Download as pdf or txt
Download as pdf or txt
You are on page 1of 127

!"#$#%#&'(#$)!(*&+,-)!).$/%0& !

"#$%1*2&3(--(45&6+*,0-7
!"#$%$&%'($%)$%*+,-.$&./0&%)(%1/2*34$%)$%567/#.$8%$&%9:/$&:$#%;780&04/<($#
92=:/6*/.=%>%1='$*022$4$&.%8(86*

&'()*+,-.*/%0,%1*223413%35-(4.3,4%036
74*0,.-6%894.1*+36
0""($&80&4)!"#-%4#$)!&89%!&.)8:*0&890"#$.(#$)!&0#
80&;-<=$"$)!

?8=#$&.=%268%>
>0**0&?@AB C&+.0*
1/8$:.$(8%)$%.!"#$%>%58@%AB1C;DE%9@%?80F$##$(8
GHIJKIGJJL

?8=#/)$&.%>%58@%A,MNBOO;%5@%?80F$##$(8%BP64/&6.$(8#%>%58@%QRBR; %S@%56T.8$%)$%:0&F=8$&:$#
$**$
5 @%AC;ABU%S@%10:.$(8
D(E*0&80"&.(#$:-0"
!#-)8%4#$)!&%@ @ K
><#5)8)*),$0&%@ @ V
F-0.$:-0&;(-#$0&G&H1I&FJ 'K F+H1I&D31@J 1I&CA&K@>>1JK1& 'D1J'+D @'+H&%@ @ W
K5(;$#-0&LG&H1I&M@'C1>1'DI&D31@J NA1I&1K@'@> NA1&CA&H ?J1&1K3+'O1%
@@ W
L&LP&*9(=(!#(,0&(E")*%&80&I> D3&G%%@ @ W
L&QP&H)$&80"&(=(!#(,0"&4).;(-(#$R"&J$4(-8)%%@ @ XJ
L&SP&H0&.)8:*0&80&T3@'&IDA+JD&> HH&G%%@ @ XX
L&UP&H(&*)$&80&*(&8)#(#$)!&0!&R(4#0%-"&80&;-)8%4#$)!&G%%@ @ XG
L&VP&H0&;(-(8)W0&80&H1@'D 1M&G%%@ @ XY
L&XP&H(&#5<)-$0&8%&4Y4*0&80&;-)8%$#&Z1J'@'&G%%@ @ XY
L&[P&D5<)-$0&80&*(&4)!4%--0!40&$.;(-R($#0&0#&;)*$#$/%0&4)..0-4$(*0&"#-(#<,$/%0
6\JAO>+'7&G%%@ @ XZ
K5(;$#-0&Q&G&H1I&M@'C1>1'DI&D31@J NA1I&1K@'@> NA1I&CA
FJ@D1KD @'' I>1%%@ @ XH
Q&LP&D5<)-$0&80&*(&;-)#04#$)!&8(!"&*0&4(8-0&80"&$!8%"#-$0"&!($""(!#0"%%@ @ XL
Q&QP&H0&;-)#04#$)!!$".0&8<R0!"$R&80&'$4)*("&\(*8)-&G%%@ @ XL
Q&SP&H0&;-)#04#$)!!$".0&"0*)!&F3PH 'C1J&0#&KPF&\ 'CH1?1JO1JG6+-,%.0!#
8%&;(Y"&!0%R7%%@ @ XL
Q&U&PH0"&R)!80.0!#"&!)!&<4)!).$/%0"&8%&;-)#04#$)!!$".0&G%%@ @ XV
K5(;$#-0&S&G&H1I&1K3+'O1I&+OJ K@H1I&1D&+OJ@+H >1'D+ J1I&1D&H1I
FJ 'K F1I&CA&O+DD%%@ @ XW
S&L&PH0"&<45(!,0"&(,-$4)*0"&0#&(,-)2(*$.0!#($-0"%%@ @ XW
S&QP&H0&O+DD&0#&"0"&;-$!4$;0"&G%%@ @ GJ
S&SP&H0"&-)%!8"&8%&O+DD&0#&*9(,-$4%*#%-0&G%%@ @ GX
S&UP&H0&4)!#0!%&80"&!)%=0(%W&(44)-8"&$""%"&80"&!<,)4$(#$)!"&80&*9A-%,%(Y
J)%!8&G%%@ @ GG
S&VP&H0"&-<"%*#(#"&$""%"&80"&!<,)4$(#$)!"&80&*9A-%,%(Y&J)%!8&G%%@ @ GY
S&XP&H]+44)-8&"%-&*9(,-$4%*#%-0&G&-:,*0"&0#&0!,(,0.0!#"&!)%=0(%W%%@ @ GK
K)!4*%"$)!%%@ @ GL
C0%W$:.0&;(-#$0&G&H1&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1&%@ @ GW
K5(;$#-0&U&G&H1I&F3+I1&CA&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1%%@ @ GW
U&LP&H0&.)!);)*0&80&*91#(#&"%-&*0&4)..0-40&0W#<-$0%-&6L_XS2L_``7&G%%@ @ GW
U&QP&H(&*$E<-(*$"(#$)!&8%&4)..0-40&0W#<-$0%-&G%%@ @ YX
K5(;$#-0&V&G&H+&FJ@>@D @'&C1I&1^F@JD+D @'&C1I&FJ@CA DI&+OJ K@H1I&1D
+OJ@+H >1'D+ J1I%%@ @ YH
V&L&PH9<=)*%#$)!&80"&0W;)-#(#$)!"&(,-)(*$.0!#($-0"&0!&+*,<-$0&%%@ @ YK
V&QPH(&;(-#&80"&0W;)-#(#$)!"&(*$.0!#($-0"&8(!"&*0"&0W;)-#(#$)!"&5)-"
5Y8-)4(-E%-0"&G%%@ @ YV
V&SP&H0"&;-)8%$#"&(,-)(*$.0!#($-0"&0W;)-#<"&G&%%@ @ YV
K)!4*%"$)!%%@ @ ZH
K5(;$#-0&X&G&1Z@HAD @'&C1I& >F@JD+D @'I&C1I&FJ@CA DI&+H >1'D+ J1I%%@ @ ZH
X&LP&1=)*%#$)!&80"&$.;)-#(#$)!"&80&;-)8%$#"&80&E("0&G%%@ @ ZH
K)!4*%"$)!%%@ @ KZ
K5(;$#-0&[&G&H+&J1F+JD D @'&CA&K@>>1JK1&1^D1J 1AJ&F+J&J1O @'
1K@'@> NA1%%@ @ KH
[&LP&H0"&-<;(-#$#$)!"&80"&$.;)-#(#$)!"&#)#(*0"&;(-&-<,$)!&<4)!).$/%0"&80
L_`X2L__U%%@ @ KH
[&QPH(&-<;(-#$#$)!&80"&0W;)-#(#$)!"&;(-&-<,$)!&<4)!).$/%0&G%%@ @ KK
[SP&H(&-<;(-#$#$)!&8%&4)..0-40&(,-)(*$.0!#($-0&;(-&-<,$)!&,<),-(;5$/%0&80
L__a2L__U&G%%@ @ KK
D-)$"$:.0&;(-#$0&G&H1I&+KK@JCI&+Z1K&*9A1&%@ @ LG
K5(;$#-0&`&G&+KK@JI&C9+II@K +D @'&+HO1J 12A1&G%%@ @ LG
`&LPH0"&(44)-8"&80&4));<-(#$)!&80&L_[X&G%%@ @ LG
`&QP&H0"&(44)-8"&89(8(;#(#$)!"&80&L_`[&"%$#0&b&*9<*(-,$""0.0!#&8%&F)-#%,(*&0#
80&*91";(,!0&G%%@ @ LY
`&SP&+44)-8"&89("")4$(#$)!&+*,<-$02A1&G%%@ @ LZ
K5(;$#-0&_&G&H1I&D1J>1I&C1&H91K3+'O1%%@ @ VJ
_&LP&H0&4(*4%*&80"&#0-.0"&80&*9<45(!,0&G%%@ @ VJ
_&Q&PH0"&#0-.0"&80&*9<45(!,0&0!#-0&*0"&8(##0"&0#&*9)-,0&G%%@ @ VJ
_&SPH0"&#0-.0"&80&*9<45(!,0&0!#-0&*0"&8(##0"&0#&*0&.(c"&G%%@ @ VX
_&UPH0"&#0-.0"&80&*9<45(!,0&0!#-0&*0"&8(##0"&0#&*0&E*<&G%%@ @ VX
_&VPH0"&#0-.0"&80&*9<45(!,0&0!#-0&*0&=$!&0#&*0"&0!,-($"&6\KH7&G%%@ @ VG
K)!4*%"$)!%%@ @ VY
N%(#-$:.0&;(-#$0&G&>@C1H1I&C91ID >+D @'&1D&C1&FJ1Z I @'&%@ @ VH
K5(;$#-0&La&G&J1OJ1II @'d&K@JJ1H+D @'d&K@Z+J +'K1d&1K+JD&DeF1&1D
D1ID1I%%@ @ VH
La&LPJ0,-0""$)!&.(#5<.(#$/%0&G%%@ @ VH
La&QP&H(&4)--<*(#$)!&G%%@ @ VK
La&SP&H(&4)=(-$(!40%%@ @ VL
La&UP&H9<4(-#&#Y;0&G%%@ @ VL
La&VPH0"&#0"#"&%#$*$"<"&G%%@ @ VV
La&XP&I<-$0"&45-)!)*),$/%0"&G%%@ @ WJ
La&[&PH0"&;-)40""%"&(%#)-<,-0""$R"&6+J6;7&7&G%%@ @ WX
La&`PF-)40""%"&+J&6L7&)%&;-)40""%"&.(-f)=$0!&*$!<($-0&G%%@ @ WX
K5(;$#-0&LL&G&H1I&>@C1H1I&C91ID >+D @'I%%@ @ WG
LL&LP&H0&.)8:*0&890"#$.(#$)!&80"&4<-<(*0"&G%%@ @ WG
LL&QP&H0&.)8:*0&890"#$.(#$)!&8%&*($#&G%%@ @ WL
LL&SPH0&.)8:*0&890"#$.(#$)!&80&*95%$*0&80&#)%-!0")*%%@ @ WW
LL&UP&H0&.)8:*0&890"#$.(#$)!&80"&"%4-0"%%@ @ XJG
LL&VP&H0&.)8:*0&890"#$.(#$)!&80"&8(##0"&G%%@ @ XJZ
LL&XP&>)8:*0&890"#$.(#$)!&=$!"%%@ @ XJH
K5(;$#-0&LQ&G&H1I&FJ1Z I @'I%%@ @ XJL
LQ&LP&H0&.)8:*0&80&;-<=$"$)!&80"&4<-<(*0"&G%%@ @ XJL
LQ&QP&H0&.)8:*0&80&;-<=$"$)!&80"&"%4-0"&G%%@ @ XXJ
LQ&SP&H0&.)8:*0&80&;-<=$"$)!&80"&5%$*0"%%@ @ XXY
LQ&UP&H0&.)8:*0&80&;-<=$"$)!&80"&=$!"%%@ @ XXK
K)!4*%"$)!%%@ @ XXW
K)!4*%"$)!&,<!<-(*0%@ @ XGX
J1M1J1'K1I&? ?H @OJ+F3 NA1I%@ @ XGY
+!!0W0"&%@ @ XGH
;&&$P$%D%X[%>%B'0*(./0&%)(%:044$8:$%$P.=8/$(8%)$%*%\;*7=8/$%268%8=7/0&#%=:0&04/<($#%>%@ @ XGH
;&&$P$%D[G%>%*6%8=268././0&%)$#%.6(P%268%780(2$%)+(./*/#6./0&%%@ @ XGK
;&&$P$%D[Y%>%*6%8=268././0&%)$#%$P208.6./0&#%268%780(2$%)$%280)(/.#%@ @ XGL
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

!#-)8%4#$)!

O$%F0&:./0&&$4$&.%)(%:044$8:$%/&.$8&6./0&6*%)$#%280)(/.#%6%=.=%)$2(/#%*0&7.$42#%/&F*($&:=
268%*6%)=F/&/./0&%)$#%20*/./<($#%=:0&04/<($#%$.%*$#%.!=08/$#%8/:68)/$&&$#%$.%&=0:*6##/<($#
<(/%20(8%:!6<($%2=8/0)$%)0&&=$%:088$#20&)$&.%]%(&%:0(86&.%)0&&=@%^A$&:!$&$-_%XWWW`
B&%62268$&:$_%*$%:044$8:$%/&.$8&6./0&6*%8$780(2$%(&$%#044$%)+=:!6&7$#%/#0*=$%#6&#
26##=%&/%6'$&/8%$.%2686/.%&+0-=/8%<(+6(P%#$(*$#%*0/#%)(%468:!=@
O6%:68.$%)(%:044$8:$%/&.$8&6./0&6*%8$:0('8$%$&%F6/.%(&%8=#$6(%)+6::08)#%4(*./2*$#%*/6&.
)$#%$&.8$28/#$#_%)$#%B.6.#_%)$#%0876&/#6./0&#%0FF/:/$**$#%0(%&0&%70('$8&$4$&.6*$#%)6&#%(&
$#28/.%)$%:0&:(88$&:$_%:$8.$#_%46/#%)0&.%&/%*$#%862208.#%)$%F08:$%&/%*6%'0*0&.=%)$%:002=86./0&
$&.8$%268.$&6/8$#%&$%#0&.%$P:*(#%@^%E#66)_XWWV%`
O$%:044$8:$%/&.$8&6./0&6*%&$%8$28=#$&.$%<(+(&$%268./$%)$#%=:!6&7$#%=:0&04/<($#%$.
#0('$&.%/*%&$%8$*6.$%<($%*$#%280)(/.#%46.=8/$*#%$.%*$#%#$8'/:$#@
B&%8$'6&:!$_%0&%$P:*(.%)$%#6%)=F/&/./0&%*$#%.86&#F$8.#%)$%8$'$&(#%767&=#%]%*+$P.=8/$(8_
*$#%40('$4$&.#%)$%:62/.6(P%8=#(*.6&.%)+02=86./0&#%)$%28a.%$.%)$%:8=)/._%*$#%40('$4$&.#
)+08% 40&=.6/8$% )$#./&=#% ]% 8=7*$8% *$% #0*)$% )$#% =:!6&7$#% @% ^Q80b$._% ;-)$*46*c/_% 1(F0(8.@_
96&)8$..0_%XWWL`
O$#% $P208.6./0&#% $.% *$#% /4208.6./0&#% #0&.% :0&#/)=8=$#% :044$% /&)/:6.$(8#% $##$&./$*#
20(8%='6*($8%*+6:./'/.=%=:0&04/<($%)+(&%26d#%$.%*$#%20##/-/*/.=#%)$%#$#%)/FF=8$&.#%#$:.$(8#
)6&#%*$(8#%6)62.6./0&#%6(P%$P/7$&:$#%)(%468:!=%/&.$8&6./0&6*
O6%786'/.=%)(%)6&7$8%<($%8$28=#$&.$%)$%&0#%e0(8#%*+684$%6*/4$&.6/8$%)6&#%*$%)046/&$
=:0&04/<($%$.%20*/./<($%4$.%$&%'6*$(8%*6%&=:$##/.=%)(%:686:."8$%28/08/.6/8$%)$%*+678/:(*.(8$
)6&#%*$#%28=0::(26./0&#%&6./0&6*$#%:68%:$%#$:.$(8%$#.%*+(&%)$#%2/'0.#%:$&.86(P%)$%*+=:0&04/$
)+(&$%&6./0&%^Q!$8/F6_%XWWV`@
O$%)=#=<(/*/-8$%$&.8$%*+/&#(FF/#6&:$%)$%*6%280)(:./0&%$.%*6%F08.$%)$46&)$%#(8%*$%468:!=
&6./0&6*% $#.% e(7(*=% 268% *$#% /4208.6./0&#% ]% *6% 4$#(8$% )$#% 8$##0(8:$#% F/&6&:/"8$#% )0&.
)/#20#$&.%*$#%20('0/8#%2(-*/:#_%6(.8$4$&.%)/.%*$#%)/#20&/-/*/.=#%$&%280)(/.#%)$%:0&#0446./0&
#0&.%/4208.6&.$#%<(6&)%*$%468:!=%/&.$8&6./0&6*%)$#%!d)80:68-(8$#%$#.%F6'086-*$%6(P%26d#
$P208.6.$(8#%$.%)=#%<($%:$%468:!=%:0&&6T.%(&%8$.0(8&$4$&._%*6%2=&(8/$%#+/&#.6**$@%^Q!$8/F6_
XWWV`
B&% ;*7=8/$_% *+/4208.6./0&% )$#% 280)(/.#% 6780f6*/4$&.6/8$#% 8$<(/$8.% (&$% /4208.6&:$
268./:(*/"8$% )(% F6/.% <(+$**$% 8$28=#$&.$% KJg% )(% 20/)#% )$% *6% :0&#0446./0&% 6*/4$&.6/8$
40d$&&$%$.%280:(8$%VJ%]%WJg%)$%*6%'6*$(8%=&$87=./<($%$.%280.=/<($%6*/4$&.6/8$%^A$&:!68/F_
GJJX`@
O$#%/4208.6./0&#%6780f6*/4$&.6/8$#%0&.%:0&#./.(=%(&%)$#%/&#.8(4$&.#%:*=%)$%*6%20*/./<($
6*/4$&.6/8$% )$% *+B.6.% $.% 0&.% 2$84/#% )$% 8=7(*$8% *6% 86./0&% 6*/4$&.6/8$% )$% *6% 202(*6./0&@
^A$&:!68/F_%GJJX`@
Q$#% /4208.6./0&#% 46##/'$#% #0&.% *6% :6(#$% )+(&$% 280)(:./0&% $.% )+(&$% :0&#0446./0&
F6/-*$4$&.% /&.$8:0&&$:.=$#% $.% ='0*(6&.% :!6:(&$% 6'$:% #0&% 28028$% 2*6&% h% *+;*7=8/$
$#.% :0&#/)=8=$% :044$% 6:!$.$(8% 20.$&./$*% #(8% *$#% 468:!=#% 40&)/6(P% )$#% 280)(/.#
6*/4$&.6/8$#@% B**$% $#.% :*6##=$% 2684/% *$#% )/P% 28$4/$8#% /4208.6.$(8#% )$% -*=% $.% )$% :=8=6*$#
#$:0&)6/8$#%)6&#%*$%40&)$_%$**$%$#.%)$'$&($%=76*$4$&.%*+(&%)$#%2*(#%786&)#%)=-0(:!=#
K
!#-)8%4#$)!

)$#%#(82*(#%*6/./$8#%)(%40&)$_%$##$&./$**$4$&.%20(8%*+B(802$_%$.%*+(&%)$#%468:!=#%:62./F#
$&% 46./"8$% )+$P208.6./0&% )+!(/*$#% -8(.$#% ^)$% :0*b6% $.% )$% .0(8&$#0*`_% )$% #(:8$% 80(P% $.% )$
#$4$&:$#%#=*$:./0&&=$#@
i(6&.% 6(P% 280)(/.#% )+08/7/&$% 6&/46*$_% /*#% #$80&.% )/#20&/-*$#% 78j:$% ]% (&$% 280)(:./0&
F08.$4$&.%)=2$&)6&.$%$&%640&.%)(%468:!=%$P.=8/$(8@%^R6:!6:!/&6_%XWWW`
D0.8$% =.()$% :0&:$8&$% *+6:./'/.=% )(% :044$8:$% $P.=8/$(8% )$% *+;*7=8/$% $&% 280)(/.#
678/:0*$#%$.%67806*/4$&.6/8$#%)$2(/#%XWWJ%$.%(&$%.$&.6./'$%)$%28='/#/0&%)$#%/4208.6./0&#
67806*/4$&.6/8$#% )$% -6#$% ]% *k!08/b0&% GJXJ@% ,&% 268.% )(% :0&#.6.% )(% )=F/:/.% :0&#.6&.% )$% *6
-6*6&:$%:044$8:/6*$%678/:0*$%)$2(/#%*k/&)=2$&)6&:$%$.%)!&"0&;)"0&*(&/%0"#$)!&80&"(=)$-
4)..0!#&0W;*$/%0-&40&8<R$4$#&g
O$#%!d20.!"#$#%20('6&.%$P2*/<($8%*$%)=F/:/.%l%<($%&0(#%$##6d$80&#%)$%280('$8%)6&#
&0.8$%.86'6/*%f%#0&.%*$#%#(/'6&.$#%>
m *6%F6/-*$%:80/##6&:$%)$#%280)(:./0&#%678/:0*$#%)($%6(P%:0&)/./0&#%:*/46./<($#
)=F6'086-*$#%<($%:0&&6T.%*k;*7=8/$%$&%.6&.%<($%26d#%68/)$%$.%#$4/%68/)$_
m *6%:80/##6&:$%)$%*6%202(*6./0&%<(/%$#.%8$#.=$%F08.$%*0&7.$42#%628"#%*k/&)=2$&)6&:$%$.
<(/%&k6%:044$&:=%]%)/4/&($8%)$%F6n0&%:0&#=<($&.$%<(k6(%:0(8#%)$#%6&&=$#%<(6.8$
'/&7.%)/P_
m *6%:80/##6&:$%)$%*6%:0&#0446./0&%268%.a.$%)($%]%*k64=*/086./0&%)$%*6%#/.(6./0&%#0:/0
=:0&04/<($%)(%26d#_
m *6%F6/-*$##$%)(86-*$%)$#%$P208.6./0&#%678/:0*$#%)($%>
m )6&#%*$#%6&&=$#%#0/P6&.$%)/P_%]%*6%'0*0&.=%)=*/-=8=$%)$%*kB.6.%)$%F6'08/#$8%)k6-08)
*k62280'/#/0&&$4$&.%)(%468:!=%/&.=8/$(8@%Q$..$%20*/./<($%6%:0&)(/.%]%*6%2$8.$%)$#
:/8:(/.#%)$%)/#.8/-(./0&%]%*k$P208.6./0&%28=$P/#.6&.#%$.%*6%)/#268/./0&%)$%*6%F08:$%)$%.86'6/*
<(6*/F/=$%)6&#%*$#%$P208.6./0&#_
m e(#<(k$&%XWVK%^:!(.$%)$#%28/P%)(%2=.80*$`_%]%*k6/#6&:$%F/&6&:/"8$%)(%26d#%8=#(*.6.%)$%*6
!6(##$%)$#%28/P%)$#%!d)80:68-(8$#@
m O6%:!(.$%)$#%28/P%)(%2=.80*$%$&%XWVK%$.%*6%:8/#$%=:0&04/<($%<(/%#k$&%$#.%#(/'/$%e(#<(k]
*6%F/&%)$#%6&&=$#%<(6.8$%'/&7.%)/P%&k6%26#%280'0<(=%)$%!6(##$%#/7&/F/:6./'$%)6&#%*$#
$P208.6./0&#%678/:0*$#%)(%F6/.%)$%*6%F6/-*$##$%)$%*6%20*/./<($%)k6/)$%6(P%$P208.6./0&#@
m O6%*/-=86*/#6./0&%)(%:044$8:$%$P.=8/$(8%6'$:%*k622*/:6./0&%)(%?;9%^?*6&%)+6e(#.$4$&.
#.8(:.(8$*`%$&%XWWZ%6/&#/%<($%*6%F08.$%)='6*(6./0&%)(%)/&68%$.%*6%#(228$##/0&%)$
*6%2*(268.%)$#%#(-'$&./0&#%6(P%280)(/.#%678/:0*$#%$.%6*/4$&.6/8$#%&k0&.%26#_%&0&
2*(#_%$&.86T&=%(&$%-6/##$%)(86-*$%)$#%/4208.6./0&#%]%:6(#$%)$%*k6/#6&:$%F/&6&:/"8$
8$:0('8=$%)"#%*$#%6&&=$#%GJJJ%6'$:%*6%!6(##$%)$#%28/P%)$#%!d)80:68-(8$#@
m *$#%.$84$#%)$%*+=:!6&7$%$&.8$%280)(/.#%/4208.=#%$.%280)(/.#%$P208.=#%0&.%='0*(=%$&
)=F6'$(8%)$%*+;*7=8/$
m O6%F6/-*$##$%)$#%.6(P%)$%)80/.#%)$%)0(6&$%$P2*/<($%6(##/%*6%:80/##6&:$%)$#
/4208.6./0&#%^$FF$.%#(8%*6%)$46&)$%)$%280)(/.#%/4208.=#`
?0(8% :$% <(/% $#.% )$#% 28='/#/0&#% )+/4208.6./0&#% $.% )+$P208.6./0&#% ]% *k6&&=$% GJXJ_% 0&% F6/.
*k!d20.!"#$%<($%*6%.$&)6&:$%26##=$%#$%20(8#(/'86@

L
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

><#5)8)*),$0

O6%4=.!0)0*07/$%6)02.=$%20(8%*6%'=8/F/:6./0&%)$%&0#%!d20.!"#$#%$#.%*6%#(/'6&.$%>
!"#$%&'()!*'+,-$.$/
fM&$% =.()$% )$% *+=.6.% )$% &0.8$% :044$8:$% $P.=8/$(8% $.% *+='0*(./0&% )$#% /4208.6./0&#% $.
)$#%$P208.6./0&#%!08#%!d)80:68-(8$#%@Q$..$%=.()$%$#.%-6#=$%#(8%(&$%-/-*/07862!/$%$.%.0(#
*$#% 0('867$#% 8$208.6&.% #(8% *$% :044$8:$% $P.=8/$(8% )$% *+;*7=8/$_% #$% -6#6&.% 6/&#/% #(8% *$#
#.6./#./<($#%6(%&/'$6(%)(%4/&/#."8$%)(%:044$8:$_%6(%&/'$6(%)(%:$&.8$%&6./0&6*%)+/&F0846./0&
$.%)$#%#.6./#./<($#%$.%6(%&/'$6(%)$%*+0FF/:$%&6./0&6*%)$#%#.6./#./<($#%^,D9`@
f(&$%=.()$%$&.8$%*6%8$*6./0&%)$#%<(6&./.=#%/4208.=$#%)$#%280)(/.#%^:=8=6*$#_%*6/._%#(:8$_
!(/*$#_%.0(8.$6(P%)$%#0e6%$.%'/6&)$%-0'/&$`%$.%*6%280)(:./0&%)$%:$#%)$8&/$8#@
f*6%8$*6./0&%$&.8$%*$#%<(6&./.=#%/4208.=$#%)$#%280)(/.#%$.%*6%:80/##6&:$%)=407862!/<($@
!"#$%&'()!*'+,-$0$/
m M&$%=.()$%)$%*+='0*(./0&%)$#%$P208.6./0&#%!08#%!d)80:68-(8$#_%*6%268.%)$#%:$#
)$8&/"8$#%)6&#%*$#%$P208.6./0&#%.0.6*$#_%*+='0*(./0&%)$#%$P208.6./0&#%67806*/4$&.6/8$#
.0(.%$&%#$%-6#6&.%#(8%*$#%$P208.6./0&#%)$#%)6..$#%$.%)$#%'/&#@
m M&$%=.()$%$&.8$%*$#%<(6&./.=#%$P208.=$#%^)6..$%$.%'/&`%$.%*6%280)(:./0&%)$%:$#%)$8&/$8#@
O$#%)0&&=$#%#0&.%8$:($/**/$#%6(%&/'$6(%)(%:$&.8$%&6./0&6*%)+/&F0846./0&%$.%)$#%#.6./#./<($#
6/&#/%<(+6(28=#%)$%*+0FF/:$%&6./0&6*%)$#%#.6./#./<($#@
f(&$%=.()$%#(8%*6%8$*6./0&%$&.8$%*$#%<(6&./.=#%$P208.=$#%)$#%)6..$#%$.%)$#%'/&#%*$%28/P
$.%*6%:0&#0446./0&%)$%:$#%280)(/.#@
1 !"#$%&'()!*'+,-$2$/
f*6%:0**$:.$%$.%*$%:6*:(*%)$#%28/P%)$#%280)(/.#%/4208.=#%$.%280)(/.#%$P208.=#
f:6*:(*%)$%*+='0*(./0&%)$#%.$84$#%)$%*+=:!6&7$%$&.8$%>%)6..$f-*=%_%)6..$f087$_%)6..$f46o#%_
'/&f$&786/#@
?0(8%*+!d20.!"#$%Z%>
fM&$%=.()$%#(8%*6%8$*6./0&%$&.8$%*+='0*(./0&%)$#%.6(P%)$%)80/.#%)$%)0(6&$%)$#%280)(/.#
678/:0*$#% ^:=8=6*$#_% *6/._% #(:8$_% !(/*$#_% .0(8.$6(P% )$% #0e6% $.% *$#% '/6&)$#% -0'/&$#`% $.% *$(8#
<(6&./.=#%/4208.=$#@
!"#$%-$3!4+%-$4-$)#567,7!8$/
m *6%:0**$:.$%)$#%)0&&=$#%20(8%YH%6&&=$#%)+0-#$8'6./0&%^<(6&./.=#%/4208.=$#I%<(6&./.=#
$P208.=$#_%*6%280)(:./0&_%*$#%#(2$8F/:/$#_%*6%)=407862!/$`%20(8%:!6<($%280)(/.@
m M./*/#6./0&%)+(&%*07/:/$*%)$#%#.6./#./<($#%B'/$p#
;'6&.% )$% 26##$8% ]% *6% '=8/F/:6./0&% )$% &0#% !d20.!"#$#_% /*% &0(#% 6% #$4-*=% (./*$% )$% 8622$*$8
)6&#%(&$%28$4/"8$%268./$%*$#%28/&:/26*$#%.!=08/$#%)(%:044$8:$%/&.$8&6./0&6*%$.%*k!/#.08/<($
)(%q; _%.0(.%:$*6%)$'6&.%:0&.8/-($8%]%&0.8$%:0428=!$&#/0&%)$%*k='0*(./0&%)(%:044$8:$
$P.=8/$(8%)$%*k;*7=8/$@

V
F-0.$:-0&;(-#$0&G&H1I&FJ 'K F+H1I&D31@J 1I&CA&K@>>1JK1& 'D1J'+D @'+H

F-0.$:-0&;(-#$0&G&H1I&FJ 'K F+H1I


D31@J 1I&CA&K@>>1JK1
'D1J'+D @'+H

K5(;$#-0&LG&H1I&M@'C1>1'DI&D31@J NA1I
1K@'@> NA1&CA&H ?J1&1K3+'O1
O0&7.$42#_% 0&% 6% 2$&#=% <($% 20(8% #+$&8/:!/8% 6(% 46P/4(4_% (&% 26d#% )$'86/.% '$&)8$% (&
46P/4(4%]%*+=.86&7$8%$.%*/4/.$8%*$%2*(#%20##/-*$%*$#%/4208.6./0&#_%:+$#.%:$%<(+0&%6%622$*6/.
6(% rsE% #/":*$% *6% )0:.8/&$% 4$8:6&./*/#.$% @Q$*6% #$4-*6/.% *07/<($_% (&% 26d#% )$'6/.% )=.$&/8% *$
46P/4(4%)$%F0&)#%)$%*+=.86&7$8%$.%='/.$8%<(+/*%$&%#08.$%)$%#0&%.$88/.0/8$%^C6/&$**/_%XWWV`
Q$..$% F6n0&% )$% '0/8% :+$#.% :$% <(+0&% 622$**$% *$% #02!/#4$% =:0&04/<($% :+$#.% 2$(.% a.8$
'86/% 20(8% (&% 26d#% 28/#% /#0*=4$&._% 46/#% 0&% 2$(.% 622*/<($8% *$% 86/#0&&$4$&.% ]% .0(#% 26d#
#/4(*.6&=4$&.@% 9/% (&% 26d#% )04/&$% #$#% 268.$&6/8$#% )6&#% *$#% =:!6&7$#% /&.$8&6./0&6(P_
F08:$4$&.% :$#% 4a4$#% 268.$&6/8$#% $&8$7/#.8$&.% )$#% )=F/:/.#% )6&#% *$(8#% -6*6&:$#% )$
26d$4$&.@^A$&:!$&$-_XWWW`
;%(&%404$&._%/*#%)$'80&.%:$##$8%)+6:!$.$8%]%*+=.86&7$8%$.%*6%&6./0&%)04/&6&.$%2$8)86%#$#
:*/$&.#%$.%*$#%)=-0(:!=#%)$%#$#%$P208.6./0&#@%B&%#044$%.0(#%*$#%26d#%#$%.80('$&.%2$8)6&.#
]%622*/<($8%:$..$%20*/./<($%4$8:6&./*/#.$%^R$&&$8_%XWWG`
O$#% 28$4/$8#% 6(.$(8#% ]% <(/% *+0&% #+6::08)$% ]% 8$:0&&6T.8$% *$% 4=8/.$% )+6'0/8% =.6-*/% *$#
28=4/:$#%)+(&$%#:/$&:$%=:0&04/<($%8/70(8$(#$%0&.%8=2()/=%:$..$%)0:.8/&$%@94/.!%^XLLK`_
C/:68)0%^XVXL`@

L&LP&*9(=(!#(,0&(E")*%&80&I> D3&G
16&#%#0&%*/'8$%t%*6%8/:!$##$%)$#%&6./0&#%u%_%2(-*/=%$&%XLLK%;)64%94/.!%_%268%8=6:./0&%:0&.8$
*6%20*/./<($%4$8:6&./*/#.$%_%6'6/.%)=40&.8=%*$#%6'6&.67$#%)(%*/-8$%=:!6&7$%$&.8$%&6./0&#%@B&
$FF$.% _94/.!% 6'6/.% 622*/<(=% ]% *+=:!6&7$% /&.$8&6./0&6*% *$% 28/&:/2$% )$% *6% )/'/#/0&% )(% .86'6/*
:044$%*$%40.$(8%)$%.0(.%28078"#%=:0&04/<($%@
1+628"#%%q/86()%^GJJZ%`%O$%40)"*$%)$%;@%94/.!%$#.%*$%#(/'6&.%>
m G%26d#%>%q86&)$fA8$.67&$%^q@A`%$.%B.6.#fM&/#%^B@M`
m G%-/$&#%>%.$P./*$%^ `%$.%-*=%^A`
94/.!%6)02.$%*6%.!=08/$%)$%*6%'6*$(8%.86'6/*@%E*%$P/#.$%(&%#$(*%F6:.$(8%)$%280)(:./0&_%*$%.86'6/*@
O$% 28/P% )$#% -/$&#% $#.% 280208./0&&$*% ]% *6% <(6&./.=% )$% .86'6/*% )/8$:.$% $.% /&)/8$:.$% :0&.$&($_
4$#(8=$%$&%(&/.=%)$%.86'6/*%M@
D0.;"&80&#-(=($*&h&F-$W

W
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

% q@A B@M
$P./*$ HM%X XJ%MX
A*= XJMXA HMXA

16&#%*$#%)$(P%26d#_%*$%.86'6/*%.0.6*%F0(8&/%$#.%)$%XH%M%20(8%(&$%:0&#0446./0&%)$
^X% %v%X%A`
O$% $P./*$%$#.%40/&#%:!$8%$&%q@A@%^H%M`%<(k6(P%B@M@%^XJ%M`@
O$%A*=%$#.%40/&#%:!$8%6(P%B@M@%^H%M`%<(k$&%q@A@%^XJ%M`@
9/%:!6<($%26d#%#$%#2=:/6*/#$%)6&#%*6%280)(:./0&%20(8%*6<($**$%/*%6%(&%6'6&.67$%6-#0*(
^%/*%$#.%40/&#%:!$8`%$.%#/%X% %#k=:!6&7$%:0&.8$%X%A%^2(/#<(k/*#%)$46&)$&.%:!6:(&%H%(&/.=#%)$
.86'6/*%*]%0w%/*%$#.%*$%2*(#%F6:/*$%)$%*$#%280)(/8$`_%*6%#2=:/6*/#6./0&%)0&&$%268%$P$42*$%:$:/%>

% q@A B@M
$P./*$ XJMG JMJ
A*= JMJA XJMGA

;'$:%*k=:!6&7$%X% %xyz%X%A%:!6<($%26d#%8$.80('$%*$%4a4$%&/'$6(%)$%:0&#0446./0&
<(k$&%6(.68:/$%^X% %v%X%A`%46/#%$&%6d6&.%.86'6/**=%XJ%6(%*/$(%)$%XH@
E*%d%6%)0&:%76/&%)6&#%*$#%)$(P%26d#_%/:/%$P28/4=%$&%.$42#%)$%*0/#/8%#(22*=4$&.6/8$%)$
HM%&0&%.86'6/**=$#%20(8%*$%4a4$%&/'$6(%)$%'/$@
10&:% 9$*0&% ;)64% 94/.!_% :!6<($% 26d#% $#.% 2*(#% $FF/:6:$% <($% *$#% 6(.8$#% )6&#% *6
280)(:./0&%)k(&%-/$&%6(%40/&#@%O$%26d#%$&%#$%#2=:/6*/#6&.%)6&#%*6%280)(:./0&%)k(&%-/$&%:$%<(/
#/7&/F/$%*k6-6&)0&%)$%*6%280)(:./0&%)$#%6(.8$#%-/$&#_%62280F0&)/.%*6%)/'/#/0&%)(%.86'6/*%$.%6/&#/
*6%*/-$8.=%)$#%=:!6&7$#%'6%6::80T.8$%*$%-/$&fa.8$%)$%*k$&#$4-*$%)$#%26d#@%Qk$#.%*k6'6&.67$
6-#0*(%)6&#%*6%280)(:./0&%)k(&%-/$&%<(/%)=.$84/&$%*6%#2=:/6*/#6./0&%)$%:!6<($%26d#@
Mais que se passe t’il si une nation n’a aucun avantage ? Les autres nations
voudraient –elles commercer avec elle ? (Giraud, 2004)
C/:68)0%)0&&$%:$8.6/&#%687(4$&.#%#(22*=4$&.6/8$#%$&%F6'$(8%)(%*/-8$%=:!6&7$%$&%=*/4/&6&.
<($*<($#%!d20.!"#$#%8$#.8/:./'$#@

L&QP&H)$&80"&(=(!#(,0"&4).;(-(#$R"&J$4(-8)
9$*0&%C/:68)0_%:$%&k$#.%26#%*k6'6&.67$%6-#0*(%<(/%:042.$%46/#%*k6'6&.67$%8$*6./F@%;(.8$4$&.
)/.% (&% 26d#_% <(/% $#.% 40/&#% $FF/:6:$% <($% *$#% 6(.8$#% 26d#% )6&#% *6% 280)(:./0&% )$% .0(#% *$#
-/$&#%<(/%2$('$&.%a.8$%=:!6&7=#_%#$86%8$*6./'$4$&.%40/&#%/&$FF/:6:$%)6&#%*6%280)(:./0&%)k6(
40/&#%(&%-/$&@%B&%$P2*0/.6&.%:$.%6'6&.67$%:042686./F_%:k$#.f]f)/8$%$&%#$%#2=:/6*/#6&.%)6&#
*6%280)(:./0&%)$%:$%-/$&_%*$%*/-8$f=:!6&7$%#$%8='=*$86%28=F=86-*$%]%*k6(.68:/$@%^A$&:!$&$-_
XWWW`
9$*0&%R$&&$8%^XWWG`_%O$%20/&.%)$%)=268.%)$%:$..$%.!=08/$%$#.%*6%:042686/#0&%)$%)$(P
=:0&04/$#%$&%6(.68:/$_%*$#%B.6.#fM&/#%$.%*6%S86&:$_%<(/%280)(/#$&.%)$(P%-/$&#%*$%-*=%$.%*$
./##(% ]% 268./8% )(% .86'6/*% @*$#% :0{.#% )$% 280)(:./0&% 4$#(8=#% $&% 0('8/$8% #$46/&$_% #0&.% )6&#
*+$P$42*$%:0&#.8(/.%268%C/:68)0%2*(#%F6/-*$#%)6&#%*6%280)(:./0&%)$#%)$(P%-/$&#%6(P%B.6.#f
M&/#@

XJ
F-0.$:-0&;(-#$0&G&H1I&FJ 'K F+H1I&D31@J 1I&CA&K@>>1JK1& 'D1J'+D @'+H

B&% $FF$.% :!6<($% 0('8/$8% 64=8/:6/&% 280)(/.% XJ#6:#% )$% -*=% $.% XG% 4".8$#% )$% ./##(% 268
#$46/&$_%.6&)/#%<(+$&%S86&:$_%:!6<($%0('8/$8%280)(/.%!$-)046)6/8$4$&.%W%#6:#%)$%-*=%$.
V%4".8$#%)$%./##(#@
Q$#%:0{.#%)$%280)(:./0&%#0&.%2*(#%F6/-*$#%6(P%B.6.#fM&/#%<(+$&%S86&:$%20(8%*$#%)$(P
-/$&#%$.%.86)(/#$&.%(&%6'6&.67$%6-#0*(%)$#%B.6.#fM&/#%268%862208.%]%*6%S86&:$
Q0&.86/8$4$&.% ]% *6% :0&:*(#/0&% <(+$&% ./86/.% 94/.!_% *$#% )$(P% 26d#% 0&.% /&.=8a.% ]% #$
#2=:/6*/#$8%$.%]%=:!6&7$8%*$(8#%280)(:./0&#%@Q+$#.%<($%*$#%:0{.#%8$*6./F#%)$%280)(:./0&%)(%-*=
268%862208.%6(%./##(%&$%#0&.%26#%*$#%4a4$#%)6&#%*$#%)$(P%26d#@
O$%86./0%$#.%)$%XJIXG%6(P%B.6.#fM&/#%$.%)$%WIV%$&%S86&:$%@*+/&.$828=.6./0&%)$%:$#%:0{.#
(&/.6/8$#% 8$*6./F#% #+=:*6/8$% *08#<($% *+0&% 86/#0&&$% #(8% *$(8% /42*/:6./0&% )6&#% (&$% =:0&04/$
F$84=$@

% B@M S86&:$
/##( XG V
A*= XJ W
Q0{.#%:042686./F# XGIXJ VIW

9(220#0&#% <($% *+0&% #0(!6/.$% 6(P% B@M% ^M9;`% )+6::80T.8$% *6% 280)(:./0&% )(% ./##(% )+(&
4".8$_%/*%F6()86%20(8%:$*6%8$&0&:$8%]%$&'/80&%X@G%#6:#%)$%-*=%^XGIXJ`@
;% *+/&'$8#$% 20(8% 6(74$&.$8% *6% 280)(:./0&% )(% -*=% )+(&% #6:_% /*% #(FF/86% )+6-6&)0&&$8% *6
280)(:./0&%)+$&'/80&%J@VY%4".8$%)$%./##(%^XJIXG`@
B&%S86&:$_%*6%#/.(6./0&%$#.%)/FF=8$&.$%>%20(8%6(74$&.$8%*6%280)(:./0&%)(%./##(%)+(&%4".8$
/*%#(FF/.%)$%8$&0&:$8%]%$&'/80&%J@VW%#6:%)$%-*=%^VIW`%$.%(&%#6:%)$%-*=%2$(.%a.8$%280)(/.%$&
8$&0&n6&.%]%X@GH%4".8$#%)$%./##(%^WIV`%@
Q042686./'$4$&._% *$% ./##(% $#.% 2*(#% F6:/*$% ]% 280)(/8$% <($% *$% -*=% 6(P% B@M% 6*08#% <(+$&
S86&:$%:+$#.%*+/&'$8#$@
;/&#/%*6%S86&:$%280)(/86%)(%-*=%<(+$**$%=:!6&7$86%#$*0&%(&%862208.%)+(&$%(&/.=%:0&.8$
(&$%<(6&./.=%)$%-*=%#(2=8/$(8$%]%J@VV%(&/.=%^VIW`%$.%/&F=8/$(8$%]%X@G%(&/.=%^XGIXJ`%_%*$%862208.
)+=:!6&7$#% &6./0&6(P% $&% 6(.68:/$% )=.$84/&6&.% *$#% )$(P% -08&$#% )(% 862208.% )+=:!6&7$
/&.$8&6./0&6*%@
/*% F6(.% $&% $FF$.% <($% *6% '6*$(8% J@VV% #0/.% )=26##=$% 20(8% <($% *$#% F86&n6/#% 6/$&.% ]% #$
#2=:/6*/#$8% )6&#% *6% 280)(:./0&% )(% ./##(% _% 46/#% X@G% &$% )0/.% 26#% a.8$% 6..$/&.% 20(8% <($% *$#
64=8/:6/&#%)$%*$(8%:0.=%.80('$&.%(&%-=&=F/:$%]%#$%#2=:/6*/#$8%)6&#%*6%280)(:./0&%)(%-*=%@
L'analyse ricardienne ne précise pas quel sera le niveau exact des prix et des
quantités échangées entre pays. (Giraud, 2004)
Qk$#.% 9@% 5/**% <(/% )=.$84/&$86% *k=<(/*/-8$% )$% *k=:!6&7$% /&.$8&6./0&6*% $&% F6/#6&.% )$(P
!d20.!"#$#% >% *$#% F0&:./0&#% )$% *6% )$46&)$% 268% 26d#% #0&.% /)$&./<($#% $.% :0&#.6&.$#% )$% *6
268.% )(% 8$'$&(% 8=$*% :0&#6:8=% ]% :!6<($% -/$&@% 1k6(.8$#% !d20.!"#$#% F0&)$&.% *$% 40)"*$% >
:0&:(88$&:$% 2(8$% $.% 268F6/.$_% $P/#.$&:$% )k(&% #$(*% F6:.$(8% 28/46/8$% 268% 26d#_% :0{.#% )$
280)(:./0&%F/P$#%^.0.6*$4$&.%/&)=2$&)6&.#%)$%*k=:!$**$%)$%280)(:./0&%$.%)$#%$FF$.#%$P.$8&$#@

L&SP&H0&.)8:*0&80&T3@'&IDA+JD&> HH&G

XX
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

O+08/7/&6*/.=%)$%|@9%5EOO%268%862208.%]%CEQ;C1,%8=#/)$%)6&#%*+/&.80)(:./0&%)$%*6%)$46&)$%$.
2*(#%28=:/#=4$&.%t%*+/&.$&#/.=%)$%*6%)$46&)$%u%@Q$..$%)$8&/"8$%e0($%(&%83*$%/4208.6&.%)6&#
*6%F/P6./0&%)$#%.$84$#%)$%*+=:!6&7$@%^R6(.:0$(8@XWWW`
9(220#0&#%)$(P%26d#%;%$.%A%$.%(&%-/$&%r
9/%*$%26d#%;%]%(&$%F08.$%)$46&)$%20(8%*$%-/$&%r_%6*08#%<($%*$%26d#%A%)/#20#$%)+(&
6'6&.67$% :042686./F% 20(8% :$% -/$&_% *$% -=&=F/:$% )$% *+=:!6&7$% $#.% )0&:% 2*(#% 786&)% 20(8% *$
26d#%A@
9/% *$% 26d#% A% 6% (&$% F08.$% )$46&)$% 20(8% *$% -/$&% r% )0&.% *$% 26d#% ;% $#.% 6'6&.67=
:042686./'$4$&._%6*08#%*+/&'$8#$%#$%280)(/86%20(8%*$%26d#%;@
B.6&.% )0&&=% *+6(74$&.6./0&% 8$*6./'$% )$% *+/&.$&#/.=% )$% *6% )$46&)$% 20(8% *$#% -/$&#
28/46/8$#_%|@9@5EOO%2$&#6/.%<($%*$#%26d#%280)(:.$(8#%6d6&.%(&%6'6&.67$%:042686./F%20(8
:$#%280)(/.#%6**6/$&.%280F/.$8%)$%*+=:!6&7$_%08_%)6&#%*6%8=6*/.=%:$..$%'/#/0&%02./4/#.$%&+$#.%26#
'86/$%$.%&$%:0&:08)$%26#%6'$:%*$#%F6/.#_%:$*6%2$(.%#$%'=8/F/$8%)6&#%*$#%26d#%)(%./$8#%40&)$
Q8/./<($#>
m O+6'6&.67$%:042686./F%$#.%(&$%.!=08/$%)+0FF8$%$.%*+/&F*($&:$%)$%*6%)$46&)$%&+$#.%26#
28/#$%$&%:0&#/)=86./0&@
m O6%&0&%/&.=786./0&%)$%*6%'68/6-*$%40&=.6/8$@
m O6%&0&%28/#$%$&%:0&#/)=86./0&%)$%*6%280e$:./0&%]%*0&7%.$84$
m (&$%#2=:/6*/#6./0&%.802%20(##=$%$&.86T&$%(&$%)=2$&)6&:$@

L&UP&H(&*)$&80&*(&8)#(#$)!&0!&R(4#0%-"&80&;-)8%4#$)!&G
Q$..$%.!=08/$%$#.%6(##/%622$*=$%.)8:*0&3@I%:68%$**$%6%=.=%.80('=$%268%31K\IK31J%$.
@3H '%2(/#%:042*=.=$%268%I+>A1HI@'@
Ok08/7/&$% )$% *k6'6&.67$% :042686./F% '/$&.% )$% *k6-0&)6&:$% 0(% )$% *6% 868$.=% 8$*6./'$% )$#
)/'$8#%F6:.$(8#%)$%280)(:./0&%)0&.%#0&.%)0.=#%*$#%26d#@^%q/86()_GJJZ`
Q044$% C/:68)0_% :$#% 6(.$(8#% #(220#$&.% *k/440-/*/.=% /&.$8&6./0&6*$% )$#% F6:.$(8#% )$
280)(:./0&%$.%*+/)$&./.=%)$#%F0&:./0&#%)$%280)(:./0&@
t%?0(8%:$%40)"*$_%*6%280)(:./0&%)+(&%-/$&%)=:0(*$%)+(&$%:04-/&6/#0&%<(6&./.6./'$%$.
<(6*/.6./'$%)=.$84/&=$%)$%8$##0(8:$#%=*=4$&.6/8$#%<(/%#0&.%8=)(/.$#%20(8%)$#%86/#0&#%)$
#/42*/:/.=% ]% G% 0(% Y% :6.=708/$#% 7=&=86*$#% )$% F6:.$(8#% >% *$% :62/.6*% ^Q`_% *$% .86'6/*% ^}`% $.% *$#
8$##0(8:$#%&6.(8$**$#%^D`%@
Q$..$% */6/#0&% .$:!&/<($% $#.% #d4-0*/#=$% 268% *6% F0&:./0&% .8"#% 7=&=86*$% ?~% 0% ^Q% _}_D`
0w% :!6<($% =*=4$&.% $#.% $P28/4=% $&% (&/.=% 2!d#/<($% $.% 0w% *$% 26864".8$% 0% )=2$&)% )$% *6
.$:!&0*07/$%$&%(#67$%]%(&%404$&.%)0&&=%@
B&% #(220#6&.% <($% :!6<($% 26d#% 20##")$% (&$% )0.6./0&% $&% F6:.$(8#% )=.$84/&=$_
)/FF=8$&.$% #$*0&% *$#% 26d#_% $.% <($% *$% :0{.% 4/&/46*% )$% :!6<($% 280)(/.% #0/.% 0-.$&(% 6'$:
(&$% 280208./0&% 28=:/#$% )$#% F6:.$(8#% :04-/&=#_% 0&% 2$(.% 6'6&:$8% *+/)=$% <($% :!6<($% 26d#
#$% #2=:/6*/#$% )6&#% *$% 280)(/.% <(/% 8$<(/$8.% *6% 2*(#% F08.$% 280208./0&% )$% F6:.$(8% )0&.% /*% $#.
6-0&)644$&.%20(8'(@
10&:% *$% 40)"*$% )$% R,9% 2$(.% #+=&0&:$8% #0(#% F084$% )$% )$(P% 28020#/./0&#
:042*=4$&.6/8$#%>
f*$%28/P%)+(&%280)(/.%)0&.%*6%280)(:./0&%&=:$##/.$%-$6(:0(2%)$%F6:.$(8#%6-0&)6&.#%$#.
$&%/#0*$4$&.%40/&#%=*$'=%<($%)6&#%)+6(.8$#%26d#@
XG
F-0.$:-0&;(-#$0&G&H1I&FJ 'K F+H1I&D31@J 1I&CA&K@>>1JK1& 'D1J'+D @'+H

f:!6<($%26d#%$P208.$%*$%280)(/.%<(/%(./*/#$%/&.$&#=4$&.%#0&%F6:.$(8%6-0&)6&.%$.%/4208.$
*$%280)(/.%<(/%(./*/#$86/.%/&.$&#=4$&.%#0&%F6:.$(8%868$@%u%^C6/&$**/_%XWWV`
,&% 2$(.% $&% )=)(/8$% <(+/*% &+d% 6% 6(:(&% =:!6&7$% /&.$8&6./0&6*% 20##/-*$% $&.8$% 26d#
20##=)6&.%)$#%)0.6./0&#%F6:.08/$**$#%/)$&./<($#@
9$*0&% ;@B446&($*% _% )$(P% 468:!6&)/#$#% )+=76*$% '6*$(8% (&/.6/8$% ^)+=76*% :0&.$&(% $&
.86'6/*`%#+=:!6&7$80&.%$&.8$%)$(P%26d#%#(8%*6%-6#$%)$%28/P%)$%280)(:./0&%/&=76(P%$.%)0&:%)$
<(6&./.=#%/&=76*$#%_%:68%*$#%#6*6/8$#%)6&#%*$#%)$(P%26d#%#0&.%/&=76(P
;/&#/% /*% 6-0(./.% ]% (&$% :0&:*(#/0&% <(+/*% $P/#.$% (&$% /&=76*/.=% )6&#% *+=:!6&7$% )($% ]
(&$% /&=76*/.=% )$#% #6*6/8$#% $&.8$% *$% :$&.8$% ^26d#% )='$*022=#`% $.% *6% 2=8/2!=8/$% ^26d#% #0(#
)='$*022=#`@% E*% 6FF/84$% <($% *$% )$78=% )+$P2*0/.6./0&% $#.% 2*(#% 786&)% )6&#% *$#% 26d#% )$% *6
2=8/2!=8/$%<($%)6&#%*$#%26d#%)(%:$&.8$%^A$&:!$&$-%_XWWW`

L&VP&H0&;(-(8)W0&80&H1@'D 1M&G
%%%?68.6&.%)(%F6/.%<($%*$#%.6.#fM&/#%=.6/$&.%$&%28/&:/2$%4/$(P%)0.=#%$&%:62/.6*%<($%*$%8$#.$%)(
40&)$_%O$0&./$F%^28/P%D0-$*%XWLY`%:6*:(*$%]%*k6/)$%)$%*6%46.8/:$%/&2(.f0(.2(.%*$#%:0&.$&(#
$&%.86'6/*%$.%$&%:62/.6*%)$#%$P208.6./0&#%$.%/4208.6./0&#%64=8/:6/&$#%20(8%*k6&&=$%XWZL@
,8_% *$#% 8=#(*.6.#% 0-.$&(#% 40&.8$&.% *k/&'$8#$% )$% :$% <(/% =.6/.% 6..$&)(% >% *$#% .6.#fM&/#
$P208.$&.%)$#%-/$&#%<(/%&=:$##/.$&.%-$6(:0(2%)$%.86'6/*%$.%/4208.$&.%)$#%-/$&#%8$*6./'$4$&.
:62/.6*/#./<($#@
?*(#/$(8#%$P2*/:6./0&#%0&.%=.=%6'6&:=$#%>%28=#$&:$%)$%:0{.#%)$%.86&#208.%$.%)$%)80/.#
)$%)0(6&$%h%:686:."8$#%)$#%F0&:./0&#%)$%280)(:./0&%h%28=#$&:$%)k(&%.80/#/"4$%F6:.$(8%)$
280)(:./0&_%*$#%8$##0(8:$#%&6.(8$**$#%h%$FF$.#%)$%*6%)$46&)$%$.%.8"#%F08.$%280)(:./'/.=%)$#
.86'6/**$(8#P
Cependant en admettant cette explication, la loi des proportions des facteurs de
production n’est plus crédible. ». (Giraud, 2004)
1$#%=.()$#%#/4/*6/8$#%0&.%=.=%$&.8$28/#$#%)6&#%*$#%26d#%.$*#%<($%*$%Q6&6)6_%*$%|620&_%*$
2686)0P$%&$%:!6&7$6/.%26#@

L&XP&H(&#5<)-$0&8%&4Y4*0&80&;-)8%$#&Z1J'@'&G
Ok6'6&.67$%:042686./F%6%20(8%08/7/&$%*6%8$:!$8:!$%<(/%280)(/.%*k/&&0'6./0&%$.%*6%)$46&)$%)(
468:!=%/&.$8&$@%sBCD,D%:04-/&$%*k='0*(./0&%)$%*6%&6.(8$%)(%280)(/.%6'$:%*$#%='0*(./0&#
)$%#0&%:044$8:$%/&.$8&6./0&6*@%EO%$P/#.$%)/FF=8$&.$#%2!6#$#%>
m X"8$%2!6#$%>%26#%)$%:044$8:$%/&.$8&6./0&6*%>%280)(/.%F6-8/<(=%$.%:0&#044=%)6&#%*$
26d#%)k08/7/&$
m G"4$%2!6#$%>%)='$*022$4$&.%)$#%$P208.6./0&#%6'$:%#$#%268.$&6/8$#%>%$P.$&#/0&%)(
468:!=%)(%280)(:.$(8%)6&#%*$#%6(.8$#%?E@%O$%28/P%-6/##$@
m Y"4$%2!6#$%>%-6&6*/#6./0&%)(%280)(/.@%E*%)$'/$&.%/&.$&#/F%$&%46/&%)k0$('8$%$.%#$86
)0&:%F6-8/<(=%)6&#%*$#%?B1%0w%*6%46/&%)k0$('8$%$#.%40/&#%:!"8$%^)=*0:6*/#6./0&`@
O6%.!=08/$%)$%Z1J'@'&4$.%*k6::$&.%#(8%*6%40-/*/.=%)$#%F6:.$(8#%)$%280)(:./0&@
t%9$*0&%:$..$%.!=08/$_%:!6<($%26d#%#$%#2=:/6*/#$%)6&#%*$#%#$:.$(8#%0w%/*%6%*6%:042=.$&:$
.$:!&0*07/<($%*6%4$/**$(8$%^8$*6./'$4$&.`@%Q+$#.%(&%6'6&.67$%:042686./F%^26#%6-#0*(`@%Q$..$
.!=08/$%$#.%62268($%$&%XWKK_%]%(&%404$&.%0w%*$#%B.6.#fM&/#%6'6/$&.%(&$%.8"#%F08.$%6'6&:=$
.$:!&0*07/<($% 268% 862208.% 6(% 8$#.$% )(% 40&)$@% O+B(802$% =.6/._% 6'$:% (&% :$8.6/&% &04-8$
XY
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

)+6(.8$#%26d#_%:626-*$%)+/4/.$8_%2(/#%)$%280:!$%$&%280:!$_%0&%688/'6/.%]%*6%280)(:./0&%)$%-/$&#
/&)(#.8/$*#%268%*$#%26d#%*$#%40/&#%/&&0'6&.#%^.$P./*$%)$%:0.0&%6(%A6&7*6)$#!`@%u%^R6(.:0$(8_
XWWW`

L&[P&D5<)-$0&80&*(&4)!4%--0!40&$.;(-R($#0&0#&;)*$#$/%0&4)..0-4$(*0
"#-(#<,$/%0&6\JAO>+'7&G
& O6% :0&:(88$&:$% /4268F6/.$% #$% :686:.=8/#$% 268% *k$P/#.$&:$% )$% -688/"8$#% ]% *k$&.8=$_% )$#
8$&)$4$&.#%:80/##6&.#%0(%)$%#(8280F/.#%*/=#%]%)$#%20#/./0&#%)$%40&020*$@
O$#% =:0&04/$#% )k=:!$**$% )0&&$&.% (&% 6'6&.67$% )=.$84/&6&.% 6(P% $&.8$28/#$#% <(/
6..$/7&$&.%*$#%28$4/"8$#%*6%.6/**$%02./46*$@%Q$..$%)$8&/"8$%2$84$.%)$%)/FF=8$&:/$8%*$#%7644$#
$.%)k6408./8%*$#%)=2$&#$#%)$%8$:!$8:!$%$.%)$%)='$*022$4$&.@%1$%4a4$_%*$#%$&.8$28/#$#
2$('$&.%286./<($8%)$#%28/P%-6#%$.%*64/&$8%*$#%280F/.#%)$#%6(.8$#%F/84$#@%1"#%*08#_%*$#%26d#
)0&.% *$#% F/84$#% &$% #$86/$&.% 26#% :042=././'$#% #$80&.% 0-*/7=#% )k/4208.$8% )$#% -/$&#% $.% '0&.
28$&)8$%(&%8$.68)%.$:!&0*07/<($@%Qk$#.%20(8<(0/%*$#%$&.8$28/#$#%$.%*$#%&6./0&#%#0&.%/&:/.=$#
]%.0(.%F6/8$%20(8%F6/8$%2$8)(8$8%:$.%6'6&.67$%0(%]%*$%:0&<(=8/8@
O6% 20*/./<($% :044$8:/6*$% #.86.=7/<($% :0&#/#.$% )0&:% ]% :!$8:!$8% ]% =*/4/&$8% #0&
:0&:(88$&.%6F/&%)$%8=:(2=8$8%#$#%)=-0(:!=#%$.%8$&F08:$8%#0&%20('0/8%)$%40&020*$@
M&% 6(.8$% $P$42*$% )$% 280.$:./0&% $#.% */=% 6(P% $P.$8&6*/.=#% )k6228$&./##67$@% Ok0('$8.(8$
/&.$8&6./0&6*$%2$(.%64$&$8%(&%26d#%]%#$%#2=:/6*/#$8%)6&#%(&%#$:.$(8%)0&.%*6%280)(:./'/.=%$#.
#(2=8/$(8$%]%:$**$%0-#$8'=$%6/**$(8#@
0(.$F0/#_%:$..$%$FF/:6:/.=%2$(.%a.8$%)$%:0(8.%.$84$%$.%&$%26#%.$&/8%:042.$%)$%*k$FF/:6:/.=
)d&64/<($_% :k$#.f]f)/8$% /&:*(6&.% *$#% $P.$8&6*/.=#% )k6228$&./##67$% 767$% )k(&$% :80/##6&:$
=*$'=$%]%*0&7%.$84$@%M&$%F0/#%$&.8=%)6&#%:$..$%#2=:/6*/#6./0&_%*$%26d#%:0&&6T.86%(&$%F6/-*$
:80/##6&:$@%?0(8%6-6&)0&&$8%:$#%46('6/#%#$:.$(8#%$.%2$84$..8$%*6%8$:0&'$8#/0&%'$8#%*$
0(%*$#%-0&#%#$:.$(8#_%*$%26d#%)$'86%#$%4$..8$%]%*k6-8/%)$%*6%:0&:(88$&:$%$.%8$:0(8/8%]%(&$
20*/./<($%)$%#(-'$&./0&@%Q$..$%e(#./F/:6./0&%)$%*6%280.$:./0&%F6/.%*k0-e$.%)$%)/'$8#$#%:8/./<($#%>
:044$&.%)/#./&7($8%*$#%-0&#%$.%46('6/#%#$:.$(8#%h%#/%*6%)$46&)$%)=2$&)%)$%*6%<(6*/.=%$.
&0&%)(%28/P_%*6%280.$:./0&%2$(.%#$%8='=*$8%40/&#%$FF/:6:$%h%$&F/&_%#/%.0(#%*$#%26d#%:!0/#/##$&.
*$%4a4$%#$:.$(8_%*$%:044$8:$%#k$FF0&)8$@%^Q80b$.@_%;-)$*46*c/_%1(F0(8._%96&)8$..0%_XWWL`
H0"&(-,%.0!#"&0!&R(=0%-&8%&*$E-02<45(!,0&G
1+628"#%Q80b$._%;-)$*46*c/_%1(F0(8._%96&)8$..0^XWWW`%*$#%687(4$&.#%$&%F6'$(8%)(%*/-8$
=:!6&7$%#0&.%>
m O$%*/-8$%=:!6&7$%$#.%(&%F6:.$(8%)k$P26&#/0&%=:0&04/<($
m *$#%687(4$&.#%)$%94/.!%$.%)$%C/:68)0%>%/*#%0&.%'(%*$#%-/$&F6/.#%)(%*/-8$f=:!6&7$@
m O6%)$46&)$%=.86&7"8$%$#.%(&%40d$&%)k=:0(*$8%*6%280)(:./0&%>%*$#%?E%0&.%)$#
$&.8$28/#$#%.0(8&=$#%'$8#%*k$P208.6./0&_%*$#%?B1%0&.%(&%)='$*022$4$&.%$P.86'$8./
^08/$&.=%'$8#%*k$P208.6./0&%:68%*6%)$46&)$%/&.$8&$%$#.%/&#(FF/#6&.$`@
P%O$%*/-8$f=:!6&7$%=*687/.%*$#%468:!=#%>%*$%:044$8:$%$P.=8/$(8%2$84$.%)$%-=&=F/:/$8%)$%*6
280)(:./0&%$&%786&)$#%#=8/$#%^280)(:./0&%)$%46##$%~%=:0&04/$#%)k=:!$**$%~%-6/##$%)$#
28/P`@%O$%468:!=%20##")$%6*08#%(&$%)/4$&#/0&%2*(#%/4208.6&.$@
m O$%*/-8$f=:!6&7$%F6'08/#$%*6%:0&:(88$&:$%>%*$#%$&.8$28/#$#%)0/'$&.%/&&0'$8_%#$
40)$8&/#$8_%#k6)62.$8_%6(74$&.$8%*6%280)(:./'/.=_%/&'$#./8_%a.8$%:042=././'$#%$.
#k08/$&.$8%'$8#%*$#%#$:.$(8#%*$#%2*(#%2$8F0846&.#@

XZ
F-0.$:-0&;(-#$0&G&H1I&FJ 'K F+H1I&D31@J 1I&CA&K@>>1JK1& 'D1J'+D @'+H

m O$%*/-8$f=:!6&7$%$&.86T&$%(&$%)/'$8#/F/:6./0&%)$%*6%:0&#0446./0&%>%'0/.(8$#
6**$46&)$#_%e620&6/#$#@@@
m O$%*/-8$f=:!6&7$%F6'08/#$%*6%-0&&$%$&.$&.$%$&.8$%*$#%26d#%>%:k$#.%(&%/&#.8(4$&.%)$
26:/F/:6./0&%#$*0&%C/:68)0@
H0"&*$.$#0"&8%&*$E-02<45(!,0&G
m O$%*/-8$f=:!6&7$%8$&)%F867/*$#%*$#%=:0&04/$#%)$#%26d#%:0&:$8&=#%:68%*$#%26d#
)$'/$&&$&.%/&.$8)=2$&)6&.#%$.%*$#%)=#=<(/*/-8$#%:0&e0&:.(8$*#%#$%.86&#4$..$&.%)k(&
26d#%]%(&%6(.8$@%O6%!6(##$%)(%28/P%)(%2=.80*$%$&%XWLY%6%/4208.=%*k/&F*6./0&%$&%S86&:$@
m O6%:0&:(88$&:$%2$(.%$&.86T&$8%*6%F$84$.(8$%)$#%$&.8$28/#$#%*$#%40/&#%8$&.6-*$#%>%:$#
$&.8$28/#$#%&$%2$('$&.%26#%#k6)62.$8%]%*k='0*(./0&%)$%*6%)$46&)$%40&)/6*$@
m ?0(8%*$#%?B1_%*6%:0&:(88$&:$%2$(.%$&.86T&$8%*6%8(/&$%)$%*$(8%=:0&04/$%.86)/./0&&$**$
$.%$&.86'$8%*$(8%)='$*022$4$&.@
m ?=&=.86./0&%#(8%*$%468:!=%&6./0&6*%)$%280)(/.#%=.86&7$8#%^:042=././'/.=%/&.$8&$`@
m O$%*/-8$f=:!6&7$%F6'08/#$%#0('$&.%*$#%26d#%)04/&6&.#%^#$*0&%*$#% /$8#f50&)/#.$#`%:68
/*%&+6##(8$%26#%.0(e0(8#%*$%)='$*022$4$&.%!6840&/$(P%)$%.0(#%:$(P%<(/%268./:/2$&.%]
:$#%=:!6&7$#
A/$&%<($%*$#%6(.$(8#%:*6##/<($#%.$&)$&.%]%)=40&.8$8%<($%*$%)='$*022$4$&.%)$#%=:!6&7$#
$&.8$%&6./0&#%$#.%-=&=F/<($%20(8%.0(#%*$#%26d#%268./:/26&.#_%/*%&k$&%)$4$(8$%26#%40/&#%<($
*$#%=:!6&7$#%2$('$&.%&$%26#%a.8$%280F/.6-*$#%20(8%.0(#%)$%*6%4a4$%46&/"8$%$.%<(k/*#%#$
.86)(/#$&.%6(##/%268%(&%:$8.6/&%&04-8$%)k$FF$.#%&=76./F#%]%:0(8.%0(%40d$&%.$84$%^*k6-6&)0&
)$%:$8.6/&$#%280)(:./0&#%F6/.%6(74$&.$8%*$%:!3467$@@@`@
%%%%%%%%Q$8.6/&#%6(.$(8#%0&.%)0&:%)='$*022=%)$#%.!"#$#%'/#6&.%]%e(#./F/$8%*6%4/#$%$&%2*6:$
)$%4$#(8$#%280.$:./0&&/#.$#%6F/&%)$%*/4/.$8%.$42086/8$4$&.%*$#%=:!6&7$#%/&.$8&6./0&6(P@

K5(;$#-0&Q&G&H1I&M@'C1>1'DI&D31@J NA1I
1K@'@> NA1I&CA&FJ@D1KD @'' I>1
O$%280.$:./0&&/#4$%$#.%*+$&#$4-*$%)$%4$#(8$#%'/#6&.%]%280.=7$8%*6%280)(:./0&%)+(&%26d#
:0&.8$% *6% :0&:(88$&:$% =.86&7"8$@% ,&% )/#./&7($% *$% 280.$:./0&&/#4$% .68/F6/8$_% &0&% .68/F6/8$_
6)4/&/#.86./F%^~78/#`@%9:7;*7!88<7#-$4&5;!8!37-$=<*'<8>
?*(#/$(8#% 687(4$&.#% 2*6/)$&.% $&% F6'$(8% )(% 280.$:./0&&/#4$% &0.644$&.% >% *$
)='$*022$4$&._%*6%:0&e0&:.(8$_%*$%.68/F%02./46*%$.%*$%&/'$6(%)$%'/$@
O$#%687(4$&.#%&0&%=:0&04/<($#%#0&.%6(##/%$&%F6'$(8%)(%280.$:./0&&/#4$%.$*#%<($%>%*6
F/$8.=%&6./0&6*$_%*6%8$)/#.8/-(./0&%)$#%8$'$&(%$.%*6%)=F$&#$%&6./0&6*$@
K)..0!#&"0&.(!$R0"#0&*0&;-)#04#$)!!$".0&g
H(&;-)#04#$)!&#(-$R($-0%>%O$#%-688/"8$#%.68/F6/8$#%8$28=#$&.$&.%*$#%)80/.#%)$%)0(6&$%<($
)0/'$&.%6:<(/..$8%*$#%67$&.#%=:0&04/<($#%=.86&7$8#%<(/%#0(!6/.$&.%'$&)8$%(&%-/$&%0(%(&
#$8'/:$%#(8%*$%468:!=%&6./0&6*@
% % % % % % % % Q$#% )80/.#% )$% )0(6&$% <(/% 28=#$&.$&.% *k6'6&.67$% )$% 280:(8$8% )$#% 8$:$..$#
-()7=.6/8$#% ]% *kB.6.% 0&.% =.=% 28078$##/'$4$&.% #(228/4=#% #(/.$% 6(P% )/FF=8$&.#% 6::08)#
/&.$8&6./0&6(P%/##(#%)$#%&=70:/6./0&#%4$&=$#%)6&#%*$%:6)8$%)(%q; %0(%)6&#%*$%:6)8$%)$
XH
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

*k(&/F/:6./0&%)(%468:!=%(&/<($%$(802=$&@%;/&#/_%*$%&/'$6(%40d$&%)$#%)80/.#%)$%)0(6&$%$#.
26##=%)k$&'/80&%ZJ%g%$&%XWZL%]%$&'/80&%XV%g%$&%XWKG%$.%]%H%g%$&%XWWZ
H0"&0RR0#"&8%&;-)#04#$)!!$".0&#(-$R($-0&G
m #(8%*6%:0&#0446./0&%>%(&%)80/.%)$%)0(6&$%6%:044$%$FF$.%*+6(74$&.6./0&%)$%*6
)$46&)$%/&.$8&$%#(8%*$#%280)(/.#%)04$#./<($#_%$.%#$*0&%*+02./<($%:0&#0446./0&%*$#
)80/.#%)$%)0(6&$%0&.%(&%$FF$.%&=76./F%#(8%*$#%:0&#0446.$(8#%$&%86/#0&%)$%*6%!6(##$
)$#%28/P%)$#%-/$&#%/4208.=#@
m 9(8%*$#%:6/##$#%)$%*+B.6.%>%*$#%)80/.#%)$%)0(6&$%8$28=#$&.$&.%(&$%#0(8:$%6228=:/6-*$
)$%8$:$..$#%20(8%*$#%26d#%$&%'0/$%)$%)='$*022$4$&.@
m 9(8%*6%-6*6&:$%)$#%:042.$#%>%*6%-6*6&:$%:044$8:/6*$%)+(&%26d#%20(886/.%a.8$
64=*/08=$%)6&#%*6%4$#(8$%0(%0&%6##/#.$86/.%]%(&$%)/4/&(./0&%)$#%/4208.6./0&#%$.%*$
46/&./$&%)$#%$P208.6./0&#%]%(&%&/'$6(%#.6-*$@
H0"&E(--$:-0"&!)!&#(-$R($-0"&6?'D`>%O$#%-688/"8$#%&0&%.68/F6/8$#%:0&#./.($&.%*6%F084$%*6%2*(#
8=26&)($%)(%280.$:./0&&/#4$%:0&.$42086/&%$.%#$%)/#./&7($&.%)$#%)80/.#%)$%)0(6&$%268%*$
F6/.%<(k/*%$#.%2*(#%:/-*=_%2*(#%)/FF(#%^40/&#%:*6/8$4$&.%'/#/-*$`%$.%<(k/*%2$(.%28$&)8$%(&%786&)
&04-8$%)$%F084$#%>
Xf:0&./&7$&.$4$&.%^<(0.6#`%>%268%:$%40d$&%*$#%=:!6&7$#%#0&.%:0&.83*=#%)/8$:.$4$&._%/*
2$84$.%)$%&$(.86*/#$8%*6%:0&:(88$&:$%=.86&7"8$%$.%*/4/.$8%<(6&./.6./'$4$&.%*$#%/4208.6./0&#@
16&#%#$#%8$#.8/:./0&#%<(6&./.6./'$#%0&%)/#./&7($%)$(P%#d#."4$#%>
;f% O$% #d#."4$% )$#% <(0.6#% ]% *+/4208.6./0&% >% )6&#% :$% #d#."4$% *6% 8=268././0&% )$#
/4208.6./0&#%*/4/.=$#%#$%F6/.%$&.8$%*$#%)/FF=8$&.#%02=86.$(8#%=:0&04/<($#
A%fO$%#d#."4$%)$#%<(0.6#%]%*+$P208.6./0&%>%)6&#%:$%#d#."4$%0&%6%>
f%O$%#d#."4$%)$#%<(0.6#%]%*+$P208.6./0&%'0*0&.6/8$%>%/*%$#.%)/.%'0*0&.6/8$%:68%/*%$#.%)/:.=
268%*$#%/&.=8a.#%)$%*6%&6./0&@
fO$%#d#."4$%)$#%<(0.6#%/&'0*0&.6/8$#%>%*$#%$P208.6./0&#%)+(&%26d#%2$('$&.%a.8$%*/4/.=$#
#0(#% *6% 4$&6:$% )+(&$% 6(74$&.6./0&% )$% )80/.#% )$% )0(6&$% $.% #0(#% *6% 28$##/0&% )$#% 26d#
/4208.6.$(8#%@
Gf9(-'$&./0&#%6(P%$P208.6./0&#%>%*$#%B.6.#%6::08)$&.%)$#%#(-'$&./0&#%<(/%2$84$..$&.
)$% )/4/&($8% 68./F/:/$**$4$&.% *$% 28/P% )$#% -/$&#% $P208.=#_% :$% <(/% F6(##$% *6% :0&:(88$&:$
/&.$8&6./0&6*$
YfD084$#%.$:!&/<($#%0(%/&)(#.8/$**$#%^#=:(8/.=`%>*$#%&084$#.$:!&/<($#%)$%#=:(8/.=%<(/
)0/'$&.% a.8$% 8$#2$:.=$#% 20(8% *$#% -/$&#% 0(% #$8'/:$#% /4208.=#% )6&#% *$% #0(:/% )$% 7686&./8
*6% #=:(8/.=% )$#% :0&#0446.$(8#% $.% <(/% 2$84$..$&.% $&% F6/.% )$% F$84$8% *$% 468:!=% &6./0&6*% ]
:$8.6/&$#%280)(:./0&#%=.86&7"8$#@
Z% fQ0&.83*$% <(6*/.=% >% (&% )/#20#/./F% )$% 8"7*$4$&.#% $.% )$% 28$#:8/2./0&#% F/P$% *$#
:686:.=8/#./<($#%)$#%-/$&#%)$%:0&#0446./0&%/4208.=#@
H%fD084$#%#6&/.6/8$#%>%*$#%-/$&#%/4208.=#%)0/'$&.%0-=/8%]%)$#%&084$#%^'6:!$%F0**$%)6&#
*$#%6&&=$#%XWWJ`@
K%fC=7*$4$&.6./0&#%6)4/&/#.86./'$#%>*$#%8=7*$4$&.6./0&#%$.%)=468:!$#%6)4/&/#.86./'$#
<($% )0/'$&.% 8$42*/8% *$#% /4208.6.$(8#% 20(8% 20('0/8% '$&)8$% *$(8#% -/$&#% 0(% #$8'/:$#% #(8% *$
.$88/.0/8$% &6./0&6*@% B&% XWVG% 268% $P$42*$_% *kB.6.% F86&n6/#% 6% 8$#.8$/&.% *$#% /4208.6./0&#% )$
467&=.0#:02$#%e620&6/#%$&%F08n6&.%*$#%/4208.6.$(8#%]%$FF$:.($8%*$%)=)0(6&$4$&.%)$%*$(8#
280)(/.#%]%?0/./$8#%)6&#%(&%#$8'/:$%'0*0&.6/8$4$&.%#0(#f=<(/2=@

XK
F-0.$:-0&;(-#$0&G&H1I&FJ 'K F+H1I&D31@J 1I&CA&K@>>1JK1& 'D1J'+D @'+H

Q&LP&D5<)-$0&80&*(&;-)#04#$)!&8(!"&*0&4(8-0&80"&$!8%"#-$0"&!($""(!#0"
Q$..$%.!=08/$%6%=.=%)='$*022=$%268%5$##/$(8#%$&.6-:%;344*,5%3-%03%<34/.6$%$.%e(#./F/$%*6
4/#$%$&%2*6:$%)$%280:=)(8$%280.$:./0&&/#.$%.$42086/8$%20(8%F6'08/#$8%*$%)='$*022$4$&.%)$
&0('$**$#%/&)(#.8/$#@
B&% 280.=7$6&.% *k/&)(#.8/$% )6&#% *$% 28$4/$8% .$42#% )$% #0&% )='$*022$4$&._% *$% 26d#
2$84$.% ]% :$..$% 6:./'/.=% )$% 8=6*/#$8% )$#% =:0&04/$#% )k=:!$**$% $.% )$% -=&=F/:/$8% )$#% 76/&#
)k6228$&./##67$%*(/%2$84$..6&.%)$%:04-*$8%#0&%)=#6'6&.67$%:042=././F%/&/./6*@%E*%$&%8=#(*.$
(&$%-6/##$%)(%:0{.%40d$&%)$%280)(:./0&%268%862208.%]%:$*(/%)$#%6(.8$#%26d#%$P208.6.$(8#
)$%:$%-/$&@%M&$%F0/#%<($%*$%:0{.%40d$&%$#.%=76*%0(%/&F=8/$(8%]%:$*(/%)(%8$#.$%)(%40&)$%$.
)0&:%<($%*k6'6&.67$%:042686./F%)(%26d#%$#.%=.6-*/_%*$#%4$#(8$#%280.$:./0&&/#.$#%4/#$#%$&
2*6:$#%2$('$&.%a.8$%#(228/4=$#@
&&&&&&&&%$=5327+3$%$/%(&%26d#%#0(!6/.6&.%#$%)='$*022$8%)6&#%(&$%280)(:./0&%268./:(*/"8$
'6%4$..8$%$&%2*6:$%)$#%-688/"8$#%.68/F6/8$#%28028$#%]%8$&)8$%*$#%280)(:./0&#%=.86&7"8$#%)$
:$%-/$&%40/&#%:042=././'$#%6F/&%)k$&7$&)8$8%(&%6::80/##$4$&.%)$%*6%280)(:./0&%&6./0&6*$
6(%)=.8/4$&.%)$#%/4208.6./0&#@
Q$.%6::80/##$4$&.%)$%*6%)$46&)$%6)8$##=$%6(P%$&.8$28/#$#%&6./0&6*$#%2$84$.%]%:$**$#f
:/%)k6::80T.8$%*$(8%'0*(4$%)$%280)(:./0&%:$%<(/%*$#%F6/.%-=&=F/:/$8%)k=:0&04/$#%)k=:!$**$#@%O6
)/4/&(./0&%28078$##/'$%)$#%)80/.#%)$%)0(6&$%6::04267&$%6*08#%*$#%76/&#%)$%280)(:./'/.=
8=6*/#=#%268%*$#%$&.8$28/#$#%&6./0&6*$#%<(/%'0&.%2$(%]%2$(%a.8$%$&%4$#(8$%)k$P208.$8%(&$
268./$%)$%*$(8%280)(:./0&%$&%)/8$:./0&%)$#%6(.8$#%26d#@
%%E*%8=#(*.$%)$%:$..$%.!=08/$%<($%*6%)/'/#/0&%/&.$8&6./0&6*$%)(%.86'6/*%&k$#.%26#%F/7=$%$.%2$(.
='0*($8%)6&#%*$%.$42#%6(%78=%)$%*k/&#$8./0&%)6&#%*$#%=:!6&7$#%/&.$8&6./0&6(P%)$%&0('$**$#
&6./0&#%$&%'0/$%)$%)='$*022$4$&.@
%%Q$..$%62280:!$%6%&0.644$&.%=.=%4/#$%$&%0$('8$%)6&#%:$8.6/&#%26d#%6#/6./<($#%<(/
0&.%:0&&(%(&$%:80/##6&:$%=:0&04/<($%862/)$%$.%(&$%/&#$8./0&%#2$:.6:(*6/8$%)6&#%*$%:/8:(/.
)$#%=:!6&7$#%/&.$8&6./0&6(P@
O$#%26d#%)='$*022=#%#$%.80('$&.%6*08#%:0&F80&.=#%]%*6%&=:$##/.=%)$%)$'0/8%#k6)62.$8
862/)$4$&.% ]% *6% 8$4/#$% $&% :6(#$% )$% *$(8% #.8(:.(8$% )$% 280)(:./0&% F6:$% ]% *k=4$87$&:$% )$
&0('$6(P%:0&:(88$&.#%#(8%*6%#:"&$%/&.$8&6./0&6*$@%^C6/&$**/%_XWWV`

Q&QP&H0&;-)#04#$)!!$".0&8<R0!"$R&80&'$4)*("&\(*8)-&G
E*%28=:0&/#$%*6%280.$:./0&%)$%*k/&)(#.8/$%)6&#%#6%'/$/**$##$@%O$%280.$:./0&&/#4$%$#.%&=:$##6/8$
]%:6(#$%)$#%)/FF/:(*.=#%$&7$&)8=$#%268%*6%:8/#$%$.%20(8%F6:/*/.$8%*6%8$:0&'$8#/0&%)$#%#$:.$(8#
$&%)=:*/&@

Q&SP&H0&;-)#04#$)!!$".0&"0*)!&F3PH 'C1J&0#&KPF&\ 'CH1?1JO1JG


6+-,%.0!#&8%&;(Y"&!0%R7
9$*0&%:$#%)$(P%6(.$(8#_%*$#%26d#%$&%'0/$%)$%)='$*022$4$&.%0&.%(&%8$:0(8#%#d#.=46./<($
6(P%)80/.#%)$%)0(6&$%20(8%*6%28040./0&%)$%*$(8#%280)(:./0&#%&6./0&6*$#%h%/*#%6FF/84$&.%<($
*$#%)0/.#%)$%)0(6&$%]%*+/4208.6./0&%#0&.%(&$%#0(8:$%)$%8$:$..$#%2(-*/<($#%&0&%(&$%#0(8:$
)$%280.$:./0&%)$%*+/&)(#.8/$@
16&#% (&$% &6./0&% <(/% 6% 6::=)=% )$2(/#% 2$(% ]% *+/&)=2$&)6&:$% $.% 0{% *$% &/'$6(% )$% '/$
$#.% -6#% _*$#% )/#.08#/0&#% /&.=8/$(8$#% *$#% 2*(#% #=8/$(#$#% 2$('$&.% 280'$&/8% )$% *+/&:626:/.=

XL
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

)(% 70('$8&$4$&.% ]% 6##(8$8% (&$% F0(8&/.(8$% #(FF/#6&.$% )$% -/$&#% :0**$:./F#% h% *$#% &6./0&#
26('8$#% 6(74$&.$86/$&.% *$(8#% 76/&#% #0:/6(P% _#/% $**$#% )='$*0226/$&.% )$#% #$8'/:$#% 2(-*/:#
F0&)64$&.6(P% .$*#% <($% >% *+$&#$/7&$4$&.% 28/46/8$% $.% *6% )=F$&#$% &6./0&6*$% _% 46/#% *$#
8$##0(8:$#%6)4/&/#.86./'$#%&$%#0&.%26#%#(FF/#6&.$#%20(8%<(+$**$#%2(/##$&.%:62.$8%:$#%76/&#%@
10&:%)6&#%:$#%&6./0&#%*$#%)80/.#%)$%)0(6&$%)=2$&)$&.%2*(#%)+(&$%20*/./<($%=:0&04/<($
<($%)+(&%280.$:./0&&/#4$%:0&.8$%*$#%/4208.6./0&#@

Q&U&PH0"&R)!80.0!#"&!)!&<4)!).$/%0"&8%&;-)#04#$)!!$".0&G
O$%&04-8$%)$%:$#%687(4$&.#%$#.%286./<($4$&.%/**/4/.=%46/#%$&%7=&=86*%/*%#$%:0&:$&.8$%#(8
.80/#%0-e$:./F#%>%*6%F/$8.=%&6./0&6*$_%*6%8=268././0&%)$#%8$'$&(#%$.%*6%)=F$&#$%&6./0&6*$@
%<$?7-#*5$8<*7!8<%-$/%*$#%&6./0&#%0&.%#0/F%)$%#d4-0*$#%6(%4a4$%./.8$%<($%*$#%/&)/'/)(#%$.
*$%F6/.%)$%#6'0/8%<(+(&%:$8.6/&%-/$&%$#.%280)(/.%]%*+/&.=8/$(8%)(%26d#%2$(.%a.8$%(&%0-e$.%)$%F/$8.=
&6./0&6*$@%10&:%#/%:$..$%280)(:./0&%#(#:/.$%*6%F/$8.=_%*+/&#.8(4$&.%)$%20*/./<($%=:0&04/<($
6228028/=%#$4-*$%a.8$%(&$%#(-'$&./0&%]%*6%280)(:./0&%&6./0&6*$_%^€`%:$%&+$#.%<($%)6&#%*$
:6#%0(%*6%F/$8.=%:0&#/#.$%]%&$%26#%/4208.$8%<($%*$%)80/.%)$%)0(6&$%$#.%*6%4$/**$(8$%20*/./<($
^N/&)$*$-$87$8%$.%O/&)$8.%_XWVX`
;/&#/% <($% 5@Ad$% $.% q@1$% A$8&/#% _% |@5@|$6&&$&$d% )=F/&/.% *+/&)=2$&)6&:$% )(% 2$(2*$
:044$%=.6&.%*6%F6:(*.=%)$%:$%2$(2*$%)$%)=:/)$8%*/-8$4$&.%)$%#0&%)$#./&%#6&#%#$%28=0::(2$8
)$#%6(.8$#%@
56/#% :$..$% .!"#$% $#.% /88=6*/#.$% :68% *6% F/$8.=% &6./0&6*$% &$% '0()86/.% 26#% )/8$
$FF/:6:/.=% )$#% 6:./'/.=#% 280)(:./'$#% &6./0&6*$#_% *+/&)=2$&)6&:$% &6./0&6*$% #$86/.% (&% 4d.!$
^A$&:!$&$-_XWWW`@
@<$#-47,*#7A"*7!8$4-,$#-6-8",$>%*6%286./<($%)$%*6%20*/./<($%:044$8:/6*$%280.$:./0&&/#.$
^622*/:6./0&%)$#%)80/.#%)$%)0(6&$`%2$(.%6'0/8%:044$%-(.%*+64=*/086./0&%)$%*6%8$)/#.8/-(./0&
)$#%8$'$&(#%:68%:$#%)80/.#%2$('$&.%F6'08/#$8%(&%780(2$%#0:/6*%0(%(&$%8=7/0&%)=#6'6&.67=$@
@<$45?-8,-$8<*7!8<%-$/%)+628"#%:$.%687(4$&.%$.%$&%.$42#%)$%26/P_%(&%26d#%)0/.%8=(&/8
$.%)0/.%6'0/8%*+$&#$4-*$%)$#%280)(:./0&#%&=:$##6/8$#%6(%-/$&%=:0&04/<($%$.%4/*/.6/8$_%$&
.$42#%)$%7($88$%_%*6%26d#%&+6%26#%-$#0/&%)+=:!6&7$8%6'$:%*+=.86&7$8%@^A$&:!$&$-_XWWW`
10&:%(&%)80/.%)$%)0(6&$%6-0(./.%#$(*$4$&.%]%F6/8$%6:!$.$8%2*(#%)$%-/$&#%280)(/.#%268
*6%&6./0&%$.%40/&#%)$%-/$&#%=.86&7$8#%@*+687(4$&.%)$%*6%)=F$&#$%&6./0&6*$%#(220#$%<($%:$*6
6(74$&.$% *6% :626:/.=% )$% 280)(:./0&% 268% (&% $&:0(867$4$&.% )$% *+/&)(#.8/$% &6./0&6*$% 46/#
*$#% /&)(#.8/$*#% &$% )='$*022$80&.% <($% *6% :626:/.=% <(/% *$(8% 2686T.86% #(FF/#6&.$% 20(8% :0('8/8
*$#% -$#0/&#% )(% .$42#% )$% 26/P% $.% &$% :8=$80&.% 6(:(&$% :626:/.=% #(22*=4$&.6/8$% )+(87$&:$
^7($88$`@^N/&)$*$-$87$8%$.%O/&)$8.%_XWVX`
&2&H0"&*$.$#0"&8%&;-)#04#$)!!$".0
m *0&;-)#04#$)!!$".0&80&-<#)-"$)!%>%8=6:./0&%)$#%26d#%'/:./4$#%)(%280.$:./0&&/#4$_%/*
&+/&:/.$%26#%]%*6%:042=././'/.=%$.%/*%F6'08/#$%*6%!6(##$%)$#%28/P@
m *0&;-)#04#$)!!$".0&80&T%*0"&><*$!0%$#.%(&%.d2$%)=F$&#/F%)$%:0&#$8'6./0&%#0:/6*$@%E*
#k67/##6/.%)k=*$'$8%*$#% 68/F#%5=*/&$%20(8%280.=7$8%*k678/:(*.(8$%F86&n6/#$%$.%#6./#F6/8$
*$#%8$'$&)/:6./0&#%)$%*6%:*6##$%26d#6&&$@
O6%:0&#=<($&:$%F(.%*k6FF6/-*/##$4$&.%)(%26d#%268%46&<($%)k/&&0'6./0&#@

XV
F-0.$:-0&;(-#$0&G&H1I&FJ 'K F+H1I&D31@J 1I&CA&K@>>1JK1& 'D1J'+D @'+H

K5(;$#-0&S&G&H1I&1K3+'O1I&+OJ K@H1I&1D
+OJ@+H >1'D+ J1I&1D&H1I&FJ 'K F1I&CA&O+DD

S&L&PH0"&<45(!,0"&(,-$4)*0"&0#&(,-)2(*$.0!#($-0"
E*% d% 6'6/.% (&$% 4(*./.()$% )k0-#.6:*$#% 6(% :044$8:$% )$#% 280)(/.#% 678/:0*$#_% &0.644$&.
)$#% /&.$8)/:./0&#% )k/4208.$8_% )$#% :0&./&7$&.#% 2*6F0&&6&.% *$% &/'$6(% )$#% /4208.6./0&#_
)$#% 28=*"'$4$&.#% '68/6-*$#% ]% *k/4208.6./0&_% )$#% 28/P% )k/4208.6./0&% 4/&/46(P% $.% )$#
4$#(8$#% &0&% .68/F6/8$#% 46/&.$&($#% 268% )$#% $&.8$28/#$#% :044$8:/6*$#% @Q$#% 0-#.6:*$#_
#6&#%:044(&$%4$#(8$%6'$:%:$(P%6(P<($*#%F6/#6/$&.%F6:$%)k6(.8$#%#$:.$(8#%)(%:044$8:$
)$#% 468:!6&)/#$#_% $&.86'6/$&.% *$% :044$8:$% )$#% 28/&:/26(P% 280)(/.#% 678/:0*$#_% )0&.% *$#
:=8=6*$#_%*6%'/6&)$_%*$#%280)(/.#%*6/./$8#_%*$%#(:8$%$.%)/'$8#%F8(/.#%$.%*=7(4$#@
1$%2*(#_%6(%*$&)$46/&%)$%*6%#$:0&)$%7($88$%40&)/6*$_%*6%28$4/"8$%28=0::(26./0&%)$
-0&%&04-8$%)$%70('$8&$4$&.#%6'6/.%=.=%)k6(74$&.$8%*6%280)(:./0&%678/:0*$%20(8%&0(88/8
(&$%202(*6./0&%)$%2*(#%$&%2*(#%&04-8$(#$@%Q042.$%.$&(%)$%:$.%0-e$:./F_%$.%#0(:/$(P%)$
46/&.$&/8% (&% :$8.6/&% =<(/*/-8$% $&.8$% *6% :80/##6&:$% )$#% 8$'$&(#% )6&#% *$#% b0&$#% 8(86*$#% $.
:$**$% )$#% 8$'$&(#% )6&#% *$#% b0&$#% (8-6/&$#_% )$% &04-8$(P% 26d#_% $&% 268./:(*/$8% )6&#% *$#
8=7/0&#% )='$*022=$#_% 0&.% $(% 8$:0(8#% ]% )$#% 4$#(8$#% )$% #0(./$&% )$#% 28/P% )(% 468:!=% l
:k$#.f]f)/8$% <($% *$#% 28/P% )$#% 280)(/.#% 678/:0*$#% =.6/$&.% 68./F/:/$**$4$&.% 70&F*=#@% q8j:$% ]
*k/420#/./0&%)k0-#.6:*$#%]%*k6::"#%6(P%468:!=#_%*6%280)(:./0&%&6./0&6*$%=.6/.%6##(8=$%)ka.8$
=:0(*=$@%Q$#%4$#(8$#_%6/&#/%<($%*$#%76/&#%)$%280)(:./'/.=_%0&.%862/)$4$&.%2$84/#%)k6..$/&)8$
*k6(.0#(FF/#6&:$%6*/4$&.6/8$@^9.60(./%_GJJZ`
16&#% 2*(#/$(8#% :6#_% *k6::80/##$4$&.% )$% *6% 280)(:./0&% &6./0&6*$% )$% :$8.6/&#% 280)(/.#
678/:0*$#%&0&%#$(*$4$&.%6%2$84/#%)$%8$42*6:$8%*$#%/4208.6./0&#_%46/#%6%6(##/%$&7$&)8=
)$#%$P:=)$&.#%#.8(:.(8$*#@%O$%#(-'$&./0&&$4$&.%)$#%$P208.6./0&#%6%#$8'/%)$%2*(#%$&%2*(#%]
=:0(*$8%*$#%$P:=)$&.#%#(8%*$%468:!=%40&)/6*_%:$%<(/%6%$(%20(8%$FF$.%)$%F6/8$%-6/##$8%*$#%28/P
)(%468:!=@%?68%6/**$(8#_%:$%F6:.$(8%:0&e(7(=%6(P%$FF$.#%)$%*6%#(8='6*(6./0&%)$#%40&&6/$#_
)$#%20*/./<($#%)$%-6#%28/P%)$#%280)(/.#%6*/4$&.6/8$#%$&%F6'$(8%)$#%202(*6./0&#%(8-6/&$#%$.
)$%:$8.6/&$#%6(.8$#%4$#(8$#%/&.=8/$(8$#_%6%)/##(6)=%*$#%678/:(*.$(8#%)$%2*(#/$(8#%26d#%$&
)='$*022$4$&.%)k6::80T.8$_%'0/8$%)$%46/&.$&/8_%*$(8#%&/'$6(P%)$%280)(:./0&@
s$8#% *6% F/&% )$% *6% #$:0&)$% 7($88$% 40&)/6*$% *$#% 28/&:/26(P% B.6.#% #$% 28=0::(2$&.% )(
8=.6-*/##$4$&.% )(% #d#."4$% =:0&04/<($% 40&)/6*_% *+/)=$% )$% *6% :002=86./0&% /&.$8&6./0&6*$
#+/420#$% 6'$:% F08:$% )+6(.6&.% 2*(#% <($% *$% B.6.#lM&/#% #0&.% )$'$&(#% !=7=40&/<($#% @ 80/#
786&)$#%<($#./0&#%)0/'$&.%a.8$%8=7*=$#%20(8%<($%*+=:0&04/$%40&)/6*$%2(/##$%#08./8%)$%*6
7($88$%$.%)$#%)=#08)8$#%6&.=8/$(8#%)6&#%)$%-0&&$#%:0&)/./0&#@%^C6/&$**/%XWWV`@
Q+$#.%.0(.%)+6-08)%*6%<($#./0&%)$#%.6(P%)$%:!6&7$%>%:044$&.%F/P$8%*$#%268/.=#%*08#<($%*$#
.86&#6:./0&#%/&.$8&6./0&6*$#%8$28$&)80&._%46/#%6(##/%<($*%:!0/P%F6/8$%$&%46./"8$%)+6e(#.$4$&.
)$%:$#%268/.=#%^%C6/&$**/_%XWWV`
B&#(/.$%:$**$%)$%*6%8$4/#$%$&%=.6.%)$#%=:0&04/$#%268./$**$4$&.%0(%.0.6*$4$&.%)=.8(/.$#
268%*$#%!0#./*/.=#%>%:044$&.%F/&6&:$8%*$(8%8$:0&#.8(:./0&%
B&F/&%:$**$%)$%*+0876&/#6./0&%)$#%=:!6&7$#%/&.$8&6./0&6(P%)$%468:!6&)/#$#%>%:044$&.
='/.$8%*$#%8$2*/$4$&.#%280.$:./0&&/#.$#%)$%*+$&.8$%*$#%)$(P%7($88$#%%^C6/&$**/_%XWWV`
?0(8%8=20&)8$%]%:!6:(&$%)$#%<($#./0&#_%*$#%&6./0&#%6**/=$#%4$..$&.%$&%2*6:$_%)=#%XWZZ_
)$#%/&#./.(./0&#%/&.$8&6./0&6*$#%08/7/&6*$#%>
f*$%F0&)#%40&=.6/8$%/&.$8&6./0&6*%BCD

XW
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

f*6%-6&<($%/&.$8&6./0&6*$%20(8%*6%8$:0&#.8(:./0&%$.%*$%)='$*022$4$&.%EDF:
f*6%:!68.$%)$%*6%R6'6&$%$.%*+0876&/#6./0&%/&.$8&6./0&6*$%)(%:044$8:$@

S&QP&H0&O+DD&0#&"0"&;-$!4$;0"&G
O$%q; %^q$&$86*%678$$4$&.%0&%.68/F#%6&)% 86)$%0(%6::08)%7=&=86*%#(8%*$#%.68/F#%)0(6&/$8#
$.%*$%:044$8:$`%$#.%&=%628"#%*6%#$:0&)$%7($88$%40&)/6*$_%)6&#%(&%:0&.$P.$%7=&=86*%<(/
$#.%:$*(/%)$#%:8=6./0&#%/&#./.(./0&&$**$#%/&.$8&6./0&6*$#%)$#./&=$#%]%:0&#.8(/8$%(&%#d#."4$
=:0&04/<($%40&)/6*@
O$#%:0&)/./0&#%268./:(*/"8$#%)$%*6%&6/##6&:$%)(%q; %$P2*/<($&.%#0&%08/7/&6*/.=%>%/*%#+67/.
)+(&%.86/.=%#/7&=%/&/./6*$4$&.%$&.8$%GY%26d#%$.%<(/_%$&%86/#0&%)$%*+=:!$:%)$%*6%:8=6./0&%)$
*+,876&/#6./0&%/&.$8&6./0&6*$%)(%:044$8:$%^%*6%28$4/"8$%&=70:/6./0&%6%'/#=%*6%:8=6./0&%)$
*+,EQ% $&% XWZH% <(/% 6(86/.% F6/.% 8$#2$:.$8% *$% */-8$% =:!6&7$% ]% *+=:!$**$% 40&)/6*$% `_% 6(86/.% =.=
:!687=%)$%)/:.$8%*$#%8"7*$#%)(%*/-8$%=:!6&7$%$.%)$%F6/8$%*+68-/.8$%)$#%='$&.($*#%:0&F*/.#%@
Q$.%6::08)%&+6%e646/#%=.=%(&$%/&#./.(./0&%]%*6%)/FF=8$&:$%)$%*+,DM%46/#%(&%:0)$%)$%-0&&$
:0&)(/.$%<($%*$#%:0#/7&6.6/8$#%0&.%*/-8$4$&.%6::$2.=_%/*%$#.%$&.8=%$&%'/7($(8%$&%e6&'/$8%XWZV
$.%6%=.=%:0&n(%20(8%a.8$%622*/<(=%)(86&.%(&$%:0(8.$%2=8/0)$%$.%]%./.8$%280'/#0/8$@%^Q80b$.@_
;-)$*46*c/_%1(F0(8._%96&)8$..0%_XWWL`
9$*0&%16'/80&%^XWWW`%_%*$#%8"7*$#%:044(&$#%8$20#$&.%#(8%<(6.8$%28/&:/2$#%>
>%+8%/*/%0.614.2./8-.*/%08/6%+36%(1?8/936%1*22341.8,5%@$%t%*6%:*6(#$%)$%*6%&6./0&%*6
2*(#%F6'08/#=$%u%6##(8$%:$%28/&:/2$_%6(:(&%26d#%&$%)0/.%6::08)$8%]%(&%6(.8$%)$#%6'6&.67$#
:044$8:/6(P%268./:(*/$8#_%&/%$P$8:$8%)$%)/#:8/4/&6./0&%]%#0&%=768)@
;(.8$4$&.% )/._% #/% (&% 26d#% :0&#$&.% (&% 6'6&.67$% ]% (&% 6(.8$% 26d#% ^-6/##$% )$% )80/.#
)$% )0(6&$% #(8% (&% 280)(/.% 0(% (&$% :6.=708/$% )$% 280)(/.#% )=.$84/&=$`_% :$*6% )0/.% a.8$
6(.046./<($4$&.%622*/<(=%]%.0(#%*$#%6(.8$#%26d#%#/7&6.6/8$#%)$%*+6::08)@
Q$2$&)6&._%/*%$P/#.$%(&$%$P:$2./0&%]%:$..$%8"7*$%<(/%:0&:$8&$%*$%:6#%0{%*$#%6'6&.67$#
$&%<($#./0&%#0&.%:0&#$&./#%6F/&%)$%2$84$..8$%*6%:8=6./0&%)+(&$%(&/0&%)0(6&/"8$%:044$%:+$#.
*$%:6#%20(8%*+MB%0(%*+;OBD;%^6##0:/6./0&%)$%*/-8$%l=:!6&7$%)(%&08)%)$%*+;4=8/<($`_
O+6::08)%7=&=86*%0FF8$%*6%20##/-/*/.=%)$%:8=$8%)$%.$**$#%b0&$#_%]%)0(-*$%:0&)/./0&%<($
:$#% 6::08)#% 28=F=8$&./$*#% &$% :0&)(/#$&.% 26#% ]% 6(74$&.$8% *$#% -688/"8$#% :0&.8$% *$#% &0&
268./:/26&.#%$.%<($%*$#%-688/"8$#%/&.$8&$#%#0/$&.%.0.6*$4$&.%#(228/4=$#_%20(8%*+$##$&./$*%)$#
=:!6&7$#%$.%)6&#%(&%)=*6/%86/#0&&6-*$%@^C6/&$**/_%GJJZ`
BP$42*$%>%*6%#/7&/F/:6./0&%)$%*6%&0&%)/#:8/4/&6./0&%'$(.%)/8$%<($%*$#%)80/.#%&(*#%6::08)=#
268%*+MB%6(P%M9;%#(8%*$#%/4208.6./0&#%)$%#0e6%#+622*/<($&.%]%.0(.$%6(.8$%/4208.6./0&%)$%#0e6
$&%280'$&6&:$%)+(&%6(.8$%26d#%#/7&6.6/8$%)(%q; @
2*(&-<4$;-)4$#<&G
B&%'$8.(%)$%:$%28/&:/2$%$.%6F/&%)+0-.$&/8%268%:0&:$##/0&#%8=:/280<($#%(&$%-6/##$%)$#
)80/.#% )$% )0(6&$_% *$#% 26d#% #/7&6.6/8$#% )0/'$&.% $&767$8% )$#% &=70:/6./0&#% -/*6.=86*$#_% 0(
4(*./*6.=86*$#_%280)(/.%268%280)(/.@
Q$%<(/%#/7&/F/$%<($%#/%(&%26d#%F6/.%(&$%:0&:$##/0&%.68/F6/8$_%:$*6%)0/.%a.8$%:042$&#=%268
)$#%:0&:$##/0&#%8=:/280<($#%)$%*6%268.%)$#%26d#%<(/%$&%-=&=F/:/$&.@
;% *+/&'$8#$% .0(.$% 6(74$&.6./0&% )(% .68/F% F/P=% )6&#% *$% :6)8$% )(% q; % )0/.% a.8$% #(/'/$
268% (&$% :042$&#6./0&% #$% .86)(/#6&.% 268% (&$% -6/##$% #(8% )+6(.8$#% 280)(/.#% 0(% 268% (&$
6(74$&.6./0&%.68/F6/8$%)6&#%*$#%26d#%<(/%#(-/##$&.%*$#%:0&#=<($&:$#%&=76./'$#@
GJ
F-0.$:-0&;(-#$0&G&H1I&FJ 'K F+H1I&D31@J 1I&CA&K@>>1JK1& 'D1J'+D @'+H

2*9$!#0-8$4#$)!&80"&-0"#-$4#$)!"&/%(!#$#(#$=0"&b&*9$.;)-#(#$)!&6/%)#("7&G
56/#%/*%$P/#.$%)$#%:6#%)+$P:$2./0&%h%$&%$FF$.%$&%:6#%)$%)/FF/:(*.=#%786'$#%)$%*6%-6*6&:$%)$#
26/$4$&.#_%*+6::08)%6(.08/#$%)$#%<(0.6#%]%*+/4208.6./0&%$.%#/%)$#%286./<($#%)$%)(42/&7%)$%*6
268.%)$#%$P208.6.$(8#%0&.%*=#=%:$8.6/&#%280)(:.$(8#%)$#%26d#%#/7&6.6/8$#_%*+6::08)%6(.08/#$
*+622*/:6./0&%)$#%<(0.6#%]%*+$P208.6./0&@
2&*0&-:,*0.0!#&80"&8$RR<-0!8"&0#&80"&4)!R*$#"&4)..0-4$(%W&G
O$% q; % 6% =.=% (./*/#=% :044$% (&% /&#.8(4$&.% #$8'6&.% *$#% 8$*6./0&#% :044$8:/6*$#
/&.$8&6./0&6*$#_% /*% 6% F0&:./0&&=% :044$% =.6&.% (&$% :0(8% )$% e(#./:$% :!687=$% )$#% )=*/.#
:044$8:/6(P@
O08#<($%*6%286./<($%)+(&%26d#%$#.%e(7=$%)=*0d6*$_%*$%:0&#$/*%)(%q; %2$(.%a.8$%#6/#/
268%.0(.%26d#%#/7&6.6/8$%:0&.8$%:$%26d#%@Q$..$%280:=)(8$%6%=.=%(./*/#=$%268%*$#%M9;%20(8
280.$#.$8%:0&.8$%:$8.6/&$#%286./<($#%)$%*6%?;Q%$.%O+MB@
16&#% *$#% 6&&=$#% XWHJfXWKJ_% *$% q; % 6% :0&.8/-(=% 6(% )='$*022$4$&.% )(% :044$8:$
/&.$8&6./0&6*% h% ^*$#% )/FF=8$&.#% :d:*$#% )$% &=70:/6./0&#% &0.644$&._% *$% N$&&$)d% 80(&)
^XWKZfXWKL`% $.% 0cd0% C0(&)% ^XWLYfXWLW`% 0&.% 2$84/#% *+6::=*=86./0&% )$% *6% */-=86./0&% )(
:044$8:$%$&.8$%*$#%26d#%#/7&6.6/8$#%h%$&%)=:$4-8$%XWWZ_%*$%q; %6%8$780(2=%XGG%26d#
^622$*=#%268./$#%:0&.86:.6&.$#`%<(/%8$28=#$&.6/$&.%28=#%)$%WJg%)(%:044$8:$%40&)/6*%)$#
468:!6&)/#$#%^A$&:!$&$-%_XWWW`

S&SP&H0"&-)%!8"&8%&O+DD&0#&*9(,-$4%*#%-0&G
O$#% 280)(/.#% 678/:0*$#% #0&._% )$% F6/.% ]% *+=:68.% )$#% 8"7*$#% )(% q; % )$2(/#% XWHH_% :$% <(/
280'0<($% )$#% 6FF80&.$4$&.#% &04-8$(P% $&.8$% *$#% &6./0&#% 6d6&.% )$#% /&.=8a.#% 678/:0*$#
/4208.6&.#%^€`%)$%2*(#_%*$#%20*/./<($#%:044$8:/6*$#%678/:0*$#%)$%2*(#/$(8#%26d#%#0&.%-j./$#
#(8%)$#%8=7/4$#%)+$P:$2./0&%0(%&+0&.%e646/#%=.=%'=8/.6-*$4$&.%6::$2.=$#%268%*$#%6(.8$#@
^C6/&$**/_%GJJZ`@
Q+$#.% 6/&#/_% <($% *+678/:(*.(8$% &+6% 26#% $(% )80/.% ]% *6% */-=86*/#6./0&% )$#% =:!6&7$#% $.
6% =.=% 4/#$% ]% *+=:68.% )$#% )/#:/2*/&$#% &0846*$#% )$% *6% :0&:(88$&:$% /&.$8&6./0&6*$% $.% )(
468:!=%h%*$#%280)(/.#%678/:0*$#%0&.%=.=%$P:*(#%)$#%&=70:/6./0&#%20(8%*=76*/#$8%(&$%20*/./<($
678/:0*$% 64=8/:6/&$% .8"#% 280.$:./0&&/#.$% h% 6(##/% )+6(.8$#% 26d#% )='$*022=#% 0&.% 6)!=8=% ]
:$..$%$P:*(#/0&%:68%$(P%4a4$#%0&.%6)02.=%*$#%4a4$#%20*/./<($#%280.$:./0&&/#.$#%)$%*$(8#
678/:(*.(8$#@
O$% :d:*$% )$% N$&&$)d% 80(&)% ^$&% XWKZ`% $#.% 468<(=% 268% )$#% :0&F80&.6./0&#% &0('$**$#
$&.8$% *6% QBB% $.% *$#% M9;_% 8=#(*.6&.% )$% *6% 40&.=$% $&% 2(/##6&:$% )$% *6% QBB% <(/% )$'/$&.% *$
28$4/$8%$P208.6.$(8%40&)/6*@%^C6/&$**/_%GJJZ`
O$% 0cd0%C0(&)%$&.8$%XWLYfXWLW%$.%20(8%*+678/:(*.(8$_%*+0-e$:./F%64=8/:6/&%$#.%)+0-.$&/8
(&%.86/.$4$&.%/)$&./<($%]%:$*(/%)$#%280)(/.#%/&)(#.8/$*#_%6*08#%<($%*6%QBB%$#./4$%<($%:$#
468:!=#%)0/'$&.%a.8$%$&:6)8=#@
O$#% )=-6.#% 8$*6./F#% 6(P% )80/.#% )$% )0(6&$% ^F6(.f/*% 622*/<($8% 6(P% 280)(/.#% 678/:0*$#% *$#
-6/##$#%6:<(/#$#%20(8%*$#%280)(/.#%/&)(#.8/$*#%`_%#(8%*6%4=.!0)$%)+6-6/##$4$&.%^*/&=6/8$%0(
&0&`_%#(8%*$#%280)(/.#%<(/%)$'6/$&.%F6/8$%*+0-e$.%)+$P:$2./0&%$.%$&F/&%#(8%*$#%40d$&#%)+6##(8$8
(&%.86/.$4$&.%)/FF=8$&:/=%$.%2*(#%F6'086-*$%6(P%26d#%$&%'0/$%)$%)='$*022$4$&.@
O$#%26d#%$&%'0/$%)$%)='$*022$4$&.%$#./4$&._%$&%268./:(*/$8_%<($%*$#%8"7*$#%$&%'/7($(8
&$%2$84$..$&.%26#%*6%28040./0&%)$%*$(8%)='$*022$4$&.@

GX
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

Q$2$&)6&.% _% *$#% M9;% 0&.% 8=(##/% ]% 0-.$&/8% )$#% 6'6&.67$#% -$6(:0(2% 2*(#% /4208.6&.#
<($% :$(P% )$% *+MB% h% 6(.8$4$&.% )/.% _% *$% #0e6% 64=8/:6/&% _% *$% :0.0&% 6/&#/% <($% *$#% F8(/.#% $.
*=7(4$#%$&%-0/.$#%$&.8$80&.%)6&#%.0(#%*$#%26d#%)$%*+MB%#6&#%)80/.#%)$%)0(6&$%^A0/86)%/&
A$&:!$&$-%_XWWW`
O$% 8$&F08:$4$&.% )$#% 286./<($#% 6&./:0&:(88$&./$**$#% )6&#% *$#% 26d#% :0&:$8&=#% 6% =.=
:0&#.6.=%268%)$%&04-8$(P%0-#$8'6.$(8#%<(/%0&.%)=:*68=%*6%408.%)(%q; %h%*$#%40d$&#%(./*/#=#
20(8%6::=)$8%6(P%)/FF=8$&.#%468:!=#%0&.%=.=%28/&:/26*$4$&.%*$#%#(-'$&./0&#%]%*+$P208.6./0&@

S&UP&H0&4)!#0!%&80"&!)%=0(%W&(44)-8"&$""%"&80"&!<,)4$(#$)!"&80
*9A-%,%(Y&J)%!8&G
;(%:0(8#%)$%*6%2=8/0)$%<(/%6%4$&=%6(P%&=70:/6./0&#%)(%Qd:*$%)kM8(7(6d_%/*%$#.%)$'$&(%)$
2*(#%$&%2*(#%='/)$&.%<($%*$#%:6(#$#%)$#%2$8.(8-6./0&#%<($%:0&&6/##6/.%*$%#$:.$(8%678/:0*$
)6&#%*$%40&)$%&$%#$%864$&6/$&.%26#%]%)$#%280-*"4$#%)k6::"#%)$#%/4208.6./0&#%<(/%6'6/$&.
.86)/./0&&$**$4$&.%F6/.%*k0-e$.%)$#%&=70:/6./0&#%)6&#%*$%:6)8$%)(%q; @
?0(8%#k6..6<($8%6(P%86:/&$#%)$#%280-*"4$#_%/*%F6**6/.%]%.0(.%28/P%/&#.6(8$8%)$#%)/#:/2*/&$#
20(8% .0(.$#% *$#% 4$#(8$#% 6FF$:.6&.% *$% :044$8:$% )$#% 280)(/.#% 678/:0*$#_% d% :0428/#% *$#
20*/./<($#%678/:0*$#%&6./0&6*$#%$.%*$%#(-'$&./0&&$4$&.%)$#%$P208.6./0&#@%,&%$#./46/.%6(##/
&=:$##6/8$% )k=.6-*/8% )$#% 8"7*$#% 2*(#% :*6/8$#% 20(8% *k622*/:6./0&% )$#% 4$#(8$#% #6&/.6/8$#% $.
2!d.0#6&/.6/8$#_% <($% #k/420#6/$&.% )k$**$#f4a4$#% 20(8% $42a:!$8% *$% :0&.0(8&$4$&.% )$
8"7*$#%2*(#%#.8/:.$#%#(8%*k6::"#%)$#%/4208.6./0&#%$&%/&'0<(6&.%#6&#%e(#./F/:6./0&%$.%]%)$#%F/&#
280.$:./0&&/#.$#%*6%#=:(8/.=%#6&/.6/8$%)$#%280)(/.#%6*/4$&.6/8$#%$.%*6%280.$:./0&%)$#%6&/46(P
$.%)$#%'=7=.6(P@
O$#%&=70:/6./0&#%)(%Qd:*$%)kM8(7(6d%#(8%*k678/:(*.(8$%&k0&.%$&%6(:(&$%F6n0&%=.=%F6:/*$#
$&%86/#0&%)$%*$(8%208.=$%$.%)(%F6/.%<(k/*%#k67/##6/.%)k(&$%<($#./0&%#$&#/-*$%#(8%*$%2*6&%20*/./<($%h
/*% 6% F6**(% -$6(:0(2% )$% .$42#% 6'6&.% )$% 20('0/8% #k$&.$&)8$% #(8% *$#% &0('$**$#% 8"7*$#_% $.
)$#%.86'6(P%.$:!&/<($#%/4208.6&.#%0&.%=.=%&=:$##6/8$#%20(8%=.6-*/8%)$#%40d$&#%$FF/:6:$#
)k0FF/:/6*/#$8%)$#%$&767$4$&.#%)6&#%*$#%#$:.$(8#%<(/%&$%8$*$'6/$&.%26#%e(#<($f*]%)(%q; @
Ok;::08)% #(8% *k678/:(*.(8$% $.% *k;::08)% #(8% *k622*/:6./0&% )$#% 4$#(8$#% #6&/.6/8$#% $.
2!d.0#6&/.6/8$#%0&.%=.=%&=70:/=#%$&%2686**"*$_%$.%(&$%)=:/#/0&%#(8%*$#%4$#(8$#%:0&:$8&6&.
*$#%$FF$.#%&=76./F#%20##/-*$#%)(%28078644$%)$%8=F084$%#(8%*$#%26d#%*$#%40/&#%6'6&:=#%$.
*$#%26d#%$&%)='$*022$4$&.%/4208.6.$(8#%&$.#%)$%280)(/.#%6*/4$&.6/8$#%F6/#6/.%6(##/%268./$
)$%*k$&#$4-*$%)$#%8=#(*.6.#%)$#%&=70:/6./0&#@
O$#%20#/./0&#%)=F$&)($#%]%*6%F/&%XWVW%268%*$#%28/&:/26(P%26d#%280.670&/#.$#%#0&.%*$#
#(/'6&.$#%>
f*6%QBB%)=F$&)%*$%46/&./$&%)$%*6%#2=:/F/=%)$%*+678/:(*.(8$%$.%)$46&)$%(&$%64=*/086./0&
^$.% &0&% (&$% .86&#F0846./0&% F0&)64$&.6*$`% )$#% 8"7*$#% $P/#.6&.$#% ^€`% *$#% #(-'$&./0&#% ]
*+$P208.6./0&%&$%)$'6&.%26#%a.8$%/&.$8)/.$#%46/#%8=7*$4$&.=$#@
f*$% |620&% )$46&)$% *6% 28/#$% $&% :042.$% )$#% 28=0::(26./0&#% &0&% :044$8:/6*$#% $.
&0.644$&.%)$%*6%#=:(8/.=%6*/4$&.6/8$%$.%)$%*6%#.6-/*/.=%)$%*+62280'/#/0&&$4$&.%$&%280)(/.#
6*/4$&.6/8$#% )$% -6#$% h% :$*6% $&.86T&$% 20(8% *$% |620&% *6% &=:$##/.=% )$% 46/&.$&/8% (&% :$8.6/&
&/'$6(%)$%280)(:./0&%&6./0&6*$_%:68%*6%#=:(8/.=%&$%2$(.%a.8$%6##(8=$%268%)+6(.8$#%&6./0&#@
f*$#%B.6.#fM&/#%8=:*64$&.%(&$%8=F084$%7*0-6*$%)$%*+678/:(*.(8$%<(/%.$&)86/.%]%08/$&.$8%*6
280)(:./0&%$.%*$%:044$8:$%(&/<($4$&.%268%*$%468:!=_%$&%/&.=786&.%2*$/&$4$&.%*+678/:(*.(8$
6(% q; % @O$#% 4$#(8$#% )=F$&)($#% 268% *$#% M9;% )=:0(*$&.% )$% :$% 28/&:/2$% 7=&=86*% >
.0(#% *$#% 0-#.6:*$#% 6(P% /4208.6./0&#% )0/'$&.% a.8$% .86&#F084=#% $&% )80/.% )$% )0(6&$% <(/
GG
F-0.$:-0&;(-#$0&G&H1I&FJ 'K F+H1I&D31@J 1I&CA&K@>>1JK1& 'D1J'+D @'+H

#$86/$&.%6-6/##=#%#(-#.6&./$**$4$&.%#(8%(&$%2=8/0)$%)$%)/P%6&#@% 0(.$#%*$#%#(-'$&./0&#%]
*+$P208.6./0&%$.%.0(.$#%8$#.8/:./0&#%]%*+/4208.6./0&%)$'86/$&.%a.8$%=*/4/&=$#%$&%:/&<%6&&=$#@
B&F/&%/*%$#.%&=:$##6/8$%)+/&#.6(8$8%(&%8=7/4$%)$%:0&.83*$%)(%F0&)$4$&.%)$#%4$#(8$#
#6&/.6/8$#% $.% 2!d.0#6&/.6/8$#% <(/% )$'86/.% )=:0(*$8% )$% 28$('$#% #:/$&./F/<($#% #0*/)$#_% :$#
&084$#% =.6&.% #0('$&.% )=.0(8&=$#% )$% *$(8#% 28/&:/2$#% 20(8% )$'$&/8% )$#% /&#.8(4$&.#% )(
280.$:./0&&/#4$@
BP$42*$%>%*$#%M9;%:0&#/)"8$&.%:044$%280.$:./0&&/#4$%*+/&.$8)/:./0&%)+/4208.$8%)6&#
*6% QBB% )$#% '$6(P% )0&.% *6% :80/##6&:$% 6% =.=% #./4(*=$% 268% *+6)4/&/#.86./0&% )+!0840&$#_
6*08#%<($%*$#%6(.08/.=#%#6&/.6/8$#%64=8/:6/&$#%&+0&.%6(:(&$%0220#/./0&%:0&.8$%:$%280:=)=%h
*+/420##/-/*/.=% )+$P208.$8% :$#% '$6(P% F6/.% 2$8)8$% 6(P% M9;% (&% F*(P% :044$8:/6*% $#./4=% ]
XJJ4/**/0&#%)$%)0**68#%268%6&%^C6/&$**/_%GJJZ`
O6% QBB% _% *$% |620&% $.% *$#% M9;% 8$28=#$&.$&.% (&$% 268./$% #$(*$4$&.% )$#% &6./0&#
)/8$:.$4$&.% /&.=8$##=$#% 268% *$#% &=70:/6./0&#% #(8% *$% :044$8:$% )$#% 280)(/.#% 678/:0*$#% h% /*
$P/#.$%$&%268./:(*/$8%(&%$&#$4-*$%)$%&6./0&#%F08.$4$&.%$P208.6.8/:$#%)$%280)(/.#%678/:0*$#
:0&&($#%#0(#%*$%780(2$%)$%t%Q6/8&#%u%@
X
O$% 780(2$% )$% Q6/8&# $#.% (&$% :06*/./0&% :0420#=% _% $&% GJJY% _)$% XL26d#% F08.$4$&.
$P208.6.$(8#%)$%280)(/.#%678/:0*$#^%/*#%6##(8$&.%$&'/80&%(&%./$8#%)$#%$P208.6./0&#%40&)/6*$#%`
<(/% #+$#.% F084=$% $&% XWVK% ^6'$:% 6*08#% XZ% &6./0&#`% h% /*% #+67/.% )+(&% 780(2$% )$% 28$##/0&% .8"#
6:./F% )6&#% *$#% &=70:/6./0&#% :044$8:/6*$#% 4(*./*6.=86*$#% <(/% )=F$&)% (&% 28/&:/2$% 7=&=86*
)$%*/-=86*/#6./0&%)(%:044$8:$%678/:0*$%$&%)$46&)6&.%(&$%)/4/&(./0&%468<(=$%)$#%.68/F#
)0(6&/$8#% _% *+=*/4/&6./0&% )$#% #(-'$&./0&#% )04$#./<($#% <(/% 2$('$&.% :8=$8% )$#% )/#.08#/0&#
)6&#%*$#%=:!6&7$#%/&.$8&6./0&6(P%$.%*+=*/4/&6./0&%)$#%#(-'$&./0&#%6(P%$P208.6./0&#@
Q$%780(2$%)=F$&)%)0&:%*$%28/&:/2$%)(%*/-=86*/#4$%)6&#%:$%#$:.$(8%:$%<(/%:0&)(/.%]%)$#
6FF80&.$4$&.#%6'$:%*$#%M9;%$.%*+MB%<(/%0&.%(&$%20*/./<($%)+6/)$%]%*+678/:(*.(8$%(./*/#6&.%*$#
)/'$8#%40d$&#%)+/&.$8'$&./0&%8$e$.=#%268%*$#%&6./0&#%)$%780(2$%)$%Q6/8&#@
f*$#%26d#%*/-8$%l=:!6&7/#.$#%:0420#6&.%*$%780(2$%)$%Q6/8&#%<(/%#0&.%)$#%$P208.6.$(8#
&$.#%/4208.6&.#%^*+;(#.86*/$%./8$%$&'/80&%ZJg%)$%#$#%8$:$..$#%)+$P208.6./0&%)(%:044$8:$%)$#
280)(/.#%678/:0*$#@
f*$% :6#% )(% |620&% $#.% (&$% /**(#.86./0&% 28$#<($% :68/:6.(86*$% )(% 280.$:./0&&/#4$% >
*+678/:(*.(8$% e620&6/#$_% 68:!6o<($% $.% F08.$4$&.% 6/)=$% 268% *$#% 20('0/8#% 2(-*/:#% $.% 2*(#
268./:(*/"8$4$&.%*6%8/b/:(*.(8$@
f*$#% 26d#% <(/% 286./<($&.% (&% #0(./$&% /4208.6&.% ]% *$(8#% 678/:(*.(8$#_% #0&.% )$#% 780#
$P208.6.$(8#_%:k$#.f]f)/8$%*$#%B.6.#fM&/#%$.%*6%QBB%$.%<(/%#0&.%.0(e0(8#%$&%:0&F*/.@

S&VP&H0"&-<"%*#(#"&$""%"&80"&!<,)4$(#$)!"&80&*9A-%,%(Y&J)%!8&G
O+;::08)%#(8%*+678/:(*.(8$%'/#$%]%8=F084$8%*$%:044$8:$%)6&#%:$%#$:.$(8%$.%]%8$&F08:$8%*$%83*$
)(%468:!=%)6&#%*+08/$&.6./0&%)$#%20*/./<($#%622*/<(=$#_%:$%<(/%64=*/08$86/.%*6%28='/#/-/*/.=%$.
*6%#=:(8/.=%20(8%*$#%26d#%/4208.6.$(8#%:044$%20(8%*$#%26d#%$P208.6.$(8#@
E*% $#.% $&.8=% $&% '/7($(8% *$% X$8% e6&'/$8% XWWH@% 16&#% *$% 28=64-(*$_% *$#% 5$4-8$#
8$:0&&6/##$&.% <($% *k0-e$:./F% :0&'$&(% ]% *0&7% .$84$% )(% 280:$##(#% )$% 8=F084$% $&767=% 268
*$%28078644$%)$%8=F084$%)(%Qd:*$%)kM8(7(6d%$#.%)k=.6-*/8%(&%#d#."4$%)$%:044$8:$%)$#

X
%%5$4-8$#%)(%780(2$%)$%Q6/8&#%>%;F8/<($%)(%#()%_%;87$&./&$%_%;(#.86*/$%_%A0*/'/$%_%A8=#/*%_Q6&6)6%_%Q!/*/_%Q0*04-/$_%Q0#.6%C/:6_
q(6.$46*6_%E&)0&=#/$_56*6/#/$_D0('$**$%U=*6&)$%_?6867(6d_?!/*/22/&$#%_% !6o*6&)$_M8(7(6d@

GY
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

280)(/.#%678/:0*$#%<(/%#0/.%=<(/.6-*$%$.%6P=%#(8%*$%468:!=@%O$%28078644$%$&%<($#./0&%28='0/.
.80/#%20/&.#%$##$&./$*#%]%#6'0/8%>
X`%O6%8=)(:./0&%'0/8$%*6%#(228$##/0&%)$#%#(-'$&./0&#%]%*+$P208.6./0&%h
G`%O6%8=)(:./0&%'0/8$%*6%#(228$##/0&%)$#%#0(./$&#%/&.$8&$#%]%*6%280)(:./0&
Y`% *6% 8$:0&'$8#/0&% )$#% <(0.6#% )+/4208.6./0&#% $&% )80/.#% )$% )0(6&$% :0&#0*/)=#_% $.% *6
8=)(:./0&%)$%:$#%)$8&/$8#@
Ok6::08)% 28$&)% 6(##/% $&% :042.$% )$#% :0&#/)=86./0&#% 6(.8$#% <($% :044$8:/6*$#_% d
:0428/#% *6% #=:(8/.=% 6*/4$&.6/8$% $.% *6% &=:$##/.=% )$% 280.=7$8% *k$&'/80&&$4$&._% $.% 28='0/.
*k0:.80/% )k(&% .86/.$4$&.% #2=:/6*% $.% )/FF=8$&:/=% 6(P% 26d#% $&% )='$*022$4$&._% d% :0428/#% (&$
64=*/086./0&%)$#%20##/-/*/.=#%$.%40)6*/.=#%)k6::"#%20(8%*$#%280)(/.#%678/:0*$#%28=#$&.6&.%(&
/&.=8a.%268./:(*/$8%20(8%:$#%5$4-8$#@
L’accord permet bien aux gouvernements d’aider leur secteur rural, mais de
préférence par des mesures qui faussent le moins les échanges. Il ménage
aussi une certaine souplesse dans la mise en œuvre des engagements. Les
pays en développement ne sont pas tenus de réduire autant que les pays
développés leurs subventions ou leurs droits de douane et bénéficient d’un délai
supplémentaire pour s’acquitter de leurs obligations. Les pays les moins avancés
ne sont pas du tout tenus de le faire. Des dispositions spéciales portent sur
les intérêts des pays qui doivent importer les produits alimentaires dont ils ont
besoin et sur les préoccupations des pays les moins avancés.(Rainelli.2004)
fO+=*=4$&.%F0&)64$&.6*%)$#%:0&:*(#/0&#%)$%*+M8(7(6d%C0(&)%$#.%*+6::"#%6(P%468:!=#%)0&.
*$#%$&767$4$&.#%0&.%=.=%6##0(2*/#_%/*#%#0&.%208.=#%)$%Yg%]%Hg@%^A$&:!$&$-_%XWWW`
D(E*0(%&'iL&G&*0"&-<8%4#$)!"&#(-$R($-0"&80&;-)8%$#"&(,-$4)*0"&6;(Y"&8<=0*);;<"7

Q6.=708/$#%)$%280)(/.# C=)(:./0&%)$#%)80/.#%$&%g
Q6F=_%.!=_%:6:0_%46.= YH
S8(/.#%$.%*=7(4$# YK
q86/&$#%0*=67/&$(#$_%786/##$%$.%*+!(/*$ ZJ
;&/46(P%$.%280)(/.#%)+08/7/&$%6&/46*$ YG
A0/##0&#%$.%*/<(/)$#%6*:00*/<($# YV
S*$(8#_%2*6&.$#_%46./"8$#%)+08/7/&$%'=7=.6*$ ZV
6-6:# YK
B2/:$#%$.%28=2686./0&#%]%-6#$%)$%:=8=6*$# YH
9(:8$ YJ
Q=8=6*$# YW
?80)(/.#%*6/./$8# GK

90(8:$%>%#$:8=.68/6.%)(%q; %/&%A$&:!$&-@XWWW
O$% .6-*$6(% :/f)$##(#% 8=#(4$% *$#% 8=)(:./0&#% )$#% )80/.#% )$% )0(6&$% 622*/:6-*$#% 6(P
280)(/.#%678/:0*$#%)$#%26d#%)='$*022=#%h%&0(#%8$468<(0&#%<($%*6%8=)(:./0&%)$%)80/.#%)$
)0(6&$%'0&.%)+(&%46P/4(4%)$%ZVg%20(8%*6%:6.=708/$%t%F*$(8#_%2*6&.$#_%46./"8$#%)+08/7/&$
'=7=.6*$%u%]%(&%4/&/4(4%)$%GKg%20(8%*6%:6.=708/$%t%280)(/.#%*6/./$8#%u@
O6%8=)(:./0&%40d$&&$%$#.%)$%YKg@
D(E*0(%&'iQ&G&*0"&-<8%4#$)!"&#(-$R($-0"&80&;-)8%$#"&#-);$4(%W&6;(Y"&8<=0*);;<"7

GZ
F-0.$:-0&;(-#$0&G&H1I&FJ 'K F+H1I&D31@J 1I&CA&K@>>1JK1& 'D1J'+D @'+H

O$#%280)(/.#%.802/:6(P C=)(:./0&%)$#%)80/.#%$&%g
A0/##0&#%.802/:6*$# ZK
S8(/.#%]%:0<($#%$.%F8(/.#%.802/:6(P YL
Q$8.6/&$#%786/&$#%0*=67/&$(#$# ZJ
B2/:$#_%F*$(8#%$.%2*6&.$# HG
C6:/&$#_%8/b_%.6-6: ZJ

90(8:$%>%#$:8=.68/6.%)(%q; %/&%A$&:!$&$-@XWWW
1+628"#%*$%.6-*$6(%:/f)$##(#%&0(#%8$468<(0&#%(&$%8=)(:./0&%7*0-6*$%)$%ZYg%<(/%'68/=$
$&.8$% (&% 4/&/4(4% )$% YLg% 20(8% *6% :6.=708/$% t% F8(/.#% ]% :0<($#% $.% F8(/.#% .802/:6(P% u% $.% (&
46P/4(4%)$%HGg%20(8%*6%:6.=708/$%t%=2/:$#%_%F*$(8#%$.%2*6&.$#%u@
F)%-&*9(44)-8&"%-&*(&-<8%4#$)!&8%&")%#$0!&$!#0-!0&G
Q$% <($% *+0&% 8$280:!$% #(8.0(.% 6(P% 4$#(8$#% '/#6&.% ]% #0(.$&/8% *$#% 28/P% /&.=8/$(8#_
0(% ]% #(-'$&./0&&$8% *6% 280)(:./0&% )+(&$% 6(.8$% 46&/"8$_% :+$#.% <(+$**$#% $&:0(867$&.% *6
#(8280)(:./0&_%*6<($**$%=*/4/&$%*$#%280)(/.#%/4208.=#%)(%468:!=%0(%:0&)(/.%]%#(-'$&./0&&$8
*$#% $P208.6./0&#% $.% ]% 286./<($8% *$% )(42/&7% #(8% *$#% 468:!=#% 40&)/6(P@% O+;::08)% #(8
*+678/:(*.(8$%F6/.%*6%)/#./&:./0&%$&.8$%*$#%28078644$#%)$%#0(./$&%<(/%0&.%20(8%$FF$.%)$%#./4(*$8
)/8$:.$4$&.%*6%280)(:./0&_%$.%:$(P%<(/%#0&.%:0&#/)=8=#%:044$%&+6d6&.%26#%)+$FF$.#%)/8$:.#
O$#%4$#(8$#%/&.=8/$(8$#%6d6&.%(&$%/&:/)$&:$%)/8$:.$%#(8%*6%280)(:./0&%$.%*$%:044$8:$
)0/'$&.%a.8$%8=)(/.$#G
O$#%26d#%)='$*022=#%0&.%6::$2.=%)$%8=)(/8$%:$#%:!/FF8$#%)$%GJ%20(8%:$&.%$&%#/P%6&#%]
:042.$8%)$%XWWH@%O$#%26d#%$&%)='$*022$4$&.%#0&.%:0&'$&(#%)$%280:=)$8%]%(&$%8=)(:./0&
)$%XY%20(8%:$&.%#(8%)/P%6&#@%O$#%26d#%*$#%40/&#%6'6&:=#%&$%#0&.%.$&(#%)$%F6/8$%6(:(&$
8=)(:./0&@
D(E*0(%&'iS&G&-<8%4#$)!&8%&")%#$0!&$!#0-!0&(44)-8<&(%W&;-)8%4#0%-"&(,-$4)*0"&60!&.$**$)!"&80&8)**(-"7

?68./:/26&.# D/'$6(%)$%-6#$ D/'$6(%F/&6* 8=)(:./0&


M&/0&%B(802=$&&$ WG%YWJ LK%WJY XLg
B.6.#%M&/# GY%VLW XW%XJY GJg
Q6&6)6 Z%KHJ Y%LGJ GJg
|620& YH%ZLG GV%YLV GJg
;F8/<($%)(%#() Y G GJg
5680: LK KK XYg
(&/#/$ WY VX XYg

90(8:$%>%#$:8=.68/6.%)(%q;
O6%8=)(:./0&%)(%#0(./$&%)$#%28/P%'6%$&7$&)8$8%*6%)/4/&(./0&%)$#%#.0:c#%)$#%280)(/.#
678/:0*$#_%/*%F6(.%&0.$8%<($%*$%#0(./$&%)$#%#.0:c#%)$%#=:(8/.=%6*/4$&.6/8$%&+$#.%26#%.0(:!=
268%:$..$%8=)(:./0&@
F)%-&*9(44)-8&"%-&*(&-<8%4#$)!&80"&"%E=0!#$)!"&b&*90W;)-#(#$)!&G
O+6::08)%)$%*+M8(7(6d%#(8%*+678/:(*.(8$%28='0/.%*6%8=)(:./0&%)$%YKg%)$#%#(-'$&./0&#%]
*+$P208.6./0&%$.%*6%8=)(:./0&%)$%GXg%)(%'0*(4$%)$#%$P208.6./0&#%#(-'$&./0&&=$#%^$P28/4=$#
$&%.0&&$#`%20(8%*$#%26d#%)='$*022=#_%268%862208.%]%*6%2=8/0)$%)$%8=F=8$&:$%XWVKfXWWG@
D(E*0(%&'Ui&G&-<8%4#$)!&80"&"%E=0!#$)!"&b&*90W;)-#(#$)!&;(-&;(Y"&60!&.$**$)!"&80&8)**(-"7

GH
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

?68./:/26&.# D/'$6(%)$%-6#$ D/'$6(%F/&6* C=)(:./0&


M&/0&%B(802=$&&$ XY%GLZ V%ZWK fYKg
B.6.#fM&/# WGW HWZ fYKg
Q6&6)6 HKL YKY fYKg
;F8/<($%)(%#() YXW GJZ fYKg

90(8:$%>%#$:8=.68/6.%)(%q;
O$#% 280)(/.#% F08.$4$&.% #(-'$&./0&&=#% #(8% *$#% 468:!=#% 40&)/6(P% )$#% 280)(/.#
6*/4$&.6/8$#%#0&.%:0&:$8&=#%268%:$..$%8=)(:./0&%:044$%*$%-*=_%*6%'/6&)$%-0'/&$_%*$#%280)(/.#
*6/./$8#_%*$#%:=8=6*$#%$.%*$%#(:8$@
D(E*0(%&'iV&G&*0"&;-$!4$;(%W&;-)8%$#"&(,-$4)*0"&E<!<R$4$(!#&80"&"%E=0!#$)!"&b&*90W;)-#(#$)!

268./:/26&.# ?80)(/.#%:0&:$8&=#
M&/0&%B(802=$&&$% s/6&)$%-0'/&$%^XWg`%_-*=%^XLg`%_%:=8=6*$#%#$:0&)6/8$#
^XYg`%_-$(88$%^XYg`%_6(.8$#%280)(/.#%*6/./$8#%^XJg`
B.6.#fM&/# A*=%^KXg`_%20()8$%)$%*6/.%=:8=4=%^XZg`
Q6&6)6 A*=^ZLg`_%:=8=6*$#%#$:0&)6/8$#%^%XVg`
;F8/<($%)(%#() S8(/.#%$.%*=7(4$#%^GZg`%_%28=2686./0&%)$%-6#$%)$%:=8=6*$#
^XZg`%_-*=%^XYg`_%#(:8$%^XJg`

90(8:$%>%#$:8=.68/6.%)(%q;
D(E*0(%&'iX&G&*0"&-<8%4#$)!&80"&"%E=0!#$)!"&0#&*(&;-)#04#$)!&80"&;-)8%$#"&(,-$4)*0"&6;(Y"&0!
8<=0*);;0.0!#7

180/.#%)$%)0(6&$ ?6d#%$&%)='$*022$4$&.#%>%XWWHfGJJZ
C=)(:./0&%40d$&&$%20(8%.0(#%*$#%280)(/.#%678/:0*$# fGZg
C=)(:./0&%4/&/46*$%268%280)(/. fXJg
90(./$&%/&.$8&$%> %
C=)(:./0&%)$%*6%5q9%.0.6*$%20(8%*$%#$:.$(8XWVKfXWVV fXYg
BP208.6./0& %
s6*$(8%)$%#(-'$&./0& fGZg
i(6&./.=#%#(-'$&./0&&=$#%2=8/0)$%)$%-6#$%XWVKfXWWJ fXZg

90(8:$%>%#$:8=.68/6.%)(%q;
O$#%26d#%*$#%40/&#%6'6&:=#%&$%#0&.%26#%.$&(#%)$%28$&)8$%)$#%$&767$4$&.#%$&%'($
)$%8=)(/8$%*$#%)80/.#%)$%)0(6&$%0(%*$#%#(-'$&./0&#@

S&XP&H]+44)-8&"%-&*9(,-$4%*#%-0&G&-:,*0"&0#&0!,(,0.0!#"&!)%=0(%W
(2&+44:"&(%W&.(-45<"&G&j8-)$#"&80&8)%(!0&%!$/%0.0!#&k
O6%&0('$**$%8"7*$%$&%46./"8$%)+6::"#%6(P%468:!=#%280)(/.#%678/:0*$#%$#.%‚)80/.#%)$%)0(6&$
(&/<($4$&.ƒ@% ;'6&.% *$% Qd:*$% )+M8(7(6d_% *$#% /4208.6./0&#% )$% :$8.6/&#% 280)(/.#% 678/:0*$#
=.6/$&.% */4/.=$#% 268% )$#% :0&./&7$&.#% $.% )+6(.8$#% 4$#(8$#% &0&% .68/F6/8$#@% Q$(Pf:/% 0&.% =.=
8$42*6:=#% 268% )$#% )80/.#% )$% )0(6&$% <(/% 6##(86/$&.% (&% )$78=% )$% 280.$:./0&% ]% 2$(% 28"#
=<(/'6*$&.%>%#/%*6%4$#(8$%6&.=8/$(8$%6'6/.%20(8%$FF$.%)$%46e08$8%*$#%28/P%/&.=8/$(8#%)$%LH%20(8
:$&.%268%862208.%6(P%28/P%40&)/6(P_%*$%&0('$6(%)80/.%)$%)0(6&$%20(886/.%a.8$%)+$&'/80&%LH

GK
F-0.$:-0&;(-#$0&G&H1I&FJ 'K F+H1I&D31@J 1I&CA&K@>>1JK1& 'D1J'+D @'+H

20(8%:$&.%^:$..$%46&/"8$%)$%:0&'$8./8%$&%)80/.#%)$%)0(6&$%*$#%:0&./&7$&.#%$.%)+6(.8$#%.d2$#
)$%4$#(8$#%$#.%622$*=$%‚.68/F/:6./0&ƒ`@
?0(8%.0(#%*$#%280)(/.#%678/:0*$#_%*$#%)80/.#%)$%)0(6&$%$.%:0&./&7$&.#%.68/F6/8$#%F6/#6&.
*+0-e$.% )$#% &0('$6(P% $&767$4$&.#% 0&.% 28/#% $FF$.% $&% XWWH@% O$#% 268./:/26&.#% 6(% Qd:*$
)+M8(7(6d% #0&.% :0&'$&(#% <($% *$#% 26d#% )='$*022=#% 8=)(/86/$&.% *$#% )80/.#% )$% )0(6&$% )$
YK%20(8%:$&.%$&%40d$&&$_%268%.86&:!$#%=76*$#%#(8%#/P%6&#@%O$#%26d#%$&%)='$*022$4$&.
8=)(/86/$&.%*$(8#%)80/.#%)$%GZ%20(8%:$&.%#(8%)/P%6&#@

E2H(&4*(%"0&80&"(%=0,(-80&";<4$(*0&G
9+67/##6&.%)$#%280)(/.#%20(8%*$#<($*#%*$#%8$#.8/:./0&#%&0&%.68/F6/8$#%0&.%=.=%:0&'$8./$#%$&
)80/.#% )$% )0(6&$_% *$#% 70('$8&$4$&.#% #0&.% 6(.08/#=#% ]% 28$&)8$% )$#% 4$#(8$#% )+(87$&:$
#2=:/6*$#% ‚#6('$768)$#% #2=:/6*$#ƒ% 6F/&% )$% 280.=7$8% *$(8#% 678/:(*.$(8#% :0&.8$% (&$% -6/##$
#0()6/&$%)$#%28/P%0(%(&%6::80/##$4$&.%)$#%/4208.6./0&#@%O+6::08)%28=:/#$%&=6&40/&#%<(6&)
$.%:044$&.%:$#%4$#(8$#%)+(87$&:$%2$('$&.%a.8$%6)02.=$#%^268%$P$42*$_%$**$#%&$%2$('$&.
26#%#+622*/<($8%]%)$#%/4208.6./0&#%$FF$:.(=$#%)6&#%*$%:6)8$%)+(&%:0&./&7$&.%.68/F6/8$`@
;/&#/_%*08#<($%*$#%/4208.6./0&#%6(74$&.$&.%#(-/.$4$&._%*$#%)80/.#%#(22*=4$&.6/8$#%&$
)0/'$&.%26#%)=26##$8%*$%./$8#%)$#%)80/.#%)$%)0(6&$%08)/&6/8$#%$&%'/7($(8@
10&:%:$..$%:*6(#$%2$84$.%)$%#.6-/*/#$8%*$#%468:!=#%*08#<($%*$#%28/P%)$#%/4208.6./0&#
#0&.%$&%-6/##$@
D0.0&#%<($%*$%q; %6%=.=%8$42*6:=%268%(&$%#08.$%)+,DM%:044$8:/6*$%&044=$%,5Q
/$8
^,876&/#6./0&%50&)/6*$%)(%Q044$8:$`%:0&#./.(=$%]%268./8%)(%X %|6&'/$8%XWWH_%<(/%8$20#$
#(8%*+6::08)%7=&=86*%)$%XWZL%$.%*$#%6::08)#%)(%:d:*$%)$%*+M8(7(6d%h%$**$%8$780(2$%XZV%26d#
$.%GV%0-#$8'6.$(8#%$&%#$2.$4-8$%GJJY_%$.%:0&:$8&$%$&'/80&%WLg%)(%:044$8:$%40&)/6*%h
*6% :8=6./0&% )$% *+,5Q% &+/&.80)(/.% 6(:(&$% 40)/F/:6./0&% )$% F0&)% #(8% *$#% 28/&:/2$% )(% q;
^€`@%B&%8$'6&:!$_%)$%&0('$**$#%#.8(:.(8$#%#0&.%:8=$#%$.%)$#%6&:/$&&$#%:!6&7$&.%)$%&04@
^C6/&$**/%_GJJZ`
O$%28$4/$8%:!6&7$4$&.%#/7&/F/:6./F%$#.%*$%8$42*6:$4$&.%)(%.$84$%t%268./$%:0&.86:.6&.$%u
268%:$*(/%)$%t%4$4-8$#%u@M&$%6(.8$%40)/F/:6./0&%/4208.6&.$%:0&:$8&$%*$%4=:6&/#4$%)$
8"7*$4$&.%)$#%)/FF=8$&)#@

K)!4*%"$)!
O6% .!=08/$% :*6##/<($% )(% */-8$% =:!6&7$% /&)/<($% ]% *+$&#$4-*$% )$#% 268.$&6/8$#% ]% *+=:!6&7$
268%*$%:044$8:$%/&.$8&6./0&6*%-6#=%#(8%*+6'6&.67$%:042686./F%$.%*6%)/'/#/0&%)(%.86'6/*_%<($
)$#%76/&#%/4208.6&.#%#0&.%0FF$8.#%20(8%:$#%)$8&/$8#_%268%*$%-/6/#%)$%:$..$%286./<($%6/&#/%<($
*+$P/#.$&:$%)+(&$%(./*/#6./0&%02./46*$%)$#%F6:.$(8#%)$%280)(:./0&@
O6% )$'/#$% */-=86*$% t% *6/##$8% F6/8$_% *6/##$8% 26##$8% u% $&7$&)8$% 0-*/76.0/8$4$&.% (&
F0&:./0&&$4$&.%!6840&/$(P%)$%*+=:0&04/$%6'$:%*6%)=&0&:/6./0&%)(%280.$:./0&&/#4$%:044$
(&$%)=:*686./0&%)$%F08F6/.%)$'6&.%*$%)=F/%=.86&7$8@
O$#% 6(.$(8#% )$% *6% .!=08/$% &=0:*6##/<($% )(% */-8$% =:!6&7$% <(/% &$% #$% #0&.% 6(.8$#% <($
RBQNQRBC%_%,ROED%$.%9;5MBO9,D%6FF/84$&.%<($%*6%)0.6./0&%#2=:/F/<($%$&%F6:.$(8#%)$
280)(:./0&%&$%2$(.%:0&#./.($8%(&%0-#.6:*$%6(%:044$8:$%_%-/$&%6(%:0&.86/8$%$**$%8$28=#$&.$
*6%-6#$%)$#%=:!6&7$#%$&%:62/.6*%$.%$&%.86'6/*%@

GL
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

0(.%$&%28=#$&.6&.%*$%:044$8:$%:044$%=.6&.%(&$%#0*(./0&%]%*6%:8/#$%)$%*6%)$46&)$
*/=$%6(%40)$%)$%280)(:./0&%:62/.6*/#.$_%(&$%'/#/0&%]%*6<($**$%:$8.6/&$#%:8/./<($#%6-0(./##$&.
]% *6% :0&:*(#/0&% <(+/*% $P/#.$% (&$% =76*/.=% )$#% =:!6&7$#% $&% 86/#0&% )$% *+/&=76*/.=% )6&#% *$
)='$*022$4$&.%$&.8$%*$#%26d#@
?*(#/$(8#% 26d#% '$/**$&.% ]% 280.=7$8% *$(8#% 468:!=#% /&.=8/$(8#% 6/&#/% <(+6(% :0&.83*$% )$#
F*(P% )$#% =:!6&7$#% 6'$:% *+$P.=8/$(8% _% 20(8% :$*6% 2*(#/$(8#% 40d$&#% 2$('$&.% a.8$% (./*/#=#% $.
2684/%*$#<($*#%F/7(8$%:$*(/%<(/%$#.%28/'/*=7/=%268%*$#%&6./0&#%20(8%*6%280.$:./0&%)$%*+=:0&04/$
&6./0&6*$% h% 0&% :/.$86% *$% )80/.% )$% )0(6&$_% /&#.8(4$&.% 280.$:./0&&/#.$% 268% $P:$**$&:$% _% )0&.
*$%83*$%)6&#%*$#%26d#%$&%'0/$%)$%)='$*022$4$&.%$#.%8=)(/.%.0(.%#/42*$4$&.%6(%280F/.%)$%*6
F/#:6*/.=%$&%86/#0&%)$#%8$:$..$#%<(+/*%280:(8$%6(P%B.6.#%@
?68%:0&.8$%*$#%26d#%)='$*022=#%.$*#%<($%*+M&/0&%B(802=$&&$%02.$&.%-$6(:0(2%2*(#%20(8
*$#%-688/"8$#%)(%.d2$%<(6&./.6./F%$.%.$:!&/<($%h%:$%#0&.%28/&:/26*$4$&.%*$#%:0&./&7$&.$4$&.#
46/#%6(##/%*$#%8=7*$4$&.6./0&#%.$:!&/<($#%<(/%8$28=#$&.$&.%)$#%0-#.6:*$#%)=7(/#=#%]%*6
*/-8$% :/8:(*6./0&% )$#% 468:!6&)/#$#% h:$8.6/&#% 268./#6&#% )(% 280.$:./0&&/#4$% 0&.% /&'0<(=% *6
.!"#$%)$%*+$&'/80&&$4$&.%#$*0&%*6<($**$%*$%*/-8$%=:!6&7$%$#.%&=F6#.$%20(8%*+$&'/80&&$4$&.%_
#6:!6&.%<($%*6%4/#$%$&%2*6:$%)$#%)/FF=8$&.$#%&084$#%$&'/80&&$4$&.6*$#%20(886/.%:0&#./.($8
(&%2(/##6&.%0(./*%280.$:./0&&/#.$@
1+6(.8$#% 268./#6&#% )(% 280.$:./0&&/#4$_% =4$..$&.% *6% .!"#$% <($% *$% */-8$% =:!6&7$% $#.
280'0:6.$(8%)$%:!3467$%$.%20(8%8=#08-$8%:$%)$8&/$8_%/*%$#.%/42=86./F%)$%4$..8$%#(8%2/$)%)$#
&084$#%)$%<(6*/.=%$.%)$#%&084$#%2!d.0#6&/.6/8$#%<(/%2$('$&.%a.8$%622*/<(=$#%]%.0(.%404$&.
$.%20(8%.0(#%*$#%26d#@

GV
C0%W$:.0&;(-#$0&G&H1&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1

C0%W$:.0&;(-#$0&G&H1&K@>>1JK1
1^D1J 1AJ&1'&+HO1J 1

K5(;$#-0&U&G&H1I&F3+I1&CA&K@>>1JK1&1^D1J 1AJ
1'&+HO1J 1
O$%:044$8:$%$P.=8/$(8%$#.%*+(&%)$#%)046/&$#%*$#%2*(#%28/'/*=7/=#%)$%*+B.6.%]%.86'$8#%*$<($*%/*
)=.$84/&$%#$#%8$*6./0&#%6'$:%*+$P.=8/$(8%@1=#%*08#%)$(P%08/$&.6./0&#%2$('$&.%a.8$%$&'/#67=$#_
#0/.% *6% 280.$:./0&% )$% #0&% =:0&04/$% $.% *$% 468:!=% /&.=8/$(8_% #0/.% *6% */-=86*/#6./0&% )$% #$#
=:!6&7$#@%Q+$#.%20(8<(0/%*+/&.$8'$&./0&%)$%*+B.6.%;*7=8/$&%)6&#%*6%8=7(*6./0&%)(%:044$8:$
$P.=8/$(8%$#.%)$%2*(#%$&%2*(#%8$468<(=$%$.%6%:0&&(%)$2(/#%*+/&)=2$&)6&:$%)$%280F0&)$#
4(.6./0&#@
O6% 8=7*$4$&.6./0&% 8=7/##6&.% *$% :044$8:$% $P.=8/$(8% $&% ;*7=8/$% )(86&.% *$#% 6&&=$#
XWKJfXWLJ% #$% :686:.=8/#$% 268% (&% #0(:/% )$% 4/#$% $&% 2*6:$% )$#% 28$4/$8#% =*=4$&.#% )$
:0&.83*$%@Q$..$%.$&.6./'$%)+/&.$8'$&./0&%6(%&/'$6(%)(%:044$8:$%$P.=8/$(8%#+/&#2/8$%)$%*+$#28/.
)$#%.$P.$#%)0:.8/&6(P%6)02.=#%6(%*$&)$46/&%)$%*+/&)=2$&)6&:$%@^U6/8/@XWWV`
B&%$FF$._%*6%20*/./<($%;*7=8/$&&$%$&%46./"8$%)$#%=:!6&7$#%$P.=8/$(8#%6%:0&&(%2*(#/$(8#
=.62$#%468<(6&.%:!6:(&$%)+$**$#%(&$%#/.(6./0&%=:0&04/<($%268./:(*/"8$@
B&%.0(.%=.6.%)$%:6(#$_%*+='0*(./0&%)$%*6%20*/./<($%)(%:044$8:$%$P.=8/$(8%2$(.%a.8$%4/#$
$&%)$(P%=.62$#%)/#./&:.$#%:686:.=8/#=$#%268%)$#%8=7*$4$&.6./0&#%#2=:/F/<($#%8=20&)6&.%]
)$#%0-e$:./F#%-/$&%)=.$84/&=#@

U&LP&H0&.)!);)*0&80&*91#(#&"%-&*0&4)..0-40&0W#<-$0%-&6L_XS2L_``7&G
E*%#$%:686:.=8/#$%268%)$(P%2=8/0)$#%>

ULLP&*(&;<-$)80&80&4)!#-l*0&8%&4)..0-40&0W#<-$0%-&6L_XS2L_[`$%@
Q$..$% =.62$% 6% :0&&(% (&% :0&.83*$% =.6./<($% )$#% =:!6&7$#% :044$8:/6(P% @?$&)6&.% :$..$
2=8/0)$%*+;*7=8/$%6%6)02.=%(&$%20*/./<($%)$%280.$:./0&&/#4$@
Q$**$%l:/%=.6/.%-6#=$%#(8%.80/#%280:=)(8$#%'/#6&.%*$%:0&.83*$%)$#%/4208.6./0&#%>
1%-$;!8*78H-8*-3-8*$%>%280:=)(8$%<(/%:0&#/#.$%]%F/P$8%]%*+6'6&:$%*6%&6.(8$%$.%*6%<(6*/.=
)$#%468:!6&)/#$#%]%/4208.$8_%$&%28=:/#6&.%*+08/7/&$%7=07862!/<($@
Q$..$%280:=)(8$%6%=.=%/&#.6(8=$%*$%XK%e(/&%XWKY%268%*$%)=:8$.%D[KYfXVV@
O$#%-(.#%F/P=#%268%:$..$%280:=)(8$%)+6:./0&%#0&.%>
m C=08/$&.6./0&%)$#%:0(86&.#%)+/4208.6./0&%$&%F0&:./0&%)$#%20##/-/*/.=#%)+$P208.6./0&%268
8=7/0&@
m O/4/.6./0&%)$#%/4208.6./0&#%)/.$#%)$%*(P$%$.%*+=:0&04/$%)$%)$'/#$#@
m ?80.$:./0&%)$%*6%-6*6&:$%:044$8:/6*$%]%(&%404$&.%0{%*$#%8=#$8'$#%)$%:!6&7$%#0&.
/&#/7&/F/6&.$#@

GW
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

O6%20*/./<($%)$%:0&./&7$&.$4$&.%$#.%:0&n($%6(%&/'$6(%)(%4/&/#."8$%)(%:044$8:$%$.%$**$%$#.
4/#$%$&%622*/:6./0&%268%*+/&.$84=)/6/8$%)$%*/:$&:$%)+/4208.6./0&@
1%<$ )!%7*7I"-$ *<#7?<7#-$ % >% 4/#$% $&% 2*6:$% )=#% XWKY_% $**$% 6% *$#% 4a4$#% -(.#% <($% *$#
:0&./&7$&.$4$&.#%<(+$**$%'/$&.%8$&F08:$8@
1%-$;!8*#J%-$4-$;'<8H-$%$%%%$>%e(#<(k]%*+/&)=2$&)6&:$%*+;*7=8/$%$#.%4$4-8$%)$%*6%b0&$
F86&:!$%6(%#$/&%)$%*6<($**$%*$#%:62/.6(P%#0&.%*/-8$4$&.%.86&#F=86-*$#@
O$#% :0&.83*$#% )$% :!6&7$% #(8% *$% :044$8:$% $P.=8/$(8% )=#% XWKY% #0&.% 8$&F08:=#% 268
*+/&#./.(./0&%)+(&%:0&.83*$%#(8%*$#%F*(P%F/&6&:/$8#%$.%40&=.6/8$#@
O$%:0&.83*$%)$%:!6&7$%6'$:%(&%.6(P%)$%:!6&7$%(&/<($_%62268(%$&%0:.0-8$%XWKY%$.%<(/
2$84$.%)$%86*$&./8%*$#%#08./$#%)$#%:62/.6(P@
Q$%#d#."4$%)$%:0&.83*$%/&#2/8=%)$%*6%8=7*$4$&.6./0&%F86&n6/#$%)$#%:!6&7$#%)$%7($88$
$#.%)$%&6.(8$%2(8$4$&.%6)4/&/#.86./'$%$.%26##/'$_%&$%#$8'6&.%26#%*6%7$#./0&%)$%*+=:0&04/$
&6./0&6*$%$.%&+6228=:/6&.%&(**$4$&.%*+02208.(&/.=%=:0&04/<($%0(%F/&6&:/"8$%)+(&$%02=86./0&@
?68%6/**$(8#_%*$%:0&.83*$%)(%:044$8:$%$P.=8/$(8%=.6/.%6##(8=%268%*$#%0876&/#4$#%2(-*/:#
.$*#%<($%>
X%f*$#%780(2$4$&.#%280F$##/0&&$*#%)+6:!6.%^q?;`%<(/%#0&.%:!687=#%)$%*+/4208.6./0&%)$
.0(.%:$%<(/%$#.%-0/#_%*$#%./##(#_%*$#%:(/8#€$.:@
G% f*+0FF/:$% &6./0&6*$% )$% :044$8:/6*/#6./0&% ^,D;Q,`_<(/% $#.% (&% 0876&/#4$% =.6./<($
#2=:/6*/#=%)6&#%*+/4208.6./0&%)$#%280)(/.#%)$%*687$%:0&#0446./0&%.$*#%<($%>%*$#%#(:8$#_%*$
:6F=_%*$%.!=%€$.:@
Yf*+0FF/:$%&6./0&6*%)(%*6/.%$.%)$#%280)(/.#%*6/./$8#%^,D;O;E `_%:8=$%$&%XWKW%h%/*%$#.%:!687=
)$#%*6/.#%F$84$&.=#_%F80467$#_%:8"4$#_%-$(88$#€$.:@
?$&)6&.% *6% 2=8/0)$% XWKYfXWKW% *$% 83*$% )$% *+B.6.% =.6/.% */=% ]% :$8.6/&$#% 280:=)(8$#% )$
:0&.83*$%$.%]%*6%8$28=#$&.6./0&%6(%#$/&%)+0876&/#4$#%/4208.6.$(8#@

ULQP&*0&.)!);)*0&80&*91#(#&"%-&*0&4)..0-40&0W#<-$0%-&6L_[`2L_``7&G
O$#%28$4/$8#%F0&)$4$&.#%)(%40&020*$%)$%*+B.6.%#(8%*$%:044$8:$%$P.=8/$(8%0&.%=.=%4/#%$&
2*6:$%)(86&.%*$%2*6&%<(6)8/$&&6*%^XWLJfXWLY`_%56/#%:+$#.%6'$:%*6%*0/%LVfJG%<($%F(.%:0&#6:8=
*$%:686:."8$%$P:*(#/F%)$%*6%&6./0&6*/#6./0&%)(%:044$8:$%$P.=8/$(8
?68% :$% &0('$6(% :6)8$% *=7/#*6./F_% *+B.6.% #$% 8=#$8'6/.% *+$P$8:/:$% $P:*(#/F% )(% 40&020*$
)+/4208.6./0&%$.%)+$P208.6./0&%)$#%-/$&#_%F0(8&/.(8$#%$.%#$8'/:$#%)$%.0(.$%&6.(8$@
O$#%.86&#6:./0&#%:044$8:/6*$#%&$%2$('$&.%a.8$%:0&:*($#%<($%268%(&%0876&/#4$%)+B.6.
46&)6.6/8$%)+(&%40&020*$@
Q$#% 0876&/#4$#% #0&.% :!687=#% )$% *6% 4/#$% $&% „('8$% )(% 40&020*$% #(8% *$% :044$8:$
$P.=8/$(8%@E*%$&%8=#(*.$%6/&#/%<($%*$%#$:.$(8%28/'=%$#.%$P:*(%)(%:!642%)(%:044$8:$%$P.=8/$(8
;% :$.% $FF$._% /*% d% 6% $(% *+/&#./.(./0&% )$#% ?qB% $.% )$#% ?qE% 20(8% *+$P$8:/:$% )(% :044$8:$
$P.=8/$(8%$.%#0&%0876&/#6./0&%#$*0&%*$#%-$#0/&#%)(%468:!=%&6./0&6*@%1$%46&/"8$%7=&=86*$_
0(.8$%#0&%6#2$:.%/&&0'6.$(8%$.%*+=*/4/&6./0&%)$#%/&.$84=)/6/8$#_%*6%*0/%LV@JG%'/#6/.%*$#%0-e$:./F#
#(/'6&.#%>
m 96./#F6/8$%$&%28/08/.=%*$#%-$#0/&#%F0&)64$&.6(P%)(%468:!=%$.%280.=7$8%*6%280)(:./0&
&6./0&6*$@
m ;##(8$8%*+=<(/*/-8$%)$#%=:!6&7$#%$P.=8/$(8#%$.%*$(8%)/'$8#/F/:6./0&

YJ
C0%W$:.0&;(-#$0&G&H1&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1

m ;##(8$8%*+/&)=2$&)6&:$%)$%*+B.6.%268%*6%&6./0&6*/#6./0&%)(%:044$8:$%$P.=8/$(8_
)$#%-6&<($#_%)$#%6##(86&:$#_%)$#%.86&#208.#%$.%)$#%6:./'/.=#%*/=$#%6(%:044$8:$
$P.=8/$(8@
?68%6/**$(8#_%*6%*0/%LV@JG%6%=.=%#(/'/$%268%*$%)=:8$.%VZ@YWJ@
Q$*(/f:/% 6% =&(4=8=% *$#% $&.8$28/#$#% 268% #$:.$(8% )+6:./'/.=% =:0&04/<($% 6/&#/% <($% *$#
280)(/.#%]%/4208.$8%268%*$#%0876&/#4$#%)$%:!6<($%#$:.$(8@
0(.$F0/#_%*+6&&=$%XWVK%622686T.%20(8%*+;*7=8/$%:044$%*+6&&=$%:!68&/"8$%)(%F6/.%)$%*6
:!(.$%)(%:0(8#%2=.80*$@
B&% $FF$.% *$#% :0&#=<($&:$#% &=F6#.$#% )$% :$..$% :8/#$% 0&.% 40&.8=% *$#% */4/.$#% $.% *$#
*6:(&$#%)(%#d#."4$%)$%40&020*$%)$%*+B.6.%#(8%*$%:044$8:$%$P.=8/$(8%$&%.6&.%<($%40)$
)+0876&/#6./0&@

U&QP&H(&*$E<-(*$"(#$)!&8%&4)..0-40&0W#<-$0%-&G
1(86&.% *+6&&=$% XWVK_% *6% :8/#$% =:0&04/<($% 40&)/6*$% 6% $(% )$#% 8$.04-=$#% &=76./'$#% #(8
*+=:0&04/$%&6./0&6*$@%?0(8%F6/8$%F6:$%]%:$..$%#/.(6./0&_%*+;*7=8/$%#+$#.%'($%)6&#%*+0-*/76./0&
)$%8$'0/8%#6%20*/./<($%=:0&04/<($%$.%)$%*+6)62.$8%]%:$**$%8=7/##6&.%*+=:0&04/$%)$%468:!=%@
;/&#/_%)$#%8=F084$#%280F0&)$#%0&.%=.=%$&767=$#%]%268./8%)$%*+6&&=$%XWVV@
16&#%*$%:6)8$%)(%28078644$%)$%:$#%8$F084$#%$&767=$#_%*6%*/-=86*/#6./0&%)(%:044$8:$
$P.=8/$(8%6%:0&#./.(=%*$%'0*$.%*$%2*(#%/4208.6&.@

U&Q&LP&H9("")%;*$""0.0!#&8%&.)!);)*0&80&*91#(#&"%-&*0&4)..0-40&0W#<-$0%-&G
O6%*0/%VVfGW%6%6)02.=%)$#%64=&67$4$&.#%6'$:%(&$%#0(2*$##$%<(6&.%]%*+0876&/#6./0&%)(
40&020*$%)$%*+=.6.%#(8%*$%:044$8:$%$P.=8/$(8@
B&% $FF$.% :0&F084=4$&.% 6(P% 68./:*$#% Y_H$.% K% )$% :$..$% &0('$**$% *0/_% *$#% 28078644$#
)+/4208.6./0&%)$%-/$&#%$.%#$8'/:$#%#$%8=6*/#$&.%)6&#%*$%:6)8$%)+(&%28078644$%7=&=86*%)(
:044$8:$%$P.=8/$(8%^?qQB`@
?68%6/**$(8#%6(P%#$&#%)$#%68./:*$#%V$.W%*$#%28078644$#%)+/4208.6./0&%$.%)+$P208.6./0&
)$#%-/$&#%$.%#$8'/:$#%#0&.%)=.$84/&=#%#$*0&%*$#%:0&.86/&.$#%)(%468:!=%$.%$&%F0&:./0&%)$#
0-e$:./F#%)$%)='$*022$4$&.%2*6&/F/=#%268%280)(/.%0(%F/*/"8$%)$%280)(:./0&@
0(.$% /4208.6./0&% )6&#% *$% :6)8$% )(% 28078644$% 7=&=86*% )(% :044$8:$% $P.=8/$(8% )$#
468:!6&)/#$#% )$#./&=$#% ]% *6% 8$'$&.$% $&% *+B.6.% #0&.% )(% 8$##08.% )$#% :0&:$##/0&&6/8$#% )(
40&020*$%)$%*+B.6.%#(8%*$%:044$8:$%$P.=8/$(8%$.%:$%:0&F084=4$&.%]%*+68./:*$%XJ%)$%*6%4a4$
*0/@

U&Q&LLP&H0&*$E-0&(44:"&(%&4)..0-40&0W#<-$0%-&G
O6%28$4/"8$%.$&.6./'$%'$8#%*6%*/-=86*/#6./0&%)(%:044$8:$%$P.=8/$(8%6%=.=%/&.80)(/.$%268%*+68./:*$
ZX%)$%*6%*0/%)$%F/&6&:$%:042*=4$&.6/8$%20(8%*+6&&=$%XWWJ@
B&%'$8.(%)$%:$.%68./:*$_%*$#%780##/#.$#%$.%*$#%:0&:$##/0&&6/8$#%#0&.%6(.08/#=#%]%/4208.$8
:$8.6/&$#%:6.=708/$#%)$%280)(/.#%$&%#(#2$&#/0&%)$#%F0846*/.=#%)(%:044$8:$%$P.=8/$(8%46/#
40d$&&6&.%*$%8$#2$:.%)$%:$8.6/&$#%:0&)/./0&#%6(%28=6*6-*$@
;%:$.%=768)_%*6%*/#.$%)$#%280)(/.#%20('6&.%a.8$%/4208.=#%268%*+/&.$84=)/6/8$%)$#%780##/#.$#
0(% )$#% :0&:$##/0&&6/8$#% $&7*0-$% (&$% <(686&.6/&$% )$% :6.=708/$#% )$% -/$&#% _% )0&.% GH
YX
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

#0&.% 8=#$8'=$#% $P:*(#/'$4$&.% 6(P% 6:./'/.=#% )$#% 780##/#.$#% _% /*% #+67/.% )$% :$8.6/&#% 280)(/.#
6*/4$&.6/8$#%_%)$%2/":$#%)$%8$:!6&7$%_%)(%-0/#%_%)(%46.=8/$*%)$%8$F80/)/##$4$&.%€@$.:@
?0(8% *6% */#.$% )$#% 280)(/.#% <(/% 20('6/$&.% a.8$% /4208.=#% .6&.% 268% *+/&.$84=)/6/8$% )$#
780##/#.$#% <($% 268% )$#% :0&:$##/0&&6/8$#_% /*#% :088$#20&)$&.% $##$&./$**$4$&.% ]% )$#% -/$&#
)+=<(/2$4$&.% .$*#% <($% >% *$#% '=!/:(*$#% $.% *$#% 2/":$#% )$% 8$:!6&7$_% *+0(./*% /&F0846./<($_
*+=<(/2$4$&.%)$%-(8$6(P_%*6%46.=8/$*%/&)(#.8/$*%$.%46.=8/$*%678/:0*$@
Q$..$%28$4/"8$%=.62$%)$%*/-=86*/#6./0&%)(%:044$8:$%$P.=8/$(8%$#.%e(7=$%8$#.8/:./'$%$.
268./$**$_%)(%F6/.%<($%*6%*/-=86*/#6./0&%)$#%/4208.6./0&#%&+6%.0(:!=%<(+(&$%*/#.$%)$%280)(/.#
*/4/.=$@
E*% $#.% ]% #/7&6*$8% <($% *$% F/&6&:$4$&.% )$#% 02=86./0&#% )+/4208.6./0&% $#.% /42(.=% #(8% (&
:042.$%)$'/#$%)$%*+/4208.6.$(8@
B&% F6/.% _% *$% )=-(.% $FF$:./F% )$% *6% */-=86*/#6./0&% )(% :044$8:$% $P.=8/$(8% $&% ;*7=8/$% $#.
/&.$8'$&(% 628"#% #/7&6.(8$% )$% *+6::08)% 9.6&)f-d% 6'$:% *$% F0&)#% 40&=.6/8$% /&.$8&6./0&6*
^S5E`%_)6&#%*$<($*%/*%6%=.=%28='(%*6%4/#$%$&%„('8$%)+(&%/4208.6&.%28078644$%'/#6&.%(&$
786&)$%*/-=86*/#6./0&%8$20#6&.%#(8%>
O6%#(228$##/0&%)(%:04/.=%6)+!0:%:!687=%)(%#(/'/%)$#%02=86./0&#%)$%:044$8:$%$P.=8/$(8
)$%.0(.$%/4208.6./0&%<($**$%<($%#0/.%#6%)$#./&6./0&_%<(/%=.6/.%#0(4/#$%6'6&.%6'8/*%XWWZ%]%(&
6::08)%28=6*6-*$%)$%:$%:04/.=%<(/%#$%280&0&n6/.%#(8%*+02208.(&/.=%)(%280)(/.%$.%)$#%:0&)/./0&#
)$%F/&6&:$4$&.%)$%#0&%/4208.6./0&@
O+6-8076./0&%)$%*+/&#.8(:./0&%)$%*6%-6&<($%)+;*7=8/$%=4/#$%$&%XWWG%$.%#0&%8$42*6:$4$&.
268% *+/&#.8(:./0&% D[GJIWZ_% F/P6&.% )$% &0('$**$#% :0&)/./0&#% F/&6&:/"8$#% )$#% 02=86./0&#
)+/4208.6./0&@
?68%6/**$(8#%_%*$%28/&:/2$%)(%*/-8$%6::"#%]%*6%)$'/#$%$&%46./"8$%)+/4208.6./0&%_%20(8%*$#
67$&.#%=:0&04/<($#%./.(*6/8$#%)+(&%8$7/#.8$%)$%:044$8:$%$.%)$%40d$&#%F/&6&:/$8#%$&%)/&68#
6%=.=%:0&F/84=%)6&#%*$%8$#2$:.%)$%*6%8=7*$4$&.6./0&%)(%:044$8:$%)$#%=:!6&7$#%>
O6%*/-=86*/#6./0&%)$#%28/P%)$%2*(#%)$%VJg%)$#%280)(/.#%<(/%0-=/##6/.%]%)$#%8=7/4$#%)$
F/P6./0&%)$#%28/P%^28/P%6)4/&/#.8=#_%28/P%]%4687$%2*6F0&&=$`@
O6%)=40&020*/#6./0&%)$#%/4208.6./0&#%)$%280)(/.#%6*/4$&.6/8$#%6d6&.%.0(e0(8#%8$*$'=
)$%*6%#$(*$%:042=.$&:$%)+$&.8$28/#$#%=.6./<($#%h%/*%#+67/.%$##$&./$**$4$&.%)(%-*=%$.%)$%*$(8#
)=8/'=#_%)$%*+087$_%)$#%*=7(4$#%#$:#_%)(%#(:8$_%:6F=€$.:@`@
O+=*/4/&6./0&% )$% .0(.$% 8$#.8/:./0&% ]% *+$P208.6./0&% $&% )$!08#% )$% <($*<($#% $P:$2./0&#_
&0.644$&.%*$#%0-e$.#%8$28=#$&.6&.%(&%/&.=8a.%&6./0&6*%)(%20/&.%)$%'($%!/#.08/<($@

U&Q&QPK)..0-40&0W#<-$0%-&#)#(*&0#&(,-)(*$.0!#($-0&G
O+6&6*d#$% )$% *+='0*(./0&% )(% :044$8:$% $P.=8/$(8% )$% *+;*7=8/$% F6/.% 8$##08./8% *$#% 28/&:/26*$#
:686:.=8/#./<($#% .$**$#% <($% *6% #.6-/*/.=% )$% *6% #.8(:.(8$% 7*0-6*$% 40&0% $P208.6.8/:$
)+!d)80:68-(8$#_%*6%F6/-*$%)/'$8#/F/:6./0&%)$#%280)(/.#%$P208.=#_%*$%)=#=<(/*/-8$%6::$&.(=%)$
*6%-6*6&:$%:044$8:/6*$%67786'6&.%6/&#/%*$%&/'$6(%)+$P.86'$8#/0&%)$%*+=:0&04/$%&6./0&6*$%$.
#6%)=2$&)6&:$%=&$87=./<($%:044$%#0(8:$%)$%F/&6&:$4$&.@
S08.$4$&.%#0(.$&(%268%*$#%$P208.6./0&#%)$#%!d)80:68-(8$#_%*$%:044$8:$%$P.=8/$(8%.0.6*
)$%*+;*7=8/$%6%='0*(=%)$%F6n0&%8$468<(6-*$%)(86&.%*$#%)$(P%)$8&/"8$#%)=:$&&/$#@%1(86&.
*6%2=8/0)$%XWVJfXWVW_%*$#%$P208.6./0&#%#0&.%26##=$#%)$%XYWJL4/**/0&#%)$%)0**68#%]%VJLJ
4/**/0&#%)$%)0**68#%$&%XWVK%^#0/.%fZGg`%$&%86/#0&%)$%*6%:!(.$%)$#%28/P%)$%2=.80*$%20(8%6..$/&)8$
*$#%WHKZ%4/**/0&#%)$%)0**68#%$&%XWVW@

YG
C0%W$:.0&;(-#$0&G&H1&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1

?0(8% *6% 2=8/0)$XWWJfXWWW_% *$#% $P208.6./0&#% 0&.% 8=78$##=% $.% $**$#% #0&.% 26##=$#% )$
XGVVJ5…%$&%XWWJ%]%VVWJ5…%$&%XWWZ_%:$..$%)/4/&(./0&%.0(e0(8#%)($%]%*6%-6/##$%)$#%28/P
)(%2=.80*$%^#0/.%fYJ%g`@
O$#%8=#(*.6.#%)(%:044$8:$%$P.=8/$(8%20(8%*+6&&=$%XWWL%F0&.%8$##08./8%<($%*6%#.8(:.(8$
)$#%$P208.6./0&#%$#.%)04/&=$%268%*$#%!d)80:68-(8$#%]%!6(.$(8%)$%WK@Hg%)(%'0*(4$%7*0-6*_
#0/.% (&$% 6(74$&.6./0&% )$% Wg% 268% 862208.% ]% XWWK% @O$#% $P208.6./0&#% !08#% !d)80:68-(8$#
&$% 8$28=#$&.$&.% $&% $FF$.% <($% Y_Hg% )(% '0*(4$% 7*0-6*% 6'$:% ZWH4/**/0&#% )$% )0**68#% :0&.8$
VVX4/**/0&#%)$%)0**68#%$&%XWWK%^(&$%)/4/&(./0&%)$%ZY_Vg`@%^U6/8/_%XWWV`

K#<)'-$=L.$/$%&56!%"*7!8$4-,$-M)!#*<*7!8,$-*$4-,$73)!#*<*7!8,$-8$CN
90(8:$%>%QDE9
O$#%28/&:/26(P%280)(/.#%!08#%!d)80:68-(8$#%$P208.=#%#0&.%:0&#./.(=#%268%*$%780(2$%)$4/
280)(/.#%^6440&/6:%_%U/&:%_F0&.$%-8(.$#%`%6'$:%YKG%4/**/0&#%)$%)0**68#%_%#0/.%G_Hg%)(%'0*(4$
)$#%$P208.6./0&#%.0.6*$#%@*$#%280)(/.#%-8(.%^2!0#2!6.$#%_%2$6(P%`%6'$:%ZY4/**/0&#%)$%)0**68#
^J_YXg`% 6*08#% <($% *6% 268.% )(% 780(2$% 6*/4$&.6/8$% $#.% )$% ZX4/**/0&#% )$% )0**68#% ^J_GWg`% _% /*
$&7*0-$%268%08)8$%)+/4208.6&:$%*$#%)6..$#%_%*$#%'/&#%_%*$#%:680(-$#%$.%*$#%6*7($#%_%*$#%2j.$#
6*/4$&.6/8$#%$.%*$#%20/##0&#@
?0(8% *$#% 4a4$#% 2=8/0)$#% :0&#/)=8=$#% *$#% /4208.6./0&#% .0.6*$#% 6*7=8/$&&$#% #0&.
26##=$#%)$%WHWH%5…%$&%XWVJ%]%VWJJ%5…$&%XWVK%2(/#%(&$%*=7"8$%6(74$&.6./0&%$&%XWWH
^XJ%GJJ5…`@
O+6&6*d#$% )$% *6% #.8(:.(8$% )$#% /4208.6./0&#% XWWZfXWWV% 40&.8$% <($% >% *$#% =:!6&7$#
$P.=8/$(8#% 8$20#$&.% #(8% *$% 780(2$% )$#% -/$&#% 6*/4$&.6/8$#_% 8$28=#$&.6&.% (&$% 280208./0&
6228=:/6-*$%)6&#%*6%#.8(:.(8$%)$#%/4208.6./0&#%2(/#<(+/*%0::(2$%*$%28$4/$8%86&7%)+$&'/80&
GW_VVg%#0/.%G_ZW4/**/68)#%)$%)0**68#%$&%XWWL%^(&$%-6/##$%)$%Z_XXg%268%862208.%]%XWWK`@
^U6/8/_%XWWV`

K#<)'-$=L0$/$O6!%"*7!8$4-$%<$)<#*$4-,
73)!#*<*7!8,$<%73-8*<7#-,$4<8,$%-,$73)!#*<*7!8,$*!*<%-,
90(8:$%>%F6/.%268%&0(#%4a4$%]%268./8%)$#%)0&&=$#%)(%QDE9_%,D9%^GJJK`

YY
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

Q$2$&)6&._% *+$P64$&% )$% *6% 2*6:$% )$#% :044$8:$#% $P.=8/$(8#% 678/:0*$#% $.


67806*/4$&.6/8$#%)6&#%*$%:044$8:$%$P.=8/$(8%.0.6*%)$%*+;*7=8/$_%40&.8$%<($%*$#%/4208.6./0&#
6*/4$&.6/8$#%$.%678/:0*$#%0&.%=.=%)$%*+08)8$%)$%XVZV%4/**/0&#%…%$&%XWVK%#0/.%GGg%)(%.0.6*%)$#
/4208.6./0&#_%2(/#%$**$#%26##$&.%]%YJJH%5…%$&%XWWZ%#0/.%YGg%)$#%/4208.6./0&#%.0.6*$#%$.
$**$#%#$%#0&.%8$)8$##=$#%$&%XWWW%20(8%6..$/&)8$%GLLL4/**/0&#…%46/#%6'$:%(&%20(8:$&.67$
)$%YXg@
?0(8%*+6&&=$%GJJJ%*$#%/4208.6./0&#%6*/4$&.6/8$#%#0&.%)$%*+08)8$%)$%GZXH4/**/0&#%…%2(/#
)$%GLZJ4/**/0&#%…%$&%GJJG%$.%)$%YHWL4/**/0&#%…%$&%GJJZ@%^QDE9`

K#<)'-$=L2$/$O6!%"*7!8$4-$%<$)<#*$4-,$-M)!#*<*7!8,$<H#7;!%-,$-*
<H#!<%73-8*<7#-,$4<8,$%-,$-M)!#*<*7!8,$*!*<%-,$P87*5$/$37%%7!8,$4-$4!%%<#,
90(8:$%>%F6/.%268%&0(#%4a4$%]%268./8%)$#%)0&&=$#%)(%QDE9_%,D9
i(6&.% ]% *6% 2*6:$% )$#% $P208.6./0&#% 678/:0*$#% $.% 67806*/4$&.6/8$#_% *$(8% 20/)#% $#.
40/&#% /4208.6&.% .0(.% $&% 28=#$&.6&.% $&.8$% $**$#% *6% 4a4$% .$&)6&:$% )+='0*(./0&_% :68% $**$#
8$28=#$&.$&.%$&%XWVK_%HG%4/**/0&#…%6'$:%(&%20(8:$&.67$%)$%J_Hg%)$#%$P208.6./0&#%.0.6*$#_
2(/#%$**$#%26##$&.%]%XYY4/**0&#%…%$&%XWWY%6'$:%(&%20(8:$&.67$%)$%X_GLg)$#%$P208.6./0&#
.0.6*$#%_XXJ4/**/0&#%…%$&%XWWH%6'$:%(&%20(8:$&.67$%)$%X@JLg@
Q$#%$P208.6./0&#%0&.%8=78$##=%$&%XWWL%20(8%6..$/&)8$%YL4/**/0&#%…%6'$:%(&%20(8:$&.67$
)$%J_GKg%2(/#%]%GV4/**/0&#%…%$&%GJJX%6'$:%(&%20(8:$&.67$%)$%J_XZg@
56*78=%*6%*=7"8$%6(74$&.6./0&%)$%'6*$(8%$&%GJJZ%_HW4/**/0&#%…_%*$%20(8:$&.67$%$#.%)$
#$(*$4$&.%J_XVg@
O$#%8=#(*.6.#%$&8$7/#.8=#%$&%46./"8$%)+/4208.6./0&#%$.%)+$P208.6./0&#%$P28/4=$#%$&%)/&68
:0(86&.%#+$P2*/<($&.%268%*6%F08.$%)='6*(6./0&%)$%)/&68@

K#<)'-$=$LQ$/$%&56!%"*7!8$4-$%<$A<%<8;-$3<#;'<847,-,
90(8:$%>%F6/.%268%&0(#%4a4$%]%268./8%)0&&=$#%)(%QDE9
YZ
C0%W$:.0&;(-#$0&G&H1&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1

O+/4208.6&:$%8$*6./'$%)(%#0*)$%)6&#%*$%'0*(4$%.0.6*%)$#%=:!6&7$#%:044$8:/6(P%^1$
468:!6&)/#$#`_%6FF/:!$%)$#%'6*$(8#%&=76./'$#%)(86&.%*+6&&=$%XWVK%6'$:%(&%#0*)$%)$%fZKJ
4/**/0&#%)$…_%*+6&&=$%XWVV%6'$:%(&%#0*)$%)$%fLX4/**/0&#%…%$.%*+6&&=$%WZ%6'$:%(&%#0*)$%)$
fGWK%4/**/0&#%)$%…%$.%fHGX4/**/0&#%…%$&%XWWH@
;%268.%:$#%<(6.8$%6&&=$#%*$%#0*)$%)(%:044$8:$%$P.=8/$(8%)$%*+;*7=8/$%$#.%20#/./F_%/*%26##$
)$%YXXJ%4/**/0&#%…%$&%XWWJ%]%ZKLJ4/**/0&#%…%$&%XWWX%^#0/.%vHJg`@
?0(8%*+6&&=$%XWWK_%/*%6FF/:!$%(&%#0*)$%)$%ZGLL4/**/0&#%…_%/*%26##$%]%XG%VHV%4/**/0&#%…%$&
GJJJ@%B&%GJJZ%*$%#0*)$%$#.%)$%GH%KZZ%4/**/0&#%…_%#0/.%(&$%='0*(./0&%)$%WWg@
Q$.% 6#2$:.% 20#/./F% 2$(.% a.8$% 6..8/-(=% 20(8% (&$% *687$% 268.% 6(P% $P208.6./0&#
)+!d)80:68-(8$#

K#<)'-$=LR$/$56!%"*7!8$4-$%<$A<%<8;-$4-,$)#!4"7*,
<H#7;!%-,$-*$<H#!<%73-8*<7#-,$P87*5$/$37%%7!8,$4-$4!%%<#,
90(8:$%>%QDE9
Q0&.86/8$4$&.% ]% *6% -6*6&:$% )$#% 468:!6&)/#$#% *$% #0*)$% )$% *6% -6*6&:$% 678/:0*$% $.
67806*/4$&.6/8$%$#.%&=76./F%)(86&.%*6%2=8/0)$%XWVKfGJJH_%:$%#0*)$%26##$%)$%fXLWK%4/**/0&#
…%$&%XWVK%20(8%6..$/&)8$%(&%#0*)$%)$%fYHYV…%$&%GJJZ@
B&% XWWW_% *+;*7=8/$% #$% 2*6:$% 6(% &$('/"4$% 86&7% 6'$:% (&$% '6*$(8% )$% WXWZ% 4/**/0&#
…)+/4208.6./0&#%.0.6*$#%628"#%!(/.%26d#%4=)/.$886&=$&#%^S86&:$%_%E.6*/$%_%B#267&$%_%?08.(76*%_
(8<(/$%_q8":$_B7d2.$%$.%*$%5680:%`%_%268%:0&.8$%$&%GJJG%$**$%#$%2*6:$%$&%#/P/"4$%86&7%6'$:
(&$%'6*$(8%)$%XGZHK4/**/0&#…%628"#%*6%S86&:$%_%O+E.6*/$%_%*+B#267&$_%*6% (8<(/$%$.%*$%?08.(76*@
^A$&d0(:$F_%GJJH`
O6%:0('$8.(8$%)$#%/4208.6./0&#%268%*$#%$P208.6./0&#%8$#.$%)=8/#0/8$%@90&%20(8:$&.67$
=.6/.%)$%G_V%g%$&%XWVK_%/*%6%6(74$&.=%(&%2$(%20(8%6..$/&)8$%*$#%K_Gg%$&%XWWY_%G_Gg%$&
GJJJ_%$.%X_V%g%$&%GJJH@

K5(;$#-0&V&G&H+&FJ@>@D @'&C1I&1^F@JD+D @'&C1I


FJ@CA DI&+OJ K@H1I&1D&+OJ@+H >1'D+ J1I
?0(8% 2$84$..8$% *6% '6*08/#6./0&% )$#% 6.0(.#% 28028$#% ]% :!6<($% 26d#_% /*% $#.% 6(e0(8)+!(/
/&)/#2$&#6-*$% )$% #+6)62.$8% 6(P% :0&)/./0&#% )$% :042=././'/.=% 20(8% 767&$8% )$#% 268.#% )$
468:!=@
Q+$#.%)6&#%:$%:6)8$%<($%)$'86/.%#$%28040('0/8%*6%:80/##6&:$%=:0&04/<($%)6&#%(&%26d#
$&%:8/#$%:044$%*+;*7=8/$@

YH
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

16&#%:$%:!62/.8$%0&%'6%$##6d$8%)+=.()/$8%$.%$P2*/<($8%*+='0*(./0&%)$#%$P208.6./0&#%)$#
'/&#%$.%)$#%)6..$#@

V&L&PH9<=)*%#$)!&80"&0W;)-#(#$)!"&(,-)(*$.0!#($-0"&0!
+*,<-$0&
;%*6%F/&%)$%*6%2=8/0)$%:0*0&/6*$_%*$#%$P208.6./0&#%)$#%280)(/.#%6780f6*/4$&.6/8$#%)$%*+;*7=8/$_
<(0/<($%)/'$8#/F/=$#_%8$28=#$&.6/$&.%VJg%)$%*+$&#$4-*$%)$#%$P208.6./0&#@%^C0'$)6_%XWVG`@
Q$#% $P208.6./0&#% =.6/$&.% */=$#% $##$&./$**$4$&.% ]% )$(P% F6:.$(8#% >% *$% &/'$6(% )$% *6
280)(:./0&%678/:0*$%&6./0&6*$%$.%*$#%20##/-/*/.=#%0FF$8.$#%]%:$..$%=20<($%20(8%*+=:0(*$4$&.%)$
:$#%280)(/.#%#(8%*$%468:!=%$P.=8/$(8%$.%&0.644$&.%#(8%*$%468:!=%F86&n6/#@%O6%#.8(:.(8$%)$
:$#%$P208.6./0&#%6%:$2$&)6&.%#(-/%2$&)6&.%*$#%)$(P%)$8&/"8$#%6&&=$#%)$%*6%:0*0&/#6./0&%_
(&$%.86&#F0846./0&%86)/:6*$%_%$&%86/#0&%)$%*+$P208.6./0&%)(%2=.80*$%<(/%8$28=#$&.6/.%$&%$FF$.%_
)6&#%*$#%$P208.6./0&#%)$%*+;*7=8/$%*+=<(/'6*$&.%)$%KK@Kg%$&%XWKJ%$.%ZHg%$&%XWKX%@%^%C0'$)6_
XWVG`@
;%*+/&)=2$&)6&:$_%*$#%6::08)#%)+B'/6&%7686&./##6/$&.%]%*+;*7=8/$%(&%&/'$6(%)+$P208.6./0&
'$8#%*6%S86&:$%)$%:$8.6/&#%280)(/.#%:044$%*$#%'/&#_%*$#%F8(/.#%$.%*=7(4$#%l28/4$(8#@
;(% :0(8#% )$#% 6&&=$#% XWKJfXWLJ_% *6% 268.% )+$P208.6./0&#% )$#% 280)(/.#% 6*/4$&.6/8$#
)6&#%*$#%$P208.6./0&#%.0.6*$#%8$28=#$&.6/.%GJg%:088$#20&)6&.%]%2$(%28=#%]%X%4/**/68)#%)$
1@;_%46/#%:$..$%#.8(:.(8$%)$#%$P208.6./0&#%6**6/.%862/)$4$&.%#$%)=.=8/08$8%20(8%)/FF=8$&.$#
86/#0&#%>
m *$#%&=70:/6./0&#%)$%:0&.86.#%2=.80*/$8#%$.%76b/$8#%$&%XWKW%$.%*$#%)/FF/:(*.=#%F6/.$#%268
*$#%26d#%)$%*6%QBB%]%*+$&.8=$%)$#%280)(/.#%6*7=8/$&#%^&0.644$&.%*$%'/&`%0&.%6-0(./%]
)$#%8$*6./0&#%:0&F*/:.($**$#%<(/%0&.%F08.$4$&.%86*$&./%*$#%$P208.6./0&#%6*7=8/$&&$#@
m O6%&6./0&6*/#6./0&%)$#%!d)80:68-(8$#%$&%XWLX_%*+6(74$&.6./0&%)$#%8$:$..$#%$&%)$'/#$#
)($%6(P%!d)80:68-(8$#_%$.%*6%#6*68/#6./0&%46##/'$_%0&.%$&.86T&=%(&$%)$46&)$%)$%2*(#
$&%2*(#%F08.$%#(8%*$%468:!=%/&.=8/$(8%$.%)0&:%(&$%F08.$%8=)(:./0&%)$#%)/#20&/-/*/.=#%)$#
280)(/.#%678/:0*$#%)$#./&=#%]%*+$P208.6./0&@
m O+6-#$&:$%)$%20*/./<($%:0!=8$&.$%$&%46./"8$%)+$P208.6./0&%<(/%642*/F/=$%*6%:8/#$%)$#
$P208.6./0&#
m O6%#.67&6./0&%)$#%#(2$8F/:/$#%$.%)$%*6%280)(:./0&%678/:0*$%$.%'0/8$%4a4$%*$(8
)/4/&(./0&
m O+08/$&.6./0&%)$#%40d$&#%F/&6&:/$8#%'$8#%$##$&./$**$4$&.%*$%#$:.$(8%/&)(#.8/$*_%6(
)=.8/4$&.%)(%#$:.$(8%678/:0*$%$.%)0&:%*6%280)(:./0&%678/:0*$@
m O6%#6*68/#6./0&%46##/'$%6/&#/%<(+(&%.6(P%)$%:0&#0446./0&%.8"#%=*$'=$%<(/%6%6-0(./
]%(&$%#/.(6./0&%)+6(74$&.6./0&%)$%*6%)$46&)$%6*/4$&.6/8$%F6:$%]%(&$%0FF8$%678/:0*$
)=F/:/.6/8$%h%*$%8$#.$%)$#%/4208.6./0&#%6%*687$4$&.%)=26##=%*$%8$#.$%)+$P208.6./0&#@
O6%2=8/0)$%6**6&.%)$%XWLVfXWVL%6'6/.%)$%:$%F6/.%:0&#./.(=%(&$%=.62$%:!68&/"8$%]%268./8%)$
*6<($**$% *$% */-8$% 6::"#% 6(% :044$8:$% $P.=8/$(8% ]% =.=% <(6#/4$&.% /&.$8)/.% 6(% #$:.$(8% 28/'=_
&0.644$&.%*$#%280)(:.$(8#%$P208.6.$(8#%)$#%280)(/.#%6780f6*/4$&.6/8$#_%:$%<(/%6%:0&)(/.%]
(&$%F08.$%)=2$&)6&:$%)(%26d#%)$#%/4208.6./0&#%$.%]%(&$%<(6#/%6&&(*6./0&%)$#%$P208.6./0&#
!08#%!d)80:68-(8$#@

YK
C0%W$:.0&;(-#$0&G&H1&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1

O6% #/.(6./0&% )$% :8/#$% )6&#% *6<($**$% #$% .80('$% *+;*7=8/$% 6% 64$&=% *$#% 20('0/8#% 2(-*/:#
]% *6&:$8% (&% 280:$##(#% )$% 8=F084$#% #.8(:.(8$**$#% 2684/% *$#<($**$#% *6% 8$*6&:$% )(% #$:.$(8
)+$P208.6./0&@
M&$%28$4/"8$%.$&.6./'$%)$%28040./0&%)$#%$P208.6./0&#%!08#%!d)80:68-(8$#%6%:044$&:=
]%'0/8%*$%e0(8_%$&%6'8/*%XWVZ%0(%*$%70('$8&$4$&.%6'6/.%28/#%(&$%#=8/$%)$%4$#(8$#_%208.6&.
&0.644$&.%#(8%*+6**"7$4$&.%)$#%F0846*/.=#%]%*+$P208.6./0&_%*+6**0:6./0&%)+6'6&:$#%$&%)$'/#$#
20(8% *6% 280#2$:./0&% )$#% 468:!=#% $P.=8/$(8#_% *+/&#./.(./0&% )+(&% :042.$% )$'/#$% 8$:$'6&.% (&
20(8:$&.67$%F08.%8=)(/.%€$.:@%56/#%:$#%4$#(8$#%&+6'6/$&.%:$2$&)6&.%2(%268'$&/8%]%280)(/8$
*$#%$FF$.#%6..$&)(#@
;'$:%*6%:!(.$%)$#%28/P%)(%2=.80*$_%0&%6'6/.%:$8.$#%28/#%:0&#:/$&:$%)$%*6%F08.$%F867/*/.=
20(8%*+=:0&04/$%)$%)=2$&)8$%)$#%#$(*$#%8$:$..$#%)+$P208.6./0&%)$#%!d)80:68-(8$#_%$.%)$%*6
#=8/$(#$%4$&6:$%<($%:$..$%#/.(6./0&%28=#$&.6/.%20(8%*+6'$&/8_%#/%:$*6%)$'6/.%2$8)(8$8@
16&#%*6%:0&e0&:.(8$%468<(=$%268%(&$%.86&#/./0&%'$8#%*+=:0&04/$%)$%468:!=%$.%*6%4/#$%$&
„('8$%)+(&%28078644$%)+6e(#.$4$&.%#.8(:.(8$*_%*+;*7=8/$%02"8$%=76*$4$&.%(&$%#.8(:.(86./0&
)$%#$#%8$:$..$#%$P.=8/$(8$#%)6&#%*$%-(.%)$%8=)(/8$%*6%268.%8$*6./'$%6(P%!d)80:68-(8$#@
O$#% $&.8$28/#$#% 6*7=8/$&&$#% #$% :686:.=8/#$&.% 268% (&$% /&:626:/.=% #.8(:.(8$**$% <(6&.
6(% )='$*022$4$&.% )$#% $P208.6./0&#% h% 2*(#/$(8#% 0876&/#4$#% 0&.% )$#% 6:./'/.=#% */=$#% ]
*+$P208.6./0&% >% *6% 9;SBr_% *+0-#$8'6.0/8$% )(% :044$8:$% $P.=8/$(8_% *$% :*(-% )$#% $P208.6.$(8#
;*7=8/$&#%$.%*$#%:044/##/0&#%=:0&04/<($#%)$#%64-6##6)$#%@Q$2$&)6&.%/*#%)$4$(8$&.%.0(#
*0/&%)$%e0($8%*$%83*$%<(/%*$(8%$#.%)='0*(%$&%46./"8$%)$%28040./0&%)$#%$P208.6./0&#@
O$%40&020*$%#(8%*$%:044$8:$%$P.=8/$(8_%*6%F08.$%)$46&)$%)=26##6&.%.0(e0(8#%*+0FF8$%$.
*6%8$&.$%2=.80*/"8$%0&.%*0&7.$42#%#.8(:.(8=%$.%:686:.=8/#=%*$#%B?B%6*7=8/$&&$#%^$&.8$28/#$#
2(-*/<($#% =:0&04/<($#`% <(/% &+0&.% 26#% #6/#/% &=:$##/.=% )+6'0/8% )$#% #$8'/:$#% :044$8:/6(P
'=8/.6-*$#%>%468c$./&7_%=.()$#%)$%468:!=_%8=#$6(P%)$%)/#.8/-(./0&%F/6-*$#_%F/&6&:$4$&.%$.
6(.8$#%280)(/.#%$.%#$8'/:$#%*/=#%]%*6%28040./0&%)$#%$P208.6./0&#@
1+628"#%*$%7862!$%:/f)$##0(#%0&%8$468<($%<($%*6%268.%)$#%$P208.6./0&#%678/:0*$#%$.
67806*/4$&.6/8$#%)6&#%*$#%$P208.6./0&#%.0.6*$#%$#.%&=7*/7$6-*$_%$**$%$#.%.0(e0(8#%/&F=8/$(8$
]%Xg@

K#<)'-$=LS$/$%<$)<#*$4-,$-M)!#*<*7!8,$<H#!<%73-8*<7#-,
4<8,$%-,$-M)!#*<*7!8,$*!*<%-,$P87*5$/$37%%7!8,$N
90(8:$%>%QDE9

YL
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

V&QPH(&;(-#&80"&0W;)-#(#$)!"&(*$.0!#($-0"&8(!"&*0"&0W;)-#(#$)!"&5)-"
5Y8-)4(-E%-0"&G

K#<)'-$=LT$/$@<$)<#*$4-,$-M)!#*<*7!8,$<%73-8*<7#-,
4<8,$%-,$-M)!#*<*7!8,$'!#,$'(4#!;<#A"#-,
90(8:$%>%QDE9
q*0-6*$4$&._% *+='0*(./0&% )$#% $P208.6./0&#% !08#% !d)80:68-(8$#% )(86&.% *6% 2=8/0)$
^XWVKfGJJH`% 6% :0&&(% (&$% :80/##6&:$% $.% (&% )d&64/#4$% 20#/./F#% _% 46*78=% *$(8% F6/-*$
)/'$8#/F/:6./0&%@O$#%$P208.6./0&#%67806*/4$&.6/8$#%_%<(6&.%]%$**$#%_%0&.%:0&&(%(&$%)/4/&(./0&
^46*78=%*$(8#%F*(:.(6./0&#%`%:0&#.6&.$%<(/%26##$%)$%XY@JKg%$&%XWVK%]%H@Gg%$&%GJJJ@
56/#%/*%F6(.%)/8$%<($%*+6&&=$%XWWG%6%=.=%:686:.=8/#=$%268%(&$%:80/##6&:$%)$#%$P208.6./0&#
67806*/4$&.6/8$#% <(/% :088$#20&)$&.% 6/&#/% ]% (&% .6(P% )$% GZg% )(% .0.6*_% :80/##6&:$% )($% ]
*+6(74$&.6./0&%)$%*6%280)(:./0&@
O6% :80/##6&:$% )$#% $P208.6./0&#% 67806*/4$&.6/8$#% 0-#$8'=$% ]% 268./8% )$% XWWH% 2$(.
#+$P2*/<($8%.0(.$F0/#%268%(&$%*/-=86*/#6./0&%:042*".$%)(%:044$8:$%$P.=8/$(8%6*7=8/$&@

V&SP&H0"&;-)8%$#"&(,-)(*$.0!#($-0"&0W;)-#<"&G&
O$#% $P208.6./0&#% )$#% 280)(/.#% 67806*/4$&.6/8$#% 0&.% :0&&(% (&$% F*(:.(6./0&% 6(% :0(8#% )$
*6% 2=8/0)$% XWVKfGJJK% #(8.0(.% *$#% 280)(/.#% )$% 28$4/"8$% &=:$##/.=_% .$*#% <($% *6% 2044$% )$
.$88$% $.% *$#% 678(4$#% <(/% 0&.% $&8$7/#.8=% (&$% ='0*(./0&% <(/% )$4$(8$% .0(e0(8#% $&% -6/##$% h
:$.% /&F*=:!/##$4$&.% #+$P2*/<($% 268% *6% F08.$% :80/##6&:$% )=407862!/<($% <(/% /&)(/.% *6% F08.$
)$46&)$%)$%:$#%280)(/.#%#(8%*$%468:!=%*0:6*@
O$#%$P208.6./0&#%6*/4$&.6/8$#%.$**$#%<($%*6%)6..$%$.%*$%'/&%0&.%:0&&(%(&$%28078$##/0&
:0&<(/#$_% :$#% )$(P% )$8&/$8#% 280)(/.#% 28=#$&.$&.% *$% 20(8:$&.67$% *$% 2*(#% =*$'=% )6&#% *6
#.8(:.(8$% 6*/4$&.6/8$_% :$% <(/% &0(#% 64"&$% ]% 28=#$&.$8% )+(&$% 46&/"8$% 7=&=86*$% *$#% )$(P
28/&:/26(P%280)(/.#%$P208.=#@
O$%280:$##(#%)$%*/-=86*/#6./0&%)$%*+=:0&04/$%6*7=8/$&&$%6%2$84/#_%:$8.$#%(&$%2$8:=$
./4/)$%)$#%$P208.6./0&#%!08#%!d)80:68-(8$#%@i($*<($#%02=86.$(8#%2(-*/:#%$.%#(8.0(.%28/'=#_
$&:0(867=#%268%)$%&0('$**$#%*0/#_%0&.%)+6/**$(8#%.$&.=%)$%#$%2*6:$8%#(8%*$%468:!=%/&.$8&6./0&6*
46/#%*$(8%)=468:!$%&+$#.%26#%:0&&($_%;(##/%/*%$#.%(./*$%)$%#6'0/8%>%<($**$%$#.%*6%)d&64/<($
8=$**$%)$%:$%280:$##(#%%i($**$%$#.%*6%'6*$(8%8=$**$%)$%:$..$%0('$8.(8$%%;'$:%<($*#%.d2$#
)$% 280)(/.#% 678/:0*$#% $.% 67806*/4$&.6/8$#% $.% 6'$:% <($*% &/'$6(% )$% <(6*/.=% 6*/4$&.6/8$% $.
468:!6&)$%#$%28020#$%l.f0&%)+$&.8$8%)6&#%*$#%468:!=#%$P.=8/$(8#%

YV
C0%W$:.0&;(-#$0&G&H1&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1

?0(8%*+$##$&./$*%)$#%280)(/.#%6780f6*/4$&.6/8$#%)$#./&=#%]%*+$P208.6./0&_%*$#%02=86.$(8#
0&.% $(% -$#0/&% &0&% #$(*$4$&.% )$% :$8./F/:6.#% /&.$8&$#_% 46/#% 6(##/% )$% )=8076./0&#% 0(% )$#
7686&./$#%)$%*6%268.%)$#%26d#%/4208.6.$(8#@%O$#%20('0/8#%2(-*/:#%0&.%*687$4$&.%:0&.8/-(=
)0&:%]%6/)$8%$.%]%28040('0/8%:$#%F084$#%)$%28040./0&%)$#%$P208.6./0&#@

V&S&LP&m#(#&0#&;0-";04#$=0"&80"&0W;)-#(#$)!"&8%&=$!&0!&+*,<-$0&G
?684/%*$#%4(*./2*$#%F6:.$(8#%)$%*6%<(6*/.=%)$%&0#%'/&#_%*$%:=267$%$#.%#6&#%)0(.$%*+(&%)$%:$(P
<(/%0&.%*$#%$FF$.#%*$#%2*(#%468<(6&.#_%*$#%2*(#%F6:/*$4$&.%2$8:$2./-*$#@
;% 268./8% )$% *6% )/'$8#/.=% )$#% '68/=.=#_% <(/% 6% 28/#% (&$% 2*6:$% /4208.6&.$% )6&#% *$
)='$*022$4$&.%)(%:044$8:$%'/./'/&/:0*$%$&%;*7=8/$_%0&%:0&#.6.$%(&$%'=8/.6-*$%40#6o<($
<(/%6%)0&&=%*/$(%]%*6%&6/##6&:$%)+(&$%8/:!$%7644$%)$%280)(/.#%)$%<(6*/.=_%6::08)6&.%(&$
8$&044=$%40&)/6*$%]%*+;*7=8/$%:044$%26d#%'/./'/&/:0*$@
O+='0*(./0&%)$#%$P208.6./0&#%)(%'/&%2$(.%a.8$%$P2*/<(=%268%*+='0*(./0&%)$%*6%280)(:./0&_
*6%:0&#0446./0&%$.%*$%28/P%)(%'/&%#(8%*$%468:!=%/&.$8&6./0&6*
U1%<$)#!4";*7!8%>

K#<)'-$=LV$/$%<$#-%<*7!8$-8*#-$%<$)#!4";*7!8$-*$%-,$-M)!#*<*7!8,$4"$678$9-8.WWW*!88-,>
90(8:$%>%,D9_%QDE9%^GJJK`
O6%)/'$8#/F/:6./0&%)$#%468:!=#%)+$P208.6./0&%6%2$84/#%]%*+;*7=8/$%)$%'0/8%#6%280)(:./0&
e(#.$4$&.%6228=:/=$%$.%#$#%'/&#%4/$(P%:0&&(#@
O+6::80/##$4$&.%)(%&04-8$%)$%268.$&6/8$#%:044$8:/6(P_%.$&)%]%$&:0(867$8%*+;*7=8/$
)6&#%*6%'0/$%<(+$**$%#+$#.%.86:=$_%]%#6'0/8%(&$%280)(:./0&%)$%'/&%)$%!6(.%)$%7644$@
O+='0*(./0&%)$#%$P208.6./0&#%)=2$&)%)(%&/'$6(%)$%*6%280)(:./0&%<(/%*(/f4a4$%)=2$&)
)$#%#(2$8F/:/$#%2*6&.=$#%h%:$**$#f:/%0&.%:0&&(%(&$%8=78$##/0&%)(86&.%*$#%6&&=$#%XWVKfGJJK_
:$:/% 2$(.% a.8$% $P2*/<(=% $&% 28$4/$8% */$(% 268% *$#% 6886:!67$#% 46##/F#% ^20(8% )$#% 86/#0&#
20*/./<($#`%$.%$&%#$:0&)%*/$(%*6%8$:0&'$8#/0&%)$%*6%'/7&$%$&%86/#/&%)$%.6-*$%0(%$&%86/#/&%#$:
20(8%#6./#F6/8$%*6%:0&#0446./0&%&6./0&6*$@
B&%2*(#_%*$%8$&)$4$&.%$#.%)$%2*(#%$&%2*(#%F6/-*$_%/*%#$%#/.($%$&.8$%H%]%XG%R*%IR6_%:$*6
#+$P2*/<($%268%*$%F6/.%)(%'/$/**/##$4$&.%)$#%2*6&.#%6/&#/%<($%*$#%#=:!$8$##$#%8=2=.=$#%<(/%0&.
F8622=%*$#%8=7/0&#%,($#.%)(%26d#%^28/&:/26*$#%280)(:.8/:$#%)(%'$&)6&7$`@

O+;*7=8/$_% 268% *$% -/6/#% )+(&$% 8=7*$4$&.6./0&% '0*0&.6/8$4$&.% #='"8$% )=.$84/&6&.% 6'$:
28=:/#/0&% .0(.$#% *$#% &084$#% 6(P<($**$#% )0/.% 8=20&)8$% *$% #$:.$(8% '/./'/&/:0*$_% 6**6&.% )$% *6
:0&)(/.$% )(% '/7&0-*$% e(#<(+6(P% <(6*/.=#% 7(#.6./'$#% $.% 6&6*d./<($#% )$#% '/&#_% 6% 2$84/#% ]
:$#%)$8&/$8#%)$%#$%F6/8$%(&$%.8"#%-0&&$%8=2(.6./0&%:044$%$&%.=40/7&$&.%*$#%&04-8$(#$#
)/#./&:./0&#%0-.$&($#%*08#%)$#%:0&:0(8#%/&.$8&6./0&6(P@%1$%:$%F6/.%*$%'/&%)+;*7=8/$%0::(26/.
(&$%786&)$%2*6:$%)6&#%*$%468:!=%40&)/6*%)$#%:0&&6/##$(8#%)$%'/&#@
Af*$%28/P
YW
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

K#<)'-$=LX$/$%<$#-%<*7!8$-8*#-$%-$)#7M$-*$%-,$-M)!#*<*7!8,$4"$678
90(8:$%>%,D9_%QDE9%^GJJK`
O6% <(6*/.=% )$#% '/&#% 6*7=8/$&#% $#.% *0/&% )+a.8$% =.86&7"8$% 6(P% )=:/#/0&#% )+6:!6.% )$#
268.$&6/8$#%:044$8:/6(P%h%*$#%$P208.6./0&#%)(%'/&%#0&.%)$'$&($#%=76*$4$&.%20##/-*$#%78j:$
6(P%28/P%:0&:(88$&./$*#%$.%]%*6%862/)/.=%)6&#%*6%*/'86/#0&@
1+628"#%*$%7862!$%:/%l)$##(#_%0&%8$468<($%<(+]%:!6<($%F0/#%<($%*$%28/P%)+$P208.6./0&
6(74$&.$%*$#%<(6&./.=#%$P208.=$#%)/4/&($&.@
O$%28/P%6%:0&&(%(&$%6(74$&.6./0&%)$%GJg%)(86&.%*6%2=8/0)$%XWWJfXWWZ_%6*08#%<($%*$#
<(6&./.=#%0&.%)/4/&(=%)$%HYg@
?0(8%*6%2=8/0)$%XWWKfGJJK_%0&%8$468<($%(&$%)/4/&(./0&%)$#%<(6&./.=#%)$%VHg_%6*08#
<($%*$#%28/P%0&.%6(74$&.=%)$%ZKg@

V&S&Q&H(&;(-#&80"&0W;)-#(#$)!"&8%&=$!&8(!"&*0"&0W;)-#(#$)!"
(,-)(*$.0!#($-0"&G
O+6:./'/.=%:044$8:/6*$%8$20#$%$##$&./$**$4$&.%#(8%*+$P208.6./0&%)$#%'/&#%$.%)$#%)6..$#_%$.
)0&:% #/% 7=&=86.8/:$% )$% )$'/#$#_% <(+0&% '0()86/.% :0&&6T.8$% #6% 268.% )6&#% *$#% $P208.6./0&#
6*/4$&.6/8$#@
1+628"#%*$%7862!$%:/%)$##0(#_%0&%8$468<($%<($%*6%268.%)$#%$P208.6./0&#%)$#%'/&#%)6&#
*$#% $P208.6./0&#% 67806*/4$&.6/8$#% )$2(/#% XWVKfXWVW% 6% =.=% #(2=8/$(8$% ]% HJg_% $**$% .0(8&$
6(.0(8%)$%KXfLLg@
;%268./8%)$%*+6&&=$%XWWJ%:$..$%268.%6%:!(.=%$.%$#.%26##=$%)$%ZLg%$&%XWWJ%]%Gg%$&%XWWZ_
2(/#%(&$%*=7"8$%6(74$&.6./0&%$&%XWWH%)$%K_H%20/&.%)($%]%*6%*/-=86*/#6./0&%)(%:044$8:$
$P.=8/$(8@

K#<)'-$=L.W$/$%<$)<#*$4-,$-M)!#*<*7!8,$4-$678$4<8,$%-,$-M)!#*<*7!8,$<H#!<%73-8*<7#-,
90(8:$%>%QDE9%GJJK

ZJ
C0%W$:.0&;(-#$0&G&H1&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1

K#<)'-$=L..$/$O6!%"*7!8$7847;7<7#-$4-,$-M)!#*<*7!8,$4-,$678,
90(8:$%>%QDE9_%GJJK
O$#%$P208.6./0&#%)$%'/&%0&.%:0&&(%(&$%.8"#%786&)$%-6/##$%)$2(/#%*+/&)=2$&)6&:$_%0&
8$468<($%<($%*6%'6*$(8%$P208.=$%$#.%26##=$%)$%XL_V%4/**/0&#%)$%)0**68#%]%X_V%4/**/0&#%)$
)0**68#%$&%XWWZ^#0/.fVW_VVg`%:$..$%:!(.$%&+6%26#%)(8=_%:68%]%268./8%)$%XWWH%*$#%$P208.6./0&#
0&.%:0&&(%(&$%*=7"8$%6(74$&.6./0&%)($%$&.8$%6(.8$%]%*6%*/-=86*/#6./0&%)(%:044$8:$%$P.=8/$(8
<(/%6%2$84/#%]%*+0FF/:$%&6./0&6*%)$%:044$8:/6*/#6./0&%)$#%'/&#%,DQs%)$%#/7&$8%)$#%:0&.86.#
2*(#%/&.=8$##6&.#%6'$:%)$%&0('$6(P%268.$&6/8$#%.$*#%<($%*6%M@B_%2*(#/$(8#%26d#%)$%*+;F8/<($
6/&#/%<($%*$%|620&@

V&S&SP&1#(#&0#&;0-";04#$=0"&80"&0W;)-#(#$)!"&80"&8(##0"&0!&+*,<-$0&G
O6% 280)(:./0&% 40&)/6*$% )$% *6% )6..$% )=26##$% *$#% K% 4/**/0&#% )$% .0&&$#% $&% GJJK_% 46/#% 0&
:0&#.6.$% <($% *$#% 280)(:./0&#% )$% :$8.6/&#% 26d#% 0&.% )/4/&(=% .$*% <($% *6% O/-d$% <(/% 26##$
)$XHJ@JJJ.0&&$#% GJJJ% ]% XY% HJJJ% .0&&$#% $&% GJJH_% 20(8% )+6(.8$#_% *6% 280)(:./0&% #.67&$
:044$%*$%90()6&%XLLJJJ%.0&&$#%0(%/&#.6-*$%:044$%*$%5680:
?0(8%*+6&&=$%GJJG_%*+B7d2.$%0::(2$%*6%28$4/"8$%2*6:$%6'$:%(&%.6(P%)$%280)(:./0&%268
862208.%6(%.0.6*%40&)/6*%)$XVg%2(/#%'/$&.%*+E86&%6'$:%XZg%2(/#%'/$&&$&.%*$#%B4/86.#%;86-$#
M&/#%6'$:XGg%#(/'/$#%.0(.%28=#%268%*+E86<%$.%*+;86-/$%#60()/.$@
O+;*7=8/$%)=./$&.%*6%#/P/"4$%2*6:$%)6&#%*$%40&)$%$&%GJJG%6'$:%(&%.6(P%40d$&%)$%K_Kg
#(/'/$%268%,46&%$.%*$%#0()6&@
O$#%28$4/$8#%$P208.6.$(8#%)$%)6..$#%#0&.%*$#%B4/86.#%;86-$%M&/#%6'$:%YLH%JJJ%.0&&$#
$&%GJJG%h%/*#%0&.%)=26##=%*+E86<%)0&.%*$#%$P208.6./0&#%0&.%)/4/&(=%]%:6(#$%)$%*6%7($88$%)(
q0*F$%h%/*#%#0&.%*$#%28/&:/26(P%:0&:(88$&.#%)$%*+;*7=8/$%]%:0.=%)$%*6% (&/#/$%$.%*+E86&_%:$%)$8&/$8
6'$:%#6%)6..$%R6**64/$%^)6..$%.8"#%#(:8=`%@
*$%?6c/#.6&%688/'$%$&%Y"4$%20#/./0&%)6&#%*$%40&)$_%$.%767&$%)$%2*(#%$&%2*(#%)$#%268.#
)$%468:!=@
O$#% M@9@;% #0&.% *+(&% )$#% 28/&:/26(P% :0&:(88$&.#% )$% *+;*7=8/$% 6'$:% *6% )6..$% t% e$--68#
)$%)$7*$.%&0(8%u%)$%,($)%C!/8%<(/%/42*6&.=%$&%XWXJ%)6&#%*6%8=7/0&%)$%Q6*/F08&/$%$.%)0&.
*$#%8$&)$4$&.#%#0&.%$P:$2./0&&$*#%^XHJc7I26*4/$8`@O$#%M@9@;%0&.%28/#%2*6:$%#(8%*$%468:!=
B(802=$&%]%:0.=%)$%*+E86<%)=#%*6%:64267&$%XWKWfXWLJ_%*$(8#%$P208.6./0&#%#0&.%]%*6%!6(##$
"4$
#6(F%20(8%*+6&&=$%XWWZ_%20(8%*+6&%GJJG%*$#%M9;%0::(2$&.%*6%XJ %20#/./0&%628"#%*+;*7=8/$
6'$:%(&$%<(6&./.=%)+$P208.6./0&%)$%Z%%XXK%.0&&$#%@
O6% (&/#/$%)0&.%*$#%'0*(4$#%)$#%$P208.6./0&#%#0&.%8=7(*/$8#%)$2(/#%XWVH%6'$:%$&'/80&
XHJJJ%.0&&$#_%$#.%*$%)$(P/"4$%26d#%$P208.6.$(8%)$%)6..$%'$8#%*6%S86&:$%628"#%*+;*7=8/$_
6'$:%)$#%'68/=.=#%:044$%*6%1$7*$.%&0(8%_%:+$#.%=76*$4$&.%(&%:0&:(88$&.%8$)0(.6-*$%<(/%#$
.80('$%$&%K"4$%20#/./0&%628"#%*+;*7=8/$%)6&#%*$%40&)$%6'$:%XV%HXJ%.0&&$%$&%XWWZ@

ZX
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

8>%=)*+,-.*/%03%+8%74*0,1-.*/%036%08--36%3/%#+9(4.3&%>
O6%2!0$&/:/:(*.(8$%$&%;*7=8/$%:0('8$%(&$%#(2$8F/:/$%)$%VL%JJJ%!6%#0/.%28$#<($%HJg%)$#
L_H%4/**/0&#%)+!$:.68$#%'0(=#%]%*+678/:(*.(8$%&6./0&6*$%@B**$%#$%*0:6*/#$%$##$&./$**$4$&.%)6&#
*$%9()%lB#.%$.%*$%9()f,($#.%)(%26d#%0{%.0(.$#%*$#%:0&)/./0&#%=:0*07/<($#%#0&.%8=(&/$#%20(8
*+/&#.6**6./0&%)+(&$%2!0$&/:/:(*.8$%8$&.6-*$@
E*%$P/#.$%(&$%:$&.6/&$%)$%'68/=.=#%)$%)6..$%$&%;*7=8/$%h%)+628"#%q/86()%)6&#%#0&%0('867$
t% &0.$% #(8% )6../$8% u_% $**$#% #0&.% 7=&=86*$4$&.% :*6##=$#% #(/'6&.% *$(8% :0&#/#.6&:$% $&% .80/#
G
:6.=708/$#%
O6%'68/=.=%)$%1$7*$.%D0(8%#$%*0:6*/#$%)6&#%*6%b0&$%)(%#()fB#.%^%U/-6&%_%,($)%C/7!%_
,($)%90(F`%0w%*$%4/*/$(%$#.%F6'086-*$%^%F6/-*$%!(4/)/.=`%20(8%:$..$%'68/=.=%_%:044$%$**$%$P/#.$
6(##/%)6&#%*$%5+b6-%]%F6/-*$%)$78=%@

K#<)'-$=L.0$/$O6!%"*7!8$4-$%<$)#!4";*7!8$4-,$4<**-,$P87*5$/YM
90(8:$%>%QDE9_%,D9
O$%'$87$8%)6../$8%6%0::(2=%$&%XWVK%]%2$/&$%LY%JJJ%!6_%/*%$#.%26##=%]%XJZ%JJJ%!6%$&
GJJG@O6%#(2$8F/:/$%6%:0&&(%(&%6::80/##$4$&.%862/)$%:$%<(/%$#.%8$468<(=%268%*$%26##67$
/&)/:/6/8$%)$%XJJ%$&%XWVK%]%XZG%$&%GJJJ@
O6%280)(:./0&%.0.6*$%)$#%)6..$#%6%$&8$7/#.8=%(&$%6(74$&.6./0&%#/7&/F/:6./'$_%46*78=%#6
F*(:.(6./0&%$&%26##6&.%)$%WJK%GWJ%iP%$&%XWVK%]%Z%YLYJ%YGJ%iP%$&%GJJJ%0w%$**$%6%/&#:8/.
#6%2*(#%F08.$%280)(:./0&@
B&%GJJH_%*6%280)(:./0&%#k=.6/.%=*$'=$%]%HXK%YGJ%.0&&$#_%:0&.8$%ZZG%HKW%.0&&$#%$&%GJJZ
$.%ZLG%XHZ%.0&&$#%$&%GJJY@%O$#%6/)$#%)(%70('$8&$4$&.%6'6/$&.%2$84/#%)$%F6/8$%8$'/'8$%$.
)k=.$&)8$%*$#%26*4$86/$#@
9$*0&%*$%4/&/#."8$%)$%*k;78/:(*.(8$_%*$%20.$&./$*%)$%280)(:./0&%6%6(74$&.=%)$%LJ%20(8
:$&.%$&.8$%XWWW%$.%GJJK_%78j:$%]%*k$P.$&#/0&%)$%*6%#(2$8F/:/$%0::(2=$%268%*$#%26*4$86/$#@
1(86&.% :$..$% 2=8/0)$_% *$#% #(8F6:$#% :0&#6:8=$#% ]% :$..$% 6:./'/.=% #0&.% 26##=$#% )$% WW% LZK
!$:.68$#% ]% 28"#% )$% XLJ% JJJ% !$:.68$#% ^#0/.% (&$% ='0*(./0&% )$% LJ% g`_% 6'$:% XL% 4/**/0&#% )$
26*4/$8#%)6../$8#_%#(8%*$#<($*#%XJ_Y%4/**/0&#%#0&.%280)(:./F#@
Ok;*7=8/$%$#.%*$%)$(P/"4$%280)(:.$(8%)6../$8%)$%:$..$%'68/=.=%6(%40&)$_%628"#%*6% (&/#/$@
9$*0&%*$%4/&/#."8$%6*7=8/$&%)$%*k;78/:(*.(8$_%*6%280)(:./0&%)$%)6..$#%6..$/&)86%*$%:!/FF8$%8$:08)
)$%HHJ%JJJ%.0&&$#%:$..$%6&&=$%^GJJK`@
O$#%28/&:/26*$#%'68/=.=#%280)(/.$#%2$&)6&.%XWVK%]%GJJK%#0&.%>%*6%1$7*$.%D0(8%_%1$7*6
A$/)6%_%q!68#%@%Q$#%.80/#%'68/=.=#%#0&.%.8"#%)$46&)=$#%#0/.%268%*$%468:!=%/&.=8/$(8%#0/.%268
*$%468:!=%$P.=8/$(8@
A>&36%357*4-8-.*/6%036%08--36&%>
G
%%Xf*$#%)6..$#%40**$#%>%q6!8#%_%A$&.%c$-6**6.%_% 6)6*6%_% 6&.$-0(:!.%Gf*$#%)6..$#%)$4/%40**$#%)0&.%1$7*$.%D0(8%$#.%*6%&04$&:*6.(8$
:044(&$%>% 6F$b0(/&$%_% /4e0(!$8._%R64/86_% $76b6_%,(687*/6@%Yf*$#%)6..$#%#":!$%>%1$7*6%-$/)6_% /&%D6:$(8_%;7!686$#_%5$:!%)$7*6%@

ZG
C0%W$:.0&;(-#$0&G&H1&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1

K#<)'-$=L.2$/$@<$)<#*$4-,$-M)!#*<*7!8,$4-,
4<**-,$4<8,$%-,$-M)!#*<*7!8,$<H#!<%73-8*<7#-,
90(8:$%>%,D9_%QDE9
O$#% $P208.6./0&#% )$#% )6..$#% 0&.% :0&&(% )$2(/#% *+/&)=2$&)6&:$% ]% &0#% e0(8#_% 2*(#/$(8#
'68/6./0&#% <(/% #0&.% )($#% $##$&./$**$4$&.% 6(% :!6&7$4$&.% <(+6% :0&&(% *6% 20*/./<($
:044$8:/6*$%)$%&0.8$%26d#@
1+628"#% *$% 7862!$% :/% )$##(#_% 0&% 8$468<($% <($% *6% 268.% )$#% $P208.6./0&#% )$#% )6..$#
)6&#%*$#%$P208.6./0&#%67806*/4$&.6/8$#%)$2(/#%XWVKfXWWX%6%=.=%/&F=8/$(8$%]%YHg_%$**$%.0(8&$
6(.0(8%)$%KfYZ@Lg@
O6%268.%)$#%$P208.6./0&#%)$#%)6..$#%)6&#%*$#%$P208.6./0&#%67806*/4$&.6/8$#%6%6..$/&.%#0&
2*(#%F08.%.6(P%$&%XWWG%$.%$&%XWWH%6'$:%8$#2$:./'$4$&.%LHg%$.%LXg@

K#<)'-$=L.Q$/$@&56!%"*7!8$I"<8*7*<*76-$4-$%<$)#!4";*7!8
-*$%-,$-M)!#*<*7!8,$4-,$4<**-,$$$P87*5$/$.WWW*!88-,
90(8:$%>%,D9_%QDE9%^GJJK`
O$#%$P208.6./0&#%)$#%)6..$#%)=2$&)$&.%)$%>
+2*(&;-)8%4#$)!&G
O$#% $P208.6./0&#% )$% )6..$#% )=2$&)$&.% )$% *6% <(6&./.=% )$% 280)(:./0&_% <(/% $**$f4a4$
)=2$&)% )$#% 6*=6#% :*/46./<($#% h% *$#% <(6&./.=#% $P208.=$#% *$#% 2*(#% /4208.6&.$#% 0&.% =.=
8$468<(=$#% $&% XWWG% $.% XWWK% 6'$:% 8$#2$:./'$4$&.% GJWYJ% % $.% GJHWV% % 6*08#% <($% *$#
280)(:./0&#%*$#%2*(#%/4208.6&.$#%*+0&.%=.=%$&%GJJH%6'$:%HXG%GWJ %$.%$&%GJJY%6'$:%ZLG%YJJ
6'$:%)$#%<(6&./.=#%$P208.=$#%)$%XXLYJ% %$.%XJXWJ% %8$#2$:./'$4$&.@
O6% !6(.$% '6*$(8% 468:!6&)$% $.% *6% <(6*/.=% )(% 280)(/.% )$#% )6..$#% &$% #0&.% 26#% .0(e0(8#
6##(8=$#% h% $**$#% )=2$&)$&.% )$#% F6:.$(8#% :*/46./<($#_% )(% 46&<($% )$#% 40d$&#% )$
:0&)/./0&&$4$&.%$.%)$%.86&#F0846./0&_%:$%<(/%$P2*/<($%*6%F*(:.(6./0&%)$#%$P208.6./0&#%)$#
)6..$#@
?2*0&;-$W&G

ZY
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

K#<)'-$=L$.R/$%<$#-%<*7!8$-8*#-$%-$)#7M$-*$%-,$-M)!#*<*7!8,$4-,$4<**-,$9)#7M$/$NZ[>
90(8:$%>%,D9_%QDE9%^GJJK`
1+628"#%*$%7862!$%:/f)$##(#%0&%8$468<($%<(+/*%d+6%26#%F08.$%8$*6./0&%$&.8$%*$#%<(6&./.=#
$P208.=$#%)$#%)6..$#%$.%*$%28/P%)+$P208.6./0&%:68%:$#%)$(P%:0(8-$#%0&.%28$#<($%*6%4a4$
.$&)6&:$@
O$#%<(6&./.=#%#0&.%26##=$#%)$%WYKJ %$&XWWJ%6'$:%(&%28/P%)$%XKXZ…I %2(/#%]%GJWYJ
$&%XWWG%6'$:%(&%28/P%)$%GLZL…I %$.%]%GJHWV%$&%XWWK%6'$:%(&%28/P%)$%YGXZ…I %@
,&% 8$468<($% /:/% <(+% ]% :!6<($% F0/#% <($% *$% 28/P% 6(74$&.$% *$#% <(6&./.=#% $P208.=$#
6(74$&.$&.%$**$#%6(##/@
O$#%)6..$#%#k$P208.$&.%-/$&%#(8%*$#%468:!=#%/&.$8&6./0&6(P@% 0(.$F0/#_%*k;*7=8/$%&k6'6/.
8=(##/%]%=:0(*$8%$&%GJJH%<($%GZ%JJJ%.0&&$#%#0/.%H%g%)$%#6%280)(:./0&@%i($*<($#%XX%GKJ
.0&&$#%6'6/$&.%=.=%'$&)($#%#(8%*$%468:!=%$(802=$&%^$##$&./$**$4$&.%F86&n6/#`%$.%)6&#%(&$
40/&)8$%4$#(8$_%#(8%*$#%468:!=#%64=8/:6/&#_%$&8$7/#.86&.%28"#%)$%XW%4/**/0&#%)$%)0**68#_
.6&)/#% <($XG% KHJ% .0&&$#% =.6/$&.% =:!6&7=$#% :0&.8$% )$#% 280)(/.#% *0:6(P% 6'$:% *$#% 26d#
6F8/:6/&#%*/4/.802!$#@
O6%)$7*6%-$/)6%>%)6..$%-*6&:!$_%#":!$%$.%*/##$_%$#.%.8"#%6228=:/=$%$&%;F8/<($%&0/8$@%O$
F8(/.%#+$P208.$%6/&#/%'$8#%.0(.$%*+;F8/<($%)$%*+,($#.@%O$%.6F$b0(/&$_%*6%4a4$%F64/**$%)(%)$7*$.
&0(8_%$#.%<(6&.%]%*(/%.8"#%28/#=%)6&#%*$#%26d#%#:6&)/&6'$#%'$8#%*$#<($*#%/*%$#.%$P208.=
42*(&4)!")..(#$)!

K#<)'-$=L.S$/$%<$#-%<*7!8$-8*#-$%<$;#!7,,<8;-
453!H#<)'7I"-$-*$%-,$-M)!#*<*7!8,$4-$4<**-,
90(8:$%>%,D9_%QDE9%^GJJK`
1+628"#%*$%7862!$%:/f)$##(#_%0&%8$468<($%<($%*6%:80/##6&:$%)=407862!/<($%$#.%$&
='0*(./0&%:0&#.6&.$%6*08#%<($%*$#%<(6&./.=#%$P208.=$#%)$#%)6..$#%:0&&6/##$&.%)$#%'68/6./0&#_
:$:/%2$(.%a.8$%$P2*/<(=%268%*6%F6/-*$##$%)$%*6%:0&#0446./0&%)$%:$%280)(/.%)6&#%*$%D08)%)$
26d#%:68%/*%$#.%#(8.0(.%:0&#044=%2$&)6&.%*$%40/#%)$%8646)!6&%0w%/*%d%6%(&$%F08.$%)$46&)$@

ZZ
C0%W$:.0&;(-#$0&G&H1&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1

K)!4*%"$)!
E*%)$'/$&._%$&%$FF$.%/4208.6&.%20(8%*+;*7=8/$%)$%:0&#0*/)$8%*$#%-6#$#%)+(&$%8$*6&:$%)(86-*$
)$%:80/##6&:$%$.%:$_%$&%'/#6&.%*6%:0&<(a.$%)$#%468:!=#%$P.=8/$(8#%$.%*+6::80/##$4$&.%)$
#$#%8$:$..$#%)+$P208.6./0&#@
?*(#/$(8#%280e$.#%)$%28040./0&%)$#%$P208.6./0&#%^&0.644$&.%)$#%280)(/.#%678/:0*$#%$.
67806*/4$&.6/8$#`%#0&.%6:.($**$4$&.%$&%'0/$%)$%8=6*/#6./0&_%$.%'/#$&.%:$8.6/&$#%7644$#%)$
280)(/.#%:044$%*$#%)6..$#_%*$#%'/&#_%*$#%28/4$(8#%$.%*$#%280)(/.#%)$%*6%2a:!$@
Q$#%280)(/.#%:0&#./.($&.%$&%F6/.%)$#%'$:.$(8#%208.$(8#%)+(&$%786&)$%/4208.6&:$@
O$#% 20('0/8#% 2(-*/:#_% 6'$:% *6% :0**6-086./0&% )+(&% &04-8$% /4208.6&.% )+67$&.#
=:0&04/<($#%0&.%4/#%$&%„('8$_%)6&#%:$%#$&#%)$#%)/#20#/./F#%8=7*$4$&.6/8$#%$.%)$#%40)$#
)+/&.$8'$&./0&%20(8%28040('0/8%:$#%280)(/.#%$.%/&:/.$8%*$#%$&.8$28/#$#%&6./0&6*$#%^28/'=$#%$.
2(-*/<($#%`%]%6..$/&)8$%*$#%&084$#%)$%280)(:./0&%$.%)$%280)(:./'/.=@
O+$#28/.%)$%:0&:(88$&:$%<(/%8"7&$%6:.($**$4$&.%#(8%*$%468:!=%40&)/6*%6%)0&:%F6/.%&6T.8$
)$#%&0('$**$#%2$8#2$:./'$#%>%280)(/8$%]%40/&)8$%:0{.%)$#%280)(/.#%)$%<(6*/.=%$.%6)02.$8%(&$
)=468:!$%)$%<(6*/.=%20(8%20('0/8%4/$(P%'$&)8$%$.%4/$(P%$P208.$8

K5(;$#-0&X&G&1Z@HAD @'&C1I& >F@JD+D @'I&C1I


FJ@CA DI&+H >1'D+ J1I
O$#%/4208.6./0&#%6*7=8/$&&$#%#0&.%:686:.=8/#=$#%268%(&$%/88=7(*68/.=%$.%(&$%786&)$%'68/6./0&%h
$&%)+6(.8$#%.$84$#_%*+;*7=8/$%$#.%(&%786&)%/4208.6.$(8%)$%280)(/.#%678/:0*$#%$.%6*/4$&.6/8$#
:$%<(/%/**(#.8$%#6%)=2$&)6&:$%6*/4$&.6/8$%2$#6&.$%'/#f]f'/#%)$%*+$P.=8/$(8@
D0(#% :0&#.6.0&#% <($% 2684/% *$#% 280)(/.#% *$#% 2*(#% /4208.=#% 268% *+;*7=8/$% :$% .80('$&.
)$#%280)(/.#%#.86.=7/<($#%>%:=8=6*$#_%*6/.#_%#(:8$#%$.%*$#%!(/*$#%6*/4$&.6/8$#_%&0(#%'$880&#
)6&#%:$%:!62/.8$%*+='0*(./0&%)$#%/4208.6./0&#%)$%:$#%280)(/.#%]%.86'$8#%*6%2=8/0)$%6**6&.%)$
XWVKfGJJK@

X&LP&1=)*%#$)!&80"&$.;)-#(#$)!"&80&;-)8%$#"&80&E("0&G
O+6&6*d#$% )$% *6% #.8(:.(8$% )$#% /4208.6./0&#% 67806*/4$&.6/8$#% 6% 2$84/#% )$% :0&#.6.$8% <($
:$**$f:/%$#.%:0&#./.(=$_%$&%786&)$%268./$%)$#%:=8=6*$#_%*6/.#_%!(/*$#%$.%#(:8$#%$&%86/#0&%)$#
!6-/.()$#%6*/4$&.6/8$#%)$#%;*7=8/$&#@
B&% $FF$._% Y_L% ]% Z4/**/68)#% )$% )0**68#% ^9.6./#./<($#% 678/:0*$#% GJJK`% _% #0&.% :0&#6:8=#
6&&($**$4$&.%]%*+62280'/#/0&&$4$&.%)$%*6%202(*6./0&%$&%)$&8=$#%6*/4$&.6/8$#%$.%678/:0*$#
)$%-6#$%<(/%8$28=#$&.$&.%XIH%)$#%/4208.6./0&#%.0.6*$#%)(%26d#%h*+;*7=8/$%F/7(8$%2684/%*$#%26d#
*$#%2*(#%786&)#%26d#%/4208.6.$(8#%40&)/6(P%)$%280)(/.#%678/:0*$#%$.%6*/4$&.6/8$#@
O+;*7=8/$%/4208.$%6&&($**$4$&.%KHg%)$#%-$#0/&#%$&%:=8=6*$#_%KJg%)$%#$#%$P/7$&:$#
$&%*6/._%WHg%$&%786/##$%$.%$&%!(/*$#%6*/4$&.6/8$#@
O6%20*/./<($%6*/4$&.6/8$%4$&=$%)$2(/#%XWLJ_%40&.8$%(&$%28078$##/0&%8=7(*/"8$%$.%862/)$
)$#%/4208.6./0&#%)$%)$&8=$#%6*/4$&.6/8$#%$&%'0*(4$%$.%$&%'6*$(8_%20(8%#6./#F6/8$%*$#%-$#0/&#
$##$&./$*#%)$%*6%:0**$:./'/.=%@Q$%)=F/:/.%8=#(*.$%)+(&$%/&6)=<(6./0&%<(6&./.6./'$%$.%<(6*/.6./'$_

ZH
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

$&.8$% *6% )$46&)$% #0*'6-*$% )$#% 280)(/.#% 6*/4$&.6/8$#% $.% )+0FF8$% &6./0&6*$% )$% :$#% 4a4$#
280)(/.#@
B&% $FF$._% *6% 280)(:./0&% &6./0&6*$% &+6% e646/#% 2(% #(/'8$% *+='0*(./0&% )$% *6% )$46&)$
67806*/4$&.6/8$%$.%#/%*+62280'/#/0&&$4$&.%)(%468:!=%$#.%2*(#%6(%40/&#%6##(8=_%:+$#.%78j:$
]%(&%8$:0(8#%46##/F%6(P%/4208.6./0&#@

XLLP&1=)*%#$)!&80"&$.;)-#(#$)!"&80"&4<-<(*0"&G
Q+$#.%]%268./8%)$%XWLY_%628"#%*+6(74$&.6./0&%:0&#/)=86-*$%)$#%8$:$..$#%$&%)$'/#$#%280:(8=$#
268%*$%468:!=%)$#%!d)80:68-(8$#%#(/.$%6(%t%28$4/$8%:!0:%2=.80*/$8%u%$.%46*78=%*6%!6(##$
&0&%40/&#%:0&#/)=86-*$%)$#%28/P%)$#%:=8=6*$#%#(8%*$%468:!=%40&)/6*_%<($%*$#%/4208.6./0&#
6*7=8/$&&$#% )$% :=8=6*$#% )$'/$&)80&.% #.8(:.(8$**$4$&.% $.% )$% 2*(#% $&% 2*(#% 46##/'$#% @O$(8
'0*(4$% F$86% 2*(#% <($% .8/2*$8% $&.8$% *$% <(/&<($&&6.% XWLGfLL% $.% *$% <(/&<($&&6.% XWVGfVL_
26##6&.%)$%*+/&)/:$%XJJ%]%YZJ@
M&$%6&&=$%2*(#%.68)_%*$(8%'0*(4$%6(86%=.=%4(*./2*/=%268%2*(#%)$%:/&<%^/&)/:$%HGK%$&
XWWLfJY`%6..$/7&6&.%(&$%46##$%7*0-6*$%)$%28=#%)$%K_W%4/**/0&#%)$%.0&&$#@%^A=)86&/%_GJJK`
9(8%*6%2=8/0)$%)$XWVJ%]%GJJK_%*$#%:=8=6*$#%#0&.%46##/'$4$&.%/4208.=$#%268%*+;*7=8/$_
$**$#% 8$28=#$&.$&.% 28=#% )$% KJg% )(% '0*(4$% )$#% 280)(/.#% 678/:0*$#% $.% 67806*/4$&.6/8$#
/4208.=#%:!6<($%6&&=$@
Q$..$%='0*(./0&%)$#%/4208.6./0&#%2$(.%a.8$%$P2*/<(=%268%*6%F6/-*$##$%)$%*6%280)(:./0&_
*6%F08.$%)=407862!/$%$.%*+!6-/.()$%)$%:0&#0446./0&%<(/%#0&.%]%*+08/7/&$%)$%*+6::80/##$4$&.
)$%*6%)$46&)$%#(8%:$#%280)(/.#@

K#<)'-$=L.T$/$O6!%"*7!8$4-,$6!%"3-,$4-,$73)!#*<*7!8,$4-,$;5#5<%-,$-8$.WWW$*!88-,
90(8:$%>%QDE9
O$#%/4208.6./0&#%)$#%:=8=6*$#%='0*($&.%$&%)$&.#%)$%#:/$%:$%<(/%2$84$.%)$%:0&#.6.$8
(&$%='0*(./0&%'68/6-*$%$&.8$%(&$%!6(##$%)(86&.%*$#%6&&=$%XWVG%]%XWVH%2(/#_%*6%-6/##$%)6&#
*$%:6#%)$#%6&&=$#%XWVX_XWVL%_XWWX%$.%GJJX%$.%&0.644$&.%$&%GJJY%0w%*$%#$:.$(8%678/:0*$%6
$&8$7/#.8=%(&$%.8"#%-0&&$%8=:0*.$%$&%46./"8$%)$%:=8=6*$#%628"#%*+622*/:6./0&%)(%?*6&%D6./0&6*
)$%1='$*022$4$&.%C(86*@
D0(#%8$468<(0&#%=76*$4$&.%)6&#%*6%#.8(:.(8$%)$%&0#%/4208.6./0&#%)$%:=8=6*$#%<($
*$%-*=%)(8_%8$28=#$&.$&.%2*(#%)$%LJg%)(%.0.6*%$&%86/#0&%)$%*6%F08.$%)$46&)$%#(8%*6%468:!=
&6./0&6*%h%/*%F6(.%&0.$8%]%:$%#(e$._%<($%*$#%2*(#%780#%F0(8&/##$(8#%)$%*+;*7=8/$_%$&%786/&$#%)$
-*=%$.%$&%786/&$#%)+087$%#0&.%>%*$#%M9;_%*$%Q6&6)6%$.%*+M&/0&%B(802=$&&$%)0&.%*6%S86&:$@

XLLLP&H9<=)*%#$)!&80"&$.;)-#(#$)!"&8%&E*<&G
B&%$FF$.%*+;*7=8/$%$#.%*$%28$4/$8%/4208.6.$(8%40&)/6*%)$%-*=%)(8%6'$:%(&$%40d$&&$%6&&($**$
)$%X%VHX%HZZ_X%.0&&$#%=.6-*/#%20(8%*6%2=8/0)$%XWVJfGJJZ%$.%X%YWY%LYV_W%.0&&$#%)$%-*=%.$&)8$@
ZK
C0%W$:.0&;(-#$0&G&H1&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1

O+='0*(./0&% )$#% /4208.6./0&#% )$% -*=% 8$28=#$&.=$% )6&#% *$% 7862!$% :/% 628"#% 2$84$.
$FF$:./'$4$&.%)$%:0&#.6.$8%(&$%.$&)6&:$%'$8#%*6%!6(##$_%]%*+$P:$2./0&%)$%<($*<($#%6&&=$#
0w%*6%280)(:./0&%678/:0*$%6%8=6*/#=%(&$%&$..$%64=*/086./0&@
O+6(74$&.6./0&%)$#%/4208.6./0&#%2$(.%a.8$%$P2*/<(=%268%>
(2&H9<=)*%#$)!&80&*(&;-)8%4#$)!&G

K#<)'-$=L.V$/$%<$#-%<*7!8$-8*#-$%-,$I"<8*7*5,$73)!#*5-,
-*$%-,$I"<8*7*5,$)#!4"7*-,$4"$A%5P87*5$/$.WWW*!88-,
90(8:$%>%S;,_%QDE9
1+628"#%*+0-#$8'6./0&%)$%*+='0*(./0&%)$%*6%280)(:./0&%&6./0&6*$%:=8=6*/"8$%)(86&.%*$#%XK
6&&=$#%_0&%:0&#.6.$%<(+$**$%$#.%:686:.=8/#=$%268%*+/&#(FF/#6&:$%)$#%#(2$8F/:/$#%:(*./'=$#%$.
268%*6%4=)/0:8/.=%)(%8$&)$4$&.%h%(&$%6&6*d#$%6228028/=$%$#.%62208.=$%)6&#%:$%<(/%#(/.%>
O6%280)(:./0&%)(%-*=%)(8%:0&&6T.%(&$%#.6-/*/.=%8$*6./'$%)(86&.%*6%2=8/0)$%6**6&.%)$%XWVJ]
XWWJ%6'$:%(&$%40d$&&$%)$%L_JL4/**/0&#%)$%<(/&.6(P%:088$#20&)6&.%]%(&%8$&)$4$&.%40d$&
)$% L_H% <(/&.6(P% ]% *+!$:.68$_% $&#(/.$% $**$% 6% #$&#/-*$4$&.% 6(74$&.=% $&.8$% XWWX% $.% GJJY
6'$:%(&$%40d$&&$%)$%XX_H%4/**/0&#%)$%<(/&.6(P%$.%(&%8$&)$4$&.%)$%28$#<($%XX%<(/&.6(P
268%!$:.68$%h%:+$#.%*+6&&=$%GJJY%<(/%6%$&8$7/#.8=%(&%-0&%8$&)$4$&.%6'$:%XG_W%<(/&.6(P%]
*+!$:.68$@
O6% 280)(:./0&% )(% -*=% .$&)8$_% $**$% 6(##/_% :0&&6T.% (&$% #.6-/*/.=% 8$*6./'$% )(86&.% *$#% XH
)$8&/"8$#%6&&=$#_%6'$:%(&$%6(74$&.6./0&%8$468<(6-*$%)(86&.%*6%2=8/0)$%6**6&.%)$%XWWK
e(#<(k]%GJJY_%#0/.%$&%.$84$%)$%8$&)$4$&.%XJ_KZ%<(/&.6(P%268%!$:.68$%$.%$&%.$84$%)$%<(6&./.=
8=:0*.=$%(&$%40d$&&$%)$%VK_XZ%4/**/0&#%)$%<(/&.6(P%$.%:$*6%268%862208.%6(P%<(/&b$%6&&=$#
28=:=)$&.$#%0(%*6%280)(:./0&%6%6..$/&.%$&%40d$&&$%(&/<($4$&.%Y_K4/**/0&#%)$%<(/&.6(P%#0/.
(&%8$&)$4$&.%40d$&%)$%L_ZJ%<(/&.6(P%268%!$:.68$@
1+628"#%*$%7862!$%:/f)$##(#_%0&%8$468<($%<($%*6%280)(:./0&%)$%-*=%='0*($%)6&#%*$%#$&#
20#/./F_%$.%*6%8$*6./0&%$&.8$%*$#%<(6&./.=#%/4208.=$#%$.%*6%280)(:./0&%$#.%/&'$8#$
?2*0"&;-$W&b&*9$.;)-#(#$)!

ZL
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

K#<)'-$=L.X$/$%<$#-%<*7!8$-8*#-$%-,$I"<8*7*5,$73)!#*5-,$4"$A%5$-*
,!8$)#7M$4&73)!#*<*7!8$P87*5$I"<8*7*5,$/$.WWW*!88-,$P87*5$)#7M$$/$NZ[
90(8:$%>%S;,%_QDE9
1+628"#%*$%7862!$%D[XW_%0&%:0&#.6.$%<(+/*%d+6%(&$%8$*6./0&%/&'$8#$$&.8$%*$#%<(6&./.=#
/4208.=$#% )$% -*=% $.% *$% 28/P% )+/4208.6./0&_% :$#% <(6&./.=#% #0&.% 26##=$#% )$% Y_W% 4/**/0&#% )$
.0&&$#%$&%XWWJ%6'$:%(&%28/P%)$%XLK_GG…I %]%Z_K%4/**/0&#%)$%.0&&$%$&%XWWW%6'$:%(&%28/P%)$
XHZ_K…I _%#0/.%(&$%6(74$&.6./0&%)$#%<(6&./.=#%)$%GJg%$.%(&$%)/4/&(./0&%)$#%28/P%XGg@
O$#%2*(#%/4208.6&.$#%<(6&./.=#%/4208.=$#%0&.%=.=%$&8$7/#.8=$#%$&%GJJG%6'$:%K_Y4/**/0&#
)$%.0&&$#%$.%(&%28/P%)$%XHW…I @
K2*0"&8-)$#"&80&8)%(!0"&G

K#<)'-$=L0W$/$%<$#-%<*7!8$-8*#-$%-,$I"<8*7*5,
73)!#*5-,$4"$A%5$-*$%-,$4#!7*,$4-$4!"<8-$P87*5$/$.WWW*!88-
90(8:$%>%S;,_%QDE9
O$%.6(P%)$%)80/.%)$%)0(6&$%)(%-*=%)$%XWWJfGJJK%$#.%)$%Jg%:68%628"#%2*(#/$(8#%8=F084$#_
:$%280)(/.%6%=.=%.0(e0(8#%$P0&=8=_%)0&:%/*%&+6%6(:(&$%/&F*($&:$%#(8%*$#%<(6&./.=#%/4208.=$#@
C2*(&4-)$""(!40&8<.),-(;5$/%0&G

K#<)'-$=L0.$/$%<$#-%<*7!8$-8*#-$%-,$I"<8*7*5,$73)!#*5-,$4"$A%5$-*$%<$;#!7,,<8;-
453!H#<)'7I"-$P87*5$I"<8*7*5,$/$.WWW$*!88-,$P87*5$)!)"%<*7!8$/$.WWW$'<A7*<8*,
90(8:$%>%S;,_%QDE9
;%268./8%)(%7862!$%D[GX_%0&%:0&#.6.$%<(+/*%d+6%(&$%8$*6./'/.=%$&.8$%*$#%<(6&./.=#%/4208.=$#
$.%*6%:80/##6&:$%)=407862!/<($%#6(F%20(8%*+6&&=$%XWWL%0w%0&%8$468<($%(&$%)/4/&(./0&%)$#
/4208.6./0&#%)($%]%*+6(74$&.6./0&%)(%28/P%#(8%*$%468:!=%/&.$8&6./0&6*%GGX…I %@
Q68%*$%.6(P%)$%:80/##6&:$%)$#%<(6&./.=#%/4208.=$#%)(86&.%*6%2=8/0)$%XWWJfXWWH%6%=.=
)$%GW_XJg_%6*08#%<($%:$*(/%)$%*6%:80/##6&:$%)=407862!/<($%=.=%)$%XJ_VGg@

ZV
C0%W$:.0&;(-#$0&G&H1&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1

?0(8%*6%2=8/0)$%XWWWfGJJK%*$%.6(P%)$%:80/##6&:$%6%-6/##=%20(8%*$#%/4208.6./0&#%^XVg`_
6/&#/%<($%:$*(/%)$%*6%:80/##6&:$%)=407862!/<($%Vg@
Q042.$% .$&(% ]% *+=*/4/&6./0&% )$% *+087$% )$% *6% :0&#0446./0&% !(46/&$_% .$&)6&:$
&$..$4$&.%280('=$%268%*$#%$&<(a.$#%)$%:0&#0446./0&%)$%XWKKfKL_XWLWfVJ%$.%XWVV_%#$(*$
*+6228=:/6./0&%)$#%)/#20&/-/*/.=#%)(%-*=%6%268(%(./*$@%,&%2$(.%:0&#.6.$8%<($%*6%86./0&%:=8=6*/"8$
)/#20&/-*$
20(8%:!6<($%!6-/.6&.%_%#(8%*6%-6#$%)$%*6%#$(*$%280)(:./0&%*0:6*$%_%26##$%)$%VK_Zc7%$&
XWKLfLG%]%ZG_Hc7%$&%XWGfWL_%&/'$6(%*$%2*(#%-6#%)$%*6%2=8/0)$%_%6'6&.%)$%8$40&.$8%]%HY_Zc7
6(%:0(8#%)$#%#/P%)$8&/"8$#%6&&=$#%h%#/%*+0&%:0&#/)"8$%<($%*6%86./0&%:=8=6*/"8$%4/&/46*$%#$86/.
)$%XVHc7I!6-/.6&.%I6&%_%*6%268.%)$%*6%280)(:./0&%)04$#./<($%#$86/.%)0&:%26##=$%)$%ZK_Lg
)$#%-$#0/&#%]%GYg%$&%XWWGfWL%2(/#%]%GV_Wg%$&%F/&%)$%*6%2=8/0)$%@%O$%)=F/:/.%268%862208.%]
*6%)$46&)$%#+=*"'$86/.%)0&:%6(e0(8)+!(/_%$&%40d$&&$_%]%2*(#%)$%LXg@^%Q!$!6.%_GJJK`@
;(%:0(8#%)$%*6%)$8&/"8$%)=:$&&/$%XWWHfGJJZ%_YK%26d#%0&.%*/'8=%)(%-*=%)(8%6(%468:!=
6*7=8/$&%_%*6%40d$&&$%6&&($**$%)$#%/4208.6./0&#%6..$/7&6&.%*$%'0*(4$%7*0-6*%)$%G%WWK%LXK
.0&&$#%$.%(&$%'6*$(8%40d$&&$%)$%HKZ_X%4/**/0&#%)$%M9…%@
?684/%:$#%F0(8&/##$(8#_%#/P%26d#%#$%)=.6:!$&.%268%*6%8=7(*68/.=%$.%*+/4208.6&:$%)$%*$(8#
62208.#_% /*% #+67/._% 268% 08)8$% )+/4208.6&:$_% )(% Q6&6)6% ^YV_Gg`_% )$% *6% S86&:$% ^XY_Vg`_% )$
*+;**$467&$%^XX_Lg`_%)$#%M9;%^XJ_Hg`_%)(%5$P/<($%^L_Gg`%$.%)$%*6%9d8/$%^K_Gg`@B&#$4-*$
/*#%*/'8$&.%#(8%*$%468:!=%6*7=8/$&%VL_Hg%)$#%'0*(4$#%/4208.=#%:!6<($%6&&=$%6'$:%YX_Zg
)$%268.%)$%468:!=_%O$#%#$2.%26d#%)$%*+MB%<(/%268./:/2$&.%]%*+62280'/#/0&&$4$&.%)(%468:!=
6*7=8/$&%688/'$&.%$&#$4-*$%#$(*$4$&.%$&%#$:0&)$%20#/./0&%628"#%*$%Q6&6)6
O$%-*=%.$&)8$%$#.%*6%#/P/"4$%:=8=6*$%]%F6/8$%*+0-e$.%)+/4208.6./0&#%46##/'$#%$.%8=7(*/"8$#
#(8%*$%468:!=%6*7=8/$&%h%0&%:0&#.6.$%<($%YH%26d#%0&.%268./:/2=%]%*+62280'/#/0&&$4$&.%)(
468:!=% 6*7=8/$&% 6*08#% <(+/*#% =.6/$&.% 40/&#% )$% )/P% e(#<(+$&% XWWV@% Q$% 468:!=% 6% 6-#08-=
X%XXZ%JHK%.0&&$#%)$%-*=%.$&)8$%268%6&_%$&%40d$&&$%)+(&$%'6*$(8%)$%XKV_G4/**/0&#%)$%M9
…%^€`%*$#%)$(P%F0(8&/##$(8#%.86)/./0&&$*#%l*6%S86&:$%$.%*$#%M9;%l%#0&.%]%*+08/7/&$%)$%ZG_Gg
)$#%/4208.6./0&#@%^Q!$!6.%_GJJK`@

XLLQP&H9<=)*%#$)!&80"&$.;)-#(#$)!"&80&*9)-,0&G

K#<)'-$=L$00/$#-%<*7!8$-8*#-$%-,$I"<8*7*5,$73)!#*5-,
-*$%-,$I"<8*7*5,$)#!4"7*-,$4-$%&!#H-$P87*5$/$.WWW*!88-,
90(8:$%>%S;,_%QDE9
O6%280)(:./0&%)$%*+087$%6%:0&&(%(&$%F08.$%6(74$&.6./0&%)$2(/#%XWVX%fXWWG%0w%$**$%6
$&8$7/#.8=% (&$% /4208.6&.$% 8=:0*.$% )$% V_Z% 4/**/0&#% )$% <(/&.6(P_% #0/.% (&% 8$&)$4$&.% )$% L_H
<(/&.6(P%268%!$:.68$_%:$*6%$#.%){%]%*+$P.$&#/0&%)$%&0('$**$#%#(2$8F/:/$#%$4-*6'=$#%46/#
)(86&.%*$#%)/P%)$8&/"8$#%6&&=$#_%$&.8$%XWWY%$.%GJJY%:$..$%280)(:./0&%6%)/4/&(=%]%*6%#(/.$
)+(&$%)=786)6./0&%)$#%#(2$8F/:/$#%$P2*0/.=$#%h%*6%40d$&&$%$&8$7/#.8=$%6%=.=%H_K%4/**/0&#

ZW
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

<(/&.6(P%6'$:%(&%8$&)$4$&.%40d$&%)$%V_WH%<(/&.6(P%268%!$:.68$_%*+6&&=$%)$%XWWK%6%F6/.
$P:$2./0&%)$%:$..$%2=8/0)$%6'$:%(&$%280)(:./0&%<(/%6%)=26##=%*$#%V%4/**/0&#%<(/&.6(P@
i(6&.%6(P%/4208.6./0&#%)+087$#%)$'$&($#%2$846&$&.$#%)$2(/#%XWVL%$.%20(8%*6%4a4$
2=8/0)$%XWWJfGJJK%_%*$%'0*(4$%6&&($*%6:<(/#%#(8%*$%468:!=%/&.$8&6./0&6*%6%=.=%)$%YYJ%KVJ
.0&&$#%20(8%(&$%'6*$(8%40d$&&$%)$%YL_G%4/**/0&#%)$%M9…%@
Q$#%6:<(/#/./0&#%0&.%=.=%F6/.$#%6(28"#%)$%GG%26d#%F0(8&/##$(8#%)/FF=8$&.#_%46/#%#$(*#
:/&<%)+$&.8$%$(P%688/'6/$&.%]%:0&.83*$8%)$#%268.#%)$%468:!=%#(2=8/$(8$#%]%Hg%@E*%#+67/.%)$
*6%S86&:$%^GV_Hg`_%)$%*6%S=)=86./0&%)$%C(##/$%^GX_GZg`%_%)$%*6%q86&)$%A8$.67&$%^XG_Xg`%_
)$%*+B#267&$%^Z_Wg`%@
B.%)+628"#%*$%7862!$%D[%GG_%0&%:0&#.6.$%(&$%8=F*$P/'/.=%$&.8$%*6%280)(:./0&%)$%*+087$%$.
*$#%<(6&./.=#%/4208.=$#%)(86&.%*6%2=8/0)$%XWWJfGJJK@
O+='0*(./0&%)$#%/4208.6./0&#%)$%*+087$%2$(.%a.8$%$P2*/<(=$%6(##/%268%*6%'68/6./0&%)$#%28/P
#(8%*$%468:!=%/&.$8&6./0&6*%0w%0&%8$468<($%(&$%8$*6./0&%/&'$8#$$&.8$%:$#%)$(P%)$8&/$8#_
*$#%<(6&./.=#%)+087$%#0&.%26##=$#%)$%YWK%GVJ%.0&&$#%6'$:%(&%28/P%)$%XVZ_VW…I %$&%XWWJ%]
KGY%YGJ.0&&$#%6'$:%(&%28/P%)$%XZL_LY…I _%#0/.%(&$%6(74$&.6./0&%)$#%<(6&./.=#%)$%HL_GWg
$.%(&$%)/4/&(./0&%)(%28/P%)$%GJg@
B&%XWWK_%0&%8$468<($%(&$%)/4/&(./0&%)$%VHg%)($%]%*+6(74$&.6./0&%)(%28/P%)$%VYg%:68
*$%28/P%$#.%26##=%)$%XVZ_VW…%$&%XWWJ%]%XXGH_KW…%$&%XWWK@
O6%<(6&./.=%/4208.=$%*6%2*(#%/4208.6&.$%6%=.=%8$468<(=$%$&%XWWW%^WXJ%VJJ.0&&$#`%6'$:
(&%28/P%)$%XJV_Z…I @

K#<)'-$=L02$/$%<$#-%<*7!8$-8*#-$%-$)#7M$-*$%-,$I"<8*7*5,
73)!#*5-,$4-$%&!#H-$P87*5$I"<8*7*5,$/$.WWW*!88-,$P87*5$)#7M$/$NZ[
90(8:$%>%S;,%_QDE9

K#<)'-$=L0Q/$%<$#-%<*7!8$-8*#-$%-,$I"<8*7*5,$73)!#*5-,
4-$%&!#H-$-*$%-,$4#!7*,$4-$4!"<8-P87*5$/$.WWW*!88-,
90(8:$%>%S;,%_QDE9

HJ
C0%W$:.0&;(-#$0&G&H1&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1

1$% XWWJfGJJX% *$#% .6(P% )$% )80/.#% )$% )0(6&$% )$% *+087$% =.6/$&.% )$% Jg% 46/#% 628"#% *6
8=F084$%)$%GJJG%/*#%0&.%=.=%208.=#%]%Hg@

XLLSP&H0"&$.;)-#(#$)!"&8%&.(c"&G

K#<)'-$=L0R$/$%&56!%"*7!8$4-,$73)!#*<*7!8,$4"$3<\,$9-8$.WWW*!88-,>
90(8:$%>%S;,
O$%7862!$%D[GH%_%&0(#%2$84$.%)$%:0&#.6.$8%<($%*$#%<(6&./.=#%/4208.=$#%)$%46o#%#0&.
26##=$#%)$%X_%XYK4/**/0&#%)$%.0&&$%$&%XWWJ%]%%X_HL4/**/0&#%)$%.0&&$%$&%XWWH%_%#0/.%(&$
='0*(./0&%)$%GV_Vg@
Q$#%/4208.6./0&#%0&.%$&8$7/#.8=%(&%2/:%$&%XWWW%6'$:%(&$%<(6&./.=%)$%Y_XK4/**/0&#%)$
.0&&$#@
?0(8%*6%4a4$%2=8/0)$%XWWHfGJJK%26#%40/&#%)$%YZ%26d#%F0(8&/##$(8#%0&.%62280'/#/0&&=
*+;*7=8/$%$&%46o#_%*$%468:!=%6%6-#08-=%(&%'0*(4$%6&&($*%40d$&%)$%X%GYH%JVZ.0&&$#@
?684/%*$#%YZ%F0(8&/##$(8#%.86)/./0&&$*#_%<(6.8$%#$(*$4$&.%^M9;_%;87$&./&$_%S86&:$%$.
*6%R0&78/$`%2$('$&.%a.8$%:0&#/)=8=#%:044$%)$#%F0(8&/##$(8#%.86)/./0&&$*#@
Q$%#0&.%*$#%M9;%<(/%)/#20#$&.%)$#%2*(#%786&)$#%268.#%)$%468:!=%6'$:%LZ_KHg_%#(/'/#
268%*+;87$&./&$%6'$:%XZ_KGg%h%28=:=)=$%268%*6%R0&78/$%^Z_Xg`%h%*6%S86&:$%&$%:0&.83*$%<(+(&$
.8"#%F6/-*$%268.%6'$:%Xg@
O+='0*(./0&% )$#% /4208.6./0&#% )(% 46o#% 2$(.% a.8$% $P2*/<(=$% 268% *+='0*(./0&% )(% 28/P
)+/4208.6./0&_%*+='0*(./0&%)$%*+$FF$:./F%)(%:!$2.$*%6/&#/%<($%*+='0*(./0&%)$#%)80/.#%)$%)0(6&$@
(2&*0&;-$W&G

K#<)'-$=L0S$/$%<$#-%<*7!8$-8*#-$%-$)#7M$-*$%-,$I"<8*7*5,
73)!#*5-,$4"$3<\,P87*5$I"<8*7*5,$/$.WWW*!88-,$P87*5$)#7M$/$NZ[
90(8:$%>%S;,
;%*6%*(4/"8$%)(%7862!$%:/f)$##(#%0&%:0&#.6.$%<(+/*%d+6%(&$%8$*6./0&%/&'$8#$%$&.8$%*$#
<(6&./.=%/4208.=$#%)(%46o#%$.%#0&%28/P%]%*+/4208.6./0&@

HX
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

Q$#% <(6&./.=#% #0&.% 26##=$#% )$% X_YK4/**/0% )$% .0&&$#% 6'$:% (&% 28/P% )$% XYL…I % ]
X_JVL4/**/0&%)$%.0&&$#%$.%(&%28/P%)$%XVK…I %$&%XWWH@
O$%2/:%)+/4208.6./0&%$&%XWWW%^Y_XW%4/**/0&#%)$%.0&&$#`%2$(.%a.8$%$P2*/<(=%268%*6%:!(.$
)(%28/P%)(%46o#%#(8%*$%468:!=%/&.$8&6./0&6*@%O$%28/P%)+(&$%.0&&$%6%=.=%)$%KL…I @
E2&H9<=)*%#$)!&80&*90RR04#$R&8%&450;#0*&G

K#<)'-$=L0T$/$%<$#-%<*7!8$-8*#-$%-,$I"<8*7*5,$73)!#*5-,$4"$3<\,$-*
%&-??-;*7?$4"$;'-)*-%$P87*5$I"<8*7*5,$/$.WWW*!88-,$P87*5$;'-)*-%$/$.WWW$*]*-,
90(8:$%>%S;,_%,D9
?68.0(._%)6&#%*$%40&)$_%0&%8$.80('$%*$%46o#%:044$%-6#$%)$%*+6*/4$&.6./0&%6&/46*$@%Q$
#(::"#%2*6&=.6/8$%$&%F6/.%(&%280)(/.%)$%8=F=8$&:$_%)$%2*(#%$&%2*(#%2*=-/#:/.=%268%*$#%=*$'$(8#_
#0(#%.0(.$#%*$#%*6./.()$#@%:0&04/<($%$.%=&$87=./<($_%*$%46o#_%<($%:$%#0/.%#0(#%*6%F084$
786/&%0(%F0(8867$_%0FF8$%(&$%#0(8:$%)+6*/4$&.6./0&%6&/46*$%#{8$%$.%8/:!$@
1+628"#% *$% 7862!$% D[% GL_% 0&% 8$468<($% <(+/*% d+6% (&$% 8$*6./'/.=% $&.8$% *$#% <(6&./.=#
/4208.=$#% )(% 46o#% $.% *+$FF$:./F% )(% :!$2.$*@% O$% .6(P% )$% :80/##6&:$% 40d$&% )$#% <(6&./.=#
/4208.=$#%$#.%)$%GGg%2$&)6&.%*6%2=8/0)$%XWWHfGJJK_%6*08#%<($%:$*(/%)$%*+$FF$:./F%)(%:!$2.$*
$#.%)$%YJ_YKg%)(86&.%*6%4a4$%2=8/0)$@

K#<)'-$=L0V$/$%<$#-%<*7!8$-8*#-$%-,$I"<8*7*5,
73)!#*5-,$4"$3<\,$-*$%-,$4#!7*,$4-$4!"<8-$P87*5$/$.WWW[
90(8:$%>%S;,_%QDE9

1$%XWWJfGJJX*$#%.6(P%)$%)80/.#%)$%)0(6&$%)(%46o#%=.6/$&.%=76*$4$&.%)$%Jg%2(/#%208.=#
628"#%*6%8=F084$%)$%GJJG%]%Hg
;%268./8%)$%GJJG_%0&%8$468<($%(&$%)/4/&(./0&%)$#%<(6&./.=#%/4208.=$#%)$%GKg%<(/%2$(.
a.8$%)($%]%*+6(74$&.6./0&%)$#%)80/.#%)$%)0(6&$%)$%Hg@

HG
C0%W$:.0&;(-#$0&G&H1&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1

XL&Q&P1=)*%#$)!&80"&$.;)-#(#$)!"&80"&*($#"&0#&;-)8%$#"&*($#$0-"&G
O$% *6/.% 0::(2$% (&$% 2*6:$% /4208.6&.$% )6&#% *$% 40)"*$% )$% :0&#0446./0&% 6*/4$&.6/8$% )$#
;*7=8/$&#_% '(% #0&% /4208.6&:$% )6&#% *6% 86./0&% 6*/4$&.6/8$% h% 2*(#% )$% LJg% )$#% 46./"8$#
28$4/"8$#%$.%280)(/.#%F/&/#%)$%*6/.%#0&.%/4208.=#%@1$%:$%F6/._%*$#%/4208.6./0&#%:0&#./.($&.%(&
/&#.8(4$&.%)$%8=7(*6./0&%)(%468:!=%/&.=8/$(8@

K#<)'-$=L0X$/$O6!%"*7!8$6!%"3-,$4-,$73)!#*<*7!8,
4-$%<7*,$-*$4-,$)#!4"7*,$%<7*7-#,$ =/%BCCC-*//36$
90(8:$%>%QED9
D0(#%:0&#.6.0&#%]%.86'$8#%*$%7862!/<($%<($%*$#%/4208.6./0&#%)$%*6/.#%$.%280)(/.#%*6/./$8#_
0&.%6..$/&.%*$(8%46P/4(4%2$&)6&.%*6%2=8/0)$%6**6&.%)$%XWVJ%]%XWVH_%$&8$7/#.86&.%(&%'0*(4$
40d$&%)$%YJH%XZH%.0&&$#_%2(/#%0&.%468<(=%(&$%-6/##$%#(::$##/'$%)($%$##$&./$**$4$&.%]
*+6(74$&.6./0&%)$#%28/P%#(8%*$%468:!=%40&)/6*%]%268./8%)$%XWWY%20(8%6..$/&)8$%*$%'0*(4$%)$
XKZ%ZVH_L.0&&$#%$&%XWWK@%Q$..$%6(74$&.6./0&%)$#%28/P%$#.%)($%]%>%*+6-6..67$%)(%:!$2.$*%6(P
M9;_%$.%*+/&#.6(86./0&%)$#%<(0.6#%*6/./$8#%6(%&/'$6(%)$#%26d#%)$%*+M&/0&%B(802=$&&$@
B&%8$'6&:!$%(&$%.$&)6&:$%]%*6%!6(##$%28078$##/'$%$#.%$&8$7/#.8=$%2$&)6&.%*6%2=8/0)$
6**6&.% )$% XWWL% ]% GJJG% $.% 268./:(*/"8$4$&.% $&% GJJY_% )($% ]% *6% */-=86*/#6./0&% )(% :044$8:$
$P.=8/$(8%6*7=8/$&%$.%*6%:0&.8/-(./0&%6(P%/4208.6./0&#%)(%#$:.$(8%28/'=_%<(/%6%'(%]%.86'$8#%*$#
280)(/.#%*6/./$8#%(&$%02208.(&/.=%)$%76/&#%:0&#/)=86-*$@
10&:%*+='0*(./0&%)$#%/4208.6./0&#%)(%*6/.%$#.%*/=$%]%*+='0*(./0&%)$%>
+2*(&;-)8%4#$)!&G

K#<)'-$=L2W$/$#-%<*7!8$-8*#-$%-,$I"<8*7*5,$73)!#*5-,
-*$%-,$I"<8*7*5,$)#!4"7*-,$4"$%<7*$P87*5$/$.WWW*!88-,
90(8:$%>%S;,_%QDE9
O6% 280)(:./0&% *6/./"8$% *0:6*$% 40d$&&$% 6(% :0(8#% )$% *6% 2=8/0)$% XWWJ% ]% GJJK% $#.% )$
X%GKX%XKV%!$:.0*/.8$#_%628"#%6'0/8%:0&&(%(&$%!6(##$%]%268./8%)$%XWWJ%]%XWWG%0w%*$%&/'$6(
6'6/.%6..$/&.%X%GGW%JJ%!$:.0*/.8$#@

HY
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

O6%280)(:./0&%6%:!(.=%$&%XWWY%]%X%JXK%JJJ%!$:.0*/.8$#_%2(/#%$**$%8$28$&)%#6%28078$##/0&
]%268./8%)$%XWWZ%20(8%6..$/&)8$%X%KHJ%JJJ%!$:.0*/.8$#%$&%GJJZ@
O$%.6(P%)$%:80/##6&:$%6&&($**$%)$%*6%280)(:./0&%)$%*6/.%8$#.$%8$*6./'$4$&.%F6/-*$_%:042.$
.$&(%)(%20.$&./$*%)$#%-6##/&#%*6/./$8#%$P/#.6&.#_%$.%:042686./'$4$&.%]%*+$##08%)$%*6%)$46&)$
$&%*6/.%$.%280)(/.#%*6/./$8#%<(/%&+6%26#%:$##=%)+6(74$&.$8@
Q$..$% F6/-*$##$% )$% 280)(:./0&% 2$(.% #+$P2*/<($8% 268% 2*(#/$(8#% :0&.86/&.$#% )+08)8$
.$:!&/<($% $.% =:0&04/<($% .$*% <($% >% *6% F6/-*$% 46T.8/#$% )$% *6% 7$#./0&% )(% .80(2$6(% _% *6
F6/-*$%46T.8/#$%)$%*6%:0&)(/.$%)$%8$280)(:./0&%_%:0('$8.(8$%#6&/.6/8$%/&#(FF/#6&.$%6/&#/%<($
*+/&#(FF/#6&:$%)$#%8$##0(8:$#%6*/4$&.6/8$#%)$#./&=$#%6(%:!$2.$*%^F0(8867$#`@
1+628"#%*$%7862!$%D[YJ_%0&%:0&#.6.$%<($%*$#%:0(8-$#%)$%280)(:./0&%$.%)+/4208.6./0&%0&.
*6%4a4$%.$&)6&:$%)+='0*(./0&_%:68%*6%20()8$%)$%*6/.%/4208.=$%8$&.8$%)6&#%*6%.86&#F0846./0&
)$%*6%280)(:./0&%)(%*6/.@
<>+3%74.5

K#<)'-$=L2./$%<$#-%<*7!8$-8*#-$%-$)#7M$-*$%-,
73)!#*<*7!8,$4"$%<7*$$P87*5$)#7M$/$NZ[$P87*5$I"<8*7*5$/$.WWW[
90(8:$%>%QDE9_%S;,
1+628"#% *$% 7862!$% :/f)$##(#% 0&% 8$468<($% <(+]% :!6<($% F0/#% <($% *$% 28/P% )/4/&($_% *$#
<(6&./.=#% /4208.=$#% 6(74$&.$&._% :68% :$#% )$8&/"8$#% #0&.% 26##=$#% )$% XKZ% XZH% .0&&$#% $&
XWWG%6'$:%(&%28/P%)$%GGZL%…I %]%XWL%HZL%.0&&$#%$&%XWWK6'$:%(&%28/P%)$%GXZY%…I %#0/.
(&$%='0*(./0&%)$%XLg@%Q$#%<(6&./.=#%0&.%)/4/&(=%$&%XWWK%6'$:%XJW%YLW%.0&&$#%0w%*$%28/P
6%6(74$&.=%]%GYJJ…I @
O$#%2*(#%/4208.6&.$#%<(6&./.=#%/4208.=$#%0&.%=.=%$&8$7/#.8=$#%$&%GJJH%6'$:%GHJ%GZY
.0&&$#@
O$#% /4208.6./0&#% )$% *6/.% $&% 20()8$% :0&&6/##$&.% (&$% 6(74$&.6./0&% :0&#.6&.$_% $**$#
8$28=#$&.$&.%$&%40d$&&$%LWg%)(%.0.6*%)$#%/4208.6./0&#%)$%*6/.%$.%280)(/.#%*6/./$8#_%8$&)6&.
6/&#/%*+;*7=8/$%$P:$##/'$4$&.%)=2$&)6&.$%'/#f]f'/#%)(%468:!=%40&)/6*@
O6% 8=268././0&% 7=07862!/<($% )+628"#% *$#% 8=7/0&#% =:0&04/<($#% F6/.% 8$##08./8% <($% *$#
28/&:/26(P% F0(8&/##$(8#% )$% *+;*7=8/$% $&% 46./"8$% )$% *6/.% #0&.% >% *+M&/0&% B(802=$&&$% )0&.% *6
S86&:$_%*$#%?6d#fA6#%$.%*+B#267&$_%*$#%B.6.#fM&/#%$.%*$%Q6&6)6@
K2*(&4-)$""(!40&8<.),-(;5$/%0&G

HZ
C0%W$:.0&;(-#$0&G&H1&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1

K#<)'-$=L20/$%<$#-%<*7!8$-8*#-$%-,$73)!#*<*7!8,$4"$%<7*$-*$%<$;#!7,,<8;-
453!H#<)'7I"-$P87*5$I"<8*7*5,$/$.WWW$*!88-,$P87*5$)!)"%<*7!8$/$.WWW$'<A7*<8*,
90(8:$%>%QDE9_%S;,
O$#%;*7=8/$&#%#0&.%4/$(P%2*6:=#%)6&#%*6%:0&#0446./0&%)(%*6/.%$.%280)(/.#%*6/./$8#%268
862208.%6(P%5680:6/&#%$.% (&/#/$&#_%:$..$%20#/./0&%*0/&%8$*6./'$4$&.%]%:$%<(/%$#.%:0&#044=
268% *$#% :/.0d$&#% )$#% 26d#% )='$*022=#% 0(% $**$% 8$28=#$&.$% .0(.% e(#.$% *6% 40/./$% )$% :$% <(/
:0&#044=%268%*$#%S86&n6/#%$.%;4=8/:6/&#@%^Q!$8F60(/_%GJJY`
O6% :0&#0446./0&% 6&&($**$% )$% *6/.% $#.% )+$&'/80&% XY% ZWL% GJJ% !$:.0*/.8$#% 20(8% *$% *6/.
26#.$(8/#=%#0/.%ZY_XG%*/.8$#%268%!6-/.6&.%@B**$%$#.%)$%X%XJY%KJJ%!$:.0*/.8$#%20(8%*$%*6/.%:8(
#0/.%Y_HK%OI!6-/.6&.%@
O6% :0&#0446./0&% )(% *6/.% $.% )$#% 280)(/.#% *6/./$8#% $#.% .8"#% 2$(% )/'$8#/F/=$_% *$% *6/.% #$
:0&#044$%28/&:/26*$4$&.%#0(#%F084$%)$%*/<(/)$%$.%.8"#%2$(%#0(#%F084$%.86&#F084=$%^d60(8._
F80467$`_%*6%<6&./.=%)$%*6/.%:0&#044=$%$#.%*/=$%268./:(*/"8$4$&.%]%*6%.6/**$%)$%*6%F64/**$_2*(#
28=:/#=4$&.% 6(% &04-8$% )+$&F6&.#% $&% -6#% 67$% <(/% /&F*($% #(8% *6% 268.% )(% -()7$.% F64/*/6*
:0&#6:8=%6(%*6/.@
,&% 8$468<($% <($% *$#% :0(8-$#% )$% .$&)6&:$% )$% *6% :80/##6&:$% )=407862!/<($% $.% )$#
<(6&./.=#%/4208.=$#%)(%*6/.%0&.%*6%4a4$%62./.()$_%:$%<(/%$P2*/<($%*6%8$*6./'/.=%$&.8$%:$#%)$(P
'68/6-*$#@
C2*0"&8-)$#"&80&8)%(!0&G

K#<)'-$=L22$/$%<$#-%<*7!8$-8*#-$%-,$73)!#*<*7!8,
4"$%<7*$-*$%-,$4#!7*,$4-$4!"<8-$P87*5$/$.WWW[
90(8:$%>%QDE9_%S;,
?0(8%*6%20()8$%)$%*6/.%$.%*6%5qO;%_%*$(8#%.6(P%=.6/$&.%)$%Yg%2$&)6&.%*6%2=8/0)$%XWWJ
e(#<(k]%XWWL%h%628"#%*6%8=F084$%)$%:$..$%)$8&/"8$%^XWWL`%*$%.6(P%)$%Yg%6%=.=%#(228/4=%$.%/*
6%=.=%8$42*6:=%268%*$%.6(P%)$%Hg%h%20(8%*+6&%XWWW%*$%.6(P%)$#%)80/.#%)$%)0(6&$%)$%*6%5qO;
6%6(74$&.=_%/*%$#.%26##=%)$%H%]%GH%g%_%20(8%6(74$&.$8%$&:08$%]%YJg%628"#%*6%8=F084$%)$
GJJG%0w%*6%#.8(:.(8$%)$#%.6(P%6%46/&.$&(%.80/#%.6(P%#$(*$4$&.%^Hg%_%XHg%$.%YJg`@

HH
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

?0(8%*6%20()8$%)$%*6/.%#0&%.6(P%$#.%26##=%)$%Yg%]%Hg%2$&)6&.%*6%8=F084$%)$%XWWL_%2(/#
)$%H%]%GHg%$.%/*%6%=.=%46/&.$&(%]%YJg%628"#%*$%46/&./$&%)$#%.80/#%.6(P%268%*$#%4$#(8$#%)$
*6%*0/%)$%F/&6&:$#%)$%GJJY@
1+628"#% *$% 7862!$% D[YY_% 0&% 8$468<($% <(+/*% &+d% 6% 26#% (&$% 8$*6./0&% #/7&/F/:6./'$% $&.8$
*+='0*(./0&%)$#%.6(P%)$%)80/.%)$%)0(6&$%$.%*$#%<(6&./.=#%/4208.=$#%)(%*6/.@

X&L&S&P1=)*%#$)!&80"&$.;)-#(#$)!"&80"&,-($""0"&0#&80"&5%$*0"&(*$.0!#($-0"&G

K#<)'-$=L2Q/$O6!%"*7!8$4-,$6!%"3-,$4-,$73)!#*<*7!8,
4-,$'"7%-,$-*$4-,$H#<7,,-,$<%73-8*<7#-,$9.WWW[>
90(8:$%>%QED9
;%*6%*(4/"8$%)(%7862!$%D[YZ%*$#%/4208.6./0&#%6*7=8/$&&$#%)$#%786/##$#%$.%)$#%!(/*$#_
28=#$&.$&.%(&$%786&)$%/&#.6-/*/.=%)$%<(6&./.=#_%'68/6&.%$&.8$%HWK%YXH_X%.0&&$#%$&%GJJY%$.
GLZ%KXW_Y.0&&$#%$&%XWWH%h%:$..$%/&#.6-/*/.=%$#.%)($%6(P%4a4$#%:6(#$#%<($%:$**$#%)(%*6/.
$.%280)(/.#%*6/./$8#
O+B@D@Q@q@%:0428$&)%&$(F%(&/.=#%<(/%8$780(2$&.%:/&<%F/*/6*$#%:$#%(&/.=#%#0&.%:!687=$#
)$%>
O$%86FF/&67$%)$%*+!(/*$%)$%.6-*$_%]%268./8%)+!(/*$%-8(.$%<($%*+B@D@Q@q%/4208.$%)/8$:.$4$&.@%_
*6%F6-8/:6./0&%)$%468768/&$%$.%786/##$#%'=7=.6*$#@
;% :0.=% )$% :$..$% $&.8$28/#$% 0&% 2$(.% :/.$8% 6(##/% *+=4$87$&:$% )(% 780(2$% Q@B@s@E@ @;@O_
:$#%)$8&/"8$#%6&&=$#_%<(/%e0($%(&%83*$%.8"#%/4208.6&.%)6&#%*+62280'/#/0&&$4$&.%)(%468:!=
&6./0&6*$%$&%46./"8$%)+!(/*$%)$%.6-*$%$.%)$#%468768/&$#%/&)(#.8/$**$#
O6% 280)(:./0&% )$% :$% 280)(/.% $#.% 8$#.=$% .8"#% F6/-*$_% ]% :6(#$% )$% *+/&$P/#.$&:$% )$% *6
:(*.(8$% )$% .0(8&$#0*% 0(% )$% #0e6_% :$% <(/% *6/##$% :044$% #$(*$% 6*.$8&6./'$% 20(8% :0('8/8% *6
)$46&)$%&6./0&6*$%)$%:$%280)(/._%*$%8$:0(8#%]%*+/4208.6./0&_%&0.644$&.%)$#%!(/*$#%'=7=.6*$#
<(/% 8$28=#$&.$&.% $&% 40d$&&$% VVg% )$#% /4208.6./0&#% 6*7=8/$&&$#% )+!(/*$% )$% .0(.$% &6.(8$
8$28=#$&.=$#% 28/&:/26*$4$&.% 268% >% *+!(/*$% )$% #0e6_% *+!(/*$% )$% .0(8&$#0*_% *+!(/*$% )$% :0*b6% $.
*+!(/*$%)+686:!/)$@
O$#%28/&:/26(P%F0(8&/##$(8#%)$%*+;*7=8/$%#0&.%>%*+M&/0&%B(802=$&&$_%^)0&.%*6%S86&:$%<(/
0::(2$%*6%28$4/"8$%2*6:$_%*+E.6*/$%$.%O+B#267&$`_%*$#%B.6.#fM&/#_%*+;87$&./&$_%*6%56*6/#/$%$.
*$%9/&7620(8@
O6% :0&#0446./0&% 6&&($**$% )$#% !(/*$#% 6*/4$&.6/8$#% $#.% )$% H% ZLX% GZJ% RO% _#0/.% XL_ZV
*/.8$#%268%!6-/.6&.%$.%VV%GKK%.0&&$#%20(8%*$#%786/##$#%'=7=.6*$#%#0/.%G@VXc7%268%!6-/.6&.%I
6&@^S@;@,`

HK
C0%W$:.0&;(-#$0&G&H1&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1

K#<)'-$=L2R/$%<$#-%<*7!8$-8*#-$%-,$I"<8*7*5,$73)!#*5-,
4-$%&'"7%-$4-$*!"#8-,!%$A#"*-$-*$%<$;#!7,,<8;-$453!H#<)'7I"-
P87*5$I"<8*7*5,$/$.WWW$*!88-,$P87*5$)!)"%<*7!8$/$.WWW$'<A7*<8*,
90(8:$%>%QDE9_%S;,
B.%)+628"#%*$%7862!$%:/f)$##(#_%0&%8$468<($%<(+/*%d+6%(&$%8$*6./'/.=%$&.8$%*$#%<(6&./.=#
/4208.=$#%)$#%!(/*$#%-8(.$#%$.%*6%:80/##6&:$%)=407862!/<($@

K#<)'-$=L2S$%<$#-%<*7!8$-8*#-$%-$)#7M$-*$%-,$I"<8*7*5,$73)!#*5-,
4-$%&'"7%-$4-$*!"#8-,!%$A#"*-$P87*5$)#7M$/$NZ[$P87*5$I"<8*7*5$/$.WWW[
90(8:$%>%QDE9
;%*6%*(4/"8$%)(%7862!$%:/f)$##(#%0&%:0&#.6.$%<($%*$#%<(6&./.=#%/4208.=$#%)$%*+!(/*$%)$
.0(8&$#0*%)=2$&)$&.%)$%*+='0*(./0&%)(%28/P%#(8%*$%468:!=%/&.$8&6./0&6*%:68%$**$#%6(74$&.$&.
]%:!6<($%F0/#%<($%*$%28/P%)/4/&($@
;*08#% <($% *$% 28/P% 6% 6(74$&.=% )$% GG% g% )$% XWWJfXWWX% *$#% <(6&./.=#% /4208.=$#% 0&.
$&8$7/#.8=%(&$%)/4/&(./0&%)$%YJg@
?$&)6&.%*6%2=8/0)$%XWWVfGJJK_%*$#%<(6&./.=#%/4208.=$#%0&.%:0&&(%(&$%6(74$&.6./0&
)$%ZJg_%6*08#%<($%*$#%28/P%0&.%$&8$7/#.8=%(&$%)/4/&(./0&%)$%XWg@

K#<)'-$=L2T$/$%<$#-%<*7!8$-8*#-$%-,$I"<8*7*5,$73)!#*5-,
4-$%&'"7%-$4-$*!"#8-,!%$-*$%-,$4#!7*,$4-$4!"<8-$9.WWW[>

HL
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

90(8:$%>%QDE9_%S;,
?$&)6&.% *6% 2=8/0)$% XWWJfXWWL_% *$% .6(P% )$#% )80/.#% )$% )0(6&$% :0&:$8&6&.% *$#% !(/*$#
-8(.$#%=.6/.%)$%Yg_%628"#%*6%#(228$##/0&%)$%:$%)$8&/$8%^8=F084$%XWWL`%/*%$#.%26##=%]%Hg
2$&)6&.%XWWVfGJJX20(8%6(74$&.$8%$&:08$%$.%6..$/&)8$%(&%.6(P%)$%XHg%628"#%*6%8=F084$
)$%GJJG@
1+628"#% *$% 7862!$% D[YL% _0&% 8$468<($% <(+/*% &+d% 6% 6(:(&$% 8$*6./0&% $&.8$% *$#% <(6&./.=#
/4208.=$#%)$#%!(/*$#%-8(.$#%$.%*$#%.6(P%)$%)80/.#%)$%)0(6&$%_%:68%*$#%<(6&./.=#%6(74$&.$&.
]%:!6<($%F0/#%<($%*$#%.6(P%6(74$&.$&.@

X&L&UP&1=)*%#$)!&80"&$.;)-#(#$)!"&80"&"%4-0"&G
O$%#(:8$%:044$%*$#%:=8=6*$#%$.%*$%*6/.%$#.%:0&#/)=8=%:044$%(&%280)(/.%#.86.=7/<($%)0&.
*6%280)(:./0&%)=2$&)%$&./"8$4$&.%)$%*+$P.=8/$(8_%!084/#%*+/426:.%8$*6./'$4$&.%40)$#.$%)$
*+/&.$8'$&./0&% )$% <($*<($#% 02=86.$(8#% 28/'=#% $&% 46./"8$#% )+/4208.6./0&% )$% 280)(/.#% F/&/#_
)$2(/#%*6%#(228$##/0&%)(%40&020*$%)(%:044$8:$%$P.=8/$(8@
O+B&.8$28/#$% ;*7=8/$&&$% )$% 9(:8$% B@D@;@9@M@Q@C@B@% )=./$&.% =76*$4$&.% (&% '0*6&.% )$
280e$.%<(/%/&."78$%*6%28/#$%$&%:!687$%)$%)='$*022$4$&.%)$%:$..$%F/*/"8$%20(8%#6./#F6/8$%(&$
)$46&)$%&6./0&6*$%$&%28078$##/0&%:0&./&($@

K#<)'-$=L2V/$O6!%"*7!8$4-,$6!%"3-,$4-,$73)!#*<*7!8,$4-,$,";#-,$-8$.WWW*!88-,
90(8:$%>%QED9
O+6:./'/.=% #(:8$8/$% $#.% $&% 688a.% )$2(/#% '/&7.% f<(6.8$% 6&#% #(/.$% ]% *+688a.% )$% *6% :(*.(8$
-$..$86'/"8$#% @*$#% :!6T&$#% )$% 280)(:./0&% #0&.% .8"#% 6&:/$&&$#% ^'/&7.% 6&#% )+67$`_% :$..$
#/.(6./0&%$#.%]%*+08/7/&$%)$%8$&)$4$&.#%F6/-*$#%^.6(P%)+$P.86:./0&%)$%#(:8$%4=)/0:8$%6'$:
)$#%2$8.$#%=*$'=$#`@
O$% #(:8$% $#.% (&% 280)(/.% .8"#% )$46&)=% #(8% *$% 468:!=% /&.$8&$_% /*% 8$28=#$&.$% XXg% $&
40d$&&$%)(%.0.6*%)$#%280)(/.#%678/:0*$#%$.%6*/4$&.6/8$#%/4208.=#%20(8%*6%2=8/0)$%6**6&.%)$
XWVJfGJJK@
O6%'6*$(8%)$#%/4208.6./0&#%$#.%26##=$%)$%VW%5…%$&%XWVK%]%GVH%$&%XWWX%20(8%6(74$&.$8
$.%6..$/&)8$%*$#%YJG%5…%$&%GJJK@Q$..$%'6*$(8%)$#%/4208.6./0&#%)=2$&)%)$%*6%F08.$%)$46&)$
#(8%:$%280)(/._%<(/%$**$f4a4$%)=2$&)%)$%*6%:80/##6&:$%)=407862!/<($%$.%:$%<(/%&0(#%40&.8$
*$%7862!$%:/f)$##0(#

HV
C0%W$:.0&;(-#$0&G&H1&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1

K#<)'-$=L2X$/$%<$#-%<*7!8$-8*#-$%-,$73)!#*<*7!8,$4-$,";#-$^$;<88-$-*$%<$;#!7,,<8;-
453!H#<)'7I"-$P87*5$I"<8*7*5$/$.WWW*!88-,$P87*5$)!)"%<*7!8$/$.WWW$'<A7*<8*,
90(8:$%>%QDE9_%S;,

K#<)'-$=LQW$/$%<$#-%<*7!8$-8*#-$%-$)#7M$-*$%-,$73)!#*<*7!8,
4-$,";#-$^$;<88-$P87*5$)#7M$/$NZ[$P87*5$I"<8*7*5$/$.WWW[
90(8:$%>%QDE9_%S;,
,&% 8$468<($% <(+/*% d+6% (&$8$*6./0&% /&'$8#$% $&.8$% *$#% <(6&./.=#% /4208.=$#% )$% #(:8$% ]
:6&&$%$.%#0&%28/P%#(8%*$%468:!=%/&.$8&6./0&6*%:68%*$#%<(6&./.=#%*$#%2*(#%/4208.6&.$#%0&.%=.=
8$468<(=$#%$&%GJJK%6'$:%L_LY5 %$.%(&%28/P%)$%YG_HV…I _%6*08#%<($%*$%28/P%*$%2*(#%=*$'=%6
=.=%$&8$7/#.=%$&%XWWK%6'$:%VJ_GX…I %$.%(&$%<(6&./.=%)$G%_W5 @
O$#% 28/&:/26(P% F0(8&/##$(8#% )$% #(:8$% 20(8% *+;*7=8/$% #0&.% O6% S86&:$_% *+B#267&$% $.% *6
q86&)$%A8$.67&$@
M&%6(.8$%F6:.$(8%<(/%/&F*($%#(8%*$#%<(6&./.=#%/4208.=$#%)$#%#(:8$#%$#.%:$*(/%*$#%)80/.#
)$%)0(6&$@

K#<)'-$=LQ.$/$%<$#-%<*7!8$-8*#-$%-,$73)!#*<*7!8,$4-
,";#-$^$;<88-$-*$%-,$4#!7*,$4-$4!"<8-$P87*5$/$.WWW[
90(8:$%>%QDE9_%S;,
1$%XWWJfXWWL_%*$#%#(:8$#%-8(.#%0&.%:0&&(%(&%.6(P%)$%XHg_%628"#%*6%8=F084$%)$%XWWL%h
:$%.6(P%6%-6/##=%20(8%6..$/&)8$%*$#%Hg%]%&0#%e0(8#

HW
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

;%*6%*(4/"8$%)(%7862!$%D[ZX_%0&%:0&#.6.$%<($%*$#%<(6&./.=#%/4208.=$#%)$%#(:8$%]%:6&&$
0&.%6(74$&.=%628"#%*+6-6/##$4$&.%)$#%.6(P%)$#%)80/.#%)$%)0(6&$@

XL&VP&H0"&$.;)-#(#$)!"&80&*(&=$(!80&E)=$!0&G

K#<)'-$=LQ0$/%&56!%"*7!8$4-,$73)!#*<*7!8,$4-$%<$67<84-$A!678-$9-8.WWW$*!88-,>
90(8:$%>%QDE9_%S;,
O$#% 20('0/8#% 2(-*/:#% 0&.% $(% 8$:0(8#% ]% *+/4208.6./0&% )6&#% *$% -(.% )$% 8==<(/*/-8$8% *$
468:!=%)$%*6%'/6&)$%$.%/&F*=:!/8%6/&#/%*$#%28/P%<(/%=.6/$&.%!08#%)$%208.=$%4a4$%)$#%:0(:!$#
40d$&&$#%)$%*6%202(*6./0&@
;% *6% *(4/"8$% )(% 7862!$% D[ZG_% 0&% :0&#.6.$% <($% *$#% <(6&./.=#% /4208.=$#% )$% *6% '/6&)$
-0'/&$% 0&.% 6(74$&.=% )(86&.% *$#% 6&&=$#% XWWVfGJJX_% :$#% <(6&./.=#% #0&.% 26##=$#% )$
YXJJ.0&&$#%]%KYJJ%.0&&$#%$&%GJJX#0/.%(&$%='0*(./0&%)$%KXg%_%2(/#%$**$#%0&.%8$:!(.=%]%KWJ
.0&&$#%$&%GJJG%20(8%6(74$&.$8%$.%6..$/&)8$%*$(8%46P/4(4%$&%GJJK%6'$:%(&$%<(6&./.=%)$
XH%HGJ%.0&&$#@
O+='0*(./0&% )$#% :$#% <(6&./.=#% #+$P2*/<($% 268% *+='0*(./0&% )$#% $FF$:./F#% )$#% 6&/46(P
)+=*$'67$%:$#%)/P%)$8&/"8$#%6&&=$#@%LVg%)$%*+$FF$:./F%$#.%:0&#./.(=%268%*$%:!$2.$*%0'/&_%XZ
20(8:$&.%268%*$#%:628/&#%h%*$#%-0'/&#%&$%8$28=#$&.$&.%<($%K%20(8:$&.%)$#%$FF$:./F#@%Q$..$
='0*(./0&%2$(.%a.8$%$P2*/<(=$%6(##/%268%*+='0*(./0&%)$%*6%280)(:./0&_%*$#%28/P%)+/4208.6./0&_%*6
'68/6./0&%)$#%.6(P%)$#%)80/.#%)$%)0(6&$%6/&#/%<($%*+='0*(./0&%)$%*6%:0&#0446./0&@
+2*(&;-)8%4#$)!

K#<)'-$=L$Q2/$%<$#-%<*7!8$-8*#-$%<$)#!4";*7!8
-*$%&73)!#*<*7!8$4-$%<$67<84-$A!678-$9.WWW*!88-,>
90(8:$%>%QDE9_%S;,
,&%:0&#.6.$%)+628"#%*$%7862!$%D[ZY%_%<($%*$#%:0(8-$#%)$#%<(6&./.=#%/4208.=$#%$.%*6
280)(:./0&%)$%*6%'/6&)$%-0'/&$%='0*($&.%6'$:%*6%4a4$%.$&)6&:$%@Q$%<(/%$P2*/<($%<(+/*%d+6
)+6(.8$#%F6:.$(8#%<(/%/&F*($&.%#(8%*+='0*(./0&%)$%:$#%<(6&./.=#%/4208.=$#%@
E2*0&;-$W

KJ
C0%W$:.0&;(-#$0&G&H1&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1

K#<)'-$=LQQ$/$%<$#-%<*7!8$-8*#-$%-,$73)!#*<*7!8,$-*$%-$)#7M
4-$%<$67<84-$A!678-$P87*5$)#7M$/$NZ[$P87*5$I"<8*7*5$/$.WWW[
90(8:$%>%QDE9_%S;,
;% *6% *(4/"8$% )(% 7862!$% :/f)$##(#% 0&% :0&#.6.$% (&$8$*6./0&% /&'$8#$% $&.8$% *$#% 28/P
)+/4208.6./0&%$.%*$#%<(6&./.=#%/4208.=$#%h%*$#%<(6&./.=#%#0&.%26##=$#%)$%XZWJ%.0&&$#%$&%XWWX
6'$:%(&%28/P%)$%XXGY_YZ…I %]%XJJ%.0&&$#%$&%XWWZ%$.%(&%28/P%GXHZ_KW…I %#0/.%(&$%)/4/&(./0&
)$%WY_GVg@
Q$#%<(6&./.=#%0&.%6(74$&.=%$&%XWWW_%20(8%6..$/&)8$%*$#%YHLJ%.0&&$#%6'$:%(&%28/P%)$
XLVZ_JL…I %$.%*$%46P/4(4%6%=.=%$&8$7/#.8=%$&%GJJH%6'$:%(&$%<(6&./.=%XH%HGJ.0&&$#%$.%(&
28/P%)$%XWVH_G…I @
42*0"&8-)$#"&80&8)%(!0

K#<)'-$=LQR$/$%<$#-%<*7!8$-8*#-$%-,$73)!#*<*7!8,$4-
%<$67<84-$A!678-$-*$%-,$4#!7*,$4-$4!"<8-$$P87*5$/$.WWW[
90(8:$%>%QDE9_%S;,
1$2(/#% XWWJ_% *$% <(0.6% )+/4208.6./0&% $#.% #0(4/#% ]% :0&:(88$&:$% $.% 0('$8.% 6(P
/4208.6.$(8#%28/'=#%#(8%*6%-6#$%)+(&%:6!/$8%)$%:!687$%@O$#%.6P$#%622*/<(=$#%#0&.%)$%)$(P
&6.(8$#%>%(&$%.6P$%:042$&#6.0/8$%)$XJJg%#(8%*$%28/P%Q;S%^€`%$.%XJg%)$%.6P$%]%*+/4208.6./0&@
^A$&F8/)_XWWH`
Q$..$%F08.$%280.$:./0&%:8=$%(&%)=#=<(/*/-8$%$&.8$%(&$%)$46&)$%$&%F08.$%:80/##6&:$%$.
(&$%:80/##6&:$%2*(#%*$&.$%)$%*+0FF8$@
1+628"#% *$% 7862!$% :/f)$##(#% 0&% 8$468<($% (&$% 8$*6./0&% /&'$8#$% $&.8$% *$#% <(6&./.=#
/4208.=$#%)$%'/6&)$%-0'/&$%$.%*$#%.6(P%)$%)80/.%)$%)0(6&$%:68%:$#%<(6&./.=#%#0&.%26##=$#
)$%GXGJ%.0&&$#%$&%XWWH%6'$:%(&%.6(P%)$%KJg%]%KYYJ%.0&&$#%$&%GJJJ%6'$:%(&%.6(P%)$
ZHg%_#0/.%(&$%='0*(./0&%)$%KKg%_%:$#%<(6&./.=#%6..$/&)80&.%*$(8%46P/4(4%$&%GJJH%6'$:%XH
HGJ%.0&&$#%6'$:%(&%.6(P%)$YJg%$.%(&$%='0*(./0&%)$%HLg@
82H(&4-)$""(!40&8<.),-(;5$/%0&G

KX
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

K#<)'-$=LQS$/$%<$#-%<*7!8$-8*#-$%-,$73)!#*<*7!8,$4-$%<$67<84-$A!678-$-*$%<$;#!7,,<8;-
453!H#<)'7I"-$$P87*5$I"<8*7*5$/$.WWW*!88-,$P87*5$)!)"%<*7!8$/$.WWW$'<A7*<8*,
90(8:$%>%QDE9_%S;,
O$#% -/*6&#% )$% 280)(:./0&% $&% 862208.% 6'$:% *$% &/'$6(% )$% :0&#0446./0&% #0&.% )/FF/:/*$#
]% =.6-*/8% $&% 86/#0&% )$#% 6-6..67$#% &0&% :0&.83*=#@% O$#% $&<(a.$#% 2(-*/=$#% 0&.% F6/.% 8$##08./8
<($%*6%:0&#0446./0&%6&&($**$%268%!6-/.6&.%$#.%)$%Y_H%N7%)$%'/6&)$%-0'/&$@%O6%:80/##6&:$
)=407862!/<($% $.% *6% )=786)6./0&% )(% 20('0/8% )+6:!6.% 0&.% )0&&=% */$(% ]% (&$% -6/##$% )$% *6
:0&#0446./0&%)$%'/6&)$#%80(7$#%)$%ZJ%g%:$#%XJ%)$8&/"8$#%6&&=$#@^D6)e860(/%_GJJY`

X&L&XP&H0"&$.;)-#(#$)!"&80"&#)%-#0(%W&80&")n(&G

K#<)'-$=LQT$/%&56!%"*7!8$4-,$73)!#*<*7!8,$4-,$*!"#*-<"M$4-$,!_<$9-8.WWW*!88-,>
90(8:$%>%S;,_%QDE9
O$#% .0(8.$6(P% )$% #0e6% :0&#./.($&.% *+(&$% )$#% #0(8:$#% 280.=/<($#% *$#% 2*(#% (./*/#=$#% )$
&0#% e0(8#@% O687$4$&.% )/#20&/-*$#_% *$(8% .$&$(8% $&% 6:/)$#% 64/&=#% 8=20&)% 6(P% -$#0/&#% )$
&04-8$(P%6&/46(P%]%:!6<($%#.6)$%)$%*$(8%)='$*022$4$&.@
1+628"#%*$%7862!$%:/f)$##(#%0&%8$468<($%<($%*$#%<(6&./.=#%/4208.=$#%)$#%.0(8.$6(P
)$%#0e6%#0&.%$&%='0*(./0&%:0&./&($_%:$#%<(6&./.=#%#0&.%26##=$#%)$%GYZ%WXZ.0&&$#%$&%XWWH
]%YXW%HLX.0&&$#%$&%XWWW%#0/.%(&$%='0*(./0&%)$%YKg@
?$&)6&.%*6%2=8/0)$%GJJXfGJJK%*$#%<(6&./.=#%/4208.=$#%#0&.%26##=$#%)$%ZYK%KWH.0&&$#
]%HWK%GJJ%.0&&$#%#0/.%(&$%='0*(./0&%)$%YK_Hg@
O+='0*(./0&%)$#%/4208.6./0&#%)$#%.0(8.$6(P%)$%#0e6%$#.%)($%]%*+='0*(./0&%)$%2*(#/$(8#
F6:.$(8#%.$*#%<($%>%*$%28/P%]%*+/4208.6./0&_%*+$FF$:./F%)(%:!$2.$*%$.%*$#%)80/.#%)$%)0(6&$@
8>%+3%74.5%@

KG
C0%W$:.0&;(-#$0&G&H1&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1

K#<)'-$=LQV$/$%<$#-%<*7!8$-8*#-$%-$)#7M$-*$%-,$I"<8*7*5,$73)!#*5-,
4-,$*!"#*-<"M$4-$,!_<$P87*5$)#7M$/$NZ[$P87*5$I"<8*7*5$/$.WWW[
90(8:$%>%S;,_%QDE9
;%*6%*(4/"8$%)(%7862!$%D[ZV_%0&%:0&#.6.$%<(+/*%d%6%(&$%8$*6./0&%/&'$8#$%$&.8$%*$#%<(6&./.=#
/4208.=$#%)$#%.0(8.$6(P%)$%#0e6%$.%*$%28/P%]%*+/4208.6./0&@
O$#% <(6&./.=#% #0&.% 26##=$#% )$% GVZ% JJY.0&&$#% $&% XWWZ% 6'$:% (&% 28/P% )$% GWH% …I % ]
XWL%HVZ.0&&$#%6'$:%(&%28/P%)$%YYY_V…I %#0/.%(&$%)/4/&(./0&%)$#%<(6&./.=#%)$%YJ_ZGg%$.
(&$%6(74$&.6./0&%)(%28/P%)$%XY@XHg@
;*08#% <($% *$% 28/P% 6% )/4/&(=% )$% YK_LGg% 2$&)6&.% *6% 2=8/0)$% XWWLfXWWW_% *$#% <(6&./.=#
/4208.=$#%0&.%6(74$&.=%)$%HY_JZg@
O$#%.6.#fM&/#%$.%*+;87$&./&$%#0&.%*$#%F0(8&/##$(8#%.86)/./0&&$*#_%/*#%)=./$&&$&.%*6%<(6#/f
.0.6*/.=% )(% 468:!=% 6*7=8/$&@% O6% 268.% )$#% /4208.6./0&#% )$#% .0(8.$6(P% )$% #0e6% 2$&)6&.% *$
2=8/0)$%XWWJfGJJK%$#.%)$%ZHg%20(8%*$#%B.6.#fM&/#%$.%)$%YYg%20(8%*+;87$&./&$@
A>%+'3DD31-.D%0,%1?37-3+%@

K#<)'-$=LQX$/$%<$#-%<*7!8$-8*#-$%&-??-;*7?$4"$;'-)*-%
-*$%-,$I"<8*7*5,$73)!#*5-,$4-,$*!"#*-<"M$4-$,!_<

90(8:$%>%S;,_%QDE9
1+628"#%*$%7862!$%:/f)$##(#%0&%:0&#.6.$%(&$%8$*6./'/.=%$&.8$%*+$FF$:./F%)(%:!$2.$*%$.%*$#
<(6&./.=#%/4208.=$#%)$#%.0(8.$6(P%)$%#0e6@
?$&)6&.%*6%2=8/0)$%XWWZfGJJJ%*+$FF$:./F%)(%:!$2.$*%$#.%26##=%)$%XW_K4/**/0&#%)$%.a.$#%$&
XWWZ%]%GZ_L4/**/0&#%)$%.a.$#%$&%GJJJ%#0/.%(&$%='0*(./0&%)$%GKg%h%20(8%*6%4a4$%2=8/0)$%*$#
<(6&./.=#%/4208.=$#%)$#%.0(8.$6(P%)$%#0e6%#0&.%26##=$#%)$%GJJ%YHV.0&&$#%]%YZZ%KXZ.0&&$#
6'$:%(&$%='0*(./0&%)$%LGg%@
1$%GJJX]%GJJK_%*+='0*(./0&%)$%*+$FF$:./F%)(%:!$2.$*%6%=.=%)$%Kg%$.%:$*(/%)$#%<(6&./.=#
/4208.=$#%)$%YH_YKg@
0>+36%04*.-6%03%0*,8/3%@

KY
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

K#<)'-$=LRW$/$%<$#-%<*7!8$-8*#-$%-,$I"<8*7*5,
73)!#*5-,$4-,$*!"#*-<"M$-*$%-,$4#!7*,$4-$4!"<8-$9.WWW[>
90(8:$%>%S;,_%QDE9
?$&)6&.%XWWJfXWWL_%*$%.6(P%)$#%.0(8.$6(P%6%=.=%)$%Lg_%:$%)$8&/$8%6%=.=%#(228/4=%20(8
a.8$%8$42*6:=%268%*$%.6(P%)$%Hg%^*6%8=F084$%)$%XWWL`%h%46*78=%*$#%4(*./2*$#%8=F084$#%:$
.6(P%6%=.=%46/&.$&(@
O$% 7862!$% D[HJ_% &0(#% 40&.8$% <($% *$#% )80/.#% )$% )0(6&$% /&F*($&.% #(8% *$#% <(6&./.=#
/4208.=$#% )$#% .0(8.$6(P% )$% #0e6% :68% :$#% )$8&/"8$#% 0&.% 6(74$&.=% )(86&.% *6% 2=8/0)$
XWWVfGJJK%<(6&)%*$%.6(P%)$#%)80/.#%)$%)0(6&$%$#.%26##=%]%Hg@
Q$#%<(6&./.=#%#0&.%26##=$#%)$%GYZ%ZGZ%.0&&$#%$&%XWWV%]%HWX%JGY%.0&&$#%$&%GJJK%#0/.
(&$%='0*(./0&%)$%XHGg@

K)!4*%"$)!
O$#%8=#(*.6.#%6(P<($*#%0&%6%6-0(./%#0&.%>
m *+/&62./.()$%)$%*+;*7=8/$%]%8=20&)8$%)+(&$%46&/"8$%6:./'$_%6(P%-$#0/&#%)$%*6
:0&#0446./0&%6*/4$&.6/8$@
m F6:$%]%(&$%:$8.6/&$%#.67&6./0&%)$%*6%280)(:./0&%678/:0*$%$.%#6%268.%)=:80/##6&.$%)6&#
*+=:0&04/$%&6./0&6*$_%*$#%-$#0/&#%6*/4$&.6/8$#%&+0&.%26#%:$##=%)+6(74$&.$8%]%(&
8d.!4$%F08.%268%*+$FF$.%)$%*6%)=407862!/$%862/)$%$.%*+6(74$&.6./0&%$.%*6%)/'$8#/F/:6./0&
)$%*6%86./0&%6*/4$&.6/8$%#(/.$%]%*+64=*/086./0&%)(%20('0/8%)+6:!6.@
m )+628"#%*$#%='6*(6./0&%F6/.$#_%*6%280)(:./0&%678/:0*$%$.%6*/4$&.6/8$%)$'86/.%$&8$7/#.8$8
(&%8d.!4$%)$%:80/##6&:$%20#/./F%20(8%86..862$8%<($*<($%2$(%*6%)$46&)$%6*/4$&.6/8$
$##$&./$**$@
m O+=:68.%<(/%#=268$%*+0FF8$%)$%*6%)$46&)$%.86)(/.%268%(&$%F08.$%)=2$&)6&:$%'/#f]f'/#%)(
468:!=%40&)/6*
m *$#%/4208.6./0&#%#0&.%)$'$&($#%6(%F/*%)$#%6&&=$#%$P:$##/'$4$&.%:0{.$(#$#%$.%*$#
40d$&#%)$%26d$4$&.#%*/4/.=#@
m *6%8=7(*6./0&%)$%*6%)$46&)$%&6./0&6*$%$&%280)(/.#%6*/4$&.6/8$#%268%*$#%/4208.6./0&#%#$
.86)(/.%268%(&$%F08.$%)=2$&)6&:$%]%*+$P.=8/$(8@
B&%2*(#%<($%*6%)=2$&)6&:$%$#.%(&$%:!687$%F/&6&:/"8$_%$**$%622686T.%/&<(/=.6&.$%:68%*+684$
6*/4$&.6/8$%)$'/$&.%(&$%F084$%)$%:0&.86/&.$%)6&#%*$#%8$*6./0&#%/&.$8fB.6.#%@

KZ
C0%W$:.0&;(-#$0&G&H1&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1

K5(;$#-0&[&G&H+&J1F+JD D @'&CA&K@>>1JK1
1^D1J 1AJ&F+J&J1O @'&1K@'@> NA1

[&LP&H0"&-<;(-#$#$)!"&80"&$.;)-#(#$)!"&#)#(*0"&;(-&-<,$)!&<4)!).$/%0"
80&L_`X2L__U

B7H"#-$=L.$/$%<$#5)<#*7*7!8$4-,$73)!#*<*7!8,$)<#$#5H7!8$5;!8!37I"-$.XVS1.XXQ
90(8:$%>%QDE9
;%*6%*$:.(8$%)$%*6%F/7(8$%D[X_%0&%:0&#.6.$%<($%*+$##$&./$*%)$#%/4208.6./0&#%)$%*+;*7=8/$
8$#.$% 20*68/#=% #(8% &0#% 268.$&6/8$#% .86)/./0&&$*#% h% 6(% :0(8#% )$% *6% 2=8/0)$% XWVKfXWWZ% _% *$#
26d#%)$%*6%QBB%0::(2$&.%*6%28$4/"8$%2*6:$%6'$:%HKg%_#(/'/#%268%*+;4=8/<($%)(%&08)%6'$:
XHg%_%*$#%26d#%686-$#%6'$:%XZg_%*+;#/$%6'$:%Vg_%6*08#%<($%20(8%*$#%26d#%)(%567!8$-%$.
)$%*+;4=8/<($%*6./&$%*$(8%20(8:$&.67$%$#.%)$%Z%$.%Gg%8$#2$:./'$4$&.%@

B7H"#-$=L0$/$%<$#5)<#*7*7!8$4-,$73)!#*<*7!8,$)<#$#5H7!8$5;!8!37I"-$.XXR10WWS
90(8:$%>%QDE9
?$&)6&.%*6%2=8/0)$%XWWHfGJJK_%*$#%26d#%)$%*+MB%0::(2$&.%.0(e0(8#%*6%28$4/"8$%20#/./0&
*$(8%20(8:$&.67$%6%6(74$&.=%)$%Zg%20(8%26##$8%)$%HK%]%KJg_%'(%*+=*687/##$4$&.%)$%*+(&/0&
$.%*6%8=)(:./0&%)$#%)80/.#%)$%)0(6&$@
9(/'/#%268%*+,Q1B%6'$:%GX%g%$.%(&$%'6*$(8%)$%GZKV%4/**/0&#%)$%…_%20(8%*$#%26d#%)$
*+;#/$%6'$:%Vg%$.%(&$%'6*$(8%)$%WLW@VH%4/**/0&#%)$%…%_%*$#%26d#%)$%*+;4=8/<($%)(%&08)%_
*+,:=6&/$%$.%)$%*+M5;%*$(8#%20(8:$&.67$%$#.%)$%H_%Z%$.%Xg%8$#2$:./'$4$&.@

KH
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

[&QPH(&-<;(-#$#$)!&80"&0W;)-#(#$)!"&;(-&-<,$)!&<4)!).$/%0&G

B7H"#-$=L$2/$%<$#5)<#*7*7!8$4-,$-M)!#*<*7!8,$)<#$#5H7!8$5;!8!37I"-$4-$.XVS1.XXQ
90(8:$%>%QDE9
O$#% 26d#% )$% *6% QBB% 8$#.$&.% *$#% 28/&:/26(P% 268.$&6/8$#% )$% *+;*7=8/$% h% 6(% :0(8#% )$
*6% 2=8/0)$% XWVKfXWWZ_% :$% 780(2$% )$% 26d#% 6% 6-#08-=% $&% 40d$&&$% 28=#% )$% VHg% )$% &0#
$P208.6./0&#%6'$:%(&$%'6*$(8%)$%LWJZG_GVH%4/**/0&#%)$%)0**68#_%#(/'/%268%*+;4=8/<($%)(%&08)
6'$:%(&%20(8:$&.67$%)$%Wg%$.%(&$%'6*$(8%)$%GXYXG_K%4/**/0&#%)$%…@
?0(8%*$%8$#.$%)$#%8=7/0&#%=:0&04/<($#_%*$(8%20(8:$&.67$%&$%)=26##$%26#%*$#%Gg@

B7H"#-$=LQ$/$%<$#5)<#*7*7!8$4-,$-M)!#*<*7!8,$)<#$#5H7!8$5;!8!37I"-$4-$.XXR10WWS
90(8:$%>%QDE9
56*78=%<($%#6%268.%6%)/4/&(=%)$%GZg%2$&)6&.%*6%2=8/0)$%XWWHfGJJK%_%*+MB%8$#.$%.0(e0(8#
$&%.a.$%$&%:$%<(/%:0&:$8&$%*6%'6*$(8%)$#%$P208.6./0&#_%#(/'/$%)$%*+,Q1B%6'$:%GWg%$.%(&$
'6*$(8%)$%KJXL@XH4/**/0&#%)$%…%_%*+;4=8/<($%)(%&08)%6'$:%Kg%$.%(&$%'6*$(8%)$%XGHY%4/**/0&#
)$%…@
O+M5;_%*+;#/$%$.%*$#%6(.8$#%26d#%)$%*+B(802$%6'$:%8$#2$:./'$4$&.%Gg%$.%Xg@

[SP&H(&-<;(-#$#$)!&8%&4)..0-40&(,-)(*$.0!#($-0&;(-&-<,$)!
,<),-(;5$/%0&80&L__a2L__U&G
[&S&LPH(&-<;(-#$#$)!&80"&$.;)-#(#$)!"&;(-&-<,$)!&,<),-(;5$/%0&L__a2L__U&G

KK
C0%W$:.0&;(-#$0&G&H1&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1

B7H"#-$=LR$/$%<$#5)<#*7*7!8$4-,$73)!#*<*7!8,$)<#$#5H7!8$H5!H#<)'7I"-
90(8:$%>%QDE9
Q0&:$8&6&.%*$#%280)(/.#%67806*/4$&.6/8$#%$.%2$&)6&.%*6%2=8/0)$%XWWJfXWWZ_%*$#%26d#%)$
*6%QBB%0::(2$&.%*$%2*(#%786&)%20(8:$&.67$%6'$:%KWg%)$#%/4208.6./0&#%67806*/4$&.6/8$#_
#(/'/#%268%*$#%26d#%)$%*+;#/$%6'$:%XKg_%*+;4=8/<($%)(%&08)%XZg@

[S&LLPH9<=)*%#$)!&80"&$.;)-#(#$)!"&(,-)(*$.0!#($-0"&0!&;-)=0!(!40&80&*9A1&G

K#<)'-$=LR.$/$O6!%"*7!8$4-,$73)!#*<*7!8,$<H#!<%73-8*<7#-,$-8$)#!6-8<8;-$4-$%&PO
90(8:$%>%QDE9
1(86&.% *6% 2=8/0)$% XWWJfGJJK_% *$#% )=2$&#$#% )$#% /4208.6./0&#% 67806*/4$&.6/8$#% $&
280'$&6&:$% )$% *+MB% 6FF/:!$&.% (&$% .$&)6&:$% ]% *6% !6(##$% 26##6&.% #(::$##/'$4$&.% )$
ZJVWV_XVG%]%XJW%JGV%4/**/0&#%)$%1;_%#0/.%(&$%='0*(./0&%)$%YL@Hg@
BP28/4=$% $&% 10**68#_% *+='0*(./0&% )$#% /4208.6./0&#% $#.% 286./<($4$&.% #.6-*$h% $**$
$&8$7/#.8$%:$2$&)6&.%(&$%!6(##$%$&%GJJG%6..$/7&6&.%GZJY%4/**/0&#%)$%…%628"#%6'0/8%=.=%)$
*+08)8$%)$%XYJG4/**/0&#@
O$#% 26d#% )$% *+MB% 8$#.$&.% .0(e0(8#% *$#% 28/&:/26(P% F0(8&/##$(8#% )$% *+;*7=8/$_% *6% S86&:$
#$%:*6##$%$&%.a.$%$.%8$28=#$&.$%YW%g_%#(/'/$%)$%*+E.6*/$%6'$:%XVg%$.%*+;**$467&$%6'$:%XXg
)(86&.%*6%2=8/0)$%XWWJfXWWZ@
?0(8% *6% 2=8/0)$% XWWHfGJJK_% *6% S86&:$% 8$#.$% .0(e0(8#% $&% 28$4/"8$% 20#/./0&% 6'$:% (&
20(8:$&.67$%)$%YW%g_%*+;**$467&$%6'$:%XKg@
?0(8% *+B#267&$% $.% *$#% ?6d#% A6#_% *$(8#% 20(8:$&.67$#% &$% )=26##$&.% 26#% *$#% Lg)$
*+$&#$4-*$%)$#%/4208.6./0&#%67806*/4$&.6/8$#@

[&S&L&QP&H9<=)*%#$)!&80"&$.;)-#(#$)!"&0!&;-)=0!(!40&80&*9A>+&G

KL
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

K#<)'-$=LR0/$O6!%"*7!8$4-,$73)!#*<*7!8,$<H#!<%73-8*<7#-,$-8$)#!6-8<8;-$4-$%&PCU
90(8:$%>%QDE9
i(6&.%6(P%8$*6./0&#%:044$8:/6*$#%)$%*+;*7=8/$%6'$:%*$#%26d#%)$%*+M5;%$&%46./"8$%)$
280)(/.#%67806*/4$&.6/8$#_%$**$#%8$#.$&.%.0(e0(8#%]%(&%&/'$6(%F6/-*$%$.%&$%8$28=#$&.$&.%<($
Xg%)$#%/4208.6./0&#%67806*/4$&.6/8$#%.0.6*$#@
O$#%/4208.6./0&#%)$%*+;*7=8/$%$&%280'$&6&:$%)$%:$#%26d#%#0&.%26##=$#%)$%H@H%4/**/0&#
1;%6'$:%(&$%<(6&./.=%)$%KXV%.0&&$#%$&%XWWJ%]%HZH%4/**/0&#%1;%$.%(&$%<(6&./.=%)$%ZGVXJ
.0&&$#%$&%XWWZ%h%*$%#$(*%26d#%F0(8&/##$(8%20(8%:$..$%6&&=$%=.6/.%*$%5680:%$.%*$#%28/&:/26(P
280)(/.#%F0(8&/#%=.6/$&.%*$#%20/#%$.%*$#%F"'$#%$&%#$4$&:$#@
Q$#%/4208.6./0&#%#$%#0&.%#.6-/*/#=$#%)(86&.%*6%2=8/0)$%XWWVfGJJG%6'$:%(&$%40d$&&$%)$
XHY%4/**/0&#%1;@%?0(8%6(74$&.$8%$.%6..$/&)8$%*$#%XKYH%4/**/0&#%)$%1;%$&%GJJK@^GG%4/**/0&#
…`@
56*78=% *6% F$84$.(8$% )$#% F80&./"8$#% .$88$#.8$#% $&% XWWY_% *$% 5680:% 8$#.$% *$% 28/&:/26*
F0(8&/##$(8%)$%*+M5;%6'$:%(&%20(8:$&.67$%)$%ZL%g_%#(/'/%268%*6% (&/#/$%6'$:%(&%20(8:$&.67$
)$%YW%g%$.%O6%56(8/.6&/$%6'$:%W%g@

[&S&L&SP&H9<=)*%#$)!&80"&$.;)-#(#$)!"&0!&;-)=0!(!40&80&*9+H1'+&G

K#<)'-$=LR2$/$O6!%"*7!8$4-,$73)!#*<*7!8,$<H#!<%73-8*<7#-,$-8$)#!6-8<8;-$4-$%&U@O=U
90(8:$%>%QDE9
?0(8%*$#%/4208.6./0&#%$&%280'$&6&:$%)$%*+;OBD;%$.%)(86&.%*6%2=8/0)$%XWWJfXWWH%0&
8$468<($%<(+$**$#%#0&.%$&%='0*(./0&%:68%$**$#%#0&.%26##=$#%)$%VY4/**/0&#%)$%…%]%YVZ%4/**/0&#
)$%…%#0/.%(&$%='0*(./0&%)$%GX@Kg@
?0(8%XWWKfGJJK%*$#%/4208.6./0&#%0&.%=.=%$&%='0*(./0&%:0&#.6&.$%6'$:%(&$%40d$&&$%)$
KHJ4/**/0&#%…%h%$**$#%#0&.%26##=$#%)$%KVY%4/**/0&#%)$%…%]%LHX%4/**/0&#%)$%…%$&%GJJX@
O$#%M9;%0::(2$&.%.0(e0(8#%*6%28$4/"8$%20#/./0&%6'$:%ZLg%)(%.0.6*%)$#%/4208.6./0&#O$
40&.6&.%)$#%=:!6&7$#%:044$8:/6(P%$&.8$%*$#%)$(P%26d#_%$&%280)(/.#%678/:0*$#_%$#.%$#./4=
$&.8$% XHJ% $.% GJJ% 4/**/0&#% )$% )0**68#% )0&.% WJ% 4/**/0&#% #$8'$&.% ]% *+/4208.6./0&% )(% 46o#
64=8/:6/&_%#(/'/%268%*$%Q6&6)6%6'$:%ZJg_%$.%*$%5$P/<($%6'$:%XYg@

KV
C0%W$:.0&;(-#$0&G&H1&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1

[&S&Q&PH(&-<;(-#$#$)!&80"&0W;)-#(#$)!"&(,-)(*$.0!#($-0"&;(-&-<,$)!
,<),-(;5$/%0&L__a2L__U&G

B7H"#-$=LS$/$%<$#5)<#*7*7!8$4-,$-M)!#*<*7!8,
<H#!<%73-8*<7#-,$)<#$#5H7!8$H5!H#<)'7I"-$XW1XQ
90(8:$%>%QDE9
?0(8%*6%4a4$%2=8/0)$%$.%$&%:$%<(/%:0&:$8&$%*$#%$P208.6./0&#_%*6%QBB%$#.%*$%28$4/$8
6-#08-$(8%)$%&0#%280)(/.#%6'$:%(&%20(8:$&.67$%)$%LHg_%#(/'/$%268%*6%S=)=86./0&%C(##/$
6'$:%GJg_%*+;4=8/<($%)(%&08)%6'$:%Hg@
?0(8%*$#%6(.8$#%26d#%)(%40&)$%*$(8#%20(8:$&.67$#%&$%)=26##$&.%26#%*$#%Xg@

[&S&Q&LPH9<=)*%#$)!&80"&0W;)-#(#$)!"&(,-)(*$.0!#($-0"&=0-"&*9A1&G

K#<)'-$=LRQ/$O6!%"*7!8$4-,$-M)!#*<*7!8,$<H#!<%73-8*<7#-,$6-#,$%&PO$P87*5$/$37%%7!8,$4-$N
90(8:$%>%QDE9
1(86&.%*6%2=8/0)$XWWZfGJJH%O$#%28/&:/26(P%268.$&6/8$#%)$%*+;*7=8/$%#0&.%*$#%26d#%)$
*+M&/0&% B(802=$&&$_% :$% 780(2$% )$% 26d#% 6% 6-#08-=% $&% 40d$&&$% 28=#% )$% KJg% )$% &0#
$P208.6./0&#@
?68% 26d#% *6% S86&:$% 0::(2$% *6% 28$4/"8$% 2*6:$% )$#% 26d#% /4208.6.$(8#% )$% 280)(/.#
6*/4$&.6/8$#%)$%*+;*7=8/$%6'$:%KGg_%#(/'/$%268%*+B#267&$%6'$:%XV%g%$.%*+E.6*/$%6'$:%K%g%)$
*6%8$:$..$%)$#%$P208.6./0&#@
O6%'6*$(8%)$#%$P208.6./0&#%67806*/4$&.6/8$#%'$8#%*$#%26d#%)$%*+MB%$#.%26##=$%)$%GG
4/**/0&#%)$%…%$&%XWWJ%]%KZ%4/**/0&#%)$%…%$&%XWWZ%#0/.%(&$%='0*(./0&%)$%YLg%$.%6'$:%(&$
<(6&./.=%)$%XZ%WWW%$.%XJ%WKX%.0&&$#%8$#2$:./'$4$&.@
Q$..$%'6*$(8%$#.%26##=$%)$%GL@ZV%4/**/0&#%)$%…%$&%XWWV%]%KJ%4/**/0&#%)$%…%$&%GJJK%#0/.
ZH@V%g%$.%6'$:%8$#2$:./'$4$&.%*$#%<(6&./.=#%#(/'6&.$#%XW%WJG@K%$.%HJ%JJJ%.0&&$#@

[&S&Q&QPH9<=)*%#$)!&80"&0W;)-#(#$)!"&(,-)(*$.0!#($-0"&=0-"&*9A>+&G
KW
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

K#<)'-$=LRR$/$O6!%"*7!8$4-,$-M)!#*<*7!8,
<H#!<%73-8*<7#-,$6-#,$%&PCU$$P87*5$/$37%%7!8,$4-$N
90(8:$%>%QDE9
i(6&.%6(P%$P208.6./0&#%'$8#%*$#%26d#%)$%*+M5;%$&%46./"8$%)$%280)(/.#%67806*/4$&.6/8$#_
$**$#%8$#.$&.%.0(e0(8#%]%(&%&/'$6(%F6/-*$@
,&%2$(.%)/#./&7($8%)$(P%2!6#$#%>
1$%XWWJ%]%XWWW_%2=8/0)$%2$&)6&.%*6<($**$%*$#%$P208.6./0&#%0&.%:0&&(%(&$%='0*(./0&%$&
)$&.#%)$%#:/$_%$**$#%0&.%$&8$7/#.8=%(&$%'6*$(8%)$XKY%HXH%…%$&%XWWJ%$.%(&$%'6*$(8%)$%ZH
4/**/0&#%…$&%XWWL@
;%268./8%)$%XWWW_%/*%d%6%$(%(&$%6(74$&.6./0&%)$#%$P208.6./0&#_%$**$#%#0&.%26##=$#%)$%X_Y
]%X_Z%$&%GJJG@?0(8%6(74$&.$8%$.%6..$/&)8$%*$#%XJ4/**/0&#%)$%…%$&%GJJY%$.%*$#XK4/**/0&#
$&%GJJZ@

[&S&Q&SPH9<=)*%#$)!&80"&0W;)-#(#$)!"&(,-)(*$.0!#($-0"&=0-"&*0"&;(Y"&80
*9+H1'+&G

K#<)'-$=LRS$/$O6!%"*7!8$4-,$-M)!#*<*7!8,$<H#!<%73-8*<7#-,$6-#,$%-,$)<(,$4-$%&U@O=U
90(8:$%>%QDE9
1(86&.%*6%2=8/0)$%XWWJfXWWZ%*$#%$P208.6./0&#%'$8#%*$#%26d#%)$%*+;OBD;%#0&.%26##=$#
)$%XHGYZG%…%]%YLJH…%$&%XWWZ@
Q$..$%'6*$(8%6%6(74$&.=%20(86..$/&)8$%*$#LHL%JJJ…%$&%XWWH_%20(8%)/4/&($8%]%XVV%XJG…
$&%XWWL%$.%#$%#.6-/*/#$8%]%(&$%40d$&&$%)$%YJJ%JJJ…%)(86&.%*6%2=8/0)$%XWWVfGJJY@
;%268./8%)$%GJJZ_%*6%'6*$(8%)$#%$P208.6./0&#%67806*/4$&.6/8$#%6%6(74$&.=%20(8%6..$/&)8$
*$%X@L4/**/0&#%)$…%$.%G%4/**/0&#%)$%…%$&%GJJH@
O$#%28/&:/26(P%280)(/.#%$P208.=#%'$8#%*$#%M9;%$.%*$%Q6&6)6%#0&.%*$#%)6..$#%F86T:!$#%$.
#":!$#_%*$#%'/&#%$.%*$%:0(#:0(#@

LJ
C0%W$:.0&;(-#$0&G&H1&K@>>1JK1&1^D1J 1AJ&1'&+HO1J 1

s$8#%*$%5$P/<($_%*+;*7=8/$%&+6%$P208.=%$&%XWWW%<(+(&$%'6*$(8%)$%XZL…%$.%(&$%<(6&./.=
)$%GHH%*/.8$#%)(%'/&@

LX
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

D-)$"$:.0&;(-#$0&G&H1I&+KK@JCI&+Z1K
*9A1

K5(;$#-0&`&G&+KK@JI&C9+II@K +D @'&+HO1J 12A1&G


O6% '0*0&.=% $(802=$&&$% )+$&767$8% )$#% 8$*6./0&#% F8(:.($(#$#% 6'$:% *$#% 26d#% ./$8#
4=)/.$886&=$&#%8$40&.$%6(%.86/.=%)$%C04$%@B&%$FF$.%_%*6%28/&:/26*$%2(/##6&:$%:0*0&/6*$%2684/
*$#%26d#%F0&)6.$(8#%)(%468:!=%:044(&%#0(!6/.6/.%46/&.$&/8%)$#%8$*6./0&#%28/'/*=7/=$#%6'$:
*$#%26d#%)+;F8/<($%$.%)$%*6%5=)/.$886&=$%$&%268./:(*/$8@

`&LPH0"&(44)-8"&80&4));<-(#$)!&80&L_[X&G
O+;*7=8/$% 6% #/7&=% *$#% 6::08)#% )$% :002=86./0&% *$% GK% 6'8/*% XWLK% ]% *+/&#.68% )(% 5680:% $.% )$
*6% (&/#/$@%Q$..$%:002=86./0&%6%2$84/#%]%*+;*7=8/$%)$%-=&=F/:/$8%$&.8$%XWLV%$.%XWWK%)+(&$
6/)$%F/&6&:/"8$%)$%WZW4/**/0&#%)+$(80#_%)6&#%)/FF=8$&.#%#$:.$(8#%^/&F86#.8(:.(8$_%678/:(*.(8$_
=&$87/$€@@`%@
Q$#%6::08)#%0&.%$&7*0-=%)$(P%28/&:/26(P%'0*$.#%>
*$%'0*$.%:044$8:/6*%'/#$%*$%)='$*022$4$&.%)$#%$P208.6./0&#%)$#%?5B%'$8#%*$%468:!=
)$%*6%:044(&6(.=%]%)$#%:0&)/./0&#%28=F=8$&./$**$#%@*$#%280)(/.#%678/:0*$#%-=&=F/:/$&.%6/&#/
)$% 8=)(:./0&#% .68/F6/8$#% '68/6&.% )$% GJ]XJJg% $&% F0&:./0&% )(% )$78=% )+6(.0#(FF/#6&:$% )$
:!6<($%280)(/.%)6&#%*6%:044(&6(.=%$(802=$&&$%@?0(8%*$#%280)(/.#%#$&#/-*$#%_%)/FF=8$&.#
4=:6&/#4$#%)$%280.$:./0&%&0&%.68/F6/8$%:044$&:$&.%]%#$%)=2*0d$8%>%28/P%)$%8=F=8$&:$%6##08./
)$% .6P$#% :042$&#6.0/8$#% _% :6*$&)8/$8#% )+/4208.6./0&#% _% :0&./&7$&.#% .68/F6/8$#% _% :*6(#$% )$
#6('$768)$€@
O$% #$:0&)% '0*$._% :$*(/% )$% *6% :002=86./0&% .$:!&/<($% $.% F/&6&:/"8$_% 2$84$.% ]% *+$&./.=
$(802=$&&$%)$%:0&.8/-($8%6(%)='$*022$4$&.%)$#%26d#%4=)/.$886&=$&#%6'$:%)$#%40&.6&.#
)+6/)$%8=268./#%$&%)0&#%$.%28a.#%)$%*6%A6&<($%B(802=$&&$%)+E&'$#./##$4$&.@
K)!#0!%&80"&(44)-8"&G
O+6::08)%28='0/86%)$#%4$#(8$#%)$%*/-=86*/#6./0&%8=:/280<($_%)$#%=:!6&7$#%)$#%280)(/.#
678/:0*$#% $&.8$% *+;*7=8/$% $.% *6% :044(&6(.=% B(802=$&&$% @*+6::"#% )$% <($*<($#% 280)(/.#
678/:0*$#% 6*7=8/$&#% 6(% 468:!=% B(802=$&% =.6/.% #0(4/#% 6(P% :0&./&7$&.#_% 6(P% :6*$&)8/$8#
)+/4208.6./0&% $.% 6(% 8$#2$:.% )$#% 8"7*$#% /420#=$#% 268% *$#% 0876&/#6./0&#% )$#% 468:!=#
:044(&#%$.%:$*6%20(8%280.=7$8%*$#%/&.=8a.#%)$#%280)(:.$(8#%$(802=$&#@
2%$;*,4%+8%D.+.E43%+(9,236%3-%D4,.-6%D48.6%@
O$#% *=7(4$#% $.% F8(/.#% F86/#% $P:$2.=% *$#% 678(4$#% $(8$&.% 0&.% :0&&(% )$#% 8=)(:./0&#
.68/F6/8$#%]%*+/4208.6./0&%$&%B(802$%)$%YJg%]%KJg%)6&#%*$#%*/4/.$#%)+(&%:6*$&)8/$8%>
m 046.$#%>%KJ%g%$&.8$%*$%XHIX%$.%*$%YJIZ@
m ,/7&0&#%>%KJg%$&.8$%*$%XHIG%$.%*$%XHIH@
m ?6#."<($#%>%HJg%$&.8$%*$XIZ%$.%*$%XHIK@

LG
D-)$"$:.0&;(-#$0&G&H1I&+KK@JCI&+Z1K&*9A1

m ?044$%)$%.$88$%28/4$(8#%<(/%8$28=#$&.6/$&.%*+/4208.6&.%)$#%$P208.6./0&#%$&%F8(/.#%$.
*=7(4$#%F86/#%'$8#%*6%:044(&6(.=%B(802=$&&$%-=&=F/:/"8$&.%)$%8=)(:./0&#%.68/F6/8$#
)$%ZJg%$&.8$%*$%XIX%$.%*$%YXIX%$.%)$%HJg%$&.$%*$XIX%$.%*$%XHIZ%@
O$#%280)(/.#%)$%:$..$%F/*/"8$%28=#$&.$&.%(&%6'6&.67$%:042686./F%6(P%280)(/.#%=.86&7$8#%$.
2*(#%268./:(*/"8$4$&.%20(8%*$#%280)(/.#%28/4$(8#%$.%)+688/"8$%#6/#0&@
>;*,4%+8%D.+.E43%894,236%@
O$#%678(4$#%:0&&(8$&.%)$#%8=)(:./0&#%.68/F6/8$#%)$%VJg%#(8%(&%)80/.%)$%)0(6&$%)$%XHg
#0(#%8=#$8'$%)(%8$#2$:.%)$#%28/P%)$%8=F=8$&:$%h%*$%:/.80&%=.6/.%$P:*(%:68%/*%$#.%2$(%$P208.=@
f !"#$%<$?7%7+#-$678$/
O$#%'/&#%)$%:0&#0446./0&:0(86&.$%0&.%-=&=F/:/=%)+(&$%8=)(:./0&%.68/F6/8$%)$%VJg%)$#
)80/.#%)$%)0(6&$%$&%'/7($(8%#6&#%*/4/.$%<(6&./.6./'$%6F/&%)$%8$#2$:.$8%*$%28/P%)$%8=F=8$&:$@
O$#% '/&#% )+622$**6./0&% =.6/$&.% 6)4/#% $&% F86&:!/#$% )6&#% *6% */4/.$% )$#% :0&./&7$&.#
28078$##/F#%#(8%:/&<%6&#%^X"8$%6&&=$%>%GHJ%JJJ%!*%)0&.%XWJ%JJJ$&%'86:%$.%KJ%JJJ$&%-0(.$/**$#_
"4$
H %6&&=$%>
ZHJ%JJJ!*%$P:*(#/'$4$&.%$&%-0(.$/**$#%)$%)$(P%*/.8$#%6(%40/&#`@
<.+8/%03%+'811*40%BFGH%@
A/$&% <($% *+6::08)% )$% XWLK% 6/.% F6:/*/.=% 786&)$4$&.% *+6::"#% )$#% 280)(/.#% 678/:0*$#
6*7=8/$&#% )6&#% *$% 468:!=% :044(&6(.6/8$_% *$#% $P208.6./0&#% 678/:0*$#% &+0&.% 26#% :0&&(
)+$##08%$.%8=78$##$&.%4a4$%6*08#%<($%*$#%/4208.6./0&#%$&%280'$&6&:$%)$%*+MB%&+0&.%26#
:$##=%)+6(74$&.$8%@
Q$.%6::08)%&+6%7=&=8=%)$#%6'6&.67$#%<($%20(8%*6%:044(&6(.=%$(802=$&&$_%$&%86/#0&
)$%*+6-#$&:$%)+(&$%:002=86./0&%-6#=$%#(8%*$%268.$&68/6.%$.%*+/&'$#./##$4$&.@
1$%2*(#%:$.%6::08)%6%:0&#6:8=%*+;*7=8/$%:044$%(&%786&)%468:!=%)$%:0&#0446./0&%)$#
280)(/.#%$(802=$&#%2*(.3.%<(+(&%468:!=%)+/&'$#./##$4$&.%$.%)$%268.$&68/6.@
1+6(.8$%268._%$.%20(8%#6('$768)$8%*$#%/&.=8a.#%)$#%280)(:.$(8#%$(802=$&#_%)/FF=8$&.$#
4$#(8$#%280.$:./0&&/#.$#%0&.%=.=%622*/<(=$#%$.%0&.%6::04267&=%*$#%:0&:$##/0&#%.68/F6/8$#
6::08)=$#%]%*+;*7=8/$%$&%46./"8$%678/:0*$%>
O+6(74$&.6./0&% 8=7(*/"8$% )(% &/'$6(% )$% 28/P% )$% 8=F=8$&:$% >% :$..$% 4$#(8$% :0&:$8&$
28/&:/26*$4$&.%*$#%F8(/.#%$.%*=7(4$#%$.%:0&#./.($%(&$%4$#(8$%)$%#6('$768)$@
O$%:0&./&7$&.
Q$8.6/&#%280)(/.#%678/:0*$#%/4208.=#%#0&.%#0(4/#%]%)$#%8$#.8/:./0&#%<(6&./.6./'$#@
;/&#/%<($%*$%8$:0(8#%(&/*6.=86*%]%*6%:*6(#$%)$%#6('$768)$_%:$..$%4$#(8$%6%20(8%0-e$:./F
)$% #6('$768)$8% *$#% /&.=8a.#% )$#% 280)(:.$(8#% )$% *+MB% $&% :6#% )$% 2$8.(8-6./0&% )(% 468:!=
20(8%=*/4/&$8%0(%#(#2$&)8$%*$#%/4208.6./0&#%)$%280)(/.#%#$&#/-*$#%@*+MB%622*/<($86%:$..$
:*6(#$%$&%&+/4208.$%<($**$%2=8/0)$%4a4$%#/%*+6::08)%28='0/.%(&$%:0&#(*.6./0&%28=6*6-*$%6'$:
*+;*7=8/$@

`&QP&H0"&(44)-8"&89(8(;#(#$)!"&80&L_`[&"%$#0&b&*9<*(-,$""0.0!#&8%
F)-#%,(*&0#&80&*91";(,!0&G
I*/-3/,%036%811*406%@

LY
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

?0(8%F6'08/#$8%*$%)='$*022$4$&.%=:0&04/<($%$.%#0:/6*_%*+;*7=8/$%6%$&.64=%(&$%#=8/$%)$
&=70:/6./0&#%6'$:%*+MB_%$.%:$*6%$&%#/7&6&.%*+6::08)%)+6)62.6./0&%*$%GJ@JH@XWVL_%6F/&%)+6)62.$8
*6%280)(:./0&%)$%*+;*7=8/$%]%*+=*687/##$4$&.%)$%*+B(802$%]%*+B#267&$%$.%6(%?08.(76*%h%*+MB%6
'$/**=%]%6##(8$8%*$#%$P208.6./0&#%.86)/./0&&$**$#%)$%*+;*7=8/$%:044$%$**$%*+6%F6/.%]%*+=768)%)$#
6(.8$#%26d#%./$8#%4=)/.$886&=$&#@
;(% :0(8#% )$% :$.% 6::08)% _% $.% 20(8% *$#% 280)(/.#% 678/:0*$#% _% /*% 6% =.=% 28='(% *+=*/4/&6./0&
28078$##/'$%)$#%)80/.#%)$%)0(6&$%_%20(8%*6%2*(268.%)$#%280)(/.#%678/:0*$#%_%:$..$%=*/4/&6./0&
#+$#.% F6/.$% )6&#% *$#% */4/.$#% )$% :0&./&7$&.#% =.6-*/#% 6&&($**$4$&.% #$*0&% *6% 40d$&&$% )$#
$P208.6./0&#%)$#%268.$&6/8$#%:0&:$8&=#%'$8#%*+MB%@
Q$#% 6::08)#% )$% :002=86./0&% :0&F=86/$&.% *$% 4a4$% .86/.$4$&.% 6(P% 280)(/.#% 678/:0*$#
6*7=8/$&#%<($%:$*(/%)$#%280)(/.#%#/4/*6/8$#%)$#%)$(P%&0('$6(P%4$4-8$#%)$%*+MB%@
<.+8/%03%+'811*40%@
;28"#% *+=*687/##$4$&.% )$% *+MB% $.% 20(8% .$&/8% :042.$% )$% #$#% :0&#=<($&:$#_% )$#
280.0:0*$#%6))/./0&&$*#%0&.%=.=%:0&:*(#%268%*+;*7=8/$%$.%*+MB%>
m *$%280.0:0*$%6))/./0&&$*%)$%XWVL%6%28='(%*+=*/4/&6./0&%28078$##/'$%)$#%)80/.#%)$
)0(6&$%20(8%*6%2*(268.%)$#%280)(/.#%678/:0*$#%-=&=F/:/6/8$#%)+(&$%:0&:$##/0&%$&%'$8.(
)$%*+6::08)%)$%:002=86./0&_%6(%:0(8#%)$#%4a4$#%2=8/0)$#%$.%6(P%4a4$#%8d.!4$#
$8
<($%:$(P%28='(#%268%*+B#267&$%$.%*$%?08.(76*_%#0/.%6(%2*(#%.68)%*$%X %|6&'/$8%XWWK%@O6
#(228$##/0&%)$#%)80/.#%)$%)0(6&$%$#.%*/4/.=$%20(8%:$8.6/&#%280)(/.#%)/.#%#$&#/-*$#
6(P%:0&./&7$&.#%.68/F6/8$#@%;(f)$*]%)$%:$#%<(6&./.=#_%*6%8=)(:./0&%.68/F6/8$%8=#(*.6&.%)$
*+6::08)%)$%:002=86./0&%:0&./&($%]%a.8$%622*/<(=$%268%*+MB@
m Q0&./&7$&.#%.68/F6/8$#%6**0(=#%6(P%$P208.6./0&#%6*7=8/$&&$#%]%268./8%)$%XWVL%>
$8
Xf:0&:$&.8=%)$%.046.$%>%XJJ%.0&&$#%I6&%)(%X %|6&'/$8%6(%YX%)=:$4-8$@
Gfs/&#%)+622$**6./0&%)+08/7/&$%>%GJJ%JJJ!*%I6&@
f*+6/)$%F/&6&:/"8$%$(802=$&&$%]%*+;*7=8/$%>
16&#%*$%28$4/$8%280.0:0*$%_%*+;*7=8/$%6%)/#20#=%)$%GKH%4/**/0&#%)+$(80#%(./*/#=#%$&%28/08/.=
20(8% *6% :002=86./0&% #:/$&./F/<($% $.% *6% F0846./0&% 678/:0*$% _% *6% F0846./0&% 280F$##/0&&$**$% $.
"4$
/&)(#.8/$**$%GYW%4/**/0&#%)+$(80#%0&.%=.=%28='(#%)6&#%*$%Y %280.0:0*$%^XWVLfXWWX`%20(8%*6
:002=86./0&%)6&#%)/FF=8$&.#%)046/&$#@

`&SP&+44)-8"&89("")4$(#$)!&+*,<-$02A1&G
O+;*7=8/$%<(/_%)=#%0:.0-8$%XWWY_%6%)$46&)=%*+$&767$4$&.%)$#%&=70:/6./0&#%6'$:%*+MB_%]
*+/&#.68%)$#%26d#%686-$#%9()%$.%B#.%4=)/.$886&=$&#%:044$%*6% (&/#/$_%*$%5680:_%*6%|08)6&/$
$.%*+B7d2.$%6F/&%)+6-0(./8%]%*6%#/7&6.(8$%)$%*+6::08)%)+6##0:/6./0&_%6'6/.%20(8%-(.%$##$&./$*
)+$&.8$8%)6&#%*6%&0('$**$%)d&64/<($%)(%268.$&68/6.%$(80%4=)/.$886&=$&@
O+M&/0&%B(802=$&&$%6%6)02.=_%*$%XJ%e(/&%XWWK_%(&%46&)6.%)$%&=70:/6./0&%:*6##/<($%$.
#0(4/#%]%*+;*7=8/$%*$%G%)=:$4-8$%)$%*6%4a4$%6&&=$%(&%280e$.%)+6::08)%)+6##0:/6./0&%<(/%#$
)/#./&7($%268%#0&%:686:."8$%#.6&)68)%$.%7*0-6*@
Q$.%6::08)%)+6##0:/6./0&%'/#$%]%8$42*6:$8%*+6::08)%)$%:002=86./0&%)$%XWLK%$.%/*%:0&./$&.
)$#% :*6(#$#% .86/.6&.% )$#% 28/&:/2$#% F0&)64$&.6(P_% .$*% *$% )/6*07($% 20*/./<($_% *$#% )80/.#% )$
*+!044$_%*6%:002=86./0&%=:0&04/<($%$.%F/&6&:/"8$_%*$#%6FF6/8$#%#0:/6*$#%$.%:(*.(8$**$#_%*$#
)/#20#/./0&#%/&#./.(./0&&$**$#_%*6%*/-8$%:/8:(*6./0&%)$#%-/$&#_%#$8'/:$#%$.%2$8#0&&$#@
LZ
D-)$"$:.0&;(-#$0&G&H1I&+KK@JCI&+Z1K&*9A1

O$% *6&:$4$&.% 0FF/:/$*% )$#% &=70:/6./0&#% 6*7=80f$(802=$&&$#% /&.$8'/$&)86% 268% (&$


28$4/"8$% 8$&:0&.8$% *$% Z% $.% *$% H468#% XWWL% ]% A8(P$**$#% _$&.8$% *$#% )$(P% )=*=76./0&#
)+$P2$8.#% h*$#% )$(P/"4$% $.% .80/#/"4$% 80(&)#% #$80&.% 28078644=#% /44=)/6.$4$&.% $.% #$
./$&)80&.% 8$#2$:./'$4$&.% $&% ;'8/*^% GX6(% GY% `$.% 56/#% ^GL% $.% GV% `XWWL% #6&#% 8=#(*.6.#
62268$&.#%@
O$%280:$##(#%)$%&=70:/6./0&%&$%8$28$&)86%<(+$&%6'8/*%GJJJ%628"#%(&$%/&.$88(2./0&%)$
28=#% )$% .80/#% 6&#% )($% 6(P% !=#/.6./0&#% )$% *6% 268./$% $(802=$&&$% 6(% 8$768)% )$% *6% )/FF/:/*$
#/.(6./0&% 20*/./<($% $.% #=:(8/.6/8$% '=:($% 268% *+;*7=8/$% @M&$% F0/#% )=-*0<(=_% *$% 280:$##(#
$&8$7/#.8$86%.80/#%80(&)#%)(86&.%*+6&&=$%GJJJ%^6'8/*_%e(/**$.%$.%)=:$4-8$`%20(8%#+6:!$'$8%*$%H
)=:$4-8$%GJJX%628"#%(&$%#=8/$%)$%XG%80(&)#%.0(.%6(%*0&7%)$%*+6&&=$%GJJX@
O6%#/7&6.(8$%)$%*+6::08)%)+6##0:/6./0&%6'6/.%=.=%6&&0&:=$%*$%H%)=:$4-8$%GJJX%)$2(/#
A8(P$**$#_%/*%6%=.=%26862!=%*$%XW%)=:$4-8$%$.%6%=.=%#/7&=%*$%GG%;'8/*%GJJG%]%s6*$&:$%$&
B#267&$@
M&$%F0/#%*+6::08)%)+6##0:/6./0&%6)02.=_%*$#%)$(P%268./$#%280:")$80&.%]%*6%4/#$%$&%2*6:$
)+(&$%#.8(:.(8$%/&#./.(./0&&$**$%<(/%#$86%:!687=$%)$%*+622*/:6./0&%_%)(%#(/'/%$.%)$%*+='6*(6./0&
)$%*+6::08)%)+6##0:/6./0&%@
&3%1*/-3/,%03%+'811*40$%$/
O+6::08)% )+6##0:/6./0&% :04208.$% 2*(#/$(8#% ./.8$#% 8$*6./F#% &0.644$&.% 6(% )/6*07($
20*/./<($%_%]%*6%*/-8$%:/8:(*6./0&%)$#%468:!6&)/#$#%_%6(%)80/.%)+=.6-*/##$4$&.%$.%28$#.6./0&#
)$%#$8'/:$#_%:62/.6(P%_%:0&:(88$&:$%$.%6(.8$#%)/#20#/./0&#%=:0&04/<($#%^468:!=#%2(-*/:#_
28028/=.=%/&.$**$:.($**$€$.:@
1$#%4$#(8$#%)=8076.0/8$#%$.%.86&#/.0/8$#%#0&.%28='($#_%6'6&.%*6%4/#$%$&%2*6:$%)=F/&/./'$
)$%*6%b0&$%)$%*/-8$%=:!6&7$%^$&%40d$&&$%XG6&#`@
9$2.%6&&$P$#%#0&.%8$*6./'$#%]%*6%*/#.$%)$#%468:!6&)/#$#_%6(P%280)(/.#_%]%*6%28028/=.=
/&.$**$:.($**$_%/&)(#.8/$**$%$.%:044$8:/6*$@
?68%6/**$(8#%*$#%:/&<%280.0:0*$#%:0&:$8&$&.%>

m *$%8=7/4$%622*/:6-*$%]%*+/4208.6./0&%)6&#%*6%:044(&6(.=%$(802=$&&$%)$#%280)(/.#
678/:0*$#%08/7/&6/8$#%)+;*7=8/$@
m *$%8=7/4$%622*/:6-*$%]%*+/4208.6./0&%)6&#%*6%:044(&6(.=%)$%280)(/.#%)$%*6%2a:!$
08/7/&6/8$#%)+;*7=8/$@
m :$*(/%8$*6./F%6(%8=7/4$%622*/:6-*$%]%*+/4208.6./0&%$&%;*7=8/$%)$#%280)(/.#%678/:0*$#
08/7/&6/8$#%)$%*6%:044(&6(.=@
l *$%<(6.8/"4$%280.0:0*$%$#.%8$*6./F%]%*6%)=F/&/./0&%)$%t%280)(/.#%08/7/&6/8$#%u
$.%6(P%4=.!0)$#%)$%:002=86./0&%6)4/&/#.86./'$
l *$%:/&<(/"4$%280.0:0*$%.0(:!$%]%*+6##/#.6&:$%4(.($**$%$&%46./"8$
)0(6&/"8$%$&.8$%*$#%6(.08/.=#%6)4/&/#.86./'$#

`&S&LP&H0&4)!#0!%&8%&8<.(!#:*0.0!#&#(-$R($-0&G
O$%280:$##(#%)$%)=46&."*$4$&.%#+=.6*$%#(8%XH%6&#%>
)!"#$%-,$)#!4"7*,$784",*#7-%,%>
"8$
X %*/#.$%>%)=#%*+$&.8=$%$&%'/7($(8%)$%*+6::08)_%:$%#0&.%*$#%280)(/.#%#0(4/#%]%(&%)80/.
)$%)0(6&$%)$%Hg@

LH
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

"4$
G %*/#.$%>%)=46&."*$4$&.%)=#%*6%.80/#/"4$%6&&=$%)$%*+$&.8=$%$&%'/7($(8%)$%*+6::08)%$.
<(/%#+=.6*$86%#(8%(&$%2=8/0)$%)$%H%6&#_%$.%:$%#0&.%*$#%280)(/.#%#0(4/#%6(P%)80/.#%)$%)0(6&$
)$%XHg@
Q$..$%8=)(:./0&%$#.%:0&#/)=8=$%:044$%(&%)0(-*$%6'6&.67$%20(8%*$#%280)(/.#%/&)(#.8/$*#
.$*#%<($%*$#%/&.86&.#%$.%*$#%280)(/.#%F/&/#%<(/%#0&.%$P0&=8=#%)$#%)80/.#%)$%)0(6&$@
"4$ "4$
Y %*/#.$%>%)=46&."*$4$&.%)=#%*6%Y %6&&=$%)$%*+$&.8=%$&%'/7($(8%)$%*+6::08)%$.
#+=.6*$86%#(8%(&$%2=8/0)$%)$%XJ%6&&=$#%^280)(/.#%#0(4/#%6(P%)80/.#%)$%)0(6&$%)$%YJg`@
+36%74*0,.-6%894.1*+36%3-%894*>./0,6-4.3+6$%&G
A/$&%<($%*$%'0*$.%678/:0*$%=.6/.%$P:*(%)$#%&=70:/6./0&#%$&.8$%*$#%)$(P%268./$#_%*+;*7=8/$
6% 2(% :0&#0*/)$8% *$#% 6'6&.67$#% 6:<(/#% )$% *+6::08)% )$% XWLK% 20(8% *$#% 280)(/.#% 678/:0*$#% $.
*$(8#%=*687/##$4$&.#%]%XGY%280)(/.#%]%XJJg%)$%8=)(:./0&%)$%)80/.#%)$%)0(6&$%@$.%)=#%*6
:/&<(/"4$%6&&=$%)$%*+$&.8=$%$&%'/7($(8%)+6(.8$#%&=70:/6./0&#%#$80&.%$&.64=$#@
D(E*0(%&'i[G&(!(*Y"0&4).;(-(#$=0&(=04&*0"&;(Y"&#$0-"&.<8$#0--(!<0!"&#Y;0"&80&4)!40""$)!"&)E#0!%0"
;)%-&*0"&;-)8%$#"&(,-$4)*0"

;::"#%28=F=8$&./$* ;*7=8/$ (&/#/$ |08)6&/$ 5680: B7d2.$


C=)(:./0&%11%]XJJg WZ LZ WL VH WY
C=)(:./0&%11%]XJJ%6'$: XZ JZ GG JW XW
:0&./&7$&.$4$&.#
C=)(:./0&%11%6'$:%<(6&./.=%)$ XX JY J J J
8=F=8$&:$
C=)(:./0&%$&.8$%H]VJg JZ GW X XY X
0.6* XGY XXJ XGJ XJL XYY

90(8:$%>%5;1C
fQ0&:$8&6&.%*$#%$P208.6./0&#_%*$#%:0&:$##/0&#%0-.$&($#%#0&.%*687$#%$.%:0('8$&.%XGY
280)(/.#% 678/:0*$#% ]% XJJg% )$% 8=)(:./0&% )$% )80/.#% )$% )0(6&$% )0&.% GH#0&.% #0(4/#% ]% )$#
<(6&./.=#%*/4/.=$#%^<(0.6#%.68/F6/8$#%0(%<(6&./.=#%)$%8=F=8$&:$#`@
f?0(8% *$#% /4208.6./0&#% )$#% 280)(/.#% $&% 280'$&6&:$% )$% *+MB% _% /*% d+6(86% */-=86*/#6./0&
28078$##/'$% ]% .86'$8#% )$#% :0&:$##/0&#% .68/F6/8$#% #(8% *$% ./$8#% )$% <(6&./.=#% /4208.=$#
.86)/./0&&$**$4$&.% )$% *+MB% @Q$% #0&.% *$#% 280)(/.#% )$% *687$% :0&#0446./0&% )0&.% *+;*7=8/$
$#.% /4208.6.8/:$% $.% )0&.% *$#% )80/.#% )$% )0(6&$% #0&.% 6(% 46P/4(4% )$% Hg% % h% 268% 6/**$(8#
*+;*7=8/$% 6% 0-.$&(% *+/&.=786./0&% )$#% 280)(/.#% 678/:0*$#% .86&#F084=#% )6&#% *6% 4a4$% *07/<($
<($%:$**$%6)02.=$%20(8%*$#%280)(/.#%678/:0*$#%20(8%&$%26#%#(-/8%(&%)=46&."*$4$&.%.68/F6/8$
28078644=%:044$%:+=.6/.%*$%:6#%)$#%26d#%'0/#/&#%@%Q$..$%28=0::(26./0&%2$84$.%]%*+/&)(#.8/$
67806*/4$&.6/8$%)$%#$%4$..8$%]%&/'$6(%@B.%20(8%280.=7$8%*6%280)(:./0&%&6./0&6*$_%*6%*0/%)$
F/&6&:$%GJJX%6%/&#.6(8=%(&$%.6P$%#2=:/F/<($%6))/./0&&$**$%#(8%XHX%280)(/.#%^XV%g%)(%.0.6*%)$#
280)(/.#`_%.6P$%'68/6&.%)$%XJ%]%XJJg%$.%(&%)80/.%6))/./0&&$*%280'/#0/8$%)$%ZVg%.0(:!6&.%XJK
280)(/.#%^XG_H%g%)$#%VZV%280)(/.#%)$%*6%&04$&:*6.(8$%)0(6&/"8$`@Q$#%.6(P%)$'6&.%-6/##$8
28078$##/'$4$&.%20(8%)$'$&/8%&(*#%$&%#/P%6&#@%Q$#%)$8&/$8#%.0(:!$&.%)6'6&.67$%*$#%280)(/.
)/.#%)$%*(P$%^#6(40&_%:!642/7&0&_%F8(/.#%$P0./<($#€@$.:`@
1+628"#%*$%.6-*$6(%:/f)$##(#_%0&%8$468<($%<($%*+;*7=8/$%)=./$&.%*$%2*(#%786&)%&04-8$%)$
:0&:$##/0&#%0-.$&($#%)$%*+M&/0&%B(802=$&&$%$.%:0&:$8&$%XGY%280)(/.#%678/:0*$#%]%XJJg
)$%8=)(:./0&%)$%)80/.#%)$%)0(6&$@%Q$:/%$P2*/<($%*$%8$.68)%$&8$7/#.8=%)6&#%*$#%&=70:/6./0&#
$&.8$%*$#%)$(P%268./$%@Q+$#.%]%)/8$%<($%*+;*7=8/$%6%)$46&)=%(&%&04-8$%)$%:0&:$##/0&%=*$'=
268% 862208.% 6(P% 6(.8$#% 26d#_% *6% |08)6&/$% '/$&.% $&% )$(P/"4$% 20#/./0&% 20(8% *$% &04-8$% )$
LK
D-)$"$:.0&;(-#$0&G&H1I&+KK@JCI&+Z1K&*9A1

:0&:$##/0&#%0-.$&($#%6'$:%XGJ%280)(/.#_%#(/'/$%)$%*+B7d2.$%6'$:%XXY%280)(/.#%$.%$&F/&%*6
(&/#/$%$.%*$%5680:%6'$:%8$#2$:./'$4$&.%XXJ%$.%XJL%280)(/.#@
D(E*0(%&'i&`&*$"#0&80"&4)!40""$)!"&1%-);<0!!0"&;)%-&*0"&;-)8%$#"&)-$,$!($-0"&89+*,<-$0

;::"#%28=F=8$&./$* D04-8$ BP$42*$#%/**(#.86./F#


C=)(:./0&%11%]%XJJg WZ s/6&)$#_%F8(/.#_%*=7(4$#_%e(#€@
C=)(:./0&%11%]%XJJg%6'$: XZ ;-8/:0.#_%F86/#$#_%!(/*$%)+0*/'$_%2044$%)$%.$88$
:0&./&7$&.$4$&.# €€
C=)(:./0&%11%]%XJJg%6'$: XX 046.$%2$*=$#_%:!0(P_%.8(FF$#€@
<(6&./.=%)$%8=F=8$&:$
C=)(:./0&%$&.8$ZJ$.%HHg JZ ?(*2$#%)+678(4$#_%4=*6&7$#%)$%F8(/.#€@

90(8:$%>%5;1C
D(E*0(%&'i_G&*$"#0&80"&4)!40""$)!"&+*,<-$0!!0"&;)%-&*0"&;-)8%$#"&)-$,$!($-0"&80&*91%-);0

;::"#%28=F=8$&./$* D04-8$ 1046/&$%)$#%280)(/.#


C=)(:./0&%11%]%XJJg JV E&$P/#.$&:$%]%*+/&#(FF/#6&:$%)$%280)(:./0&
&6./0&6*$
C=)(:./0&%11%]%XJJg%6'$: GV ?80)(/.#%46./"8$#%28$4/"8$#
:0&./&7$&.#
C=)(:./0&%11%)$%GJ]%HJg%6'$: YX ?80)(/.#%:0&:(88$&./$*#
:0&./&7$&.%#d4-0*/<($
C=)(:./0&%11%)$GJ]HJg%6'$: JK E&$P/#.$&:$%]%/&#(FF/#6&:$%)$%280)(:./0&
:0&./&7$&.#%:044$8:$%.86)/./0&&$* &6./0&6*$
0.6* LY %

90(8:$%>%5;1C
$8
O+6::08)%)+6##0:/6./0&%$#.%$&.8=%$&%'/7($(8%*$%X %#$2.$4-8$%GJJH%0('86&.%6/&#/%*6%'0/$
]%*+=.6-*/##$4$&.%)+(&$%b0&$%)$%*/-8$%=:!6&7$%]%*+!08/b0&%GJXL@
?*(#% )$% G% YJJ% 280)(/.#% )$% *+M&/0&% $(802=$&&$% #0&.% $P$42.=#% )$% )80/.#% )$% )0(6&$
)"#%*+$&.8=$%$&%'/7($(8@%O6%#(228$##/0&%)$#%)80/.#%)$%)0(6&$%^H%g%$.%XH%g`%:0&:$8&$86
=76*$4$&.%*$%)80/.%6))/./0&&$*%280'/#0/8$%^1;?_%XG%`@
O6%<(6#/f.0.6*/.=%)$#%280)(/.#%$P$42.=#%#0&.%)$#%280)(/.#%/&)(#.8/$*#%:0&#/)=8=#%:044$
)$#%46./"8$#%28$4/"8$#%20(8%*6%280)(:./0&%6*7=8/$&&$_%*$#%6(.8$#%#0&.%)$#%280)(/.#%678/:0*$#_
-8(.#_%.86&#F084=#_%0(%)$%2a:!$_%-=&=F/:/6&.%)$%†:0&:$##/0&#†%.68/F6/8$#%#2=:/F/<($#%$&.8$
*+;*7=8/$%$.%*+M&/0&@%O$#%/4208.6.$(8#%6*7=8/$&#%)$%46./"8$#%28$4/"8$#%&+6(80&.%2*(#%]%26d$8_
]%268./8%)$%#$2.$4-8$_%<($%*6%.6P$%#(8%*6%'6*$(8%6e0(.=$%^ s;`_%$#./4=$%]%XL%g@%E*%$#.%$&
0(.8$%28='(_%)6&#%.80/#%6&#_%(&$%-6/##$%28078$##/'$%)$#%)80/.#%)$%)0(6&$_%#(8%(&$%2=8/0)$
)$%#$2.%6&#_%20(8%X%XJJ%280)(/.#%/&)(#.8/$*#%F/&/#_%$.%(&%)=46&."*$4$&.%786)($*%#(8%)/P%6&#
20(8%G%JJJ%6(.8$#%-/$&#%)$%:0&#0446./0&_%#0(4/#%]%)$#%.6(P%6**6&.%)$%XH%g%]%YJ%g@

`&S&Q&PH0"&-<"%*#(#"&80&*(&;-0.$:-0&(!!<0&8](;;*$4(#$)!&G
O$#%$FF$.#%/44=)/6.#%)$%*6%4/#$%$&%0$('8$%)$%*+6::08)%)+6##0:/6./0&%$&.8$%*+;*7=8/$%$.%*+M&/0&
B(802=$&&$%#0&.%0-#$8'=#%268./:(*/"8$4$&.%#(8%*$%2*6&%:044$8:/6*%0w%*$#%)$(P%268./$#%0&.
:0&'$&(%)+(&$%62280:!$%28078$##/'$%)6&#%*$%)=46&."*$4$&.%)$#%)80/.#%)$%)0(6&$%)6&#
(&%$#26:$%7=07862!/<($%0w%*+;*7=8/$%/4208.$%6:.($**$4$&.%20(8%(&%40&.6&.%)$%2*(#%)$%XJ
4/**/68)#%)$%)0**68#_%$.%$P208.$%20(8%2*(#%)$%XV%4/**/68)#%)$%)0**68#@
LL
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

B&%'$8.(%)(%:6*$&)8/$8%)$%*6%#(228$##/0&%)$#%-688/"8$#%.68/F6/8$#%=.6*=%#(8%(&$%)0(b6/&$
)+6&&=$#_% *$#% 46./"8$#% 28$4/"8$#% F084$&.% *6% 28$4/"8$% */#.$% )$#% 280)(/.#% 20(8% *$#<($*#
*+$P$42./0&%.0.6*$%)$%)80/.#%)$%)0(6&$%$#.%622*/<(=$@
Q0&.86/8$4$&.% 6(P% 280)(/.#% /&)(#.8/$*#% )0&.% *$% )=46&."*$4$&.% )$#% )80/.#% )$% )0(6&$
$#.%28078644=%#(8%XG%6&#_%/*%$#.%28='(%20(8%*$#%280)(/.#%678/:0*$#_%*$#%280)(/.#%678/:0*$#
.86&#F084=#% $.% *$#% 280)(/.#% )$% *6% 2a:!$_% (&$% */-=86*/#6./0&% 28078$##/'$% )=F/&/$% 268% .80/#
280.0:0*$#@

[<A%-<"$=L$.W/$O*<*$;!3)<#<*7?$4-,$73)!#*<*7!8,$4&!#7H78-$P87!8$O"#!)5-88-
90(8:$%>%QDE9
;(% &/'$6(% )$#% F*(P% :044$8:/6(P_% *+622*/:6./0&% )$% *+;::08)% )+6##0:/6./0&% #$% .86)(/.
268% (&$% 6(74$&.6./0&% )$#% /4208.6./0&#% $&% 280'$&6&:$% )$% *+MB% 6(% )=.8/4$&.% )$#% 6(.8$#
268.$&6/8$#% )$% *+;*7=8/$@% B.% )+(&% 6(.8$% :3.=_% /*% 0FF8$% 6(P% $&.8$28/#$#% 6*7=8/$&&$#% )$#
02208.(&/.=#%)+$P208.6./0&%6'$:%(&%4$/**$(8%6::"#%6(P%468:!=#%)$#%s/&7.f:/&<%vG_%6'$:%(&$
F86&:!/#$%)$#%)80/.#%)$%)0(6&$%20(8%*$#%280)(/.#%/&)(#.8/$*#_%$.%(&%6::"#%28=F=8$&./$*%20(8
*$#%280)(/.#%678/:0*$#%$.%*$#%280)(/.#%)$%*6%2a:!$@
O+='0*(./0&%)$#%/4208.6./0&#%6%.0(:!=%)/FF=8$&.#%280)(/.#%)$#%)/FF=8$&.#%280.0:0*$#%h%*$#
280)(/.#%)$%*6%2a:!$%8$*$'6&.%)(%280.0:0*$%D[Z%^ !0&_%4$8*6&_%#":!$#_%:8$'$..$#%:0&7$*=$#_
#6(40&#€$.:@`%0&.%$&8$7/#.8=%*6%2*(#%786&)$%='0*(./0&_%O6%'6*$(8%$#.%26##=$%)$%G_HY4/**/0&#
)$%…%]%Y_WH4/**/0&#%)$%…%_%#0/.%(&$%='0*(./0&%)$HH_WXg@
B&% #$:0&)% '/$&&$&.% *$#% /4208.6./0&#% )$#% 280)(/.#% 678/:0*$#% .86&#F084=#% 8$*$'6&.% )(
280.0:0*$%H%^*$'(8$%'/'6&.$_%F68/&$#%*6:.=$#_%20()8$%)$%:6:60%€@$.:@`%*6%'6*$(8%$#.%26##=$
)$%XXV4/**/0&#%)$%…%]%XYH5)$%…_%#0/.%(&$%='0*(./0&%)$%6'$:%(&$%='0*(./0&%)$%XZ_ZYg@
O+='0*(./0&%)$#%280)(/.#%678/:0*$#%8$*$'6&.#%)(%280.0:0*$%G%^*6/.%$.%:8"4$%)$%*6/._%#(:8$
)$%:6&&$%0(%)$%-$..$86'$_%F804$&.%-*=%.$&)8$_%2044$%)$%.$88$%)$%#$4$&:$%€@$.:@`%6%=.=
40/&#%/4208.6&.$%6'$:%Y_WLg@

LV
D-)$"$:.0&;(-#$0&G&H1I&+KK@JCI&+Z1K&*9A1

[<A%-<"$=L..$/$O*<*$;!3)<#<*7?$4-,$-M)!#*<*7!8,$6-#,$P87!8$O"#!)5-88-
90(8:$%>%QDE9
O$#%$P208.6./0&#%'$8#%*+M&/0&%B(802=$&&$%0&.%:0&&(%(&$%='0*(./0&%)$%YY_XZg%0{%*6
'6*$(8%$#.%26##=$%)$%HHG%4/**/0&#%)$%…%]%LYH4/**/0&#%)$%…@
1+628"#% *$% .6-*$6(% :/f)$##(#% 0&% 8$468<($% <($% *+='0*(./0&% )$#% 280)(/.#% 6*/4$&.6/8$#
0::(2$% *6% )$(P/"4$% 20#/./0&% 6'$:% YG_WKg% ^628"#% *$#% 280)(/.#% /&)(#.8/$*#`_% *6% '6*$(8% $#.
26##=$%)$%ZH%]%KJ%4/**/0&#%)$%…@
O6% )6..$% 6% 28/#% *6% 268.% )(% */0&% 6'$:% YY_KHg% )(% .0.6*% )$% :$#% 280)(/.#% $P208.=#% 20(8
(&$% '6*$(8% )$% XK_LY% 4/**/0&#% )$% )0**68#@% B**$% $#.% #(/'/$% )$#% :082#% 786#% $.% )$#% 8=#/)(#
280'$&6&.%)$%*$(8%.86/.$4$&.%20(8%XY_YL%4/**/0&#%)$%)0**68#@%?0(8%:$(P%<(/%&k0&.%26#%-=&=F/:/=
)k6'6&.67$#%28=F=8$&./$*#_%/*#%0&.%8$28=#$&.=%(&%./$8#%)$#%$P208.6./0&#%678/:0*$#%6*7=8/$&&$#
'$8#%*kMB@%Q$#%280)(/.#%0&.%$&8$7/#.8=%(&$%28078$##/0&%8$*6./'$4$&.%/4208.6&.$%='6*(=$%]
2*(#%)$%GWX_HYg%268%862208.%]%*k$P$8:/:$%GJJH_%26##6&.%)$%Z_YL%4/**/0&#%)$%)0**68#%]%XL_XX
4/**/0&#% )$% )0**68#@% Q$2$&)6&._% *$#% $P208.6./0&#% )$% :$% .d2$% )$% 280)(/.#% 6d6&.% -=&=F/:/=
)k6'6&.67$#%28=F=8$&./$*#%^Jg%)$%)80/.#%)$%)0(6&$%6'$:%0(%#6&#%*/4/.6./0&%)$%<(0.6#`%0&.
$&8$7/#.8=%$&%GJJK%(&$%8=78$##/0&%268%862208.%]%GJJH_%#0/.%40/&#%)$%Z_HLg%20(8%*$#%280)(/.#
678/:0*$#%$.%40/&#%)$%L_XJg%20(8%*$#%280)(/.#%.86&#F084=#@%?0(8%:$%<(/%$#.%)$#%280)(/.#
678/:0*$#%$.%678/:0*$#%.86&#F084=#%6)4/#%]%*k/4208.6./0&%)6&#%*6%:044(&6(.=%#0(#%<(6&./.=
)$%8=F=8$&:$_%/*%6%=.=%$&8$7/#.8=%*k$P208.6./0&%)$%H%280)(/.#%:0&./&7$&.=#%#(8%*$#%YG%28020#=#
$.%G%280)(/.#%#0(#%<(6&./.=%)$%8=F=8$&:$%#(8%*$#%XH%28020#=#@%56*78=%:$#%F6:/*/.6./0&#_%*$#
280)(/.#%678/:0*$#%6*7=8/$&#%&k0&.%26#%/&0&)=%*$%468:!=%$(802=$&_%2(/#<($%6(:(&%)$%:$#
280)(/.#%&k6%6..$/&.%*$#%<(0.6#%0(%*$#%<(6&./.=#%)$%8=F=8$&:$%28='(#%268%*k6::08)%)k6##0:/6./0&@
;% ./.8$% )k$P$42*$_% *$#% $P208.6./0&#% )$% *6% 2044$% )$% .$88$% 28/4$(8% &k0&.% 26#% )=26##=% *$#
XHJ_X%.0&&$#%#(8%(&%:0&./&7$&.%)$%H%JJJ%.0&&$#@
9(8% (&% :0&./&7$&.% )$% X% JJJ% .0&&$#_% /*% &k6% =.=% $P208.=% <($% #$(*$4$&.% XG_YV% .0&&$#
)k!(/*$%)k0*/'$%$.%#$#%F86:./0&#@%?0(8%:$%<(/%$#.%)$#%F8(/.#_%*$#%678/:(*.$(8#%6*7=8/$&#%&k0&.%2(
$P208.$8%<($%#$(*$4$&.%J_X%.0&&$%)$%F86/#$#%#(8%(&%:0&./&7$&.%)$%HJJ%.0&&$#_%X_KG%.0&&$
)$%e(#%)k6-8/:0.%#(8%(&%:0&./&7$&.%)$%GJJ%.0&&$#@%Ok6&:/$&%78$&/$8%)$%*kB(802$%^;*7=8/$`%&k6
$P208.=%)(86&.%*k$P$8:/:$%GJJK%<(k(&$%<(6&./.=%/&#/7&/F/6&.$%)$%'/&%268%862208.%6(P%:626:/.=#
)(%26d#@%E*%&k6%=.=%)0&:%$P208.=%<($%X%GJZ_XX%!$:.0*/.8$#%)$%'/&%#(8%(&%:0&./&7$&.%)$%GGZ
JJJ%!$:.0*/.8$#@
B&% 0(.8$_% /*% &k6% =.=% $P208.=% <($% #$(*$4$&.% G% #(8% XX% 280)(/.#% 678/:0*$#% .86&#F084=#
:0&./&7$&.=#%28020#=#%)6&#%*$%:6)8$%)$%*k6::08)_%]%#6'0/8%*$#%2j.$#%6*/4$&.6/8$#%6'$:%XX_YG
.0&&$#%#(8%(&%<(0.6%)$%G%JJJ%.0&&$#_%6/&#/%<($%*$%:0(#:0(#%6'$:%XXW_XW%.0&&$#%#(8%(&
:0&./&7$&.% )$% G% JJJ% .0&&$#@% Q0&:$8&6&.% *$#% 280)(/.#% )$% *6% 2a:!$_% *k;*7=8/$% 6% $P208.=% $&
GJJK%20(8%XX_HG%4/**/0&#%)$%)0**68#%:0&.8$%XX_ZW%4/**/0&#%)$%)0**68#%$&%GJJH_%(&$%!6(##$
)$%J_GKg_%$.%:$_%46*78=%(&$%)/4/&(./0&%)$%K_GGg%)$#%<(6&./.=#%$P208.=$#@%O$#%280)(/.#
:0&:$8&=#%268%:$..$%02=86./0&%#0&.%*6%:8$'$..$%<(/%8$28=#$&.6/.%LG_ZVg%)$#%$P208.6./0&#%)$#

LW
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

280)(/.#%)$%*6%2a:!$%'$8#%*kMB%6'$:%V_YG%4/**/0&#%)$%)0**68#_%#(/'/$%)$#%*6&70(#.$#_%)(%.!0&
80(7$%$.%)$#%6&7(/**$#@

K5(;$#-0&_&G&H1I&D1J>1I&C1&H91K3+'O1

_&LP&H0&4(*4%*&80"&#0-.0"&80&*9<45(!,0&G
O$#%.$84$#%)$%*k=:!6&7$%0&.%=.=%6(%:„(8%)(%)=-6.%#(8%*$%#0(#f)='$*022$4$&.%)6&#%*$#
6&&=$#%XWHJfKJ%>%$&%XWHZ_%0&%6:!$.6/.%(&$%e$$2%6'$:%<(6.08b$%#6:#%)$%:6F=%h%$&%XWKG_%/*%$&
F6**6/.%.8$&.$f)$(P%^6/&#/%)=&0&n6/.%|0#(=%)$%Q6#.80%f%=:0&04/#.$%-8=#/*/$&%f%*6%)=786)6./0&
)$#%.$84$#%)$%*k=:!6&7$%<(/%6FF$:.6/.%*$#%26d#%$&%)='$*022$4$&.`@
Ok/&)/:$% )$#% .$84$#% )$% *k=:!6&7$% 862208.$% *$% & ;-$W& 80"& 0W;)-#(#$)!"& b& 40*%$& 80"
$.;)-#(#$)!"&%&G
% ~% ^/&)/:$% )$#% 28/P% )$#% $P208.6./0&#% I% /&)/:$% )(% 28/P% )$#% /4208.6./0&#`% P% XJJ@% % O$#
.$84$#%)$%*k=:!6&7$%&"](.<*$)-0!#&%)6&#%*$%.$42#%&6DoLaa7&p&%#/%(&$%=:0&04/$%$P208.$%(&$
<(6&./.=%40/&)8$%)$%468:!6&)/#$#%20(8%#$%280:(8$8%*6%4a4$%<(6&./.=%)$%-/$&#%/4208.=#%^$&
)k6(.8$#%.$84$#_%*$#%4a4$#%<(6&./.=#%$P208.=$#%2$84$..$&.%)k6:!$.$8%(&$%<(6&./.=%6::8($
)$%468:!6&)/#$#%/4208.=$#@%%16&#%*$%:6#%/&'$8#$_%*$#%.$84$#%)$%*k=:!6&7$%#$%&8<,-(80!#
6%&DqLaa&%7P%%Q$%862208.%)$%28/P%.86)(/.%6/&#/%*k='0*(./0&%)(%20('0/8%)k6:!6.%)$#%$P208.6./0&#
$&%/4208.6./0&#_%]%'0*(4$%)k=:!6&7$#%)0&&=%^*6%#.8(:.(8$%)$#%=:!6&7$#%$#.%F/P=$`>%/*%8$F*".$
*6%:042=././'/.=f28/P%)k(&%26d#%^/&)=2$&)644$&.%)$#%$FF$.#%<(6&./.=#`@

_&Q&PH0"&#0-.0"&80&*9<45(!,0&0!#-0&*0"&8(##0"&0#&*9)-,0&G
M&/.=%>%)0**68I.0&&$

;&&=$ 16..$ ,87$ $84$%)$%*k=:!6&7$ E&)/:$


XWWJ XKXZ_KH XVZ_VW V_LYY LX_HH
XWWX XKLH_VV GYJ_VK L_GVKZ HW_KL
XWWG GLZL_KW XLY_G XH_VK XYJ
XWWY GYGK_ZK XZL_LY XH_LZ XGW
XWWZ GGZG_ZK XVY_VX XG_G XJJ
XWWH YKGX_JH XVK_WG XW_YLG XHV_L
XWWK YGXZ_JV XXGH_KW G_VH GX_XL
XWWL XLWH_WG XWL W_XXY LZ_KL
XWWV XVYH_LG XYG_VH XY_VXL XXY_XW
XWWW XZHW_YK XJV_YZ XY_ZL XXJ_Z
GJJJ XYKX_HH XGK XJ_V VV_HG
GJJX XYGV_GZ XYG_JL XJ_JH VG_YL
GJJG XZVJ_JL XGY_YK XX_WW WV_GL
GJJY XKXX_XL GYG_LZ K_WG HK_LG
GJJZ XLWG_XY YYH_Y H_YZ ZY_LL

90(8:$%>%:6*:(*=%268%&0(#%4a4$%)+628"#%*$#%)0&&=$%)$%*6%S;,

VJ
D-)$"$:.0&;(-#$0&G&H1I&+KK@JCI&+Z1K&*9A1

,&%8$468<($%)+628"#%*$%.6-*$6(%:/f)$##(#%<($%*$#%.$84$#%)$%*+=:!6&7$%$&.8$%*$#%)6..$#
$.% *+087$% #0&.% $&% )=.=8/086./0&% #6(F% 20(8% *$#% 6&&=$#% >% XWWH_XWWV% $.% XWWW% 0{% *$#% /&)/:$#
=.6/$&.%)$%*+08)8$%)$%XHV_L%_XXY_XW%$.%XXJ_Z@?0(8%*+6&&=$%XWWJ%0&%=:!6&7$%(&$%.0&&$%)$
)6..$%:0&.8$%V@L.0&&$#%)+087$%6*08#%<(+$&%XWWZ%0&%=:!6&7$%X.0&&$%:0&.8$%XG_G%.0&&$#@%B&
XWWH%$.%628"#%*6%*/-=86*/#6./0&%)(%:044$8:$%0&%6%=:!6&7=%X.0&&$%)$%)6..$%:0&.8$%XW_YL
.0&&$#%628"#%:$..$%6&&=$%0&%8$468<($%(&$%)=.=8/086./0&%)$#%.$84$#%)$%*+=:!6&7$%)($%]%*6
)='6*(6./0&%)(%)/&68#%$.%]%*+6(74$&.6./0&%)(%28/P%)$%*+087$%#(8%*$%468:!=%/&.$8&6./0&6*@

_&SPH0"&#0-.0"&80&*9<45(!,0&0!#-0&*0"&8(##0"&0#&*0&.(c"&G
M&/.=%>%)0**68I.0&&$

;&&=$ 16..$ 56o# $84$%)$%*k=:!6&7$ E&)/:$


XWWJ XKXZ_KH XYL_JV XX_LL VZ
XWWX XKLH_VV XHK_HY XJ_L LK_Y
XWWG GLZL_KW XKY_YK XK_V XGJ
XWWY GYGK_ZK XYV_YK XK_V XGJ
XWWZ GGZG_ZK XKJ_GK XZ_JX XJJ
XWWH YKGX_JH XVK_GY XW_ZZ XYV_V
XWWK YGXZ_JV GZK_XK XY_JH WY_G
XWWL XLWH_WG GGG_XY V_JV HL_LX
XWWV XVYH_LG XVK_GZ W_VH LJ_YH
XWWW XZHW_YK KL_X GX_LZ XHH_GV
GJJJ XYKX_HH XZY_VH W_ZK KL_H
GJJX XYGV_GZ XYV_XY W_KX KV_K
GJJG XZVJ_JL XYW_VY XJ_HV LH_H
GJJY XKXX_XL XHX_VW XJ_K LH_L
GJJZ XLWG_XY XLY_WW XJ_Y LY_HL

90(8:$%>%:6*:(*=%268%&0(#%4a4$%)+628"#%*$#%)0&&=$%)$%*6%S;,
O$#% 6&&=$#% XWWG% _XWWY% _XWWK% $.% XWWW% #0&.% *$#% 6&&=$#% 0{% *+/&)/:$% )$#% .$84$#% )$
*+=:!6&7$%$#.%#(2=8/$(8%]%XJJ%h%/*%$#.%)$%XGJ_XYV@V%$.%XHH@GV%8$#2$:./'$4$&.@
B&%XWWG_%0&%6%=:!6&7=%X.0&&$%)$%)6..$%:0&.8$%XK_V.0&&$#%)$%46o#%6*08#%<(+$&%XWWW%0&
6%=:!6&7=%X.0&&$%:0&.8$%GX_LZ%.0&&$#%h:$..$%='0*(./0&%2$(.%a.8$%$P2*/<(=$%268%*6%)/4/&(./0&
)(%28/P%)(%46o#%#(8%*$%468:!=%/&.$8&6./0&6*%0{%/*%6%=.=%)$%*+08)8$%)$%KL@X…I.0&&$#@
?0(8% *$#% 6(.8$#% 6&&=$#% 0&% 8$468<($% (&$% )=.=8/086./0&% )$% *+/&)/:$% )$#% .$84$#% )$
*+=:!6&7$%h%/*%$#.%26##=%)$%XYV_V%$&%XWWH%]%LJ@YH$&%XWWV%20(8%6(74$&.$8%$.%6..$/&)8$%*$
)0(-*$%$&%XWWW@
?0(8% *6% 2=8/0)$% GJJJfGJJZ_% *+/&)/:$% $#.% 26##=% )$% KL@H% ]% LY@HL% 6'$:% .0(e0(8#% (&$
)=.=8/086./0&%)$#%.$84$#%)$%*+=:!6&7$%xXJJ@

_&UPH0"&#0-.0"&80&*9<45(!,0&0!#-0&*0"&8(##0"&0#&*0&E*<&G
M&/.=%>%)0**68I.0&&$

VX
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

;&&=$ 16..$ A*= $84$%)$%*k=:!6&7$ E&)/:$


XWWJ XKXZ_KH XLK_GG W_XK LW_Y
XWWX XKLH_VV XGW_XW XG_WL XXG_GW
XWWG GLZL_KW XHX_GZ XV_XK XHL_GG
XWWY GYGK_ZK XHV_W XZ_KZ XGK_LH
XWWZ GGZG_ZK XWZ_JL XX_HH XJJ
XWWH YKGX_JH GXV_X XK_K XYW_WX
XWWK YGXZ_JV GWZ_LL XJ_W WZ_YL
XWWL XLWH_WG GGX_HZ V_X LJ_ZY
XWWV XVYH_LG GJK_VZ V_VL LK_LW
XWWW XZHW_YK XHZ_XX W_ZL VX_WW
GJJJ XYKX_HH XHJ_WK W_JG LV_JW
GJJX XYGV_GZ XKJ_YL V_GV LG
GJJG XZVJ_JL XHW_JV W_Y VJ_VK
GJJY XKXX_XL XLJ_KL W_ZZ VG_JV
GJJZ XLWG_XY GJL_XV V_KH LH_GX

90(8:$%>%:6*:(*=%268%&0(#%4a4$%)+628"#%*$#%)0&&=$%)$%*6%S;,
;*08#% <($% *+;*7=8/$% $#.% 2684/% *$#% 28$4/$8#% /4208.6.$(8#% )$% -*=% $.% #/% 0&% :04268$% *$#
.$84$#%)$%*+=:!6&7$%)$%XWWJfGJJZ_%0&%8$468<($%<(+$&%XWWG%0&%6%=:!6&7=%(&$%.0&&$%)$
)6..$%:0&.8$%XV@XK.0&&$#%)$%-*=%6*08#%<(+$&%XWWZ%0&%6%=:!6&7=%X.0&&$%:0&.8$%XX@HH%h:$..$
)/4/&(./0&%$#.%)($%]%*6%)='6*(6./0&%)(%)/&68%$&%XWWZ%6/&#/%<($%*+6(74$&.6./0&%)(%28/P%)$%-*=
:68%/*%$#.%26##=%)$%XHX_GZ…I.0&&$%$&%XWWG%]%XWZ_JL…I.0&&$%$&%XWWZ@
B&%XWWH%*+/&)/:$%)$#%.$84$#%)$%*+=:!6&7$%6%6(74$&.=%20(8%26##$8%)$%XJJ%]%XYW_WX
6'$:%(&$%='0*(./0&%)$%YW_Wg%h%628"#%:$..$%6&&=$%0&%8$468<($%(&$%)=.=8/086./0&%)$#%.$84$#
)$%*+=:!6&7$%0{%/*#%#0&.%26##=#%)$%WZ@YL%$&%LH@GX%$&%GJJZ^0{%0&%6%=:!6&7=%X.0&&$%)$%)6..$
:0&.8$%XJ_W%$&%XWWK%$.%(&$%.0&&$%:0&.8$%V_KH.0&&$#%)$%-*=%$&%GJJZ`@;'$:%(&$%)/4/&(./0&
)$%XW@XKg@

_&VPH0"&#0-.0"&80&*9<45(!,0&0!#-0&*0&=$!&0#&*0"&0!,-($"&6\KH7&G
D(E*0(%&'iLVG&*(&4(*4%*&80"&#0-.0"&80&*9<45(!,0&0!#-0&*0&=$!&0#&*0"&0!,-($"

VG
D-)$"$:.0&;(-#$0&G&H1I&+KK@JCI&+Z1K&*9A1

;&&=$ ?8/P%)(%'/& ?8/P%N:* $84$#%)$%*k=:!6&7$ E&)/:$


XWWG X_KV J_ZK Y_KH XJJ
XWWY X_VV J_VX G_YG KY_HK
XWWZ J_LV XZ J_JH X_YK
XWWH X_JW GL J_JZ X_JW
XWWK J_LW J_YG G_ZK KL_YW
XWWL X_GK J_HHZ G_GLZ KG_Y
XWWV X_YG J_VLL X_HXL ZX_YK
XWWW G_JL J_WWZ G_JVG HK_WV
GJJJ X_HH J_GLV H_HL XHG_K
GJJX X_GG J_YWH X_GYV YZ_HH
GJJG X_JL J_VKZ X_GY YY_KW
GJJY X_LX J_WHXK X_LW ZW_JZ
GJJZ X_LZ J_ZHKY Y_VX XJZ_YV
GJJH G_LG J_YVJX L_XH XWH_VW

90(8:$%>%:6*:(*=%268%&0(#%4a4$%)+628"#%*$#%)0&&=$%)(%QDE9
1+628"#% *$% .6-*$6(% :/f)$##(#% 0&% 8$468<($% <(+$&% XWWG% 0&% 6% =:!6&7=% X*/.8$% )$% '/&
:0&.8$%Y_KHc7%)$%c:*%_%6*08#%<(+$&%XWWZ%0&%6%=:!6&7=%X*/.8$%:0&.8$%HJ7%#$(*$4$&.%h%:$..$
)=.=8/086./0&%$#.%)($%]%*6%)/4/&(./0&%)(%28/P%)(%'/&%<(/%$#.%)($%]%*6%)='6*(6./0&%)(%)/&68
6/&#/% <($% *+6(74$&.6./0&% )(% 28/P% )(% N:*% <(/% $#.% 26##=% )$% J_VX…Ic7% $&% XWWY% ]% XZ…Ic7% $&
XWWZ% h*+/&)/:$% )$#% .$84$#% )$% *+=:!6&7$% $#.% 26##=% )$% KY_HK% ]% X_YK% 8$#2$:./'$4$&.% $&
XWWY_XWWZ%6'$:%(&$%)=.=8/086./0&%)$%KG@Gg@
?0(8%*+6&%GJJJ%0&%8$468<($%(&$%64=*/086./0&%)$#%.$84$#%)$%*+=:!6&7$%0w%0&%6%=:!6&7=
X*/.8$%:0&.8$%H_HLc7%)$%c:*@%Q$..$%64=*/086./0&%$#.%8$468<(=$%6(##/%$&%GJJH%0w%0&%6%=:!6&7=
L_XHc7%:0&.8$%X*/.8$%)$%'/&%$.%0w%*+/&)/:$%)$#%.$84$#%6%:0&&(%(&$%'6*$(8%)$%XWH_VW%6'$:%(&$
='0*(./0&%)$%WH_VWg@

K)!4*%"$)!
O6% )=2$&)6&:$% )$% *+;*7=8/$% '/#f]f'/#% )$#% 280)(/.#% 28/46/8$#% )6&#% #$#% =:!6&7$#
:044$8:/6(P% *6% 8$&)% '(*&=86-*$% 6(P% '68/6./0&#% )(% 468:!=% $.% 2*(#% 268./:(*/"8$4$&.% ]
*k/&#.6-/*/.=%)$#%28/P%6##0:/=$%6(%:044$8:$%)$#%280)(/.#%)$%-6#$@
O$#%F6:.$(8#%)$%*k/&#.6-/*/.=%)$#%28/P%)$#%280)(/.#%28/46/8$#%#0&.%)/'$8#%$.%'68/=#@%E*%d%6
.0(.%)k6-08)%*$#%6*=6#%4=.=080*07/<($#@%Q$#%6*=6#%&$%2$('$&.%a.8$%28='(#%$.%#0&.%)k6(.6&.
2*(#%&=F6#.$#%6(%:044$8:$%)$#%280)(/.#%)$%-6#$@%O6%280)(:./0&%)$%:$#%)$8&/$8#%&$%#$%28a.$
26#%]%)$#%6e(#.$4$&.#%862/)$#%)$%*k0FF8$%$&%:6#%)$%40)/F/:6./0&%)$%*6%)$46&)$@%O$#%)=*6/#
)k6)62.6./0&%#0&.%*0&7#@
O$#%:d:*$#%)$%*k='0*(./0&%)$#%28/P%#0&.%$&%$FF$.%6#d4=.8/<($#@%1k(&$%268._%*$#%2=8/0)$#
)$%F08.$%!6(##$%#0&.%46e08/.6/8$4$&.%2*(#%:0(8.$#%<($%*$#%2=8/0)$#%)$%F08.$%-6/##$@%1k6(.8$
268._%*$#%28/P%-6/##$&.%)6'6&.67$%$.%2*(#%*$&.$4$&.%<(k/*#%&k6(74$&.$&.@
1k6(.8$#%F6:.$(8#%$&.86T&$&.%*k/&#.6-/*/.=%)$#%28/P%)$#%280)(/.#%28/46/8$#%#(8%*$%468:!=
40&)/6*% >% *6% #2=:(*6./0&% #(8% *$#% 468:!=#% ]% .$84$% )$#% 280)(/.#% )$% -6#$_% *6% #6.(86./0&
#.8(:.(8$**$% )$#% 468:!=#% :6(#6&.% *6% -6/##$% )$#% 28/P% 8=$*#_% $.% *k62268/./0&% )$% &0('$6(P
280:=)=#%<(/%#$%#(-#./.($&.%]%:$8.6/&#%280)(/.#%)$%-6#$@
O6%)=.=8/086./0&%)$#%.$84$#%)$%*k=:!6&7$%$&%;*7=8/$%$#.%*6%:0&#=<($&:$%)/8$:.$%)$%:$..$
/&#.6-/*/.=%)$#%28/P%)$#%28/&:/26(P%280)(/.#%<(k$**$%$P208.$%h%)=.=8/086./0&%<(/%#$%.86)(/.%268
VY
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

(&$% F08.$% F*(:.(6./0&% )$#% 28/P% 8=$*#% ]% *k$P208.6./0&% $.% *+6(74$&.6./0&% )$#% 28/P% )$% 280)(/.#
/4208.=#@

VZ
N%(#-$:.0&;(-#$0&G&>@C1H1I&C91ID >+D @'&1D&C1&FJ1Z I @'

N%(#-$:.0&;(-#$0&G&>@C1H1I
C91ID >+D @'&1D&C1&FJ1Z I @'

K5(;$#-0&La&G&J1OJ1II @'d&K@JJ1H+D @'d


K@Z+J +'K1d&1K+JD&DeF1&1D&D1ID1I

La&LPJ0,-0""$)!&.(#5<.(#$/%0&G
O6% 8=78$##/0&% */&=6/8$% #/42*$% 2$84$.% )k=.()/$8% $.% )$% 4$#(8$8% *6% 8$*6./0&% 46.!=46./<($
<(/% 2$(.% $P/#.$8% $&.8$% )$(P% '68/6-*$#% <(6&./.6./'$#@% O6% F08:$% )k6##0:/6./0&% $&.8$% *$#% )$(P
'68/6-*$#%$#.%$#./4=$%268%*$%:0$FF/:/$&.%)$%:088=*6./0&%^8`@%Q$%:0$FF/:/$&.%2$(.%6**$8%)$%fX%]
vX@%9k/*%$#.%:0428/#%$&.8$%J_V%$.%X%^$&%'6*$(8%6-#0*($`_%*6%F08:$%)k6##0:/6./0&%$&.8$%*$#%)$(P
'68/6-*$#%$#.%/4208.6&.$_%$&.8$%J_H%$.%J_V%$**$%$#.%40)=8=$_%$&.8$%J_G%$.%J_H%$**$%$#.%F6/-*$_%$.
.8"#%F6/-*$%$&%)$##0(#@%M&%#/7&$%20#/./F%.86)(/.%(&$%6##0:/6./0&%20#/./'$%>%*6%'6*$(8%40d$&&$
)$%d%:80T.%6'$:%P@%M&$%6##0:/6./0&%&=76./'$%.86)(/.%*k0220#=%>%*6%'6*$(8%40d$&&$%)$%d%)=:80T.
*08#<($%P%:80T.
O6%&-<,-0""$)!&%$#.%(&$%4=.!0)$%)$%28='/#/0&%46.!=46./<($%.8"#%(./*/#=$%$&%=:0&04/$@
‡% 268./8% )k(&% $&#$4-*$% )$% '6*$(8#% $P2=8/4$&.6*$#_% 8$28=#$&.=$#% 268% )$#% 20/&.#% #(8% (&
7862!/<($_% 0&% :!$8:!$% ]% :6*:(*$8% *6% :0(8-$% <(/% 8$280)(/.% *$% 4/$(P% *$#% '68/6./0&#% )$% *6
786&)$(8%]%=.()/$8_%:k$#.f]f)/8$%:$**$%<(/%26##$%268%.0(#%*$#%20/&.#%0(%*$%2*(#%280:!$%20##/-*$@
O6%8=78$##/0&%$#.%)0&:%*k02=86./0&%<(/%:0&#/#.$%]%F6/8$%26##$8%(&$%)80/.$%0(%.0(.%6(.8$%:0(8-$
46.!=46./<($%268%(&%:$8.6/&%&04-8$%)$%20/&.#%0-.$&(#%)k(&$%46&/"8$%$P2=8/4$&.6*$@
M&$% )$#% 4=.!0)$#% *$#% 2*(#% $42*0d=$#% 20(8% 0-.$&/8% (&% 8=#(*.6.% F/6-*$% $#.% :$**$% )$#
t40/&)8$#%:688=#u%<(/%2$84$.%)$%.$&/8%:042.$_%)6&#%(&$%2*(#%786&)$%4$#(8$_%)$#%20/&.#
=*0/7&=#% )$% *6% )80/.$% 40d$&&$_% 6F/&% )$% &$% 26#% F6(##$8% :$..$% )$8&/"8$% $&% &=7*/7$6&.
/&'0*0&.6/8$4$&.%(&$%)0&&=$%6.d2/<($@
O$#% .6-*$6(P% 2$84$..$&._% 20(8% 6FF/&$8% *$#% :088=*6./0&#_% )k(./*/#$8% (&% 40)"*$% */&=6/8$
y% (&$% )80/.$% )k=<(6./0&% t& er+s^t?& u% y% 46/#% 6(##/% )$#% 40)"*$#% *0768/.!4/<($#% 0(
$P20&$&./$*#_%20(8%*$#<($*#%*6%:0(8-$%8=#(*.6&.$%$#.%*$%.86:=%)k(&$%F0&:./0&%46.!=46./<($@
O$% 40)"*$% $P20&$&./$*% $#.% (./*/#=% 20(8% /**(#.8$8% )$#% 2!=&04"&$#% )0&.% *$#% '68/6./0&#% #0&.
.8"#%862/)$#@

La&L&LP&J<,-0""$)!&*$!<($-0&G
M&%6(.8$%$P$42*$%$#.%*k6e(#.$4$&.%)k(&$%*0/%*/&=6/8$%)(%.d2$%(%~%ˆM%v%‰%#(8%)$#%4$#(8$#
/&)=2$&)6&.$#_%$&%F0&:./0&%)k(&%26864".8$%:0&&(%M@%Q$%.d2$%)$%#/.(6./0&%#$%8$&:0&.8$%268
$P$42*$%*08#<($%*k0&%'$(.%:6*/-8$8%(&%62268$/*%)$%4$#(8$%#/42*$%)0&.%*$%F0&:./0&&$4$&.%$#.
*/&=6/8$@%(%$#.%6*08#%*6%4$#(8$%/&#.8(4$&.6*$%$.%M%*6%786&)$(8%2!d#/<($%<(k$#.%:$&#=%4$#(8$8
*k62268$/*_%7=&=86*$4$&.%4/$(P%:0&&($_%#/%*k0&%(./*/#$%(&$%#0(8:$%)$%:6*/-86./0&%F/6-*$@%O6
4=.!0)$%)$#%40/&)8$#%:688=#%2$84$.%6*08#%)$%4$#(8$8%*6%*0/%)$%:6*/-86./0&%)$%*k62268$/*_
)k$#./4$8% *k6)=<(6./0&% )$% :$..$% *0/% 6(P% 4$#(8$#% )$% :6*/-86./0&% ^7G-G% )6&#% *$% :6#% 28=#$&._
*6% */&=68/.=% )$% *k62268$/*`% $.% )$% 280267$8% *$#% $88$(8#% )$% :6*/-86./0&% 6(P% F(.(8$#% 4$#(8$#

VH
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

$FF$:.(=$#%6'$:%*k62268$/*%:6*/-8=@%;%&0.$8%<(k$&%7=&=86*_%*$#%$88$(8#%^$.%:088=*6./0&#`%208.6&.
#(8%*$#%4$#(8$#%(%$7$%-*%*$#%4$#(8$#%M%$7$%)0/'$&.%a.8$%28/#$#%$&%:042.$@%D0(#%.86/.$80&#%:$
:6#%7=&=86*%)6&#%*6%#$:./0&%:0&#6:8=$%6(P%6e(#.$4$&.#%)$%40)"*$#%/42*/:/.$#@

O6%)=.$84/&6./0&%)$#%26864".8$#%†02./46(P†%^6(%#$&#%)$#%40/&)8$#%:688=#`%ˆ%$.%‰%#$
864"&$%)0&:%]%*6%8=#0*(./0&%)k(&%#d#."4$%)k=<(6./0&#%*/&=6/8$#@%E*%#k67/.%*]%)k(&$%28028/=.=
.8"#%/&.=8$##6&.$_%*/=$%6(%F6/.%<($%*$%40)"*$%*(/f4a4$%$#.%*/&=6/8$@%,&%268*$%)k6e(#.$4$&.
G
0(%)$%8=78$##/0&%*/&=6/8$@%16&#%*$%:6#%7=&=86*_%*6%)=.$84/&6./0&%)(%4/&/4(4%)(%Š %$#.%(&
280-*"4$%2*(#%:042*/<(=_%$.%7=&=86*$4$&.%:0{.$(P%$&%.$42#%)$%:6*:(*@
O6%'6*$(8%)$#%26864".8$#%ˆ$378$%$.%‰$378$%)=2$&)%)$#%4$#(8$#%(%$7$%8=6*/#=$#@%Q044$
:$#%4$#(8$#%#0&.%$&.6:!=$#%)k$88$(8_%0&%:0&n0/.%-/$&%<($%#/%*k0&%8=2".$%C%F0/#%*$#%=%4$#(8$#
)$%:6*/-86./0&_%$.%<($%*k0&%8=6*/#$%]%*k/##($%)$%:!6<($%#=8/$%*k6e(#.$4$&.%)=:8/.%2*(#%!6(._%0&
0-./$&)86% C% '6*$(8#% &(4=8/<($4$&.% )/FF=8$&.$#% )$% ˆ$ 378$ % $.% ‰$ 378$ @% O$#% 26864".8$#% )$
*k6e(#.$4$&.%2$('$&.%)0&:%a.8$%:0&#/)=8=#%:044$%)$#%'68/6-*$#%6*=6.0/8$#_%)0&.%*6%*0/%$#.
F0&:./0&%)(%40)"*$%6e(#.=%$.%)$%*6%*0/%)$#%(%$7$@

La&QP&H(&4)--<*(#$)!&G
B&%280-6-/*/.=#%$.%$&%#.6./#./<($_%*6%:088=*6./0&%^0(%%;!-??7;7-8*%%$4-$;!##5%<*7!8`%$&.8$%)$(P
'68/6-*$#%6*=6.0/8$#%$#.%=76*$%6(%862208.%)$%*$(8%:0'68/6&:$%$.%)(%280)(/.%&0&%&(*%)$%*$(8#
=:68.#%.d2$#@%O$%:0$FF/:/$&.%)$%:088=*6./0&%$#.%:0428/#%$&.8$%fX%$.%X@
E*%$#.%=76*%]%X%)6&#%*$%:6#%)k(&$%8$*6./0&%)k6::80/##$4$&.%*/&=6/8$_%]%fX%)6&#%*$%:6#%)k(&$
)=:80/##6&:$%*/&=6/8$@%O$#%'6*$(8#%/&.$84=)/6/8$#%8$&#$/7&$&.%#(8%*$%)$78=%)$%)=2$&)6&:$
*/&=6/8$% $&.8$% *$#% )$(P% '68/6-*$#@% ?*(#% *$% :0$FF/:/$&.% $#.% 280:!$% )$#% '6*$(8#% $P.8a4$#% fX
$.%X_%2*(#%*6%:088=*6./0&%$&.8$%*$#%'68/6-*$#%$#.%F08.$%h%0&%$42*0/$%#/42*$4$&.%*k$P28$##/0&
t%F08.$4$&.%:088=*=$#%u%20(8%<(6*/F/$8%*$#%)$(P%'68/6-*$#@
9/%*$#%)$(P%'68/6-*$#%#0&.%.0.6*$4$&.%/&)=2$&)6&.$#_%6*08#%*$(8%:088=*6./0&%$#.%'0/#/&$
)$% J@% O6% 8=:/280<($% $#.% :$2$&)6&.% F6(##$_% :68% *$% :0$FF/:/$&.% )$% :088=*6./0&% /&)/<($
(&/<($4$&.%(&$%)=2$&)6&:$%%785<7#-@

VK
N%(#-$:.0&;(-#$0&G&>@C1H1I&C91ID >+D @'&1D&C1&FJ1Z I @'

8"#%#0('$&._%(&%:0$FF/:/$&.%)$%:088=*6./0&%=*$'=%#k$P2*/<($%268%(&$%.80/#/"4$%'68/6-*$
&0&%4$#(8=$_%$.%)0&.%)=2$&)$&.%*$#%)$(P%6(.8$#@%;/&#/_%*6%:088=*6./0&%$&.8$%*k6(74$&.6./0&
)$#%8$:$..$#%2(-*/<($#%$&%;**$467&$%$.%*k6(74$&.6./0&%)$%*6%:0&#0446./0&%$&%B#267&$
2$(.%#k$P2*/<($8%268%*k6(74$&.6./0&%)(%&/'$6(%)$%'/$%)$%*6%202(*6./0&%)6&#%:$#%)$(P%26d#
$(802=$&#@

La&SP&H(&4)=(-$(!40
,&%&044$%%%:0'68/6&:$%%%)$%'6*$(8#%*$%F6/.%<($%*$(8#%'68/6./0&#%&$%#0/$&.%26#%8/70(8$(#$4$&.
/&)=2$&)6&.$#@%Q$..$%:0'68/6&:$%2$(.%a.8$%:!/FF8=$%$.%F0(8&/8%)$#%/&)/:6./0&#%<(6&./.6./'$#
(./*$#@
:5?787*7!8%%%%>
B&% % % .!=08/$% % % )$#% 280-6-/*/.=#% $.% $&% % % #.6./#./<($% % _% 0&% &044$% :0'68/6&:$% )$% )$(P
'68/6-*$#%6*=6.0/8$#%]%'6*$(8#%8=$**$#%r%$.%‹_%)k$#2=86&:$#%B^r`%~%Œ%$.%B^‹`%~%_%*6%'6*$(8%>

,w%B%)=#/7&$%*k%%%0";<-(!40&.(#5<.(#$/%0%%%@
E&.(/./'$4$&._%*6%:0'68/6&:$%$#.%(&$%4$#(8$%)$%*6%'68/6./0&%#/4(*.6&=$%)$%)$(P%'68/6-*$#
6*=6.0/8$#@% Qk$#.f]f)/8$% <($% *6% :0'68/6&:$% )$'/$&.% 2*(#% 20#/./'$% 20(8% :!6<($% :0(2*$% )$
'6*$(8#%<(/%)/FF"8$&.%)$%*$(8%%%40d$&&$%%%)6&#%*$%4a4$%#$&#_%$.%2*(#%&=76./'$%20(8%:!6<($
:0(2*$%)$%'6*$(8#%<(/%)/FF"8$&.%)$%*$(8%40d$&&$%)6&#%*$%#$&#%%%0220#=%%@
Ok(&/.=% )$% 4$#(8$% )$% *6% :0'68/6&:$% :0'^r_‹`% $#.% *$% 280)(/.% )$% *k(&/.=% )$#% '68/6-*$#
6*=6.0/8$#%r%$.%‹@%B&%8$'6&:!$_%*6%:088=*6./0&_%<(/%)=2$&)%)$%*6%:0'68/6&:$_%$#.%(&$%4$#(8$
)$%)=2$&)6&:$%*/&=6/8$%#6&#%(&/.=@
O6%)=F/&/./0&%:/f)$##(#%$#.%=<(/'6*$&.$%]%*6%F084(*$%#(/'6&.$_%2*(#%#0('$&.%(./*/#=$%20(8
*$#%:6*:(*#%>

La&UP&H9<4(-#&#Y;0&G
Ok=:68.% .d2$% ^0(% )='/6./0&% #.6&)68)`% $#.% (&% :8/."8$% )$% )/#2$8#/0&@% E*% 4$#(8$% *k=:68.% ]
*6% 40d$&&$% 0-#$8'=$% ^$.% &0&% ]% *6% 40d$&&$% .!=08/<($`% $.% :088$#20&)% ]% *6% 40d$&&$
<(6)86./<($%)$#%=:68.#%$&.8$%*$#%'6*$(8#%0-#$8'=$#%$.%*6%40d$&&$%)$%:$#%'6*$(8#%0-#$8'=$#@
E*%#$%&0.$%6'$:%*6%*$..8$%)$%*k6*2!6-$.%78$:_%Ž%^,7H3<%4/&(#:(*$`@
S084(*$#%>%0&%.80('$%*$#%F084(*$#%#(/'6&.$#

VL
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

40)/F/$8
Ok=:68.% .d2$% 4$#(8$% *6% )/#2$8#/0&% )k(&$% '68/6-*$% 6*=6.0/8$% 6(.0(8% )$% #0&% $#2=86&:$
O^``@%E*%#$%:6*:(*$%#0(#%2*(#/$(8#%F084$#

La&VPH0"&#0"#"&%#$*$"<"&G
La&V&L&PH0&#0"#&80&M$"50-&G
O$%.$#.%S%)$%S/#!$8%$#.%(&%.$#.%)$%#/7&/F/:6./'/.=%<(/%2$(.%a.8$%$42*0d=%>
m *08#%)$%*6%:042686/#0&%)$%2*(#/$(8#%40d$&&$#%^:$%.$#.%&$%2$(.%a.8$%(./*/#=%<(k]%)$(P
:0&)/./0&#>%*$#%)/#.8/-(./0&#%)$#%40d$&&$#%#0&.%&0846*$#_%:k$#.f]f)/8$%)=:8/'$&.%(&$
:0(8-$%)$%q6(##%$.%*$(8#%'68/6&:$#%#0&.%)$%4a4$%.6/**$`
m 20(8%.$#.$8%*6%#/7&/F/:6./'/.=%7*0-6*$%)k(&%40)"*$%)$%8=78$##/0&
B&%:$%<(/%:0&:$8&$%*6%:042686/#0&%)$%2*(#/$(8#%40d$&&$#_%0&%#$%20#$%*6%<($#./0&%#(/'6&.$%>
*$#%)/FF=8$&:$#%$&.8$%*$#%40d$&&$#%0-#$8'=$#%$.%*6%40d$&&$%7*0-6*$%#0&.f$**$#%#/7&/F/:6./'$#
0(%&0&%%%O$%.$#.%S%)$%S/#!$8%2$84$.%)$%.$#.$8%:$%7$&8$%)k!d20.!"#$#@
O$% .$#.% )$% S/#!$8% 2$84$.% =76*$4$&.% )$% #6'0/8% #/% (&% 40)"*$% )$% 8=78$##/0&% */&=6/8$
4(*./2*$%$#.%7*0-6*$4$&.%#/7&/F/:6./F%0(%&0&@
?8/&:/2$%)k(./*/#6./0&%>
VV
N%(#-$:.0&;(-#$0&G&>@C1H1I&C91ID >+D @'&1D&C1&FJ1Z I @'

O6%'6*$(8%0-#$8'=$%$#.%:04268=$%6(P%'6*$(8#%:0&.$&($#%)6&#%*6%.6-*$%)(%S%)$%S/#!$8@
9/%*6%'6*$(8%)(%S%:6*:(*=%$#.%#(2=8/$(8$%]%*6%'6*$(8%)(%S%:8/./<($%)$%*6%.6-*$_%6*08#%0&%$&
)=)(/86%<(k(&%0(%2*(#/$(8#%:0$FF/:/$&.#%)$%*6%8=78$##/0&%#0&.%)/FF=8$&.#%)$%J_%$.%)0&:%<($
*$% 40)"*$% $#.% ^.8"#`% #/7&/F/:6./F% ^#$*0&% *$% #$(/*% )$% #/7&/F/:6./'/.=`@% 9/% *$% 40)"*$% &k$#.% 26#
7*0-6*$4$&.%#/7&/F/:6./F_%/*%$#.%/4208.6&.%)$%'0/8%<($*^#`%:0$FF/:/$&.^#`%&k$#.%26#%#/7&/F/:6./F^#`
]% *k6/)$% )(% .$#.% )$% 9.()$&.@% M&% S% :6*:(*=% #(2=8/$(8% 6(% S% )$% *6% .6-*$% .86)(/._% #0/.% (&$
)/FF=8$&:$%#/7&/F/:6./'$%$&.8$%*$#%40d$&&$#%0-#$8'=$#%$.%*6%40d$&&$%7*0-6*$_%#0/.%(&%40)"*$
7*0-6*$4$&.%#/7&/F/:6./F_%#$*0&%*k$42*0/%)(%.$#.%)$%S/#!$8@

La&V&QP&H0&#0"#&80&I#%80!#&G
$#.%(&%.$#.%)$%#/7&/F/:6./'/.=%<(/%2$(.%a.8$%$42*0d=%>
m *08#%)$%*6%:042686/#0&%)$%)$(P%40d$&&$#%^:$%.$#.%&$%2$(.%a.8$%(./*/#=%<(k]%)$(P
:0&)/./0&#%>%*$#%)/#.8/-(./0&#%)$#%40d$&&$#%#0&.%&0846*$#_%:k$#.f]f)/8$%)=:8/'$&.%(&$
:0(8-$%)$%q6(##_%$.%*$(8#%'68/6&:$#%#0&.%)$%4a4$%.6/**$`
m 20(8%.$#.$8%*6%#/7&/F/:6./'/.=%)k(&%:0$FF/:/$&.%)$%8=78$##/0&
O$%.$#.%.%)$%9.()$&.%2$84$.%)$%8=20&)8$%]%:$%7$&8$%)$%<($#./0&@%O$%.$#.%.%$#.%:6*:(*=%$&
$FF$:.(6&.%*$%862208.%)$%*6%)/FF=8$&:$%)$#%40d$&&$#%#(8%*k$88$(8%#.6&)68)%$.%0&%0-./$&.%6*08#
(&$%'6*$(8%622$*=$%†s6*$(8%)$%.†%0(%.%0-#$8'=$%^;28"#%6'0/8%$FF$:.(=%*$%.$#.%)$%#/7&/F/:6./'/.=
7*0-6*$%)(%40)"*$%)$%8=78$##/0&%4(*./2*$%^.$#.%)$%S/#!$8`_%/*%$#.%/&.=8$##6&.%)k$FF$:.($8%(&
.$#.%)$%#/7&/F/:6./'/.=%268./$**$%#(8%*$%4a4$%40)"*$%]%*k6/)$%)(%.$#.%)$%9.()$&.@%Q$%.$#.%&0(#
2$84$..86%)$%#6'0/8%#/%:!6<($%:0$FF/:/$&.%$#.%#/7&/F/:6./'$4$&.%)/FF=8$&.%)$%J%0(%&0&%$.%6/&#/
)$%#6'0/8%#/%.$**$%'68/6-*$%$P2*/<($%8=$**$4$&.%*6%'68/6-*$YP%%%%%F-$!4$;0&89%#$*$"(#$)!&G
O6%'6*$(8%0-#$8'=$%$#.%:04268=$%6(P%'6*$(8#%:0&.$&($#%)6&#%*6%.6-*$%)(%.%)$%9.()$&.@
O6% .6-*$% )(% .% )$% 9.()$&.% 2$84$.% )$% )=.$84/&$8% 20(8% *6% '6*$(8% 0-#$8'=$% ^$&% F0&:./0&% )(
&04-8$% )$% )$78=#% )$% */-$8.=% :088$#20&)6&.% *$% #$(/*% )$% 280-6-/*/.=% 6(<($*% :088$#20&)% *$
.% 0-#$8'=@% 9/% *6% '6*$(8% 6-#0*($% )(% .% :6*:(*=% $#.% #(2=8/$(8$% ]% *6% '6*$(8% )(% .% )$% *6% .6-*$
)$%9.()$&._%0&%$&%:0&:*($86%#0/.%<($%*6%)/FF=8$&:$%$#.%#/7&/F/:6./'$_%#0/.%<($%*$%:0$FF/:/$&.
$#.% #/7&/F/:6./'$4$&.% )/FF=8$&.% )$% J_% #$*0&% *k$42*0/% )(% .$#.% )$% 9.()$&.@% ,&% :0&#/)"8$
:044(&=4$&.%<(k(&$%'6*$(8%)$%.%:088$#20&)6&.%]%(&%#$(/*%2xJ_%JH%.86)(/.%(&$%)/FF=8$&:$
#/7&/F/:6./'$% $&.8$% *$#% 40d$&&$#@% 9/% 2xJ_% JX_% 6*08#% *6% )/FF=8$&:$% $#.% .8"#% #/7&/F/:6./'$@% % E:/
*6%'6*$(8%)(%.%0-#$8'=%fZ_KZY%:088$#20&)%]%(&%#$(/*%)$%280-6-/*/.=%)$%J_%Xg%>%*6%)/FF=8$&:$
)$% &04-8$% )$% 2$8#0&&$% ]% *6% 46/#0&% $&.8$% *k=:!6&./**0&% $.% *6% 202(*6./0&% .0.6*$% 2$(.% a.8$
:0&#/)=8=$%:044$%#/7&/F/:6./'$%$.%/4208.6&.$@

,&% )/#20#$% )$% )$(P% #=8/$#% )$% &% 4$#(8$#% ‘rX_% rG_% @@@_% r&’% $.% ‘‹X_% ‹G_% @@@_% ‹&’
:088$#20&)6&.% ]% )$#% 8=6*/#6./0&#% /&)=2$&)6&.$#% )$% )$(P% '68/6-*$#% 6*=6.0/8$#% r% $.% ‹@
1/#20#6&.%)$#%=:68.#%1/%~%r/%f%‹/%_%*$%280-*"4$%:0&#/#.$%]%.$#.$8%*k!d20.!"#$%RJ%~%‘r%$.%‹
0&.%4a4$%40d$&&$’@
F5,!%"*7!8$/

VW
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

La&XP&I<-$0"&45-)!)*),$/%0"&G
O$#% #=8/$#% :!80&0*07/<($#% #$% )/#./&7($&.% )$#% )0&&=$#% $&% :0(2$% .86&#'$8#6*$% 268% *$% F6/.
<(+$**$#%20##")$&.%(&%08)8$%:!80&0*07/<($%h%(&$%#=8/$%:!80&0*07/<($%$#.%$&%F6/.%*$%8=#(*.6.
)+(&%280:$##(#%6*=6.0/8$%/&)$P=%$&%F0&:./0&%)(%.$42#@
?*(#/$(8#%280-*"4$#%#0&.%28028$#%6(P%#=8/$#%:!80&0*07/<($#_%&0.644$&.%$&%86/#0&%)$
*6% :088=*6./0&% $&.8$% *$#% 0-#$8'6./0&#% ^6(.0:088=*6./0&`% $.% )$% *6% 20##/-/*/.=% )$% :!6&7$4$&.
)(% 280:$##(#% 7=&=86.$(8% )$% )0&&=$#% )+(&$% =20<($% ]% *+6(.8$@% O$#% #$:./0&#% <(/% #(/'$&.
6)8$##$&.% *6% <($#./0&% )$% :044$&.% #+6##(8$8% <($% *+0&% 2$(.% .86'6/**$8% 6'$:% &0#% )0&&=$#
:!80&0*07/<($#
?0(8%.86'6/**$8%6'$:%)$#%)0&&=$#%.$4208$**$#_%$**$#%)0/'$&.%:0&#$8'$8%(&$%)/#.8/-(./0&
:0&#.6&.$%)6&#%*$%.$42#_%:+$#.%*$%:0&:$2.%)$%#.6./0&&68/.=

La&X&LP&I<-$0&45-)!)*),$/%0&"#(#$)!!($-0&G
O6%)/#.8/-(./0&%)$#%'68/6-*$#%:!80&0*07/<($#%&$%'68/$%26#%)6&#%*$%.$42#@
C<R$!$#$)!&89%!&;-)40""%"&(*<(#)$-0&"#(#$)!!($-0&G
,&%(./*/#$%*$%.$84$%)$%280:$##(#%6*=6.0/8$%20(8%)=:8/8$%(&$%<(6&./.=%'68/6-*$%)0&.%*$
:04208.$4$&.%&$%2$(%26#%a.8$%$P28/4=%$&./"8$4$&.%268%(&$%8$*6./0&%)=.$84/&/#.$@
?0(8%*+6&6*d#$%)$#%#=8/$#%.$4208$**$#_%0&%=.()/$%(&$%:*6##$%268./:(*/"8$%)$%280:$##(#
622$*=#%280:$##(#%6*=6.0/8$%#.6./0&&6/8$_%:$#%280:$##(#%#0&.%:686:.=8/#=$#%268%*$%F6/.%<($
*$(8#%28028/=.=#%&$%:!6&7$&.%26#%6(%:0(8#%)(%.$42#_%/*#%280'/$&&$&.%)+(&%#d#."4$%#.6-*$
<(/%6%6..$/&.%(&%=.6.%#.6./0&&6/8$@

La&X&QP&H(&"#(#$)!!(-$#<&(%&"0!"&"#-$4#&G

WJ
N%(#-$:.0&;(-#$0&G&>@C1H1I&C91ID >+D @'&1D&C1&FJ1Z I @'

La&X&S&PH(&"#(#$)!!(-$#<&80&*9)-8-0&n&G

La&[&PH0"&;-)40""%"&(%#)-<,-0""$R"&6+J6;7&7&G

La&`PF-)40""%"&+J&6L7&)%&;-)40""%"&.(-f)=$0!&*$!<($-0&G

WX
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

#!;54"#-$^$I"<*#-$5*<)-,$4-$E!M$-*$a-8b78,

K5(;$#-0&LL&G&H1I&>@C1H1I&C91ID >+D @'I

LL&LP&H0&.)8:*0&890"#$.(#$)!&80"&4<-<(*0"&G
?0(8%$#./4$8%*6%8$*6./0&%$&.8$%*$#%)/FF=8$&.$#%'68/6-*$#%<(/%/&F*($&.%#(8%*$#%<(6&./.=#%/4208.=$#
)$#% :=8=6*$#% .$**$#% <($% >% *6% 280)(:./0&_% *6% #(2$8F/:/$_% *6% :0&#0446./0&% ^0&% (./*/#$% *6
:80/##6&:$%)=407862!/<($`%0&%(./*/#$86%*$%*07/:/$*%)$#%#.6./#./<($#%B'/$p#Z@
?0(8%:$*6%0&%6%YH%0-#$8'6./0&#%)$%XWLJfGJJZ%:68%20(8%(./*/#$8%*6%*0/%&0846*$%/*%&0(#
F6(.%6(%40/&#%YJ%0-#$8'6./0&#@
,&%'6%:044$&:$8%268%*+=.()$%)$%*6%8$*6./0&%<(/%$P/#.$%$&.8$%*$#%<(6&./.=#%/4208.=$#
:044$% '68/6-*$% )=2$&)6&.$% ^E5?`% $.% *6% #(2$8F/:/$% ^% 9M?`% _% *6% 280)(:./0&% ^?C,1`% _% *6
)=407862!/$%^1B5,`
10&:%&0.8$%40)"*$%#$86%$#./4=%:044$%#(/.%>
D(E*0(%&'iLXG&1"#$.(#$)!&0!#-0& >F&4<-<(*0"dC1>@dIAFdFJ@C

s68/6-*$ Q0$FF/:/$&. 9.)%$8808 @#.6.


Q fYLHVZXX WKJWGL@L fY@LYWXY
9M? J@XZKXHG J@GGXWJW J@KHVKXY
1B5, YVW@YGYX YG@KVXJK XX@WXGVX
?C,1 fJ@HVYXWH J@XWVJHH fG@WZZKXV
% C“~J@VLKXH S@#.6.~LY@XJHHX %

WG
N%(#-$:.0&;(-#$0&G&>@C1H1I&C91ID >+D @'&1D&C1&FJ1Z I @'

90(8:$%>%*07/:/$*%(./*/#=%B'/$p#
10&:%&0.8$%40)"*$%$#.%*$%#(/'6&.%>
>FSr&2S[V`ULL&2aPLUXLVQ&IAFtS`_PSQSL&C1>@&2aPV`SL_V&FJ@C
1+628"#%*$#%8=#(*.6.#%)(%.6-*$6(%0&%:0&#.6.$%<($%>
O$% :0$FF/:/$&.% )$% *6% 280)(:./0&% $#.% &=76./F% ^fJ@HVYXWH`% :$% <(/% &0(#% $P2*/<($% <($% ]
:!6<($%F0/#%<($%*6%280)(:./0&%)/4/&($%*$#%/4208.6./0&#%$&%<(6&./.=#%6(74$&.$&.@%Q$%<(/
&0(#%$P2*/<($%6(##/%<($%O+6(74$&.6./0&%)$%*6%280)(:./0&%$#.%)6&#%*+/&:626:/.=%)$%#6./#F6/8$
*6%)$46&)$@
?0(8%*6%#(2$8F/:/$_%#0&%:0$FF/:/$&.%&+$#.%26#%#/7&/F/:6./F%^J@XZKXHG`%-/$&%<(+/*%#0/.%20#/./F@O$
:0$FF/:/$&.% *$% 2*(#% /4208.6&.% $#.% :$*(/% )$% *6% )=407862!/$% ^YVW@YGYX`% :68% *6% :80/##6&:$
)=407862!/<($%0(%*6%)$46&)$%/&F*($&.%)/8$:.$4$&.%#(8%*$#%<(6&./.=#%/4208.=$#@
?0(8%'=8/F/$8%#/%&0.8$%40)"*$%$#.%#/7&/F/:6./F%/*%F6(.%<($%*$% %#.6./#./<($%#0/.%#/7&/F/:6./F

WY
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

1+628"#%:$#%8=#(*.6.#%0&%2$(.%)=)(/8$%<($%*6%28$4/"8$%!d20.!"#$%&+$#.%26#%8$e$.=$%@56/#
/*%F6(.%#(228/4$8%*$%:0$FF/:/$&.%280)(:./0&%:68%#0&% %9.()$&.%$#.%&0&%#/7&/F/:6./F@
-`f/*%F6(.%<($%*$%8f#<(68)%^8“`%_%*$%:0$FF/:/$&.%)$%:088=*6./0&%#0/.%#/7&/F/:6./F%$.%#(2=8/$(8%]
HJg%$.%)6&#%&0.8$%:6#%/*%$#.%)$%VL@KHg
:`f*$%S/#!$8%$#.%#/7&/F/:6./F%/*%$#.%)$%LY@XJ
9/%0&%:!$8:!$86%(&%40)"*$%0w%*$#%:0$FF/:/$&.#%#$80&.%2*(#%#/7&/F/:6./F#%/*%F6(.%=*/4/&$8
(&% :0$FF/:/$&.% )+$#./46./0&% 0w% *$% % :6*:(*=% &+$#.% 26#% #/7&/F/:6./F% $.% 20(8% &0.8$% :6#% :+$#.% *$
:0$FF/:/$&.%#(2$8F/:/$@
D(E*0(%&'iL[G&1"#$.(#$)!&0!#-0& >F&4<-<(*0"dC1>@dFJ@C

s68/6-*$ :0$FF/:/$&. 9.)%$8808 %#.6.


Q fYJVJVZZ HVVHKH@Z fH@GYZZWL
1B5, YLH@VWVG GH@YXVYV XZ@VZKVH
?C,1 fJ@HJGVLG J@XHZKKY fY@GHXZXZ
% C“~J@VLZZ S@#.6.~XXX@ZXYX %

90(8:$%>%*07/:/$*%(./*/#=%B'/$p#
10&:%&0.8$%40)"*$%$#.%>
>FS&r2Sa`a`UU&tS[VP`_`Q&C1>@&2aPVaQ`[Q&FJ@C
Q044$%*$%40)"*$%28=:=)$&._%*$%:0$FF/:/$&.%)$%*6%280)(:./0&%$#.%.0(e0(8#%&=76./F%46*78=
<(+/*% #0/.% #/7&/F/:6./F% 6*08#% <($% *$% :0$FF/:/$&.% )$% *6% )=407862!/$% 6% )/4/&(=% 20(8% 26##$8
)$YVW@YGYX%]%YLH@VWVG@
,&%:04268$%*$#% %:6*:(*=#%6'$:%*$#% %.6-(*=#%>

WZ
N%(#-$:.0&;(-#$0&G&>@C1H1I&C91ID >+D @'&1D&C1&FJ1Z I @'

B&%286./<($%20(8%<($%*+!d20.!"#$%RJ%#0/.%'=8/F/=$%_%/*%F6(.%<($%*$#%'6*$(8#%)(%.%)$%9.()$&.
#0/$&.%/&F=8/$(8$#%]%X@GH%20(8%*$#%.80/#%28$4/$8#%8$.68)#%$.%#0/$&.%/&F=8/$(8$#%]%X@KJ20(8%*$#
8$.68)#%#(/'6&.#%_%)6&#%*$%:6#%:0&.86/8$%0&%8$e$..$%*+!d20.!"#$%RJ%$.%*$%40)"*$%$#./4=%&+$#.
26#%6)=<(6.@
;28"#% 6'0/8% /&.80)(/.% *+=<(6./0&% )6&#% *$% *07/:/$*% B'/$p#Z% _% &0(#% 6'0&#% *$#% 8=#(*.6.#
#(/'6&.#%>
D(E*0(%&'iL`G&H0"&4(*4%*"&80"&-<"$8%"&64<-<(*0"7

WH
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

% 6(.0:088$*6./0& ;(.0:088$*6./0&%268./$**$
X fJ@KHV fJ@KHV
G J@GXL fJ@YLW
Y J@JWG J@JVXL
Z fJ@YXJ fJ@GGV
H J@ZGW J@XHW
K fJ@GWG J@XVJ
L J@GJL J@YYY
V fJ@XXZ J@JWW
W fJ@JXZY J@JZV
XJ J@JLJ fJ@XZX
XX fJ@JXZ J@JGY
XG J@JXHG fJ@JLK
XY fJ@JXLH fJ@JXGW
XZ fJ@JXYG fJ@JV
XH J@JJL J@JXW
XK fJ@JJL fJ@XJJ

90(8:$%>%*07/:/$*%(./*/#=%B'/$p#
?0(8%:!6<($%:0$FF/:/$&.%)+6(.0:088$:./0&%0&%.$#.%*+!d20.!"#$%RJ%>

WK
N%(#-$:.0&;(-#$0&G&>@C1H1I&C91ID >+D @'&1D&C1&FJ1Z I @'

;28"#% *$% :6*:(*% )$#% 8=#/)(#% 0&% 2$(.% )=)(/8$% <($% )6&#% &0.8$% 40)"*$% $#./4=% *$#
2$8.(8-6./0&#%&$%#0&.%26#
;(.0:088$**$=#%$.%)0&:%&0.8$%40)"*$%$#.%6)=<(6.%>
50)"*$%)$#%:=8=6*$#%>
>F&r2Sa`a`UU&tS[VP`_`Q&C1>@&2aPVaQ`[Q&FJ@C
,&%2$(.%)=)(/8$%<($%*$#%<(6&./.=#%/4208.=$#%)$#%:=8=6*$#%)=2$&)$&.%)$%VL@ZZg%)$
*6%280)(:./0&%)$%:$#%)$8&/"8$#_%)$%*6%:0&#0446./0&%$.%)$%*6%#(2$8F/:/$%:0&#6:8=$%]%:$..$
:(*.(8$@
O$%:0$FF/:/$&.%)$%:088=*6./0&%#$86/.%2*(#%#/7&/F/:6./F%#/%0&%6'6/.%*6%'86/$%:0&#0446./0&%)$#
:=8=6*$#%2$&)6&.%*$#%YH%6&&=$#_%6/&#/%<($%*6%28=#$&:$%)$%:$8.6/&#%F6:.$(8#%:*/46./<($#%<(/
/&F*($&.%#(8%*6%280)(:./0&%.$*#%<($%*6%2*('/04=.8/$@

LL&QP&H0&.)8:*0&890"#$.(#$)!&8%&*($#&G

WL
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

?0(8% *$% *6/.% 0&% '6% $#./4$8% <($% 20(8% *6% 8$*6./0&% $&.8$% *$#% <(6&./.=#% /4208.=$#% )(% *6/._% *6
280)(:./0&%$.%*6%:0&#0446./0&_%*$#%:„FF/:/$&.#%=.6/$&.%:044$%#(/.%>
E5?%>%*$#%<(6&./.=#%/4208.=$#%*6%'68/6-*$%)=2$&)6&.$
1B5,%>%*6%:0&#0446./0&
?C,1%>%*6%280)(:./0&
D(E*0(%&'iL_&G1"#$.(#$)!&0!#-0& >F&*($#dC1>@dFJ@C

s68/6-*$ Q0$FF/:/$&. 9.)%$8808 %#.6.


Q LLLHY@WZ GLXKY@ZX G@WHZVJK
1B5, Y@ZVKKWW X@GHXKGH W@LWWZLK
?C,1 J@JJYZYY J@JJHHWYH fY@KJLWLH
% C“~J@GYKXJK S@#.6.~Z@WZHYGH 1@}~X@GKXXLH

90(8:$%>%*07/:/$*%(./*/#=%B'/$p#
1+628"#%:$#%8=#(*.6.#%0&%8$468<($%<($%*$%40)"*$%>
>FL& r[[[VSP_U& tSPU`XX__& C1>@& taPaaSUSSFJ@C& &+$#.% 26#% #/7&/F/:6./F% :68% *$
C“~J@GY%xxxxxx%X%_%6/&#/%<($%*$%S/#!$8%<(/%$#.%=76*%]%Z@WZHY
9/%0&%:04268$%6(##/%*$#% %:6*:(*=#%$.%*$#% %9.()$&.%>

O$% %280)(:./0&%$#.%/&F=8/$(8%6(% %9.()$&.%)0&:%*+!d20.!"#$%RJ%$#.%8$e$.=$


?0(8%6'0/8%(&%40)"*$%2*(#%#/7&/F/:6./F%0&%=*/4/&$%*6%'68/6-*$%0w%*$%:0$FF/:/$&.%&+$#.%26#
#/7&/F/:6./F%:k$#.f]f)/8$%*$%:0$FF/:/$&.%0w%#0&% %:6*:(*=%$#.%/&F=8/$(8%6(% %9.()$&.%$.%20(8%&0.8$
:6#%:+$#.%*6%'68/6-*$%280)(:./0&@
D(E*0(%&'iQaG&1"#$.(#$)!&0!#-0& >F&*($#&dC1>@

s68/6-*$ Q0$FF/:/$&. 9.)%$8808 %#.6.


1B5, Y@KWWJX X@XVZZK Y@XGGWZ
Q LKYHHY@YG GKLVX@JL G@VHXJX
% C“%~J@GGVXG S@#.6.~W@LHGL 1@}~X@GVW

90(8:$%>%*07/:/$*%(./*/#=%B'/$p#
,&%8$468<($%<($%4a4$%628"#%*+=*/4/&6./0&%)$%*6%'68/6-*$%280)(:./0&%*$%:0$FF/:/$&.%)$
:088=*6./0&%&+$#.%.0(e0(8#%26#%#/7&/F/:6./F%/*%$#.%)$%J@GGV%6*08#%<($%*$%S/#!$8%6%6(74$&.=%)$
Z@WZ%]%W@LH
10&:%*$%40)"*$%$#./4=%E5?%~%Y@KWW%1B5,%vLKYHHY@YG%Q%&+$#.%26#%#/7&/F/:6./F%6(##/@
O6% &0&% #/7&/F/:6./0&% )(% 40)"*$% )+$#./46./0&% )(% *6/.% $#.% )($% ]% *+6-#$&:$% )$% :$8.6/&$#
'68/6-*$#%/4208.6&.$#%.$**$#%<($%>%*6%#(-'$&./0&%#(8%*$#%28/P%6/&#/%<($%*6%'86/$%:0&#0446./0&
2$&)6&.%*$#%YH6&&=$#@
WV
N%(#-$:.0&;(-#$0&G&>@C1H1I&C91ID >+D @'&1D&C1&FJ1Z I @'

O+/&)(#.8/$% *6/./"8$% $&% ;*7=8/$% F0&:./0&&$% $##$&./$**$4$&.% #(8% *6% -6#$% )$% 46./"8$#
28$4/"8$#%/4208.=$#_%Q+$#.f]f)/8$%)$%*6%20()8$%)$%*6/.%$.%)$%*6%46./"8$%786##$%)$%*6/.%6&!d)8$@
9(8%*$%2*6&%.$:!&0*07/<($_%$**$%$#.%F0&)64$&.6*$4$&.%(&%t%280:$##(#%)$%8$:04-/&6/#0&%u
:0&#/#.6&.%$&%*6%8=!d)86.6./0&%)$%20()8$%)$%*6/.%]%*6<($**$%$#.%6##0:/=$%)$%*6%46./"8$%786##$@
^;4$**6*%_XWWH`@
O6% F/*/"8$% *6/.% $#.% :686:.=8/#=$% 268% (&$% )=2$&)6&:$% '/#f]f'/#% )$#% 468:!=#% $P.=8/$(8#
20(8%#0&%62280'/#/0&&$4$&._%:$%<(/%$#.%$P2*/<(=%268%*6%F6/-*$%:0&.8/-(./0&%)$%*6%280)(:./0&
&6./0&6*$%6(%#$:.$(8%/&)(#.8/$*%*6/./$8_%:$%)$8&/$8%$#.%62280'/#/0&&=%]%!6(.$(8%)$%WJg%268%*$#
/4208.6./0&#%)$%20()8$%)$%*6/.%@;/&#/_%*6%:0('$8.(8$%)$#%-$#0/&#%)$%*6%202(*6./0&%$#.%$#./4=$
]%Y519%)$%*/.8$%$&%40d$&&$%6(%:0(8#%)$%*6%2=8/0)$%XWWKfXWWW%^Q!$8F60(/_%GJJY`

LL&SPH0&.)8:*0&890"#$.(#$)!&80&*95%$*0&80&#)%-!0")*
,&%'6%=.()/$8%*6%8$*6./0&%<(/%$P/#.$%$&.8$%*$#%<(6&./.=#%/4208.=$#%E5?%$.%*6%:0&#0446./0&
^1B5,`_%$.%*6%280)(:./0&%^?C,1`
D(E*0(%&'iQL&1"#$.(#$)!&0!#-0& >F&5%$*0&80&#)%-!0")*dC1>@dFJ@C

s68/6-*$ Q0$FF/:/$&. 9.)%$8808 .@#.6.


Q fXLXKLW YZLWY@WX fZ@WYZX
1B5, XG@LHKYG X@LYLVZH L@YZJYJV
?C,1 VW@KYKKK XHK@YKXJ G@HLYGKL
% C“~J@LHJG S@#.6.~ZV@JK %

90(8:$%>%*07/:/$*%(./*/#=%B'/$p#
,&%8$468<($%<($%*$%C“%$#.%=76*%]%J@LH%$.%/*%$#.%#/7&/F/:6./F@
O$%S/#!$8%$#.%)$%ZV@JK@LV%/*%$#.%#/7&/F/:6./F@
9/%0&%:04268$%*$% %:6*:(*=%6'$:%*$% %9.()$&.%0&%6%*$#%8=#(*.6.#%#(/'6&.#%>

10&:%0&%2$(.%)=)(/8$%<($%*$#%<(6&./.=#%/4208.=$#%)$%*k%!(/*$%)$%.0(8&$#0*%)=2$&)$&.%)$
LZg%)$%*6%:0&#0446./0&%&6./0&6*$%$.%)$%*6%280)(:./0&%/&)(#.8/$**$%:68%*6%280)(:./0&%678/:0*$
)$%:$..$%!(/*$%$#.%&(**$%$.%*+;*7=8/$%$#.%(&%26d#%/4208.6.$(8%&$.%)$#%!(/*$#@
10&:%&0.8$%40)"*$%$#./4=%$#.%:044$%#(/.%>
>FLr&2L[LX[_&tLQP[VXSQ&C1>@%t`_PXSXXXFJ@CO$%:0$FF/:/$&.%)$%*6%)=407862!/$
$#.%20#/./F%^XG@LHKYG`%:$%<(/%&0(#%$P2*/<($%<($%]%:!6<($%F0/#%<($%*6%)$46&)$%6(74$&.$_
*$#%<(6&./.=#%/4208.=$#%6(74$&.$&.%$**$#%6(##/@
O$%:0$FF/:/$&.%)$%*6%280)(:./0&%/&)(#.8/$**$%$#.%)$%^VW@KYKKK`_%/*%$#.%20#/./F%$.%#/7&/F/:6./F%:$
<(/%&0(#%$P2*/<($%<($%*+6(74$&.6./0&%)$#%:626:/.=#%)$%280)(:./0&%$&7$&)8$%*+6(74$&.6./0&
)$#%<(6&./.=#%/4208.=$#@

WW
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

[<A%-<"$=L00/$;<%;"%$4-,$#5,74",$9'"7%-$4-$*!"#8-,!%>
D(E*0(%&'iQQG&4(*4%*&80"&-<"$8%"&65%$*0&80&#)%-!0")*7

% 6(.0:088$*6./0& ;(.0:088$*6./0&%268./$**$
X J@GJG J@GJG
G fJ@XGL fJ@XWY
Y fJ@GJG fJ@XYY
Z fJ@XJH fJ@JZL
H fJ@GHW fJ@YJY
K fJ@YYK fJ@YXK
L fJ@GKG fJ@YZH
V J@XVX J@JXW
W J@YLH J@JWH
XJ J@JKJ fJ@GLK
XX J@JHZ fJ@JXV
XG J@JKZ fJ@XZW
XY fJ@JYZ fJ@GZG
XZ fJ@JXW fJ@JHG
XH fJ@XVH fJ@JXL
XK fJ@JVX fJ@XJX

90(8:$%>%*07/:/$*%(./*/#=%B'/$p#

XJJ
N%(#-$:.0&;(-#$0&G&>@C1H1I&C91ID >+D @'&1D&C1&FJ1Z I @'

;28"#% *$% :6*:(*% )$#% 8=#/)(#% 0&% 2$(.% )=)(/8$% <($% )6&#% &0.8$% 40)"*$% $#./4=% *$#
2$8.(8-6./0&#%&$%#0&.%26#%6(.0:088$**=#%$.%)0&:%&0.8$%40)"*$%$#.%6)=<(6.%>
>Fr&2L[LX[_&tLQP[VXSQ&C1>@&t`_PXSXXXFJ@C
;'6&.%*+/&)=2$&)6&:$_%/*%&+$P/#.6/.%286./<($4$&.%26#%)$%:(*.(8$%)$%2*6&.$#%0*=67/&$(#$#@
O$#% 786&)#% 780(2$#% )$% *+=20<($% ^OB9EBMC`% 28=F=86&.% /4208.$8% )+6(.8$#% 26d#% *6% 46./"8$
28$4/"8$_%$.%#2=:/6*/#$8%*+;*7=8/$%)6&#%)+6(.8$#%)046/&$#@
16&#%*$%:6)8$%)$%)='$*022$4$&.%=:0&04/<($_%*$#%20('0/8#%2(-*/:#%0&.%)(%F6'08/#$8%*6
:(*.(8$%)$%:68.!64$%$.%)$%.0(8&$#0*%20(8%*/4/.$8%*$#%/4208.6./0&#%)$%786/&$#@%^;8/F%$.%Uq;%_
XWWJ%`@
D(E*0(%&'iQS&G&F-)8%4#$)!&80&#)%-!0")*&0#&4(-#5(.0&6%!$#<&G&NW7

% XWKWIXWLJ XWLJIXWLX XWLXIXWLG XWLGIXWLY XWLYIXWLZ XWLZIXWLH XWLHIXWLK


0(8&$#0* XZYXJ XKLVJ XYXHJ XLVWJ XZKZJ XJKHJ ZLLJ
:68.!64$ ffffff ffffff fffffff fffff ffffff fffffff ffffffff

XJX
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

XWLKIXWLL XWLLIXWLV XWLVIXWLW XWLWIXWVJ XWVJIXWVX XWVXIXWVG XWVGIXWVY XWVYIXWVZ


YWGJ XLKJ GYJ ZHJ LZJ GWJ VLJ ffff
fff XHWJJ WXVJ ZLYJ XVLHJ XHHWJ YGJJ XXJ

90(8:$% >% 6&&(6/8$% #.6./#./<($% )$% *+;*7=8/$% XWVJ_% 1/8$:./0&% q=&=86*$% )$#% #.6./#./<($#_
2%@GJJ_%='0*(./0&%)$%*6%280)(:./0&%'=7=.6*$@
B&%$FF$._%*6%280)(:./0&%)$%:$#%)$(P%.d2$#%)$%:(*.(8$#%&+6%26#%28078$##=_%'0/8$%4a4$
6%8=78$##=@
Q$#%:(*.(8$#%&0('$**$#%0&.%=.=%46*%46T.8/#=$#%268%*$#%280)(:.$(8#%&6./0&6(P_%)$%2*(#
/*%F6(.%6e0(.$8%]%:$*6%*$%:!0/P%)$%*6%'68/=.=%<(/%)6&#%:$8.6/&#%:6#%#+6)62.$%)/FF/:/*$4$&.%6(P
:0&)/./0&#%:*/46./<($#@
;(##/%8=:$44$&.%<($%XWWW_%*6%280)(:./0&%&6./0&6*$%)$%*+!(/*$%6%#$(*$4$&.%#6./#F6/.%KJ
g%)$#%-$#0/&#%6*7=8/$&#%)$%:0&#0446./0&_%$.%*$%8$#.$%6%){%a.8$%/4208.=%$&%.6&.%<(k!(/*$
)$% 86FF/&67$% 28a.$% 20(8% *6% :0&#0446./0&@% Q$2$&)6&._% *6% 280)(:./0&% &6./0&6*$% )k!(/*$% 6
6(74$&.=%#(FF/#644$&.%20(8%8$&)8$%*$#%/4208.6./0&#%)$%*k!(/*$%)$%86FF/&67$%&0&%&=:$##6/8$#@
O6% :0&#0446./0&% )$% Ok!(/*$% $.% )$#% 786/##$#% 8$28=#$&.$% L% g% )$#% )=2$&#$#% )$#
4=&67$#%$&%;*7=8/$@%O6%:0&#0446./0&%$#.%)$%ZVK%4/**/0&#%)$%.0&&$#%)k!(/*$_%)$%XG@JJJ
.0&&$#%)$%-$(88$%$.%)$%ZG@JJJ%.0&&$#%)$%468768/&$@%Ok!(/*$%)$%.0(8&$#0*%)04/&$%.0(e0(8#
*$%468:!=%6*7=8/$&@%A/$&%<($%QBsE ;O%/4208.$%*+!(/*$%)$%#0e6_%Ok!(/*$%)$%.0(8&$#0*%$.%*k!(/*$
)k0*/'$%:0&#./.($&.%*6%46e$(8$%268./$%)$%*6%:0&#0446./0&%!(/*/"8$%6*7=8/$&&$@%Ok!(/*$%)$%#0e6
&k$#.%26#%-/$&%6228=:/=$%268%*$#%:0&#0446.$(8#%6*7=8/$&#%$&%86/#0&%)$%#0&%70{.%$.%#0&
0)$(8%F08.$@%^F08$/7&%678/:(*.(86*%#$8'/:$%M91;%_GJJZ`@
Ok$&.8=$%)$%QBsE ;O%)6&#%*$%468:!=%)$2(/#%XWWW%$#.%*$%F6:.$(8%)$%)=.$84/&6./0&%)$
*k6(74$&.6./0&%)$#%/4208.6./0&#%)k!(/*$%)$%.0(8&$#0*@

LL&UP&H0&.)8:*0&890"#$.(#$)!&80"&"%4-0"
?0(8%*$%40)"*$%)$#%#(:8$#%0&%'6%$#./4$8%*6%8$*6./0&%$&.8$%*6%280)(:./0&%/&)(#.8/$**$_%$.%*6
)$46&)$%^*6%)=407862!/$`
D(E*0(%&'iQU&G&1"#$.(#$)!&0!#-0& >F&"%4-0dC1>@dFJ@C

s68/6-*$ Q0$FF/:/$&. 9.)%$8808 %#.6.


1B5, YH@HXYGY G@WZVYWZ XG@JZZWZ
Q fYHZ@GVVJ VG@ZHJXW fZ@GWKWWZ
?C,1 X@XXJHGGW J@GLKXXX Z@JGGJYG
% C“~J@VGHLJW S@#.6.~LH@VJJGL 1(8-/&f}6#.0&~X@WHZZ

90(8:$%>%*07/:/$*%(./*/#=%B'/$p#
,&%8$468<($%<($%*$%:0$FF/:/$&.%)$%:088=*6./0&%$#.%#/7&/F/:6./F_%/*%$#.%)$%J@VGHL%z%J@HJ%6/&#/
<($%20(8%*$%S/#!$8%LH@VJ_%)0&:%0&%2$(.%)=)(/8$%<($%&0.8$%40)"*$%$#./4=%$#.%#/7&/F/:6./F%6(##/@
>F&r&2SVUPQ``a&tSVPVLSQS&C1>@&tLPLLaVQ_&FJ@C
O$#%<(6&./.=#%/4208.=$#%)$#%#(:8$#%)=2$&)$&.%)$%VG@Hg%)$%*6%)=407862!/$%$.%)$%*6
280)(:./0&%/&)(#.8/$**$@

XJG
N%(#-$:.0&;(-#$0&G&>@C1H1I&C91ID >+D @'&1D&C1&FJ1Z I @'

O$%:0$FF/:/$&.%)$%*6%)=407862!/$%$#.%20#/./F%YH@HXYGY%:$%<(/%&0(#%$P2*/<($%<($%]%:!6<($
F0/#% <($% *6% )=407862!/$% 6(74$&.$% )+(&$% (&/.=% *$#% <(6&./.=#% /4208.=$#% 6(74$&.$&.% )$
YH@HX@
*$%:0$FF/:/$&.%)$%*6%280)(:./0&%$#.%20#/./F%^X@XX`6(##/%46/#%&+$#.%26#%#/7&/F/:6./F%6(.6&.
<($%*6%)=407862!/$%@
,&% &+6% 26#% /&.80)(/.% )+6(.8$#% '68/6-*$#% .$**$#% <($% *6% 280)(:./0&% 678/:0*$% :68% $**$% $#.
&(**$%@E)$4%20(8%*6%#(2$8F/:/$@
9/%0&%:04268$%*$% %:6*:(*=%6'$:%*$% %9.()$&.%0&%6%*$#%8=#(*.6.#%#(/'6&.#%>

[<A%-<"$=L$0R$/c<%;"%$4-,$#5,74",$,";#-
D(E*0(%&'i&QV&GK(*4%*&80"&-<"$8%"&"%4-0

% 6(.0:088$*6./0& ;(.0:088$*6./0&%268./$**$
X J@JGLY J@GLY
G J@XKG J@JWH
Y J@XLJ J@XXY
Z J@XXK J@JYV
H J@JXH fJ@JHH
K J@JYL J@JXH
L fJ@JHK fJ@JWJ
V J@JHX J@JWJ
W J@JVZ J@JLZ
XJ fJ@JJX fJ@JYV
XX fJ@JHK fJ@JLZ
XG J@JHK J@JKX
XY fJ@XGH fJ@XHW
XZ J@JJX J@JVY
XH fJ@JVL fJ@JWJ
XK fJ@JVJ fJ@JXZ

90(8:$%>%*07/:/$*%(./*/#=%B'/$p#
?0(8%:!6<($%:0$FF/:/$&.%)+6(.0:088$:./0&%0&%.$#.$%*+!d20.!"#$%RJ%>

XJY
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

LL&VP&H0&.)8:*0&890"#$.(#$)!&80"&8(##0"&G
9/%0&%=.()/$%*6%8$*6./0&%$&.8$%*$#%<(6&./.=#%$P208.=$#_%*6%:0&#0446./0&_%*6%280)(:./0&%$.%*6
#(2$8F/:/$%0&%6(86%*$%.6-*$6(%#(/'6&.%>
D(E*0(%&'iQXG&1"#$.(#$)!&0!#-0&1^F&8(##0"&dC1>@dFJ@CdIAF

s68/6-*$ Q0$FF/:/$&. 9.)%$8808 @#.6.


Q fGXKV@GZV LVGK@LZV fJ@GLLJY
9M? XJW@ZVWW XZZ@GYGL J@LHWXXW
1B5, J@XLYLLV J@XHWWG J@XGXVHY
?C,1 fJ@JJJKZH J@JJGZYK fJ@GKZVJZ
% C“~J@XZW S@#.6.~X_VXKK 1@}~X@KGXY

90(8:$%>%*07/:/$*%(./*/#=%B'/$p#

XJZ
N%(#-$:.0&;(-#$0&G&>@C1H1I&C91ID >+D @'&1D&C1&FJ1Z I @'

1+628"#%*$#%8=#(*.6.#%0&%8$468<($%<($%*$%C“%&+$#.%26#%#/7&/F/:6./F%xxxxxX%6/&#/%<($%*$
S/#!$8_%$.%#/%0&%:04268$%*$#% %:6*:(*=#%$.%*$#% %.6-(*=#_%0&%6(86%*$#%8=#(*.6.#%#(/'6&.#%>

Q$#%8=#(*.6.#%&0(#%40&.8$&.%<($%*$%40)"*$%$#./4=%>
1^F&r&2Q[[a&tLPLQL`VS&C1>@&2aPQXU`aU&FJ@CtaP[VLL_&IAF%&+$#.%26#%#/7&/F/:6./F
O$%280-*"4$%)$%*+$P208.6./0&%)$%)6..$#%$&%;*7=8/$%$#.%(&$%'=8/.6-*$%=<(6./0&%]%2*(#/$(8#
/&:0&&($#@
;(%5;1C_%0&%8$:0&&6T.%/42*/:/.$4$&.%<($%*$#%<(6&./.=#%/4208.6&.$#%)$%*6%280)(:./0&
&6./0&6*$%#0&.%$P208.=$#%268%*$%:/8:(/.%)$%:6&6(P%/&F084$*#%'$8#%*6% (&/#/$%<(/%*$#%$P208.$
]%#0&%.0(8%#0(#%*6-$*%.(&/#/$&@

LL&XP&>)8:*0&890"#$.(#$)!&=$!"
?0(8%$#./4$8%*6%8$*6./0&%$&.8$%*$#%<(6&./.=#%$P208.=$#_%*6%280)(:./0&%$.%*6%#(2$8F/:/$%0&%6%*$
.6-*$6(%#(/'6&.%>
O6%'68/6-*$%)=2$&)6&.$%$#.%*$#%<(6&./.=#%$P208.=$#%Br?Y
?C,1%>%280)(:./0&
9M?%>%#(2$8F/:/$
D(E*0(%&'iQ[&G1"#$.(#$)!&0!#-0&1^F&=$!"&dIAFdFJ@C

'68/6-*$ Q0$FF/:/$&. 9.)%$8808 %#.6.


?C,1 J@JHGVHW J@JXHYJH Y@ZHYLLV
9M? XVWY@XKJ HGX@XWVV Y@KYGYXW
Q fXKLGGH@X HVLXV@ZY fG@VZLWXZ
% C“~J@LVKX S/#!$8~HV@VJGK 1@}~X@LJWHJV

90(8:$%>%*07/:/$*%(./*/#=%B'/$p#
1+628"#% *$% .6-*$6(% :/f)$##(#% 0&% 8$468<($% <($% *$% :0$FF/:/$&.% )$% :088=*6./0&% $#.
#/7&/F/:6./F_%/*%$#.%)$%J@LVK%6/&#/%<($%*$%S/#!$8%<(/%$#.%)$%HV@VJ%)0&:%0&%2$(.%)/8$%<($%*$#
<(6&./.=#%$P208.=$#%)=2$&)$&.%)$%LVg%)$%*6%280)(:./0&%$.%)$%*6%#(2$8F/:/$@
?0(8%*6%:0&#0446./0&%^1B5,`_%$**$%&+$#.%26#%$#./4=$%:68%$**$%$#.%F6/-*$%0(%28$#<($
&(**$%)0&:%$**$%&+6%26#%(&$%786&)$%/&F*($&:$%#(8%&0.8$%40)"*$@
1^FSr&2LX[QQVPL&tL`_SPLXa&IAFtaPaVQ`V_&FJ@C

XJH
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

O$%:0$FF/:/$&.%)$%*6%#(2$8F/:/$%$#.%20#/./F%$.%/4208.6&.%^XVWY@XKJ`%:$%<(/%$P2*/<($%<($%*$#
<(6&./.=#%$P208.=$#%)=2$&)$&.%$&%786&)$%268./$%)$%*6%#(2$8F/:/$@
O$% :0$FF/:/$&.% )$% *6% 280)(:./0&% $#.% &0&% #/7&/F/:6./F% ^J@JHGVHW`% $.% n6% $P2*/<($% 6(##/
<($% *$#% <(6&./.=#% 280)(/.$#% )(% 86/#/&% &$% #0&.% 26#% ]% XJJg% )$#./&=$#% ]% *6% .86&#F0846./0&@
^Q0&#0446./0&%*0:6*$`@

[<A%-<"$=L0V/$;<%;"%,$4-,$#5,74",$678,
D(E*0(%&'iQ`G&4(*4%*"&80"&-<"$8%"&=$!"

% 6(.0:088$*6./0& ;(.0:088$*6./0&%268./$**$
X J@JGH J@JGH
G fJ@JHK fJ@JHL
Y fJ@YYH fJ@YZJ
Z fJ@GZZ fJ@GZH
H fJ@JWK fJ@XKG
K fJ@XGY fJ@GZJ
L fJ@JYY fJ@GHW
V J@JYG fJ@GXY
W J@JWZ fJ@JLH
XJ fJ@GGH fJ@JVV
XX J@GXK fJ@XGJ
XG J@JKK fJ@JGW
XY fJ@XWG fJ@JWV
XZ fJ@XVY fJ@JGY
XH fJ@GYG fJ@XZW
XK fJ@JKK fJ@JZZ

90(8:$%>%*07/:/$*%(./*/#=%B'/$p#

XJK
N%(#-$:.0&;(-#$0&G&>@C1H1I&C91ID >+D @'&1D&C1&FJ1Z I @'

10&:% 0&% 2$(.% )=)(/8$% <($% )6&#% &0.8$% 40)"*$_% *$#% 2$8.(8-6./0&#% &$% #0&.% 26#
6(.0:088=**=$#%$.%&0.8$%40)"*$%$#.%6)=<(6.%>
1^FSr&2LX[QQVPL&tL`_SPLXa&IAFtaPaVQ`V_&FJ@C
O$#%<(6&./.=#%)(%'/&%$P208.=$#%#0&.%)=2$&)6&.$#%]%LVg%)$%*6%280)(:./0&%$.%*6%#(2$8F/:/$
:0&#6:8=$%]%:$%280)(/.%)+628"#%*+(./*/#6./0&%)(%*07/:/$*%)+$#./46./0&%@10&:%0&%2$(.%)=)(/8$
<($%]%:!6<($%F0/#%<($%*$#%#(2$8F/:/$#%6(74$&.$&.%_%*$#%280)(:./0&#%6(74$&.$&.%$.%:+$#.%*$
:6#%20(8%*$#%<(6&./.=#%$P208.=$#%$.%'/:$%'$8#6%@

K5(;$#-0&LQ&G&H1I&FJ1Z I @'I

LQ&LP&H0&.)8:*0&80&;-<=$"$)!&80"&4<-<(*0"&G

XJL
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

)+628"#%*$%.6-*$6(%)+$#./46./0&%)$#%:=8=6*$#%$.%628"#%*+=*/4/&6./0&%)$%*6%#(2$8F/:/$%0w%#0&
@#.6.%$.%&0&%#/7&/F/:6./F%$#.%/&F=8/$(8%]% @#.()$&.%0&%6%)$(P%40)"*$#%>
F-0.$0-&.)8:*0&G

s68/6-*$ Q0$FF/:/$&. 9.)%$8808 @#.6.


Q fYLHVZXX WKJWGL@L fY@LYWXY
9M? J@XZKXHG J@GGXWJW J@KHVKXY
1B5, YVW@YGYX YG@KVXJK XX@WXGVX
?C,1 fJ@HVYXWH J@XWVJHH fG@WZZKXV
% C“~J@VLKXH S@#.6.~LY@XJHHX 1(8-/&%p6#.~G@JHK

;28"#%*+=*/4/&6./0&%)$%*6%#(2$8F/:/$%>
C0%W$:.0&.)8:*0&G&

s68/6-*$ Q0$FF/:/$&. 9.)%$8808 %#.6.


Q fYJVJVZZ HVVHKH@Z fH@GYZZWL
1B5, YLH@VWVG GH@YXVYV XZ@VZKVH
?C,1 fJ@HJGVLG J@XHZKKY fY@GHXZXZ
% C“~J@VLZZ S@#.6.~XXX@ZXYX 1(8-/&%p6#.~G@JHK

?0(8%*$#%28='/#/0&#%0&%(./*/#$86
f*$#%.$#.%)$%)/:cd%F(**$8%>
f*$#%.$#.%)$%;c6/c$%/&F0%:8/.$8/0&%$.%*$%.$#.%)$%9:!p68b%:8/.$8/0&
f*$%.$#.%)$%1(8-/&%}6#.0&
?0(8%F6/8$%)$#%28='/#/0&#_%/*%F6(.%<($%*$#%)$(P%#=8/$#%^)=407862!/$%$.%280)(:./0&`%#0/$&.
#.6./0&&6/8$#%$.%:+$#.%*6%:6#%)$%*6%#=8/$%)=407862!/$@
O6% #=8/$% 280)(:./0&% $#.% (&% -8(/.% -*6&:% @10&:% 0&% )0/.% *+=*/4/&$8% $.% 0&% 6(86% *$% .6-*$6(
#(/'6&.%>
D(E*0(%&'iQ_&G&;-<=$"$)!&80"&$.;)-#(#$)!"&6.)8:*0&4<-<(*07

s68/6-*$ Q0$FF/:/$&. 9.)%$8808 %#.6.


Q fYHKYZVX KZKVVH@Z fH@HJVKLZ
1B5, YZW@LYJZ GZ@GKHXW XG@VGKWW
% ;EQ~YJ@ZGZKW 9Q%~YJ@HXYHL 1(8-/&%p6#.~X@LV
% C“~J@VYGWYV S@#.6.~XKZ@HYXV %

O$%40)"*$%)$%28='/#/0&%#$86%:044$%#(/.%>
E5?%~%fYHKYZVX%vYZW@LYJZ%1B5,
56/#%/*%F6(.%<(+0&%.$#.$%$.%<(+0&%28='0/.%)+6-08)%*6%)=407862!/$%>
Xf.$#.%)$%1/:cd%S(**$8%_%*6%#=8/$%)=407862!/$%$#.%;C^X`%0w%;C^2`%
D(E*0(%&'iSa&G&+ K&dIK&68<.),-(5$024<-<(*0"7

XJV
N%(#-$:.0&;(-#$0&G&>@C1H1I&C91ID >+D @'&1D&C1&FJ1Z I @'

1B5, X G Y Z
;EQ XX@WZ XJ@WG XJ@WZ XJ@WY
9Q XG@JY XX@JG XX@XJ XX@XK

fO$%)=407862!/$%$#.%(&$%;C%^G`%)0&:%;(74$&.$)%1/:cd%S(**$8%6'$:%;EQ%~%XJ@WG%$.%(&
9Q%~XX@JG@%,&%6%6(##/%>
f;1S%#.6./#./:%~%fG@KJKGXX%x%;1S%.6-(*=%~%fG@HKXG%]%Hg
f*$%:0$FF/:/$&.%Q%:6*:(*=%~%G@WH%x%Q%.6-(*=%~G@VH
f*6%#=8/$%)$#%8=#/)(#%)$%*6%)=407862!/$%$#.%(&%-8(/.%-*6&:@
10&:%*$%40)"*$%)$%*6%)=407862!/$%$#.%*$%#(/'6&.%>
D(E*0(%&'iSLG&;-<=$"$)!&80&*(&8<.),-(;5$0&6.)8:*0&4<-<(*07

s68/6-*$ Q0$FF/:/$&. 9.)%$8808 %#.6.


1B5,^fX` G@JVKVYH J@JHLGHJ YK@ZZZKJ
1B5, fX@JVWYZZK J@JHVKJY fXV@HVVHK
% ;EQ%~XJ@WG 9Q~XX@JG 1(8-fp6#.0&~X@GL
% C“~J@WWWWJL S@#.6.~YYYZWV %

XJW
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

@-$*<A%-<"$=L20$/$ #567,7!8$4-,$73)!#*<*7!8,$4-,$,";#-,

LQ&QP&H0&.)8:*0&80&;-<=$"$)!&80"&"%4-0"&G
H0&#(E*0(%&'iSQ&G&F-<=$"$)!&80"&$.;)-#(#$)!"&80"&"%4-0"

s68/6-*$ Q0$FF/:/$&. 9.)%$8808 %#.6.


1B5, YH@HXYGY G@WZVYWZ XG@JZZWZ
Q fYHZ@GVVJ VG@ZHJXW fZ@GWKWWZ
?C,1 X@XXJHGGW J@GLKXXX Z@JGGJYG
% C“~J@VGHLJW S@#.6.~LH@VJJGL 1(8-/&f}6#.~X@WH

O$#%)$(P%#=8/$#%)$%&0.8$%40)"*$%>%)=407862!/$%$.%280)(:./0&%#0&.%#.6./0&&6/8$#%20(8
F6/8$%)$#%28='/#/0&#^&$%#0&.%26#%)$%-8(/.%-*6&:`@
%Xf.$#.%)$%1/:cd%S(**$8%>%*6%#=8/$%)=407862!/$%$#.%;C^X`%0w%;C^2`%

XXJ
N%(#-$:.0&;(-#$0&G&>@C1H1I&C91ID >+D @'&1D&C1&FJ1Z I @'

D(E*0(%&'iSSG&+ KdIK&8<.),-(;5$0&6.)8:*0&"%4-07

1B5, X G Y Z
;EQ X@YYG X@ZXZJ X@ZYZJ X@HXVZ
9Q X@YLLX X@HJZL X@HJZL X@LJYZ

1+628"#%*$%.6-*$6(%#/%)$##(#_%*6%)=407862!/$%$#.%(&$%;C^X`%6'$:%(&%;EQ%~%X@YYG%$.%(&
9Q%~%X@YLLX%)0&:%0&%=.6-*/.%*$%.$#.%)$%1/:cd%F(**$8%$.%&0&%;(74$&.$)%1/:cd%S(**$8%]%Hg%>
;1S%#.6./#./:%~%fY@ZHV%x%;1S%.6-(*=%~%fG@LHXG%]%Hg
f*$%:0$FF/:/$&.%Q%:6*:(*=%~%Y@HK%x%Q%.6-(*=%~G@VH
10&:%*$%40)"*$%)$%*6%)=407862!/$%$#.%*$%#(/'6&.%>
D(E*0(%&'iSU&G&;-<=$"$)!&80&*(&8<.),-(;5$0&6.)8:*0&"%4-07

s68/6-*$ :0$FF/:/$&. 9.)%$8808 %#.6.


1B5,^fX` X@JJGHWG J@JJYZHX GWK@YHGX
% ;EQ%~X@YYG 9Q~X@HJZL 1(8-fp6#.~G@XLVJ
% C“~J@WWGWXY % %

XXX
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

%Gf.$#.%)$%1/:cd%S(**$8%>%*6%#=8/$%280)(:./0&%$#.%;C^X`%0w%;C^2`%
D(E*0(%&'iSV&G&+ KdIK&;-)8%4#$)!&6.)8:*0&"%4-07

?C,1 X G Y Z
;EQ W@GG W@YG W@YK W@ZG
9Q W@GK W@ZH W@HJ W@HY

O6%#=8/$%280)(:./0&%$#.%(&$%;C^X`%_%)6&#%:$%:6#%6(##/%0&%(./*/#$86%*$%.$#.%)$%1/:cd%S(**$8
$.%&0&%26#%;(74$&.$)%1/:cd%S(**$8%@
;1S%#.6./#./:%~%fX@GGH%x%;1S%.6-(*=%~%X@GY%]%Hg
f*$%:0$FF/:/$&.%Q%:6*:(*=%~%Z@HKGx%Q%.6-(*=%~G@VH
10&:%*$%40)"*$%)$%*6%280)(:./0&%$#.%*$%#(/'6&.%>
D(E*0(%&'iSX&G&F-<=$"$)!&80&*(&;-)8%4#$)!&80"&"%4-0"&

XXG
N%(#-$:.0&;(-#$0&G&>@C1H1I&C91ID >+D @'&1D&C1&FJ1Z I @'

s68/6-*$ :0$FF/:/$&. 9.)%$8808 %#.6.


?C,1^fX` J@WVZGJG J@GLGJZ YK@XLLWK
% ;EQ%~W@GG 9Q~W@GK 1(8-fp6#.~X@LX
% C“~J@VZKYXZ % %

LQ&SP&H0&.)8:*0&80&;-<=$"$)!&80"&5%$*0"
1+628"#%*$%.6-*$6(%)+$#./46./0&%)$%*+!(/*$%)$%.0(8&$#0*%>
D(E*0(%&'iS[G&;-<=$"$)!&80"&$.;)-#(#$)!"&80&*95%$*0&80&#)%-!0")*&

XXY
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

'68/6-*$ Q0$FF/:/$&. 9.)%$8808 .@#.6.


Q fXLXKLW YZLWY@WX fZ@WYZX
1B5, XG@LHKYG X@LYLVZH L@YZJYJV
?C,1 VW@KYKKK XHK@YKXJ G@HLYGKL
% C“~J@LHJG S@#.6.~ZV@JK %

O$#%)$(P%#=8/$#%)$%&0.8$%40)"*$%>%)=407862!/$%$.%280)(:./0&%#0&.%#.6./0&&6/8$#%20(8
F6/8$%)$#%28='/#/0&#^&$%#0&.%26#%)$%-8(/.%-*6&:`@
%Xf.$#.%)$%1/:cd%S(**$8%>%*6%#=8/$%)=407862!/$%$#.%;C^X`%0w%;C^2`%
D(E*0(%&'iS`G&+ KdIK&8<.),-(;5$0&6.)8:*0&5%$*0&80&#)%-!0")*7&

1B5, X G Y Z
;EQ XY@YZ XJ@WG XJ@WW XJ@WH
9Q XY@YW XX@JG XX@XY XX@XZ

1+628"#%*$%.6-*$6(%#/%)$##(#_%*6%)=407862!/$%$#.%(&$%;C^G`%6'$:%(&%;EQ%~%XJ@WG%$.%(&
9Q%~%XX@JG%)0&:%0&%=.6-*/#%*$%.$#.%)$%;(74$&.$)%1/:cd%S(**$8%]%Hg%@
;1S%#.6./#./:%~%fG@YHH%x%;1S%.6-(*=%~%fG@XHXG%]%Hg
f*$%:0$FF/:/$&.%Q%:6*:(*=%~%Z@KY%x%Q%.6-(*=%~G@VH
10&:%*$%40)"*$%)$%*6%)=407862!/$%$#.%*$%#(/'6&.%>
D(E*0(%&'iS_&G&F-<=$"$)!&80&*(&8<.),-(;5$0&6.)8:*0&5%$*0&80&#)%-!0")*7

s68/6-*$ :0$FF/:/$&. 9.)%$8808 %#.6.


1B5,^fX` G@JVKVZL J@JHLGHX YK@ZHXXX
1B5,^fG` fX@JVKVZL J@JHVHWY %
% ;EQ%~XJ@WGWHJ 9Q~XX@JGJGJ 1(8-fp6#.~X@LVW
% C“~J@WWWWJL % %

Gf.$#.%)$%1/:cd%S(**$8%>%*6%#=8/$%280)(:./0&%$#.%;C^X`%0w%;C^2`%

XXZ
N%(#-$:.0&;(-#$0&G&>@C1H1I&C91ID >+D @'&1D&C1&FJ1Z I @'

D(E*0(%&'iUa&G&+ Kd&IK&;-)8%4#$)!&5%$*0&80&#)%-!0")*

?C,1 X G Y Z
;EQ W@XK W@GG W@GK W@YH
9Q W@GJ W@YX W@ZJ W@HZ

O6%#=8/$%280)(:./0&%$#.%(&$%;C^X`%_%)6&#%:$%:6#%6(##/%0&%(./*/#$86%*$%.$#.%)$%1/:cd%S(**$8
$.%&0&%26#%;(74$&.$)%1/:cd%S(**$8%@
;1S%#.6./#./:%~%fX@WVG%x%;1S%.6-(*=%~%X@GY%]%Hg
f*$%:0$FF/:/$&.%Q%:6*:(*=%~%L@HKGx%Q%.6-(*=%~G@VH@
10&:%*$%40)"*$%)$%*6%280)(:./0&%$#.%*$%#(/'6&.%>
D(E*0(%&'iUL&G&F-<=$"$)!&80&*(&;-)8%4#$)!&80&*95%$*0&80&#)%-!0")*&

s68/6-*$ :0$FF/:/$&. 9.)%$8808 %#.6.


?C,1^fX` X@JJHLJV J@JXKXZZ KG@GWKHV
% ;EQ%~W@K 9Q~W@GJ 1(8-fp6#.~X@KJ
% C“~J@VLYJW % %

XXH
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

[<A%-<"$=LQ0$/$ #567,7!8$4-,$-M)!#*<*7!8,$4-,$678,$$

LQ&UP&H0&.)8:*0&80&;-<=$"$)!&80"&=$!"
D(E*0(%&'iUQ&G&F-<=$"$)!&80"&0W;)-#(#$)!"&80"&=$!"&&

'68/6-*$ Q0$FF/:/$&. 9.)%$8808 %#.6.


?C,1 J@JHGVHW J@JXHYJH Y@ZHYLLV
9M? XVWY@XKJ HGX@XWVV Y@KYGYXW
Q fXKLGGH@X HVLXV@ZY fG@VZLWXZ
% C“~J@LVKX S/#!$8~HV@VJGK 1@}~X@LJWHJV

O$#%)$(P%#=8/$#%)$%&0.8$%40)"*$%>%#(2$8F/:/$%$.%280)(:./0&%#0&.%#.6./0&&6/8$#%20(8%F6/8$
)$#%28='/#/0&#^&$%#0&.%26#%)$%-8(/.%-*6&:`@
Xf.$#.%)$%1/:cd%S(**$8%>%*6%#=8/$%280)(:./0&%$#.%;C^X`%0w%;C^2`%

XXK
N%(#-$:.0&;(-#$0&G&>@C1H1I&C91ID >+D @'&1D&C1&FJ1Z I @'

D(E*0(%&'iUS&G+ K&dIK&;-)8%4#$)!&=$!

?C,1 X G Y Z
;EQ YJ@VL YX@JZ YJ@WJ YJ@WZ
9Q YJ@WL YX@XX YX@JZ YX@XZ

O6%#=8/$%280)(:./0&%$#.%(&$%;C%^X`%6'$:%(&%;EQ%~YJ@VL%$.%(&%9Q%~YJ@WL%)0&:%0&%=.6-*/.
*$%.$#.%)$%1/:cd%S(**$8%]%Hg%@
;1S%#.6./#./:%~%X@KZHV%x%;1S%.6-(*=%~%G@VHGG%]%Hg
f*$%:0$FF/:/$&.%Q%:6*:(*=%~%L@KY%x%Q%.6-(*=%~G@VH@
10&:%*$%40)"*$%)$%*6%280)(:./0&%$#.%*$%#(/'6&.
D(E*0(%&'iUU&G&F-<=$"$)!&80&*(&;-)8%4#$)!&80"&=$!"

s68/6-*$ :0$FF/:/$&. 9.)%$8808 %#.6.


?C,1^fX` J@LWXWGK J@JKWKKW XX@YKLJJ
% ;EQ%~YJ@VL 9Q~WJ@WL 1(8-fp6#.~G@KX
% C“~J@KKLKJH % %

XXL
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

Gf.$#.%)$%1/:cd%S(**$8%>%*6%#=8/$%#(2$8F/:/$%$#.%;C^X`%0w%;C^2`%
D(E*0(%&'iUVG+ Kd&IK&"%;0-R$4$0&6=$!7

9M? X G Y Z
;EQ L@GJWW K@VH K@WX L@JX
9Q L@GHZL K@WZWKK L@JH L@XZ

1+628"#%*$%.6-*$6(%#/%)$##(#_%*6%)=407862!/$%$#.%(&$%;C^G`%6'$:%(&%;EQ%~%K@VH%$.%(&
9Q%~%K@WZ%)0&:%0&%=.6-*/#%*$%.$#.%)$%;(74$&.$)%1/:cd%S(**$8%]%Hg%@
;1S%#.6./#./:%~%fZ@YHH%x%;1S%.6-(*=%~%fY@VHXG%]%Hg
f*$%:0$FF/:/$&.%Q%:6*:(*=%~%H@XX%x%Q%.6-(*=%~G@VH@
10&:%*$%40)"*$%)$%*6%#(2$8F/:/$%$#.%*$%#(/'6&.%>
D(E*0(%&'iUXG&F-<=$"$)!&80"&"%;0-R$4$0"&80"&=$!"

s68/6-*$ :0$FF/:/$&. 9.)%$8808 %#.6.


9M?^fX` X@ZHXLHZ J@XZZHHX XJ@JZYXV
9M?^fG` fJ@ZLJLZW J@XYLWKZ fY@ZXGXJL
% ;EQ%~K@VHVW 9Q~K@WZWK 1(8-fp6#.~X@LLV
% C“~J@WVWJYH % %

XXV
N%(#-$:.0&;(-#$0&G&>@C1H1I&C91ID >+D @'&1D&C1&FJ1Z I @'

K)!4*%"$)!
1+628"#%&0#%40)"*$#%)+$#./46./0&#%)$#%)/FF=8$&.#%280)(/.#%^:=8=6*$#_%*6/._%#(:8$_%!(/*$%)$
.0(8&$#0*_%'/&#%$.%)6..$#`@%,&%2$(.%)=)(/8$%<($%>
m O$%40)"*$%)+$#./46./0&%)$#%:=8=6*$#%$#.%(&%40)"*$%#/7&/F/:6./F%20(8%F6/8$%)$#
28='/#/0&#%6'$:%(&%:„FF/:/$&.%)$%:088=*6./0&%)$%VLg@%O6%#=8/$%)=407862!/$%$#.%(&$
#=8/$%#.6./0&&6/8$%268%:0&.8$%:$**$#%)$%*6%#(2$8F/:/$%$.%*6%280)(:./0&%#0&.%)$#%-8(/.#
-*6&:%^&0&%#.6./0&&6/8$%`%@
m O6%)=407862!/$%20(8%*+6&%GJJL%#$86%)$%*+08)8$%)$%YG%ZKJ%ZVG%!6-/.6&.#%$.%*$#
<(6&./.=#%/4208.=$#%#$80&.%)$%*+08)8$%)$%L%LVV%WYL%)$%.0&&$#%6*08#%<(+$&%GJXJ%:$#
<(6&./.=#%'0&.%6..$/&)8$%*$#%L%VGG%YHW.0&&$#%6'$:%(&$%='0*(./0&%)$%J_ZGg@
m O$%40)"*$%)+$#./46./0&%)(%*6/.%$#.%&0&%#/7&/F/:6./F%:68%#0&%:0$FF/:/$&.%)$%:088=*6./0&%$#.
&0&%280-6&._%/*%$#.%)$%GYg%:$%<(/%$P2*/<($%*6%28=#$&:$%)+6(.8$#%'68/6-*$#%<(/%/&F*($&.
#(8%*$#%<(6&./.=#%/4208.=$#@%@

XXW
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

m ?0(8%*$#%#(:8$#%>%*$%40)"*$%)+$#./46./0&%$#.%.8"#%#/7&/F/:6./F%6'$:%(&%:0$FF/:/$&.%)$
:088=*6./0&%)$%VGg_%:$%<(/%$P2*/<($%*$%)$78=%)$%)=2$&)6&:$%)$%*6%)=407862!/$%$.%*6
280)(:./0&%6'$:%*6%'68/6-*$%<(6&./.=#%/4208.=$#@
O$#%#=8/$#%)=407862!/$%$.%280)(:./0&%#0&.%)$#%#=8/$#%#.6./0&&6/8$#_%:$%<(/%&0(#%6%2$84/#
)$%F6/8$%)$#%28='/#/0&#%20(8%*+6&%GJXJ_%0w%*6%)=407862!/$%#$86%)$%YG%YZX%GHV%!6-/.6&.#_
*6%280)(:./0&%)$%KXH%YVH_KX%.0&&$#%$.%*$#%<(6&./.=#%/4208.=$#%20(8%*6%4a4$%6&&=$%#$80&.
)$%*+08)8$%)$%X%XHL%HGY%.0&&$#@
O$#%<(6&./.=#%/4208.=$#%)$%*+!(/*$%)$%.0(8&$#0*%)=2$&)$&.%)$%LHg%)$%*6%)=407862!/$
$.%*6%280)(:./0&_%*$#%28='/#/0&#%20(8%:$#%)$8&/"8$#%20(8%*+6&%GJXJ%#$80&.%:044$%#(/.%>
O6% )=407862!/$% >YG% HKH% JYJ% !6-/.6&.#_% *6% 280)(:./0&% GHY% HXJ_JZL% .0&&$#% $.% *$#
<(6&./.=#%/4208.=$#%#$80&.%)$%*+08)8$%)$%GKL%JVH_JY%.0&&$#@
*$#%<(6&./.=#%$P208.=$#%)$%'/&%#0&.%)=2$&)6&.$#%)$%*6%280)(:./0&%$.%)$%*6%#(2$8F/:/$_
*$%)$78=%)$%)=2$&)6&:$%$#.%)$%LVg_%*$#%28='/#/0&#%)$%:$#%<(6&./.=#%20(8%GJXJ%_%#$80&.
)$%GGG%ZJJ@KWRO0{%*6%#(2$8F/:/$%#$86%)$%GJ%YLH_Z%R6_%$.%*6%280)(:./0&%#$86%)$%HVYZH@WGL
.0&&$#
*6% #=8/$% )$#% <(6&./.=#% $P208.=$#% )$#% )6..$#% $#.% &0&% #.6./0&&6/8$% ^(&% -8(/.% -*6&:`% _% *$
:0$FF/:/$&.%)$%:088=*6./0&%$#.%&0&%#/7&/F/:6./F%XZg%:$#%)$(P%/&)/:6./0&#%&0(#%$42a:!$86%0&.
28='$&/8%@

XGJ
K)!4*%"$)!&,<!<-(*0

K)!4*%"$)!&,<!<-(*0

O$%:044$8:$%$P.=8/$(8%678/:0*$%8$'a.%(&$%/4208.6&:$%268./:(*/"8$%)6&#%*6%'/$%=:0&04/<($
)+(&%26d#_%/*%:0&#./.($%(&%)$#%=*=4$&.#%$##$&./$*#%)$%*6%20*/./<($%)$%*+B.6.%$&%86/#0&%)$%#0&
83*$%#(8%*6%:80/##6&:$%$.%#(8%*+=<(/*/-8$%)$%*6%-6*6&:$%)$#%26/$4$&.#@
B&%)=2/.%)$%.0(.%*+/&.=8a.%6::08)=%:$#%)$8&/"8$#%6&&=$#%]%*6%7$#./0&%)$%&0.8$%:044$8:$
$P.=8/$(8_%$.%$&%268./:(*/$8%:$*(/%8$*6./F%6(P%$P208.6./0&#%!08#%!d)80:68-(8$#_%:$#%)$8&/"8$#
&+688/'$&.%.0(e0(8#%26#%]%)0&&$8%)$#%8=#(*.6.#%F6'086-*$#@%E*%$#.%&=:$##6/8$%)$%#/7&6*$8%<($
46*78=% *$#% 8=#(*.6.#% :80/##6&.#% <($% 7=&"8$% *6% -6*6&:$% :044$8:/6*$% $.% *$% 8=.6-*/##$4$&.
)$% #0&% =<(/*/-8$_% *$% 280-*"4$% )$% F0&)% )(% :044$8:$% $P.=8/$(8% &k6% 26#% =.=% 8=#0*(@% ;% ./.8$
)k$P$42*$_%/*%d%6%*/$(%)$%:/.$8%#6%'(*&=86-/*/.=%F6:$%6(P%F*(:.(6./0&#%)$#%468:!=#%40&)/6(P_
.$*%*$%468:!=%2=.80*/$8%$.%)$#%280)(/.#%6*/4$&.6/8$#@%Q$%<(/%$P2*/<($%*6%28=:68/.=%)$%*k=<(/*/-8$@
1+628"#%*6%4=.!0)0*07/$%6)02.=$%20(8%8=6*/#$8%&0.8$%.86'6/*%0&%2$(.%:0&F/84$8%.0(.$#
&0#%!d20.!"#$#%>
Q0&.86/8$4$&.% ]% *6% -6*6&:$% )$#% 468:!6&)/#$#% *$% #0*)$% )$% *6% -6*6&:$% 678/:0*$
$.% 67806*/4$&.6/8$% $#.% &=76./F% )(86&.% *6% 2=8/0)$% XWVKfGJJK_% Q$% <(/% $P2*/<($% <($% *$#
/4208.6./0&#%678/:0*$#%$.%67806*/4$&.6/8$#%#0&.%)$'$&($#%6(%F/*%)$#%6&&=$#%$P:$##/'$4$&.
0&=8$(#$#@
?0(8%&0#%)$(P%28$4/"8$#%!d20.!"#$#%0&%:0&#.6.$%<($%Ok;*7=8/$%&$%2$(.%26#%8=20&)8$
]%*6%)$46&)$%/&.=8/$(8$_%.6&.%$&%46./"8$%)$%-/$&#%)k=<(/2$4$&.#%<(k$&%46./"8$%)$%-/$&#
)$%:0&#0446./0&%$.%)$%280)(/.#%67806*/4$&.6/8$#%@B**$%$P208.$%:$8.6/&#%280)(/.#%678/:0*$#
^678(4$#_% '/&_% .046.$#_% )6..$#`_% 46/#% &$% 2$(.% 26#% 8=20&)8$% ]% *6% )$46&)$% 20(8% :$8.6/&#
280)(/.#%)$%-6#$%^:=8=6*$#_%*6/.#_%!(/*$#_%#(:8$`@
*6%.86&#F0846./0&%)$%*6%#0:/=.=%;*7=8/$&&$%)(86&.%*$#%)$8&/"8$#%6&&=$#%6%$&7$&)8=%(&$
='0*(./0&%6::=*=8=$%)$%*6%)$46&)$%$&%-/$&#%)$%:0&#0446./0&%@Q$..$%2=8/0)$%=:0(*=$%$#.
468<(=$% 268% (&% )=#=<(/*/-8$% 280F0&)% $&.8$% (&$% 280)(:./0&% &6./0&6*$% /&#(FF/#6&.$% $.% (&$
:0&#0446./0&%$&%='0*(./0&%:0&#.6&.$@
O+;*7=8/$% 8$#.$% F08.$4$&.% )=2$&)6&.$% )$#% /4208.6./0&#% 20(8% :0('8/8% #$#% -$#0/&#% $&
:=8=6*$#% $.% $&% *6/._% *6% 280)(:./0&% &6./0&6*$% )$#% :=8=6*$#% &$% :0('8$% <($% YJg% )$% *6
:0&#0446./0&% 6*08#% <($% :$**$% )$% *6/.% $#.% $#./4=% ]% ZJg% @O6% F08.$% :0&#0446./0&% )$% :$#
280)(/.#%2*6:$%*+;*7=8/$%2684/%*$#%28$4/$8#%26d#%/4208.6.$(8#@
O6%28040./0&%)$#%$P208.6./0&#%!08#%!d)80:68-(8$#%8$#.$%(&%-(.%*0/&%]%6..$/&)8$%#6&#%*6
4/#$%$&%„('8$%)+(&%#d#."4$%<(/%28$&)%$&%:!687$%*6%<($#./0&%$&%280F0&)$(8_%$&%*(/%/&#./.(6&.
(&$%8=7*$4$&.6./0&%#(#:$2./-*$%)$%)0&&$8%)$%-0&#%8=#(*.6.#@
;*08#%<(+$**$%8$28=#$&.6/.%VJg%628"#%*+/&)=2$&)6&:$%_%GJg%)(86&.%*$#%6&&=$#+LJ%_%*6%268.
)$#%$P208.6./0&#%678/:0*$#%$.%67806*/4$&.6/8$#%)6&#%*$#%$P208.6./0&#%.0.6*$#%$#.%/&F=8/$(8$%]
Xg%6(e0(8)+!(/@^%$**$%.0(8&$%6(.0(8%)$%J_X%l%J_W%g`@
O6%F6/-*$##$%)$#%$P208.6./0&#%$#.%)($%]%*6%F6/-*$##$%)(%8$&)$4$&.%678/:0*$_%]%*6%&0&
:042=././'/.=%<(6*/.6./'$%)(%280)(/.%268%862208.%]%)+6(.8$#%280)(/.#%=.86&7$8#_%*$%:0{.%)$%*6
280)(:./0&%]%*+$P208.6./0&%$#.%2*(#%=*$'=%<($%:$*(/%)$#%:0&:(88$&.#%6/&#/%<($%*$%46&<($%)$
280F$##/0&&6*/#4$%$.%*6%)='6*08/#6./0&%)(%*6-$*%)$%:$8.6/&#%)$%&0#%280)(/.#%.86)/./0&&$**$4$&.
-/$&%:0.=#%^:6#%)$%*6%)6..$`%$.%:$%<(/%:0&F/84$%&0.8$%<(6.8/"4$%!d20.!"#$@

XGX
H9<=)*%#$)!&8%&4)..0-40&0W#<-$0%-&80"&;-)8%$#"&(,-$4)*0"

?*(#/$(8#%F6:.$(8#%#0&.%)$88/"8$%*6%)=.=8/086./0&%)$#%.$84$#%)$%*+=:!6&7$%$&%;*7=8/$%.$*
<($%*6%)='6*(6./0&%)(%)/&68%^XWWZ`%$.%*6%F*(:.(6./0&%)$#%28/P%)$#%280)(/.#%/4208.=#%#(8%*$
468:!=%/&.$8&6./0&6*@
56*78=%*+='0*(./0&%)$#%.6(P%)$%)80/.%)$%)0(6&$_%*$(8%/&F*($&:$%8$#.$%.8"#%4687/&6*$%#(8
*$#%<(6&./.=#%/4208.=$#%#(8.0(.%$&%:$%<(/%:0&:$8&$%*$#%280)(/.#%)$%-6#$%^:=8=6*$_%#(:8$_
€`% :68% :$#% )$8&/$8#% )=2$&)$&.% -$6(:0(2% 2*(#% )$% *6% )$46&)$% &6./0&6*$% $.% )$#% 8$:$..$#
2=.80*/"8$#@

XGG
J1M1J1'K1I&? ?H @OJ+F3 NA1I

J1M1J1'K1I&? ?H @OJ+F3 NA1I

AFIR S. ,ZGA , K.; 1987.Indusrie agroalimentaire et dépendance envers les


approvisionnements extérieur .le cas Algérien .OPU. Alger
AMELLAL R , 1995.La filière lait en Algérie entre l’objectif de la sécurité alimentaire
et la réalité de la dépendance .les agricultures maghrébines à l’aube de
l’an2000.Options Méditerranéennes.
BEDRANI S, 1992. le secteur agricole et ses perspectives a l’horizon
2000.CIHEM.Institut Agronomique Méditerranéen .Montpellier .
BEDRANI S, 1995 .L’intervention de l’Etat dans l’agriculture constat et propositions
pour un débat .In Option Méditerranéenne série B N °14. CIHEAM. Montpellier.
BEDRANI S, 2006 .Algérie. AGRI.MED .Rapport annuel 2006 .CIHEAM.
BENCHARIF A, 2001.Stratégies des acteurs de la filière lait en Algérie : états des lieux
et problématique. Options Méditerranéennes, série B N° 32, les filières et marches du
lait et dérivés en Méditerranée.
BENCHENB, S, 1999. Union Européenne et produits agricoles magrébins .Thèse
magister .INA .Alger.
BENYOUCEF M.T, 2005. Diagnostic systémique de la filière lait en Algérie.
Organisation et traitement de l’information pour l’analyse des profits de livraison en
laiteries et des paramètres de production des élevages. Thèse de doctorat. Institut
National Agronomique, El Harrach, Alger
BOUKELLA M, 1992 .les politiques alimentaires, marchés internationaux et
dépendance: la filière des huiles végétales en Algérie (1962-1988).cahiers du
CREAD .N°45,3ème trimestre .Alger.
BOUKHARI N, 1996. .Ajustement structurel et agriculture en Algérie .Thèse de
magister en agronomie .INA .El harrach.
BENFRID M ,1998. La commercialisation du bétail et de la viande rouge en Algérie.
Option Méditerranéenne. série A N °35. CIHEAM. Montpellier.
BENJAMIN,C ;CADORET,I ;MARTIN ,F ;2004 .Econométrie appliquée .Editions de
Boeck Université .Bruxelles
BESSAOUD, O ; TOUNSI, M ; 1995 .les stratégies agricoles et agro alimentaire
de l’Algérie et les défis de l’an 2000 .Options Méditerranéennes : série B N°14.
CIHEAM. Montpellier.
CHAULET C, 1992.L’enjeu alimentaire. Cahier de CREAD .Revue N
31/32 .3ème ,4ème trimestre.
CHEHAT F, 2006.Les politiques céréalières en Algérie. AGRI.MED. Rapport annuel
2006.CIHEAM.
CHEHAT F, 1994.Impact des réformes économiques sur la céréaliculture algérienne.
Crises et transitions des politiques agricoles en méditerranée .CIHEAM-IAMM.
Montpellier.
XGY
!"#$%&'($)*+&*,$--./,.*.0'"/(.&/*+.1*2/$+&('1*34/(,$%.1

CHERFAOUI A, 2002 . Essai de diagnostic stratégique d’une entreprise publique


en phase de transition. Cas de la LFB (Algérie).Thèse Master of Science. CIHEAM-
IAMM Montpellier.
CHERIFA F, 1998 .Les exportations agricoles de l’Algérie (1986-1996) Thèse
d’ingéniorat en agronomie .INA .El harrach.
CNIS (Centre National de l’Informatique et des Statistiques ).Statistiques des douanes
algériennes .Alger
CROZET Y, LASEN A, DANIE D, SANDECETTO R , 1997 .Les grandes questions de
l’économie internationale. Edition NATHAN.
DJENNANE A, 1998 .Ajustement structurel et secteur agricole .CREAD N° 46.
DJENANE A, 1997 .Reformes économiques et agriculture en Algérie. thèse de
doctorat .Sétif.
Dépendance alimentaire ; 1986.Institut National d’étude de stratégie global .Alger.
ELHACHMI Z ,2000.Exportation hors hydrocarbures .Phare N°16
GUERRAB S, 2006. Impact prévisible de l’adhésion de l’Algérie à la zone de libre
échange Union Européenne la filière des ovoproduits. Thèse de magister en
agronomie .INA .El harrach.
HACHACHINA Z, 1999. Evolution du concept de politique alimentaire et ses effets sur
la consommation. exemple de l ‘Algerie.Master of sciences. CIHEAM .IAAM.
HADDOUCHE B, 1986.Dépendance technologique et dépendance alimentaire en
Algérie : une contribution a l’étude de la filière sucre de betterave : haut CHELIF.
Thèse magister .INA. Alger
HAZEM S, KADRI O, 1999.Essai de réflexion sur les opportunités du volet agricoles de
l’accord d’association entre l’Algérie et l’UE, thèse magister. INPS. Alger.
KACI D, 2000.Le commerce extérieur Algérien par les chiffres. Phare N° 16
L’agriculture dans l’économie nationale .1999.MADR .Alger
M’HAMSAJI-BOUZIDI N, 1988.Le monopole de l’Etat sur le commerce extérieur :
L’expérience Algérienne 1974-1984.OPU.Alger.
NADJRAOUI D, 2001 .Profil fourrager en Algérie. Rapport annuel .USTHB .Alger
RAINELLI M , 1998.Le commerce extérieur .6ème Edition.
YACHIR F, 1990 .L’ajustement structurel dans le tiers monde .Cahiers du CREAD .N
°21 .1° trimestre.
YAKHLEF H, 1989.la production extensive du lait en Algérie. Option Méditerranéenne.
série N °6. CIHEAM. Montpellier.
ZAIRI B, 2001 .La reforme du commerce extérieur dans le cadre du PAS. Colloque.
CREAD .Alger.

!"
5)).0.1

5)).0.1

5)).0.*6*78*9*:#$%&'($)*+&*,$--./,.*.0'"/(.&/*+.
%*;5%4"/(.*23/*/"4($)1*",$)$-(<&.1*9
$%&'()*+,-,.*/0
1/.,2%34.55.*/0%167

829.*/0%:;*/*(.<=>0 ??# ??@ ??A ??B ??? !CCC !CC !CC! !C


1E:%F:G%H::I @DB# #@B? "?DC #D?A # #! #!#@ #?CD @AD! A?
JEHE7E:%FK*+0%1E:I !AB# !CCC ! B !D!C !CA" ! ?" ! !# !"B# !!
-=,+>0%)-L0%MN:18JO: !A !!D "!D "CC "B# @CD @D@ A#A B#
$4:8'P1:%71%617 D@B D#A # A B# D"C "! !@? DB# #@
$6':F0-/0%5>0%)-L0 #A@ "?? ## @"D AA #?? #A? ?"D !
-+-Q>I
O-L0%-+-Q>0%F0-/0%14$I DD D DD@ !@# @C "" ?! !A "A
JH$R': & & & & & @" A? D@@ "
O-L0%M=%4$ST8:U ?B !" !" !" D@ #! A! !A !
$=,+>0%)-L0%MN$V8'P1: "# A# ! @? "@ ? B# BA !
WJW$X CA@ ?C?B B@BA ?"CD ? @" ? AD ??"C !CC? D

6*=+;>%3%HR'6
U%Y:Z)*+,-,.*/0%3
1/.,2%34.55.*/0%167

829.*/0%2;*/*(.<=>0 ??# ??@ ??A ??B ??? !CCC !CC !CC! !C


1E:%F:G%H::I @@DB BC#? B@@D @@"D BC#B DA?! !D"" ! CC "
JEHE7E:%FK*+0%1E:I !#! DDA@ DAC! !#DB DC?# #B!# "#"? "@C! A@
$=,+>0%)-L0%MN:18JO: D!# A"C #C C? AB B BA DC !
$4:8'P1:%71%617 !?? AD" B?A A!@ ?CD @A! CDA ?# !
$6':F0-/0%5>0%)-L0 ?# B@ !!A D" "# ! C "A@ #CA @B
-+-Q>I
O-L0%-+-Q>0%F0-/0%14$I B @ ! !! BC ## D # !"B D#
JH$R': C C C C C C !D DB C
O-L0%M=%4$ST8:U !!@ !# ! # D@ !A !#" !A# !#C !@
$=,+>0%)-L0%MN$V8'P1: B D " # D@ "! !@ #C D
WJW$X C!"C DDA# DBB? C! D !#!! !!CD ? D! BB!# !"

6*=+;>%3%HR'6

!#
!"#$%&'($)*+&*,$--./,.*.0'"/(.&/*+.1*2/$+&('1*34/(,$%.1

5)).0.*68=*9*%3*/"23/'('($)*+.1*'3&0*23/*4/$&2.
+!&'(%(13'($)
5))".*=>>?

W-=Z C[ #[ #[ DC[
$5.(>/,-,.*/ D @A "B #AB
U.>/E:<=.)E-9++.;*5> C "D D !

5))".*=>>@

W-=Z C[ #[ #[ DC[
$5.(>/,-,.*/ ! @A "B #AB
U.>/E:<=.)E-9+.;*5> C "D D !

5))".*=>>=

W-=Z C[ #[ #[ DC[
$5.(>/,-,.*/ D @? " #A?
U.>/E:<=.)E-9+.;*5> C "D B !

5))".*=>>7

W-=Z C[ #[ #[ !#[ "#[


$5.(>/,-,.*/ " ?A AC @# """
U.>/E:<=.)E-9+.;*5> C " "C #

5))".*=>>>

W-=Z C[ #[ #[ !#[ "#[


$5.(>/,-,.*/ " ?A AC @# """
U.>/E:<=.)E-9+.;*5> C " @ D@ "

5))".*7AAA

W-=Z C[ #[ #[ !#[ "#[


$5.(>/,-,.*/ " ?@ A! @# ""!
U.>/E:<=.)E-9+.;*5> C " @ D@ "

5))".*7AAB

W-=Z C[ D[ #[ !#[ "#[


$5.(>/,-,.*/ " CA A? @# "#"
U.>/E:<=.)E-9+.;*5> C D @ "! @

5))".7AAC

!@
5)).0.1

W-=Z C[ #[ #[ !#[ "#[


$5.(>/,-,.*/ " ?A @" @# "#!
U.>/E:<=.)E-9+.;*5> C ! @ "" "

5))".*7AAD

W-=Z C[ C[ #[ A![ ?C[


$5.(>/,-,.*/ " CD A? A! """
U.>/E:<=.)E-9+.;*5> C " # "D "

5)).0.*68?*9*%3*/"23/'('($)*+.1*.02$/'3'($)1*23/
4/$&2.*+.*2/$+&('1
1/.,2%3%4.55.*/0%167

S+*=)>%MN=,.5.0-,.*/\$//2> ??# ??@ ??A ??B ??? !CCC !CC !CC!


-5.(>/,-,.*/ C D@ DA !A !" D! !B D#
U.>/0%MN><=.)%E-9+.;*5> # !"?" A !# !! !C

6*=+;>%3HR'6

!A

You might also like