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 D< !G+A+0( 0!F =!<+. %<2/
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Q62 SN!0&% 02H G9";2H@ & SH /;G/&;QH@ H=;N 2N@ /78;QG 9% 72/0N1
9&!6 !QGR& H 0& 7;;6&% Q= Q62 SH S;GG2&% N0N H0& C02H Q27%29/ SH 0&GN&%9&HH N; N0& H0;S@
N N0& &T=9H&H ;, HN29&% 0% ,77&9 29 7;R& S2N0 N0N ,292H0&% 29 <:J:$D G9";2H QN 2N SH ; R2;QH 9;S N;
/7HH@ 9&!6 9% N0;H& H02GNH$ 9% !;9N29Q&%@ C0N SH S&77 &R&9 N0& 8;HN !HQ7
N SH &!;829/ ,8272G N0N H0&F% &9% Q= ,7729/ 29 &,;G& 8U 2GN0$ QN ; H&GR&G N0N G9";2H SH
N; 0&G$ N0N 9&!6$ S2N0 2NH 7;R& S2N0 N0& G&HN ;, 028@ G&8&8 &G !;829/ N; H&& 2N N0& S0;7& =!6/& ;9 02H
%&,29&% 8QH!7&H$ 9% N0& C;7% N0N N0;Q/0N$D H0& S2N0 8U ,N0&G@ ;S9 * &QNU$ G29H 9%
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7SUH S;G&$ ;=&9 N N0& QHQ7 !0QG!0&H$ 8&9@D N0& G!02N&!NQG& *D Q62 ,&7N  72NN7& 2N HQG=7QH
!;77G@ C @D & 9% HN ;9 ;9& C&,7&!N29/ N0& ,78&H 29 N; G&AQ2G&8&9NH@
; &7&/9N$ H; &,,;GN7&HH@ ;, N0& 7;9/ S;;%&9 =&SH S02!0
;9 ;, G! %2&%$D G9";2H SH &29/ G&77U
;S %2% N0& 89 7;;6 H; N0N &89N&% ,G;8 N0& Q62 29N&GGQ=N&%@ C9% N0& 92!&  ;QN 2N$ N0;Q/0@ &
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N0&U N;27&% G;Q9% QG;=& S;89 N; %% N0N 29@D H02=@D
;9 NG29H 9% 29 R9H$ 29 C;;% 2%&$D Q62 G&=72&%@ & H827&%@ I I I I
9% ;QN ;, 0;N&7HB G9";2H HQGR&U&% N0& C&H@D 0&U 0% &&9 29 ;Q&9
Q62 SH 7SUH 7;H29/ 29N&G2;G ;, N0& !0QG!0@ G9";2H 7;;6&% N N0& ,;G  !;Q=7& ;, %UH$
;9& H;!6 ;,  =2G$ ;G QH29/ C SH ;G9 7&HH N09 ,2,NU HN2GH N0N G;H& N; N0& S;G629/ ;9 &=2H;%& ,;QG$
N0& H0;S&G /&7 29HN&% ;, 827&H ,G;8 0&G&$D 0& H2%@ HNG&&N &9NG9!& ;, N0& 9% S&G&  ;QN N; &/29
N0& H08=;; U 82HN6& C F8  ;G89%U ;U@D !0QG!0@ N0& %UFH ,27829/@
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H=&!N!Q7G@ ;, %QBD N0&  H&G2&H@ N0& ;N02! HNU7&$D 0&
Q62 0% 0% 9; 2%& C0$ %&,292N&7U$D H0& 72&%$ C29N&10=&77&$D N0& !;9N29Q&%@ C; U;Q N0296
&,;G& N02H 5QHN 0;S G&N01 =GU29/ N0N H0& S;Q7%9FN /&9N H2%@ C NFH /G&N@D 0& %2%$ Q62BD
N629/  7;% ;, !;7;QG&% /&N AQ2VV&%@ 9 G!&7;9$ N0&U G&% 0& 7296&% N N0&
/7HH !;Q7% &@ C N0296 N0N 2, 0& S&G& N0& H!G2=N ;QN 29 ,G;9N ;, Q9&T=&!N&% AQ&HN2;9@
G9";2H 69&S &R&GUN029/ 0&G& 9;S$ 0& S;Q7% HU 0& Q%2FH S29%;SH$ /2R29/ N0& G9";2H 0%  N&GG2 7&
 ;QN N0&8$ 9% N0& H0;SFH SH =7&H&% N; 0R& &&9 02HN;GU ;, 02H %GS29/H$ 02H 0 2N ;, =QNN29/ 0&G ;9 N0&
=G;%Q!&G$ 26&$ 69&S AQ2N& HR&% ,G;8 &29/ H8H0&% HQ%%&9 %&N0 9% N0& H7;S H=;N@
 2N$ N;;@ N; =2&!&H$D G9";2H &,,;GN N; !;8=7&N& 02H Q62 ,G;V&@
Q62 ,&7N ;QN ;, 0&G %&=N0@ !;88&9N&%@ 8HN&GS;G6@ C&77$ N0N %&=&9%H ;9
26& 9% G9";2H HN;;% & 7&% 0&G SU N;SG%H CQ%2 =7!&% N0& 2 7& U;QG ;=292;9 ;, N0& ;N02!
N;/&N0&G ,;G  S027&$ N0& &9NG9!& S2N0 N0& N&TNH 9% 277QHNGN2;9H HNU7&$D H0& G&=72&%$ 9% H0&
8QG8QG29/  ;QN N0& <O /&9N7&HN N;Q!0 ;9 0&G 9&G&G N0& ;NN;8 ;, N0&H& 0&G% 26& /2R& N0& H;,N&HN
S29%;SH@ H0;Q7%&G$ 9% 26& SH 7&,N 0Q/& S29%;SH$D G9";2H ;, H9;GNH@
C 7;R& N0& N 99&FH G&& HN9%29/ 7;9&@ H2% N; N0& !8&G$ CH; N0N C;QFG& G2/0N$D G9";2H
S29%;S$D Q62 0&G% C&H$ N0& GQ29 ;QNH2%&@D S;GH02==&GH !;Q7% G&% /G&&%$ 29%2!N29/ S2N0 
G9";2H HU@ C0& /G&&9H 0& 9;%%&%@ N0&8@D H827& N; !8&G$ N0N
29 2N @ @ @D 0& 69&S N02H HN;GU@ Q62 0% &&9 H27&9N * ,27829/ H0;Q7% !;9N29Q&@
26& 9;%%&%@ 0& 0% G&% Q= H 8Q!0
C N0296 N02H &=2H;%& 2H H H0& !;Q7%  ;QN N0&
S0&9 S& H0;Q7% /; 29N; N0& !2N2&H N0&UF% ,278 29$ 9% N0& Q62 0% &&9 H27&9N * QN 29
N&!092!7 02HN;GU @ @ @D /7HH@
0& NS; 8&9 8;R&% 0& 69&S N0N 77 N0& H0;N * ,;G N;; 7;9/
7;9/@ &QN2,Q7 S29%;SH 29 N0&
N SH
Q7U 9% 0;N
;9 ;, G! !0QG!0 0&G& QN 29 H0;N * ,;G N;; 7;9/$ CGN 2H HQ 5&!N2R&$ H Q62
;QNH2%&$ H; 77 <O /G&N 0% &&9 HR&% 9% 8;R&% 9% H0& ,&7N 0&G H827& HUH$D 0& %%&%@
S29%;SH /7;S&% S2N0 0&G& ,G;8 N0& <KN01!&9NQGU &!;829/ HN2,,@ 0&U HN;==&% ,;G N0& %U$
29!;829/ 72/0N@ !0QG!0 5QHN ;QNH2%&$ S02!0 0& 0N&% 0&GH&7, ,;G 9% 0& =;7;/2H&%@
0& 8&9 G&!0&% N0& SH  GQ29 ,N&G N0& &29/ QH&7&HH$ 9% H0& SH C 8QHN HN;= %;29/ N0N$D
H&R&9N0 S29%;S 9% H0& %&HNGQ!N2;9 ;,  @ ;R&G0&N&%$ N;;@ 0& H2%@
NG;NN&% Q= &029% N0&8@ C9 U;Q 28/29& N0& N29&% /7HH 7;;6&% C N G&77U %;&H9FN 8NN&G$D
CN 9N0;9U ;, %Q$D NH6 ;, 8;R29/ 77 N0N S;9%G;QH S0&9 N0& HQ9 Q62 G&=72&%$ 9% H0&
H0& H2% G2/0N7U$ G&72H29/ /7HHBD H0& H6&%@ C9% 7V&% &029% 2N$ QN 2N 7H; S76&% ;,,@
N0N 0&G R;2!& 0% &&9 N;; 6&&=29/ &R&GU %&H2/9 0&N&% Q= N0& 2G@ 0& ,&7N !G;HH$ 2771%G&HH&%
7;Q% ,;G  !0QG!0@ 29N!N@ 0& 9&GR& 29R;7R&%+D Q62 0% /;9& H0;==29/ 9% %Q8 @
N SH R&GU &G7U 29 N0& & 7Q/0&%@ N0N %U 29 N0& HH&2/ %& H H0& 7&,N$ H0& G&!0&%
%U$ QN N0&G& S&G& 7G&%U C NFH  5; @ N QH&% N; & G!2$ H=&9%29/ ,G N;; Q= 9% G88&% N0& N/ ;,
S;GH02==&GH 29H2%&$ 9% 8U 5; @D 8Q!0 ;9 9&S !7;N0&H$ 77 0&G 5!6&N %;S9 0&G !6@
N0N /S=29/ N;QG2HN@ C9% QH&% N; 8;%&7 N0& N28& SG& N0N H0& C 726& N0& HQ2N$D H0& 0&G%
Q62 8&9N77U 62!6&% G2%2!Q7;QH HS28HQ2NH ,;G SH NGU29/ N; 28=G&HH ;9& G9";2H HU &029% 0&G$
0&GH&7,@ !N7;/Q&H$D H0& G&=72&%@ ;97U =&GH;9 S2N0 0&G 02H R;2!& /&9N7&@
2/0N S&&6H ;9 N0& G;% C0N 2H 9 GN 29 2NH&7,$ =QG!0H&H@ Q62 G&!6;9&% H0&F%
9% H0& 0%9FN 7&G9&% N; &N$ 9% S& 77 0R& N; R&9 N0&9$ 0& SH N;; GN0&G 0& SH GQ%& N; 0&G@
6&&= 0&G R;2!& %;S9 29  S;G6@ &GQ%2N& N; 9;N2!&@ H N0& HQ9H029& ;, 9
H!G&% Q27%29/+ C;S$ N0296 86&1Q= & 0% 9; 29N&G&HN 29 0&G$ Q9QHQ77U 0;N =92H0
CN 9N0;9U ;, %Q$D S9NH U;Q$ Q62@D 9USU$ N0& S6SG% HQ88&G >9% &,;G& N0N 
H0& H2% 8;G& AQ2&N7U$ 2&G9$ N0& 86&1Q= G2N2H0 =G&H&9N&G ;, C &NFH G&9!0 9% 9 N729
/2R29/ G9";2H S0N H0& GN2HN$ SH 29%&&% SR29/ 76 &8729&H+D ;9 %UN28& HQ88&G? 29!G&H&% 29
0;=&% SH  7;;6 ;, S&771 ,G;8 N0& !6 ;, N0& N&77U@ 29N&9H2NU$ Q62 ,&7N 0&GH&7,
29,;G8&% 29N&G&HN$ C QN !0QG!0@ 0& 0% &&9 2829/ ,;G /&NN29/ %288&G@
;G2/2977U ;GNQ/Q&H&@D C 2=HN2!6 9% =;S%&G$ !02! * G9";2H 72R&% 8;9/ 9 G!&7;9 H0& S;G6&%
G9";2H 9% 26& ;N0 N0NFH 8&$D Q62 H2% S2N0 !02! S;8&9$ H0& SH HQG& ;9 &!;829/ R2R!2;QH *
7;;6&% HQG=G2H&%@ G&/G&N@ ;, N0N@ N0N 82/0N 0&7=@
C;Q S&G&9FN 7;;629/ N C&29/  =G;,&HH2;97 0&F% &R&9 H6&%  H0;= 0& 7H; H9&6&% 29N;
29N 9N0;9U$ S&G& U;QBD =G&H&9N&G$ N0NFH U;Q$D HH2HN9N N; 0&7= 0&G 72 GG2&H$ G&% 8;G&  ;QN
Q62 H2/0&%@ G9";2H G&NQG9&%@ !02&R& N0& &,,&!N@ N0& /7HH$ 9% %G;==&%
C;$ QN F8 /7% U;QFG& & SH H; 92!&+ C;N S2N0 N0N$ )#$(,$D H92==&NH 29N; =G;%Q!N2;9
Q= ;9 U;QG H29NH$ Q62@D N0& S;89 H2%$ N629/  8&&N29/H@
26& H827&%@ C SH 5QHN I I I I HN29 H62GN ,2G87U ;QN ;, G9";2H SH 9&R&G 9HNU@
HU29/ N0N S&F77 !;R&G 0;S &TN$ N0&U S&9N N; Q62FH 09%@ & 9&R&G =QN 0&G %;S9 H
N0& GN ;, HN29&% /7HH SH G!&7;9$ N0& 7HN HN;= 0& SH S&G29/ N0& 9&N 26& 9% H;8& ;, N0&
7;HN 29 G&R;7QN2;9H 9% &,;G& G2H@ 72NN7& HQ2N N0N N0& HH2HN9N ;N0&GH %2%$ QN H0& SH
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N0& 7G/&HN 8G6&N=7!&H 29 027& N0& 62G6 SH &29/ 42 G+$ 0J$ G2$&
8&%2&R7 QG;=&+ Q27N$ 0& N0G&S  8HH2R&
29/ ; &GN N0& GQ!& ;Q7%&G N 2N ,G;8 N0& H7&
!;9,2G8&% N0& N;S9FH HNNQH ;, U@ &H2%&H N0&8 9%  S&& ,9NHN2! R2&S ;R&G N0&
H  ;U7 QG/0 29 <O<W 9 82%12G N0& ;Q7%&G 7; HN&G ;N =G&=G29/ N; 0G ;QG@
QN$ H N0& ;7%&HN ;, N0& H=72N 29 NS;$ S2N0 N0& 7G/&G H&N ;QN$ N0&G&FH 9;N 8Q!0 9 N28&H =HN$ N02H 2H
&Q6FH ,2R& ;U7 QG/0H$ 2N =GN 79%29/ ;9 7!;82& ;N0&G !N2R2NU@ S0&G& U;Q 82/0N 0R&
0% &95;U&% N0N HNNQH ,;G 9%H 9% N0& H877&G =GN$ 9U N28& S76 7;9/  ,;Q9% ;7% H&%;/H =!29/
 /;;% ,&S 0Q9%G&% U&GH  ;QN ,;QG ,&&N 29 %28&N&G$ &!0 &9% Q= S2N0 8U ,2R& HN&=H ,;GSG%$ ,2R&
&,;G& N0&9@ ,7729/ H0;GN ;, 2NH NG/&N@ =;!6&NH ,277&% S2N0 77 H;GNH =!&H !6$ H 2,  ;G%
096H N; 29/ ; &GN$ 0& C7Q& N9&D$ H 2NFH ;, HNQ,, * H0&77H$ 2NH ;, N0&2G H02= H N0&U =Q,,&% ;9
N0;Q/0$ N0& N;S9 /29&% N0& !77&%$ 2H HN277 N0&G&$ 5QHN G;=&$ %G2,NS;;% 9% HN;9&H@ N0&2G =2=&H$ !;9N&8=7N29/
G2/0N N; 0;7% S&&67U Q9%U S0&G& 2N 79%&%@ ;%UFH ,29%H$ S02!0 G& N0&2G 9&TN R;U/&@
8G6&NH@ , N0&G& G& 9U H!&=N2!H$ 8U &  2N N;; 2/ N; 9  ,29& HQ88&GFH %U$
&&%7&HH N; HU$ N02H SH 5QHN N6&  !7;H&G 7;;6 9% !GGU$ 29!7Q%&  2NN&9S&&8 N0& ;GN0 82/0N 7;;6 N8&$
8&N S2N0 8Q!0 %2H==G;R7 U;QF77 ,29% 02H N0Q8 =G29N@ ,2H0 ;T 9% ;9& N0NFH QN H 9U ;, N0&H& H&8&9
,N&G N0& &,;G8N2;9 9%$ 0& 62G6 82/0N 0R& NGR&77&%  2N ,QGN0&G$ S;Q7% 0R& 69;S9$ &U;9%
,N&G H;8& G&H2HN9!&$ SH HQGR2R&% N0& %&R27FH SGN0$ 8G6&%  -…ȉ>˜`@ N0& 8;QN0 ;, N0& 2GN0 G&
&R&9NQ77U !09/&% N; QN 2N %2%9FN &H!=& N0& !!;G%29/ N; NG%2N2;9$  H;8& ;, N0& 8;HN
NQG%UH@ CGH!7 8Q7N2NQ%&D 29!2N&% 8;G& R7Q 7& ,29% S277 %9/&G;QH SN&GH ;,, N0&
0& &G!N G;HH SH U G;N&HN9N G&,;G8&G !;8& N; 9U;9& S0; S76H &HN !;HN ;, !;N79%@
!&9NG7 N; N0& N;S9FH 72,&@
;09 9;TFH =G&!029/@ N0& 7&9/N0 ;, G27 &!0 8;9/ N0&8 2H N0& ;GN0
;N ;97U SH N02H S0&G& ,N&G 02H H&G8;9 29 G27 &R&GU 8;G929/ &,;G& GG 9%$ ,QGN0&G ;QN$ N0&
N0& 8G6&NH S&G& 0&7%$ QN 2G6 29
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2N SH S0&G& 77 ,;77;S&GH SG&!6&% N0& H&R&9 U&GH@ 9!0!=& ;!6@
=G;!78N2;9H 9% 9;N2!&H =7!&$ %&HNG;U29/ 2NH G2!0 0& HN;9&H ;, G27 9U  H02= 9;S 7U29/ N
S&G& /2R&9$ H S&77 H S0&G& ,QG92H029/H 9% N0& 929& G ;QG G& 9;N &%%&% N0& ;NN;8 ;, N0& H&
N0;H& ,;Q9% /Q27NU ;, 7NGH N0N 0% /2R&9 2N N0& 0;G2V;9N77U$ QN G& H&N S;Q7% N&HN2,U N; N0N@
;,,&9!&H S;Q7% & =Q92H0&%@ 92!698& ;, N0& R&GN2!77U ;9 &9%@ 9 ;9& U&G 7;9& H;8&
9 <-)W$ N0& %G&%&% &HN829HN&G ;, G27@ 02H ;7% 8&N0;% ;, =2&G JW H02=H S&9N %;S9 ;9
=7/Q& SH H=G&%29/ ,HN@ &R29/ N0& !G 29 N0& Q27%29/ 77;S&% SR&H N; N0&H& G;!6H@
G;8 N0& G;HH$ 2N SH G6&N/N&$ 86& 8U &9N&G 9% S2N0%GS S2N0 ;G ;R&G PWW U&GH$ H02=H
%&!7G&% N0N 2, 9U =&GH;9 SU %;S9 ;7 ;;N0 U9% G&%Q!&% HNG&HH ;9 N0& 0R& &&9 HN&&G&% !7&G ;,
,G;8  H02= 29,&!N&% S2N0 N; N0& &N0&G/N&$ N0&9 ;9 HNGQ!NQG&@ N0& 9!0!=& * ;G &77 *
N0& =7/Q& !8& H0;G&$ N; N0& R&GU 0&GN ;, N0& ;N029/ G&829H ;, ;!6 U ; &GN
N0&U S;Q7% & &T&!QN&%@ !;88Q92NU * N0& 0G ;QG@ G27FH 9!2&9N G;U7 !HN7&@ N&R&9H;9FH 72/0N0;QH&@
9,&!N&% 0;QH&H S;Q7% & 0& H8&77 ;, H&S&&% 9% N HN;;% 29  !;889%29/ 02H Q27%29/ G&829H ;9&
!7;H&% 9% N0& H02=H 9% !G2&H ;, /Q77H 7&R&H 9; =;H2N2;9  ;R& N0& ;, N0& &9/29&&G29/ S;9%&GH
/;;%H QG9&%@ %;Q N S&FG& N N0& !;HN@ 0G ;QG@ ;, N0& S;G7%@
;S N0N G&77U S;Q7% /&N 9 N0& H9%U &!0  G;8 N0& S&N0&GS;G9 NN&8=NH N; Q27% 
N0& 8&HH/& N; CHNU N /G;Q= G& N629/ =GN 29  HQ9 %27 ;9 N0& &7&RN&% &!;9 ;9 N0& GG$
0;8&D !G;HH+ U;/ !7HH@ CHN7& 76D$ S& S29  0;S&R&G$ S&G&
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H& N; N0& =;29N ;, QG29/ ;G7% G $ N0& HN&==&% Q27%29/ %;S9 U ;8& HU U;Q !9 HN277
!!&=N29/ %&,&N@ G;!6 SH QH&% U N0&  N0& 0G ;QG$ &G29/ N0& 0&G 02H S02HN7&@
= Q9N27 <:J-$ =G;N&!N2;9 ,;G ;8 29/ =G!N2!& S2N0 29H&N =9&7 ;,  ;N 9& ;, 7!;82&FH 72G%H$
SH =G;R2%&% U N0& ;GN0 /H ;, ,7;QG@ %&=2!N29/ N0& QG/0 H&7$ &9&G7
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;Q !9 !7&G7U H&& N0& N; 2,& &HH$ 6&&= 9 &U& 9% G27FH ;7% QHN;8 ;, 02H S&7N0 !;829/ ,G;8
Q27%&GFH !2G!Q7G N&8=7N& ;=&9 ,;G ,7U29/ /;7, 77H$ H ;QH&@ 02H HQ!!&HH N /8 729/@
,;G N0& %;;8&% GG 2/0N S& H62GN G27FH /;7, !;QGH&@ ;%1,&G29/ 9% 02/07U 9 ;9& S/&G 29 N0&
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G;!6H N N0& &HH@ %&R27FH 28$ N0& /;7,&GFH 28 !;88Q92N2&H 69&S ;97U N;; >89U 82772;9H 29 N;%UFH
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7&%H ;QN N; N0& 2,& &HH N29/ ,G;8 <J)K$ G27 29 N0& S&N0&G !;Q7% G&HQ7N 2G SG&9!& Q9%H 29
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