VALUE CHAIN ANA - INTECRAL

Transcription

VALUE CHAIN ANA - INTECRAL
d
$DF.C<1+4.;+.4;.+3;<9<2P$;-.D<IC+.D$;$2.:.;F4;F3.C<A4+D$;-
I*FC<A4+Dm
n
W
OO
W
W
O
A0-2-2%;;3%00%9;9-:
<9<2;._.C:$;P
}~‚
$DF.C<1+4.;+.4;.+3;<9<2P$;-.D<IC+.D$;$2.:.;F4;F3.C<A4+D$;-
I*FC<A4+Dm
n
W
OO
W
2:;-;A;%(39%",2303+F2$%:3A9"%:2+%1%2;-2;,%937-":2$A!;937-":
W
O
3.D4DF<*F$4;F3..2C..<1
"
#a
"
"
a
a
bb
j
a
b
~b}†b}~‚
C.D.;F.-*P
I94$;$4;.FF<.99.CF$C4DFI-.;F;<ba~~}††„
:$49a7I94$;$b:2A$C4DvP:$49b+<:
_I94$;$4;.FF<.99.CF
$9I.3$4;;$9PD4D1<C-.+4D4<;j:$84;2<;F3.<I;F$4;$;-<CF3N.DF.24<;<1
F3.F$F.4<-.$;.4C<_C$Q49jj<9<2;._}~‚
€}Ab
$DF.CdD3.D4Dkj;DF4FIF.1<C.+3;<9<2P$;-.D<IC+.D$;$2.:.;F4;F3.
C<A4+D$;-I*FC<A4+D
~b$:49P1$C:4;2bb$9I.+3$4;$;$9PD4Db€b4<-.$;.4C<bbIC$9DIDF$4;$*9.
-.M.9<A:.;F‚b<CF4+I9FIC.bƒb<11..b„b-.+4D4<;j:$84;2
.+3;4D+3.<+3D+3I9.@9;j;4M.CD4FP<1.+3;<9<2P_CFD_+4.;+.Dmj@9;n
O$:4;$F4<;<$C-
C<1bCb$*4;.+39LF.C
.92$4DD$
j@9;
.+3b<<C-b
j
a
X
"a
T
UW
"a
WYZ
20A $/2>$#);9 1#H/$@1#8$?)2(>$0$;1!21#*:*21/9;6628:*10A-2;81$A
20A#$868$1:9H18*9:*11#/;#*2H0A 82:)$8)*(21#0A(81#68$1:9
1#:20A/*::/$1$6)$?;#;
N<I9-948.F<.OAC.DD:PFCIF31I92C$F4FI-.F<$99
jF.$:_N3<DFC<;29PDIAA<CF.-:P
C.D.$C+34;C$Q49bA.+4$99P$C*$D$C$4M$_$C+<D;-C/<2$4*_$C+.9<<DF$_.*.C$4-_$;-
.9D<;.4O.4C$b
A.+4$9 F3$;8D F< :P DIA.CM4D<C C<1b Cb $*4;. +39LF.C_ N3< 2$M. :. F3. <AA<CFI;4FP F<
A$CF4+4A$F.4;F3.
AC<7.+F_$;-3$D$9N$PD*..;A$F4.;F$;-I;-.CDF$;-4;2b$;PF3$;8D
F<.92$4DD$1<C$2C..4;2$;-$M$494;23.CD.91<1F4:.F<*.A$CF<1F3..O$:4;$F4<;*<$C-b
.OAC.DD:PD4;+.C.2C$F4FI-.F<$C2$C.F.$FDI:44*$$;-3.C1$:49P$;-$4Cu;F<;4<<D/
$;- F3.4C 1$:49P_ <D$;. .;-4$ C$Q4<94 m
$CC.j$4n_ $;- .CD<; "I;.D m
.CC$;$nb 3<:<DF9PDIAA<CF.-F3.C.D.$C+3<;F3.14.9-_$;-F<N3<:$:-..A9P2C$F.1I91<C
F3.+<;FC4*IF4<;F<F3.+<;+C.F4Q$F4<;<1F34DDFI-Pb
N<I9- 948. F< $+8;<N9.-2. F3. 3.9A $;- DIAA<CF 24M.; *P .C.;4+. I4;F$;$ $;- I$; $C9<D
<CC4+<m
n`I4Q;F<;4<;FI;.D$;-<C2.9M.Dm
n_$;I4D$994.Qm+<99.$2I.
C.D.$C+3.Cn_ ;F<;4< $C9<D $;- -$9*.CF< m
.4;An_ $C+.9< 49M$ m.+C.F$C4$F <1
2C4+I9FIC._ 4M.DF<+8 $;- IAA9P <1 <M$ C4*IC2<n_ $I9< 4+$C-< C4DA4; me.C+$-< -<
C<-IF<Cf4;<M$C4*IC2<n_<D/.CC.4C$$;-&C+4<$C2$Dm
nb
$:.OFC.:.9P2C$F.1I9F<4C4$:$;-4+$C-<$C4D_1<CDIAA<CF4;2:PDF$P4;4<-.$;.4C<_$;-
1<C3.9A4;2:.N4F3F3.C.D.$C+3b$:$9D<F3$;81I9F<
94$;.$--.4_1<C$99F3..;+<IC$2.:.;F
24M.;$;-F3.3.9AN4F3F3.
;294D34;:P$DD42;:.;FDb
N<I9- 948. F< $+8;<N9.-2. $99 :P F.$: +<99.$2I.D 1<C F3. +<:A$;4<;D34A $;-
.;+<IC$2.:.;F-IC4;2F3.C.D.$C+3bN$D-.9423F.-F<N<C8N4F3F34DN<;-.C1I9F.$:b
4;$99P_$:D4;+.C.9PF3$;81I9F<$99AC<-I+.CD4;F3.:4+C<j*$D4;D$CC$+(<-<D.;-.D_$;F$
CIQ_ $CC.j$4 $;- 4*.4C(< -$ ;,$_ F< N3<: -.M<F. F34D N<C8b
F34DC.D.$C+3N<I9-;dF3$M.*..;$+34.M.-b
4F3<IF F3.4C A$CF4+4A$F4<;_
N26$*912::)$!21>*!:*21:):920$:)*1(?*//:;812;:?$//
;::)$!$8:*1:A:):920$:)*1(0.$99$19$H
8$(8#/$992')2?*::;8192;:KO
'280$8B$!)68$9*#$1:1##80:;8($!/>>$/
$ $
$$ $% $& $' ~bb~b ~bbb $( $
%
'
(
)
% *
%$ b~b~b "#
b~bb #j"
b~b€b #
%% !"
bb~b mn
bbb "mn
bb€b "mn
j
bbb *
$(
& %$
&$ €b~b~b "
"
j
€b~bb ~
€b~b€b #
~
&% €bb~b "
"
€bbb €
€bb€b #
€
%$
%&
' %)
'$ '% !"
bb~b ~a
bbb a
bb€b €a"
bbb a"
bb‚b ‚a"
bbƒb ƒa
"
bb„b '& b€b~b "
b€bb b€b€b '' %)
%*
&(
'#
( !"
'$
($ $
'$
‚b~b~b #
"
‚b~bb ‚b~b€b ‚b~bb d ‚b~b‚b "
‚b~bƒb j
"
(% %
‚bb~b k
‚bbb ‚bb€b ‚bbb "
d
(& &
‚b€b~b #
‚b€bb d#
‚b€b€b (' '
‚bb~b ‚bbb (( (
!"
‚b‚b~b ‚b‚bb "
‚b‚b€b ‚b‚bb " ‚b‚b‚b j
‚b‚bƒb "
() )
‚bƒb~b ‚bƒbb (* (+
)'
*#
*&
+(
,(
) ,+
)$ $
ƒb~b~b #
ƒb~bb ƒb~bb "
ƒb~b€b j
"
m
n
)% %
ƒbb~b ƒbbb ""
ƒbb€b j "
ƒbbb ƒbb‚b )& &
ƒb€b~b ƒb€bb ƒb€b€b #
)' '
ƒbb~b "
ƒbbb ƒbb€b )( (
ƒb‚b~b ,+
$$$
$%&
$%*
$&'
ƒb‚bb "
ƒb‚b€b ƒb‚bb " ƒb‚b‚b )) )
ƒbƒb~b ƒbƒbb )* $')
$()
* $(+
, $)#
$# $*+
$#$ $
$#% %
$#& $
$#' %
$#( &
$#) '
$#* (
$#+ )
!
"
$#, *
$#$# +
!"
$#$$ ,
$#$% $#
$#$& $$
$#$' $%
$#$( $&
$#$) $'
$*+
$+#
$+$
$+)
$,#
$,%
$,'
$,*
%##
%#%
%#&
%#'
%#(
%#(
%#)
%#*
%#,
~a
a
"
€a
#
"j
a
!
mn}~
‚a
ƒa
"
m
n
„a
"
m
n
…a
†a!"
"
~}a
"
~~a!
~a!
~€a
!
~a
!
~‚a
_
~ƒa
mn
!
!
ƒ}"
!
}~}}~€
~„a
"
~…a"
#
"
~††}}~
~†a
d
mn"
mƒ}gn}}~}~‚
}a
m~††}j}~€n
~a
"
a
m
ƒ}n
j~
"
g"
€a
"j"" j
a"j
‚a
"j
ƒa
#
"" j
#
b
#b
„a
""mn"
#
m
n
…a#
b"
mj_}b}}~n
†a
#
mn
mn
€}a ""}~
€~a
myn
mn
}~
€a
myn
mn
}~€
€€a "
€a
d
"
€‚a
#
"
€ƒa
€„a
j"
€…a
m
n j
۠a
j
}a
"
~aj
a"
"
€a
a" m
n
‚aj
"j
ƒa
mn
„a
…a
†a
m
n }~€
‚}a#
m"!
n`
mnm
"!
n
}~}}~€
‚~a
‚a
"
‚€a
"
m
n
‚a
"" !
‚‚a
‚ƒa"
"""_
e
f
‚„a#
mn"j
‚…a
#
mn
mn
‚†a
j
ƒ}a
e
jfe
fm~}~n
"
ƒ~a
#
j
ƒaj
"
ƒ€a
e#f
ƒa
ƒ‚a
#
ƒƒa
ƒ„a
ƒ…a
m
!
n
#
b
Ġa
"
k
„}a
"
„~a
!
`!
"
#
„a" j
„€aj
„a
„‚a
„ƒa
„„a
m
n`
mn
„…a
j
„†a
d
m
n`
mn
…}a
""
m
n`
mn
…~a
m
n`!
mn
…a
"
m
n`
"mn
…€a
m
n`"
mn
…a
"m
n`e
"f
mn
~a"
a
€a
!
ƒ}"
!
m}~~j}~n
a
}~~j}~‚
!
ƒ}
‚a
!"_
ƒa
d
}~€
„aƒ}"""jm"
}~j}~€n
…a"j
m
n
†a
m
n
~}a
"
"j
~~a
#
" ~a#
_
"
~€a
#
!""
!
ƒ}}~
~a
k
_
}~
~‚a#
"
~ƒa#
~„a
d
j
~…a"
a
mn
~†a"#mn
}aj
~
~a
k
a
k
€a
mn"
a
‚a
ƒa
_
!
myn
„a
_
!
myn
…a
†a
mn
€}a!
€~a
€a
€€a
#
€a
€‚a
}~€
€ƒa
€„a"j
m
n
€…a
m
n
۠a
""
}a
"
"j
~a
"""
a
""
€a
"""
#
a
#"
‚a
#
j
}~€g}~
ƒa
„a
d
…a"
"
†a
"
"
‚}a
‚~a
mygn
‚a
‚€a"
j
‚a"#mn
‚‚aj
~
‚ƒaj
""
‚„a
j
‚…a
‚†a
mn
ƒ}a
ƒ~a
!
ƒa!
ƒ€a
""_ ƒak
myn
"j
ƒ‚a ƒƒa
!
ƒ„a "k
9-+-201%
2+0-:,;92:0;-32
DD<+4$,(<C$D49.4C$-<<:/C+4<-..:.;F.D.I-$D
!-3
DD<+4$,(<C$D49.4C$-$;-KDFC4$-.$1/
DD<+4$,(<-.2C4+I9F<C.D4<9=24+<D-<
DF$-<-<4<-.
$;.4C<
20;+4$$+4<;$9-.4249';+4$$;4F&C4$
+<:A$;3$:.;F<4DF.:&F4+<-$C<-I,(<2C5+<9$
$;+<$+4<;$9-..D.;M<9M4:.;F<
+<;>:4+<.<+4$9
BI4M$9.;F$;;I$9+<DF<1F3.$DD.F
.;FC<-.<:/C+4<-<$1/-<4<-.$;.4C<
<:A$;34$-.
;FC.A<DF<D.C:$Q/;D.C$4D-.(<$I9<
W
.;FC$4D-.*$DF.+4:.;F<-<
DF$-<-<4<-.$;.4C<
%(&
<;D.93<-<D.OA<CF$-<C.D-.+$1/-<C$D49
I;-$,(<.;FC<
DF$-I$9-.
DF$F5DF4+$D_.DBI4D$D.
<C:$,(<-..CM4-<C.DK*94+<D-<4<-.$;.4C<
.;FC<-..D.;M<9M4:.;F<.+;<9=24+<-<$1/
<;DI:AF4<;<114O.-+$A4F$9
$-$DFC<$+4<;$9-$.DD<$IC5-4+$
.;F.CD1<C$FIC$9.D<IC+.D$;-.M.9<A:.;F
<:4F0D.DF<C.D-.4+C<*$+4$D
<:A9.O<.FC<BI5:4+<-<4<-.$;.4C<
32!
<:A$;34$$+4<;$9-<*$DF.+4:.;F<
<;D.93<$+4<;$9-..D.;M<9M4:.;F<IC$9IDF.;F&M.9
<;D.93<$+4<;$9-..2IC$;,$94:.;F$C.IFC4+4<;$9
<<A.C$F4M$-.C<-IF<C.D-.$1/-<<C<.DF.9I:4;.;D.
W
D!
<:.C+4<P<*C.Q$.;$F4;<$:/C4+$
<;D.93<.24<;$9-.
;2.;3$C4$.2C<;<:4$-<4<-.
$;.4C<
423j$9F4FI-.FC<A4+$9+94:$F.
.+9$C$,(<-.AF4-(<$<C<;$1
.D.;M<9M4:.;F<IC$9IDF.;F&M.9
.D.;M<9M4:.;F<.CC4F<C4$9
;-=2.;<
:AC.D$-.DD4DF0;+4$/+;4+$.
OF.;D(<IC$9
:AC.D$C$D49.4C$-..DBI4D$2C<A.+I&C4$
C$Q494$;<::.C+.DD<+4$F4<;<1
..-D$;-..-94;2D
C$Q494$;<11..;-IDFCPDD<+4$F4<;
4<9<24+$9$C:.CDDD<+4$F4<;<1F3.
F$F.<14<-.$;.4C<
$F4<;$9.$9F3ICM.499$;+.2.;+P
PDF.:$F4+$C:C<-I+F4<;
:<;4F<C4;2
$F4<;$9$;81<C
+<;<:4+$;-
<+4$9.M.9<A:.;F
<11..C$-..;F.C4;4<-.$;.4C<
<:A$;PN$C.3<ID.D$;-.;.C$9
$C.3<ID.D<1(<$I9<
F$F.sDIAA9P.;F.CD<14<-.
$;.4C<
<I;+49<1F3.C$Q494$;<11..
OA<CF.CD
F$F..;F.C<I;-$F4<;1<C
F$F4DF4+D_.D.$C+3$;-C$4;4;2<1
4M49.CM$;FD<14<-.$;.4C<
<11...+3;<9<2P.M.9<A:.;F
.;F.C
$F4<;$9.24DF.C<1.2$9
;F4F4.D
$;$2.:.;F<::4FF..D<14+C<j
*$D4;D
.FC<+3.:4+$9<:A9.O<14<-.
$;.4C<
$F4<;$9IAA9P<:A$;P
$F4<;$9<I;+491<CIDF$4;$*9.IC$9
.M.9<A:.;F
$F4<;$9<I;+491<C<<-$;-
IFC4F4<;$9.+IC4FP
<11..C<N.CDs<<A.C$F4M.<1F3.
9I:4;.;D.dD<CF3N.DF
C$-.$;-<M.CFP4;$F4;:.C4+$
.24<;$9<I;+49<1
;24;..C4;2$;-
2C<;<:P<14<-.$;.4C<
F$F.:.;F<1AF4FI-.F<F3.C<;$1
IDF$4;$*9.IC$9.M.9<A:.;F
FC$F.2P
;-<2.;<ID.CC4F<C4$9.M.9<A:.;F
.+3;4+$9DD4DF$;+.$;-IC$9
OF.;D4<;<:A$;P
C$Q494$;2C4+I9FIC$9.D.$C+3
<CA<C$F4<;
W
K+9.<-..DBI4D$.C.4;$:.;F<-.2C4+I9F<C.D
<<-$;-2C4+I9FIC.C2$;4Q$F4<;<1F3.;4F.-$F4<;D
F$F4DF4+D4M4D4<;<1
I;-<$+4<;$9-..D.;M<9M4:.;F<-$
-I+$,(<
C<DD-<:.DF4+AC<-I+F
9<*$9
;M4C<;:.;F$9$+494FP
.IFD+3..D.99D+3$1F1LC.+3;4D+3.#ID$::.;$C*.4F
C<DDM$9I.$--.-
.+F$C.
I:$;.M.9<A:.;F;-.O
;DF4FIF</924+$.:<M$C4*IC2<
;DF4FIF<C$D49.4C<-..<2C$14$.
DF$F5DF4+$
0629:292 8$*8!;/"2#$$8!#28*9$$8>*"29
;F.C;$F4<;$9<11..C2$;4Q$F4<;
;F.C;$F4<;$9I;-1<C2C4+I9FIC$9.M.9<A:.;F
;F.C:.-4$F.;AIFDC<-I+.-;D4-.F3.$9I.+3$4;
;F.C:.-4$F.;AIFDIFD4-.F3.$9I.3$4;
;DFCI,(<<C:$F4M$
;DF4FIF<$+4<;$9-.<9<;4Q$,(<..1<C:$2C&C4$
;DF4FIF<
DF$-I$9-<:*4.;F.
;DF4FIF<$+4<;$9-..FC<9<24$_I$94-$-...+;<9<24$
;F.C.DF+<:A<;.;F
;F.2C$F.-
+<.+3;<9<24.D$;-.CM4+.D1<C$IDF$4;$*9.
IC$94<-.$;.4C<
3<ID$;-
49<2C$:
49<:.F.CD
4;4DF/C4<-$2C4+I9FIC$_.+I&C4$.-<*$DF.+4:.;F<
+
1
W
;19$F4<;C$F.
.-.C$,(<-$2C4+I9FIC$-<
DF$-<-<4<-.$;.4C<
:4+C<*$+4$
4;4DF/C4<-<.D.;M<9M4:.;F<2C&C4<
4;4DF/C4<-<.D.;M<9M4:.;F<<+4$9-.-<<:*$F.%
<:.
4;4DF/C4<-<C$*$93<.
:AC.2<
.+C.F$C4$-.;DA.,(<-<C$*$93<
.C4<-<1F3..+<;<:4+941.<1F3.$DD.F
$F4<;$9<11..DD<+4$F4<;
<;j+<::I;4+$*9.-4D.$D.D
<;j2<M.C;:.;F$9<C2$;4Q$F4<;
.FM$9I.$--.-
M.CD.$D.M.9<A:.;F;DF4FIF.
C2$;4Q$F4<;1<C
+<;<:4+<j<A.C$F4<;$;-.M.9<A:.;F
C2$;4D:<$CF4+4A$F4M<-.M$94$,(<-$<;1<C:4-$-.
.;F.C1<C.D.$C+3$;-$C:.CD
C$4;4;2
2C4+I9FIC..-.C$F4<;<1F3.F$F.
4<-.$;.4C<
$F4<;$9I;-1<CF3..M.9<A:.;F
<1
-I+$F4<;
.C:$;2.;+P1<C.+3;4+$9
<<A.C$F4<;
;DF4FIF..924I:4;<M$C4*IC2<
C$Q494$;;DF4FIF.<1.<2C$A3P$;-
F$F4DF4+D
.C+3$;-4D.$;-.CM4+.D4C+I9$F4<;
$Ok
<C:$F4M.I94;2
$F4<;$9;DF4FIF.<1<9<;4Q$F4<;$;-
2C$C4$;.1<C:
F$F.
;M4C<;:.;F$9;DF4FIF.
$F4<;$9;DF4FIF.<1.FC<9<2P_
I$94FP$;-.+3;<9<2P
4;4DFCP<12C4+I9FIC._4M.DF<+8$;-
IAA9P
4+C<*$D4;
4;4DFCP<12C$C4$;.M.9<A:.;F
4;4DFCP<1<+4$9.M.9<A:.;F$;-
I;2.C
C$-4+$F4<;
4;4DFCP<1$*<C$;-
:A9<P:.;F
.A$CF:.;F<1$*<C;DA.+F4<;
$CF4+4A$F<CP<-P1<C<;1<C:4FP
DD.DD:.;F
C<2C$:$-.BI4D4,(<-.94:.;F<D
C<-I,(<2C5+<9$I;4+4A$9
9$;<
O.+IF4M<-$4+C<*$+4$
:AC.D$-..DBI4D$2C<A.+I&C4$-<
DF$-<-<4<-.
$;.4C<
C.1.4FIC$I;4+4A$9-.<M$C4*IC2<
C<2C$:$$+4<;$9-.94:.;F$,(<
D+<9$C
<95F4+$$+4<;$9-.DD4DF0;+4$/+;4+$.
OF.;D(<IC$9
9$;<$+4<;$9-..D.;M<9M4:.;F<IC$9IDF.;F&M.9.
<94-&C4<
82(80#9"5$91*#9682$9$1>2/>*0$1:2
932(
IC+3$D4;2AC4+.<1F3.$DD.F
C<2C$:$-.$C$;F4$-$F4M4-$-.2C<A.+I&C4$
82(80!*21/#$28:/$!*0$1:2#(8*!;/:;8
0*/*8
C<2C$:$$+4<;$9-.DD4DF0;+4$/+;4+$.
OF.;D(<IC$9
;$2C4+I9FIC$$:494$C.;$.1<C:$2C&C4$
932;%9
a
W
%-27W
W
-:9+
a
C<2C$:$4<IC$9
;F.C.DFC$F.
.$4D
DF$-<-<4<-.$;.4C<
4D81$+F<CAC.:4I:
IA.C4;F.;-0;+4$-<.D.;M<9M4:.;F<IDF.;F&M.9
.CM4,<C$D49.4C<-.A<4<%D4+C<..BI.;$D
:AC.D$D
;<4<-.7$;.4C<
.+C.F$C4$-.
DF$-<-.2C4+I9FIC$..+I&C4$-<4<-.
$;.4C<
.F<C-.;1<C:$,(<-.C.,<D-$
4DF.:$-.;1<C:$,(<-<.C+$-<2C5+<9$
4DF.:$C$D49.4C<-.M$94$,(<-$<;1<C:4-$-.C2';4+$
PDF.:<1$F4<;$9++<I;FD
4DF.:$$CF4+4A$F4M<-.$C$;F4$
IAA9PF494Q$F4<;++<I;F
FC.;2F3D_N.$8;.DD.D_<AA<CFI;4F4.D$;-F3C.$FD
;4F.-$F4<;D
;4F.-$F4<;D_F$F4DF4+$94M4D4<;
<99$C
$9I.$--.-
$9I.+3$4;
$9I.+3$4;$;$9PD4D
<C9-3.$9F3<C2$;4Q$F4<;
<<-IC+3$D4;2C<2C$:
I;4+4A$92C4+I9FIC$9C<-I+F4<;
O.+IF4M.9$;<1F3.4+C<j
N$F.CD3.-
2C4+I9FIC$9.D.$C+3<:A$;P<1F3.
F$F.<14<-.$;.4C<
<M$C4*IC2<4FP$99
:*21/!)22/$$#*1(82(800$
$F4<;$9.+3;4+$9DD4DF$;+.$;-
IC$9
OF.;D4<;<94+P
$F4<;$99$;1<CF3.IC$9
IDF$4;$*9..M.9<A:.;F$;-
<94-$C4FP
j;4F.-$F4<;D.M.9<A:.;F
C<2C$::.
$C:+F4M4FPI$C$;F..C<2C$:
$F4<;$9C<2C$:1<CF3.
FC.;2F3.;4;2<1$:49P$C:4;2
$F4<;$9C<2C$::.<1.+3;4+$9
DD4DF$;+.$;-IC$9
OF.;D4<;4;
$:49P$C:4;2$;-2C$C4$;.1<C:
C<2C$:4<IC$9
C$Q494$;.$9
4<-.$;.4C<F$F.
IDF$4;$*9..M.9<A:.;F114+.
.CM4+.4+C<$;-:$99<:A$;4.D
<1F3.F$F.<14<-.$;.4C<
.+C.F$C4$F<12C4+I9FIC.$;-
4M.DF<+8<14<-.$;.4C<
C4+.;1<C:$F4<;.+F<C<1
2C4+I9FIC$9$C8.F;1<C:$F4<;
PDF.:
C$Q494$;PDF.:1<CC2$;4+
<;1<C:4FPDD.DD:.;F
$CF4+4A$F<CPI$C$;F..PDF.:
3. 9I:4;.;D.dD $2C4+I9FIC$9 AC<-I+F4<; 4D;dF .;<I23 F< :..F F3. +ICC.;F -.:$;-_ N3.F3.C 4;
F.C:D<1BI$;F4FP<CBI$94FPbF4D<1:<DF4:A<CF$;+.F<<C2$;4Q.F3.+<::.C+4$94Q$F4<;.114+4.;F9P
$;- F< .;$*9. *.FF.C $++.DD F< F3. :$C8.FD F< F3. D:$993<9-.C_ N34+3 I;-.C2<.D $ :PC4$- <1
4DDI.D 4; F34D C.2$C-b --4F4<;$99P_ F3.C. 4D $ ;..- F< I;-.CDF$;- F3. M$9I. +3$4; $D $ DPDF.:
.;2$2.- 4; F3. 9<+$9 DIDF$4;$*9. -.M.9<A:.;Fb 3. M$9I. +3$4; $;$9PD4D +$; -.F.+F DI+3
:4D$942;:.;FD $;- I;-.CA.C1<C:$;+. 4DDI.Db 34D C.D.$C+3 DFI-4.- FN< M$9I. +3$4;D 4; 4< -.
$;.4C<a 3<CF4+I9FIC. 4; <I;F$4; .24<; $;- +<11.. 4; F3. <CF3N.DF .24<;b 3. $4: N$D F<
4-.;F41PF3.:$4;*<FF9.;.+8D$;-AC<M4-.4;D423FD4;F<F3.-.+4D4<;j:$84;2AC<+.DDb3.$;$9PD4D
4-.;F414.-F3$FF3.F.+3;<9<24+$9A$FF.C;$;-F3.+<11..BI$94FP4D9<Nb<CF3.IA2C$-4;2AC<+.DD_
$ :4;4:I: F3C.D3<9- <1 F.+3;<9<2P 4D C.BI4C.-b F3.CN4D._ F3. +<DF <1 AC<-I+F4<; 4;+C.$D.Db
C$-4;2 <AF4<;D $C. 1.N D4;+. F3. C<$DF 4;-IDFCP 3$D D3CI;8 N4F34; F3. F$F. 4< -. $;.4C<b
;DF4FIF4<;$9 DIAA<CF 3$D $99.M4$F.- D<:. <1 F3. +C4F4+$9 A<4;FDb .M.CF3.9.DD_ +<::I;4FP
-4D<C2$;4Q$F4<;:$8.D-4114+I9FF3.2<M.C;:.;F$+F4<;$;--4:4;4D3.DF3.+$A$+4FP<1$-$AF$F4<;
F< F3. +3$;2.D <1 F3. +<11.. :$C8.Fb <C.<M.C_ F3. $;$9PD4D -.F.+F.- $; I;1$4C -4DFC4*IF4<; <1
M$9I. $--.- 4; F3. 3<CF4+I9FIC. +3$4;b F <;. D4-._ F3. .;3$;+.D F3. +<:A.F4F4<; $;-
DBI..Q.D<F3.C$2.;FD<A.C$F4;2$FF34DAC4+4;2DPDF.:b;F3.<F3.C3$;-_F3.C.F$49D.+F<C2C$*D
;.$C9P†}‰<1F3.M$9I.$--.-_*PD.994;2F<3423.CAIC+3$D4;2A<N.C-.:$;-b3.C.4D$9$+8<1
+<<C-4;$F4<; $:<;2 $2.;FD_ N3.C. F3. AC<-I+.C 4D F3. :<DF 7.<A$C-4Q.-b 3. -4D$DF.C <1 }~~
N$D $ :49.DF<;. 1<C 2<M.C;:.;F $+F4<; $;- +<::I;4FP <C2$;4Q$F4<;b 3$;24;2 A.CDA.+F4M.D <1
AC<-I+F4<;_ AC<M4-4;2 :.$;D F< $-- M$9I._ $;- 1$+494F$F4;2 F3. -4C.+F D$9. F< -.F$+3 1C<: F3.
DPDF.:$C.DF499C.BI4C.-1<C$;IA2C$-4;2AC<+.DDb
%FD39$:a 1$:49P 1$C:4;2_ M$9I. +3$4; $;$9PD4D_ 4< -. $;.4C<_ CIC$9 DIDF$4;$*9. -.M.9<A:.;F_
3<CF4+I9FIC._+<11.._-.+4D4<;j:$84;2
AC<-I,(<$2C5+<9$9I:4;.;D.;(</DI14+4.;F.A$C$$F.;-.C%-.:$;-$$FI$9_BI.C.:F.C:<D
-. BI$;F4-$-. <I BI$94-$-.b -. :$4<C 4:A<CF';+4$ <C2$;4Q$C $ +<:.C+4$94Q$,(< -. 1<C:$
.14+4.;F..A.C:4F4CI::.93<C$+.DD<$<D:.C+$-<DA$C$<A.BI.;<AC<-IF<CCIC$9_BI..;1C.;F$
I:$:4C5$-.-.BI.DF?.D$.DF.C.DA.4F<b9/:-4DD<_3&I:$;.+.DD4-$-.-..;F.;-.C$+$-.4$
-.M$9<C+<:<I:D4DF.:$.:A.;3$-<;<-.D.;M<9M4:.;F<DIDF.;F&M.99<+$9b$;&94D.-$+$-.4$
-.M$9<CA<-.-.F.+F$CF$4D-4DF<C,?.D.AC<*9.:$D-.:$I-.D.:A.;3<b
DF$A.DBI4D$.DFI-<I
-I$D +$-.4$D -. M$9<C ;< 4< -. $;.4C<a $ 3<CF4+I9FIC$ ;$ .24(< .CC$;$ . < +$1/ ;$ .24(<
<C<.DF.b<*7.F4M<1<44-.;F414+$C<DAC4;+4A$4D2$C2$9<D.1<C;.+.C+<:AC..;D(<A$C$<AC<+.DD<
-.F<:$-$-.-.+4D(<b$;&94D.4-.;F414+<IBI.<A$-C(<F.+;<9=24+<.$BI$94-$-.-<+$1/D(<
*$4O<Db $C$ < AC<+.DD< -. $AC4:<C$:.;F<_ / ;.+.DD&C4< I: 94:4$C :5;4:< -. F.+;<9<24$b $D<
+<;FC&C4<_ $I:.;F$jD. +IDF< -. AC<-I,(<b A,?.D -. :.C+$-< D(< A<I+<D_ 7& BI. $ 4;-KDFC4$
+$1..4C$F.:.;+<934-<;<
DF$-<4<-.$;.4C<b$A<4<4;DF4FI+4<;$9$94M4<I$92I;D-<DA<;F<D
+C5F4+<Db < .;F$;F<_ $ -.D<C2$;4Q$,(< +<:I;4F&C4$ -414+I9F$ $ $,(< -< 2<M.C;< . -4:4;I4 $
+$A$+4-$-.-.$-$AF$,(<%D:I-$;,$D-<:.C+$-<-.+$1/b9/:-4DD<_$$;&94D.-.F.+F<II:$
-4DFC4*I4,(<4;5BI$-.-<M$9<C$2C.2$-<;$+$-.4$-.3<CF4+I9FIC$b.I:9$-<_$
$I:.;F$
$+<;+<CC0;+4$.C.DFC4;2.<IFC<D$2.;F.DBI.<A.C$:;.DF.D4DF.:$-.AC.,<Db<C<IFC<9$-<_<
D.+F<CM$C.74DF$C.F/:+.C+$-.†}‰-<M$9<C$2C.2$-<_$FC$M/D-$M.;-$%-.:$;-$+<::$4<C
A<-.C -. +<:AC$b & I:$ 1$9F$ -. +<<C-.;$,(< .;FC. <D $2.;F.D_ .: BI. < AC<-IF<C / < :$4D
AC.7I-4+$-<b-.D$DFC.-.}~~1<4I::$C+<A$C$$$,(<-<2<M.C;<.<C2$;4Q$,(<+<:I;4F&C4$b
I-$CA.CDA.+F4M$D-.AC<-I,(<_AC<A<C+4<;$C:.4<DA$C$$2C.2$CM$9<C.1$+494F$C$M.;-$-4C.F$
-.DM4;+I9$;-<jD.-<D4DF.:$
D(<$4;-$;.+.DD&C4<DA$C$I:AC<+.DD<-.$AC4:<C$:.;F<b
0C9:W",C%a$2C4+I9FIC$1$:494$C_$;&94D.-.+$-.4$-.M$9<C_4<-.$;.4C<_-.D.;M<9M4:.;F<
CIC$9DIDF.;F&M.9_3<CF4+I9FIC$_+$1/_F<:$-$-.-.+4D(<
4. 9I:4;.;D. 9$;-N4CFD+3$1F94+3. C<-I8F4<; 4DF ;4+3F 2.;I2_ I: -4. -.CQ.4F42. $+31C$2. QI
-.+8.;_ N.-.C 4; .QI2 $I1 -4. I$;F4F)F_ ;<+3 $I1 -4. I$94F)Fb D 4DF M<; $IE.C<C-.;F94+3.C
4+3F428.4F_ -4. <::.CQ4$94D4.CI;2 .114Q4.;F QI <C2$;4D4.C.; I;- 1LC -4. 9.4;*$I.C; .4;.;
*.DD.C.; #I2$;2 QI -.; )C8F.; QI .C:@294+3.;b 4.D I;F.C94.2F 7.-<+3 I;Q)3942.;
+3N4.C428.4F.;b$CL*.C34;$ID4DF.D;<FN.;-42_-4. .CFD+3@A1I;2D8.FF.$9D.4;PDF.:4;-.C
9<8$9.;;$+33$9F42.;
;FN4+89I;2QIM.CDF.3.;b4. .CF8.FF.;$;$9PD.8$;;D<9+3..CQ.CCI;2.;
I;- C<*9.:. I;QIC.4+3.;-.C .4DFI;2.; .C8.;;.;b 4.D. <CD+3I;2D$C*.4F I;F.CDI+3F QN.4
C<-I8F4<;D8.FF.;4;4<-.$;.4C<a<CF48I9FIC4;-.C.*4C2DC.24<;I;-$11..4;-.C<C-N.DFj
.24<;b #4.9 N$C .D_ -4. N4+3F42DF.; ;2A)DD. QI 4-.;F414Q4.C.; I;- 4;*94+8. 4; -.;
;FD+3.4-I;2DAC<Q.DD QI 2.N)3C9.4DF.;b 4. ;$9PD. 4-.;F414Q4.CF._ -$DD -4. F.+3;<9<24D+3.;
IDF.C I;- -4. $11..BI$94F)F 2.C4;2 D4;-b LC -.; I1N.CFI;2DAC<Q.DD 4DF .4; 4;-.DF:$E $;
.+3;<9<24..C1<C-.C94+3_$;-.C;1$99DDF.42.;-4.C<-I8F4<;D8<DF.;b$;-.9D:@294+38.4F.;24*F.D
;IC N.;42._ -$ -4. $11..C@DFj;-IDFC4. 4;;.C3$9* -.D F$$F.D 2.D+3CI:A1F 4DFb ;DF4FIF4<;.99.
;F.CDFLFQI;2 3$F .4;42. -.C 8C4F4D+3.; I;8F. M.CC4;2.CFb .;;<+3 .CD+3N.CF -4.
.D<C2$;4D$F4<;-.C.:.4;-.;_-$DD-4.$E;$3:.;-.C.24.CI;22C.41.;I;-M.C:4;-.CF-4.
)3428.4F -.C ;A$DDI;2 $; -4. .C);-.CI;2.; -.D $11..:$C8F.Db $CL*.C 34;$ID .C1$DDF. -4.
;$9PD. .4;. I;1$4C. .CF.49I;2 -.D .3CN.CFD 4; -.C <CF48I9FICj.FF.b I1 -.C .4;.; .4F.
M.CDF)C8F -.;
.FF*.N.C* I;- -CL+8F $;-.C. 2.;F.;_ 4; -4.D.: C.4DDPDF.: QI
<A.C4.C.;b I1 -.C $;-.C.; .4F._ D+3;$AAF D4+3 -.C 4;Q.93$;-.9DD.8F<C 1$DF †}‰ -.C
.CFD+3@A1I;2 -IC+3 -.; .C8$I1 $; -4. [email protected]. $I18C$1Fb D .O4DF4.CF .4;. I;QIC.4+3.;-.
<<C-4;$F4<; QN4D+3.; -.; 2.;F.;_ *.4 -.: -.C C<-IQ.;F -$D 3@+3DF. 4D48< FC)2Fb 4.
$F$DFC<A3. M<; }~~ N$C .4; .49.;DF.4; 1LC -4. $E;$3:.; -.C .24.CI;2 I;- $;-.C.;
;DF4FIF4<;.;b .C);-.CF. .CDA.8F4M.; -.C C<-I8F4<; I;- -4. .C.4FDF.99I;2 M<; 4FF.9;_ I:
.4;.; .3CN.CF QI .CQ4.9.; I;- -4. C9.4+3F.CI;2 -.D -4C.8F.; .C8$I1D $; -$D PDF.:_
D4;-4::.C;<+31LC.4;.;<-.C;4D4.CI;2DAC<Q.DD.C1<C-.C94+3b
;-",D69;%9a $:494.;*.FC4.*._
.CF8.FF.;$;$9PD._ 4< -. $;.4C<_ ;$+33$9F42. 9);-94+3.
;FN4+89I;2_<CF48I9FIC_$11.._
;FD+3.4-I;2D14;-I;2
eR
eReR
Q
"/+93A2$
34DDFI-P4D.:*<-4.-4;F3.e;F.2C$F.-
+<.+3;<9<24.D$;- .CM4+.D1<C$IDF$4;$*9.IC$9
4<-.$;.4C<fm
nAC<7.+Fb3.+<<A.C$F4<;4;M<9M.DF3.F$F..+C.F$C4$F<12C4+I9FIC.
$;-4M.DF<+8C<2C$:4<IC$9m
jn$;-F3..C:$;.-.C$94;4DFCP<1
-I+$F4<;$;-
.D.$C+3mnb3.AC<7.+F.:*C$+.D$A$CF;.CD34AN4F3F3C...C:$;;4M.CD4F4.Dk<9<2;.
;4M.CD4FP <1 .+3;<9<2P_ CFD_ +4.;+.D` C4.-C4+3 +3499.C ;4M.CD4FP <1 .;$` $;- .4AQ42
;4M.CD4FPk$;-N4F3F3.AC4M$F.D.+F<C_:$4;9P.C:$;.;F.CAC4D.D~b
3.<M.C$99<*7.+F4M.<1F3.
dDD+4.;F414+C.D.$C+3$;--.M.9<A:.;F4DF<N<C84;DP;.C2P
N4F3F3.b-.;F41P4;2F3.e*<FF9.;.+8DfF3$F34;-.CF3.-.M.9<A:.;F$;-AC<M4-4;24;F.2C$F.-
.+<jF.+3;<9<24.D $;- D.CM4+.D 1<C D:$99 1$C:.CD N<I9- +<;FC4*IF. $;- DIAA<CF F3. DIDF$4;$*9.
-.M.9<A:.;F4;F3.CIC$9$C.$<1F$F.4<-.$;.4C<m
_}~‚nb3.
AC<7.+F4D
DFCI+FIC.-4;N<C84;2A$+8$2.D$D<IF94;.-4;-+A9%eb-+A9%f499IDFC$F.DF3.14.9-DFI-P$C.$D<1
F3.
AC<7.+Fb
-+A9%eQ
:;9A";A9%2$D39/-2+7"/+%:
<IC+.a
_}~‚
~
.C:$; $CF;.C ;F.CAC4D.Da # mC$4;4;2 $;- .:<;DFC$F4<; .;FC. 1<C .+.;FC$94Q.- .N$2. C.$F:.;F .bbn
<-.:$F4O_ .< $F$ <9IF4<;D :*_ 4*.8$_ P-C<:.FC4. :* u <b _ 494$ :N.9F :*_ .+3;48_
3.4;9$;-_4F$€b3.4;9$;-_4F$€b
-+A9%fQ-%0$:;A$F9%:3(
93.%";
<IC+.a
}~‚
34DAC.D.;FDFI-P1<+ID.-<;M$9I.+3$4;D4DA$CF<1F3.N<C84;2A$+8$2.m n+$99.-e<<-
$2C4+I9FIC$9 AC$+F4+.D $;- $CF4+4A$F. 9$;;4;2fb 3.
_ $--C.DD.D $-.BI$F. $2C4+I9FIC$9
F.+3;<9<24.D_ A$CF4+4A$F<CP A9$;;4;2 $;- -.M.9<A:.;F <1 4;DFCI:.;FD 1<C F3. -.+4D4<;j:$84;2b
3.$9I.3$4;;$9PD4Dmn4D$DI4F$*9.F<<91<C$3<94DF4+$AAC<$+3_+<:AC4D4;2F3..+<;<:4+_
D<+4$9_ $;- .;M4C<;:.;F$9 -4:.;D4<;D 4;3.C.;F 4; $2C4+I9FIC$9 M$9I. +3$4;Db 3ID_ 4F AC<M4-.D
:.$;D 1<C F3. -.+4D4<;j:$84;2 AC<+.DD 4; AC<-I+F4<; +3$4;D $;- <IF94;.D D+.;$C4<D <1
4;F.CM.;F4<; F$C2.F4;2 DA.+414+ 2C<IAD m.99J_ }~€nb ; F34D DFI-P_ F3. 1<+ID 4D <; 1$:49P 1$C:
+<::I;4F4.D4;F3.CIC$9$C.$<1F3.F$F.4<-.$;.4C<b
eRfR
93!0%1;;%1%2;
F 4D <1 IF:<DF 4:A<CF$;+. F< +<;+494$F. +<;D.CM$F4<; $;- -.M.9<A:.;F D4:I9F$;.<ID9P $;- F<
4;+<CA<C$F.F3.-P;$:4+4;F.C$+F4<;D*.FN..;D<+4.F4.D$;-F3.;$FIC$9DPDF.:Dm.C8.D_}}nb
34DDFI-P4D4;94;.N4F3F3.2<$9D<1F3.
$;-AC<7.+FDb3.$4:4DF3.DIDF$4;$*9.
CIC$9 -.M.9<A:.;F N4F3 F3. AC.D.CM$F4<; <1 ;$FIC$9 C.D<IC+.D $;- :$4;F.;$;+. <1
$2C<.+<DPDF.:D_ N3.C. 1$:49P 1$C:.CD A9$P AC4<C4FP C<9. 4; F3. ;$FIC$9 C.D<IC+.D :$;$2.:.;F
m
_ }~‚nb D F3. 9$DF $2C4+I9FIC$9 +.;DID m
_ }}ƒ$n C.M.$9.-_ F3. C$Q494$; $2C$C4$;
DFCI+FIC. 4D M.CP +<;+.;FC$F.-_ *.4;2 C.AC.D.;F.- :<DF *P 1$:49P 1$C:4;2b 4M.; F3$F_ F3.
.:A<N.C:.;F<1D:$991$C:.CdD3<ID.3<9-D4DF3.8.PDF<;.1<CF3.DIDF$4;$*9.-.M.9<A:.;F4;
F3.CIC$9$C.$<1F$F.<14<-.$;.4C<mC<2C$:$4<IC$9_}~€nb;.N$PF<4:AC<M.1$C:.CdD
N.91$C. 4D F< <C2$;4Q. F3. +<::.C+4$94Q$F4<; .11.+F4M.9P_ N34+3 .;$*9.D *.FF.C $++.DD F< F3.
:$C8.FDm_}~nb
;-.CF34D+<;F.OF_F3.M$9I.+3$4;$;$9PD4D4D$DI4F$*9.F<<9F<-.F.+FF3.:4D$942;:.;FD4;M$9I.
+3$4;D $;- 4-.;F41P <AA<CFI;4F4.D 1<C 4:AC<M.:.;F m.$C;. .F $9b_ }~` $P9<C_ }}‚nb
--4F4<;$99P_F3.DIDF$4;$*9.-.M.9<A:.;F<11<<-M$9I.+3$4;D+$;*.ID.-$D$DFC$F.2P*PF3.
-.M.9<A4;2 +<I;FC4.D F< <M.C+<:. F3. I;-.CA.C1<C:$;+. <1 1<<- +3$4;Db ; F34D D.;D._ F$+894;2
CIC$9 -.M.9<A:.;F 4DDI.D $;- $F F3. D$:. F4:. $DDIC4;2 F3$F F3. M$9I. +3$4; N499 ;<F +$ID. F3.
-.A9.F4<; <1 ;$FIC$9 C.D<IC+.D $;- N499 *C4;2 <M.C$99 *.;.14F 1<C F3. D<+4.FP m_ }~*nb
DA.+4$99P 4; -.M.9<A4;2 +<I;FC4.D_ F3.C. $C. 2$AD 4; F3. M$9I. +3$4;Db <C 4;DF$;+._ $; .;$*94;2
.;M4C<;:.;F +$A$*9. <1 DIAA<CF4;2 4;DF4FIF4<;D $;- 4;1C$DFCI+FIC. C.BI4C.-_ $M$49$*494FP <1
C.D<IC+.D_ $;- $ N.99 .11.+F4M. $;- .114+4.;F +<<C-4;$F4<; $:<;2 $+F<CD N4F34; F3. M$9I. +3$4;
mC4.;.8.;D_ }~~nb F 4D 4:A<CF$;F F< D.. F3. C<9. F3. M$9I. +3$4; +$; A9$P <; -.M.9<A:.;F_
C.:$C8$*9P 1<C F$C2.F 2C<IAD m.99J_ }~€nb 3. +ICC.;F C.D.$C+3 $--C.DD.D FN< +$D. DFI-4.D <1
1<<- M$9I. +3$4;D 4; F3. F$F. <1 4< -. $;.4C<_ 1<99<N4;2 F3. C$Q494$; A$CF;.CD34A DFC$F.2P <1
-.M.9<A:.;Fb
;. 4D F3. +<11.. AC<-I+F4<; +3$4; 4; F3. <CF3N.DF .24<;b 3. AC<*9.:$F4+ 4D -I. F< F3.
-4114+I9F:.+3$;4Q$F4<;<1F3.:<I;F$4;+<11.._$;-F3.94FF9.F.+3;<9<24+$9A$FF.C;4;AC<-I+F4<;_
N34+3C.DI9FD4;9<NAC<-I+F4M4FP$;-9<NBI$94FP<1F3.14;$9AC<-I+Fb<;D.BI.;F9P_F3.-4114+I9FP
F<$-$AFF<AC4+.D19I+FI$F4<;D<1F3.*4$;;I$9+P+9.<1F3.+<11..:$C8.F4D3423.Cm;-C$-..F$9b_
}}` ;-C$-. u 49M$_ }~€` 49M$ u .4D_ }~€` _ ~†††nb 4M.; F3$F_ C$Q49 4D N.99 8;<N;
N<C9-N4-.$DF3.9$C2.DF29<*$9+<11..AC<-I+.C$;-.OA<CF4;2+<I;FCPm_}~‚$n_F34DC.$94FP
-<.D;<FC.19.+F4<-.$;.4C<dD+<11..D.+F<C_N34+33<9-D<;9P}bƒ‰<1F3.C$Q494$;AC<-I+F4<;
m<;$*_ }~‚*nb 3. -.:$;- 1<C +<11.. 4; 4< -. $;.4C< 4D :I+3 3423.C F3$; F3. +$A$+4FP
DIAA94.- *P 9<+$9 AC<-I+F4<; m;-C$-. .F $9b_ }}nb 3.C. 4D $; 4;+C.$D4;2 -.:$;- 1<C :<C.
BI$94FP $;- -411.C.;F4$F4<; m*C.I .F $9b_ }~€nb 3ID_ F3.C. 4D F3. ;..- F< +<;FC4*IF. F< F3.
$M$49$*9.4<-.$;.4C<dD-.M.9<A:.;FAC<2C$:D1<CF3.+<11.. D.+F<Cb;M.DF42$F4;2F3.2$AD4;
F3.+<11..+3$4;$;-$9D<4-.;F41P4;2A<F.;F4$94:AC<M.:.;F1<CF3.D.+F<C$C.<12C.$F*.;.14Fb
3.<F3.C+$D.4DF3.3<CF4+I9FIC.+3$4;4;F3.<I;F$4;.24<;b3.+3$99.;2.4DF<<M.C+<:.F3.
4;+C.$D4;2+<:A.F4F4M.;.DD<1F3.D.+F<Cm.9<u49.9$_}}„nb3.C.4D$;I;1$4C-4DFC4*IF4<;<1
M$9I.$--.-m
_}~~nb;-F3.C.24<;4DMI9;.C$*9.F<9$;-D94-.D$;-19<<-Dm<.93<j.FF<
.F$9b_}}„`C.4F$D.F$9b_}~nb--4F4<;$99P_F3.1$C:.C;..-DF<:..FF3.3423.C.O42.;+4.D<1
F3. -.:$;- 1<C 3.$9F34.C AC<-I+FD m$CM$93< .F $9b_ }~€` I;BI.4C$ u I.;2<_ }}}` 9M.D u
49<+34_}~}nb<N.M.C_F3.DIAA9P$;--4DFC4*IF4<;DPDF.:1$99DD3<CF<1*.4;2.114+4.;FbC<*9.:D
C.9$F.F<9<24DF4+D_BI$94FP4DDI.D_$;-9$+8<14;M.DF:.;Fb$CF4+I9$C9P4;4<-.$;.4C<_F3.C.4D$;
4;DI114+4.;F 4;F.2C$F4<; <1 $+F4M4F4.D_ $ -.14+4.;+P <1 $FF.;-$;+. $;- 3423.C <A.C$F4<;$9 +<DFD_
N34+34D.M.;N<CDF4;F3.+$D.<11$C:.CDm<IC.;Q$;4u49M$_}}`<IC(<u<9<:*4;4_}}…`
D3.C 493< u .4D_ }}` .$*C$ u $C$1<;_ ;b-bnb 3. AICA<D._ 4; F34D +$D._ 4D F< 4-.;F41P F3.
34F+3.D$;-D.FIADFC$F.24.DF<DFC.;2F3.;F3.+<<C-4;$F4<;$:<;2F3.+3$4;$+F<CDF$C2.F4;2F3.
.:A<N.C:.;F<1F3.1$:49P1$C:.CAC<-I+.Cb
<C F34D C.$D<;_ 4F 4D 4:A<CF$;F F< +<;FC4*IF. F< 8;<N9.-2. $;- C.D.$C+3 F< :..F 1$C:.CdD
+<::I;4FP;..-D$;-N4994;2;.DD$;-$9D<+<;FC4*IF.F<F3.9<+$94;DF4FIF4<;DDFC$F.24.D$9C.$-P4;
A9$+.b .;+._ 34D DFI-P N499 *. $*9. F< AC<M4-. F<<9D 1<C F3. 4-.;F414+$F4<; <1 :$4; 2$AD 4; F3.
+3$4;Db3.;DI22.DF$-.BI$F.F.+3;<9<24.DF<4:AC<M.F3.A.C1<C:$;+.<1F3.+3$4;Db;-$9D<_
C.+<::.;- ;.+.DD$CP .11<CFD $F F3. -.+4D4<;j:$84;2 9.M.9 F<N$C-D F3. -.M.9<A:.;F <1
$AAC<AC4$F.$+F4<;DN4F34;F3.D+<A.<1F3.DIDF$4;$*9.-.M.9<A:.;F4;F3.CIC$9$C.$<1F3.F$F.
4<-.$;.4C<b
eRgR
%:%9",+7:
3.C.4D$;$2C..:.;F<;F3.;..-1<C*.FF.CI;-.CDF$;-4;2F3.C<9.<1M$9I.+3$4;DN4F34;F3.
1$:49P1$C:4;2+<;F.OFb 349.+<;D4-.C$*9..11<CFD-.M<F.-F<A<;-.C4;21$:49P1$C:4;24DDI.D<;
F3. +<C. <1 4;F.C;$F4<;$9 -.M.9<A:.;F 2<$9D_ 1.N DFI-4.D $FF.:AF F< F3. +<;FC4*IF4<; <1 1$:49P
1$C:4;2 F< F3. C.24<;$9 -.M.9<A:.;Fb 9F3<I23 C$Q49 3$D -C4M.; A<94+4.D F<N$C-D F3. -<:.DF4+
:$C8.F1<CF3.*.;.14F<1F3.D:$993<9-.C_F3.C.$C.+.CF$4;9P3IC-9.DF<<M.C+<:.bF4DC.BI4C.-
C.D.$C+3$;--.M.9<A:.;F<1;.NDFC$F.24.D1<C4:AC<M.:.;F_D4;+.1$:49Pj*$D.-1$C:.CD$C.P.F
$F$-4D$-M$;F$2.A<D4F4<;<;F3.A$CF4+4A$F4<;4;M$9I.+3$4;D_+<;D4-.C4;2F3.$++.DDF<A<94+4.D
$;-C.D<IC+.D$M$49$*9.b
;. +.;FC$9 A<4;F <1 $FF.;F4<; 4D F3$F 4< -. $;.4C< 3$D F3. A<F.;F4$9 1<C 4:AC<M.:.;F <1 4FD
AC<-I+F4<;_ DIAA9P $;- -4DFC4*IF4<; <1 $2C4+I9FIC$9 AC<-I+FDb .M.CF3.9.DD_ C.19.+F4;2 <; *<F3
DFI-4.-M$9I.+3$4;D_4F4DA<DD4*9.F<4;1.CF3$F:I+3C.D.$C+3$;--.M.9<A:.;F;..-F<*.-<;.
<;F3.14.9-F<$+34.M.$;.11.+F4M.CIC$9DIDF$4;$*9.-.M.9<A:.;FbF4D+9.$CF3$FF3.AC<-I+F4<;
4D;dF .;<I23 F< :..F F3. +ICC.;F -.:$;-_ N3.F3.C 4; F.C:D <1 BI$;F4FP <C BI$94FPb 3. D:$99
3<9-.C I;F49 F34D :<:.;F .;-IC.D +<I;F9.DD 4DDI.D F< AC<-I+. $;- $9D< F< +<::.C+4$94Q. 34D
AC<-I+FD_ -I. F< F3. 4;.114+4.;F -4DFC4*IF4<; DPDF.: $M$49$*9.b <C.<M.C_ F3.C. 4D $ 9$+8 <1
+<<C-4;$F4<;$:<;2:$4;$+F<CD<1F3.M$9I.+3$4;D_$;-F3.M$9I.$--.-4DI;1$4C9P-4DFC4*IF.-b
*.FF.C+<::.C+4$94Q$F4<;$++.DD1<CF3.D:$991$C:.C$;-$N.99$+F4M.4;F.2C$F4<;<1AC4;+4A$9
DF$8.3<9-.CD<1F3.M$9I.+3$4;$C.4DDI.D<1D42;414+$;+.b--4F4<;$99P_F34DC.D.$C+34DF.;-.-F<
DFI-P M$9I. +3$4; ID4;2 :<C. $ 3<94DF4+ $AAC<$+3b 3. M$9I. +3$4; 4D $ M.CP +<:A9.O DPDF.:
.;2$2.- 4; F3. 9<+$9 DIDF$4;$*9. -.M.9<A:.;F_ DA.+414+$99P 4; C.DA.+F F< F3. 1$:49P 1$C:4;2b F 4D
1I;-$:.;F$9 F< +<;D4-.C F3. 1$C:.C $D F3. +.;FC$9 A9$P.C 4; F3. DIDF$4;$*9. CIC$9 -.M.9<A:.;F_
C$F3.CF3$;ID.$D$F<<9F<D.FA<94+4.D:.C.9PF<N$C-DAIC..+<;<:4+2C<NF3bICF3.C:<C._
F34D DFI-P 4D A$CF <1 $ -.M.9<A:.;F D+<A._ N34+3 4D $; 4;F.C.DF <1 9<+$9 +<::I;4F4.D_ 9<+$9
2<M.C;:.;FD$;-F3.D<+4.FP$D$N3<9.b
eRhR
!.%";-C%:
eRhReR %2%903!.%";-C%
3.$4:<1F34DC.D.$C+3AC<7.+FN$DF<.:A9<PF3.$9I.3$4;;$9PD4Dmn1<C$BI$;F4F$F4M.
$;-BI$94F$F4M.$AAC<$+34;FN<AC<-I+F4<;M$9I.+3$4;D4;F3.CIC$9$C.$<14<-.$;.4C<F$F.b
3. $4: N$D F< 4-.;F41P F3. :$4; e*<FF9.;.+8Df F3$F 34;-.C F3. -.M.9<A:.;F <1 F3. +3$4;D $;-
AC<M4-.4;D423FD4;F<F3.-.+4D4<;j:$84;2AC<+.DDb3.M$9I.+3$4;D$;$9PQ.-N4F3F3.4CC.DA.+F4M.
9<+$F4<;N.C.a
~b <CF4+I9FIC.+3$4;a:4+C<jN$F.CD3.-D<1e$CC$+(<-<D.;-.Df$;-e$;F$CIQf4;F3.
+4FP<M$C4*IC2<4;F3.<I;F$4;.24<;
b <11..+3$4;a:4+C<jN$F.CD3.-D<1e$CC.j$4f$;-e4*.4C(<-$;,$f4;F3.+4FP$CC.j
$44;F3.<CF3N.DF.24<;
eRhRfR 7%"-(-"3!.%";-C%:
$n FI-P*<F3M$9I.+3$4;D4;F<F3..+<;<:4+_D<+4$9$;-.;M4C<;:.;F$9-4:.;D4<;D
*n $AF3.M$9I.+3$4;
+n -.;F41PF3.AC<*9.:D4;F3.+3$4;
-n -.;F41PA<F.;F4$9$C.$D<14:AC<M.:.;F<1F3.M$9I.+3$4;
.n <C.D..D+.;$C4<D<14;F.CM.;F4<;1<CF3.F$C2.F2C<IAD$;-A<94+P.11.+FD<;F3.+3$4;
eRiR
%:%9",8A%:;-32:
3.AC.D.;FDFI-P$4:DF<$;DN.CF3.1<99<N4;2C.D.$C+3BI.DF4<;Da
eQ<NF3.D<+4<.+<;<:4+.9.:.;FD$C.$11.+F4;2F3.M$9I.+3$4;D^
fQ 3$F$C.F3.F3C.$FD$;-<AA<CFI;4F4.DC.9$F.-F<F3.M$9I.+3$4;D^
gQ 34+3$C.F3.:$4;$+F<CD<1F3.+3$4;DN4F34;F3..DF$*94D3.-*<I;-$C4.D<1DFI-P^
hQ 3$F$+F4M4F4.DF3.$+F<CD$C..;2$24;2^
iQ<N4DF3.19<N<1AC<-I+FD4;F3.+3$4;^
jQ 3$F4DF3.4;F.C$+F4<;$:<;2F3.4-.;F414.-$+F<CD^
kQDF3.+3$4;+C.$F4;2M$9I.$--.-^
lQ D F3.C. $;P $*;<C:$94FP <1 $99<+$F4<; N4F34; F3. +3$4;D_ DI+3 $D -4DA$C4FP <1 $--.- M$9I._
$DD.FD_4;1<C:$F4<;<C$;P:$C8.F-4DF<CF4<;D^
mQ 34+3A<4;FD<1F3.+3$4;$C.N.$8.;.-<CDFC.;2F3.;.-^
edQ<N4DF3.+ICC.;F.;$*94;2.;M4C<;:.;FC.2I9$F4;2F3.1I;+F4<;$94FP<1F3.+3$4;^
eeQ 3$FF.+3;<9<24.D<CDFC$F.24.D+$;*.ID.-F<4:AC<M.F3.A.C1<C:$;+.<1F3.+3$4;^
efQ 3$F4;F.CM.;F4<;D+<I9-*.D.F$FF3.-.+4D4<;j:$84;29.M.91<CF3.DFI-4.-F$C2.F2C<IAD^
fR Q
fReR
,%930%3((1-0F(91-2+32;,%:A:;-2!0%9A90$%C%0371%2;
N0*/A'80*1()91*0628:1:92!*2Q$!2120*!H$1>*8210$1:/1#!;/:;8/82/$O
Q\Z[^
1:$81:*21/$82'0*/A80*1(
<C F3. <<- $;- 2C4+I9FIC. C2$;4Q$F4<; m_ }~$n_ t1$:49P 1$C:4;2 t <C t1$:49Pj*$D.-
$2C4+I9FIC.t4;+9I-.D$991$:49Pj*$D.-$2C4+I9FIC$9$+F4M4F4.DC.9$F.-F<F3.CIC$9-.M.9<A:.;Fb3.
$+F4M4F4.D4;M<9M.$2C4+I9FIC._1<C.DFCP_A$DF<C$9_14D3.CP_.F+b_<C424;$F.-:$4;9P1C<:1$:49P9$*<C
4;+9I-4;2:.;$;-N<:.;b<C.F3$;‚}}1$:49Pj*$D.-1$C:.CD+<;DF4FIF.F3.AC.-<:4;$;F1<C:
<1 AC<-I+F4<; N<C9-N4-.b 3.P 3$;-9. …}‰ <1 F3. N<C9-dD 1<<- M$9I. $;- F3. 9$C2.DF D<IC+. <1
.:A9<P:.;F 29<*$99P m_ }~+nb ".F_ F3. +<;FC4*IF4<; <1 F3. 1$:49P 1$C:4;2 F< F3. C.24<;$9
-.M.9<A:.;F3$D*..;A<<C9P-<+I:.;F.-mC$.I*.F$9b_}~‚nb
3.3$D$+8;<N9.-2.-}~F3.e;F.C;$F4<;$9".$C<1$:49P $C:4;2fm"n m_}~$nb
34D1$+FDI22.DFD:<C.$FF.;F4<;F<1$:49P1$C:4;24DDI.DN<C9-N4-._F<2$F3.C+<::4F:.;F$;-
A<94+P $+F4<;D F<N$C-D $; $+F4M. CIC$9 DIDF$4;$*9. -.M.9<A:.;F_ $;- .;DIC4;2 F3. C<9. <1 F3.
1$:49P 1$C:4;2 $F F3. +<C. <1 -.+4D4<;j:$84;2 AC<+.DD m_ }~$nb .M.9<A:.;F <1 DA.+414+
F$C2.F$;-.114+4.;FA<94+4.D<;1$:49P1$C:4;2$C.C.BI4C.-N<C9-N4-.mC$.I*.F$9b_}~‚nb
D DF$F.- *P C$.I* .F $9b m}~‚n_ C$Q49 4D A$CF4+I9$C9P 4;F.C.DF4;2_ $D 4F A9$PD F3. C<9. <1 $ 9$C2.
$2C4+I9FIC$9.OA<CF.C_N349.8..A4;2$3423A.C+.;F$2.<11$:49P1$C:4;2<C4.;F.-F<F3.-<:.DF4+
:$C8.Fb3.C$Q494$;$2C$C4$;A<94+P3$D-C$N;*.;.14FDF<F3.D:$993<9-.C1$C:.C4;F3.1<C:<1
AC<2C$::.DF<DIAA<CF1$:49P1$C:4;2F<N$C-DM$9I.j$--.-$2C4+I9FIC.$;-F3.DIDF$4;$*9.CIC$9
-.M.9<A:.;F m_ }~nb <N.M.C_ D<:. 34;-C$;+.D DF499 AC.M$49_ $;- C.BI4C. +<;F4;I4;2
$-7IDF:.;F$;-4:AC<M.:.;F_$D-.F$49.-D3<CF9Pb
fReReR ,%-::A%3((1-0F(91-2+-29G-0
3.F.C:1$:49P1$C:4;23$D*..;ID.-<;9PC.+.;F9P4;F3.1C$:.N<C8<1F3.C$Q494$;$2C4+I9FIC.b
3.; F3. 9$DFj*IFj<;. $2C$C4$; .;DID N$D AI*94D3.- 4; ~††‚j†ƒ m
_ ~††…n_ F3.C. N$D ;<
-411.C.;F4$F4<;<1D:$993<9-.C1$C:.CD4;F3.DF$F4DF4+$9DFI-4.D$;-$;$9PD4D<1F3.*C<$-C$Q494$;
AC<-I+F4<;b 3. +<;+.AF <1 1$:49P 1$C:4;2 N$D F3.; A<CFC$P.- *P u m}}}n_ N34+3
+C4F4+4Q.-F3..;DID<1~††‚j†ƒ$;-C.M.$9.-F3.;..-F<-..A.;F3.8;<N9.-2.<1F3.C$Q494$;
$2C$C4$;C.$94FPb
M.CF3.A.C4<-_~††ƒF<}}ƒ_$FC$;D1<C:$F4<;<1F3.C$Q494$;$2C$C4$;DFCI+FIC.<++ICC.-_$;-
F3.+<;+.AF<11$:49Pj*$D.-1$C:4;2.;3$;+.-4FD4:A<CF$;+.mCI;4.Cu$C4$;<_}}…nb;}}}_
F3. 4;4DFCP <1 2C$C4$; .M.9<A:.;F N$D +C.$F.- *P F3. .+C.. w €€€…g}}}_ N4F3 F3.
+<:A.F.;+4.D F< 4:A9.:.;F F3. $2C$C4$; C.1<C: $;- AC<:<F. F3. DIDF$4;$*9. -.M.9<A:.;F 4;
CIC$9 $C.$D N3.C. 1$:49P 1$C:4;2 4D AC.-<:4;$;Fb ; }}€_ F3. $2.;-$ <1 1$:49P 1$C:4;2 3$-
*.+<:.4;DF4FIF4<;$94Q.-_$;-F3.C.N$D$FC$;D1<C:$F4<;4;F3.A<94F4+$94;DFCI:.;FDF$C2.F.-F<
DIDF$4;$*9.CIC$9-.M.9<A:.;Fm_}~nb
3.C$Q494$;$Nw~~_€ƒ1C<:I9P_}}ƒmC$D49j$D$4M49_}}ƒn1<C:I9$F.DF3.2I4-.94;.D
1<CF3.;$F4<;$9A<94+P4;F.;-.-F<1$:49Pj*$D.-$2C4+I9FIC.$;-CIC$91$:49PM.;FIC.Db++<C-4;2
F<F3.+ICC.;F9$N_4D4F+<;D4-.C.-e1$:49Pj*$D.-1$C:.Cfa
⋅
3.<;.N3<AC$+F4+.D$+F4M4F4.D4;F3.CIC$9.;M4C<;:.;F
⋅
<.D;<F3<9-$;$C.$2C.$F.CF3$;1<IC14D+$9:<-I9.D
⋅
D.D1$:49P9$*<C4;34D.+<;<:4+$+F4M4F4.D<134D.DF$*94D3:.;F<CI;-.CF$84;24;:$7<C4FP
⋅
$;$2.D34D.DF$*94D3:.;F<CI;-.CF$84;2N4F334D1$:49P
⋅
$D$:4;4:I:A.C+.;F$2.<13<ID.3<9-4;+<:.<C424;$F.-1C<:34D.+<;<:4+$+F4M4F4.D
3. :<DF IA-$F.- .;DID m
_ }}ƒ$n DFI-4.- F34D 4DDI. $;- F3. C.$94FP 4; C$Q49b 3. .;DID
4-.;F414.-_€ƒ„_†}.DF$*94D3:.;FD<11$:49Pj*$D.-$2C4+I9FIC._N34+3+<CC.DA<;-F<…b‰<1$99
C$Q494$;$2C4+I9FIC.b-+A9%g499IDFC$F.DF3..OF.;F<1F3.C$Q494$;1$:49P1$C:4;2b.DA4F.1$:49Pj
1$C:4;2 C.AC.D.;FD F3. 9$C2.DF A4.+._ F3. $2C$C4$; DFCI+FIC. <1 F3. +<I;FCP C.:$4;D 34239P
+<;+.;FC$F.-b<3$M.$;4-.$_F3.;<;j1$:49P.DF$*94D3:.;FDm~‚bƒ‰n<++IAP„‚b„‰<1F3.F<F$9
AC<-I+4;2$C.$<1F3.+<I;FCPb$:49P1$C:4;2<N;D<;9Pb€‰<1F3.$C.$$;-7IDF<;.jF34C-<1
F3.F<F$9C$Q494$;$2C4+I9FIC$92C<DDC.M.;I.b.M.CF3.9.DD_F3.D:$993<9-.C1$C:.CD$C.F3.<;.D_
4; 1$+F_ C.DA<;D4*9. 1<C F3. C<9. <1 1<<- D.+IC4FP 4; F3. +<I;FCP $;- F3. 1<<- DIAA9P 1<C F3.
-<:.DF4+:$C8.Fm
_}}ƒ$nb
$+3DF$F.$;-:I;4+4A$94FP3$M.$DA.+414+14D+$9:<-I9.1<C1$:49PAC<A.CFPb<CF34DDFI-P_F3.14D+$9:<-I9.4D~}3$
4;<M$C4*IC2<_$;-€}3$4;$CC.j$4_*.4;21<IC:<-I9.DF3..BI4M$9.;FF<}3$$;-~€}3$C.DA.+F4M.9Pb<IC+.a
m
_}~‚n
-+A9%gQ%9"%2;+%3(%:;!0-:,1%2;:",9";%9-G%$:(1-0FW!:%$+9-"A0;A9%
<IC+.<1F3.:$Aam
_}}ƒ$nb.D+C4AF4<;aF3.;I$;+.<1A4;8_1C<:9423FA4;8mF499‚‰<1F3..DF$*94D3:.;FDN4F3
1$:49P1$C:4;2n2C$-I$99PF<-$C8A4;8m†‚b}~F<~}}‰<1F3..DF$*94D3:.;FDN4F31$:49P1$C:4;2nb<F.aF3.:$7<C4FP4D
C$;24;21C<:„‚b}~F<†‚‰<1F3..DF$*94D3:.;FDAC.-<:4;$;F9P1$:49P1$C:4;2b
3.D<IF3.$DFC.24<;<1C$Q49AC.D.;FD4;.BI$94FP4;9$;-+<;+.;FC$F4<;_$;-4F4D$DD<+4$F.-N4F3
F3.34DF<CP<1F3.
IC<A.$;+<9<;4Q$F4<;_.DA.+4$99P4;F3.F$F.4<-.$;.4C<$;-
DA5C4F<$;F<
m
_ }}†nb ; 4< -. $;.4C<_ F3.C. 4D 4;.BI$94FP 4; F3. +<;+.;FC$F4<; <1 9$;-D_ $;- 4F 4D M.CP
+3$C$+F.C4DF4+ F3. AC.D.;+. 1$:49Pj*$D.- 1$C:4;2_ C.AC.D.;F4;2 „‚b†‰ <1 F3. F<F$9 ;I:*.C <1
.DF$*94D3:.;FD$D-.D+C4*.-4;!0%eb
!0%eQ1-0F91-2+79%C0%2"%-2-3$%2%-93:;;%
$:49Pj*$D.-2C4+I9FIC.m$Nw~~_€ƒn
<F$9w<1.DF$*94D3:.;FD
m‰n
C.$m3$n
m‰n
$:49Pj*$D.-$2C4+I9FIC.
_~‚
„‚b†
„}_~
b†…
<;j1$:49P$2C4+I9FIC.
m
:A9<P:.;Fj*$D.-n
~_€€‚
b‚~
~_‚„‚_ƒƒ
„„b}
<F$9
‚…_…}
~}}
_}‚_…ƒ…
~}}
<IC+.a
m}}ƒ$n
fReRfR 9G-0-293W1-0F91-2+30-"-%:
3. 1$+F -.D+C4*.- $*<M. 34239423FD F3. 4:A<CF$;+. <1 .;-.$M<IC4;2 .11<CFD <; 1$:49P 1$C:4;2
4DDI.DF<$+34.M.F3.DIDF$4;$*9.CIC$9-.M.9<A:.;Fb3.C$Q494$;2<M.C;:.;F3$M.*..;<;F3.
FC$+8 F< AICDI4F AC<2C.DD 4; F34D -4C.+F4<; $;- 3$D -C$N; 4;4F4$F4M.D 1<C F3. D:$993<9-.C 4; F3.
+<;-4F4<; <1 $ 1$:49P <N;.- AC<A.CFPb 3. +ICC.;F A<94+4.D $;- AC<2C$::.D_ N34+3 $C. :<C.
C.9.M$;FF<F34DAC.D.;FDFI-P_$C.-.F$49.-4;F34DD.+F4<;b
fReRfReR
;-32002(39;,%A90A:;-2!0%%C%0371%2;2$30-$9-;F
3. e9$;< $+4<;$9 -. .D.;M<9M4:.;F< IC$9 IDF.;F&M.9 . <94-&C4<f 4D $ C.DI9F <1 $
-.*$F. *.FN..; F3. 4;4DFCP <1 2C$C4$; .M.9<A:.;F mn $;- F3. $F4<;$9 <I;+49 1<C
IDF$4;$*9. IC$9 .M.9<A:.;F m<;-C$1n € 4; }~€b 3. A9$; *C4;2D 2<$9D $;- DFC$F.24+
4;DFCI:.;FD 1<C $; 4;+9ID4M. CIC$9 DIDF$4;$*9. -.M.9<A:.;F m_ }~nb 3. DI::$C4Q.-
<*7.+F4M.D<1F3.AC<2C$:$C.m_}~na
b
< AC<:<F. F3. D<+4<j.+<;<:4+ $;- .;M4C<;:.;F$9 -.M.9<A:.;F <1 CIC$9 $C.$D` F<
AC<:<F.F3.9$;-C.1<C:$;-9$;--.:<+C$F4Q$F4<;
b
<$-<AF$F.CC4F<C4$9$AAC<$+3F<CIC$9-.M.9<A:.;F
b
<:$;$2.N4F3F3.D<+4$9A$CF4+4A$F4<;4;AI*94+A<94+4.D`
b
<DFC.;2F3.;F3.$2.;-$<1CIC$9-.M.9<A:.;FN4F3.:A3$D4D<; 1$:49P1$C:4;2N4F34;
4;F.C;$F4<;$9_C.24<;$9$;-:I9F49$F.C$9DA$+.D
b
<AC<:<F.F3.$IF<;<:P<1N<:.;$;-F3.CIC$9P<IF3
b
<M$9I.F3.$2C4+I9FIC$9*4<-4M.CD4FP$;-D<+4<j*4<-4M.CD4FP
fReRfRfR
;-32093+911%(39;,%;9%2+;,%2-2+3(1-0F91-2+WY932(Z
3.:*21/82(800$'28:)$:8$1(:)$1*1(2'0*/A80*1(mC<;$1nkeC<2C$:$$+4<;$9
-.<CF$9.+4:.;F<-$2C4+I9FIC$$:494$Cek4D$;4;F.;-.-+C.-4FF<DF4:I9$F.4;+<:.2.;.C$F4<;
$;- 4:AC<M. F3. ID. <1 1$:49P 1$C:4;2 9$*<C_ F3C<I23 F3. 14;$;+4;2 <1 $2C4+I9FIC$9 $;- ;<;j
$2C4+I9FIC$9 $+F4M4F4.D -.M.9<A.- 4; $ CIC$9 .DF$*94D3:.;F <C +<::I;4FP $C.$D ;.$C*P mC$D49_
}~*nb .;.14+4$C4.D <1 F3. C<2C$::. $C. $2C4+I9FIC$9 AC<-I+4;2 $C.$ I;4FD_ N34+3 +$; AC<M.
F3.4C +<;D4DF.;+P 4; F3. 1C$:.N<C8 F3C<I23 F3. F$F.:.;F <1 AF4FI-. F< F3. C<;$1 mn j
e.+9$C$,(< -. AF4-(< $< C<;$1fb 3. 4D $++C.-4F.- *P F3. 4;4DFCP <1 2C$C4$;
.M.9<A:.;F mn mC$D49_ }~*nb ; }~_ F3.C. 3$M. *..; C.24DF.C.- $C<I;- ‚ :4994<;
e<;D.93<$+4<;$9-..D.;M<9M4:.;F<IC$9IDF.;F&M.9e
F$F.:.;F<1AF4FI-.F<F3.C<;$1mnm_}~nb<::<;9P$+BI4C.-*P1$C:.CD$9C.$-P
$99<+$F.-4;<F3.CAC<2C$:D_<C1$C:.CD4;-4D$-M$;F$2.<ID+<;-4F4<;DDI+3$D9<N4;+<:._9$;-
F.;IC.C423FD_$;-4;-42.;<ID<CFC$-4F4<;$9A<AI9$F4<;DmC$D49_}~*nb
3. C<;$1 3$D 94;.D <1 +C.-4F 4;F.;-.- 1<C :$;P AICA<D.D_ 1<C 4;DF$;+._ $2C<j.+<9<2P_ F3.
.;M4C<;:.;F_$;-1<C.DFCPb--4F4<;$99P_4F3$DF3.DIAA<CF<1 :$;P<F3.CAC<2C$:D$;-$+F4<;D
1<CF3.AC<F.+F4<;<1F3.AC<-I+F4<;_DI+3$D$2I$C$;F..<1AC4+.D_+C<A$DDIC$;+.$;-4;DIC$;+.
1<C1$C:.CD_N34+3.;$*9.F3.$++.DDF<F3.+C.-4F1C<:C<;$1m_}~‚nb4:49$C9P_4;D4-.F3.
C<;$1_ F3.C. $C. 4;+.;F4M.D 1<C M$9I. +3$4; -.M.9<A:.;F_ DI+3 $D F3. 2C4*ID4;.DD C<2C$:
meC<2C$:$ 2C<4;-KDFC4$fn_ N34+3 DIAA<CFD F3. 4;+9ID4<; <1 1$:49P 1$C:.CD 4; $2C<j
4;-IDFC4$94Q$F4<; AC<+.DD $;- :$C8.F4;2 <1 F3.4C AC<-I+FD F< $-- M$9I.b 3. <C. <<- $+F4<;
me$4D94:.;F<Dfn4D$;<F3.C.O$:A9._$99<N4;2F3.D:$993<9-.CF<4;M.DF4;F3.:<-.C;4Q$F4<;<1
34D AC<-I+F4<;_ M4$ F3. $+BI4D4F4<; <1 :$+34;.CP_ 4:A9.:.;FD $;- ;.N .BI4A:.;F F< $99
$2C4+I9FIC$9$+F4M4F4.Dm_}~‚nb
fReRfRgR
;-320",330%%$-2+93+911%YZ
3. $F4<;$9 +3<<9 ..-4;2 C<2C$::. k eC<2C$:$ $+4<;$9 -. 94:.;F$,(< D+<9$Cf k
+<;FC4*IF.D F< 2C<NF3_ -.M.9<A:.;F_ 9.$C;4;2 $;- D+3<<9 A.C1<C:$;+. <1 D+3<9$CD_ F3C<I23 F3.
AC<M4D4<; <1 D+3<<9 :.$9D_ $;- 1<<- $;- ;IFC4F4<; .-I+$F4<;$9 $+F4M4F4.Db 3. AC<2C$: $FF.;-D
DFI-.;FD 4; $99 AC4:$CP 1<C:$F4<; m84;-.C2$CF.;_ .9.:.;F$CP D+3<<9_ 3423 D+3<<9_ $;- $-I9F
.-I+$F4<;n .;C<99.- 4; AI*94+ 4;DF4FIF4<;D $;- <F3.C +<::I;4FP .;F4F4.D m
_ }~nb D DF$F.D
F3.$Nw~~b†„g}}†_$F9.$DF€}‰<1F3.$:<I;FFC$;D1.CC.-F<F3.DF$F.D$;-:I;4+4A$94F4.D_
A$CF4+4A$;FD<1F3.$F4<;$9I;-1<CF3..M.9<A:.;F<1
-I+$F4<;m
n_:.$;FF<*.1<CF3.
b;-4FD3<I9-<*942$F<CP*.AC.+.-.;F1C<:F3.AIC+3$D.<1AC<-I+.1C<:1$:49P1$C:4;2b
9D<$D$C.BI4C.:.;F1<CF34DAC<2C$:1$C:.CD;..-F3.DF$F.:.;FC.+<2;4Q.-*PF3.
m
_}~nb
fReRfRhR
33$A9",:-2+93+911%YZ
3.<<-IC+3$D4;2C<2C$::.keC<2C$:$-.BI4D4,(<-.94:.;F<DfkN$D.DF$*94D3.-*P
F3.CF4+9.~†4;$N;w~}bƒ†ƒg}}€b3.$4:4DF<24M.4;+.;F4M.D1<CF3.1$:49P1$C:4;2$;-$9D<
AC<:<F. 1<<- AIC+3$D4;2 F3C<I23 F3. -4DFC4*IF4<; F$C2.F4;2 1<<- 4;D.+IC4FP 2C<IAD $;- F3.
+C.$F4<; <1 DFC$F.24+ DF<+8D m_ }~‚nb 3. <M.C$99 2<$9D <1 F3. AC<2C$: $C.a F3. 4;+<:.
2.;.C$F4<; 1<C F3. 1$:49P 1$C:.CD` F3. DFC.;2F3.;4;2 <1 +<<A.C$F4M.D $;- $DD<+4$F4<;D` F3. +C<A
-4M.CD414+$F4<;_ F3. -4C.+F AIC+3$D. 1C<: F3. 1$C:.C` $;- F3. 4;+.;F4M. F< DIDF$4;$*9. 1$C:4;2
AC$+F4+.D m<;$*_ }~}nb 3. C.D<IC+.D $C. AC<M4-.- *P F3. 4;4DFCP <1 <+4$9 .M.9<A:.;F $;-
I;2.C
C$-4+$F4<;mnke4;4DF/C4<-<.D.;M<9M4:.;F<<+4$9-.-<<:*$F.%<:.fk$;-
F3. 4;4DFCP <1 2C$C4$; .M.9<A:.;F mn k e4;4DF/C4< -< .D.;M<9M4:.;F< 2C&C4<f k 3.
.O.+IF4<; 4D -<;. *P F3. $;- <;$* $9<;2 N4F3 F3. C$Q494$; DF$F.D $;- :I;4+4A$94F4.D
m<;$*_}~}`_}~‚nb-+A9%hD3<NDF3.$+FI$F4<;<1F3.b
-+A9%hQE;%2:-323(;,%33$A9",:-2+93+91YZ-2fdeh
.D+C4AF4<;a$+FI$F4<;D3<N.-4;DFC4A.-:$C8D<;F3.:$Ab<IC+.am<;$*_}~n
fReRfRiR
;,%9
2-;-;-C%:
$;P<F3.C4;4F4$F4M.D3$M.*..;I;-.CF$8.;b;D3<CF1<C.O$:A9._F3.P4;+9I-.F3.C.DI:AF4<;
<1 F3. $F4<;$9 <I;+49 1<C <<- $;- IFC4F4<;$9 .+IC4FPm
n` F3. DFC.;2F3.;4;2 <1 F3.
$F4<;$9 <I;+49 1<C IDF$4;$*9. IC$9 .M.9<A:.;F mn` F3. :$F.C4$94Q$F4<; <1 F3. #.C<
I;2.C C<2C$::. meC<2C$:$ <:. #.C<fn` F3. $AAC<M$9 <1 F3. $F4<;$9 9$; 1<C 2C$C4$;
.1<C:mn`F3.9$;<1C<A1<C1$:49P1$C:4;2me9$;<$1C$-$2C4+I9FIC$$:494$Cfn`$;-
F3.4;DF4FIF4<;$94Q$F4<;<1F3.;$F4<;$9A<94+4.D<1F.+3;4+$9$DD4DF$;+.$;-CIC$9.OF.;D4<;m;$F.C
$;-C<;$F.Cn*P9$NR~b~……g}~}m_}~nb

e<;D.93<$+4<;$9-..2IC$;+$94:.;F$C.IFC4+4<;$9e
fReRfRjR
93+911%:-2;,%;;%3(-3$%2%-93
<C F3. F$F. <1 4< -. $;.4C<_ F3. .+C.F$C4$F <1 2C4+I9FIC. $;- 4M.DF<+8‚m
_ }~‚$n
AC<M4-.D DFCI+FIC4;2 $;- D.+F<C$9 AC<7.+FD $;- AC<2C$::.Db 3.D. $+F4<;D $C. 4;-.;F.- F<
AC<M4-. 4;+.;F4M.D 1<C F3. $2C4+I9FIC$9 $;- 94M.DF<+8 AC<-I+F4<;_ $;- $9D< 4:AC<M. F3.
4;1C$DFCI+FIC. N4F34; CIC$9 $C.$Db <C .O$:A9._ F3. eI9F4M$C C2';4+<f DIAA<CFD 9<+$9 1$C:.CD 4;
F3.<C2$;4+AC<-I+F4<;b3.eCIF414+$Cf:$8.D$M$49$*9.+C.-4F94;.D4;1$M<C<1F3.:<-.C;4Q$F4<;
<1 3<CF4+I9FIC. $;- <C+3$C-Db 3. e4< <CF4f AC<A.9D 1<C 4< -. $;.4C<dD A<AI9$F4<; $;
4;+C.$D4;29PDIAA9P<1M.2.F$*9.DAC<-I+.-4;F3.DF$F.b3.e4<+$1/fAC.A$C.DF3.+<11..D.+F<C
F< :..F $; 4;+C.$D4;29P -.:$;-4;2 :$C8.F_ 1<+ID.- <; F3. BI$94FP $;- DA.+4$9FP +<11..D` $;-
<F3.CAC<2C$::.D:.$;FF<F3.94M.DF<+8$;-.;.C2PAC<-I+F4<;m
_}~‚$nb
fReRfRkR
93+911%-3A90YZ
3.IDF$4;$*9.IC$9.M.9<A:.;FC<2C$::.m4<IC$9n_A.C1<C:.-4;F3.:4+C<j*$D4;D<1F3.
F$F. <1 4< -. $;.4C<_ .;-.$M<CD F< 4:AC<M. 94M.943<<-D 4; F3. CIC$9 $C.$ $DD<+4$F4;2 F3.
+<;D.CM$F4<;<1;$FIC$9C.D<IC+.Db3..+C.F$C4$F<12C4+I9FIC.$;-4M.DF<+8<1F3.F$F.<14<
-.$;.4C<m
n.O.+IF.DF3.AC<2C$::.FC<I23F3.IDF$4;$*9..M.9<A:.;F114+.mnb
4F3F3.1I;-1C<:F3. <C9-$;8_4F$FF.;-DF<€}}F3<ID$;-*.;.14+4$C4.D<M.CF3.„}N<C8.-
:4+C<j*$D4;Db3.AC<2C$::.ID.DF3.:4+C<j*$D4;:.F3<-<9<2P_N34+3.:*C$+.DF3.2.<2C$A34+
DA$+. <1 F3. C4M.C *$D4;D 1<C DIDF$4;$*9. -.M.9<A:.;F $4:Db 3C<I23 F3. .;2$2.:.;F <1 9<+$9
+<::I;4F4.D4;F<$;$2.:.;F<::4FF..D<14+C<$D4;Dƒm
n_F3.P9.$-F3.$+F4M4F4.D<1
-.M.9<A:.;F4;F3.:4+C<j*$D4;DmC<2C$:$4<IC$9_}~€nb
3. AC<2C$::. 4D +<:A<D.- <1 FN< AC<7.+FDb ;. 4D F3. e4< IC$9 f_ N34+3 $+FD 4; F3.
4;F.2C$F.- :$;$2.:.;F <1 $2C<.+<DPDF.:D <1 N$F.CD3.-D 4; F3. 9I:4;.;D.sD <CF3 $;-
<CF3N.DF.24<;DbF3$DF3.1I;-1C<:F3.9<*$9
;M4C<;:.;F$9$+494FPm
nb;-_F3.D.+<;-
4D F3. e4< IC$9 f_ N34+3 $:A9414.D F3. $+F4<;D <1 F3. AC<2C$::. <; F3. DIDF$4;$*9. CIC$9
-.M.9<A:.;F_ .:*C$+4;2 $99 :4+C<j*$D4;D 4; F3. F$F. 4< -. $;.4C<_ N4F3 1I;- 1C<: F3.
<C9-
$;8mC<2C$:$4<IC$9_}~€nb
fReRgR A9$0%:3(;,%9G-0-2:A:;-2!0%9A90$%C%0371%2;
<::<-4FP :$C8.FD 3$M. -C$N; :<C. C.D<IC+.D 1C<: 2<M.C;:.;FD_ 9.$M4;2 F3. 1$:49P 1$C:4;2
5
6
“Secretaria de Estado de Agricultura e Pecuária”
“Comitês Gestores de Microbacias” (COGEM)
D.+F<C N4F3 1.N 4;M.DF:.;FDb 34D 1$+F 3$D FC422.C.- $ CIC$9 .O<-ID_ -.2C$-$F4<; <1 ;$FIC$9
C.D<IC+.D $;- CIC$9 A<M.CFP $;- 3I;2.C 4; :$;P C.24<;D <1 F3. 29<*.b F 4D 1I;-$:.;F$9 F<
+<;D4-.CF3.D42;414+$;FC<9.<11$:49P1$C:4;24;1<<-D.+IC4FP_+<::I;4FPN.99j*.4;2_*4<-4M.CD4FP
+<;D.CM$F4<;_ F3. .+<;<:P_ DIDF$4;$*9. ;$FIC$9 C.D<IC+. ID._ $;- $9D< +94:$F. C.D494.;+. m_
}~*nb
+34.M4;2 DIDF$4;$*9. CIC$9 -.M.9<A:.;F $F F3. ;$F4<;$9 9.M.9 3$D F< +<;D4-.C $99 $DA.+FD F3$F
.:*C$+.F3.$2C$C4$;C.$94FPb<C4;DF$;+.aF.CC4F<C4$9+<;-4F4<;D`$2C<j.+<9<24+$9+<;-4F4<;D`A<94+P
1C$:.N<C8` :$C8.F $++.DD4*494FP` 9$;- $;- ;$FIC$9 C.D<IC+.D $M$49$*494FP` .$D. $++.DD F< 14;$;+.`
F.+3;<9<2P` .-I+$F4<; $;- D.CM4+.D` $;- F3. D<+4<j+I9FIC$9_ .+<;<:4+ $;- -.:<2C$A34+ +<;F.OF
m_}~$nb
.+4D4<;j:$84;24;C$Q493$D$--C.DD.-$+8;<N9.-2.-4DDI.DD4;+.F3.DF$CF<1CIC$9-.M.9<A:.;F
A<94+4.Db<N.M.C_F3.C.4DDF499F3.AC.D.;+.<1*<FF9.;.+8D_N34+3;..-F<*.+3$99.;2.-m_
}~nbC$Q493$D-C4M.;A<94+4.DF<N$C-DF3.-<:.DF4+:$C8.F;4+3.F<4;+9I-.1$:49P1$C:4;24;
$;$2C<j.OA<CF.C+<I;FCPb<;.F3.9.DD_4F3$D9.1F9$+I;$DF3$F3$M.$11.+F.-C$Q49dDA.C1<C:$;+.
mC$.I*.F$9b_}~‚nb<C.<M.C_F3.C.4DDF499$A<CF4<;<1F3.CIC$9A<AI9$F4<;N34+33$D;<F*..;
P.F :.F_ $;- $-7IDF:.;FD 4; F.C:D <1 -.+4D4<;j:$84;2_ :$4;9P C.2$C-4;2 F3. $++.DD4*494FP <1
A<94+4.D$;-AC<2C$::.D$C.C.BI4C.-m_}~nb
3. e$F4<;$9 9$; 1<C IDF$4;$*9. IC$9 .M.9<A:.;F $;- <94-$C4FPf m_ }~n A<4;FD <IF
D<:.<1*<FF9.;.+8D4;;..-F<*.F$+89.-_DI+3$Da
$n IF:<C..11<CFD<;F3.$2C$C4$;C.1<C:4DDI.D_$D4F+<;DF4FIF.D2C.$FA<94F4+$9-4DAIF.4;
D<+4.FP
*n IAA<CFF3.FC$;D4F4<;F<$;$2C<.+<9<24+$9:<-.9<1AC<-I+F4<;
+n FC.;2F3.;F3.F.CC4F<C4$9-.:<+C$F4Q$F4<;AC<+.DD
-n 4M. $FF.;F4<; F< F3. AC<-I+F4M. <C2$;4Q$F4<; 4; F.C:D <1 +<::.C+4$94Q$F4<; 4; <C-.C F<
4;+C.$D.1$:49P1$C:.CsD4;+<:.$;-$FF3.D$:.F4:._AC<M4-.$++.DDF<F3.:$C8.FD„
<CC$.I*.F$9bm}~‚n_F3.C.4D$;4:*$9$;+.4;$++.DDF<A<94+4.DC.2$C-4;2:$C8.FD_14;$;+4$9
D.CM4+.D_C.D.$C+3$;--.M.9<A:.;Fb4:49$C9P_F3.$++.DDF<*.FF.C.-I+$F4<;:$4;9P4;CIC$9$C.$D
4D;<FDI114+4.;Fb3.D$:.$IF3<CDA<4;F<IFF3.;..-F<+C.$F..114+4.;F+<::I;4+$F4<;$:<;2
DF$8.3<9-.CD N4F34; F3. 1$:49P 1$C:4;2 DA3.C._ 4; $ :$;;.C F3$F .;3$;+.D F3. M<4+.D <1 1$:49P
1$C:4;2 F< *. D.F $D AC4<C4FP <1 F3. -.+4D4<;j:$84;2 AC<+.DD 4; F3. +<I;FCPb <IQ$ .F $9b m}}…n
.BI$99P <*D.CM.- F3$F D:$993<9-.CD 3$M. -4114+I9F 4; $-$AF F< ;.N F.+3;<9<24+$9 A$FF.C;Db 3.D.
;-.C94;.24M.;*PF3.$IF3<C
1$C:.CD $C. DFCI229.- *P 94:4F$F4<;D <1 F3. $++.DD F< +$A4F$9_ 9$*<C $;- 9$;-_ F3ID :$84;2 F3.
1$:49P 1$C:.C .M.; :<C. -.A.;-.;F <; 2<M.C;:.;F$9 $+F4<;D $;- +C.-4FD 1<C F3. D.91j
-.M.9<A:.;Fb
; F3. M4.N <1 F3$F_ 4; $942;:.;F N4F3 F3. 29<*$9 2<$9D <1 -.M.9<A:.;F_ N4F3 F3. C$Q494$; AC<j
1$:49P1$C:4;2A<94+4.D_$;-N4F34<-.$;.4C<dDAC<2C$::.D<1DIDF$4;$*9.CIC$9-.M.9<A:.;F_4F
4D 4:A<CF$;F F< I;-.CDF$;- F3. +3$99.;2.D F3. 1$:49P 1$C:4;2 1$+.D_ 4; <C-.C F< 4-.;F41P $;-
+<;FC4*IF.F<+<;D4DF.;FN$PD1<C$;.11.+F4M.CIC$9-.M.9<A:.;Fb
fRfR
32"%7;A0(91%D39/3(C0A%",-220F:-:YZ
fRfReR %(-2-;-323(C0A%",-2YZ
3.F.C:M$9I.+3$4;_$D-.14;.-*P.99Jm}~€n4;2I4-.94;.D_$99I-.DF<$994;F.C-.A.;-.;F
.+<;<:4+$+F4M4F4.D$;-$9994;8.-.+<;<:4+$2.;FD_D4;+.AC4:$CPAC<-I+F4<;_F499+<;DI:AF4<;<1
F3. 14;$9 AC<-I+Fb F +<:AC4D.D $99 .+<;<:4+ $+F4M4F4.D C.9$F.- .b2b AC<+.DD4;2_ -.94M.CP_
N3<9.D$94;2_ C.F$494;2_ .F+b C<-I+F <C $ 2C<IA <1 AC<-I+FD 4D N3$F-.14;.F3.M$9I.+3$4;`4F4D$
A3PD4+$9 +$F.2<CP :$-. <1 2<<-D <C D.CM4+.D FC$-.-_ .b2b F<:$F< M$9I. +3$4; mAC4;2.Cj.4;Q._
}}…*nb
D4;2 .994; u .47.C m}}ƒn N<C-D_ M$9I. +3$4; 4D e$ C$;2. <1 $+F4M4F4.D_ N34+3 $C. C.BI4C.- F<
*C4;2$AC<-I+F<CD.CM4+.1C<:+<;+.AF4<;_F3C<I23F3.-411.C.;FA3$D.D<1AC<-I+F4<;m4;M<9M4;2
$+<:*4;$F4<;<1A3PD4+$9FC$;D1<C:$F4<;$;-F3.4;AIF<1M$C4<IDAC<-I+.CD.CM4+.Dn_-.94M.CPF<
14;$9+IDF<:.CD_$;-14;$9-4DA<D$9$1F.CID.fb -+A9% iC.AC.D.;FD$D4:A9414.-M.CD4<;<1$M$9I.
+3$4;$DAC<A<D.-*P.994;u.47.Cm}}ƒnb++<C-4;2F<C4.;.8.;Dm}~~n_F3.<*7.+F4M.<1
4DF<+C.$F.M$9I.$--.-AC<-I+FD<CD.CM4+.D1<C$:$C8.Fb3.4;1C$DFCI+FIC.4DID.-F<FC$;D1<C:
C.D<IC+.D N4F34; $ +<;F.OF <1 <AA<CFI;4F4.D $;- +<;DFC$4;FD 2I4-.- *P F3. 4;DF4FIF4<;$9
.;M4C<;:.;Fb D -.14;.- *P AC4;2.Cj.4;Q. m}}…*n_ M$9I. $--.- 4D $ :.$DIC. <1 F3. M$9I.
+C.$F.-N4F34;F3.+3$4;_2.;.C$F.-*PF3.<A.C$F<CDg$2.;FD<1F3.+3$4;b;D4:A9.F.C:D_4F4DF3.
-411.C.;+. *.FN..; F3. AC4+.D F3. IADFC.$: $2.;F 2$4;.- $;- F3. AC4+.D 3. A$4- 1C<: F3.
AC.M4<IDDF$2.<1F3.M$9I.+3$4;b
Seed
suppliers
Farmers
Traders
Processors
Exporters/
Importers
Retailers
Consumers
-+A9%iQ-170-(-%$C0A%",-2
42IC.$-$AF.-1C<:.994;u.47.C_}}ƒ
3.F.C:eM$9I.+3$4;f$;-eDIAA9P+3$4;f$C.;<C:$99P4;F.C+3$;2.$*9.m.F$9b_}~nb3.P
3$M.F3.D$:.DFCI+FIC.*$D.-<;$;$2C4+I9FIC$9AC<-I+F_DF$CF4;2N4F3F3.AC<-I+F4<;IAF<F3.
14;$9 +<;DI:AF4<;b ;- 4F 4;M<9M.D $+F4M4F4.D DI+3 $D AC<+.DD4;2_ A$+84;2_ DF<C$2._ FC$;DA<CF $;-
-4DFC4*IF4<;m_}}‚nb
3. M$9I. +3$4; 4D M.CP +<:A9.O_ $++<C-4;2 F< AC4;2.Cj.4;Q. m}}…$nb D 3. .OA9$4;D_ F3C..
-411.C.;F +<:A<;.;FD -.14;. 4Fb mn 4CDF_ $ D.BI.;+. <1 *ID4;.DD C.9$F.- $+F4M4F4.D <C 1I;+F4<;D_
4;+9I-4;2 DIAA9P <1 4;AIFD_ AC4:$CP AC<-I+F4<;_ FC$;D1<C:$F4<; $;- 14;$9 D$9. F< +<;DI:.CDb mn
.+<;-_ $ D.F <1 .;F.CAC4D.D <C <A.C$F<CD F3$F 3$;-9.D F3. A.C1<C:$;+. <1 $+F4M4F4.D_ 4b.b
AC<-I+.CD_AC<+.DD<CD_FC$-.CD_$;-<F3.C$2.;FDbmn;-F34C-_$*ID4;.DD:<-.9+3$C$+F.C4DF4+<1
F3.A$CF4+I9$CAC<-I+Fb
fRfRfR ,%"32"%7;3(C0A%",-220F:-:YZ
3. M$9I. +3$4; $;$9PD4D mn_ 4; F3. M4.N <1 .99J m}~€n_ 4D F3. $DD.DD:.;F <1 $ D.+F<C <1 $;
.+<;<:4+ DPDF.:b 3. $2.;FD <1 F3. M$9I. +3$4;_ C.DA<;D4*9. 1<C F3. AC<-I+F4<; $;- F3.
-4DFC4*IF4<; AC<+.DD.D_ $C. +<;;.+F.- *P F.+3;4+$9_ F.CC4F<C4$9_ .+<;<:4+_ D<+4$9 $;- 4;DF4FIF4<;$9
C.9$F4<;D34ADm.99J_}~€nb4D$BI$94F$F4M.$;-BI$;F4F$F4M.+<;+.AFI$9F<<9m.994;u.47.C_
}}ƒnb F 4-.;F414.D :4D$942;:.;FD 4; 1<<- +3$4;D $;- :4D$99<+$F4<;D <1 C.D<IC+.D_ $;- A4;A<4;FD
F3.<AA<CFI;4F4.D1<C4:AC<M.:.;Fm.$C;..F$9b_}~`$P9<C_}}‚nb
++<C-4;2F<F3.:.F3<-<9<24+$92I4-.94;.D1<CNC4FF.;*P.99Jm}~€n_ID.-1<CF3.AICA<D.
<1F34DDFI-P_F3.M$9I.+3$4;$;$9PD4D4D+<:A<D.-<1D4O$;$9PF4+$9-<:$4;Db3.D.-<:$4;D$C.
;.+.DD$CP F< 4-.;F41P F3. +<;DFC$4;FD_ <AA<CFI;4F4.D_ DFC.;2F3D_ $;- N.$8;.DD.D F< *. $--C.DD.-
*PF3.-.+4D4<;j:$84;2bD3.DF$F.D_F3.P+<:AC4D.a
b
<+4<j.+<;<:4++<;F.OF<1F3.a<IF94;.DF3.D<+4<j.+<;<:4++<;F.OF4;N34+3F3.M$9I.
+3$4; -.M.9<AD_ 4-.;F41P4;2 4DDI.D DI+3 $D F3. 2.<DFC$F.24+_ :$+C<j.+<;<:P $;- D<+4$9
D4FI$F4<;<1F3.+<I;FCP
b
.:$;-1<CAC<-I+FDaDFI-4.DF3.+<;DI:.CD4-._9<<84;2$FF3.+ICC.;F$;-A<F.;F4$9
-.:$;-_$;-:$C8.FFC.;-D
b
;$9PD4D <1 F3. 4;DF4FIF4<;$9 D.FjIA <1 F3. a 4-.;F414.D_ BI$;F414.D $;- -.D+C4*.D F3.
<A.C$F4<;D$;-$2.;FD+$CCP4;2<;F3.D.$+F4M4F4.D4;F3.
b
;$9PD4D<14;AIF$;-<IFAIF:$C8.FDa$;$9PQ.DF3.*.3$M4<C<1F3.:$C8.F_F3.-.2C..<1
+<:A.F4F4M.;.DD_N34+3+<;FC4*IF.DF<F3.A.C1<C:$;+.
b
I;+F4<;$9 $;$9PD4D <1 F3. a 4-.;F414.D_ BI$;F414.D $;- -.D+C4*.D F3. <A.C$F4<;D $;-
$2.;FD+$CCP4;2<;F3.D.$+F4M4F4.D4;F3.
b
+<;<:4+$;$9PD4D<1F3.a$++.DD.DF3.M$9I.+3$4;+C.$F4<;4;BI$;F4F$F4M.F.C:D$;-
F3.-4DFC4*IF4<;<1M$9I.j$--.-$;-:$C24;DF3C<I23F3.M$9I.+3$4;
fRfRgR ,%7793",3(C0A%",-220F:-:YZ(39$%"-:-32W1/-2+
<M.C;:.;FD_ -<;<CD $;- D 3$M. ID.- F3. M$9I. +3$4; -.M.9<A:.;F $AAC<$+3 1<C CIC$9
A<M.CFP$99.M4$F4<;AC<2C$:D_<M.CF3.A$DF-.+$-.DmF<4$;.F$9b_}~nb$9I.+3$4;$;$9PD4D4D$
F.C:+<::<;9PID.-4;F3.*ID4;.DD:$;$2.:.;F-<:$4;bIF4F3$DD3<N;2<<-C.DI9FDN4F3F3.
$DD4DF$;+.<1D:$991$C:.CDF<<*F$4;*.FF.C$++.DDF<F3.:$C8.FDm
IC<A.$;<::4DD4<;_}~~nb
D DF$F.- *P .99J m}~€n_ F3. $AAC<$+3 <1 4; F3. -.+4D4<;j:$84;2 ;..-D F< $;$9PQ. F3.
D4FI$F4<; <1 F3. M$9I. +3$4; 3<94DF4+$99Pb 3. -411.C.;F .+<;<:4+_ .;M4C<;:.;F$9 $;- D<+4$9
-4:.;D4<;D ;..- F< *. +<;D4-.C.-_ F< 4-.;F41P <AA<CFI;4F4.D 1<C 4:AC<M.:.;F 4;F< F3. $9C.$-P
.O4DF4;2 $;- 4:A$+F4;2 A<94+P 1C$:.b F 4D 4:A<CF$;F F< -.F.C:4;. F3. A<94+4.D 34;-.C4;2 F3.
-.M.9<A:.;F $;- -.F.+F F3. 4;DF4FIF4<;D $;- <C2$;4Q$F4<;D .;2$2.- 4; F3. -.+4D4<;j:$84;2
AC<+.DDm.994;u.47.C_}}ƒnb
F<4$;.F$9bm}~n$DDI:.F3$F4F4D4:A<CF$;FF<*.$N$C.$;-1<+IDF3..11<CFD<1M$9I.+3$4;
$;$9PD4D <; F3. I;1$M<C$*9. 2C<IADb < :$8. DIC. F3$F F3.D. 2C<IAD 3$M. F3. :4;4:I: $DD.F
F3C.D3<9-D F< F$8. A$CF4+4A$F4<; 4; F3. M$9I. +3$4; 4;4F4$F4M.Db D 3. $114C:D_ ;<C:$99P F3.
4;F.CM.;F4<;D4;M$9I.+3$4;D*P2<M.C;:.;FD-<;<FF$8.4;F<+<;D4-.C$F4<;F3.-4114+I9F4.D<1F3.
CIC$9 A<<C_ N3< 1$+. FC$-.j<11D <C 3423.C C4D8D <; 4;M.DF:.;FD N4F3 F3. 24M.; C.D<IC+.Db D
C.M.$9.- *P <;<M$; u <<9. m}~n_ A<94+P :$8.CD $;- -.M.9<A:.;F AC$+F4F4<;.CD $C. 9$+84;2
$-.BI$F. 2I4-$;+. F< -.M.9<A F3. C423F 4;F.CM.;F4<;D 1<C IA2C$-4;2 F3. +<;-4F4<; <1 F3.
D:$993<9-.CF<N$C-D3423.CM$9I.:$C8.FD_+<;D.BI.;F9P3.9A4;2F3.:F<+94:*<IF<1A<M.CFPb
D34239423F.-*P.99Jm}~€n_M$9I.+3$4;$;$9PD4D3$D*..;$DI4F$*9.F<<9F<4;M.DF42$F.F3.C<9.
<1 4; A<94+4.D F$C2.F4;2 A<M.CFP $99.M4$F4<;_ 1<<- D.+IC4FP_ DIDF$4;.- 2C<NF3 $;- C.-I+F4<; <1
4;.BI$94FPb3.4-.;F414.DF3.:<DFMI9;.C$*9.2C<IADN4F34;F3.+3$4;_$;-1ICF3.C9<<8D$F
F3.<AF4<;D1<CC.D<IC+.DC.$99<+$F4<;F<AC<M4-.$;DN.CD1<CA<94+P:$8.CD+<;+.C;4;2D+.;$C4<D
<14;F.CM.;F4<;b
9F3<I23_-.:<;DFC$F.-+<;D4-.C$*9.4:A$+F4;C.+.;F-.M.9<A:.;FDFI-4.Dm4F+3.99.F$9b_
}}†n_4F+$;;<F*.+<;D4-.C.-$eA$;$+.$F<CIC$9-.M.9<A:.;FfmF<4$;.F$9b_}~nb+$;*.
C$F3.C C.2$C-.- $D $ D4:A9. DFC$F.2P m
IC<A.$; <::4DD4<;_ }~~n 1<C F3. +<:A9.O4FP <1
$2C4+I9FIC$9 DPDF.:D mF<4$; .F $9b_ }~nb F :.$;D $ F<<9 F< -4$2;<D. +C4F4+$9 4DDI.D $;-
*<FF9.;.+8D 1<C F$C2.F A$CF4+I9$C 2C<IAD $;- 1ICF3.C DI22.DF 4;F.CM.;F4<;D $*9. <1 +3$;24;2
m4F+3.99.F$9b_}}†nb3.DI++.DD<1$+FI$9-.M.9<A:.;F4D$+<;D.BI.;+.<1F3.4:A9.:.;F$F4<;
<1F3.DFC$F.2P_$C.DI9F<1AC$+F4+$9:.$DIC.D$AA94.-*P9<+$9DF$8.3<9-.CD$;-AI*94+4;DF4FIF4<;D
m
IC<A.$;<::4DD4<;_}~~nb
fRfRhR C%9C-%D3(9%"%2;:;A$-%:32;,%(-%0$
3.+$-.:4$3$DC$C.9PA<CFC$P.-F3.14.9-<1<;DIDF$4;$*9.CIC$9-.M.9<A:.;FDFI-4.Db;
1$+F_4F4D$F.C::<C.1C.BI.;F9PID.-4;F3.*ID4;.DD:$;$2.:.;F4;F3..+<;<:4+-<:$4;_$;-
7IDF C.+.;F9P 4F 3$D *..; $AAC<$+3.- 4; F.C:D <1 -.M.9<A:.;F 2<$9Db 3. .O$:A9.D 3.C.
AC.D.;F.- $C. 1<+ID.- <; F3. I;-.CA.C1<C:$;+. <1 -.M.9<A4;2 +<I;FC4.Dd M$9I. +3$4;D $;- $9D<
<;<AA<CFI;4F4.D1<C4:AC<M.:.;F$;-$-7IDF:.;F;..-Db
<C .O$:A9._ 4I94$;4 m}}„n 4-.;F414.- F3$F F3. $2C<j*4<-4M.CD4FP +$; *. $; $DD.F F< F3.
-.M.9<A:.;F<1:$C8.FD$;-.;3$;+.<AA<CFI;4F4.D1<CDFC.;2F3.;4;2-CP9$;-.+<;<:4.Db3<4
m}~€n <*D.CM.- :4D$942;:.;FD 4; F3. -$4CP M$9I. +3$4; 4; 4.F;$:_ 4-.;F41P4;2 F3$F F3. M$9I.
$--.-+C.$F4<;N$DI;.BI$99P-4DFC4*IF.-_$11.+F4;2:<C.1$C:.CDF3$;*42AC<+.DD4;2+<:A$;4.Db
3$344-$*FID$.F$9bm}~nDFI-4.-F3.3<CF4+I9FIC.4;-IDFCP<1$9$PD4$_N4F3F3.1<+ID<;F3.
4;F.C:.-4$C4.Dd C<9.D N4F34; $ M$9I. +3$4; 4; FC$;D1<C:$F4<;b F.M.;D m}}~n 1<+ID.- <; FC$-.
A<94+P1<CM$9I.+3$4;$;$9PD4D_*.4;24:A<CF$;FF<+<;D4-.C-.:$;-AC<F.+F4<;$;-AC.1.C.;+.D_
.DA.+4$99PN3.;F3.FC$-.C.9$F4<;4D*.FN..;-.M.9<A.-$;--.M.9<A4;2+<I;FC4.Db;F3.D$:.
94;._.C.114.F$9bm}}‚n$9D<A<4;F<IFF3.-4114+I9F4.D<1 -.M.9<A4;2+<I;FC4.DF<2$4;$++.DDF<
:$C8.FD_:$4;9P-I.F<C4D8D<1.O+9ID4<;b
C4.;.8.;Dm}~~nDFI-4.-F3.+<:A<;.;FD<1M$9I.+3$4;$;$9PD4D4;-.M.9<A4;2+<I;FC4.Db;34D
<A4;4<;_ F3. +<:A<;.;FD $C. F3. ;.FN<C8 DFCI+FIC. m:$C8.F +3$;;.9 C.9$F4<;D34ADn_ F3. M$9I.
$--.- m8.P +<:A.F4F4M. $4:n $;- F3. 2<M.C;$;+. DFCI+FIC. m<C2$;4Q$F4<;$9 $CC$;2.:.;FDnb 4D
DFI-P +<;FC4*IF.- F< *.FF.C I;-.CDF$;-4;2 F3. M$9I. +3$4; IA2C$-4;2 AC<+.DD_ N34+3 :423F *.
34;-.C.- *P +<;DFC$4;FD DI+3 $D :$C8.F C.DFC4+F4<;D_ N.$8 4;1C$DFCI+FIC.D_ 9$+8 <1 C.D<IC+.D $;-
4;DF4FIF4<;$9M<4-Db
; F3. 4;DF4FIF4<;$9 DA3.C._ F3. 14.9- <1 3$D 2$4;.- :<C. M4D4*494FP $;- 3$D *..; 1C.BI.;F9P
ID.- $D $ -.+4D4<;j:$84;2 F<<9 1<C -.M.9<A:.;F :.$;D 4; CIC$9 A<M.CFP .C$-4+$F4<; $;- 1<<-
D.+IC4FPb 3. A<CF$9 "<9 m_ }~~$n_ AC<M4-.D C.D<IC+.D 1<C A<94+P :$84;2b .D<IC+.D
+<;F$4; 4DDI. A$A.CD_ $;$9PF4+$9 F<<9D_ +$D. DFI-4.D_ :.F3<-<9<24+$9 2I4-.94;.D $;- <F3.C
+<;+.AFI$9$;-F.+3;4+$9:$F.C4$9D_DA.+4$99P-.D42;.-1<CA<94+P:$8.CDN3<N4D3F3.M$9I.+3$4;
$;$9PD4D$AAC<$+3b48.N4D._F3.#me.IFD+3..D.99D+3$1F1LC.+3;4D+3.#ID$::.;$C*.4Ffn…_
4; +<j<A.C$F4<; N4F3 F3. .C:$; .-.C$9 4;4DFCP 1<C +<;<:4+ <<A.C$F4<; $;- .M.9<A:.;F_
-.M.9<A.- $ :$;I$9 +$99.- e$9I.4;8Df 4; }}… 1<C M$9I. +3$4; $;$9PD4D 1<+ID.- <; F3.
:.F3<-<9<2P<1M$9I.+3$4;AC<:<F4<;mAC4;2.Cj.4;Q._}}…*nb
3. IC<A.4- C<2C$::. m
IC<A.$; <::4DD4<;_ }~~n 34239423FD F3. 4:A<CF$;+. <1 4;+9ID4M.
M$9I. +3$4;D_ 4; <C-.C F< DIAA<CF F3. D:$99jD+$9. AC<-I+.C $++.DD F< F3. :$C8.FD_ F3ID_
+<;FC4*IF4;2 F< F3. CIC$9 N.99j*.4;2 $;- 1<<- D.+IC4FPb 9D<_ 4F+3.99 .F $9b m}}†n A.C1<C:.- $
DFI-P 1<C e<:.C+4< P <*C.Q$ .; $F4;<$:/C4+$f $;- F3. eM.CD.$D .M.9<A:.;F
;DF4FIF.f ID4;2 F3. $AAC<$+3 F< *.;.14F F3. CIC$9 A<<Cb 3.D. 4;DF4FIF4<;$9 -.M.9<A:.;F
DFI-4.D 3$M. D3<N; F3$F IA2C$-4;2 F3. D:$99 3<9-.C m$D $ F$C2.F 2C<IAn A<D4F4<; 4; F3. M$9I.
+3$4;D 4D $ :$FF.C <1 4:AC<M4;2 F3. DIDF$4;$*9. $++.DD F< F3. :$C8.FD <1 M$9I. +3$4;D_ F3ID
4;+C.$D4;2 F3. AC<14FD <1 F3. F$C2.F 2C<IA_ $;- F3.; .;$*94;2 F3. .;M4C<;:.;F 1<C F3. CIC$9
-.M.9<A:.;Fb3.M$9I.+3$4;$;$9PD4D3.9ADF<.OA9$4;eN3PfF3.9.DD1<CFI;$F.:$P1$+.*$CC4.CD
F<FC$-4;2$;-F3.;e3<NfF3.P+$;<M.C+<:.F3.D.4DDI.Dm
IC<A.$;<::4DD4<;_}~~`4F+3.99
.F$9b_}}†nb
.M.CF3.9.DD_ 4F 4D 1I;-$:.;F$9 F< +<;D4-.C F3$F 4:AC<M.- :$C8.F $++.DD $9<;. 4D ;<F +.CF$4; F<
3$M. $ *<9- 4:A$+F <; CIC$9 A<M.CFP C.-I+F4<;_ 41 I;-.C9P4;2 +<;DFC$4;FD <; 3<ID.3<9-Dd
4;M.DF:.;FD $;- $DD.FD $C. ;<F $--C.DD.- $-.BI$F.9P m<;<M$; u <<9._ }~nb F<4$; .F $9b
m}~nA<4;F<IFF3$F94FF9.4D8;<N;$*<IFF3.4:A$+FD<1F3.M$9I.+3$4;-.M.9<A:.;F$AAC<$+3
<; CIC$9 A<M.CFP 4DDI.Db . $114C:D F3$F $ 9<F <1 CIC$9 A.<A9. +<;F4;I. F< *. 4; MI9;.C$*9.
+<;-4F4<;Db.$9D<DI22.DFDF3.;..-F<4:AC<M.F3.I;-.CDF$;-4;2<1AC<jA<<C4;F.CM.;F4<;D4;
M$9I.+3$4;D_F3IDP.F_F3.+ICC.;F8;<N9.-2.4D4;DI114+4.;FC.2$C-4;2:$;P+CI+4$94DDI.Db
3.;F.C;$F4<;$9I;-1<C2C4+I9FIC$9.M.9<A:.;Fmn3$D-.M.9<A.-M$9I.+3$4;14;$;+.1<C
$2C4+I9FIC._ D4;+. F3. D:$99 3<9-.CD AC.M$49 <M.C F3. 9$C2. A<CF4<; <1 F3. A<<C CIC$9 A.<A9. 4;
-.M.9<A4;2+<I;FC4.Db3.D.A.<A9.$C.4:A<CF$;FF$C2.F2C<IA_+<;D4-.C4;2F3.4;+C.$D.4;D<+4<j
.+<;<:4+N.91$C.$;-F3.4:AC<M.:.;F<11<<-D.+IC4FPDF$FIDm_}~nb
8
Today the GTZ is part of the GIZ (Deutsche Gesellschaft für Internationale Zusammenarbeit)
<C.<M.C_.$C;..F$9bm}~nDI22.DF$:<C.3<94DF4+$AAC<$+34;_4;+<CA<C$F4;2F3.F3C..
A499$CD <1 DIDF$4;$*494FP mD<+4$9_ .;M4C<;:.;F$9 $;- .+<;<:4+n_ $;- ;<F *.4;2 ID.- :.C.9P $D $;
.+<;<:4+ F<<9b 34D 1$+F 4D $942;.- N4F3 <<D$P .F $9b m}~n_ N34+3 ID.- F3. DIDF$4;$*9. F<
4-.;F41P C.D<IC+.D $99<+$F4<; $;- +<;DI:.C AC.1.C.;+.Db 3.P 34239423F F3. 4:A<CF$;+. F<
$AAC<$+33<94DF4+$99P4;$AC<-I+F<C$+3$4;_.M.;4;$*ID4;.DDA.CDA.+F4M.bF<4$;.F$9bm}~n
$9D<$114C:F3$FAC<jA<<CM$9I.+3$4;-.M.9<A:.;FF.;-DF<9$+8$:<C.3<94DF4+A.CDA.+F4M.b
3.C.1<C._F3.DIDF$4;$*9.M$9I.+3$4;+<;+.AF4D;<NI;-.CF3.2I4-4;2AC4;+4A9.D*.+$ID.4F
+<;DF4FIF.D$A$C$-42:<1-.M.9<A:.;Fb3.m_}~*n-.14;.DF3.DIDF$4;$*9.M$9I.+3$4;$D$
DI: <1 $--.- M$9I. $+F4M4F4.D <1 1$C:D $;- 14C:Db 3.D. $+F4M4F4.D 4;+9I-. F3. AC<-I+F4<; <1
$2C4+I9FIC$9 C$N :$F.C4$9_ F3. FC$;D1<C:$F4<; 4;F< 1<<- AC<-I+FD_ $;- F3. FC$-. F< 14;$9
+<;DI:.CDb <N.M.C_ $D DF$F.D_ F3.D. $+F4M4F4.D *.D4-.D *.4;2 AC<14F$*9._ ;..- F< *C4;2
*.;.14FDF<F3.D<+4.FP$;--<;<F-.A9.F.F3.;$FIC$9C.D<IC+.Db
3.D. $DA.+FD <;9P C.:$C8 F3. 4:A<CF$;+. 4; AICDI4;2 DFI-4.D $;- 4:AC<M4;2 $AAC<$+3.D $;-
:.F3<-<9<24.D+<:AC4D4;2F3.:$;P4;F.C1$+.D<1F3.DIDF$4;$*9.-.M.9<A:.;F<1$M.CP+<:A9.O
DPDF.:_4;N34+3$2C4+I9FIC.+<;DF4FIF.Db
gR
Q
34DDFI-PN$D3.9-4;F3.CIC$9$C.$<14<-.$;.4C<F$F._C$Q49bN<C.D.$C+3$C.$DN.C.ID.-
F<$;$9PQ.FN<-4DF4;+FM$9I.+3$4;D-.;<:4;$F.-$De$9I.3$4;fk<11..4;F3.<CF3N.DF
.24<;`$;-e$9I.3$4;fk<CF4+I9FIC.4;F3.<I;F$4;.24<;b3.P$C.-.F$49.-$D1<99<Nb
gReR
0A%,-2Q3((%%
3. M$9I. +3$4; m+<11..n 4D 9<+$F.- 4; F3. :I;4+4A$94FP <1 $CC.j$4_ A$CF <1 F3. C4M.C *$D4;
eF$*$A<$;$fb 3. 14.9- C.D.$C+3 N$D 3.9- 4; F3. :4+C<j*$D4;D e4*.4C(< -$ ;,$f m~n $;-
e$CC.j$4fmn_C.AC.D.;F.-*P;I:*.CDe~f$;-ef_C.DA.+F4M.9P4;-+A9%jb
-+A9%jQ-%0$:;A$F9%:3(0A%,-2Y3((%%Z
I;4+4A$94F4.D4;2C..;_:4+C<j*$D4;D4;P.99<N_14.9-DFI-P$C.$DC.AC.D.;F.-*P;I:*.CD<;F3.9.1Fb<IC+.a$A
1C<:
C<7.+FmI;AI*94D3.-n_}~‚
gReReR A119F3(;,%1A2-"-70-;F99%W-
$CC.j$44D$:I;4+4A$94FP<14<-.$;.4C<F$F._$:4+C<jC.24<;<1F$A.CI;$$;-:.D<jC.24<;<1
F3. 9I:4;.;D.dD <CF3N.DF .24<;b 3. :I;4+4A$94FP 3$D $ F.CC4F<CP <1 ~†}_}ƒ~ : m
_
}~‚*nb 3. +4FP 3$D †_„‚ 4;3$*4F$;FD_ $++<C-4;2 F< F3. 9$DF .;DID m
_ }~}$nb 3. I:$;
.M.9<A:.;F ;-.O mn 4D }bƒ‚† m .F $9b_ }~€nb $CC.j$4 3$D $ e3423j$9F4FI-. FC<A4+$9
+94:$F.fmN*n_+<;D4DF.;FN4F3F3.@AA.;j.42.C+9$DD414+$F4<;m<FF.8.F$9b_}}ƒnb34D+94:$F.
3$D+<<9.CF.:A.C$FIC.D-I.F<F3.$9F4FI-.<1F3.:<I;F$4;<IDC.24<;D<1F3.F$F.m
_
}~‚nb
3.:I;4+4A$94Dy~€b€„…F3<ID$;-b<;D4-.C4;2F3$F+<11..4D<;.<1F3.:$4;.+<;<:4+
$+F4M4F4.D m
j_ }~‚*nb $CC.j$4 4D F3. 9$C2.C AC<-I+.C <1 +<11.. C$*4+$_ C.AC.D.;F4;2
€b†‰<1F3.AC<-I+F4<;<14<-.$;.4C<_$;-}b…‰<1F3.<1F3.I;4+4A$94FPm
j
4<_}~€*`
_}~€nb3.F<IC4D:4D$9D<$D42;414+$;F.+<;<:4+$+F4M4FP_<C2$;4Q4;21.N+I9FIC$9
$;-C.24<;$91.DF4M$9$;-.M.;FD<1F3.P.$C$;-3<9-4;2D<:.F<IC4DFDA<FDmC.1.4FIC$I;4+4A$9
$CC.j$4_}~‚nb
gReRfR ,9";%9-:;-":3(e2$f
3. :4+C<j*$D4; e4*.4C(< -$ ;,$f m~n +C.$F.D F3. :I;4+4A$9 94:4F <1 $CC.j$4 $;-
<C+4K;+I9$b~3$D$;$C.$<1€_~†…3$$;-$9.;2F3<1~8:b3.:4+C<j*$D4;<1F3.DFC.$:
e$CC.j$4f mn 4D 4; F3. D<IF3N.DF.C; A$CF <1 F3. :I;4+4A$94FP <1 $CC.j$4_ $;- 4F 4D F3.
AC4:$CPD<IC+.<1N$F.C1<CF3.IC*$;$C.$<1F3.+4FPb3$D$;$C.$<1ƒ_…~3$$;-9.;2F3<1
…8:bm4<IC$9j
_}~‚*_}~‚$`
j_}~‚$nb
<F3 :4+C<j*$D4;D 3$M. D4:49$C +94:$F. +3$C$+F.C4DF4+Db 3. $M.C$2. F.:A.C$FIC. 4; F3. 
e$CC.j$4f 4D }wb 3. $M.C$2. $;;I$9 AC.+4A4F$F4<; 4D <1 ~_}} :: N.99 -4DFC4*IF.- <M.C F3.
P.$C_ N4F3 DA<C$-4+ 3$49_ N4F3<IF A.C4<-D <1 AC<;<I;+.- -C<I23F_ $;- F3. AC.D.;+. <1 N$C:
DI::.C m4< IC$9 j _ }~‚$nb ; F3. ~ e4*.4C(< ;,$f_ F3. DI::.C $9D< 4D N$C: $;-
3I:4-_ $;- F3. N4;F.C 4D IDI$99P +<9-b 3. $M.C$2. AC.+4A4F$F4<; 4D ~_}} :: A.C P.$C_ IDI$99P
+<;+.;FC$F.- -IC4;2 F3. DAC4;2jDI::.C A.C4<- m
j_ }~‚$nb 3. M.2.F$F4<; <1 *<F3
N$F.CD3.-D+<;D4DFD<1C$4;1<C.DF4;:<I;F$4;<IDF.CC$4;N4F3C.:$4;4;2$C.$D<1F9$;F4+1<C.DF
m4<IC$9j
_}~‚*_}~‚$nb
;2.;.C$9_F3.AC<O4:4FP<1F3.F<F3.IC*$;+.;F.C<1$CC.j$41$+494F$F.DF3.$++.DDF<*$D4+
D.CM4+.Db3.C.$C.1<IC3.$9F3+.;F.CD4;F3.+4FP_$DC.A<CF.-*P
m}~‚$n_$;-2<<-BI$94FP
AC4:$CPD+3<<9D:$4;9P1<CF3.m
j_}~‚*nb;F3.<F3.C3$;-_F3.~_N34+34D
:<C. -4DF$;F_ 3$D 4;DI114+4.;F *$D4+ D.CM4+.D_ DI+3 $D FC$;DA<CF$F4<;_ *.FF.C .-I+$F4<;_ 3.$9F3_
N$DF.+<99.+F4<;_D$;4F$F4<;$;-D<1<CF3m
j_}~‚$nb
gReRgR 9+2-G;-323(9A90"311A2-;-%:-2e2$f
3.~e4*.4C(<-$;,$f3$D1<IC1$C:.CdD$DD<+4$F4<;Db3.14.9-N<C8.:*C$+.-FN<<1F3.D.
1$C:.CdD $DD<+4$F4<; +<::I;4F4.D_ +$99.- e<$ .;FIC$f $;- e.2C.-<fb 3. :$4; AC<*9.: <1
F3.D. $DD<+4$F4<;D 4D_ $D C.A<CF.- *P j m}~‚$n_ F3$F F3.P $C. ;<F N.99 <C2$;4Q.- $;-
3$M. 4CC.2I9$C -<+I:.;F$F4<;_ N34+3 +<:A94+$F. F3.4C A$CF4+4A$F4<; 4; F3. 2<M.C;:.;F$9
AC<2C$:Db ; F3.  e$CC.j$4f_ :$;P <1 F3. 8;<N; C.;<N;.- 1$:49Pj*$D.- 1$C:.CD N.C.
4;F.CM4.N.-b3.C.N$DF3.<AA<CFI;4FPF<+<;F$+FF3.+<<A.C$F4M.
_N34+3+<I;FD
N4F3~}$DD<+4$F.-1$C:.CD4;$CC.j$4$;-<F3.CC.24<;D<14<-.$;.4C<_$D.CC.4C$DF$F.-4;
F3. 4;F.CM4.N m77%2$-E lnb <N.M.C_ F3. +<<A.C$F4M. N$D $*<IF F< *. 9$I;+3.- <;9P $ 1.N
:<;F3D$1F.CF3.14.9-N<C8_$;-F3.+<;DFCI+F4<;N$D;<F14;4D3.-P.F-IC4;2F3.C.D.$C+3A.C4<-b
gRfR
0A%,-2Q39;-"A0;A9%
3.M$9I.+3$4;m<CF4+I9FIC.n4D4;F3.<I;F$4;.24<;me.CC$;$f.24<;n_4;F3.:I;4+4A$94FP
<1<M$C4*IC2<_A$CF<1F3.C4M.C*$D4;e$+4$<4D4<Dfb3.C.D.$C+3F<<8A9$+.4;F3.:4+C<j
*$D4;De$;F$CIQfm€n$;-e$CC$+(<-<D.;-.Dfmn_;I:*.CDe€f$;-ef_C.DA.+F4M.9P
4;-+A9%kb
-+A9%kQ-%0$:;A$F9%:3(0A%,-2Y39;-"A0;A9%Z
I;4+4A$94F4.D4;2C..;_:4+C<j*$D4;D4;P.99<N_14.9-DFI-P$C.$DC.AC.D.;F.-*P;I:*.CD<;F3.9.1Fb<IC+.a$A
1C<:
C<7.+FmI;AI*94D3.-n_}~‚
gRfReR A119F3(;,%1A2-"-70-;F3C9-!A9+3
<M$C4*IC2<9<+$F.D4;F3.<I;F$4;.24<;<14<-.$;.4C<F$F._4;F3.C.24<;$99I:4;.;D.dD
+.;F.Cb3.$F4FI-.4DR~ƒs‚‚t$;-9<;24FI-.4D€~s‚tm_}~‚n_7IDF~€ƒ8:$N$P
1C<:F3.+$A4F$9<14<-.$;.4C< m;4+4$F4M$2.;-$~<:A.C7_}~‚*nb3.$C.$<1F3.+4FP4D
$*<IF†€€_~8:b3.F<F$9;I:*.C<14;3$*4F$;FDN$D~…_}…4;}~}m9$DF.;DIDn_$;-F3.
I:$;.M.9<A:.;F;-.O4D}b„‚m
_}~}$_}~‚$`.F$9b_}~€nb
3. C.24<; AC.D.;FD $ :<I;F$4; I;-I9$F.- C.94.1 4;4F4$99P +<M.C.- *P F3. e$F$ F9';F4+$f
C$4;1<C.DFm+3N.;+8_}}…nb3.9$;-D+$A.4D+3$C$+F.C4Q.-*P3499D_+<$DF$9A9$4;D4;$:<I;F$4;
C$;2.$;-AC.+4A4F$F4<;9.M.9D<;$M.C$2.<1~}}}j~„‚}::_$+34.M4;24;D<:.F4:.DF3.9.M.9<1
}}}::$;;I$99PmC$D49.F$9b_~††ƒnb3.1<C.DF4D:<C.+<;+.;FC$F.-4;3423.C$9F4FI-.$C.$D_
*IF4;CIC$9$C.$D4F4D:<C.-.1<C.DF.-_-I.F<F3.$2C4+I9FIC$9$;-94M.DF<+8AC<-I+F4<;m;4+4$F4M$
2.;-$ ~ <:A.C7_ }~‚*nb 3. +94:$F. 4D F3. e3423j$9F4FI-. FC<A4+$9 +94:$F.f mN*n_ ID4;2 F3.
+9$DD414+$F4<; <1 F3. @AA.;j.42.C m<FF.8 .F $9b_ }}ƒnb 3$C$+F.C4Q.- *P :49- F.:A.C$FIC.D 4;
DI::.C$;-+<9-4;N4;F.C_N4F31<IC-4DF4;+FD.$D<;Dm_}~‚nb
F3$D*..;C.24DF.C.-F3.<++ICC.;+.<1.C<D4M.AC<+.DD.D_;<F$*9P+3$C$+F.C4Q.-*P4;F.;D.D3..F
$;- 2I99P .C<D4<;_ .M.;FI$99P D49F$F4<; $;- :$F.C4$9 -.F$+3:.;Fb 3. D.M.C. -.1<C.DF$F4<;
4;F.;D414.D F3. DIC1$+. CI;<11_ N34+3 3$D C.+.;F9P -.M.9<A.- 4;F.;D. 19<<-D_ $;- 9$;-D94-.D F3$F
3$--.M$DF$F.-D.M.C$9+4F4.D;.$C*PF3.:<I;F$4;C.24<;m+3N.;+8_}}…nb;}~~_F3.+4FPN$D
<;.<1F3.:<DF$11.+F.-M4+F4:D<1F3.2C.$F.DF;$FIC$9-4D$DF.C<++ICC.-4;C$Q49b3.-4D$DF.C
N$D AC<M<8.- *P 3.$MP C$4;D_ N34+3 +$ID.- $ F<99 -.$F3 4; F3. +4FP <1 €_ $;- 9.1F F3. F<N;
+<:A9.F.9P4D<9$F.-$;--.M$DF$F.-m;4+4$F4M$2.;-$~<:A.C7_}~‚*nb
<M$ C4*IC2< 3$D $ N.99j-.M.9<A.- ;.FN<C8 <1 1$:49P 1$C:D_ -.DA4F. F3. AC.+$C4<ID;.DD <1
.-I+$F4<; $;- 3.$9F3 D.CM4+.D 4; F3. CIC$9 $C.$D m;4+4$F4M$ 2.;-$ ~ <:A.C7_ }~~nb 3.
:I;4+4A$9F<F$94Q.Dy€_~ƒ_……b}}F3<ID$;-_4;N34+3$2C4+I9FIC.+<;FC4*IF.DF<b‰b3.
:$4; .+<;<:4+ $+F4M4F4.D $C. F3. F<IC4D:_ 4;F4:$F. $AA$C.9 4;-IDFCP_ +IF 19<N.CD_ 3<CF4+I9FIC._
2<$F AC<-I+F4<; $;- <F3.C 4;-IDFC4.D_ .b2b F.OF49.D_ +9<F34;2_ :.F$9_ .F+b m_ }~‚nb <M$
C4*IC2< 4D F3. 9$C2.DF +.;F.C <1 4;F4:$F. 1$D34<; $AA$C.9 :$;I1$+FIC.CD 4; C$Q49_ $;- $9D< $;
4:A<CF$;FC.24<;$9+.;F.C<1F3.:.F$9N<C84;24;-IDFCPm;4+4$F4M$2.;-$~<:A.C7_}~‚*nb
gRfRfR ,9";%9-:;-":3(g2$h
3. € e$;F$ CIQf +<:AC4D.D F3. C4M.C e4< C$;-.f $;- F3. *C$;+3 DFC.$: $94;$Db 3.
:4+C<j*$D4; 3$D $; $C.$ <1 b}~b… 3$_ 4; N34+3 ~~b 3$ 4D F3. $C.$ <1 F3. F$F. $C8 e$CBI.
DF$-I$9 -<D C0D 4+<Df_ $;- $ F<F$9 9.;2F3 <1 €8:b 3. $C.$ <1  e$CC$+(< -<D .;-.Df
+<:AC4D.DF3.3P-C<9<2P<1F3.C4M.CeC$;-.f_DFC.$:eC$;-.f_DFC.$:e$CC$+(<-<D.;-.Df
$;- DFC.$: e9<C';-4$ -$ .CC$fb 3.  3$D $; $C.$ <1 _…†b‚€ 3$ $;- $ 9.;2F3 <1  8:
m
j_ }~‚*nb .2$C-4;2 F3. +94:$F._ € 3$D $M.C$2. F.:A.C$FIC.D $C<I;- ~ƒw_ 4;
N34+3-IC4;2F3.DI::.C4D$C<I;-w$;-4;F3.N4;F.C4D$C<I;-~~wb3.C.4DF3.<++ICC.;+.
<1 1C<DF 4; F3. N4;F.C $;- DA<C$-4+ 3$49 C$4; 4; F3. DI::.Cb  3$D F3. D$:. +94:$F.
+3$C$+F.C4DF4+DN4F3$D9423F-411.C.;+.<1F.:A.C$FIC.Db3.$M.C$2.$;;I$9F.:A.C$FIC.4D~…w_
4;N34+3w-IC4;2F3.DI::.C$;-~€w-IC4;2F3.N4;F.Cm
j_}~‚*nb
3. :$7<C4FP <1 AC<A.CF4.D $C. D:$99.C F3$; } 3$ m†€‰n 4; €b 3. :$4; AC<-I+F4<; 4D <1
M.2.F$*9.D 1<C F3. +$A4F$9_ .DA.+4$99P +$I9419<N.C_ F<:$F<_ A$CD9.P_ *C<++<94_ *..FC<<F_ .F+b m4<
IC$9j_}~*nb3.$9D<-.-4+$F.DF<F3.3<CF4+I9FIC._+$I9419<N.C_F<:$F<$;-9.FFI+.
$;-$9D<1CI4FD_4;AC<A.CF4.DC$;24;29.DDF3$;~}3$m
j_}~‚*nb3.AC<-I+FDD.9.+F.-
1<C F3. $;$9PD4D <1 $9. 3$4; $C. F3<D. N4F3 .+<;<:4+ C.9.M$;+. 1<C F3. Db 3. C.D.$C+3
DFI-4.-FN<2C<IAD<1M.2.F$*9.D4;F3.14.9-$C.$a
93A7eX9%%2%9-%:Y0%(FZQ
$I9419<N.C_9.FFI+._A$CD9.P_$;-34;.D.+$**$2.
93A7fX%+%;!0%:Y!3E%$ZQ <:$F<_2C..;*.$;D_$;-*..FC<<F
.2$C-4;2 F3. $++.DD F< F3. .DD.;F4$9 D.CM4+.D $;- 4;1C$DFCI+FIC._ F3. € 3<9-D C.9$F4M.9P 2<<-
AC4:$CPD+3<<9D_$;--.DA4F.F3.:$7<C4FP<1C<$-D$C.I;A$M.-_F3.C.4D$++.DDF<$:$4;A$M.-
C<$-b $;4F$F4<; 4D;dF .;<I23_ 948.N4D. F3. N$DF.N$F.C FC.$F:.;F_ $;- F3. +<::I;4FP 9$+8D $
3.$9F3+.;F.Cm4<IC$9j_}~*nb;F3._C<$-D3$M.A<<C:$4;F.;$;+._D+3<<9D$C.4;
*$- +<;-4F4<;D_ $;- DFCI+FIC. $;- D$;4F$F4<; $C. 4CC.2I9$C_ $;- F3.C. 4D ;< 3.$9F3 +.;F.C 4; F3.
+<::I;4FP$DN.99m4<IC$9j_}~$nb
gRfRgR 9+2-G;-323(9A90"311A2-;-%:-2g2$h
3. 14.9-N<C8 .:*C$+.- +<::I;4F4.D <1 1$C:.CD <1 *<F3 Db ; €_ FN< +<::I;4F4.D N.C.
DFI-4.-_ F3. 1$C:.C $DD<+4$F4<; e$94;$Df $;- e$;F$ CIQfb ; _ F3. +<::I;4F4.D e4<
C$;-.f_ e9<C';-4$ -$ .CC$f_ e$CC$+(< -<D .;-.Df $;- e.CC$ <M$ . .CC$ .93$f N.C.
DFI-4.-b3.2C<IA<1<C2$;4+D*4<N$DID.1I91<C+<:A$C4D<;b
:..F4;2DN4F3*<F3D
N.C. M.CP 3.9A1I9 F< .DF$*94D3 +<;F$+F N4F3 F3. 1$C:.CDb 3. :49.DF<;. <1 F3.D. +<::I;4F4.D
DF$CF.-C423F$1F.CF3.-4D$DF.C<1}~~_N34+33.9A.-F3.4;D.CF4<;4;F3.2<M.C;:.;F$9AC<2C$:D_
$9F3<I23:$;PDFCI+FIC$9AC<*9.:DC.:$4;<;F3.Db
hR
hReR
Q
%:%9",$%:-+2
3.C.D.$C+3N$DA.C1<C:.-4;F3C..A3$D.D4;-411.C.;FF4:.1C$:.D_$DD..;4;-+A9%la
-+A9%lQ%:%9",%:-+2
4$2C$:.9$*<C$F.-*PF3.$IF3<C
3. 14CDF A3$D. 3$AA.;.- $F F3. .;- <1 }~€_ DF$CF4;2 N4F3 F3. 84+8j<11 N<C8D3<A 4;
.AF.:*.Cb..F4;2DN4F3F3.9<+$9DF$8.3<9-.CD
_
_$;-
_$;-F3.14.9-
+$:A$42;N4F3F3.
D3.9A.-F3.4-.;F414+$F4<;<1F3.:$4; AC<*9.:D_$;-F3.C.$1F.C_F3.
D.9.+F4<; <1 F3. DFI-P $C.$Db ICF3.C_ 4F N$D -.M.9<A.- F3. +<;+.AFI$9 -.D42; 1<C F3. AC<7.+F
AC<A<D$9_$;-F3.AC.A$C$F4<;1<CF3.14.9-N<C8b
3. D.+<;- A3$D. N$D +$CC4.- <IF 1C<: $;I$CP F< $C+3 }~b D+3<9$CD34A 1C<: AC<M4-.-F3.FC$M.91I;-4;21<CF3.14.9-N<C84;C$Q49b3.D$:A94;2$;--$F$+<99.+F4<;4;F3.FN<
D.9.+F.- C.D.$C+3 $C.$D N$D .O.+IF.-b 3. C.D.$C+3 N$D $++<:A94D3.- F3C<I23 A$CF4+4A$F4<; 4;
F3.941.<1F3.+<::I;4FP<1DFI-P_N3.C.$;$FIC$9;.FN<C8<1+<;;.+F4<;DN$D+C.$F.-F<2$F3.C
4;1<C:$F4<;1<CF3.M$9I.+3$4;DFI-Pb3.<C2$;4Q$F4<;<1F3.-$F$$+BI4C.-1C<:BI.DF4<;;$4C.D
$;-4;F.CM4.ND1<C1ICF3.C$;$9PD4DN$D+<:A9.F.--IC4;2F3.P.$C}~$1F.CF3.14.9-N<C8b
3.14;$9F34C-A3$D.C.9$F.-F<F3.C.D.$C+3$;$9PD4D$;-.9$*<C$F4<;<1F3.NC4FF.;C.A<CFDF$CF.-
4;$P}~‚IAF<.AF.:*.C}~‚b;F34DDF$2._F3.94F.C$FIC.C.M4.NN$D-..A.;.-F<$;$9PQ.
F3.+3$4;D<1DFI-Pb3.DFI-PN$D1I99P+<:A9.F.-_4;+9I-4;2$99D4O$;$9PF4+$9DF.AD<1M$9I.+3$4;
$;$9PD4Da F3. D<+4<.+<;<:4+ $;$9PD4D_ -.:$;- AC<149._ 4;DF4FIF4<;$9 $;$9PD4D_ 1I;+F4<;$9 $;$9PD4D_
M$9I.+3$4;:$AA4;2_$;-.+<;<:4+$;$9PD4Db;-14;$99P_F3.DFI-P.;-.-N4F3F3.AC.D.;F$F4<;
<1C.DI9FD_-4D+IDD4<;_$;-+<;+9ID4<;b
hRfR
%;,3$:W0A%,-220F:-:YZ
3. +<;+.AFI$9 :.F3<-<9<2P 1<C F3. N$D $++<:A94D3.- ID4;2 F3. <<- $;- 2C4+I9FIC.
C2$;4Q$F4<; mn 2I4-.94;.Db 3. C.D.$C+3 *$D.- <; F3. -<+I:.;FD e$9I. 3$4; ;$9PD4D 1<C
<94+P $84;2f m.99J_ }~€n_ $;- eI4-.94;.D 1<C M$9I. +3$4; $;$9PD4Df m.994; u .47.C_ }}ƒnb
--4F4<;$9 +$D. DFI-4.D 1C<: <+8.9 u $99.+ m}}‚n $;- 49*.CF m}}ƒn 3.9A.- F< -.D42;
BI.DF4<;;$4C.D$;-4;F.CM4.ND<1F3.C.D.$C+3b99AI*94+$F4<;DN.C.C.FC4.M.-1C<:F<<9D1<C
-.+4D4<;j:$84;2_AI*94D3.-*PF3.
$DP<9m_}~~$nb
+<:A9.:.;F$CPe$9I.3$4;;$9PD4D<1FN$C.<<9€bf-.M.9<A.-*P.99Ju$AA4
m}~~n N$D <C424;$99P AC<A<D.- 1<C -$F$ $;$9PD4Db <N.M.C_ 4F N$D 4:A<DD4*9. F< 4;DF$99 F3.
D<1FN$C._ FC4.- <; -411.C.;F +<:AIF.CD *P M$C4<ID A.CD<;Db 3. D<1FN$C. -.M.9<A.CD N.C.
+<;F$+F.-_ $;- ;< $;DN.C 3$D .M.C *..; 24M.; *$+8b 3.C.1<C._ $99 $;$9PF4+$9 F<<9D_ 3.C.
-.D+C4*.-_3$-F<*.-<;.:$;I$99P_$;-+$C.1I99P$;$9PQ.-_N34+3C.BI4C.-:<C.F4:.F3$;F3.
.OA.+F.-b
4F3 F3. AICA<D. <1 $;$9PQ4;2 F3. M$9I. +3$4;_ F3. D4O $;$9PF4+$9 DF.AD <1 F3. -<:$4;D <1 m-+A9%mnN.C.+<;-I+F.-4;F34DC.D.$C+3_$D1<99<Nb
VC
Socioeconomic
analysis
Demand
profile
analysis
Institutional
al
set-up
analysis
input/
output
analysis
Functionall
analysis
Economic
c
analysis
VCA
-+A9%mQ-E20F;-"0:;%7:3(;,%C0A%",-220F:-:(91%D39/
42IC..9$*<C$F.-*PF3.$IF3<CID4;2F3.+<;+.AFD-.D+C4*.-*P.99Jm}~€n
hRfReR ;%7eQ3"-3%"3231-":-;A;-323(;,%C0A%",-2
34D$;$9PF4+$9-<:$4;4-.;F414.DF3.:$4;1.$FIC.D<1F3.+<;F.OF4;N34+3F3.+3$4;4;D.CFD_1<C
4;DF$;+._ F3. 2.<DFC$F.24+_ :$+C<.+<;<:4+ $;- D<+4$9 D4FI$F4<; <1 F3. C.24<; <C +<I;FCPb ;- 4F
$9D< 14;-D 3<N $99 F3.D. .9.:.;FD $11.+F F3. +3$4; 4FD.91 m.99J_ }~€nb F$F4DF4+$9 -$F$*$D. 4;
$2C4+I9FIC.N$DID.-$D$C.D.$C+3D<IC+.1<C:$+C<.+<;<:4+$;$9PD4Db<CF3.+<11..M$9I.+3$4;_
4F N$D 4;M.DF42$F.- F3. A.C1<C:$;+. <1 F3. C$Q494$; +<11.. F< D4FI$F. 4< -. $;.4C< N4F34; F3.
9$C2.C$Q494$;+<11...+<;<:Pb3.DFI-P+<:AC4D.--$F$1C<:_
__<;$*_
_
:$F.Cj4< $;- :$;P DFI-4.D 1C<: ;-C$-. $;- <F3.C +<99.$2I.D .O+9ID4M.9P 1<C F3. <CF3N.DF
.24<;b<CF3.3<CF4+I9FIC.+3$4;_4FN$D.M$9I$F.-F3.D4FI$F4<;<1F3.+<I;FCP$;-F3.<I;F$4;
.24<; 4:A<CF$;+. 4; 4< -. $;.4C<_ +<;D4-.C4;2 F3. 3<CF4+I9FIC. AC<-I+F4<; D42;414+$;+. 4; F3.
-<:.DF4+ :$C8.Fb <C F34D :$FF.C_ -$F$ 1C<: _ _ :*C$A$j<CF$94,$D_ _
.+C.F$C4$F<12C4+I9FIC.$;-IC$9.M.9<A:.;F<1<M$C4*IC2<:I;4+4A$94FP_$;-
:$F.Cj4<
N.C.N4-.9P.OA9<C.-b
3<ID.3<9- D<+4<.+<;<:4+ DICM.P 2$M. $ N4-. +<;F.OF <1 F3. DFI-P $C.$Db 3. 1$C:.CD N.C.
C.BI.DF.- F< 4;1<C: F3.4C $2._ 2.;-.C_ :$C4F$9 DF$FID_ *4CF3 <C424;_ AC<1.DD4<;_ 3<ID.3<9- D4Q._
.-I+$F4<; 9.M.9_ $M.C$2. 4;+<:. m4; :4;4:I: N$2.Dn_ $;- F3. +<;-4F4<; <1 F3. AC<A.CFPb 34D
4;1<C:$F4<;N$DM$9I$*9.F<+3$C$+F.C4Q.*.FF.CF3.:<DFMI9;.C$*9.2C<IADb
hRfRfR ;%7fQ%12$(39C0A%",-23A;7A;:
34D$;$9PD4D:.$;FF<4;M.DF42$F.F3.+<;DI:.CD4-._DI+3$D_F3.+ICC.;F<CA<F.;F4$9-.:$;-1<C
<IFAIFD_ F3.4C -.DF4;$F4<;_ AC4+. FC.;-D $;- 1<C.+$DFD $DD<+4$F.-_ +<;DI:.C AC<149._ .O4DF4;2 $;-
A<F.;F4$9 +<:A.F4F<CD_ $;- <F3.C 4DDI.D m.99J_ }~€nb $;$9PQ.- F3. DFI-4.- M$9I. +3$4;D
C.2$C-4;2 F3. -.:$;- AC<149._ 4;+9I-4;2 F3. BI$;F4FP +<;DI:.-_ FC.;-D $;- *.3$M4<CD <1 F3.
+<;DI:AF4<; C.A<CF.- 4; F3. 94F.C$FIC. +<;DI9F.-b 3. <IFAIF C.2$C-4;2 BI$;F4FP AC<-I+.- $;-
BI$;F4FPFC$-.-$;-+<::.C+4$94Q$F4<;+3$;;.9$:<;2F3.$+F<CDN.C.$9D<4;F.CM4.N.-b
hRfRgR ;%7gQ20F:-:3(;,%-2:;-;A;-320:%;A7
F N$D A.C1<C:.- $; $AAC$4D$9 <1 F3. 4;DF4FIF4<;$9 D.FjIA_ $D F3. :.F3<-<9<2P *P .99K m}~€n
AC<A<D.D_ F< D.. F3. <C2$;4Q$F4<; $;- 4;F.C$+F4<; $:<;2 -411.C.;F $2.;FD_ DI+3 $D IADFC.$:j
-<N;DFC.$:94;8$2.D_DP;.C24.D<C+<;194+FDb9D<_4FN$D$DD.DD.-$991<C:$9<C4;1<C:$9CI9.D<1
2<M.C;$;+.4:A<D.-<;F3.M$9I.+3$4;_N3.F3.C;$FIC$99P*P4FD.91<C*P$;$IF3<C4FPb
3.C. N$D +<;F$+F N4F3 F3. +.;FC$99P .;2$2.- 4;DF4FIF4<;D_ DI+3 $D +<::I;4FPj*$D.-
<C2$;4Q$F4<;D m
D_ 1$C:.CdD +<<A.C$F4M.D_ $;- $DD<+4$F4<;Dn` 2<M.C;:.;FD m2C4+I9FIC.
.+C.F$C4$FDn_C.D.$C+3$;-.OF.;D4<;+.;F.CDm
$;-
nb48.N4D._F3.3I*<1CI9.D
$;-AI*94+A<94+4.DN.C.+<99.+F.--IC4;2F3.14.9-C.D.$C+3_F$984;2N4F3F3.$2.;FD<1F3.+3$4;_
$;-$9D<F3C<I23F3.C.M4.N<194F.C$FIC._:$4;9P<;F3.;$F4<;$9A<94+4.D1<C1$:49P1$C:4;2$;-
DA.+414+D.+F<CDb
hRfRhR ;%7hQ20F:-:3(-27A;2$3A;7A;19/%;:
34D $;$9PD4D +<;+.;FC$F.- .O+9ID4M.9P <; F3. $DD.DD.- M$9I. +3$4;D N4F34; 4< -. $;.4C<
*<I;-$C4.D.O+9ID4M.9Pb3.C.N$D;<1ICF3.C.OA$;D4<;.:*C$+4;2<IFD4-.:$C8.FD_DI+3$DF3.
;$F4<;$9 $;- 4;F.C;$F4<;$9 :$C8.F_ -I. F< 94:4F$F4<;D <1 F3. DFI-P $;- -I. F< F3. <M.C$99
<*7.+F4M.D<1F3.
AC<7.+Fb34D$;$9PF4+$9DF.A2C$**.-F3.<M.C$99*.3$M4<C<1F3.M$9I.
+3$4;_ 4-.;F41P4;2 F3. 4;AIF $;- <IFAIF :$C8.FD_ F3. C<9. <1 .$+3 $2.;F <1 F3. M$9I. +3$4;b 3.
DFI-P 9<<8.- *.P<;- F3. 4;DF4FIF4<;D 2<M.C;4;2 F3. +3$4;_ F< D.. +3<4+.D_ +<:A.F4F4M.;.DD_ $;-
F3. .O4DF.;+. <1 :<;<A<9P_ :<;<AD<;P_ <942<A<9P_ <C :$C8.F D.2:.;F$F4<;b <C.<M.C_ 4F
.M$9I$F.-3<NF3.M$9I.+3$4;DFCI+FIC.N<C8D_3<N4DF3.M$9I.$--.-+C.$F4<;$;-3<N$C.4FD
$99<+$F4<;$;-4:A94+$F4<;Db;F34DD.;D._F3.:$C8.FN$D$DD.DD.-<;DA.+414+1.$FIC.D$++<C-4;2
F<.99Km}~€na
•
I:*.C<1$2.;FD
•
.M.9<14;1<C:$F4<;$M$49$*9.F<D.99.CD$;-*IP.CD
•
;FCPg.O4F*$CC4.CD1<CD.99.CD$;-*IP.CD
•
<;FC<9*4;-4;2F3.DIAA9P
•
<;FC<9<M.CAC4+.D
•
$FIC.<1AC<-I+F
•
$C8.F DFCI+FIC. .114+4.;+P 9.M.9 $;- AC4+4;2 :.+3$;4D:D_ .b2b A.C1.+F +<:A.F4F4<;_
:<;<A<9P m<;9P <;. D.99.Cn_ <942<A<9P m1.N D.99.CDn_ :<;<AD<;P m<;9P <;. *IP.Cn_
<942<AD<;Pm1.N*IP.CDn_<C<F3.C_-.A.;-4;2<;F3.+<:A.F4F4<;
34D $;$9PD4D N$D $ C.DI9F <1 4;F.CAC.F$F4<; <1 F3. M$9I. +3$4;D DFI-4.-b <;-I+F.- F3C<I23 F3.
14.9- <*D.CM$F4<;_ 14.9- ;<F.D_ ;<F$*9P 8.PN<C-D $;- D.;F.;+.D 4; F3. 14.9-_ $;- 34--.;
4;1<C:$F4<; A.C+.4M.- 1C<: F3. 4;F.CM4.N..D -IC4;2 F3. BI.DF4<;;$4C.D $;- 4;F.CM4.NDb 3.
<*D.CM.- *.3$M4<C DI22.DF.- F3$F F3.C. N$D;sF $; .BI4F$*9. -4DFC4*IF4<; <1 4;1<C:$F4<; $:<;2
F3.$2.;FDb
hRfRiR ;%7iQA2";-32020F:-:
34D -<:$4;_ $D DF$F.D .99K m}~€n_ AC<M4-.D $ -.F$49.- AC<149. <1 F3. 4;-IDFCP DFCI+FIC. $;-
AC<-I+F4<;F3C<I234-.;F414+$F4<;_-.D+C4AF4<;_$;-BI$;F414+$F4<;4;A3PD4+$9F.C:D4;$99D.BI.;+.
<1<A.C$F4<;DF<C.$+3F3.14;$9+<;DI:AF4<;b<C.DA.+414+$99Pa
b .+3;4+$9<A.C$F4<;DA.C1<C:.-<;.;F4C.+3$4;
b ;AIFDID.-$;-4;F.C:.-4$F.<IFAIFD2.;.C$F.-
b +<;<:4+$2.;FD4;M<9M.-
b 3PD4+$919<ND<1F3.+<::<-4FP
b <FF9.;.+8D
3. 1I;+F4<;$94FP <1 F3. ID.- F3. 1<99<N4;2 :.+3$;4D:D_ $++<C-4;2 F< F3. 2I4-.94;.D m.99J_
}~€`.994;u.47.C_}}ƒna
n .FF4;2 F3. *<I;-$C4.D <1 F3. M$9I. +3$4;a $99 AC<+.DD4;2 DF$2.D IA F< F3. 14;$9 AC<-I+F_
4;+9I-4;2 :$C8.F 4;F.C:.-4$F.D_ M$C4<ID *PjAC<-I+FD <C 7<4;F AC<-I+FDb 3. 94:4FD <1 F3. M$9I.
+3$4;+<:AC4D.-F3.F$F.<14<-.$;.4C<_+<;+.;FC$F4;2:<C.<;F3.$C.$D<14;M.DF42$F4<; k
<M$C4*IC2<$;-$CC.j$4b
n -.;F41P4;2 $+F4M4F4.Da -.;F414+$F4<; <1 $+F4M4F4.D I;-.CF$8.; $F .$+3 DF$2. <1 F3. +3$4;b 48.
AC4:$CP +<::<-4FP AC<-I+F4<; $;- -411.C.;F F.+3;<9<24.D` AC<+.DD4;2 9.M.9 $;- AC<+.DD4;2
:.F3<-D` FC$;DA<CF_ 3$;-94;2_ DF<C$2.` N3<9.D$9._ C.F$49 -4DFC4*IF4<;` $;- 4;F.C:.-4$F4<;b 3.
$+F4M4F4.D N.C. 4-.;F414.- 14CDF F3C<I23 94F.C$FIC. C.M4.N_ $;- .OA.CFdD +<;DI9F$F4<;_ F3.; :<C.
AC$+F4+$9<;F3.14.9-N<C8b
n -.;F41P4;2 $2.;FDa F N$D -.F.C:4;.- F3. $2.;FD F3$F $C. A.C1<C:4;2 F3. +3$4; F< -.D42; $
*$D4++3$4;19<N+3$CFb1I;+F4<;$9$;$9PD4DF$*9.<1F3.M$9I.+3$4;N$D+C.$F.-_-.D+C4*4;2.$+3
$2.;F_ $+F4M4FP I;-.CF$8.; $;- <IFAIFDb $+3 4;F.CM4.N.- $2.;F N$D D+$9.- IA 1<C $
C.AC.D.;F$F4<;4;F.2C$F4;2F3.b
nI$;F41P4;2A3PD4+$919<NDaBI$;F414+$F4<;<119<ND1<C$M$9I.+3$4;F3C<I23P4.9-DA.CI;4F<1
$+F4M4FP m.b2b 3$n F4:.D F3. ;I:*.C <1 3.+F$C.D +I9F4M$F.- 1<C $ C.AC.D.;F$F4M. $2.;F_ ID4;2 F3.
4;1<C:$F4<; 24M.; 4; F3. BI.DF4<;;$4C.Db 3. $;$9PD4D -.D42;.- ;AIFj<IFAIF :$FC4+.D <1 19<ND
$:<;2$2.;FD_$;-$2C$A34+$9C.AC.D.;F$F4<;<1A3PD4+$919<ND+3$CFDb9D<_4FN$D*I49F$IAA9P
F494Q$F4<;++<I;Fmn_+<;D4-.C4;2BI$;F4F4.DID.-$;-BI$;F4F4.DDIAA94.-b
hRfRjR ;%7jQ"3231-"20F:-:3(;,%C0A%",-2
3..+<;<:4+$;$9PD4D_$D-.D+C4*.-*P.99Km}~€n_$DD.DD.D4;BI$;F4F$F4M.F.C:DF3.+C.$F4<;<1
M$9I.$--.-$;-4FD-4DFC4*IF4<;N4F34;F3.AC<+.DDb.C.M$9I.$--.-4DF3.N.$9F3+C.$F.-*PF3.
AC<+.DD_ $ C.DI9F <1 ;.F C.D<IC+.D +<;DI:.-b <C. DA.+414+$99P_ F3. .+<;<:4+ $;$9PD4D 3.9AD F<
-.F.C:4;.a
•
3.M$9I.$--.-+C.$F4<;F3C<I23<IFF3.+3$4;
•
3.:$C24;D$;-M$9I.$--.-1<C.$+3$2.;F<1F3.+3$4;
•
$9I.$--.-$99<+$F4<;$:<;2F3.1$+F<CDm+$A4F$9_9$*<C_$;-$DD.FDn
3. M$9I. $--.- 4D ID.1I9 F< 4;M.DF42$F. F3. .OF.;F F< N34+3 F3. M$9I. +3$4; +<;FC4*IF.D F< F3.
.+<;<:Pb3.D3$C.D<1F3.D.M$9I.D$:<;2F3.$2.;FD$9D<3.9ADF<$DD.DDF3.D<+4$94:A<CF$;+.
<1 F3. M$9I. +3$4;_ F3.C.1<C._ 4;-I+. D<:. A<94+4.D :.$DIC.:.;FD F< $11.+F F3. +3$4;b ; F34D
DFI-P_$DF3.*<I;-$CPD.FC.DFC4+F.-F<4<-.$;.4C<_F34D$;$9PF4+$9DF.AN$D$AA94.-.O+9ID4M.9P
F<F3.DFI-P$C.$_;<F.OF.;-4;2F<F3.N3<9.;$F4<;$9.+<;<:Pb
99 C.BI4C.- -$F$ 1<C F3. .+<;<:4+ $;$9PD4D N$D $+BI4C.- -IC4;2 F3. 14.9-N<C8 ID4;2
BI.DF4<;;$4C.D $;- 4;F.CM4.NDb 3. C.DI9FD <1 F3. .+<;<:4+ $;$9PD4D C.19.+F F3. M$9I.D <M.C F3$F
A.C4<- m}~_ }~€ $;- }~n_ -.A.;-4;2 <; F3. M$9I. +3$4;_ 4; $ A$CF4+I9$C *<I;-$CP m4< -.
$;.4C<F$F.nb<C*.FF.C-.F$49<M.CF3.-$F$C.BI4C.-_A9.$D.+3.+8F3.e-$F$C.BI4C.:.;FD1<C
M$9I.+3$4;$;$9PD4Df4;22%Eeb3.AICA<D.N$DF<$AAC$4D.C.M.;I.D_+<DFD$;-:$C24;DmM$9I.
$--.-$;-;.F*.;.14Fn<1.$+3$+F4M4FP$;-$2.;F_F<.M$9I$F.F3.AC<-I+F4<;AC<+.DDm-+A9%ednb
-+A9%edQ,%793$A";-32793"%::A:%$-2"3231-"20F:-:
<IC+.m.99J_}~€n
3. :.F3<- ID.- N$D D4:49$C F< e<DFj.;.14F ;$9PD4Df mDn_ $D F.C:.- *P .99J m}~€nb 3.
F<<9DID.-1<CF3..+<;<:4+$;$9PD4DN.C.F3.eC<-I+F4<;++<I;Ff$;-F3.e;+<:.++<I;Ff_
1<99<N4;2$++<I;F4;2DF$;-$C-D_F<.;DIC.+<;D4DF.;+P$;-+<:A$C$*494FP<1C.DI9FDb
n C<-I+F4<; ++<I;FQ F -.F.C:4;.D F3. $9I. --.- mnb 3. AC<-I+F4<; $++<I;F 4D F3.
C.M.;I.D :4;ID F3. M$9I. <1 4;AIFD C.BI4C.- 1<C F3. <IFAIFDb 3. M$9I. $--.- N$D +$9+I9$F.-
F3C<I23F3.C<DD$9I.--.-mn$;-F3..F$9I.--.-mn$++<C-4;2F<F3.1<99<N4;2
.BI$F4<;D<;F3.*<Om-+A9% eenb3.C.DI9FDN.C..OAC.DD.-4;$F$*9.1<C:$F_34239423F4;2F3.
$9I.--.-$D$*$9$;+.<1F3.AC<-I+F4<;$++<I;FDb
h/$9$>$1;$g?1'*1/!219;06:*21g)1($*1*1>$1:28*$9
S[T
h:2!.::)$$1#2'6$8*2#R:2!.::)$ $(*11*1(2'6$8*2#
S\T
$%h2:/;:6;:/;$R
1:$80$#*:$
16;:9S
T
S]T
$%h8299/;$##$#STR219;06:*212''*@$#!6*:/
S^T
$%h/;$2'99$:STP:*0$2'!219:1:$''*!*$1!AS1T
S_T
3.C.4;a
<F$9<IFAIFM$9I.a<<-D$;-D.CM4+.DD<9-<;F3.:$C8.F_ID.-1<C<N;+<;DI:AF4<;<CDF<+8.-1<C1IFIC.ID.
m+3$;2.4;4;M.;F<C4.Dn
;F.C:.-4$F.4;AIF+<DFDa2<<-D.;F.C4;2F3.AC<-I+F4<;AC<+.DD_*.4;2+<:A9.F.9P+<;DI:.--IC4;2F3.A.C4<-<1
AC<-I+F4<;
aF3.M$9I.<1<IFAIF4;4;F.C:.-4$F.4;AIFD
aF3.M$9I.<1<IFAIF$1F.C+<;DI:AF4<;<114O.-+$A4F$9
<;DI:AF4<;<114O.-+$A4F$9a<<-D;<F.;F4C.9P+<;DI:.--IC4;2<;.A.C4<-<1$AC<+.DD_DI+3$D:$+34;.CP$;-
M.34+9.D_.BI4A:.;Fb3.P$C.+<;D4-.C.-14O.-$DD.FD_C.BI4C4;2F3.+$9+I9$F4<;<1F3.M$9I.-.+94;.4;<;.$++<I;F4;2
A.C4<-1b
<F.a..22%Ef1<C-.F$49.-$++<I;F4;2-.14;4F4<;D
-+A9%eeQ3E3(8A;-32:(3993$A";-32""3A2;:
<IC+.<1-$F$a.99Jm}~€n
n;+<:.++<I;Fa-.F.C:4;.3<NM$9I.$--.-m4;.F$9I.--.-F.C:Dn4DD3$C.-$:<;2F3.
AC<-I+F4<;1$+F<CDb3.*<Om-+A9% efn94DFDF3.FPA.D<14;+<:.-.C4M4;21C<:-4DFC4*IF4<;b
3.C.DI9FDN.C..OAC.DD.-4;AC<14FD<C9<DD.Db
+%:Q$P:.;FD1<C9$*<C_C.:I;.C$F4<;<11$:49P9$*<C.DF4:$F.-$D4FD<AA<CFI;4FP+<DFD
2;%9%:;:Q4;$;+4$9C.D<IC+.D_.b2bAIC+3$D.<114O.-$DD.FD_14;$;+.<1N<C84;2+$A4F$9_4b.b1I;-D<14;AIFD+<DFD
%2;:Q$P:.;F1<C;$FIC$9C.D<IC+.D_.b2b9$;-_N$F.CbI49-4;24D$++<I;F.-$D4;F.C:.-4$F.4;AIFD
E%:QA$P:.;F1<CAI*94+D.CM4+.Db<;<F4;+9I-.D<+4$9+<;FC4*IF4<;D<1.:A9<P..D<C3<ID.3<9-F$O.Db
93(-;:QDF3.*$9$;+.<1F3.;+<:.++<I;FDF3.+$9+I9$F4<;4D-<;.*PF3..BI$F4<;a
*#$)))
%
$&%
<F.a..22%Ef1<C-.F$49.-$++<I;F4;2-.14;4F4<;D
-+A9%efQ3E3($%9-C%$-2"31%:2$793(-;:%8A;-32
<IC+.<1-$F$am.99J_}~€n
n$9+I9$F4<;<1F3.4;F.C.DF+<DF<;14O.-+$A4F$9
3.+<DF<1$;$DD.F4:AIF.-4;$A$CF4+I9$CA.C4<-;..-DF<+<M.CF3.4;F.C.DF+<DFb3.4;F.C.DFD
-.A.;--4C.+F9P<;F3.M$9I.<1F3.$DD.F$;-C.9$F.DF<F3.+<;DI:AF4<;<114O.-+<DFDm'nb3.
4;F.C.DF+<DFN$D+$9+I9$F.-F3C<I23F3.e
BI4M$9.;F;;I$9<DFf_$DDA.+414.-*PF3.2I4-.94;.D
m.99J_ }~€nb ;<N4;2 F3. AIC+3$D4;2 AC4+. 2 <1 F3. 14O.- $DD.F_ 4F 4D .DF4:$F.- F3. +<DF 4:AIF.-F<.$+3<1F3.1A.C4<-D<1F3..+<;<:4+941.<1F3.$DD.F$F$24M.;4;F.C.DFC$F.8b
$'%
<N.M.C_ F3. ;F.C.DF +<:A<;.;F mn 4D F3. <;. +<;D4-.C.- 4; F3. e;+<:. $++<I;Ff <1 F34D
:.F3<-<9<2P_ N34+3 -4D.;F$;29. F3. +<;DI:AF4<; <1 14O.- +<DFD 1C<: F3. 4;F.C.DF ID.- 4; F3.
;+<:.$++<I;Fb3.C.1<C._F3.1<99<N4;2.BI$F4<;N$DID.-_$++<C-4;2F<.99Jm}~€na
$(%
YmZ
n3.+3<4+.<1F3.$AAC<AC4$F.-4D+<I;FC$F.m8n
3. *.;+3:$C8 $;;I$9 $M.C$2. 4;F.C.DF C$F. m8n 4; C$Q49 4; }~ N$D $C<I;- ~}b†}‰b 3.
.OA.+F.-4;19$F4<;C$F.m'nN$Dƒb~‰`$++<C-4;2F<<114+4$9-$F$1C<:F3.$;+<.;FC$9-<C$D49
m}~‚nb 3. C4D8 1$+F<C AC.:4I: m9n 1<C C$Q49_ $++<C-4;2 F< F3. m}~‚n C4D8 +<I;FCP
+9$DD414+$F4<;4D€‰b;F34DD.;D._F3.;F.C.DFC$F.ID.-1<CF3.4;+<:.$++<I;F+$;*.+$9+I9$F.-
ID4;2F3..BI$F4<;m.99J_}~€na
medn
n<;D<94-$F4<;<1F3.++<I;FD$FF3.$9I.3$4;.M.9
++<C-4;2F<.99Km}~€n_*I49-4;2AC<-I+F4<;$;-4;+<:.$++<I;FD1<CF3.-411.C.;F$+F4M4F4.D$;-
$2.;FD <1 F3. M$9I. +3$4; <++ICD 4; M$C4<ID DF.ADb 4CDF9P_ F3. $++<I;F 1<C .$+3 D4;29. $+F4M4FP 4D
+$9+I9$F.-_ .b2b AC<-I+F4<;_ AC<+.DD4;2_ N3<9.D$9.C_ C.F$49.CD_ $;- D< <;_ ID4;2 F3. D$:. I;4F <1
C.1.C.;+. m.b2b <IFAIFg3$nb 3.;_ .$+3 M$9I. +3$4; $2.;F 4D $22C.2$F.-b <C F3. .11.+F <1
+<:A$C4D<;$;-D.9.+F4<;<1F$C2.F2C<IAD_F3.C.DI9FDN.C.+9IDF.C.-_-4DA9$P4;2C.AC.D.;F$F4M.D
<1 .$+3 :4+C<j*$D4; $;- +<::I;4FPb 3. eF.+3;4+$9 +<.114+4.;Ff <C 4;AIFD_ $;- F3. eP4.9-
+<.114+4.;Ff <C <IFAIFD $C. D.A$C$F.9P $++<I;F.-b .+<;-9P_ F3. $;$9PD4D eD+$9.D F3. 1$+F<CDtb
.$;4;2 F3$F_ F3. $++<I;FD <1 $ D4;29. $2.;F N.C. D+$9.- IA *P .$+3 $+F4M4FP_ $22C.2$F4;2
-411.C.;F $+F4M4F4.D I;-.CF$8.; *P F3. D$:. $2.;Fb 34C-9P_ F3. $++<I;FD <1 e2C<IA <1 $2.;FDf
D+$9.D IA F3. D4;29. $2.;FDd $++<I;FD *P F3. ;I:*.C <1 $2.;FD 4; F3$F 2C<IAb 3. 2C<IAD N.C.
$DDI:.-F<*.3<:<2.;.<ID$;-C.AC.D.;F$F4M.4;F3.M$9I.+3$4;b
3. $;$9PD4D $22C.2$F.- $99 $++<I;FD <1 $99 $2.;FD 4;M<9M.-b
4F3 F3. 4;F.;F4<; <1 +<;D<94-$F4;2
$++<I;FD$FM$9I.+3$4;9.M.94F4DC.BI4C.-F<DI:IAF3.4F.:D<1$99$2.;FD_1<C.O$:A9.F3.4;AIF
1<CFC$-.C4DF3.D$:.$DF3.<IFAIF<1AC<-I+.CA9IDF3.FC$-.C4;AIF_$;-D<<;_$;-F<+$;+.9
<IF F3. N4F34;j+3$4; 19<ND_ N34+3 $C. DIAAC.DD.- *P <F3.C $2.;FD <1 F3. M$9I. +3$4;` F3. 14;$9
*$9$;+.DC.AC.D.;FDF3.$9I.--.-mn_$DC.AC.D.;F.-4;-+A9%egb
-+A9%egQE170%3(C0A%",-2""3A2;:
OFC$+F.-1C<:m.99J_}~€n
hRfRkR 9/%;791%D39/
:$C8.F :$A 1C$:.N<C8 4D $; $;$9PF4+$9 F<<9 AC<A<D.- *P .994; u .47.C m}}ƒnb 3. :$A
+<;F$4;DF3.M$9I.+3$4;$+F<CD`F3..;$*94;2.;M4C<;:.;Fm4;1C$DFCI+FIC.$;-A<94+4.D_4;DF4FIF4<;D
$;-AC<+.DD.D<1F3..;M4C<;:.;FDF3$FD3$A.DF3.:$C8.Fn`$;-F3.D.CM4+.AC<M4-.CDm*ID4;.DD
$;-.OF.;D4<;D.CM4+.D1<CF3.+3$4;nF3$F+<I9-A<F.;F4$99PAC<M4-.M$9I.$--.-F<F3.+3$4;b3.
D.CM4+.D +$; *. 4;AIF DIAA94.D_ :$C8.F 4;1<C:$F4<;_ 14;$;+4$9 D.CM4+.D_ BI$94FP $DDIC$;+. $;-
DIAA<CF1<CAC<-I+F-.M.9<A:.;F$;--4M.CD414+$F4<;b3.:$AAC<M4-.D$;$DD.DD:.;F<1A<94+P
$;- <F3.C 4DDI.D F3$F :423F *. 34;-.C4;2 <C .;3$;+4;2 F3. +3$4; 1I;+F4<;4;2 $;- $9D< 4-.;F414.D
F3.D.CM4+.D<11.C.-*P4;DF4FIF4<;Db-+A9%eh499IDFC$F.DF3.AC<A<D.-:$C8.F:$A1C$:.N<C8b
-+A9%ehQ,%9/%;7%E170%79373:%$
<IC+.am.994;u.47.C_}}ƒn
hRgR
330:2$
2:;9A1%2;:
hRgReR ;%8A-9%1%2;:(390A%",-220F:-:
3. -$F$ C.BI4C.:.;FD $;- -$F$ D<IC+.D F< 4:A9.:.;F $ M$9I. +3$4; $;$9PD4D N.C. .DF$*94D3.-
$++<C-4;2 F< F3. 2I4-.94;.D $;- :.F3<-<9<2P <1 *P .99J m}~€nb $F$ C.BI4C.:.;FD N.C.
C.9$F.-F<F3.AC<-I+F4<;_4;AIFD$;-<IFAIFD_FC$-4;2_AC<+.DD4;2_$;--4DFC4*IF<CD_.b2bN3<9.D$9.
:$C8.F_.OA<CF.CD_$;-D<<;b3.94DF<1C.BI4C.:.;FDID.-1<CF3.-$F$+<99.+F4<;4;F34DDFI-P
+$;*.M4DI$94Q.-4;22%Eeb
hRgRfR 170-2+
hRgRfReR
%0%";-323(;,%:;A$F9%
3. D.9.+F4<; <1 F3. DFI-P $C.$D 4D 4; $++<C-$;+. F3. AC<7.+F <*7.+F <1 DFI-Pb 3.
-.+4D4<; <1 F3. DFI-P $C.$D <++ICC.- -IC4;2 F3. 84+8j<11 N<C8D3<A 4; }~€ $9<;2 F3. C$Q494$;
A$CF;.CD34A_N4F3F3.4;DF4FIF4<;Dd_2<M.C;:.;Fd$;-1$C:.CD$DD<+4$F4<;dD$2C..:.;FDbC<:F3.
D.M.; :I;4+4A$94F4.D +<:AC4D4;2 F3. 2.;.C$9 DFI-P <1 F3. _ FN< $C.$D N.C. D.9.+F.-
AC4:$C49P 1<C F34D C.D.$C+3 k <M$ C4*IC2< $;- $CC.j$4 k C.DA.+F4;2 F3. AC.j.DF$*94D3.-
DF$8.3<9-.CC.9$F4<;D34Ab
hRgRfRfR
%0%";-323(793$A";:
; F3. <CF3N.DF .24<;_ +<11.. N$D +3<D.; -I. F< 4FD D<+4<.+<;<:4+ 4:A<CF$;+. 4; $CC.j$4b
3.+I9F4M$F4<;4D:$4;9PF3.+<;M.;F4<;$9m;<F<C2$;4+n_$;-F3.+<11..M$C4.FP4D<11.$$C$*4+$_
+3$C$+F.C4DF4+<1F3.:<I;F$4;+<11..b
; F3. <I;F$4; .24<;_ F3. AC<-I+FD <1 C.D.$C+3 N.C. D.9.+F.- $;- C.14;.- $++<C-4;2 F< D<:.
+C4F.C4$b4CDF_:<DFAC<-I+.-M.2.F$*9.DN.C.+3<D.;bC<:F3.:_+$I9419<N.C$;-A$CD9.PN.C.
AC.M4<ID9P D.9.+F.- $D 9.$1 M.2.F$*9.D_ $;- F<:$F< $;- 2C..; *.$;D N.C. D.9.+F.- $D 1CI4F
M.2.F$*9.Db.+<;-_1$C::<-.9D-.D42;.-4;$;.+<;<:4+DFI-PA.C1<C:.-*P4<IC$9C<2C$:
$;-4;F3.F$F.4<-.$;.4C<3.9A.-F<C.14;.F3.D.9.+F4<;m
ju_}~€nb3.
1$C: :<-.9D 2C<IAD m.FFI+._ N$F.C+C.DD_ A$CD9.P $;- D+$994<;_ +$I9419<N.C $;- DN..F +<C;n $;-
m<:$F<_+I+I:*.C_$;-2C..;*.$;nN.C.+3<D.;b<N.M.C_F3.D.1$C::<-.9DN.C.AC<7.+F.-
F< F3. <I;F$4; .24<; $D $ N3<9._ ;<F +<;D4-.C4;2 -411.C.;+.D $:<;2 $C.$D N4F34; F3. D$:.
C.24<;m.b2b<M$C4*IC2<$;-.C.D=A<94Dnb
3.C.1<C._-IC4;2F3.14.9-N<C8_F3.AC.D4-.;F<1$1$C:.C$DD<+4$F4<;<1F3.DFI-P$C.$DI22.DF.-
+3$;24;2D<:.AC<-I+FDb $F.C+C.DD_D+$994<;_DN..F+<C;$;-+I+I:*.CN.C.C.:<M.-1C<:F3.
C.D.$C+3`34;.D.+$**$2.$;-*..FC<<FN.C.$--.-_F<*.FF.CDI4FF3.$C.$<1DFI-Pb
hRgRfRgR
0A%",-2:170-2+
3.D$:A94;2ID.-4;F34DDFI-P_N4F3F3.AICA<D.<1$;$9PQ4;2F3.M$9I.+3$4;D<13<CF4+I9FIC.4;
F3.<I;F$4;.24<;$;-+<11..4;F3.<CF3N.DF.24<;_N$D-.D42;.-$DC.AC.D.;F.-4;!0%
fb 3. C.D.$C+3 A9$; .9$*<C$F.- 1<99<N.- F3. -$F$ C.BI4C.:.;FD 1C<: .99J m}~€n $;- .994; u
.47.Cm}}ƒnb
!0%fQ170-2+$%:-+2(39;,%(-%0$D39/
170%
%";39
F7%3($;
%;,3$303+F
-1%
C<-I+F4<;
<+4<.+<;<:4+u
.+<;<:4+
I.DF4<;;$4C._<*D.CM$F4<;
…-$PD
C<+.DD4;2
+<;<:4+
I.DF4<;;$4C.<C4;F.CM4.N
$;-<*D.CM$F4<;
~j-$PD
;F.C:.-4$C4.D
+<;<:4+
;F.CM4.N$;-<*D.CM$F4<;
~j-$PD
3<9.D$9.CD
+<;<:4+
I.DF4<;;$4C.<C4;F.CM4.N
$;-<*D.CM$F4<;
-$PD4;F<F$9
Q
rgd
1-0F(91%9:
rf
-2-X93"%::-2+02;:
rf
-$$0%12
rf
W2$91%9S:9/%;-2
3C9-!A9+3
rf
9%%2+93"%9-%:O03"019/%;
A2-"-70-;FOOO
O(91%9S:::3"-;-32:
+%2;:3A;3(",-2
I.DF4<;;$4C.<C4;F.CM4.N
$;-<*D.CM$F4<;
O+3$;2.<14;1<C:$F4<;`
4;F.CM4.N
;1<C:$9F$984;2$FF3.
DF<C.D
.F$49.CD
+<;<:4+
;DF4FIF4<;$9
<+4<.+<;<:4+u
<94F4+$9
-$PD
;AIFD
M.;-<CD
;DI114+4.;F
C<-I+F4<;
<+4<.+<;<:4+u
.+<;<:4+
C<+.DD4;2
+<;<:4+
;F.C:.-4$C4.D
+<;<:4+
;F.CM4.N$;-<*D.CM$F4<;
~-$P
<<A.C$F4M.
+<;<:4+
;F.CM4.N$;-<*D.CM$F4<;
-$PD4;F<F$9
;DF4FIF4<;$9
<+4<.+<;<:4+u
<94F4+$9
O+3$;2.<14;1<C:$F4<;`
4;F.CM4.N
<;F4;I<ID9P-IC4;2
C.D.$C+3
<;F4;I<ID9P-IC4;2
C.D.$C+3
~-$P
Q
rgd
1-0F(91%9:
rg
3"03:;%9:
rf
-$$0%12
re
A2-"-70-;FOOO
O(91%9S:::3"-;-32:
I.DF4<;;$4C.$;-
<*D.CM$F4<;
I.DF4<;;$4C.$;-
<*D.CM$F4<;
…-$PD
€-$PD
3.D+3.-I9.*.1<C.F3.14.9-N<C8N$DAC.FFP:I+3D4:49$CF<F3.$+BI4C.-D$:A9.b3.D$:A9.
N$D $++<:A94D3.- $++<C-4;2 F< F3. $M$49$*9. C.D<IC+.D F< .;$*9. F3. C.D.$C+3_ .b2b
$++<::<-$F4<;_ :<*494FP_ $;- $M$49$*494FP <1 A.<A9. 4;F.C.DF.- 4; A$CF4+4A$F4;2 $;- 3.9A4;2 N4F3
F3.+<;+C.F4Q$F4<;<1F3.DFI-Pb<-414+$F4<;DN.C.:$-.F<$-$AFF<F3.+4C+I:DF$;+.D_DI+3$D
I;$M$49$*494FP <1 4;F.CM4.N..D <C 9$+8 <1 4;F.C.DF 4; F$84;2 A$CF4+4A$F4<; 4; F3. DFI-Pb .DFC4+F4<;D
<++ICC.- :$4;9P 4; AC4M$F. .;F.CAC4D.D_ 4;F.C:.-4$F.D $;- $F F3. N3<9.D$9. :$C8.F m
nb ;
2.;.C$9_F3.+<;FC4*IF4<;D<1F3.1$C:.CDF<F34DC.D.$C+3N.C.M.CP2.;.C<ID$;-$AAC<$+3$*9._
948.N4D.AI*94+4;DF4FIF4<;D4;M<9M.-4;F3.+3$4;b
hRgRgR ;:3A9"%2$"300%";-321%;,3$:
hRgRgReR
-;%9;A9%9%C-%D
3.94F.C$FIC.C.M4.NN$D;.+.DD$CP1<CF34DDFI-PF<2$F3.C.;<I234;1<C:$F4<;$;-8;<N9.-2.
F< AC<+..- N4F3 $99 A3$D.D <1 C.D.$C+3b 3. 94F.C$FIC. N$D +<;DI9F.- 4; F3. +<;+.AFI$9 $;-
AC<A<D$9 -.D42;_ -IC4;2 F3. AC.A$C$F4<; 1<C F3. 14.9-N<C8_ D$:A94;2 :.F3<-_ :.$;D <1 -$F$
+<99.+F4<;_$;-4;F3.14;$9NC4FF.;C.A<CFb3.D+4.;F414+8;<N9.-2.$;-D.+<;-$CP-$F$ID.-F3.
1<99<N4;2 D<IC+.Da N.* D.$C+3_ D+4.;F414+ A$A.CD_ +<;1.C.;+. AC<+..-4;2D_ 4;DF4FIF4<;$9 -$F$*$D._
N<C84;2 A$A.CD_ 4;F.C;$F4<;$9 <C2$;4Q$F4<;D $;- ;$F4<;$9 C.A<CFD_ :.F3<-<9<24+$9 2I4-.94;.D_
9.24D9$F4<;D_ +.;DID.D_ DICM.PD_ 4;DF4FIF4<;$9 DF$F4DF4+D -$F$*$D.D_ 4;+9I-4;2 -<:.DF4+ $;-
4;F.C;$F4<;$9 D<IC+.Db <DF <1 F3. DF$F4DF4+$9 -$F$ 4D DI22.DF.- 1<C m.99J_ }~€` <+8.9 u
$99.+_}}‚nb<C<C2$;4Q$F4<;<1F3.C.M4.N.-94F.C$FIC.F3.D<1FN$C..;-.9.P.D8F<AM.CD4<;
~b~m.;-.9.PF-b_}~‚nN$D3.9A1I91<CAC<A.C$;-DF$;-$C-+4F$F4<;$;-C.1.C.;+4;2b
hRgRgRfR
;/%,30$%9:%E7%9;S:"32:A0;;-32
34DA$CF<1C.D.$C+3+<;D4DF.-<1.DF$*94D34;2$D<94-DF$8.3<9-.CC.9$F4<;D34A$;-C.D.$C+3*$D.D
<1 8;<N9.-2. F< 4;F.2C$F. $ A$CF4+4A$F<CP $AAC<$+3 $;- $+BI4D4F4<; <1 -$F$b ; F34D D.;D._ F3.
+<;DI9F$F4<;4;+9I-.-F3..+C.F$C4$F<12C4+I9FIC.$;-4M.DF<+8<14<-.$;.4C<m
n_F3.
F.+3;4+$9 $DD4DF$;+. $;- CIC$9 $-M4D<CP D.CM4+. m
j4<n_ F3. <CA<C$F4<; 4; 2C4+I9FIC$9
.D.$C+3 1C<: F$F. 4< -. $;.4C< m
n_ F3. 4+C<jN$F.CD3.- <::4FF..D m
n 4;
<M$ C4*IC2< $;- $CC.j$4 1<C +<;F$+F N4F3 F3. 1$C:.CD_ F3. j 1C<: 4; F3.
_ F3. .4;A .;FC. F3. 4; $;- F3. $C:.CdD $C8.F 4; <M$ C4*IC2<_ F3.
4; $CC.j$4_ F3. I;4+4A$9 .+C.F$C4$F <1 2C4+I9FIC. <1 *<F3 DFI-4.- +4F4.D_ $;-
<F3.C9<+$9$2.;FD<1$+F4M4F4.D<1F3.M$9I.+3$4;.DD.;F4$91<CF3.DFI-Pb
hRgRgRgR
-%0$D39/
3.AC4:$CP-$F$D$:A94;23$AA.;.-F3C<I23$A$CF4+4A$F<CP$AAC<$+3$;-$A4-IC$9AAC$4D$9
mn <1 F3. M$9I. +3$4;D_ $++<C-4;2 F< .99J_ }~€ $;- <+8.9 u $99.+_ }}‚b F +<;D4DFD <1
4;1<C:$9 :..F4;2D N4F3 $2.;FD <C 2C<IA <1 $2.;FD_ .b2b 1$C:.CD_ C.F$49.CD_ N3.C. $; 4;F.CM4.N 4D
+$CC4.-<IFN4F3$;<A.;BI.DF4<;;$4C.1<C$94:4F.-D$:A9.b
3. D$:A9. C.AC.D.;F.- $ C$;2. 1C<: ~}‰ IA F< ƒ}‰ <1 F3. F<F$9 ;I:*.C <1 F3. 1$C:.CD_
-.A.;-4;2<;F3.AC<-I+F$;-C.24<;b3.
e9$;<
O.+IF4M<-$4+C<*$+4$fm
O.+IF4M.9$;
<1F3.4+C<jN$F.CD3.-n_-.M.9<A.-*PF3.m4<IC$9j
_}~‚$`4<IC$9j_}~$_
}~*`4<IC$9j
_}~‚*n_24M.D$+9I.<1F3.D$:A94;2bF4DA<DD4*9.F<4;1.CF3$FF3.D$:A9.
<1F34DDFI-PC.AC.D.;F.-‚‰<1+<11..2C<N.CD4;_$;-~‚‰<1F<F$91$C:.CDm$99$+F4M4F4.D_
4;+9I-4;2+<11..n4;~b;3<CF4+I9FIC._4F.:*C$+.-_4;F.C:D<1AC<-I+.CD_~}‰+$I9419<N.C_}j
‚‰F<:$F<_ƒ}‰9.FFI+._ƒ}‰A$CD9.P_}‰*..FC<<F$;-~‚‰<F3.CAC<-I+FD4;€$;-b
3.:.$;D<1C.D.$C+3ID.-4;F3.14.9-N<C8_$++<C-4;2F<.994;u.47.Cm}}ƒnN.C.a
n$CF4+4A$;F<*D.CM$F4<;a
+<99.+F4<;<1BI$94F$F4M.-$F$_N34+33.9A.-N4F3$2C.$F.CI;-.CDF$;-4;2<1F3.+3$C$+F.C4DF4+D
<1F3.D4FI$F4<;*.4;2C.D.$C+3.-b<F;<F.DN.C.:$-.F<2$F3.C8.PN<C-D$;-D.;F.;+.D4;F3.
14.9-`A3<F<2C$A3DN.C.$9D<$;.O+.99.;FD<IC+.<1-<+I:.;F4;2F3.<*D.CM$F4<;b
n.:4jDFCI+FIC.-4;F.CM4.ND$;-1<+ID.-2C<IA:..F4;2Da
I4-.-+<;M.CD$F4<;DN4F3AC.-.F.C:4;.-F<A4+D$;--IC4;2F3.+<;M.CD$F4<;;.N4;D423FD$C<D.
$D $ C.DI9F <1 F3. -4D+IDD4<; $;- $;$9PD4D` $AA94.- F< <;.jF<j<;. +<;M.CD$F4<;D $;- 2C<IADd
4;F.CM4.NDb 3. 4;F.CM4.N N$D ID.- 1<C D<:. $2.;FD <1 F3. +3$4;` :$4;9P 4;DF4FIF4<;D $;- F3.
AC4M$F. D.+F<C` $9D< N3.; F3. BI.DF4<;;$4C.D N.C. ;<F A<DD4*9. F< *. $AA94.- -I. F< 9$+8 <1
FC$;DA$C.;+P<1F3.D3$C.--$F$b3.1<+ID.-2C<IA:..F4;2DN.C.$M$49$*9.-IC4;2F3.
:..F4;2D_<C1$C:.C$DD<+4$F4<;Dd:..F4;2D_N3.C.F3.-4D+IDD4<;DAC<M4-.-4;F.C.DF4;2:$F.C4$9
1<CF3.C.D.$C+3b
nI.DF4<;;$4C.Da
I$;F4F$F4M. -$F$ +<99.+F.- 1<C $ :<C. <*7.+F4M. $DD.DD:.;F <1 F3. M$9I. +3$4; $+F<CDb 3.
BI.DF4<;;$4C.N$D-.D42;.-F<<*F$4;F3.4;1<C:$F4<;ae?)::)$>/;$!)*19!:2898$#2*1(Gf
$;-e?)A:)$!:2898$#2*1(:):Gf$;-e)2?:)$A'280;/:$:)$*8#$!*9*219Gfm.994;u.47.C_
}}ƒnb 3. BI.DF4<;;$4C.D 3$- <A.; BI.DF4<;D <C +9<D.- BI.DF4<;D_ *$D.- <; F3. $AA94.- N<C8D
m<+8.9 u $99.+_ }}‚` 49*.CF_ }}ƒnb 3. .9.:.;FD <1 F3. DICM.P +<;D4DF.- <1 2.;.C$9
+3$C$+F.C4DF4+DmD<+4<.+<;<:4+n$;-1.$FIC.D<1F3.AC<-I+F4<; m1$C:D4Q._9$*<C_9$C2.$;-D:$99
.BI4A:.;F_ :$C8.F4;2n_ $;- $9D< 4;1<C:$F4<; C.2$C-4;2 1$C:.C <C2$;4Q$F4<; $;- :$4; A.C+.4M.-
AC<*9.:Db77%2$-"%:e$;-f-4DA9$PF3.ID.-1$C:.CBI.DF4<;;$4C.D4;3<CF4+I9FIC.$;-+<11..
+3$4;_ C.DA.+F4M.9Pb ;<F3.C FPA. <1 BI.DF4<;;$4C. N$D -.D42;.- 1<C IADFC.$: $2.;FDb 99
BI.DF4<;;$4C.D N.C. *$D.- <; F3. e-$F$ C.BI4C.:.;FDf 4;22%E eb .. 77%2$-"%: gO hO iO jO
2$k1<C+<;DI9F4;2IADFC.$:$2.;FDBI.DF4<;;$4C.Db
hRhR
;20F:-:
3. M$9I. +3$4; $;$9PD4D N$D $++<:A94D3.- ID4;2 F3. D4O $;$9PF4+$9 DF.AD $D C.A<CF.- 4; F3.
:.F3<-<9<2Pm.99J_}~€nb3.C.DI9FDD3<N$-4$2;<D4D<1F3.M$9I.+3$4;DbI.F<-4114+I9F4.D<1
F3.e$9I.3$4;;$9PD4D<1FN$C.<<9€bf_$991I;+F4<;$9$;-.+<;<:4+$;$9PQ.DN.C.
A.C1<C:.- :$;I$99Pb 3. +<;<:4+ $;$9PD4D +C.-4*494FP +$; *. +3.+8.- $F F3. ;4F.- $F4<;D
F$F4DF4+$9 4M4D4<; mn_ 4; F3. -<+I:.;F ePDF.: <1 $F4<;$9 ++<I;FD mnf NC4FF.; *P
IC<A.$;<::4DD4<;.F$9b_m}}…nbFN$DID.-F3.e 4Q$C-aF$F4DF4+Du-$F$;$9PD4D<1FN$C.
1<C $+f_ M.CD4<; ~b„b~} m499.C_ }~‚n 1<C F3. DF$F4DF4+$9 $;$9PD4D <1 F3. -$F$b 3. C.DI9FD N.C.
+9IDF.C.- $;- $;$9PQ.- F< 2.;.C$F. D42;414+$;F <IF+<:.Db <1FN$C. I+4- 3$CF mI+4- <1FN$C.
;+b_}~‚nN$DID.-F<-.D42;F3.-4$2C$:D$;-+3$CFD<1F3.M$9I.+3$4;Db
3. .OA.+F.- C.DI9F <1 F34D DFI-P 4D F3. +3$C$+F.C4Q$F4<; <1 F3. FN< DFI-4.- $C.$Ds M$9I. +3$4;Db
--4F4<;$99P_ F3. M$9I. +3$4; :$A N$D $ 2<<- C.AC.D.;F$F4<; <1 F3. .;$*94;2 .;M4C<;:.;F_
D3<N4;2F3.+<;DFC$4;FD$;-DP;.C24.D$:<;2$2.;F4;F.C$+F4<;D$;-+$;*.ID.-$D$*.;+3:$C8
1<C4;DF4FIF4<;$94;F.CM.;F4<;D$FF3.-.+4D4<;j:$84;29.M.9b
iR
Q
X
YZ
iReR
;%7eQ3"-3%"3231-""32;%E;3(;,%0A%,-2Q3((%%
iReReR 23913(;,%9G-0-2"3((%%%"3231F
<11.. 4; C$Q49 3$D $ D<+4$9 $;- .+<;<:4+ 4:A<CF$;+. D4;+. F3. ~…F3 +.;FICP m_ }~‚$nb
<-$P_ C$Q49 4D F3. 9$C2.DF AC<-I+.C $;- .OA<CF4;2 +<I;FCP 4; F3. N<C9- $;- $9D< F3. D.+<;-
9$C2.DF+<;DI:.C<1F3.AC<-I+Fm_}~‚$nb3.N<C9-dDF<F$9+<11..AC<-I+F4<;m<1$99D<CFDn
4; }~ N$D ~~_…‚} F3<ID$;- *$2D <1 ƒ}82b 1 F3$F_ C$Q49dD AC<-I+F4<; C.AC.D.;F.- €‰_
F<F$94Q4;2‚_€F3<ID$;-*$2D<1ƒ}82m;F.C;$F4<;$9<11..C2$;4Q$F4<;_}~‚-n4;!0%gb
!0%gQ3;0"3((%%793$A";-32%E79%::%$-2;,3A:2$!+:3(jd/+!F1.39%E739;-2+2$793$A"%9"3A2;9-%:
YfdeeWfdehZ
3A2;9F
93$A"%9
fdee
3;0
93$A";-32
fdef
3;0
p
93$A";-32
fdeg
3;0
p
93$A";-32
fdeh
3;0
p
93$A";-32
p
9G-0
hghlh
gf
idlfj
gi
hmeif
gh
highf
gf
4.F;$:
ƒ‚}}
~†
‚}}}
~„
„‚}}
~†
„‚}}
~†
<9<:*4$
„ƒ‚
ƒ
††„
„
~~
…
~‚}}
†
;-<;.D4$
„……
‚
~€}…
†
~~ƒƒ„
…
†}}}
ƒ
F34<A4$
ƒ„†…
‚
ƒ€€

ƒ‚„

ƒƒ‚
‚
egjilg
edd
ehkijf
edd
ehjkhi
edd
ehelid
edd
390$
$*9.IA-$F.-*PF3.$IF3<CID4;2F.:A9$F.1C<:49.9$uI14;<m}~}nb<IC+.<1-$F$am;F.C;$F4<;$9<11..
C2$;4Q$F4<;_}~‚-n
C$Q49 AC<-I+.D F3. FN< :<DF 4:A<CF$;F DA.+4.D <1 +<11.._ F3. 2''$ 8 *!_ $;- F3. 2''$
!1$6)28_1<C:.C9P8;<N;$DC$*4+$$;-<*IDF$_C.DA.+F4M.9Pb3.M$C4.FPC$*4+$+<CC.DA<;-D
F<„€b„‰<1F3.F<F$9AC<-I+F4<;m<;$*_}~‚$nbDC.A<CF.-*P<;$*m}~‚$n_F3.F<F$9C$Q494$;
+C<A $C.$ 1<C *<F3 +<11.. M$C4.F4.D 4D .DF4:$F.- F< *. _‚ƒ_‚}} 3.+F$C.Db 1 F3.: ~_†€€_~}
3.+F$C.Dm…‚b„‰n$C.+ICC.;F9P4;AC<-I+F4<;$;-€€_€…~_3.+F$C.Dm~_€‰n$C.$C4D4;2b3.C.$C.
$*<IF …„_}}} AC<-I+.CD_ N34+3 $C. AC.-<:4;$;F9P +3$C$+F.C4Q.- $D :4;4 $;- D:$99 3<9-.CD
-4DFC4*IF.-<M.C~_†}}:I;4+4A$94F4.DN4F34;~‚C$Q494$;DF$F.Dm_}~‚$nb!0% hAC.D.;FD
F3.:<DFC.9.M$;FC.24<;D$;-DF$F.D<1+<11..AC<-I+F4<;4;C$Q49b-+A9%eiD3<NDF3.9<+$F4<;
<1+<11..+C<A$C.$D1<C*<F3M$C4.F4.DmC$*4+$$;-<*IDF$nb
!0%hQ3;0"3((%%793$A";-32-2;,%7%9-3$fdeeWfdei%E79%::%$-2;,3A:2$!+:3(jd/+
%$%9;-322-;V%+-32
39;,
<;->;4$
fdee
fdef
fdeg
fdeh
fdei
eOjefRg
eOighRd
eOhklRk
eOihjRd
eOjkgRe
~_…b€
~_€ƒ„b}
~_€‚„b}
~_„„b€
~_ƒ}b‚
$C&
~…b}
~ƒ„b}
~~b„
ƒ…b„
ƒ…bƒ
39;,%:;
fOfmdRd
fOehmRj
eOldgRg
fOgkeRg
fOhlmRe
$34$
_†}b}
_~†bƒ
~_…}€b€
_€„~b€
_…†b~
egkRl
gkeRi
hgkRd
hdfRh
hjeRi
~ƒ‚b†
-$D%:;
$F<C<DD<
~€„b…
~b~
~„~b‚
~ƒ‚b…
<4&D
j
„b
ƒ‚b‚
€ƒbƒ
†‚bƒ
3A;,%:;
gkOefiRi
hiOdjhRl
hgOjhlRe
hdOggdRm
hdOkihRm
4;$D.C$4D
_~…~b}
ƒ_†b}
„_ƒƒ}b}
_ƒb~
€_†„€b}
DA5C4F<$;F<
~~_‚„€b}
~_‚}b}
~~_ƒ†„b}
~_…}‚b„
~_}……b‚
-3$%2%-93
fjdRd
fjfRf
fleRd
fmfRg
fmfRh
(<$I9<
3A;,
$C$;&
€_~~~b‚
‚_€‚ƒbƒ
_}~}b~
_‚……b…
_}~b}
eOlhfRd
eOildRd
eOjidRd
iilRj
eOeddRd
~_…b}
~_‚…}b}
~_ƒ‚}b}
‚‚…bƒ
~_~}}b}
;,%9:
hkjRj
efjRi
eghRi
egfRi
egfRj
9:-0
hgOhlhRf
idOlfjRh
hmOeieRj
hiOgheRj
hjOjeeRf
<IC+.a$-$AF.-1C<:m<;$*_}~‚*n
-+A9%eiQ73(;,%"3((%%793$A"-2+9%+-32:O2$
<IC+.a
m}~‚nb.D+C4AF4<;aC.$D<1+<11..AC<-I+F4<;_C.--4DA9$PD2''$8 *!$;-P.99<N-4DA9$P2''$
!1$6)28<CC<*IDF$b<F.a+<;+.;FC$F4<;<1AC<-I+F4<;<M.CF3.D<IF3.$DF.C;C$Q49b
C$Q49.OA<CFD4;$M.C$2.<;9Pƒ„‰<14FDF<F$9AC<-I+F4<;_9.DD.OA<CFA.C+.;F$2.4;+<:A$C4D<;F<
<9<:*4$ $;- ;-<;.D4$_ N34+3 .OA<CF „„‰ $;- …~‰ <1 F3.4C AC<-I+F4<; C.DA.+F4M.9P
m;F.C;$F4<;$9 <11.. C2$;4Q$F4<;_ }~‚$nb -+A9% ej D3<ND F3. F<F$9 +<11.. .OA<CF 4; F3<ID$;-
*$2D<1ƒ}82*PF3.9$C2.DFAC<-I+.C$;-.OA<CF4;2+<I;FC4.Db
-2;,3A:2$!+:3(jd/+
}}}}
€‚}}}
€}}}}
C$Q49
‚}}}
}}}}
4.F;$:
~‚}}}
<9<:*4$
~}}}}
;-<;.D4$
‚}}}
}
}~}
}~~
}~
}~€
-+A9%ejQ3;0"3((%%Y3(00:39;:Z%E739;:%E79%::%$-2;,3A:2$!+:3(jd/+!F1.39%E739;-2+"3A2;9-%:-2;,%
7%9-3$3(fded;3fdeg
3$CFIA-$F.-1C<:49.9$uI14;<m}~}nb<IC+.<1-$F$am;F.C;$F4<;$9<11..C2$;4Q$F4<;_}~‚$n
iReRfR "3231-"7%9(3912"%3(;,%"3((%%:%";39
<11.. 4D <;. <1 F3. :$4; .OA<CF.- +<::<-4F4.D_ *.4;2 F3. 141F3 $2C4+I9FIC$9 AC<-I+F :<C.
.OA<CF.-4;F3.+<I;FCPm<;$*_}~‚*nbDDF$F.-4;$DF$F4DF4+$9C.A<CF<1m_}~‚+n_C$Q49
3$-4;}~F<F$9+<11..2C<DDC.M.;I..OA<CF<1ƒb„*4994<;y$F~…~b€‚y$*$2<1ƒ}82_$D
D..;4;!0%ib
!0%iQ3;0%E739;8A2;-;FO"3((%%+93::9%C%2A%2$C%9+%79-"%3(;,%"3((%%!+
fddl
fddm
fded
fdee
fdef
fdeg
fdeh
A2;-;FY1-00-32:3(!+:Z
†b„
€}b‚
€€b‚
€€bƒ
…b„
€b}
€ƒb„
0A%Y!-00-32aZ
b…
b€
‚b…
…b„
ƒb‚
‚b€
ƒb„
C%9+%79-"%YaV!+Z
~ƒ}b}
~}b€…
~„b~~
‚†b…€
b†}
~ƒb…~
~…~b€‚
<IC+.a$-$AF.-1C<:m}~‚*n
++<C-4;2 F< <;$* m}~‚$n_ +<11.. 4D .+<;<:4+$99P C.9.M$;F 1<C ~‚ AC<-I+4;2 DF$F.Db 4;$D
.C$4D_
DA5C4F<$;F<_$;-(<$I9<3$;-9.-F<2.F3.C…†b……‰<1F3.F<F$9+<11..;$F4<;$92C<DD
C.M.;I.4;}~_.BI4M$9.;FF<y~_‚…„_€ƒ€b€…b<N.M.C_F3.F$F.4<-.$;.4C<C.AC.D.;F.-
<;9P}b„~‰m-+A9%ekn<1F3.;$F4<;$9+<11..2C<DDC.M.;I.D3$C._N34+34D.BI$9F<y~~€_†„}b‚
m<;$*_ }~‚$nb --4F4<;$99P_ F3. +<11.. AC<-I+F4<; +3$4; 2.;.C$F.D $*<IF … :4994<; 7<*D 4; F3.
+<I;FCP_AC<M4-4;24;+<:.$;-$++.DDF<F3.*$D4+D.CM4+.D1<C:$;P3<ID.3<9-Dm_}~‚$nb
-3$%2%-93
dRkep
3A;,%+-32
eRgdp
3A;,%:;%+-32
lmRllp
39;,%+-32
fRddp
39;,%:;%+-32
iRgep
-$D%:;
dRkmp
-+A9%ekQ3((%%+93::9%C%2A%:,9%-27%9"%2;+%!F793$A"-2+9%+-322$;,%:;;%-3$%2%-93,-+,0-+,;%$(39
:7%"-0"3179-:32
<IC+.<1+3$CFa.9$*<C$F.-*PF3.$IF3<C_-$F$F$8.;1C<:<;$*m}~‚$n
<N.M.C_F3.+<11..AC<-I+F4<;$+F4M4FPI;-.C2<.D$DFC<;2D.$D<;$94FP+$99.-*4$;;I$9+P+9._$;
4;FC4;D4+ +3$C$+F.C4DF4+ <1 F3. +<11.. +C<A_ N34+3 +$ID.D 3423 $;- 9<N M$C4$;+.D <1 $;;I$9
1CI4F1I9;.DDm49M$u.4D_}~€nb;$2C..:.;FN4F3F3.D$:.$IF3<CD_F3.:$FF.C<1*4$;;I$9+P+9.
$11.+FDF3.+<::<-4FPDIAA9P$;-+<;D.BI.;F9P+$ID.DAC4+.D4;DF$*494FP4;F3.:$C8.Fb34D1$+F
A<D.D $ +3$99.;2. 1<C +<11.. A<94+4.D $;-1<C F3. AC<-I+.CD_ N34+3 $C. C.BI4C.- F< 3$M. DF<C$2.
:$;$2.:.;FF<<M.C+<:.F3.-411.C.;+.D<1$;;I$9+C<ADb
-+A9%el499IDFC$F.D+9.$C9PF3..11.+F<1F3.*4$;;I$9+P+9.$;-F3.AC4+.D19I+FI$F4<;b".$CDN4F3$
3423A.$8<1AC<-I+F4<;_DI+3$D~††~_~†††$;-}}3$-$AC<1<I;--.+C.$D.<1AC4+.D<1F3.
+<11.. *$2 A$4- F< +<11.. 2C<N.CD m;F.C;$F4<;$9 <11.. C2$;4Q$F4<;_ }~‚+nb I. F< F3. 3423
M<9$F494FP <1 F3. +<11.. D.+F<C 4;+<:._ <;. <*D.CM.D AC<*9.:D <1 14;$;+. 1<C F3. +<11.. $+F4M4FP
IA<;14;$;+4;24;DF4FIF4<;D_$;-$N.$8A<94+P1C$:._N34+3-<.D;dF24M..;<I23DIAA<CF1<CDI+3
$;4:A<CF$;FC$Q494$;.+<;<:4+D.+F<C$D4F4DF3.+<11..D.+F<Cm
_~†††nb
y€‚}b}}
‚}_}}}
y€}}b}}
y‚}b}}
}_}}}
y}}b}}
€}_}}}
y~‚}b}}
}_}}}
y~}}b}}
~}_}}}
<F$9AC<-I+G<;4;*$2Dmƒ}82n
}~
}~~
}~}
}}†
}}…
}}„
}}ƒ
}}‚
}}
}}€
}}
}}~
}}}
~†††
~††…
~††„
~††ƒ
~††‚
~††
~††€
~††
~††~
}
y‚}b}}
y}b}}
9-"%-2a7%9!+Yjd/+Z7-$;3+93D%9:-2
9G-0
ƒ}_}}}
~††}
9G-0-2;3;"3)(%%793$A"<32-2!+:3(
jd/+
C4+.D4;yA.C*$2mƒ}82nA$4-F<2C<N.CD
-+A9%elQ-22A0"F"0%3(;,%9G-0-23((%%-2;,%"0%2$9F%9:(931emmd;3fdef
3$CF.9$*<C$F.-*PF3.$IF3<Cb<IC+.<1-$F$am;F.C;$F4<;$9<11..C2$;4Q$F4<;_}~‚-_}~‚+n
iReRgR 3((%%793$A";-32-2;,%:;;%3(-3$%2%-93
3.F$F.<14<-.$;.4C<3$D<;+.*..;<;.<1F3.2C.$F.DF+<11..AC<-I+.CD4;C$Q49b3.F$F.
C.$+3.- €b‚ :4994<; *$2D <1 +<11.. 4; F3. A$DF m
_ ~†††n_ DIAA9P4;2 ƒ}‰ <1 F3. ;$F4<;$9
AC<-I+F4<;b I. F< A3PF<D$;4F$CP AC<*9.:D_ 4< -. $;.4C< 3$- $9:<DF .C$-4+$F.- F3. A9$;F.-
+C<AD4;F3.„}sDm;-C$-..F$9b_}}†`;-C$-.u49M$_}~€nb3.F$F.4<-.$;.4C<3$D$F<F$9
+<11..+C<A$C.$<1~_„…€3$+ICC.;F9P_AC<-I+4;2$F<F$9<1†b€F3<ID$;-*$2D<1ƒ}824;}~
<C }bƒ‰ <1 F3. ;$F4<;$9 AC<-I+F4<; m<;$*_ }~‚$nb 3. $M.C$2. AC<-I+F4M4FP 4D <1 b…„
AC<+.DD.-*$2D3$j~m<;$*_}~‚*nb3..M<9IF4<;<1F3.+C<A$C.$$;-F3.AC<-I+F4M4FP<M.CF3.
A.C4<-1C<:}}~F<}~‚4DC.AC.D.;F.-4;-+A9%em_+<;1<C:4;2F<<;$*m}~‚*nb

}
~…
~ƒ
~
}~‚
}~
}~€
}~
}~~
}~}
}}†
}}…
}}„
}}ƒ
}}‚
}}
}}€
}}~
~
-3$%2%-93C%9+%F-%0$
Y!+:jd/+V,Z

}}
~‚_}}}
~_‚}}
~_}}}
~€_‚}}
~€_}}}
~_‚}}
~_}}}
~~_‚}}
~~_}}}
~}_‚}}
~}_}}}
~}
C<A4;1<C:$G<;$C.$
m3$n
C<A4;AC<-I+G<;C.$
m3$n
M.C$2.P4.9-m*$2D
ƒ}82g3$n
-+A9%emQ-3$%2%-93S:;3;0"9379%Y,Z2$F-%0$Y!+:jd/+V,Z(931fdde;3fdei
3$CF.9$*<C$F.-*PF3.$IF3<Cb<IC+.<1DF$F4DF4+-$F$am<;$*_}~‚*n
3. 94F.C$FIC. C.M.$9.- F3$F F3. 9I:4;.;D.dDAC<-I+F4<;D3<N.- $ -.+C.$D4;2 FC.;- 4; F3. †}dD
m
_ ~†††nb <C. IA-$F.- -$F$ 1C<: F3. m}~‚.n D3<ND F3$F F3. AC<-I+F4<; C.+<M.C.-
D9423F9P1C<:F3.-C<Ab<N.M.C_4F3$D;.M.CC.+<M.C.-F3.AC.M4<ID34DF<C4+$9C.+<C-D.;F4C.9PbD
;-C$-. u 49M$ m}~€n $114C:_ F3. DF$F. <1 4< -. $;.4C< 9<DF ƒb‰ <1 3$CM.DF.- $C.$_ $;
.BI4M$9.;FF<_ƒ€3$<1F3.AC<-I+F4M.$C.$4;F3.A.C4<-1C<:~††}F<}~}b3.D$:.$IF3<CD
.OA9$4;F3$FF3.C.-I+F4<;4D-I.F<F3..C$-4+$F4<;<1+<11..+C<AD3$AA.;.-4;F3.„}dD$--.-
F3. 4;DI114+4.;F ;.N .OA$;D4<; <1 C.3$*494F$F.- +C<ADb ;-C$-. .F $9b m}}n D$P F3$F F3.
AC<-I+F4<; $C.$ DF$2;$F.- <M.C F3. A$DF P.$CD C.2$C-9.DD F3. -.:$;- N4F34; F3. DF$F. b 3.
-+A9%fd499IDFC$F.DF3.AC<*9.:$F4+DF$F.-$*<M.*PC.AC.D.;F4;2F3..M<9IF4<;<1F3.3$CM.DF.-
‚}
~„_}}}
}}
~ƒ_}}}
€‚}
~‚_}}}
~_}}}
€}}
~€_}}}
‚}
~_}}}
}}
~~_}}}
~‚}
~}_}}}
†_}}}
~}}
…_}}}
‚}
$CM.DF.-C.$m3$n
3;0793$A"<32-2;,3A:2$!+:3(jd/+
~…_}}}
~††}
~††~
~††
~††€
~††
~††‚
~††ƒ
~††„
~††…
~†††
}}}
}}~
}}
}}€
}}
}}‚
}}ƒ
}}„
}}…
}}†
}~}
}~~
}~
}~€
3;09C%:;%$9%Y,Z
$C.$$;-F3.AC<-I+F4<;<1+<11..*$2D4;F3.F$F.4;€P.$CDb
C<-I+G<;mF3<ID$;-*$2D<1ƒ}82n
-+A9%fdQC30A;-323(;,%,9C%:;%$9%2$793$A";-32-2;,%;;%3(-3$%2%-93YemmdWfdegZ
3$CF2.;.C$F.-*PF3.$IF3<Cb<IC+.<1-$F$am
_}~‚.`
_~†††n
3.+ICC.;FAC<-I+F4<;<14<-.$;.4C<+<;+.;FC$F.D4;F3.<CF3N.DF.24<;$;-F3.<I;F$4;
.24<;m;-C$-..F$9b_}}†nb-+A9%fe-4DA9$PDF3.AC<-I+4;2:I;4+4A$94F4.D<1F3.F$F.4<-.
$;.4C<b 3. 1C.BI.;+P <1 AC<-I+F4<; C$;2.D 1C<: e3423f F< eD<:.f F< e;<f +<11.. $+F4M4FP
AC<-I+F4<;N4F34;+4F4.D_$++<C-4;2F<F3.9$DF+<11..-4$2;<D4D<1F3.F$F.4<-.$;.4C<m
_
~†††nb
-+A9%feQ3";-323(;,%"3((%%793$A";-32";-C-;F-2;,%1A2-"-70-;-%:3(;,%;;%-3$%2%-93
$A2.;.C$F.-*PF3.$IF3<CID4;2
+$CF<2C$A34+*$D.m
_}~‚+nb<IC+.-$F$<1+<11..AC<-I+F4<;9<+$F4<;D
$;-1C.BI.;+P<1AC<-I+F4<;.OFC$+F.-1C<:
m~†††n
3. 9$C2.DF +<11.. AC<-I+.CD 4; 4< -. $;.4C< $C. F3. :I;4+4A$94F4.D <: .DID -< F$*$A<$;$_
<C+4K;+I9$_ $;- $CC.j$4 4; F3. <CF3N.DF .24<;` <: $C-4:_ I$D $CC$D $;- (< <D/ -<
$9.-<4<C.F<4;F3.<I;F$4;.24<;m;-C$-..F$9b_}}†nb4<-.$;.4C<3$D4;F<F$9_ƒ†
+<11.. 2C<N.CD_ N3<D. :$7<C4FP m„‚b‰n 3$D AC<A.CFP D4Q. C$;24;2 *.FN..; ~} $;- ‚} 3.+F$C.D
m
_~†††nb!0%j-4DA9$PDF3.-.F$49.-4;1<C:$F4<;<14<-.$;.4C<dD+<11..AC<-I+F4<;b
!0%jQ-3$%2%-93S:"3((%%793$A";-32-2fdeg
.FC<A<94F$;
_3(
793$A"%9:
~
93$A";-32
Y;32:Z
~b}
%9"%2;+%
YpZ
}b}„‰
4-jD<IF3

ƒb}}
9':-3:
4-jD<IF3
€
9.23$%
39-:
A:99:
<I;F$4;
€}
A2-"-70-;F
%+-32
A8A%$%
-E-:
::3A9:
33:&$3
0%$3-3
9%;3
319$-1
9$3:3
39%-9
173:$3:
3F;"G%:
9%Y,Z
0A%YaZ
ƒb}}
_}…b}}
}b}€‰
b‚}
…_}}}b}}
ƒ‚b}
}b€~‰
‚†b}}
€~~_}}b}}
~€‚b}}
}bƒ‚‰
‚b}}
„_}‚}b}}
<I;F$4;
†
†ƒ€b‚}
bƒ‚‰
}€b}}
_€~ƒ_…}b}}
<I;F$4;
~
~_}b}}
ƒb„…‰
ƒb}}
ƒ_‚_ƒ}b}}
<I;F$4;
†
~_ƒƒ€b…}
…b}‰
~_~b}}
_…„_†€b}}
<CF3
€
ƒb}}
}b}€‰
ƒb}}
~_}}}b}}
<CF3
~…
€b‚}
}b~~‰
b}}
†_}}}b}}
3-$&0-:
<CF3
~
€}b}}
}b~‰
€}b}}
†}_}}}b}}
;-C-$$%
<CF3N.DF
~
‚b}
}b~‰
…b}}
~}†_€ƒ…b}}
;7%9A2
<CF3N.DF
~„
€~b‚}
}b~‚‰
~…b}}
~ƒ_}}}b}}
31%:A:$3
;!732
39"-B2"A0
<CF3N.DF
}
€_}b}}
~‚bƒ‚‰
~_}}b}}
~€_‚~}_…}}b}}
<CF3N.DF
…€ƒ
‚_†‚€b}}
…b„ƒ‰
_€‚b}}
_ƒƒ_…€}b}}
99%W-
<CF3N.DF
†}
„_~}b}}
€b†‰
_„‚†b}}
„_†……_…}}b}}
3;0
_Ġ
}_„}~b~}
~}}b}}‰
~_„ƒ~b‚}
…_…}ƒ_†‚b}}
-$AF.-1C<:am
j4<_}~€$n
iReRhR 0A1-2%2:%S:39;,D%:;%+-32"3((%%
3. <CF3N.DF .24<; 4D F3. 9$C2.DF +<11.. AC<-I+.C <1 F3. DF$F._ +<I;F4;2 N4F3 „†b~„‰ <1 F3.
F<F$9 4< -. $;.4C<dD +<11.. AC<-I+F4<; m
j4<_ }~€$nb .DA4F. F3. 3499P F<A<2C$A3P_ F3.
+94:$F._ $;- F3. D<49 $C. $-.BI$F. 1<C F3. AC<-I+F4<; $;- $--4F4<;$99P F3.C. 4D $ FC$-4F4<; <1
+I9F4M$F4;2+<11..m;-C$-..F$9b_}~nb;-C$-..F$9bm}}n$;-;-C$-.u49M$m}~€n$114C:
F3$F F3. +<11.. 4; 4< -. $;.4C< 4D +3$C$+F.C4Q.- *P F.+3;4+4$;D $D e<I;F$4; +<11..fb .+$ID.
+<11..4DAC<-I+.-:$4;9P4;:<I;F$4;<ID$C.$DAC.-<:4;$;F9PDFC<;2jN$MPF<3499P$C.$D_:<DF9P
N4F3<IF F3. A<DD4*494FP <1 :.+3$;4Q$F4<;b --4F4<;$99P_ 4F +$; *. D$4- F3$F 4; F3. F$F. 4< -.
$;.4C<_ F3. F.+3;<9<24+$9 A$FF.C; <1 F3. +<11.. D.+F<C 4D D..; $D M.CP 9<N_ C.DI9F4;2 4; 9<N
AC<-I+F4M4FPm;-C$-.u49M$_}~€nb
I.F<F3.-.14+4.;F4;-IDFC4$94Q$F4<;<1F3.C.24<;$;-.;.C2PDIAA9P94:4F$F4<;D_F3.$2C4+I9FIC$9
+<11.. AC<-I+F4<; 3$D *..; $;- 4D F3. :<DF 4:A<CF$;F D<IC+. <1 94M.943<<- 1<C F3. 9<+$9
A<AI9$F4<; m;-C$-. .F $9b_ }}†nb 3.C.1<C._ 4; F3. <CF3N.DF .24<;_ +<11.. +C<AD 3$M. F< *.
4;+.;F4M4Q.- F< -.M.9<A $;- F< 2.;.C$F. 7<*D_ D4;+. 4F 4D F3. :$4; +C<A AC<-I+.- 4; :$;P
:I;4+4A$94F4.Dm;-C$-..F$9b_}~nb
.D4-.D F3$F_ F3. +<11.. D.+F<C 4D +3$C$+F.C4Q.- *P F3. *4$;;I$9 +P+9._ N34+3 $11.+FD F3. +<11..
DIAA9P+$ID4;219I+FI$F4<;D<1AC4+.D$;-4;DF$*494FP1<CF3.+<11..2C<N.CDm49M$u.4D_}~€nb3.
1$C:.CD$C.F3.;DBI..Q.-*.FN..;F3.4;AIFDAC<M4-.C$;-F3.:4--9.:.;_N34+3D.FF3.AC4+.D
$;-+<;+.;FC$F.F3.M$9I.m49*.CF_}}ƒnb
3.+<11..AC<-I+F4<;$+F4M4FP4;F3.<CF3N.DF;..-D4:AC<M.:.;F_F<8..A1$C:.CD:<F4M$F.-
F<N<C84;F3.C.24<;_$;-$9D<F<$M<4-F3.CIC$9.O<-ID_N34+33$D<++ICC.-C.+.;F9P4;F3.$C.$
m;-C$-..F$9b_}}†nb++<C-4;2F<;-C$-.u49M$m}~€n_F3.<CF3N.DF.24<;N<I9-A9$P$
+.;FC$9C<9.4;F3.A<F.;F4$94;+C.$D.<1AC<-I+F4<;$C.$DN4F34;4<-.$;.4C<b3.PD$P4F+$;*.
$+34.M.-*P$-7IDF4;2$-.BI$F.F.+3;<9<24.D$;-*P4;+<CA<C$F4;2.11<CFD$FF3.DF$F.-.+4D4<;j
:$84;29.M.9F<N$C-DF3.-.M.9<A:.;F<1AC<2C$:D$4:4;2F3.C.+9$:$F4<;<1F3.9I:4;.;D.dD
+<11..$+F4M4FPb
iReRiR 93$A";-32-2;,%;A$F9%
!0%k-4DA9$PDF3.AC<-I+F4<;4;*$2D<1ƒ}82<1+<11..4;F3.~DF$;-;-+C<AA4;2P.$CD<1F3.
DFI-4.-$C.$Db3.C.DI9FDD3<NF3.*4$;;I$9+P+9.$;-$;;I$9AC<-I+F4<;D_$;-F3.$M.C$2.P4.9-
<1*$2DA.C3.+F$C.P.$Cj~b
!0%kQ93$A";-32-2!+:3(jd/+!F"311A2-;F2$!F-"93W!:-2Y!-22A0"F"0%fdefWfdegZ
311A2-;F
93$A";-32
Y+:3(jd/+Z
-"93W:-2
3;0
3%2;A9
%+9%$3
2;9AG
e
f
ƒ‚…b‚
~€ƒb~
~~b€„„
€‚„b}†
€…b}
†~b~~
€bƒ„
€‚„b}†
€…b}
ellRlekt
egkRdmg
„…}
†‚€
€_†€~b‚
~_„€€
€_†€~b‚
iOjjhRi
~~†b€„‚
€}bƒ
ƒ}
‚b…‚
€€b}‚
€„b€ƒƒ
~„~b~…
…€bƒ
€€b}‚
€„b€ƒƒ
fjkRft
ehdRkgm
3;0f "9377-2+
F%9
~_€b‚
~_…}
_„ƒ€b‚
€_‚b‚
_„ƒ€b‚
lOdej
%2!-22A0
"F"0%
~…b€„‚
‚ƒb‚ƒ
€†ƒb~€
€ƒ‚b}‚†
„†}b‚‚
„‚ƒbƒ„~
ƒb€†‚
~‚b…
„†}b‚‚
„‚ƒbƒ„~
hijRdekt
fkjRdhg
3;0!-22A0
"F"0%
_~b‚
_„„€
…_ƒ†‚
_†…‚b‚
…_ƒ†‚
egOjldRi
%222A0
793$A";-32
†b~……
…b„
~†…b}„~
~…b‚€
€†‚b„
€„…b€€‚
~€~b~†„
ƒb„€†
€†‚b„
€„…b€€‚
fflRddlt
eglRdfe
3;022A0
793$A";-32
~_~}ƒb‚
~_€…ƒb‚
_€„b‚
_†b„‚
_€„b‚
jOlhdRfi
-%0$!+:V,
We
F%9 b€
…b~
†b…
b‚
†b…
fjRh
:;
%2e "9377-2+
F%9
:;
3;0e "9377-2+
F%9
2$
%2f "9377-2+F%9
2$
99 +<::I;4F4.D $;- :4+C<j*$D4;D AC.D.;F.- .BI$9 DF$F4DF4+$9 :.$;D_ -I. F< F3. 3423 M$C4$F4<;_
1<99<N4;2$A$FF.C;<19<NAC<-I+F4<;4;F3.~DF+C<AA4;2P.$C$;-$;4;+C.$D.<1AC<-I+F4<;4;F3.
;- +C<AA4;2 P.$Cb 9F3<I23 F3. :.$;D $C. .BI$9_ _ -.DA4F. C.AC.D.;F4;2 1.N.C 1$C:.CD 4;
;I:*.C_AC<-I+.D:I+3:<C.4;+<:A$C4D<;F<F3.~_N34+3$++<I;FD1<CF3.:$7<C4FP<1F3.
4;F.CM4.N..Db;.+$;;<F.F3$F1$+F4;F3.~DF+C<AA4;2P.$Cm~:.-4$;…}`:.-4$;~…‚n
$;- $9D< 4; F3. ;- +C<AA4;2 P.$C m~ :.-4$; ~†`  :.-4$; ‚}nb <N.M.C_ F34D -<.D ;<F
C.19.+F<;F3.$M.C$2.P4.9-_N34+34DD4:49$C4;F3.+<::I;4F4.D$;-:4+C<j*$D4;Db
<C.<M.C_ 4F N$D <*D.CM.- $ A<D4F4M. +<CC.9$F4<; m<CC.9$F4<; F.DF_ A ‹ }b}ƒn *.FN..; F3.
$M.C$2. P4.9- $;- F3. $;;I$9 $M.C$2. AC<-I+F4<;b .$;4;2 F3$F F3. 4;+C.$D.- AC<-I+F4<; 4; 4FD
F<F$94FP 4D 94;8.- F< $; 4;+C.$D. 4; AC<-I+F4<; P4.9-b -+A9% ff 499IDFC$F.D F3. C.DI9FD <1 F3.
-.D+C4*.-1$+FD_N3.C.$99A<4;FDC.AC.D.;FF3.4;F.CM4.N.-1$C:.CDb
-+A9%ffQ3:-;-C%"399%0;-32!%;D%%222A0C%9+%793$A";-32Y;3;0"3((%%!+:3(jd/+Z2$793$A";-32F-%0$3(
We
!+:V,F%9 iReRjR 3A:%,30$:3"-3W%"3231-":A9C%F3(0A%,-2
3. D$:A9.D AC.D.;F.- D4:49$C AC<A<CF4<;Db ~ e4*.4C(< -$ ;,$f 3$- $ 1C.BI.;+P <1 ƒ€b€‰_
$;-  e$CC.j$4f €ƒb„‰ <1 F3. F<F$9 4;F.CM4.N..D_ $F ‚‰ <1 D42;414+$;+.b 99 +<::I;4F4.D
AC.D.;F.- .BI$9 AC<A<CF4<;D` e<$ .;FIC$f C.AC.D.;F.- }‰_ e$;F$ CIQf _ €ƒb„‰_ $;-
e.2C.-<f€b€‰<1F3.4;F.CM4.N..Db;.+$;:$C8.-9P<*D.CM.F3$FFN<+<::I;4F4.D*.9<;2F<
~_ -I. F3. ;$FIC. <1 F3. -$F$ +<99.+F4<; +<;-I+F.- F3C<I23 F3. .OF.;D4<; <1 DF$8.3<9-.C
;.FN<C8m<;.4;F.CM4.N..9.$-F<F3.;.OF<;.nb!0%lD3<NDF3.-.F$49.-4;1<C:$F4<;b
!0%lQ311A2-;F2$-"93W!:-2%0;-32Y0A%,-2Z
-"93W!:-2
e
f
311A2-;F
%0;-C%(9%8A%2"F;3;,%;3;0
%0;-C%(9%8A%2"F;3;,%1-"93W!:-2
<$.;FIC$
}b}‰
ƒ€b‰
.2C.-<
€b€‰
€ƒb…‰
$;F$CIQ
€ƒb„‰
~}}‰
iReRjReR
+%93A7
3.2C<IA$2.<1F3.3<ID.3<9-DAC.D.;F.-$;<C:$9$;-I;41<C:-4DFC4*IF4<;_N4F3$;.DF4:$F.-
:.$;<1†b€€€‚bƒP.$CDb3.A<AI9$F4<;F.;-DF<*.N4F34;F3.2C<IAD<1:$FIC.$-I9F_$;-
$2.-bF4D;<F.-$+3$C$+F.C4DF4+$24;2A<AI9$F4<;_N3.C.4;‚}‰<1F3.3<ID.3<9-D$C.‘‚}P.$CD
<9-_$;-}‰$C.‘ƒ}P.$CD<9-m!0%mnb<;D4-.C4;2‘ƒ}P.$CD$D$;.9-.C9P2C<IA_$++<C-4;2F<
F3.C$Q494$;*Pj9$N1<CD.;4<C+4F4Q.;D†b3.$24;2A<AI9$F4<;3$D$*<9-4:A$+F4;F3.9$*<C1<C+._
D4;+.F3.P<I;2A<AI9$F4<;<1+<11..2C<N.CDm}j€}P.$CD<9-n4DM.CPC.-I+.-m<;9P„‰nb
!0%mQ93A73(+%-2;,%3!:%9C%$737A0;-32Y0A%,-2Z
+%93A7
%0;-C%9%8A%2"F
""A1A0;%$9%8A%2"F
„}2.…}
~€‰
~€‰
ƒ}2.„}
„‰
}‰
‚}2.ƒ}
€}‰
‚}‰
}2.‚}
}‰
„}‰
€}2.}
€‰
†€‰
}2.€}
„‰
~}}‰
3.D$:.$24;2A<AI9$F4<;A$FF.C;4D<*D.CM.-4;F3.:4+C<j*$D4;Dm:.$;‹„bƒ€ƒb€ƒ`
:.$; ‹ ‚b†}†  ~~b~„‚n_ $;- 4; F3. +<::I;4F4.D_ AC.D.;F4;2 .BI$9 DF$F4DF4+$9 :.$;Db 3.
-4DFC4*IF4<;<1$2.*P+<::I;4FP4DC.AC.D.;F.-4;-+A9%fgb34DC.DI9F4D4;$2C..:.;FN4F3F3.
+<11..-4$2;<DF4+4;F$F.4<-.$;.4C<m
_~†††nb3.CIC$9.O<-ID4D$;<F3.C+<;FC4*IF4<;_
DFC.;2F3.;4;2 I;-.C.:A9<P:.;F $;- :42C$F4<; <1 P<I;2 A.<A9. F< <F3.C .+<;<:4+ +.;F.CD
m.CC.4C$_}~€nb
SH6hZK^\b)
-+A9%fgQ+%$-:;9-!A;-32!F1-"93W!:-22$!F"311A2-;FD-;,;W;%:;%:;-1;%$1%2:
9
C$Q494$;+9$DD414+$F4<;<12C<IA$2.4Da+349-C.;IAF<~P.$CD_F..;$2.CD1C<:~F<~…P.$CD_$-I9F1C<:~…F<‚†_
.9-.C9P.BI$9<C:<C.F3$;ƒ}P.$CD<9-mC$D49_}}€_~††}n
iReRjRfR
%2$%9
3.3<ID.3<9-dD2.;-.CAC<149.C.DI9F.-4;$AC.-<:4;$;+.<1:$9._N4F3$;I;.BI$9AC<A<CF4<;
<1ƒb„‰†b„‰1.:$9._$2$4;DF†€b€‰†b„‰<1:$9.b.AC.D.;F4;2~N<:$;F<~:.;_4;F34D
<*D.CM.-A<AI9$F4<;m+<I;F4;2C.+<C-D4;A<AI9$F4<;‹€}_‚‰D42;414+$;+.nb<N.M.C_4F-<.D
;<F C.19.+F F3$F N<:.; $C. ;<F A$CF4+4A$;F <1 1$:49P 1$C:4;2_ *IF C$F3.C F3$F 4; +<11.. 2C<N4;2
F3.C.4D$A$FC4$C+3PFC$-4F4<;_4;N34+3:.;$C.+<;D4-.C.-F3.3.$-<1F3.1$:49P_$;-N.C.F3.;
F3.<;.D4;F.CM4.N.-b
iReRjRgR
9-;0:;;A:
3. :$7<C4FP <1 F3. 3<ID.3<9-D $C. :$CC4.- m†}‰n $;- 1.N $C. D4;29. m~}‰nb 3.C. N$D ;<
4;+4-.;+. <1 -4M<C+. <C D.A$C$F4<; <C N4-<N.-b -+A9% fh 499IDFC$F.D F3. -4DFC4*IF4<; *P :4+C<j
*$D4;b F 4D <*D.CM.- F3$F F3.C. 4D 3<:<2.;.4FP N4F34; F3. D$:A9. C.2$C-4;2 F3. :$C4F$9 DF$FID_
N34+3C.4;1<C+.DF3.A$CF4+4A$F4<;<1*<F32.;-.C:$9.$;-1.:$9.$D$+<C.<11$:49P1$C:4;2_$D
AC.M4<ID9PDF$F.-b
(z-score, p = 0.900)
-+A9%fhQ9-;0:;;A:!F1-"93W!:-2
iReRjRhR
""A7;-32
4M.+$F.2<C4.D<1AC<1.DD4<;*.D4-.De1$C:.CfN.C.4-.;F414.-_$DD..;4;-+A9%fib3.:$7<C4FP
4D+<;D4-.C.-7IDFe1$C:.CfN4F3„€‰<11C.BI.;+P4;F3.<*D.CM.-D$:A9.bF4DC.:$C8$*9.F3$F
D<:.AC<A.CFP3<9-.CD1<I;-F3.:D.9M.D$De1$C:.Cf$;-_$9D<_<;.AC<1.DD4<;:<C._.b2b-C4M.C_
.;FC.AC.;.IC_ +3.:4DF_ .F+b 3.C. 4D <;. 1$C:.C 4; F3. +<;-4F4<; <1 C.F4C.-b 3. e.;FC.AC.;.ICf
+$F.2<CP C.1.CD F< $+F4M4F4.D C.9$F.- F< +<11.. :4994;2 <C +<11.. C<$DF4;2b
3.; +<:A$C4;2 *<F3
:4+C<j*$D4;D_4FN$D.;+<I;F.C.-D42;414+$;F-411.C.;+.mQjD+<C._A‹}b}}†n4;F3.C.9$F4<;<1F3.
+$F.2<CPe1$C:.Cf*P:4+C<j*$D4;b3.:$7<C4FP<17IDFe1$C:.CDf$C.4;F3.~m…†b‚‰n_M.C414.-
*PF3.M.CP-$C8DA<F<;F3.<-.9C.D4-I$92C$A3m-+A9%finb<N.M.C_F3._;.$CF3.IC*$;
+.;F.C_ 3$D $ 9$C2.C M$C4.FP <1 AC<1.DD4<;_ 4;+9I-4;2 $99 F3. <F3.C +$F.2<C4.D mƒ}‰n_ D..; *P F3.
9423F.C-4DA.CD.DA<FDb
-+A9%fiQ93(%::-32;3;0$-:;9-!A;-322$9%:-$A0!F1-"93W!:-2
iReRjRiR
-;%9"F0%C%0
;2.;.C$9_F3.<*D.CM.-D$:A9.AC.D.;F.-:.-4$;4;F3.9.M.9e4;+<:A9.F.AC4:$CP.-I+$F4<;f_
C.AC.D.;F4;2ƒb„‰<1F3.3<ID.3<9-DbFN$D-.F.+F.-$DF$F4DF4+$99PD42;414+$;F-411.C.;+.4;F3.
9.M.9 <1 .-I+$F4<; <1 ~ $;- b 3. 9.M.9 <1 .-I+$F4<; 4; ~ +$; *. +<;D4-.C.- 9<N.C 4;
C.9$F4<; F< b 3. :4;4:I: .-I+$F4<; 9.M.9 4; ~ 4D e4994F.C$F.f_ $;- F3. :$O4:I: 9.M.9 4D
eD.+<;-$CP .-I+$F4<;fb ; _ F3.C. N$D;dF 4994F.C$+P <*D.CM.-_ $;- F3.C. 4D $ D42;414+$;F
-411.C.;+. 4; F3. :$O4:I: 9.M.9 <1 94F.C$+P eF.CF4$CP .-I+$F4<;f m!0% ednb 3. 9<N.C 9.M.9 <1
.-I+$F4<; 4D $; 4DDI. <1 D42;414+$;+._ F< +$99 1<C $; 4:AC<M.:.;F <1 .-I+$F4<;$9 D.CM4+.D 4; F3.
CIC$9$C.$<1$CC.j$4_A$CF4+I9$C9P4;:<C.-4DF$;FCIC$9$C.$D_DI+3$D~e4*.4C(<-$;,$fbF
4D 4:A<CF$;F F< ;<F. F3$F F3. $2. <1 F3. 4;F.CM4.N..D 4;F.C1.C.D <; F3. C.DI9F <1 94F.C$+Pb
<;D4-.C4;2F3$FF3..-I+$F4<;4;F3.CIC$9$C.$N$D9<N.C*PF3.F4:.F3.PN.C.4;D+3<<94;2$2.b
!0%edQ-;%9"F0%C%03(,3A:%,30$:!F1-"93W!:-2
-;%9"F
00-;%9;%
2"3170%;%
79-19F
%$A";-32
9-19F
%$A";-32
2"3170%;%
:%"32$9F
%$A";-32
%"32$9F
%$A";-32
%9;-9F
%$A";-32
-2
E
%$-2
e
~‚b„†‰
‚bƒ€‰
~‚b„†‰
~}b‚€‰
‚bƒ‰
}b}}‰
994F.C$F.
.+<;-$CP
.-I+$F4<;
;+<:A9.F.
AC4:$CP
.-I+$F4<;
f
}b}}‰
€ƒb€ƒ‰
†b}†‰
†b}†‰
~…b~…‰
„b„‰
;+<:A9.F.
AC4:$CP
.-I+$F4<;
.CF4$CP
.-I+$F4<;
C4:$CP
.-I+$F4<;
3;0
~}b}‰
ƒb„‰
~€b€‰
~}b}‰
~}b}‰
~}b}‰
994F.C$F.
.CF4$CP
.-I+$F4<;
;+<:A9.F.
AC4:$CP
.-I+$F4<;
D42;414+$;F-411.C.;+.mQjD+<C._A‹}b}~ƒn
iReRjRjR
3A:%,30$-2"31%2$:-G%
<ID.3<9-D4Q.AC.D.;F.-$;<C:$9-4DFC4*IF4<;N4F3$;.DF4:$F.-:.$;bƒ„}bƒ€‚$F‚‰<1
D42;414+$;+.b 3. 3<ID.3<9- D4Q. ef IDI$99P C.AC.D.;FD F3. +<IA9. $;- $ A$4C <1 +349-C.; <C
$;<F3.C-.A.;-.;FA.CD<;b;.jF34C-m€€‰n4D4;*.FN..;<ID.3<9-D4Q.m1C<:;<IAF<
+349-C.;nb.$C9P<;.jF34C-4D*.FN..;‚<ID.3<9-D4Q.ƒm€F<+349-C.;n_$DD..;4;!0%eeb
3.D. C.DI9FD $C. +<;D4DF.;F N4F3 m~†††n_ N34+3 $9D< 4-.;F414.- $; $M.C$2. <1 j€ +349-C.;
A.C3<ID.3<9-b
!0%eeQ3A:%,30$:-G%92+%2$(9%8A%2"FD-;,-23!:%9C%$737A0;-32
3A:%,30$:-G%
D"3A2;
%0;-C%(9%8A%2"F
ƒ<ID.3<9-D4Q.…
ƒ
}‰
‚<ID.3<9-D4Q.ƒ
†
€}‰
<ID.3<9-D4Q.‚
‚
~„‰
<ID.3<9-D4Q.
~}
€€‰
3. C.9$F4<; <1 3<ID.3<9- D4Q. *P +<::I;4FP 4D 499IDFC$F.- 4; -+A9% fjb 3. 142IC. D3<ND F3.
3<ID.3<9-D4Q.4;e.2C.-<fF.;-DF<*.9$C2.Cm:.$;‚b…ƒ~b„ƒn$;-4;e$;F$CIQfF.;-D
F<*.D:$99.Cm:.$;€b‚‚}b†~†nb3.1$+F<C$2.+<I9-*.<;.M$C4$*9.4;F.C1.C4;24;F34D:$FF.C
D4;+.4;e$;F$CIQf_F3.A<AI9$F4<;4D<9-.CF3$;‚}P.$CD<;$M.C$2.b3ID_F3.4C+349-C.;$C.
;<9<;2.C94M4;2N4F3F3.:b9D<+<I9-*.$:$FF.C<13<ID.3<9-4;+<:._-4D+IDD.-1ICF3.Cb
-+A9%fjQ3A:%,30$:-G%!F"311A2-;F:,3D-2+;W;%:;%:;-1;%$1%2:2$79%$-";%$,3A:%,30$:-G%C:R+%(39
%+9%$32$2;9AG
R
3. 3<ID.3<9- 4;+<:. DICM.P N$D A.C1<C:.- 4; $ ;<;j4;F4:4-$F4;2 N$Pb 3. 1$:494.D +<I9-
+3<<D.$C$;2.<1:4;4:I:N$2.D_F3$F$FF3.A.C4<-<1C.D.$C+3}~N$Dy„_}}_F<.OAC.DD
F3.4C :<;F39P 3<ID.3<9- 4;+<:. mDI::4;2 $99 4;+<:. <1 $99 +<;FC4*IF4;2 3<ID.3<9-D_ 4;+9I-4;2
F3<D.;<F94;8.-F<F3.1$C:nb3.C.DI9FDD3<N.-F3$FF3.1C.BI.;+P<1F3.9<N.DF4;+<:.C$;2.
m~:4;bN$2.nN$D<*D.CM.-<;9P4;F3.~_C.AC.D.;F4;2„b‰<14;+<:.C$;2.4;F34D:4+C<j
*$D4;b
<F3 +<::I;4F4.D 4; ~ AC.D.;F.- D42;414+$;F 9<N.C 4;+<:. C$;2._ ~b„‰ m ~ :4;b N$2.n 4;
e<$.;FIC$f_$;-‚„b~‰m~:4;bN$2.n4;e.2C.-<fb3..M.;FN$D;<F<*D.CM.-4;_<C
4; e$;F$ CIQ fb ;. 3<ID.3<9- -4-;dF N$;F F< $;DN.Cb 3.  me$;F$ CIQ fn AC.D.;F.-
+<:A$C$F4M.3423.C4;+<:.C$;2.1C.BI.;+P4;C.9$F4<;F<F3.<F3.CFN<+<::I;4F4.D_N4F3‚b‚‰
<1:4--9.4;+<:.m~:4;bN$2.€n$;-~…b‰<1F3.3423.DF4;+<:.C$;2.m‘~:4;bN$2.nb
-+A9%fk499IDFC$F.DF3.3<ID.3<9-4;+<:.C$;2.*P+<::I;4FPb
-+A9%fkQ3A:%,30$-2"31%!F"311A2-;FY9-+,;Z2$$3;:!F,3A:%,30$:-G%Y0%(;Z
;<F3.C4:A<CF$;FA<4;F<1+<;D4-.C$F4<;4DF3.C.9$F4<;<13<ID.3<9-4;+<:.$;-3<ID.3<9-D4Q.b
F4DAC.-4+F.-F3$Fe.2C.-<f_N4F3F3.D4Q.<11$:49Pƒb~……_3$D:<C.AC<*$*494FPF<3$M.$9<N.C
4;+<:.C$;2.<1m~:4;bN$2.nb;.A<4;FD<IFF3$FF3.D4Q.<1F3.1$:49P3$D$;$-M.CD.C.9$F4<;
N4F33<ID.3<9-4;+<:.m-+A9%fkn9.1FD4-.b
iReRjRkR
937%9;F793(-0%
<ID.3<9-D N.C. $D8.- $*<IF F3. ;$FIC. <1 F3.4C AC<A.CFP_ F< .M$9I$F. 9$;- F.;IC. C423FDb 3.
DICM.PC.M.$9.-F3$F„}‰<1F3.3<ID.3<9-DdAC<A.CFP4D<N;.-_$;-€}‰4D2C$;F.-bC$;F.-3$D
3423.C1C.BI.;+P4;F3.+$D.<11$C:.CD4;F3.+<;-4F4<;<1e:..4C<f_$D3$C.+C<AA.C_N34+3+C<AD
4;D<:.<;..9D.dD9$;-$;-D3$C.DF3.C.DI9F.-+C<AM$9I.N4F3F3.<N;.C<1F3.AC<A.CFPb$;P
<19$;-<N;.CD3$M.D3$C.+C<AA.CD4;F3.4C9$;-_N<C84;2$D$1$:49P1$C:4;2:.:*.Cb3.:$4;
C.$D<;4DF3$F+<11..2C<N.CD1<99<NC424-9$*<C$;-.;M4C<;:.;F$99$ND_4;<C-.CF<AC.D.CM.F3.
*4<-4M.CD4FP$;-F<C.DA.+F+<11..N<C8.CDm_}~‚$nb;-D3$C.+C<AA.CD+$;*.+<;D4-.C.-
$DA$CF;.CD<1F3.AC<-I+F4<;C$F3.CF3$;$N<C8.Cb3.P$9D<3$M.$+<;FC$+FC.9$F4<;_$AA9P4;2$
C$F.F<F3.AC<+..-D1C<:F3.D$9.<1AC<-I+F4<;_$;-.;F4F9.-*.;.14FDI;-.CF3.9$Nm$C$2C$A3
… CF4+9. ~†‚ <1 F3. .-.C$9 <;DF4FIF4<;_ C$D49_ ~†……nb 3. 2C$;F.- AC<A.CFP D3<N.- $ 3423.C
1C.BI.;+P 4; F3. ~ m€ƒb…‰n_ N4F3 $ 3423.C 4;+4-.;+. 4; F3. +<::I;4FP <1 e.2C.-<b F
C.AC.D.;F.- :<C. F3$; 3$91 <1 F3. AC<A.CF4.D $D 2C$;F.- m‚„b~‰ <1 ~nb .DD <1 F34D +<;-4F4<;
4;+4-.;+.N$D4;m~…b‰nb
<ID.3<9-D N.C. $9D< $D8.- $*<IF F3. D4Q. <1 F3.4C AC<A.CFP_ 4;+9I-4;2 +I9F4M$F.- +<11.. 9$;-_
2C$Q4;2 9$;-_ $;- 1<C.DF 1C$2:.;FDb .2$C-4;2 F3. D4Q. <1 F3. AC<A.CFP_ 4F 4D <*D.CM.- F3$F F3.
:4+C<j*$D4;DDFI-4.-3$M.+<;D4-.C.-D:$99AC<A.CF4.DN4F3$;.DF4:$F.-:.$;‹€bƒ††b„†~
3$b3.-4DFC4*IF4<;4D;<F;<C:$9$;-;<FI;41<C:m-+A9%flnb3.C.4D+9.$C9P$AC.-<:4;$;+.<1
D:$991$C:D4Q.D_$;-1.N9$C2.CD:$991$C:Db
-+A9%flQ-:;9-!A;-323((91:-G%R3;A2-(3910F$-:;9-!A;%$Y3013+393CW1-923CO7sdRddeZ
3.C. N$D ;< DF$F4+$99P -411.C.;+. <1 AC<A.CFP D4Q.D *.FN..; ~ $;- ` *<F3 :4+C<j*$D4;D
AC.D.;F.-$+<;+.;FC$F4<;<1D:$991$C:D4Q.m~‹~„bƒƒ…b†€~3$`‹€b}‚~€b~‚
3$nb3.-411.C.;+.*.FN..;F3.:4DF3$FAC.D.;F.-F3.:$O4:I:AC<A.CFPD4Q.4;~}}3$_
$;-~:$O4:I:<1„}3$_$D:.-4I:AC<A.CFPD4Q.b3.:$7<C4FP3<9-DD:$99AC<A.CF4.Dm…€‰
9.DD F3$; ‚} 3$n $;- 1.N 3<9- 9$C2.C AC<A.CF4.D m€‰ :<C. F3$; ~}} 3$nb 34D C.DI9F 4:A94.D F3$F
F3.C. 4D $ +<;+.;FC$F4<; <1 F3. -4DFC4*IF4<; <1 9$;- 4; F3. C.24<;b F 4D M.CP +3$C$+F.C4DF4+ <1 F3.
AC<149. F3. C$Q494$; AC<-I+F4<; *P 1$:49P 1$C:4;2 m
_ }}ƒ$nb ++<C-4;2 F< m~†††n_ F3.
:$7<C4FP<1+<11..2C<N.CD4;4<-.$;.4C<F$F.4DD:$99.CF3$;‚}3$_N34+34D+<;D4-.C.-D:$99
1<CF3.+<11..$+F4M4FPb;F3.<CF3N.DF_AC<A.CF4.D$C.4;$M.C$2.D:$99.CF3$;‚3$_34239423F4;2
F3. 4:A<CF$;+. <1 +<11.. 2C<N4;2 D<+4<.+<;<:4+$99P 1<C F3. C.24<; m
_ ~†††nb ; F34D DFI-P_
„}‰<1$993<ID.3<9-D3$D1$C:D:$99.CF3$;}3$$;-€b€‰9.DDF3$;~}3$b!0%efD3<NDF3.
-4DFC4*IF4<;*PAC<A.CFPD4Q.C$;2.D4;F3.DFI-4.-A<AI9$F4<;b
!0%efQ91:-G%92+%3(;,%3!:%9C%$737A0;-32-29D"3A2;O9%0;-C%2$""A1A0;-C%(9%8A%2"F
91:-G%Y,Z
3A2;
%0;-C%(9%8A%2"F
""A1A0;-C%(9%8A%2"F
~}}1$C:D4Q.m3$n~~}
~b}}
€b€‰
~}}b}‰
†}1$C:D4Q.m3$n~}}
~b}}
€b€‰
†ƒb„‰
„}1$C:D4Q.m3$n…}
~b}}
€b€‰
†€b€‰
ƒ}1$C:D4Q.m3$n„}
~b}}
€b€‰
†}b}‰
‚}1$C:D4Q.m3$nƒ}
~b}}
€b€‰
…ƒb„‰
€}1$C:D4Q.m3$n}
b}}
ƒb„‰
…€b€‰
}1$C:D4Q.m3$n€}
b}}
ƒb„‰
„ƒb„‰
~}1$C:D4Q.m3$n}
…b}}
ƒb„‰
„}b}‰
}1$C:D4Q.m3$n~}
~€b}}
€b€‰
€b€‰
3.+I9F4M$F.-$C.$D3<ND$D4:49$C*.3$M4<C<1+<;+.;FC$F4<;_$DF3.1$C:D4Q.AC.D.;F.-b3.C.4D
$ A<D4F4M. +<CC.9$F4<; *.FN..; 1$C: D4Q. $;- +I9F4M$F.- $C.$ m<CC.9$F4<; F.DF_ A  }b}}~nb F
DI22.DFD F3$F F3. 1$C:.CD 4;F.CM4.N.- 3$M. $D F3.4C AC4;+4A$9 .+<;<:4+ $+F4M4FP +<11.. 2C<N4;2b
F3.C $+F4M4F4.D DI+3 $D 94M.DF<+8 AC<-I+F4<; $;- $C.$ 4;F.;-.- F< 1<C.DF +<;D.CM$F4<; $F F3.
:<I;F$4;D$C.AC.D.;F_*IFF3.P$C.;<FF3.:$4;-.M.9<A.-$+F4M4FPN4F34;F3.1$C:b -+A9% fm
D3<NDF3.+<CC.9$F4<;*.FN..;1$C:D4Q.$;-+I9F4M$F.-$C.$4;3.+F$C.Db
-+A9%fmQ3:-;-C%"399%0;-32!%;D%%2(91:-G%Y,Z2$"A0;-C;%$9%Y,Z
iReRjRlR
-2$-2+:3(;,%,3A:%,30$:A9C%F
3. .+<;<:4+ DICM.P N$D ID.1I9 F< -.F.+F F3. :<DF MI9;.C$*9. 2C<IAD 4; :4+C<j*$D4;D $;-
+<::I;4F4.DbF4D+<;D4-.C$*9.F3$FF3.A<AI9$F4<;<1+<11..2C<N.CD4;F3.C.24<;4D$24;2`F34D
4:A94.D-4114+I9F4.D4;F3.9$*<C1<C+.$;-$9D<4:A$+FD<;F3.AC<-I+F4<;+<DFDb3.AC.-<:4;$;+.
<1 :$CC4.- 4D $ C.$9 +3$C$+F.C4DF4+ <1 F3. +<C. <1 1$:49P 1$C:4;2b ; 2.;.C$9_ F3. ~ 4D $F $
+<:A$C$F4M. -4D$-M$;F$2. 4; C.9$F4<; F< F3. _ :$4;9P F3. +<::I;4FP e.2C.-<f_ N34+3
AC.D.;F.- F3. 9<N.C 4;-4+$F<CDb ;. <1 F3. C.$D<;D :423F *. F3. -4DF$;+. <1 ~ F< F3. IC*$;
+.;F.Cb++<C-4;2F<F34DDFI-P~F3.:<DFMI9;.C$*9.D<+4<.+<;<:4+2C<IA+<:A$C$F4M.9Pb3.
AC.D.;F.-*.FF.C4;-4+$F<CD-I.F<F3.1$+494FP$;-AC<O4:4FPF<F3.IC*$;+.;F.C<1$CC.j$4_
N34+3DI22.DFDF3$FF3.AI*94+D.CM4+.D$C.4;;..-<14:AC<M.:.;F$;-.OA$;D4<;F<-4DF$;FCIC$9
$C.$Db 3. 4;F.CM4.N.- 1$C:.CD +$; *. +<;D4-.C.- 4; F3. AC<149. $D 1$:49P 1$C:4;2_ D4;+. F3.
AC<A.CF4.D$C.4;4FD:$7<C4FP+<;D4-.C.-D:$991<CF3.+<11..$+F4M4FPb
iRfR
;%7fQ%12$(39"3((%%C0A%",-23A;7A;:
iRfReR 3((%%$%12$X"32:A17;-322$19/%;;9%2$:
<11.. 4D $; 4:A<CF$;F +<::<-4FP N<C9-N4-._ N34+3 4D AC<-I+.- :$4;9P F< DIAA9P -.M.9<A.-
4;-IDFC4$94Q.- +<I;FC4.D m49.9$ u I14;<_ }~}nb 3. 9$C2.DF +<11.. 4:A<CF4;2 +<I;FC4.D $C. F3.
_.C:$;P_F$9P_$A$;$;-C$;+.m;F.C;$F4<;$9<11..C2$;4Q$F4<;_}~‚*nb!0% eg94DFD
C$Q49dD :<DF 4:A<CF$;F -.DF4;$F4<;D <1 +<11.. .OA<CFb 3. 9$C2.DF M<9I:. .OA<CF.- 4D <1 +<11..
C$*4+$ N4F3 $ F<F$9 <1 †_~ƒ_‚„‚ *$2D <1 ƒ}82b F3.C D<CFD <1 +<11.. DI+3 $D <*IDF$_ D<9I*9._
$;-C<$DF.-$9D<3$M.:$;P-.DF4;$F4<;Dm.$1/_}~‚nb
!0%egQ%:;-2;-323(;,%9G-0-2"3((%%%E739;:!F;F7%3("3((%%%E79%::%$-2jd/+!+:-2fdeh
%:;-2;-32"3A2;9F
9!-"
3!A:;
30A!0%
3:;%$
3;0
p
‚_‚„}_ƒ€~
~_}~}_~}
‚†‚_„„
~}_ƒ~
„_~…ƒ_„€†
~†b„…
%912F
ƒ_€„_€…
~„…_~}
~~‚_„~‚
„
ƒ_„€~_†‚†
~…b‚€
%0+-A1
_€ƒ_…}…
ƒ€ƒ_~†ƒ
~_}}}
ƒ
€_}}}_}ƒƒ
…b‚
;0F
_ƒ~…_†}
~„_€}‚
…‚_„~~
€_„€
_„‚‚_}†
„b‚…
72
_€ƒ_„…‚
}
…„_„ƒ†
_……
_ƒ~„_€ƒ
„b}
;,%9"3A2;9-%:
~}_~}}_ƒ„†
~_†‚_}„„
_€‚_…}€
„_„ƒƒ
~_}†_€‚
۠b}
3;0%E739;
†_~ƒ_‚„‚
€_ƒ_…~…
€_€~_„‚
‚_‚ƒ
€ƒ_€}_‚„
~}}b}
<IC+.<1-$F$a$-$AF.-1C<:m.$1/_}~‚n
++<C-4;2 F< F3. DF$F4DF4+$9 C.A<CF *P F3. ;F.C;$F4<;$9 <11.. C2$;4Q$F4<; m}~‚.n_ F3. F<F$9
N<C9-+<11..+<;DI:AF4<;4;}~N$D~†_ƒ‚_}}}*$2D<1ƒ}82bC$Q49+<;DI:.--<:.DF4+$99P
}_„„~_}}}*$2D<1+<11..4;}~N4F3$;$;;I$92C<NF3C$F.<1_}‰b3.C$Q494$;+<11..:$C8.F
C.AC.D.;FD ~‰ <1 F3. 29<*$9 -.:$;-_ 3$M4;2 $ AC<:4;.;F A<D4F4<; $D D.+<;- 9$C2.DF +<;DI:.C
+<I;FCP$1F.CF3.m-+A9%gdnb
00%E739<2+
"3A2;9-%:%E"%7;
9G-0
ekp
3;,%9:
fip
A937%2
2-32
flp
9G-0
ehp
ejp
-+A9%gdQ390$"3((%%"32:A17;-32-27%9"%2;+%!F"3A2;9F39+93A7-2fdeh
3$CF.9$*<C$F.-*PF3.$IF3<Cb<IC+.<1-$F$am;F.C;$F4<;$9<11..C2$;4Q$F4<;_}~‚.n
3. C$Q494$; +<;DI:AF4<; <1 C<$DF.- 2C<I;- +<11.. 4; }~ N$D b…†82g4;3$*4F$;F P.$Cj~_
.BI4M$9.;F F< ƒb~ 82 <1 F3. 2C..; +<11.. 2C$4;_ <C …~ 94F.CDg4;3$*4F$;F P.$Cj~ m_ }~‚$nb 3.
C$Q494$; +<11.. +<;DI:.C :$C8.F 3$D F3. A<F.;F4$9 F< 4;+C.$D. N3.; +<:A$C4;2 F< F3. F<A
C$;84;2FC$-4F4<;$9:$C8.FDb<I;FC4.DDI+3$D4;9$;-_<CN$P_$;-.;:$C83$M.:I+33423.C
+<;DI:AF4<;A.C+$A4F$<1~b€_†b„$;-…b„82g4;3$*4F$;FP.$Cj~_C.DA.+F4M.9Pm.$1/_}~nbD
DF$F.- *C.I .F $9b m}~€n_ F3. C$Q494$; +<11.. ;..-D F< *. +3$;2.- 4; A.CDA.+F4M.b <F <;9P
:$4;F$4; F3. DF$FID <1 2C.$F.DF +<11.. +<::<-4FP AC<-I+.C $;- .OA<CF.C 4; F3. N<C9- *IF $9D<
-.M.9<A;.NDFC$F.24.DF<*.+<:A.F4F4M.N4F3F3.3423.CBI$94FP$;-DA.+4$94Q.-+<11..:$C8.FDb
iRfRfR 3((%%"32:A17;-32-2;,%;;%-3$%2%-93
4< -. $;.4C< F$F. 4D F3. D.+<;- 9$C2.DF C$Q494$; +<11.. +<;DI:.C <1 C$Q49 $1F.C (< $I9<
m;-C$-.u49M$_}~€nb4<-.$;.4C<+<;DI:.D4;$M.C$2.~b€‚:4994<;*$2D<1AC<+.DD.-+<11..
$;;I$99P_N34+3+<CC.DA<;-DF<$C<I;-~}‰<1F3.C$Q494$;-<:.DF4++<;DI:AF4<;m_}~‚`
;-C$-. .F $9b_ }}†` ;-C$-. u 49M$_ }~€nb <N.M.C_ F3. DF$F. AC<-I+.D <;9P }bƒ‰ <1 F3.
;$F4<;$9 AC<-I+F4<; m<;$*_ }~‚*nb 3. 3423 -.:$;- 4D DIAA94.- F3C<I23 4:A<CFD 1C<: <F3.C
C$Q494$;DF$F.DAC<-I+.CDb3.C.1<C._4F4D;.+.DD$CPF<4;+C.$D.F3.AC<-I+F4<;N4F34;F3.DF$F.
m;-C$-..F$9b_}}†`;-C$-.u49M$_}~€nb
DFI-P<;F3.+<11..+<;DI:AF4<;FC.;-D_+<;-I+F.-*Pum}~}n_ID.-F3.+4FP<1
4< -. $;.4C< $:<;2 <F3.CD $D D$:A94;2b 3. DFI-P C.M.$9.- F3$F +<11.. 4D F3. D.+<;- :<DF
C.2I9$C9P -C4;8 +<;DI:.-_ 7IDF *.34;- N$F.Cb ;- 4F 4D F3. :<DF -C4;8 +<;DI:.- $:<;2 4FD
DI*DF4FIF.D_.b2b3<F+3<+<9$F.$;-F.$b3.+<;DI:.C9<+$F4<;D341F.-1C<:3<:.F<<IF<13<:.
+<;DI:AF4<;_$;4;+C.$D.<1€}„‰4;.423FP.$CDb
++<C-4;2F<F3.D$:.DFI-P_F3.AC.M$9.;+.<1+<;DI:AF4<;4DDF499F3.2C<I;-149F.C.-FC$-4F4<;$9
+<11..b<N.M.C_F3.+<;DI:AF4<;<1DA.+4$9+<11..D3$D4;+C.$D.-<M.CF3.9$DF.423FP.$CD_1C<:
~b‚‰4;}}€F<b€‰4;}~}b.<A9.N<I9-A$P:<C.1<C:<C.BI$94FP$;-DIDF$4;$*494FP<1F3.
AC<-I+F4<;_$DC.M.$9.-4;F3.C.D.$C+3bF4D;<F.N<CF3PF3.A<D4F4<;<1+<;DI:AF4<;4;4<-.
$;.4C< *.+$ID. 4F 3<DFD $C<I;- ~ :4994<; F<IC4DFD $;;I$99P_ $;- F34D C.BI4C.D 3423jBI$94FP +<11..
AC<-I+FDF<:$8.F3.C$Q494$;+<11..4:$2.N<C9-N4-.m_}~‚nb
C.;-D4;+<;DI:.CAC.1.C.;+.D3$M.+3$;2.-C.2$C-4;2F3.-.D4C.1<C:<C.BI$94FP_$DN.99$D_
1<CF3.ID.<1-411.C.;F*9.;-D_-411.C.;F+<;DI:AF4<;9<+$F4<;D_M$C4<IDAC.A$C$F4<;:.F3<-D$;-
-4M.CD414+$F4<; <1 F3. +<11.. ID. m
_ ~†††nb <99<N4;2 *C.I .F $9b m}~€n_ F3. ;.N FC.;-D 4;
F3. N<C9- +<11.. :$C8.F $C. -C4M.; F<N$C-D $--.- M$9I. AC<-I+FD F3$F .;2$2. F3.
+<:A.F4F4M.;.DD4;F3.+<11..D.+F<Ca
b
.<2C$A34+ ;-4+$F4<;D <1 C424; <C .;<:4;$F4<; <1 C424;a DD<+4$F.D BI$94FP $;-
C.AIF$F4<;<1$A$CF4+I9$C+<11..AC<-I+F4<;2.<2C$A34+<C424;`$2<<-DFC$F.2PF<.;3$;+.
AC<14FDA$CF4+I9$C9P1<CD:$99AC<-I+F4<;D4;-.94:4F.-$C.$D
b
423BI$94FP$;-DA.+4$94Q.-+<11..aC$;D1<C:D+<11..4;F<$DA.+4$94Q.-AC<-I+F$;-;<F
$;P :<C. D..; $D +<::<-4FP_ 1<C 4;DF$;+._ .DAC.DD<D_ $C<:$F4Q.- +<11..D_ $;- DA.+4$9
C<$DF4;2$;-2C4;-4;2:.F3<-D
b
.CF414.- +<11..a 411.C.;F4$F.D +<11.. AC<-I+.- F3C<I23 DIDF$4;$*9. DF$;-$C-D $;- 1$4C
FC$-.4;DFCI:.;FD`F3.+.CF414+$F4<;AC.M.;FDF3.AC<-I+.CF<DI11.C1C<:+<;D.BI.;+.D<1
AC4+.19I+FI$F4<;4;F3.:$C8.F
b
$CF;.CD34AD N4F3 AC4M$F. D.+F<Ca 3. AC4M$F. D.+F<C :$P 3.9A F< 4;+9I-. D:$99 +<11..
1$C:.CD*P+<CA<C$F.D<+4$9C.DA<;D4*494FP_N34+34D4;+C.$D4;29P-.:$;-.-*PF3.D<+4.FP
b
;+C.$D.;$F4<;$9+<;DI:AF4<;*P+<I;FC4.DAC<-I+.CDa;+C.$D.F3.-.:$;-4;.:.C24;2
.+<;<:4.D$;-+<I;FC4.DAC<-I+.CD4D.DD.;F4$9F<$M<4-DF$2;$F4<;<1F3.+<11..D.+F<C
iRfRgR %12$(393A;7A;:-2;,%39;,D%:;%+-32
!0% eh C.AC.D.;FD F3. -.:$;- <1 F3. <IFAIF AC<M4-.- *P F3. F3C.. C<$DF.CD 4;F.CM4.N.- 4;
$CC.j$4b 99 <1 F3. F3C.. C<$DF.CD AC<M4-.- 9<+$99P_ .b2b 4; F3. <CF3N.DF` D<:. AC<M4-.-
C.24<;$99P_.b2b<F3.CC.24<;D<1F3.F$F.4<-.$;.4C<`<C$C.$D;.$C*P_.b2b4;$D.C$4D$;-
DA5C4F<$;F<b$9.dDAC4+.M$C4.D1C<:y…b}}F<y~‚b}}$849<2C$:_-.A.;-4;2<;F3.AC<-I+F
$;-*C$;-b
!0%ehQ%12$(39C0A%",-23A;7A;:X3:;%9:793$A";:O79-"%:2$$%12$-2fdeh
F7%3(793$A";:
3:;%9e
3:;%9f
C$-4F4<;$9C<$DF.-2C<I;-+<11..
m‚}j‚}}2n`
C$-4F4<;$9C<$DF.-$;-2C<I;-
OFC$jDFC<;2C<$DF.-$;-2C<I;-
+<11..`
+<11..m‚}j‚}}2n`
DAC.DD<+<11..`
DAC.DD<C<$DF.-*.$;Dm‚82n
C$;-;$:.e$C2$Df
C$;-eI.CQ$f
3:;%9g
<$DF.-2C<I;-+<11..$;-
C<$DF.-*.$;D
‚-411.C.;F*C$;-Da$FID8<_j
$4_$CC.j$4_.94:_<;F.
QI9
y~}b…}e$FID8<f
0%79-"%YaZ7%9
/-03+91Y+Z
y…b}}FC$-4F4<;$9
y~}b}}FC$-4F4<;$9
y~_}}DA.+4$994;.m.DAC.DD<n
y~‚b}}DA.+4$994;.m.DAC.DD<n
y~}b}}ej$4f
y…b}}e.94:f
y~}b‚}e<;F.QI9f
y†b}}e$CC.j$4f
<+$9:$C8.FD$;-C.F$49.CD`
F7%3("32:A1%9
3<9.D$9.CD4;<F3.C4<-.
$;.4C<C.24<;D_
4;$D.C$4D$;-
DA5C4F<$;F<
C$-4F4<;$9+<11..<CF3.$DF.24<;
mn_t.24(<-<D$2<Dt_„}‰1<CF3.
<CF3N.DF.24<;mn`
A.+4$9+<11...DAC.DD<-.DF4;$F4<;F<
.24<;$9DIA.C:$C8.FD4;F3.
<CF3N.DF.24<;mn
+$A4F$9$;-<I;F$4;.24<;
++<C-4;2F<F3.-$F$$+BI4C.-1C<:
-IC4;2F3..OA.CFdD+<;DI9F$F4<;_F3.AC4+.A$4-F<
+<11..2C<N.CD4;$CC.j$4A.C849<2C$:<12C..;+<11..N$Dy€b†4;}~€$;-y‚b„4;}~b
;F34DC.D.$C+3_F3.C.DI9FD$C.D4:49$CF<F3.
b3.AC4+.myg82n4;}~€A$4-F<+<11..
2C<N.CDN$D4;$M.C$2.yb…‚_<Cy~„~b€…$*$2<1ƒ}82<1+<11..b;F3.AC.M4<IDP.$C}~_4F
N$D4;$M.C$2.y‚b€F3.849<2C$:_<Cy€~€b…~F3.*$2<1ƒ}82b-+A9%: ge 2$ gfD3<NF3.
C$;2.<1AC4+.DA$4-F<F3.4;F.CM4.N..Db3.M$C4$F4<;<1AC4+.D4D-I.F<-411.C.;+.D4;BI$94FP<1
+<11..<CF3.*$C2$4;4;2A<N.C<1D<:.C.+<2;4Q.-$;-C.DA.+F.-1$C:.CDb
-+A9%geQ9-"%:-2%-:YaZ7-$;3-2;%9C-%D%$(91%9:7%9/-03+91Y/+Z3(+9%%2"3((%%-2fdef
-+A9%gfQ9-"%:-2%-:YaZ7-$;3-2;%9C-%D%$(91%9:7%9/-03+91Y/+Z3(+9%%2"3((%%-2fdeg
iRfRhR A0-;F3(-3$%2%-93S:"3((%%
3.C$Q494$;.24D9$F4<;3$D$A$CF4+I9$C:$;;.C<12C$-4;2+<11..C$*4+$_N34+3+$;*.+9$DD414.-
*P +IAA4;2 $++<C-4;2 F< F3. <C:$F4M. I94;2 mn ~ƒg}~} m_ }~}n 1<C F3. C<$DF.- $;-
2C<I;-C<$DF.-+<11..b!0%ei-.D+C4*.DF3.+<11..2C$-4;2DPDF.:I;-.CF3.<C:$F4M.I94;2
mn}…g}}€1<CF3.2C..;+<11..*Pm}}€n~}b
!0%eiQ((-"-09G-0-2"3((%%+9$-2+:F:;%1
0::-(-";-32
%:"9-7;-32
;9-";0F:3(;
C<:$$;-19$M<C:$C8.-9P$DeD<1Ff
3(;$9-2/
9.$D$;F_:49-$;-DN..F$C<:$$;-19$M<C
3(;-:,
9423F9PDN..F$;-D<1F19$M<C_N4F3<IF$DFC4;2.;+P<CC<I23;.DDF$DF.
9$
4FF.CF$DF._$DFC4;2.;F$;-C<I23_;<C$C.A$9$F.D
T-$3U
9423F9PFPA4+$94<-<1<C:F$DF.
T-3U
PA4+$9$;-D3$CA4<-<1<C:F$DF.
T-3G32U
3$CA$C<:$$;-19$M<C948.9PF<4<-<1<C:<C+$C*<94+$+4-
<IC+.a<C:$F4M.I94;2mn}…g}}€1<CF3.2C..;+<11..m_}}€n
$;P +<11.. .OA.CFD <1 F3. F$F. $114C: F3$F F3. A$CF4+4A$F4<; <1 9<NjBI$94FP +<11.. <1 F3. FPA.
t4<t4DDF49934234;F3.DF$F.<14<-.$;.4C<b.DA4F._}‰<1F3.+<11..AC<-I+.-4;<CN.DF
.24<; 3$D *..; $9C.$-P +<;D4-.C.- F3. 14;.DF ;$FIC$9 +<11.._ AC.A$C.- *P F3. N.F :.F3<-
m$C*<D$_}~}nb<11..e4<f$+BI4C.-4FD;$:.1C<:F3..OA<CF4;2A<CF<1+<11..2C$4;D4;1<C:.C
F4:.D_ $;- F3. 9<N.C BI$94FP +<11.. 1C<: F3$F A<CF IDI$99P N$D +$99.- tC4$-<fb 99 +$C4<+$ +<11..
N$D *P F3.; C.9$F.- F< $ N.$8.C +<11.._ IDI$99P AC<-I+.- 4; 4< -. $;.4C<dD 9$;-D m$CF4;D_
}~nbe4<f+<11..3$D$+BI4C.-F34D*$-C.AIF$F4<;$;-DF4991$+.D*<FF9.;.+8Db3.9<NjBI$94FP4D
$FFC4*IF.- F< F3. .OA.;D4M._ D+$C+._ $;- ;<F DA.+4$94Q.- 9$*<C 1<C+.` $;- $9D< F< F3. 9$+8 <1
AC<+.DD4;2:$+34;.CP_N34+3N<I9-4:AC<M.F3.+<;-4F4<;D<1+<::.C+4$94Q$F4<;m$C*<D$_}~}nb
<11.._N34+34DF3.:$4;+C<A<1F3.+4FP$CC.j$4_94M.N4F3$DF42:$<19<NBI$94FP-I.F<F3.
<C424; j t4<t <11.. j N34+3 24M.D 9<N +<:A.F4F4M.;.DD 4; F3. -<:.DF4+ :$C8.Fb <;<+I9FIC.
$9<;.4D-4D$-M$;F$2.<ID*.+$ID.<1AC4+.M<9$F494FP$;-D.$D<;$94FP<1AC<-I+F4<;m.CC.4C$_}~€nb
10
<F.a 3. }}„g}~€ C.A.$9.- ~ƒg}~}` ;< IA-$F.- <C:$F4M. I94;2 3$D *..; AI*94D3.- $1F.C C.A.$94;2 *P
b
iRgR
;%7gQ
2:;-;A;-320:%;A73(C0A%",-2
N992!*"2$9:68#H09;1*212#$*@2;#$$@*9:*8K@*9:$2O
%8&1$2R!2''$$(82?$8*1$(8$#2
iRgReR 9G-0-23((%%%+-:0;-32(91%D39/
3.C$Q494$;9.24D9$F4<;1<C+<11..3$D*..;-.M.9<A.-D4;+.~†„ m_}~‚*nb++<C-4;2F<
m}~‚$n_ F3. +<11.. 2C<N.CD 1<99<N C424- 9$*<C $;- .;M4C<;:.;F$9 9$ND_ F< AC.D.CM. F3.
*4<-4M.CD4FP $;- F< C.DA.+F F3. +<11.. N<C8.CDb --4F4<;$99P_ $; .OF.;D4M. 9.24D9$F4<; <; +<11..
AC<+.DD4;2 3$D *..; -.M.9<A.- F< C.2I9$F. F3. +<11.. BI$94FP_ D.F DF$;-$C-D $;- 2<<-
:$;I1$+FIC4;2 AC$+F4+.D_ .F+b m_ }~‚*nb !0% ej 24M.D D<:. .O$:A9.D <1 +<11.. 9.24D9$F4<;
C.9.M$;F1<CF3.AICA<D.<1F34DDFI-Pb
!0%ejQ9G-0-2"3((%%0%+-:0;-32
%+-:0;-32
1%
%+A0;39
%:"9-7;-32
;%3(-::A%
F7%
DF$*94D3.D:$O4:I:94:4F<1F<9.C$F.-C.D4-I.D
…+F<*.C
$;-
$;-+<;F$:4;$;FD1<CA.DF4+4-.+<;FC<9
}~}
$;$2.:.;F
AICA<D.D
391;-C%
DF$*94D3.DDA.+414+.+3;4+$9<C:$F4M.1<CF3. ‚.AF.:*.C
$;-
A0-2+_hm
;F.2C$F.-+<11..AC<-I+F4<;
}~€
$;$2.:.;F
DF$*94D3.D.+3;4+$9.2I9$F4<;1<CC<$DF.-
391;-C%
$P}~}
C<+.DD4;2
+<11..*.$;D$;-2C<I;-C<$DF.-+<11..
A0-2+_ej
AAC<M.D.+3;4+$9.2I9$F4<;<14-.;F4FP$;-
391;-C%
~~I;.}}€
C<+.DD4;2
BI$94FP1<CF3.:499.-2C..;+<11..+9$DD414+$F4<;
A0-2+_l
.14;.:$;$2.:.;F<1A9$2I.+<11..*<C.C
9$-22"%
$;-
mA62:)$1$0;9)06$*n1<CA3PF<D$;4F$CP
~„I9P}~
keeVfdeh
$;$2.:.;F
.:.C2.;+4.D
.FC<9<24+.2I9$F4<;F<-.F.C:4;.
9$-22"%_
~†$P}}…
.FC<9<24+
DF$;-$C-4Q$F4<;<1;.F+<;F.;F<1AC<-I+FD
eig
9$-22"%_
.+3;4+$9.2I9$F4<;1<CF$;-$C-A.C$F4;2
~+F<*.C
C<+.DD4;2
fki
C<+.-IC.1<C1<<-4;-IDFC4$94Q.CD
}}
.+3;4+$9.2I9$F4<;1<C3P24.;4+$;-D$;4F$CP
9$-22"%
+<;-4F4<;D$;-2<<-:$;I1$+FIC4;2AC$+F4+.D
€}I9P~††„
C<+.DD4;2
_gfj
1<C1<<-4;-IDFC4$94Q.CD
AAC<M.D.+3;4+$9.2I9$F4<;1<C+<11.._
.AF.:*.C
%:30A;-32W
C<+.DD4;2
*$C9.P_F.$_P.C*$j:$F.$;-D<9I*9.AC<-I+FD
}}‚
_fkk
4M49
DF$*94D3.-F3.C423FD1<CF.:A<C$CP1$C:4;2
}I;.}}…
$*<C9.24D9$F4<;
D_eeRkel
+$*4;.F
N<C8.C
391;-C%
C<M4-.DDICM.499$;+.1<CF3..C$-4+$F4<;<1
‚+F<*.C
j
$*<C9.24D9$F4<;
A0-2+_me
N<C84;+<;-4F4<;D$;$9<2<IDF<D9$M.CP
}~~
AAC<M.DC.2I9$F<CPDF$;-$C-
9$-22"%_lj
D$1.FP$;-3.$9F3$FN<C84;$2C4+I9FIC._
€$C+3}}‚
$*<C9.24D9$F4<;
94M.DF<+8_1<C.DFCP$;-$BI$+I9FIC.
C<M4-.DF3.F$O1..D4;<A.C$F4<;D
%"9%%_
~~<M.:*.C
F$F.
4;M<9M4;22<<-DN34+3:$8.A$CF<1F3.*$D4+
<::.C+4$94Q$F4<;
gfReje
}}
1<<-*$D8.Fb
$F$+<:A49.-*PF3.$IF3<C_D<IC+.<1D.$C+3am_}~‚*`_}~‚*`C$D49_}}…_}~~_}}‚`<M.C;<-<
DF$-<-<4<-.$;.4C<_}}n
391;-C%
A0-2+_dfj
I. F< C424- 9$*<IC 9$ND_ :$;P 1$C:.CD -.+4-. F< +$CCP <IF $ 1<C: <1 A$CF;.CD34A N4F3
D3$C.+C<AA.CD_F<C.-I+.9$*<IC+<DFDb3.1C.BI.;+P<1F3.FPA.<1N<C84;F3.DFI-P$C.$4D4;
-+A9%ggbF4D<*D.CM.-F3$F:<C.F3$;3$914D1$:49Pj*$D.-N<C8m‚‰n_4;N34+3F3.AC<A.CFP4D
1$:49P <N;.-_ $;- F3. :.:*.CD :$;$2. F3. .+<;<:4+ $+F4M4F4.D N4F34; F3. 1$C:b 3. D.+<;-
AC.M$9.;FFPA.<1N<C84DF3.D3$C.+C<AA4;2DPDF.:mƒ‰nb34D1$+F4D$-M$;F$2.<ID4;F.C:D<1
C.-I+4;2 +<DFD $;- $M<4-4;2 :<C. *IC.$I+C$+P 1<C F3. AC<A.CFP <N;.Cb <N.M.C_ 4; F.C:D <1
4;DF4FIF4<;$9$DD4DF$;+._D3$C.+C<AA.CD14;-F3.:D.9M.D4;$-4D$-M$;F$2.A<D4F4<;F<F3.AC<A.CFP
<N;.CDb 3$C.+C<AA.CD IDI$99P 3$M. :<C. -4114+I9F4.D 4; 2.FF4;2 1I;-4;2 <C +C.-4F_ <C F$84;2
A$CF4+4A$F4<; 4; 2<M.C;:.;F$9 AC<2C$::.D_ $D C.A<CF.- *P F3. D3$C.+C<AA.C C.DA<;-.;FD
F3.:D.9M.Db
.:A<C$CP 7<* m~~‰n 4D $9D< <;. +$F.2<CP <1 N<C8 M.CP +<::<; -IC4;2 F3. 3$CM.DF A.C4<-_ $;-
IDI$99P 4D $ :<C. +<DF9P FPA. <1 9$*<IC m$C<I;- y ‚}b}} IA F< y…}b}}g-$Pnb .24D9$F4<; .O4DFD
m$N w ~~b„~…n F< AC<F.+F F3. C423FD <1 F3. F.:A<C$CP 7<*_ D4;+. F.:A<C$CP N<C8.CD $C. ;<F
C.24DF.C.-_ $;- F3. A$P:.;F 4D -<;. +<::<;9P 4; D<:. 3$:A.CD +<99.+F.- 4; $ -$Pb $C:.CD
C.A<CF.-F3$FF3.4;DA.+F4<;4DDFC4+F_.DA.+4$99PN3.;4F+<:.DF<9$*<IC4DDI.D$;-F3.+<;-4F4<;D
<1D.+IC4FP$;-3.$9F3<1CIC$9N<C8.CDb
:,9%"9377%9:
fjp
(1-0FD39/
ihp
,-9%$7%912%2;
.3!
mp
;%17399F.3!
eep
-+A9%ggQ39/";%+39F7%9"%2;+%-29%:732$%2;793$A"%9:
iRgRfR 91%9S:39+2-G;-320:;9A";A9%ee
$CC.j$4 3$D $; $DD<+4$F4M. 34DF<CP :$C8.- *P A<94F4+D $;- -.+.AF4<;b 3. D.;D$F4<; 4D F3$F F3.
F4:.3$D;dFA$DF_$;-F3.P$C.DF499.OA.C4.;+4;2F3.e$1/+<:.4F.fA<94F4+D<1F3.<9-C.AI*94+b
3. 9<+$9 2<M.C;:.;F .O.CFD $ DFC<;2 4;19I.;+. <M.C F3. A<AI9$F4<;_ N3< 1.$CD :4DD4;2 F3.
Note: This excerpt was written based on the fieldwork observation, daily life expereience with local farmers
and personal talks with people involved, cooperatives assembly, interviews and farmer’s questionnaires.
e2$4;.-fA.C8D<;F3..O+3$;2.<11$M<ICDb3.9<+$94;DF4FIF4<;CI94;2$CC.j$43$D+<;FC4*IF.-
F<F3.I;DIDF$4;$*9.CIC$9-.M.9<A:.;F4;F3.N$P4FDA<94+P4D+<;-I+F.-bD$:$FF.C<11$+F_F3.
4;F.C.DFD $C. AIC.9P $4:.- $F N4;;4;2 M<F.D $;- 8..A4;2 BI4.F <AA<;.;FD_ $;- $--4F4<;$99P ;<F
24M4;2F3.;.+.DD$CPDIAA<CFF<4;DF4FIF4<;$9*<-4.D.;2$2.-4;F3.CIC$9-.M.9<A:.;Fb
iRgRfReR
::3"-;-32:3(T%+9%$3UOT3%2;A9U2$T2;9AG
U
++<C-4;2 F< F3. 9<+$9 +<::I;4FP_ F3. $DD<+4$F4<; <1 e.2C.-<f N$D DI*7.+F.- F< *9$+8:$49 *P
A<94F4+DbC.-.+.DD<C:$P<CDD<I23FF<N4;9<+$9M<F.D4;C.FIC;1<C1$M<ICD_I9F4:$F.9P-.DFC<P.-
F3. $DD<+4$F4<; $;- N4F3 F3.: F3. *.94.1 <1 F3. 1$C:.CD <; F3. A<N.C <1 F3. $DD<+4$F4<;Db 3.
4:AC<A.CID.<1F3.$DD<+4$F4<;D_$D$N$P<1:<;.PFC$;D1.C4;F3.A$DF*PF3.9<+$92<M.C;:.;F_
C.DI9F.- 4; F3. *$;8CIAF+P <1 F3. $DD<+4$F4<;_ 9.$M4;2 $; .;<C:<ID -.*F_ $;- $ -4CFP ;$:.b ;
$--4F4<;_F3.:<DF4;19I.;F4$91$C:.CD_N3<+<I9-C4D.F3.:<C$9<1F3.$DD<+4$F4<;N.C.34C.-4;$
A<D4F4<;<1FCIDF4;F3.+4FP3$99_N34+3N4F3-C$N;F3.<AA<D4F4<;b
3.$DD<+4$F4<;<1e<$.;FIC$f_<;F3.<F3.C3$;-_3$D$+34.M.-*.;.14FD1<CF3.+<::I;4FP_
948. D+3<<9 FC$;DA<CF_ A$FC<9 1<C C<$-D_ $;- :$+34;.CP 1<C AC<+.DD4;2 +<11.. <1 F3. 4< IC$9
C<2C$:bFD..:DF3.1$C:.CD1..9:<C.I;4F.-4;e<$.;FIC$fF3$;4;e.2C.-<fb3.
D
3$M.4:AC<M.-F3.D.;D.<1I;4<;_$++<C-4;2F<$DD<+4$F.D~b
3.+<::I;4FP<1$;F$CIQD3<N.-$:<C.+I9FIC$9M$9<C4Q$F4<;4;D4-.F3.+<::I;4FPM$9I.D_
.b2bF<IC4D:$;-+C$1FDb.D4-.DF3$F_1$C:.CDIDI$99P$C.:<C.4;19I.;F<;F3.+<11..*ID4;.DD4;
F3.+4FP_4;+<:A$C4D<;F<F3.<F3.C:4+C<j*$D4;b<DF<1F3.: $C.A$CF<1F3.$DD<+4$F4<;_A9ID
_ A9ID ~€ b <M.C;:.;F 3$D $+FI$F.- 4; F3. +<::I;4FP N4F3 +<11..
AC<+.DD4;2:$+34;.CPF<3.9A4:AC<M.+<11..BI$94FPm<M.C;<-<
DF$-<-<4<-.$;.4C<_}~€nb
iRgRfRfR
3.34DF<CP<1F3.
e<<A.C$F4M$-.C<-IF<C.D-.$1/-<<C<.DF.9I:4;.;D.f
4D ;<F :I+3 -411.C.;F 1C<: F3$Fb ++<C-4;2 F< e#/ .CC.4C$f m%% 77%2$-E ln_ F3. +<<A.C$F4M.
.O4DFD D4;+. ~†„„b <C:.C9P F3.C. N$D $9D< F3. e.-.C$,(< -$D DD<+4$,?.D -. $CC. $4f
<C424;$F.-4;~††_N34+3$9D<N$D$9<+$9+<<A.C$F4M._F<-$P4D-.$+F4M$F.-b3.+<<A.C$F4M.N$D
$9D<A<94F4+84;2F$C2.F$;-.;-.-IA4;F3.3$;-<1$:4;<C4FPb++<C-4;2F<34:_4F9$+8.-$AA.$9
F< +$A4F$94Q. $;- +<;F4;I. +<;DFCI+F4<; <1 F3. +<<A.C$F4M.b 99 F34D F4:. F3. 3$D
~
.CD<;$9+<;M.CD$F4<;N4F3;F<;4<<D/e<C.;<f_AC.D4-.;F<1eDD<+4$,(<-<D.BI.;<DC<-IF<C.D-.<$
.;FIC$f
~€
$F$$++<C-4;2F<1$C:.CDBI.DF4<;;$4C.D
*..;-4D$*9.-*.+$ID.<1F3.-.+94;.<1F3.AC<-I+.CD4;F$84;2A$CF4+4A$F4<;$;-$9D<*.+$ID.<1
$:4;<C4FP4;M<9M.-$4:4;2.O+9ID4M.9PF3.4CD4;F.C.DFDm77%2$-Elnb
.+.;F9P_ ;.N 2.;.C$F4<; 1$C:.CD <; F3. $-:4;4DFC$F4<;_ N4F3 ;.N M4D4<; $;- 4;F.C.DFD_ 3$M.
:$-..11<CFDF<C.M4M.F3.
~b3.C.$+F4M$F4<;<1
3$D*..;A<DD4*9.
-I. F< 4;M.DF:.;F <1 y ~b„ :4994<; *P F3. e$;+< $+4<;$9 -. .D.;M<9M4:.;F<
+<;>:4+<.<+4$9f_$;-e$;+<-<C$D49fF3C<I23F3.IDF$4;$*9.IC$9.M.9<A:.;FFC$F.2P
mnb3.$:<I;F$--DIAF<$;$--4F4<;$9y…€}_}}}+<::4FF.-*PF3.4;4DFCP<12C4+I9FIC._
C<2C$:D4<IC$9$;-4<$1/m
_}~‚*nb3.+<<A.C$F4M.3$D*..;C.+.;F9P9$I;+3.-<;
I9P~ƒF3_}~‚m..77%2$-EmjA3<F<D<1F3.+<;DFCI+F4<;<1
nb
3.2<$94DF<$--M$9I.F<+<11.._D.994;AIFD$F1$4C.DFAC4+.D_<11.C1$C:.C*.;.14FD_*IP+<11..$F
:<C.C.$D<;$*9.AC4+._$;-3.9AF3.C.2I9$F4<;<1F3.AC4+.<1+<11..4;F3.C.24<;_4:AC<M.F3.
BI$94FP <1 +<11.._ AC<M4-. F.+3;4+$9 DIAA<CF_ $;- DF$;-$C-4Q. +<11..b --4F4<;$99P_ 4F $4:D F3.
4;+9ID4<; <1 F3. D:$99 3<9-.C_ N34+3 3$D :<C. -4114+I9FP <1 D.994;2 -I. BI$94FP $;- BI$;F4FPb
<C.<M.C_ F3. +<<A.C$F4M. F.;-D F< 4:AC<M. F3. +<::.C+4$94Q$F4<; <1 +<11.. -<:.DF4+$99P $;-
$9D< A<F.;F4$9 .OA<CF$F4<;b 3. +<<A.C$F4M. N499 :499 F3. +<11.._ $;- D.9.+F F3. BI$94FP 1<C
.OA<CF$F4<;_ $;- F3. C.D4-I._ 1<C -<:.DF4+ :$C8.F m;F.CM4.N N4F3 <D/ .CC.4C$ 4;F< e#/
.CC.4C$f_}~_D..77%2$-Elnb
iRgRfRgR
91%9:$-:"%921%2;3(;,%::3"-;-32:
3.C. 4D DF499 F3. ;..- 1<C .;2$2.:.;F <1 F3. 1$C:.CD N3< -< ;<F *.94.M. 4; F3. +<<A.C$F4M.
<A.C$F4;2A<F.;F4$9b1F.C:$;PDF<C4.D<11$49IC.D4;$DD<+4$F4<;D$;-+<<A.C$F4M.D_D:$991$C:.CD
-< ;<F 1..9 :<F4M$F.- F< tN$DF. F4:.t N4F3 $DD<+4$F4<;D F3$F -<;dF 1I;+F4<; AC<A.C9P $;- -<;dF
*.;.14F F3.:b 3.P 3$M. 9<DF F3. I;4<; F< N<C8 $DD<+4$F.- N4F3 +<::<; 2<<-Db 3. $-M.CD.
A<D4F4<; F< F3. $DD<+4$F4<;D $;- +<<A.C$F4M.D DF499 AC.M$49Db <N.M.C_ F3. 4;F.CM4.ND +<;-I+F.-
C.M.$9.- D<:.F34;2 DICAC4D4;2b <:. C.DA<;-.;FD AC.D.;F.- $ A<D4F4M. M4.N <1 $DD<+4$F4<;D_
C.2$C-4;2 F3. $;- F3. _ N34+3 4D F3. <C2$;4Q$F4<;$9 I;4F <1 F3.
4:A9.:.;F$F4<;AC<2C$::.<14<IC$9b
34D1$+FC.4;1<C+.DF3.4:A<CF$;+.<1F3.AC<2C$::.$;-F3.<C2$;4Q$F4<;$9DFCI+FIC.4;*I49-4;2
$+<::I;4FPI;4<;D.;D.$;-3<A.F3$FF34;2D+$;N<C841F3.1$C:.CD$C.<C2$;4Q.-b.F$49aF3.
N$D;<F.M.;$D8.-_F3.1$C:.CD:.;F4<;.-$*<IF4Fb3.1<+ID<1F3.4;F.CM4.NN$D<;
F3.
b3.+<<C-4;$F<C<1F3.
D$4-F3$FD<:.1$C:.CD4;~2<FF.CC4F<C4$9
C<;$1$4-$;-C.+.4M.-+<99.+F4M.AI9A4;2:$+34;.D_+<;+C.F.P$C-D_$;-+<11..-CP.CD_1C<:F3.
~
_+<<A.C$F.$DD.:*9P_.*CI$CP~€F3_‚A:}~
4< IC$9_ :.C.9P *.+$ID. F3.P 3$M. *..; <C2$;4Q.- $;- I;4F.-b 3. C.DI9FD <1 1$C:.CdD
A.C+.AF4<;DC.2$C-4;2F3.+<<A.C$F4M.$;-$DD<+4$F4<;$C.-4DA9$P.-<;!0%ekb
!0%ekQ91%9S:7%9"%7;-329%+9$-2+;,%::3"-;-32:2$"337%9;-C%:-299%W-
3:-;-C%73:-;-32
%+;-C%73:-;-32
⋅
3.*.;.14FD<;9P-.A.;-<;F3.AC<-I+.CD
⋅
<<:I+3A<94F4+D
⋅
4DF3.;.N1<C+.<1I;4<;
⋅
$+8<1+<;14-.;+._9$+8<1I;4FP
⋅
DD<+4$F4<;3.9AD4;$N$P
⋅
C.1.CDF<$DD<+4$F.N4F3<F3.CDF$F.D
⋅
N499N<C8
⋅
DD<+4$F4<;-<.D;<F3.9A:I+3
⋅
N4993.9A4;+<::.C+4$94Q$F4<;$;-
C.-I+.F3.D$9.F<F3.:4--9.:$;
⋅
.M.C3.$C-<1
⋅
N499;.M.CN<C8
⋅
<I9-$FF.;-F3.+<<A.C+$;<9414FN<C8.-
3$M.$99F3.AC<-I+.C;..-D1<C+<11..
AC<-I+F4<;
⋅
t
M49.P.t<1F3.1<I;-.CD<1+<<A.C+$;<9
⋅
⋅
<;<FN$;FF<2.F4;M<9M.-$;P:<C.
⋅
N499AC<2C.DD
⋅
DD<+4$F4<;4D<M.C
⋅
;F.;-DF<A$CF4+4A$F.4;F3.
⋅
$+8AC<-I+.CdD*.94.1
⋅
CP.CDAC<7.+FD_AI9A4;2_:$+34;.A$FC<9_:4+C<jFC$+F<C
1C<:F3.
⋅
DD<+4$F4<;D$C.D9<N9P_94FF9.$2.;-$$;-9$+8
AC<7.+F
⋅
N<C8.-34--.;$;-4D;<NC.M.$94;2
⋅
3.$DD<+4$F4<;<;9PN<C8D}‰AC<A.C9P
⋅
sD1<I;-.CD3$M.$99$9:<DF-4.-
⋅
1F.C€}P.$CDDF<AA.-4D3$C-F<C.$+F4M$F.
⋅
<;<F948.F<A$CF4+4A$F.$;P$DD<+4$F4<;
⋅
.CPF$;29.-_-<;<F3$M.4;F.C.DF
⋅
<;1ID4<;<1$-:4;4DFC$F4<;b
<F.a$*9.+C.$F.-*$D.-<;F3.1$C:.CdDBI.DF4<;;$4C.D
iRgRgR 2:;-;A;-320A7739;
3.+.;FC$92<M.C;:.;F$94;DF4FIF4<;D94;8.-F<$2C4+I9FIC.$+F4;24;$CC.j$4$C.F3.4;4DFCP<1
2C$C4$; .M.9<A:.;F mn $;- F3. .+C.F$C4$F 2C4+I9FIC. $;- 4M.DF<+8 <1 F3. DF$F. 4< -.
$;.4C< m
nb <2.F3.C_ F3.D. 4;DF4FIF4<;D 3$M. D.F $ D<CF <1 AC<7.+FD 4; F3. :4+C<j*$D4;D 4;
$CC.j$4_ +<;FC4*IF4;2 F< F3. 4;M.DF:.;FD <1 +<11.. -CP.CD_ AI9A4;2 :$+34;.D_ +<;+C.F. P$C-D
1C<:F3.4<IC$9C<7.+Fk
b3.C.N$DAC<M4-.-$9F.C;$F4M.D1<CF3.+<11..2C<N.CD_DI+3
$DC<F$F4<;$92C$Q4;21<C94M.DF<+8AC<-I+F4<;_$;-C4M$F.C.D.CM.<1;$FIC$93.C4F$2.mnN4F3
$--4F4<;$92C..;1<C1<C.DFCP+<;D.CM$F4<;b.D4-.DF3$F_F3.4;DF4FIF4<;D3$M.+<;FC4*IF.-F<
F3. C.$+F4M$F4<; <1 F3. _ C<;$1 +C.-4F 1<C D:$99 1$C:.CD_ 4< $1/ AC<2C$:_
$++<C-4;2 F< .OA.CFdD +<;DI9F$F4<; C.D.$C+3 $;- AC.M4<ID 94F.C$FIC. C.M4.N 4; F34D DFI-Pb 9<;2
N4F3 F3.:_ D<:. <F3.C 4;DF4FIF4<;D $C. $9D< +<;FC4*IF4;2 F< F3. M$9I. +3$4;b 3.P $C. N<CF3 <1
94DF4;2a
b
jI;4FP$CC.j$4a3.
:$F.Cj4<_F<2.F3.CN4F3F3..+C.F$C4$F<12C4+I9FIC.$;-
4M.DF<+8$;-F3.IA.C4;F.;-.;+P<1IDF$4;$*9..M.9<A:.;F4;F3.F$F.<14<-.$;.4C<_
A.C1<C:DF3.F.+3;4+$9$DD4DF$;+.$;-CIC$9.OF.;D4<;N<C84;F3.:4+C<j*$D4;DDIAA<CF.-*P
F3. 4< IC$9 C<2C$:_ F3C<I23 :..F4;2D <1 $;$2.:.;F +<::4FF..D <1 :4+C<j*$D4;D
m
Dnm
j4<_}~‚nb
b
ja 3. 2C4+I9FIC$9 .D.$C+3 <CA<C$F4<; <1 F3. F$F. <1 4< -. $;.4C<
m
jn_e
:AC.D$-..DBI4D$2C<A.+I&C4$-<
DF$-<-<4<-.$;.4C<f_-.M.9<AD
N<C8DN4F3+<11..F3C<I23F3..;F.C1<C.D.$C+3$;-.M.9<A:.;F<1$4CP$FF9.
4; F$<+$C$ 4; F3. <CF3N.DF 9I:4;.;D.b 3$M. +<;-I+F.- C.D.$C+3 N4F3 -.;D.
+<11.._BI$94FP4:AC<M.:.;F$;--4$2;<D4D<1F3.DF$F.<1+<11..b;$--4F4<;_
j4D
$ 1<I;-4;2 :.:*.C <1 F3. C$Q494$; <;D<CF4I: 1<C .D.$C+3 $;- .M.9<A:.;F <1 <11..
m
j_}~nb
b
PDF.:a 3. .-.C$F4<; <1 2C4+I9FIC._ 4M.DF<+8 $;- 4D3.C4.D <1 F3. F$F. <1 4< -.
$;.4C< m
n_ e.-.C$,(< -$ 2C4+I9FIC$_ .+I&C4$ . .D+$ -< DF$-< -< 4< -. $;.4C<f_
C.AC.D.;FD F3. D:$99 3<9-.C 4; F3. +4M49 D<+4.FP_ +<;FC4*IF4;2 F< +<;194+F C.D<9IF4<; $;-
A.C:$;.;F$-.BI$+P<19$ND$;-AI*94+A<94+4.D4;F3.4<-.$;.4C<DF$F.b3.
PDF.:
DIAA<CFDF3.eI9.3.4<fC<2C$::._+C.$F.-4;}~}*P.;$Cj4<m$F4<;$9IC$9C$4;4;2
.CM4+.n_N4F3F3.$4:F<AC<:<F.F3..+<;<:4+M4$*494FP<11$C:DF3C<I23F.+3;4+$9FC$4;4;24;
F3.F.+3;<9<2PFC$;D1.CAC<+.DDF<4;F.;D4M.AC<-I+F4<;<1+<11..m4DF.:$
_}~‚nb
iRgRgReR91%9S:7%9"%7;-323(;,%-2:;-;A;-320:A7739;
3. 1$C:.CdD A.C+.AF4<; $*<IF F3. 4;DF4FIF4<;$9 DIAA<CF 4D 4; -+A9% ghb <:A94:.;FD <C
+<:A9$4;FDC.2$C-4;2F3.+9$DD414+$F4<;De.O+.99.;FfeM.CP2<<-f_e2<<-f_e1$4Cf_e;.IFC$9f_e*$-f_
<Ce$N1I9f$C.C.9$F.-F<F3.A$CF4+4A$F4<;4;F3.AC<2C$:D$;-$++.DDF<2<M.C;:.;F$9DIAA<CFDb
<C4;DF$;+._F3.;.2$F4M.+<:A9$4;FDm}‰n$C.-I.F<F3.9$+8<1$DD4DF$;+._F3.9$+8<14;F.C.DF
<1 F3. 1$C:.C <C ;< ;..- 1<C A$CF4+4A$F4;2 F3. 2<M.C;:.;F$9 DIAA<CFb <:. <1 F3. C.DA<;-.;FD
C.A<CF.- F3$F F3.P N.C. 9.1F <IF <1 F3. :4+C<j*$D4; D.9.+F4<; 1<C C.+.4M4;2 F3. $DD4DF$;+.b 3.
;.IFC$9m~„‰nC.DA<;-.;FD-4-;sFN$;FF<.OAC.DDF3.4C<A4;4<;_*IF:<DF<1F3.:A$CF4+4A$F.D4;
F3.C<;$1<C-<;dF;..-$;P$DD4DF$;+.b
3. +<:A94:.;FD D..; N.C. 2<<- m}‰n_ M.CP 2<<- m~}‰n $;- .O+.99.;F m€‰n_ DI::4;2 IA F3.
:$7<C4FP <1 F3. C.DA<;-.;FD m‚€‰nb .DA<;-.;FD D$4- F3$F 4< IC$9 4:AC<M.- F3. +<;-4F4<;D <1
F3.1$C:.C_.9.M$F.-F3.:<C$9_$;-3.9A.-F<3<9-F3.1$C:.C4;CIC$9$C.$Db3.D.1$C:.CD$9D<
3$M.$++.DDF<F3.C<;$1_F3.P3$M.3$-$++.DDF<;.N$2C4+I9FIC$9.BI4A:.;F$;-:$+34;.CP1<C
+<11.. AC<+.DD4;2_ $;- F3.P N.C. D$F4D14.- N4F3 F3. .OF.;D4<; <1 $;- F3. :4+C<j*$D4;
C<2C$:b 3.P DI22.DF.- :<C. 3.9A <; $+BI4C4;2 DI*D4-4.D 1<C 4;AIFD_ 4:AC<M. 1$C:.CdD
.-I+$F4<;_ $;- AC<M4-. :<C. FC$+F<CD 1<C F3. +<::I;4FPb 3. <M.C$99 A.C+.AF4<; 4D F3$F F3.
4;DF4FIF4<;D$C.:$84;2F3.-411.C.;+.4;F3.C.24<;_$;-N4F3<IFF3.:_F3.CIC$9$C.$N<I9-;dFP.F
3<9-D<:$;P1$C:.CD4;F3.4C$+F4M4F4.D_$DC.A<CF.-*PF3.:D.9M.Db
hdp
ekp
ekp
edp
edp
gp
D(A0
gp
!$
2%A;90
(-9
+33$
C%9F+33$
%E"%00%2;
-+A9%ghQ91%9S:7%9"%7;-32(9%8A%2"F-29%0;-32;3;,%-2:;-;A;-320:A7739;
iRhR
;%7hQ
27A;2$3A;7A;19/%;:
iRhReR ,%"3((%%19/%;70"%
3.:<DF+<::<;+<::.C+4$94Q$F4<;+3$;;.94DF3C<I23F3.:4--9.:$;mƒ„‰n_<CF3.9<+$9FC$-.C
+<::<;9P +$99.- F3. *C<8.C_ N3< *IP -4C.+F9P 1C<: AC<-I+.CD $;- D.99 F< <F3.C 9<+$F4<;Db <+$9
C<$DF.CD$C.$9D<C.AC.D.;F$F4M.4;F3.+<::.C+4$94Q$F4<;m‰n_*IFF3.C.$C.<;9PF3C..C<$DF.CD
4;F3.+4FP<1$CC.j$4b3.94FF9.A.C+.;F$2.2<.D1<C<F3.C9<+$9:$C8.F<C4;F.CDF$F.D$9.m4;$D
.C$4D$;-
DA5C4F<$;F<nb
3.AC.D.;+.<1F3.:4--9.:.;4;F3.FC$-.<1+<11..4DIDI$99P1C<N;.-IA<;F3.+<11..2C<N.CD
C.DA<;-.;FD<1F34DC.D.$C+3b;2.;.C$9_1$C:.CD-.:<;DFC$F.- $-4D+<;F.;F:.;FC.2$C-4;2F3.
AC4+.<1F3.+<11..bFN$D$1C.BI.;F9PC.A<CF.-+<:A9$4;Fb++<C-4;2F<F3.:_AC4+.D<1+<11..$C.
9<NF<A$P*$+84;M.DF:.;FDb$C:.CD3$M.$-4D$-M$;F$2.FC$-.j<11_4;N34+3F3.2<<-D$C.3.9-
m4; DF<C$2.n $F F3. :$O4:I: F4:. $D A<DD4*9. F499 $ 2C.$F <AA<CFI;4FP *IP.C $AA.$CDb <N.M.C_
:<DF<1F3.:C.A<CF.-F3.4;+$A$*494FPF<8..AF3.DF<C$2.1<C9<;2_*.+$ID.F3.P$C.1<C+.-F<
D.99 $F $; I;-.D4C$*9. AC4+. F< A$P *$+8 4;M.DF:.;FDb -+A9% gi D3<ND F3. -4DFC4*IF4<; <1 D$9.D
+<::<;9P+$CC4.-<IF*PF3.+<11..2C<N.CD<1F3.:4+C<j*$D4;DDFI-4.-b
-2;%9:;;%:0%
lp
93:;%9
ffp
03"019/%;
gp
1-$$0%12
jkp
-+A9%giQ311%9"-0-G;-32",22%0!F;,%"3((%%+93D%9:9%:732$%2;:
++<C-4;2 F< F3. 4;F.CM4.N.- *C<8.CD_ F3. 4;F.CDF$F. FC$-. 4D M.CP -4114+I9F -I. F< 3423.C
FC$;D$+F4<;F$O.D$;-1..D_N34+3-<.D;<F:$8.4FN<CF3b.M.CF3.9.DD_F3.4;F.CDF$F.FC$-.4DP.F
:<C.$FFC$+F4M.F3$;F3.9<+$9<;._D4;+.F3.+<11..4;-IDFCP4;F3.F$F.4<-.$;.4C<3$D*..;
4:A$4C.-b ++<C-4;2 F< m~†††n_ F3. -.+94;. <1 C<$DF4;2 $;- 2C4;-4;2 4;-IDFCP 4D -I. F3.
-4DA$C4F4.D 4; F3. F$O *IC-.; <1 m.C+3$;-4D. $;- .CM4+.D 4C+I9$F4<; $O k ;294D3
$+C<;P:n_N4F34;F3.DF$F.<14<-.$;.4C<b<CC<$DF$;-2C<I;-+<11..4D+3$C2.-<1„‰_
*.+$ID.4F+<:A<D.DF3.*$D4+1<<-*$D8.FbIF_1<C4;AIFAIC+3$D.-*PC<$DF.CD4D+3$C2.-$~‰
<;F3.C$N+<11.._.BI4M$9.;FF<F3.4;F.CDF$F.mnb34D1$+F+C.$F.D$-.*4F*$9$;+.
4;*ID4;.DD_D4;+.:<DF<1F3.+<11..3$DF<*.4:A<CF.-1C<:<F3.CDF$F.D_+<;D4-.C4;2F3.3423.C
-.:$;-4;F3.DF$F.m<M.C;<-<
DF$-<-<4<-.$;.4C<_}}`
_~†††nb
;-IDFC4$9 $+F4M4FP 4; $CC.j$4 C.DFC4+FD F< F3. +<11.. AC<+.DD4;2 *P *C$;-D $FID+<_ $C2$D $;-
I.CQ$_ N4F3 9<N AC<-I+F4<; D+$9.b 3. $*D.;+. <1 4;-IDFC4$9 1$+494F4.D 4D -I. F< 9$+8 <1 *$D4+
C.BI4C.:.;FD 1<C F3. $FFC$+F4M.;.DD <1 4;M.DF:.;FD_ ;$:.9Pa F3. -4DF$;+. 1C<: F3. +<;DI:.C
:$C8.F $;- F3. 9$+8 <1 C$N :$F.C4$9 1<C AC<+.DD4;2_ $;- A<<C 9<24DF4+D 4;1C$DFCI+FIC._ N34+3
$22C$M$F.DF3.D4FI$F4<;m.CC.4C$_}~€nb
iRhRfR %+9%%3(317%;-;-C%2%::
F +$; *. D$4- F3$F F3. +<11.. :$C8.F 4; $CC.j$4 4D .;F$;29.- *P $ :$C8.F -4DF<CF4<; +$99.-
b.99Jm}~€nDF$F.DF3$F4;F3.+$D.<1942<AD<;P_F3.C.$C.1.N*IP.CD_N3<.;7<P
A<D4F4M. .OFC$ AC<14FD_ N349. D.99.CD .$C; :I+3 9.DD F3$; 4F N<I9- *. 4; A.C1.+F +<:A.F4F4<;b F
:.$;DF3$FF3.AC<-I+.CD-<;dF.;7<PF3.1I99M$9I.<1F3.4CAC<-I+F_F3ID1$+.AC<*9.:DF<D.99
F3.4C<IFAIFb34DD4FI$F4<;DF$;-D4;F3.+$D.<1$CC.j$4b$C8.FAC<*9.:D<1+<:A.F4F4M.;.DD
+$; *. +<CC.+F.- F3C<I23 2<M.C;:.;F$9 :.$DIC.D m.99J_ }~€nb 3. +<::.;F.- *$CC4.CD $;-
<AA<CFI;4F4.D4;F3.:$C8.FA9$+.$C.4;-+A9%gj_$D1<99<Nb
-+A9%gjQ9/%;70"%$-:;39;-32:2$37739;A2-;-%:-2;,%C0A%",-2
;.<1F3.<AA<CFI;4F4.D<14:AC<M.:.;F4DF3.$+F4M$F4<;<1F3.
bICC.;F9P_F3.C.
$C. <;9P ~} 1$C:.CDd :.:*.CDb 3. +<<A.C$F4M. +<I9- .;+<:A$DD +<11.. AC<-I+.CD N4F34;
F3.F$F.jbFN$D-.D42;.-F<3$M.*<C-.CDbFN<I9-*.$C<I;-}+<11..*$2D<;D.FIAF<
~}} *$2D m‚}‰n <1 F3. D3$C. AC<-I+.- 4; F3. C.24<;b 3. +<<A.C$F4M. N<I9- .;DIC. F3. *.DF
AC4+.1<CF3.AC<-I+.Cb3.C.N499*.:<C.$AA.$9_.$D4;2F3.$++.DDF<F3.:$C8.FDb--4F4<;$99P_
F3.C. 4D F3. ;..- 1<C $ DA.+414+ A<94+P F< C.2I9$F. F3. :$C8.F $;- 24M. AC<F.+F4<; $2$4;DF
<M.CAC<-I+F4<;_N34+34DF3.:$4;-C4M.C<1AC4+.-.AC.+4$F4<;b3.C$Q494$;<11..;DF4FIF.mn
N$D .OF4;+F 4; ~††}_ $;- P.F F3.C. 4D F3. 9$+8 <1 $ DA.+414+ $ C.2I9$F<CP *<-P~‚b --4F4<;$99P_ N.
D3$99;<F1<C2.FF3$F+<11..2C<N.CD$C.DBI..Q.-*.FN..;F3.*IP.CD$;-4;AIFAC<M4-.CD_N34+3_
$++<C-4;2 F< F34D C.D.$C+3_ +<;DF4FIF. 1.N <AF4<;D_ IDI$99P +<::.C+4$9 D3<AD 4; $CC.j$4 m1.N
D.99.CDnb
$F$$+BI4C.-1C<:F3.4;F.CM4.NN4F3<D/.CC.4C$mAA.;-4O…n
iRiR
;%7iQA2";-32020F:-:0A%,-2Y3((%%Z
<;1<C:4;2 F< m~†††n_ F3. C$Q494$; +<11.. M$9I. +3$4; 4D +<:A<D.- <1 CIC$9 AC<-I+.CD_
AC<+.DD4;2$;-+<::.C+4$94Q$F4<;$2.;FD_.OA<CF.CD$;-+<;DI:.CDm-+A9%gknb
-+A9%gkQ3((%%+93W-2$A:;9FC0A%",-2
9$*<C$F.-*PF3.$IF3<Cb<IC+.<1-$F$m
_~†††n
iRiReR %;;-2+;,%!3A2$9-%:
3. D.F *<I;-$CP 4; F34D C.D.$C+3 +<:AC4D.D F3. FN< :4+C<j*$D4;D DFI-4.- ~ $;-  4; F3.
+4FP <1 $CC.j$4b IFD4-. $2.;FD N.C. +<;D4-.C.- :.C.9P $D $; 499IDFC$F4<; <1 ;$F4<;$9 $;-
.OF.C;$9:$C8.FDb;F34DDFI-P_-$F$N$D+<99.+FD<9.9PN4F34;F3.D.F*<I;-$CP<1F3.+4FP$CC.j
$4b-+A9%gl499IDFC$F.DF3.*<I;-$C4.D$2.;FD4;M<9M.-$;-24M.D$2.;.C$9C.AC.D.;F$F4<;<1F3.
M$9I.+3$4;b
-+A9%glQ0A%,-2Y3((%%Z(03DW",9;
3$CF.9$*<C$F.-*PF3.$IF3<C*$D.-<;14.9-C.D.$C+3
3. e*9I. *<I;-$CPf $;- e*9I. 19<N $CC<NDf C.AC.D.;F F3. :<M.:.;F 4;D4-. F3. D.F DFI-P
*<I;-$CP<1$CC.j$4b3.:<DFC.9.M$;F$2.;FD1<CF34DC.D.$C+3$;-F3.4C19<NDN4F34;F3.M$9I.
+3$4;$C.4-.;F414.-b<11..2C<N.CDAC<M4-.DIAA9P1<C9<+$9C<$DF.CD_9<+$9DF<C$2.mAC4M$F.1$C:
DF<C$2.n_9<+$9FC$-.CD$;-$9<+$9+<<A.C$F4M.b3.+<<A.C$F4M.
3$D*..;C.+.;F9P
C.$+F4M$F.- m;<F P.F $+F4M$F.- *P F3. F4:. <1 F3. C.D.$C+3nb 3. e2C..; *<I;-$CPf $;- e2C..;
$CC<NDf 499IDFC$F. F3. +<;;.+F4<; N4F3 F3. ;$F4<;$9 :$C8.F_ 4;+9I-4;2 4< -. $;.4C< DF$F. $;-
<F3.CC$Q494$;DF$F.Db3.eAICA9.*<I;-$CPfC.AC.D.;FDF3..OF.C;$9:$C8.FbF4D<*D.CM.-F3$F
D<:.1$C:.CD+<::.C+4$94Q.F3C<I23F3.;$F4<;$9:$C8.Fb<N.M.C_F3.C.N$D1<I;-;<1$C:.C_
N3< +<::.C+4$94Q. -4C.+F9P N4F3 F3. .OF.C;$9 :$C8.Fb F :423F *. $F D<:. A<4;F N4F34; F3.
+<:A9.O4FP<1+<11..FC$-._F3$FF3.AC<-I+F+<I9-*.D<:.3<ND.;FF<.OF.C;$9:$C8.FM4$F3.
<IFD4-.*<I;-$CP<1F3.;$F4<;$9:$C8.F_*IF4F4D7IDF$2I.DD4;2b
3$F 4D +.CF$4;9P_ $;- 4F 4D C.AC.D.;F.- *P F3. eDFC4A.- C.- $CC<NDf 4; F3. 19<N +3$CF_ 4D F3.
A<F.;F4$9 1<C .OF.C;$9 +<::.C+4$94Q$F4<; *P F3. +<<A.C$F4M.b ;+. 4F DF$CFD F< <A.C$F._ 4F N499 *.
$*9. F< +<::.C+4$94Q. -4C.+F9P N4F3 F3. .OF.C;$9 :$C8.F mA<F.;F4$9 +<;DI:.C 4D 34;$n_ $;- $9D<
4;+C.$D. F3. 9<+$9 FC$-. $;- 9<+$9 +<;DI:AF4<; m77%2$-E lnb 3. +<<A.C$F4M. <11.CD $ 2<<-
<AA<CFI;4FP 1<C 9<+$9 +<11.. 2C<N.CD F< IA2C$-. F3.4C A<D4F4<; 4; F3. +<11.. M$9I. +3$4;b 34D
C.BI4C.D_F3<I23_$+<::4F:.;F<1F3.1$C:.CDF<F3.4;F.2C$F4<;4;F3.+<<A.C$F4M._D<F3$FF3.
M<9I:.<1+<11..4;F3.+<<A.C$F4M.4D+$A$*9.<1DIAA9P4;2F3.9<$--.:$;-.-1<C.OA<CF$F4<;b
;<F3.C A<F.;F4$9 4D F< 4;+C.$D. F3. 9<+$9 DIAA9P_ *P 4:AC<M4;2 F3. AC<-I+F4<; F.+3;<9<2Pb 3.
9<+$9 :$C8.F -.:$;- 4D $9C.$-P 3423.C F3$; F3. +ICC.;F DIAA9P $;- N<I9- +.CF$4;9P $*D<C* F3.
4;+C.$D.-AC<-I+F4<;b
iRiRfR $%2;-(-";-323(";-C-;-%:2$;%",2-"020F:-:
iRiRfReR
A99%2;770-%$;%",2303+F-2;,%39;,%:;%+-32"3((%%
$;PDFI-4.D3$M.-.:<;DFC$F.-F3.-.M.9<A:.;F<1;.NF.+3;<9<24.D1<C4;+C.$D4;2P4.9-$FF3.
AC<-I+F4<; 9.M.9 $;- $9D< 1<C 4:AC<M4;2 F3. BI$94FP <1 F3. 14;$9 AC<-I+F_ *P $-7IDF4;2 $-.BI$F.
F.+3;<9<24.D $F -411.C.;F 9.M.9D <1 F3. M$9I. +3$4;b ++<C-4;2 F< ;-C$-. u 49M$ m}~€n_ F3.
AC<*9.:$F4+ <1 F3. e9I:4;.;D.dDf +<11.. 94.D <; F3. -4114+I9F :.+3$;4Q$F4<; <1 F3. e<I;F$4;
+<11..f AC<-I+F4<;b <;D.BI.;F9P F3. AC<-I+F4<; +<DFD 4;+C.$D.D_ -I. F< D+$C+. $;- .OA.;D4M.
9$*<C-IC4;2F3.3$CM.DFb;-$9D<F3.+<:A.F4F4M.;.DD<1<F3.C.+<;<:4+$+F4M4F4.D_DI+3$DF3.
<49 4;-IDFCP -.M.9<A.- N4F34; F3. DF$F._ N34+3 4;.M4F$*9P N4F3-C$ND F3. CIC$9 P<IF3 N4994;2 F< $
:<C.$FFC$+F4M.D<IC+.<14;+<:.b
; F3. DA.+414+ +$D. <1 F3. :<I;F$4;<ID 9$;-D+$A. <1 F3. <CF3N.DF 4< -. $;.4C<_ 4F 3$D *..;
C.+<::.;-.-F3.-.;D414+$F4<;<1+<11..*ID3.DA.C3.+F$C._:<C.DI4F$*9.1<CD:$99D4Q.1$C:D
m;-C$-..F$9b_}}†_}~_}}nb;:$;PDFI-4.D_F3.-.;D414+$F4<;<1+<11..A9$;F$F4<;D4;F3.
<CF3N.DF3$DAC<M.;F<*.$*.FF.C<AF4<;1<CD:$991$:49P1$C:.CD_$;-M.CP4:A<CF$;F1<CF3.
:$4;F.;$;+. <1 9<+$9 94M.943<<-D N4F34; F3. CIC$9 C.24<; m;-C$-. .F $9b_ }}_ }}†_ }~nb
OA.C4:.;FD4;<:.DID-<F$*$A<$;$mnD3<N.-F3.*.DF-.;D4FP_N34+34DF3.A9$;F-4DF$;+.
4;F3.D$:.C<N<1}b‚j}b‚:$;-*.FN..;.$+3C<N<1b}:m;-C$-..F$9b_}}†_}~nb3.
<M.C$99 *.;.14F <1 F34D F.+3;<9<2P $-$AF.-$;-$AAC<AC4$F.-1<C F3. +<;-4F4<;D <1 F3. C.24<;_ $D
-.D+C4*.-*P;-C$-..F$9bm}}†n_4DF3$F4FAC.D.;FD3423.CAC<-I+F4M4FP4;D3<CF.CF.C:_1$DF.C
A$P*$+8<14;4F4$94;M.DF:.;FD_$;-2.;.C$94:AC<M.:.;F<1F3.D<494;D9<A.$C.$Db<N.M.C_F3.
1$C:.C ;..-D F< *. $N$C. <1 F3. 4;+C.$D.- 3$CM.DF 9$*<C ;..-D_ -I. F< 9.DD.C :.+3$;4Q$F4<; 4;
-.;D.DA$+.D_F3.4;+C.$D.-+$C.N4F3A.DF$;-A9$2I.+<;FC<9_$;-F3.3423.C4;4F4$94;M.DF:.;F
m;-C$-..F$9b_}}†_}~nb
iRiRfRfR
3:;W,9C%:;;%",2303+-%:
3.2.;.C$9A<DFj3$CM.DF+<11..AC<+.DD4;24DD4:A9414.-4;-+A9%gmb
-+A9%gmQ3((%%73:;W,9C%:;793"%::-2+",9;
42IC.+C.$F.-ID4;2-$F$+<:A49.-*PF3.$IF3<C
<11..$CM.DF
D-.D+C4*.-*PF3.m}~‚n_+<11..+$;*.3$CM.DF.-*PFN<-411.C.;F:.F3<-Da
b
FC4AA4+8.-a+<11..+3.CC4.DDFC4AA.-<1F3.*C$;+3$F<;.F4:.*P3$;-<C:.+3$;4+$99P
b
.9.+F4M.9P4+8.-a<;9PC4A.+<11..+3.CC4.D3$CM.DF.-4;-4M4-I$99P*P3$;-
++<C-4;2F<$C*<D$.F$9bm}}‚n_F3.FPA.<13$CM.DFA9$PD$;4:A<CF$;FC<9.4;F3.14;$9<M.C$99
+<DF<1F3.3$CM.DF.-*$2<1+<11..b4D.OA.C4:.;FDC.M.$9.-F3$FD.:4j:.+3$;4+$93$CM.DF_ID4;2
A<CF$*9. :.+3$;4+$9 +<11.. 3$CM.DF.CD_ A.C1<C:D DIA.C4<C9P $F 9<N.C +<DF 4; +<:A$C4D<; F< F3.
FC$-4F4<;$9:$;I$9+<11..3$CM.DFb
3. -4DFC4*IF4<; <1 3$CM.DF F.+3;<9<2P $:<;2 F3. 4;F.CM4.N.- 1$C:.CD 4D C.AC.D.;F.- 4; -+A9%
hdbF4D;<F.-;.$C9P3$91m‚ƒb„‰n<1F3.:ID.$*<F3:$;I$9DFC4AA4+8.-_$;-D.:4j:.+3$;4+$9
DFC4A A4+8.- m+34jDBI$C._ A ‹ }b}~nb ;9P ~€b€‰ <1 F3. 1$C:.CD ID. F3. :$;I$9 DFC4A A4+8.-
F.+3;<9<2P_-I.9$+8<1$9F.C;$F4M.Db3.FPA.<13$CM.DFF.+3;<9<2P4:A94.D-4C.+F9P<;F3.9$*<C
+<DFD_ +<;D4-.C4;2 F3$F :$;I$9 DFC4A A4+8.- F.+3;<9<2P 4D :<C. F4:. +<;DI:4;2 $;- 9$*<C
4;F.;D4M.b
-+A9%hdQ9C%:;%",2303+F3(;,%"3((%%+93D%9:
<11..C<+.DD4;2
3. N$P <1 AC<+.DD4;2 $;- F3. -CP4;2 :.F3<- 4;F.C1.C. *4<+3.:4+$99P_ A3PD4+$99P $;-
A3PD4<9<24+$99P <; F3. +<11.. *.$;D_ F3ID $11.+F4;2 14;$9 $C<:$ $;- 19$M<C m<D$ .F $9b_ }~€`
4MC$:.;F<_ }}…nb 3. AC<+.DD4;2 <1 F3. +<11.. +3.CC4.D +$; *. A.C1<C:.- *P FN< -411.C.;F
:.F3<-D m<D$ .F $9b_ }~€` _ }~‚` 4MC$:.;F<_ }}…` .4;$F< .F $9b_ }~` $DF<9-4 u
$DF<9-4_}~€na
b
CP:.F3<-a$9D<+$99.-;$FIC$9+<11..AC<+.DD4;2b3.+<11..+3.CC4.D$C.8.AF4;F$+FN4F3
F3.D84;$;-F3.:I+49$2.b3.+3.CC4.D$C.DAC.$-4;F<DI;-CP4;2P$C-DF499C.$+34;2IA
F3.:<4DFIC.+<;F.;F<1~~‰
b
.F :.F3<-a C.:<M.D F3. AI9A 1C<: F3. *.$;D $;- F3. *.$;D -CP N4F3 <;9P F3.
A$C+3:.;FD84;9.1F<;b3.C.$C.D.M.C$9N$PDa+<11..+3.CC4.D+$;*.A..9.-_C.:<M4;2
F3. D84; $;- A$CF <1 F3. A$C+3:.;F` -.:I+49$2.-_ AI9A $;- 3ID8D $C. :.+3$;4+$99P
D.A$C$F.- 1C<: F3. *.$;` <Cg$;- +<11.. +$; A$DD F3C<I23 $ *4<9<24+$9 1.C:.;F$F4<;_
N3.C.F3.AI9A$;-:I+49$2.$C.C.:<M.-*PN$F.Cj1499.-1.C:.;F$F4<;F$;8D
; C$Q49_ 4F 4D AC.-<:4;$;F F3. -CP :.F3<- 1<C F3. C$*4+$ +<11.._ N34+3 +3$C$+F.C4Q.D F3.
C$Q494$; +<11.. N<C9-N4-. 8;<N; $D e C$Q494$; ;$FIC$9 +<11..f m$DF<9-4 u $DF<9-4_ }~€nb 3.
AC<+.DD4;2 *P ;$FIC$9 +<;-4F4<;D_ N34+3 <C424;$F.D F3. -4DF4;+F C$Q494$; ;$FIC$9 +<11..D_ 4D
DI*7.+F.-F<N.$F3.C+<;-4F4<;DDI+3$DAC.+4A4F$F4<;-IC4;2F3.3$CM.DFA.C4<-m$BI4(<493<.F
$9b_ }~€nb FI-4.D DI22.DF m<D$ .F $9b_ }~€` $BI4(< 493< .F $9b_ }~€n F3$F F3. ;$FIC$9
AC<+.DD4;2 :.F3<- :$P I;-.C:4;. +<11.. BI$94FP -I. F< I;-.D4C.- 1.C:.;F$F4<;Db $DF<9-4 u
$DF<9-4 m}~€n $9D< <*D.CM.- F3$F F3. N.F :.F3<- 3$D AC.D.;F.- *.FF.C BI$94FP $;- 4;+C.$D.-
M$9I.<1F3.AC<-I+Fb
;F34DDFI-P_4F4D<*D.CM.-$-4DAC<A<CF4<;$9A<DFj3$CM.DFF.+3;<9<2Pm+34jDBI$C._A}b}}~nb…}‰
<1 F3. 1$C:.CD AC$+F4+. F3. -CP :.F3<-b ;- F3. :4;<C4FP AC$+F4+.D F3. N.F :.F3<- <C *<F3
m-+A9%hen_-.A.;-4;2<;F3.$DD.FD$+BI4C.-_.b2bAI9A4;2:$+34;.DbDD.FDN.C.$+BI4C.-N4F3
<C N4F3<IF 2<M.C;:.;F$9 14;$;+4$9 DI*D4-4.Db <:. AI9A4;2 :$+34;.D N.C. <*F$4;.- M4$ F3.
4+C<j*$D4; C<2C$: e4< IC$9fb 3. :$4; AC<*9.: <1 F3. N.F :.F3<- 4D F< -.$9 N4F3 F3.
C.D4-I$9N$F.C_N34+3A<D.D$;.;M4C<;:.;F$9AC<*9.:_$;-<11.CD$+<;DFC$4;F<14:A9.:.;F$F4<;
IA<;F3..;M4C<;:.;F$9CI9.D_F<9-.*.Cmj
n4;A.CD<;$9+<;M.CD$F4<;b
-+A9%heQ3:;W,9C%:;93"%::-2+79%$31-22"%132+"3((%%+93D%9:
<11..CP4;2
1F.C <;. <C +<:*4;$F4<; <1 DF.AD_ F3. AI9A.- $;- 1.C:.;F.-_ F3. +<11.. *.$;D $C. -C4.- F499
C.$+34;2F3.~~‰14;$9:<4DFIC.m_}~‚nb3.+<11..-CP4;2AC<+.-IC.+$;*..O.+IF.-ID4;2
FN<-411.C.;F:.F3<-Da
•
C$-4F4<;$9 DI;j-CP4;2 +<11.. P$C-D_ N34+3 +$; *. -4CF P$C-D_ +<;+C.F. <C $DA3$9F :I-
P$C-Dm.4;$F<.F$9b_}~n
•
CP.C :$+34;._ N34+3 +$; *. 3<C4Q<;F$9 <C M.CF4+$9 +C<DD 19<N 9$C2. FI:*9.CD m49M$ u
$C-<D<<*C4;3<_}}~`_}~‚n
94M.4C$.F$9bm}}~n3$M.;<F-.F.+F.-$D42;414+$;F-411.C.;+.4;+<11..BI$94FP4;F3.4C$;$9PQ.-
D$:A9.D DI*:4FF.- F< -411.C.;F -CP4;2 :.F3<-D_ DI+3 4; DI;j-CP4;2 +<11.. P$C-D <C -CP.C
:$+34;.Db <N.M.C_ F3.P <*D.CM.- +3$;2.D 4; F3. BI$94FP N4F3 3423 F.:A.C$FIC. ID.- F< -CP
mŽ‚}wnb.2$C-4;2F3.FPA.<1-CP.C:$+34;._49M$u$C-<D<<*C4;3<m}}~n3$M.;<F-.F.+F.-
$;P BI$94FP -411.C.;F4$F4<; ID4;2 -411.C.;F FPA.D <1 +<11.. -CP.CD :$+34;.Db <N.M.C_ F3.P
<*D.CM.- F3$F $ +<:*4;$F4<; <1 F3. 3<C4Q<;F$9 N4F3 F3. M.CF4+$9 +C<DD 19<N C.-I+.D F3. .;.C2P
4;F$8.1<C-CP4;2AC<+.-IC.Db
3. :<4DFIC. +<;F.;F 4; +<11.. 4D +C4F4+$9 1<C 14;$9 BI$94FPb < :$FF.C F3. -CP4;2 :.F3<- ID.-_
+<11..+$;sF*.DF<C.-$F.9.M$F.-:<4DFIC.mŒ€‚‰nbF34233I:4-4FP_4F1$M<CDF3.4;+4-.;+.<1
1I;2ID_DI+3$D$1*!*//*;096KH/#29628*;096KH;98*;096b$;-96$8(*//;92!8!$;9_$++<C-4;2
F< <D$ .F $9b m}~€nb ;. <1 F3. :$7<C AC<*9.:D C.9$F.- F< F3. BI$94FP <1 F3. +<11.._ 1$+.- *P
C$Q494$;+<11..2C<N.CD_*<F3-<:.DF4+$99P$;-.OF.C;$99P_4D$DD<+4$F.-N4F3F3.-CP4;2AC<+.DD
m1<;D<Cb.F$9b_}}~nb
;F34DDFI-P_F3.+<11..-CP4;2F.+3;<9<2P-4DFC4*IF4<;N$DM.CP3.F.C<2.;.<IDD3<N4;2I;.BI$9
AC<A<CF4<;Dm+34jDBI$C._A‹}b}€„n_4;F.C:D<1:.F3<-$;-:$F.C4$9DID.-4;F3.+<11..-CP4;2bF
D..:DF3$F4F4DAC.-<:4;$;FF3.:4O.-+<11..-CP4;2_F3$F:.$;D_$AC.M4<ID-CP4;24;F3.+<11..
P$C- $;- $ 1ICF3.C -CP4;2 4; F3. -CP.C :$+34;.b F -<.D ;<F :.$; F3$F $99 F3.D. 1$C:.CD 3$M. $
-CP.C:$+34;.b3.:$7<C4FP3$DF<A$P1<CF3.D.CM4+.my~‚b}}IAF<€}b}}A.C3<ICn<1ID4;2
<F3.C1$C:.CdD:$+34;.<C1$C:.CdD$DD<+4$F4<;:$+34;.b<:.:$+34;.DN.C.$+BI4C.-F3C<I23
AC4M$F. AIC+3$D4;2 <C F3. 4+C<j*$D4; AC<2C$: e4< IC$9fb F499_ F3. -4CFP P$C-D m*$C. D<49n
AC.-<:4;$;+.4D3423_ƒb„‰+<:*4;.-N4F3:4O.--CP4;2$;-~ƒb„‰-4CFPjP$C-$9<;.m-+A9%hfZb
-+A9%hfQ9F-2+;%",2303+F79%$31-22"%3(;,%"3((%%+93D%9:
iRiRgR $%2;-(-";-323(+%2;:
;!0%el_$99C.9.M$;F$+F4M4F4.D$;-$2.;FD4;F3.DFI-4.-+<11..M$9I.+3$4;$C.94DF.-1<C+9$C4FP
<1$;$9PD4Db
!0%elQA2";-32020F:-:;!0%Q"3((%%",-2YZ
";-C-;F
3((%%793$A";-32
%0(W"32:A17;-32
+%2;:
⋅ $;I$9DFC4AA4+8.-+<11..2C<N.CD
⋅ .:4j:.+3$;4+$9DFC4AA4+8.-+<11..2C<N.CD
⋅ $CC.j$4+<11..2C<N.CD
3:;W,9C%:;
⋅
793"%::-2+
⋅ CP:.F3<-AC<+.DD4;2+<11..2C<N.CD
.F:.F3<-AC<+.DD4;2+<11..2C<N.CD
A;7A;
⋅ <11..+3.CC4.D
⋅ .91jAC<+.DD.-+<11..
⋅ C4.-A$C+3:.;F+<11..
⋅ I9A.-+<11..*.$;D
⋅ $C+3:.;F+<11..
⋅ 4CFPjP$C-D-CP4;2+<11..2C<N.CD
3((%%$9F-2+
⋅ <;+C.F.jP$C-D-CP4;2+<11..2C<N.CD
⋅ $C+3:.;F+<11..
⋅ $+34;.j-CP4;2+<11..2C<N.CD
⋅ 4O.-j-CP4;2+<11..2C<N.CD
3((%%1-00-2+
⋅ 4994;2+<11..2C<N.CD
⋅ <<A.C$F4M.D
⋅ 499.-+<11..
⋅ $CC.j$4+<11..2C<N.CD
⋅ <+$9<<A.C$F4M.m$CC.j$4<Cn
;39+%
⋅ .24<;$9<<A.C$F4M.m_
n
⋅ $C+3:.;F+<11..
⋅ <11..FC$-.CDm4;F.C:.-4$C4.Dn
⋅ 499.-+<11..
⋅ <+$9+<11..C<$DF.CD
⋅ <11..4:A<CF.CDu.OA<CF.CDq
3((%%93:;-2+
⋅ <$DF4;2+<11..2C<N.CDmD:$99*ID4;.DDn
⋅ <$DF.CDm+<11..4;-IDFCPn
⋅ <$DF.-+<11..
⋅ <$DF.CDm+<11..4;-IDFCPn
3((%%+9-2$-2+
⋅ <;DI:.Cm.b2b+<11..D3<AD_4;-4M4-I$9+<;DI:.C_
⋅ C<I;-C<$DF.-+<11..
DIA.C:$C8.F_*$8.CPn
⋅ e4--9.:.;fk4;F.C:.-4$C4.Dm9<+$9FC$-.Cn
9$%Y"3((%%
⋅ <<A.C$F4M.D
!%2Z
⋅ <$DF.CD
⋅ <11..*.$;
⋅ :A<CF.CDu.OA<CF.CDq
9$%Y"3((%%
793$A";Z
3((%%!9%D-2+
⋅
3<9.D$9.CD
⋅ IA.C:$C8.FD
⋅ 4C.+FAIC+3$D.1C<:F3.+<11..2C<N.C
⋅ <;DI:.Cm.b2b+<11..D3<AD_4;-4M4-I$9+<;DI:.C_
DIA.C:$C8.F_*$8.CPn
⋅ <$DF.-2C<I;-+<11..
⋅ <$DF.-*.$;D
⋅ C4;84;2+<11..
q<F.;F4$9FC$-.gDF<C$2.b<4;F.CM4.N.-1$C:.CD3.9--4C.+F+<;;.+F4<;F<4:A<CF.Cu.OA<CF.C`:<DF<1F3.DIAA9P4D
1<CF3.-<:.DF4+:$C8.F_-I.F<BI$;F4FP$;-BI$94FP<1F3.+<11..AC<-I+.-
F4D;<F.-$M$C4.FP<1$2.;FD$;-$+F4M4F4.DA.C1<C:.-b3.:$7<C4FP<1F3.$+F4M4F4.D$C.3.9-<;
F3.1$C:_4;+9I-4;2AC<-I+F4<;_DF<C$2._A<DFj3$CM.DFAC<+.DD4;2_ -CP4;2_ :4994;2_ $;- D<:.F4:.D
F3. AC<+.DD4;2 C<$DF4;2 $;- 2C4;-4;2b N< <1 F3. F3C.. C<$DF.CD 4;F.CM4.N.- N.C. 3.9- <; F3.
1$C:mƒb„‰<1F3.1$C:.CDnb<N.M.C_†€b€‰mQjD+<C._A}b}}~n<1F3.1$C:.CD-<.D;<FAC<+.DD
F3.4C+<11.._$;-D.99F3.4CAC<-I+F1<C$9<+$9C<$DF.C_<C9<+$9FC$-.Cb
;. <1 F3. *<FF9.;.+8D 4-.;F414.-_ $A$CF 1C<: F3. A<DFj3$CM.DF F.+3;<9<24.D $;- -CP4;2
F.+3;<9<24.D_ $C. F3. AC<+.DD4;2 F.+3;4BI.Db <-$P 4; F3. :4+C<j*$D4;D DFI-4.-_ F3.C. $C. 1.N
+<11..:4994;2:$+34;.D$M$49$*9.1<CF3.1$C:.CDb9:<DF$99<1F3.:3$M.F<A$P1<CF3.:4994;2
AC<+.DDm…€b€‰_+34jDBI$C._A}b}}~_-+A9%hgn_N34+34DIDI$99P~j~b‚82A.C+<11..*$2mƒ}82nb
3.P$C.9<D4;2$*<IF~821<C.$+3+<11..*$2b3.9$C2.CAC<-I+.CDA<DD.DD<;.:4994;2:$+34;.
$;-D.99F3.D.CM4+.<1:4994;21<CF3.D:$99.C3<9-.CDb3.+<<A.C$F4M.
4D4;F.;-.-
1<C F34D AICA<D._ $;- N499 <11.C +<11.. :4994;2 1<C F3. 9<+$9 $11494$F.- +<11.. 2C<N.CD_ $;- D3<I9-
-4D.;F$;29.F34DAC<*9.:b
-+A9%hgQ-00-2+$-:;9-!A;-32132+;,%"3((%%+93D%9:
3.C.DI9FDDI22.DFF3$F_-.A.;-4;2<;F3.DF$2.<1F.+3;<9<2P$;-4;;<M$F4<;<1F3.1$C:.CD_F34D
+$;A9$+.F3.:4;$N<CD.<C*.FF.CA<D4F4<;$;-A$CF4+4A$F4<;4;F3.M$9I.+3$4;b3.*<FF9.;.+8D
F3$F $C. I;-.C:4;4;2 F3. -.M.9<A:.;F <1 +<11.. 2C<N.CD $C. 4;-4C.+F9P C.9$F.- F< F3. FPA. <1
F.+3;<9<2P ID.- N34+3 $11.+FD F3. 14;$9 BI$94FP <1 F3. AC<-I+F $;- +<;D.BI.;F9P -4:4;4D3.D F3.
A$P*$+8 <1 4;M.DF:.;FD $;- +<DFDb 34D 4DDI. ;..-D :<C. 2<M.C;:.;F$9 $FF.;F4<;` 4; F.C:D <1_
N34+3 F.+3;<9<24.D $C. F< *. 4;+.;F4M4Q.- $;- N34+3 <1 F3.: N<I9- 3$M. :<C. 4:A$+F <; F3.
CIC$9 -.M.9<A:.;Fb ++<C-4;2 F< F3. 94F.C$FIC. C.M4.N.-_ F3. A<DFj3$CM.DF :.F3<- 4D F3. :<DF
4:A<CF$;F1$+F<C+<;+.C;4;2F3.14;$9+<11..BI$94FP_N34+3+.CF$4;9P+<I9-*.<;.<1F3.1$+.FD<1
-.M.9<A:.;FF$C2.F_D4;+.F3.AC<-I+F4<;4DD:$99b<94+4.DD3<I9-*.-C4M.;F<N$C-DF3.;4+3.<1
3423BI$94FP$;-DA.+4$94Q.-+<11..D_4;-.;F.-F<F3.+4FP<14<-.$;.4C<b
iRiRhR A2;-(-";-323(7,F:-"0(03D:
3. F<F$9 BI$;F414+$F4<; <1 A3PD4+$9 19<ND 4; F.C:D <1 BI$;F4FP DIAA94.- $;- BI$;F4F4.D IF494Q.-
N4F34;F3.DFI-4.-+<11..+3$4;4DC.AC.D.;F.-$DDIAA9PIF494Q$F4<;$++<I;Fmn4;!0%emb3.
C.DI9FD $++<I;F F3. -$F$ +<99.+F.- 1C<: F3. 4;F.CM4.N.- +3$4; $2.;FD_ 4; F34D +$D._ 1$C:.CD_
AC<+.DD<CD_$;-FC$-.CDb
!0%emQA770F;-0-G;-32""3A2;YZ"3((%%
-22A0:A770F-;%1:
;-0-G;-32-;%1:Y22A0Z
3((%%793$A";-323(1-"93!:-2:]2#]2$]99%W-]
lfdRlg 3:;%9:
meiRh
91%9\::;39+%
gmjRhl D2"32:A17;-32
9$%$
3;0Y;32:Z
efekRge
dRjejmj
jjd
eikjRdf
WgilRke
3.DIAA9P<1+<11..4D$M$49$*9.4;$*4$;;I$9+P+9.b;.P.$C1$C:.CDDIAA9P:<C.$;-<;.P.$C
DIAA9P9.DD_-I.F<F3.4;3.C.;F+3$C$+F.C4DF4+<1F3.+<11..+C<AbFN$D$++<I;F.-4;F34DC.D.$C+3
$F<F$9<1~~„b€~F<;D<1+<11..4;F3.:4+C<j*$D4;D~$;-_+<;D4-.C4;2$:<I;FAC<-I+.-
-IC4;2F3.9$DF*4$;;I$9+P+9.A9IDF3.BI$;F4FP4;DF<C$2.*PF3.€}1$C:.CDb3.$:<I;F<1+<11..
IF494Q.-N$DF3<I233423.CF3$;F3.$:<I;FAC<-I+.-m~‚„ƒb}F<;DnbF4D;<F.-F3$FF3.C.4D$
-.14+4F <1 €‚…b„~ F<;D <1 +<11..b F :.$;D F3$F F3. 9<+$9 AC<-I+F4<; 4D ;<F DIAA9P4;2 F3. 9<+$9
-.:$;-_.b2b9<+$9C<$DF.CD_<N;+<;DI:AF4<;<;1$C:$;-FC$-4;2b
M.;+<;D4-.C4;2F3.*4$;;I$9
AC<-I+F4<;F3.-.:$;-4DP.F3423.CF3$;F3.$:<I;FDIAA94.-b
I. F< F3. D+<A. <1 F34D C.D.$C+3_ F3. DIAA9P 4F.:D $++<I;F.- F3. F<F$9 DIAA9P <1 €} 1$C:.CD
4;F.CM4.N.-b 3. IF494Q$F4<; 4F.:D $++<I;F.- -$F$ +<99.+F.- 1C<: $99 F3. F3C.. $M$49$*9. 9<+$9
+<11.. C<$DF.CD mAC<+.DD<CDn $;- FN< FC$-.CD N4F34; F3. :I;4+4A$94FP <1 $CC.j$4b 3. <N;
+<;DI:AF4<; +<;D4-.CD F3. <;j1$C: +<;DI:AF4<;b -+A9% hh 499IDFC$F.D F3. A3PD4+$9 19<N <1 F3.
4;F.CM4.N.-+3$4;$2.;FD4;F3.M$9I.+3$4;b
-+A9%hhQA2;-(-";-323(7,F:-"0(03D:-2;,%0A%",-2Y"3((%%Z
9<N+3$CF.9$*<C$F.-*PF3.$IF3<C*$D.-<;F3.14.9-C.D.$C+3
.M.CF3.9.DD_ 4; F3. DIAA9P IF494Q$F4<; $++<I;F_ F3. ;I:*.CD D3<I9- *. .M.;_ F3. BI$;F4FP
DIAA94.-.BI$9DF3.BI$;F4FPIF494Q.-b3.-.14+4F+$;*..OA9$4;.-*PD<:.1$+F<CDb34DA$CF4+I9$C
+3$4; 4D $; <A.; DPDF.:` F3. BI$;F4FP DIAA94.- ;<F ;.+.DD$CP 4D 4;F.;-.- <;9P 1<C F3. 9<+$9
-.:$;-b9D<_F3.IF494Q.-4F.:D+<I9-3$M.F3.4CC$N:$F.C4$9D<IC+.<IF<1F3.DPDF.:_:.$;4;2
F3$F_F3.C<$DF.CD$+BI4C.-F3.+<11..1C<:<F3.C+4F4.D<C<F3.CC$Q494$;DF$F.Db3.4;F.C1.C.;+.
<1F3.<A.;;.DD<1F3.+<11..+3$4;:423F*.A.C:.$F4;2F3.C.DI9FDbC_F3.C.N.C.;<FDI114+4.;F
-$F$ 1<C $ :<C. $++IC$F. b +<:A9.F. C.DI9F +<I9- *. $+BI4C.- 41 $99 e<IF <1 +3$4;f $2.;FD
N.C. 4;F.CM4.N.-b F :.$;D $+F<CD 1C<: <F3.C DF$F.D $;- <F3.C +4F4.Db <N.M.C -I. F< F3.
C.D<IC+.D$M$49$*9.$;-F3.4;F.;F4<;<1C.D.$C+3_F3.$++<I;FD+<:AC4D.D<;9P$CC.j$4$;-F3.
D.9.+F.-:4+C<j*$D4;Db
iRiRiR 27A;W3A;7A;1;9-"%:
$D.-<;F3.$+F4M4F4.D_$2.;FD_$;-A3PD4+$919<ND_4FN$D-.D42;.-4;AIFj<IFAIF:$FC4+.D_N34+34D
$ DP;<AF4+ C.AC.D.;F$F4<; <1 F3. 19<N <1 A3PD4+$9 BI$;F4F4.D *P .$+3 $2.;Fb ; F34D $;$9PD4D_ -$F$
N$D eD+$9.- IAf_ +<;D4-.C4;2 F3. $M.C$2. <1 F3. P4.9- <1 AC<-I+F4<; A.C 3.+F$C. $++<I;F <1 $99
AC<-I+.CD_ $;- F3. $M.C$2. <1 F3. AC<-I+F4<; 1$+F<CD ID.- $D 4;AIFb 3.D. 1$+F<CD $C. 94DF.- 4;
!0%fdR
!0%fdQ
27A;W3A;7A;8A2;-;-%:2%%$;3793$A"%e,3("3((%%-2;,%:;A$-%$9%
";-C-;FQ+93D-2+e,3("3((%%Y-2;,%:;A$F9%Z
2-;
C%9+%8A2;-;F7%9,
27A;8A2;-;-%:7%9,
%9;-0-G%9
$2Dm‚}82n
~b†
7%"-0-G%$(%9;-0-G%9[
I9M.C4Q$F4<;
~b}
%9!-"-$%
$99<;m}n
}b‚
%:;-"-$%[
I9M.C4Q$F4<;
}b…
%%$0-2+:
3<ID$;-D
b
-1%:;32%
<;;.D
~b
A%0[
4F.CD
b
"/-2+
;4FD
€€b…
!39
.;g-$P
€b„
A;7A;8A2;-;F7%9,
+:3("3((%%Yjd/+Z
$2D
ƒb€
3((%%-2;322%:
<;;.D
~b‚…‚ƒ
q<F.a I.9 4;+9I-.D 2$D<94;. <C -4.D.9_ <49 $;- ;$FIC$9 2$D 4; 2$D<94;. .BI4M$9.;FDb ;AIF +$F.2<C4.D <1 DA.+4$94Q.-
1.CF494Q.C $;- A.DF4+4-.D 2C<IA :$;P -411.C.;F D<CFD <1 AC<-I+FD_ D<:.F4:.D AIC+3$D.- $D 94FC. <C 849<2C$:_ 3<N.M.C_
$AA94.- $D AI9M.C4Q$F4<;b 4;+. .$+3 1$C:.C 3$- 24M.; -411.C.;F 4;1<C:$F4<;_ F34D 2C<IA N$D :$-. $D $ N$P <1
+<:A$C4D<;b
3.C.DI9FD<1F3.$;$9PD4DD3<NF3.F.+3;4+$9BI$;F414+$F4<;<1A3PD4+$919<N2C<IA.-*P$1$C:.C
C.AC.D.;F$F4M.<1.$+3+<::I;4FP4;M.DF42$F.-_$;-*P:4+C<j*$D4;Db3.4;AIFj<IFAIF :$FC4+.D
499IDFC$F. F3. $++<I;F A.C1<C:.- *$D.- <; F3. 4;AIFj<IFAIF $M.C$2. F$*9. 94DF.- $*<M. 1<C .$+3
C.AC.D.;F$F4M.<1+<::I;4FP$;-:4+C<j*$D4;_$D1<99<Nm-+A9%hina
-+A9%hiQ
27A;W3A;7A;1;9-"%:3(9%79%:%2;;-C%793$A"%93(:;A$-%$"311A2-;F2$1-"93W!:-2
$FC4+.D.9$*<C$F.-*PF3.$IF3<C*$D.-<;F3.14.9-N<C8$;-F3.:.F3<-<9<2Pm.99J_}~€n
iRiRjR -2$-2+:3(;,%A2";-32020F:-:
; C$Q49_ +<11.. 4D $ +<::<-4FP M$9I. +3$4;_ IDI$99P 4;F.;-.- 1<C .OA<CF$F4<;_ 4; N34+3 C<$DF.CD
DIAA9P <;9P F3. ;$F4<;$9 :$C8.F_ $;- F3. 2C..; +<11.. *.$;D $C. +<::.C+4$94Q.- F3C<I23 F3.
.OF.C;$9:$C8.Fb34D1I;+F4<;$9$;$9PD4DC.M.$9.-F3$FF3.AC<-I+F4<;4;$CC.j$4_A$CF4+I9$C9P4;
F3. FN< :4+C<j*$D4;D DFI-4.D 4D -411.C.;F_ *.+$ID. 4F 1<+ID.D <; F3. 9<+$9 $;- C.24<;$9
+<;DI:AF4<;b3.C.$D<;D1<CF3$F:423F*.94;8.-F<F3.9<NAC<-I+F4<;P4.9-$;-$9D<F3.9<N
BI$94FP<1F3.14;$9AC<-I+F_4;N34+34<-.$;.4C<2$4;.-<M.CF3.P.$CD$*$-DF$FIDb3.C.4D$
A<F.;F4$91<C4;+C.$D4;2F3.<AF4<;D$;-BI$94FP<1+<::.C+4$94Q$F4<;41a
b 3. +<<A.C$F4M. .;F.CD 4; <A.C$F4<;a N<I9- .OA$;- F3. :$C8.F 9<+$99P $;-
.OF.C;$99P$DN.99_$;-<11.C*.;.14FDF<F3.1$C:.CD.b2b:4994;2AC<+.DD`
€b 3. F.+3;<9<24+$9 A$FF.C; 4; F3. C.24<; 4D .;3$;+.-a :$;P 1$C:.CD 1$+. AC<*9.:D N4F3
3$CM.DF4;2_ A<DFj3$CM.DF4;2_ -CP4;2 $;- :4994;2 F.+3;<9<2Pb 3. 9<N A$FF.C; FPA. <1 3$CM.DF
$994.-F<$9<NA$FF.C;FPA.<1A<DFj3$CM.DFF.+3;<9<24.D+<;FC4*IF.DF<F3.<M.C$999<NBI$94FP
<1F3.14;$9AC<-I+F_-.DA4F.*.4;2:I+3:<C.+<DF9P1<CF3.1$C:.C`
b 3.1$C:.CD3.9-$F9.$DF$:4;4:I:F.+3;<9<24+$9F3C.D3<9-F<DF$CFIAa+<11..2C<N.CD3$M.
F< A$P 1<C F3. D.CM4+.D <1 D3$C4;2 -CP4;2 :$+34;.D_ :4994;2 :$+34;.Db F 4D C.BI4C.- $ :<C.
:.;g:<;F3AC<-I+F4<;1$+F<CF3$;IDI$9D4;+.F3.3$CM.DF4D:$;I$9$;-D.:4j:.+3$;4+$9b1
:<C.$DD.FD+<I9-*.$M$49$*9.F<F3.:_F3.P+<I9-3$M.F3.:4;4:I:F<DF$CFF3.M$9I.+3$4;
IA2C$-4;2AC<+.DD`
‚b 3. 1<+ID 4D $--C.DD.- <; BI$94FP $;- <; 3<N F< AIF F3. 1$C:.C 4; $ *.FF.C A<D4F4<; 4; F3.
M$9I.+3$4;a;<F<;9P4;+C.$D4;2F3.9<+$9AC<-I+F4<;_*IF$9D<<++IAP$A9$+.$F*.FF.C;4+3.D
<1 :$C8.FD_ 1<C 4;DF$;+. DA.+4$9 +<11..D_ F3$F 4;-.A.;-.;F9P <1 F3. BI$;F4FP AC<-I+.-_ 24M.
*.FF.CA$P*$+8<14;M.DF:.;FDb
iRjR
;%7jQ"3231-"20F:-:3(C0A%",-2
iRjReR 93$A";-32""3A2;
iRjReReR
3;0A;7A;0A%
<CF3.F<F$9<IFAIFM$9I._F3.C.$C.1<IC$DDI:AF4<;DID.-4;F34DDFI-Pa
mn$9.D.M.;I.aFN$D+<;D4-.C.-F3.F<F$9<IFAIFM$9I.D<9-4;F3.A.C4<-<1$*4$;;I$9+P+9.b
F$++<I;F.-F3.M$9I.<1<IFAIFAC<-I+.-4;F3.~DF+C<AA4;2P.$CF4:.DF3.AC4+.A$4-4;F3.~DF
+C<AA4;2P.$Cm}~n_A9IDF3.M$9I.<1<IFAIFAC<-I+.-4;F3.;-+C<AA4;2P.$CF4:.DF3.AC4+.
A$4-4;F3.;-+C<AA4;2P.$Cm}~€nb
mn N; 14;$9 +<;DI:AF4<;a $9+I9$F4<; N$D A.C1<C:.- ID4;2 F3. 3<ID.3<9- D4Q. F4:.D F3.
C$Q494$; DF$;-$C- $;;I$9 +<;DI:AF4<; <1 ƒb~ 82 <1 2C..; +<11.. A.C +$A4F$ P.$Cj~ m_ }~‚n
F4:.D F3. $M.C$2. AC4+. A.C 849<2C$:_ $F N34+3 4F +<I9- 3$M. *..; D<9- <; F3. :$C8.F 1<C F3.
A.C4<-}~j}~€b
mn3$;2.4;F3.4;M.;F<C4.DaFN$D+<;D4-.C.-F3.M$9I.<1F3.+<11..4;DF<C$2.1<C1IFIC.D$9.
$D$;.F<1F3.DF<+8$FF3..;-$;-F3.DF<+8$FF3.*.24;;4;2A.C4<-bDF3.C.D.$C+3+<:*4;.D
F3.*4$;;I$9+P+9.<1}~j}~€_F3.C.4D;<-$F$C.2$C-4;2F3.DF<+8$FF3.*.24;;4;2b3.C.1<C._
F3.+3$;2.4;F3.4;M.;F<C4.D+<;D4-.C.-7IDFF3.$+FI$9DF<+8<1+<11..4;DF<C$2.3.9-*P1$C:.CD
$DF3.DF<+8$FF3..;-<1F3.A.C4<-b
mn<F$9<IFAIFM$9I.aŠŠa.DI9FDN.C.+9IDF.C.-4;F<+<::I;4F4.D$;-:4+C<j*$D4;D_1<C
F3. .11.+F <1 +<:A$C4D<;b 3.C.1<C._ F3. $++<I;F ID.- F3. AC4:$CP -$F$ <1 .$+3 1$C:.C $D $
D<IC+. <1 $M.C$2. +$9+I9$F4<;D <1 +9IDF.C.- C.DI9FDb <C IADFC.$: 4F N$D ID.- F3. $M.C$2.
+<CC.DA<;-.;FbADFC.$:$2.;FD<1F3.+3$4;N.C.$++<I;F.-D.A$C$F.9Pb
<F$9<IFAIFM$9I.C.DI9FD$C.4;!0% feb3.P.O.:A941PF3.$M.C$2.eF<F$9<IFAIFM$9I.f*P$
C.AC.D.;F$F4M. 1$C:.C <1 .$+3 +<::I;4FP $;- .$+3 :4+C<j*$D4;b .DI9FD D3<N F3$F F3.
+<::I;4FP$;F$CIQ_C.AC.D.;F4;2F3.3$D$2C.$F.CF<F$9<IFAIFM$9I.4;+<:A$C4D<;F<
F3.~b;~_1$C:.CD<1.2C.-<3$M.$2C.$F.CM$9I.<1<IFAIF4;C.9$F4<;F<1$C:.CD<1<$
.;FIC$b
!0%feQ3;0A;7A;0A%3(0A%,-2X93$A"%9:
rqq
$9.D
.M.;I.D
N;4;$9
<;DI:AF4<;
3$;2.4;
;M.;F<C4.D
<F$9IFAIF
$9I.
2;9AG
%+9%$3
3%2;A9
e
f
y‚€_ƒƒƒb„€
y†_~~}b}}
y€…_…„b
yƒƒ_~†…b„ y‚€_ƒƒƒb„€
y~†ƒb~
y€‚b„„
y~……b~…
y~~b†…
y~†ƒb~
y~…_~b„
y†‚_…‚b„~
y~_€†b
y‚_…ƒb‚„
y~…_~b„
y€ƒ_…b~
y~…†_ƒ€~b…
y‚_†~‚b}‚
y~~_„€bƒ
y€ƒ_…b~
3. IADFC.$: $++<I;F 4D C.AC.D.;F.- 4; !0% ffb <C F3. $++<I;F_ 4F N$D +<;D4-.C.- F3. F<F$9
D$9.DC.M.;I._$DF3.AC<+.DD.-BI$;F4FPF4:.DF3.AC4+.<1FC$-.<1F3.14;$9AC<-I+F_.DF4:$F4;2
F3.$M.C$2.<1$99IADFC.$:$2.;FD4;F3.A.C4<-<1F3.*4$;;I$9+P+9.b3.<N;+<;DI:AF4<;_4;
F34D+$D._N$D+<;D4-.C.-F3.BI$;F4FP9<DF-IC4;2F3.AC<+.DD41$;Pb3.+3$;2.4;F3.4;M.;F<C4.D
N$D+$9+I9$F.-ID4;2F3.$:<I;F*<I23F:4;IDBI$;F4FPID.-4;AC<-I+F4<;<CFC$-.-$;-+<11..
4;DF<C$2.bF4D<*D.CM.-F3$FF3.F<F$9<IFAIFM$9I.3$D$;$D+.;-4;24;+C.$D.1C<:-<N;DFC.$:
F<IADFC.$:M$9I.+3$4;$+F<CDb
!0%ffQ3;0A;7A;0A%3(0A%,-2X7:;9%1+%2;:
$9.D.M.;I.D
N;4;$9<;DI:AF4<;
y~~_…„b
j
3$;2.4;;M.;F<C4.D
y~ƒ_……b…†
y„„_‚}}b}}
rqq
<F$9IFAIF$9I.
y‚_†_ƒ†b
y_„…_‚}}b}}
iRjReRfR
3:;%9:
93/%9:
y_†„}_€€€b€€
y_‚}‚_}}}b}}
93::0A%$$%$YZ
<CC.$D<;<1$;$9PD4D_4F3$D*..;+<;D4-.C.-F3.FN<$DDI:AF4<;Da
m
n;F.C:.-4$F.4;AIF+<DFDa$++<I;F.-F3.F<F$92<<-D.;F.C4;2F3.AC<-I+F4<;AC<+.DD_.;F4C.9P
+<;DI:.- -IC4;2 F3. AC<-I+F4<; A.C4<-b <;D4-.C4;2a ;F.C:.-4$F. ;AIFD C<-I+.- ;D4-. F3.
$9I. +3$4; mn $D <IFAIFD <1 -<N;DFC.$: $2.;FD_ .b2b +<11.. 1<C F3. IADFC.$: $2.;FD` $;-
;F.C:.-4$F. ;AIFD IFD4-. F3. $9I. 3$4; mn $D 4;AIFD_ DI+3 $D 1.CF494Q.CD_ A.DF4+4-.D_ .F+b
3.9$DF<;.4D:<DF9P+<::<;$:<;2F3.AC<-I+.C$2.;Fb3. 1$C:.CD $C. 4;!0% fg_ 4F
N$D ID.- F3. $;$9PD4D <1 4;AIFj<IFAIF :$FC4+.D F< *$D. F3. BI$;F4FP <1 4;AIF_ $;- F3. $M.C$2.
AC4+.A$4-*P.$+31$C:.C1<C.$+34;AIFb
!0%fgQ
2;%91%$-;%
27A;:A;:-$%;,%0A%,-2Y
Z!F(91%9:
27A;
%9;-0-G%9
2-;
$2
m‚}82n
7%"-0-G%$(%9;-0-G%9 AC$P4;2
;RV
,
9-"%VA2-; 3%2;A9
%+9%$3
2;9AG
YrfZ
e
~b†
y‚…b}}
y„_ƒ}b}
y…_„ƒ€b}‚ y~‚_…„‚b}…
y…_}~€b„
~b}
y~€b}}
y~_€‚b}
y~_}b„~
y_‚„€b„‚
y~_††b€
%9!-"-$%
$99<;m}n
}b‚
y}€b}}
y‚†b„ƒ
yƒ…~bƒ„
y~_€b†
yƒ€b€†
%:;-"-$%
AC$P4;2
}b…
y€}b}}
y~_‚†b}
y~_ƒ„…b}…
y€_}}b}}
y~_‚€b‚†
%%$0-2+:
b
y~€b€}
y‚_‚„†b†€
yƒ_~ƒb† y~~_ƒb…‚
y‚_…ƒ…b
-1%:;32%
<;
~b
y~~}b}}
y„„€b†ƒ
y…†}b}‚
y~_ƒ~b
y…~€b†‚
A%0
4F.C
b
y€b~‚
y…}~b€ƒ
y†~b‚ƒ
y~_ƒƒ†b‚}
y…b„ƒ
;4F
€€b…
y~b‚}
y€‚}b}
yƒ€b~€
y€}b~~
"/-2+
3;0
y€}b€…
y~…_€ƒ„b}€
y~_~b}… y€…_ƒbƒ y~†_€~‚b††
M.C$2.3$
ƒ
ƒb†
~b‚
ƒb€~
m.AC.D.;F$F4M.AC<-I+.Cn
<F.aI$;F4FP4;AIFID.-A.C3.+F$C.$;-AC4+.A.CI;4F$C.4;$M.C$2.F3.AC4+.24M.;*P1$C:.CD4;F3.4;F.CM4.Nb3.
3.+F$C.D <1 $ C.AC.D.;F$F4M. 1$C:.C <1 F3. +<::I;4FP $;- N.C. <*F$4;.- F3C<I23 F3. 4;AIFj<IFAIF :$FC4+.D
$;$9PD4Db
mnC<DD$9I.--.-mna‹j
b3.+$9+I9$F.-C.AC.D.;FDF3.M$9I.<1<IFAIF;.F<1F3.
M$9I.<1F3.4;F.C:.-4$F.4;AIF+<DFDb3.C.DI9FDN.C.+9IDF.C.-4;+<::I;4FP$;-:4+C<j*$D4;D_
1<C F3. .11.+F <1 +<:A$C4D<;b ADFC.$: $2.;FD <1 F3. +3$4; N.C. $++<I;F.- D.A$C$F.9Pb F 4D
4:A<CF$;F F< C.:.:*.C F3$F F3. _ _ $;- C.AC.D.;F F3. $M.C$2. <1 $ C.AC.D.;F$F4M.
$2.;F_+<::I;4FP<C:4+C<j*$D4;b3.C.DI9FD$C..OAC.DD.-4;!0%fhb
!0%fhQ93::0A%$$%$-20A%,-23((%%
Yr
q
Z
2;%91%$-;%
27A;"3:;:
YZ3;0A;7A;
0A%
YrWZ
93::C0A%
$$%$
2;9AG
j
y€…_ƒbƒ
y€…_ƒbƒ
y€ƒ_…b~
y€†…_}~†b…
%+9%$3
j
y~_~b}…
y~_~b}…
y~…†_ƒ€~b…
y~ƒ…_‚}†b}
3%2;A9
j
y~…_€ƒ„b}€
y~…_€ƒ„b}€
y‚_†~‚b}‚
y€_‚…b}
e
j
y~†_€~‚b††
y~†_€~‚b††
y~~_„€bƒ
y~}~_†‚„b„
f
j
y€…_ƒbƒ
y€…_ƒbƒ
y€ƒ_…b~
y€†…_}~†b…
3:;%9:
y~_€„_‚~~b~~ y_…†€_}}}b}} y_}_‚~~b~~
y‚_†_ƒ†b
y~_}†_~…€b€€
93/%9:
y_„}_}}}b}}
y_„…_‚}}b}}
y……_}}}b}}
y_‚}}b}} y_†_‚}}b}}
<F.a+<;D4-.C.-4;AIFD1<C1$C:.CD_FC$;DA<CF$F4<;+<DFD1<C*C<8.CD_AC<+.DD4;2+<DF1<CC<$DF.CD`+<;D4-.C.-
F3.C$N:$F.C4$9+<11..1<CIADFC.$:$2.;FD_F3.D$:.$DF3.<IFAIF<1-<N;DFC.$:$2.;FDm4;D4-.F3.M$9I.+3$4;nb
F 4D ;<F.- $; $D+.;-4;2 +C.$F4<; <1 2C<DD M$9I. $--.- mn $F F3. 4;F.C:.-4$F. 4;AIF +<DFD_
N34+34D9<N.C4;-<N;DFC.$:$2.;FD$;-3423.C4;IADFC.$:$2.;FDb34DC.DI9F4:A94.DF3$FF3.C.
4DM$9I.$--.-+C.$F4<;$9<;2F3.M$9I.+3$4;b
3.C.N.C.D<:.<*DF$+9.D1<CF34D$;$9PD4Db;.<1F3.<*DF$+9.DN$DF3.4;DI114+4.;F4;1<C:$F4<;
AC<M4-.- *P IADFC.$: $2.;FDb <$DF.CD $;- F3. :4--9.:.; -4-;dF N$;F F< .OA<D. F3.:D.9M.D_
F3ID-4-;dFAC<M4-.+9.$C-$F$-I.F<:4DFCIDFb$F$N$D$AAC<O4:$F.9PDF4AI9$F.-4;F3.$++<I;Fb
3.<F3.C<*DF$+9.N$DC.2$C-4;2F3.AC<-I+.CDbFN$D;<F.;F4C.9P+9.$CF3.D.A$C$F4<;<1+<DFD
$:<;2AC<A.CFP<N;.CD$;-D3$C.+C<AA.CDb<:.D3$C.+C<AA.CD.;7<PF3.ID.<1AC<A.CFP$DD.FD
$;-4;AIFD_N34+3F3.P-4-;dF+<;FC4*IF.4;F.C:D<1+<DFb
ICF3.C:<C._ F3. 4;AIFD 1<C .$+3 AC<-I+.C N.C.;dF BI4F. 3<:<2.;<ID` D<:. <1 F3.: ID.-
AI9M.C4Q$F4<;_ D<:. A.DF4+4-.D 4; 849<2C$:D_ .F+b ; <C-.C F< +$9+I9$F. $;- +<:A$C. -$F$_ F3.
$++<I;F+<;D4-.C.-F3.1<99<N4;2$DA.+FDaI.94;+9I-.-2$D<94;._;$FIC$92$D_$;-<49_1<CCI;;4;2
:$+34;.CP $;- M.34+9.D` $F.2<C4.D <1 4;AIFD N.C. 2C<IA.- $++<C-4;2 F< +3$C$+F.C4DF4+D $;-
1I;+F4<;_ .b2b 1.CF494Q.CD_ A.DF4+4-.D_ .F+b_ +<;D4-.C4;2 F3$F .$+3 1$C:.C 3$D $; <N; :.F3<-_
-411.C.;FAIC+3$D.AC4+.D_-411.C.;FAC<-I+FFPA.D_$;-D<1<CF3b3.+$9+I9$F4<;N$D:$-.ID4;2
F3.F.+3;4+$9BI$;F4FPA.C3.+F$C.$+BI4C.-4;F3.AC.M4<ID$;$9PD4D4;AIFj<IFAIF:$FC4+.D$D$;
$M.C$2.<1$C.AC.D.;F$F4M.AC<-I+.C<1.$+3+<::I;4FP$;-.$+3:4+C<j*$D4;b
iRjReRgR
%;0A%$$%$YZ
3.$++<I;F<1.F$9I.--.-+<;D4-.C.-FN<$DDI:AF4<;Da
mn <;DI:AF4<; <1 14O.- +$A4F$9 k 'a F N$D +$9+I9$F.- F3. +<;DI:AF4<; <1 14O.- $DD.FD_ .b2b
:$+34;.CP_ .BI4A:.;F_ M.34+9.Db 1 N$D +$9+I9$F.- ID4;2 F3. 1<C:I9$ 'h Q
_ F<2.F3.C N4F3
4;+<:.$++<I;F<M.CF3.;.OFF<A4+~ƒb3.+$9+I9$F4<;D<1F3.'1<99<N.-F3.+<;D4-.C.-$DA.+FDa
3.M$9I.<1$99.;+<I;F.C.-$DD.FDmn<1.$+3$2.;F4;-4M4-I$99P-4M4-.-*PF3.F4:.<1+<;DF$;F
.114+4.;+P m;nb F N$D ID.- F3. DF$;-$C- 941.DA$; <1 14O.- $DD.FD $++<C-4;2 F< F3. <C:$F4M.
;DFCI+F4<; w~ƒ *P F3. e.+.4F$ .-.C$9 -< C$D49f m4;4DF/C4< -$ $Q.;-$_ }~‚_ ~††…nb
3.;_4FN$D$++<I;F.-F3.$M.C$2.<1F3.F<F$9M$9I.<1'DI::4;2$99AC<-I+.CD_$;-DF4AI9$F.-
F3.$M.C$2.1<C$C.AC.D.;F$F4M.AC<-I+.C<1.$+3+<::I;4FP$;-:4+C<j*$D4;b<N.M.C_4FN$D
<*D.CM.- F3$F D<:. 1$C:.CD 3$M. $ 9<F <1 $DD.FD N349. D<:. 1$C:.CD 3$M. ;<;.b <:. $DD.FD
N.C. <*F$4;.- M4$ F3. AC<7.+F <1 4+C<j*$D4; 4< IC$9b 9F3<I23 F3. 4;M.DF:.;F N$D ;<F IA<;
F3. 1$C:.C_ F3.C. 4D F3. +<;DI:AF4<; <1 F3$F 14O.- $DD.F_ $;- F3ID N$D +$9+I9$F.-b 3. D$:.
+$9+I9$F4<;AC<+..-.-1<C<F3.C$2.;FDb
mn.F$9I.--.-mna+$9+I9$F4<;DN.C.:$-.$++<C-4;2F<‹j_.OAC.DD4;2F3.M$9I.<1
<IFAIF ;.F <1 F3. M$9I. <1 *<F3 4;F.C:.-4$F. 4;AIFD :4;ID F3. +<;DI:AF4<; <1 14O.- $DD.Fb 3.
C.DI9FD<1+$;*.D..;4;!0%fib
!0%fiQ%;0A%$$%$-20A%,-2
YZ32:A17;-323((-E%$
::%;YZ
YZ93::0A%$$%$X
YrWZ%;C0A%$$%$X
3%2;A9
y€_}†~b}„
y€_‚…b}
y€~_‚ƒb†‚
%+9%$3
y€_„}‚b}}
y~ƒ…_‚}†b}
y~ƒ_…}b}
C%9+%e
y€_€~„b‚
y~}~_†‚„b„
y†…_ƒ}b}
2;9AG
YrfZ
y~„_~€„b„
y€†…_}~†b…
y€…}_……b}
93/%9:
yƒ_„b}}
y~_}†_~…€b€€
y†ƒ_ƒ~b€€
3:;%9:
y~†_‚††b}}
y……_}}}b}}
yƒ…_}~b}}
~ƒ
<C:I9$D$;-+$9+I9$F4<;D<1'H$;-
$C.-.F$49.-4;F3..F3<-<9<2P+3$AF.C
iRjReRhR
-2$-2+:3(93$A";-32""3A2;
3. C.DI9FD <*F$4;.- C.M.$9 F3$F F3.C. 4D +.CF$4;9P $; $D+.;-4;2 ;.F M$9I. $--.- mn +C.$F4<;
$9<;2F3.M$9I.+3$4;_$1F.C-4D+<I;F4;24;F.C:.-4$F.4;AIFD$;-+<;DI:AF4<;<114O.-+$A4F$9b3.
M$9I.$--.-+C.$F4<;1<99<ND$;<C:$9$;-;$FIC$9A$FF.C;19<NmAC<-I+.C*C<8.CC<$DF.Cn_4;
N34+3Ž~bF4D;<F.N<CF3PF3$FmC.AC.D.;F4;2F3.+<::I;4FP<1$;F$CIQn.;7<PD
$ 2C.$F.C $;- 2C.$F.C 4; +<:A$C4D<; F< F3. ~b ; <F3.C N<C-D_ $;F$ CIQ +<::I;4FPm‹n3$D$3423.C<IFAIF4;F.C:D<1M$9I._$9D<3$D3423.CAC<AC4.F<CD34A<1$DD.FD_
F3ID3423.C+<;DI:AF4<;<114O.-+$A4F$9b;~_$99+<::I;4F4.D3$M.F3.D$:.FPA.<1$DD.FD_
D4:49$C +<;DI:AF4<; <1 14O.- +$A4F$9b <N.M.C_ $ 1$C:.C 4; .2C.-< 3$D $ +<:A$C$F4M. 3423.C
M$9I.<1<IFAIF4;+<:A$C4D<;F<$1$C:.C4;<$.;FIC$b3ID_F3.C.4D$;<M.C$993423.CM$9I.
$--.- 4; .2C.-< $;- 9<N.C M$9I. $--.- 4; <$ .;FIC$_ +<:A$C$F4M.9Pb 3. M$9I. $--.- 19<N
+3$CF4;-+A9%hj-.:<;DFC$F.DF3.;.FM$9I.$--.-D3$C.$:<;2F3.M$9I.+3$4;$2.;FDb
-+A9%hjQ%;0A%$$%$YZ:,9%132+C0A%",-2+%2;:
iRjRfR 2"31%""3A2;
iRjRfReR
+%:2$37%9;-320:%9C-"%:"3:;
$2.D 4;+9I-.- 34C.- .:A9<P.._ 4;1<C:$9 $;- F.:A<C$CP .:A9<P.._ $;- 1$:49P 1$C: 9$*<C
.DF4:$F.-$F<AA<CFI;4FP+<DFDb<CF3.<AA<CFI;4FP+<DF_4FN$D+<;D4-.C.-F3.BI$;F4FP1$C:.CD
N<I9- A$P 1<C $ -$49P <C-4;$CP N<C8.C 41 1$C:.CD -< ;<F +$CCP <IF F3. N<C8b F N$D $DDI:.- $
:4;4:I: N$2. <1 y „b}} 4; }~_ N4F3 $--4F4<;$9 9$*<C $;- D<+4$9 1..D 1<C CIC$9 .:A9<P.._
$++<C-4;2F<.2I9$F4<;$N<b‚b……†g„€_.+C..<b„€bƒƒg„mC$D49j$D$4M49_~†„€_~†„`
.;F+3.8._}~nbFN$D$9D<$DDI:.-N<C84;2-$PD4;F3.3$CM.DFA.C4<-<1ƒ‚-$PD_$;--$49P
A$P:.;F :.;g-$P AC<M4-.- *P F3. 1$C:.CD N4F3 -411.C.;F -$49P N$2.Db 3$C.+C<AA.CD N.C.
$++<I;F.-4;*$2D<1+<11..F4:.DF3.AC4+.A$4-A.C*$2<C$D1$:49PN<C8b 3.;F3.4CAC<-I+F4<;
D3$C.3$D*..;$9C.$-P-.-I+F.-1C<:F3.F<F$9<IFAIFM$9I._D3$C.+C<AA.CDN.C.;dF+<;D4-.C.-
$D$N$2.b3.C.1.C.;+.AC4+.ID.-A.C+<11..*$2N$D$Fy„b}}4;$M.C$2.b34DAC4+.N$D
ID.1I9 4; +$D. <1 4;j84;- +<;FC4*IF4<;D 1<C D.CM4+.D $;- A$P:.;FD 4; <A.C$F4<;$9 +<DF_ N3.; F3.
+<DFN$D;<F$++<I;F.-1<C:.;g-$P_4;+$D.<1D.CM4+.D<C<A.C$F4<;$9+<DFb3.C.DI9FD<1N$2.D
4;F3.+<::I;4F4.D$;-:4+C<j*$D4;D$C.-4DA9$P.-4;!0%fjb.DI9FD<1<A.C$F4<;$9+<DF$C.4;
!0%fkb
!0%fjQ%1A2%9;-323(D+%-20A%,-2O%E79%::%$-2%-:YaZ
1-0F
D39/
-9%$
%1703F%%
%17399F
%1703F%%
3"-02$
!3A9
",9+%:
eg_+%
";-32
%E;9
%17399F
D39/%9
(%%:
3;0
3
%2;A9
€~_€†b~„
„b}}
_†~b~„
‚_~…b‚~
_ƒƒ}b~
…„„b†
€‚…b
€_††bƒ€
%+9%$3
ƒ_ƒƒ„b…ƒ
j
_‚b…ƒ
„_ƒƒb…ƒ
€_…„€b€
~_„…b€
‚€b~}
ƒ_}ƒb€
2;9AG
€„_…„b†~
ƒ_€‚~b„
_…‚b‚
ƒ_†…b„
€_ƒb}‚
~_~†‚b…
‚†‚b††
ƒ}_……}b€
e
€ƒ_†…}bƒ
‚„bƒ
€_}„b€„
‚_††}b}}
€_~}„b€~
~_}‚b~
~†b~~
‚~_€…ƒb„€
f
€„_…„b†~
ƒ_€‚~b„
_…‚b‚
ƒ_†…b„
€_ƒb}‚
~_~†‚b…
‚†‚b††
ƒ}_……}b€
!0%fkQ7%9;-320:%9C-"%:"3:;-20%,-2O%E79%::%$-2%-:YaZ
3((%%9F-2+
3((%%1-00-2+
3((%%F9$79%79;-32
C%,-"0%9%2;
"3((%%D:,-2+
3;0
3%2;A9
~†‚b
€€ƒb‚ƒ
€€…b„‚
~……bƒ
€~b}}
~_}†}b€†
%+9%$3
…b‚„
†~}b„}
††b~~
~}„b~
~b…ƒ
_~~…b€…
2;9AG
ƒ€b}†
}‚b€€
†ƒb€ƒ
j
~€…b}†
~_}„€b……
e
~ƒbƒ}
‚…b}†
‚ƒ€bƒ
~‚ƒb†
„„b}ƒ
~_„b€~
f
ƒ€b}†
}‚b€€
†ƒb€ƒ
j
~€…b}†
~_}„€b……
F +$; *. ;<F.- F3$F F3. AC<-I+F4<; 1$+F<C N$2._ N3.; 4;+9I-4;2 F3. 1$:49P 1$C: 9$*<C_
+<;FC4*IF.D F< $ 3I2. M$9I. 4:A<D.- F< F3. <M.C$99 AC<-I+F4<; +<DFb ; ~ m.2C.-< $;- <$
.;FIC$n_4FAC.M$49DF3.1$:49P9$*<C$;-D<:.F.:A<C$CPN<C8-IC4;2F3.3$CM.DFA.C4<-b;_
F3.C.$C.+<DFDC.9$F.-F<34C.-.:A9<P..D$;-F.:A<C$CP.:A9<P:.;F-IC4;2F3.3$CM.DFA.C4<-b
3. <M.C$99 $M.C$2. +<DF 4; N$2. N$D $9:<DF D4:49$C 4; *.FN..; +<::I;4FP $;- b .2$C-4;2
<A.C$F4<;$9D.CM4+.D_F3.+<DFDN.C.$FFC4*IF.-F<+<11..-CP4;2_+<11..:4994;2$;-FC$+F<C1<CP$C-
AC.A$C$F4<;_ D4;+. 1$C:.CD -<;dF 3$M. F3.D. $DD.FD` F3.P ;..- F< A$P 1<C .OFC$ D.CM4+. <1 F3.
<A.C$F4<;b34D1$+F4D$;4DDI.<1C.9.M$;+.F<F3.-.+4D4<;j:$84;2AC<+.DDb 3.;4F4DA<DD4*9.F<
-.+4-. F.+3;<9<24.D F< $99.M4$F. F3. .OFC$ <A.C$F4<; +<DFD $;- F3.; 24M. F3. <AA<CFI;4FP 1<C
1$C:.CDF<D$M.:<;.P1<C1IFIC.4;M.DF:.;FD_$;-F3.;IA2C$-.4;F3.M$9I.+3$4;b
iRjRfRfR
2;%9%:;:3((-E%$::%;:
FN$DID.-F3.DF$;-$C--.AC.+4$F4<;<114O.-$DD.FD$D1$++<C-4;2F<F3.<C:$F4M.;DFCI+F4<;
w~ƒ *P F3. e.+.4F$ .-.C$9 -< C$D49f m4;4DF/C4< -$ $Q.;-$_ }~‚_ ~††…nb 3. C$F. <1
4;F.C.DFN$D8‹~€b€~‰_$++<C-4;2F<F3.+$9+I9$F4<;D4;F3.:.F3<-<9<2P+3$AF.CbFN$DID.-F3.
8;<N4;2 IC+3$D. AC4+. 2 F< +$9+I9$F. H $;- ' m'hQ
nb <;D4-.C4;2 F3$F 4D F3.
e+<;DI:AF4<; <1 14O.- $DD.FD $F $; 4;F.C.DF C$F. <1 F3. <AA<CFI;4FP +<DF <1 +$A4F$9f ID.- 4; F3.
4;M.DF:.;F_N$D+$9+I9$F.-7IDFF<D.A$C$F.
1C<:'b<CF3.4;+<:.$++<I;F4DID.-7IDF
$D e4;F.C.DF <1 14O.- $DD.FDf_ D4;+. ' N$D $9C.$-P $++<I;F.- 4; F3. C<-I+F4<; ++<I;F A$CFb
$9+I9$F4<;D<1F3.ID.--.AC.+4$F4<;C$F.$++<C-4;2F<FPA.<1$DD.F$C.-4DA9$P.-4;!0%flb
!0%flQ
2;%9%:;9;%"0"A0;-32
%79%"-;-329;%(39
%79%"-;-329;%(39
A-0$-2+:
}b~€€„
‚
}b~€
}b}…€
",-2%9-%:2$%8A-71%2;
}b~€€„
~}
}b~ƒ‚
}b}ƒ‚
%,-"0%:
}b~€€„
‚
}b‚€
}b}‚€
9";39
}b~€€„

}b††
}b}†
3. <1 .$+3 $DD.F N$D <*F$4;.-_ ID4;2 F3. $*<M.j+$9+I9$F.- 4;F.C.DF C$F.Db 3. C.DI9FD N.C.
2C<IA.-*P+$F.2<CP<1$DD.F_*P+<::I;4FP$;-*P:4+C<j*$D4;_$DD..;4;!0% fmbADFC.$:
$2.;FD N.C. D.A$C$F.9P +$9+I9$F.-b F 4D D42;414+$;F F< +<;D4-.C F3$F -.DA4F. F3. +<;DI:AF4<; <1
14O.- $DD.F $F $; 4;F.C.DF C$F._ F3. $DD.FD <1F.; *C.$8 <C ;..- :$4;F.;$;+._ C.;<M$F4<; <C
AIC+3$D. <1 ;.N A$CFD <1 F3. $DD.FDb 3. DI: <1 $99 :$4;F.;$;+. +<DF $FFC4*IF. F< F3<D. $DD.FD
2C<IA.-*P+<::I;4FP$;-:4+C<j*$D4;$C.$9D<4;!0%fmb
!0%fmQ22A0
2;%9%:;%$"3:;Y
Z793$A"%9:0A%,-2
A-0$-2+
3%2;A9
y„~~b~„
%+9%$3
2;9AG
YrfZ
e
",-2%9F2$
-2;%22"%
%,-"0%
9";39
3;0
yƒ€‚b…~
yb~
y€~€b€
y~_„}b‚~
y…~b€…
y~_„b„
y€…€b„„
y„‚b„†
y~…b‚€
y_€}‚b…~
y~_}„b€
y€_„ƒ~b€†
y_}b}}
y‚b†„ y~_‚†…b}€ y†_ƒ„b€†
y~_„…†b€
y†„‚b~ƒ
y‚b†‚
%8A-71%2;
y‚‚b…
y€‚b}…
y~_†ƒb}
"3:;VF%9
y†}†b~
iRjRfRgR
%2;:
.;FD.OAC.DD.-$DF3.ID.<1;$FIC$9C.D<IC+.DDI+3$D9$;-_N$F.C_$;-D<49_N.C.;<FAC<M4-.-
*P F3. 1$C:.CDb $C:.CD +9$4:.- F3$F F3.P 3$- ;< +<DF <1 N$F.Cb 3.P D$4- +<11.. 4D $ C$4;j1.-
+C<Ab--4F4<;$99P_D4;+.F3.PDI*FC$+FN$F.C1C<:F3.DAC4;2D_F34D+<DF4D;<F4:A<D.-<;F3.:_
.M.;4;+$D.<1-C<I23FN3.;4F4D;..-.-F<4CC42$F.:$;I$99Pb9D<_F3.P-<;<F9.$D.9$;-1<C
AC<-I+F4<;b C F3. AC<A.CFP 4D <N;.-_ <C F3. 9$;- 4D 2C$;F.- $D $ 1<C: <1 A$CF;.CD34A *.FN..;
D3$C.+C<AA.CD$;-AC<A.CFP<N;.CDb3.D.+<;-4F4<;D$C.F3ID;<F+<;D4-.C.-$D$C.;F$9+<DFb<
F34D 4F.: N$D ;<F 4;+9I-.- 4; F3. +$9+I9$F4<;D <1 ;+<:. ++<I;Fb .;F$9D C.1.CC.- F< A$P:.;FD
1<CF3.ID.<1$14O.-$DD.FN.C.+<;D4-.C.-$D<A.C$F4<;$9+<DFD.CM4+.Db
iRjRfRhR
E%:9%0;%$;3;,%793$A";-32
3. F$FIF<CP $N w ~„„„_ 1C<: † .AF.:*.C }}€ m<M.C;< -< DF$-< -< 4< -. $;.4C<_
}}€n_AC<M4-.DF$O*.;.14FD2C$;FD1<C1$:49P1$C:4;24;F3.F$F.<14<-.$;.4C<b;F34D9$N_4F
4D $FFC4*IF.- C.-I+.- F$O.D <1 mn <1 +4C+I9$F4<; <1 2<<-D $;- D.CM4+.D 4; F3. F$F.j_
+3$C24;2 ƒ‰ <1 F3. M$9I. <1 FC$;D$+F4<; <1 F3. AIC+3$D. <1 $2C4+I9FIC$9 2<<-D AC<-I+.- 4; F3.
F$F. 4< -. $;.4C<b F 4D +<;+.-.- *.;.14F 2C$;FD 1<C F3. AIC+3$D. <1 D..-D_ D.CM4+.D <1 CIC$9
.OF.;D4<;AC<M4-.-*P$;<114+4$9<CAC4M$F.4;DF4FIF4<;_$;-$9D<24M.D4;+.;F4M.D1<CF3.+C.$F4<;
<1+<<A.C$F4M.D$+F4;24;F3.+<::.C+4$94Q$F4<;$;--4DFC4*IF4<;<12<<-Db
3.<1ƒ‰N$D$++<I;F.-1<C$99AC<-I+F4<;D$9.DC.M.;I.b<CF3..11.+F<1$;$9PD4D_4FN$D
+<;D4-.C.- F3. 1<C $99 AC<-I+.CDb <N.M.C_ F3. :$7<C4FP <1 1$C:.CD D$4- ;<F 3$M4;2 F$O.D
C.9$F4;2F<AC<-I+F4<;b3.P-<;dFAC$+F4+.FC$;D$+F4<;DID4;24;M<4+.;<F.D_$;-F3.FC$;D$+F4<;4D
:$-.:<DF9P4;1<C:$99Pb$O.D<M.CF3.4;AIFDN.C.$9C.$-P$++<I;F.-4;4;F.C:.-4$F.+<DFDbD
F3.-.:$;-4D$994;F3.;$F4<;$9:$C8.F_;<FC$;D$+F4<;F$ON$D$FFC4*IF.-F<.OA<CFb<CC<$DF.CD
$;-*C<8.CD_4FN$D+<;D4-.C.-F3.AC<M4-.-M$9I.-IC4;2F3.4;F.CM4.Nb3.C.DI9FD$C.-4DA9$P.-
4;!0%gdb
!0%gdQE%:-20A%,-2
311A2-;F
jp
jp
7:;9%1+%2;:
E%:Y2$3;,%9",9+%:Z
2;9AG
y~‚_}b}}

y~‚_}b}}
<$DF.CD
y~„~_…}}b}}
%+9%$3
y‚_ƒƒbƒ}
3%2;A9
~
y€_†„~b†
C<8.CD
y_†„b‚
y~‚}_€}}b}}
iRjRfRiR
93(-;:393::%:
3.;+<:.$++<I;F<1F3.$2.;FD<1F3.M$9I.+3$4;_.OAC.DD.-*P82'*:<C2991<99<N.-F3.
.BI$F4<;82'*:hR682#;!:*21'!:289m $2._;F.C.DFD_$O.D_.F+bnb.DI9FD$C.4;!0%geb
$2.D 1<C IADFC.$: $2.;FD N.C. $++<I;F.- D.A$C$F.9Pb ;F.CM4.N..D C.AC.D.;F4;2 F3.D. $2.;FD
-4-;dFAC<M4-.-.F$49.-4;1<C:$F4<;C.2$C-4;2F3.+<;DF4FI.;FD<1F3.AC<-I+F4<;1$+F<CD_*IFF3.
F<F$9 .OA.;D.D C.2$C-4;2 F3. AC<-I+F4<; 1$+F<Cb 3. ;<F P.F $++<I;F.- AC<-I+F4<; 1$+F<CD $C.
;<N3.C. -4DA9$P.-b $C:.CD 2$M. :I+3 :<C. -.F$49.- 4;1<C:$F4<; F3$; F3. IADFC.$: $2.;FDb
<N.M.C_D4;+.F3.2C<IAF$C2.F4DF3.AC<-I+.C$2.;F_F3.<M.C$99.OA.;D.D<1IADFC.$:$2.;FD
N.C. .;<I23 F< .DF$*94D3 F3. +<:A$C4D<; $;- $;$9PD4D <1 F3. M$9I. +3$4; 1<99<N4;2 F3.
AC.DIAA<D.-F$C2.F2C<IA<14;F.C.DFb
!0%geQ
2"31%""3A2;3(0A%,-2
+%:^7R
%9C-"%:
2;%9%:;:^
1-2;%22"%
E%:
93(-;393::
3%2;A9
y€~_‚ƒb†‚
y‚_}…€b}€
y_‚~…b……
y_†„b‚
jy~…_b~
%+9%$3
y~ƒ_…}b}
yƒƒ_~…}b„
y€_€„…b~€
y‚_ƒƒbƒ}
y…†_‚†…b†
e
y†…_ƒ}b}
y‚_…‚†b}
y_…€‚b‚
y€_†„~b†
y€…_†„€bƒ}
y†_„~b€†
2;9AG
YrfZ
y€…}_……b}
yƒ~_†‚b~}
y~~_€ƒb„~
y~‚_}b}}
3:;%9
y†ƒ_ƒ~b€€
y‚}‚_„‚}b}}
y……_€~b‚…
y~„~_…}}b}} y~†…_‚…†b„ƒ
93/%9
yƒ…_}~b}}
y~€_…}}b}}
y‚_~†…b……
y~‚}_€}}b}}
y††_~}b~
3. C.DI9FD <1 F3. ;+<:. ++<I;F C.M.$9 F3$F 4; F.C:D <1 :4+C<j*$D4;_ *<F3 D <*F$4;.-
A<D4F4M. *$9$;+. $1F.C -4D+<I;F4;2 $99 +<DFD m14O.- $;- M$C4$*9.Dn 1C<: F3. F<F$9 M$9I. <IFAIFb
<N.M.C_ F3. -4DFC4*IF4<; <1 M$9I. $--.- 4D I;.BI$9 N3.; +<:A$C4;2 :4+C<j*$D4;Db  3$D $
2C.$F.C<M.C$99M$9I.$--.-+C.$F4<;$;-M$9I.j$--.--4DFC4*IF4<;F3$;4;~bF4D;<F.N<CF3P
F3$F4;F.C:D<1+<::I;4FP_$99F3C..+<::I;4F4.DAC.D.;F.-M.CP-4DA$C$F.C.DI9FDb 349.$;F$
CIQ .;7<PD D<:. $++I:I9$F4<; <1 N.$9F3_ $;- 1$4C -4DFC4*IF4<; <1 F3. M$9I. $--.-_ 4; <$
.;FIC$_ F3. *$9$;+. N$D ;.2$F4M.b 34D :.$;D F3$F F3. +<::I;4FP <1 <$ .;FIC$ 4D F3. :<DF
MI9;.C$*9.2C<IA<1F3.$9I.3$4;b<$.;FIC$-<.D;<F3$M.$D$1.;.FM$9I.$--.-+C.$F4<;
F<3$M.$1$4C-4DFC4*IF4<;<1M$9I.$--.-N4F34;AC<-I+F4<;1$+F<CDb9D<_$9F3<I23F3.+<::I;4FP
<1 .2C.-<_ +9<D.- N4F3 $ A<D4F4M. *$9$;+._ 4F 4D P.F C.:$C8$*9P F3. 4;.BI$94FP <1 M$9I. $--.-
-4DFC4*IF4<;$:<;2F3.+<::I;4F4.Db
1+<ICD.F3.C.DI9FD$C.C.9$F.-F<<;.C.AC.D.;F$F4M.1$C:.C<1F3.+<::I;4FPb<:.1$C:.CD<1
F3.D$:.+<::I;4FP:423F.OA.C4.;+.*.FF.CD.91jA<D4F4<;4;24;F3.M$9I.+3$4;_2C$**4;2.;<I23
M$9I. $--.- F< +<M.C F3. AC<-I+F4<; 1$+F<CDb <N.M.C_ D<:. 1$C:.CD $C. DFCI2294;2 F< -.M.9<A
F3.4C.+<;<:4+$+F4M4FP_$;-F3IDF<$11<C-F3.4C94M.943<<-Db 3.;_+<;D4-.C4;2F3.-4DFC4*IF4<;<1
M$9I.$--.-4;IADFC.$:$2.;FD_4F+<I9-*.;<F.-F3$FF3.M$9I.$--.-F.;-DF<+<;+.;FC$F.4;
F3.IADFC.$:A$CF<1F3.M$9I.+3$4;bC<-I+.CD<1~$C.$F$-4D$-M$;F$2.4;+<:A$C4D<;F<
F3.IADFC.$:A$CFb$C.4;2C.$F.CA<D4F4<;_.M.;+<:A$C4;2F3.IAA.CA$CF<1F3.M$9I.+3$4;b
iRjRfRjR
-2$-2+:3(
2"31%""3A2;
3.4;+<:.$++<I;FC.M.$9.-F3.-4DFC4*IF4<;<1M$9I.$--.-$9<;2F3.M$9I.+3$4;b34D4DDI.4D
N<CF3 <1 +<;D4-.C$F4<; 1<C -.+4D4<;j:$8.CD_ 4; <C-.C F< .BI$94Q. F3. -4DA$C$F. -4DFC4*IF4<; <1
N.$9F3_$;-AC<M4-4;2:<C.<C1.N.C*.;.14FD<C2C$;FD-.A.;-4;2<;F3.+<::I;4FP;..-Db3.
4;DF4FIF4<;$9 DIAA<CF 3$D F< 9<<8 ;<F <;9P F< F3. BI$;F4FP <1 *.;.14F.- :4+C<j*$D4;D <Cg$;-
+<::I;4F4.D_*IF$9D<F3.$:<I;F-4DFC4*IF.-1<C.$+3$;-4FD4:A$+F<;-4:4;4D34;24:*$9$;+.D
DI+3$DD..;4;<$.;FIC$bF+$;*.D$4-F3$F$;F$CIQ4D$9C.$-PN.99A<D4F4<;.-4;F3.M$9I.
+3$4;b 4F32<M.C;:.;F4;F.C1.C.;+._AC<-I+.CD<1F3.~+<I9-$+34.M.F3.D$:.-4DFC4*IF4<;
<1 M$9I. $--.- $;- 4:AC<M. F3. +<;+.;FC$F4<; <1 N.$9F3b -+A9% hk 499IDFC$F.D F3. M$9I. $--.-
-4DFC4*IF4<;D3$C.$:<;2M$9I.+3$4;$2.;FDb
hfp
flp
ehp
egp
jp
Wgp
3%2;A9
%+9%$3
e
2;9AG
YrfZ
3:;%9
93/%9
-+A9%hkQ0%$$%$-:;9-!A;-32,9%-20A%,-2
iRkR
9/%;791%D39/0A%,-2
3. :$C8.F :$A 1C$:.N<C8 <1 F3. M$9I. +3$4; m+<11..n 4D C.AC.D.;F.- 4; -+A9% hlb 3. :$A
-4DA9$PD F3. .;$*94;2 .;M4C<;:.;F_ N34+3 +$; +$ID. $ +3$;2. 4; F3. M$9I. +3$4;_ 4;+9I-4;2 F3.
$M$49$*9. 4;1C$DFCI+FIC._ A<94+4.D_ 4;DF4FIF4<;D_ $;- AC<+.DD.Db --4F4<;$99P_ F3. :$A D3<ND F3.
<11.C4;2D <1 .OF.;D4<; D.CM4+.D <C *ID4;.DD_ N34+3 24M.D F3. <AA<CFI;4FP F< IA2C$-. F3. M$9I.
+3$4;9.M.9b
-+A9%hlQ9/%;791%D39/0A%,-2"3((%%
3. D4O DF.Aj$;$9PD.D C.M.$9.- F3. .;$*9. .;M4C<;:.;F .O4DF.;F 4; F3. M$9I. +3$4;b $ND_ F$O.D_
$;- A<94+4.D +$; 3.9A $99.M4$F. .;F$;29.:.;FD_ DI+3 $D_ F3. C<j1$:49P 1$C:4;2 A<94+4.D $;-
AC<2C$:D_ <C +$; $9D< +$ID. +<;DFC$4;FD_ DI+3 $D F3. +$D. <1 +<::.C+4$94Q$F4<; F$O.D 4;
-.M.9<A:.;F<1F3.+<11..C<$DF4;24;-IDFCP4;F3.F$F.<14<-.$;.4C<b3.;DF4FIF4<;D_
$;- .OF.;D4<; $;- C.D.$C+3 4;DF4FIF4<;D 3$M. $; 4:A$+F <; M$9I. +3$4;dD -.+4D4<;Db F 4D
4:A<CF$;F F< +<;D4-.C F3<I23 F3. ;$FIC. <1 F3. +<11.. D.+F<C_ DID+.AF4*9. F< F3. *4$;;I$9 +P+9.
AC4+.DM<9$F494Q$F4<;_N34+34:A$+FDF3.MI9;.C$*9.2C<IAD<1F3.+3$4;:<DF9Pb3.C$Q494$;AC<j
.OA<CF A<D4F4<; 4; F3. +<11.. D.+F<C 4D $; $9C.$-P D.F DF$2. F< .OA$;- F3. :$C8.F 1<C $CC.j$4_
+<;D4-.C4;2F3.C.24<;$9C.9.M$;+.<1F34DAC<-I+.C1<CF3.F$F.b
ICF3.C:<C._ 4F 4D DI22.DF.- D<:. *ID4;.DD $;- D.CM4+.D <AA<CFI;4F4.D <1 4:AC<M.:.;Fb
$+494F$F4;2 F3. 94;8$2.D *.FN..; 1$C:.CD $;- F3. _ F<2.F3.C N4F3 24M4;2 :<C.
DIAA<CF 1<C 1$C:.CdD <C2$;4Q$F4<; +$; 3.9A F< +C.$F. $ *.FF.C <AA<CFI;4FP 1<C +<::.C+4$94Q$F4<;
1<C F3. AC<-I+.CDb 3. 4;DF4FIF4<;$9 DIAA<CF +$; 9<<8 $F -.+4D4<;D 4; F.C:D <1 4:AC<M4;2 F3.
F.+3;<9<24+$9 DF$;-$C- <1 AC<-I+F4<; $;- AC<+.DD4;2_ F< 4:AC<M. 14;$9 AC<-I+FdD BI$94FP $;-
$+34.M.DA.+4$9;4+3.D<1:$C8.FD_DI+3$DF3.DA.+4$94Q.-$;-BI$94FP+<11..b<N.M.C_F<-.M.9<A
$D.91jDIDF$4;.-M$9I.+3$4;_4F4D$9D<;.+.DD$CPF<.DF$*94D3$:4;4:I:F3C.D3<9-<1F.+3;<9<2P_
$;-$DD.FD_N34+3+$;+<;FC4*IF.F<$;IA2C$-4;2A<D4F4<;4;F3.M$9I.+3$4;b3..-I+$F4<;9.M.9
+<I9-$9D<4:AC<M.F34D:$FF.Cb3.$9C.$-P4;A9$+.4;4F4$F4M.D$;-AC<2C$:DD3<I9-+<;F4;I.1<C
$99:4+C<j*$D4;D_N4F3$DA.+4$9D.FF$C2.F.-:<DFMI9;.C$*9.2C<IADbF4D4:A<CF$;FF<$--C.DDF3.
D4FI$F4<; <1 F3. 1$C:.CD 4; F3. 4+C<j*$D4; e;,$f_ N34+3 N.C. -.F.+F.- 4; F34D DFI-P F3. :<DF
-4D$-M$;F$2.<ID2C<IA_-I.F<.4F3.C4;F.C;$9<C.OF.C;$9C.$D<;Db
!0% gf DI::$C4Q.D F3. AC<*9.:$F4+ <1 F3. ;<CF3N.DF.C; +<11.. 4; $++<C-4;2 F< +$ID. $;-
.11.+Fb 3.D. *<FF9.;.+8D +<I9- *. F$+89.- *P F3. $+F4<;D -.D+C4*.- $*<M. <C $99.M4$F.- -I. F<
1$C:.CdDC.D494.;+.4;F3.1$+.<1.;M4C<;:.;F+3$;2.Db
!0%gfQA:%2$%((%";3(;,%!3;;0%2%"/:-2;,%"3((%%:%";39-2;,%39;,D%:;9%+-323(
93!0%1;-"
32:%8A%2"%:
3A2;-23A:02$:"7%
4114+I9F:.+3$;4Q$F4<;_3423<A.C$F4<;$9+<DFD
3D;%",2303+-"07;;%92
<NAC<-I+F4M4FP_9<NBI$94FP_9<N+<:A.F4F4M.;.DD
-22A0"F"0%
C4+.D19I+FI$F4<;$;-4;DF$*494FP_:$C8.F+C4D4D_-4114+I9F+<::.C+4$94Q$F4<;_
-4114+I9F14;$;+.
%13+97,-"",2+%
24;2<11$C:.CdDA<AI9$F4<;$;-CIC$9.O<-ID<1F3.P<IF3-I.F<9$+8<1
<AA<CFI;4F4.D1<C.:A9<P:.;F$;-.-I+$F4<;
"9"%0!39(39"%
4233$CM.DF+<DFD_-.+C.$D.<1AC<-I+F4M.$C.$
3D-2$A:;9-0-G;-32-2;,%9%+-32
2C4+I9FIC.4DF3.:$4;D<IC+.<194M.943<<-`+<11..C<$DF4;24DF3.:$4;
4;-IDFC4$9$+F4M4FP
2:A((-"-%2;"311A2-;FW!:%$
4114+I9F<14:A9.:.;F$F4<;<1AC<2C$:D$;-D<9IF4<;<1AC<*9.:D_<11D4-.
39+2-G;-32
7<4;+<<A.C$F4M.N499
$F$+<:A49.-*PF3.$IF3<C$D$C.DI9F<194F.C$FIC.+<;DI9F$F4<;$;-14.9-C.D.$C+3
jR
Q
X
jReR ;%7eQ3"-3%"3231-""32;%E;3(;,%0A%,-2Q39;-"A0;A9%
jReReR C%9C-%D3(,39;-"A0;A9%-2;,%D390$2$9G-0
F 4D .DF4:$F.- $C<I;- ~~€‚b„ :4994<; F<;;.D <1 M.2.F$*9.D AC<-I+.- N<C9-N4-._ N4F34; $ F<F$9
3$CM.DF.-$C.$<1‚…:4994<;3.+F$C.D4;}~€m_}~€nb3.AC<-I+F4<;*P+<I;FCP+$;*.
499IDFC$F.- *P F3. D3$-.- $M.C$2.D <M.C F3. :$A 4; -+A9% hmb <;1<C:4;2 F<
.4;*.C2.C u
I:A84; m}}„n_ 3<CF4+I9FIC. 4D $; .O+.99.;F <AA<CFI;4FP F< 4;+C.$D. 4;+<:. $;- 2.;.C$F.
.:A9<P:.;F 4; -.M.9<A4;2 +<I;FC4.D N3.; F$84;2 +$C. <1 1$C:.C 4;+9ID4<; $;- AC<A.C
4;M.DF:.;FD 4; F.+3;<9<24.D <1 -4M.CD414+$F4<;b <CF4+I9FIC. 4D <;. <1 F3. :<DF AC<14F$*9.
$2C4+I9FIC$9$+F4M4F4.Db3.C.$D<;4DF3$FF3.AC<-I+F4<;3$D $D3<CF+P+9._N34+3:$8.DA<DD4*9.
F3.+<:*4;$F4<;<1:$;PD<CFD<1+C<ADb3ID4FC.DI9FD4;C.$9AC<14F$*494FP4;DA$+.jF4:._-.DA4F.
F3.4;F.;D.9$;-ID._9$*<IC_$;-4;AIFDC.BI4C.-m.M49$+BI$_}}…nb
-+A9%hmQ3;0%+%;!0%93$A";-32YC%9+%;322%:ZD390$D-$%-2fdeg
<IC+.am_}~€n
;C$Q49_3<CF4+I9FIC.4D$;4:A<CF$;FD.+F<C2C<N4;2:<C.F3$;$;P<F3.C$2C4+I9FIC$9$+F4M4FP_$;-
N4F34;+C.$D4;2-.:$;-m<IC(<u<9<:*4;4_}}…nb;}~€_C$Q49AC.D.;F.-$F<F$9<1ƒ…_ƒ†…
3$<13$CM.DF$C.$$;-3$-$F<F$9AC<-I+F4<;<1~~_‚…F3<ID$;-F<;;.D<1M.2.F$*9.Dm_
}~€n_$DC.AC.D.;F.-4;-+A9%idb
‚}‚
‚}}
†‚
†}
…‚
…}
„‚
„}
ƒ‚
ƒ}
‚‚
‚}
}~}
}~~
}~
3;09C%:;%$9%-2
,3A:2$:3(%";9%:Y,Z
~~b„
~~bƒ
~~b‚
~~b
~~b€
~~b
~~b~
~~b}
~}b†
~}b…
~}b„
,3A:2$:
-00-32:
3;0%+%;!0%793$A"<32-2
1-00-32:3(;322%:
}~€
-+A9%idQ3;09G-0-2C%+%;!0%793$A";-32-21-00-32:3(;322%:Y79-19FE-:-2!0A%ZP3;0,9C%:;9%-2
;,3A:2$:3(,%";9%:Y,ZY:%"32$9FE-:-2+9%%2Z3C%9;,%7%9-3$(931fded;3fdeg
<IC+.<1-$F$am_}~€nb<F.a.2.F$*9.+C<AD2C<N;:$4;9P1<C3I:$;+<;DI:AF4<;_4;+9I-4;2$9D<:.9<;D
<;F3.+$F.2<CP
;$2C..:.;FN4F3
m}~~n_4F4D.DF4:$F.-F<*.+I9F4M$F.-<M.C„}}F3<ID$;-3.+F$C.D<1
M.2.F$*9.DC.AC<-I+.-*PD..-94;24;C$Q49_2.;.C$F4;2$C<I;-b:4994<;-4C.+F7<*D<;$M.C$2.
€b‚.:A9<P..Dg3$bF4D$D.+F<CF3$F:$8.D$F<F$9M$9I.<1AC<-I+F4<;<1yb€*4994<;_b„‰<1
F3.F<F$9$2C4+I9FIC$9AC<-I+F4<;M$9I.4;C$Q49m
_}}†nb<;D4DF.;FN4F3m
:*C$A$j<CF$94,$D
u
_}~}n_F3.C.$C.‚}DA.+4.DC.9.M$;FF<F3.:$C8.F_4;N34+3<;9P.423FDA.+4.D94DF.-
*.99<NC.AC.D.;F$C<I;-…}‰<1F3.:$C8.FD3$C.<1M.2.F$*9.Dm!0%ggnb
!0%ggQ93$A";-323(%+%;!0%:-29G-0
93$A";-32
Y;,3A:2$;322%:Z
9;-"-7;-32YpZ
9379%Y;,3A:2$
Z
-%0$Y;322%:V,Z
90-"
~}b€
D%%;3;;3
‚}‚b€‚
~‰
†b‚„
~}bƒ€
€‰
۠b۠
~b~†
3;;3
2-32
€‚‚€b„„
~‰
~…b~
„b‚
~‚€…b†€
†‰
‚„b‚†
b†€
;%91%032
~ƒ€b‚}
~€‰
†b}
~b†…
%032
‚ƒ‚b†}
€‰
b}ƒ
‚b‚
31;3
~…„bƒ‚
‚‰
ƒb„…
ƒ}bƒ„
„‚ƒb„
‚‰
ƒb~‚
…b†
€…b†~
}‰
€~€b}
~b…†
~ƒƒ‚…b††
~}}‰
„‚}b……
-2%+%;!0%:
993;
f
;,%9(9%:,
fOg
C%+%;!0%:
3;0%+%;!0%
h
h
e
b~†
~
<F.a $7<C4FP <1 F3. -$F$ .OFC$+F.- 1C<: eC<-I,(< 2C5+<9$ I;4+4A$9f mn }~€` $F$ 1C<: }~ m
_

€
}~‚-n` $F$1C<:m
:*C$A$j<CF$94,$D_}}†n` $F$1C<:m_}~€nk.DF4:$F4M.<1<1M.2.F$*9.DN4F3

:4;<C+<;FC4*IF4<;` DF4:$F4M.C.DI9F.-<1+$9+I9$F4<;-<;.*PF3.$IF3<C*$D.-<;F3.+<:A49.--$F$4;F3.F$*9.b
3.3<CF4+I9FIC.AC<-I+F4<;4D+<:A<D.-<1:$;PD:$99AC<-I+.CD$;-M$C4<ID<C424;Dm<IC(<u
<9<:*4;4_}}…nb3.C.$C.4;F<F$9~†}_†‚.DF$*94D3:.;FD<13<CF4+I9FIC.AC<-I+F4<;4;C$Q49_
N3.C.4; ƒ}‰ 4D +<;+.;FC$F.- 4; 1$:49Pj*$D.- AC<A.CF4.Db 3. AC<A.CF4.D C$;2. 4; 9.DD F3$; ~}
3.+F$C.D 4;F.;D.9P +C<AA.-_ $;- C.AC.D.;Fƒ€‰<1F3.2C<DDM$9I.<1AC<-I+F4<;<13<CF4+I9FIC$9
AC<-I+FDm
_}}ƒ$`.9<u49.9$_}}„`
_}}ƒ*nb
3.3<CF4+I9FIC.+3$4;+C.$F.DM$9I.$--.-_N3.C.F3.1$C:.CDF$PDN4F3<;9P~‚b}€‰<1F3.D3$C.`
F3.N3<9.D$9.:$C8.FN4F3…b}‰`$;-F3.C.F$49.C:$C8.FN4F3‚ƒb‚„‰<1F3.2C<DDM$9I.<1F3.
M.2.F$*9. :$C8.F 4; C$Q49 m
_ }~~nb F 4D 4:A<CF$;F $9D< F< C.:.:*.C F3$F F3.
29<*$94D$F4<;3$D+3$;2.-F3.94;8$2.DN4F34;F3.C$Q494$;M.2.F$*9.AC<-I+F4<;b 349..;$*94;2
F.+3;<9<24+$9 $;- DFCI+FIC$9 $-M$;+.D_ 4F $9D< 2$M. C4D. F< <F3.C *<FF9.;.+8D F< <M.C+<:. F3.
4;+C.$D4;2+<:A.F4F4M.;.DD<1F3.D.+F<Cm.9<u49.9$_}}„nb
jReRfR 39;-"A0;A9%-2;,%3A2;-2%+-323(;;%
3. <I;F$4; .24<; $9<;. AC<-I+.D †}‰ <1 2C..;D $;- :<C. F3$; ‚}‰ <1 M.2.F$*9.D 4; F3.
F$F.4<-.$;.4C<m$994.Qu+3I.9.C_}}nbDC.1.CC.-*P4:$m}~}n_3<CF4+I9FIC.4;4<-.
$;.4C<3$D4;+C.$D.-‚€b…€‰1C<:~††ƒF<}}ƒb.$1M.2.F$*9.AC<-I+F4<;4;+C.$D.-~……b~„‰_
$;-1CI4FM.2.F$*9.D_†b~†‰<M.CF3.D$:.A.C4<-_D$PDF3.D$:.$IF3<Cb3.D.+F<CAC.D.;FD$;
.;<C:<ID A<F.;F4$9 1<C 2C<NF3_ -I. F< 4FD 3I2. +<;DI:.C :$C8.F 4; F3. +$A4F$9 4< -. $;.4C<b
9D<_ F3. FC<A4+$9 +94:$F._ N4F3 4FD -4M.CD. :4+C<+94:$F.D_ 4D $-.BI$F. 1<C F3. AC<-I+F4<; -IC4;2
F3. N3<9. P.$Cb ;- F3. D3<CF +P+9. <1 F3. AC<-I+F4<; 4D :<C. DI4F$*9. 1<C D:$99 1$C:.CD N4F3 $
*.FF.CP4.9-A.C$C.$m4:$_}~}nb!0%gh-4DA9$PDF3.:$4;M.2.F$*9.AC<-I+F4<;4;F3.F$F.<1
4<-.$;.4C<_C.9.M$;FF<F34DDFI-Pb
!0%ghQ;A$-%$%+%;!0%:-2-3$%2%-93;;%
%+%;!0%
_(91%9:
93$A";-32
Y322%:Z
0%:
Y322%:Z
93::0A%
YedddaZ
,-2%:%"!!+%
~}
„ƒ~
„‚
‚€b}}
%;;A"%
_†€
~€_€„}
~_‚ƒ~
‚ƒ_‚…b}}
%%;933;
ƒ}
€_„†
€_„„}
_~~ƒb}}
A0-(03D%9
~_}…
~„_‚
~„_
~}_…~…b}}
9:0%F
~_~€~
€_}
€_~…€
‚_}„ƒb}}
31;3
_…€…
~~_~„‚
~~€_†ƒ€
†„_€……b}}
9%%2!%2
~_€‚…
…_~…}
…_~}‚
‚_†~~b}}
<IC+.<1-$F$a.;D<2C<A.+I&C4<m
_}}ƒ*n
3.<I;F$4;.24<;M.2.F$*9.DIAA9P4D+3$C$+F.C4Q.-$D+9<D.DFF<$D$e2C..;*.9Ff<1F3.+4FP
<1 4< -. $;.4C<b 34D t2C..; *.9Ft C.DA.+FD $ +<;M.C2.- DFCI+FIC. F3$F +<;+.;FC$F.D F3.
AC<-I+F4<; 4; $ A<9$C4Q.- +<;DI:.C :$C8.F 4; F3. +$A4F$9 m-+A9% ien m.$*C$ u $C$1<;_ ;b-bnb
3. <I;F$4; .24<; AC<-I+.D :<C. F3$; 3$91 <1 F3. DIAA9P <1 9.$1 M.2.F$*9.D_ .b2b 9.FFI+._
A$CD9.P_ +$I9419<N.C_ .F+b F $9D< +<;FC4*IF.D F< F3. AC<M4D4<; <1 M.2.F$*9.D_ DI+3 $D F<:$F< $;-
P$:DmCF4Q_}~~*nb
-+A9%ieQ9%%2!%0;3(C%+%;!0%:3(;,%"7-;03(-3$%2%-93
<IC+.a
j$F$4;1<C:$F4<;.;FC.<1F3.F$F.4<-.$;.4C<m}}n
.$*C$u$C$1<;_;b-b
jReReReR 39;-"A0;A9%-23C9-!A9+3
$F$ $+BI4C.- 1C<: F3. I;4+4A$9 .+C.F$C4$F <1 2C4+I9FIC. $;- IC$9 .M.9<A:.;F <1 <M$
C4*IC2<m}~~n4;-4+$F.DF3$FF3.C.4D$-4M.CD.$2C4+I9FIC$9$+F4M4FP4;F3.+4FPb<M$C4*IC2<4D
DA.+4$94Q.-4;F3.AC<-I+F4<;<119<N.CD$;-+IF1<94$2._M.2.F$*9.+C<AD_$;-<F3.CM$C4.-D4Q.-
AC<-I+F4<;Db 3.C. $C. $C<I;- ~_ƒ}} 1$C:D_ +<M.C4;2 $; $C.$ <1 ~_}}} 3$ m$M.C$2. Œ ~€
3$gAC<A.CFPnbC<:F3._}}1$C:.CD4;M<9M.-4;$2C4+I9FIC$9AC<-I+F4<;_†}‰$C.D:$991$C:.CD
mAC<A.CF4.DIAF<}3$nbC<-I+.CD$C.<C2$;4Q.-4;:<C.F3$;€}CIC$9$DD<+4$F4<;Dm.+C.F$C4$
-.2C4+I9FIC$..D.;M<9M4:.;F<IC$9-.<M$C4*IC2<_}~~nb
;3<CF4+I9FIC._<M$C4*IC2<3$D$2C.$F-4M.CD4FP<1AC<-I+FD_$;-+C<AD<1:<C.F3$;‚}DA.+4.D
$;--4DF4;+FM$C4.F4.Db3.AC4;+4A$9+C<AD$C.+$I9419<N.C_A$CD9.P_F<:$F<_+$**$2._*C<++<94$;-
P$:b 3.C. $C. †€~ AC<A.CF4.D AC<-I+4;2 M.2.F$*9.D 4; $ +I9F4M$F.- $C.$ <1 _„}} 3.+F$C.Db 3.
$;;I$9 AC<-I+F4<; 4D $C<I;- ~}}_}}} F<;;.D_ N4F3 $; $AAC<O4:$F. 2C<DD M$9I. <1 y
ƒ}_}}}_}}}b}}m.+C.F$C4$-.2C4+I9FIC$..D.;M<9M4:.;F<IC$9-.<M$C4*IC2<_}~~nb
--4F4<;$99P_<M$C4*IC2<4D<;.<1F3.9$C2.DFAC<-I+.CD<1M.2.F$*9.+C<AD4;F3.DF$F.4<-.
$;.4C<b3.+4FP4D$9.$-4;2AC<-I+.C<1+$I9419<N.C4;F3.+<I;FCPm;4+4$F4M$2.;-$~<:A.C7_
}~~nb9D<_4F4D$D42;414+$;FDIAA9P<1…€‰<19.FFI+._~‰<1+3$P<F.$;-€€‰<1+$**$2.4;4<
-.$;.4C<m.$*C$u$C$1<;_;b-bnb!0%gi-4DA9$PDF3.:<DFC.9.M$;FM.2.F$*9.D1<CF34DDFI-P
AC<-I+.-4;<M$C4*IC2<b
!0%giQ;A$-%$C%+%;!0%:793$A";-32-23C9-!A9+3-2fdeg
%+%;!0%
_793$A"%9
93$A";-32Y;32:Z
9%Y,Z
93::0A%YaZ
%;;A"%
‚}
~_~}}
‚}
‚ƒ~_}}}b}}
A0-(03D%9
„ƒ}
}_}
‚„}
€_ƒ…„_}}b}}
9:0%F
„„
€_‚}„
„„
‚_‚~_}ƒ}b}}
~
~

~
,-2%:%"!!+%
~ ƒ~ ~_}}}b}} %%;933;
~~€
~_„ƒ€
ƒ…
_€„†_„…}b}}
31;3
ƒ
_‚…
€„~
ƒ~_‚ƒ‚_…}b}}
9%%2!%2
~}‚
~_ƒƒ}
ƒ€
‚_‚†‚_‚…b}}
<IC+.a$F$1C<:DA$}~€m
j4<_}~€*n
~
<IA-$F.--$F$1<I;-_ID.--$F$1C<:}}ƒm
_}}ƒ*n

a;<-$F$1<I;-
jReReRfR A02%9!-0-;F3(;,%3A2;-2%+-32
$;-D94-.D $C. $ M.CP +<::<; 1.$FIC. 4; F3. :<I;F$4;<ID $C.$ <1 D<IF3j.$DF.C; C$Q49_ -I. F<
4;F.;D.DI::.CDF<C:Dm.C;$;-.D.F$9b_}}nb4<-.$;.4C<3$D*..;N4-.ID.-$D$;<*7.+F
<1C.D.$C+31<C9$;-D94-.AC<*$*494FP4;:$;PDFI-4.Dm<.93<j.FF<.F$9b_}}„`.C;$;-.D.F$9b_
}}nb <M$ C4*IC2< 3$D $9D< *..; A<CFC$P.- $D $ +$D. DFI-P 4; 9$;-D94-. DID+.AF4*494FPb 3.
:I;4+4A$94FP N$D <;. <1 F3. :<DF $11.+F.- $C.$D 4; F$F. 4< -. $;.4C< -IC4;2 F3. -4D$DF.C <1
$;I$CP }~~_ N4F3 .OF.;D4M. -$:$2. F< CIC$9 4;1C$DFCI+FIC.D m/F$C- .F $9b_ }~nb 3. FC$2.-P
<++ICC.-4;F3.<I;F$4;.24<;4;$;I$CP}~~_$;-34FF3.:I;4+4A$94F4.D<1<:$C-4:_<M$
C4*IC2<_.C.D=A<94D$;-.FC=A<94D_N4F3$-.$F3F<99<1†}}A.<A9.m
j_}~~nb-+A9%if4D
$A3<F<2C$A3F$8.;F3C..P.$CD$1F.CF3.9$;-D94-.3$AA.;.-_7IDFF<499IDFC$F.F3$FF3.D+$CDDF499
AC.M$49D4;F3.CIC$99$;-D+$A.<1F3.DFI-4.-$C.$Db
-+A9%ifQ2$:0-$%32;,%9A909%-23C9-!A9+3;,9%%F%9:(;%9;,%$-::;%9
3<F<F$8.;*PF3.$IF3<Cm}~n
;$2C..:.;FN4F3C.4F$D.F$9bm}~n_F3.C.4D+.CF$4;9P+94:$F.$;-2.<A3PD4+$9MI9;.C$*494FP4;
F3. <I;F$4; .24<; <1 4< -. $;.4C<_ ;<F$*9P :$C8.F *P 9$;-D94-.D $;- 19<<- 1<C:$F4<;b D
$+4;<M4+.F$9bm}~nDF$F.D_F3.CIC$9:<I;F$4;<ID$C.$<14<-.$;.4C<AC.D.;FD$++.9.C$F.-
.C<D4<; N4F3 +<;D.BI.;+.D DI+3 $D .;M4C<;:.;F$9 -.2C$-$F4<; $;- 14;$;+4$9 9<DDb 3. C4D8D $;-
F3. D<+4<j.;M4C<;:.;F$9 MI9;.C$*494FP $C. 4;FC4;D4+$99P 94;8.- F< F3. D<+4<.+<;<:4+ +<;-4F4<;D
.DF$*94D3.- +<:*4;.- N4F3 N.$8 2<M.C;$;+. +$A$*494F4.D 4; *I49-4;2 -4D$DF.C C4D8 C.-I+F4<; $;-
C.D494.;+.mC.4F$D.F$9b_}~nb
3. C.+<M.CP <1 F3. <I;F$4; .24<; 3$- D.M.C$9 <*DF$+9.D_ 4;+9I-4;2 -4114+I9F4.D <1 $+BI4C4;2
*I-2.F_-.9$P4;F3.C.9.$D.<1:I;4+4A$9*I-2.F-I.F<+<CCIAF4<;<1C.24<;$9:$P<CD_$;--.9$P
-I.F<F3.*IC.$I+C$+P<1C.24DFC$F4<;$;-C.D.FF9.:.;F<1$11.+F.-3<ID.3<9-DmC.1.4FIC$-<4<
-.$;.4C<_}~‚*nb
jReRfR 93$A";-32-2;,%;A$F9%
3.AC<-I+F4<;<1F3.DFI-4.-$C.$4D4;!0% gjb3.C.DI9FD-4DA9$P.-C.19.+FD<;9PF3.<IFAIF
<*F$4;.- 1C<: €} 4;F.CM4.N.- 1$C:.CDb F 4D <*D.CM.- F3$F F3. +<::I;4F4.D $C. DA.+4$94Q.- 4;
D<:.A$CF4+I9$CM.2.F$*9.b<C4;DF$;+._34;.D.+$**$2.N$D<;9P1<I;-4;e4<C$;-.f$;-
e9<C';-4$-$.CC$f4;b48.N4D._9.FFI+.4D:$4;9PAC<-I+.-4;e4<C$;-.f_*.4;2;<F:I+3
AC<-I+.- 4; F3. <F3.C +<::I;4F4.D <C €b € 4D DA.+4$94Q.- 4; *..F_ 2C..; *.$;D $;-
+$I9419<N.C 4; F3. +<::I;4FP e$94;$Df_ $;- A$CD9.P 4; F3. +<::I;4FP e$;F$ CIQfb 9D<_ F3.
2C<IA<1<C2$;4+AC<-I+.CDN$D+<;D4-.C.-$A$CF1C<:F3.+<;M.;F4<;$93<CF4+I9FIC.AC<-I+F4<;b
3. <C2$;4+ AC<-I+F4<; 4D ;<F DI*DF$;F4$9 4; BI$;F4FP_ *IF 4F 4D M.CP -4M.CD._ ;< DA.+4$94Q$F4<;b ;
F3. C.2I9$C AC<-I+F4<;_ <; F3. <F3.C 3$;-_ F3. 1$C:.CD $C. DA.+4$94Q.- <;9P 4; 9.FFI+._ <C <;9P
+$I9419<N.C_<C<;9PF<:$F<$;-2C..;*.$;Db
!0%gjQ22A01%2793$A";-322$;3;0793$A";-323(:;A$-%$C%+%;!0%:-2;,%0A%,-2
311A2-;FV
-"93W:-2
31;3
Y32Z
%%;
Y32Z
9%%2
!%2
Y32Z
%;;A"%
Y32Z
9:0%F
YA2-;Z
,-2%:%
"!!+%
Y32Z
A0-(03D%9
Y32Z
%2
93$R
Y32Z
%2
93$R
Y32V,Z
99" 3$3:
%2$%:
†b}
}b}
€bƒ
}b}
~}}b}
}b}
~…b}
†}b†
‚…b
0392$-$
%99
†b}
†b}
†b„
…b€
„b}
‚b}
~b…
ƒ…bƒ
~b
-392$%
~}b€
}b‚
€„b‚
~ƒb…
}b}
…}b}
„b}
~}b
€…b€
0-2:
~b}
€}b}
€„b‚
}b}
„€b‚
}b}
€}b}
…‚b…
~b}
2;9AG
b}
}b}
€b}
~~b
~€}b}
}b}
}b}
~~b~
~‚b
%993C%
%99%0,
€b}
~b}
„b}
}b}
†b}
}b}
~‚}b}
~€b€
€ƒbƒ
g
~ƒ…b}
‚}b}
}b‚
~~b
}€b‚
}b}
„}b}
†b†
€b‚
h
ƒ~}b€
‚}b‚
„„b…
ƒ‚b
~…~b}
…‚b}
ƒ†ƒb…
†…b€
€„b„
9+2-"
93$A"%9:
~b
€b
~b
b~
€bƒ
}b}
b~
~…b„
†b~
--4F4<;$99P_ 4F +$; *. D$4- F3$F F3. AC<-I+F4<; <1 M.2.F$*9.D 4; +<:A$C4D<; F< F3. AC<-I+F4<;
P4.9- <1 M.2.F$*9.D mF<;.Dg3$n 1<99<ND $ A<D4F4M. +<CC.9$F4<; m<CC.9$F4<; F.DF_ A  }b}}~n_ N34+3
+$;*.C.AC.D.;F.-4;F3.-+A9%igb
-+A9%igQ3:-;-C%"399%0;-32!%;D%%2;3;0C%+%;!0%793$A";-322$;,%F-%0$Y;322%:7%9,%";9%Z-2;,%
,39;-"A0;A9%C0A%",-2
jReRgR 3A:%,30$:3"-3W%"3231-":A9C%F3(0A%,-2Y39;-"A0;A9%Z
I. F< $;$9PD4D AICA<D.D_ C.DI9FD N.C. 2C<IA.- 4; :4+C<j*$D4; € e$;F$jCIQf $;- 
e$CC$+(< -<D .;-.Dfb 3. D$:A9. *P :4+C<j*$D4; N$D I;.BI$9 mA‹}b}~_ QjD+<C.nb 
C.AC.D.;F.- ƒ†‰ <1 F3. D$:A9. $;- € C.AC.D.;F.- €~‰ <1 F3. D$:A9.b 3. C.$D<; 4D F3$F
4;4F4$99PF3.F$C2.F:4+C<j*$D4;N$D<;9P_F3.;-I.F<F3.C$Q494$;A$CF;.CD34A9<24DF4+D`F3.
€ N$D 4;+<CA<C$F.- 4;F< F3. C.D.$C+3 4; F3. 14.9-b .M.CF3.9.DD_ F3. -4DFC4*IF4<; *P
+<::I;4F4.DD3<N.-.BI$9AC<A<CF4<;Db3.C.9$F4<;<1F3.-4DFC4*IF4<;<1<::I;4FP*P4+C<j
*$D4; 4D 4; !0% gkb e4< C$;-.f C.AC.D.;F.- F3. :<C. A.C+.;F$2. m€‚‰n <1 F3. :4+C<j*$D4;
mA‹}b}n`$;-e$94;$Df$;-e$;F$CIQfC.AC.D.;F.-ƒƒb„‰mA}b}}~n$;-€€‰mA‹}b}}ƒn
<1:4+C<j*$D4;€_C.DA.+F4M.9Pb
!0%gkQ311A2-;F2$-"93W!:-2%0;-32Y0A%,-2Z
-"93W!:-2
311A2-;F
g
%0;-C%(9%8A%2"F;3;,%;3;0 %0;-C%(9%8A%2"F;3;,%1-"93W!:-2
$;F$CIQ
~}b€‰
€€b€‰
ƒƒb„‰
$94;$D
}b„‰
$CC$+(<-<D.;-.D
~€b…‰
}‰
9<C';-4$-$.CC$
~„b‰
‚‰
4<C$;-.
b~‰
€‚‰
.CC$<M$..CC$.93$
~€b…‰
}‰
h
jReRgReR +%93A7
3.<*D.CM.-A<AI9$F4<;AC.D.;F.-$I;41<C:$;-;<C:$9-4DFC4*IF4<;<1$2._$;-$;.DF4:$F.-
:.$; <1 €b‚‚  bƒ„ P.$CD <9-b 3. -4DFC4*IF4<; <1 $2. 4D 4; !0% glb 3. A<AI9$F4<; 4D
+<;D4-.C$*9PP<I;2_AC.D.;F4;2‰9.DDF3$;€}P.$CD<9-`€…‰9.DDF3$;}P.$CD<9-_$;-ƒƒ‰
9.DDF3$;‚}P.$CD<9-b3.D.$2.2C<IAD+<:AC.3.;-F3.C$Q494$;.+<;<:4+$99P$+F4M.A<AI9$F4<;
m
_ }~nb ;9P ~}‰ <1 F3. 3<ID.3<9-D N.C. +<;D4-.C.- $2.-_ <C <M.C ƒ} P.$CD <9- mC$D49_
}}€nb
!0%glQ93A73(+%-2;,%3!:%9C%$737A0;-32Y0A%,-2Z
+%
%0;-C%9%8A%2"F
2C%9:%""A1A0;-C%9%8A%2"F
""A1A0;-C%9%8A%2"F
ƒ}2.„}
~}‰
~}}‰
~}‰
‚}2.ƒ}
‰
†}‰
€‰
}2.‚}
…‰
ƒƒ‰
ƒ‰
€}2.}
~‰
€…‰
„ƒ‰
}2.€}
‰
‰
~}}‰
3.C.9$F4<;<1$2.*P:4+C<j*$D4;AC.D.;F.-F3.D$:.A$FF.C;<1-4DFC4*IF4<;_N4F3.BI$9:.$;D
€ m:.$; „bƒƒ„  …bƒn $;-  m~b„  ‚b…ƒ†nb F $9D< D3<N.- D4:49$C :.-4$;D_ $D
C.AC.D.;F.-4;-+A9%ihb
-+A9%ihQ%0;-323(+%!F"311A2-;FD-;,"399%:732$%2;1%$-2:!3E%:
mCID8$9j $994D_A‹}b…ƒn
jReRgRfR %2$%92$19-;0:;;A:
3.3<ID.3<9-dD2.;-.CAC<149.C.DI9F.-4;I;.BI$9AC<A<CF4<;DN4F3$:$9.AC.-<:4;$;+.„b‰_
$;-F3.1.:$9.C$F4<<1„bƒ‰_:.$;4;2F3$F4FN$D4;F.CM4.N.-g„N<:.;4;.$+3‚g„:.;b3.
4;F.CM4.N.-N<:.;N.C.A<N.C1I9_*.4;23.$-<1F3.1$:49P<C.M.;+<::I;4FP9.$-.CDb <:.;
N.C. M.CP C.AC.D.;F$F4M. 4; F3. +<::I;4F4.D e$CC$+(< -<D .;-.Df $;- e$94;$Df_ N34+3
+<I;F.-‚}‰<1F3.4;F.CM4.N..D4;*<F3+<::I;4F4.Dm!0%gmZb
!0%gmQ-:;9-!A;-323(+%2$%9!F"311A2-;F
<::I;4FP
$CC$+(<-<D.;-.D
9<C';-4$-$.CC$
4<C$;-.
$94;$D
$;F$CIQ
.CC$<M$..CC$.93$
.:$9.
‚}b}}‰
}b}}‰
~b†‰
‚}b}}‰
}b}}‰
‚b}}‰
.;-.C
$9.
‚}b}}‰
…}b}}‰
…‚b„~‰
‚}b}}‰
~}}b}}‰
„‚b}}‰
.2$C-4;2F3.:$C4F$9DF$FID_F3.:$7<C4FP<1F3.3<ID.3<9-DN.C.:$CC4.-_C.AC.D.;F4;2„†b€‰<1
F3. D$:A9.b 3. :4;<C4FP N$D D4;29. m~}b€‰n <C $ +$F.2<CP +$99.- e<F3.Cf m~}b€‰n_ N34+3 $C.
+<IA9.D+<j94M4;2F<2.F3.C$DeD42;414+$;F<F3.Cf_3<N.M.CN4F3<IF$+4M49:$CC4$2.b
jReRgRgR ""A7;-32
-+A9% ii 499IDFC$F.D F3. -4DFC4*IF4<; <1 <++IA$F4<; <1 F3. <*D.CM.- A<AI9$F4<;b 3.C. N.C.
<*D.CM.- 14M. -411.C.;F +$F.2<C4.D <1 <++IA$F4<;b „†b€‰ $C. 7IDF e1$C:.CDf_ N4F3 $ 1C.BI.;+P <1
„„b…‰ 4; € $;- …}‰ 4; ` $;- }b„‰ $C. 1$C:.CD $;- 3$M. $; $--4F4<;$9 <++IA$F4<;b <C
4;DF$;+._F3.+$F.2<C4.D<1e-C4M.Cf_eAI*94+<114+.Cf$;-e3<ID.N41.fAC.D.;F.-€b‰<11C.BI.;+P
.$+3bFN$D<*D.CM.-~}b€‰<1e$2C4+I9FIC$9F.+3;4+4$;Df_N3<:F3.A.C+.;F$2.4;4D~}‰_
$;- 4; € 4D ~~b~‰b 3. 4;+4-.;+. <1 $2C4+I9FIC$9 DA.+4$94DFD 4D D..; :<C. $:<;2 F3. P<I;2.C
1$C:.CD m~b„‰ 3423.C +3$;+. $F } P.$CD <9-nb ;. C.$D<; 4D F3. AC.D.;+. <1 F3. 2C4+I9FIC$9
<99.2.e.49*.CF<f4;A$CF;.CD34AN4F3F3.
;DF4FIF.m;DF4FIF</924+$<M$C4*IC2<n4;
<N.C$94;$Db3.
3$DF3.4;F.;F4<;F<AC<M4-.*.FF.C4;+9ID4<;<1F3.P<IF34;$2C4+I9FIC.
-.M.9<A.-N4F34;F3..24<;m<M$C4*IC2<2<C$_}~nb3.1$+F34239423FDF3.4:A<CF$;+.<1
.-I+$F4<;$;-DA.+4$94Q.-.-I+$F4<;N4F34;F3.CIC$9$C.$Db
-+A9%iiQ-((%9%2;";%+39-%:3(3""A7;-323(;,%,3A:%,30$:-2;%9C-%D%$
jReRgRhR -;%9"F0%C%0
3. :.-4$; N$D 4; e4;+<:A9.F. AC4:$CP .-I+$F4<;f C.$+34;2 b…€‰ <1 $99 4;F.CM4.N..D_ N4F3
:<C. 1C.BI.;+P 4; F3.  m‚‚‰ <1 F3. :4+C<j*$D4;n F3$; 4; € mb‰ <1 F3. :4+C<j*$D4;nb
3. :4+C<j*$D4;D 3$M. -411.C.;F 94F.C$+P 9.M.9Db € 4D $F F3. 9.M.9 <1 eAC4:$CP .-I+$F4<;f
m+<:A9.F.nC.$+34;2b‰<1F3.:4+C<j*$D4;b;_F3.1C.BI.;+PN$D<;9P~‚‰<1eAC4:$CP
.-I+$F4<;fb<N.M.C_4994F.C$+P1C.BI.;+P+$;*.<*D.CM.-D4:49$C9P4;*<F3:4+C<j*$D4;Db.CF4$CP
.-I+$F4<;N$D<;9PAC.D.;F4;F3.€mb‰nN4F3DF$F4DF4+$9D42;414+$;+.b.DI9FD$C.1<I;-4;
!0%hdb
!0%hdQ-;%9"F0%C%0!F1-"93W!:-2
-;%9"F
"
994F.C$F.
;+<:A9.F.
AC4:$CP
.-I+$F4<;
C4:$CP
.-I+$F4<;
.+<;-$CP
.-I+$F4<;
.CF4$CP
.-I+$F4<;
-2
Y-;%9"FZ
E
Y-;%9"FZ
%$-2
Y-;%9"FZ
€
~~b~~‰
b‰
b‰
}b}}‰
b‰ 994F.C$F.
.CF4$CP
.-I+$F4<;
C4:$CP
.-I+$F4<;

~}b}}‰
‚‚b}}‰
~‚b}}‰
}b}}‰
}b}}‰
994F.C$F.
.+<;-$CP
.-I+$F4<;
;+<:A9.F.
AC4:$CP
.-I+$F4<;
<F$9
~}b€‰
b…€‰
b~‰
~€b„†‰
ƒb†}‰
994F.C$F.
.CF4$CP
.-I+$F4<;
;+<:A9.F.
AC4:$CP
.-I+$F4<;
DF$F4DF4+$99PD42;414+$;F-411.C.;+.mQjD+<C._A‹}b}†n‚‰+<;14-.;+.
jReRgRiR 3A:%,30$:-G%
3.3<ID.3<9-D4Q.+<;D4-.C.-F3.;I:*.C<1+349-C.;b;F34D<*D.CM.-A<AI9$F4<;_F3.;I:*.C
<1+349-C.;A.C3<ID.3<9-3$-$:.$;<1~b……}bƒ„+349-C.;b€AC.D.;F.-$:.$;<1
}b†~+349-C.;_$;-_$:.$;<1~b„‚}b…‚„+349-C.;b3.;I:*.C<1+349-C.;3$-$;<C:$9
-4DFC4*IF4<;b <N.M.C_ 4F -4- ;<F AC.D.;F $ I;41<C: -4DFC4*IF4<;_ -I. F< F3. 1C.BI.;+P <1 ‘ 
+349-C.;m€„b†€‰n_$;-+349-C.;A.C3<ID.3<9-m‚‚b~„‰nb$C2.C1$:49PN$D<*D.CM.-<;9P
<;.+$D.‘…+349-C.;4;b
jReRgRjR 3A:%,30$-2"31%
3. 3<ID.3<9- 4;+<:. DICM.P $D8.- 4; $ ;<;j4;F4:4-$F4;2 N$P_ $*<IF F3. :<;F39P 3<ID.3<9-
4;+<:. mDI::4;2 $99 4;+<:. <1 $99 +<;FC4*IF4;2 3<ID.3<9-D_ 4;+9I-4;2 F3<D. ;<F 94;8.- F< F3.
1$C:nb3.1$C:.C+<I9-+3<<D.$C$;2.<1:4;4:I:N$2.D_+<CC.DA<;-4;2F<y„_}}4;}~b
3.C.DI9FD<13<ID.3<9-4;+<:.C$;2.$C.4;!0%heb
!0%heQ
2"31%2+%(9%8A%2"F!F"311A2-;F2$-2;,%3!:%9C%$737A0;-32
"
g
h
3A:%,30$-2"31%
!
~:4;b
N$2.
~:4;b
N$2.D€
2;9AG
}b}}‰
0-2:
~ƒbƒ„‰
%993C%%99
%0,
-392$%
99" 3$3:
%2$%:
0392$-$%99
!:%9C%$737A0;-32
A1
€:4;b
N$2.Dƒ
ƒ:4;b
N$2.D†
†:4;bN$2.D
~
€€b€€‰
}b}}‰
€€b€€‰
€€b€€‰
~}}b}}‰
‚}b}}‰
€€b€€‰
}b}}‰
}b}}‰
~}}b}}‰
‚b}}‰
‚}b}}‰
}b}}‰
}b}}‰
‚b}}‰
~}}b}}‰
}b}}‰
‚„b~‰
~b†‰
~b†‰
~b†‰
~}}b}}‰
‚b}}‰
„‚b}}‰
}b}}‰
}b}}‰
}b}}‰
~}}b}}‰
}b}}‰
}b}}‰
}b}}‰
}b}}‰
}b}}‰
~}}b}}‰
ekRfhp
ieRkfp
egRkmp
jRmdp
edRghp
eddRddp
3.C. N.C. ;< D42;414+$;F -411.C.;+.D *.FN..; 4;+<:. C$;2.D <1 +<::I;4F4.D <C :4+C<j*$D4;Db
<N.M.C4F+$;*.;<F.-F3$F4;2.;.C$9_;.$C9P3$91m‚~b„‰n<1F3.3<ID.3<9-DAC.D.;F.-4;+<:.
C$;2.m~:4;bN$2.D€nb3.+<::I;4FPe9<C';-4$-$.CC$f3$-F3.3423.C1C.BI.;+Pm}‰n
<1 9<N.C 4;+<:. m ~ :4;b N$2.nb e$CC$+(< -<D .;-.Df AC.D.;F.- „‚‰ F3. C$;2. m~  :4;b
N$2.D€nb;-e$;F$CIQfD3<N.-F3.3423.DF4;+<:.C$;2.<1$99+<::I;4F4.D_.O34*4F4;2$
1C.BI.;+P<1€€b€€‰1<Cƒ:4;bN$2.D†_$;-€€b€€‰1<C†:4;bN$2.D~b
jReRgRkR 937%9;F793(-0%
3.:$7<C4FP<1F3.AC<A.CF4.D$C.e<N;.-f_C.$+34;2„‚b†‰<1F3.<*D.CM.-D$:A9.b;9Pb~‰
$C. e2C$;F.-f_ N34+3 4D :<C. AC.M$9.;F 4; F3. +$D. <1 D3$C.+C<AA.CD_ $D AC.M4<ID9P .OA9$4;.-b
3.C. N$D $ D42;414+$;F -411.C.;+. *.FN..; :4+C<j*$D4;D C.2$C-4;2 F3. AC<A.CFP FPA.b € <;9P
AC.D.;F.-e<N;.-fAC<A.CF4.Dm~}}‰n_$++<C-4;2F<F3.4;F.CM4.ND<1F34DDFI-Pb_3<N.M.C_
3$- €‚‰ <1 F3. AC<A.CF4.D 4; F3. +$F.2<CP e2C$;F.-f_ N34+3 4D DF$F4DF4+$99P D42;414+$;F m#jD+<C._
A‹}b}}nb F 4D C.:$C8$*9. F3$F 1C<: F3.D. €‚‰ 4; F3. _ b†‰ $C. 4; F3. +<::I;4FP
e$CC$+(<-<D.;-.Df_DI::4;2IA„‚‰<11C.BI.;+P4;F3.N3<9.+<::I;4FPb;-b†‰$C.
4;e9<C';-4$-$.CC$f_DI::4;2IAƒ}‰<1F3..;F4C.+<::I;4FP_$DD..;4;-+A9%ij$;-!0%
hfbFN$D.;+<I;F.C.-$A<D4F4M.+<CC.9$F4<;*.FN..;F3.+$F.2<CPt2C$;F.-t$;-F3.+<::I;4FP
t$CC$+(< -<D .;-.Dt m<CC.9$F4<; F.DF_ A ‹ }b}}…nb 3. +<;-4F4<; e2C$;F.-f 3$D †b€‰ :<C.
AC.-4+F.-+3$;+.F<*.1<I;-4;e$CC$+(<-<D.;-.DfF3$;4;$;P<F3.C+<::I;4FPb
-+A9%ijQF7%3(937%9;F!F"311A2-;FO,-+,0-+,;-2+;,%"32$-;-323(T+92;%$U
!0%hfQ937%9;FF7%;0A%,-2
!
!
311A2-;F
$CC$+(<-<D
.;-.D
9<C';-4$-$
.CC$
4<
C$;-.
$94;$D
$;F$
CIQ
.CC$<M$.
.CC$.93$
<F$9
92;%$
b…ƒ‰
b…ƒ‰
~b†‰
}b}}‰
}b}}‰
}b}}‰
~}}b}}‰
D2%$
b‚‚‰
†b}†‰
„b„‰
„b„‰
~€bƒ‰
~…b~…‰
~}}b}}‰
; F34D DFI-P $C.$_ F3.C. 4D F3. AC.-<:4;$;+. <1 D:$99 1$:49P 1$C:Db ; $M.C$2. F3. D4Q. <1 F3.
1$C:D N$D +<;D4-.C.- :4;4jAC<A.CF4.D_ 4b.b e:4;41I;-4I:fb .$C9P …}‰ <1 F3. 3<ID.3<9-D
AC.D.;F.-AC<A.CFPD4Q.D:$99.CF3$;~}3$_N34+34DF3.F3C.D3<9-1<C<;.14D+$9:<-I9.m~}3$4;
<M$ C4*IC2<n F3$F +3$C$+F.C4Q.D 1$:49P 1$C:4;2 m
_ }~‚nb 3. -4DFC4*IF4<; <1 1$C: D4Q. $;-
+I9F4M$F.-$C.$-.A$CFD1C<:$I;41<C:$;-;<C:$9-4DFC4*IF4<;b3.C.4D$3423AC.-<:4;$;+.<1
:4;4jAC<A.CF4.D$;-M.CP1.NAC<A.CF4.D9$C2.CF3$;}3$b--4F4<;$99P_4FN$D;<F.-F3$FF3.1$C:
D4Q.M$C4.D$++<C-4;2F<F3.:4+C<j*$D4;b$;;j 34F;.PF.DFmA‹}b}~‚nC.M.$9.-F3$FF3.:.-4$;D
$C.I;.BI$9_N3.C.4;3$D;<F$*9PD:$99.CAC<A.CF4.DF3$;€m-+A9%iknb<3$M.$;4-.$_
~}}‰<1AC<A.CF4.D1$C:D4Q.m3$n€$C.4;_$;-…}‰<1F3.AC<A.CF4.D€1$C:D4Q.m3$n
$C.$DN.994;b3.D.:4;4jAC<A.CF4.D$C.A$CF4+I9$C9P1<I;-4;F3.+<::I;4FPe$CC$+(<
-<D.;-.Df_C.AC.D.;F4;2„‚‰<11$C:D4Q.m3$n€4;F34D+<::I;4FPb
-+A9%ikQ91:-G%Y,Z!F1-"93W!:-29%C%0-2+A2%8A01%$-2:2$:-+2-(-"2;$-((%9%2"%
<C.<M.C_ F3.C. N$D $ A<D4F4M. +<CC.9$F4<; *.FN..; 1$C: D4Q. m3$n $;- F3. +I9F4M$F.- $C.$ m3$n
m<CC.9$F4<;F.DF_A}b}}~n_$DD..;4;-+A9%ilb3.+<CC.9$F4<;4:A94.DF3$F*.D4-.D*.4;2M.CP
D:$99 AC<A.CF4.D_ F3. 1$C:.CD :$8. ID. <1 $9:<DF $99 $C.$ F< +I9F4M$F. M.2.F$*9.D $;- $+34.M.
:$O4:I:<IF+<:.$DA<DD4*9.b;9PC.9$F4M.9P9$C2.CAC<A.CF4.D3<9-D:$99.CM.2.F$*9.+I9F4M$F.-
$C.$_-I.F<F3.-.DF4;$F4<;<1F3.$C.$F<<F3.C$2C4+I9FIC$9<C94M.DF<+8$+F4M4FPb
-+A9%ilQ3:-;-C%"399%0;-32!%;D%%2(91:-G%Y,Z2$"A0;-C;%$9%Y,Z
jReRgRlR -2$-2+:3(;,%,3A:%,30$:A9C%F
3. D<+4<.+<;<:4+ DICM.P N$D ID.1I9 F< 14;- F3$F F3. A<AI9$F4<; <1 F3. :4+C<j*$D4;D DFI-4.- 4D
+<;D4-.C.- P<I;2` N<:.; 3$M. C.AC.D.;F$F4M.;.DD 4; F3.4C +<::I;4F4.D` F3. AC.-<:4;$;+. <1
:$CC4.- 3<ID.3<9-D DFC.;2F3.;D F3. 1$:49P 1$C: +<C.b --4F4<;$99P F3. AC.D.;+. <1 $ F.+3;4+$9
$2C4+I9FIC. +<99.2. 4; F3. C.24<; 3$- $ A<D4F4M. 4:A$+F <; F3. A<AI9$F4<;b ; 2.;.C$9_ 
e$CC$+(< -<D .;-.Df 4D $F $ +<:A$C$F4M. D<+4<j.+<;<:4+ -4D$-M$;F$2. 4; C.9$F4<; F< €
e$;F$CIQfbAC.D.;F.-$9:<DF$994;-4+$F<CD$F$9<N.CA<D4F4<;_4;F.C:D<19<N.C9.M.9<1
.-I+$F4<;_ 3423.C 3<ID.3<9- D4Q. m:<C. +349-C.;n_ 9<N.C 4;+<:. C$;2._ :<C. 1C.BI.;+P <1
D3$C.+C<AA4;2 $;- A$CF4+I9$C D:$99.C AC<A.CF4.Db 34D +<;-4F4<; 4D :<C. $++.;FI$F.- 4; F3.
+<::I;4F4.D<1e$CC$+(<-<D.;-.Df$;-e9<C';-4$-$.CC$f_+<;D4-.C.-*PF34D$;$9PD4D$D
F3.:<DFMI9;.C$*9.4;D<+4<j.+<;<:4+F.C:Db
jRfR ;%7fQ%12$(39,39;-"A0;A9%C0A%",-23A;7A;:
jRfReR %12$2$;9%2$:32C%+%;!0%"32:A17;-32
3. <ID.3<9- I-2.F ICM.P m
_ }~}*n DFI-4.- F3. 3<ID.3<9- 1<<- $+BI4D4F4<; 4; C$Q49_
.24<;D$;-F$F.Db3.DICM.PC.A<CF.-F3$FF3.$;;I$9+<;DI:AF4<;<1M.2.F$*9.D4;C$Q494D<;
$M.C$2.„_}„‚82A.C+$A4F$b--4F4<;$99P_F3.D$:.DFI-PC.M.$9.-F3$FF3.<IF3.$DF.24<;4D
F3. D.+<;- 9$C2.DF +<;DI:.C <1 M.2.F$*9. 4; C$Q49 m„_††‚ 82 A.C +$A4F$ P.$Cj~nb ;- 1C<: F3.
<IF3.$DF_ 4< -. $;.4C< AC.D.;F.- 3423.C +<;DI:AF4<; 4; +<:A$C4D<; F< <F3.C DF$F.D 4; F3.
C.24<;_C.$+34;2$;$M.C$2.<1€}_}ƒ…82A.C+$A4F$P.$Cj~b
3.+<;DI:AF4<;<1F3.DFI-4.-M.2.F$*9.D4;4<-.$;.4C<$C.F<F$93.C*$+.<IDM.2.F$*9.€_~
82`N3.C.34;.D.+$**$2._9.FFI+.$;-+$I9419<N.C3$M.+<;DI:AF4<;<1}_€ƒ~`}_„‚~`}_€~„82
A.C+$A4F$P.$Cj~C.DA.+F4M.9PbCI4FM.2.F$*9.DAC.D.;F.-$+<;DI:AF4<;<1~€_€„82A.C+$A4F$
P.$Cj~_N3.C.F<:$F<C.AC.D.;F.-_€€€`$;-2C..;*.$;}_€ƒ82A.C+$A4F$P.$Cj~b3.F<F$9C<<F
M.2.F$*9.4D~€_€…82A.C+$A4F$P.$Cj~_N3.C.*..FC<<F+<;FC4*IF.DF<}_€„„82A.C+$A4F$P.$Cj~
m
_}~}*nb
;<F3.CAI*94+$F4<;-<;.1<CF3.D$:.<ID.3<9-I-2.FICM.Pm
.F$9b_}~}n1<+ID.-:<C.
<;F3.;IFC4F4<;$9DF$FID$;-1<<-$M$49$*494FPb3.;IFC4F4<;$9DFI-PC.A<CF.-F3$FF3.A.C+.;F$2.
<1M.2.F$*9.4;F3.-$49P+$9<C4+4;F$8.4D<;9P_…‰_7IDF<;.jBI$CF.C<1F3.C.+<::.;-.-4;F$8.
<1 †‰ F< ~‰ m}}2nb F 4D 4:A<CF$;F F< +<;D4-.C F3$F F3.
m}~‚n C.+<::.;-D F3.
+<;DI:AF4<;<1$F9.$DF}}2<C‚A<CF4<;D<1M.2.F$*9.$;-1CI4F$-$P_4;<C-.CF<C.-I+.F3.C4D8
<1;<;j+<::I;4+$*9.-4D.$D.DmDn~„$;-F<AC<M4-.F3.$-.BI$F.-$49P4;F$8.<1-4.F$CP14*C.b
;4<-.$;.4C<_F3.A$CF4+4A$F4<;<1M.2.F$*9.4;F3.-4.F$CP+$9<C4+4;F$8.4D7IDF~‰_*$D4+$99P
+<:A<D.-<1F<:$F<$;-<F3.CM.2.F$*9.Dm
.F$9b_}~}nb
3. <<- $;- IFC4F4<; I4-. 1<C F3. C$Q494$; <AI9$F4<; mC$D49_ }~$n 4-.;F414.- F3$F .$F4;2
A$FF.C;D 4; C$Q49 3$M. +3$;2.-_ C.A9$+4;2 F3. 1<C:.C9P +<;DI:.- 1C.D3 M.2.F$*9.D *P
4;-IDFC4$94Q.-C.$-PF<.$FAC.A$C$F4<;Db3.A<AI9$F4<;3$DAC.D.;F.-$;.O+.DD4M.+<;DI:AF4<;
<1C.14;.-DI2$C$;-AC<+.DD.-1<<-D$;-4;DI114+4.;F+<;DI:AF4<;<11CI4F$;-M.2.F$*9.Dm
.F $9b_ }~}nb 3. :$7<C -4D.$D.D F3$F +ICC.;F9P $11.+F C$Q494$;D 3$M. *.+<:. +3C<;4+_
+3$C$+F.C4Q.-*P$;.OAC.DD4M.4;+C.$D.<1<M.CN.423F$;-<*.D4FP4;$99$2.D_+<I;F4;2<;$M.C$2.
<;.4;.M.CPFN<$-I9FD$;-<;.4;.M.CPF3C..+349-C.;mC$D49_}~$nb
<+4<.+<;<:4+ 1$+F<CD 3$M. $ D42;414+$;F 4;19I.;+. <; F3. +<;DI:AF4<; <1 1CI4F $;- M.2.F$*9.D
$;-$C.DI*7.+FF<4;F.CM.;F4<;F<+<;FC4*IF.F<3.$9F34.C3$*4FDm<;-4;4.F$9b_}~}nb.2.F$*9.
+<;DI:AF4<;F.;-DF<4;+C.$D.*PIAF<~…„‰$D4;+C.$D.F3.3<ID.3<9-AIC+3$D4;2A<N.Cm
_
}~}*nb9D<_F3.C.4D$;..-F<AC<:<F.F3.+<;DI:AF4<;<11C.D31<<-4;3.$9F34.CAC.A$C$F4<;D
$;-$9D<DFC.;2F3.;F3.94;8$2.N4F3D<+4$99P$;-.;M4C<;:.;F$99PDIDF$4;$*9.AC<-I+F4<;DPDF.:D
mC$D49_}~$nb
3. AC<149. <1 F3. M.2.F$*9. +<;DI:.C_ :$4;9P 4; 9$C2. +<;DI:.C +.;FC.D 3$D *.+<:. :<C.
.O42.;F4;F.C:D<1BI$94FP$;-;IFC4F4<;$91$+FDm.9<u49.9$_}}„nb++<C-4;2F<4:$m}~}n_
F3.C.4D$;4;+C.$D4;2-.:$;-1<C3423.CBI$94FP_<C2$;4+_:4;4AC<+.DD.-$--.-M$9I._D:$99$;-
:<C. +<;M.;4.;F A$+8$24;2 $;- +.CF414.- 9$*.9D .;DIC4;2 F3. <C424; <1 F3. AC<-I+Fb 3.C. 4D $
2C.$F.C-.D4C.1<C;<;j+<;M.;F4<;$9M.2.F$*9.D_$D$-.:$;-<C424;$F.-1C<:F3.3$*4F<1.$F4;2
~„
b2b-4$*.F.D_3.$CF-4D.$D._DFC<8.$;-+$;+.Cm
_}~‚n
<IFD4-. 3<:.b <C 4;DF$;+._ +<;DI:.CD $C. N4994;2 :<C. 4;;<M$F4M. M.224.D N4F3 $ M$C4$F4<; <1
+<9<IC$;-D4Q.A$FF.C;$;-.O<F4+19$M<ICmI;BI.4C$uI.;2<_}}}`.9<u49.9$_}}„nb;F34D
2C<IA_ F3. e:4;4f $;- e*$*Pf M.2.F$*9.D $C. 2$4;4;2 :<:.;FI:_ .b2b :4;4 F<:$F<.D_ *$*P
+$CC<FD_$;-*$*P9.$1M.2.F$*9.Dm$CM$93<.F$9b_}~€nb
C<+.DD.-M.2.F$*9.D3$M.*..;$;<AA<CFI;4FP1<C$:$C8.F;4+3.<13423.C4;+<:.$;-.$D4.C
+<;DI:AF4<;_ .b2b 1C<Q.;_ AC.D.CM.-_ 9P<A3494D.-_ -.3P-C$F.-_ DI+3 $D A..9.- F<:$F<.D_ 1C<Q.;
A.$D$;-*C<++<94_A.AA.C4;<49m$CM$93<.F$9b_}~€`I;BI.4C$uI.;2<_}}}nb9D<_F3.C.4D$
FC.;-1<C:4;4AC<+.DD.-M.2.F$*9.D_$D$F.;-.;+P<1F3.AIC+3$D4;2AC.1.C.;+.D4;F3.C.F$49.C
$;-DIA.C:$C8.FDb;-<C2$;4+m*4<nM.2.F$*9.D_$D$;4;+C.$D4;2-.:$;-1<C3.$9F34.C$;-1C..<1
+3.:4+$9DM.2.F$*9.DmI;BI.4C$uI.;2<_}}}nb
--4F4<;$99P_ D4;+. M.2.F$*9.D $C. A$CF <1 $ 3.$9F3P *$9$;+.- -4.F_ F3. +<;DI:AF4<; 3$D AID3.-
F34D:$C8.F1ICF3.CF<+<;FC4*IF.F3.-$49P1<<-+<;DI:AF4<;<1M.2.F$*9.Dm9M.Du49<+34_}~}nb
3..$F4;23$*4FD<14<-.$;.4C<$C.+3$;24;2F<$3.$9F34.C-4.F`1<C4;DF$;+._D+3<<9:.$9D$C.
4;FC<-I+4;2:<C.M.2.F$*9.D_-I.F<1<<-C.2I9$F4<;DF<AC.M.;FF3.Dm4:$_}~}nb
C$Q493$D;<FP.FF$8.;F3..OF.C;$9:$C8.F<13<CF4+I9FIC.b3.+<I;FCP3$D<;9P$F<F$9D$9.<1
ƒ} F3<ID$;- F<;;.DgP.$C_ N34+3 C.AC.D.;FD <M.C ~‰ <1 F3. F<F$9 AC<-I+F4<; m$CM$93< .F $9b_
}~€nbDC.A<CF.-*P.9<u49.9$m}}„n_F3.A$CF4+4A$F4<;<1C$Q494DM.CP94:4F.-$;-C.DFC4+F
F< 1.N +<::.C+4$94Q.- DA.+4.D DI+3 $D :.9<;D_ A.AA.CD_ *.99 A.AA.CD F<:$F<.D $;- 24;2.Cb
9F3<I23 F3. C$Q494$; 3<CF4+I9FIC. AC<-I+F4<; 3$D D3<N; 2C.$F A<F.;F4$9 F< :..F -.:$;-_ F34D
9$FF.C 3$D ;<F :.F F3. .OA.+F$F4<;D_ 4; N34+3 -<:.DF4+ +<;DI:AF4<; 4D 9$224;2 *.34;- F3. C.$9
;..-Dm$CM$93<.F$9b_}~€nb
F4DC.9.M$;FF3$FF3.F$F.4<-.$;.4C<1$+.D$-.14+4F<1F3.9I:4;.;D.sDDIAA9PbDDF$F.-*P
4:$m}~}n_4<-.$;.4C<DF$F.4D$;4:A<CF.C<1M.2.F$*9.D1C<:<F3.CDF$F.D_$;-<;9P…‰<1
F3.F<F$9M.2.F$*9.+<::.C+4$94Q.-4;F3.
j4DAC<-I+.-4;4<-.$;.4C<b3..423F:$7<C
M.2.F$*9. +C<AD -.:$;-.- 4; 4< -. $;.4C<_ .b2b N$F.C:.9<;_ DFC$N*.CCP_ :.9<;_ +$CC<F_
AI:A84;_DN..FA<F$F<_*..F$;-DN..F+<C;_3$M.$;4;.OAC.DD4M.9<+$9AC<-I+F4<;b3.-.14+4F
<A.;D DA$+. 1<C F3. DIAA9P <1 <F3.C DF$F.D_ <++IAP4;2 $ +<;D4-.C$*9. D3$C. <1 F3. :$C8.F_ F3ID
24M4;2F3.4C1$C:.CDF3.M$9I.<1<IFAIF_F3.D$:.$IF3<CC.A<CFDb4<-.$;.4C<dDAC<-I+.CD9<D.
F3.+<:A.F4F4M.;.DD4;C<<FD_DI+3$D+$CC<FD$;-A<F$F<.D_*.+$ID.F3.AC<-I+.CD1C<:(<$I9<
$;-4;$D.C$4D3$M.3423.C9.M.9<1F.+3;<9<2P$AA94.-F<F3.4C+C<ADmCF4Q_}~~*nb<N.M.C_$
D4:A9. C.-I+F4<; <1 F3. -.14+4F *P }‰ N<I9- AC<M4-. $ 2C<DD M$9I. <1 y b€‚b~ƒ} F< 4< -.
$;.4C<dDAC<-I+.CDm4:$_}~}nb
jRfRfR ,%:A770F2$$-:;9-!A;-32:F:;%1-2-3$%2%-93
3. M.2.F$*9. DIAA9P <1 4< -. $;.4C< 4D :$4;9P +$CC4.- <IF 4; F3C.. N$PDb 3. 14CDF $;- :<DF
4:A<CF$;F 34DF<C4+$99P 4D F3. +<::.C+4$94Q$F4<; M4$ m$994.Q u +3I.9.C_ }}nb 3.
N3<9.D$9.:$C8.FDPDF.:m
n4DDF499F3.:$4;+<::.C+4$94Q$F4<;+3$;;.9<1M.2.F$*9.DbF4D
.DF4:$F.-F3$F$C<I;-‚‚‰IAF<ƒ}‰<1F3.F<F$9M<9I:.<1M.2.F$*9.D+<::.C+4$94Q.-4;C$Q49
4D F3C<I23 F3. PDF.:_ .M.; N4F3 F3. 3423 1C.BI.;+P <1 4;F.C:.-4$C4.D 4; F3. AC<+.DD
m49.9$u.;Q_}}}nb3.
C$;-.j4<4DF3.:$4;-4DFC4*IF<C$;-DIAA94.C<1M.2.F$*9.D4;
4<-.$;.4C<m$*9.n_$++<C-4;2F<F3.C.D.$C+3+<;-I+F.-*P4:$m}~}n
3.D.+<;-4DF3.9$C2.;.FN<C8<1DIA.C:$C8.F+3$4;D_N34+3;.2<F4$F.9$C2.BI$;F4F4.D-4C.+F9P
F< F3. AC<-I+.CD m$994.Q u +3I.9.C_ }}nb F 3$D *..; <*D.CM.- $; 4;+C.$D4;2 A$CF4+4A$F4<; <1
F3. DIA.C:$C8.F +3$4;D_ N34+3 +<I;FD F< ‚}‰ 1<C F3. +<::.C+4$94Q$F4<; <1 M.2.F$*9.D 4; 9$C2.
IC*$;+.;FC.Dm/D$Cu.9<_}}‚n_N4F3$-C41F<1:4;4AC<+.DD.-$;-1C<Q.;M.2.F$*9.Dm49.9$u
.;Q_}}}nb
;- F34C- 4D F3. -4C.+F D$9. 1C<: F3. AC<-I+.C F< F3. +<;DI:.C_ :<C. DA.+414+$99P -.M.9<A.- 4;
;4+3. :$C8.FD DI+3 $D F3. <C2$;4+ AC<-I+FD m$994.Q u +3I.9.C_ }}nb <99<N4;2 49.9$ u .;Q
m}}}n_ F3. -4C.+F AIC+3$D. 1C<: F3. 1$C:.C 4D A.C1<C:.- F3C<I23 DFC..F :$C8.F M.;-<CD_
DIA.C:$C8.FD_ FCI+8 M.;-<CD_ 2C<+.CP DF<C.D $;- 4;DF4FIF4<;$9 +<;DI:.CD_ 948. 3<DA4F$9D_ D+3<<9D
$;-C.DF$IC$;FDb
!0% hg -4DA9$PD F3. -411.C.;F -4DFC4*IF4<; +.;F.CD <1 4< -. $;.4C< $;- F3. :$4;
+<::.C+4$94Q$F4<; +3$;;.9D <1 1CI4F $;- M.2.F$*9.Db 9D< 4F 4D -4DA9$P.- 1C<: N34+3 DIAA94.C F3.
+<::.C+4$94Q$F4<;+3$;;.9DIDI$99PAIC+3$D.F3.4CAC<-I+.b
!0%hgQ9%8A%2"F3(:A770F!F$-((%9%2;$-:;9-!A;-32"%2;%9:;3;,%1-2"311%9"-0-G;-32",22%0:
-2A770-%9:
A7%919/%;
%;-0%9:
T39;-(9A;-U
;9%%;19/%;
C$;-.j4<
„…b„
~}}b}
…‚b„
…bƒ
F3.CN3<9.D$9.+.;FC.D
…b‚
~ƒb„
}b}
~€b}
4C.+FAIC+3$D.1C<:AC<-I+.C
~b€
‚b}
…bƒ
~€b}
F3.CDIAA94.CD
‚b‚
}b}
…bƒ
b€
<IC+.am4:$_}~}n
!0%hh94DFDF3.AC.1.C$*9.M.2.F$*9.$;-1CI4F+<::.C+4$94Q$F4<;9<+$F4<;D*PF3.+<;DI:.CD4;
F3.+4FP<14<-.$;.4C<_$++<C-4;2F<F3.C.D.$C+3A.C1<C:.-*P4:$m}~}nbIA.C:$C8.F$;-
FC..F :$C8.F $C. F3. AC.1.C$*9. 9<+$F4<;D F< AIC+3$D. M.2.F$*9.D_ $++<C-4;2 F< F3. D$:.
C.D.$C+3<14:$m}~}nb
!0%hhQ3";-32:3(C%+%;!0%:2$(9A-;:"311%9"-0-G;-32!F"32:A1%979%(%9%2"%
<+$F4<;
C.1.C.;+.m‰n
<CF41CIF4+3$4;
ikRkp
IA.C:$C8.FD
‚‚b€‰
FC..F:$C8.F
€b}‰
F3.CC.F$49.C
}b„‰
C<+.CPDF<C.
~b…‰
FC..FM.;-<C
~b€‰
F3.C
b…‰
<IC+.am4:$_}~}n
jRfRgR ,%WD,30%:0%19/%;$-:;9-!A;-32:F:;%1
3.
jm.;FC$9IAA9Pn4D$N3<9.D$9.:$C8.FDPDF.:+C.$F.-4;F3.„}dDb3.$4:<1F3.
4D F< $+F <; F3. +<::.C+4$94Q$F4<; <1 $2C4+I9FIC$9 AC<-I+._ $;- F< *. C.DA<;D4*9. 1<C F3.
+<;+.;FC$F4<; $;- 1ICF3.C -4DFC4*IF4<; <1 AC<-I+. F< F3. C.F$49.C :$C8.FD 4; F3. F$F. 4< -.
$;.4C< m.$*C$ u $C$1<;_ ;b-bnb F 4D $ A9$+. F< +<;2C.2$F. D:$99 $;- :.-4I: AC<-I+.CD_
4;-4M4-I$9:.C+3$;FD_<C2$;4Q$F4<;D_$;-AC<-I+.CdD+<<A.C$F4M.D$;-$DD<+4$F4<;DmCF4Q_}~~$nb
3. j 4D 94;8.- F< F3. F$F. .+C.F$C4$F <1 .24<;$9 .M.9<A:.;F_ IAA9P_ $;- 4D3.C4.Db
3.C.$C.D4OI;4FD4;4<-.$;.4C<aC$;-.j4<_(<<;,$9<_<I;F$4;.24<;m<M$C4*IC2<n_
.24<; <CF3N.DF 9I:4;.;D. mF$<+$C$n_ <CF3 9I:4;.;D. .24<; m(< <D/ -. *&n $;- $DF
.24<;$C$5*$m$FP-<91.C.Dnm
j_}~‚$nb3.;4FC$;-.j4<_9<+$F.-4;C$7&_4;F3.
;<CF3 <1 F3. +4FP_ 4D F3. D.+<;- 9$C2.DF .;FC$9 IAA9P 4; $F4; :.C4+$ m
j_ }~‚$nb 3.
eC$;-.j4<f<++IA4.D$;$C.$<M.CFN<:4994<;:_N3.C.$C<I;-ƒ}F3<ID$;-A.<A9.$;-
3I;-C.-D<1FCI+8D+4C+I9$F..M.CP-$Pb3.+<::.C+4$94Q$F4<;<1F3.AC<-I+.DF$CFD$F€a}}F499
F3.:4--$PmCF4Q_}~~$nb
<;1<C:4;2F<<;$*m}~‚+n_F3.N3<9.D$9.DIAA9PDPDF.:<1
j+<::.C+4$94Q.D$F<F$9<1
~_ƒ…_‚}…_}}} 82 <1 $2C4+I9FIC$9 AC<-I+._ 2.;.C$F4;2 $C<I;- y €_~_‚„‚_}}}b}} <1 M$9I. 4;
}~b3.I;4F4;F3.+4FP4<-.$;.4C<mC$7&n+<;FC4*IF.DF<F3.:$7<C4FP<11<<--4DFC4*IF4<;_$D
D..; 4; !0% hib 3. j +<::.C+4$94Q.D M.2.F$*9.D <C424;$F.- 1C<: F3. :I;4+4A$94F4.D
C.AC.D.;F.- 4; -+A9% imb ; +<:A$C4D<; F< <F3.C I;4FD_ C$;-. 4< I;4F 4D A.+I94$Cb
.+$ID. F3. :$7<C4FP <1 F3. AC<-I+. +<::.C+4$94Q.- 4D 2C..;.C4.D_ <C424;$F.- :$4;9P 1C<: F3.
<I;F$4;.24<;m.$*C$u$C$1<;_;b-bnb
!0%hiQ311%9"-0-G;-323(793$A"%-2W2-;:-2;,%7%9-3$fdegVfdeh
fdeg
2-;W
fdeh
A2;-;F3(93$A"%
Y/+Z
0A%3(93$A"%
YaZ
A2;-;F3(93$A"%
Y/+Z
0A%3(93$A"%
YaZ
-3$%2%-93
~_€_†~€_}}}
_†€‚_‚„†_}}}b}}
~_ƒ€_€†…_}}}
€_}€€_„}}_}}}b}}
332#03
~†…_„†_}}}
„_‚‚_}}}b}}
~ƒ~_~ƒ„_}}}
€}ƒ_†€‚_}}}b}}
3C9-!A9+3
~‚_€~_}}}
~_„†_}}}b}}
~€_€…_}}}
~_‚„}_}}}b}}
;F$30(%9%:
~‚_‚_}}}
€_†ƒ}_}}}b}}
~€_†„_}}}
~†_…‚…_}}}b}}
33:&$%!
~†_}†}_}}}
~‚_}„…_}}}b}}
~_ƒ‚_}}}
~_…‚†_}}}b}}
%9"$3$393$A;39
Y
;3"9Z
„_‚…ƒ_}}}
„__}}}b}}
†_„‚_}}}
€„_ƒ‚€_}}}b}}
3;0:
eOjmmOjheOddd
gOfmlOhddOdddRdd
eOjlfOidlOddd
gOhehOikiOdddRdd
<IC+.<1-$F$am<;$*_}~‚+n
-+A9%imQ-2C%+%;!0%:A770-%91A2-"-70-;-%:3(;,%W
<IC+.am4:$_}~}n
3.$M494<;~4;e.$D$C$;-.4<f4D4;F.;-.-1<CF3.D:$99AC<-I+.C<1F$F.4<-.$;.4C<_
F3C<I23$+<;+.DD4<;<*F$4;.-*P
jb3.D:$99AC<-I+.C+$;$+BI4C.$eDF<;.f~…m$C.$
-.94:4F.- 4; F3. $M494<;n_ N3.C. 3. 4D $99<N.- F< +<::.C+4$94Q. 34D 2<<-D m.$*C$ u $C$1<;_
18
F<;.:.$;DF3.-.:$C+$F4<;<;F3.A$M494<;19<<CN3.C.F3.2<<-D$C..OA<D.-_+<CC.DA<;-.;FF<~‚DBI$C.
:.F.CDm4;C$Q494$;A<CFI2I.D.<C424;$9_eA.-C$fnm.$*C$u$C$1<;_;b-bn
;b-bnb 3. $M494<; ~ N$D 4:A<CF$;F 1<C F3. +<;D<94-$F4<; <1 F3. M.2.F$*9. AC<-I+F4<; 4; F3.
<I;F$4;.24<;*P24M4;2F3.1$C:.CD*.FF.C+<:A.F4F4M.;.DDN4F3<F3.CF3.:.C+3$;FDm4:$_
}~}nb<-$P_:<C.F3$;3$91m‚~b€‰n<1F3.AC<-I+.CD4;F3.$M494<;~$C.1C<:<M$C4*IC2<
$;- .C.D=A<94D m.$*C$ u $C$1<;_ ;b-bnb 3.C. 4D $9D< F3. $M494<; €} 4;F.;-.- F< F3. 1$:49P
1$C:4;2b ;9P 1$C:.CD *.9<;24;2 F< F3. C<;$1 +$; +<::.C+4$94Q. F3.C. mCF4Q_ }~~$` $994.Q u
+3I.9.C_ }}nb ++<C-4;2 F< .OA.CFD 1C<: .4;A m.OA.CFdD +<;DI9F$F4<;n_ F3. $M494<; ~
3$D4;F<F$9…}}1$C:.CDC.24DF.C.-DI::4;2IAF<F$9C.M.;I.<1y€ƒ:4994<;:<;F39Pb
jRfRgReR $%2;-(-%$93!0%1;-"3(;,%:F:;%1
3. I;-.CA.C1<C:$;+. <1 F3. M.2.F$*9. DIAA9P $;- -4DFC4*IF4<; DPDF.: 4D <;. <1 F3. :$4;
*<FF9.;.+8D$11.+F4;2F3.3<CF4+I9FIC.+3$4;m<IC.;Q$;4u49M$_}}nb++<C-4;2F<.9<u49.9$
m}}„n_F3.C.3$M.*..;+3$;2.D4;F3.DIAA9P$;--4DFC4*IF4<;<1M.2.F$*9.F3$F3$D+3$99.;2.-
F3. N3<9. F3. 3<CF4+I9FIC. +3$4;b 3. 1$+.D AC<*9.:D 4; +<;+.$94;2 DIAA9P $;- -.:$;-b
3. :$4; C.$D<; 4D -I. 9<24DF4+D $;- BI$94FP 4DDI.D_ N34+3 +<;D.BI.;F9P 3$D N4F3-C$N; :<DF <1
F3.DIA.C:$C8.F+3$4;<IF<1F3.+.;FC$9N3<9.D$9.:$C8.Fm
nm<IC.;Q$;4u49M$_}}nb
<N.M.C_*.1<C..;F.C4;2F3.AC<*9.:$F4+_14CDF<;.:IDFI;-.CDF$;-F3.34DF<C4+$9+<;F.OFF3$F
A.C:.$F.D F3.
3<9.D$9. $C8.Fb <IC(< u <9<:*4;4 m}}…n $FFC4*IF.- F3. *IC-.; <1 F3.
+ICC.;F-.+94;.<1F3.
DPDF.:$D$:$FF.C<1F3.A<<C:$;$2.:.;F<1F3.C$Q494$;+.;FC$9
2<M.C;:.;F D4;+. F3. …}sDb ++<C-4;2 F< F3.:_ F3. +.;FC$9 2<M.C;:.;F 4;M.DF.- .CC<;.<ID9P <C
1$49.-F<4;M.DF4;F3.
D_$;-+<;D.BI.;F9P9.1FF3.C.DA<;D4*494FP<1:$;$2.:.;F4;+3$C2.
<1F3.DF$F.D$;-:I;4+4A$94F4.Db3.
DF3.;N.C.I;CI9P_$;-.$+3I;4F1<99<N.-4FD+<ICD.
<1.M<9IF4<;_C.2C.DD4<;<C+<:A9.F.DF$2;$F4<;_$++<C-4;2F<F3.D$:.$IF3<CDb
$CF4+I9$C9P 4; 4< -. $;.4C<_ F3.C. 3$M. *..; 34DF<C4+$99P AC<*9.:D 4; 1<<- DIAA9P $;- C.9$F.-
AI*94+ A<94+4.Db .$*C$ u $C$1<; D$P F3$F F3. +4FP 4< -. $;.4C< DI11.C.- $F *.24;;4;2 <1 F3.
}F3 +.;FICP 1C<: AC<*9.:D <1 1<<- DIAA9Pb C<*9.:D N.C. -I. F< $; .9.M$F.- A<AI9$F4<;
2C<NF3_+3$C$+F.C4Q.-*P$AIC+3$D4;2A<N.C+9$DD4;;..-<1AC<-I+FD$F.OA.;D4M.AC4+.D$;-$
A.;IC4<IDD.CM4+.$FF3.DI*IC*b3.
DPDF.:N$D+C.$F.-F<<M.C+<:.F3.4;+C.$D4;21<<-
DIAA9P 4DDI.D <1 F3. ƒ}dD $;- F< <C2$;4Q. F3. +<::.C+4$94Q$F4<; <1 $2C4+I9FIC$9 AC<-I+._ D$P F3.
D$:.$IF3<CDb
<N.M.C_ F3. +4FP <1 4< -. $;.4C< $9C.$-P 3$D $ -P;$:4+ IC*$; .OA$;D4<; <1 3423 +<;F.;F_
C.2$C-9.DD F< *$D4+ DF$;-$C-D <1 <C2$;4Q$F4<; m
D3.C 493< u .4D_ }}nb F 4D A<DD4*9. F<
I;-.CDF$;-F3$F-I.F<$;4;DI114+4.;F4;F.2C$F4<;<1$+F4M4F4.D_N3.F3.C4F4D<;+<;DI:AF4<;_<C
<; D.CM4+.D_ F3.C. 4D +.CF$4;9P $ 2.;.C$94Q.- -.14+4.;+P <1 $FF.;-$;+.b 3. -.14+4.;+4.D +C.$F.
+<;D.BI.;F9P3423.C<A.C$F4<;$9+<DFD_$;-F<$2C.$F.OF.;F:<C.F4:.F3$;C.BI4C.-F<+$CCP<IF
$;P$+F4M4FPF<:..FF3.D.+F<Cm
D3.C493<u.4D_}}nb
;<C-.CF<.O.:A941P_F3.C<$-;.FN<C8<1F3.F$F.N$D-.D42;.-F<+<;;.+FF3.AC<-I+F4<;
$C.$DN4F3F3.DIAA9P$;--4DFC4*IF4<;+.;FC.D4;$DFC$F.24+:$;;.Cm4:$_}~}n_1<C4;DF$;+._F3.
e
C$;-. 4<f I;4F_ F3. DIAA9P +.;FC. <1 C$7&_ 4D 9<+$F.- $F F3. eM.;4-$ C$D49f N34+3 4D
;.$C M.CP 4:A<CF$;F $++.DD C<$-D 948. F3. 4$ IFC$ $;- F3. j}} m.$*C$ u $C$1<;_ ;b-bnb
<N.M.C_
D3.C493<u.4Dm}}nA<4;F.-<IFF3$FF3.
C$;-.4<4D;<ND4FI$F.-4;D4-.
F3.IC*$;:.D3_DICC<I;-.-*PF3.F.CC4F<C4$9<++IA$;+P-.;D4FP<1D9I:D$;-I;DFCI+FIC.-IC*$;
+<C.Db --4F4<;$99P_ F3. eM.;4-$ C$D49f 3$D *..; C.+.;F9P <M.CD$FIC$F.- *P DF$C8 FC$114+
-4114+I9F4.D<13.$MP9<$-M.34+9.D_$;-4F+<;DF4FIF.DI;-<I*F.-9P$;<*DF$+9.F<F3.IF494Q$F4<;<1
F3. DIAA9P +.;FC. m
D3.C 493< u .4D_ }}nb -+A9% jd 499IDFC$F.D F3. +ICC.;F 9<+$F4<; <1 F3.
C$;-.4<I;4F4;D4-.F3.IC*$;:.D3b
-+A9%jdQT92$%W-3U2$TC%2-$9:-0UYedeZ03";-32:A993A2$%$!F;,%A9!2"32"%2;9;-32
<IC+.a<<29.
$CF3m}~‚n
IC4;2F3.-$F$+<99.+F4<;4;F3.
j_4FN$D;<F.-F3$FF3.N3<9.D$9.+.;F.C3$D$-4114+I9F
$++.DD_+<;D4-.C4;2F3.FC$114+4;F3.C.24<;$;-4FD-4DF$;+.F<F3.:$4;+<;DI:.CD4F.D4;F3.+4FPb
.D4-.D_ F3. C.24<; DICC<I;-4;2 F3. N$D +<;D4-.C.- -$;2.C<ID *P F3. D$:. A.<A9. N3<
N<C8<;F3.9<+$9_-I.F<F3.+<;+.;FC$F4<;<1D9I:D$;-C4D8F<M4<9.;+.bFN$D;<F$-M4D$*9.F<
N$98F3.C.1<C-$F$+<99.+F4<;$1F.CA:_-I.F<F3.C4D8b.<;$C-<C$;-(<_AC.D4-.;F<1
_
DF$F.- 4; $; 4;F.CM4.N mCF4Q_ }~~$n F3$F F3. D4FI$F4<; <1 F3. j N$D M.CP +C4F4+$9 $;-
-.+94;4;2 *P }~~b 3.C. N$D $ e+C$+<9';-4$f_ $ A9$+. 1<C -CI2 -.$94;2_ $;- .M.; 4;1$;F D.OI$9
$*ID._$;-*P1$C;..-.-IC2.;FC.;.N4;2<1F3.A9$+._3.D$4-b
F N$D 4-.;F414.- $ M.CP A<<C 4;1C$DFCI+FIC. <; F3. D4F._ D3<N4;2 D42;D <1 -4D<C2$;4Q$F4<;_ 9$+8 <1
4;1C$DFCI+FIC.1<CF3.+<;D.CM$F4<;<1AC<-I+FD.O34*4F.-bC<-I+FDN.C..OA<D.-1C<:-$N;I;F49
;<<;$FF.:A.C$FIC.D*.FN..;€}j}w4;F3.DI::.CmN3.;F3.-$F$+<99.+F4<;N$D:$-.<Mj
.*nb 34D 1$+F N$D +<:A9.F.9P -4DC.2$C-4;2 F3. BI$94FP $;- F3. N$DF. <1 M.2.F$*9.D F3$F N.C.
F3C<N;94F.C$99P4;F3.*4;b3.<*D.CM.-N$DF.N$D3423_$C<I;-…}F<;DA.C-$P_$++<C-4;2F<F3.
C$;-.j4< $;$2.Cb .M.C$9 *I+8.FD N.C. M4.N.- .O3$94;2 $ DFC<;2 <-<C <1 A.C4D34;2
M.2.F$*9.D $F $ -4DF$;+._ N34+3 N$D 4;F.;D414.- *P F3. N$C: N.$F3.Cb 3. N$DF. 94BI4- 9.$8.-
-4C.+F9P <; F3. A$C84;2 DA<F_ N3.C. <++ICD 9<$-4;2 $;- I;9<$-4;2 <1 2<<-Db F N$D <*D.CM.-
A.<A9.+<99.+F4;2N$DF.AC<-I+FDF<14;-1<<-<CF<9<<81<CAC<-I+FDF3$F+$;*.C.D<9-_<1F.;DF499
1<I;-4;N3<9.$;-+9<D.-A$+8$2.Db
34D <*D.CM.- 1$+F 4D $9D< $114C:.- *P D3.C 493< u .4D m}}nb 3.P D$P F3$F F3. j ;<
9<;2.C $FF.;-D F3. ;.+.DD4F4.D <1 DF<C$2._ -<.D ;<F 3$M. C.1C42.C$F.- +<;F$4;.CD_ A$C84;2 1<C
9<$-4;2$;-I;9<$-4;2AC<+.-IC.D4DC.-I+.-b.D4-.D_F3.C.4DF3..;M4C<;:.;F$9AC<*9.:+$ID.-
*P F3. 4;$-.BI$F. N$DF. C.D4-I. <1 I;D<9- AC<-I+FD m-+A9% jen_ $;- AC<*9.:D N4F3 AC4+.
M<9$F494Q$F4<;-I.F<+<;-4F4<;D4:A<D.-*PF3.:4--9.:.;b
-+A9%jeQ
2$%8A;%D:;%$-:73:0;;,%79/-2+70"%2$0"/3(9%(9-+%9;-32(39C%+%;!0%:"311%9"-0-G%$-2
W92$%-3
3<F<DF$8.;*PF3.$IF3<Cm}~n
.$*C$u$C$1<;m;b-bn$9D<<*D.CM.-AC<*9.:DC.2$C-4;2F3.$2C4+I9FIC$9+<::.C+4$94Q$F4<;4;
F3. j PDF.:b <C F3.:_ F3.C. 4D $; $DP::.FCP <1 DA$F4$9 4;F.C$+F4<;D 4; F3. N3<9.D$9.
:$C8.Fb 3. A<<C 4;1C$DFCI+FIC. <11.CD $; 4;$-.BI$F. +<::.C+4$94Q$F4<;_ :$4;9P 1<C F3. D:$99
AC<-I+.C<14<-.$;.4C<_N34+33$D-4114+I9F4.DN4F3F3.:4--9.:.;$;-FC$;DA<CF$F4<;4DDI.Db
F N$D A.C+.4M.- F3C<I23 F3. C.D.$C+3 F3$F F3. D4FI$F4<; C.:$4;D -4D<C-.C.- *.+$ID. F3.C. 4D $
9$+8 <1 :<F4M$F4<; F< 4:AC<M._ $;- ;< 4;+.;F4M. F< $M$49 C.D<IC+.D 4; F3. D.+F<Cb 3.
$-:4;4DFC$F4<; <1 F3. N3<9.D$9. 9$+8D <1 .:A9<P..D_ D$9$C4.D $C. 9<N_ $;- DF$11 9<D.D F3.
:<F4M$F4<; F< N<C8_ $;- +<;D.BI.;F9P -<;dF :$8. $; .11<CF F< 4:AC<M.b $;P FC$-.CD $9D<
C.A<CF.-F3$FF3.C<IF4;.4D.O3$IDF4M._$;-F3.+<;-4F4<;D<14;1C$DFCI+FIC.$;--4D<C2$;4Q$F4<;
-4D+<IC$2.N<C84;2<;F3.D4F._N<CD.;.-*PF3.$--4F4<;$99<N3P24.;.$;-D.+IC4FP+<;-4F4<;D_
.b2b;<$M$49$*9.C.DFC<<:$M$49$*9.1<CFC$-.CDb
--4F4<;$99P_F3.-4DFC4*IF4<;F<F3.C.F$49.CD3$D-4:4;4D3.-D42;414+$;F9P_-I.F<F3.-.M.9<A:.;F
<1 *42 DIA.C:$C8.F +3$4;D_ N34+3 -< ;<F -.A.;- $;P:<C. <; F3. m
D3.C 493< u .4D_
}}nb3.DIA.C:$C8.FDFC$-.9$C2.$:<I;FD<1AC<-I+FD_$;-F3.-.+C.$D.:423F*..OA9$4;.-
*PF3.1C.BI.;FAC<*9.:DN4F33423<A.C$F4<;$9+<DFD$;-F4:.j+<;DI:4;2<19<$-4;2AC<+.-IC.D
4; F3. m
D3.C 493< u .4D_ }}nb 3. +3$;2. D..:D F< *. 4CC.M.CD4*9.b <N.M.C_ F3.
FC$;D1<C:$F4<; 3$D +$ID.- $; <M.C$99 4:AC<M.:.;F m.9< u 49.9$_ }}„nb 3. DIA.C:$C8.FD
N<I9- A9$P $; 4:A<CF$;F C<9. 4; F3. -.M.9<A:.;F $;- F3. FC$;D1<C:$F4<; <1 F3. $2C4+I9FIC$9
AC<-I+FD+<::.C+4$94Q$F4<;m.$*C$u$C$1<;_;b-bnb
D DI22.DF.- *P $994.Q u +3I.9.C m}}n_ 4F 4D <1 A$C$:<I;F 4:A<CF$;+. F< -.M.9<A AI*94+
A<94+4.D$;-AC<7.+FD_F<C.<C2$;4Q.$;.N:<-.9<1DIAA9P$;--4DFC4*IF4<;4;4<-.$;.4C<b;
F34DN$P_F<$+34.M.$*.FF.C+3$4;A.C1<C:$;+.N4F31.N.C4;.BI$94F4.D_4F4D4:A<CF$;FF<DIAA<CF
DFC$F.24+$99P $99 F3. D.+F<C C.9$F.- F< F3. DIAA9P $;- -4DFC4*IF4<;_ N3.F3.C F3. D_ F3.
DIA.C:$C8.F+3$4;D_<CF3.DFC..F:$C8.Fb
jRfRhR %;-0%";39-2-3$%2%-93
3.4;+C.$D4;2-.:$;-1<CF3.DIA.C:$C8.F+3$4;D$;-<F3.CC.F$49.CD4D-I.F<F3.+<;M.;4.;+.
<1D3<AA4;2b3.+<;DI:.C+$;AIC+3$D.M.2.F$*9.DF<2.F3.CN4F3<F3.C:<;F39PAIC+3$D.D$;-
A$P$F<;+.4;<;9P<;..DF$*94D3:.;Fm.C$9-4;4u49M.4C$_}~}nb3.DIA.C:$C8.F+3$4;D<N;
;<Nm/D$Cu.9<_}}‚n$C<I;-‚}‰<1F3.:$C8.F<11C.D3M.2.F$*9.D4;9$C2.IC*$;+.;F.CDb
9F3<I23 F3. :$7<C4FP <1 M.2.F$*9.D $C. DF499 +<::.C+4$94Q.- F3C<I23 F3. PDF.:_
DIA.C:$C8.FD$;-C.F$49.CD3$M.1<I;-:<C..11.+F4M.N$PDF<+<::.C+4$94Q.F3.4CAC<-I+FDb3.P
$+BI4C. F3.4C DIAA9P -4C.+F9P F< F3. AC<-I+F4<; D<IC+. <C F3C<I23 DA.+4$94Q.- N3<9.D$9.CD
m<IC.;Q$;4 u 49M$_ }}nb 3. DIA.C:$C8.F +3$4;D $;- 2C<+.CP DF<C.D 3$M. $ DA.+4$9 DFCI+FIC.b
3.D. C.F$49.CD *IP -4C.+F9P 1C<: F3. AC<-I+.CD_ N34+3 AC<M4-. D.+IC4FP <1 F3. AIC+3$D. $;-
+.CF$4;FP<1F3.AC4+.A$4-F<F3.1$C:.CDb<N.M.C_F3.DIA.C:$C8.FD$9D<C.BI4C.3423.CBI$94FP
DF$;-$C-D_N34+34;.M4F$*9P4:A94.D3423.CAC<-I+4;2+<DFDm$994.Qu+3I.9.C_}}nb
< DIAA9P F3. DIA.C:$C8.F +3$4;D_ F3. AC<-I+.C ;..-D F< 4:AC<M. $DD.FD $F $ :4;4:I: 4;
A$+84;23<ID.D $;- 9<24DF4+D m.C$9-4;4 u 49M.4C$_ }~}nb 3. D$:. 9$DF $CF4+9. $9D< 94DFD F3. :$4;
C.BI4C.:.;FD <1 F3. DIA.C:$C8.F +3$4;D_ N34+3 4;+9I-. BI$94FP_ DF$;-$C-4Q$F4<;_ C.2I9$C DIAA9P_
AC4+.D_-4D+<I;F$;-*<;ID_$;-A$+8$2.-AC<-I+FDb!0%hjC$;8DF3.F3C..9$C2.CDIA.C:$C8.F
+3$4;D4;4<-.$;.4C<b
!0%hjQ2/-2+3(;,%;,9%%09+%:;:A7%919/%;",-2:-2-3$%2%-93
92$
1%
93::C0A%
_3(:,37:
IA.C:.C+$-<#<;$I9
y~_€„_„_}‚€b„}
€
.C+$-<<CC.-.$+$C.A$2I&
yƒ†ƒ_~~_„€b}}
€‚
;F.C+<;F4;.;F$9<:/C+4<-.94:.;F<DF-$
yƒ}_~„_…†‚b}}
~
<IC+. <1 -$F$a $84;2 1C<: IA.C:.C+$-< <-.C;<_ }~‚` #<;$ I9_ }~‚` .-. IA.C:$C8.F_ }~‚` ;F.C
IA.C:.C+$-<D_}~‚
F4D4:A<CF$;FF<34239423FF3.A$CF4+4A$F4<;<1F3.e<CF41CIF4fC.F$49.C+3$4;b3.t<CF41CI4F4t4D
F3.9$C2.DFC.F$49.C<11C.D3AC<-I+.4;C$Q49_$+34.M4;2€~DF<C.D9<+$F.-4;
DA5C4F<$;F<_4<-.
$;.4C<$;-(<$I9<_4;+9I-4;2FN<-4DFC4*IF4<;+.;FC.D_$;-I;4FD4;
j$;-
m4;
(<$I9<nb3.+3$4;+<::.C+4$94Q.D4;$M.C$2.~ƒF3<ID$;-F<;D<11CI4F$;-M.2.F$*9.D1<C~b…
:4994<;+<DFI:.CDm.-.$C.74DF$<CF41CIF4_}~nb
; F34D C.D.$C+3 N$D ;<F $+34.M.- F< 4;F.CM4.N F3. 9$C2. ;.FN<C8 DIA.C:$C8.F +3$4;Db 3.
;.FN<C8 +$99.- eIFF4j1CIFF4f N34+3 4D 4:A<CF$;F 4; F3. +4FP <M$ C4*IC2< C.AC.D.;FD F3. C.F$49
D.+F<C <1 F3. DFI-4.- M$9I. +3$4; m-+A9% jfnb eIFF4j1CIFF4f 4D 9<+$F.- 4; F3. +.;F.C <1 <M$
C4*IC2<4DAC.FFP:I+3D4:49$CF<F3.e<CF41CIF4fC.F$49.C+3$4;_$;-AC$+F4+.D$+F4M4F4.DC.9$F.-F<
F3.C.F$49D.+F<C$;-$9D<:4;4jAC<+.DD.-M.2.F$*9.Db3.4;F.CM4.N.-DF$111C<:IFF4j1CIFF4D$4-
F3.:$4;*<FF9.;.+84DF3.;..-F<AIC+3$D.M.2.F$*9.D1C<:-4DF$;FC.24<;D$;-$FFC4*IF.-F3.
:$4;AC<*9.:<1F3.+<::.C+4$94Q$F4<;-I.F<9<24DF4+Db
-+A9%jfQA;;-W(9A;;-9%;-0%9",-2"%2;%93("-;F3C9-!A9+3
3<F<F$8.;*PF3.$IF3<C4;}~
jRfRiR ;9%%;9/%;-2-3$%2%-93
2C..4;2F<4<-.$;.4C<dD4FP$99_F3.DFC..F:$C8.F.O4DFD4;C$Q49D4;+.+<9<;4$9F4:.D`F<-$P
DF499 F3.C. $C. ~ƒ} DFC..F :$C8.FD 4; -4M.CD. -4DFC4+FD <1 F3. +4FP 4< -. $;.4C<b 3. D.2:.;F
2.;.C$F.D $C<I;- ƒ F3<ID$;- 7<*D $;- DIAA9P4;2 $C<I;- ~}‰ <1 F3. M<9I:. <1 AC<-I+.
+<::.C+4$94Q.-4;4<-.$;.4C<m$2.9.F$9b_}}„nb3.DFC..F:$C8.F4DC.2I9$F.-*PF3.$Nw
†<1~†…mC.1.4FIC$-<4<-.$;.4C<_~†…nb++<C-4;2F<F3.C.2I9$F4<;_F3.DFC..F:$C8.FD
4; F3. +$A4F$9 4< -. $;.4C< $C. 4;F.;-.- F< DIAA9.:.;F F3. DIAA9P <1 M.2.F$*9.D_ 1CI4FD_ 14D3_
A<I9FCP $;- <F3.C AC<-I+FDb F 4D C.$D<;$*9. F3$F F3. :$4; 1I;+F4<; <1 F3. DFC..F :$C8.F 4D F<
+<:A9.:.;F F3. $M$49$*494FP <1 1C.D3 AC<-I+. <; $ N..89P *$D4D mC.1.4FIC$ -< 4< -. $;.4C<_
}~‚$nb 99 A.CD<;;.9 N<C84;2 4; F3. DFC..F :$C8.F :IDF 2.F $IF3<C4Q$F4<; 1C<: F3. 4FP $99b
-+A9%jgD3<ND$FPA4+$9DFC..F:$C8.F$FF3.<;.<1F3.14;.DF;.423*<IC3<<-D4;F3.+4FP<14<
-.$;.4C<b
-+A9%jgQ;9%%;9/%;-2;,%T32A0U9%
3<F<F$8.;*Pb$C4Dm}~‚n
.D4-.DF3.4:A.CD<;$9DIAA9P<1M.2.F$*9.D4;F3.DIA.C:$C8.F_+<;DI:.CD$C.ID.-F<2.FF4;2
IA .$C9P F< 2< F< F3. DFC..F :$C8.Fb D $2.9 .F $9b m}}„n .OA9$4;_ F3.C. 4D $ AC.1.C$*9. 1C.D3
BI$94FP<1F3.AC<-I+.$;-$1C4.;-9P.;M4C<;:.;F4;+<::I;4FP+I9FIC$9C.9$F4<;Db++<C-4;2F<
$994.Q u +3I.9.C m}}n_ F3. DFC..F :$C8.F <11.CD $ 2C.$F <AA<CFI;4FP 1<C :$;P 1$C:.CD $;-
+<;DI:.CDD..84;21<C$+9<D.CC.9$F4<;D34AC.2$C-4;2F3.4CAC<-I+FD$;-1<<-Db
--4F4<;$99P_ F3. e4C+I4F< $C4<+$ -. .4C$D C2';4+$Df 4D $ DFC..F :$C8.F +4C+I4F 4;F.;-.- 1<C
<C2$;4+AC<-I+FDDF$CF.-4;}~}m$M4-_}~nb3.+4C+I4F3$D+<M.C$2.4;~€-4DFC4+FD<1F3.+4FP
4< -. $;.4C<_ $:<;2 F3.:_ .4O<F< m<A$+$*$;$n_ C+$_ A$;.:$_ .*9<;_ $C-4: <F';4+<_
47I+$_9=C4$_C.2I.D4$_$CC$-$47I+$_9$C4$_<F$1<2<_9$:.;2<_$C$;7.4C$D$;-.<A<9-4;$b
; F34D +4C+I4F_ F3. AC<-I+.CD +$; D.99 -4C.+F9P_ N4F3<IF 4;F.C:.-4$C4.D $;- $F 1$4C AC4+.D F<
+<;DI:.CDbC<-I+.CDI;-.C2<$C42<C<ID.M$9I$F4<;*P.;M4C<;:.;F$9DF$;-$C-Dm$M4-_}~nb
jRgR ;%7gQ
2:;-;A;-320%;A73(C0A%",-2
jRgReR 2:;-;A;-320:A7739;2$+3C%922"%-2;,%3A2;-2%+-32
n ;DF4FIF4<;Da
++<C-4;2 F< -$F$ +<99.+F.- -IC4;2 F3. C.D.$C+3_ AC<-I+.CD <1 <M$ C4*IC2< +<I;FD N4F3 F3.
AC.D.;+.<1F3.1<99<N4;24;DF4FIF4<;Da
⋅
I;4+4A$9.+C.F$C4$F<12C4+I9FIC.$;-IC$9.M.9<A:.;F<1<M$C4*IC2<
⋅
j4<I;4F<I;F$4;.24<;
⋅
C$Q494$;2C4+I9FIC$9.D.$C+3<CA<C$F4<;m
n
⋅
j4<
⋅
4;4DFCP<12C4+I9FIC._4M.DF<+8$;-<<-IAA9Pmn
⋅
.CM4+.4+C<$;-:$99<:A$;4.D<1F3.F$F.<14<-.$;.4C<m
jn
⋅
F$F..+C.F$C4$F<12C4+I9FIC.$;-4M.DF<+8
⋅
;DF4FIF.4;<M$C4*IC2<m2C4+I9FIC$9
-I+$F4<;n
n +F4<;Da
++<C-4;2F<-$F$+<99.+F.--IC4;2F34DC.D.$C+3_F3.+ICC.;F<CI;-.CF$8.;4;DF4FIF4<;$9DIAA<CF
4;<M$C4*IC2<+$;*.94DF.-$D1<99<Na
⋅
$;-
aI*94+A<94+P1<C+<::.C+4$94Q$F4<;<1$:49P$C:4;21C<:F3..-.C$9
2<M.C;:.;FF3C<I23F3.-4C.+F4;DF4FIF4<;$9AIC+3$D.1C<:1$C:.CD
⋅
j$2C4+I9FIC$94;DIC$;+.$2$4;DF9<DD.D
⋅
C<;$1a+C.-4F1<CCIC$9$;-;<;jCIC$9$+F4M4F4.D<11$:49P1$C:4;2
⋅
F$F.AC<2C$::.DaeI9F4M$CC2';4+<f_eCIF414+$Cf_e4<<CFf_e9<C.D+.Cf$;-
eC<DA.C$Cf
⋅
:.C2.;+P9$;4<IC$9aFC.;2F3.;4;2+<::I;4FP<C2$;4Q$F4<;D_.:.C2.;+P
DIAA<CFF<C.FIC;F<AC<-I+F4M.+$A$+4F4.D_9<+$9:$C8.FDIAA<CF_.+<9<24+$9AC<-I+F4<;
+<;+.AFD
⋅
:AC$*$a+.;FC.1<CAC<-I+.C+$A$+4FP*I49-4;21<C.+<9<24+$9$2C4+I9FIC$9AC$+F4+.D
⋅
AC<7.+F j .CC4F<C4$9 .M.9<A:.;F ;-<2.;<IDa F3. +<::4F:.;F <1 A.<A9. $;-
+<<A.C$F4<;1<CDIDF$4;$*9.$;-<C2$;4+AC<-I+F4<;b
n AA<CFI;4F4.D1<C:$C8.F.OA$;D4<;mC4M$F..+F<C;4F4$F4M.n
3. .FC<+3.:4+$9 <:A9.O <1 F$F. 4< -. $;.4C< m<:A.C7n 4D <;. <1 F3. 9$C2.DF 4;M.DF:.;F
AC<7.+FD 4; C$Q49_ $;- *.F F< 4;+C.$D. 7<*D $;- A<AI9$F4<; 4; DICC<I;-4;2 $C.$Db <:A.C7 3$D
-.M.9<A.- F3. 2.;-$ ~ 4; F3. :I;4+4A$94F4.D <1 4< -. $;.4C<_ 9<+$F.- ;.$C F3. +<:A9.O
m;4+4$F4M$2.;-$~<:A.C7_}~‚$nb3.AC<2C$:<1F3.
24M.D4;+.;F4M.DF<AIC+3$D.
9<+$9 $;- DIDF$4;$*9P AC<-I+.- M.2.F$*9.D_ $++<C-4;2 F< 9<+$9 4;DF4FIF4<;D 4;F.CM4.N.-b 3. ;.N
+<;DI:.C :$C8.F <1 F3. <49 C.14;.CP +<:A$;P 4D $; <AA<CFI;4FP F< 4;+9I-. 1$C:.CD <1 <M$
C4*IC2<b
n C2$;4+.CF414+$F4<;j$CF4+4A$F<CPI$C$;F..PDF.:mn
3.C$Q494$;C.2I9$F4<;1<CF3.<C2$;4+1$C:4;24D.DF$*94D3.-*PF3..+C..wƒb€€g}„$;-4F4D
+C.-4F.- *P F3. 4;4DFCP <1 2C4+I9FIC._ 4M.DF<+8_ $;- IAA9P mn -.;<:4;$F.- C$Q494$;
PDF.:1<CC2$;4+<;1<C:4FPDD.DD:.;F~†m4DC2nm_}~‚-nb3.$CF4+4A$F<CP<-P1<C
DD.DD:.;F <1 <;1<C:4FP } mn +.CF414.D F3. M$94-$F4<; <1 F3. <C2$;4+ 2I$C$;F.. ID4;2 $
$CF4+4A$F<CPI$C$;F..PDF.:~mn_C.2I9$F.-*PA$CF4+4A$;F:.:*.CD<1F3.+3$4;DPDF.:k
1$C:.CD_-4DFC4*IF<CD_+$CC4.CD$;-<F3.C+<99$*<C$F<CDm_}~‚-nb;F3.F$F.4<-.$;.4C<_
F3.4<9<24+$9$C:.CDDD<+4$F4<;<1F3.F$F.<14<-.$;.4C<m*4<n3$;-9.DF3.+.CF414+$F4<;
AC<+.DD FC<I23 _ $+F4;2 $D C.2I9$F4<; *<-P $;- $9D< AC<:<F.D F3. $C4<+$ 4C+I4F <1
C2$;4+$C:.CdD$C8.Fm*4<_}~‚nb
~†
e4DF.:$C$D49.4C<-.M$94$,(<-$<;1<C:4-$-.C2';4+$f
eC2$;4D:<$CF4+4A$F4M<-.M$94$,(<-$<;1<C:4-$-.f
~
e4DF.:$$CF4+4A$F4M<-.$C$;F4$f

eDD<+4$,(<-.2C4+I9F<C.D4<9=24+<D-<
DF$-<-<4<-.$;.4C<f
}
jRgRfR 3C%922"%;-:(";-323((91%9:
3. <M.C$99 D$F4D1$+F4<; <1 F3. 1$C:.CDd C.DA<;-.;FD C.2$C-4;2 F3. 4;DF4FIF4<;$9 DIAA<CF 4D
-4DA9$P.-4;-+A9%jhb
hkp
fgp
ekp
kp
%9F+33$
33$
-9
kp
$
239%:732:%3923
37-2-32
-+A9%jhQ3C%922"%:;-:(";-323(9%:732$%2;(91%9:C0A%",-2
; 2.;.C$9_ 1$C:.CD $C. D$F4D14.- N4F3 F3. $M$49$*9. 4;DF4FIF4<;$9 3.9Ab „}‰ <1 F3.: D$4- F3.
$+FI$F4<; <1 F3. 4;DF4FIF4<;D 4D tM.CP 2<<-t <C t2<<-tb $C:.CD C.A<CF.- F3$F $1F.C F3. -4D$DF.C
3$AA.;.-4;}~~_F3.C.3$M.*..;<11.C.-DIAA<CF1C<:4<IC$9C<2C$:b$DD4DF.-4;F3.
C.+<M.CP <1 C<$-D $;- 1$+494F$F.- F3. D$9. <1 F3. AC<-I+._ $;- $9D< 4F N$D AC<M4-.- *P F3. .$DP$++.DDF<F3.C<;$1_$;-*.FF.C$DD4DF$;+.1C<:
:$F.C$;-
:*C$A$b.N1$C:.CDD$4-‰
F3. DIAA<CF N$D 1$4C <C *$-b 3. +<:A9$4;FD N.C. C.9$F.- F< F3. 94FF9. $+F4<; $;- $DD4DF$;+. <1
:$F.C_F3.;..-1<C2C.$F.CA$CF4+4A$F4<;<1
:*C$A$b9D<_F3.P+<:A9$4;.-$*<IFF3.-4114+I9FP
<1 2.FF4;2 F3. F< A$CF4+4A$F. 4; 2<M.C;:.;F AC<2C$:D_ $;- -4D+C4:4;$F4<; DI11.C.- 4; $F
1I;-4;24;DF4FIF4<;D_DI+3$D*$;8Db
jRgRgR 91%99+2-G;-320;9A";A9%
.D4-.D F3. _ N34+3 $+FI$F.D 4; *<F3 :4+C<j*$D4;D .:*C$+4;2 $99 +<::I;4FP_ 4F N$D
.;+<I;F.C.-D.M.;-411.C.;FFPA.D<11$C:.C$DD<+4$F4<;Db3.P$C.$9994DF.-4;!0%hk_F<2.F3.C
N4F3F3.A.C+.AF4<;<11$C:.CdDC.2$C-4;2F3.C<9.<134Dg3.C$DD<+4$F4<;b
!0%hkQ91%9S:::3"-;-32:-2;,%0A%,-2
::3"-;-32
91%9\:7%9"%7;-323(;,%930%3(;,%::3"-;-32
⋅
⋅
⋅
⋅
⋅
⋅
⋅
⋅
⋅
⋅
⋅
.F3$C2P}}„j}~€
ICC.;F9PD.M.C$9AC<7.+FD
<;194+F<1<A4;4<;*.FN..;:.:*.CD
$*<IC$;-D<+4$9C423FD1<C1$C:.CD
<9IF4<;<1AC<*9.:D
$M<ICDF3.A.C1<C:$;+.<1
$;-
C4;2D*.;.14FDF<D<+4.FP
$M<ICD<*F$4;4;2C.D<IC+.D
$M<ICDC.BI.DFD1C<:AC<-I+.CD
.;.14FD-.A.;-D<;F3.DD<+4$F4<;
C<*9.:<1-4D$2C..:.;F
::3"-;-323(99" 3$3:
%2$%:
⋅
⋅
<+I:.;FD_-<I*FD_$2C4+I9FIC$9:$+34;.D
..-*.FF.C<C2$;4Q$F4<;
0-2::100(91%9\:
::3"-;-32YgZ
⋅
⋅
⋅
⋅
⋅
C<7.+F<1:4+C<j*$D4;mIC$94<naDIDF$4;$*494FP_4;1C$DFCI+FIC._FC$;DA<CF
<+I:.;F$F4<;_C.F4C.:.;F_A$CF4+4A$F4<;4;AC<2C$:D
C<*9.:a4F-<.D;<F3$M.:I+3A<N.C
$M<ICDF3.$DD4DF$;+.<1F.+3;4+4$;D_1I;-D
C<*9.:<1-4D$2C..:.;F
2;9AG:100(91%9\:
::3"-;-32YgZ
⋅
⋅
⋅
_IC$94<_<F3.CAC<2C$:D
<::I;4FP*.;.14FD
C<*9.:aDD<+4$F4<;.OA.;D.
⋅
⋅
⋅
⋅
⋅
⋅
⋅
⋅
⋅
⋅
423FDF<F3.1$C:.C_$4-:<F3.C3<<-
4D+<C-AC<*9.:
C.$F9P3.9ADF3.AC<-I+.C
C<7.+FD
$+8<1<C2$;4Q$F4<;
C<-I+FBI$94FP
$C8.F4;2M4$*494FP
C2$;4Q$F4<;$9+<;194+FD
O+3$;2.<1.OA.C4.;+.<;<C2$;4+1$C:4;2
$+8<1I;4FP
-392$%:100(91%9\:
::3"-;-32YhZ
0392$-$%99
::3"-;-32YhZ
%993C2$%99%0,
:100(91%9\:::3"-;-32
YhZ
F:;%1W-303+-"0
91%9:::3"-;-323(-3
$%2%-93;;%Y
ZX
9+2-"793$A"%9:
F4D;<F.-F3$FF3.1$C:.CC.+<2;4Q.DF3.4:A<CF$;+.<1F3.$DD<+4$F4<;1<CF3.+<::I;4FP_N34+3
$+FD$D$;<C2$;4Q$F4<;$9I;4F1<C4:A9.:.;F$F4<;<1AC<7.+FD$;-AC<2C$::.D<12<M.C;:.;F$;-
4;DF4FIF4<;Db9D<*.4;2A$CF<1F3.$DD<+4$F4<;3.9ADF<*.:<C.$N$C.<1F3.$M$49$*9.*.;.14FD1<C
F3.1$C:.C_N3.F3.C1$C:.CdDC423FD_<C1I;-D_C.D<IC+.D_F.+3;4+$9+$A$+4FP_$;-4:AC<M.:.;F<1
4;1C$DFCI+FIC.b <N.M.C_ F3. <C2$;4Q$F4<; DF499 1$+.D AC<*9.:D <1 I;414+$F4<; $;- -4D$2C..:.;F
$:<;2F3.$DD<+4$F.D_-I.F<-411.C.;F<A4;4<;Db
jRhR ;%7hQ
27A;2$3A;7A;19/%;:-2C0A%",-2
jRhReR A770F2$79-"%:;;,%D,30%:0%19/%;
D.C4$9AI*94+$F4<;<11C.D3AC<-I+.+<::.C+4$94Q$F4<;4;F3.N3<9.D$9.4;4<-.$;.4C<mu
j_ }}n N$D $+BI4C.- -IC4;2 F3. .OA.CFdD +<;DI9F$F4<; C.D.$C+3b ++<C-4;2 F< F3.
D.C4$9_F3.DIAA9P<1F3.DFI-4.-AC<-I+FD1<99<ND$A$FF.C;<1tN.$8t_tC.2I9$Ct<CtDFC<;2tDIAA9P
$9<;2F3.P.$Cm!0%hlnb .$8DIAA9P:.$;DF3.BI$;F4FP$M$49$*9.4;F3.:$C8.F4D9<N.CF3$;
F3.-.:$;-b.2I9$CDIAA9P:.$;DF3.BI$;F4FPDIAA94.-$;-BI$;F4FP-.:$;-.-$C.:I+3$948.b
FC<;2DIAA9P:.$;DF3.:$C8.FBI$;F4FP<1DIAA9P4D:I+33423.CF3$;F3.-.:$;-.-b<-$F$
C.2$C-4;234;.D.+$**$2.N$D1<I;-4;F3.D.C4$9b
!0%hlQA770F032+;,%F%93(;,%:;A$-%$C%+%;!0%:;;,%D,30%:0%
%+%;!0%
.FFI+.
$I9419<N.C
$CD9.P
<:$F<
..FC<<F
C..;*.$;
34;.D.+$**$2.
2R
%!R
9R
79R
F
A2R A0R A+R
<-$F$1<I;-
%7R
";R
3CR
%"R
.2.;-aN.$8C.2I9$C_DFC<;2
<IC+.<1-$F$amu
j_}}n
3.AC4+.D$C.+<;D.BI.;F9PD.91jC.2I9$F.-*PF3.DIAA9P$;--.:$;-C.9$F4<;Db!0%hmC.19.+FD
F3. -C<A 4; AC4+.D <C .9.M$F4<; <1 F3. AC4+.D *P .$+3 <1 F3. DFI-4.- AC<-I+._ .O+.AF 34;.D.
+$**$2.mu
j_}}nb1F3.DIAA9P4D3423.CF3$;F3.-.:$;-_F3.AC4+.DF.;-F<
-C<A$++<C-4;2F<BI<F$F4<;Db1F3.$FF.;-$;+.4;F3.:$C8.F4DD$F4D1$+F<CP_AC4+.D2.FDF$*494Q.-b
<N.M.C_41F3.DIAA9P-<.D;<F$FF.;-F3.-.:$;-_F3.AC4+.DF.;-F<C4D.b
!0%hmQ9-"%:;%2$%2"F3(;,%:;A$-%$C%+%;!0%:032+;,%F%9;;,%D,30%:0%
%+%;!0%
.FFI+.
$I9419<N.C
$CD9.P
<:$F<
..FC<<F
C..;*.$;
34;.D.+$**$2.
2R
%!R
9R
79R
F
A2R A0R A+R
<-$F$1<I;-
%7R
";R
3CR
%"R
.2.;-a9<NAC4+.D_DF$*9.AC4+.D_.9.M$F.-AC4+.D
<IC+.<1-$F$amu
j_}}n
34DD.91jC.2I9$F4<;A$FF.C;1<99<N.-$9<;2F3.P.$C+<;DF4FIF.D$;4:A<CF$;F:$C8.FAC4+.e2I4-.f
1<C$99AC<-I+.FC$;D$+F4<;D1<CAC<-I+.CD$;-FC$-.CDmu
j_}}nb
jRhRfR %+9%%3("317%;-;-C%2%::-2;,%C%+%;!0%19/%;
++<C-4;2F<<CC0$m~†…‚n€_F3.+<::.C+4$94Q$F4<;+3$4;<1M.2.F$*9.AC<-I+FD4;F3.DF$F.4<
-. $;.4C< 4D +3$C$+F.C4Q.- *P $ -P;$:4+ <1 e#*96$89*21 R !21!$1:8:*21 R #*96$89*21Ob D 4:$
m}~}n DF$F.D_ F34D FPA. <1 +.;FC$94Q.- <C2$;4Q$F4<; 1<C F3. +<::.C+4$94Q$F4<; <1 M.2.F$*9.D
+C.$F.-4;F3.„}dDkN4F3F3.I;4FD<1
4;C$7&_(<<;,$9<_$;-F3.I;4FD<1$C:.C$C8.F
4;F3.<I;F$4;.24<;kN$D1I;-$:.;F$91<CF3.4;4F4$92C<NF3<1F3.9I:4;.;D.dD3<CF4+I9FIC.b
<N.M.C_ F3. .11.+F <1 e-4DA.CD4<; k +<;+.;FC$F4<; k -4DA.CD4<;f_ F<2.F3.C N4F3 F3. C$A4-
A.C4D3$*494FP<1F3.AC<-I+.+C.$F.D$;4:A<CF$;FC<9.<;AC4+.D1<C:$F4<;b3.
jN<C8D$D
41 4F N$D $ DF<+8 :$C8.F 1<C AC<-I+.CD $;- *IP.CD m.$*C$ u $C$1<;_ ;b-bnb .<;$C-< C$;-(<_
AC.D4-.;F<1
j_D$4-4;$;4;F.CM4.NmCF4Q_}~~$nF3$FF3.
3$D$+<99.+F4<;<1-$49P
AC4+.D ID.- $D $ C.1.C.;+. *$D4Db 4;+. F3. AC4+.D $C. ;<F C.2I9$F.- <C 14O.-_ F3.P $C. D.91j
C.2I9$F.-*PF3.N3<9.D$9.:$C8.F.;M4C<;:.;Fb
++<C-4;2F<-$F$+<99.+F.--IC4;2F34DC.D.$C+3_AC<*9.:DN4F3AC4+.C.2I9$F4<;$C.D<.OFC.:._
F3$F4F.;-DIA4;$M.CP3423N$DF.<1DF499.-4*9.AC<-I+FDb3.AC4+.DM$CPN4-.9PF3C<I23<IFF3.
+<::.C+4$94Q$F4<; F4:._ $;- F3. +<:A.F4F4<; 4D M.CP 3423b 34D eDF<+8 :$C8.Ff .;M4C<;:.;F_
+C.$F.--I.F<F3.+<;+.;FC$F4<;<12<<-D$;-3423+<:A.F4F4<;_:$8.DFC$-.CD$;-1$C:.CD-.$9
N4F3I9F4:$F.-.+4D4<;DF<$M<4-F3.9<DD<1*ID4;.DDbC$-.CD-4D:4DDF3.4C2<<-D-4C.+F9P4;F<F3.
*4;F<$M<4-$DICA9ID4;F3.:$C8.FDIAA9P$;-AC4+.D-C<Ab
D$:$FF.C<11$+F_<CF4+I9FIC.3$D$;.+<;<:4+$94:A<CF$;+.4;F3.-<:.DF4+:$C8.F$;-4D$
M.CP 4:A<CF$;F +<:A<;.;F <1 F3. C$Q494$; -4.Fb <N.M.C_ 4F 4D DI*7.+F.- F< $ -.2C.. <1
+<:A.F4F4M.;.DD +$99.- e%9(%"; "317%;-;-32f M4$ F3. DIAA9P $;- -4DFC4*IF4<; DPDF.:b
++<C-4;2 F< .99J }~€_ F3. A.C1.+F +<:A.F4F4<; 3$AA.;D N3.; F3.C. 4D 3423 +<;+.;FC$F4<; <1
*IP.CD $;- D.99.CD FC$-4;2 D:$99 BI$;F4F4.D <1 AC<-I+FD_ 3$M4;2 A<N.C 4; D.FF4;2 F3. AC4+. <1
F3.2<<-<CD.CM4+.FC$-.-b3.BI$;F4F4.D<1DIAA9P$;--.:$;--4+F$F.F3.AC4+.1<C:$F4<;b;
F34DD+.;$C4<_F3.C.4D$9:<DF3<:<2.;.4FP<1F3.AC<-I+F_N34+34;F34DDFI-P4DF3.AC<-I+.N4F3
$9:<DF<C;<-411.C.;F4$F4<;<1F3.AC<-I+Fb3$F4DN3PF3.$N$C.;.DDF<F3.*$D4+D<1AC<-I+.
+<;D.CM$F4<; <1 BI$94FP $;- D$1.FP_ DI+3 $D C.1C42.C$F4<; $;- $AAC<AC4$F. *<O.D 1<C :<M4;2 F3.
2<<-D9$+8D*.34;-b
23
Cited IN Seabra & Marafon (n.d.)
<N.M.C_ -I. F< F3. 4;+C.$D. 4; F3. C.F$49 D.+F<C_ F3. +<:A.F4F4M.;.DD F.;-D F< D341F D9423F9P
F<N$C-D ;.$C F< <942<A<9P <C 1.N D.99.CDb 3.C. $C. 1.N A<N.C1I9 C.F$49.C +3$4;D_ DI+3 $D
DIA.C:$C8.FD$;-e<CF41CIF4Df_N34+3:423F+<;FC4*IF.F<$DF$*494Q$F4<;<1F3.AC4+._+<;FC<99.-
*P F3.: $F $ 3423.C DF$2.b 3. +<:A.F4F4<; <1 F3. C.F$49.CD $9D< .;3$;+.D F3. BI$94FP <1 F3.
AC<-I+. $;- <11.CD $ 3423.C AC<-I+F -4M.CD414+$F4<; *P +ICC.;F +<;DI:.C ;..-D_ DI+3 $ 2C.$F.C
+<;M.;4.;+._$;--411.C.;F4$F.-AC<-I+FD_$DAC.M4<ID9P+4F.-b
jRhRgR 39;-"A0;A9%19/%;70"%
jRhRgReR 311%9"-0-G;-32",22%0
-+A9%jiC.AC.D.;FDF3.+<::.C+4$94Q$F4<;+3$;;.9<1F3.1$C:.CC.DA<;-.;FD4;F3.$9I.3$4;
<CF4+I9FIC.b
%$%9093+911%:
lp
3;,%9Y$-9%";:%00-2+
399%:;A92;Z
ip
,39<(9A<",-2
ip
:;9%%;19/%;
lp
efp
]1-$$0%1%2]
jfp
-+A9%jiQ311%9"-0-G;-32",22%03(;,%-2;%9C-%D%$(91%9:C0A%",-2
3. :$7<C4FP <1 F3. 1$C:.CD mƒ‰n +<::.C+4$94Q. F3.4C AC<-I+. F3C<I23 F3. e:4--9.:.;fb 34D
1$+F4D$C.$94FP1$+.-4;F3.DFI-P$C.$-I.F<AC<*9.:D<19<24DF4+D$;--4114+I9F<AA<CFI;4FP1<C
1$C:.CDF<D.99-4C.+F9P4;F3.
j4<b$C:.CDD$PF3.P1$+.$-4114+I9FFC$-.j<11F<+<;D4-.C<;
F3.4C -.+4D4<;Db
3.F3.C DF$P $;- AC<-I+. m+<;D4-.C4;2 F3. D+$C+. $M$49$*9. 9$*<ICn <C F< 9.$M.
F3.1$C:$;-2<F<F3.N3<9.D$9.$FF3.+$A4F$9<A.C$F4;23423+<DFD$;-C.-I+.-AC<-I+F4<;<;
F3.9$;-b.M.CF3.9.DD_D<:.1$C:.CDAC$+F4+.F3.+<::.C+4$94Q$F4<;-4C.+F9PM4$
m~‰n4;
F3.$M494<;~b;F34DD.;D._F3.C<9.<1F3.:4--9.:.;4D.DD.;F4$9$D$;$+F4M.$2.;F.DA.+4$99P
<; F3. AC<-I+. +<99.+F4<; $;- 1ICF3.C C.-4DFC4*IF4<; F< F3. N3<9.D$9. +.;F.Cb
4F3<IF F3.
4;F.C:.-4$CP_F3.*IC-.;<1+<::.C+4$94Q$F4<;N<I9-*.F<F$9IA<;F3.1$C:.Cb3.:4--9.:.;
$C. $9D< DI*7.+F.- F< F3. D.91jC.2I9$F4;2 AC4+. .;M4C<;:.;F_ 4; N34+3 F3. *IC-.; +<:.D F< F3.
1$C:.CD_+<;D4-.C4;2F3$FF3.FC$-.CN499.$C;<;F3.F<A<1F3.FC$-.-AC4+.b
;F.C.DF4;2F<<*D.CM.4DF3.A$CF4+4A$F4<;<11$C:.CD4;.-.C$9C<2C$::.D_4b.b
m$F4<;$9
+3<<9 ..-4;2 C<2C$::.n $;- m<<- IC+3$D. C<2C$::.n F3C<I23 F3. 4;DF4FIF4<;$9
AIC+3$D.b 9F3<I23 4F C.AC.D.;FD <;9P …‰ <1 F3. C.DA<;-.;FD_ 4F 4D BI4F. +<;D4-.C$*9.b 34D 1$+F
34239423FDF3.4:A<CF$;+.<1F3.2<M.C;:.;F$9AC<2C$::.D4;C.2I9$F4;2F3.:$C8.Fb<:.A4.+.
<1F3.A4.4D-C4M.;F<F3.4;DF4FIF4<;$9AIC+3$D._-.D42;.-F<:..FF3.1$:49P1$C:4;2$;-1<<-
D.+IC4FPF$C2.FD_F3IDA$P4;2:<C.1$4CAC4+.D1<CF3.1$C:.CDb3.-4114+I9FPF<F$8.A$CF4+4A$F4<;4;
F3. $;- 4D -I. F3. C.BI4C.:.;FDb F 4D C.BI4C.- $ m-<+I:.;F <1 F3. .;F.CAC4D.n_
4;M<4+. ;<F.D_ $;- m.+9$C$F4<; <1 AF4FI-. F< F3. C<;$1n_ F3$F 4; D<:. +$D.D 4D ;<F
$+BI4C$*9._4b.bD3$C.+C<AA.CdD+<;-4F4<;Db;<F3.CA<4;FC.A<CF.-*PF3.:$;$2.C$FF3.
C$;-.j4<4DF3$FF3.$;-
_F3.A$P:.;F4D;<F4;DF$;F9P_F3.C.4D$A$P:.;F-.$-94;.$F
F3..;-<1F3.:<;F3b3$F4DF3.C.$D<;D<:.1$C:.CDAC.1.CF<D.99F<F3.N3<9.D$9.N3.;.M.C
F3.P-.+4-._<CF3C<I23F3.:4--9.:.;_*.+$ID.F3.A$P:.;F4D4;DF$;F9P$;-;<C:$99P4;+$D3b
3.DFC..F:$C8.F+<::.C+4$94Q$F4<;+3$;;.9N$D:<DF9P+<::<;$:<;2F3.<C2$;4+AC<-I+.CDb
3.*4<9<24+$91$C:.CD+<::.C+4$94Q.F3.4CAC<-I+.-4C.+F9P4;F3.<C2$;4+DFC..F:$C8.FF3C<I23
F3.$C4<+$4C+I4F1<CFC..F$C8.Fme4C+I4F<$C4<+$-..4C$DC2';4+$Dfnb48.N4D._F3.C.4D4;
<M$C4*IC2<$;<C2$;4+DFC..F:$C8.F$FF3.eIDA4C<fBI$C.b
jRhRgRfR 9-"%(03D
3.$M.C$2.D$9.AC4+.$FF3.AC<-I+F4<;9.M.94D4;!0%idb$C:.CDC.A<CF.-F3.:4;4:I:$;-
F3.:$O4:I:D$9.AC4+.$FF3$FP.$Cm}~€n_7IDFF<M4DI$94Q.F3.AC4+.19I+FI$F4<;<M.CF3.A.C4<-
<1 C.D.$C+3b 3. :<C. M<9$F49. AC4+.D $C. 1<C F<:$F<_ 2C..; *.$; $;- *..FC<<F_ ;<C:$99P
+<::.C+4$94Q.-4;*<O.D$FF3.N3<9.D$9.:$C8.F_+$99.-e+$4O$C4$fAC<-I+FDb3.M<9$F494Q$F4<;4D
9.DD.C4;F3.FC$-.<19.$1M.2.F$*9.D_D3<N4;294FF9.M$C4$F4<;b
!0%idQ0%79-"%;;,%793$A"%90%C%0
93$A"%
2-;
-2
E
%2
9-;-32
9-"%V/+
32C%2;-32093$A"%9
31;3
<O}82
y~„b…ƒ
y‚b€~
y€ƒb}†
ƒ„‰
y~b…}
A0-(03D%9
;4F3.$-
y}b†}
y~b†
y~b}
€†‰
y}bƒ}
9%%2!%2
<O~‚82
y~b~
y€€b„
yb„}
ƒ‰
y~b~
%;;A"%
<Q.;
y€b‚„
yƒb€ƒ
yb†„
‰
y}b…€
,-2%:%!!+%
;4F3.$-
y}b‚‚
y}b‚‚
y}b‚‚
}‰
y}b
9:0%F
I;+3
y}b€
y}bƒ~
y}b…
‰
y}b†ƒ
%%;933;
<O}82
y†b†
y€b…€
y~ƒb…†
‚…‰
y}b…
9+2-"793$A"%9
31;3
y~~b}}
~„‰
yb}}
y€b„‚
~€‰
y~b}}
2
y~}b}}
y~b}}
yb}}
A0-(03D%9
;4F3.$-
y€b‚}
9%%2!%2
$+8$2.€}}2
y€b‚
y‚b‚
yb‚
€…‰
yƒbƒ„
%;;A"%
I;+3
y~b„‚
y~b„‚
y~b„‚
}‰
y~}b‚}
,-2%:%!!+%
;4F3.$-
j
j
j
j
j
9:0%F
I;+3
yb}}
yb}}
yb}}
}‰
yb}}
%%;933;
I;+3
y€b}}
y€b„‚
y€b€…
}‰
yƒb„‚
F 4D ;<F.- $ :<C. DF$*494Q$F4<; <1 D$9.sD AC4+.D <1 F3. <C2$;4+ AC<-I+.C_ AC.D.;F4;2 $9:<DF ;<
19I+FI$F4<;b 3. C.$D<; 4D F3. FPA. <1 +<::.C+4$94Q$F4<; +3$;;.9 F3.P ID. F3C<I23 F3. <C2$;4+
DFC..F :$C8.F_ <C D< F< D$P -4C.+F D$9. F< F3. +<;DI:.C_ N4F3<IF 4;F.C:.-4$F.Db ; F3. +$D. <1
+<;M.;F4<;$9 AC<-I+.CD_ F3.P DI11.C 1C<: F3. D.91jC.2I9$F4;2 :$C8.F_ 3$M4;2 F< A$DD F3C<I23
:4--9.:.;F3.;F3.+<;+.;FC$F4<;4;F3.N3<9.D$9.:$C8.Fb3.N4;<C9<D.AC<-I+F4DF<:$F<_
+<;D4-.C4;2F3.$:<I;FAC<-I+.-$;-4FD4:A<CF$;+.4;F3.-<:.DF4+:$C8.FbF+$;.4F3.C:$8.
F3.AC<-I+.CC4+3<C+$;*C4;234:F<94BI4-$F4<;_-.A.;-4;2<;F3.D.FAC4+.$FF3.:$C8.F_N34+3
F3.+<;FC<94D;<FIA<;$;P<1F3.4;M<9M.-$2.;FD<1F3.+3$4;b
3. $M.C$2. D$9. AC4+. myg82n $F F3. N3<9.D$9. :$C8.F_ $F F3. C.F$49.C D.+F<C $;- AC<+.DD4;2
A9$;FD$C.-4DA9$P.-4;!0%ieb3..$D$I;4F4;<M$C4*IC2<_+$99.-e.C+$-<-<C<-IF<Cf
<;9PFC$-.D*<O.-M.2.F$*9.Dme+$4O$C4$fn1C<:F3.DFI-4.-M.2.F$*9.Db3.:4;4jAC<+.DD4;2A9$;FD
1<+ID<;9.$1M.2.F$*9.D_1C<:F3.DFI-4.-AC<-I+FDb
!0%ieQ0%9-"%YaV/+Z7%9793$A"%3(A7:;9%1+%2;:C0A%",-2
93$A"%
%:
92$%
-3
%:T%9"$3
$393$A;39U
3C9-!9A+3
D,30%:0%9
A;;-W(9A;;-
Y-2-W
793"%::%$
2$9%;-0Z
0%%9$%
Y-2-W793"%::%$V
9%$-:;9-!A;-32Z
;9%%;
9/%;
Y3;,%9Z
31;3
yb~‚
yb}
y~b„~
j
j
yƒb}}
A0-(03D%9
y~b~†
y~b~‚
y€b~
y~†b†}
y€b€€
y~b‚}
9%%2!%2
yb„
yb~„
ybĠ
j
j
y~}b}}
%;;A"%
y~bƒ…
j
y~b„†
y~†b†}
y„b‚}
y€b}}
,-2%:%!!+%
y~b…
j
yb}}
y~b††
yƒbƒ„
y€b}}
9:0%F
y€b~†
j
yb„‚
y~†b†}
j
yb}}
%%;933;
y~b
y}b„‚
y~b€…
j
j
yƒb}}
$*9. .9$*<C$F.- *P F3. $IF3<C *$D.- <; BI.DF4<;;$4C.D_ dD .OA.CFdD +<;DI9F$F4<;_ $;- AC4+. +<99.+F4<; 4; F3.

DFC..F:$C8.F 
FN$D7IDF+<99.+F.-F3.D$9.AC4+.*P$F34C-A.CD<;m$C4D_bnb3.C.N.C.;dF$;P4;F.CM4.N<CBI.DF4<;;$4C.D4;F3.
DFC..F:$C8.F_*IFAC4+.DN.C.N<CF31<C+<:A$C4D<;b
3. C<-I+.C $C8.F 4; <M$ C4*IC2< me.C+$-< -< C<-IF<Cf n D..:D F< *. +ICC.;F9P
DF<AA.-`$9:<DF;<AC<-I+.CFC$-.D2<<-DF3.C.bFD1I;+F4<;;<N4D*.4;2$+.;F.C<1AIC+3$D.<1
$2C4+I9FIC$9 4;AIFD $F 9$C2. .;F.CAC4D.Db FD AICA<D. 4D ;<F $;P:<C. $ +.;F.C 1<C +<99.+F4;2 $;-
-4DFC4*IF4;22<<-DbFF3.F4:.<1-$F$+<99.+F4<;_F3.C.N.C.F3C..*IP.CD_FC$-4;29.DDA.C4D3$*9.
M.2.F$*9.D_DI+3$DF<:$F<_2C..;*.$;$;-*..Fme+$4O$C4$fM.2.F$*9.Dn$;-+$I9419<N.C_*IF;<
9.$1M.2.F$*9.D‚b3.+4C+I:DF$;+.<11.N*IP.CD4;F3.:$C8.FD+$C.DAC<-I+.CDF<FC$-.F3.C._
D<F3.PAC.1.CF<24M.F3.AC<-I+.F<F3.:4--9.:$;_N34+34DD$1.Cb
-+A9%jj24M.D$;4;D423FC.2$C-4;2F3.+<99.+F.-D$9.AC4+.DF3C<I23<IFF3.M$9I.+3$4;bF+$;
*.+9.$C9P<*D.CM.-F3..;F$;29.:.;F<1AC4+.D4;F3.$2.;FD<A.C$F4;2$FF3.
DPDF.:b3.
+<;M.;F4<;$9AC<-I+.C4DF3.N.$8.CD4-.<1F3.+3$4;_-I.F<F3.+<:A.F4F4M.;.DD4;F3.:$C8.Fb
;9%%;9/%;
0%%9$%
A?(9A<
%:%9"$393$A;393C9-!9A+3
%:92$%W-3
9+2-"93$A"%9
32C%2<32093$A"%9
!%%;933;
79:0%F
adRid
aiRid
,-2%:%!!+%
%>A"%
aedRid
aeiRid
9%%2!%2
A0-*3D%9
afdRid
31;3
-+A9%jjQ0%79-"%$-:;9-!A;-32132+0A%",-2+%2;:(39;,%:;A$-%$C%+%;!0%:
3. AC<-I+.C D$9. AC4+.D $C. eDBI..Q.-f *P F3. 3423 +<:A.F4F4M.;.DD <1 F3. N3<9.D$9. DPDF.:b
--4F4<;$99P_4F4DA<DD4*9.F<4;1.CF3$FF3.:4;4jAC<+.DD4;2 $+F4M4FP+$;$--:I+3:<C.M$9I.F<
F3.D$9.N3.;+<:A$C4;2AC4+.A.C849<2C$:b3.+3$4;IFF4j1CIFF4$;-F3.+<:A$;Pe$9..C-.f_
.F$49aF3.AC4+.DN.C.+<99.+F.-*PF3.:$C8.F:$;$2.:.;F_4;-4+$F4;2F3.9$+8<1FC$-.4;<F3.CAC<-I+FDDFI-4.-
1<C.O$:A9._DIAA9P1<CDIA.C:$C8.F+3$4;D_$;-D.99$F:I+33423.CAC4+.DbICF3.C:<C._4F+$;*.
D$4-F3$FF3.9.DD.C4;F.C:.-4$F.D4;F3.+3$4;_F3.2C.$F.CF3.D$9.AC4+.1<CAC<-I+.CDb48.N4D._
<C2$;4+AC<-I+.CD$;-F3.DFC..F:$C8.F4;F3.;.423*<C3<<-eA$;.:$f4;F3.+4FP4<-.$;.4C<
3$-$+<:A$C$F4M.9P3423.CD$9.AC4+.D4;C.9$F4<;F<F3.+<;M.;F4<;$91$C:.Cb
4;$99P_4F4D4:A<CF$;FF<C.F34;8F3.DIAA9P$;--4DFC4*IF4<;DPDF.:F3C<I23F3.
D_N34+34D
C.DFC4+F4;2F3.9<+$9$2C4+I9FIC$9.+<;<:P$;-4D.4F3.C+<;FC4*IF4;2F<$DIDF$4;$*9.-.M.9<A:.;Fb
;. <1 F3. N$PD 4; F.C:D <1 -.+4D4<;j:$84;2 4D F< C.4;1<C+. F3. $9C.$-P .O4DF.;F AC<j1$:49P
1$C:4;2 AC<2C$:D F< $99.M4$F. F3. +<::.C+4$94Q$F4<; +<;DFC$4;FD_ $;- $--4F4<;$99P 1<+ID <; F3.
C.$9IA2C$-4;2AC<+.DD<1F3.M$9I.+3$4;b<:..O$:A9.D$C.F3.AC<M4D4<;<1*.FF.C.-I+$F4<;
$;-BI$9414+$F4<;_*.FF.C9<24DF4+DDPDF.:_$;-4;+.;F4M.D1<C $2C<jAC<+.DD4;2$+F4M4F4.DN4F34;F3.
+<::I;4F4.Db4;+.F3.C.$C.1.N:4;4jAC<+.DD4;2A9$;FD4;F3.C.24<;_F3.4;+9ID4<;<11$C:.CD4;
F34D:$C8.F;4+3.N<I9-A<D4F4<;F3.:4;$*.FF.CA9$+.4;F3.M$9I.+3$4;$;-4:AC<M.F3.<M.C$99
BI$94FP $;- +<:A.F4F4M.;.DD 4; F3. D.+F<Cb 3. D4:A9. $+F4<; <1 :4;4jAC<+.DD4;2_ .b2b D.9.+F4;2_
N$D34;2_ D$;4F4Q4;2_ +3<AA4;2_ $;- A$+84;2_ $D 4; -+A9% jk_ +$; $-- IA F< †‚‰ M$9I. F< F3.
AC<-I+Fb <C.<M.C_ 1$C:.CD D3<I9- $9D< -.+4-. F< AC<-I+. .+<9<24+$9 $;- 3.$9F34.C 1<<-Db F
:.$;DF3$F41F3.P<AF1<C$;$2C<.+<9<24+$9_A.C:$+I9FIC.<C<C2$;4+AC<-I+F4<;_F3.PN<I9-$9D<
*.*.FF.C<11_4;D<+4$9_.;M4C<;:.;F$9$;-.+<;<:4+$99PF.C:DD<F<D$Pb
-+A9%jkQ-2-793"%::%$"A0-(03D%9(9310%%9$%
3<F<F$8.;*PF3.$IF3<C}~
jRiR ;%7iQA2";-32020F:-:3(C0A%",-2W,39;-"A0;A9%
3. -P;$:4+ <1 F3. -4DFC4*IF4<; <1 M.2.F$*9.D 4; C$Q49 1<99<ND FN< -411.C.;F A$F3N$PD_ $D
DI22.DF.-*P<IC.;Q$;4u49M$m}}n4;-+A9%jlb3.D$:.$IF3<CD.OA9$4;F3$FF3.+3$;;.9
C.9$F.D F< F3. -4DFC4*IF4<; F3C<I23 F3. 9$C2. C.F$49 D3<AA4;2 +.;F.CD_ DI+3 $D DIA.C:$C8.FDb ;
+3$;;.9 _ AC<-I+.CD IDI$99P 3$M. $ 3423 F.+3;<9<24+$9 DF$;-$C-_ FC$-. F3.4C AC<-I+. F<
DA.+4$94Q.-N3<9.D$9.CDb3.DA.+4$94Q.--4DFC4*IF<C$--DM$9I.F<F3.AC<-I+.$;-<11.CDC.2I9$C
DIAA9PF<F3.D3<AA4;2+.;F.CD$;-F3.4CD3<A*C$;+3.D_N34+3D.99F<F3.+<;DI:.Cb3.+3$;;.9
4DF3.N$PID.-*PF3.+<::.C+4$94Q$F4<;F3C<I23F3.
D_;<C:$99P+<:A<D.-<11$C:.CD
N4F33423<C9<NF.+3;<9<24+$9A$FF.C;_N34+3FC$-.F3C<I23F3.
Db3.
D-4DFC4*IF.F<
D:$99$;-:.-4I:C.F$49.CD_F<C.$+3+<;DI:.CD_$++<C-4;2F<<IC.;Q$;4u49M$m}}nb
-+A9%jlQ
2C30C%$+%2;:-2;,%$-:;9-!A;-323(C%+%;!0%:Y%E"%7;0%(C%+%;!0%:Z-2;,%$-((%9%2;
"311%9"-0-G;-32",22%0:2$R
42IC..OFC$+F.-1C<:m<IC.;Q$;4u49M$_}}n
jRiReR %;;-2+;,%!3A2$9-%:3(0A%,-2
;F34DDFI-P_4F4D.OA9<C.-F3.F3C..:$4;+<::.C+4$94Q$F4<;+3$;;.9D_$9C.$-P+4F.-_4;+9I-4;2F3.
+3$;;.9DM4$
_M4$C.F$49.CDD3<AA4;2+.;F.CD_$;-F3.-4C.+FD$9.F<F3.+<;DI:.Cb-+A9%jm
499IDFC$F.D F3. D.F *<I;-$C4.D 4;M<9M4;2 F3. $9I. 3$4; b F N$D D.F FN< *<I;-$C4.Db ;.
*<I;-$CP C.AC.D.;FD F3. +<;DI:.C *<I;-$CP 1<I;- 4; F34D C.D.$C+3_ 4;M<9M4;2 $99 <AF4<;D <1
AIC+3$D. $M$49$*9._ $;- 4;F.C$+F4<;D $:<;2 F3. $2.;FDb 3. <F3.C *<I;-$CP D.F C.AC.D.;FD F3.
C.D.$C+3 D+<A. *<I;-$CP_ 4;-4+$F4;2 N34+3 $2.;FD <1 F3. +3$4; C.$+3.- -IC4;2 F3. C.D.$C+3b
C2$;4+AC<-I+.CD_$9F3<I23;<F*.4;2F3.1<+ID<1F34DC.D.$C+3_$C.N<CF31<C+<:A$C4D<;N4F3
F3. +<;M.;F4<;$9b F 4D 4:A<CF$;F F< +<;D4-.C F3$F F3. $4: <1 F34D C.D.$C+3 4D ;<F F< $;$9PD. F3.
N3<9. <C2$;4+ +3$4;_ N34+3 +<:AC4D.D :I+3 :<C. -4DFC4*IF4<; +3$4;D F3$; 3.C. AC.D.;F.-b
<N.M.C_ 4; 2.;.C$9_ F3. <C2$;4+ :$C8.F 3$D 1.N.C 4;F.C:.-4$C4.D F3$; F3. +<;M.;F4<;$9
AC<-I+F4<;b
-+A9%jmQ%;3A2$9F3(0A%,-2X39;-"A0;A9%
3$CF.9$*<C$F.-ID4;214.9-N<C8-$F$
;-+A9% jm_ *.D4-.D F3. D.F *<I;-$C4.D_4F+$;*.<*D.CM.-F3.4;F.C$+F4<;D $:<;2 $2.;FD $;-
F3.-411.C.;FFPA.D<1M.2.F$*9.Db3.*9I.$CC<NDD3<NF3.+<;;.+F4<;D<1F3.1CI4FM.2.F$*9.D
$;-F3.-4DFC4*IF4<;+3$;;.9DbCI4FDM.2.F$*9.D$C.FC$-.-F3C<I23F3.:4--9.:.;_F3C<I23F3.
D $;- D:$99 N3<9.D$9.CD_ <C -4C.+F F< 9$C2. C.F$49.CD_ DA.+4$94Q.- C.F$49.CD_ $;- $9D< M4$
4;DF4FIF4<;$9AIC+3$D.bFD..:D1CI4FM.2.F$*9.D1<99<NF3.D$:.A$FF.C;-.D+C4*.-*P<IC.;Q$;4
u49M$m}}nb
3. C.- $CC<ND $C. C.AC.D.;F4;2 +<;;.+F4<;D <1 F3. 9.$1 M.2.F$*9.D $;- F3.4C -4DFC4*IF4<;
+3$;;.9Db .$1 M.2.F$*9.D $C. $9D< FC$-.- F3C<I23 :4--9.:.; $;- 4;DF4FIF4<;$9 AIC+3$D.b
<N.M.C_4;F34DC.D.$C+3_F3.C.N$D;dF1<I;-$+<;;.+F4<;N4F3F3.+3$;;.9m$DDI22.DF.-*P
<IC.;Q$;4 u 49M$_ }}n M4$ F3. Db F D..:D F3. 9.$1 M.2.F$*9.D 1<99<N $;<F3.C N$P <1
+<::.C+4$94Q$F4<;b3.+<::.C+4$94Q$F4<;+3$;;.94;+9I-.DF3.-4C.+FD$9.F<F3.+<;DI:.C_.b2b
C.DF$IC$;FD_ 3<F.9D $;- 3<DA4F$9D` F3. -4C.+F D$9. F< F3. +<;DI:.C 4; DFC..F :$C8.FD` $;- -4C.+F
D$9.F<C.F$49.CD_;$:.9PD:$99C.F$49.CD$;-DA.+4$94Q.-C.F$49.CDb
34D +4C+I:DF$;+. 4D -I. F3. C$A4- A.C4D3$*494FP <1 F3. 9.$1 M.2.F$*9.D_ N34+3 ;..-D C$A4-
+<;DI:AF4<;b3.1CI4FM.2.F$*9.D_<;F3.<F3.C3$;-_3$M.+<:A$C$F4M.9P3423.C-IC$*494FP$;-
F3ID+$;*.FC$-.-4;$:<C.+<:A9.O-4DFC4*IF4<;DPDF.:b
jRiRfR $%2;-(-";-323(";-C-;-%:2$;%",2-"020:F:
3.F.C:<1/$8*!;/:;8$+<:.D1C<:$F4;2/;9m‹M.2.F$*9.Dn$;-!2/$8$m‹+I9F4M$F.n_N34+3:.$;D
F3. +I9F4M$F4<; <1 +.CF$4; 3.C*$+.<ID A9$;FD <1 D3<CF +P+9. 1<C 3I:$; +<;DI:AF4<;_ ;<C:$99P
-.;<:4;$F.- $D M.2.F$*9.D $;- 2C..;D m.M49$+BI$_ }}…nb 3. F.C: <CF4+I9FIC._ $++<C-4;2 F<
F3.D$:.$IF3<C.:*C$+.DF3.2/$8*!;/:;8$$;-$--4F4<;$99P4;+9I-.D<F3.CAC<-I+F4<;+C<ADDI+3
$D 1CI4F_ :ID3C<<:D_ <C;$:.;F$9 A9$;FD_ :.-4+4;$9 A9$;FD_ 3.C*D_ 19<N.CD $;- *I9*D_ $;- $9D<
D..-94;2Db<CF4+I9FIC.4D$D.$D<;$9+C<A+3$C$+F.C4Q.-*PD3<CF+P+9._IDI$99P4;1.C4<CF<<;.P.$C_
$;- 3$CM.DF.- $F <;+._ *.+$ID. 3$CM.DF I;-<.D F3. N3<9. +C<A m
_ }}†nb 3. <M.C$99 +C<A
+3$C$+F.C4DF4+D<1F3.DFI-4.-M.2.F$*9.D$C.-.D+C4*.-$D1<99<Nb
n.FFI+.a
++<C-4;2F<$.F$;<.F$9bm}}~n_4<-.$;.4C<sD+<;DI:.C:$C8.F3$D$AC.1.C.;+.1<CD:<<F3
me4D$fn9.FFI+.$;-4+.*.C29.FFI+.1<C1$DF1<<-+3$4;DbF3.CM$C4.F4.D4;+9I-.tD:<<F3+$**$2.
9.FFI+.t_ t+IC9P +$**$2. 9.FFI+.f_ e+IC9P 9.FFI+.f $;- <:$; FPA. 9.FFI+.b .FFI+. +$; *.
AC<-I+.--IC4;2F3.N3<9.P.$CN4F34;1$M<C$*9.N.$F3.C+<;-4F4<;D_$M<4-4;29$C2.3.$FDFC<8.
$;- 3.$MP C$4;D 4; F3. DI::.C A.C4<-Db F 3$D *..; C.+<::.;-.- F3. AC<F.+F.- +I9F4M$F4<; 4;
2C..;3<ID.D N4F3 A.DF4+4-. C.-I+F4<; F< 4:AC<M. AC<-I+F4M4FP $;- AC<-I+F BI$94FPb F 4D $9D<
N4-.9P AC$+F4+.- 3P-C<A<;4+D` N3.C.4; F3. +I9F4M$F4<; 4D A.C1<C:.- <; $ ;IFC4.;F D<9IF4<;
C.BI4C.- 1<C A9$;F 2C<NF3b 34D FPA. <1 1$C:4;2 4D $9D< $-M$;F$2.<ID 4; F.C:D <1 $M<4-4;2 A.DFD
F3$F$C.;<C:$99P+<;FC$+F.-4;F3.D<49m$.F$;<.F$9b_}}~nb
n<:$F<J
49M$.F$9b_}}€D$PF3$FF3.F<:$F<AC<-I+F4<;4DM.CP+3$99.;24;2_*.+$ID.F3.4;M.DF:.;FD$C.
3423_ .DA.+4$99P F3. .O+.DD4M. ID. <1 A.DF4+4-.Db 3. AC<-I+F4<; +$; *. 1<+ID.- <; F3. 1C.D3
+<;DI:AF4<; <C F3. 4;-IDFC4$94Q$F4<; <1 D$I+.D $;- AIC..Db 3.C. $C. AC<-I+.CD N3< $-<AF
F.+3;4BI.D DI+3 $D 4;F.2C$F.- A.DF :$;$2.:.;F $;- F3. 2C..;3<ID. DPDF.:_ AC.M.;F4;2 F3$F
9$C2.$:<I;FD<1A.DF4+4-.D$AA94.-b3.9I:4;.;D.dDAC<-I+.C3$DF<8..A$;.P.<;F3.$C.$<1
+I9F4M$F4<; 4; D9<A.D` F3. +C<AA4;2 DPDF.: mAC<F.+F.-_ FC$-4F4<;$9 <C +C..A4;2n` F3. 1.CF494Q$F4<;
m<C2$;4+<C:4;.C$9n`$;-F3.+<;FC<9<1A.DFD$;-N..-Dm49M$.F$9b_}}€nb
n..FC<<Fa
..FC<<F4D<;.<1F3.A9$;FDAC<A$2$F.-*PD..-_A9$;F.-D..-<CFC$;DA9$;FFC$PD1<C9$F.Cb3.C.
$C. F3C.. FPA.D <1 +<::.C+4$99P AC<-I+.- *..F_ DI2$C_ 1<C F3. .OFC$+F4<; <1 DI2$C_ 1<C$2._ 1..-_
$;-M.2.F$*9.<CC.-*..F1<C3I:$;1..-4;2b3.+I9FIC.<1*..F:IDFI;-.C2<$;4;F.;D.+<9-
A.C4<-_$;-D3<I9-*.$M<4-.-3423F.:A.C$FIC.D$;-4;F.;D.C$4;1$99m4M.994.F$9b_}~~nb
n $CD9.Pa
$CD9.P+$;*.AC<-I+.-4;<A.;DA$+.D-IC4;2F3.N3<9.P.$C*PA9$;F4;24;*.-DbF+$;$9D<*.
AC<-I+.-4;D4-.AC<F.+F.-FI;;.9<12$9M$;4Q.-DF..9$C+3.D$;-A9$DF4++<M.C_F<AC<F.+F$2$4;DF
3.$MP C$4; <C D.M.C. N4;F.Cb C. 2C<N; D$9D$D <1 F3. <CFI2I.D. FPA. $;- 19$Fj9.$1 A$CD9.P
m
_}~~nb
n$I9419<N.Ca
3. +I9F4M$CD $C. D<CF.- *P 4-.$9 F4:. 1<C D<N4;2_ 4;+9I-4;2 +C<AD <1 N4;F.C_ :4-jD.$D<;_ $;-
DI::.C m$P .F $9b_ }}„nb 34D +9$DD414+$F4<; +<;D4-.CD F3. +34994;2 C.BI4C.:.;FD 1<C 19<C$9
4;-I+F4<;b
4;F.C +I9F4M$CD -.M.9<A $;- AC<-I+. t3.$-Dt $F F.:A.C$FIC.D C$;24;2 1C<: ~ F<
}wb *<M. F34D C$;2._ F3. A9$;FD +<;F4;I. F3. M.2.F$F4M. 2C<NF3 1<C:4;2 D.:4jM.2.F$F4M.
t3.$-DtN4F3$2C..;4D3+<9<Cb3.DI::.C+C<AD+$;;<F*.2C<N;I;-.C+<;-4F4<;D*.9<N}w_
$DF34D:$P9.$-F<$;.$C9P1<C:$F4<;<14;19<C.D+.;+._N4F3$D:$99D4Q.$;-;<+<::.C+4$9M$9I.b
I9F4M$F4<; 4D -<;. *P D..- AC<A$2$F4<; $;- DI*D.BI.;F FC$;DA9$;F <1 D..-94;2D F< F3. $C.$ <1
+I9F4M$F4<;m$P.F$9b_}}„nb
nC..;.$;a
3.2C..;*.$;D+$;*.<*F$4;.-1C<:F3.D$:.+I9F4M$C<1$C.2I9$C*.$;b3.C.$C.FN<FPA.D<1
A<-D_ 1<99<N4;2 -411.C.;F 2C<NF3 FPA.b ;. 4D F3. A<- N4F3 -.F.C:4;$F. 2C<NF3 m*ID3.Dn_ N34+3
3$D $ D3<CF.C +P+9._ $;- 4D :<C. DI4F$*9. 1<C :.+3$;4Q.- 3$CM.DF4;2b ;- F3. D.+<;- 4D F3. A<-
N4F3 4;-.F.C:4;$F. 2C<NF3 m+94:*4;2 A9$;FDn 4; DI++.DD4<; N4F3 F<:$F< $;- +I+I:*.C m
_
}~‚nb3.C.$C.D.M.C$9+<::.C+4$9FPA.D<12C..;*.$;D_F3.e:$+$CC(<fA<-_F3.e:$;F.42$f
A<-$;-F3.eD94:FC.A$-<Cfm
_}~‚nb
n34;.D.+$**$2.a
3. 34;.D. +$**$2. 4D .CC<;.<ID9P +$99.- +3$C-b 3. C.$9 34;.D. +$**$2. 3$D 9.$M.D <1 *C423F
2C..; +<9<C_ <*9<;2 +9.;+3.-_ N$MP <; F3. :$C24;D_ 3$4CP_ N4F3 19.D3P_ F34+8 :4-C4* N34F. +<9<C
m.$*C$ K;4<C .F $9b_ }~nb 3. A$DD$2. <1 M.2.F$F4M. DF$2. F< C.AC<-I+F4M. 4D 4;-I+.- *P 9<N
F.:A.C$FIC.D_*.4;24;34*4F.-*P4FD19<N.C4;2$F$3423F.:A.C$FIC.m.C;4.Cu/C499.IO_}}‚nb
3.C. 3$D *..; $; 4:AC<M.:.;F <1 F3. +<::.C+4$9 AC<-I+F4<; DPDF.:Db <N.M.C_ P.F :I+3
C.:$4;DF<*.C.D.$C+3.-_;<F<;9PF<$+34.M.D.91jDI114+4.;+P4;C.9$F4<;F<AC<-I+F4<;_*IF$9D<4;
C.9$F4<;F<<*F$4;4;23423.CBI$94FPD..-Dm<A.Du$+.-<_}}…nb
.M49$+BI$ m}}…n 3$D F3C.. +9$DD414+$F4<;D <1 M.2.F$*9.Db 3. 14CDF 4D F3. 2C<IA <1 FI*.C<ID
M.2.F$*9.D_N34+3ID$*9.A$CFD$C.F3.<;.D4;D4-.F3.D<49_.b2bA<F$F<.D_*I9*D_C<<FDb3.D.+<;-
2C<IA4D<13.C*$+.<IDM.2.F$*9.D_N34+3F3.ID$*9.A$CF4D<M.CF3.D<49_.b2b9.FFI+._+$I9419<N.C_
+$**$2.Db3.9$DF2C<IA4DF3.1CI4FM.2.F$*9.D_N34+3F3.1CI4F4DF3.ID$*9.A$CF_.b2bF<:$F<.D_
:.9<;D_ A<-Db !0% if -4DA9$PD 3. <M.C$99 +3$C$+F.C4DF4+D <1 F3. DFI-4.- M.2.F$*9.D 4; F34D
C.D.$C+3b
!0%ifQ,9";%9-:;-":3(;,%:;A$-%$C%+%;!0%:
00A:;9;-32
37A091%
A9;-323(;,%
"F"0%
311%9"-0
(391YA:A0Z
ƒ}j„}-$PD
I;+3_<C<O
}82j…3.$-D
0::-(-";-32
e3$C-f
34;.D.
+$**$2.
899*!
6$.*1$19*9
S2;KTK
.$1
.FFI+.
!:;!9:*>
K
.$1
..FC<<F
$:>;/(8*9K
<<F
$I9419<N.C
899*!
2/$8!$>8K
2:8*:A9
9<N.C
4;F.C
m.*bgACbn
I::.C
m+Fbg.*bn
~}}j~~}-$PD
mN4;F.Cn
†}j~}}-$PD
mI::.Cn
;4Fk3.$-_<O
~ƒ82k…3.$-D
C..;*.$;g
D;$A*.$;g
DFC4;2*.$;
)9$2/;9
>;/(8*9K
CI4F
I2bg:$Cb
ƒ}j„}-$PD
<Ok~‚82_<C
-4DA<D$*9.FC$P
}b‚82<C4;*I98
<:$F<
A!26$89*!21
$9!;/$1:;0*//
CI4F
3<9.P.$C
~}}j~}-$PD
<Ok}82<C
-4DA<D$*9.FC$P
}b‚82_<C4;*I98
$CD9.P
$:829$/*1;0
!8*96;0S*//KT
A0K
.C*
ƒ}j„}-$PD
I;+3
~
937Y3A;,%:;
9G-0Z
"-%2;-(-"1%
3<9.P.$C
4;F.C
m.*bgI9bn
I::.Cm 3<9.
P.$Cn
3<9.P.$C
ƒ}j…}-$PD
mN4;F.Cn
‚}j„}-$PD
mDI::.Cn
ƒ}j„}-$PD
$Cbg.Fb
<Oƒ82k~…
I;4FD_<C
4;-4M4-I$99P
A$+8.-
<O.Dk}82<C
A$+8.-_<C4;
*I;+3_<C4;
*I98
<IC+.a$*9..9$*<C$F.-*PF3.$IF3<CID4;2-$F$$;-A4+FIC.D1C<:m
:*C$A$j<CF$94,$Du
_}~}n$;-m
j
~
_}~‚*nb <F.a3.34;.D.+$**$2.4D.CC<;.<ID9P+$99.-*PF3.;$:.<1e+3$C-f*<F34;F<F3.AC<-I+F4<;$;-F3.
+<::.C+4$94Q$F4<; 14.9-_ 3<N.M.C F3.P $C. F.+3;4+$99P -411.C.;F DA.+4.D_ F3. +3$C- N34+3 4D C.1.CC.- 4; F34D DFI-P 4D
$+FI$99PF3.34;.D.+$**$2._4;F.+3;4+$9F.C:Db
3. C.DA<;-.;F 1$C:.CD 4; F34D C.D.$C+3 +<I9- *. +9$DD414.- 4;F< F3C.. +$F.2<C4.D C.2$C-4;2 F3.
FPA.<1+3<D.;+C<A_*.4;2F3.:tD.$D<;$9t_tN3<9.P.$Ct<1t*<F3t+C<ADb-+A9% kdC.AC.D.;FD
F3.C.DI9FDb$91<1F3.1$C:.CD<AFF<AC<-I+.<;9PD.$D<;+C<AD948.F3.2C..;*.$;_+$I9419<N.C_
$;-A$CD9.Pb<:.DI::.CM$C4.F4.D<1M.2.F$*9.D$C.+C<AA.--IC4;2F3.N3<9.P.$C_DI+3$DF3.
+$D.<19.FFI+.b~„‰<1F3.1$C:.CD+C<AN3<9.P.$C+C<AD_.b2bF<:$F<.D_*..FC<<F$;-34;.D.
+$**$2.b;.jF34C-<1F3.4;F.CM4.N.-<AFDF<+C<A*<F3D.$D<;$9$;-N3<9.P.$C+C<ADb34DD<CF
<1-.+4D4<;4D$;4DDI.N3.;+<;D4-.C4;29<D.<CN4;D4FI$F4<;DC.2$C-4;2+C<A9<DD.Db3.1$C:.C
N3<AC<-I+.DN3<9.P.$C+C<AD3$D:I+3:<C.C.D494.;+.4;+$D.<1$;$FIC$9-4D$DF.C_N34+3+$;
CI4; F3. N3<9. +C<Ab D :I+3 $D -4M.CD414.- F3. FPA. <1 +C<A_ F3. *.FF.C F3. $-$AF$F4<; -I. F<
.;M4C<;:.;F$9+3$;2.Db
-+A9%kdQ;%+39-%:3(91%9:""39$-2+;3;,%"937;F7%
nC2$;4+AC<-I+F4<;
++<C-4;2 F< m}}‚n_ F3. <C2$;4+ AC<-I+F4<; 4D DI114+4.;F 1<C F3. +I9F4M$F4<; <1
3.C*$+.<ID M.2.F$*9.D_ 1CI4F M.2.F$*9.D_ $;- FI*.C<ID M.2.F$*9.Db ; $--4F4<; F< 3423
AC<-I+F4M4FP_ 4F 3$D <*F$4;.- 2<<- BI$94FP AC<-I+FD F< :..F F3. -.:$;- <1 F3. +<;DI:.Cb N<
AC$+F4+.D$C.+C4F4+$9F<:$4;F$4;4;2F3.AC<-I+F4M.+$A$+4FPa<C2$;4+:$;IC.$;-2C..;:$;IC.b
.2$C-4;2F3.A3PF<D$;4F$CP$DA.+F_F3.C.4D$;$AAC.+4$F4<;<1F3.ID.<1A9$;FDF3$FAC<M4-.M4F$9
C.D<IC+.D 1<C ;$FIC$9 .;.:4.D <1 A.DFD_ $D N.99 $D_ $-<AF4;2 :.$DIC.D 1<C 1I99 .OAC.DD4<; <1 F3.
;$FIC$9:.+3$;4D:D<1A9$;F-.1.;D.b9D<_4F4DAC$+F4+.-F3.ID.<1$9F.C;$F4M.A.DF4+4-.D_DI+3
$D3<:.:$-.7I4+.Dm*<C-.$IO:4OFIC.n_*4<+<;FC<9$2.;FD$;-A9$;F.OFC$+FDm
_}}‚nb
jRiRfRfR
3:;W,9C%:;03::%:
;.4:A<CF$;FF.+3;4+$9A<4;F<1+<;D4-.C$F4<;4DF3.A<DFj3$CM.DF9<DD.D_N34+34D+.CF$4;9P<;.
*<FF9.;.+8 F< <M.C+<:.b 9F3<I23 F3. M.2.F$*9. -4M.CD4FP 4; C$Q49 4D A9.;F41I9_ 4FD
+<::.C+4$94Q$F4<; 4D 94:4F.- -I. F< 3423 A.C4D3$*494FP_ 3$;-94;2 +<;-4F4<;D_ $;- .;M4C<;:.;F$9
+<;-4F4<;D_ N34+3 $++.9.C$F. F3. C4A.;4;2b 3. 9<24DF4+D $C. $9D< $ :$FF.C_ N34+3 7.<A$C-4Q.D F3.
+<::.C+4$94Q$F4<;-I.F<.9.M$F.-+<DFDm.;D4_}}ƒnbA.+414+$99P4;C$Q49_F3.$M.C$2.9.M.9D<1
A<DFj3$CM.DF9<DD.DC.$+3€‚‰IAF<}‰_N349.4;<F3.C+<I;FC4.D_948.F3.;4F.-F$F.D$C.<;9P
~}‰m49.9$.F$9b_}}€nb
3.A<DFj3$CM.DF9<DD.D:423F3$AA.;4;.M.CPA<4;F<1+<::.C+4$94Q$F4<;<1F3.+3$4;_DF$CF4;24;
F3.3$CM.DF$;-.;-4;2IA4;F3.+<;DI:AF4<;m.;D4_}}ƒnb3.m}~~nDF$F.DF3.D.2:.;FD
N3.C.1<<-9<DD.D$C..DF4:$F.-F<3$AA.;a
b C<-I+F4<;a:.+3$;4+$99<DD.D-IC4;2F3.3$CM.DF_$;-A<DFj3$CM.DFD<CF4;2
b <DF3$CM.DFa-IC4;23$;-94;2_DF<C$2.$;-FC$;DA<CF$F4<;
b C<+.DD4;2a9<DD.D-I.F<F3.AC<+.DD4;2_DA499$2._$;--.2C$-$F4<;
b 4DFC4*IF4<;aN$DF.4;F3.:$C8.FDPDF.:
b <;DI:AF4<;a$FF3.3<ID.3<9-9.M.9
DC.A<CF.-*P49.9$u.;Qm}}}n_M.2.F$*9.D<1F.;$CC4M.$FF3.:$4;-4DFC4*IF4<;+.;FC.DN4F3
F3. BI$94FP C.9$F4M.9P -.AC.+4$F.-_ -I. F< 4;$-.BI$F. 3$;-94;2 -IC4;2 F3. 3$CM.DF_ A<DFj3$CM.DF_
AC.+$C4<ID FC$;DA<CF$F4<; 4; 4;$AAC<AC4$F. *<O.Db ++<C-4;2 F< <IC.;Q$;4 u 49M$ m}}n_ F3.
+<::<;9P ID.- N<<-.; *<O.D AC.D.;F D.M.C$9 AC<*9.:D_ DI+3 $D +<;F$:4;$F4<; *P A.DFD $;-
A$F3<2.;D_D4;+.F3.P$C.<1F.;C.jID.-b3.N<<-.;*<O.D$9D<AC<A4F4$F.9<DD.D-I.F<+CID34;2
$;- DA<49$2. <1 AC<-I+FD_ N34+3 +<;FC4*IF.D F< <;. <1 F3. 2C.$F.DF +$ID.D <1 9<DD.D <1 1CI4F $;-
M.2.F$*9.D4;F3.-4DFC4*IF4<;b3.9.1FD4-.<1-+A9% ke499IDFC$F.DF3.4;$-.BI$F.*<O.DID.-4;
F3.F<:$F<-4DFC4*IF4<;b<IC.;Q$;4u49M$m}}nDI22.DFF3$FF3.:<DF$AAC<AC4$F.*<O$C.F3.
A9$DF4+*<O.DF3$F$99<NF3.+9.$;4;2_$C.-IC$*9.*.D4-.D*.4;2C.ID$*9._$;-AC<M4-..M.;*.FF.C
DF$+84;2b3.C423FD4-.<1-+A9%keD3<NDF3.A9$DF4+*<O.-ID.-4;F3.-4DFC4*IF4<;<1A$CD9.Pb
-+A9%keQ
2$%8A;%D33$%2!3E%:(39;31;3%:;;,%D,30%:0%-23C9-!A9+3P70:;-"!3E%:(3979:0%F;;,%
793$A"%9:0%-22;9AG
3<F<F$8.;*PF3.$IF3<Cm}~n
FN$DA<DD4*9.F<<*D.CM._-IC4;2F3.C.D.$C+3_F3$FF3.+<::<;9P+$99.-e+$4O$C4$fM.2.F$*9.D_
4b.b1CI4FM.2.F$*9.D<1F34DDFI-P_N.C.<1F.;+<::.C+4$94Q.-4;N<<-.;*<O.Db3.C.$D<;4DF3$F
N4F3F3.19I+FI$F4<;<1AC4+.D$;-F3.FPA.<1+<::.C+4$94Q$F4<;M4$F3.N3<9.D$9._4F4D;<FN<CF3
1<C F3. 1$C:.C F< 4;M.DF:.;F 4; *.FF.C A$+84;2_ +<;D4-.C4;2 F3. I;+.CF$4;FP D$9. AC4+. <1 F3.
AC<-I+.b.$1M.2.F$*9.D_<;F3.<F3.C3$;-_+<I9-*.<1F.;D..;FC$-.-4;A9$DF4+D*<O.D_-I.F<
F3. .O42.;+4.D <1 F3. C.F$49.C D.+F<C <C F3. +<;DI:.C_ 4; N34+3 4D C.BI4C.- *.FF.C F.+3;<9<24+$9
DF$;-$C-Db;F34D9$DF+$D._4F4DN<CF31<CF3.1$C:.CF<4;M.DF4;*.FF.C*<O.D$;-*.4;+9I-.-4;
F34D:$C8.FbF4D4:A<CF$;FF<34239423FF3$FF3C<I23F3.4;DF4FIF4<;$9AIC+3$D._4;$;-
_
4F4D$9D<.OA.+F.-F34DD<CF<1DF$;-$C-C.BI4C.:.;FF<A$CF4+4A$F.4;F3.AC<2C$::.b
9M.D u 49<+34 m}~}n $-- F3$F F3. BI$94FP <1 M.2.F$*9._ 4; 4FD D.;D<C4$9 +3$C$+F.C4DF4+D_ 4D
+<;D4-.C.- $ AC<*9.: N4F34; F3. C$Q494$; +<::.C+4$94Q$F4<; +3$4;_ N3.F3.C 4; F3. N3<9.D$9._
C.F$49_$;--4C.+FD$9.b3.PA<4;F<IFF3$FF3.C.4D$2.;.C$9I;$N$C.;.DDC.2$C-4;2.DD.;F4$9+$C.
N4F34; F3. +3$4;_ +$ID4;2 D42;414+$;F 9<DD.D -I. F< 3$;-94;2_ DA499$2._ FC$;DA<CF$F4<;_
+<;F$:4;$F4<;$;-4;$-.BI$F.DF<C$2.N4F3<IFC.1C42.C$F4<;b3.N$P<1.OA<DIC.4;F3.:$C8.F
$;- F3. +<;DI:.C 3$;-94;2 $C. $9D< C.DA<;D4*9. 1<C 9<DD.D 4; F3. -4DFC4*IF4<; m49.9$ u .;Q_
}}}nb
jRiRgR $%2;-(-";-323(+%2;:
;F3.1<99<N4;2!0%ig_$99$+F4M4F4.D$;-$2.;FDC.9$F.-F<F3.3<CF4+I9FIC.M$9I.+3$4;$C.94DF.-
1<C+9$C4FP<1$;$9PD4Db
!0%igQA2";-32020F:-:;!0%C0A%",-2W,39;-"A0;A9%
";-C-;F
+%2;:
⋅
%+%;!0%93$A";-32
%0(W"32:A17;-32
300%";-323(;,%793$A"%
A770F%2;9%2$-:;9-!A;-32
<;M.;F4<;$9AC<-I+.CDmN3<9.P.$C_D.$D<;$9
A;7A;
⋅
M.2.F$*9.D
<C*<F3+C<AFPA.Dn
⋅
C2$;4+AC<-I+.CD
⋅
<ID.3<9-1$C:.CD
⋅
4--9.:.;
⋅
$C2.C.F$49.CD
⋅
A.+4$94Q.-C.F$49.CD
⋅
DN3<9.D$9.
⋅
:$99N3<9.D$9.
⋅
$C2.C.F$49.CD
⋅
A.+4$94Q.-C.F$49.CD
C.D3+<;M.;F4<;$9
⋅
C2$;4+1C.D3
M.2.F$*9.D
⋅
C.D3M.2.F$*9.D
⋅
C.D3M.2.F$*9.D
m2C..;D$;-M.224.Dn
⋅
C.D3M.2.F$*9.D
m2C..;D$;-M.224.Dn
,377-2+%2;9%
-2-793"%::-2+
Y%0%";-32OD:,-2+O:2-;-G-2+O
793"%::-2+2$7"/-2+Z
⋅
C.D3M.2.F$*9.D
⋅
$C2..F$49.C
⋅
:$99C.F$49.C
⋅
A.+4$94Q.-C.F$49.C
⋅
2C<jAC<+.DD4;2A9$;FD
⋅
A.+4$94Q.-.F$49.CD
⋅
$C2.C.F$49.CD
⋅
C<-I+.Cq
⋅
C<-I+.C
⋅
FC..F:$C8.FM.;-<Cm+$;*.F3.AC<-I+.C
⋅
C.D3M.2.F$*9.D
34:D.91n
⋅
4;4AC<+.DD.-
-9%";:0%
⋅
.DF$IC$;Fg3<F.9g3<DA4F$9AIC+3$D.
⋅
;DF4FIF4<;$9AIC+3$D.m_
$;-<F3.CDn
A$+8.-<C4;*I98
⋅
4;4jAC<+.DD.-
M.2.F$*9.D
⋅
4;4jAC<+.DD.-
M.2.F$*9.D
M.2.F$*9.D
q<F.;F4$9$2.;F1<CF3.D.9.+F.-$+F4M4FP
F4DC.:$C8$*9.F3$FN349.F3.
D+<:.-<N;F<*.:.C.9P$DIAA9P$;--4DFC4*IF4<;+.;F.C
<1F3.AC<-I+._F3.C.F$49.CD$C.-.M.9<A4;2$M$C4.FP<1$+F4M4F4.D4;F3.M$9I.+3$4;b.F$49.CD$C.
A.C1<C:4;2$99$+F4M4F4.DD4;+.F3.+<99.+F4<;<1F3.AC<-I+.F499F3.+<;DI:.C_-.A.;-4;2<;F3.
D4Q. $;- $9D< <; F3. DA.+4$94Q$F4<; <1 F3. C.F$49.C ;.FN<C8b --4F4<;$99P_ F3. AC<-I+.C +$; $9D<
3$;-9. F3. :4;4jAC<+.DD4;2 41 F3.C. N$D DI114+4.;F 4;M.DF:.;F 4; F3. 4;1C$DFCI+FIC. 1<C F3$F
$+F4M4FPb3.C.4D$:4;4:I:F3C.D3<9-1<CF3.M$9I.+3$4;IA2C$-4;2AC<+.DD_N34+34;4F4$99P+<I9-
*. $M<4-4;2 F3. +<:A9.O4FP $;- F3. I;+.CF$4;FP <1 F3. +3$;;.9 F3C<I23 D_ $;- D.+<;-9P
$--4;2M$9I.F<F3.AC<-I+._F3$FIAF499F34D:<:.;F3$D*..;+.;F.C.-<;F3.C.F$49D.+F<Cb
jRiRhR A2;-(-";-323(,F:-"003D:
3. F<F$9 BI$;F414+$F4<; <1 A3PD4+$9 19<ND 4; F.C:D <1 BI$;F4FP DIAA94.- $;- BI$;F4F4.D IF494Q.-
N4F34; F3. DFI-4.- 3<CF4+I9FIC. +3$4; 4D C.AC.D.;F.- $D DIAA9P IF494Q$F4<; $++<I;F mn 4;!0%
ihb3.C.DI9FD+<;D4-.CF3.1<99<N4;2$DDI:AF4<;Da
•
IAA9P 4F.:D N.C. $++<I;F.- 1<C F3. F<F$9 AC<-I+F4<; <1 M.2.F$*9.D $;- 2C..;.C4.D 4; F3.
€$;-1C<:€}1$C:.CC.DA<;-.;FD`
•
F494Q$F4<; 4F.:D -$F$a -$F$ $+BI4C.- M4$ +<;DI9F$F4<; <1 .OA.CFD 4; F3. :$;$2.:.;F <1 F3.
DIAA9P +.;F.CD m
n_ BI$;F4FP DIAA94.- $;- -4DFC4*IF.- 4; }~€ 4; 4FD F<F$94FPb F3.C
N3<9.D$9.CD C.19.+F F3. F<F$9 -4DFC4*IF.- 4F.:D 4; F3. e.C+$-< -< C<-IF<Cf m:$;$2.:.;F
4;F.CM4.Nn $;- F3. BI$;F4FP $+BI4C.- F3C<I23 4;F.CM4.N.- FC$-.CD 4; F3. b
A.+4$94Q.-C.F$49.CC.19.+FDF3.IF494Q.-4F.:D4;F3.I;4F<1IFF4j1CIFF44;<M$C4*IC2<b4;4
AC<+.DD4;2$++<I;F.-F3.BI$;F4FPAC<+.DD.-*PF3.+<:A$;P$9..C-.4;.C.D=A<94Db.91j
+<;DI:AF4<; N$D +$9+I9$F.- F3C<I23 F3. m}~}*n <ID.3<9- I-2.F ICM.P 1<C ~~†
1<I;-3<ID.3<9-D4;€$;-b
!0%ihQA770F;-0-G;-32""3A2;YZ39;-"A0;A9%
%+%;!0%:A770F-;%1:YfdegZ
;-0-G;-32-;%1:YfdegZ
9A-;C%+%;!0%:793$A";-32gOh
eOddgRd
%(C%+%;!0%:793$A";-32gOh
eOkhhRi
%(C%+%;!0%: fiOjdkRk
9A-;C%+%;!0%: jeOdilRf
;,%9D,30%:0%9
7%"-0-G%$9%;-0%9
3;0Y;32:Z
%(C%+%;!0%:
eiRi
9A-;C%+%;!0%:
glRk
%(C%+%;!0%: fmOkhkRi
-2-W793"%::-2+
%(C%+%;!0%:
eRhlh
%0("32:A17;-32
%+%;!0%:
dRkkekei
eejhjmRlm
fkhkRhii
WeegkffRhg
3.+$;;<F*.+<;D4-.C.-1I91499.-*.+$ID.F3.F<F$9DIAA94.-4F.:D-<;<F1I91499F3.IF494Q.-
4F.:Db *C<$-.C $;$9PD4D_ .:*C$+4;2 <IFj<1jF3.j+3$4; *<C-.C $+F<CD N<I9- *. ;.+.DD$CPb <C
4;DF$;+._F3.BI$;F4FPIF494Q.-4;F3.
4DC.1.CC.-F<F3.AC<-I+.1C<:<F3.C+4F4.D<1F$F.
4< -. $;.4C< $;- <F3.C C$Q494$; DF$F.D $D N.99b 9D<_ F3. IFF4j1CIFF4 +3$4;_ N34+3 4D F3.
4;F.C:.-4$CP<1F3.e<CF41CIF4+3$4;f_ $9D<AIC+3$D.D AC<-I+FD 1C<: 4;$D .C$4D_ *.4;2 1.N <1
F3. AC<-I+. $+BI4C.- 4; <M$ C4*IC2<b 3. +<;DI:.C :$C8.F 4D 4;D4-. 4< -. $;.4C< F$F._
:$4;9PF3.:.FC<A<94F$;C.24<;<1F3.+$A4F$94<-.$;.4C<b;9PF3.e.C+$-<-<C<-IF<Cf$;-
e
f +$; C.AC.D.;F F3. :$7<C4FP <1 F3. +<::.C+4$94Q.- AC<-I+. +<:4;2 1C<: <M$
C4*IC2<1<CF3.9<+$9+<;DI:.C:$C8.F<1F3.+4FPb
.M.CF3.9.DD_F3.N$DID.1I9F<499IDFC$F.F3.A3PD4+$919<ND<1F3.$2.;FD<1F34DC.D.$C+3bF
4D N<CF3 F< +<;D4-.C F3$F 4< -. $;.4C< 4D ;<F D.91jDI114+4.;F 4; M.2.F$*9.Db 3. :$7<C4FP <1 F3.
M.2.F$*9.D+<;DI:.-4;F3.F$F.$C.4:A<CF.-1C<:F3.<F3.CC$Q494$;F$F.D_F<DIAA9PF3.3423
-.:$;-b3.IF494Q.-4F.:D<1F3.
C.AC.D.;F:<C.<IFj<1jF3.+3$4;DIAA9PbF$9D<34239423FD
F3.4:A<CF$;+.<1F3.A<F.;F4$94;+C.$D.4;F3.:$C8.F1<CF3.9I:4;.;D.dDAC<-I+F4<;F<D$F4D1P
F3.3423-.:$;-<1F3.+4FP4<-.$;.4C<bI.F<F3.D+<A.<1F3.C.D.$C+3_F3..:*C$+.D
<;9P F3. 4;F.CM4.N.- $2.;FD $;- €} 1$C:.CD <1 F3. :4+C<j*$D4;Db 3. <M.C$99 A3PD4+$9 19<ND <1
M$9I.+3$4;+$;*.499IDFC$F.-4;-+A9%kfb
-+A9%kfQ,F:-"0(03D:-2;,%C0A%",-2W39;-"A0;A9%
jRiRiR 27A;3A;7A;1;9-"%:
3. 4;AIFj<IFAIF :$FC4+.D <1 F3. 3<CF4+I9FIC. +3$4; N.C. I;-.CF$8.; *$D4;2 <; F3. 4;AIF A.C
3.+F$C.<12.;.C$9M.2.F$*9.AC<-I+F4<;b3.C.N.C.-4114+I9F4.D4;2$F3.C4;2-$F$<14;AIFD1C<:
1$C:.CDb<:.1$C:.CD-4-;dFAC<M4-.F3..;<I23-$F$b3.C.$D<;1<CF3$F+$;*..OA9$4;.--I.
F<F3.9$+8<18;<N9.-2.$*<IFF3.-411.C.;FFPA.D<14;AIFD_<CF3.+<;1ID4;2N$P<1F3.1$C:.CD
4;.OA<D4;2F3.$D8.-4;1<C:$F4<;-IC4;24;F.CM4.NDb9D<_D<:.1$C:.CD-4-;sF3$M..;<I23F4:.
<CN.C.M.CPF4:4-_$;-F3.4;F.;F4<;N$D;<FF<+$ID.$;PAC.DDIC.<;F3.4;F.CM4.N..Db
4F3.C
N$D A<DD4*9. F< +$9+I9$F. $ -.F$49.- 4;AIF A.C FPA. <1 +C<A_ -I. F< F3.D. +<;DFC$4;FD +4F.-_ $D
1$C:.CDAC<M4-.-4;AIFD1<C$99AC<-I+FDF<2.F3.C_;<F-.F$49.-*P+C<Ab;F34D+$D._4FN$DID.-
F3. eD+$9. IAf AC<+.-IC._ F< 3<:<2.;4Q. -$F$ $;- $9D< +<M.C 4;-4M4-I$99P 4;AIF 2$AD_ C.19.+F4;2
F3. 4;AIFD 1<C $;P M.2.F$*9. A.C 3.+F$C. $D $ 2.;.C$94Q$F4<;b 3. $M.C$2. 4;AIF A.C 3.+F$C.
+$9+I9$F.- 1C<: F3. 1$C:.CdD BI.DF4<;;$4C. 4D 4; !0% iib <C <C2$;4+ AC<-I+F4<;_ 4F N$D
+$9+I9$F.-$;<F3.CF$*9.<14;AIFD_D.A$C$F.9PD3<N;4;F3.D$:.!0%iib
;AIFj<IFAIF:$FC4+.DN.C.2C<IA.-4;:4+C<j*$D4;$;-$+F4M4FP1<C+<:A$C4D<;b3.+<::I;4FP
C.1.C.;FC.DI9FD$C.4;!0%ijb4DI$9:$FC4+.D499IDFC$F.F3.C.DI9FD<1€$;-m-+A9%kgnb
3. <C2$;4+ AC<-I+F4<; N$D $++<I;F.- D.A$C$F.9P 4; $ -411.C.;F :$FC4O_ $;- AC.D.;F.-
+<:A$C$F4M.9P9<N.C<IFAIFA.C3.+F$C.D$;-$9D<9<N.CBI$;F4FP<14;AIFA.C3.+F$C.Db
!0%iiQ
27A;W3A;7A;8A2;-;-%:2%%$;3793$A"%e,3(C%+%;!0%:-2;,%:;A$-%$9%
";-C-;FQ+93D-2+e,3(C%+%;!0%:Y-2;,%:;A$F9%Z
2-;
C%9+%8A2;-;F7%9,
$;IC.
<;
†b„
.CF494Q.C
<;
b€
27A;8A2;-;-%:7%9,Y"32C%2;-320793$A";-32Z
.DF4+4-.Dm:$;PFPA.Dqn
2g4FC.
…b†
4+C<;IFC4.;FD
4FC.
}b…
<O.D
;4F
‚„~b~
4:.DF<;.
<;
~b€
I.9
4FC.
€b
3<ID$;-
†_}‚b‚
<;
€ƒb~
C2$;4+<:A<DF
<;
b‚
$DF<CA9$;F+<:A<DF
<;
}b„‚
<C-.$IO:4OFIC.
2
‚
C2$;4+A.DF4+4-.D
4FC.
b‚
<;
†b~
..-94;2Dq
A;7A;8A2;-;F7%9,
.2.F$*9.AC<-I+.
27A;8A2;-;-%:7%9,Y39+2-"W!-303+-"0793$A";-32Z
A;7A;8A2;-;F7%9,
.2.F$*9.AC<-I+.
q<F.a $;P A.DF4+4-.D $C. ID.- 1<C <;. DA.+414+ +C<A_ $;- .$+3 +C<A 3$D 4FD -411.C.;F FPA. <1 A.DF4+4-. ID.-b <C
+$9+I9$F4<;_ 4F N$D 2.;.C$94Q.- F< $22C.2$F. -$F$ 1<C $;$9PD4Db 3. D..-D $C. $+BI4C.- <C F3C<I23 D..-94;2 <C D..-D_
-.A.;-4;2 <; F3. +C<A_ 4F N$D +<;D4-.C.- F3. $:<I;F <1 A9$;FD ID.- A.C 3.+F$C.D 4;-.A.;-.;F9P <; F3. FPA. <1
$+BI4D4F4<;b
!0%ijQ
27A;WA;7A;1;9-"%:;!0%!F"311A2-;F-20A%,-2
27A;8A2;-;-%:7%9,
Y"32C%2;-320793$A";-32Z
99" 3$3:
%2$%:
0392$-$
%99
-3
92$%
%993C%
%99%0,
0-2:
2;
9AG
$;IC.
<;
~bƒ
€b€
€b}
ƒƒb}
~b€
‚…b
.CF494Q.C
<;
€b‚
‚b‚
„bƒ
~‚bƒ
‚b~
~€b…
.DF4+4-.Dm:$;P
FPA.Dn
2g
~€b
~b
†b
ƒ}b‚
~†bƒ
‚€b
4+C<;IFC4.;FD
~b
~b†
bƒ
‚b
~b…
b…
<O.D
;4F
…‚ƒb„
~_€„}bƒ
~_……bƒ
€_……€b‚
~_‚ƒb
€_ƒbƒ
4:.DF<;.
<;
b}
€b~
b€
…b…
b†
„b…
I.9
…ƒbƒ
„„…bƒ
~_}„}b‚
_}‚b†
„~€b„
~_†ƒb
..-94;2D
~€_‚„…b…
~_„ƒb}
†_…„€b€
ƒ~_‚‚„b}
~†_†~‚b‚
‚_€~‚b}
<;
‚b
…ƒbƒ
~~†b~€
‚b…
„†b
~ƒbƒ
A;7A;8A2;-;F7%9,
.2.F$*9.AC<-I+.
-+A9%kgQ
27A;W3A;7A;1;9-"%:3(32%9%79%:%2;;-C%793$A"%9(39C0A%",-2
$FC4+.D.9$*<C$F.-*PF3.$IF3<C*$D.-<;F3.14.9-N<C8$;-F3.:.F3<-<9<2Pm.99J_}~€nb<F.aD..-94;2N$D
D4:A9414.-F<F3<ID$;-b
jRjR ;%7jQ"3231-"20F:-:3(;,%C0A%",-2
jRjReR 93$A";-32""3A2;
jRjReReR 3;0A;7A;0A%
<CF3.F<F$9<IFAIFM$9I._F3.C.$C.1<IC$DDI:AF4<;DID.-4;F34DDFI-Pa
mn$9.D.M.;I.aFN$D+<;D4-.C.-F3.F<F$9<IFAIFM$9I.<1$C.AC.D.;F$F4M.1$C:.C4;}~€<1
.$+3 +<::I;4FP $;- :4+C<j*$D4;_ +<;D4-.C4;2 $99 M.2.F$*9.D D<9- 4; 849<2C$:D $;- F3. $M.C$2.
D$9.AC4+.A.C849<2C$:<1.$+3M.2.F$*9.b
mnN;14;$9+<;DI:AF4<;a$9+I9$F4<;N$DA.C1<C:.-ID4;2F3.DI:<1.;+<I;F.C.-3<ID.3<9-
D4Q. $;- F3. $M.C$2. +<;DI:AF4<; A.C +$A4F$ <1 M.2.F$*9.D 4; 4< -. $;.4C<b 3. $;;I$9 A.C
+$A4F$ +<;DI:AF4<; m82gA.C +$A4F$ P.$Cj~n $++<C-4;2 F< F3. <ID.3<9- I-2.F ICM.P m
_
}~}*n 4D }b€ƒ~ 1<C 34;.D. +$**$2._ }b„‚~ 1<C 9.FFI+._ }b€~„ 1<C +$I9419<N.C_ b€€€ 1<C F<:$F<_
$;- }b€ƒ 1<C 2C..; *.$; $;- }b€„„ 1<C *..FC<<Fb F N$D ID.- F3. $M.C$2. D$9. AC4+. $F F3.
AC<-I+.C9.M.9F<+$9+I9$F.b
mn3$;2.4;F3.4;M.;F<C4.Da3.C.N$D;<F1<I;-$;PDF<C$2.4;F3.M.2.F$*9.AC<-I+F4<;b3.
AC<-I+. 4D -4DFC4*IF.- C423F $1F.C *.4;2 3$CM.DF.-_ -I. F< 3423 A.C4D3$*494FP <1 F3. AC<-I+Fb <
1$C:.CD3$-1C4-2.+3$:*.CDF<DF<C.F3.AC<-I+.1<C$9<;2.CA.C4<-bD$:$FF.C<11$+F_4F4D;<F
+<::<;F<<*D.CM.+<9-+3$4;4;F3.-<:.DF4+:$C8.Fb;F34D+$D._F34D4F.:N$D+<;D4-.C.-;I99
4;F3.+$9+I9$F4<;Db
mn <F$9 <IFAIF M$9I. ‹ ŠŠa 3. <IFAIF M$9I. C.AC.D.;FD F3. $++<I;F <1 $ C.AC.D.;F$F4M.
1$C:.C<1F3.+9IDF.C.-2C<IAb3.C.DI9FD$C.4;!0%ilb
F 4D A<DD4*9. F< 4;1.C 1C<: F3. F<F$9 <IFAIF M$9I. 1C<: F3. 1$C:.CD F3$F 4; 2.;.C$9_ F3.
C.AC.D.;F$F4M. 1$C:.CD <1 F3. +<;M.;F4<;$9 AC<-I+F4<; 3$M. D4:49$C <IFAIF M$9I.Db ;9P F3.
+<::I;4FP.CC$.93$$;-.CC$<M$AC.D.;F.-3423.C<IFAIFM$9I.4;+<:A$C4D<;F<F3.<F3.C
+<::I;4F4.D4;F3.D$:.:4+C<j*$D4;b3$F4DF3.C.$D<;F3.D3<N.-$3423.C<IFAIFM$9I.
$D +<:A$C.- F< F3. €b 3. <C2$;4+ AC<-I+.CD DF499 3$M. 9.DD <IFAIF M$9I._ -I. F< F3. 9<N.C
<IFAIFD<*F$4;.-4;2.;.C$9b<N.M.C_F3.AC4+.A$4-A.C849<2C$:N$D:I+33423.C_<11.C4;2F3.
<C2$;4+1$C:.C$+<:A$C$F4M.9P3423.C<IFAIFM$9I.4;C.9$F4<;F<F3.F<F$9AC<-I+F4<;b
!0%ikQ3;03A;7A;C0A%;;,%793$A";-320%C%0W0A%",-2
0%:%C%2A%:
YZ
D2-20
32:A17;-32YZ
,2+%-2
2C%2;39-%:YZ
3;0A;7A;0A%
YrqqZ
99" 3$3:%2$%:
y†_††b‚…
y€~b}†
j
y†€_}€bƒ„
0392$-$%99
y„~_…}†b…
y€b‚
j
y„~_…€b„
-392$%
y…„_†„b
y€…b}ƒ
j
y……_}~b€}
0-2:
y…†_ƒb‚~
y€…b}ƒ
j
y…†_€}b‚„
2;9AG
y†~_~††b‚†
y„b‚„
j
y†~_„b~„
%993C%%99%0,
y~…€_…}‚b†
y„b‚„
j
y~…€_…‚€b‚
g
y~}~_}b„
y€„b~~
j
y~}~_}ƒ~b…€
h
y~}†_~‚b‚ƒ
y€…b‚}
j
y~}†_~…b}ƒ
9+2-"93$A"%9:
y‚ƒ_„„„b}}
y†b~‚
j
y‚ƒ_…ƒb~‚
3;0
y}~_††b€
y}b~‚
j
y}~_†…†b€†
2%9%79%:%2;;-C%793$A"%9
ADFC.$: $2.;FD N.C. $++<I;F.- D.A$C$F.9P_ ID4;2 $M$49$*9. -$F$ $+BI4C.- F3C<I23 4;F.CM4.NDb
3.C.N.C.:$;P<*DF$+9.D4;A.C1<C:4;2F3.4;F.CM4.NDbFF3.
N3<9.D$9._-$F$N$D;<F
1I99P<*F$4;.-_-I.F<9$+8<14;F.C.DF<1F3.FC$-.CD4;A$CF4+4A$F4;24;F3.BI.DF4<;;$4C.4;F.CM4.N
$;- $9D< -I. F< 9$+8 <1 3.9A 1C<: F3. :$C8.F :$;$2.:.;Fb C$-.CD N.C. DIDA4+4<ID $;- -4-;dF
N$;FF<N$DF.F3.4CF4:.F<+<A.N4F3F3.C.D.$C+3b3.DFI-PN$D+<;-I+F.-4;F3C..-$PD$FF3.
C$;-.j4<_1.NFC$-.CD<C:$;$2.CDN$;F.-F<+<A.N4F3F3.C.D.$C+3b3.C.DI9FDC.19.+F
F3.-$F$$+BI4C.-1C<:ƒFC$-.CD_N34+32$M.4;+<:A9.F.$;DN.CDb3.:$;$2.C<1F3.N3<9.D$9.
+<;14D+$F.-F3.BI.DF4<;;$4C.D_F<$M<4--4DFIC*$;+.<1F3.FC$-.CD_$;-<11.C.-F3.+<99.+F4<;<1
-$F$$9<;2N4F3F3.+<99.+F4<;<1-$49PAC4+.DA.C1<C:.-*PF3.:b<-$F$3$DP.F.M.;C.FIC;.-
$1F.CFN<$FF.:AFDF<:..FF3.:$;$2.Cb$9+I9$F4<;D$DDI:.-F3.BI$;F4FPFC$-.-$;-F3.D$9.
AC4+.*P.$+3F<:$8.IA$C.AC.D.;F$F4M.<1F3.D.+F<Cb
3.D$:.D<CF<1<*DF$+9.DN$D1<I;-N4F3<F3.CIADFC.$:$2.;FDb3.P$9D<AC<M4-.-4;+<:A9.F.
4;1<C:$F4<;4;F3.BI.DF4<;;$4C.Db3.:4--9.:.;$FF3.e.C+$-<-<C<-IF<Cf-4-;dFAC<M4-.
+<:A9.F.$;DN.CDb3.DICM.PD<1FC$-.CD$FF3.
N.C.F3.+<:A9.F.-<;.D_$;-:<DF
3.9A1I9 4; F3. C.D.$C+3b 3. :4;4jAC<+.DD4;2 $;- DA.+4$94Q.- C.F$49.CD -4-;dF AC<M4-. .;F4C.9P
$++IC$F. 4;1<C:$F4<;b < AC.DDIC. N$D 4:A<D.- <; F3.: .4F3.Cb 3. +$9+I9$F4<; +<;D4-.C.- $;
.DF4:$F.- BI$;F4FP D<9- $F F3. D$9. AC4+. $;- +3$;2. 4; F3. 4;M.;F<C4.D N$D +<;D4-.C.- F3.
$:<I;FDF<C.-$FF3..;F.CAC4D.$++<C-4;2F<1C4-2.+3$:*.CD+$A$+4F4.D_N4F3F3.$M$49$*9.-$F$
+<99.+F.-b3.C.DI9FD<1F3.IADFC.$:$2.;FD1<C$P.$CA.C4<-$C.D3<N;4;!0%imb
!0%ilQ3;0A;7A;C0A%A7:;9%1+%2;:0A%,-2
2%9%79%:%2;;-C%+%2;
‹ŠŠ
0%:
%C%2A%:
N;4;$9
<;DI:AF4<;
3$;2.4;
;M.;F<C4.D
<F$9IFAIF
$9I.
;9$%9
100
D,30%:0%
;9$%9
-$$0%1%2
-2-W
793"%::-2+
-:;9-!A;%9(39
:7%"-0-G%$
9%;-0%9
_€_ƒ‚ƒb}}
€~_~„}b}}
…_‚‚b}}
_}€_„b}}
‚_~~}_}}}b}}
j
j
j
j
j
j
j
_€‚b}}
„}b}}
~ƒ_‚}b}}
_€_ƒ‚ƒb}}
€~_~„}b}}
€}_…‚}b}}
_}€_€~„b}}
‚_~ƒ_‚}b}}
jRjReRfR 93::0A%$$%$YZ
<CC.$D<;<1$;$9PD4D_4F3$D*..;+<;D4-.C.-F3.FN<$DDI:AF4<;Da
m
n;F.C:.-4$F.4;AIF+<DFDa$++<I;F.-F3.F<F$94;AIFD.;F.C4;2F3.AC<-I+F4<;AC<+.DD_F<F$99P
+<;DI:.- 4; F3. AC<-I+F4<; A.C4<- <1 F3. P.$C }~€b F N.C. +<;D4-.C.-a ;F.C:.-4$F. ;AIFD
C<-I+.- ;D4-. F3. $9I. +3$4; mn_ N34+3 $C. F3. <IFAIFD <1 -<N;DFC.$: $2.;FD_ .b2b
M.2.F$*9.D` $;- ;F.C:.-4$F. ;AIFD IFD4-. F3. $9I. 3$4; mn N.C. F3. 4;AIFD DI+3 $D
1.CF494Q.CD_ A.DF4+4-.D_ .F+b I. F< F3. $9C.$-P .OA9$4;.- AC<*9.:D N4F3 -$F$ +<99.+F4<; C.2$C-4;2
4;AIFD <1 F3. 1$C:.CD_ F3. N$D .DF4:$F.- $D F3. F<F$9 +<DF A.C 3.+F$C. <1 .$+3 1$C:.C_ F<
3<:<2.;4Q. $;- 2.F C4- <1 F3. 2$ADb 3.; F3. +<DF <1 4;AIF A.C 3.+F$C. N$D D+$9.- IA F< F3.
C.AC.D.;F$F4M. <1 :4+C<j*$D4; $;- +<::I;4FPb 4D+C.A$;F -$F$ N$D $;;I99.- -IC4;2 F3.
3<:<2.;4Q$F4<;b3.-.F$49.-C.DI9FD<1$C.AC.D.;F.-4;77%2$-Eee4;!0%jib
mnC<DD$9I.--.-mna3.+$9+I9$F.-C.AC.D.;FDF3.M$9I.<1<IFAIF;.F<1F3.M$9I.
<1 F3. 4;F.C:.-4$F. 4;AIF +<DFDb 3. C.DI9FD N.C. +9IDF.C.- 4; +<::I;4FP $;- :4+C<j*$D4;_
D.A$C$F4;2 F3. <C2$;4+ AC<-I+.CD_ 1<C F3. .11.+F <1 +<:A$C4D<;b ADFC.$: $2.;FD <1 F3. +3$4;
N.C. $++<I;F.- D.A$C$F.9Pb 3. _ _ $;- C.AC.D.;F F3. $M.C$2. <1 $ C.AC.D.;F$F4M.
$2.;F_+<::I;4FP<C:4+C<j*$D4;b3.<M.C$99+$9+I9$F4<;C.DI9FD$C.4;!0%jdb
!0%imQ93::0A%$$%$YZ3(;,%+%2;:-2;,%0A%,-2
%79%:%2;;-C%
+%2;
YZ
2;%91%$-;%
27A;"3:;:
YZ3;0A;7A;
0A%
YZ93::C0A%
$$%$
j
y~€_‚€}b
y~€_‚€}b
y†€_}€bƒ„
y„†_†€b€
j
y~_ƒ…b„}
y~_ƒ…b„}
y„~_…€b„
y‚}_~†‚b}
j
y†_„ƒƒb†ƒ
y†_„ƒƒb†ƒ
y……_}~b€}
y‚…_‚b€
93$A"%9+%2;:
99" 3$3:
%2$%:
0392$-$
%99
-392$%
0-2:
j
y~†_…bƒ
y~†_…bƒ
y…†_€}b‚„
yƒ†_‚„b†€
2;9AG
j
y‚_~~b„‚
y‚_~~b„‚
y†~_„b~„
y€„_~‚b
%993C%
%99%0,
j
yƒ~_€€„b††
yƒ~_€€„b††
y~…€_…‚€b‚
y~_‚~‚b‚€
g
j
y€ƒ_†…€b}
y€ƒ_†…€b}
y~}~_}ƒ~b…€
yƒ_}„…bƒ€
h
j
y€~_‚„~b}
y€~_‚„~b}
y~}†_~…b}ƒ
y„„_ƒ~€b}
j
y€€_ƒ}}b‚†
y€€_ƒ}}b‚†
y~}€_~b~~
yƒ†_…}b‚
j
y€_†}ƒb‚}
y€_†}ƒb‚}
y‚ƒ_…ƒb~‚
y‚_†~†bƒ‚
;9$%9
y_~}…_ƒb}}
y~†_}†b}}
y_~„_„~b}}
y_€_ƒ‚ƒb}}
y€}ƒ_†b}}
100D,30%:0%
;9$%9
y€ƒ_……†b€}
y_„…b}}
y‚†_ƒ„€b€}
y€~_~„}b}}
y‚_†ƒb„}
-$$0%1%2
y~†_††b‚}
y~…_‚‚…b}}
y~€_‚‚}b‚}
y€}_…‚}b}}
y†~_††b‚}
-2-W793"%::-2+
y„‚_€ƒb}}
y€}…_}}b}}
y~_}ƒ_€ƒb}}
y_}€_€~„b}}
y†ƒ†_……~b}}
-:;9-!A;39
:7%"-0-G%$
9%;-0%9
y€_}~_€ƒb‚}
y‚……_}}}b}}
y€_ƒ†_€ƒb‚}
y‚_~ƒ_‚}b}}
y~_†ƒ_……„b‚}
C%9+%
"32C%2;-320
93$A"%9
9+2-"
93$A"%9:
7:;9%1+%2;:
3. C.DI9FD C.M.$9.- $; $D+.;-4;2 $-- <1 F3. 2C<DD M$9I. 4; F3. 3<CF4+I9FIC. +3$4;b 9D<_ 4F 4D
C.:$C8$*9. F3$F F3. DA.+4$94Q.- C.F$49.C -4DFC4*IF<CD $;- F3. :4;4jAC<+.DD4;2 A9$;FD 3$M. :I+3
:<C.M$9I.j$--.-$D+<:A$C.-F<F3.N3<9.D$9.CD$;-FC$-.CD$+F4;2F3C<I23F3.
DPDF.:b
3.D.DA.+4$94Q.-$2.;FDFC$-.:<C.4;-4M4-I$99PA$+8.-M.2.F$*9.D_D$;4F4Q.-$;-:4;4jAC<+.DD.-
M.2.F$*9.D_$;-C.$-PjF<j.$F:.$9D_N34+3:..FDF3.+<;DI:.C:$C8.F;..-Db;F3.<F3.C3$;-_
F3.DPDF.:<1F3.
DFC$-.D:<C.4;BI$;F4FP_*.4;2:<C.$+.;F.C1<CDIAA9P$;--4DFC4*IF4<;
DPDF.:b3.C.N$D;<-411.C.;+.1<I;-4;F.C:D<12C<DDM$9I.$--.-*P+<;M.;F4<;$9$;-<C2$;4+
AC<-I+.CD
jRjReRgR %;0A%$$%$YZ
3.$++<I;F<1.F$9I.--.-+<;D4-.C.-F3.D$:.FN<$DDI:AF4<;D_$D-.D+C4*.-4;F3.+<11..
M$9I.+3$4;a
mn <;DI:AF4<; <1 14O.- +$A4F$9 k 'a F N$D +$9+I9$F.- F3. +<;DI:AF4<; <1 14O.- $DD.FD_ .b2b
:$+34;.CP_ .BI4A:.;F_ *I49-4;2Db ' N$D +$9+I9$F.- ID4;2 F3. 1<C:I9$ 'h Q
_ F<2.F3.C N4F3
4;+<:. $++<I;F <M.C F3. ;.OF F<A4+ ƒb 3. D$:. DF$;-$C- 941.DA$; <1 14O.- $DD.FD ID.- N$D
.OFC$+F.-1C<:<C:$F4M.;DFCI+F4<;w~ƒ*PF3.e.+.4F$.-.C$9-<C$D49fm4;4DF/C4<-$
$Q.;-$_ ~††…_ }~‚nb 3. C.DI9FD N.C. 2C<IA.- F< 2.F $ C.AC.D.;F$F4M. 1$C:.C <1 .$+3
+<::I;4FP_.$+3:4+C<j*$D4;`$9D<F<.M.CPIADFC.$:C.AC.D.;F$F4M.$2.;FbF4D<*D.CM.-F3$F1<C
F3.M$9I.+3$4;_1$C:.CD-<;<F3<9-:$;P$DD.FDb3.$DD.FD1<I;-N.C.C.DI:.-F<4CC42$F4<;
DPDF.:D_D:$99FC$+F<C$;-2C..;3<ID.Db3.:$7<C4FP<1F3.$DD.FDN.C.$+BI4C.-M4$4;DF4FIF4<;$9
14;$;+.1C<:C<;$1bC2$;4+AC<-I+.CD3$-:I+3:<C.4;+.;F4M.D4;F34DC.2$C-4;2b
mn.F$9I.--.-mnaF3.$++<I;FN$D$++<C-4;2F<F3.1<C:I9$‹j_.OAC.DD4;2F3.M$9I.
<1<IFAIF;.F<1F3.M$9I.<1*<F34;F.C:.-4$F.4;AIFD:4;IDF3.+<;DI:AF4<;<114O.-$DD.Fb3.
C.DI9FD<1F3.M$9I.+3$4;$C.4;!0%jeb
!0%jdQ%;C0A%$$%$0A%,-2
YZ32:A17;-323(
(-E%$::%;YZ
YZ93::0A%
$$%$X
YrWZ%;C0A%
$$%$X
99" 3$3:%2$%:
y‚_}‚}b}}
y„†_†€b€
y„_€b€
0392$-$%99
y~_„ƒb}}
y‚}_~†‚b}
y…_†~†b}
-392$%
y_ƒ€€b„‚
y‚…_‚b€
y‚‚_ƒ~~b‚†
%993C%%99%0,
y‚_…}b}}
y~_‚~‚b‚€
y~~ƒ_ƒ†‚b‚€
0-2:
y~}_~‚b}}
yƒ†_‚„b†€
y‚†_€~b†€
2;9AG
y_ƒ‚b}}
y€„_~‚b
y~_‚}}b
g
y~ƒ_€…‚b}}
yƒ_}„…bƒ€
y„_ƒ†€bƒ€
h
y€_ƒ†b†
y„„_ƒ~€b}
y„€_†~…b~}
ƒ
<C:I9$D$;-+$9+I9$F4<;D<1'H$;-
$C.-.F$49.-4;F3..F3<-<9<2P+3$AF.C
C%9+%"32C%2;-320
93$A"%9
y„_†b†ƒ
yƒ†_…}b‚
yƒ~_†~‚b‚ƒ
9+2-"93$A"%9:
y~_€…‚b}}
y‚_†~†bƒ‚
y‚~_‚€bƒ‚
;9$%9
y†_‚}b}}
y€}ƒ_†b}}
y„„_ƒ†b}}
100D,30%:0%;9$%9
y„_€€€b€€
y‚_†ƒb„}
y„_~ƒ€b€„
-$$0%12
y_ƒ}}b}}
y†~_††b‚}
y…_ƒ††b‚}
-2-W793"%::-2+
y~‚_†}b}}
y†ƒ†_……~b}}
y†‚€_†~b}}
7%"-0-G%$9%;-0%9
$-:;9-!A;39
y€ƒ}_}}}b}}
y~_†ƒ_……„b‚}
y~_~€ƒ_……„b‚}
jRjReRhR -2$-2+:3(;,%93$A";-32""3A2;
3. -4DFC4*IF4<; <1 M$9I.j$--.- $9<;2 F3. 3<CF4+I9FIC. +3$4; 4D ;<F .M.;_ $1F.C -4D+<I;F4;2 F3.
+<;DI:$*9.+<DFDb3.AC<-I+.C_N3.F3.C+<;M.;F4<;$9<C<C2$;4+_4DF3.:<DFMI9;.C$*9.$2.;F
<1 F3. +3$4;_ N4F3 9.DD D3$C. <1 M$9I.j$--.-b 3. -4DFC4*IF4<; <1 M$9I. $--.- -<.D ;<F 1<99<N $
;<C:$9FC.;-94;._$;-4F4DA<DD4*9.F<4;1.CF3$FF3.M$9I.j$--.-+<;+.;FC$F.D<;F3.DA.+4$94Q.-
C.F$49.CD $;- :4;4jAC<+.DD4;2 A9$;FDb 3.D. $2.;FD $C. F3. <;.D F$C2.F4;2 $F :<DF F3. +<;DI:.C
AC.1.C.;+.D $;- ;..-D_ $;- F3. +<;DI:.C A$P 1<C F3. 3423.C AC4+. <1 F3. AC<-I+FD <11.C.- *P
F3.:b;F3.<F3.CD4-._F3.C.$C.F3.N3<9.D$9.$2.;FD_N3<D.AC4:$CP<*7.+F4M.4DF<DIAA9P$;-
-4DFC4*IF.F3.AC<-I+.4;F$F.<14<-.$;.4C<b.M.CF3.9.DD_F3..;M4C<;:.;F<1FC$-.+C.$F.-
*P F3. +<;+.;FC$F4<; <1 F3. AC<-I+. mDIAA9Pn $F <;. +.;F.C <1 AIC+3$D._ C.-I+. F3. D$9. AC4+.D
D42;414+$;F9Pb <;D.BI.;F9P_ $99 <F3.C $2.;FD F3$F -.A.;- <; F34D I;+<;FC<99.- AC4+. DPDF.: m4b.b
AC<-I+.CD_ D:$99 N3<9.D$9.CD_ $;- :4--9.:.;n $C. DBI..Q.- F< 14F F3. :$C8.Fb -+A9% kh
499IDFC$F.DF3.I;.BI$9M$9I.j$--.--4DFC4*IF4<;<1F3.M$9I.+3$4;_C.AC.D.;F4;2F3.$2.;FDdD3$C.
<1M$9I.j$--.-$;-F3.FC.;-94;.<1M$9I.j$--.-+<;+.;FC$F4<;b
7%"-0-G%$9%;-0%9$-:;9-!A;39
hhp
-2-W793"%::-2+
-$$0%12
100D,30%:0%;9$%9
gkp
fp
ep
;9$%9
eep
9+2-"93$A"%9:
fp
C%9+%"32C%2<32093$A"%9
fp
-+A9%khQ%;C0A%$$%$-2;,%,39;-"A0;A9%C0A%",-2
.CF$4;9P F3.C. 4D $; I;.BI$9 -4DFC4*IF4<; <1 M$9I.j$--.- 4; F3. 3<CF4+I9FIC. +3$4;b 34D 1$+F
34239423FDF3.4:A<CF$;+.<1-.+4D4<;j:$8.CDF<AC<M4-.:<C.4;+.;F4M.DF<F3.AC<-I+.CDD<F3$F
F3.P+$;$+34.M.$:4;4:I:F3C.D3<9-F<IA2C$-.4;F3.M$9I.+3$4;b;.<1F3.<AF4<;D_$9C.$-P
+4F.-4DF3.AC<M4D4<;<1$2C<jAC<+.DD4;2$DD.FD1<CF3.+<::I;4FP_F<*C4;2<M.C$99*.;.14FF<F3.
AC<-I+.CDb ;<F3.C $DA.+F 4D F3. -.+4D4<; <1 F3. 1$C:.CD F< <AF 1<C :<C. .+<9<24+$9 AC<-I+F4<;
DPDF.:D_N34+33$DC.-I+.-4;AIFD_$;-$994.-F<F3.$2C<jAC<+.DD4;2_N<I9-*C4;2:<C.N.$9F3F<
F3.1$C:.C+<::I;4F4.Db
jRjRfR 2"31%""3A2;
jRjRfReR +%:
$2.D1<99<N.-F3.D$:.DFCI+FIC.<1F3.+<11..M$9I.+3$4;D.+F4<;b$:.9$*<C$;-D<+4$91..D
N.C. +<;D4-.C.-b 3. <;9P .O+.AF4<;D $C.a $:49P N<C8 N$D .DF4:$F.- $F <AA<CFI;4FP +<DF_
+<;D4-.C4;2F3.:4;4:I:N$2.<1y„b}}_<CF3.M$9I.<1$-$P<1D.CM4+._A9ID$99+3$C2.Db3.
D3$C.+C<AA.CD N.C. FC.$F.- $D 1$:49P 9$*<Cb .:A<C$CP N<C8.CD +<;D4-.C.- F3. :4;4:I: N$2.
1<C F3. :4;4:I: A.C4<- +<;FC$+F <1 FN< :<;F3D $++<C-4;2 F< .2I9$F4<; $N <b ‚b……†g„€_
.+C.. <b „€bƒƒg„ mC$D49 j $D$ 4M49_ ~†„€_ ~†„nb 3. FC$-.CD N.C. $9D< .DF4:$F.- *P $
:4;4:I:N$2.D.CM4+.A$P:.;F_+<;D4-.C4;2F3$FF3.P$C.F3..;F.CAC4D.<N;.CDb3.C.DI9FD<1
N$2.$++<I;F$C.4;!0%jj4;77%2$-Eefb
jRjRfRfR 2;%9%:;:3((-E%$::%;:
FN$DID.-F3.<C:$F4M.;DFCI+F4<;w~ƒ*PF3.e.+.4F$.-.C$9-<C$D49fm4;4DF/C4<-$
$Q.;-$_ ~††…_ }~‚n $D +$9+I9$F4<; C.1.C.;+._ $;- F3. C$F. <1 8 ‹ ~€b€~‰b N$D +$9+I9$F.-
F3C<I23F3..BI$F4<;'S'hQ
Tb3.+<.114+4.;FD<1-.AC.+4$F4<;C$F.ID.-$C.4;!0%flF3.
,7;%9ib
3.-411.C.;F4$F4<;<1$DD.FDN$D;<F3423b<DF<1F3.$DD.FDN.C.1$C:4;2.BI4A:.;F$;-D:$99
FC$+F<CDb<:.AC<-I+.CD3.9-2C..;3<ID.D1<C4;F.;D4M.AC<-I+F4<;b3.N3<9.D$9.CD$;-FC$-.CD
:<DF<1F3.F4:.7IDF3$-$M.34+9.1<CF3.FC$;DA<CF$F4<;<1F3.4CD2<<-Db<CDA.+4$94Q.-C.F$49.CD
$;-:4;4jAC<+.DD4;2A9$;FD_4FN$D+<;D4-.C.-F3.*I49-4;24;DF$99$F4<;D_F3.AC<+.DD4;2:$+34;.CP
$;-.BI4A:.;F_$;-M.34+9.D1<CFC$;DA<CF$F4<;b3.F<F$94;F.C.DF+<DFA9ID.M.;FI$9:$4;F.;$;+.
+<DFD<1F3.$DD.FD4;F3.M$9I.+3$4;$C.4;!0%jfR
!0%jeQ
2;%9%:;:3((-E%$::%;:2$%C%2;A01-2;%22"%"3:;-2C0A%",-2
99" 3$3:%2$%:
0392$-$%99
3;0
-2;%22"%"3:;VF%9
y~_ƒ~b€
y„†}b}}
y……b†…
j
-392$%
y_„…†b†~
y„}ƒb~†
%993C%%99%0,
y~_b~~
y†}b‚}
0-2:
y_‚†b†
y~_ƒ}}b}}
2;9AG
y_…„€b€ƒ
y€_€‚}b}}
g
y€_„~~b€
y_„‚b}}
h
y~_‚„ƒb}…
y‚††bƒ„
C%9+%"32C%2;-32093$A"%9
y_…„b…€
y~_b„…
9+2-"93$A"%9:
y_~€~bƒ„
y~€‚b}}
y„_„‚…b†€
j
100D,30%:0%;9$%9
y„_‚}b‚~
j
-$$0%12
y~~_€}}b~†
j
-2-W793"%::-2+
y}_…~b€†
y~_‚}b}}
7%"-0-G%$9%;-0%9$-:;9-!A;39
y~…~_~„bƒ}
j
7:;9%1+%2;:
;9$%9
jRjRfRgR E%:
*<IF€„‰<1F3.1$C:.CD+9$4:DA$PF$O.D$*<IFF3.AC<-I+F4<;b3.<F3.CA$CF-.+9$C.-F<*.
.O.:AF 1C<: 4F <C -4-;dF 3$M. F3. $+8;<N9.-2.:.;F <1 DI+3 4;1<C:$F4<;b 3. 1$+F 4D F3$F
$++<C-4;2F<F3.2C..:.;Fmn…†g}}m<M.C;<-<
DF$-<-<4<-.$;.4C<_}}}n_F3.C.
4D.O.:AF4<;1C<:4;F3.F$F.<14<-.$;.4C<1<C3<CF4+I9FIC$9AC<-I+FDb--4F4<;$99P_4;F3.
$CF4+9.„<1F3.+<::<;9$NR€ƒ„_1C<:…F3I;.}}m<M.C;<-<
DF$-<-<4<-.$;.4C<_
}}n_4D24M.;F3.*.;.14F<1F3.C.-I+F4<;<1~}}‰1<CF3.<IFAIF<11CI4F$;-M.2.F$*9.DN4F34;
F3.F.CC4F<CP<14<-.$;.4C<bF+<;1<C:DF<F3.DF$;-$C-DD.F*P.D<9IF4<;w~~1C<:~DF
I;.}}C.1.CC.-F<F3.4;M<4+.;<F.D<1F3.1$C:.Cm.+C.F$C4$-.
DF$-<-$$Q.;-$-<4<-.
$;.4C<_}}nb3.€„‰C.DA<;-.;F1$C:.CDC.$94Q.F3.FC$;D$+F4<;<12<<-DID4;24;M<4+.;<F.D_
<1F.;4:A<D.-*PF3.AIC+3$D.C<C*P4;DF4FIF4<;$9AC<2C$:DbDI$99P_F3.C.4D$F$O1..+<99.+F.-
*PFC$-.I;4<;.;$Cj4<<M.CF3.D$9.DC.M.;I.<1$2C4+I9FIC$9AC<-I+FD_N34+31$99DF<F3.:$F$
}b‰C$F.<M.CF3.AC<-I+.Cm.;$Cj4<_}}†nb
;F34DD.;D._4FN$D+$9+I9$F.-1<CF3.€„‰F$OA$P.CDF3.$94BI<F<1}b‰<M.CF3.D$9.DC.M.;I.Db
3.IADFC.$:$2.;FD$9D<+9$4:.-F<*..O.:AF1C<:F$O4;F3.DF$F.<14<-.$;.4C<_$DAC<M.-
*P F3. 9$N $*<M.b 3. N3<9.D$9. D.+F<C <1 C.F$49 4;-IDFCP D3$99 4DDI. F3. .9.+FC<;4+ 4;M<4+._ $;-
A$P~}‰ F$O <; F3. 2<<-Db <N.M.C_ :$;P <1 F3. C.DA<;-.;FD -< ;<F<A.C$F.N4F34;F3.CI9.D_
$;- :$;P 3<CF4+I9FIC$9 AC<-I+FD $C. FC$-.- 4; F3. 4;1<C:$94FPb ++<C-4;2 F< $ 2<M.C;:.;F
$DD.DD:.;F_ D.994;2 N4F3<IF 4DDI$;+. <1 $; 4;M<4+. 4D F3. :<DF +<::<; 4CC.2I9$C4FP D..; N4F34;
F3. D m<M.C;< -< DF$-< -< 4< -. $;.4C<_ }~‚nb 3$F :423F *. <;. <1 F3. C.$D<;D_
FC$-.CD N.C. D< 1.$C1I9 $*<IF F3. BI.DF4<;;$4C. $;- -4-;dF A$CF4+4A$F.b $9+I9$F4<; +<;D4-.C.-
<;9P€€‰<1F3.C.DA<;-.;FD<1F3.N3<9.D$9.CD_4;+9I-4;2F3.
_e.C+$-<-<C<-IF<Cf$;-
b <;. <1 F3. DA.+4$94Q.- C.F$49.C -4DFC4*IF<C <C :4;4jAC<+.DD.- A9$;FD A$4- F$O.D_
$++<C-4;2F<F3.AC<M4-.-4;1<C:$F4<;-IC4;2F3.4;F.CM4.Nb3.F$O.D<1F3.M$9I.+3$4;$C.4;
!0%jgb
!0%jfQ22A0793$A";-32;E%:-2;,%C0A%",-2
93$A"%9
99" 3$3:%2$%:
E%:Y-2C3-"%23;%:Z
j
7:;9%1
E%:Y%0%";932-"-2C3-"%:Z
…~~‚‚b
0392$-$%99
y~_€ƒb~†
100D,30%:0%
-392$%
y~_„‚†b…
-$$0%12
%993C%%99%0,
y€_ƒ„ƒb~
-2-W793"%::-2+
j
0-2:
y~_„…‚b†
7%"-0-G%$$-:;9-!A;39
j
2;9AG
†~„b‚
j
g
y…†bƒ‚
h
y~_„~„b†‚
9+2-"93$A"%9:
~}„b€€€€€
j
jRjRfRhR %2;:
C<-I+.CD 4;F.CM4.N.- D$4- F3.P -< ;<F 3$M. +<DFD C.9$F.- F< N$F.C <C 9$;- C.;F <C $;P <F3.C
C.D<IC+. *.+$ID. F3.P DI*FC$+F N$F.C -4C.+F9P 1C<: N$F.C D<IC+.D $;- DAC4;2D $F ;< +3$C2.
4:A<D.- <; F3.:b 3. <C2$;4+ AC<-I+.C D$4- F< 9.$D. 9$;-_ $;- F3. +<DF N$D +<I;F.-b FC$-.CD $;- D:$99 N3<9.D$9.CD m
n $9D< A$P 1<C F3. ID. <1 DF<;. meA.-C$fn_ F3. DA$+.
N3.C. F3.P FC$-._ N34+3 4D y~b}} A.C …} M<9I:.D 4; F3. $M494<; ~b 3. C.DI9FD <1 F$O.D $C.
F<2.F3.CN4F3F3.2.;.C$9+$9+I9$F4<;<1AC<14FD<C9<DD.D4;!0%jk4;77%2$-Eegb
jRjRfRiR 93(-;393::%:
F N$D ID.- F3. .BI$F4<; 82'*: h R 682#;!:*21 '!:289 S($H 1:$8$9:9H @$9H $1:9T 1<C
+$9+I9$F4<;Db 99 -.F$49.- C.DI9FD $C. 4; !0% jk 4; 77%2$-E egb <C F3. .11.+F <1 $;$9PD4D_ F3.
AC<14FD <C 9<DD.D N.C. +<:A$C.- $++<C-4;2 F< F3. AC<14F D3$C. 4; F3. M$9I. +3$4;b -+A9% ki
499IDFC$F.DF3.AC<A<CF4<;<1AC<14F$:<;2F3.M$9I.+3$4;$2.;FDb
-+A9%kiQ0A%$$%$$-:;9-!A;-32:,9%-2;,%C0A%",-2
jRjRfRjR 2"31%""3A2;(-2$-2+:
3. C.DI9FD D3<N F3$F $1F.C -4D+<I;F4;2 $99 +<DFD_ 14O.- $;- M$C4$*9.D_ D<:. M$9I. +3$4; $2.;FD
AC.D.;F.--4M4-.;-D4;DF.$-<1$AC<14Fb3.;.2$F4M.D3$C.C$F.4D<1D<:.4:A<CF$;+.4;F3.1$C:
<C*ID4;.DD:$;$2.:.;FbFD..:DAC<-I+.CD-<;sFF$8.4;F<+<;D4-.C$F4<;F3.AC<-I+F4<;1$+F<C
N$2._*.4;2F3.C.$D<;D<:.1$C:.CD-<;dF;<F4+.F3.$;;I$99<DD.D4;34D.;F.CAC4D.bF4DA<DD4*9.
F< D.. F3$F F3. :<DF MI9;.C$*9. 2C<IAD $C. $F F3. AC<-I+F4<; 9.M.9_ :$4;9P F3. +<::I;4F4.D
9<C';-4$-$.CC$_4<C$;-._$94;$D$;-$;F$CIQ_4;*<F3:4+C<j*$D4;DbFN$DDICAC4D4;2F3$F
F3.<C2$;4+AC<-I+.CAC.D.;F.-$A<D4F4M.*$9$;+._-.DA4F.F3.;..-F<C.;F9$;-F<AC<-I+.b3.
<C2$;4+ AC<-I+.CD $9D< +<I;F N4F3 :$;P *.;.14FD 1C<: F3. 4;DF4FIF4<;$9 DIAA<CF_ -I. F< F3.
AC<2C$: $4:D <1 24M4;2 4;+.;F4M. F< :<C. DIDF$4;$*9. AC<-I+F4<;b 3. DIDF$4;$*9. AC<-I+F4<;
D3<I9- +<;F4;I<ID9P *. .;+<IC$2.- N4F34; F3. :4+C<j*$D4;Db 3. <C2$;4+ AC<-I+F4<; N<I9- C4-
+<;M.;F4<;$9 AC<-I+.C 1C<: F3. AC4+.D 4;DF$*494FP <1 F3. DPDF.:_ $;- $--4F4<;$99P $+34.M.
3423.C4;+<:.F3C<I23F3.-4C.+FD$9.b
3.N3<9.D$9.:$C8.F-4-;dFAC.D.;FD<:I+32C.$FAC<14F.4F3.C$D+<:A$C.-F<F3.<F3.C$2.;FD_
2C$**4;2 $C<I;- …b‚‰ <1 F3. M$9I. $--.- D3$C.b 3. D:$99 N3<9.D$9.CD_ 4b.b FC$-.CD $F F3.
$;- :4--9.:.; $F F3. e.C+$-< -< C<-IF<Cf $C. F3. :<DF $11.+F.- $:<;2 F3.
N3<9.D$9.C$2.;FDb3.D.$2.;FD$C.DBI..Q.-_*.+$ID.F3.P<A.C$F.I;-.CF3.AC4+.DPDF.:<1
F3. _ .;F4C.9P MI9;.C$*9. F< AC4+. +C$D3.Db <;D.BI.;F9P F3.P 4:A<D. F3.D. +<;-4F4<;D <;
F3.AC<-I+.CD_4;<C-.CF<14FF3.:$C8.F.;M4C<;:.;Fb
3.-4DA$C4FPD..;4D4;-..-$*<IFF3.DA.+4$94Q.-:$C8.Fb3.D.$2.;FD$--M$9I.F<F3.AC<-I+._
*PA$+84;2_*PD$;4F4Q4;2_D.9.+F4;2<C:4;4jAC<+.DD4;2F3.M.2.F$*9.Db3.PA$PF3.AC<-I+.CF3.
D$:.AC4+.$DF3.N3<9.D$9.C$2.;FD-<b<N.M.C_F3.P2.F.OFC.:.9P.9.M$F.-D$9.DC.M.;I._4;
D.994;2F3<D.+<;M.;4.;FAC<-I+FD_C.$-PjF<j.$F:.$9D_F<F3.3423.C4;+<:.+<;DI:.C:$C8.F4;
F3.+$A4F$9F3C<I23$M.CPDA.+4$94Q.-:$C8.FDI+3$DF3.<CF41CIF4gIFF4j1CIFF4+3$4;b34D;.FN<C8
4DDA.+4$94Q.-4;D.994;2:4;4jAC<+.DD.-<C4;*I98M.2.F$*9.D_N34+34D+<;M.;4.;FF<F3.+<;DI:.Cb
F4DC.9.M$;FF<;<F.F3$FF3.$++<I;F3.C.AC.D.;F.-4DC.9$F4M.<;9PF<F3.DFI-4.-M.2.F$*9.D_
4b.bF<:$F<_2C..;*.$;_A$CD9.P_*..FC<<F_+$I9419<N.C_9.FFI+.$;-34;.D.+$**$2.b;.:423F
4:$24;.3<N34234FN<I9-*.F3.AC<14F<1DI+3A<N.C1I9C.F$49.C+3$4;D_+<;D4-.C4;2$99FPA.D<1
M.2.F$*9.D$;-AC<-I+FDb
3.+<;+9ID4<;<1F34D14;-4;24DF3$FF3.M$9I.+3$4;4D+C.$F4;2M$9I.$--.-_*IFF3.-4DFC4*IF4<;4D
M.CP +<;+.;FC$F.- $F F3. DA.+4$94Q.- :$C8.F $2.;FDb F +$; *. D$4- F3$F D<:. AC<-I+.CD $C.
AC$+F4+$99PDFCI2294;2F<+$CCP<;F3.4C*ID4;.DD.D$;-F3IDF3.4C94M.943<<-Db
jRkR 9/%;791%D39/0A%,-2
3.:$C8.F:$A1C$:.N<C8<1F3.M$9I.+3$4;m3<CF4+I9FIC.n4DC.AC.D.;F.-4;-+A9%kjb
-+A9%kjQ9/%;791%D39/0A%,-2
3. :$A -4DA9$PD F3. .;$*94;2 .;M4C<;:.;Fb --4F4<;$99P_ F3. :$A D3<ND F3. +ICC.;F <C
DI22.DF.-<11.C4;2D<1.OF.;D4<;D.CM4+.D<C*ID4;.DD_N34+324M.DF3.<AA<CFI;4FPF<IA2C$-.F3.
M$9I. +3$4; 9.M.9b 9D<_ F3. $;$9PD4D „ <1 F34D M$9I. +3$4; <*F$4;.- F3C<I23 F3.
BI.DF4<;;$4C.4D4;!0%jl4;77%2$-Eehb3. $;$9PD4DAC<M4-.-M$9I$*9.4;1<C:$F4<;F<
*$D.F3.:$C8.F:$Ab
3. :$A +<;D4-.CD :$;P $DA.+FDb ;. $DA.+F 4D F3$F 4F C.DI:.- $99 A.C1<C:.- $;$9PD4Db M.CP
A<4;F<1+<;D4-.C$F4<;4;.M.CP$;$9PF4+$9DF.A4D34239423F.- 4;F34D142IC.b;<F3.C$DA.+F4DF3.
DI22.DF.-<AA<CFI;4FP1<C4:AC<M.:.;F4;F3.+3$4;b3.$;$9PD4DC.M.$9.-F3$FF3.1$C:.C4DF3.
:<DF MI9;.C$*9. $2.;F <1 F3. M$9I. +3$4;b 3. AC4:$CP 1$+F<C +<;DFC$4;4;2 F3. 1$C:.C 4D F3.
FC$-4F4<;$9 N$P <1 -4DFC4*IF4<; F3C<I23 F3. D_ N34+3 +<;+.;FC$F.D F3. AC<-I+F4<; $;-
+3$;2.D F3. .;M4C<;:.;F <1 AC4+.Db 9F3<I23 F3. 4D DF499 F3. :$4; +3$;;.9 <1
+<::.C+4$94Q$F4<;_ F3. DPDF.: ;< 9<;2.C $FF.;-D F< F3. -.:$;- <1 F3. :$C8.F $;- -<.D ;<F
+<;FC4*IF. F< $ DIDF$4;$*9. -.M.9<A:.;F <1 F3. M$9I. +3$4;b 3. DI22.DF.- <AF4<; 3.C. 4D F<
:4;4:4Q.F3.-.A.;-.;+P<;F3.N3<9.D$9._<;F3.:4--9.:.;_N34+34D94:4F4;2F3.1$C:.C$;-
34D.;F.CAC4D.D*$9$;+.b
;<F3.C A<4;F F3$F 4D 94:4F4;2 F3. 1$C:.C 4D F3. 94FF9. F.+3;<9<24+$9 A$FF.C;b 9F3<I23 F3.C. $C.
:$;P A<94+4.D 24M4;2 4;+.;F4M.D F< F3.:_ P.F F3.P 3$M. ;<F C.$+3.- $ :4;4:I: F3C.D3<9- F< *.
4;-.A.;-.;Fb 3. F.+3;<9<24+$9 :<-. C.DFC4+FD F3.4C 4;+9ID4<; 4; F3. DA.+4$94Q.- :$C8.F_ N34+3
-.:$;-D3423.CDF$;-$C-D<1AC<-I+F4<;b
<N.M.C_F3.1$C:.C3$DF34;2D<;34DD4-.a3423AC<14F$*494FP4;D3<CFjF.C:_DFC$F.24+9<+$F4<;;.$C
F3.IC*$;+.;FC.$;-F3.<:A.C7DPDF.:_$M$49$*494FP<1AC<j1$:49P1$C:4;2AC<2C$::.D$9C.$-P
4; A9$+._ $;- $; 4;+C.$D4;2 -.:$;- 1<C 3.$9F34.C 1<<-D_ -I. F< .A4-.:4<9<24+ AC<*9.: <1 F3.
Db
3. *.;+3:$C8 1<C $; 4:AC<M.:.;F <1 F3. M$9I. +3$4; 4D F3. 4;;.C <C2$;4Q$F4<;b $C:.CD ;..-
:<C.I;4<;1<CF3.4C<N;*.;.14Fb3.I;4<;3$D$9C.$-PDF$CF.-$1F.CF3.-4D$DF.C4;}~~_F<2.F
F3..:.C2.;+P3.9A1C<:F3.2<M.C;:.;Fb
<_ F3. A<DFj.:.C2.;+P AC<2C$:D ;..- F< +<;F4;I._ DFC.;2F3.;4;2 F3. 1$C:.C_ .;3$;+4;2 F3.
AC<:<F4<;<1:<C.DIDF$4;$*9.AC<-I+F4<;_N34+34DF3.:$4;N$PF<2.F:<C.C.D494.;+.F<1IFIC.
-4D$DF.CDb 9D<_ 9<+$9 4;DF4FIF4<;D N<C84;2 4; F3. DFI-P $C.$ +$; 1$+494F$F. F3. 94;8$2.D *.FN..;
1$C:.CD $;- *.;.14FD_ 4;+9I-4;2 $++.DD4*494FP F< *.FF.C :$C8.FDb --4F4<;$99P_ F3. DIAA<CF4;2
4;DF4FIF4<;D +$; .$DP F3. :.$;D F< 2.F 14;$;+. 1<C $2C<jAC<+.DD4;2 DFCI+FIC. <N;.- *P F3.
+<::I;4FPb3.1$+494F$F4<;F<2.F3.CN4F3F3.D.;D.<1I;4<;4DF3.2C.$FC.+4A.1<C$;IA2C$-4;2
AC<+.DD$;-M$9<C4D$F4<;<1F3.+<::I;4F4.Db
„
3. $;$9PD4DN$DID.-<;9P4;F3.$;$9PD4D<1M$9I.+3$4;b<CF3.M$9I.+3$4;N$DID.-F$*9.<1+$ID.$;-
.11.+Fb
kR
3.M$9I.+3$4;$;$9PD4DN$D$;.114+4.;FF<<9F<-.F.+FF3.:$4;:4D$942;:.;FD$;-<AA<CFI;4F4.D
1<C 4:AC<M.:.;F 4; F3. M$9I. +3$4;D <1 +<11.. 4; F3. <CF3N.DF .24<; $;- 3<CF4+I9FIC. 4; F3.
<I;F$4; .24<;b 3. $;$9PD4D N$D -C4M.; F< F$C2.F A$CF4+I9$C 2C<IAD <1 1$:49P 1$C:4;2
+<::I;4F4.D 4; F3. :4+C<j*$D4;D DFI-4.-b 3. C.D.$C+3 4-.;F414.- F3. :<DF MI9;.C$*9.
+<::I;4F4.D_N34+3N.C..2C.-<$;-<$.;FIC$4;F3.:4+C<j*$D4;4*.4C(<-$;,$_$;-F3.
:$7<C4FP<1F3.+<::I;4F4.D4;:4+C<j*$D4;D$CC$+(<-<D.;-.D$;-$;F$CIQb3.A.C+.4M.-
AC<*9.:D +$; <11.C 4;D423F 4;F< F3. -.+4D4<;j:$84;2 AC<+.DD_ F< $--C.DD $-.BI$F. F.+3;<9<24.D_
$;- 1$+494F$F. F3. 94;8$2.D N4F3 *.FF.C :$C8.FDb <;D.BI.;F9P *P IA2C$-4;2 F3. +<;-4F4<; <1 F3.
DF$993<9-.C_4F.;$*9.DF3.+<;-4F4<;D1<CDIDF$4;$*9.-.M.9<A:.;F4;F3.CIC$9C.24<;D<1F3.F$F.
4<-.$;.4C<b
3.C.4D$;I9F4:$F.;..-F<:<-.C;4Q.F3.+<::.C+4$94Q$F4<;<1$2C4+I9FIC$9AC<-I+FDN4F34;F3.
F$F._ +<;D4-.C4;2 F3. -.14+4F 4; BI$;F4FP $;- BI$94FP_ C.2$C-4;2 F3. -.:$;-_ $;- F3. 4;+C.$D4;2
+3$;2.D4;F3.:$C8.F.;M4C<;:.;F_N34+3-4114+I9FF3.$-$AF$F4<;<1 F3.D:$99AC<-I+.Cb3C..
:$4;+<;+9I-4;2$;-C.+<::.;-4;24DDI.D$C.N<CF3<1+<;D4-.C$F4<;b
;4F4$99P_F3.-.+4D4<;j:$8.CDD3<I9-1$+494F$F.F3.$++.DDF<F.+3;<9<24.D_$--C.DD4;2$FF3.D$:.
F4:. $ 3423.C BI$94FP AC<-I+F DF$;-$C- $;- F3. +<;D.CM$F4<; <1 F3. ;$FIC$9 .;M4C<;:.;Fb 3.
+ICC.;F9<NF.+3;<9<24+$9A$FF.C;4D+<;DFC$4;4;2F3.+<11..2C<N.CDF<AICDI4F*.FF.CBI$94FP$;-
C.-I+.- +<DFD <1 AC<-I+F4<;b 3. F.+3;<9<2P DFCI+FIC. 4D $9D< C.DFC4+F4;2 F3. $++.DD F< *.FF.C
:$C8.FD$;-D<+4<j.;M4C<;:.;F$9C.D494.;+.1<CF3.3<CF4+I9FIC.AC<-I+.CbF4D.DD.;F4$9F<D.F$
:4;4:I:F.+3;<9<24+$9F3C.D3<9-F<IA2C$-.F3.1$C:.C4;F3.M$9I.+3$4;$;-*.4;-.A.;-.;F<1
F3.2<M.C;:.;F$9$DD4DF$;+.4;$9<;2F.C:b34D1$+F4DD42;414+$;FF<*.F$+89.-4;F<AC<2C$:D$;-
A<94+4.Db <C. DA.+414+$99P_ <CF3N.DF .24<; DF499 ;..-D 4;M.DF:.;FD 4; $-.BI$F. 3$CM.DF $;-
A<DFj3$CM.DF AC<+.DD4;2 F.+3;<9<24.D F< <M.C+<:. F3. *$- C.AIF$F4<; <1 4FD +<11.. BI$94FP $;-
AC.A$C. 1<C F3. *4$;;I$9 +P+9. +3$;2.Db <C.<M.C_ F3. <I;F$4; .24<; ;..-D 4:AC<M.:.;F 4;
F3. 9<24DF4+ DFCI+FIC. $;- DIDF$4;$*9. AC<-I+F4<; DPDF.:D_ F< *.FF.C -.$9 N4F3 F3. 3423
+<:A.F4F4M.;.DD<1F3.:$C8.F$;-F3..O42.;F-.:$;-b
.+<;-_4F4D1I;-$:.;F$9F<AC<A4F4$F.$;.BI$94Q$F4<;<1N.$9F3$;-$C.$D<;$*9.-4DFC4*IF4<;<1
M$9I.j$--.- 4; F3. M$9I. +3$4;b <C F3$F :$FF.C_ F3.C. 4D $; IC2.;F ;.+.DD4FP F< .DF$*94D3
$AAC<AC4$F.C.2I9$F<CP*<-4.D_F<C.2I9$F.:$C8.F-4DF<CF4<;Db<C.$++<C-4;29P_4<-.$;.4C<dD
+<11..4;-IDFCP3$DD3CI;8-I.F<$AA94.-:$C8.FC.2I9$F4<;D_N34+394:4FDF3.<AF4<;D<1FC$-.1<C
F3. +<11.. 2C<N.CD $F C.9$F4M.9P 9<N D$9. AC4+.Db 34D D<CF <1 N.$8;.DD.D 4D 4; F3. 1$+. <1 F3.
C.BI4C.:.;F<1;.N4;+.;F4M.D_N34+3+<I9-*.D.F$FF3.AC<-I+F4<;9.M.9_AC<M4-4;21$C:.CDF3.
:$O4:I:M$9I.j$--4;2$+F4M4F4.D$DA<DD4*9.bICF3.C:<C._F3.3<CF4+I9FIC.+3$4;4D.;F$;29.-*P
F3. FC$AD <1 F3. +<:A.F4F4M.;.DD 4:A<D.- *P F3. DPDF.:_ N34+3 +<;DFC$4;FD $99 $2.;FD
<A.C$F4;2$FF3.:$9$-7IDF.-AC4+.DPDF.:b;.M4F$*9P_F3.*IC-.;1$99D<;F3.AC<-I+.C$F:<DFb
<N.M.C_F<FC$;D1<C:F3.N3<9.
DPDF.:4D*.P<;-F3..+C.F$C4$F<12C4+I9FIC.+3$;24;2
+$A$*494F4.Db3.<AF4<;D_4;F34D+$D._$C.F<DF$CF1C<:F3.*<FF<:$;-4:AC<M.F3.+<C.<1F3.
AC<-I+F4<; DPDF.:b FC.;2F3.;4;2 F3. :<DF N.$8.;.- A$CF +$; I;*4;- F3. AC<-I+.C 1C<: F3.
N3<9.D$9._$;-1$+494F$F.F3.94;8$2.DN4F3.;3$;+.-:$C8.FD_:<C.+<;M.;4.;F9PF3.2C..;<;.Db
;- 9$DF_ 1<C $; $-.BI$F.9P CIC$9 DIDF$4;$*9. -.M.9<A:.;F_ F3. D.FIA M$9I. +3$4; 2<M.C;$;+.
D3<I9-+<;D4-.C$;4;;.C+3$;2.b3.C.4D$-..A;.+.DD4FP<14:AC<M.-+<<C-4;$F4<;$:<;2F3.
DF$8.3<9-.CD_ 4;+9I-4;2 M$9I. +3$4; $2.;FD_ $;- 4;DF4FIF4<;D DIAA<CF4;2 F3. M$9I. +3$4;b
--4F4<;$99P_ 1$C:.CD <I23F F< C.+<2;4Q. F3. A<N.C <1 F3.4C <C2$;4Q$F4<; DFCI+FIC. $D F3.
*.;+3:$C8 8.P 1<C F3. -.M.9<A:.;Fb F 4D N<CF3N349. F3$F F3. :<DF MI9;.C$*9. 2C<IAD <C2$;4Q.
:<C..114+4.;F9P_F<<A.;DA$+.1<C2<M.C;:.;F$94;F.CM.;F4<;_+$A$+4FP*I49-4;2_$;-C.D494.;+.F<
$99D<CFD<1+3$;2.D_N3.F3.CD<+4$9_.+<;<:4+<C.;M4C<;:.;F$9b
mR
m}~~nc$-<D<+4<.+<;>:4+<D-$$-.4$C<-IF4M$-.<CF$94,$D;<C$D49d_992!*"2
89*/$*8#220%8!*2#$$0$1:$9$;#9_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb$2C4+I9FIC$b2<Mb*Cg$CBl.-4F<Cg149.g+$:$C$DlD.F<C4$4Dg<CF$94+$Dg$-<Dl
+<;<:
4+<Dg
}~~bA-1b
m}~‚$nc;-4+$-<C.D-$4;-KDFC4$-.+$1/;<C$D49j}~d_992!*"289*/$*8#
1#=9:8*
#$'%_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb$*4+b+<:b*CgAI*94BI.g+24g+249I$b.O.gDPDgDF$CFb3F:^D4-‹ƒ~z€‚m++.DD.-~
$P}~‚nb
m}~‚*nc.24D9$,(<d_992!*"289*/$*8#
1#=9:8*#$'%_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb$*4+b+<:b*CgAI*94BI.g+24g+249I$b.O.gDPDgDF$CFb3F:^D4-‹‚…m++.DD.-„$P
}~‚nb
$;-m}~}n$1#&1!*9#2!219;02#$!'%Q
K\Z[Z_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb$*4+b+<:b*CgAI*94BI.g:.-4$g
l
.;-.;+4$D<;DI:<}~}bA-1b
*4<m}~‚nc.CF414+$-<C$*4<jDD<+4$,(<-.2C4+I9F<C.D4<9=24+<Dd_/1$:8(1*!2_o<;94;.p
M$49$*9.1C<:a3FFAaggA9$;.F$<C2$;4+<b+<:b*CgD4F.g4;-.ObA3Ag+.CF414+$-<C$j$*4<gm++.DD.-
…$P}~‚nb
*C.I_bb_49M$_
bb_$DFC<I;4<C_bb$;-$;F<D_bbbm}~€nc-.;F414+$F4<;<1:$7<C
FC.;-D1<C+<11..AC<-I+F4<;d_;
*0639*2#$$97;*9#29'%9#289*/_$9M$-<C__
:*C$A$$1/_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb+<;D<C+4<A.DBI4D$+$1.b+<:b*Cg4;-.ObA3Ag+<;D<C+4<gD.A$C$-<CgD4:A<D4<j-.j
A.DBI4D$j-<Dj+$1.Dj-<j*C$D49b
1<;D<Cb_bb_<CC.$_b_94M.4C$_bb$;-94M.4C$_bbbm}}~ncM$94$,(<-$BI$94-$-.-.
2C(<D-.+$1/AC.A$C$-<DA<CeM4$D.+$f.eM4$K:4-$f.:1I;,(<-$+<;-4,(<.A.C5<-<-.
$C:$Q.;$:.;F<d_$>*9:89*/$*8#$80B$10$1:2_€m€n_AAbƒk‚€b
9M.D_bb b$;-49<+34_bbbbm}~}nc$C$+F.C4Q$,(<-<D$2C4+I9F<C.D1$:494$C.D-.1CIF$D
.3<CF$94,$D.$BI$94-$-.;$+<:.C+4$94Q$,(<d_$>*9:B*&1!*_~m~‚n_AAb~~k~€ƒb
;-C$-._ b
b-.b_.CC.4C$_bb_4.4C$_bb_
;2.93$C-F_bb$;-4;F<_bbm}}†ncI9F4M<
-<$1..4C<C&*4+$.:<;-4,?.D-.;D$-$Dd_a4F.C=4_C<2C$:$4<IC$9_o<;94;.p
M$49$*9.1C<:a3FFAaggNNNbA.D$2C<bC7b2<Mb*Cg-<N;9<$-DgC4<CIC$9g~~$1.-.;D$-<bA-1b
;-C$-._ b
b-.b_I4:$C(.D_bbb_$BI4;_b$;-I4:$C(.D_bbm}~ncC<-IF4M4-$-.-<
+$1..4C<$C&*4+$.:+<;-4,?.D-.$-.;D$:.;F<_;<;<C<.DF.9I:4;.;D.d_2''$$!*$1!$_
-4F<C$_†m~n_AAb†}k~}~_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbD+<AIDb+<:g4;N$C-gC.+<C-bIC9^.4-‹jDb}j……†…~†…uA$CF;.C‹F#FO€P~b
;-C$-._ b
b-.b_$D+4:.;F<_b_9M.D_bbb$;-49M$_bbm}}nc9$;FDA$+4;2$;-
-.;D4FP<;+<11..A9$;FD.DF$*94D3:.;F4;9<N1.CF494FPD<491C<:$34239$;-C.24<;<14<-.
$;.4C<F$F.d_;
*0639*2#$$97;*9#29'%9#289*/_4F=C4$_
_
:*C$A$$1/_AAb
~„€€k~„€„_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbD$A+b.:*C$A$b*Cg$;F42<g4;-.ObA3A^<AF4<;‹+<:lC.:<D4F<CPuF.:4-‹„„u1I;+‹
D3<N-<N;u4-‹„b
;-C$-._ b
b-.b$;-49M$_bb-$bm}~€nc;$9PD4D<1F3.
M<9IF4<;<1C<AA.-C.$m~††}j
}~}n<11..4;F3.F$F.<14<.$;.4C<d_;
*0639*2#$$97;*9#29'%9#289*/_
$9M$-<C__<;D=C+4<.DBI4D$$1/_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb+<;D<C+4<A.DBI4D$+$1.b+<:b*Cg4;-.ObA3Ag+<;D<C+4<gD.A$C$-<CgD4:A<D4<j-.j
A.DBI4D$j-<Dj+$1.Dj-<j*C$D49b
$;+<.;FC$9-<C$D49m}~‚nc;F.C.DFC$F.Dd_$>*$?'$$:*1(91#)28:Q$80
1:$8$9::$9_o<;94;.pM$49$*9.1C<:a3FFAaggNNNb*+*b2<Mb*Cg^
m++.DD.-}I9P
}~‚nb
$BI4(<493<_b_.;-<;,$_bbbb_.;-<;,$_bbb$;-$CF4;D_bbm}~€nc;19I0;+4$
-.-41.C.;F.DFC$F$:.;F<DD$;4F4Q$;F.D;$BI$94-$-.-<+$1/;$FIC$9d_;
*0639*2#$
$97;*9#29'%9#289*/_$9M$-<C__<;D=C+4<.DBI4D$$1/_AAb}k‚_o<;94;.p
M$49$*9.1C<:a
3FFAaggNNNb+<;D<C+4<A.DBI4D$+$1.b+<:b*Cg4;-.ObA3Ag+<;D<C+4<gD.A$C$-<CgD4:A<D4<j-.j
A.DBI4D$j-<Dj+$1.Dj-<j*C$D49b
$C*<D$_bb_$9M$-<C_b$;-49M$_bbm}}‚ncA.C$F4<;$9A.C1<C:$;+.<1A<CF$*9.
:.+3$;4+$9+<11..3$CM.DF.CD4;-411.C.;F+<;-4F4<;D<1+<11..A9$;F4;2d_$>*9:89*/$*8#$
1($1)8*(8+!2/$0 *$1:/_†m~n_AAb~†k~€b
$C*<D$_bm}~}nc
DF$-<-<4<AC.:4$C&D.ID:.93<C.D+$1/Db<;+ICD<-.BI$94-$-.4;$I2IC$
;<M$.C$A$C$$+$1.4+I9FIC$9I:4;.;D.d_$>*9:#2!'%_j.;FC<-<<:/C+4<-.
$1/-<4<-.$;.4C<_o<;94;.pM$49$*9.1C<:a3FFAagg+++C7b+<:b*CgC.M4DF$g…€g}…b3F:
m++.DD.-„I9P}~‚nb
.99J_bbm}~€n/;$)*11/A9*9'282/*!A.*1(K$:)2#2/2(*!/;*#$/*1$91#!2;1:8A
!9$9'28;1:*::*>$6682!)_<:._F$9P_
"<9<-I9.~†b<<-$;-2C4+I9FIC.
C2$;4Q$F4<;<1F3.;4F.-$F4<;D_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb1$<b<C2g-<+DgIAg.$DPA<9g†€‚gM$9I.l+3$4;l$;$9PD4Dl1$<lM+$lD<1FN$C.lF<<9l:
.F3<-<9<24+$9l2I4-.94;.Dl~†.;bA-1i;3FFAaggNNNb1$<b<C2g.$DPA<9g<IFAIFg*C<ND.l*PlFC$4;
4;2lA$F3b$DA^AI*l4-‹€€ƒu4-l.9.:‹€€ƒu4-‹€€ƒu4-l+$F‹€€ƒb
.99J_bb$;-$AA4_bm}~~nc$9I.3$4;;$9PD4D<1FN$C.b<<9€bo}~€pd_
"<9
:<-I9.}„€b<<-$;-2C4+I9FIC.C2$;4Q$F4<;<1F3.;4F.-$F4<;D_o<;94;.pM$49$*9.
1C<:a
3FFAaggNNNb1$<b<C2g.$DPA<9g<IFAIFg*C<ND.l*PlFC$4;4;2lA$F3b$DA^AI*l4-‹€†u4-‹€†u4l.9.:‹€†u4-l+$F‹€€ƒb
.C8.D_bm}}nc.F34;84;2<::I;4FP*$D.-+<;D.CM$F4<;d_219$8>:*21*2/2(A_~…m€n_AAb
ƒ~kƒ€}b
.C;4.C_b$;-/C499.IO_bm}}‚ncA3PD4<9<24+$9<M.CM4.N<1F3.2.;.F4+D<119<N.C4;2F4:.
+<;FC<9d_/1:*2:$!)12/2(A2;81/_€m~n_AAb€k~ƒb
/F$C-_b_.9*$CF_b$;-4.9_bm}~nc$CF<2C$A34.-.9$DID+.AF4*494F/$IO294DD.:.;FD-.
F.CC$4;-$;D9$C/24<;-.<M$C4*IC2<m
F$F-.4<-.$;.4C<_C/D49nb;./F$A.M.CD
d/M$9I$F4<;.F9$2.DF4<;-IC4DBI.d_;//$:*1#M992!*:*21#$$2(86)$981!*9_
DD<+4$F4<;-..<2C$A3.DC$;+$4D_†~m€n_AAb„ƒk……_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbD+<AIDb+<:g4;N$C-gC.+<C-bIC9^.4-‹jDb}j…†}……‚†‚uA$CF;.C‹F#FO€P~b
.M49$+BI$_b
bbbm}}…nc9$DD414+$,(<-$D3<CF$94,$Dd_8$'$*:;8#2;1*!+6*2#$2;/2_
(<$I9<_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb$2C4+I9FIC$IC*$;$b<C2b*CgF.OF<Dl4:$2.;DlD4F4<Dg:$;I$9l3<CF$bA-1b
<+8.9_b$;-$99.+_bm}}‚nc$D.FI-P<::<-4FP3$4;;$9PD4Da;$9PD4D<1F3.I*IC*$;
$C8.F<CF4+I9FIC.I*j3$4;<1$:$8<m$94nd_<<-$;-2C4+I9FIC.C2$;4Q$F4<;<1F3.
;4F.-$F4<;Db
C$D49m}~$n;*/*0$1:86826;/"289*/$*8_w
-bC$D594$j_4;4DF/C4<-$$K-._
o<;94;.pM$49$*9.1C<:aNNNbD$I-.b2<Mb*Cg*MDb
C$D49m}}€nc.4w~}b„~-.~w-.IFI*C<-.}}€d_9::;:2#2
#292_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbA9$;$9F<b2<Mb*Cg++4M49l}€g
g}}€g~}b„~b3F:m++.DD.-I9P}~‚nb
C$D49m~††}nc.4<…b}ƒ†_-.~€-.I93<-.~††}d_9::;:2#8*1"$#2#2/$9!$1:$_o<;94;.p
M$49$*9.1C<:a3FFAaggNNNbA9$;$9F<b2<Mb*Cgl}€g9.4Dg…}ƒ†b3F:m++.DD.-I9P
}~‚nb
C$D49m~†……n8(8'2b8:*(2[c_#219:*:;*"2$#$8/#$[cbb_;8*968;#&1!*S;989*/T_
C$Q49_o<;94;.pM$49$*9.1C<:a3FFAaggNNNb7ID*C$D49b+<:b*CgF<A4+<Dg~}ƒ‚~ƒgA$C$2C$1<j…j
$CF42<j~†‚j-$j+<;DF4FI4+$<j1.-.C$9j-.j~†……m++.DD.-ƒI9P}~‚nb
C$D49m}~*ncC<2C$:$$+4<;$9-.<CF$9.+4:.;F<-$2C4+I9FIC$$:494$CjC<;$1d_1!2
$1:8/#289*/_o<;94;.pM$49$*9.1C<:a3FFAaggNNNb*+*b2<Mb*Cg^m++.DD.-
~‚I;.}~‚nb
C$D49j$D$4M49m~†„nc.+C.F<w„€bƒƒ_-.~-.1.M.C.4C<-.~†„d_$(;/0$1:2#9
$/"5$9
1#*>*#;*9$2/$:*>9#$8 /)2;8/_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbA9$;$9F<b2<Mb*Cg++4M49l}€g-.+C.F<g~†„}j~†„†g-„€ƒƒb3F:m++.DD.-~„I2IDF
}~‚nb
C$D49j$D$4M49m}}ƒnc.4;<~~b€ƒ-.-.7I93<-.}}ƒd_9: $/$!$9#*8$:8*B$968
'280;/"2#2/+:*!!*21/#(8*!;/:;80*/*8$068$$1#*0$1:290*/*8$9
;8*9_o<;94;.pM$49$*9.1C<:a3FFAaggNNNbA9$;$9F<b2<Mb*Cg++4M49l}€gl$F<}}j
}}ƒg}}ƒg9.4g9~~€ƒb3F:m++.DD.-€I;.}~‚nb
C$D49j$D$4M49m}}…nc.4<~~b„~…_-.}.7I;3<-.}}…d_!8$9!$1:8:*(2$*12_KbbcH
#$b#$-;1)2#$[ca]H!8*1#22!21:8:2#$:8 /)#288;8/6286$7;$1268B2I
$9: $/$!$12809:819*:38*992 8$629$1:#28*#2:8 /)#288;8/I682882(268B2
#$!21:8:"2#$'*11!*0$1:298;8*9_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbA9$;$9F<b2<Mb*Cg++4M49l}€gl$F<}}„j}~}g}}…g9.4g9~~„~…b3F:m++.DD.-~
I2IDF}~‚nb
C$D49j$D$4M49m~†„€nc.4<‚b……†_-.…-.7I;3<-.~†„€d_9::;*128098$(;/#289#2
:8 /)28;8/_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbA9$;$9F<b2<Mb*Cg4M49l}€g.4Dg‚……†b3F:m++.DD.-~„I2IDF}~‚nb
C$D49_
__
$;-
m~††ƒn8B*/J2;1:8A$628::2:)$
1:$81:*21/$!)1*!/21'$8$1!$21/1:$1$:*!$92;8!$9_.4AQ42_<<-$;-2C4+I9FIC.
C2$;4Q$F4<;<1F3.;4F.-$F4<;Db
CI;4.C_bbb$;-$C4$;<_bm}}…nc.DI9F$-<DC.94:4;$C.D-<.;D<2C<A.+I&C4<-.~††‚j
~††ƒ.}}ƒd_
1'280"5$9!2140*!9H_€…m~}n_AAb„k~‚b
$.F$;<_bbb_.CC.4C$_bb_C$K7<_bb_49M$_bb_.$9_bbb_;-C$-._ b
bb_<.93<_
bb_I;3$_bb_$C:.;F<_ bbb_I;3$_b_F<C+3_b_<DF$_bb$;-49M$_bb
m}}~nc+I9FIC$-<91$+.a.CDA.+F4M$D_.+;<9<24$D.4$*494-$-.d_4F.C=4j_
j
_
b
$CM$93<_b-._4DF_bb_<99_b$;-.I:$;;_bbm}~€nc;I&C4<*C$D49.4C<-.3<CF$94,$D
}~€d_.94;2_bb$;-49M.4C$_bb-$m.-Dbn_#*:28B$:1:8;B_o<;94;.pM$49$*9.
1C<:a3FFAaggNNNb4+;$b<C2b*CgD4F.Dg-.1$I9Fg149.Dg$CF42<g;I$C4<l3<CF$94+$Dl}~€l}bA-1b
$DF<9-4_IDF$M<$;-$DF<9-4_$*C4.9m}~€ncC/jAC<+.DD$:.;F<.D.+$2.:-.+$1/d_$>*9:
8*!*$1:*(88*9_€mn_AAb~„‚k~†€b
m}~‚nc$1/;<4<d_$1:82#220%8!*2#$'%#2*2#$1$*82_o<;94;.pM$49$*9.
1C<:a3FFAaggNNNb+++C7b+<:b*CgC4<gAC<-I+$<b3F:m++.DD.-~…$P}~‚nb
jm}~‚$nc.;FC$4D-.*$DF.+4:.;F<-<
DF$-<-<4<-.$;.4C<gd_$!8$:8*#$
9:#2#$$9$1>2/>*0$1:2$(*21/H 9:$!*0$1:2$$9!_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb+.$D$bC7b2<Mb*Cg+.$D$lA<CF$9gM4.Ng$AC.D.;F$+$<b$DAm++.DD.-~†I;.}~‚nb
jm}~‚*nc.DBI4D$-.AC.,<D;<$F$+$-<-.3<CF$94,$D_1CIF$D_+.C.$4D_A.D+$-<_19<C.D.
A9$;F$D<C;$:.;F$4Dd_$*16Q9$:28#$*1'280"2#$68$"29K
.$1/m}~nc99$*<IFF3.}~~j}~+C<Ad_<;D.93<-<D.OA<CF$-<C.D-.+$1/-<C$D49_
o<;94;.pM$49$*9.1C<:a3FFAaggNNNb+.+$1.b+<:b*Cg4;-.Ob$DAb
.$1/m}~‚nc
OA<CF$,?.DC$D49.4C$D-.$1/j$5D.DF4;<O4A<-.$1/d_<;D.93<-<D
.OA<CF$-<C.D-.+$1/-<C$D49_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb+.+$1.b+<:b*Cg4;-.Ob$DAb
.;D4_bbm}}ƒnc<$DAC&F4+$D-.A=D+<93.4F$-.1CIF$D.3<CF$94,$D;$2C4+I9FIC$$:494$Cd_~DF
-b;
J$1$/21#29!*0$1:2$:2K$!20$1#"5$99*!9686/*!"2#929
8:*!9(826$!;8*9$#$ 8*!"21(8*!;/:;80*/*8K_C$D594$j_
:*C$A$
;1<C:$,(<.+;<9=24+$_AAbƒ„k…}b
m}~‚nc
DF$-<-<4<-.$;.4C<.D.I:*4.;F.d_;1#"2Q$1:829:#;/#$
9::+9:*!9$97;*99$280"2#$$8>*#28$9= /*!29#2*2#$1$*82_o<;94;.pM$49$*9.
1C<:a3FFAaggNNNb+.A.C7bC7b2<Mb*Cg+..Ag4;1<lF.CC4F<C4<Dg$:*4.;F.b3F:9m++.DD.-I9P
}~‚nb
/D$C_b$;-.9<_b.m}}‚nc:A<CF';+4$-$+$-.4$AC<-IF4M$*C$D49.4C$-.3<CF$94,$Dd_
*8!;/8%!1*!_m42IC$~n_AAb~k~~b
m}~‚nc$A$-<C$D49+<:9<+$94Q$,(<-$DC.24?.D+$1..4C$D_$C&*4+$.+<;49<;d_'%$
'$*!;/:;8Q$1:82#$$9$1>2/>*0$1:2$!12/3(*!2#2'%_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb+.F+$1b+<:b*Cgm++.DD.-~$P}~‚nb
<.93<j.FF<_bb_M.9$C_bb_.C;$;-.D_bb$;-$+.C-$_ bbm}}„nc$;-D94-.
DID+.AF4*494FP4;$:<I;F$4;<ID2.<.+<DPDF.:_47I+$$DD41_4<-.$;.4C<a3.C<9.<1
:<CA3<:.FC4+DI*-4M4D4<;<1F3.F.CC$4;d_$20286)2/2(A_…„m€n_AAb~}k~€~_o<;94;.p
M$49$*9.1C<:a3FFAaggNNNbD+4.;+.-4C.+Fb+<:gD+4.;+.g$CF4+9.gA44g}~ƒ†‚‚‚!}ƒ}}€ƒ~
m++.DD.-ƒ.*CI$CP}~‚nb
<;$*m}~‚$nc+<:A$;3$:.;F<-$D$1C$*C$D49.4C$-.+$1/b$1C$}~‚_AC4:.4C<9.M$;F$:.;F<d_
C$D594$_<:A$;34$$+4<;$9-.*$DF.+4:.;F<_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb+<;$*b2<Mb*Cb
<;$*m}~ncFI$,(<-<d_<:A$;34$$+4<;$9-.*$DF.+4:.;F<b
<;$*m}~}ncC<2C$:$-.BI4D4,(<-.94:.;F<Djd_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb+<;$*b2<Mb*Cgb
<;$*m}~‚*nc/C4.D4DF=C4+$D-.C.$9$;F$-$_C<-IF4M4-$-..C<-I,(<_.9$F4M$D%D$1C$D
}}~$}~-.$1/d_2061)*!*21/#$ 9:$!*0$1:2_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb+<;$*b2<Mb*Cg+<;F.I-<DbA3A^$‹~‚uu$24;$l<*7+:D+<;F.I-<D‹€zl<*7+:D
+<;F.I-<Dm++.DD.-~$P}~‚nb
<;$*m}~‚+nc4DF.:$;1<C:$,?.D.F<C4$4D-.<:.C+4$94Q$,(<mnd_2061)*!*21/
#$ 9:$!*0$1:2_o<;94;.pM$49$*9.1C<:a3FFAaggNNN€b+.$D$b2<Mb*CgD4D+<:N.*gb
jm}~~n8(%#*1$(*2$881#2*2#$1$*82639#$!288*#29`0$9$9[_4<-.
$;.4C<b
$M4-_bm}~nc4C+I4F<$C4<+$-..4C$DC2';4+$D7&.DF&AC.D.;F..:~€*$4CC<D-<4<d_
8$'$*:;8#2*2#$1$*82_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbC4<bC7b2<Mb*CgN.*g2I.DFg.O4*.+<;F.I-<^4-‹††€~…m++.DD.-~I9P}~‚nb
<;<M$;_b$;-<<9._bm}~nc3$;24;2$DD.F.;-<N:.;FD$;-D:$993<9-.CA$CF4+4A$F4<;4;
3423.CM$9I.:$C8.FDa
M4-.;+.1C<:+.CF414.-+<11..AC<-I+.CD4;4+$C$2I$d_22#2/*!A_
_AAb~k~€_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbD+4.;+.-4C.+Fb+<:gD+4.;+.g$CF4+9.gA44g}€}ƒ†~†~€}}~€…€m++.DD.-~…
.+.:*.C}~nb
j4<m}~€$nc+<:A$;3$:.;F<4DF.:&F4+<-$C<-I+$<2C5+<9$j}~€jI9FIC$D4<-.
$;.4C<d_\Z[]_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb.:$F.CbC7b2<Mb*Cg4:$2.Dg}~€ll+<CC~b3F:m++.DD.-$P}~‚nb
j4<m}~€*nc+<:A$;3$:.;F<4DF.:&F4+<-$C<-I,(<2C5+<9$j}~€jI9FIC$D4<-.
$;.4C<d_\Z[]_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb.:$F.CbC7b2<Mb*Cg4:$2.Dg}~€ll+<CC~b3F:m++.DD.-$P}~‚nb
j4<m}~‚nc
DA$,<-<2C4+I9F<C$:494$Cd_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb.DA$+<-<$2C4+I9F<CbC7b2<Mb*Cgm++.DD.-~‚I2IDF}~‚nb
m}}‚ncI9F4M<<C2';4+<-.3<CF$94,$Dd_82#;:29H82!$9929$$8>*"29_o<;94;.p
M$49$*9.1C<:a3FFADaggNNNb.:*C$A$b*Cg*ID+$j-.jAC<-IF<DjAC<+.DD<Dj.jD.CM4+<Dgj
gAC<-IF<jD.CM4+<g†g+I9F4M<j<C2$;4+<j-.j3<CF$94+$Dm++.DD.-€I2IDF}~‚nb
:*C$A$j<CF$94,$Dm}}†ncC<-I,(<-.C4;+4A$4D3<CF$94,$D;<C$D49d_*9:8* ;*"2#82#;"2
#$28:/*"91289*/_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb+;A3b.:*C$A$b*CgA$24;$Dg3<CF$94+$Dl.:l;I:.C<Dg3<CF$94+$Dl.:l;I:.C<Db3F
:m++.DD.-†I9P}~‚nb
:*C$A$j<CF$94,$D$;-
m}~}nc$F&9<2<*C$D49.4C<-.<CF$94,$Dj$4*$+<:<A9$;F$C.
$AC<M.4F$C‚}-$D.DA/+4.D:$4D+<:.C+4$94Q$-$D;<$5Dd_C$D594$j_o<;94;.pM$49$*9.
1C<:a3FFAaggNNNb+.$D$b2<Mb*Cg-$-<DgAI*94+$+$<g$F$9<2<3<CF$94+$DbA-1b
D3.C493<_bbbb$;-.4D_
bbm}}nc.;FC$4D-.*$DF.+4:.;F<.$I.DF(<<+$+4<;$9;$
$4O$-$9I:4;.;D.d_$>*9:1*>$89*##$;8/J%8*$*&1!*9;019H$826%#*!HH
_ƒm~j_7$;j-.Qn_AAb‚k€~b
IC<A.$;<::4DD4<;m}~~nc;$9PD4D$;--.M.9<A:.;F<14;+9ID4M.M$9I.+3$4;DF<DIAA<CF<
DIAA<CFD:$99jD+$9.AC<-I+.CDF<$++.DD$2C4+I9FIC$9:$C8.FDd_
IC<A.4-b
IC<A.$;<::4DD4<;_;F.C;$F4<;$9<;.F$CPI;-D_C2$;4D$F4<;1<C
+<;<:4+<j<A.C$F4<;
$;-.M.9<A:.;F_;4F.-$F4<;D$;- <C9-$;8m}}…n)$A9:$02':*21/!!2;1:9
\ZZb_o<;94;.pM$49$*9.1C<:a3FFAaggI;DF$FDbI;b<C2gI;D-g;$F4<;$9$++<I;FgD;$}}…b$DAb
m~†††n*(139:*!2#'$*!;/:;8#29:#2#2*2#$1$*82_4<-.$;.4C<_.-.C$,(<
-$2C4+I9FIC$-<
DF$-<-<4<-.$;.4C<m
na.CM4,<-.A<4<%D.BI.;$D
:AC.D$D
;<
DF$-<-<4<-.$;.4C<m
jnb
m}~$nc}~;F.C;$F4<;$9".$C<1$:49P$C:4;2d_22#1#(8*!;/:;8$8(1*B:*212':)$
1*:$#:*219_o<;94;.pM$49$*9.1C<:a3FFAaggNNNb1$<b<C2g1$:49Pj1$C:4;2j
}~g3<:.gN3$Fj4Dj1$:49Pj1$C:4;2g.;gm++.DD.-ƒI;.}~‚nb
m}}‚n##8$99*1(08.$:*1(1#682!$99*1(!219:8*1:9:):*1)* *:(8*'22#$@628:9_
(8*!;/:;8/$8>*!$9;//$:*1_<:._<<-$;-2C4+I9FIC.C2$;4Q$F4<;<1F3.;4F.-
$F4<;Db
m}~*n$>$/26*1(9;9:*1 /$'22#>/;$!)*19Q;*#*1(68*1!*6/$9_.M.;_bm.-bn_<:._
F$9P_<<-$;-2C4+I9FIC.C2$;4Q$F4<;<1F3.;4F.-$F4<;D_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb1$<b<C2g€g$j4€†‚€.bA-1b
m}~~$nc
"<9d_$92;8!$9'2862/*!A0.*1(K22#1#(8*!;/:;8$8(1*B:*21_o<;94;.p
M$49$*9.1C<:a3FFAaggNNNb1$<b<C2g.$DPA<9g<IFAIFgm++.DD.-I9P}~‚nb
m}~~*n/2 /22#299$91#22#9:$_<:._F$9P_N.-4D3;DF4FIF.1<C<<-$;-
4<F.+3;<9<2Pmn`<<-$;-2C4+I9FIC.C2$;4Q$F4<;<1F3.;4F.-$F4<;Db
m}~+nc<N$C-DDFC<;2.C1$:49P1$C:Da<4+.D4;F3.;F.C;$F4<;$9".$C<1$:49P$C:4;2d_
<:._<<-$;-2C4+I9FIC.C2$;4Q$F4<;<1F3.;4F.-$F4<;Db
m}~€nc<<-$;-2C4+I9FIC.C2$;4Q$F4<;<1F3.;4F.-$F4<;DF$F4DF4+D4M4D4<;d_
22#1#(8*!;/:;8$8(1*B:*212':)$1*:$#:*219_o<;94;.pM$49$*9.1C<:a
3FFAagg1$<DF$F€b1$<b<C2m++.DD.-…I9P}~‚nb
.$C;._$b_$C+4$$CF4;.Q_b$;-.;F_bm}~nc4:.;D4<;D<1IDF$4;$*9.$9I.3$4;Da
:A94+$F4<;D1<C$9I.3$4;;$9PD4Dd_o<;94;.pM$49$*9.1C<:a
3FFAagg-Ob-<4b<C2g~}b~~}…g~€‚†…‚~~~ƒ†~†€b
.C;$;-.D_bb_I4:$C(.D_bb_<:.D_bbb_4.4C$_bb_<;F2<:.CP_bb$;-
C..;*.C2_bm}}nc<A<2C$A34++<;FC<9D<19$;-D94-.D4;4<-.$;.4C<a14.9-.M4-.;+.
$;-:<-.94;2d__‚‚mn_AAb~ƒ€k~…~_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbD+4.;+.-4C.+Fb+<:gD+4.;+.g$CF4+9.gA44g}€~…~ƒ}€}}~~‚m++.DD.-AC49
}~‚nb
.CC.4C$_
bbm}~€nc9$;<-.<M.C;<4;F/F4+<}~€$}~ƒd_88$Q*Q/$*"5$9\Z[\_$CC.j
$4b
m}~ncBI4D4,(<-.AC<-IF<D-$2C4+I9FIC$$:494$CA$C$$94:.;F$,(<
D+<9$Cd_
82(80!*21/#$/*0$1:"29!2/8Q1$J1;/68(8*!;/:;80*/*8_I;-<
$+4<;$9-..D.;M<9M4:.;F<-$
-I+$,(<_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb1;-.b2<Mb*CgAC<2C$:$Dg$94:.;F$+$<j.D+<9$Cg$2C4+I9FIC$j1$:494$Cb
m}~ncC<2C$:$$+4<;$9-.94:.;F$,(<
D+<9$Cm;$.nd_;1#2!*21/#$
$9$1>2/>*0$1:2##;!"2_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb1;-.b2<Mb*Cg4;-.ObA3AgAC<2C$:$Dg$94:.;F$+$<j.D+<9$Cg$94:.;F$+$<j.D+<9$Cj
$AC.D.;F$+$<m++.DD.-~‚I;.}~‚nb
C.4F$D_bb._$CM$93<_bb._!4:.;.D_
bb_CC$.D_
bb$;-<:.D_bbm}~n
cI9;.C$*494-$-.D<+4<$:*4.;F$9_C.-I,(<-.C4D+<D-.-.D$DFC.D.+<;DFCI,(<-$C.D4940;+4$a
94,?.D-<F.CC.:<F<;<$4F4.-$D+3IM$D1<CF.D;$.24(<.CC$;$_C$D49d_*&1!*U=#$
2/$:*>_~„mƒn_AAb~‚„„k~‚…ƒb
$994.Q_bb b$;-+3I.9.C_bb-.m}}ncC$*$93<-.+<;+9ID(<-.-4D+4A94;$.D.:4;&C4<
D<*C.$4;1C$.DFCIFIC$-$+$-.4$-.AC<-I,(<.$*$DF.+4:.;F<-.$94:.;F<D-$.24(<
.FC<A<94F$;$-$4-$-.-<4<-.$;.4C<d_b
.C$9-4;4_b$;-49M.4C$_bm}~}ncIA.C:.C+$-<DaM4&M.9D.C1<C;.+.-<C-.DF.DIA.C+94.;F.^d_
28:*'8;:*89*/_
D$9BgDA_.A.$b
.C.114_b_I:A3C.P_b$;-FIC2.<;_bm}}‚nc3.2<M.C;$;+.<129<*$9M$9I.+3$4;Dd_$>*$?
2'
1:$81:*21/2/*:*!/!2120A_~m~n_AAb„…k~}b
49*.CF_bbm}}ƒn/;$)*11/A9*91#8.$:2?$8*12002#*:A82!$99*1(?*:)
66/*!:*21:2:)$2!21#2''$$$!:289K*9!;99*216$81W__C.;F<_F$9P_;4M.CD4F%
.294FI-4-4C.;F<j4A$CF4:.;F<-4
+<;<:4$b
4I94$;4_bm}}„n$>$/26*1(8.$:9'28(82 *2#*>$89*:A_$>$/26*1(8.$:9'28
(82 *2#*>$89*:AJ$!;8*1(*>$/*)22#9*18A/1#8$9_<IF9.-2._o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbD+<AIDb+<:g4;N$C-gC.+<C-bIC9^.4-‹jDb}j…†~„…†€uA$CF;.C‹F#FO€P~
m++.DD.-€}I;.}~‚nb
<M.C;<-<
DF$-<-<4<-.$;.4C<m}}}nc<;M0;4<…†g}}d_/:$8221>&1*2
^^Pa_H#$[ZK[\Ka_H7;$#*965$92 8$*9$1"2#$682#;:29)28:*'8;:*(81-$*829K_o<;94;.p
M$49$*9.1C<:a
3FFAaggNNNb1$Q.;-$bC7b2<Mb*CgD.1$Qg1$+.Dg:.;IlDFCI+FIC.gD.CM4+<D^l$1C<<A‹‚}ƒ‚„‚ƒ~ƒ‚
}~}}}u-$F$D<IC+.‹.CM.C‰€-<+$:.‰€……~€„ul$-1b+FC9jDF$F.‹~~O;8†}ƒBNlƒ…€
m++.DD.-ƒI2IDF}~‚nb
<M.C;<-<
DF$-<-<4<-.$;.4C<m}}nc.+C.F<b<€b~ƒ~-.~~-.;<M.:*C<-.}}d_
*965$92 8$2
*1!*#$1:$1926$8"5$9!2090$8!#28*97;$!2065$0!$9:
9*!_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb1$Q.;-$bC7b2<Mb*CgD.1$Qg1$+.Dg:.;IlDFCI+FIC.gD.CM4+<D^l$1C<<A‹~}~€ƒƒ‚}
‚}}}u-$F$D<IC+.‹.CM.C‰€-<+$:.‰€…~†ƒul$-1b+FC9jDF$F.‹ƒQQƒ7ƒ€.l€„
m++.DD.-~I2IDF}~‚nb
<M.C;<-<
DF$-<-<4<-.$;.4C<m}}€nc.4C-4;&C4$w~„„_-.†-..F.:*C<-.}}€d_
*965$92 8$21!$992#$$1$'+!*29*9!*96829$:28#$(821$(3!*2$#(8*!;/:;8
'0*/*8/;0*1$19$$#2;:89682>*#&1!*9_o<;94;.pM$49$*9.1C<:a
3FFAagg$9.C79;~b$9.C7bC7b2<Mb*Cg+<;F9.4b;D1g*+}}….+*~€-+1+ƒ.}€‚ƒ…„}}ƒ-**1‚g‚~1€†1…€‚
$+1‚}…€‚ƒ-*~}}„„„.…~^A.;<+I:.;Fm++.DD.-~…I2IDF}~‚nb
<M.C;<-<
DF$-<-<4<-.$;.4C<m}}nc.4C-4;&C4$<€ƒ„_-.…-.7I;3<-.}}d_
2#*'*!*9629*:*>29#$*2^[aaPZ]H$*2^[abPZ]$$*2^[bcPZ]_o<;94;.pM$49$*9.
1C<:a
3FFAagg$9.C79;~b$9.C7bC7b2<Mb*Cg+<;F9.4b;D1g+…$$}†}}}‚1..1ƒ}€‚ƒ.+}}ƒ}-111g~.„‚„€€„€
+€}}~…€‚ƒ.+}}ƒƒƒ}~^A.;<+I:.;Fm++.DD.-ƒI2IDF}~‚nb
<M.C;<-<
DF$-<-<4<-.$;.4C<m}~‚nc<CF$9-<<M.C;<-<
DF$-<-<4<-.$;.4C<j
.+C.F$C4$-.$Q.;-$AC<:<M.<A.C$,(<;<.$D$-.C$7&.1$Q~†ƒ$IFI$,?.Dd_2:+!*9_
o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbC7b2<Mb*CgN.*g2I.DFg.O4*.+<;F.I-<`7D.DD4<;4-‹‚~„ƒ†
€€
~
ƒ„€‚ƒ~b9A<CF$9^AlAl4-‹.O4*.+<;F.I-<l
lN!uAlAl941.+P+9.‹}uC.1.C.C94-‹~
~„}ul.O4*.+<;F.I-<l
lN!lDFCIFDl$+F4<;‹g.OFg.O4*.+<;F.I-<gCDDul.O4*.+<;
F.I-<lm++.DD.-ƒI2IDF}~‚nb
<M.C;<-<
DF$-<-<4<-.$;.4C<m}~€ncC<2C$:$4<IC$94:A9$;F$~ƒI;4-$-.D.:$CC.j
$4.<C+4K;+I9$d_;989*/Q2/+:*!_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbC7b2<Mb*CgN.*g4:AC.;D$g.O4*.+<;F.I-<^$CF4+9.j4-‹…ƒ‚†…b
C$.I*_b
b_3$AA.99_bb_ 4FF:$;_b_.-.C:$;;_b_.CC_bb$;-.::499j.CC.;_b
m}~‚nc3.F$F.<1$:49P$C:D4;F3. <C9-d_28/#$>$/260$1:_
9D.M4.C_o<;94;.p
M$49$*9.1C<:a3FFAagg-Ob-<4b<C2g~}b~}~ƒg7bN<C9--.Mb}~‚b}‚b}~b
$M.9_bm;b-bncC$4;PI<F.j4F$F4<;d_L26$*912::)$!21>*!:*21:):920$:)*1(?*//:;812;:
?$//KKKMHo<;94;.pM$49$*9.1C<:a
3FFAaggNNNb*C$4;PBI<F.b+<:g+4F$F4<;gBI<F.DgBI<F.DgMgM$+9$M3$M.€†„~„b3F:9^+F‹$+9$MŠ
$M.9m++.DD.-€~I2IDF}~‚nb
.994;_b$;-.47.C_bm}}ƒn;*#$/*1$9'28>/;$!)*11/A9*9_o<;94;.pM$49$*9.1C<:a
1FAagg1FAb1$<b<C2g.Dg.D$g94D1$:.g2I4-.9lM$9I.3$4;bA-1b
.;F+3.8._bbm}~nc$CF493$-<.:AC.2$-<.-<.:AC.2$-<CCIC$9d_<CF<9.2C._C4*I;$9
.24<;$9-<C$*$993<-$$C.24(<b
m}}ƒ$n$192(826$!;8*2\ZZ`Q(8*!;/:;80*/*8H8*0$*829$9;/:#29K89*/H
81#$9$(*5$9$1*##$9#$#$8"2_4<-.$;.4C<_;DF4FIF<C$D49.4C<-..<2C$14$.
DF$F5DF4+$b
m}}ƒ*nc.;D<2C<A.+I&C4<}}ƒj.2I;-$AIC$,(<d_*9:$0
#$$!;6$8"2
;:20:*!Q
K
19:*:;:289*/$*82#$$2(8'*$9::+9:*!_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbD4-C$b4*2.b2<Mb*Cg*-$gA.DBI4D$Dg+$g-.1$I9Fb$DA^<‹u4‹m++.DD.-~„I;.
}~‚nb
m}}†n$192(826$!;8*2\ZZ`K89*/H81#$9$(*5$9$1*##$9#$#$8"2K_4<-.
$;.4C<_;DF4FIF<C$D49.4C<-..<2C$14$.
DF$F5DF4+$b
m~††…nc.;D<2C<A.+I&C4<-.~††‚j~††ƒd_
19:*:;:289*/$*82#$$2(8'*$9::+9:*!_
o<;94;.pM$49$*9.1C<:a
3FFAagg4*2.b2<Mb*Cg3<:.g.DF$F4DF4+$g.+<;<:4$g$2C<A.+I$C4$g+.;D<$2C<g~††‚l~††ƒg+<;+.4F
<DbD3F:m++.DD.-€I;.}~‚nb
m}~}$nc
h.;D<}~}d_$192$02(8'*!2\Z[Z_o<;94;.pM$49$*9.1C<:a
3FFAagg+.;D<}~}b4*2.b2<Mb*Cgm++.DD.-€I9P}~‚nb
m}~‚$nc
h4-$-.Dh4<-.$;.4C<h<M$C4*IC2<d_*##$9V_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb+4-$-.Db4*2.b2<Mb*CgOFC$DgA.C149bA3A^9$;2‹u+<-:I;‹€€}€}uD.$C+3‹C4<j-.j
7$;.4C<h;<M$j1C4*IC2<h4;1<2C$14+<Daj4;1<C:$+<.Dj+<:A9.F$Dm++.DD.-€I9P}~‚nb
m}~‚*nc
h4-$-.Dh4<-.$;.4C<h$CC.j$4d_*##$9V_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb+4-$-.Db4*2.b2<Mb*CgOFC$DgA.C149bA3A^9$;2‹u+<-:I;‹€€}ƒ~‚uD.$C+3‹C4<j-.j
7$;.4C<hM$CC.jD$4h4;1<2C$14+<Daj4;1<C:$+<.Dj+<:A9.F$Dm++.DD.-€I9P}~‚nb
m}~‚+nc$A$Dd_
19:*:;:289*/$*82#$$2(8'*$9::+9:*!_o<;94;.pM$49$*9.1C<:a
3FFAagg:$A$Db4*2.b2<Mb*Cgm++.DD.-~$P}~‚nb
m}~}*n$97;*9#$8"0$1:290*/*8$9\ZZbQ\ZZcJ7;*9*"2/*0$1:8#20*!*/*86$8
!6*:H89*/$81#$9$(*5$9_4<-.$;.4C<_;DF4FIF<C$D49.4C<-..<2C$14$.
DF$F5DF4+$_o<;94;.pM$49$*9.1C<:a
3FFAagg*4*94<F.+$b4*2.b2<Mb*CgM4DI$94Q$+$<g94MC<Dg94M„€}„bA-1b
m}~n$97;*9!*21/628029:8#$20*!+/*2921:+1;_8 /)2$$1#*0$1:2K
2:9$:2#2/3(*!9H>2/;0$[_4<-.$;.4C<_o<;94;.pM$49$*9.1C<:a
1FAagg1FAb4*2.b2<Mb*CgC$*$93<l.l.;-4:.;F<g.DBI4D$l$+4<;$9lA<Cl:<DFC$l-.l<:4+49
4<Dl+<;F4;I$g<F$Dl:.F<-<9<24+$Dg;<F$Dl:.F<-<9<24+$DbA-1b
m}~‚-ncC<-I,(<2C5+<9$I;4+4A$9d_
19:*:;:289*/$*82#$$2(8'*$9::+9:*!_
o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb4*2.b2<Mb*Cg3<:.g.DF$F4DF4+$g.+<;<:4$gA$:g}~g-.1$I9FbD3F:m++.DD.-†
I9P}~‚nb
m}~€nc4DF.:$
-..+IA.C$,(<IF<:&F4+$jd_82#;:2
1:$8128;:2#29
;1*!+6*29_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbD4-C$b4*2.b2<Mb*Cg*-$gF$*.9$gAC<F$*9b$DA^+‹~uQ‹Au<‹€}u4‹m++.DD.-€
I9P}~‚nb
m}~‚.nc4DF.:$
-..+IA.C$,(<IF<:&F4+$jd_
19:*:;:289*/$*82#$$2(8'*
$9::+9:*!_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbD4-C$b4*2.b2<Mb*Cg*-$gF$*.9$gAC<F$*9b$DA^+‹~ƒ~€uQ‹Au<‹…u4‹m++.DD.-~‚
$P}~‚nb
_4;4DF/C4<-$$K-.$;-4;4DF/C4<-<9$;.7$:.;F<C,$:.;F<..DF(<m}~}n$97;*9
#$8"0$1:290*/*8$9\ZZbQ\ZZcJ>/*"21;:8*!*21/##*9621* */*##$#20*!*/*8#$
/*0$1:291289*/_4<-.$;.4C<_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb4*2.b2<Mb*Cg.;294D3g.DF$F4DF4+$gA<AI9$+$<g+<;-4+$<-.M4-$gA<1g}}…l}}†l$M$9
l;IFC4+4<;$9gA<1}}…}}†l$M$94$+$<bA-1b
m}~n(8*!;/:;8/>/;$!)*1'*11!$9:8:$(A1##$9*(1_;F.C;$F4<;$9I;-1<C
2C4+I9FIC$9.M.9<A:.;Fmnb
_$;-m}~n(8*!;/:;8/>/;$!)*1#$>$/260$1:J)8$:2826628:;1*:A'28
?20$1M9$06/2A0$1:G_;F.C;$F4<;$9$*<ICC2$;4Q$F4<;`<<-$;-2C4+I9FIC.
C2$;4Q$F4<;`;F.C;$F4<;$9I;-1<C2C4+I9FIC..M.9<A:.;F_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb1$<b<C2g-<+C.Ag}~€g4}}….g4}}….}bA-1b
$;-m}}}nc<M<.FC$F<-$2C4+I9FIC$$:494$CaC$D49.-.D+<*.CF<d_82-$:2#$
226$8"2%!1*!
P_<<-$;-2C4+I9FIC.C2$;4Q$F4<;<1F3.;4F.-$F4<;D`
;DF4FIF<$+4<;$9-.<9<;4Q$,(<..1<C:$2C&C4$b
m}~‚ncA<4<$<DA.BI.;<DAC<-IF<C.DCIC$4Dd_
19:*:;:29:#;/#2$*20 *$1:$_
o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb4;.$bC7b2<Mb*Cg+Dg2C<IADgAI*94+g-<+I:.;FDg-<+I:.;FgQN.Ng:-I‚gr.-4DAg4;.
$}}‚†…}†bA-1m++.DD.-‚I;.}~‚nb
;4+4$F4M$2.;-$~<:A.C7m}~~nc2C4+I9FIC$.:<M$C4*IC2<d_($1#\[206$8-_o<;94;.p
M$49$*9.1C<:a3FFAagg$2.;-$~+<:A.C7b+<:b*Cg+<;F.;Fg$2C4+I9FIC$j.:j;<M$j1C4*IC2<
m++.DD.-~‚I9P}~‚nb
;4+4$F4M$2.;-$~<:A.C7m}~‚$ncI;4+5A4<Dh2.;-$~<:A.C7.D.;M<9M4:.;F<
IDF.;F&M.9d_o<;94;.pM$49$*9.1C<:a3FFAaggNNNb$2.;-$~+<:A.C7b+<:b*Cg:I;4+4A4<D
m++.DD.-~I2IDF}~‚nb
;4+4$F4M$2.;-$~<:A.C7m}~‚*ncI;4+5A4<h<M$C4*IC2<d_($1#\[2>8* ;8(2_
o<;94;.pM$49$*9.1C<:a3FFAagg$2.;-$~;<M$1C4*IC2<b+<:b*Cg<j:I;4+4A4<gm++.DD.-~‚
I9P}~‚nb
m}~‚ncI::$CP;F.2C$F.-
+<.+3;<9<24.D$;-.CM4+.D1<C$IDF$4;$*9.IC$94<
-.$;.4C<d_<9<2;._<9<2;.;4M.CD4FP<1AA94.-+4.;+.Db;DF4FIF.1<C.+3;<9<2P$;-
.D<IC+.D$;$2.:.;F4;F3.C<A4+D$;-I*FC<A4+D_o<;94;.pM$49$*9.1C<:a
3FFAagg4;F.+C$9jAC<7.+FbN.*b13j
8<.9;b-.g4:$2.Dg<N;9<$-DgI::$CPl
l
;294D3bA-1b
;F.CIA.C:.C+$-<Dm}~‚nc;F.CIA.C:.C+$-<Dd_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbDIA.C:.C+$-<D4;F.Cb+<:b*Cg.:AC.D$bA3Am++.DD.-~I9P}~‚nb
;F.C;$F4<;$9<11..C2$;4Q$F4<;m}~‚$nc
OA<CFD<1$991<C:D<1+<11..*P$99.OA<CF4;2
+<I;FC4.Dd_o<;94;.pM$49$*9.1C<:a3FFAaggNNNb4+<b<C2g34DF<C4+$9g~††}<;N$C-Dgg$j
.OA<CFDbA-1m++.DD.-„$P}~‚nb
;F.C;$F4<;$9<11..C2$;4Q$F4<;m}~‚*nc:A<CFD*PD.9.+F.-4:A<CF4;2+<I;FC4.Dd_o<;94;.p
M$49$*9.1C<:a3FFAaggNNNb4+<b<C2g;.Nl34DF<C4+$9b$DA^D.+F4<;‹F$F4DF4+Dm++.DD.-~~$P
}~‚nb
;F.C;$F4<;$9<11..C2$;4Q$F4<;m}~‚+ncC4+.DA$4-F<2C<N.CD4;.OA<CF4;2+<I;FC4.Dd_
*9:28*!/:21:)$/2 /2''$$8#$_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb4+<b<C2g34DF<C4+$9g~††}<;N$C-Dgg€$jAC4+.Dj2C<N.CDbA-1m++.DD.-~‚$P
}~‚nb
;F.C;$F4<;$9<11..C2$;4Q$F4<;m}~‚-nc<F$9AC<-I+F4<;*P.OA<CF4;2+<I;FC4.Dd_o<;94;.p
M$49$*9.1C<:a3FFAaggNNNb4+<b<C2gAC4+.DgA<jAC<-I+F4<;bA-1m++.DD.-„$P}~‚nb
;F.C;$F4<;$9<11..C2$;4Q$F4<;m}~‚.nc <C9-+<11..+<;DI:AF4<;d_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb4+<b<C2gAC4+.Dg;.Nj+<;DI:AF4<;jF$*9.bA-1m++.DD.-~~$P}~‚nb
I;BI.4C$_bb$;-I.;2<_bbbbm}}}nc.C+$-<D-41.C.;+4$-<D-.3<CF$94,$Dd_28:*!;/:;8
89*/$*8_~…mn_AAb†‚k††b
3<4_bbm}~€nc 4+8.-AC<*9.:Da$M$9I.+3$4;$AAC<$+31C<:4.F;$:dD-$4CPAC<-I+Fbd_
68*1($8/;9_m~n_Ab~ƒ~_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbAI*:.-+.;FC$9b;43b2<Mg$CF4+9.C.;-.Cb1+24^$CF4-‹€ƒ„}…uF<<9‹A:+.;FC.QuC.;
-.CFPA.‹$*DFC$+Fb
<FF.8_b_C4.D.C_b_.+8_b_I-<91_b$;-I*.9_bm}}ƒnc <C9-:$A<1F3.@AA.;j.42.C
+94:$F.+9$DD414+$F4<;IA-$F.-d_$:$282/2(*9!)$$*:9!)8*':_~‚m€n_AAb‚†kƒ€b
4:$_bbbbbm}~}nc$-.4$C<-IF4M$-.9.C4+I9FIC$d_4<-.$;.4C<_
:$F.Cj4<b
4MC$:.;F<_bbm}}…ncC<F.>:4+$41.C.;+4$9-.$1/C&*4+$I*:.F4-<$41.C.;F.D
C<+.DD$:.;F<D..+$2.:d_;4M.CD4-$-..-.C$9-.$MC$Dmn_o<;94;.pM$49$*9.1C<:a
3FFAaggC.A<D4F<C4<bI19$b*Cg*4FDFC.$:g~g}€gg
lC<F.>:4+$-41.C.;+4$9-.+$1/
$C&*4+$DI*:.F4-<$-41.C.;F.DAC<+.DD$:.;F<D.D.+$2.:bA-1b
<A.D_bb$;-$+.-<_bbb.m}}…nc.C:4;$,(<-.D.:.;F.D-.+<IM.+34;.D$D<*
4;19I0;+4$-<F.<C-.&2I$_DI*DFC$F<..DFC.DD.D$94;<d_$>*9:89*/$*8#$$0$1:$9_
€}m€n_AAb„†k…‚b
<IC.;Q$;4_b
bbb$;-49M$_bb$m}}nc:.DFI-<-$+<:A.F4F4M4-$-.-<D-41.C.;F.D
+$;$4D-.-4DFC4*I4,(<-.3<CF$94,$Dd_$9:2U82#;"2_~~m€n_AAb€…‚k€†…b
I+4-<1FN$C.;+bm}~‚nc9<N3$CF$8.Cu;94;.4$2C$:<1FN$C.hI+4-+3$CFd_o<;94;.p
M$49$*9.1C<:a3FFADaggNNNb9I+4-+3$CFb+<:gA$2.Dg3<:.j
D.AF.:*.C^IF:l.OA4-‹~~†‚€€}j
€…†b*P:MB2O$4€F#b~uIF:lC.1.CC.C‹3FFAD‰€‰‰NNNb2<<29.b+<:
m++.DD.-~}.AF.:*.C}~‚nb
m}~‚$ncI9FIC$Da$1/d_*1*9:%8*2#(8*!;/:;8H$!;8*$#2 9:$!*0$1:2_o<;94;.p
M$49$*9.1C<:a3FFAaggNNNb$2C4+I9FIC$b2<Mb*CgM.2.F$9g+I9FIC$Dg+$1.m++.DD.-~$P
}~‚nb
m}~‚*nc4DF=C4+<-$<95F4+$-<$1/d_0$1:8*2#2'%K*1*9:%8*2#(8*!;/:;8H
$!;8*$#2 9:$!*0$1:2_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb$2C4+I9FIC$b2<Mb*Cg.:.;F$C4<g34DF<C4+<b3F:9m++.DD.-„$P}~‚nb
m}~‚+nc;1<C:.
DF$F5DF4+<-<$1/}~€j}~d_*1*9:%8*2#(8*!;/:;8H$!;8*$#2
9:$!*0$1:2_o<;94;.pM$49$*9.1C<:a3FFAaggNNNb$2C4+I9FIC$b2<Mb*CgM.2.F$9g.DF$F4DF4+$D
m++.DD.-~€$P}~‚nb
m}~}nc;DFCI,(<<C:$F4M$~ƒg}~}d_$(;/0$1:2%!1*!2682'%288#2$082
$'%288#2$2+#2_C$Q49_4;4DF/C4<-$2C4+I9FIC$_.+I&C4<.-<*$DF.+4:.;F<_
o<;94;.pM$49$*9.1C<:a
3FFAaggD4DF.:$DN.*b$2C4+I9FIC$b2<Mb*CgD4D9.24Dg$+F4<;g-.F$93$F<b-<^:.F3<-‹M4DI$94Q$CF<
<CF$9$A$u+3$M.‹„†~~ƒ‚€‚m++.DD.-„$P}~‚nb
m}}€n$(;/0$1:2%!1*!2#$
#$1:*##$$#$;/*##$68/99*'*!"2#2'%
$1$'*!*#2828;_
19:8;"2280:*>2bH[[\ZZ]_C$D49_4;4DF/C4<
-$2C4+I9FIC$_.+I&C4$.*$DF.+4:.;F<_o<;94;.pM$49$*9.1C<:a
3FFAagg.OFC$;.Fb$2C4+I9FIC$b2<Mb*CgD4D9.24Dj
+<;DI9F$g+<;DI9F$C.24D9$+$<b-<^<A.C$+$<‹M4DI$94Q$Cu4-‹€„ƒb
m}~‚-nc4DF.:$D$CF4+4A$F4M<Dd_*1*9:%8*2#(8*!;/:;8H$!;8*$#2 9:$!*0$1:2_
o<;94;.pM$49$*9.1C<:a3FFAaggNNNb$2C4+I9FIC$b2<Mb*CgA<CF$9gA$2.gA<CF$9g;F.C;.Fj
gA$24;$j4;4+4$9g-.D.;M<9M4:.;F<jDIDF.;F$M.9g<C2$;4+<DgC.2I9$C4Q$+$<jAC<-I+$<j
<C2$;4+$gD4DF.:$DjA$CF4+4A$F4M<DjCA<m++.DD.-…$P}~‚nb
$CF4;D_bbm}~n*9:38*#2'%_.-b(<$I9<_
-4F<C$<;F.OF<b
$P_b_4M.994_b b_$C2$D_bb_CI;M$9-_bb_4-<FF<_bb$;-4;3.4C<_bbm}}„nc
+I9FIC$-$+<IM.j19<Cb<9.F4:/+;+<}}d_$:A4;$D_;DF4FIF<2C<;>:4+<mnb/C4.
.+;<9<24$b
m}~‚nc4;4DF/C4<-<.D.;M<9M4:.;F<2C&C4<h$2C4+I9FIC$1$:494$C$94:.;F$<C$D49BI.
+C.D+.d_!$992
1'280"2K89*/2>$812$#$8/_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb:-$b2<Mb*CgD4F.:-$gm++.DD.-I9P}~‚nb
m}~n/12!*21/#$$9$1>2/>*0$1:2;8/;9:$1:>$/$2/*#8*2_*1*9:%8*2#2
$9$1>2/>*0$1:2(88*2_o<;94;.pM$49$*9.1C<:a3FFAaggNNNb:-$b2<Mb*CgA;-CDDg
m++.DD.-I9P}~‚nb
m}~‚ncC<2C$:$-.BI4D4,(<-.94:.;F<Dkd_*1*9:%8*2#2$9$1>2/>*0$1:22!*/$
20 :$20$K$(;81"/*0$1:8_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb:-Db2<Mb*CgD.2IC$;+$$94:.;F$Cg$BI4D4+$<j.j+<:.C+4$94Q$+$<j-$j$2C4+I9FIC$j
1$:494$Cm++.DD.-~‚I;.}~‚nb
.9<_bbb-.$;-49.9$_bIbm}}„nc:A<CF';+4$-$+$-.4$AC<-IF4M$*C$D49.4C$-.
3<CF$94,$Dd_$;1*28#*18*#08$:28*/##$*[]K82#;:*>#$
28:/*"9P_C$D594$_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb$*3<CF4+I9FIC$b+<:b*Cg-<N;9<$-Dg+$-.4$lAC<-IF4M$bA-1b
.;-.9.PF-bm}~‚nc.;-.9P.D8F<A.CD4<;~b~}}…j}~‚d_b
499.C_
bm}~‚nc 4Q$C-aF$F4DF4+Du-$F$;$9PD4D<1FN$C.1<C$+d_b
4;4DF/C4<-$$Q.;-$m~††…nc;.O<~-$;DFCI,(<<C:$F4M$;<~ƒd_
19:8;"2280:*>
12[`\H#$][#$#$B$0 82#$[ccbK$!$*:$#$8/#289*/_o<;94;.pM$49$*9.1C<:a
3FFADaggNNNbC.+.4F$b1$Q.;-$b2<Mb*Cg.24D9$+$<g;Dg;F}}~g~††…g4;~ƒ†…$;.~b3F:
m++.DD.-~„I2IDF}~‚nb
4;4DF/C4<-$$Q.;-$m}~‚nc.AC.+4$,(<-..;D-<F4M<:<*494Q$-<d_$!$*:$#$8/#2
89*/_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbC.+.4F$b1$Q.;-$b2<Mb*CgA.DD<$7IC4-4+$g-4A7g}}‚gA.C2C.DA}}‚gAC€ƒ}$€„€b3F:
m++.DD.-~„I2IDF}~‚nb
4;4DF/C4<-<C$*$93<.-<
:AC.2<m}}‚nc<CF$C4$<…ƒ_-.}€-.:$C,<-.}}‚d_
_o<;94;.pM$49$*9.1C<:a
3FFAaggA<CF$9b:F.b2<Mb*Cg-$F$g149.Dg…}…}…~
†~
ƒ}~†~
ƒ€…gAl}}‚}€}€l…
ƒbA-1m++.DD.-~I2IDF}~‚nb
4;4DF/C4<-<C$*$93<.-<
:AC.2<$;-.+C.F$C4$-.;DA.,(<-<C$*$93<m}~~nc;DFCI,(<
<C:$F4M$<b†~_-.}‚-.<IFI*C<-.}~~d_
_o<;94;.pM$49$*9.
1C<:a
3FFAaggA<CF$9b:F.b2<Mb*Cg-$F$g149.Dg…„…~€}†}~€~€„„~g4;l}~~~}}‚l
†~bA-1m++.DD.-~I2IDF}~‚nb
4F+3.99_b_<9.D_b$;-.$;._bm}}†ncC$-4;2IAa<N$M$9I.+3$4;$AAC<$+3+$;*.;.14FF3.
CIC$9A<<Cd_/2 /J
_Ab†b
<;-4;4_b_<C$.D_bb._C.4F$D_bbb.$;-4:.;<_bbbm}~}ncCI4F$;-M.2.F$*9.
4;F$8.*P$-I9FD4;4*.4C(<C.F<_<IF3.$DF.C;C$Q49bd_$>*9:#$=#$= /*!_mn_AAb
ƒ…ƒkƒ†b
<IC(<_bbb$;-<9<:*4;4_bm}}…n1;/
Q8$>$*9:38*#2*9:$0#$$991289*/
S[c`Z\ZZaT_C$D594$b
$+4;<M4+_bbb_$39.C_bb$;-M.9$C_b-.bm}~nc<49.C<D4<;$D$1I;+F4<;<1-411.C.;F
$2C4+I9FIC$99$;-ID.4;4<-.$;.4C<d_2*/1#*//($$9$8!)_~_AAb~ƒk~„€_o<;94;.p
M$49$*9.1C<:a3FFAaggNNNbD+4.;+.-4C.+Fb+<:gD+4.;+.g$CF4+9.gA44g}~ƒ„~†…„~}}~…„
m++.DD.-~}$C+3}~‚nb
$2.9_b_<;+$9M.D_b_$;2.9_b$;-.,$;3$_bm}}„ncD*$DF4-<C.D-.I:$1.4C$94MC.j
<;DI:4-<C.D.1.4C$;F.D1$9$:D<*C.<M.93<3&*4F<-.4C%1.4C$d_m$;bgI;bn_AAb‚k‚ƒb
m}~‚nc.;DF.ADF<+<11..aC<:D..-F<+IAd_:*21/2''$$992!*:*21_o<;94;.p
M$49$*9.1C<:a3FFAaggNNNb;+$ID$b<C2g4$gA$2.Dg4;-.Ob+1:^A$2.4-‹ƒ†m++.DD.-~†$P
}~‚nb
<M$C4*IC2<2<C$m}~nc<9/24<2C5+<9$.49*.CF<.:<M$C4*IC2<_/C.1.C0;+4$;<
.;D4;<$2C5+<9$.:F<-<<A$5Dd_'B$1#$9!2/H1*@##$/*19HB218;8/#$2>
8* ;8(2%6*21$*8$0:$!12/2(*$!21)$!*0$1:2682:8 /)#288;8/_o<;94;.p
M$49$*9.1C<:a3FFAaggNNNb;<M$1C4*IC2<$2<C$b+<:b*Cg;<F4+4$j-.F$93.Dg+<9.24<j$2C4+<9$jC.4j
$9*.CF<j4j.:j;<M$j1C4*IC2<j.jC.1.C.;+4$j;<j.;D4;<j$2C4+<9$j.:jF<-<j<jA$4Dj€€~b3F:9
m++.DD.-„I9P}~‚nb
m}~‚nc<I;FCP4D89$DD414+$F4<;d_8(1*9:*21'28!2120*!2Q26$8:*211#
$>$/260$1:_o<;94;.pM$49$*9.1C<:a3FFAaggNNNb<.+-b<C2gF$-gO+C.-g+C+b3F:m++.DD.-}
I9P}~‚nb
94M.4C$_bb_49.9$_
bb_<C/:_bb_.C.4C$_bbbb$;-;-C$-._
bbm}}~nc
11.+F<1
-411.C.;F-.2C..D<1:$FIC$F4<;$;--411.C.;F-CP4;2F.:A.C$FIC.D4;F3.+<11..m<11.$
$C$*4+$bnBI$94FPd_;
*0639*2#$$97;*9#29'%9#289*/_4F=C4$_
_
:*C$A$$1/_
AAb…ƒk…„~_o<;94;.pM$49$*9.1C<:a3FFAaggNNNbD$A+b.:*C$A$b*Cg$;F42<g4;-.ObA3Ag44j
D4:A<D4<j-.jA.DBI4D$j-<Dj+$1.Dj-<j*C$D49gb
CF4Q_bm}~~$nc
;FC.M4DF$a.<;$C-<C$;-(<_AC.D4-.;F.-$
d_$>*9:L!2MHo<;94;.p
M$49$*9.1C<:a3FFAaggNNNb<.+<b+<:b*CgC.A<CF$2.;Dg‚„†j.;FC.M4DF$j9.<;$C-<j*C$;-$<j
AC.D4-.;F.j-$j+.$D$m++.DD.-~†I;.}~‚nb
CF4Q_bm}~~*nc4<-.$;.4C<a-.<;-.M.:$D1CIF$D.9.2I:.Dd_$>*9:L!2MHo<;94;.p
M$49$*9.1C<:am3FFAaggNNNb<.+<b+<:b*CgC.A<CF$2.;Dg‚€„€jC4<j-.j7$;.4C<j-.j<;-.jM.:j
;<DD$Dj1CIF$Dj.j9.2I:.Dnm++.DD.-~†I;.}~‚nb
jm}~n$/:38*2##0*1*9:8"2_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbA.D$2C<bC7b2<Mb*Cg-<N;9<$-Dg
}~
}ƒl}€l~‚bA-1b
m}~‚nca$-<D.C$4Dd_8$'$*:;8;1*!*6/#$2>8* ;8(2_o<;94;.pM$49$*9.
1C<:a3FFAagg;<M$1C4*IC2<bC7b2<Mb*Cg;<M$j1C4*IC2<g-$-<Dj2.C$4Dgm++.DD.-€I9P}~‚nb
_A.$$;-m}~€nc;-4+.-..D.;M<9M4:.;F<I:$;<I;4+4A$9C$D49.4C<bF9$D-<
.D.;M<9M4:.;F<I:$;<;<C$D49}~€d_C$D594$_C<2C$:$-$D$,?.D;4-$DA$C$<
.D.;M<9M4:.;F<mn_o<;94;.pM$49$*9.1C<:a3FFAaggNNNbA;I-b<C2b*Cg$CBI4M<Dg4-3:j
*C$D49.4C<j$F9$Dj}~€bA-1b
C.1.4FIC$-<4<-.$;.4C<m}~‚$nc.4C$4MC.-<I;4+5A4<-<4<-.$;.4C<d_$!8$:8*
;1*!*6/#$8#$0= /*!Q_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbC4<bC7b2<Mb*CgN.*gD.<Ag.O4*.+<;F.I-<^4-‹‚€…„~‚m++.DD.-~†I;.}~‚nb
C.1.4FIC$-<4<-.$;.4C<m~†…nc.4w†-.-.7$;.4C<-.~†…d_*965$92 8$2
';1!*210$1:2$2$@$8!+!*2#2!20%8!*219'$*89Q/*>8$9#2;1*!+6*2#2*2#$1$*82H$
#2;:89682>*#&1!*9_o<;94;.pM$49$*9.1C<:a
3FFAaggD:$<;94;.bC4<bC7b2<Mb*Cg9.24Dl+<;DI9F$gƒƒ.4†l~†…bA-1b
C.1.4FIC$-<4<-.$;.4C<m}~‚*nc.+IA.C$,(<-$.24(<.CC$;$d_$!8$:8*#$9:#2#2
0 *$1:$_o<;94;.pM$49$*9.1C<:a3FFAaggNNNbC7b2<Mb*CgN.*gD.$g.O4*.+<;F.I-<^$CF4+9.j
4-‹~~}„~†m++.DD.-~‚I9P}~‚nb
C.1.4FIC$I;4+4A$9$CC.j$4m}~‚nc<CF$9-$C.1.4FIC$-.$CC.jD$4d_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbM$CC.D$4bC7b2<Mb*CgD4F.g4;-.ObA3Am++.DD.-€I9P}~‚nb
C<2C$:$4<IC$9m}~€nc.D.;M<9M4:.;F<IC$9IDF.;F&M.9
:4+C<*$+4$D4-C<2C&14+$Dd_
o<;94;.pM$49$*9.1C<:a3FFAaggNNNb:4+C<*$+4$DbC7b2<Mb*CgAC<2C$:$lC4<lCIC$9b7DAm++.DD.-
}<M.:*.C}~€nb
.-.IA.C:$C8.Fm}~‚nc<7$Dh.-.IA.C:$C8.Fd_29992-9_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbC.-.DIA.C:$C8.Fb+<:b*Cg9<7$Dgm++.DD.-~I9P}~‚nb
.-.$C.74DF$<CF41CIF4m}~nc<CF41CIF4j-.1$:594$bd_;$092029139_o<;94;.pM$49$*9.
1C<:a3FFAaggNNNb3<CF41CIF4b+<:b*Cgm++.DD.-~I9P}~‚nb
.4;$F<_bbb_<C.:_bb_4C499<_bb$;-94M.4C$_
bbm}~ncI$94-$-.-<+$1/D.+$-<
.:F.CC.4C<D+<:-41.C.;F.DA$M4:.;F$,?.D..DA.DDIC$D-.$:$-$d_2''$$!*$1!$_„m€n_
AAb€k€„b
4<IC$9jm}~$nc9$;<
O.+IF4M<-$4+C<*$+4$m
nj$CC$+(<-<D.;-.Dd_<M.C;<
-<
DF$-<-<4<-.$;.4C<b.+C.F$C4$-.
DF$-<-.2C4+I9FIC$..+I&C4$b
4<IC$9jm}~*nc9$;<
O.+IF4M<-$4+C<*$+4$m
n$94;$Dj$;F$CIQd_<M.C;<-<
DF$-<-<4<-.$;.4C<b.+C.F$C4$-.
DF$-<-.2C4+I9FIC$..+I&C4$b
4<IC$9j
m}~‚$nc9$;<
O.+IF4M<-$4+C<*$+4$m
n$CC.j$4d_4<-.$;.4C<_
j
b<M.C;<-<
DF$-<-<4<-.$;.4C<b
4<IC$9j
m}~‚*nc9$;<
O.+IF4M<-.4+C<*$+$m
nj4*.4C(<-$;,$d_
jj
<M.C;<-<
DF$-<-<4<-.$;.4C<b
<D$_bbbb_9.:.;F._bbb_$4O.F$_b_.C.4C$_bbb_<.93<_bbb_*C.I_bbb_
.M.D_b$;-49.9$_bbm}~€nc3PD4<9<24+$9$;-3.$9F3$DA.+FD<1+<11..2C$4;DDI*:4FF.-
F<AC<+.DD4;2_-CP4;2$;-DF<C$2.d_;
*0639*2#$$97;*9#29'%9#289*/_$9M$-<C_
_
:*C$A$$1/_AAb~kƒb
m}~‚ncC<2C$:$Dh4;4DF/C4<-<.D.;M<9M4:.;F<2C&C4<d_$!8$:8*#(8*!;/:;8
0*/*8#2*1*9:%8*2#2$9$1>2/>*0$1:2(88*2_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb:-$b2<Mb*CgD4F.:-$gA$24;$gAC<2C$:$Dm++.DD.-I9P}~‚nb
+3N.;+8m}}…n>/*"20 *$1:/K82-$:2*2;8/Q
_4<-.$;.4C<b$.
*$DF.+4:.;F<_<M.C;<-<4<-.$;.4C<bC<2C$:$4<IC$9b
.$*C$K;4<C_b_.CC.4C$_b$;-C$K7<_bm}~nc.D.:A.;3<-.+I9F4M$C.D-.+<IM.j+34;.D$
.:&+.C.Dj$;F4;<d_28:*!;/:;889*/$*8_€mn_AAb‚€k‚„b
.$*C$_bb$;-$C$1<;_bbm;b-bnc<;D4-.C$,?.DD<*C.<
jk<:.C+4$94Q$,(<2C5+<9$
;<
DF$-<-<4<-.$;.4C<d_o<;94;.pM$49$*9.1C<:a
NNNbD<*.Cb<C2b*CgA$9.DFC$g~g}~}ƒ}bA-1m++.DD.-~~.+.:*.C}~€nb
m}~‚$nc.+C.F$C4$-.
DF$-<-.2C4+I9FIC$..+I&C4$k
d_82-$:29$82(809
$9:8;:;8*9$9$:28**9_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbC7b2<Mb*CgN.*gD.$A.+g94DF$+<;F.I-<^2.;.C4+$u$+$<:.;I‹:.;I1I;+m‰„C<7.
F<D.C<2C$:$D‰„n`u1<CN$C-‹D.F<C4$4Du9$*.9‹D.F<C4$4DuD.$C+3j
FPA.‹D.F<C4$4DuD.+C.F$C4$‹gD.$A.+m++.DD.-I9P}~‚nb
m}~‚*nc.+C.F$C4$-.
DF$-<-.2C4+I9FIC$..+I&C4$k
j<<A.C$F4M$-.$1/
;<<C<.DF.C.+.*.4;M.DF4:.;F<Dd_2>$81#2868:*!*62;#$*1;(;8"2#$;1*##$$0
88$Q*_o<;94;.pM$49$*9.1C<:a3FFAaggNNNbC7b2<Mb*CgN.*gD.$A.+g.O4*.+<;F.I-<^$CF4+9.j
4-‹‚}}„‚m++.DD.-~‚I2IDF}~‚nb
jm}~‚$nc4+C<*$+4$Da4*.4C(<-$;,$d_82(80#$$9$1>2/>*0$1:2;8/
;9:$1:>$/$0*!82 !*9*#82(8'*!9Q*2;8/Q$!8$:8*#$(8*!;/:;8$$!;8*_
o<;94;.pM$49$*9.1C<:a3FFAaggNNNb:4+C<*$+4$DbC7b2<Mb*Cg.;gN$F.CD3.-gC4*.4C$<j-$j<;+$
m++.DD.-I9P}~‚nb
jm}~‚*nc4<IC$9j<CF$9-<.D.;M<9M4:.;F<IC$9IDF.;F&M.9d_*!82 !*9_
o<;94;.pM$49$*9.1C<:a3FFAaggNNNb:4+C<*$+4$DbC7b2<Mb*Cg:4+C<*$+4$b7DAm++.DD.-~I9P
}~‚nb
j$;-m}~€nc.M4D.-
+<;<:4+$;-4;$;+4$9;$9PD4D#a4<-.$;.4C<
IDF$4;$*9.IC$9.M.9<A:.;FC<7.+FN4F3--4F4<;$94;$;+4;2d_4<-.$;.4C<b
m}~~nc3.4C<j.C-.b$4*$+<:<+I9F4M$C3<CF$94,$DA$C$D.:.$C*<;D;.2=+4<Dd_/C4.
2C4+I9FIC$$:494$Cb
.+C.F$C4$-.2C4+I9FIC$..D.;M<9M4:.;F<IC$9-.<M$C4*IC2<m}~~nc2C<A.+I&C4$.:
<M$C4*IC2<d_<M$C4*IC2<b
.+C.F$C4$-.
DF$-<-$$Q.;-$-<4<-.$;.4C<m}}nc.D<9I,(<
b<~~-.~-.7I;3<
-.}}d_*965$92 8$29682!$#*0$1:299$8$0#2:#29628682#;:288;8/H
(82*1#=9:8*9$*1#=9:8*9#$682#;:29(826$!;8*299$0*682!$99#2968$'$*:2#$
'8;*"2#29:8:0$1:29:8* ;:8*2968$>*9:291$*1K2^K[aaP\ZZ]$#2;:89682>*#&1!*9_
o<;94;.pM$49$*9.1C<:a
3FFAaggNNNb1$Q.;-$bC7b2<Mb*CgD.1$Qg1$+.Dg:.;IlDFCI+FIC.gD.CM4+<D^l$1C<<A‹‚}…€…ƒ‚†
†€}}}u-$F$D<IC+.‹.CM.C‰€-<+$:.‰€…€„ƒul$1C 4;-<N<-.‹}ul$-1b+FC9j
DF$F.‹~~O;8†}ƒBNl„}ƒm++.DD.-ƒI2IDF}~‚nb
.;$Cj4<m}}†ncC<-IF<CIC$9.DD<$5D4+$b.+<934:.;F<D<*C.$+<:.C+4$94Q$,(<-$
AC<-I,(<d_4DF.:$
_o<;94;.pM$49$*9.1C<:a3FFAaggD4DF.:$1$.C7b+<:b*CgD.;$Cj
C4<g$CC.+$-$+$<gb
3$344-$*FID$_<;41$+._b$;-$;$84;7$9_bm}~nc.9$F4<;D34A$C8.F4;2<-.C$F4;2
11.+F;$9I.3$4;1<CF4+I9FIC.C<-I+.’a;;F.C:.-4$C4.Dd.CDA.+F4M.d_;
1:$81:*21/(8* ;9*1$998.$:*1(21'$8$1!$\Z[]82!$#*_I:AIC_.9$;2<C_
$9$PD4$_
9D.M4.Cbb_AAb…k†_o<;94;.pM$49$*9.1C<:a
3FFAagg-Ob-<4b<C2g~}b~}~ƒg7bI:8AC<b}~b}„b}~~b
49M$_bb-.b$;-.4D_
bbm}~€nc*4.;$94-$-.-$+$1.4+I9FIC$.<C.DI9F$-<.+<;>:4+<-$
.DF<+$2.:d_;9:29$(821$(3!*2_†m€n_AAbkƒb
49M$_bb-$b._<DF$_bb-$$;-F<C+3_bm}}€nc$;<C$:$-$F<:$F4+I9FIC$;<C$D49.
DI$.M<9I,(<;<
DF$-<-<4<-.$;.4C<d_$97;*9(826$!;8*$$9$1>2/>*0$1:2
;9:$1:>$/_mn_AAbƒk„b
49M$_bb$;-$C-<D<<*C4;3<_bm}}~nc
;.C2P$;$9PD4D4;+<11..-CP4;2ID4;23<C4Q<;F$9
C<F$F4M.-CP.C$;-M.CF4+$9+C<DD19<N-CP.Cd_;
*0639*2#$$97;*9#29'%9#289*/_
4F=C4$_
_
:*C$A$$1/_AAb„~„k„€_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbD$A+b.:*C$A$b*Cg$;F42<g4;-.ObA3Ag44jD4:A<D4<j-.jA.DBI4D$j-<Dj+$1.Dj-<j
*C$D49gb
$;-
jm}}nc<:.C+4$94Q$,(<;<F$+$-<-.<CF42C$;7.4C<Db1.CF$D.AC.,<Dj
A.C5<-<~††‚g}}}b<+I:.;F<…d_4F.C=4_.CM4,<-.;1<C:$,(<-..C+$-<2C5+<9$
mn`
:AC.D$-..DBI4D$2C<A.+I&C4$-<
DF$-<-<4<-.$;.4C<b
4DF.:$
m}~‚ncC<2C$:$I9.3.4<d_$#$8"2#(8*!;/:;8H$!;8*$$9!#2
9:#2#2*2#$1$*82_o<;94;.pM$49$*9.1C<:a
3FFAaggD4DF.:$1$.C7b+<:b*CgAC<2C$:$Dg*I9.j+3.4<gm++.DD.-~‚I2IDF}~‚nb
<<D$P_b_.$C;._b$;-.;F_bm}~ncIDF$4;$*9.$9I.3$4;;$9PD4Dk$D.FI-P1
O1<C-$;-4;2C<:e4;.F<4;.fd_;66/A)*11($0$1:J1
1:$81:*21/2;81/_
~„m~n_AAbƒ…k„„_o<;94;.pM$49$*9.1C<:a3FFAagg-Ob-<4b<C2g~}b~~}…g~€‚†…‚~~~~~b
<IQ$_bb_.CC.4C$_bb_<;+4$;<_bb$;-C4F<_b-<bm}}…ncF4:4Q$,(<.+<;>:4+$_D<*
+<;-4,?.D-.C4D+<_A$C$$2C4+I9F<C.D1$:494$C.D-$D.24?.D<CF..<C<.DF.-<
DF$-<-<
4<-.$;.4C<d_$97;*96$8!*21/_…m~n_AAb~€k~€†b
AC4;2.Cj.4;Q._bm}}…$n/;$*1.91;/_.AC4;Fb
D+3;<C;_.IFD+3..D.99D+3$1F1LC
.+3;4D+3.#ID$::.;$C;.4Fm#n:*_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbM$9I.94;8Db<C2g4;-.ObA3Ag:$F.C4$9g:$;I$9b
AC4;2.Cj.4;Q._bm}}…*n/;$*1.91;/J:)$0$:)2#2/2(A2'>/;$!)*168202:*21_14CDF
.-4Fb
D+3;<C;_.IFD+3..D.99D+3$1F1LC.+3;4D+3.#ID$::.;$C;.4Fm#n:*_o<;94;.p
M$49$*9.1C<:a3FFAaggNNNbM$9I.94;8Db<C2g4;-.ObA3Ag:$F.C4$9g:$;I$9b
F.M.;D_bm}}~nc$9I.3$4;D$;-C$-.<94+Pb3.$D.<12C4+I9FIC.d_
;//$:*1_€m€n_AAb
ƒk‚†b
F<4$;_b_<;<M$;_b_4D8_b$;-I9-<<;_bbm}~nc$9I.+3$4;-.M.9<A:.;F1<CCIC$9
A<M.CFPC.-I+F4<;aC.$94FP+3.+8$;-$N$C;4;2d_1:$868*9$$>$/260$1:1#*!82'*11!$_
€m~n_AAb‚kƒ†b
IA.C:.C+$-<<-.C;<m}~‚nc$*.9$-..D.:A.;3<jIA.C:.C+$-<Dd_o<;94;.pM$49$*9.
1C<:a3FFAaggNNNbD:b+<:b*CgC$;84;2j-.jDIA.C:.C+$-<Dm++.DD.-~€I9P}~‚nb
$P9<C_bbm}}‚nc$9I.+3$4;$;$9PD4Da$;$AAC<$+3F<DIAA9P+3$4;4:AC<M.:.;F4;$2C4j1<<-
+3$4;Dbd_
1:$81:*21/2;81/2')A9*!/*9:8* ;:*21U2(*9:*!91($0$1:_€‚m~}n_AAb
„k„ƒ~_o<;94;.pM$49$*9.1C<:a3FFAagg-Ob-<4b<C2g~}b~~}…g}†ƒ}}}€}‚~}ƒ€‚††b
4M.994_b b_$+F<C_bb_.C$:<F<_bbb_$*C4_
bb_<C$.D_bbb_C$;4_b
b$;-$P_b
m}~~nc.F.CC$*$a-<A9$;F4<%+<:.C+4$94Q$,(<b<9.F4:/+;4+<~}d_$:A4;$D_
;DF4FIF<2C<;>:4+<mnb/C4..+;<9<24$b
C4.;.8.;D_bbm}~~nc2C4+I9FIC$9M$9I.+3$4;D4;-.M.9<A4;2+<I;FC4.D$1C$:.N<C81<C
$;$9PD4Dd_
1:$81:*21/22#1#(8* ;9*1$991($0$1:$>*$?_~mn_AAb‚~k…b
m}~‚ncI9FIC$-<.47(<j-.jM$2.:m3$D.<9IDMI92$C4Dbnd_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbI.;1b*Cg.;1g<N;9<$-Dgl‚}„l~€~}††}†}~bA-1m++.DD.-I2IDF
}~‚nb
49.9$_bb$;-.;Q_bbm}}}nc4FI$,(<$FI$9-$A$CF4+4A$,(<-$D3<CF$94,$D;<$2C<;.2=+4<
*C$D49.4C<.A.CDA.+F4M$D1IFIC$Dd_#$8129#$*&1!*$$!12/2(*_~„m~n_AAb„~k…†b
49.9$_bb_$;$_49Q$_b_$D+4:.;F<_
bb$;-84D34:$_bm}}€ncA.D<-$A.C-$-.
$94:.;F<DA$C$$D<+4.-$-.a<+$D<-$D3<CF$94,$Dd_28:*!;/:;889*/$*8_~mn_AAb~~k
~€b
49.9$_b$;-I14;<_bm}~}nc$C$+F.C4Q$,(<-$+$1.4+I9FIC$-.:<;F$;3$-.4;$D.C$4Dd_
9:;#29
$
K#$*982#;:*>9K'%__o<;94;.pM$49$*9.1C<:a
3FFAaggD+3<9$Cb2<<29.b+<:gD+3<9$C^39‹.;u*F;‹.$C+3uB‹4;F4F9.a$C$+F.C4Q$^^<Š-$Š$1.4+
I9FIC$Š-.Š<;F$;3$Š-.Š4;$DŠ.C$4Dz}b
.4;*.C2.C_b$;-I:A84;_b$bm}}„nc4M.CD414+$F4<;4;F<<CF4+I9FIC.$;-<M.CFP.-I+F4<;a
.D.$C+32.;-$d_28/#$>$/260$1:_€‚m…n_AAb~ƒk~…}b
m}~‚nc.$9F3P-4.Fd_!:9)$$:W]c^_ <C9-.$9F3C2$;4Q$F4<;_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbN3<b4;Fg:.-4$+.;FC.g1$+FD3..FDg1D€†g.;gm++.DD.-~€I9P}~‚nb
#<;$I9m}~‚nc#<;$I9F.;-.d_
19:*:;!*21/_o<;94;.pM$49$*9.1C<:a
3FFAaggNNNbQ<;$DI9$F.;-.b+<:b*CgI.:j<:<Dgm++.DD.-~I9P}~‚nb
edR
edReR 22%EeQ;%8A-9%1%2;:
!0%jgQ;9%8A-9%1%2;:A:%$(39C0A%",-220F:-:-2;,-::;A$FOD,%2770-"!0%
R
•
3<9.D$9.AC4+.$F-411.C.;F9<+$F4<;Dm4;+9I-4;24;F.C;$F4<;$9AC4+.Dj_41$;Pn
•
C<-I+.CAC4+.<1F3.+<::<-4FP$F-411.C.;F9<+$F4<;D
•
<;DI:.CAC4+.<1F3.+<::<-4FP$F-411.C.;F9<+$F4<;D
•
C<-I+.-$;-FC$-.-BI$;F4F4.D<1F3.+<::<-4FP
•
<+$F4<;<1F3.:$4;:$C8.FD4;F3.C.24<;$;-g<C$F;$F4<;$99.M.9
•
<:.+<;DI:AF4<;$;-:$C8.F.-D3$C.D<1F3.AC<-I+.-2<<-_41$;P
•
I:*.CD<1F3.$+FI$9$;-A<F.;F4$9+<;DI:.CD4;-.DF4;$F4<;$C.$
•
.$D<;$94FP4;AC4+.D$;-<IFAIFBI$;F4F4.D
R
9-19F793$A";-32793"%::
•
C.M$494;21$C:4;2<C<F3.CAC<-I+F4<;DPDF.:D4;F3.AC<-I+F4<;$C.$
•
M.C$2.1$C:g14C:D4Q.<CFPA<9<2P<1C.AC.D.;F$F4M.1$C:D<C14C:D
•
I:*.C<1F3.C.AC.D.;F$F4M.1$C:D$;-14C:D4;F3.$C.$
•
"4.9-A.CI;4F<1$+F4M4FP1<C.$+3C.AC.D.;F$F4M.1$C:Dg14C:D
•
<F$9AC<-I+F4<;1C<:.$+31$C:4;2DPDF.:FPA.4;F3.C.9.M$;F$C.$
•
<DFj3$CM.DF9<DD.D
•
IFAIFDF<C$2.+$A$+4FP
R
27A;:2$(";39:(3979-19F793$A";-32
•
I$;F4FP<1.$+34;AIFA.CI;4F<1<IFAIFmF.+3;4+$9+<.114+4.;FDn
•
IC+3$D.AC4+.D<14;AIFA.C4;AIFFPA.
•
.$D<;$94FP4;AC4+.D$;-BI$;F4F4.D<1F3.:$4;4;AIFD
•
F<+84;2+<DFD<14;AIFD
•
$+8$24;2$;-DF<+84;2+<DFD<1<IFAIF
•
C$;DA<CF$F4<;+<DFD<14;AIFD1C<:M$C4<ID9<+$F4<;D
•
BI4A:.;F_C.BI4C.-4;M.DF:.;F_1$+494F4.D$;-C.9$F.--.AC.+4$F4<;
•
F3.C<DFD
•
$C411D$;-F$O.D
•
$*<CN$2.D$FM$C4<ID9<+$F4<;D
•
<F$99$;-4;F3.C.9.M$;F$C.$
•
<F$9$C$*9.9$;-4;F3.4;F3.C.9.M$;F$C.$
•
$F.CC.D<IC+.DmFPA.D_;I:*.C_+$A$+4FPn
•
R
A;7A;Q
$;-_N$F.C$;-<F3.C;$FIC$9C.D<IC+.ID.C.;FD
300%";-32W;9$%3(9D"3113$-;F
•
PA<9<2P<1C.AC.D.;F$F4M.FC$-4;2$2.;FD
•
PA.<1:$C8.Fm+<:A.F4F4M._:<;<AD<;P.F+bn$;-+<;FC$+FI$9$CC$;2.:.;FD
•
$+494F4.D$M$49$*9.1<C+<99.+F4<;jFC$-.<1F3.C$N+<::<-4FPmF<C$2.+$A$+4FP_DA.+414+4;1C$DFCI+FIC.D.F+bn
•
C$;DA<CF$F4<;+<DFD1C<:F3.AC<-I+F4<;F<F3.AC<+.DD<C
•
F3.CFC$;D$+F4<;+<DFDm4;1<C:$9F$O.D_9<DD.D.F+bn
•
;M.DF:.;F+<DFD1<C+<99.+F4<;jFC$-.$;-C.9$F.--.AC.+4$F4<;
•
<::<-4FPAIC+3$D.AC4+.<1FC$-.C
•
<::<-4FPD$9.AC4+.<1FC$-.C
•
C$-.:$C24;D
R
93"%::-2+
•
PA<9<2P<1C.AC.D.;F$F4M.AC<+.DD4;2$2.;FD
•
I$;F4FP<1+<::<-4FPAC<+.DD.-*PFPA.<1C.AC.D.;F$F4M.AC<+.DD4;2$2.;F
•
IC+3$D.AC4+.<1C$N+<::<-4F4.D
•
C<+.DD4;2j+<;M.CD4<;+<.114+4.;FD*PFPA.<1C.AC.D.;F$F4M.AC<+.DD4;2$2.;F
•
F3.CAC<+.DD4;24;AIFD$;-1$+F<CD*PFPA.<1C.AC.D.;F$F4M.AC<+.DD4;2$2.;FmF.+3;<9<2Pn
•
C4+.D<1<F3.C4;AIFD$;-1$+F<CDC.BI4C.-4;AC<+.DD4;2
•
<DD.D-I.F<AC<+.DD4;2
•
$9.AC4+.D<1AC<+.DD.-+<::<-4F4.D
•
F<C$2.+$A$+4FP<1AC<+.DD<CD
•
;M.DF:.;F+<DFD$;-C.9$F.--.AC.+4$F4<;1<CAC<+.DD4;2b
R
,30%:0%9:OE739;%9:2$V39
1739;%9:3(;,%793"%::%$"3113$-;F
•
C$;DA<CF$F4<;+<DFD
•
C$;D$+F4<;+<DFD
•
BI4A:.;F$;-1$+494F4.D+<DFD
•
;M.DF:.;F+<DFD$;--.AC.+4$F4<;
•
IC+3$D.-BI$;F4FP
•
F<C$2.+$A$+4FP
•
IC+3$D.AC4+.
•
$9.AC4+.D
R
•
%2%902$-2:;-;A;-320"32;%E;
+<;<:4+$;-D<+4$94;1C$DFCI+FIC.D$M$49$*9.m.9.+FC4+4FPC<$-D_D+3<<9D_3<DA4F$9D_:$C8.FD_+<::I;4+$F4<;D_
.F+bn
•
4DF$;+.1C<:AC<-I+F4<;D4F.D$;-F3.+9<D.DF4;1C$DFCI+FIC.
•
$F4<;$99$ND$;-<C4;F.C;$F4<;$9FC.$F4.D$11.+F4;2F3.M$9I.+3$4;
•
$C8.FC.2I9$F4<;D$;-1I;+F4<;4;2
•
C<-I+.CDd<C2$;4Q$F4<;D$+F4;24;DIAA<CFF<F3.M$9I.+3$4;
•
D$+F4;24;DIAA<CFF<F3.M$9I.+3$4;
$:8*$>$# '820 $//<H K K S\Z[]T /;$ )*1 1/A9*9 '28 2/*!A .*1( $:)2#2/2(*!/
;*#$/*1$9 1# !2;1:8A !9$9 '28 ;1:*::*>$ 6682!) $9:8*!:$# !*8!;/:*21H 22# 1#
(8*!;/:;8$8(1*B:*212':)$1*:$#:*219n
edRfR 22%EfQ""3A2;-2+%(-2-;-32:
0%: 9%C%2A%:Q 9<N <1 <IFAIF 2.;.C$F.- *P F3. AC<-I+F4<; AC<+.DD $;- D<9- <; F3. :$C8.F
:I9F4A94.- *P F3. I;4F AC4+.b $9.D $C. :.$DIC.- *.1<C. F3. $AA94+$F4<; <1 $;P F$O.D <; F3.
AC<-I+Fb $9.D .O+9I-. $99 A$P:.;FD C.+.4M.- 1C<: 2<M.C;:.;F I;9.DD F3.P $C. 2C$;F.- F< $;P
AC<-I+.CDI;-.CF$84;2F3.D$:.$+F4M4FPb
D2 -20 :%Q C<-I+FDC.F$4;.-*PAC<-I+.CD1<CA.CD<;$9ID.$D14;$9+<;DI:AF4<;<C+$A4F$9
1<C:$F4<;b
,2+%:-2-2C%2;39-%:Q3.M$9I.<1F3..;FC4.D4;F<4;M.;F<C4.D;.F<1F3.M$9I.<1N4F3-C$N$9D
$;-<1F3.M$9I.<1$;P9<DD.D<12<<-D3.9-4;4;M.;F<C4.Db
3;03A;7A;C0A%Q$9.DC.M.;I.DŠN;4;$9D.<1<IFAIFŠ3$;2.D4;4;M.;F<C4.Db
2;%91%$-;% -27A;:Q 9<N <1 2<<-D $;- D.CM4+.D .;F.C4;2 F3. AC<-I+F4<; AC<+.DD $;- F<F$99P
+<;DI:.--IC4;2$AC<-I+F4<;A.C4<-b
-E%$"7-;0"32:A17;-32Q3.9<DD<1M$9I.<1$;$DD.F4;$24M.;A.C4<-bF+$;*.+$9+I9$F.-$D
F3.DI:<1F3.-4D+<I;F.-.OA.+F.-1IFIC.*.;.14FD1C<:ID4;2F3.$DD.F1<C4FDC.:$4;4;2D.CM4+.
941. A.C4<-D_ N34+3 4D +$9+I9$F.- $F F3. *.24;;4;2 <1 F3. A.C4<- ;.F <1 F3. DI: <1 -4D+<I;F.-
.OA.+F.-1IFIC.*.;.14FD$FF3..;-<1F3.A.C4<-b
2;%9%:;"3:;Q
4F3.CF3.4;F.C.DFA$4-<;1I;-D*<CC<N.-F<AIC+3$D.F3.$DD.F<CF3.<AA<CFI;4FP
+<DF<1+$A4F$9:.$DIC.-$DF3.P4.9-<*F$4;$*9.1C<:4;M.DF4;2<;F3.*.DF$9F.C;$F4M.$DD.Fb
93:: 0A% $$%$ YZQ 3. -411.C.;+. *.FN..; F<F$9 <IFAIF M$9I. $;- F3. +<DF <1
4;F.C:.-4$F.4;AIFD_*.1<C.14O.-+$A4F$9+<;DI:AF4<;b
%;0A%$$%$YZQ3.-411.C.;+.*.FN..;F<F$9<IFAIFM$9I.$;-F3.+<DF<14;F.C:.-4$F.
4;AIFD_$1F.C-.-I+F4;214O.-+$A4F$9+<;DI:AF4<;b
93$A";-32 (";39: YZQ $*<IC_+$A4F$9_9$;-_2.;.C$9AI*94+D.CM4+.D_.;FC.AC.;.IC4$9+$A$+4F4.D
$;-$99F3.;<;j:$;j:$-.$DD.FDF3.D.CM4+.D<1N34+3+<;FC4*IF.F<$AC<-I+F4<;AC<+.DDb
93(-;: Y39 03::%:ZQ ;.F <1 F3. C.:I;.C$F4<; <1 AC<-I+F4<; 1$+F<CD .O+.AF .;FC.AC.;.IC4$9
+$A$+4F4.DK
)*9$1:*8$#$'*1*:*21?98$:8*$>$#'820$//<HKKS\Z[]T/;$)*11/A9*9'282/*!A.*1(
$:)2#2/2(*!/ ;*#$/*1$9 1# !2;1:8A !9$9 '28 ;1:*::*>$ 6682!) $9:8*!:$# !*8!;/:*21H
22#1#(8*!;/:;8$8(1*B:*212':)$1*:$#:*219K
8*(*1/ 2;8!$ !*:$# A $//< S\Z[]TJ 9 $: /K \ZZcJ A9:$0 2' :*21/ !!2;1:9 \ZZbK
;826$1200*99*21H
1:$81:*21/21$:8A;1#H8(1*9:*21'28!2120*!2Q26$8:*211#
$>$/260$1:H1*:$#:*2191#28/#1.H$?28.H$!K\ZZc.
edRgR 77%2$-EeQA%:;-322-9%39;-"A0;A9%93$A"%9
.2:.;F<aC<-IF<C.D-.<CF41CIF4.:<M$C4*IC2<
%;39Q
;Q
A%:;-329-3_Q
3"0Q
Q
R$3:%::3-:Q
-$-.a
.O<a☐☐
DF$-<+4M49a
4-$-.-.;$D+4:.;F<a
$:$;3<-$$:594$mw-.A.DD<$Da+$D$9:$4D
1493<DBI.M4M.:;.DF$+$D$na
C<14DD(<a
D+<9$C4-$-.a
~wC$I4;+<:A9.F<☐~wC$I+<:A9.F<☐wC$I4;+<:A9.F<☐wC$I+<:A9.F<☐
€wC$I4;+<:A9.F<☐5M.9DIA.C4<C4;+<:A9.F<☐
5M.9IA.C4<C+<:A9.F<☐:.DFC$-<<I-<IF<C$-<☐D.:.D+<9$C4-$-.☐
<-.C4$2.;F49:.;F.4;1<C:$CBI$9/$C.;-$:/-4$:.;D$91$:494$C^
<*DbaD<:$;-<F<-$DC.;-$-.F<-$D$DA.DD<$D-$+$D$
☐.;3I:$C.;-$
☐D$9&C4<j:5;4:<
☐.~$€D$9&C4<Dj:5;4:<D
☐.€$ƒD$9&C4<Dj:5;4:<D
☐.ƒ$†D$9&C4<Dj:5;4:<D
☐.†$~D$9&C4<Dj:5;4:<D
☐$4D-.~D$9&C4<D:5;4:<Dm:$4D-.y…bƒ……_}}n
+$D$BI.M<+0.DI$1$:594$:<C$/a
C=AC4$☐9I2$-$☐<;+.-4-$☐
R$3::3!9%9%793$A;39Q
~b <-.C4$4;1<C:$CBI$9$&C.$F<F$9.:3.+F$C.D-.DI$AC<AC4.-$-.^m$M<C+<;D4-.C$C$D<:$F<F$9-$D
AC<AC4.-$-.D.:+$D<-.A<DDI4C:$4D-.I:$n
mn $F/‚3$
mn -.‚$~}3$
mn -.~}$}3$
mn -.}$€}3$
mn -.€}$‚}3$
mn :$4D-.‚}3$
b BI$9D.C4$$&C.$F<F$9+I9F4M$-$^
€b m$nD.;3<C$m$nA<-.C4$4;1<C:$CBI$4DD(<<DAC<-IF<DAC<-IQ4-<D.:DI$AC<AC4.-$-..<C.;-4:.;F<
-. AC<-IF4M4-$-. -$ D$1C$ A<C 3.+F$C. m3$n^ <C 1$M<C_ ID$C I;4-$-.D +<:< .Ob +$4O$D -. $91$+.g3$_
:<93<D-.+3.4C<M.C-.n
C<-IF<m.ObF<:$F._$91$+.n
.;-4:.;F<m;4-bng3$A<CD$1C$
b I$;F<D+4+9<D-.D$1C$D1<C$:C.$94Q$-<D;<$;<A$DD$-<-.+$-$AC<-IF<-.D+C4F<$+4:$^
C<-IF<
C<-I,(<$;I$9m.:;I:.C<-.+4+9<Dn
‚b <-.C4$ -4Q.C BI$9 / < AC.,< A$2< ;$ I9F4:$ D$1C$A<C I;4-$-. -< AC<-IF< AC<-IQ4-<^ m.O.:A9<a y
}_}}$+$4O$-.F<:$F.nb.3<IM.M$C4$,(<_A<C1$M<C_.DA.+414+$C<AC.,<:5;4:<.:&O4:<A<C+$-$
I;4-$-.-.AC<-IF<b
C<-IF<
I;4-$-.
C.,<myn:5;b
C.,<myn:&Ob
ƒb O4DF.D$Q<;$94-$-.;<A9$;F4<-<DAC<-IF<D_<I$AC<-I,(</+<;F4;I$-IC$;F.F<-<<$;<^
<-.D.CA9$;F$-<F<-<<$;<☐.O4DF./A<+$+.CF$A$C$A9$;F4<☐
„b I$9/$BI$;F4-$-..::/-4$-.A.C-$Dm.:‰n-.D.IDAC<-IF<DA<C3.+F$C..:+$-$D$1C$^
…b I$9/$+$A$+4-$-.:&O4:$-.$C:$Q.;$:.;F<m+$D<3$7$nA$C$D.IDAC<-IF<D.:I;4-$-.Dm.O.:A9<a
+$4O$_:<93<_.F+bn-.;FC<-$DI$AC<AC4.-$-.^
†b DD4;$9. $*$4O< BI$9 / < F4A< -. :.C+$-< ;< BI$9 <m$n D.;3<Cm$n C.$94Q$ $ M.;-$ -. D.IDAC<-IF<Db .
3<IM.C:$4D-.I:F4A<_A<C1$M<C_$DD4;$9$C:$4D-.I:b
mn <FC$M.DD$-<C
mn 4C.F$:.;F.;<$F$+$-<
~b
b
€b
b
‚b
ƒb
mn 4C.F$:.;F.;<$C.7<
mn .4C$94:A$
mn .-.D-.<CF41CKF4
mn I.:<IFC<A<;F<mA<C1$M<C.DA.+414+$Cna
~}b I$9/1<C:$-.A$2$:.;F<$<DD.IDAC<-IF<D^
mnC/-4F<
mn-4;3.4C<
R$3:"3241-"3:Q
I$9/$+$F.2<C4$-.FC$*$93<;$DI$1$Q.;-$^.3<IM.C:$4D-.I:$+$F.2<C4$_A<C1$M<C_$DD4;$9$C:$4D
-.I:b
mnC$*$93<1$:494$C
mnC$*$93$-<C+<;FC$F$-<A.C:$;.;F.
mnC$*$93$-<D+<;FC$F$-<F.:A<C&C4<
I$9/<;I:.C<F<F$9-.FC$*$93$-<C.D_+<;F$;-<<D:.:*C<D-$1$:594$_BI.FC$*$93$:;$AC<-I,(<^
I$9/<M$9<CA$2<.::/-4$mD$9$C4<.:yn$<FC$*$93$-<CA<C-4$<I:0Dm$<A,(<:.93<C;<D.I+$D<n^
-73$%;9!0,3
09-3YaZV$-3A1':
C$*$93<$:494$C
C$*$93$-<C+<;FC$F$-<F.:A<C&C4<
C$*$93$-<C+<;FC$F$-<A.C:$;.;F.
m$n D.;3<Cm$n A<DDI4 4;DF$9$,?.D AC=AC4$D -. IF494Q$,(< -$ AC<AC4.-$-. m.O.:A9<a A<,<D_ 9<7$D_ $C:$Q/;D_
.DF&*I9<D_.F+bn
4:☐(<☐
$D<$C.DA<DF$D.7$D4:_A<C1$M<C_.DA.+414BI.;$F$*.9$$*$4O<a+$-$F4A<-.4;DF$9$,(<_<;K:.C<_BI$91<4
<+IDF<4;4+4$9_$M4-$KF49.+$D<.O4DF$:$;IF.;,(<_+IDF<-.9$F$:*/:b
IDF<-.:$;IF.;,(<A<C
4A<-.
IDF<A<CI;4-$-.-.
4-$KF49
K:.C<
F4A<-.4;DF$9$,(<
4;DF$9$,(<
4;DF$9$,(<m.:yn
m$;<Dn
mA<C$;<n
<IM.14;$;+4$:.;F<A$C$$-BI4C4C$D4;DF$9$,?.D-.D+C4F$D$+4:$^
4:☐(<☐
m$n D.;3<Cm$n A<DDI4 .BI4A$:.;F<D -. 2C$;-. A<CF. m.O.:A9<a FC$F<C.D_ +<93.-<C$D .F+bn BI. 1<C$:
$-BI4C4-$D-.;FC<-<DK9F4:<D$;<D^
4:☐(<☐
$D<$C.DA<DF$D.7$D4:_A<C1$M<C_.DA.+414BI.+$-$4;DF$9$,(<;$F$*.9$$*$4O<a
„b
…b
†b
~}b
~~b
~b
~€b
~b
~‚b
4A<-.
.BI4A$:.;F<
I:.C<-.
.BI4A$:.;F<D
IDF<A<C
I;4-$-.m.:
yn
4-$KF49
m$;<Dn
IDF<-.:$;IF.;,(<A<CF4A<-.
.BI4A$:.;F<m$<$;<n
<IM.14;$;+4$:.;F<A$C$$-BI4C4C<D.BI4A$:.;F<D-.D+C4F<D$+4:$^
4:☐(<☐
m$nD.;3<Cm$nA<-.C4$4;1<C:$CD.A<DDI4.BI4A$:.;F<D-.A.BI.;<A<CF.ID$-<D;$DI$1$Q.;-$^
4:☐(<☐
$D<$C.DA<DF$D.7$D4:_A<C1$M<C_BI$9D.C4$$BI$;F4-$-.+<:AC$-$$;I$9:.;F._9<+$9-.+<:AC$_.<
+IDF<m.:yn;<F<F$9A<CD$1C$^
m$nD.;3<Cm$nA<-.C4$4;1<C:$C;$F$*.9$$*$4O<<DD.ID+IDF<D.:4;DI:<Dm.O.:A9<a$-I*<D_-.1.;D4M<D
$2C5+<9$D_+$9+&C4<D_.;FC.<IFC<DnA<CD$1C$_$BI$;F4-$-.+<:AC$-$.<9<+$9-.+<:AC$^m.O.:A9<a
D.:.;F.D_4;D.F4+4-$D_1.CF494Q$;F.D_2$D<94;$_.F+bn
;DI:<D
I$;F4-$-.g$;<
IDF<m.:yn
<+$9-.+<:AC$
m$nD.;3<Cm$nA<DDI4+IDF<D<A.C$+4<;$4D$-4+4<;$4D+<:<A<C.O.:A9<$9I2I.9-$AC<AC4.-$-..g<I
4;DF$9$,?.D_+IDF<D+<:.DF<+$2.:_FC$;DA<CF._.:*$9$2.;D.C<P$9F4.D^
4:☐(<☐
$D<$C.DA<DF$D.7$D4:_A<C1$M<C_.DA.+414+$C<+IDF<$;I$9myn+<:+$-$<A.C$,(<a
O4DF.D$Q<;$94-$-.;<D+IDF<D<A.C$+4<;$4D.;$+<:AC$-.4;DI:<D^
4:☐(<☐
m$nD.;3<Cm$nA<-.C4$4;1<C:$CBI$9<+IDF<$;I$9myn.::.-4$+<:F$C41$D.4:A<DF<DC.9$F4M<D$DI$
AC<-I,(<^
O4DF.<+<;DI:<AC=AC4<-<DAC<-IF<DAC<-IQ4-<D;$DI$1$Q.;-$^
4:☐(<☐
m$nD.;3<Cm$nA$CF4+4A$-.$92I:$<C2$;4Q$,(<-.AC<-IF<C.D_+<:<A<C.O.:A9<+<<A.C$F4M$_$DD<+4$,(<
<I2CIA<D^
4:☐(<☐
I$9<;<:.^
~ƒb $DI$<A4;4(<$$DD<+4$,(<g+<<A.C$F4M$1$M<C.+.-.$92I:$1<C:$<AC<-IF<C^
O4DF.$92I:AC<*9.:$;$
<C2$;4Q$,(<-.AC<-IF<C.D^<C1$M<CC.9$F$Cb
~„b I$9$DI$D$F4D1$,(<.:C.9$,(<%D:.-4-$D-.$7I-$-<C<2C$:$4<IC$9.g<I$DD4DF0;+4$F/+;4+$-$
A$C$<AC<-IF<C1$:494$C_A<C1$M<C_$DD4;$9.^
mn4;D$F4D1.4F<mnA<I+<D$F4D1.4F<mnD$F4D1.4F<mn:I4F<D$F4D1.4F<
~…b I$9/$:$4<C-414+I9-$-..;1C.;F$-$A.9<m$nD.;3<Cm$n+<:<AC<-IF<CCIC$9^
~†b $DI$<A4;4(<_BI$9/<AC4;+4A$9AC<*9.:$.;1C.;F$-<;<:.C+$-<-.3<CF$94,$D;<.DF$-<-<4<-.
$;.4C<^
I4F<*C42$-$A.9$DI$+<<A.C$,(<]+<;14-.;+4$94-$-.-.DI$D4;1<C:$,?.DD.C&:$;F4-$]
edRhR 77%2$-EfQA%:;-322-9%3((%%93D%9
.2:.;F<aC<-IF<C.D-.$1/-$C.24(<-.$CC.j$4m<C<.DF.n
%;39Q
;Q
A%:;-329-3_Q
3"0Q
Q
R$3:%::3-:Q
-$-.a
.O<a☐☐
DF$-<+4M49a
4-$-.-.;$D+4:.;F<a
$:$;3<-$$:594$mw-.A.DD<$D+$D$9:$4D
C<14DD(<a
1493<Dna
D+<9$C4-$-.a
~wC$I4;+<:A9.F<☐~wC$I+<:A9.F<☐wC$I4;+<:A9.F<☐wC$I+<:A9.F<☐
€wC$I4;+<:A9.F<☐€wC$I+<:A9.F<☐:.DFC$-<<I-<IF<C$-<☐D.:.D+<9$C4-$-.☐
<-.C4$2.;F49:.;F.4;1<C:$CBI$9/$C.;-$:/-4$:.;D$91$:494$C^
<*DbaD<:$;-<F<-$DC.;-$-.F<-$D$DA.DD<$D-$+$D$
☐.;3I:$C.;-$
☐
☐
☐ !
☐.ƒ$†D$9&C
☐"
! !!
☐$4D-.~D$9&C4<D:5;4:<Dm:$4D-.y…bƒ……_}}n
+$D$BI.M<+0.DI$1$:594$:<C$/a
C=AC4$☐9I2$-$☐<;+.-4-$☐
R$3::3!9%9%793$A;39Q
~~b <-.C4$4;1<C:$CBI$9$&C.$F<F$9.:3.+F$C.D-$DI$AC<AC4.-$-.^m$M<C+<;D4-.C$C$D<:$F<F$9-$D
AC<AC4.-$-.D.:+$D<-.A<DDI4C:$4D-.I:$n
mn $F/~}3$
mn -.~}$‚}3$
mn -.‚}3$~}3$
mn -.~}$‚}}3$
mn $+4:$-.‚}}3$
~b BI$9D.C4$$&C.$F<F$9+I9F4M$-$-.+$1/.:3.+F$C.D^$D<;(<D$4*$_A<C1$M<C4;1<C:.BI$;F<DA/D
A<DDI4;<F<F$9.BI$9<.DA$,$:.;F<IF494Q$-<^
}b
~b
b
€b
~€b <-.C4$4;1<C:$CBI$9/<C.;-4:.;F<mD$+$Dƒ}82n-$AC<-IF4M4-$-.-.+$1/A<C3.+F$C.$+$-$*40;4<^
~b <-.C4$4;1<C:$CBI$9/$AC<-I,(<F<F$9-.+$1/A<C*40;4<A.9<D.;3<C^
~‚b <-.C4$-4Q.CBI$9/<AC.,<A$2<%D$+$-.+$1/.:C.$4D^
~ƒb O4DF.D$Q<;$94-$-.;$AC<-I,(<.;<DAC.,<D-<DAC<-IF<D^
4:☐(<☐<F4M<a
~„b I$9/$BI$;F4-$-.-.A.C-$Dm.:‰n-.M4-<$-4M.CD<D1$F<C.DA<CD$1C$^
~…b I$9/$+$A$+4-$-.:&O4:$-.$C:$Q.;$:.;F<-.+$1/.:I;4-$-.D-.D$+$D-.;FC<-$DI$1$Q.;-$^
mA<CBI$;F<F.:A<.D.4;19I.;+4$;<AC.,<n
~†b I$9/<F4A<-.:.C+$-<;<BI$9<m$nD.;3<Cm$nC.$94Q$$M.;-$-.AC<-IF<D^
mn FC$M.DD$-<C
mn 4C.F$:.;F.;<$F$+$-<
mn 4C.F$:.;F.;<$C.7<
mn4C.F$:.;F.A$C$$<CC.1$-<C$
mn<<A.C$F4M$
mn I.:<IFC<A<;F<mA<C1$M<C.DA.+414+$Cna
}b I$9/1<C:$-.A$2$:.;F<$<DD.IDAC<-IF<D^
mnC/-4F<
mn-4;3.4C<
R$3:"3241-"3:Q
I$9/$+$F.2<C4$-.FC$*$93<;$DI$1$Q.;-$^
mnC$*$93<1$:494$C
mnC$*$93$-<C+<;FC$F$-<A.C:$;.;F.
mnC$*$93$-<D+<;FC$F$-<F.:A<C&C4<
mn..4C<
I$9/<;I:.C<F<F$9-.FC$*$93$-<C.D+<;F$;-<<D:.:*C<D-$1$:594$BI.FC$*$93$:;$1$Q.;-$^
I$9/<M$9<CA$2<.::/-4$mD$9$C4<.:yn$<FC$*$93$-<CA<C:0D.g<I+<93.4F$^
-73$%;9!0,3
09-3YaZ
C$*$93$-<C+<;FC$F$-<F.:A<C&C4<
C$*$93$-<C+<;FC$F$-<A.C:$;.;F.
m$n D.;3<Cm$n A<DDI4 4;DF$9$,?.D AC=AC4$D -. IF494Q$,(< -$ 1$Q.;-$ m.O.:A9<a A<,<D_ 9<7$D_ $C:$Q/;D_
.DF&*I9<D_.F+bn
4:☐(<☐
$D<$C.DA<DF$D.7$D4:_A<C1$M<C.DA.+414BI.+$-$4;DF$9$,(<;$F$*.9$-.D+C4F$$*$4O<a
4A<-.
4;DF$9$,(<
I:.C<
IDF<A<CI;4-$-.-.
4;DF$9$,(<m.:yn
4-$KF49
m$;<Dn
IDF<-.:$;IF.;,(<A<C
F4A<-.4;DF$9$,(<mA<C$;<n
b <IM.14;$;+4$:.;F<A$C$$-BI4C4C$D4;DF$9$,?.D-.D+C4F$D$+4:$^
4:☐(<☐
‚b m$nD.;3<Cm$nA<DDI4.BI4A$:.;F<D-.2C$;-.A<CF.m.O.:A9<aFC$F<C.D_+<93.-<C$D.F+bn^
4:☐(<☐
$D<$C.DA<DF$D.7$D4:_A<C1$M<C.DA.+414BI.+$-$4;DF$9$,(<;$F$*.9$-.D+C4F$$*$4O<a
IDF<A<C
4-$KF49 IDF<-.:$;IF.;,(<A<CF4A<-.
4A<-.
I:.C<-.
I;4-$-.m.:
m$;<Dn
.BI4A$:.;F<m$<$;<n
.BI4A$:.;F<
.BI4A$:.;F<D
yn
ƒb <IM.14;$;+4$:.;F<A$C$$-BI4C4C<D.BI4A$:.;F<D-.D+C4F<D$+4:$^
4:☐(<☐
„b m$nD.;3<Cm$nA<-.C4$4;1<C:$CD.A<DDI4.BI4A$:.;F<D-.A.BI.;<A<CF.ID$-<D;$DI$1$Q.;-$^
4:☐(<☐
…b $D<$C.DA<DF$D.7$D4:_A<C1$M<CBI$9D.C4$$BI$;F4-$-.+<:AC$-$$;I$9:.;F._9<+$9-.+<:AC$_.<
+IDF<m.:ynA<C$;<^
IDF<A<C
4A<-.
I:.C<-.
4-$KF49 IDF<-.:$;IF.;,(<A<CF4A<-.
I;4-$-.m.:
.BI4A$:.;F<
.BI4A$:.;F<D
m$;<Dn
.BI4A$:.;F<m$<$;<n
yn
†b m$nD.;3<Cm$nA<-.C4$4;1<C:$C;$F$*.9$$*$4O<<DD.ID+IDF<D.:4;DI:<D$;I$4D_$BI$;F4-$-.
+<:AC$-$.<9<+$9-.+<:AC$^m.O.:A9<aD.:.;F.D_4;D.F4+4-$D_1.CF494Q$;F.D_2$D<94;$_.F+n
;DI:<D
I$;F4-$-.g$;<
IDF<m.:ynA<C$;<
<+$9-.+<:AC$
€}b m$nD.;3<Cm$nA<DDI4+IDF<D<A.C$+4<;$4D$-4+4<;$4D+<:<A<C.O.:A9<$9I2I.9-$AC<AC4.-$-..g<I
4;DF$9$,?.D_+IDF<D+<:D.CM4,<D$-4+4<;$4D_+IDF<D+<:.DF<+$2.:_FC$;DA<CF._.:*$9$2.;D.C<P$9F4.D^
4:☐(<☐
$D<$C.DA<DF$D.7$D4:A<C1$M<C.DA.+414+$C<+IDF<$;I$9myn+<:+$-$<A.C$,(<a
€~b O4DF.D$Q<;$94-$-.;<D+IDF<D<A.C$+4<;$4D.;$+<:AC$-.4;DI:<D^
€b
€€b
€b
€‚b
€ƒb
4:☐(<☐
m$nD.;3<Cm$nA<-.C4$4;1<C:$CBI$9<+IDF<$;I$9myn+<:F$C41$D.4:A<DF<DC.9$F4M<D$DI$AC<-I,(<^
O4DF.<+<;DI:<AC=AC4<-<DAC<-IF<DAC<-IQ4-<D;$DI$1$Q.;-$^
4:☐(<☐
m$nD.;3<Cm$nA$CF4+4A$-.$92I:$<C2$;4Q$,(<-.AC<-IF<C.D_+<:<A<C.O.:A9<+<<A.C$F4M$_$DD<+4$,(<
<I2CIA<D^
4:☐(<☐
I$9<;<:.^
$DI$<A4;4(<.O4DF.$92I:AC<*9.:$;$<C2$;4Q$,(<-.AC<-IF<C.D^<C1$M<CC.9$F$Cb
I$9$DI$D$F4D1$,(<.:C.9$,(<%D:.-4-$D-.$7I-$-<C<2C$:$4<IC$9.g<I$DD4DF0;+4$F/+;4+$-$
A$C$<AC<-IF<C1$:494$C^
~…b$DI$<A4;4(<_BI$9/<:$4<CAC<*9.:$BI.-414+I9F$<:.C+$-<-<+$1/;<.DF$-<-<4<-.$;.4C<^
I4F<*C42$-$A.9$DI$+<<A.C$,(<]+<;14-.;+4$94-$-.-.DI$D4;1<C:$,?.DD.C&:$;F4-$]
edRiR 77%2$-EgQA%:;-322-9%3((%%3:;%9
.2:.;F<aC<+.DD$:.;F<-.+$1/m<CC.1$-<C$Dn;$C.24(<-.$CC.$4
%;39Q
;Q
A%:;-329-3_Q
3"0Q
-73Q
~b I$9/<F4A<-..:AC.D$AC<+.DD$-<C$-.+$1/^
mn<CC.1$-<C$
mn<9I*494Q$-<C$
mn$:*<D
mn<IFC$b
DA.+414BI.a
b <:<<m$nD.;3<Cm$n+<;D4-.C$<F4A<-..C+$-<-.+$1/_+<;D4-.C$;-<$+<:AC$-.2C(<+CI-.+$1/_;$
C.24(<;<C<.DF.-<
DF$-<-<4<-.$;.4C<^
mn
O4DF.::I4F<D+<:AC$-<C.D.$+<;+<CC0;+4$/$9F$
mn<:.;F.3&I:+<:AC$-<C
mn
O4DF.:A<I+<D+<:AC$-<C.D
mn<IFC<_.DA.+414+$Ca
€b I$9/<:$4<C:.C+$-<+<;DI:4-<C-.DF$.:AC.D$^
b O4DF.$92I:F4A<-.$+<C-<+<;FC$FI$9AC/j.DF$*.9.+4-<.;FC.<D+<:AC$-<C.D.$D.:AC.D$DF<CC.1$-<C$D^
mn4:mn(<
‚b I$9/.::/-4$<M<9I:.-.2C(<Dm.:D$+$DnAC<+.DD$-<$;I$9:.;F.A<C.DF$.:AC.D$^
ƒb I$9/<AC.,<mynA$2<;<C:$9:.;F.%D$+$-.+$1/+CI^
„b I$4D<DF4A<D-.AC<-IF<DAC<-IQ4-<DA.9$.:AC.D$^
…b I$9/<AC.,<myn-.M.;-$-<+$1/7&AC<+.DD$-<A$C$+$-$F4A<-.AC<-IF<AC<-IQ4-<^
†b ::/-4$BI$9/<+IDF<myn-.AC<-I,(<A<CI;4-$-.-.AC<-IF<7&AC<+.DD$-<^
~}b I$9/<4;DI:<-.:$4<C+IDF<mynA$C$.DF$.:AC.D$^
~~b I$9/<M<9I:.-.+$1/AC<+.DD$-<M.;-4-<A<C.DF$.:AC.D$$<:0D^
~b I$9<M<9I:.-.A.C-$D-.M4-<$<AC<+.DD$:.;F<.:C.$4DA<C:0D^
~€b I$9/$+$A$+4-$-.-.$C:$Q.;$:.;F<;<:0D-.:$F/C4$AC4:$^
~b m$nD.;3<Cm$nA<-.C4$2.;F49:.;F.;<D$7I-$C$C.$94Q$C$A.DBI4D$D<*C.M$9<C$2C.2$-<;<D4;1<C:$;-<_
A<C1$M<C<D+IDF<D:/-4<Dmyn.4;M.DF4:.;F<D-$.:AC.D$-.F<CC.1$,(<gD<9I*494Q$,(<^$DF$+<:A9.F$C$
F$*.9$+<:-$-<D$AC<O4:$-<Db
*Da$D<;(<D.$A94BI._;(<3&;.+.DD4-$-.-.AC..;+34:.;F<b
.DA.D$D14O$D
I:.C<mI;4-$-.n
IDF<myn4;M.DF4:.;F<
:<*494&C4<
.BI4A$:.;F<D
$IF<:=M.4D
;DF$9$,?.DAC.-4$4D
.CM4,<DA$2<D
IDF<myn$<:0D
.:I;.C$,(<-.F/+;4+<D
.:I;.C$,(<-.1I;+4<;&C4<D
<;F$-.&2I$9IQ.<IFC<D
<;<C&C4<+<;F$-<C
$;IF.;,(<-..BI4A$:.;F<D
:A<DF<D.F$O$D
IFC$D-.DA.D$D
<:AC$:$F/C4$jAC4:$
$9<Cmyn
$1/.:D$+$D-.+$1/+CI
:A<DF<DD<*C.<+$1/
~‚b I$9/$:$4<C-414+I9-$-..;1C.;F$-$A.9<D.;3<C;<AC<+.DD$:.;F<-.+$1/;<.DF$-<-<4<-.
$;.4C<^
~ƒb $DI$<A4;4(<BI$9/$:$4<C-414+I9-$-.A$C$<4<-.$;.4C<;<:.C+$-<-.+$1/^
I4F<<*C42$-$A.9$DI$+<<A.C$,(<]D4;1<C:$,?.D$BI4$AC.D.;F$-$DD.C(<:$;F4-$D-.1<C:$
+<;14-.;+4$9]
edRjR 77%2$-EhQA%:;-322-9%3((%%93/%9
.2:.;F<aC<+.DD$:.;F<-.+$1/m<CC.1$-<C$Dn;$C.24(<-.$CC.$4
%;39Q
;Q
A%:;-329-3_Q
3"0Q
~b
-73Q
m$nD.;3<Cm$nD.+<;D4-.C$.:BI$9F4A<-.$2.;F.+<:.C+4$9^
mnFC$M.DD$-<C
mn2.;F.14;$;+.4C<
mnF$+$-4DF$
mn$C.74DF$
mn2C<4;-KDFC4$
mnC$;DA<CF$-<C
mn<<A.C$F4M$
b <:<<m$nD.;3<Cm$n+<;D4-.C$<F4A<-..C+$-<-.+$1/_+<;D4-.C$;-<$+<:AC$-.2C(<+CI-.+$1/_;$
C.24(<;<C<.DF.-<
DF$-<-<4<-.$;.4C<^
mn
O4DF.::I4F<D+<:AC$-<C.D.$+<;+<CC0;+4$/$9F$
mn<:.;F.3&I:+<:AC$-<C
mn
O4DF.:A<I+<D+<:AC$-<C.D
mn<IFC<_.DA.+414+$Ca
€b O4DF.$92I:F4A<-.$+<C-<+<;FC$FI$9AC/j.DF$*.9.+4-<.;FC.<D+<:AC$-<C.D.<DAC<-IF<C.D_.g<I.;FC.
<D+<:AC$-<C.D.$D.:AC.D$DF<CC.1$-<C$D^
mn4:mn(<
b I$9/<-.DF4;<:$4D+<:I:-$:$F/C4$jAC4:$M.;-4-$A.9<m$nD.;3<Cm$n^
‚b m$nD.;3<Cm$nA<DDI4$92I:F4A<-.4;DF$9$,(<A$C$$+<9.F$.+<:.C+4<-.:$F/C4$jAC4:$_+<:<.O.:A9<_
$C:$Q/:<I<IFC$D.DFCIFIC$D.DA.+414+$D^9I2I.9-.4;DF$9$,(<^
ƒb I$9$DI$+$A$+4-$-.:&O4:$-.$C:$Q.;$:.;F<^
„b I$9<+IDF<-$D4;DF$9$,?.D$-BI4C4-$D.3$BI$;F<F.:A<$DA<DDI4^
…b m$nD.;3<Cm$nF.:$92I:+IDF<+<:FC$;DA<CF.-<2C(<-.+$1/$F/$F<CC.1$-<C$^.D4:BI$9/
$AC<O4:$-$:.;F.<+IDF<:.;D$9+<:FC$;DA<CF.mA.-&24<_1C.F._+<:*IDF5M.9_.;FC.<IFC<Dn^
mn4:mn(<+IDF<myna
†b O4DF.$92I:+IDF<-.FC$;D$,(<_+<:<A<C.O.:A9<4:A<DF<D_.A.C-$D-.2C(<D-.M4-<$M&C4<D1$F<C.D^
<-.C4$4;1<C:$C$AC<O4:$-$:.;F.<+IDF<:.;D$9^
~}b m$nD.;3<C$m$nA<-.C4$;<D4;1<C:$C_+$D<D.$A94BI._<+IDF<$AC<O4:$-<-.4;M.DF4:.;F<DC.$94Q$-<D;<D
K9F4:<D‚$;<D_+<:<A<C.O.:A9<.:I:$4;DF$9$,(<<I+<:AC$-.$IF<:=M.9_A$C$<+<:.C+4<-.+$1/^
~~b <CBI$;F<myn<m$nD.;3<Cm$n+<:AC$$D$+$-.2C(<D+CID-.+$1/^
~b I$9/$BI$;F4-$-.+<:AC$-$$AC<O4:$-$:.;F..:D$+$D-.+$1/A<C$;<A.9<m$nD.;3<Cm$n^
~€b O4DF.D$Q<;$94-$-.;<DAC.,<D^.D4:BI$9$1C.BI0;+4$^
mn4:mn(<1C.BI0;+4$a
~b I$9/<AC.,<-.M.;-$;<C:$9:.;F.%D4;-IDFC4$DF<CC.1$-<C$D<I%<IFC<+<:AC$-<Cg.OA<CF$-<C^
~‚b I$9/<M<9I:.$AC<O4:$-<M.;-4-<A<C$;<-.D$+$D-.+$1/A.9<m$nD.;3<Cm$n^
~ƒb O4DF.$92I:$F$O$<I4:A<DF<D<*C.<AC<-IF<^.D4:_BI$;F<D.C4$$AC<O4:$-$:.;F..:C.$4D^
mn4:mn(<$9<C$AC<O4:$-<myna
~„b I$9/$:$4<C-414+I9-$-..;1C.;F$-$;$+<:AC$.M.;-$-.+$1/A.9<D.;3<C^
~…b $DI$<A4;4(<_BI$9<:$4<CAC<*9.:$;<:.C+$-<-.+$1/-<.DF$-<-<4<-.$;.4C<^
edRkR 77%2$-EiQA%:;-322-9%9$%9
.2:.;F<aF$+$-4DF$D_$C.74DF$D_.4C$;F.D_<:.C+4$;F.D_
OA<CF$-<C.D.:A<CF$-<C.D
%;39Q
;Q
A%:;-329-3_Q
3"0Q
~j
-$$%Q
m$nD.;3<Cm$nM.;-.$92I:-<DAC<-IF<D94DF$-<D$*$4O<^
91$+.
4: (<
+.92$
4: (<
$9D$
4: (<
<IM.j19<C 4: (<
<:$F.
4: (<
$2.:
4: (<
.F.CC$*$ 4: (<
j .DF.DAC<-IF<DBI$4DD(<AC<M.;4.;F.D-$C.24(<D.CC$;$-.<M$C4*IC2<^
91$+.
4: (<
+.92$
4: (<
$9D$
4: (<
<IM.j19<C 4: (<
<:$F.
4: (<
$2.:
4: (<
.F.CC$*$ 4: (<
€j I$9/$BI$;F4-$-.+<:AC$-$:.;D$9:.;F.-<DAC<-IF<DA<CI;4-$-.m.Oba+$4O$D-.F<:$F._:<93<D
-.+3.4C<M.C-.n94DF$-<D$*$4O<^
C<-IF<
I$;F4-$-.+<:AC$-$ ;4-$-.
91$+.
+.92$
$9D$
<IM.j19<C <:$F.
$2.:
.F.CC$*$ j I$9/<C.,<m.:C.$4Dyn-.M.;-$A<CI;4-$-.-<DAC<-IF<D94DF$-<D$*$4O<^
C<-IF<
5;4:<myn &O4:<myn
91$+.
+.92$
$9D$
<IM.j19<C <:$F.
$2.:
.F.CC$*$ ‚j O4DF.D$Q<;$94-$-.-<DAC.,<D^I$9/<:$4<C:<F4M<-<$I:.;F<.BI.-$-.AC.,<D^
mn4:mn(<<F4M<a
ƒj
m$nD.;3<Cm$nA<-.C4$;<D-4Q.CBI$9/<AC.,<m.:C.$4DynA$2<A.9<m$nD.;3<Cm$n;$+<:AC$-.DD.D
AC<-IF<D^
C<-IF<
5;4:<myn &O4:<myn
91$+.
+.92$
$9D$
<IM.j19<C <:$F.
$2.:
.F.CC$*$ „j AC<O4:$-$:.;F.BI$9$BI$;F4-$-.-.A.C-$Dm.:I;4-$-.D<I‰n-.AC<-IF<D;(<M.;-4-<D<IA<C
F.C.:A.C.+4-<;<-4$^
…j m$nD.;3<Cm$nF.:$92I:+IDF<-.FC$;DA<CF.m4;+9I4;-<A.-&24<_+<:*IDF5M.9_<IAC<AC4.-$-.-.I:
+$:4;3(<<I+$CC<nA$C$DI$D:.C+$-<C4$D^
4:☐(<☐
.D4:BI$9<M$9<CA$2<.:C.$4DmynA<C-4$^
$j .-&24<a
*j <:*IDF5M.9a
+j $:4;3(<<I+$CC<m-4Q.C<M$9<C-<$IF<:=M.9.$BI$;F<F.:A<A<DDI4<$IF<:=M.9na
-j1C.F.a
†j m$nD.;3<Cm$nF.:$92I:+IDF<-.FC$;D$,(<m.O.:A9<4:A<DF<D__nA$C$+<:AC$<IM.;-$-.
DI$D:.C+$-<C4$D^.D4:BI$;F<A<CI;4-$-.-.AC<-IF<^
4:☐(<☐I$;F<mynAgI;4-$-.a
~}j m$n D.;3<Cm$n A<DDI4 $92I: .BI4A$:.;F< .g<I 4;DF$9$,?.D m.O.:A9<a +':$C$ 1C42<C414+$_ .F+bn A$C$ <
$C:$Q.;$:.;F<-.D.IDAC<-IF<D^
4:☐(<☐
. D4:_ BI$9 1<4 < 4;M.DF4:.;F< ;$ 4;DF$9$,(< . BI$9 / < +IDF< :.;D$9 .: :/-4$ myn C.DA.+F4M< A$C$
:$;F4:.;F< m.O.:A9<a .;.C24$_ $9I2I.9n . :$;IF.;,(< mF/+;4+<D A$C$ C.A$C$,(<n -<D D.ID .BI4A$:.;F<D
.g<I4;DF$9$,?.D^
~~j I$9$+$A$+4-$-.:&O4:$-.$C:$Q.;$:.;F<m.:I;4-$-.D-.AC<-IF<nAC$$DDI$D:.C+$-<C4$D^
~j m$nD.;3<Cm$n1.Q$92I:4;M.DF4:.;F<A$C$<D.I;.2=+4<^
4:☐(<☐
.D4:_A<-.C4$;<D4;1<C:$C$AC<O4:$-$:.;F.<M$9<Cmyn-<D.I4;M.DF4:.;F<_D.1<4.:AC/DF4:<_.%
BI$;F<F.:A<1<41.4F<^m.O.:A9<a+<:AC$-.I:+$:4;3(<_.F+n
~€j I.:D(<D.ID+<;DI:4-<C.D^$C.74DF$D_DIA.C:.C+$-<D<I<IFC<D^
~j I$9/$:$4<C-414+I9-$-.BI.<m$nD.;3<Cm$n.;1C.;F$.:2.C$9;<D.IFC$*$93<^
~‚j I$9/$DI$D$F4D1$,(<+<:.DF$I;4-$-.-<
;<.DF$-<-<4<-.$;.4C<.A<CBI.^
~ƒj $DI$<A4;4(<<BI.A<-.C4$D.C:.93<C$-<;$+<:.C+4$94Q$,(<-.AC<-IF<D$2C5+<9$D;<.DF$-<-<4<
-.$;.4C<_$92I:AC<*9.:$.:.DA.+414+<^
I4F<<*C42$-$A.9$DI$$7I-$]
I$+<;14-.;+4$94-$-.D.C&:$;F4-$]
edRlR 77%2$-EjQA%:;-322-9%-$$0%122$-:;9-!A;39Y39;-"A0;A9%Z
.2:.;F<a.+<934:.;F<.+<:/C+4<-.AC<-IF<D3<CF41CKF4.:<M$C4*IC2<
%;39Q
;Q
A%:;-329-3_Q
3"0Q
-73Q
~„b m$nD.;3<Cm$nD.+<;D4-.C$BI$9F4A<-.$2.;F.+<:.C+4$9^
mn+<:AC$-<CgM.;-.-<C4;F.C:.-4&C4<
mn2.;F.14;$;+.4C<
mnF$+$-4DF$
mn$C.74DF$
mn2C<4;-KDFC4$
mnC$;DA<CF$-<C
mn<<A.C$F4M$
~…b <:<<m$nD.;3<Cm$n+<;D4-.C$<F4A<-..C+$-<-.AC<-IF<D3<CF41CKF4;$C.24(<D.CC$;$-<
DF$-<-<4<
-.$;.4C<^
mn
O4DF.::I4F<D+<:AC$-<C.D.$+<;+<CC0;+4$/$9F$
mn<:.;F.3&I:+<:AC$-<C
mn
O4DF.:A<I+<D+<:AC$-<C.D
mn<IFC<_.DA.+414+$Ca
~†b O4DF.$92I:F4A<-.$+<C-<+<;FC$FI$9AC/j.DF$*.9.+4-<.;FC.<D+<:AC$-<C.D.<DAC<-IF<C.D_.g<I.;FC.<D
+<:AC$-<C.D.<IFC$D.:AC.D$D^.D4:_A<C1$M<C_C.9$F.BI$9/$+<;-4,(<b
mn4:mn(<
<;-4,(<a
}b I$9/<-.DF4;<m:.C+$-<+<;DI:4-<Cn:$4D+<:I:-$:$F/C4$jAC4:$M.;-4-$A.9<m$nD.;3<Cm$n^
~b m$nD.;3<Cm$nA<DDI4$92I:F4A<-.4;DF$9$,(<A$C$$+<9.F$.+<:.C+4<-.:$F/C4$jAC4:$_+<:<.O.:A9<_
$C:$Q/:<I<IFC$D.DFCIFIC$D.DA.+514+$D^<C1$M<C_-.D+C.M.C+$-$I:$b
b I$9$DI$+$A$+4-$-.:&O4:$m.:I;4-$-.D.Ob+$4O$D-.F<:$F.n-.$C:$Q.;$:.;F<$<A<C-4$^
€b <-.C4$4;1<C:$CBI$9/<+IDF<-$D4;DF$9$,?.D$-BI4C4-$D.3&BI$;F<F.:A<$DA<DDI4^
b m$nD.;3<Cm$nF.:$92I:+IDF<+<:FC$;DA<CF.-.AC<-IF<D3<CF41CKF4-.D-.<AC<-IF<C$F/<-.DF4;<14;$9^
.D4:BI$9/$AC<O4:$-$:.;F.<+IDF<:.;D$9+<:FC$;DA<CF.+<:<_A<C.O.:A9<_A.-&24<_1C.F._
+<:*IDF5M.9^
mn4:mn(<+IDF<myna
‚b O4DF.$92I:+IDF<-.FC$;D$,(<_+<:<A<C.O.:A9<_4:A<DF<D_.A.C-$D-.M4-<$M&C4<D1$F<C.D^<-.C4$
4;1<C:$C$AC<O4:$-$:.;F.<+IDF<:.;D$9^
ƒb m$nD.;3<C$m$nA<-.C4$;<D4;1<C:$C_+$D<D.$A94BI._<M$9<Cmyn$AC<O4:$-<-.4;M.DF4:.;F<DC.$94Q$-<D
;<DK9F4:<D‚$;<D_+<:<A<C.O.:A9<.:I:$4;DF$9$,(<<I+<:AC$-.$IF<:=M.9^
„b I$9/$BI$;F4-$-.+<:AC$-$m.:I;4-$-.D_.Oba+$4O$DnD.:$;$9:.;F.-<DAC<-IF<C.D-<DAC<-IF<D
94DF$-<D$*$4O<^
C<-IF<
I$;F4-$-.+<:AC$-$ ;4-$-.m:<93<_+$4O$n
91$+.
+.92$
$9D$
<IM.j19<C <:$F.
$2.:
.F.CC$*$ …b m$nD.;3<Cm$nA<-.C4$;<D-4Q.CBI$9/<AC.,<m.:C.$4DynA$2<A.9<m$nD.;3<Cm$n;$+<:AC$-.DD.D
AC<-IF<DA<CI;4-$-.^
C<-IF<
5;4:<myn &O4:<myn
91$+.
+.92$
$9D$
<IM.j19<C <:$F.
$2.:
†b I$9/<C.,<m.:C.$4Dyn-.M.;-$A.9<m$nD.;3<Cm$n$<:.C+$-<D.2I4;F._A<CI;4-$-.-<DAC<-IF<D
94DF$-<D$*$4O<^
C<-IF<
C.,<-.M.;-$myn ;4-$-.m+$4O$n
91$+.
+.92$
$9D$
<IM.j19<C <:$F.
$2.:
.F.CC$*$ €}b O4DF.D$Q<;$94-$-.;<DAC.,<D^I$9/<:$4<C:<F4M<-$19IFI$,(<;<DAC.,<D^
mn4:mn(<<F4M<a
€~b I$9/<M<9I:.$AC<O4:$-<M.;-4-<A<C$;<-<DAC<-IF<D94DF$-<D$*$4O<_A.9<m$nD.;3<Cm$n^
C<-IF<
I$;F4-$-.M.;-4-$ ;4-$-.m+$4O$n
91$+.
+.92$
$9D$
<IM.j19<C <:$F.
$2.:
.F.CC$*$ €b O4DF.$92I:$F$O$<I4:A<DF<D<*C.<AC<-IF<^.D4:_BI$;F<D.C4$A<CI;4-$-.-.AC<-IF<
$AC<O4:$-$:.;F.^
mn4:mn(<$9<C$AC<O4:$-<myna
€€b I$9/$:$4<C-414+I9-$-..;1C.;F$-$;<D.IFC$*$93<^
€b $DI$<A4;4(<_BI$9/<:$4<CAC<*9.:$;<+<:/C+4<-.AC<-IF<D3<CF41CKF4;<
DF$-<-<4<-.$;.4C<^
I4F<*C42$-$A.9$DI$+<<A.C$,(<]
+<;14-.;+4$94-$-.-.DI$D4;1<C:$,?.DD.C&:$;F4-$]
edRmR 77%2$-EkQA%:;-322-9%-2-93"%::-2+02;
.2:.;F<aC<+.DD$:.;F<-.3<CF41CKF4;$C.24(<D.CC$;$
%;39Q
;Q
A%:;-329-3_Q
3"0Q
-73Q
€‚b I$9/+$F.2<C4$-.DF$.:AC.D$AC<+.DD$-<C$-.3<CF41CKF4^
mn2C<4;-KDFC4$
mn.C.;-$.D+<9$C
mn4;4jAC<+.DD$-<D
mn<IFC$b
DA.+414BI.a
€ƒb <:<<m$nD.;3<Cm$n+<;D4-.C$<F4A<-.:.C+$-<-.3<CF41CKF4;$C.24(<.CC$;$-<
DF$-<-<4<-.
$;.4C<^
mn
O4DF.::I4F<D+<:AC$-<C.D.$+<;+<CC0;+4$/$9F$
mn<:.;F.3&I:+<:AC$-<C
mn
O4DF.:A<I+<D+<:AC$-<C.D
mn<IFC<_.DA.+414+$Ca
€„b I$9/<:$4<C:.C+$-<+<;DI:4-<C-.DF$.:AC.D$^
€…b O4DF.$92I:F4A<-.$+<C-<+<;FC$FI$9AC/j.DF$*.9.+4-<.;FC.<D$FC$M.DD$-<C.D.$$2C<4;-KDFC4$^I$9$
+$F.2<C4$^
mn4:mn(<+$F.2<C4$a
۠b I$9/.::/-4$<M<9I:.m.:I;4-$-.D_.Ob+$4O$D-.F<:$F.n-.AC<-IF<D3<CF41CKF4AC<+.DD$-<D
-4$C4$:.;F.A<C.DF$.:AC.D$^
}b I$9/<AC.,<myn-.+<:AC$;<C:$9:.;F.$<DAC<-IF<D94DF$-<D*$4O<^
C<-IF<
I$;F4-$-.+<:AC$-$m+$4O$D_:<93<Dn C.,<y
91$+.
+.92$
$9D$
<IM.j19<C <:$F.
$2.:
.F.CC$*$ ~b I$4D<DF4A<D-.AC<-IF<DAC<-IQ4-<DA.9$.:AC.D$^
b ::/-4$BI$9/<+IDF<myn.<AC.,<-.M.;-$mynA<CI;4-$-.-.AC<-IF<7&AC<+.DD$-<-<DAC<-IF<D
1$*C4+$-<DA<C.DF$^
C<-IF<
IDF<A<CI;4-$-.myn
C.,<M.;-4-<y
€b I$9/<4;DI:<-.:$4<C+IDF<mynA$C$.DF$.:AC.D$^
b I$9/<M<9I:.-.AC<-IF<DM.;-4-<DA<C.DF$.:AC.D$$<-4$^
‚b I$9<M<9I:.-.A.C-$D-.M4-<$<AC<+.DD$:.;F<m.:‰nA<C-4$^
ƒb I$9/$+$A$+4-$-.-.$C:$Q.;$:.;F<;<-4$-.:$F/C4$AC4:$^
„b m$nD.;3<Cm$nA<-.C4$2.;F49:.;F.;<D$7I-$C$C.$94Q$C$A.DBI4D$4;1<C:$;-<_A<C1$M<C<D+IDF<D
:/-4<Dmyn.4;M.DF4:.;F<D-$.:AC.D$-.AC<+.DD$:.;F<^$DF$+<:A9.F$C$F$*.9$+<:-$-<D
$AC<O4:$-<Db$D<;(<D.$A94BI._;(<3&;.+.DD4-$-.-.AC..;+34:.;F<b
.DA.D$D14O$D
I:.C<mI;4-$-.n
IDF<myn4;M.DF4:.;F<
:<*494&C4<
.BI4A$:.;F<D
$IF<:=M.4D
;DF$9$,?.DAC.-4$4D
.CM4,<DA$2<D
IDF<myn$<:0D
.:I;.C$,(<-<AC<AC4.F&C4<
.:I;.C$,(<-.F/+;4+<D
.:I;.C$,(<-.1I;+4<;&C4<D
<;F$-.&2I$9IQ.<IFC<D
.AC.+4$,(<-<D4;M.DF4:.;F<D14O<D
<;<C&C4<+<;F$-<C
$;IF.;,(<-..BI4A$:.;F<D
:A<DF<D.F$O$D
IFC$D-.DA.D$D
<:AC$:$F/C4$jAC4:$
$9<Cmyn
C<-IF<D<CF41CKF4
:A<DF<DD<*C.<+$1/
I4F<<*C42$-$A.9$DI$+<<A.C$,(<]D4;1<C:$,?.D$BI4$AC.D.;F$-$DD.C(<:$;F4-$D-.1<C:$
+<;14-.;+4$9]
edRedR 77%2$-ElQ3:&%99%-9YZ
2;%9C-%D92:"9-7;
%9+A2;:3&%99%-9
3!9%
QA2;3%173%E-:;%%:::39+2-G#5%:N
J / '2* ';1## $0 [caa $ $0 [cc^H 7;$ $8 1 >$8##$ $#$8"2 #9
992!*"5$9#$88$*K
QA0&!.%;-C3N
J2 -$:*>2%(8$(8>/282!'%H>$1##$*19;029H $1$'*!*2#2(8*!;/:28H!20688!'%;068$"2
0*9-;9:2H8$(;/8*B8268$"2#2!'%18$(*2H $1$'*!**9H0$/)2887;/*##$#$!'%H62*2:%!1*!2H
6#821*B82!'%H'B$82/2:$H62*96$7;$12%#*'+!*/#$>$1#$82!'%#$/$S62;!2T#$7;/*##$H1*>$/82
(81#$$26$7;$12682#;:28
Q8A032A1%93$%!%2%(-"-9-3:8A%79%;%2$%%2+03!9N
J :;/0$1:$ $@*9:$0 [\Z 992!*#29H 09 62#$8* $1(/2 8 :2#29 29 682#;:28$9 #2 $9:#2 #2 *2H 12
6299;*'821:$*89
Q398A%(-"3A$%:;-C$N
J 82 /$0 62/*:*!2 $ '*!2; 19 029 #$ 62;!29K /:2; 8$!;892 68 !6*:/*B8 $ !21:*1;8 2 8K
$!$1:$0$1:$$@*9:$012>29992!*#2968:2!8$!219$(;*808$:*>8K9682#;:28$9:$07;$!8$#*:8H
>*!21!8$:*B87;1#2';1!*2180$902H($8/0$1:$12#!$8:26$/2968368*29682#;:28$9$($1:$!20
*1:$8$99$68368*2K
QA0(3-3-2C%:;-1%2;3;A0N73-3
2:;-;A"-320N
J$!;892#2Y[K^ccK][ZHZZK$!;89268368*20*9[ZZ0*/#29992!*#29K
Q8A0:%9%2;9$$%C30A1%$%"(&"9AN
J\Z0*/9!9#$*1*!*2H[ZZ0*/S_ZfT':*682#;B*#18$(*2K
QA0:%931%9"$3"32:A1-$39N
J$8!#2*1:$812$$@628:"2S20*986*#26299+>$/TK@*9:$6299* */*##$#$$@628:868)*193
2(82 $1$'*!*#2K226$8:*>>*8$ $1*'*!*82!'%J7;$%9$/$!*2182!'%#$7;/*##$H>*68
$@628:"2 $ 2 8$9+#;2 68 2 0$8!#2 *1:$812K $688 2 (82 $0 :01)2 #$ '>H 628 !28H 8$:*8
*06;8$B9$#$'$*:29b
QA0:%93"A:;3739A2-$$%$%"(&!%2%(-"-$3N
J[.(#$!'%6289!68!2 8*8#$96$99#$01;:$1"2#!226$8:*>
QA-:: 33:9%8A-:-;3:79::3"-9W:%N
J:$07;$9$8682#;:28H7;2:$9:#$'*1*8H09*1:$1"2%'!*/*:8$1:8##2682#;:28K
QA0:%9-3:79%#3:$%"3179%C%2$N
J !226$8:*> (81:*8 2 0$/)28 68$"2K @*9:$ (81:* #2 (2>$812 S09 12 1$!$998*0$1:$ *8
!219$(;*8TK812*1>* */*B82682#;:28K*:$80*98$!;892H'!*/*##$#$:*1(*8290$8!#29K8
>$1#$@*9:$;0628!$1:($0$0!*0#>$1#H09*1#12$9:#$'*1*#2b
QA-:: 33:%2;9C%:%$-(-"A0$$%:793:793$A;39%:2"31%9"-0-G"3N
J 82#;:28$9 :$0 0;*: !2*9 !21:8 $/$J 2 :$062H !/*0H 0$#*#9 #2 (2>$812 7;$ ! 0 !)$(1#2
:89#26892/;!*21829682 /$09K
0$/)289$8*$@*9:*8;02/*:*!#$8$(;/8*B820$8!#2$82:$"22$@!$992#$682#;"2K
$@:*1:2
$0[ccZ$'/:;038(28$(;/#28K
edReeR 77%2$-EmQ,3;3:(-%0$D39/3((%%",-2
-+A9%kkQ-00%$"3((%%!+:Y0%(;ZP-00-2+793"%::Y9-+,;Z
-+A9%klQ3((%%!92$:3(99%W-
-+A9%kmQS:793"%::-2+-2:;00;-32Y0%(;ZP1%%;-2+-2
;7%9A2Y9-+,;Z
-+A9%ldQ32"9%;%F9$:(39$9F-2+"3((%%Y0%(;ZP3((%%!A:,!3A;;39-7%2Y9-+,;Z
q<F.aN;A3<F<D
edRefR 77%2$-EedQ,3;3:(-%0$D39/39;-"A0;A9%",-2
-+A9%leQ31;3,9C%:;-2+Y0%(;ZP!3E%$;31;3%:Y9-+,;Z
-+A9%lfQ+93%"303+F;92:-;-32-2;31;3%:Y0%(;ZP%;;A"%9%$F;3$-:;9-!A;-32Y9-+,;Z
-+A9%lgQ-303+-"0!%%;933;Y0%(;ZPF$93732-"0%;;A"%Y9-+,;Z
-+A9%lhQ1%%;-2+-2-392$%311A2-;FY0%(;ZPT17;FU%9"$3$393$A;39Y9-+,;Z
q<F.aN;A3<F<D
(*
&#
%'
##!'##
8
9
%
$$*"""
*$'""
$%!#!"!$%
)#"")(
(()#*(
)*#'("
#$+($&(
##&%)&)
&#+%)&
($+"(#
&')&++
$*'+%)
#%*#
')""
!#&((
)%('($
(+$")$
*#")#%
#%&&'+)
##*(&"+
&%'"#)
('$'$'
&)&'(&
$+(("$
$%
!!
"$%$
)&&'"
%$+*%"
%"++")
%(%"%&
("$#"(
'%#$)"
#+&)++
$+$#+*
$#$'"*
#%$*#)
$%)*(
$$%&+
$(#*"
&%&$#
%*%#%
#&"&*
$#")$
#'%$'
+')*
#!
&%# %$
$")'(%
#+'"$(
$$*&'+
%)*+"*
%%&%%"
#$$'**
#*%**$
#%%)%$
*%'*%
$%! $$'$$&
$##($"
$&)*+*
&###&*
%($))*
#%%"#*
#++'$*
#&'###
+"(+&
&
&'%%""
&$'+#+
&+*+%&
*$)'"#
)%"#&*
$())$#
&"#'*#
$+$"'+
#*$'%)
!%
%%(""'+
%#')#"$
%(+*%$"
(#%%)++
'&#$#)'
#+*&&(&
$+)((+(
$#(&*)"
#%'%"&&
!%
%+"('"
# #!&#$
(%%"$%
)&#'&#
#$$+*)$
#"*'#*$
# !"!$%
(
%#&*
%+)+""
$$
$
'+(*'"
()%)#)
%%
!# &%&")%
$)#$+'
&#
%)$'
$&
!# ##
'#! ' %! #!&#
#'
'#
##!!$
$
"#$ %%'
:9-0 %#% "&%!$%$ & %!%$142!##"#$ %%'"#!&#!!& %) !##!/$ 76.78. "" (77- %#% "&%!$%$!##$ & :
?FI4IJF5BB
?EE4FBJ5BB
?J4HJJ5BB
?J4HJJ5BB
?J4HJJ5BB
:
?IKF5FB
?C4BJE5JH
:
:
:
?D4CID5BB
?D4CHE5FE
:
:
:
:
:
:
:
?C4JBB5BB
?D4DIE5EE
?C4JKK5DK
?G4CGB5BB
?I4DBB5BB
?E4CBB5BB
:
?DGI5CF
?FFB5BB
?H4KBB5BB
?I4HFG5FF
?G4EFG5DJ
?C4EKB5BJ
?C4EKB5BJ
?C4EKB5BJ
?G4GHB5ED
?H4IKG5CC
?H4CEK5GD
?J4GJG5JK
?J4HKB5BJ
?J4FJC5IC
?H4HID5JB
?H4GCJ5HI
?H4HIF5BG
?F4HKD5GH
?E4KHH5BI
?D4IID5JH
?IDC5CB
?IDC5CB
?IDC5CB
?D4JJF5FD
?E4GDF5KI
?E4CJF5JJ
?F4FGE5KE
?F4GBI5KJ
?F4EKK5JK
?E4FHC5GD
?E4EJC5GH
?E4FHD5CH
?D4FEF5DI
=?7
?C4EBJ5JB
?KCG5BG
?DEI5KH
?DEI5KH
?DEI5KH
?KGC5JH
?C4CHE5DF
?C4BGC5BC
?C4FHK5JB
?C4FJI5HE
?C4FGC5KH
?C4CFD5EB
?C4CCG5KD
?C4CFD5GC
?JBE5EC
($#
:
:
:
:
:
?DDC5FB
?DIK5HD
?DEE5HC
?HEE5FG
?JJG5HB
?EJC5EB
:
?EC5HE
?GF5CD
?JFJ5IB
"%$&&-+$& &''
?HB4IBF5ED
?FD4FFC5CK
?CC4BEI5CG
?CC4BEI5CG
?CC4BEI5CG
?FH4CHK5KK
?GH4GBG5IF
?GB4JJB5EC
?IE4KGF5KC
?II4BJF5DK
?IB4JDG5GD
?GD4KJC5HC
?GD4BFH5HF
?GE4FJG5HF
?FG4BBI5EE
$(!
*#,#+&%+$%$,$.?IDF5BB<DBCF=4$#0.&)"*&''&)+,%+0&*+4+))*)&''&)+,%+0&*+5&,%+&)%+&#*#+&%.&5G5JJK9IE4)&5
IE5HDH9IF<)*#:*-#4CKIE4CKIF=
:
%!.&(!'(&)($&
?EF4IGD5BB
&#
#4%&$''#
?FC4HIG5BI
$#*#($#!%&$)&
:
?EI4DJJ5CG
@
!"#
?GE4HHC5JE
?
:
?GF4ECE5BB
#(&).
:
?GE4BCB5HI
!#'
"!!$!'!&
?EK4GEE5BB
&&$*&&!
(&&
?EJ4GIJ5DK
$&#
?FC4ICD5JB
!$&#&&
%'(&"!*!
?DK4EDJ5GB
"!-+$& &"%!$- "%$&&-"%!$- $!#
$&&'
&&$$'#'
&$)&!*!
%&'#((*
!BA2$)#(#(!)#$&()!()&
=<3=@3 %%#,=>24!)#
?GE4FJG5HF
?GD4BFH5HF
?IE4KGF5KC
?GB4JJB5EC
?FJ4KCK5BF
?GG4HCC5GK
?CCH4HKG5GE
?GK4ECD5KE
?CF4GBB5FD
?FI4HKE5HE
?IE4KCJ5CB
?HC4KCG5GH
?GC4GEF5HG
?DII4HKD5BB
?DI4CHE5EI
?FJ4HKK5GB
?KGE4KFC5BB
!$&#&&
$&#
&&$*&&
!
!#'
#(&).
?
@
*&$#*#($#!
&$)&
&#&$)&'
%'(&"!*!
(&&
"!!+$!'!(&&
!"#
#4%&$''#
%!.&(!&
?C4CEH4JJI5GB
?HB4IBF5ED
'(&)($&
<4
%+)*+*4/*4%+*=
?FD4FFC5CK
?CC4BEI5CG
?CC4BEI5CG
?CC4BEI5CG
?FH4CHK5KK
?GH4GBG5IF
?II4BJF5DK
?IB4JDG5GD
?GD4KJC5HC
?FG4BBI5EE
?IF4FFE5DE
&&$$'#'
&$)&!*!
!BB2#$"$)#(,%&''#%&$($&!$''#($&()!()&*!)#
=<3=A3 %%#,=?2&$($&
$''#!)#
:
:
?DD4BHD5EK
?CJC4CID5HB
?K4FCI5GB
?CB4FID5EE
?JC4CGG5DB
:
?C4EBG5EB
?C4ICI5KG
?JKD5HG
:
?C4IJG5DK
?E4HIH5CD
?C4IGK5FJ
?C4FEH5CK
:
,'
?CC4EBB5CK
?I4DGB5GC
?I4IGJ5KE
?D4DHH5HI
?E4GCD5HC
?D4CIG5IG
?H4CJH5ED
?J4DDE5EH
?F4CFK5DK
?D4EDH5HC
?E4FKH5CB
?JDJ5KJ
?D4BGC5ED
#(&'('6
#(##$'(
:
:
:
?CD4IDB5BB
?CE4DIH5JB
?D4FBB5BB
:
:
:
:
:
:
:
:
:
#('
9DEA1<=<3AE
9DDE1@?C3@>
9=B1E@@3BB
49=@1?=B3B?
9=B@1@B?3E>
9BEC3ED
9AE=3E>
9=E1=@@3<E
49??1?@<3>@
49C<1D<C3>@
49=C1@@C3=C
9AC1C==3=E
49=1BE<3B?
49B1D?=3CC
9>C1?D@3AC
&$($&
$''
%%$&()#(-
•
''&)+,%+0++%%+&&-)%$%+2*')&!+*%')&)$*
•
''&)+,%+0%)-%',#)*&,)*
•
++)&)%++&%4***+%%),#+,)#/+%*&%&))$)*
•
)+&$$)#1+&%%$&)-#,&)+)$)*
•
/'%)+&$$)#1+&%+)&,&-)%$%+#')&)$*
•
&%#-#&'$%+;&,#/'%+$)"+<')&!+=
•
%#+%&#&#-%%&))+&$')&-&&(,#+0<&#%=%
-)*+&%&')&,+*<$%')&**%=4+)&)%-#,&))$)*
•
)&-$&)-)+*$%+&%),#+,)#')&,+*
•
#,+)$)6*)&#%+)$'&)+%&%+*&+0
•
)+%%-)&%$%+&*#)*#%,%)%++#$+-,#%)#+0%,)+)
&%*(,%*
•
,#*)-*$')&-$%+*,*,+&%4#+4*,)+0
•
)&-++)%)*+),+,)&)+)%*'&)++&%%)%%)0*,''#0
(&#(
•
++)*+&&)%1+&%+)&,)$)6***&+&%%$)&:.+)*&$$++
<=
•
/%&"%&.#%/')%+.%)$)*.+%+**&+&%*
•
&#*%')&)$*)+&%+)+)0&DBCD4)&,+%)*+),+,)
$')&-$%+&%),)#)%*,*+%##%,*')+*<)&.+)*')&)$;
=
•
&)+')&,+&%0#*%$$+%&$
•
+)+#&#1+&%%),)%%+)
•
$'&)+%&%#&#-+#6**,''#0$)"+
•
&-)%$%+6*')&)$*+&*0+**+&+$)"+*<&.-)%*/'%*&%=
!BC2#!-''5$*&)&$$#*#($#!&"&'
=<3=B3 %%#,=@2#!-''!)#
#''
•
*)$%+.+%)$)***&+&%%&%#+*&&'%&%
•
**&+&%6*%*,%+##'&.)%*#&)%1+&%
•
%*,%+)*&,)*)-%+&+%#***+%%/+%*&%%*++,+&%*
<=4.*&$+$*'%&%$,%'#'+#)*&,)*
•
)-*+6*#&***,+&#$+%%(,+#%,*
•
&)*)+0
•
&.(,##&)%#&.&$$,%+0,+&%
•
%)*+),+,)%**+0&))&*+&*0+*,''#0&),#+,)#')&,+*
•
&.+%&#&0&%)$%
•
'%%0&%+$#$%4)*'&%*#&))&**%+),#+,)#&&*
•
+)%*'&)++&%%*#*&*+*
•
%+)#1&$$)#1+&%')&#$*<$&%#&.0%4')*%*+#+04
&')+&%#&*+*4#&.&&(,#+04#"&),#+&%%%)*+),+,)=
•
&.%*'+&%%,*-,*&'*+*
•
&#.&#*#$)"+&*%&+/'#&)+*'&+%+#&,*%)$)*'))%&+
+&*##+)&&*+)
•
,#+*%-%**+&+$)"+*%&$$)#1+&%<$%#0)+
&$$)#1+&%=
&('
•
#$+%-,#%)#+0<-0)%*&)#&%)&,+*=4+)*
•
&$$+$%+%+,)+)%&%)#1+&%&'&#*%&-)%%4.
)+*',#),*+)+&%%*+),*+
•
#,+,+&%&%$)"+')*&),#+,)#')&,+*
•
,#+*%(,)%),)#)+*%%%4,+&,),)0%
/%0&%"*%&-)%$%+,%*')&)$*
•
"&),#+&%&%$)"+')*4.#*+&%*+#+0
•
,#+*%*++%'#&%+.&#*#)$)6*$)"+<=
•
&$'++&%.+&+))1#%*++*#)')&,)*
•
"&'#%%%%&%+)&#&')&,+&%4%)+%-)0*,''#0%#&.
')*4%)*%&&.*+
•
&)#&**&)&+)&%&$#+-+*%$#0##&.%<7&#*$#8=
•
&%#-#&'$%+;&,#+".0$&*+#&)&)<')&!+=
!