Paul Kennedy

Strategic Aspects of the Anglo-

German Naval Race
pp. 127-160
Kennedy, Paul M., 1945-, (1984, ©1983) Strategy and diplomacy 1870-1945 : eight studies , null Fontana

Staff and students of Brunel University London are reminded that copyright subsists in this extract
and the work from which it was taken. This Digital Copy has been made under the terms of a CLA
licence which allows you to:
• access and download a copy;
• print out a copy;

Please note that this material is for use ONLY by students registered on the course of study as
stated in the section below. All other staff and students are only entitled to browse the material and
should not download and/or print out a copy.

This Digital Copy and any digital or printed copy supplied to or made by you under the terms of this
Licence are for use in connection with this Course of Study. You may retain such copies after the
end of the course, but strictly for your own personal use.

All copies (including electronic copies) shall include this Copyright Notice and shall be destroyed
and/or deleted if and when required by Brunel University London.

Except as provided for by copyright law, no further copying, storage or distribution (including by e-
mail) is permitted without the consent of the copyright holder.

The author (which term includes artists and other visual creators) has moral rights in the work and
neither staff nor students may cause, or permit, the distortion, mutilation or other modification of
the work, or any other derogatory treatment of it, which would be prejudicial to the honour or
reputation of the author.

Course of Study: PX2604 - First World War

Title: Strategy and diplomacy 1870-1945 : eight studies
Name of Author: Kennedy, Paul M., 1945-

Name of Publisher: Fontana




SWkN0Peke80WYk0C8WkZE8k+85SP7k.SWL7k.0W kW8Y80W5Ek_USPkZE8k
#NU8WI0Lk!8WN0Pk&0bekE07kY_>8W87kBSNkZE8k=5ZkZE0ZkIZYkW85SW7Yk
c8W8k IPk ZE8k E0P7Yk S;k ZE8k LLI87k 0_ZESWIZI8Yk ek ZE8k Y k
ESc8b8W k NSYZkS;kZE8k@L8YkE07k388PkW8[^WP87kZSk\E8k0W5EIb8YkIPk
W8I3_WDk 0P7k IPZ8W8YZk IPk !8WN0Pk USLI5ek 38AW8k k E07k 388Pk
DW80\Lek YZIO_L0Z87k 3ekZE8k5SPZWSb8WYekSb8Wk WIZfk IY5E8W
YkcSWKk
" )
#*#* * %*#%* * * !8WN0Pk 87I\ISP k k
QDLIYEk87IZISP k$SP7SPk1P7k&8ck/SWK k kWS_P7kZE8k80WLek
Y k ZE8W8AW8 k ]E8W8k c0Yk 0k b8WIZ03L8k 8dULSYISPk S;k U_3LIYE87k
cSWKYk 0P7k _PU_3LIYE87k 7IYY8WZ0\ISPYk `USPk N0Pek 0YU85ZYk S;k
!8WN0Pk P0b0Lk USLI5ek
\G8k Z85EPI50L k @P0P5I0Lk 0P7k 7SN8Y\I5g
USLIZI50Lk =5ZSWY k ZE8k WSL8k S;k P0b0LIYZkUWSU0D0P70k 0P7k UW8YY_W8h
DWS_UY k \E8k W8L0\ISPYEIUk 38Zc88Pk N0WIZIN8k YZW0Z8Dek 0P7k \E8k
)8I5EYk AW8IDPk 0P7k 5SLSPI1Lk USLI5I8Y k 0P7kYTkSPk )8YUSP7IPDk ZSk
ZEIYkDWS_P7Yc8LL k0P7kIPkU0WZI5_L0WkZSkZF8k0WD_N8PZYkU_ZkAWc0W7k
IPk -SLK8Wk 8WDE0EPYk INUW8YYIb8k 3SSKk*  '
 *  k
ZE8k %ILIZ0Wek "IYZSWek *9Y80W5Ekk'?58k IPk W8I3_WDk 0WW0PD87k 0k
5SR<8W8P58k7_WIPDkcEI6Ek\F8Y8kb0WIS_YkW8Y80W5E8Yk0P7kbI8cUSIPZYk
c8W8k 3WS_DEZk ZSD8ZE8Wk ,E8k U0U8WYk c8W8k ZE8Pk 1YY8N3L87k 0P7k
87IZ87k3ek" k +5ESZZ8MI_Yk0P7k.k8IYZ k0P7kUa3LIYE87k0Yk !*
(* %** $*(& *
 JYY8Lg
7SW; kkU2U8W405Kk87I\ISP k k
,EIYkU0W\I5_M0Wk5SPZWI3_ZISPkZSkZE8kYeNUSYI_Nkc0YkIPZ8P787k0Yk
0kY_YZ0IP87k5WI\IV_8kS;k,IXUI\f
YkYZW0Z:DI5k0YY_NU\ISPY k_YIPDk3SZFk
P8cLekSU8P87k!8WN0Pk1P7kWIZIYEkW85SW7YkZSk3_Z\W8YYk\E8k0WD_i
N8PZk(W8bIS_YLe k\E8k!W0P7k7NIW0LYk0USLSDIYZYkE07kN0IPZ0IP87k
ZE0ZkEIYkYZW0Z8Dekc0YkU8W;85ZLekLSDI50L k3_Zk\E0ZkIZkE07k388Pk_P78Wj
NIP87k 3ek L0Z8Wk 8b8PZYk ZE8k 5SNIPDk S;k ZE8k %%#* \E8k WIZIYEk
030P7SPN8PZkS;k0k5LSY8k3LS5K078 k8Z5kcH5Gk5S_L7kPSZkE0b8k388Pk
AW8Y88Pk0ZkZE8kZ_WPkS;kZE8k58PZ_WekYkZE8kW85SW7kYEScY k,IWUIZfYk
k
 
 

 

((/#-" (61$6$62*6" *$ *" (6%"6*6  6
6  '46 "6 -6 2$6 #" *6 "/*6 46 *6 & *46 * 6
# $(6
46626 #*6* +6$#*5
(6($,6$ 6 62 (6" 6
 46*"6 06 6*6 (66(6-6$*(6 046 $6*(6" .$ *" (6
$)"06/*66* *62 (6(6" *$6" 6* 6"$602(6"6*6
3* *6"6(6 *" (6$6 $!46 6*"66$0(6


    
 

  

(Yww$mY:wwiH:wGb:/i:giwY/o/TwCb4:wiH:wq\bT6wH/6w:p:bwg::Zw
q/gw/gg:W3T:6w\?w,_KiH:/6wi\w4:T:3b/i:wiH:wK/W\Y6w$m3KT::w\<w
)m::Yw.K4i\bK/ w(p:bwwbKiKgHwq/QgHK_gwKY4Tm6KYGwwAbgj4T0ghw
3/i7:gHK_gw/Y6ww4cmKg:bgw 6:W\[gib/i:6w kH:wKWW:Yg:wgKt:w /Z6w
=MGIiKYGw _\q:bw \<w iH:w *\s/Tw &/psw iHKbisw WKT:gw \<w gHK_gw q:b:w
gkb:i4H:6w \miw KYw gPrw Gb:/iw TOY:gw :14Jw ]p:bw Ap:w WKV:gw KYw T:YGiH
w
\b:KGYw \3g:bp:bgw q;c:w p:bswKW_b:gg:6w 3swKiw/TTw /Y6w <:qw q:b:w
KY4TKY:6w i\w6:YswiH:w_d\m6w3\/giw\<w
lH/iw

-H:w!T::iww w w Kgw4:bi/vYTswkH:wW\giwCbWK6/3T:wCb4:wKYw/TTwKigw
:T:W:Yigw/Y6wam/TKiK:gwiH/iwH/gw:p:bw3::Yw3b\mGHiwi\G:iH:bw/Y6w
gm4Hw/gwY\w4\W3OY/iK\Yw\<w\iH:bw_\q:bgw4/YwbKp1Tw#iwKgw/iw\Y4:wiH:w
W\giw _\q:bFTw/Y6w>bb:/4HNYGw q:/_\Yw qHK5Hw iH:w q\bT6w H/gw
:p:bwg::Y


-HKgwp/giwY/p/TwCb4:wq/gw4\X_U:W:Yi:6w3sw/Y6wRwimfw^@:b:6w
_b\i:4iK\Yw i\w iH:wq\bT6gw Gb:/i:giw W:b4H/YiwW/bR:w DbwbKi/KYw
q/gw/Tg\wiH:wT:/6KYGwib/6KYGwY/iK\Yw/Y6w6:bKp:6wW\giw\<wKigwY/iK\Y/Tw
q:/TiHwY:4:gg/bswi\wB/Y4:wiH:w+\s/Tw'/psgw3nPT9Gw_b\Gb/WW:gw
E\Ww\p:bg:/gw4\WW:b4:w/Y6wKYp:giW:Yiw#Yw/68KiK\YwbKi/KYw/Tg\w
_\gg:gg:6w KY4\W_/b/3Tsw iH:w T/bG:giw 4\T\YK/Tw :W_Kb:w _b\pK6KYGw
/W\YGw\iH:bw3:Y:AigwiH:wW\giwKW_\bi/Yiw4\TT:4iK\Yw\<wY/p/Tw3/g:gw
\Yw iH:w GT\3:w !Kp:w gib/i:GK4w S:sgw T\4Sw m_w iH:w GT\3:
w GV\/i:6w
6WKb/Tw!KgH:bw/Y6wiH:sw\p:bw"K3b/Ti/bwiH:w/_:wT:r/Y6bK/w
,KYG/_\b:wq:b:w/TTwOYwbKiKgHwH/Y6g
 %\b:\p:ewiH/iw:W_Pb:w/Y6w
iH\g:w 3/g:gw q:b:w 3:OYGw b/_K8Usw TPYS:6w i\G:iH:bw 3sw /Yw OYibK4/i:w
KW_:bK/Tw413T:w 4\WWmYK4/iK\YgwY:kq\bSw qHK4Hw:p:Yw FbiH:bw:Yu
H/Y4:6wbKiKgHwgib/i:GK4w6\WKY/iK\Yw\<wiH:wq\bT6wLgw\4:2`g w

p:YwKigwG:\Gb/_HK4/Tw_\gKiK\Yw\@:b:6wiH:wKgT/Y6wY/iK\YwKWW:Yg:w
/6p/Yi/G:gw,:_/b/i:6wE\WwkH:w4\YiOY:Yiw\<wmb\_:wbKi/KYw4\mT6w

 w
 

  
U.76J\a.YOE2a VC4a K.ENV4N.N14a O8a .aJ.SA4a.N2a4[Q4NUEY4a UV.N2ENAa
.SK\ZCE1Ca/XS24N42aVC4a/X2A4VUaO8aOVC4SaQOZ4SUaNOSaN442aUC4a
4NV4Sa ENVOa 4NV.NAJENAa KEJEV.S\a 1OMLEVK4NVUa 4[14QVa ENa VC4a S.S4a
4Y4NVaO8aVC4aXSOQ4.Na/.J.N14a/4ENAa2EUVXS/42
 ONY4SU4J\aC4Sa
A4OBS.QCE1.JaUEVX.VEONa.N2aC4SaY4S\aN414UU.S\aQOUU4UUEONaO8a.aAS4.Va
>44Va VOa QSOV41Va C4SU4J8a FN4YEV./J\a K4.NVa VC.Va KOUVa XSOQ4.Na
N.VEONUa Z4S4a VOa .a AS4.V4Sa OSa J4UU4Sa 4[V4NVa 24Q4N24NVa XQONa C4Sa
AOO2ZEJJaZEVCaS4A.S2aVOaVC4ESaK.SEVEK4a1OKKXNE1.WONUaZEVCaVC4a
OXVUE24a ZOSJ2 a &.C.N
Ua .1XV4a O/U4SY.VEONa FNa a ./OXVa 4S^
K.N\
Ua XN;YOXS./J4a QOUEVEONa Z.Ua VSX4a O8a OVC4Sa 1ONVEN4NV.Ja
QOZ4SUa +C4a 2EJ4KL.a O8a S4.Va SEV.ENa EUa VC.Va UC4a 1.NNOVa C4JQa
1OKK.N2FNAaVC4a.QQSO.1C4UaVOa 4SK.N\a/\aVC4aK4S4aQOUU4UUEONaO8a
VC4aY4S\aK4.NUa4UU4NVE.JaVOaC4SaOZNa4[EUV4N14a.Ua.aUV.V4aO8aVC4a<SUVa
OS24S
aa -4Va 9TXUVS.VENAa VCOXACa .JJaVC4U4a ;1VUa Z4S4a VOa K.N\
XSOQ4.NUaVC4S4a.QQ4.S42aVOa/4aJEVVJ4aVC.Va1OXJ2a/4a2ON4a./OXVaE$a
SEV.FNaU44K42aVOaCOJ2aUOaK.N\aVSXKQUa.N2aVC4a41JEQU4aO8a*Q.NEUCa
XV1Ca.N2aS4N1CaU4.aQOZ4SaENa4.SJE4Sa14NVXSE4UaQOFNV42aVOaVC4a
@VFJEV\aO8a.VV4KQVFNAaVOa1C.JJ4NA4aSEV.EN
UaK.SEVEK4aUXQS4K.1\a
(NaVC4aOVC4SaUE24aO8aVC4a'OSVCa*4.aCOZ4Y4Sa.aN4ZaOQQON4NVa
Z.UaQS4Q.SFNAaVOa4NV4SaVC4aJEUVUa24V4SS42aN4EVC4Sa/\aA4OAS.QCE1.Ja
2EU.2Y.NV.A4UaNOSa/\aCEUVOSE1.JaQS41524NVU a#NaVC4aU.K4aKONVCa.Ua
VC4a*QEVC4.2aS4YE4Za VC4aN4ZJ\a.QQOENV42a*V.V4a*41S4V.S\aO8aVC4a
 
 )4.S3.Ja +HQEV]a C.2a UX0KEVV42a VOa
,EJC4JKa##a.a1TX1E.JaK4KOS.N2XKaFNaZCE1CaC4a.SAX42aVC.VaOSa
a 4SK.N\aVC4aKOUVa2.NA4SOXUaN.Y.Ja4N4K\a.VaVC4aQS4U4NVaVEK4aEUa
NAJ.N2
a!4a.JUOaQSOQOU42aVOa24Y4JOQaDEUa1C.JJ4NA4aVOaVC4a)O\.Ja
'.Y\UaUXQS4K.1\aENaCOK4aZ.V4SU /4VZ44Na"4JEAOJ.N2a.N2aVC4a
+C.K4U
a .N2aVOa1ON14NVT.V4aXQONaVC4a1S4.VEONaO8a.aCOKOA4N4OXUa
=44VaO8a/.VVJ4UCEQUa1ON24KNFNAa.UaCOQ4J4UU
aVC4aSEY.JaUVS.V4A\aO8a
1OKK4S14aS.E2FNA a SOKaVC.VaVEK4aONZ.S2Ua VC4a 4SK.NaN.Y\a
Z.UaVOa.UUXK4a.Na4Y4SFN1S4.UENAa.NVESEVEUCaOSE4NV.VEONa
+C4a KOVEY4Ua .N2a 2SEYENAa?S14Ua /4CEN2a 4SK.Na N.Y.Ja QOJE1\a
.:V4SaaC.Y4a/44NaVC4aUX/I41VaO8aKX1CaCEUVOSE1.Ja24/.V4a*OK4a
ZSEV4SUaC.Y4aU44NaVC4aASOZVCaO8aVC4a%.EU4S
Ua/.VVJ4>44Va.Ua.aN.VXS.Ja
.N2aG4YEV./J4a4Y4NVa.a1ONU4RX4N14aO8aVC4aZE24UQS4.2a.114QV.N14a
O8a&.C.NUa2O1VTFN4UaENaVCEUa.A4aO8aVC4aN4ZaEKQ4SE.JEUKa.N2aVC4a
N4Za N.Y.JEUKa .N2a O8a VC4a K.UUEY4a FN2XUVSE.Ja .N2a 1PKK4S1E.Ja
4[Q.NUEONaO8aVC4a*41ON2a)4E1CaVC.VaNAJ.N2aO11XQE42aVC4a14NVS4a


 """ "
"
!
"
"
X2{0^RJU
d{,'P,mP'fMXUd{r'd{.m0{0HfE0^{fX{fE0{U00.{fX{]^0]'^0{?^{hE0{
TXdf{.H69,mPf{dHfm'fHXU{HU{r'^{X^{fX{'{E0'PfEu{.020UdHo0{^0',fMXU{fX{
fE0{ ']]'^0UfPu{ 'DD^0ddHo0{ ^HfHdE{ ]XPH,u{ '^XmU.{ fE0{fma{ X2{ fE0{
,0Ufm^u {U{,XUg^'df{'{D^XrHUD{UmT+0^{X2{d,EXP'^d{200P{fE'f{fE0{
TXhHo0d{+0EHU.{0^T'U{U'o'P{]YRH,u{r0^0{Tm,E{TX^0{]XdHfMo0{'U.{
'DD^0ddHo0 {
 Xr0o0^{ U0HfE0^{ #H^]Hfv
d{ 

 UX^{ EHd{
HUf0b'P{ ]XPJfH,'P{ ]P'Ud{
 UX^{ EHd{ "X,H'P'^rJUHdfJ,{ P0'UJUDd{
,XU,0c{md{'f{fEHd{df'D0{$E'f{Hd{^0T'^O'+P0{Hd{EHd{.0,HdHXU{fX{'Pf0^{
.`'dfM,'PPu&{0^T'Uu
d{ d0']Xr0^{ ^0P'fHXUdEH]{ fX{ ^0'f{^Hf'HU{'f{
'PQ{'U.{]'^fH-mP'^Pu{HU{dm,E{'{.H^0,f{'U.{.0PH+0^'f0{r'u{HU{oH0r{X2{
fE0{ dHv0{ X2{ fE0{ ^0d]0,fMo0{ =00hd{ X2{fE0{ frX{ ]Xr0^d{U{ { 'd{
#H^]Hfv{r'd{dm]0^oHdLUD{fE0{]'ed'D1{X3{fE0{H^df{ 'pu{'s{^Hf'JU{
E'.{fEM^fu0HDEf{;`df,P'dd{+'kfP0dEH]d{0^T'Uu{d0o0U{^Hf'LU{E'.{
fEH^fu?m^{;^df,P'dd{,^mHd0^d{0^T'Uu{frX
 o0U{'B0^{iE'i{P'r{
E'.{+00U{]'dd0/{fE0{Cim^0{0^T'U{5S00f{rZmP.{,XUdHdf{X2{UHV0f00U{
+'jfR0dEH]dy{E'^.Pu{ 0UXmDE{ fX{ d0Hv0{ fE0{ f^H.0Uf{ @XT{ ^Hf'UUH'{
[r{,XmP.{#J^]Hfv
d{'UfMUDPHdE{]XPJ,u{ rX^O{fG0U{Xr{.H.{Hf{
E'o0{ '{,E'U,0{
#E0{;^df{fEHUD{fX{df^0dd{LU{#H^]Hfv
d{.020U,0{Hd{fE'f{EHd{]XPH,u{r'd{
'{ PXUDf0^T{ XU0{ E0{ .H.{ UXf{ 0t]0,f{ fX{ ,E'UD0{ fE0{ HUf0a'fJXU'P{
]Xr0^{+(P'U,0z{Xo0bHDEf{X^{0o0U{rHhEHU{'{20r{u0'`d{#E0{,XUx
df^m,fMXU{ X2{ '{ =00f{ Hd{ HU{ D0U0^'P{ fE0{ rX^O{ X2{ '{ D0U0^'fMXU
{ E0{
HUdHdf0.{
 X^{ EHT{ fE0^0?^0{ fE0{ H^df{ 'ou{ 'r{ s'd{ TX^0{
N]X^f'Uf{HU{DHoHUD{fE0{d0^oH,0{'{dHUDP0{,P0'^{df^'f0DH,{'HT{'U.{LU{
^0TXoHUD{ fE0{ Cfm^0{ dEH]+mHQ.HUD{ ]^XD_'TT0{ AXT{ !0H,Edf'D{
,XUf`XP{fE'U{HU{0df'+PHdFKUD{'{+'ffP0=00f{X2{dm8,H0Uf{dHv0{fX{^0'QHv0{
0^T'Uu
d{U00.d{d{E0{'.THff0.{P'f0^{f{r'd{'Rr'ud{,P0'^{fX{T0{
{fE)f{fE0{J^df{ 'qu{'r{.H.{UXf{,^0'f0{fE0{;U'P{4nPP{=00f


"EX^fPu{'2f0^{fE'f{T0'dm^0{E'.{+00U{]'dd0.{+u{fE0{!0H,Edf'D{E0{
+0D'U{ ]^0]'^'fHXUd{ ?^{ fE0{ U0tf{ df'D0{ 'U.{ 0t]PXHfMUD{ fE0{ HUf0^x
U'fMXU'P{ dHfm'fMXU{ 'U.{ .XT0dfH,{ 'UDPX]EX+H'{ 'f{ fE0{ fm`U{ X2{ fE0{
,0Ufm^u{dm,,00.0.{HU{X+f'HULUD{P0DHdP'lo0{d'U,fMXU{?^{'{+'hfP0=00f{
frH,0{Hfd{dHv0{hEM^fu0HDEf{+'ffP0dEH]d{df^XUD{+u{fE0{"0,XU.{ 'ou{
'r{ X2{   %0f{ 0o0U{ fEMd{ s'd{ UXsE0^0{ U0'^{ #H^]Hfw
d{ <U'P{
f'^D0f
{ U{EHd{JT]X^f'Uf{ 
!
" rHfE{fE0{ 'Hd0^{ JU{"0]x
f0T+0^{{E0{E'.{f'PO0.{X2{'{>00f{X2{?^fu:o0{+'ffP0dEJ]d{rHfE{
',,XT]'UuJUD{E0'ou{,^mHd0^d
 *U.{'{20r{u0'^d{P'f0^{E0{'U.{EHd{
df'7{r0^0{ ,X\PPu{ .Hd,mddJUD{ fE0{ ]XddH+JPJfu{ X2{ X+f'IWUD{ '{ fEH^.{



    
 
  
+HR(B-PLR&+NHE
[ #<=P[ U&P[ KHPQKHE-+[(W[#=NK=QX[=E[T=-U[H/[ Q<-[
P-N=HRP[ PQ&Q-[H/[E;BH-NC&E[ N-B&Q=HEP[(RQ[(W[[<-[<=CP-B/[
U&P[ N-*HCD-E+=E;[ &[ 5V-+[ Q<N--(&QQB-P<=KP&W-&N[ KNH;N&CC-[
U=Q<[&[P<=KP[B=/-[N-+R*-+[QH[QU-EQW[W-&NP[ =E[-3-*Q[&[6--Q[H/[P=VQW[
*&K=Q&B[ P<>KP
 #<-[ [ &E+[ [ 6--Q[ C-&PRN-P[ U=Q<[ Q<-=N[
&KK-&BP[QH[Q<-[+R&B[E--+P[QH[KN-T-EQ[N-+RE+&E*=-P[=E[Q<-[P<=KW&N+P[
&E+[ QH[ (R=B+[ CHN-[ LR=*ABW[ Q<&E[ KB&EE-+[ &;&=EPQ[ Q<-[ E;B=P<[
C-E&*-[U-N-[9NQ<-N[PQ-KP[=E[Q<=P[+=N-*Q=HE[&E+[:NQ<-N[-V&CKB-P[
H/[<=P[ <&(=Q[H/[ &**-B-N&Q=E;[ Q<-[ CHC-EQRC[7N[Q<-[ (&QQB-6--Q[
!&QRN&BBW[Q<-[Q=C=E;[&E+[P=X-[H/[Q<-[B&Q-N[>E*N-&P-P[U-N-[;N-&QBW[
=GR-E*-+[(W[PR(P-LR-EQ[=EQ-NE&B[&E+[-VQ-O&B[2*QINP[W-Q[=Q[P--CP[
*B-&N[Q<&Q[-T-E[=E[[#=NK=QX[<&+[KB&EP[QH[C&A-[Q<-[-NC&E[E&TW[
2N[B&N;-N
Q<&E[Q<&Q[*HEQ-CKB&Q-+[(W[Q<-[=NPQ[!&TW[&U
[
HN-HT-N[Q<-[&+C=N&B[<HK-+[QH[-EB&N;-[Q<-[(&QQB-6--Q[&P[LR=-QBW[
&E+[RE+N&C&Q=*&BBW[&P[KJPP=(B-[Q<-N-(W[&TH=,=E;[+=KBHC&Q=*[*N=P-P[
&E+[E&T&B[P*&N-P[U<=*<[UHRB+[B-&+[QH[&[T=;HNHRP[N=Q=P<[N-PKHEP-
[[
*B&P<[U=Q<[Q<&Q[KHU-N[&Q[KN-P-EQ[Q<-["-=*<PQ&;P[R+;-Q[HCC=PY
P=HE[ U&P[ *HE5+-EQ=&BBW[ QHB+[ =E[ &N*<[ [ UHRB+[ )-[ CHN-[
+=P&+T&EQ&;-HRP[ &E+[ +&E;-NHRP[ 7N[ RP[ Q<&E[ &EW[ HQ<-N[ KHPP=(B-[
-T-EQR&B=QW[ P=E*-[ @[ T=-U[ H/[ HRN[ KN-P-EQ[ C&N=Q=C-[ =E1-N=HN=QW[
E;B&E+[*HRB+[+H[CHN-[+&C&;-[QH[RP[Q<&E[&EW[HQ<-N[KHU-N[ 
[
BQ<HR;<[ Q<-[E--+[QH[-VKBH=Q[Q<-[&E;BHK<M(=&[=E[-NC&FW[H**&Y
P=HE&BBW[QH[H(Q&=E[KR(B=*[PRKKHNQ[7N[Q<-[6--Q[C-&PRN-P[C&+-[Q<=P[
KHB=*W[H/[&TH=+=E;[KNHTH*&Q=HEP[QH[Q<-[N=Q=P<[&[+=4*RBQ[HE-[QH[*&NNW[
HRQ[=Q[U&P[-VK-*Q-+[Q<&Q[SBHU[UHRB+[C&E&;-[QH[A--K[N-B&Q=HEP[
(-QU--E[-NB=E[&E+[HE+HE[RKHE[N-&PHE&(BW[;HH+[Q-NCP[+RN=E;[
Q<-[-VK-*Q-+[+&E;-N[XHE-[Q<-[<&E*-BBHN[U&P[*-NQ&=EBW[&U&N-[Q<&Q[
=E[T=-U[H/[HRN[E&T&B[=E/-N=HN=QW[U-[CRPQ[HK-N&Q-[PH[*&N-9BBW[B=A-[
Q<-[ *&Q-NK=BB&N[ (-7N-[ =Q[ <&P[ ;NHUE[ =EQH[ Q<-[ (RQQ-N6W[
 E[ Q<=P[
*HEE-*Q=HE[ =Q[ =P[ EHQ[ PRNKN=P=E;[ QH[ B-'[ Q<&Q[ #=NK=QX[ HKKHP-+[
HT-NP-&P[&+T-EQRN-P[PR*<[&P[Q<-[HV-N[&E+[$-E-XR-B&[-VK-+=Q=HEP[
&E+[+N&PQ=*[*<&E;-P[H/[KHB=*W[PR*<[&P[Q<-[KNHKHP-+[&BB=&E*-[U=Q<[
"RPP=&[=E[

%<&Q[ZU&P[CHN-[KNHT=+-+[Q<&Q[?BHU[A-KQ[HE[8=-E+BW[Q-NCP[
U=Q<[ N=Q&=E[ HE[ Q<-[ HE-[ <&E+[ &E+[ Q<-[ -NC&E[ (&QQB-6--Q[ U&P[
PQ-&+=BW[ &R;C-EQ-+[ HE[ Q<-[ HQ<-N[ Q<-[ Q=C-[ UHRB+[ *HC-[ U<.[
-NC&EW[U&P[*B-&N[H/[Q<=P[+&E;-N[XHE-[&E+[<-N[6--Q[UHRB+[(-[PH[
B&N;-[Q<&Q[#>NK=QXP[0&CHRP[N=PA[Q<-HNW[UHRB+[<&T-[*HC-[@QH[KB&W [


 

 
 
..QV1CN?kZQkZ@BXkZ@2QVek2VK)NekK]XZk2U]BSk@2VX2H4kcBZ@k)k:22Zk
)ZkH2)XZkXZVQN?k2NQ]?@[email protected])XZXk-]Zk*HXQk)-H2kZQk
Z@V2)Z2NkZ@2k K)VBZBK2kX]S2VBQVBZekQ4kZ@2kKQXZkTQc2V5aIkN)bek
2dCXZBN?k NkQZ@2VkcQV1XkVBZ)BNkBNk)ZZ).FBN?kX].@k)k;22ZkKB?@Zk
HQX2kXQkK)Nekc)VX@BSXkZ@)ZkZ@2k%Qe)Hk$)bekcR]H1k-2kBN62VBQVkZQkBZXk
QZ@2Vk VBb)HXkS*VZB.^H)VHekZ@2kV)N.Q%]XXB)NkN)b)Hk<V.2X

 '@2k
K2V2k 2dCXZ2N.2k Q4k )k .QNXB12V)-H2k -)ZZI2:22Zk -)X21k )Zk
i (BH@2ANX@,b2Nk)N1k !B2HkcQ]J1k-2k2NQ]?@k'BVSBZfk.)H.]J)Z21kZQ
2NX]V2kZ@2k 9VXZk 2XX2NZB*HHekN2?)ZBb2kYZ)?2kBNk2VL)Ne
Xk12b2HQSg
K2NZk)Xk)kX2)kSQc2Vk X2.]VBZek=QKk)kVBZBX@k )ZZ).F
QZ@2VkCKSQVZ)NZk)XS2.ZkQ4kZ@2k)1KBV)HXk.)H.]H)ZCQNXkc)XkZ@2
12.BXBQNk )Xk K2NZBQN21k )-Qb2k ZQk /QN.2NZV)Z2k 2VK)Ne
Xk N)b)H
<V.2kBNkZ@2k$QVZ@k&2)k Nk.QNXB12VBN?k)k.QN:B.Zk)?)BNXZkVBZ)BN
Z@BXkX22K21kZ@2kN)Z]V)HkZ@BP?kZQk1Qk)Xk@2kS]ZkBZkBNkkQKK2V.2
V)B1BN?k )N1k ZV)NX)ZH)NZB.k c)Vk )?)BNXZk N?H)N1k BXk XQk @QS2H2XX
-2.)]X2kQ4kZ@2kX@QVZ)?2kQ4k-)X2XkQNkQ]VkXB12k)N1kZ@2kX]S2V:_BZekQN
N?H)N1XkXB12kk
XX)]HZXk]SQNkZ@2kS2VBS@2VB2XkQ4kZ@2kVBZCX@
KSBV2k SBNSVB.Fk )ZZ).FXk ]SQNk Z@)Zk SQc2VXk b)XZk :Q)ZBN?k .QKh
K2V.2kQ72V21kJBZZH2k.@)N.2kQ4kX]..2XXk)k1BV2.ZkZ@V2)ZkZQkVBZ)BNX
.Q)XZ)Hkc)Z2VXk1B1k<VkBZkcQ]H1kNQZkQNJek12Z2Vk)kVBZDX@k)ZZ).Fk-]ZkBZ
cQ]H1k )HXQk K)G2k "QN1QNk .QN.BHB)ZQVek )N1k )K2N)-H2k BNk cQVI1
)8+CVXk'@BXkBXkc@)Zk@2kK2)NZkc@2Nk@2kcVQZ2k'@2kH2b2VkQ4kQ]V
 c)Xk Z@2k $QVZ@k &2)k BZk BN:]2N.21k Z@2k 2NZBV2k ?HQ-2
cBZ@Q]Zk]XkN221BN?kZQk-2k1BV2.ZHek2N?)?21kCNk)NekQZ@2VkSH).2
'@2k.QVQJH)VekQ4kZ@BXk-2HB24kZ@)Zk2VK)Ne
XkN)b)Hk27QWZkcQ]H1
-2XZk -2k X22NkZQk272.ZkBNkZ@2k$QVZ@k&2)kc)XkZ@2k)XX]MS[BQNkZ@)Z
VBZ)BNkBNk.QNZV)XZkcQ_H1k-2k]N)-H2kZQk.QN.2NZV)Z2k@2Vk2NQVKQ]X
-)ZZJ2;22ZXkBNkZ@QX2kc)Z2VXk 4k-ek.@*N.2kX@2k1B1kZ@2NkZ@2k2VK)N
N)bek cQ]J1k-2kXQk@2)bBIekQ]ZN`K-2V21kBNkZ@2k<V2X22)-H2k>Z]V2
Z@)ZkBZkcQ]H1k-2kbBVZ])HHek<V.21kZQkXZ)ekBNk@)V-Q_VkZ@]Xk<V62BZCN?
Z@2kKBIBZ)Ve SQHBZB.)Hk-2N29ZXk*NZC.BS)Z21kBNkZ@2kVBXGkZ@2QVek-]Z
'BVSBZfk X22KXk ZQk @)b2k -22Nk 0QN912NZk Z@)Zk Z@BXk XBZ])ZBQNk cQ]J1
N2b2VkQ..]VkekZ@2kZ][email protected]]VekVBZ*BNk)SS2)V21kZQk@)b2
ZQQk K)Nek SV2XXBN?k Qb2VX2)Xk .QLKB\2OZXk ZQk )HIQck @2Vk ZQk-VBN?
-).Fk@2Vk<V.2XkEZQkZ@2k$QVZ@k&2)kZ@2kQ2Vk()VkZ@2k#21BZ2VV)

N2)NkN)b)Hk-)H)N.2kZ@2kXBZ])ZCQNkEkZ@2k)Vk)XZkc2V2k)JHk=)]?@Z
j cBZ@k 1)N?2Vk <Vk Z@2k VBZCX@k KSBV2k Nk S)VZC.]H)Vk X@2k c)X
Z@V2)Z2N21k-ek Z@2k .QK-BN21k N)b)Hk <V.2Xk Q4k V)N.2k )N1k %]XXB)
k
  

JIFY]OFA>@PFY]AI64MAJM]AI]OAZ4]PJ]@4M]JVI]%P]O44G43]KF.AI]PJ]+AMKAPZ]
[email protected]]
JI].11JSIP]J5]@4M];M4A>I]KJFB1Y]1JGGAPG4IPO],!I>F.I3-]1.I]
JIFY] SPAFAZ4] .] T4MY] OG.FF] K.MP] J5] P@4O4] O@AKO] AI] P@4] 'JMP@] *4. ]
!I>F.I3O]U4.E]KJBIP]AO]P@4M4;M4]P@4]'JMP@]*4.];M]@4M4]V4]1.I]
1JI14IPM.P4]JSM]4IPAM4];M14 

FOJ] TAP.F] ;M] +AMKAPZO] 4IPAM4] OPM.P4>Y] V.O] Q@4] 04FA45] [email protected]]
AGG43A.P4FY]SKJI]P@4]JSP0M4.E]J5]@JOPAFAPB4O]P@4])JY.F]'.TY]WJSF3]
BIOPAPSP4].]1FJO4]0FJ1E.34]J5]#4MG.IYO]@.M0JSMO ]+@AO]O44G43]PJ]04]
AI]FBI4]VAP@]P@4]PM.3APAJIO]J5] M.E4].I3]'4FOJI]VAP@]P@4]KMJ0.0F4]
OPM.P4>Y] J5] P@4] OPMJI>4M] I.T.F] ;M14] .I3] VAP@] P@4] OSKKJO43]
.>>M4OOAT4]OKAMAP]J5]Q@4]!I>FAO@]I.PAJI]%P].FOJ]G.34]KJFAPA1.F]O4IO4]

!I>F.I3]1.I] ]JIFY]1JGK4F]SO]PJ]OS4];M]K4.14]A5]AP]KSMOS4O]V.M]
BI]!SMJK4].O]4I4M>4PA1.FFY].O]KJOOA0F4]+@4]GJM4];M14=FFY]P@AO]
P.E4O]KF.14].FJI>]JSM]JVI]1J.OPO]P@4]LSA1E4M]VAFF]K4.14]KMJ0.0FY]
04] 0MJS>@P] .0JSP] .I3] P@SO] P@4] F4OO] FAE4FY] AO] AP] [email protected]] #4MG.IY]
GA>@P] 0MBI>] PJ>4P@4M] .FFA.I14O] V@A1@] 1JSF3] 04] 3.I>4MJSO] ;M]
!I>F.I3


JIO4LS4IPFY] P@4] 4.MFY]JK4M.PAJI2]KF.IO]J5]P@4] 


V@A1@]AITJFT43].]TAMPS.FFY]OSA1A3.F]J84IOAT4].>.AIOP]P@4][email protected]]
4OPS.MY] .P] P@4] JSPO4P] J5] V.M] V4M4] .FP4M43] BI] F.P4] ] PJ] P.E4]
.11JSIP]J5]+AMKAPZO]FJI> P4MG]KMJ>M.GG4]/3]@AO]OQM.P4>A1]1JI[
14KPO]
%I]P@4].3GAM.FO]J91A.F]1.F1SF.PAJIO].MJSI3]P@4]PSN]J5]P@4]
14IPSMY].P]F4.OP]P@4M4]AO]IJ]OA>I][email protected]]@4]4T4M]P@JS>@P]Q@4]MARAO@]
GA>@P].PP.1E]AH43A.P4FY ]+@4M4]3A3]@JV4T4M]4XAOP]P@4]04FA45]
[email protected]] P@4] .PP.1EAI>] ;M14]7M]<JG] 0.O4] M4L\AM43].] ] ISG4MA1.F]
OSK4MAJMAPY] PJ] >.AI] .] 341AOAT4] TA1PJMY] JT4M] P@4] 3454IOAT4] ;M14]
JK4M.PBI>] AI] JM] I4.M] APO] JVI] 1J.OP.F] V.P4MO] .I3] +AMKAQZ] V.O]
M4.OJI.0FY] 14MP.AI] >AT4I] P@4] .0JT4
G4IPAJI43] 1JIOA34M.QAJIO]
[email protected]]P@4]#4MG.I]I.TY]VJSF3]@.T4]4IJS>@]0.PQF4O@AKO]PJ]G44P]Q@4]
4XK41P43] MAQAO@] OPM4I>P@ ]] &JM4JT4M] @4] .FOJ] 04FA4T43] [email protected]] AP
VJSF3]04]KJOOA0F4]PJ]M43S14]Q@4]ISG04MO]J5]4I4GY]0.PQF4O@AKO]BI]
Q@4O4]V.P4MO]04;M4]Q@4]F.M>4O1.F4]0.PQF4]1JGG4I143]O](MJ54OOJM]
&.M34M]IJP4O].]1FJO4]0FJ1E.34]0Y]Q@4])JY.F]'.TY]

VJSF3]>AT4],P@4]$A?]*4.O]"F44P-]JKKJMPSIAPA4O];M]1JIPBISJSO]
>S4MMCF.].PQ.1EO]JI]Q@4]MAQAO@]:44P]BI]Q@4]TA1DPY]J5]Q@4]A>@Q]


 !!% ! %%!%%$%%
&E1Ww hE1w
.akh'Nw dk_1aG]aGjqw ]3w hE1w a'W0w N11hw E'0w .11Ww
oEGhhN10w0]oWwh]w'w#  
%'Ww'__a]pJT'h1w1`k+NGr'hG]Ww
]3w<a/1dw'dwo1NNw'dwhEa]kAEwdk/Ewh'/hJ/dw'dwhE1wkd1w]3wTGW1:1N0dw
U'dd10w;]hGNS'w'hh'/Mdw'W0w]hE1aw01mG/1dwhE1wGAEw"1'dwN11hw
/]kN0waGdMw'wT'L]aw.'hhN1wGWw]_1Wwo'h1adw

m1Ww d]w $Ga_Ghrw oGdE10w h]w h'M1w W]w /E)W/1dw GWw 'Wqw 01/GdGm1w
1WA'A1U1Whw oGhEw hE1w aGhGeEw GWw iE1w ]ahEw "1'w +W0w E1w o'dw
01h1aTGW10wh]w'/EG1m1w'dwAa1'hw'wh1/EXI/'Nw'W0wh'/hG/'Nwdk_1aG]aGhqw
]n1awhE1w!]q'Nw 'mqdw.'hhS1wd`k'0a]Wdw'dwE1w_]ddG.Nqw/]kN0wm1Ww
JWwwE1w31NhwhE'hwGWw'w?hka1wdhakABN1whE1qwo]kN0wE'm1w'wA]]0w
/E'W/1w1m1Ww'A'GWdhwWAO'W0whEa]kCEwA1]Aa'_EG/'Nw_]dGhG]WwVGNGs
h'aqwdhak/hka1wT].GNGr'hG]Wwh]a_10].]'hdwh'/hG/'Nwha'GXGWDwdqdt
h1U'hG/'SNqw ]aA'WGr10w GT_a]m1T1Whw 'W0w kXG:10w N1'01adEG_w
hEa]kAEwhE1wU]W'a/E 
 qww hE1wa1dkNhdw/]kN0w.1wd11Ww 'NNw

w1aT'[w/'_Gh'NwdEG_dwE'0w.11Ww/]Wdhak/h10w'W0w'aT]ka10wh]w.1w'dw

dJXM_a]]3w'dw _]ddG.N1w oGhEw'w.1hh1awdqdh1Uw]3w o'h1ahGAEhwdk.t
0GmGdG]WdwhE'WwhE1GawaGhGdEw/]kWh1a_'ahdwhE1GawAkWW1aqwo'dw:adhw
/N'ddw0k1wh]w/]Wdh,Whwha'JWGXAw'W0w'Ww19/G1Whwa'WA1:W01aw1aT'Ww
dE1SPdwh]a_10]1dw'W0wTGW1dwo1a1wdk_1aG]awh]waGhJdEw]W1dwha'GXGXAw
<awWGAEhw1WA'A1T1Whdwo'dw1W/]ka'A10w'dwo'dwhE1w1T_N]qT1Whw]3w
U'ddv0wh]a_10]w'hh'/Mdw.qwhE1w01dha]q1aw;]hGNN'dw'W0whE1w1aT'Ww
]ahEw#1'w.'d1dw'W0wa1_'Gawq'a0dwo1a1wT]01aWw'W0w19/G1Wh
hwo'dwGWwmG1ow]3w'SNwhE1d1w6/h]adwhE'hw%Ga_GhrwN]]M10w<ao'a0w
oGhEw'wa1'd]W(.P1w01Aa11w]3w/]\01W/1wh]w1aT-qdw?hka1w'.GNGhqw
h]w/E'NN1WA1whE1w!]q'Sw 'mqw'W0wh]w'm]G0w?ahE1aw01_1W01W/1wk_]Ww
aHh'JWdw_]NGhI/'NwA]]0oGNNwGWwo]aN0w'7*Iadw]U_1NN10w.qwhE1wm1aqw
/]WdG01a'hG]Ww]3whE1d1wd'T1w6/h]adwh]w'//]a0w1aT'Wqw'w6awAa1'h1aw
a1d_1/hw'W0w/GmGNGhqwhE'WwEGhE1ah]whE1waJhGdEwo]kS0w.1wN1ddw'aa]u
A'Whw'W0wo]kP0w/1'd1wh]w .1wdk/Ew'whEa1'hwh]w1aT'Wqdw]m1ad1'dw
hc'01w/]N]WG1dw'X0wT1a/E'WhwT'aGW1w%E1a1wo]kN0w.1wW] @ahE1aw
.N]odwh]wW'hG]W)Nw_cG01wdk/Ew'dw]//kaa10wJWwhE1w"'T])Ww/aGdGfw]3w
w]awJWwhE1wd1Kka1w]3whE1w2aT'Wwdh1+T1agw]8w1N'A]'w'qwJWw
1'aNqwwa110w>]TwhE1w'NT^dhwdk4=/'hGWAw0]TGW)hJ]Ww]3whE1w
!]q+Nw 'mqwhF1w1aT+WwA]m1aZT1Whwo]kQ0w.1w'.N1wh]w1ph1W0wGhdw
]m1bd1'dwGYh1a1dhdw'W0wh]w/'aaqw]khw'wA1WkGW1w
!"%"E1wo]kR0w
'hwN'dhwE'm1wE1awaGAEh5lNw_N'/1wGWwhE1wdkXwd1/ka10w'W0wT'GWh'GW10w.qw
%Ga_Ghrdw .aGSNG'WhwW'm+Nw_]NG/qw


   
 
  
'V?>VE3&V?E3&BV3">%V"VM"BVM4E3VB4E"5>V%4%V?$$HBV5>VE3&V1EHB&V
E3&V@B?D@&$EDVM?H9%V>?V9?>2&BV#&VD?V'&"BD?<&V"DVE3?D&V@?BEB"O&%V#OV
I9?MV4>V V M3?V3"%V'&9EVE3"EV

V$"9"<4E?HDVM"BVM4G3V>29">%VM?H9%VE3B?H23VE3&V&95=5>"E4?>V
?'V ?HBV9"B2&V">%V&L&B2B?M4>2V?L&BD&"DV4>E&B&DEDV E3B?H23VE3&V
%&DEBH$E4?>V?'V?HBVEB"%&VE3&V%"<"2&VE?V?HBV&N@?BEV5>%HDEB4&DV
E3B?MVHDV#"$8V2&>&B"E4?>DV4>V?HBV&$?>?<4$V">%V@?94E4$"9V%&L&9Q
?@<&>EV">%V3"L&VD4<49"BV&+&$EDV"DVE3&V34BEOV!&"BDV "BV3"%V4>V
4EDVE4<& 


B&DH<4>2VE3"EV5B@4EP
DV$"9$H9"E5?>DVM&B&V$?BB&$EVE3&V?O"9V"LOV
M?H9%VB&$&4L&V"V%&$4D4L&V%&*"EVD3?BE9OV"0&BV4EV3"%V5>DE4EHE&%V"V$:?D&V
#9?$8"%&V4>VE3&V&942?9">%V423EVB&24?>V"V%&'&"EVM34$3VE3&V3"DEOV
B&$"99V?'VDAH"%B?>DV/?<VE3&V"BV"DEV">% V&%4E&BB">&">VM?H9%V
@B?#"#9OV>?EVB&$?H@V"V%&*"EVM34$3V$?H9%V@?DD4#9OV9&"%VE?V@&"$&V
E"98DV">%VM34$3VM?H9%V$&BE"5>9OV$?<@&>D"E&V.BVE3&VE&<@?B"BOV9?DDV
?'V ">OV&B<">V$?9?>4&DV "V%&'&"EVM34$3V4'VDM4(F9OV .99?M&%VH@V
<423EV9&"%VE?V<?B&V%"B4>2V?@&B"E4?>DV">%V1BE3&BVDH$$&DD&DV@&BR
3"@DV&L&>VE3&V5>L"D4?>V?'V>29">%V4ED&9'V 99VE35DV4EVD&&<DV)5BVE?V
$?>$9H%&V/?<VE3&V8>?M9&%2&VM&V@?DD&DDV?'V&B<">V>"L"9V@9">S
>4>2V"B?H>%V E3&V EHCV ?'VE3&V$&>EHBOVM"DV M3"EV5B@4EPV">%V34DV
$?99&"2H&DV2&>&B"99OV3?@&%V.BVB&$?2>5E4?>V">%VB&D@&$EV5>V@&"$&T
E4<&V ">%V"V2??%V$3">$&V?'VL4$E?BOV4>VM"BE4<&V3&D&VM&B&V>?EV
H>HDH"9V"4<DV"9E3?H23VE3&5BV@B?@?>&>EDV%4%VD&&<VE?V3"L&V">E4$4U
@"E&%V"$34&L4>2VE3&<V4>V"VB&9"E4L&9OVD3?BEVE4<& V
>V)$EV "DV 4DVM&99V8>?M>V E34>2DVM?B8&%V?HEVAK
E&V%4+&B&>E9OV
/?<VE3&VM"OV4B@4EPV3"%V3?@&%V&D@4E&V69?M
DV$"HE4?HDV.B&42>V
@?94$OV">%VE3&V&+?BEDV?'VE3&V@B&DDV#HB&"HDV4EV@B?L&%V4<@?DD4#9&VE?V
"L?4%VB"4D4>2V>294D3VDHD@4$4?>DV">%V#OV  VE3&V%=4B"9EOV3"%V
$?<&V E?V E3&V $?>$9HD4?>V E3"EV E3&V &B<">V -&&EV M"DV #&5>2V #H49EV
"2"4>DEV E3&<V ">%V #&2">V E?V $?>D4%&BV $?H>E&B<&"DHB&DV
 3&V
%">2&BVP?>&V3"%V$?=<&>$&%V#HEVM4E3?HEV">OV.B&D&&"#9&V&>%V.BV
G3&V 9"B2&BV E3&V &B<">V #"EE;&-&&EV 2B&MV E3&V <?B&V E3&V B4E4D3V
B&"$E&%V">%VG3&V<?B&VD34@DVE3&VB4E4D3V$?>DEBH$E&%V"DV">V">DM&BV
E3&V3"B%&BV4EVM"DV.BV&B<">OVE?V$?<&V$9&"BV?'VG3&V%">2&BVP?>&
V>V
&>?B<?HD9OV&N@&>D4L&V>"L"9VB"$&V#&2">VM34$3VDEB"4>&%V4B@4EPDV
%&94$"E&V ,>">$4"9V $"9$H9"G4?>DV ">%V "9D?V @B&7J%4$&%V 34DV 4>E&C";V


 ("( /&! (&//(/ / ,/
 /
_^SK6jp iJMS:p dJ:p
$a:18\^gHJdp ._aK\Hp dJa:ip 8^g4dp g_^\p JKbp
J^_:bp^<p16JM:hK\Hpd:6J\K61Spbg_:aK^aKdjp^h:apdJ:p-^j1Sp+1hjp ,\p
dJ:p 8K_S^X1dK6p F^\dp &:aX1\jp T^bdpJ:ap _S16:p 1bp ("(+&/+&
/
iJKS:p #aMd1K\p bd:18KWjp KX_a^h;8p a:S1dP^\bp iKdJp "X:aK61p )1_1\p
%a1\6:p1\8p:h:\p-gbbK1p4jpp&:aX1\jpb::X:8p:\6Ma6S:8 p/J:p
#aKdPbJp5a^gHJdpJ^X:pX^a:p1\8pX^a:p41ddS:bJM_bp1\8p/Ka_Kdkp6^gS8p
\^pS^\H:ap6SN\Hpd^pdJ:pJ^_:pdJ1dp^\Sjp_1adp^<pdJ:p-^j1Sp+1hjpi^gS8p
4:p1h1NS14S:pM\pdJ:p+^adJp.:1
p%K\1TSjpdJ:p8:h:S^_X:\dbpK\pXM\:bp
d^a_:8^:bp1\8p bg4X1aK\:bpN\6a:1b:8pdJ:p 81\I:abpd^pbgaA6:pi1al
bJM_bp 1\8p 61gb:8p dJ:p #aKdPbJp d^p 141\8^\p 1\jp K8:1bp ^<p 1p 6S^b:p
4S^6R19:p(\bd:18pdJ:jpi^gT8pb:1Up^BpdJ:p:\da1\6:bpd^pdJ:p+^adJp
.:1p1\8pi2KdpEapdJ:p'KHJp.:1bp%S::dpd^p:X:aH:pd^pCHJd p(<pKdp8K8pKdp
i^gS8p 4:p ^\p h:ajp g\Ah^ga14S:p d:aXbp K\8::8 p M<pKdp8K8p\^dp dJ:\p
/Ka_Kdkbp:\dMa:p\1h1Tp_^SK6jpi^gS8pJ1h:p4::\pK\ph1M\p/J:p6^gab:p^<p
dJ:p bga@16:p i1ap M\p dJ:p +^adJp .:1p M\p dJ:p j:1abp p X:a:Sjp
6^]CaX:8pdJ:p8Kb1bda^gbp_^bKdK^\pM\piJK6JpdJ:p'KHJp.:1bp%S::dpJ18p
4::\p_S16:8p8g:pd^p/Ka_Kdkbp:1aWK:ap XMb61S6gS1dK^\bp
(dp Kbp :1bjp i:p 1SSp R\^ip d^p bJ^ip iJ:a:p dJ:p 18[Ka1Sp Y18:p
XMbd1R:bp(dpKbp1Sb^p`gKd:p:1bjpJ^i:h:apd^p14b^Sh:pJNXpF^XpXg6Jp
^<pdJ:p4S1X:pEapdJ:p61d1bda^_JK6p1Sd:a1dP^\bpK\p&:aX1\jbp_^bKdM^\p
1<d:ap 1SSp J^ip6^gS8pJ:pJ1h:pEa:b::\pM\pp dJ:p<gdga:p"\HS^m
%a:\6Jp((/%KbJ:abpa:EaXbpN\peJ:p-^j1Up+1hjp^apfJ:p141\8^\n
X:\dp^<pdJ:pbda1d:Hjp^<pdJ:p6S^b:p4S^6R18:!p01bpJ:p \^dpaKHJdpM\p
bgHH:bdK\HpdJ1dpKdpi1bpdJ:p?V1X4^j1\dpEa:KH\p_^OQ6jp1\8pAKSga:p^<p
dJ:p+&-"(&/(/d^pR::_p^\pH^^8pa:S1dP^\bpiKdJp^dJ:ap_^i:abp
dJ1dp i1bp dJ:p a:1Sp 61gb:p ^<p &:aX1\jbp 8^i\@3SS!
 /JMbp UM\:p ^<p
1aHgX:\dpKbp_S1gbK4S:p:\^gHJp1dpCabdpbKHJdp4gdpKdpXgbdp4:p8:\M:8p
Eap 1p bdg8jp ^<p dJ:p &:aX1\p 1\8p #aKdMbJp \1h1Sp8^6gX:\dbppM\p dJ:p
_:aM^8piJ:\p/Ka_Kdkbpb6J:X:pi1bpCabdp_gdpN\d^p_a16dK6: 4:di::\p
p1\8p ogHH:bdbp1p8K>=:a:\dpM\d:a_a:d1dM^\p((/&/&)"( /
/! * /&/-"/"/-(/-/! (&/ &/&'+!* &/
/"/ (# ( '/ /(/,%/&("(/- /(/ $/!&&/
/(/- +/.! &/ (\p1\jp61b:p d^pb1jpdJ1dpJ:p6^gS8p\^dpJ1h:p
Ea:b::\pGdga:p6J1\H:bpKbpd^pKH\^a:pdJ:p_^M\dpdJ1dpKdpi1bp_a:6Mb:Sjp
JKbp 1X4KdK^gbp D::dp _S1\bp iJK6Jp 61gb:8p ^ap 167:S:a1d:8p X1\jp ^<p
eJ:Xp/J:pC\1SpMa^\jpKbpdJ1dpb^pX1\jp^<p/Ka_KdkbpK8:1bpb::Xpd^p4:p1p
ZLcK\d:a_a:d1eM^\p ^<p dJ:p iaKdM\Hbp ^<p *1J1\p iJ^b:p ESS^i:ap J:p
6S1KX:8pd^p4:p


 


  
:KB/$K)>ABK<6 "$KA$>1;DAK#;D!BAK >1A$K !;DBKB/$KE 61#1BHK;%KC/$K
1#$ K;%K K
# :.$>KI;:$KB/>;D./KF/1"/K$>9 :HKF;D6#K$E$:BD 76HK
< AAKAK#$A">1!$#K!HK1><1BIKB/1AK<;61"HKA$$9$#K :K$ AHK;:$KB;K
" >>HK;DBK<>;E1#$#KB/ BK K" DB1;DAK;E$>A$ AK<;61"HKF AK #;<B$#K1:K
1BAK$ >6HKH$ >AK

:K1:B>;#D"1:.KB/$K EHK FK;%K K1BKF AK=D1B$K"6$ >KB;KDAK

B/ BK <;61B1" 6KB$:A1;:AKF;D6#K BK)@ABK!$K 1:">$ A$#K !HK1BKKBK
F AK 6A;K"6$ >KC/ BKB$"0:1" 66HKB/$K+$$B";:AB>D"B1;:K/ #KB;K!$K
#;:$K AK AF1&B6HK AK <;AA1!6$K 1:K ;>#$>K B;K A/;>B$:K B/$K # :.$>K
I;:$K K
BK F AK 19<;>B :BK B;K E;1#K ";:'>;:B B1;:AK :#K 1:#$$#K B;K
""$<BK <;AA1!6$K >$AB>1"B1;:AK D<;:K ;D>K "B1;:AK A;K 6;:.K AK B/$K
,D:# B1;:AK;%K;D>K<;F$>KF$>$K1: #$=D B$K:6HKF/$:KB/ BKF AK
$AB !61A/$#K B/>;D./K ;D>K +$$BK :#K <;61B1" 6K 6$ :1:.AK ";D7#K F$K
9;E$K 9;>$K -$$6HK ;:K B/$K ;"$ :AK :#K #$9 :#K $=D 61BHK ;%K
>1./BA


$BK C/$K <>$91A$AK D<;:K F/1"/K B/1AK B/$;>HK F AK ! A$#K F$>$K

$GB>$9$6HK#D!1;DAK/$K$>9 :K.;E$>:9$:BKF AK 6>$ #HK*#1:.K
1BK 19<;AA1!6$K B;K ";:B>;6K :#K AD<<>$AAK B/$K > !1#K :.6;?/;!1 K 1:K
K
$>9 :HK #D>1:.K B/$K H$ >AK ;%K B/$K ;$>K  >K :#K 1:K ("BK / #K
$G<6;1B$#K C/1AK E$>HK %$$62:.K B;K A$"D>$K -$A/K AD<<;>BK ,>K B0$K +$$BK
1:">$ A$AKBKF AKB/$>$,>$K9;ABKD:F1A$KB;K AAD9$KB/ BKB/1AKF;D6#K
:;BK!$K:;B1"$#K!HKB/$K:.61A/K<>$AAK :#K<D!61"K AK1:#$$#K1BKF AK
$E$:K1:K  KB/$>$KF AK K.>;F1:.K:D9!$>K;%K4;D>: 61ABAK1:K
>1B 1:KF/;KF$>$KF >:2:.KB/$1>K>$ #$>AK;%K$>9 :HAK <6 :AK/$K
>$B;>BK ;%K    B;K 36;FAK
/ 99$>K :#K :E16K A<$$"/K 1:K
AD<<;>BK;%KB/$K$";:#K EHK FK. E$K :K2:#1" B1;:K B/ BKB/$K
# :.$>KI;:$K91./BK!$K1:#$):1B$6HK<>;6;:.$#K
/ B$E$>K;D>K<;A1J
B1;:K9 HK!$K BK K.1E$:K9;9$:BKF$K9DABK!$K>$ #HKB;K9 5$K1BKAB176K
AB>;:.$>K 1%K ;B/$>K A$ K <;F$>AK !D16#K 9;>$K A/1<AK /1AK F AK C/$K
#91> 6BHAKE1$FK 6A;

$";:#6HK AK 1><1BIKF$66K5:$FK $>9 :HK/ #K!$.D:KF1B/K1BAK
+$$BK<>;.> 99$K K.> #D 6K :#K6$:.B/HK<;71"HKF/;A$KB >.$BKF;D6#K
;:7HK !$K >$ "/$#K &B$>K 9 :HK H$ >AK/1AK F AK :;B/$>K >$ A;:K B;K
#;D!BKB/ BK B/1AK1:">$ A1:.K"/ 68$:.$KB;K>1B1A/K: E 6KAD<$>1;>1BHK
";D6#K !$K 5$<BK A$">$BK /$K ::D 8K AB B1AB1" 6K B !6$AK 6 1#K !$,>$K


 





O+QHC+J2LT_NQ_CL_




ZNWH/_2[ONS2_TB2_AQ2+T_
AQNZTB_N6_TB2_ 2QJ+L_=22T_HNLA_-2>Q2_TB+T_TCJ2_L2X2Q_OQ2.CS2H\_
/2<L2/_-\_)CQOCT]_ZB2L_ 2QJ+L\_ZNWH^_-2_NWT_N6_TB2_/+LA2Q_]NL2_
+L/_?22_TN_/2J+L/_
2PW+HCT\_ N6_QCABTS
_
)BCS_CS_Q2DL9NQ.2/_-\_+_TBCQ/_.NLSC/2Q+TCNL_TB+T_CQQ2SO2.TCX2_N6_
OW-HC._ SWSOC.CNL_+L/_ /CSHDG2_ N6_ 2QJ+L\_ QCT+CL_ ZNWH/_ B+X2_TN_
T+G2_TB+T_L+TCNL_DLTN_+..NWLT_+S_SNNL_+S_B2Q_=22T_+;2.T2/_TB2_)ZN_
&NZ2Q_ (T+L/+Q/_S_ TB2_ CQST_ #NQ/_ (2H-NR2_ Q2JCL/2/_ TB2_
+-DL2T_ CL_ _ "T_CS_ +L_2QQNQ_ TN_SWOONS2_ TB+T_ TB2_)ZN_&NZ2Q_
(T+L/+Q/_
_B+S_2X2Q_B+/_Q262Q2L.2_NLH\_TN_Q+L.2_+L/_'WSSC+_"T_
B+S_+HZ+\S_Q262QQ2/_TN_TB2_TZN_STQNLA2ST_L+X+I_ONZ2QS_+T_+L\_ACX2L_
JNJ2LT
 "L_NTB2Q_ZNQ/S_/JCQ+HT\_ONHC.\_ZNWH/_



NO2Q+U2_+A+CLST_ 2QJ+L\_+S_SNNL_+S_SB2_/2X2HNO20_TB2_TBCQ/_H+QA2ST_
L+X\_CL_TB3_ZNQH/_TB+T_CS_HNLA_-2>Q2_TB2_-WDH/DLA_OQNAQ+KJ2_N6_
TB2_(2.NL/_%+X\_#+Z_Z+S_.NJOH2T2/_$NQ2NX2Q_QCTCSB_L+X+HCSTS_
N6T2L_ CLSCST2/_ WONL_ +_ _ O2Q_ .2LT_SWO2QCNQCT\_ NX2Q_ TB2_ L2[T_ TZN_
ONZ2QS_ TN_ OQ2X2LT_ +_ >WQTB_ L+Y\_ ?NJ_ BNH/CMA_ TB2_ -+H+L.2_ 
OQ2.CS2H\_ NL2_ N6_)CQOCT]S_ .+H.WH+TCNLS_)BWS_ +S_ 2+QH\_ +S_$+Q.B_
_TB2Q2_Z+S_/CSPWC2T_CL_TB2_QCTCSB_OQ2SS_+L/_0JCQ+HT\_ZB2L_


!NHHJ,LLS_2STCJ+T2S_Z2Q2_+LLNWL.2/_
NWQTBH\_ CT_Z+S_SWQ2H\_+_AQ2+T_2QQNQ_TN_+SSWJ2_TB+T_TB2_QCTCSB_
ZNWH/_-2_>Q.2/_CLTN_.NL.2SSCNLS_-\_TB2_.Q2+TCNL_N6_TB2_H2X2Q_N6_+_
-+TTH2=22T_ +S_)CQOCT]_-H+L/H\_/C/_ZB2L_B2_ZQNT2_

O+QT_?NJ_TB2_-+TTH2_.CQ.WJST+L.2S_ZBC.B_ZNWH/_-\_LN_J2+LS_
-2_BNO2H2SS_>Q_WS_LAH+L/_ZNWH/_>Q_A2L2Q+H_ONHCTC.+I_Q2+SNLS_
+L/_?NJ_TB2_ OWQ2H\_OQ+.TC.+H_ST+L/ONCLT_N6_TB2_ -WSDL2SSJ+L_
B+X2_HNST_+L\_CL.HCL+TCNL_TN_+TT+.G_WS_+L/_ZNWH/_CL_.NLS2PW2L.2_
+..NQ/_TN_*NWQ_$+F2ST\_SW.B_+_J2+SWQ2_N6_S2+_ONZ4Q_+L/_TBWS_
2L+-H2_*NWQ_$+F2ST\_TN_.+QQ\_NWT_+_AQ2+T_NX2QS2+S_ONHE.\_
_

)CQOCT]_B+/_Q2A+Q/2/_CT_+S_O2Q92.TH\_L+TWQ+H_EL_:.T_+S_BES_/WT\_TN_
L2WTQ+HC]2_ ZB+T_ B2_ S+Z_ TN_ -2_ TB2_ QCTCSB_ TBQ2+T_ TN_ 2QJ+L\S_
2[O+L/CLA_ ZNQH/_ DLT2Q2STS WT_ ZB\_ /C/_ B2_ +SSWJ2_ TB+T_ TB2_
QCTCSB_ SN_ TNW.B\_ +-NWT_ TB2CQ_ L+X+I_ SWOQ2J+.\_ SN_ @HH_ N6_
L+TCNL+HCSTC._OQC12_ +T_TB2_V_N6_TB2_.2LTWQ\_ ZNWH/_ -2B+X2_+L\_
/C872Q2LTH\_)B5_:Q_JNQ2_/+LA2QNWS_Q+L.N 'WSSC+L_L+X+H_TBQ2+T_
B+/__LNT_ J+/2_ TB2J_ +J2L+-H2_ TN_ TB2_ ZCSB2S_ N6_ &+QCS_ +M/_ (T_
_
 
 



'1M1JL.OJ:W ,D0W M;1W GO.A</W FOM/JTW ,D0W M;1W /J1,M<FDW F3W ,W
6T<D:W
LIO,0JFDW,3M1JWM;1W#JO:1JW*1A1:J,BWQ1J1W4JW.1MM1JW<D0</,M<FDLWF3W
;FRWM;1TWQFOA0WJ1,/MW Q;1DW/;-AA1D:10W.TW 1JB,DT
W
ALFW 0FO.M9AW 

 Q,LW*<JG<MULWL1/FD0WB,?FJWLMJ,M1:</W
/,A/OA,M<FDWM;,MWM;1WJ<M<L;WQFOA0WD1P1JW.1W,.A1WMFW,LL1B.A1WM;1W
:J1,M1JWG,JMWF3WM;1W(FT,AW%,PTW<DWM;1W%FJM;W)1,WBFLMWF3W<MLWL1P1DW
+FP1JL1,LWLIO,0JFDLWLFW;1WMFA0W>/;L1AW<DWWQFOA0WJ1B,<DWFDW
7J1<:DWLM,M<FDLW1P1DW<DWQ,JM<C1
 &3W/FOJL1W<DWM;1W/AFL<D:WT1,JLW
F3WM;1WD<D1M11DM;W/1DMOJTW<MWQ,LWDFJB-AW7JWM;1WJ<M<L;WMFWLM,M<FDW
M1DW5JLM/A,LLW.,MMA1L;<GLW,MW$,AM,WMFW.1WJ1<D7J/10W<3WD1/1LL,JTW.TW
M;1W 1<:;MW 5JLM/A,LLW .,MMA1L;<GLW F3W M;1W ;,DD1AW A11MW Q;<A1W M;1W
DOB.1JW <DW M;1W ,JW ,LMW ;,0W J<L1DW MFW 7OJW "DW /FDMJ,LMW <MW Q,LW
/FDL<01J10WM;,MW,W!FB1W(1L1JP1W)IO,0JFDWF3W1A1P1DWL1/FD0/A,LLW
.,MMA1L;<GLWQ,LWLMJFD:W1DFO:;WMFWGJFM1/MWJ<M<L;W<EM1J1LMLW<DW M;1W
%FJM;W)1,
 "DWLO/;W,WL<MO,M=FDW 1JB-DTLW.,MMA1612MWQFOA0W5D0W
<MW1,LTWMFW:,<DW,W01/<L<P1WP</MFJTW!FQ1P1JW,AAWM;<LWGJ1LOGGFL1LWM;,MW
M;1WJ<M<L;W/FOA0WDFMWFJWQFOA0WDFMWJ1/,AAWM;1<JWFP1JL1,LWLIO,0JFDLW

,W:J,P1WM;J1,MW,JFL1WD1,J1JW;FB1 ,DW,LLOBGM<FDWM;,MWQ,LWLMJ,M1:<V
/-AATW,D0WGFA=M</,AATWLFWQ<01WF3WM;1WB,J@WM;,MW<MWL11BLW<D/J10<.A1W
M;,MW*<JH<MUWL;FOA0W;,P1W.,L10W,AAW;<LW;FG1LWOGFDW<M W
*;1WP1JTW1S<LM1D/1WF3WM;FL1WFP1JL1,LWLIO,0JFDLWQ,LW0O1WDFMWMFW
M;1W .<U,JJ1W Q;<BLW F3W M;1W 0B<J,AMTW .OMW MFWM;1W D110W MFW GJFM1/MW
J<M<L;W<DM1J1LMLW1LG1/<,AATWM;1W<BGFJM,DMWMJ,01WJFOM1LW.OMW;,0WDFMW
$,;,DW01/A,J10WM;,MW*;1WP<M-AW/1DMJ1WF3WD:A<L;W/FBB1J/1W<LW<EW
M;1WQ,M1JLWLOJJFOD0<D:WM;1WJ<M<L;W<LA,D0L
 *;J1,MLW<DWM;1W,JW
,LMWQ1J1WF3WDFW/FBG,J<LFDW)1A.FJD1W<DW,0B<MM<D:WMFWM;1W,.<D1MW
M;1WD110WMFWB,<DM-<DW,DW,01IO,M1W7J/1W<DWM;,MWJ1:<FDW31AMW.FOD0WMFW
01/A,J1W

 M;1W J<M<L;W %,PTW Q1J1W 0131,M10W <DW M;1W $10<M1JJ,D1,DW -D0W
;,DD1AWM;1WLN1LLWF3WFOJWGFL<M<FDWQFOA0WDFMW.1W,AA1P<,M10W.TW,DTW
,BFODMWF3WLOG1J<FJ<MTW<DWM;1W;<D1L1WL1,LW
FDWM;1WFM;1JW;,D0W
<MWQ1J1W MFW GJFP1W LOGJ1B1W <DW M;1W $10<M1JJ-D1-DW,D0W;-DD1AW
1P1DWL1J<FOLW0<L,LM1JLW<EW;<D1L1WL1,LWQFOA0WB,MM1JWA<MMA1W

P1DWR<M;0J,Q-AW8FBWM;1W$10<M1JJ-D1-DWQ,LWJ1:,J010W,LW,WGFLL<V
.<A=MTW0OJ<D:WM;1W LW,LWM;1W 1JB-DWD,PTWQ,LWQ1AAW,Q,J1W"D
/FDMJ,LMW-DW0B<K,AMTWB1BFJ-D0OBWF3W$-J/;WWM;,MW<LW


W
 
 
  
 
  

P:,[,LD&F[F&TW[U&N[L,9&L+,+[)W[P:,[F&T&B[*:<,.N[>F[GF+GF[&N[&[
P:L,&P[&<D,+[NI,*@*&BBW[&P[L>P&<F[>FN<NP,+[P:&P[

P[<N[&[8F+&D,FP&B[IL<F*<IB,[G.[+D>L&BPW[IGC<*W[P:&Q[NR/3*<,FP[
6L*,[N:&BB[&P[&CB[P<D,N[),[D&<FP&<F,+[<F[:GD,[U&P,LN[PG[,FNRL,[
P:,[*GDD&F+[G.[P:GN,[N,&N[F+[<F[FG[GP:,L[U&W[P:&F[)W[+,.,&P[
*&F[GRL[ F&T&B[6L*,[),[L,F+,L,+[RF&)B,[PG[D,,P[P:,[ ,F,DW[&P[
N,&


$:&P[ U&N[ DGL,[ P:,[ U:GB,[ L,&NGF<F9[),:<F+[ #<
<PX
N[



P:&P[ P:,[ GFBW[ L,&BBW[ ,2,*P<T,[ P:L,&P[ PG[ L<P&<FN[ F&T&B[
NRI,L<GL<PW[*GRB+[),[IGN,+[>F[P:,[ GLP:[",&[&F+[F9B>N:[:&FF,B[
U&N[>F[&[F,9&P<T,[U&W[&[L,*G9F<P<GF[G.[U:,L,[P:,[NPL&P,9<*[*,FPL,[Z[
G.[ L<P>N:[ N,&[ IGU,L[ B&W [ N[,T,PXGU[IRP[<P[<.[ F9B'F+[ BGNP[&[
)&PPB,[<F[P:,["GRP:[ ",&N[<P[UGRB+[FGP[),[1P&B[<.[N:,[BGNP[<F[P:,[
:&FF,B[ N:,[ UGRB+[ ),[ 6L*,+[ PG[ NR,[ 6L[ I,&*,
[
 %,P[ ?[ P:,[
,LD&FN[ I,L*,<T,+[ P:&P[ P:<N[ U&N[ Q:,[ *LJ*<&B[ &L,&[ :GU[+<+[P:,W[
,T,L[ ),B<,T,[ P:&P[ P:,[!GW&B[ &TW[ UGRB+[ &PP&*:[DGL,[<EIGLP(F*,[
PG[P:,[&L[&NP[GL[,+<P,LL'F,&F[#:,[*:G<*,[B&W[),PU,,F[L,9<GFN[
U:,L,[ 
 P:L,&PN[ PG[L>P<N:[ <FP,L,NPN[ ,V<NP,+[ (F+[ &[L,9<GF[
P:,[ GLP:[",&[U:,L,[L<P<N:[ 
 U&N[>FTGBT,+[&F+[
P:,L,[*GRB+[)-[FG[+GR)P[PG[P:,[+D<L&BQW[P:&P[P:,[B&PP,L[U&N[P:,[
DGNP[<DIGLP&FP[#:,[DGL,[,2,*P<T,[P:,[L<NA[Q:,[DGL,[Q:,[L<P<N:[
UGRB+[ L,&*P[ 6L[ ,V&DIB,[ MGB+GLNP,L
N[4LNP[ &*P<GF[ &.P,L[:<N[
T<N<P[ PG[ ,LE&FW[ <F[ [ U&N[ PG[ &+TG*&P,[ P:,[ *L,&P<GF[ G.[ &[
DG+,M[&F+[IGU,L0SB[5,,P[<F[:GD,[U&P,LN[QG[*GRFP,L[&FW[IGNN<Y
)B,[*:&BB,F9,[7GD[P:,[ &<N,LN[F&TW[OH
#:<N[ NPL&P,9W[ G.[ 5,V<)B,[ L,NIGFN,[ U&N[ NG[ G)T<GRN[ P:&P[ P:,[
+D<L&BPW[*GRB+[FGP[L,N<NP[IR)B<*BW[B,*PRL<F9[P:,[UGLB+[&)GRP[<P[>F[
P:,[&U+GL[,DGL'F+RD[

#:,[I,L<G+N[G.[RLGI,&F[L,NQ[&N[U,BB[&N[P:,[NP&)B,[9LGRI<F9[G.[
<FP,M&P<GF&B[<FP,L,NPN[+RL<F9[P:,[B&PP,L[I&LP[G.[P:,[B&NP[*,FQRLW[
:&+[ &NN<9F,+[ *,LP&<F[ +,9L,,N[ G.[ L,B&P<T,[ =DIGLP&F*,[ PG[ GRL[
T&L<GRN[ NKR&+LGFN[ &F+[ P:,[ N*&B,[ G.[ Q:,<L[ NPL,F9P:[ :&N[ ),,F[
L,5,*P,+[<F[P:,[L&FA[&F+[*&I&)<B<P>,N[G.[P:,[+D<L&BN[N,B,*P,+[PG[
*GDD&F+[ P;,D[ "G[ DR*:[ :&N[ P:<N[ ),,F[ Q:,[ *&N,[ Q:&P[ PG+&W[
I,GIB,[ &L,[ &IP[ PG[ BGGA[ GF[&[ +,4F<P,[ FRD),L[G.[ N:<IN[GF[ &FW[
[
   
 
  
7:Z(EbSV$V:IEb$Sb$b1\('bOX$EV:V]bP$V8(PbV8$Eb$bSVP$V(7:&b(\:7(E&]b
8=Sb :'($bCXSVb %(b (EV>P(@]b ':SN(@@('b OY$'PIESb I+b Z$P]:E7b
SVP(E7V8b $P(b SVQ$V)7:&$@@]b P(OX:P('b :Fb &(PV$:Eb [$V(PSb %XVb V8(b
?$@(:'IS&IN:&bE$VXP(bJ+b:EV(R$V:KE$@bP(B$V>IETb$Sb[(@@b$SbZ$P:$_
V=IESb IPb E([b'(Z(@INC(EWSb:Eb ($bNI[(Pb EIVbIE@]b4P%:'Sb$E]b
N(QC$E(EVb$@@I&$V:IEbI+bEXC%(PSb%XVb:Eb.&VbNI:EVSbV8(bE(&(US:V]b
4PbN(P:I':&bP(':SVP:%XV:IEbI+bS8:NSb%(V[((EbIXPb@((VSbVIbC((Vb
V8(bNI@:V:&$@bP(OY:P(C(EVSbI+bV8(bCIC(EV b


Eb V8(b 5@@I[:E7b ]($Pb V8(b 'C:P$AV]b S$;'b V8(b S$D(b V8:E7b V8(]b
&IX@'bEIVb%$S(bV8(=QbN@$ESbXNIEbW8(bS8:+V>H7bS$E'SbI+b$E]bV(CNI`
P$P]b$E'bXEI,0&:$@b:EV(PE$V:IE$@bP(@$V:IES
bV8(]b&$EEIVb%X:@'b+LPb
V8(bCIC(EV b bA(\:%:@:V]b[$Sb(SS(EV:$Ab4Pb$b[IP@'bNI[(Pb[:V8bSI
C$E]b &ICD:VC(EVS
b 8:Sb %(:E7b V8(b &$S(b 8I[(Z(Pb V8(b C(P(b
'(Z(@INC(EVb I+b V8(b (QC$Eb E$Z]b $Sb $b P(SX@Vb I+b :PN<V^Sb NM@:&]b
$@IE(b[IX@'b8$Z(b%((Eb%IXE'bVIb@($'bVIb$bN(P:I':&bP(':SVQ:%XV:IEb
b [8(Eb :Vb [$Sb &IC%:E('b [:V8b V8(b XEC:SV$?$%@(b $E7@IN8I%:$b :Eb
(PC$E]b$E'bV8(b$:S(PSb$@$PC=E7b4P(:7EbNI@:&]b$bP($&V:IEbSX&8b
$Sb :S8(PSb [$Sb:H(Z:V$%@(b

XPb IE@]b NPI%$%@(b (E(C]b :Sb (PC$E]b (PC$E]b ?((NSb 8(Pb

[8I@(b2((Vb$@[$]Sb&IE&(EVP$V('b[:V8:Eb$b+([b8IXPSbI+bE7@$E'b
(b CXSVb V8(P(4P(b ?((Nb $b 3((Vb V[:&(b $Sb NI[(P-X@b $Sb V8$Vb I+b
(PC$E]b$@[$]Sb&IE&(EVP$V('b[:V9Eb$b+([b8IXPSbI+b(PC$E]b

8(bP(SX@Vb I+b&IXPS(b 8$'b$b&$V$SVPIN8=&b(/(&Vb XNIEb (GE$Eb

E$Z$@b SVP$V(7]b '(SVPI]:E7b=PN:V^Sb8IN(bI+b%(>H7b$%@(bVIb(E7$7(b
IEA]b $bN$PVbI+b V8(bI]$@b$Z]b:EbV8(bIPV8b ($b ESV($'bNX%@:&b
$VV(EV:IEb[$Sb4&XS('bXNIEbV8$VbP(7:IEbV8(bQ:V:S8b&IE&(EVP$V('b
CIP(b$E'bCIP(b[$PS8=NSbV8(P(b$E'b$b+(Z(P:S8bE$Z$@bP$&(b'(Z(@IN('b
[8:&8b SV($':@]b [IPS(E('b P(@$V:IESb %(V[((Eb V8(b V[Ib N(IN@(Sb $E'b
7IZ(PEC(EVSb:VV@(b[IE'(PbV8$VbV8(b$:S(QbVP:('b[:V8b&8$P$&V(P:Sa
V:&b&@XCS:E(SSb$E'bXE&IES&:IXSb:PIE]bVIbN(PSX$'(bV8(bP:V:S8bE$Z$@b
$VV$&8*b>Eb(P@:EbVIb$'Z:S(b8:Sb7IZ(PEC(EVbVIb':SN(PS(b:VSbSOX$'PIESb
$7$:Eb

!IXPb7P($VbC:SV$?(b" :A8(@CbS$:'#b[$Sb[8(Eb]IXb[:V8'P([b]IXPb
S8:NSb 6ICb 4P(:7Eb SV$V:IESb $E'b %PIX78VbV8(Cb =EVIb V8(b IPV8b


 

 


#-&_*-+&SO-_P9-G_-LE&GZ_K-&A;[-,_;P_W&O_&_P9K-&P_PH_9-K_SP_

;O_&AOH_ &_ E;OP&@-_ OPK&P-8;+&AAZ_ *-+&SO-_ ;P_ W&O_&G_ SIO-PP<G8_ H._
+&K-/TAAZ_*&A&G+-,_OPK&P-8;+&A_+&A+SA&P;HGO_

%9-G_HG-_AHH@O_&P_P9-_-LE&G_K-+HK,O_&KHUG,_P9-_PSM_H._P9-_
+-GPSKZ_PHH_;P_;O_;GP-K-OQ;G8_PH_O--_P9&P_&_GSE*-K_H._-YI-K;-G+-,_
OP&0_H2+-KO_W-K-_GHP_OH_+HGV?+-,_P9&P_K;P&;G_WHSA,_*-_&*A-_PH_
,-IAHZ_ HGAZ_ I&KP_ H._ P9-_ "HZ&A_ &VZ_ ;G_ P9-_ HKP9_ #-&_ $9-;K_
V;-WIH;GPO_ W-K-_ H.P-G_ ,;OISP-,_ *Z_ HP9-K_ H2+-KO_ &G,_ F&,-_ GH_
;EIK-OO;HG_SIHG_P9-_-OP&*A;O9-,_OPK&P-8Z_<G_P9-O-_Z-(O_*SP_
,H-O_
OS88-OP_HG+-_&8&<G_P9&P_$;LI;P[
O_+'A+SA&P;HGO_W-K-_GHP_&O_H*V;HSO_
&G,_ G&QSK&A
_ &O_ 9;O_ ,-.-G,-KO_ 9&V-_ +A&;E-,_ O_-&KAZ_ &O_ &K+9_
_ HG-_   -YI-KP_ +K;P;+;[-,_ P9-_ ;,-&_ H._ &_ OW=/P_
H1-GO;V-_&8&;GOP_P9-_$9&E-O_W;Q9_&_K-&OHG_P9&P_-JS&AAZ_ &IIA;-,_
W9-G_-KE&GZ_&OOSE-,_&_,-.-GO;V-_OPL&P-8Z_

P_ESOP_&AOH_*-_*HKG-_<G_E<G,_P9&P_G8A&G,_W>A_G-V-K_,-+A&K-_
W&K_*-5K-_;P_9&O_&OO-E*A-,_&_4--P_H._HV-KWC-BE;G8_OSI-K;HK;PZ_
;G_P9-_9&GG-A_&G,_$9&E-O_-OPS&KZ 

-KE&G_H2+-KO]&AOH_IH<GP-,_HSP_P9&P_,SK;G8_P9-_$K&GOV&&A_+K;O;O_
P9-_9&GG-A_A--P_,;,_GHP_A-&V-_!HLPB&G,_*-PW--G_ HV-E*-K__
&G,_SG-__&G_HE<GHSO_IK-+-,-GP_5K_&GZ_7PSK-_+HG6HGP&Q;HG_
&G,_ &AOH_ P9&P_ &++HK,<G8_ PH_ -Y;OQ?8_ 4--P_ ,;OIHO;P;HGO_ &_ *&K-_
G8B;O9_OSI-K;HK=PZ_H._PXH_*&PPA-O9;IO_HG_P9-_3/R9_,&Z_H._&_W&K_W;P9_
-KE&GZ_ &AHG-_ WHSA,_ +9&G8-_ PH_&G_ HV-KW9-D;G8_ PW-GPZ5SK\
*&PPB-O9;I_OSI-K;HK;PZ_*Z_P9-_3/P--GP9_,&Z_OHE-P:G8_H._W9;+9_P9-_
K;P;O9_ESOP_&AOH_9&V-_*--G_&W&K- _HP9_W-K-_+HGO;,-K&P;HGO_W9;+9_
+&OP_,HS*P_SIHG_P9-_*-B;-._P9&P_P9-_"HZ&A_ &VZ_+HUB,_*-_,-OPKHZ-,_
I;-+-E-&A_&G,_?__#+9-,-K_&OO-KP-,_P9&P_;P_WHSA,_*-_5HA;O9_PH_
9HA,_P9&P_L=P&=G_WHSB,_GHP_*-_7AAZ_IK-I&K-,_;._W&K_+&E-_
HK-HV-K_<G_ _#HS+9HG_OHA-EGBZ_W)-,_P9&P_P9-Z_+HSA,_GHP_
-Y+AS,-_ P9-_ IHOO;*;A;PZ_ P9&P_ P9-_ K;P;O9_ E;89P_ *K<G8_ 9HE-_ P9-_
-,;P-KK&G-&G_A--P_PHH_

G_EZ_V;-W_+HG+-GPL&P;HG_H._5K+-O_;O_GH_A-OO_+HKK-+P_5K_G8A&G,_
P9&G_ 5K_ -KE&GZ
_ G8A&G,^_H.P-G_ +HG+-GPK&P-O_;PO_ SKHI-&G_
4--PO_<G_I-&+-P;E-_5K_E&GH-SVK-O_&G,_;P_W;AA_+-NZ_+HG+-G
_
  
KE#K(W5KHW2E&(HW0EHKW5>WR#EK5=(W%(W5KWR#EW&?>'O&K('W#3#5>HKWK4(W
O#:W::6#>&(WK4(W"E5A:(W::5#>&(W#3#5>HKWE#>&(W?EW(E=#>TW
#:?>( WKWR5::W?>:TW'(&<7>(WK?W&?>&(>KE#K(W5KIW2F&(HW5*W5KW5HW#WR#EW
#3#5>HKW #W Q(ETW R(#9W -@(W #>'W W '?W >?KW %(:5(Q(W K4#KW >3;#>'W
E(3#E'HWOHW#HW#WR(#9W?AA?>(>K
W
>3:#>'W5HW5>WK4(WA?H5K5?>WK?W'(A:?TW=?E(WK4#>WK4E((WM5=(HW#HW
=#>TW Q(HH(:HW #3#5>HKW OHW 7>W ?OEW R#K(EHW #>'W HK5::W 4#Q(W (>?O34W
2E&(HWK?WAE?K(&KW5KHW?R>W&?#HKW#>'WKE#'(E?OK(H
W*WL4(W#%?Q(W5HW
#&&(AK('WK4(>WR(W?O34KW>?KWK?WE(&9?>W?>WK4(W.Q?OE#%:(W&4#>&(W
?*W (>&?O>K(E5>3W #W R(#9(EW A#EKW ?*W K4(W >3:5H4W 1((KW R5K4W ?OEW
(>K5E(W2E&(HW


?EW'5'W!?O&4?>W%(:5(Q(WK4#KW5KWR#HW5=A(E#K5Q(W2EWK4(WE5K5H4WK?W
0>5H4W?/WK4(WR#EWDO5&9:TWR6M4W5KHW?=(W:((KWA?5>K7>3W?OKW"4(W
:?>3(EWK4(WR#EW:#HKHWK4(W=?E(WK4?E?O34:TW(E=#>WKE#'(WR6::W%(W
EO5>)'
W>3:#>'W4#HWA:(>KTWM5=(WK?W&EOH4WOHWH:?R:TW
 (&#OH(W?*W
(E=#>THWA??EW#::5#>&(W AE?HA(&MHW %(9(>WK??W&#=(WK?W#WH7=7:#EW
&?>&:OH5?>W

"45HW (S(E&5H(W =OHKW 5>W AE7>&5A:(W %(W =#'(W R5K4W K4(W =?HKW O>V
.Q?OE#%:(W#HHO=AK5?>W2EWOHWK4#KWK4(WR#EWR5::W%(W2O34KWR5K4W
K4(W &?=A:(K(W >(OKE#:5KTW ?*W K4(W ?K4(EW E(#KW ?R(EHW H?W K4#KW
>3:#>'W &?O:'W#:H?W '(A:?TW #3#7>HKW OHW +P::TW ?EW5>W A#EKW =?E(W
K4#>W 5KJW ?=(W :((KW 2EW (S#=A:(W 5KHW ('5K(EE#>(#>W :((KW
#:H?
W


TW  W K4(E(2E(W R4(>W =#>TW ?*W "5EA5KUHW &#:&O:#K5?>HW R(E(W

#:E(#'TWH4?R>WKBW%(W,$:H(WK4(W45(*W?*WK4(W&?O:'W?>:TW
&?>H?:(W 46=H(:*W K4#KWK4(W(>2E&('WE5K5H4W>#Q#:W&?>&(>KE#K5?>W7>W
4?=(WR#K(EHWR#HWR(#9(>5>3WK4#KWA?R(EHW5>1O(>&(W8WK4(WE(HKW?*W
K4(WR?E:'W R45&4WR#HW>?W4(:AWHKE#K(35&#::TWK?WK4(W(E=#>W>#QTW
#>'WDO5K(WK4(WE(Q(EH(W?*WK4(W2E=(EW#E3O=(>KWK4#KWHO&4W?Q(EH(#HW
5>K(E(HKHWR?O:'W 9((AW K4(W ?T#:W#QTW R(#9W  K4(W?EK4W !(#


"4(W ?>:TW A?HH5%:(W #:K(G#K5Q(W 5>W AOE(:TW =5:7K#ETW K(E=HW =534KW
4#Q(W%((>W#WHOEAE5H(W#KK#&9WOC?>WK4(WE5NH4W?=(W:((KW%(2E(W
'(&:#E5>3W R#EW %OKW #:M4?O34W%?M4WH5'(HW?&&#H5?>#::TW*(#E('WK4#KW
M4(W?K4(EW=534KW#KK(=AKWHO&4W#W

K4(TW>(Q(EW#'?AK('W
HO&4W#WHKE#K(3TWK4(=H(:Q(H
W


 


 



&RjfRr†
n‰ rLUj1‰_(Ydj‰ _Rn-([-|[(rSda‰€(n‰rL(r‰rL5‰%d‚([‰#(‚‰
€d|[1‰([€(‚n‰ (-r‰ d@5anR5[‚‰ 5nr(+[VnLRaK‰ (‰ -[dn5‰ +[d-Z(15‰(a1‰
r(ZUaK‰rL5‰BKLr‰Rard‰5j_(a‰-d(nr([‰€(r5jn‰€L5j5‰Rr‰€d|[1‰?-5‰
~c>(d|j(+[5‰-Sj-|_nr(a-5n ‰$a‰ rL5‰?-5‰ d9‰Rr‰rLRn‰ Rn‰rL5‰_dnr‰
95(nR+[5‰d9‰([[‰LRn‰(nn|_frRdan‰(a1‰n55_n‰+dm5‰d|r‰+‚‰(‰a|_+5j‰d:‰
-dar5_fdj(j‚‰ fjdad|a-5_5arn‰ da‰rL5‰ jRrRnL‰nR15
‰ (1‰adr‰rL5‰
15[5K(r5n‰rd‰rL5‰‰d[daR([‰da95j5a-5‰+55a‰f|+[R0[‚‰rd[1‰rL(r‰

rL5‰fjR_(j‚‰d+Y5-r‰d9‰vP5‰jRrRnL‰#(‚‰Rn‰adr‰rd‰1595a1‰(a‚rLRaK‰
+|r‰rd‰(rr(-Z‰rL5‰D55rn‰d9‰rL5‰5a5_‚‰*1‰+‚‰1595(rRaK‰rL5_‰rd‰
(;Fj1‰fjdr5-rRda‰rd‰jRrSnL‰d_VcRdan‰n|ff[R5n‰(a1‰-d__5j-5‰
&LRn‰Rn‰sL5‰|[{(r5‰(T_‰ ‰&L5‰rj(1RtRda([‰jd[5‰d9‰rL5‰%d‚([‰
#(‚‰Rn‰adr‰rd‰(-r‰da‰rQ5‰1595anR5‰+|r‰rd‰fj5f(j5‰rd‰(rr(-Z‰rM5‰
Gj-5‰ €LU-L‰ rLj5(t5an‰  Ra‰ drL5j‰ €dj1n‰ rd‰ (nn|_5‰ rL5‰
d@5anR5‰


a1‰1R1‰adr‰([[‰a(([‰dA-5jn‰jRrRnL‰(n‰€5[\‰(n‰5j_(a‰Ld[1‰rL(r‰
rL5‰15<5(r‰d9‰rL5‰5a5_‚n‰+(rr[5E55r‰€(n‰rL5‰fjR_(j‚‰r(nZ‰Rc‰€(j‰
€RrL‰rL5‰1_Rj([s‚
n‰'(j‰$j15jn‰nrj5nnSaK‰rL(r‰([[‰drL5j‰df5j(‡
rRdan‰ (j5‰ n|+nR1R(j‚‰ ud‰ rLRn‰ 5a1
 "|1KRaK‰ Id_‰ rL5‰ (jrR-[5n‰
€jRrr5a‰+‚‰a(([‰5f5jrn‰Va‰rL5‰jRrRnL‰fj5nn‰(r‰rL5‰rU_5‰da5‰_UKLr‰
+5‰GjKR5a‰Hj‰+5[R5UaK‰rL(r‰ yL5‰%d‚([‰#(‚‰€d|[1‰R_f[5_5ar‰
adrLVaK‰ [5nn‰ rL(a‰ (a‰ R__51R)r5‰ (a1‰ RKdjd|n‰ +[d-Z(15‰ d9‰ xL5‰
5a5_‚n‰-d(nrn‰Ra‰€(j‰
K(Sanr‰ rLRn‰ Ld€56j‰ _|nr‰+5‰_(15‰ (‰a|_+5j‰d9‰R`fdjr(ar‰
fdRcrn‰ !a‰ rL5‰ Bjnr‰ f\(.5‰ f|,]U/‰ 1Sn-|nnRda‰ dj‰ 55a‰ f|+[RnL51‰
d;C-R([‰nr(r5_5arn‰+‚‰rN5‰1_Rk([r‚‰2R1‰adr‰([€(‚n‰j5gj5n5ar‰rL5‰
rj|5‰nrj(v5Kƒ‰dj‰ da]‚‰ j5fj5o5ar51‰Rr‰Sb‰(‰5j‚‰ da5nR151‰€(„‰rL5‰
fjdad|a-5_5arn‰(r‰ rL5‰ ‰ d[daU([‰ da<5j5a-5‰ Gj‰5(_f[5‰
L(1‰+55a‰(S_51‰(r‰4nn|(1RaK‰rL5‰d_WaRdan‰Id_‰-j5(rRaK‰rL7Rj‰
d€a‰]d-([‰(a1‰fR5-5_5([‰a(([‰1595a-5‰Gj-5n‰+‚‰(kK|SaK‰rL(r‰da[‚‰(‰
€dj[1€R15‰fd^V-‚‰+(p51‰}fda‰-5arj([^‚‰3Sj5-r51‰+(rz[5‰nh|(1jdan‰
€d|[1‰d@6j‰J[[‰n5-|lWr‚‰wd‰rL5‰jRrRnO‰_fRj8 
 !a‰rL5‰n5-da1‰
f[(-5‰_|-L‰d9‰rL5‰0dax5_fdj(j‚‰1Rn-|nnRda‰(+d|r‰rL5‰a505nqRr‚‰e9‰
L|atRaK‰1d€a‰(a1‰+jTaKRaK‰rd‰+(rr]5‰rL5‰5a5_‚n‰€(jnLRfn‰L(1‰X‰
_Ra1‰(‰

nRr|(rRda‰da5‰€LU-L‰rL5‰=55jRnL‰-danrj|-ˆ
rUda‰d9‰?nr‰(j_d|j51‰-j|Tn5jn‰+‚‰rL5‰j5a-L‰(a1‰%|nnR(an‰(r‰rL5‰
r|m‰d9‰rL5‰-5ar|j…‰n|KK5nr51‰(n‰+5RaK‰i|Rr5‰fdnnR+[5‰Ua‰n|-L‰(‰



 

  
K#]O5#]DY>]VY
K]KGU!HDCK]WDU>!] #HO6C>Y]C##!]OD]1D]DC]OD]
Q5#]D+#CK6V#]8@@#!6O#>Y]OD]=##F]8CO O]O5#6H]K#] D@@UC6 O6DCK]
UO]6O]WDU>!]CDP]#]KD]C# #LKHY]9']O5#]#C#@Y]K DJ#!] D@@#H #]
H6!6C1]C!]=#FO]56K]OO>$-##O]:C]O5#]WO#HK]HDUC!]#>61D>C! ]
56K]>#!K]DC]OD]]R5:H!]C!]V#HY]@<DH]FD6CO]6HF6T
K]KOHO#1Y]
*:?#!]OD]UC!#HKOC!]W5O] D@@\A!]D']O5#]K#
]H#?>Y]@#CK]6O]6K]
CDO]   O5#]!#'#O]D'] O5#]#C#@Y
K]KGU!HDCK]P5DU15]O56K]
#HO8C>Y]5#>FK]OD]K# UH#]6O]6O]6K]HO5#H]O5#] DCOHD>]D']OH!#]HDUO#K]
C!] D@@UC6 O:DCK]O]K#]C!]O5#] F 6OY]OD]!#'#C!]>>]O5H#OK]OD]
O5O] DCOID>
] K]5C]56@K%>']FUOK]6O]

O]6K]O5#]FDKK#KK6DC]D']O5O]DV#H#H:C1]FDW#H]DC]O5#]K#]W56 5]
!H6V#K]O5#]#C#@YK]-1]/D@]6O]DH]>>DWK]6Q]DC>Y]OD]FF#H]K]]
016O6V#]C!]W56 5]Y] DCOHD>>:C1]O5#]1H#O] D@@DC] >DK#K]O5#]
5625WYK]Y]W56 5] D@@#H #]@DV#K]OD]C!]/D@]O5#]#C#@Y
K]
K5DH#K



C] DP5#H] WDH!K] OD] GUDO#] 5C] 16C] DC#] K5DU?!] !6KO6C1U6K5]
#QW##C]O5#]K6 ] D']]#>>:1#H#CO]>6=#]H6O8C 6C]O56K] K#]
H#O6C:C1] D@@C!]D']O5#]K#] C!]O5#]@6?:OHY] OD]#]
K# UH#!]DH] 
OD]#]UK#!]OD]  56#V#]P5O]DV#H>>]6@
] 5#]
>OO#H] @615O] @#C] ] >DK#] >D =!#] 6O] @615O] 5DW#V#H] @#C] ]
"KOCR] DC#] !#F#C!6C1] UFDC]O5#] 1#D1HF56 >]K6OUO6DC] C!] O5#]
>C #]D'].H #K
]O]@615O]@&C]]KW;O]C!]H# =>#KK]D+#CK6V#]7O]
@615O] 6CKO#!] @#C] W6O6C1] .H] ] @DH#] *VDUH>#] @D@#CO] .H]
OO>#]6']DC#]WK]K# UH#]6C]O5#]=CDW>#!3#]O5O]UCO9>]O5#]#C#@Y]
#@#H1#!] D@@C!] D'] O5#] K#] WDU>!] #] UC 5>>#C1#!
] ?>]
!#F#C!#!]UFDC]O5#]FHO8 U?H] 6H U@KOC #K] #KF# 6?>Y]O5#]1#D1Z
HF5Y] D']O5#] D@OCOK
]C]O5#]WHK]48CKO]HC #]C!]F6C]
O5#] DY>] VY] 5!] 5!] OD] @6CO8C] ] O615O] >D =!6C1] FD>: Y]
# UK#] 6O] WDU>!] DO5#HW6K#] 5V#] ##C] UC>#] OD] CO6 6FO#] C!]
/UKQHO#]KKU>OK]UFDC]6OK]K#]HDUO#K]UC>#MK]H6O8C]5!]!DC#]O59N]
5#H] D@@C!] D']O5#]K#]WDU>!]5V#]##C] 6C]!C1#H
] 6P5]#H[
@CY] O5DU15] 6O] WK] GU6O#] !6)(#H#CO ] EO5] #H@C] DV#HK#K]
D@@#H #] C!] O5#] #H@C] CV>] O5H#O] DU>!] #] DCQHD?>#!]
K8@F>Y]Y].H# >DK8C1]O5#]#X6OK]/D@]O5#]DHO5]#
]5#]DCUK]WK]
O5#H#.H#] UFDC] O5#] 615] #K] >##O] OD] DB#] DUO] C!],15O] O5#]
H6O6K5] O5#] >OO#H] !6!] CDO] C##!] OD] K# UH#] O5#6H]  
 H#S1]


    
 
3TQQ1R4gT8g[E6gZ61g2bg[E6g T8g46Z]YTbFRDg[E6g"6XQ1RgB66[g
TXg[E6g
T8g[E6g3OTZ6g2OT3M146g1R4gQGDE[gFRg;3[gUX6K^4F36g
[E6FXgT_6X1OOg1FQg2bg1gX1ZEgQT_6gGR[Tg[E6g#6OFDTO1R4gFDE[g(FM6g
-XTQUgFRg[E6gRDOT ^[3Eg`1XZg"6XQ1RbgE14g[TgDF_6g21[[P6g
TXg1g
Z[X1[6DF3gZ[1O6Q1[6g`T^O4g6RZ^6gFRg[E6g)TX[Eg+61g`EF3Eg`T^P4gGRg
6<63[gO61_6gXF[1GR
Zg3TQQ1R4gT8g[E6gZ61g^R3E1OO6RD64g


-E^Zg 6_6Rg1Rg4QFX1O[bgZ[1[6Q6R[gZ^3Eg1Zg [E6g@XZ[g4^[bgT8g
XF]GZEgB66[Zg1R4gZW^14XTRZg`FOOg26g[TgZ66MgT^[g[E6g3TXX6ZUTR4GRDg
B66[ZgT8g [E6g6R6Qbg `F[Eg1g_F6`g [Tg 2XGRDFRDg [E6Qg[Tg13[FTRg1R4g
?DE[FRDgCXg[E1[g`EF3EgFZg[E6gTRObgX61OObg463FZF_6g;3[TXg
3TQQ1R4g
T8g[E6gZ61

E1Zg[Tg26gZ^2L63[64g[Tg1g`F46XgZ3X^[FRbg&Rg;3[g[E6g@XZ[g
X61OgXF[FZEgR1_1OgTU6X1[FTRZgUO1Rg1D1FRZ[g"6XQ1RbgggGS5F31[6Zg
[E1[g1Rg1ZZ1^O[g^VTRg"6XQ1Rg21Z6Zg`1ZgRT[g;_T^X12ObgX6D1X464g
6_6Rg F8g 4QGX1Og g 'g .GOZTRg 3O^RDg [Tg [EFZg F461g ^R[FOg E6g `1Zg
X6UO1364gTRg133T^R[gT8gEFZgZ[Y1[6DF3gFR3TQU6[6R36gFRgg

-E6bg /[E6g "6XQ1RZ0g 26FRDg [E6g `61M6Xg*T`6Xg1[g Z61g `FOOg13\g

Z]XF3]ObgTRg[E6g4686RZF_6g1R4gT^XgZ[X1[6DbgQ^Z[g26g4GX63[64g[Tg
Q1NFRDg[E6Qg121R4TRg]EFZg1[]F[^46g1R4g3TQ6gT^[g[Tg1[[13Mg^ZgJg1g
UTZF[FTRgT8gT^Xg3ETTZHRDg1R4g^R46Xg3TR4F]GTRZg1DX6612O6g[Tg^Zg
%8g [E6FXg B66[g X6Q1FRZg FRg E1X2T^Xg [E6Rg F[g 31Rg 6a6X3FZ6g RTg
FRB^6R36gTRg[E6g`1Xg1R4g`6gQ^Z[gO61_6gF[g[E6X6g`E6X6gF[gFZg4THRDg
RTgE1XQg&8g`6gTRg[E6gT]E6XgE1R4g1[[6QV[g[Tg1[[13Mg
[E6Rg`6g
ZE1OOgX^Rg1g_6XbgDX61[gXFZMgT8gZ^=6XFRDgZ6_6X6gOTZZgHRg^R46X[1NHRDg
TV6X1[FTRZg[E1[g4TgRT[g4FX63[Obg1:963[g[E6gT2K63[g1[gFZZ^6g1R4g`6g
Q1bgAR4gT^XgZ]Y6RD[EgZTgQ^3EgX64^364g]E1[g[E6bgQFDE[gE1_7g1g
3E1R36gT8gQ66]FRDg^ZgTRg;FXObg6W^1Og[6XQZg1[gZ61g1R4g]E6Rg[E6g
3TR4F]FTRZg`T^O4g263TQ6g3E1RD64g_6XbgQ^3Eg[TgT^Xg4FZ14_1Re
[1D6g

$[g QFDE[g 3TR36F_12Obg 26g `TX[E`EFO6g CXg [E6g XF]IZEg [Tg Z6Fc6g 1Rg
T>ZETX6gFZO1R4gZ^3Eg1ZgT3E^Q
[E6X6gFZg3TRZF46X12O6g3TXX6ZVTR4f
6R36g^VTRgZ^3EgZ3E6Q6ZgFRg[E6gXF[FZEgX63TX4ZgCXg[E6gb61XZgg

2^[g[EFZg`T^O4gRT[gT33^XgFRg1gV^X6ObgRDOT "6XQ1Rg`1Xg1R4g`1Z
FRg1Rbg31Z6gTRPbg1gQT_6g[Tg[6QV[g[E6g#FDEg,61Zg!O66[gT^[g[TgDF_6
21[[P6g1R4gRT[g1Rg6R4 FRgF[Z6O8g

)TXg`1Zg1g3OTZ6g2OT3M146gT^[ZF46g]E6g"6XQ1RgVTX[Zg6_6Xg1g?a64g
VTOF3bgFRg(TR4TRg46ZVF[6g-FXVF[dZgETV6Zg g3O61X 3^[g1R4gXFDF4g
g
    ! ! !  !  ! !
^.Ug TL.Og .E.HOW[g "5UM.O`g ^.Wg O5]5Ug TU5T.U54g .O4g .L[FR\EFg
WRM5gR>35UWgW\3Fg.Wg-GLWROg3L\OEg[Rg[FGWgRL4gOR[GROg.OgGO3U5.Wb
HPEg O\M25Ug R6g T5RTL5g U5E/U454g G[g ^G[Fg W\WTG3GROg 7[5Ug .LLg .Wg
&.F.Og F.4g TRHO[54g R\[g HPg FHWg MRX[g;MR\Wg2RRKg5]5Og
,F5g
2\LKgR6g'5LWROWgB55[g^.WgA7[`gMGL5WgDRMg .4Jg[^Rg4.`Wg25CU5g
,U.80LE.UgU5L`HPEg\TROgU5TRU[WgDRMgDGE.[5Wg.2R\[g[F5g5O5M`Wg
B55[g .O4g HMTUR]5M5O[Wg GOg 3RMM\OH3.[GROWg .O4g [F5g WT554g R6g
^.UWFGTWg W[U5OE[F5O54g [F5g [5O45O3`g [Rg 2LR3K.45g .[g M\3Fg
EU5.[5Ug 4GW[.O35Wg .O4g ^G[Fg <^5Ug WFHTWg [F.Og CUN5UL`g

&RU5R]5UgU53R.LHOEg4G9@3\L[G5WgCUg.Og5O[GU5g2.[[L5B55[g^R\L4g25g
HMN5OW5g .O4g [F5g 45]5LRTM5O[g R6g MGO5Wg [RUT54R5Wg /O4g LROEc
U.OE5g 3S/W[.Lg RU4O.O35g M.45g .g 3LRW5g 2LR3K.45g .Og 5]5Og MRU5g
4.OE5UR\WgTRLH3`gWg5.UL`g.Wgg[F5g!GUW[g%RU4g+T5O35UgF.4g
[FR\EF[g
.Og 5=53[H]5g 2LR3K.45g ^G[Fg W[5.Mg TR^5Ug ^HLLg 25g
5_[U5M5L`g 4G?3\L[g G6g OR[g GMTRWWG2L5g /O4g  !  ! W.G4g [F5g
W.M5g T\2LG3L`g GPg g&RW[gHO[5U5W[GOEg R6g.LLg&.F.OgF.4g.LWRg
]RG354gFHWg4R\2[Wg.2R\[gG[g HOg .g^5LLKOR^Og /U[G3L5g T\2LHWF54gGOg
g
LR3K.45g ^.Wg TU5[[`g ^5LLg  ! 2`g g )UR65WYRUg
&.U45Ug GO:RUMWg \Wg Wg [F5g *R`.Lg '.]`g 3R\L4g W55g G[g ^R\L4g f
G[W5L6g 25g !  !   ! .Wg WRROg .Wg G[g .WW\N54g .g 2LR3K.4HOEg
TRWG[GROg#5O35g[F5gHO[5UHMg453GWGROg[RgK55Tg[F5g#RM5g!L55[gOR[g
L5WWg[F.Og g MGL5Wg .^.`g DRMg [F5g "5V.Og 3R.W[g U5L`GOEg\TROg
3U\GW5UWg CUg U53ROO/GWW.O35g .O4g [F5g L.[5Ug ;HUL`g HO5]G[.2L5g
.3KOR^L54E5M5O[g[F.[g[F5g4HW[/O[g2LR3K.45g^R\L4g25g5OR\EFg[Rg
U5[.GOg3RMM.P4gR6g[F5gW5.g^FGL5g.gN5[FR4g^.Wg45]GW54g[Rg[5MT[g
[F5g#GEFg+5.Wg!L55[gGO[RgEG]GOEg2.[[L5g

5U[.HOg R[F5Ug;3[RUWg[RRgW\EE5W[g[F.[g,GUTG[ag^.Wg [RRg RT[Gd
MGW[G3gHOgFRL4HOEg[F.[g[F5g UG[HWFg^R\L4gHOW[G[\[5g.g3LRW5g2LR3Ke
.45gR6g [F5g"5UM.Og3R.W[g #5gFHMW5L6gGQg gF.4gWF.UTL`g3UG[Ge
3J54g [F5g 
 
! TL.OWg CUg .g ^.Ug .E.GOW[g !U.O35g ^G[Fg
[F5gCLLR^GOEg^RU4Wg

,F5gRT5U.[GROWgTL.Og R6g[F5g#GEFg RMM/O4g2.Z5WgG[W5L6g\TROg

[F5g W[U.[5EG3g 4565OWG]5gIOg [F5g /L[G3g 1O4g 'RU[Fg +5.g (O5g GWg
W\TTRW54g[Rg^.G[gF5U5gCUg[F5gC5g.O4g[F5Og.[[.3Kg ,F5gT\Ue
TRW5gGWg [RgK55TgRT5OgR\UgHMTRU[ [U.45g $gW[UROEL`g25LH5]5g[F.[g
[FGWg 5O5M`g ^GLLg OR[g .[g AUW[g3RM5g.O4g [F.[g^5g ^GLLg [F5Og 25g
^.G[GPEg.UR\O4g^G[FgR\UgL.UE5gB55[g^FHL5g!U.O35g2LR3KWg[^R

g
 &
&.%)..&.!
.
+
.
.
I45G&HR IBR I3F''EK"FI'FHRB(R BKFR5>CBFIHR5ARI3'R3"AA';R"A&RIBR
I4'RABFI4RB(RA2;"A&RN5I3BKIR2F'"IR')/FIH
R


I3'R"&>5F";R$';6'L'&RI3"IRI3'RF'A%3RA"LPRNBK<&RDF'('FRIBRN"5IR
IBRC5%:RB+RI4'R'G>#AR>'F%3"AIR>"F5A'R"A&R"HH'>$;'RI4'5FRN3B;'R
.''IR5ARI3'R>'"AI6>'RN3PRH3BK;&RI45HRHIF"I'2PRABIR$'R"&BCI'&R$PR
I3'RBP";R"LPR";HBR
3'R-A";R"A&R?BHIR&"@A6A2R B$9'%I5BARIBR I3'RL5"$5;5IPR B(RI35HR
'F>"ARA"L";RHIF"I'2PR;5'HR5FBA5%";<PR'ABK23R5ARI4'RCBHIK;"I5BAHR
B(R5FC5IQ
HRF5H:RI3'BFP
R3'R'G>"ARA"LPRN"HRIBR$'RHBR;"F2'R"A&R
HIFBA2RI4"IR'L'ARI4'R2F'"I'HIR>"F5I6>'RCBN'FRNBK;&R3"L'R5IHR%BAIFB;R
B(R I3'R B%'"AHR 'A&"A2'F'&R $PR "II"%:5A2R 5I
R 3PR I4'AR N"HR 5IR
$';6'L'&RI3"IRI4'R'A'>PRNBK;&R"&BCIR"AR"22F'HH5L'RN"FRHIF"I'2PR"IR
";;R1'FR";;RF'"IRF5I"6ARN"HRHKCCBH'&RIBR>":'R3'FR%";%K;"I5BAHR
0B>RI4'RDKF';PRDF"%I6%";RHI"A&DB6AIRB(RI3'R$KH5A'HH>"A
R'F'5AR
;5'HRI3'R$"H5%RD"F"&BOR6AR6FD5IQ
HRHIF"I'25%";RL5'NHR.&...
+..&.%.&$.
.&.&"..
.&.
&&

.&.%%.
+.-
%.%.
%%*&.&
&.&.

.
,.-*.
&.
#%.&.
*%.!
.-
(%.!'I3'FR"RHI"I'RB(RN"FRBFRC'"%'R
'O6HI'&RI3'RINBRABI5BAHR%"AABIR$'RF'%BA%5<'&RBA'R5&'"RNBF:'&R
I3'ARI4'RBI4'FR%BK;&RABIR
"R%&'.F'";=PR3"&R'O5HI'&R3BNR
;5:';PR N"HR 5IR I3"IR I3'R BP";R "MPR KA&'FR HK%3R%"KI5BKHR >'AR "HR
BH%3'AR "A&R ';$BFA'R NBK=&R I4FBNR I3'5FR N"FH35CHR 5AIBR I4'R
'F>"AR523IRN3'AR6AR5GC5IQ
HR%";%K;"I5BAR"R;"F2'RD"FIRB(RI3'5FR
.''IRNBK;&R$'R"N"PRBARBI3'FRHI"I6BAHR
3"IR N"HR >BF'R BA'R -A&HR I3"IR 5FC5IQHR %BAM5%I5BAR I3"IR I3'R
BP";R"LPRNBK;&R6AHI5IKI'R"R%;BH'R$;B%:"&'RB(RI3'R'G>"AR%B"HIR
N"HR ABIR H3"F'&R $PR "R AK>$'FR B(R 
%&
. B),%'FH
R 8%3H';R
35>H';(R>5AKI'&R6AR  R

R">RABIRHKF'RI45HR5HRIFK'
R3'R%"KH'RB(RN"FR5HRCKF';PR'%BAB>5%
R

A2="A&R%B>CF'3'A&HR5IRCFBC'F;PR5IRN5<;RBA=PRN"2'R'%BAB>5%R
N"F*"F'RI3"IR5HR"R$;B%:"&' "A&R0B>R"R%'AIF"<RCBH5I5BAR5ARI3'R
BFI3R'"RIRN5;=RABIR&7L5&'R5IHR.''I
R3'R$"II<'.''IRN6;;R$'R5ARI4'R
%'AIG";R CBH5I5BAR"A&RI3'R%GK5H'FHR N5;;R%"FFPRBKIR"R $;B%:"&'
R

B'&'%:'FRIBBRI3BK23IRI3"IRI3'RF5I5H3RNBK;&R5AHI5JKI'R"R&5HI"AIR
$;B%:"&'R"2"5AHIR'F>"AR%B>>'F%'R"A&RNBK;&R;"HIRBKIRI3'RN"FR
R
 
 



-0RR0N`R;+F`0ND+F[`F:B+F/`/J0P`FJR`F00/`RJ`PRN=W0`RJ`+NN+F:0`
R;+R`R;0`Y+N`+:+=FPR`0ND,F[`YJTB/`MT=.AB[`-0`0F/0/`0PK=R0`
R;=P` ;0` +BPJ` -0B=0W0/` R;+R` R;0` 'J[+B` #+W[P` 800RP` YJTB/` +.R`
+::N0PP=W0B[`0W0F`9N.>F:`R;0DP0BW0P`@RJ`R;0`+BR=. `` 00N=F:0F
N0+.;0/`+`P>D=B+N`JNR;J/JZ`.JF.BTP=JF`+BR;JT:;`;0`+BPJ`KJ=FR0/`
JTR`R;+R`F:B+F/`=RP0B2`;+P`FJ`=FR0N0PR`=F`+`PY=3R`0F/`RJ`R;0`Y+N`
P=F.0`R;0`BJF:0N`=R`=FR0NNTKRP`0OD+F`RN+/0`R;0`DJN0`R;JNJT:;B[`
R;0`B+RR0N`Y=BB`-0`NT=F0/`+F/`F:B+F/`Y=C`R;0F`;+W0`EJN0`R>D0`RJ`
0PR+-B=P;`=RP0B2`=F`0ND+F`JW0NP0+P`D+NA0RP`
*;[`N=R+=F`P;JTB/`
F00/`RJ`D+A0`+F`=DD0/=+R0`PJNR=0`=FRJ`0ND+F`Y+R0NP`+F`J-W=JTP`
MT0PR=JF`=F`R;0`B=:;R`J2`R;0`+-JW0`PR+R0D0FR`;0`/=/`FJR`-JR;0N`RJ`
.JFP=/0N`[`0+NB[` `R;JT:;`?.;P0B`Y+P`KN0PP=F:`9N`W=:JNJ_P`
.JDD0N.0`N+=/=F:` =F`R=D0`J2`Y+N`-0.+TP0`R;NJT:;`=R`JF0`.JTB/`
9N.0`F:B+F/`RJ`+/JKR`+`.BJP0`-BJ.A+/0`Y;=.;`=R`D=:;R`JR;0NY=P0`
+WJ=/
`H`);TP`+BR;JT:;`R;0`0PR+-B=P;0/`0ND+F`PRN+R0:[`Y+P`=F`
FJ`Y+[`.;+F:0/`=F`R;0` `KB+FP`=R`Y+P`+R`B0+PR`N0.J:F=\0/`R;+R`

(;JUB/`F:B+F/`9N`+F[`N0+PJF`/0P=N0`RJ`+.;=0W0`=RP`+=D`Y=R;JTR`
.JFP=/0N+-B0`800R`BJPP0P`R;0F`=R`Y=BB`FJR`0DKBJ[`+`/=N0.R`J50F]
P=W0`N0:+N/B0PP`J2`R;0`.JPRP`-TR`@PR0+/`=RP`+/D=N+BP`Y=BB`/0QL=R0`
FTD0N=.+B`PTK0N=JN=R[`+WJ=/`0F:+:0D0FRP`Y=R;`.J+PR+B`/020F.0P`
+F/`TF/0N`TF4WJTN+-B0`.=N.TDPR+F.0P`+F/`Y=BB`RN[`RJ`.+R.;`JTN`
800R`JF`R;0`;=:;`P0+P`+F/`/0PRNJ[`=R`R<0N0`

#0W0NR;0B0PP`9N`R;0`F0ZR`R;N00`[0+NP`R;0`0ND+F`JK0N+R=JFP`KB+F`
+:,=FPR`F:B+F/`Y+P`-+P0/`JF`R;0`-0B=02`R;+R`R;0`'J[+B`$+W[`YJTB/`
.JD0` JW0N` %FB[` =F` ` Y+P` R;0` KNJ-+-=B=R[` J2` +` /=PR+FR`
-BJ.A+/0`+..0KR0/`+F/`+F`J50FP=W0`PS+R0:[`0WJBW0/`9N`R;0` =:;`
(0+P`B00R`-TR`=F`  `R;=P`Y+P`+:+=F`N0W0NP0/`P`B+R0`+P`T:TPR`
 ` 
&J;B`.JTB/`+:N00`R;+R`);0`F:B=P;`800RP`

020FP=W0` -0:=FP`JF`R;0` 0F0D[P`.J+PR`);0` +BR0NF+R=W0`20BR`
+FJR;0N` J6.0N` 00N=F:0F` ;+N/B[`-JN0` R;=FA=F:` +-JTR` !2` R;0`
F:B=P;`N0+BB[`/0WJR0`R;0DP0BW0P`RJ`+`/=PR+FR`-BJ.A+/0`R;0F`R;0`
NJB0`J2`JTN`/0+N` =:;`(0+P`B00R`.JTB/`-0`+`W0N[`TI;+KK[`JF0 `

"+F[`3VNR;0N`.N=R=.=PDP`;+X0`-00F`D+/1`J2 )=NK=R\P`G+W+B`KJB=.[`
R;+R`;=P`7F+F.=+B`.+B.TB+R=JFP`K+NR=.TB+NB[`TKJF`R;0`N0B+R=W0`.+K+.^
=R[`J2`0ND+F[`+F/`N=R+=F`RJ`Y=R;PR+F/`+`KNJRN+.R0/`F+W+B`N+.0`
`
 
####
#
"
#
#
d0W0kbP\TbP.k]@']k]@0k:00]k]TTIk'd'gkNTP0gk<TNk]@0k'WNgk]@b\k
d0'I0PCP>k 0WN'Pg\kJ'P.k.08P-1\k dC]@Tb]k0c0Wk,0E>k',J0k]Tk
UWT]0-]k 0WN'Pg
\kCP]0W0\]\k']k\0'k(P.kCPk]@0k-TJTPC0\k]@']kCPk'Pk
'>0kT5kW'UC.k]0-@PTJT>C-'Jk -@'P>0kC]kd'\kbPdC\0k]Tk'\\bN0k]@']k
0WN'PgkdTbJ.kU0WN'P0P]JgkUT\\0\\k]0-BPC-'Jk\bU0WCTWC]gk'\k]@0k
W0'.PTb>@]k $UWDP>k d'\k ]Tk \@Tdk ]@']k ]@0k CP]0['Jk UTLC]C-'Jk
DOUJC-']CTP\kT5k]@C\kUTJC-gkd0W0k'J\Tk;bP.0.kbUTPk.b,CTb\k-'J-bK'j
]CTP\k ]@']k @0k -'PPT]k @)c0k ,00Pk bP'd'W0k ]@']k ]@0k J0'.0W\k T5k
0WN'Pg\k;W0C>PkUTKC-gk*]k]A0k]bWPkT5k]J0k-0P]bWgkTUUT\0.k'Pgk
'JJC'P-0kdC]AkW'P-0k'Q.k#b\\C'kd@[email protected]@'c0kUWTcC.0.k'k7Wk
,0]]0Wk\@C0J.k.bZCP>k]@0k.'P>0WkiTP0k'P.k]@0kTPKgkW0'JkTUUTW]bPC]gk
]Tk-@'JK0P>0k]@0k#Tg'Jk"'cg\k\bU0WCTWC]gk'P.k]@']kC]k-'b\0.k]@0k
0P-CW-J0N0P]kT5k 0WN'Pgk;W60C]CP>k]@']k-TbP]Wg\kUT\C]CTPk'\k]@0k
!#
! #CPkbWTU0'Qk.CUJTN'-gk'P.kUJ'-CP>kC]kCPk'k7WkNTW0k
@'i'W.Tb\k \C]b']CTPk ]@'Pk CPk k
 b]k ]@0gk 'W0k PT]k ]@0k N'DPk
-TP-0WPk T5k ]@C\k U'U0Wk d@C-@k -TP-0P]W']0\k bUTPk ]@0k \]W']0>C-k
'\U0-]\kT5k%CWUC]i\kUTJD-g k
!Pk]@C\kW0>'W.k]@0k,'\C-k0WWTWkd'\k]B0k'.OCW'J\k0fU0-]']CTPk]@']k
WC]'CPk dTbJ.k N'CP]'CRk ]@0k \'N0k P'c'Jk /C\UT\C]CTP\k ]@0k \+O0k
\_W']0>gk 'P.k ]@0k \'N0k ;W0C>Pk UTJC-gk d@0Pk 0WN'Phk ,0-+N2k 'k
>W0']k'P.kUTd0W=Jk]@W0']k]TkWC]C\@kN'WC]CN0k\bUW0N'-gk'\kd@0Pk
\@0k@'.kPTkP'cgkdTW]@k\U0'ICP>kT5k']k'JJk&0]k]@0kWC]C\@kd0W0kCPk
N'Pgk d'g\k PT]k \Tk G0fC,J0k '\k %CWUC]ik ]@T\0k /C\UT\C]CTP\k ]@']k
\]W']0>gk]@']k;W0C>PkUTJC-gkd0W0kPT]k9f0.k'P.kbP'J]0W',J0kWbJ0\k]Tk
d@C-@kWC]'CPk@'.k'Jd'g\k'[email protected],b]kCPk7-]kP0-0\\'WgkN0'\bW0\k]Tk
N00]k]@0k>W0']0\]k]@X0']k']k]@0k`CO0k ]@0kW'P-T #b\\C'Pk'JKC'P-0k
!5k @Td0c0Wk'Pk0c0Pk>W0'^0Wk]MW0']k'WT\k]@0W0ke'\kPTk',\TJb_0k
W0'\TPkd@gk]@0kWC]C\@kdTbJ.k,0k bP',J0k]Tk'K]0Wk]@T\0kO0'\bW0\k
'--TW.CP>Jgk%CWUC]i\k-'K-bJ']CTP\k@0W0kd0W0k,'\0.kbUTPkUW0NC\0\k
d@C-@k\@00Wk-TNOTP\0P\0kPT]k]TkN0P]CTPk'k-TP\C.0W',J0k'NTbP]k
T5k -TP]0NUTW'Wgk WC]C\@k 'P.k 0WN'Pk dWC]F>\k bUTSk \]W']0>gk
-TP]W'.C-]0. k!Pk7-]kC]kC\kPT]kHb\]k'kN']]0WkT5k@Tdk]@0k'.NDX'Jk-TbJ.k
@'c0k'.TU]0.k\b-@k\]W']0>C-kcC0d\kd@C-@kW0VbCW0\kCPc0\]C>'aTPk,b]k
'J\Tk @Tdk @C\k ]@0TWC0\k N'P'>0.k ]Tk UW0c'CJk 'JNT\]k bP-@'JJ0P>0.k
CP\C.0k 0WN'Pgk;Wk\TkJTP>k
]Tkd@C-@k]@C\kdWC]0Wk-'PkTPJgk\b>>0\]k
]@0k;JJTdCP>k]@0k<'?3P]0.kTW>'PCi']CTPkT5k]@0k!NU0YC'Jk 0WN'Pk
"'cgkd@C-@kN'.0kNb-@kT5k  


#dTWIkN0W0k]@0TW0]Cj
-'Jk Nb\CP>\k ]@0kJ'-IkT5kDP;WO4.k-CcCJC'PkUWT,CP>kCP]Tk\]W']0>C-k
k
 


  
@ LL%HKWKO#3W KW%R5KL%$W5BWL4%WB2=5K3WFH%KKW B$WF H=5 @%BLWL4%W
#HOK35B2WE(WL3%W% H=SW B$WKE@%Q3 LW*LOEOKWKLH L%25# =W#H5L5#5K@KW
E(WF%EF=%WKO#3W KW =E5KW B$W =LT 4BW B$W5HF5LT
KW2H% LWFH%KU
L52%W B$W5DO%B#%W6BK5$%WL3%WB PSW B$WQ5L3WL3%W 6K%HW"%# OK%W
E(W35KW #<BEQ=%$2%$W "5=5L6%KW B$W #45%P%@%BLKW
3%W = LL%HW FE8BLW # BW 3 H$=SW "%W $%B5%$W L4%W $@: =W Q KW BW
EOLKL B$5B2W #3 H #L%HW %W3 $W5A@%BK%=SWQ5BB5B2WQ SKW KW45KW
=EB2W F%H5E$W 5BW L3%W  5K%H
KW *PEOHW KO22%KLKW 3%W Q KW W KOF%H"W
F= BB%HW B$WEH2 B5T%HW W#=%P%HWL #L5#5 BW B$WFHEF 2 B$5KLW B$W
FEKK5"=SW L3%W @EKLW K<6=1=W FE=5L5#5 BW E(W 35KW L5@%W EW #H% L%W L3%W
QEH=$
KWK%#EB$W= H2%KLWB PSW5BWKO#3W W(%QWS% HKWQ KW=5LL=%WK3EHLWE(W
2%B5OKW B$WEB%W@623LW =KEW #= 6@W L3 LW3%W$5$W@EH%W L3 BW BSEB%W
%=K%W LEW "H5B2W L3%W %H W E(W  LEW W #=EK%W .H#5B2W L3%W
H5L5K3WLEWK#H FW@EKLWE(WL3%5HW2OB"E LKW B$WLEWQ5L3$H QW/E@WL3%W
%KL%HBW%@5KF3%H%W L4%W HW KLW%P%BWL3%W%$6L%HH B% BW LEW
#EB#%BLH L%WOFEBWL3%WEHL3W% W W OLW3%WQ KW WFEEIWKLH L%25KL
OB "=%WLEWK%%WL3%W#EBLH $5#L5EBKW5BW35KWEQBWK#3%A%WEHWLEWF%H#%5P%W
3EQWL3%WH5L5K3WQEO=$WH% #LW3%W3 $W6A"5"%$WEC=SWM3&WKOF%H+#5 =W
=%KKEBKWE(W 3 BW B$W52BEH%$WL3%W5@FEHL B#%WE(W2%E2H F3SW B$W
3%WFEKK%KK%$W BW%HHEB%EOKWBEL6EBWE(WQ3 LW#EA@ B$WE(W L3%W K% W
H% ==SW@% BLW KKO@6B2WL3 LW5LWQ KW =Q SKW5$%BL5# =WQ5L3W" LL=%K46FW
KLH%B2L3 W

%W Q KW @EH%EP%HW OB"%=5%P "=SW 5B-%R5"=%W 5BW 46KW KLH L%25#W
L%B%LK W3%W#3 B26B2W#6H#O@KL B#%KWE(W37KLEHSWL3%W< =%5$EK#EF5#W
B LOH%WE(W6BL%J L5EB =WH%= L6EBK
W#EO=$WH%B$%HW BSWKMH L%2SWEOLWE(W
$ L%W LW 5KWEB%WE(WL3%W )OB#L5EBKW E(W EF%H L5EB >W F= BB%HKW LEW <%%FW
L3%K%W #5H#O@KL B#%KW B$W B%%$KWOB$%HW H%P5%QW B$WLEW $;OKLWQ HW
KLH L%2SW ##EH$8B2=S W 46KW 6HF5LTW B%P%HW $5$W 3%W EB=SW 3 $W 

KLH L%2SW3%WH5L6K3WKQ50>SW >L%H%$WL3%5HWF= BKW B$W$5KFEK5L9EBKW
"OLW3%W#EO=$WBEL
W 5KWK#3%@%W.HW L3%W FE=5L6# =W OL5=5T L5EBWE(WL4%W
%H@ BW-%%LWQ KW KW,%$W B$W5B-%R6"=%W KWL3%W PSW QKWL3%@V
K%=P%KW3%WH%? L9P%>SWGO5#<WH5L5K3WH%KFEBK%WLEWL3%W%H@ BW#3 =V
=%B2%WL3%WH%$%F=ES@%BLWE(WL4%WES =W PSW6BWL3%WEHL3W% W B$W
L3%WH%EH2 B5T N5EBWE(WL3%W%BN5H%WH5L5K3W$%(%B#%WFE?5#SWL3%W@EP%W
"SWH5L!BW#=EK%HWLEW H B#%W B$W'P%BLO >?SW LEWOKK5 W #EO=$W BELW
K3 <%W 35KW $%L%H@5B L5EBW LEW # HHSW EBW ##EH$5B2W LEW 46KW F= BW
3EQ%P%HW L523L%HW L35KW LO22%$W L3%W <BELW E(W %B#5H#=%@%BLW HEOB$W
%H@ BSW


    
 
+,O^ P;1L1^ ,FX^ U,X^ IRP^ I2^ *=LJ<PY
O^ /=D1EE,^ <F^ OPL,P1:<.,D^
P1LEO^ *;1^.;<DD1O^ ;11D^ I2^  #1LE,F^ F,S,D^ OPL,P1:X^ ,:,=FOP^
L<P,<F^D,X^<F^P;1^8LE1LO^1WPL1E1DX^/<O,/S,FP,:1IRO^:1I:L,J;=.,D^
JIO<P<IF^ %2^P;<O^.IRD/^FIP^-1^<EJLIS1/^#1LE,FX^UIRD/^6F/^<P^
/<5.RDP^PI^1EJDIX^1<P;1L^;1L^-,PPD1711P^IL^,^JID<.X^I2^.IEE1L.1^
L,</>G:^U;=D1^O;1^L1E,<F1/^<F21L<IL^>F^OPL1F:P;^PI^P;1^(IX,D^&,TX^
RP^;IU^.IRD/^P;<O^-,O<.^:1I:L,J;<.,D^0O,/S,GP,:1^-1^IS1L.IE1^
'F1^U,X^OR::1OP1/^-X^+ID2:,F:^+1:1F1L^E<:;P^;,S1^-11F^P;1^
JIOO1OO<IF^ I2^ -,O1O^ @^&ILU,X^ U;<.;^ UIRD/^ ,P^ IF1^ -DIU^ ;,S1^
,DDIU1/^P;1^#1LE,F^F,SX^PI^-1^911^I2^P;1^OR4I.,P>G:^.IF6F1O^I2^
P;1^&ILP;^)1,^,F/^JIOO<-DX^;,S1^JLISIB1/^P;1^L<P<O;^>GPI^,PP,.BZ
<F:^RF/1L^RF3SIRL,-D1^.IF/<P<IFO^PI^8L1OP,DD^L,</O^<FPI^P;1^PD,F[
Q<.^^ $IU1S1L^P;1^JID=P<.,D^I-A1.P<IFO^PI^P;1^O1>YRL1^U1L1^1FIL\
EIRO^,F/^FI^IF1^O11EO^PI^;,S1^.IFO</1L1/^P;<O^,DP1LF,P<S1^,P^P;1^
P<E1 ^'FDX^>F^P;1^)1.IF/^+ILD/^+,L^U,O^P;<O^OPL,P1:X^.,LL<1/^IRP^
-RP^8L^.I,D6L1/^U,LO;<JO^P;1^DI:<OP<.,D^JLI-D1EO^UIRD/^;,S1^-11F^
D,L:1^
^O1.IF/^U,X^IRP^E<:;P^;,S1^-11F^P;1^O1<YRL1^I2^1D:<RE^,F/^
P;1^ FILP;U1OP^ .I,OPD<F1^ I2^"L,F.1^ -L1,CF:^ P;1^ L<P<O;^ /<OP,FP^
-DI.B,/1^ ,F/^ P;L1,P1F=F:^ P;1^ ;,FF1D^ O1,D,F1O^ $1L1^ ,:,<F^
P;IR:;^P;1L1^<O^,O^X1P^FI^.IF.L1P1^1S</1F.1^I2^JD,FF=G:^IL^JL1OORL1^
-X^P;1^#1LE,F^F,S,D^,RP;IL<P=1O^-18L1^R:ROP^^PI^141.P^P;<O^
,DP1L,P<IF^ =F^3.P^P;1^
 ;IJ1/^=F^^P;,P^P;1^,MX^
UIRD/^FIP^I..RJX^1D:<RE^O<F.1^P;1^JILP^I2^FPV1LJ^UIRD/^-1^,^
S,DR,-D1^ 1FPL1JIP^ 8L^ O.,L.1^ L,U^ E,P1L<,DO^ >F^ P=E1^ I2^ U,L^ U<P;^
L<P,=F ^
$IU1S1L^,O^OIIF^,O^P;1^U,L^/</^-L1,B^IRP^P;1^#1LE,F^
F,SX^ JL1OO1/^ ;,L/^ 8L^ P;1^ I..RJ,P=IF^ I2^ P;<O^ L1:<IF^ ,G/^ P;1^
RP<D>Y,P=IF^I2^<PO^JILPO ^*;1^
JIF/1L1/^IS1L^P;1^KR1OP<IF^
,F/^*<LJ<PY^>GO<OP1/^RJIF^P;1^,5D<,P<IF^I2^1D:<RE^<F^IF1^8LE^IL^
IP;1L^ X^ ^<P^;,/^-1.IE1^,F^1OO1FP<,D^ J,LP^I2^ ;<O^,<E^PI^
.;,DD1F:1^P;1^F:DI),WIF^JIU1LO^,F/^(ROO<,^8L^P;1^.IFPLID^I2^P;1^
UILD/O^/1OP>F=1O^,F/^PI^.L1,P1^,F^1S1F^-<::1L^L<OB^8L^L<P,=F^

*;1F^1D:<RE^.,F^-1.IE1^P;1^.IN1LOPIF1^IF^U;<.;^IRL^81O^
O.;1E1O^,L1^LR>F1/^FIU^,F/^8L1S1L^,F/^P;1^8RF/,Q<IF^RJIF^
U;=.;^ ,^ #1LE,F^ UILD/^ JIO<P<IF^ <O^ -R?P^ 1KR,D^PI^ P;,P^ I2^ P;1^
F:DI ),WIFO^,F/^P;1^(ROO<,FO^*;1^7,GB
JIO<P=IF^I2^P;1^1D]
:<,H^JILPO^PI^P;1^!F:D<O;^1,OP^.I,OP^U=DD^,DU,XO^L1E,=F^/1.<O<S1^
^
 
%&
 &
 &"&
$
&!"!&
"HYS7==YK6'Y-%KYN6"KYK6'Y&7HK"?%'Y2C>YK6'>YKCYK6'Y 6">'HY'HKO"FUY
7HYCA=UYH'R'?KUY>7='HYC?'EO"FK'FYC)YK6'YHKF'K%6Y2C>Y'=74C="?&Y
KCYK6'Y 6">'HY

?=UY$UYK67HY6'Y7?H7HK'&Y%CO=&Y'F>"?UYCR'F%C>'Y
K6'Y&7H"&R"?W
K"5'HY C)Y 5'C5F"D6UY "?&Y C)Y HKF"K'57%Y DCH7K8C?HY C?'Y C)Y K6'Y F"F'Y
C%%"H7C?HYS6'?Y6'Y"&>7KK'&YK6"KYK6CH'Y"%NO"==UY'T7HK'&Y
@YK6'YCK6'FY6"?&YK67HYHKF"K'5UYS"HY?CKY1==CS'&YK6FCO56Y1FYKCY
F'"==UY$F'"<YN6'YF7K8H6Y&7HL"?KY$=C%<"&'Y'F>"?UYSCO=&Y?''&YKCY
"%EO7F'Y $"I'HY'R'?Y3FK6'FYKCYK6'YS'HKYHO%6Y"HYF'HKY"?&Y6'FX
$COF5YS67%6YK6'YF7K7H6YSCO=&Y6"R'YKCY%CR'FY7?YHC>'YS"U Y 7FD7KVY
SC?&'F'&Y 8)Y K6'Y '=57"?Y DCFKHY >756KY K"<'Y $"KK='H67DHY $OKY K6'Y
 
!"
& S'=%C>'&Y K6'Y DCHH'HH7C?Y C)Y K6'H'Y $"H'HY 1FY >'F'=UY
& >'K6C&HY OH8?5Y &'HKFCU'FHY "?&Y HO$>"F;B'HY KCY "KK"%<Y
?5=7H6Y%C>>'F%'
YKYH''>HY,#7FYKCY%C?%=O&'YK6'F'1F'YK6"KY=8KK='Y
H'F7COHYK6CO56KYS"HY57R'?Y$UYK6'Y'F>"?Y?"RUYKCY%CO?K'F7?5YK6'Y
S7&'Y$=C%<"&'Y$UYK6'YH'7VOF'YC)YK'FF7KCFUY$CF&'F7A5YC?'YC)YK6'Y'T7KHY
2C>YK6'YCFK6Y'"Y%'FK";?=UY$'1F'Y  
Y!"KY7JY='JHY%'FK";?Y7AY
K6'Y=756KYC)YK6'Y/&;?5HYC)YF7KVY7H%6'FY"?&Y67HYH%6CC=Y7HYS6'K6'FY
"?UY%C?H%7CPHYCFY6"=+%C?H%:COHY&'%7H8C?YS"HY>"&'Y$UY'F>"?UHY
='"&(FHY "*K'FY  Y CFY HCY KCY 'HK"$=8H6Y HC>'Y 1F>Y C)Y %C?K7?'?K"=Y
6'5'>C?UY.FHKYC)Y"==Y$'1F'YK6'Y?"RUHYHKF"K'57%"=Y&7='>>"Y%CO=&Y
$'Y.?"==UYHC=R'&Y
?'Y3FK6'FY"=K'G"K8R'YF'>"7?'&YK6'YC?'YHC=ON8C?YS67%6YSCO=&Y
F'>CR'Y N6'Y &7H"&R"?K"5'HY C)Y 'F>"?UHY 5'C5F"D67%"=Y DCH7N8C?Y
SCO=&Y"==CSY6'FYKCYD="UYK6'YFC='YC)Y"YSCF=&YDCS'FYQ?&'F'&Y$UY
)'"FHYC)YK6'YCU"=Y"RUY"?&YSCO=&YH'%OF'Y6'FYK6"KYSCF=&DC=;K7%"=Y
2''&C>Y?">'=UY
&
"""&
"&
!"&
!&#&
!
&
 &
&
"& 
&
&"&
 &""&#"&"

&"&"!&"&)YC?'Y%CO=&Y%F'&7KY
7FD7KVYS7K6YK6'Y=C?5K'F>YR7H7C?YC)Y%F'"K7?5YK6'YSCF=&HY="F5'HKY
?"RUY K6'?Y 6'Y %"??CKY $'Y -O=K'&Y HKF"K'57%"==UY  "=K6CO56Y K6'Y
.?"?%7"=Y"?&YDC=7K7%"=Y%C?H'EO'?%'HYSCO=&Y$'Y7>>'?H'YOKY7)Y7KY7HY
KCY $'Y "&>7KK'&Y K6"KY 6'Y >'F'=UY HCO56KY 1FY"Y 0''KY C)Y K67FKU'956KY
$"KK='H67DHYCFYHCYK6'?Y>CHKYC)Y67HYHKF"K'57%"=Y7&'"HY"?&Y%"=%O="K7C?HY
>OHKY$'Y="$'=='&Y"HYO?S7H'Y"?&YH6CFKH756K'&Y'R'?Y"MYK6'YK;>'YC)Y
K6'7FY1F>O="K;C?
Y ?=UY$UYCOK$O7=&;?5YK6'YF7K7H6Y%CO=&Y 8FD7KVY
DFCR7&'YK6'YF'"=Y"?HS'F
Y
O%6Y"?Y8AK'FDF'K"K7C?YRC7%'&Y$UY'T%7K"$='YF7N7H6Y?'SHD"D'FHY


 &$)"$"))$)!
)
(
)
)
KUh ]H7h XZ7
h X7ZIW6hH2\h E`U6h SI]^S7h \`XXWZ]h JUh \`3\7Y`7U]h
HI\]WZI52Sh]Z72^T7U]\hW9h]H7hXZW3S7Th7\X75I2SSehIUh&7ZT2Ueh/H7h
I672h\W`U6\h]WWh:2U]2\]I5h]WWh7UWZTW`\hHWch5W`S6hH7hH2b7h7b7Uh
]HW`GH]hW9h3`L6IUGh2hD77]h]H7h\2T7h\Kf7h2\hWZhS2ZG7Zh]H2Uh]H7h,We2S h
*2beh%2U]2\]I5h^HW`GHhI]hI\hI]h\77T\h]Wh]HI\hcZI]7Zh^H2]hI]h\HW`S6h37h
GIb7Uh TWZ7h \7ZIW`\h 5WU\I67Z2^IWUh ^H2Uh HI]H7Z]W h 2]h S72\]h 2\h 2h
XW\\I3ISI]eh#7\XI]7h^H7hS2ZG7h2TW`U]hW9h2Z5HIb2ShT2]7ZI2Sh2b2L23S7h
I]h6W7\hUW]h\77ThSIP7Seh^H2]h^H7Z7hcLSh7b7Zh37h\`A5I7U]h7bI67U57h]Wh
X7ZTI]h2h5WU5S`\Ib7hO`6G7T7U]hWUh^HI\hXZW3S7ThX2Z]I5`S2ZSeh\M57h
cH2]hI\ h`U67Zh6K\5`\\IWUhI\h/K[XI]f\h)
)
)3`]h^H7h
HM]\hc7hXW\\7\\h2Z7h5WU\I67Z24S7h
(Uh^H7hBZ\]hXS257hI]hcW`S6h37h`]]7ZSehSWGI52Sh/H7h7\\7U57hW9h^H7h
U2b2ShZ257h2\h/IZXI^fhT`\]hH2b7hRUWcUhc2\h]H2]h]H7h&7ZT2Uh2U6h
!ZI]I\Hh2KT\hc7Z7h23\WS`]7SehIU5WTX2^I3S7h%WZh&7ZT2Ueh]Wh37h\297h
FWTh 2Uh $UGSI\Hh 2]]25Ph 2U6h \75`Z7h 7UW`GHh ]Wh 52ZZeh W`]h H7Zh
$%)cI]HW`]hHJU6Z2U57h\H7hH26h]Wh5Z72]7h2hZ72Sh]HZ72]h]Wh]H7h
,We2Sh*2be\h\`XZ7T25eh2U6h]Wh]H7h\75`ZI]ehW9h^H7h!ZI^I\Hh(\S7\h(Uh
^H7h "$

#)cWZ6\h

(9hI]hI\hXW\\I3S7hEZh`\h]Wh5Z72]7h2h32]^S7D77]hcHI5HhI\hIUh2hXW\I^IWUh
]WhWXXW\7h]H7h!ZK]I\Hh'WT7h%S77]h\`557\\;aSSeh2U6hcHI5HhWX7U\h
`XhEZh$UGS2V6h]H7hZI\PhW9hSW\IUGhI]\hD77]h2U6h^H`\h]H7h5W`U^Ze\h
\HI7S6h]H7Uhc7h\H2SSh37h\75`Z7h2G2KU\]h2Uh$UGSI\Hh2]]25Ph



'Wc7b7ZhI]hc2\h2U6h2Sc2e\hH26h377Uh2h$)")'
))EZh^H7h
!ZI]I\Hh^H2]h^H7IZhU2b2Sh\`XZ7T25eh\HW`S6hUW]h37hSW\]hWZhX`]h2]hZI\Ph
'26hUW]h'2SK=2dh\2I6hh)WWQh]WheW`ZhTW2]h/H7hBZ\]h2Z]K5S7h
W9h2Uh$UGSJ\HT2U\hXWSI^I52Sh5Z776hT`\]h37h^H2]hH7h37SJ7b7^HhIUh^H7h
\812h/H7hU2b2SI\]hXZ7\\hKUh^H7h\h2U6h\hH26h5H2U]76h3eh^H7h
U2behc7h\]2U6hWZh?SSh&Z7ehZ7\]2]76h]H7h52\7hIUhh^H7h*2behI\h
W`ZhWU7h2U6hWUSehT72U\hW9h67@U57h2U6hW`ZhSI>7h67X7U6\h`XWUhI]h2U6h
WUh I]h2SWU7h %I\H7Zh X`]hI]h TWZ7h 3S`U^Seh /H7h *2behJ\h ^H7hCZ\]gh
\75WU6h]HIZ6hE`Z]HhB<_Hhh26hN]`Th)KU7hW9h#797U57
hh
(]\h UW]h IUb2\IWUh c7h H2b7h ]Wh 972Zh I9h W`Zh *2be\h 372]7Uh (/-h
./ ,0 /(+*
 /H7h \2T7h XWIU]h c2\h Z7XWZ]76hF7Y`7U^Seh ]Wh
/IZXI]fh"W7ZX7ZhEZh7d2TXS7h]WS6hHIThMhh

/H7h\]726JSehIU5Z72\IUGh\72XWc7ZhW9h&7ZT2Ueh5WU\]I]`]7\h^H7h


  

>S+$Y+WYd?CM*S$M)+dYPdM>H$M*
Wd<++*PKdP.dRPHAYA)$Hd$)YAPMd!?$Yd
AWd Y?+d )+MYS$Hd RPANYd P.d Y?+d [MW$YAW3)YPS`d S+H$YAPMWd P.dY?+d Y^Pd
M$YEPMWdYPdPM+d$MPY?+Sd

Md PY?+Sd ^PS*Wd ^?$Yd AYd ^$Wd ]AY$Hd :Sd !ASRAYad YPd $)?A+]+d :Sd
+SK%M`
WdW$G+dAYd^$Wd+WW+MYA%Hd:SdY?+dSAYAW?d*KDS$HY`dYPd*+M`d
:Sd M>H$M*
Wd W$G+d ^?$Yd Y?+d +SK$Md >P]+VK+MYd ^$MY+*d Y?+d
TAYAW?d >P]+SMK+MYd ^P[H*d M+]+Sd ^DIHDM>H`d W[SS+M*+Sd $M*d 

W+)[SAY`d:SdPM+dK+$MYd*$M>+SdYPdY?+dPY?+S d+M)+dY?+d>SDKH`d
:[>?Yd$M*d)PWYH`dM$]$HdS$)+d^?C)?d)P[H*dPMH`d+M*dAMdY?+d*+.+$YdP.d
PM+dP.dY?+K d
Yd^$WdY?+S+:S+d$dMPMW+MW+d:Sd!ASRAYad$M*dY?+d$AW+SdYPdDMWAWYd
Y?$Yd PMH`d (`d Y?+d)PMWYS[)YAPMdP.d$d>S+$Yd8++Yd)P[H*dM>H$U*d (+d
:S)+*d YPd (+d <A+M*H` d YdAWd$HWPd $dMPMX+MW+dYPd W[>>+WYdY?$YdY?+`d
WP[>?Yd:Sd$dH$WYAM>d[M*+SWY$M*AM>d^AY?dY?+dSAYAW?dW[)?d^P[H*d
?$]+d(++MdPMH`d$dW?PSYHA]+*d$M*dPM+WA*+*d$04DSd$Md[M+$W`dYS[)+ d
PSd!ASRAYad^AY?d?AWd$S^DMAWYA)d]A+^dP.dRPHAYA)$Hd*+]+HPRK+MYWd
)P[H*dMPYd$))+RYdZ?+dA*+$dY?$YdSEY&d$M*d+SK$M`d)P[H*dR+SK'b
+MZH`d)PPR+S$Y+ d!?+ASd)PKK+S)A$HdSE]$HS`d^?A)?d?+dW$^d$WdY?+dSPPYd
P.dY?+ASd$MY$>PMAWKdRS+]+MY+*d$Md$HHA$M)-d<PKd)PKAM>dAMYPd(+AM>d
$M*d ^P[H*d $H^$`Wd +_EWY d "AY?P[Yd (+AM>d $Wd +KPYEPM$Hd $M*d $M>c
HPR?P(A)d $(P[Yd BYd $Wd W$`d +M*+Md ?+d M+]+SY?+H+WWd S+)P>NAa+*d
SDY$CMd<PKd$d]+S`d+$SH`dWY$>+dAMd?AWd)$S++Sd$WdY?+d>S+$Y+WYdP(WY$)H+d
YPd+SK$M`Wd=Y[S+ d"?$YdK$YY+S+*d$(P]+d$HHd+HW+d^$WdYPd)S+$Y+d$d
WY$Y+dP.dW+)[SAY`d:Sd+SK$MdP]+SW+$WdAMY+S+WYWd$M*dYPd/\JHdY?AWd
)PM*AYAPMdY?+dP`$Hd$]`d?$*dYPd(+dP]+S?$[H+*d$M*d)PMY$AM+*
d
+)PM*H`dAYd^P[H*d$HWPd(+dHP>A)$HdAMdZ?+dWYSA)YH`dWYS$Y+>A)$HdW+MW+d
2QSdY?+d8++YdRSP]A*+*dDMdZ?+d +)PM*d$]`d$^d)P[H*dMPYd*+.+$YdY?+d
SAYAW?dRSP]A*+*dY?+dH$YY+SdYPPGdY?+dM+)+WW$S`dRS+)$[YAPMWd^@)?d$Md
M>HP+SK$Md )PM0SPMY$YCPMd )$HH,*d :S d !?+d PMH`d K+Y?P*Wd (`d
^?A)?d +SK$M`d )P[H*d (SCM>d SAY$AMd YPd ?+Sd GM++Wd ^+S+d +AY?+Sd
(HP)G$*+dPSdAM]$WAPMd!?+d;SK+Sd^$WdHP>AWYA)$HH`dAKRPWWA(H+d*[+d
YPdZ?+d>+P>S$R?A)$Hd*AWY$M)+WdAM]PH]+*dY?+dH$YY+Sd^$WdPR+S$YCPM$HH`d
ALRPWXA(H+dCOdY?+dPRCMDPMdP.d(PY?d )?HA+6+Md$M*dZ?+d

^AY?P[Yd$dW[R+SAPSd9++YdMPYdF[WYd:SdY?+d7SWYd5^d*$`Wd([Yd:Sd$d3Sd
HPM>+SdYDK+ d#+YdA.d+SK%M`d)P[H*d)$SS`dP[YdM+AY?+SdW?+d)P[H*dMPYd
*+.+$YdSAY$CM d!?+dPMH`dW$1+d^$`dP[Yd^$WdYPd?$]+d$dKPS+dRP^+S=Hd
8++Yd$M*dZ?AWd!ASRAYad$M*dPY?+SdWYS$Y+>AWYWd)P[H*dMPYd?$]+d3CH+*dYPd
d
    


K,*H5G:Y,^3,K^'CC^%6%G^6%+^IH:GP,+^P6:N^HTP^>G^%^.EHTN^%KP:*C,^
@^  ^

",%^+,-,G*,^2K^,KE%GX^:G^*%N,^H-^V%K^V:P6^K%G*,^HK^G5C%G+^
E,%GN^,NP%)C:N6,+^G%U'C^IK,+HE:G%G*,^%P^C,%NP^:G^P6,^HKP6^",%^
GHK^*%G^:P^),^*HGN:+,K,+^*HEIC,P,^TGC,NN^,WP,G+,+^P6KHT56^P8,^
6%GG,C^%G+^%N^.K^%N^K,&P^K:P%:G^V:CC^6%U,^PH^IKHA,*P^6,KN^@PH^
P6,^PC%GP=*^#6:N^:N^,KE%GX
N^<G;P:%C^+:N%+U%GP%5,^H-^IHN:P:HG^
PH^),^HU,K*HE,^HGCX^)X^%+,JT%P,^NTI,K:HK:RX^H-^ GTE),KN

G^ P6,^ P6:K+^ IC%*,^ P6:N^ :GP,KIK,P%P:HG^ 0PN^ :G^ V:P8^ P6,^ GHG
NPK%P,5:*^ %NI,*PN^ H-^ P6,^ %+E:K%CN^ G%U%C^ IHC:*X^ V:P6^ 6:N^ "H*:%CZ
%KV>G;NE^%G+^*HGU:*P:HG^P6%P^6,^6%+^PH^IKHU:+,^,KE%GX^V:P6^
P6,^E,%GN^PH^%*6:,U,^%G+^E%:GP%<G^ P6,^NP%PTN^H-^HG,^H-^ R6,^2TK^
VHKC+^IHV,KN^H-^P6,^PV,GP:,P6^*,GPTKX^V:P6^6:N^),C:,-^P7%P^,K[
E'GX^N6HTC+^K,CX^C,NN^HG^P6,^C%G+HVG,KN^%G+^P6,^%KEX^%N^P6,^4PTK,^
)%N,N^H-^,*HGHE:*^IHV,K^%G+^EHK,^TIHG^:G+TNPKX^*HEE,K*,^%G+^
P6,^G%UX^V:P6^6:N^:GP,KG%C^IHDP;*%C^*%C*TC%P:HGN^P6,^G,,+^QH^IC,%N,^
P6,^%:N,K^'G+^%P^P6,^N%E,^P:E,^PH^,KH+,^%CC^2KEN^H-^!,:*6NP%5^
*HGPKHC^HU,K^P6,^1,,P^%G+^V:P6^P6,^G%PTK%C^-,,C<G5N^H-^%^I%PK:HP^%G+^%^
N,KU:G5^H/*,L^P6%P^6%U:G5^HGCX^%^N,*HG+^),NP^G%UX^V%N^GHP^5HH+^
,GHT56 ^K:P%:G^%G+^6,K^G%UX^%II,%K,+^PH^6;E^PH^NP%G+^@^P6,^V%X^
H-^%CC^P6,N,^%:EN^PH^P6,^,WP,GP^P6%P^Q6,X^IHN,+^%^P8K,%P^PH^P6,^,U,K\
TIV%K+^PK,G+^H-^,KE'GX
N^<G+TNSX^N6:II@5^%G+^S%+,^%G+^PH^P6,^
N,,E<G5CX^ :KK,N:NP:)C,^,WI%GO:HG^H-^,KE%G^IHV,K^%G+^:G1T,G*,^
:GPH^ P6,^HTPN:+,^VHKC+^ V6:*6^ NH^ :EIK,NN,+^ #>KI:PY^N^%G^%U:+^
+:N*:IC,^H-^)HP6^#K,:PN*6B,^%G+^%6%G^6,^N%V^:G^%^5K,%P^)%PPC,1,,P^
P6,^HGCX^V%X^PH^,C=E=G%P,^P6;N^P9,%P^:P^V%N^6,^%NNTK,+^P6,^%:N,K^

%G^%)NHCTP,^G,*,NN:PX^2K^,M%GX^V:P7HTP^V6:*6^:P^ V:CC^.*,^
KT:G^#6,K,^%K,^2TK^$HKC+^ HV,KN^!TNN:%^G5C%G+^E,K:*%^
'G+^,KE%GX
^ "=G*,^PVH^ H-^ P6HN,^ $HKC+^ HV,KN^*%G^ HGCX^ ),^
K,%*6,+^ %*KHNN^ P6,^N,%^ NH^ N,%^ IHV,K^ ETNP^IK,+HE>G%P,^^
^ ^
"<G*,^,KE%GX^:N^I%KP:*TC%KCX^)%*BV'K+^:G^N,%^IHV,K^:P^:N^%^C?,]
%G++,%P6^JT,NP:HG^2K^6,K^%N^%^$HKC+^ HV,K^%G+^5K,%P^*TCPTK(C^
NP'P,^PH^E%B,^TI^P6,^CHNP^5KHTG+^#6,^+,U,CHIE,GP^H-^,KE%GX^
<GPH^%G^:G+TNPK:%C^%G+^*HF,K*:'C^G%R;HG^:N^:KK,U,KN:)C,^C<B,^%^
C%V^ H-^ G%PTK,^^:U,G^ NT*6^ %^ *HF,K*:%C^ %G+^ @+TNPK:%C^


   
 
  

01a1IOQK1LYg/OIICVCOLVg,L0g/OL=C/Y QOCLYVgbCIIgASObgbCYBgOYB1Sg
L,YCOLVgYB1S1>S1gQOb1SgV1,gQOb1SgCVg1VV1LYC,IgC3g#1SK,LdgCVg
LOYgYOgAOg_L01SgVbC4]Idg


gAS1,Yg01,IgKOS1g1aC01L/1g/,Lg.1g>_L0gCLgYB1g,S/BCa1Vg,L0gCLgYB1g
QSCa,Y1gQ,Q1SVgO3g*CSQC\eg)1L01Lg,L0gOYB1SVgYOgCL0C/,Y1gYB,YgZB1dg
,IIg <SKIdg ,LYC/CQ,Y10g
,g L1bg 0CaCVCOLg O3g YB1g AIO.1g YB,Yg YB1dg
1cQ1/Y10g#1TK,LdgYOgY,H1gYB1g>S1KOVYgQ,UYgCLg^VgQSO/1VVg._YgYB,Yg
VB1gbO_I0g/OLYEL_,IIdg1L/O_LY1SgYB1gSCa,ISdgO3gSCY,CLg,L0gYB,Yg
,g
bOSI0
QOICYC/,Ig?110OKgbO_I0gOLIdg.1gB1SVgbB1LgVB1gB,0g._EIYg,g
a,VYg=11YgYOgL1_YS,ICe1gV_/BgOQQOVCYCOLgVg1,TIdg,Vg g*CSQCYeg
B,0gVQOH1LgO3gYB1gL110gYOgB,a1g,gI,SA1gL,adg,Vg
,gQOb1Sg7/YOSg
bBC/Bg#1SK,Ldg_LR_1VYCOL,.IdgS1R_CS1VgCLgQ1,/1g,Vgb1IIg,Vgb,SgC3g
CYgCVgLOYgYOg/101gCYVgQI,/1g,KOLAgZB1gS,LHVgO3gYB1g#S1,Yg'Ob1SVg$Lg
g YB1gL,adgB,0g31IYg
YB,YgC3g b1gbCVBgYOg/,SSdgO_Yg,g>S/14`Jg
Oa1SV1,VgQOIC/dg,L0gA,CLga,I_,.I1g/OIOLC1Vg>SgO_SV1Ia1Vgb1gK_VYg
.1g QS1Q,S10g CLg YB1g <SVYg CLVY,L/1g >Sg ,g /I,VBg bCYBg !LAI,L0g OSg
K1SC/,g $Yg b,Vg /I1,Sg ZB,Yg ,g V1/OL0 /I,VVg =11Yg bP_I0g LOYg .1
VYSOLAg1LO_ABg>SgYB1V1gKDABYdgQOID\C/,IgY,VHVg,L0gYB2gK,YY1Sgb,Vg
YOOgCKQOSY,LYgYOg01Q1L0gVOI1Idg_QOLg1cQIOC\CLAgYB1gVQICYg.1Yb11Lg
SCY,CMg,L0gYB1g _,IgIIC,L/1gYOg,/BC1a1g*CSQCYeVg1L0Vg%YgbO_I0g.1g
8SgV,61SgYOg.1gCL01Q1L01LYgO3g"S,L/1g,L0g(_VWC,gbB1Lg/OL?OL\CLAg
SCY,CLgCLgVOK1g@Y_S1g,59CSgCLgO\B1SgbOS0VgYOgB,a1g,g=11YgYB,Yg
/O_I0g01,IgbCYBgYB1g(Od,Ig&,adgOLg,LdgO//,XCOLg$3g\BCVgC01,gV11KVg
SC0C/_IO_Vg CYg K_VYg <SVYg O3g ,IIg .1g S1K1K.1S10g YB,Yg *CSQCYeg ,L0g
GIObgb1S1gYBCLHCLAgCLgY1SKVgO3g,g01/,01gOSg[bOgCLYOgYB1g@Y_S1g
YB,YgYB1dg1cQ1/Y10gSCY,CLgYOgB,a1g.11Lg,Ygb,SgbCYBg(_VVC,g.1>S1g
\B,Yg YDK1g ,L0gYB,Yg \B1dgb1S1ga1SdgOQYCKCVZC/g ,.O_Zg #1TK,LdVg
AS1,Yg S,Y1g O3g CL0_VYSC,Ig ,L0g /OKK1S/C,Ig QSOAS1VVg $3g VB1g /O_I0g
1c/110gSCY,CLgCLgVY11IgO_YQ_YgCLgYB1gL1b1Sg/B1KC/,Ig,L0g1I1/YSC/,Ig
CL0_VYSC1Vg,L0gCLgQOQ_I,YDOLgbBdgLOYgOL1g0,dgCLgb,SVBCQgQSO0_/f
YEOLg ,IVOg Vg )1L01Lg Q_Yg CYg
'OICYC/,Ig /OLVY1II,YFOMVg /B-LA1g
_L/1,VCLAIdg ,L0g\B1dg/,Ng,IVOg/B,LA1g,A,CLVYg!LAI,M0 g g g gg
Vg,g<L,Ig/OLVC01S,\COLg\B1S1g,S1gYB1gBCL[Vgb1gQOVV1VVgO3g\B1g
ICKC\I1VVgL,Y_S1gO3gYB1g=11YgbBC/Bg*CSQCYeg,L0g+CIB1IKgbCVB10gYOg
._CI0g01VQCY1gYB1g1:OSYVgYOg/OL/1,Ig\B1KgYOg\B1gO_YVC01gbOSI0g+1g
HLObg LObg YB,Yg YB1dg VO_ABYg YOgbS1VYg/OL\SOIgAS,0_,IIdg?OKg ZB1g
(1C/BVY,Ag,L0gYB_Vg1S,V1g\B1gB,Y10g
  ,L0gYOg1;1/Yg
g

(#(-&!)--(-%-+- -
'T(K8;*8?4TAE@4E'>=+T@,TI5E++T;'E4+T'?*TI5E++TH=';;TM'EH58AHT+L+EOT
O+'E T'KI@='I8)';;OTE+A;')+'(;+T'-I+ETIM+?IOTO+'EH T8+ T'T)@?HI'?IT
1E)+T@,TH9NIOT)'A8I';TH58AHT'?*TH8NIOT;845IT)EK8H+EH T)@?IE@;;+*T8?T
+L+EOTE+HA+)IT(OTI5+T=@?'E)5T @M+L+E T$8EB8IPT4'L+T?@T9?*8)'I8@?T
I5'ITI5+H+TM+E+T58HT,*-'9=H T'?*TI5+TI+=AI'I8@?TI@T8?)E+'H+T
I5+T*(!-M'HT';M'OHTI5+E+T9?T.)I T8?TT5+T'*=8II+*TI5'IT
I5+TA+E='?+?IT
I5E++
('II;+H59AH
'
O+'ETI+=A@TM'HTI5+T'8=T8?TI5+T
/EHJT9?HI'?)+T8?T TI5'ITI5+T1KE'O+'ETI+=A@T(+T'*@AI+*TI@T
(+48?TM8I5T1ET1KETO+'EHT-I+EM'E*H TI5@K45 T@?+T)@K;*T';M'OHT
4E',IT@?T
*" --KEI5+ET9?)E+'H+HT9?T TI5+E+T'E+T);+'ET
E+,+F+?)+HT8?TI5+T &$(-E+)@E*HT I@T ,KIKE+T'**8I8@?HT9?T
+N)+HHT@,TH8NIOT)'A8I';TH58AHT
"@E+@L+E T8IT8HT';H@TK?);+'ETM5+I5+ET
I5+T='?OT=+=@E'?*'T2@=TT@?M'E*HTKA@?TI5+TA@HH8(8;8IOT@,T'T
I59E*T*@K(;+HDK'*E@?T@,T('II;+H68AHT9?TI@I'; T/-IOH+L+?T('II;+Q
H58AHT';H@T)@?I+=A;'I+*TE+I'8?8?4TI5+TIM+?IOT;'E4+T)EK8H+EH T+HA+R
)8';;OT'-I+ETI5+T;'K?)58?4T@,TI5+T+ ''-'?*T$8EA8IPHT@M?T
E+;K)I'?IT*+)8H8@?TI@T(K8;*T('II<+)EK8H+EHT8,TH@ TI58HTM@K;*T8=A;OT
I5'IT'T0++IT@,TH+L+?IO
H+L+?T)'A8I';TH68AHTM'HT'IT@?+TI8=+T K?*+ET
)@?H8*+E'I8@? T M58)5T8HT'THI'44+E9?4TI@I';T &+ITH9?)+TI5+T'*=8E';T
M'HT5@A8?4TI@TI':+T'?T+L+E9?)E+'H8?4TH6'E+T@,TI5+T*+,+?)+T(K*4+IT
2@=TI5+T'E=O THK)5T'T0++IT)'??@IT(+TE+4'E*+*T'HTAKE+T.?I'HOT
$8EA8IPTM'HT?@ITI5+T='?TI@T'??@K?)+T7HT/?';T'8=HT8?T'*L'?)+TI@T
KH+T58HT@M?TM@E*H T!,T@?+TM8H5+HTI@T')58+L+T'T4E+'IT'9= T@?+T8HT?@IT
';M'OHT9?TI5+TA@H8I8@?TI@T *8H);@H+T@?+HT/?';TI5@K45IH

$5+E+T 8H T 9?T'?OT )'H+ T H@=+T+L8*+?)+T@,T I58HT4E'?*+ET *+H84? T
M5+?T $8EA8IPT@))'H8@?';;OT +NAE+HH+*T58HT3IKE+T 5@A+HT8?TAE8L'I+T
)@?L+EH'I8@?HTM8I5TA@;8I8)';T)@;;+'4K+HTHT+'E;OT'HT  T5+TI@;*T
"@?IHTI5'ITI5+T*8H;8:+T@,T)@?H)E8AI8@?T8?TE8I'8?TM@K;*TAE+L+?IT8IHT
4@L+E?=+?IT2@=T='8?I'8?9?4TI5+T+N8HI8?4TE'I8@T(+IM++?TI5+TIM@T
?'L8+H TMC+T

%+T)@K;*T8?T)@?IE'HITAE@L8*+T'THIE@?4TE+H+EL+T@,TIE'8?+*T)E+MHT
2@=TI5+TO+'E;OT8?I':+T@,T'E@K?*T TE+)EK8IHT9?I@TI5+T#'LO T
8?T)@=A'E8H@?TI@TI5+8ET'??K';TE+H+EL+TM58)5TM'HTH)'E)+;OTM@EI5T
?@I8?4 T'?*T+L+?IK';;OTM8I5T)+EI'8?IOTAE@L8*+TI5+TH'=+T?K=(+ET
@,TH58AHT'HTI5+T?4;8H5 

T O+'ET ;'I+E T 5+T M'G+*T @5+?;@5+T I5'IT ';;T A@;8)8+HT 5@HI8;+T I@T
S 
 #$$$$ "$ $
Q>I'Q,mOb[_m*-mVb_mUQm@+-mbQ_@Imd-m?'c-m'm7--_md?@+?m@[m'[m[_YUQ>m
'[m _?-m Q>L@[?m UQ-


 %?-m OVY-[[m Y-,-Y@+Hm UI[_-@Qm &'Ii
,-Y[--m'Q,m EKP'QQm'ILm*-I@-c-,m_?'_m_?@[md'[md?'_m%@YV@_hm'Q,m
_?-m '@[-Ym?UV-,m_Um'+?A-c-m-c-Q_b'LIgm
%?-m 6Q'Im V@-+-m U3m-c@,-Q+-m +UO-[m '>'AQm ;UOm %@YV@_hm CQm 'm
V'Y'>Y'V?mU3m'mI-__-Ym_Um!'Q[m'_m_?-m*->CQQ@Q>mU3m_?-md'Ymd?@+?m?-m
I'_-Ym$$;UOm_?-mc-Y[@UQmVb*L@[?-,m@Qm?@[m
 $
 $cUIbO-mmUOO-Q_@Q>m[UO-d?'_mG-'IUb[IgmbVUQm_?-m
'YOg[m [b++-[[-[m@Qm_?-m6-I,m?-mdYU_-m

',md-mCQmUbYm+'[-m'I[UmV-Y:YO-,m@3mQU_mc@+_UY@Ub[Igm_?-Qm'_m
I-'[_md@_?m>IUYgm_?DQ>[mdUbI,m*-m,B5-Y-Q_m)Q,m_?-Qm_?-mUV@Q@UQm
dUbI,m*Y-'Hm_?YUb>?m_?'_md-mOb[_m?'c-m$$!$$$

$%?@[mQ'_bY'Im'Q,m[@Q>I-m(@Om+UbI,mQU_m?Ud-c-Ym*-m
'QQUbQ+-,m,bY@Q>m_?-mV'[_m_dUm,-+',-[m@_m+UbI,mUQIgm*-mH-V_m@Qm
O@Q,m @3m-YO'Qg[m _Y',-m 'Q,mCQ,b[_Ygm 'Q,m+UIUQ@-[m-fV'Q,-,m
=Y_?-Y 



3m_?@[m'm8--_m-Wb'IIgm[_YUQ>m'[mQ>I'Q,[md'[m%@YV@_h[mY-(Im'@Om
d?@+?m?-m?',m*--Qm+UOV-ML-,m_Um+UR+-'Im:Ym_?-mV'[_m_eUm,.+',-\m
_?-Qm@_m+UbI,mUSJgm*-m'+?@-c-, @3m'_m'LLm '_m@OO-Q[-m+U[_m@_mdUbI,m
[_Y'@Qm_?-m$-@+?[m6Q'Q+-[mCQ4bY@'_-m_?-m'YOgmlYg[_'IL@h-mVUIA_B+'Im
UVVU[@aUQmCQ[@,-m-YO'Qgm[VI@_m`?-mOA,,I-m+I'[[-[m'Q,mUQ[-Zc'j
_@c-[m'Q,m,Y@c-m_?-mY@_@[?m_Um,-[V-Y'_/mO-'[bY0[
mb_m'_mI-'[_m@_m
?',m[UO-m[_Y'_->@+'ImIU>@+m@3m-YO)Qgm?',m'm82-_m'[mVUd-Y=Im']m_?-m
$Ug'Im "'cgm _?-Qm ?-Ym [_Y'_1>@+m ,@[',c)Q_'>-[m dUbI,m QU_m *-m '[m
>Y-'_m %?@[m dUbN,m 'I[Um -fVI)@Qm %@YV@_h[m bQ[d-Yc@Q>m @Q9-f@*I-m
VUI@+gm ,bY@Q>m _?-m Q'c'Im Y'+-m d@_?m Y@_'@Qm 'Q,m d?gm ?-m d'[m [Um
,@[O'g-,md?-Qmd'Ym*YUH-mUb_m@Qm
m#-Y?'V[m@3m_?@[mF_-YVY-_'k
_@UQm@[m_Yb-m?-md'[mQU_m[b+?m'mVUUYm[_Y'_->A^_m'<2Ym'LImb_m_?-Qmd-m
[?UbL,m?'c-m_Um+'IIm?@[mU_?-YmXb'LB_A-[mCQ`UmWb-[_@UTm@Q[_-(,m

m