1. The document shares powerful principles for entrepreneurs to build a multi-million dollar home business industry in the modern age. 2. It discusses adapting to change your old habits and challenge yourself to a new way of living and doing business. The principles will not only help you grow your existing business to heights you may not have believed possible, but also achieve results beyond what you're currently at in your life. 3. When you take action on these principles, they will change your life by inspiring your human spirit to accomplish tasks. The document aims to help free entrepreneurs through these teachings.

1. 1

2. !"#$"%&#$'()#*$'+),-#))$,-*+)./0$,)$-%.$1"(.$,.$+)#*$.%$'#$23$4-*$+-5#))$0%+$6/#$1,55,-7$.%$
8"(-7#$0%+/$%5*$"(',.)$."/%1$%+.$0%+/$%5*$0%+/$%5*$1(0)9$(-*$8"(55#-7#$0%+/)#5:$.%$($-#1$1(0$
%:$5,;,-7$<$'+),-#))$'+,5*,-72
=%+$&(0$-%.$>?@ABAC
D,$."#/#9$&0$-(&#$,)$E(/1(-$!(5%*,9$(-*$,-),*#$.",)$*%8+&#-.$BF&$7%,-7$.%$)"(/#$1,."$0%+$G$%:$
."#$&%).$H%1#/:+5$H/,-8,H5#)$.%$'+,5*,-7$($&+5IJ&,55,%-$*%55(/$,-8%&#$,-$."#$"%&#$'+),-#))$
,-*+)./0$,-$%+/$&%*#/-$(7#3
!"#)#$H/,-8,H5#)$1,55$-%.$%-50$"#5H$0%+$7/%1$0%+/$#K,)I-7$'+),-#))$.%$"#,7".)$0%+$&,7".$-%.$
"(;#$'#5,#;#*$H%)),'5#2$."#0$1,55$(5)%$"#5H$0%+$(8",#;#$/#)+5.)$-%$&(L#/$1"(.$5#;#5$0%+F/#$
8+//#-.50$(.$,-$0%+/$'+),-#))3
1"#."#/$0%+$(/#$M+).$7#N-7$).(/.#*$,-$."#$"%&#$'+),-#))$,-*+)./0$%/$($.%H$H/%*+8#/$(5/#(*09$
.",)$1,55$'#$%-#$%:$."#$&%).$#-5,7".#-,-7$*%8+&#-.)$0%+F55$#;#/$/#(*$('%+.$8/#(I-7$,-8/#*,'5#$
1#(5."$,-$.",)$,-*+)./0$,-$%+/$&%*#/-$(7#$3
DOP$QO$B$RSOP$4S=$OT$!DB>$U
P#559$()$0%+$(5/#(*0$V-%1$&0$-(&#$,)$$E(/1(-$!(5%*,$3$$(.$."#$I&#$%:$1/,I-7$.",)$B$(&$WX$0#(/)$
%5*$2$B$5,;#$,-$Y%-*%-9$?-,.#*$R,-7*%&9$B$"(;#$($1%-*#/:+5$1,:#$1"%$B$5%;#$(-*$($8+.#$8",5*$1"%$,$
(*%/#$;#/0$&+8"23
4-*$B$'+,5.$%-#$%:$."#$5(/7#).$"%&#$'+),-#))$%/7(-,Z(I%-)$#K,)I-7$,-$%+/$1%/5*$3$B$&(*$&0$[/).$
]9^^^9^^^$'0$."#$I&#$B$1()$WX$0#(/)$%5*$,-$.",)$,-*+)./03
BF;#$'+,5.$%-#$%:$."#$5(/7#).$5,).)$%:$-#.1%/V$&(/V#.#/)$H%)),'50$#K,)I-7$%-$%+/$H5(-#.3
BF;#$)"(L#/#*$/#8%/*)9$'5%1-$H#%H5#F)$&,-*)9$(-*$&%).$,&H%/.(-.50$2$8%(8"#*$<$./(,-#*$
!DO?>4SQ>$%:$).+*#-.)$"%1$.%$'#8%&#$'#L#/$#-./#H/#-#+/)$<$&(V#$&%/#$&%-#0$,-$."#,/$
'+),-#))#)3
Q%#)$,.$)%+-*$5,V#$($H"#-%&#-(5$).%/0$U$B.$,)$$3$$(-*$B$1%+5*$-#;#/$'#$:%%5,)"$#-%+7"$.%$
7+(/(-.##$0%+F55$#KH#/,#-8#$."#$)(&#$/#)+5.)$%/$$*+H5,8(.#$1"(.$BF;#$*%-#$,-$(-0$1(0$3$&0$).%/0$
,)$H"#-%&#-(59$(-*$."#/#$(/#$&(-0$/#()%-)$PD=3
B.F)$."%)#$/#()%-)$BF&$7%,-7$.%$)"(/#$1,."$0%+$,-),*#$.",)$*%8+&#-.$.%*(03
B$(5)%$1%+5*-F.$'#$:%%5,)"$#-%+7"$.%$'#5,#;#$0%+$(/#-F.$_OE`YC!CY=$8(H('5#$%:$(8",#;,-7$
#;#/0.",-7$B$"(;#$9$,:$-%.$EO@C$9$%;#/$."#$8%+/)#$%:$0%+/$5,:#I&#$3
=%+$)##9$%-#$%:$."#$/#()%-)$BF;#$'##-$('5#$.%$8/#(.#$($5%.$%:$)+88#))$,-$.",)$,-*+)./0$,)$'#8(+)#$B$
RSOP$M+).$"%1$H%1#/:+5$."#$"+&(-$)H,/,.$,)3
B$RSOP$1"(.$."#$"+&(-$)H,/,.$,)$8(H('5#$%:$1"#-$,.$/#(550$)#.)$,.$&,-*9$"#(/.9$(-*$)%+5$.%$
(88%&H5,)",-7$($.()V3$B$RSOP$."#$5(.#-.$H%.#-I(5$),N-7$,-),*#$#;#/0$"+&(-$'#,-79$(-*$,-),*#$
#;#/0$#-./#H/#-#+/9$1"%$1(-.)$.%$8/#(.#$:/##*%&$:%/$."#&)#5;#)$."/%+7"$.",)$,-*+)./03
2

3. B$1%+5*$-#;#/$())+&#$:%/$."#$5,:#$%:$&#$9."(.$(a#/$B$)"(/#$1,."$0%+$."#$V-%15#*7#9$)V,55)9$(-*$
,-:%/&(I%-$."(.$8(+)#*$)+8"$($/(*,8(5$./(-):%/&(I%-$,-$&0$5,:#23$!"(.$0%+$1%+5*-F.$'#$('5#$.%$
*%$."#$Cb4_!$)(&#$.",-7$:%/$0%+/$)#5:3
!"#$./+."$,)$2$.",)$1%/5*$,)$=O?@>$:%/$."#$.(V,-73
!"#$./+."$,)$2$."#/#$(/#$SO$YBEB!>$.%$1"(.$0%+$8(-$(8",#;#$,-$0%+/$5,:#I&#3
O-8#$0%+$(8c+,/#$."#$8%//#8.$V-%15#*7#9$."#$8%//#8.$)V,55$)#.)9$"(;#$."#$./+#$&#-.%/)",H9$(-*$
8%&&,.$0%+/)#5:$.%$."#$#-I/#$H/%8#))$%:$)+88#))2$."#/#F)$-%$.#55,-7$1"(.$0%+$(/#$8(H('5#$%:$
8/#(I-73
!"(.$,)$&0$7%(53$E0$7%(5$,)$.%$,-)H,/#$0%+$.%$"#,7".)$%:$d@C4!SC>>9$(-*$:+/,%+)$,-.#55,7#-.$(8I%-$
.(V,-79$."(.$0%+F;#$-#;#/$V-%1-$:%/$0%+/)#5:3
E0$5,:#$,)$"#/#$.%$'#$($YBdD!$7+,*,-7$%."#/$H#%H5#$(5%-7$.",)$/%(*$%:$:/##*%&9$#K(8.50$5,V#$B$"(;#$
'##-$7+,*#*3$B$8(-F.$#;#-$*#)8/,'#$.%$0%+$"%1$H()),%-(.#$B$(&$('%+.$"#5H,-7$%."#/)$8/#(.#$
:/##*%&3
B$%a#-$:##5$5,V#$E#5$d,')%-$,-$."#$&%;,#$e$'/(;#$"#(/.f$1"#-$"#$,)$('%+.$.%$*,#$2$(-*$1,."$",)$
;#/0$5().$g@C4!D$"#$)8/#(&)$eT@CCCCQQQOOOOEEEEEEf$3$PCYY9$!D4!F>$EC3$4-*$B$1,55$'#$
)8/#(&,-7$."#$1%/*$I55$."#$*(0$B$*,#$()$1#55$(-*$BF&$8%&&,L#*$.%$:/##,-7$()$&(-0$H#%H5#$()$B$
8(-$(5%-7$."#$1(03
E4RC$SO$EB>!4RC333
=%+$(/#$*%,-7$1"(.$0%+$(/#$*%,-7$/,7".$-%1$:%/$T@CCQOE3$$P"(.$0%+/$'+),-#))$/#H/#)#-.)$.%$
0%+$,)$."#$+-'/,*5#*$M%0$%:$T@CCQOE3
T/##*%&$:/%&$&%-#09$:/##*%&$:/%&$'#,-7$.%5*$1"(.$.%$*%$9$:/##*%&$.%$5,;#$0%+/$5,:#$%-$0%+/$
.#/&)9$'+.$&%).$,&H%/.(-.5023$T@CCQOE$.%$:+5[55$1"(.$=O?$:##5$0%+$8(&#$"#/#$.%$*%3
S%.",-7$H(,-)$&#$&%/#$."(-$1(.8",-7$%+/$:#55%1$'/%."#/)$<$),).#/)$1%/V$."#,/$5,;#)$(1(0$:%/$',7$
8%/H%/(I%-)9$%/$M%')$1",8"$'/,-7$."#&$5,L5#$.%$-%$./+#$)(I):(8I%-3
B$1(.8"$.",)$)c+()"$."#$"+&(-$)H,/,.$*(0$(a#/$*(02$1",5#$*/#(&)9$7%(5)9$"%H#)9$(-*$()H,/(I%-)$
7#.$'+/,#*$+-*#/-#(."$($&%*#/-$*(0$*#:#(.#*$(N.+*#$%:$5,:#$."(.$)%$&(-0$(/#$5,;,-7$.%*(03$B.F)$
($1().#3$4-*$B$1(-.$.%$"#5H$8"(-7#$,.3
_%-.(,-#*$1,.",-$.",)$,-./%*+8.%/0$/#H%/.$BF&$7%,-7$.%$)"(/#$G$V#0$H/,-8,H5#)9$()$1#55$()$(8I%-$
%/,#-.#*$)./(.#7,#)9$."(.$"(;#$8"(-7#*$&0$5,:#$(-*$.+/-#*$&0$'+),-#))$,-.%$($&+5IH5#$h$$[7+/#$
,-8%&#$(--+(5503
!"#)#$H/,-8,H5#)$1,55$(HH50$.%$(-0$#-./#H/#-#+/$,-$."#$"%&#$'+),-#))$,-*+)./09$(-*$1"#-$0%+$
.(V#$(8I%-$%-$."#&$1,55$8"(-7#$0%+/$5,:#$()$1#553
3

4. `(0$85%)#$(L#-I%-$.%$#(8"$%-#9$'#8(+)#$."#/#F)$./+#$7%5*$'+/,#*$,-),*#$."#$:%55%1,-7$.#(8",-7)3
!$$$$$$$$$B-./%*+8I%-i$1#58%&#
"$$$$$$$$$_"(H.#/$]$i$!"#$%5*$,)$*0,-73$j0%+$&+).$8"(-7#k
#$$$$$$$$$_"(H.#/$l$i$D%1$.%$7#.$5#(*)$%-5,-#$j:+.+/#$%:$(*;#/I),-7k$
$#$$$$$$$_"(H.#/$W$i$!"#$#;%5+I%-$%:$$:%55%1$+H$jI&#$.%$'+,5*$($/#(5$5,).k
%&$$$$$$$_"(H.#/$X$i$=%+$,-83
%$$$$$$$$_"(H.#/$G$i$E#-.%/)",H$."(.$&(L#/)$
%"$$$$$$$_"(H.#/$m$i$=%+/$-#K.$).#H)
$
4

5. '()*+,-.$./.0(,.123.45.6789:.;<=>.?>5+.'()9:,@
O-#$%:$."#$&%).$H%1#/:+5$H/,-8,H5#)$.%$8/#(I-7$)+88#))$0%+$1,55$#;#/$8%&#$(8/%))9$,)$."(.$%:$$
e(*(HI%-f$3
4*(HI%-$/#(550$,&H5,#)$."#$(',5,.0$.%$e7/%1$e
=%+$)##9$&%).$H#%H5#$,-$%+/$,-*+)./0$&,7".$'#$85,-7,-7$.%$."#,/$).+''%/--#))3$!"#0$&,7".$'#$
85,-7,-7$.%$1"(.$e+)#$.%$1%/Vf23$@(."#/$."(-$5%%V,-7$.%$."#$:+.+/#$(-*$)(0,-7$.%$."#&)#5;#)$e$
1"(.F)$1%/V,-7$-%1U
!"#$'%L%&$5,-#$,)$9$."#$PO@YQ$,)$8"(-7,-73$BF&$-%.$M+).$.(5V,-7$('%+.$."#$"%&#$'+),-#))$
,-*+)./0$"#/#$23$BF&$.(5V,-7$('%+.$."#$CS!B@C$1%/5*3$!"#$1%/5*F)$#8%-%&,8)$(/#$)",a,-73
P"#/#$&%-#0$,)$7%,-7$,)$)",a,-73$!"#$8(/##/)$%:$."#$:+.+/#$(/#$>DBT!BSd3
4-*$1"(.$-%$%-#$8(-$*#-0$(.$."#$#-*$%:$$."#$*(0$,)$."(.$."#$Y4@dC>!$7/%1."$)#8.%/)$"(HH#-,-7$
,-$%+/$1%/5*$/,7".$-%1$9$."#$5(/7#).$8%&H(-,#)$'#,-7$'%/-9$."#$5(/7#).$(&%+-.$%:$&,55,%-(,/#F)$
'#,-7$8/#(.#*$2$$,.F)$(55$"(HH#-,-7$%-$."#$,-.#/-#.3
!",-V$('%+.$."#$DO?>CDOYQ$S4EC$8%&H(-,#)$."(.$"(;#$#&#/7#*$,-$."#$5().$G$0#(/)2$(-*$
1"(.$-(&#$H%H$,-.%$0%+/$&,-*U$_(-$B$;#-.+/#$($:#1$7+#))#)23U
d%%75#9$:(8#'%%V9$&0)H(8#9$0%+.+'#9$.1,L#/$M+).$.%$-(&#$($:#123
4)$1#55$()$4``YC$9$B$H"%-#)9$B$H(*)$(-*$%."#/$.#8"-%5%70$/#5(.#*$H/%*+8.)$Cb`YOQBSd$%-.%$."#$
1%/5*$)8#-#3$Q%$0%+$)##$(-0$&(M%/$./#-*)$"#/#$U
g+.$."(.F)$/#(550$M+).$."#$).(/.$3$."#$>!4!B>!B_>$1,55$)H#(V$5%+*#/$."(-$#;#-$1"(.F)$H5(,-50$%';,%+)$
.%$."#$H+'5,8$('%+.$1"#/#$."#$5(/7#).$8%&H(-,#)$(/#$:%/&,-7$(-*$"%1$:().$.%*(03
T,7+/#$.",)$233$5().$0#(/$,-.#/-#.$(*;#/I),-7$>?@`4>>CQ$(55$.#5#;,),%-$<$/(*,%$(*;#/I),-7$,-$."#$
+-,.#*$V,-7*%&3$B.F)$H/#*,8.#*$.%$>?@`4>>$+-,.#*$).(.#)$.#5#;,),%-$(*;#/I),-7$1,.",-$."#$-#K.$
:#1$0#(/)23
Q%$0%+$/#(5,Z#$"%1$EOS?ECS!4Y$."(.$,)$U$.#5#;,),%-$"()$'##-$."#$(')%5+.#$RBSd$%:$$&#*,($
),-8#$,.)$',/."3$B.$"()$*%&,-(.#*$"+&(-$8+5.+/#9$(-*$"()$'##-$."#$5(/7#).$)8(5#$%:$(*;#/I),-7$
8%&H(-,#)$"()$#;#/$'##-$('5#$.%$+)#3
g#8(+)#$%:$,.)$8%).9$,.F)$'##-$#K85+),;#$%-50$.%$."#$/,8"#).$8%&H(-,#)$%-$H5(-#.$#(/."3$=#.$1,.",-$
."#$-#K.$:#1$0#(/)$1#$PBYY$)##$."#$,-.#/-#.$>?@`4>>$.#5#;,),%-$(*;#/I),-79$&(/V,-7$($'/(-*$
-#1$C@4$,-$%+/$1%/5*$%:$1"#/#$."#$&#*,($,)$7%,-73
=#.$d#.$!",)2
5

6. B&(7,-#$,:$0%+$'+0$(-$(*$)H%.$%-$.#5#;,),%-$:%/$($8%+H5#$'+8V)3
B&(7,-#$,:$0%+$1#/#$%-#$%:$."#$[/).$H#%H5#$.%$[-*$%+.$('%+.$.#5#;,),%-9$(-*$$."#$:(8.$0%+$8%+5*$
(*;#/I)#$%-$,.$)%$8"#(H3
B&(7,-#$,:$."#/#$1#/#$*%Z#-)$%:$1(0)$0%+$8%+5*$#))#-I(550$gC_OEC$."#$.#5#;,),%-$:%/$0%+/$
H/%)H#8.)9$#K8#H.$0%+$8%+5*$*%$,.$:%/$T@CC3
S%1$).%H$,&(7,-,-79$(-*$1#58%&#$.%$."#$B-.#/-#.3
!"#$,-.#/-#.$,)$)#/,%+)50$($dOYQEBSC$%:$(*;#/I),-7$3$,.$,)$($dOYQEBSC$%:$$H/%)H#8.)3$B.$,)$."#$
T?!?@C$%:$1"#/#$%+/$1%/5*$,)$"#(*,-7$,-$.#/&)$%:$#8%-%&,8)$(-*$,-:%/&(I%-3$!"#/#$,)$SO$
H%)),'5#$'#L#/$H5(8#$0%+$8%+5*$'#$H%),I%-#*$,-$:/%-.$%:$9$."(-$5#(/-,-7$e$,-.#/-#.$)V,55$)#.)f$.%$
7/%1$0%+/$'+),-#))$<$&(V#$&%-#03
4')%5+.#50$SO!DBSd$,)$&%/#$H%1#/:+5$/,7".$-%1$:%/$7/%1,-7$($"%&#$'()#*$'+),-#))$."(-$
+-*#/).(-*,-7$."#$&#8"(-,8)$%:$/#(5$(*;#/I),-7$9$(-*$"%1$.%$7#.$."#$8"#(H#).$5#(*)$H%)),'5#$.%$
7/%1$0%+/$'+),-#))3
!"(.$,)$."#$*,n#/#-8#$'#.1##-$."#$(&(.#+/)$9$(-*$."#$-#1$H/%:#)),%-(5)$,-$%+/$
,-*+)./03
Y#.$&#$#KH5(,-333
!"#$(&(.#+/)$8"()#$H#%H5#$(/%+-*$./0,-7$.%$7#.$."#&$.%$M%,-$."#,/$"%&#$'()#*$'+),-#))3
!"#$(&(.#+/)$"(-7$%-$.%$#;#/0$H/%)H#8.$."#0$7#.9$'#8(+)#$."#0$(/#$(:/(,*$%:$/+--,-7$%+.$%:$
H/%)H#8.)3$!"#0F/#$*#)H#/(.#$:%/$H#%H5#$.%$.(5V$.%$('%+.$."#,/$'+),-#))9$)%$."#0$7#.$85,-70$(-*$
(L(8"#*$<$H+)"$."#,/$H/%)H#8.)$(1(03
!"#$(&(.#+/)$"(;#$;#/0$5,L5#$4_!?4Y$'+),-#))$(1(/#-#))3$!"#0$(/#-F.$('5#$.%$)##$."(.$CAC@=$
/#(5$'+),-#))$"()$.%$"(;#$)%&#$)%/.$%:$(*;#/I),-7$)./(.#70$%/$8(&H(,7-$.%$H+55$,-$-#1$
H/%)H#8.)3
B:$0%+F/#$7%,-7$.%$.#55$&#$&(V,-7$($5,).$%:$0%+/$:/,#-*)$(-*$:(&,509$"(/()),-7$H#%H5#$,-$7/%8#/0$
).%/#$5,-#)9$%/$'+0,-7$%;#/$H/,8#*9$+)#5#))$5#(*)$!"#-$BF&$7%,-7$.%$.#55$0%+$,.F)$I&#$.%$P4RC$?`3
B.F)$I&#$.%$7#.$1,."$."#$I&#)9$(-*$/#(5,Z#$0%+$(/#$)#N-7$0%+/)#5:$+H$:%/$:(,5+/#$,:$0%+$*%-F.$
&(V#$)%&#$*/()I8$8"(-7#)$,-$0%+/$'+),-#))$)%%-3
!"#$B-.#/-#.$,)$."#$>OY?!BOS$.%$."#)#$H/%'5#&)3
P"#/#()$&%).$H#%H5#$1"%$(/#$/#50,-7$%-$./(*,I%-(5$%+.*(.#*$,-:%/&(I%-$,-$-#.1%/V$
&(/V#I-7$(/#$>!@?ddYBSd$/,7".$-%1$.%$
6

7. T,-*$H/%)H#8.)$2$."#$)&(/.$#-./#H/#-#+/)$%:$.%*(0$(/#$.+/-,-7$.%1(/*)$."#$B-.#/-#.3
!"#0$(/#$.+/-,-7$.%1(/*)$#n#8I;#$)./(.#7,#)$,-$1",8"$."#0$8(-$QC`CSQ$OS$.%$7#.$-#1$
H/%)H#8.)$3$(-*$7#.$-#1$YC4Q>$o%1,-7$,-.%$."#,/$5,;#)3
&0$H",5%)%H"0$,)$.",)9$(-*$.",)$,)$1"(.$,F;#$'+,5.$($&+5I&,55,%-$*%55(/$'+),-#))$%-333
e,:$,$8(-F.$8%-./%5$&0$5#(*$o%1$9(*;#/I),-79$(-*$,-8%&#$8/#(I%-$333$."#-$,$*%-F.$"(;#$($/#(5$
'+),-#))$3$(55$,F;#$7%.$,)$($o,&)0$(L#&H.$(.$%-#f
."(.p)$."#$'%L%&$5,-#3$,:$0%+$8(&#$.%$&#$-%1$($*(0$(-*$.%5*$&#$.%$'()#$."#$&,55,%-)$%:$*%55(/)$,$
#(/-$($0#(/$%-$"%H#:+550$/#8/+,I-7$)%&#$H#%H5#$,$&##.$,-$($7/%8#/0$).%/#333$,F*#$5(+7"$(.$0%+$3
B$'()#$."#$&,55,%-)$H#/$0#(/$,$#(/-$%-$&0$OPS$#n%/.)3$,F&$-%.$7%,-7$.%$8"()#$+-$.(/7#.#*$
H/%)H#8.$(/%+-*$./0,-7$.%$8%-;,-8#$."#&$.%$M%,-$&0$'+),-#))333$,F&$7%,-7$.%$%+.$."#/#$(-*$dC!$
E=$OPS$YC4Q>$1"%$,$(5/#(*0$V-%1$(/#$,-.#/#).#*$,-$&(V,-7$&%/#$&%-#03
,:$0%+$/#(550$.",-V$('%+.$,.$333$1"0$1%+5*$0%+$1(-.$.%$1().#$0%+/$I&#$1,."$(-0$%."#/$.0H#$%:$
5#(*U$1"0$1%+5*$0%+$1(-.$.%$"(;#$.%$_OSABS_C$$)%&#%-#$#5)#$."#0$)"%+5*$1(-.$.%$&(V#$&%/#$
&%-#0$U$0#.$."(.F)$,-$#))#-8#$1"(.$qqr$%:$."#$H#%H5#$,-$%+/$,-*+)./0$(/#$*%,-73
1"0$1%+5*$0%+$-%.$1(-.$.%$5#(/-$"%1$.%$4QAC@!B>C$,-$($8%&H5#.#50$)8,#-I[8$1(09$(-*$7#.$
H#%H5#$1"%$P4S!$.%$&(V#$&%/#$&%-#0$.%$)I8V$."#,/$"(-*)$+H$<$)(03333$e=C>3$$H5#()#$)"%1$&#$
"%13f
1#559$."(.F)$1"(.$,$*%3$$(-*$,.F)$1%/V#*$H/#L0$*(&$7%%*$.%$*(.#3
$$$$$$$$$$$$$$$$$$$$$$$$!"#$&%/(5$%:$.",)$[/).$8"(H.#/)$*,)I55#*$.#(8",-7$,)$.",)3333
=%+$"(;#$.%$'#$('5#$.%$4Q4`!$,:$0%+F/#$7%,-7$.%$)+88#)):+5$,-$'+),-#))3$0%+$"(;#$.%$'#$1,55,-7$.%$
d@OP$3$0%+$"(;#$.%$'#$1,55,-7$.%$7%$1"#/#$."#$6$5#(*)$(/#$7%,-7$e$9$(-*$&%;#$0%+/$'+),-#))$
."#/#3
,:$0%+$).(0$).+8V$,-$."#$H().$9$,:$0%+$).(0$).+''%/-$(-*$7/,HH,-7$1"(.$e+)#$.%$1%/Vf$%/$1"(.$
0%+F/#$68%&:%/.('5#$1,."f33333$$0%+F/#$7%,-7$.%$7#.$H())#*$'0$(55$."#$e(*(H.#/)f$3$#;#/0%-#$1"%$,)$
%H#-$.%$7/%1."$,)$7%,-7$.%$H())$0%+$'0333
(-*$:/(-V50$9$(.$.",)$H%,-.$,-$&0$8(/##/$,F;#$)##-$,.F)$M+).$H5(,-$:%%5,)"$.%$,7-%/#$."#$H%1#/$%:$."#$
,-.#/-#.3$."(.$'/,-7)$+)$.%$8"(H.#/$l$333
7

8. '()*+,-.%./.A=B.0=.C,+.D,)35.19289,.;E>+>-,.=F.G3H,-I589:@
4*;#/I),-7$"()$+-*#/7%-#$)%&#$BS_@CQBgYC$/#;%5+I%-)$,-$."#$5().$:#1$0#(/)$."(.$(-0$)&(/.$
'+),-#))$%1-#/$SCCQ>$.%$'#$(1(/#$%:$,:$."#0$1,)"$.%$."/,;#$,-$.%*(0F)$8%&H#II;#$&(/V#.$H5(8#3
g+.$'#:%/#$,$7#.$,-.%$1"(.$)%&#$%:$."#)#$(*;(-8#&#-.)$(/#$(-*$"%1$0%+$+)#$."#&$,-$0%+/$
'+),-#))333$B$-##*$.%$*,)H#5$)%&#$,-8/#*,'5#$,7-%/(-8#F)$."(.$"(;#$5,-7#/#*$,-$."#$"%&#$'+),-#))$
,-*+)./0$:%/$:(/$.%%$5%-73
T,/).$%n9$,.F)$(5&%).$8%&,8(5$.%$&#$."(.$&,55,%-)$+H%-$&,55,%-)$%:$H#%H5#$,-$."#$"%&#$'+),-#))$
,-*+)./09$1"%$"(;#$M%,-#*$-#.1%/V$&(/V#I-7$8%&H(-,#)9$8%-I-+#$.%$'+0$"%%V$5,-#$(-*$),-V#/$
."(.$."#$%-50$1(0$.%$'+,5*$($'+),-#))$,)$'0$8%-.(8I-7$0%+/$:/,#-*)$(-*$:(&,503
B.F)$).(77#/,-7$.%$&#$."(.$)+8"$(-$,*#%5%70$8%+5*$H#/H#.+(.#$:%/$)%$5%-79$+-c+#)I%-#*$'0$."#$
&())#)$%:$."#$,-*+)./03$D%1#;#/9$."#$c+#)I%-,-7$"()$BSQCCQ$'##-$/,),-7$,-$."#$H().$:#1$0#(/)3$
4-*$&,55,%-)$%:$H#%H5#$(/#$1(V,-7$+H$:/%&$.",)$)5+&'#/$."(.$."#/#$,)$%-50$e%-#$1(0f$.%$'+,5*$($
'+),-#))3
B-$./+."9$&%).$"%&#$'+),-#))$%1-#/)$"(;#$'##-$.(+7".$!C@@BgYC$H/,-8,H5#)$%:$#-./#H/#-#+/)",H$
'0$&(-0$%:$."#$5#(*#/)$%:$."#)#$8%&H(-,#)9$1"%$(/#$)H#(V,-7$%-50$8%&H(-0$/"#.%/,83
C-./#H/#-#+/$`/,-8,H5#$s]i$=%+$E+).$4*;#/I)#
4*;#/I),-7$,)$-%.$(-$%HI%-$,-$'+),-#))3$`#/,%*9$#-*$%:$).%/03$B$*%-F.$V-%1$($>BSdYC$)+88#)):+5$
'+),-#))$%/7(-,Z(I%-$,-$."#$1%/5*$."(.$*%#)-F.$"(;#$($)./(.#70$:%/$"%1$."#0$(/#$7%,-7$.%$7#.$
H/%)H#8.)9$5#(*)$(-*$8+).%&#/)$:%/$."#,/$'+),-#))3
SO!$OSC3
C;#-$%/7(-,Z(I%-)$."(.$/#50$%-$T@CC$(*;#/I),-79$)+8"$()$;,/(5$&(/V#I-7$%/$1%/*$%:$&%+."9$
>!BYY$"(;#$($85#(/50$*#[-#*$)./(.#70$:%/$"%1$."#0$(/#$7%,-7$.%$dC!$Cb`O>?@C9$(-*$7#.$#0#'(55)$
;,#1,-7$."#,/$'+),-#))3
P"(.F)$0%+/$)./(.#70U$B.F)$",7"$I&#$."(.$"%&#$'+),-#))$%1-#/)$1(V#$+H$.%$."#$:(8.$."#0$SCCQ$$
($)./(.#70$.%$7#.$5#(*)$,:$."#0F/#$7%,-7$.%$'#$)+88#)):+5$,-$."#,/$'+),-#))3
E%).$H#%H5#$"(;#$'##-$/#50,-7$%-$."#$)./(.#70$%:$.(5V,-7$.%$:/,#-*)$(-*$:(&,509$()V,-7$:%/$
/#:#//(5)9$%/$8%5*$(HH/%(8",-7$)./(-7#/)333"%1#;#/$&(-0$[-*$.",)$)./(.#70$,)$),&H5#$-%.$#-%+7"$
.%$(8.+(550$&(V#$&%-#0$,-$-#.1%/V$&(/V#I-73
P"#-$0%+$[--,)"$.",)$%+.3330%+$&+).$.(V#$4_!BOS$.%$*#;#5%H$($&%/#$8%&H/#"#-),;#$)./(.#70$.%$
7#.$-#1$H/%)H#8.)$<$&(V#$&%-#0$,-$0%+/$'+),-#))3
8

9. C-./#H/#-#+/$`/,-8,H5#$sli$Q,;#/),[8(I%-
455$)&(/.$#-./#H/#-#+/)$/#(5,Z#$."(.$*,;#/),[8(I%-$,)$C>>CS!B4Y$.%$8/#(I-7$($>OYBQ9$5%-7$5()I-7$
'+),-#))3$P#F;#$(55$"#(/*$."(.$#KH/#)),%-$'#:%/#333$eQ%-F.$V##H$(55$0%+/$#77)$,-$%-#$'()V#.f3
4-*$,.F)$%-#$%:$."#$!@?C>!$#KH/#)),%-)$0%+$8%+5*$#;#/$"#(/$,-$'+),-#))3
B.F)$(5)%$8(55#*$."#$e>,-75#$`%,-.$O:$T(,5+/#f$,-$&(-0$&(/V#I-7$8,/85#)3$!"#/#$)"%+5*$SCAC@$'#$($
),-75#$H%,-.$%:$:(,5+/#$,-$0%+/$'+),-#))333$&#(-,-7$,:$%-#$)H#8,[8$.",-7$1()$.%$"(HH#-$,.$8%+5*$
*#)./%0$0%+/$8"(-8#)$%:$)+88#))3
!"#$&%).$,-.#55,7#-.$(-*$)+88#)):+5$#-./#H/#-#+/)$QBAC@>BT=$."#,/$'+),-#))$)%$."#/#$,)$-%$
e),-75#$H%,-.$%:$:(,5+/#f$."(.$8(-$'/,-7$."#&$*%1-3$!"#0$*%-F.$*#H#-*$%-$M+).$%-#$)%+/8#$%:$(55$
."#,/$./(t89$H/%)H#8.)9$%/$5#(*)3$!"#-$,:$."(.$)%+/8#$1#-.$*%1-333)%$*%#)$."#,/$'+),-#))3
S%$-%$-%$&0$:/,#-*333$*,;#/),[8(I%-$,)$()$,&H%/.(-.$()$,.F)$#;#/$'##-$,-$%+/$:().$8"(-7,-7$1%/5*$
%:$'+),-#))3
!"#$&%/#$)%+/8#)$0%+$"(;#$:%/$0%+/$H/%)H#8.)9$."#$&%/#$>!4gYC$0%+/$'+),-#))$,)$7%,-7$.%$'#$:%/$
."#$5%-7$D(+53$!"#$5#))$*,;#/),[#*$0%+$(/#9$."#$&%/#$o,&)0$0%+/$'+),-#))$1,55$'#9$(-*$B$H/#*,8.$
0%+$1,55$%a#-$:##5$5,V#$0%+$"(;#$-%$8%-./%5$%;#/$0%+/$,-8%&#$1"(.$)%$#;#/3
B-$8%-./().9$."#$#-./#H/#-#+/)$1"%$(/#$PCYY$*,;#/),[#*9$(-*$"(;#$($).#(*0$"(-*$8%-./%55,-7$
1"#/#$."#,/$5#(*)$<$H/%)H#8.)$(/#$8%&,-7$:/%&333$-#;#/$1%//0$('%+.$"%1$."#0F/#$7%,-7$.%$&(V#$
&%-#03
!"#0$-#;#/$1%//0$,:$."#,/$'+),-#))$1,55$8%-I-+#$.%$H/%*+8#$.%&%//%19$'#8(+)#$."#0$RSOP$,.$
1,553
,.F)$:%/$.",)$/#()%-$."#$,-.#/-#.$"()$'#8%&#$(-$4YY$BE`O@!4S!$(*;#/I),-7$&#*,+&$:%/$=O?$(-*$
0%+/$'+),-#))3
!"#/#$(/#$5,.#/(550$)%$&(-0$1(0)$:%/$0%+$.%$7#.$-#1$H/%)H#8.)$%-$."#$B-.#/-#.333
B.F)$4g?SQ4S_C$,-$#;#/0$:()",%-$%:$."#$1%/5*3
!"#$V#0$,)$0%+$"(;#$.%$`?!$0%+/)#5:$("#(*$%:$."#$H(8V3$=%+$"(;#$.%$_DOO>C$.%$5#(/-$."#$-#1#).$
)V,55$)#.)9$."#$-#1#).$)./(.#7,#)9$(-*$7#.$."#$&%).$8+N-7$#*7#$,-:%/&(I%-$gCTO@C$%."#/)3
B.F)$-%$)#8/#.9$."%)#$1"%$@BQC$."#$1(;#$%:$./#-*)$[/).333$(/#$."#$%-#)$1"%$&(V#$&%).$&%-#03$
B.F)$%:$."#$+.&%).$,&H%/.(-8#$0%+$*#*,8(.#$0%+/)#5:$.%$/,*,-7$."#$1(;#$%:$."#)#$-#1$./#-*)9$(-*$
!C4_DBSd$0%+/)#5:$."#)#$(55$,&H%/.(-.$)V,55)$%:$B-.#/-#.$4*;#/I),-73
B-.#/-#.$4*;#/I),-7$,)$5,.#/(550$."#$e&,)),-7$5,-Vf$'#.1##-$)%$&(-0$#-./#H/#-#+/)$<$."#,/$
)+88#))3$B.$8(-$#(),50$'#$."#$8%--#8I-7$5,-V$'#.1##-$."#$!@BYYBOS>$%:$*%55(/)$.%$'#$&(V#$."(.$,)$
o%(I-7$(/%+-*$%+.$."#/#$,-$%+/$1%/5*333$(-*$=O?3
9

10. @,7".$-%19$,:$0%+F/#$5,V#$&%).$$H#%H5#$"(;#$0%+$-%$8%--#8I-7$5,-V$.%$."#$(5&%).$,-[-,.#$(&%+-.$
%:$&%-#0$o%(I-7$(/%+-*$%-$%+/$H5(-#.$/,7".$-%13$=%+$"(;#$SO$_Y?C$"%1$.%$7#.$)%&#$%:$."(.$
&%-#0$:%/$0%+/)#5:333$0#.$,.F)$@BdD!$!DC@C$,-$:/%-.$%:$0%+333$M+).$o%(I-7$(/%+-*3
4-*$."#$H/,8,H5#)$.%$7#.$,.$(/#$)8,#-I[89$1,.",-$0%+/$/#(8"9$(-*$/#c+,/#$-%.",-7$&%/#$."(-$0%+/$
8%-),).#-.$(8I%-3$=%+$1,55$'#$."#$%-#$.%$&(V#$."#$8"%,8#$1"#.#/$0%+F/#$1,5,-7$.%$QO$B!$%/$-%.3$
4-*$,:$0%+F/#$-%.$1,55,-7$.%$.(V#$."#$(8I%-$).#H)$.%$7#.$."#$&%-#0333$."#-$0%+$1%-F.$7#.$."#$
&%-#03
B.F)$."(.$),&H5#3
S%19$Y#.)$!(5V$4*;#/I),-7333
!"#/#$(/#$)%$&(-0$H/,&(/0$:%/&)$%:$(*;#/I),-7$%-$."#$,-.#/-#.333$BF&$%-50$7%,-7$.%$)"(/#$1,."$
0%+$)%&#$%:$."#$&%).$H%1#/:+5$B$8+//#-.50$+)#$,-$&0$'+),-#))$.%$7#.$D?SQ@CQ>$%:$5#(*)$*(,503
P"(.$B$1(-.$0%+$.%$V##H$,-$&,-*$,)$."(.$."#/#$,)$5,.#/(550$(-$BSTBSB!C$(&%+-.$%:$H#%H5#$%+.$."#/#$
%-$."#$B-.#/-#.3$B$)(0$,-[-,.#9$'#8(+)#$."#/#$(/#$:%/$&%/#$H#%H5#$."(-$0%+$1,55$#;#/$'#$('5#$.%$
*%$'+),-#))$1,."9$.(5V$.%$9$%/$#;#-$)##3
!"#$)8%H#$%:$."#$H%.#-I(5$),N-7$,-$:/%-.$%:$0%+/$:(8#$,)$>O$A4>!9$,.F)$'#0%-*$&%).$-%/&(5$
H#%H5#F)$8%&H/#"#-),%-3$E%).$(;#/(7#$H#%H5#$-#;#/$#;#-$8%-),*#/$."#$(8.+(5$H%)),',5,I#)$
#K,)I-7$,-$:/%-.$%:$."#&9$"%1#;#/$,.F)$&0$7%(5$.%$8"(-7#$."(.$:%/$0%+3
B$1(-.$0%+$.%$_C4>C$.%$.",-V,-7$5,V#$(;#/(7#$H#%H5#33$(-*$).(/.$.",-V,-7$5,V#$($e1(/,%/f3$>.(/.$
.",-V,-7$5,V#$($./+#$CS!@C`@CSC?@3$)##$."#$1%/5*$:%/$1"(.$,.$/#(550$,)333$($E4dB_4Y$H5(8#$[55#*$
1,."$+-5,&,.#*$%HH%/.+-,.0$:%/$0%9$,:$%-50$0%+F55$*#;#5%H$."#$-#8#))(/0$;,),%-$.%$)##$,.3
P"#-$,.$8%&#)$.%$(*;#/I),-7$333$!"#/#$(/#$G$1(0)$BF&$8+//#-.50$7#N-7$./(t8$<$5#(*)$:/%&$$."#$
B-.#/-#.9$1",8"$(/#$D?dC$,-$."#,/$H%.#-I(59$(-*$/#(*,50$(;(,5('5#$.%$(-0%-#$1"%$1(-.)$."#&3
S%19$Y#.)$!(5V$4*;#/I),-7
`(0JH#/$_5,8V$j``_k$&(/V#I-7$,)$8+//#-.50$%+/$5(/7#).$)%+/8#$%:$5#(*)9$4-*$c+,.#$H%)),'50$."#$
5(/7#).$(*;#/I),-7$,--%;(I%-$."(.F)$"(HH#-#*$,-$*#8(*#)3
!"#/#$(/#$W$&(M%/$)#(/8"$#-7,-#)9$1",8"$0%+$8(-$8/#(.#$(-$(*;#/I),-7$(88%+-.$1,."9$.%$*%$0%+/$
OPS$H(0JH#/$85,8V$&(/V#I-73$BF&$7%,-7$.%$)"%1$0%+$1"#/#$.%$),7-$+H$:%/$."#&$-%19$H5+)$.#55$
0%+$&%/#$('%+.$1"(.$.",)$&(/V#I-7$&#*,+&$,)3$jBF&$(5)%$7%,-7$.%$7,;#$0%+$($E4uO@$1(/-,-7$
0%+$&+).$"##*k
10

11. !"#$W$&(M%/$)#(/8"$#-7,-#)$1#$+)#$``_$%-$(/#333
D#/#F)$P"0$`(0J`#/$_5,8V$j``_k$E(/V#I-7$B)$>%$@#;%5+I%-(/0333
g#:%/#$."#$B-.#/-#.9$,.$),&H50$1()$SO!$H%)),'5#$.%$*%$&(/V#I-7$()$.(/7#.#*$()$0%+$-%1$8(-$
%-5,-#3$B&(7,-#$-%.$`4=BSd$:%/$(*;#/I),-73$+-I5$0%+/$H/%)H#8.$"()$(5/#(*0$#KH/#))#*$(-$
,-.#/#).$,-$0%+/$'+),-#))3
4J):89,.8F.7=>.1KD<.*)83.F=-.)3H,-I589:.B(,9.7=>-.*-=5*,L+.5+>LM.>*.+(,8-.()93.)93.
5)83NNNO4PJ.89+,-,5+,3Q.4.R)9+.0(85NO
P#559$."(.F)$``_$&(/V#I-73
g(),8(550$"%1$,.$1%/V)$,)$.",)333$0%+$8(-$),7-$+H$:%/$(-$(88%+-.$1,."$."#$&(M%/$)#(/8"$#-7,-#)$
."(.$(55%1)$0%+$.%$H5(8#$(*)$1"#-$H#%H5#$.0H#$,-$8#/.(,-$RC=PO@Q>3
!DCS9$PDCS$`CO`YC$85,8V$%-$0%+/$(*$(a#/$."#0$.0H#$."(.$V#01%/*$,-.%$."#$)#(/8"$#-7,-#333$
%-50$."#-$*%$0%+$H(03
!",)$,)$/#;%5+I%-(/0$:%/$)#;#/(5$/#()%-)3
S$/.=%+$8(-$-%1$.(/7#.$0%+/$H/%)H#8.)$'()#*$%-$."#$Cb4_!$V#01%/*)$."#0$(/#$.0H,-7$,-.%$."#$
)#(/8"$#-7,-#)3$!",)$&#(-)$0%+$8(-$Y4>C@$:%8+)$)%$)H#8,[8333$."(.$,:$0%+$OSY=$1(-.$.%$*#(5$1,."$
5#(*)$1"%$"(*$l^^9^^^v$,-$."#$'(-V9$0%+$8%+5*3
CK(&H5#i$_/#(.#$(-$(*$."(.$.(/7#.)$H#%H5#$5%%V,-7$+H$eg+0,-7$4$E8$Q%-(5*F)$T/(-8",)#f9$(-*$."#$
OSY=$H#%H5#$0%+$1,55$'#$*#(5,-7$1,."$(/#$H#%H5#$1"%$%';,%+)50$"(;#$&%-#0$.%$,-;#).$,-$($
'+),-#))3
!",)$,)$M+).$o(.$%+.$/#;%5+I%-(/09$(-*$(*;#/I),-7$.",)$.(/7#.#*$"()$SCAC@$'##-$H%)),'5#3$`5+)9$
1,."$."#$,-8/#*,'5#$/(,)#$,-$)#(/8"$#-7,-#$./(t89$(-*$."#$-+&'#/$%:$H#%H5#$8%&,-7$%-$."#$
B-.#/-#.333$0%+/$H%%5$%:$H/%)H#8.)$,)$%-50$7%,-7$.%$,-8/#()#3
S%/$=%+$%-50$`4=$%-8#$."#0$85,8V$%-$0%+/$(*3$!",)$&#(-)9$0%+$7#.$.%$_OS!@OY$."#,/$5#;#5$%:$
,-.#/#).$gCTO@C$0%+$#;#-$H(0$:%/$0%+/$(*;#/I),-73
11

12. _%&H(/#$.",)$.%$.#5#;,),%-$(*)9$/(*,%$(*)9$-#1)H(H#/)9$'+55#I-)9$%/$(-0.",-7$#5)#$."(.F)$#;#/$
#K,).#*3$SO!DBSd$8%&#)$/#&%.#50$85%)#$.%$-%.$H(0,-7$+-I5$0%+/$H/%)H#8.)$"(;#$(5/#(*0$
>DOPS$."#0$(/#$,-.#/#).#*$,-$1"(.$0%+$(/#$%n#/,-73
`5+)9$."#/#$(/#$&(-0$(*;(-8#*$``_$&(/V#I-7$)./(.#7,#)$B$8%+5*$)"%1$0%+$."(.$1,55$gYOP$0%+/$
&,-*$()$.%$."#,/$H%1#/$<$H/%[.(',5,.09$1",8"$B$*%-F.$"(;#$I&#$:%/$,-$.",)$:/##$/#H%/.3$!/+).$&#9$B$
"(;#-F.$)V,&&#*$."#$)+/:(8#$%:$1"(.F)$#;#-$@CEO!CY=$H%)),'5#$1,."$``_$&(/V#I-79$(-*$M+).$
"%1$.(/7#.#*$0%+$8(-$(8.+(550$7#.3
D#/#F)$E0$P(/-,-7$!"%+7"333
4*;#/I),-7$,)$."#$/#(5$*#(53$B.F)$-%.$($&%-%H%50$7(&#333$,.F)$."#$/#(5$1%/5*3$BF;#$)##-$($5%.$%:$
H#%H5#$1().#$&%-#0$%-$``_$&(/V#I-7$'#8(+)#$."#0$*,*-F.$"(;#$."#$8%//#8.$)./(.#709$."#0$"(;#$
-%$85+#$1"(.$."#0$(/#$*%,-79$(-*$."#0$."%+7".$."#0$8%+5*$M+).$*%$,.$."#&)#5;#)3
?-5#))$0%+$"(;#$($A4>!$#KH#/,#-8#$,-$&(/V#I-7$<$(*;#/I),-7333$"(;#$)H#-.$!CS>$%:$."%+)(-*)$
,-$."#$H().$%-$(*;#/I),-79$B$1%+5*-F.$7%$85%)#$.%$``_$1,."%+.$($H/%H#/$#*+8(I%-$[/).3
BF&$-%.$V,**,-7$0%+9$0%+F*$H/%'('50$)H#-*$]^9^^^JX^9^^^$,-$(*;#/I),-7$&%-#0$.%$5#(/-$
=O?@>CYT$1"(.$0%+$8(-$5#(/-$,-$($5%+)0$W^^$8%+/)#$%-$``_$&(/V#I-73$=%+$&,7".$"(;#$.%$
)H#-*$#;#-$&%/#$,:$0%+$1#/#$./0,-7$.%$5#(/-$]^^r$%-$0%+/$%1-3
B.$M+).$&(V#)$)#-)#$.%$"(;#$&#-.%/)$1"%$"(;#$)H#-.$."(.$&%-#0$'#:%/#9$(-*$8(-$)"%1$0%+$
#K(8.50$."#$)&(/.#).9$(-*$&%).$H/%[.('5#$1(0)$.%$&(/V#.$0%+/$'+),-#))$+),-7$.",)$(*;#/I),-7$
&#*,+&3
_%-),*#/,-7$``_$&(/V#I-7$,)$'(/$-%-$%-#$%:$."#$#(),#).$1(0)$.%$7#.$).(/.#*$7/%1,-7$0%+/$
'+),-#))9$(-*$H/%;,*#)$&%/#$./(t8$."(.$4S=$%."#/$&#*,+&$,$V-%1333$,.F)$($H%1#/:+5$)V,55$)#.$.%$
'#7,-$5#(/-,-73
4-*$&(V#$-%$&,).(V#9$."#/#F)$e-%$1(0$(/%+-*$.",)f3$B:$0%+$1(-.$.%$&(V#$EOSC=9$BF&$.(5V,-7$5%.)$
(-*$5%.)$(-*$5%.)$%:$&%-#0$,-$0%+/$5,:#I&#9$."#-$0%+$SCCQ$.%$*#;#5%H$0%+$)V,55$)#.)3
E%-#0$*%#)$-%.$o%1$.%$."#$+-)V,55#*3$!"#$+-)V,55#*$),.$(-*$1(.8"$."#$)V,55#*$(8.+(550$"(;#$T?S$
,-$."#$7(&#$%:$5,:#$!"#$+-)V,55#*$(/#$%-$."#$'#-8"#)9$1",5#$."#$)V,55#*$(/#$`Y4=BSd3
B:$0%+$1(-.$.%$5,;#$(-$(;#/(7#$5,:#333$."#-$"(;#$(;#/(7#$),55)3
B:$0%+$1(-.$.%$5,;#$(-$Cb_C`!BOS4Y$5,:#$:/##*%&9$."#-$*#;#5%H$)%&#$#K8#HI%-(5$)V,55)$."(.$1,55$
d@4S!$0%+$."(.$5,:#$%:$:/##*%&3
g#8%&,-7$($E().#/$``_$&(/V#.#/$,)$($)V,55$M+).$5,V#$."(.9$(-*$,.F)$%-#$."(.F)$&(*#$&#$."%+)(-*)$
,-$.",)$,-*+)./0$,-$($AC@=$:().$I&#$H#/,%*3
()$)+8"9$BF;#$'#8%&#$(-$,-8/#*,'5#$.#(8"#/$%:$``_$&(/V#I-79$(-*$(&$H%)),'50$%-#$%:$."#$&%).$
)+88#)):+5$``_$&(/V#.#/)$#K,)I-7$%-$."#$`5(-#.$,-$%+/$,-*+)./09$1"%F)$#;#/$.(+7".$).+*#-.)3$BF&$
12

13. -%.$)(0,-7$."(.$.%$:##5$7%%*$('%+.$&0)#5:9$8(+)#$B$/#(550$*%-F.$*#/,;#$0$,*#-I.0$:/%&$)+8"$.",-7)9$
BF&$)(0,-7$,.$'#8(+)#$,.F)$."#$./+."3
4-*$0%+$-##*$.%$5#(/-$/,7".$:/%&$."#$).(/.$1"%$B$(&$()$($&#-.%/$.%$0%+9$)%$."(.$(a#/$.%*(0$
1"#-$0%+$).%H$/#(*,-7$.",)$/#H%/.$0%+$8(-$&(V#$($8"%,8#$,-$_OSTBQCS_C$()$.%$1"#."#/$%/$-%.$
0%+$1(-.$.%$8%-I-+#$'#,-7$&#-.%/#*$'0$&#$.%$"#5H$0%$&(V#$&%-#0$<$7/%1$0%+/$'+),-#))3
=%+$)##9$P,--,-7$."#$'(L5#$%:$)+88#))$,)$($5,:#$5%-7$H/%8#))3
P,--,-7$0%+/$:/##*%&9$8/#(I-7$($5#7(80$'+),-#))9$&(V,-7$EBYYBOS>$%:$*%55(/)9$(-*$M+).$(55$
(/%+-*$'#,-7$)+88#)):+5$,)$)%&#.",-7$0%+$*#*,8(.#$0%+/$5,:#$.%%3
=%+$1,55$SCCQ$,-8/#*,'5#$&#-.%/)",H$(-*$.#(8"#/)$%-$.",)$M%+/-#03
=%+/$&#-.%/)$(-*$.#(8"#/)$1,55$)(;#$0%+$:(/$&%/#$I&#9$&%-#09$(-*$/#)%+/8#)$."(-$0%+$8%+5*$
#;#/$#;#-$7,;#$."#&$j./+).$&#k$,:$0%+$(/#$(HH50,-7$."#,/$V-%15#*7#$.%$,.)$./+#$H%.#-I(53
P,."%+.$&0$.#(8"#/)$,-$5,:#9$B$1%+5*$'#$-%.",-73$B$8/#*,.$."#$,-8/#*,'5#$&#-$(-*$1%&(-$1"%F;#$
)H#-.$."#,/$5,;#)$(8c+,/,-7$V-%15#*7#$'#:%/#$&#$1,."$4YY$%:$&0$)+88#))$<$(&(Z,-7$:/##*%&$B$
-%1$#KH#/,#-8#$,-$5,:#3
P#F55$.(5V$&%/#$('%+.$."#$,-8/#*,'5#$,&H%/.(-8#$%:$&#-.%/)",H$,-$8"(H.#/$G3
!/(t8$>%+/8#$sli$T(8#'%%V38%&
T(8#'%%V$,)$%-#$%:$."#$C4>BC>!$H5(8#$,-$."#$1%/5*$.%$-#.1%/V9$'+,5*$($:%55%1,-79$
7#-#/(.#$5#(*)9$'+,5*$/#5(I%-)",H)9$(-*$7#.$#KH%)+/#$:%/$0%+/$'+),-#))3
T(8#'%%V$"()$-%1$OAC@!4RCS$=("%%$,-$.#/&)$%:$1%/5*$1,*#$./(t89$()$."#$sl$&%).$
./(t8V#*$1#'),.#$,-$."#$1%/5*3$!"(.F)$,-8/#*,'5#3$P,."$%;#/$hG^9^^^9^^^$+)#/)$(.$I&#$%:$1/,I-7$
.",)3
B$8+//#-.50$"(;#$%;#/$q9^^^$H#%H5#$,-$&0$-#.1%/V$%-$T(8#'%%V9$)%&#$%-$&0$H#/)%-(5$H(7#$(-*$
)%&#$%-$&0$T(-$`(7#9$(-*$#;#/0$),-75#$I&#$B$)#-*$%+.$(-$+H*(.#9$H%).$($;,*#%9$H%).$($-%.#9$%/$
(-0$%:$."#$%."#/$:+-8I%-)$0%+$"(;#$(;(,5('5#$.%$0%+$1,.",-$T(8#'%%V$B$7#-#/(.#$('%+.$]^^Jl^^v$
+-,c+#$;,),.%/)$.%$1"(.#;#/$BF&$H/%&%I-73
B:$B$/%55$%+.$($8(&H(,7-9$&#(-,-7$B$(&$8%-),).#-.50$)"(/,-7$."#$)(&#$5,-V$%-$T(8#'%%V9$."(.$5,-V$
1,55$7#.$:/%&$G^^J]^^^v$?SBw?C$;,),.%/)$.%$85,8V$,.3
13

14. 4-*$,.F)$4YY$:/##3$4)$,-9$*%#)-F.$8%).$($*,&#3$=%+$8(-$'#8%&#$&0$:/,#-*$%-$T(8#'%%V$"#/#$-%1$,:$
0%+$1(-.$.%$8%--#8.$1,."$&#9$(-*$)##$"%1$B$*%$,.333$j1#$)"%+5*$'#8%&#$:/,#-*)$%-$T(8#'%%V$
(-01(0k3
"LHixx1113:(8#'%%V38%&x&(/1(-.(5%*,5,;#
j-%.#9$."#/#$,)$($H(,*$(*;#/I),-7$H%/I%-$%:$T(8#'%%V$."(.$B$1,55$"(;#$.%$8%;#/$,-$5(.#/$./(,-,-7)9$
'+.$,.F)$AC@=$H%1#/:+5k3
=%+$8(-$(5)%$),7-$+H$:%/$T(8#'%%V$"#/#$,:$0%+$*%-F.$"(;#$(-$(88%+-.3
T8:9.U*.A,-,$!"#$%%%&'()*+,,-&),.
T(8#'%%V$,)-F.$(-$%HI%-3$B.F)$1"#/#$0%+/$H/%)H#8.)$(/#9$0%+$SCCQ$.%$'#$."#/#9$(-*$(1(/#$%:$
"%1$.%$+)#$,.$,-.#55,7#-.50$()$1#553
B.F)$#()0$.%$7#.$).(/.#*3$T%/$-%1$B$/#8%&&#-*$8/#(I-7$0%+/$(88%+-.9$(-*$M+).$).(/I-7$.%$64**$
T/,#-*)F$.%$'+,5*$0%+/$-#.1%/V3
!(/7#.$:/,#-*)$1"%$(/#$#,."#/$,-$d/%+H)$."(.$(/#$/#5(.#*$.%$0%+/$-,8"#9$%/$7/%+H)$1"%$0%+$.",-V$
1%+5*$&(V#$7/#(.$H/%)H#8.)3$BCi$H#%H5#$,-.#/#).#*$,-$&(V,-7$&%-#09$(5/#(*0$,-$-#.1%/V$
&(/V#I-79$#.83
D,-.i$*%$-%.$(**$&%/#$."(-$]^Jl^$:/,#-*)$H#/$*(0$+-I5$0%+$(88%+-.$,)$PCYY$#).('5,)"#*3$
T(8#'%%V$*%#)-F.$5,V#$H#%H5#$1"%$*%$.",)9$(-*$0%+$8%+5*$/+-$."#$/,)V$%:$7#N-7$."#$(88%+-.$
*#5#.#*3$u+).$7/%1$,.$)5%1$(-*$).#(*,509$(-*$'#$;#/0$,-.#/(8I;#$,-$0%+/$'+,5*,-7$%:$/#5(I%-)",H)$
1,."$H#%H5#3
B$1,55$8%&#$'(8V$,-$:+.+/#$./(,-,-7)$(-*$)"%1$0%+$&(-0$&%/#$(*;(-8#*$)./(.#7,#)3
S%19$,.F)$)%$&0).#/0$%-#$%:$."#$&%).$I&#$.#).#*$&(/V#I-7$)./(.#7,#)$%-$."#$B-.#/-#.$,)$7#N-7$
0%+/$1#'),.#$/(-V#*$,-$."#$)#(/8"$#-7,-#)3$!"#/#$(/#$',55,%-)$%:$H#%H5#$)#(/8",-7$:%/$)H#8,[8$
V#01%/*)$%-$."#$)#(/8"$#-7,-#)$%-$($&%-."50$'(),)3
!(V,-7$."#$(8I%-$.%$7#.$=O?@$),.#$.%$)"%1$+H$%-$)%&#$%:$."%)#$)H#8,[8$V#01%/*)9$8(-$#c+(.#$
.%$($YBTC!BEC$%:$:/##$(*;#/I),-7$<$./(t8$:%/$0%+/$'+),-#))3$B$"(;#$&(*#$($RBYYBSd$:/%&$"(;,-7$
8#/.(,-$),.#)$/(-V#*$,-$."#$)#(/8"$#-7,-#)3
B-$:(8.9$&0$[/).$8%&H(-0$B$/#(550$'5#1$+H$.%$($l^9^^^v$H#/$&%-."$,-8%&#$)./#(&$8(&$&%).50$
:/%&$./(t8$B$1()$7#N-7$:/%&$)#(/8"$#-7,-#)3
!"#/#F)$($H5#."%/($%:$1(0)$0%+$8(-$7#.$8%-.#-.$/(-V#*$,-$."#$)#(/8"$#-7,-#)3$B-$:(8.9$%-#$%:$."#$
&%).$H%1#/:+5$1(0)$.%*(0$,)$'0$+),-7$($eg5%7f3$=%+$H/%'('50$"(;#$)##-$'5%7)$'#,-7$+)#*$
#;#/01"#/#9$(-*$."(.F)$'#8(+)#$."#0$(/#$BS_@CQBgYC$.%%5)$.%$+)#$.%$7/%1$0%+/$'+),-#))3
14

15. B$+)#$'5%7)$,-$($;(/,#.0$%:$*,n#/#-.$1(0)9$1",8"$B$*%-F.$"(;#$I&#$.%$8%;#/$"#/#$.%*(03$g+.$0%+$
8(-$)##$%-#$'5%7$1#$)#.$+H9$.%$7#.$/(-V#*$,-$."#$)#(/8"$#-7,-#)$:%/$)H#8,[8$.#/&)$'#5%1333
1>-.19289,.?)-B)9.0)2=38.V2=:$!"#$%%%&.(/%(01(2,34&),.
B:$0%+F/#$,-.#/#).#*$,-$)#N-7$+H$0%+/$%1-$'5%79$B$",7"50$/#8%&&#-*$*%,-7$,.$"#/#$:%/$."#$&%).$
4TTO@Q4gYC$8%).$,-$%+/$,-*+)./03$
V2=:.T,+.>*.T,-H8L,$"LHixx1113&(/1(-.(5%*,38%&x8%-.(8.J&.
P#$8(-$"#5H$0%+$)#.$+H$0%+/$'5%7$:%/$+-*#/$l^^3
D%1#;#/9$,:$0%+$1(-.$($&+8"$",7"#/$#-*$)#/;,8#9$."(.$1,55$8+).%&,Z#$&(-0$&%/#$.",-7)$:%/$0%+9$
0%+$8(-$+)#$($)#/;,8#$5,V#$e4*;(-8#*$g5%7$Q#),7-)f$'0$8%-.(8I-7$+)$"#/#i
V2=:.T,+.>*.T,-H8L,$"LHixx1113&(/1(-.(5%*,38%&x8%-.(8.J&.
4$8+).%&,Z#*$'5%7$:/%&$%+/$)#/;,8#)$1,55$8%).$('%+.$lG^^3$B$*%$-%.$/#8%&&#-*$.",)$(.$.",)$
#(/50$).(7#$%:$0%+/$%-5,-#$(*;#/I),-7$8(/##/3$B$.",-V$0%+F*$7#.$T4@$&%/#$'(-7$:%/$0%+/$'+8V)$
)H#-*,-7$l^^$%-$($'5%79$(-*$,-;#)I-7$."#$/#).$%:$."(.$lG^^$0%+$1%+5*$%:$)H#-.$,-.%$
(*;#/I),-7$(-*$#*+8(I%-333)%$0%+$(8.+(550$V-%1$1"(.$0%+$(/#$*%,-73
!%$7#.$'(8V$.%$."#$H%,-.$%:$)#(/8"$C-7,-#$OHI&,Z(I%-$j>COk9$%-8#$0%+$"(;#$($'5%7$0%+$8(-$
1/,.#$e`%).)f$('%+.$(-0$)+'M#8.$0%+$1(-.3$=%+$8(-$,-85+*#$)H#8,[8$V#01%/*)$,-$."#)#$H%).)9$
1",8"$1,55$7,;#$0%+$."#$H%.#-I(5$%:$/(-V,-7$,-$."#$)#(/8"$#-7,-#)$1"#-$H/%)H#8.)$.0H#$."%)#$
V#01%/*)$,-3
!"#/#$(/#$&(-0$%."#/$:(8.%/)$%:$>CO$5,V#$Y,-V$'+,5*,-79$%-$H(7#$%HI&,Z(I%-9$(-*$%."#/$)+8"$
.",-7)$1",8"$,:$0%+F/#$,-.#/#).#*$,-$0%+$8(-$5#(/-$,-$:+.+/#$./(,-,-7)3$!"#)#$:(8.%/)$8(-$&(V#$."#$
',7$*,n#/#-8#$'#.1##-$.%H$)#(/8"$#-7,-#$/(-V,-7$(-*$-%-$#K,).#-.$%-#)3
!/(t8$>%+/8#$sXi$!1,L#/38%&
!"#$1#'),.#$H"#-%&#-%-$.1,L#/$"()$#KH5%*#*$%-.%$."#$)8#-#$,-$."#$5().$lX$
&%-.")$c+,8V50$/%8V#I-7$.%$%-#$%:$."#$.%H$]W$&%).$./(t8V#*$1#'),.#)$,-$."#$1%/5*3$
j7#-#/(550$/+5#$%:$."+&'9$7%$.%$1113(5#K(38%&$(-*$5%%V$(.$&%).$./(t8V#*$1#'),.#)$
,-$."#$1%/5*9$(-*$!D4!$,)$1"#/#$0%+$8(-$7#.$,-8/#*,'5#$(&%+-.)$%:$H/%)H#8.)$:/%&k3
!1,L#/$,)$(-%."#/$)%8,(5$&#*,($),.#$."(.$(55%1)$0%+$.%$g?BYQ$($-#.1%/V$%:$eT%55%1#/)f$."(.$0%+$
8(-$8%&&+-,8(.#$1,."$%-#$),-75#$e.1##.f3
4$.1##.$,)$($)"%/.9$]X^$8"(/(8.#/$&#))(7#$0%+$8(-$)#-*$%+.9$."(.$4S=OSC$1"%$,)$:%55%1,-7$0%+$
8(-$)##3$!1,L#/$"()$./+.":+550$/#;%5+I%-,Z#*$($5%.$%:$)%8,(5$&#*,($)./(.#70$1,."$,.)$?!!C@$
),&H5,8,.03
15

16. S%.$%-50$."(.9$'+.$B$.",-V$.1,L#/$,)$(-$#;%5+I%-(/0$:%/&$%:$e)#(/8"f$,-$(-*$%:$,.)#5:3$P"#-$0%+$
.",-V$."(.$0%+$8(-$;,),.$.",)$),.#$-%1333
1113>#(/8"3!1,L#/38%&
4-*$0%+$8(-$5%%V$+H$4S=$8%-;#/)(I%-)$"(HH#-,-7$,-$@C4Y$!BEC$%-$.1,L#/9$('%+.$4S=$)+'M#8.3$
Y#.F)$5%%V$(.$($8%-8/#.#$#K(&H5#333
P"#-$."#$.)+-(&,$"(HH#-#*$,-$u(H(-9$(-*$0%+$1#-.$.%$7%%75#$.%$/#)#(/8"$,.9$0%+F*$-%.$[-*$($
)+H#/$(&%+-.3$,.$.(V#)$I&#$:%/$7%%75#$.%$*#.#/&,-#$."#$&%).$H%H+5(/$1#'),.#)9$*#.#/&,-#$
1",8"$%-#)$)"%+5*$'#$/(-V#*9$(55$."(.$7%%*$).+n3
D%1#;#/9$,:$0%+$)#(/8"#*$."(.$>4EC$V#01%/*$%-$.1,L#/$0%+$8%+5*$"(;#$@C4Y$!BEC$5,).$%:$4YY$
."#$8%-;#/)(I%-)$."(.$1#/#$"(HH#-,-7$%-$."(.$)+'M#8.3$=%+$8%+5*$V-%1$,-$@C4Y$I&#$1"(.$
#;#/0%-#$,)$)(0,-7$('%+.$,.9$[-*$5,-V)9$[-*$(/I85#)9$1"(.#;#/$0%+$1(-.3
B$.",-V$1#F/#$u?>!$'#7,--,-7$.%$)##$."#$H%1#/$%:$!1,L#/9$(-*$.",)$8%&H(-0$"()$=C!$.%$/%55$%+.$
."#,/$:+55$o#*7#$(*;#/I),-7$H/%7/(&$0#.3$_+//#-.50$(55$%+/$!/(t8$,)$8%&,-7$:/%&$M+).$+),-7$."#$
e?)#/f$),*#$%:$.1,L#/333$B$8(-F.$P4B!$:%/$."#&$.%$/%55$%+.$(-$(*;#/I),-7$H/%7/(&3
B$",7"50$/#8%&&#-*$0%+$:%55%1$&#$%-$.1,L#/$.%$5#(/-$&%/#333
?)-B)9.0)2=38.=9.0B8W,-$"LHixx1113.1,L#/38%&x&(/1(-.(5%*,
=%+$8(-$8/#(.#$(-$(88%+-.$%-$."#$.%H$/,7".9$(-*$."#-$8%&#$'(8V$.%$&0$&(,-$H(7#$(-*$M+).$85,8V$
."#$eT%55%1f$'+L%-$+-*#/$&0$-(&#3$=%+$1,55$-%1$7#.$(55$%:$&0$).(.+)$+H*(.#)$%-$0%+/$&(,-$
"%&#$H(7#9$%/$#;#-$0%+/$8#55$H"%-#$,:$0%+$1(-.#*$.%3
!0H,8(5509$,:$0%+$1(-.$.%$7/%1$0%+/$%1-$.1,L#/$:%55%1,-79$,.F)$;#/0$),&H5#3$g0$.(/7#I-7$."#$
:%55%1#/)$%:$&(M%/$,-*+)./0$ed+/+)f$1"%$0%+$.",-7$1%+5*$&(V#$7/#(.$H/%)H#8.)$:%/$0%+/$
'+),-#))333$0%+$8(-$%a#-$'+,5*$(-$#()0$:%55%1,-73
D#/#$,)$."#$7#-#/(5$/+5#$%:$."+&'9$('%+.$W^JWGr$%:$."#$H#%H5#$=O?$:%55%1$%-$!1,L#/$1,55$:%55%1$
0%+$'(8V3$>%$,:$0%+$1(-.$.%$'+,5*$($:%55%1,-7$1,."%+.$[/).$'#,-7$)%&#$ed+/+f333$."#-$M+).$:%55%1$
%."#/$H#%H5#3
4a#/$('%+.$h$*(0)9$0%+$)"%+5*$?STOYYOP$(55$%:$."%)#$H#%H5#$1"%$*,*$-%.$:%55%1$0%+3$.",)$1,55$
(55%1$0%+$.%$8%-I-+#$7/%1,-7$(-*$7/%1,-7$0%+/$-#.1%/V3$!"#-9$()$0%+$'+,5*$/#5(I%-)",H)$1,."$
(55$."#$H#%H5#$0%+$1,55$-%1$'#$&##I-7$."#0$8(-$"(;#$."#$8"(-8#$.%$)##$"%1$A4Y?4gYC$0%+$
/#(550$(/#3
!"#/#F)$($5%.$%:$,-8/#*,'5#$1(0)$.%$+)#$!1,L#/$.%$7/%1$0%+/$'+),-#))9$1",8"$B$1,55$)"%1$0%+$,-$
:+.+/#$./(,-,-7)9$'+.$)+t8#$,.$.%$)(0$.",)$*%#)-F.$#;#-$.%+8"$."#$)+/:(8#3
!1,L#/$8+//#-.50$7#-#/(.#)$."%+)(-*)$%:$85,8V)$.%$&0$1#'),.#)$%-$&%-."50$'(),)3
16

17. !/(t8$>%+/8#$sGi$`(,*$E#*,(
`(,*$E#*,($,)$."#$-#K.$e1(;#f$%:$&(M%/$%-5,-#$(*;#/I),-7$B$'#5,#;#$,)$7%,-7$.%$)1##H$%+/$
,-*+)./03$4)$&(/V#.#/)$7#.$'#L#/$(-*$'#L#/$(.$8%-;#/I-7$./(t8$,-.%$5#(*)9$(-*$5#(*)$,-.%$
EOSC=333$H(,*$&#*,($,)$7%,-7$.%$Cb`YOQC3
`(,*$E#*,($,)$($H/#L0$#()0$8%-8#H.$.%$+-*#/).(-*3$,.$M+).$/#:#/)$.%$e'+0,-7$&#*,($%-$(-0$
1#'),.#f3$B.F)$)%/.$%:$5,V#$."#$SCP$0#55%1$H(7#)3$=%+$M+).$g?=$(*;#/I),-7$)H(8#$%-$(-0$1#'),.#$
0%+$1(-.3
!",)$8%+5*$'#$'(--#/)9$.#K.$$5,-V)9$H%H$+H)9$%/$(55$)%/.)$%:$%."#/$.",-7)3
!"#/#$(/#$(5)%$D?dC$(*$-#.1%/V)$5,V#$1113*%+'5#85,8V38%&$9$%/$11138()(#&#*,(38%&$$$1",8"$
%-8#$0%+$(/#$e/#(*0$.%$#-.#/$."#$',7$5#(7+#)f333$0%+$8(-$7%$.%$."#)#$-#.1%/V)$(-*$."#0$1,55$
5,.#/(550$`Y4>!C@$0%+$(55$%;#/$."#$,-.#/-#.3
!",)$,)$'(),8(550$"%1$."#$:%/.+-#$G^^$8%&H(-,#)$*%$."#,/$(*;#/I),-7$%-$."#$B-.#/-#.3$B:$0%+$1(-.$
=O?@$T4_C$)"%1,-7$+H$%-$S#1)1##VF)$1#'),.#9$."#$S#1$=%/V$!,&#)9$%/$.(/7#.333$."#)#$(/#$."#$
7+0)$(-*$7(5)$."(.$1,55$H+.$0%+$,-$:/%-.$%:$."#$&())#)3
Y#.)$)+t8#$,.$.%$)(0$."(.$`(,*$E#*,($,)$D?dC9$(-*$."#$H%)),',5,I#)$:%/$(*;#/I),-7$(/#$#-*5#))3$
O-#$),&H5#$IH$B$1,55$7,;#$0%+$/,7".$-%1$,)$@C4YY=$#()0$%-#3
=%+$8(-$"(;#$($'(--#/$&(*#$%-$($1#'),.#$5,V#$.",)333$1113qq*#),7-)38%&$j%-#$%:$%+/$T4AO@B!C$
1#'),.#$,-$."#$1%/5*$:%/$(-0$7/(H",8$%/$1#'$*#),7-k3
Q%Z#-)$%:$*#),7-#/)$1,55$8%&H#.#$.%$8/#(.#$0%+$($'(--#/$0%+$5,V#9$(-*$0%+$OSY=$H,8V$(-*$H(0$:%/$
0%+/$:(;%/,.#$%-#3$B.F)$,-7#-,%+)3
O-8#$0%+$"(;#$($'(--#/9$B$/#8%&&#-*$&%)#0,-7$(/%+-*$."#$,-.#/-#.$(-*$[-*,-7$%."#/$1#'),.#)$
."(.$:(55$,-.%$."#)#$8(.#7%/,#)i
y E(V,-7$&%-#0$%-5,-#
y S#.1%/V$E(/V#I-79$&5&
y D%&#$'()#*$'+),-#))#)
y M%'$),.#)
y P#(5."$8/#(I%-$(*;,8#$),.#)
y @#(5$#).(.#9$).%8V$'/%V,-79$#.83
y 4-0.",-7$#5)#$/#5(.#*$.%$&(V,-7$&%-#03
455$0%+$"(;#$.%$*%$.%$7#.$7%,-7$-%1$,)$[-*$."#$e8%-.(8.$+)f$5,-V$%/$."#$e(*;#/I)#/)f$5,-V$(.$."#$
'%L%&$%:$."#$1#'),.#9$(-*$8%-.(8.$."#$1#'&().#/$('%+.$H+N-7$0%+/$'(--#/$%-$."#,/$),.#3
17

18. E(V#$)+/#$0%+$-#7%I(.#$."#,/$H/,8#$QOPS$:/%&$1"(.#;#/$."#0$(/#$7%,-7$.%$%/,7,-(550$.#55$0%+9$
'#8(+)#$0%+$_4S$(-*$."#-$"(;#$."#&$H+.$0%+/$'(--#/$+H3$!"#/#F)$5,.#/(550$D?SQ@CQ>$.%$
."%+)(-*)$%:$),.#)$(55$%;#/$."#$B-.#/-#.$0%+$8(-$H+.$'(--#/)$%-$.%$7#.$.(/7#.#*$./(t8$<$5#(*)$
8%&,-7$'(8V$,-.%$0%+/$'+),-#))3
47(,-$.",)$,)$M+).$($H,#8#$%:$."#$&(7,8(5$,-[-,.#$H%)),',5,I#)$(.$0%+/$[-7#/IH)$%-8#$0%+$)##$."#$
1%/5*$.",)$1(09$(-*$*#;#5%H$."#$AB>BOS$.%$7%$%+.$."#/#$(-$&(V#$,.$"(HH#-3
D%H#:+550$0%+$8(-$)##$(a#/$.",)$)#8I%-9$."#/#$,)$!@CECSQO?>$H%)),',5,.0$:%/$0%+$.%$&(V#$
&%-#0$%-$."#$B-.#/-#.9$(-*$7/%1$($@C4Y$'+),-#))3$=%+$)"%+5*$(5)%$"(;#$($[/&$+-*#/).(-*,-7$%:$
."#$H/,-8,H5#)$B$*,)8+))#*$#(/5,#/333$)%$."(.$0%+$(/#$'+,5*,-7$($'+),-#))$%-$($!@?C$)%+-*$:%%I-79$
-%.$%-$($o,&)0$1",&3
B$+)#$#(8"$(-*$#;#/0$%-#$%:$."#)#$&#*,+&)$B$)"(/#$1,."$0%+$.%*(0$.%$8%55#8I;#50$7#-#/(.#$
D?SQ@CQ>$%:$5#(*)$*(,50$:%/$&0$'+),-#))9$(-*$"(;#$'+,5.$%-#$%:$."#$Y4@dC>!$,-8%&#)$#K,)I-7$
,-$%+/$,-*+)./03
B$*,*-F.$H+.$&0$)+88#))$(.$."#$1",&$%:$1"#."#/$%-#$H#/)%-$)(,*$0#)$%/$-%$.%$&#333$B$1#-.$%+.$
."#/#$(-*$`D=>B_4YY=$'+,5*$(-$(*;#/I),-7$&(8",-#$."(.$:+--#5)$EO@C$-#1$5#(*)$,-.%$&0$
'+),-#))$*(,50$."(-$B$V-%1$1"(.$.%$*%$1,."3
=%+$7#.$.%$8"%%)#$1",8"$H(."$0%+$1(-.$.%$7%$*%1-3$!"#$eT+.+/#f$%:$(*;#/I),-73$O/$"(-7,-7$%-$
.%$."#$e`().f$%:$"%1$.",)$,-*+)./0$'+,5.$'+),-#))#)3$B$1,55$"#5H$0%+$1,."$(55$&0$H%1#/$%-8#$0%+$
&(V#$."#$8"%,8#$<$*#8,*#$0%+F/#$dOBSd$.%$'+,5*$($5,:#$%:$($:/##*%&9$-%$&(L#/$1"(.$3$P#F55$.(5V$
&%/#$('%+.$."(.$)%%-3
T%/$-%1$I&#$.%$&%;#$%-$.%$8"(H.#/$sW3
'()*+,-.!/.0(,.XH=2>I=9.=F.E=22=B.U*.;08J,.0=.V>823.G.YXGD.D85+@
B-$./(*,I%-(5$-#.1%/V$&(/V#I-7$."#0$.#55$0%+$.%$&(V#$($5,).$%:$0%+/$:/,#-*)$(-*$:(&,503$!"(.F)$
0%+/$e5,).f3
P#559$BF&$-%.$7%,-7$.%$.#55$0%+$.%$'+,5*$."(.$5,).3$B-$:(8.9$B$.",-V$."(.$5,).$,)$)%&#1"(.$5(+7"('5#$,-$
8%&H(/,)%-$1,."$."#$(5.#/-(I;#$:%/$e5,).$'+,5*,-7f$."(.$B$(&$-%1$7%,-7$.%$7,;#$0%+3
=%+$)##9$%-$."#$B-.#/-#.$."#0$"(;#$5%.)$%:$e!%%5)f3$4-*$."#)#$e.%%5)f$"(;#$'##-$*#),7-#*$.%$
&(V#$5,:#$C4>BC@9$(-*$7,;#$0%+$(',5,.0F)$.%$&(/V#.$."(.$M+).$*,*-F.$#K,).$'#:%/#$."#$(*;#-.$%:$."#$
B-.#/-#.3
g(/$-%-#9$."#$&%).$`OPC@T?Y$.%%5$,)$($&%*#/-$*(0$&(/V#.#/)$.%%5$8"#).$,)$",)$
e4+.%/#)H%-*#/f3$4-*$."#$/#()%-$1"0$",)$(+.%/#)H%-*#/$,)$>O$H%1#/:+5$,)$'#8(+)#$."(.$,)$
1"#/#$",)$e@C4Y$YB>!f$,)$).%/#*3$Y#.$&#$#KH5(,-3
18

19. O-$."#$B-.#/-#.9$."#$H/,&(/0$%'M#8I;#$%:$&%).$(*;#/I),-7$,)$.%$dC!$!DC$YC4Q3$!"#$/#()%-$1"0$
,)9$%-8#$0%+$"(;#$($5#(*$%H.$,-$.%$1"(.$1#$8(55$($e5#(*$8(H.+/#$H(7#f333$."(.$5#(*$,)$-%1$%-$0%+$
eYB>!f3
!",)$&#(-)9$0%+$8(-$:%55%1$+H$1,."$."(.$5#(*$CSQYC>>Y=$:/%&$.",)$H%,-.$%-$+-I5$."#0$#,."#/$%H.$
%+.$%:$0%+/$#&(,5$5,).9$%/$*,#3$!"(.F)$H/#L0$H%1#/:+53$=#.$0%+$(/#-F.$H(0,-7$3XX$:%/$($).(&H$.%$
&(,5$.%$."#,/$"%+)#9$0%+F/#$-%.$H(0,-7$:%/$H(H#/$%/$&(.#/,(5$%/$(-0.",-7$#5)#3
=%+$8(-$)#-*$()$&+8"$CE4BY$()$0%+$1(-.9$'(),8(550$:%/$:/##9$%-8#$."(.$5#(*$,)$,-$0%+/$e5,).f3$4-*$
.",)$*%#)-F.$#;#-$.%+8"$($:/(8I%-$%:$"%1$H/%[.('5#$,.$,)$.%$'+,5*$0%+/$OPS$#&(,5$&(/V#I-7$5,).$
%:$H/%)H#8.)3
!"#$./+."$,)9$0%+/$Q4!4g4>C$,)$0%+/$())#.3$4$&%*#/-$*(0$e5,).f$,)$(-$())#.$'#0%-*$%5*$)8"%%5$
-#.1%/V$&(/V#.#/)$8(-$8%-8#,;#3$4$&%*#/-$*(0$5,).$7,;#)$0%+$."#$(',5,.0$.%$'+,5*$/#5(I%-)",H)$
1,."$"+-*/#*)9$."%+)(-*)9$.#-)$%:$."%+)(-*)9$#;#-$D?SQ@CQ>$%:$."%+)(-*)$(.$($!O?_D$$%:$$($
'+L%-3
=#)9$."(.$,)$8%//#8.9$(.$."#$!O?_D$%:$($'+L%-3$T%/$#K(&H5#9$(.$."#$I&#$%:$1/,I-7$.",)$B$"(;#$
%;#/$.#-)$%:$."%+)(-*)$,-$%-#$%:$&0$#&(,5$5,).)$."(.$B$8(-$8%&&+-,8(.#$1,."$(.$."#$!O?_D$%:$($
'+L%-3
B$8(-$5,.#/(550$'+,5*$/#5(I%-)",H)$1,."$.#-)$%:$."%+)(-*)$%:$H#%H5#$(.$%-8#9$(55$'0$)#-*,-7$%+.$(-$
#&(,53$_%+5*$0%+$,&(7,-#$./0,-7$.%$'+,5*$($/#5(I%-)",H$1,."$]^9^^^$H#%H5#$,-*,;,*+(550U
B.F)$,&H%)),'5#3$=#.$&%*#/-$*(0$&(/V#I-7$&(V#)$,.$`O>>BgYC9$(-0$C4>=9$%-8#$0%+$+-*#/).(-*$
"%13
S%.$%-50$."(.9$'+.$%-8#$0%+$"(;#$%+/$%1-$e5,).$./(,-,-7f$0%+$/#(5,Z#$."#$H%1#/$%:$(55$."(.3
=%+$8(-$(8.+(550$%n#/$0%+/$5,).$($A4@BC!=$%:$H/%*+8.)9$)#/;,8#)$%/$'+),-#))$%HH%/.+-,I#)$."(.$
."#0$PBYY$P4S!9$(-*$0%+$8(-$7#.$H(,*$&%-#0$%-3$!",)$,)$%-#$%:$."#$&%).$V#0$-#1$8%-8#H.)$%:$
."#$&%*#/-$(7#$'+),-#))3
T%/$-%19$1"(.$0%+$-##*$.%$+-*#/).(-*$,)$."(.$e!"#$&%-#0$,)$,-$."#$YB>!f
g+.$."#$&%-#0$,)-F.$,-$($5,).$%:$H#%H5#F)$-(&#)$0%+$"(;#$1/,L#-$*%1-$%-$($-(HV,-$)%&#1"#/#333
!"#$&%-#0$,)$,-$."#$YB>!$0%+$"(;#$)%/.#*$,-$(-$(+.%/#)H%-*#/$*(.('()#9$."(.$0%+$8(-$H+)"$($
'+L%-$(-*$8%&&+-,8(.#$1,."$."%+)(-*)$%:$H#%H5#$(.$%-8#$1,."3$B&(7,-#$1"(.$/#8/+,I-7$:%/$
0%+/$'+),-#))$5%%V)$5,V#$."#-3
B&(7,-#$."#$-#1$:%+-*$H%)),',5,I#)$0%+$"(;#$.%$&(V#$&%-#0$1"#-$0%+$8(-$)#-*$%+.$(-$#&(,5$
.%$."%+)(-*)$%:$H#%H5#$(.$%-8#9$.#55,-7$."#&$.%$)"%1$+H$.%$0%+/$1#',-(/$%/$8(55$%.$*,)8%;#/$
1"(.$0%+$"(;#$.%$%n#/3
19

20. >%+-*)$($5%.$'#L#/$."(-$"())5,-7$#;#/0$H#/)%-$0%+$8(-$[-*$%-$'0$%-#$*%#)-F.$,.U
!"#$/#(5$'#(+.0$5,#)$,-$0%+/$eY%-7$!#/&f$-+/.+/,-7$%:$."#$5,).$."%+7"333$()$,.$./+50$'#8%&#)$(-$
4))#.$1%/."$,.)$1#,7".$,-$7%5*3$=%+$)##9$."#$/#(5$;(5+#$%:$0%+/$5,).$,)$:%+-*$,-$0%+/$@CY4!BOS>DB`$
1,."$0%+/$5,).3
C;#/0%-#$V-%1)$."(.$0%+/$-#.1%/Vx/#5(I%-)",H)$(/#$1"#/#$0%+$&(V#$4YY$%:$."#$',7$&%-#0$,-$
%+/$,-*+)./03$!"#$",7"#/$c+(5,.0$0%+/$-#.1%/V9$."#$&%/#$/#5(I%-)",H)$0%+$"(;#9$."#$#(),#/$,.$,)$
.%$&(V#$&%-#03
g+,5*,-7$0%+/$%1-$eY,).f$%-5,-#$(55%1)$0%+$.%$'+,5*$/#5(I%-)",H)$1,."$."%+)(-*)$%:$H#%H5#$(.$
%-8#3$B.F)$($)8(5#$%:$/#5(I%-)",H)$'+,5*,-7$%+/$,-*+)./0$"()$-#;#/$V-%1-3$S%.$%-50$."(.9$'+.$."#/#$
(/#$E4S=$(*;(-8#*$)./(.#7,#)$B$1,55$)"%1$0%+$,-$."#$:+.+/#$;%5+&#)$:%/$"%1$.%$*%$.",)9$(-*$
&(V#$#;#-$&%/#$&%-#0$,-$0%+/$'+),-#))$."(.$0%+$8(-$:(."%&$/,7".$-%13
E0$:(;%/,.#$(+.%/#)H%-*#/$8%&H(-0$,$+)#$,)$($8%&H(-0$8(55#*$d#.$@#)H%-)#3$!"#0$(/#$;#/0$
(n%/*('5#9$#()0$.%$+)#9$"(;#$7/#(.$)+HH%/.9$(-*$BF;#$+)#*$."#&$.%$&(V#$4$YO!$%:$&%-#0$,-$&0$
'+),-#))3
=%+$8(-$)##$7#./#)H%-)#$"#/#3$"LHixx11137#./#)H%-)#38%&x,-*#Kx.(5%*,
B-.#55,7#-.$H/%:#)),%-(5)$'+,5*$@C4Y$YB>!>3$!"#0$'+,5*$($!@?C$*(.('()#$."#0$8(-$c+(-I:09$8%-./%59$
-+/.+/#9$(-*$&(V#$&%-#0$:/%&$:%/$YBTC3$!"#$B-.#/-#.9$(-*$&0$.#(8",-7)9$H/%;,*#)$0%+$1,."$.",)$
H(."3
g+.$"#09$,:$0%+$1(-.$0%+$8(-$V##H$"(/()),-7$0%+/$:/,#-*)$(-*$:(&,503$=%+/$_"%,8#$(-*$,:$0%+$
#-M%0$,.$&0$"(.F)$%n$.%$0%+3$T%/$-%19$,.F)$I&#$1#$&%;#$%-$.%$."#$-#K.$/#;%5+I%-(/0$8%-8#H.$.%$
#&#/7#$,-$'+,5*,-7$($&,55,%-$*%55(/$'+),-#))$,-$%+/$EOQC@S$&(/V#.$H5(8#3
'()*+,-.Z/.<1U.49LN
$!",)$,)$($T4>_BS4!BSd$8%-8#H.$."(.$,)$7%,-7$.%$8"(-7#$0%+/$5,:#$/,7".$-%19$(-*$7%,-7$.%$8"(-7#$
"%1$0%+$'+,5*$0%+/$'+),-#))$:%/$."#$/#).$%:$I&#3
S%.$%-50$."(.9$'+.$BF&$7%,-7$.%$T@CC$0%+$:/%&$."#$:(5)#$8%-8#H.$)%$&(-0$"(;#$%:$."#,/$
'+),-#))#)$,-$.",)$,-*+)./03
=%+$)##9$&(-0$H#%H5#$OSY=$.",-V$('%+.$."#,/$)+88#))$,-$.#/&)$%:$"%1$,.$/#5(.#)$.%$."#$H(/I8+5(/$
-#.1%/V$&(/V#I-7$%/$"%&#$'+),-#))$."#0$(/#$($H(/.$%:3
20

21. =%+$B-83$OH#-)$QOO@>$`/#;,%+)50$_5%)#*333
P"#-$5,&,.#*$+-*#/$."#$&,-*)#.$%:$e*,)./,'+.%/f$%-509$(-$#-./#H/#-#+/$%a#-$H(,5)$.%$)##$."#$
&+5I.+*#$%:$H%)),',5,I#)$."(.$#K,).$/,7".$+-*#/$",)$-%)#$,-$&(-0$%."#/$:%/&)3
S%1$."(.$0%+$(/#$YC4@SBSd$:/%&$&#9$B$1,55$c+,8V50$*,)H#5$."#$&,-*)#.$%:$."#$*,)./,'+.%/$:/%&$
0%+9$(-*$"#5H$.%$.+/-$0%+$,-.%$($@C4Y$#-./#H/#-#+/3$B$1,55$)"%1$0%+$E4S=$1(0)$,-$1",8"$0%+$
8(-$7/%1$=O?@$'+),-#))9$-%.$)%&#%-#$#5)#F)3
T%/$).(/.#/)9$."#$e=%+$B-83f$8%-8#H.$,)$8#-./(5,Z#*$(/%+-*$."#$.#(8",-7)$%:$L()*+,-.!3$E(,5-0$
'+,5*,-7$0%+/$OPS$5,).$%:$H/%)H#8.)$."(.$0%+$8(-$8%&&+-,8(.#$1,."9$(-*$&(/V#.$.%9$:%/$."#$/#).$
%:$I&#3
D(;,-7$0%+/$OPS$5,).$%:$H/%)H#8.)$(55%1)$0%+$.%$&(/V#.$4S=!DBSd$0%+$1(-.9$?-*#/$."#$e=%+$
B-83f$g+),-#))$&%*#5333$%HH%/.+-,I#)$(/#$1(0$'#0%-*$0%+/$,&(7,-(I%-3
=%+$B-83$H+.)$."#$`OPC@$'(8V$,-$0%+/$"(-*)3
$=%+$B-83$,)$('%+.$=O?@$5%-7$.#/&$'+),-#))$&%*#53$B.F)$('%+.$8/#(I-7$($YBTC$YOSd$())#.)$."(.$
=O?$8%-./%53
!"#$Y,).$."(.$0%+$'+,5*$%:$H/%)H#8.)$."(.$=O?$"(;#$($/#5(I%-)",H$1,."333$."(.F)$=O?@>$:%/#;#/3
'()*+,-."/.?,9+=-5(8*.0()+.?)W,-5
B$"(;#$(5/#(*0$.%+8"#*$'/,#o0$+H%-$M+).$DOP$,&H%/.(-.$,.$,)$.%$"(;#$($./+#$.#(8"#/$,-$.",)$
,-*+)./09$'+.$B$.",-V$&%).$H#%H5#$%a#-$)#L5#$(.$(-$,-.#55#8.+(5$+-*#/).(-*,-7$%:$.",)$8%-8#H.$
1,."%+.$"(;,-7$($@C4Y$YBTC$Cb`C@BCS_C$5#;#5$%:$+-*#/).(-*,-7$%:$.",)$8%-8#H.3
>%$5#.$&#$:+/."#/$#5('%/(.#9$'#8(+)#$.",)$;#/0$1#55$8%+5*$&(V#$."#$*,n#/#-8#$'#.1##-$"%1$:().$
0%+$7/%1$,-$5,:#9$%/$SO!3
!"#/#$,)$($/#()%-$1"0$),-8#$I&#$,&&#&%/,(5$"+&(-)$"(;#$gC>!$5#(/-#*$:/%&$&#-.%/)9$
.#(8"#/)9$%/$#5*#/)$1"%$"(;#$H())#*$*%1-$."#$1,)*%&$%:$."#$(7#)3
B-$&%/#$(-8,#-.$8+5.+/#)9$."#,/$#-I/#$)+/;,;(5$*#H#-*#*$+H%-$."#$.#(8",-7)$%:$."#$#5*#/)3$B:$."#$
#5*#/)$*,*$-%.$.#(8"$."#$0%+-7$&#-$7/%1,-7$+H$"%1$.%$"+-.9$-%$%-#$,-$."#$;,55(7#$1%+5*$"(;#$
:%%*3
B:$."#$1%&(-$*,*$-%.$.#(8"$."#$0%+-7$7,/5)$"%1$.%$V-,.$%/$)%19$-%$%-#$1%+5*$"(;#$85%.",-73$
C;#-$.%$.",)$*(09$,:$1#$"%-#).50$5%%V$(.$%+/$5,;#)$1#$5#(/-$(5&%).$CAC@=!DBSd$:/%&$e#5*#/)f$1"%$
"(;#$8%&#$'#:%/#$+)$,-$)%&#$:%/&$1(0$%/$(-%."#/3
21

22. =#.$%a#-$I&#)$,-*,;,*+(5)$(HH/%(8"$.",)$.()V$%:$6>+88#))F9$(-*$1,--,-7$."#$'(L5#$%;#/$&%-#0$
:/##*%&$_OE`YC!CY=$%-$."#,/$%1-3$!"#0$/#50$"#(;,50$%-$)%&#$7#-#/,8$e8%&H(-0$./(,-,-7f9$%/$
)%&#$"(H$"(Z(/*$(*;,8#$:/%&$(-$+H5,-#$)H%-)%/333(-*$."(.$,)$."#$#K.#-.$%:$."#,/$6&#-.%/,-7F3
B.F)$c+,.#$+-:%/.+-(.#3
D%1#;#/9$BF&$7%,-7$.%$H(,-.$($H,8.+/#$:%/$0%+$"#/#$/#(5$c+,8V$%:$u?>!$"%1$,&H%/.(-.$0%+/$
.+.#5(7#$+-*#/$./+#$&().#/)$,-$.",)$,-*+)./0$/#(550$,)333$(-*$BF&$7%,-7$.%$,-;,.#$0%+$,-.%$."#$
&(7,8(5$1%/5*$%:$'#8%&,-7$(-$e(HH/#-I8#f$(7(,-3
T,/).9$8%+5*$0%+$,&(7,-#$,:$0%+$1#/#$,-$."#$&#*,#;(5$I&#)9$('%+.$.%$_D4@dC$,-.%$."%+)(-*)$%:$
H#%H5#$,-$($'(L5#[#5*$#c+,HH#*$1,."$)1%/*)9$)",#5*)9$(-*$(55$."#$/#).3
B:$0%+$V-#1$."(.$(55$."/%+7"%+.$.",)$[#5*$."#/#$1#/#$P4@@BO@>$%:$#;#/0$:%/&9$&().#/)$(.$."#$
(/.$%:$)1%/*)&(-)",H9$(/8"#/09$(-*$(55$(/%+-*$&(0"#&333
333$Q%$0%+$.",-V$0%+$1%+5*$).(-*$($[7"I-7$8"(-8#$)+/;,;,-7$,:$0%+$"(*$SCAC@$/#8#,;#*$(-$%+-8#$
%:$/#(5$./(,-,-7$,-$0%+$5,:#U$P%+5*$0%+$'#.$%-$0%+/)#5:$.%$1(5V$,-.%$."(.$'(L5#[#5*9$(-*$1(5V$%+.$
(5,;#U
!"#$./+."$'#$.%5*9$#;#-$",7"50$./(,-#*$1(//,%/)$1%-F.$'#$1(5V,-7$%+.$%:$."#$'(L5#$[#5*9$-#;#/$
&,-*$."#$1#(V$(-*$+-)V,55#*3
=#.$.",)$,)$Cb4_!Y=$"%1$&%).$(HH/%(8"$."#$5,:#$%:$e>+88#))f3$E%).$*%$-%.$/#(5,Z#$."(.$."#$
e>+88#))f$'(L5#[#5*$,)$/,**5#*$1,."$*#(*$'%*,#)3$,.$,)$/,**5#*$1,."$."#$+-./(,-#*9$+-)V,55#*9$
(;#/(7#$&#-$(-*$1%&(-$1"%$"(;#$8%&#$'#:%/#$0%+$./0,-7$.%$.(&#$."#$*/(7%-$%:$8%&H5#.#$
e&%-#0$:/##*%&f3
B$V-%1$0%+$1(-.$.%$V-%1$1"(.$,.$:##5)$5,V#$.%$SCAC@$"(;#$.%$1%//0$('%+.$&%-#0$(7(,-$,-$0%+$
5,:#3$B$V-%1$0%+$1(-.$.%$V-%1$1"(.$,.$:##5)$5,V#$.%$"(;#$&%/#$&%-#0$,-$0%+/$'(-V$(88%+-.$."(-$
0%+$V-%1$1"(.$.%$*%$1,."$:%/$0#(/)$%-$#-*3$0%+$1%+5*$-%.$'#$"#/#$,:$0%+$*,*-F.$1(-.$!@?C$
:/##*%&$,-$0%+/$5,:#I&#333
333$=#.$.",)$,)$-%.$M+).$)%&#$"(H"(Z(/*$'(L5#$0%+$7#.$.%$#-.#/9$(-*$.",-V$0%+$8(-$1(5V$+H$(-*$V,55$
($*/(7%-$)%$:#1$1,55$#;#/$)5(03$S%$-%$-%$&0$:/,#-*9$,-$%/*#/$.%$1,-$.",)$'(L5#$:%/$0%+/$:/##*%&$
0%+$&+).$'#$AC@=$H/#H(/#*3
=%+$&+).$'#$",7"50$)V,55#*3$=%+$&+).$'#$DBdDY=$./(,-#*9$/#"#(/)#*9$(-*$H/(8I8#*3
=%+/$./+#$7%(5$,:$0%+$#;#-$).(-*$($[7"I-7$8"(-8#$(.$85(,&,-7$."#$;,8.%/0$0%+$()H,/#$.%$85(,&333$,)$
.%$'#8%&#$($E(-$%/$P%&(-$%:$V-%15#*7#3
!"(.$,)$,.3$O-50$($&(-$%/$1%&(-$%:$V-%15#*7#$).(-*)$($[7"I-7$8"(-8#$(.$1,--,-7$.",)$'(L5#$%:$
&%-#0$:/##*%&3$B:$0%$+*%-F.$&(V#$!DB>$0%+/$",7"#).$H/,%/,.09$0%+$1,55$5,V#50$:(,53
22

23. $=%+$&+).$'#8%&#$($e1(//,%/f$%:$)+88#))
=%+$&+).$*#;#5%H$."#$c+(5,I#)$."(.$(55%1$(-0$%-#$.%$H#/)#;#/#9$(-*$o%+/,)"9$#;#-$."/%+7"$(-0$
*,t8+5.$%').(85#3$,.$,)$."#)#$(L/,'+.#)9$1",8"$1,55$5#(*$0%+$.%$BSCAB!4gYC$)+88#))3
>+88#))$,)$-%.$($&0).#/09$,.F)$($`@O_C>>3$B.F)$($H/%8#))$."(.$%a#-$I&#)$1,55$*#&(-*$0%+/$5,:#$
5%-7$8%&&,.&#-.9$(-*$0%+$1,55$#KH#/,#-8#$&%/#$5#;#5)$%:$)+88#))$()$0%+/$5,:#$8%-I-+#)3$g+.$."#$
V#0$,)9$0%+$&+).$_OEEB!$.%$,.3
=%+$&+).$8%&&,.$.%$,.$1,."$#;#/0$['#/$%:$0%+/$'#,-7$,:$0%+$/#(550$1(-.$.%$CEgOQ=$$."#$H/,-8,H5#$
%:$($)+88#))$5,:#$).05#3$!",)$,)$M+).$OSC$%:$."#$&(-0$/#()%-)$0%+$-##*$./+#$&#-.%/)",H$.%$)"(;#$
%n$."#$H(,-:+5$5#(/-,-7$8+/;#$(-0%-#$1,55$:(8#$1"#-$#-.#/,-7$,-.%$."#$/#(5&$%:$&(V,-7$65%.)F$%:$
&%-#03
4;#/(7#$&(-$%/$1%&(-$V-%1)$"%1$.%$&(V#$&%-#03$B.F)$8(55#*$7#N-7$($M%'3$B.F)$#-%+7"$.%$7#.$
0%+$'0$."#$5,:#9$"%H#:+5503
g+.$,.$.(V#)$($8%&H5#.#50$*,n#/#-.$,-*,;,*+(5$.%$'#$('5#$.%$8/#(.#$4$YO!$%:$&%-#0$,-$."#,/$
5,:#I&#3$=%+$(/#$-%.$7%,-7$.%$'#$('5#$.%$7%$.%$)8"%%5$.%$5#(/-$"%1$.%$*%$.",)3
!"#/#$,)$-%$)8"%%5$,-$."#$1%/5*9$1#/#$."#$H/%:#))%/)$(/#$&(V,-7$."#$V,-*$%:$&%-#0$B$(&$-%1$
#(/-,-73$B.$M+).$*%#)-F.$#K,).3$B:$."#0$1#/#9$."#0$1%+5*$5,V#50$c+,.3
!"#/#:%/#$%-$."#$/%(*$.%$)+88#))$0%+$c+,8V50$/#(5,Z#$."#$,&H%/.(-8#$%:$[-*,-7$!@?C$&#-.%/$
1"%$"()$./(;#55#*$'#:%/#$0%+9$(-*$8(-$.#(8"$0%+$."#$)+'.5#$)V,55$)#.)9$&,-*)#.)9$(-*$5#))%-)$0%+$
1,55$SCCQ$,-$%/*#/$.%$H/%)H#/$%-$."#$)+88#))$'(L5#[#5*3
P,."%+.$)+8"$&#-.%/)",H9$0%+$1,55$1().#$#-%/&%+)$(&%+-.)$%:$I&#$<$#-#/70$."(.$-##*$-%.$'#$
*#H5%0#*9$1"#-$%."#/$%HI%-)$4@C$(;(,5('5#$:%/$0%+3
!"#/#$,)$4$@#()%-$E0$O;#/$l^9^^^9^^^$C(/-#/$`#/$=#(/$E#-.%/$>(,*$eC*+8(I%-$B)$."#$D,7"#).$
Y,:#I&#$A(5+#$48I;,.0$=%+$_%+5*$g#$Q%,-7f3
Y#.$&#$#KH5(,-$.",)$8%-8#H.$,-$&%/#$*#.(,5$),-8#$;#/0$:#1$"(;#$($7%%*$+-*#/).(-*,-7$%:$."#$
eQ%55(/$H#/$"%+/$(8I;,.0f$`0/(&,*$."(.$%a#-$8%-./%5)$."#,/$5,;#)3
455$%:$+)$&+).$H#/:%/&$8#/.(,-$(8I;,I#)$#(8"$*(03$>%&#$%:$."#)#$(8I;,I#)$H#/.(,-$.%$5,:#9$%."#/)$
H#/.(,-$.%$'+),-#))3$B-$."#$1%/5*$%:$'+),-#))9$1#$8(-$8(.#7%/,Z#$(8I;,I#)$,-$:#1$*,n#/#-.$1(0)3
y Y%1$Q%55(/$H#/$D%+/$48I;,I#)3
y E#*,+&$Q%55(/$`#/$D%+/$48I;,I#)3
y D,7"$Q%55(/$`#/$D%+/$48I;,I#)3
y YBTC!BEC$A(5+#$48I;,I#)
23

24. Y%1$*%55(/$H#/$"%+/$(8I;,I#)$(/#$/%.#$M%')$0%+$8%+5*$#(),50$H(0$)%&#%-#$]^$(-$"%+/$:%/3$T(K,-7$
).+n9$&(V,-7$8%H,#)9$1"(.#;#/$,.$&,7".$'#3
E,**5#$*%55(/$(8I;,I#)$(/#$7#-#/(550$)V,55)9$1",8"$/#c+,/#$&%/#$#KH#/I)#3$!",)$8%+5*$'#$
H/%7/(&&,-79$*#),7-9$)(5#)$%/$($;(/,#.0$%:$%."#/$(8I;,I#)$."(.$/#c+,/#$($",7"#/$5#;#5$%:$.(5#-.3
!"#)#$(8I;,I#)$1,55$8%&&(-*$($&%/#$lGJG^$H#/$"%+/$/(-7#3
!"#-$0%+$"(;#$eD,7"$Q%55(/$`#/$D%+/f$(8I;,I#)3$4-*$."#)#$(/#$."#$(8I;,I#)$."(.$/#(550$dC!$."#$
8()"$/#7,).#/$/,-7,-73$!",)$,)$."#$).+n$."(.$'/,-7)$,-$."#$EOSC=$:%/$0%+/$'+),-#))3
4-$(8I;,.0$:%/$0%+/$'+),-#))$."(.$1%+5*$:(55$,-$.",)$8(.#7%/0$&,7".$'#$85%),-7$-#1$H/%)H#8.)$%-$
."#$H"%-#9$8(55,-7$5#(*)9$1/,I-7$($)(5#)$5#L#/9$8/#(I-7$($-#1$H/%*+8.9$#.83$!"#)#$(/#$(8I;,I#)$
."(.$1,55$5#(*$.%$',7$&%-#0$,-$0%+/$'+),-#))3
E%).$H#%H5#$)H#-*$."#,/$5,:#$OSY=$H#/:%/&,-7$."#$5%1#).$5#;#5$(8I;,I#)3$,.F)$)(*9$'+.$./+#3$!"#0$
-#;#/$*#;#5%H$."#$)V,55)$.%$#;#-$H#/:%/&$."#$eD,7"$Q%55(/$_()"$@#7,).#/$@,-7,-7f$(8I;,I#)333$)%$,:$
."#0$"(;#$(-0$)V,55)$(.$(55$."#0F/#$+)+(550$,-$."#$lGJG^$/(-7#9$%/$5%1#/3
D%1#;#/9$."#/#$,)$(-%."#/$8(.#7%/0$,-$."#$(8I;,.0$H0/(&,*9$1",8"$,)$EO@C$H/%[.('5#$."(-$(-0$
8(.#7%/0$BF;#$&#-I%-#*$0#.3
4-*$.",)$,)$."#$eYBTC$!BEC$A4Y?Cf$8(.#7%/03$!"#)#$(/#$(8I;,I#)9$1",8"$(8.+(550$8%-I-+#$.%$
&(V#$0%+$&%/#$&%-#0$%;#/$0%+/$#-I/#$YBTC!BEC3$!"#0$(8.+(550$8%&H%+-*$"%1$&+8"$&%-#0$
0%+$8(-$&(V#$%;#/$."#$8%+/)#$%:$0%+/$5,:#3
!"#$`/,&(/0$(8I;,.0$BF&$/#:#//,-7$.%$"#/#$,)$."(.$%:$eC*+8(I%-f3$4)$&0$l^$&,55,%-$*%55(/$#(/-#/$
H#/$0#(/$&#-.%/$)(,*9$CQ?_4!BOS$,)$."#$",7"#).$*%55(/$H#/$"%+/$(8I;,.0$#K,)I-7$%-$."#$H5(-#.3
5*)(67*8%41!,618*36)(9,0:80,8(.,6018,'8*(/040;8.,0*<8478*=*08#,774+2*&
4-*$8%-;#/)#509$1,."$."#$@BdD!$#*+8(I%-$."#/#$(/#$*%%/)$.%$&%-#0$#(/-,-7$."(.$%H#-$+H$.%$
0%+$1",8"$H/#;,%+)50$0%+$8%+5*$-%.$"(;#$,&(7,-#*3$."(.F)$1"0$CAC@=$>BSdYC$%-#$%:$."#$1%/5*F)$
&%).$)+88#)):+5$'+),-#))$&#-9$(-*$,-*,;,*+(5)9$"(;#$ECS!O@>$1"%$8(-$#*+8(.#$."#&$%-$(55$
.",-7)$."#0$8(-F.$V-%1$M+).$%-$."#,/$%1-3
=%+$E?>!$*%$!",)3
=%+$8(--%.$8"%%)#$.%$/#&(,-$,-$."#$(;#/(7#$85())$%:$(;#/(7#$H#%H5#$(-*$#KH#8.$.%$8/#(.#$."#$
/#)+5.)$0%+$(/#$5%%V,-7$:%/$,-$0%+/$'+),-#))3$=%+$E?>!$[-*$($61(//,%/F$&#-.%/9$)%&#%-#$1"%$
"()$POS$."#$'(L5#$%:$)+88#))$0%+$(/#$-%1$[7"I-73$4-*$0%+$&+).$'#8%&#$."#,/$(HH/#-I8#3
=%+$&+).$*,5,7#-.50$(HH50$1"(.$."#0$.#(8"$0%+9$0%+$&+).$!4RC$4_!BOS$%-$."#,/$.#(8",-7)9$
'#8(+)#$,:$0%+$*%-F.$SO$OSC$,)$7%,-7$.%$*%$,.$:%/$0%+3
24

25. B.F)$-%.$0%+/$&#-.%/F)$M%'$.%$.(V#$(8I%-$%-$1"(.$!DC=$.#(8"$0%+3$B.F)$0%+/$/#)H%-),',5,.09$(-*$
0%+/$/#)H%-),',5,.0$%-503
OS50$($:%%5$),.)$(/%+-*$(-*$#KH#8.)$%."#/)$.%$&(V#$."#,/$)+88#))$H%)),'5#93$%-50$($:%%5$,-*+57#)$
,-$."#$8",5*$"%%*$5,V#$:(-.(),#)$."(.$."#/#F)$)%&#$e#()0$5+8V0$&(7,8$'+L%-f$%+.$."#/#$."(.$7#.)$
."#&$#;#/0.",-7$."#0$1(-.3
!"(.F)$-%-)#-)#3$!"#$%-50$H#/)%-$1"%F)$7%,-7$.%$7#.$0%+$#;#/0.",-7$0%+$1(-.$,)$=O?3$4-*$,.F)$
%-50$."/%+7"$."#$*#8,),;#$(-*$8%-),).#-.$(8I%-$0%+$.(V#$%-$($*(,50$'(),)$."(.F)$7%,-7$.%$dC!$B!3
D%1#;#/$&%).$H#%H5#$"(;#$-%$85+#$1"(.$."#$/#(5$(8I%-$).#H)$.%$.(V#$(/#3$!"#0$"(;#$-%$,*#($
1"(.$,)$(8.+(550$7%,-7$.%$@BSd$."#$8()"$/#7,).#/$%-$($*(,50$'(),)3$!"#0$%-50$V-%1$"(H"(Z(/*$
.",-7)$.",-7)$."#0F;#$"#(/*$"#/#$%/$."#/#333$(-*$"(;#$-%$/#(5$7(&#$H5(-$<$'5+#$H/,-.3
=%+$E?>!$*#;#5%H$($!@?C$7(&#$H5(-$<$'5+#$H/,-.$'()#*$%n$@C>?Y!>$,:$0%+$(/#$.%$7#.$%+.$%:$.",)$
c+(7&,/#$&%).$[-*$."#&)#5;#)$,-3
_"%%)#$($&#-.%/$1"%$"()$@C4Y$1%/5*$#KH#/,#-8#9$1"%$"()$H/%;#-$,.$'#0%-*$($)"(*%1$%:$
*%+'.9$1"%$0%+$/#)%-(.#$1,."$(.$($*##H$5#;#59$(-*$1"%$8(-$)"%1$0%+$#K(8.50$"%1$."#0$
8%-c+#/#*$."#$'(L5#$:%/$&%-#0$:/##*%&3
O-8#$0%+$[-*$.",)$@4@C$,-*,;,*+(59$8%&&,.$0%+/)#5:$.%$5#(/-,-7$#;#/0.",-7$."#0$V-%13$_%&&,.$
0%+/)#5:$.%$.(V,-7$4_!BOS$%-$1"(.$."#0$.#55$0%+$.%3
4-*$.(V#$!O!4Y$/#)H%-),',5,.0$:%/$0%+/$5,:#9$0%+/$/#)+5.)9$0%+/$"(',.)9$(-*$0%+/$#KH#/,#-8#)$%-$($
*(,50$'(),)3$B.F)$%-50$."/%+7"$.",)$/(*,8(5$5#;#5$%:$.%.(5$/#)H%-),',5,.0$:%/$0%+/)#5:9$8%+H5#*$1,."$."#$
,-8/#*,'5#$.#(8",-7)$%:$($./+#$&#-.%/9$."(.$1,55$)"%/.#-$0%+/$5#(/-,-7$8+/;#$.%$($@4`BQ$/(.#$%:$
)+88#))3
'()*+,-.[./.<=>-.K,+.T+,*5
B.$)"%+5*$'#$85#(/50$%';,%+)$."#/#$,)$:(/$&%/#$:%/$0%+$.%$*,)8%;#/$:/%&$"#/#$."(.$,)$),&H50$-%.$
H%)),'5#$.%$8%-;#0$,-$(-$,-./%*+8.%/0$*%8+&#-.3
P"(.$0%+$-##*$,)$($./+#$'5+#$H/,-.9$($./+#$7(&#$H5(-$9$(-*$($)H#8,[8$7+,*#$.%$."#$e(8I%-$).#H)f$
0%+$-##*$.%$.(V#$%-$($*(,50$'(),)$.%$1,-$."#$&%-#0$7(&#3
!"(.$,)$PD4!$B$(&$('%+.$.%$7,;#$0%+333
=%+$)##9$()$0%+$&(0$'#$('5#$.%$.#55$/,7".$-%1$,$"(;#$)H#-.$."#$5().$:#1$0#(/)$%:$&0$5,:#$
`C@TC_!BSd$&0$(/.$()$($e1(//,%/f$,-$.",)$,-*+)./03
B$8(-$&(V#$(-$#K./#&#$(&%+-.$%:$&%-#0$1,."$&0$"(-*)$I#*$'#",-*$&0$'(8V$(-*$'5,-*:%5*#*$(.$
.",)$H%,-.3$()$0%+$1,55$8%&#$.%$5#(/-$('%+.$&#$9$,F;#$'+,5.$1,5*50$)+88#)):+5$*%1-5,-#)9$8/#(.#*$
%-#$%:$."#$5(/7#).$./(,-,-7$8%&H(-,#)$%-$."#$,-.#/-#.9$1%-$:/##$)+H#/$8(/)$'0$'#,-7$$W$]$,-$
25

26. 8%&H#II;#$(t5,(.#$8%&H#II%-)$9$H5+)$($;(/,#.0$%:$%."#/$.",-7)$1",8"$"(;#$H/%;#*$&0$(',5,.0$
.%$!C4_D$O!DC@>$"%1$.%$&(V#$&%-#0$,-$."#,/$'+),-#))#)3
."/%+7"%+.$(55$%:$."#)#$#;#-.)9$,$"(;#$'##-$`C@TC_!BSd$&0$H/%8#))$:%/$.#(8",-7$%."#/)$9$
'#8(+)#$5,V#$,$)(,*$(.$."#$'#7,--,-7$%:$.",)$*%8+&#-.9$&0$Y4@dC>!$7%(5$,-$5,:#$,)$.%$T@CC$.",)$
H5(-#.3
,.F)$.%$T@CC$&0$:#55%1$'/%."#/)$(-*$),).#/)$1"%$H/#)#-.50$(/#$)In#-#*$'0$8%-)./(,-.)$-%.$%:$."#,/$
%1-$8"%%),-73$,$('"%/$.",)3$(-*$,$).(-*$:%/$-%.",-7$5#))$."(-$."#$.%.(5$(8.+(5,Z(I%-$%:$%+/$
e"+&(-$H%.#-I(5f3
B$V-%1$."#$H%.#-I(5$0%+$8(//0$1,.",-$0%+/)#5:$%-$($*(,50$'(),)3$,.$,)$+L#/$&(7,83
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$=#.$."(.$H%.#-I(5$-##*)$.%$'#$+-5%8V#*3
!"(.$H%.#-I(5$-##*)$.%$'#$8%(8"#*$%+.$%:$,.F)$",*,-7$H5(8#9$(-*$-+/.+/#*$,-.%$($H%1#/:+5$<$
o%+/,)",-7$:%/8#3
!"(.$,)$1"(.$&0$./(,-,-7$1,55$*%$:%/$0%+$3
0%+$)##9$,F;#$8/#(.#*$($'5+#$H/,-.$."(.$0%+$8(-$7#.$(88#))$.%$/,7".$-%1$."(.$1,55$8%-I-+#$0%+/$
#*+8(I%-$"#/#$.%*(03$,.$1,55$:+/."#/$0%+$(5%-7$0%+/$H(."9$(-*$'/,-7$0%+$QCC`C@$,-.%$."#$1%/5*$
%:$)+88#))$0%+$8(-$).#(*,50$8/#(.#$:%/$0%+/)#5:$%-$."#$,-.#/-#.3
!"#$[/).$;%5+&#$%:$&0$.#(8",-7)$,$/#8%&&#-*$0%+$7#.$).(/.#*$1,."$-%1$,)$8(55#*3333
_5,8V$D#/#$.%$488#))$!"#$E().#/0$!/(,-,-7$S%1$
"LHixx1113c+,8V&(7-#.38%&x&().#/03".&
=%+$8(-$85,8V$."(.$5,-V$('%;#$.%$5#(/-$&%/#$('%+.$&0$).%/09$(-*$.",)$,-8/#*,'50$H%1#/:+5$'5+#$
H/,-.3$.",)$'5+#$H/,-.$1,55$.(V#$0%+$*##H#/$*%1-$."#$/('',.$"%5#9$(-*$7,;#$0%+$)H#8,[8$)./(.#7,#)$
:%/$"%1$.%$7/%1$0%+/$'+),-#))$%-$."#$,-.#/-#.$SOP$9$,-$."#$&%).$H%1#/:+5$1(0)3
P"(.F)$&%).$,&H%/.(-.$,)$."(.$0%+$8%-I-+#$.%$.(V#$(8I%-$:/%&$"#/#3$0%+$"(;#$)#.$."#$'(55$,-$
&%I%-$(5/#(*03$,.$1%+5*$:%%5,)"$.%$).%H$&%&#-.+&9$%-8#$0%+$"(;#$'#7+-$g?BYQBSd$,.$.%$7/%1$
0%+/$'+),-#))3
!"#$#-#/70$,$./(-):#//#*$.%$0%+$,-$.%*(0F)$*%8+&#-.9$(-*$."#$:##5,-7$0%+$&,7".$"(;#$(a#/$'#,-7$
#KH%)#*$.%$.",)$'/(-*$-#1$1%/5*$%:$H%)),',5,.09$,)$EOECS!?E3$*%$-%.$).%H$,.3$S?@!?@C$B!$3
26

27. `+)"$."#$&%&#-.+&$:%/1(/*3$8%-I-+#$5#(/-,-797/%1,-79$(-*$[55,-7$$0%+/)#5:$1,."$&%/#$#-#/703$
,.$,)$%-50$,-$.",)$1(0$."(.$0%+$/#(550$8/#(.#$)+88#))3
4.$."#$&%&#-.9$&%).$H#%H5#$(/#$($7,(-.$/%8V9$).+8V3$,-$%/*#/$.%$8/#(.#$."#$&%-#0$:/##*%&$0%+$
(/#$5%%V,-7$:%/$90%+$&+).$.(V#$T?@BO?>$(8I%-9$(-*$#K#/.$($5%.$%:$:%/8#$,-$."#$'#7,--,-7$.%$7#.$
.",)$/%8V$&%;,-73
D%1#;#/9$%-8#$."#$/%8V$,)$,-$&%I%-3333$,.F)$:(/$#(),#/$:%/$,.$.%$).(0$,-$&%I%-3$'#8(+)#$,.$"()$
EOECS!?E3
E0$./(,-,-7)$1,55$-%.$%-50$7,;#$0%+$."#$-#8#))(/0$&%&#-.+&$0%+$-##*$.%$&%;#$:%/1(/*9$,$(&$
7%,-7$.%$.#(8"$0%+$."#$&%).$)8,#-I[8$H/,-8,H5#)$#K,)I-7$.%*(0$.%$d@OP$0%+/$'+),-#))9$(-*$
&(V#$&%-#03
B$*%$-%.$H5(0$(/%+-*$1,."$.",)$7(&#3$,$*%$-%.$.#(8"$6(,/0$:(,/0f$8%-8#H.)3$,$*%$-%.$.#55$0%+$.%$7%$
%+.$(-*$*%$.",-7)$."(.$&(0$%/$&(0$-%.$/#(H$/#)+5.)3
B$(&$7%,-7$.%$"(-*$0%+$."#$)8,#-I[8$).#H)$.%$.(V#9$.%$(8",#;#$1"(.$0%+F/#$5%%V,-7$:%/9$(-*$*%$,.$
,-$."#$&%).$,-.#55,7#-.$1(0$%-$%+/$H5(-#.3$,$*,*-F.$'+,5*$%-#$%:$."#$5(/7#).$8%&H(-0F)$,-$%+/$
,-*+)./0$%+.$%:$5+8V333$."#/#$,)$(-$#K(8.$)8,#-8#$.%$#;#/0$),-75#$.",-7$,F&$7%,-7$.%$.#(8"$0%+3
E(V#$)+/#$0%+$;,),.$.",)$1#'),.#$$'#5%1$-%1$.%$8%-I-+#$0%+/$5,:#$I&#$;(5+#$#*+8(I%-9$(-*$
*,)8%;#/$"%1$.%$8/#(.#$:(/$&%/#$/#)+5.)$:%/$0%+/$'+),-#))$SOP333
_5,8V$D#/#$.%$488#))$!"#$E().#/0$!/(,-,-7$S%1$
"LHixx1113c+,8V&(7-#.38%&x&().#/03".&
g#$%-$."#$5%%V$%+.$:%/$&%/#$:+.+/#$./(,-,-7)$:/%&$&#9$()$1#55$()$)%&#$;#/0$H%1#/:+5$#&(,5$
:%55%1$+H$,F&$7%,-7$.%$7,;#$0%+3
E0$:/##$./(,-,-7)$,F;#$)"(/#*$1,."$.#-)$%:$."%+)(-*)$%:$).+*#-.)$(55$%:$.",)$,-*+)./0$"()$/#8#,;#*$
&+8"$(885(,&$:%/$."#$5,:#$8"(-7,-7$H%1#/$8%-.(,-#*$1,.",-$."#$.#(8",-7)3$0%+$1,55$'#$#KH%)#*$.%$
."#)#$./(,-,-7)$%;#/$."#$8%&,-7$1##V)3
B:$0%+F/#$/#(*0$.%$&(V#$($5,:#$8"(-7#9$,:$0%+F/#$/#(*0$.%$(88#H.$($-#1$5#;#5$%:$!O!4Y$
/#)H%-),',5,.0$:%/$0%+/$5,:#$0%+$&(0$-#;#/$"(;#$(88#H.#*$'#:%/#9$(-*$,:$0%+F/#$/#(*0$.%$+)"#/$,-$($
1"%5#$-#1$5#;#5$%:$4P4@CSC>>$%:$0%+/)#5:$<$0%+/$H%)),',5,I#)3333
B$(&$"#/#$.%$"#5H$0%+$*%$,.3
27

28. >.(0$.+-#*$:%/$&%/#$./(,-,-7)$8%&,-7$:/%&$&#$)%%-9$(-*$&(V#$>?@C$.%$;,),.$."#$H(7#$('%;#$
-%1$.%$8%-I-+#$0%+/$",7"$*%55(/$H#/$"%+/$#*+8(I%-$,-$&%&#-.3
P#F55$)H#(V$)%%-3
=%+/)$,-$./+#$&().#/09
E(/1(-$!(5%*,
`3>3$!",)$,)$."#$./(,-,-7$4S=$-#1$).+*#-.$%:$&,-#$-##*$.%$.(V#$,&&#*,(.#50$.%$7(,-$($."%/%+7"$
+-*#/).(-*,-7$%:$DOP$."#0$(/#$7%,-7$.%$+)#$.#8"-%5%70$.%$'+,5*$."#,/$'+),-#))$.%$).(77#/,-7$
"#,7".)3
!",)$./(,-,-7$7,;#)$,-$*#.(,5$."#$#K(8.$).#H)$,$.%%V$.%$>!4@!$'+,5*,-7$($E+5I$E,55,%-$Q%55(/$#&H,/#$
,F;#$8/#(.#*$%-$."#$,-.#/-#.3333$5,.#/(550$:/%&$)8/(.8"3
B:$."(.F)$1"(.$.",)$)H#8,[8$*,*$:%/$&#9$,&(7,-#$1"(.$,.$8(-$*%$:%/$0%+3
$$$$$$$$$$$$$$$$$$$$$$$$$$$
_5,8V$D#/#$.%$488#))$!"#$E().#/0$!/(,-,-7$S%1$
"LHixx1113c+,8V&(7-#.38%&x&().#/03".&
28