+,!
-,-2-.)!'5!9"*+.&-,,':%!<*+.&!'5!$42'4*"%2!E!+.!".)-*/*-)"F-!(+)-1'*0!2'%)!%+,"-.),0!+.&!
/+*)"(4,+*,0!%"1.+,-&!<0!_",!%'**"&-*-!".!2-DD'!+,,-!,+(*"2-`!".)-*/*-)+<,-!3")$".!+!)-7)!
<-,'.1".1!)'!")=GO!M-.)4*"-%!<-5'*-!9"*+.&-,,':%!)$-'*0?!$'3-F-*?!)$-!_(+/*"(("'`!&-F-,'/%!".!
>)+,0!5"*%)!+%!+!,")-*+*0!+*)!5'*2?!)$-.!)+;-%!'55!+!(-.)4*0!,+)-*!+%!+!1-.*-!/*"2+*",0!
+%%'("+)-&!3")$!F"%4+,!+*)%?!+.&!,+)-*!%)",,!3")$!24%"(=!#$'41$!")!("*(4,+)-%!<0!F+*"'4%!
2-+.%?!)$-!3'*&!")%-,5!".!)$-!('.)-7)!'5!G^)$6(-.)4*0!>)+,0!"%!*-.&-*-&!2'%)!5+2'4%!<0!")%!
+//-+*+.(-!".!J+%+*":%!<'B%0!+.&!)$-!,-))-*%?!,+)-*!+//-.&"7-&?!/*-(-&".1!)$-2=!#'!<-!%4*-?!
J+%+*":%!4%-!'5!)$-!)-*2!_(+/*"(("'`!"%!<0!.'!2-+.%!'.-6&"2-.%"'.+,?!.'*!('4,&!")!$+F-!<--.=!
>)%!2-+.".1%?!)$-!2'%)!.-1+)"F-!+2'.1!)$-2!".$-*")-&!5*'2!2-&"-F+,!)*-+)"%-%?!*+.1-&!
5*'2!+!3$"2%"(+,!5,"1$)!'5!5+.(0!)'!)$-!/*'&4()!'5!&"F".-!".%/"*+)"'.!E!)$-!5-F-*"%$!.3212?!".!
.-'69,+)'."(!)$'41$)?!%'!(-.)*+,!)'!+*)"%)"(!1-."4%=!J+%+*":%!-2/,'02-.)!'5!)$-!)-*2?!)$-.?!"%?!
+(('*&".1,0?!('2/,"(+)-&!/*'/'*)"'.+)-,0!)'!")%!".(*-+%".1,0!+(@4"*-&!($+*1-%=GQ!#$'41$!$"%!
2'%)!.4+.(-&!4%-!'5!")!'((4*%!'.,0!".!)$-!GN^Q!-&")"'.!'5!$"%!<'B%0?!$'3-F-*?!_(+/*"(("'`!
5"*%)!+//-+*%!".!)3'!'5!$"%!,-))-*%!&+)-&!GNSV!+.&!GNSW?!+.&!".!<')$?!*-5-*%!.')!)'!+!F"%4+,?!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GO!Z'2+U!>%)")4)'!C"'F+.."!#*-((+."?!GPVP6GPSP?!ÔG6ÔV=!
GQ!I"($-,+.1-,'!"%!'5)-.!(")-&!+%!+.!+*)"%)!3$'%-!_(+/*"(("'`!"%!2'%)!(,'%-,0!,".;-&!)'!.-'6
9,+)'."(!+*)"%)"(!5*-.D0=!8'*!'.-!%4($!-7+2/,-?!%--!9+)*"("+!c2"%'.?!_#$-!,)-3$1!+%!9*')'6
4#?2'""'1?`!M12$(#-$(,&#)%!GW=S![GPPQ\!VQG6VPN=!
!
GS!
!
!
!!!!!!!!!!!
<4)!E!")!<-+*%!/+4%-!E!)'!+!J32*%0@3%!,")-*+*0!%'4*(-=GP!>.&--&?!)$-!"#?2'""'1!3+%!&--2-&!
<')$!+!(-.)*+,!)-.-)!'5!<4*,-%@4-!+.&!_*-+,"%)"(`!,")-*+)4*-!+.&!)$-!F-*0!&-5".".1!
($+*+()-*"%)"(!'5!)$-!1*')-%@4-=!H.-!.--&!'.,0!)$".;!'5!C"'F+.!L+))"%)+!C-,,":%!GNW^!,(
"#?2'""'($%*(J1//#'1!)'!<-!*-2".&-&!'5!)$-!)-*2:%!"22-&"+)-!+.&!-7/,"(")!+//,"(+)"'.!)'!)$-%-!
"**-F-*-.)!1-.*-%=!!
>.!$-*!GPQR!+*)"(,-?!_A-!(+/*"(("'!&+.%!,-%!,-))*-%!")+,"-..-%?`!)$-!,+)-!B,"(-!Z+)$s!
2+;-%!%-F-*+,!(*")"(+,!'<%-*F+)"'.%!'.!G^)$6(-.)4*0!_(+/*"(("'?`!+.&!.')!,-+%)?!'.!")%!(,'%-!
)"-%!)'!)$-!3'*;%!'5!C-,,"!+.&!$"%!,";-62".&-&!/--*%=VR!a-*!3'*;!$-*-!"%!%-2".+,!5'*!+!
.42<-*!'5!*-+%'.%!+.&!)''!2+.0!-7$+4%)"F-,0!)'!+(;.'3,-&1-=!I'%)!"2/'*)+.),0?!")!
-%)+<,"%$-%!+!F-*")+<,-!5*+2-3'*;!5'*!)$-!%)4&0!'5!+.!>)+,"+.!_%(4',+!(+/*"(("'%+`!!6!
&-,"<-*+)-,0!5+%$"'.-&!6!+.&!")%!".5,4-.(-!'.!.')!'.,0!>)+,"+.!<4)!+,%'!8*-.($![+.&?!+%!C*"22!
$+%!.')-&?!C-*2+.\!<+*'@4-!+*)"%)"(!/*'&4()"'.=!Z+)$s!,'(+)-%!)$-!.-74%!'5!_(+/*"("'4%`!
+()"F")0!".!8,'*-.(-?!J-."(-?!+.&!Z'2-?!+.&!(+,(4,+)-%!)$-!2'2-.)!'5!")%!/*"2+*0!
/*'&4()"'.!<-)3--.!GNSN!+.&!GNNR=!Y$-!"&-.)"5"-%!+%!")%!2+d'*!+4)$'*%!%'2-!+,*-+&0!
/*-F"'4%,0!2-.)"'.-&!+.&!')$-*%!.')!@4")-!+%!(-,-<*+)-&?!+2'.1!)$-2!B.)'.!8*+.(-%('!
T'."?!8*+.(-%('!Y+.%'F".'?!+.&!A4"1"!#+.%",,'=!X$+)!%$-!,-+F-%!4.%)+)-&!"%!)$-!<-,'.1".1!'5!
-+($!'5!)$-!+<'F-!+4)$'*%!-")$-*!)'!)$-!!""#$%&'#($%)*'(+&'$'!'*!)'!")%!)3".!+.&!*"F+,?!)$-!
!""#$%&'#($%)*'(,-.'#&&#/'=!
B)!)$-!$-+*)!'5!")%!&-5".")"'.?!_(+/*"("'4%`!*-5-*%!)'!+!%4&&-.!($+.1-!".!2''&!E!'*?!
/-*$+/%!<-))-*?!$42'4*=!Z+)$s!5+",%!)'!+(('4.)!5'*!E!<4)!,-+F-%!'/-.!)'!".)-*/*-)+)"'.!E!
<')$!)$-!,".;!<-)3--.!)$-!"#?2'""'1!+.&!")%!&-F-,'/2-.)!3")$".!)$-%-!%411-%)"F-,0!.+2-&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GP!Y--!B,"(-!Z+)$s?!_A-!M+/*"(("'!&+.%!,-%!s(*")%!&-!J+%+*"?`!,/#*'"#!NO=W![GPQR\!VSP6VNW?!/=!
VWR=!H.!J+%+*":%!4%-!+.&!".)-*/*-)+)"'.!'5!_(+/*"(("'?`!%--!+,%'!9+4,!L+*',%;0?!_M-,,"."?!
J+%+*"?!+.&!)$-!I+*F-,%!'5!I+,+&0?`!89%(:'N/%%-/9(4%-/32D(O132-#*!VW=G![GPPS\!WG6WN=!
VR!<%0(*%//2%0(21&#-%0!SW![GPQR\!VRO6VWN=!
!
GW!
!
!
!!!!!!!!!!!
+(+&-2"(!("*(,-%?!+.&?!+(('*&".1,0?!)$-!%$"5)!5*'2!'.-!4.)",!)$-.!&'2".+.)!$42'4*!['*!
2''&\!)'!+!%-)!'5!')$-*%=!I"($-,!9,+"%+.(-?!".!$"%!&-)+",-&!+(('4.)%!'5!>)+,"+.!+(+&-2"-%!+.&?!
2'*-!%/-("5"(+,,0!+2'.1!)$-2?!)$-!53&'$'?!%)4&"-%!2'*-!(,'%-,0!)$-!".)-*+()"'.!<-)3--.!
)$-%-!)3'!%-)%!'5!Z-.+"%%+.(-!".)-,,-()4+,%?!<4)!5+",%!)'!/'%")"'.!)$-2!'*!)$-"*!3'*;!
&-5".")"F-,0!".!)$-!,")-*+*0!)*+&")"'.!'5!)$-"*!.+)"F-!,+.&=!>)!"%!/*-("%-,0!)$-!%/+(-!<-)3--.!
)$-"*!%($',+*%$"/!)$+)!".)-*-%)%!2-U!+!%/+(-!3$-*-!('..-()".1!_(+/*"(("'`!)'!1*')-%@4-!+.&!
$42'4*!"%!<4)!+!%$'*)!%)-/!+3+0!5*'2!,".;".1!")?!.-7)?!)'!9"*+.&-,,':%!$42'4*+,!)$-'*0=!>.!
%$'*)?!3$+)!>!$'/-!)'!%$'3!'F-*!)$-!('4*%-!'5!)$-!.-7)!5"F-!($+/)-*%!+.&!5',,'3".1!)$-!
('.F-*%+)"'.!+2'.1!,-.'#&&#/'!+.&!53&'$'!+(+&-2"(%!"%!)$-!-F',4)"'.!'5!+!$42'4*'4%!
,")-*+*0!%)0,-!E!+.&?!)'!+.!-7)-.)?!1-.*-!E!<'*.!'5!-,-2-.)+,!&"%('4*%-!".!)$-!(*'%%5"*-!'5!
$42+."%)!-F',4)"'.![+.&!&-F',4)"'.\?!*'')-&!".!d-+,'4%0?!+.&!/*-%(*"/)"F-!'5!9"*+.&-,,':%!
,+)-*!3&12'0&1=!
#$-!.+)4*-?!%('/-?!+.&!1'+,%!'5!20!&"%%-*)+)"'.?!)$-.?!+*-!%-F-*+,65',&=!>.!")?!5"*%)?!>!
3",,!%--;!)'!%$-&!,"1$)!'.!)$-!5'*2+)"'.!'5!)$-!!""#$%&'#($%)*'(53&'$'!+.&!)$+)!'5!)$-!
,-.'#&&#/'?!)$-"*!2'%)!(-,-<*+)-&!2-2<-*%?!)$-"*!".)-*+()"'.?!)$-"*!%$+*-&!.-)3'*;%?!+.&!
)$-"*!('22'.!($+*+()-*"%)"(%!<')$!".!)$-!)"2-!,-+&".1!4/!)'!)$-"*!5'4.&+)"'.!+.&!&4*".1!
)$-"*!('-7"%)-.(-=!]-7)?!+.+,0D".1!$42'4*+,!)$-'*"-%!5*'2!a"//'(*+)-%!'.3+*&?!+.&!/+0".1!
/+*)"(4,+*!+))-.)"'.!)'!-,-2-.)+,!&"%('4*%-!/*-%-.)!+.&!%"1."5"(+.)!".!)$-%-!+(+&-2"(%:!
)-7)%?!>!3",,!+"2!".!('.(*-)-!+.&!,-7"(+,!)-*2%!)'!"&-.)"50!)$-!G^)$6(-.)4*0!%$"5)!5*'2!
/*"F",-1".1!2-,+.($',0!)'!($',-*!>!2+".)+".!-7"%)%!".!)$-!('.)-7)!'5!)$-%-!+(+&-2"-%=!I0!
)$"*&!($+/)-*!3",,!"&-.)"50!d-+,'4%0!+%!)$-!*-+%'.!(-.)*+,!)'!)$"%!%$"5)?!+.&!3",,!&"%(4%%!")%!
/*-F+,-.(-!".!,")-*+*0!&"%(4%%"'.!+2'.1!,-.'#&&#/'!+.&!53&'$'!2-2<-*%!<-)3--.!GNWV!
+.&!GNNO=!>.!20!5'4*)$!($+/)-*?!>!-7+2".-!)$-!('.%-@4-.(-%!'5!)$"%!d-+,'4%!*"F+,*0!'.!)$-!
!
GN!
!
!
!!!!!!!!!!!
(*-+)"'.!'5!+!_%'("+,!1*')-%@4-`!,")-*+)4*-!<')$!".!/*'%-!+.&!".!)$-+)*-=!8".+,,0?!+.&!)'!(,'%-?!
<*".1".1!)'1-)$-*!)$"%!%'("+,!1*')-%@4-!+.&!)$-!/*'/-*)"-%!'5!3$+)!>!3",,!)-*2!_($',-*"(!
3*")".1?`!>!&*+3!+!,".;!)'!9"*+.&-,,':%!3&12'0&1?!)'!)$-!0%-/'&%-/1($%*("1-/2#2'1!+)!")%!*'');!
+.&!)'!)$-!)$-+)*-!'5!)$-!1*')-%@4-!)$+)!-F-.)4+,,0!1*'3%!'4)!'5!")=!
#'!&'!%'?!>!$+F-!($'%-.!)'!,"2")!20!%)4&0!)'!+!.42<-*!'5!)-7)%!+.&?!2'*-!5*-@4-.),0?!
+4)$'*%?!>!&--2!2'%)!*-/*-%-.)+)"F-!'5!)$-!,")-*+*0!-F-.)%!>!-7+2".-=!I0!5"*%)!)3'!($+/)-*%!
('.%"&-*!)$-!,-.'#&&#/'(+.&(53&'$'!+(+&-2"-%!2'*-!<*'+&,0!+.&!%/-+;!)'!+!F+*"-)0!'5!
*-,+)-&!)-7)%!+(*'%%!)$-!F+%)!,")-*+*0!5"-,&!)$-0!&-5".-?!<-1"..".1!".!GNSW!+.&!-7)-.&".1!+%!
5+*!+%!GN^^=!I0!/+*)"(4,+*!5'(4%!".!)$-%-!-+*,0!($+/)-*%!"%!'.!9"-)*'!B*-)".'?!A'&'F"('!
T',(-?!B.1-,'!8"*-.D4',+?!+.&!B.)'.5*+.(-%('!C*+DD"."=!I0!)$"*&!($+/)-*!,'';%!2'*-!
(,'%-,0!+)!)$-!".)-*+()"'.!+2'.1!L-.-&-))'!J+*($"?!Y/-*'.-!Y/-*'."?!B,5'.%'!&-:!9+DD"?!+.&!
B.)'.5*+.(-%('!C*+DD"."!<-)3--.!GNWV!+.&!GNNO!".!)$-!".(*-+%".1!&"%(4%%"'.!'5!d-+,'4%0?!
,'F-?!.+)4*-?!+.&!&"%('*&!('22'.!)'!)$-2!+,,!+.&!/+*)"(4,+*,0!/*-&"()"F-!'5!)$-!%'("+,!
1*')-%@4-!")!,+)-*!1-.-*+)-%=!>!,'(+)-!".!C*+DD"."?!$'3-F-*?!.')!'.,0!)$-!2'%)!"2/'*)+.)!
-7+2/,-!'5!)$"%!*"F+,*0!'*!'5!)$-!.-3!,")-*+*0!)-.&-.("-%!)$-!+(+&-20!)'!3$"($!$-!<-,'.1%!
/*-("/")+)-%?!<4)!+,%'!'5!)$"%!%'("+,!1*')-%@4-!)$+)!5',,'3%=!I0!5'4*)$!($+/)-*?!)$-.?!
('.(-.)*+)-%!-7(,4%"F-,0!'.!$"%!%"7!('2-&"-%!+.&!)3-.)06)3'!%4*F"F".1!.'F-,,-=!>.!20!5"5)$!
($+/)-*?!+.&!-7)-.&".1!20!(+%-!%)4&0!'5!C*+DD"."!+.&!)$-!%'("+,!2+*1."+,"D+)"'.!)$+)!
($+*+()-*"D-%!2'%)!'5!$"%!3'*;?!>!*-+&!".!$"%!4%-%!+.!-55-()"F-!/*-(4*%'*!<')$!)'!9"*+.&-,,':%!
3&12'0&1![+%!-7-2/,"5"-&!-7/,"("),0!<0!$"%!,*!63(E#//'#(>#0"#*\?!+.&!)'!)$-!-+*,0!)3-.)"-)$!
(-.)4*0:%!)$-+)*-!'5!)$-!1*')-%@4-!2'F-2-.)=!>.!")?!)$-.?!>!+,%'!('.%"&-*!+.&!-7+2".-!+!
%-,-()!.42<-*!'5!1*')-%@4-!/,+0%!/+*)"(4,+*,0!-F"&-.)!'5!)$-!,".;!>!%--!<-)3--.!)$-2!+.&!
C*+DD".":%!%'("+,!2","-4=!
!
G^!
!
!
!!!!!!!!!!!
C"F-.!)$-!,"2")-&!.42<-*!+.&!+F+",+<",")0!'5!2'.'1*+/$%!'*!')$-*!%)4&"-%!'.!)$-!
+(+&-2"-%!+%!-.%-2<,-%!'*!'.!)$-"*!".&"F"&4+,!2-2<-*%?!)$-!1*-+)-%)!/+*)!'5!20!,")-*+*0!
+.+,0%"%!"%!<+%-&!'.!20!".)-*/*-)+)"'.!'5!/*"2+*0!%'4*(-!2+)-*"+,!)+;-.!".!+!F+*"-)0!'5!
5'*2+)%=!>!$+F-!($'%-.!)'!-7+2".-?!3$-.!+F+",+<,-?!)$-!54,,!*+.1-!'5!-&")"'.%!'5!)$-!)-7)%!>!
*-+&?!5*'2!2+.4%(*"/)%!+.&!+4)'1*+/$%!)'!)3-.)"-)$!(-.)4*0!/4<,"(+)"'.%!+.&!(*")"(+,!
-&")"'.%=!>!$+F-!&'.-!%'!".!'*&-*!)'!"&-.)"50?!3$-.!/'%%"<,-!+.&!+//,"(+<,-?!+.0!2-+.".154,!
-F',4)"'.%!".!)$-!)-7)%!'F-*!)"2-?!+.0!%"1."5"(+.)!2+*1".+,"+!".!-+*,0!-&")"'.%?!+.&?!(',,+)".1!
)$-2?!+.0!4%-54,!&"%(*-/+.("-%!+2'.1!)$-2=!>!$+F-!.')!2+&-!)$-!%)4&0!'5!)$"%!(',,+)"'.!+!
/+*)!'5!20!/*'d-()!$-*-e!".%)-+&?!>!$+F-!4%-&!")!+%!+!)'',!)'!".5'*2!20!4,)"2+)-!%-,-()"'.!'5!
)$-!)-7)%!>!(")-!$-*-".=!>!5'(4%!20!%)4&0!'5!C*+DD"."!'.!-"1$)--.)$!(-.)4*0!-&")"'.%!'5!$"%!
/,+0%!+.&!.'F-,,-!<0!9"-)*'!8+.5+."?!+.&!'5!$"%!/'-)*0!<0!8*+.(-%('!I't(;-?!%".(-!-+($!3+%!
)$-!5"*%)!(*")"(+,!-&")"'.!'5!")%!;".&?!+!(',,+)"'.!'5!/*-F"'4%!-&")"'.%?!('2/,-)-!3")$!(4,)4*+,,0!
*-,-F+.)!+.&!)"2-6%-.%")"F-!.')-%!+.&!+//-.&"(-%?!+.&!".!2+.0!3+0%?!)$-!2'%)!
('2/*-$-.%"F-!-7)+.)!F-*%"'.%!'5!)$-%-!)-7)%=!B!.42<-*!'5!('.)-2/'*+*0!%($',+*%?!
$'3-F-*?!4.&'4<)-&,0!$-,/-&!('2/,"(+)-!+.&!-F-.)4+,,0!%$+/-!20!*-+&".1!'5!)$-!)-7)%!>!
$+F-!($'%-.!)'!-7+2".-=!Z+02'.&!b,"<+.%;0!+.&!I+*;!C*+.)!1*-+),0!".5'*2!20!
4.&-*%)+.&".1!+.&!+%%"2",+)"'.!'5!-+*,0!$42'4*+,!%)4&"-%?!3$",-!X',51+.1!b+0%-*:%!
(+.'."(+,!%)4&0!'5!)$-!1*')-%@4-!5"14*-%!(-.)*+,,0!".!20!%4*F-0!'5!)$-!%+2-!)-*2=!Y",F"'!
T:B2"('!+.&!C"1"!A"F"'!2'%)!%)*'.1,0!".5,4-.(-!20!5"5)$!($+/)-*!+.+,0%"%!'5!$42'4*"%)!
/'-)"(%!".!)$-!-+*,0!)3-.)"-)$!(-.)4*0=!
T-%/")-!")%!-F-.)4+,!+//,"(+)"'.!)'!')$-*!5"-,&%!'5!%)4&0?!>!F"-3!)$"%!-7-*("%-!+%!
/*"2+*",0!,")-*+*0?!+.&!/*"2+*",0!5'(4%-&!'.!)$-!%"7)--.)$!*+)$-*!)$+.!)3-.)"-)$!(-.)4*0=!
Y)",,?!)$-!*+.1-!'5!)$"%!&"%%-*)+)"'.!-7)-.&%!<-0'.&!)$-!-7-1-)"(+,!'*!)$-!_(,'%-!*-+&".1=`!>.!
!
GO!
!
!
!!!!!!!!!!!
")?!+2'.1!')$-*!('.%"&-*+)"'.%?!>!$'/-!)'!-7+2".-!)$-!".)-*+()"'.!'5!2-&"(".-!+.&!,")-*+)4*-!
[%/-("5"(+,,0!".!)$-!('.)-7)!'5!)$-!/*-F+,-.(-!'5!$42'4*+,!)$-'*0!+.&!")%!/*-%-.(-?!
+//,"(+)"'.!)'?!'*!/+*+,,-,!3")$!('.)-2/'*+*0!,")-*+*0!/*'&4()"'.\=!>!+"2!)'!".F-%)"1+)-!)$-!
*',-!+.&!"2/'*)+.(-!'5!(',,-()"F-!,")-*+*0!/*'&4()"'.!".!)$-!(*-+)"'.!'*!&"%%-2".+)"'.!'5!+!
,")-*+*0!2'F-2-.)?!+.&!)'!-7/+.&!'.!)$-!*-,+)"'.%$"/?!+%!>!%--!")!-7"%)?!<-)3--.!$42'4*!+.&!
1-.*-=!>.!%'!&'".1?!>!3",,!-F+,4+)-!)$-!(,+"2!)$+)!2-,+.($',0!"%!<-%)!%4")-&!)'!,0*"(!/'-)*0?!
3$",-!')$-*!$42'4*%!2"1$)!2'*-!-+%",0!5")!2'*-!/4<,"(!-7/*-%%"F-!2-&"+!&-%"1.-&!'.,0!)'!
_-.)-*)+".=`!8".+,,0?!+.&!".!20!('.(,4%"'.?!>!$'/-!+,%'!)'!/'".)!)'!)$-!*-,-F+.(-!'5!)$-%-!
+(+&-2"(!".)-*+()"'.%!+.&!)$-!,")-*+*0!1-.*-%!)$-0!-.1-.&-*!)'!('.)-2/'*+*0!>)+,"+.!
(4,)4*+,!%)4&"-%=!
>)!"%!"2/'*)+.)!)'!*-2-2<-*?!".!+&&")"'.?!)$+)!+,)$'41$!2'*-!/'/4,+*!+(+&-2"-%!
<-1".!)'!%/*'4)!".!)$-!5"*%)!$+,5!'5!)$-!G^)$!(-.)4*0![+.&!+%!-+*,0!+%!GNRR\?!)$-"*!2'%)!
%"1."5"(+.)!/*',"5-*+)"'.!'((4*%!'.,0!".!)$-!5',,'3".1!(-.)4*0=VG!B(('2/+.0".1!")!"%!)$-!
&-<+)-!<-14.!<0!)$-!,-.'#&&#/'!+.&!)$-!53&'$'!+.&!)$-!.-3!<*+.&!'5!,")-*+)4*-!")!
1-.-*+)-%=!#4*.".1!'.(-!2'*-!)'!C"+2<','1.+:%!2+%%"F-!B//-.".-!1"+.)?!+.&!)'!(,'%-?!>!
$'/-!20!&"%%-*)+)"'.!3",,!+,%'!%$-&!,"1$)!'.!)$-!&"%)".()!*+2"5"(+)"'.%!+.&!".5,4-.(-%!'5!
)$-%-!,-.'#&&#/'!+.&!53&'$'!-7($+.1-%!'.!)$-!+*)"%)"(!-7/*-%%"'.!'5!%4<%-@4-.)!
1-.-*+)"'.%?!<')$!3")$".!)$-!I-&"("!("*(,-!+.&!'4)%"&-!")=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VG!L0!_/'/4,+*`!>!2-+.!.')!'/-.!'.,0!)'!-*4&")-!2-2<-*%!'5!%'("-)0!'*!/-'/,-!'5!+!
/+*)"(4,+*!/-&"1*--=!
!
GQ!
!
!
!!!!!!!!!!!
M$+/)-*!H.-U!a"%)'*0!+.&!8'4.&+)"'.%!
A")-*+*0!(4**-.)%U!GNV^6GNWR!
#$-!0-+*%!/*-&+)".1!)$-!5'*2+)"'.!'5!)$-!,-.'#&&#/'!+.&?!"22-&"+)-,0!5',,'3".1!
)$-2?!)$-!53&'$'!".!1*-+)!/+*)!&-5".-!)$-!)'.-!+.&!.+)4*-!'5!)$-!,")-*+*0!-7($+.1-!+2'.1!
)$-%-!)3'?!+%!3-,,!+%!')$-*!1*'4/%=!#$-!,+)-!GNVR%!4%$-*!".!+!/-*"'&!'5!/*'5'4.&,0!5-,)!
/',")"(+,!4.*-%)!5'*!8,'*-.(-=!#$-!&-+)$!'5!C"'F+.."!&-,,-!L+.&-!]-*-!".!GNV^!%"1.+,%!)$-!
-.&!'5!)$-!I-&"("!&'2".+.(-!'F-*!8,'*-.(-!+.&!".%)"1+)-%!1*'3".1!+))-2/)%?!-F-.)4+,,0!
%4((-%%54,?!+)!*-%)'*".1!)$-!(")0:%!5'*2-*!*-/4<,"(=!B%!+!*-%4,)!+.&!".!+.)"("/+)"'.!'5!)$-!
'4)<4*%)%!)'!5',,'3?!2+.0!2-2<-*%!'5!)$-!I-&"("!5+2",0!5,--!5*'2!#4%(+.0?!5".&".1!*-541-!
+.&!$'%/")+,")0!-,%-3$-*-=!>.!GNVO?!8,'*-.(-!(-,-<*+)-%!")%!.-3!*-/4<,"(!4.&-*!)$-!*4,-!'5!,(
>'#)-1-'?!+!.42<-*!'5!)$-2!($+2/"'.%!'5!Y+F'.+*',+:%!-+*,"-*!*-/4<,"(+.!5'*24,+!".!Z'2-=!
>.)-*/-*%'.+,!/',")"(+,!('.5,"()%!/-*%"%)?!$'3-F-*?!&-%/")-!)$-!*-%)'*+)"'.!'5!)$-!('4.(",?!+.&!
)$-!>'#)-1-'!+*-!5*'2!)$-!%)+*)!&"F"&-&!".)'!/*'6I-&"(-+.!+.&!+.)"6I-&"(-+.!5+()"'.%=!
!
Y'?!)''?!+*-!2'%)!'5!8,'*-.(-:%!".)-,,-()4+,%!3$'?!3")$!+!I-&"("!+%!/'/-?!5".&!
)$-2%-,F-%!".!+!/*-(+*"'4%!+*)"%)"(!/'%")"'.e!+!1*-+)!.42<-*!'5!)$-"*!/+)*'.%!+*-!F-*0!
(,-+*,0!+.)"6I-&"(-+.!2-2<-*%!'5!)$-!('4.(",!+.&!('.5*+)-*.")0=!L4)!&-5+2".1!)$-!
*-.'3.-&!5+2",0!'*!.-1+)".1!")%!&-("%"F-!".5,4-.(-!'.!)$-!1*'3)$!+.&!&-F-,'/2-.)!'5!
8,'*-.(-!*"%;-&!)$-"*!(-.%'*%$"/=!M,-2-.)!J>>:%!.+2".1!'5!B,-%%+.&*'!&-:!I-&"("!+%!)$-!
T4;-!'5!8,'*-.(-!".!GNSR!+.&!)$-!,+))-*:%!*-)4*.!)'!)$-!(")0!'.-!0-+*!,+)-*!+5)-*!+!/-*"'&!'5!
%-,56"2/'%-&!-7",-!54*)$-*!+11*+F+)-%!)$-!,")-*+*0!('224.")0:%!4.-+%-!+.&!".")"+)-%!+.!
!
GP!
!
!
!!!!!!!!!!!
-7'&4%!'5!2+.0!'5!")%!2-2<-*%!)$+)!('.)".4-%!)$*'41$'4)!)$-!&-(+&-=VV!Y'2-?!%)+4.($!
*-/4<,"(+.%?!+*-!<+."%$-&!4.&-*!)$-!I-&"(":%!*-)4*.!)'!/'3-*=!H)$-*%!$+F".1!/*-F"'4%,0!,-5)!
+*-!&-."-&!*-6-.)*0=!#$-!,")-*+*0!&-%(-.&-.)%!'5!I+*%","'!8"(".'?!M*"%)'5'*'!A+.&".'?!+.&!
g1',".'!J-*".'!+.&!/',")"(+,!-7",-%!'5!)$-!%+2-!",;!E!)$-!%'6(+,,-&!.31230"'/'(P!%(+))-*!
)$*'41$'4)!)$-!/-.".%4,+?!)$-!F+%)!2+d'*")0!,+.&".1!-F-.)4+,,0!".!J-."(-?!9+&4+?!+.&!Z'2-?!
'*!%--;".1!+*)"%)"(!*-541-!".!')$-*!/+*)%!'5!#4%(+.0?!%,"1$),0!*-2'F-&!5*'2!8,'*-.(-:%!
(-.)*+,!/',")"(+,!('.5,"()=VS!
!
B2'.1!)$-2!+*-!9"-*'!J-))'*"!".!Y+.!M+%("+.'?!+.&!$"%!%)+*!%)4&-.)?!)$-!)$-.!0'4.1!
L-.-&-))'!J+*($"!3$'!%/-.&%!)$-!1*-+)-*!/+*)!'5!)$-!GNSR%!)*+F-,".1!+2'.1!/*-%-.)6&+0!
J-.-)'?!#4%(+.0?!+.&!c2","+6Z'2+1.+?!*-%)".1!+)!,-.1)$!".!9+&'F+!".!GNSQ!+.&!-.)-*".1!
".)'!('.)+()!)$-*-!3")$!%'2-!'5!)$-!2'%)!".5,4-.)"+,!3*")-*%!+.&!/$",'%'/$-*%!'5!)$-!)"2-U!
9"-)*'!B*-)".'?!9"-)*'!L-2<'?!B,-%%+.&*'!9"((','2"."?!Y/-*'.-!Y/-*'."=!>.!J+*($":%!
('**-%/'.&-.(-?!+%!".!J-))'*":%!,+)-*!*-('4.)".1!'5!)$-%-!-+*,0!.31230"'/'!0-+*%?!9+&4+!"%!
&-%(*"<-&!+%!+!,")-*+*0!2","-4!%$".".1!3")$!)$-!/*'2"%-!'5!.'F-,)0!+.&!,")-*+*0!5*--&'2=VW!
B%!+!*-%4,)?!_",!J-.-)'!%4<-.)*+!+,,+!#'%(+.+!.-,!qnr!*4','!&"!+F+.14+*&"+!'55*-.&'%"!('2-!
*-%"&-.D+!/-*2+.-.)-!'!)-2/'*+.-+!&-1,"!%(*"))'*"?!%k!($-!.-,!1"*'!&-,,+!&"+%/'*+!
*-/4<<,"(+.+!&"!8"*-.D-?!%"!/+,,-11"+!)*+!J-.-D"+!-!9+&'F+!n!+,"2-.)+.&'!4.+!*'F-.)-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VV!8'*!+!&-)+",-&!/',")"(+,!$"%)'*0!'5!2-&"-F+,!+.&!-+*,0!Z-.+"%%+.(-!8,'*-.(-?!%--!K'$.!I=!
]+d-20?!!(5'0/12D(1.(6*12%-"%H(QRSSPQTUT![I+,&-.U!L,+(;3-,,!94<,"%$-*%?!VRR^\=!
VS!Y--!J+,-*"'!J"+.-,,'?!_84'*"4%(")"%2'!/',")"('!5"'*-.)".'!-!/*'&4D"'.-!,-))-*+*"+!.-,!
M".@4-(-.)'?`!41-/2'J3/'(7'-#0"'&%-/#*'H(V%-%F'#(%(6'2%-F%?!+!(4*+!&"!C"'*1"'!9+&'+.!
[9+&'F+U!B,&'!8*+.("%"!-&")'*-?!GPQV\!GSS6G^S=(
VW!Y--?!+,%'?!J+,-*"'!J"+.-,,'?!_84'*"4%(")"%2'!/',")"('!5"'*-.)".'!-!/*'&4D"'.-!,-))-*+*"+!.-,!
M".@4-(-.)'Ù!_9+&'F+!+1"%(-!)*+!"!1"'F+."!('2-!",!2"*+11"'!&"!4.+!5'.)-!/"u!,"2/"&+!-!
5*-%(+?!(+*"(+!&-1,"!42'*"!&"!4.!)-**-.'!.'.!".+*"&")'!.-,,+!%)-*",-!('.%-*F+D"'.-!&-"!
*"%4,)+)"!('.%-14")"?!5-*)",-!&+,,:+//'*)'!&"!4.+!2-.)+,")l!(*")"(+?!+F"&+!&"!.'F")l?!&"!4.+!
*",-))4*+!2-&")+)+?!&"!4.+!&"+*2".+!.'.!&:+((+))'!&-,,+!*-(-.)-!)*+&"D"'.-!F',1+*-`![GWV\=!
!
VR!
!
!
!!!!!!!!!!!
("*(',+D"'.-!&"!)-%)"!-!&"!)-'*"DD+D"'."`!.')!'.,0!+2'.1!9+&4+.!*-%"&-.)%?!<4)!-7)-.&".1!+%!
5+*!+%!)$-"*!".)-*,'(4)'*%!".!Z'2-=VN!
!
#$-!.--&!5'*!,")-*+*0!*-.-3+,!5-,)!".!9+&4+!&4*".1!)$"%!)"2-?!$'3-F-*?!<-1".%!,'.1!
<-5'*-!)$"%!%/*'4)".1!'5!,")-*+*0!+()"F")0!+.&!-7($+.1-!)$-*-=!T-(+&-%!'5!&"%(4%%"'.!'.!)$-!
*',-!'5!)$-!+*)"%)!'*!".)-,,-()4+,!+.&!)$-!F+,4-!+.&!4)",")0!'5!)$-!F-*.+(4,+*!)'!$"%!/+*)"(4,+*!
-.&%!,-+&!+(+&-2"(%?!'55"("+,,0!+55","+)-&!'*!')$-*3"%-?!)'!*-6-F+,4+)-!2+.0!'5!a42+."%2:%!
(-.)*+,!(,+"2%!*-1+*&".1!)$-!"2")+)"'.!'5!(,+%%"(+,!2'&-,%!'*!)$-!%)*"()!+&$-*-.(-!)'!(,+%%"(+,!
*$-)'*"(+,?!/'-)"(?!'*!)$-+)*"(+,!5'*24,+-=!!#3'!@4-%)"'.%!<-1".!)'!)+;-!%$+/-!+.&!'((4/0!
1*-+)-*!%/+(-!".!)$-!(*")"(+,!)$'41$)!'5!)$-!".)-,,-()4+,=!8"*%)?!+.&!2'%)!-%/-("+,,0!)$*'41$!
)$-!*-5,-()"'.%!'5!9"-)*'!L-2<'?!"%!)$-!@3%0/'1-%($%**#(*'-)3#?!3$"($!%)*"F-%!)'!+((*-&")!)$-!
#4%(+.!F-*.+(4,+*!3")$!)$-!%+2-!54.()"'.?!"5!.')!/*-%)"1-?!'5!A+)".!'*!C*--;=!]-7)?!)$-!
@4-%)"'.!'5!!_.'F-,)0`!".!%)0,-!+%!".!('.)-.)!<-('2-%!+!;-0.')-!'5!)-7)4+,!('2/'%")"'.!+.&!
-7-1-%"%!5*'2!)$-!<-1"..".1!'5!)$-!(-.)4*0!'.3+*&=!>.!GNGS?!".!+!/*','14-!3*"))-.!5'*!
L-*.+*&'!T'F"D"!&+!L"<<"-.+:%!/,+0!".!5"F-!+()%?!<#(4#*#-$2#?!L+,&+%%+*-!M+%)"1,"'.-!
4.&-*,".-%!)$-!.--&!-7/,"("),0!5'*!.-3!/9%#/2'"#*!2'&-,%=(#$-*-?!+.&!".!+.!-,'@4-.)!
&"%('4*%-!'5!+!/"-(-!3")$!<')$!'5!)$-!+<'F-!1*'3".1!@4-%)"'.%!'5!$"%!1-.-*+)"'.!'5!)$".;-*%?!!
$-!&"%)+.(-%!&+!L"<<"-.+:%!3'*;!5*'2!")%!)$-+)*"(+,!/*-&-(-%%'*%?!+//*-("+)".1?!".%)-+&?!")%!
(4**-.(0!+.&!+//-+,!)'!+!2'&-*.!+4&"-.(-=RW(_J'"!%+*-)-!'11"!%/-))+)'*"!&:4.+!.4'F+!
('22-&"+?!".)")',+)+!4#*#-$2#?!".!/*'%+!.'.!".!F-*%"?!2'&-*.+!.'.!+.)"(+?!F4,1+*-!.'.!
,+)".+?`!$-!"22-&"+)-,0!-%)+<,"%$-%U!!
M$-!+.)"(+!.'.!%"+?!&"%/"+(-*-!.'.!F"!&--?!%-!&"!%+.'!14%)'!F"!)*'F+)-e!
/-*("'(($i!,-!('%-!2'&-*.-!-!.4'F-!&",-))+.'!%-2/*-!-!/"+(("'.'!/"u!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VN!J+,-*"'!J"+.-,,'?!,*(*%//%2#/1;(*A#""#$%&'#;('*(*'J21([9+&'F+U!-&")*"(-!B.)-.'*-?!GPQO\!N=!
V^!#$-!@3%0/'1-%($%**#(*'-)3#!3",,!<-!+&&*-%%-&!+)!1*-+)-*!,-.1)$!".!M$+/)-*!S=!
!
VG!
!
!
!!!!!!!!!!!
($-!,-!+.)"($-!-!,-!F-($"-?!,-!@4+,"!/-*!,4.1'!4%'!%'1,".'!%+/-*-!&"!F"-)'=!
]'.!i!,+)".+?!/-*'(($i!&'F-.&'%"!*-(")+*-!+&!".5".")"?!($-!)4))"!&'))"!.'.!
%'.'?!,'!+4)'*-!($-!&"!/"+(-*F"!%'22+2-.)-!(-*(+?!$+!F',4)'!5+*,+!
F4,1+*-?!+55".($i!&+!'1.4.'!".)-%+?!/+*"2-.)-!+!("+%(4.'!&",-))"?!',)*-($i!
,+!,".14+?!($-!T"'!-!]+)4*+!("!$+!&+)+?!.'.!&--!+//*-%%'!&"!.'"!-%%-*-!&"!
2+.('!-%)"2+D"'.-?!.s!&"!2".'*!1*+D"+?!($-!,+!A+)".+?!,+!C*-(+?!-!,+!
c<*+"(+=VO!
>.!M+%)"1,"'.-:%!*-2+*;%!$-*-?!*-+&-*%!5".&!+.!-+*,0!(+,,!)'!*-<-,,"'.!+1+".%)!-%)+<,"%$-&!
,")-*+*0!5'*2%?!+.&!)$-!/*'2')"'.!'5!,".14"%)"(!+%!3-,,!+%!5'*2+,!-7/-*"2-.)+)"'.!66!+.&!5'*!
)$-!<-.-5")!'5!+!3"&-*!+4&"-.(-=VQ!!
>)!"%!)$-!('2<+)"F-!%-.)"2-.)!,+)-.)!".!M+%)"1,"'.-:%!3'*&%!$-*-!)$+)!1*'3%!%)*'.1-*!
3")$!)$-!+**"F+,!'5!)$-(8,'*-.)".-!.31230"'/'(".!9+&4+!+.&!J-."(-!+.&!".(*-+%-%!3")$!)$-"*!
".)-*+()"'.!3")$!3*")-*%!,'.1!%".(-!-%)+<,"%$-&!)$-*-=!#$-!0-+*%!5*'2!*'41$,0!GNSW!)'!GNWR!
(+.!<-!1-.-*+,,0!($+*+()-*"D-&!<0!+.!".('.%"%)-.(0!)$+)!)*'4<,-%!2+.0!+4)$'*%!".!)$-"*!
@4-%)!5'*!.'F-,)0=!H.!)$-!$--,%!'5!1*'3".1!+))-2/)%!)'!3")$&*+3!5*'2!)$-!".5,4-.(-!'5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VO!_#'&+0?!0'4!3",,!%--!+!.-3!('2-&0!-.)"),-&!4#*#-$2#!6!".!/*'%-?!.')!".!F-*%-e!2'&-*.?!.')!
+.("-.)e!>)+,"+.?!.')!A+)".=!=!=!=!!#$+)!)$"%!('2-&0!"%!.')!+.("-.)!%$'4,&!4/%-)!.'!'.-!'5!1''&!
)+%)-?!5'*!2'&-*.!)$".1%!+.&!)$-!.-3!+*-!+,3+0%!2'*-!-.d'0+<,-!)$+.!)$-!',&!'*!)$-!+.("-.)=!
#$-!,+))-*?!5*'2!,'.1!4%-?!'5)-.!%--2!24%)0=!>):%!.')!".!A+)".?!<-(+4%-!")!"%!<-".1!/,+0-&!
<-5'*-!,+*1-!.42<-*%!'5!/-'/,-!3$'!+*-!.')!+,,!,-+*.-&?!+.&!)$-!+4)$'*!E!3+.)".1!)'!1"F-!
0'4!1*-+)-*!/,-+%4*-!E!&-("&-&!)'!4%-!>)+,"+.!%'!)$+)!-F-*0'.-!('4,&!4.&-*%)+.&!+.&!-.d'0!
)$-!('2-&0!-@4+,,0=!!I'*-'F-*?!1"F-.!)$+)!>)+,"+.!"%!)$-!,+.14+1-!)$+)!C'&!+.&!]+)4*-!$+F-!
1"F-.!4%?!")!%$'4,&.:)!<-!,-%%!+//*-("+)-&!'*!-.d'0-&!)$+.!A+)".?!C*--;?!'*!a-<*-3=!H4*!
,+.14+1-!3'4,&.:)!<-!".5-*"'*!"5!3-!/*+"%-&?!/*+()"(-&?!+.&!/',"%$-&!")!3")$!)$-!%+2-!
&","1-.(-!)$+)!)$-!C*--;%!+.&!)$-!')$-*%!&"&!)$-"*%`![IY!Z'2-?!L"<,"')-(+!M'*%"."+.+?!
B((+&-2"+!]+D"'.+,-!&-"!A".(-"?!PS=8?!SV?!BV*6F![S6W\\?!)*+.%,+)"'.!5'4.&!".!L-*.+*&'!T'F"D"!
&+!L"<<"-.+?!89%(41&%$D(1.(4#*#-$21!".!6'B%(41&%$'%0(.21&(/9%(,/#*'#-(7%-#'00#-"%?!-&=!+.&!
)*+.%,=!A+4*+!C"+..-))"!+.&!C4"&'!Z411"-*'![L+,)"2'*-U!K'$.%!a'/;".%!g9?!VRRS\!V\=!!
VQ!B!3"&-*!+4&"-.(-!3+%!+,%'!/+*)"(4,+*,0!<-5"))".1!'5!)$-!)$-+)*"(+,!1-.*-?!-7/+.&".1!".!")%!
%('/-!5*'2!+!/*"F+)-!'*!('4*),0!5'*2!'5!-.)-*)+".2-.)!)'!+!(4%)'2+*0!%)+/,-!'5!(+*."F+,!
5-%)"F")"-%=!
!
VV!
!
!
!!!!!!!!!!!
B.)"@4")0?!)$-%-!3*")-*%!)4*.!".(*-+%".1,0!)'!2'*-!*-(-.)!-7+2/,-%!'5!",,4%)*"'4%!3*")".1!E
)$-!F-*.+(4,+*!(+.'.!5'*2-&!<0!T+.)-?!9-)*+*($?!+.&!L'((+(("'!E!5'*!".%/"*+)"'.!+.&!
%'4*(-%!'5!"2")+)"'.=!L4)!4.+<,-!)'!<-%)!)$-"*!5'*-5+)$-*%?!)$-0!($''%-?!".%)-+&?!)'!
-2/$+%"D-!)$-"*!&"55-*-.(-%!5*'2!)$-%-!,")-*+*0!".!3$+)!)$-0!$'/-!3",,!,-+&!)'!,")-*+*0!
&"%)".()"'.=!H.,0!".!)$-!.-7)!&-(+&-!"%!)$"%!"&-','1"(+,!('.5,"()!*-%',F-&!)'!%'2-!&-1*--!'5!
%+)"%5+()"'.!".!)$-!5'*2+,!%)4&0!'5!)$-!(+.'.!3")$".!)$-!('.)-7)!'5!)$-!+(+&-2"-%=!g.)",!)$-.?!
)$"%!('.5,"()-&!+))")4&-!)'3+*&!)$-!(+.'.?!4,)"2+)-,0!)*+.%,+)-&!".)'!+!&-/*-("+)"'.!'5!")?!"%!
2+%;-&!+%!+!&-%"*-!5'*!,")-*+*0!'*"1".+,")0!+.&!5*-%$.-%%=!>.!GNSO?!9"-)*'!B*-)".'?!".!J-."(-?!
%/-+*$-+&%!+!2'F-2-.)!'5!,")-*+*0!%;-/)"("%2!<+%-&!'.!+.&!('.%"%)-.)!3")$!)$-!1*'3".1!
)*-.&!'5!)$-!+F+.)61+*&-?!+.)"6-%)+<,"%$2-.)?!+.&!+.)"6)*+&")"'.+,=!>.!+!,-))-*!)'!8+4%)'!&+!
A'.1"+.'?!$-!'/-.,0!&-(,+*-%!$"%!/-*(-"F-&!.--&!5'*!+!,")-*+*0!*-.-3+,!".)*'&4(-&!'.,0!<0!
+.!+()"F-!&"%)+.(".1!5*'2!/*-F"'4%?!'F-*6".&4,1-&!2'&-,%=!a-!3*")-%U!_I+!"'!2"!*"&'!&-!"!
/-&+.)"!n!>'!.'.!2"!%'.!)',)'!&+!1,"!+.&+*"!&-,!9-)*+*(+!.s!&-,!L'((+(("'!/-*!"1.'*+.D+?!($-!
/4*!%'!("h!($-!-%%"!%'.'!2+!/-*!.'.!/-*&-*!",!)-2/'?!,+!/+("-.D+!-!",!.'2-!.-!,+!/+DD"+!&-,!
F',-*2"!)*+%5'*2+*-!".!,'*'?!.'.!-%%-.&'!/'%%"<",-=`VP!a"%!2-%%+1-!"%!(,-+*U!)$'41$!$-!$+%!
.'!&"55"(4,)0!%)+)".1!5'*)$3")$!$"%!".5-*"'*")0!+.&!&-<)!)'!)$-!5'4.&-*%!'5!)$-!(+.'.!'5!3$"($!
$-!3",,!,+)-*!<-!+!/+*)?!$-!".!.'!4.(-*)+".!)-*2%!(+,,%!5'*?!*+)$-*!)$+.!+!&"%2"%%+,!'5!)$-!/+%)?!
+!('.%("'4%!%)-/!+3+0!5*'2!")!+.&!)'3+*&?!".%)-+&?!+!2'*-!%'("+,,0!'*"-.)-&!,")-*+)4*-!
('.(-*.-&!,-%%!3")$!%-,56*-5,-()"'.!'*!-F+,4+)"'.!'5!,")-*+*0!5'*2!)$+.!3")$!+!/'/4,+*!
(*")"@4-!E!'*!+)!)"2-%!(-,-<*+)"'.!E!'5!('.)-2/'*+*0!%'("-)0=!>.!')$-*!3'*&%?!3$+)!B*-)".'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VP!>!2'(;!)$-!/-&+.)%!n!>!$+F-!.')!+F'"&-&!9-)*+*($!+.&!L'((++(("'!'4)!'5!"1.'*+.(-!E!>!
;.'3!3$+)!)$-0!+*-!E!<4)!".!'*&-*!.')!)'!3+%)-!20!)"2-?!20!/+)"-.(-?!'*!20!.+2-!'.!+!
5'',"%$!&-%"*-!)'!)4*.!".)'!)$-2?!%4($!+!)*+.%5'*2+)"'.!<-".1!"2/'%%"<,-=!!
[GO!&"(-2<*-!GNSO?!(")=!".!8%#/21($%*(4'-@3%"%-/1?!)'2'!GU!A+!#*+1-&"+?!+!(4*+!&"!Z-.D'!
M*-2+.)-![I",+.'U!Z"(("+*&"!-&")'*-?!GPQQ\!N^^?!)*+.%,+)"'.!2".-\=!
!
VS!
!
!
!!!!!!!!!!!
+&F'(+)-%!+<'F-!+,,!-,%-!"%!+!,")-*+*0!)4*.!)'3+*&!+()"'.!+.&!+3+0!5*'2!)$-!('.)-2/,+)"F-!
+%/-()%!)$+)!/*-F"'4%,0!($+*+()-*"D-&!")?!'*!+!(+,,!)'!3*")-!+.&!)'!/*'&4(-!'*"1".+,!('.)-.)?!
*+)$-*!)$+.!2-*-,0!)'!%)4&0!*-/-+)-&,0!"2")+)-&!)-7)%=!
!
Z-%/'.%-%!)'!B*-)".':%!/*'/'%-&!,")-*+*0!2'&-,!+*-!2"7-&?!+%!".(*-+%".1,0?!,";-6
2".&-&!3*")-*%!<-1".!)'!('2-!)'1-)$-*!)'!5'*2!.-3!0/3$'!'*!+(+&-2"-%!)'!('.%"&-*!)$-%-!
+.&!')$-*!,")-*+*0!@4-%)"'.%=!H5!('.(-*.!)'!+,,!'5!)$-2!"%!)$"%!&"%)".()"'.!<-)3--.!)$-!B'/#(
#//'B#('*!"'B'*%!+.&!)$-!B'/#("1-/%&?*#/'B#?!3$"($!".-F")+<,0!(','4*%!)$-!.+)4*-!'5!)$-"*!
,")-*+*0!/*'&4()"'.!+.&!)$-!@4-%)"'.%!)$-0!($''%-!)'!+&&*-%%;(+.&!"%!(+**"-&!'F-*!5*'2!+!
a42+."%)!)*+&")"'.!%)",,!(-.)-*-&!'.!)$"%!%+2-!'//'%")"'.=SR!(M'22'.!)'!)$-!(4,)4*+,!
(,"2+)-!"%!+!*-.-3-&!".)-*-%)!".!)$-!+**"F+,!+)!+.&!-,4("&+)"'.!'5!)$-!)*4)$?!1-.-*+,,0!
%/-+;".1?!-")$-*!<0!3+0!'5!/$",'%'/$"(+,!&-<+)-!+.&!&"%(4%%"'.?!'*!<0!)$-!/*'&4()"'.!'5!
/',")"(+,,0!/*-1.+.)!,")-*+)4*-=!H.!K4.-!^?!GNWR?!+.&!<0!)$-!".")"+)"F-!'5!A-'.-!H*%"."?!)$-!
!""#$%&'#($%)*'(,-.'#&&#/'!"%!<'*.!+.&!3")$!")!E!+.&!3")$".!")!E!+!%-)!'5!,")-*+*0!*"F+,*"-%!
)$+)!'<%(4*-!")%!(-.)*+,!('.(-*.!3")$!_)*4)$`!+.&!)$+)!5*+()4*-!)$-!3+0!".!3$"($!)$-!3'*;!'5!
)$-!+(+&-20!"%!/-*(-"F-&!<0!')$-*%=SG!!#$'41$?!,";-!B*-)".'?!&-&"(+)-&!)'!,")-*+*0!*-.-3+,?!
)$-!,-.'#&&#/'(+&&*-%%!)$-!@4-%)"'.!'5!_)*4)$`!".!)3'!54.&+2-.)+,,0!('.)*+*0!3+0%!)$+)?!
)$*'41$!)$-!("*(4,+)"'.!'5!)$-"*!)-7)%!+.&!"&-+%?!%/+*;%!('.)*'F-*%"+,!&-<+)-!".!)$-!')$-*!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SR!#$-!'//'%")"'.!'5!)$-!F")+!+))"F+!)'!)$-!F")+!('.)-2/,+)"F+!"%!+2'.1!)$-!&-5".".1!
($+*+()-*"%)"(%!'5!9-)*+*($+.!/*'%-!+.&!/'-)*0?!&-F-,'/-&!+)!,-.1)$!)$*'41$'4)!)$-!7V6!
+.&?!2'*-!%/-("5"(+,,0!%)",,?!".!$"%!A+)".!G%(1/'1(2%*')'101!+.&!G%(')-12#-/'#=!M-.)*+,!)'!)$-!
a42+."%)%!)'!5',,'3!9-)*+*($?!)$-.?!<-('2-%!+!('.(-*.!3")$!)$-!/*'/-*!<+,+.(-!'5![("F",\!
+()"F"%2!+.&!,")-*+*0!*-5,-()"'.=!#$"%!@4-%)"'.!)+;-%!'.!+!&"55-*-.)!&"2-.%"'.!3")$!/,+0-*%!
'5!)$-!("*(,-%!4.&-*!-7+2".+)"'.?!+%!,")-*+*0!_+()"'.`!('2-%!".(*-+%".1,0!)'!*-5-*!)'!2'*-!
<4*,-%@4-!5'*2%!'5!/'-)*0!E!'*!_*-+,"%2`!E!3$",-!('.)-2/,+)"'.!<-('2-%!*-%)*"()-&!)'!+.&!
($+*+()-*"%)"(!'5!)$-!,-%%'.%!1"F-.!<0!+(+&-2"-%=!
SG!#$"%!&+)-!"%!)-.4'4%!+.&!&"%/4)-&!<0!%($',+*%?!+%!"%!)$-!.+2".1!'5!A-'.-!H*%"."!+%!)$-!
5"*%)!-,-()-&!,-+&-*!'5!)$-!,-.'#&&#/'=!Y--!Z"($+*&!Y=!Y+24-,%?!_L-.-&-))'!J+*($"?!)$-!
B((+&-2"+!&-1,"!>.5"+22+)"?!+.&!)$-!H*"1".%!'5!)$-!>)+,"+.!B(+&-2"(!I'F-2-.)?`!
7%-#'00#-"%(I3#2/%2*D!VP=W![GPO^\U!NPP6^SW=!
!
VW!
!
!
!!!!!!!!!!!
(-.)-*%!'5!.31230"'/1!/*'&4()"'.!+.&?!-F-.)4+,,0?!".!8,'*-.(-!")%-,5=!B)!)$-!(-.)-*!'5!")!"%!)$-!
(-.)4*0:%!".(*-+%".1,0!*-,-F+.)!'//'%")"'.!'5!2%0!+.&!B%2J#!E!)$".1%!+.&!3'*&%!6!+.&!)$-!
1*'3".1!)*-.&!'5!/*"'*")"D".1!)$-!5'*2-*!+<'F-!)$-!,+))-*=!!
L4)!)$-!".)-*/*-)+)"'.!'5!)$-!F-*0!)-*2%!2%0!+.&!B%2J#()$-2%-,F-%!<-('2-!
('2/,"(+)-&!3")$!)$-!+&F-.)!'5!)$-!/*-%%!+.&!)$-!.'F-,)0!<')$!'5!)$-!<'';!+%!'<d-()?!+.&!'5!
)$-!*-+&-*!+%!+()"F-!/+*)"("/+.)!".!)$-!)-7)=!L0!]'F-2<-*!'5!GNWR?!+.&!/*"2+*",0!)$*'41$!
)$-!('**-%/'.&-.(-!'5!L-.-&-))'!J+*($"!+.&!$"%!5*-@4-.)!F"%")%!+.&!-F-.)4+,!2'F-!<+(;!)'!
8,'*-.(-?!)$-!%+2-!@4-%)"'.%!'5!2%0!+1+".%)!B%2J#?!*-+,")0!F-*%4%!)*4)$![+.&!5"()"'.\?!+()"'.!
'//'%-&!)'!('.)-2/,+)"'.?!%4*5+(-!".!8,'*-.(-?!.'3!4.&-*!M'%"2'!>=!8"*%)!".&-/-.&-.)!'5!
M'%"2'!>:%!;.'3,-&1-?!/+)*'.+1-?!'*!'55"("+,!%/'.%'*%$"/?!)$-!53&'$'!+*-!5'*2-&!".!%4//'*)!
'5!B*-)".':%!&-(*--!+.&!".!&"*-()!*-%/'.%-!)'!)$-!,-.'#&&#/'A%!".)-*/*-)+)"'.!'5!")=!#$'41$!
)$-"*!/*'d-()!%$+*-%!)$-!%+2-!/'".)!'5!&-/+*)4*-!3")$!)$-!,-.'#&&#/'?!)$*'41$!)$-!3'*;%!'5!
B.)'.5*+.(-%('!C*+DD"."!+.&!')$-*!-+*,0!2-2<-*%!'5!)$-!53&'$'!("*(,-?!)$-0!('2-!)'!+!F-*0!
&"55-*-.)!-.&!<-5'*-!)$-!+(+&-20:%!+<%'*/)"'.!".)'!)$-!'55"("+,!I-&"("!("*(4")=!#$-!
*-2+".&-*!'5!)$"%!($+/)-*!3",,!'4),".-!)$-!&0.+2"(!'5!2-2<-*%!'5!<')$!1*'4/%!".!)$-!0-+*%!
,-+&".1!4/!)'!)$-"*!5'*2+)"'.!+.&!-+*,0!'*1+."D+)"'.=!
!
,-.'#&&#/'(+.&!53&'$'U!'*"1".%?!<-1"..".1%?!+.&!)$-!9-)*+*($+.!/*'<,-2!
!
#$-!-+*,0!3'*;%!+.&?!-F-.)4+,,0?!,")-*+*0!"..'F+)"'.%!'5!)$-!.31230"'/'!1*'3!'4)!'5!
+.&!+*-!.-(-%%+*",0!&-/-.&-.)!'.!)$-!a42+."%)!)*+&")"'.!/*-&+)".1!)$-2=!#$-!9+&4+.!
0/3$'1;!,";-!I+*%","'!8"(".':%!]-'69,+)'."%)!("*(,-!".!8,'*-.(-?!,-+F-%!+!,".1-*".1!)+%)-!5'*!)$-!
%)4&0!+.&!"2")+)"'.!'5!B.)"@4")0!+.&!(,+%%"(+,!2'&-,%!)$+)!/-*F+&-%!9+&4+:%!,")-*+*0!%'("-)0=!
]')!-F-.!)$-!1*'3".1!".)-*-%)!".!2-&"-F+,!F-*.+(4,+*!3'*;%!+.&!)$-!+//*'/*"+)"'.!'5!
!
VN!
!
!
!!!!!!!!!!!
(,+%%"(+,!(4,)4*-!3")$".!)$-2!"%!+<,-!)'!%$"5)!)$-!,")-*+*0!5'(4%!'5!3'*;".1!3*")-*%!".!>)+,0:%!
2+d'*!(")"-%!4.)",!)$-!GNSR%?!3")$!)$-!-F-.)4+,!F+,"&+)"'.!'5!F4,1+)-!/*'%-!+.&!")%!%)4&0=!
8,'*-.(-:%!.31230"'/'?!2+.0!'5!)$-2!".!'*!)*+F-,".1!)'!Z'2-?!".$-*")!)$-!*-2.+.)%!'5!)$"%!
('.(-.)*+)"'.!'.!+.("-.)!5'*2%!-F-.!'4)%"&-!)$-!('.)-7)!'5!)$-!5'*2+,!4."F-*%")0=!#$-!
*-+()"'.!)'!")!"%!'5)-.!+2<"F+,-.)!-F-.!3")$".!%2+,,-*!%)4&"'4%!1*'4/".1%=!Y'2-!
".)-,,-()4+,%!('.)".4-!)'!%4<%(*"<-!+.&!('.)*"<4)-!)'!)$"%!2'*-!('.%-*F+)"F-!<*+.&!'5!
a42+."%2?!3$",-!')$-*%!+))-2/)!)'!*-.-3!+.&?!-F-.)4+,,0?!*-5'*2!")!-.)"*-,0!
-7/-*"2-.)".1!3")$!+.&!1*+&4+,,0!".F-.)".1!.-3!,")-*+*0!1-.*-%!)$+)!5'*2!)$-!<+%"%!'5!
,")-*+*0!/*'&4()"'.!4.)",!)$-!GNOR%=!
]')!24($!$+%!<--.!'55"("+,,0!&'(42-.)-&!+<'4)!)$-!.+)4*-!'5!)$-!-7($+.1-%!+2'.1!
.31230"'/'!".)-,,-()4+,%!+.&!)$-"*!24)4+,!('.)+()%=!>.!%-F-*+,!'5!$"%!%-2".+,!3'*;%!'.!)$-!
%4<d-()?!I"($-,!9,+"%+.(-!)*+(-%!,".-%!'5!5*"-.&%$"/!+.&!24)4+,!".5,4-.(-!+2'.1!+4)$'*%!
)*+F-,".1!<-)3--.!8,'*-.(-?!J-."(-?!9+&4+?!+.&!L','1.+!".!)$-!GNSR%=!I'*-!*-(-.),0?!
8*+.('!9"1.+)"!"&-.)"5"-%!%"2",+*!('**-%/'.&-.(-%?!<')$!"&-','1"(+,!+.&!,")-*+,?!+2'.1!
8,'*-.)".-!+.&!Z'2+.!("*(,-%=SV!#$-!3'*;!'5!<')$!&-/-.&%!,+*1-,0!'.!+!%-*"-%!'5!+4)'1*+/$!
,-))-*%!<-)3--.!L-.-&-))'!J+*($"!+.&!)$-!2+.0!3*")-*%!$-!5*-@4-.)-&!".!$"%!,"5-)"2-!+.&!
+(*'%%!$"%!)*+F-,%=!a-!<-1".%!$"%!2'%)!%4<%)+.)"+,!+.&!"2/'*)+.)!F'0+1-%!".!)$-!2"&6GNSR%!
".!+!(4,)4*+,!(,"2+)-!/-*F+&-&!<0!<4*,-%@4-!/'-)*0?!%+)"*-?!+.&!5*-@4-.)!/',-2"(+,!
".)-*+()"'.?!"5!4.'55"("+,?!<-)3--.!3+**".1!3*")-*%=SS!8*+.(-%('!L-*."!"%!+)!)$-!(-.)-*!'5!)$"%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SV!Y--?!*-(-.),0?!_>,!M'2-.)'!&"!I+-%)*'!]"(('&-2'!&+,,+!9"-)*+!+,!I"1,"+"':!&-,!A+%(+U!
9*-,"2".+*"!/-*!4.:-&"D"'.-!-!.')-!(*")"($-?`!<A%0%)%0'(?#21$'0/'"#(%()'1"10#($%*(4'-@3%"%-/1?!
+!(4*+!&"!B.)'."'!M'*%+*'!-!9+','!9*'(+(("',"![Z'2+U!J-(($"+*-,,"!-&")'*-?!VRRV\!GRP6GW^=!
SS!"<"&=!>.!)$"%!%+2-!-%%+0?!9"1.+)"!'4),".-%!)$-!<*'+&!%)*';-%!'5!)$-!,")-*+*0!".)-*+()"'.%!
+2'.1!<4*,-%@4-!3*")-*%?!/*"2+*",0!".!Z'2-?!&4*".1!)$"%!/-*"'&=!Y--?!+,%'?!".!)$-!%+2-!
+.)$','10?!B.)'."'!M'*%+*'?!_c%-1-%"!M'2"(+!-!%)'*"+!&-,!('2"('!.-,!M".@4-(-.)'?`!SS6WQ?!
+.&!I"($-,!9,+"%+.(-?!_>,!9"+.1"*"&+!&:B.)'.5*+.(-%('!C*+DD"."?`!PP6GRQ=!
!
V^!
!
!
!!!!!!!!!!!
3'*,&=!L'*.!".!A+2/'*-(($"'!+.&!-+*,0!'.!%-.)!)'!8,'*-.(-!)'!<-!-&4(+)-&?!L-*."!2+;-%!$"%!
*-/4)+)"'.!".!Z'2-!%$'*),0!+5)-*!GNVR!+.&!".!/+/+,!%-*F"(-!)$*'41$!+!.42<-*!'5!,+2/''.%!
+.&!<*"-5!%+)"*"(+,!/'-2%!$-!("*(4,+)-%!)$-*-=!L0!)$-!)"2-!$-!*-,'(+)-%!)'!8,'*-.(-!+*'4.&!
GNSV!+.&!4.&-*!)$-!*-"1.!'5!B,-%%+.&*'!&-:!I-&"("!6!+.&!+!5*-@4-.)!5'-!6!L-*."!$+%!+,*-+&0!
<*+.&-&!+!/'-)"(!%)0,-!)'&+0!;.'3.!+%!)$-!"#?'/1*1(J%2-%0"1!E!(4%)'2+*",0!+!<4*,-%@4-!
(+*"(+)4*-?!+.&!'5)-.!&"*-()-&!+)!'*!+&&*-%%-&!)'!+!%/-("5"(!/-*%'.=!a"%!(*")"("%2!+.&!+)!
)"2-%!/*+"%-!-7)-.&%!+%!5+*!%'4)$!+%!B.."<+,-!M+*'!".!Z'2-!+.&!+%!5+*!.'*)$!+%!9"-)*'!
B*-)".'!".!J-."(-=!a-!&"-%!".!GNSN?!+.&!$"%!%+)"*"(+,!('2/'%")"'.%!+*-!5"*%)!/4<,"%$-&!
/'%)$42'4%,0!".!GNSO!+.&!.-7)!".!C"4.)":%!GNNN!-&")"'.?!-&")-&!<0!C*+DD"."!$"2%-,5=!
#$*'41$'4)!)$-!%"7)--.)$!+.&!%-F-.)--.)$!(-.)4*"-%?!$"%!3'*;%!+//-+*!<')$!".!F',42-%!
4.)'!)$-2%-,F-%!+.&?!/-*$+/%!2'*-!5*-@4-.),0?!".!)$-!(',,-()-&!3'*;%!'5!+4)$'*%!<')$!$"%!
('.)-2/'*+*"-%!+.&!$"%!%4((-%%'*%?!('.)*"<4)".1!'*!<-.-5")".1!5*'2!)$-!%)0,-!'5!F-*%-!$-!
2+%)-*-&=!#$-!-.F"*'.2-.)!%4**'4.&".1!J+*($":%!)*+F-,%?!)$-.?!+.&!/*-&+)".1!)$-!
5'*2+)"'.!'5!-")$-*!)$-!,-.'#&&#/'('*!)$-!53&'$'!"%!+,*-+&0!'.-!'5!+<4.&+.)!/'-)"(!
-7($+.1-!.')!'.,0!'.!)$-!<+%"%!'5!('22'.!&"%('4*%-?!<4)!+,%'!'5!%'("+,!*-+,")0?!/-*%'.+,!+.&!
%'("+,!(*")"("%2?!+.&!(',,-()"F-!('2/'%")"'.!3")$".!+!%)+)-&!1-.*-=!
J+*($":%!,-))-*%!2+;-!(,-+*!)$-!('.)".4+)"'.!'5!)$"%!;".&!'5!-7($+.1-!5',,'3".1!
L-*.":%!&-+)$?!+.&!+,%'!*-F-+,!)$-!-2-*1-.(-!'5!)$-2-%!<')$!*-,+)-&!)'!+.&!".)-.&-&!
&-/+*)4*-%!5*'2!L-*.":%!_*-+,"%2`!)$+)?!)$*'41$!)*+F-,!+.&!-7($+.1-?!('2-!)'!('.%)")4)-!)$-!
5'*2+)"'.!'5!_+(+&-2"-%`!+.&!%2+,,-*!5*+()"'.%!3")$".!)$-2=!#3'!F',42-%!'5!,-))-*%!)'!+.&!
<0!J+*($"!('.)+".-&!)'&+0!".!8,'*-.(-:%!L"<,"')-(+!]+D"'.+,-!M-.)*+,-:%!B4)'1*+5"!9+,+)"."!
(',,-()"'.!5',,'3!J+*($"!5*'2!GNSO!)'!)$-!,+)-!GN^R%!+%!$-!3-+F-%!".!+.&!'4)!'5!)$-!
('.5,"()".1!5+()"'.%?!+)!)$-!(-.)-*!'5!)$-!,")-*+*0!+()"F")0!+2'.1!)$-2=!b-0!('**-%/'.&-.)%!".!
!
VO!
!
!
!!!!!!!!!!!
)$-!-+*,0!/$+%-![GNSO6GNWG\!+*-!A4"1"!B,+2+.."!".!Z'2-?!C"'F+.<+))"%)+!B,+2+.."?!
T+."-,,'!L-*.+*&".'?!+.&!B,-%%+.&*'!9"((','2"."!".!9+&4+?!A'&'F"('!T',(-!+.&!T'.+)'!
C"+..'))"!".!J-."(-?!+.&!A4(+!I+*)-,,"?!M'%"2'!Z4(-,,+"?!+.&!9"-*'!J-))'*"!".!+.&!+*'4.&!
8,'*-.(-=!#$-"*!2-%%+1-%!%$-&!,"1$)!'.!)$-!%-.)"2-.)%!".!("*(4,+)"'.!('.(-*.".1!)$-!
5'*2+)"'.!'5!%4($!+(+&-2"-%!+.&!)$-"*!/*'/'%-&!1'+,%=!A4"1"!B,+2+.."?!)$-!2'%)!/*'+()"F-!
+.&!3"&-,0!)*+F-,-&!+2'.1!)$-2!+.&!+!.31230"'/1!$"2%-,5?!%-F-*+,!)"2-%!%$'3%!".)-*-%)!".!
*-1*'4/".1!)$-!F+*"'4%!2-2<-*%!'5!$"%!,")-*+*0!("*(4")%!".!Z'2-?!".!$"%!.+)"F-!8,'*-.(-?!+.&!
".!F+*"'4%!/+*)%!'5!c2","+6Z'2+1.+!+.&!)$-!J-.-)'=SW!a"%!/,+.!.-F-*!%--2%!)'!('2-!)'!
5*4")"'.?!<4)!)$*'41$!$"%!,-))-*%!)'!J+*($"?!")!<-('2-%!(,-+*!)$+)!)-7)%!3-*-!".!'/-.!
("*(4,+)"'.!+2'.1!)$-"*!24)4+,!('.)+()%!<-5'*-!)$-!5'*2+)"'.!'5!-")$-*!)$-!,-.'#&&#/'!'*!
)$-!53&'$'=SN!T+."-,,'!L-*.+*&".':%!2"%%"F-%!('.5"*2!)$-!%+2-!+()"F")0?!3$",-!A'&'F"('!
T',(-:%!,-))-*%!%"24,)+.-'4%,0!*-F-+,!)$-!/*'5'4.&!*-%/-()!&-2'.%)*+)-&!<-)3--.!
('**-%/'.&".1!".)-,,-()4+,%!+.&!)$-"*!'/-.!&-<+)-!+<'4)!3'*;%!+.&!"&-+%!2'*-!1-.-*+,,0=S^!
B)!)$-!')$-*!-.&!'5!)$-!%/-()*42?!C"'F+.<+))"%)+!B,+2+..":%!,-))-*%!%$'3!+.!+,2'%)!)')+,!
*-)*-+)!5*'2!)$-!+(+&-2"(!+)2'%/$-*-?!+.&!+!(-,-<*+)"'.?!"5!%,"1$),0!-2<"))-*-&?!'5!)$-!
/-+(-!5'4.&!3")$'4)!")%!%'("+,!('.5".-%=SO!B,-%%+.&*'!9"((','2".":%?!T'.+)'!C"+..'))":%!+.&!
9"-*'!J-))'*":%!,-))-*%!+,,!$".)!%)*'.1,0!+)!)$-!'F-*3$-,2".1!('.(-.)*+)"'.!'5!".)-,,-()4+,%!
+.&!/*'5-%%"'.+,!3*")-*%!".!9+&4+!<-)3--.!GNSO!+.&!GNWR?!<4)!M'%"2'!Z4(-,,+":%!,-))-*%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SW!a-!3*")-%!*-14,+*,0!5*'2!8-**+*+?!L','1.+?!+.&!I+.)4+?!+.&!2+;-%!5*-@4-.)!2-.)"'.!'5!
)$-%-!(")"-%!+.&!)$-!".)-,,-()4+,%!3")$".!)$-2!-F-.!3$-.!3*")".1!5*'2!-,%-3$-*-=!9'(;-)%!'5!
)$-!54'*4%(")"!/'/4,+)"'.!+*-!,";-,0!)'!$+F-!-%)+<,"%$-&!)$-2%-,F-%!)$-*-?!+%!J+*($"!+,%'!
2+;-%!5*-@4-.)!F"%")%!)'!)$-!%+2-!,'(+)"'.%=!
SN!Y--!".!/+*)"(4,+*!!3/1)2#.'(>#*#/'-'?!A-))=!+,!J+*($"!>?!.'=!N?!^=!
S^!Y--!"<"&?!QG?!QV?!QW?!+,,!5*'2!A'&'F"('!T',(-!)'!L-.-&-))'!J+*($"=!#$-!,+%)!'5!)$-%-?!,+)-*!
[GNW^\!&'(42-.)%!T',(-:%!(*")"@4-!'5!C"'F+2<+))"%)+!C-,,":%!G'#*1)9'!E!+.!"2/'*)+.)!
5'').')-!)'!)$-!,+)-*!&-F-,'/2-.)!'5!)$-!6'12%-/'-#!*"1$)!<-5'*-!)$-![*-\&-("%"F-!('4.(",!'5!
GNWO=!
SO!Y--!"<"&?!.'=!Q=!
!
VQ!
!
!
!!!!!!!!!!!
5*'2!8,'*-.(-!+*-!/-*$+/%!)$-!2'%)!4%-54,!".!-%)+<,"%$".1!)$-!2+".!,")-*+*0!('.(-*.%!'5!
3*")-*%!'5!)$-%-!/*-6+(+&-2"(!0-+*%!+.&!)$-!&-<+)-!)$+)!%-/+*+)-%!)$-2!5*'2!-+($!')$-*=!!
H.-!/+*)"(4,+*!,-))-*!&+)-&!K4.-!VQ)$?!GNSP!%/-+;%!)'!)3'!('.)-2/'*+.-'4%!
('.(-*.%!'5!J+*($":%!".)-,,-()4+,!("*(,-%!)$+)!,+*1-,0!&-5".-!)$-!,")-*+*0!3+*!)'!5',,'3U!)$-!
*-/*'&4()"'.!+.&!"2")+)"'.!'5!9-)*+*($!+.&!9-)*+*($+.!%)0,-?!+.&!)$-!/*'&4()"'.!'5!'*"1".+,!
/'-)"(!2+)-*"+,=SQ!!!
9-)*+*($"%2!/*-&+)-%!)$-!5'*2+)"'.!'5!-")$-*!+(+&-20!<0!)$-!<-))-*!/+*)!'5!)$"*)0!
0-+*%!+.&!"%!+,*-+&0!2+".%)*-+2!,")-*+*0!/*+()"(-!<0!)$-!)"2-!-")$-*!('2-%!)'!,"5-=!cF-.!
3*")-*%!".!)$-!<4*,-%@4-!)*+&")"'.!)0/"(+,,0!1+".!(*-&"<",")0!".!)$-"*!5"-,&!-+*,0!'.!".!)$-"*!
,")-*+*0!(+*--*%!)$*'41$!9-)*+*($+.!"2")+)"'.?!)$'41$!2'%)!'5!)$-"*!%)*"(),0!"2")+)"F-!3'*;%!
('2-!)'!*-%-2<,-!-+($!')$-*=SP!Y'2-!+*-!2'*-!%4((-%%54,!)$+.!')$-*%?!$'3-F-*?!+)!
-F-.)4+,,0!&"%)".14"%$".1!)$-"*!/-*%'.+,!%)0,-!5*'2!)$-"*!"2")+)"F-!3'*;%=!>,!I',D+!+.&!
B.."<+,!M+*'!".!Z'2-!+*-!3$+)!<-('2-!5'*!)$-!53&'$'!&-5".".1!-7+2/,-%!'5!)$"%!
+($"-F-2-.)=!!M+*'?!2'*-!%/-("5"(+,,0?!"%!&-%(*"<-&?!".!+.!-&")'*"+,!.')-!/*-(-&".1!+!GONO!
-&")"'.!'5!$"%!('2-&0!X*'(:/2#""'1-'!+.&!(',,-()-&!/'-2%?!+%!+.!+4)$'*!3$'?!_,"<-*+.&'%"!
/-*h!&+!@4-:!%-//"!.-:!@4+,"!F"-.!/'%)'!,:".1-1.'!42+.'!&+,,'!%(*4/','!&-,,:"2")+*-!4.!%','!
+4)'*-?!F-%)k!"!%4':!/-.%"-*"!*-1',+)+2-.)-e!2+!+!2'&'!%4'?!-!+11"4.%-!+,,+!)".)4*+!/*-%+!&+!
<4'."!%(*"))'*"!C*-("!-!A+)"."?!4.+!(-*)+!%4+!.+)4*+,-!F"F+(")l!-!4.'!%/,-.&'*-!($-!.+%(+!&+,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SQ!Y--!"<"&?!.'=!PO=!
SP!C"+2<+))"%)+!]'F-,,":%!-&")'*"+,!.')-!)'!B.."<+,!M+*':%!7'&%($%*("1&&%-$#/12%(!--'J#*(
4#21(%(*#(41&&%$'#(C,"!Y)*+(("'."![J-.-D"+U!GONO\!('.F-0%!)$"%!"&-+!)3'!(-.)4*"-%!,+)-*=!a-!
3*")-%U!_I+!%"(('2-!+FF-."*!%4',-!+!(','*'?!($-!)*'//'!/4.)4+,2-.)-!"2")+.'?!2-.)*-!($-!
("+%($-&4.'!1+*-11"+F+!&:-%/*"2-*-!/*'/*"!%-.)"2-.)"!(':!2'&"?!(',,-!%-.)-.D-?!-!(':!
F'(+<',"!&"!@4-,,:+4)'*-?!/-*&-))-*'!".!)+.)+!+((4*+)-DD+!,-!5'*D-e!-&!-%)".%-*'!".!1*+.!/+*)-!
,+!5+.)+%"+!/-*!,+!&","1-.D+!%'F-*($"+=!j4".&"!i!($-!&"!)+.)"!(+.D'."-*"!($-!4%("*'.'!+!@4-"!
)-2/"?!/'($"!%'.'!@4-,,"?!.-:!@4+,"!@4+,($-!&"F-*%")l!+//+*"%(-?!-!%k!,:4.'!+,,:+,)*'!%'2"1,"+?!
($-!%-!"!.'2"!&-1,"!%(*"))'*"!.'.!%"!,-11-%%-*'!".!5*'.)-!&"!@4-,,"?!+1-F',2-.)-!%"!/')*-<<-*'!
(*-&-*-!)4))"!5+)"(+!&:4.!%','`![9+&'F+?!L"<,"')-(+!g."F-*%")+*"+?!^V=+=GPW?!F""\=(
!
VP!
!
!
!!!!!!!!!!!
%4'!".1-1.'=`WR!#$"%!('.5,"()?!*-%',F-&!".!M+*'?!<-)3--.!)$-!',&!+.&!)$-!.-3?!)$-!)*+&")"'.+,!
+.&!)$-!+F+.)61+*&-?!('2-%!)'!('.%)")4)-!+.')$-*?!"5!.')!)$-!/*".("/+,?!%'4*(-!'5!&"%%-.%"'.!
<-)3--.!)$-!,-.'#&&#/'!+.&!)$-!53&'$'!+(+&-2"-%=!
>.!9+&4+!+.&!J-."(-?!)$-!_9-)*+*($+.!/*'<,-2`!)+;-%!'.!)3'!&"2-.%"'.%=!X")$!
9"-)*'!L-2<'!+.&!$"%!5',,'3-*%!".!9+&4+?!+.&!/*"2+*",0!+)!")%!4."F-*%")0?!")!"%!+&&*-%%-&!
,")-*+,,0!".!)$-!@3%0/'1-%($%**#(*'-)3#U!+!(-,-<*+)"'.!'5!)$-!#4%(+.!,+.14+1-!+%!,")-*+*0!
)-2/,+)-?!+.&!+!('.5"*2+)"'.!'5!9-)*+*($:%!(+.'."(+,!%4/*-2+(0!".!,0*"(!/'-)*0!+.&!
L'((+(("':%!".!/*'%-!".!)$-"*!5'*2+,!4%-!'5!3'*&%!+.&!%)0,-=!M-.)*+,!)'!)$-%-!".)-,,-()4+,%!"%!
)$-!+.+,0%"%!'5!,")-*+*0!)-7)%!".!$"%)'*"(+,!('.)-7)!+.&!+)!5+(-!F+,4-?!%)*"//-&!'5!+.0!
('.)-2/'*+*0!".)-*/*-)+)"'.!".!+!5'(4%-&!+//*'+($!)'!B%2J#!E!%)0,-!E!+%!'//'%-&!)'!2%0!6!
('.)-.)=WG!X")$!+!.-3!1-.-*+)"'.!'5!9+&4+.!%($',+*%?!B,-%%+.&*'!9"((','2"."!+.&!Y/-*'.-!
Y/-*'."!+2'.1!)$-2?!$'3-F-*?!)$-!_9-)*+*($+.!/*'<,-2`!,-.&%!")%-,5!)'!')$-*!+*-+%!'5!
-7+2".+)"'.!+.&!".%)"1+)-%!54*)$-*!@4-%)"'.%!.')!'.,0!+<'4)!,")-*+*0!/*'&4()"'.?!<4)!+,%'!
+<'4)!)$-!/$",'%'/$"(+,!('.F"()"'.%!+.&!5*+2-3'*;%!<-$".&!")=!c7+2".".1!9-)*+*($?!5'*!
)$-%-!,+))-*!%($',+*%?!+,%'!2-+.%!-F+,4+)".1!)$-!F+,"&")0!'5!$"%!,")-*+*0!2'&-,%!+%!24)4+,!
/*-&-(-%%'*%!+.&!5'4.&".1!,")-*+*0!5+)$-*%!)'!)$-"*!'3.!3'*;%=!X$+)!.-(-%%+*",0!5',,'3%!"%!
+!*-+()"'.!+1+".%)!)$-!9,+)'."%2!'5!I+*%","'!8"(".':%!-+*,"-*!+.&!".5+2'4%!8,'*-.)".-!
+(+&-20!+.&!+!1*'3".1!+//*-("+)"'.!'5!)$-!B*"%)')-,"+."%2!)$+)?!3")$!)$-!&-F-,'/2-.)!'5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WR!"<"&!F"""?!_,"<-*+)".1!$"2%-,5?!$'3-F-*?!5*'2!)$'%-!$-&1-&6".!('*.-*%!3$-*-!$42+.!)+,-.)!
"%!/"))-&!+1+".%)!)$-!%(*4/4,'4%.-%%!'5!"2")+)".1!'.,0!'.-!+4)$'*?!$-!('.&")"'.%!$"%!
)$'41$)%!+//*'/*"+)-,0?!+.&!".!$"%!'3.!3+0?!+.&!+&&%!)'!)$-!,")-*+*0!(','4*!<'**'3-&!5*'2!
1''&!C*--;!+.&!A+)".!3*")-*%!)$-!(-*)+".!.+)4*+,!F"F+("'4%.-%%!+.&!%/,-.&'4*!<'*.!'5!$"%!
%;",,=`!
WG!Y--!J"+.-,,'?!,*(*%//%2#/1!PRU!_A+!2-.)+,")l!+.+,")"(+!&-F-!-%%-*-!+//,"(+)+!+,,+!%)-%%+!
%(*"))4*+!/*'FF-&-.&'!+!*"('%)*4"*-!",!,"<*'!.-,,+!.+%(")+!/-*!*"2'.)+*-!&+,!<+%%'!",!
2-((+."%2'!('2/'%")"F'?!*-(4/-*+.&'!,:-%+))'!%"1."5"(+)'!&"!'1."!/+*',+?!",!%-.%'!/*-("%'!
&-,!/-*"'&'?!",!F-*'!2-%%+11"'!&-,,:'/-*+!,"<-*+)'!&+,,-!%'FF*+%)*4))4*-!".)-*/*-)+)"F-=`!
!
SR!
!
!
!!!!!!!!!!!
)$-!4."F-*%")0!+.&!")%!5+(4,)0!'5!2-&"(".-?!('2-%!)'!&'2".+)-!)$-!9+&4+.!".)-,,-()4+,!
%/$-*-=WV!L4)!)$-%-!".)-,,-()4+,%:!+&$-*-.(-!)'!B*"%)'),-:%!)$*--!4.")"-%!".!)$-+)*-!+.&!/'-)"(!
"&-+,%!".!F-*%-!"%!".!.'!3+0!4.5+")$54,!)'!)$-!+)2'%/$-*-!'5!1*'3)$?!-7/+.%"'.?!+.&!,")-*+*0!
*-<-,,"'.!)$+)!%4**'4.&%!)$-2=!>.%)-+&?!)$-0!+"2!)'!+<%'*<!+.&!*-6/*'/'%-!)$-%-!
B*"%)')-,"+.!"&-+,%!".!+.!+()"F-!,")-*+)4*-!+!&-/+*)4*-!5*'2!)$-!0/3$'1!+.&!")%!,-1+(0=!
#$-!!""#$%&'#($%)*'(,-.'#&&#/'!"%!5'*2-&?!)$-.?!".!*-%/'.%-!+.&!+%!+.!+,)-*.+)"F-!)'!
)$-!9+&4+.!+.&?!)'!+.!-7)-.)?!8,'*-.)".-!0/3$'!+.&!')$-*!'55"("+,,0!'*1+."D-&!+%%'("+)"'.%!
)$+)!4.)",!*-(-.),0!$+&!&'2".+)-&!)$-!".)-,,-()4+,!%(-.-!5*'2!Z'2-!)'!J-."(-=!A";-!)$-!
53&'$'!"22-&"+)-,0!)'!5',,'3?!")!"%!<'*.!+%!+.!".5'*2+,!1+)$-*".1!+2'.1!,";-62".&-&!
".&"F"&4+,%!)$+)!2--)%!%-2"6*-14,+*,0!+)!+!"%-#"1*1!$'%)-&!+)!)$-!$'2-%!'5!")%!2-2<-*%=!>)!
1*'3%!5*'2!)$-*-!".)'!3$+)!J+*($"?!".!9+&4+!+)!)$-!)"2-!'5!")%!5'*2+)"'.?!,+)-*!(+,,%!)$-!
/-*5-()!)-2/,+)-!'5!)$-!+(+&-20!+.&!)$-!2'&-,!)'!5',,'3!-F-*03$-*-=WS!>)%!,")-*+*0!+()"F")0!
*+.1-%!".!+(('*&+.(-!3")$!")%!2-2<-*%?!*4..".1!)$-!1+24)!5*'2!)$-!-*4&")-!('2-&"-%!'5!
,+)-*!2-2<-*?!B.1-,'!L-',('![",!Z4D+.)-\?!)'!)$-!%("-.)"5"(!-7+2".+)"'.%!'5!B,-%%+.&*'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WV!M$+/)-*!V!3",,!'4),".-!%'2-!'5!)$-!.-3!)*-.&%!".!2-&"(".-!".!.'*)$-*.6(-.)*+,!>)+,0!'F-*!
)$-!0-+*%!4.&-*!-7+2".+)"'.=!84.&+2-.)+,!)'!+!1*-+)!.42<-*!'5!&-F-,'/2-.)%!".!)$-!
2-&"(+,!5"-,&!"%!C"*',+2'!M+*&+.'?!3$'!%)4&"-%!".!9+&4+!+.&!"%!+3+*&-&!$"%!2-&"(+,!&-1*--!
)$-*-!".!GNV^!<-5'*-!%-)),".1!+%!+!/*'5-%%'*!'5!2-&"(".-!+)!)$-!g."F-*%")0!'5!9+F"+!".!GNWS=!
a-!3*")-%!2'%)!%"1."5"(+.),0!'.!&"-)?!3$"($!3",,!<-!&"%(4%%-&!+)!1*-+)-*!,-.1)$!".!)$-!
5',,'3".1!($+/)-*=!8'*!+!('2/*-$-.%"F-!2'.'1*+/$!'.!M+*&+.'?!%--!]+.(0!Y"*+"%"?!89%(
4*1"Y(#-$(/9%(E'2212H(X'21*#&1(4#2$#-1(#-$(7%-#'00#-"%(E%$'"'-%![9*".(-)'.U!9*".(-)'.!g9?!
GPPO\=!
WS!Y+24-,%!$+%!('.)*"<4)-&!)$-!2'%)!+((4*+)-!+.&!.')-3'*)$0!%422+*0!'5!)$-!,-.'#&&#/':%!
-+*,0!'*1+."D+)"'.!+.&!,+)-*!&-2"%-![+)!)$-!5,'4*"%$".1!'5!)$-!6'12%-/'-#\=!B%!$-!*"1$),0!
.')-%?!,")),-!"%!('.(*-)-,0!;.'3.?!%)",,!)'&+0!+.&!2'*-!)$+.!)$"*)065"F-!0-+*%!+5)-*!$"%!
%-2".+,!%)4&0!'5!)$-2?!'.!)$-!5'*2+)"F-!0-+*%!'5!)$-!+(+&-20=!C-.-*+,,0!%/-+;".1?!)$-!
,-.'#&&#/'!3-*-!;.'3.!)'!+//'".)!_/*".("/"`!'*!/*-%"&-.)%!5'*!%"762'.)$!)-*2%=!B,)$'41$!
)$-!,-.'#&&#/'!3-*-!.')!+!(',,-()"F-!".!)$-!%-.%-!)$+)!)$-!+&'$'!,+)-*!&-2'.%)*+)-?!
2-2<-*%!%)",,!%4<2"))-&!)$-"*!3'*;%!E!4%4+,,0!-*4&")-!%'..-)%!E!)'!('22"))--!(-.%'*%!5'*!
)'4($64/%!+.&!5".+,!+//*'F+,=!#$-!,+)-*!6'12%-/'-#!<'**'3%!24($!'5!")%!5'*2+,!/*'(--&".1%!
5*'2!)$"%!2'&-,=!
!
SG!
!
!
!!!!!!!!!!!
9"((','2"."=!>)!%''.!<-('2-%!;.'3.!5'*!")%!,-%%'.%!'.!2+)-*"+,!5*'2!+!F+*"-)0!'5!&"%("/,".-%!
%/+..".1!,")-*+)4*-!)'!/$",'%'/$0=!H5!/+*)"(4,+*!('.(-*.!)'!)$-!,-.'#&&#/';($'3-F-*?!
<-('2-%!)$-!*-+&".1!+.&!-7-1-%"%!'5!/'-)*0?!<')$!('.)-2/'*+*0!)'!)$-2!+.&!<0!)$-"*!
,")-*+*0!+.)-(-&-.)%!E!+!/*+()"(-!)$+)!".5,4-.(-%!,+)-*!1-.-*+)"'.%!'5!+(+&-2"(%!<')$!".!
9+&4+!+.&!<-0'.&!")=!#'!%42?!)$'41$!)$-0!5+.(0!)$-2%-,F-%!)$-!+()"F-!-@4"F+,-.)!'5!)$-!
2'*-!('.)-2/,+)"F-!0/3$'1!<-5'*-!)$-2?!)$-!,-.'#&&#/'!+*-!+.!".)-,,-()4+,!%'("-)0!'5!
,")-*+*0!s,")-%!4.%+)"%5"-&!3")$!)$-!1*'3".1!)*-.&!'5!)$-!<4*,-%@4-!+.&!-+1-*!)'!)4*.!)$-"*!
+))-.)"'.!)'!2'*-!%-*"'4%!2+))-*%!3'*)$0!'5!%)4&0!+.&?!-F-.)4+,,0?!"2")+)"'.=!
>)!"%!)$"%!)4*.!+3+0!5*'2!L-*."!+.&!)$-!)*+&")"'.!$-!5'*1-%!)$+)?!)'1-)$-*!3")$!
J+*($":%!('.)".4".1!)*+F-,%!)'!+.&!5*'2!8,'*-.(-!".!)$-!-+*,0!0-+*%!'5!)$-!+(+&-20:%!$"%)'*0?!
%'3!)$-!%--&!'5!&"%%-.)!5*'2!3$"($!)$-!!""#$%&'#($%)*'(53&'$'!"%!<'*.=!8',,'3-*%!'5!)$-!
2+(($-*'."(!+.&!5+")$54,!)'!)$-!,'.16-%)+<,"%$-&!)*+&")"'.!'5!3*")".1!5'*!/,-+%4*-![+%!
'//'%-&!)'!".%)*4()"'.\?!)$-!53&'$':%!5"*%)!2-2<-*%!%--!".!)$-!,-.'#&&#/':%!,-%%'.%!+.&!
%4%)+".-&!%)4&"-%!'5!B*"%)'),-!+!/-&+.)"(!-7-*("%-!)$+)!%,'3%!)$-!/*'1*-%%!'5!)$-!_*-<-,,"'4%`!
'*?!/-*$+/%!<-))-*?!(+*-5*--!,")-*+*0!/*'&4()"'.!)$-0!+&F'(+)-=!T-%/")-!)$-"*!%-,56%)+)-&!1'+,!
)'!",,42".+)-!,")-*+)4*-!".)'!+!2'*-!+()"F-!+.&!&0.+2"(!%/$-*-?!)$-!5"*%)!1-.-*+)"'.!'5!
,-.'#&&#/'!+(+&-2"(%!('2-!+(*'%%!)'!)$-"*!53&'$'!('4.)-*/+*)%!+%!.')$".1!2'*-!)$+.!+.!
-7)-.%"'.!'5!)$-!9+&4+.!%)4&"'!+.&!")%!&'12+)"(!+))-.)"'.!)'!,")-*+*0!&-)+",%!'5!,")),-!
('.%-@4-.(-=!#$4%?!'.!]'F-2<-*!G%)?!GNWR?!+)!)$-!$'2-!'5!C"'F+.."!I+DD4',"?!+.&!".!&"*-()!
*-+()"'.!+1+".%)!)$-!,-.'#&&#/'!".!)$-!.'*)$?!"%!<'*.!)$-!!""#$%&'#($%)*'(53&'$'=ZZ!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WW!#$-!a42"&"!<-1".!+%!+.!".5'*2+,!1+)$-*".1!'5!/12-#/%**%!".!)$-!$'2-!'5!I+DD4',"=!#$"%!
&+)-!"%!+,%'!&"%/4)-&!+2'.1!%($',+*%?!<4)!1-.-*+,,0!$-,&!)'!<-!)$-!2'%)!+((4*+)-!+2'.1!)$-!
'/)"'.%!/*-%-.)-&=!
!
SV!
!
!
!!!!!!!!!!!
#$-!53&'$'!E!+!&-,"<-*+)-!/,+0!'.!)$-!,-.'#&&#/':%!($'%-.!.+2-!E!5*'2!)$-!5"*%)!
(+)-1'*"%-!)$-2%-,F-%!+%!+!<+.&!'5!_2"%5")`!3*")-*%!*-(,+"2".1!)$-!<-*.-%@4-v<4*,-%@4-!
)*+&")"'.!+.&!('4.)-*+()".1!)$-!/-&+.)"(!)-.&-.("-%!'5!)$-"*!('.)-2/'*+*"-%!)'!)$-!.'*)$=!
#$-"*!($'%-.!5'*2+)!'5!+(+&-20?!)$'41$!/-*$+/%!&-,"<-*+)-,0!"*'."(!1"F-.!)$-!.+)4*-!'5!
)$-"*!-+*,0!2--)".1%?!.'.-)$-,-%%!('2-%!3")$!%)*"()!14"&-,".-%?!*4,-%?!+.&!2".4)-%!
('.%-*F-&!)'&+0!".!")%!'*"1".+,!2+.4%(*"/)!5'*2!+)!8,'*-.(-:%!L"<,"')-(+!]+D"'.+,-!
M-.)*+,-=WN!#$-"*!'55"("+,!,-&1-*!*-+&%?!+,)-*.+)-,0?!+%!+!5+*(-!'.!)$-!+(+&-2"(!)*+&")"'.?!+.&!
+%!+!/*-%-*F+)"'.!'5!)$-!53&'$':%!%)+)4%!+%!+!%'("+,,0!,-1")"2+)-!(',,-()"F-!'5!+4)$'*%=!>)!
'/-.%!3")$!+!&-(,+*+)"'.?!".!A+)".?!'5!M'%"2'!>:%!*-"1.!'F-*!)$-!+(+&-20!(*-+)-&!".!)$-!$'2-!
'5!C"'F+.."!I+DD4',"?!(+,,-&!,'!Y)*+&".'=W^!>)!)$-.!*-F-+,%!+.!+,2'%)!".5".")-!,"%)!'5!2-2<-*%?!
,";-,0!-7+11-*+)-&!)'!".(,4&-!%02/+)$-)"(!/+*)"-%!'*!')$-*%!3$'%-!3'*;%!("*(4,+)-&!+2'.1!
)$-!53&'$'?!-F-.!".!)$-"*!+<%-.(-!5*'2!'55"("+,!+(+&-2"(!2--)".1%!+.&!".)-*+()"'.%=!B2'.1!
)$-2!+*-!8,'*-.(-:%![+.&?!+)!)"2-%?!Z'2-:%\!2'%)!*-.'3.-&!+.&!/*-%)"1"'4%!.+2-%!6!
8*+.(-%('!I+*"+!I',D+?!M+*,'!+.&!C"'F+.."!Y)*'DD"?!8*+.(-%('!J-*".'?!C"'F+2<+))"%)+!C-,,"?!
B1.','!8"*-.D4',+?!9"-)*'!B*-)".'?!C"*',+2'!&-1,"!B,<"D"?!I"($-,+.1-,'!L4'.+*'))"?!B.%-,2'!
+.&!A'*-.D'!J-.)4*"!E!+.&!+.!"2/*-%%"F-!(',,-()"'.!'5!3'2-.!3*")-*%!4.)",!)$-.!.')!
5'*2+,,0!+(;.'3,-&1-&!<0!+.0!,")-*+*0!(',,-()"F-e!#4,,"+!&:B*+1'.+?!J"*1"."+!Y+,F"?!+.&!
J"))'*"+!M','..+!+,,!5".&!)$-"*!.+2-%!".!)$-!+(+&-20:%!,-&1-*=!B!,-.1)$0!('**-%/'.&-.(-!
3")$!L-.-&-))'!J+*($"!+,%'!*-F-+,%!A+4*+!L+))"5-**":%!,+)-*!".(,4%"'.!".!)$-!6'12%-/'-#:%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WN!<'4.&!<0!B.)'."'!8*+.(-%('!I+*2"!".!GOSR=!I1,=!>>?!>J?!G=!
W^!>)!*-+&%?!_@4'!M'2'!>!*-1.+.)-!B((+&-2"+!a42"&'*42!".!&'2'!>'+.."%!I+DD4',"!
('1.'2!Y)*+&".'!(*-+)+!54")`!<4)!2+0!<-!+!,+)-*!".%-*)"'.!".!)$-!$+.&!'5!)$-!<".&-*?!I+*2"=!
B)!)$-!)"2-!'5!")%!(*-+)"'.?!)$-!+(+&-20!3+%!.')!0-)!*-('1."D-&!<0!)$-!I-&"("!1'F-*.2-.)?!
+.&!M'%"2'!>?!)$'41$!/-*$+/%!+.!-+*,0!2-2<-*?!3'4,&!.')!$+F-!<--.!('.%"&-*-&!")%!'55"("+,!
$-+&!4.&-*!)$-!*4,-%!-%)+<,"%$-&!5'*!")%!(*-+)"'.!+.&!/*'&4()"'.=!
!
SS!
!
!
!!!!!!!!!!!
+(+&-2"(!("*(,-=WO!L4)!'.,0!")%!/*"2+*0!2-2<-*%!+)!)$"%!5"*%)!/$+%-!'5!(*-+)"'.!+*-!+,%'!
1"F-.!+!."(;.+2-!+.&!+.!",,4%)*+)-&!%02<',!<0!3$"($!)$-0!+*-!*-('1."D-&=!#$-%-!".(,4&-!
]"((',h!I+*)-,,"![",!C-,+)'e!)$-!8*'D-.\?!C"%2'.&'!I+*)-,,"![",!M"1.'e!)$-!Y3+.\?!
B.)'.5*+.(-%('!C*+DD"."![",!A+%(+e!)$-!Z'+($\?!M".)"'!&:B2-,"+![Z'2+.'!,:g2'*'%'e!)$-!
a42'4*'4%!Z'2+.\?!8","//'!Y+,F-))"![",!8*"1"&'e!)$-!8*"1"&\?!9"-*'!8+<<*"."![,:B%%"&-*+)'e!
)$-!8*'D-.![<0!-7/'%4*-\\?!I"($-,+.1-,'!J"F+,&"![",!#'*<"&'e!)$-!I4*;0\?!L+*)','2-'!
L+((-,,"![",!9+.)+.'%'e!)$-!L'110\?!9+','!&-:!1-"![,'!Y('1,"'e!)$-!Z'(;\?!L+*)','2-'!L-.("![,'!
Y/42'%'e!)$-!8'+20\?!C"'F+.."!]'*($"+)"![",!A+(*"2'%'e!)$-!#-+*54,\?!Y"2'.-!&-,,+!J',)+!
[,:B..+(@4+)'e!)$-!T",4)-&\?!L-.-&-))'!J+*($"![,:>.5"+22+)'e!)$-!c.5,+2-&\!#$-%-!+*-!)$-!
5'4.&".1!5+)$-*%!'5!)$-!53&'$'!+.&!)$-!-+*,"-%)!('.)*"<4)'*%!)'!")%!*-F"F+,!'5!)$-!<4*,-%@4-!
'*?!/-*$+/%!2'*-!,''%-,0?!)$-!_*-+,"%)"(`!%)0,-=WQ!B%!3",,!,+)-*!<-!%$'3.?!2'%)!.')-3'*)$0!
+2'.1!)$-2!"%!B.)'.5*+.(-%('!C*+DD"."?!)$-!2'%)!*-/*-%-.)+)"F-?!"5!/*'<,-2+)"(?!2-2<-*!
'5!)$-!53&'$'!+.&!")%!2'%)!,'0+,!5',,'3-*!-F-.!".!)$-!5+(-!'5!,+)-*!('.)*'F-*%0=!L'*.!".!GNRS!
)'!+!*-%/-()+<,-!8,'*-.)".-!5+2",0?!,";-,0!'5!2-*($+.)%!+.&!/$+*2+("%)%?!.')!24($!"%!;.'3.!
+<'4)!$"%!0'4)$!'*!4/<*".1".1=!a-!"%!)$'41$)!)'!$+F-!<--.!)*+".-&!+%!+.!+/')$-(+*0!+)!)$-!
<'4)"@4-!'5!+.!4.(,-?!+.&!")!"%!+,2'%)!(-*)+".!)$+)!C*+DD"."!,+(;-&!)$-!;".&!'5!5'*2+,!,"<-*+,!
-&4(+)"'.!2+.0!'5!$"%!('.)-2/'*+*"-%!-.d'0-&=!>.%)-+&?!,+*1-,0!%-,56)+41$)!+.&!5',,'3".1!
)$-!*-('22-.&+)"'.%!+.&!-7+2/,-%!'5!*-/4)+<,-!,")-*+*0!2-.!<')$!".!)$-!+(+&-20!+.&!
'4)%"&-!")?!$-!-%)+<,"%$-%!)$-!%-*"-%!'5!('..-()"'.%!)$+)!/'%")"'.!$"2!3-,,!5'*!/*'5-%%"'.+,!
1*'3)$!".!)$-!-+*,0!%)+1-%!'5!)$-!+(+&-20:%!$"%)'*0=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WO!Y--!B4)'1*+5"!9+,+)"."?!A-))=!+,!J+*($"!>?!GQ6SV=!
WQ!J+*($"!"%!.+2-&!5'*!$"%!".F',F-2-.)!".!)$-!-+*,"-*!,-.'#&&#/'!2'F-2-.)?!+.&!"%!)$-!
-7(-/)"'.!".!+!,"%)!')$-*3"%-!('2/'%-&!'5!.+2-%!)$+)!/,+0!'.!)$-!_$42"&")0`!*-5-**-&!)'!".!
)$-!+(+&-20:%!'55"("+,!.+2-=!
!
SW!
!
!
!!!!!!!!!!!
#$-!53&'$':%!2+.&+)-!"%!%"2/,-!+.&!%)*+"1$)5'*3+*&U!)$-!+(+&-20!"%!_(*-+)+!/-*!
/+%%+)-2/'`WP!+.&!"%!'/-.?!<0!4.,"2")-&!.42<-*?!)'!+.0'.-!&--2-&!(,-F-*!-.'41$!<0!)3'!
)$"*&%!'5!")%!'*"1".+,!2-2<-*%!)'!d'".=NR!#$-!%".(-*")0!'5!")%!'55"("+,!*-%/-()!'5!5'*2!"%!
&4<"'4%?!<4)!")%!(',,-()"F-!.+)4*-!"%!"22-&"+)-,0!4.&-*,".-&=!#$-!5'4.&".1!5+)$-*%!&-(,+*-!
)$+)!_($"!F',-%%"!%(*"F-*-!+,(4.+!/+*)"(4,+*!('2/'%")"'.-!/'%%+!".!.'2-!%4'!=!=!=!-!+!%4'!
/"+("2-.)'=!I+!.'.!/'%%+!('2/'**-!.-,!('1.'2-!&-,,+!+((+&-2"+!.-!2+.&+*,-!54'*"!%-!.'.!
%"!%'.'!/*"2+!,-))-?!F"%)-!-)!('**-))-!&+,,"!(+**',"!&-/4)+.&'!'!&+!"!(-.%'*"!($-!%+*+..'!
q-,-))"r=`NG!#$-!5".+,!*-%4,)!"%!+.!+(+&-20!%"24,)+.-'4%,0!2'*-!('$-%"F-!+.&!,-%%!-7(,4%"F-!
)$+.!")%!9+&4+.!2'&-,?!3$"($!+"2%!)'!+//-+,!)'!)$-!1*-+)-%)!.42<-*!'5!/-'/,-!/'%%"<,-=!
#$-!GOSR!,-&1-*!*-F-+,%!)$-!.+)4*-!'5!)$-!53&'$':%!-+*,"-%)!+.&!2'%)!*-/*-%-.)+)"F-!
".)-*+()"'.%!+.&!+()"F")"-%=!A";-!)$-!,-.'#&&#/'!)'!)$-!.'*)$?!)$-!53&'$'!+*-!".)-.)!'.!
/*-%-*F".1!)$-!,")-*+*0!,-1+(0!'5!)$-!#4%(+.!(+.'.e!"22-&"+)-,0!5',,'3".1!)$-!/*-%-.)+)"'.!
'5!)$-!+(+&-2"(%:!(*-%)%!+.&!5"14*+)"F-!-2<,-2%!+*-!",,4%)*+)"'.%!'5!T+.)-?!9-)*+*($?!w+.'<"!
&+!Y)*+&+?!+.&!C"'F+.."!L'((+(("'!+.&?!5',,'3".1!)$-2?!-/"1*+2%!)'!)$-%-!%+2-!5"14*-%=NV!
L4)!('.)*+*0!)'!)$-!,-.'#&&#/'!3$'?!".!)$-!-0-%!'5!)$-!53&'$'?!2+;-!'5!)$-"*!,")-*+*0!5+)$-*%!
)$-!%4<d-()!'5!(',&!,")-*+*0!&"%%-()"'.?!)$-!53&'$'A%!".)-*+()"'.!3")$!)$-!#4%(+.!(+.'.!"%!'.-!
'5!/4*-!*-%/-()?!+//*-("+)"'.?!+.&!+(;.'3,-&12-.)=!#$-"*!+"2!".!".)-*+()".1!3")$!)$-!)$*--!
(*'3.%!"%!.')!)'!4.&'!)$-2?!<4)!)'!&4,0!*-('1."D-!)$-"*!&-<)!)'!)$-2=!Y"2'.-!&-,,+!J',)+:%!
-/"1*+2!)'!T+.)-!+.&!)$-!5"*%)!'5!)$-!%-*"-%!2+;-%!(,-+*!)$"%!%-.)"2-.)=!a-!3*")-%U!_j4-%):i!
(',4"!($-!&'))+2-.)-!%(*"%%-!v!&-,!("-,?!&-,!/4*1+)'*"'!-)!&-,!>.5-*.'!v!9+%(-!,:+.)"('!%)",-!-)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WP!,+)-*!*-5-**-&!)'!+%!_$'.-%)'!/+%%+)-2/'`![N*\=!
NR!Y--!I1,=!>>?!>J?!GU!_>,!.42-*'!&-1,"!B((+&-2"("!%"+!".&-)-*2".+)'=!M$"!F',-%%"!-.)*+*!".!
&-))+!B((+&-2"+!&-1,"!a42"&"!.'.!/'%%+!-.)*+*-!%-!=!=!=!.'.!i!F".)'!/-*!,:+%)4D"+!-)!%"!$+!+&!
".)-.&-*-!F".)'!'1."!F',)+!($-!m,!&4+!)-*D"!=!=!=!+!,4"!&"%%-`![N*\=!
NG!I1,!>>?!>J?!G?!N*=!
NV!"<"&?!NF!+.&!5',,'3".1=!
!
SN!
!
!
!!!!!!!!!!!
+,!I'&-*.'!v!#',%-!5+)"(+!/-*($s!m,!)4))'!&"%%-=`NS!H)$-*!2-2<-*%!5',,'3!%4")?!-+($!3--;!
+&&*-%%".1!+.')$-*!,")-*+*0!5"14*-!)$-0!$',&!&-+*=!!
H.-!'5!)$-!+(+&-20:%!')$-*!($"-5!-.&-+F'4*%?!+.&!".!;--/".1!3")$!)$-"*!2'&-,!
+(+&-20!)'!)$-!.'*)$?!"%!)$-!/*-/+*+)"'.!+.&!&-,"F-*0?!+)!)"2-%!/4<,"(?!'5!,-%%'.%!'.!+.&!
(,'%-!*-+&".1%!'5!9-)*+*($+.!%'..-)%?!/+%%+1-%!5*'2!T+.)-:%!G'B'-#(41&&%$'#!+.&?!
-F-.)4+,,0?!('.)-2/'*+*0!/'-)*0=!cF-.!$-*-?!$'3-F-*?!+.&!+%!'//'%-&!)'!)$-!,-.'#&&#/'?!
)$-!53&'$'!".%"%)!'.!$42",")0!+.&!%"2/,"(")0!".!)$-"*!+//*'+($!)'!)$-%-!(+.'."(+,!)-7)%?!
4.+<,-?!+%!)$-0!+*-?!)'!-.$+.(-!)$-"*!/-*5-()"'.=!#$-!-+*,"-%)!*-('*&-&!,-%%'.!'5!)$"%!.+)4*-?!
+(('*&".1!)'!)$"%!%+2-!GOSR!,-&1-*?!"%!&-,"F-*-&!<0!9"-*'!J-*".'!".!)$-!($4*($!'5!Y+.)+!
I+*"+!]'F-,,+!5'*!_,:B((+&-2"+!8"'*-.)".+!&-1,"!a42"&"`!'.!8-<*4*+*0!GO?!GNWG?!+.&!
+&&*-%%-%!)$-!)3-.)06%"7)$!(+.)'!'5!T+.)-:%!>32)#/12'1=NW!>)!<-1".%!3")$!+.!-7/,+.+)"'.!'5!
J-*".':%!($'%-.!,+.14+1-!E!#4%(+.!E!+.&!*-1"%)-*!E!5+2","+*!E!F-*0!24($!".!,".-!3")$!)$-!
+(+&-20:%!+-%)$-)"(%!+.&!/*+()"(-%?!+.&!+.!-7$'*)+)"'.!)'!*-+&-*%!)'!*-%/'.&!-2')"'.+,,0!
+%!3-,,!+%!".)-,,-()4+,,0!)'!$"%!/*'/'%-&!*-+&".1=!_9+*,-*h!".!,".14+!#'%(+.+?`!$-!3*")-%?!_/-*!
)*-!('%-?!/*"2+!/-*!-%%-*-!/"u!5+(",-?!('2-!/"u!&+!]+)4*+?!%-('.&'!/-*!-%%-*-!+!@4-,,+!/"u!
'<,"1+)'?!)-*)"'!/-*!/')-*!q('2/"+(-*-r!+!/"u=!9*-1'F"!+%(',)+)'*"!.'.!%','!('.!,+!5*'.)-!-)!
'*-(($"-!('*/'*+,"!2"!+%(',)"+)-!2+!(',!/-))'?`!$-!+&&%=NN!cF-.)4+,,0?!')$-*!+(+&-2"(%!".%"%)?!
)$-!/*+()"(-!'5!&-,"F-*".1!,-%%'.%!<')$!3")$".!)$-!+(+&-20!+.&!'4)%"&-!")!<-('2-%!
'<%(4*-&!<0!.--&,-%%!+.&!('.54%".1!".)-*/*-)+)"'.?!'*!<0!-7(,4%"F-!5'(4%!'.!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
NS!"<"&?!P*=!
NW!I1,=!>>?!>J?!G?!QW*6QO*=!
NN!"<"&?!QWF?!_>!3",,!%/-+;!".!)$-!#4%(+.!,+.14+1-!5'*!)$*--!*-+%'.%=!8"*%)?!)'!<-!2'*-!+)!-+%-!
%".(-!")!('2-%!)'!2'*-!.+)4*+,,0?!.-7)?!<-(+4%-!")!"%!)$-!,+.14+1-!)'!3$"($!>!+2!2'%)!
".&-<)-&?!+.&!)$"*&!".!'*&-*!)'!/,-+%-!0'4!+,,=!>!/*+0!0'4!,"%)-.!.')!'.,0!3")$!0'4*!2".&!+.&!
-+*%?!<4)!+,%'!3")$!0'4*!$-+*)=`!
!
S^!
!
!
!!!!!!!!!!!
B*"%)')-,"+."%2!E!+!/-*F+%"F-!/*-%-.(-!5*'2!)$-!.'*)$=N^!B%!+!*-%4,)?!)$-!53&'$'!+(+&-2"(%!
+()"F-,0!%--;!)'!*-%)'*-!/*'/-*!,")-*+*0!<+,+.(-!<0!&-.'4.(".1!')$-*!+(+&-2"(%:!
".)-*/*-)+)"F-!+()%=!C*+DD"."?!".!+!%'..-)!)'!J".(-.D"'!L4'.+.."!%'2-!0-+*%!+5)-*!)$-!
5'4.&+)"'.!'5!)$-!'*"1".+,!53&'$'!(,+.?!/-*$+/%!<-%)!&-2'.%)*+)-%!)$"%!5*4%)*+)"'.!3$-.!$-!
3*")-%U!_H!)4!($:$+"!/*-%'!T+.)-!+!('2-.)+*-!v!>'!.'.!F':!&"*!%-!<-.-!'!2+,-!$+"!5+))'?!v!I+!
&"*h!($-!.'.!i!)*'//'!<4'.!+))'!v!+!F',-*!@4-,!($:i!($"+*'?!".)'*<"&+*-=`NO!>.&--&?!)$-!
/*'24,1+)"'.!'5!)$-%-!,-%%'.%!3")$".!)$-!53&'$'!+(+&-20!")%-,5?!4.&-*!")%!,+)-*!14"%-!+%!)$-!
6'12%-/'-#?!"%!+.!"2/'*)+.)!+%/-()!'5!)$-!*"F+,*"-%!3")$".!")=!
#'!<-!(,-+*?!-F-.!",!A+%(+?!%-,56&-(,+*-&!+.)"6('.5'*2"%)?!+.)"6/-&+1'14-?!+.&!".!
2+.0!3+0%!+4)'&"&+()!/,+.%!%-2"6/4<,"(!*-+&".1%!'5!9-)*+*($+.!%'..-)%!+.&!3*")-%!
,-%%'.%?!2'&-,-&!(,'%-,0!+5)-*!J+*($":%!+.&!')$-*%!'5!$"%!('.)-2/'*+*"-%?!<+%-&!.-+*,0!
-.)"*-,0!'.!9-)*+*($:%!F-*.+(4,+*!,")-*+*0!/*'&4()"'.!+.&!')$-*%!%)",,!'.!)$+)!'5!$"%!3-,,6
*-%/-()-&!/--*%=NQ!!!B%!I"($-,!9,+"%+.(-!/'".)%!'4)?!_A'".!&-!*-54%-*!,-%!-.%-"1.-2-.)%!&-!
(-47!@4"!%+F-.)?!A+%(+!&-(,+*-!F'4,'"*!+,,-*!m&"-)*'!+!(','*'!%-2/*-!($-!/"u!%+..'!-!)4))+F"+!
(-*(+.'!&:+//+*+*-?!.s!/-*($s!2',)'!+<<"+.'!+//*-%'!+*&"%('.'!&+..+*-!,:+,)*4"!'/-*-=:`NP!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
N^!Y--?!5'*!-7+2/,-?!3")$".!)$-!53&'$'!("*(,-?!)$-!_A-))4*+!&"!I%=!M'%"2'!L+*)',"!=!=!=!,-))+!
/4<<,"(+2-.)-!.-,,+!%+,+!&-,!9+/+!B&&"?!Q!&"!1-..+"'!GNWG?`!".!I1,=!>>?!>J?!G?!GPRF6GPSF=!
NOH$!0'4!3$'!$+F-!)+;-.!4/!T+.)-!('22-.)+*0?!v!>!&'!.')!3"%$!)'!%+0!3$-)$-*!0'4!$+F-!
&'.-!")!3-,,!'*!<+&,0!v!<4)!>!3",,!%+0!)$+)!")!"%!1*-+)!<+&!2+..-*%!v!)'!3"%$!)'!24&&,-!)$+)!
3$"($!"%!+,*-+&0!(,-+*=![Y'.-))'!pAJ?!G6W!".!7'&%($'(!-/1-.2#-"%0"1(X2#FF'-'($%//1('*(<#0"#?!
/+*)-!%-('.&+?![8"*-.D-?!Y)+2/-*"+!&"!8=!I't(;-?!GOWG6WV\e!)*+.%,+)"'.!2".-\=!
NQ!Y--!I"($-,!9,+"%+.(-?!<A#"#$[&'%(%/(*%(?2'-"%H(43*/32%(%/(?1*'/'@3%(K(6*12%-"%(#3(/%&?0($%(
4\&%(,%2(%/($%(62#-]1'0($%(E[$'"'0![Z'2+U!J-(($"+*-,,"!-&")'*-?!VRRW\!SP6WP?!^^6^Q=!H.!",!
A+%(+:%!.'.6('.5'*2")0!+.&!+.)"6/-&+.)*0?!%--!B&*"+.'!Y/+)',+?!>.)*'&4D"'.-!+,,:!2F')1)1*1!
[L','1.+U!Y+2/"-)*'!-&")'*-?!GPÔ\=!
NP!_8+*!5*'2!*-d-()".1!)$-!)-+($".1%!'5!)$-!;.'3,-&1-+<,-?!A+%(+!&-(,+*-%!3+.)".1!)'!
m+,3+0%!5',,'3!)$'%-!3$'!;.'3!)$-!2'%)!+.&!3$'?!$'3-F-*?!%--;!)'!,-+*.?!+.&!.')!".!'*&-*!
)'!&+*-!)'!('.&-2.!)$-!3'*;!'5!')$-*%!<0!)$-!2+.0!)$".1%!)$-0!$+F-!,-+*.-&=:!X-!+*-!5+*!
5*'2!)$-!24."("/+,!+2+)-4*"%$.-%%!'5!3$"($!(*")"("%2!'5)-.!%/-+;%`![9,+"%+.(-!^Q?!
)*+.%,+)"'.!2".-\e!C*+DD"."!/*'<+<,0!%)+)-%!)$"%!".!+!,-%%'.!$-!3*")-%!/*"'*!)'!GNWV=!
!
SO!
!
!
!!!!!!!!!!!
>.&--&?!$-?!)''?!"2")+)-%!9-)*+*($?!<')$!,")-*+,,0![".!)$-2-!+.&!".!F'(+<4,+*0!+%!+!,+)-*!
($+/)-*!3",,!%$'3\?!+.&!,''%-,0?!".!%)*4()4*-=^R!a"%!*-%"%)+.(-!)'!9-)*+*($+.!"2")+)"'.!+.&!
-7-1-%"%!"%!+!*-%/'.%-!)'!3$+)!$-!F"-3%!+%!/-&+.)"(!-7-*("%-%!'5!,")),-!F+,4-!'*!4%-!<-0'.&!
)$-!-7+,)+)"'.!'5!)$-!".&"F"&4+,!+(+&-2"(:%!*-/4)+)"'.=!!!
!
#$-!%4%)+".-&!('.5,"()!<-)3--.!(,+%%"(+,!+.&!_*-+,"%)`!2'&-,%!
#$-!.+)4*-!'5!)$-!+(+&-2"(%:!".)-*+()"'.!3")$!-+($!')$-*!+,%'!&"55-*%!5*'2!)$-!
9+&4+.!2'&-,!)'!")%!%4((-%%"F-!8,'*-.)".-!F-*%"'.?!+.&!)'!+!%"2",+*!-55-()=!X$",-!)$-!
,-.'#&&#/'!($''%-!)'!,"2")!)$-"*!,")-*+*0!".)-*+()"'.!+2'.1!-+($!')$-*!)'!('**-%/'.&-.(-!
'*!)'!)$-!('2/'%")"'.!'5!$'#*1)9'!".!3$"($!+!.42<-*!'5!2-2<-*%!5"()")"'4%,0!/+*)"("/+)-?!)$-!
53&'$'!&'!+3+0!3")$!)$-!(-*-2'.0!'5!5'*2+,!('2/'%")"'.!+.&!".%)-+&!-2<*+(-!)$-!-+*,"-*!
)*+&")"'.!'5!)$-!/%-F1-%=^G!>)!"%!+!('.%("'4%!&-("%"'.!<+%-&!'.!)$-!.--&?!+%!)$-0!/-*(-"F-&!")?!
)'!*-)4*.!)'!)$-!<+%"(!)-.-)%!'5!_*-+,"%2`!E!)$-!1-.*-!-%/'4%-&!-+*,"-%)!<0!M-(('!B.1"',"-*"?!
+.&!5'(4%-&!'.!)$-!*-/*-%-.)+)"'.!'5!&+",0!,"5-?!/'/4,+*!(4,)4*-?!+.&!('22'.!%-.)"2-.)!'.!
+.!-+%",0!+((-%%"<,-!*-1"%)-*!".!&"*-()!'//'%")"'.!)'!)$-!,0*"(+,!)*+&")"'.:%!('.(-.)*+)"'.!'.!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
^R!Y--?!5'*!-7+2/,-?!$"%!".)*'&4()"'.!)'!$"%!GNNN!-&")"'.!'5!)$-!(',,-()-&!/'-2%!'5!L-*."=!#$-!
'/-.".1!%'..-)?!+!&"*-()!+&+/)+)"'.!'5!7V6!G?!*-+&%?!_J'"!($:+%(',)+)-!".!*"2-!%/+*%-!",!%4'.'!
v!T-!"!(+/*"(("?!($-!m,!L-*."!/-*-1*".'!v!%(*"%%-!(+.)+.&'!".!F',1+*!8"'*-.)".'e!v!g&")-!.-!,+!
5".!@4-,?!($:"'!*+1"'.'=!v!j4+.)'!2+"!54*!/'-)"!+,!2'.&'?!-!%'.'!v!J',-)-!".!C*-('?!".!
#'%(+.'?!'!".!A+)".'?!v!B/*-%%'!,4"!.'.!F+1,"+.'!4.!,4/".'=!v!#+.):i!&'))'?!5+(-)'?!<-,,'?!-!
<4'.'=!v!c!('.!4.!%)",!%-.D+:+*)-?!/4*'!-!/"+.'?!v!B/*-!"!('.(-))"!%4'"!%k!1-.)",2-.)-?!v!M$-!
F-!1,"!/+*!)'((+*!/*'/*"'!('.!2+.'=!v!]'.!'55-.&-!1,"!'*-(($"!&-!,+!1-.)-!v!M',,-!,+%("F"-!&-,!
9+*,+*!#'%(+.'?!v!g.@4+.('?!14+*"?!2+"!%-2/*-?!-!%'F-.)-!v!M$-!/"uo!&+!,4"!%"!%-.)-?!v!B.D"!
%:"2/+*+!('.!1"'"+!".5".")+!v!M'2-!+,,-1*+*!%"!&-<<-!".!@4-%)+!F")+`![_>,!A+%(+!".!,'&-!&"!I=!
8*+.(-%('!L-*."?`!G%**%(2'&%(?'#"%B1*'($%*(^12)1)-#;(730"%**';(:#-01B'-1;(G1-';(<#0"#;(
7%&')'1;(!-)3'**#2#;(:#-0%$1-'1;(%($A#*/2'(B'B#"A'-)%)-'(&%-/2%(9#--1(0"2'//1(03%('-/%-F'1-';(
"#?2'""';(.#-/#0'%;(%()9'2'J'FF'![J"(-.D+U!L+*-DD'!L+*-DD"?!G^RS?!GF\!".!J+)"(+.!M")0?!L"<,"')-(+!
B/'%)',"(+!J+)"(+.+?!M$"1"!J>?!GNNO=!
^G!%-F-*+,!-7+2/,-%!5',,'3!".!I1,=!>>?!>J?!G?!)$-!2'%)!+&$-*-.)!)'!)$-!)-.D'.-!)*+&")"'.!
<-)3--.!,:a42'*'%'![M".)"'!&:B2-,"+\!+.&!",!M"1.'![C"%2'.&'!I+*)-,,"\![%--!VVF?!VS*\=!
!
SQ!
!
!
!!!!!!!!!!!
".)-*"'*")0!+.&!-,-F+)-&!/'-)"(!5'*2=!B!/'-2!'5!&4<"'4%!+))*"<4)"'.![)'!C*+DD"."\!+&&*-%%-%!
)$"%!)-.%"'.!/*-%-.)!".!)$-!3'*;%!'5!)$-!53&'$'!+(+&-2"(%U!!
B!1"4&"D"'!&-,!/'/',!5"'*-.)".'!
c!&-,,-!&'..-?!($-!/"u!/-%+!-!1*+F+!
>,!M-(($"!$+!F".)'!-!%4/-*+)'!",!M".'!
M$-!/*"2+!-*+!4.!/'-)+!+!%(+((+5+F+U!
a'*!('2-!$+F-%%-!%/"*")'!&"F".'?!
Y-!.-!F+!+,)"-*'?!-!1'.5"+?!-!%<455+!-!<*+.+!
T+)'!$+F-.&'!+,!L4'.+.."!+.($-!,+!%)*-))+!
c!m,!A+%(+!%14"DD+?!-!8*'%".'!%1+2<-))+=^V!
!>.!')$-*!3'*&%!+.&!".!)$-!('.)-7)!'5!)$-!&-<+)-!%4**'4.&".1!)$-!5'*2+)"'.!'5!)$-!
,-.'#&&#/'!+.&!)$-!53&'$';()$-!2+".!('.(-*.!'5!2-&"-F+,!*-+,"%)%?!+%!")!"%!5'*!)$-!-+*,0!
2-2<-*%!'5!I+DD4',":%!(,+.?!"%!('.)-.)!*+)$-*!)$+.!5'*2?!2%0!*+)$-*!)$+.!B%2J#;(+()"'.!
*+)$-*!)$+.!%/--($!'*!('.)-2/,+)"'.=!H5!('4*%-?!)$"%!&-%"*-!"%!5+*!5*'2!/-*F+%"F-!".!)$-!
(',,-()-&!3'*;%!'5!)$-!53&'$'U!2+.0!'5!)$-"*!-7($+.1-&!%'..-)%!*-+&!+%!.')$".1!2'*-!)$+.!
-7-*("%-%!".!9-)*+*($+.!%)0,-=!#$-0!2'%)!5*-@4-.),0!+*)"(4,+)-!)$-"*!/-.($+.)!5'*!_*-+,"%2`!
".!%'..-)%?!"#?'/1*'!'*!')$-*!/'-2%!+&&*-%%-&!)'!-+($!')$-*!+.&!('.(-*.".1!)$-!.+)4*-!'5!
/'-)"(!/*'&4()"'.!")%-,5=!a-*-!+1+".?!C*+DD"."!-2-*1-%!+%!/+*)"(4,+*,0!*-,-F+.)=!a"%!
*-,+)"'.%$"/!3")$!)*+&")"'.!2'*-!(,'%-,0!*-%-2<,-%!B*-)".':%!E!+!/'%")"'.!2'%)!-((-.)*"(+,,0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
^V!8"*-.D-?!L"<,"')-(+!I-&"(-+6A+4*-.D"+.+?!!-/'-12'(TU=(4#2/(_V,=(GRS!5',%=!:/#-F%(J32*%0"9%(
$%*(<#0"#?!VPF=!#$-!L4'.+.."!2-.)"'.-&!$-*-!"%!)$-!%+2-!'.-!C*+DD"."!+&&*-%%-%!-+*,"-*!".!
$"%!%'..-)!+1+".%)!,-%%'.%!'.!T+.)-=!A''%-,0!)*+.%,+)-&?!)$-!/'-2!('.5"*2%!)$-!8,'*-.)".-!
/-'/,-:%![+.&!3'2-.?!-%/-("+,,0\!*-d-()"'.!'5!M".':%!,0*"(+,!/'-)*0!".!5+F'4*!'5!M-((':%!
<4*,-%@4-!%)0,-=!#$"%!.-3!%+.()"5"(+)"'.!'5!M-((':%!*-+,"%2!,-+F-%!L4'.+.."!+)!+!,'%%!+.&!
C*+DD"."!+)!+!&"%)".()!/'-)"(!+&F+.)+1-=!!
!
SP!
!
!
!!!!!!!!!!!
&"%/,+0-&!".!+!%'..-)!+&&*-%%-&!)'!Z"&',5'!M+%)*+F",,+=^S!#$-*-?!".!('2/,-)-!5'*2+,!
)*+.%1*-%%"'.?!C*+DD"."!".!5-3!F-*%-%!%422+*"%-%!.')!'.,0!$"%!'3.!"&-+%!+<'4)!)$-!"&-+,!
.+)4*-!'5!,")-*+*0!('.)-.)?!<4)?!".&--&?!)$-!2'F-2-.)!5*'2!B%2J#!)'!2%0(%'!($+*+()-*"%)"(!'5!
)$-!%'("-)0!'5!3$"($!$-!)+;-%!/+*)!+.&!'5!)$'%-!3")$!3$"($!$-!"%!".!2'%)!5*-@4-.)!('.)+()U!
8+*?!5+*?!5+*?!5+*!<"%'1.+U!'1.4.!%+!&"*-?!
c!<"+%2+*e!($:i!/*'/*"'!4.!F")4/-*'?!
I",,-!/+*+<',+."!'11"!%-.)"*-?!
Z"/*-.&-*-!-!1+**"*-!
C,"!4'2".!/"u!&'))"!-!&"!F"*)u!/"u!(+*($"?!
M'2-!5+"!)4!'*!T+.)-!-!m,!9+&*-!J+*($"=!
#4!%-:!(+1"'.?!($:"'!%(+*($"!
A+!2"+!<+,-%)*+?!-!&"!.4'F'!-.)*"!".!)*-%(+?!
9-*!<+))-*!,:".%',-.D+!/-&+.)-%(+=^W!!!
>.&--&?!".!)$-!5'*2+)"F-!0-+*%!'5!)$-!+(+&-20?!)$-!53&'$'!F"-3!)$-2%-,F-%!+%!,")-*+*0!
%',&"-*%!3$'%-!%',-!&4)0!"%!)$-!*-%)'*+)"'.!'5!*-+,"%2?!+.&!5'*!+!2"7-&!/4<,"(=! A+)-*!'.?!)$-0!
3",,!)4*.!)$-"*!+))-.)"'.!+3+0!5*'2!'*"1".+,!/*'&4()"'.!+.&!)'3+*&!/4<,"%$-*%!+.&!)$-!
,-1")"2+(0!'5!(-*)+".!/4<,"(+)"'.%!'5!+!(-*)+".!%)0,-=^N!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
^S!B!Y"-.-%-!3*")-*!+.&!'((+%"'.+,!('.)*"<4)'*!)'!53&'$'!2--)".1%e!2'%)!5+2'4%!5'*!$"%!
%)4&"-%!'5!T+.)-:%!41&%$D!+.&!5'*!$"%!+))+(;!'5!J+*($":%!G'#*1)1($%**%(*'-)3%e!+!5*-@4-.)!
".)-*,'(4)'*!+.&!+&&*-%%--!".!C*+DD".":%!/'-)*0=!
^W!>)!"%!.-(-%%+*0!)'!&'?!&'?!&'e!-F-*0'.-!;.'3%!$'3!)'!%+0?!v!+.&!$'3!)'!<,+2-e!+.&!3$+)!+!
&'3.*"1$)!&"%1*+(-!")!"%!v!)'!$-+*!)'&+0!+!)$'4%+.&!<,+)$-*".1!"&"')%!v!%$*"-;".1!+.&!)+;".1!
4/!+1+".!v!)$-!2'%)!1"5)-&!+.&!",,4%)*"'4%!2-.?!v!B%!0'4!+.&!8+)$-*!J+*($"!&'!3")$!T+.)-=!v!
f'4!+*-!)$-!*-+%'.!3$0!>!%$'')!20!(*'%%<'3!+.&!-.)-*!'.(-!+1+".!".)'!)$-!&+.(-?!v!)'!
<+)),-!/-&+.)"(!".%',-.(-![%'.-))'!pA>J!".!7'&%($'(!-/1-.2#-"%0"1(X2#FF'-'($%//1('*(<#0"#?!
/+*)-!%-('.&+?!-&"D"'.-!+!%)+2/+!I't(;-![8"*-.D-?!ITMMpppp>>\!/=!V^G?!)*+.%,+)"'.!2".-\=!
^N!>,!A+%(+:%!/'-2!_>.!.'2-!&"!A4"1"!94,("`("%!/-*$+/%!)$-!<-%)!-7+2/,-=!a-*-?!+.&!+%%42".1!
94,(":%!F'"(-!5'*!-55-()?!$-!,+2-.)%!+.&!('.&-2.%!C"4.)":%!,'%%!'5!)$-!/4<,"(+)"'.!*"1$)%!)'!+.!
!
WR!
!
!
!
!!!!!!!!!!!
#$-"*!%-.)"2-.)!-7)-.&%!)'!)$-+)*"(+,!/*'&4()"'.?!)''=!I-2<-*%!'5!<')$!)$-!
,-.'#&&#/'!+.&!)$-!53&'$'!+*-!$-"*%!)'!)3'!('2/-)".1!)$-+)*"(+,!)*+&")"'.%U!)$-!(,+%%"(+,!
,".-!'5!9,+4)4%!+.&!#-**-.(-!".!('2-&0!+.&!Y'/$'(,-%!+.&!c4*"/"&-%!".!)*+1-&0?!+.&!)$-!
<'4*1-'.".1!)*-.&!'5!"1&&%$'#($%**A#2/%?!<'*.!".!#4%(+.0!+)!)$-!<-1"..".1!'5!)$-!(-.)4*0!
+.&!@4"(;,0!5".&".1!")%!3+0!E!+.&!")%!,+*1-*!5'*)4.-!E!4/!)'!+.&!)$*'41$!)$-!J-.-)'!".!)$-!
%-('.&!$+,5!'5!)$-!(-.)4*0!+.&!)$*'41$'4)!)$-!.-7)=!#$"%!%")4+)"'.!(+4%-%!+!&"F"&-!+2'.1!
+(+&-2"(%!+.&!54*)$-*!/*'2')-%!)$-!('.5,"()!<-)3--.!)$-2=!H.!'.-!-.&!'5!)$-!%/-()*42?!
)$-!,-.'#&&#/'!-**!'.!)$-!%"&-!'5!('.%-*F+)"F"%2!"5!.')!(4**-.)!('.F-.)"'.?!&-("&-&,0!2'*-!
*-%-*F-&!".!)$-"*!)$-+)*"(+,!+//*'+($=!>.!9+&4+?!Y/-*'.-!Y/-*'."!+.&!A'&'F"('!T',(-!
-2-*1-!+%!2+%)-*%!'5!(,+%%"(+,!)*+1-&0!2'*-!/+*)"(4,+*,0=!T',(-!3*")-%!+!)')+,!'5!GS!/,+0%?!Q!
'5!)$-2!)*+1-&"-%?!+,,!'5!)$-2!F-*%-!+&+/)+)"'.%!'5!)$-"*!'*"1".+,!(,+%%"(+,!F-*%"'.%=!cF-.!
T',(-:%!('2-&"-%!+*-!*-63'*;".1%!'5!9,+4)4%!+.&!#-*-.(-:%!*-%/-()"F-!)-7)%=^^!Y/-*'."!
,"2")%!$"%!)$-+)*"(+,!-7/-*"2-.)+)"'.!)'!)*+1-&0?!<4)!%"2",+*,0!*-3*")-%!(,+%%"(!)-7)%=!#$-!
.'F-,)0!'5!<')$!3*")-*%!*-%"&-%!.')!".!('.)-.)!'*!".!5'*2?!<4)!".!%)0,-!+.&!,".14"%)"(!-7-*("%-U!
<')$!*-3"*-!+.("-.)!%(*"/)%!".!2'&-*.?!F-*.+(4,+*!;-0?!".!+!*-.-3+,!'5!)$"%!(,+%%"(+,!%)0,-!<0!
)$-.!.'!,'.1-*!+%!5+%$"'.+<,-!+%!")!$+&!<--.!+!(-.)4*0!-+*,"-*=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
-&")"'.!'5!94,(":%!E12)#-/%?!-&")-&!<0!C*+DD"."!$"2%-,5=!>)!*-+&%U!_M'.!+,,-1*-DD+!-!1"'"+!
".)-%'!$+F"+v!M'2-!"!C"4.)"!5+(-F'.!*"%)+2/+*-!v!>,!2"'!I'*1+.)-!-!($-!,'!('**-11"+!v!>,!
A+%(+!.'%)*'?!+2"('!%".1',+*-!v!#+.)'!($-!5"*2+2-.)-!2"!(*-&-F+!v!g&"*,'!".!<*"-!4.!)-2/'!
*")'*.+*-!v!Y-.D+!+,(4.!&4<<"'!+,!%4'!/*"2"-*'!%)+)'!v!I+!/"u!($-!2+"!('**-))'!-!
+22-.&+)'=!vv!I+!$'*!&"..'F'!4.!(-*)'!%)+2/+)'*-!v!9-*!+,)*'!F-*+2-.)-!<4'.!(*"%)"+.'!v!
B!2-!$+!)',)'!(:+,!A+%(+!,:$'.'*-!v!c!+!C"4.)"!,:$+!F".)+!&+,,+!2+.'=!v!H.&:$'!)-.-*-DD+!".!
1*+&'!+%%+"!/-11"'*-!v!J-&-*,'!-%%-*!('.&'))'!+22+.'!+22+.'?!v!c!%+*l!F-*?!%-!/-*!
&"%1*+D"+!2"+!v!Y"!('.&4(-!+,,+!2+.!&"!Y-*!#+*%"+!v!j4-%)'!-!@4-,!&'))'!-!,-))-*+)'!%"*-!v!
8",'%'5'!-!)-','1'!-((-,,-.)-!=!=!=!_![8"*-.D-?!L"<,"')-(+!I-&"(-+!A+4*-.D"+.+?!B.)".'*"!NO=!
M+*)!pJ>=!GRS!5',%=?!:/#-F%(J32*%0@3%($%*(<#0"#?!NQF\=!
^^!a-!"%!<-%)!;.'3.?!".!)*+1-&0?!5'*!$"%!E#2'#--#?!+.&!".!('2-&0!5'*!$"%!6#J2'/'#=!8'*!+!54,,!
,"%)!'5!$"%!)$-+)*"(+,!+&+/)+)"'.%!+.&!('2/'%")"'.%?!)$-"*!%"2",+*")"-%!)'!)$-!'*"1".+,!)-7)%?!
+.&!)$-"*!F-*%-!/+*)"(4,+*")"-%?!%--!Z-.D'!M*-2+.)-?!8%#/21($%*(4'-@3%"%-/1?!F',=!G=?!
82#)%$'#![I",+.'e!]+/',"U!Z=!Z"(("+*&"?!GPQQ\!OSR6=!
!
WG!
!
!
!
!!!!!!!!!!!
#$'41$!)$-%-!,-.'#&&#/'!%3"2!+1+".%)!)$-!'F-*3$-,2".1!(4**-.)!'5!/'/4,+*6(4,)4*-!
('22-&"+!&-,,:+*)-?!+%%-*)".1!)$-"*!/*'+()"F-.-%%!".!)$-"*!*-)*'F"%"'.?!)$-!53&'$'!('.)".4-!
)'!%--!".!)$-"*!)$-+)*"(+,!/*-%-.)+)"'.%!5'*2+,"%)!-7-*("%-%!'4)!'5!)'4($!3")$!)$-!.--&%!'5!+!
('.)-2/'*+*0!+4&"-.(-=!>.&--&?!('.5,"()%!+*"%-!-F-.!3")$".!)$-!,-.'#&&#/'(("*(,-!5'*!%'2-!
'5!")%!2-2<-*%:!*-('4*%-!)'!(,+%%"(+,!2'&-,%!+.&!,+(;!'5!5+.)+%0!".!&'".1!%'=!9"-)*'!B*-)".'?!
".!+!,-))-*!&+)-&!K4.-!VN?!GNSO?!+.&!<-5'*-!)$-!5'*2+)"'.!'5!)$-!+(+&-20!'*!$"%!
+//'".)2-.)!)'!")?!%-.)!5*'2!J-."(-!)'!A'&'F"('!T',(-!,+2-.)%!Y/-*'.":%!5*-@4-.)!"2")+)"'.!
'5!+.("-.)!3*")-*%!+.&!%4<%-@4-.)!&-."+,!<')$!'5!Y/-*'.":%!'3.!/-*%'.+,!%)0,-!+.&!'5!+!
/'-)*0!*"5-!3")$!)$-!,"5-!+.&!F"F"&.-%%!")!(4%)'2+*",0!&"%/,+0%=!B5)-*!('2/+*".1!Y/-*'."!)'!
+.!".5+.)!4.+<,-!)'!%-/+*+)-!5*'2!)$-!.4*%-!)$+)!)-+($-%!$"2!)'!3+,;?!)+,;?!+.&!-7"%)!+%!+!
$42+.!<-".1?!".!+!/*','.1-&!F"%4+,!+*)"%)"(!2-)+/$'*?!$-!3*")-%?!+,'.1!%"2",+*!,".-%U!!
M$-!$'.'*!%"!5+..'!"!(','*"!F+1$"?!($-!%"!('.%42+.'!".!&"/".1-*-!5*+%(+*"4',-!
%-.D+!&"%-1.'o!A+!,'*!1,'*"+!%)+!.-!"!)*+))"!('.!($-!1,"!&"%)-.&-!I"($-,+.1-,'e!",!
@4+,-!$+!2-%%'!".!)+.)'!)*+F+1,"'!,+!.+)4*+!-!,:+*)-?!($-!.'.!%+..'!%-!1,"!%'.'!
2+-%)*-!'!&"%(-/',-U!+,)*'!("!F4',-!/-*!-%%-*!<4'.!&"/".)'*-e!($-!('.)*+5+*!
<-.-!4.!F-,4)'!-!4.+!5"<<"+!&+!(".)4*+U!=!=!=!,+!/'-%"+!i!4.!1$"*"<"DD'!&-!,+!
.+)4*+!.-!,-!%4-!+,,-1*-DD-?!",!@4+,!%"!%)+!.-,!54*'*!/*'/*"'!-!2+.(+.&'.-!",!
(+.)+*!/'-)"('!&"F-.)+!4.!("2<+,'!%-.D+!%'.+1,"!-)!4.!(+2/+.",!%-.D+!
(+2/+.-!/-*!,+!@4+,('%+!($"!F4',!('2/'**-?!-!.'.!)*+$-!(')+,!1*+)"+!&+!,-!
5+%(-?!i!4.!D41'!".5*-&&+)'=Ô!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Ô!G%*(?2'&1(*'J21($%(*%(*%//%2%($'(E=(>'%/21(!2%/'-1![GNWV\?!9+&'F+?!L"<,"')-(+!4."F-*%")+*"+?!
Z+*"!]4'F+!%-*"-!Q?!VVV6VVW=!_X$+)!1,'*0!"%!)$-*-!".!<-+4)"54,!(','4*%!4%-&!)'!/+".)!
5*"F',")"-%!3")$'4)!&-%"1.o!#$-"*!1,'*0!,"-%!".!)$-!<*4%$%)*';-%!I"($-,+.1-,'!1"F-%!)$-2e!$-!
$+%!-2/,'0-&!.+)4*-!+.&!+*)!%'!24($!)'!)$-!%+2-!-7)-.)!)$+)!")!"%!"2/'%%"<,-!)'!)-,,!3$"($!
"%!)$-!2+%)-*!+.&!3$"($!)$-!&"%("/,-=!L-".1!+!1''&!/+".)-*!*-@4"*-%!2'*-!)$+.!)$-!+<",")0!)'!
!
WV!
!
!
!!!!!!!!!!!
a"%!F"%"'.!'5!)$-+)*-!*-F',F-%!+*'4.&!)$-!.')"'.!'5!")%!4%-54,.-%%!'.,0!+%!%'("+,!%+)"*-!'*!
(*")"("%2!E!+!*-%4,)!$-!+($"-F-%!-+*,0!3")$!<#("12/')'#-#?!+.&!*-+))-2/)%!3")$!F+*0".1!
&-1*--%!'5!%4((-%%!".!$"%!,+)-*!,*(E#2%0"#*"1![GNSP\!+.&!<Aa2#F'#![GNW^\=^Q!!
#$-!53&'$':%!(*")"("%2!'5!Y/-*'.":%!+.&!T',(-:%!+//*'+($-%!3",,!<-!,-%%!%'("+,,0!
($+*1-&?!<4)!.'!,-%%!<")".1!)$+.!B*-)".':%=!B)!")%!('*-!"%!+!('.(-*.!<')$!3")$!2'&-!'5!
('2/'%")"'.!E!/*'%-!E!+.&!.'F-,)0!'5!('.)-.)=!C*+DD"."!'/-.,0!*-F',)%!+1+".%)!)$-!
5*-@4-.),0!*-/-+)-&!(,+"2!+1+".%)!)$-!,-1")"2+(0!+.&!F+,4-!'5!/*'%-!/'-)*0!+.&!('2-&0=!#'!
)$"%!-55-()?!+.&!+//-+,".1!)'!)$-!3'*;%!'5!L'((+(("'?!$-!3*")-%U!
A+!8"+22-))+?!A:B2-)'?!-!,:+,)*-!<-,,-!!
Y4-!/'-%"-?!($:"'!.'.!F'1,"'!$'*!('.)+*-!!
Y'.!)4))"!".!/*'%+?!-!,"!(-.)'!.'F-,,-!
M$-!5+.!,+!)-**+!-!m,!("-,!2+*+F"1,"+*-!
c!%"!/'-%"+!2+"!%'))'!,-!%)-,,-!
Y"!&-<<-!".!/*'%+?!".!@4-%)+!,".14+!5+*-!
c!&-%)+!2"*+2-.)"!,+!('22-&"+!
M$-!)*'//'!".!F-*%"!+,)*4"!*".(*-%(-!=!=!=^P!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
*-/*'&4(-!3-,,!+!F-,F-)!&*+/-!'*!)$-!(,+%/!'5!+!<-,)!=!=!=!9'-)*0!"%!+!)9'2'J'FF1!'5!.+)4*-!".!")%!
$+//".-%%?!3$"($!"%!,'(+)-&!".!&"F".-!54*'*=!>.!")%!+<%-.(-?!/'-)"(!%'.1!"%!,";-!)$-!*+)),-!'5!
(02<+,%?!'*!+!<-,,6)'3-*!3")$'4)!+!<-,,=!8'*!)$"%!*-+%'.?!$-!3$'!&-%"*-%!)'!3*")-!+.&!
<-.-5")%!.')!5*'2!".%/"*+)"'.!"%!+!(',&!5"%$=`!
^Q!Y--!Y--!9=!A+*"F+",,-?!_A:a2#F'#!&-!,:B*s)".?`!".!<%0(["2'B#'-0(%/(*%(?13B1'2(%-(,/#*'%(K(
*A[?1@3%($%(*#(7%-#'00#-"%;(?2%&'b2%(0[2'%?!-&=!B.&*s!Z'($'.![9+*"%?!g."F-*%")s!&-!,+!
Y'*<'..-!]'4F-,,-?!GPOS\!//=!VOP6S^R?!//=!VPG6VPS=!A+*"F+",,-?!".!$"%!-7+2".+)"'.!'5!)$*--!
'5!B*-)".':%!2+d'*!)$-+)*"(+,!/"-(-%?!&--2%!,*(E#2%0"#*"1![GNSP\!2'*-!+!1*')-%@4-!/'*)*+")!
'5!%'("+,!(,"2+)-!)$+.!%+)"*-!'5!")?!+.&!(+,,%!)$-!)*+1-&0!<Aa2#F'#![GNW^\!+!5+",-&!/',")"(+,!
-7/'%s=!
^P!8"*-.D-?!L"<,"')-(+!I-&"(-+!A+4*-.D"+.+?!B.)".'*"!!NO=!M+*)!pJ>=!GRS!5',%?!WRFvWG*=!_#$-!
8"+22-))+?!)$-!B2-)'?!+.&!$"%!')$-*!<-+4)"54,!v!/'-2%?!)$+)!>!3"%$!.')!)'!('4.)!v!B*-!+,,!".!
/*'%-?!+%!+*-!)$-!$4.&*-&!%)'*"-%!v!#$+)!2+;-!)$-!-+*)$!+.&!%;0!2+*F-,=!v!B.&!"5!/*'%-!
!
WS!
!
!
!!!!!!!!!!!
#$-!')$-*!'55-.%-?!+1+".%)!.'F-,)0!'5!('.)-.)!+.&!5'*2?!$-!+&&*-%%-%!)$*'41$'4)!$"%!
)$-+)*"(+,!/*'&4()"'.!+.&!2'%)!%/-("5"(+,,0!".!/*','14-%!)'!/,+0%!&"%(4%%-&!".!+!,+)-*!
($+/)-*=!#$-!(*47!'5!$"%!/'%")"'.!,"-%!".!$"%!_5+%)"&"'!/-*!,:-*-&")l!/-%+.)-!&-,!)-+)*'!,+)".'?!
/-*!,+!2'.')'."+!&-"!)"/"!-!&-"!*4',"?!/-*!,+!*"/-)"F")l!&"!(-*)-!(,+4%',-!%)*4))4*+,"?`!+.&!".!$"%!
&"%<-,"-5!".!_2'*+,`!)$-+)*-!E!'*!)$-+)*-!+"2-&!+)!('.F-0".1!+!('.F-.)"'.+,!%'("+,!2-%%+1-!
5'*!)$-!1*-+)-*!1''&!'5!")%!+4&"-.(-=OR!>.%)-+&?!C*+DD"."?!+%!)$-!'.,0!.')+<,-!/,+03*"1$)!'5!
)$-!53&'$'!1*'4/?!)4*.%!)'!('22-&"+!&-,,:+*)-!+.&!)$-!('22-&"+!-*4&")+!)*+&")"'.%!3$-.!
('2/'%".1!$"%!'3.!('2-&"-%=!#$-*-".!$-!+))-2/)%!)'!2+".)+".!$"%!_"&-+,-!&"!4.+!
,-))-*+)4*+!B%2#;(*'J%2#!-!$'*%//10#!E!F-*+!/-*($s!2"*+!+&!-.4(,-+*-!",!.'(("','!mF-*':!&-,,-!
('%-e!,"<-*+!&+,,-!".(*'%)+D"'."!&-,,:-*4&"D"'.-!-!&:4.+!)*'//+!/+,4&+)+!*-)'*"(+e!&",-))'%+!
/-*($s!&-F-!+**-(+*-!&",-))'!".)-,,-))4+,-=ÒG!
!
Y'4*(-%!'5!+!Y($"%2U!#$-!53&'$':%!)*+.%5'*2+)"'.!)'!)$-!6'12%-/'-#(
L4)!.')!+,,!53&'$'!2-2<-*%!+1*--!3")$!C*+DD".":%!/,+.!'*!,")-*+*0!%)0,-?!+.&!F-*0!
%''.!+5)-*!")%!5'*2+)"'.?!)$-!+(+&-20!5*+()4*-%?!24)+)-%?!+.&!-F-.)4+,,0!&"%%',F-%!".!+!3+0!
)$-!,-.'#&&#/'?!5'*!+,,!)$-"*!".)-*.+,!('.5,"()%!+.&!&"%(*-/+.("-%?!.-F-*!&'=!B,2'%)!
"22-&"+)-,0!+5)-*!)$-"*!5"*%)!'55"("+,!+%%-2<,0?!.-3%!'5!)$-!53&'$':%!'*1+."D+)"'.!*-+($-%!
M'%"2'!>?!3$'!"%!-+1-*!)'!4%-!")!)'!$"%!/',")"(+,!+&F+.)+1-!+%!/*'/-*!/*'/+1+.&"%)"(!)'',=!
g.&-*!$"%!'55"("+,!/+)*'.+1-?!)$-!+(+&-20!"%!*-.+2-&!)$-!!""#$%&'#(6'12%-/'-#e!+,'.1!3")$!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
/'-)*0!%$'4,&!-F-*!<-!3*"))-.!4.&-*!)$-!%)+*%!v!>)!%$'4,&!<-!".!)$"%!,+.14+1-!v!B.&!)$-!
%+2-!1'-%!5'*!)$-+)*-!v!X$"($!)''!'5)-.!"%!3*"))-.!<0!')$-*%!".!F-*%-=!
OR!C4"&'!T+F"&-!L'."('?!X2#FF'-';(a?%2%(0"%*/%![#'*".'U!g#c#?!GPOW\!VOe!_$"%!<'*-&'2!3")$!
)$-!$-+F0!".$-*")+.(-!'5!A+)".!)$-+)*-?!3")$!)$-!2'.')'.0!'5!")%!/*')')0/-%!+.&!*',-%?!3")$!
)$-!*-/-)")"F")0!'5!")%!%)*4()4*-%=`!
OG!"<"&?!SWe!_$"%!"&-+,!'5!+!2%#*!,")-*+)4*-?!.2%%!#-$(?*%#0#-/!E!*-+,!<-(+4%-!")!%--;%!)'!(,+*"50!
)$-!m*-+,:!('*-!'5!)$".1%e!5*--!5*'2!)$-!,"2")+)"'.%!'5!-*4&")"'.!+.&!*$-)'*"(!1*'3.!)''!
24*;0e!/,-+%+.)!<-(+4%-!")!+"2%!)'!".%)"1+)-!".)-,,-()4+,!&-,"1$)=`!
!
WW!
!
!
!!!!!!!!!!!
")%!.-3!.'2".+)"'.!('2-%!+!.-3!%-)!'5!*4,-%!+.&!(4%)'2%!)'!*-%/-()!3")$".!")%!,")-*+*0!
/*'&4()"'.!+.&!/*-%-.)+)"'.!'5!")!+<*'+&=!B%!'5!GNWV?!)$-.?!)$-!+(+&-20:%!2+".!('.(-*.!
%$"5)%!5*'2!+2+)-4*!/*'&4()"'.!'5!,")-*+*0!(+/*"(("?!1$"*"<"DD"?!+.&!<4*,-%@4-!3'*;%?!)'!)$-!
/*'5-%%"'.+,!3*")".1!+.&!&"%%-2".+)"'.!'5!)-7)%!)$+)!3'4,&!+11*+.&"D-!8,'*-.(-!+.&!
".(*-+%-!/'/4,+*!%4//'*)!'5!)$-!I-&"("!5+2",0!+5)-*!0-+*%!'5!%)*411,-!+.&!/',")"(+,!&"%5+F'4*=!
>.)-1*+,!)'!M'%"2'!>:%!/,+.!"%!)$-!+*)"%)"(!*-(',,-()"'.!'5!8,'*-.(-:%!5'*2-*!*-/4<,"(+.!
1*+.&-4*?!)*+.%5'*2-&!)'!4.&-*,".-!$"%!'3.!/',")"(+,!"2/'*)+.(-=OV!>.!,")-*+*0!)-*2%?!)$"%!
)*+.%,+)-%?!5'*!)$-!+(+&-20?!".)'!+!)4*.!)'3+*&!s,")-!/4<,"(!(4,)4*-=!B(+&-2"(%!(-+%-!)'!
2--)!".!/*"F+)-!$'2-%?!+.&!<-1".!&-,"F-*".1!+.!".(*-+%".1!.42<-*!'5!/4<,"(!,-()4*-%?!
4%4+,,0!'.!(+.'."(+,!#4%(+.!)-7)%=!#$-"*!5'(4%!)4*.%!)'!5'*2+,!"%%4-%!'5!%)0,-!+.&!
/$",'%'/$"(+,!".)-*/*-)+)"'.!'5!('.)-.)?!<+(;-&!<0!+!*-)4*.!)'!)$-!%)4&0!'5!]-'69,+)'."%2?!
+%!/*'/'%-&!<0!8"(".'!.-+*,0!+!(-.)4*0!-+*,"-*?!+.&!&4*".1!8,'*-.(-:%!_1',&-.!+1-=`!#$-!
+(+&-20!<-('2-%!1'F-*.-&!<0!+!('.%4,+)-!+.&!('22"))--?!3$"($!"%!*-6-,-()-&!*-14,+*,0!)'!
-.%4*-!,")-*+*0!/*'1*-%%e!&-)+",-&!2".4)-%!'5!)$-!+(+&-20:%!2--)".1%!+*-!;-/)=!
!
#$"%!)*+.%")"'.!-.)+",%!+!%-*"-%!'5!+&F+.)+1-%!5'*!+(+&-2"(%!".!5+F'4*!'5!")=!#$'%-!
3",,".1!)'!('2/,0!3")$!M'%"2'!>:%!&-2+.&%!+*-!"22-&"+)-,0!14+*+.)--&!/4<,"(+)"'.!<0!
T'."!+.&!,+)-*!#'**-.)".'?!)$-!'55"("+,!/*-%%!'5!)$-!I-&"("e!/,+0%!3*"))-.!5'*!'*!&-&"(+)-&!)'!
)$-!I-&"("!5+2",0!+*-!+55'*&-&!/4<,"(!/*-%-.)+)"'.?!+))-.&+.(-?!+.&!%/'.%'*%$"/e!-F-.!
%'2-3$+)!(,+.&-%)".-!2-2<-*%!'5!%'("-)0!".!,".-!3")$!I-&"("!14"&-,".-%!+.&!".!%4//'*)!'5!
)$-!*-5'*2-&!+(+&-20!<-.-5")!5*'2!I-&"("!/*')-()"'.!+1+".%)!&"%(*"2".+)"'.!,+3%!)$+)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
OV!8'*!)$-!%"1."5"(+.(-!'5!M'%"2'!>:%!*-.-3+,!".!%/-("5"(+,,0!+*)"%)"(!)-*2%?!%--!]+d-20!'.!
J+%+*"!+.&!_)$-!*-2-2<*+.(-!'5!)$-!*-/4<,"(+.!/+%)?`!//=!WQO6NGN=!M'%"2'!>:%!(+2/+"1.!
('.%"%)-&!/*"2+*",0!'5!*-2'&-,".1!*-/4<,"(+.!/"+DD-!+.&!<4",&".1%!)'!8,'*-.(-:%!.-3!
/*".("/+)-!%0%)-2?!3")$'4)!%)*"//".1!)$-2!'5!)$-"*!-%%-.(-!'*!+<",")0!)'!<-!*-('1."D-&=!
J+%+*"!4.&-*)'';!'*!%4/-*F"%-&!2+.0!'5!)$-!3'*;%!+"2-&!+)!,".;".1!M'%"2'!>:%!1*-+).-%%!
+.&!".)-.)"'.!'5!24."("/+,!*-.-3+,!3")$!8,'*-.(-:%!-+*,"-*!*-/4<,"(+.!5'*)4.-=!
!
WN!
!
!
!!!!!!!!!!!
2"1$)!')$-*3"%-!)+*1-)!)$-2=OS!I-2<-*%!'5!3$+)!3",,!,+)-*!<-!)-*2-&!)$-!_.-3!1-.-*+)"'.`!
'5!+(+&-2"(%!/*'5")!)$-!2'%)!5*'2!)$"%!%")4+)"'.=!B2'.1!)$-2!+*-!C"'F+2<+))"%)+!C-,,"!+.&!
)$-!B*+2-"!E!+!%4<%-)!'5!)$-!+(+&-20!".)-.)!'.!*-F"%".1!)$-!#4%(+.!+,/$+<-)!+.&!".!)$+)!
3+0!*-F',4)"'."D".1!#4%(+.!,")-*+*0!/*'&4()"'.=OW!L4)!3")$!)$-!"2/,-2-.)+)"'.!'5!M'%"2'!
>:%!/+*+&"12?!)$-!5'4.&".1!2-2<-*%!'5!)$-!+(+&-20!3+)($!)$-"*!'*"1".+,!F"%"'.!5+&-!+.&!
-F-.)4+,,0!)*+.%5'*2!".)'!+!/*'/'.-.)!'5!)$-!F-*0!+))")4&-!+1+".%)!3$"($!")!'*"1".+,,0!
*-+()%=!#$-!5+.)+%0!+.&!(+*-5*--!3$"2%0!'5!,'!Y)*+&".'?!",!A+%(+?!+.&!')$-*%!'5!)$-!+(+&-20:%!
5"*%)!2-2<-*%!%''.!1"F-!3+0!)'!/-&+.)"(!-7-*("%-%!24($!,";-!)$'%-!'5!)$-!,-.'#&&#/'()'!)$-!
.'*)$=!>.&--&?!+.&!+%!3",,!<-!+&&*-%%-&!".!+!,+)-*!($+/)-*?!+!.42<-*!'5!)$-!53&'$'6(426
6'12%-/'-#:%!'55"("+,!)-7)%!/*'&4(-&!<-)3--.!GNWV!+.&!GNNN!(,'%-,0!*-%-2<,-!,-.'#&&#/'!
/4<,"(+)"'.%!'5!)$-!%+2-!/-*"'&=!
!
L-.-&-))'!J+*($"!+.&!)$-!6'12%-/'-#!('.)*'F-*%0!
M+41$)!".!)$-!(*'%%$+"*%!'5!)$-!53&'$':%!'*"1".+,!F"%"'.?!)$-!,-.'#&&#/'A0!/*'/'%-&!
/4*/'%-?!+.&!)$-!-7"1-.("-%!'5!)$-!.-3,0!*-5'*2-&!6'12%-/'-#!4.&-*!M'%"2'!>!"%!L-.-&-))'!
J+*($"=!Y',-!+()"F-!2-2<-*!'5!<')$!+(+&-2"-%!+%!3-,,!+%!.31230"'/1!*-)4*.-&!)'!$"%!.+)"F-!
8,'*-.(-?!$-!5".&%!$"2%-,5!".!+!&"%)".(),0!&-,"(+)-!/'%")"'.!)$+)!*-@4"*-%!+!<+,+.(".1!'5!$"%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
OS!H.-!(+%-!".!/'".)!"%!#4,,"+!&:B*+1'.+?!2-2<-*!'5!)$-!+(+&-20!+.&!*-.'3.-&!8,'*-.)".-!
-%('*)=!B!/4<,"(!&-(*--!'5![".%-*)!0-+*\!&-2+.&-&!)$+)!+,,!/*'%)")4-%!3-+*!+!0-,,'3!F-",!5'*!
/4<,"(!*-('1.")"'.!'5!)$-"*!)*+&-=!#4,,"+?!$'3-F-*?!3$'!5+2'4%,0!'/-.-&!$-*!$'2-!)'!
".5'*2+,!2--)".1%!'5!)$-!*-5'*2-&!+(+&-20?!3+%!1*+.)-&!-7(-/)"'.+,!%)+)4%!<0![".%-*)!
.+2-!+.&!(")+)"'.\=!
OW!>!)+;-!+!(,'%-*!,'';!+)!)$-!B*+2-"!".!M$+/)-*!S?!+.&!".!)$-!('.)-7)!'5!)$-!@3%0/'1-%($%**#(
*'-)3#=!
!
W^!
!
!
!!!!!!!!!!!
,")-*+*0!+.&!/',")"(+,!)-.&-.("-%=ON!a-!"%!(+,,-&!<+(;!)'!8,'*-.(-!)'!<-!+.!'55"("+,!2-2<-*!'5!
)$-!+(+&-20!+.&!*-14,+*!I-&"("!3*")-*!".!GNWV=!B((-/)".1!)$-!/'%)!2-+.%!<')$!)4*.".1!
+3+0!5*'2!)$-!,-.'#&&#/':%!B*"%)')-,"+."%2?!*-d-()".1!)$-!5'*2-*!*-/4<,"(+."%2!)$+)!1')!
$"2!-7/-,,-&!5*'2!8,'*-.(-!2'*-!)$+.!)3-.)0!0-+*%!/*"'*?!+.&!5',,'3".1!)$-!6'12%-/'-#!
*-5'*2!&-%/")-!$"%!,'0+,)0!)'!)$-!'*"1".+,!53&'$'!(,+.=O^!a"%!&-%"*-!)'!-7/-*"2-.)!3")$!
,")-*+*0!5'*2%(+.&!".!)$+)!3+0!)'!('.)*"<4)-!)'!)$-!3+F-!'5!,")-*+*0!+F+.)61+*&-!+*'4.&!$"2!
".!8,'*-.(-!"%!('2/*'2"%-&!<0!M'%"2'!>:%!/*'d-()!'5!%0%)-2"(!/*+"%-!'5!)$-!/+%)e!$"%!/*+()"(-!
'5!B*"%)')-,"+.!-7-1-%"%!"%!$".&-*-&!<0!)$-!*-F"F+,!'5!8,'*-.)".-!]-'69,+)'."%2=!a"%!3'*;%!
)$4%!<-+*!)$-!2+*;%!'5!)$"%!('.5,"()=!#$-!2'%)!)*+.%/+*-.)!-7+2/,-!'5!")!"%!5'4.&!".!)$-!
/*','14-!)'!$"%!('2-&0!".!5"F-!+()%?!<#(031"%2#;(5"*%)!/4<,"%$-&!/'%)$42'4%,0!".!GN^P!+.&!
/*'<+<,0!3*"))-.!@4")-!%'2-!)"2-!<-5'*-!)$-.=!#$-*-?!J+*($"?!/'%")"'.%!$"2%-,5?!3")$!1*-+)!
(+4)"'.?!".!*-,+)"'.!)'!)$-!)*+&")"'.%!<0!3$"($!$-!"%!%4**'4.&-&=!_J'"!4&"*-)-?!%/-))+)'*"!
.'<","%%"2"?!%-!F"!/"+(-*l!&"!/*-%)+*.-!($-)+!-!*"/'%+)+!4&"-.D+?!4.+!('22-&"+?!,+!@4+,-!.'.!
i!.s!&-,!)4))'!+.)"(+?!.s!2'&-*.+!+55+))'?!2+!/+*)-!2'&-*.+?!-!/+*)-!+.)"(+e!-!<-.($s!-,,+!%"+!
".!,".14+!5"'*-.)".+?!i!/-*h!(+F+)+!".!<4'.+!/+*)-!&-,,+!,+)".+?`!$-!3*")-%=OO!J+*($":%!
-@4"F'(+)"'.!"%!".&--&!".!-@4+,!/+*)%!&"/,'2+)"(!+.&!('2/,+(-.)U!$"%!)-7)!"%!+(('2/+."-&!
<0!+!&-&"(+)'*0!,-))-*!)'!M'%"2'!>!3$-*-".!$-!&"%(4%%-%!)$-!%+&!%)+)-!'5!('.)-2/'*+*0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
ON!>.!)$-'*0?!9"-)*'!B*-)".'!+,%'!<-,'.1%!)'!<')$!+(+&-2"-%?!)$'41$!'.,0!$"%!/+*)"("/+)"'.!".!
)$-!,-.'#&&#/'?!+)!9"((','2".":%!".F")+)"'.?!$+%!<--.!&'(42-.)-&!+.&!*-('1."D-&=!a"%!.+2-!
+//-+*%!".!)$-!53&'$':%!GOSR!,-&1-*?!)$'41$!&4<"'4%,0=!
O^!>.!$"%!-+*,0!0-+*%?!J+*($"!3+%!+,%'!+!2-2<-*!'5!)$-!]-'69,+)'."(!+(+&-20!'5!L-*.+*&'!
Z4(-,,+"?!2--)".1!*-14,+*,0!+)!)$-!H*)"!H*)"(-,,+*"!+.&!&"%%-2".+)".1!)$-*-!%)+4.($!
*-/4<,"(+.!%-.)"2-.)=!
OO!Y$'4,&!")!/,-+%-!0'4!)'!,-.&!")!0'4*!(+,2!+.&!@4"-)!F"-3-*%$"/?!0'4!3",,!$-+*?!2'%)!.'<,-!
%/-()+)'*%?!+!('2-&0!3$"($!"%!.-")$-*!-.)"*-,0!+.("-.)!.'*!-.)"*-,0!2'&-*.?!<4)!*+)$-*!
/+*),0!2'&-*.!+.&!/+*),0!+.("-.)=!B.&!)$'41$!")!"%!3*"))-.!".!8,'*-.)".-!,+.14+1-?!24($!'5!
")!"%!-7)*+()-&!5*'2!A+)".![A-))-*+!&-&"(+)'*"+!+!M'%"2'!&-:!I-&"("!".!<#(031"%2#?!IY!Z'2-?!
L"<,"')-(+!M'*%"."+.+?!B((+&-2"+!.+D"'.+,-!&-"!A".(-"?!NQ?!a?!WG?!BV*6F?!)*+.%,+)"'.!2".-\=!
!
WO!
!
!
!!!!!!!!!!!
('2-&0!&-<+%-&!5*'2!")%!(,+%%"(+,!*'')%!".)'!/*'&4()"'.!'5)-.!%0.'.02'4%!3")$!
&-<+4($-*0!)$-!/*"2+*0!1'+,!'5!3$"($!"%!)'!-,"(")!2".&,-%%!,+41$)-*=!a'/".1?!.'!&'4<)?!)'!
/,-+%-!$"%!/+)*'.?!".!3*")".1!9'0!('2-&0?!$-!3",,!%-)!)$-!*-('*&!%)*+"1$)?!$-!%+0%?!+.&!
*-,-1+)-!)$-!".%/"*+)"'.!'5!,+41$)-*!".!)$-!+4&"-.(-!)'!")%!+//*'/*"+)-,0![+.&!'*"1".+,,0\!
%-('.&+*0!*',-=OQ!5'0!3",,!<-!+!('2-&0!%)",,!*+)$-*!".5'*2-&!<0!)$-!1"+.)%!'5!)$-!(,+%%"(+,!
/-*"'&?!-F-.!"5!$"%!,".14"%)"(!+"2!3",,!<-!_.'.!%','!&:+114+1,"+*-!,+!A+)".+!2+!&"!F".(-*,+=ÒP!
Y)",,?!$-!".%"%)%!'.!4.&-*,".".1!)$-!/*-%-.(-!'5!%'2-!.'F-,)0!".!$"%!('2/'%")"'.?!,-%)!$"%!
5-,,'3!+(+&-2"(%!3*")-!$"2!'55!+%!.')$".1!2'*-!)$+.!+!/',")"(+,!/4//-)=!
!
T-%/")-!$"%!<-%)!+))-2/)%!+)!3+,;".1!)$-!,".-?!J+*($"!5+,,%!".)'!$-+F0!&"%5+F'4*!3")$!
)$-!'*"1".+,!53&'$'!(,+.?!($"-5!+2'.1!)$-2!B.)'.5*+.(-%('!C*+DD"."=!>,!A+%(+!F"("'4%,0!
(*")"("D-%!<')$!J+*($":%!"**-%',4)"'.!+.&!$"%!%4%)+".-&!(',,+<'*+)"'.!3")$!)$-!,-.'#&&#/'!
+5)-*!$"%!+//'".)2-.)!)'!)$-!6'12%-/'-#!('4.(",?!-2<"))-*-&!<0!$"%!".+<",")0!)'!'<)+".!'55"("+,!
'*!+&-@4+)-!*-('1.")"'.!3")$".!")=QR!X$+)!5',,'3%?!5*'2!GNWS!)'!*'41$,0!GN^G?!"%!+.!'.1'".1!
,")-*+*0!3+*!<-)3--.!C*+DD"."!'.!'.-!-.&?!-7(,4%"F-!/*'/'.-.)%!'5!)$-!I-&"("!*-5'*2!E!)$-!
B*+2-"!E!'.!)$-!')$-*?!('.)".4".1!2-2<-*%!'5!)$-!,-.'#&&#/'!)'!)$-!.'*)$?!+.&!J+*($"?!
.')'*"'4%,0!.-4)*+,?!+)!)$-!(-.)-*!'5!)$-2!+,,=QG!>.&"F"&4+,!<+)),-%!".!)$"%!3+*!('2-!".!)$-!
5'*2!'5!('**-%/'.&-.(-?!-7($+.1-!'5!/'-)*0?!+.&?!2'%)!5*-@4-.),0?!".&"*-()!*-%/'.%-%!)'!
("*(4,+)".1?!"5!.')!0-)!/4<,"%$-&?!)-7)%=QV!Y'2-!'5!)$-!'.1'".1!".)-*)-7)!+2'.1!)$-%-!+4)$'*%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
OQ!><"&=!
OP!.')!'.,0!)'!-@4+,!)$-!A+)".?!<4)!)'!('.@4-*!")?!["<"&?!BS!F-*%'?!)*+.%,+)"'.!2".-\=!
QR!I'*-!3",,!<-!%+"&!'.!)$"%!/'".)!".!($+/)-*!S=!
QG!Y/-("5"(+,,0!'.!)$-!@4-%)"'.!'5!)$-!B*+2-"!+.&!)$-!*-5'*2!'5!)$-!#4%(+.!+,/$+<-)?!B*-)".'?!
".!J-."(-?!%"&-%!3")$!C*+DD"."!+.&!)$-!'*"1".+,!2-2<-*%!'5!)$-!53&'$'!(,+.=!I'%)!.')+<,-!"%!
$"%!,-))-*!)'!,'!Y)*+&".'![C"'F+.."!I+DD4',"\!('.(-*.".1!)$-!/*'/'%-&!($+.1-%!)'&+0!$-,&!".!
8,'*-.(-:%!L"<,"')-(+!]+D"'.+,-!M-.)*+,-?!M+*)-!Y)*'DD"+.-U!>>="=SPQU!9'-%"-!)'%(+.-!/"+(-F',"!
&"!&"F-*%"!+4)'*"?!_A-))-*+!&-,,:B*-)".'!+,,'!Y)*+&".'?`!I+0!^?!GNWG![GVS*6GVWF\=!
QV!-7+2/,-%!3",,!<-!1"F-.!".!)$-!)$"*&!($+/)-*=!
!
WQ!
!
!
!!!!!!!!!!!
"%!F',4.)+*0!+.&!".)-.)"'.+,?!"5!.')!&"*-(),0!+(;.'3,-&1-&e!%"2",+*")"-%!<-)3--.!J+*($"!+.&!
Y/-*'."!&4*".1!)$"%!/-*"'&!+*-!2+.0?!+.&!.')!%4*/*"%".1?!".!,"1$)!'5!)$-"*!24)4+,!%02/+)$0=!
H)$-*!/+*)%!'5!")!+*-!&-,"<-*+)-,0!/',-2"(+,?!+%!"%!)$-!(+%-!3")$!C*+DD".":%!+.&!B,5'.%'!&-:!
9+DD":%!*-%/'.%-%=!!
!
B.)'.5*+.(-%('!C*+DD"."!+.&!)$-!GNWO!+(+&-2"(!*-5'*2!
!
L0!GNWO?!)$-!,")-*+*0!(,"2+)-!$+%!<-('2-!%'!)-.%-!+.&!5*+41$)!3")$!.-1+)"F")0!)$+)!
)$-!6'12%-/'-#!*-%',F-%!)'!4.&-*1'!+!%-('.&!+.&!&-("%"F-!*-5'*2=QS!T-:!9+DD"!"%!%$4..-&!".!
$"%!*-d-()"'.!+.&?!'5)-.?!*"&"(4,-!'5!J+*($":%!($'%-.!_/',")"(+,!('**-().-%%`!+.&!C*+DD"."!"%!
-7/-,,-&!5*'2!)$-!+(+&-20!+,)'1-)$-*?!.'!,'.1-*!*-('1."D-&!+%!'.-!'5!")%!5'4.&".1!
2-2<-*%=!#$'41$!&+)".1!'5!2'%)!'5!$"%![/'-)"(\!3'*;%!"%!%)",,!)-.4'4%?!)$"%!<*-+;!5*'2!)$-!
+(+&-20!'%)-.%"<,0!1-.-*+)-%!)$-!1*-+)-%)!+2'4.)!'5!$"%!/*'&4()"F")0U!3-!;.'3!5'*!(-*)+".!
)$+)!2'%)!'5!$"%!)$-+)*"(+,!+.&!/*'%-!/*'&4()"'.!'((4*%!+5)-*!)$-!+(+&-2"(!*-5'*2!'5!GNWO?!
<0!3$"($!)"2-!C*+DD"."!"%!+,*-+&0!5--,".1!)$-!54,,!-55-()%!'5!%'("+,!2+*1".+,"D+)"'.!+.&!"%!
3*")".1!'.!)$-!5*".1-!'5!('.)-2/'*+*0!(4,)4*-=!a"%!3'*;%!<-+*!)$-!2+*;%!'5!$"%!%'("+,!
-7(,4%"'.!+.&!)$-!5*4%)*+)"'.!)$+)!('2-%!3")$!")=!Z-2'F".1!$"2%-,5!5*'2!'55"("+,!+(+&-2"(!
-7($+.1-%!+.&!%)-//".1!+3+0!5*'2!9-)*+*($+.!2'&-,%!'5!/*'&4()"'.?!$-!5'(4%-%!$"%!-.-*10?!
".!/'-)*0?!'.!-7/'%".1!)$-!+(+&-20!5'*!")%!/',")"(+,!/*-)-.)"'.=!a"%!/*'%-!3'*;%?!".(*-+%".1!
".!.42<-*!".!/*'/'*)"'.!)'!)$-!@4-%)!5'*!,")-*+*0!F".&"(+)"'.!)$+)!54-,%!)$-2?!,";-3"%-!
-2/$+%"D-!)$-!&"F"&-!<-)3--.!)$-!5'*2+,,0!-&4(+)-&![/-&+.)%!+.&!/*"-%)%\!+.&!)$-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
QS!#3'!0-+*%!-+*,"-*?!L-.-&-))'!J+*($"?!)$-.!/*-%"&".1!"1-01*1($+&!/*-&"()-&!)$-!+(+&-20:%!
&-2"%-?!+))*"<4)".1!")!)'!d-+,'4%!$'%)",")0=!>.!GNWO?!+.0!2-2<-*!.')!".)-*-%)-&!".!/*'2')".1!
M'%"2'!>:%!%)*"()!+1-.&+!3+%!-7/-,,-&!5*'2!)$-!+(+&-20=!T'2-."('!w+.*s!/*-%-.)%!)$-!
2'%)!('2/*-$-.%"F-!+.+,0%"%!'5!)$"%!/-*"'&!".!$"%!43*/32#*(L1-P41-.12&'/D('-(C#2*D(E1$%2-(
6*12%-"%![M'*.3+,,U!B%$1+)-!94<,"%$".1!A"2")-&?!VRRW\=!
!
WP!
!
!
!!!!!!!!!!!
('22'.-*?!1-.-*+,,0!/*-5-**".1!)$-!,+))-*!5'*!$"%!+%)4)-.-%%!+.&!".)4")"'.=QW!a"%!)$-+)*-?!
)$'41$!5+")$54,!)'!)$-!2'&-,%?!/,')%?!+.&!%)*4()4*-!'5!-*4&")-!('2-&0?!&-)+($-%!5*'2!)$-!
)*-.&!'5!(,+%%"(+,!"2")+)"'.e!$"%!/*','14-%!+.&!/*-5+(-%!%--;!)'!*-.-3!)$-!1-.*-!'5!-*4&")-!
('2-&0!+,)'1-)$-*=!L-)3--.!GNWO!+.&!GN^G?!C*+DD"."!/-.%!%"7!('2-&"-%?!'.-!5+*(-?!+.&!+)!
,-+%)!)3-.)06)3'!.'F-,,-?!&-2'.%)*+)".1!".!/*+()"(-!)$-!,")-*+*0!1'+,!'5!$"%!'*"1".+,!53&'$'!
(,+.!E!+!/*-5-*-.(-!'5!&'".1!'F-*!%+0".1!'*!3*")".1=!
!
#$-!)'.-!'5!C*+DD".":%!3'*;%!%$"5)%!+(('*&".1,0?!".!+!)-.&-.(0!'5)-.!'<%-*F+<,-!".!$"%!
".)-*,'(4)'*%!+.&!('.)-2/'*+*"-%=!X")$!$"%!&"%+//'".)2-.)!".!+.&!-F-.)4+,!-7/4,%"'.!5*'2!
)$-!+(+&-20!('2-%!)$-!+.1-*!)$+)!&-5".-%!+.&!%$+/-%!)$-!F+%)!2+d'*")0!'5!$"%!,")-*+*0!
/*'&4()"'.!+.&?!-F-.)4+,,0?!)$-!&-(+&-%!%4**'4.&".1!")!2'*-!1-.-*+,,0=!a"%!F")*"',!".!)$-!
5+(-!'5!$"%!5'*2-*!+(+&-2"(%!+.&!)$-"*!'*"1".+,!,-.'#&&#/'!/*')')0/-!1-.-*+)-%!+!($',-*!
)$+)!<-('2-%!*-/*-%-.)+)"F-!'5!$"%!1%3B2%!+%!+!3$',-!+.&!)$+)!"%!"5!'5)-.!%$+*-&!+.&!
%4%)+".-&!<0!$"%!%4//'*)-*%!+<*'+&=!9"-)*'!B*-)".'?!/-*$+/%!.')!%4*/*"%".1,0?!"%!'.-!.')+<,-!
-7(-/)"'.=!B!5'*2-*!5*"-.&!+.&!5',,'3-*!'5!C"'F+.."!&-,,-!L+.&-!]-*-?!$-!($+2/"'.%!
C*+DD"."!".!$"%!$+)*-&!'5!M'%"2'!>!+.&!)$-!+(+&-2"(!*-5'*2%!$-!"2/'%-%!'.!)$-!53&'$'=!H.-!
(+/")','!/4<,"%$-&!5"*%)!".!GNWR?!+.&!('2/'%-&!&4*".1!)$-!*-/-+)-&!'4)<*-+;!'5!)$-!
<4<'."(!/,+14-?!,";-,0!+*'4.&!GNSO!+))-%)%!-+*,0!)'!B*-)".':%!&"%)+%)-!5'*!)$-!.-3!I-&"("!
*-1"2-!4.&-*!M'%"2'!>?!".!+!<")".1!%+)"*-!'5!)$-!,+))-*:%!/+)*'.+1-!'5!I"($-,+.1-,'!
L4'.+*'))"=QN!L4)!B*-)".'!,-.&%!$"%!1*-+)-%)!%4//'*)!)'!C*+DD"."!+.&!)$-!-+*,0!2-2<-*%!'5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
QW!I'*-!3",,!<-!%+"&!'.!C*+DD".":%!4%-%!".!($+/)-*!W=!
QN#$-!2+.4%(*"/)!+4)'1*+/$!"%!$-,&!".!8,'*-.(-:%!L"<,"')-(+!]+D"'.+,-!M-.)*+,-?!8'.&'!
9+,+)".'U!9+,=!GRRPO?!F',=!>>>U!Z"2-!&"!&"F-*%"!+4)'*"?!I3#//21(0#/'2%($%**A!2%/'-1(-1-(0/#&?#/%(
#**A!*J'"#-/%?!_Y+)"*+!>>![+,!&4(+!&"!8"'*-.D+\`![GGWG6GGWO\=!#$-!5"*%)!/4<,"%$-&!('/0![,(
"#?'/1*'($%*(:=(>'%/21(!2%/'-1;(<1$1B'"1(G1*"%;(:#-01B'-1;(%""=![]+Fh!-!5*+)-,,"?!GNWR\!"%!$-,&!".!
)$-!L"<,"')-(+!B/'%)',"(+!J+)"(+.+?!M+//=!J=!NGP![".)=!^\=!#$-!2'%)!.')+<,-!%-()"'.%!*-+&U!_n!
>'!'&"'!I"($-,+.1-,!L4'.+*'))'!v!9-*($s!.'.!(+(("+!"!/*-)+(("!+,!<'*&-,,'!v!8+(-.&'F"!&"!%-!
!
NR!
!
!
!!!!!!!!!!!
)$-!53&'$'((,+.!".!+!,-))-*!)'!,'!Y)*+&".'!&+)-&!B414%)!^?!GNWG=!L0!)$"%!)"2-?!)$-!@3%0/'1-%(
$%**#(*'-)3#!$+%!+,*-+&0!)+;-.!'.!%/-("5"(!&"2-.%"'.!".!8,'*-.(-:%!,")-*+*0!("*(,-%?!3$-*-!)$-!
2'F-!)'!'4%)!C*+DD"."!5*'2!)$-!+(+&-20!"%!+,*-+&0!".!54,,!5'*(-=!B*-)".'!@4-%)"'.%!)$-!
B*+2-":%!/*'/'%-&!*-5'*2!'5!)$-!#4%(+.!+,/$+<-)?!+.&!%02/+)$"%-%!3")$!+!C*+DD"."!
".(+/+<,-!'5!3"..".1!/'/4,+*!%4//'*)!5*'2!+.0!%'4*(-U!
A:+,)*+!%-*+!2"!(+/")h!+!(+%+!",!A+%(+?!)4))'!/"-.'!&"!(',,'*+!-)!*+<<"+?!%4&+)'!-!
)*+5-,+)'!-!+//4.)'!".!%4,!$'*+!($:"'!%)+F'!/-*!+.&+*2-.-!+,,-))'?!-)!-*+!
/'F-*-,,'!F-.4)'!".!/'%)-!%k!($-!%+,4)+)'!2"!/*"2+!-)!"'!5+))'1,"!,-!&-<")-!
+(('1,"-.D-?!2"!F-..-!+&&"*-!($'2-!1,"!+((+&-2"("!5"'*-.)"."!".!%4,!*"5'*2+*-!
,+!+=<=(=!$+F-F+.'!('.%4,)+)'!(+(("+*,'!F"+?!-)!('.!.'.!%'!($-!+,)*-!,-))-*!
('.5"*2+*,'!54'*+!&"!#'%(+.+!".!/-*/-)4'!=!=!=!%($'.5'*)+)'?!=!=!=!",!A+%(+?!
&','*'%'!%"!/+*)k!/-*!&"%/-*+)'!('.!+."2'!&"!@4-"!(-,+*%-.-!+!1"'F-!
"2."/')-.)-!-)!F-..-!%4<")'!+!Z'2+!/-*!('.%"1,"+*%-.-!('"!F"*)4'%"!2+!
)*'F+)'1,"!&"%/-*%"!%-!.-!+.&h!+!Y"-.+!-)!.'.!)*'F+)'F"!.-!"!M+/+%%'."?!.-!1,"!
>.)*'.+)"?!%-!.-!(+22".+!+!9+&'F+!+1,"!>.5"+22+)"!-)!@4-1,"!+.($'*+!)*'F+.'!
".!&"%/+*)-!/-*($s!($"!+!Z'2+?!($"!+!L','1.+?!($"!@4+!-)!($"!&"!,l?!%k!($-!/*-%'!
/+*)")'!&-!F-."*2"!+!)*'F+*-!-!/-*($s!%','!F+1,"'!/"u!($-!)4))+!,:+((+&-2"+!
".%"-2-?!.-!F-..-!+!J".-1"+!-)!('2-!F"!$'!&-))'?!2"!)*'F+!.-,,+!($"4%+!
*+(('.)+2"!-!.+**+)'2"!",!(+%'!".)-*+2-.)-!-)!($"-%'2"!%'/*+!",!/+*-*!2"'?!1,"!
*"%/'%"!($-!2"!/+*-F+!($-!1,"!54%%"!5+))'!)'*)'?!-)!.-,!F-*'!@4-%)"!F'%)*"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&-<")'!F')'=!v!T'F*-<<-!4.'!%/"*")'!('2-!@4-,,'!v!8+*!2"*+(',"!".!F'"?!($-!%'2"1,"+%%-!v!A+!
%"1.'*"+!&-,,:B.1-,!C+<<*"-,,'!v!M',,+!5*'.)+!,-!)4*<-?!*+,,-1*+)-`![GGWG\!+.&?!_T"!J-.-D"+?!
*-541"'!&:'1."!1-.)-!v!.-,!2-%-!&"!.'F-2<*-!+!1"'*."!&'"?!v!,:+..+'!+55+2+)'!)*'//'!
/-%)"+,2-.)-U!v!9"-)*'!B*-)".?!%-*F'!&-:!%-*F"!%4'"`![GGWO\=((
!
NG!
!
!
!!!!!!!!!!!
+((+&-2"("!2"!/+*+.'!2',)'!%+((-.)"!+!F',-*!5+*-!@4-,,'!($-!.'.!5-(-*'!-)!
.'.!/-.%+*'.'!2+"!&"!5+*!1,"!+.)"($"=Q^!!
B*-)".'!4,)"2+)-,0!('4.%-,%!I+DD4',"!)'!%4<F-*)!)$-!('.5,"()!)$"%!&"55-*-.(-!".!'/"."'.!$+%!
(+4%-&!+2'.1!$"%!5-,,'3!+(+&-2"(%!<0!+55'*&".1!C*+DD"."!+.!+4&"-.(-!+.&!+,,'3".1!$"2!)'!
/4*%4-!$"%!".&"F"&4+,!/*'d-()%!".!/-+(-54,!"1.'*+.(-!'5!)$-!5'*2+,!($+.1-%!+*'4.&!$"2=!a"%!
/*'/'%-&!%',4)"'.!/*'F-%!)'!<-!F+,"&!5'*!%'2-!)"2-?!<4)!3$-.!C*+DD"."!"%!"1.'*-&!".!)$-!
-,-()"'.!'5!)$-!8"'*-.)".+!('4.(",!".!GNWO?!+5)-*!0-+*%!'5!*-%"%)+.(-?!$-!"%!5".+,,0!%-/+*+)-&!
5*'2!$"%!+(+&-2"(!(',,-+14-%=!
!
>)!3'4,&!<-!.".-)--.!0-+*%!<-5'*-!C*+DD"."!3'4,&!<-!+&2"))-&!*-6-.)*0!".)'!)$-!
("*(,-!$-!*-,4()+.),0?!"5!<"))-*,0!,-5)=!B!%-*"-%!'5!/+%)'*+,!/,+0%!(-,-<*+)".1!A'*-.D'!&-:!
I-&"(":%!-+*,0!2",-%)'.-%!+.&!)$-!/-*%'.+,!*-('22-.&+)"'.!'5!A-'.+*&'!Y+,F"+)"!+55'*&!
$"2!*-('.(","+)"'.!3")$!$"%!/--*%!'.!I+0!^?!GN^^!d4%)!<-5'*-!)$-!%4<%-@4-.)!
)*+.%5'*2+)"'.!'5!)$-!6'12%-/'-#!".)'!)$-!'*"1".+,!!""#$%&'#($%**#(4230"#=!#$-!F")*"',!'5!)$-!
0-+*%!,-+&".1!4/!)'!$"%!%($"%2!3")$!)$-!+(+&-20!+.&!)$'%-!<-)3--.!$"%!+%%'("+)"'.!3")$!")?!
$'3-F-*?!1-.-*+)-!+!.-3!<*+.&!'5!,")-*+*0!/*'&4()"'.!<-0'.&!)$-!5+2","+*!*"5)!<-)3--.!2%0!
+.&!B%2J#!)$+)!($+*+()-*"D-%!")=!>.(*-+%".1,0?!)$-!53&'$'6,-.'#&&#/'!'//'%")"'.!+.&?!,+)-*?!
)$-!53&'$'P6'12%-/'-#!$'%)",")0!)+;-!'.!$42'4*+,!.')-%!3'*)$0!.')!'.,0!'5!-+($!+(+&-20:%!
.+2-!E!_>.5,+2-&`!+.&!_a42"&`!*-%/-()"F-,0!E!<4)!'5!)$-!F-*0!.+)4*-!'5!$42'4*+,!
'//'%")"'.!")%-,5=!>.!)$"%!(,"2+)-!'5!5'*(-&!%4<%(*"/)"'.!)'!+!I-&"-(-+.!/*-%(*"<-&!+-%)$-)"(?!
53&'$'!+&$-*-.)%!<-('2-!F-*<+,!&'()'*%!+))-2/)".1?!<0!)$-"*!3'*;?!)'!%--;!*-.-3-&!
$42'4*+,!<+,+.(-!".!)$-"*!"22-&"+)-!%/$-*-?!'*?!<0!)$-!"*'.0!'5!('2/+*"%'.?!)'!4.&-*2".-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Q^!L"<,"')-(+!]+D"'.+,-!M-.)*+,-!8"*-.D-?!M+*)-!Y)*'DD"+.-U!>>="=SPOU!9'-%"-!)'%(+.-!&"!&"F-*%"!
+4)'*"?!<%//%2#($#**A!2%/'-1(#**1(:/2#$'-1;(W(#)10/1(QTZQ![GVS*6GVWF\=!Y--!B//-.&"7!5'*!
)*+.%,+)"'.=!
!
NV!
!
!
!!!!!!!!!!!
I-&"("!,-1")"2+(0!".!")%!".F',F-2-.)!3")$!+.!+(+&-20!'5!,-))-*%=QO!X$+)!<-1".%!+%!+!/,+0!'.!
3'*&%!<+%-&!'.!/'/4,+*!&"%('4*%-!%4**'4.&".1!)$-!5'4*!$42'4*%!+.&!)$-"*!*-,+)"'.!)'!-+($!
')$-*!%''.!1"F-%!3+0!)'!+!,+*1-*!&"%(4%%"'.?!<')$!/$",'%'/$"(+,!+.&!,")-*+*0?!'.!)$-!
*-,+)"'.%$"/!<-)3--.!('.)*+%)".1!-,-2-.)%?!,'F-!+.&!$+)-?!.+)4*-!+.&!+.'2+,0=!Y4($!3",,!<-!
)$-!2+".!5'(4%!'5!)$-!5',,'3".1!($+/)-*=!
!
!
!
!
!
!
!
!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
QO!Y--?!5'*!-7+2/,-?!".!L"<,"')-(+!B/'%)',"(+!J+)"(+.+?!M$"1"!J>=!GNNO?!G%**%(2'&%(?'#"%B1*%($%*(
^12)1)-#;(730"%**';(:#-01B'-1;(G1-';(<#0"#;(7%&')'1;(!-)3'**#2#;(:#-0%$1-'1;(%($A#*/2'(
B'B#"A'-)%)-'(&%-/2%(9#--1(0"2'//1(03%('-(B%2/')'-';("#?2'""';(.#-/#0'%(%()9'2'J'FF'![J"(-.D+?!
L+*-DD'!L+*-DD"?!G^RS\?!A+%(+:%?!_Y'.-))'!&-,,:+((+&-2"('!5"'*-.)".'`![GONF6GO^*\U!_=!=!=!%'.!
2-&"('!".!F',1+*?!.'.!".!1*+22+)"(+?!v!Y"1.'*!2"'!(+*'?!-!('.!/'(+!+))")4&".-?!v!M$-!,:$'!
2+,-!%)4&"+)+!".!1"'F-.)4&".-?!v!Yk!($:"'!.'.!)"!14+**-"!&:4.+!F',+)"(+=!v!I+!%-!)4!$+"!(+)+**'!
'!1'))+!%("+)"(+!v!H!%(-%+!h!*-.+?!h!%-.)"!+2+*")4&".-!v!T"!/'&+1*-?!($:+55,"11'.!F-(($")4&".-!
v!H!$+"!&"%+F',+)+'!'!%/+)+!'!.+)"(+?!v!T"!)4))-!@4-%)-?!-!&:'1."!+,)*'!&"5-))'!v!T"!&'1,"+?!'!
.'F+?!'!F-(($"+!('*/'*+,-?!v!#"!5"+!",!<+1.'!4)",-?!-!/-*5-))'=!v!A+!/+.("+!)"!F-**l!('2-!4.!
1*-2<"+,-!v!9-*!,+!(+,&:+(@4-!-!/-:,!%4&+*!&+,!,-))'=!v!c!%('*("-*+%%-!",!,4.1'!/+%)'*+,-=!v!94*!
.'.&"2-.'!@4+,"!v!9*'(4*+!<-.?!/-*!5+.)+%"!&"!%'..'!v!($-!.'.!1,"!/+"+!v!)"*+*!@4+,($-!
('..'=`!
!
NS!
!
!
!!!!!!!!!!!
M$+/)-*!#3'U!a42'4*%!+.&!c,-2-.)+,!T"%('4*%-!
(
41&%(-[(?'c(-[(&%-1('(2'1-'(#'(.'3&';('(@3#*'(#BB1*)%-$1(%(#))'2#-$10'('-(@3#(%('-(*K;('-()'c(%/(
'-(03;(0'(2'/21B#-1(#**#(.'-%(/3//'(@3#-/'('-("12?1(#**A1"%#-1H("10d()%-%2101(%($1*"'00'&1(>#$2%(
:/2#$'-1;(#""#$%(#**%("1&?10'F'1-'($A91))'$'H(*%(@3#*'(1($'("1*/#;(1($'(J#*F1("#?'/#-1(/3//'(
@3#-/'(-%*("1-/21($%**A#2&#$'#""'1(B10/21H(0d("9%(@3%**1($%**A!"@3#;(%(@3%0/1($%'(B%20'(%($%**%(
?210%(0'(?100#-1("9'#&#2(2'%$'/1(%(2'?10/')*'1=`(
(
ee
P!-/1-.2#-"%0"1(X2#FF'-'(/1(<1(:/2#$'-1;(&'$PE#D(QTZU ((
!
!
B%!$+%!<--.!.')-&!-+*,"-*?!)$-!!""#$%&'#($%)*'(3&'$'('3-%!")%!5'4.&+)"'.!E!+.&!")%!
.+2-!6!-.)"*-,0!)'!+.!+,*-+&0!-7)+.)!+(+&-2"(!('224.")0!)'!)$-!.'*)$U!9+&'F+:%!!""#$%&'#(
$%)*'(,-.'#&&#/'=!f-)!&-%/")-!)$-!+(+&-2"-%:!'((+%"'.+,,0!%$+*-&!2-2<-*%?!)$-!
('**-%/'.&-.(-%!<-)3--.!3*")-*%!'5!<')$!1*'4/%?!+.&!)$-!/*'7"2")0!'5!)$-"*!&+)-%!'5!
5'*2+)"'.!E!)$-!,-.'#&&#/'(".!K4.-!+.&!)$-!+&'$'(".!Y-/)-2<-*!'5!GNWRE!'.,0!3")$!)$-!
(*-+)"'.!'5!C"'F+.."!I+DD4',":%!8,'*-.)".-!("*(,-!('2-%!)$-!)-.%"'.!)$+)!2+*;%!+!%$"5)!".!
8,'*-.(-:%!,")-*+*0!/*'&4()"'.?!)$-!*"//,-!-55-()%!'5!3$"($!+*-!5-,)!+%!5+*?!1-'1*+/$"(+,,0?!+%!
J-."(-![".!)$-!".)-*+()"'.%!+2'.1!F+*"'4%!+(+&-2"(%\!+.&!+%!5+*!5'*3+*&!+%!)$-!VR)$!
(-.)4*0!+.&!9"*+.&-,,':%!)$-'*0!'5!$42'4*"%2=!>)!"%!'.,0!%--2".1,0!%4/-*5"("+,!)'!5".&!".!)$-!
+&'$'A%!F-*0!.+2-!+!5"*%)!".&"(+)"'.!'5!%4($!+!%$"5)=!#$'41$!5'*2-&!+.&!.+2-&!".!*-+()"'.!
#)#'-0/!)$-!,-.'#&&#/'!+.&!)$-"*!/-&+.)"(!%)4&0!'5!,+.14+1-!+.&!/$",'%'/$0?!)$-!+&'$'(+*-!
)$-!5"*%)!+.&?!3")$".!)$-"*!1-.-*+)"'.?!)$-!'.,0!+(+&-20!".)-.)"'.+,,0!)'!-2<-&!+!$42'4*+,!
*-5-*-.(-!3")$".!)$-"*!.+2-=!#$'41$!9+&'F+:%!,-.'#&&#/'!+*-!,")!E!,")-*+,,0?!-.5,+2-&!E!<0!
)$-!5"*-!'5!,-+*.".1?!)$-"*!,")-*+*0!/*'&4()"'.!<-+*%!.'!2+*;!'5!)$-!/+%%"'.!".!)$-"*!.+2-?!
.'*!&'!)$-"*!'55"("+,!/*'(--&".1%e!".!')$-*!3'*&%?!)$-"*!)"),-!'.,0!".!+!,"2")-&!3+0!&-5".-%!
)$-2=!L0!('.)*+%)?!I+DD4',":%!+&'$';(+.&!B.)'.5*+.(-%('!C*+DD"."!($"-5!+2'.1!)$-2?(2+;-!
'5!)$-"*!_$42"&")0`!+!(-.)*+,!/+*)!'5!)$-"*!"&-.)")0!.')!'.,0!".!)$-!.+2".1!'5!)$-"*!2-2<-*%!6!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
QQ!IY!8"*-.D-?!L"<,"')-(+!I-&"(-+6A+4*-.D"+.+?!B.)".'*"!NO=!M+*)!pJ>=!GRS!5',%=!:/#-F%(
J32*%0"9%($%*(<#0"#?!G*=!
!
NW!
!
!
!!!!!!!!!!!
+%!%$'3.!E!+.&!".!)$-!('.)-.)!'5!)$-"*!/'-)*0!+.&!)$-+)*-!E!+%!3",,!<-!%$'3.!E!<4)!+,%'!".!
)$-"*!*-+()"'.!)'!('.)-2/'*+*0!/$",'%'/$"(+,!&-<+)-%!+.&!".!)$-!/*-("%-!&"*-()"'.!'5!)$-"*!
24)+<",")0!E!,")-*+*0?!/',")"(+,?!+.&!%'("+,=!#$-!5',,'3".1!($+/)-*%!3",,!2'*-!('.(*-)-,0!
/*'/'%-!+.&!-7/+.&!4/'.!)$-!,".;!>!%411-%)!-7"%)%!5*'2!)$-!+&'$'!)'!)$-!+&12'0/'!)$*'41$!+!
($+".!'5!*-,+)-&!('.(-/)%=!#$"%!($+/)-*?!$'3-F-*?!3",,!,'(+)-!3")$".!)$-!+&'$'?!4%".1!
C*+DD"."!+%!2+".!/'".)!'5!*-5-*-.(-?!)$-!F-*0!_$42'4*+,`!.+)4*-!)$+)!"%!<')$!+!&-/+*)4*-!
5*'2!)$-!+&'$'A%!('.)-2/'*+*0!,")-*+*0!2'&-,%!+.&!)$-!/*')')0/-!5'*!)$-!('.%("'4%,0!
_$42'4*+,`!,")-*+)4*-!'5!)$-!-+*,0!VR)$!(-.)4*0!+.&!)$-!_(+/*"(("'`!+)!")%!*'')=!
!
a42'4*+,!)$-'*0!E!)$-!)$-'*0!'5!)$-!5'4*!$42'4*%!+.&!)$-"*!/*'/-*!54.()"'.".1!
3")$".!)$-!$42+.!<'&0!E!&+)-%!<+(;!(-.)4*"-%?!)'!)$-!(+.'.%!'5!C+,-.?!a"//'(*+)-%?!+.&!
BF"(-..+!+.&!-.d'0%!+.!"2/*-%%"F-!<*-+&)$!'5!%($',+*%$"/!5*'2!")%!'*"1".%!)'!)$-!/*-%-.)!
&+0=!>.!")%!F-*.+(4,+*!2+."5-%)+)"'.%?!")!"%!+*14+<,0!"5!.')!".&"1-.'4%!)'?!)$-.!+)!,-+%)!
*-2+*;+<,0!/*-%-.)!".!)$-!,")-*+*0!5+<*"(!'5!#4%(+.0!5*'2!)$-!T4-(-.)'!'.3+*&?!+%!)$-!
5',,'3".1!%4*F-0!3",,!%$'3=!!M'.)*+*0?!$'3-F-*?!)'!/*-F"'4%!/'-)"(!+.&!/$",'%'/$"(+,!
/*'&4()"'.!)$+)!<')$!1*-3!+.&!3").-%%-&!2-,+.($',0:%!/*-F+,-.(-!'.!)$-!$42'4*+,!
%/-()*42!'F-*!)$-!)$*--!/*-F"'4%!(-.)4*"-%?!)$-!+&'$':%!('2/'%")"'.!)+;-%!+!)4*.!+3+0!
5*'2!+.!-7/,"(")!+.&!-7(,4%"F-!*-,+)"'.%$"/!3")$!Y+)4*.!)'!5+F'4*?!".%)-+&?!+!2'*-!
('2/,"(+)-&!+//*'/*"+)"'.!'5!+.&!/,+0!'.!$42'4*+,!)$-'*0!+.&!")%!+%%'("+)"'.!3")$!
/-*%'.+,")0!+.&!".)-*/-*%'.+,!('.5,"()%=!
!
!
8*'2!a"//'(*+)-%!)'!8"(".'U!B!Y4*F-0!'5!a42'4*+,!#$-'*0!!
!
NN!
!
!
!!!!!!!!!!!
B(('*&".1!)'!$42'4*+,!%)4&"-%!".!)$-!(+.'.%!'5!C+,-.?!a"//'(*+)-%?!+.&!BF"(-..+!E!
%)",,!)*4%)-&!+.&!+4)$'*")+)"F-!2-&"(+,!('&-%!".!)$-!G^)$!E(-.)4*0!6QP?!/$,-12?!+!%4<%)+.(-!
<')$!3-)!+.&!(',&!['*!_42"&'`\!%)+.&%!&"*-(),0!'//'%")-!($',-*?!")%-,5!$')!+.&!&*0=!#$-!
3+)-*!+%%'("+)-&!3")$!)$-!'.-!('4.)-*+()%!)$-!5"*-!+%%'("+)-&!3")$!)$-!.-7)?!+.&!<-)3--.!
)$-2!%")%!2-,+.($',0U!(',&!,";-!)$-!5"*%)?!&*0!,";-!)$-!%-('.&?!*-/*-%-.)-&!<0!-+*)$?!+.&?!
2'%)!.')+<,0?!+!('.&")"'.!1-.-*+)-&!<0!)$-!-7(-%%?!".!)$-!<'&0!'5!+.0!1"F-.!2+.![+.&!
4%4+,,0!+.!+*)"%)\?!'5!<,+(;!<",-=!]'!,-%%!.')-3'*)$0?!'5!('4*%-?!"%!)$-!+,)-*.+)-!.+2-!1"F-.!)'!
)$-!($',-*!+%%'("+)-&!3")$!)$-!%/$-*-!'5!5"*-U!0-,,'3!<",-=!#$-%-!(+)-1'*"-%!/*'F-!)'!<-!
54.&+2-.)+,!)'!-+*,0!2-&"("+,!/*+()")"'.-*%!".!)$-"*!&"+1.'%"%!'5!<')$!)$-!/$0%"(+,!+.&!
/%0($','1"(+,!+",2-.)%!'5!)$-"*!/+)"-.)%!4/!4.)",!)$-!%"7)--.)$!(-.)4*0=!HF-*!C*+DD".":%!
,"5-)"2-?!$'3-F-*?!2-&"(+,!-7/-*"2-.)+)"'.!E!&"%%-()"'.%!+.&!)$-!(,'%-*!%)4&0!'5!<,''&!E!
($+,,-.1-%!)$-!+%%42/)"'.%!'5!$42'4*+,!)$-'*0!+.&!/*'F"&-%!+!*-+,!+,)-*.+)"F-!)'!")=!>)!
3'4,&!<-!+)!,-+%)!+.')$-*!5-3!1-.-*+)"'.%?!$'3-F-*?!<-5'*-!)$-!&"%('F-*"-%!'5!M+*&+.'!+.&!
$"%!('.)-2/'*+*"-%!($+.1-%!)$-!5+(-!'5!<')$!2-&"(+,!)$-'*0!+.&!/*+()"(-=PR!
#'!1'!<+(;!)'!)$-!<-1"..".1?!+)!")%!2'%)!<+%"(?!$42'4*+,!)$-'*0!+%%'("+)-%!-+($!'5!
)$-!5'4*!<'&",0!$42'4*%!E!'*?!+%!".!C*--;?!,"@4"&%!E!3")$!+.!-,-2-.)?!+!%-+%'.?!+!%)+1-!'5!,"5-?!
+!%-*"-%!'5!/$0%"(+,!/*'/-*)"-%?!+.&!+!*4,".1!/,+.-)=!>)!/'%")%!)$+)!'.,0!+!/-*5-()!<+,+.(-!'5!+,,!
5'4*!$42'4*%!14+*+.)--%!/$0%"(+,!+.&!/%0($','1"(+,!$-+,)$?!+.&!)$+)!)$-!-7(-%%!'5!+.0!'.-!
$42'4*!".!2+.!,-+&%!)'!+!.42<-*!'5!/$0%"','1"(+,!&"%-+%-%!'*!/-*%'.+,")0!&"%'*&-*%!
%/-("5"(!)'!)$-!$42'4*!".!-7(-%%?!2'*-!1-.-*+,,0!-7/*-%%-&!+%!_<+&!)-2/-*+2-.)=`!L,''&!"%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
QP!#$'41$!a"//'(*+)-%!3+%!)$-'*-)"(+,,0!")%!5'4.&".1!5+)$-*?!C+,-.?!3*")".1!".!)$-!V.&!
(-.)4*0!BT?!"%!2'*-!5*-@4-.),0!(*-&")-&!3")$!")%!%'/$"%)"(+)"'.!".)'!3$+)!3'4,&!<-('2-!)$-!
,-+&".1!2-&"(+,!)$-'*0!4.)",!)$-!GNSR%!E!)$-!/-*"'&!$-*-!4.&-*!-7+2".+)"'.=!!
PR!H.!)$-!&-(*-+%".1!".5,4-.(-!'5!$42'4*+,!)$-'*0!".!Z-.+"%%+.(-!>)+,0?!%--!M$+*,-%!Z"($-)?!
_B.!B&&*-%%!'.!B.("-.)!a42'4*"%2!+.&!I'&-*.!a42'4*"%2?`!89%(^2'/'09(E%$'"#*(O132-#*!
V=VNP^![GPGR\U!PVG6V^=!
!
N^!
!
!
!!!!!!!!!!!
+%%'("+)-&!3")$!+"*?!%/*".1)"2-?!+.&!0'4)$?!+.&!"%!('.%"&-*-&!2'"%)!+.&!$')=!B.!-7(-%%!'5!")!
(+4%-%!)$-!%+.14".-!('.&")"'.?!*4,-&!<0!K4/")-*=!f-,,'3!<",-!['*!($',-*\!"%!+%%'("+)-&!3")$!
5"*-?!%422-*?!+.&!+&',-%(-.(-?!"%!('.%"&-*-&!$')!+.&!&*0!+.&!"%!1'F-*.-&!<0!I+*%=!L,+(;!
<",-?!&*0?!(',&?!+.&!/*'/-*!)'!)$-!2-,+.($',"(?!2+)($-%!4/!3")$!-+*)$?!+4)42.?!+.&!2+)4*")0!
+.&!5+,,%!4.&-*!)$-!d4*"%&"()"'.!'5!Y+)4*.=!9$,-12?!&'2".+)".1!$42'4*!'5!)$-!/$,-12+)"(!
+.&!*4,-&!<0!)$-!2''.?!"%!+%%'("+)-&!3")$!3+)-*?!3".)-*?!+.&!%-.",")0?!(',&.-%%!+.&!
2'"%).-%%=!B.0!",,.-%%!(+4%-&!<0!)$-!'F-*+<4.&+.(-!'5!'.-!$42'4*!('4,&?!")!3+%!4/$-,&?!<-!
(4*-&!2+".,0!<0!%4//*-%%".1!")?!-")$-*!<0!-,"2".+)".1!")!'*!<0!+<%)+".".1!5*'2!")%!/*'<+<,-!
(+4%-?!'5)-.!5''&=!!
B,)-*.+)-,0!+.&!.'!,-%%!-55-()"F-,0?!'.-!('4,&!.-1+)-!")!)$*'41$!)$-!+//,"(+)"'.!'5!")%!
'//'%")-e!3-*-!'.-!)'!%455-*!5*'2!($',-*?!5'*!-7+2/,-?!+.!+//*'/*"+)-!(4*-!2"1$)!<-!)$-!
('.%42/)"'.!'5!(',&!+.&!3+)-*0!%4<%)+.(-%=PG!>.!')$-*!3'*&%?!+.&!+%!C+,-.!3*")-%U!
Y'!".!4.-F-.!<+&!)-2/-*+2-.)?!)$-!/*"2+*0!(+4%-!'5!($+.1-!"%!$-+)!+.&!
(',&?!%".(-!)$-%-!@4+,")"-%!+*-!-7)*-2-,0!/'3-*54,e!<4)!)$-*-!"%!+,%'!
2'"%)-.".1!+.&!&*0".1?!".!')$-*!3'*&%!$4.1-*!+.&!)$"*%)?!)$-!5'*2-*!<-".1!
+!,+(;!'5!3$+)!"%!&*0?!)$-!,+))-*!+!,+(;!'5!3$+)!"%!2'"%)=!n!B"*!"%!-+%",0!
($+.1-&?!<-(+4%-!")!"%!('2/'%-&!'5!)$-!)"."-%)!/+*)"(,-%=!f-,,'3!<",-!"%!
$'))-%)!<0!.+)4*-?!/$,-12!('',-%)!n!a-.(-!0-,,'3!<",-!"%!-+%",0!($+.1-&!<0!
3$+)-F-*!")!('2-%!".)'!('.)+()!3")$?!3$",%)!<,+(;!<",-!"%!($+.1-&!3")$!
&"55"(4,)0=!n!cF-*0)$".1!1*'3%!+.&!"%!.'4*"%$-&!<0!3$+)-F-*!"%!%"2",+*?!<4)!
"%!;",,-&!+.&!&-%)*'0-&!<0!3$+)-F-*!"%!'//'%")-=!>.!)$"%!3+0!)$-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
PG!8'*!+!&-)+",-&!&-%(*"/)"'.!'5!$42'4*+,!)$-'*0?!%--!C+,-.?!a-(/9%(53&1320?!)*+.%=!I+*;!
C*+.)!".!X#*%-(1-(611$(#-$(G'%/![]-3!f'*;?!Z'4),-&1-?!VRRR\!GW6GQ=!
!
NO!
!
!
!!!!!!!!!!!
/*-%-*F+)"'.!'5!$-+,)$!"%!)$*'41$!3$+)-F-*!"%!%"2",+*?!3$",%)!)$-!(4*-!5'*!
&"%-+%-%!"%!)$*'41$!3$+)-F-*!"%!'//'%")-=PV!!
!
#$-!(+4%-%!'5!$42'4*+,!"2<+,+.(-%!3-*-!2+.0!+.&!F+*"-&=!>.!+&&")"'.!)'!"2/*'/-*!
'*!"2<+,+.(-&!.4)*")"'.?!5-F-*%?!5'*!".%)+.(-?!3-*-!(+4%-&!<0!"22'&-*+)-!$-+)!".!)$-!<'&0?!
")%-,5!(+4%-&!<0!+.1-*?!%)*-%%?!".%'2."+?!'*!&-$0&*+)"'.=PS!L,''&!3+%!)$'41$)!)'!<-!)$-!2'%)!
"2/'*)+.)!/$0%"(+,!-,-2-.)!5'*!")%!/*'2')"'.!'5!)$-!/*'/'*)"'.+)-!("*(4,+)"'.!'5!+"*!+.&!
3+)-*!3")$".!)$-!<'&0?!+.&!+"*!3+%!2'%)!('22'.,0!('.%"&-*-&!)$-!/'*)+,!'5!&"%-+%-%=!
_C*--.!Y"(;.-%%?`!'*!($,'*'%"%?!3+%!+!&"%-+%-!/+*)"(4,+*!)'!F"*1".%!".!3$'2!_+.!-7(-%%!'5!
<,''&?!&4-!)'!m5''&!+.&!)$-!1*'3)$!'5!)$-!<'&0?:!q3+%r!4.+<,-!)'!-%(+/-!<-(+4%-!)$-!m2'4)$!
'5!-7")?:!q3+%r!(,'%-&?`!+.&!")%!/*'/'%-&!*-2-&"-%!3-*-!-")$-*!<,''&,-))".1!'*?!2'*-!
&-%"*+<,0?!2+**"+1-=PW!#$-*-!3+%!.'!/-*(-"F+<,-!,"2")!)'!)$-!&"%('25'*)%!+.&!+55,"()"'.%!5'*!
3$"($!$42'4*+,!)$-'*0!3+%!$-,&!+(('4.)+<,-!4.)",!)$-!2"&6%"7)--.)$!(-.)4*0=!
!
#$-!)*+.%24)+)"'.%!'5!$42'4*+,!)$-'*0!+.&!")%!+%%'("+)"'.!3")$!/$0%"'1.'2"(!
('.&")"'.%!+.&!($+*+()-*!)*+")%!+*-!2+.0!+.&!('2/,-7=PN!>.)-*%-()"'.%!3")$!#$-'/$*+%)4%?!
B*"%)'),-?!+.&!/%-4&'6B*"%)'),-!+%%'("+)-&!F+*"'4%!/$0%"(+,!%02/)'2%!)'!/%0($','1"(+,!
&"%/'%")"'.%e!)$-!L'"1&#"9%#-!C/9'"0!%$'3%!+!)-.&-.(0?!)$-*-+5)-*!-F-*!1*'3".1?!)'!
&-%(*"<-!($+*+()-*!.')!".!)-*2%!'5!".&"F"&4+,!/*'/-.%")"-%?!<4)!'5!(+)+,'14-&!_)0/-%`!'5!
<-$+F"'4*%=!>.!5+()?!")!"%!)$-!a"//'(*+)"(!('*/4%:%!/+%%+1-!)$*'41$!B*"%)')-,"+.!+.&!/%-4&'6
B*"%)')-,"+.!)-7)%!)$+)!+*14+<,0!2'%)!1*-+),0!%$+/-%!)$-!%)4&0!'5!$42'4*+,!)$-'*0!+.&!")%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
PV!a-(3-%B%-(J#$(/%&?%2#&%-/?!)*+.%=!I+*;!C*+.)?!SO6WN=!
PS!a-(/9%(4#30%0(1.(G'0%#0%0?!NS=!
PW!a"//'(*+)-%?!a-(/9%($'0%#0%0(1.(B'2)'-0?!)*+.%=!A"))*s?!+%!(")-&!".!a-,-.!b".1?!_C*--.!
Y"(;.-%%U!a"//'(*+)-%?!C+,-.?!+.&!)$-!H*"1".%!'5!)$-!mT"%-+%-!'5!J"*1".%?:`!,-/%2-#/'1-#*(
O132-#*(1.(/9%(4*#00'"#*(82#$'/'1-!V=S![GPP^\U!!SOV6QO?!SOP=!
PN!8'*!+!*+)$-*!('2/*-$-.%"F-!*-F"-3!'5!$42'4*+,!/%0($','10!5*'2!a"//'(*+)-%!)'!a'<<-%?!
%--!K+(@4-%!L'%?!_#$-!*"%-!+.&!&-(,".-!'5!($+*+()-*U!$42'4*+,!/%0($','10!".!+.("-.)!+.&!
-+*,0!2'&-*.!2-&"(+,!)$-'*0?`!5'0/12D(1.(/9%(53&#-(:"'%-"%0!VV=VP![VRRP\U!SR6NG=!
!
NQ!
!
!
!!!!!!!!!!!
2+."5-%)+)"'.!".!F+*"'4%!+*)!5'*2%?!.')!,-+%)!+2'.1!)$-2?!,")-*+)4*-=!#$-!>21J*%&#/#?!)$"*)0!
@4-%)"'.%!+))*"<4)-&!)'!B*"%)'),-?!+*-!/-*$+/%!)$-!<-%)!/,+(-!)'!%)+*)=!>.!)$-"*!3'*;!:#/32-(
#-$(E%*#-"91*D?!Z+02'.&!b,"<+.%;0?!c*3".!9+.'5%;0?!+.&!8*")D!Y+7,!)+;-!+!&-)+",-&!,'';!+)!
/%-4&'6B*"%)'),-:%!>21J*%&(___=,!2+&-!".5+2'4%!<0!")%!)*-+)2-.)!'5!)$-!/*-F+,-.(-!'5!<,+(;!
<",-!".!1*-+)!$-*'-%!'*!2-.!'5!/+*)"(4,+*!+*)"%)"(!1-."4%=P^!#$-*-?!/%-4&'6B*"%)'),-!+*14-%!
)$+)!<,+(;!<",-!"%!,+)-.)!".!+,,!2-.!<4)?!+.&!'.,0!4.&-*!(-*)+".!("*(42%)+.(-%?!2+;-%!")%-,5!
2+."5-%)!".!$-*'"(!2-.!3$'?!%+)4*.".-?!+*-!2'%)!/*'.-!)'!")%!-55-()%=!(
#$-!+%%'("+)"'.!'5!2-,+.($',0!3")$!1*-+).-%%![+.&!%'2-)"2-%!-F-.!2+1.+."2")0\!
3'4,&!)4*.!'4)!)'!<-!+!)*'/-!'5!/-*%"%)-.)!".)-*-%)!)$*'41$'4)!+.)"@4")0!+.&!".)'!)$-!I"&&,-!
B1-%=!>)!"%!+!@4-%)"'.!'5!".)-*-%)!)'!Y)'"(!/$",'%'/$-*%!)'!.'!,-%%-*!-7)+.)!)$+.!")!"%!+!2+))-*!
'5!".F-%)"1+)"'.!)'!-+*,0!M$4*($!5+)$-*%=!X")$!M"(-*'?!+.!+<4.&+.(-!'5!<,+(;!<",-!"%!,".;-&!)'!
+.!+.+,'1'4%!('.&")"'.!)-*2-&!#%)2'/3$1=!X")$!cF+1*"4%!9'.)"(4%!+.&!K'$.!M+%%"+.!".!)$-!
W)$!+.&!N)$!(-.)4*"-%!BT?!2-,+.($',0!"%!)*+.%,+)-&!".)'!)$-!(+/")+,!%".!'5!#"%$'#(+.&!&--2-&(
/+*)"(4,+*!)'!)$-!(,'"%)-*-&!'*!&-%-*)!2'.;=PO!HF-*!+!(-.)4*0!,+)-*?!Y)=!C*-1'*0!)$-!C*-+)!
,".;%!#"%$'#!)'!+.')$-*!2'.+%)"(!F"(-?!/2'0/'/'#?!+.&!(+%)%!)$-2?!)'1-)$-*!+%!'.-!+.&!)$-!
%+2-!%".!E!)$-!%($-2-!,+)-*!+&'/)-&!<0!Y)=!#$'2+%!B@4".+%=!]')!%4*/*"%".1,0?!)$-.?!
2-,+.($',0?!".!")%!F+*"'4%!F-%)2-.)%?!('2-%!)'!/,+0!+!('.%"&-*+<,-!*',-!".!)$-!+*)"%)"(!
/*'&4()"'.!'5!)$-!I"&&,-!B1-%=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
P^!:#/32-(#-$(E%*#-"91*DH(:/3$'%0('-(/9%(5'0/12D(1.(L#/32#*(>9'*101?9D;(7%*')'1-;(#-$(!2/!
[]-3!f'*;U!L+%"(!L'';%?!GP^W\=!
PO!8'*!+!2'*-!&-)+",-&!+(('4.)!'5!)$-!*-,+)"'.%$"/!<-)3--.!2-,+.($',0?!2-,+.($',"+?!<,+(;!
<",-?!)*"%)")"+?!+-1*")4&'?!+.&!+(-&"+?!%--!]'-,!A=!L*+..?!_>%!+(-&"+!2-,+.($',0o!B!*-6
-7+2".+)"'.!'5!)$"%!@4-%)"'.!".!)$-!,"1$)!'5!8*+!L+))"%)+!&+!M*-2+:%!T-,,+!('1.")"'.-!-)!
F"))'*"+!&"!%-!%)-%%'![GNSG\?`!O132-#*(1.(/9%(9'0/12D(1.(&%$'"'-%(#-$(/9%(#**'%$(0"'%-"%0(SW=V!
[GPOP\U!GQR6PP=!!
!
NP!
!
!
!
!!!!!!!!!!!
>.!>)+,0?!")!*-F-+,%!")%-,5!".!F+*"'4%!3+0%=!g/!4.)",!9-)*+*($?!+.&!".&--&?!)'!+!,+*1-!
-7)-.)!-F-.!3")$!$"2?!")!"%!2'%)!('22'.,0!/*-%-.)-&?!+)!,-+%)!".!+!%-(4,+*!F-".?!+%!,'F-6
%"(;.-%%U!+!2+,-!F+*"+.)!'.!)$-!($,'*'%"%!/+*)"(4,+*!)'!F"*1".%!&"%(4%%-&!+<'F-=PQ!L4)!)$'41$!
")!2"1$)!%--2!,'1"(+,?!".!)$"%!('.)-7)?!)'!+))*"<4)-!)$-!&#*#//'#($A#&12%!)'!)$-!%+.14".-!
('.&")"'.!(+4%-&!<0!+.!-7(-%%!'5!<,''&?!$42'4*+,!)$-'*0!"%!+.0)$".1!<4)!%)*+"1$)5'*3+*&?!
-F-.!d4%)!5*'2!'.-!1-.-*+)"'.!'5!/$0%"("+.%!+.&!+*)"%)%!)'!)$-!.-7)=!>.!5+()?!+%!3",,!,+)-*!<-!
&"%(4%%-&?!)$-!/*'/-*)"-%!".$-*-.)!)'!-+($!$42'4*!+*-!%'2-)"2-%!%'!%"2",+*!)'!)$'%-!'5!
+.')$-*!)$+)!&"%%'("+)".1!)$-2!<-('2-%!+!.-+*6"2/'%%"<,-!)+%;e!.')!%4*/*"%".1,0?!)$-!
'F-*,+/!'5!0-,,'3!3")$!<,+(;!<",-!+.&!)$"%!,+))-*!3")$!/$,-12!"%!%'!1*-+)!)$+)!<0!'.-!+(('4.)!
'*!+.')$-*?!2-,+.($',0!"%!+,2'%)!+,3+0%!".)-*($+.1-+<,-!3")$!)$-!'.-!'*!)$-!')$-*=PP!X")$!
$"%!:%"2%/3&?!)$'41$?!+.&!$"%!-7/,'*+)"'.?!3")$".!")?!'5!)$-!%".!$-!(+,,%!#""'$'#?!9-)*+*($!!
)+;-%!#"%$'#!E!3$-)$-*!3-!+*-!)'!(+,,!")!/2'0/'/'#!'*!&#*'-"1-'#!6!'4)!'5!)$-!(,'"%)-*!+.&!
4%$-*%!")!".)'!%-(4,+*!,")-*+)4*-!'5!)$-!5'4*)--.)$!(-.)4*0=!>.!)$-!/*-5+(-!)'!$"%!G%(2%&%$''0(
3/2'30@3%(.12/3-#%?!$-!"&-.)"5"-%!3*")".1!E!'*!+*)"%)"(!*-,-+%-!)$-!*-%4,)!'*!/*'(-%%!'5!
".)*'%/-()"'.!E!+%!)$-!2'%)!-55-()"F-!+.)"&')-!)'!2-,+.($',0=!B!(-.)4*0!,+)-*?!)$-!&"%(4%%"'.!
'5!2-,+.($',0!"%!)+;-.!%)",,!'.-!%)-/!5'*3+*&!,+*1-,0!<0!3+0!'5!C"'F+.."!9'.)+.'?!I+*%","'!
8"(".'?!+.&!$"%!]-'69,+)'."%)!("*(,-!3$'!.')!'.,0!*-'/-.!)$-!+%)*','1"(+,!('2/'.-.)!'5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
PQ!8'*!2'*-!'.!)$-!+%%'("+)"'.!'5!2+,".'."+!)'!,'F-6%"(;.-%%?!%--!I+%%"2'!M"+F',-,,+?!<#(
&#*#//'#($A#&12%($#**A#-/'"9'/K(#*(&%$'1%B1![Z'2+U!L4,D'."?!GPO^\=!
PP!8"(".':%!+%)*','10!+)!,-+%)!/+*)"+,,0!-7/,+".%!)$-!+%)*+,!*-+%'.!5'*!%4($!'F-*,+/=!Y/-+;".1!
5'*!$"2%-,5?!_8"(".'!3+%!('.F".(-&!)$+)!)$-!,'(+)"'.!'5!)$-!/,+.-)!Y+)4*.!".!$"%!+%(-.&+.)!
B@4+*"4%!+)!)$-!)"2-!'5!$"%!<"*)$!-7-*)-&!+!2+,-F',-.)!".5,4-.(-!".!$"%!,"5-?`!<4)!$-!3+%!.'!
,-%%!+3+*-!'5!')$-*!/,+.-)+*0!('.5"14*+)"'.%!)$+)!2"1$)!+,%'!<-!('.)*"<4)".1!)'!$"%!2''&!
+.&!2-.)+,!$-+,)$![L4,,+*&!^PW\=!a-!3*")-%U!_Y+)4*.!%--2%!)'!$+F-!"2/*-%%-&!)$-!%-+,!'5!
2-,+.($',0!5*'2!)$-!<-1"..".1e!%-)?!+%!")!"%?!+,2'%)!".!)$-!2"&%)!'5!20!+%(-.&+.)!B@4+*"4%?!
")!"%!".5,4-.(-&!<0!I+*%?!+,%'!".!B@4+*"4%?!+.&!)$-!I''.!".!M+/*"('*.`![H/=!GUOSS!+.&!
A-))-*%!VUSS?!)*+.%,+)-&!<0!+.&!(")-&!".!L4,,+*&!^PW\=!
!
^R!
!
!
!!!!!!!!!!!
&"%('4*%-!'.!)$-!$42'4*%?!<4)!+,%'!+))-2/)!)'!*-('.(",-!")!3")$!)$-!(4**-.(0!'5!)$-"*!.-'6
/,+)'."(!/$",'%'/$0=GRR!
!
8"(".':%!)*-+)2-.)!'5!)$-!$42'4*%!"%!+!)'/"(!'5!")%!'3.!/+*)"(4,+*?!('2/,-7?!+.&!
5*-@4-.)!+.+,0%"%=!#$'41$!)$"%!($+/)-*!3",,!.')!+))-2/)!)'!&'!")!d4%)"(-!'*!)'!-7+2".-!")!".!
&-)+",?!")!3'4,&!<-!4%-54,!)'!$"1$,"1$)!%'2-!'5!)$-!('2/'.-.)%!".%)*42-.)+,!".!
4.&-*%)+.&".1!$42'4*+,!)$-'*0!E!2-,+.($',0!2'*-!%/-("5"(+,,0!E!'*!%'2-!'5!)$-!+F-.4-%!
)$*'41$!3$"($!")!/+%%-%!".!)$-!5"5)--.)$!(-.)4*0=!8"(".':%!2+d'*!('.(-*.!3")$!$42'4*+,!
)$-'*0!"%!+%)*','1"(+,?!+.&!"%!.')!('.)+".-&!".!+.0!'.-!'5!$"%!)*-+)"%-%e!+!_2-,+.($',"(`!
$"2%-,5?!8"(".':%!".)-*-%)!".!)$-!&"%-+%-!)$+)!/,+14-%!$"2!/-*%"%)%!)$*'41$'4)!$"%!,"5-?!<4)!$"%!
&-+,".1%!3")$!2-,+.($',"+!+*-!,'(+)-&!/*"2+*",0!".!$"%!G%(B'/#(*'J2'(/2%0=!a"%!/4*/'%-!)$-*-!"%!
%-F-*+,65',&=!a-!$'/-%?!+2'.1!')$-*!)$".1%?!)'!&-%(*"<-!)$-!2-,+.($',"(!('.&")"'.!<')$!
/%0($','1"(+,,0!+.&!/$0%"(+,,0?!)$-.!)'!d4%)"50!")%!/+*)"(4,+*")0!)'!2-.!'5!1-."4%!E!,";-!
$"2%-,5!E!+.&!5".+,,0?!+%)*','1"(+,,0!)'!-7/,+".!")!+.&!/*'/'%-!+.)"&')-%!)'!")=!!
B.0'.-!<'*.!4.&-*!)$-!".5,4-.(-!'5!Y+)4*.?!$-!2+".)+".%?!"%!%4<d-()?!5'*!)$-!*-%)!'5!
$"%!,"5-?!)'!")%!+%)*+,!-55-()%!+.&!)$-"*!-,-2-.)+,!-@4"F+,-.)%=!#$"%!/*-&"%/'%")"'.!+%%42-%!
+%%'("+)-&!($+*+()-*!)*+")%U!Y+)4*.:%!(',&!+.&!&*0!".5,4-.(-!'5)-.!,-+&%!)'!".&-("%"'.?!%'("+,!
*-)*-+)?!('.)-2/)?!<'*-&'2!+.&!E!+,2'%)!+,3+0%!E!)'!)$-!5-+*!+.&!%'**'3!)$+)!b,"<+.%;0?!
9+.'5%;0!+.&!Y+7,!$+F-!(,+"2-&!)'!<-!($+*+()-*"%)"(!'5!)$-!5"5)--.)$!(-.)4*0!2'*-!1-.-*+,,0=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GRR !#$-!&-<+)-!'F-*!Z-.+"%%+.(-!+%)*','10!+.&!)$-!/'%%"<",")0!['*!"2/'%%"<",")0\!'5!
*-('.(",".1!")!3")$!M$*"%)"+.!+.&!.-'6/,+)'."(!)$'41$)!3+%!)+;-.!4/!<0!<')$!9'.)+.'!+.&!
8"(".'!+*'4.&!)$-!%+2-!)"2-?!GWON6OO?!9'.)+.'!".!$"%!G%(2%J30("1%*%0/'J30!+.&!8"(".'!".!$"%!
G'0?3/#/'1=!>.!)$-%-!+%!3-,,!+%!".!')$-*%!'5!)$-"*!*-%/-()"F-!)*-+)"%-%?!<')$!+4)$'*%!&-+,!3")$!
)$-!M$*"%)"+.!.')"'.!'5!5*--!3",,!".!)$-!('.)-7)!'5!+%)*','10=!8'*!9'.)+.':%!F"-3!'.!)$-!
2+))-*!%--?!5'*!".%)+.(-?!M$+*,-%!#*".;+4%?!_#$-!B%)*','1"(+,!M'%2'%!+.&!Z$-)'*"(+,!M4,)4*-!
'5!C"'F+.."!C"'F"+.'!9'.)+.'?`!7%-#'00#-"%(I3#2/%2*D!SQ=S![GPQN\U!WW^6OV=!8'*!+!2'*-!
1-.-*+,!%4*F-0!'5!%'2-!('2/'.-.)%!'5!)$-!&-<+)-!5*'2!+!2-&"(+,!/'".)!'5!F"-3?!%--!
C"+.(+*,'!w+."-*?!_9,+)'."(!#*-.&%!".!Z-.+"%%+.(-!I-&"(".-?`!O132-#*(1.(/9%(5'0/12D(1.(,$%#0!
WQ=S![GPQO\U!NRP6GP=!
!
^G!
!
!
!!!!!!!!!!!
>)!/,+14-%!1*-+)!$-*'-%!'5!)$-!/+%)?!+.&!8"(".'?!)''?!".!,".-!3")$!$"%!,-+*.-&!["5!.')!".$-*-.)\!
a42+."%2!5".&%!2-.!'5!1*-+)!1-."4%!)'!<-!")%!1*-+)-%)!F"()"2%=!Y)",,?!)$'41$!$"%!<-,"-5!".!
+%)*+,!".5,4-.(-%!'.!2-.)+,!$-+,)$!/-*%"%)%?!$-!"%!-+1-*?!".!$"%!G'0?3/#/'1!+.&!".!+.!-55'*)!)'!
<*"&1-!)$-!1+/!<-)3--.!$"%!+%)*','1"(+,!%)4&"-%!+.&!M$*"%)"+.!&"%('4*%-!'5!5*--!3",,?!)'!
+*14-!5'*!)$-!2-,+.($',"(:%!+<",")0!)'!_&'2".+)-!)$-!%)+*%`!'*!)'!_4)","D-!)$-!$-+F-.%!+.&!)$-!
2-&"(".-%!+.&!)+,"%2+.%!+%%'("+)-&!3")$!".&"F"&4+,!/,+.-)%!".!'*&-*!)'!&*+3!4/'.!)$-"*!
/+*)"(4,+*!".5,4-.(-%?!'*!('.F-*%-,0?!)'!+F'"&!)$-2?`!*+)$-*!)$+.!-")$-*!+((-/)".1!)$-"*!'3.!
/'3-*,-%%.-%%!'*!&"%('4.)".1!+%)*+,!".5,4-.(-!+,)'1-)$-*=GRG!
!
>)!%$'4,&!%455"(-?!5'*!)$-!2'2-.)?!)'!+(;.'3,-&1-!)$-!".5,4-.(-!'5!8"(".':%!)$'41$)!
'.!2-&"(+,!)$-'*0!+.&!/*+()"(-%!('.)-2/'*+*0!)'!$"2=!>.!$"%!,"5-)"2-!+.&!3-,,!+5)-*!")?!)$-!
)$"*&!<'';!'5!)$-!G%(B'/#?!+!)*-+)"%-!'.!+%)*+,!2-&"(".-?!)$'41$!$-+F",0!(*")"@4-&!<0!
$42+."%)%!'5!)$-!)"2-?!*-2+".%!+.!"2/'*)+.)!/'".)!'5!*-5-*-.(-!5'*!/*+()"(".1!/$0%"("+.%=!
8'*!(-.)4*"-%!+.&!/*'2".-.)!+%!-+*,0!+%!)$-!&4-(-.)'!".!)$-!3'*;%!'5!)$-!0"31*#(
0'"'*'#-#;(0'"3*1P/10"#-'?!+.&!0/'*-1B'0/'?!)$-.?!2-,+.($',0?!".!")%!F+*"'4%!2+."5-%)+)"'.%?!
&'2".+)-%!3$+)!)'&+0!"%!('.%"&-*-&!(+.'."(+,!>)+,"+.!,")-*+)4*-=!f-)!5'*!+,,!")%!5+2-!'*?!
/-*$+/%!<-))-*?!-+*,0!.')'*"-)0?!2-,+.($',0!+,,!<4)!&"%+//-+*%!5*'2!>)+,0:%!,")-*+*0!%(-.-!
+.&!/*'&4()"'.!4.)",!+)!,-+%)!)$-!,+)-!GO)$!(-.)4*0?!3$-.!")!+1+".!%4*5+(-%?!24)+)-&!
%'2-3$+)?!".!/+%)'*+,!,")-*+)4*-=!#$-!1+/!")!,-+F-%!-2/)0!"%!%''.!5",,-&?!$'3-F-*?!<0!)$-!
+&'$'A%!2'*-!F+*"-1+)-&!-,-2-.)+,!&"%('4*%-!+.&!"2/,"(")!-%/'4%+,!'5!_($',-*`!3")$".!")=!
B,)$'41$!")%!.+2-!+.&!2+".!(+4%-%!*-2+".!)$-!%+2-!'F-*!(-.)4*"-%?!,";-!2-,+.($',0?!($',-*!
+,%'!4.&-*1'-%!+!%-*"-%!'5!&"F-*%"5"-&!%"1."5"(+.(-%!<-)3--.!C+,-.!+.&!C"*',+2'!M+*&+.':%!
1-.-*+)"'.=!H*"1".+,,0?!")!"%!+%%'("+)-&!3")$!".)-,,"1-.(-!'.,0!%,"1$),0!".5-*"'*!)'!)$-!1-."4%!'5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GRG !I-,"%%+!I-*"+2!L4,,+*&?!_#$-!>.3+*&!w'&"+(U!B!T-F-,'/2-.)!>.!8"(".':%!#$'41$)!'.!
B%)*','10?`!7%-#'00#-"%(I3#2/%2*D?!WS=W![GPPR\U!^QO6ORQ?!ORR=!
!
^V!
!
!
!!!!!!!!!!!
)$-!2-,+.($',"(=!HF-*!)"2-?!$'3-F-*?!)$-!($+*+()-*"%)"(%!'5!)$"%!".)-,,"1-.(-!+*-!54*)$-*!
%/-("5"-&U!)$-!($',-*"(:%!".)-,,"1-.(-!"%!'3-&!".!.'!%2+,,!/+*)!)'!$"%!$+*%$.-%%!+.&!
"*+%("<",")0!E!'*!F"(-!F-*%+=GRV !>.!)$-!%"7)--.)$!(-.)4*0!-7/,"("),0?!")!"%!&-5".-&!+%!E!+.&!.')!
2-*-,0!($+*+()-*"D-&!<0!E!'2#!'*!0/'FF#(["*-!'*!F-7+)"'.\=!>)!"%!)$'41$)!)'!'*"1".+)-!".!)$-!
-+*%?!%'2-)"2-%!".!*-%/'.%-!)'!%'4.&?!+.&!)'!-.1-.&-*!+!%-*"-%!'5!*-,+)-&!F-*%"'.%!'5!_<+&!
$42'4*Ù!!2+."+?!<"))-*.-%%?!+.&!"2/+)"-.(-=!9$0%"','1"(+,,0?!")!"%!<-,"-F-&!)'!(+4%-!
d+4&".(-![(',,-*+!&-,!5-1+)'!-!&-,,'!%)'2+('\?!)42'4*%?!4,(-*%?!+.&!%'2-!(+.(-*%=!9-*$+/%!
2'%)!"2/'*)+.),0!)'!20!/4*/'%-%!+.&!)'!")%!*-/,+(-2-.)!'5!2-,+.($',0!".!)$-!,")-*+*0!
2","-4?!L*4.-))'!A+)"."!".!)$-!T4-(-.)'!(+,,%!<')$!")!+.&!2-,+.($',0!F+*"+.)%!'5!_($',-*`!E!
)$-!'.-!0-,,'3?!)$-!')$-*!<,+(;=GRS!#'!-7/,+".!)$-!+&'$':%!)+;-!'.!)$-!$42'4*%!+.&?!2'*-!
5*-@4-.),0?!)$-!-,-2-.)%?!+.&!")%!*-,+)"'.!)'!,")-*+*0!/*+()"(-%!'5!)$-"*!&+0?!$'3-F-*?!")!3",,!
<-!$-,/54,!)'!-7+2".-!2-&"(+,!/*+()"(-!+.&!)$-!4%-?!".!F-*.+(4,+*!,")-*+)4*-?!'5!2-&"(+,!
,+.14+1-!<')$!3")$".!)$-!+&'$'!1-.-*+)"'.!+.&!".!)$-!(-.)4*"-%!,-+&".1!4/!)'!")=!!
!
a42'4*+,!Y$"5)!+.&!G^)$6(-.)4*0!I-&"(".-!".!#$-'*0!+.&!9*+()"(-!!
!
#$-!%$"5)!".!-2/$+%"%!5*'2!2-,+.($',0!)'!($',-*!".!)$-!%"7)--.)$!(-.)4*0!8,'*-.)".-!
+(+&-2"(!%/$-*-!"%!.-")$-*!%"2/,-!.'*!"22-&"+)-=!a42'4*+,!)$-'*0?!5*'2!)$-!W)$!(-.)4*0!
LM!'.3+*&%?!"%?!5'*!+,,!".)-.)%!+.&!/4*/'%-%?!".!+!(+%-!'5!('.%)+.)!5,47?!+%?!)''?!+*-!")%!
&-F-,'/2-.)?!+.&!*-(-/)"'.!)$*'41$'4)!c4*'/-=!#$-!&"%%-2".+)"'.!'5!$42'4*+,!)$-'*0!
+5)-*!)$-!5"5)--.)$!(-.)4*0!+.&!")%!-F-.)4+,!&-%(-.)!".)'!2'*-!/'/4,+*!+*)!5'*2%?!*-2+".%!+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GRV !Y--!L'%!SO=!
GRS !#$-%-!+*-!)$-!&-5".")"'.%!'5!)$-!)-*2!_(',,-*+`!1"F-.!".!)$-!5"*%)!)$*--!-&")"'.%!'5!)$-!
J'(+<',+*"'!&-,,+!M*4%(+?!('.)-2/'*+*0!)'!+.&!"22-&"+)-,0!5',,'3".1!C*+DD".":%!+.&!)$-!
a42"&":%!,"5-)"2-=!#$-!#A>H!('**'<'*+)-%!)$-!M*4%(+:%!&-5".")"'.?!+))*"<4)".1!)'!($',-*!
_Y+/'*-!+2+*'?!+2+*-DD+=!M',,-*+!+2+*+U!+2+*-DD+![&-,,+!<",-\e!"*+=!
!
^S!
!
!
!!!!!!!!!!!
,")),-6%)4&"-&!/$-.'2-.'.=!#$-!I"&&,-!B1-%!&'!24($?!5'*!<-))-*!'*!3'*%-?!5'*!)$-!
&-F-,'/2-.)!'5!2-&"(".-!.')!'.,0!5*'2!+.!+*)!5'*2!['*!+!)'/"(!'5!)$-'*-)"(+,!%)4&0\!)'!+!
/*+()"(-!['*!+!(*+5)\?!<4)!+,%'!5'*!)$-!(',,-()"'.?!)*+.%,+)"'.?!('22-.)+*0?!+.&!("*(4,+)"'.!'5!
3$+)!3'4,&!<-('2-!+!(+.'.!'5!2-&"(".+,!)*-+)"%-%!('.%4,)-&!<0!&'()'*%!5*'2!L','1.+!)'!
Y+,-*.'=!I'%)!2-&"(+,!/*+()"(-!5*'2!)$-!GG)$!(-.)4*0!'.3+*&!"%!<+%-&!/*".("/+,,0!'.!
a"//'(*+)-%:%!+/$'*"%2%?!)*+.%,+)-&!5*'2!)$-"*!'*"1".+,!C*--;!".)'!B*+<"(!+.&!'.,0!)$-.!
".)'!)$-!F+%),0!2'*-!+((-%%"<,-!A+)".=!L0!C-.)",-!&+!8',"1.'!+.&!#+&&-'!B,&-*'))":%!)"2-?GRW!
$'3-F-*?!C+,-.:%!'.(-!+,2'%)!-7(,4%"F-!".5,4-.(-!<-1".%!)'!3+.-e!BF"(-..+?!BF-**'-%?!+.&!
a+,0!B<<+%?!+,'.1%"&-!M-,%4%!+.&!9,".0?!<-('2-!-@4+,,0!"2/'*)+.)!%'4*(-%!'5!2-&"(+,!
".5'*2+)"'.!<')$!/*+()"(+,!+.&!)$-'*-)"(+,=GRN!>.!5+()?!+%!Z'1-*!8*-.($!/'".)%!'4)?!")!"%!
,+*1-,0!)$+.;%!)'!C-.)",-!)$+)!C+,-.:%!3'*;%!3-*-!-F-*!*-.&-*-&!".)-,,"1"<,-=GR^!a"%!
+/$'*"%2%?!".)-1*+)-&!3")$!)$'%-!'5!a"//'(*+)-%!+.&!+&&-&!)'!BF"(-..+:%!+,*-+&0!-7)+.)!
(+.'.?!-F-.)4+,,0!('2-!)'!('.%"%)!'5!+!2+d'*!/'*)"'.!'5!)$-!!2/'"%**#U!+!2-&"(".+,!)-7)<'';!
'*?!/-*$+/%!2'*-!+((4*+)-,0?!('2/-.&"42!'5!2-&"(+,!%'4*(-%!5*'2!M'.%)+.)".-!)$-!B5*"(+.!
'.3+*&?!".)-.&-&!%/-("5"(+,,0!5'*!/-&+1'1"(+,!+%!3-,,!+%!/*+()"(+,!4%-!+.&!%4<d-()!)'!+!
('.)".4'4%!%-*"-%!'5!*-F"%"'.%?!+&&")"'.%?!+.&!-&")"'.%!3")$!)$-!('22-.)+*0!'5!-+($!/+%%".1!
1-.-*+)"'.!'5!&'()'*%=!
!
#$-!!2/'"%**#!*-2+".%!)$-!2'%)!/*-F+,-.)!+.&!4%-54,!(',,-()"'.!'5!/*"2+*0!2-&"(".+,!
%'4*(-%!5'*!(-.)4*"-%!+5)-*!")%!".")"+,!('2/",+)"'.=!_B,,!&'()'*%!)*+".-&!3")$".!+!4."F-*%")0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GRW !L')$!C-.)",-!+.&!B,&-*'))"!3-*-!5+2'4%!&'()'*%!'5!)$-!$"1$!I"&&,-!B1-%=!
GRN !Y--!Z'1-*!8*-.($?!E%$'"'-%(^%.12%(:"'%-"%=(89%(^30'-%00(1.(E%$'"'-%(.21&(/9%(E'$$*%(!)%0(
/1(/9%(C-*')9/%-&%-/![M+2<*"&1-U!M+2<*"&1-!g."F-*%")0!9*-%%?!VRRS\=!!!
GR^ !Y--!Z'1-*!8*-.($?!4#-1-'"#*(E%$'"'-%=(X%-/'*%($#(61*%)-1(#-$(:"91*#0/'"'0&![L'%)'.U!
L*",,?!VRRG\=!
!
^W!
!
!
!!!!!!!!!!!
+.&!2+.0!3$'!3-*-!.')?!3'4,&!$+F-!<--.!5+2","+*!3")$!)$-!!2/'"%**#=`GRO!9*".)-&!-&")"'.%!'5!
")!/*',"5-*+)-&!+.&!("*(4,+)-&!5*'2!GWO^!)'!GNSW!3$-.!")!F-*0!%4&&-.,0?!F-*0!+<*4/),0?!+.&!
@4")-!&-("%"F-,0!1'-%!'4)!'5!/*".)!+.&!"%!*-/,+(-&?!".%)-+&?!<0!+!3"&-%/*-+&!a-,,-."%)!
2-&"(+,!2'F-2-.)?!".!;--/".1!3")$!)$-!$42+."%)!)-.&-.("-%!%)",,!+<'4.&".1!2'*-!
1-.-*+,,0=GRQ!>.!5+()?!)$-!GNVR%!+,*-+&0!3").-%%!+!1*'3".1!)-.&-.(0!)'!*')+)-!BF"(-..+:%!
)-+($".1%!'4)!'5!2-&"(+,!/-&+1'10!3$",-!(0(,".1!C+,-.:%!<+(;!".=!!
L0!)$-!)"2-!C"'F+.."!B*1-.)-*"'!+((-/)%!+!/'%")"'.!+)!)$-!g."F-*%")0!'5!9"%+!".!)$-!
-+*,0!GNWR%?!BF"(-..+!"%!+,,!<4)!&"%('4.)-&!+%!+!*-/4)+<,-!2-&"(+,!%'4*(-?!+.&!C+,-.:%!
)-+($".1%?!)''?!+*-!<-".1!$-+F",0!@4-%)"'.-&?!+.&!.')!'.,0!<0!B*1-.)-*"'!$"2%-,5=GRP!B)!
L','1.+!".!GNWG?!+.+)'2"%)!B.&*-+%!J-%+,"4%!&"%/*'F-%!2+.0!'5!C+,-.:%!)$-'*"-%?!
/-&+1'1"(+,,0!/*"F",-1-%!)$-!5".&".1%!'5!$"%!'3.!&"%%-()"'.%!)'!)$-'*-)"(+,!%)4&0?!+.&!3*")-%!
+!.-3!+.&!<',&,0!'*"1".+,!+.+)'2"(+,!)-7)!5'*!4%-!".!54)4*-!".%)*4()"'.=GGR!!#$*'41$'4)!
(-.)*+,!+.&!.'*)$-*.!>)+,0?!)$-.?!)$-!2-&"(+,!5"-,&!%--%!+!('.(*-)-!+.&!".(*-+%".1!/*-5-*-.(-!
'5!)$-!/*+()"(+,!'F-*!)$-!)$-'*-)"(+,?!)$-!&"*-(),0!+//,"(+<,-!'F-*!)$-!+<%)*+()=!#'!<-!%4*-?!
)$'41$!C+,-.!+.&!BF"(-..+:%!)$-'*-)"(+,!)-+($".1%!*-2+".!".!5*-@4-.)!+.&!%'2-)"2-%!-F-.!
-7(,4%"F-!4%-!+)!>)+,"+.!4."F-*%")"-%?!<0!)$-!GNWR%?!2-&"(+,!)$-'*0!-%(+/-%!)$-!(,+%%*''2!
+.&!-.)-*%!".)'!+!('.F-*%+)"'.!.')!'.,0!3")$!')$-*!4."F-*%")0!&"%("/,".-%?!<4)!+,%'!3")$!)$-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GRO !K'.!B**"D+<+,+1+?!_#$-!T-+)$!'5!+!I-&"-F+,!#-7)U!#$-!!2/'"%**#!+.&!)$-!c+*,0!9*-%%?`!".!
E%$'"'-%(.21&(/9%(^*#"Y(G%#/9(/1(/9%(62%-"9(G'0%#0%?!-&%=!Z'1-*!8*-.($?!K'.!B**"D+<+,+1+!-)!
+,![L*'';5"-,&U!B%$1+)-?!GPPQ\!GQW6VVR?!GQW=!
GRQ !><"&=!
GRP !Y--!]+.(0!Y"*+"%"?!_C"'F+.."!B*1-.)-*"'!+.&!Y"7)--.)$6M-.)4*0!I-&"(+,!>..'F+)"'.U!
L-)3--.!9*".(-,0!9+)*'.+1-!+.&!B(+&-2"(!M'.)*'F-*%0?`!a0'2'0?!%-('.&!%-*"-%?!F',=!^?!GPPR?!
G^G6QR=!Y--!+,%'!]'1+!B*";$+?!_:K4%)!,"5-!".!+!.4)%$-,,U:!a42'4*%!+%!('22'.!%-.%-?`!89%(
>9'*101?9'"#*(6123&!SP=S![VRRQ\U!SRS6GW=!
GGR !8'*!2'*-!'.!J-%+,"4%?!%--!]+.(0!Y"*+"%"?!_I-&"(".-!+.&!)$-!Z-.+"%%+.(-!X'*,&!'5!
A-+*.".1?`!^3**%/'-(1.(/9%(5'0/12D(1.(E%$'"'-%!OQ![G\!Y/*".1!VRRWU!G6S^=!
!
^N!
!
!
!!!!!!!!!!!
1-.-*+,!/4<,"(!+)!,+*1-6!+!)-.&-.(0!'%)-.%"<,0!+,%'!'<%-*F+<,-!".!)$-!,")-*+*0!/*'&4()"'.!'5!
)$-!)"2-=!!
!
>.!')$-*!3'*&%?!)$-!)*-.&%!/-*(-"F+<,-!".!2-&"(+,!/*+()"(-!E!+!5'(4%!'.!2%0!*+)$-*!
)$+.!B%2J#e!+!2'F-2-.)!)'3+*&!".(,4%"'.!+.&!-7/+.%"'.!*+)$-*!)$+.!-,")"%)!/"1-'.6$',".1!E!
5".&!+.+,'1'4%!-7/*-%%"'.%!".!,")-*+)4*-!3$"($?!2'*-!+.&!2'*-?!+"2%!)'!&'!.-3!)$".1%!
+1+".%)!)$-!".(*-+%".1,0!'2".'4%!<+(;1*'4.&!'5!/+%)!1*-+).-%%=!L4)!)$-!%"2",+*")"-%!'5!)$-!
2-&"(+,!3'*,&!".!)$-!GNWR%!)'!")%!,")-*+*0!('4.)-*/+*)!&'!.')!-.&!)$-*-=!#$'41$!2-&"(".-!
+.&!,")-*+)4*-!+*-!<0!.'3!&"%)".()!%/$-*-%!'5!+()"F")0!+.&!%/-("+,"%+)"'.!".!)$-!4."F-*%")0?!
)$-"*!%$+*-&!/*'/-*)"-%!+.&!('.(-*.%!'4)%"&-!'5!")!<,4*%!)$-!,".-%!'5!".5,4-.(-!5*'2!)$-!'.-!
)'!)$-!')$-*e!3$",-!)$-!&'()'*!"%!*+*-,0!+,%'!+!3*")-*!".!$"%!(*+5)?!)$-!('.)*+*0!"%!%-,&'2!+,%'!
)*4-!E!'*!%'!3'4,&!)$-!3*")-*%!'5!)$-!+(+&-2"-%!$+F-!)$-"*!+4&"-.(-%!<-,"-F-=!!!!
!
a42'4*+,!#$-'*0!+.&!)$-!M',,"%"'.!'5!I-&"(".-!+.&!9'/4,+*!A")-*+)4*-!
H5!('4*%-?!.')!+,,!+(+&-2"(%!3-+*!'.,0!,")-*+*0!$+)%e!)$'41$!)$-0!%-,&'2!%)-/!5'*)$!
+%!&"+1.'%)"(!%/-("+,"%)%!".!)$-"*!,-%%'.%!'*!/'-)*0?!3$",-!2'%)!+*-!)$'41$)!)'!$+F-!<--.!
2-*($+.)%?!+!F"%"<,-!2".'*")0!+*-!"5!.')!/$0%"("+.%!<0!)*+&-?!)$-.!3-,,6F-*%-&?!+)!,-+%)!
%4/-*5"("+,,0?!".!2-&"(+,!/$",'%'/$0=GGG!8+*!2'*-!5*-@4-.),0?!$'3-F-*?!$+*&!+.&!5+%)!/'-)%!
+*-!)$-!+4)$'*%?!".!)$-"*!3'*;%?!'5!+!/*',"5-*+)"'.!'5!_.+)4*+,`!(,+"2%?!+//*'/*"+)".1!2-&"(+,!
,+.14+1-!+.&!*-/*"%".1!-,-2-.)+,!&"%('4*%-!'.!$42'4*+,!)$-'*0!)'!,-.&!(*-&"<",")0!)'!)$-"*!
+*)=!C-.-*+,,0?!)$-"*!24%".1%!5+,,!".)'!'.-!'5!)$*--!(+)-1'*"-%U!+!('.(-*.!3")$!5''&?!&"-)?!+.&!
/*'/-*!.4)*")"'.e!*-5,-()"'.%!'.!",,.-%%!<')$!/-*%'.+,!E!+!(+%-!'5!+!<+&!('41$?!+!%4*/,4%!'5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GGG !#$'41$!$"%!('.(-*.%!+*-!2'*-!/$",'%'/$"(+,!)$+.!2-&"(+,?!8*+.(-%('!J-*".'!&"%/,+0%!+!
('.%"&-*+<,-!;.'3,-&1-!'5!)$-!&'2".+.)!2-&"(+,!&-<+)-%!'5!$"%!)"2-!+.&!)$-"*!)$-'*-)"(+,!
/*-(-&-.)=!
!
^^!
!
!
!!!!!!!!!!!
24('4%!/*'&4()"'.?!/''*!<,''&!'*!+"*!("*(4,+)"'.!3")$".!)$-!<'&0!E!+.&!('224.+,!E!
/,+14-%e!+![*-1"'.+,\!/,+0!'.!)$-!3'*&!_2-&"('`!+.&!_I-&"("`!'5)-.!/+"*-&!3")$!+!/+*'&"%)"(!
*-(+%)".1!'5!$42'4*+,!F'(+<4,+*0=!L-5'*-!+**"F".1!+)!)$-!2-2<-*%!'5!)$-!+&'$'!+(+&-20!
/*'/-*,0?!>!%$+,,!<*"-5,0!('.%"&-*!)$-%-!2+d'*!)*'/-%!".!)$-!0-+*%!,-+&".1!4/!)'!)$-!
+(+&-20:%!5'*2+)"'.=!
C+,-.!)+;-%!4/!-7/,"("),0!)$-!"%%4-!'5!&"-)!".!+)!,-+%)!)3'!'5!$"%!2+d'*!)*-+)"%-%!E!a-(
G'%/!+.&!a-(/9%(>1f%20(1.(611$0!E!+.&!"2/,"("),0!".!+)!,-+%)!5'4*!2'*-U!a-(/9%(53&1320;(a-(
^*#"Y(^'*%;(a-(+-%B%-(^#$(8%&?%2#&%-/;(+.&!a-(/9%(4#30%0(1.(G'0%#0%=(B%!I+*;!C*+.)!/'".)%!
'4)?!_)$+)!+!1''&!&"-)!-.%4*-&!$-+,)$!3+%!+!54.&+2-.)+,!('.(-/)!'5!+.("-.)!2-&"(".-?!%".(-!
5''&!('4,&!(+4%-!&"%-+%-!'*!*-%)'*-!$-+,)$!)$*'41$!")%!-55-()%!'.!)$-!<+,+.(-!'5!)$-!
$42'4*%=`GGV!B4)$'*%!".!)$-!GNVR%!+.&!SR%!&"%/,+0!+!%"2",+*!/*-'((4/+)"'.!3")$!5''&!".!
F+*"'4%!(+/+(")"-%?!".&"(+)".1!+.!+)!,-+%)!%4/-*5"("+,!+.&!)'/"(+,!&"%(4%%"'.!'5!2-&"(".+,!
)*-+)"%-%!'.!5''&?!+.&!/-*$+/%!-F-.!)$-"*!%+)"*"%+)"'.=GGS!!8'*!B1.','!8"*-.D4',+!+.&!
A'&'F"('!T',(-?!)'!.+2-!'.,0!)3'?!5''&!"%!'5)-.!%"24,)+.-'4%,0!)$-!'<d-()!'5!/*+"%-?!".!'&-!
5'*2?!+.&!+!%'4*(-!'5!+!1*-+)!*+.1-!'5!-2')"'.!5*'2!-,+)"'.!)'!*+1-=!H.-!.--&!'.,0!*-+&!
T',(-:%!/'-2!)'!)$-!_I+1."5"('!I=!8*+.(-%('!C"'*1"'`'.!)$-!_M".1$"+,-?!v!($-!%','!+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GGV !I+*;!C*+.)?!X#*%-(1-(611$(#-$(G'%/![]-3!f'*;?!Z'4),-&1-?!VRRR\!O=!
GGS !>.!+.!+*)"(,-!-.)"),-&!_>)+,"+.!Z-.+"%%+.(-!8''&!8+%$"'.".1!'*!)$-!#*"42/$!'5!C*--.%?`!
A+4*+!C"+..-))"!+.+,0%-%!+!%-*"-%!'5!-+*,0!%"7)--.)$6(-.)4*0!/'-2%?!'5)-.!<0!/'-)%!".!
('**-%/'.&-.(-!3")$!-+($!')$-*?!9"-)*'!B*-)".'!+2'.1!)$-2?!(-.)-*-&!'.!)$-!5''&!+%!
%)+)4%!%02<',!+.&!)$-!4%-!'5!%+,+&!+%!+!%-74+,!+.+,'10=!B%!%$-!%$'3%?!)$-!/'/4,+*")0!'5!%4($!
)'/"(%!+2'.1!-+*,0!%"7)--.)$6(-.)4*0!3*")-*%!,-&?!4,)"2+)-,0?!)'!)$-!&-F-,'/2-.)!'5!_%+,+&`!
+%!+!/'-)"(!)*'/-!'5!/'/4,+*!,")-*+)4*-![4#*'.12-'#(,/#*'#-(:/3$'%0(O132-#*?!VRGR!G[V\U!
$))/Uvv-%($',+*%$"/='*1v4(v")-2vG.PO%RR&\=!H.!)$-!)$-*+/-4)"(!@4+,")"-%!'5!5''&%?!%--!
9".+!9+,2+?!_H5!M'4*)-%+.%?!b."1$)%?!M'';%?!+.&!X*")-*%U!8''&!".!)$-!Z-.+"%%+.(-?`!E<L!
G=GP![VRRW\U!SO6NG=!
!
Ô!
!
!
!!!!!!!!!!!
*"14+*&+*!q1,"r!&"i!/+4*+`!)'!4.&-*%)+.&=GGW!>.!+!/-*"'&!'5!F+%)!,")-*+*0!/*'&4()"'.!
('.(-*.".1!5''&?!<+.@4-)%?!+.&!$-+*)0!2-+,%?!2'%)!'5!3$"($!.')!'.,0!/*-&+)-%!<4)!+,%'!
1*-+),0!".5,4-.(-%!C*+DD"."!+.&!$"%!(,+.?!")!<-+*%!2-.)"'.".1!)$+)!_+.!-7(-%%"F-!
('.%42/)"'.!'5!5''&?!$'3-F-*!.4)*")"'4%!+.&!-7(-,,-.)?!"%!)$-!(+4%-!'5!(',&!&"%-+%-%`!E!+!
('.(-*.!5'*!3$"($!)$-!+4)$'*%!".!@4-%)"'.!(,-+*,0!$+F-!.'!*-1+*&=!B,'.1!)$-!%+2-!,".-!'5!
'<%-*F+)"'.?!_)$-!5"5)$!(+4%-!'5!-7(-%%"F-!$-+)!,"-%!".!5''&%!)$+)!$+F-!$')!+.&!$+*%$!/'3-*%`!
E!)$'%-?!".&--&?!2'*-!5*-@4-.),0!)$-!%4<d-()!'5!/'-)"(!/*+"%-!".!("*(,-%!+.)"("/+)".1!'4*!
/'-)%:!'3.=GGN!!
B)!)"2-%?!$'3-F-*?!+.&!+%!.')-&!+<'F-?!%/-("5"(!('2/'.-.)%!'5!$42'4*+,!)$-'*0!+*-!
)'4($-&!'.!2'*-!&"*-(),0?!'5)-.!".!)*-+)"%-%!'.!('.)-2/'*+*0?!5+%$"'.+<,-?!'*!%'41$)!'4)!
)'/"(%=!#$-!L"<,"')-(+!]+D"'.+,-!&"!8"*-.D-:%!I1,=!GVWQ!M,=!J>>!2+.4%(*"/)!('.)+".%!+!/'-2!
+))*"<4)-&!)'!C+<*"-,!L-))"."!-.)"),-&!_Y'/*+!",!*-(-*-`!.')+<,-!.')!'.,0!5'*!")%!)*-+)2-.)!'5!
)$"%!2-&"(+,!/$-.'2-.'.?!<4)!5'*!")%!('22"%%"'.!&-%/")-!)$-!/'-):%!,+(;!'5!-7/-*)"%-U!_I:$+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
114
“The mere sight of which inspires awesome fear.”!#$-!3$',-!/'-2!*-+&%U!_Y+,F+!,+!F-*")l?!
5*+!"!&-("!.'F-v'!5'*%-!+!F-.)"!&-,!/+%%+)'!2-%-v!T-,!I",,-!(".@4-(-.)'!)*-.)+.'F-Uv!Ax+..'!
(')+.)'!+F+*'!-!&"%('*)-%-ev!]-,!@4+,!)*"%)'!($-!F"F'!+!,+!F-.)4*+ev!c!.'.!$+!%',&"!&+!5+*%"!,-!
%/-%-Uv!M'.!)4))"!"!/-,"!('.!,+!/-,,-!&4*+v!a-<<"!@4-,!/-DD'!&"!/'*('=!M".1$"+,-?v!M$-!%','!+!
*"14+*&+*!2"!&"i!/+4*+=v!
T'.'!".F-*'!I+1."5"('!-!*-+,-v!T+!5+*!2'*"*!&"!1',+!,x+%)".-.D+ev!c!,-((+*%"!,-!&")+!+!
M+*.-F+,-=v!c%%'!-*+!9'*('!&"!1*+.!*"F-*-.D+Uv!T-1.'!.'.!&x4.!2"'!/+*?!2+!&x4.!9*-,+)'?v!'!
&x4.!M'%"2'!T4(+!&"!8"'*-.D+=v!H!9'*('!/*-)"'%'!-!&-,"(+)'ev!L-.-&-))+!,+!%('55+![o\!'.&-!
.+%(-%)"?v!c!<-.-&-))'!($"!2"!)x$+!2+.&+)'=v!L-.-&-))-!,-!Z+/-?!'.&-!".1*+%%+%)"Uv!
L-.-&-))+!%"+!,x+(@4+?!($-!<--%)"=v!M'%k!&"(-F+!*"(-*(+.&'!"!)+%)"v!a'*!@4+?!$'*!,+!&"!@4-,,+!
(+*.-!1$"'))+v!Y-@4-.&'e!-,,+!5"+![o\!*'<<+!/-*!)*-!/+%)"=v!9+*F-!2",,x+.."!&"!F-&-*,+!(',)+v!B!
2-U!&4'!)+.)"!,+!%-14-.)-!%-*+Uv!Mx$+F-+!1*+.!*+<<"+!&"!2+.1"+*,+!+,$'*+=v!I+!/-*($s!&-,!
54)4*'!".(-*)'!"'!-*+ev!9-*!<-.!1'&-*2"!.-,!(-*)'!/*-%-.)-?v!A+!5-"!/'*!.-,!%($"&'.-!".)-*+!
".)-*+=v!B**'%)'![o\!('.!,x'&'*?!($-!2xi!".!,+!2-.)-v!c!%+*l!%-2/*-!/'%)+!".!%4x,!#+1,"-*-?v!
T"'!F"!&"(+!",!*42'*!($x"'!5-"!(',!&-.)-=v!C,"!i!/+%)'!&+!2-*(+.)"!"'!2+.1"+*!/-*-?v!>'!&+!($-!
.+(@4"!+,!2'.&'!.'.!14%)+"v!M+*.-!2"1,"'*?!.-!($-!/"u!".F")"!",!<-*-=v!Y-!".!>.5-*.'!("!%'.!
F"F+.&-!)+"Uv!c!F+&".'!".!<'*&-,!%)+*.-!-!(+/'."Uv!>'!/-*!2-!.'.!&"*-"!&x4%("*("!2+"`![IY!
J+)"(+.!M")0?!L"<,"')-(+!B/'%)',"(+!J+)"(+.+?!M+//=!J?!NGP?!".)=!^?!5=G^*6F\=!
GGN !C+,-.?!a-(/9%(4#30%0(1.(G'0%#0%0?!".!X#*%-(1-(611$(#-$(G'%/?!)*+.%,=!I+*;!C*+.)![]-3!
f'*;U!Z'4),-&1-?!VRRR\!W^6^G?!NG?!WQ=!
!
^Q!
!
!
!!!!!!!!!!!
('22+.&+)'!",!I-%%-*-!L-))".'!v!M$:"'!5+(("+!%'/*+!m,!*-(-*-!4.!%'.-))'?!v!Y-!<-.!)+,!*'<+!
%"+!&-1.'!%411-))'!v!T-,,+!24%+!-!&-,!24%'!&"!I-*,".'?`!")!<-1".%=GG^!B.')$-*?!".!M,=!J>>?!SWP!
+.&!+))*"<4)-&?!)$'41$!,";-,0!5+,%-,0?!)'!L-.-&-))'!J+*($"?!)+;-%!4.&-*!-7+2".+)"'.!)$-!
)'/"(!'5!1'4)!+.&!'/-.%!3")$!+.!-7$'*)+)"'.!)'!C+,-.U!_C+,-.'?!',+y!Z"%'*1"!-!%@4')"!",!%+%%'?!
v!#4!($-!".%-1.+%)"!+!*"%+.+*-!",!5,4%%'e!v!9-*!,+!/'&+1*+!+,!)4'!%-/',(*'!"'!<"%%'!v!M$:-,,+!/4*!
i!5,4%%"'.!($-!(+,+!<+%%'=`GGO!B1.','!8"*-.D4',+:%!G'#*1)1($%**%(J%**%FF%($%**%($1--%!"%?!
$'3-F-*?!)$-!2'%)!/*'2".-.)!-7+2/,-=!#$-*-?!8"*-.D4',+!('22-.)%!<')$!'.!)$-!)$-'*0!
)$+)!+"*!3+%!)$-!2'%)!('22'.!<'&",0!F-%%-,!+.&!&"%)*"<4)'*!'5!&"%-+%-!+.&!'.!$42"&")0?!'*!
3-).-%%?!+%!.-(-%%+*0!)'!)$-!/*'/-*!2+".)-.+.(-!'5!+!$-+,)$0!<'&0=!a-!<-1".%!<0!+//,0".1!
)$"%!,+))-*!"&-+!)'!)$-!-0-%U!_,+!.+)4*+!n!5-(-,-!q1,"!'(($"r!)'.&"!n!,+!@4+,-!F',4<",")l!54!
+"4)+)+!-D"+.&"'!&+!@4-,!/4*'!,"@4'*!(',!@4+,-!1,"!'(($"!%)+..'!%-2/*-!42-))+)"e!($-!<-.!
%+/-)-!($-!.-,,:42"&'!.+%(-!",!,4<*"('!-&!".!%4!,4<*"('!2',)'!/"u!5+(",2-.)-!($-!".!%4!,:+*"&'!
%"!*"F',)+.'!-!F',1'.'!)4))-!,-!('%-?`!$-!3*")-%=GGQ!A+)-*?!".!+!%-()"'.!-.)"),-&?!_T-,,:+*"+?`!$-!
*-)4*.%!)'!$"%!/*"2+*0!)'/"(!+.&!1'-%!'.!)'!%)+)-U!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GG^ !IY!8"*-.D-?!L"<,"')-(+!]+D"'.+,-!M-.)*+,-?!A"<*-*"+!I-&"(-'69+,+)".+U!I1,=!GVWQ!(,=!J>>?!
GRN*vFe!_Y"*!L-))".'!$+%!('22"%%"'.-&!2-!v!B!%'..-)!'.!F'2")".1?!v!cF-.!)$'41$!")!"%!+!
%4<d-()!2'*-!3'*)$0!v!'5!)$-!24%-%!+.&!)$-!5+(-!'5!I-*,".=`!
GGO !IY!8"*-.D-?!L"<,"')-(+!]+D"'.+,-!M-.)*+,-?!A"<*-*"+!I-&"(-'69+,+)".+U!M,=!J>>?!VWPU!V#2"9'(
g%/(#*h;(>1%0'%($'B%20%($'($'B%20%(#3/12'?!G*=!
GGQ !_8"*%)!)$-!-0-%?!".!3$"($!)$-!.'<,-%)!+.&!2'%)!/-*5-()!'5!+,,!)$-!%-.%-%!*-%"&-%?!)$*'41$!
3$"($!'4*!".)-,,-()!1+)$-*%?!+%!)$*'41$!3".&'3%!'5!)*+.%/+*-.)!1,+%%?!-F-*0)$".1!F"%"<,-=!
B.&!54*)$-*2'*-?!%".(-!)$*'41$!)$-!-0-%!'4*!5+(4,)"-%!+*-!;.'3.!<-))-*!)$+.!)$*'41$!+.0!
'5!)$-!')$-*!%-.%-%?!3-!24%)?!)$-*-5'*-?!<-,"-F-!)$+)!]+)4*-!2+&-!)$-2!3")$!1*-+)!%;",,=!B%!+!
*-%4,)?!%".(-!)$-0!-7+2".-!)$-!4."F-*%-?!%$-!/,+(-&!)$-2!".!)$-!$"1$-%)!/+*)!'5!)$-!<'&0!%'!
)$+)!5*'2!$-*-!)$-0!('4,&!54,5",,!)$-"*!'55"(-!3")$!1*-+)-*!-+%-=!Y$-!2+&-!)$-2!*'4.&!%'!)$+)?!
1"F-.!)$-!%$+/-!)$+)!"%!)$-!2'%)!('2/*-$-.%"F-!'5!+,,?!%"1$)!('4,&!2'*-!54,,0!)+;-!".!)$-!
'<d-()%!)$+)!/*-%-.)-&!)$-2%-,F-%!)'!")=!]+)4*-!*-+,"D-&!)$-*-!3+%!+.')$-*!+&F+.)+1-!".!
)$"%?!.+2-,0!)$+)!%4($!+!%/$-*"(+,!%$+/-?!.')!"2/-&-&!<0!+.0!)0/-!'5!('*.-*?!(+.!,'';!".!+,,!
&"*-()"'.%!+.&!)4*.!".!3$"($-F-*!&"*-()"'.!")!,";-%!2'*-!-+%",0=!#$"%!F+*"+<",")0!"%!54*)$-*!
+"&-&!<0!)$+)!/4*-!,"@4"&!)$+)!;--/%!)$-!-0-%!('.%)+.),0!3-)?!5'*!0'4!;.'3!F-*0!3-,,!)$+)!
5*'2!3-).-%%!('2-%!,4<*"(+)"'.?!+.&!+,,!)$".1%!2'F-!+.&!)4*.!2'*-!-+%",0!'.!+!,4<*"(+.)!
!
^P!
!
!
!!!!!!!!!!!
T"*-2'!($-!)4))-!@4-,,-!&'..-!($-!$+..'!2+(($"+)+!,+!('%("-.D+!&"!@4-,,+!
5-(("+!($-!&-)4*/+!-!"2<*+))+!,+!/4*")l!-!,+!.-))-DD+!&-,,+!F','.)l!(+4%+)+!
&+,!2+,!4%'!&-,,+!*+1"'.-n!".('**'.'!".!4.+!(-*)+!2+,+))"+!&"!+."2'?!,+!
@4+,-!('.)".4+2-.)-!,-!".@4"-)+!-!,-!/-*)4*<+=!A+!@4+,!/-*)4*<+D"'.-!-!
".@4"-)4&".-!1-.-*+!4.+!(')+,-!&"%/'%"D"'.-!&"!42'*"?!"!@4+,"!('.!"!542"!
,'*'!14+%)+.'!-!2+(($"+.'!,+!/4*")l!&-,,+!5+(("+!-!&-1,"!'(($"!
2+%%"2+2-.)-!-?!('2-!F',1+*2-.)-!%"!&"(-?!4.+!(-*)+!&#*A#2'#(".&"(-!-!
&"2'%)*+)*"(-!&-,,+!".5"*2")+!&-,,'!+."2'=GGP!
H.!)$-!"2/'*)+.(-!'5!+"*!+%!/+*)!+.&!/+*(-,!'5!+!/*'(-%%!'5!$-+,".1?!C".'!M+//'."!
3*")-%?!+,'.1!)$-!%+2-!,".-%U!_Y-!F4'"!5411"*-!",!(+)+**'!-)!,+!)'%%+!v!<"%'1.+!($-!)"!
/+*)+!&+!@4-%)+!+*"+!v!)*'//'!%'))",-?!+,!F"F-*!)4'!('.)*+*"+!v!-)!*"5'*2"!".!2+*-22+!
'F-!,:i!1*'%%+=`GVR!
8"*-.D4',+![/-*$+/%!"*'."(+,,0\!5+,,%!",,!".!GNV^!+)!)$-!-.&!'5!+!/-*"'&!'5!/*',"5"(!
,")-*+*0!/*'&4()"F")0!".!Z'2-!&4*".1!3$"($!)"2-!$-!2+0?!".&--&?!$+F-!;.'3.!8*+.(-%('!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
)$+.!'.!+!&*0!%4*5+(-`![#'*".'U!g#c#?!GP^P\?!&"%('*%'!/*"2'?!NRGe!)*+.%,+)"'.!5'4.&!".!
B1.','!8"*-.D4',+?!a-(/9%(^%#3/D(1.(M1&%-?!)*+.%,=!+.&!-&=!b'.*+&!c"%-.<"($,-*!+.&!
K+(@4-,".-!I4**+0![9$",+&-,/$"+U!g!'5!9-..%0,F+."+!9?!GPPV\!V^=!
GGP !_3-!3",,!%+0!)$+)!+,,!)$'%-!3'2-.!3$'!$+F-!%)+".-&!)$-"*!('.%("-.(-!3")$!)$+)!5'4,.-%%!
)$+)!&-5+(-%!+.&!%4,,"-%!)$-!/4*")0!+.&!(,-+..-%%!'5!)$-!3",,?!+!5'4,.-%%!(+4%-&!<0!)$-!2"%4%-!
'5!*-+%'.?!5'*!)$-0!+*-!/"-*(-&!+,,!&+0!,'.1!<0!)$-!*-(',,-()"'.!'5!)$-"*!5+4,)!+.&!%$+;-.!<0!
)$-!-F"&-.(-!'5!)$-!)$'4%+.&!3").-%%-%!'5!)$-"*!3'4.&-&!('.%("-.(-?!)$-%-!3'2-.!5+,,!".)'!
+!(-*)+".!&"%-+%-!'5!)$-!%'4,!)$+)!('.)".4+,,0!3'**"-%!+.&!4/%-)%!)$-2=!#$"%!4/%-)!+.&!
3'**0!/*'&4(-%!%4($!+.!+**+.1-2-.)!'5!)$-!$42'*%!)$+)!3")$!)$-"*!F+/'*%!)$-0!%'",!+.&!
%)+".!)$-!/4*")0!'5!)$-!5+(-!+.&!-%/-("+,,0!'5!)$-!-0-%!3$"($?!+%!3-!%+"&!<-5'*-?!+*-!)$-!
2"."%)-*%!+.&!2-%%-.1-*%!'5!)$-!$-+*)=!#$-%-!F+/'*%!/*'&4(-!%4($!+.!-7/*-%%"'.!".!)$-!
-0-%?!'*?!+%!"%!1-.-*+,,0!%+"&?!+!(-*)+".!<+&!+"*!)$+)!".&"(+)-%!+.&!*-F-+,%!)$-!".5"*2")0!'5!)$-!
%'4,!.')!+.0!&"55-*-.),0!)$+.!)$-!/+,-.-%%!'5!)$-!($--;%!+.&!'5!)$-!')$-*!5-+)4*-%!".&"(+)-%!
)$-!&"%-+%-&!+.&!"2<+,+.(-%!'5!)$-!<'&0!+.&!)$-!4/%-)%!+.&!+1")+)"'.%!'5!")%!$42'4*%`!!
[><"&?!&"%('*%'!%-('.&'!NGN6NGê!)*+.%,+)"'.!5'4.&!".!c"%-.<"($,-*!WR\=!
GVR !>5!0'4!3"%$!)'!+F'"&!+!)$*'+)!54,,!'5!/$,-12!+.&!+!('41$?!v!0'4!24%)!,-+F-!)$"%!)''6)$".!
+"*?!v!('.)*+*0![".!)$-!%-.%-!'5!$+*254,\!)'!0'4*!-7"%)-.(-?!v!+.&!*-('F-*!".!)$-!I+*-22+?!
3$-*-!")!"%!)$"(;![IY!8,'*-.(-?!L"<,"')-(+!.+D"'.+,-!(-.)*+,-?!I1,=!>>?!>J?!G?!W^!F-*%'\=!
!
OR!
!
!
!!!!!!!!!!!
L-*."=!a-!3*")-%!$"%!G'#*1)1($%**%(J%**%FF%($%**%($1--%!".!GNWR!".!9*+)'?!+!('.%"&-*+<,-!
&"%)+.(-!'4)%"&-!8,'*-.(-!<4)!(,'%-!-.'41$!)'!")!)'!<-!".!('.%"%)-.)!('.)+()!<')$!3")$!
2-2<-*%!'5!)$-!1*'3".1!+&'$'(+.&!3")$!-,-2-.)%!'5!$42'4*+,!)$-'*0!+.&!2-&"(+,!/*+()"(-!
".!9"%+=!a"%!'3.!".)-*-%)!".!$42'4*+,!)$-'*"-%!2+0!$+F-!+,%'!<--.!".5'*2-&!<0!L-*.":%?!
3$'%-!3*")".1%!'.!)$-!$42'4*%!*-2+".!3"&-,0!*-+&!,'.1!+5)-*!$"%!&-+)$!+.&!".)'!)$-!
%-F-.)--.)$!(-.)4*0=!>.!+!G^RS!(',,-()"'.!'5!_Z"2-!/"+(-F',"!&-,!L'*1'1.+`!5-+)4*".1!)$-!
_(+/*"(("?!5+.)+%"-?!-!1$"*"<"DD"`!'5!Z4%(-,,"?!Y+.%'F".'?!T'."?!A+%(+?!Y+.%-&'."'?!+.&!')$-*%?!
",!A+%(+!*-/*'&4(-%!L-*.":%!_M+/")','!%-('.&'!&-,,+!9-%)-`!E!+!/"-(-!)$+)!-7$"<")%!3-,,!".!
/'-)*0!)$-!+%%42-&!".)-*+()"'.!<-)3--.!)$-!<'&",0!$42'4*%!+.&!)$-!'((4**-.(-!'5!&"%-+%-=!
#$-*-?!L-*."!3*")-%U!
#*'Fh!,+!/-%)-?!/-*($s!<"%'1.+F+e!
c*+F+2'!%/+(("+)"!)4))"!@4+.)"!
M+))"F"?!-!<4'.?!%:-,,+!.'.!%"!)*'F+F+=!
#+.)'!2',)-/,"(+F+.'!"!54*5+.)"!
Y+"!($-!.-!,:+,)*'!(+.)'!"'!2-%%"!@4-%)'!
#*+!"!/*"2"!-55-))"!&-!,+!/-%)-e!-!%+.)"=!
M'2-!%"!(*-+!".!4.!('*/'!".&"1-%)'!
M',,'*+?!-!5,-22+?!-!+,)*"!2+,"!$42'*"!
9-*!2+.1"+*?!/-*!&'*2"*?!/-*!"%)+*!&-%)'=!!
c!<"%'1.+!"*!&-,!('*/'?!-!(+(("+*!54'*"!
M'.!*"F-*-.D+?!-!)-.-*%"!*"2-.&'?!
M'2:4.!/'DD'!($-!%"+!&"!/"u!%"1.'*"=!
M'%k!+!@4-%)'!('*/+(("'!&-,!2'.&'?!
!
OG!
!
!
!!!!!!!!!!!
M$-?!/-*!-%%-*!2+11"'*?!/"u!5-(("+!2-.+?!
L"%'1.+!%/-%%'!*"%("+@4+*-!",!5'.&'=GVG!
L0!)$-!)"2-!)$-!+&'$'(+.&!,-.'#&&#/'!+*-!<'*.?!)$-!%-.%-!'5!2+,+"%-!".)*'&4(-&!)'!)$-!
/-.".%4,+!F"+!+!%-*"-%!'5!/,+14-%!+.&!')$-*!-/"&-2"(%!,".1-*".1!+2'.1!")%!/-'/,-!"%!
)*+.%,+)-&!".)'!/'-)"(!('.%("'4%.-%%!)$+)!3",,!5-+)4*-!$42'4*+,!)$-'*0!+%!'.-!'5!")%!(-.)*+,!
($+*+()-*"%)"(%=!GVV!]')!%4*/*"%".1?!2'*-'F-*?!"%!)$-!.')+<,-!4%-!'5!)$-!-,-2-.)%!+.&!%-+%'.%!
".!2-)+/$'*!+2'.1!/'-)%![-%/-("+,,0?!)$'41$!.')!-7(,4%"F-,0\!'5!)$"%!/-*"'&=!GVS!!
!
#$-!,+%)!(+)-1'*0!'5!_2-&"(+,`!,")-*+)4*-!"%!'.-!)$+)!('2-%!(,'%-%)!)'!)$-!)-*2!")%-,5=!
#$-!/*-F+,-.(-!+.&!"2/'*)+.(-!'5!_2-&"("`!E!&'()'*%!E!".!<')$!/'-)*0!+.&!/*'%-!&+)-%!+%!
5+*!<+(;?!".!8,'*-.(-?!+%!8*+.('!Y+(($-))":%!82%"%-/1-1B%**%=!!L4)!)$-!+%%'("+)"'.!'5!&%$'"'!
+.&!)$-!I-&"("!5+2",0!+.&?!('.%-@4-.),0?!+!1*'3".1!&"%&+".!5'*!<')$!1*'4/%!"%!%'2-3$+)!
.-3!)'!%"7)--.)$!(-.)4*0!8,'*-.)".-!("*(,-%=!]')!%4*/*"%".1,0?!C*+DD"."!"%!)$-!,-+&".1!
-7+2/,-!+2'.1!%4($!&"%",,4%"'.-&!+*)"%)%?!)$'41$!$-!"%!<0!.'!2-+.%!+,'.-!".!$"%!,+(;!'5!
+//*-("+)"'.!5'*!)$-!1*+.&4(+,!5+2",0=!_I',)"!2-&"("!&'))"!-!$'.'*+)"!v!Y'.'!".!8"*-.D-?`!$-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GVG !]+)4*-!<*'41$)!)$-!/,+14-?!'4)!'5!.-(-%%")0e!v!
X-!3'4,&!$+F-!/-*"%$-&!'.-!+.&!+,,?!v!)$-!3"(;-&!+.&!)$-!1''&?!$+&!")!.')!<--.!&"%('F-*-&=!
v#$-!%('4.&*-,%!;-/)!24,)"/,0".1?!%'!24($!%'!)$+)!".!20!')$-*!(+.)'?!>!/,+(-&!)$-2!v!
+2'.1!)$-!5"*%)!+55-()-&!<0!)$-!/,+14-!E!+.&!C'&!<-!)$+.;-&=!v!
K4%)!+%!($',-*!+.&!/$,-12!+.&!')$-*!",,!$42'4*%!+*-!/*'&4(-&!".!+.!"2<+,+.(-&!<'&0!v!+.&!
".!'*&-*!)'!-+)?!'*!)'!%,--/?!'*!)'!%)+0!+,"F-?!v!")!"%!.-(-%%+*0!)'!&*+3!)$-2!'4)!+.&!+3+0!
5*'2!")!v!3")$!*-F-*-.(-?!)'!%)+0!'.!)$-!2-.&e!v!A";-!3+)-*!5*'2!+!3-,,!)$+)!"%!4%-&!<0!
2+.0?!v!K4%)!%'?!)$"%!3'*,&:%!1*'%%!<'&0!v!X$"($?!<-(+4%-!"):%!<"11-*?!,-+F-%!2'*-!&*-1%?!v!
I4%)!'5)-.!<-!*".%-&!&'3.!)'!")%!&-/)$%![IY!J+)"(+.!M")0?!L"<,"')-(+!B/'%)',"(+!J+)"(+.+?!
M$"1"?!J>?!G?!PF6GR*\=!
GVV !Y--!+,%'?!A'&'F"('!T',(-?!_M+/")','!".!,'&-!&-,,'!%/4)'?!+!I-%%-*!C"+('2'!C"1,"?`!"<"&?!
GNW*6F\=!!
GVS !Y--!-%/-("+,,0!)$-!$41-!/*',"5-*+)"'.!'5!/'-)*0!".!/*+"%-!'5!+!%/-("5"(!%-+%'.?!2'%)!
.')+<,-!+2'.1!')$-*!-7+2/,-%?!I+))-'!8*+.D-%":%!_M+/")','!".!,+4&-!&-,!F-*.'`![".!,*(?2'&1(
*'J21($%**%(1?%2%(J32*%0"9%($'(E=(62#-"%0"1(^%2-'(%/(#*([K+('/'!L*'-&-,-)?!GOV^?!F',=!>>\!IY!
9+&'F+?!L"<,"')-(+!g."F-*%")+*"+?!^S?!+?!QR?!GGQ?!+.&!]"((',h!I+*)-,,":%!_M+/")','!&-,,+!
/+*)-.D+!&+!Z'2+`![F',=!>>>\!IY!9+&'F+?!L"<,"')-(+!g."F-*%")+*"+?!^S=G?!QG?!VPN6VP^=!
!
OV!
!
!
!!!!!!!!!!!
<-1".%!'.-!(+/")','?!_2+!&"*!%'!,+2-.)'!v!>.5-*2"!,:4.'!-!,:+,)*'?!+.D"!%)'*/"+)"?`!$-!
('.)".4-%=!#$-!*-%)!'5!)$-!/'-2!1'-%!'.!)'!,+2-.)!)$-!%)+)-!'5!8,'*-.(-!4.&-*!)$-!
'//*-%%"F-!/*-%-.(-!'5!)$-%-!1*'4/%?!-.&".1!".!$"%!5".+,!/*'/$-(0!)$+)!_)*+!/'($"!+.."!+,5".-!
-!/'($"!2-%"!v!#4))"!$+<<"+2'!+!(-*(+*!.4'F"!/+-%"=`GVW!!c,%-3$-*-!".!$"%!/'-)*0?!$-!2+;-%!
)$-!,".;!<-)3--.!)$-!I-&"("!5+2",0!+.&!)$-"*!'*"1".+,!5'*)4.-!+%!<+.;-*%!2'*-!-7/,"(")!".!$"%!
".%"%)-.)!/,+0!'.!)$-!2-&"("vI-&"("!$'2'1*+/$=!B!%'..-)!)'!L-.-&-))'!J+*($"!<-1".%U!
_J+*($"?!+,,+!5-?!)4!$+"!&-,,:H1."%%+.)"?!v!T-,!.4'F'!/-%(-?!+.D"!&-,,:+."2+,-?!v!M-*(+.&'!)4!
('2-!"!2-&"("!",!2+,-?!v!c!('2/-*+.&'!,-!<*"1$-!+!('.)+.)"=`GVN!a"%!/'".)!".!<')$!"%!(,-+*?!+%!
"%!)$-!)*'/-!2'*-!1-.-*+,,0U!.-")$-*!&'()'*%!.'*!)$-!I-&"("!5+2",0!(+.!(4*-!)$-"*!+",".1!
/+)"-.)%!E!'*?!/-*$+/%!<-))-*?!)$-0!+*-!.'!2'*-!@4+,"5"-&!+)!)$-"*!*-%/-()"F-!(*+5)%!)$+.!
+.0'.-!-,%-!3")$!+!<+%"(!4.&-*%)+.&".1!'5!-")$-*!'5!)$-2=!!
!
L-.-&-))'!J+*($"?!B,($-20?!+.&!c,-2-.)+,!a"-*+*($0!
!
B%!2"1$)!<-!-7/-()-&?!$'3-F-*?!L-.-&-))'!J+*($"!-%(+/-%!)$"%!*"1"&!(+)-1'*"%+)"'.=!
M'2<".1!+1+".%)!)$-!,")-*+*0!5+%$"'.%!'5!$"%!<4*,-%@4-!('.)-2/'*+*"-%?!$"%!*$02-%!+*-!
3$',,0!4.('.(-*.-&!3")$!$42'4*+,!"2+1-*0!'*!/1?1'=!a-!&'-%?!$'3-F-*?!-.1+1-!".!
-,-2-.)+,!&"%('4*%-!".!+!.42<-*!'5!$"%!,-%%'.%?!-+($!'5!3$"($!+"2%!)'!-7+2".-!)$-!
*-,+)"'.%$"/!+2'.1!)$-!5'4*!-,-2-.)%!.')!['*!.')!'.,0\!3")$!*-%/-()!)'!)$-"*!('2<".+)"'.?!
+%!$42'4*%?!".!)$-!$42+.!<'&0?!<4)!)'!)$-"*!,+*1-*!-55-()!'.!%'2-!'5!)$-!2'%)!$'),0!&-<+)-&!
)'/"(%!'5!$"%!1-.-*+)"'.U!]+)4*-?!A'F-?!B,($-20=!#$-%-!5"*%)!)3'!@4-%)"'.%!3",,!<-!)+;-.!4/!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GVW !IY!8"*-.D-?!L"<,"')-(+!I-&"(-+6A+4*-.D"+.+?!B.)".'*"!NO=!M+*)!pJ>=!GRS!5',%=?!OOF6OQ*e!
_#$-*-!+*-!2+.0!5+2'4%!+.&!,-+*.-&!2-&"(%!".!8,'*-.(-?!v!L4)!>!,+2-.)!)$-2!v!#$-0!+*-!
<')$!",,?!'*!<-))-*?!2+.1,-&=`!
GVN !7'&%($%*(<#0"#?!/+*)-!/*"2+![8"*-.D-U!8*+.(-%('!I't(;-?!GOWG\!P^=!!
!
OS!
!
!
!!!!!!!!!!!
+)!)$-!%)+*)!'5!)$-!5',,'3".1!($+/)-*=!a"%!,-%%'.%!'.!+,($-20!'4),".-!)$-!<+%"(!)-.-)%!'5!$"%!
<*'+&-*!/$",'%'/$"(+,!+//*'+($=!
!
>.!+.!4.5"."%$-&!-7+2".+)"'.!'5!)$-!F+,"&")0!+.&!-55"(+(0!E!%:i!F-*+!'!.'!E!'5!+,($-20!
.'3!('.)+".-&!".!)$-!L"<,"')-(+!]+D"'.+,-!&"!8"*-.D-:%!8'.&'!I+1,"+<-($"+.'?!J+*($"!
4.&-*)+;-%!<')$!)'!/*'F-!+.&!)'!&"%/*'F-!)$-!+,($-2"%):%!+<",")0!)'!2+.45+()4*-!/*-("'4%!
2-)+,%!)$*'41$!$"%!+*)=!a-!&'-%!%'!<0!<*-+;".1!&'3.!)$-!@4-%)"'.!".)'!%2+,,-*?!%/-("5"(!
('2/'.-.)%?!+.&!<0!4%".1!BF"(-..+?!BF-**'-%!E!<')$!'5!3$'2!$-!*-5-*%!)'!+%!_2-&"("`!+%!
3-,,!+%!_5",'%'5"`!E!+.&?!/*"2+*",0?!B*"%)'),-!+%!/'".)%!'5!*-5-*-.(-!)'!%4//'*)!$"%!(,+"2%!'.!
-")$-*!%"&-!'5!)$-!+*142-.)=GV^ !a-!)+;-%!4/!)$-!2+))-*!'5!('.)*+%)".1!<4)?!2'*-!'5)-.?!
(''/-*+)".1!-,-2-.)%!-+*,0!".!)$-!5"*%)!($+/)-*U!!
$+F-.&'!B*"%)')-,-!.-,!5".-!&-,!)-*D'!,"<*'!&-,,+!I-)-'*+!&"($"+*+)'!
1-.-*+,2-.)-?!-)!".!4."F-*%+,-!,+!1-.-*+)"'.-!&-:!2-)+,"!-)!&-))'?!($-!)4))"!%"!
1-.-*+F'.'!&-.)*'!,+!)-**+?!&-!"!&4'"!542"?!'!F-*'!+,")"?!("'!i!&-,,+!-%+,+)"'.-!
(+,&+?!-)!%-($+?!($-!%"!,-F+!&+,,+!)-**+!/-*!F"*)u!&-,!%',-!-)!&+,,+!-%+,+)"'.-!
(+,&+?!-)!$42"&+?!($-!/-*!F"*)u!2-&-%"2+2-.)-!&-,!%',-!%"!,-F+!&+!,:+(@4+!".!
@4-,!2'&'?!($-!.'"!$+F-2'!&"($"+*+)'!,4.1+2-.)-!.-,!,"<*'!&-!"!/*".("/""!
&-,,+!2-)-'*+!+,,:-((-,,-.)"%%"2'!-)!",,4%)*"%%"2'!Y"1.'*!M'%"2'!&-!I-&"("?!
T4(+!&"!8"*-.D-!9*".("/-!-)!9+&*'.!.'%)*'!=!=!=GVO !
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GV^ !a-!+,%'!,";-.%!+,($-2"%)%!)'!&'()'*%?!+.&!)$-!+*)!'5!+,($-20!)'!)$+)!'5!2-&"(".-?!)3"(-!".!
)$-!%+2-!,-%%'.=!!
GVO !IY!8"*-.D-?!L"<,"')-(+!]+D"'.+,-!&"!8"*-.D-?!8'.&'!I+1,"+<-($"+.'?!M,=!pJ>?!GVÛ!
L-.-&-))'!J+*($"?!&-,,:B,($"2"+?!^*vF=!_B*"%)',-?!+)!)$-!-.&!'5!)$-!)$"*&!<'';!'5!$"%!)*-+)"%-!
E%/%121*1)D?!1-.-*+,,0!q&-(,+*-%r!+.&!4."F-*%+,,0!q-7/,+".%r!)$-!1-.-*+)"'.!'5!2-)+,%?!+.&!
$+%!%+"&!)$+)!+,,!2-)+,%!+*-!1-.-*+)-&!3")$".!)$-!-+*)$?!+.&!<0!)3'!%'4*(-%?!'*?!2'*-!
%/-("5"(+,,0?!<*-+)$%?!)$+)!"%?!)$-!$')!+.&!&*0!-7$+,+)"'.!)$+)!('2-%!4/!5*'2!)$-!-+*)$!<0!
F"*)4-!'5!)$-!%4.?!+.&!)$-!$')!+.&!$42"&!-7$+,+)"'.!)$+)!"%!,"5)-&!5*'2!3+)-*?!+,%'!<0!F"*)4-!
'5!)$-!%4.?!".!)$-!3+0!".!3$"($!3-!$+F-!,-.1)$",0!&"%(4%%-&!".!'4*!<'';!'.!)$-!/*".("/,-%!'5!
!
OW!
!
!
!!!!!!!!!!!
a"%!(-.)*+,!(,+"2!$-*-?!+.&!*'')-&!".!B*"%)')-,"+.!/*".("/,-%?!"%!)$+)!2-)+,%!+*-!<'*.!'5!)$-!
(''/-*+)".1!5'*(-%!'5!$')!+.&!&*0![($',-*"(!$42'4*\!+.&!$')!+.&!3-)![%+.14".-!$42'4*\?!
<')$!".&"F"&4+)-&!+.&!/4,,-&!5'*)$!<0!)$-"*!%".14,+*!5+)$-*?!)$-!%4.=!>)!"%!+!(''/-*+)"'.!)$+)?!
+%!$-!,+)-*!1'-%!'.!)'!-7/,+".?!"%!.')!%/+*-&!)$-!('2/,"(+)"'.!'5!+.0!')$-*!.+)4*+,!
(',,+<'*+)"'.=!H.-!/+%%+1-!*+)$-*!(-.)*+,,0!,'(+)-&!".!)$-!)-7)!*-+&%U!
)4))-!,-!('%-!1-.-*+<","!-!('**'))"<","!&"!@4-%)'!2'.&'!".5-*"'*-!%'.'!'!
%-2/,"(-?!'!('2/'%)-U!%-2/,"(-!%"!($"+2+.'!"!@4+))*'!-,-2-.)"?!+FF-.1+!($-!
+.('*+!-%%"!%"+.'!('2/'%)"!&"!2+)-*"+!-)!&"!5'*2+!('2-!%:i!&-))'!.-,!,"<*'!n=!
I"%)-!/'"?!'!F-*'?!('2/'%)-!%"!($"+2+.'!)4))-!@4-,,-!($-!%'.'!1-.-*+)"!&-!"!
@4+))*'!-,-2-.)"!-!)4))-!,-!('%-!-%%-.&'!&:4.+!2-&-%"2+!2+)-*"+?!<-.($s!
*"2')+?!%"!/4'!&"*-?!($-!$+<<"+.'!)*+!,'*'!+,(4.+!%'2"1,"+.D+?!-)!('%k!+,(4.+!
&"%%'2"1,"+.D+?!-%%-.&'!&"F-*%-!)4))-!,:4.+!&+!,:+,)*+!('2-!%"!/4h!('.'%(-*-!
2-&"+.)-!,:'/-*+)"'.-!-)!/+%%"'."!,'*'=GVQ!
J+*($"!*-/-+)%!$-*-!)$-!(*47!'5!$42'4*+,!)$-'*0!+.&!-,-2-.)+,!&"%('4*%-!".!")%!-F-*0!
")-*+)"'.!%".(-!C+,-.!'.3+*&U!+,,!'5!)$-!-+*)$:%!%4<%)+.(-%!+*-!%'2-!('2<".+)"'.!'5!
-,-2-.)%=!f-)!*+)$-*!)$+.!5'(4%!-7(,4%"F-,0!'.!)$-!&"55-*-.(-%!+2'.1!)$-%-!%4<%)+.(-%!+%!
+.!-55-()!'5!)$-"*!/*-("%-!-,-2-.)+,!2+;-64/!+.&!)$-!+<4.&+.(-!'5!'.-!'F-*!+.0!')$-*!
3")$".!)$-2?!J+*($"!+,%'!.')!'.,0!/'".)%!'4)!)$-"*!%$+*-&!/*'/-*)"-%?!<4)?!".&--&?!2+;-%!'5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
3-+)$-*?!&-&"(+)-&!)'!)$-!2'%)!-7(-,,-.)!+.&!",,4%)*"'4%!Y"1.'*!M'%"2'!&-:!I-&"("?!T4;-!'5!
8,'*-.(-?!'4*!9*".(-!+.&!9+)*'.=`!
GVQ !"<"&?!VG*=!_cF-*0)$".1!)$+)!)$"%!".5-*"'*!3'*,&!1-.-*+)-%!+.&!"%!+<,-!+,%'!)'!('**4/)!"%!
-")$-*!%"2/,-!'*!('2/'4.&U!)$-!5'4*!-,-2-.)%!+*-!(+,,-&!%"2/,-?!-F-.!)$'41$!)$-0?!)''?!+*-!
('2/'%-&!'5!F+*"'4%!2+)-*"+,%!+.&!5'*2%?!+%!$+%!<--.!%+"&!".!<'';!n!cF-*0)$".1!)$+)!"%!
2"7-&!)'1-)$-*?!)$-.?!'*!<-))-*?!('2/'%-&!'5!)$-!5'4*!-,-2-.)%!"%!(+,,-&!('2/'4.&!+.&!
<-(+4%-!")!"%!+,,!2+&-!'5!)$-!%+2-!%)455?!+,<-")!*-2')-,0?!3-!2"1$)!%+0!)$+)!+2'.1!)$-%-!
)$".1%?!(-*)+".!%"2",+*")"-%!2+0!<-!5'4.&?!+%!3-,,!+%!(-*)+".!&"%%"2",+*")"-%?!%".(-!)$-0!+*-!+,,!
&"55-*-.)?!'.-!5*'2!)$-!')$-*?!+%!(+.!<-!+%(-*)+".-&!<0!)$-"*!".&"F"&4+,!'/-*+)"'.%!+.&!
/+%%"'.%=`!
!
ON!
!
!
!!!!!!!!!!!
)$-%-!%"2",+*")"-%!+2'.1!)$-2!E!1-.-*+)-&?!".!)4*.?!<0!)$-!%$+*-&!@4+,")"-%!'5!)$-!$42'4*%!
E!+!(-.)*+,!)-.-)!'5!$"%!'<%-*F+)"'.=!B,,!)$".1%!+*-!2+&-!'5!)$-!%+2-!2+)-*"+,?!$-!(,+"2%?!
+,<-")!*-2')-!+.&!1'F-*.-&!-+($!<0!")%!'3.!/+%%"'.=!
]')!24($!54*)$-*!+$-+&?!+.&!-.!*'4)-!)'!+!d4%)"5"(+)"'.!'5!1',&!+%!)$-!2'%)!/-*5-()!
+2'.1!)$-!2-)+,%![<0!3+0!'5!+.!-7)-.&-&!/$",'%'/$"(+,!+*142-.)!3$-*-<0!1',&!"%!)$-!2'%)!
/-*5-()!'5!+."2+)-!)$".1%?!3$"($!+*-!)$-!2'%)!/-*5-()!'5!2"7-&!%4<%)+.(-%\?!$-!/*','.1%!)$"%!
,".-!'5!*-+%'.".1U!
-)!+,(4.+!/"u!)'%)'!%-('.&'!,+!F+*"+!-)!&"F-*%+!&"%/'%")"'.-!&-,,-!+1-.)"?!-)!&-!
/+)"-.)"?!("'i?!&-,,-!@4+,")l!+))"F-?!("'i!(+,&'!-)!5*-&&'?!-)!&-,,-!/+%%"F-?!("'i!
42"&'!-!%-(('?!-)!($"!&4<")+F+!($-!,:+(@4+!%-!<-.-!)4))"!1,:-,-2-.)"!%"!
)*+%5'*2+.'!".!)4))"!1,:-,-2-.)"?!.'.!%"!)*+%5'*2"!/"u!+1-F',2-.)-?!-)!/"u!
)+%)'!".!+*"+!($-!".!54'('?!-)!-,!2-&-%"2'!2'&'!&"!)4))"!1,:+,)*"!-,-2-.)"!-)!
@4-%)'!F',-F+!&"*-!",!5",'%'5'?!@4+.&'!&"%%-!($-!,-!('%-!($-!$+F-F+.'!5*+!,'*'!
%"2<','?!("'i?!('.F-."-.D+!".!+,(4.+!&-,,-!@4+,")l!%"!)*+%5'*2+F+.'!,:4.+!
.-,,:+,)*+!/"u!+1-F',2-.)-=GVP!
a-*-?!)''?!)$'41$!&*+5)-&!+.')$-*!3+0?!J+*($":%!2+".!('.(-*.!"%!)'!4.&-*,".-!)$-!&"55"(4,)0!
3")$!3$"($!-,-2-.)%!(+.!%4((-%%54,,0!<-!%-/+*+)-&!5*'2!-+($!')$-*?!-+($!'.-!(+/+<,-!'5!
)4*.".1!".)'!+.0!'5!)$-!')$-*%?!+.&!2'%)!-+%",0!".)'!)$'%-!3")$!3$"($!)$-0!%$+*-!+!(-*)+".!
+55".")0=!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GVP !"<"&?!VGF=!_+.&!%'2-!+*-!'.-!q3+0r!2'*-!)$+.!+.')$-*?!<+%-&!'.!)$-!F+*"'4%!+.&!&"F-*%-!
&"%/'%")"'.%!'5!+1-.)%!+.&!/+)"-.)%?!)$+)!"%?!'5!)$-!+()"F-!@4+,")"-%!E!)$+)!"%?!$')!+.&!(',&!E!
+.&!'5!)$-!/+%%"F-!@4+,")"-%!E!3-)!+.&!&*0!E!+.&!)$-*-!3-*-!%'2-!)$+)!&'4<)-&!)$+)!3+)-*?!
+,)$'41$!+,,!)$-!-,-2-.)%!(+.!)*+.%5'*2!".)'!+.0!'5!)$-!')$-*!-,-2-.)%?!('4,&!)*+.%5'*2!
3")$!2'*-!+1",")0?!+.&!2'*-!-+%",0!)4*.!)'!+"*!)$+.!)$-!5"*-?!+.&!)$-!%+2-!5'*!+,,!)$-!')$-*!
-,-2-.)%?!+.&!)$"%!"%!3$+)!)$-!/$",'%'/$-*!2-+.)!3$-.!$-!%+"&!)$+)!)$-!)$".1%!)$+)!%$+*-&!
(-*)+".!%"2",+*")"-%?!)$+)!"%?!)$+)!&"%/,+0-&!)$-!%+2-!-+%-!'5!(-*)+".!@4+,")"-%?!%3+//-&!
/,+(-%!3")$!1*-+)-*!-+%-=`!
!
O^!
!
!
!
!!!!!!!!!!!
J+*($":%!/'".)?!$-*-!)3"(-!2+&-?!<-('2-%!2'*-!2-+.".154,!".!)$-!('.)-7)!'5!)$-!
&"%(4%%"'.!'.!$42'4*+,!)$-'*0?!")%!('.)*"<4)"'.!)'!/-*%'.+,")0!E!+.&!",,.-%%!E!+.&!)$-!%$"5)?!
".!)$-!,")-*+)4*-!'5!)$-!/-*"'&?!5*'2!)$-!(-.)*+,!&"%/,+0!'5!'.-!$42'4*+,!&"%/'%")"'.!
[2-,+.($',0\!)'!+.')$-*![($',-*\=!#$-!)+;-6$'2-!2-%%+1-!'5!J+*($":%!,-%%'.!"%?!*+)$-*!
4.%+)"%5+()'*",0?!_($-!&"!@4-%)'!/*'<,-2+!q&-,,:+*($"2"+r!.'.!%"!/'%%+!%+/-*-!
&-)-*2".+)+2-.)-!,+!(-*)-DD+!/-*($s!2',)"%%"2-!('%-?!-)!+%%+"!2-.'!4)","!-)!2-.'!".(-*)-!
($-!@4-%)+!.'.!i!%"!)*'F+.'!.-,,-!('%-!&-,,+!.+)4*+?!&-,,-!@4+,"!.'.!%"!/4h!%+/-*-!
".&4<")+)+2-.)-!,+!F-*")l=`GSR!]+)4*-:%!%-(*-)%!+*-!4.".)-,,"1"<,-?!$-!(,+"2%?!'*!+)!)$-!F-*0!
,-+%)?!4.+<,-!)'!<-!+%(-*)+".-&!<-0'.&!&'4<)e!)$4%?!)$-!*-,+)"'.%$"/!+2'.1!)$-!-,-2-.)%?!
+.&!")%!('.)*"<4)"'.!)'!)$-!F-*+(")0!E!'*!",,-1")"2+(0!E!'5!+,($-20!(+..')!<-!&-)-*2".-&=!
T-%/")-!)$-!-2/$+%"%!$-!/,+(-%!'.!)$-!%"2",+*")"-%!+2'.1!)$-!-,-2-.)%!+.&!)$-!.-+*!
"2/'%%"<",")0!'5!('.%"&-*".1!)$-2!".&"F"&4+,,0!'*!".!/*-5-*-.)"+,!*-,+)"'.!)'!-+($!')$-*?!$-!
&'-%?!$'3-F-*?!,-+F-!$"%!*-+&-*%!3")$!+!2'*-!'*!,-%%!('2/*-$-.%"<,-!".)-*/*-)+)"'.!'5!
-,-2-.)+,!$"-*+*($0?!(+,,".1!'.!$"%!'*"1".+,!%-/+*+)"'.!E!+.&!5*+)-*.")0!6!'5!$')v&*0!+.&!
$')v3-)!-7$+,+)"'.%=!a-!3*")-%U!
!('2-!)4))-!,-!"2/*-%%"'."!($-!%"!1-.-*+.'!.-,,:+*"+!F-*<"1*+)"+!/"'11-?!F-.)"?!
%+-))-?!('2-)-?!-)!)4))-!,:+,)*-!@4+,4.($-!%"+.'?!%"!1-.-*+.'!&-,,:-%+,+)"'.-!
(+,&+!-)!%-((+?!-)!&-,!F+/'*-!(+,&'!-)!$42"&'?!('.!)4))"!"!2".-*+,"?!($-!%"!
1-.-*+.'!%'))'!)-**+!@4+,4.($-!%"+.'?!%"!1-.-*+.'!&"!@4-%)-!&4-!2-&-%"2-!
542"?!'!F-*'!F+/'*-!-)!-%+,+)"'.-?!-)!('2-!@4-,,-!($-!.-!1-.-*+.'!.-,,:+*"+?!
%'.'!&"!&4-!%'*)-?!"1.")-!-)!@4-%)-!%'.'!)4))-!@4-,,-!($-!%"!1-.-*+.'!&+,,+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GSR !"<"&?!SS*vFU!_)$+)!")!"%!"2/'%%"<,-!)'!&-)-*2".-!)$-!(-*)+".)0!'5!)$"%!q@4-%)"'.r!<-(+4%-!
2+.0!)$".1%?!+.&!5+*!,-%%!4%-54,!+.&!,-%%!4.(-*)+".!)$+.!)$"%?!+*-!5'4.&!".!.+)4*-?!'5!3$"($!
)$-!".&4<")+<,-!)*4)$!(+..')!<-!;.'3.=`!
!
OO!
!
!
!!!!!!!!!!!
-%+,+)"'.-?!('2-!,-!('2-)-?!-)!,-!%+-))-?!-)!$42"&-?!-)!@4-%)-!%'.'!)4))-!@4-,,-!
($-!%"!1-.-*+.'!&+,!F+/'*-!('2-!,-!/"'11"-?!-)!,-!.-F"?!('.!@4-,,-!($-!%"!
1-.-*+.'!%'))'!)-**+!%'.'!2-&-%"2+2-.)-!&"!&4-!2+."-*-?!/-*($s!@4-,,-!($-!
%"!1-.-*+.'!&+,,+!-%+,+)"'.-!%"!($"+2+.'!/"-)*-?!-)!@4-,,-!($-!%"!1-.-*+.'!&+,!
F+/'*-!%"!($"+2+.'!2-)+,,"=GSG !!
#$"%!-7/,+.+)"'.?!,";-!2+.0!')$-*%!".!$"%!')$-*!,-%%'.%!)'!+!%"2",+*!-55-()?!*-&4(-%?!5'*!'4*!
/4*/'%-%?!J+*($":%!(-.)*+,!@4-%)"'.!E!-,-2-.)+,!*-,+)"'.%$"/%!E!)'!+!&4+,")0!'5!5'*(-%!2'*-!
4.")-&!<0!)$-"*!('22'.!_/+*-.)`!E!)$-!%4.!E!)$+.!%-/+*+)-&!<0!)$-"*!%4/-*5"("+,!'//'%")"'.!
)'!-+($!')$-*!E!3-)!+.&!&*0=!#$"%!4."@4-!&0.+2"(!"5!.')!".5'*2%?!)$-.!+)!,-+%)!-7/,+".%!)$-!
4%-!C*+DD"."!2+;-%!'5!-,-2-.)+,!&"%('4*%-!".!$"%!'3.!3'*;%?!+.&!)$-!*-,+)"'.%$"/%!+2'.1!
)$-!-,-2-.)%!)$+)!$-!(*-+)-%!'*!&*+3%!4/'.!)$-*-=!
!
C*+DD"."?!8'4,!a42'4*?!+.&!)$-!B(+&-20!
!
>.!<')$!$"%!/'-)*0!+.&!$"%!)$-+)*"(+,!/*'&4()"'.?!C*+DD"."!&-2'.%)*+)-%!.')!'.,0!+!
;--.!;.'3,-&1-!'5!$42'4*+,!)$-'*0?!)$-!('.)-2/'*+*0!&-<+)-%!%4**'4.&".1!")?!+.&!)$-!
,")-*+*0!)*+&")"'.!/*-(-&".1!)$'%-?!<4)!+,%'!)$-!3",,54,!+<",")0!".)-.)"'.+,,0!)'!2+."/4,+)-?!
2+7"2"D-?!+.&!2+;-!)$-!2'%)!'5!+,,!'5!")=!a"%!)$-+)*-?!3$"($!>!3",,!-7+2".-!".!/+*)!,+)-*!".!
)$"%!($+/)-*!+.&!".!')$-*!/+*)!".!($+/)-*!5'4*?!$-!'5)-.!*-%-*F-%!5'*!$42'4*+,!_(+*"(+)4*-%`!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GSG !"<"&?!VV*vFU!_d4%)!+%!+,,!)$-!.+)4*+,!"2/*-%%"'.%!)$+)!+*-!1-.-*+)-&!".!)$-!+"*?!5'*!-7+2/,-!
*+".%?!3".&%?!,"1$).".1!5,+%$-%?!('2-)%?!+.&!+,,!)$-!')$-*%?!3$+)-F-*!)$-0!2+0!<-?!+*-!
1-.-*+)-&!<0!$')!+.&!&*0!-7$+,+)"'.%!+.&!$')!+.&!3-)!F+/'4*%?!%'!)''?!+,,!2".-*+,%?!
3$"($-F-*!)$-0!<-?!+.&!3$-)$-*!)$-0!<-!1-.-*+)-&!3")$".!)$-!-+*)$?!+*-!<'*.!'5!)$-%-!%+2-!
)3'!%'4*(-%?!".!')$-*!3'*&%?!F+/'4*!+.&!-7$+,+)"'.?!+.&!d4%)!+%!)$'%-!)$+)!+*-!+"*<'*.-!+*-!
'5!)3'!.+)4*-%?!"1.-'4%!E!+.&!)$-%-!+*-!+,,!)$'%-!)$".1%!3$"($!+*-!1-.-*+)-&!<0!-7$+,+)"'.%?!
,";-!('2-)%?!,"1$).".1!E!+.&!$42"&!E!+.&!)$-%-!+*-!+,,!)$'%-!)$".1%!)$+)!+*-!1-.-*+)-&!<0!
F+/'4*%?!,";-!*+".!+.&!%.'3!6?!+.0)$".1!/*'&4(-&!4.&-*!)$-!-+*)$!"%!%"2",+*,0!1-.-*+)-&!".!
)$-%-!)3'!2+..-*%?!q".!%4($!+!3+0!)$+)r!)$'%-!3$"($!+*-!1-.-*+)-&!<0!-7$+,+)"'.%!+*-!
(+,,-&!%)'.-%?!+.&!)$'%-!3$"($!+*-!<'*.!'5!F+/'4*%!+*-!(+,,-&!2-)+,%=`!
!
OQ!
!
!
!!!!!!!!!!!
'5!$"%!(-.)*+,!($+*+()-*%!E!-7+11-*+)-&!&"%/,+0%!'5!('22'.!%)-*-')0/-%!+%%'("+)-&!3")$!
-F-*0!_1-.*-`!'5!($+*+()-*!$-!&*+5)%=!a"%!/'-)*0?!)$'41$!.'!,-%%!/,+054,?!*-F-+,%!+!2'*-!
%'/$"%)"(+)-&!4.&-*%)+.&".1!+.&!*-+%%-2<,0!'5!$42'4*+,!)*'/-%=!a"%!/'-2%!E!3$"($!*+.1-!
5*'2!'&-%!".!)-*(-)%!)'!%'..-)%!)'!2+&*"1+,-%%-!".!/%2F#!2'&#!E!-")$-*!/+*'&"(+,,0!*-(+%)!
$42'4*+,!)$-'*0!'*?!3$-.!)$-0!&'!.')?!+*-!<-%)!,+<-,-&!+%!5',,'3".1U!/'-2%!".!3$"($!)$-!
&"($')'20!J+*($"!-7/+.&%!4/'.!".!$"%!,-%%'.%!"%!+,%'!%$'3.e!/'-2%!)$+)!+(;.'3,-&1-!)$-!
5'*(-!+.&!".5,4-.(-!'5!)$-!-,-2-.)%!'.!$42+.!,"5-!+.&!+()"F")0e!&"%)".(),0!_($',-*"(`!/'-2%e!
('22'.,0!_2-,+.($',0`!/'-2%=!]')!+,,!)$-%-!(+)-1'*"-%!+*-!(*-+)-&!-@4+,e!)$-!%+2-!(+.!<-!
%+"&!'5!C*+DD".":%!/'-)*0?!3$"($!*4.%!)$-!(*")"(+,!1+24)!5*'2!24.&+.-!)'!&"F".-,0!".%/"*-&=!
B,,!&'?!$'3-F-*?!('.)*"<4)-!)'!+!('2/*-$-.%"F-!*-+&".1!'5!C*+DD".":%!)+;-!'.!$42'4*+,!
)$-'*0!+.&!4%-!'5!")=!
!
g/!4.)",!)$-!-+*,0!M".@4-(-.)'?!$-+)!+.&!(',&?!5"*-!+.&!"(-!'55-*-&!)$-!/*-&'2".+.)!
+.&!"2")+)-&!-,-2-.)+,!/+"*".1!E!'*!<-))-*?!'//'%")"'.!E!".!,")-*+)4*-?!*-.&-*-&!.')'*"'4%!<0!
9-)*+*($!".!$"%!7'&%(0?#20%=!]')!%4*/*"%".1,0?!)$-.?!+.&!".!;--/".1!<')$!3")$!C*+DD".":%!
+4)'&"&+()"(!)*+".".1!+.&!)$-!-+*,0!2'&+,")"-%!'5!)$-!+(+&-20?!")!"%!+,%'!/*-%-.)!".!C*+DD".":%!
/'-)*0?!+.&!-%/-("+,,0![+.&!2'%)!'<F"'4%,0\!".!)$-!2+&*"1+,%!+.&!%'..-)%!&-,"<-*+)-,0!
2'&-,-&!+5)-*!9-)*+*($?!2'%)!'5!)$-2!-,-1"-%!)'!,'F-&!'.-%!%".(-!/+%%-&!'.=!C*+DD"."!&'-%?!
$'3-F-*?!+,%'!)+;-!4/!)$"%!)*+&")"'.!3$-.!+&&*-%%".1!)$-!+(+&-20!&"*-(),0=!I't(;-!
*-/*'&4(-%!+!(0(,-!'5!_$42'4*+,`!+&&*-%%-%!#)*'(!""#$%&'"'(3&'$'!)$+)!&"%/,+0!)$-%-!
-,-2-.)%!".!'//'%")"'.=!#$-!5"*%)!*-+&%U!
C-.)","!%/"*)"?!($-!&"!%+(*'!42'*-!
M-*(+)-!".42"&"*F"!".!&',(-!1"'('e!
9-*($i!&-:!F'%)*"!".1-1."?!-!&-,!%4'!5'('!
!
OP!
!
!
!!!!!!!!!!!
j4+,($-!<-,!5*4))'!.-!/*'&4(+!B2'*-=!
>,!&"%"'!F'%)*'!&:+,)'!-!&-1.'!'.'*-!
J"!&+*l!.'2-!-)-*.'!".!'1."!,'('e!
I+!<-.!('.F"-.%"!*+55*-.+*,'!4.!/'('U!
#*'//'!,'!%/*'.+!",!1"'F-.",!54*'*-=GSV!
a-*-?!C*+DD"."!3*")-%!$"%!+(+&-2"(%!+!3+*.".1?!"5!.')!+.!+&2'.")"'.?!)'!)-2/-*!)$-"*!5"-*0!
+2<")"'.!3")$!")%!('.)*+*0!$42'4*=!#$-!)3'!('2/'%")"'.%!)$+)!5',,'3!+*-!+%!&"55-*-.)!5*'2!
-+($!')$-*!+%!)$-0!+*-!5*'2!)$-!5"*%)?!3$",-!)$-!)$"*&!"%!+!%--2".1,0!%"2/,-!/*+"%-!'5!)$-!+"*!E!
_@4-,,:42'*!%+.)'!=!=!=!v!j4-%)'?!('2-!1,"!/+*?!1'F-*.+!-!24'F-!v!#4))-!@4+.)-!,-!('%-!
.+)4*+,"U!v!M$"!F4',!F',+*-!+,!("-,!('.!%"(4*:+,"?!v!>.!,4"!%"!5"&"?!-!.'.!*"('**+!+,)*'F-=`GSS!#$-!
%-('.&!+1+".!'//'%-%!$-+)!)'!(',&.-%%!+.&!$'/-%!5'*!+!)-2/-*".1!'5!)$-!'.-!<0!)$-!')$-*?!
<4)!)$-!&"*-()"'.+,")0!'5!)$"%!)-2/-*".1!"%!/-*5-(),0!4.(,-+*U!!
Z"%(+,&+!",!Y',!,+!5*-&&+!A4.+?!-&!-,,+!
)-2/-*+!",!1*+.!(+,'*!&"!%4+!($"+*-DD+e!
M$-!%-.D+!@4-%)'!,+!%4/-*.:B,)-DD+!
BF*-<<-!5+))'!".&+*.'!'1."!+,)*+!%)-,,+=!
I+!F'"?!($-!('2-!m,!Y',!%"-)-?!'!/"u!<-,,+?!
I-%%+!&+,!("-,!.-,,+!2'*)+,!<+%%-DD+e!
9-*($s!.'.!/4h!,+!F'%)*+!5*"1"&-DD+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GSV !7'&%($%*(<#0"#;(?#2/%(0%"1-$#![8"*-.D-U!8*+.(-%('!I't(;-?!GOWV\!VWNe!_C-.),-!%/"*")%?!
3$'!5*'2!)$-!%+(*-&!$42'4*!v!%--;!)'!)-2/-*!0'4*%-,F-%!".!%3--)!/,+0e!v!Y'!)$+)!A'F-!
2"1$)!/*'&4(-!%'2-!/,-+%+.)!5*4")!v!'4)!'5!0'4*!)+,-.)!+.&!")%!5"*-=!v!f'4*!&-%"*-!5'*!,'5)0?!
3'*)$0!$'.'4*!v!X",,!+55'*&!0'4!-)-*.+,!5+2-!-F-*03$-*-e!v!L4)!0'4!3'4,&!&'!3-,,!)'!%,'3!
")!&'3.!+!,")),-U!v!f'4.1!54*0!%/4*%!")!'.!)''!24($=`!
GSS !"<"&?!VWê!_)$+)!%+(*-&!$42'4*!=!=!=!v!#$"%?!+%!")!%--2%?!1'F-*.%!+.&!2'F-%!v!B,,!.+)4*+,!
)$".1%U!v!X$'%'-F-*!3"%$-%!)'!5,0!)'!)$-!%;0!'.!%-(4*-!3".1%?!v!Y$'4,&!/4)!$"%!5+")$!".!")!q)$-!
+"*r!+.&!.')!-,%-3$-*-=`!
!
QR!
!
!
!!!!!!!!!!!
Y(+,&+*-!",!5'('!2"'?!('2-!m,!Y',!@4-,,+o!
M$-!"!2+*?!1,"!%)+1."?!"!,+1$"?!"!5'.)"?!"!5"42"!
T-,,:g."F-*%'!.'.!+F*-<<-*!5'*D+!
B!%/-1.-*-!4.+!5"+22+!&-,!2"'!5'('=!
9-*($s!+F-)-!F'"!(+*?!($:"'!2"!('.%42"o!
qnr!F'"!F-&-)-!,:+*"&+!2"+!%('*D+!
Y)*411-*%"!('2-!.-F-!+//'('!+//'('=GSW!!
#$'41$!$-!('2/+*-%!$"%!".)-*,'(4)'*?!)$-!+(+&-20?!)'!)$-!%4.?!$-!&-%(*"<-%!")!+%!5*"1"&?!+.&!
%--2".1,0!'//'%-%!")%!(',&.-%%!)'!$"%!'3.!$-+)?!.'!2+)($!5'*!'(-+.%?!,+;-%?!3-,,%?!*"F-*%?!
+.&!%3+2/%=!>.!$"%!5".+,!F-*%-%?!$-!('2/+*-%!$"2%-,5!5"*%)!)'!+!<4*.)!+.&!+*"&!<+*;?!+.&!.-7)!
)'!2-,)".1!%.'3=!a-*-!+%!".!)$-!5"*%)!%'..-)!".!I't(;-:%!(0(,-?!C*+DD"."!&"%/,+0%!+!;--.!
+<",")0!)'!2+."/4,+)-!9-)*+*($:%!+&'/)-&!<".+*"-%!5'*!$"%!'3.!/4*/'%-%=!!
L4)?!,";-!J+*($"?!C*+DD"."!+&&%!+.')$-*!/'%%"<",")0!)'!)$-!%/-()*42!'5!,")-*+*0!
-,-2-.)+,!'//'%")-%=!B,'.1%"&-!J+*($":%!&*0!-7$+,+)"'.%!+.&!3-)!F+/'4*%![<')$!$')\?!+*-!
C*+DD".":%!+(+&-2"(%!E!.'3!3&'$'?!".!)$-"*!.+)4*+,!%)+)-?!.'3!#0"'3//'!3$-.!+11*"-F-&?!+.&!
+.!".5".")-!F+*"-)0!'5!/,+0%!'.!)$"%!-,-2-.)+,!'//'%")"'.!".!*-,+)-&!('.)-7)%=!X")$!)$-2!
('2-%!+!/'-)"(!5"-,&!&'4<,-&!".!'//'*)4.")0?!<')$!5'*!)$-!('2/'%-*!+.&!5'*!)$-!*-+&-*!
".)-*/*-)".1=!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GSW !"<"&e!_#$-!Y4.!$-+)%!4/!)$-!(',&!I''.?!3$'!v!)-2/-*%!)$-!1*-+)!$-+)!'5!)$-!%4.:%!(,-+*!
,"1$)e!v!X")$'4)!3$"($?!$"%!a"1$.-%%!q)$-!%4.r!v!X'4,&!$+F-!&*"-&!4/!-F-*0!')$-*!%)+*=!v!L4)!
0'4?!3$'!+*-!+%!<-+4)"54,!+%!)$-!Y4.?!'*!%)",,!,'F-,"-*?!v!#+;-.!5*'2!)$-!%;0!+.&!/,+(-&!$-*-!
'.!2'*)+,!-+*)$e!v!X$0!(+.:)!0'4*!(',&.-%%!v!M'',!20!5"*-?!,";-!)$-!2''.!('',%!)$-!Y4.o!v!!
8'*!)$-!%-+%?!)$-!/'.&%?!)$-!,+;-%?!5'4.)+".%?!+.&!*"F-*%!v!H5!)$-!4."F-*%-!3'4,&!.')!$+F-!
-.'41$!%)*-.1)$!v!#'!/4)!'4)!+!5,+2-!'5!20!5"*-=!v!X$0!3'4,&!0'4!$+F-!2-!<4*.!+.&!
/-*"%$o!v!qf'4!3",,z!%--!20!+*"&!%;".!v!T-%)*'0!")%-,5!,";-!%.'3?!,")),-!<0!,")),-=`!
!
QG!
!
!
!!!!!!!!!!!
C*+DD".":%!2'%)!.')+<,-!('.)*"<4)"'.!)'!)$"%!&-F-,'/2-.)!"%!$"%!_A+2-.)'!
&-,,:B((+&-2"("!&-1,"!a42"&"?`!".!3$"($!)$-!/*'<,-2!'5!_&*0.-%%`!"%!@4"(;,0!,".;-&!)'!)$-!
('2/-)".1!+.&!('-7"%)".1!%)+)-%!'5!54*0!+.&!%+&.-%%=!>)!<-1".%U!
C"+!@4+*+.)'))'!-!2",,-!-!(".@4-(-.)'!!
M'**-F'.!1,"!+.."!&-,!.'%)*'!%"1.'*-!
j4+.&'!&:+1'%)'!"22-DD'!+,,:+(@4+!-!m,!F-.)'!
Z-%)+*'.!1,"!a42"&"!+%("4))"!-)!%-.D+!$42'*-e!
A:+((+&-2"+?!-!&"!*+<<"+!-!&"!54*'*-!
8".-.&'!".!F-*%'!",!("-,!,"!,4("!5"%%-!
M'%k!/"+.1-.&'!-)!%'%/"*+.&'!&"%%-U!
!
M$"!.'.!$+!",!('*!&"!5-**'!'!&"!&"+2+.)-?!!
c!,:+."2+!&"!F"/-*+!'!&"!&*+1'?!
M$"!.'.!i!".!)4))'!%5+(("+)'!'!54*5+.)-?!
H!&"!2+,5+*!-!)*+&"2-.)"!F+1'!
9"u!&:+55+.."?!-!&"!&4',!%"!5+(("+!+F+.)"!
c!F-&*+!2-!($-!&"!,+1*"2"!4.!,+1'!
J-*%'!&+!1,"!'(($"?!-!+%/*+!('2/+1."+!
#".1'!('"!2"-"!,+2-.)"!+!C$-*-2"+=GSN!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GSN !B,*-+&0!5'*)06-"1$)!+.&!'.-!)$'4%+.&!+.&!5"F-!$4.&*-&!'5!'4*!A'*&:%!0-+*%!$+&!1'.-!<0?!
3$-.?!".!B414%)?!+.&!%4**'4.&-&!<0!3+)-*!+.&!3".&?!)$-!53&'$'!3-*-!&*"-&!4/!+.&!,-5)!
3")$'4)!$42'4*e!#$-!+(+&-20?!"*+)-!+.&!54*"'4%!".!F-*%-?!5"7-&!")%!-0-%!)'!)$-!%;0?!+.&!".!
)$"%!3+0?!%"1$".1!+.&!(*0".1?!%+"&U!"5!0'4!$+F-!.')!+!$-+*)!'5!"*'.!'*!'5!&"+2'.&?!+.&!)$-!%'4,!
'5!+!F"/-*!'*!+!&*+1'.?!"5!0'4!+*-!.')!+!3$',,0!%$+2-,-%%!*+%(+,?!'*!2'*-!&-%"*'4%!'5!3*'.16
&'".1!+.&!<-)*+0+,!)$+.!'5!/+".!+.&!3'**0?!('2-!5'*3+*&?!+.&!0'4!%$+,,!%--!)$+)!>!/'4*!
!
QV!
!
!
!!!!!!!!!!!
#$-!B(+&-20:%!*-%/'.%-!)'!<-)*+0+,?!+%!C*+DD"."!%--%!")?!"%!+)!'.(-!"*+)-?!54*"'4%!+.&!
2'4*.54,?!)-+*54,=!a"%!-+*,0!($'"(-!'5!)$"%!($',-*"(v2-,+.($',"(!&"%/,+0!%--2%!4.d4%)"5"-&!
+.&?!".&--&?!('2/,-)-,0!('.)*+*0!)'!$"%!-.&!".!4/$',&".1!)$-!F"*)4-%!'5!)$-!+&'$'?!1"F-.!
)$-"*!.+2-=!>)!"%!4%-54,!)'!*-2-2<-*!+)!)$"%!/'".)?!$'3-F-*?!($',-*:%!&"*-()!'//'%")"'.!)'!
/$,-12!".!C+,-.:%!('.(-/)"'.?!+.&!)$-!('.%-@4-.)"+,!<-,"-5!)$+)!)$-!-7(-%%"F-!+//,"(+)"'.!'5!
('.)*+*"-%!)'!-+($!')$-*!*-%4,)%!".!)$-!-,"2".+)"'.!'5!)$-!3-+;-*!+.&!)$-!/*-/'.&-*+.(-!'5!
)$-!%)*'.1-*=!Y'?!)''?!C*+DD".":%!+&'$'?!.'3!&-/*"F-&!'5!)$-!-%%-.(-!)$+)!&-5".-%!)$-2?!
<-('2-!&-5".-&!<0!)$-"*!('.)*+*0?!")%-,5!%)",,?!5'*!+,,!".)-.)%!+.&!/4*/'%-%?!+!F+*"+.)!'5!")%!
.-"1$<'4*?!2-,+.($',0=GS^!
#$-!"2/'*)!'5!C*+DD".":%!-.)"*-!/'-2!+.&!")%!".)-*/*-)+)"'.?!$'3-F-*?!$".1-!'.!)$-!
5"14*-!'5!Y+".)!K-*-2"+$=!L-)*+0-&!<0!$"%!<*')$-*%?!,-&!)'!)$-!%)'(;%!<0!5-,,'3!/*"-%)%!+.&!
5+,%-!/*'/$-)%?!)$*'3.!".)'!+!("%)-*.!<0!b".1!w-&-;"+$:%!+&F"%'*%!+.&!"2/*"%'.-&!)$-*-!E!
+.&!+,,!5'*!/*'/$-%0".1!)$-!5+,,!'5!K4&+$!)'!)$-!L+<0,'."+.!+*20!E!K-*-2"+$?!)$*'41$!)$-!
<"<,"(+,!<'';!'5!A+2-.)+)"'.%?!<-('2-%!;.'3.!+)!'.(-!<')$!+%!)$-!_X--/".1!9*'/$-)`!+.&!
+%!)$-!)"*-,-%%!E!+.&!54*"'4%!6!2'4)$/"-(-!'5!C'&!".!)$-!5+(-!'5!4.-.&".1!+&F-*%")0?!)$-!'.-!
($'%-.!)'!&"*-()!+!/-'/,-!'4)!'5!%".?!3$'!".%)-+&?!+.&!+%!+!*-%4,)?!"%!%('*.-&?!<4)!.')!
%",-.(-&!<0!)$-2=!a-!"%!+!2+.!4.+<,-!)'!-%(+/-!/-*%-(4)"'.!"5!.')!<0!&"F".-!".)-*F-.)"'.?!
<4)!&-)-*2".-&!)'!*-('4.)!)$-!".d4%)"(-!'5!$"%!)*-+)2-.)=!#$-!+%%'("+)"'.!"%!.'!&'4<)!%-,56
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
5'*)$!+!,+;-!'5!)-+*%!5*'2!20!-0-%?!+.&!3")$!20!,+2-.)%?!>!;--/!<"))-*!('2/+.0!3")$!
K-*-20=!IY!8"*-.D-?!L"<,"')-(+!I-&"(-+6A+4*-.D"+.+?!B.)".'*"!NO=!M+*)!pJ>=!GRS!5',%=?!P*=!
GS^ !>.!+.')$-*!/'-2!3*"))-.!".!)$-!'((+%"'.!'5!C"'F+.."!I+DD4',":%!&-+)$?!+.&!".!I+DD4',":%!
F'"(-?!C*+DD"."!+1+".!2+;-%!4%-!'5!)$-!42"&"6+%("4))"!2-)+/$'*?!3*")".1U!_A+!9'-%"+!".!
"%('1,"'!!v!a+!&+)'!+,!5".-U!-!1,"!g2"&"!2"-"!)4))"!v!9-*!%-2/*-!*"2+**+..'!%-(($"!-!+%("4))"U!v!
c!%-.D+!+,(4.!('.)*+%)'!v!8+*+..'!1,"!B*+2-"!%"(4*'!14+%)'!v!T-,,:B((+&-2"+?!'F:"'!54"!1"l!
<-+)'?!v!9+//+.&'%"!+!F"(-.&+!",!M'.%',+)'`![7'&%($%*(<#0"#;(?#2/%(?2'&#;!GSN\=!
!
QS!
!
!
!!!!!!!!!!!
+11*+.&"D".1=GSO!Y)",,?!".!K-*-2"+$!"%!)$-!".)-*%-()"'.!'5!2-,+.($',"(!+.&!($',-*"(!/*'/-*)"-%!
'.(-!)$-!%)-+&0!E!/-*$+/%!<-))-*?!,+D0!E!('.&")"'.!'5!)$-!/$,-12+)"(!$+%!<--.!&"%*4/)-&=!!
B!%4*/*"%".1,0!%(+.)0!+2'4.)!'5!$"%)'*"(+,!%($',+*%$"/!'.!Y+".)!K-*-2"+$!"%!+F+",+<,-!
)'&+0=!X$+)!"%!;.'3.!'5!$"2!&-*"F-%!/*"2+*",0!5*'2!('.)*+%)".1!*-+&".1%!'5!$"%!.-3!
('F-.+.)?!'.-!<0!Y+".)!B414%)".-?!)$-!')$-*!<0!Y+".)!K-*'2-=GSQ!>)!"%!4.(,-+*!3$"($!'5!)$-%-!
C*+DD"."!2+0!$+F-!$+&!+((-%%!)'?!'*!-F-.!"5!")!3+%!$"%!".)-*-%)!)'!%(*+/-!<-0'.&!)$-!%4*5+(-!
'5!$"%!+.+,'1'4%!%-,56('2/+*"%'.!)'!)$-!/*'/$-)=!8*'2!)$-!5'4*)--.)$!(-.)4*0!'.?!$'3-F-*?!
+.&!".!;--/".1!3")$!I-&"-F+,!B414%)"."+.!%)4&0?!K-*-2"+$!<-('2-%!+!/'".)!'5!".)-*-%)!5'*!
%-(4,+*!%($',+*%!+.&!-((,-%"+%)%!+,";-?!3$'!%--!".!$"2!+!*+.1-!'5!/-*%'.+,!-2')"'.%!+.&!
($+*+()-*"%)"(%!5*'2!)$-!.'%)+,1"(!+.&!2-,+.($',"(!)'!)$-!4/*'+*"'4%!+.&!-.*+1-&!+,,!
+%%'("+)-&!3")$!)$-!5"14*-!'5!)$-!/*'/$-)!2'*-!1-.-*+,,0=!K+('<!L=!B14%!'4),".-%!)$-!
/*'/-*)"-%!'5!)$-!a-<*-3!/*'/$-)!".!$"%!GPNO!<'';?!89%(>21?9%/('-(E1$%2-(5%J2%f(
<'/%2#/32%=!#$-*-?!$-!&-%(*"<-%!$"2?!<0!.'3!-7/-()-&,0!('.)*+&"()'*",0?!+%!_<')$!+()"F-!+.&!
/+%%"F-!=!=!=!!a-!"%!<')$!+*)"%)!+.&!-.1".--*?!<')$!/$",'%'/$-*!+.&!%+".)?!%'!)$+)!/-*/-)4+,!
)-.%"'.!+.&!&0.+2"(!*-%),-%%.-%%!"%!)$-!($+*+()-*"%)"(!2+*;!'5!$"%!<-".1=`GSP!a-!"%!+)!'.(-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GSO !>)!('.)".4-%?!+.&!2'*-!-7/,"("),0?!".!)$-!.-7)!%)+.D+U!_H!C$-*-2"+?!%"!)4!54%)"!)*+&")'!v!>'!
%'.!*"%)+)'!,+(("'?!-!%2-2<*+)'e!v!Y"!)4!1"l!54%)"!/'-)+!1*+&")'?!v!B.($:"'!1"l!54!B((+&-2"+!
$'.'*+)'!v!Y"!)4!*"F',)'!".!F4,1+*!%-"!5+,,")'?!v!>'!%'.!/-11"'!($-!2'*)'!-!%'))-*+)'!v!9'"!($-!
/4*!2:$+..'!('.&'))'!".!<'*&-,,'!v!A:-)*4%('?!,:+*+2+"'?!,'!%(4*'?!-!m,!C-,,'=`![H!K-*-2"+$?!"5!
0'4!3-*-!<-)*+0-&?!)$-.!>!3+%!-.%.+*-&!+.&!&"%2-2<-*-&ev!f'4!3-*-!'.(-!+!F+,4-&!/'-)?!
v!B.&!>?!)''?!3+%!'.(-!$'.'4*-&!<0!)$-!B(+&-20!v!>5!0'4!)4*.-&!+3+0!<0!)$-!/-'/,-?!v!#$-.!
>!+2!3'*%-!)$+.!&-+&!+.&!<4*"-&!v!Y".(-!c)*4%(+.?!B*+2+"(?!)$-!&+*;!'.-?!+.&!C-,,'!v!a+F-!
)'1-)$-*!,-&!2-!)'!)$-!<*')$-,e!"<"&?!P*\=!a-!,+)-*!('.)".4-%?!".!)$-!F'"(-!'5!K-*-2"+$!4*1".1!
$"2!)'!%/-+;?!_]'.!%+"!)4!($:"!/'-)"!$+.!/*"F",-1"'?!v!c!.'.!%)+..'!%'))'!/'%)'!+!,-11-*!v!T"!
&"*!,+!&-!+,)*4"!('2-!",!&"%/*-1"'e!v!A+%("+.&'!%)+*!%',($"!1'F-*.+!-!*-11"U!v!a'*!&4.@4-!
%-.&'!&-%!%+1*'!(',,-1"'?!v!T-,,-!24%"!-!&:B/',,'e!,-!('*-11"!v!94'"!5+*!&"-)*'!+!1,"!%(*"<"!-!
8+*"%-"!v!#-!%)-%%'!&-5-.&-.&'!-!1,"!$'.'*!2"-"=`!
GSQ !Y--?!5'*!-7+2/,-?!K'%$4+!]=!I''.?!O%2%&'#9A0(L%f(41B%-#-/H(#-(!3)30/'-'#-(7%#$'-)!
[X".'.+!A+;-U!c"%-.<*+4.%?!VRGG\=!
GSP !M".("..+)"U!a-<*-3!g."'.!M',,-1-!9*-%%?!GPNO?!VPV=!
!
QW!
!
!
!!!!!!!!!!!
&-F')-&!%4<2"%%"F-,0!)'!)$-!3",,!'5!$"%!A'*&?!+.&!('2/-,,-&!)'!%/-+;!'4)!+1+".%)!3$+)!$-!
/-*(-"F-%!)'!<-!$',0!".d4%)"(-%!66!+.!_-)$"(+,!+<%',4)"%)?!4.0"-,&".1!+.&!4.('2/*'2"%".1=`GWR!
B%!%4($?!$-!2+;-%!+.!+//*'/*"+)-!2'&-,!'5!('2/+*"%'.!5'*!C*+DD"."!$"2%-,5?!3$'!%$+*-%!
3")$!$"2?!".!)$-!5"*%)!/,+(-?!+!54.&+2-.)+,!%)+)-!'5!3'-?!.'%)+,1"+?!+.&!('.)-2/)U!_HF-!%'.!
$'*!@4-"!/*"2"!8'.&+)'*"?!v!C,:B.)"($"?!J+,'*'%"?!a42"&"!2-"!v!9-*!(4"!('.!2",,-!-!2",,-!-!4."!
$'.'*-!v!I:+,D+"!F',1-.&'!+,!*-1.'!&-1,"!>&&"o`!$-!3*")-%=GWG!_>,!/*"2'!($-!&'F*"+!2"+!%('*)+!
-!14"&+!v!c%%-*-!".!@4-%)+!)-.-<*'%+!F+,,-e!v!Y+(-.&'!,+!/'-)"(+!&-,!F"&+!v!I:$+!*"5"4)+)'!-!
F',)'2"!,-!%/+,,-=`GWV!A";-!)$-!/*'/$-)!K-*-2"+$!3$'!,+2-.)%!)$-!5+,,!'5!)$-!$-*'-%!+*'4.&!
$"2?!C*+DD"."!,+2-.)%!.')!'.,0!)$-!,'%%!'5!+!%'("-)0!".!3$"($!$-!'.(-!$+&!1*-+)!5+")$?!<4)!
+,%'!$"%!/*"F+)-!*-,+)"'.%$"/%!3")$!5'*2-*!2-.)'*%!3")$".!")=!a"%!5--,".1%!'5!'%)*+("%2!+.&!
2+*1".+,")0!,-+&!$"2!)'!)$*-+)-.!)'!,-+F-!8,'*-.(-?!.'!,'.1-*!3-,('2-!+2'.1!8,'*-.)".-%?!
+.&!,'(;!$"2%-,5!".!%",-.(-!4.)",!$"%!+&'$'?!2"%%".1!$"2?!('2-!)'!*-(,+"2!$"%!1*-+).-%%U!
Y',!&"!2-!,+%("+*'1,"!,:'2<*+!%',+?!
c)!"'!2-!.:+.&*'!&:B*.'!+,,+!9-%(+*+e!
T'!2-!5"))+!.-,,:B(@4+!".5".!+!1',+!
Y'%)-**'!&'1,"-?!-!/-.-!+!(-.)".+"+e!
j4"F"!%)+*'22"!%-.D+!5+*!/+*',-!
M'2-!%:"'!54%%"!".!4.+!(','2<+"+!
#+.)'!($:4.!1"'*.'?!,"-)"!2-!F-**+..'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GWR !"<"&!SGG=!
GWG !X$-*-!+*-!)$-0!.'3?!)$'%-!5'4.&".1!5+)$-*%!v20!B.("-.)?!J+,'*'4%!53&'$'!v!8'*!3$'2!
3")$!+!)$'4%+.&!+.&!+!)$'4%+.&!+.&!'.-!$'.'4*%!v!>!,"5)-&!20%-,5!4/!)'!)$-!*+.;%!'5!)$-!
1'&%o!["<"&\=!
GWV !#$-!'.-!3$'!%$'4,&!<-!20!5"*%)!14"&-!+.&!-%('*)!v!#$*'41$!)$"%!&+*;-.-&!F+,,-0e!v!
b.'3".1!)$-!/'-)*0!'5!,"5-!v!a+%!*-54%-&!2-!+.&!)4*.-&!$"%!<+(;!'.!2-!["<"&\=!
!
QN!
!
!
!!!!!!!!!!!
C,"!a42"&"!2"-"?!-!2-.+!+&F"*+..'=GWS!
f-)!)$-!/*'/$-)!K-*-2"+$:%!)'.14-!('4,&!.-F-*!<-!('.)+".-&?!.'*!('4,&!$-!-F-*!<-!
"2/*"%'.-&!5'*!F-*0!,'.1=!#$-!%+2-!"%!)*4-!5'*!C*+DD"."=!g*1-&!<0!K-*-2"+$!)'!%/-+;!E!_c!)4!
A+%(+?!($-!5+"!'!($-!):+%/-))"o!J4'"!)4!)+.)'!".&41"+*-!($:"'!%"+!<+%")'o!v!]'.!%+"!($-!
2-&"+.)"!"!%4'"!%'.-))"!!v!Y/-*+.D+!$'!&+!($"!/4'"!$+F-*-!+")+o`!E!C*+DD"."!&-F')-%!)$-!,+%)!
5"F-!%)+.D+%!'5!$"%!,+2-.)!)'!+!&*+3.6'4)!&-)-*2".+)"'.!)'!<-!$-+*&!/4<,"(,0?!".)-*%/-*%-&!
3")$!)$*-+)%!'5!%",-.(-!,";-!)$-!'.-!+<'F-=!>.!')$-*!3'*&%?!)*0!+%!$-!2"1$)!)'!)+;-!<"))-*!
%',+(-!".!$"%!2-,+.($',0!%)+)-?!$"%!*+1".1!&-%"*-!5'*!F'(+,!*-)*"<4)"'.!('2/,"(+)-%!$"%!.--&!
5'*!@4"-)!*-%)?!+.&!4,)"2+)-,0!4.&-*2".-%!")=!a"%!(,'%".1!%)+.D+!%$'3%!<-%)!)$-%-!)3'!5'*(-%!
".!('.)-.)"'.U!!
c!+,,+!<+*<+!/'"!&-!"!5+*"%-"!
c!&-1,"!%(*"<"?!54*<+!-2/"+!-!2+,"1.+!
Y-.%+!".&*+..'!%1$+DD+.&'!1,"!$'.'*!2"-"!
T+!*'F"DD+.!/-*!+(@4+!".5'!+!%"1.+!
I+!$'*?!($:"'!/"+.1'?!-!2"%-*-*!2"'!
M$"-11'!&',-.(-!+!($"!%"!)+(-!-!1$"1.+?!
c!%'22"!4.!/-DD'!,+2-.)+)+!".!&+*.'!
A+%("'!@4"!,:'2<*+e!-!F'!('**-.&'!+&!B*.'=GWW!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GWS !>!3",,!,-+F-!)$-2!3")$!'.,0!20!%$+&'3?!v!B.&!1'!5*'2!)$-!B*.'!)'!9-%(+*+e!v!X$-*-?!
%)455-&!)'!20!)$*'+)!3")$!X+)-*?!v!>:,,!%455-*!$4.&*-&%!'5!/+".%!+.&!3'-%e!v!)$-*-!>:,,!%)+0!
3")$'4)!%/-+;".1!+!3'*&!v!B%!"5!;-/)!".!+!/"1-'.!(''/!v!g.)",!'.-!&+0?!$+//0?!20!+&'$'!v!
X",,!('2-!)'!2-!+.&!,"5)!2-!+3+0!["<"&?!GV*\=!
GWW !"<"&e!_B.&!)'!)$-!<-+*&%!'5!)$-!9$+*"%--%!v!+.&!'5!)$-!Y(*"<-%?!(,-F-*?!4.1'&,0?!+.&!
2+,"("'4%!v!9")",-%%,0!2'(;".1!)$-!3+)-*%!'5!20!$'.'4*!v!8*'2!Z'F-DD+.'!)'!Y"1.+!v!L4)!
.'3?!>!(*0?!+.&!".!20!2"%-*0!v!>!<-1!)$-!".&4,1-.(-!'5!)$'%-!3$'!3$'!*-2+".!%",-.)!+.&!
,+41$!v!qnr!v!>!,-+F-!20!%$+&'3!$-*-!+.&!1'!*4..".1!)'!)$-!B*.'=`!!
!
Q^!
!
!
!!!!!!!!!!!
>)!"%!+!('.5,"()".1!*-,+)"'.%$"/!C*+DD"."!)+;-%!4/!-,%-3$-*-?!-")$-*!&"*-(),0?!<0!3+0!'5!
)$"%!-,-2-.)+,!&"%('4*%-?!'*!".&"*-(),0!)$*'41$!+!&-%(*"/)"'.!'5!'//'%".1!$42'4*+,!%)+)-%=!!
>.!+.')$-*!%$'*)!/'-2!('.)+".-&!".!)$-!%+2-!2+.4%(*"/)!+)!)$-!L"<,"')-(+!I-&"(-+6
A+4*-.D"+.+?!C*+DD"."!*-/-+)%!)$"%!'//'%")"'.!'5!/$,-12v5,"1$)!+.&!($',-*v('.5*'.)+)"'.U!
I+-%)*'!L+(("'?!,+!2"+!".5*-&&+)4*+!v!Y"!5-*'(-!-!*'<4%)+!-!)+.)'!<*+F+!v!B,!/*"2'!%('.)*'!
$-<<"!&"!F'"!/+4*+!v!c!%"!5411k!($:"'!.'.!2-!,:+%/-))+F+?`!$-!3*")-%=!a-!('.)".4-%?!$'3-F-*U!
_I+!54!F'%)*'!('.%"1,"'e!-!2"+!F-.)4*+!v!M$:"'!F"!%('.)*+%%"?!($-!%:"'!2"!/4*1+F+!v!M-*)'!$'*!
@4"!.'.!%+*+"e!@4-%)'!i!,:-55-))'!v!J'"!&4.@4-!-!($"!2"!5+!%"+!<-.-&-))'?`!$-!('.(,4&-%=GWN!>.!
+.')$-*!".(,4&-&!".!I't(;-:%!-&")"'.?!$-!('2/+*-%!)$-!%',")+*0!%)+)-!'5!-7",-!['*!%-,56
"2/'%-&!$'4%-!+**-%)\!)'!5*--&'2?!+1+".!('.)*+%)".1!2'4.)".1!3+)-*%!3")$!+,,6('.%42".1!
*+1-=GW^ !a-!2+;-%!F+*"-&!4%-!'5!%4($!'//'%")"'.!)$*'41$'4)!$"%!/'-)*0=!B)!)"2-%?!")!"%!4%-&!
)'!&-2'.%)*+)-!/-*%'.+,!)-.&-.("-%U!_B!2-!('.F"-.!&:B/*",-!%)+*-!+,!54'('U!v!]s!&+!,4"!
/'%%'!1"*!)*'//'!,'.)+.'!v!M$-!('2-!"'!-%('!54'*"?!+!2+.'!+!2+.'!v!M'.F"-.!($:"'!)'*."!+!
*"%(+,&+*2"!4.!/'('=`GWO!H)$-*!)"2-%?!+.&!".!;--/".1!3")$!$"%!('.)-2/'*+*"-%?!")!"%!4%-&!)'!
&-%(*"<-!",,.-%%?!-")$-*!$"%!'3.?!'*!%'2-'.-!-,%-:%eGWQ !+)!%)",,!')$-*!)"2-%?!")!"%!-2/,'0-&!".!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GWN !"<"&?!PR*=!_I+%)-*!L+(("'?!20!(',&.-%%?!v!Y'!5-*'("'4%!+.&!*'<4%!+.&!1*-+)?!v!B)!'4*!5"*%)!
%(455,-?!3+%!+5*+"&!'5!0'4!v!B.&!5,-&!%'!5+%)?!>!$+*&,0!-7/-()-&!")!)'!v!L4)!")!3+%!0'4*!('4.%-,e!
+.&!20!1*-+)!5'*)4.-!v!#$+)!>!(+2-!+1+".%)!0'4?!5'*!"5!>!$+&!/4*1-&!20%-,5!v!Y4*-,0!0'4!
3'4,&!.')!.'3!<-!$-*-e!)$"%!"%!)$-!-55-()!v!#$4%?!0'4!+.&!3$'-F-*!2+&-!2-!%'?!<-!<,-%%-&=!!
GW^ !#$-!'/-.".1!$+,5!*-+&%U!_j4+11"u!2"!)*'F'?!-!.'.!F"!%'!<-.!&"*-?!v!Y-!/-*!&-%)".'!'!/-*!
-,-D"'.-?!v!T'F:-%%-*!@4+%"!2"!/+*-!".!/*"1"'.-?!v!9'"($:"'!.'.!/'%%'!54'*!&"!(+%+!4%("*-=!v!
Y',-))'!%)'22"?!-!/-*!/"u!2"'!2+*)"*-?!v!Y'.!(',,-!I4%-!".!(',,-*+!-!m.!@4"%)"'.-?!v!#+.)'!($:>!
(*-/'U!-!/-*!@4-%)+!(+1"'.-!v!J-1,"+*!.'.!/'%%'?!+"2iy!.i!%'!&'*2"*-v!!A:+(@4+!*".5'*D+!-!
/*-.&-!'1.'*!F"1'*-?!#+.)'!($:"'!/-.%'!".!"%',+!)*'F+*2"?!v!Y-!('%k!&4*+!",!)-2/'!+,2-.!
&4*-!'*-`![7'&%($%*(<#0"#;(?#2/%(?2'&#?!GV\=!
GWO !#$-!"2/,"(+)"'.?!$-*-?!"%!)$+)!C*+DD"."!"%!/$,-12+)"(!<0!.+)4*-?!'*!-+%",0!%4%(-/)"<,-!)'!
)$-!(',&?!%'!)$+)!('4.)-*+()".1!")!5*-@4-.),0!3")$!$-+)!E!-F-.!".!)$-!2'.)$!'5!B/*",!E!3'4,&!
<-!.-(-%%+*0!["<"&!GP\=!
GWQ !"<"&?!^G?!^S?!V^W=!!
!
QO!
!
!
!!!!!!!!!!!
*-,"1"'4%!(0(,-%!+.&!+//,"-&!)'!*-,"1"'4%!2')"5%=GWP!I'%)!5*-@4-.),0?!$'3-F-*?!C*+DD"."!
+//-+,%!)'!('.)*+*"-%!3$-.!&-%(*"<".1!'*!+&&*-%%".1!)$-!+(+&-20!'*!")%!".&"F"&4+,!
2-2<-*%=!!
!
a-!&'-%!%'!'.,0!"2/,"("),0!".!)$-!5',,'3".1!-7)*+()?!,";-,0!+&&*-%%-&!)'!M'%"2'!>!&-:!
I-&"("U!
Y-!.-,!5".?!($:"'!%)"+!($-)'!+!F'"!/4*!/"+(-?!
M'%k?!($-!,+%("!+.&+*!,+!9'-%"+e!
c(('?!9*".("/-!",,4%)*-?!($-!,+!2"+!
A".14+!-!,+!/-..+!'2+"!/-*!%-2/*-!)+(-=!
>'!<*+2'?!-!(-*('!/"u!,+!F'%)*+!/+(-?!
M$-!.-%%4.:+,)*+!('%+?!-!@4+,!F4',!%"+e!
9"4))'%)'!+.&+*-!%($"+F'!".!L-*<-*"+?!
M$-!(+%(+*-!)+.)".'!".!('.)42+(-=!
c!%"+)-!(-*)'!".!@4+.)'!+,,:B((+&-2+?!
M$:"'!.'.!%(*"%%"?!-!.'.!&"%%"!2+"!/+*',+?!
9-*!5+*-!".!/+*)-!,+!%4+!1,'*"+!%(-2+=GNR!
C*+DD".":%!&"%/,-+%4*-!3")$!)$-!I-&"("!+)!)$-!*-5'*2!'5!)$-!B(+&-20!+.&!")%!%4<%-@4-.)!
)*+.%5'*2+)"'.!".)'!)$-!,+*1-,0!/-&+.)"(!+.&!)$-'*-)"(+,,0!/*'/+1+.&"%)"(!B((+&-2"+!
8"'*-.)".+!"%!.')'*"'4%=!a-*-?!$-!/"(;%!4/!5*'2!3$-*-!$-!,-+F-%!'55!".!)$-!A+2-.)!@4')-&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GWP !7'&%($%*(<#0"#;(?#2/%(0%"1-$#;!VQV6VQW=!!
GNR !7'&%($%*(<#0"#;(?#2/%(?2'&#?!Qê!_>5?!".!)$-!-.&?!20!%",-.(-!/,-+%-%!0'4?!v!B.&!>!%$'4,&!
+<+.&'.!/'-)*0e!v!a-*-?!>,,4%)*"'4%!9*".(-?!,-)!20!v!#'.14-!+.&!20!/-.!5'*-F-*!<-!%",-.(-&=!
v!>!+&2"*-!+.&!%--;!.')$".1!2'*-!)$+.!0'4*!/-+(-?!v!B.&!&'!+%!0'4!3"%$e!v!>!3'4,&!*+)$-*!
<-!+!I'*'((+.!%,+F-?!v!#$+.!5+,,!-F-.!%,"1$),0!".)'!('.)-2/)!'5!0'4=!v!B.&!<-!(-*)+".!)$+)!+%!
5'*!)$-!B(+&-20?!v!#$+)!>!3",,!.-F-*!3*")-!'*!/*'.'4.(-!+!3'*&?!v!#$+)!%$'4,&!".!+.0!/+*)!
*"&"(4,-!")%!1,'*0=`!
!
QQ!
!
!
!!!!!!!!!!!
+<'F-U!+,)$'41$!$-!/*'2"%-%!)'!%",-.(-!$"%!/-.!".!'*&-*!)'!('.)-.)!$"%!/*".(-:%!3"%$-%?!$-!
<')$!<*-+;%!$"%!F'3!".!%-))".1!")!)'!3*")".1!+.&!&-2'.%)*+)-%!")%!54.&+2-.)+,!".%".(-*")0!".!
&'".1!%'=!a"%!/'-2:%!'/-.".1!@4+)*+".!%--2%!3-,,!2-+.".1!-.'41$=!#$-!@4+)*+".!)$+)!
5',,'3%?!$'3-F-*?!F-*0!@4"(;,0!1"F-%!$"2!+3+0U!".!+!(0(,-!'5!/'-2%!&"%(4%%".1!)$-!<-.-5")%!
'5!-7",-?!$-!+&2")%!$-*-!)'!/*-5-**".1!-.%,+F-2-.)!)'!<-".1!$-,&!".!('.)-2/)!'5!)$-!('4*)=!
#$-!('.(,4&".1!)-*(-)!2+;-%!$"%!2-+.".1!(,-+*!<-0'.&!&'4<)U!$-!".)-.&%!".!.'!3+0!)'!%".1!
)$-!/*+"%-%!'5!+.!+(+&-20!$-!.'!,'.1-*!*-%/-()%?!,-)!+,'.-!+&2"*-%=!C*+DD".":%!('.)*+*".-%%!
"%!('.)+".-&!3")$".!)$-!%)*4()4*-!'5!)$-!/'-2!")%-,5=!I'F".1!5*'2!+//-+%".1!)'!+//+,,-&?!$-!
+1+".!/4)%!)'!4%-!)$-!54,,!%/-()*42!'5!$42'4*+,!&"%/'%")"'.%=!
!
a"%!+%%'("+)"'.!3")$!)$-!('.5,"()".1!$42'4*%!Y+".)!K-*-2"+$!-2<'&"-%!E!)$*'41$!+!
('2/+*"%'.?!.'3?!3")$!Y+".)!Y-<+%)"+.!6!"%!%)",,!2'*-!-7/,"("),0!&*+3.!".!)$-!/'-2!
"22-&"+)-,0!5',,'3".1!)$-!+<'F-!".!I't(;-:%!-&")"'.=!#$-*-?!".!+&&")"'.!)'!)$-!/+".%!'5!
2+*1".+,"D+)"'.!+.&!<-)*+0+,?!C*+DD"."!+,%'!&-%(*"<-%!)$-!&+2+1-!(+4%-&!<0!$"&&-.!%(+*%!'5!
%$+2-?!)$-!)$*-+)!'5!<-".1!5'*1'))-.?!)$-!'F-*<-+*".1!3-"1$)!'5!2-)+/$'*"(+,!
"2/*"%'.2-.)=!a-!3*")-%U!
T+!)-!2"!/+*)'?!-!F'22-.-!".!'<,k'!
9-*!<+,D-!-!2+(($"-!".('1.")-!-!.+%('%-?!
H!%+.)+!9'-%"+?!($-!)*+!*+<<"'%-!
8"-*-!.'.!F':!/"u!%)+*?!.i!F"F-*!"'=!
B&&"'!8-<'?!+&&"'!I4%-?!+&&"'?!+&&"'U!
B&&"'!F'"!*"2-?!F'"!F-*%"?!-!F'"!/*'%-?!
9-)*+*($-%($-?!<4*,-%($-!-!+2'*'%-?!
Z-%)+)-!".!/+(-?!-!5+)-F"!('.!T"'=!
!
QP!
!
!
!!!!!!!!!!!
9'"($:'11"!1"'*.'!+,,-!F'%)*-!(+1"'."?!
M'2:"'!54%%"!A'.1".'?!'!C"4&+!'!C+.'?!
Y'.!2".+(("+)'!&"!2",,-!/*"1"'."=!
]'.!("!+F*-:!/+D"-.D+!Y+.!L+%)"+.'?!
L-.($:-1,"!%)-%%-!5'*)-!+!@4-"!5*-(("'."U!
j4-%):i!)'*2-.)'!2+11"'*-?!-!/"u!%)*+.'=!
!
M'%k!%)+.&'!,'.)+.'!
T+,!2'.&'!)*+&")'*?!($-!2:$+!%($-*.")'?!
>.!@4+,($-!%-,F+!2"!%+*h!*'2")'=!
c!('.!%k!%)*+.!/+*)")'?!
Y+*h!%"(4*'!-!,"<-*'!".!-)-*.'!
T+:!<"**"!",!('*/'?!-!,:+,2+!&+,,:>.5-*.'=GNG!
B%!".!)$-!/*-F"'4%!/'-2?!$'3-F-*?!$-*-?!)''?!C*+DD".":%!+,"1.2-.)!3")$!F+*"'4%!,")-*+*0!
5"14*-%!-%%-.)"+,,0!+..4,%!$"%!".)-.&-&!5'*-%)!-%(+/-=!a-!"%!,-+F".1!9'-)*0?!$-!%+0%?!<4)!.')!
<-5'*-!+,%'!&-(,+*".1!$"2%-,5!'5!)$-!('2/+.0!'5!9'-)*0!")%-,5?!'5!B/',,'?!1'&!'5!/'-)*0?!)$-!
I4%-%?!9-)*+*($?!+.&!-F-*0!<*+.&!'5!,")-*+)4*-U!*$02-%?!F-*%-%?!/*'%-?!'5!<')$!)$-!<4*,-%@4-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GNG !"<"&!Q^6QOe!_>!)+;-!20!,-+F-!'5!0'4?!+.&!1'!".)'!'<,"F"'.!v!#$*'41$!$"&&-.!+.&!4.;.'3.!
(*+1%!+.&!<*4%$-%!?!v!H!$',0!9'-)*0?!5'*!>!.'!,'.1-*!3"%$!)'!%)+0!'*!,"F-!v!B2'.1!%4($!+.1*0!
/,+(-%=!v!C''&<0-!9$'-<4%?!1''&<0-!I4%-?!1''&<0-?!1''&<0-U!v!C''&<0-!0'4!*$02-%?!0'4!
F-*%-%?!+.&!0'4!/*'%-?!v!9-)*+*($+.?!<4*,-%@4-?!+.&!,0*"(+,?!v!Z-%)!".!/-+(-?!+.&!1'!3")$!
C'&=!v!Y".(-!)'&+0?!+.&!<-(+4%-!'5!0'4?!v!B%!"5!>!3-*-!A'.1".4%!'*!K4&+%!'*!C+.02-&-?!v!>!+2!
)$*-+)-.-&!<0!+!)$'4%+.&!/*"%'.%=!v!]')!-F-.!Y+".)!Y-<+%)"+.!3'4,&!$+F-!)$-!/+)"-.(-!q)'!
-.&4*-!)$"%!('.&")"'.r?!v!#$'41$!$-!*-%"%)-&!)$'%-!+**'3%U!v!#$"%!"%!+!%)",,!1*-+)-*!+.&!
%)*+.1-*!)'*2-.)=!v!>.!)$"%!3+0?!%)+0".1!5+*!+3+0!5*'2!)$-!)*+")'*'4%!3'*,&!)$+)!%$4..-&!
2-?!v!>!3",,!<-('2-!+!$-*2")!".!%'2-!5'*-%)!v!B.&!".!)$"%!%)*+.1-!('.&")"'.?!v!I0!<'&0!3",,!
<-!%+5-!+.&!5*--!5'*!-)-*.")0!v!8*'2!20!(+/)'*%?!+.&!20!%'4,!5*'2!a-,,=!
!
PR!
!
!
!!!!!!!!!!!
+.&!)$-!,'.16%)+.&".1!)*+&")"'.!'5!,'F-=!a"%!(,'%".1!F-*%-?!5".+,,0?!*-(+,,%!-F-.!)$-!,")-*+*0!
%)*-.1)$!'5!T+.)-=!
!
>.!5+()?!")!"%!$+*&!)'!<-,"-F-!C*+DD"."!+.0!)"2-!$-!)$*-+)-.%!)'!%",-.(-!$"2%-,5=!
>.(*-+%".1,0?!$"%!%(-.+*"'%!,'%-!(*-&"<",")0?!<-('2-!('.)".1-.)!'.!"2/'%%"<",")0?!&"%/,+0!
2'*-!'5!+!*+1".1!5*4%)*+)"'.!3")$!,"5-!)$+.!+!@4"-)!*-%"1.+)"'.!)'!")=!_>'!.'.!F'**-"!/"u!".!
@4-%)'!q2'.&'r!-%%-*!F-&4)'?`!$-!3*")-%?!<4)!'.,0!_%:"'!/')-%%"!.+%('.&-*2"!'!5411"*-!v!>.!
@4+,($-!2'.&'!.4'F'!-!%('.'%("4)'=`!#$-!+*&-.)!54*0!'5!_"!.41',"!-!"!F-.)"`!+,,!+*'4.&!$"2?!
3$"($!/*-F-.)%!$"2!5*'2!-")$-*!('2/'%".1!$"%!/'-)*0!'*!%,--/".1?!"%!2+)($-&!/'".)!)'!/'".)!
<0!)$-!,+.14+1-!$-!4%-%!)'!&-%(*"<-!")U!_M$-!@4-,,'!F-.)'!+**+<<"+)'!-!('*.4)'?!v!J"!%'!&"*:"'?!
($-!%:i!5+))'!%-.)"*-=!v!M-*)'!.'.!$+!)+.)'!5*+(+%%'!",!T"+F','?!v!j4+.&'!F+!(',,+!2'1,"-!+!
/*'(-%%"'.-?!v!I-.+.&'!%-('!%4'!/+&*-!-!%4'!+F','?!v!j4+.):$+!5+))'!%)+.'))-!@4-,!/',)*'.-?!
v!H!)*+2'.)+.'!'!Z'F+d'!'!J-.)+F','?!v!M$"+2".,'!('2-!F'1,"'.!,-!/-*%'.-=`GNV!#'!%42?!
C*+DD"."!"%!('.5,"()-&!+)!$"%!F-*0!('*-!+.&!%)*411,-%!3")$!)$-!('.)*+%)".1!5'*(-%!'5!+()"'.!+.&!
('.)-2/,+)"'.?!<4)!5+,,%!%"1."5"(+.),0!%$'*)!'5!-")$-*!1'+,=!a"%!"%!.-")$-*!+!('.)-2/,+)"F-!
".-*)"+!.'*!+!%'("+,!/+*+,0%"%?!<4)!+!.-F-*6-.&".1!5"1$)!+1+".%)!)$-!5'*(-%!)$+)!)*0!)'!('.)+".!
$"2!E!+.&!$+*&,0!%4((--&=!H*?!3$-.!")!"%!.')?!")!"%?!*+)$-*!)$+.!)$-!2-,+.($',"(:%!".+<",")0!)'!
+()?!)$-!($',-*"(:%!".+<",")0!)'!*-%)=!_{!@4-%)+!.'%)*+!F")+!4.!2+*?!($:+(('1,"-!v!8"42"!".5".")"!
&:'1."!2+,+))"+e!c!/-*h!2',)"!('.!,'*!5+.)+%"+!v!Y(*")):$+.!@4+,!%"+!2+11"'*!)*+!,:+,)-!&'1,"-=!v!
=!=!=!v!I+!5*+!)4))"!",!!/-11"'*-?!v!M$-!%"!/'%%+!.-,!2'.&'!%'55-*"*-?!v!{!,:+F-*!%'..'?!-!.'.!
/')-*!&'*2"*-?`!$-!3*")-%=GNS!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GNV !7'&%($%*(<#0"#;(?#2/%(0%"1-$#?!VNS=!!
GNS !7'&%($%*(<#0"#;(?#2/%(?2'&#;(^S=!_#$"%!'4*!,"5-!"%!+.!'(-+.!)$+)!(',,-()%!v!>.5".")-!,+;-%!'5!
-F-*0!",,.-%%e!v!B.&!2+.0?!3")$!)$-"*!5+.)+%0!v!a+F-!3*"))-.!'.!3$"($!"%!)$-!1*-+)-%)!+2'.1!
)$-!%)*'.1-%)!3'-%=!v!=!=!=!v!L4)!+2'.1!)$-2!+,,?!)$-!3'*%)?!v!H.-!(+.!-F-*!%455-*!".!)$-!3'*,&?!
v!>%!<-".1!)"*-&?!0-)!4.+<,-!)'!%,--/=`!H.!)$-!)'/"(!'5!+()"'.!F%=!('.)-2/,+)"'.?!%--!+,%'!"<"&?!
!
PG!
!
!
!
!!!!!!!!!!!
>,!A+%(+!2+;-%!.'!%-(*-)!'5!$"%!"*+%("<",")0=GNW!a"%!%('*.!%)*-)($-%!+%!5+*!+%!".%4,)%!)'!
C'&!+.&!)'!8'*)4.-!$-*%-,5?!+.&!'5)-.!+,%'!('2-%!)'!)$-!&-5-.%-!'5!')$-*%=GNN!]')!
%4*/*"%".1,0?!3$-.!")!&'-%?!")!+"2%!)'!'55-*!*-)*"<4)"'.!)'!%",-.(-&!'*!4.&-*+//*-("+)-&!
+4)$'*%!E!24($!,";-!$"2=!>.!'.-!%4($!5+2'4%!".%)+.(-?!3*")".1!".!)$-!F'"(-!'5!A4"1"!94,("?!$-!
&-5-.&%!)$-!E12)#-/%!+1+".%)!J+*($":%!+))+(;%=GN^!I'*-!".)-*-%)".1!)'!20!/4*/'%-%?!
$'3-F-*?!"%!$"%!/'-2!_>.!,'&-!&-,!w+DD"*".'`!".!3$"($!)$-!5"14*-!'5!K-*-2"+$!0-)!+1+".!
*-%4*5+(-%?!"5!".&"*-(),0=!#$-!/'-2!"%!.')!%'!24($!+.!'&-!'5!/*+"%-!)'!w+DD"*".'!E!-F-.!"5!_A+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GSN?!MA>J!_B,!9+&*-!Y)*+&".'?`!3$-*-".!)$-!'.,0!('25'*)!",!A+%(+!5".&%!)'!%'')$-!$"%!5-F-*!
('2-%!5*'2!)$-!($"F+,*"(!*'2+.(-%![a2*#-$1(.32'101!($"-5!+2'.1!)$-2\!Y)*+&".'!$+%!,-.)!
$"2?!+.&!)$-!-7+2/,-!'5!)$-!+()"F-!$-*'-%!+)!)$-!('*-!'5!-+($U!_>'!2:-*?!Y)*+&".!2"'?!@4+%"!
/*'2-%%'!v!T"!*")'*.+*F"!)'%)'!+,,-1*'!-!%+.'e!v!I+!,+!5-<<*-!2"!/*-%-!+!2+.'!+!2+.'?!v!
#+,($:$'!5+)"(+!'*!&:+"4)+*!2-!%)-%%'=!v!I"!%)"+!/4*!2+,-?!'!<-.U!%"+!,4.1"?!'!/*-%)'?!v!>!F'%)*"!
1*+.!,"<*'.!%-2/*-!$'!5*+!2+.'?!v!Z".+,&'?!H*,+.&'?!]+2'?!B%)',5'!-!C+.'?!v!L*4.+2'.)-?!
B.)"5'*-!-!9',".-%%'=!v!M',4"?!($-!m,!5'*)-?!<-,,'!-!<4'.!C"*'.-?!v!M'.!)+.)+!1,'*"+!%4+!5-(-!/4*!
&"+.D"?!v!T-))-!+,!/*"2'!.-,!F'%)*'!9+.&*+1'.-=!v!9-*'(($i!5+))'!+F*-<<-!/'($"!+F+.D"U!v!c!
%+*-<<-!")'!+.('*!5'*%-!+!C"*'.-?!v!Y-!"!,"<*"!F'%)*"!.'.!+F-F+!"..+.D"=!v!M$"!F4',!('2/'*!
Z'2+.D"?!v!c!.'.!%"!)455+!.-,!F'%)*'!+*2+&"+(("'?!v!Z"4%("*l?!(+.)+.&'?!4.!4((-,,+(("'=`!
GNW !I+&*"1+,-%%+!pp>!".!I't(;-:%!-&")"'.![7'&%($%*(<#0"#;(?#2/%(?2'&#?!VGG\!"%!+!%)*'.1!
-7+2/,-=!!
GNN !8'*!+!('2/,+".)!+1+".%)!)$-!1'&%!+.&!8'*)4.-?!%--!"<"&?!VGSU!_j4+.)'!/+*?!($-!2:+..'d!v!
c!2:+55,"11+!-!2:+55+.."?!v!A+%%'y!",!/-.%+*?!($-!&"!@4k!+!(-.):+.."!v!]'.!%+*l!F"F'!/"u!.-%%4.!
&"!.'"y!v!H"2iy!'$"?!'$"y!v!H!/-.%"-*!F+1$"?!'!F'1,"-!2"-!&"F-*%-?!v!M$-!&"+F','!$+!+!5+*!Y-*%-!
v!#-%)i!(':!F-*%"!2"-"o!v!T")-2"!&4.@4-!F'"?!%4/-*."!T-"?!v!M$-!m,!("-,!)4))'!*-11-)-!-!
1'F-*.+)-?!v!9-*($i!1,"!4'2"."!5+)-!v!Yk!.'<","!-!%k!<-,,"?!v!9-*!F',-*!/'%("+!@4-,,"!v!T"%5+*!('.!
)+.)+!54*"+o!v!94*!,+%%u!.'.!+,<-*1+!"*+!.i!%&-1.'=!v!L+%)+?!($:4.!5+%%'?!4.!,-1.'?!v!g.!(4'd'?!
4.!'%%'?!4.!5-**'?!v!g.!',2'?!4.!/".'?!4.!(-**'!v!T"!%-.%'!-!&:+,2+!/*"F"!v!g.!2'.&'!&:+.."!
%"!2+.)-.1+.!F"F"e!v!M'.!2",,-!+.('*!.'("F"!v!T"F-*%"!-!F-,-.'%"!+."2+,+(("?!v!M$-!&+..'!
2",,-!%)4*<"!-!2",,-!"2/+(("e!v!c!.'"?!($:+<<"+2!&"%('*%'!-!&"%(*-D"'.-?!v!>.)-,,-))'!-!*+1"'.-?!
v!Y-.D+!*-2"%%"'.-!v!T+,!&"*-!+,!5+*!.:+.&"+2'!+,!L+,&'.-=!v!H!/'F-*-!/-*%'.-y`!!
GN^ !#$-!/'-2!".!54,,?!('.)+".-&!".!IY!8"*-.D-?!L"<,"')-(+!]+D"'.+,-!M-.)*+,-?!A"<*-*"+!
I-&"(-'69+,+)".+U!M,=!J>>?!GOOU!Z"2-!/"+(-F',"!&-,!A+%(+!+.&!-.)"),-&!_>.!.'2-!&"!A4"1"!94,("!
+,!J+*($"?`!*-+&%U!Y-!I'*1+.)-?!-!M"*"%%'!M+,F+.-'!v!]'.!%'.!%-('.&'!)-!('2-!C"*'.-!v!
T'F-F"!+F-*!&"!2-!('2/+%%"'.-!v!c!.'.!2"!&+*.!-,!(+/'!&-,!/,-<-'!v!#4!.'.!%-!/-*h!J+*($"!
4.!%-2"&-'!v!g%(")'!&"!A4)*-(($?!'!&"!L'*<'.-!v!94*!&"!%4/-*<"+?!-!&"!/*'%4.D"'.-!v!
Y'/*+F+.D"!a-2<*'))-!-!L*"+*-'!v!M$:$+"!)4!5+))'!+,)*'!2+"?!($-!,-!*"('))-!v!c!<"+%2"!",!,"<*'!
v!2"'?!($:i!<4'.'!-!<-,,'=!v!9-*!>!F',1+*"?!-!/-*!/-*%'.-!&'))-!v!A-11"!I+*14))-!4.!/':!&-,!
5-1+)-,,'!v!M'.%"&-*+!",!&"%('*%'!&:B%)+*'))-!v!Y-!%-.-!/4h!,-F+*!('.!,'!%(+*/-,,'!v!J+!
&'2+.&+.-!",!C-,,'!v!9*"2'!Y',&+.'?!-!%-('.&'!B2'%)+.)-!v9'"!%-!-!)"!/+*!&"!2+,!&-,!2"'!
I'*1+.)-=`![VR*vF\!
!
PV!
!
!
!!!!!!!!!!!
1*+D"+?!",!(+.)'?!",!%4'.'?!-!,+!%("-.D+!v!Y4-!2-*")+.!/*-2"'!1*+.&-!-!%'22"!$'.'*"`!E!+%!")!"%!
+!,+2-.)!'5!$"%!&"%2"%%+,!<0!8,'*-.)".-!%'("-)0=!a-!*-(+,,%!)$-!1'%/-,%?!+.&!)$-"*!+55"*2+)"'.!
)$+)!_]-%%4.!/*'5-)+!+,,+!%4+!/+)*"+!+((-))'?`!+.&!%--%!".!w+DD"*".'!0-)!+.')$-*!-7+2/,-!".!
)$"%!,'.16%)+.&".1!)*+&")"'.!'5!&"%(*-&")-&!/*'/$-)%?!K-*-2"+$!/-*$+/%!)$-!5"*%)!+2'.1!
)$-2U!_]'.!2"!/+*!('%+!".4%")+)+!-!.4'F+?`!$-!3*")-%=!a"%!+.1-*!+)!)$-!,+(;!'5!*-%/-()!%$'3.!
)'!w+DD"*".'!"%!.'!2",&-*!)$+.!)$-!*-%-.)2-.)!$-!5--,%!'.!$"%!'3.!<-$+,5?!".!+!%"2",+*!
/'%")"'.!+%!&-%(*"<-&!-+*,"-*=!a-*-?!$-!3*")-%?!_I+!<-.!(*-/'!&"!*+<<"+!-!&"!&"%/-))'!v!
j4+.&'!4.!1-.)",!%/"*")'!".!(4"!5+!/*'F+!v!c!2'%)*+!,+!.+)4*+!'1."!%4+!/'%%+!v!]'.!$+<<"+!
)+.)'!/+.?!($-!F"F-*!/'%%+?`!".!('2/+%%"'.!-7)-.&".1!<-0'.&!$"%!'3.!('.&")"'.=GNO!
!
!!!H5)-.!E!+.&!/-*$+/%!4.-7/-()-&,0!E!"2/*'/*"-)0!+.&!&"%*-%/-()!'5!*")4+,%!'*!,"5-!
/'%")"'.%!5"14*-!d4%)!+%!(-.)*+,,0!)'!C*+DD".":%!"*-!+%!)$-!+))-2/)%!+)!%",-.(".1!$"2!+.&!
')$-*%!'5!$"%!",;!&'=!>.!+!/'-2!)"),-&!%"2/,0!+.&!+&&*-%%-&!_B1,"!+((+&-2"("?`!<')$!+%/-()%!'5!
$"%!54*0!('2-!".)'!/,+0=!!#$-!2+".!"%%4-?!".!('.)-7)?!"%!)$-!+%%"1.2-.)!'5!+!2".'*!/'%")"'.!
3")$".!)$-!+(+&-20!)'!C*+DD"."!E!'.-!4%4+,,0!+55'*&-&!0'4.1-*?!,-%%!-7/-*"-.(-&!2-2<-*%=!
#$"%!<,+)+.)!&"%*-%/-()!.')!'.,0!'5!C*+DD".":%!+1-?!<4)!'5!$"%!".%)*42-.)+,")0!".!5'4.&".1!)$-!
+(+&-20?!".%/"*-%!$"%!'4)*+1-U!!
]'.!<-.!%"!('.F-."F+!+,,:-)l!2"+?!
A+!)+DD+!/*-%-.)+*!2+.('!,:B.-,,'e!
g.:+,)*+!F',)+!45"D"'!)+,!%"!&"+!
B!C"'F".!,-))-*+)'?!$'.-%)'!-!<-,,'e!
]'.!-%)"2+)-!&4.@4-!F",,+."+!
",!2"'!)+(-*?!/"u!($-!)+(-*-!i!<-,,'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GNO !#$-!54,,!/'-2!"%!('.)+".-&!".!IY!8"*-.D-!L"<,"')-(+!I-&"(-+6A+4*-.D"+.+?!B.)".'*"!NO=!
M+*)!pJA?!GRS!5',%=?!QG*=!
!
PS!
!
!
!!!!!!!!!!!
/"u!($-!/+*,+*-?!&+//'"!($-!(',!)+(-*-!
$'!5+))'!,:$'.'*!F'%)*'!-!m,!2"'!&'F-*-=!!
!
=!=!=!!
!
Y-!1"l!/-*!)+.)'!)-2/'!)+.)"!$'!5+))"!
M'2/'."2-.)"!-!/4*!&"!@4+,($-!%)"2+e!
c!$'!)-.4)'!+,,-1*"!"!%+F"!-!"!2+))"e!
Y(*"F-.&'!%/-%%'!".!/*'%+?!".!F-*%"?!-!".!*"2+?!
M'**-F'!*"%($"'?!($-!".!/+*',-!-!".!5+))"!
>.!4.!%',!1"'*.'!%:'%(4*"?!'!%:'//*"2+!
j4-,!/'('e!+.D"!/-*!%-2/*-!%"+!2+(($"+)'?!
]'2-!($-!/-*!)+.)"!+.."!2:$'!+(@4"%)+)'=!
!
Y-!F',-F+)-!/4*-!+,(4.!5+F'*-!!
5+*2"!".!@4-%)+!+((+&-2"+?!'!<-.-5"D"'!
/-*!-%%-*!%)+)'!/*"2'!5'.&+)'*-!
-!2'%)*+*!F'"?!&:$+F-*!@4+,($-!1"4&"D"'!
/-*!($-!.'.!5+*2"!/"4!)'%)'!(-.%'*-o!
M$:-*+!/*'/*"'!&+!2-?!(')+,-!45"D"'!
Y-.&'!".!@4-%):+*)"!+%%+"!/*+)"('!-!%(+,)*'e!
9'"!,:$+*2"!5+))'!+,!/+*+1'.!&:'1."!+,)*'=!
!
PW!
!
!
!!!!!!!!!!!
X$+)!"%!2'*-?!)$-!'4)*+1-!")!".%/"*-%!-7)-.&%!<-0'.&!)$-!+(+&-2"(%!)$+)!$+F-!%,"1$)-&!$"2?!
+.&!)'!)$-!/-'/,-!)$-0!+&&*-%%!+.&!+55-()?!&"263"))-&?!14,,"<,-?!+.&!4.&"%(-*.".1U!
M$"!<*+2+!-%%-*!)-.4)'!&+,,+!1-.)-!
>.!('.(-))'!&:".)-.&-*-!-!%+/-*-!
L"+%2+!'1."('%+e!-!.'.!5+(("+!."-.)-?!qnr!
M$-!@4+.&'!",!F',1'?!1,"!+,)*4"!<"+%2"!%-.)-?!
M'.!2-*+F"1,"+!+%(',)+?!-!('.!/"+(-*-e!
c!.'.!14+*&+.&'!/"u!(*4&'?!($-!('))'e!
T"(-!5*+!%-!('%)4"!i!4.!1*+.!&'))'=GNQ!
#'!)$-"*!('2/+.0?!+.&!".!+.')$-*!/'-2?!$-!+&&%![0-)!+1+".\!)$-!1'&%!+.&!24%-%?!3$'!%--2!
.'!2'*-!%'/$"%)"(+)-&!".!)$-!5+F'4*!'5!)$-"*!1*+(-%U!
B.&+)-?!I4%-?!+.&+)-.-!+,!<'*&-,,'?!
M$:"'!F"!*"..-1'?!-!)-?!8-<'?!$'!%)'//+)'e!
9'"($s!&+!M+"5+%%-!-!&+!9",+)'!
BF4):$'!,+!%-.)-D+!&-,,:+1.-,,'=!
>'!2"!%/'-)'?!/'"($:"'!F-11"'!@4-,,'?!
M$-!I+&'..+!B((+&-2"+!$+!'*&".+)'U!
T'F:"'!%'.!(+%%'?!-!&-.)*'!F:i!*-%)+)'!
A:c)*4%('?!,:B*+2-'?!,'!Y(4*'!-!m,!C-,,'=!
Y'.!@4-%)"?!8-<'?!%'.!@4-%)"!1,"!'.'*"?!
M$-!&-1.+2-.)-!%"!%',-F+.!&+*-!!
B:!)4'"!%-14+("!.-:!)-2/"!2"1,"'*"o!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GNQ !IY!8"*-.D-!L"<,"')-(+!I-&"(-+6A+4*-.D"+.+?!B.)".'*"!NO=!M+*)!pJA?!GRS!5',%=?!NO*6NQ*=!
Y--!+//-.&"7!5'*!)*+.%,+)"'.=!
!
PN!
!
!
!!!!!!!!!!!
H!/-.%"-*"!".F"&"'%"?!'!F'1,"-!+F+*-y!
B!@4-%)'!2'&'!&4.@4-!"!5'.&+)'*"!
T-,,:B((+&-2"+!%:+..'!+!*"%)'*+*-o!
Tk!%u?!($-!)-!.-!/+*-o!
>'!F':!5+*!)-('?!8-<'?!4.+!<+)'%)+=!
#4!)+("?!/-*($i!m,!F-*!.'.!$+!*"%/'%)+=!
I+!(+%".'!+!,'*!/'%)+?!
I-.".%"!",!D41'!-!*"..-1$".'!T"'?!
M$-!,:B((+&-2"+!$'!5+))+!-!5'.&+):"'=GNP!
a-*-?!$'3-F-*?!")!"%!B/',,'?!1'&!'5!/'-)*0!+.&!5+F'4*")-!'5!9-)*+*($!)$+)!C*+DD"."!*-,-1+)-%!
)'!%",-.(-?!.')!$"2%-,5=!a"%!('.)-2/)?!.-F-*!".)-*.+,"%-&?!"%!*'')-&!.')!".!%-,56&'4<)?!<4)!".!
%-,56*"1$)-'4%.-%%?!.')!".!&-%/+"*?!<4)!".!/*"&-=!
!
>)!"%!+!/*"&-!$-!&"%/,+0%!)$*'41$'4)!$"%!/+*'&"(!M+/")','!".!)-*D+!*"2+?!_>.!,'&-!&-,!
&"%/-))'?`!3$"($!".!2+.0!3+0%!%42%!4/!C*+DD".":%!;-0!/'-)"(!($+*+()-*"%)"(%!+.&!
+(('2/,"%$2-.)%=G^R!A";-!)$-!2'*-!('22'.!*-5,-()"'.%!'.!T"%('*&!<-".1!/-..-&!+.&!
("*(4,+)-&!+*'4.&!)$"%!)"2-?!")!+//,"-%!)$-!5'*24,+"(!+//*'<+)"'.!'5!+!%'41$)6+5)-*!@4+,")0!E!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GNP !7'&%($%*(<#0"#;(?#2/%(?2'&#?!QNU!C'!'.?!I4%-%?!1'!'55!)'!)$-!<*')$-,?!v!>!*-d-()!0'4?!+.&!
0'4?!9$'-<4%?!>!+2!)$*'41$!3")$!0'4e!v!Y".(-!>:F-!*-(-"F-&!)$-!,+2<:%!%-.)-.(-!v!8*'2!
M+"+/$+%!+.&!9",+)-=!v!>!4.6/'-)!20%-,5?!.'3!)$+)!>!%--!3$+)!A+&0!B(+&-20!$+%!'*&+".-&U!v!>!
$+F-!<--.!(+%)!'4)?!+.&!3")$".!")!*-2+".%!v!c)*4%(+.?!B*+2-+.?!)$-!T+*;!'.-?!+.&!C-,,'=!v!
B*-!)$-%-?!9$'-<4%?!+*-!)$-%-!)$-!$'.'4*%?!v!f'4!(4%)'2+*",0!+.&!3")$!&"1.")0!1+F-!v!f'4*!
5',,'3-*%?!".!<-))-*!)"2-%o!v!H!".F"&"'4%!)$'41$)%?!'!1*--&0!&-%"*-%y!v!I4%)!)$-!5'4.&-*%!'5!
)$-!B(+&-20!v!L-!*-&4(-&!".!)$"%!3+0o!v!#-,,?!.'3?!$'3!&'-%!")!%--2!)'!0'4o!v!>!+2!1'".1!)'!
)-,,!0'4?!9$'-<4%?!+!(+,+2")0=!v!f'4!%)+0!@4"-)?!<-(+4%-!)$-!)*4)$!$+%!.'!*-%/'.%-=!v!A-)!
)$-2!(+%)!q2-r!'4)!'5!)$-"*!('2/+.0!v!A-)!)$-2!,-+&!)$-2%-,F-%?!+.&!*-d-()!C'&?!v!L4)!>!
2+&-!+.&!5'4.&-&!)$-!B(+&-20=!
G^R !Y--!7'&%($%*(<#0"#;(?#2/%(0%"1-$#?!SG=!!
!
P^!
!
!
!!!!!!!!!!!
".!)$"%!(+%-?!1*+("'4%.-%%!'*!*-%/-()!E!)'!")%!'//'%")-U!%/")-=G^G!a"%!(4%)'2+*0!%-,56
+11*+.&"%-2-.)!"%!(,-+*!5*'2!)$-!%)+*)U!_>'!.'.!(*-&'?!($-!2+"!A+)".'!'!C*-('?!v!H!%)",!
#'%(+.'!+<<"+!(+.)+)'!'!&-))'?!v!j4-,($i!&"*-!-!(+.)+*!&"%/'%)'!$'!2-('?`!$-!<-1".%=G^V!>)!"%!
*+/"&,0!5',,'3-&!<0!+.!+//-+,!)'!$"%!+4&"-.(-!3$'2!$-!+%%42-%!+,*-+&0!$',&%!$"2!".!,'3!
'/"."'.U!_>'!F':!(+.)+*!,-!,'&"!&-,!T"%/-))'=!v!J'"!&"*-)-?!($:"'!%"+!&-,!(-*F-,!54'*+?!v!A'&+.&'!
4.!2+,-?!",!/"u!)*"%)'!-!*"<+,&'?!v!M$:4%(")'!%"+!&-,!F+%'!&"!9+.&'*+=`G^S!j4"(;,0!)$-*-+5)-*!
('2-%!)$-!5"*%)!'5!%-F-*+,!$42'4*+,!*-5-*-.(-%?!+,,!'5!3$"($!<-+*!3").-%%!)'!$"%!($',-*"(!
%)+)-?!"5!.')!.+)4*+,?!)$-.!<-1'))-.!.-(-%%+*",0!<0!)$-!+.1-*!)$+)!+(('2/+."-%!<-)*+0+,U!_T"!
1*+D"+!+&+1"'!4.!/':?!%)+)-!@4"!%+,&'?!v!Y'D"'!2"'!(+*'?!v!-!%)+)-2"!+!4&"*-?!v!H*!($-!(':!F-*%"!
2:".54*"'!-!*"%(+,&'=`G^W!X$+)!('2-%!.-7)!"%!+!54,,!-.1+1-2-.)!3")$!+!,'.1!%-)!'5!('.)*+*"-%!
-2/,'0-&?!4,)"2+)-,0?!)'!2+;-!$"%!5".+,!/'".)!E!+.&!'.-!J+*($"!+.&!')$-*%!2+;-!+,'.1%"&-!
$"2?!)''!6!)$+)!.'!'.-!)$".1!(+.!-7"%)!3")$'4)!")%!'//'%")-=!_9-*!,+!5+2-!%"!/*-DD"!",!
2+.1"+*-?`!$-!3*")-%?!+.&!_,+!F-1,"+!5+!&',(-!",!&'*2"*-=`G^N!K4%)!+%!3+*!+.&!",,.-%%!$-,/!4%!)'!
+//*-("+)-!/-+(-!+.&!$-+,)$?!%'!)''!_%-!.'.!5'%%"!",!&"%/"+(-*-?!v!B.D"!",!&"%/-))'?!($:"..+.D"!
1,"!F"-.-?!v!]'.!%"!('.'%(-*"+!1"'d+!'!/"+(-*-=`G^^!B)!)$-!)+",!'5!)$"%!'/-.".1!%-()"'.!'.!)$-!
.-(-%%")0!'5!%/")-!E!+!('.%"&-*+)"'.!'5!")%!F"*)4-!5',,'3%!E!"%?!5".+,,0?!+.')$-*!d+<!+)!)$-!
".d4&"("'4%!5',,'3-*%!'5!$"%!,")-*+*0!-.-2"-%U!_M$"!%+!5+*!"!&"%/-))"?!".!'1."!)-**+!v!{!)-.4)'!
/-*%'.+!F+,'*'%+?!v!c!.-:!)-2/"!&"!/+(-?!-!".!@4-"!&"!14-**+=!v!8+!",!&"%/-))'!,+!2-.)-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
G^G !I'*-!3",,!<-!%+"&!'.!)$-%-!*-5,-()"'.%!".!)$-!5',,'3".1!($+/)-*=!
G^V !>!&'.:)!<-,"-F-!3$+)!>!".)-.&!)'!%".1!+<'4)!v!a+%!-F-*!<--.!%4.1!'*!%/';-.!+<'4)!".!A+)".!
'*!C*--;!'*!#4%(+.!%)0,-=!
G^S !>!3",,!%".1!)$-!/*+"%-%!'5!Y/")-=!v!Y4*-,0?!0'4!3",,!%+0!>!+2!'4)!'5!20!2".&?!v!#'!/*+"%-!)$-!
%+&&-%)!+.&!2'%)!*"<+,&!-F",!v!cF-*!)'!('2-!'4)!'5!9+.&'*+:%!<'7=!
G^W !L4)!%)+0!%)-+&5+%)!$-*-!+!<")?!".!1*+(-54,!('2/'%4*-?!v!I0!&-+*!+%%'("+)-%?!v!B.&!,"%)-.!)'!
2-?!v!B%!>!3+*2!20%-,5!4/!3")$!F-*%-!+.&!<-('2-!54*"'4%=!
G^N !a4.1-*!,-+&%!)'!)$-!+//*-("+)"'.!'5!5--&".1e!3+;".1!2+;-%!%,--/".1!%3--)=!
G^^ !3-*-!")!.')!5'*!&"%/,-+%4*-?!'*!<-))-*?!%/")-?!3$"($!('2-%!<-5'*-!")?!v!X-!2"1$)!.-F-*!
;.'3!d'0!'*!/,-+%4*-=!
!
PO!
!
!
!!!!!!!!!!!
".&4%)*"'%+U!v!B14DD+!,:".)-,,-))'!-!,+!2-2'*"+U!v!M$"!F4',!&"%/-))"!5+*?!2+"!.'.!%"!/'%+=`GÔ!
a-!1'-%!'.!)'!,"%)!$"%)'*"(+,!-7+2/,-%!E!#$-!C*--;%!".!#*'0?!B-.-+%!".!Z'2-!E!<-5'*-!
*-)4*.".1?!+1+".?!)'!$"%!/*-%-.)!+1-U!_>,!5+*!&"%/-))"!".!@4-%):-)l!/*-%-.)-!v!B,)*4"?!5+!*"F-*"*-!
-!'.'*+*-?!v!c!)-.-*!<*+F'!-!&'))'!&+,,+!1-.)-=G^Q`!a-!&'-%!.')!%)'/!)$-*-?!$'3-F-*=!#$-!
.-7)!)-*(-)%!,".;!$"%!(-.)*+,!)$-%"%!'.!)$-!2-*")!'5!%/")-!)'!)$-!)*+&")"'.%!'5!('4*),0!,'F-?!
($"F+,*"(!*'2+.(-?!(4%)'2%!'5!)$-!('4*)"-*=!a-!('.(,4&-%?!5".+,,0?!3")$!+!('2/-,,".1!
+*142-.)!'.!)$-!.--&!)'!-7-(4)-!'.-:%!%/")-!3")$!%;",,!".!'*&-*!)'!'<)+".!<')$!-+*)$,0!5+2-!
+.&!-F-*,+%)".1!1,'*0!".!/'%)-*")0=!_Y+/-*!/-.%+*,"!q"!&"%/-))"r?!-!/'"!2-))-*,"!".!+))'?!v!]'.!i!
&+!2-*(+)+.)"!'!<'))-1+"?!v!M$-!&"!,'*!2-*(-!/-*&'.!)*+))'!)*+))'=!v!=!=!=!v!H*!($"!F"F-.&'!F4',!
%-2/*-!1"'"*-U!v!M$"!F4',!5+*%"!5+2'%'!".!)-**+!-!m.!2+*-U!v!M$"!&'/'!2'*)-!+,!("-,!%-!.-!F4',!
"*-?!v!8+(("+!&"%/-))"!+,)*4"?!@4+.)"!%"!/4h!5+*-?`!$-!(,'%-%=G^P!
!
C*+DD".":%!/+*'&0!"%!'.,0!%'2-3$+)!%4((-%%54,!+)!+($"-F".1!")%!1'+,%?!$'3-F-*=!a"%!
&-%"*-!)'!-7/'%-!+.&!('.&-2.!)$-!5'4,!/,+0!'5!$"%!/--*%!"%!4.&-*2".-&!<0!)3'!/*'5-%%"'.+,!
('.%"&-*+)"'.%U!C*+DD".":%!.--&!)'!%)+0!".!E!'*?!/-*$+/%!<-))-*?!*--.)-*!E!)$-!1''&!1*+(-%!'5!
)$-!I-&"("!5+2",0!5'*!5".+.("+,!%4%)-.+.(-?!+.&!$"%!%)",,!;--.!&-%"*-!)'!+//-+,!)'!)$-!2+%%-%!
)$+)!$+F-!*-d-()-&!$"2?!&-%/")-!)$-"*!5"(;,-.-%%?!<')$!'5!3$"($?!+))+".-&?!3'4,&!-.%4*-!
-+*)$,0!5+2-=!a-!+**"F-%!+)!.-")$-*!'5!)$-%-!1'+,%!)$*'41$!%/")-!+.&!",,!3",,=!a"%!2'*-!
($',-*"(!('2/'%")"'.%?!,";-!)$"%!'.-?!$+F-!$"2!.-")$-*!-7/-,,-&!5*'2!)$-!B(+&-20?!.'*!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GÔ !a-!3$'!;.'3%!$'3!)'!<-!%/")-54,?!v!>%!&--2-&!+!F+,'*'4%!/-*%'.!".!-F-*0!,+.&?!v!B.&!".!
)"2-%!'5!/-+(-?!+%!".!)"2-%!'5!3+*=!v!#$-!".&4%)*"'4%!2".&!"%!%/")-54,U!v!>)!q%/")-r!%$+*/-.%!
)$-!".)-,,-()!+.&!)$-!2-2'*0U!v!X$'%'-F-*!"%!%/")-54,!.-F-*!*-%)%=!
G^Q !L-".1!%/")-54,!)'3+*&!')$-*%?!".!)$"%!/*-%-.)!&+0!v!X".%!0'4!$'.'4*!+.&!*-F-*-.(-?!v!
B.&!/-'/,-!)$".;!0'4!,-+*.-&!+.&!1''&=!!
G^P !>)!"%!.-(-%%+*0!)'!)$".;!'5!q%/")-54,!+()%r!+.&!/4)!)$-2!".!+()"'.=!v!#$"%!"%!.')!+.!
'/-*+)"'.!5'*!2-*($+.)%!'*!%$'/6'3.-*%?!v!X$'!,'%-!<")%!+.&!/"-(-%!'5!)$-"*!2-*($+.&"%-?!
v!n!v!Y'!3$'-F-*!3'4,&!,"F-!)'!,"F-!$"%!,"5-!".!/-*/-)4+,!d'0U!v!a-!3$'!%--;%!5+2-!'.!-+*)$!
+.&!+)!%-+U!v!a-!3$'!3"%$-%!)'!1'!)'!$-+F-.!+5)-*!&-+)$?!v!L-!%/")-54,!'5!')$-*%!+%!24($!+%!
0'4!(+.=!
!
PQ!
!
!
!!!!!!!!!!!
*-".%)+)-&!)'!")e!)$-0!+*-?!$'3-F-*?!0.1)9'!)$+)!/*'F-!.-(-%%+*0!)'!)$-!('',".1!'5!)$-!
$42'4*%!)$+)!3",,?!-F-.)4+,,0?!+.&!<0!3+0!'5!)-.!/+%)'*+,!/,+0%!('2/'%-&!5'*!)$-!$'4%-!'5!
I-&"("?!1+".!$"2!*--.)*0!)'!)$-!.'12%-/'-#=!a"%!)$-+)*"(+,!/*'&4()"'.!/*'F"&-%!+!&"55-*-.)!
'4),-)!5'*!$"%!%'("+,!+.&!,")-*+*0!5*4%)*+)"'.%=!>.&--&?!$-!4%-%!$"%!/,+0%!E!-F-.)4+,,0?!)$-!
,".($/".%!'5!$"%!*-/4)+)"'.!E!)'!2+;-!/4<,"(?!+((-%%"<,-?!+.&!+((-/)+<,-!$"%!&"%&+".!5'*!
(-*)+".![+*($-\)0/-%?!3$"($!$-!"22'*)+,"%-%!".!(+*"(+)4*-=!!!!
!
a42'4*%!".!9-*5'*2+.(-U!A:!2F')1)1*1!+.&!<#(X%*10'#(
=!=!=!.'.!F"!14+%)+)-!",!F"%'?!
M$-!#+*)+*'!/+*+)-?!'!+!*"%'!
]-,!*"2"*+*F"!",!/"u!&-,,-!/-*%'.-U!
A:$+F-*-!",!F',)'!".!&4-!/+*)"!&"F"%'!
A:4.+!&+!F-(($"'?!-!,:+,)*+!&+!1+*D'.-!
M'.!@4-"!1*+.!24%)+(($"'."?!-!*+%'!",!2-.)'!
H!*"&-*!5+..'?!'!&+..'!+,)*4"!%/+F-.)'=GOR!
#$4%!C*+DD"."!<-1".%!+!"#?'/1*1!)'!+!(-*)+".!I-%%-*!Z"&',5'!&-:!L+*&"?!'.-!'5!$"%!2'*-!
5*-@4-.)!".)-*,'(4)'*%=!a-*-?!+%!".!)$-!('.)-7)!'5!2'%)!'5!$"%!/'-)*0?!)3'65+(-&.-%%!"%!+!
('.&")"'.!/+*)"(4,+*!)'!8,'*-.)".-!2-.!3$'!($+.1-!)$-"*!2".&%!+%!-+%",0!+.&!+%!5*-@4-.),0!
+%!)$-0!($+.1-!)$-!%)0,-!'5!)$-"*!<-+*&%=!L4)!_,:$+F-*-!",!F',)'!".!&4-!/+*)"!&"F"%'!v!A:4.+!&+!
F-(($"'?!-!,:+,)*+!&+!1+*D'.-`!)+;-%!'.!+!&"55-*-.)!+.&!@4")-!,")-*+,!2-+.".1!".!$"%!)$-+)*"(+,!
/*'&4()"'.=!<A!2F')1)1*1?!('2/'%-&!,";-,0!+5)-*!GN^V?!)-,,%!)$-!%)'*0!'5!',&!2+.!B,-%%':%!
@4-%)!)'!*-1+".!$"%!0'4)$!".!'*&-*!)'!3".!)$-!5+F'4*!'5!)$-!,+&0!$-!,'F-%!["*'."(+,,0?!%$-?!,";-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GOR !_B!I-%%-*!Z"&',5'!&-:!L+*&"?`!IY!8"*-.D-!L"<,"')-(+!I-&"(-+6A+4*-.D"+.+?!B.)".'*"!NO=!
M+*)!pJ>=!GRS!5',%=?!QQF6PR*=!
!
PP!
!
!
!!!!!!!!!!!
$-?!"%!*+)$-*!+&F+.(-&!".!,"5-\=!!#$-!/,')!"%!)0/"(+,!'5!)$-!"1&&%$'#(%23$'/#U!B,-%%'!"%!&4/-&!
".)'!/4*($+%".1!+.&!&*".;".1!+!/')"'.!$-!"%!)',&!3",,!*-%)'*-!$"%!0'4)$?!+.&!%/-.&%!2'%)!'5!
)$-!/,+0!<-,"-F".1!$-!"%!+!)3-.)065"F-!0-+*6',&!2+.e!$"%!%'.?!".!)4*.?!4%-%!)$-!2'.-0!1+".-&!
)'!,'+.!)'!+!5*"-.&=!cF-.)4+,,0?!4.+<,-!)'!3".!)$-!'<d-()!'5!$"%!+55-()"'.!+.&!/*-5-**".1!$"%!
',&!+1-!)'!$"%!.-3!('.&")"'.?!B,-%%'!1'-%!)'!1*-+)!,-.1)$%!)'!'<)+".!)$-!2'.-0!.-(-%%+*0!)'!
<40!)$-!+.)"&')-!)$+)!3",,!<*".1!<+(;!$"%!',&-*?!5'*2-*!"&-.)")0=!L0!)$-!/,+0:%!-.&?!$-!
%4((--&%?!<4)!.')!3")$'4)!)$-!('2/,"(+)"'.%!.-(-%%+*0!)'!14+*+.)--!)$-!+4&"-.(-:%!
-.1+1-2-.)!+.&!-.d'02-.)=!#$-!/,+0!$".1-%?!$'3-F-*?!.')!'.!)$-!&-F-,'/2-.)!'5!")%!/,')?!
<4)!'.!)$-!".)-*/-*%'.+,!&0.+2"(!'5!")%!2+".!($+*+()-*%?!-+($!'.-!+!_$42'4*+,!(+*"(+)4*-=`!
!
8*'2!)$-!F-*0!%)+*)?!A:!2F')1)1*1:%!($+*+()-*%!+*-!&"F"&-&!".)'!(+2/%!%-/+*+)-&!<0!
+1-!+.&!%)+1-!'5!,"5-=!GOG !#$'41$!)$-0!+*-!+,,!/-*5-(),0!('.1*4-.)!3")$!)$-!%)'(;!($+*+()-*%!'5!
)$-!"1&&%$'#(%23$'/#()*+&")"'.?!-+($!&"%/,+0%!)$-!$42'4*+,!/*'/-*)"-%!%)-*-')0/"(+,,0!
+%%'("+)-&!3")$!2-2<-*%!'5!)$-"*!*-%/-()"F-!1*'4/%=!>.!+!/,+0!+<'4)!+1".1!+.&!*-F-*%".1!
)$-!/*'(-%%!'5!+1".1?!T+*"'?!B,-%%':%!0'4.1!%'.?!5")%!)'!2-+%4*-!)$-!/*'5",-!'5!+!%+.14".-!
0'4)$?!(+*-5*--![5'*!)$-!2'%)!/+*)\!+.&!(4..".1?!3$",-!B,-%%'!5,4()4+)-%!<-)3--.!)$-!
/$,-12+)"(!/*'/-*)"-%!'5!+!%-."'*!(")"D-.!+.&!)$-!($',-*!+%%'("+)-&!3")$!2"&&,-60'4)$!3$-.!
$-!'%)-.%"<,0!E!'*!%'!$-!)$".;%!E!*-1+".%!")=!!#$-!d4&1-!+.&!I+*(-,,'!*'4.&!'55!)$-!(+)-1'*"-%!
'5!/,+4%"<,-!($+*+()-*"%+)"'.%U!)$-!5'*2-*?!".!$"%!2"&&,-!+1-?!&-2'.%)*+)-%!)$-!<"))-*.-%%!'5!
+!2-,+.($',0!2+.!4.+<,-!)'!5".&!)$-!&+41$)-*!$-!'.(-!5'*("<,0!1+F-!4/!)'!)$-!,--1"%-/'?!)$-!
,+))-*!-.%.+*-&!$'/-,-%%,0!".!)$-!&#*#//'#($A#&12%=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GOG !C*+DD"."!"%!F-*0!(+*-54,!)'!-.%4*-!)$"%!%-/+*+)"'.!.')!'.,0!)$*'41$!($+*+()-*"D+)"'.?!<4)!
".!$"%!$'$#0"#*'%?!3$"($!*-/-+)-&,0!,+<-,!($+*+()-*%!+%!',&?!0'4.1?!0'4.1!%-*F+.)%?!',&-*!
%-*F+.)%?!'*!2"&&,-!+1-&=!!
!
GRR!
!
!
!
!!!!!!!!!!!
T+*"':%!&-%(*"/)"'.!'5!$"2%-,5!/*'F"&-%!+!%)*'.1!<+%-,".-!.')!'.,0!5'*!$"%!'3.!
)-2/-*+2-.)?!<4)!5'*!+,,!)$-!')$-*%?!)''=!>.!T+*"':%!F'"(-?!C*+DD"."!3*")-%U!
]'.!%"!/4h!5+*-!+,)*'U!('%k!F4',-!($-!("!1'F-*.+?!($-!%-2/*-!@4+,($-!
&"%/"+(-*-!14+%)"!"!('.)-.)"!.'%)*"?!-!'1."!'*+!.-!.+%($".'?!&'F-!+,)*"!.'.!
/-.%+=!c(('?!"'?!($s!+!*+*"!+((+&-!.-,,+!.'%)*+!-)l?!%'.'!".!)4))'!,"<-*'!&+!
@4-,,"!&-%"&-*d!($-!5+..'!+%%+"!%-2/*-!",!5".-!+,,-!('22-&"-U!&"('!+,,-!
('22-&"-?!/-*($s?!('2-!%"!F-&-!@4+%"!%-2/*-?!".!@4-,,-!i!*")*'F+*-!@4+,($-!
/-*%'!/+*-.)-?!'!('.%-14"*-!4.!&"%"+)'!+2'*-U!"'!&-:!/+*-.)"!.-!$'!/4*!)*'//"?!
-!/"u!/*-%)'!.-!F'**-"!/-*&-*-!@4+,(4.'!($-!*")*'F+*.-!&-,,"!+,)*"e!-!&:+2'*-!
.'.!54!2+"!4'2'!($-!.-!54%%"!/"u!,"<-*'!&"!2-e!-!.'.!%'.'!&"!@4-%)"!($-!
('.%42+.'!,-!.'))"!%4!/-*!"!24*"(("4',"?!/-*!F-&-*-!,-!!24*+!&-,,-!,'*!&'..-e!
.'.!2"!&"%/-*'?!.'.!+*&'!-!+11"+(("'!".!4.!)-2/'!2-&-%"2'?!('2-!1,"!
"..+2'*+)"!5+..'U!'.&-!/-*!@4-%)'!+%%+"!('.)-.)'!F"F-*!/')-F'?!%-!.'.!2"!
%:".)-*/'.-F+!@4-%)+!.4'F+!%',,-(")4&".-!&"!I+*(-,,'?!",!@4+,-!2:$+!*"(-*('!
('.!2',)"!/*-1$"!&"!(".@4+.)+!%(4&"?!('2-!@4-,,'!($-!.'.!%+!@4+.)"!/'($"!
&+.+*"!"'!2+.-11"!/-*!,+!".(*-&"<",-!+F+*"D"+!&"!2"'!/+&*-=GOV!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GOV !8+.5+."!41&&%$'%;!WWNe!_>)!24%)!<-!%'U!q,'F-r!3"%$-%!'.,0!)'!1'F-*.!4%?!)'!*4".!'4*!
$+//".-%%!3")$!%'2-!&"%/,-+%4*-?!+.&!)'!1-.-*+)-!')$-*!&"%/,-+%4*-%!3$-*-!)$-*-!3-*-!
.'.-!<-5'*-=!>?!4.,";-!)$'%-!'5!20!+1-?!+*-!-.)"*-,0!5*--!5*'2!)$'%-!&-%"*-%!)$+)!+*-!
5*-@4-.),0!)$-!%4<d-()!'5!('2-&"-%U!>!%+0!('2-&"-%?!<-(+4%-?!+%!"%!+,2'%)!+,3+0%!)$-!(+%-?!".!
('2-&"-%!($+*+()-*%!*-&"%('F-*!,'%)!*-,+)"F-%?!'*!/4*%4-!+!&-%"*-&!,'F-=!>!$+F-!)''!2+.0!
*-,+)-"F-%?!+.&!3'4,&!%''.-*!,'%-!+!5-3!)$+.!5".&!')$-*%=!B%!5'*!,'F-?!.'!2+.!$+%!-F-*!<--.!
5*--*!'5!")!)$+.!>!+2!66!!>!+2!.')!'.-!'5!)$'%-!3$'!%/-.&!)$-"*!."1$)%!(,"2<".1!3+,,%!)'!%--!
)$-!($+2<-*%!'5!)$-"*!,+&"-%=!>!&'!.')!&-%/+"*?!>!&'.:)!<4*.!+.&!5*--D-!+)!)$-!%+2-!)"2-?!+%!
,'F-*%!&'=!8'*!)$"%!*-+%'.?!>!2"1$)!$+F-!,"F-&!$+//",0!$+&!I+*(-,,'!.')!"2/'*)4.-&!2-!3")$!
)$"%!.-3!5+F'4*!'5!$"%?!5'*!3$"($!$-!3",,!/+0!2-!'.,0!5"5)0!%(4&"?!+%!'.-!3$'!(+..')!;.'3!
$'3!,")),-!2'.-0!>!2+.+1-!<-(+4%-!'5!20!5+)$-*:%!".(*-&"<,-!+F+*"(-=`!#'3+*&!)$-!/,+0:%!
-.&?!C"+.."(('?!)$-!d4&1-:%!0'4.1!%-*F+.)?!2+;-%!+!%"2",+*!'<%-*F+)"'.!'.!+1-!+.&!)$-!
%)+1-%!'5!,"5-=!
!
GRG!
!
!
!!!!!!!!!!!
>.!)$"%!<*"-5!/+%%+1-?!C*+DD"."!+,,4&-%!)'!)$-!"**-%/'.%"<,-!('.)-.)-&.-%%!'5!)$-!0'4.1!
[%+.14".-\?!)$-!"2/+%%"'.-&!%)+)-!'5!)$-!,'F-*![<"<,"'4%?!<')$!2-,+.($',"(!+.&!($',-*"(\?!)$-!
%/-.&)$*"5).-%%!'5!)$-!',&!+.&!2"%-*,0![/$,-12+)"(\=!>)!"%!+1+".%)!)$"%!-%)+<,"%$".1!
&-%(*"/)"'.!)$+)!)$-!/,+0:%!')$-*!_(+*"(+)4*-%`!+*-!-%%-.)"+,,0!&-5".-&?!+.&!+(*'%%!1-.&-*%=!
I+*(-,,'?!)$-!5*"-.&!T+*"'!".)-.&%!)'!$-,/?!5+,,%!".!3")$!)$-!)*+&")"'.+,!)-+2!'5!%)+*6(*'%%-&!
,'F-*%?!<4)!A-%<"+?!0'4)$54,!%-*F+.)!)'!Y-*!B,-%%':%!)+*1-)-&!I'.+!9+/-*+?!'((4/"-%!)$-!
%/+(-!'.!)$-!5,"/!%"&-!'5!)$-!<","'4%!('".U!3$-*-!I+*(-,,'!,+.14"%$-%!".!$"%!,'F-!%"(;.-%%?!
%$'3".1!.-")$-*!/+4%-!.'*!/*'1*-%%!)$-*-?!A-%<"+!&"%/,+0%?!".%)-+&?!)$-!+()"F-!)-2/-*+2-.)!
'5!)$-!($',-*"(!".!/4*%4")!'5!$-*!1'+,?!,";-3"%-?!)$-!,'F-!'5!J+,-*"'=GOS!B"*0!C"+.."(('?!%-*F+.)!
)'!)$-!d4&1-?!3-+F-%!+2'.1!($+*+()-*%!+.&!%")4+)"'.%!3")$!)$-!.'.($+,+.(-!T+*"'!2"1$)!
/'%%-%%!"5!.')!($+*1-&!3")$!)$-!)+%;!+)!$+.&=!B2'.1!")%!2+".!($+*+()-*%?!'.,0!J+,-*"'?!+%!)$-!
/,+0:%!?2'&%(&1B%2!+.&!C*+DD".":%!+,)-*!-1'?!-%(+/-%!)$-!*"1"&!('.5".-%!'5!(+*"(+)4*-=GOW!!
!
>)!"%!$"%!2+%)-*?!Y-*!B,-%%'?!3$'!<-%)!-2<'&"-%!)$-!.+)4*-!'5!C*+DD".":%!1*')-%@4-!
$42'4*+,!/'*)*+")%=!T-%/")-!)$-!('.%)+.(0!'5!$"%!<"','1"(+,!+1-?!$"%!<-$+F"'4*!+.&!+))")4&-!
)$*'41$'4)!)$-!/,+0!5,4()4+)-!".!/-*5-()!$42'4*+,!+(('*&+.(-!3")$!)$-!+1-!$-!<-,"-F-%!
$"2%-,5!)'!<-=!>.!')$-*!3'*&%?!$-!/+%%-%!5*'2!'.-!$42'4*+,!%)+)-!)'!)$-!.-7)!+.&!<+(;!+%!$-!
%--;%!)$-!%)+)-!'5!<-".1!2'%)!('25'*)+<,-!+.&!('.F-."-.)!)'!$"2=!a-!"%!&-%(*"<-&?!+)!)$-!
/,+0:%!'4)%-)?!+%!+!(',&?!&-5,+)-&?!+.&!-%%-.)"+,,0!"2/')-.)!2+.!.'%)+,1"(!5'*!+!0'4)$!$"%!
5".+.("+,!".%)+<",")0!.-F-*!+,,'3-&!$"2!)'!-.d'0=!a-!%+0%U!
j4-,,"!%"!/'%%'.'!&"*-!($-!".!@4-%)+!F")+!%"-.'!F-*+2-.)-!+FF-.)4*+)"?!($-!
.+%('.'!*"(($"?!-!".!'1."!-)l!$+..'!",!2'&'!+!/')-*-!%/-.&-*-!,+*1+2-.)-!-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GOS !Y--?!2'%)!)-,,".1,0?!$-*!%$+*/6)'.14-&!&"+,'14-!3")$!C"+.."(("'?!)$-!d4&1-:%!%-*F+.)?!".!
J=7!!
GOW !C*+DD".":%!+,)-*6-1'%?!+*14+<,0!'.-!/-*!/,+0!+.&!J+,-*"'!($"-5!+2'.1!)$-2?!3",,!<-!
&"%(4%%-&!".!($+/)-*!5'4*=!!
!
GRV!
!
!
!!!!!!!!!!!
&+*%"!<-,!)-2/'?!2+%%"2+2-.)-!".!1"'F-.)uU!/-*($s!+!,'*'!.'.!".)-*F"-.-!
('2-!+!@4-,,"!($-!.+%('.'!/'F-*"=!T-,!($-!%-!/4*-!@4+,(4.'!.-!i?!($i!/'($"!
%'.'?!($-!/-*!".&4%)*"+!14+&+1."?!i!/*"2+!F-(($"'!($:-1,"!+<<"+!5+))+!,+!*'<+e!-!
.-,,+!F-(($"+d+!/'"!2+.(+!'1."!/"+(-*-?!-!(*-%(-!/"u!,+!F'1,"+!&-,!/'%%-&-*-=!
M$s?!%-!+F-%%"2'!.'"!+,)*"!F-(($"!)4))'!",!2'.&'?!.'.!("!/+*-!+F-*-!+!
%455"("-.D"+U!%"+2'!%"2","?!('2-!%"!&"(-?!&:4.'!+."2+,-!($-!F"F-!/'('!)-2/'?!-!
%"!/+%(-!%','!&"!)-**+e!.s!/-*("h!%"!(+F+!2+"!,+!5+2-?!/-*($s!$+!/+4*+!.'.!,"!
2+.($"=GON!!
#$-!Y-*!B,-%%'!3-!2--)!$-*-?!".!B()!>?!%(-.-!>?!"%?!+%!$-!('.)".4-%!)'!<-!)$*'41$'4)!)$-!5"*%)!
+.&!%-('.&!+()%?!+!2+.!%)*411,".1?!-%%-.)"+,,0?!3")$!+!2"&6,"5-!(*"%"%?!0-+*.".1!5'*!*-.-3-&!
0'4)$!+.&!)$-!-2<',&-.-&!/-*%'.+,")0!)$+)!('2-%!3")$!")?!-+1-*!)'!)*0!)'!&"%/,+0!")!$"2%-,5?!
0-)!54.&+2-.)+,,0!".(+/+<,-!'5!2+;".1!'5!$"%!5+.)+%0!+!*-+,")0=!a"%!('.F-*%+)"'.!3")$!
J+,-*"'!,+)-*!".!)$-!%+2-!%(-.-!/'".)%!)'!)$"%!(-.)*+,!('.5,"()!'5!&-%"*-!+.&!+<",")0U!
BAcYYHU!#4!2"!/+*"!4.+!<-%)"+=!
JBAcZ>HU!H*+!%k!($-!+F-)-!*+1"'.-!+!&'2+.&+*2"?!/'"($s!.'.!F-&-)-!,42-?!
1"+(($s!1,"!4'2"."!F"!/+d'.!<-%)"-U!.'.!$'!/-*h!,-!('*.+=!
BAcYYHU!M$-!%k?!($-!%k!($:"'!)"!5+*'!($-!)4!4((-,,-*+"!4.!)4'!/+*"=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GON !8+.5+."!41&&%$'%?!WSPe!_#$'%-!3$'!+*-!<'*.!*"($!+.&!3$'!$+F-!)$-!2-+.%!)'!%/-.&!
$-+,)$",0!+.&!)'!/+0!$"2%-,5!+!1''&!)"2-!+)!+,,!+1-%!+.&!2'%),0!".!0'4)$!+*-!)*4,0!2'%)!
+&F+.)+1-&!".!)$"%!,"5-=!#$-0!+*-!.')!)$-!%4<d-()%!'5!($+*")0?!+%!/''*!/-'/,-!+*-=!B.&!)$'%-!
3$'!-+*.!)$-"*!2'.-0!<0!<-".1!".&4%)*"'4%!E!+.&!)$-0!+*-!5-3!E!)$-0!+*-!',&!<-5'*-!)$-0!
$+F-!-.'41$!)'!<40!+.0)$".1?!+)!3$"($!/'".)!)$-0!,+(;!+,,!/,-+%4*-!+.&!&-%"*-!)'!'3.!
+.0)$".1=!B.&!+%!',&!/-'/,-?!-F-.!"5!3-!'3.-&!)$-!-.)"*-!3'*,&?!")!3'4,&!%--2!".%455"("-.)!
)'!4%=!X-!+*-!%"2",+*?!0'4!2"1$)!%+0?!)'!+."2+,%!)$+)!,"F-!,")),-!)"2-!+.&!,"F-!'.,0!'55!)$-!
'55-*".1%!'5!)$-!-+*)$e!+.&!%)",,!'4*!$4.1-*!"%!.')!%+)"%5"-&!<-(+4%-!3-!+*-!+5*+"&!'5!.')!
$+F".1!-.'41$=`!
!
GRS!
!
!
!!!!!!!!!!!
JBAcZ>HU!T'2".-y!$'!"'!,-!*-)"!-:!/+."'."!-!,+!("F-))+!/-*!4((-,,+*-o!(*-&'!($-!
F'"!5+*.-)"($"+)-=!
BAcYYHU!C4+*&+!%-!"'!%)'!5*-%('y!
JBAcZ>HU!J-.")-!+,!54'('?!%-!-:F"!5+!5*-%('U!i!2+,+!('%+!/+)"*-!5*-&&'?!%+/-)-=!
BAcYYHU!B,!('*/'!&"!n!
JBAcZ>HU!J"!&4',-!",!('*/'o!.'.!&4<")+)-?!/+%%-*l!F"+!/*-%)'U!i!F-.)'%")l=!
BAcYYHU!]'.!i!/'%%"<",-!($:"'!/'%%+!+F-*-!/"u!/+D"-.D+e!2+."1',&+?!+%/-))+!
($:"'!)"!5+*h!F-&-*-!%-!n!
JBAcZ>HU!B$?!+$?!%-*!B,-%%'?!($-!F',-)-!5+*-o!.'.!i!,-(")'!".!@4-%)'!)-2/'!
<4*,+*-!@4+,($-!F',)+!('.!"!%4'"!/+)*'."o!J"!%'.'!%-*F")'*-?!5+)-!&"!
2-!("h!($-!F'"!F',-)-=!
BAcYYHU!J-&"?!)4!$+"!(+2/+)'!4.!1*+.!/4.)'U!/'('!/"u!',)*-!($-!)4!%-14")+F"?!
('.!54*"+!)"!%/"((+F'!",!(',,'!&+,!<4%)'!('.!4.!%',!/41.'=!
JBAcZ>HU!g.:+,)*+!F',)+!%+*h!/"u!+(('*)'e!($:"'!F-11'!($-!('.!F'"!.'.!<"%'1.+!
%($-*D+*-=!
BAcYYHU!Y"!F-:?!-!2+%%"2+2-.)-!@4+.&'!2"!F"-.-!@4-,,+!(',,'*+!%4<")'?!($-!
+22+DD-*-"!4.!1"1+.)-e!-!<-.!,'!%+..'!1,"!+,)*"!/*'((4*+)'*"!+,,+!
I-*(+)+.Dk+?!%-!/-*!4.!(,"-.)','!5+(-F'!",!&"+F','?!($s!(',!1*"&+*-!
%','!F".(-F'=!
JBAcZ>HU!M',!1*"&+*-!-!(',!*4<+*-=GO^!
J+,-*"'!"%!@4"(;!)'!/,+0!'.!Y-*!B,-%%':%!"**")+"'.!E!_C4+*&+!%-!"'!%)'!5*-%('y`!E!".!'*&-*!)'!
/'".)!'4)!$"%!2+%)-*:%!',&!+1-U!_J-.")-!+,!54'('?!%-!-:F"!5+!5*-%('U!i!2+,+!('%+!/+)"*-!5*-&&'?!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GO^ !8+.5+."!41&&%$'%;!WWGe!%--!+//-.&"7!5'*!)*+.%,+)"'.=!
!
GRW!
!
!
!!!!!!!!!!!
%+/-)-=`!B%!)$-"*!&"+,'14-!&-F-,'/%?!J+,-*"'!*-2+".%!4.+55-()-&!<0!Y-*!B,-%%':%!1*'3".1!
)$*-+)%e!$-!4.&-*(4)%!-+($!'.-!-+%",0!3")$!+!3"))"("%2!)$+)!'.,0!&*+3%!2'*-!+))-.)"'.!)'!
Y-*!B,-%%':%!3-+;-.-&!%)+)-=!#$"%!&0.+2"(!('.)".4-%!".!B()!>>?!%(-.-!F"?!3$-*-!Y-*!B,-%%'?!
)$'41$!-+1-*!)'!+(@4"*-!)$-!2+1"(!3+)-*!)$+)!3",,!-*+%-!)$"*)06%"7!'5!$"%!0-+*%!5*'2!$"%!
('4.)-.+.(-!+.&!('2/'*)2-.)?!%--2%!$-%")+.)!)'!('22")!)'!)$-!"&-+!'5!")=!#$-!-.)"*-!%(-.-!
/")%!+.!".&-("%"F-?!5*+",?!+.&!5-+*54,!B,-%%'!+1+".%)!$"%!F")+,?!5'*(-54,?!+.&!('.F".(".1!
('4.)-*/+*)=!>)!"%!.')!4.)",!$-!&*".;%!)$-!%4//'%-&!%4/-*.+)4*+,!,"@4"&!+.&!"%!&"%+//'".)-&!
<0!")%!-55-()%!)$+)!$"%!<-$+F"'4*!<-1".%!)'!($+.1-!".!)$-!&"*-()"'.!'5!$"%!*-F-*%-&!0'4)$!E!
"*'."(+,,0?!d4%)!+%!$-!<-1".%!)'!*-1*-)!")=!
!
#$-!%(-.-!,-+&".1!4/!)'!$"%!2--)".1!3")$!I'.+!9+/-*+?!'.(-!$-!$+%!&*4.;!J+,-*"':%!
&"F".-!3+)-*?!4.F-",%!+!24($!2'*-!('.5"&-.)!+.&!d'F"+,!Y-*!B,-%%'=!Y)",,?!3$-.!d47)+/'%-&?!
+%!$-!"%!$-*-?!".!B()!>>>?!%(-.-!"""?!)'!J+,-*"'?!")!<-('2-%!(,-+*!)$+)!$"%!2''&!"%!.'!2'*-!)$+.!
+55-()+)"'.=!Y(-.-!F!'5!)$-!%+2-!+()?!$'3-F-*?!".)*'&4(-%!+4&"-.(-%!)'!+!.-3!+.&!1-.4".-,0!
54*"'4%!Y-*!B,-%%'!3$'?!5'*!)$-!5"*%)!)"2-?!-2<'&"-%!)$-!0'4)$!$-!<-,"-F-%!)'!$+F-!*-1+".-&=!
>.!+!2'.','14-!,-+F".1!.'!*''2!5'*!+2<"14")0!'*!('2/+*"%'.!3")$!')$-*%!'.!%)+1-?!$-!*+",%!
+1+".%)!$"%!%-*F+.)!+.&!)$-!%",,0!&-("%"'.!$-!$+%!,-)!$"2%-,5!2+;-=!Z-d-()-&!<0!I'.+!9+/-*+?!
$-!('2/,+".%U!
H!F+:!'*+?!-!%/-.&"!(-.)'!%(4&"!/-*!*".1"'F+."*-y!($-!F-.1+!",!2'*<'!+!(',4"!-!+!
,+!%4+!+(@4+?!-!+!J+,-*"'!($-!2-!,'!2"%%-!"..+.D"U!$'!5+))'!4.!<-,,:+F+.D'y!
%/-%'!/-*!+2'*!&"!('%)-"?!-!-,,+!.'.!2"!F4',!F-&-*-e!$'!/-*%'!"!&+.+*"!-!,+!
1*+D"+!%4+e!($-!%"+!2+,+&-))+!,+!1"'F-.)u!-!,+!2"+!&"%1*+D"+e!-!%-!('%)-"!%-14")+!
+!.'.!2"!('.'%(-*-!-!.'.!2"!F',-*!<-.-?!%'.!&"%/-*+)'=!H!F-(($"+d+!2"+?!&'F-!
%-"!)4o!'!+.."!2"-"!1-))+)"!F"+?!F"!*"('2/-**-"!+,)*-))+.)'=!A+%("+2"!+.&+*!
!
GRN!
!
!
!!!!!!!!!!!
/*-%)'!+!(-*(+*!&"!('%)4"?!-!F-&-*-!%-!(:i!*"2-&"'!+!*")'*.+*!F-(($"'e!-!%-!"'!
*")'*.'!".!2-?!)'1+%"!/4*!,+!1"'F-.)u!-!,-!5*+%($-*k-!($"!,-!F4',-e!($s!'*+2+"!%"!
F-&-!/-*!"%/-*"-.D+?!($-!.'.!,+!1"'F-.)u!%',+!/"+(-!+,,-!&'..-=GOO!
9-*$+/%!.'3$-*-!-,%-!".!+.0!'5!$"%!3'*;%!&'-%!C*+DD"."!%'!-('.'2"(+,,0!+.&!('.F".(".1,0!
('.&-.%-!)$-!'F-*,+//".1!@4+,")"-%!'5!<,+(;!+.&!0-,,'3!<",-?!2-,+.($',0!+.&!($',-*?!0'4)$!
+.&!+1-?!+,,!'.,0!%--2".1,0!&"+2-)*"(+,!'//'%")-%=!Y-*!B,-%%'!&"%/,+0%!)$-!($',-*!'5!$"%![$-!
)$".;%\!*-1+".-&!0'4)$!,'.1!-.'41$!'.,0!)'!<-2'+.!")!+.&!)'!3"%$?!".%)-+&?!5'*!$"%!',&!+1-=!
a"%!($',-*!@4"(;,0!1"F-%!3+0!)'!)$-!2-,+.($',0!.'%)+,1"+!$-!&"%/,+0%!+)!)$-!/,+0:%!'/-.".1?!
<4)!".!)$-!'//'%")-!&"*-()"'.=!Y)",,?!+.&!4.,";-!)$-!Y-*!B,-%%'!+4&"-.(-%!2--)!".!>="?!)$-!Y-*!
B,-%%'!%--.!$-*-!"%!*-%',F-&!)'!+()!E!/-*$+/%!<-))-*!)'!('4.)-*+()!E!".!'*&-*!)'!*-2-&0!)$"%!
5+",-&!-7/-*"2-.)U!")!"%!+!3",,".1.-%%!($+*+()-*"%)"(!'5!0'4)$!+.&!+(@4"*-&!'.,0!'.(-!$-!%)-/%!
<+(;!".)'!")?!+,<-")!'.,0!3")$!$"%!2".&=GOQ!#$-!%',4)"'.!)'!4.3+.)-&!0'4)$!)$+)!C*+DD"."!
4,)"2+)-,0!+55'*&%!Y-*!B,-%%'!('2-%!".!)$-!5'*2!'5!+!*-<+,+.(".1!'5!)$-!<'&0:%!$42'4*%!F"+!
+!<-F-*+1-!'5!$')!3+)-*!+.&!F".-1+*!)'!".&4(-!F'2")".1!'5!-7(-%%"F-!+("&")0=GOP!>)!"%!+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GOO !8+.5+."!41&&%$'%?!W^W6^Ne!_C'!+$-+&?!%/-.&!+!$4.&*-&!%(4&"!)"!<-!*-d4F-.+)-&y!B!(4*%-!
'.!$"2!+.&!'.!$"%!3+)-*!+.&!'.!J+,-*"'!3$'!1+F-!")!)'!2-=!X$+)!+!1*-+)!&-("%"'.!>!$+F-!
2+&-y!B,,!5'*!,'F-!'5!$-*?!+.&!%$-!&'-%.:)!3+.)!)'!%--!2-n!>!,'%)!20!2'.-0!+.&!$-*!1''&!
1*+(-%!n!(4*%-&!<-!0'4)$!+.&!20!&"%1*+(-y!B.&!"5!+,,!)$"%!(+4%-%!$-*!)'!%)'/!;.'3".1!+.&!
,'F".1!2-?!>:,,!<-!,'%)=!H$?!20!',&!+1-?!3$-*-!+*-!0'4o!H$?!20!)$*'3.!+3+0!0-+*%?!>!3'4,&!
<40!0'4!+,,!<+(;!d4%)!+%!@4"(;,0!+%!>!1+F-!0'4!+3+0=!A-)!2-!@4"(;,0!1'!,'';!5'*!$"2!.'3?!+.&!
%--!"5!)$-*-!"%!+.0!3+0!)'!*-1+".!20!',&!+1-=!>5!>!*-)4*.!)'!20!5'*2-*!%-,5?!)'!$-,,!3")$!0'4)$!
+.&!)$-!5*"F',")"-%!)$+)!2+;-!")!4/!E!>:F-!,-+*.-&!5*'2!-7/-*"-.(-!)$+)!.')!'.,0!0'4)$!"%!
/,-+%".1!)'!3'2-.=!
GOQ !C*+DD"."!+1+".!('.54%-%!)$-%-!)3'!/',-%!".!)$-!/,+0:%!('.(,4%"'.=!I'.+!9+/-*+!
-F-.)4+,,0!+1*--%!)'!2+**0!Y-*!B,-%%'?!$+//0!)$+)!$-*!+&'/)-&!&+41$)-*?!M+2",,+?!)$-!
d4&1-:%!<"','1"(+,!&+41$)-*!$+%?!<0!3+0!'5!T+*"'?!5'4.&!+!%4")+<,-!$4%<+.&!".!I+*(-,,'=!
>*'."(+,,0?)$-.?!!0'4.1!T+*"'?!<0!&4/".1!$"%!5+)$-*?!5".&%!$"2!+!3"5-=!
GOP !Y-*!B,-%%'!('2/,+".%!'5!_)4))+!@4-,,+!+2+*")4&".-!".!%4!,'!%)'2+('`!+%!+!*-%4,)!'5!
&*".;".1!)$-!2+1"(!3+)-*=!J+,-*"':%!*-/,0!*-+&%U!_A+!F'2")-*-)-?!+F+.)"!5+(("+!)4))+!
,:'/-*+D"'.-?!<-F-.&'!4.!1*+.!<"(($"-*!&:+(-)'!-!+(@4+!(+,&+e!-!&"!/'"?!+11"4.)-!(-*)-!
!
GR^!
!
!
!!!!!!!!!!!
)-($."@4-!('.%"%)-.)!3")$!)$-!2-&"(+,!+//,"(+)"'.%!'5!C*+DD".":%!)"2-?!-F-.!"5!'/-.,0!
/+*'&"-&!$-*-?!2'*-!'5!3$"($!3",,!<-!&"%(4%%-&!".!)$-!5',,'3".1!($+/)-*=!
!
C*+DD"."!+1+".!-7/-*"2-.)%!3")$!$42'4*+,!($+*+()-*"D+)"'.!+.&!+1-6%/-("5"(!
(+*"(+)4*-%!".!+.')$-*!'5!$"%!('2-&"-%?!<#()%*10'#=!#$-*-?!+1+".?!C*+DD"."!1*'4/%!$"%!
($+*+()-*%!<0!+1-!".!+!('2-&0!)$+)!*-F',F-%?!.'3?!+*'4.&!<')$!+!,")-*+,!/,+0!'.!)$-!
$42'4*+,!/*'/-*)"-%!'5!)$-!/$,-12+)"(!%-."'*!+.&!+!/4.!'.!")%!*-,+)"'.!)'!,'F-!+.&!d-+,'4%0=!
<#()%*10'#()$'41$)!)'!<-!)$-!-+*,"-%)!+.&!".!2+.0!3+0%!2'%)!('.%-*F+)"F-!'5!C*+DD".":%!
('2-&"-%?GQR!)0/"(+,,0!".)-*3-+F-%!)3'!('.)*+%)-&!,'F-!/,')%!3")$!+.!-('.'2"(+,!
+1*--2-.)!+2'.1!?#/%2.#&'*'#0U!0'4.1!9"-*+.)'."'!"%!".!,'F-!3")$!M+%%+.&*+=!a-*!5+)$-*?!
C"'F+(($".'?!$+%!/*'2"%-&!$-*!)'!A+DD-*'?!+.!',&!2+.!3")$'4)!"22-&"+)-!5+2",0?!".!*-)4*.!
5'*!)$-!(+.(-,,+)"'.!'5!%'2-!&-<)%=!M+%%+.&*+:%!<*')$-*?!B,5'.%'?!$'3-F-*?!"%!".!,'F-!3")$!
A+DD-*':%!."-(-?!M+2",,+?!+.&!"%!-+1-*!)'!&-F-,'/!+!*4%-!)$+)!3'4,&!<')$!+,,'3!$"2!)'!1+".!
-.)*0!)'!A+DD-*':%!$'4%-?!+.&!<*".1!$"%!%"%)-*!+.&!$-*!,'F-?!9"-*+.)'."'?!)'1-)$-*=!a-?!
M+%%+.&*+?!+.&!9"-*+.)'."'!-.,"%)!)$-!$-,/!'5!H*%',+!+.&!M"4,,'?!)$-"*!*-%/-()"F-!%-*F+.)%?!
+.&!%4((-%%54,,0!&-F"%-!+!/,+.!)$+)!.')!'.,0!,"<-*+)-%!M+%%+.&*+!5*'2!$-*!<-)*')$+,!)'!
A+DD-*'?!<4)!+,%'!&-,"<-*+)-,0!$42","+)-%!)$-!',&!2+.?!<')$!-2')"'.+,,0!+.&?!/-*$+/%!2'*-!
"2/'*)+.)!)'!20!/4*/'%-%!$-*-?!/$0%"(+,,0=!
!
#$-!/,+0?!".!")%!%-('.&!+.&!)$"*&!-&")"'.%!'/-.%![+5)-*!)3'!1-.&-*6%/-("5"(!
/*','14-%\!3")$!+.!".)-*2-DD'U!+!2+&*"1+,!)'!)$-!1'&&-%%!T"+.+!E!3$'%-!+))*"<4)-!"%!)$-!
2''.!E!+.&?!+)!,-+%)!".!/*".)!-&")"'.%?!+.!-7/,+.+)"'.!)'!")%!/+*)"(4,+*!%"1."5"(+.(-U!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
/+*',-?!F"!+&&'*2-.)-*-)-?!-!".!4.!)*+))'!F"!)*'F-**-)-!@4-,,'!($:-*+F+)-!/*"2+`![>J="""?!
8+.5+."!W^Q\=!
GQR !L0!('.%-*F+)"F-?!>!2-+.!)0/"(+,!'5!)$-!)*+.%")"'.!5*'2!('22-&"+!-*4&")+!)'!('22-&"+!
&-,,:+*)-!3").-%%-&!5*'2!)$-!GN^R%!'.3+*&=!<#()%*10'#!"%!)$-!'.,0!/,+0!".!3$"($!C*+DD"."!
+,%'!".(,4&-%!".)-*2-DD"!+.&?!5'*!+,,!".)-.)%!+.&!/4*/'%-%?!,+DD"?!3$"($!$-!&'-%!+3+0!3")$!
-.)"*-,0!".!+!%4<%-@4-.)!+.&!2'*-!%-,56('.%("'4%!/$+%-!'5!('2/'%")"'.=!
!
GRO!
!
!
!!!!!!!!!!!
-!/-*($s!,:+D"'.-?!'!",!(+%'!($-!".)-*F"-.-!.-,,+!('2-&"+?!%-14"?!('2-!F-&-*!
/')*-)-?!&"!.'))-?!,+!".F-.D"'.-!&-!1,:".)-*2-&d!54!+.($-!.'))4*.+!)4))+!
@4+.)+?!-!F+*"+)+!+!'1."!+))'U!-!/-*($s!%4<")'!+,!(+&-*!&-,,-!('*)".-!%"!F"&-!.-,!
("-,'!&-,,+!%(-.+!4.+!,4.+?!5+))+!('.!2"*+<",-!+*)"5"D"'?!,42".'%+!-!($"+*+!.-,,+!
%4+!@4".)+&-("2+?!54!",!/*"2'!".)-*2-&"'!&"!%+(-*&')-%%-!&"!T"+.+?!,-!@4+,"!
5".1-F+.'!&:+.&+*!+!5+*,-!%+(*"5"('?!('2-!,-11-.&'!%"!/')*l!".)-.&-*-!
+1-F',2-.)-=GQG!
C*+DD"."!$-*-!4.&-*3*")-%!)$-!%02<',"(!/*-F+,-.(-!)$-!2''.!)+;-%!'.!".!)$-!('2-&0!)'!
5',,'3=!#$-*-?!$"%!2''.!"%!2'*-!)$+.!+!2-*-!/*'/!)'!)$-!."1$)6%(-.-!/-*/-)4+,,0!'.!%-)e!
*+)$-*?!")!"%!)$-!5"*%)!)'',!$-!4%-%!".!/-..".1!$"%!$42'4*+,!(+*"(+)4*-%=!X$",-!$-!-.&'3%!
%'2-!'5!$"%!($+*+()-*%!3")$!+*)"5"("+,!,"1$)![<0!(+.&,-%)"(;\?!')$-*%!$-!,-+F-%!&-/-.&-.)!
-.)"*-,0!'.!)$-!5*+",!,"1$)!'5!)$-!2''.=!a"%!($'"(-!"%!/*-("%-U!+%!'5!)$-!F-*0!5"*%)!%(-.-?!H*%',+!
+.&!B,5'.%'?!<')$!0'4.1!+.&!F")+,?!+*-!1"F-.!(+.&,-%!3")$!3$"($!)'!.+F"1+)-!)$-!&+*;.-%%!'5!
)$-"*!%4**'4.&".1%=GQV!A+DD-*'!+.&!$"%!+1".1!%-*F+.)?!B1.-%+?!$'3-F-*?!+*-!&-/*"F-&!'5!)$"%!
1"5)=!>.!5+()?!")!"%!)+;-.!+3+0!5*'2!)$-2=!>.!)$-!5"5)$!%(-.-!'5!)$-!5"*%)!+()?!+.&!+%!M"4,,'!
/*-/+*-%!)'!)+;-!A+DD-*'!)'!M+%%+.&*+:%!$'4%-!)'!3").-%%!+!)*0%)!<-)3--.!H*%',+!".!
M+%%+.&*+:%!(,')$".1!+.&!%-*F+.)!I4("+))'!".!9"-*+.)'."':%!)$+)!3",,!4,)"2+)-,0!,-+&!)'!
M+%%+.&*+:%!_%$+2".1?`!$-!".%)*4()%!)$-!',&!2+.!)'!/4)!'4)!)$-!,"1$)!$-!(+**"-%U!_]'.!
&4<")+)-?!"'!$'!/-.%+)'!+&!'1."!('%+U!%/-1.-)-!(')-%)'!,42-!".!)+.)'e!.'.!F-&-)-!F'"!($-!1,"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GQG !I+&*"1+,!9*"2'?!8+.5+."!GVe`+.&!<-(+4%-?!+%!0'4!(+.!%--?!)$-!+()"'.!'5!)$-!('2-&0!'*!)$-!
(+%-!")!*-/*-%-.)%!$+//-.-&!+)!."1$)?!)$-!"..'F+)"'.!'5!)$-!".)-*2-DD"!"%!+,%'!.'()4*.+,?!+.&!
F+*"-%!5*'2!+()!)'!+()=!B%!%''.!+%!)$-!(4*)+".!5+,,%?!+!2''.!"%!%--.!".!)$-!%;0!'5!)$-!%-)?!2+&-!
3")$!1*-+)!+*)"5"(-!)'!%$".-?!(,-+*,0?!".!")%!5"5)--.)$!&+0=!#$-!5"*%)!".)-*2-DD'!"%!&-&"(+)-&!)'!
T"+.+:%!/*"-%)-%%-%?!/*-)-.&".1!)'!+&2"."%)-*!+!%+(*"5"(-?!+%!0'4!3",,!.'3!<-!+<,-!)'!
+%(-*)+".?!*-+&".1=`!
GQV !8'*!-7+2/,-%!'5!H*%',+:%!%/-("5"(!+%%'("+)"'.!3")$!,"1$)!+.&!$-+)?!%--!>="!+.&!>>>="""=!
!
GRQ!
!
!
!!!!!!!!!!!
i!,-F+)'!,+!,4.+?!-!%/,-.&-!".!14"%+!($-!/+*!&"!1"'*.'o`GQS!X-*-!")!.')!5'*!+!%"2",+*!)*-+)2-.)!
'5!B1.-%+?!C*+DD".":%!+4)$'*"+,!&-("%"'.!$-*-!3'4,&!%--2!2-*-,0!/*'/")"'4%!)'!)$-!%4((-%%!
'5!)$-!*4%-!)'!<-!(+**"-&!'4)?!('.)".1-.)!-.)"*-,0!'.!A+DD-*':%!3-+;.-%%!+.&!".+<",")0!)'!%--!
/*'/-*,0!".!)$-!&+*;.-%%=!L4)!C*+DD"."!&'-%!-7)-.&!)$-!%+2-!)*-+)2-.)!)'!B1.-%+?!+.&!5'*!
.'!-7/,"(")!*-+%'.U!)$-!/,+.:%!%4((-%%!&-/-.&%!".!'.,0!+!F-*0!%2+,,!2-+%4*-!'.!9%2!
-0-%"1$)=GQW!f-)!)3"(-!".!)$-!5'4*)$!+()?!)$-!(+.&,-!%$-!<-+*%!1'-%!'4)?!5"*%)!F','.)+*",0!
%.455-&?!)$-.!<,'3.!'4)!<0!)$-!3".&=!Y)",,?!)$"%!"%!'.,0!C*+DD".":%!5"*%)!%)-/!".!-%)+<,"%$".1!
+1-6%/-("5"(!+.&!$42'4*+,!(+*"(+)4*-%!5'*!$"%!($+*+()-*%=!
!
8","//'?!B,5'.%':%!0'4.1!5*"-.&?!"%!'5)-.!+%%'("+)-&!3")$!+"*?!+.&!M"4,,'!3")$!54*0=!#$-!
2'%)!('.%"%)-.)!+.&!<-%)!&-5".-&!'5!)$-%-!(+*"(+)4*-%?!$'3-F-*?!"%?!'5!('4*%-?!A+DD-*':%=!a-!
"%!5"*%)!(+,,-&!_1-,'%'`!".!)$-!%-('.&!%(-.-!'5!)$-!5"*%)!+()!+.&!$-*-!+)!,-+%)?!)$-!.'2".+)"'.!
/-*)+".%!-7(,4%"F-,0!)'!$"%!d-+,'4%!".+<",")0!)'!%--!M+%%+.&*+!2+**"-&!)'!)$-!%4")'*!'5!$-*!
($'"(-=!B,5'.%'!&-%(*"<-%!$"2!+%!+!2+.!_+((-%q'!&+,r,'!%&-1.'!-!,+!1-,'%"+?!($-!&*-.)'!%"!
*'&-!)4))'=`GQN!>)!"%!.')!,'.1!<-5'*-!C*+DD"."!<*".1%!A+DD-*':%!"..-*!d-+,'4%0!)'!)$-!%4*5+(-?!
+.&!".!+!.42<-*!'5!3+0%=!#$-!*-%)!'5!)$-!('2-&0?!%-)!2'%),0!".!)$-!'/-.!+"*!'5!+!8-<*4+*0!
."1$)?!(+/")+,"D-%!'.!)$-!/,+0!<-)3--.!d-+,'4%0!+.&!)$-!+()!'5!5*--D".1?!_1-,+*-=`!B%!$-!
/*-/+*-%!)'!&"%14"%-!$"2%-,5!+%!M"4,,':%!<*')$-*!+.&!<-!)+;-.!)'!C"'F+(($".':%!$'4%-?!
A+DD-*'!*-/-+)-&,0!&"%/,+0%!('.(-*.!3")$!;--/".1!3+*2=!_B<<"+!(4*-!+!2+.)-.-*-!",!54'('=!
Y"!($:"'!F':!/'"!($-!(',4"!2"!%(+,&"!",!,-))'?`!$-!)-,,%!B1.-%+!<-5'*-!,-+F".1!$"%!$'2-=GQ^!L+*-,0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GQS !>=F?!8+.5+."!VOe!_]-F-*!5-+*?!>:F-!)+;-.!(+*-!'5!-F-*0)$".1=!]'3!<,'3!'4)!)$"%!,"1$)!E!(+.:)!
0'4!%--!)$+)!)$-!2''.!$+%!*"%-.o!>)!%$".-%!%'!<*"1$)?!")!%--2%!,";-!&+0)"2-=`!
GQW !M"4,,'!&"%)*+()%!B1.-%+!".!'*&-*!5'*!B,5'.%'!)'!2--)!M+2",,+!".!$-*!<-&*''2=!
GQN !>=""?!8+.5+."?!41&&%$'%!VGU!_,")!<0!&"%&+".!+.&!d-+,'4%0?!3$"($!&-%)*'0%!-F-*0)$".1!".%"&-!
$"2=`!
GQ^ !>=F?!8+.5+."?!41&&%$'%!VNU!_L-!%4*-!)'!;--/!)$-!5"*-!<4*.".1=!>!%$'4,&!,";-!")!)'!3+*2!20!
<-&!,+)-*=`!
!
GRP!
!
!
!!!!!!!!!!!
'4)%"&-?!$-!'.(-!+1+".!,+2-.)%!)$-!(',&U!_M'$-i?!(hhU!('$-i?!(h?!(h=!c1,"!i!@4-%)+!.'))-!/-*!
&"%1*+D"+!4.+!(-*)+!<*-DD',".+!%'))",-?!($-!2"!/-.-)*+!/-*!".5".'!+,!(-*F-,,'y!-!/4*-!$'!<-.-!
".!(+/'=`GQO!H.(-!M"4,,'!$+%!*-F-+,-&!)$-!54,,!-7)-.)!'5!$"%!/,+.?!A+DD-*':%!'.,0!('.(-*.!"%!0-)!
+1+".!3")$!/*')-()"'.!5*'2!)$-!-,-2-.)%U!_I+!&"22"?!".!($-!14"%+!2"!F-%)"*+"!)4o`!$-!+%;%!
M"4,,'=!_M'%k!+,,+!,-11"-*+?`!M"4,,'!*-/,"-%=!_M'.!($-!/+.."o!+<<"!/4*!(4*+!($-!.'.!2"!5+(("+!
5*-&&'!=!=!=!I+!/-*!".!(+/'!+<<"!+FF-*)-.D+!('/*"*2"!<-.-e!+(("'(($i!/'"!.'.!2"!+55'1+%%-!",!
(+)+**'?`!A+DD-*'!*-%/'.&%=GQQ!
!
#$"%!,+.14+1-!/-*%"%)%!)$*'41$'4)!)$-!)$"*&!+()!+.&!+%!)$-!/,+.!"%!4.&-*3+0?!4.)",!
(',&.-%%!+.&!3-).-%%!<-('2-!A+DD-*':%![-7(,4%"F-\!,")-*+*0!+))*"<4)-%=!B%!I4("+))'?!+!
%-*F+.)!".!C"'F+(($".':%!$'4%-?!'<%-*F-%!".!+()!)$*--?!%(-.-!-,-F-.?!<0!)$-!/,+0:%!-.&?!
A+DD-*'!%--2%!)'!<-!_,:+2<+%("+)'*-!&-,!5*-&&'=`GQP !_>'!$'!/+4*+!.-,,+!5".-!&"!.'.!+F-*!/'('!
".&'%%'?!-!+.($-!.'.!$'!2',)'!".!/"-&-?_!$-!%+0%?!%)+.&".1!'4)%"&-!C"'F+(($".':%!$'4%-=!_>,!
(+/'?!($:i!,:"2/'*)+.D+?!i!('/-*)'!/4*-!+%%+"!<-.-U!@4-%)'!<-**-))'.-!%411-,,+!/-*!'1."!
F-*%'!+!(+/-,,'U!-!/'"!,+!5-%)+!.'.!$+!&+!&4*+*!)*'//'e!/-*($s!%4<")'!($-!"'!+*h!F-&4)'!-!
%-.)")'?!=!=!=!*")'*.-*'22-.-!+!(+%+?`!$-!%-,56*-+%%4*".1,0!+&&%=GPR!cF-.!M"4,,'!+.&!B,5'.%'!
)+;-!.')-!'5!A+DD-*':%!/+*)"(4,+*!%-.%")"F")0!)'!)$-!."1$)!+"*U!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GQO !"<"&U!_B%!<+&!,4(;!3'4,&!$+F-!")?!)'."1$)!+!,"1$)!<*--D-!<,'3%?!+.&!")!/-.-)*+)-%!2-!)'!20!
<*+".y!B.&!0-)?!20!$-+&!"%!3-,,!('F-*-&=`!
GQQ !>=F?!8+.5+"!VQ?!VPU!_L4)!)-,,!2-?!$'3!3",,!0'4!&*-%%!2-oè!_>.!)$"%!3+0?!3")$!,"1$)!(,')$".1è!
_X")$!3$"($!(,')$-%o!T'!<-!%4*-!>!3'.:)!<-!(',&!=!=!=!L4)!<-!3+*.-&U!20!$-+&!%$'4,&!<-!3-,,!
('F-*-&?!%'!)$+)!>!&'.:)!($';-!'.!24('4%=`!
GQP !>>>=7"?!8+.5+."!^G=!
GPR !>>>=F""?!8+.5+."!NSU!_>!5-+*!>!+2!3-+*".1!)''!,")),-?!+.&!.')!-.'41$!'.!20!5--)?!-")$-*=!#$-!
$-+&!"%!)$-!"2/'*)+.)!/+*)?!+.&!")!"%!('F-*-&!5+"*,0!3-,,U!)$"%!(+/!%-+,%!".!-F-*0!%"&-!,";-!+!
$+)=!L-%"&-%?!)$-!2--)".1!%$'4,&.:)!,+%)!,'.1?!+.&!'.(-!>:F-!%--.!+.&!$-+*&!-F-*0)$".1?!=!=!=!
>:,,!1'!<+(;!$'2-=`!
!
GGR!
!
!
!!!!!!!!!!!
ABwwcZHU!I+!,+%("+2'!'*+2+"U!@4-%)'!*+1"'.+2-.)'!i!&4*+)'!)*'//'e!
+.&"+..-?!($:"'!2"!*"F-%)+U!<4?!<4?!<4?!'"2-"y!"'!('2".("'!+11$"+&+*!&"!
5*-&&'=!L4?!<4?!<4=!
M>gAAHU!A+DD-*'?!'$!F'"!)*-2+)-o!
ABwwcZHU!#4!$+"!<4'.!&"*!)4?!($-!%-"!4%'!+,,-!2+,-!.'))"?!-!+:!&"%+1"=!
M>gAAHU!M'2-!5+*-2!.'"?!($s!.'.!%"!/4h!-.)*+*-!".!(+2-*+!.s!".!(+%+o!
ABwwcZHU!M$-!F4',!&"*-o!
=!=!=!
M>gAAHU!J'"!.'.!/')-)-?!/*"2+!($-!,-!&"-("!'*-!%4'.".'?!*"+F-*-!"!/+.."!F'%)*"=!
ABwwcZHU!M'2-o!<4?!<4?!<4U!"'!%+*-"!2'*)'!%-"!F',)-!&"!5*-&&'=!
M>gAAHU!c!"'?!($-!5+*!.-!/'%%'o!
=!=!=!!
ABwwcZHU!FlFF"?!-!-%(".-U!<4?!<4?!<4e!($:"'!+<<*"F"&'=!
BA8H]YHU!I"!/+*!($:-"!)*"-2"=GPG!!!
B%!+.!',&-*!1-.),-2+.!+.&!+!2+.!'5!+!(-*)+".!+2'4.)!'5!/*"F",-1-?!A+DD-*'!"%!@4")-!*"1$)!)'!
/'".)!'4)!<')$!$"%!4.5+2","+*")0!3")$!/*','.1-&!-7/'%4*-!)'!)$-!(',&!+.&!$"%!".+<",")0!)'!
('/-!3")$!")=!a"%!+1-!+.&!%'("'65+2","+,!%)+)4%!+*-?!".!5+()?!+)!)$-!F-*0!('*-!'5!C*+DD".":%!
(+*"(+)4*-=!
!
A+DD-*':%!&-5".".1!2'2-.)?!$'3-F-*?!'((4*%!-,%-3$-*-=!#$-!5"*%)!"%!5'4.&!".!+!
('.F-*%+)"'.!+2'.1!M"4,,'?!9"-*+.)'."'?!+.&!A+DD-*'!)$+)?!+(('*&".1!)'!9"-)*'!8+.5+."?!
-&")'*!'5!)$-!GQNO!A-!I'.."-*!-&")"'.!5*'2!3$"($!>!(")-!$-*-?!+//-+*%!".!)$-!/*-%42-&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GPG !>>>=7?!8+.5+."!NQe!%--!+//-.&"7!5'*!)*+.%,+)"'.=!
!
GGG!
!
!
!!!!!!!!!!!
'*"1".+,!+4)'1*+/$!<4)!.')?!$'3-F-*?!".!)$-!/*".)-&!-&")"'.%!/*"'*!)'!$"%!'3.=GPV!>)%!+<%-.(-!
5*'2!)$-2!"%!*-2+*;+<,-?!+.&!3'*)$0!'5!54*)$-*!".F-%)"1+)"'.?!%".(-!")!"%!*+)$-*!(-.)*+,!)'!
)$-!-7+2/,-!C*+DD"."!('.%"%)-.),0!2+;-%!'5!A+DD-*'!)$*'41$'4)!)$-!/,+0=!M"4,,'!<*".1%!
A+DD-*'?!&"%14"%-&!+%!$"%!<*')$-*?!)'!2--)!9"-*+.)'."'!'4)%"&-!C"'F+(($".':%!$'4%-=!
M+%%+.&*+:%!,'F-*!"%!+%)'4.&-&!<0!)$-!',&!2+.:%!+//-+*+.(-!+.&!<-$+F"'4*U!
9>cZB]#H]>HU!Tk!($-!2-))+!".!(+/'U!.'.!'&"!)4!('2:-"!/+*,+o!c1,"!i!".5*-&&+)'!
)*'//'=!
M>gAAHU!B$y!+$y!."-.)-e!.'.!F"-.!&+!(')-%)'=!
9>cZB]#H]>HU!H!&+!($-!F"-.-o!
M>gAAHU!{1,"!(+%(+)'!,:41',+=!
9>cZB]#H]>HU!M$-!i!%)+)'!2+,5*+.D-%-o!
M>gAAHU!Z"%/'.&-)-=!
ABwwcZHU!]'?!T"'y!%(-%+?!%(-%+=!
9>cZB]#H]>HU!M$-!&"(-o!
M>gAAHU!T','*"!2+.".('."("=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GPV !a-!*-5-*%!)'!)$-!GNQV!C"4.)"!-&")"'.!'5!+,,!'5!C*+DD".":%!('2-&"-%?!+%!3-,,!+%!)$-!GONR!
J-.-)"+.!-&")"'.!+.&!)$-!".&"F"&4+,!-&")"'.!'5!<#(X%*10'#!/4<,"%$-&?!<0!C"4.)"?!".!GNNG?!'5!
3$"($!$-!%+0%?!_%-<<-.-!("!%"+!($"!&"(-?!/')-*-!-%%-*-!%)+)-!@4-%)-!-&"D"'."!%'/*+FF-1,"+)-!
&+,,:+4)'*-!2-&-%"2'?!.'.!F+..'!%(-F*-!&+!%5'*2+)"!-**'*"!,-!&4-!('22-&"-!%)+2/+)-!
&"F"%+2-.)-!&+"!C"4.)"?!-!&"!%5'*2+)"%%"2"!%'.!/"-.-!@4-,,-!%-"!%)+2/+)-!/'%("+!)4))-!
".%"-2-!&+!,'*'!2-&-%"2"=!9"u!('**-))+!i!%-.D+!5+,,'!,+!-&"D"'.-!&-,!GONRU!2+!)4))+F"+!i!('%k!
%*+1"'.-F',-!,+!/4.)4*+?!($-!%/-%%'!.-!*"2+.-!'554%(+)'!",!('%)*4))'e!-!.'.!%'.!/'($-!@4-,,-!
F',)-!($-!(-*)-!(+/*-%)-*"-!-!/*'/*"-)l!&"!,".14+!("!%"!F-&'.'!+,)-*+)-!&+,,:-%%-*!,'*'?!-!
24)+)-!+!5+.)+%"+!/-*!.'.!-%%-*-!%)+)-!".)-%-=!M$-!$'!5+))'!"'!&4.@4-!/-*!*-.&-*-!2-.'!
"2/-*5-))+!,+!/*-%-.)-!*"%)+2/+o!c((','=!a'!/*-%'!/-*!)-%)'!,+!-&"D"'.-!&-,!GONR!-!.-!$'!
5+))'!&","1-.)-!*"%('.)*'!('.!,-!%)+2/-!+.)"($-?!,-!@4+,"?!('2-(($i!+%%+"!2-.&'%-?!
('.%-*F+.'!/4*-!@4-,,-!5'*2-!+.)"($-!+,)-*+)-%"!&+//'"?!-!/-*h!2"!$+..'!&+)'!2+)-*"+!+!
*+%%-))+*-!.'.!/'($"!,4'1$"?!>!@4+,"!($"-&-F+.'!/"-)'%+2-.)-!2-*(i?!('2-!F-&*+%%"!F"+!F"+!
&+,,-!.')-U!&-,,+!X%*10'#!/'"!-!&-,,:!2F')1)1*1!%"!$+!.-,,+!L"<,"')-(+!I+1,"+<-($"+.+!",!
2+.'%(*"))'?!($-!%"!&"(-!+4)'1*+5'![&"!($-!/-*!+,)*'!&4<")'!5'*)-\?!-!%4!@4-%)'!"'!$'!
*"%('.)*+)-!/+*',+!/-*!/+*',+!-%%-!&4-!('22-&"-?!%-.D+!,+%("+*2"!F".(-*-!&+,,:+(("&"+=`!
!
GGV!
!
!
!!!!!!!!!!!
ABwwcZHU!]'?!M"4,,'U!.'?!.'U!42"&-DD+=!
9>cZB]#H]>HU!M'2-o!-$o!
M>gAAHU!T+!5*"1"&-DD+!&"(-!($:i!F-.4)'=!
9>cZB]#H]>HU!>.!(')-%)'!2'&'!/4h!-%%-*-e!2+!"!&','*!2-,+.('."("?!/+DD'!&+!
(+)-.-?!&'F-!$+"!)4!)*'F+)'!($-!/+*)'*"%($".'!%"2","!-55-))"o!
ABwwcZHU!M$-!.-!%+!-1,"o!
9>cZB]#H]>HU!5"."+2!,-!/+*',-!'*+2+"?!-!+FF"l.("!".!,l=GPS! !
#$-!)$*--!($+*+()-*%!/*-%-.)!/,+(-!A+DD-*':%!<-$+F"'4*!'.!&"55-*-.)!.')($-%!'5!)$-!
$42'4*+,!%/-()*42=!9"-*+.)'."'!%--%!".!")!2-*-,0!+!%-.%-,-%%.-%%!<*'41$)!'.!<0!+.!
-7)*-2-!*-+()"'.!)'!)$-!(',&=!A+DD-*'!)+;-%!$"%!".)-*/*-)+)"'.!'.-!%)-/!54*)$-*!+.&!+&&%!)'!
")!)$-!$42"&")0!'5!)$-!."1$)!+"*=!L')$!'5!)$-"*!+(('4.)%!+*-!('.%"%)-.)!3")$!)$-!/$,-12+)"(!
$42'4*U!9"-*+.)'."'!&-%(*"<-%!")%!%02<',"(!+.&!A+DD-*'!")%!/$0%"(+,!%02/)'2%!+.&!
/*'/-*)"-%=!L4)!M"4,,'!+%%'("+)-%!")?!".%)-+&?!3")$!2-,+.($',0!E!+.&!"%!<-*+)-&!5'*!")!<0!<')$!
')$-*!2-.=!!
!
#$-!".)-*/*-)"F-!/*'<,-2!$-!5+(-%?!$'3-F-*?!"%!.')!$"%!+,'.-=!B!5-3!%(-.-%!,+)-*?!+.&!
3$-.!M"4,,'!-%('*)%!+!5*+",!+.&!5*"1"&!A+DD-*'!)'!C"'F+(($".':%!$'4%-!)-2/'*+*",0!)'!<-!
3+*2-&!)$-*-?!I4("+))'!$+%!1*-+)!&"55"(4,)0!"&-.)"50".1!A+DD-*'!+%!$42+.?!,-)!+,'.-!+%!+!
/$,-12+)"(!',&!2+.=!a-!".)-*/*-)%!A+DD-*':%!/--F"%$.-%%?!".%)-+&?!+%!*+1-U!_H"2iy!($-!%:i!
,-F+)'!".!(',,'*+U!T"'!2"!+d4)"e!<-,,'!+%/-))'!&"!<*+F'y`!$-!-7(,+"2%=GPW !>)!"%!.')!&"55"(4,)!)'!
4.&-*%)+.&!$"%!('.F"()"'.!E!'*!M"4,,':%?!-+*,"-*?!5'*!)$+)!2+))-*U!3")$!%'!2+.0!%$+*-&!
/*'/-*)"-%!+2'.1!.-"1$<'4*".1!$42'4*%?!'.-!2+."5-%)+)"'.!'5!",,6$42'4*!"%!+,3+0%!d4%)!+!
%$'*)!%)-/!+3+0!5*'2!+.')$-*=!#$-!/$,-12+)"(!2+0!,'';!d4%)!+%!24($!,";-!)$-!2-,+.($',"(?!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GPS !>>>=F"""?!8+.5+."!NS?!NWe!%--!+//-.&"7!5'*!)*+.%,+)"'.=!
GPW !>>>=7"?!8+.5+."!^VU!_H$?!20y!a-:%!*",-&!4/!3")$!($',-*U!C'&!$-,/!2-y!]"(-!2+.?!%4*-y`!
!
GGS!
!
!
!!!!!!!!!!!
".!(-*)+".!,"1$)%!+.&!4.&-*!(-*)+".!("*(42%)+.(-%?!+%!)$-!2-,+.($',"(!2+0!,'';!+.&!+()?!".!
')$-*%?!,";-!)$-!($',-*"(=!>.!5+()?!)$-!'.,0!)-2/-*+2-.)!".5*-@4-.),0!('.54%-&!3")$!+.0!
')$-*!"%!)$-!%+.14".-=!H.!+!%,"&".1!%(+,-!'5!<+&!)-2/-*+2-.)%!E!($',-*"(?!2-,+.($',"(?!
/$,-12+)"(!E!)$-!%+.14".-!('.&")"'.!"%!)$-!'.,0!4.-@4"F'(+,,0!1''&?!"5!.+|F-?!'.-!+)!)$-!
%(+,-:%!-.&=!
!
L4)!$42'4*+,!&"%(*-/+.("-%!+*-!.')!)$-!'.,0!*-+%'.!5'*!%4($!('.54%-&!+.&!'5)-.!
'F-*,+//".1!&-%(*"/)"'.%!'5!".&"F"&4+,!)-2/-*+2-.)%=!>.&--&?!d-+,'4%0!+.&!")%!*-,+)"'.!5"*%)!
)'!,'F-?!)$-.!)'!.+)4*-?!/,+0!".-%)"2+<,-!*',-%!".!)$-!8,'*-.)".-!+(+&-2"(%:!4.&-*%)+.&".1!'5!
".&"F"&4+,!&"%/'%")"'.%!+.&!".)-*/-*%'.+,!*-,+)"'.%$"/%=!X$",-!$-*-?!C*+DD"."!/+"*%!")!3")$!
/$,-12?!5'*!-7+2/,-?!$-!-,%-3$-*-!,";-.%!")!2'*-!(,'%-,0!)'!($',-*=!#$-!.-7)!($+/)-*!3",,!
-7/,'*-!".!1*-+)-*!&-)+",!)$-!,".;!<-)3--.!d-+,'4%0!+.&!*"F+,*0!%)",,!3")$".!)$-!('.)-7)!'5!
-,-2-.)+,!&"%('4*%-=!
!
!
!
!
!
!
!
!
!
!
!
!
!
GGW!
!
!
!!!!!!!!!!!
M$+/)-*!#$*--U!A'F-?!K-+,'4%0?!+.&!A")-*+*0!Z"F+,*0!
>.!'.-!'5!$"%!*%F'1-'($A#&12%(!6!2'*-!/*-("%-,0?!)$-!(,'%-!%)4&0!'5!9-)*+*($:%!%'..-)!
:A!&12(-1-(b;("9%($3-@3%(%A(@3%*;("9A'1(0%-/1i(E!J+*($"!3*")-%U!
H.&-!i!&+!%+/-*-?!($-!('2-!."4.'!5+,%'!%"!/4h!)*'F+*-?!",!@4+,-!.'.!$+<<"+!
+,(4.+!('%+!&-,!F-*'?!/-*($s!+,)*+2-.)-!.'.!%+*-<<-!F-*'?!($-!&-,!5+,%'!%"!
/')-%%-!(+F+*-!,+!F-*")le!('%k!.-%%4.!2+,-!)*'F+*-!%"!/4h?!",!@4+,-!.'.!%"+!
5'.&+)'!".!+,(4.!<-.-e!/-*($s!",!2+,-!&+!%-!-!&"!%4+!.+)4*+!.'.!i!.4,,+=!H.&-!
-1,"!.'.!%"!)*4'F+!".!.-%%4.!,+)'?!&'F-!.'.!%"+!<-.-e!.'.!+,)*+2-.)-!($-!.'.!
%"!)*4'F+!'2<*+!'!F-*'!*-DD'!".!,4'1'!.-%%4.'!&'F-!.'.!%"+!%',-=GPN!
#$"%!,-%%'.!3+%!*-(")-&!5'*!)$-!!""#$%&'#(.'12%-/'-#!'.!)$-!)$"*&!Y4.&+0!'5!A-.)?!GNWS?!.')!
,'.1!+5)-*!J+*($":%!'55"("+,!*-)4*.!)'!$"%!.+)"F-!8,'*-.(-!4.&-*!M'%"2'!>:%!/+)*'.+1-=!#$-!
(")0:%!%'("'6/',")"(+,!(,"2+)-!+)!$"%!+**"F+,?!")!"%!3'*)$!*-(+,,".1?!3+%!%)",,!'.-!'5!'.,0!%,'3,0!
1*'3".1!/',")"(+,!%)+<",")0!E!B,-%%+.&*'!&-:!I-&"(":%!/+%%".1!".!GNSO!,-5)!)$-!I-&"(-+.!
/*".("/+)-!)'!<4",&!")%-,5!3")$'4)!+!F-*")+<,-!/+)*"+*($!E!+.&!(4,)4*+,!/+)*'.+1-!4.)",!
M'%"2'!>?!3$'%-!/*'1*-%%!3+%?!$'3-F-*?!".")"+,,0!%,'3=!>.!+!($+.1-!'5!2+.&+)-!.')!-F-.!
J+*($"!$"2%-,5!24($!+//*-("+)-&?!)$-!+&'$'!$+&!d4%)!<--.!*-('.%)")4)-&!".)'!)$-!6'12%-/'-#?!
2+.0!'5!")%!2'%)!/*'2".-.)!2-2<-*%!-")$-*!/4%$-&!)'!)$-!2+*1".%!'*!')$-*3"%-!*-,-1+)-&!
)'!2".'*!'55"(-%!3")$".!")=!c.)"*-,0!('.)*+*0!)'!)$-!.+)4*-!+.&!/4*/'%-!'5!)$-!+(+&-20!)$-0!
$+&!5'4.&-&?!5*"-.&%!+.&!(',,-+14-%!3-*-!/"))-&!+1+".%)!-+($!')$-*?!+,,"-%!<-(+2-!*"F+,%?!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GPN !#$-*-5'*-?!")!"%!.-(-%%+*0!)'!;.'3!)$+)!d4%)!+%!")!3'4,&!<-!"2/'%%"<,-!)'!5".&!+.0!5+,%")0!
)$+)!&"&.:)!+,%'!('.)+".!%'2-)$".1!'5!)$-!)*4)$?!%".(-!')$-*3"%-?!")!3'4,&.:)!<-!)*4-!)$+)!
)*4)$!('4,&!<-!&*+3.!'4)!'5!5+,%")0?!".!)$"%!3+0?!'.-!(+.!5".&!.'!-F",!)$+)!"%!.')!*'')-&!".!
%'2-!1''&e!<-(+4%-!-F",!".!")%-,5!+.&!'5!")%!.+)4*-!"%!.')!+.0)$".1!+)!+,,=!#$-*-5'*-?!")!(+..')!
<-!5'4.&!".!+.0!/,+(-!3$-*-!1''&!"%!.')!/*-%-.)e!d4%)!+%!.'!%$+&-!'*!%$+&'3!"%!-F-*!5'4.&!
3$-*-!)$-*-!"%!.'!%4.=!
!
GGN!
!
!
!!!!!!!!!!!
+.&!%2+,,-*!5+()"'.%!5'*2-&!3")$".!,+*1-*!+(+&-2"-%!/4%$".1!+1+".%)!)$'%-!3$'!*-54%-&?!".!
+!2+..-*!'5!%/-+;".1?!)'!)+;-!%"&-%=!!!
]')!%4*/*"%".1,0?!)$-.?!)$-!)$-2-%!)$"%!/+%%+1-!&"*-(),0!)*-+)%!E!)$-!.+)4*-!'5!
'//'%".1!5'*(-%!+.&!)$-!*-,+)"'.%$"/!<-)3--.!,'F-!+.&!$+)*-&!6!-.d'0!*-/-+)-&!
-7+2".+)"'.!5*'2!GNWR!)'!GNNS?!<0!2-2<-*%!<')$!'5!)$-!!""#$%&'#(.'12%-/'-#(+.&!'5!")%!
2-.)'*6*"F+,!!""#$%&'#($%)*'(,-.'#&&#/'=!B!&"%("/,-!'5!8*+.(-%('!M+))+."!&+!T"+((-)'?!".!
)$"%!,-%%'.!+%!".!%-F-*+,!')$-*%!,";-!")?GP^!J+*($"!*-F"%")%!)$-!2'%)!('22'.,0!$-,&!.-'6
9,+)'."%)!+.&!.-'6B*"%)')-,"+.!('.(-/)"'.%!'5!,'F-!E!+%!+!.-(-%%+*",0!<-.-5"(-.)!5'*(-?!+%!
".$-*-.)!)'!2'%)!,"F".1!)$".1%!E!&3-,,".1!,-.1)$",0!'.!)$-!&+.1-*%!'5!")%!2"%4%-!'*!
2"%".)-*/*-)+)"'.?!3$+)?!".!$"%!GNWN!,-%%'.!'.!C"'F+.."!&-,,+!M+%+:%!%'..-)?!_A+!C-,'%"+?`!$-!
3",,!"&-.)"50!+%!d-+,'4%0=!GPO!#'1-)$-*!3")$!8*+.(-%('!M+))+."!&+!T"+((-)':%!82%(*'J2'($A#&12%!
[GNRQ\GPQ!+.&!Y/-*'.-!Y/-*'.":%!G'#*1)9'![GNWV?!GNWS\?GPP!J+*($":%!,-%%'.!%/-+;%!)'!)$-!
1-.-*+,!(,"2+)-!'5!*"F+,*0!+2'.1!)$-%-!('2/-)".1?!+.&!%'2-)"2-%!(',,+<'*+)".1?!+(+&-2"-%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
GP^ !+.!4..+2-&!,-%%'.!'5!4.(-*)+".!&+)".1!'.!)$*--!@4-%)"'.%!'5!,'F-e!<%F'1-%($'(E=(
^%-%$%//1(V#2"9'(-%**#(@3#*%(0'($'"9'#2#-1("'-@3%(@3%0/'1-'($A#&12%(*-(")-&!5'*!)$-!
B((+&-2"+!5"'*-.)".+!)$-!5'4*)$!Y4.&+0!'5!B/*",?!GNNSe!<%F'1-%($'(E=(^%-%$%//1(V#2"9'(01?2#(
3-(01-%//1($%*(7%B%2%-$'00'&1(E1-0')-12%(>'%/21(^%&J1;(*%//#($'(*3'(?3J*'"#&%-/%(
-%**A!""#$%&'#(>#$1B#-#;(*#(0%"1-$#($1&%-'"#($'(0%//%&J2%($%**A#--1(QTZSj(%--!<#(0%"1-$#(
?#2/%($%**%(*%FF'1-'($'(E=(^%-%$%//1(V#2"9';(-%**#(@3#*%(0'("1-/%-)1-1("'-@3%(*%FF'1-'($A#&12%;(
*%//%($#(*3'(?3J*'"#&%-/%(-%**A!""#$%&'#($'(6'12%-F#(%($'(>#$1B#([8"'*-.D+U!C"4.)"?!GN^G\e!
8"*-.D-?!L"<,"')-(+!.+D"'.+,-!(-.)*+,-?!5'.&'!I+1,"+<-($"+.'(IBCA!S=N=WQG=V=(
GPO !<%F'1-%(01?2#(3-(01-%//1($%*(&1*/1(2%B%2%-$1(%(B'2/310'00'&1(E1-0=(E=(X'1B#--'($%**#(
4#0#;(G1B%(0'(/2#//#($%**#(X%*10'#=(41-(#*"3-%(@3'0/'1-'($#*(&%$%0'&1(#3/12%(-31B#&%-/%(
#))'3-/%=(".!I1,=!S=W=WQG=V!
GPQ !62#-"%0"1($%A(4#//#-'($#(G'#""%/1H(G%**1(!&12%;('-(k(*'J2';(IY!8"*-.D-?!L"<,"')-(+!
]+D"'.+,-!M-.)*+,-?!8'.&'!I+1,"+<-($"+.'U!I+1,!J>>>!GWWW?!(+*)=!2"%(=!pJ>?!GOQ6VNO=!
GPP !G'#*1)'($'(E=(:=(:?%21-';(-31B#&%-/%(2'0/#&?#/'(%("1-(&1*/#($'*')%-F#(2'B%$3/'(%("122%//'!
[J-.-D"+U!B,&4%!I+.4)"'?!GNWS\!IY!8"*-.D-?!L"<,"')-(+!]+D"'.+,-!M-.)*+,-?!IBCA!GV=O=SSGe!
G'#*1)'($'(E=(:=(:?%21-';(-31B#&%-/%(2'0/#&?#/'(%("1-(&1*/#($'*')%-F#(2'B%$3/'(%("122%//'!
[J-.-D"+U!B,&4%!I+.4)"'?!GNWV\!IY!8"*-.D-?!L"<,"')-(+!]+D"'.+,-!M-.)*+,-?!ZBZ>=!B,&=!
G=S=SW=v+=!
!
GG^!
!
!
!!!!!!!!!!!
5*'2!GNWR!)'!GN^^=VRR!!A'';".1!(,'%-,0!+)!)$-%-!F+*"'4%!)*-+)"%-%!($*'.','1"(+,,0?!<')$!<0!
&+)-!'5!('2/'%")"'.!+.&!<0!&+)-!'5!/4<,"(+)"'.?!*-F-+,%!d-+,'4%0?!")%!,".;!3")$!,'F-?!+.&!)$-!
,+))-*:%!*-,+)"'.%$"/!3")$!.+)4*-?!)'!<-!+!;-0%)'.-!'5!".)-*/*-)+)"'.!)'!4.&-*%)+.&".1!)$-!
'5)-.!('.5,"()".1!.+)4*-%!'5!)$-!+(+&-2"-%?!)$-!*-,+)"'.%$"/!<-)3--.!J+*($"!$"2%-,5!+.&!
B.)'.5*+.(-%('!C*+DD"."?!+.&!)$-!/*+()"(+,!)*+.%")"'.?!".!,")-*+)4*-?!5*'2!)$-2-%!'5!
2-,+.($',0!)'!)$-2-%!'5!($',-*?!+%!%--.!".!)$-!/*-F"'4%!($+/)-*?!".!)$-%-!%-('.&!+.&!)$"*&!
@4+*)-*%!'5!)$-!%"7)--.)$!(-.)4*0=!
!
A'F-!+.&!K-+,'4%0!+%!A")-*+*0!M4**-.(0U!&-:!M+))+."?!J+*($"?!C*+DD"."?!Y/-*'."?!&-:!9+DD"!
!
L-5'*-!+&&*-%%".1!".!&-)+",!+.0!'5!)$-%-!3'*;%?!")!3",,!<-!.-(-%%+*0!)'!*-,+)-!)$-2?!
($*'.','1"(+,,0?!)'!-+($!')$-*!+%!3-,,!+%!)'!;-0!-F-.)%!'5!)$-!/-*"'&!+.&!)'!%'2-!'5!
C*+DD".":%!2'*-!*-,-F+.)!3'*;%=!>.!GNRQ?!8*+.(-%('!M+))+."!&+!T"+((-)'!3*")-%!$"%!82%(*'J2'(
$A#&12%(&4*".1!$"%!'((4/+.(0!'5!($+"*!+)!)$-!8,'*-.)".-!%)4&"'=!#$'41$!")!2+0!$+F-!
("*(4,+)-&!+2'.1!')$-*!2-2<-*%!'5!)$-!%)4&"'!'*!".!)$-!,+*1-*!('.)-7)!'5!I+*%","'!8"(".':%!
.-'69,+)'."(!("*(,-?!")!3+%!')$-*3"%-!5'*1'))-.!+.&!'.,0!/4<,"%$-&!5'*!)$-!5"*%)!)"2-!".!GN^G?!
+,'.1!3")$!J+*($":%!<"'1*+/$0!'5!)$-!+4)$'*=!>.!)$-!2+.0!0-+*%!<-)3--.!")%!('2/'%")"'.!
+.&!")%!/4<,"(+)"'.?!,(/2%(*'J2'($A#&12%!-7-*)-&!+!&-5".")"F-!-55-()?!+%!3",,!<-!%$'3.?!".!2+.0!
'5!J+*($":%!'3.!3'*;%=!>.!Y-/)-2<-*!'5!GNWR?!J+*($"!*-(")-%!$"%!<%F'1-%(01?2#(3-(01-%//1($%*(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VRR !%--!+,%'U!<%F'1-%($'(E=(^%-%$%//1(V#2"9'(01?2#(*#()%-%2#F'1-%($%A(E10/2'(%(0%(01-1('-/%0'(
$#**#(L#/32#(1(-1;(.#//#($#(*3'(?3JJ*'"#&%-/%(-%**A!""#$%&'#(6'12%-/'-#(*#(?2'&#(%(0%"1-$#(
G1&%-'"#($'(*3)*'1;(*A#--1(QTZej(<%F'1-%(03(>32)#/12'1(__V(g100'#;(03**#()%-%2#F'1-%($%*(
"12?1(3&#-1h;(*%//1($#(*3'(?3JJ*'"#&%-/%(-%**#(.%*'"'00'&#(!""#$%&'#(6'12%-/'-#;('*()'12-1(
$1?1(:#-(X'1B#--'($%**A#--1(QTZkj(<%F'1-%($%**#(-#/32#;(*%//#(?3JJ*'"#&%-/%(-%**A!""#$%&'#(
6'12%-/'-#;(*#(?2'&#(G1&%-'"#($'(I3#2%0'&#($%**A#--1(QTZUj(%--U!<%F'1-'($'(E=(^%-%$%//1(
V#2"9';(-%**#(@3#*%(0'(/2#//#($%**#(-#/32#;($%**#()%-%2#F'1-%($%*("12?1(93&#-1(%($%'(&10/2';(
*%//#($#(*3'(?3JJ*'"#&%-/%(-%**A!""#$%&'#(6'12%-/'-#![8"*-.D-U!C"4.)"?!GN^R\e!8"*-.D-?!
L"<,"')-(+!.+D"'.+,-!(-.)*+,-?!8'.&'!I+1,"+<-($"+.'?!IBCA=S=N=WQG=G=!
!
GGO!
!
!
!!!!!!!!!!!
7%B%2%-$'00'&1(E1-0')-12(>'%/21(^%&J1!5'*!)$-!B((+&-2"+!&-1,"!>.5"+22+)"e!".!GNWV!+.&!
)$-.!+1+".!".!GNWS?!Y/-*'.-!Y/-*'."!/4<,"%$-%!$"%!G'#*1)9'?!".(,4&".1!'.-!'.!,'F-!3$"($!
+//*'/*"+)-%!2+.0!'5!3$+)!(+.!<-!('.%"&-*-&!)$-!+(+&-20:%!_/4<,"(!&'2+".`!"&-+%!'.!)$-!
2+))-*e!'.!)$-!)$"*&!Y4.&+0!'5!A-.)?!GNWS?!J+*($"!*-(")-%!$"%!<%F'1-%(01?2#('*(01-%//1($'(E=(
62#-"%0"1(>%/2#2"#;('*(@3#*%('-"1&'-"'#(=(Y:B2'*!.'.!i?!($-!&4.@4-!i!@4-,?!($:"'!%-.)'o!5'*!
)$-!!""#$%&'#(.'12%-/'-#e!$"%!<%F'1-%(03(>32)#/12'1(__V(g100'#;(03**#()%-%2#F'1-%($%*("12?1(
3&#-1\!5',,'3%!,+)-*!)$+)!%+2-!0-+*?!/*-%-.)-&!<-5'*-!)$-!6'12%-/'-#!'.!K4.-!VN)$=!]-7)!
('2-%!$"%!,-%%'.!'.!T-,,+!M+%+:%!%'..-)?!".!GNWN?!5'*!)$-!,-.'#&&#/'A0!F"%")!)'!8,'*-.(-=!H.!
)$-!5"*%)!Y4.&+0!'5!A-.)!".!GNWO!E!+.&!)$-!0-+*!".!3$"($!C*+DD"."!3+%!-7/-,,-&!5*'2!)$-!
6'12%-/'-#!E!$-!&-,"F-*%!$"%!<%F'1-%($%**#(-#/32#(+1+".!5'*!)$-!8"'*-.)".+?!+.&!'.!)$-!5"*%)!
+.&!%-('.&!Y4.&+0!'5!K4,0!".!GNWQ?!$"%!<%F'1-%(01?2#(*#()%-%2#F'1-%($%A(E10/2'(%(0%(01-1(
'-/%0'($#**#(L#/32#(1(-1=(8".+,,0?!/-*$+/%!$"%!<-%)!;.'3.!'*!<-%)!*-(-"F-&!3'*;!'.!,'F-?!)$-!
<%F'1-%(-%**#(@3#*%(0'($'"9'#2#-1("'-@3%(@3%0/'1-'($A#&12%?!$-!/*-%-.)%!5'*!)$-!6'12%-/'-#!'.!
)$-!5'4*)$!Y4.&+0!'5!B/*",?!GNNS=!#$-!0-+*%!<-)3--.!GNWR!+.&!GN^G?!)$-.?!+*-!($+*1-&!3")$!
+!/*',"5-*+)"'.!'5!/*'&4()"'.!'.!,'F-!+.&!.+)4*-?!,'F-!+.&!d-+,'4%0?!d-+,'4%0!+.&!.+)4*-!E!
)$-'*-)"(+,!@4-%)"'.%!)$+)!)*"(;,-!&'3.?!+,%'?!".)'!)$-!+*)"%)"(!+.&!,")-*+*0!/*'&4()"'.!'5!)$-!
%+2-!/-*"'&=!!
!
!
J+*($"!+.&!C*+DD"."!
#$-!*-,+)"'.%$"/!<-)3--.!J+*($"!+.&!B.)'.5*+.(-%('!C*+DD"."!2"1$)!<-!+!1''&!/,+(-!
)'!<-1".!+.!".F-%)"1+)"'.!'5!)$"%!)$-2-=!#$+)!)$-"*%!3+%!+!('2/,"(+)-&!*-,+)"'.%$"/!"%?!
+,'.1%"&-!B,5'.%'!&-:!9+DD":%!('.(4**-.)!+."2'%")0!)'3+*&!J+*($"?!'.-!'5!)$-!5-3!3-,,6
!
GGQ!
!
!
!!!!!!!!!!!
&'(42-.)-&!5+()%!'5!)$-!!""#$%&'#(.'12%-/'-#(+.&!)$-!".)-*+()"'.!'5!")%!2-2<-*%=RSQ!#$-!
)3'!2-.!;.-3!-+($!')$-*!/*"'*!)'!J+*($":%!2'*-!/-*2+.-.)!*-)4*.!)'!8,'*-.(-!+.&!
&-&"(+)"'.!)'!)$-!6'12%-/'-#=!#$*'41$!9"-*'!J-))'*"!+.&!C"'F+.."!I+DD4',"![,'!Y)*+&".'\?!
)$-0!3'4,&!$+F-!<--.!".!)'4($!-%/-("+,,0!&4*".1!J+*($":%!GNWR6WG!%)+0!".!9+&4+=!#$-!)3'!
3-*-!'*"1".+,,0!'.!.-4)*+,!"5!.')!/-*5-(),0!5*"-.&,0!)-*2%U!)$-0!+55'*&-&!-+($!')$-*!24)4+,!
*-%/-()!+.&!+&2"*+)"'.=!cF-.)4+,,0?!J+*($"!<-('2-%!5*"-.&!+.&!2-.)'*!)'!)$-!0'4.1-*!+.&!
".-7/-*)!C*+DD"."?!3$'!,'';%!)'!J+*($"!5'*!+&F"(-!'.!)$-!('2/'%")"'.!+.&!&"%%-2".+)"'.!'5!
$"%!F-*%-=!B(('*&".1,0?!C*+DD"."!"%?!-+*,0!".!$"%!(+*--*?!J+*($":%!($+2/"'.?!+.&!&-5-.&%!$"2!
+1+".%)!B,5'.%'!&-:!9+DD":%!'.1'".1!*+",,-*0=!A+)-*!'.?!+.&!3")$!J+*($":%!".(*-+%".1!".5,4-.(-!
'.!)$-!6'12%-/'-#!+.&!")%!/',")"(%!4.&-*!M'%"2'!>?!",!A+%(+!<-('2-%!$"%!2'%)!)$*-+)-.".1!
-.-20=VRV!B%!24($!"%!(,-+*!%"2/,0!".!C*+DD".":%!/'-2%!)'!V10/2#(:')-12'#(>#$2%(V#2"9'?!3$'!
"%!*'4)".-,0!E!+.&!+,)-*.+)-,0!E!*-/*-%-.)-&!+%!+!1*-+)!)$".;-*?!2+%)-*!'5!$"%!(*+5)?!)*+")'*?!
+.&!,")-*+*0!/'%-4*=!B)!)"2-%?!".!5+()?!$-!"%!&-/"()-&!+%!+!('2/'%")-!'5!)$-%-!('.)*+&"()'*0!
-,-2-.)%=!>.!3$+)!>!)$".;!+*-!%'2-!'5!C*+DD".":%!-+*,"-*!/'-2%?!J+*($"!('2-%!+(*'%%!+,2'%)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VRG !H.!J+*($":%!*-,+)"'.%$"/!3")$!<')$!2-.?!+.&!'.!)$-"*!%4<%-@4-.)!/+*)"("/+)"'.!".!L-*.":%!
<4*,-%@4-!)*+&")"'.!".!)$-"*!+."2'%")0!+1+".%)!J+*($"?!%--!8*+.(-%('!L*4."?!:'0/%&'("2'/'"'(%(
0/23//32%(-#22#/'B%(g7'"%2"9%(03**#("3*/32#(.'12%-/'-#($%*(2'-#0"'&%-/1h![]+/',"U!A"14'*"?!
GP^P\=!
VRV !%--!7'&%($%*(<#0"#;(?#2/%(0%"1-$#?!%'.-))'!pA>?!_B!B,5'.%'!&-:!9+DD"Ù!_B,5'.%'?!)4!("!$+"!
%)*+(('!-!m.5+%)"&")'!v!M'.!H(($"!-!J+*($"?!('.!J+*($-!-!L+(-,,'?!v!M'.!J+*($"!-!#+%%'e!'2+"!
F+.-!+,!<'*&-,,'e!v!Y+"!)4!&"*!+,)*'?!1'55'!%("24.")'o!v!>!/,-<-"!)4))"!)"!2'%)*+.'!+!&"))'?!v!
T"(-.&'!,:4.'!+,,:+,)*'U!J-,,'?!F-,,'?!v!j4-,,:i!B,5'.%'?!($:$+!/-*%'!",!(-*F-,,'U!v!]'.!$+!/"u!
".F-.D"'.?!1,"!i!*"2<+2<")'=!v!Y-2/*-2+"!&"(-!,+!('%+!2-&-%"2+U!v!9-*!@4-%)'!i!&'F-.)+)'!
/"u!%+D"-F',-?!v!M$-!.'.!i!",!Y',,"'.-!'!,+!j4+*-%"2+=!v!H*!%-!5+*!F4'"!('%+!&-1.+!-!,'&-F',-?!
v!B,5'.%'?!.'.!%)+*!/"u!(':!F-*%"!+!(*-%"2+e!v!I+!,+%(":"*-!",!)4'!%)",!*'DD'!-!%)4(($-F',-e!v!
9-*($i!,'!%('.F-.-F',-!v!#4'!)+.)'!J+*($"!J+*($"?!-!#+%%'!#+%%'?!v!#:$+!.-,,+!5".!($"+*")'!4.!
<+<<4+%%'=`!>.)-*-%)".1,0?!+)!&-:!9+DD":%!&-+)$?!C*+DD"."!"2/,'*-%!J+*($"!+.&!C-,,'!)'!2'4*.!
$"2!+%!+.!$'.'4*-&!('2/+)*"')=!Y--!7'&%($%*(<#0"#;(?#2/%(?2'&#?!%'..-)!App>J?!_]-,,+!
2'*)-!&"!B,5'.%'!&-:!9+DD"?`!3$"($!-.&%!3")$!_M$"!+2+!",!F-*'?!-!m.!'&"'!$+!,+!<41"+?!v!9"+.1+!
B,5'.%'!&-:!9+DD"!)4))+F"+=!v!I+!('.!2+.".('."+!v!I+11"'*!&-1,"!+,)*"?!-!&"!/"u!&'1,"+!(+*($"?!
v!9"+.1-*!,'!&'F*"-.!%-2/*-!",!C-,,'!-!m,!J+*($"`![GG6GW\=!
!
GGP!
!
!
!!!!!!!!!!!
+,3+0%!+.&!+,2'%)!-7(,4%"F-,0!+%!+!,")-*+*0!$-*'U!+!1*-+)!*',-!2'&-,!5'*!54)4*-!1-.-*+)"'.%!
'5!+(+&-2"(%=VRS!H5)-.?!$'3-F-*?!-F-.!3$-.!&-/"()-&!".!)$"%!+&'*".1!,"1$)?!$-!"%!%4<d-()?!%)",,?!
)'!C*+DD".":%!+)!5"*%)!1-.),-?!)$-.!".(*-+%".1,0!*-2+*;+<,-!+.&!1*+)".1!('.)-2/)=!>.!'.-!
(+/")','?!C*+DD"."!/*-%-.)%!J+*($"!3")$!+!0'4.1!/'-)!d4%)!-.)-*".1!)$-!+(+&-2"(!%(-.-!+.&!
,'';".1!5'*!14"&+.(-=!a"%!$'/-%!5'*!$"%!0'4.1!5*"-.&!".!)$-!$+.&%!'5!J+*($"!+*-!$"1$U!
_B,,:+((+&-2"+!+.('*!(',!F'%)*'!+d4)'?!v!A-11-*!('.!1*+D"+!-!('.!5+('.&"+?!('2-!v!>!A-,"!-:!
A4D"?!,:+*-22'!F-&4)'=!v!J'"!1,"!+*-%)-!)*'F+)'!4.!+,)*'!.'2-?!v![($-!".!F-*")l!.:+F-+!
<"%'1.'!1*+.&-U!\!v!T"!@4-,,"!4%+)"!.-,,-!+.)"($-!Z'2-?`!$-!3*")-%=!L4)!)$-!)'.-!'5!)$-!*-%)!'5!
")!"%!<,-+;U!".!+!3'*,&!_&"F-.)+)'!)+.)'!%)*+.'?!v!M$-!%/-%%'!",!<"+.('!%"!/"1,"+!/-,!.-*'?`!
C*+DD"."!"%!4.('.F".(-&!'5!$"%!2-.)'*:%!$'/-&65'*!%4((-%%=VRW !#$-!(+/")','!-.&%!".!
&"%2+0-&!/-%%"2"%2U!>5!J+*($"!"%!4.+<,-!)'!_"%)*4"*`!)$"%!0'4.1!/'-)?!%4*-,0?!_>,!2'.&'!-!,+!
8'*)4.+!.:".(',/+)-?!v!A+!A4.+?!",!Y',?!,-!Y)-,,-!-!,-!M'2-)-e`!".!')$-*!3'*&%?!)$-!/'-):%!
8'*)4.-!&-/-.&%!.')!'.!$"%!,-F-,!'5!".%)*4()"'.!+!/'%)-*"'*"?!<4)!'.!)$-!.'<",")0!'5!$"%!5+2",0!
<0!<"*)$=VRN!>)!"%!+.!+((4%+)"'.!C*+DD"."!3",,!%-F-*+,!)"2-%!*-/-+)!".!$"%!&-+,".1%!3")$!J+*($"?!
2+;".1!'5!$"2!)$-!".)-,,-()4+,!-@4"F+,-.)!'5!)$-!%'("'6/',")"(+,!-,")-=!>,!A+%(+:%!".(*-+%".1!
,'%%!'5!5+")$!".!J+*($"!"%!,-%%!14+*&-&!".!')$-*%!'5!$"%!3'*;%=!>.!+!%'..-)!+1+".!+&&*-%%-&!)'!
$"%!5'*2-*!2-.)'*?!$-!2+;-%!*-5-*-.(-!)'!+.')$-*!0'4.1!/'-)!)'!)+;-!4.&-*!$"%!3".1e!'.,0!
)$"%!)"2-?!)$-!/'-)!".!@4-%)"'.!"%!'5!+!0'4.1-*!1-.-*+)"'.!E!_94*!+,,+!5".!F:$+!5+))'!",!("-,!
)*'F+*-!v!T'/'!)+.)"!+.."!4.!/'-)+!.'F-,,'?`!E!+.&!3$'?!4.,";-!$"%!5'*2-*!('4.)-*/+*)?!_a+!
.'2-!&"!%"1.'*?!.'.!&"!<",-,,'e!v!M$-!('2-!C"+22+*"+!'!Z+55+-,,'?!v!J'"!.'.!m+F*-)-?!J+*($"!+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VRS !Y--!7'&%($%*(<#0"#;(?#2/%(?2'&#?!%'.-))"!ppp>?!ppp>>![/=!GO\e!)$-!5"*%)!'5!)$-%-!(,'%-%!3")$?!
_A+!F"*)u!F'%)*+!/"u!,4(-.)-!-!<-,,+!v!B&'*.+!&:'*+!".!'*+!",!%-(',!.'%)*'è!".!)$-!%-('.&?!+,,!
'5!8,'*-.(-!/*+"%-%!J+*($"!5'*!$"%!1*-+)!2".&=!
VRW !a"%!&'4<)!"%!('2/'4.&-&!<0!)$-!5+()!)$+)!$"%!/*-%-.)-&!5*"-.&?!".!3$+)!3",,!<-!%$'3.!)'!
<-!+!*-F-*%+,!'5!J+*($":%!)+;-!'.!,'F-?!_%',!+!%-!%)-%%'!-!.'.!+,)*"!%"2"1,"+`![GQ\=!
VRN !"<"&=!
!
GVR!
!
!
!!!!!!!!!!!
%<+))-DD+*-=`!#$-!"2/,"(+)"'.!$-*-!"%!)$+)!J+*($"!,-.&%!$"%!2'%)!%".(-*-!-55'*)%!)'!)$-!
+//*-.)"(-%$"/!'5!/'-)%!+,*-+&0?!/*"'*!)'!('2".1!)'!$"2?!!_%+Fq"r!-!<4'.q"r!-!<-,,q"r`!".!.--&!
.-")$-*!'5!*-.+2".1!E!)$-!'*"1".+,!2-2<-*%!'5!)$-!+&'$'!F',4.)+*",0!)'';!'.!/%-4&'.02%!E!
.'*!'5!<-".1!_%<+)-DD+)'`!'*!(+%)!'4)!'5!+!('2/+.0!'5!3$"($!$-!"%!4.3'*)$0=VR^!B,)$'41$!)$-!
".%)*4()"'.!'5!)$-!,+%)!/'-)!3+%!+!5+",4*-?!J+*($"!"%!2'*-!%4((-%%54,!3")$!)$"%!.-3!'.-!E!
.'<,-!<0!/-&"1*--=!a"%!F"()'*0?!$'3-F-*?!,-+F-%!C*+DD"."!.')+<,0!-2<"))-*-&U!)$-!,+%)!3+%!
@4"(;63"))-&!+.&!%/"*")-&!+.&!)*4,0!5*-%$65+(-&?!<4)!%)",,!4.+<,-!)'!1+*.-*!,")-*+*0!5+2-e!)$"%!
'.-?!<0!('.)*+%)?!+.&!&4-!%--2".1,0!'.,0!)'!)$-!%)*-.1)$!'5!$"%!.+2-?!"%!1"F-.!+!$"1$!
/'%")"'.!".!)$-!/*".("/+)-!'5!)$-!B(+&-20=!I'*-!)$+.!,";-,0?!C*+DD".":%!5"*%)?!,"F-,"-*!/'-)!
3+%!+!%)+.&6".!5'*!$"2%-,5?!3$",-!)$-!%-('.&!3+%!+!2-2<-*!'5!)$-!+(+&-20!+5)-*!")%!'55"("+,!
*-5'*2=!>)!"%?!+%!0-)?!"2/'%%"<,-!)'!&-)-*2".-!3")$!(-*)+".)0!3$-)$-*!)$"%!3+%!)$-!(+%-=!X$+)!
*-2+".%!"%!$"%!&"%+//'".)2-.)!".!J+*($"!".!)$-!5"*%)!(")-&!/'-2?!+.&!$"%!<"))-*.-%%!)'3+*&!
$"2!".!)$-!%-('.&=!
C*+DD".":%!&"%)*4%)!+.&?!4,)"2+)-,0?!&"%)+%)-!5'*!J+*($"!&'-%!.')?!$'3-F-*?!-.&!)$-*-=!
>.!+.')$-*!%'..-)!".!'.-!'5!$"%!2+.0!J+*($"!(0(,-%?!C*+DD"."!,")-*+,,0!%)+(;%!)$-!-.)"*-!
#4%(+.!/'/4,+)"'.!+1+".%)!$"2U!_j4-%)'!/'/',!.'.!F4',!/"u!"!)4'"!Y'.-))"?!v!H!9+&*-!J+*($"?!
('*.+(($"'.!&:B/',,'e`!(+,,%!$"2!+!,"+*?!_9'"($i!2-.)"*!/-*!,+!1',+!-!/-,!(',,'!v!#+.)'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VR^ !#$"%!F-*%-!"%!(")-&!5*'2!)$-!"22-&"+)-,0!/*-(-&".1!%'..-)!".!3$"($!C*+DD"."!+1+".!
+,,4&-%!)'!)$-!"&-+!'5!J+*($":%!/*"F",-1".1!)$'%-!+,*-+&0!5'*2+,,0!".%)*4()-&!3$-.!
+//'".)".1!/'%")"'.%!".!)$-!+(+&-20=!a-!3*")-%U!_H!/+&*-!J+*($"?!Y'(*+)-!.'F-,,'?!v!H!
F'1,"+2!&"*!9")+1'*+!%-('.&'?!v!B!F'"!&'F-**"-.'!+!&*+//-,,'!v!Y(',+*!F-."*!&+!)4))'!@4+.)!
'",!2'.&'e!v!9'"($i!m,!F'%)*'!%+/-*-!+,)'!-!/*'5'.&'!v!M+(("+)-!,'*!%k!)'%)'!.-,!(-*F-,,'e!v!I+!
.'.!*")*'F+!('%k!,:4'F'!2'.&'?!v!Y-!.'.!@4-1,"?!($:i!%+F"'?!<4'.'!-!<-,,'=!v!B,("<"+&-!-!8-&*'!
54*!&",-))"!v!Y(',+*?!('2-!1"l!F"&-!-!%-//-!B)-.-?!v!9-*'(($i!54*'.!%+Fd?!-!+%%+"!/-*5-))"U!v!c!
/-*($s!,+!%+F"-DD+!&+,!("-,!F"-.-?!v!B..'!%','!1"4&"D"!-!".1-1."!*-))"!v!>!1"'F+.!%+Fd?!-!
"2/+*+.!)'%)'!-!<-.-=!v!I+!/*"+!%+/-*!('.F"-.-!v!>,!2'.&'!&:".%-1.+*-!+.)"('!-!.4'F'?!v!
M$:+F-)-?!J+*($"?!F'"!)*'F+)-!+!('F'=!v!H.&-!"'!,+!,".14+!24'F'?!v!c!&"('U!H!F'"?!($-!5"1,"!F"!
)*'F+)-!v!Y+Fd?!-!($-!%'.!.-,,+!/"u!F-*&-!-)+)-?!v!Y-!F-&-*!1,"!<*+2+)-!v!T"!F"*)u!/"-."?!-!&"!
&'))*".+!(+*($"?!v!T+)-1,"!+!(4%)'&"*-!+,!9+&*-!J+*($"![7'&%($%*(<#0"#;(?#2/%(0%"1-$#;(VVP\=!
!
GVG!
!
!
!!!!!!!!!!!
%5+(("+)+2-.)-!)"!&",-))"?`!+.&!+((4%-%!$"2!'5!$+F".1!1'.-!2+&=VRO!>.!+.')$-*?!$-!/';-%!+)!
J+*($":%!/-*%"%)-.)!$'<.'<<".1!%)",,!2'*-!&"*-(),0!+.&!2'*-!(*4&-,0U!_B!<*+(("+!+/-*)-?!-&!+!
<*+($-!(+,+)-!v!J:+%/-))+!",!F'%)*'!L-2<'!+:!(+2/"!c,"%%"?!v!8*+:!"!5"'*!&"!.-/")-,,+!-!5"'*+,"%"=`!
#$-!J+*($"!C*+DD"."!&-/"()%!$-*-!"%!.')!'.,0!*-+&0!)'!/-*5'*2!+.0!5+F'4*!5'*!/*'5-%%"'.+,!
1+".?!<4)!+,%'?!<-(+4%-!%411-%)"F-,0!$'2'%-74+,?!2'*+,,0!&-/*+F-&![C*+DD"."?!'5!('4*%-?!
&"%2"%%-%!+.&!5'*1"F-%!$"%!'3.!/4*/'*)-&!$'2'%-74+,")0\?!+.&!+<%-.)e!$-!"%!+!J+*($"!3$'!
$+%!_,+%("+)q'r!v!"!q%4'"r!+2"("!".!%-))-!%k!&"F"%"`!3$",-!$-!1'-%!)'!(4,)"F+)-!9+*.+%%4%?!
_J"F-q.&'r!&4.@4-!+,,-1*+2-.)-!.'%('?!v!>.%-1.+.&'!+!/-&+.)"!",!/+*,+*!#'%('=`VRQ!]'!
,'.1-*!+!5+)$-*!5"14*-?!$-!($''%-%?!".%)-+&?!)'!/*"F",-1-!$"%!'3.!*-/4)+)"'.!+)!)$-!-7/-.%-!'5!
)$'%-!'5!$"%!(',,-+14-%!+.&!/4/",%=!C*+DD"."!"%!.')!%4*/*"%-&U!J+*($":%!%4((-%%!".!8,'*-.(-!
%--2%?!)'!$"2?!<+%-&!-.)"*-,0!'.!$"%!($'"(-!)'!,-+F-!")!5'*!+.!-7)-.&-&!/-*"'&!'*?!2'*-!
-7/,"("),0?!'.!$"%!<-)*+0+,!'5!$"%!"#&?#-'*%=!]')!)+;".1!".)'!('.%"&-*+)"'.!J+*($":%!2+.0!*4.6
".%!3")$!+.)"6*-/4<,"(+.!%-.)"2-.)!3")$".!8,'*-.(-!+.&!$"%!5'*(-&!-7")!5*'2!")!0-+*%!-+*,"-*?!
C*+DD"."!+%%"2",+)-%!$"2!)'!K4&+%U!_>,!J+*($"!i!%)+)'!1*+.!)-2/'!C"4&-'?!v!94*!'*!&"!.4'F'!
+,,+!8-&-!i!)'*.+)'`!3$'!"%!<+/)"D-&!4.&-*!)$-!,+)-*!_c)*4%(+.`!<-.)!'5!)$-!6'12%-/'-#U!_c!
,:c)*4%('!1-.)",!,:$+!<+))-DD+)'=`VRP!C*+DD".":%!*-F-*%+,!'5!)$-!+()!'5!<+/)"%2!$-*-!"%!+,%'!
3'*)$!/'".)".1!'4)!+%!+!2'*-!'*!,-%%!%4<),-!%411-%)"'.!'5!J+*($":%!$0/'(*"%0U!)$'41$!$-!"%!
.-3,0!<+/)"D-&!$"2%-,5?!+.&!4.&-*!+!/*+()"(+,,0!&"55-*-.)!*-,"1"'.?!)$-!*-F-*-&!".)-,,-()4+,!
(+%)%!+3+0!+.0!".!+!%"2",+*,0!/*'&"1+,!/'%")"'.?!".!.--&!'5!*-".F-.)"'.?!'*!".!%-+*($!'5!+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VRO !7'&%($%*(<#0"#;(?#2/%(?2'&#;(VSR=!_#$"%!/'/4,+(-!.'!,'.1-*!3+.)%!0'4*!%'..-)%?!v!8+)$-*!
J+*($"?!B/',,':%!(*'3e!v!Y".(-!0'4!)+;-!%4($!%$+2-54,!&-,"1$)!v!>.!,0".1!)$*'41$!0'4*!)--)$!
+.&!".!0'4*!)$*'+)=`!>)!"%!3'*)$!2-.)"'.".1!)$+)!C*+DD"."!,+)-*!('2/'%-%!+.')$-*!/'-2?!
_M+.)'!&-,!M'*<'`!)$-!('2/,-)-!F-*%"'.!'5!3$"($!(+.!<-!5'4.&!".!M,=!J>>?!SN^![A"<*-*"+!
I-&"('69+,+)".+\!('.%-*F-&!+)!)$-!L"<,"')-(+!]+D"'.+,-!M-.)*+,-!&"!8"*-.D-=!!
VRQ !Y--!7'&%($%*(<#0"#;(?#2/%(?2'&#?!VSR6SG=!!
VRP !7'&%($%*(<#0"#;(?#2/%(?2'&#;!/=!V^N6^ê!2'*-!3",,!<-!%+"&!'.!)$-!6'12%-/'-#A0(.-3!
c)*4%(+.!/*'1*+2!,+)-*!".!)$"%!($+/)-*=!
!
GVV!
!
!
!!!!!!!!!!!
,")-*+*0!/*-%)"1-!.')!14+*+.)--&!<0!<"*)$=!C*+DD"."?!")!<-+*%!*-(+,,".1?!"%!'%)-.%"<,0!<'*.!)'!+!
5+2",0!'5!2-*($+.)%?!/*'<+<,0!+/')$-(+*"-%?!+.&!"%!)$-!5"*%)!,")-*+*0!5"14*-!'5!$"%!1-.-)"(!
,".-=!
>.!)$-!/'-2%!+<'F-?!C*+DD".":%!(*")"("%2!"%!2'*-!'*!,-%%!%)*+"1$)5'*3+*&=!c,%-3$-*-?!
$-!%)0,"%-%!")!5'*!+!&"55-*-.)?!/-*$+/%!1*-+)-*!-55-()=!>.!'.-?!$-!+%%42-%!)$-!F'"(-!'5!A4"1"!
94,("!+.&!*-+()%!+1+".%)!J+*($":%!-F+,4+)"'.!'5!)$-!E12)#-/%=VGR!B.')$-*?!$-!3*")-%!".!/*+"%-!
'5!%/".+($!+.&!)$-*-!%"24,)+.-'4%,0!&"%/,+0%!+.!"2/*-%%"F-!,+(;!'5!%-,56"2/'*)+.(-!+.&!
&*+3%!+))-.)"'.!)'!J+*($":%!%)4..".1!4.+3+*-.-%%!'5!$"%!'3.!-1')"%)"(+,!.+)4*-!+.&!".5,+)-&!
*-/4)+)"'.!3")$".!)$-!+(+&-20U!
H$!%-!F-."%%-!+,!J+*($"!5+.)+%"+!
M+.)+*!&-1,"!Y/".+("y!#4!F-&*-%)"!
>!/-&+1'1$"!)4))"!%)+*-!+,!@4"U!
c!2",,-!<-,,-!('%-!".)-.&-*-%)"!
>.)'*.'!+,,-!,'*!,'&"U!-!+,,-1+*-!
M$"'%-!-!/*-)-,,-?!-!,-!/-.)',-!-:!)-%)"U!
c!/-*!-%-2/"'!-!/-*!*+1"'.!2'%)*+*-?!
c!('.!+4)'*")l?!($-!/+*+1'.-!
B1,"!%/".+("!.'.!%"!/4h!)*'F+*-=VGG!
!X-*-!C*+DD"."!)'!3*")-!+<'4)!+!)'/"(!+%!)*"F"+,!+%!%/".+($?!$-!3'4,&!<-!2-)!E!*"1$)54,,0!E!
3")$!,+41$)-*=!>.!J+*($":%!/,42-?!$'3-F-*?!-F-.!)$-!+<%4*&!"%!1*+.)-&!)2#B'/#0!'3-&!.')!
.-(-%%+*",0!)'!+!2+%)-*0!'5!%)0,-!'*!+!('2/,-7")0!'5!/$",'%'/$"(+,!)$'41$)?!<4)!2'*-!,";-,0!
)'!)$-!/',")"('6,")-*+*0!*-/4)+)"'.!)$+)!/*-(-&-%!$"2=!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VGR !7'&%($%*(<#0"#;(?#2/%(0%"1-$#?!%'..-)!MpAJ>>>?!/=!PW=!
VGG !7'&%($%*(<#0"#;(?#2/%(0%"1-$#?!_M+/")','!".!,'&-!&-1,"!Y/".+("`![pp>?!OO6OP\=!!
!
GVS!
!
!
!!!!!!!!!!!
C*+DD".":%!-+*,0!/'-)"(!/*'&4()"'.!"%?!3")$!F-*0!5-3!-7(-/)"'.%?!".)-.)"'.+,,0!,"1$)6
$-+*)-&?!"5!%+*&'."(=!Y)",,?!J+*($"!"%!.'!%)*+.1-*!)'!",!A+%(+:%!.')!%'!)$".,0!F-",-&!('.)-2/)?!'*!
)'!)$-!1-.-*+,!+F-*%"'.!'5!2+.0!'5!$"%!')$-*!('.)-2/'*+*"-%=!M'.('2")+.)!3")$!)$-!
('.(,4%"'.%!$-!&*+3%!".!$"%!,-%%'.%!5*'2!GNWR!)'!GNNN?!3$-.!+%;-&!)'!-7/,+".!")?!$-!5".&%!
)$-!*'')!'5!")!".!-.F0!6!'-B'$'#=VGV!#*4-!)'!$"%!5'*2?!C*+DD"."!5".&%!+!3+0!)'!2'(;!)$"%!
+%%42/)"'.?!)''=VGS!>.!%'..-)!ppp>>>!'5!)$-!GOWG!I't(;-!-&")"'.?!$-!&-%(*"<-%!J+*($"!+%!+!
2+.!.-")$-*!)'!<-!*-F-*-&!.'*!5-+*-&?!<4)!+%!+!/'-)!3$'!$+%!*-,"-&!'.,0!'.!$"%!*-/4)+)"'.!)'!
3".!)$-!/4<,"(:%!5+F'4*=!A";-!1',&!3'*;-&!".!+!5"*-?!$-!-2-*1-%!5*'2!)$-!$+.&%!'5!$"%!
&-5-.&-*%!_%-))-!F',)-!/"u!.-))'!-!/"u!/4*1+)'`!*-+&0!)'!(,"2<!)'!$-+F-.!_,+!m.F"&"+!-!,:'&"'!
%4/-*+)'!v!c!m,!2'.&'!)*+&")'*!F".)'!-!%($-*.")'=`!C*+DD".":%!"*'.0!"%!'<F"'4%?!$-+F06$+.&-&U!
<0!$"%!(+,(4,+)"'.?!d-+,'4%0!"%!)$-!(*4)($!'.!3$"($!J+*($"!,-+.%!)'!-7/,+".!E!+.&!/-*$+/%?!)'!
+!,-%%-*!&-1*--?!-7(4%-!E!$"%!2+.0!+.&!('.%"&-*+<,-!&"55"(4,)!/-*%'.+,!*-,+)"'.%$"/%?!3")$!
('2/,-)-!&"%*-1+*&!5'*!['*!&-."+,!'5\!$"%!'3.!+*)"%)"(!%$'*)('2".1%=!!
!!J+*($":%!GNWN!,-%%'.!'.!C"'F+.."!&-,,+!M+%+:%!%'..-)!'.!d-+,'4%0!'55-*%!+!<-))-*!
4.&-*%)+.&".1!'5!3$+)!$-!2-+.%!<0!)$-!F-*0!)-*2!'-B'$'#=(#$-*-?!$-!+%%'("+)-%!")!&"*-(),0!E!
)$'41$!.')!%0.'.02'4%,0!E!3")$!d-+,'4%0U!_.-,,+!.'%)*+!,".14+!C-,'%"+?!.'.!%"1."5"(+!+,)*'?!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VGV !g2<-*)'!9"*'))"?!^%-%$%//1(V#2"9'(%(*#("3*/32#($%*(031(/%&?1![8"*-.D-U!H,%($;"!-&")'*-?!
GPOG\!VW=!
VGS !a"%!%'..-)!ppp>>>!"%!3'*)$!(")".1!".!54,,U!_]'.!54!2+"!F"%)'!",!/"u!<-,,:'2+(("'.-!v!T-,!2"'!
1*+.!J+*($"?!-!.'.!%"!F-&*l!2+"?!v!C*+%%'?!1*'%%'?!1-.)",?!&'))'!-!&:+%%+"?!v!T'F-!.-!54%%-!
<-.-!4.!2","'.-=!v!]'.!$+!/')4)'!",!&"*!&-,,-!/-*%'.-!v!I+,"1.-!-!*--?!<-.($:+<<"+.!&-))'!
+%%+"!v!8+,%-!(+,4.."-?!'"2iy!)'*1,"!1"+22+"!v!A:'.'*?!,+!1,'*"+!-!,+!*-/4)+D"'.-=!v!M'2-!,:'*'!
.-,!54'('!)*+F+1,"+)'e!v!M'%k!&-,,-!,'*!2+."!i!%-2/*-!4%(")'?!v!Y-))-!F',)-!/"u!.-))'!-!/"u!
/4*1+)'=!v!H*!)+.)'!F-*%'!",!("-,'!+,)'!i!%+,")'?!v!M$:-1,"!$+!,+!m.F"&"+!-!,:'&"'!%4/-*+)'!v!c!m,!
2'.&'!)*+&")'*!F".)'!-!%($-*.")'e!v!#+,($:-1,"!i!2'%)*'!+!&"))'!v!M'.!2+*+F"1,"+!-!('.!1*+.!
&"F'D"'.-?!v!M'2-!%:-"!5'%%-!Y'(*+)-!'!9,+)'.-?!v!H!A".'!'!B."%'.-?!v!H!I'"%i!'!T+F"&-!
Y+2"%)*+?!v!H!I+('.-!'!I-*(4*"'!#"2"1"%)+e!v!]s!/-*!@4-%)'!$+!,+!F"%)+?!v!M'2-!2',)"!
<+<<"'.?!/4.)'!".1*'%%+)'?!v!M$-!24)+.!('.&"D"'.?!24)+.&'!%)+)'=!v!Y-!@4-,?!($:$+!2-*")+)'!
v!BF-%%-?!'!@4-,!($-!2-*)+!",!%4'!F+,'*-?!v!Y+*-<<-!",!J+*($"!9+/+!'!>2/-*+&'*-`![7'&%($%*(
<#0"#;(?#2/%(?2'&#?!GQ\=!
!
GVW!
!
!
!!!!!!!!!!!
($-!4.+!-24,+)"'.-?!'!F-*'!".F"&"+!&"!5'*2+?!'!F-*'!<-,,-DD+?`!$-!3*")-%=VGW!a-!1'-%!'.!)'!
@4+,"50!")!+.&!,"%)!%'2-!'5!")%!F+*"'4%!&-5".")"'.%?!<')$!(,+%%"(+,!+.&!('.)-2/'*+*0U!
I+*('!#4,,"'!,+!)*+&4%%-!'<)*-))+"'.-VGN?!-!,+!&"55".k!4.+!/+%%"'.-!($-!+,(4.'!
$+!/-*($s!4.:+,)*'!1'&-!-!/'%%"-&-!@4-,,'!($-!F'**-<<-!/'%%-&-*-!-!1'&-*-!
-1,"!%','=!B,)*"!&"%%-*'!,+!C-,'%"+!-%%-*-!4.+!%'%/"D"'.-?!,+!@4+,-!$+!,:+2+.)-!
("*(+!,+!('%+!+2+)+?!($:-,,+!.'.!%:"..+2'*"!&:4.!+,)*'=!B,)*"?!,+!C-,'%"+!-%%-*-!
4.!/+4*'%'!%'%/-))'?!&-,,:+2+.)-!&-,,+!('%+!+2+)+?!,+!@4+,-!-1,"!.'.!F'**-<<-!
$+F-*-!('24.-!('.!+,(4.'?!.'.!5+(("+!('/"+!&"!%s!+!."4.'!+,)*'e!,-!@4+,"!)4))-!
%"1."5"(+.'!".!-55-))'!4.+!('%+!2-&-%"2+=VG^!!!
K-+,'4%0!"%!+!%4<%-)!'5!-.F0?!'5!)$-!)$"*&!;".&?!-")$-*!1''&!'*!<+&?!+.&!3$"($!+)!)"2-%!2-*")%!
<,+2-?!+.&!+)!')$-*%?!/*+"%-=VGO!#$"%!"%!+.!"2/-*5-()!&-5".")"'.?!+%!J+*($"!*-+&",0!+&2")%?!
<4",)!'5!'/"."'.%!_/+*)"(',+*"!2+!.'.!4."F-*%+,"`!<4)!+.!".%"1$)!".)'!)$-!F-*0!/*-F+,-.(-!'5!
)$-!%-.)"2-.)!+%!+!%4<d-()!'5!,")-*+*0!+.+,0%"%=VGQ!X$+)?!$-!%+0%?!"%!('22'.!)'!+,,!F+*"+.)%!'5!
d-+,'4%0?!"%!")%!&-%"1.+)"'.!+%!+!_2+,+))"+!q($-r!1-.-*+!.-!1,:+."2"!4.+!/-*/-)4+!-!('.)".4+!
".@4"-)4&".-?!($-!2+"!.'.!/'%+?!2+!%-2/*-!%)+!+))-.)+?!-!('.!1,:'*-(($"!)-%"?!+&!+%(',)+*-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VGW !I1,=!S=W=WQG=V!QP*e!_".!'4*!,+.14+1-?!K-+,'4%0!2-+.%!.')$".1!2'*-!)$+.!+.!-24,+)"'.?!'*!
*+)$-*?!+.!-.F0!'5!5'*2?!'*!2'*-!/*-("%-,0?!'5!<-+4)0=`!
VGN !'<)*-)+()"'U!+!&"%/+*+1-2-.)e!J+*($":%!*-.&")"'.!'5!)$-!A+)".!3'*&!2"1$)!$+F-!<--.!+.!
+))-2/)!)'!F-*.+(4,+*"%-!")!E,")-*+,,0!E!5'*!$"%!>)+,"+.!+4&"-.(-=!
VG^ !"<"&e!_I+*(4%!#4,,"4%!)*+.%,+)-%!")!+%!+!&"%/+*+1-2-.)!+.&!&-5".-%!")!+!/+%%"'.!)$+)!%'2-!
$+F-!<-(+4%-!+.')$-*!-.d'0%!+.&!/'%%-%%-%!)$+)!3$"($!$-!+,'.-!3'4,&!,";-!)'!-.d'0!+.&!
/'%%-%%=!H)$-*%!(,+"2!d-+,'4%0!)'!<-!+!,'F-*:%!%4%/"("'.!)$+)!$"%!,'F-&!'.-!,'F-%!+.')$-*=!
H)$-*%!)$".;!'5!")!+%!)$-!5-+*54,!%4%/"("'.!'5!+!,'F-*!4.3",,".1!)'!$+F-!$"%!,'F-&!'.-!
/+*+,,-,-&!)'!+.0'.-!-,%-?!'*!('/"-&!<0!+.')$-*e!+,,!'5!)$-%-!&-5".")"'.%!-55-()"F-,0!2-+.!'.-!
+.&!)$-!%+2-!)$".1=`!!
VGO !"<"&?!GGSFU!_A+!)-*D+!%/-D"+!&-,,:".F"&"+!i!,+!1-,'%"+?!,+!@4+,-!/4h!-%%-*-!(+))"F+!-!<4'.+?!-!
('%k!2-*")+!$'*+!<"+%"2'?!-!@4+.&'!,'&+=`!
VGQ !"<"&e!_%/-("5"(!<4)!.')!4."F-*%+,`!
!
GVN!
!
!
!!!!!!!!!!!
'1."!F'(-?!'1."!*'2'*-?!'1."!F-.)'=`VGP!B%!3",,!,+)-*!<-!%$'3.?!.'!2'*-!%4((".()!'*!
+//*'/*"+)-!&-%(*"/)"'.!-7"%)%!5'*!C*+DD".":%!,")-*+*0!/*'&4()"'.!5*'2!)$-!2'2-.)!'5!$"%!
-7/4,%"'.!5*'2!)$-!6'12%-/'-#!".!GNWO?!)'!$"%!*-+&2"%%"'.!".!GN^^=!>.!5+()?!&-%/")-!)$-"*!
-%%-.)"+,,0!+.)+1'."%)"(!*-,+)"'.%$"/?!C*+DD"."?!3$-.!$-!3*")-%!'5!d-+,'4%0?!+1*--%!+,2'%)!
/-*5-(),0!3")$!J+*($":%!".)-*/*-)+)"'.!'5!")?!)$'41$!$-!"%?!'5!('4*%-?!(+*-54,?!+%!3-,,?!)'!+&&!)'!
")!$"%!/+*)"(4,+*!'/"."'.!'.!)$-!2+))-*=!>.!$"%!'()+F-%!_Y'/*+!,+!1-,'%"+?`!$-!&-%(*"<-%!
d-+,'4%0!+%!,'F-:%!<"))-*!%"%)-*!E!_T"!@4-%)'!&4.@4-!/"'!-!&',(-!+2'*-!v!{!,:-2/"+!C-,'%"+!
%'*-,,+!+2+*+`!E!)3".%!<'*.!'5!)$-!%+2-!/+*-.)%?!<4)!4.-@4+,!".!/-*%'.+,")0U!
T"!/+&*-!-!&"!2+&*-!-!".!4.!/+*)'!%)-%%'!
B2'*-!-!C-,'%"+!.+(@4-*'!".%"-2-U!
c!(*-%(-.&'!%:+.&+*!%-2/*-!2+"!/*-%%'U!
A:4.!(+.)+!-!*"&-?!-!,:+,)*+!/"+.1-!-!1-2-U!
c!('%k!&"!,'.)+.?!('2-!&:+//*-%%'?!
j4l!%'22+!1"'d-?!-!(',l!&'1,"-!-%)*-2-?!
M'.!&"%/+*"!F',-*!%"!F-11'.!%-2/*-?!
H*+!".!%'+F"?!'*+!".!+2+*-!)-2/*-=VVR!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VGP !"<"&?!PQFe!_+.!",,.-%%!q)$+)r!1-.-*+)-%!".!)$-!%'4,%!")!+55,"()%!/-*/-)4+,!+.&!('.)".4'4%!
3'**0?!3$"($!(+4%-%!$"2!.-F-*!)'!<-!)*+.@4",?!<4)?!+,3+0%!+))-.)"F-!+.&!3")$!-+*%!+,-*)?!)'!
,"%)-.!)'!-F-*0!F'"(-?!-F-*0!%'4.&?!-F-*0!14%)!'5!3".&=`!
VVR !Y)+.D+%!S?!N=G6VU!H5!)$-!%+2-!2')$-*!+.&!5+)$-*!+.&!+)!)$-!%+2-!)"2-!v!A'F-!+.&!
K-+,'4%0!3-*-!<'*.!)'1-)$-*U!v!B.&!1*'3".1!4/?!)$-0!3-.)!5'*-F-*!)'1-)$-*U!v!#$-!'.-!
,+41$%!+.&!%".1%?!)$-!')$-*!%"1$%!+.&!(*"-%U!!L')$!5*'2!+5+*!+.&!5*'2!.-+*<0?!v!>.!)$-!'.-?!
%4/*-2-!d'0?!".!)$-!')$-*?!-7)*-2-!/+".?!v!#$-0!+*-!+,3+0%!%--.!3")$!4.-@4+,!&-%"*-%?!v!H*+!
".!%'+F"?!'*+!".!+2+*-!)-2/*-`![7'&%($%*(<#0"#;(?#2/%(0%"1-$#;(GW^\=!>.!+!%'..-)!'.!d-+,'4%0!
5'4.&!-,%-3$-*-!".!$"%!(',,-()"'.?!C*+DD"."!3",,!(+,,!K-+,'4%0!a+)*-&:%!%"%)-*!+.&!A'F-:%!
2'*)+,!-.-20U!_M+*.+,!&-,,:"*+?!-!&-,,:'&"'!%'*-,,+??!v!T-,!54*'*!%/'%+?!-!&-,!&"%&-1.'!+.(-,,+?!
v!]-2"(+!-)-*.+!-!(+/")+,!&:B2'*-`![Y'.-))'!AppJ>>?!7'&%($%*(<#0"#;(?#2/%(0%"1-$#?!WV\=!
!
GV^!
!
!
!!!!!!!!!!!
a-!-F-.!+1*--%!3")$!J+*($":%!"&-.)"5"(+)"'.!'5!2'*-!)$+.!'.-!)0/-!'5!d-+,'4%0?!+.&!&"F"%"'.!
'5!)$-!)-*2!".)'!F+*"'4%!(+)-1'*"-%=!>.!%)+.D+!5'4*?!C*+DD"."!3*")-%?!_I+!/-*($s!2',)"!-!F+*"!
%'.!1,"!B2'*"?!v!I',)-!-!F+*"+)-!%'.!,-!C-,'%"-?!v!M$-!".!'1."!)-2/'!-!,'('!"!.'%)*"!('*"!v!J+.!
)'*2-.)+.&'!/-*!&"F-*%-!F"-=`VVG!
!
!
J+*($"!+.&!Y/-*'."!
!
H5!('4*%-?!+.&!'5!+!/"-(-!3")$!)$-!.+)4*-!'5!&-,,+!M+%+:%!%'..-)?!J+*($"!%/-+;%!".!$"%!
,-%%'.![+.&!C*+DD"."!".!$"%!'()+F-%\!'5!)$-!d-+,'4%0!+%%'("+)-&!3")$![+.&!+.!-7(-%%!'5\!,'F-!E!
+2'*'4%!,'F-!E!)$-!,'F-!'5!3$"($!9-)*+*($!+.&!,+)-*!L-2<'!3*")-?!+!,'F-!('2/'%-&!'5!
<".+*0!5'*(-%!+.&!%--2".1,0!"**-('.(",+<,-!'//'%")-%=!Y/-*'.-!Y/-*'."?!".!$"%!GNWV!G'#*1)1(
$%**A#&12%![/-*$+/%!3*"))-.!('.)-2/'*+.-'4%,0!)'!J+*($":%!,-%%'.!'.!&-,,+!M+%+\!('.5"*2%!
E!'*!/-*$+/%!/*--2/)%!E!+!1''&!&-+,!'5!J+*($":%!(,+"2%=!#$-*-?!$"%!($+*+()-*%?!5"()"'.+,?!
)$'41$!'%)-.%"<,0!<+%-&!'.!*-+,!/-*%'.+,")"-%?!#4,,"+!&:B*+1'.+?!L-*.+*&'!#+%%'?!]"(',+!
C*+)"+?!+.&!",!I',D+!E!+,,!+)!'.-!/'".)!2-2<-*%!'5!)$-!6'12%-/'-#!'*!".!%'2-!3+0!+55","+)-&!
3")$!")!E!<-1".!)$-"*!)*-+)2-.)!'5!)$-!.+)4*-!'5!,'F-!3")$!+!&"%(4%%"'.!'.!d-+,'4%0=!A";-!
J+*($"?!)$-0!"&-.)"50!")!+%!+!.-(-%%+*0!<0/*'&4()!'5!,'F-e!d-+,'4%0!"%!)'!,'F-?!+%!#4,,"+!%)+)-%?!
3$+)!+!*+0!"%!)'!,"1$)?!3$+)!,"1$).".1!"%!)'!+!)$4.&-*<',)?!3$+)!)$-!%'4,!"%!)'!$42+.!,"5-=VVV!>)!
"%!+.!",,.-%%!3")$'4)!*-2-&0!+.&!3$"($!,-+&%!$"2!3$'!%455-*%!5*'2!")!)'!%--!'.,0!)$".1%!)$+)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VVG !_L4)!<-(+4%-!2+.0!+.&!F+*"-&!+*-!)$-!)0/-%!'5!A'F-?!v!I+.0!+.&!F+*"-&!+*-!)$-!
K-+,'4%"-%!)$+)!1'!3")$!)$-2?!v!#$+)!+,3+0%!+.&!-F-*03$-*-!)'*2-.)!'4*!$-+*)%!v!>.!
F+*"'4%!3+0%=`!
VVV !_>'!/-*!2-!2+"!.'.!+2'?!($:"'!.'.!2"!24'"+!&"!1-,'%"+!.-!2+"!%'.'!%)+)+!1-,'%+?!($-!"'!
.'.!+2+%%"?!-!+*&-%%"=!H.&-!"'!(*-&'?!($-!)+,"!%"-.'!)*+!,'*'!,+!1-,'%"+?!-!,'!+2'*-?!@4+,-!i!",!
*+11"'!-!,+!,4(-e!",!<+,-.'!-!,+!5',1'*-e!,'!%/"*")'?!-!,+!F")+=`![G'#*1)'($'(E=(:=(:?%21-';(
-31B#&%-/%(2'0/#&?#/'(%("1-(&1*/#($'*')%-F#(2'B%$3/'(%("122%//'![J-.-D"+U!B,&4%!I+.4)"'?!
GNWS\!IBCA!GV=O=SSGe!G'#*1)'($'(E=(:=(:?%21-';(-31B#&%-/%(2'0/#&?#/'(%("1-(&1*/#($'*')%-F#(
2'B%$/3'(%("122%//'![GNWV\?!ZBZ>=!B,&=!G=S=SW=v+!
!
GVO!
!
!
!!!!!!!!!!!
/*'5'4.&,0!"**")+)-!$"2?!('.F-*)".1!_@4-,,'!&-.)*'!&+!%-!=!=!=!".!%'%/-))'?!'.&-![%-!%+.'!5'%%-\!
%'22+2-.)-!.-!1"'"*-<<-=`VVS!B.&!d4%)!+%!J+*($"!&'-%!".!+!,+)-*![4.&+)-&\!,-%%'.?!I',D+!
2'*-!%/-("5"(+,,0!+2'.1!)$-2!('2/+*-%!)$-!%)*-.1)$!'5!,'F-!E!d-+,'4%!'*!.')!E!)'!)$-!/'3-*!
'5!)$-!%4.?!<')$!'5!)$-2?!_-)-*."?!+2<"!&"!5'*D+!@4+%"!".5".")+?!.')"%%"2"!".!+,)*4"!-!".!%-!%)-%%"!
".F"%"<","!/-*!)*'//+!,4(-!=!=!=!9-*h!%+//"+)-!($-!('%k!('2-!",!*+11"'!&-,!%',-!%(-F*'!&+!'1."!
2'*)+,!@4+,")l!%(-.&-!&+,!("-,'!-!&"!*"2<+,D'!%(+,&+?!-!+((-.&-!'1."!('%+?!('%k!B2'*-!&+,!
F"%'!-!&+!1,"!+))"!&:+,(4.+!<-,,+!-!F"*)4'%+!/-*%'.+!&'2+!-!%5'*D+!,-!.'%)*-!F'1,"-=`VVW!!
Y/-*'."!3*")-%?!$-*-?!'5!+2'*'4%!,'F-![<-)3--.!,'F-*%\=!Y)",,?!J+*($":%!+%%-*)"'.!)$+)!
d-+,'4%0?!"5!"2/*'/-*,0!)*-+)-&!["5!'.-!"%!.')!(+*-54,!)'!(4*<!)$-!-7(-%%"F-.-%%!'5!$"%!,'F-\?!
_(*-%(-!+,(4.+!F',)+!)+.)'!($-!&"F-.)+!'&"'!-!%"!('.F-*)-!".!*+<<"+?!-!@4-%)'!.'.!%','!('.)*'!
,+!('%+!+2+)+?!'!",!%4'!+FF-*%+*"'!'!*"F+,-?!2+!('.)*'!)4))"!@4-,,"!+.('*+?!"!@4+,"!1"4&"(+!
-%%-*,"!%)+)"!".!@4+,4.($-!2'&'!('.)*+*""`VVN!"%!+//,"(+<,-?!)''?!)'!)$-!d-+,'4%0!'5!$"%!*"F+,%!
+.&!)'!)$-!*"F+,%!'5!)$-!,-.'#&&#/'(2'*-!1-.-*+,,0=!>.!')$-*!3'*&%?!3$+)!J+*($"!".&"*-(),0!
/'%")%!"%!)$+)!)$-!('.)-2/)!'5!$"%!/--*%!"%!+!/*'&4()!'5!,'F-!*+)$-*!)$+.!$+)-!+.&?!+%!%4($?!"%!
-.)"*-,0!.+)4*+,!E!+.&!.-(-%%+*",0!1''&=!_{!&+!%+/-*-!($-!)4))"!1,:+2'*"?!-%%-.&'!.+)4*+,"!
%'.'!<4'."?!('2-!$+F-2'!&-))'!&"!%'/*+?!-!&"*-2'!&"!%'))'?!2+!",!.'.!%+/-*1,"!4%+*-!1,"!5+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VVS !"<"&?!GR*vF?!_-F-*0)$".1!3")$".!$"2!)'!%4%/"("'.?!3$-.?!"5!$-+,)$0?!$-!3'4,&!*-d'"(-!5*'2!
")=`!
VVW !_-)-*.+,?!<')$!'5!+,2'%)!".5".")-!5'*(-?!$"1$,0!.')"(-+<,-!".!')$-*%?!<4)!".F"%"<,-!)'!
)$-2%-,F-%!".!)$-"*!-7(-%%"F-!<*"1$).-%%!=!=!=!L4)!;.'3!)$+)!d4%)!+%!+!*+0!'5!%4.!5*--!'5!-F-*0!
2'*)+,!@4+,")0!&-%(-.&%!5*'2!)$-!%;0!+.&?!<'4.(".1!<+(;!4/?!$-+)%!+.&!"1.")-%!-F-*0)$".1?!
".!)$+)!3+0?!A'F-?!1-.-*+)-&!5*'2!)$-!5+(-!+.&!J%#3N()%0/%0!'5!+!1*+(-54,!+.&!F"*)4'4%!
/-*%'.?!&'2".+)-%!+.&!5'*(-%!'4*!&-%"*-%=`!["<"&?!GSFvGW*\!
VVN !IBCA!S=W=WQG=V?!GRS*e!_%'2-)"2-%!1*'3%!%'!,+*1-!)$+)!")!)4*.%!".)'!$+)*-&!+.&!"%!
('.F-*)-&!)'!+.1-*?!+.&!.')!'.,0!+1+".%)!)$-!,'F-&!'.-?!'*!$"%!+&F-*%+*0?!'*!*"F+,?!<4)!
+1+".%)!+,,!)$'%-!$-!d4&1-%!)'!$+F-!".!%'2-!3+0!1'.-!+1+".%)!$"2=`!
!
GVQ!
!
!
!!!!!!!!!!!
*-"?`!$-!3*")-%!".!$"%!,-%%'.!'.!9-)*+*($:%!%'..-)=VV^!B,,!,'F-!"%!.+)4*+,!+.&!1''&?!+.&!%)",,?!
_B2+*-!%-.D+!+2+*'!.'.!%"!/4h=`VVO!!
!
a"%!/'%")"'.!$-*-!"%!$+*&,0!%4*/*"%".1!3$-.!)+;-.!".!)$-!('.)-7)!'5!')$-*?!
%4**'4.&".1!,-%%'.%=!]'*!"%!")!%4*/*"%".1!3$-.!('.%"&-*".1!$"%!'F-*+,,!/*'d-()!'5!/*'2')".1!
B*"%)'),-!".!+!&'2".+.),0!E!+.&!&'12+)"(+,,0!%'!E!/,+)'."(!-.F"*'.2-.)=VVQ!a-!)+;-%!")!+!%)-/!
54*)$-*!".!+.')$-*!,-%%'.!'.!)$*--!@4-%)"'.%!*-,+)-&!)'!,'F-=!#$-!%-('.&!'5!)$-%-?!+!
*-5,-()"'.!'.!T+.)-:%!>#2#$'01(p>>>?!+%;%!3$-)$-*!,'F-!'*!$+)-!"%!)$-!%)*'.1-*!+.&!2'*-!
/'3-*54,!/+%%"'.=!J+*($":%!)*-+)2-.)!'5!)$-!"%%4-!"%!".)-*-%)".1!5'*!+!.42<-*!'5!*-+%'.%=!>!
@4')-!$-*-?!".!54,,?!)$-!2'%)!.')+<,-!/+%%+1-!'5!$"%!-7/,+.+)"'.U!
,:'&"'!/*-F+1,"+!+,,:+2'*-U!,+!@4+,!&"2+.&+!-!*"%',4D"'.-!.'.!i?!%"!/4h!&"*-!
+,)*'!($-!&"2+.&+*-!/*"2+!@4+,!%"+!/"u!,4(-.)-?!-!&"!2+11"'*!/'%%+.D+!'!",!
Y',-?!'!,:'2<*+e!/'"!*"%',F-.&'!".!5+F'*!&-,,:'2<*+!&"*-?!($-!-,,+!/"u!,4(-!-!/"u!
/4h?!($-!",!Y',-!%)-%%'!.'.!5+=!T-F-2'!&4.@4-!%+/-*-!/-*!".)-.&-*-!.'.!,+!
F-*")l!&"!@4-%)+!@4"%)"'.-![,+!@4+,-!i!/-*!%-!($"+*"%%"2+\!2+!/-*!('.'%(-*-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VV^ !IBCA!S=N=!WQG=V?!GWFe!_")!%$'4,&!<-!;.'3.!)$+)!+,,!,'F-%?!".!)$+)!)$-0!+*-!.+)4*+,?!+*-!+,%'!
1''&?!+%!3-!$+F-!%+"&!+<'F-!+.&!+%!3-!3",,!%+0!<-,'3?!<4)!)$+)!)$-!2"%4%-!'5!)$-2!"%!
&+2+1".1=`!
VVO !IBCA!S=N=WQG=V?!VGFe!_")!"%!"2/'%%"<,-!)'!,'F-!3")$'4)!<"))-*.-%%=`!
VVQ !8'*!+!*-F"-3!'5!.-'69,+)'."%2!".!Z-.+"%%+.(-!8,'*-.(-!-%/-("+,,0!".!)$-!('.)-7)!'5!)$-!
-+*,0!G^)$!(-.)4*0!+.&!".!)$-!3'*;%!'5!8*+.(-%('!M+))+."!&+!T"+((-)'?!%--!9+4,!H=!b*"%)-,,-*?!
62#-"%0"1($#(G'#""%/1(#-$(6*12%-/'-%(>*#/1-'0&('-(/9%(0'N/%%-/9("%-/32D![J+)"(+.!M")0U!
L"<,"')-(+!+/'%)',"(+!F+)"(+.+?!GPW^\=!a-*-?!b*"%)-,,-*!)*+(-%!)$-!,".-!'5!.-'69,+)'."(!
)$'41$)!".!8,'*-.(-!5*'2!I+*%","'!8"(".'!+.&!)$-!%)4&"'!5"'*-.)".'!&'3.!)'!)$-!Y+(*-&!
B(+&-20!'5!)$-!I-&"("?!3$"($!('.%"&-*-&!")%-,5!)$-!.+)4*+,!%4((-%%'*!)'!)$-!/*'d-()%!<-14.!
<0!8"(".'!+.&!$"%!("*(,-=!9,+)'."%2?!b*"%)-,,-*!('.)-.&%?!)$'41$!%)",,!5+*!,-%%!/'/4,+*!)$+.!)$-!
/*-F+",".1!B*"%)')-,"+."%2!'5!2+.0!Z-.+"%%+.(-!+(+&-2"-%?!3+%!%)",,!)$-!;-0!%'4*(-!'5!
2+)-*"+,!5'*!+!3"&-!+**+0!'5!/4<,"(!+(+&-2"(!,-()4*-%?!+.&!".(*-+%".1,0!%'!'F-*!)$-!0-+*%=!
J+*($":%!/'%")"'.!"%?!+%!%)+)-&?!%'2-3$-*-!<-)3--.!)$-!B*"%)')-,"+.!5+.+)"("%2!'5!%'2-!'5!
$"%!('.)-2/'*+*"-%?!+.&!)$-!1*'3".1!9,+)'."(!<-.)!'5!)$-!%"7)--.)$!(-.)4*0=!9,+)'."%2!&"&!
*-2+".?!$'3-F-*?!+!/*"2+*0!('.(-*.!5'*!)$-!I-&"("!5+2",0!+.&!)$-!'55"("+,!%/'.%'*%!'5!)$-!
B((+&-2"+!5"'*-.)".+=!
!
GVP!
!
!
!!!!!!!!!!!
*A'-)#--1!($-!,:+2'*-!-!,:'&"'!%'.'!&4-!/+%%"'."!('.)*+*"-e!("'i!($-!
%:'//'.1'.'!,:4.+!+,,:+,)*+?!2+!/*"F+)"F+2-.)-?!.'.!+,)*+2-.)-?!($-!",!<-.-?!-!
",!2+,-U!&-F-2'!+.('*+!%+/-*?!($-!,-!/*"F+D"'."!('2-!",!2+,-?!,:'2<*+?!,:'&"'!-!
+,)*-!(')+,"!.'.!'/-*+.'!/-*!%-!('%+!.-%%4.+?!-!".%'22+!%'.'!.4,,+e!2+!)4))'!
@4-,,'!($-!%'.'!-!($-!'/-*+.'?!%'.'!-!'/-*+.'!".!F"*)u!&-,!,'*'!$+<")'U!
/-*($s!",!2+,-!.'.!'/-*+!.4,,+?!%-!.'.!".!F"*)u!&-,!<-.-e!.s!/4'!-%%-*-!2+,-!
+,(4.'?!($-!".!@4+,($-!<-.-!5'.&+)'!.'.!%"+U!.-!i!&4<<"'!($-!'1."!'&"'!
/*-(-&-!&+!+,(4.'!+2'*-?!('2-!&+!%4+!(+1"'.-?!'.&-!,:'&"'!i!-55-))'!&:+2'*-e!
&-,!($-!%-14")+!($-!+2'*-!1,"!%'/*+%)"+?!.'.!/'%%-.&'!+,(4.'!-55-))'!)*'F+*%"!
/"u!5'*)-!-!/"u!/'%%-.)-?!('2-!.-,!/*"2'!%"!&"%%-?!&-,,+!%4+!(+4%+=![WV*vF?!
")+,"(%!2".-\VVP!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VVP !IBCA!S=N=WQG=VU!_$+)*-&![n\!,'F-?!)$-!@4-%)"'.!+.&!+.%3-*!)'!3$"($!"%!.')$".1!"5!.')!)'!
+%;!5"*%)!3$"($!"%!<*"1$)-*!+.&!2'*-!/'3-*54,?!)$-!%4.!'*!%$+&-e!)$-.?!5+F'4*".1!)$-!%$+&-?!
)'!%+0!)$+)!")!('4,&!1"F-!2'*-!,"1$)!+.&!('4,&!&'!2'*-!)$+.!)$-!%4.!")%-,5=!X-!24%)?!)$-.?!
4.&-*%)+.&!q)$"%!2+))-*r!.')!)'!4.&-*%)+.&!)$-!)*4)$!'5!)$-!@4-%)"'.![3$"($!"%!(,-+*!".!+.&!
'5!")%-,5\!<4)!)'!1+".!5+2","+*")0!3")$!)$-!2"%('.(-/)"'.!E!)$-!5+,,+(0!E!)$+)!,'F-!+.&!$+)-!+*-!
)3'!('.)*+*0!/+%%"'.%?!)$+)!"%?!)$+)!)$-0!'//'%-!-+($!')$-*?!<4)!<0!3+0!'5!/*"F+)"'.?!.')!
')$-*3"%-?!,";-!1''&!+.&!-F",U!3-!24%)!;.'3?!2'*-'F-*?!)$+)!/*"F+)"'.%?!,";-!-F",?!%$+&-?!
$+)*-&?!+.&!')$-*!%4($!)$".1%!&'!.')!'/-*+)-!'.!+.0)$".1!'.!)$-"*!'3.?!+.&?!".!<*"-5?!)$-0!
+*-!.')$".1=!L4)!+,,!)$+)!3$"($!)$-0!+*-!+.&!3$"($!)$-0!&'?!)$-0!+*-!+.&!)$-0!'/-*+)-!<0!
F"*)4-!'5!)$-"*!%'4*(-!'5!'*"1".?!<-(+4%-!-F",!&'-%!.')$".1!"5!.')!+%!+!54.()"'.!'5!1''&?!.'*!
(+.!)$-*-!-7"%)!+.0!-F",!)$+)!"%!.')!".!%'2-!3+0!5'4.&-&!".!1''&=!>.!%4($!+!3+0?!)$-*-!"%!.'!
&'4<)!)$+)!+,,!$+)*-&!"%!<'*.!'5!%'2-!,'F-?!+%!"5!,'F-!3-*-!")%!*-+%'.?!%'!)$+)!$+)*-&!"%!)$-!
-55-()!'5!,'F-=!8*'2!)$"%!5',,'3%!)$+)!,'F-!%4*/+%%-%!")?!%".(-!.'!-55-()!('4,&!-F-*!<-!5'4.&!)'!
<-!%)*'.1-*!'*!2'*-!/'3-*54,!)$+.!")%!(+4%-?!+%!3+%!%+"&!".!)$-!/*','14-=`!Y--!+,%'?!
B.)'.5*+.(-%('!C*+DD".":%!%'..-)!'.!K-+,'4%0!3$-*-".!+!%"2",+*!*-,+)"'.%$"/!"%!&-/"()-&=!
a-*-?!$'3-F-*?!C*+DD"."!/'".)%!)'!+!&-%)*4()"F-!*+)$-*!)$+.!*-1-.-*+)"F-!*-,+)"'.%$"/!
<-)3--.!,'F-!+.&!d-+,'4%0=!#$'41$!)$-0!+*-!<'*.!'5!)$-!%+2-!%'4*(-?!".!C*+DD".":%!-0-%?!
A'F-!+.&!K-+,'4%0!54.&+2-.)+,,0!(+.(-,!-+($!')$-*!'4)?!)$-!,+))-*!+.!+.."$",+)"'.!'5!+,,!
5'*2%!'5!1''&=!Y--!+//-.&"7!5'*!+!54,,!)*+.%(*"/)"'.=!
!
GSR!
!
!
!!!!!!!!!!!
#'!%422+*"%-?!)$-.?!J+*($":%!,'1"(!/*-%42-%!)$-!.'.-7"%)-.(-!'5!'//'%")-%!+.&!5+F'4*%?!
".%)-+&?!+!)$-'*0!'5!(+4%-!+.&!-55-()?!3$-*-!(+4%-%!+*-!%',-!+4)$'*%!'5!+.0!+.&!+,,!-55-()%?!.'!
2+))-*!$'3!('.)*+*0=!>.!%4($!+!3+0?!$-!&'-%!+3+0!3")$!)$-!+<%',4)"%2!'5!(+)-1'*"-%!,";-!
_1''&`!+.&!_<+&`!)'!".%)-+&!5+F'4*!+!5,4"&!%/-()*42!'5!'.,0!_1''&=`!8'*!'4*!/4*/'%-%?!$-!
-,"2".+)-%!)$-!<".+*0!'5!_,'F-`!+.&!_$+)-`!)'!F"-3!_$+)-`!+%!'.,0!+!&-1*--!'.!)$-!%,"&".1!
%(+,-!'5!,'F-?!+!.-(-%%+*0!('.%-@4-.(-!.')!'5!)$-!".$-*-.)!1''&.-%%!'5!,'F-?!<4)!'5!)$-!
/'3-*!'5!,'F-!")%-,5!E!2"%4%-&!'*!')$-*3"%-=VSR!!
B%!3-!$+F-!+,*-+&0!%--.?!d-+,'4%0!"%!'.-!_2"%4%-`!'5!,'F-=!L4)!J+*($"!'55-*%!+.')$-*!
/*+()"(+,!-7+2/,-!'5!+!&"55-*-.)!;".&U!5"*-!<4*.%!3''&!.')!'4)!'5!$+)*-&!5'*!3''&?!<4)!'4)!'5!
,'F-!5'*!")%-,5?!$-!3*")-%?!d4%)!+%!5"*-!/4)%!'4)!3+)-*!'.,0!".!+.!-55'*)!)'!/*-%-*F-!")%-,5?!+1+".!
'4)!'5!,'F-=VSG!Y/-*'."!$+22-*%!+)!)$"%!F-*0!/'".)?!)''?!".!$"%!G'#*1)1(01?2#(*#(G'0"12$'#!".!
3$"($!K'F-!%)+)-%!")!_.+)4*+,!('%+!=!=!=!+!1,"!$4'2"."!,:-%%-*!('.('*&"!)*+!,'*'?!-!('.)*+!.+)4*+!
,:-%%-*!&"%('*&"e!('2-!+.($-!('.)*+!.+)4*+!%+*-<<-!($-!,:4.!54'('!,:+,)*'!%)".14-%%-e!-!,:4.+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VSR !>.!$"%!4.)"),-&!,-%%'.!'.!)$*--!@4-%)"'.%!'5!,'F-?!J+*($"?!5',,'3".1!)$-!.-'/,+)'."(!
/$",'%'/$0!'5!$"%!2-.)'*?!&+!T"+((-)'?!"%!(+*-54,!)'!<*-+;!,'F-!&'3.!".)'!5"F-!(+)-1'*"-%?!)$-!
,'3-%)!'5!3$"($![+2'*-!5-*".'!+.&!(+*.+,!".!.+)4*-\!,-+&%!)'!('.&-2.+)"'.?!+.&!)$-!$"1$-%)!
'5!3$"($![+2'*-!&"F".'!+.&!&-5".-&!+%!)$-!*-F-*-.(-!'5!C'&!".!)$-!,'F-&!'.-\!,-+&%!)$-!3+0!
)'!$-+F-.![%--!IBCA!S=N=WQG=V!SW*6SNF\=!C*+DD"."!/,+0%!3")$!)$"%!('.(-/)!".!'.-!'5!$"%!
%'..-)%!)'!J+*($"!/-*$+/%?!+1+".?!)'!/'".)!)'!$"%!('.)-2/'*+*0!+.&!5'*2-*!2-.)'*:%!
$0/'(*"%0=!Y--!B//-.&"7!G!5'*!54,,!)*+.%(*"/)"'.!+.&!)*+.%,+)"'.=!
VSG !_/-*("h!($-!.'.!(*-&+!+,(4.'!($-!'!",!54'('!+*&+!,-1.'?!'!,:+(@4+!%/-.1-!",!54'('!/-*!'&"'?!
2+!%','!/-*!+2'*-U!/-*($s!",!54'('!.'.!(-*(+!&"!&"%)+*-!,-!,-1.-!/-*!'&"'!($-!/'*)"!,'*'?!2+!
%','!/-*!+2'*-!($-!/'*)+!+!%-e!&"%"&-*+.&'!("+%(4.+!('%+!.+)4*+,2-.)-!.'.!%','!&"!
2+.)-.-*%"?!2+!&"!(*-%(-*-e!-!('%k!&"("+2'!&-,,:+(@4+?!-!&"!)4))-!,:+,)*-!('%-!%'2"1,"+.)"`!
["<"&?!WS*\=!
!
GSG!
!
!
!!!!!!!!!!!
+(@4+!%"!%-(+%%-!/-*!,:+,)*+=`VSV !B,,!,'F-!"%!<'*.!'5!%"2",+*")0![+.&?!4,)"2+)-,0?!'5!)$-!$42+.!
&-%"*-!)'!<-!/-*5-(),0!%"2",+*!)'!C'&\?VSS!<4)!-F-*0!F"(-!"%!*'')-&!".!_+2'*-!&"!%-!%)-%%'=`VSW!!
!
#$-%-!)3'!-55-()%!'*!('.%-@4-.(-%!'5!,'F-!E!d-+,'4%0!+.&![-7(-%%"F-\!%-,56,'F-!E!
2"1$)!,";-,0!$+F-!+55'*&-&!J+*($"!+!.-+)!-7/,+.+)"'.!5'*!$"%!*"F+,%:!'/"."'.!+.&!)*-+)2-.)!'5!
$"2!".!)$-"*!3'*;%=!#$-0!2"1$)?!".&--&?!('.)".4-!)'!+55'*&!+!/,+4%"<,-!-7/,+.+)"'.!5'*!")!)'!
*-+&-*%!)'&+0=!>)!"%!(,-+*?!+)!)$-!F-*0!,-+%)?!)$+)!$"%!('.)-2/'*+*"-%!3-*-!&"*-(),0!)4.-&!".)'!
)$-!*-"1.".1!/$",'%'/$0!'5!)$-!,-.'#&&#/'!+.&!5'*2-*6,-.'#&&#/'!("*(,-%!+.&!+//*'/*"+)-&!
)$-!%+2-!*$-)'*"(!E!+,<-")!%+*(+%)"(+,,0!E!)'!2'(;!+.&?!/*-%42+<,0?!('4.)-*!$"%!<-,"-5%=!
#$-"*!-7-(4)"'.?!$'3-F-*?!2'*-!'5)-.!".&"*-(),0!+,"1.%!)$-2!3")$!J+*($"!)$+.!&"%)".14"%$-%!
)$-2!5*'2!$"2=!!B,)$'41$!+)!)"2-%?!)$"%!+,"1.2-.)!"%!".)-.&-&!E!+.&!)$-.!".)-.)"'.+,,0!
%4*/+%%-&!'*!*-F-*%-&!E!")!2'*-!'5)-.!*-(+,,%!)$-!.-+).-%%!+.&!/-*F+%"F-.-%%!'5!J+*($":%!
)$'41$)%!)$+.!)$-!'*"1".+,")0!'*!+*)"%)"(!F"*)4-!'5!)$'%-!3$'!('4.)-*!$"2=!
!
!
J+*($"!+.&!&-:!9+DD"!
B,5'.%'!&-:!9+DD"?!+%!+,*-+&0!2-.)"'.-&?!"%!+!5"14*-!;-0!)'!3").-%%".1!+.&!
4.&-*%)+.&".1!)$-!d-+,'4%0!+.&!%-,56,'F-!+<'4)!3$"($!J+*($"!%'!,-.1)$",0!3*")-%!+)!/,+0=!
L'*.!".!GNRP!)'!)$-!9+DD"!5+2",0!E!.')'*"'4%,0!+.)+1'."%)"(!)'!)$-!I-&"("!%".(-!)$-"*!GWOQ!
('.%/"*+(0!+1+".%)!C"4,"+.'!&-:!I-&"("!E!B,5'.%'!3+%!+!$"1$,0!-&4(+)-&!"5!.')+<,0!
2+*1".+,"D-&!2-2<-*!'5!8,'*-.(-:%!1*-+)-*!+(+&-2"(!%'("-)0=!a-!3+%!-,-()-&!)'!)$-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VSV !_.+)4*+,!5'*!2-.!)'!<-!".!+1*--2-.)!+2'.1!-+($!')$-*?!+.&!4..+)4*+,!5'*!)$-2!)'!<-!".!
&"%('*&?!d4%)!+%!")!3'4,&!<-!('.)*+*0!)'!.+)4*-!5'*!'.-!5"*-!)'!/4)!'4)!+.')$-*?!'*!5'*!3+)-*!
)'!&*0!")%-,5!'4)!)'!$-,/!)$-!')$-*!1*'3`![ZBZ>=!B,&=!G=S=SW=v+"!PVFvPS*\=!
VSS !%--!)$-!)$"*&!+.&!5".+,!@4-%)"'.!'5!)$-!%+2-!,-%%'.![WSF\=!
VSW !%--!<%F'1-%($'(E=(^%-%$%//1(V#2"9'(-%**#(@3#*%(0'($'"9'#2#-1("'-@3%(@3%0/'1-'($A#&12%(
*%//#($#(*3'(?3JJ*'"#&%-/%(-%**A!""#$%&'#(6'12%-/'-#;(*#(@3#2/#($1&%-'"#($A#?2'*%($%**A#--1(
QTTk;`(N^*=!
!
GSV!
!
!
!!!!!!!!!!!
!""#$%&'#(.'12%-/'-#(".!Y-/)-2<-*!'5!GNWS?!'.,0!+!5-3!2'.)$%!+5)-*!J+*($":%!&-,"F-*0!'5!$"%!
,-%%'.!'.!9-)*+*($:%!%'..-)?!+.&!'.!>32)#/12'1(ppJ!+.&?!/*-%42+<,0?!'.!)$-!<+%"%!'5!$"%!
+))-.&+.(-!+)!+.&!/+*)"("/+)"'.!".!/*-F"'4%!".5'*2+,!'*!4.'55"("+,!1+)$-*".1%!'5!+,*-+&0!
-%)+<,"%$-&!.'12%-/'-#(2-2<-*%=!#$'41$!.')!24($!$+%!<--.!3*"))-.!+<'4)!$"%!,"5-?!5*'2!)$-!
,")),-!)$+)!"%!;.'3.?!24($!('4,&!-7/,+".!$"%!+%%42-&!d-+,'4%0!)'3+*&!J+*($"U!B,5'.%'?!<'*.!
+.&!<*-&!".!8,'*-.(-!+.&!2'%)!+()"F-!3")$".!")%!('.5".-%!'*!"22-&"+)-!%4**'4.&".1%?VSN!
'.,0!-F-*!$',&%!)$-!/'%")"'.!'5!>21BB%$'/12%!".!)$-!B(+&-20!E!'.-!%4<%)+.)"+,,0!".5-*"'*!)'!
)$-!'55"(-%!'5!M'.%4,!+.&!M-.%'*!5'*!3$"($!$-!5*-@4-.),0!(+2-!".)'!('.%"&-*+)"'.?!)$'41$!
4,)"2+)-,0!4.%4((-%%54,,0!E!+.&!'.,0!5'4*!0-+*%!+5)-*!d'".".1=VS^!84*)$-*2'*-?!$"%!(+*--*!
+&F+.(-%!('2-!.')!+%!+!*-%4,)!'5!/-*%'.+,!2-*")?!<4)!*+)$-*!'.!)$-!*-('22-.&+)"'.%!'5!,'!
Y)*+&".'?!)$-!+&'$'A0(5'4.&".1!5+)$-*!+.&!%)",,!,'.16*-F-*-&!2-2<-*!'5!)$-!,+)-*!.'12%-/'-#;(
+)!+!&-%/-*+)-!)"2-!'5!*-%)*4()4*-!".!)$-!+(+&-20=!J+*($"?!<0!('.)*+%)?!"%!+!.31230"'/1U!".!
%'2-!3+0%![+.&!5*'2!%'2-!/-*%/-()"F-%\!+!)*+")'*!)'!$"%!.+)"F-!/*'F".(-!3$'!%--;%!)'!
-%)+<,"%$!+!.+2-!5'*!$"2%-,5!'4)%"&-!")!<-5'*-!*-)4*.".1!)'!")!)*"42/$+.),0=!]'!%''.-*!&'-%!
$-!('2-!<+(;!)'!$"%!.-1,-()-&!8,'*-.(-!)$+.!$-!"%!$-!"22-&"+)-,0!+.&!3")$'4)!&-<+)-!
<-%)'3-&!)$-!/*"F",-1-&!*-%/'.%"<",")0!'5!*-&-5".".1!)$-!+(+&-20!".!)$-!I-&"(":%!<-%)!
".)-*-%)%?!+.&!+3+*&-&!)$-!'55"(-!'5!M-.%'*!)'!&'!%'=!9+DD"!"%!+*14+<,0!)$-!2'*-!/*',"5"(!
3*")-*?!<4)!J+*($":%!+*-!)$-!,-%%'.%!+.&!*$02-%!2'%)!("*(4,+)-&?!'*!+)!,-+%)!2'%)!F"%"<,-?!
+2'.1!$"%!/--*%=!B.&!)$'41$!)$-0!$+F-!2+.0!24)4+,!('.)+()%?!)$-!'.,0!3+0!5'*!9+DD"!)'!
5--,!2'*-!%/-("5"(+,,0!+,,"-&!3")$!)$-2!"%!)'!)4*.!)$-2!+1+".%)!)$-"*!24)4+,!5*"-.&=!H*!%'?!+)!
,-+%)?!J+*($"!3'4,&!(,+"2=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VSN !a-!3+%!-,-()-&!>1$%0/K(!'5!8"-%',-!".!I+0!GNWQ!5'*!+!%"762'.)$!)-*2![%--U!T'2-."('!
w+.*i?!43*/32#*(L1-P41-.12&'/D('-(C#2*D(E1$%2-(6*12%-"%?!GGV\=!
VS^ !"<"&!
!
GSS!
!
!
!!!!!!!!!!!
L4)!.')$".1!%/-+;%!)'!9+DD":%!*+.('4*'4%!-.F0!2'*-!)$+.!9+DD":%!3'*;%!)$-2%-,F-%=!
#$'41$!$+*&,0!(*")"(+,!2+%)-*/"-(-%!".!-")$-*!5'*2!'*!('.)-.)?!+!(0(,-!'5!$"%!/'-2%!
('.%-*F-&!".!+!2+.4%(*"/)!'5!)$-!L"<,"')-(+!9+,+)".+!".!9+*2+!*-F-+,%!+!9+DD"!*4..".1!)$-!
54,,!1+24)!'5!J+*($":%!d-+,'4%0v-.F0!%/-()*42!5*'2!'4)*"1$)!('.)-2/)!)'!.-+*6+&'*".1!
-24,+)"'.=!#$-%-!+*-!/"-(-%!)$+)!.')+<,0!/,+0!'.!('.F-.)"'.+,!('.)*+*"-%!'*!('.5,"()".1!
)-*2%U!%'2-)$".1![('%+\!+.&!.')$".1![.4,,+\e!2-+.".1!'*!4.&-*%)+.&".1![".)-.&-\!+.&!
%+0".1![&"*-\=VSO!]')!+,,!+*-!*-2+*;+<,-?!<4)!%'2-?!".&--&?!+*-!3'*)$!*-/*'&4(".1!".!54,,=!
#$-!5"*%)!/,+0%!-7/,"("),0!'.!)$-!3-,,v4.3-,,!['*!)$-!1''&v-F",\!&"($')'20!J+*($"!5*-@4-.),0!
F"%")%!".!$"%!,-%%'.%U!
J+*($"!%-!)4!$+F-%)"!%-2/*-!2+,-!
H/-*-*-%)"!-)!%(*"F-*-%)"!%-2/*-!<-.-e!
9-*h!($:".!5+))"!@4+.&'!)4!%)+"!<-.-?!
B!&"*)"!",!F-*'?!)4!5+"!/'('!-)!2+,-=!
I-.)*-!($-!+!@4-%)"!1"'*."!$+F-%)"!2+,-!
#4!('2/'.-%)"!+%%+"!/*-%%'!($-!<-.-!
c)!('%k!%/-%%'!",!2+,-!+&&4(-!<-.-!
c)!/-,!('.)*+*"'!<-.!+//'%)+!2+,-!
Z".F-*&-!,:+,2+!@4+.&'!",!('*/'!$+!2+,-!
A+.14"%(-!2-.)*-!($-!m,!%-.%'!%)+!<-.-?!
c)!('%k!m,!<-.!&-,:4.'!&-,!+,)*'!i!2+,-?!
c)!/-*h!J+*($"!($"4.@4-!)"!F4',-!<-.?!
T-%"&-*+!/-*!<-.!($-!)4!%)"+!2+,-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VSO !!%--!L"<,")-(+!9+,+)".+?!9+*2+?!9+,=!NNO=!M+*)?!2"%(=!pJ>?!VWS6VWê!5'*!54,,!)*+.%(*"/)"'.!
%+.&!)*+.%,+)"'.%?!%--!B//-.&"7=!!
!
GSW!
!
!
!!!!!!!!!!!
a'*!&"%)".14-*-!".!54)4*'!m,!2+,-!&+,!<-.-=VSQ!
B%!3",,!,+)-*!<-!%$'3.?!)$"%!('.)*"<4)"'.!'5!&-:!9+DD":%!/,+0%!.')!'.,0!3")$!J+*($":%!,-%%'.%!
'.!,'F-?!<4)!+,%'!3")$!$"%!,-%%'.%!'.!)$-!(*-+)"'.!'5!)$-!$42+.!<'&0?!+.&!)$-!1-.-*+)"'.!'5!
2'.%)-*%=!>.!)$-%-!5'4*)--.!F-*%-%?!%-F-*+,!d-+,'4%!'/-*+)"'.%!+*-!+)!/,+0?!)$-!2'%)!%)*";".1!
'5!3$"($!2"1$)!<-!5'4.&!".!9+DD":%!F-*0!($'"(-!'5!3'*&%e!$-*-!+%!-,%-3$-*-?!$"%!".%"%)-.(-!
'.!/,+0".1![,")-*+,,0\!'.!J+*($":%!)-*2%?!".F")-%!*-+&-*%!)'!2+;-!+!&"*-()!+%%'("+)"'.!
<-)3--.!)$-!)3'!+(+&-2"(%=!L4)!)$-!('.)-.)!'5!9+DD":%!%'..-)!1'-%!<-0'.&!)$-!
%"24,)+.-'4%!2'(;-*0!+.&!-24,+)"'.!'5!")%!)'.-!+.&!5'*2=!I'*-!%/-("5"(+,,0?!")%!,+%)!5'4*!
F-*%-%!&"%/,+0!&"*-(),0!.')!'.,0!)$-!@4+,")"-%!'5!-.F0!J+*($"!'4),".-%!".!$"%!,-%%'.!'.!&-,,+!
M+%+?!<4)!+,%'!)$-!+&&-&!-,-2-.)!'5!%-,56,'F-!+%!+!&"*-()!('.%-@4-.(-!'5!,'F-!".!")%!'*"1".+,!
5'*2=!#$-!"*'.0!'5!9+DD":%!/'%")"'.!"%?!'5!('4*%-?!+<4.&+.),0!(,-+*?!%'!)$+)!$"%!3"%$-%!5'*!
J+*($"!(+.!*"1$)!+3+0!<-!*-+&!+%!".%".(-*-=!X$-.!$-!3*")-%?!_($"4.@4-!)"!F4',-!<-.?!v!
T-%"&-*+!/-*!<-.!($-!)4!%)"+!2+,-?`!)$-.?!*-+&-*%!"22-&"+)-,0!"&-.)"50!+,2'%)!3'*&!5'*!
3'*&!)$-!5'4*)$!)0/-!'5!-.F0!'4),".-&!".!J+*($":%!*-5,-()"'.!'.!&-,,+!M+%+U!_('.)*"%)+*%"!&-!
1,:+,)*4"!<-."?!'!*+,,-1*+*%"!&+!1,:+,)*4"!2+,"?`!'.-!'5!)$-!5-3!)0/-%!'5!-.F0!%/-("5"(+,,0!
&--2-&!*-/*'+($+<,-?!")!"%!3'*)$!*-(+,,".1=!VSP!#$-!%-,56,'F-!)$+)!.-(-%%+*",0!+(('2/+."-%!
%4($!+!%-.)"2-.)?!$'3-F-*?!"%!+!,")),-!<-))-*!$"&&-.!".!9+DD":%!%'..-)?!)4(;-&!+3+0!'.!-")$-*!
-.&!'5!+!d4"(0!/$0%"(+,!+.&!2-&"(+,!2-)+/$'*!3*+//-&!5+%$"'.+<,0!".!)$-!,-+&".1!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VSQ !"<"&?!VNW=!J+*($"?!"5!0'4!3-*-!+,3+0%!",,!v!f'4:&!+,3+0%!3'*;!+.&!3*")-!3-,,e!v!Y".(-?!".!
5+()?!3$-.!0'4!+*-!3-,,?!v!>.!)*4)$?!0'4!3*")-!,")),-?!+.&!/''*,0=!v!L4)!".!)$-%-!&+0%?!3$-.!
0'4!3-*-!",,?!v!f'4!3*')-!24($?!+.&!5+%)?!+.&!3-,,!v!Y'!)$+)!'5)-.!-F",!/*'&4(-%!1''&!v!B.&?!
)'!)$-!('.)*+*0?!".!1''&!,4*;%!-F",=!v!#$-!%'4,!"%!*-<'*.!3$-.!)$-!<'&0!"%!",,!v!L4)!")!
,+.14"%$-%!3$-.!)$-!%-.%-%!+*-!3-,,?!v!B.&!".!)$"%!3+0?!3$+)!"%!1''&!5'*!'.-!"%!<+&!5'*!)$-!
')$-*?!v!Y'!)$+)?!J+*($"?!3$'-F-*!3"%$-%!0'4!3-,,?!Y$'4,&!3+.)!0'4!)'!<-!",,=!v!#'!&"%)".14"%$!
1''&!5*'2!-F",!".!)$-!54)4*-=!
VSP !IBCA!S=N=WQG=V?!GGSFe!_)'!<-!%+&&-.-&!<0!)$-!3-,,6<-".1!'5!')$-*%?!'*!)'!*-d'"(-!".!)$-"*!
",,.-%%=`!
!
GSN!
!
!
!!!!!!!!!!!
/$",'%'/$0!'5!)$-!)"2-=!>!/+*+/$*+%-U!9+DD"!+&2")%!)$+)!3$-.!J+*($"!"%!",,?!$-!3*")-%!3-,,?!_-)!
('%k!%/-%%'!",!2+,-!+&&4(-!<-.-!v!c)!/-,!('.)*+*"'!<-.!+//'%)+!2+,-=`!9+DD"!1'-%!'.!)'!
-7-2/,"50!$"%!/'".)!4%".1!('22'.,06$-,&!F"-3%!'5!)$-!*-,+)"'.%$"/!<-)3--.!<'&0!+.&!%'4,=!
>)!"%!+!)*-.&0!2'F-!)$+)!&-)*+()%!+))-.)"'.!5*'2!3$+)!3'4,&!$+F-!<--.!(,-+*!<0!-,"2".+)".1!
")U!_c)!('%k!m,!<-.!&-,,:4.'!&-,,:+,)*'!i!2+,-=`!H)$-*3"%-!%+"&U!3$+)!"%!1''&!5'*!)$-!'.-!"%!<+&!
5'*!)$-!')$-*e!'*!%)",,!2'*-!-7/,"("),0?!J+*($":%!%4((-%%!2-+.%!9+DD":%!5+",4*-!E!+.&!F"(-6F-*%+=!
X$+)!-2-*1-!".!)$-%-!F-*%-%?!)$-.?!+*-!.')!'.,0!)$-!/*'/-*)"-%!'5!-.F0!-")$-*!,"5)-&!5*'2!
J+*($"!'*!+.!".%/"*+)"'.!)'!$"2?!<4)!+,%'!)$-!F-*0!)-.&-.("-%!'5!%-,56/*-%-*F+)"'.!+.&!
%4*F"F+,!4.&-*,".-&!".!J+*($":%!,-%%'.%!'.!,'F-=VWR!
!
B.')$-*!'5!9+DD":%!%'..-)%!%/-+;%!%)",,!2'*-!&"*-(),0!)'!)$-2?!+1+".!+&'/)".1!)$-!
-7+()!%+2-!F'(+<4,+*0!)'!&'!%'U!
T"22"!%-!)4!%-"!+1-.)-!'!/+)"-.)-!
H!%-!'&"'!)"!24'F-?!'!/4*:+2'*-?!
J+*($"o!M$-!@4-%)'!)4'!%"!5"-*'!+2'*-!
8+!&"F-."*!,+!1-.)-!"2/+)"-.)-=!
C"l!)"!2'%)*+%)"!+%%+"!".&"%(*-)'!+1-.)-?!
H&"'!2'%)*+.&'!+%%+"?!/"u!($-!+2'*-e!
c&!+!($"!):+22'."%(-!('.!+2'*-!
#"!2'%)*"!'&"'%'?!-)!/'('!/+)"-.)-=!
T"(("!%-!T+.)-!2'%%-!'&"'!'!+2'*-o!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VWR !>)!"%!.-+*,0!"2/'%%"<,-!)'!&+)-!3")$!(-*)+".)0!+.0!'5!9+DD":%!('2/'%")"'.%=!>)!"%!,";-,0!)$+)!
)$"%!(0(,-!'5!/'-2%!3+%!3*"))-.!2'*-!'*!,-%%!('.)-2/'*+.-'4%,0!)'!J+*($":%!GNWS6GNNV!
,-%%'.%?!%".(-!<')$!2-.!3-*-!+()"F-!2-2<-*%!'5!)$-!6'12%-/'-#!&4*".1!)$+)!)"2-=!H.,0!2'*-!
*-%-+*($!(+.!&-)-*2".-!3$-)$-*!)$"%!%'..-)!3+%!3*"))-.!/*"'*!)'!'*!5',,'3".1!J+*($":%!
,-%%'.!'.!T-,,+!M+%+:%!<#()%*10'#=!
!
GS^!
!
!
!!!!!!!!!!!
c)!%:-1,"!54!+1-.)-!'!/+)"-.)-o!
H!%-!,+%("F'!",!9-)*+*($:$-<<-!B2'*-o!
M'%k!%+*+"!4.!<-,!#'%(+.'!+1-.)-?!
M$-!+,!5".-!1,:i!'&"'%'!",!)4'!+2'*-?!
B1-.)-!($-!)4!%"+?!'!/+)"-.)-=VWG!
#$"%!)"2-?!9+DD":%!F")*"',!"%!%)",,!2'*-!-7/,"(")U!$-!2+;-%!.'!%-(*-)!'5!$"%!/*'5'4.&!&"%)+%)-!
5'*!J+*($"=!>.!5+()?!$-!2+;-%!+!%)",,!2'*-!/*'.'4.(-&!-55'*)?!$-*-?!.')!'.,0!)'!/*-%-*F-!$"%!
'3.!%)+)4%!+%!,-+*.-&?!,")-*+*0!+(+&-2"(?!<4)?!".!5+()?!)'!%4*/+%%!J+*($"!'.!$"%!'3.!)-**+".=!
a"%!5"*%)!%)-/!".!&'".1!%'?!+%!3+%!+,%'!)$-!(+%-!".!)$-!/*-F"'4%!%'..-)!-7+2".-&?!"%!)'!*-(+%)!
J+*($":%!F'(+<4,+*0!".!+!(,-+*,0!%+)"*"(+,!5+%$"'.!6!$-!3'.&-*%!"5!J+*($"!"%!2'F-&!<0!,'F-!'*!
$+)-!E!+.&!)'!2+;-!%/-("5"(!*-5-*-.(-!)'!")%!4%-!".!J+*($":%!,-%%'.%!E!'.!T+.)-?!'.!9-)*+*($?!
'.!#4%(+.!+4)$'*%!".!1-.-*+,=!#'!")?!$-!)$-.!+&&%!+!&"%('4*%-!'.!+1-.(0!,"5)-&!5*'2!+.')$-*!
'5!J+*($":%!,-%%'.%U!)$-!%-('.&!$+,5!'5!$"%!GNWS!,-()4*-!'.!)$-!1-.-*+)"'.!'5!$42+.!<'&"-%!
".!3$"($!$-!,'';%!-7/,"("),0!+)!T+.)-:%!>32)#/12'1!ppJ=!#$-*-?!J+*($"!3*")-%!'5!+1-.(0!".!)$-!
-7/,"(")!('.)-7)!'5!<,''&!+.&!")%!4."@4-![3")$!*-%/-()!)'!)$-!')$-*!$42'4*%\!)*+.%5'*2+)"F-!
/*'/-*)"-%U!+%!+1-.)?!")!$+%!)$-!(+/+(")0!)'!+%%"2",+)-!)$-!/+)"-.)!)'!")%-,5U!_/-*($s!%-2/*-!
,:+1-.)-!%'2"1,"+!",!/+D"-.)-!+!%-!%)-%%'=`VWV!>.!J+*($":%!/'-)*0!+%!".!$"%!,-%%'.%?!)$-!_+1-.)`!
".!+!,'F-!(,+4%-!"%!)$-!,'F-*?!,-+F".1!)$-!,'F-&!/+%%"F-!)'!)$-!5'*2-*:%!+1-.(0?!+.&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VWG !L"<,")-(+!9+,+)".+?!9+*2+?!9+,=!NNO=!M+*)?!2"%(=!pJ>?!VONe!_#-,,!2-!"5!0'4!+*-!)$-!+1-.)!'*!
)$-!/+)"-.)?!v!H*!"5!$+)*-&!'*!*+)$-*!,'F-!2'F-%!0'4!v!J+*($"o!L-(+4%-!0'4*!,'F-?!%'!/*'4&?!v!
I+;-%!/-'/,-!"2/+)"-.)=!v!B,*-+&0?!0'4:F-!*-F-+,-&!0'4*%-,5!+!2'%)!".&"%(*--)!+1-.)?!v!
Y$'3".1!24($!2'*-!$+)*-&!)$+.!,'F-e!v!B.&!)'!$-!3$'!+&2'."%$-%!0'4!'4)!'5!,'F-!v!f'4!
*-F-+,!0'4*%-,5!)'!<-!$+)-54,!+.&!"2/+)"-.)=!v!#-,,!4%!"5!T+.)-!2'F-&!$+)*-&!'*!,'F-o!v!B.&!"5!
$-!3+%!+1-.)!'*!/+)"-.)o!v!H*!"5!)$-!,+%("F"'4%!9-)*+*($!5-,)!A'F-o!v!#$+)!3+0?!0'4:,,!<-!+!
1''&!#4%(+.!+1-.)?!v!B.&!".!)$-!-.&?!0'4*!,'F-!"%!$+)-54,!v!X$-)$-*!0'4!+*-!+1-.)!'*!
/+)"-.)=e!%--!+,%'U!>1%0'%($'(&'**%(#3/12'('-/12-1(#(G#-/%(!*')9'%2'?!VQO!
VWV !IBCA!S=N=WQG=G?!^S*!
!
GSO!
!
!
!!!!!!!!!!!
)*+.%5'*2-&!<0!")=!L4)!".!9+DD":%!*-3'*;".1!'5!)$-!)-*2?!)$-!,'F-&!'.-!<-('2-%!+!_/+)"-.)`!
+%!"5!&'()'*-&!<0!$"%!,'F-*!E!+.!+%%'("+)"'.!*-2"."%(-.)!+,%'?!")!<-+*%!2-.)"'.".1?!'5!+.')$-*!
'5!9+DD":%!/'-2%!3$-*-".!)$-!(*+D0!E!/+DD'?!+.&!+.!'<F"'4%!/,+0!'.!9+DD":%!5+2",0!.+2-!6!"%!
*-/-+)-&,0!('.)*+%)-&?!d47)+/'%-&?!+.&!-F-.)4+,,0!2+&-!-@4"F+,-.)!)'!)$-!&'()'*-&!E!&'))'!
E!'*!,-+*.-&U!J+*($"!$"2%-,5=!
I-.)*-!($-!m,!J+*($"!%"+!)-.4)'!&'))'?!
>'!%+*h!%-2/*-!2+"!)-.4)'!/+DD'e!
I+!('2:",!J+*($"!%"+!)-.4)'!/+DD'!
B,,:$'*!,:c)*4%('!%"+!1*+&")'!-)!&'))'?!
c)!.'.!/4h!4.!($-:i!/+DD'!-%%-*!2+"!&'))'e!
I+!-"!/4h!<-.!4.!&'))'!-%%-*!1*+.!/+DD'!
9-*!('.%-14-*.D+!&-!1,:+,)*"!i!/"u!&'))'!
M',4"!($:i!&'))'?!%/-%%'!%"!)"-.!/+DD'!
c)!($"!i!/+DD'!%-2/*-!%"!)"-.!&'))'?!
I+!i!.'.!%"!/4h!".%"-2:-%%-*!&'))'!-)!/+DD'=!
a'*!('.(,4&"+2'?!'!($-!'1.:4.'!i!/+DD'?!
H!F-*+2-.)-!($-!.-%%4.'!i!&'))'?!
HF-*!,:c)*4%('!i!&'))'?!-!",!J+*($"!i!/+DD'=VWS !!
>.!<')$!(+%-%?!$'3-F-*?!J+*($"!"%!<')$!+!<+&!&'()'*!+.&!+!<+&!/+)"-.)=!>.!)$-!5"*%)!%'..-)!
$-*-!@4')-&?!$-!"%!+.!_".&"%(*-)'!+1-.)-`!3$'%-!_5"-*'!+2'*-`!2+;-%!/-'/,-!_"2/+)"-.)-è!
$"%!,'F-!"%!+!5'*(-!)$+)!$4*)%!2'*-!)$+.!")!$-+,%!+.&!2+;-%!'5!)$'%-!%4<d-()!)'!")!F"()"2%!
*+)$-*!)$+.!/+)"-.)%=!A";-3"%-?!3$-.!$-!"%!%$'3.!,'F-?!+,<-")!_)'41$!,'F-?`!$-!"%!+!<+&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VWS !Y--!B//-.&"7!5'*!)*+.%,+)"'.!+.&!54*)$-*!('22-.)+*0!
!
GSQ!
!
!
!!!!!!!!!!!
/+)"-.)?!_/'('!/+)"-.)-?`!+.&!%$4.%!")=!>.!)$-!')$-*!('2/'%")"'.!E!d4%)!'.-!F-*%-!%$0!'5!+!
%'..-)?!+.&!/-*$+/%!-7/,"("),0!%'!1"F-.!")%!)-*2%!'5!('2/+*"%'.!E!J+*($"!"%!5"*%)!_&'))'?`!
[&'()'*-&?!'*!,'F-&\!)$-.!_&'))'`!+.&!+,%'!_1*+.!/+DD'?`!.-7)!+!_&'))'`!3$'!_%/-%%'!%"!)"-.!
/+DD'`!+.&?!d4%)!<-0'.&!)$+)?!+!_/+DD'`!3$'!_%-2/*-!%"!)"-.!&'))'=`!8".+,,0?!%".(-!")!"%!
"2/'%%"<,-!)'!<-!<')$!&'()'*-&!+.&!(*+D0!+)!'.(-?!9+DD":%!/*'/'%-&!%',4)"'.%!)'!)$-!
/*'<,-2!'5!)$-"*!&"($')'20!+*-!)$*--U!)$+)!<')$!$-!![,:c)*4%('?!+,%'!$"%!."(;.+2-!".!)$-!
+(+&-20\!+.&!J+*($"!+*-!(*+D0?!)$+)!.-")$-*!"%!&'()'*-&?!'*!)$+)!$-!"%!&'()'*-&!3$",-!J+*($"!
"%!(*+D0=!>.!)$-!5"*%)!(+%-?!J+*($"!"%!.-")$-*!&'()'*![+1-.)e!,'F-*\!.'*!&'()'*-&![/+)"-.)e!
,'F-&\e!".!)$-!%-('.&?!)$'41$!$-!"%!".")"+,,0!&'()'*-&![,'F-&\?!$-!"%!5".+,,0!5'*1'))-.?!
&"%2"%%-&=!H5!('4*%-?!".!$"%!/,+(-?!9+DD"!$"2%-,5!-2-*1-%!+%!)$-!&'()'*-&!E!'*!)$-!,'F-&=!
B1+".!$-*-?!$"%!/'/4,+*")0!.-(-%%+*",0!/*-(,4&-%!J+*($":%!E!+.&!+1+".?!)$-!('.)*+*0!/*'F-%!
+,%'!)'!<-!)*4-=!
!
!!T-:!9+DD"!"%!,+%)!*-1"%)-*-&!+%!+!2-2<-*!'5!)$-!.'12%-/'-#!'.!8-<*4+*0!VG?!GNNVU!)$-!
,+%)!&+)-!'.!3$"($!$"%!.+2-!+//-+*%!".!)$-!_B..+,"=`VWW!a-!&"-%!'.!]'F-2<-*!S?!GNNN?!+.&!
2+0!3-,,!$+F-!('.)".4-&!<-".1!+!2-2<-*!'5!)$-!+(+&-20!E!".!*-('*&%!.'3!,'%)!E!4.)",!)$-.=!
>.!H.!)$-!5'4*)$!Y4.&+0!'5!B/*",!GNNS?!J+*($"!&-,"F-*%?!+1+".!5'*!)$-!.'12%-/'-#?!$"%!,-%%'.!'.!
)$-!5"F-!@4-%)"'.%!'5!,'F-=!#$'41$!&-:!9+DD":%!/'-2%!$+F-!.')!0-)!<--.!&+)-&!3")$!*-%/-()!)'!
)$"%!,-%%'.!'5!J+*($":%!'*!*-+&!".!,"1$)!'5!")?!'.-!%/-("5"(!/+%%+1-!".!)$-!5"*%)!@4-%)"'.!'.!_%-!
%"!/4h!+2+*-!/"u!%:4.'!".!4.!)-2/'!2-&-%"2'`!%--2%!)'!%/-+;!+,2'%)!&"*-(),0!)'!)$-!,+%)!'5!
9+DD":%!(")-&!3'*;%=!J+*($":%!-%%-.)"+,!2-%%+1-?!$-*-?!"%!)$+)!")!"%!/*+()"(+,,0!"2/'%%"<,-!)'!
,'F-!2'*-!)$+.!'.-!<-".1!/-*5-(),0e!)$'41$?!+(('*&".1!)'!)$-!9-*"/+)-)"(%?!)$-!".)-,,-()!"%!
5*--!+.&!(+/+<,-!'5!4.&-*%)+.&".1!+,,!)$".1%?!)$-!*+)"'.+,!%'4,?!,".;-&!+%!")!"%!)'!)$-!%-.%-%?!"%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VWW !w+.*i!GGV=!
!
GSP!
!
!
!!!!!!!!!!!
+<,-!)'!('.(-.)*+)-!'.,0!'.!'.-!,'F-!+)!+!)"2-?!%'!)$+)!3$",-!)$-!<'&0!2+0!1'!".!&"55-*-.)!
/,+(-%?!")!2+0!.')!<-!".!-+($!/,+(-!".!)$-!%+2-!2'2-.)=!L4)!)$-!/+%%+1-!+,2'%)!%/-("5"(!)'!
&-:!9+DD"!+//-+*%!,+)-*=!J+*($"!3*")-%!)$+)U!
%-!,:+2+.)-!F"F-!.-,,:+2+)'?!%-!%-2/*-!/-.%+!&"!,4"?!'!&"!,4"!5+F-,,+?!('2-!%"!
/')*-<<-!("h!&"!&4-!5+*-!".!4.!)-2/'!2-&-%"2'o!9"u!',)*+?!*+,,-1*+*%"?!-!
+))*"%)+*%"!%'.'!('.)*+*""?!"!('.)*+*""!.'.!/'%%'.'!%)+*-!".!4.!%4<<"-))'!
2-&-%"2'?!+!4.!2-&-%"2'!)-2/'?!&4.@4-!i!"2/'%%"<",-!($-!%:+2"!
/-*5-))+2-.)-!/"u!&:4.'?!/-*($s!/'."+2'!($-!%"+!@4-,,'?!($:-%%-*!/4h?!($-!
4.'!&-!1,"!+2+)"!%)-+!<-.-?!'!1,"!%"+!5+F'*-F',-?!-!,:+,)*'!5+(("+!",!('.)*+*"'U!
&4.@4-!".!4.!2-&-%"2'!+!4.!2-&-%"2'!)-2/'!5+*l!&',-*-!-!,-)"D"+?!@4-%)'!i!
"2/'%%"<",-?!&4.@4-!i!"2/'%%"<",-!($-!%:+2"!/"u!&:4.'?!-!5".+,2-.)-!.-%%4.'!
/4h!-%%-*-!/"4!&:4.'?!&4.@4-!.'.!/4h!+2+*-!/-*5-))+2-.)-!/"u!&:4.'?!
/-*($s!($"!+2+!.'.!(-*(+!+,)*'?!($-!&"F-.)+*-!,:+2+)'?!-!($-!,:+2+)'!&"F-.1+!
,4"=VWN!!
a"%!*-+%'.".1!"%!%)*+"1$)65'*3+*&U!)$-!,'F-*!,"F-%!".!)$-!,'F-&!'.-?!)$".;%!+.&!%/-+;%!'.,0!'5!
$"2?!+.&!.')!'5!$"2%-,5?!'*!<-))-*U!'5!<')$!)'1-)$-*?!+%!'.-e!")!"%!"2/'%%"<,-!<')$!)'!,'F-!+.&!
.')!)'!,'F-!('.)-2/'*+.-'4%,0?!".!)$-!%+2-!<-".1?!%".(-!'//'%")-%!(+..')!('-7"%)!".!)$-!
%+2-!%4<d-()e!5".+,,0?!$-!3$'!,'F-%!%--;%!.')$".1!2'*-!)$+.!)'!<-('2-!$"%!,'F-&!'.-?!+.&!
5'*!$"%!,'F-&!'.-!)'!<-('2-!$"2%-,5!E!/*-("%-,0!3$+)!$+//-.%!".!&-:!9+DD":%!/'-2!d4%)!
+<'F-=!>.!')$-*!3'*&%?!*-+&!".!)$"%!,"1$)?!J+*($"!%")4+)-%!&-:!9+DD":%!*+.('4*!)'3+*&!$"2!".!
,'F-?!.')!$+)*-&=!a"%!+*142-.)!"%!'.,0!%4/-*5"("+,,0!('2/,"(+)-&!<0!)$-!.-7)!@4-%)"'.!
-7+2".-&!".!)$-!,-%%'.U!_%-!+,(4.'!/4h!+2+*-!/"u!+,)*4"!($-!%s!%)-%%'=`!#$-*-?!J+*($":%!)+;-6
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VWN !S=N=WQG=V?!NS*vF!
!
GWR!
!
!
!!!!!!!!!!!
$'2-!2-%%+1-!"%!)$+)!+,)$'41$!")!3'4,&!<-!<-%)!)'!,'F-!_"!2"1,"'*"!&"!%s`!2'*-!)$+.!_%s!
2-&-%"2'?`!+,,!,'F-?!-F-.!)$-!2'%)!.'<,-?!"%!-%%-.)"+,,0!%-,562')"F+)-&!%'!)$+)!-F-.!$-!3$'!
&"-%!5'*!+.')$-*!'*!5'*!$"%!('4.)*0!&'-%!%'!2'*-!'4)!'5!)$-!%-.%-!'5!$'.'4*!)$+)!3'4,&!<-!
+%%'("+)-&!3")$!$"%!.+2-!".!$"%!%+(*"5"(-!)$+.!'4)!'5!,'F-!5'*!)$-!*-+%'.!'5!)$-!%+(*"5"(-!
")%-,5=VW^!L4)!+1+".!E!+.&?!.')+<,0?!5".+,,0!6!$-!*-")-*+)-%!)$+)!_,:B2'*-!.+%(-!&+!+,(4.+!
('.F-."-.D+?!'!%"2",")4&".-!.+)4*+,-?!'.&-!&'F-!.'.!i!(')+,!('.F-."-.D+!-!%"2",")4&".-!
.+)4*+,-!.'.!i!+2'*-!=!=!=!@4+.)'!4.+!('%+!i!/"u!('.1"4.)+!'!/"u!%"2",-?!)+.)'!/"u!%:+2+=`VWO!
X$-)$-*!'*!.')!J+*($"!<-,"-F-%!&-:!9+DD"!)'!<-!_('.1"4.)'`!'*!_%"2",-`!)'!$"2%-,5?!)$"%!
/+*)"(4,+*!".)-*/*-)+)"'.!'5!$"%!3'*&%!5+(",")+)-%!+!*-+&".1!'5!&-:!9+DD":%!.42-*'4%!
('2/+*"%'.%!'5!$"2%-,5!)'!J+*($"!+%!+.!'/-*+)"'.!'5!,'F-!*+)$-*!)$+.?!'*!/-*$+/%!".!+&&")"'.!
)'?!+!%'("+,!+.&!,")-*+*0!('2/-)")"'.=!
!
!!!!!A+)-*?!+.&!)'!(,'%-!)$+)!%+2-!,-%%'.?!J+*($"!+.%3-*%!)'!)$-!<0!)$-.!(-.)4*"-%6',&!
@4-%)"'.!'5!<')$!,")-*+*0!+.&!/$",'%'/$"(+,!".)-*-%)U!_%-!,:+2'*-!/4h!%+.+*%"!".!+,(4.!2'&'=`!
H5!+!/"-(-!3")$!('.)-2/'*+*0!/*+()"(-?!$-!*-%)+)-%!)$+)!,'F-!&-+,%!%3"5)!<,'3%!<')$!)'!)$-!
2".&!+.&!)'!)$-!<'&0?!+.&!(+,,%!")!+!5+)+,!&"%-+%-?!+!_/+%%"'.-!%'2"1,"+.)"%%"2+!+,,:$42'*-!
2-,+.('."('?`VWQ!+(('*&".1!)'!&'()'*%?!)$-!*-2-&"-%!)'!3$"($!+*-!)*+&")"'.+,,0!2+.0!+.&!
F+*"-&?!<4)!)$-!2'%)!(-*)+".!'5!3$"($!('.%"%)%!'5!_4.!1"4%)'?!-!F+,'*'%'!%&-1.'?!/-*!,'!@4+,-!
4.!(4'*!1-.)",-!.'.!*"F',1-*l?!('2-!2',)"!5+..'!,:+2'*-!".!'&"'?!",!($-!%-.D+!(+1"'.-!/"u?!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VW^ !"<"&!NNF?!NO*vF!
VWO !_,'F-!"%!<'*.!'5!%'2-!('.F-."-.(-!'*!.+)4*+,!%"2",+*")0?!".!%4($!+!3+0!)$+)!,'F-!"%!+<%-.)!
".!)$-!+<%-.(-!'5!%4($!('.F-."-.(-!'*!.+)4*+,!%"2",+*")0!=!=!=!)$-!1*-+)-*!)$-!%"2",+*")0!q)'!)$-!
,'F-&!'.-r?!)$-!1*-+)-*!)$-!,'F-?`!["<"&!NOF6NQ*\=!
VWQ !+!/+%%"'.!2'%)!%"2",+*!)'!)$-!2-,+.($',"(!$42'4*`!["<"&?!^VF\=!
!
GWG!
!
!
!!!!!!!!!!!
($-!1*+.&-!i!('%+!<*4))"%%"2+?!+.D"!.'.!5"."*l!&:+2+*-!,+!('%+!+2+)+?!2+!%','!&:'&"+*-!%-!
%)-%%'=`VWP!!
!
C*+DD"."?!A'+)$".1?!+.&!)$-!B*+2-":%!_c)*4%(+.!9*'d-()Ù!<#(X3%22#($%A(E10/2'(
H.!)$"%!.')-?!>!%$"5)!20!5'(4%!<+(;!)'!B.)'.5*+.(-%('!C*+DD"."!3$'?!)$'41$!$"%!
/-*%"%)-.)!+))-2/)%!+)!<-".1!*-+&2"))-&!".)'!)$-!+(+&-20!5".+,,0!/+0!'55!+)!)$-!5'*2+)"'.!'5!
)$-!4230"#?!".")"+,,0!&'-%!)4*.!24($!'5!$"%!,'F-!5'*!)$-!+(+&-20!".)'!*+1-!+1+".%)!%'2-!'5!")%!
2-2<-*%=!B%!$+%!<--.!%$'3.?!$"%!,")-*+*0!)*-+)2-.)!'5!J+*($"?!)$'41$!.')!+)!+,,!('.%"%)-.)!
+.&!'5)-.?!".&--&?!%-,56('.)*+&"()'*0?!"%!'5)-.!<")".1=!L4)!$"%!F")*"',!-7)-.&%!5+*!<-0'.&!$"%!
-7/+)*"+)-!-765*"-.&!+.&!5'*2-*!2-.)'*=!>.&--&?!+!5+*!1*-+)-*!/'*)"'.!'5!")!"%!&"*-()-&!
)'3+*&!+.')$-*!1*'4/!'5!,")-*+*0!+.)+1'."%)%!+.&!+!%4<%-)!'5!)$-!GNWO!*-5'*2-&!6'12%-/'-#U!
1,"!B*+2-"?!+,*-+&0!+.!"2/'%".1!+.&!)$*-+)-.".1!/*-%-.(-!".!)$-!6'12%-/'-#!+%!-+*,0!+%!
GNWV=VNR!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VWP !_+!*"1$)54,!+.&!F+,'*'4%!&"%&+".!<-(+4%-!'5!3$"($!+!.'<,-!$-+*)!3",,!.')!)4*.!,'F-!)'!
$+)-?!+%!2+.0!q')$-*%r!&'?!5'*!.'!*-+%'.!')$-*!)$+.!<-(+4%-!)'!&'!%'!3'4,&!<-!+!&"*)0?!+354,!
)$".1e!".%)-+&?!")!3",,!.')!(-+%-!)'!,'F-!)$-!,'F-&!)$".1?!<4)!'.,0!)'!$+)-!")%-,5?`!["<"&?!^S*\!
VNR !J+*($"!$+&!+!('2/,"(+)-&!*-,+)"'.%$"/!3")$!2-2<-*%!'5!)$-!B*+2-"!(,+.=!M'22'.,0!
4.&-*!)$-!/+)*'.+1-!'5!M'%"2'!&-:!I-&"("!>!+.&!".!-F-*0!3+0!*-%/'.%"<,-!)'!$"2?!
+*)"%)"(+,,0?!+,,!)$-!2-2<-*%!'5!)$-!+(+&-20!$+&!+)!,-+%)!%4/-*5"("+,,0!)'!+1*--!3")$!+.&!
%4//'*)!-+($!')$-*=!J+*($"!3+%!".!.'!3+0!$'%)",-!)'!)$-!B*+2-"!(,+.?!)$'41$!$-!2+&-!
%/-("5"(!+))-2/)%!)'!)-2/-*!)$-"*!*+&"(+,!_c)*4%(+."%2`!<0!*-/-+)-&,0!/*+"%".1!)$-!3'*;!'5!
L-2<'!'.!)$-!@4-%)"'.-!&-,,+!,".14+!<')$!".!5'*2+,!+.&!".5'*2+,!%-))".1%!+.&!/4<,"(+)"'.%=!
Y)",,?!".!)$-!-0-%!'5!C*+DD"."?!J+*($":%!/4<,"(!%4//'*)!E!.-(-%%+*",0!2+.&+)-&!E!'5!)$-!B*+2-"!
(,+.!,42/-&!$"2!)'1-)$-*!3")$!)$-2!+.&!2+&-!'5!J+*($"?!+)!<-%)?!.')$".1!2'*-!)$+.!)$-"*!
+,,0=!>.!'.-!%'..-)!)'!$"%!5'*2-*!2-.)'*?!C*+DD"."!+((4%-%!J+*($"!'5!5',,'3".1!)''!(,'%-,0!
C-,,'?!'5!5'*1-))".1!$"%!/,+(-![_q5+*-r!B*"%)')",-!".!F',1+*-`\?!+.&!'5!3*")".1!<+&!)$-+)*-!+%!+!
*-%4,)U!_M'.!1*+.!2+*+F"1,"+?!-!('.!1*+.!&"F'D"'.-!v!c*+!,+!F'%)*+!M'22-&"+!+%/-))+)+e!v!I+!
/-*($:-,,:i!&+!#-*-.D"'!('/"+)+?!v!Y'.!(+&4)-!,-!<*+(("+!+,,-!/-*%'.-=!v!=!=!=!v!>.5".-!",!J+*($"!
.'.!$+!".F-.D"'.-=!v!c!".!@4-%)+!/+*)-!$+!%'2"1,"+)'!",!C-,,'?!v!M$-!5-(-!+.($:-1,"!4.+!
M'22-&"+!.4'F+?!v!M$:+F-+!/*"2+!('2/'%)!'",!I+($"+F-,,'`![7'&%($%*(<#0"#;(?#2/%(?2'&#!
%'..-))'!MA!G6W?!Q6GG?!GW?!/=!P^\=!>.!)$-!'.-!)$+)!"22-&"+)-,0!5',,'3%![".!)$-!I't(;-!
-&")"'.\?!$-!)+;-%!+!%)+<!+)!J+*($"!".&"*-(),0!".!)$-!('.)-7)!'5!)$-!X3%22#($%A(E10/2';(,+)-*!)'!
!
GWV!
!
!
!
!!!!!!!!!!!
>)!"%!3'*)$!*-(+,,".1?!$-*-?!)$-!@3%0/'1-%($%**#(*'-)3#?!+!2+d'*!('.(-*.!5'*!+,,!
%"7)--.)$!(-.)4*0!3*")-*%!+.&!'.-!'5!)$-!/*".("/+,!2')"F+)"'.%!5'*!)$-!5'*2+)"'.!'5!)$-!
'*"1".+,!+&'$'((,+.=!g.&-*!Y/-*'.-!Y/-*'.":%!,-+&-*%$"/!+.&!$-+F",0!".5,4-.(-&!<0!9"-)*'!
L-2<'?!)$-!".")"+,!2+.&+)-!'5!)$-!,-.'#&&#/'!".!9+&4+!"%!)$-!*-54*<"%$2-.)!+.&!
/*-%-.)+)"'.!'5!F-*.+(4,+*!#4%(+.!E!L'((+(("':%?!9-)*+*($:%?!T+.)-:%!E!+%!)$-!2'%)!%4")+<,-!
,")-*+*0!,+.14+1-!+.&!-@4"F+,-.)!)'!)$-!4.)",!)$-.!24($!2'*-!+//*-("+)-&!A+)".!+.&!C*--;=!
#$'41$!)$-!+&'$'!-%%-.)"+,,0!+1*--!3")$!)$-!,-.'#&&#/'(+<'4)!)$-!%4/-*"'*")0!'5!)$-"*!
.+)"F-!&"+,-()?!)$-0!&"55-*!5*'2!)$-2!1*-+),0!".!)$-"*!+//*'+($!)'!")%!-7+,)+)"'.=!#$-!+&'$'(
*-1*'4/!)'!*-(,+"2!#4%(+.0:%!,")-*+*0!/*-%)"1-!5*'2!)$-!$+.&%!'5!.'.6#4%(+.%?!+.&!)'!
/*-F-.)!)$-!%-/+*+)"'.!'5!)$-!#4%(+.!,+.14+1-!5*'2!#4%(+.0!")%-,5=!#$-"*!/*+()"(+,!/4*/'%-!
"%!54.&+2-.)+,,0!"&-.)"(+,!)'!)$-!,-.'#&&#/'A0U!)'!&-,"F-*!,-%%'.%!'.!9-)*+*($?!L'((+(("'?!
+.&!T+.)-?!(-,-<*+)".1!+,,!)$*--!1*-+)!+4)$'*%!%)0,"%)"(+,,0=!#$-"*!+"2!".!%'!&'".1?!$'3-F-*?!
+.&!('.)*+*0!)'!)$-"*!/-&+.)"(!/--*%?!"%!)'!*-F"F-!/4<,"(!".)-*-%)!".!)$-%-!/2%("121-%!+.&!)'!
F"-3!)$-"*!,")-*+*0!%)0,-!.')!+%!-,")-!'*!,-+*.-&?!<4)!+%!+!%)",,!(4**-.)!2'&-,!)'!5',,'3?!
+((-%%"<,-!)'!)$-!2+%%-%?!)$'41$!F-*0!%/-("5"(+,,0!#4%(+.=VNG!B%!$+%!/*-F"'4%,0!<--.!
-7+2".-&?!)$-!.+)4*-!+.&!F-*0!&+06)'6&+0!'/-*+)"'.!'5!)$-!+(+&-20!($+.1-%!&*+%)"(+,,0!+%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
<-!-7+2".-&U!_I+!)4?!.-,,+!D4((+!$+"!/'('!%+,-?!v!Y-:!.+.'?!-!F4'"!('2<+))-*!(':!1"1+.)"`!
["<"&?!%'.-))'!MAA!O6Q?!/=!P^\=!
VNG !I"($+-,!Y$-*<-*1!/*'F"&-%!+!('2/*-$-.%"F-!%422+*0!+.&!+.+,0%"%!'5!)$-!1-'6/',")"(%!'5!
)$-!@4-%)"'.-!&-,,+!,".14+!".!8,'*-.(-!".!)$-!('.)-7)!'5!)$-!+&'$'(+.&!,-.'#&&#/'!+(+&-2"-%!
".!$"%!+*)"(,-?!_#$-!B((+&-2"+!8"'*-.)".+!+.&!)$-!j4-%)"'.!'5!)$-!A+.14+1-U!#$-!9',")"(%!'5!
#$-'*0!".!T4(+,!8,'*-.(-?`!7%-#'00#-"%(I3#2/%2*D!N^=G![VRRS\U!V^6NN=!#$-*-?!$-!.')!'.,0!
&-)+",%!%/-("5"(+,,0!)$-!($+.1-!'5!%('/-!'5!)$-!6'12%-/'-#!/*'1*+2!4.&-*!M'%"2'!>?!<4)!+,%'!
,'';%!+)!)$-!1-'1*+/$"(+,!"2/,"(+)"'.%!'5!")%!.-3!/*'d-()U!+!($+*1-!'5!("F"(!/*"&-!.')"(-+<,-!
.')!'.,0!".!)$-!%$"5)!".!")%!)$-'*-)"(+,!5'(4%?!<4)!+,%'!".!)$-!+(+&-20:%!2'F-!E!+%!-F"&-.(-&!
<0!)$-!1-'1*+/$"(+,!,'(+)"'.!'5!")%!2--)".1%!+.&!/-*5'*2+.(-%!E!5*'2!)$-!/*"F+)-!%-()'*!)'!
)$-!/4<,"(?!8,'*-.)".-!%/$-*-=!
!
GWS!
!
!
!!!!!!!!!!!
")%!54.()"'.!<-('2-%!'.-!'5!24."("/+,!1,'*"5"(+)"'.!+.&!/'3-*54,!*-/*-%-.)+)"'.!'5!I-&"("!
/+)*'.+1-e!)$-!5*+12-.)+)"'.!'5!")%!2-2<-*%!%''.!.-(-%%+*",0!5',,'3%=VNV!!
H.-!"2/,"(+)"'.!'5!)$-!I-&"("!'F-*$+4,!"%!+!*-&"*-()-&!5'(4%!'.!)$-!%)+)-!'5!)$-!
#4%(+.!,+.14+1-=!A'.1-*6%)+.&".1!+(+&-2"(%!3")$!24($!/',")"(+,!(,'4)!+.&!+!1*-+)!&-+,!'5!
".5,4-.(-!+)!%)+;-?!,";-!J+*($"?!)*0!'5)-.!)'!*-('.(",-!)$-!-+*,"-*!+&'$'A%!/'%")"'.!3")$!)$-!
,-.'#&&#/':%?!,-.&".1!-@4+,!%4//'*)!)'!L-2<'!+.&!)'!)$'%-!8,'*-.)".-%!3$'?!".!%'2-!3+0!
".%/"*-&!<0!$"2?!)+;-!)$-!#4%(+.!F-*.+(4,+*!<+(;!".)'!)$-"*!'3.!(4%)'&0=!H)$-*%?!,";-!
C*+DD"."?!)$'41$!)$-0!*-+()!%)*'.1,0!+1+".%)!+.0!)-.&-.(0!)'!4/*'')!)$-!#4%(+.!F-*.+(4,+*!
+.&!)*+.%/'*)!")!.'*)$?!,";-!)$-"*!.'*)$-*.!('4.)-*/+*)%?!%)",,!+//*-("+)-!+.&!%--;!)'!
/*-%-*F-!")%!#*-(-.)'!$-*")+1-=!L4)!+.')$-*!1*'4/!('2/'%-&!2+".,0!'5!9"-*5*+.(-%('!
C"+2<4,,+*"?!C"+2<+))"%)+!C-,,"?!+.&!M+*,'!A-.D'."!%--;%?!".%)-+&?!)'!,'(+)-!".!)$-"*!
('.)-2/'*+*0!#4%(+.!*+)$-*!)$+.!".!)$-!,+.14+1-!'5!)$-"*!,")-*+*0!/*-&-(-%%'*%!)$-!
".&"%/4)+<,-!%)+.&+*&!'5!-7(-,,-.(-=!#$-0!&*+3!&"*-()!,".-+1-!5*'2!B*+2+"(!E!)$-!,+.14+1-!
'5!M$*"%)!E!)$*'41$!c)*4%(+.!)'!(4**-.)6&+0!#4%(+.!+.&!5".&!)$-*-!)$-!,")-*+*0!2'&-,!)$-0!
/*'2')-!/4<,"(+,,0=!I'*-!/*'<,-2+)"(!)$+.!)$-"*!+()4+,!/'%")"'.!'.!)$-!2+))-*?!$'3-F-*?!"%!
)$-"*!2-+.%!'5!+**"F+,U!-%)+<,"%$".1!)$"%!,".-!'5!&-%(-.)!2-+.%!)+2/-*".1!3")$!)$-!,+.14+1-!
'5!T+.)-?!9-)*+*($?!+.&!L'((+(("'?!-2/$+%"D".1!(-*)+".!,-))-*%!E!c?!H?!Y?!w!E!*-&4(".1!)$-!*',-!
'5!')$-*%!E!a?!K!6!+.&!-,"2".+)".1!-.)"*-,0!%)",,!2'*-!E!b?!p?!f=VNS!#'!+4)$'*%!,";-!C*+DD"."?!
)$-"*%!3+%!+!/-&+.)"(!'/-*+)"'.!&"%*-%/-()54,!'5!#4%(+.0:%!,")-*+*0!/+%)!+.&!+!.4"%+.(-!)'!
")%!54)4*-=!#$-!"%%4-!3+%!'5)-.!*-5-**-&!)'!+%!_,+!@4-%)"'.-!&-,!b?`![M+\!%'2-!+(+&-2"(%!,";-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VNV !Y--!+,%'!K4&")$!L*0(-?!_#$-!'*+,!3'*,&!'5!)$-!-+*,0!B((+&-2"+!8"'*-.)".+?`!7%-#'00#-"%(
:/3$'%0!P=G![GPPN\U!OO6GRS=!
VNS !8'*!+!('2/*-$-.%"F-!%422+*0!'5!)$-!"%%4-!+.&!)$-!2+d'*!/,+0-*%!".F',F-&?!%--!
T'2-."('!w+.*i?!_:M$-!b=D'!F4',!&"*-o:!B!Z-*-+&".1!'5!I"&6Y"7)--.)$6M-.)4*0!A".14"%)"(!
T-<+)-%!".!)$-!B((+&-2"+!8"'*-.)".+?`!,/#*'#-(:/3$'%0!NS![GPPQ\U!VR6SO=!
!
GWW!
!
!
!!!!!!!!!!!
C*+DD"."!+.&!B1.','!8"*-.D4',+!+&&".1!_D'`!)'!")?!2+;".1!+.!-*')"(!2'(;-*0!'5!)$-!_B*+2+"(!
(+4%-`!+,)'1-)$-*=VNW!!
C*+DD".":%!4.5"."%$-&(2'(;6-/"(?!<#(X3%22#($%A(&10/2'!$+%!<--.!".)-*/*-)-&!+%!+!
%+)"*"(+,!%)+<!+)!)$-!B*+2-"!+.&!)$-"*!%4//'*)-*%=VNN!B,%'!".)-*-%)".1!)'!20!/4*/'%-!$-*-?!")!
"%?!".!+&&")"'.?!*"5-!3")$!%411-%)"'.%!'5!J+*($":%!,-%%'.%!'.!.+)4*-!+.&!'.!)$-!1-.-*+)"'.!'5!
2'.%)-*%!+%!)$-!/*'(-%%!'5!.+)4*-!E!'*!.+)4*+,!,'F-!E!1'.-!+3*0=!#$+)!)$-!X3%22#("%!/',")"(+,!
%+)"*-!+"2-&!+)!)$-!+(+&-2"(%!".!+.&!+*'4.&!)$-!8,'*-.)".-!("*(,-!"%!(,-+*!+%!'5!")%!'/-.".1!
'()+F-%=!>.!)$-!5"*%)?!C*+DD"."!*-(+,,%!)$-!20)$"(+,!%)'*0!'5!)$-!1"+.)%!2+;".1!)$-"*!3+0!4/!)'!
H,02/4%!)'!<+)),-!E!+.&!<-!&-5-+)-&!<0!E!)$-!1'&%=!>.!)$-!%-('.&?!$-!($+%)"%-%!_4.!C'<<'?!
/'-)+!/"%+.'?`!'*!C"*',+2'!B2-,'.1$"?!5'*!*-F-*%".1!)$"%!(,+%%"(+,!)4*.!'5!-F-.)%!".!$"%!GNWO!
X')#-/%#!E!+!3'*;!)$+)!".F")-%!%-F-*+,!*-%/'.%-%?!".(,4&".1!)$-!,+)-*!L#-%#;('%)-.%"<,0!<0!
Y-*+5"."?!+.&!C*+DD".":%!'3.!X3%22#($%A(&10/2'=!B2-,'.1$":%!'*"1".+,!)-7)!1*+.)%!C"+.)%!)$-!
F"()'*0!'F-*!)$-!1'&%?!3$'2!)$-0!*-/,+(-!".!)$-!$-+F-.%=!Y-*+5".":%!L#-%#;()$-.?!5-+)4*-%!+.!
-F-.)4+,,0!%4((-%%54,!+*20!'5!&3+*F-%!%-)!'.!-7/-,,".1!)$-!.'3!*-"1.".1!1"+.)%!5*'2!)$-!
$-+F-.%=!C*+DD".":%!X3%22#($%A(&10/2'!/"))%!+.!+*20!'5!2'.%)-*%!+1+".%)!<')$!)$-!&3+*F-%!
+.&!)$-!1"+.)%!+.&?!/*-&"()".1!)$-"*!F"()'*0?!+))*"<4)-%!)$-2!3")$!)$-!'*"1".+,!@4+,")"-%!'5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VNW !>.!+!%'..-)!)'!9"-*'!H*%",+1'?!-,-()-&!)'!)$-!('.%',+)-?!C*+DD"."!".&"*-(),0!(+,,%!)$-!
(+2/+"1.!'5!)$-!B*+2-"!)$-!_(+1"'.!/*".("/+,-?!v!M$-!5+!F-."*!+,)*4"!,+!2+,+))"+`!+.&!
<-%--($-%!H*%",+1'!E!+,%'!+!2-&"(+,!&'()'*!6!)'!4%-!<')$!$"%!/*+()"(-!+.&!$"%!/',")"(+,!/'3-*!
)'!5".&!)$-!_(4*-`!)'!)$"%!",,.-%%U!_I-))+2"!".!2+.'!&-1,"!g2"&"!2"-"?!v!c&!+<<+))+!-!
%('.5'.&+!1,"!B*+2-"?`!$-!+%;%![7'&%($%*(<#0"#;(?#2/%(?2'&#?!%'..-)!pppJ>!P6GR?!GS6GW?!/=!
VR\=!
VNN !>)!3+%!,";-,0!.')!)$-!5"*%)!('2/'%)"'.!'5!")%!;".&=!9*-%42+<,0!<-5'*-!")!(+2-!+,%'!
C*+DD".":%!_Y'.-))'!&-,!b`![/*-%-*F-&!".!)$-!L"<,"')-(+!.+D"'.+,-!(-.)*+,-!&"!8"*-.D-?!M+*)-!
%)*'DD"+.-!>>="=SPQ?!GVNF6GV^*\!+.&!$"%!/'-2!".!'()+F-%?!_B"!*"5'*2+)'*"!&-,,+!,".14+!
#'%(+.+?`!)$-!5"*%)!+!*"&"(4,-!'5!)$-!-.)"*-!b!&-<+)-?!)$-!%-('.&?!+!,-.1)$0!&-%(*"/)"'.!E!+.&!
(*")"("%2!E!'5!)$-!B*+2-"!/*'d-()![7'&%($%*(<#0"#(?#2/%(0%"1-$#;!GV^\=!>)!"%!".(,4&-&!".!
B//-.&"7?!3")$!+!)*+.%,+)"'.=!
!
GWN!
!
!
!!!!!!!!!!!
)$-!(,+%%"(+,!1"+.)=VN^!C*+DD"."!f13*$!$+F-!$+&!+!/-*%'.+,,062')"F+)-&!+7-!)'!1*".&!3")$!
B2-,'.1$"?!'((+%"'.+,!-.-20!)'!$"%!5*"-.&!B,5'.%'!&-:!9+DD"?!+.&!%-F-*+,!)"2-%!+((4%-&!'5!
,"5)".1!)$-!"&-+!5'*!$"%!X')#-/%#!5*'2!)$-!2'*-!,'0+,?!"5!,-%%!%4((-%%54,!L-))'!B**"1$"=VNO!Y)",,?!
C*+DD".":%!".F'(+)"'.!'5!$"2!$-*-!%-*F-%!'.,0!)'!%-)!)$-!%)+1-!5'*!)$-!*-('4.)".1!'5!+.')$-*!
*-F-*%+,!'5!.+)4*-U!)$-!B*+2-"![C*+DD".":%!2'.%)-*%\!+))+(;!'.!)$-"*!,")-*+*0!5+)$-*%![)$-!
H,02/"+.!1'&%\=!
#$'41$!C*+DD".":%!3'*;!"%!"22-&"+)-,0!%")4+)-&!3")$!*-%/-()!)'!$"%!B*+2-"!-.-2"-%?!
")!<-.-5")%!5*'2!)$-!,'.1!+.&!('2/,-7!)*+&")"'.!'5!)$-!1"+.)!+%!+!20)$','1"(+,!5"14*-!(-.)*+,!
+,%'!)'!)$-!&-F-,'/2-.)!+.&!d4%)"5"(+)"'.!'5!)$-!3-%)-*.!3'*,&:%!)$*--!2+d'*!*-,"1"'.%=!B%!
X+,)-*!Y)-/$-.%!/'".)%!'4)!".!$"%!%-2".+,!<'';?!X'#-/0('-(8910%(G#D0?!)$-!1"+.)!/+%%-%!
)$*'41$!+!%-*"-%!'5!*-/*-%-.)+)"'.%!+.&!".)-*/*-)"F-!%"1."5"(+.(-%!5*'2!B.)"@4")0!)'!)$-!
Z-.+"%%+.(-!".!<')$!5',;,'*"(!+.&!_'55"("+,`!)-7)%=!C*+DD".":%!4.&-*%)+.&".1!'5!")!"%!
('.)-7)4+,"D-&!<0!)$-!('.F-*%+)"'.!+2'.1!)$-%-!F+*"+.)%=!M'22'.!)'!+,,!'5!)$-2?!$'3-F-*?!
"%!)$-!1"+.):%!*-/*-%-.)+)"'.!'5!H)$-*.-%%?!5"*%)!(4,)4*+,!+.&?!-F-.)4+,,0?!2'*+,=!#$-!5"14*-!'5!
)$-!1"+.)!_".!)$-!%($-2-!'5!K-3"%$!+.&!M$*"%)"+.!)$-','10?!=!=!=!-F',F-&!5*'2!%4($!
*-/*-%-.)+)"'.%!'5!-7)-*.+,!')$-*.-%%!".)'!+!%02<',!'5!*-,"1"'4%!/%0($','10=!H.(-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VN^ !B.!+.+,0%"%!'5!)$-!)-7)%:!%"2",+*")"-%!)'!-+($!')$-*!+.&!)$-!)*+&")"'.!5*'2!3$"($!)$-0!
&-*"F-!+//-+*%!".!+!GOOV!-&")"'.!'5!)$-!)$*--!)-7)%!/*-%-.)-&!)'1-)$-*![8"*-.D-U!fF-*&'.?!
GOOV\!8"*-.D-?!L"<,"')-(+!]+D"'.+,-!M-.)*+,-=!>.!")?!)$-!-&")'*![fF-*&'.\!2+;-%!&"*-()!
*-5-*-.(-!)'!M*-%("2<-.":%!+.+,0%"%!'5!)$-!%+2-!)-7)!".!$"%!G%**A,0/12'#($%**#(B1*)#2(?1%0'#;(
/%2F1(B1*3&%![J-.-D"+U!L+%-1"'?!GOSR\=!8',,'3".1!")!+*-!B2-,'.1$":%!&-&"(+)'*0!,-))-*!'5!$"%!
X')#-/%#!)'!&-:!9+DD"?!+.&!Y-*+5".":%!&-&"(+)'*0!,-))-*!'5!$"%!L#-%#!)'!Y)*+&".'=!>)!"%!(,-+*!<0!
)$-%-!".)-*,".;-&!('2/'.-.)%!)$+)!)$-%-!)-7)%!3-*-!.')!'.,0!3*"))-.!".!*-%/'.%-!)'!-+($!
')$-*?!<4)!3-*-!,";-,0!('2/'%-&!)'1-)$-*!'*!".!)$-!('.)-7)!'5!%$+*-&!.-)3'*;%!'5!
+(@4+".)+.(-%!+.&!".)-,,-()4+,%=!B,,!)$*--!3'4,&!$+F-!<--.!".!("*(4,+)"'.!".!)$-!6'12%-/'-#=!
VNO !C*+DD"."!"%!%4*-!)'!".(,4&-!$"%!(*")"("%2!'5!B2-,'.1$"!".!$"%!(0(,-!'5!c/")+/$%!'.!
2-2<-*%!'5!)$-!6'12%-/'-#!+.&!%4**'4.&".1!("*(,-%=!_B!4.!C'<<'!(+))"F'`!&-%(*"<-%!+.!
B2-,'.1$"!3$'%-!%'4,!$+%!1'.-!)'!)$-!&-F",?!3$'%-!3'*;%!$+F-!1'.-!)'!)$-!(")0!(4%)'&"+.%!
[+!/-d'*+)"F-!*-5-*-.(-!)'!)$-!I-&"("!+.&!)$-!+*)"%)%!)$-0!/+)*'."D-\?!+.&!3$'%-!$'.'4*!(+.!
<-!5'4.&!".!+!<*')$-,![7'&%($%*(<#0"#?!?#2/%(0%"1-$#?!c/")+/$!pJ>>>?!/=!GOQ\=!
!
GW^!
!
!
!!!!!!!!!!!
+*)"(4,+)-&!+%!$"%)'*"(!5"14*-%!'5!('.%422+)-!-F",?!)$-0!(+2-!)'!*-/*-%-.)!)$-!1*+F-%)!5+4,)%!
".!$42+.!.+)4*-U!/*"&-?!/*-%42/)"'.?!+.&!)$-!",,4%"'.!'5!%-,56%455"("-.(0=`VNQ!!#'1-)$-*!3")$!
T+.)-:%!]"2*'&!E!+!_%)4/"&`!1"+.)!+%%'("+)-&!3")$!)$-!&-%)*4()"'.!'5!)$-!)'3-*!'5!L+<-,!+.&!
)$-!,".14"%)"(!&"%('*&!)$+)!5',,'3-&!E!)$-%-!+*-!)$-!2'%)!,";-,0!%'4*(-%!'5!C*+DD".":%!
1"+.)%=VNP!a"%!X3%22#($%A(&10/2'!"%!+,%'!,";-,0!+!*-+()"'.!+1+".%)!+!2+d'*!%'4*(-!'5!)$-!
B*+2-":%!_c)*4%(+.!9*'d-()Ù!)$-!GWPQ!(',,-()-&!5'*1-*"-%!'5!C"'F+.."!]+.."!['*!B.."'!&+!
J")-*<'\=!8'4.&!3")$".!)$-2!"%!.')!'.,0!)$-!d4%)"5"(+)"'.!'5!c)*4%(+.!+%!+!&"F".-!,+.14+1-?!
<4)!+,%'!)$-!<"<,"(+,!,".-+1-!'5!1"+.)%=V^R!>.!$"%!X3%22#($%A(&10/2'?!C*+DD"."!)*+.%/'%-%!)$-%-!
@4+,")"-%!'5!)$-!1"+.)!)'!)$-!2'.%)-*%!)$+)!*-/*-%-.)!)$-!B*+2-"!(,+.=!a"%!"%!+!('.%("'4%!
&-("%"'.!".5'*2-&!<0!)$-!1*'3".1!)-.&-.(0!)'!F"-3!1"+.)%!+%!".)-*2-&"+)-!(*-+)4*-%!
<-)3--.!+."2+,%!+.&!$42+.%?!%$+*".1!3")$!)$-!,+))-*!5*--!3",,?!+.&!d4%)"5"-&!<0!)$-!
&"%(4%%"'.!)$"%!&-("%"'.!/-*2")%!<-)3--.!$"2!+.&!J+*($":%!,+)-*!,-%%'.!'.!)$-!C-.-*+)"'.!'5!
I'.%)-*%!+%!4..+)4*+,!E!+.&!".$42+.!E!<-".1%=!!!
M'.%"%)-.)!3")$!)$"%!)*+&")"'.!'5!-.2")0!+.&!')$-*.-%%?!C*+DD"."!"%!(,-+*!)'!
&"%)".14"%$!$"2%-,5!5*'2!)$-!'<d-()%!'5!$"%!('.)-2/)!-+*,0!'.=!#$-0!+*-!_1-.)-!+,)-*+!-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VNQ !X+,)-*!Y)-/$-.%?!X'#-/0('-(/910%($#D0H(61*Y*12%;(!-"'%-/(5'0/12D;(#-$(L#/'1-#*'0&!
[A".(',.U!g!'5!]!9*-%%?!GPQP\!PQ=!
VNP !H.!)$-!.+)4*-!'5!]"2*'&!".!T+.)-:%!G'B'-#(41&&%$'#?!%--!Y)-/$-.%!^PU!_#$+.;%!)'!)$-"*!
1*-+)!%"D-!+.&!)$-"*!/-*F-*)-&!2-.)+,")0?!)$-!C"+.)%!$+&!'.-!5'*2!'5!;.'3,-&1-?!)$-!+<",")0!
)'!3+1-!3+*=!L4)!)$-0!('4,&!.')!)*+.%(-.&!)$"%!/4*-,0!)-($."(+,!0"'%-/'#!+.&!+))+".!3"%&'2!
[0#?'%-/'#!'*!$'0"'?*'-#\=!#$-"*!/*"&-!".!)$-"*!/$0%"(+,!/*'3-%%?!+.&!)$-"*!",,4%"'.%!'5!%-,56
%455"("-.(0!(+4%-&!)$-"*!%)4/"&")0!!n!'*!3$+)!J"*1","'!+,%'!(+,,%!&#*("1/1![,-.%2-1!SG=OO\=!
#$"%!m<+&!)$".;".1:!2+."5-%)-&!")%-,5!+%!/2#"1/#-F#!'*!/*-%42/)"'.?!)$-!&-%"*-!)'!)-%)!
)$-2%-,F-%!+1+".%)!)$-"*!I+;-*=!J"*1","'!%+0%!)$+)!)$-!/*"&-54,!c/$"+,)-%!3"%$-&!)'!)-%)!$"%!
/'3-*!+1+".%)!)$+)!'5!K'F-?!n!-($'".1!8,+F"4%!K'%-/$4%:%!.')"'.!)$+)!)$-!<"<,"(+,!C"+.)%!
*-%-2<,-&!)$'%-!'5!C*--;!20)$!<-(+4%-!)$-0!m&-%/"%-&!)$-!C''&!'3".1!)'!)$-"*!/*"&-!".!
)$-"*!%)*-.1)$=:!#$"%!%)4/"&")0!'5!)$-!C"+.)%!$+%!+!,".14"%)"(!%"&-!)$+)!+(('*&%!3")$!)$-!L+<-,!
20)$e!)$-!%",-.(-!'5!+,,!T+.)-:%!C"+.)%!%--2%!)'!+1*--!3")$!)$-!d4&12-.)!'5!c((,-%"+%)"(4%?!
3$'!%+"&!)$+)!)$-!+.("-.)!C"+.)%!3-*-!&-%)*'0-&!<-(+4%-?!<-".1!%'!/*"&-54,?!)$-0!3'4,&!.')!
/*+0!5'*!)$-"*!%".%=`!
V^R !Y--!Y)-/$-.%!GRG=!
!
GWO!
!
!
!!!!!!!!!!!
&"%&-1.'%+`!3$'!2+;-!1'&%!,-%%-*!)$+.!2'*)+,%![_1,"!T-"!%'.!&+!2-.'!'*!($-!"!2'*)+,"`\=!
a-?!<0!('.)*+%)?!"%!2-*-,0!+!$42<,-!%-*F+.)!)'!$"%!I4%-?!3$'!&+*-%!.')!_q/"-1+*-r!".!1"u!,+!
5+.)+%"+!v!B!*")*'F+*!1,"!%/"*")"!>.5-*.+,"=`!>.!)$"%!F-*%-?!$-!".&"*-(),0!%4<2")%!$"2%-,5!+.&!$"%!
('2/'%")"'.!)'!)$-!F-*")+<,-!+4)$'*!'5!+,,!".5-*."?!T+.)-=!a"%!+*20!'5!2'.%)-*%?!)$'41$?!.')!
24($!,+)-*!+.&!1'".1!+1+".%)!")%!F-*0!,")-*+*0!2+;-*?!_2".+(("+!",!%',?!,-!%)-,,-!-!,-!('2-)-?!v!
c!F4',-?!"..+.D"($i!.-!F-.1+!",!F-*.'?!v!T"%5+*-!",!("-,'?!-!*'F".+*!,:".5-*.'=`!H5!('4*%-?!
C*+DD"."!5+",%!)'!5',,'3!)$*'41$!'.!)$"%!/*'d-()-&!$42",")0e!$-!&'-%?!".!5+()?!&*+3!24($!5*'2!
T+.)-:%!,-.%2-1!5'*!$"%!'3.!2'.%)*'4%!(*-+)"'.%=!Y)",,?!$"%!1'+,!E!+)!,-+%)!%4/-*5"("+,,0!
+($"-F-&!E!"%!)'!/,+(-!$"2%-,5!&"*-(),0!'//'%")-!)'!$"%!+.)+1'."%)%!".!+!*-5,-()"'.!'5!$"%!*-+,6
,"5-!*-,+)"'.%$"/!3")$!)$-2=!!
#$-!+*20!('.%"%)%!'5!)3-,F-!.+2-&!2'.%)-*%?!-+($!&-%(*"<-&!".!1*-+)!&-)+",=!
8"."2'.&'!['*?!)$-!c.&!'5!)$-!X'*,&\!+//-+*%!5"*%)!+2'.1!)$-2U!$-!"%!)$-"*!,-+&-*!+.&!
(+/)+".?!+.&!$-!_+55-))+?!-!)+1,"+?!-!%@4+*)+!+!/"u!/')-*-`![%,"(-%?!(4)%?!+.&!<4)($-*%!3")$!+,,!
$"%!2"1$)\=!H5!('4*%-?!)$-*-!"%!.'!&"*-()!-F"&-.(-!+%%'("+)".1!$"%!&-%(*"/)"'.!%/-("5"(+,,0!
3")$!+.0!'5!)$-!B*+2-"=!#$"%!*-5-*-.(-!)'!<4)($-*".1?!(4))".1?!+.&!%,"(".1?!$'3-F-*?!"%!
%411-%)"F-!-")$-*!'5!)$-!+4)$'*!'5!+.!+(+&-2"(!%($"%2!'*?!2'*-!/,+4%"<,0?!'.-!*-%/'.%"<,-!
5'*!)$-!$+(;".1!4/!'5!)$-!)*+&")"'.+,!#4%(+.!+,/$+<-)=!I'*-!(,4-%!+%!)'!)$-!*-+,6,"5-!
+.+,'1'4%!"&-.)")0!'5!8"."2'.&'!5',,'3U!
j4-%)"!&+,!2-DD'!".%4%'!i!('*/'!42+.'?!
T+!".&"!".1"4%'!i!/'"!,4/'!(-*F"-*-U!
c!/-*($:-1,"!$+!&4-!F"%"!('2-!C"+.'?!!
94h!"..+.D"!-!m.&"-)*'!+!%4+!/'%)+!F-&-*-?!
Y-.D+!F',)+*%"U!-!.'.!F"!/+d+!/'('e!
!
GWQ!
!
!
!!!!!!!!!!!
I+!,:+*2+&4*+!%4+!)4))+!i!&"!5'('=V^G!
a-!"%!+!)3'65+(-&!3",&!3',5?!<')$!5'*3+*&!+.&!<+(;3+*&!,'';".1!E!d4%)!+%!'.-!3$'!,'(+)-%!
<')$!5+*!".!)$-!/+%)!+.&!".!)$-!"22-&"+)-!/*-%-.)!)$-!1,'*0!'5!$"%!('.)-2/'*+*0!3*"))-.!
,+.14+1-!2"1$)!<-=!9-*$+/%!2'*-!*-F-+,".1,0?!$-!"%!+%%'("+)-&!3")$!K+.4%U!)$-!F-*0!5"*%)!
(-,-<*+)-&!5"14*-!".!)$-!c)*4%(+.!)*+&")"'.=!84*)$-*2'*-?!$"%!F-*0!.+2-!E!8"."2'.&'!E!+,%'!
(+,,%!)'!2".&!'.-!'5!C*+DD".":%!2+&*"1+,-%%-!+1+".%)!C-,,'!E!'*!C-,,"!6!+!2-2<-*!'5!)$-!
B*+2-"!(,+.!+.&!/-*$+/%!")%!*".1,-+&-*?!3$-*-".!+!1*+.&!/+*+&-!2+;-%!")%!3+0!)$*'41$!+,,!
'5!8,'*-.(-!".!)$-!2"&&,-!'5!B414%)?!J"+!&-:!L+*&"!(*'3&-&!3")$!_(+,(".+(("?`!+%!$-!(+,,%!
)$-2?!.-")$-*!<-(+4%-!_14-**+!'!/-%)-!%"+?!v!]s!2+.('!(+*-%)"+?!v!M$-!m,!#4*('!/+%%"?!'!($-!
%"+!8"."2'.&'e!v!I+!/-*($s!.-,!/*'5'.&'!v!Y-!.:i!+.&+)+!&-,!2+*("'!<'*&-,,'?!v!M'.!%4'!
&+..'!-!*'F".+?!v!A+!2"%-*+!B((+&-2"+!8"'*-.)".+?!v9-*($:-,,:i!%)+)+!2+*")+)+!+,!C-,,'=`V^V!
C*+DD".":%!+%%'("+)"'.!'5!C-,,"!3")$!3$+)!$-!('.%"&-*%!+.!+/'(+,0/)"(!%(-.-!"%!d4%)!+!%$'*)!
%)-/!+3+0!5*'2!,-.&".1!C-,,":%!/-*%'.+,")0!)'!)$-!(+/)+".!'5!)$-!I'.%)-*!)*"<-%=!
!
>.!8"."2'.&':%!('*)i1-!+*-!')$-*!4."2+1".+<,-!<-+%)%?!/+*)!&'1?!/+*)!<"*&?!/+*)!
$42+.?!'5)-.!"*+)-?!+,3+0%!/+%%"'.+)-?!4%4+,,0!2-.+(".1!".!%'2-!'*!+.')$-*!3+0=!L4)!)$*--!
".!/+*)"(4,+*!$".)?!+1+".?!+)!)$-!B*+2-"!(,+.=!#$-!5"*%)!"%!C+DD+,-))'!_($-!5+!/'($-!/+*',-?!v!c!
2',)"!5+))"?!2+!.-,,'!%(*"))'d'!v!J"-.!&'/'U!-!&-,,+!C4-**+!$+!/'(+!/*+)"(+?!v!#-.-.&'!%(4',+!
+:!I'%)*"!&"!1*+2+)"(+!v!n!c!/'*)+!.-,,'!%(4&'!&"F"%+)'!v!g.!/-&+.)-?!($:4((-,,+!+,,+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
V^G !8*'2!)$-!.+F-,!4/?!$-!"%!+!$42+.!<'&0?!v!8*'2!)$-!3+"%)!&'3.?!+!3",&!3',5U!v!B.&!%".(-!
$-!$+%!)3'!5+(-%?!,";-!K+.4%?!v!a-!(+.!%--!<')$!+$-+&!'5!+.&!<-$".&!$"2!5*'2!3$-*-!$-!
%)+.&%?!v!X")$'4)!)4*.".1!+*'4.&U!+.&!"5!)$+)!%$'4,&!%--2!,")),-!)'!0'4?!v!a"%!+*2'4*!"%!
2+&-!-.)"*-,0!'5!5"*-=!
V^V !_]')!<-(+4%-!'5!3+*!'*!/,+14-?!v!]-")$-*!<-(+4%-!'5!5+2".-?!v!]')!<-(+4%-!'5!+!#4*;"%$!
".F+%"'.?!'*!)'!4%$-*!".!)$-!-.&!'5!&+0%e!v!L4)!<-(+4%-!)$-!2"%-*+<,-!8,'*-.)".-!B(+&-20?!v!
a+%!1'.-!5*'2!5",)$0!<*')$-,!)'!&+2+1-!+.&!*4".!v!I+**0".1!")%-,5!3")$!C-,,'`![7'&%($%*(
<#0"#;(?#2/%(?2'&#?!/=!VNO?!2+&*"1+,-%%+!pA>p!GV6GP\=!
!
GWP!
!
!
!!!!!!!!!!!
5*+%($-))+=`V^S!A+)-*!5',,'3%!Y)*411",4/'?!3$'?!%"2",+*!)'!8"."2'.&'?!"%!+,%'!_84*"'%'!%k?!($-!
/+*!($:+<<"+!,:+%%",,'?!v!>.!('*/'!&"('?!-!/-*!(+(("+*,'!54'*+?!v!Z'2/-!'1."!('%+?!%)*+(("+?!
%/-DD+!-!5'*+è!%"2",+*!)'!C+DD+,-))'?!$-!&'-%!$"%!1*-+)-%)!+2'4.)!'5!&+2+1-!3")$!$"%!
3*")".1!"2/,-2-.)?!".!)$"%!(+%-!)$-!%$+*/-.-&!(*+.-!5-+)$-*!$-!(+**"-%!3")$!$"2!+)!+,,!)"2-%!
[_T"!1*4!/'*)+!4.+!/-..+!)-2/-*+)+`\U!_M'.!-%%+!2-.+!(',/"!+%/*"!-!*'<4%)"U!v!M'.!-%%+!
4(("&-!-!%)'*/"+!,+!<*"1+)+=`V^W!!A+%)!"%!C4+%)+)'*)-?!_M'%)4"!(':!1*"&"!+,)*4"!&+F+!,+!2'*)-?!v!
#+.)'!+F-+!5"-*+!-!%/+F-.)-F',!F'(-U!v!nI+!/'('!1*"&+!,+!<-%)"+!%4/-*<+?!v!M$:+,,:4,)"2'!
<"%'1.'!,+!*"%-*<+`!%".(-?!_!".!%(+2<"'!&"!%/+&+!'!<+%)'.-!v!9'*)+F+!&k!-!.'))-!%-2/*-!+,,+)'!
v!g.!1*+.&-!-!1*'%%'!-!<-.!5+))'!/+."'.-?!v!M$-!1,"!$+!2",,-!F"))'*"-?!-!2",,-!&+)'=`V^N!>.!)$-!
&-%(*"/)"'.!'5!C+DD+,-))'?!C*+DD"."!2+;-%!+.!'<F"'4%!/,+0!'.!)$-!&-<+)-?!+2'.1!)$-!
+(+&-2"-%?!<-)3--.!3'*&%!+.&!)$".1%!['*!)$-'*0!+.&!/*+()"(-?!'*!/-&+.)*0!+.&!/4<,"(!
-.)-*)+".2-.)\?!+)!5"*%)!/'".)".1!)'!)$"%!($+*+()-*:%!/*-5-*-.(-!'5!)$-!,+))-*!'F-*!)$-!5'*2-*?!
'.,0!)$-.?!+.&!".!)$-!.-7)!,".-?!)'!*-F-+,!$"%!4,)"2+)-,0!@4"<<,".1!.+)4*-U!$-!&'-%!2+.0!
)$".1%?!<4)!'.,0!+)!$"%!&-%;!E!/*-%42+<,0!3")$!3'*&%!6?!+.&!'.,0!4.&-*!)$-!3".1!'5!)$-!
C*+22+)"("+.%?!%$-,)-*-&!5*'2!3+*?!+.&!/*')-()-&![,")-*+,,0\!<0!+!%$"-,&!'5!%4/-*5,4'4%!
/-&+.)*0=!a-!+))*"<4)-%!)'!Y)*411",4/'!+.!+.+,'1'4%!@4+,")0U!)$'41$!/*')-()-&!)'!)$-!1",,%!
3")$!9-*%-4%:%!+*2%?!+.&!1"5)-&!3")$!H*/$-4%:%!,0*-?!$"%!3-+/'.!'5!($'"(-!"%!+!%$+*/-.-&!
@4",,=!Y"2",+*,0?!&-%/")-!)$-!1*-+)!1"5)!'5!$"%!<''2".1?!5-+*6".%/"*".1!F'"(-?!C4+%)+)'*)-!%+0%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
V^S !X$'!2+;-%!5-3!3'*&%?!v!+.&!2+.0!5+()%?!<4)!+)!$"%!&-%;!v!a-!('2-%!.-7)U!+.&!$-!$+%!
,")),-!-7/-*"-.-!'5!X+*?!v!b--/".1!%($'',!3")$!)$-!I'.%)-*%!'5!C*+22+*!v!n!B.&!'.!$"%!
2",")+*0!%$"-,&!v!>%!+!/-&+.)?!3$'!%".1%!5'',"%$!.')$".1%=!
V^W !_B//-+*%!)'!<-!)'*2-.)-&!<0!54*0!v!#$*'41$'4)!$"%!<'&0?!+.&?!*-2'F".1!$"2?!v!a-!
<*-+;%?!)-+*%?!%$+))-*%?!+.&!/"-*(-%!-F-*0)$".1è!_X")$!)$"%!q5-+)$-*r!$-!&-+,%!*'<4%)!+.&!
<"))-*!<,'3%U!v!X")$!")?!$-!;",,%!+.&!2+.1,-%!)$-!<*"1+&-`![VW?!V^\=!
V^N !a-!3$'%-!%$'4)".1!<*'41$)!&-+)$!)'!')$-*%?!v!Y'!/*'4&!+.&!5*"1$)-.".1!3+%!$"%!F'"(-U!v!
n!#$'41$!)$-!/*"&-54,!<-+%)!%$'4)-&!,")),-?!v!Y+F".1!$"%!-55'*)!+%!+!,+%)!*-%'*)`!%".(-!_".%)-+&!
'5!+!%3'*&!'*!%)"(;!v!T+0!+.&!."1$)?!$-!(+**"-&!<0!$"%!%"&-!v!B!<"1?!+.&!)$"(;?!+.&!3-,,62+&-!
*'&=!
!
GNR!
!
!
!!!!!!!!!!!
,")),-?!&*+3".1!'.!$"%!%)*-.1)$!+%!'.,0!+!,+%)!*-%'*)!%".(-!$-!(+.!2'*-!5*-@4-.),0!('4.)!'.!
)$-!/'3-*!".!)$-!*'&!$-!<-+*%U!+!_/+."'.-`!'*?!2'*-!('22'.,0?!F-*1-,,+!E!+!<-))-*6;.'3.!
&'4<,-6-.)-.&*-!5'*!+!/-."%?!+.&!+.')$-*!'<F"'4%!$-+*;-.".1!)'!,+!@4-%)"'.-!&-,!b=D'=!!
!
Y)4&0".1!(,'%-,0!-+($!'5!)$-%-!)3-,F-!2'.%)-*%!+.&!5".&".1!/')-.)"+,!'*!.-+*6
+.+,'14-%!".!*-+,6,"5-!2-2<-*%!'5!)$-!6'12%-/'-#!"%!+!/*'d-()!24($!,+*1-*!)$+.!)$-!%('/-!'5!
)$"%!($+/)-*?!<4)!'.-!3'*)$!/4*%4".1!'4)%"&-!'5!")=!X$+)!"%!"22-&"+)-,0!(,-+*!+5)-*!-F-.!
'.,0!+!%4/-*5"("+,!*-+&".1!'5!)$-!X3%22#($%A(&10/2'("%!C*+DD".":%!,'4&?!"5!"2/,"(")?!('2/-)")"'.!
3")$!+.&?!%"24,)+.-'4%,0?!)*"<4)-!)'!+4)$'*%!('.)-2/'*+*0!)'!$"2?!'5!+.!"22-&"+)-,0!
/*-(-&".1!1-.-*+)"'.?!'5!$"%!)*+&")"'.+,!#4%(+.!$-*")+1-?!+.&!'5!2'*-!(,+%%"(+,!"2/'*)=!a"%!
*-5-*-.(-%!)'!B*"'%)'?!a'2-*?!L'"+*&'?!+.&!)'!)$-!2-&"-F+,!,-1-.&?!%-F-*+,!)"2-%!+&+/)-&?!
'5!#*"%)+.!+.&!>%',&-!+*-!-7/,"(")!+.&!('.)+".-&!3")$".!'.-!%)+.D+U!_H*,+.&'!)+(("+!@4"?!%)"+!
($-)'!B($",,-?!v!]+%('.&+%"!Z411"-*?!5411+!#*"%)+.'U!v!8"+22-!1-))+.!('%)'*q'r?!.'.!/4*!
5+F",,-?!v!Z"2<'2+!&:+,)-!1*"&+!",!2'.)-!-!m,!/"+.'e!v!#+,($i!1,"!T-"!('.!1*+.!)"2'*-!%)+..'?!v!
B%/-))+.&'!&"!('*)'!%('*.'!-!&+..'?`!$-!3*")-%?!,+)-*!&-%(*"<".1!)$-!,-1"'.%!'5!2'.%)-*%!
$-+&-&!<0!-+($!'5!)$-!)3-,F-!/*-F"'4%,0!&-%(*"<-&=V^^ !!a"%!*-5-*-.(-!)'!T+.)-!"%!"2/,"(")!".!
)$"%!%+2-!/+%%+1-?!+%!3-,,!+%!".!2+.0!-,-2-.)%!'5!$"%!2'.%)*'4%!(*-+)"'.%=!a"%!_H*,+.&'!
)+(("+!@4"`!"%!+!&"*-()!-($'!'5!T+.)-:%!,-.%2-1(VN?!d4%)!+%!$"%!+<'F-6(")-&!&-%(*"/)"'.!'5!
8"."2'.&'!%)*'.1,0!*-(+,,%!T+.)-:%!g,0%%-%!+.&!T"'2-&-%?!)3'!5+(-%!".$+<")".1!)$-!%+2-!
5,+2-=VÔ!I'*-!".)-*-%)".1?!%)",,?!"%!)$-!*-,+)"'.%$"/!<-)3--.!C*+DD".":%!2'(;!-/"(!+.&!)3'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
V^^ !_A-)!H*,+.&'!<-!%",-.)!$-*-?!,-)!B($",,-%!$',&!$"%!)'.14-?!v!A-)!Z'1-*!$"&-?!+.&!#*"%)+.!
*4.U!v!#$-%-!q,-1"'.%r!)$*'3!5,+2-%?!+.&!.')!'.,0!&'!)$-!2'4.)+".%!v!+.&!)$-!/,+".%!<4*.?!
)$-0!*42<,-!3")$!*'+*".1!%$'4)%!v!Y'!)$+)!)$-!1'&%!3+")!".!1*-+)!5-+*!v!Y$'*),0!-7/-()".1!
".%4,)!+.&!".d4*0=`!
VÔ !_#+(("+!A4(+.'!'2+"!,+!&'F:i!)'((+!v!&-,!2"%-*'!Y+<-,,'!-!&"!]+%"&"'?!v!-!+))-.&+!4&"*!
@4-,!($:'*!%"!%('((+=!v!#+(("+!&"!M+&2'!-!&:B*-)4%+!HF"&"'?!v!($-!%-!@4-,,'!".!%-*/-.)-!-!
@4-,,+!".!5'.)-!v('.F-*)-!/'-)+.&'?!"'!.'.!,'!m.F"&"'`![,-.%2-1!ppJ?!PW6PP\e!,-.%2-1!ppJ>=!
!
GNG!
!
!
!!!!!!!!!!!
,-%%'.%!J+*($"!&-,"F-*%!)'!)$-!6'12%-/'-#!'.!)$-!5"*%)!Y4.&+0!'5!A-.)?!GNWO?!+.&!'.!)$-!5"*%)!
+.&!%-('.&!Y4.&+0%!'5!K4,0?!GNWQU!$"%!<%F'1-%(03**#(-#/32#!+.&!<%F'1-%(03**#()%-%2%F'1-%($%'(
&10/2'?!*-%/-()"F-,0=!
!
!
C*+DD".":%!+.&!J+*($":%!2'.%)-*%!
!
#$'41$!&+)".1!'5!)$-!X3%22#($%A(E10/2'("%!%)",,!4.(-*)+".?!")!3+%!,";-,0!('2/'%-&!
<-)3--.!GNWO!E!)$-!'*"1".+,!&+)-!'5!('2/'%)"'.!'5!B2-,'.1$":%!<#(X')#-/%#?!+.&!)$-!0-+*!
C*+DD"."!3+%!-7/-,,-&!5*'2!)$-!+(+&-20!E!+.&!GNNV?!3$-.!",!A+%(+:%!+((4%+)"'.%!'5!
/,+1"+*"%2!3-*-!)+;-.!4/!+,%'!<0!T'."!".!,(E#2&'=V^Q!#$-%-!+*-!)$-!%+2-!0-+*%!&4*".1!
3$"($!&-:!9+DD"!+.&!J+*($"!/*-%42+<,0!$+&!)$-"*!2'%)!%"1."5"(+.),0!+.)+1'."%)"(!-7($+.1-=!
A'(+)".1!3")$".!)$-2!)$-!('2/'%")"'.!'5!C*+DD".":%!2'(;6-/"(!%--2%!+!.+)4*+,!
-7)*+/',+)"'.?!-%/-("+,,0!1"F-.!)$-!4.5',&".1!'5!)$-!5"*%)!(+.)'?!+.&!")%!(,'%".1!%)+.D+U!
I+!/-*!.'.!5+*!/"u!,4.1+!".)-2-*+)+?!!
B!F'"!2"!*"F',1'!'*?!9+&*-!Y)*+&".'?!
c!/*-1'!F'"!/-,!F'%)*'!M'.%+1*+)+?!
9-*!]+2'!&"!L+F"-*+?!-!/-*!I+2<*".'?!
9-*!,:B((+&-2"+!($-!F"!54!*4<+)+?!
9-*!,:+."2+!&"!L4'F'!9+,+&".'?!
M$-!F'"!+<<"+)-!(4*+!+!@4-%)'?!".)+.)'!
M$:"'!('2/'.1'!-!*"%(*"F'!,:+,)*'!M+.)'=V^P!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
V^Q !c.("(,'/-&"+!#*-((+."?!_A+!C"1+.)-+?`!$))/Uvv333=)*-((+."=")v-.("(,'/-&"+v1"*',+2'6
+2-,'.1$"}[T"D"'.+*"'6L"'1*+5"('\v!%--!+,%'?!M*-%("2<-."!GRQ=!
V^P !_L4)!".!'*&-*!.')!)'!)+**0!+.0!,'.1-*?!v!>!)4*.!)'!0'4?!.'3?!8+)$-*!Y)*+&".'?!v!B.&!/*+0!
)$+)!5'*!0'4*!$',0!%)+)4%?!v!8'*!]+2'!'5!L+F-*"+?!+.&!5'*!I+2<*".'?!v!8'*!)$-!+(+&-20!)$+)!
3+%!%)',-.!5*'2!0'4?!v!8'*!)$-!%'4,!'5!L4'F'!9+,+&".'?!v!#$+)!0'4!;--/!(+*-!'5!)$"%!5"*%)!
!
GNV!
!
!
!!!!!!!!!!!
a-*-?!C*+DD"."!<-%--($-%!9+&*-!Y)*+&".'!E!'*?!",!M'.%+1*+)+!E!)'!;--/!3+)($!'F-*!$"%!/'-2!
3$",-!$-!3*")-%!")%!%-('.&!(+.)'=!#$-!+(+&-20!$+%!+,*-+&0!_<--.!%)',-.`![F"!54!*4<+)+\!5*'2!
4.&-*.-+)$!$"2?!".&"(+)".1!+!&+)-!'5!('2/'%")"'.!GNWO!+)!-+*,"-%)=!C*+DD".":%!*-@4-%)!$-*-!
3'4,&!'.,0!2+;-!%-.%-?!54*)$-*2'*-?!"5!")!3-*-!('2".1!5*'2!+!*-2'F-&!&"%)+.(-U!Y)*+&".'!
3+%!'.-!'5!)$-!5-3!*-%/-()54,,0!%/+*-&!<0!)$-!*-%)*4()4*".1!-55'*)%!'5!)$-!+(+&-20=!X$",-!
2+.0!3-*-!'4%)-&!'*!F',4.)+*",0!,-5)!")?!$-!%)+0-&!<-$".&!+.&!('.)".4-&!$',&".1!F+*"'4%!
+4)$'*")+)"F-!'55"(-%!4.)",!$"%!&-+)$=!#$+)!C*+DD"."!3'4,&!)4*.!)'!$"2!+%!+!/*')-()"F-!5"14*-!
3'4,&!'.,0!(+**0!3-"1$)!"5!$-!3-*-!%)",,!+!2-2<-*!'5!)$-!+(+&-20!3$-.!C*+DD"."!$"2%-,5!
3+%!.'!,'.1-*!'.-=!C*+DD".":%!/*-F"-3!'5!)$".1%!)'!('2-!".!,+)-*!"#-/'!%4//'*)%!)$"%!
+%%42/)"'.=!T--2".1!)$-!)$*-+)!'5!)$-!2'.%)-*%!<')$!4.&"1."5"-&!+.&!4.+((-/)+<,-?!)$-!
C"+.)%!+.&!T3+*F-%!)-+2!4/!)'!<+)),-!8"."2'.&':%!)3-,F-!)*"<-%!E!*-2"."%(-.)?!+,%'?!'5!)$-!
#3-,F-!#*"<-%!'5!>%*+-,!E!<4)!)'!.'!+F+",U!+!(4*%-&!5"1$)!,-+F-%!)$-!C"+.)%!+.&!T3+*F-%!
3*+//-&!+.&!%'+;".1!".!)$-"*!'3.!<,''&?!3$",-!)$-!2'.%)-*%!2+*($!'.!".)'!)$-!$-+F-.%!
,-5)!5*--!+.&!4.".$+<")-&!5'*!)$-2!<0!)$-!1'&%!3$'?!+.)"("/+)".1!)$-!".F+%"'.?!5,--!+.&!)+;-!
*-541-!'.!c+*)$?!$"&".1!)$-2%-,F-%!".!)$-!<'&"-%!'5!")%!(*-+)4*-%=VOR!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
-/"%'&-!v!X$",-!>!('2/'%-!+.&!3*")-!)$-!.-7)!M+.)'=`!>)!2+0!<-!3'*)$!2-.)"'.".1!)$+)!
_M'.%+1*+)+`!3+%!'.-!'5!C*+DD".":%!2+.0!)-*2%!'5!-.&-+*2-.)!5'*!9+&*-!Y)*+&".'?!<'*.!'5!
)$-!/*'5'4.&!*-%/-()!$-!$+&!5'*!$"2!+%!5'4.&-*!'5!)$-!+(+&-20=!#$"%!*-5-*-.(-!)'!
_*"%(*"F-*-`!,:+,)*'!M+.)'!2"1$)!+,%'!<-!".&"(+)"F-!'5!C*+DD".":%!,+*1-*!&-%"*-!)'!*-3*")-!)$-!
$"%)'*0!'5!)$-!+(+&-20?!3$",-!Y)*+&".'!3+)($-%!'F-*!")!".!)$-!5'*2-*:%!+<%-.(-=!
VOR !_I+!.'.!F+,%-!."-.)-?!/-*($:+,!5".-?!v!T'/'!4.+!D455+!5"-*+!-!2+,+&-))+?!v!j4-,,-!+."2-!
1-.)","!-!/-,,-1*".-!v!T-:!C"1+.)"!-!&-:!]+."!-<<-*!,+!%)*-))+=!v!j4-%)+!4.+!54!&-,,-!2+11"'*!
*'F".-?!v!M$-!%"+!%)+)+!1"+22+"!F-&4)+!'!,-))+e!v!9'"($i!>!]+."!-!"!C"1+.)"!*-%)+*!)4))"!v!]-,!
%+.14-!".F',)"?!"2<*'&',+)"!-!<*4))"=!vv!A+'.&-!"!I'%)*"!/'"!F"))'*"'%"!v!>.F-*%'!",!("-,!
/*-%-*'!+!(+22".+*-U!v!T'F-!1,"!T-"!)*-2+.)"!-!/+4*'%"!v!8+(-+.!&"%-1.'!&"!.'.!1,"!
+%/-))+*-U!v!c!/-*!F"+11"!".('1.")"!-!.+%('%"!v!Y:-*+.!5411")"?!%-.D:+,)*'!".&41"+*-?!v!#4))"!
@4+11"4%'!.-:!/+-%"!.'%)*"?!v!A+%("+.&'!F')'!",!("-,!".!/*-&+!+:!I'%)*"=!vv!c!('%k!%'))'!5'*2-!
F+*"-!-!%)*+.-!v!#*+!.'"!%"!%)+..'!/"-.!&"!/+%%"'.-U!v!M$"!/+*-!4.!,4/'?!-!($"!%'2"1,"+!4.!
(+.-U!v!M$"!%:i!5+))'!1"'F-.('?!-!($"!2'.)'.-U!v!8-<'!%:i!('.F-*)")'!".!/4,"(+.-?!v!J-.-*-!".!
!
GNS!
!
!
!
!!!!!!!!!!!
J+*($":%!GNWO!+.&!GNWQ!,-%%'.%!+,%'!%4//'*)!)$"%!&+)".1=!a"%!,-%%'.!'.!.+)4*-?!3$-.!
*-+&!".!)$-!('.)-7)!'5!C*+DD".":%!2'(;!-/"(?!*-.&-*%!%)",,!2'*-!-7/,"("),0!(,-+*!C*+DD".":%!
*-,-1+)"'.!'5!1,"!B*+2-"!+.&!)$-"*!%4//'*)-*%!E!$"%!2'.%)-*%!E!)'!)$-!%/$-*-!'5!)$-!
4..+)4*+,?!)$-!'<%(-.-?!)$-!&"%$'.'4*-&=!X$-*-!.+)4*-!"%!d4%)?!<+,+.(-&?!4.")-&?!+.&!
&"%)*"<4)-%!5+"*!('2/-.%+)"'.?!)$-!4..+)4*+,!-7+11-*+)-%?!&"%%"24,+)-%?!%-/+*+)-%e!3$-*-!
.+)4*-!(,+%%"5"-%?!<*".1%!'*&-*?!2+;-%!,'1"(+,?!)$-!4..+)4*+,!('.54%-%?!('2<".-%?!&"%)'*)%e!
3$-*-!.+)4*-!<*--&%!$+*2'.0?!)$-!4..+)4*+,!<*--&%!&"%%-.)=!#'!J+*($":%!_'*%"?`!_$+F-.&'!",!
('*/'!2',)'!/",'%'?`!]+)4*-!_5-(-!,'*'!,+!('&+!/"(("',+=`VOG!L4)!C*+DD".":%!2'.%)-*%!+*-!'5)-.!
-7/,'%"'.%!'5!+.+)'2"(+,!/+*)%?!'.-!'.!)'/!'5!)$-!.-7)U!8"-*+2'%(+!_$+!)*-!/"-&"!-!@4+))*'!
<*+(("+=`!!X$-*-!]+)4*-!'*1+."D-%!)$-!&-%"*-%!+.&!/*'/-*)"-%!/+*)"(4,+*!)'!2+.!".)'!
&-5".")-!(+)-1'*"-%!E!)$'%-!/-*)+".".1!)'!$"%!1-.-*"(!.+)4*-!+%!+.!+."2+,?!)$'%-!/-*)+".".1!)'!
$"%!%/-("5"(!.+)4*-!+%!+!$42+.!<-".1?!+.&!)$'%-!/-*)+".".1!)'!$"%!/+*)"(4,+*!.+)4*-!+%!+.!
".&"F"&4+,!E!C*+DD".":%!2'.%)-*%!+*-!".!)$-"*!F-*0!+//-+*+.(-!+2+,1+2+)"'.%!'5!)$-%-!)$*--!
.+)4*-%!('2<".-&=VOV!9+//+,-5+F-!"%!_4.!2'%)*'!=!=!=!($-!%-2/*-!*"&-!-!("+.("?`!E!+.&!".&--&?!
)$-!'.,0!'.-!3$'!&'-%!%'!6!!_c!)4))"!+,,-1*"!%'.'!"!1-%)"!%4'"=`VOS!a-!"%U!!
1*'%%'!-!1*+%%'?!('2-!4.!M+*.+%("+,-?!
8*-%('!.-,!F"%'?!-!F+!%-2/*-2+"!*+%'U!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
,-/-*?!-!I+*)-!".!4.!/"//"'.-?!v!C"'F-!".!<-*)4(("+U!-!('.!&'1,"+!".5".")+!v!F+.!@4"!-!@4l!
<4%(+.&'%"!,+!F")+=`!
VOG !IBCA!S=N=WQG=G?!VQF=!
VOV _+,,:$4'2'!('.F-.1'.'!2',)-!('%-?!$'*+!%-('.&'!,+!%4+!.+)4*+!Cc]cZ>MB?!("'!i!('2-!
+."2+,-?!$'*+!%-('.&'!,+!.+)4*+!Y9cM>8>MB!("'!i!('2-!$4'2'?!$'*!%-('.&'!,+!.+)4*+!
>]T>J>TgBAc?!("'!i!('2-!Y'(*+)-!'!9,+)'.-`!["<"&!!VVF\!
VOS !_B!2'.%)-*!n!3$'!+,3+0%!,+41$%!+.&!($+))-*%!?!v!X$'%-!-F-*0!1-%)!"%!$+//0è!_a-!"%!<"1!
+.&!5+)!,";-!+!(+*."F+,?!v!8*-%$65+(-&?!+,3+0%!(,-+.6%$+F-.U!v!X")$!+!1*-+)!<"1!$-+&!+.&!no?!v!
#$+)!%--2%!)'!$+F-!<--.!2+&-!'5!%(*+/%!'5!&'41$e!v!H.,0!$"%!5--)!+*-!)$'%-!'5!)$-!+."2+,?!v!
#$+)!+,,'3-&!9-1+%4%!)'!5,0U!v!B.&!$-!"%!+*2-&!5*'2!$-+&!)'!$--,!v!>.!)$-!*'%0!%;".!'5!+!
(+/'.=`!
!
GNW!
!
!
!!!!!!!!!!!
g.!<-,!(+/'.-!$+!1*+.&-!-!<+&"+,-?!!
M$-!5+))'!.-,,+!2+&"+!/+*-!+!(+%'U!!
>!/"-&"!%','!$+!&"!@4-,,'!+."2+,-?!!
M$-!5-!F',+.&'!",!5'.)-!&-,!9-1+%'U!!
c&!i!+*2+)'!&+,!(+/'!+,!)+,,'.-!!
T"!/-,,-!*'%',+)+!&"!(+//'.-=!
8'*+%"-/-!_:,!(+/'!%',!$+!&"!)"1*-?!-!m,!*-%)'!)4))'!v!T:4.!'2+((".!%/+*4)'?!%-(('!-!<*4))'=!vv!{!
('%)4"!)*+&")'*-!-!2+*"4','?!v!c!<-(('!-!,+&*'?!-!%'&&'2")+!-!%/"+U!v!J+!54'*!&"!.'))-!",!/"u!
&-,!)-2/'!-!%','?!v!BF-.&'!".!'&"'!+%%+"!,+!('2/+1."+=`VOW!9+*)!2-.?!/+*)!<-+%)%?!/+*)!
".&"F"&4+,%?!)$-%-!<-".1%!+*-!1*')-%@4-!-7(-%%-%!'5!.+)4*-!E!+!)$-2-!C*+DD"."!3",,!-7/,'*-!
".!+!&"55-*-.)!&"*-()"'.!".!$"%!)$-+)*-!+.&!-1B%**%?!+%!3",,!,+)-*!<-!%$'3.=!L4)!+<'F-!+,,!-,%-?!
C*+DD".":%!2'.%)-*%!+*-!('.)*+&"()'*0!('2/'%")-%!'5!&"%%'.+.)!/+*)%!&-/*"F-&!'5!)$-!
*+)"'.+,")0!'5!2+.?!)$+)!*-F-*%-!J+*($":%!+%%-*)"'.!)$+)!_4.!5"('!.'.!5+*l!2+"!&-,,-!.-%/',-?!
.-!"!/-%("!.+%(-*+..'!2+"!%4!/-*!1,"!2'.)"?!-!.-,,-!%-,F-e!2+!$+!+.('*+!4.!(-*)'!)-*2".-?!-!
5".-!".!)4))-!,-!('%-!%4-=`VON!Z+&"1'DD'!3-+*%!)$-!5+(-!'5!+!/"1!$'*.-&!,";-!+!*+2!+.&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VOW _H.,0!$+%!)$-!$-+&!'5!+!)"1-*?!+.&!)$-!*-%)!q'5!$"2r!"%!+,,!v!B!3")$-*".1!,")),-!2+.?!)$".!+.&!
41,0=!vv!a-!"%!+!)*+")'*!+.&!+!5*+4&?!v!B!(4(;',&!+.&!+!)$"-5?!+!%'&'2")-!+.&!+!%/0U!v!a-!1'-%!
'4)!+)!."1$)?!2'%),0!+,'.-?!v!J-*0!24($!$+)".1!)$-!('2/+.0!'5!')$-*%=`!
VON !#$-!54,,!/+%%+1-!*-+&%U!_A+!.+)4*+!.'.!%',+2-.)-!i!(-*)+?!-!&")-*2".+)+?!("'!i!($-!)4))-!,-!
('%-!.+%('.'!&"!)4))-!,-!('%-?!2+!("+%(4.+!&:4.+!(-*)+?!-!&")-*2".+)+e!'.&-!4.!5"('!.'.!5+*+!
2+"!&-,,-!.-%/',-?!.-!"!/-%("!.+%(-*+..'!2+"!%4!/-*!1,"!2'.)"?!-!.-,,-!%-,F-e!2+!+.('*+!$+!4.!
(-*)'!)-*2".-?!-!5".-!".!)4))-!,-!('%-!%4-e!/-*($s!)4))-!,-!('%-!.+)4*+,"!/'%%'.'!(*-%(-*-!
".5".'!+!4.+!(-*)+!1*+.&-DD+?!-!.'.!/"4?!,+!@4+,-!i!&")-*2".+)+!('%k!.-,!/'('?!('2-!.-,!
2',)'?!'.&-!,+!5'*2+!&-,,:$4'2'!.'.!/4'!%)+*-!".!2".'*!2+)-*"+?!.-!".!2+11"'*-?!($-!)+.)+?!
F-*<"1*+D"+!&+!4.!<*+(("'!".5".'!+!(".@4-?!'!%-"?!-!('%k!&"!)4))-!,-!+,)*-!('%-`![IBCA!
S=N=WQG=G?!SRF\!e!_]+)4*-!.')!'.,0!(-*)"5"-%!+.&!&-)-*2".-%?!)$+)!"%?!)$+)!-F-*0)$".1!"%!<'*.!
'5!-F-*0)$".1?!<4)!)$+)!-+($!)$".1!"%!<'*.!'5!")%!/*'/-*!+.&!&-)-*2".-&!%'4*(-e!".!)$"%!3+0?!+!
5"1!)*--!3",,!.-F-*!<,'%%'2!3")$!2-&,+*!5*4")?!.'*!3",,!5"%$!-F-*!<-!<'*.!+)'/!2'4.)+".%!'*!
".!)$-!3''&%e!<4)!-F-*0)$".1!$+%!+!&-)-*2".-&!)-*2!+.&!,"2")+)"'.%!%/-("5"(!)'!3$+)!")!"%e!
<-(+4%-!+,,!.+)4*+,!)$".1%!(+.!1*'3!)'!+!(-*)+".!%)+)4*-?!+.&!.')!<-0'.&!")?!3$"($!"%!
!
GNN!
!
!
!!!!!!!!!!!
1*"55'.:%!3".1%!5'*!+*2%?!3$",-!)$-!*-%)!'5!$"2?!_,:+F+.D'!&-,,-!2-2<*+?!($-!1,"!*-%)+?!=!=!=?!
&+,,-!('%(-?!,-!1+2<-?!-:!/"-&"!".54'*"?!v!=!=!=!%'.!&"!."<<"?!&"!14%"!-!&:+%)'*"èVO^!I+,+.&*'(("'?!
_($-!/"-&"!-!('%(-!-!<4%)'!$+!&"!%-*/-.)-e!v!I+!(+/'!-!(',,'!-!F"%'!$+!/'"!&:+,,'(('?`!$+%!)$-!
+*2%!+.&!$+.&%!'5!+!I'*'((+.!2+.?!_]-*"!-!/"((".?`!3$",-!_g.!)'*'!$+!/-*!&-%)*"-*?!($-!%+,)+!
-!%<455+èVOO!Y/+*+/+.-!"%!2+.?!3'2+.?!,"'.-%%!+.&!&'1eVOQ!?!Y4(("+,+*&'?!_5-*'(-!-!1+1,"+*&'!
v!=!=!=!/"-.!&:"*+!-!&"!54*'*-?`!"%!_I-DD'!1"1+.)-?!-!2-DD'!,"/+*&'?`VOP!3$",-!Y+,F+,+1,"'!_$+!&"!
&'.D-,,+!"!5"+.($"?!",!('*/'?!-!m,!/-))'?!v!>,!*-%)'!i!)4))'!/'"!&"!F-*&-!&*+1'?!v!c((-))'!",!F',)'?!
($:i!&:4.!Y+)"*-))'=`VQR!X$-*-!]+)4*-!/*"F",-1-%!%"2",+*")0!+.&?!".!%'!&'".1?!-,"2".+)-%!)$-!
F-*0!('.(-/)!'5!('.)*+*".-%%?!C*+DD"."!/'".)%!)'!+!3'*,&!)4*.-&!4/%"&-!&'3.!<0!)$-!
I'.%)-*%:!('.@4-*".1!'5!)$-!$-+F-.%U!!
>!I'%)*"!%-!.-!+.&+*'!".!9+*+&"%'U!
M'2-!/*-%%-*!&"!@4-,!,+!%"1.'*"+?!
T'F:'*!%"!%)+..'!".!5-%)+?!".!(+.)'!-!m.!*"%'U!
H.&-!/"u!)-2/'!1"l!,+!(+*-%)"+?!
>!F-.)"!-!,:+(@4+!",!2'.&'!+..'!('.@4"%'?!
]i!)*+!T"(-2<*-!-!I+11"'!i!/"u!&"F+*"'U!
c!/+*?!($-!F+&+!'1."!('%+!+,!('.)*+*"'=VQG!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&-)-*2".-&!<')$!".!)$-!,'3-*!-7)*-2-!+.&!".!)$-!$"1$)-*?!%'!)$+)!)$-!5'*2!'5!2+.!"%!5'4.&!
".!2+)-*"+,%!.-")$-*!<-.-+)$!")!.'*!+<'F-!")?!%'!)$+)!-F-*0)$".1!"%!&-)-*2".-&!5*'2!)$-!
.42<-*!'5!+*2%!'.-!$+%?!3$-)$-*!'.-?!'*!5"F-?!'*!%"7?!)'!-F-*0*$".1!-,%-=`!
VO^ !Y)+.D+!GG!
VOO !%)+.D+!G^!
VOQ !%)+.D+!GP!
VOP !%)+.D+!VV!
VQR !_a+%!)$-!5,+.;%!+.&!<'&0!+.&!($-%)!'5!+!3'2+.?!v!#$-!*-%)!'5!$"2?!)$'41$?!"%!+!1*--.!
&*+1'.?!v!c7(-/)!5'*!$"%!5+(-?!3$"($!"%!)$+)!'5!+!%+)0*`![%)+.D+!VQ\=!
VQG !_#$-!I'.%)-*%!3-.)!4/!)'!)$-!a-+F-.%U!v!qnr!)$-0!)'';!('.)*',!'5!")?!v!B.&!)$-*-!)$-0!
%)+0?!".!1*-+)!5-+%)?!%".1".1!+.&!,+41$".1U!v!X$",-?!5+2".-?!3".&%?!+.&!*+".%!v!a+F-!+,*-+&0!
!
GN^!
!
!
!!!!!!!!!!!
C*+DD".":%!<-+%)%?!)$-.?!<*-+;!.-+),0!+.&!&-("&-&,0!3")$!+,,!)$-!*4,-%!'5!.+)4*-!J+*($"!
'4),".-%!".!$"%!GNWO!,-()4*-=!X$+)!"%!2'*-?!)$-0!+*-!d4%)!+%!24($!(*-+)4*-%!'5!)$-!g..+)4*+,!
+%!)$-0!+*-!(*-+)'*%!'5!")!)$-2%-,F-%=!
!
L0!)$-!%+2-!)';-.?!)$-0!+*-!/-*5-(),0!('.%'.+.)!3")$!)$-!)-+($".1%!'5!$"%!GNWQ!
,-%%'.!_Y'/*+!,+!1-.-*+D"'.-!&-:!I'%)*"!-!%-!%'.'!".)-%"!&+,,+!]+)4*+!'!.'=`!#$-*-?!J+*($"!
<-1".%!<0!(")".1!F+*"'4%!&-5".")"'.%!'5!)$-!3'*&!_2'.%)-*?`!2'%)!'5!)$-2!(,+%%"(+,?!%'2-!
/-*)+".".1!)'!)$-!%4<%-)!'5!%--*%!E!)$'%-!3$'!_&"2'%)*+*-`!%'2-)$".1?!')$-*%!<-,'.1".1!)'!
)$-!1*'4/!9,".0!3*")-%!+<'4)!".!)$-!%"7)$!<'';!'5!L#/32#*(5'0/12D?!+.&!2'%)!+;".!)'!
C*+DD".":%!2'.%)-*%!)$-2%-,F-%U!M0(,'/-%?!2-.!3")$!$-+&%!'5!&'1%?!+.&!')$-*!%4($!%)*+.1-!
(*-+)4*-%=!L0!3+0!'5!+!1-.-*+,?!+,,6-.('2/+%%".1!&-5".")"'.?!$-!'55-*%!)$-!5',,'3".1U!_I'%)*'!
[/"1,"+.&','!1-.-*+,2-.)-?!-!.-,,+!%4+!/"u!,+*1+!%"1."5"(+D"'.-\!%"!($"+2+.'!)4))-!@4-,,-!
('%-?!,-!@4+,"!+FF-.1'.'!54'*"!&-,,:'*&".-!('.%4-)'?!-!4%")+)'!('*%'!&-,,+!]+)4*+!".!
@4+,4.($-!2'&'!+FF-.1+.'?!-!/-*!@4+,4.($-!(+1"'.-`!+.&!".(,4&-%!".!)$"%!&-5".)"'.!)$'%-!
<'*.!<,".&?!&-+5?!'*!24)-?!)$-!,+2-!'*!')$-*3"%-!(*"//,-&?!+%!3-,,!+%!&3+*F-%?!$4.($<+(;%?!
+.&!')$-*%!".!)$"%!3+0!_('.)*+5+))"!&+!.+)4*+=`VQV!>)!"%!+!&-5".")"'.!C*+DD"."!/,+0%!3")$!".!
2+.0!3+0%U!%4/-*5"("+,,0?!$"%!2'.%)-*%!*-%%-2<,-!9,".0:%!)$-!2'%)?!<4)!%'2-!+2'.1!)$-2!
+,%'!<-+*!)$-!<"*)$!&-5-()%!+.&!/+*)"(4,+*")"-%!'5!3$"($!J+*($"!%/-+;%!$-*-!".!$"%!1-.-*+,!
&-5".")"'.=!I'*-!".)-*-%)".1,0?!+.&!d4%)!+!5-3!0-+*%!+5)-*!$"%!,-%%'.%!'.!,'F-!+.&!'.!T-,,+!
M+%+:%!%'..-)!'.!d-+,'4%0?!".!)$-%-!<+(;6)'6<+(;!,-()4*-%?!)$-!*-,+)"'.%$"/!<-)3--.!]+)4*-!
+.&!I'.%)-*%!['*!)$-!g..+)4*+,\!"%!.')"(-+<,0!%"2",+*!)'!)$-!*-,+)"'.%$"/!J+*($"!-+*,"-*!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
,'.1!('.@4-*-&!)$-!3'*,&?!v!Y'!)$+)!I+0!+.&!T-(-2<-*!5--,!-7+(),0!)$-!%+2-U!v!B.&?!")!
%--2%?!-F-*0)$".1!$+%!1'.-!)'!")%!'//'%")-`![WG\=!
VQV !_B!2'.%)-*![".!")%!3"&-%)!+.&!2'%)!1-.-*+,!2-+.".1\!"%!+.0)$".1!3$"($!('2-%!+<'4)!'*!
"%!(*-+)-&!'4)%"&-!)$-!4%4+,!+.&!(4%)'2+*0!'*&-*!'5!]+4)*-?!".!%'2-!3+0!+.&!5'*!%'2-!
*-+%'.e`![IBCA!S=N=WQG=G?!PQ*vF\!
!
GNO!
!
!
!!!!!!!!!!!
&*+3%!<-)3--.!A'F-![]+)4*+,\!+.&!K-+,'4%0![]+)4*+,!A'F-!1'.-!3*'.1\=!a-*-?!$-!3*")-%U!_,+!
]+)4*+?!('2-!@4-,,+?!($-!%-2/*-!&-,,-!('%-!<4'.-!5+!",!2"1,"'*-?!-!&-,,-!*--!",!2+.('!(+))"F'?!
($-!F"-.-!".!)+,!(+%'!+&!-%%-*-!".!,4'1'!&"!<4'.'?!F-11-.&'!&"!.'.!/')-*!('**-11"-*-!(')+,-!
-((-%%'?!,'!.4)*"%(-!/-*!2".'*!2+,-?!+(("'!.'.!%"!/4)*-5+(("+?!-!/4)*-5+((-.&'%"?!('**'2/+!
)4))'!",!2-2<*'!'!)4))'!,:+."2+,-?!&-,,+!('.%-*F+D"'.-!&-,!@4+,-!$+!/*".("/+,-?!-!
1*+.&"%%"2+!(4*+=`VQS!Y'!d4%)!+%!d-+,'4%0!"%!+;".!)'!2"%&"*-()-&!,'F-!%)",,!*'')-&!3")$".!")?!
2'.%)-*%!+*-!<'*.!'5!+!/4)*-5+()"'.!'*!24)+)"'.!'5!]+)4*-!3$-*-!")!2"%%-%!")%!2+*;=!
C*+DD"."!-2/,'0%!)$"%!F-*0!,'1"(!$"2%-,5!".!)$-!5"5)$!'()+F-!'5!$"%!2'(;!-/"(?!4%".1!+!
,+.14+1-!)$+)!*-F-*<-*+)-%!3")$!-($'-%!'5!J+*($":%!'3.U!
]'.!/-*!+*)-!&"!%)*-1$-?!'!/-*!".(+.)"!
Y"!1-.-*+*!@4-%)"!I'%)*"!F",,+."e!
I+!5-1,"!,+!]+)4*+!)4))"!@4+.)"?!
M'.)*:+!%4+!F'1,"+!%k!5-*'("!-!%)*+."U!
I',)"!$+.!,+!)-%)+!-:!/"i!('2-!C"1+.)"e!
]-,!*-%)'!/'"!%'.'!%/+*4)"!-!.+."U!
M$"!$+!&4-!(+/"?!%-"!/"-&"?!-!)*-!<*+(("+?!
M$"!&:+%%"4','?!-!($"!&"!<4-!,+!5+(("+=VQW!
>.!)$"%!,+))-*!".)-*/*-)+)"'.!"%!3$-*-!C*+DD"."!('2-%!54,,!("*(,-=!a"%!,'F-!5'*!)$-!+(+&-20?!<0!
3+0!'5!d-+,'4%0?!"%!)4*.-&!".)'!$+)*-&!'5!")%!2-2<-*%e!$"%!*+1-!1-.-*+)-%!2'.%)-*%!+%!
+<-**+.)!)'!]+)4*-!+%!$"%!+))")4&-!+.&!,")-*+*0!+()"F")0!+%!+!*-%4,)!'5!")!+*-!)'!A'F-=!X$+)!"%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VQS !_]+)4*-?!<-".1!)$+)!3$"($!"2/*'F-%!+,,!1''&!)$".1%!+.&!2+;-%!<+&!)$".1%!,-%%!-F",?!3$-.!
")!('2-%?`!"<"&?!GGPF=!
VQW !]')!<0!)$-!+*)!'5!3")($-*0!'*!<0!%/-,,%!v!X-*-!)$-%-!F",,+.'4%!I'.%)-*%!<'*.e!v!L4)!
2+&-!'5!]+)4*-?!+,,!'5!)$-2?!v!B1+".%)!")%!3",,?!5-*'("'4%!+.&!%)*+.1-U!v!I+.0!$+F-!$-+&%!+.&!
5--)!,";-!C"+.)%e!v!X$",-!)$-!*-%)!'5!)$-2!"%!%2+,,!+.&!)$".U!v!Y'2-!$+F-!)3'!$-+&%?!%"7!5--)?!
+.&!)$*--!+*2%?!v!Y'2-!$+F-!5+(-%!'5!+%%-%?!+.&!%'2-!'5!<4,,%![^\=!
!
GNQ!
!
!
!!!!!!!!!!!
2'*-?!$-!&'-%!")!+//*'/*"+)".1!)$-!F-*0!)-*2".','10!'5!'.-!'5!$"%!+%%42-&!5'-%=!>.!)$"%!3+0?!
<')$!$-!+.&!$"%!%4<d-()%!<-('2-!-@4+,,0!&-F"+.)!".!)$-!-0-%!'5!)$-!,-+&".1!/$",'%'/$"-%!
5*'2!GNWR6GNNS!+%!-7/*-%%-&!)$*'41$!J+*($":%!,-%%'.%=!!8".+,,0?!+.&!.')+<,-!'.!0-)!+.')$-*!
,-F-,?!C*+DD".":%!".+<",")0!E!'*!/-*$+/%!4.3",,".1.-%%!E!)'!('2/,-)-!$"%!X3%22#!"%!,'(+)-&?!<0!
$"%!+(('4.)?!".!)$-!%4%/-()-&!d-+,'4%0!'5!$"%!/--*%?!%'!)$+)!$"%!*-,+)"'.%$"/!3")$!)$-2!"%!
)*4,0!<"&"*-()"'.+,=VQN !>.!%)+.D+!WV?!$-!"&-.)"5"-%!)$-!(+4%-!'5!$"%!%",-.(-!+%!_(-*)-!2+,"1.-!-!
(+.($-*'%-!v!9-*%'.-`!3$'!_/'"!2"!5+..'!('*.+24%+U!v!c!)*+F',1'.'!"!F-*%"!-!,-!2"-!/*'%-!v!
9"u!%)*+.+2-.)-?!($-!M"*(-!'!I-&4%+=`VQ^!!
!
L4)!C*+DD"."!"%!+%!2'.%)*'4%!+%!$"%!+&F-*%+*"-%!".!0-)!+.')$-*!3+0?!+.&!'.-!3$"($!
*-(+,,%!J+*($":%!')$-*!F+*"+)"'.!'.!24)+)-&!,'F-U!%-,56,'F-=!L0!J+*($":%!'3.!&-5".")"'.!%)",,!".!
)$"%!GNWQ!,-%%'.?!_I'%)*"!&-,,:+."2'!)4))"!(','*'?!"!@4+,"!-((-&'.'!)+.)'!-!%'/*+F+.D+.'!
1,:+,)*"!.-,,:'/-*-!,'*'?!'!&"!2+.'!'!&:".1-1.'?!($-!F".('.'!@4+%"!,+!]+)4*+?!("'i!5+..'!
@4-,,'?!($-!.'.!i!%',")'!+!5+*%"!'*&".+*"+2-.)-!&+!1,:+,)*"!-!".!@4-%)'!%"1."5"(+)'!&"("+2'?!($-!
",!L-2<'!54?!-!I"($-,+.1-,'!i!4.!I'%)*'!&-,,+!]+)4*+=`VQO!>!$+F-!+,*-+&0!%$'3.!)$-!3+0%!".!
3$"($!C*+DD"."!+))-2/)%?!('.%("'4%,0!'*!')$-*3"%-?!)'!&*+3!+!,".-!'5!+%%'("+)"'.!<-)3--.!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VQN !Y4($!"%!%)",,!2'*-!)$-!(+%-!".!+!%'..-)!+&&*-%%-&!)'!C"'F+.<+))"%)+!T'."?!3$-*-!)$-!
d-+,'4%0!+.&!"*-!'5!3$"($!C*+DD"."!%/-+;%!"%!+2<"14'4%,0!-")$-*!$"%?!$"%!-.-2"-%:?!'*!
('22'.!)'!)$-2!+,,=!a-!3*")-%U!_J'"!2:+F-)-!@4%%u!,+%("+)'!%','!v!>.!4.!2+*!/*'(-,,'%'?!+,)'!
-!/*'5'.&'?!v!T'F-!".%"-2-!.'.!$+.!*"F+!.s!5'.&'!v!A+!/'F-*)l?!,:".F"&"+?!,:"*+!-!m,!&4','!v!=!=!=!
v!>.(*-%(+F"!&"!2-?!($-!%'.!*-%)+)'!v!B!(',/"!&"!8'*)4.+!2"*+!-!%-1.'?!v!c!&+1,"!+2"("!)*+&")'!
-!m.1+..+)'=!v!H.&-!,+!1-,'%"+?!,:'&"'!-!,'!%&-1.'!v!I:+..'!('.&'))'!+!)+,?!($-!&"%/-*+)'!v!
I'*"*!.'.!/'%%'?!-!,+!F")+!+11"'!+!%&-1.'`![7'&%($%*(<#0"#;(?#2/%(?2'&#?!/=!^R?!%'..-)!M>!G6W?!
P6GW\=!
VQ^ !_(-*)+".!-F",!+.&!(+.(-*'4%!v!9-'/,-!=!=!=!v!3",,!,+)-*!2+;-!'5!2-!+!/"/-*U!v!#$-0!)3"%)!
+*'4.&!20!F-*%-!+.&!/*'%-!v!I'*-!%)*+.1-,0!)$+.!M"*(-!'*!I-&4%+=`!
VQO !_I'.%)-*%!'5!)$-!%'4,!+*-!+,,!)$'%-!3$'?!".!-7(--&".1!+.&!1'".1!3-,,!+<'F-!')$-*%!".!
)$-"*!3'*;%?!-")$-*!<0!)$-"*!%;",,!'*!<0!)$-"*!"2+1".+)"'.?!.-+*,0!('.@4-*!]+)4*-?!)$+)!"%?!
)$-0!(*-+)-!%'2-)$".1!)$+)!"%!4.4%4+,!+.&!-7)*+'*&".+*0!".!)$-!('2/+.0!)$-0!;--/?!+.&!".!
)$"%!3+0?!3-!%+0!)$+)!L-2<'!3+%!+.&!)$+)!I"($-,+.1-,'!"%!+!I'.%)-*!'5!]+)4*-`!["<"&?!
GRGF\=!
!
GNP!
!
!
!!!!!!!!!!!
$"2%-,5!+.&!T+.)-!".!$"%!2'(;!-/"(e!$"%!%-,56"2+1".-&!,")-*+*0!%4/-*"'*")0?!$'3-F-*?!1'-%!
<-0'.&!-F-.!)$+)=!>.!)$-!)$"*&!%)+.D+!'5!$"%!X3%22#?!$-!+%%-*)%!)$-!4."@4-.-%%!'5!$"%!3'*;!
+.&!/'%")"'.U!_M"4*2+?!1-.)-!'!1-."+!%"2",-!+!@4-%)+!v!]'.!54!1"+22+"!(+.)+)+!".!F-*%"!'!".!
/*'%+U!v!c!1"'*.'!-!.'))-!%-2/*-!2"!2',-%)+?!v!M$-!&"!,-"!(+.)"!('.!*"2+!'*1'1,"'%+e!v!H.&:"'!
5'*D+)'!%'.'!+!@4-%)+!F',)+?!v!T"!%(*"F-*.-?!(+.)+.&'?!+!<*"1,"+!%("',)+=`VQQ!B%!4%4+,?!'5!
('4*%-?!*-+&-*%!;.'3!<-))-*!)$+.!)'!)+;-!C*+DD"."!+)!5+(-6F+,4-U!)$'41$!$"%!2+0!<-!)$-!5"*%)!
,")-*+*0!-F"%(-*+)"'.!'5!$"%!($'%-.!%4<d-()%?!$"%!2'(;!-/"(!"%!'*"1".+,!.-")$-*!".!5'*2!.'*!".!
%)0,-!.'*!-F-.!".!('.)-.)?!")%-,5!%/+3.-&!'5!B2-,'.1$":%!-+*,"-*!3'*;=!Y)",,?!".!3*")".1!+<'4)!
$"%!2'.%)-*%?!$-!+%%42-%!+!/'%")"'.!'5!.'F-,)0!)$+)?!$-!2+0!$'/-?!3",,!2+;-!'5!$"2!+!
2'.%)-*!'5!J+*($":%!')$-*!.+)4*-U!+.'2+,'4%!'.,0!".!$"%!-7(-/)"'.+,!)+,-.)!+.&!+*)"%)*0e!")!"%!
/-*$+/%!.'!('".("&-.(-!)$+)!C*+DD".":%!5"*%)!*-5-*-.(-!)'!T+.)-!"22-&"+)-,0!5',,'3%!".!)$-!
5'4*)$!%)+.D+?!'*!)$+)!$"%!*-+//*'/*"+)"'.!'5!J+*($":%!,+.14+1-!'.!]+)4*-!+.&!I'.%)-*%!
5',,'3%!)$+)?!".!)$-!5"5)$=VQP!
!!
#$"%!;".&!'5!/*'1*-%%"'.!".!)$'41$)!+.&!*-+()"'.!E!5*'2!+&2"*+)"'.!'5!)$-!_-.-20`!
)'!+,"1.2-.)!3")$!$"2?!)'!2'*-!'*!,-%%!4.(,-F-*!+))+(;%!'.!$"2?!)'!F-*")+<,-!+))-2/)%!)'!
%4*/+%%!$"%!1-."4%!".!/+*)!<0!+%%42".1!$"%!,")-*+*0!"&-.)")0!E!"%!<0!.'!2-+.%!4."@4-!)'!
C*+DD"."!+.&!&-:!9+DD"!'*!-F-.!+!%/-("5"(!<0/*'&4()!'5!)$-!,")-*+*0!('2/+.0!)$-0!$',&=!
K-+,'4%0!+.&!)$-!*-%4,)".1!'/-*+)"'.!)$+)!5',,'3%!5*'2!")!+*-!)$-2-%!5*-@4-.),0!+)!/,+0!".!+!
,+*1-!.42<-*!'5!9"-)*'!B*-)".':%!3'*;%!5*'2!GNSO!)'!GNWN?!(4,2".+)".1!".!3$+)!(+.!<-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VQQ !_]')$".1!$+%!-F-*!<--.!%4.1!".!F-*%-!'*!/*'%-!v!B<'4)!)$"%!('2/+.0?!)$-%-!/-'/,-?!'*!
%"2",+*!<*--&%U!v!B.&!&+0!+.&!."1$)?!>!+2!('.)".4'4%,0!/-%)-*-&!v!L0!)$-!"&-+!'5!%".1".1!
)$-"*!%'.1!".!<'+%)54,!*$02-%e!v!!B.&!%'!")!"%!)$+)!>!+2!.'3!5'*(-&!v!#'!3*")-?!%".1".1!+)!54,,!
1+,'/`![S\=!
VQP !<#(X3%22#($%A(E10/2'("%!.')!)$-!'.,0!('2/'%")"'.!".!3$"($!C*+DD"."!2+;-%!-7/,"(")!
*-5-*-.(-!)'!$"%!,")-*+*0!%4/-*"'*")0?!+%!$-!%--%!")=!a"%!(+/")','!_>.!,'&-!&-,!&"%/-))'?`!<-1".%U!
_>'!.'.!(*-&'?!($-!2+"!A+)".'!'!C*-('!v!H!%)",!#'%(+.'!+<<"+!(+.)+)'!'!&-))'?!v!j4-,($i!&"*-!
-!(+.)+*!&"%/'%)'!$'!2-('`![7'&%($%*(<#0"#;(?#2/%(0%"1-$#?!/=!SG?!(+/")=!>p?!G6S\=!!
!
G^R!
!
!
!!!!!!!!!!!
('.%"&-*-&!+.!".$-*-.),0!/-*%'.+,!*"F+,*0!<-)3--.!$"2%-,5!+.&!I"($-,+.1-,'!L4'.+*'))"=VPR!
B*-)".':%!/,+(-!".!)$-!&-<+)-!"%!"2/'*)+.)!5'*!+!.42<-*!'5!*-+%'.%=!I'%)!%4/-*5"("+,,0?!
)$'41$!'.,0!+!%,"//-*0!2-2<-*!'5!<')$!)$-!+&'$'(+.&!,-.'#&&#/'(+(+&-2"-%!+.&!".!%'2-!
3+0!-F+&".1!)$-!'55"("+,!(-*-2'.0!'5!-+($?!B*-)".'!3+%!".!5*-@4-.)!('.)+()!.')!'.,0!3")$!
2+.0!'5!)$-"*!2-2<-*%!E!".(,4&".1!J+*($"!E!+%!3-,,!+%!3")$!2+.0!')$-*!+*)"%)%!24)4+,!)'!
)$-2U!A'&'F"('!T',(-?!B.."<+,!M+*'?!I+))-'!8*+.D-%"?!8*+.(-%('!L-*."?!B.)'.5*+.(-%('!
T'."?!)'!.+2-!'.,0!+!5-3=!a"%!"&-+%!3'4,&!$+F-!)$4%!("*(4,+)-&!+,'.1%"&-!)$'%-!'5!)$-!
+(+&-2"(%!+.&!'5)-.!".!)$-!%+2-!&"*-()"'.!+.&!)'!)$-!%+2-!5".+,!&-%)".+)"'.=!L4)!%)",,!2'*-!
"2/'*)+.),0?!".!$"%!3'*;%!+.&!".!$"%!)*-+)2-.)!'5!d-+,'4%0!+%!+.!42<*-,,+!)$-2-?!*-+&-*%!
%--!d-+,'4%0!2+)($-&!('.%"%)-.),0!3")$!($',-*?!+%!"5!+!)$"*&!%"%)-*!<'*.!'5!)$-!/+*-.)%!'5!
A'F-=!#$"%!)*"'!E!A'F-?!K-+,'4%0?!M$',-*!E!3$-.!*-+&!%/-("5"(+,,0!5',,'3".1!'*!/*-(-&".1!+.0!
'5!9-)*+*($:%!%'..-)%!E!+%?!".&--&?!2+0!$+F-!<--.!)$-!(+%-?!+.&?!+%!%$'3.?!3'4,&!$+F-!<--.!
('22'.!+(+&-2"(!/*+()"(-!E!3'4,&!$+F-!<--.!%)*";".1!'.,0!".!")%!)$"*&!('.%)")4)-.)=!cF-.!
".!J+*($":%!,-%%'.%?!<0!$"%!F-*0!+.+,0%"%?!*-+&-*%!5".&!+!9-)*+*($!%'!+55,"()-&!<0!,'F-!)$+)!$-!
"%!+)!'.(-!d-+,'4%!+.&!2-,+.($',"(!+%!+!*-%4,)=!B*-)".':%!,'F-*!"%?!<0!('.)*+%)?!d-+,'4%!+.&!
-.*+1-&?!+%!"%!C*+DD".":%![+.&!C*+DD"."!$"2%-,5\?!+.&?!'%)-.%"<,0?!+%!"%!&-:!9+DD"!$"2%-,5!".!$"%!
(0(,-!'5!%'..-)%!)'!J+*($"=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VPR !B*-)".':%!('.5,"()-&!*-,+)"'.%$"/!3")$!I"($-,+.1-,'!/*'5")%!5*'2!+2/,-!%($',+*%$"/!'.!
$"%!,-))-*%!)$+)!&"%/,+0!<')$!$"%!-+*,0!+.&!,+)-*!%-.)"2-.)%!)'3+*&!)$-!/+".)-*!+.&!/'-)=!
#$-0!+*-!(',,-()-&!+.&!('22-.)-&!2'%)!('2/*-$-.%"F-,0!+.&!2'%)!*-(-.),0!".!8","//'!
#4-.+?!<#(?#00'1-%($%**A%2212(&'1H(4#2/%))'1($'(E'"9%*#-)%*1;(*%//%2%(0"%*/%!GNSV6GN^W!
[Z'2+U!8+D"?!VRRV\=!#$-!2'%)!%"1."5"(+.)!+2'.1!)$-2!"%!$"%!,-))-*!)'!I"($-,+.1-,'!$"2%-,5!
&+)-&!]'F-2<-*!GNWN?!/+*)!'5!3$"($!*-+&%U!_Y"1.'*!2"'?!.-,!*"F-&-*-!,'!%($"DD'!".)"-*'!&"!
)4))'!",!F'%)*'!&k!&-,!C"4&"("'?!$'!5'*.")'!&"!('.'%(-*-!,+!",,4%)*-!1*+)"+!&"!Z+55+-,,'!.-!,+!
1*+)+!<-,,-DD+!&-!,+!".F-.)"'.-=!>.)+.)'!"'?!('2-!<+))-DD+)'?!2"!F-*1'1.'!&-!,+!,"(-.)"+?!%k!
",,-(")+!+!,'!%/"*")'?!($-!$+F-)-!/*-%'!.-!,'!"%/*"2-*-!>!('.(-))"!4:!%"!*"%',F-!",!5".-!+,!@4+,-!
+%/"*+!'1."!%-.%'!&-!,+!F-*+("%%"2+!(*-&-.D+!.'%)*+=`!
!!
!
G^G!
!
!
!
!!!!!!!!!!!
L4)!-F-.!)$"%!%$"5)!5*'2!2-,+.($',0!)'!($',-*!".!)$-!/*-%-.(-!'5!'-B'$'#!(+.!<-!
-7/,+".-&!<0!J+*($":%!,-%%'.%!'.!K-+,'4%0?!$-*!)3".!%"%)-*?!A'F-?!+.&!)$-"*!/+*-.)%?!]+)4*-=!
#'!*-(+,,?!+(('*&".1!)'!J+*($"?!A'F-!+.&!K-+,'4%0!+*-!&+41$)-*%!'5!]+)4*-=!A'F-!"%!)$-!
.+)4*+,!&-%"*-!)'!%--;!%4%)-.+.(-!".!,";-!%4<%)+.(-%!+.&!<0!)$+)!3+0!<-('2-!%)*-.1)$-.-&?!
+.&!'.,0!2+."5-%)%!")%-,5!+%!d-+,'4%0!3$-.!")%!2+".!'/-*+)"'.!"%!%4<F-*)-&!'*!-7+11-*+)-&!
)'!)$-!/'".)!'5!%-,56,'F-=!#'!J+*($"?!.')!-F-.!a+)*-&!"%!A'F-:%!'//'%")-e!")!"%?!*+)$-*?!")%!($",&?!
d4%)!+%!)$-!%$+&-!"%!%'.!'5!)$-!%4.=!B!%"2",+*!*-,+)"'.%$"/!-7"%)%!<-)3--.!2-,+.($',0!+.&!
($',-*!'.!)$-!(0(,"(+,!('.)".442!'5!)$-!$42'4*%=!A";-!A'F-!+.&!a+)*-&?!2-,+.($',0!+.&!
($',-*!+*-!'//'%")-%!'.,0!".!.+2-?!+.&!)$-"*!+%%'("+)"'.!3")$!-+($!')$-*!"%!24($!(,'%-*!)'!
)$+)!<-)3--.!A'F-!+.&!K-+,'4%0=!B%!3+%!%$'3.!".!)$-!/*-F"'4%!($+/)-*?!)$-"*!/'%")"'.%!
+&d+(-.)!)'!-+($!')$-*!'.!)$-!$42'4*+,!($+*)!,-.&!)$-2!%"2",+*!/*'/-*)"-%?!+)!,-+%)!".!/+*)U!
2-,+.($',0!"%!(',&!+.&!&*0e!($',-*!"%!&*0!+.&!$')=!B.!-7(-%%!'5!-")$-*!'.-!".!+!2+.:%!1-.-*+,!
('.%)")4)"'.!3",,!)*+.%,+)-!+%!<"))-*.-%%?!"1-/%&?/30(&3-$'!E!'*!('.)-2/)!5'*!)$-!3'*,&!E!
+.&!F-*<'%")0=!H.,0!".!'.-![2-,+.($',0\!)$+)!F-*<'%-.-%%!-7/*-%%-%!)"2"&")0?!5-+*54,.-%%?!
&"%-.1+1-2-.)e!".!)$-!')$-*![($',-*\?!")!%/-+;%!'5!*+.('4*?!1'%%"/?!*-F-.1-=!]'!)3'!
-,-2-.)%!('4,&!%--2!%'!+)!'&&%!3")$!-+($!')$-*?!+.&!0-)?!<')$!%)-2!5*'2!)$-!%+2-!*'')=!
L')$!+*-!+<-**+)"'.%!'.!)$-!.+)4*+,?!"&-+,!%)+)-!'5!<-".1?!+.&?!,";-!A'F-!+.&!K-+,'4%0?!+1*--!
3")$!-+($!')$-*!'.,0!$+,5!)$-!)"2-=!!!!
!
#$-!/-*(-"F-&!%$"5)!5*'2!2-,+.($',0!)'!($',-*?!)$-.?!%--2%!d4%)"5"-&!<0!)$-!F-*0!
3'*;%!)$+)?!+%!>!$+F-!%$'3.?!+*-!)$-2%-,F-%!%'4*(-%!'5!('.)".4'4%!*"F+,*0!<-)3--.!
('2/-)".1!2-2<-*%!'5!)$-!8,'*-.)".-!+(+&-20=!>.!)$-!5',,'3".1!($+/)-*?!>!3",,!54*)$-*!
-,+<'*+)-!'.!)$-!,".;!<-)3--.!d-+,'4%0!+.&!)$-!1*')-%@4-?!+.&?!%4<%-@4-.),0?!)$+)!<-)3--.!
)$-!1*')-%@4-!+.&!)$-!(+/*"(("'
!
G^V!
!
!
!!!!!!!!!!!
M$+/)-*!8'4*U!C*+DD"."!+.&!)$-!Y'("+,!C*')-%@4-!
!
H.&-!&'/'!&"!,4"!%-2/*-!.-!F"-.-!
j4-%):+,)*+!&'..+!/"u!2+,F+1"+!-!*"+?!
M$-!F+!%)*411-.&'!",!('*!('.!+%/*-!/-.-=!
j4-%):i!,:"."@4+!-!"2/*'.)+!C-,'%"+?!
M$-!m,!&'%%'!$+!)4))'!/"-.!&:'(($"!-!&:'*-(($"e!
9-*!4&"*-!-!F-&-*!@4-,!.'.!F'**"+U!
c!%-2/*-!/+*!&"!.4'(-*!%:+//+*-(($"=!
j4-%)+!(-*)'!i!(',-"?!($-!14+%)+!",!2'.&'U!
M$"!2+,!1"+22+"!.'.!F"&-?!".!,-"!%"!%/-(($"=!
!
C*+DD"."!&-%(*"<-%![+,,-1'*"(+,\!K-+,'4%0!".!)$"%!3+0!6!+!&-%)*4()"F-?!".F',4.)+*",0!
'2."%("-.)!3'2+.!E!".!'.-!'5!$"%!,+)-*!(+/")',"=VPG !>.!+!,'.1!/+*+&-!'5!($+*+()-*%!*+)$-*!
%"2",+*!)'!)$'%-!9-)*+*($!5+%$"'.%!".!$"%!82'1-.';(%$-!5',,'3%!_@4-%)'?!($-!m,!F',1'!-**+.)-!
($"+2+!B2'*-?!v!B2+*'!i!/"4(($i!)'%('=`!a-*-?!A'F-?!<'*.!'5!HD"'!+.&!A+%("F"+?!"%!)$-!
/*"2+*0!%'4*(-!'5!&-(-")?!)'*2-.)?!/+".?!+.&!-2')"'.+,!&+2+1-=!Y)",,?!'.,0!)$'%-!)$+)!5',,'3!
$-*?!+*-!+55,"()-&!<0!$-*!+.&!<-+*!$-*!2+*;?!+*-!&-%(*"<-&!+%!F-*")+<,-!2'.%)-*%=!!
!
#$-0!+*-!.')!)$-!2'.%)-*%!'5!)$-!X3%22#($%A(E10/2'?!+.&!.')+<,0!%'e!C*+DD".":%!
('.('()"'.%!$-*-!+*-!.-")$-*!('.)-2/'*+*"-%!".!,")-*+*0!2+%@4-*+&-?!.'*!+*-!)$-0!
4.&-5-+)+<,-!-.-2"-%=!>.!5+()?!+%!+!,+)-*!/+%%+1-!3",,!*-F-+,?!a'/-!%)+.&%!4/!)'!)$-2!+,,=!
X$+)!)$-0!%$+*-!3")$!C*+DD".":%!B*+2-"!".!&"%14"%-?!$'3-F-*?!+*-!)$-"*!*'')%!".!)$-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VPG !7'&%($%*(<#0"#;(?#2/%(0%"1-$#?!P^=!
!
G^S!
!
!
!!!!!!!!!!!
1*')-%@4-U!+.!+*)"%)"(6(426,")-*+*0!1-.*-!C*+DD"."!".&--&!$-,/%!)'!&-5".-!".!$"%!%"7)--.)$6
(-.)4*0!,")-*+*0!2","-4?!+.&!)$-!5'(4%!'5!)$"%!($+/)-*=!
!
C*')-%@4-U!B!/*-,"2".+*0![+.&!%)*-+2,".-&\!&-5".")"'.!
B!*-F"-3!'5!)$-!)-*2!")%-,5!3",,!/*'F-!$-,/54,!)'!")%!,+*1-*!('.%"&-*+)"'.=!#$"%!
'/-*+)"'.!"%!".%)+.),0!('2/,"(+)-&!<0!)$-!5+()!)$+)?!+%!X',51+.1!b+0%-*!+.&!9+4,!Z-2%$+*&)!
%411-%)?!_1*')-%@4-`!$+%!.'!5"7-&!'*!+<%',4)-!&-5".")"'.=!L')$!%($',+*%?!,-+&".1!".!)$-!5"-,&?!
F"-3!")!+%!+.!+*)"%)"(!1-.*-!('.&")"'.-&!+%!24($!<0!&"55-*".1!(4,)4*+,!-.F"*'.2-.)%!+%!<0!
('.)".4'4%,0!($+.1".1!F%'/)%'0/;(%'!)$+)?!5'*!-7+2/,-?!8*-.($!_1*')-%@4-`!'5!)$-!%"7)--.)$!
(-.)4*0!&"55-*%!d4%)!+%!24($!5*'2!C-*2+.?!Y/+."%$?!'*!>)+,"+.!_1*')-%@4-`!'5!)$-!%+2-!
/-*"'&?!+%!")!&'-%!5*'2!8*-.($!1*')-%@4-!'5!+!,+)-*!'*!-+*,"-*!/-*"'&=!B%!3",,!<-!%$'3.?!2+.0!
'5!C*+DD".":%!1*')-%@4-!('2/'%")"'.%!&"%/,+0?!+)!'.(-?!)$-!($+*+()-*"%)"(%!%/-("5"(!)'!)$-!
)-*2!".!%"7)--.)$6(-.)4*0!>)+,0?!+.&!,+)-*!+%/-()%!'5!")!#B#-/P*#P*%//2%!<')$!($*'.','1"(+,,0!
+.&!1-'1*+/$"(+,,0=!>.!5+()?!)$-!.-7)!($+/)-*!3",,!('.%"&-*!")%!%/-("5"(!)"-%!)'!)$-!5'*2+)"'.!'5!
)$-!VR)$!(-.)4*0!_)-+)*'!&-,!1*'))-%('`!".!>)+,0E!+!2'F-2-.)!)'!3$"($!)$-!1-.*-!(,-+*,0!
,-.&%!")%!.+2-=!
!
c)02','1"(+,,0?!_1*')-%@4-`!"%!+.!-7/,"("),0!>)+,"+.!)-*2!+.&!2+;-%!%/-("5"(!*-5-*-.(-!
)'!Z'2+.!&*+3".1%!&"%('F-*-&!".!(+F-%!E!'*!1*'))'%!E!&4*".1!)$-!/-*"'&!'5!(,+%%"(+,!
-7(+F+)"'.!'5!)$-!,+)-!5"5)--.)$!(-.)4*0=!#$-%-!",,4%)*+)"'.%?!'*!_2'.%)*'%")"-%!'5!)$-!
"2+1".+)"'.`!3-*-?!+)!'.(-?!+!%-*"-%!'5!('.5,"()".1!+-%)$-)"(!"&-+,%=!>.!)$-!2"&6%"7)--.)$!
(-.)4*0!".!8*+.(-?!I"($-,!&-!I'.)+"1.-!4%-%!)$-!)-*2!)'!*-5-*!)'!$"%!-%%+0%?!(+,,".1!)$-2?!!
_1*')-%@4-!+.&!2'.%)*'4%!<'&"-%?!/"-(-&!)'1-)$-*!'5!)$-!2'%)!&"F-*%-!2-2<-*%?!3")$'4)!
&"%)".()!5'*2?!".!3$"($!'*&-*!+.&!/*'/'*)"'.!+*-!,-5)!)'!($+.(-`!6!('2/'%")"'.+,!$'&1-6
!
G^W!
!
!
!!!!!!!!!!!
/'&1-%!+.&!4.,";-,0!('2<".+)"'.%!'5!".('2/+)"<,-!-,-2-.)%=VPV!L4)?!".!)$"%!('.)-7)?!.')!
'.,0!3-*-!)$-!5'*2!+.&!('.)-.)!'5!+!1*')-%@4-!('2/'%")"'.!$+/$+D+*&!+.&!2"%2+)($-&U!%'?!
)''?!3+%!")%!2-%%+1-=!b+0%-*!-7/,+".%U!
L0!)$-!3'*&!)21//%0"1!)$-!Z-.+"%%+.(-?!3$"($!4%-&!")!)'!&-%"1.+)-!+!%/-("5"(!
'*.+2-.)+,!%)0,-!%411-%)-&!<0!+.)"@4")0?!4.&-*%)''&!.')!'.,0!%'2-)$".1!
/,+054,,0!1+0!+.&!(+*-,-%%,0!5+.)+%)"(?!<4)!+,%'!%'2-)$".1!'2".'4%!+.&!
%"."%)-*!".!)$-!5+(-!'5!+!3'*,&!)')+,,0!&"55-*-.)!5*'2!)$-!5+2","+*!'.-!E!+!3'*,&!
".!3$"($!)$-!*-+,2!'5!".+."2+)-!)$".1%!"%!.'!,'.1-*!%-/+*+)-&!5*'2!)$'%-!'5!
/,+.)%?!+."2+,%?!+.&!$42+.!<-".1%?!+.&!3$-*-!)$-!,+3%!'5!%)+)"(%?!%022-)*0?!
+.&!/*'/'*)"'.!+*-!.'!,'.1-*!F+,"&=VPS!
#$"%!&-5".")"'.!-7)-.&-&!3-,,!<-0'.&!)$-!(+F-%?!+.&!+//,"-&!2'%)!5*-@4-.),0!)'!+*)!
[Z+/$+-,:%!1*')-%@4-%!+*-!'.,0!'.-!.')+<,-!-7+2/,-e!B1'%)".'!J-.-D"+.'?!+!8,'*-.)".-!
-.1*+F-*!'5!)$-!-+*,0!G^)$!(-.)4*0!"%!+.')$-*\=!#$-!,")-*+*0!%/$-*-!+,%'!%''.!<'+%)-&!")%!'3.!
F+*"+.)!'.!)$-!1*')-%@4-!)*+&")"'.=!>.!")%!2'%)!%)*+"1$)5'*3+*&!".)-*/*-)+)"'.?!+!,")-*+*0!
1*')-%@4-!3+%?!,";-!+!_1$"*"<"DD'`!'*!+!_(+/*"(("'`!E!)-*2%!)$+)!3",,!,+)-*!+,%'!<-!-7+2".-&!E!
+!5,"1$)!'5!5+.(0!.-")$-*!(-.)*+,!.'*!.-(-%%+*0!)'!+!)-7)?!+.&!-.)"*-,0!".('2/+)"<,-!3")$!+.0!
-7+2".+)"'.!'5!('22'.!'*!&+",0!,"5-UVPW!")!&-%(*"<-&?!".!")%!F-*0!.+)4*-?!"2/*'<+<",")"-%!
24)4+,,0!-7(,4%"F-!3")$!*-+,")0e!-,-2-.)%!'5!)$-!%4/-*.+)4*+,?!)$-!2+*F-,'4%?!'*!)$-!
".(*-&"<,-=!B!1*')-%@4-?!".!+.0!5'*2!'*!1-.*-?!'5)-.!+,%'!-+%",0!%422'.-&!+!2"7-&!*-%/'.%-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
292
Les Essais, bk. I, ch. 28, ed. Simon Millanges (Bordeaux: 1580, first edition).
VPS !b+0%-*!VG=!
VPW !H.!)$-!_2+*1".+,")0`!'5!)$-!1*')-%@4-?!%--!L*+&!c//%?!_C*')-%@4-!>&-.)")"-%U!X*")".1!
T-+)$?!+.&!)$-!Y/+(-!'5!)$-!Y4<d-()!L-)3--.!I"($-,!&-!I'.)+"1.-!+.&!Z-".+,&'!B*-.+%?`!
89%(O132-#*(1.(/9%(E'$f%0/(E1$%2-(<#-)3#)%(!001"'#/'1-!VQ=G![GPPN\U!SQ6NN=!
!
G^N!
!
!
!!!!!!!!!!!
5*'2!")%!+4&"-.(-?!/+*),0!('2"(+,?!/+*),0!$'**"5"(=!L4)!)$"%!&-5".")"'.!"%!+1+".!('2/,"(+)-&!<0!
+.')$-*!&"2-.%"'.!'5!)$-!>)+,"+.!%"7)--.)$6(-.)4*0!1*')-%@4-U!/-*5'*2+.(-=!
!
B%!9+4,!Z-2%$+*&)!$+%!%)+)-&?!*-1+*&,-%%!'5!")%!-7/*-%%"'.!'*!2+."5-%)+)"'.!)$-!
1*')-%@4-!"%!".%-/+*+<,-!5*'2!/-*5'*2+.(-U!-F-*0!/-*5'*2+.(-!"%!1*')-%@4-?!+.&!-F-*0!
1*')-%@4-?!+!/-*5'*2+.(-=!B%!+.!+*)"%)"(!1-.*-!%)--/-&!".!%$'(;!F+,4-?!-F-.!3$-.!.')!
-7/,"("),0!)$-+)*"(+,?!1*')-%@4-!/*'&4()"'.!&-2+.&-&!+.&!*-,"-&!'.!+.!"2/*-%%"'.+<,-!
+4&"-.(-!+.&!")%!*-+()"'.!)'!/')-.)"+,,0!/*'<,-2+)"(?!2'*+,,0!4/%-))".1?!'*!/+*+&'7"(+,!
%")4+)"'.%!'*!('2<".+)"'.%=VPN!>.!')$-*!3'*&%?!)$-!1*')-%@4-!1"F-%!/'3-*!'5!3").-%%!+.&!
*-%/'.%"<",")0!'5!d4&12-.)!)'!)$-!+4&"-.(-!*+)$-*!)$+.!)$-!+*)"%)?!+4)$'*?!'*!/,+03*"1$)e!")%!
%4((-%%!&-/-.&%!-.)"*-,0!'.!)$-"*!&"*-()!".F',F-2-.)=!B%!%4($?!)$-!)-*2!_1*')-%@4-`!
<-('2-%!".(*-+%".1,0!,".;-&!)'!)$-!3'*,&!'5!/-*5'*2+)"F-!+*)%=!>.!Z-.+"%%+.(-!>)+,0?!)$"%!
)*+.%,+)-%!)'!+.!+%%'("+)"'.!'5!1*')-%@4-!(4,)4*-!3")$!(+*."F+,!(4,)4*-!+.&?!+(('*&".1,0?!
3")$!+!('.(-*.!3")$!*-+,"%2!2'*-!)$+.!'*!".!+&&")"'.!)'!)$-!%4/-*.+)4*+,,0!<"D+**-=!Y4($!
<-('2-%!-F-.!2'*-!)$-!(+%-!".!)$-!(+*."F+,!%-))".1!3$-*-?!".&--&?!'((4**-.(-%!'5!&+",0!,"5-!
*+)$-*!)$+.!)$-!%4/-*.+)4*+,!+*-!2'*-!'5)-.!)$-!5'(4%!'5!+*)"%)"(!/*'&4()"'.=!]')!$+,5!+!
(-.)4*0!+5)-*!C*+DD".":%!*"%-!)'!.')'*"-)0?!>)+,"+.!1*')-%@4-?!<0!3+0!'5!%/-("5"(+,,0!
/-*5'*2+)"F-!'*!24%"(+,!)-*2%!E!5+*(-%?!'.-6+()!".)-*,4&-%?!%)*--)!/,+0%!E!<-('2-%!.-+*,0!
%0.'.02'4%!3")$!"1&&%$'#($%**A#2/%=!B%!+!,+*1-,0!4.*-$-+*%-&?!4./,+..-&?!"2/*'F"%-&!+*)!
5'*2!)$+)!+)!5"*%)!1-.-*+,,0!5',,'3-&?!".)-**4/)-&?!'*!/*-(-&-&!+!,'.1-*!+.&!2'*-!
%'/$"%)"(+)-&!/"-(-!&4*".1!M+*."F+,?!"1&&%$'#($%**A#2/%!(+2-!)'!<-!+%%'("+)-&!.')!'.,0!3")$!
)$-!'*.+2-.)+,!&-5".")"'.!'5!)$-!1*')-%@4-?!<4)!+,%'!3")$!)$-!)'/%06)4*F".-%%!")?!+.&!)$-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VPN !9+4,!Z-2%$+*&)?!:/#)'-)(/9%(:#B#)%(X1$=(89%(X21/%0@3%('-(>%2.12&#-"%([M+*<'.&+,-U!
Y'4)$-*.!>,,".'"%!g."F-*%")0!9*-%%?!VRRW\!V6S=!
!
G^^!
!
!
!!!!!!!!!!!
(+*."F+,?!%411-%)-&=VP^!I'*-!"2/'*)+.),0?!+.&!".(*-+%".1,0!+%!")!&-F-,'/-&!+%!+.!+*)65'*2!".!
")%!'3.!*"1$)?!"1&&%$'#($%**A#2/%!+&$-*-&!)'!+,,!)$*--!54.()"'.%!'5!)$-!5-%)"F+,?!+%!I"($+-,!
L*"%)',!$+%!&-5".-&!)$-2U!+%!_4.%-,5('.%("'4%!*")4+,?`!+%!5+(",")+)'*!'5!%'("+,!('$-%"'.?!+.&!+%!
'/-.!($+,,-.1-*!'5!)$-!%)+)4%!@4'=VPO!B%!-F-*0!1''&!5-%)"F+,!/-*5'*2+.(-!%$'4,&?!"1&&%$'#(
$%**A#2/%!/"-(-%!".F-*)-&!%'("+,!%)+.&+*&%!+.&?!<0!3+0!'5!,+41$)-*?!@4-%)"'.-&!)$-"*!
4%-54,.-%%!+%!2'*+,!'*!+-%)$-)"(!(+)-1'*"-%=!
!
>)!"%!+)!)$-!(*'%%*'+&%!'5!)$-!'*.+2-.)+,!1*')-%@4-?!2+*F-,!+)!)$-!_%4/-*.+)4*+,`?!
+.&!_(+*."F+,`!/-*5'*2+.(-!)$+)!>!,'(+)-!C*+DD".":%!<*+.&!'5!1*')-%@4-?!/+)-.)-&!".!$"%!4%-%!
+.&!".!)$-+)*"(+,!/*'&4()"'.=!>)!"%!"2/'*)+.)?!>!)$".;?!)'!4.&-*,".-!)$+)!+)!)$-!)"2-!'5!
C*+DD".":%!('2/'%")"'.?!1*')-%@4-?!2+*F-,?!(+/*"(("'?!+.&!1$"*"<"DD'!3-*-?!<0!+.&!,+*1-?!
*+)$-*!&"%%'("+)-&?!+.&!-F-.!('2/-)".1!(+)-1'*"-%=!C*+DD".":%!3'*;%!)$-2%-,F-%!&"%/,+0!
)$"%!1-.-*"(!&"55-*-.(-U!)$'41$!$-!&-."-%!")?!+.&!3$",-!$"%!/'-)*0!".$+<")%!)$-!%/$-*-!'5!)$-!
<-*.-%@4-!(+/*"(("'?!$"%!.'F-,,-!<*".1!*-+&-*%!(,'%-*!)'!+!(+*."F+,-%@4-!+.&!1*')-%@4-!
*-+,2!'5!-7"%)-.(-?!+.&!$"%!)$-+)*"(+,!/*'&4()"'.!&"%/,+0%!%'2-)$".1!".6<-)3--.?!
/'%%-%%".1!<')$!)$-!5*"F','4%?!_&-,"1$)54,`!($+*+()-*"%)"(%!'5!)$-!(+/*"(("'!'*!)$-!1$"*"<"DD'?!
+.&!)$-!".F-*)-&?!%'2-)"2-%!&+*;!.+)4*-!'5!)$-!1*')-%@4-!3'*,&=!#$-!)3'5',&!/4*/'%-!'5!
)$"%!($+/)-*!3",,!<-!)'!-7+2".-!C*+DD".":%!<*+.&!'5!1*')-%@4-!".!$"%!.'F-,,-!+.&!/,+03*")".1!
%/-("5"(+,,0?!+.&?!".!+!%4%)+".-&!-55'*)!)'!4.&-*%)+.&!)$-!+4)$'*!+%!+!('2/-)")"F-!/,+0-*!".!
$"%!,")-*+*0!2","-4?!)'!,".;!")!)'!)$-!5',,0!+.&!1-."4%!'5!(+/*"(("'!)$+)!3'4,&!$+F-!+,"1.-&!$"2!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VP^ !B,)$'41$!_(+*."F+,`!"%!+!4%-54,!(+)-1'*0!)'!-7+2".-!".!)$"%!%/-("5"(!&-F-,'/2-.)!'5!)$-!
1*')-%@4-!1-.*-?!")!(+..')!<-!)*-+)-&!-7)-.%"F-,0!$-*-=!H5!('4*%-?!2'%)!(+.'."(+,,0?!%--!
($+/)-*!'.!8',;!a42'4*!+.&!M+*."F+,!A+41$)-*!".!89%(^#Y9/'-(7%#$%2=(:%*%"/%$(M2'/'-)0(1.(
^#Y9/'-;(E%$B%$%B;(V1*109'-1B?!-&=!9+2!I'**"%![A'.&'.U!C,'%%+*0!c&3+*&!B*.',&!
94<,"%$-*%!A)&=?!GPPW\e!%--!%-()"'.!8'4*!'.!M+*."F+,!B2<"F+,-.(-![//=!GPW6VWN\=!Y--!+,%'!
I";$+",!L+;$)".!+.&!9+)*"("+!Y',,.-*?!_Z+<-,+"%!+.&!C'1',U!#$-!B*)!'5!T"%('4*%-!+.&!)$-!
9'/4,+*!M4,)4*-!'5!A+41$)-*?`!E'00'00'??'(7%B'%f!GG=S![GPQS\U!SW6NR=!
VPO !Y--!Z-2%$+*&)!WS=!!
!
GÔ!
!
!
!!!!!!!!!!!
3")$!E!'*?!/-*$+/%!/*-5-*+<,0?!&"55-*-.)"+)-&!$"2!5*'2!6!2+.0!'5!$"%!2'*-!/*',"5"(!'*!
*-%/-()-&!('.)-2/'*+*"-%=!
!
C*+DD"."!+.&!1*')-%@4-U!)$-!('2-&"-%!
!
>!3",,!<-1".!20!+.+,0%"%!<0!)4*.".1!20!+))-.)"'.!+1+".!)'!C*+DD".":%!)$-+)*"(+,!
/*'&4()"'.!<-)3--.!GNWR!+.&!GN^^!E!)$-!&+)-!'5!$"%!*-".%)+)-2-.)!)'!)$-!6'12%-/'-#=VPQ(>.!
)$"%!@4+*)-*6(-.)4*0!+,'.-?!+.&!+,'.1%"&-!('.%"%)-.)!/'-)"(!/*'&4()"'.?!C*+DD"."!3*")-%?!
/4<,"%$-%?!+.&!'5)-.!+,%'!/4<,"(,0!%)+1-%!E!".!/*"F+)-!$'2-%!+%!3-,,!+%!'.!,+*1-*!24."("/+,!
/,+)5'*2%!6!.".-!)'!)-.!('2-&"-%?!)$*--6+()!5+*(-%?!'*!'.-6+()!/,+0%?!+)!,-+%)!+!('4/,-!'5!
3$"($!+*-!.'3!,'%)=VPP!M'2/'%")"'.+,,0?!)$-0!+*-!+,,!*+)$-*!%"2",+*!)'!-+($!')$-*U!".!-+($?!
)3'!$'4%-%!'5!($+*+()-*%!+*-!1-.-*+,,0!/"))-&!+1+".%)!-+($!')$-*!".!+!('.)-%)!4.&'4<)-&,0!
('2/,"(+)-&!<4)!4,)"2+)-,0!$-,/-&!<0!)$-!&-F-,'/2-.)!'5!+)!,-+%)!'.-!%4</,')=!8'*2+,,0?!
,")),-!"%!,-5)!'5!)$-!%)+1".1!".%)*4()"'.%?!%".(-!C*+DD"."!.'!*-('*&-&!%)+1-!&"*-()"'.%!-7"%)!".!
+.0!-&")"'.%=SRR!B,,!+*-!%-)!-+*,0!".!)$-!.-3!0-+*?!,";-,0!&4*".1!(+*."F+,?!+.&!*-,0!'.!)$-!<-55+!
E!/-*5-()-&!<0!L'((+(("'!+.&!('.F-.)"'.+,!<0!)$"%!)"2-!E!/,+0-&!'.!+.!',&?!14,,"<,-!2+.!<0!+!
0'4.1-*!'4)5")!'5!($+*+()-*%?!4%4+,,0!%-*F+.)%!('2<".-&!3")$!,'F-*%=!M'.%"%)-.)!3")$!$"%!
1-.-*+,!/$",'%'/$0?!($+*+()-*%!,+(;".1!5'*2+,!-&4(+)"'.!<4)!&"%/,+0".1!+%)4)-.-%%!+.&!
(,-F-*.-%%!+*-!*'4)".-,0!5+F'4*-&!)'!')$-*%!,";-!)$-!/-&+.)!3$'?!".!2'%)!(+%-%?!"%!*"&"(4,-&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VPQ !>!+2!$-+F",0!".&-<)-&!)'!Z'<-*)!K=!Z'&".":%!*+)$-*!('2/*-$-.%"F-!('F-*+1-!'5!C*+DD".":%!
)$-+)*-!".!!!-/1-.2#-"%0"1(X2#FF'-'=(>1%/;(G2#&#/'0/;(#-$(L1B%**'%2%;(QTSkPQTeZ![I+&"%'.U!g!
'5!X"%('.%".!9?!GPOR\=!
VPP !_A+!I'."(+`!$+%!.-F-*!<--.!5'4.&?!3$",-!_A+!1"'%)*+?`!+!'.-6+()!5+*(-?!3+%!,+)-*!
%4<%42-&!".!_A:B*D"1'1','=`!
SRR !>!-7+2".-&!+!F+*"-)0!'5!-"1$)--.)$?!.".-)--.)$?!+.&?!3$-.!+F+",+<,-![)$'41$!,-%%!
5*-@4-.),0\!)3-.)"-$!(-.)4*0!-&")"'.%=!>!3+%!4.+<,-!)'!,'(+)-!)$-!'*"1".+,!2+.4%(*"/)%!'5!
)$-%-!/,+0%?!+%!)$-0!+*-!+%%42-&!)'!<-!,'%)!'*!$-,&!".!/*"F+)-!5+2",0!(',,-()"'.%=!!
!
G^Q!
!
!
!!!!!!!!!!!
2-*(",-%%,0=SRG!I4($!('4,&!<-!%+"&!+<'4)!)$-!*',-%!'5!3'2-.!".!C*+DD".":%!/,+0%?!
54*)$-*2'*-?!+.&!)$-"*!('.%"%)-.)!+%%'("+)"'.!3")$!)$-!%4/-*.+)4*+,!E!'*!%4/*+.+)4*+,!E!
3'*,&=!>22-&"+)-,0!".)-*-%)".1!)'!20!/4*/'%-!$-*-?!$'3-F-*?!"%!)$-!5+()!)$+)!2'%)!3-*-!
('2/'%-&!+5)-*!$"%!GNWO!-7/4,%"'.!5*'2!)$-!B(+&-20e!+!GN^^!(0(,-!'5!-(,'14-%!+.&!)-.!
/+%)'*+,!/,+0%!+*-!3$+)!-F-.)4+,,0!1-)!$"2!*-+&2"))-&!4.&-*!A"'.+*&'!Y+,F"+)":%!
*-('22-.&+)"'.!)'!)$-!I-&"("=SRV!#$-!*'41$,0!)3-.)0!0-+*!,+(4.+!<-)3--.!$"%!
2-2<-*%$"/!".!)$-!+(+&-20!3+%!.-(-%%+*",0!<*"&1-&?!)$-.?!+.&!".!-@4+,!/+*)?!<0!(+4)"'4%!
+&$-*-.(-!)'!/'/4,+*!(4%)'2?!+.&!F'(+,!(*")"("%2!'5!('.)-2/'*+*0!,")-*+*0!/*+()"(-%=!>.!$"%!
)$-+)*-?!)$"%!/*+12+)"(!&4/,"(")0!)*+.%,+)-%!+%!('.%-*F+)"F-!)*+&")"'.+,"%2!3")$!+.!-0-!)'!
54)4*-!*+)$-*!)$+.!['*!".!+&&")"'.!)'\!(4**-.)!)*-.&%eSRS!+,)$'41$!C*+DD".":%!/,+0%!".!2'%)!
3+0%!5'*2+,,0!2"2"(!)$-!5"F-6+()!"1&&%$'%(%23$'/%!+1+".%)!3$"($!)$-0!3-*-!".)-.&-&!+%!+!
*-+()"'.?!+.&!-F-.!-7/,'")!%'2-!'5!)$-"*!2'%)!('22'.!)*'/-%!+.&!($+*+()-*%![(*'%%6
&*-%%".1?!1-.&-*6<-.&".1?!5+)$-*6!%'.!('.5,"()%e!)$-!/-&+.)?!)$-!5'',?!)$-!($+*,+)+.\?SRW!".!
)$-"*!%/-("5"(+,,0!#4%(+.!5'(4%?!".!)$-"*!%4<F-*%"'.!'5!&+",0!*-+,")0?!+.&!".!)$-"*!"*'."(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SRG !#$-!%)*'.1-%)!-7+2/,-!'5!%4($!2'(;-*0!"%!5'4.&!".!)$-!($+*+()-*!'5!#+&&-'!5*'2!<#(
0/2%)#?!C*+DD".":%!2'%)!/'/4,+*!/,+0=!!
SRV !8'*!2'*-!'.!C*+DD".":%!*-,+)"'.%$"/!3")$!Y+,F"+)"?!)$-!C"4.)"!/*-%%?!+.&!)$-!B((+&-2"+!
&-,,+!M*4%(+?!%--!9-)-*!I=!L*'3.?!<'1-#2$1(:#*B'#/'=(!(42'/'"#*(^'1)2#?9D![C,+%1'3U!H75'*&!
g9?!GPOW\=!
SRS !C*+DD"."!+,%'!5+2'4%,0!(*'%%-&!,")-*+*0!<'4.&+*"-%U!".!$"%!/*','14-!)'!<#(0?'2'/#/#?!$-!
)+;-%!'.!)$-!%/"*")!'5!L'((+(("'?!3*")".1!+<'F-!+,,!5'*!3'2-.=!H.-!/+%%+1-!*-+&%!+%!
/+*)"(4,+*,0!*-,-F+.)U!_/*-1$-*'FF"!<-.-?!-!2+11"'*2-.)-!F'"!,-11"+&*-!-!1*+D"'%-!&'..-?!
($-!%)"+)-!+))-.)-?!+(("'($i!2-1,"'!,+!.'%)*+!('2-&"+!".)-.&"+)-!-!/'%%"+)-!(+F+*.-!@4+,($-!
5*4))'!+,,:+,)*4"!%/-%-=!B!1,"!4'2".'!%'!"'!<-.-!($-!-,,+!/+%%-*l!@4+%"!".F"%"<",-?!-!($-!/'('!
,:4&"*+..'?!+))-.&-.&'!+!2"*+*-!,+!(-,-%)-!<-,,-DD+?!-!,:".5".")+!1*+D"+?!-!,:"22-.%+!,-11"+&*"+!
&-,!<-,!F"%'!-!&-!"!%-*-."!'(($"!F'%)*"?!($-!/-*!&"*.-!",!F-*'?!5+..'!'11"!".!)-**+!2+."5-%)+!
5-&-!&-,,+!<-,,-DD+!-!&-,,+!&',(-DD+!&-!1,"!B.1-,"!-!&-,!9+*+&"%'`![GGR\=!
SRW !8'*!+!('2/*-$-.%"F-!*-F"-3!'5!M".@4-(-.)'!)$-+)*-?!")%!(,+%%"(+,!*'')%![".!9,+4)4%!+.&!
#-**-.(-\?!")%!2+".!($+*+()-*"%)"(%!+.&!)*'/-%?!%--!,*(/%#/21('/#*'#-1($%*(7'-#0"'&%-/1?!+!(4*+!
&"!I+*"%)-,,+!&-!9+."DD+!A'*($![I",+.'?!c&"D"'."!&"!M'24.")l?!GPQR\!+.&!2'*-!%/-("5"(+,,0!
3")$".!")?!I+*"'!L+*+))':%?À+!5'.&+D"'.-!&"!4.!1-.-*-![/-*!4.:+.+,"%"!&*+22+)4*1"(+!&-,,+!
('22-&"+!&-,!M".@4-(-.)'\`![S6VW\=!
!
G^P!
!
!
!!!!!!!!!!!
+//*'/*"+)"'.!'5!%4/-*.+)4*+,!-,-2-.)%?!)$-0!.')!'.,0!,'';!5'*3+*&!)'!)$-!%,'3,0!
<,'%%'2".1!"1&&%$'#($%**A#2/%!)*+&")"'.?!<4)!-2-*1-!".!)$-"*!'3.!)"2-!+%!(+*"(+)4*-%!'5!
)$-+)*-?!3$-*-!C*+DD".":%!".)-*+()"'.!3")$!)$-!1*')-%@4-6+.&!$"%!(*-+)"'.!'5!+!*-%/'.%-!)'!")!
'((4*!'.!)$*--!,-F-,%=SRN!a-!5"*%)!-.1+1-%!3")$!1*')-%@4-!+.&!")%!,".;!)'!2+*F-,!(,+%%"(+,,0!["5!
2'(;".1,0\!+.&!)$-2+)"(+,,0!)$*'41$!)$-!('2"(+,!".)-*/*-)+)"'.!'5!_%4/-*.+)4*+,`!-F-.)%=!
a-!.-7)!+//,"-%!$"%!)*-+)2-.)!'5!)$-!%4/-*.+)4*+,!)'!%'("+,!%(-.+*"'%!".!3$"($?!$'3-F-*!
_*-+,"%)"(?`!)$-!_.+)4*+,!'*&-*`!'5!)$".1%!"%!*-F-*%-&!'*!')$-*3"%-!&"%)4*<-&=!A+%),0?!$-!
%422'.%!")!'.!+!5'*2+,!,-F-,?!2+;".1!'5!$"%!('2/'%")"'.%!)$-!;".&!'5!_2'.%)*'4%!<'&"-%?!
/"-(-&!)'1-)$-*!'5!&"F-*%-!2-2<-*%`!%'!(-.)*+,!)'!Z-.+"%%+.(-!&-5".")"'.%!'5!)$-!1*')-%@4-?!
)$+)!-,"(")!)$-!%+2-!*-+()"'.!5*'2!F"-3-*%!+.&!*-+&-*%!+%!)$-!2+*F-,'4%!+%/-()%!'5!$"%!/,+0%!
+.&!%)'*"-%!&'!5*'2!)$-"*!($+*+()-*%=!
!
#$-!1*')-%@4-!"%!2'%)!-7/,"("),0!'.!&"%/,+0!".!)$'%-!'5!$"%!/,+0%!)$+)!)*-+)!
%4/-*.+)4*+,!)$-2-%!&"*-(),0U!<#(0?'2'/#/#?!<#(0/2%)#?!+.&!<#(>'-F1"9%2#=!>.!-+($!'5!)$-%-?!
)$-!)*+&")"'.+,,0!1*')-%@4-!E!'*!)$+)!3$"($!2"1$)!.+)4*+,,0!".%/"*-!5-+*!+.&!+3-!".!F"-3-*%!
E!"%!)*-+)-&!"*'."(+,,0!".!'*&-*!)'!%$"5)!)$-!5'(4%!5*'2!)$-!')$-*3'*,&,0!)'!)$-!1*"))0!*-+,")0!
'5!&+",0!,"5-=!#$-!5"*%)!)-,,%!)$-!%)'*0!'5!I+&&+,-.+!+.&!C"4,"'?!0'4.1!,'F-*%!(,+.&-%)".-,0!
3-&!5'*!,+(;!'5!+!/*'/-*!&'3*0!5*'2!I+&&+,-.+:%!5+)$-*?!]"(('&-2'=!#'1-)$-*?!)$-0!
%($-2-!)'!%)-+,!)$-!&'3*0!2'.-0!5*'2!C"4,"':%!24($!3-+,)$"-*!5+)$-*?!C"'F+.14+,<-*)'!
[3$'!+,%'?!".("&-.)+,,0?!"%!".&-<)-&!)'!]"(('&-2'\?!*-*'4)-!")!)'!]"(('&-2'!F"+!+!*-,+)"F-?!
+.&!2+**0!/4<,"(,0=!#'!&'!%'?!I+&&+,-.+!/*-)-.&%!)'!<-!/'%%-%%-&!<0!)$-!+-*"+,!%/"*")!
#".)"..+1'!3$'!*-54%-%!)'!,-+F-!$-*!4.,-%%!%$-!"%!3-&!)'!)$-!2+.!'5!$-*!($'"(-!E!$-*!5+)$-*!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SRN !>!3",,!<-!@4')".1!+,,!/,+0%!5*'2!9"-)*'!8+.5+.":%!GQPO!-&")"'.?!('2/",+)"'.?!+.&!
('22-.)+*0!'5!+,,!%"7!('2-&"-%?!41&&%$'%($'(!-/1-.2#-"%0"1(X2#FF'-'![8"*-.D-U!A-!
I'.."-*?!GQPO\=!
!
GOR!
!
!
!!!!!!!!!!!
$+%!+,*-+&0!5'4.&!$-*!+!%4")+<,-!+.&!5+*!,-%%!-7/-.%"F-!+,)-*.+)"F-=!Y"24,)+.-'4%,0?!C"4,"'?!
3")$!)$-!$-,/!'5!5*"-.&%!+.&!%-*F+.)%?!('.F".(-%!$"%!5+)$-*!)$+)!)$-"*!$'4%-!"%!/,+14-&!<0!
&-2'.%!(+,,-&!(4((4<-'."!3$'?!3$-.!-7'*("%-&?!3",,!)+;-!3")$!)$-2!)$-!2'%)!/*-("'4%!
<-,'.1".1!".!)$-!$'4%-!6!".!)$"%!(+%-?!SRRR!%(4&"?!)$-!-7+()!+2'4.)!'5!)$-!*-@4"*-&!&'3*0=!
C"4,"'?!F"+!I+&&+,-.+:%!4.(,-?!,+)-*!/+%%-%!)$-!)*-+%4*-!'.!)'!$-*!5+)$-*!)'!54.&!)$-!
-7/-()-&!4."'.=!H.(-!)$-!%($-2-!"%!+(('2/,"%$-&?!B,<"D'?!)$-!5+476.-(*'2+.(-*!$"*-&!)'!
,-1")"2+)-!)$-!&-2'.%:!/*-%-.(-?!&-(,+*-%!+,,!)$-!5+,%-!%/"*")%!&-/+*)-&?!+.&!)$-!0'4.1!
,'F-*%!+*-!/4<,"(,0!3-&=!!
!
#$-!/,')!"%!.')!4.,";-!')$-*%!'5!)$-!(".@4-(-.)'!)$-+)*-!)*+&")"'.e!)$-!/*-%-.(-!'5!
C"'F+.14+,<-*)':%!0'4.1!%-*F+.)?!#*+5-,+!+%!-+*,0!+%!)$-!5"*%)!%(-.-!54*)$-*!4.&-*,".-%!
C*+DD".":%!3",,".1.-%%!)'!(''/-*+)-!3")$!)$-!.'*2%!'5!)$-+)*"(+,!/*'&4()"'.=SR^!a"%!
"..'F+)"'.!,"-%!3")$".!$"%!+<",")0!)'!2+."/4,+)-!)$-!-7/-()-&!('2/'.-.)%!'5!+!('2-&0!)'!
*-&"*-()!$"%!+4&"-.(-:%!+))-.)"'.!)'!)$-!&-)+",%!$-!3"%$-%!)'!$"1$,"1$)=!>.!)$-!%-('.&!%(-.-!'5!
)$-!5"*%)!+()?!F"-3-*%!5".&!A4("+?!]"(('&-2':%!%-*F+.)?!%/-+;".1!)'!#*+5-,+!+<'4)!)$-!($",&!)'!
3$'2!$-*!($+*1-?!I+&&+,-.+?!$+%!d4%)!1"F-.!<"*)$!E!+!<"*)$!+.&!/*-1.+.(0!&"%14"%-&!+%!
-.($+.)2-.)=!#$-!/'3-*!&0.+2"(%!'5!)$-!-.%-2<,-!+*-!"22-&"+)-,0!(,-+*U!+)!)$-!(-.)-*!+*-!
)$-!0'4.1!,'F-*%!$"&".1!)$-"*!%".=!B<'F-!)$-2?!+.&!'*($-%)*+)".1!)$-"*!*4%-!+*-!)$-!%-*F+.)%!
[+.&?!".!)$"%!(+%-?!.-(*'2+.(-*\!)'!3$'2!)$-0!+*-!".&-<)-&e!<-.-+)$!)$-2!+.&!'<,"F"'4%!)'!
-F-*0!".&"%(*-)"'.!$+//-.".1!+*'4.&!)$-2!+*-!)$-!-,&-*!/+*-.)%=SRO!>)!"%!+!%'("+,!*-F-*%+,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SR^ !#$-!*-,+)"'.%$"/!<-)3--.!2+%)-*!+.&!%-*F+.)!"%!+!)*'/-!)$+)!-7)-.&%!<-0'.&!)$-!
"1&&%$'#(%23$'/%!1-.*-!+.&!"%!".$-*")-&!+.&!/-*$+/%!+2/,"5"-&!<0!)$-!"1&&%$'#($%**A#2/%!
)*+&")"'.=!
SRO !C*+DD".":%!$"-*+*($0!$-*-!"%!".!)3'!3+0%!".!+(('*&+.(-!3")$!(+*."F+,!(4,)4*-U!5"*%),0?!")!
('.%)")4)-%!+!%)+.&+*&!*',-!*-F-*%+,e!.-7)?!")!&'-%!%'!<0!3+0!'5!)$-!%-*F+.)!'*!)$-!<455'.-U!
_)+.)'!@4-,,'!+.)"('!@4+.)'!@4-,,'!2-&"'-F+,-!-!2'&-*.'?!5*-@4-.)+!&"2'*+!/+)*"D"-!-!
*+//*-%-.)+.)"!&-,!/')-*-?!2+!*-%)+!%'%)+.D"+,2-.)-!,-1+)'!+,,+!%5-*+!&-,,:"22'.&'!-!
!
GOG!
!
!
!!!!!!!!!!!
.')!4.('22'.!)'!C*+DD"."!'*!)'!/,+03*"1$)%!'5!$"%!)"2-!+.&!"22-&"+)-,0!/,+(-%!)$-!
+4&"-.(-!".!)$-!/'3-*54,!/'%")"'.!'5!;.'3".1!3").-%%U!F"-3-*%!+*-!%)*+"1$)!+3+0!(+,,-&!)'!
/+*)"("/+)-!".!)$-!$42","+)"'.!'5!)3'!'5!)$-!/,+0:%!($+*+()-*%=!#$-0!+*-!%-)!4/?!)$-.?!)'!F"-3!
)$-!%4/-*.+)4*+,!&-2'.%!+)!)$-!/,'):%!('*-!+%!+.!'.,0!%-('.&+*0!%/-()+(,-=!
!
H5!('4*%-!)$-!%'("+,!*-F-*%+,!+)!3'*;!['*?!/-*$+/%!<-))-*?!+)!/,+0\!"%!%)",,!$"&&-.!
('25'*)+<,0!5*'2!)$-!/-'/,-!")!2'%)!+55-()%!E!C"'F+.14+,<-*)'!+.&!]"(('&-2'!E!+.&!"%!
-.d'0-&!'.,0!<0!)$-!+4&"-.(-?!('2/,"(")!3")$!)$-!/,+0:%!'F-*+*($".1!%($-2-=!>)!"%!+!%'("+,!
*-F-*%+,!C*+DD"."!*-/-+)-&,0!&*+3%!+))-.)"'.!)'?!$'3-F-*?!.')!'.,0!".!)$-!/,+0:%!+()"'.?!<4)!
+,%'!".!+!.42<-*!'5!(+*-54,,0!(*+5)-&!%',",'@4"-%?!+%"&-%?!+.&!2'.','14-%=!#$-!2'%)!
('2/-,,".1!'5!)$-%-!"%!%/';-.!<0!C4+1."-,-?!%-*F+.)!.-")$-*!)'!]"(('&-2'!.'*!)'!
C"'F+.14+,<-*)'?!<4)!)'!B2-*"1'?!'.-!'5!C"4,"':%!0'4.1!('2/+."'.%=!B2-*"1':%!0'4)$!$-*-!
[,";-!8+<"':%?!,+)-*?!".!,(?#2%-/#$'\!&'-%!2+;-!+!.')+<,-!&"55-*-.(-!".!$"%!)*-+)2-.)!'5!$"%!
%-*F+.)!E!+.&!C4+1."-,-!"%!)$-!5"*%)!)'!+&2")!")=!a"%!%',",'@40!".!>>=""!%/-+;%!<')$!%/-("5"(+,,0!
)'!")!+.&!)'!)$-!,+*1-*!"%%4-!'5!2+%)-*6%-*F+.)!*-,+)"'.%$"/%!/*-%-.)!-,%-3$-*-!".!)$-!/,+0=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&-,,:'%(-.'=!A+!%4+!54.D"'.-!2-&"+)*"(-!)*+!(,+%%"!%4/-*"'*"!-!".5-*"'*"?!)*+!(4,)4*+!+,)+!-!
(4,)4*+!%4<+,)-*.+?!)*+!2'.&'!(,-*"(+,-!-!2'.&'!/'/',+*-!*-%)+!".%'%)")4"<",-=!>,!5*-@4-.)-!
%(+2<"'!&"!)-(."($-!'*+)'*"-!-!/-*%4+%"F-!)*+!5*+)"!-!<455'."!*".+%("2-.)+,"!-,4&-!-!('.5'.&-!
>!('.5"."!)*+!%+(*'!-!/*'5+.'=!>.!@4-%)+!('.)+2".+D"'.-!&-,,-!5'*2-?!",!2"*+(','%'!('.F"F-!
('.!",!&-2'."+('?!",!.'*2+,-!('.!",!1*'))-%('!-!",!(+*"(+)4*+,-?!",!.+)4*+,-!('.!",!
%'/*+..+)4*+,-?!,-!F"%"'."!&"F".-!('.!@4-,,-!%+)+."($-`![SO\=!Y--!T+."-,-!J"+.-,,'?!<A#2/%($%*(
J3..1-%=(E#0"9%2%(%(0?%//#"1*1(/2#(,/#*'#(%(^#B'%2#(-%*(_V,(0%"1*1![Z'2+U!L4,D'."!-&")'*-?!
VRRN\=!X$+)!"%!2'*-?!)$"%!%'("+,!".F-*%"'.!"%!"22-&"+)-,0!/'".)-&!'4)!<0!'.-!'5!)$-!
_<455'."`!$"2%-,5?!<0!3+0!'5!+.!-@4+,"D".1!/*'(,+2+)"'.=!>.!)$-!5"*%)!%(-.-!'5!)$-!5"*%)!+()?!
#*+5-,+!)-,,%!$"%!2+%)-*?!_I-%%-*%k!($-!F'"!%"-)-!*"(('?!-!"'!%'.!/'F-*'e!%-)-!/+&*'.-?!-!"'!%'.!
%-*F'e!&-,!*-%)'?!"'!%'.!&"!(+*.-!-!&:'%%+?!('2-!F"!%"+)-!F'"![/&5!GVN\=!#$-!F-*0!'*&-*!'5!)$-!
-,-2-.)%!,"%)-&!1"F-%!)$-!/$*+%-!")%!4,)"2+)-!2-+.".1U!)$'41$!)$-0!+*-!%-/+*+)-&!<0!(,+%%!
&"%)".()"'.?!#*+5-,+!+.&!$"%!2+%)-*!+*-!-@4+,!".!)$-"*!5'*2+,!('2/'%")"'.=!B%!)$-!+()"'.!
4.5',&%!+.&!)$-!<455'."!*-F-+,!)$-2%-,F-%!)'!<-!)$-!('.(*-)-?!+()"F-!('2/,-2-.)%!)'!)$-"*!
2+%)-*%:!/+%%"F-!.+)4*-%?!#*+5-,+:%!-+*,0!,-F-,".1!'5!$"2%-,5!3")$!C"'F+.14+,<-*)'!*-%'.+)-%!
54*)$-*!%)",,=!
!
GOV!
!
!
!!!!!!!!!!!
a-!$+%!<--.!+3+;-!5'*!%-F-*+,!."1$)%!+)!$"%!2+%)-*:%!3$"2!E!+!&-/*"F+)"'.!'5!+!<+%"(!.--&!
)$+)!/*'2/)%!)$-!5',,'3".1!&*-+2,";-!*-5,-()"'.!+.&!$'/-U!
9-*!2"+!5i?!($-!"'!.'.!/'%%'!)-.-*!1,"!'(($"!+/-*)"U!($"!(*-&-*-<<-!2+"!($-!'*+!
($-!.'"!%-2'!&"!F-*.'?!-!($-!%'.'!,-!.'))"!%"!,4.1$-?!"'!2"!2'*"%%"!&"!%'..'o!>.!
5".-?!@4-%)"!/+&*'."!.'.!$+..'!4.+!&"%(*"D"'.-!+,!2'.&'U!2+!%-!-%%"!54%%-*'!
%)+)"!/*"2+!%-*F"&'*"?!@4-%)'!.'.!+FF-**-<<-?!-!)*+))-*-<<'.'!"!5+2"1,"!".!
+,)*'!2'&'!($-!.'.!5+..'=!H$?!%-!,+!5'*)4.+!2"!5+(-%%-!4.!)*+))'!&"F-.)+*!
/+&*'.-y!L4'.!/-*!@4-"!%-*F"&'*"!($-!%)-%%-*'!2-('U!"'!/*'(-&-*-"!('.!
4.:+2'*-F',-DD+!2-*+F"1,"'%+U!&+*-"!,'*!<4'.!%+,+*"'?!/+1$-*-:1,"!+,!)-2/'?!
5+*-"!($:-1,"!+F-%%-*'!<4'.!,-))'?!&+!<-*-!-!&+!2+.1"+*-!+!'1."!,'*!/'%)+!&"!
@4-,!F".'!-!&"!@4-,!/+.!%-2/*-!($-!<--%%-!-!2+.1"+%%-!,+!/-*%'.+!2"+e!.'.!
1,"!1*"&-*-"!2+"!%-.D+!/*'/'%")'e!2+.&-*-:1,"!/'('!+))'*.'!)-%)s!&"!F-*.'!
@4+.&'!*'F".+!",!("-,!&:+(@4+?!-!2+%%"2+2-.)-!,+!.'))-e!.s!+.($-!,-!%)+)-!".!
%4!,+!%5-*D+!&-,!(+,&'!.'.!1,"!5+*-"!F-."*2"!&"-)*'!('**-.&'!+,,+!%)+55+e!-!('2-!
"'!+F-%%"!+!5+*!F"+11"'!&+!)*-!2"1,"+!".!,l?!1,"!2-))-*-"!+!(+F+,,'U!F'**-"!($-!,+!
%-*+!%-!.-!+.&+%%-*'!+!&'*2"*-!+!'*+!*+1"'.-F',-?!-!('%k!,+!2+))".+!%"!
,-F+%%-*'=!H$!($-!F")+!<-+)+?!($-!F")+!%+.)+!/-*!2-!-!/-*!,'*'y!Y'!($-!
%+*-<<-*'!5'*D+)"!+!F',-*2"!<-.-!+!2"'!2+*("'!&"%/-))'?!-!%+*-"!%-*F")'!('.!
+2'*-=!T'F-!@4-%)"!/+&*'."!5+..'!)4))'!",!('.)*+*"'e!<-.($s!"'!.'.!2"!/'%%+!
2',)'!*+22+*"(+*-?!/-*($s!B2-*"1'!i!1"'F+.-!&+<<-.-!-!+2'*-F',-U!2+!/-*!
5+*!/"+(-*-!+!@4-%)'!C"4,"'!%4'!F"(".'?!1"l!&4-!.'))"!.'.!%'.'!-.)*+)'!".!,-))'?!
/-*($s!&+!2-DD+!.'))-!".!,l!2:$+..'!5+))'!('.!-%%'!,'*'!".%"-2-!%+,)+*-?!
%)*"&-*-!-!4*,+*-!/-*!".5".'!@4+%"!+!1"'*.'e!2+!@4-%)'!("!i!&"!<4'.'?!($-!,+!
!
GOS!
!
!
!!!!!!!!!!!
5-%)+!&"('.'!($:i!5'*.")+?!'!/-*!2-:!&"*-?!%"!5'*."*l!'11"e!-!+!@4-%)'!-55-))'!2"!
2+.&+.'!'*+!.-,,+!F"+!&-:!Y-*F"!/-*!(-*)-!2+%($-*-nSRQ!
C4+1."-,-:%!,+2-.)%!+.&!5+.)+%"-%!+*-!'.,0!'.-!%"&-!'5!+!('".!%)+2/-&?!'.!")%!)+",?!
3")$!)$-!/'3-*!+.&!+4)$'*")0!*-%4,)".1!5*'2!$"%!2"%)*-+)2-.)=!B2-*"1'!%4<d-()%!
$"2?!+,'.1!3")$!#*+5-,+!+.&!C"4,"'?!)'!,'.1!."1$)%!'5!-7$+4%)".1!<-$+F"'4*=!#$-!
/+0'55?!$'3-F-*?!)$'41$!.')!2'.-)+*0?!"%!24($!2'*-!%+)"%50".1!)$+.!)$-!,+<'4*!"%!
)"*".1U!C*+DD".":%!%-*F+.)%!+*-!)$-!+4)$'*%!'5!)$-!/,+0:%!(-.)*+,!($+*+()-*%:!4.&'".1=!
L-)3--.!)$"%!%'("+,!*-F-*%+,!+.&!3$+)!>!&-5".-!)$-!/,+0:%!(-.)*+,!%/-()+(,-!"%!+!%-*"-%!
'5!)*+&")"'.+,,0!1*')-%@4-!-,-2-.)%?!&-2'.%!+%"&-=!#$-*-!+*-!)$-!,"%)%!'5!4.,";-,0!
('2<".+)"'.%![+;".!)'!)$-!('.)-.)%!'5!+!(+<".-)!'5!3'.&-*%\!)$+)!&"%/,+0!+!('.F-*1-.(-!'5!
)$-!*"&"(4,'4%?!)$-!$'**"5"(?!+.&!)$-!('2"(e!)$-*-!+*-!)$-!2+.45+()4*-&!2+%;%!5'*!+!
)-**"50".1!2+%@4-*+&-?!)$-!('.%)+.)!*-(4**-.(-!)'!&*-+2%!+.&!&*-+2,";-!%)+)-%!'5!<-".1?!
)$-!('.54%"'.!'5!+//-+*+.(-!+.&!*-+,")0!+.&!)$-!*-%4,)".1!(*'%%6('.)+2".+)"'.!'5!<-55+!+.&!
$'**'*=SRP!#$-!/,+0:%!2+".!1*')-%@4-?!$'3-F-*?!+.&!)$-!_2+*F-,'4%`!%/-()+(,-!".)-.&-&!)'!
-,"(")!+!*-+()"'.!<')$!5*'2!/+*)"("/+.)%!".!)$-!%)'*0!+.&!5*'2!")%!+4&"-.(-!$+//-.%!'.,0!".!
)$-!5'4*)$!+()=!I'*-!)'!)$-!/'".)?!)$-!%/-()+(,-!".!@4-%)"'.!".F',F-%!.')!)$-!-F",!%/"*")%!E!
5+,%-!6!+5)-*!3$"($!)$-!/,+0!"%!.+2-&?!<4)!C"'F+.14+,<-*)'!+.&!]"(('&-2':%!*-+()"'.!)'!
)$-2e!)$-!*-%/'.%-!")!$'/-%!)'!".%/"*-!5*'2!F"-3-*%?!+(('*&".1,0?!"%!,+41$)-*!*+)$-*!)$+.!
)$-!5-+*!)$-!)3'!',&!2-.!-7$"<")=!!
]"(('&-2'!+.&!C"'F+.14+,<-*)'!$+F-!<--.!&"%(4%%".1!)$-"*!*-%/-()"F-!%")4+)"'.%!
3$-.!C"'F+.14+,<-*)'!%411-%)%!]"(('&-2'!d'".!$"2!+)!$"%!$'4%-!)'!-+)=!>.!)$-!2-+.)"2-?!
#*+5-,+?!C"'F+.14+,<-*)':%!%-*F+.)?!$+%!%-)!)$-!%(-.-!)'!5'',!$"%!2+%)-*=!a-!$+%!C"4,"'!+.&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SRQ !8+.5+."?!41&&%$'%!GVV6VS=!
SRP !>>=""?!>>>="""e!>>="""?!>>>=""?!>J="=!!
!
GOW!
!
!
!!!!!!!!!!!
%'2-!5*"-.&%!&"%14"%-!)$-2%-,F-%!+%!(4((4<-'."!+.&!3*-+;!$+F'(!'.!)$-!2+%)-*!<-&*''2!
+5,+2-!3")$!$-,,5"*-=!C*+DD"."!&-%(*"<-%!)$-!%(-.-!".!+!5-3!,".-%?!<4)!.')!<-5'*-!$-!$+%!&3-,)!
'.!C"'F+.14+,<-*)'!+.&!]"(('&-2':%!$-%")+.(-!)'!".%/-()!)$-!/*-2"%-%=!C"'F+.14+,<-*)'!
+((4%-%!#*+5-,+!'5!-7+11-*+)".1!3$+)!$-!%--%!'4)!'5!5-+*?!<4)!]"(('&-2'!%411-%)%!)$+)!)$-0!
$+F-!+!,'';!+)!)$-!%")4+)"'.!d4%)!)$-!%+2-U!!
]"(('&-2'U!>'!F':!($-!.'"!F:+.&"+2'!+!'1."!2'&'=!
C"'F+.14+,<-*)'U!J4'"!)4!F-."*-o!
]"(('&-2'U!J-**h!%-!)4!F"-."!+.($-!)4=!
C"'F+.14+,<-*)'U!>'!%'.!('.)-.)'?!2+!F+!"..+.D"=!
]"(('&-2'U!J+:!/4*-!"..+.D"!)4!($-!%-"!/+&*'.-=!
C"'F+.14+,<-*)'U!>.!@4-%)'!(+%'?!"'!F':!,+%("+*-!-%%-*-!+!)-=!
]"(('&-2'U!)4!$+"!/+4*+=!>'!.'.!F':!F-&-*!+,)*'=!
C"'F+.14+,<-*)'U!9+4*+!&-<<"!+F-*!)4y!
]"(('&-2'U!H*!%4?!+.&"+2'!+!4.!/+*"!-!+!4.:'))+=!
C"'F+.14+,<-*)'U!T+:!@4+!,+!2+.'=SGR!!
B%!)$-0!)*-2<,-?!#*+5-,+?!+.&!)$-!+4&"-.(-!3")$!$"2?!2'(;%!)$-2U!_B.&+)-!/4*!,le`!$-!%+0%?!
_/'('!%)+*-)-!+!5+F-,,+*!&:4.!+,)*'!,".14+11"'U!%-!-"!.'.!%"!(+(+.!%'))'!@4-%)+!F',)+?!"'!.'.!.-!
F':!&+..+d'`![>J="""\=!>)!"%!'.,0!2'2-.)%!<-5'*-!$-!+&&%?!.'3!('2".1!54,,!("*(,-U!_5'*%-!
5+*+..'!/-11"'U!(+%'!%+*-<<-!($:-1,"!%/"*")+%%-*'!)4))+&4-!&+&&'F-*'o!c!.'.!%+*-<<-!+.($-!
)*'//'!1*+.!2"*+(','U!&-!"!2+11"'*"!%-!.-!F-11'.'!+!"!Y-*F"=`SGG !a-*-?!+,,!)$*--!,-F-,%!'5!
C*+DD".":%!1*')-%@4-!+*-!+)!/,+0=!H.!+!,")-*+,!,-F-,?!)$-!5'(4%!'5!)$-!%(-.-!"%!)$-!%4/-*.+)4*+,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SGR !>J="""?!8+.5+."?!41&&%$'%!GSP=!
SGG !"<"&=!
!
GON!
!
!
!!!!!!!!!!!
&-2'.%!5*"1$)-.".1!]"(('&-2'!+.&!C"'F+.14+,<-*)'=!#$-!,+*1-*!%/-()+(,-?!+%!5+*!+%!)$-!
+4&"-.(-!"%!('.(-*.-&?!$'3-F-*?!"%!)$-"*!*-+()"'.!E!'.-!)$+)!.-(-%%+*",0!d47)+/'%-%!('2-&0!
+.&!5-+*![+.&?!,+)-*?!&-+)$\=SGV!8".+,,0?!".!)$"%!/+%%+1-!+,'.-?!)$-!.+)4*-!'5!)$".1%!"%!)3"(-!
*-F-*%-&U!'.(-!".!)$-!F"()'*0!'5!)$-!5+,%-!&-2'.%!'F-*!)$-!&4/-&!2-.?!+.&!.-7)!".!)$-!
)*"42/$!'5!)$-!%-*F+.)%!'F-*!)$-"*!2+%)-*%?!%'!)$+)!3$-.!]"(('&-2'!,+)-*!*-d'"(-%!".!)$-!
*-%)'*+)"'.!'5!%+.")0!4/'.!$"%!$'4%-$',&?!$-!"%!)3"(-!5'',-&!E!<')$!&"%%-*F-&!+.&!%-*F-&!
+1+".!<0!)$-!+4)$'*%!'5!$"%!4.&'".1!E!+.&!*-&'".1=SGS!
!
X$-.!('.%"&-*".1!$"%!/'%")"'.!'.!,'F-?!d-+,'4%0?!+.&!1*--&?!")!"%!/-*$+/%!.'!
('".("&-.(-?!54*)$-*2'*-?!)$+)!C*+DD".":%!&-2'.%?!$-*-?!)$'41$!<'*.!'5!)$-!%+2-!%")4+)"'.?!
%$'4,&!<-!%'!%--2".1,0!'//'%-&!)'!-+($!')$-*=!#$-![5+,%-\!%/"*")!)$+)!$+4.)%!I+&&+,-.+!"%!
(+,,-&!_B2'*'%'?`!)$-!+4&"-.(-!,+)-*!&"%('F-*%U!+!%/"*")!)$+)!"%!_&"!@4-1,"!&-,,+!,4(-?!&"!<4'.+!
-!&"!<-."1.+!.+)4*+=`!#$'%-!)$+)!/,+14-!)$-!$'4%-!'5!C"'F+.14+,<-*)'?!$'3-F-*?!)$-!
(4((4<-'."?!+*-!_&:4.:+,)*+!%'*)-?!+.D"!&-,,+!/"u!(+))"F+!-!/-%%"2+!*+DD+!($-!%"!/'%%+!)*'F+*-?!
-!&"!@4-,,"!&-,,-!)-.-<*-e`SGW!)$-0!_%4(("+.'?!<-'.'?!)"*+.&'!+!,'*!,:+,")'?!"!&4(+)"!&-!"!5'*D"-*"!
-!&-,,-!(+%%-?!('2-!"!<-'."!",!F".'!&-!"!<"(($"-*"!-!&-,,-!)+DD-=`SGN!Y)",,?!+.&!+%!2"1$)!<-!
-7/-()-&?!)$-0!3'*;!)'1-)$-*!)'!<*".1!,'F-:%!4,)"2+)-!/,+.!)'!5*4")"'.=!
!
#$-!*-,+)"'.%$"/!+2'.1!)$-%-!'//'%".1!5'*(-%!"%!+1+".!/"(;-&!4/!".!3$+)!C*+DD"."!
".)-.&%!)'!<-!+!<+3&"-*!/,+0?!<#(>'-F1"9%2#=SG^!>)!"%!%-)!".!GNNR%!8,'*-.(-!+.&!")%!<-55+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SGV !A+)-*!".!)$-!%+2-!%(-.-!+.&!$+F".1!3").-%%-&!)$-!&-2'.%:!&-%)*4()"F-!5'*(-!)$-2%-,F-%?!
C"'F+.14+,<-*)'!+.&!]"(('&-2'!('.)".4-!)$-"*!('.F-*%+)"'.U!_CU!>'!%'.!2'*)'=!v!]U!c!"'!
.'.!%'.!F"F'=`!#*+5-,+!($"2-%!".!'.,0!)'!*-+%%4*-!)$-2U!_]'.!+<<"+)-!/+4*+U!-1,"!$+..'!
%-**+)'!,:4%("'`!".!+.')$-*!2'(;".1!@4"/=!!
SGS !J=F"?!8+.5+."?!41&&%$'%!GN^=!
SGW !J="?!8+.5+."?!41&&%$'%!GWN?!GWO=!
SGN !J="F?!8+.5+."?!41&&%$'%!GNV=!
SG^ !9-*$+/%!)$-!2'%)!"2/'*)+.)!'5!C*+DD".":%!/,+0%!5'*!+!.42<-*!'5!*-+%'.%U!")%!&"%/,+0!'5!
)$-!1*')-%@4-?!")%!('.%"%)-.)!('.(-*.!3")$!'//'%")-%?!)$-!-,-2-.)%?!+.&!)$-!*-,+)"'.%$"/!
!
GO^!
!
!
!!!!!!!!!!!
*-F',F-%!-.)"*-,0!+*'4.&!/*'%)")4)"'.?!+%!")%!)"),-!%411-%)%=!9*-%-.)".1!+!/,+0!-")$-*!
%/-("5"(+,,0!+<'4)!/*"F+)-!%-7!3'*;-*%![+.03$-*-!'4)%"&-!)$-!%/$-*-!'5!('4*)-%+.%\!'*!
$-+F",0!".F',F".1!)$-2!3'4,&!$+F-!<--.!+!*"%;0!2'F-=!>.&--&?!+.&!&-%/")-!")%!)$-2+)"(!
"2/'*)+.(-!)'!C*+DD".":%!1-.-*+,!('*/4%?!")!"%!4.,";-,0!)$+)!)$"%!/*'&4()"'.!3+%!-F-*!%)+1-&=!
>)%!/,')!"%!%$--*!-.)+.1,-2-.)![+.&!>!$-*-!/*-%-.)!'.,0!)3'!)$*-+&%!'5!")\U!C-*'DD'!+.&!
B,<"-*+!$+F-!+!&+41$)-*?!8"+22-))+?!3$'?!)$'41$!".!,'F-!3")$!8-&-*"1'?!"%!.')!+,,'3-&!)'!
2+**0!$"2=!C-*'DD'?!2-+.3$",-?!"%!".!,'F-!3")$!$"%!.-"1$<'4*!B,<-*)':%!3"5-?!T"+2+.)-=!#$-!
&*+2+!<-1".%!3$-.?!,'';".1!)'!2--)!3")$!$"%!,'F-!".!$-*!$'2-?!8-&-*"1'!('.F".(-%!C-*'DD'!
)$+)!T"+2+.)-!$+%!*-@4-%)-&!+.!+4&"-.(-!3")$!$"2!+)!$-*!$'4%-=!Y$-!$+%.:)U!".!5+()?!%$-?!
+,'.1!3")$!$-*!$4%<+.&!+.&!8-&-*"1':%!/+*-.)%?!+*-!+3+0!".!)$-!('4.)*0=!#'!<*".1!)$-!*4%-!
)'!)-*2?!8-&-*"1'?!3$'!$+%!+!;-0!)'!B,<-*)':%!$'4%-?!$"*-%!Y+.&*+?!+!/*'%)")4)-?!+.&!$-*!
2"%)*-%%?!I+&'..+!B.)'."+!+.&!)$-!/,+0:%!)")4,+*!($+*+()-*?!)'!+()!+%!T"+2+.)-!+.&!$-*!
2')$-*!)$-*-=!a-!%422'.%!C-*'DD'!+.&?!".!+!<-55+!2'&-,-&!'.!L'((+(("':%!$-,"')*'/-!
-/"%'&-!".!G%"#&%21-(Q=S?!1"F-%!$"2!)3'!<+,,%!'5!3+7?!'.-!5'*!$"2%-,5!+.&!'.-!5'*!Y+.&*+!
)$+)?!3$-.!/,+(-&!".!)$-"*!2'4)$%?!%4//'%-&,0!2+;-!)$-2!".F"%"<,-=!#$-!%(-.-!".!3$"($!
)$-0!2--)!"%!5*+41$)!3")$!)-.%"'.!+.&!*"&"(4,-=!C-*'DD'!/4)%!)$-!<+,,!'5!3+7!".!$"%!2'4)$!
<4)!Y+.&*+?!&"%14%)-&!<0!$"%!<+&!<*-+)$?!;--/%!%$*".;".1!+3+0?!".%"%)".1!'.!-.)-*".1!)$-!
$'4%-!+%!$-!)*"-%!)'!/4)!)$-!')$-*!".!$-*%=!#$".;".1!$-!"%!@4")-!".F"%"<,-?!$-!"%!+//+,,-&!3$-.!
B,<"-*+!&"%('F-*%!$"2!,".1-*".1!'.!)$-!%)*--)!'4)%"&-!$"%!$'4%-!3")$!+!/*'%)")4)-!+.&!
($+%)"%-%!$"2!+//*'/*"+)-,0=!>.!)$"%!%-12-.)?!)$-!_.+)4*+,!'*&-*`!'5!)$".1%!"%!*-F-*%-&!
%-F-*+,!)"2-%!'F-*?!+.&!+,3+0%!+)!C-*'DD':%!-7/-.%-=!a-!5".&%!$"2%-,5!".!)$-!2"&&,-!'5!+.!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
<-)3--.!)$-%-!)3'!(+)-1'*"-%?!")%!5".+,!/*-&",-()"'.!5'*!)$-!%)+)-!'5!+()"'.!*+)$-*!)$+.!)$-!
%)+)-!'5!('.)-2/,+)"'.=!>)!3",,!<-!*-5-**-&!)'!)$*'41$'4)!)$-!')$-*!($+/)-*%!+%!")%!
"2/'*)+.(-!*-,+)-%!)'!)$-!)$-2-!)*-+)-&!3")$".!)$-2=!a-*-?!>!-7+2".-!'.,0!)$-!5"*%)!
&"2-.%"'.!,"%)-&=!
!
GOO!
!
!
!!!!!!!!!!!
-7)*+62+*")+,!+55+"*?!4.;.'3".1,0!3")$!+!,-%%!)$+.!-%)--2-&!2-2<-*!'5!%'("-)0?!+.&!)$-!
2-&"42!$-!$'/-%!3",,!%-)!)'!'*&-*!+!/*-(+*"'4%!%")4+)"'.!'.,0!(+4%-%!+.')$-*!+.&!)$-!'.-!
5*'2!3$"($!$-!"%!5,--".1=!!
#$"%!)"2-?!$'3-F-*?!C*+DD"."!&-."-%!F"-3-*%!)$-!($+*+()-*!(4%)'2+*",0!+55'*&-&!
)$-2!)'!+%%"%)!)$-"*!)-%)"2'.0e!".!)$-!(+%-!'5!<#(0?'2'/#/#;(#*+5-,+=!C-*'DD'!+.&!Y+.&*+!+%"&-?!
'.,0!B,<"-*+!+.&!$-*!2+"&!J-*'."(+!+//-+*!".!)$-!%(-.-?!.-")$-*!'5!)$-2!".F',F-&!".!)$-!
<-55+=!C-*'DD'!"%!5"7+)-&!'.!)$-!_2"*+(,-`!'5!$"%!".F"%"<",")0U!_Y)+:!/4*!5'*)-!-!5-*2+U!-!)"-.,+!
".!<'((+?!($-!F-&*+"!4.+!2-*+F"1,"+`!$-!)-,,%!Y+.&*+e!_%-**+!,+!<'((+!/4*-!-!.'.!/+*,+*!/"u?!
($-!)4!F-&*+"!2"*+(',"`![>J="7?!/=!SW^\=!L4)!)$-!_%--".1`!<-".1!&'.-!".!)$"%!%(-.-!"%!'5!
/*-("%-,0!)$-!'//'%")-!.+)4*-=!B,<"-*+!+.&!J-*'."(+!,'';!'.!5*'2!)$-"*!$'4%-!+)!)$-!
%(-.+*"'!4.5',&".1!<-5'*-!)$-2?!3$",-!Y+.&*+!%--2%!%)",,!2'*-!/*-'((4/"-&!3")$!)$-!2+.0!
')$-*!3+.&-*".1!-0-%!+,,!+*'4.&!)$-2U!_H"2s?!5-*2+)-F"?!5-*2+)-F"e!-(('!&"!@4+!1-.)-?`!%$-!
/*')-%)%!)'!C-*'DD'`![>J="7?!SW^\=!>5!)$-0!+*-!)'!)+;-!)$-"*!(4-!5*'2!)$-!($+*+()-*%!)$+)!
3").-%%!)'!)$-!%(-.-?!)$-.?!)$-!+4&"-.(-:%!*-+()"'.!)'!")!(+.!<-!('.54%-&!+)!<-%)=!Y$'4,&!)$-0!
,+41$!&-*"%"F-,0!3")$!%'2-!/+%%-*%6<0?!'*!%$4.!)$-!',&!2+.!3")$!')$-*%o!H*!%$'4,&!)$-0!
<-('2-!"*+)-!+,'.1%"&-!B,<"-*+!+.&!+))*"<4)-!C-*'DD':%!%)*+.1-!<-$+F"'4*!+.&!24)+)-&!
"&-.)")0!)'!&-2'."(!/'%%-%%"'.o!
H*!/-*$+/%?!+.&!('.%"%)-.)!<')$!3")$!('.)-2/'*+*0!)$-'*"-%!'5!)$-!1*')-%@4-!+.&!
3")$!C*+DD".":%!%)+.(-!'.!,'F-!+.&!")%!('.%-@4-.(-%?!)$-"*!*-+()"'.!%$'4,&!('.%"%)!'5!+!
2"7)4*-!'5!"2/*'<+<,-!+.&!,+*1-,0!".('2/+)"<,-!-2')"'.%=!C*+DD"."!%-)%!)$-!%)+1-!5'*!)$"%!
;".&!'5!".)-*/*-)+)"'.!-+*,0!".!)$-!/,+0=!>.!)$-!%"7)$!%(-.-!'5!)$-!5"*%)!+()?!8-&-*"1'?!".!,'F-!
3")$!C-*'DD':%!&+41$)-*?!%/-+;%!'5!$"%!+",2-.)!3")$!+!24)4+,!5*"-.&?!B2<*'1"'=!a-!
&-%(*"<-%!$"%!('.&")"'.!+%!_,+!2+11"'*!&"%1*+D"+!($-!54%%-!2+"!%-.)")+`!3$",-!B2<*'1"'!
!
GOQ!
!
!
!!!!!!!!!!!
*-+%%4*-%!$"2!)$+)!.'!2+))-*!$"%!&"%('25'*)?!_.+%('.'!%-2/*-!,-!2+,+))"-!-!"!*"2-&"!&:4.'!
%)-%%'!/+*)'`!E!".!)$-!F-*0!%+2-!,+.14+1-!<')$!C*+DD"."!+.&!J+*($"!4%-!)'!&-%(*"<-!)$-!<"*)$!
'5!A'F-!+.&!K-+,'4%0?!)$-!<"*)$!'5!A'F-!+.&!a+)-?!+.&!)$-!<"*)$!'5!A'F-!+.&!")%!*-2-&0=!#$"%!
/+%%+1-?!'5!('4*%-?!"%!.')!)$-!'.,0!'.-!".!3$"($!)$"%!F'(+<4,+*0!-2-*1-%=!B!54,,!+()!,+)-*?!
M+*,-))'?!'.-!'5!8-&-*"1':%!*-,+)"F-%?!('.F-0%!+!*-,+)-&!)$'41$)U!_M-*)+2-.)-?!($-!&'F-!i!
+%%+"!+2'*-?!('2-!&"(-!",!/*'F-*<"'?!i!+%%+"!)"2'*-=`SGO!>.!>>>=F"""?!8-&-*"1'!-2/,'0%!)$-!
24($!-7/,'")-&!9-)*+*($+.!)*'/-!'5!<4*.".1!+.&!5*--D".1!%"24,)+.-'4%,0e!".!>J="?!$-!&*+3%!
'.!)$-!/+*+,,-,!<-)3--.!,'F-!+.&!5',,0?!)$-.!'.!('**-%/'.&-.(-!'5!5',,0!+.&!',&!+1-e!".!>J="F?!
C"+..".'?!+!%-*F+.)!".!8-&-*"1':%!$'4%-?!/,+0%!'/-.,0!'.!)$-!('**-,+)"'.!'5!_8"+22-))+`!+.&!
)$-!5,+2-%!'5!,'F-?!+.&!'.!)$-!'//'%")"'.![+.&!+%%'.+.(-\!'5!5"+22-?!54'('?!5"42-?!+.&!
5'.)-U!)$-!5,+2-%?!+.&!)$-!*"F-*!%'4*(-!)$+)!3",,!-7)".14"%$!)$-2=SGQ!I'%)!('.F".(".1,0?!".!
>>>=7?!C-*'DD'?!%/-+;".1!)'!$"%!%-*F+.)!C"+..".'?!".!+!%".1,-!J#//3/#!*-(+,,%!)$-!*-,+)"'.%$"/!
<-)3--.!L-.-&-))'!J+*($"!+.&!B,5'.%'!&-:!9+DD"!+%!-7+2".-&!".!)$-!/*-F"'4%!($+/)-*=!
C-*'DD'!"%!3+")".1!5'*!.-3%!5*'2!C"+..".'?!+.&?!d4%)!+%!$-!"%!+<'4)!)'!,-+F-!)'!5".&!$"2?!$"%!
%-*F+.)!+//-+*%=!_H2<i?!($-!.4'F-!2"!/'*)"!)4o`!C-*'DD'!+%;%=!_#*"%)-!-!<4'.-?`!*-%/'.&%!
C"+..".'?!".%)"1+)".1!C-*'DD':%!)-,,".1!*-%/'.%-U!_j4-%)+!i!<-,,+!'*+y!M'2-!F4'"!)4!($-!",!
2+,-!-!m,!<-.-!%)"+.'!".%"-2-o!#4!2"!/+*!2+))'e!&'F-!F-&-%)u!2+"!,:+(@4+!(',!54'('o!
M+%)*'.-y`!a-*-?!C*+DD"."!)'0%!.-")$-*!3")$!)$-!4.-7/-()-&!.'*!3")$!)$-!<"D+**-!'*!)$-!
".F-*)-&?!<4)!3")$!)$-!/+*+&'7"(+,=!
a-!&"*-()%!$"%!+))-.)"'.!)'!)$-!')$-*!2-.)"'.-&!(+)-1'*"-%!-,%-3$-*-!".!)$-!%+2-!
3'*;?!+%!3-,,!+%!".!')$-*%=!a-*-?!)$-!<"D+**-!"%!,")-*+,,0!'.!&"%/,+0!".!)$-!".%)*42-.)!4%-&!)'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SGO !>>>=F"e!")!"%!3'*)$!*-(+,,".1!)$+)!".!)$-!+<'F-6(")-&!C*+DD"."!(+/")','!'.!A'F-?!)"2'*-!
"22-&"+)-,0!5',,'3%!C-,'%"+=!
SGQ !%--!+//-.&"7!V!5'*!)*+.%(*"/)"'.!'5!/-*)".-.)!/+%%+1-%=!
!
GOP!
!
!
!!!!!!!!!!!
$42","+)-!C-*'DD'U!)$-!$-,"')*'/-6,";-!<+,,!'5!3+7=!>)!"%!%422'.-&!".!B,<"-*+:%!*-+()"'.!)'!
$"%!4%-!'5!")!".!>J="7U!_H!('%)4"!i!%/"*")+)'?!'!-1,"!i!4%(")'!&-,!(-*F-,,'!+55+))'=`!>)!"%!/*-%-.)-&!
+,'.1%"&-!)$-!%'("+,!*-F-*%+,!-F"&-.)!".!C-*'DD'!+.&!B,<"-*+:%!*-,+)"'.%$"/=!C*+DD"."!.-F-*!
$-%")+)-%!)'!/-.!".-55-()4+,!2+,-!($+*+()-*%!<')$!".!$"%!/,+0%!+.&!".!$"%!.'F-,,-=!L4)!<#(
>'-F1"9%2#("%!/-*$+/%!)$-!'.,0!'.-!'5!$"%!3'*;%!".!3$"($!$-!2+;-%!&"*-()!*-5-*-.(-!)'!)$-!
5*-@4-.)!["5!*+*-,0!2-.)"'.-&\!*-F-*%+,!'5!2+*")+,!*',-%e!".!+!%(-.-!)$+)!+,%'![+.&!+1+".\!
4.&-*,".-%!)$-!"*'."(!*-,+)"'.%$"/!<-)3--.!2+%)-*!+.&!%-*F+.)?!)$"%!&'2-%)"(!+.'2+,0![5'*!
+,,!".)-.)%!+.&!/4*/'%-%\!"%!%)",,!54*)$-*!$"1$,"1$)-&=!>.!>>=F"?!C"+..".'!('2-%!)'!%/-+;!3")$!
$"%!2+%)-*!)'!+..'4.(-!T"+2+.)-:%!*-@4-%)!)'!%--!$"2=!L-5'*-!$-!(+.!&-,"F-*!)$-!.-3%?!
C"+..".'!%4<),0!<*".1%!4/!)$-!5+()!)$+)!$-!$+%!0-)!)'!<-!/+"&!5'*!$"%!.'*2+,!%-*F"(-%=!
C-*'DD'?!3$'?!+.&!".!'.-!<*-+)$?!$+&!/*-F"'4%,0!('2/+*-&!$"2%-,5!)'!+!;".1?!+!/'/-?!+.&!+.!
-2/-*'*!$-*-!<,+2-%!)$-!'F-*%"1$)!'.!$"%!3"5-U!!
C-*'DD'U!M$-!F4'"!)4!($:"'!5+(("+!%-!2h1,"+2+!%:i!2-%%'!,-!<*+($-?!-!F4h,,-!
/'*)+*-!-,,+o!#4!%+"!/4*!('2:-,,+!i!%4<")+!-!<"DD+**+e!'1."!/':!/':!
($:-,,+!%"!%)4DD"(+?!2'.)+!".!<-%)"+?!-!@4"%)"'.-*-<<-!".!%4!m.!4.+!
(*4.+!&:+1'=!
C"+..".'U!H!<-,,+!%-.)-.D+y!
C-*'DD'U!M$-!%-.)-.D+?!<4-y!
C"+..".'U!M$-!54o!g.!+FF-*<"'o!
C-*'DD'U!g.!/*'F-*<"'?!F4'"!)4!&"*-U!+$?!+$?!+$y!>.5".")+!i!,+!%($"-*+!&-!1,"!
%("'(($"=!
C"+..".'U![j4-%)'!i!@4+.)'!-1,"!&"%%-!2+"!&+!%+F"'=\!H?!F'"!*"&-)-o!
!
GQR!
!
!
!!!!!!!!!!!
C-*'DD'e!M$"!.'.!*"&-*-<<-o!>'!*"&'!&-,,-!)4-!(+%)*'.-*k-U!+$?!+$?!+$y!c1,"!i!
/4*!<-,,+!('%+!+,!2'.&'!".)-.&-*-=!
a-*-?!B,<"-*+!"%!&-%(*"<-&!+%!@4"(;6)-2/-*-&!+.&!<"D+**-?!+."2+,"%)"(!E!)$-!*-%4,)!'5!$-*!
".%"%)".1?!,")-*+,,0?!'.!3-+*".1!)$-!/+.)%!".!)$-"*!*-,+)"'.%$"/!+.&!".!+,,!$'4%-$',&!+55+"*%U!+!
(,+%%"(+,,0!4..+)4*+,!*',-!5'*!$-*=!L4)!)$-!($+*+()-*!<-".1!&-5+(-&!".!)$"%!/+%%+1-!"%!.')!
B,<"-*+?!<4)!*+)$-*!C-*'DD'=!X$+)!"%!2'*-?!$-!"%!*"&"(4,-&!<0!$"%!%-*F+.)?!+.&!+.')$-*!%'("+,!
".5-*"'*?!3$'!".%4,)%!$"%!;.'3,-&1-?!)$'41$!+,'.1%"&-!'.,0!)$-!+4&"-.(-=!C-*'DD'!,+41$%?!
%--2".1,0!+)!C"+..".':%!%",,".-%%=!f-)!C"+..".'!*-2+".%!%)'.-65+(-&!+.&!4."2/*-%%-&?!+.&!
".F")-%!F"-3-*%!)'!d'".!$"2!".!$"%!2'(;-*0!'5!C-*'DD'!<0!+&&*-%%".1!)$-2!&"*-(),0!".!$"%!
+%"&-=!X$+)!*-%4,)%!"%!+!&'4<,-!%'("+,6".F-*%"'.!-2<-&&-&!".!3$+)!%4/-*5"("+,,0!*-+&%!+%!+!
%)*+"1$)5'*3+*&!+,,4%"'.!)'!)$-!<"D+**-!66!)$+)!&"*-(),0!".F-*)%!")=!
!
I'*-!'5!)$-%-!%'("+,!".F-*%"'.%!+*-!5'4.&!".!3$+)!Z'&"."!-%)"2+)-%!)'!<-!C*+DD".":%!
-+*,"-%)!/,+0!+.&!)$-!'.-!2'%)!$-+F",0!2'&-,-&!'.!(,+%%"(+,!/*-(-&-.(-!+.&!)$-!"1&&%$'#(
%23$'/#?!,(?#2%-/#$'=!a-*-?!+!5+2",0!)*+F-,".1!5*'2!Y"(",0!)'!8,'*-.(-!"%!%/,")!4/?!'.,0!)'!<-!
*-4.")-&!0-+*%!,+)-*?!'.(-!+,,!")%!d4."'*!2-2<-*%!+*-!1*'3.!)'!+&',-%(-.(-=!A+))+.D"'!
I+*(+%%"."?!+!8,'*-.)".-?!2'F-%!)'!Y"(",0!+.&!2+**"-%!A4(+.)'."'!8"'*".-,,":%!&+41$)-*=!#$-0!
$+F-!+!%'.?!8+<"'=!#$-!5+2",0!'5!)$*--?!)'1-)$-*!3")$!A+))+.D"':%!%"%)-*6".6,+3?!c41-."+?!
2'F-!<+(;!)'!8,'*-.(-?!<4)!A+))+.D"'!"%!+))+(;-&!'.!)$-!3+0!+.&!%-/+*+)-&!5*'2!$"%!5+2",0=!
a"%!3"5-!1"F-%!<"*)$!)'!)3".%?!M'*.-,"'!+.&!9'*D"+?!+.&!&"-%e!9'*D"+!-.&%!4/!".!)$-!(4%)'&0!'5!
$-*!+4.)?!c41-."+e!8+<"'!<-('2-%!$-"*!)'!)$-!*"($!2+.!)$+)!+&'/)%!+.&!*+"%-%!$"2e!M'*.-,"'!
&"%14"%-%!$"2%-,5!+%!+!1"*,![M'*.-,"+\!+.&!,"F-%!3")$!)$-!5+2",0!'5!C"+.2+))-'!A'))-*".1$"!
+.&!M+.1-.'F+?!$"%!3"5-=!>)!"%.:)!,'.1!<-5'*-!M'*.-,"'v+!5+,,%!".!,'F-!3")$!C"+.2+))-':%!
&+41$)-*?!A"%+<-))+U!)$-!5"*%)!'5!2+.0!+2'*'4%!('2/,"(+)"'.%!".!)$-!/,')=!I-+.3$",-?!8+<"'?!
!
GQG!
!
!
!!!!!!!!!!!
4.+3+*-!'5!$-*!)*4-!"&-.)")0?!5+,,%!".!,'F-!3")$!M'*.-,"+?!+.&!-.,"%)%!)$-!$-,/!'5!Y/".-,,'!)'!
$+F-!$-*=!8*'%".'!"%!+!d-+,'4%!/+*+%")-!3$'?!".!+.!+))-2/)!)'!$-,/!)3'!'5!$"%!5*"-.&%!
[Z4<-*)'?!C"+.2+))-':%!%'.!3$'!$+%!%)',-.!NRR!&4(+)%!5*'2!$"%!5+)$-*?!+.&!I+*"'?!".!,'F-!
3")$!M+.1-.'F+\!('.F".(-%!C"+.2+))-'!)$+)!M+.1-.'F+!$+%!+!,'F-*?!+.&!('.F".(-%!
M+.1-.'F+!)$+)!C"+.2+))-'!"%!5*-@4-.)".1!3$'*-%=!a-!)-,,%!C"+.2+))-'!)'!&*-%%!+%!+!
3'2+.!)'!-.)-*!%4**-/)")"'4%,0!)$-!/,+(-!3$-*-!$"%!3"5-!+.&!$-*!,'F-*!(4%)'2+*",0!2--)?!
+.&!)-,,%!M+.1-.'F+!)'!&*-%%!+%!+!2+.!)'!<-!+&2"))-&!)'!)$-!<*')$-,!$-*!$4%<+.&!5*-@4-.)%=!!
a-!<*".1%!C"+.2+))-'!)'!)$-!$'4%-!'5!c41-."+!+.&!9'*D"+?!3$-*-!Z4<-*)'!"%!$"&".1?!$'/".1!
5'*!5'*1"F-.-%%!5'*!)$-!)$-5)=!#$-*-?!8*'%".'!".)-.&%!)'!*-F-+,!)$+)!$"%!+((4%+)"'.%!+<'4)!
M+.1-.'F+!3-*-!4.)*4-=!a-!)+;-%!M+.1-.'F+!)'!$"%!'3.!$'4%-!%'!$"%!5*"-.&!I+*"'?!3+")".1!
)$-*-?!(+.!$+F-!$"%!3+0!3")$!$-*=!Z-)4*.".1!$'2-?!C"+.2+))-'!&"%('F-*%!M'*.-,"+:%!)*4-!%-7!
3$-.!$-!5".&%!$"2!".!<-&!3")$!A"%+<-))+=!a-!2+;-%!/-+(-!3")$!Z4<-*)'![+)!c41-."+:%!
$'4%-\?!+.&!M+.1-.'F+!-%(+/-%!I+*"'=!8+<"'!('2-%!)'!,'';!5'*!M'*.-,"'?!%)",,!)$".;".1!$-!"%!
+!1"*,?!<4)!A+))+.D"'!2"*+(4,'4%,0!+**"F-%!+.&!*-('1."D-%!+,,!$"%!($",&*-.=!M'*.-,"'!"%!
2+**"-&!)'!A"%+<-))+?!9'*D"+!"%!2+**"-&!)'!Z4<-*)'?!+.&!8+<"'!)+;-%!C"+.2+))-':%!*"($!."-(-!
+%!+!3"5-=!
!
L4)!2'*-!".)-*-%)".1!)$+.!)$-!2"%)+;-.!"&-.)")"-%![M'*.-,"':%!+.&!9'*D"+:%\?!)$-!<-55+!
/,+0-&!'.!C"+.2+))-'![I+*"':%!-.d'02-.)!'5!C"+.2+))-':%!3"5-\?!+.&!)$-!(*'%%6&*-%%".1!
[C"+.2+))-':%!+.&!M+.1-.'F+:%\!/*-%-.)!$-*-!"%!+1+".!)$-!*-,+)"'.%$"/!<-)3--.!2+%)-*!+.&!
%-*F+.)!E!8+<"'!+.&!C4"&'))'=!H.,0!)$"%!)"2-?!".!+&&")"'.!)'!)$-!<0!.'3!-7/-()-&!
&"%)4*<+.(-!'5!)$-!%-*F+.):%!(4%)'2+*0!*',-?!"%!)$-!&"2-.%"'.!'5!+1-!E!+!/+*+&'7!C*+DD"."!
,+)-*!/"(;%!4/!+.&!-,+<'*+)-%!4/'.!".!<A!2F')1)1*1=!8+<"'!"%!<+*-,0!0'4.1-*!)$+.!$"%!%-*F+.)?!
C4"&'))'!E!'*?!+.&!/-*$+/%!.')!('".("&-.)+,,0?!)$-!_,-+*.-&!14"&-`!E!<4)!"%!-+*,0!".!)$-!/,+0!
!
GQV!
!
!
!!!!!!!!!!!
%($'',-&!<0!$"2!'.!<+%"(!$42+.!*-,+)"'.%=SGP !#$-!F-*0!5"*%)!%(-.-!'5!)$-!F-*0!5"*%)!+()!
*-('*&%!)$-"*!('.F-*%+)"'.!+<'4)!8+<"'!+.&!Y/".-,,':%!/,+.!)'!3".!'F-*!M'*.-,"+=!C4"&'))'?!
4.)*4%)".1!'5!Y/".-,,'!+.&!$"%!*-+,!2')"F-%!E!5".+.("+,!1+".!E!&"%+//*'F-%!-.)"*-,0!'5!$"%!
".F',F-2-.)?!+.&!%/+*-%!8+<"'!.'!/+*)!'5!$"%!(*")"("%2=!B)!5"*%)?!8+<"'!%--2%!'/-.!+)!,-+%)!)'!
,"%)-.!)'!$"%!%-*F+.):%!('4.%-,?!<4)!%''.!*-2".&%!C4"&'))'!<')$!'5!$"%!/'%")"'.!".!)$-!
$'4%-$',&?!+.&!'5!$"%!%"2",+*")0?!".!%'("+,!%)+)4%?!)'!Y/".-,,'U!_j4-%)'!%+*-<<-!)*'//'!1*+.!
)*+&"2-.)'U!-!.'.!(*-&'!($-!4.!%-*F'!%4'!/+*"!F"!%"!2-))-%%-?!.s!+,)*+!/-*%'.+!F"F+?`!$-!
%+0%=!C4"&'))'!"%!/-.")-.)?!<4)!$"%!*-%/'.%-!1"F-%!)-%)"2'.0!)'!)$-!3"%&'2!C*+DD"."!+55'*&%!
$"2!<-0'.&!<')$!$"%!0-+*%!+.&!$"%!%)+)"'.=!a-!*-/,"-%?!.')!3")$'4)!142/)"'.?!_9-*&'.+)-2"?!
/+&*'.-?!F'"!%-)-!".&"-)*'?!-!2'%)*+)-!&:-%%-*!F-.4)'!/4*-!"-*"!+,!2'.&'U!.'"!%-2'!".!4.+!
-)l!)*'//'!(+))"F+=`!8+<"'!('.)".4-%!)'!<-!4."2/*-%%-&!3")$!$"%!%-*F+.)?!<4)!(+**"-%!'.!)$-!
('.F-*%+)"'.?!+.03+0?!+.&!,";-,0!%)*"(),0!5'*!.+**+)"F-!/4*/'%-%!)'!)$-!+4&"-.(-:%!<-.-5")e!
)$-!,-.1)$0!/+%%+1-!)$+)!5',,'3%!*-('4.)%!<')$!8+<"':%!+.&!M'*.-,"+:%!%)'*"-%!'5!*-('F-*0!
+.&!+&'/)"'.!".)'!3-+,)$0!5+2","-%!6!M'*.-,"+:%!3-+,)$"-*!%)",,!)$+.!8+<"':%!E!+.&!*-F-+,%!
C4"&'))':%!/*"2+*0!('.(-*.U!)$+)?!&-%/")-!Y/".-,,':%!".)-*F-.)"'.?!(+*-54,!+<'4)!%'("+,!%)+)4%!
+.&!)$-!('25'*)!+%%'("+)-&!3")$!+!.'<,-!+.&!%)+<,-!,"5-%)0,-?!M'*.-,"+:%!5+2",0!3",,!.-F-*!
('.%"&-*!8+<"'!+!1''&!-.'41$!2+)($!5'*!)$-"*!&+41$)-*?!-F-.!"5!+&'/)-&=!a"%!('.(-*.!"%!
<'*.!'5!$"%!/-*%'.+,!*-,+)"'.%$"/!3")$!8+<"'U!_<-.!2:".(*-%(-!&"!F'"?!/-*($:"'!F:+2'!.'.!
('2-!/+&*'.-?!2+!('2-!2+11"'*!5*+)-,,'?`!$-!%+0%=!H5!('4*%-?!8+<"'!&"%+1*--%!3")$!%4($!
5+2","+*")0U!_C*+.!('%+!($-!@4-%)"!%-*F"&'*"!F'1,"'.!/4*-!('.!,+!,4.1+!('.%4-)4&".-!5+*%"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SGP !>)!"%!+,%'!3'*)$!2-.)"'.".1?!>!)$".;?!)$+)!+%!'5!)$"%!5"*%)!%(-.-?!C4"&'))'!"%!+%%'("+)-&!3")$!
)$-!)*4)$=!a-!)-,,%!8+<"'?!_J'"!(*-&-)-!<-.-!+!@4-,,'!"2/"((+)'U!"'!%)+*-"!+!/+))"!($-!2"!54%%"!
)+1,"+)'!,+!)-%)+?!%-!.'.!14+&+1.+*-!4.!/+d'!&"!(+,D-?!-!&"*-"!($-!Y/".-,,'!.'.!$+!2+"!
5+F-,,+)'!+,,+!M'*.-,"+!/-*!('.)'!F'%)*'=`!8+<"'!*-/,"-%?!_H$"2i?!($-!2"!&":!)4o`!)'!3$"($!
C4"&'))':%!*-%/'.%-!"%?!_A+!F-*")l=`!C*+DD"."!3",,!,+)-*!".!)$"%!%+2-!%(-.-!+%!3-,,!+%!
-,%-3$-*-!".%"%)!'.!)$"%!/'".)!![>="\=!
!
GQS!
!
!
!!!!!!!!!!!
5*+)-,,"!+!"!/+&*'."?!-!/+*!,'*!&'F-*-!&"!('.%"1,"+*1,"?!@4+.&'!+,)*+!(4*+!+F-*!.'.!
&'F-**-<<'.'!($-!4<<"&"*1,"U!"'!,'!5-("!F-."*!54'*"!/-*!5+*1,"!5+*-!4.+!5+((-.&+?`!$-!%+0%?!)'!
('.(,4&-!)$-!%(-.-!+.&!)'!*-2".&!F"-3-*%!'5!)$-!.+)4*+,!('4*%-!'5!)$".1%=SVR!!
a-*-?!+.&!)$*'41$!8+<"'?!C*+DD"."!"%!@4")-!('.%("'4%!'5!$"%!+//*'/*"+)"'.!'5!+!)*'/-!
+,*-+&0!('22'.!)'!)$-!)$-+)*-!E!)$-!5+2","+*!%-*F+.)!E!+.&?!/-*$+/%!)'!2+;-!+!54*)$-*!
/'".)!'5!/,+0".1!3")$!")?!$+%!8+<"'!.')!'.,0!<-*+)-!<4)!+,%'!('**-()!$"%!_14"&-`!+<'4)!
M'*.-,"+:%!('2".1!)'!8,'*-.(-!+.&!4/<*".1".1!)$-*-=!a-!+,%'!/4)%!".!8+<"':%!2'4)$!$"%!
/-*$+/%!2'%)!('2/-,,".1!/*'%-!&-5".")"'.!0-)!'5!,"5-!+%!1*')-%@4-!-.&-+F'4*U!
>.!F+*d!2'&"?!-!&+!%)*+."!/-.%"-*"?!-!&"F-*%-!%',,-(")4&"."!i!+11*+F+)'!-!
/-*('%%'!@4-%)'!.'%)*'!F"F-*-e!2+!1,"!%)"2',"?!-!,-!+2'*'%-!(4*-?!
)'*2-.)+.&','?!-!<+))-.&','?!2"!/+*!($-!&"!1*+.!,4.1+!'1."!+,)*+!('%+!
/+%%"'.-U!-!@4-%)'!/'%%:"'!&"*-!('.!,+!/*'F+!+F-*-!%/-*"2-.)+)'e!/-*("'(($i!
.s!,+!/'F-*)l?!.s!,+!%-*F")u?!"."2"($-!(*4&-,"!&-,,:42+.+!F")+?!.'.!2"!&"-*'.!
1"+22+"!.s!%"!+%/*-!/4.)4*-?!.s!%"!2'*)+,"!)*+5"))-=!c!%-!.'.!54%%"!,+!%/-*+.D+?!
($-!2"!.4)*"(+!&:'*+!".!'*+?!"2/'%%"<",!%+*-<<-!($-!"'!F"F-%%"U!-!.-,!F-*'?!($-!
"'!$'!&+!%/-*+*-?!-!.'.!/'('?!5+(-.&'2"!-,,+!('%k!<4'.!F"%'e!+.D"!%"!
<-."1.+2-.)-!+,,-!F',)-!2"!14+*&+?!($-!"'!F-11"'!+/-*)+2-.)-!.-"!%4'"!<-1,"!
'(($"!,+!"22+1".-!F-*+!&-,,+!/"-)l!-!.-,,+!%-*-.+!5*'.)-!,-11'!('2:-,,+!%"!
('.%42+?!('2:-1,"!%"!%)*411-!&"!)*'F+*%"!2-('=!#'%)'!2"!($"+*"*h!%-!"'!%'.!
,'%('?!-!%:"'!%'!,-11-*-=!!
Y)",,?!".!)$-!,+*1-*!('.)-7)!'5!)$-!/,+0!+%!+!3$',-?!C4"&'))'!-2-*1-%!.-+),0!+%!)$-!2'*-!
"2/'*)+.)!5"14*-!<-)3--.!)$-!)3'U!.')!'.,0!&'-%!$-!+//-+*!".!+,2'%)!)3"(-!+%!2+.0!%(-.-%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SVR !#$"%!/+%%+1-!"%!".('.%"%)-.)!3")$!+.')$-*?!-+*,"-*!".!)$-!%(-.-?!3$-*-".!8+<"'!('.5-%%-%!
)$+)!$"%!+55-()"'.!5'*!C4"&'))'!1'-%!<-0'.&!)$-!(4%)'2+*0!-%)--2!5'*!+!%-*F+.)!+.&!5*"-.&=!
!
GQW!
!
!
!!!!!!!!!!!
+%!$"%!-2/,'0-*![C4"&'))'!"%!%--.!".!GG?!8+<"'!".!'.,0!^\?!$-!+%%42-%!*-%/'.%"<",")0!5'*!$"%!
2+%)-*:%!+()"'.%!+.&!<-('2-%!+!('.%"%)-.)!%)+.&6".!'.!$"%!<-$+,5!)$-!2'*-!)$-!/,+0!
/*'1*-%%-%=!8+<"'!&"%+//-+*%!$+,53+0!)$*'41$!)$-!5'4*)$!+()?!<4)!C4"&'))':%!/*-%-.(-!'.,0!
".(*-+%-%!+%!%''.!+%!$"%!2+%)-*:%!&-(*-+%-%=!M,+%%"(+,,0U!8+<"'!%-)%!)$-!%(-.-?!+.&!C4"&'))'!
-.%4*-%!+!/*'/-*!&-.'4-2-.)=!I'*-!)$+.!)$+)?!".!)$-!%(-.-%!".!3$"($!$-!&'-%!+//-+*?!8+<"'!
"%!<0!+.&!,+*1-!/*-%-.)-&!+%!)$-!F-*0!+*($-)0/-!'5!)$-!%)+*6(*'%%-&!,'F-*?!+.&!"%!1-.-*+,,0!
*"&"(4,-&!<0!+,,?!".(,4&".1!$"%!%4//'%-&!('.5"&+.)!+.&!$"*-&!$-,/-*?!Y/".-,,'=SVG!X$+)!
C*+DD"."!+(('2/,"%$-%!".!$"%!&-F-,'/2-.)!'5!8+<"':%!*-,+)"'.%$"/!3")$!C4"&'))'?!)$-.?!"%!.')!
%'!24($!+.!+.)+1'."%)"(!*-+()"'.!)'!)$-!"1&&%$'#(%23$'/#('*!+.!4.-7/-()-&!&"%)'*)"'.!'5!
%'("+,!F+,4-%?!<4)!*+)$-*?!+!(+*."F+,-%@4-!(-,-<*+)"'.!'5!)$-!<'))'2!&3-,,-*%!!6!$-*-?!+,%'!+!
%+1-!E!'F-*!)$-"*!%'("+,,0!%4/-*"'*!('4.)-*/+*)%=!
!
>.!,(?#2%-/#$';!C4"&'))':%!".)-*F-.)"'.!"%?!5*'2!)$-!%)+*)?!3-,,!".)-.)"'.-&!+.&!
4,)"2+)-,0!$-,/54,=!X$+)!"%!2'*-?!")!"%!('.%"%)-.),0!/"))-&!+1+".%)!Y/".-,,':%![$-+F0\!
".F',F-2-.)!".!$"%!2+%)-*:%!+55+"*%?!3$"($!"%!+,2'%)!+,3+0%!&-,"<-*+)-,0!2"%,-+&".1!+.&!
%-,5"%$,0!('2/,"(+)-&=!a"%!&'4<,-6$+.&-&.-%%!('2-%!+%!.'!%4*/*"%-!".!)$-!%-*F"(-!'5!+!
($+*+()-*!*-/*-%-.)+)"F-!'5!C*+DD".":%!)0/"(+,!%'("+,!&"%&+".U!)$-!+4)$'*:%!('.%"%)-.),0!
2'(;".1!)*-+)2-.)!'5!#+&&-'!Y+,"%(-.&"?!+.!".('**"1"<,-!/-&+.)!".!<#(0/2%)#;!+.&!I-%%-*!
C"+.%"2'.-?!+.!',&!&'()'*!'5!,+3!+.&!,-))-*%!".!<#(0'J'**#;!"%!/-*5-(),0!('.%"%)-.)!3")$!$"%!
1-.-*+,!&"%,";-!5'*!)$-!%'("+,!+*($-)0/-%!)$-0!<*".1!)'!,"5-!'.!)$-!%)+1-=!8+<"'?!$'3-F-*?!
<-,'.1%!)'!.'.-!'5!C*+DD".":%!5+F'4*")-!(+)-1'*"-%!'5!,")-*+*0!F"()"2%e!$-!"%!+!2+.!<'*.!".)'!+!
2-*($+.)!2"&&,-!(,+%%!5+2",0?!+&'/)-&!".)'!+!5+2",0!3")$!2'.-0?!+.&!%$'3.!-F-*0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SVG !>=""=!>)!"%!3'*)$!.')".1!)$+)!".!)$-!/+%%+1-!5'4.&!".!)$-!+//-.&"7?!Y/".-,,':%!_*-%/'.%-%`!)'!
8+<"':%!,".-%!+*-!&-,"F-*-&!".!+.!+%"&-?!+.&!%$+*-&!'.,0!3")$!)$-!+4&"-.(-!4.)",!$-!5'*2+,,0!
1*--)%!$"%!0'4.1!2+%)-*=!
!
GQN!
!
!
!!!!!!!!!!!
+&F+.)+1-!'5!,"5-!)$+.;%!.')!)'!/-&"1*--?!<4)!)'!8'*)4.-!6!+!$+//0!('".("&-.(-!C*+DD"."!"%!
(+*-54,!)'!4.&-*,".-!".!)$-!/,+0:%!'/-.".1!%(-.-=SVV!H5!+,,!)$-!/,+0:%!($+*+()-*%?!$'3-F-*?!$-!
"%!)$-!'.-!)*-+)-&!3")$!)$-!1*-+)-%)!&-1*--!'5!2'*+,!+2<"14")0=!B!1*-+)!&-+,!'5!")!"%!3*"))-.!
&"*-(),0!".)'!$"%!($+*+()-*!5*'2!)$-!%)+*)=!a-!"%!".!,'F-!3")$!+!3'2+.!$-!;.'3%!.')!)'!<-!
-")$-*!+!2+.!'*!$"%!<*')$-*?!+.&!"%!3",,".1!)'!1'!)'!1*-+)!,-.1)$%!)'!<-!3")$!$-*=!L4)!C*+DD"."!
%3"5),0!&-+,%!3")$!)$"%!$"((4/!<')$!<0!;--/".1!)$-%-!%"<,".1%!%-/+*+)-!5*'2!-+($!')$-*!E!
M'*.-,"'!.-F-*!+//-+*%!".!)$-!/,+0?!24($!,-%%!".!+!%(-.-!3")$!8+<"'!E!+.&!<0!-.%4*".1!)$+)!
8+<"':%!/,+.!5+",%=!L0!<*".1".1!Y/".-,,'?!('22-*("+,,0!".!<-&!3")$!8*'%".'?!)'!8+<"':%!%-*F"(-?!
C*+DD"."!(+)-1'*"(+,,0!/*'$"<")%!8+<"':%!2'*+,!&"1*-%%"'.!+.&!+55'*&%!$"2!+!%'("+,,0!%4")+<,-!
+,)-*.+)"F-!['*?!*+)$-*?!2+".%)*-+2\!-7"%)-.(-=!a-!&'-%!%'?!$'3-F-*?!<0!&4/".1!+.&!
*"&"(4,".1!$"2?!.')!-.)"*-,0!4.,";-!]"(('&-2'!+.&!C"'F+.14+,<-*)'!".!<#(0?'2'/#/#;('*!
C-*'DD'!".!<#(>'-F1"9%2#=!!!
!
C*+DD"."!+.&!%'("+,!1*')-%@4-U!)$-!4%-%!!!!
>)!"%!)$"%!/+*)"(4,+*!+2<"14")0!)$+)!%4*5+(-%!2'*-!5*-@4-.),0!".!C*+DD".":%!4%-%!+.&!
)$+)!-F-.)4+,,0!,-+&%!*-+&-*%!)'!*-F"%-!)$-"*!&-5".")"'.%!'5!1*')-%@4-?!2+*F-,?!+.&!%/-()+(,-!
+,)'1-)$-*!E!)'!('.%"&-*!)$-2!".!/-*$+/%!2'*+,!)-*2%=!#'!-7/,'*-!)$"%!&"2-.%"'.?!")!3",,!<-!
.-(-%%+*0!)'!2+;-!+!&-)'4*!+)!)$-!4%-%!<-5'*-!*-)4*.".1!)'!C*+DD".":%!)$-+)*-=!C*+DD".":%!
4%-%!E!'*?!.'F-,,-!2'&-,-&!,+*1-,0!'.!L'((+(("':%!G%"#&%21-?!3-*-!3*"))-.?!".!)$*--!
".('2/,-)-!<'';%?!<-)3--.!GNWR!+.&!GNNR=!#$-0!3-*-!%)*";".1,0!/-*5'*2+)"F-!)$-2%-,F-%e!
-+($!*-F',F-%!+*'4.&!-")$-*!+!/4<,"(!%/-()+(,-?!'*!+!(-,-<*+)-&!*-)-,,".1!'5!+!/'/4,+*!*4%-=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SVV !H5!+,,!C*+DD".":%!,")-*+*0!(*-+)"'.%?!8+<"'!/-*$+/%!2'%)!(,'%-,0!*-%-2<,-%!$"2%-,5?!
<"'1*+/$"(+,,0=!C*+DD"."!$"2%-,5!+.&!$"%!<*')$-*%!+.&!%"%)-*%!3-*-!,-5)!'*/$+.-&!<0!)$-"*!
/+*-.)%e!C*+DD"."!+.&!$"%!<*')$-*%!3-*-!)+;-.!".!<0!+!3-,,6)'6&'?!2-*($+.)!2"&&,-!(,+%%!
4.(,-?!3$",-!$"%!%"%)-*%!3-*-!,";-,0!+&'/)-&!)'1-)$-*!<0!+.')$-*!5+2",0!2-2<-*=!
!
GQ^!
!
!
!!!!!!!!!!!
H.,0!VW!%4*F"F-?!%'2-!'5!)$-2!'5!&4<"'4%!'*"1".!'*!+))*"<4)"'.?!+.&!3-*-?!5*'2!)$-"*!5"*%)!
("*(4,+)"'.!".!2+.4%(*"/)?!".)-.)"'.+,,0!('.)*'F-*%"+,?!+.&!.')!'.,0!".!)-*2%!'5!('.)-.)U!
C*+DD"."!%-.)!)$-2!'.,0!)'!5*"-.&%?!(',,-+14-%?!+.&?!'5)-.?!+(+&-2"(!+.&!,")-*+*0!-.-2"-%!$-!
-7/-()-&!)'!*-+()!+1+".%)!)$-2!3")$!/+*)"(4,+*!F")*"',!66!+.&!'/-.,0!".F")-&!)$-2!)'!&'!%'=SVS!
T-%/")-!)$-"*!/*'F'(+)"F-!.+)4*-?!2+.0!+*-!&-&"(+)-&!)'!-,")-!5+2","-%!+.&!%-)!+1+".%)!)$-!
+//+*-.)!<+(;1*'4.&!'5!)$-!8,'*-.)".-!/+)*"("+.!&'2-%)"(!%/$-*-=SVW!!
A";-!L'((+(("':%!.'F-,,-?!C*+DD".":%!+*-!,".;-&!<0!+!"12-'"%!)$+)!%--%!+!J2')#/#!E!)$-!
F-*0!3'*&!C*+DD"."!4%-%!)'!&-%(*"<-!")!6!'5!GR!8,'*-.)".-%!+%%-2<,-&!+)!)$*--!3--;,0!
#$4*%&+0!-F-.".1!&"..-*!/+*)"-%?!)$-!5"*%)!'5!3$"($!)+;-%!/,+(-!+)!)$-!-.&!'5!K+.4+*0!+.&!
*"1$)!<-5'*-!)$-!%)+*)!'5!(+*."F+,=!#$-!1*'4/!"%!('2/'%-&!'5!)$-!-,&-*,0!2"%)*-%%!'5!)$-!
$'4%-!E!)$-!5"*%)!+*<")-*?!'*?!".!L'((+(("+.!)-*2%?!)$-!2%)'-#!'5!)$-!5"*%)!<+.@4-)?!B2+*+.)+!E!
$-*!<*')$-*?!5'4*!0'4.1!8,'*-.)".-!2-.?!+.&!5'4*!2+**"-&!3'2-.![.-"1$<'4*%!'*!*-,+)"F-%\!
)'!('2/,-2-.)!)$-2=!#'!-.,"F-.!)$-"*!1+)$-*".1!+.&!+5)-*!24($!&"%(4%%"'.?!)$-!2"%)*-%%!'5!
)$-!$'4%-!4,)"2+)-,0!/*'/'%-%!)$+)?!".!)$-!%/"*")!'5!L'((+(("':%!J2')#/#!<0!3$'2!)$-0!+*-!+,,!
".%/"*-&?!-+($!2-2<-*!'5!)$-"*!1+)$-*".1!%$'4,&!('.)*"<4)-!)'!)$-!3--;,0!-.)-*)+".2-.)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SVS !%--!C*+DD"."?!B.)'.5*+.(-%('?!<%("%-%;!+!(4*+!&"!c.*"('!c2+.4-,,"![I",+.'U!L'2/"+."?!
GPW^\?!".)*'!<0!c2+.4-,,"?!//=!F""677""=!#'!)$"%!-55-()?!%--!C*+DD".":%!,-))-*!)'!I+%+(("'!&"!
M+,'*"1.+?!".(,4&-&!".!9"-)*'!8+.5+.":%!GQNO!-&")"'.![8"*-.D-U!A-!I'.."-*\?!3$-*-".!",!A+%(+!
3*")-%U!_]'.!($-!"'!/-.%"!($-!,:+<<".'!%'/*+!,:+,)*-!('2/'%"D"'."!/*"F",-1"'?!-!($-!.'.!%"+!&"!
,'*!5+))'!('2-!&"!)4))-!,:+,)*-!%)+)-!('2/'%)-!".%".'!+!'*+e!/-*($i!"'!%'!2',)'!<-.-!($-!
+.('*+!F"F'.'?!-!5'*%-!/"u!<-,,-!($-!2+"?!,:"1.'*+.D+?!,+!/*-%4.D"'.-?!,:".F"&"+!-!,+!
2+,-F',-.D"+e!2+!.'.!2-!.-!(4*'?!-!.'.!.-!F',)-*-"!,+!2+.'!%'))'6%'/*+=!M$"!.'.!,-!F4',?!,-!
,+%("!%)+*-e!-)!+!($"!,-!.'.!/"+(("'.'?!,-!%/4)"U!-,,-!.'.!%'.!/-*!5+*%"!,-11-*-!+!.-%%4.'!+!
5'*D+e!-!%-!.'.!<+%)+!+"!,-))-*+)"?!+1,"!%@4"%")"?!+:!,".14+(("4)"?!+1,"!%/4)+%-..'!-)!+"!
(+(+%-.)-.D"-?!1*+55"+*,-?!2'*&-*,-?!)*+5"11-*,-?!,+(-*+*,-!-!&",+."+*,-?!%('*)"($".,-?!
%)*s1$".,-!-!%)*+.1',".,-?!/-*($i!2+.('!2"!/'%%'.'!1"'F+*-!,-!,'&"!($-!.4'(-*-!>!<"+%2"=!I+!
%-!&"!,'*'!2"!F"-.!2+"!@4+,('%+!.-,,-!2+."?!.'.!5+*-2'!+!5+*(-,+U!)4!%+"!($-!"'!$'!,+!,".14+!
+.($:"'`![8+.5+."!VWG\=!
SVW !/*'2".-.)!2-2<-*%!'5!8,'*-.)".-!-,")-!(4,)4*-![".(,4&".1!A'*-.D'!&-:!I-&"("!$"2%-,5\!
+*-!-7/,"("),0!2-.)"'.-&!".!+)!,-+%)!)3'!.'F-,,-?!<')$!".!)$-!5"*%)!&+0U!>="""!+.&!>=F"""e!')$-*%!
5-+)4*-!5"()"'.+,!5"14*-%!".!$"1$!%'("'6/',")"(+,!/'%")"'.%U!>>=F?!2'%)!('2/-,,".1,0=!
!
GQO!
!
!
!!!!!!!!!!!
.')!'.,0!3")$!)$-"*!24%"(+,!+(('2/,"%$2-.)?!<4)!+,%'!3")$!+!/+*)"(4,+*,0!.')-3'*)$0!%)'*0!
'5!$"%!'*!$-*!'3.=!M'.%'.+.)!<')$!3")$!L'((+(("':%!%)0,-!".!)$-!G%"#&%21-!+.&!T+.)-:%!".!
)$-!G'B'-%(41&%$D?!)$-"*!%)'*"-%!%$'4,&!".(*-+%-!".!*"($.-%%!+.&!('2/,-7")0!5*'2!3--;!)'!
3--;?!)$4%!('F-*".1!)$-!54,,!*+.1-!'5!+-%)$-)"(!1-.*-%?!(,"2<".1!5*'2!,'3!)'!2"&&,-!)'!$"1$!
*-1"%)-*%=!H5!('4*%-?!'.,0!)$-!5"*%)!)3'!(-.-!54,,0!%4*F"F-U!3$+)!"%!,-5)!'5!)$-!)$"*&!E!5'4*!
.'F-,,-!E!"%!%)",,!".!+.!-+*,0!%)+1-!'5!('2/'%")"'.=!
#$-!J2')#/#:%!('.)*"<4)"'.%!$+F-!<--.!(+,,-&!_)0/"(+,,0!#4%(+.`!+.&!+*-!$-+F",0!
%)--/-&!".!)$-!)*+&")"'.!'5!)$-!_<-55+`!/*-%-.)!)'!+!,-%%-*!&-1*--!".!C*+DD".":%!('2-&"-%?!+.&!
'5!+!.')+<,-!,")-*+*0!$-*")+1-!5*'2!)$-!L'((+(("':%!M+,+.&*".'!".!)$-!)*-(-.)'!'.3+*&=SVN !
#$'41$!.')!+,,!+*-!&-,"<-*+)-,0?!".)-.)"'.+,,0?!&"*-(),0?!'*!-F-.!".&"*-(),0!54..0?!2'%)!
/*'F';-!1*')-%@4-!,+41$)-*?!-+($!".!%'2-!3+0![.')!%4*/*"%".1,0\!/,+0".1!3")$!%'("+,!2'*-%!
+.&!-7/-()+)"'.%?!'*!/"))".1!%'("-)0!+1+".%)!+.!".&"F"&4+,!")!&--2%!)''!4.('.F-.)"'.+,!.')!
)'!<-!2+*1".+,"D-&!'*!-7/-,,-&=SV^!B,)$'41$!)$-!4%-%!+*-!3'*;%!E!/-*$+/%?!'5!C*+DD".":%!
('*/4%?!2+%)-*/"-(-%!E!".!)$-"*!'3.!*"1$)?!)$-!)$-2-%!)$-0!-7/,'*-!+.&!)$-!($+*+()-*%!)$-0!
-7/,'")!+*-!<0!+.&!,+*1-!('.%"%)-.)!3")$!$"%!('2-&"-%=!H.,0?!3$+)!C*+DD"."!5".&%!$"2%-,5!
&",4)".1!".!$"%!)$-+)*"(+,!/*'&4()"'.!'4)!'5!+!%4/-*5"("+,!('.(-*.!5'*!/4<,"(!/*'/*"-)0!".!
/-*5'*2+.(-?!$-!+,,'3%!$"2%-,5!54,,0!)'!&-F-,'/!".!$"%!2'*-!/*"F+)-!+.&!"2+1".+)"F-!4%-%=(
>.!)$-2?!C*+DD"."!(*-+)-%!+!3'*,&!E!".!2+.0!3+0%!+!,")-*+*0!&0%2'*/$"+!'5!8,'*-.)".-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SVN !B)!,-+%)!)-.!'5!)$-!'*"1".+,!)3-.)06'.-!.'F-,,-!+*-!-7/,"("),0!*-5-**-&!)'!3")$!)$-!3'*&!
_<-55+:!<')$!<0!)$-"*!.+**+)'*%!+.&!<0!,+)-*!%422+*"-%!+&&-&!)'!)$-!%)+*)!'5!-+($=!
SV^ !I"($-,!9,+"%+.(-!$+%!%411-%)-&!5',,0!+%!C*+DD".":%!2+".!<*+.&!'5!2+*1".+,")0?!5',,'3-&!
(,'%-,0!<0!)$-!,+)-.)!$'2'%-74+,")0!$-!".)-*/*-)%!".!%-F-*+,!'5!C*+DD".":%!3'*;%=!a-!,".;%!")?!
54*)$-*2'*-?!)'!+.!'F-*+*($".1!/',")"(+,!(*")"@4-!+.&!('.(-*.!3")$!%'("+,!(,+%%!&"%)".()"'.!
('.%"%)-.)!3")$!C*+DD".":%!,+*1-*!('*/4%![%--U!I"($-,!9,+"%+.(-?!!-/1-.2#-"%0"1(X2#FF'-'(G'/(
<#0"#(gQTSTPQTeZh=(l"2'2%($#-0(*#(612%-"%($%0(E[$'"'0([Z'2+U!J-(($"+*-,,"!-&")'*-?!VRRN\\=!
!
GQQ!
!
!
!!!!!!!!!!!
%'("-)0?!+,2'%)!-+($!%)'*0!%-)!".!F-*0!/4<,"(!8,'*-.)".-!%/+(-%!E!'.,0!&"55"(4,),0!%4<d-()!)'!
+<%',4)-!2'*+,!d4&12-.)!5*'2!+.0!'.-!/+*)0=SVO!!
B%!'.-!2"1$)!-7/-()?!)$-!1-.-*+,!)+*1-)!'5!C*+DD".":%!J%..%!E!'*?!".!)$-!(+%-!'5!>=F!+.&!
>>=F?!)*+1-&"-%!6!+*-!/-&+1'14-%?!/$0%"("+.%?!&'()'*%!'5!,-))-*%?!/',")"("+.%?!+.&!/*"-%)%U!+,,!
+*($-)0/-%!$-!'/-.,0!+.&!('.%"%)-.),0!&"%&+".%!".!$"%!/4<,"(!,"5-=!Y'2-!+*-!%)*+"1$)5'*3+*&!
'*!+(("&-.)+,U!)$-!5"*%)!.'F-,,+!'5!)$-!5"*%)!"%-#?!)',&!<0!C$"+(".)'?!+55"*2%!)$-!',&!+&+1-!)$+)!
('")4%!"%!+!(4*-6+,,!5'*!%"(;!3'2-.=!X$-.!Y+,F-%)*'!L"%&'2"."!.')"(-%!)$+)!$"%!3"5-!"%!",,?!$-!
('.%4,)%!3")$!+!&'()'*?!3$'!'*&-*%!+!4*".-!)-%)=!Y+,F-%)*'!-.,"%)%!$"%!($+2<-*2+"&!".!)$-!
)+%;!'5!(',,-()".1!$-*!2"%)*-%%:%!4*".-!".!+!(4/!)'!%-.&!)'!)$-!&'()'*e!'.,0?!%$-!&"%('F-*%!")!
%/",,-&!'F-*!2".4)-%!<-5'*-!")!"%!".)-.&-&!5'*!%$"/2-.)?!+.&!*-/,+(-%!")!3")$!%'2-!'5!$-*!
'3.=!B.+,0%".1!)$-!4*".-?!)$-!&'()'*!+&F"%-%!Y+,F-%)*'!)'!,"-!3")$!$"%!3"5-!+.&!-.d'0!$"%!
('.d41+,!*"1$)%!)'!$-+,!$-*=!H.(-!%$-!"%!(4*-&?!)$-!($+2<-*2+"&!+&2")%!$-*!-**'*=!L-(+4%-!
)$-!)+,-!-.&%!$+//",0?!$'3-F-*?!%$-!"%!%/+*-&!+.0!'5!$-*!2+%)-*:%!+.1-*?!+.&!)$-!&'()'*:%!
2"%)+;-!E!+.&!'F-*),0!1-.-*"(!+&F"(-!E!+*-!<')$!'F-*,'';-&=!>.!>="F?!C"+..-))'!&-,,+!#'**-!
/4<,"(,0!$42","+)-%!+!/'2/'4%!0'4)$!".!+!?21-/#(2'0?10/#!+"2-&!)'!/,+0!<')$!'.!)$-!&-))'!
/'/',+*-?!_+,,+!<+*<+!&"!($"!.'.!$+!&-<")"`!+.&!'.!)$-!0'4)$:%!,4%$?!3-,,61*''2-&!<-+*&=!>.!
)$-!5"*%)!(-.+:%!(,'%".1!.'F-,,+?!M".)"+!*-('4.)%!+!)+,-!+<'4)!+.')$-*!&'()'*!3$'!$-,/%!+.!',&!
.')+*0:%!0'4.1!<*"&-!%/")-!$-*!d-+,'4%!$4%<+.&?!Y-*!B.+%)+1"'?!<0!('2".1!".!)'!)*-+)!$-*!
5-"1.-&!",,.-%%?!)$-.!,0".1!3")$!$-*=!Y-*!B.+%)+1"'!"%!-55-()"F-,0!&4/-&?!<4)!$"%!3"5-!"%!
+55'*&-&!/-*2+.-.)!-.d'02-.)!'5!)$-!&'()'*:%!('2/+.0!'.,0!3$-.!$-*!$4%<+.&!
+(("&-.)+,,0!5+,,%!&'3.!)$-!%)+"*%!'5!)$-"*!$'4%-!+.&!&"-%=!C$"+(".)':%!(,'%".1!)+,-!'5!)$-!
%-('.&!"%-#!*-)-,,%!$'3?!)'!%-)),-!+!&"%/4)-!<-)3--.!)$-2?!+!/*"-%)!+,,'3%!L-('?!3$'%-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SVO !Y'2-!)+;-!/,+(-!-,%-3$-*-!".!#4%(+.0![9*+)'?!Y"-.+?!9"%+?!+.&!8"-%',-?!2'%)!('22'.,0\e!
'.-!"%!%-)!".!I",+.![>>="7\=!
!
GQP!
!
!
!!!!!!!!!!!
5"+.(s-?!".!$"%!+<%-.(-!5-"1.%!-.1+1-2-.)!)'!+.&!4,)"2+)-,0!,"-%!3")$!]-.("'!".!'*&-*!)'!
'<)+".!+!(-*)+".!+2'4.)!'5!&'3*0!2'.-0!5*'2!$-*!+&'/)"F-!2')$-*?!)'!,"-!3")$!]-.("':%!
3"5-=!>.!-+($!'5!)$-%-?!)$-!(-.)*+,!('.5,"()!"%!%-)),-&!3")$'4)!'((+%"'.!5'*!+!%(+.&+,'4%!
*-+()"'.!'*!2'*+,!d4&12-.)U!+!&'()'*!('22")%!+!54..0?!<4)!4.".)*4%"F-!+.&!4,)"2+)-,0!
.-1,"1"<,-!-**'*e!+!/'2/'4%!2+.!"%!d4%),0!+.&!%;",,54,,0!/4)!".!$"%!/,+(-e!+!d-+,'4%!$4%<+.&!"%!
/4."%$-&!5'*!$"%!%4%/"("'.!+.&!$"%!&-+)$!*-3+*&%!$"%!(4..".1!3"5-!3")$!+!,'F-*e!3"F-%!+*-!
%3+//-&!5'*!/-+(-54,!*-)*"<4)"'.=!cF-.!".!)$-!(+%-!'5!)$-!,+%)!)3'?!,-%%!2'*+,,0!('.F-.)"'.+,!
)$+.!)$-!5"*%)?!C*+DD"."!5".&%!+!3+0!)'!d4%)"50!$"%!+4)$'*"+,!&-("%"'.%U!Y-*!B.+%)+1"'!%4%/-()%!
$"%!3"5-!'5!".5"&-,")0!<-5'*-!%$-!"%!4.5+")$54,?!)$4%!2-*")".1!$-*!*-+()"'.!+.&!('%2"(!*-3+*&e!
]-.("'!4/$',&%!)$-!/*'2"%-!$-!2+;-%!)'!)$-!<*"&-!9"//+:%!2')$-*!.')!)'!2-.)"'.!+.0)$".1!
'5!2+**"+1-!)'!$-*!3$",-!%$+*".1!+!<-&!5'*!)$-!."1$)?!)$4%!+<%',F".1!$"2!'5!"2/*'/-*!
<-$+F"'4*=!>.!+,,!(+%-%?!C*+DD"."!+55'*&%!$"%!+4&"-.(-!+.!4.('2/,"(+)-&!2'*+,!*',-=!
#$-"*!2'*+,!5"<-*!"%!/4)!$-+F",0!)'!)$-!)-%)?!$'3-F-*?!".!+!.42<-*!'5!')$-*!.'F-,,-?!
-+($!)"2-!<0!3+0!'5!+!1*')-%@4-!/4<,"(!%/-()+(,-!)$+)!-,"(")%!2+*F-,!3")$".!)$-!%)'*0?!+.&!
5'*(-%!*-+&-*%!)'!*-5,-()!4/'.!")!'4)%"&-!'5!")=!B%!2"1$)!<-!-7/-()-&?!)$-!.'F-,,-!/*-%-.)-&!".!
)$-!5"*%)!(-.+!+*-!%)",,!*-,+)"F-,0!2'*+,,0!4.+2<"14'4%?!)$'41$!/4<,"(!%/-()+(,-!'5)-.!
4.&-*,".-%!C*+DD".":%!".)-.&-&!d4&"("+,!2'2-.)=!#$-!5"*%)?!+.&!2",&-%)?!(+%-!'((4*%!".!>="""?!
)$-!5"*%)!".!+!.'.6('.%-(4)"F-!(0(,-!'5!%)'*"-%!5-+)4*".1!(4%)'2+*0!<-55+)'*"?!A'!Y($-11"+?!",!
I'.+('?!+.&!",!9",4((+=!a-*-?!)$-!)*"'!1-)%!)'1-)$-*!)'!/,+0!+!)*"(;!'.!]-*"!M$"+*+2'.)-%"?!+!
*"($!2+.!+.&!+.')$-*!5+2-&!<-55+)'*-?!)$+)!-%%-.)"+,,0!+.&!4,)"2+)-,0!&*"F-%!$"2!'4)!'5!
8,'*-.(-!4.)",!$-!"%!',&!+.&!$"%!$42","+)"'.!"%!5'*1'))-.=SVQ!C+)$-*-&!+)!)$-!$'2-!'5!I+*"'!
#'*.+@4".("?!+!5*"-.&!'5!)$-!)*"':%!+.&!'5)-.!&4/-&!<0!]-*"!$"2%-,5?!,'!Y($-11"+!5".&%!+!3+0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SVQ !]-*"!"%!_.'<",-!-!<-.-%)+.)-`!+.&!_+2"('!1*+.&"%%"2'!&"!A'*-.D'!&-:!I-&"("?!($-!
1'F-*.+F+!8"*-.D-`![8+.5+."!4%-%(VV\=!
!
GPR!
!
!
!!!!!!!!!!!
)'!*-/+0!]-*"!5'*!$"%!2+.0!+.&!5*-@4-.)!$42","+)"'.%!'5!$"%!("*(,-!'5!5*"-.&%=!]-*"!5"*%)!
)$*'3%!)$-!1+4.),-)!<0!($+,,-.1".1!,'!Y($-11"+!)'!&0-!$"%!5+(-!+.&!$+.&%!+.&!/*-%-.)!+!/+"*!
'5!1,'F-%!)'!+!3-,,6;.'3.!('4*)-%+.!'5!8,'*-.(-!5'*!+!%(4&'!&:'*'=!L4)!,'!Y($-11"+!4/%!)$-!
+.)-U!3")$!)3'!5,'*".%!'.!)$-!,".-!E!_($-!q]-*"r!+F-F+!/"u!(+*'!($-!&+!4.!+,)*'!&"-(-?!/-*!
/')-*!/'"!%($-*."*,'!-!4((-,,+*,'!+!%4'!/"+(-*-`!E!$-!($+,,-.1-%!]-*"!)'!+//-+*!+)!M-(($-*".'!
2-*("+d':%!J1//%)#?!%)*+)-1"(+,,0!%")4+)-&!".!)$-!*"($-%)!+.&!/'%$-%)!+*-+!'5!)$-!(")0?!&*-%%-&!
".!3$")-!<+)),-!+*2'4*?!<*+.&"%$".1!+!<",,$'';?!+.&!)$*-+)-.".1!)'!%,"(-!+.0!/+%%-*%6<0!)'!
<")%=!]-*"!+((-/)%!)$-!($+,,-.1-?!+.&!3$",-!$-!&*-%%-%!".!)$-!+*2'4*!$-,&!+)!I+*"'!
#'*.+@4".(":%!-%)+)-!+.&!%,'3,0!2+;-%!$"%!3+0!)'!M-(($-*".':%!%)'*-?!$-+F0!3")$!3-+/'.*0?!
,'!Y($-11"+!%-.&%!I'.+('!)'!)$-!J1//%)#!+.&!9",4((+!)'!+!5-.(".1!+(+&-20!.-+*<0!)'!%/*-+&!
3'*&!)$+)!]-*"!$+&!1'.-!(*+D0?!+))-2/)-&!)'!;",,!$"%!2')$-*?!)$*'3.!$"%!<-&*''2!54*.")4*-!
&'3.!+!3-,,?!+.&!.'3?!&*-%%-&!".!#'*.+@4".(":%!+*2'4*?!3+%!)'4*".1!)$-!(")0!3")$!$"%!
<",,$'';?!(+4%".1!+,,!)'!5,--!".!5*"1$)?!+.&!)$*-+)-.".1!)'!F"%")!M-(($-*".':%!%)'*-!)'!<-+)!)$-!
%)'*-;--/-*!)'!+!/4,/=!]')!%4*/*"%".1,0?!)$-.?!+!(*'3&!1+)$-*%!'4)%"&-!M-(($-*".':%!<'))-1+?!
_q%k!('2-r!,+!2+11"'*!/+*)-!&"!@4-"!1"'F+."!%"!/+*)"*'.'!/-*!F-&-*!@4-%)+!5-%)+?`SVP!+.&!
*-+()%!)'!)$-!%"1$)!'5!]-*"!5"*%)!3")$!,+41$)-*?!)$-.!3")$!5-+*U!
>,!@4+,-!&+!(+%+!",!(+F+,"-*!/+*)")'%"?!($-!%)+F+!&+!Y+.)+!I+*"+!]'F-,,+?!.'.!
%-.D+!2-*+F"1,"+!-!*"%'!&"!($"4.@4-!,'!F-&-F+?!%:-*+!('.&'))'!+,,+!<'))-1+!&"!
M-(($-*".'e!.-,,+!@4+,-!+!/*"2+!1"4.)+!&+)'!4.+!%/".)+!1*+.&"%%"2+!-!
%/+,+.(+)'!,'!%/'*)-,,'?!-.)*h!54*"'%+2-.)-!&-.)*'!('%k!+*2+)'?!.-,,+!14"%+!
($-!F'"!+F-)-!".)-%'e!-!1*"&+.&'!!9'(/2#$'/12';(B1'(0'%/'(&12/'?!".+,<-*h!,+!
*'.(',+=!M','*'?!/-*!,+!%4<")+!F-.4)+?!/-*!,+!F"%)+!&-,,-!+*2"?!/-*!,'!1*"&'!&-,,-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SVP !8+.5+."?!4%-%!VV!
!
GPG!
!
!
!!!!!!!!!!!
/+*',-!2".+(("'%-?!-!/-*!F-&-*!,+!*'.(',+!/-*!,:+*"+?!-<<-*'!)4))"!4.+!
1*+.&"%%"2+!/+4*+e!-!&"!5+))'!($"!%"!5411k!.-,!5'.&+('?!($"!%"!.+%('%-!.-,,+!
2'%)*+?!($"!*"('F-*h!%'))'!,-!/+.($-!-!%'))'!",!&-%('?!($"!1*"&+F+?!($"!
2".+(("+F+?!($"!1+**"F+?!($"!%"!*+(('2+.&+F+e!4.!)*+2<4%)'!-*+!",!2+11"'*-!
&-,!2'.&'=SSR!
#'!+&&!".%4,)!)'!".d4*0?!,'!Y($-11"+!.-7)!$4**"-%!)'!]-*":%!4.(,-:%!3'',!%)4&"'!".!9'*)+!Z'%%+?!
)'!*-/'*)!$"%!.-/$-3:%!5',,0!+.&!)'!<-%--($!$"2!)'!(+,,!".!5'*!*-".5'*(-2-.)%!)'!$+F-!$"%!
.-/$-3!*-%)*+".-&=!X$+)!5',,'3%!"%!+!@4"(;!%4((-%%"'.!'5!('.%-(4)"F-!$42","+)"'.%?!-+($!
3'*%-!)$+.!)$-!,+%)=!]-*"!"%!*-%)*+".-&!"%!<0!$"%!4.(,-:%!2-.?!('.%4,)-&!<0!&'()'*%!3$'!
*-('22-.&!$-!<-!,'(;-&!".!+!<-&*''2!".!$"%!2')$-*:%!$'4%-?!%$4)!)$-*-!".!)$-!&+*;?!
&-/*"F-&!'5!5''&!+.&!3+)-*?!%)",,!54,,0!&*-%%-&!+.&!+*2-&?!5'*!+!54,,!&+0=!>.!)$-!2-+.)"2-?!
*42'4*!'5!$"%!2-.)+,!",,.-%%!%/*-+&%!)$*'41$'4)!8,'*-.(-e!-F-.!$"%!2')$-*!+.&!4.(,-!+*-!
('.F".(-&!'5!")=!
!
cF-.)4+,,0?!]-*"!$+%!)$-!'//'*)4.")0!)'!(,-+*!$"%!.+2-U!3$-.!F"%")-&!<0!&'()'*%!
+1+".!)$-!5',,'3".1!&+0?!+.&!$+F".1!/"-(-&!)'1-)$-*!)$-!/*'<+<,-!%-*"-%!'5!(+4%-%!+.&!
('.%-@4-.(-%?!$-!)-,,%!$"%!%"&-!'5!)$-!%)'*0=!a"%!,-F-,6$-+&-&.-%%!('.F".(-%!)$-!&'()'*%?!$"%!
4.(,-?!+.&!$"%!2')$-*!'5!$"%!"..'(-.(-e!)$-0!+%;!5'*!5'*1"F-.-%%?!$-!"%!*-,-+%-&?!+.&!)*+F-,%!
)'!Z'2-?!)$-.!)'!]+/,-%!)'!,"F-!'4)!)$-!*-%)!'5!$"%!+&4,)!,"5-!".!/-+(-?!5+*!5*'2!)$-!(")0!)$+)!
*4".-&!$"%!*-/4)+)"'.=!Y)",,?!+,)$'41$!$-!"%!+<%',F-&?!$"%!$42","+)"'.!"%!+<%',4)-?!+.&!*-+&-*%?!
".!'.!)$-!d';-?!/+*)+;-!'5!")!54,,0U!
M','*'!%-!1,"!%(+1,"+*'.'!%4<")'!+&&'%%'e!-!/*-%','?!($"!/-*!,-!1+2<-?!($"!/-*!
,-!<*+(("+!-!($"!/-*!,'!(',,'?!,'!&"%)-%-*'!".!4.!)-2/'!".!%4,!2+))'.+)'?!($-!-1,"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SSR !8+.5+."?!4%-%!VS=!
!
GPV!
!
!
!!!!!!!!!!!
.'.!-<<-!+1"'!+!5+)"(+!&"!/')-*!*+(('*!,:+,")'e!-!1*"&+.&'!+&!+,)+!F'(-!49%(.#/%(
B1';(/2#$'/12';(,1(-1-(01-1(?#FF1?!/')-))-!*+.1',+*-?!($-!-%%"!1,"!,-1+*'.'!,-!
<*+(("!-!,-!1+2<-!&"!2+."-*+?!($-!.'.!/')-F+!/4*!&+*!(*',,'!n!A'!Y($-11"+?!&+!
/+*)-!*-(+)'%"?!-!4&-.&','!".!@4-,,+!14"%+!14+"*-?!2".+(("+*-!-!<-%)-22"+*-?!
+F-F+!4.+!+,,-1*-DD+!%"!5+))+!($-!-1,"!.'.!(+/"F+!.-,,+!/-,,-=!A-!1-.)"?!($-!
-*+.'!5411")-!-!.+%('%)-%"?!%-.)-.&'!-!F-11-.&'!($-!1,"!-*+!,-1+)'!",!/+DD'?!%"!
5+(-F+.'!+F+.)"e!-!*"14+*&+.&','!&+!/*-%%'?!+!)4))"!.-!".(*-%(-F+?!-!,'!
&"2'%)*+F+.'!($"+*+2-.)-!(':!1-%)"!-!(',,-!/+*',-=SSG!!
!>)!"%!3'*%-.-&?!'5!('4*%-?!<0!)$-!(*'3&!1+)$-*-&!)'!3").-%%!")=!!
!
Z-+&-*%!2+0!<-!)-2/)-&!)'!-2/+)$"%-!3")$!]-*"=!#$-0!3+)($!$"2!_1'.1',+.&'!5*+!
%s?!5+(q-.&'r!,'*'!4.+!)+1,"+)+!-!4.'!%@4+*)+2-.)'!($-!%"!%+*-<<-!&"%&-))'!+,!L-F",+(@4+?!
1"*+.&'!".)'*.'!('.!@4-,,+!*'.(',+?!2+!14+*&+.&'!%-2/*-!+!('**-!&'F-!/')-%%-!5+*!,'*'!
+%%+"!/+4*+!-!/'('!&+..'?`!)$-.!%--!$"2!(+*)-&!'55!,";-!)$-!2+&62+.!)$-0!;.'3!$-!"%.:)=SSV!
Y)",,?!")!"%!".!)$-!.'F-,,+:%!2'%)!(*4("+,!2'2-.)%!)$+)!C*+DD"."!%)-/%!".!+%!+!(*")"(+,?!"5!<"+%-&!
14"&-U!]-*"!"%!_%4/-*<"%%"2'!&"!.+)4*+!-!<"DD+**'?`!$-!*-2".&%!*-+&-*%?!"22-&"+)-,0!<-5'*-!
]-*"!"%!*-2'F-&!5*'2!)$-!/*-2"%-%!".!%$+(;,-%=!a-!$+%!")!('2".1U!_A+!.'F-,,+!*+(('.)+)+!2-!
.:$+!5+))+!)'*.+*-!4.+!.-,,+!2-2'*"+?!&'F-!4.+!<-55+!%"2",2-.)-!%"!('.)"-.-?`!8,'*"&'!%)+)-%!
+)!)$-!'4)%-)!'5!$"%!)+,-?!_2+!5+))'!+!4.'!($-!-*+!%',")'!&"!5+*.-!+1,"!+,)*"!-!/-*h!1,"!%)-))-!
)+.)'!2-1,"'=`SSS !X$+)!"%!2'*-?!]-*"!$"2%-,5!+(;.'3,-&1-%!)$-!-**'*!'5!$"%!3+0%!+.&!+,2'%)!
/-*%'.+,,0!+55'*&%!,'!Y($-11"+!)$-!F"()'*0!C*+DD"."!$+*&,0!$+%!)'U!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SSG !8+.5+."?!4%-%!VW=!
SSV !"<"&=!
SSS !8+.5+."?!4%-%!VG=!
!
GPS!
!
!
!!!!!!!!!!!
A+!('%+!1"l?!/-*!<'((+!&-:!)*-!('2/+1."!-!&-:!2-&"("?!%"!%+/-F+!/-*!)4))'!
8"*-.D-!%"!('2-!-,,+!-*+!%-14")+!+//4.)'e!-!.-!+.&h!/-*!".5".'!+1,"!'*-(($"!&-,!
I+1."5"('?!",!@4+,-?!2+.&+)'!/-*!,'!Y($-11"+?!F',,-!".)-.&-*-!'1."!
/+*)"(',+*")lU!",!($-!/'"!*"%+/-.&'!]-*"?!F-..-!".!)+.)+!&"%/-*+D"'.-?!($-!-1,"!
54!)4))'!)-.)+)'!&"!&+*!,'*'?!-!2+%%"2+2-.)-!+,,'!Y($-11"+?!4.!2'.)-!&"!
<+%)'.+)-?!-!F-.&"(+*%-.-!/-*!@4-,,+!F"+=!I+!/'"?!('.%"&-*+.&'!($-!-1,"!.-!
+F-F+!5+))-!)+.)-!+!,'*'!-)!+&!+,)*"?!($-!)*'//+!F-*1'1.+!-!5'*%-!&+..'!1,"-.-!
*"%4,)-*-<<-?!&","<-*h!&"!14"&+*,+!/-*!+,)*'!F-*%'!n!SSW!
X")$!A'*-.D'!&-:!I-&"("!"2/,"("),0!'.!$"%!%"&-?!,'!Y($-11"+!-2-*1-%!)*"42/$+.)?!3$",-!$"%!
.-2-%"%!"%!*-,-1+)-&!)'!%-,56"2/'%-&!-7",-=!
!
a-*-?!C*+DD".":%!+4&"-.(-!"%!/*'2/)-&!)'!%"&-!3")$!)$-!+4&"-.(-!$-!3*")-%!".)'!$"%!
%)'*"-%e!)$-!*-+()"'.!'5!)$-!(*'3&!".!%'2-!3+0!&"()+)-%!)$-!".)-.&-&!*-+()"'.!'5!$"%!*-+&-*%=!
Y4($!"%!)$-!(+%-!)3"(-!2'*-!".!)$-!5"*%)!"%-#=!>.!>=F?!'.-!'5!'.,0!)3'!%)'*"-%!)$+)!*-('4.)%!
_.'.!+(('*)"!+FF-&"2-.)"?!.'.!/*'.)-!*"%/'%)-?!.'.!+4&+("!/+*',-?!.'.!+*14)"!2'))"?!.'.!
%(-2/"+!1'55+11".-?!.'.!1'55+!%(-2/"-DD+?!.'.!5+(-)+!".F-.D"'.-?!.'.!/"+(-F',-!'!
%)*+F+1+.)-!5".-?!.'.!,+!,-)"D"+!-)!",!('.)-.)'`!<4)!_5'('%"!%&-1."?!5-*'("!+((-.)"!&:"*+?!
".1"4*"'%-!/+*',-?!+.1'%("'%"!,+2-.)"?!*+<<"'%+!1-,'%"+?!1-,'%+!*+<<"+?!(*4&-,-!".F-.D"'.-?!
&"%/-*+)'!-)!".42+.'!5".-?!",!&"%/"+(-*-!-)!",!&','*-`!+.&!)$+)!".%/"*-%!.')!,+41$)-*?!<4)!)-+*%!
5*'2!)$-!J2')#/#?!*-+&-*%!+*-!+1+".!(+,,-&!)'!2'*+,!-F+,4+)"'.!'.,0!3$-.!)$-0!+*-!d'".-&!<0!
+!%(*"/)-&!+4&"-.(-!".!%$'(;!+)!+!/4<,"(!%/-()+(,-=SSN!C41,"-,2'!C*"2+,&"?!+!2"%-*,0!
2'.-0,-.&-*?!*"($!+5)-*!+!%',")+*0!,"5-!'5!/-..06/".($".1?!%)42<,-%!".d4*-&!+.&!*+".6%'+;-&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SSW !8+.5+.";(4%-%!V^=!
SSN !_@4-%)+!F',)+!&+"!<-1,"!'(($"!&-,,-!F+1$-!1"'F+."!)"*+)'!".!+<<'.&+.D+!1"u!,-!,+1*"2-?!-!
<+1.+)'!,'*'!,-!(','*")-!14+.("-!-)!",!&","(+)'!%-.'`![WW\=!
!
!
GPW!
!
!
!!!!!!!!!!!
'.-!."1$)!".)'!)$-!$'4%-!'5!8+D"'?!+!1',&%2")$!+.&!+,($-2"%)?!+.&!&"-%!)$-*-=!B5)-*!+!5-3!
+))-2/)%!+)!<*".1".1!$"2!<+(;!)'!,"5-?!8+D"'!%-+*($-%!C*"2+,&"!5'*!2'.-0!+.&!5".&%!5'4*!,"*-!
'.!$"%!/-*%'.?!+.&!)$-!;-0%!)'!$"%!$'4%-=!84,,0!+3+*-!'5!C*"2+,&":%!*-/4)+)"'.!'5!<-".1!+!
$-*2")!+.&!+!5",)$",0!*"($!2+.?!+.&!+5*+"&!'5!<-".1!%4%/-()-&!'5!+!$'2"("&-!$-!&"&!.')!
('22")?!8+D"'!)+;-%!C*"2+,&":%!;-0%?!-.)-*%!$"%!$'2-?!+.&!,"5)%!+!('55-*!'5!)$*--!$4.&*-&!
)$'4%+.&!1',&-.!%(4&"!5*'2!")?!)$-.!,'(;%!-F-*0)$".1!'.!%")-?!<4*"-%!C*"2+,&"!3")$!$"%!;-0%!
".!+!&"%(*--)!+,,-0!.-+*<0?!+.&!*-)"*-%!$'2-!3")$!$"%!5".&".1%=!
!
T-%/")-!$"%!&4<"'4%!<-$+F"'4*?!4/!4.)",!)$"%!/'".)?!8+D"'!"%!*-1+*&-&!;".&,0!E!'*!+)!
)$-!F-*0!,-+%)?!3")$'4)!%4%/"("'.=!a-!"%!+,'.-!".!$"%!$'4%-!3$-.!C*"2+,&"!+//-+*%?!$"%!3"5-!
$+F".1!1'.-!3")$!)$-"*!)3".!<'0%!)'!$-*!5+)$-*:%!$'4%-=!8+D"'!$+&!)*"-&!)'!(+,,!5'*!+%%"%)+.(-?!
<4)!$+&!5'4.&!.'!3").-%%-%!'4)!".!)$-!*+".=!a-!$+&!+()-&!'.!,'1"(+,!"2/4,%-!+.&!3+%.:)!
1*--&0U!".!+!$'4%-!&*"//".1!3")$!1',&!+.&!')$-*!)*-+%4*-%?!+,,!$-!)'';!3+%!+!('55-*!'5!1',&-.!
%(4&"?!d4%)!-.'41$!)'!2+;-!+!5'*)4.-!+.&!/4)!$"%!2"%-*+<,-!-7"%)-.(-!+%!+!3",&,0!
4.%4((-%%54,!+,($-2"%)!<-$".&!$"2=!L-%"&-%?!.'!'.-!2"%%-%!C*"2+,&"U!$-!&"-%!3")$'4)!+!
5+2",0?!".!+!(")0![9"%+\!)'!3$"($!$-!3+%!-7",-&!5*'2!'.-!'5!")%!1*-+)-%)!*"F+,%![C-.'+\=!8+D"'?!
'.!)$-!')$-*!$+.&?!$+%!+!3"5-!+.&!)3'!($",&*-.!".!$"%!(4%)'&0=!C*+DD"."!)*-+)%!$"2!
2-*("54,,0U!)$-5)!"%!.'!1*-+)!(*"2-=!
!
a"%!2-*(0!('.)".4-%!".)'!)$-!.-7)!/+*)!'5!)$-!%)'*0=!#'!,-1")"2+)-!$"%!.-35'4.&!
5'*)4.-?!8+D"'!/*-)-.&%!)'!$+F-!('.('()-&!)$-!/4*-%)!%",F-*?!+.&!'*1+."D-%!+!)*"/!)'!8*+.(-!
)'!%-,,!")=!a-!54*)$-*!('F-*%!$"%!)*+(;%!<0!*-.)".1!'4)!'.-!'5!$"%!/*'/-*)"-%!)'!%4<%"&"%-!$"%!
)*"/=!a"%!3"5-?!$'3-F-*?!"%!%4%/"("'4%!'5!$"%!.--&!)'!)*+F-,!)'!8*+.(-!)'!%-,,!$"%!5".&".1%?!%'!$-!
*-F-+,%!$"%!/,')!+.&!-.,"%)%!$-*!$-,/!)'!+($"-F-!$"%!1'+,=!a-!%-)%!'4)!)'!8*+.(-!+.&!&'-%!
-F-*0)$".1!.-(-%%+*0!)'!('.5"*2!$"%!.-3,0!-+*.-&!*"($-%!/4<,"(,0e!".!9"%+?!$"%!3"5-!%/*-+&%!
!
GPN!
!
!
!!!!!!!!!!!
)$-!3'*&e!/-'/,-!+*-!%$'(;-&!+)!$"%!1''&!,4(;!+.&!*-(-"F-!$"2!3+*2,0!4/'.!$"%!*-)4*.?!+!
F-*0!3-+,)$0!2+.=!>22-&"+)-,0?!$-!/*'(4*-%!+!2+.%"'.!+.&!&*-%%-%!$"%!5+2",0!".!)$-!5".-%)!
(,')$-%?!-2/,'0%!)3'!2+"&%!+.&!)3'!%-*F+.)%?!+.&!<40%!)3'!$'*%-%!+.&!$'*%-2-.=!!!!
!
>)!"%.:)!,'.1?!$'3-F-*?!<-5'*-!$"%!1''&!5'*)4.-!)4*.%=!#$'41$!$"%!)$-5)!3-.)!
4./4."%$-&!".!)$-!%)'*0:%!5"*%)!$+,5?!$"%!1*--&!E!+.&!$"%!3"5-:%!d-+,'4%0!6!+*-!)*-+)-&!,-%%!
($+*")+<,0=!a-!5+,,%!".!,'F-!3")$!'.-!'5!$"%!2+"&%?!,+!I+&&+,-.+?!-F-.)4+,,0!/*'2"%-%!)'!
2+**0!$-*?!)+;-%!$-*!'4)!'5!$"%!$'4%-!+.&!+3+0!5*'2!)$-!2+,"(-!'5!$"%!d-+,'4%!3"5-!+.&!,"F-%!
3")$!$-*!".!+!F",,+!".!)$-!('4.)*0%"&-=!a"%!3"5-?!2-+.3$",-?!2'*)+,,0!'55-.&-&!<0!8+D"':%!
<-$+F"'4*?!&-.'4.(-%!$"2!)'!)$-!/',"(-?!*-F-+,".1!)$-!5+,%-!+(@4"%")"'.!'5!$"%!5'*)4.-?!+.&!
+((4%".1!$"2!'5!24*&-*".1!C*"2+,&"!)'!%)-+,!$"%!2",,"'.%=!#$-!I+1"%)*+)-!5".&%!8+D"'!14",)0?!
"2/*"%'.%!$"2?!)'*)4*-%!$"2!)'!+!5+,%-!('.5-%%"'.?!('.&-2.%!$"2!)'!<-".1!&*+11-&!+*'4.&!
)$-!%)*--)%!'5!9"%+!<'4.&!%$+2-54,,0!)'!+!/0*-?!)$-.!@4+*)-*-&!/4<,"(,0?!+.&!('.5"%(+)-%!+,,!
$"%!/*'/-*)0!E!".(,4&".1!)$-!$'2-!'5!$"%!3"5-!+.&!($",&*-.=!>)!"%!+!)3"%)!$"%!3"5-!.-F-*!
-7/-()%!+.&!%$-!*-+()%!-**+)"(+,,0U!+5)-*!+((4%".1!)$-!I+1"%)*+)-!'5!1*'%%!2+,)*-+)2-.)?!%$-!
&*+1%!$-*!%'.%!)'!)$-!2+".!/"+DD+!'5!9"%+!)'!%--!)$-"*!5+)$-*!@4+*)-*-&!+.&!)'!$+F-!)$-2!<"&!
$"2!)$-"*!5".+,!5+*-3-,,%?!)$-.!%)+<%!)$-2!5+)+,,0!)$-*-?!<-5'*-!5".+,,0!;",,".1!$-*%-,5=!!
!
B%!+,3+0%?!C*+DD"."!%4%/-.&%!)$-!/4."%$2-.)!'5!$"%!/*')+1'."%)%!4.)",!$-!(+.!%4<d-()!
)$-2!)'!+!/4<,"(!%/-()+(,-=!8+D"'!"%!%-.)-.(-&!5'*!+!(*"2-!$-!.-F-*!('22")%?!<4)!/4."%$-&!
5'*!'.-!/-*$+/%!3'*%-!".!C*+DD".":%!F"-3=!a"%!,4(;!<-1".%!)'!%'4*!)$-!2'2-.)!$-!/4)%!
$"2%-,5!".)'!)$-!/4<,"(!-0-!+.&!5,+%$-%!$"%!5'*)4.-=!>)!"%!'.,0!'.(-!$"%!5+2-!1*'3%!%'!,+*1-?!
$"%!-7-(4)"'.!+((*4-%!+!5',,'3".1?!)$+)!C*+DD"."!&-+,%!$"2!)$-!5+)+,!<,'3?!3$",-!/4<,"(,0!
F".&"(+)".1!C*"2+,&"U!_9-*!,'!($-!&"-&-!",!I+1"%)*+)'!%-.)-.D+!($-!,:+,)*+!2+))".+?!5+((-.&'!
,-!(-*($"-!2+11"'*"!/-*!9"%+?!54%%-!+))+.+1,"+)'!-!5".+,2-.)-!%@4+*)+)'!F"F'!=!=!=!c!C41,"-,2'?!
!
GP^!
!
!
!!!!!!!!!!!
(+F+)'!&"!@4-,,+!F',)+?!5-(-*'!%'))-**+*-!".!%+1*+)'?!('.!2-*+F"1,"+!-!%)4/'*-!1*+.&"%%"2'!&"!
($"4.@4-!,'!F"&-=`SS^!C*"2+,&":%!&-+)$!"%!@4"-)?!+.&!1'-%!4.+(;.'3,-&1-&!5'*!0-+*%e!'.,0!
3$-.!")!"%!4.('F-*-&!<0!)$-!2+%%-%!(+.!8+D"':%!/4<,"(!-7-(4)"'.!<-!+($"-F-&U!!
J-..-!,:+,)*+!2+))".+?!-)!+,,:'*+!&-/4)+)+!%'/*+!4.!(+**'!,'!".5-,"("%%"2'!8+D"'?!
5+))'!/-*!)4))+!9"%+!,-!(-*($"-!2+11"'*"?!".!/"+DD+!('.&'))'?!%'/*+!4.!/+,($-))'!
+!/'%)+!5+))'?!<-%)-22"+.&'!%-2/*-!%s!-!,+!"."@4+!2'1,"-?!&+,!2+."1',&'!".!
/*-%-.D+!&"!)4))'!",!/'/','!54!%@4+*)+)'e!-!&"/'"!".%"-2-!*"&'))'?!-!%'/*+!",!
2-&-%"2'!/+,($-))'!+(('.("'?!54!&"%)-%'?!($-!@4"F"!)4))'!,:+F+.D'!&-,!1"'*.'!
%)-))-?!+!-%-2/"'!&-"!*-"!-!2+,F+1"!4'2"."=SSO!!
Y)",,?!+.&!&-%/")-!)$"%!4.-@4"F'(+,!/-.")-.(-?!C*+DD"."!"%!.')!%+)"%5"-&!)'!/*'F"&-!$"%!*-+&-*%!
3")$!+!('2/,-)-,0!4.+2<"14'4%!2'*+,!,-%%'.=!8+D"':%!-7-(4)"'.!"%!"22-&"+)-,0!5',,'3-&!<0!
)$-!/4<,"(!%/-()+(,-!'5!$"%!3"5-:%!5","("&-!+.&!%4"("&-=!#$-!%'.%:!)*+1"(!&-+)$%!+*-!3$+)!
C*+DD"."?!$"%!+4&"-.(-?!+.&?!<0!-7)-.%"'.?!$"%!*-+&-*%?!4,)"2+)-,0!2'4*.=!Y)",,?!+.&!&-%/")-!
C*+DD".":%!-+*,0!+))*"<4)"'.!'5!*-%/'.%"<",")0!)'!_4.+!5-22".+?!+.('*+!($-!-,,+!.'.!54%%-!.s!
"2/-*+&*"(-!.s!*-".+!.s!/*".("/-%%+?!&"%/-*+)+!-!%+.14".'%+?`!")!"%!4.(,-+*!3$+)!)$-!/*'/-*!
(+4%-!'5!")!E!3$-)$-*!8+D"':%!1*--&?!$"%!3"5-:%!d-+,'4%0?!$"%!_/+)-*.'!%+.14-`!'*!$-*!(*4-,)0!E!
"%=SSQ!!>.!)$-!2"&%)!'5!)$-!3-<!'5!<,+2-?!C*+DD"."!(+,,%!$"%!*-+&-*%?!3")$!$"%!+4&"-.(-?!'.,0!)'!
%455-*!)$-!,'%%!'5!"..'(-.)!,"F-%U!
A-!/-*%'.-!($-!-*+.'!@4"F"!".)'*.'?!("h!F-11-.&'?!,+%%u!1*"&+.&'!('*%-*'?!-!"!
&4-!2"%-*"!5*+)-,,"."!-!,+!&"%/-*+)+!2+&*-!)*'F+*'.'!($-!&+F+.'!"!)*+))"!
+1'DD+)"!+!14"%+!&"!%-2/,"("!+1.-,,"=!>,!*'2'*-!-!,-!1*"&+!%4<")'!%"!,-F+*'.'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SS^ !8+.5+."?!4%-%!WG=!
SSO !8+.5+."?!4%-%!WV=!
SSQ !8+.5+."?!4%-%!SG=!
!
GPO!
!
!
!!!!!!!!!!!
+,)"%%"2-?!-!/-*!)4))+!9"%+!%"!%/+*%-!".!4.!)*+))'!,+!(*4&-,-!.'F-,,+e!)+,($s!,-!
1-.)"?!/"+.1-.&'?!('**-F+.'!,l!/-*!F-&-*-!4.'!('%k!%/+F-.)'%'!-!'**"<","%%"2'!
%/-))+(','?!&'F-!",!/+&*-!-!,+!2+&*-!('.!&4-!,'*'!('%k!<-,,"!-!<"'.&"!5"1,"',"."!
-2/"+2-.)-!5-*")"?!-!(*4&-,"%%"2+2-.)-!".%+.14".+)"?!2'*)"?!,:4.'!%'/*+!
,:+,)*'!+))*+F-*%+)"!1"+(-F+.'!=!=!=!>!/"+.)"?!"!,+2-.)"!-!,-!%)*"&+!".)+.)'!-*+.'!)+,"!
-!('%k!5+))-!/-*!)4))+!,+!("))l?!($-!/+*-F+!($-!&'F-%%-!5"."*-!",!2'.&'U!-!%'/*+!
)4))'!&',-F+!+"!/'/',"!,+!2'*)-!&-"!&4-!"..'(-.)"!5*+)-,,"."?!($-?!%-.D+!(',/+!'!
/-((+)'?!)*'//'!".42+.-2-.)-!&-,!/+)-*.'!%+.14-!-!&"!@4-,,'!&-,,:-2/"+!
2+&*-!)".)"!-!2+(($"+)"?!".!)-**+!2'*)"!%)+F+.'?!".!14"%+!($-!/+*-F+!($-!
&'*2"%%-*'?!+F-.&'!,+!)-.-*+!1',+!+/-*)+e!-!&"!@4-,,+!(+,&'!-!*'%%"%%"2'!
%+.14-!1-2-.&'?!)+.)+!.-"!/-))"!&-"!*"14+*&+.)"!-!&'1,"+!-!('2/+%%"'.-!
2-))-F+.'?!($-!($"!*")-.-*!+F-%%-!/')4)'!,-!,+1*"2-!-!",!/"+.)'?!'!%+%%'!'!5-**'?!
/"u!)'%)'!($-!('*/'!42+.'?!%"!%+*-<<-!/')4)'!&"*-U!/-*("'(($i!",!(*4&'!-!
%(-,,-*+)'!%/-))+(','!+*-<<-!/')4)'!&-%)+*-!+,(4.'!%/"*")'!&"!/"-)+!.-,,+!
(*4&-,)+&-!%)-%%+=SSP!
Z-+&-*%!(+.!*-,0!'.,0!'.!)$-!+4&"-.(-:%!/+*)"("/+)"'.!)'!)+;-!)$-!(4-!5'*!)$-"*!'3.=!C*+DD"."!
4%-%!.'.-!'5!$"%!(4%)'2+*0!)*"(;%!$-*-=!a"%!/*')+1'."%)%!+*-?!<0!+.&!,+*1-?!".('.%"%)-.)!3")$!
$"%!4%4+,!)+*1-)%?!3$"($!C*+DD"."!"%!(+*-54,!)'!4.&-*,".-!<-5'*-!A-+.&*':%!.+**+)"'.!-F-.!
<-1".%=!a-!3*")-%U!mc!@4+.)4.@4-!-1,"!.'.!+((+&-%%-!.s!".!C*-("+?!.s!".!Z'2+?!.s!+!/-*%'.-!
&"!+,)+!/*'1-."-!'!&"!*-1+,-!%)*"/-?!/4*-!('%k!54!+//4.)'!('2-!"'!F-!,'!*+(('.)-*hU!-!F-&*-)-!
($-!.-,,-!42","!-!<+%%-!(+%-?!('%k!('2-!.-:!%4/-*<"!/+,+1"!-!%'))'!"!&'*+)"!)-))"?!",!54*'*-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SSP !8+.5+."?!4%-%!WV6WS=!
!
GPQ!
!
!
!!!!!!!!!!!
)*+1"('!+.('*+!+,<-*1+=`SWR!!#$-!1*')-%@4-.-%%!'5!)$-"*!&-+)$!-,"(")%!+!*-+()"'.!".)-.&-&!)'!
'4)3-"1$!)$-!+))*"<4)"'.!'5!<,+2-!)'!+.0!($+*+()-*=!
!
8+D"':%!5+,%-!('.5-%%"'.!$-*-?!".!>=F?!5'*-%$+&'3%!)$-!*-+,!('.5-%%"'.!)$+)!'((4*%!'.,0!
)3'!.'F-,,-!,+)-*=!>.!8",-.':%!)+,-?!8,'*-.(-:%!(,+%%"(!*"F+,*0!3")$!Y"-.+!*"%-%!)'!)$-!%4*5+(-!".!
+!/*','.1-&!+.&!)3'63+0!<-55+!<-)3--.!+!Y"-.-%-!/*"-%)!+.&!+!8,'*-.)".-!+,)+*!<'0?!<')$!
%-*F".1!)$-!/"-F-!+)!9*+)'=!L-(+4%-!<')$!2-.!+*-!0'4.1!+.&!<-(+4%-!)$-!+,)+*!<'0?!",!
8"'*-.)".'?!m-*+!.'.&"2-.'!%+1+(-!-!2+,"D"'%'!-!<"DD+**-))'!+,@4+.)'!=!=!=!('.!/*-)-!9"-*'!=!=!=!
%)+F+!%-2/*-!".!,")"1d!-!".!@4"%)"'.-=`!H.-!."1$)?!+5)-*!+,,!$+F-!1'.-!)'!<-&?!/*-)-!9"-)*'?!)'!
/4)!",!8"'*-.)".'!".!$"%!/,+(-?!%.-+;%!".)'!)$-!($4*($!(*0/)?!*-2'F-%!+!0'4.1!3'2+.!
/*-/+*-&!5'*!<4*"+,!d4%)!)$+)!&+0!5*'2!$-*!*-%)".1!%/')?!+.&!)"-%!$-*!)'!)$-!(,+//-*!'5!)$-!
($4*($<-,,!",!8"'*-.)".'!(4%)'2+*",0!*".1%!)'!+..'4.(-!)$-!2'*.".1!2+%%?!$-*!5--)!&+.1,".1!
d4%)!<-0'.&!)$-!<-,,:%!,"/!".!%4($!+!3+0!)$+)!)$-0!3'4,&!$")!",!8"'*-.)".'!%@4+*-,0!".!)$-!
$-+&!3$-.!$-!3-.)!)'!/4,,!'.!)$-!<-,,:%!*'/-=!9*-)-!9"-)*'!3+")%!".!)$-!3".1%!5'*!$"%!/,+.!)'!
)+;-!-55-()!+.&!*-d'"(-%!3$-.?!)$-!.-7)!2'*.".1?!",!8"'*-.)".'!"%!5*"1$)-.-&!3")$".!+.!".($!'5!
$"%!,"5-!+.&!5,--%=!j4")-!('.)-.)!3")$!$"2%-,5?!)$-!/*"-%)!*-)4*.%!)'!<-&=!L4)!",!8"'*-.)".'!
%''.!&"%('F-*%!)$-!)*"(;!+.&!&-F"%-%!+!3+0!)'!%,"/!".)'!)$-!/*"-%):%!<-&*''2!+.&!/,+.)!)$-!
1"*,:%!&-+&!<'&0!".!<-&!3")$!$"2=!9*-)-!9"-)*'!+3+;-.%!+!5-3!$'4*%!,+)-*!+.&?!,";-!]-*"!
M$"+*+2'.)-%"!".!>="""?!%455-*%!+!%-*"-%!'5!('.%-(4)"F-!$42","+)"'.%=!8"*%)?!$-!&"%('F-*%!)$-!
&-+&!1"*,!<-%"&-!$"2!+.&?!)$".;".1!$"2%-,5!$+4.)-&!<0!$-*!1$'%)!5'*!)$-!%".!$-!('22"))-&!
)$-!."1$)!<-5'*-?!*4%$-%!'4)!'5!<-&!+.&?!".!$"%!$+%)-!)'!*-/'*)!$"%!F"%"'.?!5+,,%!&'3.!)$-!
%)+"*%!'5!$"%!@4+*)-*%?!<*-+;".1!+.!+*2!+.&!+!*"<?!+.&!".d4*".1!$"%!$-+&!".!)$-!/*'(-%%=!a"%!
)42<,-!&*+3%!+!(*'3&U!)$-!9*"'*?!)$-!$-*+,&?!+.&!)$-!2+"&!+,,!*4%$!)'!$"%!%"&-?!/*'F"&".1!",!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SWR !8+.5+."!SG=!
!
GPP!
!
!
!!!!!!!!!!!
8"'*-.)".'!3")$!)$-!/-*5-()!'//'*)4.")0!)'!*-2'F-!)$-!&-+&!<'&0!5*'2!/*-)-!9"-)*':%!*''2!
+.&!*-%)'*-!$-*!)'!$-*!*-%)".1!/,+(-!<-5'*-!%$-!(+.!<-!&"%('F-*-&=!B5)-*!*".1".1!)$-!<-,,%!5'*!
)$-!*'%+*0!2+%%?!",!8"'*-.)".'!"%!+%;-&!)'!%422'.!+!&'()'*!+.&!d'".%!$"2?!)''?!+)!/*-)-!
9"-)*':%!%"&-=!#$-!/*"-%)!$+%!*-54%-&!)'!1'!<+(;!)'!$"%!*''2?!+.&!-7/,+".%!3$0?!<4)!<0!)$-!
)"2-!)$-!/*-2"%-%!+*-!".%/-()-&!5'*!5'4,/,+0?!)$-!<'&0!$+%!<--.!*-2'F-&!5*'2!$"%!<-&?!+.&!
/*-)-!9"-)*'!+//-+*%!)'!$+F-!,'%)!$"%!2".&!-.)"*-,0?!'*!%"2/,0!%455-*-&!5*'2!+!."1$)2+*-!
+.&!+!<+&!."1$):%!%,--/=!!
!!!
H.(-!$-!"%!2-&"(+)-&?!/*-)-!9"-)*'!".%"%)%!'.!*-('4.)".1!)$-!3$',-!)+,-!)'!&"%('F-*!
)$-!%'4*(-!'5!$"%!&"%('25'*)?!_-!".!/*-%-.D+!&"!)4))"?!)4))'!@4-,,'!($-!/-*!5+*!/+4*+!+,!
8"'*-.)".'!'/-*+)'!+F-F+?!-!@4-,,'!($-!1,"-.-!-*+!".)-*F-.)4'?!/*-1+.&'!",!D"'!-!m,!($-*"('!
($-!54%%-*'!('.)-.)"!&"!F',-*1,"!/-*&'.+*-?!+//+,-%h=`SWG!L4)!",!8"'*-.)".'!&-."-%!)$-!/*"-%):%!
(,+"2%?!+&&".1!'.,0!)$+)!_+!2-!@4-%)+!.'))-!.'.!$+"!5+))'!.s!/+4*+!.s!('%+!."4.+!($-!"'!
%+//"+=`!#$-!+,)+*!<'0:%!*-+()"'.!'.,0!54*)$-*!/*'F';-%!)$-!/*"-%)?!3$'!+1+".!*4.%!)$*'41$!
)$-!54,,!%-*"-%!'5!-F-.)%=!L4)!",!8"'*-.)".'!)+;-%!/*-)-!9"-)*'!)'!)$-!($4*($!(*0/)!+.&!%$'3%!
$"2!)$-!1"*,!<4*"-&!)$-*-?!+%!"5!%$-:&!.-F-*!<--.!)'4($-&=!c%('*)-&!<+(;!)'!<-&?!/*-)-!9"-)*'!
*-)*-+)%!".)'!+!2-,+.($',0!5")!'5!+.1-*?!54*0?!+.&!&-2'."(!/'%%-%%"'.!)$+)!4,)"2+)-,0!,-+&%!
$"2!)'!)$*'3!$"2%-,5!".)'!)$-!('4*)0+*&!5*'2!$"%!3".&'3?!&0".1!'.!"2/+()=!
!
>)!"%!+!$+*%$!/4."%$2-.)!5'*!+!/*"-%)!3$'%-!'.,0!-**'*!3+%!)'!/,+0!+!)*"(;?!,";-!%'!
2+.0!')$-*%?!'.!$"%!d4."'*=!C*+DD"."!&'-%!.')!%/+*-!",!8"'*-.)".'!/-.+.(-U!$-!"%!+%;-&!)'!
,-+F-!9*+)'!+.&!*-)4*.%!)'!8,'*-.(-!)'!%-*F-!+)!Y+.!9"-*'!I+11"'*-=!I'*-!%"1."5"(+.)!)$+.!
$"%!-7/4,%"'.!5*'2!9*+)'?!$'3-F-*?!"%!)$-!-)-*.+,!1"5)!'5!1+<!C*+DD"."!5".+,,0!+55'*&%!$"2U!_".!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SWG !8+.5+."!4%-%!NN=!
!
VRR!
!
!
!!!!!!!!!!!
/*'(-%%'!&"!)-2/'!*+(('.)h!/"u!&"!2",,-!F',)-!@4-%)+!%)'*"+!/-*!.'F-,,+?`!".!+.!".&-5".")-!
-7)-.%"'.!'5!/*-)-!9"-)*':%!/4<,"(!$42","+)"'.=SWV!!
#$-!('2/,"(")!*-,+)"'.%$"/!<-)3--.!*-+&-*!+.&!%(*"/)-&!+4&"-.(-!('.)".4-%!".)'!)$-!
%-('.&!4%-#;(<4)!"%!".5".")-,0!('2/,"(+)-&!)$-*-?!-F-.!+)!")%!2'%)!%)*+"1$)5'*3+*&=!#$-!
%-('.&!-F-.".1!'5!%)'*0)-,,".1!'/-.%!('25'*)+<,0=!>.!>>="?!)$-!&*'3.-&!<'&0!'5!+!3-+,)$0!
A+DD-*'!&"!I",+.'!"%!2"%)+;-.!5'*!)$+)!'5!$"%!.-"1$<'4*!C+<*"-,,'!3$'?!+%%42".1!A+DD-*':%!
"&-.)")0!E!+.&!-7(-%%"F-!*"($-%!E!*-2+**"-%!$"%!3"5-!".!)$"%!.-3!14"%-!+.&!)+;-%!*-%"&-.(-!
3")$!$-*!+.&!)$-"*!5+2",0!".!)$-!&-(-+%-&!2+.:%!,+F"%$!$'2-=!a-*-?!)$-!/-*"'&!'5!1*"-5!)$+)!
5',,'3%!"%!@4"(;,0!'4),"F-&!<0!)$-!d'0!)$+)!"22-&"+)-,0!('2-%!'5!)$-!(-,-<*+)-&!.4/)"+,%=!
C*+DD".":%!%(*4/,-%!+*-!,-%%!".!@4-%)"'.!$-*-?!$'3-F-*U!Y"*!A+DD-*'!"%?!5'*!+,,!".)-.)%!+.&!
/4*/'%-%?!+!1*42/0!2+.!3")$!.'!*-,+)"F-%!+.&!5-3!5*"-.&%=!a"%!&-+)$!,-+F-%!)$-!&''*!)'!$"%!
*"($-%!'/-.!)'!/''*!C+<*"-,,'?!$"%!'.,0!5*"-.&?!3$'!(+.!<+*-,0!;--/!$"%!5+2",0!+5,'+)!
5".+.("+,,0=!#$-!$+//0!-.&".1!'5!)$-!.'F-,,+!%--2%!d4%)"5"-&!+.&!)$-!,+41$)-*!)$+)!
+(('2/+."-%!")?!)''=!!
!!
H.!)$-!)*+1"(!-.&!'5!)$-!%/-()*42?!+.&!%,"1$),0!2'*-!2'*+,,0!+2<"14'4%?!>>=F!)-,,%!)$-!
)+,-!'5!M4**+&'?!A'*&!'5!8"-%',-?!_%"1.'*-!1"4%)'!-!,"<-*+,-?!-!)-.4)'!(+*'!-!+2+)'!2',)'!&+"!
%4'"!("))+&"."`!3$'!&"%('F-*%!$"%!.-3!E!+.&!24($!0'4.1-*!E!%-('.&!3"5-?!#"<-*"+?!".!)$-!
".)"2+)-!-2<*+(-!'5!$"%!)$-.!-"1$)--.!0-+*6',&!%'.?!Y-*1"'=!H4)*+1-&!+)!)$"%!&'4<,-6
<-)*+0+,?!M4**+&'!%422'.%!)$-!Y$-*"55?!$"%!3$',-!5+2",0?!+.&!$"%!<+.&!'5!*'14-%!)'!".5,"()!
2'*)+,!/4."%$2-.)!'.!#"<-*"+!+.&!Y-*1"'U!+5)-*!%4/*"%".1!)$-!/+"*!'5!,'F-*%!".!<-&!+.&!
<".&".1!)$-2!)'!-+($!')$-*!<0!)$-"*!5--)!+.&!$+.&%?!M4**+&'!'*&-*%!)$-!<*4)+,!('2/+.0!)'!
1'41-!'4)!)$-"*!-0-%?!%."/!'4)!)$-"*!)'.14-%?!+.&?!5".+,,0?!,'/!'55!)$-"*!5--)!+.&!$+.&%!<-5'*-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SWV !8+.5+."?!4%-%!N^=!
!
VRG!
!
!
!!!!!!!!!!!
/,+(".1!)$-2!<+(;!".!)$-"*!<-&!'5!14",)=!#$-!.-7)!2'*.".1?!)$-!".$+<")+.)%!'5!8"-%',-!+,,!*+,,0!
+*'4.&!)$-!('.&-2.-&!/+,+(-!)'!2'4*.!)$-!*-/'*)-&!&-+)$%!+.&?!_%/+F-.)+)"!-!%<"1'))")"!
/-*!,:".+4&")+!-!".('2/+*+<",-!".42+.")l!q&-,!/*".("/-r`!$4.)!&'3.!)$-"*!,'*&?!5".&!$"2!
$"&".1!".!+!5"-,&!'5!3$-+)?!)"-!$"2!)'!+!%)+;-?!+.&!%)'.-!$"2!)'!&-+)$=!
!
B1+".!$-*-?!")!"%!C*+DD".":%!+4)$'*"+,!*-+()"'.!)'!$"%!($+*+()-*%:!)*+.%1*-%%"'.%!*+)$-*!
)$+.!)$-!)*+.%1*-%%"'.%!)$-2%-,F-%!)$+)!*-F-+,%!)$-!('2/,-7")0!'5!$"%!1*')-%@4-!+//+*+)4%=!
#"<-*"+!+.&!Y-*1"'!+*-?!'5!('4*%-?!/4."%$-&!5'*!)$-"*!+&4,)-*0?!<4)!-F-.!".!$"%!(*4-,)0?!
C*+DD"."!&-+,%!3")$!)$-2!2-*("54,,0!+.&!($+*")+<,0=!8*'2!)$-!5"*%)?!$-!"%!'.!)$-"*!%"&-U!'4)!'5!
*-%/-()!5'*!$"%!5+)$-*!+.&!%)-/62')$-*?!,'F-%"(;!Y-*1"'!$"&-%!$"%!",,.-%%!+)!+,,!('%)%?!-F-.!)'!
$"2%-,5?!4.)",!#"<-*"+!&"*-(),0!('.5*'.)%!$"2!+<'4)!")=!#$-!,'F-*%!('.5-%%!+.&!('.%42-!)$-"*!
,'F-!&"%(*--),0?!+.&!+*-!+55'*&-&!%-F-*+,!2'.)$%!'5!.-+*6/*"F+)-!<,"%%=!X$-.!-F-.)4+,,0?!
)$-"*!,4(;!)4*.%?!C*+DD"."!<,+2-%!)$-"*!5+)-!.')!'.!)$-"*!+()"'.%?!<4)!'.!5'*(-%!-7)-*.+,!)'!
)$-2!<')$U!)$-!(+/*"(-!'5!8'*)4.-?!+.&!)$-!%4&&-.!".$42+.")0!'5!)$-"*!,'*&?!Y"1.'*!
M4**+&'=SWS!cF-.!)$-"*!&-+)$?!+)!)$-!$+.&%!'5!M4**+&'?!_/-*!,+!*+<<"+!&"F-.)+)'!".%+.'!-!
54*"'%'`!"%!"&-+,"D-&=!C*+DD"."!3*")-%?!".!+!*+*-!2'2-.)!'5!.+**+)'*"+,!+.&!+4)$'*"+,!
".)*4%"'.U!
>!/'F-*"!%5'*)4.+)"!+2+.)"?!%-.D+!,".14+?!%-.D+!'(($"?!%-.D+!2+."!-!/"-&"!
)*'F+.&'%"?!-14+,2-.)-!/-*!%-))-!/+*)"!&-,!('*/'!+!("+%($-&4.'!4%(-.&'!",!
%+.14-?!-*+.'!@4+%"!F-.4)"!+,,+!5".-!&-,,+!F")+!,'*'=!]'.&"2-.'?!4&")-!,:4,)"2-!
/+*',-!&"!M4**+&'?!-!%-.)")'!%1'2<*+*-!,+!(+2-*+!-!%-**+*!,:4%("'?!+,!)+%)'!
%:-*+.'!)*'F+)"e!-!('.!"!2'DD"('."!+<<*+(("+)"%"?!,:4.+!<'((+!+,,:+,)*+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SWS !I+!,+!5'*)4.+?!.-2"(+!&-:!<-."!42+."?!&"%)4*<+)*"(-!&-"!/"+(-*"!)-**-."?!-!('.)*+*"+!+,,-!
F'1,"-!&-"!2'*)+,"?!".!14"%+!%"!('.)*+/'%-!+,,+!,'*!1"'d+?!($-!&'F-!-*+.'!",!/"u!5-,"("!($-!%"!
)*'F+%%-*,'!+,!2'.&'?!".!<*-F-!54*'.'!"!/"u!2"%-*"`![8+.5+."?!4%-%!GWN\=!
!
!
VRV!
!
!
!!!!!!!!!!!
+(('%)+.&'?!-!*-%)*".1-.&'%"!",!/"u!($-!/')-F+.'!".%"-2-?!&','*'%+2-.)-!,+!
2'*)-!+%/-))+F+.'=!T-$!('.%"&-*+)-?!/"-)'%-!&'..-?!%-!2+"!4&"%)-!'!,-11-%)-!
",!/"u!(*4&-,-?!",!/"u!&"%/-*+)'!-!",!/"u!".42+.'!(+%'!&"!@4-%)'y!T'F-!1"+22+"?!
&'F-!"!/k4!%(-,,-*+)"!&-,!2'.&'!('.!)+.)+!+(-*<+!/-.+?!('.!)+.)'!+2+*'!&4','?!
-!('.!)+.)'!&"%/-*+)'!%4//,"D"'!%"!/4."*'.'?!@4+.)'!('%)'*'o!n!M'2-!.'.!
%:+/-*%-!,+!)-**+?!('2-!.'.!(+&&-*'!,-!%)-,,-?!('2-!.'.!*'F".h!",!("-,'!+,!
)-**"<",-?!-2/"'!-!%(-,,-*+)'!%/-))+(','o!j4+,!I+4*'?!@4+,!#4*('?!@4+,!
A-%)*"1'.-?!@4+,!84*"+!".5-*.+,-?!@4+,!T-2'."'!%"!%+*k+!"22+1".+)'!2+"?!.'.!
($-!2+.&+)'!+&!-55-))'?!4.+!%k!(*4&-,-!-!%/+F-.)'%+!2'*)-o!B$"!%5'*)4.+)"!-!
2"%-*"!+2+.)"y!B!F'"!.'.!/4*-!.-,,:4,)"2'!F'%)*'!5".-!.'.!54!('.(-%%'!/')-*F"!
*+22+*"(+*-?!-!%5'1+.&'!&',-*F"?!.s!('.5'*)+*-?!.s!('.%"1,"+*"!,:4.!,:+,)*'!=!=!=!
B$"!".5-,"("%%"2"y!>.!F'"!+,)*'!($-!)*'F+*!%+.14-!('.!%+.14-?!".)-.%+!-!".5".")+!
/+%%"'.-!.'.!-<<-!,4'1'U!+,2-.'!J-.-*-!/"-)'%+!,:+."2-!F'%)*-!+((',1+?!-!.-,!
)-*D'!("-,'!14"&+.&',-?!F"!&"+!1*+D"+!&"!%-2/*-!%)+*-!".%"-2-?!('2-!2-*")+!",!
F'%)*'!5-*F-.)"%%"2'!+2'*-=SWW!
#$-!,'F-*%!)$4%!-+*.!E!'*!1*+)4")'4%,0!*-(-"F-!E!)$-"*!$+//0!-.&".1!".!)$-!.-7)!3'*,&=!Y)",,?!
+.&!&-%/")-!)$-!<*4)+,!&-+)$!$-!"%!&-+,)?!M4**+&':%!)*-+)2-.)!".!)$-!,+))-*!$+,5!'5!)$-!.'F-,,+!
"%!%-F-*-,0!('2/*'2"%-&!<0!$"%!+()"'.%!".!)$-!5'*2-*=!C*+DD"."!/*-%-.)%!$"2!5"*%)!+%!+!
<-,'F-&!,-+&-*!+.&!(-,-<*+)-&!,'(+,!5"14*-?!.-7)!+%!+.!'<,"1".1!$4%<+.&?!)$-.!+%!+!&')".1!
5+)$-*=!cF-.!'.(-!$-!&"%('F-*%!$"%!3"5-:%!".5"&-,")0!+.&!$"%!%'.:%!<-)*+0+,?!$-!;--/%!$"%!
('2/'%4*-!,'.1!-.'41$!)'!4.&-*,".-!)$-!4.d4%).-%%!'5!$"%!2"%)*-+)2-.)!+.&!)$-!
".1*+)")4&-!'5!)$'%-!*-%/'.%"<,-!5'*!")=!#$-"*!,'F-!"1.")-%!)$-!d-+,'4%!*+1-!)$+)!%)*"/%!$"2!'5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SWW !8+.5+."?!4%-%!GWP6GNR=!
!
VRS!
!
!
!!!!!!!!!!!
$"%!$42+.")0!E!_".&4*+)'!('%k!.-,,+!(*4&-,)l?!=!=!=!-1,"!.'.!%"!%-.)"F+!+//-.+!&"!-%%-*-!4'2'`!
E!)4*.%!$"%!%4<d-()%!+1+".%)!$"2?!+.&!%-.)-.(-%!$"2!)'!&-+)$=SWN!Y)",,?!")!"%!)$-"*!,'F-!)$+)!
)*"42/$%!+)!)$-!-.&!'5!)$-!)+,-?!)$-"*!,'F-!)$+)!"%!2'4*.-&!<0!)$'4%+.&%!+)!)$-!(+%),-!&''*%?!
)$-"*!,'F-!)$+)!".!)$-"*!d'".)!<4*"+,?!'F-*%$+&'3%!)$-!&-%)*4()"'.!'5!8"-%',-!)$+)!-F-.)4+,,0!
5',,'3%!)$-"*!&-+)$=SW^!!!
!
>.!2+.0!3+0%?!M4**+&':%!/4."%$2-.)!%--2%!3-,,!2+)($-&!)'!$"%!-7(-%%"F-!5'*(-!+.&?!
1"F-.!$"%!%)+)"'.!+.&!C*+DD".":%!/',")"(+,!".(,".+)"'.%?!2"1$)!<-!-7/-()-&=!L4)!C*+DD"."!"%!
(+*-54,?!".!)$-!%-('.&!(-.+!+%!".!$"%!('2-&"-%?!)'!*-F-*%-!$"%!+4&"-.(-:%!+%%42/)"'.%!+%!
@4"(;,0!+%!)$-0!+*-!5'*2-&=!#$-!)3".!%)'*"-%!'5!>>=F""!+.&!>>=F"""!54.()"'.!)'1-)$-*!)'!)$"%!-.&=!
L')$!+*-!)+,-%!'5!5*+)-*.+,!/*')-()"'.!+.&!".)-*F-.)"'.!+1+".%)!+!%"%)-*:%!4.3+.)-&!%4")'*e!
<')$!(-.)-*!+*'4.&!+!<-55+!/,+0-&!'.!+.!4.3"))".1!('4*)"-*!3$'?!".!-+($?!"%!+!F-*0!)0/"(+,!
2-2<-*!'5!C*+DD".":%!/+,-))-!'5!+.)+1'."%)%!E!)$-!'.-!"%!+!/-&+.)?!)$-!')$-*!+!/*"-%)=!H.,0!
)$-"*!-.&".1%!+*-!F+%),0!&"%%'.+.)=!>.!>>=F""?!B1',+.)-!".)-*(-/)%!+!,'F-!,-))-*!".)-.&-&!5'*!$"%!
0'4.1!%"%)-*?!8"+22-))+?!/-..-&!<0!+!;.'3.!/-&+1'14-!5*'2!.-"1$<'4*".1!J+,&+*.'?!
#+&&-'=!>.(-.%-&!+)!#+&&-':%!1+,,?!B1',+.)-?!)'1-)$-*!3")$!$"%!5*"-.&!A+2<-*)'!+.&!+!<+.&!
'5!5-,,'3!%4//'*)-*%?!+**+.1-%!)'!/,+0!+!<-55+!'.!$"%!%"%)-*:%!%4")'*!)$+)?!+%!/-*!5'*2?!4.5',&%!
-7/'.-.)"+,,0!".)'!('.)".'4%!$42","+)"'.?!<')$!/4<,"(!+.&!/*"F+)-?!+%!)$-!.'F-,,+!/*'(--&%=!
>.!$"%!%"%)-*:%!.+2-![+.&!/-*%'.+\?!$-!".F")-%!#+&&-'!)'!d'".!8"+22-))+!".!$-*!*''2!)$+)!
-F-.".1!+.&!-.d'0!$-*!-2<*+(-%!)$-*-=!H.,0?!'.(-!)$-!/-&+1'14-!+**"F-%?!$-!"%!+))+(;-&!<0!
B1',+.)-:%!)*''/!'5!&"%14"%-&!2-.?!<-+)-.?!+.&!,-5)!<,--&".1!+.&!.+;-&?!5--)!+.&!$+.&%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SWN !8+.5+."?!4%-%!GWP=!
SW^ !C*+DD"."!('.(,4&-%!$"%!.'F-,,+!<0!-7/,+".".1!)$+)!_,:+,)*'!1"'*.'!"!/*"2"!-!"!/"u!F-(($"!
("))+&"."?!.-,!/+,+1"'!*+14.+)"%"?!.'.!%-.&'!($"!%4((-&-*-!+,,+!%"1.'*k+?!/-*!.'.!+F-*!
M4**+&'!,+%("+)'!-*-&-?!%+F"+2-.)-!'*&".+*'.'?!*"&4(-.&',+!*-/4<<,"(+?!-!('%k!%)-))-!)+.)'?!
($-!5".+,2-.)-!&+"!Z'2+."!54!&"%)*4))+`![8+.5+."?!4%-%!GNG\=!
!
VRW!
!
!
!!!!!!!!!!!
<'4.&?!".!8"+22-))+:%!<-&*''2=!a-!"%!.-7)!<,".&5',&-&!+.&!<*'41$)!)'!)$-!I-*(+)'!J-(($"'!
3$-*-?!$"%!<,".&5',&!)-2/'*+*",0!*-2'F-&?!$-!3+)($-%!+%!+.!-55"10!&*-%%-&!".!$"%!'3.!
(,')$-%!+.&!+&'*.-&!3")$!+!%"1.!+*'4.&!")%!.-(;!+((4%".1!$"2!'5!+))-2/)-&!%'&'20!"%!)"-&!
+*'4.&!+!(',42.!+.&!,-5)!)$-*-?!$-+&!('.(-+,-&=!B)!&+3.?!+!2'*+,,0!+.&!/$0%"(+,,0!&-/,-)-&!
#+&&-'!5',,'3%!B1',+.)-!+.&!A+2<-*)'!".)'!+!%)+,,!+)!$"%!2+%)-*:%!$'4%-!+.&!"%!+1+".!,-5)!5'*!
&-+&!)$-*-?!.+;-&?!+.&!"22'<",-?!3$",-!+,,!'5!8,'*-.(-!2+*F-,%!+)!)$-!%/-()+(,-!'5!$"%!-55"10!
E!3$"($!.'!'.-!&+*-%!)'4($!E!".!)$-!.-+*<0!/"+DD+=!T-%/")-!)$-"*!+//+,,".1!)*-+)2-.)!'5!
#+&&-'!E!-F-.)4+,,0?!)$-0!1'!<+(;!)'!,"<-*+)-!$"2!<4)!.')!<-5'*-!4*".+)".1!+,,!'F-*!$"%!<'&0!
+.&!%-))".1!$"%!<-+*&!'.!5"*-!6!B1',+.)-!+.&!A+2<-*)'!1-)!+3+0!3")$!)$-"*!(*"2-=!#+&&-':%!
2+%)-*?!$+F".1!*-('1."D-&!$"%!/4/",!".!)$-!-55"10:%!(,')$".1?!*-/'*)%!)$-!".("&-.)!)'!)$-!
I+1"%)*+)-e!B1',+.)-!+.&!A+2<-*)'!)+;-!&'3.!)$-!-55"10?!-F-.)4+,,0!('.5-%%!)$-"*!14",)!6!
)$'41$!)$-0!+*-!(+*-54,!)'!d4%)"50!")!3")$!('/"-%!'5!#+&&-':%!4.%',"(")-&!,-))-*%!)'!8"+22-))+!
6!+.&!1-)!'55!3")$!'.,0!+!/*'F-*<"+,!%,+/!'.!)$-!3*"%)=!X$-.!#+&&-'!"%!-F-.)4+,,0!5*--&!'.)'!
)$-!&",4F"+,!%)*--)%!'5!8,'*-.(-?!.+;-&!+.&!%,"//-*0?!$-!"%!+1+".!*"&"(4,-&?!,+41$-&!'55!)$-!
%(-.-!+%!$-!*-)*-+)%!)'!9'.)+%%"-F-=!B1',+.)-!+.&!A+2<-*)'?!$'3-F-*?!*+)$-*!)$+.!+)'.-!5'*!
)$-"*!+()"'.%?!24($!,";-!",!8"'*-.)".'!".!>=F""?!+*-!".%)-+&!*-3+*&-&!3")$!9'%)-*")0:%!;".&.-%%!
)'!)$-"*!,-1-.&+*0!)+,-=SWO !
!
T-%/")-!)$-!%"2",+*")0!'5!")%!#2)1&%-/1!)'!)$"%!/*-F"'4%!)+,-?!>>=F"""!('.(,4&-%!*+)$-*!
&"55-*-.),0=SWQ!#$-*-?!+!/*"-%)?!".5+)4+)-&!3")$!+!0'4.1?!.'<,-!3'2+.?!&-F"%-%!+!/,+.!)'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SWO !_H.&-!q1,"!H))'r?!/+*,+)'.-!('.!"!('2/+1."!&-.)*'!,:g5"D"'?!&'/'!+F-*1,"!%1*"&+)"!-!*"/*-%"?!
1,"!,"(-.D"+*'.'!&+,!I+1"%)*+)'e!-)!-%%"!,"-)"%%"2"!/-*!8"*-.D-!,+!<-55+!*+(('.)+.&'!
".)-*+2-.)-?!5+(-F+.'!*"&-*-!'1.4.'!($-!1,"!+%(',)+F+`![8+.5+."?!4%-%!GOV\=!
SWQ !B%!24($!"%!+(;.'3,-&1-&!".!)$-!)+,-:%!/*','14-=!Y",F+.'?!.+**+)".1?!%)+)-%?!_M$-!&"*-)-?!
F'"?!&-,"(+)-!&'..-!-!F'"!+,)*"?!($-!,+!5+F',+!($-!"'!$'!/-.%+)'!&"!*+(('.)+*F"?!%'2"1,"+!)+.)'!
+,,+!/+%%+)+?!($-!"'!%'.'!%)+)'!/-*!,+%("+*,+!".&"-)*'!-!.+**+*F-.-!4.:+,)*+o!c!,'!5+*-"!
!
VRN!
!
!
!!!!!!!!!!!
%4*/*"%-!$-*!+)!$-*!,'&1".1%!3$",-!$-*!<*')$-*%!+*-!+3+0!".!9*+)'!+)!+!5+"*=!>.%)-+&?!)$+)!
%+2-!."1$)?!".!*-%/'.%-!)'!)$-"*!%"%)-*:%!/,-+%?!)$-!<*')$-*%!%4*/*"%-!)$-!/*"-%)!E!",!Y-*-!6!".!
)$-!<+(;0+*&!'5!$"%!/+*"%$?!3$"/!$"2?!%)*"/!$"2?!*'<!$"%!($4*($?!)"-!$"2!)'!+!(0/*-%%!)*--!".!
)$-!($4*($!('4*)0+*&?!+.&!,-+F-!$"2!)'!$"%!/+*"%$"'.-*%=!a"%!+<%-.(-!5*'2!)$-!2'*.".1!
2+%%!&'-%!.')!1'!4..')"(-&=!Y)+*),-&?!)$-!('.1*-1+)"'.!%-)%!+<'4)!)$-!($4*($!/*-2"%-%!)'!
,'';!5'*!$"2?!+.&!5".&%!$"2!3$-*-!$"%!+%%+",+.)%!$+F-!,-5)!$"2=!L4)!*+)$-*!)$+.!*-%/'.&!)'!
$"2!3")$!)$-!*"&"(4,-!+.&!2'(;-*0!3")$!3$"($!#+&&-'!"%!)*-+)-&!".!>>=F""?!)$-!(*'3&!
1+)$-*-&!)$-*-!*-+()%!)'!",!Y-*-!3")$!/*'5'4.&!('2/+%%"'.e!)$-0!2--)!$"%!*-/-+)-&!/,-+%?!
_I"%-*"('*&"+!-)!+d4)'!/-*!,:+2'*!&"!T"'`!3")$!1*-+)!1-.-*'%")0?!/4,,!$"2!&'3.!5*'2!)$-!)*--?!
('F-*!$"2!3")$!+!$-+F0!(,'+;?!,-+&!$"2!<+(;!)'!$"%!*-%)".1!/,+(-?!+.&!,-+F-!$"2!)$-*-!)'!
*-('F-*!4.)",!$-!"%!%)*'.1!-.'41$!)'!+&2"."%)-*!)$-!.-7)!2+%%=!X$-.!$-!&'-%?!$-!%$+*-%!$"%!
3'-54,!)+,-!3")$!)$-!2+%%61'-*%?!<4)!('.F-."-.),0!'2")%!")%!(+4%-e!)$-!)$"-F-%!3-*-!%-.)!
&"%14"%-&!+%!&-F",%?!5*'2!C'&?!$-!%+0%?!+%!+!)-%)!)'!$"%!5+")$=!a"%!$+*&%$"/!".%/"*-%!%'!24($!
/")0!)$+)!3")$".!d4%)!)3'!0-+*%?!$"%!/+*"%$"'.-*%!-.)"*-,0!F',4.)+*",0!*-/,-."%$!$"%!%)',-.!
,"5-,'.1!%+F".1%=!!
>)!"%!+!$+//0!-.&".1!5'*!)$-!2'*+,,0!@4-%)"'.+<,-!/*')+1'."%)?!-F-.!&-%/")-!
C*+DD".":%!%)*'.1-%)!+&2'.")"'.%=!c+*,0!".!)$-!.'F-,,+?!$-!/4)%!".!)$-!0'4.1-*!<*')$-*:%!
2'4)$!$"%!'3.!".F'(+)"'.!+1+".%)!('**4/)!(,-*102-.!E!+!F-*<+,!)*-+)-2-.)!#+&&-'!.-F-*!
*-(-"F-%=!a-!3*")-%U!!
>'!.'.!%'!($"!2"!)"-.-!($-!"'!.'.!F"!/+%%"!54'*!54'*"U!-(('!<-,,+!('%)42+.D+!
&:'))"2'!*-,"1"'%'y!@4-%)"!%'.'!1,"!+22+-%)*+2-.)"!-)!"!*"('*&"!<4'."!($-!&+)-!
+,,:+."2-!($-!%'.'!+,,+!F'%)*+!(4%)'&"+o!+!@4-%)'!2'&'?!".!@4-%)+!5'11"+!%"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
(-*)+2-.)-?!%-!.'.!($-!",!5".-!i!&"55-*-.)"%%"2'?!-!/-*!("h!&"!*+(('.)+*,+!".)-.&'!+!'1."!
2'&'`![8+.5+."?!4%-%!GOV\=!
!
VR^!
!
!
!!!!!!!!!!!
F-.1'.'!+!F"%")+*-!,-!%4-!/'/',+.-o!]'.!F"!F-*1'1.+)-?!/*-)+(("'!F")4/-*'%'?!
+!F-."*-!".!(+%+!1,"!4'2"."!&+!<-.-!+!%F-*1'1.+*-!,-!,'*'!5+2"1,"-?!-!".1+..+*-!
,-!%-2/,"("!5+.("4,,-o!L-.!F"!(*-&-*-%)-!+F-*!@4-%)+!.'))-!5+F'*-F',-!-!
/*'/"D"+!+,,-!F'%)*-!&"%'.-%)-!F'1,"-!-!,"<"&".'%"!/-.%"-*e!2+!".!(+2<"'!&"!5+*-!
.'DD-?!F"!)*'F-*-)-!+!4.!2'*)'*"'=SWP!
H.-!2"1$)!".&--&!@4-%)"'.!20!+,"1.2-.)!'5!C*+DD"."!3")$!$"%!($+*+()-*!$-*-?!".!F"-3!'5!",!
Y-*-:%!4,)"2+)-!%4((-%%=!#$-!3+0!".!3$"($!C*+DD"."!1-.-*+,,0!)*-+)%!/*"-%)%!)$*'41$'4)!)$-!
4%-%;!$'3-F-*?!%4//'*)%!20!/'".)=!I'*-!"2/'*)+.),0!%)",,?!C*+DD"."!/*'F"&-%!$"%!*-+&-*%!
3")$!+.')$-*!".)-*/*-)+)"F-!(,4-!)'!+!*-".5'*(".1!-55-()!)'3+*&%!)$-!.'F-,,+:%!-.&=!Y-F-*+,!
&+0%!,+)-*?!)$-!<*')$-*%?!*-)4*.".1!5*'2!9*+)'?!$-+*!'5!)$-!/*"-%):%!*4%-!+.&!+*-!
5,+<<-*1+%)-&=!_Y"!2+*+F"1,"+*'.'!54'*!&"!2'&'!-!&+,,:+%)4D"+!%4+!-!&-,,+!%-2/,"(")l!&-,,-!
/-*%'.-?`!C*+DD"."!3*")-%=!!0/3F'#!"%!+!('22'.,0!/*+"%-&!@4+,")0!".!)$-!.'F-,,+!)*+&")"'.?!
+.&!C*+DD"."!".!.'!3+0!&-/+*)%!5*'2!")!".!$"%!'3.=!>.!)$-!-.)"*-!(',,-()"'.?!*#(0%&?*'"'/K($%**%(
?%201-%?!$'3-F-*?!"%!'55-*-&!'.,0!$-*-!+%!+.!-7/,+.+)"'.!)'!+!%-.%-,-%%!*-%',4)"'.!E!+.&!".!+!
)-7)!3$"($?!+%!3-!$+F-!%--.?!*-,"-%!$-+F",0!'.!/-*%'.+,!*-+()"'.!)'!/4<,"(!%/-()+(,-=!C*+DD"."!
".%"%)%!'.!)$"%!/4<,"(!.+"F-)s!".!)$-!.'F-,,+:%!5".+,!,".-%U!
!
94*!/'"!".!%/+D"'!&"!2',)"!+.."?!2'*)'!",!2+11"'*!5*+)-,,'?!,+!5+.)-!F-(($"+!-!",!
2".'*-!,'!*"&"%%-!q",!(',/'rU!2+!.'.!1,"!54!(*-&4)'?!<-.($s!1"4*+.&'!
,:+55-*2+%%-?!-)!+,,-1+%%-!",!('2/+1.'!/-*!)-%)"2'."'?!*+(('.)+.&'!",!5+))'!
('2-!1,"!-*+!+.&+)'!/-*!"%1+..+*-!@4-"!/'/',"e!2+!%-.D+!-%%-*1,"!/*-%)+)+!
5-&-?!54!)-.4)'!".F"&"'%'!-!2+,+!,".14+=!M'%k!('.!,+!%+1+(")l!-!('.!",!%4'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SWP !8+.5+."?!4%-%!GON=!
!
VRO!
!
!
!!!!!!!!!!!
".1-1.'!",!<4'.!/*-)-!%-//-!5411"*-!&+..'!-!F-*1'1.+!.'.!/"((',+e!2+!/-*!
%-2/*-!%-!.-!*"('*&h?!-)!4%("1,"!&-,!(+/'!,:+2'*-!&-,,-!5-22".-=SNR!
!a-*-?!+.&!&-%/")-!)$-!+4)$'*")0!'5!+!5"*%)6$+.&!+(('4.)!+.&!+!3").-%%:%!'<d-()"F-!)-%)"2'.0?!
($*4($1'-*%!E!?%201-%(0%&?*'"'!E!*-54%-!)'!<-!'0)#--#/'=!#$-0!/-*%"%)!".!)$-"*!<,".&!,'0+,)0!
+.&!%--!".!)$-!)*4)$!'.,0!+!%,+.&-*".1!2')"F+)-&!<0!d-+,'4%0=!!!
#$-!2'%)!%)*";".1!(',,"%"'.!'5!/4<,"(!%/-()+(,-?!@4-%)"'.+<,-!2'*+,%?!+.&!/'/4,+*!
_5'',"%$.-%%?`!$'3-F-*?!"%!5'4.&!".!)$-!%-('.&!.'F-,,+!'5!)$-!%-('.&!(-.+=!>)!)-,,%!)$-!%)'*0!
'5!8+,+.+..+?!+!%"2/,-)'.!3$'!_&"(-F+!-!(*-&-F+!('%-!)+.)'!%("'(($-!-!1'55-!-!54'*"!&:'1."!
('.F-.-F',-DD+!42+.+?!($-!/"u!)'%)'!+."2+,!&'2-%)"('!($-!4'2'!%)"2+*!%"!%+*-<<-!/')4)'`!
+.&!'5!$"%!/,+".!&-%"*-!)'!&"-=SNG!B5)-*!%-F-*+,!)"2-%!,-+*.".1!+<'4)!)$-!)*+.%"-.(-!'5!$"%!
-+*)$,0!,"5-!+)!A-.)-.!2+%%-%?!8+,+.+..+!&-("&-%!$-!3+.)%!)'!)-+($!$"2%-,5!$'3!)'!&"-!%'!
)$+)!$-!2"1$)!)*4,0!<-1".!$"%!,"5-!".!)$-!.-7)!3'*,&=!>)!"%!+!/,+.!)$+)!/,-+%-%!$"%!3"5-?!)''?!
%".(-!%$-!$+%!)+;-.!+!,'F-*!".)'!$-*!$'2-!+.&!$+%!<--.!-.d'0".1!$"%!+))-.)"'.%!%".(-!)$-!
%)+*)!'5!$-*!2+**"+1-=!#'1-)$-*!3")$!$-*!,'F-*?!%$-!%4//'*)%!$-*!$4%<+.&:%!3"%$?!/*-/+*-%!
$"%!&-+)$6<-&?!+.&!3$-.!)$-!)"2-!('2-%?!%-.&%!$-*!,'F-*!&"%14"%-&!+%!+!5*"+*!)'!('.5-%%!$"2?!
/*-)-.&%!$-!$+%!&"-&?!1*"-F-%?!+.&!+))-.&%!)'!$"%!54.-*+,!%-*F"(-%=!a-!"%!/,+(-&!'.!&"%/,+0!".!
)$-!2"&&,-!'5!+!*''2!3*+//-&!".!)$-!(,'+;!'5!)$-!&-+&?!3$-*-!+,,!('2-!)'!/+0!$'2+1-!)'!
3$+)!)$-0!)$".;!"%!+!('*/%-=!#$-!%(-.-!)$+)!5',,'3%?!".!3$"($!8+,+.+..+!*-F-+,%!$"2%-,5!%)",,!
)'!<-!+,"F-?!"%!+,,!)$-!2'*-!%/-()+(4,+*!+%!+!*-%4,)=!B((4%-&!'5!'3".1!+!&-<)!)'!'.-!'5!$"%!
.-"1$<'4*%!+.&!4.+<,-!)'!,"F-!E!'*?!<-))-*?!)'!&"-!E!3")$!)$-!%$+2-!'5!")?!8+,+.+..+!*"%-%!
5*'2!)$-!&-+&U!,"5)%!)$-!F-",!('F-*".1!$"%!5+(-!+.&!<-1".%!%$'4)".1!".!+.!+))-2/)!<')$!)'!
(,-+*!$"%!.+2-!+.&!)'!5".&!%',+(-!".!3$+)!$-!)$".;%!"%!$"%!(-*)+".!&-+)$=!#$-!(*'3&:%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SNR !8+.5+."?!4%-%!GQR=!
SNG !8+.5+."?!4%-%!PR=!
!
VRQ!
!
!
!!!!!!!!!!!
*-+()"'.!)'!)$"%!%$'3!"%!4.%-)),".1U!)$-0!*-54%-!)'!<4*0!8+,+.+..+!+.&?!3$-.!$-!5,--%?!)+;-!
+5)-*!$"2!3")$!%)"(;%!+.&!%)'.-%=!Z4..".1!)''!@4"(;,0!+.&!)*"//".1!'F-*!$"%!&-+)$6(,')$-%?!
8+,+.+..+!-F-.)4+,,0!5+,,%!".)'!)$-!B*.'!E!%-)!+5,+2-!<0!+!2+1"("+.!3$'!$+%!/'4*-&!'",!'.!
")%!%4*5+(-!)'!/-*5'*2!$"%!+()?!+.&!)$-*-?!4,)"2+)-,0!&"-%=!>)!"%!3'*)$!2-.)"'.".1!)$+)!".!)$"%!
2'2-.)?!+)!,-+%)?!)$-!(*'3&!&'-%!('2-!)'!$"%!+"&U!!
I+?!F-11-.&'?!-!/"u!%-.)-.&'!,+!5"+22+!($-!,:+*&-F+?!('2".("h!+!%)*"&-*-!-)!+!
1*"&+*-!@4+.)'!1,"!4%("F+!&+,,+!1',+?!-!('.!,-!2+."!%:+d4)+F+!@4+.)'!/')-F+?!1"))-.&'%"!
&-,,:+(@4+!+&&'%%'e!-!('%k!5+(-F+.'!,-!1-.)"?!($-!/-*!,+!9'*)"(("4',+!-*+.'!('*%-!".!
1*+.!@4+.)")l!/-*!+"4)+*,'=!I+!@4+.)'!/"u!(-*(+F+.'!+22'*D+*,"!-!%/-1.-*,"!@4-,,-!
5"+22-?!)+.)'!/"u!1,"-.-!+((-.&-F+.'e!%"(($i!",!/'F-*'!4'2'!+))-.&-F+!+!4*,+*-!('.!
%k!+,)+!F'(-?!($-!*"%'.+.&'!1"u!/-*!,'!('*%'!&-,,:+(@4-?!%"!%+*"+!/')4)'!%-.)"*-!
+1-F',2-.)-!/-*!5".'!+!9-*-)',+e!-!&"2-.+.&'%"!-!%('.)'*(-.&'%"!".!@4-,,-!5"+22-?!
%-2<*+F+!4.+!&"!@4-,,:+."2-!($-!2-))-!T+.)-!.-,,:>.5-*.'=SNV!
#$-!(,'%".1!.')-!'5!)$-!.'F-,,+?!$'3-F-*?!"%!%'2-3$+)!,-%%!(,-+*,0!$42+.-=!8+,+.+..+?!!
_+<<*'.D+)'!-)!+*%"(("'?`!<-('2-%!)$-!<4))!'5!,'(+,!1'%%"/!)$+)!2+*F-,%!+)!)$-!"&-+!'5!
<4*.".1!".!)$-!+*.'=!>)!"%!4.(,-+*!3$-)$-*!+.0!%02/+)$0!"%!/+"&!$"2=!cF-.!)$-!5+,%-!8*+)-!
L-*.+?!8+,+.+..+:%!(4(;',&-*?!_/"+.1-.&'!('.!1,"!'(($"?!-!*"&-.&'!(',!(4'*-?!%-!.-!)'*.h!+!
('.5'*)+*-`!8+,+.+..+:%!3"5-!+.&!2')$-*=SNS!#$"%!*-+()"'.!"%!-($'-&!+)!)$-!%)+*)!'5!)$-!
5',,'3".1!.'F-,,+!<0!)$'%-!,"%)-.".1!)'!)$-!)+,-U!_@4-%)+!.'F-,,+!&"!8,'*"&'!1,"!+F-F+!5+))"!
*"&-*-!&"!(4'*-!-!&+&&'F-*'e!.s!&"!*"&-*-!%"!/')-F+.'!+.('*!)-.-*-?!<-.($s!+!@4+,(4.'!/-*!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SNV !8+.5+."?!4%-%!GRS=!
SNS !"<"&=!
!
VRP!
!
!
!!!!!!!!!!!
,-!*"%+!&',-%%-*'!1,"!'(($"!-!",!/-))'e!-!/"u!+F*-<<-*'!*"%'?!%-!",!5".-!F-*+2-.)-!)*'//'!
(*4&-,-!&"!8+,+.+..+!.'.!1,"!+F-%%-!*+))-2/-*+)"=`SNW!!
!
a-*-?!C*+DD".":%!%'("+,!('22-.)+*0!3'*;%!'.!)3'!,-F-,%U!8+,+.+..+!"%!<')$!)$-!
/-*5-()!-7-2/,+*!'5!C*+DD".":%!)0/"(+,!(*'3&%?!+.&!)$-!)'',!)$+)!+,,'3%!$"2!)'!<-*+)-!)$-2=!
B,)$'41$!$-!"%!&*+5)-&?!5*'2!)$-!%)+*)?!+%!+!2-*-!_%"2/,-)'.`!+.&!)$-*-5'*-!2+*1".+,"D-&!
2-2<-*!'5!%'("-)0?!".!$"%!14,,"<,-.-%%?!8+,+.+..+!"%!/-*5-(),0!-@4+,!)'!)$-!('2/+.0!$-!
$',&%=!M-*)+".,0?!)$-!)+,-!")%-,5!%/+*-%!$"2!.'!2'(;-*0?!$"%!/4<,"(!54.-*+,!+%"&-e!$-!"%!
%4**'4.&-&!('.%)+.),0!<0!/-'/,-!2'*-!(,-F-*!)$+.!$"2%-,5!E!<0!&-5+4,)=!Y)",,?!$"%!3",,".1.-%%!
)'!+((-/)!-F-*0)$".1!+)!5+(-!F+,4-!<+%-&!'.,0!'.!+4)$'*")"-%!&--2-&!@4-%)"'.+<,-!<0!+.0!
'<d-()"F-!2-+.%![)$-!($4*($?!$"%!2')$-*6".6,+3?!+!5+,%-!5*"+*\!"%!/-*5-(),0!('.%'.+.)!3")$!
)$-!*-+()"'.!'5!C*+DD".":%!/4<,"(!".!-F-*0!')$-*!)+,-!-7+2".-&!)$4%!5+*=!8+,+.+..+!,"-%!".!<-&!
<-%"&-!$"%!3"5-!+%!%$-!)+;-%!$-*!5",,!'5!",!L-*.+:%!+2'*'4%!+))-.)"'.?!<4)!$-!.-F-*!%4%/-()%!
+.0!5'4,6/,+0e!$-!)+;-%!,")-*+,,0!)$-!/+*"%$!/*"-%):%!&-(,+*+)"'.%!)$+)!_@4-%)+!F")+!.'.!-*+!
F")+?!+.D"!4.+!F-*+!2'*)-`!+.&!)$+)!_.'"?!2-.)*-!F"F-F+2'!".!@4-%)'!2'.&'?!-*+F+2'!
F-*+2-.)-!2'*)"?!-!($"!2'*"F+!&"!@4+?!('2".("+F+!+!F"F-*-!4.+!F")+!%-.D+!+55+.."?!&',(-!-!
%'+F-?!-!%-.D+!+%/-))+*-!2+"!/"u!,+!2'*)-=`SNN !8'*!+,,!".)-.)%!+.&!/4*/'%-%?!$-!"%!+!5'',=!Y'!
)''?!$'3-F-*?!+*-!C*+DD".":%!_($'*4%-%`!5*'2!'.-!.'F-,,+!)'!)$-!.-7)=!Y"2",+*,0?!3$-)$-*!
)$-0!+*-!,-&!<0!/*"-%)%?!/',")"(+,!5"14*-%?!<-55+)'*"?!'*!-F-.!)$-!-F-*0&+0!<"+%-%!'5!+.!
+%%42".1!(*'3&?!)$-0!*-/-+)-&,0!&"%-.1+1-!5*'2!+.0!*+)"'.+,!+()"F")0!".!)$-"*!*-+()"'.!)'!
/4<,"(!%/-()+(,-=!>.!>>=F"""?!)$-0!4.@4-%)"'.".1,0!+((-/)!)$-!/*"-%):%!%)'*0!+%!)*4)$!3")$'4)!
+.0!*''2!5'*!('.)-%)!-F-.!0-+*%!,+)-*e!".!>>=F""?!)$-0!&+*-!.')!-F-.!)'4($!#+&&-':%!-55"10!".!
I-*(+)'!]4'F'!)'!F-*"50!")%!,-1")"2+(0?!<4)!+*-!@4"(;!)'!d4&1-!+.&!*"&"(4,-!)$-!/-&+.)!+)!)$-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SNW !8+.5+."?!4%-%!GRW=!
SNN !8+.5+."?!4%-%!PW=!
!
VGR!
!
!
!!!!!!!!!!!
-+*,"-%)!'//'*)4.")0=!]-*"!M$"+*+2'.)-%"!"%!-F-.)4+,,0!-7'.-*+)-&?!<4)!+)!)$-!-7/-.%-!'5!$"%!
*-/4)+)"'.?!+.&!"%!d4%)!+%!@4"(;,0!&"%2"%%-&e!",!8"'*-.)".'?!+!0'4.1!<'0!+.&!d4."'*!<')$!".!
+1-!+.&!".!*+.;!)'!)$-!2+.!$-!&4/-%!('.F".(-%!+.!-.)"*-!('.1*-1+)"'.?!".(,4&".1!)$-!2+.!
$-!)*"(;%?!'5!)$-!/*"-%):%!5',,0=!cF-.!C*+DD".":%!)*+1-&"-%!5-+)4*-!%3+*2%!'5!5"(;,-!<0%)+.&-*%U!
,'0+,!%4<d-()%!)$+)!)4*.!".)'!+!24*&-*'4%!2'<!3")$'4)!)$-!<-.-5")!'5!('.)-7)!)'!<',%)-*!
)$-"*!(*4-,)0e!.'%0!.-"1$<'4*%!)$+)!d4%)!+%!@4"(;,0!%"&-!3")$!+!24*&-*-%%?!)$-.!+1+".%)!$-*=!
a-*-?!)''?!8+,+.+..+:%!5',,'3-*%!+*-!,")),-!<-))-*!)$+.!$-!"%=!#$-0!+))-.&!$"%!%)+1-&!54.-*+,!
".!1''&!5+")$?!)$-.!)4*.!+1+".%)!$"2!3$-.!)$-"*!5+")$!"%!/*'F-.!3*'.1=!c+1-*!)'!%+F-!$"2!'.-!
2".4)-?!<4)!4.+<,-!)'!&'!%'!".!)$-!.-7)?!)$-0!3+)($!$"2!<4*.?!<4*0!$"2?!+.&!2'F-!'.=!
C*+DD"."!-@4+,"D-%!)$-!)3'!/+*)"-%!%)",,!2'*-!-7/,"("),0?!$'3-F-*?!".!$"%!(,'%".1!/+*+1*+/$?!
3$-*-!$-!/*'F"&-%!+.!+(('4.)!'5!)$-!(*'3&:%!-7/,+.+)"'.!5'*!8+,+.+..+:%!4.-7/-()-&!
2"%5'*)4.-=!a-!3*")-%U!
I',)"!/-.%+F+.'!($-!("h!,"!54%%-!+((+&4)'!/-*!'/-*+!&"!%)*-1$-?!($"!/-*!5'*D+!
&:".(+.)"!-!&"!2+,~-?!+,)*"!/-*!+*)-!&"!.-1*'2+.D"+?!-)!+,)*"!/-*!",,4%"'.-!
&"+<',"(+U!/4*-!,+!2+11"'*!/+*)-!&-1,"!4'2"."!%"!+(('*&+F+!($-!&+,,+!%4+!
%(-2/"+)-DD+!-!/+DD"+!".('2/+*+<",-!54%%-!&-*"F+)'!",!)4))'=SN^!
j4"(;!)'!&"%%',F-!)$-!".("&-.)?!)$-0!&'!+3+0!3")$!")?!+%!C*+DD".":%!(*'3&%!+,3+0%!&'?!<0!
&--2".1!".%+.")0!)'!<-!")%!(+4%-=!!!
!
C*+DD"."!%")4+)-%!".!$"%!<*"1+)+:%!*-+()"'.!)'!8+,+.+..+:%!/,"1$)!<')$!+.!"&-+,!*-+&-*:%!
*-%/'.%-!)'!)$"%!.'F-,,+!+.&!)$-!'F-*+*($".1!1*')-%@4-!)'.-!'5!$"%!2+(*')-7)=!#$-!'F-*+,,!
%)*4()4*-!'5!$"%!4%-%("%!%422+*"D-&!$-*-U!+!)-.62-2<-*-&!1*'4/!'5!F'0-4*%!3").-%%-%!+!
/4<,"(!%/-()+(,-!6!+.&!1*-+)!(+4%-!5'*!2+*F-,!6!)$*--!)"2-%!*-2'F-&!5*'2!")!+.&?!3")$!)$-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SN^ !8+.5+."?!4%-%!GRW=!
!
VGG!
!
!
!!!!!!!!!!!
<-.-5")!'5!&"%)+.(-?!'<d-()"F")0?!+.&!(+%4+,!1-%)?!-7/-*"-.(-%!)$-!54,,!%/-()*42!'5!1*')-%@4-!
*-+()"'.!)'!")U!,+41$)-*?!5-+*?!-2<+**+%%2-.)?!)-+*%=!#$-!"&-+,!*-+&-*:%!*-+()"'.!)'!C*+DD".":%!
(',,-()"'.!'5!.'F-,,-!+%!+!3$',-!2"**'*%!)$-!<*"1+)+:%!-.d'02-.)!'5!8+,+.+..+:%!)+,-U!".!+!
('*/4%!*4,-&!<0!<-55-!+.&!)$-!,+41$)-*!)$-0!/*'F';-?!C*+DD"."!"%!(+*-54,!+,%'!)'!".%-*)!
)*+1-&"-%?!&*-+2!%-@4-.(-%?!+.&!.-(*'2+.(0e!+,'.1%"&-!-F-*0!)+,-!'5!('2/+%%"'.!"%!'.-!'5!
".$42+.")0=!g.,";-!")%!/*"2+*0!2'&-,?!)$-!G%"#&%21-?!$'3-F-*?!C*+DD".":%!4%-%!&"%/,+0!.'!
)$-2+)"(!'*1+."D+)"'.!'*!.'<",")+)".1!-.&=!#$'41$!)$-0!1*'3!".!('2/,-7")0!5*'2!)$-!5"*%)!
&+0!'5!%)'*0)-,,".1!)'!)$-!".('2/,-)-!)$"*&?!+.&!3$",-!%'2-!+//-+*!)'!<-!".!('.F-*%+)"'.!
3")$!')$-*%?!)$-!)+,-%!'5!)$-!4%-%?!+%%-2<,-&!+%!)$-0!+*-?!5'*2!+!<-+%)!'5!&"%%'.+.)!/+*)%!.')!
&"%%"2",+*!)'!)$-!(*-+)4*-%!'5!C*+DD".":%!X3%22#($%A(&10/2'=!#$-!/4<,"(!%/-()+(,-!)$+)!)$*-+&%!
)$-2!+,,!)'1-)$-*!"%?!'5!('4*%-?!C*+DD".":%!_2+*F-,'4%`!+4)$'*"+,!+()=!Y",F+.':%!".)*'&4()'*0!
.')-!)'!>="7!%0.)$-%"D-%!C*+DD".":%!$'/-U!_H*.+)-!&'..-!-!+2'*'%"!1"'F+."?!"'!F'1,"'?!%(+2<"'!
&"!*"&-*-?!5+*F"!(',,+!2"+!5+F',+!2-*+F"1,"+*-?`!$-!%+0%=SNO!!!!
!
C*+DD"."!+%!_2+*F-,'4%`!+4)$'*![+.&!+4)$'*!'5!2+*F-,\!
>.!5+()!$-*-!+%!".!$"%!/,+0%?!C*+DD"."!"%!.')!%+)"%5"-&!)'!".)-*/*-)!2+*F-,!+.&!/4<,"(!
%/-()+(,-!'.,0!)$-2+)"(+,,0?!'*!".!)$-!%)'*0,".-%!'5!$"%!3'*;%=!B,2'%)!+%!+!*4,-?!$-!"%!5+*!2'*-!
('.(-*.-&!3")$!)$-!_".F-.)"'.`!".!$"%!)-($."(+,!5'*2!)$+.!)$-!".F-.)"'.!'5!)*'/-%?!/,')%?!'*!
($+*+()-*%=!a"%!F-*0!f2'/'-)?!)$-.?!<-('2-%!)$-!4,)"2+)-!%/-()+(,-!+)!3$"($!$-!3"%$-%!$"%!
*-+&-*%!+.&!F"-3-*%!)'!2+*F-,=!a"%!+"2!".!)$-!4%-%!E!"5!3-!+*-!)'!)+;-!%-*"'4%,0!")%!2'&-%)0!
E!"%!.'F-,)0!'*!".F-.)"F-.-%%!*+)$-*!)$+.!-")$-*!%;",,!'*!+-%)$-)"(!/*'3-%%=!>.!)$-!
".)*'&4()"'.!)'!$"%!4%-%?!$-!3*")-%?!".!)$-!F'"(-!'5!B2+*+.)+U!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SNO !8+.5+."!^V=!
!
VGV!
!
!
!!!!!!!!!!!
I+?!".)+.)'!($-!,:'*+!.-!F-.1+!&-,!(-.+*-?!$'!"'!/-.%+)'?!@4+.&'!F"!/"+(("+?!
('2-!/+%%+*-!+,,-1*+2-.)-!",!)-2/'e!-!@4-%)'!%+*l?!.'.!,-11-.&-!,-!5+F',-!
%(*"))-!&-,!L'((+(("'?!+.('*+!($-!.s!/"u!<-,,-!.s!/"u!1"'('.&-!.s!/"u!
%-.)-.D"'%-!%-!.-!/'%%'.'!*")*'F+*-e!2+?!)*'F+.&'.-!-!&"(-.&'.-!&+!.'"?!
%s14")"!'1.4.'!,+!%4+e!,-!@4+,"?!%-!.'.!%+*+..'!.s!)+.)'!<-,,-!.s!)+.)'!<4'.-?!
.'.!%+*+..'!.s!+.($-!.s!)+.)'!F"%)-!.s!)+.)'!4&")-?!-!/-*!,+!.'F")l!-!F+*"-)l!
.-!&'F-**+..'!/'*1-*-?!/-*!4.+!F',)+?!('.!@4+,($-!4)",")l!.'.!/'('!/"+(-*-!-!
('.)-.)'e!%-.&'!)*+!.'"!&-,,-!/-*%'.-!".1-1.'%-?!%'55"%)"($-?!+%)*+))-!-!
(+/*"(("'%-=SNQ !
C*+DD".":%!/*-'((4/+)"'.!3")$!)$-!_(+/*"(("'`!$-*-!%/-+;%!)'!+.')$-*!('.)-2/'*+*0!
,")-*+*0!&-<+)-!+.&!'.-!".!2+.0!3+0%!+,%'!,".;-&!)'!'.1'".1!&"%('4*%-%!'.!)$-!1*')-%@4-=!
L0!)$-!)"2-!C*+DD"."!3*")-%!$"%!4%-%;()$-!_(+/*"(("'?`!&-%/")-!<-".1!($+*+()-*"%)"(+,,0!
4.1-.-*"(?!"%!4<"@4")'4%!5*'2!/'-)*0!)'!/+".)".1!+.&?!,+)-*?!24%"(=!>)%!&-5".")"'.%!5*'2!GNSR!
4/!4.)",!)$-!-"1$)--.)$!(-.)4*0!+*-!+%!.42-*'4%!+%!")%!2+."5-%)+)"'.%=!>)!%)*+&&,-%!)$-!,".-!
<-)3--.!5',,0!+.&!&"F".-!.3212!EJ+%+*"!3",,!%--!".!")!<')$!)$-!/'%")"F")0!'5!".F-.)"'.!+.&!
".%/"*+)"'.?!+.&!)$-!.-1+)"F")0!'5!%4/-*5,4'4%!3$"2%0!'*!-7)*+F+1+.(-SNP!E!"%!+.!-7/*-%%"'.!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SNQ !#$-!*-%)!'5!)$-!/+%%+1-!/'".)%!)'!)$-!%)'*0)-,,-*%:!F"*)4-!".!.+**+)"'.!+%!+(@4"*-&!)$*'41$!
5+2","+*")0!3")$!/'/4,+*!(4,)4*-!".!/*+()"(-U!_c!F'"?!1"'F-."?!+F-)-!)4))"!<4'.-!,-))-*-!
&:42+.")l?!%"-)-!/*+)"($"!('"!/'-)"?!.'.!%',+2-.)-!,+)"."!'!)'%(+."?!2+!1*-("!+,)*-%k?!&+!.'.!
&'F-*!2+.(+*F"!".F-.D"'.-!'!2+)-*"+,!&"!&"*-U!-!,-!2"-!&'..-!+.('*+!%:".1-1.-*+..'!&"!
5+*%-!'.'*-=!c!/-*!&"*.-!,+!F-*")l?!.'"!%-2'!'*+!/-*!(+*.-F+,-?!.-,!@4+,!)-2/'!i!,-(")'!+"!
*-,"1"'%"!&"!*+,,-1*+*%"e!-!>!5*+)"!)*+!,'*'!5+..'!+,!9+,,'.-?!*-(")+.'!('2-&"-?!-!)*+F-%)")"!
%4'.+.'?!<+,,+.'!-!(+.)+.'e!-!+,,-!2'.+($-!+.('*+!.'.!%"!&"%&"(-?!.-,!*+//*-%-.)+*-!,-!
5-%)-?!@4-%)"!1"'*."!F-%)"*%"!&+!4'2"."?!(',,-!<-**-))-!&"!F-,,4)'!".!)-%)+?!(',,-!(+,D-!($"4%-!".!
1+2<+?!-!(',,+!%/+&+!+,!5"+.('=!9-*($s!&4.@4-!+!.'"!%+*l!%('.F-.-F',-!'!&"%'.-%)'!",!&+*("!
/"+(-*-!.'F-,,+.&'o`![8+.5+."!N6^\=!!
SNP !J+%+*":%!&-5".")"'.!'5!_(+/*"(("'`!"%!".5,4-.(-&!2'%),0!<0!)$-!3'*;%!'5!I"($-,+.1-,'!
L4'.+*'))"!+.&!2'*-!%/-("5"(+,,0?!$"%!_"1.4&"=`!Y--!9+)*"("+!c2"%'.?!_#$-!"1.4&'!+%!9*')'6
M+/*"(("'?`!M12$(#-$(,&#)%!GW=S![GPPQ\U!VQG6PN=!
!
VGS!
+".!0%2%05H* %/+"0!*0$+1#$00+%*/,%.!0!..+.+..%.!66+I(1**+ !...Q/aedc
!"%*%0%+*+"%0%*$%/!((".% !()+* +%*(1 !/0$%/(0!/0)+*#+0$!.
!"%*%0%+*/Kcf`$0,,!./)+/0+))+*0+((!4,(%0%+*/+",.%%+".+)!.*%%*
aec`0++ +2%++(!%*aeee0+!/.!%,%*aeicH$+3!2!.H%/%0/ %2!.#!*!+0$
".+)0$!+))+*,(!* ".+)0$!+*0.+(+".!/+*H !,!* !*0!*0%.!(5+*0$!$1)+1.
+"0$!10$+.%**5#%2!*0!40K+/0(/+#.!!+*(1#$0!./%0/!* .!/1(0W0$!
R,.%%+S%/)+/0(51/!(!//"1*0%+*!)!
! 3%0$%*0!40%)%*#+2!((0+,(!/!
.0$!.0$*0+! %"5K"+1./!H//!!*H.66%*%Q/0'!+*0$!R,.%%+S%*$%/!*!* +*
$%/".!-1!*0H%"%* %.!0H(("+.)+.(.!0%+*0+0$!) !% ! (5X* +"0!*2%+(!*0(5Y
%/.1,0/0$%/(/0.!(!#0%+*+"0$!,.%%+/0.%0(50+0$!/,!0.1)+" !(%#$0K0%(()+.!
%*0!.!/0%*#%/0$!"00$0$! +!/%0)+/0".!-1!*0(55,(5%*#+*,+,1(.+*!,0%+*/+"
0$!R"+((5S(/+!*0.(0+.0%/0%,.+ 10%+*K.66%*%Q/.!,,.+,.%0%+*+"0$!,.%%+
0. %0%+*)+/0")%(%.0+$%)* $%/+$+.0%//*+2!(/0$!0(!/$!0!((/W* /
#.+0!/-1!K%0$+10 !,.0%*#".+).!(%/)W*+0$!.3+1( M! !0!.)%*%*#"!01.!+"0$!
R,.%%+S)+/0".!-1!*0(5$),%+*! 0$!+.!0%((55!.*%W$!#%2!/'0+0$!
,.%%+0$!"!01.!/!(+*#%*#0+* %*,.+2!**!".+)%0/!05)+(+#%(.++0JR,!#(%
..%%.!S+.H/(%!0$:$/,$./! %0R"%.! .!//!.(!/$!2!14/1.(0 0!/+1/
(Q0%+* 1".+% H !.%*0!H+1 !("%92.!KScfa
*/+ +%*#H$!.!0!/*+,1/0$0%/0+*!
3$%)/%(H#.+0!/-1!H* ).2!(+1/K
%/)+/0*+0!3+.0$5!4,!.%)!*0/%*0$!.!0%+*+"#.+0!/-1!(%0!..5+ %!/
.#1(5+1.H$+3!2!.H*+0%*$%/!*!D10%*0$!,.+(+#1!/0+/0.!#* ,.!*0 %G
cf` !!(%!0$:HR,.%%+ */(!/(!00!./%0(%!**!/HS!/(!00.!/.+)*!/cdXaih`YJ
b`gMde* R!,.%%+ */(!/:.%0/ !/.%HS
0(%egKdXaih`YJbciMedK
cfa 0$:HR/.%HSbciK
bad
!
!
!!!!!!!!!!!
]-")$-*!"%!+()4+,,0!'*!('.F-.)"'.+,,0!+!_/*','14-`!+.&!/-*$+/%!2"%,-+&".1,0!%-)%!)$-!)'.-!
5'*!)$-!3'*;!)'!5',,'3?!".!<')$!(+%-%!+!*+)$-*!)*+&")"'.+,!('.)*"<4)"'.!)'!(".@4-(-.)'!
('2-&0=!B)!)$-!%)+*)!'5!<#(0/2%)#?!)$-!9*','14-!+.&!)$-!B*142-.)!+*-!-2<'&"-&!+%!
($+*+()-*%!)$+)!-2-*1-!'.!'//'%")-!-.&%!'5!)$-!%)+1-!+)!)$-!%+2-!)"2-?!-+($!'.-!
_q5+F-,,+.&'r!+!4.!)*+))'?!5".1-.&'!&"!.'.!%"!F-&-*-!-!.'.!%"!4&"*-=`S^V!>)!"%.:)!,'.1!<-5'*-!
<')$!".)-*,'(4)'*%!%--!)$-!.--&!)'!+(;.'3,-&1-!-+($!')$-*!".!+!2'*-!('$-*-.)!&"+,'14-?!
-+($!'.-!d4%)"50".1!")%!'3.!-7"%)-.(-!+.&!@4-%)"'.".1!)$+)!'5!")%!+&F-*%+*0=!X$+)!-2-*1-!
+*-!+!F-*")+<,-!&-<+)-!'.!('.)-2/'*+*0!,")-*+*0!+.&!)$-+)*"(+,!/*+()"(-%?!+.&!C*+DD".":%!
+2<"F+,-.)!/'%")"'.!3")$!*-%/-()!)'!)$-2=!#$-!%(-.-!"%!+!/-*5'*2+.(-!".!+.&!'5!")%-,5?!<4)!
.')!'.-!3")$!3$"($!)$-!+4&"-.(-!2+0!$+F-!<--.!5+2","+*=!L0!(',,"&".1!)3'!')$-*3"%-!
('2/,-2-.)+*0!5'*(-%!".)'!'.-!('2/-)")"F-!+)2'%/$-*-?!C*+DD"."!&-F"%-%!+!.-3!;".&!'5!
,")-*+*0!(*-+)"'.!)$+)!&+DD,-%!*-+&-*%!+%!24($!+%!")!&-,"1$)%!)$-2=!a-!1'-%!+!%)-/!54*)$-*!".!
$"%!9*','14-!)'!,(?#2%-/#$'!3$-*-?!('2<".".1!9*','14-!+.&!B*142-.)!".)'!'.-!+.&!)$-!
%+2-!-.)")0?!/*-%-.)%!$"%!(*-+)"'.!+%!+.!+."2+,!2+&-!'5!+!%/-("+,!%-,-()"'.!'5!/+*)%U!!
I+"!/"u!.'.!(*-&:"'!($-!F"!%"+!F-.4)'!"..+.D"?!.'<","%%"2"!-!'.'*+)"%%"2"!
%/-))+)'*"?!4.'!+."2+,-!('2-!%'.'!"'?!/-*!&"*!('%k?!/-*("'($-!"'!F-.1'!+!5+*F"!
+!4.!)*+))'!/+*)-!&-,!/*','1'!-!/+*)-!&-,,:+*1'2-.)'U!,+'.&-?!%-.&'!2-DD'!
B*1'2-.)'!-!2-DD'!9*','1'?!.'.!F-.1'!+!-%%-*!.-!9*','1'!.-!B*1'2-.)'!-!
%'.'!,:4.'!-!,:+,)*'!".%"-2-=!M$-!.-!&")-!F'"oS^S!
C*+DD"."!"%!+3+*-!'5!')$-*!,")-*+*0!-7/-*"2-.)+)"'.!3")$!/*','14-%!+.&!-7/-*"2-.)%!<')$!
('.)-2/'*+*0!)'!$"2!+.&?!'5)-.?!/*-&+)".1!$"2!+%!3-,,=!a-!+(;.'3,-&1-%!)$-2!+,2'%)!".!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
S^V !>.)-*,'(4)'*"!.-,!/*".("/"'?!8+.5+."(GQG=(
S^S !,(>#2%-/#$'?!9*','1'!-!+*1'2-.)'?!8+.5+."!S^S=!
!
VGN!
!
!
!!!!!!!!!!!
)$-!%+2-!<*-+)$!Y)",,?!$"%!".)-.)"'.!$-*-!"%!.')!'.,0!)'!(*-+)-!%'2-)$".1!$-!('.%"&-*%!
-.)"*-,0!.-3?!<4)!)'!&*+3!$"%!F"-3-*%!+.&!*-+&-*%:!+))-.)"'.!)'!")!%/-("5"(+,,0=!
!
a-!3",,!2+;-!%"2",+*!-55'*)%!)'!4.&-*,".-!$"%!".F-.)"F-.-%%!)$*'41$'4)!)$-!('2-&"-%?!
4%4+,,0!<0!3+0!'5!+!%-*F+.)!".)-*/*-)+<,-!+%!$"%!2'4)$/"-(-=!C*+DD"."!'%)-.%"<,0!3*")-%!'.-!
+,)-*6-1'!".)'!-+($!'5!$"%!/*'&4()"'.%?!)$-!2'%)!2-2'*+<,-!+//-+*".1!".!<#()%*10'#?!<#(
0?'2'/#/#;(<#(0/2%)#?!+.&!,:!2F')1)1*1=(>.!<#()%*10'#?!M"4,,'!"%!)$-!1*+.&!2+%)-*!5'*(-!<-$".&!
)$-!'*1+."D+)"'.!+.&!-7-(4)"'.!'5!)$-!<-55+!)'!<-!/,+0-&!'.!A+DD-*'?!+.!',&!2+.!3$'%-!+1-!
+.&!%-.%")"F")0!)'!)$-!&+*;!+.&!(',&!+*-!-7/,'")-&!+%!)$-!2-+.%!)'!+!%-*"-%!'5!-.&%=!a-!
'*($-%)*+)-%!.')!'.,0!)$-!2'F-2-.)%!'5!5-,,'3!%-*F+.)?!I4("+))'?!<4)!('.)*',%!-F-.!)$-!
2'%)!(*4("+,!&-)+",%!)'!)$-!/,'):%!&-F-,'/2-.)U!3$'2!)'!/4)!'4)!".!)$-!&+*;!+.&!$'3?!3$-.!
<-%)!)'!+!,"1$)!+!5"*-?!3$-.!)'!1*+.)!'*!)+;-!+3+0!)$-!,"1$)!.--&-&!)'!*-('1."D-!/-'/,-?!
.-"1$<'4*%?!'*!')$-*!/,+0-*%!".!)$-!<-55+=!a-!"%!".)-1*+,!)'!)$-!F-*0!%)*+)-10!)$+)!"%!)$-!
<+(;<'.-!.')!'.,0!'5!)$-!<-55+?!<4)!'5!)$-!/,+0!+%!+!3$',-=!Y'!3$-.!$-!%+0%?!_9+%%+)-!,l?!($-!
"'!F"!F'!5+*!2+*+F"1,"+*-?`!")!"%!C*+DD".":%!F'"(-!)$+)!*-+&-*%!$-+*=S^W!B.&!3$-.!$-!&-(,+*-%!
$"%!+.&!I4("+))':%!'.,0!54.()"'.!)'!<-!_.-,,+!5".-?!qnr!&"!5+*!5".-!+:!/+DD"?`!3-!+1+".!
*-('1."D-!C*+DD".":%!&"%",,4%"'.2-.)!3")$!)$-!8,'*-.)".-!+(+&-20!+.&!")%!*-&4()"'.!'5!
3*")-*%!)'!/',")"(+,!".%)*42-.)%=S^N!!
#$"%!&"%+//'".)2-.)!"%!54*)$-*!$".)-&!+)!".!<#(0/2%)#?!<0!3+0!'5!8+*5+..+(($"'=!>.!
/-*/-)4+,!2'(;-*0!'5!#+&&-'?!)$-!(+*"(+)4*-!'5!)$-!<*+11+*)!%',&"-*?!8+*5+..+($"'!
*-/-+)-&,0!3'.&-*%?!".%".(-*-,0?!+)!)$-!,-+*.".1!'5!$"%!2+%)-*!3$'!5+%$"'.%!$"2%-,5!+!1*-+)!
/$",'%'/$"(+,!2".&!3")$!5-3!"5!+.0!-@4+,%=!>.!*-%/'.%-!)'!#+&&-':%!2+.0!/'.)"5"(+)"'.%!'.-!
&+0?!8+*5+..+(($"'!-7(,+"2%?!_'y!F'"!/')*-%)"!1+1,"+*&+2-.)-!5+*-!4.+!,-))4*+!+!F-&4)+?!-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
S^W !J=7"?!8+.5+."!41&&%$'%(GRQ=!
S^N !>>>=7"?!8+.5+."!41&&%$'%(OW=!
!
VG^!
!
!
!!!!!!!!!!!
,-11-*,+!+!2-.)-!.-,,:B((+&-2"+`!E!+!%)+)-2-.)!(,-+*,0!'.,0!"*'."(+,,0!2-+.)!+%!/*+"%-=S^^!
>)%!/4*/'%-!"%!.')!)'!4.&-*,".-!C*+DD".":%!'3.!"..'F+)"'.!+.&!")%!F+,4-!3")$!*-%/-()!)'!
-%)+<,"%$-&!(4,)4*+,!(+/")+,e!C*+DD"."!3",,!$+F-!/,-.)0!'5!'//'*)4.")0!)'!<'+%)!".!,:!2F')1)1*1!
<')$!".!$"%!/*','14-!+.&!F"+!J+,-*"'!3$'?!,";-!$"%!+4)$'*!$"2%-,5?!3")$!_1*+.!/')-.D"+!-!
".(*-&"<",-!qnr!,"!4'2"."!".!4.!2-&-%"2'!1"'*.'!q5+r!&"F-.)+*!&"!F-(($"!1"'F+."!-!&"!1"'F+."!
F-(($"=`SÔ!>)%!/4*/'%-!"%!)'!4.&-*2".-!)$-!/'3-*!+.&!*-/4)+)"'.!'5!)$-!+(+&-20?!1*'3.!
/-&+.)"(?!<4*-+4(*+)"(?!+.&!'F-*,0!)*+&")"'.+,=!#$-!%+2-!-55-()!"%!+($"-F-&!3$-.!
8+*5+..+(($"'!,+)-*!(+,,%!#+&&-'!_.'.!F':!&"*!4.!H*,+.&'!54*"'%'?!4.!Z'&'2'.)-!<"DD+**'?!
2+!,'!>&&"'!I+*)-!,'!%)-%%'=`S^Q!C*+DD".":%!+&2"*+)"'.!'5!B*"'%)'!"%!4."F-*%+,,0!
+(;.'3,-&1-&e!$-*-!"%!.')!+!d+<!+)!$"%!3",&,0!+//*-("+)-&!('.)-2/'*+*0=!Y)",,?!")!&*+3%!+!
&"%)".()"'.!<-)3--.!)$-!;".&!'5!,")-*+)4*-!C*+DD"."!/*'&4(-%?!+.&!)$+)!+)!)$-!'//'%")-!-.&!'5!
)$-!_2+*F-,'4%`!%/-()*42?!3$",-!&"*-()".1!*-+&-*%:!+))-.)"'.!)'!)$-!".F-.)"'.!'5!$"%!'-4F*-=!!
>)!"%!+.!".F-.)"F-.-%%!3$"($?!+%!/*-F"'4%,0!%)+)-&?!,'';%!5'*3+*&!*+)$-*!)$+.!E!'*!.')!
'.,0!E!+*'4.&!")=!>.!C*+DD".":%!1*')-%@4-!"%!)$-!1*')-%@4-!)$+)?!(-.)4*"-%!,+)-*!3",,!&-F-,'/!
".)'!+!%($'',!'5!2'&-*.!)$-+)*-e!".!$"%!_(+/*"(("'`!"%!)$-!"*'."(6('2"(6)*+1"(!24,)"/,"(")0!
".$-*-.)!)'!9"*+.&-,,':%!,+)-!.".-)--.)$6(-.)4*0!)$-'*0!'5!$42'4*"%2=!L')$!3",,!<-!
-7+2".-&!+)!1*-+)-*!,-.1)$!".!)$-!5',,'3".1!($+/)-*=!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
S^^ !>>="?!8+.5+."!41&&%$'%(VPO=!
SÔ !>J=F"?!8+.5+."!41&&%$'%!WQS=!
S^Q !>J=""?!8+.5+."!41&&%$'%(VRP=!
!
VGO!
!
!
!!!!!!!!!!!
M$+/)-*!8"F-U!8*'2!a42'4*%!)'!a42'4*"%2!
G'%/21('*("#-"%**'-1($A3-(12/1($3%(#*J%2%//'($'(&#-$12*1=((
GA'-B%2-1;(?#2%B#-1(&12/'=(
6120%(%2#-1j(.120%(-1j(1(3-1(0d(%(3-1(-1=(L%003-1(?1/%B#($'2*1;(?%2"9[()*'(#*J%2'("9%(-1-(
0'#-1($'(B%2$%(?%22%--%(J'01)-#(#0?%//#2(&#2F1(?%2(B%$%2(@3#*'(01-1(&12/'(%(@3#*'(-1=(
!(&#2F1(0'(B'$%("9%(3-1(01*1($'(@3%'($3%(#*J%2%//'(%2#(B'B1j(@3%**1($'%/21(#*(?'*#0/2'-1(
?'c(#*/1($%*("#-"%**1=(C(.3(3-#(?%-#(B%$%2(*A#*/21(2'&#-%2%(*d;(-3$1(%(0/%""9'/1;(#""#-/1(#(@3%**1(
"9%;(-%**#("9'#2(&#//'-#;(2'$%B#(#*(01*%("1&%($A3-(J2'**d1($'(.#2.#**%("9%(B1)*'#-1(%(-1-(B1)*'#-1(
?10#20'=(
m=(=(=(n(
(
C2#(?'1B3/1;('-(@3%'()'12-';(.32'10#&%-/%=(6120%(*#(.32'#($%**#(?'1))'#(#B%B#(#JJ#//3/1('(
.'12'($%**A3-1(%(0B%)*'#/1(*A#*/21($#*(01--1('-B%2-#*%;('-("3'(0A%2#(/21??1('-$3)'#/1i(
(
C""1;(0dj(@3#*"9%(J'#-"#(.1)*'1*'-#('-)'#**'/#;(03?%20/'/%;(%0'0/%B#(#-"12#(-%'(2#&'($'(
@3%**1("9A%2#(.'12'/1(?2'&#=(<#(?'1))'#(#B%B#($3-@3%($'0/23//1(B%2#&%-/%(*#(*'%/#;(?2%"1"%(
.'12'/32#=(
(
E#(*#(012?2%0#(0'(2'--1Bo(?'c(B'B#;(%(#""1&?#)-#/#($#(3-1(0"1??'1($'(2'0#;(@3#-$1(
$#BB'"'-1(0'(?1/[(B%$%2%("1&%(%($'("9%(%2#(/3//1(.'12'/1(@3%**A#*/21(#*J%2%//1($'%/21('*("#-"%**'-1(
$'(@3%**A12/1("9'301=(
(
:')-12'(&'%';($'(J'#-"9%(*3&#"9%**%p(L1-(%2#-1(.'12'p(C2#-1(*3&#"9%**%p(83//'('(2#&'(
0"1-/12/'($'(@3%**A#*J%2%//1(&12/1(0A%2#-1('-"210/#/';(2#J%0"#/'($'(J'#-"9%(*3&#"9%**%;(
0"9'3&#/%(12(12#($#**#(/%22#()2#00#;($1?1(*A#"@3#/#(/%&?%0/10#=(
m(q(n(
(
+-#(.'12'/32#(?%2("3'(r(0%-F#($3JJ'1(r("9'("2%$%00%($'($1B%2-%(2'$%2%;(J'01)-#B#("'(
&%//%00%(3-(?1A($'(J31-#(B1*1-/K=(>%2"9[(-1-(%2#(?1'(&1*/1(#**%)21(.'12'2("10d=(
(
6'12'/32#(.'-/#;(0d;(&#('-/%-$'#&1"'=(
(
L1-(B1*%B#-1(&'"#(?#2%2(.'12'(B%2'(/3//%(@3%**%(J'#-"9%(*3&#"9%**%j(%(-[(.'12'(.'-/';(
"1&%(0#2%JJ%($'(?%FF#(1($'("#2/#(1($'("%2#=(L1=(V1*%B#-1(?#2%2%(@3%*("9%(%2#-1(B%2#&%-/%H(
*3&#"9%**%(J'#-"9%;(*d('-"210/#/%;('-(0/2#-'(%(?32(-#/32#*'(2#J%0"9';(03(@3%'(2#&'(0"1-/12/'(
$%**A#*J%2%//1(&12/1=(
P<3')'(>'2#-$%**1;(>22+1".-!&-,!_C*'))-%('`S^P!
!
#$4%!9"*+.&-,,'!<-1".%!$"%!%$'*)?!(*-+)"F-!-7/'%")'*0!-%%+0!'.!)$-!1*')-%@4-?!
/4<,"%$-&!+%!+!&-%(*"/)"F-!-7+2/,-!2'*-!)$+.!+!5'*2+,!%)4&0!".!_A:>&-+!]+D"'.+,-?`!'.!
8-<*4+*0!GQ?!GPVR=!>.!")?!$-!('.&-.%-%!+.&!('.%',"&+)-%!$"%!F"-3%!'.!)$-!)3'!/*"2+*0!
('.(-*.%![<')$!'5!3$"($!&-F-,'/!".)'!)*-.&%!".!+!,+*1-*!%-.%-\!'5!)$-!,")-*+*0!/*'&4()"'.!'5!
$"%!-*+U!$42'4*"%2![3&12'0&1\!+.&!)$-!_2'&-*.`!1*')-%@4-=!L-)3--.!GPRQ?!)$-!0-+*!
9"*+.&-,,'!/4<,"%$-%!$"%!_Y+11"'!%4,,:42'*"%2'`!+.&!GPV^?!)$-!0-+*!".!3$"($!$-!&-<4)%!$"%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
S^P !".!a?%2%($'(<3')'(>'2#-$%**1?!-&"D"'.-!&"*-))+!&+!C"'F+.."!I+(($"?!+!(4*+!&"!8-*&".+.&'!
#+F"+."![I",+.'U!I'.&+&'*"?!VRR^\!GROO6OQ=!
!
VGQ!
!
!
!!!!!!!!!!!
+-1;(-%003-1(%("%-/1&'*#!<-14.!+%!+!&*+5)!%-F-.)--.!0-+*%!-+*,"-*![+.&!d4%)!+!0-+*!+5)-*!$-!
3*")-%!$"%!-%%+0!'.!a42'4*"%2\?!3&12'0&1;!?'2#-$%**'#-1;(+.&!?'2#-$%**'0&1!<-('2-!
%0.'.02'4%!)-*2%!E!+!/$-.'2-.'.!4."F-*%+,,0!+((-/)-&?!%)",,!)'&+0?!<0!+,,!2+d'*!,")-*+*0!
(*")"(%=!B,)$'41$!24($!+(+&-2"(!&-<+)-!%4**'4.&%!)$-!2'%),0!4.'55"("+,!&-F-,'/2-.)!'5!)$-!
_)-+)*'!&-,!1*'))-%('`!)*+&")"'.!+)!)$-!%)+*)!'5!)$-!)3-.)"-)$!(-.)4*0!6!")%!&-5".")"'.?!)$-!
&"*-()"'.!")!)+;-%?!")%!2+d'*!,")-*+*0!+.&!)$-+)*"(+,!*-/*-%-.)+)"F-%?!+.&!9"*+.&-,,':%!*',-!
3")$".!")!6!2'%)!(*")"(%!%)",,!5".&!")%!*'')!".!)$-!('.%("'4%!('.)*+*".-%%!)$-0!%--!)$*'41$'4)!
9"*+.&-,,':%!('*/4%!+.&!+%!-+*,0!+%!$"%!5"*%)!)$-+)*"(+,!/*'&4()"'.%=!#$-%-!2'F-2-.)%?!)$-.?!
+*-!,".;-&!".&"%%',4<,0!)'!-+($!')$-*!5*'2!)$-!%)+*)?!+,<-")!.')!3")$'4)!&"%%-.)=!!!!
!
9"*+.&-,,'!"%?!'5!('4*%-?!.-")$-*!)$-!'.,0!.'*!)$-!,+%)!%($',+*!)'!$+F-!3*"))-.!'.!)$-%-!
)'/"(%?!<')$!".&-/-.&-.),0!+.&!".!*-,+)"'.!)'!-+($!')$-*=!]'*!"%!$-!+,'.-!".!<+%".1!$"%!/9%12D(
1.(93&132'0&!'.!(-.)4*"-%!'5!,")-*+*0!/*'&4()"'.!E!'5!('2-&0!+.&!)*+1-&0!d4%)!+%!24($!+%!
-1B%**%!+.&!($"F+,*"(!*'2+.(-!E!,-+&".1!4/!)'!$"%!)3-.)"-)$!(-.)4*0!F+.)+1-!/'".)=!Y($',+*%!
$"%!('.)-2/'*+*"-%!)'!'4*%!$+F-!*-/-+)-&,0!@4-%)"'.-&!)$-!'*"1".!'5!)$-!_%-.)"2-.)'!&-,!
('.)*+*"'`!+.&!")%!*-,+)"'.!)'!$42'4*"%2?!1*')-%@4-?!2-,+.($',0?!+.&!>)+,"+.!,")-*+)4*-!+%!+!
3$',-=!>.!$"%!GP^W!<'';?!8%#/21('/#*'#-1()21//%0"1?!A4"1"!8-**+.)-!(+,,%!)$-!('2/,-7!
*-,+)"'.%$"/!+2'.1!)$-%-!)-*2%!+!_5",'!.-*'`!'5!>)+,"+.!,")-*+)4*-!E!)$-!&-5".".1!
($+*+()-*"%)"(!'5!+,,!('2"(!'*!1*')-%@4-!'*!&*+2+)"(!,")-*+*0!/*'&4()"'.!5*'2!L'((+(("'!
'.3+*&!E!+.&!)$-!&+*;-*!%"&-!'5!)$-!2'*-!)*+&")"'.+,!_5",'.-!*'%%'`!)'!3$"($!(*")"(%!+*-!
+((4%)'2-&=!a-!+%%-*)%U!
>,!1*'))-%('!.+%(-!&+,!('2"('!-!&+,!&*+22+)"('!'?!/"u!%-2/,"(-2-.)-?!&+,!
('2"('!($-!$+!*+&"("!.-,,+!2+,".('."+?!.-,!&','*-!-!/4*!/*'F'(+!",!*"%'U!i!
!
VGP!
!
!
!!!!!!!!!!!
/-*("h!5'*2+!('.%+/-F',-!($-!*"F-,+?!%'))'!+,,:'11-))'!&-,!*"&"(','?!4.!5'.&'!
&-1.'!&-,,+!/"-)l!-!&-,,+!/-.+?!+%/*+!'!,"-F-=!!
A-!<4*,-!&-,!L'((+(("'!('.'%('.'!@4-%)'!&"55"(",-!-@4","<*"'U!n!
M+,+.&*".'!*-%)h!m2+,".('."'%'!('.!,+!(+%+!/"-.+!&"!/"-)*-:!
=!=!=!!
!
A:+2'*-?!",!*"%'?!",!1"'('!%'.'!@4-,,"!&:4.!/'/','!($-!('.'%(-!/*'5'.&-!/-.-?!
+22+-%)*+)'!&+!14-**-!-!,4))"?!($-!$+!"2/+*+)'!+!*")'*(-*-!@4-,!5",'!.-*'?!
(+.)+.&'?!%/-%%'!".('.%+/-F',2-.)-?!+!F',)-!/*-%+1'U!i!*A'/#*'"3&(#"/%3&A?!4.!
2'&'!.'%)*'!&"!*"&-*-!/"+.1-.&'!-!&"!/"+.1-*-!*"&-.&'?!4.!+))-11"+2-.)'!
+.)"6-*'"('?!+.)"6*-)'*"('=SOR!!
I'*-!*-(-.),0?!I+*"'!J-*&'.-?!".!GPQG?!&*+3%!+.!-F-.!5"*2-*!('..-()"'.!<-)3--.!)$-!
1*')-%@4-!+.&!3&12'0&1?!3$-.!$-!'55-*%!)$-!5',,'3".1!+%!+!&-5".")"'.!'5!)$-!5'*2-*U!!
B//+*-.)-2-.)-!%($-*D'%'?!".!*-+,)l!2"*+!+,!)*+1"('=!]+%(-!&+!4.+!F"%"'.-!
/-%%"2"%)"(+?!($-!.-!i!,+!)"/"(+!5",'%5"+?!-&!i!<+%+)'!%4,!m%-.)"2-.)'!&-,!
('.)*+*"':=!{!@4-%)+!+.($-!,+!&-5"."D"'.-!&-,,:42'*"%2'?!.-,,+!('.(-D"'.-!&"!
9"*+.&-,,'?!)+.)'!($-!4.!_%"%)-2+:!&-,!1*'))-%('`!%"!/4h!*+FF"%+*-!/*'/*"'!.-,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SOR !L','1.+U!M+//-,,"?!GPW^?!/=!P=!_#$-!1*')-%@4-!"%!<'*.!'5!)$-!('2"(!+.&!)$-!&*+2+)"(?!'*?!
2'*-!%"2/,0?!'5!)$-!('2"(!*'')-&!".!2-,+.($',0!+.&!/+".?!)$+)!%)",,!/*'F';-%!,+41$)-*U!")!"%?!
)$4%?!+!('.%("'4%!5'*2!+.&!+!%4<%-)!'5!)$-!*"&"(4,'4%!)$+)!*-F-+,%!+!5'4.&+)"'.!3'*)$0!'5!
/")0!+.&!/+".?!%'4*!'*!%3--)=!L'((+(("':%!_<4*,-`!&"%/,+0!)$"%!&"55"(4,)!<+,+.(-U!=!=!=!M+,+.&*".'!
3+%!m2-,+.($',"(?!$"%!$'4%-!54,,!'5!%)'.-%:!=!=!=!#$-!,'F-?!,+41$)-*?!+.&!1+2-!q".!@4-%)"'.r!+*-!
)$'%-!'5!+!/-'/,-!)$+)!;.'3%!/*'5'4.&!/+".!+&2"."%)-*-&!<0!3+*%!+.&!('.5,"()%?!+!/-'/,-!
)$+)!$+%!,-+*.-&!$'3!)'!3*".1!'4)!)$"%!_<,+(;!)$*-+&?`!+.&!%".1%?!'5)-.!4.('.%("'4%,0?!
%'2-)"2-%!5'*-<'&".1,0U!")!"%!)$-!_>)+,"+.!+()?`!'4*!'3.!3+0!'5!,+41$".1!+%!3-!(*0!+.&!
(*0".1!+%!3-!,+41$?!+.!+))")4&-!<')$!+.)"6$-*'"(!+.&!+.)"6*$-)'*"(+,=`!!
!
VVR!
!
!
!!!!!!!!!!!
%+11"'!<A3&12'0&1![GPRQ\?!($-!/'"!9"*+.&-,,'!F4',-!&-&"(+*-!_+,,+!
<4'.:+."2+!&"!I+))"+!9+%(+,?!<"<,"')-(+*"'=`SOG!
L')$!'5!)$-!+<'F-!(*")"(%!3*")-!'.!)$-!1*')-%@4-!".!)$-!%/-("5"(!('.)-7)!'5!)$-!/%#/21($%*(
)21//%0"1U!+!)$-+)*"(+,!2'F-2-.)!('.)-2/'*+*0!3")$!5+%("%)!+.&!+F+.)61+*&-!-7/-*"2-.)+,!
)$-+)*-!5*'2!9+,-*2'!)'!I",+.=!#+;-.!)'1-)$-*?!$'3-F-*?!)$-0!/'".)!)'!+.!'<%-*F+<,-!
,")-*+*0!($+*+()-*"%)"(!)$+)!%($',+*%!,";-!C"'*1"'!B*(',-'!,'(+)-!+%!5+*!<+(;!+%!B.)"@4")0?!+.&!
(*")"(%!,";-!B,-%%+.&*'!T:B.('.+!&"%(4%%!".!)$-!%)",,!-+*,"-*!('.)-7)!'5!C+,-.!+.&!
a"//'(*+)-%:%!$42'4*%=!_T-,!*-%)'?!/'"?!,+!.'%)*+!,".14+!$+!42'*-!/-*!.#-/#0'#;("#?2'""'1;(-!
42'*"%)+!/-*!.#-/#0/'"1U!-!1,"!3&12'!&-,,:+."2'!-!&-,!(-*F-,,'!'1.4.!%+!($-!%)+..'!".!%)*-))+!
*-,+D"'.-!('.!,+!/'-%"+!3&12'0/#?`!T:B.('.+!3*")-%=SOV!X$+)!"%!2'*-?!<')$!8-**+.)-!+.&!
J-*&'."?!,";-!T:B.('.+?!B*(',-'!+.&!9"*+.&-,,'!$"2%-,5?!".!)$-"*!*-%/-()"F-!3'*;%?!/'".)!)'!
)$-!(-.)*+,")0!'5!)$-!1*')-%@4-![+%!+!%4<%-)!'5!)$-!"#?2'""'1!+.&!)$-!&%2#B')*'101\!)'!)$-!
)9'2'J'FF'!4<"@4")'4%!".!%"7)--.)$6(-.)4*0!,")-*+)4*-=!
!
B%!2"1$)!<-!-7/-()-&?!C*+DD".":%!.'F-,,-!/-*$+/%!2'*-!)$+.!$"%!('2-&"-%!+*-!+!(+%-!
".!/'".)!5'*!)$-!2--)".1!%/')!'5!C+,-.:%!$42'4*"%2?!Z-.+"%%+.(-!1*')-%@4-?!9"*+.&-,,':%!
3&12'0&1!+.&?!5".+,,0?!")%!*-,+)"'.!)'!)$-!)$-+)*-!'5!)$-!1*')-%@4-!)$+)!'%)-.%"<,0!1*-3!'4)!'5!
")=!>)!"%!/*-("%-,0!'.!)$"%!.-)3'*;!'5!('**-,+)-&!('.(-/)%!%4**'4.&".1!)$-!1*')-%@4-!+.&!)$-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SOG !8%#/21($%*(L1B%"%-/1![L*-%("+U!c&")*"(-!A+!Y(4',+?!GPQG\!NN=!_Y--2".1,0!,"1$)6$-+*)-&?!".!
)*4)$?!")!2'*-!(,'%-,0!*-%-2<,-%!)$-!)*+1"(=!>)!"%!<'*.!'5!+!/-%%"2"%)"(!F"%"'.?!3$"($!"%!")%!
(4%)'2+*0!/$",'%'/$"(+,!*'')?!+.&!"%!<+%-&!'.!)$-!%-.)"2-.)!'5!('.)*+*0=!#$"%!"%!+,%'!)$-!
&-5".")"'.!'5!m$42'4*"%2:!".!9"*+.&-,,':%!('.(-/)"'.!q'5!")r!)'!%4($!+.!-7)-.)!)$+)!+!m%0%)-2!
'5!)$-!1*')-%@4-:!"%!*-('1."D+<,-!".!)$-!C00#D(1-(53&132'0&![GPRQ\?!3$"($!9"*+.&-,,'!)$-.!
&-&"(+)-%!m)'!)$-!($-*"%$-&!2-2'*0!'5!I+))"+!9+%(+,?!,"<*+*"+.=:`!
SOV !:/3$'($'(42'/'"#(%(:/12'#(<%//%2#2'#;(w+."($-,,"?!L','1.+?!GQQR?!(")!/=!OOP!".!A4"1"!9"*+.&-,,'!
<A+&12'0&1!".!Opere di Luigi Pirandello, saggi e interventi, a cura di Ferdinando Taviani
(Milano: I Meridiani, Mondadori editore, 2006) 775-948!_B/+*)!5*'2!3$"($?!'4*!,+.14+1-!
2+;-%!m$42'4*:!+!%0.'.02!'5!m(+/*"(-:!+.&!m5+.)+%0:!+.&!2+;-%!m$42'4*"%)"(:!%0.'.02'4%!
3")$!m5+.)+%)"(:e!+.&!-F-*0'.-!;.'3%!)$+)!)$-!$42'4*%!'5!)$-!%'4,!+.&!'5!)$-!<*+".!+*-!
(,'%-,0!)"-&!)'!$42'4*"%)"(!/'-)*0=`!
!
VVG!
!
!
!!!!!!!!!!!
_%-.)"2-.)'!&-,!('.)*+*"'`!)$+)!>!3'4,&!,";-!)'!$".1-!)$-!2+d'*!"2/'*)!'5!)$"%!($+/)-*=!
c7+2".".1!C*+DD"."!5"*%)!".!,"1$)!'5!9"*+.&-,,':%!,-.1)$0!/2#//#/'0/'"#!+.&!5"()"'.+,!
/*'&4()"'.!'.!$42'4*"%2?!1*')-%@4-?!+.&!"*'.0?!)$-.!".!)$-!('.)-7)!'5!)$-!)-+)*'!&-,!
1*'))-%('?!>!$'/-!)'!-%)+<,"%$!$"%!*',-!+%!+!/*')'6$42'4*"%)!".!/"*+.&-,,"+.!)-*2%?!+.&!+!
.-+*,0!('.%("'4%!/*-&-(-%%'*!'5!-+*,0!)3-.)"-)$!(-.)4*0!1*')-%@4-=!b-0!)'!20!+.+,0%"%!3",,!
<-!9"*+.&-,,':%!,*(.3(E#//'#(>#0"#*!+.&?!5*'2!$"%!L1B%**%(?%2(3-(#--1?!_Y',-!-!'2<*+?`!+%!3-,,!
+%!A4"1"!M$"+*-,,":%!<#(&#0"9%2#(%('*(B1*/1?!A4"1"!B.)'.-,,":%!<A31&1("9%('-"1-/2o(0%(0/%001?!
+.&?!)$'41$!)'!!+!,-%%-*!-7)-.)?!I+%%"2'!!L'.)-2/-,,":%!E'--'%(*#("#-$'$#=!
!
C*+DD"."!+.&!9"*+.&-,,'U!:#))'1(03**A3&12'0&1;(,*(.3(E#//'#(>#0"#*;(:1*%(%(1&J2#;!+.&!)$-!
4%-%!
!
#$-!G'F'1-#2'1(%-"'"*1?%$'"1(3-'B%20#*%(<%(<%//%2%!&-5".-%!_42'*"%2'`!".!)3'!3+0%e!
5"*%)!+%!_,:+.)"(+!&'))*".+!42'*+,-e`!.-7)?!+%!+.!_+))")4&".-!&-,,+!2-.)-!+!('1,"-*-!.-"!5+))"!
&-,,+!F")+!("h!($-!i!*"&"(','?!&"F-*)-.)-?!('2"('?!/+*+&'%%+,-?!-!+&!-%/*"2-*,'?!/+*,+.&'!'!
%(*"F-.&'?!%-.D+!,'!%/"*")'!+2+*'!&-,,:"*'."+!'!,+!%-F-*")l!&-,,+!%+)"*+?!-!.-22-.'!('.!
@4-,,'!/4*+2-.)-!".)-,,-))4+,-!&-,,:+*14D"+?!2+!('.!=!=!=!%"2/+)"+!/-*!",!%4'!%'11-))'?!".!F"*)u!
&-"!@4+,"!%/-%%'!%"!+(('%)+!+,!/+)-)"('=`SOS!L')$!C*+DD"."!+.&!9"*+.&-,,'!&*+3!'.!)$-%-!
&-5".")"'.%!".!)$-"*!'3.!F+*"+)"'.%!'.!$42'4*"%2=!#$+)!)$-*-!%$'4,&!<-!E!+.&?!".&--&?!+*-!E!
F+*"+)"'.%!'.!$42'4*"%2?!+%!'.!+.0!')$-*!('.)-2/'*+*0!'*!*-,-F+.)!_"%2`!"%!%'2-)$".1!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SOS ![.--&!54,,!(")\!/=!GON^=!_#$-!+.("-.)!$42'4*+,!&'()*".-?`!_2-.)+,!+<",")0!)'!3-,('2-!
3$+)!"%!*"&"(4,'4%?!+24%".1?!('2"(+,?!/+*+&'7"(+,!".!$-!5+()%!'5!,"5-!+.&!)'!-7/*-%%!")?!
%/-+;".1!'*!3*")".1?!3")$'4)!)$-!<"))-*.-%%!'5!"*'.0!'*!)$-!%-F-*")0!'5!%+)"*-?!'*!-F-.!3")$!
)$-!/4*-!".)-,,-()4+,"%2!'5!3")?!<4)!3")$!=!=!=!%02/+)$0!5'*!")%!%4<d-()?!<0!F"*)4-!'5!3$"($!
)$-%-!5+()%!+//*'+($!)$-!/+)$-)"(=!!
!
VVV!
!
!
!!!!!!!!!!!
9"*+.&-,,'!+))-%)%!)'!$"2%-,5!".!$"%!:#))'1(03**A3&12'0&1=SOW!>.&--&?!$-*-!2"1$)!<-!)$-!<-%)!
/,+(-!)'!%)+*)!+.!-7+2".+)"'.!'5!C*+DD".":%!$42'4*"%2!F"%6l6F"%!)$-!,+)-*!9"*+.&-,,':%=!
!
9"*+.&-,,':%!GPRQ!-%%+0!'.!$42'4*"%2?!24($!,";-!)$-!('.(-/)!")%-,5?!(+.!<-!*-&4(-&!
[/-*$+/%!4.d4%),0\!)'!)3'!('.5,"()".1!"2/4,%-%U!)$-!.--&!)'!-%)+<,"%$!(4,)4*+,!+.&!,")-*+*0!
/*-(-&-.(-!5'*!)$-!)-*2![5*'2!B.)"@4")0!'.3+*&\!+.&!)$-!&-%"*-!)'!-7/,+".!")%!/+*)"(4,+*?!
&"%)".()?!+.&!E!9"*+.&-,,'!3",,!2+;-!+!.')-!'5!")!E!_('**-()`!%"1."5"(+.(-!".!)$-!('.)-7)!'5!)$-!
-+*,0!)3-.)"-)$!(-.)4*0=SON!#$-!5"*%)!/+*)!'5!9"*+.&-,,':%!-%%+0!%-*F-%!)'!%")4+)-!$"2%-,5!
+2'.1!$"%!('.)-2/'*+*0!,")-*+*0!(*")"(%!3")$!*-%/-()!)'!)$-!"%%4-!'5!$42'4*"%2!+.&!")%!
*'')%=!a"%!4,)"2+)-!/'%")"'.!"%!<4",)!'.!+!%-*"-%!'5!5'4.&+)"'.+,!)-.-)%U!G\!)$+)!)$-!-%%-.(-!'5!
$42'4*"%2!*-%"&-%!".!)$-!('22'.!%'4*(-!'5!,+41$)-*!+.&!)-+*%!".!)$-!$42+.!%-.)"2-.)!E!",!
2'))'!%)-%%'!&-,,:42'*"%2'U!m'-(/2'0/'/'#(9'*#2'0;('-(9'*#2'/#/%(/2'0/'0`SOê!V\!)$+)!$42'4*"%2!
(+.!E!+.&!%$'4,&!E!<-!-7+2".-&!<')$!".!")%!2'*-!1-.-*+,!%-.%-![%/+..".1!(-.)4*"-%?!
/-'/,-%?!1-.*-%\!+.&!".!")%!2'*-!,"2")-&!%-.%-![/+*)"(4,+*!)'!)$-!VR)$!(-.)4*0\e!S\!)$+)!)$-*-!
"%!'.,0!,"2")-&!('.)".4")0!<-)3--.!$42'4*"%2!)+;-.!".!")%!,+*1-*!%-.%-!+.&!".!")%!2'*-!
%/-("5"(!2-+.".1e!W\!)$+)!$42'4*"%2!&"55-*%!5*'2!+.&!%$'4,&!.')!<-!('.54%-&!3")$!"*'.0?!
%+)"*-?!'*!%'("+,!('22-.)+*0e!N\!)$+)!$42'4*"%2!$%('2/'%-%!3$-*-!+*)!('2/'%-%?!+.&?!
*-1+*&,-%%!'5!")%!/,+(-!".!$"%)'*0?!_i!%-2/*-!%)+)+!-&!i!)4))+F"+!+*)-!&:-((-D"'.-`SOOe!^\!)$+)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SOW !Y--!a?%2%!QRQU!9"*+.&-,,'!"%!+1+".%)!)$-!('.(-/)!'5!.+)"'.+,!$42'4*"%2?!+.&!*-54%-%!)'!
+))*"<4)-!+!%/-("5"(!_$42'4*`!)'!-+($!.+)"'.=!>.%)-+&?!$-!+*14-%!)$+)!)$-*-!"%!'.,0!'.-!)0/-!
'5!42'*"%2'!4."F-*%+,!+.&!('22'.!)'!+,,!(4,)4*-%?!+.&!)$+)!+.!+4)$'*!'*!)-7)!"%!-")$-*!+!
F+*"+.)!'.!")!'*!"%!%'2-)$".1!-,%-?!+.&!%'2-)$".1!&"55-*-.)=!!
SON !a-!3",,!%)+)-!)$"%!-7/,"("),0!+)!)$-!'/-.".1!'5!)$-!%-('.&!$+,5?!<4)!'*"1".+,,0!/'".)%!)'!)$"%!
"&-+!-+*,0!'.U!_qC"'*1"'!B*(',-'r?!/4*!+22-))-.&'!($-!,+!.')+!&-,,:42'*"%2'?!%/-("+,-!&-,,+!
,-))-*+)4*+!2'&-*.+?!.'.!2+.($"!&"!,-1+2"!(',!2'.&'!+.)"('?!-!/4*!(")+.&'!
@4-,,:".%-1.+2-.)'!&"!Y'(*+)-!($-!&"(-e!mg.+!i!,:'*"1".-!&-,,:+,,-1*"+!-!&-,,+!)*"%)-DD+U!.-"!
('.)*+//'%)"!4.:"&-+!.'.!%"!('.'%(-!($-!/-*!,+!%4+!('.)*+*"+:`![OPG\=!
SO^ !QPV=!
SOO !OPQ=!
!
VVS!
!
!
!!!!!!!!!!!
)*4-!$42'4*"%2!"%!<'*.!'5!+.!+()!'5!*-5,-()"'.!/+*)"(4,+*!)'!2'&-*.")0=!a"%!-%%+0!-,+<'*+)-%!
4/'.!)$-%-!%"7!)-.-)%!('.)-2/'*+.-'4%,0!+.&!*-/-+)-&,0?!/*'F"&".1!.4+.(-%!+.&!,-.1)$0!
-7+2/,-%!5'*!-+($=!M*4("+,!)'!)$-!5"*%)!)-.-)!"%!3$+)!9"*+.&-,,'!(+,,%!)$-!0%-/'&%-/1($%*(
"1-/2#2'1?!'*!)$-!+<",")0!)'!/-*(-"F-!)*+1-&0!".!('2-&0!+.&!('2-&0!".!)*+1-&0!+.&!)'!
/+*)+;-!-@4+,,0!'5!<')$6!'*?!2'*-!1-.-*+,,0!/4)?!)'!_)-.-*%"!)*+!",!%k!-!",!.'=`SOQ!#$"%!"%!+!
('.&")"'.!.')!('.)".1-.)!'.!)"2-?!+.&!"&-.)"5"+<,-!+%!*-+&",0!".!5"14*-%!'5!B.)"@4")0!+%!".!
('.)-2/'*+*0!3*")-*%!66!9"*+.&-,,'!(")-%!Y'(*+)-%!+.&!L'((+(("'!+2'.1!)$-!5"*%)!*-+,!
$42'4*"%)%=!L4)?!+.&!'5!+!/"-(-!3")$!$"%!%-('.&!)-.-)?!$-!"%!(+*-54,!)'!&"%)".14"%$!<-)3--.!
)$-!$42'4*"%2!$-!%--%![+.+($*'."%)"(+,,0\!".!Y'(*+)-%!+.&!)$-!,+*1-*!(+)-1'*0!'5!
_$42'4*"%2`!".!3$"($!)$-!0%-/'&%-/1($%*("1-/2#2'1!"%!+,%'!F"%"<,-?!<4)!.')!<'*.!'5!)$-!+()!'5!
*-5,-()"'.!%/-("5"(!)'!")=!a-!".(,4&-%!_,+!<4*,+?!,+!<+"+?!,+!5+(-D"+?!,+!%+)"*+?!,+!(+*"(+)4*+?!)4))'!
",!('2"('!".%'22+!.-,,-!%4-!F+*"-!-%/*-%%"'."!q-r!".!@4-%)'!%-.%'!+.($-!)+.)"!+,)*"!%(*"))'*"!
5+(-)"?!<4*,-%($"?!1*'))-%($"?!%+)"*"("?!('2"("!&:'1."!)-2/'!-!&:'1."!.+D"'.-`!".!)$"%!%-('.&!
1*'4/".1?!3")$'4)!&-.0".1!)$-"*!"2/'*)+.(-!)'!)$-!&-F-,'/2-.)!'5!)$-!$42'4*"%)"(!
)*+&")"'.=SOP!B2'.1!)$-2?!+.&!'5!/*"2+*0!*-,-F+.(-!)'!")?!$-!(,+"2%?!+*-!#4%(+.!/'-)%SQR!
3$'?!3*")".1!".!)$-"*!'3.!&"+,-()!+.&!'5)-.!4.('.(-*.-&!3")$!-,-2-.)%!'5!5'*2?!".54%-!)$-"*!
/'-)*0!3")$!)$-!_.+)4*+,-DD+`!+.&!_*-+,"%2`!.-(-%%+*0!)'!+.0!3'*;!)$+)!3"%$-%!")%-,5!)'!<-!
('.%"&-*-&!$42'4*"%)"(=!a-!3*")-%U!
9-*($s!,:42'*"%2'!$+!%'/*+)4))'!<"%'1.'!&:".)"2")l!&"!%)",-?!,+!@4+,-!54!
%-2/*-!&+!.'"!'%)+(',+)+!&+,,+!/*-'((4/+D"'.-!&-,,+!5'*2+?!&+!)4))-!@4-,,-!
@4-%)"'."!*-)'*"($-!($-!%"!5-(-*'!%-2/*-!&+!.'"!".)'*.'!+,,+!,".14+=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SOQ !QGS=!
SOP !QRP=!
SQR !$"%!"22-&"+)-!-7+2/,-!"%!M-(('!B.1"',"-*"!
!
VVW!
!
!
!!!!!!!!!!!
A:42'*"%2'!$+!<"%'1.'!&-,!/"u!F"F+(-?!,"<-*'!%/'.)+.-'!-!"22-&"+)'!
2'F"2-.)'!&-,,+!,".14+!=!=!=!A:42'*"%2'?!($-!.'.!/4h!5+*.-!+!2-.'![%"+!.-,!
%-.%'!,+*1'?!%"+!.-,!/*'/"'!%-.%'\?!,'!)*'F-*-2'!E!*"/-)'!E!.-,,-!-%/*-%%"'."!
&"+,-))+,"?!.-,,+!/'-%"+!2+((+*'."(+!-!.-1,"!%(*"))'*"!*"<-,,"!+,,+!*-)'*"(+=SQG!
>.!/+*)!<-(+4%-!)$-0!/*'F"&-!)$-!2'&-,!,+)-*!)'!<-!"2")+)-&?!+.&!".!,+*1-*!/+*)!<-(+4%-!'5!
#4%(+.!<4*,-%@4-!/'-)%:!*-,4()+.(-!)'!+&$-*-!)'!)$-!2'*-!_(,+%%"(+,`!2'&-,%!+F+",+<,-!)'!
)$-2![+.&!5',,'3-&!<0!)$-"*!2'*-!,")-*+*0!('.)-2/'*+*"-%\?!#4%(+.!/'-)%!,";-!M-(('!5+,,!".!
3")$!9"*+.&-,,':%!(+)-1'*0!'5!*-<-,!/'-)%!/*'&4(".1!-7(-/)"'.+,!+*)=!L4)!9"*+.&-,,'!$-*-!
+,%'!/'".)%!)'!+.')$-*!&-5".".1!5-+)4*-!'5!$42'4*"%2=!A";-!)$-!B%2'0/#?!9"*+.&-,,':%!3&12'0/#!
"%!,+*1-,0!($+*+()-*"%-&!<0!$"%!+<",")0!)'!_"22-&-%"2+*%"`!".!)$-!3'*,&!$-!%/'.)+.-'4%,0!
(*-+)-%!3")$!$"%!+*)=!>.$-*-.)!)'!)$"%!+<",")0!"%?!+)!'.(-?!+!%)*'.1!%-.%-!'5!%-,56+3+*-.-%%?!+!
(+/+(")0!5'*!-2/+)$0?!+.&!+!*-d-()"'.!'5!2'*+,!d4&12-.)!'5!)$-!($+*+()-*%!".!+!$42'4*"%)!
)-7)!'*!)$-!-.F"*'.2-.)!%4**'4.&".1!)$-2=!!
!
>)!"%!".!)$"%!,+))-*!($+*+()-*"%)"(!)$+)!9"*+.&-,,'!,'(+)-%!<')$!)$-!.-3!*-5,-()"F-!
+()"F")0!*-@4"*-&!5'*!+!$42'4*"%)"(!3'*;!['*!)$-!$42'4*"%)"(!".)-*/*-)+)"'.!'5!+!3'*;\?!+.&!
)$-!&"55-*-.(-!<-)3--.!")!+.&!"*'.0=!B!$42'4*"%)"(!)-7)!(+/)4*-%!+.&!/*-%-.)%!)$-!('.)*+%)!
".!+!0%-/'&%-/e!")!('.%"&-*%?!+)!'.(-?!)$-!['5)-.\!-%%-.)"+,,0!)*+1"(!.+)4*-!'5!+!&-%(*"<-&!
%")4+)"'.!+.&!)$-!('2"(!-,-2-.)%!3")$".!")!E!'*?!/-*$+/%!<-))-*?!")!<')$!4.-+*)$%!+.!
-7"%)-.)"+,!/*'<,-2?!+.&!+&&*-%%-%!)$-!3+0!".!3$"($!")!2"1$)!2+;-!+4&"-.(-%?!'*!")%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SQG !QVS=!a-!2'*-!%/-("5"(+,,0!(+)-1'*"%-%!)$-%-!#4%(+.!/'-)%!+%!*-<-,%!".!+!,+)-*!/+%%+1-U!
_8*+!@4-%)"!%(*"))'*"!%',")+*"!*"<-,,"!+,,+!*-)'*"(+?!5*+!"!&"+,-))+,"!<"%'1.+!(-*(+*!1,"!42'*"%)"!-?!
".!%-.%'!,+*1'?!.-!)*'F-*-2'!".!1*+.!('/"+?!5".!&+1,"!"."D"!&-,,+!.'%)*+!,-))-*+)4*+?!
%-1.+)+2-.)-!".!#'%(+.+`!-F-.!"5?!+%!$-!('.)".4-%?!_.-,!%-.%'!F-*'!-!/*'/*"'!/'($"!.-!
)*'F-*-2'?!2+!.'.!%-!.-!)*'F+.'!&"!/"u!(-*)'!.-,,-!,-))-*+)4*-!&-1,"!+,)*"!/+-%"?!.-:!@-%)"!
/'($"!.'%)*"!%'.!&+!2-.'!&-"!/'($"!%)*+."-*"?!($-!+!('.54%"'.-!.'%)*+!("!%'.!2-%%"!"..+.D"!
&"!('.)".4'?!-!%'.!%-2/*-!@4-,,"?!%-!<-.!%:+FF-*)-?!&+!('.)+*,"!%4!,-!&")+!&:4.+!2+.'`![QQP\=!
!
VVN!
!
!
!!!!!!!!!!!
%4<d-()?!,+41$=!>*'.0?!'.!)$-!')$-*!$+.&?!"%!+!%)0,"%)"(!-,-2-.)!4%-&!)'!/*-%-.)!+!('.)*+%)!.')!
".!0%-/'&%-/?!<4)!".!-7/*-%%"'.?!+!&"%)+.(-!<-)3--.!)$-!&-%(*"<-&!%")4+)"'.!+.&!)$-!/'%")"'.!
'5!)$-!+4)$'*!&-%(*"<".1!")=SQV!j4")-!('.)*+*0!)'!$42'4*"%2?!3$"($!&-2+.&%!)$-!2+**"+1-!
'5!+4)$'*!+.&!)-7)![)'!)$-!/'".)!'5!)$-!+4)$'*:%!&"%+//-+*+.(-!+.&!)$-!)-7):%!+4)'.'2'4%!E!
"5!/*'<,-2+)"(!E!-7"%)-.(-\?SQS!")!*-,"-%!$-+F",0!'.!+.!+4)$'*:%!(*")"(+,!%;",,%!+.&!+<",")0!)'!
('224."(+)-!"2/,"(")!d4&12-.)!'.!)$-!($+*+()-*%!$-!(*-+)-%=!H5!('4*%-?!)$+)!"%!.')!)'!
%411-%)!)$+)!$42'4*"%2!"%!+.!-.)"*-,0!03Js%"/'B%?!+.&!"*'.0!+.!-.)"*-,0!1Js%"/'B%!+//+*+)4%U!
9"*+.&-,,':%!$42'4*"%)!4.&-*%)+.&%!)$-!$42+.")0!$-!&-%(*"<-%!+.&!4.&-*%)+.&%!$"2%-,5!)'!
<-!+!/+*)"("/+.)!".!")?!<4)!(+.!($''%-!)'!&"%)+.(-!$"2%-,5!5*'2!")!'*!.')=!
!
#$"%!&"%)".()"'.!5"14*-%!/*'2".-.),0!".!)$-!%-('.&!$+,5!'5!9"*+.&-,,':%!-%%+0?!".!
3$"($!$-!+&&*-%%-%!)$-!.+**'3-*!&-5".")"'.!'5!42'*"%2'!)'!3$"($!$-!$+&!4.)",!)$-.!'.,0!
+,,4&-&?!+.&!3$"($!$-!('.%"&-*%!")%!2'%)!F+,"&!+.&!1-.4".-!5'*2=!a-*-?!9"*+.&-,,':%!
/'%")"'.!'.!42'*"%2'!%$"5)%!%"1."5"(+.),0U!.'!,'.1-*!F"-3".1!")!+%!+!('.&")"'.!3")$!+!,-.1)$0!
(*'%%6('.)".-.)+,!$"%)'*0?!$-!.'3!/*-%-.)%!")!+%!)$-!/*'&4()!'5!+.!#'2($3(/%&?0!<'*.!'5!+!
_%/-("+,-!%)+)'!&:+."2'!($-!/4h?!/"u!'!2-.'?!&"55'.&-*%"=`SQW!B)!)$-!$-+*)!'5!)$"%!%/-("+,!
-2')"'.+,!%)+)-!+*-!)3'!('2/+)"<,-!('.F"()"'.%U!5"*%)?!)$+)!")!,+(;%!+!4."50".1!-)$"(+,!'*!
2'*+,!<+%-?!+.&!%-('.&?!)$+)?!".!")%!F+*"+<",")0?!")!*-,"-%!+%!$-+F",0!'.!)$-!$42'4*"%)!+4)$'*!
+%!")!&'-%!'.!)$-!*-+&-*!'5!+!$42'4*"%)!)-7)=!#$-!5"*%)!'5!)$-%-!+%%42/)"'.%!*-%)%!'.!)$-!
$42'4*"%):%!+<'F-62-.)"'.-&!*-%"%)+.(-!)'!d4&12-.)U!_>.!+,)*-!/+*',-?!,:42'*"%2'!.'.!$+!
+55+))'!<"%'1.'!&:4.!5'.&'!-)"('?!/4h!+F-*,'!'!.'.!+F-*,'U!@4-%)'!&"/-.&-!&+,,+!/-*%'.+,")l?!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SQV !QVG=!
SQS !9"*+.&-,,':%!:%'(?%201-#))'('-("%2"#($A#3/12%!"%!)$-!2'%)!(+.'."(+,!-7+2/,-!'5!)$"%!
-7)*-2-!-2/+)$0!<-)3--.!+4)$'*!+.&!($+*+()-*[%\=!
SQW !PRR=!
!
VV^!
!
!
!!!!!!!!!!!
&+,,:".&',-!&-,,'!%(*"))'*-=`SQN!#$-!%-('.&!*-,"-%!'.!+!2'*-!('2/,-7!('2/'%")"'.!'5!2'&-*.!
2+.:%!-2')"'.+,!%)+)-!E!+.&!+!2'*-!2'&-*.!4.&-*%)+.&".1!'5!")=!!
!
a-!,'(+)-%!)$-!(*47!'5!$"%!+*142-.)!".!+!5*-@4-.),0!(")-&!-+*,0!-7+2/,-!'5!
$42'4*"%2U!M-*F+.)-%:%!G1-(I3's1/%=!#$-!-.)"*-!/+%%+1-!<-+*%!*-/*'&4()"'.U!
]'"!F'**-22'!*"&-*-!&"!)4))'!@4+.)'!(:i!&"!('2"('!.-,,+!*+//*-%-.)+D"'.-!&"!
@4-%)'!/'F-*'!+,"-.+)'!($-!2+%($-*+!&-,,+!%4+!5',,"+!%-!%)-%%'!-!1,"!+,)*"!-!
)4))-!,-!('%-e!F'**-22'!*"&-*-?!2+!",!*"%'!.'.!("!F"-.-!+,,-!,+<<*+!%($"-))'!-!
5+(",-e!%-.)"+2'!($-!@4+,('%+!(-!,'!)4*<+!-!(-!,:'%)+(',+e!i!4.!%-.%'!&"!
('22"%-*+D"'.-?!&"!/-.+!-!+.($-!&:+22"*+D"'.-?!%k?!/-*($s!%-!,-!-*'"($-!
+FF-.)4*-!&"!@4-%)'!/'F-*'!$"&+,1'!%'.'!*"&"(',"%%"2-?!/4*!.'.!F:$+!&4<<"'!
($-!-1,"!.-,,+!%4+!*"&"(',+11".-!i!F-*+2-.)-!-*'"('=!]'"!+<<"+2'!4.+!
*+//*-%-.)+D"'.-!('2"(+?!2+!%/"*+!&+!@4-%)+!4.!%-.)"2-.)'!($-!("!"2/-&"%(-!
&"!*"&-*-!'!("!)4*<+!",!*"%'!&-,,+!('2"(")l!*+//*-%-.)+)+e!(-!,'!*-.&-!+2+*'=!
B))*+F-*%'!",!('2"('!%)-%%'?!+<<"+2'!+.($-!@4"!",!%-.)"2-.)'!&-,!('.)*+*"'=SQ^!
!!
>.&--&?!+.&!+%!9"*+.&-,,'!/'".)%!'4)?!*-+&-*%:!*-+()"'.!)'!T'.!j4"d')-:%!($+*+()-*!5+,,%!".!
,".-!3")$!$42'4*"%2:%!.-(-%%+*0!<,-.&".1!'5!,+41$)-*!+.&!)-+*%!['*!('.%)-*.+)"'.?!'*!
5*4%)*+)"'.?!'*!/")0\=!L4)!)$-!*-5,-()"F-!+()!'.!&"%/,+0!".!M-*F+.)-%:%!3'*;!/*-F-.)%!")!5*'2!
(+)-1'*"D+)"'.!+%!+!/4*-,0!_$42'4*"%)"(`!)-7)?!".!/"*+.&-,,"+.!)-*2%U!
A+!*"5,-%%"'.-!+F-F+!1"l!&-%)+)'!.-,!/'-)+!",!%-.)"2-.)'!&-,!('.)*+*"'?!-!5*4))'!
&"!-%%'!i!+//4.)'!",!G1-(I3's1/%j(i!@4-%)'!%-.)"2-.)'!&-,!('.)*+*"'!
'11-))"F+)'=!>,!/'-)+!.'.!$+!*+//*-%-.)+)'!,+!(+4%+!&-,!/*'(-%%'!=!=!=!.-!$+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SQN !QQO=!
SQ^ !PGS=!
!
VVO!
!
!
!!!!!!!!!!!
*+//*-%-.)+)'!%',)+.)'!,:-55-))'?!-!/-*h!",!%-.)"2-.)'!&-,!('.)*+*"'!%/"*+!
+))*+F-*%'!,+!('2"(")l!&-,,+!*+//*-%-.)+D"'.-e!@4-%)+!('2"(")l!i!5*4))'!&-,!
%-.)"2-.)'!&-,!('.)*+*"'!1-.-*+)'!.-,!/'-)+!&+,,+!%/-("+,-!+))"F")l!&-,,+!
*"5,-%%"'.-!%4,!/*"2'!%-.)"2-.)'!)-.4)'!.+%('%)'=SQO !
X$+)!M-*F+.)-%:%!T'.!j4"d')-!'%)-.%"<,0!,+(;%?!".!'*&-*!)'!<-!('.%"&-*-&!+!)*4-!'<d-()!'5!
$42'4*"%2?!"%!)$-!%-,56+3+*-.-%%!)$+)!9"*+.&-,,':%!)3-.)"-)$6(-.)4*0!/*')+1'."%)!E!'*?!
/-*$+/%!<-))-*?!+.)"6$-*'!E!*-/-+)-&,0!&"%/,+0%=!>5!T'.!j4"d')-!"%!+!$42'4*"%)"(!5"14*-?!'*!
'.-!".!3$"($!)$-!('/*-%-.(-!'5!)*+1-&0!+.&!('2-&0!"%!"22-&"+)-,0!&"%(-*.+<,-?!$-!"%!
4.".)-.)"'.+,,0!%'=!#$'41$!*-+&-*%!2+0!4.&-*%)+.&!+.&!+//*-("+)-!$"%!24,)"5'*2!+.&!
-%%-.)"+,,0!&"%%'.+.)!.+)4*-?!$"%!".+<",")0!)'!*-('1."D-!")!('.%("'4%,0!".!$"2%-,5!,"2")%!$"2?!
".!9"*+.&-,,':%!F"-3?!)'!)$-!*-+,2!'5!)$-!5+*("(+,?!'*!)$-!?#)*'#""'1=!
!
#$-!%+2-!2"1$)!<-!%+"&?!)*4)$54,,0?!'5!+!1*-+)!.42<-*!'5!)$-!.'F-,,-!('.)+".-&!".!
C*+DD".":%!4%-%=(L0!&-%"1.?!)$-0!+*-!)$"*&6/-*%'.![%'2-)"2-%!,"2")-&?!)$'41$!2'*-!'5)-.!
'2."%("-.)\!.+**+)"F-%!)$+)?!+%!+&&*-%%-&!".!)$-!/*-F"'4%!($+/)-*?!%4<%(*"<-!)3"(-!)'!)$-!
,")-*+*0!/*+()"(-!'5!2+*F-,!)$*'41$!/4<,"(!%/-()+(,-?!'.(-!3")$".!)$-!.+**+)"F-!")%-,5!E!+.&!
<0!/"))".1!)$-!/*')+1'."%)!+1+".%)!+!2'<!'5!d4&12-.)+,!F"-3-*%!E!+.&!+1+".!+)!)$-!
2+(*')-7)4+,!,-F-,?!+%!-+($!.'F-,,+!"%!)',&!)'![+.&!<0\!)$-!2-2<-*%!'5!C*+DD".":%!J2')#/#?!
+.&!-,"(")%!)$-"*!*-+()"'.=!Y)",,?!+!.42<-*!'5!C*+DD".":%!)+,-%!*-F-+,!+.!+.)"6$-*'!.')!'.,0!
+(4)-,0!+3+*-!'5!$"%!/-*%'.+,!".('.%"%)-.("-%?!+%!9"*+.&-,,'!2"1$)!+//*-("+)-!/'".)".1!'4)?!
<4)!+,%'!%4<d-()!)'!)$-!%+2-!;".&!'5!)*+1"(!-.&!9"*+.&-,,':%!($+*+()-*%!*'4)".-,0!5+(-=!H.-!
%/-("5"(!(+%-!".!/'".)!"%!)$-!'.,0!%4*F"F".1!.'F-,,+!['5!4.+2<"14'4%!+))*"<4)"'.\!'5!
C*+DD".":%!)$"*&!+.&!".('2/,-)-!4%-#=(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SQO !PGS=!
!
VVQ!
!
(
!
!!!!!!!!!!!
>22-&"+)-,0!%"1."5"(+.)!)'!*-+&-*%!5+2","+*!3")$!C*+DD".":%!4%-%!"%!$"%!+,,'(+)"'.!'5!
)$"%!)+,-!)'!B2+*+.)+?!$'%)-%%!'5!)$-!)$*--!-F-.".1%:!-.)-*)+".2-.)!+.&!,-+&".1!5'*(-!
<-$".&!)$-!<*"1+)+:%!&-("%"'.!)'!2'F-!<-0'.&!L'((+(("'!".!)$-!('2/'%")"'.!'5!)$-"*!'3.?!
'*"1".+,!)+,-%=!>.&--&?!)$"%!%)'*0?!,";-!2+.0!')$-*%!".!)$-!(',,-()"'.?!5+,,%!.-+*,0!%)*"(),0!
3")$".!)$-!J%..#!)*+&")"'.!+.&!5',,'3%!")%!-F-*0!('.F-.)"'.=!L4)!".!)$-!*-&-5".")"'.!'5!")%!
/*')+1'."%)!".!%)*";".1,0!2'&-*.!)-*2%?!")!+(('2/,"%$-%!'.!+!$42'4*+,!,-F-,!3$+)!
L'((+(("':%!<-55-!(+..')=!!
!
#$-!2'%)!/',")"(+,,0!('.)*'F-*%"+,!'5!)$-!)3-.)06'.-!*-2+".".1!.'F-,,-?!>>>=7!
*-('4.)%!)$-!%)'*0!'5!2+-%)*'!I+.-.)-?!+!&'()'*?!(+/)4*-&!<0!)3'!'5!A'*-.D'!F-(($"'!&-:!
I-&"(":%!2-.![".!&"%14"%-\!+.&?!3")$!)$-!$-,/!'5!+!(4..".1!*4%-!&-F"%-&!<0!I'.+('?!)$-!
)'3.!<455''.?!$-,&!$'%)+1-!,'.1!-.'41$!)'!<-!<-,"-F-&!&-+&!+.&!<4*"-&=!a-!"%!*-,-+%-&!
<+(;!)'!.'*2+,!%'("-)0?!+,<-")!".!)$-!14"%-!'5!+!F+1+<'.&?!'.,0!'.(-!$"%!3"5-!$+%!*-2+**"-&!
+.&!+%%42-&!+!.-3!"&-.)")0!3")$!$-*!.-3!%/'4%-=!cF-.)4+,,0?!+.&!".!;--/".1!3")$!)$-!J%..#!
)*+&")"'.?!I+.-.)-:%!*-+,!"&-.)")0!"%!4.('F-*-&?!)$-!&-)+",%!'5!)$-!<-55+!/,+0-&!'.!$"2!
+,,4&-&!)'?!<4)!4,)"2+)-,0!.-F-*!&"%('F-*-&e!3$-.!<*'41$)!<-5'*-!+!d4*0!".!'*&-*!)'!*-1+".!
$"%!3"5-!+.&!(4%)'2+*0!%'("+,!%)+)4%?!$"%!/-(4,"+*!5"14*+)"F-!/+%%".1!"%!&--2-&!)$-!/*'&4()!
'5!%)*+.1-!2+1"(=!B%!3'4,&!.-(-%%+*",0!<-!)$-!(+%-!.')!'.,0!5'*!+.0!)+,-!'5!)$-!<-55+!
)*+&")"'.?!<4)!+,%'!5'*!)$-!('.(,4&".1!)+,-!'5!%4($!+!('2/-.&"42?!.+)4*+,!<+,+.(-!"%!*-%)'*-&!
+5)-*!I+.-.)-:%!+//-+*+.(-!".!('4*)U!$-!"%!*-4.")-&!3")$!$"%!3"5-!+.&?!".!)$-!$'2-!)$-0!
<4",)!)'1-)$-*?!+%%42-%!%)-/65+)$-*$''&!'5!)$-!($",&!('.(-"F-&!".!$"%!+<%-.(-=!C*+DD"."!
+55'*&%!I+.-.)-!)$-!,"-)+!5".-!)$+)?!/'%")"'.-&!-,%-3$-*-!".!)$-!4%-%!3'4,&!$+F-!<--.!
4.+F+",+<,-!)'!$"2e!3$-*-!')$-*!<-55+)"!+*-!-7",-&?!5,--?!'*!&"-?!I+.-.)-!"%!+55'*&-&!+!%-('.&?!
)$-.!)$"*&!($+.(-!+)!,"5-=!
!
VVP!
!
!
!
!!!!!!!!!!!
>.%)-+&?!3-*-!C*+DD"."!)'!$+F-!('.(,4&-&!$"%!.'F-,,+!d4%)!%$'*)!'5!I+.-.)-:%!$+//",0!
"5!&"%$'.-%),0!('.(,4&-&!)*"+,?!*-+&-*%!2"1$)!,'(+)-!3")$".!")!)$-!2+;".1%!'5!+!$42'4*"%)!
)-7)!".!9"*+.&-,,"+.!)-*2%=!>.&--&!I+.-.)-:%!%)'*0!".!%)*4()4*-!+,'.-!(+,,%!)'!2".&!)$-!
1*-+)-%)!-7)+.)!-7+2/,-!'5!9"*+.&-,,"+.!$42'4*"%2U!,*(.3(E#//'#(>#0"#*=!#'!<-!%4*-?!)$-%-!
+*-!F-*0!&"55-*-.)!)-7)%?!.'!2+))-*!)$-"*!%4/-*5"("+,!/,')!%"2",+*")"-%!6!-7",-?!*-<"*)$!4.&-*!
+.')$-*!"&-.)")0?!+.&!4.-7/-()-&!*-)4*.!)'!+!5+2","+*!<4)!54.&+2-.)+,,0!($+.1-&!%-))".1=!
Y)",,?!".!C*+DD".":%!%"7)--.)$6(-.)4*0!)+,-!+*-!)$-!5'4.&+)"'.%!'5!)$-!$42'4*"%2!9"*+.&-,,'!
&-5".-%!+.&!-+*,0!",,4%)*+)-%!".!,*(.3(E#//'#(>#0"#*=((
(
#'!*-(+/!9"*+.&-,,':%!2+%)-*/"-(-U!I+))"+!9+%(+,?!+!/+2/-*-&!$-"*!".!+!5"()")"'4%!
)'3.!".!A"14*"+?!,'%-%!$"%!".$-*")+.(-!)'!)$-!2"%2+.+1-2-.)!'5!")%!+&2"."%)*+)'*?!L+))+!
I+,+1.+=!a"%!*+.('*!/4%$-%!$"2!)'!<-('2-!".F',F-&!3")$?!+.&!-F-.)4+,,0!"2/*-1.+)-?!L+))+!
I+,+1.+:%!."-(-?!Z'2",&+![+.&?!,+)-*?!$"%!3"5-\?!3$'2!$-!"%!)$-.!5'*(-&!)'!2+**0!+.&!)'!
3-,('2-!".)'!$"%!$'4%-$',&!+,'.1%"&-!$-*!2')$-*?!I+*"+..+!9-%(+)'*"?!3")$!3$'2!$-!$+%!+!
24)4+,,0!'&"'4%!*-,+)"'.%$"/=!a-!"%!+,%'!,-5)!.'!($'"(-!<4)!)'!)+;-!4/!-2/,'02-.)!+%!+!
,"<*+*"+.=!]')!,'.1!+5)-*!$-!5".&%!$"2%-,5!".!)$"%!4.5'*)4.+)-!%")4+)"'.!E!$"%!$42<,-!-+*.".1%!
+*-!.')!-.'41$!)'!%4//'*)!$"%!5+2",0?!+.&!Z'2",&+!,'%-%!$"%!)3".%!E!3")$!'.,0!2'.-0!1"F-.!
)'!$"2!<0!$"%!<*')$-*!5'*!$"%!2')$-*:%!54.-*+,?!$-!&-("&-%!)'!5,--!+.&!<-1".!+!.-3!,"5-=!a-!"%!
+"&-&!".!$"%!1'+,!<0!+!*-/'*)!'5!$"%!+,,-1-&!&-+)$!+//-+*".1!".!)$-!.-3%/+/-*?!3$"($?!+5)-*!+!
<*"-5!/-*"'&!'5!*-('.%"&-*+)"'.!5',,'3".1!+!F"%")!)'!I'.)-(+*,'?!&-)-*%!$"2!5*'2!*-)4*.".1!
)'!$"%!5'*2-*!,"5-=!#$"%!F"%")!)'!I'.)-(+*,'!-.&%!".!+!%4((-%%54,!*'4.&!'5!*'4,-))-!)$+)!.')!
'.,0!+3+*&%!$"2!+!1*-+)!&-+,!'5!2'.-0?!<4)!+,%'?!+.&!2'*-!"2/'*)+.),0?!)$+)!/-*2")%!$"2!
-F-.)4+,,0!)'!*--%)+<,"%$!$"2%-,5?!".!Z'2-?!4.&-*!+!.-3!+,"+%!E!B&*"+.'!I-"%!E!+.&!)$-*-!)'!
/4*%4-!$"%!/-*%'.+,!+.&!/*'5-%%"'.+,!1'+,%=!>)!"%!.')!,'.1!<-5'*-!$-!5+,,%!".!,'F-!3")$!$"%!.-3!
!
VSR!
!
!
!!!!!!!!!!!
-2/,'0-*:%!&+41$)-*?!B&*"+.+=!a"%!+55-()"'.!5'*!$-*!+,-*)%!$"2!)'!)$-!"2/'%%"<",")0!'5!
2+**0".1!$-*!4.&-*!$"%!+%%42-&!+,"+%!+.&!)'!)$-!(+*-,-%%.-%%!'5!$"%!&-("%"'.!)'!+&'/)!")=!!a-!
&-F"%-%!+!/,+.!)'!%)+1-!)$-!5+,%-!%4"("&-!E!'5!B&*"+.'!I-"%!E!".!'*&-*!)'!*-(,+"2!$"%!5'*2-*!
"&-.)")0!+.&!4%-!")!)'!2+**0!B&*"+.+!+.&!&-5".")"F-,0!/4)!+.!-.&!)'!)$-!+&F+.(-%!'5!$-*!
<*')$-*6".6,+3=!L4)!$"%!/,+.!4,)"2+)-,0!5+",%=!a-!*-)4*.%!$'2-!)'!5".&!$"%!,"5-!+%!I+))"+!
9+%(+,!"**-F-*%"<,0!($+.1-&U!$"%!3"5-!$+%?!%".(-!$"%!&-/+*)4*-!)3'!0-+*%!/*"'*?!1'))-.!
*-2+**"-&!+.&!$+&!($",&*-.?!+.&!$"%!2')$-*!$+%!/+%%-&=!M',&?!(0."(+,?!+.&!)3"(-!<4*"-&?!
I+))"+!*-%42-%!$"%!3'*;!+%!+!,"<*+*"+.!+.&!/+%%-%!)$-!,'.1!$'4*%!+)!$"%!&-%;!*-('*&".1!$"%!
)+,-=SQQ!!
!
9"*+.&-,,':%!+.&!C*+DD".":%!)+,-%?!)$'41$!"&-.)"(+,,0!(0(,"(+,?!+.&!)$'41$!-+($!
-7/,'*-%!)$-!%+2-!<+%"(!)-.-)!'5!)$-!0%-/'&%-/1($%*("1-/2#2'1?!&"55-*!".!;-0!3+0%?!
"22-&"+)-,0!/-*(-/)"<,-=!L')$!I+.-.)-!+.&!I+))"+:%!-.&%!+*-!1'F-*.-&?!54.&+2-.)+,,0?!<0!
5+)-?!<4)!I+.-.)-:%!2"%5'*)4.-!&-/-.&%!+,2'%)!3$',,0!'.!)$-!+1-.(0!'5!+!)$"*&!/+*)0!E!
A'*-.D'!F-(($"'!&-:!I-&"("!+.&!$"%!2-.=!L0!('.)*+%)?!+.&!&-%/")-!<-".1!/4%$-&!)'!-7)*-2-!
<-$+F"'4*!<0!%'("+,!("*(42%)+.(-%?!I+))"+!+4)$'*%!$"%!'3.!&"%+%)-*=!a"%!5,"1$)!5*'2!$"%!
4.('25'*)+<,-!-7"%)-.(-!"%!-.)"*-,0!F',4.)+*0?!4.,";-!I+.-.)-:%?!3$"($!"%!5'*(-&!'.!$"2?!
<,".&5',&-&?!<0!$"%!(+/)'*%=SQP!#$'41$!".")"+,,0!4/%-)!<0!)$-!.-3%!'5!$"%!+%%42-&!&-+)$?!")!"%!
.')!,'.1!<-5'*-!I+))"+!*-d'"(-%!+)!3$+)!$-!/-*(-"F-%!.'3!)'!<-!+!*-+,!'//'*)4.")0!)'!-*+%-!
$"%!"&-.)")0!+.&!<-1".!+1+".?!+.&!4.&-*!2'*-!+4%/"("'4%!("*(42%)+.(-%=!L4)!3$+)!I+))"+!
%--%!+%!+!1+".?!I+.-.)-!".F+*"+<,0!F"-3%!+!,'%%?!+.&!%455-*%!$"%!-%)*+.1-2-.)=!I+))"+!2+;-%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SQQ !A4"1"!9"*+.&-,,'?!,*(.3(E#//'#(>#0"#*?!".)*'&4D"'.-!-!+.+,"%"!&-,!)-%)'!&"!Z'2+.'!A4/-*"."!
[#'*".'U!A'-%($-*?!GPPS\=!
SQP !#$-!/*-%-.(-!'5!)$-!1+2-!'5!*'4,-))-?!+,'.1%"&-!I+))"+:%!".$-*-.)![+.&!$-*-&")+*0\!
/-.($+.)!5'*!1+2<,".1!+*-!)$-!'.,0!-,-2-.)%!)$+)!/*'<,-2+)"%-!I+))"+:%!+1-.(0=!L0!+,,!
+(('4.)%?!$'3-F-*?!$"%!&-("%"'.!)'!4%-!$"%!*'4,-))-!-+*.".1%!)'!&-5".-!+.&!/4*%4-!+!.-3!,"5-!
+%%42-%!$"%!*-%/'.%"<",")0!5'*!)$-!('.%-@4-.(-%=!I+))"+!4%-%!$"%!5*--!3",,!)'!$"%!'3.!-.&%=!
!
VSG!
!
!
!!!!!!!!!!!
+!('.%("'4%!*-)4*.!)'!$"%!/*-F"'4%!,"5-!+.&!"&-.)")0?!+.&!"%!&"%+//'".)-&!<0!3$+)!$-!5".&%!
)$-*-e!I+.-.)-!"%!4,)"2+)-,0!+3+*&-&!)$-!('25'*)!'5!+!*-)4*.!)'!.'*2+,")0?!+.&!'.,0!".!/+*)!
<-(+4%-!'5!$"%!".")"+)"F-!".!*-1+".".1!")=!
!
Y)",,?!I+.-.)-!4.&'4<)-&,0!&"%/,+0%!-+*,0!2+*;%!'5!)$-!($+*+()-*"%)"(%!)$+)!2+;-!
I+))"+!+.&!')$-*!9"*+.&-,,"+.!+.)"6$-*'%!%4($!/*'5'4.&,0!2'&-*.["%)\!5"14*-%=!a"%!%-,56
('.%("'4%.-%%!"%!/-*$+/%!)$-!5"*%)!+.&!2'%)!%)*";".1!'5!)$-%-=!>.!+!(*'3&!'5!4."&"2-.%"'.+,!
($+*+()-*%?!I+.-.)-!%)+.&%!'4)?!$-*-?!+%!+!2+.!3")$!+<'F-6+F-*+1-!%-,56+3+*-.-%%?!
$-"1$)-.-&!<0!$"%!-7)-*.+,,0!"2/'%-&!-%)*+.1-2-.)!5*'2!)$-!'4)%"&-!3'*,&=!M4)!'55!5*'2!+,,!
<4)!$"%!(+/)'*%!+.&!5*-@4-.),0!,-5)!)'!<*''&!E!,")-*+,,0!E!".!&+*;.-%%?!$-!"%!+55'*&-&!+!B'/#(
'-/%2'12%!4.(4%)'2+*0!)'!2'%)!'5!C*+DD".":%!/*')+1'."%)%!-,%-3$-*-!".!)$-!4%-%=!C*+DD"."!
/*'F"&-%!$"%!*-+&-*%!3")$!+!1,"2/%-!'5!")!F-*0!-+*,0!'.U!
>.!@4-%)'!2-.)*-!2+-%)*'!I+.-.)-?!+F-.&'!&'*2")'!4.+!.'))-!-!4.!&k?!%"!-*+!
&-%)'e!-!)*'F+)'%"!.-,!,-))'!-!+,!<4d'?!.'.!%+/-F+!"22+1".+*%"!&'F-!-1,"!%"!
54%%-?!'!".!(+%+!%4+!'!&:+,)*"e!-!%-('!2-&-%"2'!/-.%+.&'?!%"!*"('*&+F+!('2-!
.-,,-!L-*)4((-!+F-F+!4,)"2+2-.)-!<-F4)'!('.!L4*($"-,,'?!(',!Y4(("+!-!(',!
L"'.&'!%-.%+,-e!&"/'"!-%%-.&'%"!+&&'*2-.)+)'?!1,"!/+*-F+!-%%-*-!%)+)-!
2-.+)'!+!(+%+!%4+e!=!=!=!-!*+11"*+.&'%"!/-*!,+!(+2-*+!%-!.-!)'*.h!5".+,2-.)-!+!
,-))'?!/+4*'%'!-!/"-.'!&"!%)*+.+!2-*+F"1,"+?!.'.!%+//"-.&'!-1,"!%)-%%'!".!@4+,!
2'.&'!%"!54%%-e!-!%-('!2-&-%"2'!*"+.&+F+!)4))-!,-!('%-!($-!1,"!-*+.'!
".)-*F-.4)-=!I+?!('2".("+.&',"!+!F-."*!5+2-?!54!/"u!F',)-!)-.)+)'!&"!($"+2+*-e!
!
VSV!
,1.,+%A ((,1..%0!*10+A/%0!2A/,!00* +-1!($!/!#1%. +2!//!
!J"00%/1+%D\bY
))! %0!(5.!(!2*0$!.!%/*!*0!J//"/)!*0+* *01.((5+*/!-1!*0)!*0(
.!(%2%*#+"0$!,.!2%+1/!2!*%*#J/!2!*0/D103$0 %/0%*#1%/$!/*!*0!".+)+0$!.
!""0%,.0'%*#%*0$!0. %0%+*%/0$!!*0%.!(5%*0!.%+.*01.!+"$%/.!/+*%*#CK/!+
)! !/%)+,!*/* +AL$!%/"%((! 3%0$"!.* /!*/!+").2!(.66%*%.! %(5
1* !.(%*!/D10*+0+*(5.!.! !./) !3.!+"*!*0!J/1*+)"+.0(!/00!+"
!%*#A0$!5.!(/+,.%250+0$!,.*+%$!"!!(/0$0+*0%*1!/0+#.+3+2!.0$!+1./!+"
0$!*+2!((C*!*0!J/"!.+"$%/,0+./* /%010%+*1(0%)0!(50.1),/!2!*$%/)+/0
/%*!! 0+!0D
10*!*0!J/%*0!.*(3+.( A/.66%*%,.!/!*0/%0A!40!* /!5+* 0$!
.!+#*%0%+*+"$%/!/0.*#!)!*0* 0$!,.*+%0$0+)!/3%0$%0D(0$+1#$$!%/
,!."!0(53.!+"$%/%),.%/+*)!*0A/$+.0(5!"+.!$%/Q1*!4,!0! R.!(!/!A*!*0!
\bY *"*%[Y[D$%/,//#!(/+!.//0.%'%*#.!/!)(*!0+*0+*%+*!00%J/
K+2!(( !(#.//+(!#*%1+(+L%*3$%$/%)%(.(5 1,! .//+3'!*/%*,(!$!
+*(5(0!..!+#*%6!//$%/$+)!* 00!),0/0+,%!!0+#!0$!.0$!!2!*0/+"0$!,.!2%+1/
!2!*%*#CK()00%*%*/1(X2!).% %*0.% !(%+.!A2!* +"00+!(
!2!.##%+0100(X+,!./1A :/0+/%A!//!* +#%71+*)00%*A.%+*+/%10+(),*
! ,!.0+#(%+$%!2! 10+(1*+/,%.#(%+,!.()!.A.%+*+!/:!//!.!%*//1A
!2!**!#(%1*#.* !((!#.!66(1+.!/1%0+A,.!* +#(%!//!.!.%0+.*0+!(.//+! %*
/%#*+.% X+#*%/1+/ASETB!.%+. * +/% !((!+/!/1!//!A! +2!/X!.+.%0+(
/!.A! +2!/%0.+22((+.A!*0.>/1%0+%*1*"*0/% X)%#1%07A/X!#(%2!2/+#*0+
-1!((+A+/!/+#*2(,.!/!*0!B!,.!2#(% %!.0+2!.+-1* +(X1*+/!-1* +
(X(0.A!#1. 2()!. %!* +C 1!/09,1.!()!.)%-1* X%+!.+!(.//+A
)-1* +!*0.%%+-1%HND-1* +/%0+2+*(X1*)*+!(.%+ !((X(0.A!
-1* +!(+*0..%+A!-1* +!(,!00+A""!.)* + %!.0+!//!.!!(.//+D+%/%
.%2+(#!2C !+/;9A+)!*X* %%+,.!/+,!.00!+H$:)%.%+. +,1.!$X%+/0!00%%*
,.%#%+*!!$!)%*!//1*+*+*)%+*+!/!*+*,!.00!+!$!%+*!"1X20+ -1!X
1!".0!((%A$X%+* %*0%(%%0!X(,.!0!)%,.(>+0*0+!!*%! * %(!00+
-1%2%A$!)%2!**!/;#.*/+**+ND !.%*#.* %//%)+*"1/%+*! %*1+2+/X!#(%!.
/00+/+#*++/!/+#*2((+00LQ1. %*0+*%+*6D%.!*6!C((!$%AZbabA((_]Y
FFRD
[\\
!
!
!!!!!!!!!!!
('2-%!)'!)-*2%!3")$!E!".&--&!+,2'%)!(-,-<*+)-%!E!$"%!%',")+*0!-7"%)-.(-?!-F-.!.-+*!
[/*-%42-&\!&-+)$U!
I+-%)*'!I+.-.)-?!)*'F+)+!,+!<'((+!+,!<4d'?!('.!@4-"!(+//'."!-!('.!@4-,,+!
F")-,,+?!-!<--.&'!+,!5"+%('?!+,Dh!",!5"+.('!2"*+(','%+2-.)-?!5*+!%s!&"(-.&'U!)4))'!
",!2+,-!.'.!%"!%+*l!2"'U!'*!%"+!($-!F4',-?!"'!%'!($-!%:"'!$'!+!2'*"*-?!($:"'!
2'**h!'11"2+"!+!('*/'!/"-.'=!c!*+%%-))+)'!('%k!",!2-1,"'!($-!-1,"!/')-))-!,-!
*-,"@4"-!+F+.D+)-?!,-!*".F',%-!".!@4-,,+!)'F+1,"4',+!-!)'*.'%%-.-!+,!,-))'?!
/+*-.&'1,"!%)*+.'!,'!-%%-*!@4"!%','!+,!<4d'?!-!.'.!%+/-*-!&'F-!.s!('2-!.s!&+!
(4"!F"!54%%-!%)+)'!('.&'))'?!.s!@4+.&'!%-!.-!+F-%%-!+!4%("*-e!/4*-?!
*"('*&+.&'%"!&"!@4-"!(+//'."!&"!(+*.-%("+,-!($-!*"&-F+.'?!*"&-F+!+.($:-1,"!5*+!
%s!%)-%%'?!/"+(-.&'1,"!2',)'!,+!<4'.+!/*'FF"%"'.-=SPG!
#$-!0%-/'&%-/1($%*("1-/2#2'1!C*+DD"."!&-%(*"<-%!$-*-!"%!(,-+*U!&-%/")-!$"%!%-@4-%)*+)"'.?!
&"%'*"-.)+)"'.?!+.&!('.54%"'.?!I+.-.)-!.'.-)$-,-%%!5".&%!+!3+0!)'!,+41$!+)!$"%!%")4+)"'.?!".!
('2/,-)-!"%',+)"'.!+.&!".!)$-!+<%-.(-!'5!)$-!+4&"-.(-!'*!)$-!%'("+,!(4-%!%'!54.&+2-.)+,!)'!
')$-*%!'5!C*+DD".":%!/*')+1'."%)%=!L4)!4.,";-!T'.!j4"d')-?!4.+3+*-!'5!)$-!)*+1-&0!'5!$"%!'3.!
%")4+)"'.?!I+.-.)-!"%?!$-*-?!)$'41$!('.54%-&?!/-*5-(),0!+3+*-!'5!)$-!2"%5'*)4.-!<-5+,,-.!
$"2?!+.&!('1."D+.)!'5!$"%!F-*0!/+*)"(4,+*!("*(42%)+.(-%=!
!
L4)!C*+DD".":%!$42'4*"%2?!".!9"*+.&-,,"+.!)-*2%?!"%!.')!,"2")-&!)'!$"%!&-%(*"/)"'.!'5!
I+.-.)-:%!%-,56('.%("'4%.-%%!'*!)'!)$-!0%-/'&%-/1($%*("1-/2#2'1!)$+)!('2-%!3")$!")=!>)!"%!
%4//'*)-&?!".!>>>=7?!<0!)3'!')$-*!5-+)4*-%!)$+)?!".!)$-!)3-.)"-)$!(-.)4*0?!+,%'!)+;-!'.!
9"*+.&-,,"+.!&"2-.%"'.%U!)$-!5'*-%$+&'3".1!'5!)$-!&-+)$!E!+.&?!<0!3+0!'5!")?!&4/,"5"(+)"'.!6!
'5!I+.-.)-:%!($+*+()-*!+.&!"&-.)")0!5*'2!)$-!-+*,0!'4)%-)!'5!)$-!.'F-,,+?!+.&!)$-!('.%)+.)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SPG !8+.5+"!VRS=!
!
VSW!
!
!
!!!!!!!!!!!
".)-*/,+0!'5!,"1$)!+.&!&+*;.-%%!%4**'4.&".1!$"2=!#'1-)$-*?!)$-%-!)$*--!-,-2-.)%!('.%)")4)-!
+!/+))-*.!C*+DD"."!+,%'!-2/,'0%!-,%-3$-*-?!)$'41$!%/+*".1,0?!".!$"%!4%-%!)'!+!%"2",+*!-55-()=!
!
,*(63(E#//'#(>#0"#*!<-1".%!3")$!)$-!@4-%)"'.!'5!"&-.)")0!'.!3$"($!C*+DD".":%!.'F-,,+!
+,%'!$".1-%=!9"*+.&-,,'!3*")-%U!!
g.+!&-,,-!/'($-!('%-?!+.D"?!5'*%-!,+!%',+!($:"'!%+/-%%"!&"!(-*)'!-*+!@4-%)+U!($-!
2"!($"+2+F'!I+))"+!9+%(+,=!c!2-!.-!+//*'5"))+F'=!H1."!@4+,F',)+!@4+,(4.'!&-:!
2"-"!+2"("!'!('.'%(-.)"!&"2'%)*+F+!&:+F-*!/-*&4)'!",!%-..'!5".'!+,!/4.)'!&"!
F-."*-!&+!2-!/-*!@4+,($-!('.%"1,"'!'!%411-*"2-.)'?!2"!%)*".1-F'!.-,,-!%/+,,-?!
%'(($"4&-F'!1,"!'(($"!-!1,"!*"%/'.&-F'U!!
6!>'!2"!($"+2'!I+))"+!9+%(+,=!
6!C*+D"-?!(+*'=!j4-%)'!,'!%'=!
6!c!)"!/+*!/'('o!
!
]'.!/+*-F+!2',)'?!/-*!&"*!,+!F-*")l?!.-+.($-!+!2-=!I+!"1.'*+F'!+,,'*+!
($-!('%+!F',-%%-!&"*-!",!.'.!%+/-*-!.-//4*!@4-%)'?!",!.'.!/')-*!/"u!
*"%/'.&-*-?!("'i?!('2-!/*"2+?!+,,:'(('**-.D+U!!
-
>'!2"!($"+2'!I+))"+!9+%(+,=SPV!
a"%!"&-.)")0!"%!%'2-)$".1!$-!-+%",0!)+;-%!5'*!1*+.)-&?!4.;.'3".1!'5!")%!"22".-.)!
+.."$",+)"'.!+.&?!/+*+&'7"(+,,0?!('.)-2/'*+.-'4%!&4/,"5"(+)"'.=!#$-!-.&!'5!$"%!+4)'6
".)*'&4()"'.!)'!$"%!*-+&-*%!+,,4&-%!"22-&"+)-,0!)'!)$-!/-*%'.+,!)*+1-&0!)$+)!<-5+,,%!$"2U!
_C"+(($i?!/-*!",!2'2-.)'![-!T"'!%+!@4+.)'!2-!.-!&4',-\?!"'!%'.'!2'*)'?!%k?!1"l!&4-!F',)-?!2+!
,+!/*"2+!/-*!-**'*-?!-!,+!%-('.&+!n!%-.)"*-)-=`SPS !#$-!%+2-!(+.!<-!%+"&!'5!I+.-.)-=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SPV !A4"1"!9"*+.&-,,'?!,*(.3(E#//'#(>#0"#*![I",+.'U!8*+)-,,"!#*-F-%?!GPGP\!G=!
SPS !"<"&!G=!
!
VSN!
!
!
!
!!!!!!!!!!!
c+*,0!".)'!)$-!<-55+?!)$-%-!%+2-!-,-2-.)%!E!&-+)$!+.&!)$-!('.54%"'.!'5!"&-.)")0!E!
('2-!".)'!/,+0!)'1-)$-*?!*-,"+.)!'.!-+($!')$-*=!>.!5+()?!)$-!<-55+:%!%4((-%%!&-/-.&%!".!-@4+,!
2-+%4*-!'.!)$-!%'("+,!/,+4%"<",")0!'5!I+.-.)-:%!&-+)$!+.&!'.!)$-!&"%*4/)"'.!+.&!('.54%"'.!
'5!$"%!"&-.)")0=!B(('*&".1,0?!)$-%-!)3'!(+)-1'*"-%!+*-!*-/-+)-&,0!('.5,+)-&?!%'!)$+)!-F-.!".!
)$-!/*"F+)-!%/$-*-?!I+.-.)-!+//-+*%!+%!&-+&?!+.&!".!)$-!/4<,"(!%/$-*-?!$"%!"&-.)")0!"%!
*-/-+)-&,0!@4-%)"'.-&=!B%!/-*!A'*-.D'!&-:!I-&"(":%!'*&-*%?!I+.-.)-!"%!%-&+)-&!3")$!&*".;?!
1*'3%!$-+F0?!+.&!"%!4%$-*-&!+3+0!5*'2!$"%!&*".;".1!@4+*)-*%!+.&!".)'!)$-!I-&"("!/+,+(-?!
3$-*-?!_/-*!('22"%%"'.-!&"!A'*-.D'?!('%k!)4*+)"?!,'!%/'1,"+*'.'!".!(+2"("+?!($-!+!2+,+!/-.+!
%-.)")'!+F-F+?!-)!-*+!%)+)'!@4+%"!('2-!+F-*-!%/'1,"+)'!4.!2'*)'=`SPW!a"%!+%%'("+)"'.%!3")$!
&-+)$!'.,0!1*'3!%)*'.1-*!5*'2!)$-*-=!8"*%)?!I'.+('!",!<455'.-?!&*-%%-&!".!I+.-.)-:%!
(,')$".1?!/'%-%!+%!)$-!&'()'*!$"2%-,5e!$"%!%)*+.1-!F'"(-!+.&!+((-.)?!$'3-F-*?!,-+&!)$'%-!
(,'%-%)!)'!I+.-.)-!)'!<-,"-F-!$"2!+%%+",-&!<0!%'2-!/,+14-!*'')-&!".!$"%!)$*'+)!+.&!'.!)$-!
F-*1-!'5!&-+)$=!#3'!&+0%!,+)-*?!I'.+('!",!<455'.-!5".&%!+.&!)+;-%!".)'!$"%!(4%)'&0!)$-!<'&0!
'5!+!2+.!*-(-.),0!&-(-+%-&!".!+!*"&".1!+(("&-.)?!&*+/-%!$"2!".!+!<-&!%$--)?!/,+(-%!I+.-.)-:%!
$+)!'.!$"%!$-+&?!3*+/%!$"%!)$*'+)!".!+!3-)?!'",0!(,')$?!%(+))-*%!'*+.1-!<,'%%'2%!'F-*!$"%!
&-(+0".1!<'&0!+.&!,-+F-%!$"2!5'*!+!&-+&!T*=!I+.-.)-=!a"%!_&"%5"14*-2-.)`!"%!)+;-.!+%!+!
('.%-@4-.(-!'5!$"%!%"(;.-%%e!.'!'.-!)$".;%!24($!'5!")=!X")$".!2".4)-%!'5!)$-!&"%('F-*0!'5!
)$"%!('*/%-!('2-%!)$-!&-+)$!'5!I+.-.)-:%!"&-.)")0!+%!$-!;.'3%!")=!#$-.(-5'*)$?!$-!"%!;.'3.!
.'!,'.1-*!+%!_I+.-.)-`!'*!-F-.!_",!2-&"('?`!<4)!'.,0!+%!_",!2'*)'`!'*!_",!2'*)'!-!
%'))-*+)'=`SPN!!
!
I+))"+:%!"&-.)")0!"%!($+,,-.1-&!-F-.!<-5'*-!")%!5"*%)!/4<,"(!.-1+)"'.=!>)?!)''?!"%!
%02<',"(+,,0!('.5,+)-&!3")$!&-+)$!+.&!2'4*.".1=!B%!%''.!+%!I+))"+!2+;-%!$"%!5'*)4.-!+)!)$-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SPW !8+.5+."!GPP=!
SPN !8+.5+."!VRN?!VG^=!
!
VS^!
!
!
!!!!!!!!!!!
*'4,-))-!)+<,-!".!I'.)-(+*,'?!$"%!,-1")"2+(0!"%!/4)!".)'!@4-%)"'.?!,+*1-,0!<-(+4%-!'5!$"%!2'&-!
'5!&*-%%U!_"'!%-.)"F'!'*+!4.!&"%/-))'!)+.)'!2+11"'*-!".!@4+.)'!2"!/+*-F+!&"!.'.!-%%-*!
F-%)")'!2+,-=!]'.!-*'!".!2+*%".+?!i!F-*'?!2+!+F-F'!4.!+<")'!.-*'?!&+!,4))'?!&-(-.)"%%"2'?`!$-!
.+**+)-%=SP^!#$-!5',,'3".1!&+0?!)$"%!+%%'("+)"'.!<-('2-%!%)*'.1-*!%)",,!".!I+))"+:%!&"%('F-*0!
'5!)$-!%4"("&-!'5!'.-!'5!$"%!5-,,'3!1+2<,-*%=!a-!"%!+,-*)-&!)'!)$-!-F-.)!-+*,0!'.!)$-!&+0!'5!$"%!
&-/+*)4*-!+.&!+**"F-%!'.!)$-!%(-.-!)'!5".&!+!0'4.1!2+.!%/*+3,-&!'4)?!&-+&!+.&!<,''&0?!".!
'.('2".1!)*+55"(=!SPO!!L4)!)$"%!-F-.)!+.&!)$-!"2+1-!")!1-.-*+)-%!'.,0!<-('2-!*-,-F+.)!)'!
I+))"+!,+)-*?!'.!$"%!)*+".!*"&-!'4)!'5!8*+.(-=!>)!"%!)$-.!)$+)?!*-+&".1!)$-!&+",0!$-+&,".-%?!$-!
&"%('F-*%!)$-!.-3%!'5!$"%!%4//'%-&!%4"("&-=!L-5'*-!4.&-*%)+.&".1!$"2%-,5!)'!<-!)$-!%4<d-()!
'5!)$-!+*)"(,-?!$"%!5"*%)!)$'41$)!1'-%!<+(;!)'!)$-!1+2<,-*!5'4.&!&-+&!-+*,"-*!)$+)!&+0U!_C,"!
'(($"!2"!+.&+*'.'!%4!4.!mY4"("&"'?:!('%k?!".!1*+%%-))'=!9-.%+"!%4<")'!($-!/')-%%-!-%%-*-!
@4-,,'!&"!I'.)-(+*,'!-!2:+55*-))+"!+!,-11-*-=!I+!2"!+**-%)+"?!%'*/*-%'?!+,!/*"2'!*"1'?!
%)+2/+)'!&"!2".4)"%%"2'!(+*+))-*-U!4'(/%*%)2#.#-1($#(E'2#)-1=`SPQ!a-!%''.!&"%('F-*%!)$+)!+!
('*/%-!&-(+0-&!<-0'.&!*-('1.")"'.!+.&!5'4.&!".!)$-!2",,!'5!$"%!/*'/-*)0!$+%!<--.!
2"%)+;-.,0!"&-.)"5"-&!+%!$"%=!I+))"+:%!"&-.)")0!"%!*-F-*%-&!+.&?!5'*!+,,!".)-.)%!+.&!/4*/'%-%?!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SP^ !I",+.'U!8*+)-,,"!#*-F-%?!GPGP?!/=!QR=!
SPO a"%!".)-*+()"'.!3")$!)$-!('*/%-!'5!)$-!0'4.1!2+.!54*)$-*!+,"1.%!$"%!1*')-%@4-!3")$!
C*+DD".":%!%/-()+(4,+*!%'("+,!1*')-%@4-U!_9+*-F+!/"u!/"((','?!,k!".!2-DD'!+,!F"+,-U!%)+F+!
('2/'%)'?!('"!/"-&"!4.")"?!('2-!%-!%"!5'%%-!2-%%'!+!1"+(-*-!/*"2+?!/-*!.'.!5+*%"!2+,-?!
(+&-.&'e!4.!<*+(("'!-*+!+&-*-.)-!+,!('*/'e!,:+,)*'?!4.!/':!%'%/-%'?!('.!,+!2+.'!
*+11*".($"+)+!-!4.!&")'?!,:".&"(-?!+.('*+!.-,,:+))'!&"!)"*+*-=!c*+!/*-%%'!+!@4-%)+!2+.'!,+!
*"F',)-,,+e!/"u!,l!",!(+//-,,'=!I"!/+*F-!&+//*"2+!($-!,+!/+,,+!1,"!5'%%-!4%(")+!&+,,:'(($"'!
%"."%)*'?!&'.&-!)+.)'!%+.14-?!'*+!*+//*-%'?!1,"!-*+!(',+)'!%4!,+!5+(("+=!I+!.'U!@4-,!%+.14-!-*+!
%($"DD+)'!&"!,k?!('2-!4.!/':!&+,,-!.+*"("!-!&+1,"!'*-(($"e!+,)*'?!".!1*+.!('/"+?!.:-*+!/'"!
%1'*1+)'!&+,!5'*-,,".'!+,,+!)-2/"+!&-%)*+?!%4!,+!*-.+!1"+,,+!&-,!F"+,-?!)4))'!*+11*42+)'=!g.+!
&'DD".+!&"!F-%/-!F"!*'.D+F+.'!+))'*.'e!@4+,(4.+!+.&+F+!+!/'%+*%"!+.($-!,k?!F'*+(-?!%4!
,:'(($"'=!8*+!)+.)"!($-!14+*&+F+.'?!.-%%4.'!+F-F+!/-.%+)'!+!(+(("+*,-!F"+=!#*+%%"!&+,,+!)+%(+!
4.!5+DD',-))'!-!,'!%)-%"!%4!@4-,!2"%-*'!F',)'!'**"<",2-.)-!%5"14*+)'=!]-%%4.'!2-!.-!%-//-!
1*+&'U!+F-F'!)',)'!",!2-1,"'!&-,,'!%/-))+(','`![GPGP?!QS6QW\!!
SPQ !"<"&!QP=!
!
VSO!
!
!
!!!!!!!!!!!
-55+(-&!)$-!2".4)-!$-!2+;-%!)$"%!&"%('F-*0=!!A";-!I+.-.)-?!$"%!&-+)$!"%!".)*'&4(-&!<0!)$+)!
'5!+.')$-*!($+*+()-*!E!'*?!".!)$"%!(+%-?!)3'!')$-*%=!L')$!$-*-!+.&!".!C*+DD".":%!>>>=7?!)$-.?!)$-!
&4/,"(+)"'.!+.&!('.54%"'.!'5!"&-.)")0!/+*)"(4,+*!)'!)$-!/*')+1'."%)%!'5!-+($!"%!('.)".1-.)!'.!
"2+1".-&!&-+)$?!/*-5"14*-&!".!)$-"*!2'&-%!'5!&*-%%!E!*-+,!'*!+%%42-&=!>.!<')$!/,+(-%?!)$-!
<"','1"(+,!&-+)$!'5!+!%-('.&+*0!($+*+()-*!+..'4.(-%!)$-!%'("+,!&-+)$%!'5!)$-!/*"2+*0!'.-=!
Y''.?!*42'*%!'5!T'()'*!I+.-.)-:%!/+%%".1!%/*-+&!)$*'41$'4)!)$-!(")0?!*-+($".1!$"%!
3"5-!3$'?!3")$".!%"7!2'.)$%!+.&!%)",,!".!3"&'3:%!&*-%%?!*-2+**"-%=!cF-.!A'*-.D'!&-:!I-&"("!
5'*1-)%!-.)"*-,0!+<'4)!I+.-.)-:%!-7"%)-.(-!5'*!2'.)$%!4.)",!_1,"!F-..-!F-&4)'!/-*!%'*)-!+!
(+F+,,'!4.'!&"!@4-,,"!2'.+($"!&"!M+2+,&',"!($-!5+..'!,-!5+(-.&-!&-,!('.F-.)'e!-!&"!5+))'!1,"!
)'*.h!.-,,+!2-.)-?!-!*"('*&'%%"!&-,!2-&"('=`SPP!X$-.!5".+,,0!I+.-.)-!"%!*-,-+%-&!+.&!
*-)4*.%!)'!)$-!#4%(+.!('4.)*0%"&-?!$-!%-.&%!$"%!3"5-!+!,-))-*!/-*%'.+,,0!/-..-&e!-F-.!)$+)!
/+%%-%!+%!)$-!3'*;!'5!+.!"2/'%)-*!'*!1$'%)=!#$-!*-/,0!$-!*-(-"F-%!5*'2!$-*!.-3!$4%<+.&?!
'.!$-*!<-$+,5?!2+;-%!$"2!&'4<)!$"%!F-*0!-7"%)-.(-U!_,-11-.&',+!)4))+!@4+.)+?!/-*!,'!%)4/'*-!
-!/-*!,+!&'1,"+!*"2+%-!+))'.")'!-!%<+,'*&")'?!(')+,($i!-"!.'.!/+*-F+!.s!2'*)'!.s!F"F'=`WRR!
cF-.)4+,,0?!+.&!.')!3")$'4)!%4%)+".-&!-55'*)?!$-!"%!.-3,0!+((-/)-&!".!$"%!5'*2-*!&3-,,".1%?!
)$'41$!($+.1-&!<-0'.&!)$-!*-$+<",")+)"'.!'5!$"%!.4,,"5"-&!5'*2-*!"&-.)")0=!
!
a-*-!+%!".!,*(.3(E#//'#(>#0"#*?!)$-!/*')+1'."%):%!_&-+)$?`!-+*,0!+,,4&-&!)'!".!<')$!
(+%-%?!"%!5"14*+)"F-?!%'("+,?!+.&!'.,0!)'!+.!-7)-.)!/-*%'.+,=!9-*$+/%!2'*-!4%-54,!".!)$-!
-7+2".+)"'.!'5!)$-!*',-!")!/,+0%!".!<')$!(+%-%!"%!")%!('.%"%)-.)!/*-%-.)+)"'.!#*1-)0'$%!,"5-=!
#$-!_&-+)$`!5-+)4*-&!".!<')$!)-7)%!5+",%!)'!-7"%)!'.!")%!'3.=!>)!"%!('.&")"'.-&?!".%)-+&?!<0!)$-!
F-*0!/*-%-.(-?!"5!'5)-.!4.%)+<,-!+.&!('.54%-&?!'5!,"5-?!3$"($!*-.&-*%!")%!F-*0!&-5".")"F-!
.+)4*-!'<%',-)-!'*?!+)!)$-!F-*0!,-+%)?!+2<"14'4%=!>.!')$-*!3'*&%?!3$+)!<')$!+4)$'*%!/'".)!)'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SPP !8+.5+."!VRQ=!
WRR !8+.5+."!VGW=!
!
VSQ!
!
!
!!!!!!!!!!!
".!)$-"*!*-%/-()"F-!3'*;%?!+.&!)$*'41$!)$-!-+*,0!d47)+/'%")"'.!'5!)$-%-!)3'!'//'%")-!)-*2%?!
"%!)$-!('.)*+*0!+.&!/+*+&'7"(+,!.+)4*-!'5!_&-+)$!".!,"5-`!E!.')!'.,0!+!&"%)".(),0!$42'4*"%)?!
<4)!+,%'!+!&"%)".(),0!2'&-*."%)!%-.)"2-.)=!C*+DD"."!-7/-*"2-.)%!3")$!)$"%!%+2-!"&-+!
-,%-3$-*-!".!$"%!4%-%e!8+,+.+..+:%!)+,-?!+%!&-%(*"<-&!".!)$-!/*-F"'4%!($+/)-*?!+.&!+%!>!3",,!
*-)4*.!)'!%$'*),0?!"%!/-*$+/%!)$-!2'%)!('.F".(".1!-7+2/,-=!a"%!-.1+1-2-.)!3")$!)$"%!"&-+!
-+*,"-*!".!)$-!4%-%?!$'3-F-*?!1-.-*+,,0!/"F')%!'.!)$-!24($!2'*-!('22'.,0!-7/,'*-&!
2-&"-F+,!+.&!-+*,0!2'&-*.!.')"'.!'5!_,"5-!".!&-+)$`!'*!)$-!%'4,:%!('.)".4-&!d'4*.-0!".!)$-!
+5)-*,"5-=!]'3$-*-!-,%-!".!)$-!4%-%?!"%!)$-!2'&-*.!&#*#'0%!3")$!,"5-!5-,)!2'*-!%".(-*-,0!)$+.!
".!B2+*+.)+:%!(,'%".1!)+,-=!
!
>)!"%!%)*-.1)$-.-&?!+%!/*-F"'4%,0!2-.)"'.-&?!<0!)$-!'.1'".1!".)-*/,+0!'5!,"1$)!+.&!
&+*;.-%%!%4**'4.&".1!I+.-.)-!+.&!I+))"+?!<')$!_".!,"5-`!+.&!_".!&-+)$=`!#$"%!*-,+)"'.%$"/?!
)''?!<-1".%!)'!&-F-,'/!-+*,0!".!)$-!.'F-,,+!+.&!1*'3%!".(*-+%".1,0!('2/,-7!+.&!.4+.(-&!+%!
I+.-.)-:%!%)'*0!4.5',&%=!I+.-.)-!+3+;-%?!+5)-*!$"%!."1$)!'5!$-+F0!&*".;".1?!".!)$-!&+*;?!
&"%'*"-.)-&?!+.&!4.+3+*-!'5!$"%!%4**'4.&".1%=!a-!"%!".)-.)"'.+,,0!,-5)!)$"%!3+0!5'*!24($!'5!
)$-!+()"F")0!)'!5',,'3U!5"*%)?!_%-**+)','!&-.)*'!+!($"+F"%)-,,'?!,'!,+%("+*'.'!%-.D+!,42-?!-!%-!.-!
+.&+*'.'!+!%/'1,"+*%"!-!+!*+114+1,"+*-!",!I+1."5"('e`WRG!.-7)?!_1"))+)'1,"!@4-,!/+,+.&*+.'!".!
(+/'?!-!*+FF",4//+)'1,"-,'!".!2'&'!($-!F-&-*!.'.!/')-F+!,42-?!,'!(+F+*'.'!&"!@4-,,+!
(+2-*+=`WRV!a-,&!(+/)"F-!".!+!*-2')-!*-(-%%!'5!)$-!I-&"("!/+,+(-?!$-!"%!+<,-!)'!/-*(-"F-!
(-*)+".!%$+/-%!+.&!%$+&'3%!'.,0!3$-.!)$-!&''*!)'!)$-!*''2!".!3$"($!$-!"%!<-".1!;-/)!"%!
'/-.-&!,'.1!-.'41$!)'!,-)!".!+!%$+5)!'5!,"1$)U!_/-*!.'.!/')-*!5+*-!+,)*'?!+))-.&-F+!%',+2-.)-!
+!-2/"-*-!",!F-.)*-!-!+!&'*2"*-?!.'.!F-11-.&'!2+"!,42-?!%-!.'.!@4+.&'!(','*'!1,"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WRG !8+.5+."!VRS=!
WRV !8+.5+."!VR^=!
!
VSP!
!
!
!!!!!!!!!!!
/'*)+F+.'!,+!F-))'F+1,"+=`WRS!H)$-*3"%-?!$-!"%!$-,&!-.)"*-,0!".!)$-!&+*;?!<')$!,")-*+,,0!+.&!
5"14*+)"F-,0=!
!
cF-.)4+,,0?!$'3-F-*?!-F-.!".!)$"%!*-%/-()?!C*+DD"."!-F',F-%!<-0'.&!)$-!('.F-.)"'.%!
'5!)$-!<-55+!+.&!".)*'&4(-%!+!&"55-*-.)!;".&!'5!*-,+)"'.%$"/!<-)3--.!I+.-.)-!+.&!$"%!
"22-&"+)-!-.F"*'.2-.)=!C*+&4+,,0?!I+.-.)-!2'F-%!<-)3--.!%)+)-%!'5!,"1$)!+.&!&+*;.-%%?!
+,)-*.+)"F-,0?!".!+!2"**'*!"2+1-!'5!$"%!/'%")"'.!<-)3--.![%'("+,\!,"5-!+.&!&-+)$=!K4%)!<-5'*-!
/*-/+*".1!)'!*-,-+%-!$"2?!A'*-.D'!&-:!I-&"("!+**+.1-%!5'*!+!,+2/!)'!<-!".%)+,,-&!".!)$-!
(-",".1!'5!I+.-.)-:%!*''2?!3$"($!_*-.&-F+!,+!%)+.D+!+,@4+.)'!,42".'%+=`WRW!B(('*&".1,0?!
I+.-.)-:%!)"-%!)'!$"%!/*-F"'4%!,"5-!+.&!"&-.)")0!".(*-+%-!-7/'.-.)"+,,0U!!
A+'.&-!",!2-&"('!%('*1-F+!@4-,,'!($-!-1,"!2+.1"+F+!-!("h!($-!-1,"!5+(-F+?!
)+.)'!($-?!/-*!*"2-*")+*-!".!/+*)-!(','*'!($-!1,"!5+(-F+.'!@4-,!('2'&'?!
+.('*($s!.'.!%+/-%%-!($"!-1,"!%"!54%%-*'?!(+.)+F+!%'F-.)-!(-*)-!(+.D'.-))-?!
($-!-1,"!-*+!%',")'!(+.)+*-!+!&-%('!2',,-!".!('2/+1."+!&-:!%4'"!<-'."?!-!&"(-F+!
@4+,($-!F',)+!"2/*'FF"%'=!c!/-*($s!-1,"!+F-F+!<-,,+!F'(-!-!<4'.+!/*'.4.D"+?!
*-(")+F+!%/-%%'!(-*)-!%)+.D-!&"!A'*-.D'?!($-!.4'F+2-.)-!-*+.'!4%(")-!54'*+?!
($"+2+)-!:%*B%($A!&12%e!&"!($-!/"1,"+F+.'!"!('.F-*%"!-!m,!C4+*&"+.'?!($-!
%',+2-.)-!/')-+.'!4&"*,'?!2+*+F"1,"'%'!/"+(-*-!-!('.)-.)'U!('%k!".!@4-%)+!
14"%+!%:+.&+F+!)*+))-.-.&'!",!2-1,"'!($-!-1,"!/')-F+?!@4+%"!+55+))'!/-*&4)+!,+!
%/-*+.D+!&"!+F-*!2+"!/"u!+!*"F-&-*-!",!%',-=WRN!!
!
a-,&!".!&+*;.-%%!+.&!&"%)+.(-&!5*'2!)$-!'4)%"&-!3'*,&?!I+.-.)-!"%!)*+//-&!3")$".!$"%!'3.!
)$'41$)%!+.&!5-+*%=!B55'*&-&!,"1$)?!$-!*-1+".%!)$-!+<",")0!)'!('224."(+)-!3")$!)$-!%'("+,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WRS !8+.5+."!VRQ=!
WRW !8+.5+."!VRP=!
WRN !"<"&=!
!
VWR!
!
!
!!!!!!!!!!!
%-))".1!2'%)!5+2","+*!)'!$"2?!&-%/")-!$"%!".+<",")0!)'!&"%(-*.!)$-!/*'/-*)"-%!'5!$"%!"22-&"+)-!
-.F"*'.2-.)=!!
!
K4%)!+%!%''.!+%!)$+)!,"1$)!"%!+1+".!)+;-.!+3+0?!$'3-F-*?!I+.-.)-!,-.&%!$"2%-,5!'.-(-!
2'*-!)'!&-%/-*+)"'.!+.&!5-+*=!a-!"%!$''&-&?!4%$-*-&!".)'!)$-!3''&%?!+.&!)"-&!)'!+!)*--?!$"%!
$+.&%!<'4.&!<-5'*-!$"2!+%!)$-!)'*($-%!4%-&!)'!,"1$)!)$-!3+0!)'!)$-!3''&%!+*-!/4)!'4)?!'.-!
<0!'.-=!Y)",,?!+.&!/-*$+/%!'.!)$-!<+(;!'5!$"%!5,--)".1!('.)+()?!$'3-F-*!,"2")-&?!3")$!)$-!
3'*,&!+*'4.&!$"2?!I+.-.)-:%!+1-.(0!".(*-+%-%!/*'/'*)"'.+)-,0!)'!)$-!,"1$)!.'3!
%4**'4.&".1!$"2U!
+1-F',-.)-!*4//-!@4-,,+!F")+<,+e!%k!($-!&"!5+))'!,-F+)'%"!",!(+//-,,'!&:".!%4!1,"!
'(($"?!-!+,D+.&'1,"!".!%4%'?!F"&-!)*+!+,<-*'!-!+,<-*'!4.+!/+*)-!&-,!("-,'!
%)-,,+)'e!'.&-?!+,,-1*'!-!2-*+F"1,"'%'?!('.'<<-!5-*2+2-.)-!&:-%%-*-!+,!,+*1'!-!
+,,'!%('/-*)'=!c!*"1"*+.&'!1,"!'(($"!/"u!5"%%+2-.)-?!/-*($s!1"l!('2".("+F+!+!5+*!
&k?!F"&-!1,"!+<-)"!".)'*.'%"!-!,:-*<+!%'))'!"!/"-&"e!/-*!,'!($-!-1,"!54!(-*)'!
&:-%%-*-!".!4.!<'%('U!/4*?!)-2-.&'!&"!@4+,($-!('%+!.4'F+!-!%)*+.+?!%)+F+!
5-*2'!-!($-)'?!(')+,($s!+!1*+.!/-.+!*-%/"*+F+!/-*!.'.!-%%-*!%-.)")'?!
/+*-.&'1,"!%-2/*-!F-&-*%"!+&&'%%'!@4-"!(+//'."!&+!5+*!*"&-*-?!($-!1,"!
*"2-))-%%-*'!,+!2+.-))-!-!*"2-.+%%".,'!F"+=!94*!/'"?!5+(-.&'%"!1"'*.'!+,)'!-!
($"+*'?!-!1"l!('2".("+.&'!",!%',-!('"!,4(-.)"!*+11"!%4'"!+!",,42".+*-!/-*!)4))'?!-!
.'.!F-11-.&'%"!".)'*.'!.s!4'2"."!.s!+."2+,"?!%4!/-*!4.'!%)*-))'!%-.)"-*'!%"!
&"-&-!+!(+22".+*-!".!F-*%'!,:-*)+?!/-*!4%("*-!&"!@4-,,+!F+,,-?!('.'%(-.&'!
F-*+2-.)-!&:-%%-*-!*")'*.+)'!+,!2'.&'=WR^!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WR^ !8+.5+."!VGR=!
!
VWG!
!
!
!!!!!!!!!!!
B,)$'41$!(-*)+".,0!%)",,!)-.)+)"F-!+5)-*!$"%!*-(-.)!$'%)+1-!%)+)-?!-.('4*+1-&!<0!)$-!,"1$)!'5!
&+3.!+.&!)$-!)$".1%!",,42".+)-&!".!")%!/+)$?!$-!'.(-!+1+".!+%%42-%!('.)*',!'5!$"%!('.&")"'.=!
#$"%!5,4()4+)".1!/+))-*.!'5!I+.-.)-:%!)$'41$)!/-*%"%)%!)$*'41$'4)!)$-!&'()'*:%!@4-%)!5'*!$"%!
,'%)!"&-.)")0=!Y4.%-)!4%$-*%!".!$"%!%-.%-!'5!+,"-.+)"'.?!&"%'*"-.)+)"'.?!+.&!".%-(4*")0e!
%4.,"1$)?!<0!('.)*+%)?!<*".1%!3")$!")!$"%!('.5"&-.(-!+.&!(,+*")0!'5!)$'41$)!+.&!+()"'.!6!
&-%/")-!$"%!("*(42%)+.(-%!+.&!+1+".%)!+,,!'&&%=!!
!
#$"%!/,+0!'.!,"1$)!+.&!&+*;.-%%!E!'*!_,+.)-*.".'%'5"+?`!+%!A4/-*"."!(+,,%!")!6!<-('2-%!
+!&-5".".1!($+*+()-*"%)"(!'5!9"*+.&-,,':%!2+d'*!$42'4*"%)!/*'&4()"'.?!+.&!"%!+//+*-.)!
3")$".!,*(.3(E#//'#(>#0"#*:%!5"*%)!/+1-%=WRO!B%!3")$!C*+DD".":%!I+.-.)-?!)$-!/*-%-.(-!'5!)$-!
,+.)-*.!+.&!,"1$)!2'*-!1-.-*+,,0!".!,*(.3(E#//'#(>#0"#*!%"1.+,%!+!2'2-.)!'5!('.%("'4%.-%%!
)$+)!'5)-.!+,%'!-.1-.&-*%!)$-!0%-/'&%-/1($%*("1-/2#2'1!)$+)!&-/-.&%!'.!")=!A"1$)!"%!5"*%)!
+%%'("+)-&!3")$!I+))"+:%!(,+*")0!'5!)$'41$)!".!9"*+.&-,,':%!%-('.&!/*-2-%%+?!3$-*-".!
I+))"+:%!2'&-!'5!3*")".1!"%!*-F-+,-&=!a-!3*")-%!$"%!2+.4%(*"/)?!$-!%+0%?!_@4+?!.-,,+!($"-%-))+!
%('.%+(*+)+?!+,!,42-!($-!2"!F"-.-!&+,,+!,+.)-*.+!,+%%u?!&-,,+!(4/',+?`!<0!)$-!,"1$)!'5!)$-!
&'2-!'5!+!)".0!($4*($=WRQ!L4)!)$-!%+2-!,"1$)!)$+)!+55'*&%!I+))"+!,4("&")0!+.&!-.$+.(-%!$"%!
('.%("'4%.-%%!+,%'?!".!%'!&'".1?!('2/,"(+)-%!")=!a-*-?!9"*+.&-,,'!&"55-*%!5*'2!C*+DD"."!".!)$-!
4%-%?!3$",-!$-+*;-.".1!<+(;!)'!J+*($":%!,-%%'.%!'.!]+)4*-!+.&!A'F-!+%!&"%(4%%-&!".!($+/)-*!
)$*--=!>.!,*(.3(E#//'#(>#0"#*?!,"1$)!<*".1%!3")$!")!)$-!.-(-%%+*0!/*-%-.(-!'5!+!%$+&'3=!#+;-.!
)'1-)$-*?!)$-%-!-,-2-.)%!/*'/-,!I+))"+!".)'!+!;--.!%)+)-!'5!+3+*-.-%%!+.&?!<0!('.%-@4-.(-?!
2-.)+,!+.14"%$=!A4/-*"."!"&-.)"5"-%!)$-!;-0!2'2-.)!'5!I+))"+:%!"&-.)")0!(*"%"%!".!)$-!
5',,'3".1!/+%%+1-U!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WRO !%--!A4/-*"."!PN6PO=!
WRQ !I",+.'U!8*+)-,,"!#*-F-%?!GPGP?!/=!W=!
!
VWV!
!
!
!!!!!!!!!!!
g%(""!&"!(+%+?!('2-!4.!2+))'=!I"!*")*'F+"!&'/'!4.!/-DD'!/-*!,+!F"+!8,+2"."+?!
F"(".'!+!9'.)-!I',,-=!M$-!-*'!+.&+)'!+!5+*!,ko!I"!14+*&+"!+))'*.'e!/'"!1,"!'(($"!
2"!%:+55"%%+*'.'!%4!,:'2<*+!&-,!2"'!('*/'?!-!*"2+%"!4.!)*+))'!+!('.)-2/,+*,+e!
".5".-!+,D+"!4.!/"-&-!*+<<"'%+2-.)-!%4!-%%+=!I+!"'!.'?!"'!.'.!/')-F'!
(+,/-%)+*,+?!,:'2<*+!2"+=!
M$"!-*+!/"u!'2<*+!&"!.'"!&4-o!>'!'!,-"o!
T4-!'2<*-yWRP!!!!
a-*-?!+.&!5'*!)$-!5"*%)!)"2-?!I+))"+?!<0!.'3!".!Z'2-!+.&!%455-*".1!$"%!".+<",")0!)'!-2<*+(-!
)$-!,"5-!$-!3+.)%?!"%!5+(-&!3")$!)$-!*-+,")0!'5!$"%!-7"%)-.)"+,!('.&")"'.!+%!$-!($''%-%!")U!".!$"%!
4.&-5".-&!%)+)-!<-)3--.!%'("+,!&-+)$!+.&!<"','1"(+,!,"5-?!$-!"%!.-")$-*!+,"F-!.'*!&-+&?!+!
%$+&'3!'5!+!%-,5!)$+)!.'!,'.1-*!-7"%)%=!>)!"%!$"%!%$+&'3?!+!/*'&4()!'5!)$-!,"1$)!)$+)!1-.-*+)-%!
")?!)$+)!.')!'.,0!<*".1%!+<'4)!)$"%!*-+,"D+)"'.?!<4)!+,%'!".%/"*-%!I+))"+!)'!+()"'.?!$'3-F-*!
4.%4((-%%54,=!!
!
I+.-.)-!.-F-*!@4")-!*-+($-%!I+))"+:%!,-F-,!'5!('.%("'4%.-%%!E!'5!%-,5!'*!
%4**'4.&".1%=!>.&--&?!C*+DD".":%!4%-%!+*-!".5'*2-&!<0!F+%),0!&"55-*-.)!%'("+,!("*(42%)+.(-%!
)$+.!9"*+.&-,,':%!63(E#//'#(>#0"#*?!)$-!,+))-*!'5!3$"($!1*'3%!".!+.!-.F"*'.2-.)!'5!%-,56
('.%("'4%!/%0($','1"(+,!/*'<".1=!Y)",,?!".!C*+DD".":%!I+.-.)-!+.&!".!$"%!%)*+.1-!)+,-%?!
*-+&-*%!(+.!,-1")"2+)-,0!"&-.)"50!)$-2-%!+.&!2')"5%!)$+)!,+)-*!)+;-!1*-+)-*!%$+/-!".!
9"*+.&-,,':%!3'*;%=!C*+DD".":%!_$42'4*+,!1*')-%@4-%?`!)$-.?!(+.!<-!*-+&!+%!+!%)-//".16%)'.-!
)'!9"*+.&-,,':%!$42'4*"%2=!
(!
C*+DD".":%!_2'&-*.`!<-55+)'U!%'4*(-%!5'*!+!_1*'))-%('`!*-+&".1! !
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WRP !Y--!A4/-*"."!PG=!
!
VWS!
!
!
!!!!!!!!!!!
B%!+,,4&-&!)'!-+*,"-*?!C*+DD".":%!/*-'((4/+)"'.!3")$!2+.:%!_2'&-*.`!('.&")"'.!+%!
-7/*-%%-&!)$*'41$!)$-!)$*--!$42'4*+,!-,-2-.)%!&-%(*"<-&!+<'F-!-7)-.&%!<-0'.&!)$-!
(,'%".1!-/"%'&-!'5!)$-!4%-%=(B%!/*-F"'4%,0!.')-&!.')!'.,0!".!)$"%!&"%%-*)+)"'.?!<4)!+,%'!<0!
,-+&".1!%($',+*%!'.!)$-!53&'$'?!)$-!%-.%-!'5!+,"-.+)"'.?!-7",-?!+.&!2+*1".+,"D+)"'.!%'!
54.&+2-.)+,!)'!$42'4*"%)!)-7)%!"%!+,%'!/*-%-.)!E!+.&!/*'2".-.)!E!2'%)!%/-("5"(+,,0!".!
C*+DD".":%!J%..%!'*?!/-*$+/%!2'*-!-7/,"("),0!%)",,?!".!)$-!-7"%)-.)"+,!('.&")"'.!'5!$"%!J%..#/'=!>.!
)$-!4%-%;(/*-("%-,0!$+,5!'5!3$"($!+*-!&-&"(+)-&!)'!-,+<'*+)"'.%!'5!)$-!<-55+?!)$-%-!($+*+()-*%!
<-,'.1!)'!)3'!%-/+*+)-!(+)-1'*"-%U!)$'%-!J%..#/'!<0!')$-*%?!+.&?!,-%%!5*-@4-.),0!<4)!2'*-!
".)-*-%)".1,0?!)$'%-!J%..#/'!<0!)$-2%-,F-%?!4%4+,,0!3")$!)$-!(''/-*+)"'.!'5!')$-*%?!+%!3-,,=!
L')$!/*-%-.)!/*')')0/-%!'5!)3-.)"-)$!(-.)4*0!$42'4*"%)!2'&-,%!)$+)!-7)-.&!<-0'.&!
9"*+.&-,,':%!/*'%-!('2/'%")"'.%!+.&!)$+)!(+.!<-!5'4.&?!)'!+.!-7)-.)!'*!)'!+.')$-*?!".!)$-!
)$-2-%?!/,')%?!+.&!($+*+()-*%!'5!)$-!/%#/21($%*()21//%0"1=!
!
H5!/+*)"(4,+*!".)-*-%)!+*-!)$-!)$*--!.'F-,,-!&-&"(+)-&!)'!4.".)-.)"'.+,,0!%-,56<-55+)"?!
)3'!'5!3$"($!*-%4,)!".!&-+)$?!)$-!')$-*!".!.-+*6&-+)$!+.&?!+%!"%!)$-!(+%-!".!>>>=7?!+.!
"**-F'(+<,0!($+.1-&!"&-.)")0=!H.-!'5!)$-2!2'*-!/+*)"(4,+*,0!*-+&%!+%!+.!-+*,0!+.+,'14-!)'!
9"*+.&-,,':%!%$'*)!%)'*0?!_Y',-!-!'2<*+=`WGR!#$-*-?!9"*+.&-,,':%!+.)"6$-*'?!M"4..+?!('.F".(-&!
'5!-F-.)4+,,0!<-".1!/*'%-(4)-&!5'*!+.!".6'55"(-!)$-5)!('22"))-&!)'!<-.-5")!$"%!%'.:%!%)+*F".1!
5+2",0?!&-("&-%!)'!('22")!%4"("&-!)'!+F'"&!,-1+,!($+%)"%-2-.)!+.&!%'("+,!&"%5+F'4*=!a-!
,-+F-%!$"%!3"5-!+!%4"("&-!.')-!+.&!&*-%%-%!5'*!)$-!'((+%"'.?!<4)!+.!4.-7/-()-&!-.('4.)-*!
3")$!+!5*"-.&!5'",%!$"%!/,+.=!L0!)$-!-.&!'5!)$-"*!&+0!)'1-)$-*?!$-!$+%!($+.1-&!$"%!'4),'';!E!
+.&!($+.1-&!$"%!2".&=!L4)?!/,+14-&!<0!)$-!*-2-2<*+.(-!'5!)$-!%4"("&-!,-))-*!$-!-+*,"-*!,-5)!
+.&!<0!)$-!%'("+,!54,5",,2-.)!'5!")!$-!.'3!5--,%!"%!'<,"1+)'*0?!$-!*-('.%"&-*%!$"%!.-35'4.&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WGR !A4"1"!9"*+.&-,,'?!L1B%**%(?%2(3-(#--1?!_Y',-!-!'2<*+?`!F',=!G?!)'2'!G![I",+.'U!I'.&+&'*"?!
GPQN\!WPG6NR^=!
!
VWW!
!
!
!!!!!!!!!!!
'/)"2"%2=!9"*+.&-,,':%!.'F-,,+!-.&%!".!+2<"14")0U!M"4..+!2+0!'*!2+0!.')!$+F-!%3+,,'3-&!
)$-!/'"%'.!".)-.&-&!)'!-.&!$"%!,"5-!".!")%!(,'%".1!,".-%=!!
>.!>="7?!L*+.(+D"'!I+,+%/"."?!'.!$"%!3+0!$'2-!5*'2!+!."1$)!3")$!$"%!2+**"-&!2"%)*-%%?!
.-+*,0!%(+*-%!$"2%-,5!)'!&-+)$!+.&!-2-*1-%!5*'2!)$-!5*"1$)!".!+!/-*/-)4+,!%)+)-!'5!%$'(;!
5'*-F-*!2+*;-&!<0!+!20%)-*"'4%!<+,&.-%%!'.!$"%!$-+&=!a"%!%)'*0?!*-2+*;+<,-!".!")%!&-)+",%?!
<-1".%!3")$!+!/+%%+1-!%)*";".1,0!%"2",+*!)'!)$-!/+*+.'"+!M"4..+!-7/-*"-.(-%!".!_Y',-!-!
'2<*+=`!C*+DD"."!3*")-%U!
H*+!+((+&-?!)*+!,-!+,)*-?!($-!4.+!F',)+?!)'*.+.&'!-1,"!&+,,+!%4+!".+2'*+)+?!-!
/+%%+)'!+F-.&'!,+!.+F-?!-!,4.1'!B*.'!(+22".+.&'?!1,"!/+*F-?!&"*"2/-))'!
%-.&'!+//4.)'!+,,-!5'*($-?!4&"*-!4.+!F'(-!($-!&"(-%%-?!('2-!&"*-!a2#(?21(%1e!
/-*!,'!($-?!5-*2+)'%"?!1"*h!1,"!'(($"!F-*%'!,-!5'*($-?!-!F-&-*!1,"!/+*F-!%'/*+!
@4-,,-!)*-!'!@4+))*'!('2-!&"*-%)-!4'2"."!("'.&',+*-!+!14"%+!&:"2/"((+)"=!Y"!
($-?!%)+.&'!".!5*+!&4-?!.'.!%+/-F+!($-!5+*%"?!/-*("'($s?!%-.&'!4.+!'*+!".!2-.'!
"..+.D"!1"'*.'?!-!,:+*"+!5'%(+!-!%-.D+!,42-!&"!,4.+?!.'.!<-.-!%('*1-*!/')-F+!%-!
@4-,,-!5'%%-*'!'2<*-!'!('%-!F-*-e!2+!".!@4-,!2-.)*-!4&"!('.!%'22-%%+!F'(-!
4.:+,)*+!F',)+!&"*-!a2#(?21(%1e!-!1,"!/+*F-!F-&-*-!4.!(-*)'!($-!&"2-.+*%"!".!
("2+!&-,,+!%(+,+=WGG!
9"*+.&-,,':%!.'F-,,+!'/-.%!3")$!+!%"2",+*!%-.%+)"'.!'5!)$-!4.(+..0!".!&"*-()!+&&*-%%=!
9"*+.&-,,'!3*")-%U!!
#*+!"!*+2"!&-1,"!+,<-*"!($-!5'*2+F+.'!@4+%"!4.!/'*)"('!F-*&-!-!,"-F-!+,!
F"+,-!,4.1$"%%"2'!+))'*.'!+,,-!24*+!&-,,+!F-(($"+!("))l?!,+!,4.+?!('2/+*-.&'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WGG !8+.5+."!^S=!
!
VWN!
!
!
!!!!!!!!!!!
+,,:"2/*'FF"%'?!&"!%'*/*-%+?!/+*-F+!&"(-%%-!+!4.!4'2'!&:+,)"%%"2+!%)+)4*+!($-?!
".!4.:'*+!('%k!".%',")+?!%:+FF-.)4*+F+!%','!+!@4-,!<4d'!2+,!%"(4*'U!
mYk?!2+!"'!)"!F-&'=:!
!
c!('2-!%-!F-*+2-.)-!%"!F-&-%%-!%('/-*)'?!,:4'2'!%"!5-*2+F+!-?!
%/+,2+.&'!,-!2+.+((-!%4,!/-))'?!-%(,+2+F+!('.!".)-.%+!-%+%/-*+D"'.-U!
!
6>'?!1"ly!"'y!M"4..+y!
!
J"+!F"+?!%4,!%4'!(+/'?!)4))-!,-!5'1,"-!+,,'*+?!5*4%("+.&'!".5".")+2-.)-?!
/+*-F+!%"!('.5"&+%%-*'!@4-,!.'2-U!mM"4..+!n!M"4..+!n:!qnr!c!%-14")+F+.'!+!
<"%<"1,"+*!&"!,4"!qnr!-!&"!@4-,!($-!+F-F+!5+))'!qnr!
!
A4"!+,,'*+!%"!14+*&+F+!&"-)*'?!.-,!<4d'!,4.1'!",!F"+,-!".)-**'))'!@4+!-!,l!
&+!)+.)-!5+.)+%"2-!&"!,4.+=WGV!
Z"1$)!+3+0?!<')$!+4)$'*%!(*"//,-!)$-"*!/*')+1'."%)%!3")$!2-.)+,!".%)+<",")0!".%)"1+)-&!<0!
[)*+&")"'.+,,0\!1*')-%@4-!5'*(-%=!>.!<')$!(+%-%?!54*)$-*2'*-?!)$-!&+*;.-%%!%4**'4.&".1!)$-!
5-+)4*-&!($+*+()-*%!+((-.)4+)-%!<')$!)$-"*!/+*+.'"&!%-.%-!'5!2+*F-,!+.&!)$-"*!&"55"(4,)0!".!
&"%(-*.2-.)=!I+,+%/"."!5+",%!)'!*-('1."D-!/42/;".%!".!)$-!5"14*-%!$-!"2+1".-%!)'!<-!$42+.!
$-+&%!$+.1".1!".!)$-!1+,,'3%!'F-*!+!5'*;!".!)$-!*'+&e!.'*!&'-%!$-!4.&-*%)+.&!)$-"*!
/,+(-2-.)!)$-*-!)'!<-!)$-!3'*;!'5!+!<+))0!3'2+.?!,'(+,,0!*-('1."D-&!+%!2-.)+,,0!4.%)+<,-=!
>.%)-+&?!+.&!".!)$-!%)*+.1-?!&"%%"/+)-&!,"1$)!'5!)$-!2''.?!$-!<-,"-F-%!$"2%-,5!)'!<-!
-.($+.)-&?!$+4.)-&!<0!)$-!F-*0!&-2'.%!$-!%'!5*-@4-.),0!*"&"(4,-%!%'!)$+)!3$-.!)$-!,+&0!
*-,-+%-%!'.-!'5!)$-!/42/;".%!5*'2!")%!$',&!+.&!5',,'3%!")!&'3.!+!%)--/!%-)!'5!%)+"*%?!
I+,+%/"."?!1*"//-&!<0!1*-+)!5-+*?!5+,,%!4.('.%("'4%!4.)",!5'4.&!)$-!5',,'3".1!&+0=!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WGV !_Y',-!-!'2<*+`!WPG=!
!
VW^!
!
!
!!!!!!!!!!!
M"4..+:%!,+(;!'5!d4&12-.)!"%?!<0!('.)*+%)?!2'*-!"22-&"+)-,0!*-,-F+.)!)'!$"%!&+",0!,"5-=!
g.&-*!)$-!".5,4-.(-!'5!)$-!2''.:%!/-*%"%)-.)!_3$"%/-*?`!$-!"2+1".-%!$"%!'3.!%4"("&-!)'!
-%(+/-!)$-!%$+2-!'5!<-".1!(+41$)!%)-+,".1=!>.!&+0,"1$)?!)$'41$!.-F-*!@4")-!&-)+($-&!5*'2!
)$-!)$'41$)!'5!$"%!%4"("&-!+%!$-!"2+1".-%!")?!M"4..+!"%!+)!,-+%)!+<,-!)'!*-('1."D-!E!+.&?!
".&--&?!-.d'0!E!')$-*!('4*%-%!'5!+()"'.e!<0!)$-!.'F-,,+:%!-.&?!+.&!d4%)!<-5'*-!&+*;.-%%!5+,,%?!
$-!+,,!<4)!5'*1-)%!$"%!".")"+,!/,+.!+.&!<-1".%!)'!-.F"%+1-!,"5-!+%!+!%)-+&0!%4((-%%"'.!'5!
.'*2+,?!&+",0!-F-.)%!)$+)?!$'3-F-*!&"%2+,?!+*-!+,3+0%!*-%',F+<,-=!L4)!3")$!)$-!%-))".1!'5!)$-!
%4.!+.&!)$-!*"%".1!'5!)$-!2''.?!$"%!&'4<)%!+.&!5-+*%!5,''&!<+(;!)'!$"2!+.&!/*-("/")+)-!$"2!
)'!(+**0!'4)!$"%!/,+.?!".!3$+)!"%!+!F-*0!)0/"(+,!-,-2-.)+,!2"**'*".1!'5!$"%!"..-*!".%-(4*")"-%=!
!
#$-!%+2-!"%!)*4-!)'!+!(-*)+".!-7)-.)!".!I+,+%/".+:%!(+%-=!C*+DD".":%!)+,-!&"%/,+0%!+!
%"2",+*!(0(,"(+,!%)*4()4*-?!<-1"..".1!".!)$-!-F-.".1!+.&!)4*.".1!-F-.)4+,,0!)'!&+0)"2-!$'4*%!
<-5'*-!(,'%".1!".!)3","1$)=WGS!>)!/*-%-.)%!+!%"2",+*!+2<"14")0!".!")%!-.&".1?!)''U!d4%)!+%!
*-+&-*%!+*-!,-5)!)'!3'.&-*!+<'4)!)$-!%4((-%%!'5!M"4..+:%!%4"("&-!+)!)$-!-.&!'5!_Y',-!-!
'2<*+?`!%'?!)''?!+*-!)$-0!$-*-!4.+<,-!)'!('2-!)'!+.0!('.(,4%"'.!+<'4)!I+,+%/".+:%!2-.)+,!
$-+,)$!+5)-*!)$-!%(+*-!)$+)!.-+*,0!*-.&-*%!$"2!/-*2+.-.),0!('2+)'%-=!>.!<')$!(+%-%?!)$-!
2+".!($+*+()-*%!E!".!/%0($','1"(+,!+%!3-,,!+%!/$0%"(+,!"%',+)"'.!E!+*-!,-5)!".!+!%4%/-.&-&!
%)+)-!<-)3--.!,"5-!+.&!&-+)$!5'*-%$+&'3-&!.')!'.,0!<0!)$-"*!.+)4*+,!-.F"*'.2-.)%?!<4)!
+,%'?!".!M"4..+:%!(+%-?!<0!-+*,0!+,,4%"'.%!)'!%4"("&-!+.&!".!I+,+%/".":%?!<0!["2/,"(")\!"2+1-%!
'5!&-+)$!+.&!)$-!+5)-*,"5-=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WGS !_c!%-!.'.!($-!,+!%-*+!)'*.h!,+!L","'*%+!".!%4,!)*+2'.)+*!&-,!%',-!+!%/"((+*-!@4-,,-!D4(($-?!
'.&-!54!F-&4)+?!-!@4".&"!+1-F',2-.)-!)*'F+)'!,+!('%+?!+!L*+.(+D"'!.'.!+*-<<-!)4))'!",!
2'.&'!(+F+)'!&-,,+!)-%)+!($-!.'.!54%%-!%)+)'!",!&"+F','!F-*+2-.)-!@4-,!($-!-1,"!F"&-?!-!($-!
@4+,($-!.-1*'2+.)-?!".(+.)+)'*-?!%)*-1'.-!'!2+,"+*&'!.'.!+F-%%-!/'"!@4-1,"!4'2"."?!($-!1,"!
/+*-F+.'!"2/"((+)"?!5+))"!('.F-*)"*-!".!D4(($-`![8+.5+."!^N\=!
!
VWO!
!
!
!
!!!!!!!!!!!
B%!24($!(+.!<-!%+"&!'5!)$-!')$-*!)3'!-1B%**%!5-+)4*".1!%-,56J%..#/'!&-%(*"<-&!+)!
,-.1)$!".!)$-!/*-F"'4%!($+/)-*=!>.!>=F""?!9"-)*'!&+!Y"-.+:%!%4"("&-!*-%4,)%!'.,0!".!/+*)!5*'2!)$-!
<-55+!/,+0-&!'.!$"2!<0!)$-!8,'*-.)".-!+,)+*!<'0!+)!$"%!%-*F"(-!+.&!*-,"-%!2'*-!$-+F",0!'.!$"%!
'3.!.-4*'%-%!+.&!/+*+.'"+U!!
-!)'*.+)'1,"!.-,,+!2-2'*"+!@4-,!($-!5+))'!+F-F+?!&4<")+.&'!.'.!(',-"!54%%-!
F-.4)+!@4"F"!/-*!"%)*+.1',+*,'?!".!4.'!%)+.)-!1,"!F-..-!)+.)+!/+4*+?!($-!-1,"!%"!
1"))h!%4<")+2-.)-!+!)-**+!&-,!,-))'e!-)!".!(+2"("+!5411-.&'?!%"!4%("!&"!(+2-*+U!-!
.'.!*-%)+.&'!&"!('**-*-?!/4*!%-2/*-!1*"&+.&'?!1"4.%-!/-*!,'!F-*'.-!".!(+/'!
&"!4.+!%(+,+!($-!%(-.&-F+!".!)-**-.'e!-!)+.)+!54!,+!5*-))+!($-!-1,"!+F-F+!&"!
&",-14+*%"?!($-!)4))+!,+!)'2<',h!&+!"2'!+,!%'22'?!-!.-,!(+&-*-!%"!*4//-!4.!
<*+(("'?!-!".5*+.%-%"!4.!5"+.('?!-!".!&4-!'&!".!)*-!,+)"!%"!%/-DDh!,+!)-%)+=WGW!
#$"%!2'2-.)!2-*-,0!".)*'&4(-%!)$-!)-**'*!+.&!*-1*-)!)$+)!,+)-*!)+;-!$',&!'5!9"-)*'!&+!Y"-.+?!
&-5".")"F-,0U!
1,"!(*-<<-!".!2",,-!&'//d!,+!2-*+F"1,"+!-!",!&','*-?!-!@4+%"!%)4/"&'!-!
)*+%-(',+)'!%"!5-(-!*"('.&4**-!+,!,-))'e!&'F-?!/-.%+.&'!%-2/*-!+!@4-%)'!5+))'?!
)+.)'!1,"!%'/*+11"4.%-!-!,+!&'1,"+!-!,+!2+.".('.k+?!($-!/'('!2+.1"+F+!-!/'('!
'!."-.)-!&'*2"F+e!&"!2+."-*+!($-?!'!54%%-!,+!.'F")l!&-,!(+%'!'!1,"!42'*"!
2+.".('."("?!,+!*+<<"+!-!,+!5*-.-%k+?!'!/4*-!",!&"+F','!($-!,'!+((-(+%%-?!4.!
1"'*.'!5*+!1,"!+,)*"?!($:-1,"!-*+!*"2+%)'!".!(+2-*+!%','?!%"!1"))h!+!(+/'!"..+.D"!+!
)-**+!&:4.+!5".-%)*+!($-!*"4%("F+!".!4.+!('*)-?!&'F-!<+))-.&'!".!%4!,-!,+%)*-?!%"!
%5*+(-,,h?!-!2'*k!($-!.'.!<+))h!/',%'=WGN!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WGW !8+.5+."!NW=!
WGN !8+.5+."!N^=!
!
VWQ!
!
!
!!!!!!!!!!!
>)!"%!)$-!/*"-%):%!14",)!+)!$+F".1!+))-2/)-&!)'!&4/-!$"%!0'4.1!4.&-*,".1!2'*-!)$+.!)$-!<-55+!
/,+0-&!'.!$"2!")%-,5!)$+)!&*"F-%!$"2!)'!%4($!+!&*+%)"(!2-+%4*-!'5!<-$+F"'4*=!B1+".!$-*-?!$"%!
5".+,!,')!"%!<')$!/*-5"14*-&!".!-+*,"-*![+.&!,")-*+,\!d47)+/'%")"'.%!'5!&-+)$!+.&!,"5-!".!)$-!
.'F-,,+!E!C*+DD"."!/,+(-%!$"2!".!<-&!<-%"&-!)$-!('*/%-!'5!)$-!1"*,!$-!-+*,"-*!4%-%!)'!5*"1$)-.!
)$-!+,)+*6<'0!E!+.&!)*+(-&!".!)$-!'%(",,+)"'.!<-)3--.!,"1$)!+.&!&+*;.-%%!/*-%-.)!
)$*'41$'4)U!)$-!/,+..".1!'5!<')$!<-55-!)+;-%!/,+(-!&4*".1!)$-!-F-.".1?!<4)!)$-"*!5".+,!
-7-(4)"'.%!'((4*?!".!-+($!(+%-?!+%!&+0!<*-+;%?!+%!)''!&'-%!9"-)*'!&+!Y"-.+:%!5".+,!*-+()"'.!
+.&!F',4.)+*0!*-%/'.%-=!
!
a"%!+1-.(0?!$'3-F-*?!4,)"2+)-,0!*-.&-*%!$"2!)$-!F"()"2!'5!2'&-*.!8'*)4.-=!T-%/")-!
)$-!+<%-.(-!'5!)$-!0%-/'&%-/1($%*("1-/2#2'1!%'!(,-+*,0!%--.!".!<')$!(+%-%!+<'F-?!9"-)*'!&+!
Y"-.+?!-")$-*!<0!%'/$"%)"(+)"'.!'5!)$'41$)!'*!<0!(*"//,".1!$42'4*+,!"2<+,+.(-?!-F"&-.(-%!
)$-!-7"%)-.)"+,!+.7"-)0!)$+)?!'5)-.!+,'.1%"&-!)$-!+<%4*&?!&-5".-%!)$-!2'&-*.!2+.!".!)$-!
)$-+)*-!'5!)$-!1*')-%@4-=!#$-!%)'*0!'5!3$"($!$-!"%!+!/+*)!"%!<0!&-5".")"'.!('2"(U!")!<-1".%!
/''*,0!<4)!-.&%!3-,,!5'*!)$-!8,'*-.)".-!+,)+*!<'0=!L4)!"5!*-+&-*%!,+41$?!")!"%!.')!+)!9"-)*'!&+!
Y"-.+:%!-7/-.%-=!#$-0!,+41$?!".%)-+&?!+)!)$-!5+",4*-!'5!$"%!".)-.&-&!<-55+=!
!
C*+DD"."!+.&!)$-!#-+)*'!&-,!C*'))-%('U!A4"1"!M$"+*-,,"?!A4"1"!B.)'.-,,"?!+.&!2+*"'.-))-%!
!
X$",-!+<%-.)?!5'*!+,,!".)-.)%!+.&!/4*/'%-%?!".!>=F""?!)$-![/*')'\2'&-*."%)!!0%-/'&%-/1(
$%*("1-/2#2'1!"%!%)*";".1,0!/*-%-.)!+.&!/-*$+/%!%)*'.1-%)!".!8+,+.+..+:%!)+,-!".!>>=""?!3$"($!
+,%'!%-)%!)$-!%)+1-!5'*!'.-!'5!)$-!2'%)!(+.'."(+,!)$-2-%!'5!)3-.)"-)$!(-.)4*0!1*')-%@4-!
/,+03*"1$)%U!)$-!5+,%-!54.-*+,=!!H.!I+0!VP?!GPG^?!A4"1"!M$"+*-,,"!&s<4)%!$"%!$+,,2+*;!/,+0?!<#(
&#0"9%2#(%('*(B1*/1U!+!%'("+,!%+)"*-?!,";-!2+.0!')$-*%!'5!")%!;".&!+.&!1-.-*+)"'.?!".)-.&-&!)'!
%4<F-*)!+.&!(*")"@4-!<')$!)$-!<'4*1-'"%!('.(-/)"'.!'5!2+**"+1-!+.&!_<'4*1-'"%!)$-+)*-`!
!
VWP!
!
!
!!!!!!!!!!!
")%-,5=WG^!B)!)$-!(-.)-*!'5!)$-!/,')!+*-!9+','!C*+D"+!+.&!$"%!3"5-?!Y+F".+?!4//-*62"&&,-!(,+%%!
2-2<-*%!'5!+!<*",,"+.)!('2/+.0!'5!%'("+,")-!5*"-.&%!3")$!F-*0!5+%$"'.+<,-!2'*+,!$+<")%!+.&!
+.'2+,"-%=!H.!)$-!".(*-+%".1,0!/'/4,+*!E!+.&!&-(*-+%".1,0!)+<''!E!)'/"(!'5!2+*")+,!
".5"&-,")0?!9+',':%!F"-3!"%!".5,-7"<,-U!+!%/'4%-:%!+&4,)-*0!"%!/4."%$+<,-!<0!&-+)$=!H.!)$-!
'//'%")-!-.&!'5!)$-!%/-()*42?!$"%!3"5-?!Y+F".+?!-.1+1-%!".!+.!",,"(")!+55+"*!3")$!$-*!$4%<+.&:%!
&-+*-%)!5*"-.&=WGO!X$-.!9+','!&"%('F-*%!$-*!<-)*+0+,?!$-!".%"%)%!'.!%)+1".1!$-*!24*&-*!E!<4)!
5'*!%'("+,!*+)$-*!)$+.!-2')"'.+,!*-+%'.%?!+.&!".!'*&-*?!'.,0?!)'!*-2+".!)*4-!)'!$"%!/4<,"(+,,06
/*'.'4.(-&!/*".("/,-%=!Y+F".+!,-+F-%!M'2'?!+55'*&".1!9+','!)$-!%/+(-!+.&!'//'*)4.")0!)'!
5+;-!$-*!&-+)$?!('.5-%%!)'!$-*!24*&-*?!$"*-!$-*!,'F-*!5'*!,-1+,!&-5-.%-?!-2-*1-!5*'2!)*"+,!
5*--!'5!<,+2-!+.&!%-.)-.(-?!+.&!+**+.1-!5'*!$-*!54.-*+,=!L4)!)$-!3'2+.!".!)$-!('55".!+)!)$-!
3+;-!"%!.')?!'5!('4*%-?!9+',':%!3"5-?!+.&!Y+F".+!*-)4*.%!4.&-*!+!8*-.($!+,"+%!)'!&-(,+*-!$-*!
,'F-!5'*!$-*!$4%<+.&!+.&!)'!+%;!$"%!5'*1"F-.-%%!'.!)$-!&+0!'5!$-*!54.-*+,=!cF-.)4+,,0?!+.&!+)!
)$-!54.-*+,!")%-,5?!Y+F".+:%!)*4-!"&-.)")0!"%!&"%('F-*-&!+.&?!3")$!9+','!5+(".1!('.&-2.+)"'.!
5'*!5+,%"50".1!+!(*"2-?!)$-0!5,--!)'1-)$-*!)'!*-%)+*)!)$-"*!2+**"-&!,"5-=WGQ!!
!
#$-!&"%%'.+.(-%!<-)3--.!8+,+.+..+:%!)+,-!+.&!M$"+*-,,":%!/,+0!+*-!'<F"'4%e!)'!<-!
%4*-?!)$-!5+",-&![)$'41$!-F-.)4+,,0!%4((-%%54,\!54.-*+,!".!C*+DD".":%!.'F-,,+!"%!+%!5+*!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WG^ !C"1"!A"F"'!@4-%)"'.%!)$-!%4((-%%!'5!)$-!1*')-%@4-!+4)$'*:%!+<",")0!)'!/*'F"&-!+!*-+,!
+,)-*.+)"F-!)'!)$-!<'4*1-'"%!)$-+)*-!")!(*")"@4-%=!a-!3*")-%U!_>!1*'))-%($"!$+..'!2-%%'!%'))'!
+((4%+!",!&*+22+!<'*1$-%-!%-.D+?!&:+,)*+!/+*)-?!+F-*!@4+,('%+!&"!.4'F'!&+!('.)*+//'*1,"U!
($-!%-!,-!/+*)"(',+*"!('.&"D"'."!%)'*"($-!($-!%)+F+.'!5*-@4-.)+.&'!.-,,+!,'*'!-%/*-%%"'.-!
%'F*+%)*4))4*+,-![&-(+&-.D+!&-,!.+)4*+,"%2'!-!&-,!&*+22+!<'*1$-%-\!/-*2-))-F+.'!,'*'?!
&+!4.+!/+*)-?!&"!,"@4"&+*-!&-5".")"F+2-.)-!"!<*+.&-,,"!&"!@4-,,:-/'(+!&*+22+)"(+?!&+,,:+,)*+?!
2+.(+.&'!,-!('.&"D"'."!'11-))"F-!/-*!4.!24)+2-.)'!&-,,+!%)*4))4*+![($-!24)+2-.)'!".5+))"!
/'"!.'.!F"!54?!%-<<-.-!@4-,!)-2/'?!('.!"!%4'"!5-*2-.)"!*"F',4D"'.+*"?!/')-%%-!5+*!/-.%+*-!
&"F-*%+2-.)-\?!.'.!-*+!,'*'!&+)'!&"!+/*"*-!.4'F-!/*'%/-))"F-`![8%#/21()21//%0"1($%*(
L1"%B%-/1?!B.)','1"+![I",+.'U!I4*%"+?!GP^N\!7"""\=!
WGO !>.!B()!>>>?!Y+F".+!,+2-.)%!$-*!&-%(*"/)"'.!+%!+!3'2+.!3")$'4)!%(*4/,-%!'*!2'*+,%=!
WGQ !A4"1"!M$"+*-,,"?!<#(&#0"9%2#(%('*(B1*/1?!+!(4*+!&"!C"+.(+*,'!Y+22+*)+.'([Z'2+U!L4,D'."!
-&")'*-?!GPQQ\=!
!
VNR!
!
!
!!!!!!!!!!!
*-2'F-&!5*'2!)$-!%)+1-&!54.-*+,!".!<#(&#0"9%2#(%('*(B1*/1!+%!M$"+*-,,"!"%?!($*'.','1"(+,,0?!
5*'2!)$-!%"7)--.)$!(-.)4*0=!L4)!3$+)!-2-*1-%!".!8+,+.+..+:%!/,"1$)!+*-!)$-!%'("+,!
&"2-.%"'.%!'5!)$-!1*')-%@4-!)$+)?!1*'3".1!'4)!'5!)$-!2'*-!('.F-.)"'.+,!+%/-()%!'5!)$-!
%+2-!1-.*-?!<-('2-!)$-!-7(,4%"F-!+.&!(-.)*+,!('.(-*.!'5!1*')-%@4-!/,+03*"1$)%=!>.!')$-*!
3'*&%?!*-+&-*%!5".&!".!C*+DD".":%!4%-%!)$-!)*+.%")"'.!5*'2!%4/-*.+)4*+,!2+*F-,!)'!+!
1*')-%@4-!&"2-.%"'.!('.)".1-.)!-.)"*-,0!'.!%'("+,!*-+()"'.?!".)-*+()"'.?!2'*-%?!+.&!.'*2%!
)$+)!&-5".-%!)$-!1*')-%@4-!".!)$-!)3-.)"-)$!(-.)4*0=WGP!
Scholars disagree fundamentally on both the development of the “teatro grottesco” as a
movement and on its chief and most characteristic concerns. Key members of the early debate
include Gigi Livio, Adriano Tilgher, Giorgio Pullini, Luigi Tonelli, and Luigi Ferrante, but
Silvio D’Amico is the first to provide a tentative definition of it as a school of theatre deriving
from but not dependent on or always contingent with Pirandello or consistent within itself that
fundamentally displays, “una tendenza ‘marionettistica’, alla concentrazione in poche e
marcatissime smorfie d’una sognata quintessenza del comico e del tragico umano.”420 This
coexistence of tragedy and comedy within grotesque theatre remains a consistent feature of its
description among most scholars, each one adding a particular note to it. Ruggero Jacobbi points
to its moral function and to its requirement of an active and involved audience, deeming it the
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WGP !H.!)$-!)3'!)-.&-.("-%!'5!)$-!1*')-%@4-!".!)$-!)3-.)"-)$!(-.)4*0![)$-!9"*+.&-,,"+.!F-".!
+.&!)$-!F-".!'5!<'4*1-'"%!)$-+)*-?!%--!H=!B=!L'.)-2/'?!_>)+,"+.!A")-*+)4*-!".!GPSW?`!89%(
E1$%2-(<#-)3#)%(O132-#*!GP=Q![GPSN\U!NQS6PNU!_f-)?!)'!%42!4/!)$-!/'".)?!,-)!")!<-!*-2+*;-&!
".!/+%%".1!)$+)!)$-!)3'!1-.*-%!'55-*-&!('2/'%")-!/*'<,-2%U!'.!'.-!$+.&?!)$-!/*'<,-2!'5!
5".&".1!'.-:%!%-,56"&-.)")0?!5".&".1!'.-:%!($+*+()-*!".!+!3'*,&?!+.&!".!+.!'*&-*!'5!)$".1%!3")$!
,")-*+,,0!$+F-!.'!5"7")0![9"*+.&-,,'\?!'.!)$-!')$-*?!)$-!/*'<,-2!'5!/,+0".1!'.-:%!/+*)!".!
%'("-)0?!+%!+.!+4)'2+)'.?!+!2+*"'.-))-?!"5!.-(-%%+*0?!&"%)'*)-&!".!+!)$'4%+.&!&"55-*-.)!3+0%!
4.&-*!('.F-.)"'.:%!<+&,0!5'(4%-&!<".'(4,+*%`![NQW\=!
WVR !Y",F"'!T:B2"('?!,*(/%#/21($%'(.#-/1""'![8"*-.D-U!J+,,-(($"?!GPVR\!QG=!
!
VNG!
!
!
!!!!!!!!!!!
highest form of theatrical representation.421 Gigi Livio calls it a theatre that provokes
disinterested laughter in a public too aware of the problems it illustrates and the shortcomings of
the piccolo borghese world it describes.422 Giovanni Calendoli points to its novelty on the
literary (and theatrical) stage.423 Lastly, Adriano Tilgher provides this definition for it,
encompassing most previously stated opinions:
A:-%%-.D+!&-,!)21//%0"1!i?!&4.@4-?!.-,,+!*+//*-%-.)+D"'.-!&-,,+!
('.)*+&&"D"'.-!+FF-*)")+?!%/-*"2-.)+)+!-?!".5".-?!%4/-*+)+!&-,,+!&#0"9%2#!-!
&-,!B1*/1?!&-,,-!"&--!-%)-*"'*"!+%)*+))-!%'("+,"!-!&-"!%-.)"2-.)"!".)"2"!('.(*-)"!
".&"F"&4+,"?!&-,,:"'!%4/-*5"("+,-!-!&-,,:"'!/*'5'.&'?!&-,,+!%/'.)+.-")l!F")+,-!-!
&-,,-!5".D"'."!%'("+,"!".('.%("-.)-2-.)-!+((',)-?!-!.'.!/-*(-/")-!/-*("h!
"."D"+,2-.)-!('2-!5".D"'."?!($-!,-!%"!%'F*+//'.1'.'!-!)-.)+.'!&-5'*2+*,+=WVW!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WVG _>.!)-+)*'!=!=!=!,:+D"'.-!&-F-!%F',1-*%"!+,,:".)-*.'!&-,,:4'2'?!&-F-!+F-*-!,:4'2'!/-*!
/*".("/"'!-!5".-U!-!/-*("h!i!-%%+!4.:+D"'.-!-2".-)-2-.)-!2'*+,-=!!c!/'"!,:+4)'*-!&"!)-+)*'!
.'.!/4h?!('2-!",!*'2+.D"-*-?!%/"-1+*-!+,!,-))'*-!)4))'!("h!($-!%"!%.'&+!.-,,:+."2'!&-,!
/-*%'.+11"e!.'.!/4h!&"*-?!+&!-%-2/"'?!($-!",!/*')+1'."%)+!%-.)-!".@4"-)4"&".-!-!)*"%)-DD+!
/-*!",!/*-%-.)"2-.)'!&"!@4+,('%+!&"!2+,-!($-!%)+!/-*!+((+&-*-!n!B,!('.)*+*"'?!)'((+!+,,'!
%/-))+)'*-!",!('2/*-.&-*-!)+,-!%")4+D"'.-!'%%-*F+.&'!"!2'&"!&-"!/-*%'.+11"'e!-&!+.D"!-1,"!%"!
%-.")*l!/+*)"(',+*2-.)-!*"('2/-.%+)'!%-!/-.%-*l!($-!,4"!%','?!5*+!"!/*-%-.)"!".!%+,+?!$+!
".&'F".+)'!,+!)*"%)-DD+!&-,!/-*%'.+11"'!-!"!%4'"!(+))"F"!/*-%-.)"2-.)"`![X3'$#(?%2(*1(
0?%//#/12%($'(/%#/21![8"*-.D-U!M+%+!-&")*"(-!C=!T:B..+?!GPOS?!/=!VR\=!
WVV !_A+!(+/+(")l!m+,!<-,!*"%'!5*+.('!-!&"%".)-*-%%+)'!&-"!.'%)*"!F-(($":!&"!(4"!/+*,-*l!('.!
*"2/"+.)'!2',)"!+.."!&'/'!",!T:B2"('!".!4.!%+11"'!%4,!1*'))-%('?!-:!/*'/*"'!,+!(+/+(")l!+!
*"&-*-!%-.D+!'((4/+*%"!&-,!/*'<,-2+!'?!2-1,"'?!2+!i!/'"!,+!%)-%%+!('%+?!+F-.&'!<-.!/*-%-.)-!
-!&-,!)4))'!/+("5"(+!,+!%',4D"'.-!/"((','!<'*1$-%-!&-,!/*'<,-2+=!g.!*"%'!".!.-%%4.!(+%'!
('**'%"F'?!/-11"'?!-F-*%"F'!2+!%',)+.)'!&"F-*%"F'U!+//4.)'!4.!<-,!*"%'!5*+.('!-!
&"%".)-*-%%+)'`![C"1"!A"F"'?!8%#/21()21//%0"1($%*(L1B%"%-/1;(!-/1*1)'#![I",+.'U!I4*%"+?!GP^N?!
/=!F\=!
WVS !_#$-!#$-+)*-!'5!)$-!C*')-%@4-!"%!)$-!)$-+)*-!)$+)!"%!+<,-!)'!<*-+;!+,,!)"-%!3")$!)$-!
)*+&")"'.+,!)$-+)*-!E!)$-!)$-+)*-!)$+)?!'.!)$-!,-F-,!'5!%(-."(!-7/-*"2-.)+)"'.?!"%!+<,-!)'!&-.0!
($+*+()-*!+.&!)'!*-F';-!)*+&")"'.`![)*+.%=!T-."%-!B//,".?!_#$-!#$-+)*-!'5!)$-!C*')-%@4-?`!
89%(G2#&#(7%B'%f!VV=G![GPOQ\UGS6G^?!/=!S\=!
WVW !B&*"+.'!#",1$-*?!:/3$'(03*(/%#/21("1-/%&?12#-%1![Z'2+U!A"<*-*"+!&"!Y("-.D-!-!,-))-*-?!
GPVQ\!GVQ=!
!
VNV!
!
!
!!!!!!!!!!!
>.!%$'*)?!$'3-F-*?!)$-!)$-+)*-!'5!)$-!1*')-%@4-?!3$-.!F"-3-&!+%!+.!-.%-2<,-!
*-/*-%-.)+)"F-!'5!")%!)"2-?!*-5-*%!)'!+!2'F-2-.)!&-5".-&!<0!)$-!+<%4*&?!)$-!'<%-%%"F-?!)$-!
/%0($','1"(+,,0!&-F"'4%?!+.&!)$-!('/*-%-.(-!+.&!-@4+,!+*)"(4,+)"'.!'5!('.)*+&"()'*0!"&-+%!
".!)$-!%+2-!)-7)?!/*'F';".1!('.)*+&"()'*0!*-+()"'.%!5*'2!")%!+4&"-.(-=WVN !
!
4%-#!>>=""!"%?!<0!)*+&")"'.+,!&-5".")"'.!+%!-7/,'*-&!".!)$-!/*-F"'4%!($+/)-*!+.&!".!)$-!
)-*2%!&-5".-&!+<'F-?!54.&+2-.)+,,0!_1*')-%@4-=`!>)!/")%!,"5-!+1+".%)!&-+)$?!&-*"F-%!,+41$)-*!
5*'2!)*+1-&0?!'//'%-%!('.)*+%)".1!-,-2-.)%?!+.&!/*'<,-2+)"%-%!)$-!')$-*3'*,&,".-%%!'5!)$-!
+5)-*,"5-=!L4)!8+,+.+..+:%!)+,-!"%!+.($'*-&!<0!)$*--!/*"2+*",0!%'("+,!2'2-.)%!+.&!
"2/-)4%-%U!$"%!3"5-:%!4.5+")$54,.-%%?!$"%!.-"1$<'4*:%!+((4%+)"'.%?!+.&!)$-!*-+()"'.!'5!)$-!
(*'3&!)$+)!('.%)")4)-%!$"%!54.-*-+,!/*'(-%%"'.=!c+($!'5!)$-%-!".%)+.(-%!/*'F';-%!)$-!
0%-/'&%-/1($%*("1-/2#2'1!".!*-+&-*%!'5!)$-!4%-%(+.&!"%!+)!)$-!*'')!'5!)$-!)*+&")"'.+,,0!
1*')-%@4-!-,-2-.)%!'5!)$-!-1B%**#=!#$-!5"*%)!'((4*%!-+*,0=!Z-+&-*%!@4"(;,0!&"%('F-*!
8+,+.+..+!)'!<-!+!%"2/,-)'.!".!+!2+**"+1-!'5!('.F-."-.(-=!A+41$)-*!%''.!1"F-%!3+0!)'!
%02/+)$0!".!*-+&-*%!'5!6#*#-#--#!5"*%)!3$-.!)$-0!+*-!1"F-.!)$-!*-+%'.!5'*!$"%!/,+"..-%%?!
+.&!.-7)!3$-.!)$-0!&"%('F-*!$"%!3"5-:%!".5"&-,")0=!I'..+!B.)'."+?!8+,+.+..+:%!2')$-*6".6
,+3?!"%!)$-!/*"2+*0!,'(+)"'.!'5!)$"%!5"*%)!".%)+.(-!'5!%'("+,!1*')-%@4-=!H.!)$-!'.-!$+.&?!%$-!"%!
&-%(*"<-&!+%!_4.+!F-(($"-*-,,+!)4))+!/"-)'%+!-)!+2'*-F',-=`!L4)!3$-.!%$-!&"%('F-*%!$-*!
&+41$)-*!)'!<-!4.%+)"%5"-&!3")$!)$-!%-74+,!&"2-.%"'.!'5!$-*!2+**"+1-?!I'..+!B.)'."+?!
)$'41$!/''*!+.&!(,-+*,0!<-.-5")".1!5*'2!)$-!4."'.!'5!$-*!&+41$)-*!3")$!)$-!*+)$-*!3-+,)$0!
8+,+.+..+?!*+)$-*!)$+.!+&F'(+)-!+!/'%")"'.!'5!2+*")+,!($+%)")0?!.')!'.,0!-.('4*+1-%!$-*!
&+41$)-*!)'!<-!4.5+")$54,!)'!$-*!$4%<+.&?!<4)!+()"F-,0!+**+.1-%!5'*!+!,'F-*!)'!-.)-*!)$-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WVN !Y--!+,%'!T'2-."('!J"))'*"."?!_>,!1*'))-%('!.-,!)-+)*'!")+,"+.'!2'&-*.'!-!('.)-2/'*+.-'?`!
89%(E1$%2-(<#-)3#)%(O132-#*!GR=G![GPVN\U!VG6VPe!+.&!I"($+-,!J-.+?!_#$-!C*'))-%($"!
Z-F"%")-&?`!6123&(,/#*'"3&!SG=G![GPPO\U!GNS6OS=!
!
VNS!
!
!
!!!!!!!!!!!
5+2",0:%!%$+*-&!<-&*''2=WV^!8+,+.+..+!"%!.'.-!)$-!3"%-*=!>.!5+()?!$-!2"%)+;-%!$"%!3"5-:%!
,'F-*?!+,*-+&0!-.d'0".1!$-*!1*+(-%?!5'*!$"%!2')$-*6".6,+3=!I'..+!B.)'."+:%!4.-7/-()-&!
*-%/'.%-!+1+".!&-.')-%!+!_%'("+,!1*')-%@4-`!5',,'3-&!"22-&"+)-,0!<0!+!(+*."F+,-%@4-!
(-,-<*+)"'.!'5!)$-!<'&0!+.&!+.!+<%4*&!/,+0!'.!)$-!&-5".")"'.!'5!_&-+)$`!)$+)!*-%-2<,-%!2'*-!
(,'%-,0!)*+&")"'.+,!1*')-%@4-=!C*+DD"."!3*")-%U!
H.&-!-1,"!q8+,+.+..+r?!(*-&-.&'!,4"!-%%-*!,+!2+&*-?!&"%%-U!I'..+!B.)'."+?!
($-!5+)-!F'"o!'$"2iy!14+*&+)-!+!.'.!"2/*-1.+*!2'1,"+2+y!I'..+!B.)'."+?!
($-!%"!%)+F+!F-1,"+.&'!".!%4!,+!/*'&+!%4+?!@4+.)'!/"u!/')-F+!('.)-.)+!&-,!
('.)-.)'!&-,,+!5"1,"4',+?!4&")'!8+,+.+..+?!/-*!*"/+*+*-!($-!&-,!L-*.+!.'.!
%:+(('*1-%%-?!+(('%)h!",!(+/'!*+%-.)-!+!@4-,!&-,,+!I+.)-e!-!('%k!5+F-,,+.&'!1,"!
*"%/'%-U!]'.!+F-*!/-.%"-*'!($-!"'!)-!,:".1*'%%"?!.'=!H$"2s!)*"%)+y!($-!"'!,-!5-!,-!
5*-1+1"'."!*+%-.)-!",!<-,,"('e!/-*($s!,+!/'F-*".+!i!%)+)+!/-*!2'*"*-!=!=!=!c*+.'!
(','*'!+//4.)'?!+,,'*+!($-!2'..+!B.)'."+!(')+,"!/+*',-!&"(-+?!.-,!(',2'!&-,,+!
<-+)")4&".-!+2'*'%+U!-!,+!I+.)-!/-*!&4-!F',)-!/-*!,+!%'F-*($"+!&',(-DD+!
&"%%-U!H$"2s?!'$"2s?!"'!24'd'?!"'!24'd'y!8+,+.+..+!('2".("h!+!1*"&+*-U!
B%/-))+?!+%/-))+?!($-!"'!F+&+!/-*!,'!/*-)-U!+%/-))+?!2'1,"-!2"+?!.'.!2'*"*-!
+.('*+U!'$"2s?!F'1,"'!($-!)4!)"!('.5-%%"!/*"2+y!
8+,+.+..+:%!%"2/,"(")0!+.&!&-5-.%-,-%%.-%%!'.,0!54*)$-*!$"1$,"1$)!)$-!+.'2+,0!'5!I'..+!
B.)'."+:%!*-+()"'.=!I'*-!"2/'*)+.),0?!$'3-F-*?!)$-0!+,%'!/*'F';-!".!C*+DD".":%!"&-+,!*-+&-*!
+!('.5,"()-&!2'*+,!*-%/'.%-=!H.!)$-!'.-!$+.&?!%$-!+//*-("+)-%!<')$!I'..+!B.)'."+:%!@4"(;!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WV^ !_Y"(($i!*+1"'.+)'.-!('.!,+!2+&*-?!5-(-!)+.)'!($-!&"!,-"!/"-)'%+!F-..-?!-!&"%%-U!8"1,"4',+!
2"+?!,+%("+!/4*!5+*-!+!2-?!.'.!)"!&+*!/-.%"-*'?!($s!"'!)"!5+*h!)'%)'!('.)-.)+e!-)!")+%-.-!+!
)*'F+*-!",!%4'!+2+.)-?!($-!/"u!&"!,-"!,'!&-%"&-*+F+?!&-))'.'!'*&".-!5*+!,'*'!($-!",!L-*.+!&+!
2-DD+!.'))-!",,!l?!5+((-.&'!(-*)'!(-..'?!F-."%%-!+!(+F+*-!,+!5"1,"4',+!&:+55+..'?!",!@4+,-!.'.!
2+.(h!&"!."-.)-e!-)!+,,:'*+!&-/4)+)+?!5+))'!",!(-..'?!54!&+!I'..+!B.)'."+!2-%%'!".!(+%+?!-!&"!
/"u!.-,!,-))'!+((+.)'!+,,-!%4+!I+.)-`![8+.5+."!PG\=!
!
VNW!
!
!
!!!!!!!!!!!
3")!+.&!)$-!'F-*+,,!('2"(")0!'5!)$-!1"F-.!%")4+)"'.=!H.!)$-!')$-*?!$'3-F-*?!+.&!<0!2-*-!
F"*)4-!'5!8+,+.+..+:%!".1-.4'4%.-%%!+.&!&"%/'%")"'.!)'!14,,"<",")0?!%$-!"%!2+&-!)'!
+(;.'3,-&1-!)$-!)*+1-&0!'5!$"%!2+*")+,!-7"%)-.(-=!>.!)$"%!(+%-?!)$-.?!)$-!1*')-%@4-!54.()"'.%!
'.!<')$!)$-!%'("+,!+.&!)$-!,")-*+,!,-F-,!)'!<*".1!+<'4)!)$-!0%-/'&%-/1($%*("1-/2#2'1!".!
*-+&-*%e!)$-!%'("+,!+<%4*&")0!'5!)$-!/*-%-.)-&!%(-.-!1"F-%!*"%-!)'!)$-!2+(+<*-!'<%-%%"'.!
3")$!&-+)$!)$+)!&-5".-%!+.&!&'2".+)-%!)$-!*-%)!'5!)$-!.'F-,,+?!+.&!)$+)!/4%$-%!*-+&-*%!)'!
('2/,-7"50!)$-"*!*-+&".1!'5!)$-!)+,-=!#$-!)*+.%")"'.!5*'2!)$-!'.-!)'!)$-!.-7)!"%!%-+2,-%%=!
!
#$-!%+2-!"%!)*4-!)3"(-!2'*-!&4*".1!8+,+.+..+:%!54.-*+,!/*'(-%%"'.?!3$-*-!C*+DD"."?!
,";-!2+.0!1*')-%@4-!/,+03*"1$)%!+5)-*!$"2?!_%"!q&"F-*)-r!+!)*+**-!&-,,-!.')-!<455-!&+!
%")4+D"'."!54.-<*"!=!=!=!/-*!2-))-*-!".!*"&"(','!,-!('.F-."-.D-!%'("+,"!".)'*.'!+!4.!&-54.)'=`WVO!
C*+DD"."!5"*%)!-%)+<,"%$-%!)$-!/*'/-*!%'("+,!/+*+2-)-*%!5'*!.-"1$<'4*%!)'!1*"-F-!+,'.1%"&-!
I'..+!B.)'."+!+.&!$-*!&+41$)-*?!,+!I+.)-=!T-%/")-!)$-!/-(4,"+*")0!'5!8+,+.+..+:%!
+//-+*+.(-!".!&-+)$?!)$-!('2/+.0?!4.+3+*-!'5!)$-!<-55+!/*"F+)-,0!+&2"."%)-*-&!)$-!5+,%-!
('*/%-?!*-%/-()54,,0!/+%%-%!'.!)$-"*!('.&',-.(-%!)'!)$-!1*"-F".1!3"&'3!+.&!$-*!2')$-*=!
cF-.!3$-.!8+,+.+..+!%'",%!$"2%-,5!3")$!4*".-!+.&!"%!)+;-.?!*--;".1?!5*'2!)$-!*''2!".!
3$"($!$-!$+&!,+".?!-F-*0!54.-*-+,!'<%-*F+.(-!"%!;-/)?!".!+(('*&+.(-!3")$!('.)-2/'*+*0!
/*+()"(-eWVQ!_c!('%k?!+!2+,-!".!('*/'?!/'*)+.&','?!@4+%"!+22'*<+)"!,'!/'%+*'.'!%4!,+!<+*+e!
'.&-!"!5*+)-,,"?!%-.&'!1"l!"!/*-)"!-!"!5*+)"!5'*.")"!&"!/+%%+*-?!('2/'*)+.&'!",!2-1,"'!($-!
/')-F+.'!",!)*"%)'!'&'*-?!,-F+)'!%-!,:+F-F+.'!".!%/+,,+?!-!&"-)*'!,+!M*'(-!%-14")+F+.'!&"!
(+22".+*-=`WVP!#$-!%/-,,!'5!/*'/*"-)0!"%!&-5".")"F-,0!&"%)4*<-&?!$'3-F-*?!3$-.!'.-!
.-"1$<'4*!5+",%!)'!+&$-*-!)'!%'("+,!('.F-.)"'.U!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WVO !T:B2"('!QG=!
WVQ !8+.5+."!PP6GRRe!%--!+//-.&"7!N=!
WVP !8+.5+."!GRR=!
!
VNN!
!
!
!!!!!!!!!!!
H*+!+FF-..-?!(+22".+.&'?!($-!-"!1"4.%-*'!%4,!(+.)'!+,!A-'.-e!-!".!%4!,+!
%F',)+!+//4.)'!(+/")+)+!)4))+!,+!1-.)-?!('2-!i!4%+.D+?!&"2+.&+F+.'!($"!54%%-!
",!2'*)'e!+,,+!@4+,"!-*+!*"%/'%)'U!8+,+.+..+e!)+.)'!($-!+!("+%(4.'!.-!
".(*-%(-F+?!&"(-.&'U!T"'!+<<"+!+F4)'!,:+."2+!%4+=!I+!4.!(-*)'!%4'!('.'%(-.)-!
-)!+2"('?!".)-%','!+.($:-1,"?!-!F-11-.&','!/'*)+*-!+!%-//-,,"*-?!/'('!&"%(*-)'?!
+.D"!+&&"*+)'?!&"%%-U!B$!*"<+,&'!1"4.)+)'*-y!-1,"!%-!.-!F+!('.!)*-!,"*-!&"!2"'U!-!
%+"!($-!.'.!1,"-.-!/*-%)+"!&"!('.)+.)"y!)*"%)'!,+&*'?!+<<"%-,-!%'/*+!,:+."2+yWSR!
T-%/")-!$"%!14",-,-%%.-%%?!8+,+.+..+!"%!)$-!5"*%)!)'!*-('1."D-!$"%!.-"1$<'4*:%!<*-+($!".!%'("+,!
('.)*+()=!_B$"!%("+4*+)'?`!$-!".)-*F-.-%?!_@4-%)-!/+*',-!%"!&"('.'!+:!2'*)"o!)*"%)'y!/-*($s!
.'.!2-!,:+F-*!($"-%)-?!@4+.&'!"'!-*'!F"F'?!'!+.&+*-!&+!2'1,"+2+?!($-!)"!+F*-<<-!/+1+)'o`WSG!!
#$-!<,-.&!'5!%'("+,!+.&!)*+&")"'.+,!1*')-%@4-!+,*-+&0!+//+*-.)!".!8+,+.+..+:%!.+|F-!
&-(,+*+)"'.!'.,0!1*'3%!%)*'.1-*!3")$!)$-!*-+()"'.!'5!)$-!(*'3&!%4**'4.&".1!$"2U!_j4-,,"!
($-!,'!/'*)+F+.'?!4&")-!,-!/+*',-?!%/+F-.)+)"?!,+%("+*'.'!+.&+*-!,+!<+*+?!-!(',4"!54!/-*!
%/"*")+*-=`WSV!#$-0!2+*F-,!+)!3$+)!)$-0!&--2!)'!<-!+!%4/-*.+)4*+,!-F-.)e!%)",,?!")%!F-*0!
('2".16)'6<-!"%!%/4**-&!'.!<0!+!%'("+,!".&-(-.(0=!
!
8+,+.+..+:%!%)'*0!&-%(-.&%!".)'!($+'%!5*'2!)$+)!/'".)!5'*3+*&=!#$-!(*'3&?!
+))-2/)".1!)'!%)+*),-!8+,+.+..+!'4)!'5!$"%!('.54%-&!%)4/'*!+.&!+%%42".1!$"2!)'!<-!
-.($+.)-&!'*!&-*+.1-&?!)+;-%!)'!<-+)".1!$"2!3")$!)'*($-%?!)$-.!3")$!%)"(;%!+.&!%)'.-%=!a-?!
".!)4*.?!*+(-%!+(*'%%!)$-!/'.)-!+,,+!M+**+"+?!'F-*?!+.&!-F-.)4+,,0!".)'!)$-!B*.'?!_"2/+4*")'!
/-*!,'!*'2'*-!-!/-*!,'!%)*-/")"!&-:!/'/',"`!3$-*-!C*+DD"."!/*'F"&-%!*-+&-*%!3")$!$"%!('4/!&-!
1*Ç(-!+.&!)$-!&-5".")".1!2'2-.)!'5!)$-!0%-/'&%-/1($%*("1-/2#2'1!".!/-*$+/%!)$-!-.)"*-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WSR !8+.5+."!GRR=!
WSG !"<"&=!
WSV !"<"&=!
!
VN^!
!
!
!!!!!!!!!!!
(',,-()"'.!'5!-1B%**%=!8+,,".1!".)'!+!/")!'5!<4*.".1!'",!'.!)$-!%4*5+(-!'5!)$-!B*.'?!8+,+.+..+!"%!
,")!+5,+2-=!9+*+&'7"(+,,0?!.'!+2'4.)!'5!%'("+,!".)-*F-.)"'.!$-*-?!.'!2+))-*!$'3!3-,,6
".)-.)"'.-&?!%+F-%!$"2!5*'2!$"%!%-,56%'41$)!5+)-U!_A-!/-*%'.-!($-!-*+.'!+.&+)-!/-*!&+*,"!
+d4)'?!,'!+F-F+.'!".)+.)'!-!('.!54."!-!('.!,-1."!)"*+)'!+,,+!*"F+e!."-.)-&"2-.'!.'.!*-%)+F+!
&:+*&-*-!+.('*+?!/-*($s!@4+.)'!/"u!+(@4+!1"))+'.&',"!+&&'%%'?!/-*!"%/-1.-*-!+&'/-*+F+.'?!
)+.)'!/"u!1,"!+((-.&-F+.'!-!.4)*"F+.1,"!",!54'('?!&"2'&'($s!-1,"!-*+!&"!1"l!@4+%"!)4))'!
('.%42+)'!-)!+*%'=`WSS!#$-!1*')-%@4-!%--.!$-*-!"%!5-,)!d4%)!+%!%)*'.1,0!".!)$-!('.54%"'.!'5!
&-+)$!+.&!,"5-!+.&!)$-!d47)+/'%")"'.!'5!5"*-!+.&!3+)-*!+%!")!"%!".!)$-!('.)-2/)!5'*!%'("+,!
('.F-.)"'.!+.&!".!)$-!('.)-2/'*+.-'4%!*-d-()"'.!'5!)$-!+.'2+,'4%![8+,+.+..+\!+.&!
-2<*+(-!'5!%'("+,,0!+.'2+,'4%!<-$+F"'4*![I'..+!B.)'."+?!)$-!(*'3&\=!>.!')$-*!3'*&%?!
'%)-.%"<,0?!3$+)!C*+DD"."!2"1$)!<-!%+"&!)'!$+F-!&'.-!".!)$-!('2/'%")"'.!'5!>>=""?!"%!
$%"1&?10%!)$-!)*+&")"'.+,!/",,+*%!.')!'.,0!'5!/*'/-*!%'("+,!!<-$+F"'4*?!<4)!'5!)$-!)0/"(+,!
<-55+=!!
!
C*+DD".:%!1*')-%@4-!$42'4*"%2!"%!2'%)!(,-+*,0!%--.!$-*-?!".!)$"%!&-%(-.)!5*'2!%'("+,!
1*+(-!)'!&"%1*+(-?!5*'2!('2-&0!)'!)*+1-&0?!5*'2!+!/,+054,!%-&4()"'.!'5!&-+)$!)'!&-+)$!")%-,5=!
#$-!&"%".)-1*+)"'.!'5!8+,+.+..+:%!)+,-!)*+(-%!+!1-.-*+,!%$"5)!".!<')$!*-+&-*%:!+.&!
/+*)"("/+.)%:!/-*(-/)"'.!'5!$"%!5+)-?!+.&!&-.')-%!)$-!;".&!'5!(,+%%"(+,!)*+1-&0!'<%(4*-&!+.&!
*-.&-*-&!+2<"14'4%!<0!&-)+",!)$+)!"%!)$-!5'4.&+)"'.!'5!$42'4*"%)!)-7)%=!B)!")%!'4)%-)?!
8+,+.+..+:%!)+,-!%--2%!+!('2-&0!/-//-*-&!<0!4.5'*)4.+)-!+(("&-.)%?!+))")4&-%?!+.&!-F-.)%=!
L0!")%!-.&?!*-+&-*%!*-('1."D-!".!")!+!)*+1-&0!2+&-!('2-&"(!'.,0!<0!("*(42%)+.(-!+.&!<0!
*-+&-*%:!('.%("'4%!+<",")0!.')!'.,0!)'!(4,)"F+)-!)$-!"*'.0!'5!)$-!%")4+)"'.!C*+DD"."!&-/"()%?!
<4)!+,%'!)'!,'(+)-!".!8+,+.+..+:%!($+*+()-*!)$-!".)-*.+,!('.5,"()!(-.)*+,!)'!$42'4*"%2=!>.!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WSS !8+.5+."!GRS=!
!
VNO!
!
!
!!!!!!!!!!!
')$-*!3'*&%?!3$+)!C*+DD"."!+(('2/,"%$-%!$-*-!"%!)0/"(+,!'5!3$+)!9"*+.&-,,'?!M$"+*-,,"?!+.&!
)$-!1*')-%@4-%!&'!/-*$+/%!2'*-!-7/,"("),0!)$*--!(-.)4*"-%!,+)-*U!$-?!,";-!)$-0?!*-.&-*%!
)+.1"<,-!)$-!F+.")0!+.&!-2/)".-%%!'5!$42+.!-7"%)-.(-!%422+*"D-&?!<0!%($',+*%!'5!)$-!
('.)-2/'*+*0!1*')-%@4-?!+%!)$-!%-.%+)"'.!)$+)!!_)4))'!i!F4')'?!)4))'!i!F+.'?!,:-%"%)-.D+!
42+.+!.'.!i!($-!4.+!)*+1"(+!5+*%+=`WSW!!
!
!M$"+*-,,":%!/,+0!-,"2".+)-%!)$-!2+*F-,'4%!+%/-()!'5!)$-!)*+&")"'.+,!1*')-%@4-!)'!
5+F'4*!+.!-7(,4%"F-!-2/$+%"%!'.!")%!%'("+,!&"2-.%"'.=!L4)?!%-F-*+,!(-.)4*"-%!,+)-*?!M$"+*-,,"!
1'-%!54*)$-*!%)",,!".!$"%!*-F-*%+,!'5!%'("+,!-7/-()+)"'.!)$+.!C*+DD"."?!)$'41$!/*-('("'4%?!"%!
+<,-!)'!&'=!#$-!&-5".".1!2'2-.)%!'5!<#(&#0"9%2#(%('*(B1*/1!'((4*!".!)$-!/,+0:%!%-('.&!+()?!
3$-*-!9+','!C*+D"+!"%!+55'*&-&!(,-2-.(0!5'*!$"%!3"5-:%![5-"1.-&\!24*&-*?!+.&!)$-.!+1+".!+)!
")%!-.&?!3$-.!$-!-%(+/-%!/*'%-(4)"'.!5'*!5+,%"50".1!+!(*"2-=!>.!.-")$-*!(+%-!&'-%!M$"+*-,,"!
('22-.)!'.!)$-!"%%4-!%4/-*5"("+,,0!+)!)$-!$-+*)!'5!$"%!/,+0U!2+*")+,!".5"&-,")0=!H*?!/-*$+/%!
<-))-*!/4)?!$"%!('22-.)!"%!"2/,"(")!+.&!+)!,-+%)!".")"+,,0!('.%"%)-.)!3")$!<'4*1'"%!F+,4-%U!
9+','!C*+D"+!"%!,-)!'55!5'*!$"%!(*"2-?!$"%!3"5-:%!".5"&-,")0!&--2-&!-1*-1"'4%!-.'41$!)'!d4%)"50!
")=!L4)!M$"+*-,,"!4.&'-%!)$"%!%4//'%")"'.!<0!)$-!/,+0:%!-.&=!>.!1*+.)".1!Y+F".+!.')!'.,0!,"5-?!
<4)!*-+&2"%%"'.!)'!$-*!/*-F"'4%!-7"%)-.(-?!M$"+*-,,"!-7'.-*+)-%!$-*!".&"%(*-)"'.=!Y'?!)''?!
&'-%!C*+DD"."!/+*&'.!,+!I+.)-!5'*!$-*!".F',F-2-.)!".!$-*!$4%<+.&:%!&-+)$e!".&--&?!$-!
1*+.)%!$-*!+!.-3!'.-=!g,)"2+)-,0?!9+','!"%!(+41$)?!'5!('4*%-?!+.&!<')$!$-!+.&!)$-!,+30-*!)$+)!
&-5-.&%!$"2!E!".("&-.)+,,0?!$"%!<-%)!5*"-.&!+.&!3"5-:%!,'F-*!6!5+,,!'.!)$-!$+*&!%"&-!'5!)$-!,+3=!
Y)",,?!+.&!".!+!*'%/#(.'-%!4.($+*+()-*"%)"(!'5!?'""1*1(J12)9%0%!)$-+)*-!'5!)$-!)"2-?!$-?!)''?!
+F'"&%!/4."%$2-.)!+.&!"%!+55'*&-&!+.!'//'*)4.")0!5'*!)$-!*-.-3+,!.')!'.,0!'5!$"%!2+**"+1-?!
<4)!'5!$"%!,"5-=(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WSW !Y",F"'!T:B2"('?!,*(/%#/21($%'(.#-/1""'![8"*-.D-U!J+,,-(($"?!GPVR\!QV=!
!
VNQ!
!
!
!
!!!!!!!!!!!
#$-!5+,%-!54.-*+,!+)!)$-!-.&!'5!<#(&#0"9%2#(%('*(B1*/1!*-(+,,%!+.')$-*!'5!C*+DD".":%!".!
4%-#!>>="?!".!2+.0!3+0%!)$-!*-F-*%+,!'5!>>>=7=!#$-*-?!+!F-*0!3-+,)$0!A+DD-*'!&"!2+-%)*'!
L+%","'!1'-%!5"%$".1!3")$!$"%!/''*!.-"1$<'4*!+.&!&'//,-1+.1-*?!C+<*"-,,'?!+.&!&*'3.%=!
#+;".1!+&F+.)+1-!'5!<')$!$"%!.-"1$<'4*:%!3-+,)$!+.&!)$-"*!/$0%"(+,!%"2","+*")"-%?!C+<*"-,,'?!
".!3$+)!%'("-)0!+%%42-%!)'!<-!$"%!'3.!&-+)$?!)+;-%!'.!A+DD-*':%!"&-.)")0!E!+.&!3-+,)$!6?!
*-2+**"-%!$"%!'3.!3"5-!4.&-*!)$"%!.-3?!*"($!+,"+%?!+.&?!,"F".1!'55!)$-!5'*)4.-!'5!$"%!&-(-+%-&!
.-"1$<'4*?!/*'F"&-%!5'*!$"%!5+2",0!5'*!2+.0!$+//0!0-+*%=!!#$"%!%'("+,!&-+)$!+.&!'//'*)4.")0!
)'!-2<'&0!+!.-3!"&-.)")0!'.(-!+1+".!5'*-%$+%'3!9"*+.&-,,':%!,*(.3(E#//'#(>#0"#*=(L4)!".!
C+<*"-,,':%!*-)4*.!)'!$"%!1*"-F".1!3"5-!".!+!.-3!14"%-!'.,0!)'!,+)-*!*-F-+,!$"2%-,5?!C*+DD"."!
+,%'!%)+.&%!<-$".&!+.')$-*!)$-2-!)+;-.!)'!-7)*-2-!%'("+,!1*')-%@4-!+.&!%--.!".!A4"1"!
B.)'.-,,":%!<A31&1("9%('-"1-/2o(0%(0/%001=!! !!
!
8"*%)!&*+5)-&!+*'4.&!GPGQ!+.&!&s<4)-&!+)!I",+.:%!H,02/"+!)$-+)*-!".!I+0!'5!)$+)!
%+2-!0-+*?!<A31&1("9%('-"1-/2o(0%(0/%001!'/-.%!'.!+.!-.($+.)-&!"%,+.&!<-,'.1".1!)'!+!
20%)-*"'4%!T*=!M,"2)!5+*!*-2'F-&!5*'2!)$-!(")0!,"5-!)'!3$"($!A4("+.'!T-!C+*<".-%?!W^!0-+*%!
',&?!$+%!<--.!+((4%)'2-&!5'*!'F-*!)3-.)0!0-+*%=!B%!F"-3-*%!%''.!&"%('F-*?!T-!C+*<".-%!"%!
)$-!F"()"2!'5!3$+)!$-!%''.!".)'!)$-!/,+0!(+,,%!+!_)*+1-&"+!)-,,4*1"(+6('."41+,-Ù!)3-.)0!0-+*%!
/"*'*?!T-!C+*<".-%!&"%('F-*%!$"%!3"5-:%!".5"&-,")0!3$-.!$-!5".&%!$-*!&-+&!".!)$-!&-<*"%!'5!+.!
-+*)$@4+;-?!".!)$-!-2<*+(-%!'5!$"%!<-%)!5*"-.&=!H.!)$"%!"%,+.&?!$-!"%!+55'*&-&!)$-!'//'*)4.")0!
)'!".)-*+()!3")$!$"%!&-(-+%-&!3"5-?!0'4.1!+%!%$-!3+%!+)!)$-!2'2-.)!'5!$-*!&-+)$?!+.&!
2+**"-&!)'!$"%!5'*2-*!%-,5=!a-!4%-%!)$-!'//'*)4.")0!)'!)-%)!+.&!)'!)-2/)!$"%!3"5-!3$'!
-F-.)4+,,0!1"F-%!".)'!$"%!+&F+.(-%?!/,-+%".1!+.&!&"%+//'".)".1!$"2!+)!)$-!%+2-!)"2-=!A";-!
M$"+*-,,"!".!<#(&#0"9%2#(%('*(B1*/1?!B.)'.-,,"!".54%-%!".!<A31&1("9%('-"1-/2o(0%(0/%001!.')!'.,0!
+!(*")"@4-!'5!2'&-*.!2+**"+1-?!<4)!+!@4-%)"'.".1!'5!)$-!2'*+,")0!%4**'4.&".1!)$-!)+<''!'5!
!
VNP!
!
!
!!!!!!!!!!!
".5"&-,")0=!A4("+.'!T-!C+*<".-%!"%?!".!)$-!%/+(-!'5!'.-!/,+0!+.&!".!*-,+)"'.!)'!)$-!%+2-!
3'2+.?!<')$!+&4,)-*-*!+.&!(4(;',&?!<')$!%"..-*!+.&!%"..-&!+1+".%)=!>)!"%!'.,0!3")$!1*-+)!
&"55"(4,)0!)$+)!*-+&-*%!+.&!F"-3-*%!(+.!%--!".!Y'."+?!$"%!0'4.1!3"5-?!".!+.!-7(,4%"F-,0!
.-1+)"F-!,"1$)?!)$4%!%$*'4&".1!".!+2<"14")0!)$-!+*($-)0/-!'5!)$-!_+&4,)-*-%%`!'5!24($!%'6
(+,,-&!<'4*1-'"%!)$-+)*-!"22-&"+)-,0!/*-(-&-.)=WSN!
!
#$"%!%/-("5"(!;".&!'5!2'*+,!+2<"14")0!"%!+<%-.)!".!C*+DD".":%!-1B%**#=ZkW!!#$-*-?!
C+<*"-,,':%!'//'*)4."%2!E!2'*+,,0!%'4.&!'*!')$-*3"%-!E!+55'*&%!$"2!)$-!($+.(-!+)!*-.-3+,!
4.&-*!+!&"55-*-.)!+,"+%!)$+)!$-!'%)-.%"<,0!&-%-*F-%=!a"%!3"5-!"%!.'!,-%%!*-3+*&-&?!+.&!
/-*$+/%!'.,0!5'*!$-*!5"&-,")0U!%$-!+((-/)%!)'!2+**0!A+DD-*'vC+<*"-,,'!'.,0!5'*!)$-!<-.-5")!'5!
$-*!($",&*-.!+.&!5'*!)$-"*!/+)*"2'.0=!a-*!5+2",0!4*1-%!$-*!)'!+((-/)!A+DD-*'vC+<*"-,,':%!
/*'/'%+,?!+.&?!_@4+%"!/"+.1-.&'!&"%%-!($-!.'.!,'!5+(-F+!/-*!+,)*'!($-!/-*!,'!('2'&'!-&!4)",-!
&-:!%4'"!5"1,"4',"?!-)!+.('*+!/-*($s!A+DD+*'!%'2"1,"+F+!)4))'!",!%4'!C+<<*"-,,'=`WSO!C*+DD"."!
%$'(;%!-7/-()+)"'.!+.&!*-F-*%-%!)$-!.+)4*+,!('4*%-!'5!-F-.)%!E!'*!/-*$+/%!-.$+.(-%!")!<0!
3+0!'5!$"%!/,4*"5'*2!/*')+1'."%)!E!3")$".!)$-!%+.()")0!'5!2+**"+1-=!B.)'.-,,":%!-7/,'*+)"'.!
'5!)$-!%+2-!)$-2-!(*42<,-%!4.&-*!)$"%!F-*0!".%)")4)"'.=!X$-*-!Y+.)+:%!,'0+,)0!"%!)$-!*-+%'.!
5'*!C+<<*"-,,':%!%4((-%%54,!+($"-F-2-.)!'5!+!.-3!%'("+,!"&-.)")0?!Y'."+:%!".5"&-,")0!"%!)$-!
*-+%'.!5'*!A4("+.':%!&"%+//'".)2-.)?!&-/+*)4*-!5*'2!)$-!"%,+.&?!+.&!*-)*-+)!)'!$"%!-F-*06
&+0!,"5-=!
!
f-)!<')$!%(-.+*"'%!54.()"'.!4.&-*!)$-!42<*-,,+!'5!8'*)4.-!E)$-!($+*+()-*"%)"(!'5!
1*')-%@4-!)$-+)*-!)$+)!2'%)!%)*'.1,0!)"-%!")!.')!'.,0!)'!C*+DD".":%!4%-%?!<4)!+,%'!)'!)$-!<-55+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WSN !A4"1"!B.)'.)-,,"?!<A31&1("9%('-"1-/2o(0%(0/%001?!+!(4*+!&"!C"+.(+*,'!Y+22+*)+.'![Z'2+U!
L4,D'."!-&")'*-?!GPPW\=!
WS^ !B%!+&&*-%%-&!".!)$-!/*-F"'4%!($+/)-*?!")!"%!".!C+<*"-,,':%!&-("%"'.!)'!/2'"Y(/9%(-%')9J1320!
".)'!<-,"-F".1!$"2!)'!<-!&-+&!)$+)!*-+&-*%!(+.!,'(+)-!C*+DD".":%!)*+&-2+*;!2'*+,!+2<"14")0!
".!>>="=!
WSO !8+.5+."!QO=!
!
V^R!
!
!
!!!!!!!!!!!
)*+&")"'.!2'*-!1-.-*+,,0=!8'*!<-))-*![+%!".!C+<<*"-,,':%!(+%-\!'*!3'*%-![+%!".!A4("+.':%\?!)$-!
)$-+)*-!'5!)$-!1*')-%@4-!&"%/,+0%!)$-!_)-.&-.D+!m2+*"'.-))"%)"(+:?!+,,+!('.(-.)*+D"'.-!".!
/'($-!-!2+*(+)"%%"2-!%2'*5"-!&:4.+!%'1.+)+!@4".)-%%-.D+!&-,!('2"('!-!&-,!)*+1"('!42+.'`!
+,%'!2+*;-&,0!/*-%-.)!".!+!.42<-*!'5!C*+DD".":%!4%-%?!+,2'%)!+,,!'5!)$-2!<-55-=WSQ!>.!')$-*!
3'*&%?!+)!)$-!(-.)-*!'5!<')$!1*'))-%($"!/*'&4()"'.!+.&!)$-!4%-%!'F-*+,,!"%!)$-!'/-*+)"'.!'5!
8+)-!'*!8'*)4.-?!2+."5-%)-&!".!)$-!('-7"%)-.(-!'5!)*+1-&0!+.&!('2-&0!+.&?!'5)-.?!".!)$-!
('.)*+&"()"'.!'5!'.-!('.)*+*0!)'!-7/-()+)"'.=!#$-!/*"2+*0!'<d-()"F-!'5!)$-!1*'))-%($"?!+%!
L+,&'!M4*+)'!&-5".-%!")?!"%?!_&+F+.)"!+,,'!%/-))+(','!(+')"('!-&!".('-*-.)-!&-,,+!F")+!q&"!
)*'F+*-r!4.!*"541"'!-!4.+!&"5-%+?!".F-(-!($-!.-,!/"+.)'?!.-,,:"*'."DD+*-!@4-%)+!.'%)*+!2"%-*+!
-%"%)-.D+?!.-,!/'*.-!",!*","-F'!,-!-)-*.-!('.)*+&&"D"'."?!,-!*"&"(',-!F+.")l?!&"/".1-.&'(-,+!
".%'22+!('2-!4.+!<-55+!&".+.D"!+,,+!@4+,-!.'.!%"!/4h!)*+))-.-*-!",!*"%'=`WSP!#$-!
54.&+2-.)+,!)*+1-&0!'5!,"5-!"%!,"1$)-.-&!".!)$"%!/*-%-.)+)"'.!'5!")!+%!+.!'.1'".1!5+*(-=WWR!
!
#'!)$"%!-55-()?!C*+DD".":%!J%..#/'!%-)!)$-!%)+1-!5'*!)$-!&#2'1-%//%!'5!)$-!1*')-%@4-!
)*+&")"'.!)$+)!&"%/,+0!)$-!%+2-!%'("'6/%0($','1"(+,!)-.&-.("-%?!".%-(4*")"-%?!+.&!(*"%-%!+%!
)$-!5'*2-*=!#$-!54.()"'.!'5!C*+DD".":%!J%..#/1?!,";-!)$-!1*'))-%($":%!&#2'1-%//%?!"%!.')!'.,0!)'!
(+,,!".)'!@4-%)"'.!"%%4-%!'5!2'*+,")0!+.&!%'("+,!*-%/'.%-e!$-!+,%'!%-*F-%!4.+2<"14'4%,0!)'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WSQ !T:B2"('!QG=!
WSP !:%00#-/A#--'($'(/%#/21('/#*'#-1H($#(X'1B#--'(V%2)#(#(+)1(^%//'?!+!(4*+!&"!L+,&'!M4*+)'!
[I",+.'U!T-.)"?!oo\!VWG=!
WWR !>)!"%!"2/'*)+.)!)'!.')-?!$'3-F-*?!)$+)!.-")$-*!)$-!1*')-%@4-!+4)$'*%!.'*!C*+DD"."!,"2")!
)$-2%-,F-%!)'!)$-!1-.-*"(!%/-("5"(")0!'5!)$-!5+*(-!E!'*!.#20#!E!".!)$-"*!-7/,'*+)"'.!'5!)$-!
0%-/'&%-/1($%*("1-/2#2'1!+)!)$-!*'')!'5!)$-"*!/*'&4()"'.=!H.!)$-!,"2")+)"'.%!'5!)$-!5+*(-?!%--!
Z411-*'!K+('<<"?!X3'$#(?%2(*1(0?%//#/12%($'(/%#/21![8"*-.D-U!M+%+!-&")*"(-!C=!T:B..+?!GPOS\!
VP6SRU!_A+!.#20#!F4',!&"F-*)"*-!",!/4<<,"('!,+%("+.&'!&+!/+*)-!@4+,%"+%"!&-)-*2".+D"'.-!
/%"(','1"(+!&-"!/-*%'.+11"=!9"u!+.('*+U!-%%+!.'.!(*-&-!+,,+!/-*%'.+,")l!".&"F"&4+,-?!
&"2-.)"(+!($-!",!/-*%'.+11"'!m$+!4.:+."2+:?!,'!*"&4(-!+,!/4*'!%($-,-)*'!=!=!=!c%%+!4)","DD+!1,"!
-,-2-.)"!5"%"("!&-,,+!('2"(")l?!&+"!2'F"2-.)"!&-,,-!+D"'."![5+2-?!%-%%'?!/+4*+\!+,,+!%)-%%+!
*+//*-%-.)+D"'.-![(',/"?!(+/")'2<',"?!+2/,-%%"?!541$-\=!>,!%4'!%-1*-)'!i!",!*")2'?!($-!2'%)*+!
",!/4*'!&"F-."*-U!,+!5+*%+!i!('.&+..+)+!+,,+!F-,'(")l=!{!+)-+?!.'.!('.'%(-!.-//4*-!,:"&-+!&"!
c%%-*-=`!
!
V^G!
!
!
!!!!!!!!!!!
",,4%)*+)-!2+.:%!54.&+2-.)+,!3-+;.-%%!+.&!"2/')-.(-!+1+".%)!<')$!)$-!".)-*.+,!+.&!
-7)-*.+,!5'*(-%!)$+)!'/-*+)-!4/'.!$"2=!8'*!C*+DD"."?!)$'%-!-7)-*.+,!5'*(-%!2+."5-%)!
)$-2%-,F-%!".!)$-!5'*2!'5!J%..#/12'U!/$0%"(+,!<-".1%!)$+)!,"2")!)$-!J%..#/1A0(*+.1-!'5!+()"'.!
+.&!*-%/'.%-?!3$",-!)$-!".)-*.+,!5'*(-%!$-!".F-%)"1+)-%!*-2+".!)$-!/%0($','1"(+,!-55-()%!
[/+*+.'"+?!&"%'*"-.)+)"'.\!)$-%-!J%..#/12'!/*'F';-!".!)$-!J%..#/1=!#$-!1*'))-%($"!+))*"<4)-!
)$"%!%+2-!54.()"'.!)'!)$-!/%0($','1"(+,!)*+//".1%!'5!)$-!2'&-*.!2".&!+.&!)$-!2+.0!3+0%!
".!3$"($!")?!)'1-)$-*!3")$!%'("-)+,!-7/-()+)"'.?!(4%)'2?!+.&!)$-!&"%".)-1*+)"'.!'5!)*+&")"'.+,!
2'*-%?!*-&4(-%!2+.!)'!)$-!%)+)-!'5!+!/4//-)!1*+.)-&!%'!24($!5*--!3",,?!$-!"%!4.+<,-!)'!4%-!")!
)'!$"%!+&F+.)+1-!+.&!5+,,%!F"()"2?!".%)-+&?!)'!$"%!/+%%"'.%=!C*')-%@4-!&#2'1-%//%!+*-?!+%!
C"'*1"'!94,,"."!3*")-%?!_4'2"."!&"F'*+)"!&+,,+!/+%%"'.-!($-!,"!-%)-.4+!-!%)'*&"%(-=`WWG!>.!
1*')-%@4-!-7/,'*+)"'.%!'5!)$-!&#2'1-%//%?!)$-.?!+%!94,,"."!('.)".4-%?!!_,:4'2'?!@4".&"?!.'.!
('.%"%)-!%-!.'.!/-*!"2/4,%'!*"5,-%%'?!i!4.!"2/+%)'!&"!*-+D"'."?!@4-,,'!($-!1,"!+,)*"!'!,-!('%-!,'!
5+..'!-%%-*-?!2+!i!/*"F'!&"!4.:+4)'.'2"+!/*'/*"+?!&"!4.!%4'!2'.&'!%/"*")4+,-=!=!=!=!!
B,,'.)+.+)q'r!.-,,+!/*-"%)'*"+!&-,!%'..'?!<+,<-))q+r!/+*',-!%('..-%%-!-!)*'Fq+r!
.-,,:+%%'/"2-.)'!,+!5-,"(")l!&-,,:"..'(-.D+=`WWV!A"5-!"%!.'!2'*-!)$+.!_4.+!/')-.D+!("-(+!-!
(*4&-,-`!+.&!_1,"!+4)'*"!&-"!)21//%0"9'?!%-!4.!(+*+))-*-!$+..'!".!('24.-?!i!,:+%%',4)+!
/-*%4+%"'.-!($-!)4))'!i!F+.'?!($-!)4))'!i!F4')'?!($-!1,"!4'2"."!%'.'!2+*"'.-))-!.-,,-!2+."!
&-,!&-%)".'?!($-!"!,'*'!&','*"?!,-!,'*'!1"'"-?!,-!,'*'!+D"'."!%'.'!%'1."!&"!'2<*-!+1")+.)'%"!".!4.!
2'.&'!&"!)-.-<*-!-!&"!2"%)-*'!&'2".+)'!&+!4.!("-('!&-%)".'=`WWS!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WWG !C"'*1"'!94,,"."?!8%#/21('/#*'#-1(.2#($3%(0%"1*';(QeTSPQtTS![8"*-.D-U!9+*-.)"?!oooo\!SRS=!
WWV !"<"&?!VP^=!
!
WWS !B&*"+.'!#",1$-*?!:/3$'(03*(/%#/21("1-/%&?12#-%1![Z'2+U!A"<*-*"+!&"!Y("-.D-!-!,-))-*-?!
GPVQ\!GGP6GVR=!
!
V^V!
!
!
!
!!!!!!!!!!!
#$"%!;".&!'5!$+,56('.%("'4%!/'3-*,-%%.-%%!"%!5'4.&!".!+,,!'5!C*+DD".":%!J%..#/'=!>.!>=""?!
B2-*"1'!&-1,"!g<-*)"!)*"(;%!$"%!<'0$''&!)4)'*!".)'!<-,"-F".1!$"%!2+,-!2-2<-*!)'!<-!($-3-&!
'55!<0!+!(+)!3$-.!".%)-+&?!$-!$+%!")!%+3-&!'55!3")$!)$-!$-,/!'5!%'2-!5*"-.&%=!#$-!
4.%4%/-()".1!F"()"2!'5!B2-*"1':%!(,+.&-%)".-!/,+.?!)$-!)4)'*?!)$-!*-2.+.)%!'5!$"%!<,--&".1!
2-2<-*!".!$+.&?!"%!($+%-&!+3+0!5*'2!)$-!%(-.-!'5!)$-!(*"2-?!$-,/,-%%?!+.&!.-F-*!&"%('F-*%!
)$-!)*4-!.+)4*-!'5!)$"%!4.5'*)4.+)-!-/"%'&-=!>.!>>="F?!(4%)'2+*0!<-55+)'*"!,'!Y($-11"+?!",!
9",4((+!+.&!",!I'.+('!)*"(;!+!(-*)+".!C"+.!Y"2'.-!".)'!<-,"-F".1!$"2%-,5!)$-!%4<d-()!'5!
.-(*'2+.(0!+.&?!".!'*&-*!)'!5*--!$"2!5*'2!)$-!%/-,,!$-!<-,"-F-%!$-!"%!4.&-*?!1-)!$"2!)'!/+0!
)$-2!+!$+.&%'2-!%42=!#$-0!*-/-+)!+!%"2",+*!-55'*)!".!>>=F"?!)$"%!)"2-!3")$!C4+%/+**"!&-,!
M+,+.&*+=!#$-*-?!)$-0!%)+1-!+!5+,%-!&-2'."(!/'%%-%%"'.!'5!$"%!<-&*''2?!+.&!3$-.!$-!
".(*-&4,'4%,0!*-('4.)%!3$+)!$-!%--%!)$-*-?!)$-0!&-2+.&!/*''5?!%-)!4/!+!<-)?!+.&!)+;-!$"%!
*".1!+%!(',,+)-*+,=!g.+<,-!)'!/*'F"&-!/*''5!'5!)$-!&-2'.%:!-7"%)-.(-!".!)$-!/*-%-.(-!'5!")%!
+,,-1-&!%'4*(-?!C4+%/+**"!"%!5'*(-&!)'!<40!$"%!*".1!<+(;=!Z-/-+)-&,0!)$*'41$'4)!)$-!4%-%;!
C*+DD"."!-7/,'")%!)$-!&'2".+.)v%4<2"%%"F-!/'3-*!&0.+2"(!'5!)$-!)*+&")"'.+,!<-55+=!
!
#$"%!*-,+)"'.%$"/!'5!/'3-*!+.&!('.)*',!<-('2-%!%02<',"(!+.&!%0%)-2"(!'5!+!,+*1-*!E!
+.&!2'&-*.!E!"%%4-!'5!('.%("'4%.-%%![+.&!5+)+,")0\?!$'3-F-*?!".!C*+DD".":%!/-*$+/%!2'%)!
.')+<,-!<-55+=!>>=F""!/")%!#+&&-'?!+.!4.%4%/-()".1!/-&+.)!".!,'F-!3")$!+!(-*)+".!8"+22-))+!
+.&!&-)-*2".-&!)'!1+".!$-*!5+F'4*?!+1+".%)!+!<+.&!'5!$-*!<*')$-*:%!5*"-.&%!+.&!%"7)--.)$6
(-.)4*0!8,'*-.(-:%!<-%)6;.'3.!<-55+)'*"=!>.!+.!+))-2/)!)'!3''!)$-!.'<,-!,+&0?!#+&&-'!%-.&%!
8"+22-))+!+.!+*&-.)!,'F-!.')-!%411-%)".1!+!,"F-!2--)".1?!<4)!3$-.!")!5+,,%!".!)$-!$+.&%!'5!
$-*!<*')$-*?!#+&&-'!,")-*+,,0!3+)($-%!$"2%-,5!)4*.!F"()"2!)'!+.!4.-7/-()-&!+.&!4.5'*)4.+)-!
5+)-=!8"+22-))+:%!<*')$-*?!3*")".1!'.!8"+22-))+:%!<-$+,5?!".F")-%!#+&&-'!)'!%/-.&!+!
(,+.&-%)".-!-F-.".1!+)!)$-"*!$'2-!".!)$-!('2/+.0!'5!$"%!<-,'F-&!,+&0=!X$-.!$-!+**"F-%?!
!
V^S!
!
!
!!!!!!!!!!!
$'3-F-*?!$-!"%!5"*%)!+<+.&'.-&!".!+!*''2!5'*!$'4*%?!)$-.?!+.&!4/'.!)$-!2'2-.)!'5!-7/-()-&!
s13'00#-"%?!3$"//-&?!)'*)4*-&?!+.&!)'*2-.)-&!<0!8"+22-))+:%!<*')$-*:%!1*'4/!'5!&"%14"%-&!
<+.&")%!<-5'*-!<-".1!%)*"//-&!.+;-&?!<'4.&!+)!)$-!$+.&%!+.&!5--)?!+.&!<,".&5',&-&U!
A+2<-*)'?!($-!1"l!%:-*+!2-%%'!".!'*&".-!+F-.&'!,+!($"+F-!('.!"!('2/+1."!+,,+!
(+2-*+!&'F-!+%/-))+F+!",!/-&+.)-?!%-!.-!F-..-e!-&!-*+.'!)*+F-%)")"!)4))"!('.!
F-%)"!<"+.($-!&+!L+))4)"?!-!@4+))*'!&"!,'*'!+F-F+.'!4.+!%('*-11"+!&"!%'F+))'!".!
2+.'!/-*!4.'?!-!1,"!+,)*"!&4-!)'*(-!+((-%-=!M'2-!#+&&-'!%-.)k!)'((+*!,:4%("'?!-!
('.'<<-!",!F',1-*-!&-,,+!($"+F-?!)4))'!%"!*+,,-1*h?!-!*"DD'%"!".!%4,!,-))'!+!%-&-*-!
('.!,-!<*+(("+!+/-*)-!=!=!=!I+!('2-!(','*'!F"&-!)*+F-%)")"?!54!&+!)+.)'!&','*-!-!
&+!('%k!5+))'!%/+F-.)+)'!%'/*+11"4.)'?!($-!-1,"!.'.!%-//-!".!%4!@4-,!%4<")'!
/"1,"+*-!%($-*2'!."4.'?!-!@4+%"!%)4/"&'!-!"22'<",-!-*+!F-.4)'=!!M','*'?!
-.)*+)"!&-.)*'?!-!*"%-**+)'!,:4%("'?!/*-%-*'!".!4.!)*+))'!,+!%+*1"+!-!",!(',)*'.-?!-!
%(+1,"+*'.,'!+!2-DD+!,+!(+2-*+e!-!)4))"!-!@4+))*'!@4-"!&-,,-!%('*-11-!
('2".("+*'.'?!)+(-.&'!%-2/*-?!+!<+))-*-!-!5*4%)+*-!",!2"%-*'!9-&+1'1'!('.!
)+.)+!5'*D+?!@4+.)+!4%("*!/')-F+!,'*'!&+,,-!<*+(("+!=!=!=!H.&-!(','*'?!.'.!1"l!
%+Dd!2+!%)+.($"?!".!/+*)-!*-%)+*'.'!&"!5,+1-,,+*,'e!-!%-.D+!+F-*!1"+22+"!5+))'!
/+*',+?!,-1+)',"!,-!2+."!-!"!/"-&"!('.!&4-!%('*-11-!+!5".-!($-!&+!%s!%)-%%'!.'.!
%:+22+DD+%%-!'!%"!5+(-%%-!@4+,($-!<*4))'!%($-*D'?!,'!,+%("+*'.'!,-1+)'!".!
2-DD'!,+!(+2-*+?!-!)',)"!)4))"!"!/+.."!%4'"?!/-*!".5".'!,+!(+2"("+!-!,-!/"+.-,,-?!%-!
.-!)'*.+*'.'!.-,,+!/*"2+!(+2-*+=WWW!
a-*-?!C*+DD"."!2+;-%!54,,!4%-!'5!)$-!_<-55+)':%!('.&"")'.`!)3"(-U!5"*%)?!".!)$-!d47)+/'%")"'.!'5!
#+&&-':%!-7/-()-&!$+//".-%%!)'!)$-!(*4-,)0!'5!$"%!5+)-!+)!)$-!<-55+)'*":%!$+.&%?!+.&!.-7)!".!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WWW !8+.5+."!GÔ6^Q=!
!
V^W!
!
!
!!!!!!!!!!!
)$-!('2/,-)-!*-2'F+,!'5!#+&&-':%!+1-.(0!".!)$-!%")4+)"'.!".!3$"($!$-!4.3"))".1,0!5".&%!
$"2%-,5=!]')!'.,0!&'-%!)$-!<*"1+)+!'5!3$")-6$''&-&!J'2J#-/'!'F-*/'3-*!#+&&-'!3")$!)$-"*!
%)*-.1)$?!".!<".&".1!$"2?!)$-0!+,%'!&-/*"F-!$"2!<')$!'5!$+*2".1!)$-2!+.&!'5!$+*2".1!
$"2%-,5?!&-.0".1!$"2!+.0!*-%/'.%"<",")0!5'*!)$-!5".+,!'4)('2-!'5!$"%!/,"1$)=!#$-"*%!"%!
+.0)$".1!<4)!+.!+()!'5!2-*(0!'*!/*')-()"'.U!#+&&-'!_2+,-&"F+!&"F')+2-.)-!",!%4'!+2'*-?!,+!
8"+22-))+!-)!",!1"'*.'!($-!.+(@4-?!%-.D+!%/-*+.D+!&:+F-*!2+"!+!4%("*-!&-,,-!2+."!+!(','*'?!
%-!.'.!2'*)'!=!=!=!-!&','*'%'?!.'.!/')-.&'!@4".&"!24'F-*%"?!5+(-F+!",!/"u!&"*'))'!('*&'1,"'!
($-!%:4&"%%-!1"+22+"?!+%/-))+.&'!&:'*+!".!'*+!,+!2'*)-=`WWN!a-!"%!+%!/'3-*,-%%!<-5'*-!)$-!
5'*(-!'5!$"%!<-55+)'*"!+%!)$-!2'&-*.["%)\!2+.?!(-.)4*"-%!,+)-*?!<-('2-%!<-5'*-!)$-!5'*(-%!'5!
)$-!g."F-*%-?!'5!)$-!I+($".-?!'5!)$-!>.%)")4)"'.=WW^!
!
L4)!)$-!2'&-*.")0!'5!#+&&-':%!/+*)"(4,+*!('.&")"'.!"%!*-F-+,-&!%)",,!2'*-!('.(*-)-,0!
54*)$-*!+$-+&!".!C*+DD".":%!.'F-,,+!+.&!".!)$-!5"14*-!'5!)$-!$-*-!,")-*+,!2+*"'.-))-!)$+)!3",,!
,+)-*!<-('2-!(-.)*+,?!%02<',"(+,,0?!+*)"%)"(+,,0?!+.&!"('.'1*+/$"(+,,0?!)'!)$-!1*'))-%($"=!>.!
)$-"*!/*','.1-&!-55'*)!)'!+,"-.+)-!+.&?!-F-.)4+,,0?!-7",-!#+&&-'?!8"+22-))+:%!<*')$-*!+.&!
$"%!5-,,'3!<-55+)'*"!5+%$"'.!+!%)*+362+.!2+*"'.-))-!'5!#+&&-'?!$"%!/-*5-()!-55"10!".!-F-*0!
3+0?!2+%;-&!+.&!&*-%%-&!".!)$-!/-&+1'14-:%!,";-.-%%=WWO!#$-!<-55+)'*"!+*-!.')!%+)"%5"-&!
2-*-,0!)'!/,+(-!)$-!/4//-)!".!)$-!I-*(+)'!J-(($"'!+)!Y+.!A'*-.D'?!$'3-F-*U!)$-0!".%"%)!'.!
<*".1".1!#+&&-'!)'!,'';!4/'.!")U!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WWN !8+.5+."!G^P=!
WW^ !H.!)$-!#-+)*'!&-,!1*'))-%(':%!2+.0!,".;%!)'!)$-!84)4*"%)!2'F-2-.)?!%--!+,%'!I+*"+!
T','*-%!9-%(-?!E#00'&1(^1-/%&?%**'($2#&&#/32)1![B,-%%+.&*"+U!c&"D"'."!&-,,:H*%'?!VRRQ\=!
!
WWO !_&"!%)4(('?!&"!%)'//+?!&"!(-.("!+F-F+.!('2/'%)'!4.!4'2'?!($-!+,,+!%)+)4*+?!-!+,!F"%'!
2+%%"2+2-.)-?!%'2"1,"+F+!)4))'!",!/-&+.)-?!+F-.&'!&"!.4'F'!5+))'!4.+!2+%($-*+!+!/'%)+e!",!
@4+,-!F-%)")'!/'"!2".4)+2-.)-!&"!)4))"!"!/+.."!%4'"?!)4))'!2+."+)'!/+*-F+!,4"`![8+.5+."!G^P\=!
!
V^N!
!
!
!!!!!!!!!!!
%-!.:+.&+*'.'!".!(+2-*+!&'F-!+F-F+.'!,+%("+)'!#+&&-'e!",!@4+,-!5+))'!*"DD+*-?!
%("',)'1,"!/*"2+!+F-.&'!,-!2+."!-!"!/"-&"?!('%k!('.("'!-!%+.14".'%'?!,-1+)',"!
4.+!<-.&+!+1,"!'(($"?!2-.+*'.,'!54'*"!&"!(+%+=!=!=!=!"!@4+,"?!1"4.)"!($-!54*'.'!".!
I-*(+)'!J-(($"'?!@4-,!/-&+1'1'!('.)*+55+))'!2-%%-*'!".!1'1.+!+,,+!(','..+?!
-)!+(('.("+*'.,'!".!14"%+!($-!&"!,'.)+.'!4.!/'($-))'!%-2<*+F+!/*'/*"'!F"F'e!=!
=!=!!-!&"!5+))'!%("',%-*'!1,"!'(($"!+!#+&&-'?!+((-..+.&','!($-!14+*&+%%-!%-!%"!
*"('.'%(-%%-e!",!($-!*"2"*+.&'!",!9-&+1'1'!-<<-!)+.)'!&"%/"+(-*-!-!&','*-?!($-!
-1,"!54!/-*!1*"&+*-e!/4*!%"!*")-..-?!)-2-.&'!&"!/-11"'?!-!1,"!/+*F-!2+*+F"1,"'%+!
('%+!&"!F-&-*-!4.'!".!F"%'?!($-!)+.)'!%'2"1,"+%%-!",!%4'e!=!=!=!9-.%+)-!&4.@4-!
F'"!($-!(4'*-!54%%-!",!%4'?!%)"2+.&'?!)'%)'!($-!%"!5+(-F+!1"'*.'?!&:-%%-*!
*"('.'%("4)'!&+,,+!1-.)-?!-!($-!,'!+<<"+!+!".)-.&-*-!-!F-&-*-!",!/+&*'.-e!2+!
(','*'?!)'%)'!*",-1+.&'1,"!,+!<-.&+!+,!F"%'?!/-*("'(($i!,:+,<+!('2".("+F+!+!
<"+.($-11"+*-?!,'!2-.+*'.'!F"+?!-!,'!('.&4%%-*'!.-,!($"+%%'!&"!2-%%-*!
L"F"1,"+.'?!".!(+%+!4.!&"!,'*'e!-!,-1+)',"!&"!.4'F'!,-!2+."!-!"!/"-&"?!,'!2-%%-*'!
".!4.+!%)+,,+?!-)!-%%"!%-!.:+.&+*'.'!+!*"/'%+*-=WWQ!
a-*-?!5'*!)$-!5"*%)!)"2-!".!<')$!)$-!4%-%?!+!<-55+)'!"%!5'*("<,0!+.&!4.('25'*)+<,0!2+&-!+3+*-!
'5!)$-!&"%)".()"'.!<-)3--.!$"%!".)-*.+,!+.&!-7)-*.+,?!/-*%'.+,!+.&!%'("+,?!/$0%"(+,!+.&!
5"14*+)"F-!%-,5=!#$-!5".+,!-55-()!"%!4.".)-.)"'.+,U!)$-!<-55+)'*"!+%;!#+&&-'!_%-!%"!*"('.'%(-%%-`!
".!+.!-55'*)!'.,0!)'!4/%-)!+.&!('.54%-!$"2=!a"%!*-+()"'.?!$'3-F-*?!1'-%!<-0'.&!)$-!-7/-()-&!
/-*)4*<+)"'.?!.'&&".1!)'3+*&!)$-!%'("+,!$'0#)'1!'5!)$-!2'&-*.!2+.!".!)$-!&-(+&-.)!%'("-)0!
)$+)!.'!,'.1-*!*-('1."D-%?!+((-/)%?!'*!F+,4-%!$"%!B1*/1!.4&-!'5!")%!%'("+,!&#0"9%2#=!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WWQ !8+.5+."!G^P6OR=!
!
V^^!
!
!
!!!!!!!!!!!
]'!%''.-*!&'-%!$-!('.5*'.)!)$-!&4+,")0!'5!$"%!"&-.)")0?!$'3-F-*?!"%!#+&&-'!5'*(-&!)'!
&"%/-.%-!3")$!<')$!5+(-)%!'5!")!+.&!".%)-+&!+%%42-!+!)$"*&?!+.&!)$-!('2/,-)-!.-1+)"'.!'5!$"%!
5'*2-*!/$0%"(+,!+.&!%'("+,!%-,F-%=!8',,'3".1!)$-!H))':%!&-(*--!)'!)+;-!&'3.!)$-!/4//-)!".!
)$-!I-*(+)'!J-(($"'?!8"+22-))+:%!<*')$-*?!A+2<-*)'?!B1',+.)-?!+.&!)$-!1*'4/?!)'!/*')-()!
)$-"*!14",)!".!)$"%!*-2+*;+<,0!/4<,"(!<-55+?!*-)4*.!)'!)$-!%)+<,-!3$-*-!)$-0!$+&!,-5)!#+&&-'!
+.&!<4*.!$"2!4.)",!$-!"%!&"%5"14*-&!+.&!4.*-('1."D+<,-!-F-.!)'!$"2%-,5=WWP!X$-.!)$-0!)$-.!
*-,-+%-!#+&&-'!".)'!)$-!%)*--)!+.&!4.&-*!+?!5'*)4.+)-!5'*!)$-2?!)'**-.)"+,!&'3./'4*!'5!*+".?!
#+&&-'!_.'.!('.'<<-!".!@4-,,'!%)+.)-!".!@4+,-!F"+!%"!54%%-`!+.&U!!
-%%-.&'!"1.4&'!('2-!T"'!,'!5-(-?!/+*-F+!/-*!%k!5+))-!<+))")4*-!&"/".)'!-!
F-*1+)'!+!*'%%'!-!/+1'.+DD'U!-!('2-!-1,"!1"4.%-!".!%4,!(+.)'?!*"('.'<<-!)'%)'!
&'F-!-1,"!-*+e!-!&"%/-*+)'?!.'.!%+/-.&'!".!@4+,-!/+*)-!*"5411"*-?!.'.!(4*+.&'!
.s!+(@4+!.s!+,)*'?!%"!&"-&-!+!('**-*-!/-*!,'!2-DD'!&-,,+!/"+DD+=!A-!1-.)"?!($-!
.-,,+!,'11"+!-!%'))'!",!)-))'!&-"!9"%+."!-*+.'!5411")"!&+,,+!/"'11"+?!F-11-.&'!
('%)4"?!,'!%)"2+*'.'!/+DD'!/4<<,"('e!-!2+11"'*2-.)-!($-?!F',-.&'!('.!
/*-%)-DD+!5411"*-?!/*"2+!($-!,+!/"+DD+!+))*+F-*%+)'!+F-%%-?!(+%(h!".!)-**+!
%&*4(("',+.&'!/-*!,+!5*-))+!/"u!&"!&"-("!F',)-?!-!/+%%+.&'!&+,!(+.)'!
+,,:B.)-,,-%"?!54!F-&4)'!-!('.%"&-*+)'!&+!/*-%%'?!2+!.'.!54!1"l!('.'%("4)'!&+!
.-%%4.'=WNR!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WWP !_c)!",!9",')'?!+F-.&'!4.+!)'*("+!+((-%+!".!2+.'?!1,"!5"((h!54'('!.-,,+!<+*<+!-!.-"!(+/-,,"?!
($-!@4+%"!)4))'!1,"!+*%-!",!2'%)+(("'!-!",!(+/'?!&"!2+."-*+!($-!,-!F-%("($-!1,"!+,D+*'.'!.-,,-!
1')-?!/-*!,+!)-%)+!-!.-,!(',,'!%k!5+))+2-.)-?!($-!,'!)*+%5"14*+*'.'!".!14"%+?!($-!.'.!,'!+F*-<<-!
('.'%("4)'!%4+!2+&*-!($-!,'!5-(-e!-!/+*-F+!,+!/"u!%)*+.+!<-%)"+!($-!54%%-!2+"!%)+)+!F-&4)+?!-!
<4'.!/-*!,4"!($-!-<<-!1,"!'(($"!5+%("+)"?!($:-1,"!+(("-(+F+!%-.D+!&4<<"'!+,(4.'`![8+.5+."!
GOG\=!
WNR !8+.5+."!GOG=!
!
VÔ!
!
!
!!!!!!!!!!!
#+&&-':%!5+)-!/*-5"14*-%!".!)$*--!3+0%!)$-!('.(-*.%!(-.)*+,!)'!9"*+.&-,,'!+.&!)$-!
1*'))-%($"U!)$-!<-55+!*-%4,)%!".!+!%/,".)-*-&!"&-.)")0?!+!&-%(-.)!".)'!,4.+(0?!/4<,"(+,,0!
/-*(-"F-&?!+.&!+!5".+,!,'%%!'5!"&-.)")0!+,)'1-)$-*=!a"%!5,"1$)!5*'2!8,'*-.(-?!+(*'%%!)$-!<*"&1-?!
+.&!".)'!9'.)+%%"-F-!-,"(")%!5*'2!)$'%-!)$+)!3+)($!$"2!)$-!*-+()"'.!)$-!1*'))-%($":%!
/*')+1'."%)%!-,"(")!".!+4&"-.(-%!)$+)!3+)($!)$-2?!_,+%("+.&'!&"!*"%+!-!&"!2+*+F"1,"+!/"-.'!
'F4.@4-!-1,"!/+%%+F+=`WNG !]')!4.,";-!)$-!)3-.)"-)$!(-.)4*0!2+*"'.-))-!)'!5',,'3?!_&+!".&"!".!
,l!.'.!%"!%-//-!1"+22+"!@4-,,'!($-!%-!.:+FF-."%%-=`WNV !a-*-!+%!-,%-3$-*-?!C*+DD"."!
('.(,4&-%!$"%!.'F-,,+!3")$!+!.')-!'.!)$-!<-55+)'*-!E!4,)"2+)-,0?!)$-!%)'*0)-,,-*!E!*+)$-*!)$+.!
)$-!<-55+)'=!Y'?!)''?!&'!)$-!1*'))-%($"!/,+03*"1$)%!($''%-?!".!)$-"*!3'*;%?!)'!&*+3!+4&"-.(-%:!
5'(4%!)'!)$-!+//+*+)4%!'5!)$-+)*-!")%-,5!+.&!")%!+<",")0!)'!-.1+1-!+!2'*+,!_*-+&-*`!+.&!
/+*)"("/+.)?!*+)$-*!)$+.!'.!)$-!&-)+",%!'5!)$-!%)'*0!*-/*-%-.)-&!")%-,5=!
!
>.!")%!(+,,!5'*!+.!-.1+1-&!*-+&-*!['*!+4&"-.(-\!+%!".!")%!F+%)!%02<',"%2?!C*+DD".":%!
&#2'1-%//#;(+%!%--.!/*"2+*",0!".!>>=F""?!,'';%!+$-+&!)'!+.&!/+F-%!)$-!3+0!5'*!)$-!&#2'1-%//%!
.')!'.,0!'5!)$-!/%#/21($%*()21//%0"1?!<4)!+,%'!'5!)$-!54)4*"%)!2'F-2-.)!+.&!'5!)$-!
2-)+/$0%"(+,!('2/'%")"'.%!'5!+*)"%)%!,";-!C"'*1"'!T-!M$"*"('=#$-!1*'))-%($"!2+;-!F+*"-&!
4%-%!'5!)$-!&#2'1-%//%!)$+)?!3")$!T-!M$"*"('!+.&!".!)$-!)*+.%")"'.!5*'2!54)4*"%)!)'!5+%("%)!)'!
/'%)63+*!>)+,0?!&"%/,+0!+!/,4*+,")0!'5!5"14*+)"F-!2-+.".1%=!B%!Y"2'.+!Y)'*($"!/'".)%!'4)?!)$-!
_2+..-@4".`!'*!&4220!)$+)!<-1".%?!".!T-!M$"*"(':%!+*)?!+%!+!/'%")"F-!%02<',!'5!+*)"%)"(!
(*-+)"'.?!/*'/$-)"(!F"%"'.?!+.&!)$-!+*)"%):%!-7)*+'*&".+*0!4.&-*%)+.&".1!'5!)$-!3'*,&!
+*'4.&!$"2!%''.?!3")$!)$-!(',,+/%-!'5!>)+,0:%'("'6/',)"(+,!".5*+%)*4()4*-!".!)$-!)$"*)"-%?!
<-('2-%!*-/*-%-.)+)"F-!'5!)$-!+.7"-)"-%?!5-+*%?!+.&!5--,".1%!'5!"2/')-.(-!'5!)$-!>)+,"+.!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WNG !8+.5+."!GOV=!
WNV !"<"&=!
!
V^Q!
!
!
!!!!!!!!!!!
/-'/,-=WNS!_>.!<')$!)$-!,")-*+)4*-!+.&!)$-!+*)!'5!)$-!-+*,0!)3-.)"-)$!(-.)4*0?`!Y)'*($"!.')-%?!
_)$-!2+..-@4".!<-(+2-!+!/'3-*54,!%02<',!'5!2'&-*.!,"5-=!B%!C$"%,+".-!X''&!'<%-*F-%?!")!
m('.54%-&!)$-!<'4.&+*"-%!<-)3--.!+."2+)-!+.&!".+."2+)-?!$42+.!+.&!2+($".-?!2+,-!+.&!
5-2+,-?!)$-!%-74+,"D-&!+.&!)$-!%-7,-%%?!+.&!4,)"2+)-,0?!,"5-!+.&!&-+)$=!>)!3+%!%"24,)+.-'4%,0!
+!('22'&")0?!+!%"24,+(*42?!+.!-*')"(!'<d-()?!+.&!)$-!-2<'&"2-.)!'5!)$-!4.(+..0=`WNW!
!
>)!"%!".!I+%%"2'!L'.)-2/-,,"!+.&!Z'%%'!&"!Y+.!Y-('.&':%!+//*'/*"+)"'.%!'5!)$-!
2'&-*.!&#2'1-%//%?!$'3-F-*?!)$+)!)$-!)3-.)"-)$6(-.)4*0!&4220!2'%)!(,'%-,0!('2-%!)'!
*-%-2<,-!C*+DD".":%!J%..#/1?!)*+(".1!")%!,".-+1-!<+(;!)'!)$-!)*+&")"'.!'5!)$-!J%..#!2'*-!
1-.-*+,,0=!B%!Y"2'.+!Y)'*($"!/'".)%!'4)?!".!3'*;%!,";-!CB#(3*/'&#;()$-!5"14*-!'5!)$-!
2+*"'.-))-?!+)!)"2-%!-7)-.&-&!)'!)$-!*'<')"(!+.&!)$-!&-6$42+.?!"%!4%-&!+%!+!2-+.%!)'!)$-!
-.&!2'%)!('22'.!)'!)$-!)21//%0"9'!+%!+.!-.%-2<,-U!)$-!_2-)+/$'*"(+,!*-/*-%-.)+)"'.!'5!
)$-!(*"%"%!'5!+!2+.!)*+//-&!<-)3--.!%-,5!+.&!<'4*1-'"%!F+,4-%?!*-&4(-&!)'!<-".1!+.!
+.'.02'4%?!+.)"6.+)4*+,"%)!($+*+()-*!3$'%-!'.,0!54.()"'.!3+%!)'!-7/*-%%!-7"%)-.)"+,!
2+,+"%-=`WNN!>)!"%!+!)$-2-!L'.)-2/-,,"!-7/,'")%!-,%-3$-*-?!)''?!".!:'%?%(#(-12$1B%0/?!+.&!
*-(+,,%!)$-!%'("+,!+.7"-)0!'.!&"%/,+0?!"5!,+)-.),0!+.&!'.,0!$+,56('.%("'4%,0?!".!C*+DD".":%!
<-55+)"?!]-*"!&-:!M$"+*+2'.)-%"!+.&!Y-*!I+.-.)-!2'%)!/+*)"(4,+*,0=!>.!<#(0"#""9'%2#($#B#-/'(
#**1(0?%""9'1!+.&!E'--'%(*#("#-$'$#;!$'3-F-*?!L'.)-2/-,,"!-.1+1-%!3")$!)$-!')$-*!+%/-()!
($+*+()-*"%)"(!'5!)$-!&#2'1-%//%!<')$!".!C*+DD".":%!.'F-,,-!+.&!".!)$-!,+)-*!)21//%0"1(
)*+&")"'.U!)$-!5*-@4-.)!&"%%'.+.(-!+2'.1!/-*(-/)"'.?!+//-+*+.(-?!+.&!*-+,")0?!%'("+,?!
/-*%'.+,?!+.&!/$0%"(+,!"&-.)")0=!>.!E'--'%(*#("#-$'$#?!+!($",&,";-!+.&!+,2'%)!+*)"5"(+,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WNS !_I+%%"2'!L'.)-2/-,,"!<-)3--.!&-!M$"*"('!+.&!]"-)D%($-U!I+..-@4".%?!I+*"'.-))-%?!+.&!
)$-!T-6a42+."D-&!Y4<d-()!".!<#(0"#""9'%2#($#B#-/'(#**1(0?%""9'1(+.&!CB#(3*/'&#?`!71&#-"%(
:/3$'%0?!VO=WU![VRRP\!VPQ6SGR?!VPP=!
WNW !"<"&!SRR=!
WNN !Y)'*($"!SR^=!
!
V^P!
!
!
!!!!!!!!!!!
%"2/,-)'.!E!I".."-!E!;.'3.!5'*!$-*!14,,"<",")0?!"%!)',&!E!+.&!)$-.!<-,"-F-%!E!)$+)!+*)"5"(+,!
2-.!".&"%)".14"%$+<,-!5*'2!$42+.!2-.!*'+2!)$-!3'*,&!%4**'4.&".1!$-*=!Y$-!"%?!'5!('4*%-?!
&"%('.(-*)-&!<0!)$"%!.-3%!+.&!<-1".%!)'!&"%/,+0!)$-!%'("+,!/+*+,0%"%!+%%'("+)-&!3")$!$-*!
;--.!/+*+.'"+=!L4)!3$-.!)$-!)*4)$!'5!)$-!*4%-!"%!5".+,,0!*-F-+,-&?!I".."-!5+,,%!".)'!%)",,!
&--/-*!('.54%"'.!+.&!*-54%-%!)'!,-+F-!$-*!$'2-!5'*!5-+*!'5!-.('4.)-*".1!)$-!+*)"5"("+,!2-.=!
8".+,,0?!+.&!<-,"-F".1!)'!<-!+*)"5"("+,!$-*%-,5!5'*!,+(;!'5!/*''5!)'!)$-!('.)*+*0?!+.&!('.5,"()-&!
<0!+.!"&-.)")0!%$-!.'!,'.1-*!*-('1."D-%?!%$-!('22")%!%4"("&-=WN^!<#(0"#""9'%2#($#B#-/'(#**1(
0?%""9'1!&"%/,+0%!+!%"2",+*!&"%%'("+)"'.!<-)3--.!*-+,!+.&!"2+1".-&!"&-.)")0=!A";-!A-3"%!
M+**',:%!89213)9(/9%(<11Y'-)(X*#00?!")!)+;-%!/,+(-!".!+!3'*,&!<-0'.&!)$-!2"**'*!<-5'*-!
3$"($!L'.)-2/-,,":%!($-%%<'+*&!"%!/,+(-&=!a-*-?!L'.)-2/-,,"!4%-%!)$-!/$0%"(+,!/*'/-*)"-%!
'5!)$"%!2"**'*!)'!.+F"1+)-!+.&!".F-%)"1+)-!)$-!)-.%"'.!<-)3--.!/-*(-"F-&!+.&!_+()4+,`!
*-+,")0!+.&!"&-.)")0!+,%'!+)!/,+0!".!C*+DD".":%!4%-#!>>=F""!".!)$-!+<%-.(-!'5!)$"%!['*!+.0\!
2-)+/$'*"(+,!&-F"(-=!_I+%%"2':%!-.)*+.(-!".)'!)$-!2"**'*!'55-*%!)$-!+4)$'*!)$-!/'%%"<",")0!
'5!-7/,'*".1!)$-!<'4.&+*"-%!<-)3--.!*-+,")0!+.&!"2+1-?!3$"($!$-!/*'(--&%!)'!@4-%)"'.!+.&!
<,4*=`!WNO!C*+DD"."?!$'3-F-*?!<,4*%!)$-%-!%+2-!<'4.&+*"-%!3")$'4)!)$-!$-,/!'5!+.!
".)-*2-&"+*0!".%)*42-.)!<-0'.&!)$-!2+*"'.-))-!('22'.!<')$!)'!$"%!.'F-,,+!+.&!)'!
L'.)-2/-,,":%!/,+0=!
!>.!<')$!(+%-%?!/*')+1'."%)%!+*-!/*-%-.)-&!3")$!+.!4.-7/-()-&!&'4<,".1!'5!)$-"*!
"&-.)")0!)$+)!(+,,%!".)'!@4-%)"'.!<')$!)$-"*!+<",")0!)'!/-*(-"F-!)$-!)*4)$?!+.&!)$-!-7"%)-.(-!'5!
)*4)$!")%-,5=!>.!<')$!(+%-%?!*-+&-*%!+.&!F"-3-*%!+*-!+%;-&!)'!-F+,4+)-!)$-!F+,"&")0!'5!)$-!
/*')+1'."%)%:!('.54%"'.!+.&!)$-!2'*+,!"2/,"(+)"'.%!'5!)$-!%($"%2!<-)3--.!3$+)!)$-0!%--!
+.&!5--,?!+.&!3$+)?!'<d-()"F-,0!'*!)'!%'("-)0?!"%=!>.!L'.)-2/-,,"!m%!:"#""9'%2#?!)$-*-!"%!.'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WN^ !I+%%"2'!L'.)-2/-,,"?!E'--'%(*#("#-$'$#![I",+.'U!I'.&+&'*"?!GPQR\=!
WNO !"<"&=!
!
VOR!
!
!
!!!!!!!!!!!
&"55-*-.(-!<-)3--.!I+%%"2':%!<-".1!+.&!$"%!*-5,-()-&!"2+1-WNQ!>.!C*+DD".":%!4%-#(>>=F""?!)$-!
&"55-*-.(-!*-+&-*%!".")"+,,0!%--!<-)3--.!#+&&-'!+.&!$"%!-55"10!".!I-*(+)'!J-(($"'!"%!
%-F-*-,0!('2/*'2"%-&!".!)$-!2'2-.)!#+&&-'!('2-%!".)'!('.)+()!3")$!$"%!%)455-&!%-,5?!+.&!
-,"2".+)-&!-.)"*-,0!".!$"%!,+)-*!&-%(-.)!".)'!2+&.-%%!+.&!)$-!H))':%!&-(*--!)'!$+F-!)$-!
&4220!/4,,-&!&'3.!5*'2!")%!/",,+*!+)!Y+.!A'*-.D'=!L0!)$-!.'F-,,+:%!-.&?!#+&&-':%!
2+*"'.-))-!"%!+55'*&-&!+!%)*'.1-*!"&-.)")0!E!#+&&-':%!E!)$+.!#+&&-'!$"2%-,5!3$'?!%$+2-&?!
.+;-&?!&"%5"14*-&?!+.&!4.*-('1."D-&!<0!+.0'.-!+*'4.&!$"2?!5,--%!5*'2!)$-!(")0!)$+)!
".&"*-(),0!-7/-,%!$"2=!M-.)4*"-%!,+)-*?!L'.)-2/-,,"!-7/+.&%!+.&!*-&"*-()%!)$"%!"&-+!".!$"%!
:"#""9'%2#!3$-*-?!.+2-,-%%?!'.-!'5!)$-!&*-%%".1!2+..-@4".%!I+%%"2'!2--)%!'.!$"%!
d'4*.-0!_+%%-*)%!")%!'3.!".&"F"&4+,!+.&!-7(,4%"F-!&"%)".()"F-.-%%`!<0!d47)+/'%".1!$"%!
+<%)*+()!4."F-*%+,")0!)'!2+.:%!*-,"+.(-!'.!,+<-,%!E!".&"F"&4+,!'*!(',,-()"F-!E!5'*!
"&-.)"5"(+)"'.U!_M:i!<"%'1.'!&:+F-*-!4.!.'2-o!>,!.'2-!%-*F-!+1,"!4'2"."?!+"!(+."?!-!%"2","?!
+,)*"2-.)"!.'.!%+..'!&"%)".14-*%"!1,"!4."!&+1,"!+,)*"=!>'!%'.'!"'?!-!<+%)+?`!)$-!&4220!%+0%=WNP!
!
I+%%"2'!L'.)-2/-,,":%!&#2'1-%//%?!)$-.?!24($!,";-!C*+DD".":%!J%..#/'!<-5'*-!)$-2?!
-2-*1-!+%!_($+*+()-*%!3$'!+*-!'<%-%%-&!<0!)$-!+1'.0!'5!,'%".1!+.0!%-.%-!'5!%-,56
&-)-*2".+)"'.!+.&!<-('2".1!+%!2+*"'.-))-%!14"&-&!<0!<,".&!&-%)".0=`W^R !>.!C*+DD"."?!)$"%!
+1'.0!"%!,+)-.)!".!)$-!4%-%:%!<-55+)"!3$'?!-+%",0!&4/-&!"5!.')!1-.-*+,,0!14,,"<,-?!%3"5),0!5+,,!
/*-0!)'!)$-!-7)-*.+,!_%0%)-2!'5!%)*".1%`!+."2+)".1!)$-"*!5+)-%?!-F-.!"5!".F',4.)+*",0=!>.!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WNQ !B%!@4')-&!".!Y)+*($"?!_>.!')$-*!3'*&%?!I+%%"2'!+.&!$"%!"2+1-!%$+*-!)$-!%+2-!&-1*--!'5!
*-+,")0?!".!)$-!%+2-!3+0!)$+)![)$-!*-+&-*!*-+,"D-%!)$"%!+%!)$-!%)'*0!4.5',&%\!)$-!3'*,&!
-7"%)".1!<-0'.&!)$-!2"**'*!"%!*-F-+,-&!)'!<-!d4%)!+%!*-+,!+%!)$-!%'6(+,,-&!m*-+,:!3'*,&=!#$"%!"%!
2+&-!(,-+*!<0!+.!".")"+,!-7($+.1-!<-)3--.!I+%%"2'!+.&!)$-!X$")-!b".1U!mI+!"'?!"'?!'*+?!".!
@4-%)'!2'2-.)'?!("!%'.'?!&"!,lo!v!mM-*)'`!v!mI+!+,,'*+!"'!'*+!@4"!.'.!%'.'!"'o!%'.'!%',)+.)'!
,+!2"+!"22+1".-o:!v!>,!Z-!L"+.('!('.!+*"+!%&-1.'%+!2"!&"%%-U!v!m8+!/-*5-))+2-.)-!,'!%)-%%':=!
[L'.)-2/-,,"?!GPOQ?!VPO6PQ\`![SRV\=!
WNP !"<"&!SRS?!(")=!
W^R !C"'F+.."!M+,-.&',"?!_#$-!#$-+)*-!'5!)$-!C*')-%@4-?`!)*+.%,=!T-."%-!B//,".?!89%(G2#&#(
7%B'%f!VV=GU![GPOQ\!GS6G^?!GW=!
!
VOG!
!
!
!!!!!!!!!!!
L'.)-2/-,,"?!")!"%!*-($+..-,-&!".)'!+!2-)+/$0%"(+,!+.&?!)'!+.!-7)-.)?!+<%4*&!&"%(4%%"'.!'5!
*-+,")0!+.&!5"()"'.?!2+.!F-*%4%!/4//-)=!>.!Z'%%'!&"!Y+.!Y-('.&'?!3$'!")!"%!.')!20!".)-.)"'.!
$-*-!)'!-7+2".-!(,'%-,0?!")!"%!*-.&-*-&!-7/,"(")!".!)$-!_q)*+1"(!+4)'.'20r`!'5!_".&"F"&4+,%!
)'*.!)'!/"-(-%!<0!+.!-7+%/-*+)-&!('.%("'4%.-%%=`W^G!M'22'.!)'!+,,!)$*--!F+*"+.)%?!$'3-F-*?!
"%!+.!".+<",")0!)'!("*(42F-.)!)$-!+//+*+)4%-%!+)!3'*;!'.!)$-2;!+.&!)$+)!'<%(4*-!)$-"*!/+)$%!
)'!%-,56('.)-.)2-.)!+.&!%'("+,!54,5",,2-.)=!
!
#'!<-!%4*-?!C*+DD".":%!J%..#/1!"%!.')!)$-!2'&-*.!2+*"'.-))-!,'%)!<-5'*-!".%)")4)"'.+,!
+.&!)*+&")"'.+,!&-(+0?!4.+<,-!)'!*-('1."D-!$"2%-,5!'*!$"%!%4**'4.&".1%?!+.&!'4)!'5!)'4($!
3")$!)$-!".(*-+%".1!2'&-*.")0!'5!+!,"5-!&-)+($-&!5*'2!+,,!/*-F"'4%!2'&-,%!'5!>)+,"+.!
-7"%)-.(-=!Y)",,?!".!$"%!*-&4()"'.!)'!+!/4//-)!".!)$-!$+.&%!'5!')$-*!5'*(-%!E!$42+.?!/$0%"(+,?!
2-.)+,?!-.F"*'.2-.)+,?!'*!')$-*3"%-!E!$-!/*-5"14*-%!)$-!2+*"'.-))-!)$+)!<-('2-%!(-.)*+,!)'!
)$-!/*'&4()"'.!'5!)$-!)21//%0"9'(/,+03*"1$)%=!Y'?!)''?!&'!C*+DD".":%!')$-*!/*')+1'."%)%!
)$*'41$'4)!)$-!4%-%!5'*-%$+&'3!)$-!0%-/'&%-/1($%*("1-/2#2'1?!)$-!%-,56('.%("'4%!/+*+.'"+?!
+.&!)$-!%'("+,!4.-+%-!('22'.!+.&!(*4("+,!<')$!)'!9"*+.&-,,'![".!,*(.3(E#//'#(>#0"#*(+%!".!$"%!
L1B%**%(?%2(3-(#--1\!+.&!)'!)$-!1*')-%@4-!)$-+)*-!)$+)!'%)-.%"<,0!1*'3%!'4)!'5!)$-!)*+&")"'.!
'5!$42'4*"%2!+%!$-!&-%(*"<-%!")!".!$"%!GPRQ!-%%+0!'.!)$-!%4<d-()=!X$+)!*-+&-*%!(+.!"&-.)"50!
".!C*+DD"."?!)$-.?!"%!+.!-,+<'*+)"'.!'5!)$-!J%..#/1!)*+&")"'.!*-.&-*-&!5+2'4%!<0!L'((+(("'!
)$+)!,'';%!2'*-!&"*-(),0!+$-+&!E!+.&!2'*-!&"*-(),0!,";-!E!)$-!_(*4-,!d';-`!'5!2'&-*.!,"5-!+%!")!
"%!-7/*-%%-&!".!1*')-%@4-!+4)$'*%!'5!)$-!-+*,0!)3-.)"-)$!(-.)4*0=!a"%!1*')-%@4-!%-)%!)$-!
5'4.&+)"'.!5'*!)$-!%'("'6/%0($','1"(+,!-7/-*"2-.)%!3")$!)$-!1*')-%@4-!)'!5',,'3?!(-.)4*"-%!
,+)-*=!! !
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W^G !"<"&=!
!
VOV!
!
!
!!!!!!!!!!!
B5)-*3'*&U!Y-2!L-.-,,"!+.&!)$-!4%-#($%**%(^%..%(
Grazzini’s ties to the twentieth century are most heavily felt in the Cene’s anticipation of
Pirandello’s theory of humourism, and in the theatrical experiments of the grotteschi
playwrights. But his legacy extends beyond these two milestones of modernity. Indeed, it lives
on into the nineteen forties and, alongside the influence of authors that shaped much of il Lasca’s
early thought, remains a source of inspiration not only for Italian post-war neo-realist auteurs,
but also, and later, for contemporary Tuscan filmmakers.462
A particular case is to be made, however, of Grazzini’s influence on Sem Benelli’s 1908
dramatic poem, La cena delle beffe, a four-act production that owes a great debt of gratitude to
the Cene themselves. Benelli’s play is twice adapted to film, first under the direction of
Alessandro Blasetti, in 1941, and next, in 1965, by Guglielmo Morandi. The plot and most of the
dialogue remains consistent from one version to the next, all of it deriving from a composite of
Grazzini’s Cene. To summarise: il Cavaliere Tornaquinci, seen in Cena I.iii, hosts a dinner at
which long-standing rivals Neri Chiaramontesi (along with his brother, Gabriello and his wife,
Ginevra) and Gianetto Malaspini are both in attendance. Though unknown to Tornaquinci,
Gianetto soon reveals the purpose of this dinner, requested by Lorenzo de’ Medici himself, to be
the beginning of an elaborate beffa carried out against Neri not only for his many transgressions
against Gianetto and the people of Florence more generally, but ultimately for stealing Gianetto’s
woman and, wooing her with his fortune and riches, making her his wife.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W^V !B!/+*)"(4,+*,0!*-,-F+.)!-7+2/,-?!5'*!%)4&"-%!'5!('.)-2/'*+*0!>)+,"+.!(4,)4*-?!3'4,&!<-!
I+*"'!I'."(-,,":%!)*",'10?!!&'"'(&'%'!".!3$"($!5'4*!2'&-*.!J%..#/12'!*-14,+*,0!1+)$-*!)'!
/-*5'*2!.'.%-.%"(+,!+()%!E!%4/-*(+DD',-!E!'.!4.%4%/-()".1!F"()"2%![GPON?!GPQV?!GPQN\=!H5!
54*)$-*!.')-!"%!)$-!)*",'10:%!&"F"%"'.!".)'!)$*--!+()%!*+)$-*!)$+.!/+*)%!E!+.')$-*!*-/*"%+,!<')$!
'5!L-.-,,":%!4%-#!+.&!'5!)$-!G^)$!(-.)4*0!('2-&"-%!(-.)-*-&!'.!)$-!<-55+!)*+&")"'.!2'*-!
1-.-*+,,0=!
!
VOS!
!
!
!!!!!!!!!!!
Benelli’s intentions in composing this piece are clear and manifold. He at once seeks to
pay homage to the beffa tradition, Grazzini’s elaboration of it more specifically, and to make it
socially and literarily relevant to his contemporary society by rendering it distinctly “modern.”
He also illustrates a third agenda perhaps more contingent on politico-historical trend than on
artistic expression or literary preparation: an adherence to an early fascist program of national
identity. In his revival of notable Renaissance characters – Lorenzo de’ Medici, the famed Neri
Chiaramontesi – and in his celebration of the literary patrimony they inherit, by way of the beffa,
from Boccaccio and father of Italian prose literature, he contributes to a generally diffused effort
to fortify contemporary Italian national identity by recalling its historical prestige.463 Such
would have been the main purpose of Benelli’s work in a classroom setting. It registers
differently, however, on stage and in film.
In premise and in structure, the beffa carried out here takes off from Grazzini’s Cena I.iii,
while recycling and incorporating the identities of others of Grazzini’s characters present
elsewhere in the Cene, and reincorporating plot elements of other novelle. To wit: among
Gianetto Malaspina’s464 cortege is Fazio465; Neri’s brother’s name is derived from the
protagonist of Cena II.i; the Lisabetta that appears in the fourth act of Benelli’s play borrows
much of her temperance and general demeanour not only from Boccaccio’s Lisabetta di Messina,
but from the Lisabetta degli Ulberti that appears in Grazzini’s Cena II.iii. In Benelli’s play, after
a bout of verbal sparring, Neri Chiaramontesi dares Giannetto to appear at the house of Bella
Pellegrina, a known Florentine courtesan, his face tinted with black dye. Gianetto dares Neri, in
turn, to present himself at Ceccherino’s atelier in via Vacchereccia, where Florence’s youngest,
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W^S !Y--!9+)*"D"+!M+%)-,,"?!_A+!Z".+%(")+!&-,!Z".+%("2-.)'U!*-".)-*/*-)+D"'."!-&!-%)-)"%2"!)*+!
2-,'&*+2+!-!(".-2+?`!:/12(!2/%!GGQU![VRRO\!OS6GRW=!
W^W !a"2%-,5!+!*-(+%)!'5!C"+..-))'!&-,,+!#'**-![4%-#(>="F\!+.&!L*+.(+D"'!I+,+%/"."([4%-#!>="7\=!
W^N !#$-!.+2-!'5!)$-!/*')+1'."%)!".!4%-#(>=F!+.&!%"2",+*,0!&-(-")54,!".!.+)4*-=!
!
VOW!
!
!
!!!!!!!!!!!
wealthiest, and most prestigious youth regularly gathered, in full armour and brandishing a
billhook.466 Neri accepts the challenge, and sets off to complete it. But Gianetto takes advantage
of Neri’s absence (and pride) to sneak into Ginevra’s room in Neri’s villa, lie with her, convince
her – as he had all of Florence – of her husband’s insanity, then trap Neri there, in his own home,
to be carried off and shackled in isolation.
What follows, primarily as a consequence of Ginevra’s inclusion in Benelli’s rewrite as
central to the fulfillment of the beffa, is the “modernization” of Grazzini’s Cena I.iii. In this
incorporation of a domestic element and in its effect on the beffa to be carried out, Benelli is at
once faithful to the beffa tradition and Grazzini’s treatment of it, and to the larger function and
apparatus of twentieth century grotesque theatre – or, the illustration of social paranoia and
imbalance, and its resulting descent to the absurd. Ginevra’s character, taking pleasure from
various sources, is not unlike any of the women seen either in Grazzini’s Cene or, indeed, in
Boccaccio’s novelle, their antecedent. Her modernity resides in her involuntary ability to
dismantle her household arrangement and drive her husband not – or not only – to revenge, but
to insanity. As is the case in the vast majority of grotesque theatre, the main action of Benelli’s
poem pivots on a disruption of the domestic sphere by way of Ginevra’s infidelity and series of
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W^^ !".!L-.-,,"U!_#"!F'**-"!F-&-*-!+.&+*-!v!".!(+%+!&-,,+!L-,,+!9-,,-1*".+?!v!&'F-!'*+!%)+..'!>!
%4'"!2',)"!2-%%-*"!v!(+%(+2'*)"e!F'**-"!F-&-*)"!+.&+*-!v!F-%)")'!('2-!%-"e!2+!('.!",!F"%'!
)".)'!&"!.-*'U!1"'('!&4-!5"'*"."!&:'*'!n!qnr!v!B,,'*+!1"'('!($-!.'.!+.&-*-%)"?!v!1"4%)'!+!
@4-%):'*+?!&-.)*'!,+!<'))-1+!v!&"!M-(($-*".'?!".!J+(($-*-(("+?!&'F-!v!%)+..'!+//4.)'!
+&4.+)"!"!/"u!.')-F',"!v!1"'F+."!&"!8"*-.D-!($-!)4!&"("!v!/')-*!1+<<+*-!@4+.&'!/"u!)"!/"+(("+=!
v!c!.'.!"2/'*)-*l!($-!,"!)'(($"e!v!<+%)+!($-!+!,'*'!)"!/*-%-.)"!+*2+)'!v!&:+*2-!<"+.(+!-!
*-(+.&'!%4,,-!%/+,,-!v!4.+!*'.(',+`![I",+.'U!8*+)-,,"!#*-F-%?!-&")'*"?!GPRP?!/=!SO6SQ\=!>.!
C*+DD"."U!_c((')"!4.'!%(4&'!&:'*'e!-!F+!'*+!".!(+%+!,+!9-,,-1*".+!L','1.-%-![($-!-*+!".!@4-"!
)-2/"!4.+!5+2'%+!('*)"1"+.+\!('%k!F-%)")'!('2-!)4!%-"U!2+!)"1.")"?!'!(',,'!".($"'%)*'!'!('.!
+,)*'?!%',+2-.)-!,-!2+."!-!m,!F"%'?!-!&+,-!@4-%)'!/+d'!&"!14+.)"!%-.D+!&"*,-!('%+!+,(4.+=!
Z"%/'%-!,'!Y($-11"+!+,,'*+?!-!&"%%-U!c(('.-!4.!/+d'!+!F'"?!-!+.&+)-!)4))'!+*2+)'!&"!+*2-!
<"+.(+!('.!4.+!*'.(',+!".!%/+,,+!".5".'!".!<'))-1+!&"!M-(($-*".'!2-*("+d'![",!@4+,-!%)+F+!
+,,'*+!".!%4,!(+.)'!&"!J+(($-*-(("+?!&'F-!%"!*+14.+F+.'!@4+%"!)4))"!"!/*"2"!-!"!/"u!*"(($"!
1"'F+."!&"!8"*-.D-\`![4%-#!>="""?!8+.5+."!VG\=!
!
VON!
!
!
!!!!!!!!!!!
illicit liaisons, one with Giannetto, the other with Neri’s brother, Gabriello. It is by discovering
his wife’s unfaithfulness that Neri becomes careless, allows himself to be overtaken by his
passions, is imprisoned, and eventually, seeking vengeance on his wife as well as her lover(s),
commits the act that drives him to his demise – unintentional fratricide.467 Most notable to
audiences and to readers of Grazzini alike, then, is Benelli’s reinterpretation, in modern key, of
the folly and psychosis present in Neri, central also to Grazzini’s Neri, and, as seen, crucial to
linking Grazzini’s sixteenth-century sense of “humour” – and the shifts therein – to Pirandello’s
later theory of humourism and the grotteschi’s reappropriation of related themes.
The defining moment of Benelli’s dramatic poem and his greatest departure from
Grazzini’s original text occurs in the second half of this work and in the description of Neri’s
ostensible descent into madness. Most to the point, as of the beginning of the third act, Benelli
denies Neri the sanity, recognition of mental wellness, and social escape Grazzini affords him.
Though some doubt is originally cast on Neri’s soundness of mind in Cena I.iii, it is soon
resolved both explicitly, and in the exoneration, even if by exile, of Neri’s previous
transgressions.468 Benelli does away with such graces, instead taking Neri’s moment of
confusion and self-doubt, in Grazzini, to the extreme of unambiguous folly. He emerges, as a
result, as a self-made buffoon. His disintegration occurs gradually. At first, it is falsely assumed,
then feigned, and eventually becomes real and in proportion both to social expectation and to
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WÔ !B.')$-*!.'&!)'!C*+DD"."?!)$"%!)"2-!)'!4%-#!>>=F!+.&!M4**+&'!&"!8"-%',-=!
W^Q !X$-.!&"%('F-*-&!".!$"%!"2/*"%'.2-.)?!]-*"!"%!1"F-.!)$-!'//'*)4.")0!)'!)-,,!$"%!%"&-!'5!
)$-!%)'*0?!+.&!"%!2-)!3")$!)$-!5',,'3".1!*-+()"'.U!_>,!D"'!-!"!2-&"("?!4&-.&','!5+F-,,+*-!%k!
%+F"+2-.)-?!-!&"*!('%k!<-.-!,-!%4-!*+1"'."?!1"4&"(+*'.'!($-!-1,"!&"(-%%-!,+!F-*")l?!
('.'%(-.&'%"!+%%+"!<-.-!($"!5'%%-!,'!Y($-11"+=!94*?!/-*!(-*)"5"(+*%"!2-1,"'?!B.1','?!",!5*+)-!-!
4.'!&"!@4-:!2-&"("?!+.&+)"%-.-!+,!(+F+,"-*-?!)*'F+*'.'!-%%-*!F-*'!)4))'!@4-,,'!($-!]-*"!+F-F+!
&-))'e!=!=!=!Y"(($i?!*")'*.+)"!".!4.'!%)+.)-?!",!D"'!%"!F-*1'1.+F+e!-!&"!%4+!2+.'!%("',)','!-!
&"%+*2+)','!-!($"-%)',"!/-*&'.'?!)4))+!,+!<*'&+!F-*%+F+!+&&'%%'!+,,'!Y($-11"+?!('.)*'!+,!
@4+,-!%"!+((-%-!&"!%&-1.'!-!&"!(',,-*+!1*+.&"%%"2+`![8+.5+."!V^\=!
!
VO^!
!
!
!!!!!!!!!!!
Neri’s internal turmoil. In other words, treated as a madman, everyone but Giannetto and his
cortège convinced of his insanity, Neri eventually falls prey to the mental condition of which he
is accused. He is assailed by a series of former foes: Trinca, another man he cuckolded, and three
women “compromised” by his inconstant affection, Fiammetta, Laldomine, and Lisabetta. His
morale resists fracture until faced with the unflinching devotion of the last of these ladies,
ironically, the only one to extend him the benefit of doubt and, eventually, to believe his
rendition of the facts. But though she is the only character to grant him grace, Lisabetta is also
the catalyst of his deconstruction. It is her advice to Neri – to feign the folly with which he is
charged in order to be released – that both frees him from his shackles and, consequently,
facilitates his tragic end.
In this transition from simulated to genuine madness, Benelli makes of Neri a truly
“modern” protagonist in all the ways alluded to above. His Cena, then, denotes both this
thematic consistency in Italian literature and performance art from the sixteenth to the twentieth
centuries and a clear evolution of it in modern key. It is also in the passage from Grazzini’s
brand of “humourism” to Benelli’s that further links between Pirandello’s early twentiethcentury discourse and Renaissance humoural theory - and its development into the genre of the
“grotesque” - can be made.
!
!
!
!
!
!
!
!
!
!
!
!
(
!!!
!
VOO!
!
!
!!!!!!!!!!!
M'.(,4&".1!Z-2+*;%!
Y($',+*%!,";-!H=!B=!L'.)-2/'!$+F-!*-('1."D-&!".!)$-!/*'&4()"'.!'5!)3-.)"-)$!(-.)4*0!
,")-*+)4*-!E!+.&!)$-+)*-!2'*-!%/-("5"(+,,0!E!)3'!'%)-.%"<,0!&"%)".()!<4)!+)!)$-"*!*'')!*-,+)-&!
(+)-1'*"-%U!1*')-%@4-!E!+%!-%/'4%-&!+.&!/*"2+*",0!-7$"<")-&!".!)$-!)$-+)*-!'5!A4"1"!M$"+*-,,"!
E!+.&!/+*+&'7?!'5!3$"($!9"*+.&-,,'!"%!+4)$'*=W^P!#'1-)$-*?!$-!%+0%?!)$-0!('.%)")4)-!)$-!
_qA")-*+)4*-r!'5!I-.)+,!9*'(-%%?`!)$-!5'*2-*!1*'3".1!($*'.','1"(+,,0!+.&!)$-2+)"(+,,0!'4)!
'5!)$-!,+))-*=WOR!B%!%$'3.!".!/*-F"'4%!($+/)-*%?!$'3-F-*?!)$-!_I-.)+,!9*'(-%%`!.'3!%'!
($+*+()-*"%)"(!'5!_2'&-*.")0`!"%!('.&")"'.-&!+.&!@4+,"5"-&!<0!+!(-.)4*"-%6,'.1!<-,"-5!".!)$-!
/$0%"','1"(+,!*'')%!'5!/%0($','1"(+,!+",2-.)!+.&!%'("+,!+,"-.+)"'.!+,";-=!8*'2!")%!+//+*")"'.!
".!W!LM!4/!4.)",!)$-!%"7)--.)$6(-.)4*0:%!2'&"5"(+)"'.!'5!)$-!('2/",-&!!2/'"%**#!+.&!<-0'.&?!
C+,-.:%!$42'4*+,!)$-'*0!*-2+".%!)$-!&-5".")"F-!/'".)!'5!*-5-*-.(-!'.!+,,!2+..-*%!'5!
2+,+"%-?!.')!,-+%)!)$'%-!/-*)+".".1!)'!2-.)+,!3-,,.-%%!+.&!/-*%'.+,")0=!#$'41$!+<+.&'.-&!
5'*!+!/-*"'&!+%!+!/*-F+,-.)!&"+1.'%)"(!)$-'*0?!")!*-1+".%!(,'4)!+.&!(4**-.(0!".!)$-!.".-)--.)$!
+.&!)3-.)"-)$!(-.)4*"-%:!%)4&"-%!'5!)$-!,".;%!<-)3--.!2-,+.($',"+!+.&!&-/*-%%"'.!+.&?!<0!
+%%'("+)"'.?!)$-!')$-*!$42'4*%!".!*-,+)"'.!)'!')$-*!/%0($','1"(+,!('.&")"'.%!+.&!&"%'*&-*%=!
cF-.!+5)-*!")%!2-&"(+,!&"%4%-?!")!,".1-*%!+%!)$-!"2/4,%-!<-$".&!('4.),-%%!3'*;%!'5!,")-*+)4*-!
5*'2!%"7)--.)$!(-.)4*0!'.3+*&!+.&!+,,!)$*'41$'4)!3$+)!3-!)'&+0!;.'3!+%!c4*'/-=!
!#'!*-(+/U!+.!"2<+,+.(-!".!)$-!5'4*!<'&",0!$42'4*%!)$+)!1'F-*.!1''&!$-+,)$!'5)-.!
*-%4,)%!".!+!/$0%"(+,?!2-.)+,?!'*!-2')"'.+,!%)+)-!'5!+,+*2!3$-*-<0!'.-!%-)!'5!($+*+()-*"%)"(%!
E!".!+.0!'5!)$-%-!(+)-1'*"-%!E!"%!/*-5-**-&!)'!)$-!')$-*!)$*--!)$+)!('4.)-*+()!")=!#$-!-55-()%!'5!
)$"%!%$"5)!".!<-$+F"'4*!&"55-*!+(('*&".1!)'!)$-!$42'4*!'4)!'5!<+,+.(-!".!)$-!%4<d-()=!#$-!
$42'4*+,!('.&")"'.%!'5!2-,+.($',0!+.&!($',-*?!$'3-F-*?!E!+%%'("+)-&!3")$!+.!-7(-%%!'5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
W^P !_>)+,"+.!,")-*+)4*-!".!GPSW?`!89%(E1$%2-(<#-)3#)%(O132-#*!GP=QU![GPSN\!NQS6PN?!NQS=!
WOR !"<"&=!
!
VOQ!
!
!
!!!!!!!!!!!
<,+(;!+.&!0-,,'3!<",-!*-%/-()"F-,0!E!2'%)!(,'%-,0!*-%-2<,-!)$-!_I-.)+,!9*'(-%%`!L'.)-2/'!
%--%!+%!(-.)*+,!)'!)$-!-+*,0!)3-.)"-)$!(-.)4*0=!>.!<')$!(+%-%?!)$-!%4<d-()!'5!$42'4*+,!
"2<+,+.(-!"%!".&-("%"F-?!"**+)"'.+,?!"*+%("<,-?!+.&!&"F"%"F-=!g.+<,-!)'!+%(-*)+".!$"%!/,+(-!".!
%'("-)0!'*!)'!4.&-*%)+.&!)$-!.+)4*-!'5!$"%!'3.!"&-.)")0?!$-!-7"%)%!".!+!('.%)+.)!5,47!'5!
-2')"'.%!*+.1".1!5*'2!&+*;!%',")4&-!)'!5*-.D"-&!-4/$'*"+=!#$-!'.-!($''%-%!/-*%'.+,!
".)*'%/-()"'.!+%!$"%!/*-5-**-&!(4*+)"F-!2-+.%=!#$-!')$-*?!$'3-F-*?!%$"5)%!$"%!5'(4%!'4)3+*&?!
'.)'!%'("-)0?!+.&!)$-!"2/'%%"<",")0!'5!<-,'.1".1!$-!5".&%!)$-*-!)'!F-.)!$"%!&"%('25'*)=!L')$?!
$'3-F-*?!/+*)"("/+)-!".!L'.)-2/':%!<"/+*)")-!_I-.)+,!9*'(-%%`!3$"($!$-!&-5".-%!+%?!_'.!'.-!
$+.&?!)$-!/*'<,-2!'5!5".&".1!'.-:%!%-,56"&-.)")0?!5".&".1!'.-:%!($+*+()-*!".!+!3'*,&?!+.&!".!
+.!'*&-*!'5!)$".1%!3$"($!,")-*+,,0!$+F-!.'!5"7")0![9"*+.&-,,'\?!'.!)$-!')$-*?!)$-!/*'<,-2!'5!
/,+0".1!'.-:%!/+*)!".!%'("-)0?!+%!+.!+4)'2+)'.?!+!2+*"'.-))-?!"5!.-(-%%+*0?!&"%)'*)-&!".!+!
)$'4%+.&!&"55-*-.)!3+0%!4.&-*!('.F-.)"'.:%!<+&,0!5'(4%-&!<".'(4,+*%=`WOG!c+*,0!)3-.)"-)$!
(-.)4*0!,")-*+)4*-?!)$-.?!('.)+".%!<')$!/',-%!'5!)$"%!$42'4*+,!-7/-*"-.(-=!
Y'?!)''?!&'-%!)$-!,")-*+)4*-!'5!)$-!+&'$'!+.&!,-.'#&&#/'!("*(,-%!'5!)$-!2"&6%"7)--.)$!
(-.)4*0=!>.&--&?!d4%)!+%!9"*+.&-,,':%!%-+*($!5'*!"&-.)")0!,-+&%!)'!+!%'("+,!-7+2".+)"'.!'5!
/-*%'.+,!+.&!(',,-()"F-!3'*)$?!%'!)''!&'-%!)$-!,")-*+)4*-!-7+2".-&!".!<')$!)$-%-!+(+&-2"(!
("*(,-%?!3")$!/+*)"(4,+*!+))-.)"'.!/+"&!)'!)$-!".)-*+()"'.!<-)3--.!)$-"*!2'%)!".5,4-.)"+,!
2-2<-*%!+.&!)'!)$-!3'*;%!'5!B.)'.5*+.(-%('!C*+DD"."!+2'.1!)$-2?!2'F-!5*'2!+!
_2-,+.($',"(`!)'!+!_($',-*"(`!%/+(-!E!'*!+!%-+*($!5'*!%'("+,!*+)$-*!)$+.!/-*%'.+,!<-,'.1".1!
+.&!"&-.)")0=!#$-!%"2",+*")"-%!<-)3--.!)$-!)3'!$42'4*%!*-%/'.%"<,-!5'*!-+($!('.&")"'.!E!
<,+(;!+.&!0-,,'3!<",-!E!"%!-.'41$!)'!-7/,+".!)$-"*!-+%0!('-7"%)-.(-!.')!'.,0!".!)$-!%+2-!
,")-*+*0!%/$-*-?!<4)?!'5)-.?!".!)$-!%+2-!+4)$'*!'*!,")-*+*0!/-*%'.+,")0=!>.(*-+%".1,0!'F-*!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WOG !"<"&!NQW=!
!
VOP!
!
!
!!!!!!!!!!!
)"2-?!$'3-F-*?!+.&!d4%)!+%!9"*+.&-,,':%!0%-/'&%-/1($%*("1-/2#2'1!1"F-%!*"%-!)'!+!%-*"-%!'5!
1*')-%@4-!*-F"%"'.%!+5)-*!")![+.&!.')!".('2/+)"<,-!3")$!")\?!C*+DD".":%!3'*;%!+.&!)$-!
,")-*+)4*-!"22-&"+)-,0!%4**'4.&".1!+.&!('.&")"'.".1!")!%,"/!%-+2,-%%,0!5*'2!)$-!,0*"(+,!
2'&-!'5!2-,+.($',0!)$+)!9-)*+*($!*-.&-*%!5+2'4%!+.&!-7-2/,+*0!)'!)$-!2'*-!,+*1-,0!%'("+,!
+.&!($',-*"(!%/$-*-=!!!
#$-!)*+.%")"'.!E!".('2/,-)-!+.&!F-*0!1*+&4+,!E!"%!/*"2+*",0!2')"F+)-&!<0!+!%-*"-%!'5!
+(+&-2"(!*"F+,*"-%?!2"%)*4%)".1!*-,+)"'.%$"/%?!+.&!)$-!d-+,'4%0!4.&-*,0".1!-+($!'5!)$-2=!B%!
%--.?!+%!+.!_-,-2-.)+,`!('.&")"'.!)"-&!%)*'.1,0!)'!)$-!('2/-)".1!<4)!4,)"2+)-,0!
%0.'.02'4%!.+)4*-%!'5!,'F-!+.&!$+)-?!+.&!+%!+!;-0!('2/'.-.)!'5!)$-!($',-*"(!&"%/'%")"'.?!
)$-!d-+,'4%0!)$+)!<-('2-%!(-.)*+,!)'!&"%(4%%"'.!+2'.1!53&'$'!+.&!,-.'#&&#/'(%($',+*%!
5*'2!)$-!,+)-!GNSR%!)'!)$-!-+*,0!GN^R%!"%!+,%'!)$-!,-+&".1!"2/-)4%!<-$".&!C*+DD".":%!+.)"6
('.5'*2"%2!+.&?!&"*-(),0!('.%-@4-.)?!<')$!$"%!)4*.!)'!2'*-!/*'%+"(!5'*2%!'5!('2/'%")"'.?!
+.&!$"%!-,+<'*+)"'.!'5!)$-!J%..#!)*+&")"'.!+%!%'("+,!1*')-%@4-=!!>)!"%!$"%!'%)-.%"<,-!-7(-%%!'5!
,'F-!+.&!+&2"*+)"'.!)$+)!1-.-*+)-%!)$-!#&132P?21?2%!+)!)$-!$-+*)!'5!$"%!".%)")4)"'.+,!
*-<-,,"'.!+.&!)$-!%4<%-@4-.)!(+)-1'*"D+)"'.!+%!+!2+*1".+,"D-&!".)-,,-()4+,!)$+)!<')$!
/-*2")%!$"%!(+/")+,"D+)"'.!'.!)$-2-%!'5!%'("+,!-7/4,%"'.!+.&!,+(;!'5!<-,'.1".1!E!-%/-("+,,0!
".!$"%!4%-%!6?!+.&!+,,'3%!5'*!+!/%0($','1"(+,!*-+&".1!'5!$"%!3'*;%!)$+)!/4)%!$"2!".!&"*-()!
('.)+()!3")$!$42'4*'4%!2'F-2-.)%!)'!5',,'3=!
g%".1!$"%!4%-%!+%!+!('2/*-$-.%"F-!/'".)!'5!*-5-*-.(-?!)$-.?!*-+&-*%!2"1$)!5".&!".!
C*+DD"."!+!*-F"%-&!&-5".")"'.!'5!_$42'4*`!+.&!'.-!)$+)!2'*-!(,'%-,0!*-(+,,%!)$-!)-*2:%!
2-&"(".+,?!/$0%"','1"(+,?!+.&!/%0($','1"(+,!'*"1".%=!>.&--&?!)$-%-!+.&!$"%!')$-*!2"&6,+)-!
('2/'%")"'.%!+*-!(+)+,0%-&!<0!)$-!%$"5)!".!$42'4*!)$+)!+(('2/+."-%!$"%!-7/4,%"'.!5*'2!)$-!
+(+&-20!+.&?!<-5'*-!")?!$"%!,+(;!'5!+&-@4+)-!*-('1.")"'.!3")$".!")=!#$"%!%$"5)!".!2''&?!'*!
!
VQR!
!
!
!!!!!!!!!!!
_(+/*"(("'`?!.')!'.,0!+(('2/+."-%?!<4)!+,%'!&-5".-%!+!,+*1-!/+*)!'5!)$-!$42'4*'4%!)*+&")"'.!
)'!5',,'3!'.!)$-!>)+,"+.!/-.".%4,+=!C*+DD".":%!($',-*?!".%/"*-&!<0!d-+,'4%0!+.&!5"*%)!5-,)!".!
+&+/)+)"'.%!'5!)$-!/%-F1-%!)$+)!('.%)")4)-!+.!".)-*/-*%'.+,!+*)65'*2!%/-("5"(+,,0!".&-7-&!
+.&!,"2")-&!)'!+!/*-("%-!1*'4/!'5!".)-*,'(4)'*%?!3"&-.%!")%!%('/-!)'!+!,'(+,?!)$-.!24."("/+,!
%(-.-!".!$"%!/,+0%!+.&!-1B%**%?!%"24,)+.-'4%,0!".(*-+%".1!)$-!,-F-,!'5!%'("+,!(*")"@4-!+.&!
1*')-%@4-!%/-()+(,-=!#$-!"1&&%$'%(%23$'/%!'5!)$-!-+*,0!%"7)--.)$!(-.4*0!+.&!)$-!"1&&%$'#(
$%**A#2/%!/*'&4()"'.%!)$+)!1*-3!%)-+&",0!'4)!'5!)$-2!+,*-+&0!&"%/,+0!+.!".)-*-%)!".!
(+*"(+)4*-!)$+)?!)$*'41$!C*+DD".":%!+.&!')$-*%:!5+*(-%?!'.-6+()?!+.&!)$*--6+()!/,+0%?!1"F-!3+0!
<')$!)'!+!2'*-!&-5".-&!%-.%-!'5!%'("+,!%+)"*-!+.&!)'!)$-!-,+<'*+)"'.!'5!+!_1*')-%@4-`!
/-*5'*2+.(-!+*)!)$+)!-7)-.&%!<-0'.&!)$-!)*+&")"'.+,!&-5".")"'.!'5!)$-!3'*&=WOV!X$+)!
C*+DD"."!+(('2/,"%$-%!3")$!$"%!/,+0%!+.&!+<'F-!+,,!3")$!$"%!.'F-,,-?!)$-.?!"%!)$-!-,+<'*+)"'.!
'5!+!$42'4*'4%!,")-*+)4*-!.'!,'.1-*!4."&"2-.%"'.+,!+.&!+"2".1!'.,0!)'!/,-+%-!+.&!".%)*4()!
<0!3+0!'5!5'*24,+"(!*-/-)")"'.?!+%!".!)$-!)*+&")"'.%!"22-&"+)-,0!/*-(-&".1!$"2?!<4)!+<,-!)'!
&"%/,+0!)$-!('2/,-7")"-%!'5!('2/-)".1!+.&!".('2/+)"<,-!-,-2-.)+,!$42'4*%!('-7"%)".1!".!
)$-!%+2-!,")-*+*0!/+*+2-)-*%!+.&!/-*%'.+1-%=!>.!')$-*!3'*&%?!*+)$-*!)$+.!5'(4%".1!'.!'*!
-2/$+%"D".1!'.-!$42'4*!+.&!2+;".1!'5!")!)$-!%4<d-()!'5!,+41$)-*?!C*+DD".":%!3'*;%!*-)+".!
)$-!$42'4*+,!('2/,-7")"-%!)$+)!<')$!".5'*2!$"%!3'*;!5*'2!+!/-*%'.+,!/'".)!'5!F"-3?!+.&!
/-*2")!$"%!*-+&-*%!)'!F"-3!$"%!($+*+()-*%!+%!/%0($','1"(+,!-.)")"-%!3")$!/-*%'.+,")"-%!)$+)!
&-50!)$-!)*+&")"'.+,!%('/-!'5!%)'(;!($+*+()-*%!<')$!".!)$-+)*-!+.&!".!)$-!<-55+!)*+&")"'.=!!
g,)"2+)-,0?!+.&!".!54*)$-*!3'*;!'.!)$"%!%4<d-()?!")!"%!20!".)-.)"'.!)'!%411-%)!+!
($*'.','1"(+,!2'F-2-.)!".!C*+DD".":%!,")-*+*0!?%2"1201!5*'2!+!5,+)!('.(-/)"'.!'5!$42'4*!
2'*-!('.%"%)-.)!3")$!$"%!('.)-2/'*+*"-%!)'!)$-!/%0($','1"(+,,0!/+(;-&!4.&-*%)+.&".1!'5!")!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WOV !#$+)!"%?!)'!*-5-*!-7(,4%"F-,0!)'!)$-!1*')-%@4-!+%!)'!)$-!3").-%%".1!'5!%4/-*.+)4*+,?!
2+*F-,'4%?!'*!')$-*3'*,&,0!-F-.)%=!
!
VQG!
!
!
!!!!!!!!!!!
)$+)!,-.&%!")%-,5!2'*-!-+%",0!)'!)$-!$42'4*'4%!)*+&")"'.!+%!9"*+.&-,,'!&-5".-%!")=!Y)",,!)'&+0?!
+!,+*1-!/+*)!'5!C*+DD".":%!3'*;%?!+.&!-%/-("+,,0!$"%!/'-)*0?!$+%!1'.-!4.&+)-&!+.&!4.'*&-*-&=!
B!5"*%)!(*4("+,!%)-/!".!+%%-*)".1!20!(,+"2?!)$-.?!3",,!<-!%4((-%%54,,0!)'!+))-2/)!)$"%!)$'*'41$!
($*'.','1"(+,!'*&-*".1!+.&!)'!F-*"50!+.0!F"%"<,-!5,47-%!'5!%)0,-!'*!('.)-.)!3")$".!")=!B!
%4<%-@4-.)!<4)!.'!,-%%!"2/'*)+.)!%)-/!3",,!<-!)'!"&-.)"50!C*+DD".":%!,")-*+*0!".5,4-.(-%!
<-0'.&!)$-!(',,-()"F-!&-<+)-%!'5!$"%!1-.-*+)"'.?!)$-!".5,4-.(-!'5!)$-!@3%0/'1-%($%**#(*'-)3#(
'.!$"%!('2/'%")"'.?!+.&!)$-!,")-*+*0!/*-&-(-%%'*%!"22-&"+)-,0!*-('1."D+<,-!".!$"%!3'*;%?!
L'((+(("'!($"-5!+2'.1!)$-2=!>.&--&?!")!"%!,";-,0!)$+)!C*+DD".":%!*-,+)"'.%$"/!3")$!)$-!/+%)?!
3")$!)$-!J%..#!)*+&")"'.?!+.&!3")$!('.(-/)%!'5!,+41$)-*!+.&!1''&!['*!<+&\!$42'4*!-7)-.&!
<-0'.&!)$-!(+.'.!+.&!*-5-*-.(-!')$-*!*-,-F+.)?!"5!,-%%!(-,-<*+)-&?!#4%(+.!+4)$'*%=!B2'.1!
)$-2!"%!B*,'))'!I+".+*&"?!'*!_",!9"'F+.'!B*,'))'?`!+!8,'*-.)".-!/*"-%)!L'((+(("':%!
('.)-2/'*+*0!3$'%-!+/$'*"%2%!+.&!_2'))"?`!".!)$-"*!,'(+,!5,+F'4*!+%!".!)$-"*!)'.-!+.&!
%4<d-()!2+))-*!,'';!5'*3+*&!)'!C*+DD".":%!4%-%!+.&!$"%!-2/$+%"%?!3")$".!)$-2?!'.!)$-!,'(+,!
(,-*10=!!]'!&'4<)!2'*-!3'*;!3",,!.--&!)'!<-!&'.-!<-5'*-!+.0!-55-()"F-!('2/+*"%'.%!(+.!<-!
&*+3.!<-)3--.!)$-%-!)3'!#4%(+.!3*")-*%!%-/+*+)-&!<0!(-.)4*"-%!+.&!3'*,&F"-3%=!
c7+2".".1!)$-%-!+.&!')$-*!#4%(+.!3'*;%!'5!)$-!%+2-!+.&!,+)-*!/-*"'&%?!$'3-F-*?!2+0!
/-*$+/%!*-F-+,!".!C*+DD".":%!$42'4*"%2!+!&-5".".1!+.&!&"%)".()"F-!*-1"'.+,"%2!/*-F"'4%,0!
4.&-)-()-&=!
#'!%42?!)$-!".)-*+()"'.!'5!)$-!+&'$'!+.&!,-.'#&&#/'!("*(,-%!+.&!)$-!,+)-*!
)*+.%5'*2+)"'.!'5!)$-!5'*2-*!".)'!+.!'55"("+,!/*'2')-*!'5!)$-!I-&"("!&0.+%)0!*-F-+,!+!%-*"-%!
'5!"2/'*)+.)!('.%-@4-.(-%!'.!)$-!,")-*+*0!/*'&4()"'.!'5!)$-!/-*"'&=!8"*%)?!)$-0!&-.')-!)$-!
%/"*")!'5!(',,-()"F-!+(+&-2"(!&-<+)-!+.&!&"%(4%%"'.!+.&!)$-!("*(4,+)"'.!'5!"&-+%!+2'.1!+,,"-%!
+.&!*"F+,%!+,";-=!8*'2!)$"%!&"554%"'.!'5!%$+*-&!"&-+%!"%!<'*.!)$-!*"F+,*0!+.&!d-+,'4%0!)$+)!
!
VQV!
!
!
!!!!!!!!!!!
<-('2-%!(-.)*+,!)'!)$-!+(+&-2"(!,-%%'.%!+.&!/'-)"(!('2/'%")"'.%!'5!<')$!1*'4/%?!+.&?!
)$*'41$!C*+DD"."?!-F-.)4+,,0!&"*-()%!)$-!5'(4%!'5!,")-*+)4*-!+3+0!5*'2!)$-!/-*%'.+,!+.&!
".)*'%/-()"F-!+.&!)'3+*&!,+*1-*!"%%4-%!+55-()".1!'*!)$-!*-%4,)!'5!)$-!%'("'6/',")"(+,!(,"2+)-!
%4**'4.&".1!)$-2=!#$"%!2'*-!%'("+,,06($+*1-&!,")-*+)4*-?!$'3-F-*!*-+,"%)"(?!-7)*'F-*)-&?!
+.&!%4/-*5"("+,!".!.+)4*-?!%)",,!/*'/'%-%!+!/%0($','1"(+,!('2/,-7")0!)$+)!%/-+;%!.')!'.,0!)'!
)$-!$"%)'*"(+,!".5,4-.(-!'5!)$-!$42'4*%!'.!/'-)"(!/*'&4()"'.?!<4)!+,%'!)'!)$-!('-7"%)-.(-!'5!
('2/-)".1!$42'4*%!".!)$-!%+2-!('2/'%")"'.!+.&!)'!")%!('.)*"<4)"'.!)'!)$-!%'("+,!1*')-%@4-!
)$+)!,'';%!+$-+&!)'!)3-.)"-)$6(-.)4*0=!Y)",,!2'*-!".)-*-%)".1?!$'3-F-*?!+*-!)$-!2+.0!
+F-.4-%!'5!*-%-+*($!5+(",")+)-&!<0!)$"%!".)*'&4()'*0!+.+,0%"%!'5!)$-!+&'$'(+.&!,-.'#&&#/'?!
5*'2!C*+DD".":%!&-<)!)'!L'((+(("'!".!$"%!%".14,+*!&-F-,'/2-.)!'5!)$-!<-55+!)*+&")"'.?!)'!)$-!
(-.)*+,")0!'5!,'F-!+%!)$-!/*"2-!2')'*!'5!+,,!$42'4*+,!+()"F")0!+.&!('2/'%")"'.=!
!
!
!
!
!
!
!
!
!
!
!
!
!
VQS!
!
!
!
!!!!!!!!!!!
B//-.&"7U!Y-,-()-&!#*+.%,+)"'.%!
G\!<%//%2#($#**A!2%/'-1(#**1(:/2#$'-1;(W(#)10/1(QTZQ!
!
A:+,)*+!%-*+!2"!(+/")h!+!(+%+!",!A+%(+?!)4))'!/"-.'!&"!(',,'*+!-)!*+<<"+?!%4&+)'!-!
)*+5-,+)'!-!+//4.)'!".!%4,!$'*+!($:"'!%)+F'!/-*!+.&+*2-.-!+,,-))'?!-)!-*+!/'F-*-,,'!
F-.4)'!".!/'%)-!%k!($-!%+,4)+)'!2"!/*"2+!-)!"'!5+))'1,"!,-!&-<")-!+(('1,"-.D-?!2"!F-..-!
+&&"*-!($'2-!1,"!+((+&-2"("!5"'*-.)"."!".!%4,!*"5'*2+*-!,+!+=<=(=!$+F-F+.'!('.%4,)+)'!
(+(("+*,'!F"+?!-)!('.!.'.!%'!($-!+,)*-!,-))-*-!('.5"*2+*,'!54'*+!&"!#'%(+.+!".!
/-*/-)4'!=!=!=!%($'.5'*)+)'?!=!=!=!",!A+%(+?!&','*'%'!%"!/+*)k!/-*!&"%/-*+)'!('.!+."2'!&"!
@4-"!(-,+*%-.-!+!1"'F-!"2."/')-.)-!-)!F-..-!%4<")'!+!Z'2+!/-*!('.%"1,"+*%-.-!('"!
F"*)4'%"!2+!)*'F+)'1,"!&"%/-*%"!%-!.-!+.&h!+!Y"-.+!-)!.'.!)*'F+)'F"!.-!"!M+/+%%'."?!.-!
1,"!>.)*'.+)"?!%-!.-!(+22".+!+!9+&'F+!+1,"!>.5"+22+)"!-)!@4-1,"!+.($'*+!)*'F+.'!".!
&"%/+*)-!/-*($s!($"!+!Z'2+?!($"!+!L','1.+?!($"!@4+!-)!($"!&"!,l?!%k!($-!/*-%'!/+*)")'!&-!
F-."*2"!+!)*'F+*-!-!/-*($s!%','!F+1,"'!/"u!($-!)4))+!,:+((+&-2"+!".%"-2-?!.-!F-..-!+!
J".-1"+!-)!('2-!F"!$'!&-))'?!2"!)*'F+!.-,,+!($"4%+!*+(('.)+2"!-!.+**+)'2"!",!(+%'!
".)-*+2-.)-!-)!($"-%'2"!%'/*+!",!/+*-*!2"'?!1,"!*"%/'%"!($-!2"!/+*-F+!($-!1,"!54%%"!
5+))'!)'*)'?!-)!.-,!F-*'!@4-%)"!F'%)*"!+((+&-2"("!2"!/+*+.'!2',)'!%+((-.)"!+!F',-*!5+*-!
@4-,,'!($-!.'.!5-(-*'!-)!.'.!/-.%+*'.'!2+"!&"!5+*!1,"!+.)"($"=!
!
89%(1/9%2(-')9/;('*(<#0"#("#&%(/1(B'0'/;(.'**%$(f'/9("91*%2(#-$(2#)%;(0f%#/D(#-$(
J2%#/9*%00;(#-$(s30/(#0(,(f#0(#J13/(/1()1(/1(J%$=(89%(?112(&#-("#&%(/1()2%%/(&%;(#-$(
01(,(f%*"1&%$(9'&('-/1(&D(91&%;(#0(?%2("30/1&;(#-$(9%(011-(J%)#-(/1(%N?*#'-(/1(&%(
91f(/9%(6*12%-/'-%(#"#$%&'"0;('-(2%.12&'-)(/9%(#*?9#J%/;(9#$("1-03*/%$(/1(9#B%(9'&(
%N?%**%$(m.21&(/9%(#"#$%&Dn;(#-$(f'/9(,(Y-1f(-1/(f9#/(1/9%2("%2%&1-D("1-.'2&(9'0(
!
VQW!
!
!
!!!!!!!!!!!
?%2?%/3#*(%N'*%(.21&(6*12%-"%=(mqn(G'0"1&.12/%$(mqn;('*(<#0"#(*%./(m/9%(#"#$%&Dn(?#'-%$(
#-$($%0?%2#/%(f'/9(#($'0?10'/'1-(1.(013*(0'&'*#2(/1(/910%(f91(9'$%(.21&(!*&')9/D(O1B%;(
#-$(f%-/(0/2#')9/(#f#D(/1(71&%(/1(/#Y%("13-0%*(f'/9(/9%(B'2/3130(&%-(/9%2%;(J3/(
.'-$'-)(/9%&($'0?%20%$;(9%(f%-/(/9%-(/1(:'%-#(#-$(/9%2%(.13-$(-%'/9%2(/9%(4#?#001-'(
-12(/9%(,-/21-#/'=(:1('-(/9'0(f#D;(9%("#&%(/1(>#$3#;(/1(/9%(,-.'#&&#/';(#-$(#*01(.13-$(
/910%(0"#//%2%$;(01&%('-(71&%;(01&%('-(^1*1)-#;(01&%(9%2%;(01&%(/9%2%;(01(/9#/(011-(
9%("#&%(/1(.'-$(&%=(!-$(J%"#30%(,(#*1-%(#&(f12/9(/9%(f91*%(*1/(1.(/9%&;(9%("#&%(/1(
V%-'"%(#0(,(9#B%(0#'$;(#-$(.13-$(&%('-(&D(91&%;(#-$(%N?*#'-%$(9'0(f91*%(0'/3#/'1-;(#-$(
#0Y%$(&%(.12(&D(#$B'"%=(,(/1*$(9'&(/9#/('/(0%%&%$(/1(&%(9%(9#$(J%%-($1-%(#()2%#/(
f21-);(#-$('-(/23/9;(/9#/(D132(#"#$%&'"0(0%%&%$(B%2D(?2%03&?/3130(/1(&%(.12(
f#-/'-)(/1($1(/9#/(f9'"9(-1/(%B%-(/9%(!-"'%-/0(/913)9/(1.($1'-)(12(%B%2($'$(m/1(/9%'2(
*#-)3#)%n=(
ÉÉÉ!
V\!B.)'.5*+.(-%('!C*+DD"."?!_B1,"!B((+&-2"("`!
M$"!<*+2+!-%%-*!)-.4)'!&+,,+!1-.)-!!
!
X$'-F-*!&-%"*-%!)'!<-!('.%"&-*-&!
>.!('.(-))'!&:".)-.&-*-!-!%+/-*-!
!
B!;.'3,-&1-+<,-!+.&!4.&-*%)+.&".1!2+.!
!
M*")"@4-%!-F-*0)$".1!+.&!&'-%!.')$".1e!=!=!=!
!
L"+%2"!'1."('%+e!-!.'.!5+(("+!."-.)-?!
M$-!@4+.&'!",!F',1'?!1,"!+,)*4"!<"+%2"!%-.)-?!
B.&!3$-.!$-!"%!+&&*-%%-&?!,"%)-.%!3")$!!
M'.!2-*+F"1,"+!+%(',)+?!-!('.!/"+(-*-e!
1*-+)!2+*F-,!+.&!/,-+%4*-!)'!')$-*%:!
,+2-.)%e!
c!.'.!14+*&+.&'!/"u!(*4&'?!($-!(')))'e!
!
B.&!/+0".1!,")),-!+))-.)"'.?!!
T"(-!5*+!%-!('%)4"!i!4.!1*+.!&'))'=! !
!
Y+0%!)'!$"2%-,5?!)$"%!"%!+!,-+*.-&!2+.=!
]'.!<-.!%"!('.F-."F+!+,,:-)+!2"+?! !
!
#$-!(4/!+.&!*".1!0'4!/*-%-.)-&!2-!
!
VQN!
!
!
!!!!!!!!!!!
A+!)+DD+!/*-%-.)+*!2+.('!,:B.-,,'e! !
!
B*-!4.3'*)$0!'5!20!+1-e!
g.:+,)*+!F',)+!45"D"'!)+,!%"!&"+!
!
!
H.(-?!)$-%-!'55"(-%!3-*-!1"F-.!
B!C"'F".!,-))-*+)'?!$'.-%)'!-!<-,,'e! !
!
#'!0'4.1!,")-*+*0!2-.?!$'.-%)!+.&!,")$-e!
]'.!-%)"2+)-!&4.@4-!F",,+."+!
!
!
T'!.')!('.%"&-*!20!%",-.(-!"2/',")-?!%".(-!
",!2"'!)+(-*?!/"u!($-!)+(-*-!i!<-,,'! !
!
Y",-.(-!"%!2'*-!<-+4)"54,!)$+.!%/--($?!
/"u!($-!/+*,+*-?!&+//'"!($-!(',!)+(-*-!
!
B.&!".!20!%",-.(-?!>:F-!&'.-!0'4*!3",,!
$'!5+))'!,:$'.'*!F'%)*'!-!m,!2"'!&'F-*-=!!
!
+.&!20!&4)0=!
Y-!1"l!/-*!)+.)'!)-2/'!)+.)"!$'!5+))"!
!
8'*!2+.0!0-+*%?!>:F-!3*"))-.!2+.0!!
M'2/'."2-.)"!-!/4*!&"!@4+,($-!%)"2+e!
!
('2/'%")"'.%?!%'2-!'5!1''&!*-/4)+)"'.e!
c!$'!)-.)4'!+,,-1*"!"!%+F"!-!"!2+))"e! !
!
>:F-!-.)-*)+".-&!2-.!<')$!3"%-!+.&!(*+D0!
!
=!=!=!!
!
Y(*"F-.&'!%/-%%'!".!/*'%+?!".!F-*%"?!-!".!*"2+?!
H5)-.!3*")".1!".!/*'%-?!F-*%-?!+.&!*$02-%?!
M'**-F'!*"%($"'?!($-!".!/+*',-!-!".!5+))"!
!
>!*+.!)$-!*"%;!'5!'<%(4*".1!'*!'//*-%%".1!!
>.!4.!%',!1"'*.'!%:'%(4*"?!'!%:'//*"2+!
!
)$+)!%2+,,!1+".!".!'.-!&+0!3")$!20!3'*&%!!
j4-,!/'('e!+.D"!/-*!%-2/*-!%"+!2+(($"+)'?!!
+.&!&--&%?!+.&!5'*-F-*!<,-2"%$".1!
]'2-!($-!/-*!)+.)"!+.."!2:$'!+(@4"%)+)'=! !
)$-!.+2-!")!)'';!2-!0-+*%!)'!2+;-=!
!
Y-!F',-F+)-!/4*-!+,(4.!5+F'*-!!
!
!
>5!0'4!3'4,&!,";-!)'!&'!2-!%'2-!5+F'4*!
5+*2"!".!@4-%)+!+((+&-2"+?!'!<-.-5"D"'!
!
'*!%-*F"(-!".!)$"%!+(+&-20?!!
/-*!-%%-*!%)+)'!/*"2'!5'.&+)'*-!
!
5'*!$+F".1!<--.!")%!5"*%)!5'4.&-*?!
!
+.&!&-2'.%)*+)-!%'2-!('22'.%-.%-?!
!
-!2'%)*+*!F'"?!&:$+F-*!@4+,($-!1"4&"D"'!
!
VQ^!
!
!
!!!!!!!!!!!
/-*!($-!.'.!5+*2"!/"4!)'%)'!(-.%'*-o!
!
3$0!.')!2+;-!2-!(-.%'*o!#$"%!'55"(-!
M$:-*+!/*'/*"'!&+!2-?!(')+,-!45"D"'! !
!
3+%!<-5"))".1!'5!20!%)+)-?!<-".1!+%!>!+2!
Y-.&'!".!@4-%):+*)"!+%%+"!/*+)"('!-!%(+,)*'e!!
".!)$"%!+*)!@4")-!-7/-*"-.(-&!+.&!%$+*/?!
9'"!,:$+*F"!5+))'!+,!/+*+1'.!&:'1."!+,)*'=!
B.&!>:&!$+F-!&'.-!")!+%!3-,,!+%!+.0!')$-*=!
!
ÉÉÉ!
S\!B.)'.5*+.(-%('!C*+DD"."?!A:!2F')1)1*1?!>="=!
BAcYYHU!#4!2"!/+*"!4.+!<-%)"+=!
JBAcZ>HU!H*+!%k!($-!+F-)-!*+1"'.-!+!&'2+.&+*2"?!/'"($s!.'.!F-&-)-!,42-?!
1"+(($s!1,"!4'2"."!F"!/+d'.!<-%)"-U!.'.!$'!/-*h!,-!('*.+=!
BAcYYHU!M$-!%k?!($-!%k!($:"'!)"!5+*'!($-!)4!4((-,,-*+"!4.!)4'!/+*"=!
JBAcZ>HU!T'2".-y!$'!"'!,-!*-)"!-:!/+."'."!-!,+!("F-))+!/-*!4((-,,+*-o!(*-&'!($-!
F'"!5+*.-)"($"+)-=!
BAcYYHU!C4+*&+!%-!"'!%)'!5*-%('y!
JBAcZ>HU!J-.")-!+,!54'('?!%-!-:F"!5+!5*-%('U!i!2+,+!('%+!/+)"*-!5*-&&'?!%+/-)-=!
BAcYYHU!B,!('*/'!&"!n!
JBAcZ>HU!J"!&4',-!",!('*/'o!.'.!&4<")+)-?!/+%%-*l!F"+!/*-%)'U!i!F-.)'%")l=!
BAcYYHU!]'.!i!/'%%"<",-!($:"'!/'%%+!+F-*-!/"u!/+D"-.D+e!2+."1',&+?!+%/-))+!
($:"'!)"!5+*h!F-&-*-!%-!n!
JBAcZ>HU!B$?!+$?!%-*!B,-%%'?!($-!F',-)-!5+*-o!.'.!i!,-(")'!".!@4-%)'!)-2/'!
<4*,+*-!@4+,($-!F',)+!('.!"!%4'"!/+)*'."o!J"!%'.'!%-*F")'*-?!5+)-!&"!
2-!("h!($-!F'"!F',-)-=!
BAcYYHU!J-&"?!)4!$+"!(+2/+)'!4.!1*+.!/4.)'U!/'('!/"u!',)*-!($-!)4!%-14")+F"?!
('.!54*"+!)"!%/"((+F'!",!(',,'!&+,!<4%)'!('.!4.!%',!/41.'=!
!
VQO!
!
!
!!!!!!!!!!!
JBAcZ>HU!g.:+,)*+!F',)+!%+*h!/"u!+(('*)'e!($:"'!F-11'!($-!('.!F'"!.'.!<"%'1.+!
%($-*D+*-=!
BAcYYHU!Y"!F-:?!-!2+%%"2+2-.)-!@4+.&'!2"!F"-.-!@4-,,+!(',,'*+!%4<")'?!($-!
+22+DD-*-"!4.!1"1+.)-e!-!<-.!,'!%+..'!1,"!+,)*"!/*'((4*+)'*"!+,,+!
I-*(+)+.Dk+?!%-!/-*!4.!(,"-.)','!5+(-F'!",!&"+F','?!($s!(',!1*"&+*-!
%','!F".(-F'=!
JBAcZ>HU!M',!1*"&+*-!-!(',!*4<+*-=!
!
!<C::aH(u13(*11Y(*'Y%(#(J%#0/=(
V!<C7,aH(u13(&#D(J%(2')9/(/1(0#D(01;(0'-"%(D13("#--1/(0%%(/9%(*')9/(#-$(f'/913/(
'/;(&%-(0%%&(*'Y%(J%#0/0=(^3/(,(*#"Y(/9%(912-0(1.(#(J%#0/=(
!<C::aH(:32%;(032%=(X1(%-0-#2%(01&%1-%(1.(D132(1f-(0/#/'1-=(
V!<C7,aH(G1%0('/(*11Y(*'Y%(,(9#B%(/9%(-%/(12(/9%(21$(12(/9%(93-/'-)($1)(/1(%-0-#2%(
D13i(,($1(J%*'%B%(D13A2%(/#*Y'-)(-1-0%-0%=(((
!<C::aH(a9;(,A&(#(J'/("9'**D(-1fp(
V!<C7,aH(41&%(/1(/9%(.'2%('.(D13A2%("9'**DH('/A0(J#$(/1("#/"9("1*$;(#0(D13(Y-1f=((
!<C::aH(^D(/9%(J1$D(1.(q(
V!<C7,aH(G1%0(D132(J1$D(932/i(L%B%2(.%#2;(/9%(?#'-(f'**(011-(?#00H('/A0(1-*D(f'-$=((
!<C::aH(u13(#2%(%N9#30/'-)(/9%(*'&'/0(1.(&D(?#/'%-"%;(B'**#'-p(u13(s30/(f#'/;(,A**(
091f(D13('.(q((
V!<C7,aH(5#;(9#;(0%2(!*%001;(f9#/(f13*$(D13(*'Y%(/1($1i(,0('/(-1(*1-)%2(2')9/;(
/9%0%($#D0;(/1(&#Y%(.3-(1.(D132(&#0/%2i(,(#&(D132(0%2B#-/;($1(f'/9(&%(
f9#/(D13(f'**=((
!
VQQ!
!
!
!!!!!!!!!!!
!<C::aH(<11Y;(D13()1/(1..(%#0DH(#-D(&12%(1.(/9'0;(#-$(,A$(9#B%(/12-(D132(-%"Y(
.21&(D132(J30/(f'/9(1-*D(1-%(.'0/=((
V!<C7,aH(L%N/(/'&%;(,A**(J%(&12%("#2%.3*j(,(0%%(/9#/('/A0(J%//%2(-1/(/1(s1Y%(#213-$(
f'/9(D13(
!<C::aH(u%0;(/9#/A0(2')9/;(#-$(%0?%"'#**D(f9%-(,(J%"1&%(01(%-2#)%$(,A$(%B%-(Y'**(#(
)'#-/=(89%(1/9%2(?210%"3/120(Y-1f(/9'0(#J13/(&%H(f9%-(/9%($%B'*()2'?0(
&%(f9%-(,A&(f'/9(#("*'%-/;(,(/#Y%(9'&($1f-(%B%-(1-*D(JD(0"2%#&'-)(
V!<C7,aH(^D(0"2%#&'-)(#-$(JD(21JJ'-)=(
ÉÉÉ!
W\!B.)'.5*+.(-%('!C*+DD"."?!<#()%*10'#(>>>=7!
ABwwcZHU!I+!,+%("+2'!'*+2+"U!@4-%)'!*+1"'.+2-.)'!i!&4*+)'!)*'//'e!
+.&"+..-?!($:"'!2"!*"F-%)+U!<4?!<4?!<4?!'"2-"y!"'!('2".("'!+11$"+&+*!&"!
5*-&&'=!L4?!<4?!<4=!
M>gAAHU!A+DD-*'?!'$!F'"!)*-2+)-o!
ABwwcZHU!#4!$+"!<4'.!&"*!)4?!($-!%-"!4%'!+,,-!2+,-!.'))"?!-!+:!&"%+1"=!
M>gAAHU!M'2-!5+*-2!.'"?!($s!.'.!%"!/4h!-.)*+*-!".!(+2-*+!.s!".!(+%+o!
ABwwcZHU!M$-!F4',!&"*-o!
=!=!=!
M>gAAHU!J'"!.'.!/')-)-?!/*"2+!($-!,-!&"-("!'*-!%4'.".'?!*"+F-*-!"!/+.."!F'%)*"=!
ABwwcZHU!M'2-o!<4?!<4?!<4U!"'!%+*-"!2'*)'!%-"!F',)-!&"!5*-&&'=!
M>gAAHU!c!"'?!($-!5+*!.-!/'%%'o!
=!=!=!!
ABwwcZHU!FlFF"?!-!-%(".-U!<4?!<4?!<4e!($:"'!+<<*"F"&'=!
!
VQP!
!
!
!!!!!!!!!!!
BA8H]YHU!I"!/+*!($:-"!)*"-2"=!
!
<!vvC7aH(^3/(%-13)9(-1fH(/9'0("1-B%20#/'1-(9#0()1-%(1-(/11(*1-)=(<%/A0()1;(,(
-%%$(/1()%/(2%$2%00%$=(^3;(J3;(J3;(19(&Dp(,A&(J%)'--'-)(/1(.2%%F%('-(/9'0(
"1*$=(^3;(J3;(J3=(
4,+<<aH(<#FF%21;(#2%(D13(/2%&J*'-)i(
<!vvC7aH(,/(&30/(J%(%#0D(.12(D13(r(D13A2%(30%$(/1()2%#/($'0"1&.12/0(#-$(/%22'J*%(
-')9/0=((
4,+<<aH(M9#/(f'**(f%($1(-1fi(M%("#-A/(%-/%2(.21&(%'/9%2(/9%(9130%(-12(/9%(
211&=((
<!vvC7aH(M9#/($1(D13(&%#-i(
=(=(=(
4,+<<aH(u13("#-A/()%/(D132("*1/9%0(J#"Y(J%.12%(/%-(1A"*1"Y(/9'0(%B%-'-)=((
<!vvC7aH(M9#/i(J3;(J3;(J3H(,A**(9#B%($'%$(1.("1*$(0'N(/'&%0(JD(/9%-=(
4,+<<aH(M9#/("#-(,($1(#J13/('/i(
=(=(=((
<!vvC7aH()1(#f#D;(*%#B%H(J3;(J3;(J3j(,A&(09'B%2'-)=(
!<6aL:aH(,/($1%0(*11Y(*'Y%(9%A0(/2%&J*'-)=(
ÉÉÉ!
N\!B.)'.5*+.(-%('!C*+DD"."?!<#()%*10'#;!>>>=F"""!
9>cZB]#H]>HU!Tk!($-!2-))+!".!(+/'U!.'.!'&"!)4!('2:-"!/+*,+o!c1,"!i!".5*-&&+)'!
)*'//'=!
M>gAAHU!B$y!+$y!."-.)-e!.'.!F"-.!&+!(')-%)'=!
!
VPR!
!
!
!!!!!!!!!!!
9>cZB]#H]>HU!H!&+!($-!F"-.-o!
M>gAAHU!{1,"!(+%(+)'!,:41',+=!
9>cZB]#H]>HU!M$-!i!%)+)'!2+,5*+.D-%-o!
M>gAAHU!Z"%/'.&-)-=!
ABwwcZHU!]'?!T"'y!%(-%+?!%(-%+=!
9>cZB]#H]>HU!M$-!&"(-o!
M>gAAHU!T','*"!2+.".('."("=!
ABwwcZHU!]'?!M"4,,'U!.'?!.'U!42"&-DD+=!
9>cZB]#H]>HU!M'2-o!-$o!
M>gAAHU!T+!5*"1"&-DD+!&"(-!($:i!F-.4)'=!
9>cZB]#H]>HU!>.!(')-%)'!2'&'!/4h!-%%-*-e!2+!"!&','*!2-,+.('."("?!/+DD'!&+!
(+)-.-?!&'F-!$+"!)4!)*'F+)'!($-!/+*)'*"%($".'!%"2","!-55-))"o!
ABwwcZHU!M$-!.-!%+!-1,"o!
9>cZB]#H]>HU!5"."+2!,-!/+*',-!'*+2+"?!-!+FF"l.("!".!,l=!
!
>,C7!L8aL,aH(8%**(9'&(/1(?3/(9'0(9#/(1-=(4#-A/(D13(9%#2(9'&i(5%A0(/#Y%-(/11(
&3"9("1*$==(
4,+<<aH(!9p(#9p(-1j(/9#/A0(-1/(/9%(2%#01-=(
>,C7!L8aL,aH(M9#/A0(/9%(2%#01-;(/9%-i(
4,+<<aH(5%A0(*10/(9'0(B1'"%=(
>,C7!L8aL,aH(5#0(9%("#3)9/(/9%(62%-"9(0'"Y-%00i(
4,+<<aH(!-0f%2=(
<!vvC7aH(L1;(X1$p(09%A0("1&%($1f-;(09%A0("1&%($1f-=(
!
VPG!
!
!
!!!!!!!!!!!
>,C7!L8aL,aH(M9#/('0(9%(/#*Y'-)(#J13/i(
4,+<<aH(E%*#-"91*'"(?#'-=(
<!vvC7aH(L1;(4'3**1H(-1;(-1H(93&'$'/D=(
>,C7!L8aL,aH(M9#/i(%9i(
4,+<<aH(5%(0#D0('/A0("1&%(1.("1*$-%00=(
>,C7!L8aL,aH(E#DJ%('/A0("1&%(1.("1*$-%00;(J3/(91f("#-(D13(/%**(/9#/(&%*#-"91*'"(
?#'-('0(#(0'$%P%..%"/i((
<!vvC7aH(M9#/($1%0(9%(Y-1fi(
>,C7!L8aL,aH(C-13)9(/#*Y'-);(*%/A0()1(/9#/(f#D=(
ÉÉÉ!
^\!Z"2-!&:B,5'.%'!&-:!9+DD"?!&-))'!,:a-)*4%('!
[L"<,")-(+!9+,+)".+?!9+*2+?!9+,=!NNO=!M+*)?!2"%(=!pJ>\!
>,!J+*($"!)4))+F"+!&"(-!'1."!('%+!
#+,!($:+!1,":+,)*"!.'.!*-%)+&"*!/"u!.4,,+?!!
c!+,+5".-!-!.'.!"%)*"1.-!.4,,+?!!
c!('%k!5+!($:+<<*+(("+!'1."!('%+=!!
>,!J+*($"!$+!&-))'!%4'!%+!'1."!('%+?!!
c!.'.!1,"!/+*-!($:+,)*"!%+//"!.4,,+=!!
c!%:-1,"!%-.)-!/4*-!'!F-&-!.4,,+!
B55-*2+!-!&"(-!@4-,,+!-%%-*!%4+!('%+!!
M'%k!$'11"!.-%%4.!/4h!&"*-!('%+!!
M$-!+!&-))'!&-,!J+*($"!%+//"+!.4,,+!!
c!&"(-?!-!".)-.&-!-!%+!%','!'1."!('%+=!!
!
VPV!
!
!
!!!!!!!!!!!
Z"&4(-!%/-%%'!'1."!('%+!+!.'..4,,+!!
c!2-))-!".!&4<<"'!+,,-!1-.)"!'1."!('%+?!!
]-1+!'1."!('%+!-!.'.!+55-*2+!.4,,+=!!
T"!.'..4,,+!@4+,!('%+!!
M"!F4',!5+*!%/-%%'!-!&"!@4+,('%+!.4,,+!!
c!('%k!%/-%%'!("!+..4,,+!'1."!('%+=!!
>,!5".-!%4'!i!.4,,+?!!
c!%-!&"!.4,,+!54!5+))'!'1."!('%+!!
J4',-!($-!m,!5".!&:'1."!('%+!%"+!.4,,+?!!
T"2-.)"(+!'1."!('%+!!
M$"!'&"!",!J+*($"?!-!.'.!"2/+*+!.4,,+!!
c!/-*h!/"u!@4+,('%+!!
Y+*"+!<-.!m&+*($?!-!.'.!&"(-%%"!.4,,+=!
!
u%/(V#2"9'("1-/'-3%0(/1(0#D('/(#**;((
:1(/9#/(-1/9'-)(2%&#'-0(.12(1/9%20(/1(0#D;((
!-$('-(/9%(%-$;(9%()2#0?0(#/(-1/9'-);((
,-(03"9(#(f#D(/9#/(9%(%&J2#"%0('/(#**=((
V#2"9'(9#0(0?1Y%-(#-$(Y-1f0('/(#**;((
!-$('/(0%%&0(/1(9'&(/9#/(1/9%20(Y-1f(-1/9'-)=((
!-$(%B%-('.(9%(9%#20(12(0%%0(-1/9'-)((
5%(#..'2&0(#-$(0#D0(/9#/(#**(1.('/('0(9'0((
:1(/9#/(/1$#D;(-1(1-%(f91;(V#2"9'(0#D0;(Y-1f0(-1/9'-)((
!
VPS!
!
!
!!!!!!!!!!!
4#-(0#D(#-D/9'-)(
!-$(V#2"9'(#*1-%(0#D0;(#-$(3-$%20/#-$0;(#-$(Y-1f0('/(#**=((
5%(1./%-(2%$3"%0(%B%2D/9'-)(/1(-1/9'-)((
!-$(&#Y%0(%B%2D/9'-)($13J/.3*(/1(?%1?*%;(
(5%($%-'%0(%B%2D/9'-)(#-$("1-.'2&0(-1/9'-)=((
5%(/2'%0(1./%-(/1(&#Y%(1.(-1/9'-)(01&%/9'-)((
!-$(1.(01&%/9'-)(-1/9'-)((
!-$(/9'0(f#D(1./%-("#-"%*0(%B%2D/9'-)=((
5'0()1#*('0(-1/9'-);((
!-$('.(%B%2D/9'-)(f%2%(&#$%(1.(-1/9'-)((
5%(f13*$(0#D(/9#/(/9%(%-$(1.(%B%2D/9'-)('0(-1/9'-)=((
5%(f91(*'0/%-0(/1(V#2"9'(.12)%/0(%B%2D/9'-)((
!-$(*%#2-0(-1/9'-)=((
^3/('/(f13*$(J%(.#2()2%#/%2(01&%/9'-)((
612(9'&(/1()'B%(30('.(9%(0#'$(-1/9'-)=(
É!
>,!J+*($"!&"(-!@4-,!($-!.'.!".)-.&-!
c!/-*h!.'.!".)-.&-!@4-,!($-!&"(-e!
c!($"!+))-.)'!+%(',)+!@4-,!($-!&"(-?!
H&-!+%%+"!('%-!-!.-%%4.+!.:".)-.&-=!
B!&-))'!%4'!",!J+*($"!2',)'!".)-.&-?!
I+!%"!/+*!/'('!+!5-&-?!+!@4-,!($-!&"('!
c"!%+!@4-,,'!($-!%+?!2+!.'.!,'!&"(-e!
!
VPW!
!
!
!!!!!!!!!!!
]'.!/4h!&',-*-!%-!,:$4'2!.'.!".)-.&-!
>.!,".14+!.'%)*+!@4-,!($:-,!J+*($"!&"(-!
c!&"(-!2',)'!m,!J+*($"?!-!/'('!".)-.&-=!
M$:i!&'))'!m,!J+*($"!",!F4,1'!)"-.-!-!(*-&-!
c!/*'F+,'!(',!&"*-?!($-!.'.!%:".)-.&-?!
c!)+.)'!i!2-.'?!@4+.)'!/"u!%"!&"(-=!
!
!-$(9%(0#D0(&3"9;(V#2"9';(J3/(&%#-0(*'//*%=(
89#/(9%('0($1"/12%$;(V#2"9';(/9%(B%2-#"3*#2(91*$0(/23%(#-$(J%*'%B%0(
!-$("1-.'2&0(JD(0#D'-)(/9'-)0(f%("#-A/(3-$%20/#-$(
!-$(/9%(&12%('0(0#'$;(/9%(*%00('0(3-$%20/11$=((
V#2"9'(0#D0(f9#/(9%($1%0(-1/(3-$%20/#-$(
!-$($1%0-A/(3-$%20/#-$(f9#/(9%(0#D0j(
!-$(9%(f91(*'0/%-0(/1(f9#/(9%(0#D0("*10%*D;(
5%#20(&#-D(/9'-)0;(J3/(3-$%20/#-$0(-1/(/9%'2(&%#-'-)=(
5%("*#'&0(/1(3-$%20/#-$(&#-D(/9'-)0;(
^3/;(,(0#D;(?21B%0('/(*'//*%;(
5%(Y-1f0(f9#/(9%(Y-1f0;(J3/(9%(f1-A/(0#D(f9#/j(
,/A0(9#2$*D(9'0(.#3*/('.(&#-("#-A/(3-$%20/#-$(
M9#/(V#2"9'(0#D0(?*#'-*D;('-(132(1f-(/1-)3%=(
É!
I-.)*-!($-!m,!J+*($"!%"+!)-.4)'!&'))'?!
>'!%+*h!%-2/*-!2+"!)-.4)'!/+DD'e!
!
VPN!
!
!
!!!!!!!!!!!
I+!('2!",!J+*($"!%"+!)-.4)'!/+DD'!
B,,:$'*!,:-)*4%('!5"+!1*+&")'!-)!&'))'?!
c)!.'.!/4h!4.!($-:i!/+DD'!-%%-*!2+"!&'))'e!
I+!-"!/4h!<-.!4.!&'))'!-%%-*!1*+.!/+DD'!
9-*!('.%-14-.D+!&-!1,:+,)*"!i!/"u!&'))'!
M',4"!($:i!&'))'?!%/-%%'!%"!)"-.!/+DD'!
c)!($"!i!/+DD'!%-2/*-!%"!)"-.!&'))'?!
I+!-"!.'.!%"!/4h!".%"-2:-%%-*!&'))'!-)!/+DD'=!
a'*!('.(,4&"+2'?!'!($-!'1.:4.'!i!/+DD'?!
H!F-*+2-.)-!($-!.-%%4.'!i!&'))'?!
HF-*!,:-)*4%('!i!&'))'?!-!",!J+*($"!i!/+DD'=!
!
M9'*%(V#2"9'('0("1-0'$%2%$(w$1"/12%$;A(
,(f'**(#*f#D0(J%(/913)9/(1.(#0("2#FDj(
^3/(f9%-(V#2"9'('0("1-0'$%2%$("2#FD(
89%-;(C/230"#-(f'**(J%(#??2%"'#/%$(#-$(*%#2-%$;(
!-$('/('0('&?100'J*%(.12(#("2#FD(?%201-(/1(%B%2(J%($1"/12%$j(
^3/('/('0(B%2D(?100'J*%(.12(#($1"/12%$(?%201-((
/1(#*01(J%(@3'/%("2#FD(
8913)9(0/'**(&12%(*%#2-%$(/9#-(/9%(1/9%20(#0(#("1-0%@3%-"%=(
5%(f91('0(*%#2-%$;(1./%-(91*$0(9'&0%*.(/1(J%("2#FD(
!-$(9%(f91('0("2#FD;(/1(J%($1"/12%$;(
^3/(1-%("#--1/(#/(1-"%(J%($1"/12%$(#-$("2#FD=(
!
VP^!
!
!
!!!!!!!!!!!
L1f(*%/(30("1-"*3$%;(%'/9%2(/9#/(%B%2D(&#-('0("2#FD;(
L1f(*%/(30("1-"*3$%;(%'/9%2(/9#/(%B%2D(&#-('0("2#FD=(
a2(/9#/(/23*D(-1(1-%('0($1"/12%$;(
a2;('-(/23/9;(/9#/(C/230"#-('0(*%#2-%$;(
#-$(V#2"9'('0("2#FD=(
ÉÉÉ!
Z"2-!&"!B.)'.5*+.(-%('!C*+DD"."!&-))'!",!A+%(+![/+*)-!/*"2+!-!%-('.&+\!
[8"*-.D-U!8*+.(-%('!I't(;-?!GOWG?!GOWV\!
!
B"!*"5'*2+)'*"!&-,,+!,".14+!)'%(+.+!
J'"!($:+!%k!<-,,+!"2/*-%+!-!/-,,-1*".+!
c,-))"!%)+)"!%"-)-!+!*"5'*2+*-!
A+!,".14+!.'%)*+!F',1+*!8"'*-.)".+?!
Y-!<*+2+)-!+,,+!1-.)-!%'&&"%5+*-?!
>,!L4'.+.."!-!m,!I-,".!/"-.!&"!&'))*".+?!
9'-)"!-1*-1"?!F"!('.F"-.!($"+2+*-!
>.!F'%)*'!+d4)'U!/-*($s!%-.D+!,'*'?!
J'"!.'.!%+*-)-!)*'//'!<4'.!,+F'*'=!
!
Z-1',-!/"u!&"!(-.)'!"%*-1',+)-!
Y'/*+!",!.'%)*-!.+)k'!&',(-!"&"'2+!
Y'.'!%)+)-!('2/'%)-!-!'*&".+)-?!
M$-!1"+22+"!)+.)-!.'.!.-!F"&-!Z'2+e!
!
VPO!
!
!
!!!!!!!!!!!
I+!%'.'!%)+)-!5+))-!&+!<*"1+)-?!
M$-!.'.!$+.!%/+,,-!5'*)"!+!%k!1*+.!%'2+U!
c!/-*h!5".'!+!@4k?!)4))"!+..'!&+)'?!
M'2-!&"*-22'!.'"?!.-,,'!%(+*)+)'=!
!
M'%:i!/-*!&"*.-!",!F-*?!%)4/-.&+!-!%)*+.+!
M$-!.'.!,+!5+*"+!C"4((+!'!M+,+.&*".'?!
M$-!,+!1-.)-!A'2<+*&+!'!I+*($"1"+.+!
Z-1',+*!F'1,"+!",!/+*,+*!8"'*-.)".'=!
M$-!,:$+!($"+2+)+!,".14+!M'*)"1"+.+?!
M'2-!5-(-!",!M+,2-)+!9"+(-.)".'?!
c!.-!*-%)h!(',!#"<+,&-'!&:+(('*&-e!
I+!%:-1,"!i!/+DD'!,:4.?!,:+,)*'!i!<+,'*&'=!
!
>,!#*"55".!/'"?!($-!/-*!+,)*+!(+1"'.-!
84!4'2!&+<<-.?!,-))-*+)'!-!1+,+.)-?!
>)+,"+.+!($"+2',,+!('.!*+1"'.-?!
c!('.!+4)'*")l!&-,!.'%)*-!T+.)-U!
>,!Y+.+DD+*'!('.!/"u!&"%(*-D"'.-!
#'%(+.+!5-,,+?!+,!F-*!/"u!%"2"1,"+.)-e!
I+!",!L-2<'!/"-.!&:".%-1.'!-!&"!&'))*".+?!
9"*2'!($"+2',,+!A".14+!8"'*-.)".+=!
!
!
VPQ!
!
!
!!!!!!!!!!!
A-F+.%"!A4((+!%u?!9"%+!-!J',)-**+?!
M'*)'.+?!B*-DD'?!M+%)"1,"'.-!-!Y"-.+U!
c!F'1,"'.!)4))-!+!8"*-.D-!5+*!14-**+?!
M'.!,'*!9-*41"+!F"-.?!9'//"!-!L"<<"-.+e!
9'"($s!#'%(+.+!+.('*!,'*!($"4&-!-!%-**+e!
M'.!&"*?!($-!&-,,+!,".14+!F+1+!-!/"-.+!!
]-!F4',-!'1.4.+!,+!%4+!/+*)-!+F-*-=!
!
I+!&+!('%)'*'!i!)+.)+!&"55-*-.D+!
#*+:!F'(+<',"!-!m,!2'&'!&-,!/+*,+*-?!
c!,+!/*'.4.D"+?!($:!%:4%+!".!8"'*-.D+?!
M$-!.',!/')*-<<-!4'2!F"F'!2+"!/-.%+*-U!
B<<"+)-!)4))"!@4+.)"!/+("-.D+?!
M$-!m,!F-*!.'.!/4'%%"?!-!.'.!%"!&--!(-,+*-e!
M$-!,-!/+*',-?!-!m,!F'%)*'!/*'55-*"*-!
T+!%+.+!'*-(($"+!.'.!%"!/4h!%-.)"*-=!
!
j4+.&:"'!'&'!Y+.-%"!'!9-*41"."?!
c!5+F-,,+*-!"!A4(($-%"!-!"!9"%+."?!
J',)-**+.?!M'*)'.-%"!-!B*-)"."?!
9"%)',-%"?!9*+)-%"!-!L'*1$"1"+."?!
c!/'/',"!+,)*"!+!8"*-.D-!F"("."?!
I"!/+*!/*'/*"'!%-.)"*-!+<<+d+*!(+."e!
!
VPP!
!
!
!!!!!!!!!!!
M'.!+((-.)"!%k!%)*+."?!-!1'55"!2'))"?!
M$-!/+d'.!F-*+2-.)-!5+*,".1'))"=!
!
8"'*-.D+!+F*"+!5'*%:'11"!",!%4'!/'-)+?!
M"))+&"!",,4%)*"?!-!%"+!('.!/+(-!F'%)*+?!
T"%%-!",!9-)*+*(+?!($-!54!1"l!/*'5-)+?!
M'2-!",!%4'!M+.D'."-*!($"+*'!.-!2'%)*+U!
Y-14k!/'"!&"!%-!%)-%%'!2'%%'!+!/"-)+?!
j4-,,:4'2!&+<<-.?!($-!&"!/+*!%-('!1"'%)*+?!
]-,!%4'!T-(+2-*'.!/"4(($i!&"F".'?!
M$-!%(*"F-*!F',,-!".!F',1+*!8"'*-.)".'=!
!
A+!,".14+!.'%)*+!i!%"!&',(-!-!(+/+(-!
T:'1."!%'11-))'?!-!('%k!<-.-!-%/*"2-!
C,"!+55-))"!-!1-%)"!42+."!".!14-**+!-!m.!/+(-?!
M$-!2-))-*!%"!/4h!<-.!)*+!,-!&4-!/*"2-=!
]-,,+!/*'%+!",!L'((+(("'!)+.)'!/"+(-U!
#+.)'!/"+(-!",!9-)*+*(+!.-,,-!*"2-?!
M$:+!)4)):+,)*"!/'-)"!F+..'!+F+.)-e!
I+!5"."2'.&'!i!/'"!@4+.&'!F"-.!T+.)-=!
!
j4-%)"!)*-!&-1."!-!5+2'%"!%(*"))'*"!
#"!&+..'!)+.)+!,'&-!-!)+.)+!1,'*"+?!
!
SRR!
!
!
!!!!!!!!!!!
8"'*-.D+!<-,,+?!($-!)*+!,-!2+11"'*"!!
M"))l?!%-2/*-!&"!)-!%+*l!2-2'*"+e!
H.&-!(+*(+!.-!F+"!&"!)+.)"!'.'*"?!
T"!&',(-DD+?!-!&"!,'&"!($"+*-!-!F-*-?!
M$-!&"!)-!%"+!*"('*&'!".!'1."!%)'*"+e!
#+,($i?!,+!,'*!2-*(i?!&"-)*'!)"!F"-.-!
A:".F"))+!Z'2+?!-!,+!%4/-*<+!B)-.-=!
!
I+!&'F-!&'F-!,:B*"'%)'!*-%)+?!
M$-!<-.($s!.'.!%"+!.+)'!8"'*-.)".'?!
Yk!5"'*-.)".+2-.)-!,:+%)+!+**-%)+?!
M$-!%"!/4h!&"*?!($-!%"+!)4'!9+,+&".'o!
M'%)4"!&"!M$"+*+2'.)-!,+!1*+.!1-%)+?!
c!&-,!Z-!M+*,'!5"1,"4',!&"!9"/".'?!
T-,!1*+.!Z411"-*!%k!+,)'!-!&',(-!(+.)+?!
M$-!1"*1,"!/*-%%'!.-%%4.!.'.!%"!F+.)+=!
!
A+!A".14+!.'%)*+!i!<-.!&+!5'*-%)"-*"!
Y(*"))+!+%%+"!/"u!('**-))+!-!*-1',+)+e!
9-*($s!&+1,"!%(*"))'*!/4*"!-!%".(-*"!
A:+..'!,-11-.&'?!-!%)4&"+.&'!"2/+*+)+=!
B!.'"!/+*!&"!%+/-*,+?!-!F',-.)"-*"!
B!.'"!%)-%%"!(*-&"+2e!2+!($"!<-.!14+)+?!
!
SRG!
!
!
!!!!!!!!!!!
J-&*l!1,"!%(*"))"!.'%)*"!@4+%"!)4))"!
T:-**'*"!-!&"%('*&+.D-!/"-."!-!<*4))"=!
!
c%(+!'2+"!54'*!@4-%)+!F'%)*+!C*+22+)"(+U!
]'.!("!5+)-!%)'*"+*!)4))'!@4-%):+..'e!
B(("'(($i!/-*!)-'*"(+!-!/-*!/*+)"(+!
A:"2/+*".!<-.!(','*?!($-!.'.!,+!5+..'e!
B.('*($:+!2',)"!/+*!('%+!*-2+)"(+?!
]i!,-!*-1',-!,'*!/-,!(+/'!F+..'e!
#-.-.&'!(-*)'?!($:'1.4.!".!F',1+*-!
9'%%+!+!%4'!2'&'!%(*"F-*-!-!/+*,+*-=!
!
j4+.)'!('%)'*!%:".1+..".'?!'1.4.!F-&-U!
A'!F-&-!($"+*'!'1.4.?!($:$+!5"'*!&:".1-1.'e!
A-11-!",!L'((+(("'!/4*!($"!.'.!,'!(*-&-?!
c!m,!9-)*+*(+?!($-!%-('!.-))+!",!%-1.'=!
8+4.-!",!1*+.!L-2<'!2+."5-%)+!5-&-?!
I'%)*+.&'!+/-*)'?!($-!,:+,)-*'!-!&-1.'!
]'%)*'!%-*2'.?!('2-!",!A+)".'!-!m,!C*-('?!
Z-1',-!+.($:-1,"?!-!'%%-*F+.D+!$+!%-('=!
!
Y'.'!+%/-))+)+!('.!1*+.!%"(42-*+!
j4-%)-!*-1',-!F'%)*-!&+,,+!1-.)-e!
!
SRV!
!
!
!!!!!!!!!!!
9-*'(($i!".!<*-F-!)-2/'!'1.4.'!%/-*+!
Y(*"F-*-!-!5+F-,,+*!('**-))+2-.)-=!
H/*+)-!&4.@4-!F'"!&"!)+,!2+."-*+?!
M$-!.-!%"+)-!,'&+)"!5".+,2-.)-e!
9-*($i!&-:!8"'*-.)".!%"+!,:'.'*!%','U!
c!"!5'*-%)"-*!%"!2-."!,:+%%"4','=!
!
M'2-!&"!M+.)+,"D"'!-!&"!C4-**".'!
Y'.!,-!*-1',-!%/'%)-!-!&"($"+*+)-?!
Y'/*+!",!/+*,+*-!'!Z'2+.'!'!A+)".'e!
M'%k!,-!F'%)*-!+.('*!%+*+..'!4%+)-?!
]'.!/4*!&+,!/'/',!#'%('!-!8"'*-.)".'?!
c!/-*!)4))+!,:>)+,"+!(-,-<*+)-e!
I+!.-,,-!)-**-!-!/+-%"!,'.)+."?!
A:"2/+*-*+..'!".5".!1,"!H,)*+2'.)+."=!
!
B((".1-)-F"!&4.@4-!+,,:+,)+!"2/*-%+U!
c!,+F'*+.&'!+.&+)-!&"!<4'.!('*-e!
M$-!.'.!F"!/4h!,+!/+,2+!-%%-*!('.)-%+?!
T4-!%('*)-!+F-.&'!&"!%k!1*+.!F+,'*-?!
M$-!&:'1.:".)*"1'!+,5".?!&:'1."!('.)-%+!
J"!(+F-*+.e!2+!%-!<*+2+)-!'.'*-?!
B<<"+)-!".!@4-"!&4-!/4*!5-*2+!%/-*+.D+?!!
!
SRS!
!
!
!!!!!!!!!!!
M$:"'!F"!*"('*&'!.-,,+!/*"2+!%)+.D+=!
!
g.:+,)*+!('%+!+.('*+!4)",-!-!<-,,+!
8+*!F"!('.F"-.-?!-!+,!/'/','!2'%)*+*-U!
Y-!('2-!%"!/*'.4.D"+!-!%"!5+F-,,+?!
Y(*"F-*!%"!&-<<+!+,5".-!-!('2/")+*-U!
M$"+*"*?!%-!.-,,+!.'%)*+!+,2+!5+F-,,+?!
Y"!&-<<+!%(-2/"'!'!&'//"'!",!D-)+!4%+*-e!
M$-!%-2/*-!.'.!%"!F+&+!&4<")+.&'U!
c!%-!,:p!-!m,!b!&-..'!+F-*!<+.&'=!
!
81(/9%(2%.12&%20(1.(/9%(830"#-(*#-)3#)%(
u13;(f91(9#B%(J%%-(%*%"/%$(/1(03"9(#(-1J*%((
:/#/'1-;(*'Y%(?'*)2'&0;(D13(0%%Y(/1(2%.12&(
a32(B%2-#"3*#2(6*12%-/'-%(/1-)3%=(
,.(D13(f'09(/1(0#/'0.D(/9%(?%1?*%;(
,/(J%911B%0(D13(/1("#**(^31-#--'(#-$(E%*'-;(
,**30/2'130(?1%/0;(f%**P*%#2-%$;(
612(9%*?j(J%"#30%(f'/913/(/9%&;(
u132(f12Y(f13*$(-1/(J%(01()2%#/=(
(
E12%(/9#-(#(93-$2%$(23*%0(#-$(%N"%?/'1-0(
a-(132(-#/'B%(/1-)3%;(0f%%/('$'1&0;(
!
SRW!
!
!
!!!!!!!!!!!
5#B%(J%%-("1&?10%$(#-$(12$%2%$j(
L1/(%B%-(71&%(9#0(0%%-(01(&#-Dj(
^3/(/9%D(f%2%(&#$%(JD(J2')#$%0;(
M910%(0913*$%20("#--1/(J%#2(/9%(J32$%-H(
!-$(3-/'*(-1f;(%B%2D1-%(9#0(1-*D((
G'0"#2$%$(#(f%')9/;(#0(f%(0#D=(
(
,-(/23/9;('/A0(#(0/2#-)%(#-$(0/3?%-$130(/9'-)(
L1/(%B%-(X'3""#(12(4#*#-$2'-1(f13*$($1;(
89#/(/9%(<1&J#2$0(12(/9%(E#2"9%0'#-0(
M#-/(/1(2%)3*#/%(6*12%-/'-%(0?%%"9=(
:1&%(9#B%("#**%$('/(/9%(4132/'%2A0(/1-)3%;(
<'Y%(4#*&%/#(>'#"%-/'-1;(
!-$(#)2%%$(f'/9(8'J#*$%1j(
^3/('.(1-%('0("2#FD;(/9%(1/9%2('0(f#"YD=(
(
82'00'-1;(/9%-;(f91(f#0(1-"%(
!()11$(&#-;(*%//%2%$(#-$()#**#-/;(
4#**%$('/(,/#*'#-(f'/9()11$(2%#01-;(
!-$(f'/9(/9%(#3/912'/D(1.(132(1f-(G#-/%H(
:#-#FF#21;(f'/9(&12%($'0"2%/'1-;(
8913)9/('/(&12%(0'&'*#2(/1(830"#-H(
^3/(^%&J1;(.3**(1.(/%#"9'-)(#-$(*%#2-'-);(
!
SRN!
!
!
!!!!!!!!!!!
M#0(.'20/(/1("#**('/(6*12%-/'-%(<#-)3#)%=(
(
L1f(<3""#;(>'0#;(#-$(V1*/%22#(#2%(2'0%-;(
412/1-#;(!2%FF1;(4#0/')*'1-%(#-$(:'%-#(
!-$(#**(f#-/(/1(f#)%(f#2(1-(6*12%-"%;(
M'/9(>%23)'#;(>1??';(#-$(^'JJ'%-#j(
:'-"%(/9%D(#2%(0/'**(%-"*10%$('-(830"#-Dj(
!-$(%B%2D1-%(f#-/0(9'0(?#2/(1.(/9%(*#-)3#)%(
:#'$(/1(J%(01(J%#3/'.3*(#-$(.3**=(
(
^3/;('-(/9%'2(f12$0(#-$('-(/9%'2(f#D(1.(0?%#Y'-);(#-$('-(/9%'2(?21-3-"'#/'1-;('0(#(
G'..%2%-"%(01()2%#/(.21&(6*12%-"%A0;(
89#/(-1(*'B'-)(&#-("13*$('&#)'-%('/H(
^3/(J%(?#/'%-/;(#**(1.(D13H(
89%(/23/9("#-(#-$(0913*$(-1/(J%(9'$$%-j(
u132(f12$0;(D132(3//%2#-"%0;(
!2%('-'&'"#*(/1(#(0#-%(%#2=(
(
M9%-(,(9%#2(:'%-%0%(12(>%23)'-%0%;(
a2(<3""#-0(#-$(>'0#-0(/#*Y'-);(
V1*/%22#-0;(412/1-#-0;(#-$(!2%/'-%0;(
>'0/1*#-0;(>2#/'#-0;(#-$(^12)9')'#-0;(
!-$(1/9%2(?%1?*%("*10%(/1(6*12%-"%;(
!
SR^!
!
!
!!!!!!!!!!!
,/(013-$0;(/1(&%;(*'Y%(/9%(J#2Y'-)(1.($1)0j(
,-(#""%-/0(01(0/2#-)%;('-(03"9("*3&0D(@3'?0(
89#/(/9%D(/23*D(0%%&(*'Y%("*1f-0=(
(
6*12%-"%(&#D(9#B%('/0(?1%/(/1$#D;(
,**30/2'130("'/'F%-0;(#-$(?%#"%(J%(f'/9(D13;(
:#'$(>%/2#2"9;(f91(f#0(1-"%(#(?21?9%/;(
!0(9'0(:1-)J11Y("*%#2*D(091f0H(
L%N/;(&1B%$(/1(?'/D(JD(9'0(B%2D(0%*.;("#&%(
89#/(f%**P&%#-'-)(&#-(f91($#**'%0(f'/9(
5'0(G%"#&%21-;(J%D1-$($'B'-%;(
M91(#*01(013)9/(/1(f2'/%('-(6*12%-/'-%=(
(
a32(*#-)3#)%('0(01(0f%%/(#-$(B%20#/'*%(
!-$(01(f%**(%N?2%00%0(/9%(#..%"/0(#-$((
X%0/32%0(1.(93&#-'/D('-(f#2(#-$(?%#"%;(
89#/('/('0(f12/9D(1.(/9%(/f1(#J1B%=(
,-(?210%;(^1""#""'1('0(01(?*%#0'-);(
!-$('-(?1%/2D;(>%/2#2"9;(
89#/(/9%D(#2%(03?%2'12(/1(#**(1/9%2(?1%/0j(
!-$(/9%(*'-%('0($2#f-(2')9/(#./%2(G#-/%=(
(
89%0%(/92%%(f12/9D(#-$(.#&130(f2'/%20(
!
SRO!
!
!
!!!!!!!!!!!
5#B%()'B%-(J%#3/'.3*(6*12%-"%(03"9(?2#'0%(!-$()*12D(/9#/(#&1-)(/9%(&#s12("'/'%0;((
:9%(f'**(#*f#D0(J%(2%&%&J%2%$j(#-$(
X1%0(%B%2Df9%2%(9%#BD(f'/9(03"9(91-1320;(
7'-)'-)(01(0f%%/*D(f'/9(J2'**'#-/(#""1*#$%0((
89#/(09%(f'**(J%(.12%B%2(2%&%&J%2%$((
:3"9(/9#/(3-"1-@3%2%$(71&%(#-$(03?%2J(!/9%-0(J1f($1f-(/1(9%2(f'/9(&%2"D=(
(
^3/(f9%2%;(f9%2%($1%0(!2'10/1(2%0/;(
M91;(/913)9(-1/(J12-('-(6*12%-"%;(
:1(6*12%-/'-%*D(f'%*$0(9'0(21$;(
89#/(6*12%-"%(9%20%*.(0%%&0(/9%("9#&?'1-=(
a.(49'#2#&1-/%A0()2%#/($%%$0;(
!-$(1.(x'-)(49#2*%0;(01-(1.(>'?'-1;(
a.()2%#/(71)%2;(9%(0'-)0(01(*1./'*D;(
89#/(-1(1-%(#213-$(9'&('0(-1/(?213$=(
(
a32(*#-)3#)%('0(&12%("122%"/*D(f2'//%-(
!-$(2%)3*#/%$(JD(.12%')-%20;(J%"#30%(
89%(?32%0/(#-$(0'-"%2%0/(f2'/%20(*%#2-%$(
^D(2%#$'-)(#-$(0/3$D'-)('/=(M%(0%%&(/1((
x-1f('/;(#-$(J%*'%B%(f'**'-)*D('-(1320%*B%0;(
^3/(/910%(f91(*11Y(.21&(13/0'$%;(/9'-Y(132(M2'/'-)(#*&10/("1&?*%/%*D(.3**(1.((
C22120(#-$(3)*D("1-/2#$'"/'1-0=(
!
SRQ!
!
!
!!!!!!!!!!!
(
>3**(13/(D132(X2#&&#2(J11Y0;(/9%-H(
G1-A/(*%/(30(9'0/12'"'F%(#**(D%#2j(
,-(12$%2(/9#/(JD(/9%12D(#-$(JD(?2#"/'"%(
89%D(*%#2-('/(f%**(/910%(f91($1-A/($1('/j(
!-$(0/'**;(/1(&#-D('/(0%%&0(#(21/%(1?%2#/'1-;(
!-$(/9%(23*%0($1-A/(0/'"Y('-(&'-$j(
M9#/('0("%2/#'-('0(/9#/(#**("#-(0?%#Y(#-$((
M2'/%('-(9'0(1f-(f#D;('-(/9%(B%2-#"3*#2=(
(
CB%2D1-%(0%%0(/9%(2%.12&%20A($%-'#*H(
,/('0("*%#2(/1(%B%2D1-%(f'/9(/9%(.*1f%2(1.(f'/j(
M91(2%#$(^1""#""'1(%B%-(f'/913/(J%*'%B'-);(
!-$(>%/2#2"9;(f91(-%//#('*(0%)-1(
89%()2%#/(^%&J1('0(#(.#'/9.3*(%N#&?*%;(
:91f'-)(1?%-*D;(/9#/(132(*1./D(#-$(f12/9D(
:%2&1-;(*'Y%(/9%(<#/'-(#-$(/9%(X2%%Y(
5#0(23*%0;(/11;(#-$(1J0%2B#-"%0(f'/9(/9%&=(
(
89%(?%1?*%(01*%&-*D(#f#'/(
89%0%(23*%0(1.(D1320j(
^%"#30%(%B%2D1-%(91?%0(/1(f2'/%(#-$((
:'-)("122%"/*D;(f'/913/(&3"9($%*#D=(
!
SRP!
!
!
!!!!!!!!!!!
M12Y('-(03"9(#(f#D;(/9%-;((
89#/(D13(#2%(.'-#**D(?2#'0%$(.12(/9%&j(
89%(1-*D(91-132(0913*$(J%(.12(6*12%-/'-%0;(
M9'*%(.12%')-%20("9'2?(*'Y%(-')9/'-)#*%0=(
(
O30/(#0(/9%(23*%0(1.(4#-/#*'F'1(#-$(X3%22'-1(
a-(/9%(71&#-(12(<#/'-(/1-)3%(
CN?10%$(#-$($%"*#2%$j(
:1;(/11;(D132(23*%0(f'**(J%(30%$(
L1/(s30/(JD(830"#-(#-$(6*12%-/'-%(?%1?*%;(
!-$("%*%J2#/%$('-(#**(1.(,/#*Dj(
^3/(1/9%2(*#-$0(#-$(.#2#f#D("13-/2'%0(
+?(/1(/9%(&13-/#'-0(f'**(*%#2-(/9%&;(/11=(
(
^2#"%(D1320%*B%0(.12(/9%(*1./D(/#0YH(
!-$(f12Y'-);()1(f'/9(9#??D(9%#2/0j(
u132(?2#'0%f12/9'-%00('0(3-"1-/%0/%$;(
8f1(%0"12/0(1.(3-$'0?3/%$(B#*3%(
M'**($')(D13(13/(1.(%B%2D(@3#22%*;(
CB%2D(0"9%&'-)(?*1/;(%B%-=(^3/('.(D13($%0'2%((
51-132;(9#B%(.#'/9('-(/910%(%0"12/0;(
89#/(,(&%-/'1-%$('-(/9%(.'20/(0/#-F#=(
(
!
SGR!
!
!
!!!!!!!!!!!
,/(J%911B%0(D13(/1($1(#-1/9%2(30%.3*(#-$((
^%#3/'.3*(/9'-)H(/1(091f(/9%(?%1?*%(
51f(/1(?21-13-"%(#-$(91f(/1(/%**(0/12'%0;(
51f(/1(f2'/%;(#-$(91f(/1("1&?10%H(
4*#2'.D('.(f9%/9%2('-(132(013*.3*(0'-)'-);(
M%(0913*$(30%(#(0'-)*%(12(#($13J*%(FH(
:1(/9#/(f%(0913*$(-%B%2($13J/(1320%*B%0H(
!-$('.(/9%(_(#-$(/9%(x(0913*$(J%(J#--%$=(
É!
A+!1-,'%"+![Y'.-))'!AppJ>\!
M',!&',(-!".%"-2-!&"!J-.-*-!5"1,"'!
]+(@4-!+&!4.!/+*)'!,:-2/"+?!"."@4+!-!*"+?!
9-*5"&+?!(*4&+?!".1*+)+!C-,'%"+?!
M'.)*'!+,,+!@4+,!.'.!F+,!5'*D+!'!('.%"1,"'=!
j4-%)+!(',!&-.)-!%-2/*-!-!(',,:+*)"1,"'!
Y)*411-!",!<-.-!+2'*'%'?!-!%-2/*-!(*"+!
]4'F"!)'*2-.)"e!'.&-!/-*!+2/"+!F"+!
I-.+!1,"!+."2+,"!+!2'*)-!-&!+!/-*"1,"'=!
M'2-!,:+."2+!",!('*/'?!-!m,!('*/'!,:'2<*+?!
J+!%-14")+.&'!B2'*U!.i!2+"!%"!/'%+?!
#+.)'?!($-!%-('!+55+))'!2+.(+!-!24'*-=!
M'%k?!2-.)*-($i!m.!F'"!%"+!F"F'!B2'*-?!
]'.!2+"!&"!@4-%)+!5"-*+!+*-)-!/'%+?!
!
SGG!
!
!
!!!!!!!!!!!
M$-!%-2/*-!F"!)-**l!,+!2-.)-!".1'2<*+=!
!
O%#*130D(g:1--%/(<__V,h(
81)%/9%2(f'/9(0f%%/-%00;('-(1-%(J'2/9;(#-$((
:1-(1.(V%-30;(/9%('&?'130;(.'*/9D;(#-$(G#&-%$;(?%2.'$'130;("23%*;(3-)2#/%.3*(O%#*130D(f#0(J12-;(
0/21-)%2(/9#-(#-D(.12"%(a2("13-0%*=(:9%;(f'/9(9%2(/%%/9(#-$("*#f0(
G%0/21D0(/9%()11$-%00(1.(*1B%;(#-$("2%#/%0(
L%f(/12&%-/0j(09%(*%#$0(#-'&#*0(#-'&#*0(G1f-(#(f'$%(?#/9(/1($%#/9(#-$($#-)%2=((
<'Y%(/9%(013*(.1**1f0(/9%(J1$D;(#-$(/9%(^1$D;(/9%(09#$%;(09%(.1**1f0(<1B%;(#-$(L%B%2(2%0/0;(03"9(
/9#/(<1B%()1%0(&'00'-)(!-$($'%0=(,-(/9'0(f#D;(f9'*%(*1B%(*'B%0('-((
u13;('/('0(-%B%2(0%?#2#/%$(.21&(O%#*130DA0(>2'$%;(f9'"9(.12%B%2("*13$0(3?(D132(&'-$=(
É!
B!I=!L-.-&-))'!J+*($"!
#-2/'!i!'2+"?!/'"($i!(+.1"+)-!/-,'?!
M$-!/-.%"-*"!-!&-%"!(+.1"+*!&'F*-%)-?!
J+*($"!1-.)",?!F',1-.&'1,"!&+!@4-%)-!
M'%-!<+%%-!-!2'*)+,"?!+!<-.!&-,!("-,'U!
c!@4-,!Y"1.'*?!/-*!(4"!1*+.!(+,&'!-!1"-,'!
>.!4.!2-&-%"2'!)-2/'!+,!(4'*-!+F-%)-?!
A+%("+)-!".!)4))'U!-!m,!%+.)'!B2'*!(-,-%)-!
I-('!%-14")-!/"-.!&:+*&-.)-!D-,'=!
T+,,:4.'!+*-)-!&"%/"+(-*-!-!14-**+U!
T+,,:+,)*'!%-2/*-2+"!&",-))'!-!/+(-U!
!
SGV!
!
!
!!!!!!!!!!!
j4-,,'!i!&"!<"+%2'?!-!@4-%)+!&:'.'*!&4(-=!
A:4.!/'('!1"'F+?!-!,:+,)*'!%-2/*-!/"+(-U!
j4-,!2+.&+!m,!('*/'!-!,:+."2+!%'))-**+U!
j4-%):+,)*'!+,!("-,!/-*!&*"))+!F"+!('.&4(-=!
!
81(E=(^%-%$%//1(V#2"9'(
:'-"%(D13(9#B%("9#-)%$(D132(0Y'-;(
X%-/*%(V#2"9';('/('0(/'&%(#*01(.12(D13(/1((
49#-)%(D132(/913)9/0(#-$($%0'2%0;(/32-'-)(
89%&(.21&(/9%0%(J#0%(#-$(&12/#*(/9'-)0;(/1(
89%(9%#B%-0H(#-$(0%/(#0'$%(/9#/(L1J*%(0'2(.12(
f91&(D132(9%#2/(0'&3*/#-%130*D(J32-0(#-$((
.2%%F%0H(.1**1f(f'/9(&%;('-(#2$%-/(F%#*;(/9#/(
:#'-/*D("%*%0/'#*(<1B%=(
621&(1-%;(D13A**()%/(9#/2%$(#-$(f#2H(
621&(/9%(1/9%2;(1-*D($%*')9/(#-$(?%#"%H(
a-%('0($3Y%(1.(J*#&%;(/9%(1/9%2(1.(91-132;(
a-%('0(2#2%*D(s1D.3*;(/9%(1/9%2(#*f#D0(9#??DH(
a-%(0%-$0(/9%(J1$D(#-$(013*(3-$%2)213-$H(
89%(1/9%2(*%#$0(0/2#')9/(/1(9%#B%-=(
!
!
!
!
SGS!
!
!
!!!!!!!!!!!!!!!!!!!!
Works Cited
Primary Sources
Luigi Antontelli, L’uomo che incontrò se stesso, a cura di Giancarlo Sammartano (Roma:
Bulzoni editore, 1994).
Pietro Aretino, Dialogo del giuoco con moralità piacevole (Giovanni de Farri e fratelli: 1543)
MS Vatican City, Biblioteca Apostolica Vaticana, Chigi V.1286.
---, Del primo libro de le lettere di M. Pietro Aretino (1542) (Padova: Biblioteca universitaria,
Rari Nuova serie 8) 222-224.
---, “Lettera dell’Aretino allo Stradino,” May 6, 1541, in Poesie toscane piacevoli di diversi
autori, in MS Firenze, Biblioteca Nazionale Centrale, Carte Strozziane: II.i.398, 123r124v.
---, The School of Whoredom, transl. Rosa Maria Falvo, Alessandro Gallenzi, Rebecca Skipwith,
ed. Paul Bailey (London: Hesperus Press, 2003).
---, “Satira II (al duca di Fiorenza),” Quattro satire dell’Aretino non stampate all’Albicante, in
MS Firenze, Biblioteca Nazionale Centrale, Fondo Palatino: Pal. 10097, vol. III: Rime di
diversi autori, 1141-1147.
Autografi Palatini, Lett. al Varchi I and II in MS Firenze, Biblioteca Nazionale Centrale, Fondo
Palatino.
Sem Benelli, La cena delle beffe (Milano: Fratelli Treves, editori, 1909).
Francesco Berni, “Capitolo secondo della peste,” (Vicenza: Barezzo, Barezzi, 1603) in MS
Vatican City, Biblioteca Apostolica Vaticana, Chigi, VI, 1, 9v-10r.
!
SGW!
!
!
!!!!!!!!!!!!!!!!!!!!
Gabriel Bettini, “Sopra il recere,” in MS Firenze, Biblioteca Nazionale Centrale, Libreria
Mediceo-Palatina: Mgl. 1248 cl. VII, 105r/v.
Massimo Bontempelli, Minnie la candida (Milano: Mondadori, 1980).
“Capitolo in lode dell’Humore malancolica all’Humor da Bologna,” (Vicenza: Barezzo Barezzi,
1603) in MS Vatican City, Biblioteca Apostolica Vaticana, Chigi VI.1557.
Gino Capponi, “Capitolo sul catarro,” in MS Florence, Biblioteca nazionale centrale, Mgl. II, IV,
1, 46 verso
Annibal Caro, “Pellegrina Fenice in mezzo un foco” in Rime del Commendatore (Venezia:
Giambattista Novelli, 1747) MS Padova, Biblioteca universitaria, 62.a, 194.
---, Rime del Commendatore e la commedia Gli Straccioni (Venezia, Giambattista Novelli,
1747) MS Padova, Biblioteca universitaria, 62.a, 194.
Baldassare Castiglione, Prologo alla Calandria, in MS Rome, Biblioteca Corsiniana, Accademia
Nazionale dei Lincei, 93.F, 32, A2.
I tre libri d’amore di M. Francesco Cattani da Diacceto, filosofo e gentiluomo fiorentino, con un
Panegirico all’Amore et con la vita del detto autor,e fatta da M. Benedetto Varchi
(Vinegia: Gabriel Giolito de’ Ferrari, 1541); L.eleg.m. 734 q; Bayerische Staatsbibliotek,
digital: http://www.mdz-nbn-resolving.de/urn/resolver.pl?urn=urn:nbn:de:bvb:12bsb10184708-2
Francesco Cattani da Diacceto: Dello Amore, in 3 libri, MS Firenze, Biblioteca Nazionale
Centrale, Fondo Magliabechiano: Magl VIII 1444, cart. misc. XVI, 178-257.
Bernardo Dovizi da Bibbiena, The Comedy of Calandro in Five Comedies of the Italian
Renaissance, ed. and transl. Laura Giannetti and Guido Ruggiero (Baltimore: Johns
Hopkins UP, 2003).
!
SGN!
!
!
!!!!!!!!!!!!!!!!!!!!
Luigi Chiarelli, La maschera e il volto, a cura di Giancarlo Sammartano (Roma: Bulzoni editore,
1988).
Michel de Montaigne, The Essays (Les Essais), ed. Simon Millanges, bk. I, ch. 28, (Bordeaux:
1580, first edition).
Alfonso de’ Pazzi, Rime, in MS Parma, Bibliteca Palatina, Pal. 557: Cart, misc. XVI, 243-246.
Delle rime piacevole del Borgogna, Ruscelli, Sansovino, Doni, Lasca, Remigio, Anguillara,
Sansedonio, e d’altri vivac’ingegni mentre hanno scritto sue in vertigini, capricci,
fantasie e ghiribizzi (Vicenza, Barezzo Barezzi, 1603) in MS Biblioteca Apostolica
Vaticana, Chigi VI. 1557.
Lodovico Dolce, “Capitolo in lode dello sputo, a Messer Giacomo Gigli,” (Vicenza: Barezzo,
Barezzi, 1603) in MS Vatican City, Biblioteca Apostolica Vaticana, Chigi, VI, 1, 154r-v.
---, “Salva la verità, fra I Deci nove,” I capitoli del S. Pietro Aretino, Lodovico Dolce, Sansovino,
ecc. (Novi e fratelli: 1540) in MS Vatican City, Biblioteca Apostolica Vaticana, Capp. V,
519, int. 6.
Angelo Firenzuola, Il dialogo delle bellezze delle donne, in Opere scelte, a cura di Giuseppe
Fatini (Torino: UTET, 1969).
---, On the Beauty of Women, transl. and ed. Konrad Eisenbichler and Jacqueline Murray
(Philadelphia: U of Pennsylvania P, 1992).
Matteo Franzesi, “Capitolo in laude del verno” in Il primo libro delle opere burlesche di M.
Francesco Berni et al (Jacopo Broedelet, 1726, vol. II) in MS Padova, Biblioteca
Universitaria, 63, a, 80.
Veronica Gambara, “Mentre da vaghi, e giovenil pensieri,” Rime di diversi eccellenti autori
bresciani (MS Roma, Biblioteca corsiniana, 131.H.14 (3)).
!
SG^!
!
!
!!!!!!!!!!!!!!!!!!!!
Antonfrancesco Grazzini, “Il Lasca a chi legge,” in Delle rime piacevoli del Borgogna, Ruscelli,
Sansovino, Doni, Lasca, Remigio, Anguillara, Sansedonio, e d’altri vivae ingegni mentre
hanno scritto sue inventioni, capricci, fantasie, e ghiribizzi (Vicenza, Barezzo Barezzi,
MDCIII) in MS Vatican City, Biblioteca Apostolica Vaticana, Chigi, VI, 1557, 1v.
---, “Il Lasca in lode di M. Francesco Berni,” Delle rime piacevoli del Borgogna, Ruscelli,
Sansovino, Doni, Lasca, Remigio, Anguillara, Sansedonio, e d’altri vivac’ingegni mentre
hanno scritto sue intenzioni, capricci, fantasie, e ghiribizzi (Vicenza: Barezzo Barezzi,
1603) in MS Vatican City, Biblioteca Apostolica Vaticana, Chigi VI, 1557,
---, Rime di Antonfrancesco Grazzini detto il Lasca, parte prima (Firenze: Stamperia di F.
Moücke, 1741)
---, Rime di Antonfrancesco Grazzini detto il Lasca, parte seconda (Firenze, Stamperia di F.
Moücke, 1742)
---, Stanze burlesche del Lasca, in MS Firenze, Biblioteca Medicea-Laurenziana, Antinori 57.
Cart XVI. 103 fols.
---, Le commedie, a cura di Pietro Fanfani (Firenze: Le Monnier, 1897).
---, Opere di Antonfrancesco Grazzini, vol. 1, Le Cene ed altre prose, a cura di Pietro Fanfani
(Firenze: Le Monnier, 1857).
---, “Prologo,” Il frate, in Grazzini, Opere scelte, a cura di Guido Davide Bonino (Torino: UTET,
1974) 55-57.
---, “In nome di Luigi Pulci al Varchi,” Rime piacevoli del Lasca, in MS Firenze, Biblioteca
Nazionale Centrale, Libreria Mediceo-Palatina: Cl. VII, 177.
La gigantea, la nanea e la gverra dei mostri. Poemi di diversi (Firenze: Yverdon, 1772) Firenze,
Biblioteca Nazionale Centrale, MAGL.11.8.79.
!
SGO!
!
!
!!!!!!!!!!!!!!!!!!!!
Niccolò Martelli, “Capitolo della partenza da Roma” (Jacopo Broedelet, 1726, vol. III) in MS
Padova, Biblioteca Universitaria, 63, a, 81, 295-296.
Luca Martini, letter to Carlo Martini, 20 novembre 1540. MS Firenze, Archivio di Stato, A.S.F.
Carte Strozziane, serie prima, 137, f, 162r.
Giambattista Novelli, introductory note to Annibal Caro’s Rime del commendatore (Venezia:
1757). MS Padova, Biblioteca Universitaria, 62.a.194, vii
“Oratione o very letione fatta nella nobilissima academia humyda: Nella Academia Fiorentina
degli Humidi dallo eccellentissimo filosofo Messer Francesco Verino: exponendo Dante
nel XVI capitolo del Purgatorio … in Sante Maria Novella una domenica di Quaresima,”
in MS Florence, Biblioteca nazionale centrale, Mgl. II, IV, 1.
Luigi Pirandello, Il fu Mattia Pascal, introduzione e analisi del testo di Romano Luperini
(Torino: Loescher, 1993).
Luigi Pirandello, Il fu Mattia Pascal (Milano: Fratelli Treves, 1919).
Luigi Pirandello, L’umorismo in Opere di Luigi Pirandello, saggi e interventi, a cura di
Ferdinando Taviani (Milano: I Meridiani, Mondadori editore, 2006) 775-948.
Luigi Pirandello, Novelle per un anno, “Sole e ombra,” vol. 1, tomo 1 (Milano: Mondadori,
1985) 491-506.
Rime capriciose di diversi autori raccolte, scritte e ridote in VII volumi per Francesco Conti
Fiorentino, il primo giorno dell’anno MDLXXVIII in Firenze, Primo Libro: Alfonso de’
Pazzi. MS Florence, Biblioteca nazionale centrale, Mgl. VII, 898.
“Seguita un’altra letione fatta del Medesimo la Domenica vegnento exponendo Dante nel primo
capitolo del Paradiso che comincia … nella sala del papa con grandissimo concorso
!
SGQ!
!
!
!!!!!!!!!!!!!!!!!!!!
d’Accademici et d’altri città,” in MS Florence, Biblioteca nazionale centrale, Mgl. II, IV,
1.
Sperone Speroni, “Dialogo d’amore,” I dialoghi di Messer Sperone Speroni (Venezia, Aldus
Manutius, 1542). MS Padova, Biblioteca universitaria, Rari Nuova Serie 67.
Dialogi di M. S. Speroni, nuovamente ristampati e con molta diligenza riveduti e corretti
(Venezia: Aldus Manutio, 1542). MS Firenze, Biblioteca Nazionale Centrale, RARI. Ald.
1.3.34./a.
Dialogi di M. S. Speroni, nuovamente ristampati e con molta diligenza riveduti e corretti
(Venezia: Aldus Manutio, 1543). MS Firenze, Biblioteca Nazionale Centrale, MAGL
12.7.331.
Umidi – Capitoli, composizioni e leggi dell’accademia (Francesco Marmi, 1730) MS Florence,
Biblioteca nazionale centrale, Mgl. II, IV, 1.
Benedetto Varchi, “Discorso sulla generazione della terra,” in Due lezioni di M. Benedetto
Varchi, l’una d’Amore e l’altra della Gelosia (Lione, Gulielmo Rovillo, 1560). MS
Vatican City, Biblioteca Apostolica Vaticana, Capp V. 200.
---, Dell’Alchimia, MS Firenze, Biblioteca Nazionale di Firenze, Fondo Magliabechiano, Cl.
XVI, 126.
---, Lezione di M. Benedetto Varchi nella quale si dichiarano cinque questioni d’amor (Fiorenza:
Giunti, 1561); Firenze, Biblioteca nazionale centrale, MAGL 3.5.481.2.
---, Lezione di M. Benedetto Varchi sopra la generazione de’ Mostri e se sono intesi dalla
Natura o no, fatta da lui pubblicamente nell’Accademia Fiorentina la prima e seconda
Domenica di luglio, l’anno 1548; Lezione su Purgatorio XXV (ossia, sulla generazione
del corpo umano), letto da lui pubblicamente nella felicissima Accademia Fiorentina, il
!
SGP!
!
!
!!!!!!!!!!!!!!!!!!!!
giorno dopo San giovanni dell’anno 1543; Lezione della natura, letta pubblicamente
nell’Accademia Fiorentina, la prima Domenica di Quaresima dell’anno 1547; Lezioni di
M. Benedetto Varchi, nella quale si tratta della natura, della generazione del corpo
humano e dei mostri, letta da lui pubblicamente nell’Accademia Fiorentina (Firenze:
Giunti, 1560); Firenze, Biblioteca nazionale centrale, Fondo Magliabechiano,
MAGL.3.5.481.1.
---, Lezione di M. Benedetto Varchi sopra un sonetto del Reverendissimo Monsignore Pietro
Bembo, letta di lui publicamente nell’Accademia Padovana, la seconda domenica di
settembre dell’anno 1540; see La seconda parte delle lezzioni di M. Benedetto Varchi,
nella quale si contengono cinque lezzioni d’amore, lette da lui publicamente
nell’Accademia di Fiorenza e di Padova (Fiorenza: Giunti, 1561); Firenze, Biblioteca
nazionale centrale, MAGL 3.5.481.2.
---, Lezione sopra un sonetto del molto reverendo e virtuosissimo Mons. M. Giovanni della Casa,
Dove si tratta della Gelosia. Con alcune quistioni dal medesimo autore nuovamente
aggiunte. in MS Firenze, Biblioteca Nazionale Centrale, Mgl. 3.4.481.2.
Varchi (et al), Poesie diverse di diverse autori. MS Firenze, Biblioteca Nazionale Centrale,
Libreria Mediceo-Palatina: Cl. VII, 249, 1r.
---, Prologo e Lettera dedicatoria a Cosimo de’ Medici in La suocera, MS Rome, Biblioteca
Corsiniana, Accademia nazionale dei Lincei, 58, H, 41.
---, “Sulla gelosia” and “Lezione sul sonetto di Michelangelo” in Due lezioni di M. Benedetto
Varchi (Firenze: Lorenzo Torrentino, 1549).
Secondary Sources:
!
SVR!
!
!
!!!!!!!!!!!!!!!!!!!!
Jacob B. Agus, The Prophet in Modern Hebrew Literature, Cincinnati: Hebrew Union College
Press, 1957.
Noga Arikha, “’Just life in a nutshell:’ Humours as common sense,” The Philosophical Forum
39.3 (2008): 303-14.
Jon Arrizabalaga, “The Death of a Medieval Text: The Articella and the Early Press,” in
Medicine from the Black Death to the French Disease, eds. Roger French, Jon
Arrizabalaga et al (Brookfield: Ashgate, 1998) 184-220.
Angelo Baiocchi (ed.), “Benedetto Varchi, nota introduttiva,” Storici e politici del cinquecento,
Tomo I: Storici e politici fiorentini del cinquecento (Milano: Ricciardi editore, 1994)
733-749.
Mikhail Bakhtin and Patricia Sollner, “Rabelais and Gogol: The Art of Discourse and the
Popular Culture of Laughter,” Mississippi Review 11.3 (1983): 34-50.
Mario Baratto,”La fondazione di un genere (per un’analisi drammaturgica della commedia del
Cinquecento)” in Il teatro italiano del Rinascimento, a cura di Maristella de Panizza
Lorch (Milano, Edizioni di Comunità, 1980) 3-24.
Paul Barolsky, “Cellini, Vasari, and the Marvels of Malady,” The Sixteenth Century Journal 24.1
(1993): 41-45.
Hans Baron, In search of Florentine Civic Humanism. Essays on the Transition from Medieval to
Modern Thought, 2 vols., vol. 1 (Princeton: Princeton University Press, 1988) 134-139.
Guido Davide Bonico, Introduction to Opere scelte di Antonfrancesco Grazzini (Torino: UTET,
1974).
Ettore Bonora, Retorica e invenzione (Milano: Rizzoli, 1970).
!
SVG!
!
!
!!!!!!!!!!!!!!!!!!!!
O. A. Bontempo, “Italian Literature in 1934,” The Modern Language Journal 19.8 (1935): 58395.
Nino Borsellino, Gli anticlassicisti: Il cinquecento dal Rinascimento alla controriforma (Roma:
Laterza, 1975).
Nino Borsellino, “La memoria teatrale di Pietro Aretino: I prologhi della ‘Cortigiana’” (Milano,
1980) 225-40.
Jacques Bos, “The rise and decline of character: humoural psychology in ancient and early
modern medical theory,” History of the Human Sciences 22.29 (2009): 30-51.
Noel L. Brann, “Is acedia melancholy? A re-examination of this question in the light of Fra
Battista da Crema’s Della cognitione et vittoria di se stesso (1531),” Journal of the
history of medicine and the allied sciences 34.2 (1979): 180-99.
Peter M. Brown, Lionardo Salviati. A Critical Biography (Glasgow: Oxford UP, 1974).
Piers Britton, “’Mio malinchonico, o vero … mio pazzo’: Michelangelo, Vasari, and the Problem
of Artists’ Melancholy in Sixteenth-Century Italy,” The Sixteenth Century Journal 34.3
(2003): 653-75.
Francesco Bruni, “Sperone Speroni e l’Accademia degli Infiammati,” Filologia e letteratura 13
(1967): 24-54.
Francesco Bruni, Sistemi critici e strutture narrative (Ricerche sulla cultura fiorentina del
rinascimento) (Napoli: Liguori, 1969).
Judith Bryce, “The oral world of the early Accademia Fiorentina,” Renaissance Studies 9.1
(1995): 77-103.
Melissa Meriam Bullard, “The Inward Zodiac: A Development In Ficino’s Thought on
Astrology,” Renaissance Quarterly 43.4 (1990): 687-708.
!
SVV!
!
!
!!!!!!!!!!!!!!!!!!!!
Giovanni Calendoli, “The Theatre of the Grotesque,” trans. Denise Applin, The Drama Review
22.1 (1978): 13-16.
Patrizia Castelli, “La Rinascita del Rinascimento: reinterpretazioni ed estetismi tra melodramma
e cinema,” Storia dell’arte 118 (2007): 73-104.
Massimo Ciavolella, La malattia d’amore dall’antichità al medioevo (Roma: Bulzoni, 1976).
C.S. Celenza, “Academy,” in A. Grafton, G. Most, and S. Settis, eds., The Classical Tradition
(Cambridge: Harvard University Press, 2010) 1-3.
---, “Francesco Cattani da Diacceto’s De pulchro II.4 and the Practice of Renaissance
Platonism,” Accademia 9 (2009): 87-98.
---, "Humanism and the Classical Tradition,” Annali d’Italianistica 26 (2008), 25-49.
“Collera” – Vocabolario dell’Accademia della Crusca, First to fifth editions (Venice: Giovanni
Alberti, 1612 ). Web: vocabolario.sns.it.
---, Tesoro della lingua italiana delle origini (Pietro G. Beltrami, 1997). Web:!
http://tlio.ovi.cnr.it/
Antonio Corsaro, “Esegesi Comica e storia del comico nel Cinquecento,” L’esegesi parodistica e
giocosa del Cinquecento, a cura di Antonio Corsaro e Paolo Procaccioli (Roma:
Vecchiarelli editore, 2002) 33-48.
Baldo Curato (ed), Sessant’anni di teatro in Italia: da Giovanni Verga a Ugo Betti (Milano:
Denti, ??)
Silvio D’Amico, Il teatro dei fantocci (Firenze: Vallecchi, 1920).
Mark Davie, “Luigi Pulci’s Stanze per la giostra: Verse and Prose Accounts of a Florentine Joust
of 1469,” Italian Studies 44 (1989): 41-58.
!
SVS!
!
!
!!!!!!!!!!!!!!!!!!!!
Carlo Dionisotti, “La letteratura italiana nell’età del concilio di Trento” in Geografia e storia
della letteratura italiana (Torino: Einaudi, 1967) 227-254.
Enrico Emanuelli, introduction to Le cene di Antonfrancesco Grazzini, a cura di Enrico
Emanuelli (Milano: Bompiani, 1946) vii-xxii.
Patricia Emison, “The Ignudo as Proto-Capriccio,” Word and Image 14.3 (1998): 281-295.
Enciclopedia italiana di scienze, lettere ed arti (Roma: Istituto Giovanni Treccani, 1929-1939)
671-672.
Brad Epps, “Grotesque Identities: Writing, Death, and the Space of the Subject Between Michel
de Montaigne and Reinaldo Arenas,” The Journal of the Midwest Modern Language
Association 28.1 (1995): 38-55.
Elizabeth C. Evans, “Galen the Physician as Physiognomist,” Transactions and Proceedings of
the American Philological Association 76 (1945): 287-89.
Luigi Ferrante, Teatro italiano grottesco (Bologna: Cappelli, 1964).
Jefferson Butler Fletcher, Literature of the Italian Renaissance (New York: The MacMillan
Company, 1934).
Roger French, Canonical Medicine. Gentile da Folegno and Scholasticism (Boston: Brill, 2001).
---, Medicine Before Science. The Business of Medicine from the Middle Ages to the
Enlightenment (Cambridge: Cambridge University Press, 2003).
Eugenio Garin, “L’educazione umanistica,” La letteratura italiana. Per saggi storicamente
disposti, 2 vols., vol. 2, Il quattrocento, eds. Lanfranco Caretti and Giorgio Luti (Milano:
Mursia editore, 1975) 15-18.
Laura Giannetti, “Italian Reniassance Food Fashioning or the Triumph of Greens,”
!
SVW!
!
!
!!!!!!!!!!!!!!!!!!!!
(California Italian Studies Journal, 1.2 (2010), digital:
http://escholarship.org/uc/item/1n97s00d).
Mark Grant, Galen on Food and Diet (New York: Routledge, 2000).
Reinhold Grimm, “From Callot to Butor. E.T.A. Hoffman and the Tradition of the Capriccio,”
MLN 93.3 (1978): 399-415.
M. A. Harris, “The Origin of the Seventeenth Century Idea of Humours,” Modern Language
Notes 10.2 (1895): 44-46.
Ruggero Jacobbi, guida per lo spettatore di teatro (Firenze: Casa editrice G. D’Anna, 1973).
Wolfgang Kayser, The Grotesque in Art and Literature, trans. Ulrich Weisstein (New York (rpt):
Indiana University Press, 1963).
Helen King, “Green Sickness: Hippocrates, Galen, and the Origins of the ‘Disease of Virgins,’”
International Journal of the Classical Tradition 2.3 (1996): 372-87.
Raymond Klibansky, Erwin Panofsky, Fritz Saxl, Saturn and Melancholy: Studies in the History
of Natural Philosophy, Religion, and Art (New York: Basic Books, 1964).
Paul Oskar Kristeller, Renaissance Thought and Its Sources, ed. Michael Mooney (New York:
Columbia University Press, 1979).
---, Francesco da Diacceto and Florentine Platonism in the sixteenth century (Vatican City:
Biblioteca apostolica vaticana, 1946).
La letteratura italiana, storia e testi, dir. da Raffaele Mattioli, Pietro Pancrazi e Alfredo
Schiaffini, vol. 26, tomo 1: Folengo, Aretino, Doni: Teofilo Folengo (Milano: Ricciardi
editore, 1976-77).
!
SVN!
!
!
!!!!!!!!!!!!!!!!!!!!
P. Larivaille, “L’Orazia de l’Arétin,” in Les écrivains et le pouvoir en Italie à l’époque de la
Renaissance, première série, ed. André Rochon (Paris: Université de la Sorbonne
Nouvelle, 1973) 279-360.
Edoardo A. Lebano, “Luigi Pulci and Late Fifteenth-Century Humanism in Florence,”
Renaissance Quarterly 27.4 (1974): 489-98.
S. Longhi, “La poesia burlesca, satirica, didascalica” in Manuale di Letteratura Italiani: Storia
per generi e problemi, vol. 2, Dal cinquecento alla metà del settecento, a cura di Franco
Brioschi e Costanzo Di Girolamo (Torino: Bollati Boringhieri, 1994) 293- 304.
Gigi Livio, Teatro grottesco del Novecento, Antologia (Milano: Mursia, 1965).
---, La scena italiana. Materiali per una storia dello spettacolo dell’Otto e Novecento (Milano:
Mursia, 1989).
Romano Luperini, Il fu Mattia Pascal, introduzione e analisi del testo (Torino: Loescher, 1993)
1-103.
Michele Maylender, Storia delle accademie d’Italia, 5 vols., vol. 5 (Bologna: Cappelli, 1930).
Ian F. McNeely, “The Renaissance Academies Between Science and the Humanities,”
Configurations 17.3 (2009): 227-58.
Joshua N. Moon, Jeremiah’s New Covenant: an Augustinian Reading (Winona Lake:
Eisenbrauns, 2011).
Pam Morris (ed.), The Bakhtin Reader. Selected Writings of Bakhtin, Medvedev, Voloshinov
(London: Glossary Edward Arnold Publishers Ltd., 1994)
Edward Muir, “The Idea of Community in Renaissance Italy,” Renaissance Quaterly 55.1
(Spring 2002): 1-18.
!
SV^!
!
!
!!!!!!!!!!!!!!!!!!!!
---, Culture wars of the Late Renaissance: Skpetics, Libertines, and Opera (Cambrige: Harvard
UP, 2007).
John M. Najemy, A History of Florence: 1200-1575 (Malden: Blackwell Publishers, 2006).
Dini Olinto, Il Lasca tra gli Accademici (Pisa, Francesco Mariotti, 1896).
Paolo Orvieto, Pulci medievale (Roma: Salerno editrice, 1978).
Pina Palma, “Of Courtesans, Knights, Cooks, and Writers: Food in the Renaissance,” MLN 1.19
(2004): 37-51.
Maria Dolores Pesce, Massimo Bontempelli drammaturgo (Alessandria: Edizioni dell’Orso,
2008).
Franco Pignati, “’ll Comento di Maestro Niccodemo dalla Pietra al Migliaio’ del Lasca:
Preliminari per un’edizione e note critiche,” L’esegesi parodistica e giocosa del
Cinquecento (Roma: Vecchiarelli editore, 2002) 109-146.
Umberto Pirotti, Benedetto Varchi e la cultura del suo tempo (Firenze: Olschki editore, 1971).
Michel Plaisance, L’académie et le prince: Culture et politique à Florence au temps de Côme Ier
et de François de Médicis (Roma: Vecchiarelli editore, 2004) 39-49.
---, “Il Piangirida d’Antonfrancesco Grazzini,” (Roma: Vecchiarelli editore, 2002) 99-108.
---, Antonfrancesco Grazzini Dit Lasca (1505-1584). Écrire dans la Florence des Médicis
(Roma: Vecchiarelli editore, 2005).
Giorgio Pullini, Teatro italiano fra due secoli, 1850-1950 (Firenze: Parenti, 1958).
Alice Rathé, “Le Capriccio dans les écrits de Vasari,” Italica 57.4 (1980): 239-254.
---, Untitled, Les lettres romanes 34 (1980): 207-245.
Paul Remshardt, Staging the Savage God. The Grotesque in Performance (Carbondale: Southern
Illinois University Press, 2004).
!
SVO!
!
!
!!!!!!!!!!!!!!!!!!!!
Charles Richet, “An Address on Ancient Humourism and Modern Humourism,” The British
Medical Journal 2.2596 (1910): 921-26.
Robert J. Rodini, Antonfrancesco Grazzini. Poet, Dramatist, and Novelliere. 1503-1584
(Madison: University of Wisconsin Press, 1970).
Richard S. Samuels, “Benedetto Varchi, the Accademia degli Infiammati, and the Origins of the
Italian Academic Movement,” Renaissance Quarterly 29.4 (1976): 599-634.
Maria Elena Santuccio, “Scena di Famiglia: dal carattere del teatro borghese ai ruoli
pirandelliani,” Quaderni d’Italianistica 31.1 (2010): 141-71.
Michael Sherberg, “The Accademia Fiorentina and the Question of the Language: The Politics of
Theory in Ducal Florence,” Renaissance Quarterly 56.1 (2003): 26-55.
Nancy Siraisi, The Clock and the Mirror: Girolamo Cardano and Renaissance Medicine
(Princeton: Princeton University press, 1997).
---, “Giovanni Argenterio and Sixteenth-Century Medical Innovation: Between Princely
Patronage and Academic Controversy,” Osiris, second series, vol. 6, (1990): 161-80.
---, “Medicine and the Renaissance World of Learning,” Bulletin of the History of Medicine 78.1
(Spring 2004): 1-36.
Adriano Spatola, Introduzione all’Arzigogolo (Bologna: Sampietro editore, 1967).
Antonio Staüble, “Una ricerca in corso: il personaggio del pedante nella commedia
cinquecentesca,” Il teatro italiano del Rinascimento (Milano, Edizioni di Comunità,
1980) 85-101.
Walter Stephens, Giants in those days: Folklore, Ancient History, and Nationalism (Lincoln: U
of N Press, 1989).
!
SVQ!
!
!
!!!!!!!!!!!!!!!!!!!!
Simona Storchi, “Massimo Bontempelli Between De Chirico and Nietzsche: Mannequins,
Marionettes, and the Dehumanised Subject in La scacchiera davanti allo specchio and
Eva ultima,” Romance Studies 27.4 (2009): 283-310.
Teatro del Cinquecento, tomo 1: La Tragedia, a cura di Renzo Cremante (Milano: Ricciardi
editore, 1988).
Philip Thomson, The Grotesque (London: Methuen & Co., 1972).
Adriano Tilgher, Studi sul teatro contemporaneo (Roma: Libreria di Scienze e lettere, 1928).
Luigi Tonelli, Il teatro contemporaneo italiano (Milano: Corbaccio, 1936).
Charles Trinkaus, “The Astrological Cosmos and Rhetorical Culture of Giovanni Gioviano
Pontano,” Renaissance Quarterly, 38.3 (1985): 446-72.
Filippo Tuena, La passione dell'error mio. Il carteggio di Michelangelo. Lettere scelte 15321564 (Roma: Fazi, 2002).
Giulio Vallese, “Il ‘Morgante’ e l’antiumanesimo del Pulci,” Italica 3.2 (1953): 81-86.
Michael Vena, “The Grotteschi Revisited,” Forum Italicum 31.1 (1997): 153-73.
Carlo Verzone, Introduction to Le rime burlesche edite e inedite di Antonfrancesco Grazzini
detto il Lasca (Firenze: Sansoni, 1882) xvii-xviii.
Mario Verdone, Teatro del Novecento (Brescia: Editrice La Scuola, 1981).
Daniele Vianello, L’arte del buffone. Maschere e spettacolo tra Italia e Baviera nel XVI secolo
(Roma: Bulzoni editore, 2005).
Valerio Vianello, “Fuoriuscitismo politico fiorentino e produzione letteraria nel Cinquecento,” in
Contributi Rinascimentali: Venezia e Firenze, a cura di Giorgio Padoan (Padova: Aldo
Francisi editore, 1982) 133-163.
---, Il letterato, l’Accademia, il libro (Padova, editrice Antenore, MCMLXXXVII) 84, 142.
!
SVP!
!
!
!!!!!!!!!!!!!!!!!!!!
---, “Sperone Speroni: Opere, stile e traduzione: Un ventennio di studi (1968-1988),” Quaderni
veneti 9 (1989): 203-50.
Domenico Vittorini, “Il grottesco nel teatro italiano moderno e contemporaneo,” The Modern
Language Journal 10.1 (1925): 21-29.
Giancarlo Zanier, “Platonic Trends in Renaissance Medicine,” Journal of the History of Ideas,
48.3 (1987): 509-19.
Domenico Zanrè, “’Che K.zo vuol dire?’ A Rereading of Mid-Sixteenth-Century Linguistic
Debates in the Accademia Fiorentina,” Italian Studies 53 (1998): 20-37.
Domenico Zanrè, Cultural Non-Conformity in Early Modern Florence (Cornwall: Ashgate
Publishing Limited, 2004).
Additional works consulted
Primary sources:
Saint Augustine, Confessiones [English]; translated with an introduction and notes by Henry
Chadwick (New York: Oxford University Press, 1991).
Timothie Bright, A treatise of melancholie by T. Brith. Reproduced from the 1586 edition
printed by Thomas Vautrollier, with an introduction by Hardin Craig (New York Pub. for
the Facsimile text society by Columbia University).
Robert Burton, The anatomy of melancholy, ed. Thomas C. Faulkner, Nicolas K. Kiessling,
Rhonda L. Blair, with an introduction by J.B. Bamborough (Toronto: New York: Oxford
UP, 2000).
Benvenuto Cellini, Vita, a cura di Francesco Tassi (Florence: Guglielmo Piatti, 1831).
!
SSR!
!
!
!!!!!!!!!!!!!!!!!!!!
Marsilio Ficino. De triplici vita. Three books on life, ed. Carol V. Kaske and John R. Clark
(Binghamton: Center for Medieval and Early Renaissance Studies, State University of
New York at Binghamton, 1989).
Secondary sources:
Giorgio Agamben, Stanze. La parola e il fantasma nella cultura occidentale (Torino: Giulio
Einaudi editore, 1977).
Peter Ammann, “Music and Melancholy: Marsilio Ficino’s archetypal musical therapy,” Journal
of Analytical Psychology 43 (1998): 571-88.
Stefano U. Baldassarri, “Lode medicee in un dimenticato bestseller del Quattrocento fiorentino:
Il Driade di Luca Pulci,” Forum Italicum 32.2 (1998): 375-402.
Lynette M. F. Bosch, “Genesis, Holy Saturday, and the Sistine Ceiling,” The Sixteenth Century
Journal 30 no3 643-52 Fall 1999, 15 pages.
Alison Brown, “Pierfrancesco de’ Medici, 1430-1476: A Radical Alternative to Elder Medicean
Supremacy?” Journal of the Warburg and Courtauld Institutes 42 (1979): 81-103.
Laurent Cantagrel, De la maladie à l’écriture. Genèse de la mélancolie romantique (Tubingen:
Max Niemeyer Verlag, 2004.)
Paula Carabell, “Breaking the Frame: Transgression and Transformation in Giulio Romano’s
Sala dei Giganti,” Artibus et Historiae 18.36 (1997): 87-100.
Gianni Celati, Finzioni occidentali. Fabulazione, comicità e scrittura (Torino: Giulio Einaudi
editore, 1975).
Margherita Frankel, “Capriccio italiano: un tentativo d’interpretazione,” Forum Italicum 7-8
(1973): 70-80.
!
SSG!
!
!
!!!!!!!!!!!!!!!!!!!!
Nicola Gardini, Le umane parole: l’imitazione nella lirica europea del Rinascimento da Bembo a
Ben Jonson (Milano: Bruno Mondadori editore, 1997).
Vanna Gentili, La recita della follia: funzioni dell’insania nel teatro dell’età di Shakespeare
(Torino: G. Einaudi, 1978).
Paul F. Grendler, “Form and Function in Italian Renaissance Popular Books,” Renaissance
Quarterly 46.3 (1993): 451-85.
Jennifer A. Harris, “Enduring Covenant in the Christian Middle Ages,” Journal of Ecumenical
Studies 44.4 (Fall 2009): 563-86.
Stanley W. Jackson, Melancholia and Depression: from Hippocratic times to modern times
(New Haven: Yale University Press, 1986).
Julia Kristeva, Black Sun: Depression and Melancholia, transl. Leon S. Roudiez (New York:
Columbia University Press, 1989).
---, Les nouvelles maladies de l’ame. (Paris : Fayard, 1993).
Richard Kuhn, The Demon of Noontide (Princeton: Princeton UP, 1976).
C. Marconcini, L’accademia della crusca dalle origini fino alla prima edizione del vocabolario
(Pisa: 1910).
Petrolini, La maschera e la storia, a cura di Franca Angelini (Roma: Laterza, 1984).
Rolf Soellner, “The Four Primary Passions: A Renaissance Theory Reflected in the Works of
Shakespeare,” Studies in Philology 55.4 (1958): 549-67.
Jean Starobinski, Histoire du traitement de la mélancolie des origines a 1900
(Switzerland : J.R. Greigy S.A., 1960).
Cesare Vasoli, La dialettica e la retorica dell’umanesimo. Invenzione e metodo nella cultura del
XV e XVI secolo (Milano: Feltrinelli, 1968).
!
SSV!
!
!
!!!!!!!!!!!!!!!!!!!!
Valerio Vianello, “Editori ed intellettuali a Venezia nel Cinquecento: Rassegna di Studi (19881990),” Quaderni veneti 15 (1992): 173-200.
---, “Il Decameron nella critica del primo Cinquecento,” Studi sul Boccaccio 16 (1987): 361-400.
Lindsay Waters, “The ‘Desultory Rhyme’ of Don Juan: Byron, Pulci, and the Improvisatory
Style,” ELH 45.3 (1978): 429-42.
Zygmunt Wazbinski, “Lo studio – la sucola fiorentina di Federico Zuccari,” Mitteleingun des
Kunsthistoricshen Institutes in Florenz 29.Bd., H.2/3 (1985): 275-346.
Siegfriend Wenzel, “The Seven Deadly Sins: Some Problems of Research,” Speculum 43.1
(1968): 1-22.
!
SSS!
!
!
!!!!!!!!!!!!!!!!!!!!
CURRICULUM VITAE ET STUDIORUM
Tania Zampini
3141 Av. des Aristocrates
Laval, QC
H7E 5H4 CANADA
tel: (443) 850-8655
e-mail: [email protected]
DEGREES AND QUALIFICATIONS
2008-2013
Ph.D. in Italian Language and Literature at the Johns Hopkins University, Baltimore, MD;
Department of German and Romance Languages and Literatures
Dissertation title: Sole e Ombra: A Study of Sixteenth-Century Humourism and Grotesque
Through the Works of Antonfrancesco Grazzini, l’Accademia degli Humidi, and l’Accademia
degli Infiammati
2006-2008
M.A. in Italian language and literature from McGill University, Montreal, QC: department of
Italian Studies
Title of thesis: Melancholy and the Modern Consciousness of Francesco Petrarca: A Close
Reading of Melancholy, Acedia, and Love-sickness in the Secretum, De Remediis Utriusque
Fortunae and Canzoniere
2003-2006
B.A. in English Literature and Italian Studies from McGill University, Montreal, QC.
2001-2003
DEC (Diplôme d’études collégiales) in Liberal Arts from Marianopolis College, Montreal, QC.
AWARDS AND GRANTS
Singleton Summer Research Grants ($3000, $4000, $5000; 2011, 2012, 2013)
Singleton Fellowship ($17,500; April 2008)
McGill Recruitment Excellence Fellowship ($5,000; March 2007)
Graduate with Great Distinction (McGill University, 2006)
McGill University Certificate of Merit (2003)
Golden Key International Society (2003- present)
Beverley Kennedy Award in excellence in the Liberal Arts (2003)
Sister Mary McCormack Bursary ($200; 2002)
!
SSW!
!
!
!!!!!!!!!!!!!!!!!!!!
TEACHING EXPERIENCE
Johns Hopkins University:
Instructor, Survey of Italian Literature (Spring 2013)
Language Instructor, Intermediate Italian I (Fall 2012; Fall 2008)
Language Instructor, Advanced Italian Composition and Conversation I (Fall 2010)
Language Instructor, Advanced Italian Composition and Conversation II (Spring 2011)
Language Instructor, Italian Elements I (Fall 2009)
Language Instructor, Italian Elements II (Spring 2010)
Language Instructor, Intermediate Italian II (Spring 2009)
Graduate Student Guest Lectures
Guest lecture on Dante’s Divine Comedy (Fall 2008)
Guest lecture on Dante’s Divine Comedy (Spring 2010)
Guest lecture on Machiavelli’s Prince (Spring 2010)
Guest lecture on Italo Calvino’s Se una notte d’inverno un viaggiatore (Spring 2010)
McGill University
Language Instructor, Italian for Beginners (Fall 2007, Spring 2008)
Teaching Assistant, Dante and the Middle Ages (Fall 2007)
Abbey Road Overseas Program
Program Coordinator and Workshop Leader (Summer 2007)
Other
Private Tutor, Intermediate Italian (2009-2013)
Volunteer English Language Arts Instructor, Hand in Hand, Baltimore, MD (Fall 2010, Spring
2011)
Volunteer Project Leader, Community Walls, Baltimore, MD (Fall 2010, Spring 2011)
Volunteer Early Childhood Education Activities Coordinator, O3, Montreal, QC (Fall 2011,
Spring 2012)
English Tutor, Inforeal, Montreal, QC (Summer 2006)
Mathematics Peer Tutor, Marianopolis College, Montreal, QC (2002-2003)
RESEARCH EXPERIENCE
Editorial Assistant, MLN Review (September 2011- September 2012); supervision: Prof. Walter
Stephens
Research Assistant, The Thinking Life: How to Thrive in the Age of Distraction, P. M. Forni
(Winter 2010)
Research Assistant, “Atlante Project” (Fall 2009); supervision: Prof. Christopher Celenza
Research Assistant, “The Scholar’s Bookshelf” (Summer 2008, Fall 2009) supervision: Profs.
Christopher Celenza, Earle Havens, and Walter Stephens
Translation Assistant, “Antonio Pucci Cantari Project” (Fall 2007); supervision: Dr. Maria
Predelli
!
SSN!
!
!
!!!!!!!!!!!!!!!!!!!!
CONFERENCE PRESENTATIONS
“Sole e Ombra: Jealousy and Elemental Discourse in Padua’s Accademia degli Infiammati and
Florence’s Accademia degli Humidi,” Renaissance Society of America annual meeting, March
27-29, 2014.
“Decameron Reframed: Antonfrancesco Grazzini's Cene and Boccaccio's Cornice Reimagined,”
Sixteenth Century Society and Conference annual meeting, San Juan, Puerto Rico, October 2427, 2013.
“From Censored to Censor: Pietro Aretino and Religious Politics of 16th-Century Venice and
Rome,” Sixteenth Century Society and Conference annual meeting, Cincinnati, OH, October 2528, 2012.
“Grotesque Laughter: Comedy and Marvel in the Works of Antonfrancesco Grazzini,”
Renaissance Society of America annual conference, Washington, DC, March 22-25, 2012.
“Sodom and Gomorrah: Pier Paolo Pasolini’s Salò and Matteo Garrone’s Gomorra as a
Comprehensive Critique of Fascist ad Post-Fascist Italy, from the Outside-In,” Canadian Society
for Italian Studies annual conference, Venice, Italy, June 24-26, 2011.
“Urban Landscapes: Simultaneous Symbolism and the Case of the (Sub)urban Pastoral in the
Decameron,” 2010 International Boccaccio Conference, American Boccaccio Association,
University of Massachusetts at Amherst, April 30 – May 1, 2010.
“Francesco Petrarca, Lorenzo Valla: Passive Literary Activism in Early Modernity,” Chiasmi
Harvard-Brown Graduate Student Conference in Italian Studies; War and Peace: Reflections on
Harmony and Conflict in Italian Literature, Harvard University, April 4-5, 2009.
“La questione etica nella narrativa di Niccolò Ammaniti,” Up Close and Personal: A Workshop
on Contemporary Italian Narrative, McGill University, March 28-29, 2008.
“Between Man and Beast: Dante on Pre-Humanistic Virtue,” The Literary Animal: Romance
Studies Graduate Student Conference, Cornell University, February 8-9, 2008.
“Acedia: Tracing Fear and Social Paralysis in Petrarch and Ficino," Reading Fear:
Representations of Fear in Romance Literatures, University of Oregon, November 8-10, 2007.
PUBLICATIONS AND TRANSLATIONS
Forthcoming
Book chapter: “Sodom and Gomorrah: Pier Paolo Pasolini’s Salò and Matteo Garrone’s
Gomorra as a Comprehensive Critique of Fascist ad Post-Fascist Italy, from the Outside-In,”
forthcoming in New Trends in Italian Cinema: New neorealism, ed. Carmela Scala (Cambridge
Scholars Publishing).
!
SS^!
!
!
!!!!!!!!!!!!!!!!!!!!
Book review: Janis Vanacker, Non al suo amante più Diana piacque. I miti venatori nella
letteratura italiana, in Quaderni d’italianistica (Toronto, Canada)
English translation: Pier Massimo Forni’s Introduction to Ninfale fiesolano (U of Chicago P).
Contracted and In Progress
Introduction to Lives of Popes and Emperors, ed. Aldo and Reta Bernardo (New York: Italica
Press).
LANGUAGES
English, French, Italian (fluent)
Latin (basic; comprehension)
MEMBERSHIPS AND COMMITTEES
Member of the Modern Language Association (2012 – current)
Member of the Renaissance Society of America (2012- current)
Member of the Sixteenth-Century Society and Conference (2012- current)
Member of the American Boccaccio Association (2010)
Member of the Philological Society, The Johns Hopkins University (2009-2011)
Departmental Graduate Student Representative to the McGill AGSS (2006-2007)
Graduate Student Representative to the Department of Italian Studies
(2006-2007)
Executive member of the McGill Italian Studies Student Association (2004-2005)
Member of the McGill Italian Association (2003-2005)!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!!!!!!!!!!!
!
!
!
!
!
!
SSO!

By Tania Zampini A dissertation submitted to Johns

Transcript

Documenti analoghi

- VenetiEventi

Equipaggiamento Moto Grand Dink 125 150 250 (00 > 07)

Department of Italian

Forges G372 Porta blindata Fichet per appartamento

A002994 CUORI SPEZZATI. DINK Visualizza e/o Stampa Da IL

Accessori Original BMW.

Programma - Facoltà di Ingegneria

multivar 2000 - Malossi Store

in formato pdf - Terrasanta.net

Ruggiero Giuseppe Boscovich