SMC (Trading Darsliklar) - 301-344

-CBIS;NO=BCH=BCGCTKONC<O<CTHCHAN;M>CKCGCT>CL!
CTE;GLIKP;KNIL;FCACHC;HCKF;< OMB<OTIH;F;L>;
N?ACHCMBF;LP;NOTCFG;N;H;@@OMF;LCHCN?EMBCLCMBCGCTE?L;E0;=BIH!I2"'I"' FCEPC>FCEHCKIFA;ECLCNCMB
P;EC=BCELIKP;KNIL;FCAC>;S;L;NCFA;HTIH;F;LA;N?AC< <CTITJITCNMCS;GCTHCKOLCMBHC<IMBF;>CE
$NC<IL<?LCHA H;LR<CLH?=BN;N?ACHCMBF;LHCE?FNCLC<=BCK;L;>CKONC <CTO?L>;FCEPC>FCE<ILFCACHC
<CF;GCT ;GGI<CTB;L>ICGNOTCFG;F;L>;N;H;@@OMHCEON;GCTP;O=BCH=BCG;LN;N?ACHCMB>;HE?SCH
EIL;GCT!I2P;S;H;<CLGCHN;K;>;N;GCHF;MB3;M>CKF;MBP;KNC>;<CT6S=EI@@<IMKC=BCHCB;G
N?EMBCLCMBCGCTGOGECH
8OKILC>;;SNC<INA;HCG>?E H;LR<CTHCHA/.( A;OMB<OO=BN;N?ACHCMB<CF;HFCEPC>FCEGCHN;K;MCHCS;L;N>C

;GGINOTCFG;HC<OTA;H>;HMIHAP;S;H;<CL>;L;D;A;K;SN>CN;GCHF;MB <CTA;H;LRHCHACGJOFMKCFCMB?BNCGIFC
SOKILC?E;HFCAC>;H>;FIF;N<?L;>C

5;<CTHCHAGI>?FCGCTKONCMCMBOH>;SKIF;>C
G?HCHAE;H;FCG>;-<BAB/2 :.??.68 ,?H>;<OOMOFB;KC>;NOMBOHNCLOP=BCPC>?I<IL A;LMCTB;FCEILG;A;H<IFM;HACT OHC

NIGIMB;KCFCMBCGEIHCS;NC>;H@IS>;F;HCHA

GCMIF 6 %C<IBIMCF<IFCMBC
!ITILCGJOFM>;HE?FA;HCA;?NC<IL<?LCHA ;HOKN;MC>;H<HOKN;MCA;8;HACCGJOFMHC
<IMBF;S>CA;HB;L;E;NE;NN;LIKMNLOENOL;>;6HCN;MBECFKCF;>C!OFCEPC>FCEHCS;L;NCMB !CTOMB<O
%C<I HCHOKN;>;HHOKN;A;=BCT;GCTP;<CNN;;M<I<>;L;D;MC>; >;H A;=B;
<IFA;HILK;A;K;SNCMBHCEON;GCT6HCHAIRCLACHOKN;MC <OFCEPC>FCEHCKIFA;ECLCNCMB
L;A<;NF;HNCLCMB<O6HCHA;MIMC<IF;>C

GCMIF 6 %C<IBIMCF<IFCMBC
8OKILC>;HJ;MNA;N?ME;LCSIH;FCMBF;L>;MI>CL<IFCMBCDO>;E?HAN;LK;FA;H
".@9.5.A
,B;L@CHCHAILN;HOKN;MC<IF;>CL;A<;NF;HNCLCMB

GCMIF , %C<IBIMCF<IFCMBC
A;L<ITILJ;M;SCMBB;L;E;NC>;HE?FC<=BCKM; H;LRNOTCFG;F;LCHCHAN;H;@@OMF;LC<CF;HN;M>CKF;MBHCEONCHA
<OLCFCMBHOKN;F;LCIF>CHAC5;<CTHCHA,ISIACGCT<IF;>CA;HN?ME;LCITA;LCMBF;LHC;G;FA;IMBCLCMB
CGEIHCS;NCHCFISCB;F;MBNCLCHA%C<I HC?HA=BOKOLJ;MN>;HN?J;A;K;L;<DISF;MBNCLCHA!I2"'I"'P;
G;FOG>;L;D;>;N;M>CKF;MBP;K;SNCMBHCEONCHA
*?FCHA H;LRK;H>;SB;L;E;NKCFA;HCHCEILC<=BCK;SFCE

".@9.5.A
0;SMC>;L;D;F;LHCDISF;MBNCLCMBCHACTGOGECHFCACHCEILCMBO=BOHP;KNIL;FCACHACTHC;HCKF;HASIKINCMBHCNIRN;NCMB!O
MCTHCHA<IMBK;LOPCHACT E;JCN;FCHACTP;CHP?MNCNMCS;JLI@CFCHACTA;<IAFCK<IF;>CM;P>IA;L

GCMIFW!FIEIKCGC
!O<OTCFA;H>C;AL;GG;>;S;L;NCFA;HIKCG<FIECA;;MIMF;HA;HR;P@FCECLCMBHC;G;FA;IMBCLCMB
OMOFCP;H;LR<ONOHGCHN;K;HCK;SN;MCHIP>;HINE;T;>C)O>;IRMB;MBNIRN;NOP=BC<FIE ;GGI
<OBIF>; >;L;D;MCH;LRO<?FACF;HA;HBO>O>A;K;SNC<E?F;>CP;EIJCH=B;OHCHA
SNA;HCGCT>?E <OR;P@A;ECLCMB S;HC<CTA;KIMBCG=B;N;M>CKF;LE?L;E?G;M
22+ >;HE?FA;HC>;HE?SCHH;LRDO>;EIJMINOPA;?A;<IFA;H<FIEHCS;L;N;>C.MB;J;SN>;
<;HEF;L2!KCF>CF;L MINC<IFCMBO=BOHMINCMB
3IM;N>;HB;L;E;N<CF;HOF;LMNLOENOL;HC<OT;>C N?J;MCHCS;HACF;S>CP;EIJLIKFCEPC>FCEHC
S;L;NC< GCHN;K;A;K;SNCMBHC<IMBF;S>C HOKN; <FIE>C;J;TIHC>;ACEL;H
4F;LFCEPC>FCEHCS;L;N;>CF;LP;H;P<;N;SH;HIKCG<FIECHCHA>;P;<CLN?ACMB>;<IF;>C<OSOLNG;
<FIEC
".@9.5.A
A;LH;LRHCHAK;SN;LCFCMBCA;MBO<B;HACT<IFM; P;KNHCKCMK;LNCLCHAP;ITJITCNMCS;HACTHCP;ITILHCHACTHCDISF;MBNCLCMB
O=BOHBO>O>F;LHCKC>CLCHASIKINCMBHCNIRN;NCMB

(>?;F <CLAOLOBHCEILA;HCHACT>;MB;GF;LMINCMBMINC<IFCMB MBOH>;HE?SCHB;L;E;N<IL?>C
A.7<CBF8<?K;L;G; K;LMBCSIH;FCMB>;KIF>CLC<;GOPIT;H;NMCTFCEP;NOTCFG;<OTCF;>C CMBIH=BBIMCF
KCFCHAP;B;L;E;N<OIKCG<FIECHC<OTA;H>;H;LRA;LCIS;KCFCHA';L>ICGAL;@CE>;ACOMB<O
NILN<OL=B;EF;LSIHC>;FCEPC>FCEG;PDO>FCACHCN?EMBCLCHA A;LMCTHCHAN;BFCFCHACTG;HNCKCS<IFM;
MCTHCHA@IS>;HACTA;<CLF;MBM; ECLCMBCGEIHCS;NCHCEILCHA
2CTBITCL>;EIJH;LM;F;LHCJ;SK;A;H<IFCMBCHACTGOGECH;KFFCJOFNIT;F;HA;H G;M;F;H ;
<OSOLNG;<FIEC<CLC<IFCMBCGOGECHL;>?NCMB<FIEC (%" NIRN;NOP=BC<FIE P;<IMBK;F;L!O
GCHN;K;>;ACH;LRL?;ENMCS;MCHCHAP;KNCP;<CLCH=BCH;P<;N>; H;LRITA;LCMBC<CF;HMCT
S;L;NA;HLCPIS;NGOBCG<IF;>C2CTHCG;B;KC>;BCEIS;S;L;NCMBCHACTDO>;GOBCG?BNCGIF
H;LRKCF;IF;>C*;GC>;N;B;L;E;NA;?A;<IFCHAP;OF;LHCL;>?NCMB>;>;PIG?NCHA
=BOHECH;LRMCTISF;A;H>?E?G;M A;LGOKI<CFP;LC;HNF;LKIFG;M; ECLG;MFCE?BNCGIFCHC
EILC<=BCKCHA

GCMIFW-8N?ME;LC
.>>CS<ITILEOHC>;<CT>;<OSOLNG;F;LHCNIJF;MBO=BOHRCTG;NKCF;>CA;H.MCSIM?MMCS;MC<ILP;
MBOH>;HMIHA<CT>;+IH>IHM?MMCS;MC<IFC< OEIJCH=B;.MCSIHCHAG;EMCG;FSIECGCHCG;FCHC
K;GL;<IF;>C <CT<OHCG;HCJOFS;NMCS;>?<;N;SGCT+IH>IH>;MBOH>;SNOTCFG;S;L;NCFA;HEC O
MB;EFF;HA;H>; -8<OB;L;E;NHCK;SN;LCMBO=BOHECL;>C
+IH>IHM?MMCS;MC>;PIGC>;FCEPC>FCEHCKIFA;ECLCNCMB.MCSI>C;J;TIHCSOKILC
CEEC-;LRMNLOENOL;HCHA<IMBK;O=BCHCKCFA;H>;HMIHA O<IMBF;H;>C-8N?ME;LC
KISCHAJL?GCOGP;=B?ACLG;+IH>IHMNLOENOL;MC>;P;HC<OTA;H>;HMIHA <CLIH<CL
GCHN;K;<CF;HG;HNCK<ILFCACHCEILCHA

GCMIFW-8N?ME;LC
.3$ -8N?ME;LC

GCMIF ,?HCHAM?PCGFC!OSOLNG;<FIEC FCEPC>FCEGOB;H>CMC
!OG?HEIJIJ?L;NMCS;F;LCG>;KC>CL;>CA;HNOTCFG;
-;LRNOTCFCMBCHC<OT;>CP;;KCF;>CIF>CH"'."IMB;J;SN>;S;L;NCFCMBG;PDO>C=BEC
FCEPC>FCE <;H>;G;FKCF;>C =BOHECO?L>;HMNLOENOL;<OTCFA;H
CEEC-;LR;A;D;PI<<?L;>CN;GCHF;MBNIALC =BOHECNOTCFCMB>;B;GN;H;@@OM<IL?>C GOPIT;H;NMCTFCE

+CEPC>FCEHCS;L;NCMB 5.?1<6:
,?HA;<O@ILG;NDO>;SIK;>C =BOHEC<ODO>;EIJMI>CL<IF;>C SHCKM; H;LR=B?A;L;F;HG;A;H'3%

TIH;F;LC>;HE?FA;H>;P;B;>>;HN;MBK;LC<IFM;

GCMIFW(=BEC!I2 FCEPC>FCEGOB;H>CMC
HOKN;HCHAB;L;E;NCC=BECMNLOENOL;HC<OT;>C
CEEC <;H>F;LFCEPC>FCEHCS;L;NCMB @PA NL?H>=BCTCAC!OC=BECCH>OENMCS;
3B?N;F;< <;H>>;HOMCH>CLCFA;HMINOP=BCF;LB;FCB;GN;DIPOTEIL MBO<CF;H=BOKOLLIK
J;MNECBIMCFKCF;>C
HOKN; <O<OLCFCMBN;GCHF;MB?EMNL?G;F J;MNIKCGA;LCIS;KCFCMBP;N;MBKCFCEPC>FCEHC
KC>CLCMBO=BOH<;L=B;G;PDO>C=BECFCEPC>FCEHCKIFA;ECLCNCMB

GCMIFW"/$SITOPF;LCKCMK;
<;H>EOHHCHAI=BCFCMBC<IFC< OH>;HE?SCH<IMBF;H;>C.MCSI>C;J;TIHC

CEEC HOKN;I>;N>;<CF;HMI>CL<IF;>CA;HEOHHCHA?HASOKILCHOKN;MC>CL8;BO>I2PCHA
<;H>;@PA"/$BO>O>C>;
".@9.5.A
4MB<ONOL>;ACGCMIF@;K;NE?SCHG;HCJOFS;NMCS;<IFM; SOKILC?BNCGIFA;?A;<IF;>C.MCSI
>C;J;TIHC IMB;J;SN>;EOHHCHAG;EMCG;FSIECGCHCG;FKCFCMB P; G;HCJOFS;NMCS;>;HE?SCH
<ITIL;FF;K;=BIHECLCMBN?H>?HNMCS;MC>;<IFM;

GCMIFW"/$SITOPF;LCOTIK
<;H> <O;HCKEOHHCHAI=BCFCMBC

<;H> EOHHCHAKCMG;HJ;MNEILM;NEC=BC
<;H>F;L@PA"/$BO>O>C>;
&L;@CEHCHA=B;JNIGIHC>;ACG;KM;>F;L<CF;HMINC<IFCMBHCHAS;RMBC?BNCGIFC
".@9.5.A
';L>ICG;MIM;H+IH>IHM?MMCS;MC>;;G;FA;IMBCLCFA;HEOHHCHAG;HCJOFS;NMCS;MCHCN?EMBCLCHA
2BOHCHA>?E ;ENCPHCHAG;ELIN?H>?HNMCS;MCHCP;G;HCJOFS;NMCS;IMNC>;ACP;"/$TIH;MCOMNC>;AC
>;L;D;F;L>;G;PDO>HOKN;F;LHCEILCHA
4MB<ONOMBOH=B;;FF;K;=BIH <I<>;EILM;NCFA;H

GCMIFW%5& FCEPC>FCEHCS;L;NCMB
8OKILC>;ACL;MG>;<CT>;G;PDO>@PAMINOP=BCF;LHCHAN;DIPOTEILB;L;E;NC>;HMIHAP;H;LR<ITILHC
GOPIT;H;NF;MBO=BOHE?FCMBC>;HIF>CH OMB<OCHMNCNONMCIH;F=BCTCKK;S;KCHDIS>;B;G <ITIL>;B;G
FCEPC>FCES;L;NCF;>CNL?H>=BCTCACR;LC>ILF;LIT<OSOLNG;F;LCHC<?LCMBF;LCP;K;SN;LCMBF;LCO=BOH;N;SF;<
NOTCFA;HNIRN;>C4F;L<CLK;L;MB>;SOKILC>;P;J;MN>;FCEPC>FCEHCKIFA;ECLCNCHA

GCMIF *F;MMCE"'I"' ;SF;HNCLCMB
S;RMBC?MEC"'I"' %FCJ-;LRGCHN;K;A;N?AM;P;OH>;HE?SCHMNLOENOL;N?ACHCMBHCHA
N?ME;LCSIH;FCMBC>;<OTCF;>C
!OS?L>;;FF;K;=BIHNOMBOHNCLCFA;HC>?E ;;SF;HNCLGIKIMB;J;SN>;ACH;LRHCHAH;P<;NC!O;HCHA
B;L;E;NCN;GCHF;MB<CLCHCMCH>CLCMBN;F;<SIEC;EMCH=B;!OGCMIF>; <IL?>CN;F;<!O?M;G
G;MI@;>;AC/.(A;N?ACMBCA;M;<;<<IF>C2BOH>;HMIHA H;LRJ;MNA;B;L;E;NHC<IMBF;S>CP;
<CF;HMB;GF;LH;LR<OHA;D;PI<<?L;>CN;F;<0;SNCMBP;H;LRL?;ENMCS;MCDO>;N?TMOL;NHCEIN;LCMBP;
<O=BCTCKHC<OTCMB?>CN;F;<KCFCHA"'."<OB;L;E;N<CF;HP;;SH;H<CLC>;K;SNC<E?F;>CN;GCHF;MB
<OTCFC<E?NA;H<CLRCFN;F;<!O<CF;HH;LRN;<CCSL;PCMB>;IKCGA;?LA;MB;>C

3;BFCFHCK;H>;S<IMBF;MBE?L;E 2;P>IL?D;MC
!CT;FF;K;=BIH<ITILNOTCFG;F;LCHC FCEPC>FCEHC L;A<;NF;HNCLCMB !I2 "'I"' HIGON;HIMC<FCE M?MMCS;F;L

JL?GCOGP;=B?ACLG; P;<IMBK;F;L!CTN;BFCFHC<IMBF;MBO=BOHKIFCGCT>;<IFCMBCE?L;E<IFA;H
PIMCN;F;LHC;G;F>;ILA;HC<=BCK>CE2CTBITCLA;=B;ILA;HA;HB;GG;H;LM;MCTA;S;HAC<OSOLNG;
NOAG;MCHC<IMCMBP;IJ?L;NMCS;HC<;D;LCMBA;SIL>;G<?L;>C GGIL?D;MCTM;P>IJLI@CFCHACTO=BOHGIM
?BNCGIFMCTOTIKGO>>;NFC<ITIL>;IGIHKIFIFG;SMCT*?FCHA <;N;@MCFLIKG;FOGINA;?A;<IF;SFCEP;
ITCHACTHCK;H>;SS;L;NCMBCHACTGOGECHFCACHCEILM;N;GCTM;P>IA;L!ODO>;MB;RMCSP;MCT<;TC@CELF;LHC
;HCKF;SMCTP;<IMBK;F;LHCITCHACTHCHARIBCMBCHACTA;KIMB;MCT
,?H<;TCG;MF;B;NF;LHCM;H;<IN;G;H@5.D@.;N;BFCFHC<IMBF;MB>;HIF>CH@IS>;F;HCHA
/MCRIFIACE
,?HITCGHCLOBCSDCB;N>;HS;RMBCBCMKCFS;JG;HGC
.RCLACJ;SNF;L>;G?HCKCSH;SINA;HM;F<CS@CELF;L<ILGC
,?HS;RMBCORF;>CGGC8;RMBCORF;>CGGC
,?H;FF;K;=BIHIPK;NF;HA;HG;HGC
,;MBKF;L>IFT;L<GC
NLI@CGNCH=BP;N;LNC<FCGC
,?>CN;NMCS;<CF;HMBOAOFF;HCHA!O;BGIKIH;NOSOFCMBCGOGECH F?ECHG?>CN;NMCS;<CF;HMBOAOFF;HCMBA;I>;NF;HCHA!O
>CKK;NHCD;GF;MBA;P;>ICGCSG;MBAOFIN<CF;H=B;FACNG;MFCEE;SIL>;G<?L;>C
*IJ=BCFCE<OLISR;NA;K;NCSLCIS;KCFG;MFCACHC<CF;G;H =BOHEC<;TC>;<CTNCH=BGOBCN>;S;MB;G;SGCT
B;SIN>;N;MBPCMBF;L NIF;MBO=BOHNIFIPF;L ICF; RINCH?L <IF;F;LSIECB;LK;H>;SN;MBKCGO;GGI<IL
+?ECHHCG;KCFCMBE?L;EFCACHCNOMBOHCHAM;P>IB;TCF?G;M <ITIL-$&B;P;MEILF;LO=BOH!O<IMBK;B;L
K;H>;SE;M<E;<CP;<OR;P@HCITC=BCA;IF;>C <OMCTHCHAJOFCHACTHCITC=BCA;IF;>C
!OL?EF;G;F;LA;;F>;HG;HA(HMN;AL;GOF;LMBIBB;SINCHC EIT<IS;G;=BCFCE<CF;HS;MB;MBF;LCHCP;OF;LK;<OF
KCFG;MFCEF;LCHCSIKINCMB!OSIFAIH!OH>;SNOTIKK;NOMBG;HAG;LE?NCHA
2CTRINCLD;GP;>CKK;NHCD;GF;A;H<IFCMBCHACTE?L;E(HNCTIGHCM;KF;HAP;ILA;HA;HB;GG;H;LM;HC
KIFF;HAP;B;L>ICGITL?D;HACTA;;G;FKCFCHAM;P>IA;L.TL?D;HACTHCNOTCHA*OH>;FCEITA;LOP=B;HFCE
FCEPC>FCEP;S;RMBCB;L;E;NA;?A;;ENCPHCN;HF;HA,?HA; ;SHCKM; 42#&!/$41P;- 2 2/
CH>?EMF;LC<CF;HDO@NFCESIK;>C+?ECH<OB;L<CLCHCHAITCA;<IAFCK
-;T;LCS;P;;G;FCSIN
.NA;HEOHB;@N;HCHAG;EMCG;FP;GCHCG;FCHC<?FACF;HA
.RCLACEOHA;EOH>;FCE K;L;HAP;H;LRHCN?EMBCLCHAJL?GCOGSIEC=B?ACLG;
-;LRHCHA!2+22+GCHN;K;F;LCA;S;KCHFCACHCN?EMBCLCHA
';L>ICGBITCLACP;KN>;?HA;HCKFCEPC>FCEHCKC>CLCHAP;O=BOH@PA
MI;NC=BC>;ECGG;MOF?E;HCHCEILCHA N;F;<SIECN;GCHF;MB
MI;NC=BC>;/.(NIJCHA
/.(S;L;NCMB>;HIF>CHG;PDO>GOPIT;H;NMCTFCEP;MNLOENOL;HCHA<OTCFCMBC
-;LR=B?EF;HG;A;HG;ELIGCHN;K;>;HE?F;>CGC
3;GCHINSIECN;F;<FCEPC>FCEHC<IMBK;MC>;HNILNC<IF>C2#
HCHAS;L;NCFCMBCG;PDO>L;A<;NF;HNCLCMB/.(A;S;KCHGC
+3%>;L;D;MCA;EIN;LCF>CP;TIH;F;LS;L;NCF>C2#/.('3%SIH;FCMBC>;E?NS;JMCTGC
';LK;H>;SNOL>;AC<ILGC"'I"' !I2 %FCJ<OGCHN;K;>;
;A;S;KCH9IH;HCIF>CLCMBGC2CTBITCLM?;HM>;<IFA;HP;KNCHACT
ITA;LOP=B;HFCEGC*?SCHAC<CLH?=B;>;KCK;>;N?ACMBFCS;HACFCEF;L<ILGC
.TCHACT>;HMIL;HA-;LRK;S?LA;E?NGIK=BC!IMBK;=B;KCFC<;SNA;H>; *?SCHACFCEPC>FCE
K;S?L>;3OTCFCMBMCTHCHABCEIS;HACTA;GIME?F;>CGC

.* MCT/.(HCMI;NC=BC>;<?FACF;>CHACTP;H;LRS?NC<<ILCMBCO=BOH<CLITP;KNE?N;>CSIECMBOH=B;EC<CNN;MCHC
<IMA;HMCT2CTEOHF;LP;EOHF;LEONCMBHCRIBF;G;SMCT-CG;KCFM;<IF;>C
ENCPHCHAN?H>?HNMCS;MCHCEILCHA4MI;NFCETIH;A;N?AC<E?FA;HGCSIEC<CLCA;N?AC<
E?N;SINA;HCHCN?EMBCLCHA
8OKILC>;ACGCMIF>;H;LR?H>CACH;;A;N?A>CL;>?NCMB<FIEC@OMB;GMI;N>;H
<IMBF;<%;L;TKCF;SFCE <OAOHKCTCFHOKN;.TCHACT>;HMIL;HA
-;LRHCHAHOKN;=BCTCK<ISF;<B;L;E;NF;HCMB?BNCGIFCK;H>;S';L;E;NHCHA<;F;H> N?J;
P;J;MNECEIN;LCFA;HFCACHCEILCHA!CTHCHAEONCMBCGCT<OSOLNG;IKCGC!OEIN;LCFCMBMBO
J;SNA;=B;
-;LRDO>;GOBCGGCHN;K;HCSOGMB;N>CN;F;<MI;N ?BNCGIFS;H;MI;NFCE
BO>O>A;?A;<IF;>C+?ECHK;SMC
!OP;KN>;MCTP;KNIL;FCACHC;HCKF;SMCTP;>C;AL;GG;HCHA=B;JNIGIHC>;S;L;NCFA;HBO>O>F;LHCKC>CL;MCT
0;>CGACN?J;F;LE;<C G;M;F;H ;PP;FACEOHHCHA<;F;H>FCAC

$NC<IL<?LCHA P;KNIL;FCACHC;HCKF;A;H>; G;PDO>MCKCFCMB/.(BA;N?AA;H>; MBOH>;HMIHAH;LR
<CTKIHACLIKKCFA;HP;KNA;ECL;>CIFCEP;KN I=BCMB.MCSI>C;J;TIHCKCTCFL;HA>;ACHOKN;?M;+IH>IH
M?MMCS;MCHCHAI=BCFCMBC<IL!I2P;H;LRO<CF;H<CLRCFH;LRIL;FCAC>;K;SNC<E?F;>C!I2 /;MNLIKP;KN
IL;FCAC>;;HCKF;MBNCLCMB IF>CHACSOKILC>;L;D;HCKC>CLC<MINC<IFCMBA;IFC<E?FCMBCGOGECH =BOHEC
KOSC>;;HCKFCEPC>FCESIK2OJOLCMBO=BOHS;L;NCFA;HN;SIKHCHAIF=B;GCA;?NC<IL<?LCHASIKINCMBHC
NIRN;NCMBKCTCKOP=B;HR;LC>ILF;L>;H
!OMCTMIL;MBCHACTE?L;E<IFA;HM;PIFF;L*CLCMBKCFCMBO=BOHB;GG;H;LM;<CLK;NIL
IGCFF;LA;<IAFCK<IF;>C HCKP;G;HNCKCSN;BFCF;MIMC>;EOHCA;<;FFIFCMBO=BOHKC>CLOP
EIJCH=B;MCTHCHAEOHCHACTM;P>IMC<IF;>C5;B;@N;ISIRCLC>;MCTHCCDI<CSBIF;NA;E?FNCLA;H
H;LM;;MN; M?ECH?E;HFCACHCNOMBOH;MCT

5;<CTHCHA$4142#>;ACMI;NFCEG;ELINOTCFG;GCTMBOH>;SEILCH;>C';L>ICGN;MBKCFCEPC>FCEHC
CTF;MB>;EIN;LCFA;HN?J;P;J;MNECKCMGF;LHCS;L;NCMB <O<OTCFA;H>;<CTKIHACLIKKCF;GCT!I2

*?FCHA <IMBK;GCMIFA;IN;GCT!OMCTHCHAEIGJSON?L>;G;PDO><IFA;HP;KNCHACTA; D;>P;FCHACTA; E;JCN;FCHACTA;
<IAFCK<IFCMBCHCNOMBOHCHAKCMK;MC B;GG;IT=B?EFIPF;LCHC<CF;>C2BOH>;SKCFC< <;TC>;<CT;FF;K;=BIHSOLCMB
JIS?T>CHCOMBF;SGCTP;;A;L<CT>;;HCKCGEIHCS;N<IFM; <CTCGEIHCS;NHC<IS<?LG;SGCT
A;LG?H<OE;<CL;K;GHCEOT;NM;G N?J;F;LJ;MNECKCMGF;LHCKOLCMBP;MCH>CLCMB<OLCFCMBHOKN;F;LC ,?H

NOTCFG;C=BC>;ACTIH;HC<?FACF;MBCGP;N;MBKCFCEPC>FCEE;K;L;NCFA;HN;M>CKF;MBHCEONCMBCGGOGECH

3L?H>K;LMBCIJ?L;NMCS;F;LHC;G;FA;IMBCLCMBO=BOH C>?;F;EONCMB"'I"'%FCJMNLOENOL;C=BC>;KCMK;G;KM;>F;L
<CF;H
!CTCTF;SINA;HNL?H><CF;HM;P>IKCFCMB"'."P;SIEC%FCJP;G;KM;>F;L<CF;H>;PIG
?NCMB<OLCFCMBHOKN;F;LCIF>CHAC
A;L;ENCPILK;A;=B?ECH;SINA;H<IFM;KCTCF=BCTCK <CTIMB;J;SN>;NL?H>A;K;LMBCGCT MBOHCHAO=BOH

;A;LMCTOMB<OP;TCS;NA;ECLCMBHCL?D;F;MBNCLGIK=BC<IFM;HACT G;KM;>CHACTHCIF>CHACS;MBCF=BCTCK
N;LEC<CA;KISCHA
!IMBK;NIGIH>;H ;A;L<CTN?H>?HNMCS;S;MBCF=BCTCK P;KCTCF=BCTCKHCHAIRCLC@IS>;MCA;IJ?L;NMCS;HC;G;FA;

IMBCL;SINA;H<IFM;E G;KM;>F;LHCIF>CHACILK;A;K;SNCMBKCTCF=BCTCK <IMBCA;DISF;MBNCLCMBO=BOH
IJ?L;NMCS;HACTHCEOT;NC<<ILCHA =BOHEC<OK;?L>;!I2P;SOKILC>;ACN;MPCLHCHAMNLOENOL;MCHCBIMCFKCFCHA

/LI3L?H> 3L?H>@IS>;MCA;
!CT/.(HCMI;NC=BC>;<?FACF;MBCGCTP;GG;MI@;>;IJ?L;NMCS;HCEOT;NCMBCGCTGOGECHP;<O
TIH;F;LA;S?NC<<ILCMBCHCEON;GCT ;PP;F;SNC<INCFA;HC>?E N;M>CKF;MBMC@;NC>;GSIECG
3L?H><CF;HECLCMBO=BOH<CTOMB<OG;N?LC;F>;EILC<=BCKCFA;H<;TCG?TIHF;LHCN;F;<
KCF;>C ;GGIBITCL<;N;@MCFLIKNIRN;F;GCT
'3%TIH;MC>;'U GSIECGG;MI@;>;DCLCHAF;MBHCEONCHA
CEEC+CEPC>FCEHCIFCMB ME;H?LF;MBN;M>CKF;HCMBCHCEONCHAMNIJFIMM
*IJLIKTIH;F;LS;L;NCFCMBCHCEONCHA <OM;@;L+3%>;
-;LR>;HIGON;HIMC<FCE<ILFCACA;CMBIH=BBIMCFKCFCHA GOPIT;H;NMCTFCETIH;>;SOGMB;NCFCMB>;HE?SCH
-;LRGCHN;K;>;?E;HFCACHCN?EMBCLCHAJL?GCOGSIEC=B?ACLG;
#C;AL;GG;HCHA=B;JNIGIHC>;ACGSIECGG;MI@;>;ACMNLOENOL;N;H;@@OMF;LC;MIMC>;ECLCNCHA

3L?H>A;?A;<IFA;HECLCMB<CTA;<CLP;KNHCHAITC>;<CLH?=BN;=BIKKCF;LP;G;KM;>F;LA;?A;<IFA;H
>;PIGCSECLCMBCGEIHCS;NCHC<?L;>C5;KNCE?F>C<?G;KM;>KCFCMBNIFKCH
0;L;G; K;LMBCN?H>?HNMCS; K;LMBCN?H>?HNMCS;
A;L<CTBP;G<IFA;H;ENCPA;>O=BE?FM;EEIN;LCFCMBIMCMBN?H>?HNMCS;MC P;IMB;J;SN>;<CT
GC=BC>;MINGIK=BCGCT !ON;KCKF;HA;H?G;M F?ECHMCTNL?H>A;K;LMBCMIN;SINA;HCHACTHC
NOMBOHCHAP;G;KM;>CHACT<OK;>;LOTIK<IFCMBCGOGECH?G;M
!IMBK;NIGIH>;H ;A;L<CTBP;GA;>O=BE?FM;E;SCKJ;M;SCMBN?H>?HNMCS;MC P;MCTGA;R;LC>

KCFCMBA;K;LILKCFM;HACT R;P@FC<IF;>C =BOHECMCTB;GK;LMBCN?H>?HNMCS;<IF;MCT
$H>C<CTMI;NFCE<ITILA;>O=BE?FM;EEIN;LCFCMBP;G;SCK GC=BC>;R;LC>KCFCMB<;RNFC
PIMCN;>CLP;<CTHCHAG;KM;>CGCT<;TCF;LC>;<IFCMBCE?L;EA.:6;9.@5 :
5;;A;L<CTMI;NFCED;>P;F>;<IFM;E;SCKP;GEIN;LCFCMBP;<CTG>;HE?SCHMINCMBHCRIBF;SGCT
<CTB;GEO=BFCLIKK;LMBCN?H>?HNMCS;A;>O=BE?FGIK>;GCTP;<;TCF;LC>;;@T;FFCEG;KM;>>CLA.9./
:
8OKILC'3%N;SG@L?SGCDLI?NCFGIK>;
+CEPC>FCEHCN?EMBCLCMBMOJOLGIK IPHCNIRN;NGIK
-;LRF;LHCHAM;G;L;MCTFCACGOPIT;H;NMCTFCE <IMBFCK @PA
MNLOENOL;PCSOTCFCMBF;L *!!I2 "'I"'
*O=BFCL?;ENMCS;<CF;HN;DIPOTEILB;L;E;N5 MB;EFC
!;TCS;L;NCFA;HTIH;A;K;SNCMB

7O>>CMBONOMBOH=B;NL?H>O=BOHB;G;G;FKCF;>CEIN;LCFCMB!CTHCHANL?H><CF;HMINCMBMINC<
IFCMBCGCTILK;A;K;SNCMBIRCLC>;<IF;>C
2;P>IA;ECLCMB>;HIF>CHK;=BIHCEECG;LN;ISF;MBCGCTE?L;E
0;H>;SKCFC<ECLCNCMBCGCTGOGECHFCACHC;FF;K;=BIHNOMBOHNCL>CGNL?HCHAO=BOH!OK;L;G; K;LMBCN?H>?HNMCS; GGIK;H>;SKCFC<

<CT>;KI=BCMBL?D;MC<IFCMBCGOGECH0;=BIHE?NCMBCGCTHCK;H>;S<CF;GCTM;P>IA;LP;<CTK;<OFKCFG;MFCACGCTO=BOH
IJ?L;NMCS;>;HPITE?=BCHA23./
8IKINCMBHCNIRN;NCMB !OMCTHCHA>;L;D;HACTHCKIS;>CA;HGCHN;K;>CL MCTG;AFO<CS;NA;LITC<IF;MCTG?HCG=B; EIJ=BCFCE
<OHC;FF;K;=BIH<CFCMB;>C
<?TCSIH MCTHCHAITA;LNCLCMBCHACT>CLSIKINCMBHCNIRN;NCMBG;FOG<CLDISA;K;>;L ;A;LH;LRK;SNC<

E?FM; OHCINE;TC<SO<ILG;SMCTK;NILCHCNILN;MCT23./G;KM;>CHACTA;K;L;< F?ECH!$HCK;=BIH
KCFCMBE?L;EFCACHC<CFCMBCHACTE?L;E0CTCACMBOH>;EC H;LRK;H>;S>CLNOTCFG;HC<OTA;HFCACHCEILCMB
<OLCFCMBHOKN;MC CFA;LCSIEC<CLTIH;>;EO=BFCL?;ENMCS;<IFM;N;F;<N;EFC@

(>?;FMCTITCHACTHCEI=BCLCMBCHACTGOGECHSIKINCMBHCNIRN;NCMBP;KCFCMB<?TCSIHH;LRAL;@CEHCHA=B;JNIGIHC>;AC
IF>CHACN?ACMBFCNOTCFG;F;LHC<OTA;HFCACM;<;<FCP;SIEC<OLCFCMBHOKN;F;LCIMB;NOTCFCMB>;H F<;NN; B;L>ICG
NL?H>HC FCEPC>FCEHOKN;F;LCHC P;KNHC S;HACFCEF;LHCP;BIE;TIF;LHCN?EMBCLCHA7IMB MCT<CNN;MCHCIFCMBCHACTGOGECH
MOJOLCMB!OGCMIF<CTITCGCTHCK;?LA;KISCMBCGCTGOGECHFCACHCEILM;NCMBO=BOH?>C2+P;IJ?L;NMCS;HCEOT;NCMB
!OG?H;SNC<INA;H<;L=B;EIHN?EMNA;<IAFCK<IF;>C2CTNIALC>;H NIALCCMBF;SINA;HJF;N@ILG;>;H
;DL;FCMBCHACTGOGECH A;LMCTNL?H>N;L;@>ILC<IFM;HACT ?HACFLIK<IFCHA ;A;LMCTNL?H>A;K;LMBC<IFM;HACT
B;L;E;NF;H;SINA;H>;EIJLIKEIHM?LP;NCP<IFCHA2+P;KCMK;G;KM;>F;L

'6@89.?;6/<@5>.?6@5
IJ?L;NMCS;F;LCHACTHC<IMBK;LCHA
HCHAO=BN;OMNOHCB;KC>;EIJ;SNCFA;HM;P>IA;L.G;>FC5;<O;@MIH;?G;M A;LMCTGIFCS;PCS<ITIL>;
IGIHKIFGIK=BC<IFM;HACT CT=BCF<IFCMBCHACTO=BOHMCTA;OMB<OO=BN;GOBCGHOKN;E?L;E<IF;>C
1CMEF;LHC<IMBK;LCMB
2NL;N?ACS;
/MCRIFIACE
A;LMCT>;N;LNC< CHNCTIG<IFG;M;P;<OD;L;SIH>;HINC< OMB<OO=BN;OMNOHA;K;NCSLCIS;

KCFCMBCHACTE?L;EFCACHCNOMBOHG;M;HACT O?LA;?NC<<ILIFG;SMCT!OB;NNI<CLH?=B;ISSCF
KIFCMBCGOGECH F?ECH<ODO>;OTIK>;PIG?N;>C23./0CMK;GO>>;N>;<ITILHCN;LE?NCMBCP;<O
<;RNMCTD;L;SIHHC<IMB>;HE?=BCL;SINA;HI>;GF;LHCHAS;RMBCOFOMBCJMCRIFIACEDCB;N>;H
=B;SK;F;>CA;HSOTC>;M;P>IA;LO=BOH(HN?LH?N
!O?F;E>;HINCMBDO>;GOBCG <OHCNOMBOHCMBE?L;E5.::.@6OILK;FCINCHA 5.::.@6"BIKKCA;

?LCMBA;HF;L<OG;MB;KK;NFCD;L;SIH>;HT;PKF;H;>CF;LP;GOP;@@;KCS;NO=B<OL=B;ACA;K;NCSLCIS;
KCF;>CF;L2CT<CF;HB?=BK;H>;S@;LK<IFG;S>C

!OMCTHCNCLCEKIF>CL;>C
'CMI<F;LHC<OTCMBA;P;MCTHCH;@;MIFCMBCHACTA;R;F;KCN<?L;>CA;HH;LM;MCTHCHAR;P@F;LHC<IMBK;LCMBCHACT<IF;>C5
.E;6>@.!ITIL>;EO=BFCKIFCMBO=BOHG?HOMB<OAIS;F;L>;H@IS>;F;H;G;H
,?H@;K;NR;P@O=BOH E;G>;H E;G <IMBCA;M;P>IG?HCHAOGOGCSE;JCN;FCG>;HD.E<96E

>.1?6E.A9.?
.RCLACEOHFCEILN;=B;EILM;NEC=B>;HEIJLIKSIKINCMBHCK;<OFKCFG;SG;H>;LIG;>D.E<96E
>.1?6E.A9.?
,?H EOHC >IFF;L>;HILNCKSIKINCMBHCK;<OFKCFG;SG;H;A;LG?H>;SIKINCMB ,?H>;LBIFM;P>IHCNIRN;N;G;H

P;R;NIF;LCGHCILA;H;G;H =BOHECG?HM;P>IKCFA;HO=BEOH>;HE?SCHG?H>;B;FCE;GC>;CEECCDI<CSEOH<IL 296;4
@5B;6.;6>.EA.E96886/B:2;6;405289<C9.?6:4.8<?.C.B;65.?8B;6:B8.::.9>696@5B05B;<FB@9B/9.?6:1.;
3<E1.9.;4.;6:1.;82E6;6@59./056>>.;:2;6;4/<@5>.?BC:<1296: B7B1.@5.D@6EC.=?<3696;46F4./<496>
/<9.16 @.C1<4.?.4.?@6F8<=?<>A.7<CBF8<?E<868<=?<>4.=6?.164.;/<9@.;46FC.@6F1.>.;05.8.=6A.9/<9@.
GGIOGOG;HIFA;H>; P;G?HO?L>;DO>;EIJEILA;HH;LM; B;KCK;N;HB;G>;HG;EMCG;FA;=B;R;P@
NOA>CL;>CG?HCG=B; DO>;EIJ MBOHCHAO=BOHMCTA;B?=B<IFG;A;H>;>;KIFCMBCHACTHCG;MF;B;N<?L;G;H
,?H A;EIN;LCF;G;H F?ECHEIJCH=B;G?H>;KIF;G;H
!OHC;G;FA;IMBCLCMBO=BOHO=B;MNE;F;LCHACTB;DGCHCBCMI<F;HA!OHC;G;FA;IMBCLCMBCHACTGOGECH<IFA;H<CLH?=BN;JF;N@ILG;F;LP;PIMCN;F;L
G;PDO> G?H<;TCF;LCHCKIF>CL;G;HP?< M;SNF;L<OMCTA;SIL>;G<?L;>C
BNNJMQQQGS@R<IIE=IGOM@IL?R =;F=OF;NILMJLI@CN =;F=OF;NIL
BNNJMQQQRG=IG?H@IL?R =;F=OF;NILMJCJ P;FO?
BNNJMQQQG;N;@H?NJN@IL?RNIIFMJCJ P;FO?
A;LMCT,3,3>;H@IS>;F;HM;HACT JF;N@ILG;>;ACFINF;LHCBCMI<F;MBO=BOHOMB<O>;MNOLF;LHCKC>CLCHA
2?BLFCE;FCNF;L DISF;MBOPIF=B;GCE;FEOFS;NILC!O2;P>ISIL>;G=BCMC 4F;L>;MNOLCSN;GCHINP?< M;SNF;L>;H
SOEF;<IFCMBCHACTP;M;P>IJF;N@ILG;MC>;ILH;NCMBCHACTGOGECH!;TCF;L<?JOF <;TCF;LC?M;<?JOF

';L>ICG@IS>;F;HCHAMNIJFIMM
8IK <OGIHN;D?G;M!O SCFHCHA S;HP;LC>;$41"'%DO@NFCAC>; LIJJ; LIM;>;<ITIL>;

N;LCRCSEOH?>C2BP?SNM;LCS;,;LE;TCS<;HEC2-! SCF>;2BP?SNM;LCS;@L;HECHCHA?PLIA;HCM<;N;H
KCGG;NF;MBCMBCA;SIFKISG;MFCEO=BOHKISCFA;H=BIL;<IFA;HGCHCG;FMN;PE;HC<?EILKCFCMBA;K;LIL
KCF>C!CLH?=B;MIHCS;C=BC>;?PLI2BP?SNM;LCS;@L;HECA;HCM<;N;HL;MG>;EILM;NCFA;HC>?ENOMB>C!O
AL;@CEEOH>;FCE S;HCB;L<CLMB;G<O<CLEOH!O<;FF>;HILNCKJ;M;SCMB?>C A;LMCTI>;N>;
@IS>;F;HG;S>CA;HI>;G<IFM;HACTSIKINCMBHCNIRN;NCMBP;O?L>;MINC<IFA;H<IFM;HACT ?BNCGIFMCTHCHA
E;JCN;FCHACTMIHCS;C=BC>;JILNF;MBCGOGECHP;MCTE?SCHAC;PFI>F;LCHACTA;K;>;LK;LT>IL<IFC<KIF;MCT
%IDC;F;LMI>CL<IF;>CP;<CTN;RGCHKCF;IFG;SGCT

.TCHACTHC<CLP;KNHCHAITC>;CEECN;IRMB;MBP;FSON;DO@NFCAC G;M;F;H $4142#P;&!/42#<CF;H
IMBEILKCFG;HA
A;LCEECN;MCHCIFM;HACTSIKINCMBHCNIRN;NCMB<CLEOH>; (+$#)$,))'( 0;F;GP;KIAITIFCHAKIF
<CF;HSITCHA <OMCTHCHAGCS;HACTHCEIJLIKSI>F;MBA;G;D<OLKCF;>C P;HCG;O=BOHIFA;HCHACTHCSITCHA
SIKINCMB
';L<CLB;L;E;NHC;G;FA;IMBCLCHA <IMBCHACT>;BCEIS;S;L;NCHAP;HCG;O=BOHH;LRMCTN;BFCFKCFA;H
P;DISF;MBNCLA;HDISCHACT>;<IFG;A;HCHCEILCHAIFCMB8IFHC<IMC<INCHAP;MBOJ;SNA;=B;
ILA;HA;HB;GG;H;LM;HCKISCHA OHC<IMKC=BG; <IMKC=BN;BFCFKCFCHA DOGF;>;HMCT<?FACF;A;H
TIH;F;L M?MMCS; P;KN MIFN?H>?HNMCS;P;HCG;O=BOHOHCN;HF;A;HCHACTHC<CFC<IF;MCT23./RO>>C
MBOH>;SP;TCS;N>;<IFA;HCHACT>;<CLRCFR;NIA;SIFKISG;MFCACHACTO=BOH
!;L=B;IJ?L;NMCS;F;LCHACTHCHAEOH>;FCACHCSOLCNCHA>;LIG;>!OSIKINCMB =BOHEC<OMCTN;KKIMF;MBP;
EOH>;FCE B;@N;FCEP;ISFCE?PIFSONMCS;HACTHC<CFCMBHCHAS;AIH;SIFC
0CFCMBILK;MCHIP
';L>ICGITCHACTHCKISCHASIKINCMBHCNIRN;NCMB/.(>;H<CLITJ;MN>;SOKILC>;
HCN?EMBCLCMBHCOHONG;HAN;LK;FCMBMCTHCHASIKINCMBHCNIRN;NCMB A;LMCT>;<IFM;2+ JCJM>;HEIL; ITCHACTHCHA

N;LK;FCMB<LIE?LHCHAMBOH>;SN;LT>;MCTHCHA2+ JCJM<IFCMBC G;M;F;HSOKILC>;ACL;MG>;<OHCHA<CLKCMGC
N;MPCLF;HA;H KISCHA2+<IFG;MFCEO=BOH<CLITSOKILC>;J;MN>;MOJOLCFA;HP;<ON;LK;FCMB<LIE?LFCE>;HMCTHC
ISCH>;H=BCK;LC<SO<IL;>C

3;LK;FCMB KCMK;=B;NOMBOHNCLCMB>; HCHA@;LKC>CL<OHCMINC<IFCHA@ON<IF=BCF;L<CT=B;KCLA;HH;LM;HCMINC<IFCMBA;
N;SSILGCTN;EFC@ P;MINOP=BCF;LMINCMBA;N;SSIL<IFA;HMINCMBH;LRCMIL;HA !OS;>LI>;L;D;MCN;LK;FCMBP;OF;L
<CF;HCMBF;S>CA;H<CLH?=BN;<LIE?LF;LG;PDO>N;LK;FCMBP;<IMBK;F;LEIGCMMCS;<CF;H!OB;LECGHCHAIYTCA;
<IAYFCK3?ACMBFCCKNCMI>CSPIK?;F;LP;S;HACFCEF;LP;KNF;LC>; NB?N;LK;FCMBI>;N>;SOKILC<IF;>C MBOHCHAO=BOH
N;MI>C@;HH;LRMCTA;S;KCHF;MB>CSIKINCMBHCNIRN;NCMBF?ECHMBOHA;K;L;G;S MCTISCH>;HN;MBK;LC>;KIFA;HMCT
<OHA;CMBIH=BCHACTEIGCF<IFCMBCGOGECHN;LK;FCMB<OMCTHCIFC<E?N>C
.TE;JCN;FCHACTHCSOKILCA;EIN;LCMBO=BOHL?;FG;KM;>HCKISCHA/;MNECKCMG>;H<IMBF;HA ?LA;
K;>;GKISCHAP;NL;?ENILCS;HACTHCK;H>;S;HCKF;MBHC<CFCHA&CMBN<CF;HACMBN
!CTH?ML?D;HACTA;GIME?FG;S>CA;HM;P>IF;L>;HKI=BCHAM;P>IA;L <OMCTHCHAN;M;PPOLCHACTA;P;
BITCLA;=B;<CFA;HH;LM;HACTA;GIME?FG;S>C
$M>;NONCHA ;A;L@59.:.@9685.:<=2?.A@6E.>696@516? 4.?A.59696;46F4.6@5<;056;46F8<:69
/<9@.E.;46/BEB?A:.;6<056;4 (6F5.?8B;6.?6F.E<F6@56;46F@5.?A2:.@
(5.:<9@6F;6;43<E1.;46F4.E<86E<>9646;68<?6;4 4.?E<>/<9@.><99.?6;46F4.<A6?6;4
FF;K;=BIH<IFA;HM;P>IF;LA;ECLCMB>;HM;KF;HCHASIKINCMB&$#SIKINCMBCHACTHCCTF;MBA;B;L;E;N
KCFCHA,;MBBOL%.,.SIKINCMBKILKOPC SIKINCMB>;HKILKCMB MCTA;A;GRILFCEKCF;>C
3L?H>A;?A;<IFA;HM;P>IF;LHCEIJLIKKC>CLCHA P;KNIL;FCACHCITA;LNCLCHAP;NL?H>A;K;LMBC
ECLCMB>;HM;KF;HCHA;A;LMCTHCHAG;KM;>CHACTKCMK;P;NOTCFG;C=BC>;<IFG;M; F?ECH<O
R;P@FC?E;HFCACHCP;<OHCHAO=BOHMCTA;ECLCMBG?TIHF;LCE?L;EFCACHCSI>>;NONCHA
&$#ITC<CFG;A;HBIF>;<ITIL>;;LCT;<?LCMBO=BOHNIP;LF;LSIEC;ENCPF;LHCOS ;PNIGI<CF
S?L OS;FCN?F?@IH GININMCEF MINCMB
*CLG;HAM;P>IKCMK;GO>>;N>;NIFIPF;LHCNIF;MB>;HIGIHKIF;G;H>?<
ISF;MB
.TCMBCHACT>;HPITE?=BG;HAP;SIECITA;LOP=B;H>;LIG;>A;M;LGIS;ECLCNCMBO=BOHK;LT
MIL;G;HA
*C=BCEFINF;L<CF;HCMBF;MBHC<IMBF;HAP;N;DLC<;P;>C;AL;GG;EILCMB
KI<CFCS;NCA;?A;<IFA;HCHACT>;;MN; M?ECHIMBCLCHA
8IKINCMBF;LP;>;LIG;>F;LO=BOHEOH>;FCEISFCEG;KM;>F;LA;?A;?F?ENLIHD;>P;FSIEC?MF;NG;F;LA;?A;<IFCHA
!IFG;HAM;P>IA;LG;SGOH!OMNL;N?ACS;>;HMNL;N?ACS;A;INCMB>;>;PIG?N;>C
2NL;N?ACS;MB;<FIHCHCIFCHAP;OHA;NCHCGMCT?NC<ILK;L;NCHA(HNCTIG GOP;@@;KCS;N
E;FCNC

!O<CTR;P@IMNCA;KISA;HH;LM;GCTSIKINCMBHCNIRN;NCMB K;SNCMBO=BOH@IS>;IFCMB !CT<OHC11>?<;N;SGCT
0;SNCMBHCHAN?J;MCA;;MIMF;HA;HFCACHCEILCHASIKINCMBHCNIRN;NCMB <CT>;R <CLC<CF;H23./KCMK; F?ECH

IFCMBB;GKCMK; CEECH=BCMC<CF;H23./<CLITE;NN;F;MB;>CP;G;KM;>B;GOTOHLIK<IF;>C';GG;H;LM;MCTA;
<IAFCK<IF;>CSIKINCMBHCNIRN;NCMB<CTHCHA11HCBCMI<F;MBO=BOHHCHAEO=BC;KFFCJOF<CF;HIJ?L;NMCS;F;LHC
<;D;LCMBCGCTGOGECH23./KCMK;LIKP;OTIKLIKG;KM;>F;L <CF;HMIFCMBNCLA;H>;2+
11CEECH=BC<CF;H<CLRCFG;KM;>?E;HFCACHCEILCHA HCG;ITA;L;>C <CTK;H=B;FCER;P@NOA>CL;GCTSIKINCMBHC

NIRN;NCMB
2BOH>;S?E;H B;L>ICGL;B<;LCS;NCHACTK;H>;SCMBF;SINA;HCHCN?EMBCLCHA2CTHCHAE;JCN;FCHACTK;H>;S"BOHEC
MBOH>;SIJ?L;NMCS;F;L<IF;>CEC MCTEIJLIK>;LIG;>IFCMBO=BOHITACH;R;P@NOA>CL;MCTP;MBOH>;SEOHF;L<IF;>CEC
IJ?L;NMCS;HCSIKING;MFCEO=BOHSIKINCMBHCNIRN;NCMBM?TCF;LFCG;KM;>A;?LCMBCMBO=BOH<CLITE;NN;LIK +?ECHB;L
>ICGMCTHCHAGIFCS;PCS<IMBK;LOPCHACTOMB<ONOL>;ACIJ?L;NMCS;F;LHCSOKILC11<CF;H;G;FA;IMBCLCMBO=BOHK;H>;S
KCF;SINA;HCA;K;L;MBHCOHONG;HA

%@6D<9<468
$HAGOBCGIGCF
!CTHCHAOMB<OMIHAAC<I<CGCT F?ECH?HAGOBCGC EIJLIKMOB<;NA;IRMB;S>C >IMN>;H>IMNA;G;MF;B;N
<?L;>C,?H<IMBF;A;HCG>;HCG;>CLSIK?>CP;G?H<OM;SIB;N>;PIGC>;ILA;H>CGP;SCAC<IF>CG$H>CG?H
<OHCMCTA;NIJMBCLGIK=BCG;HP;OGC>KCF;G;HEC <OMCTHCHAB;SINCHACTA;NOLFCMIB;F;L>;=B?EMCTSIL>;G
<?L;>C5;<OIRCLACM;BC@;F;LHCSITCMBO=BOH?F?ENLIHECNI< ,?HJMCRIFIACS;A;IC><;TCG;KIF;F;LP;ECNI<F;LHC
IKC>CG MBOHCHA>?E JMCRIFIAF;LHCHAPC>?IF;LCHCP;CHMIH;KFC<CF;H<IAFCKG;PTOF;LHCEIL>CG,?H>;LBIF
CEECN;ECNI<HCEILM;N;G;H G?HCG=B; MCTHCHA@CELCHACTHCOMB<OMB;@K;NMCT<ITIL>;HBCGIS;KCFCMBCHACTO=BOH
T;LOL<IF;>C!OG?HO=BOHCMBF;>CP;MCTA;B;GSIL>;G<?LCMBCGOGECH
9IH;>;ACM;P>I ,;LE#OAF;M3?T
P;M?ECH #;HC?F*;BH?G;H
'O>O>>;M;P>IKCFCMB !OJMCRIFIACS;<ISC=B;?HAS;RMBCECNI<M;P>IA;L,?HIKCMB>;HT;PKIF>CG ;GCH<IFCMBCHACT

GOGECHEC OF;LHCHA;EM;LCS;NCM;P>IA;LF;L!OAOHACEOHHCHADC>>CSIKOP=BCF;LC<OG;M;F;HC;FF;K;=BIHIKC<
=BCKCMBA;H!OECNI<A;CTIBE?L;E?G;M2BOH=B;ECIKCHA
3?TP;M?ECH <O<CTCHMIHF;LISF;MBCGCTE?L;E<IFA;HCEECN;OMOFHCITC=BCA;IFA;HN;FCGINF;L
NIJF;GC<CLCN?TEIL CHNOCNCPP;BCMMCSSIF CEECH=BCMC?M;M?ECHLIKP;G;HNCKCSLIK!OBCM NOSAOF;LA;
;MIMF;HA;HK;LILF;LK;<OFKCFCMBHCNIRN;NCMBA;SIL>;G<?L;>CP;GO;GGIHCHAG;HNCACB;KC>;
ISF;MBHC<IMBF;S>C!OMCTHCI=BEITFCEP;JOFSIKINCMBKILKOPCA;;MIMF;HA;HDO>;EIJG;HIMCT
M;P>IKCFCMB>;HR;FIMKCF;>C
!O;PP;FB;G;SNCFA;H F?ECHS;H;<CL<ILN;EC>F;SG;H <;D;LCHAM;P>I!OB;TCF?G;MP;MCT<OHC<CL>?E

K;<OFKCF;IFG;SMCTRI<<CSIECCEECH=BCP;LC;HNMC@;NC>;2CT;PP;F<IMBA;ECLCMBCHACT =BOKOLMBIHACMBCHACT
P;NCTCGK;H>;SCMBF;MBCHCNOMBOHCMBCHACTE?L;E!CTJOF<CF;HMBOAOFF;H;GCTP;<OCHMIHCRNCLIMCMCTHCHA
BCMI<CHACT>;H =BIHN;ACHACT>;HSIKIFA;H>; MCTHCHAN;MBKCB;SINCHACTA; ICF;HACTA; >IMNF;LCHACTA;
;NLI@ GOBCNA;P;H;NCD;>;DCMGIHCSMIAFCACHACTA;N;MCLKCF;>CA;HGCS;HACT;TI<F;H;>C
%.,.INE;TC<SO<ILCMB>;HKILKCMB SIKINCMBKILKOPC>CL5;<OEIJ=BCFCEHC<?TIPN;KCF;>CA;HJMCRIFIACEBI>CM;
M;P>IA;LF;L;SHCKM;S;HAC<IMBF;HOP=BCF;L2CTHCHABCM NOSAOF;LCHACTMCTHC?HAS;RMBCEILCMBCA;SIFKISG;HA
2;P>IF;LCHACTHC?N;LFC=B;CMBIH=BCHACTEIGCF<IFA;H>;P;P;KNCE?FA;H>;N;SSILF;A;HCHACT>;DISF;MBNCLCMBGOBCG>CL
SIKINCMB2CTITCHACTA;MBOH>;S>?SMCT8;RMBC <OD;L;SIHHCHA<CLKCMGC7O>>CMBOH>;SR;NIA;SIFKISG;MFCEO=BOH
HCG;R;NIKCFA;HCGHCEIL;G;H
B;GG;H;LM; GONF;KI5.::.@6<OB;SIN>;<CTR;NIKCFCMBCGCT SCKCFCMBCGCTP;<OEC=BCEG;AFO<CS;N>;H

M;<IKIFCMBCGCTE?L;E';NNI<CLG;LN;<IFM;B;GSIK-$&B?=BK;=BIHSCKCFG;M>;H SCAF;G;M>;H B?=B
K;=BIHN;MFCG<IFCMBHCCMN;G;M>;H=BIKKCA;?LCMBA;HAIFC<(HMIHGOP;@@;KCS;NMCTFCEE;O=BL;MBCE?L;E
KOF;MBCE?L;E SH;HMBOSCKCFCMBD;L;SIHC>;ILHC>;HNOLC< EITSIMBF;LCHCKOLCNA;H K;S?L>;R;NIKCFA;HCHC
EILA;HP;ISCHA;?LA;MBA;HF;LACH;A;F;<;KITIH;>CNOLF;LCBIGIM;JC?HMM;JC?HMCEECN;N;HF;HA;H
AOLOB>;HC<IL;NNIGIMB;<CHF;LP;ISCH=BCF;L3IGIMB;<CHF;L>;HILNCACHCN;MBECF?N;>C <OIGG;PCS
EIJ=BCFCE4F;L<CLRCFB;SIN <CLCMB <CLG;@EOL; <CLRCF@CEL <CLRCFK;L;MB <CLRCFB;SINA;K;L;MB<CF;HIT
EOLMCF;LC>;INCLCMBC<>C.YSCH=BCF;LAY;F;<;KITIHCMBA;DOLZ;N?NA;HF;L AY;F;<;KITIHCMBO=BOHIYSH;A;HF;L
=BIYKKCF;LHCT;<N?NCMBO=BOHI=BFCE>;H<IMBK;LCF;>CA;HF;L>CL4F;LG;S>IHILN;MC>;KIFC< <CLRCFFCE>;H
KIHCKG;A;HF;L4F;LEOL;MB;>CA;HF;L>CL
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*IH@ONMCS GCFI>>;H;PP;FACSCF

*OH>;HEOHA;GOP;@@;KCS;NCHACTA;?NC<ILK;L;NCHA =BOGIFCF;L<CF;HCMBF;HA';LEOHC>?PILCHACTA;ACMBN
KISCHAP;MCT<OHCB?=BK;=BIHEONG;A;HCHACT>; >?PILCHACTN;SSILP;BCGIS;F;HA;HEILCH;>C
%@6D<9<46E.;46F;6E<><A6@59.?C.1.?<:.19.?B05B;56:<E.>696;4
.>;N>;<CTJMCRIFIACS;B;KC>;A;JCLA;H>;M;P>IA;LI>;GF;L@;K;NSIKINCMBF;LCGCTHCH;TIL;NKCFCMBCGCTE?L;E>?<
ISF;MB;>C F?ECH<OHINIALC;E;<CGOBCGSIKINCMB <CTHCHA>;LIG;>BCM NOSAOF;LGCKSIMC>;GOPIT;H;NHC
M;KF;MBGOBCG<IF;>C7IMB <CT>;H>;LIG;>I=BEITFCEE?F;>C <CTEIJLIK EIJLIKP;EIJLIKNIJCMBHC
RIBF;SGCT(HMIH;KF>;HEIL;EIJLIKBCMMCSINA;?A; A;LMCTSIECEOHE?NG; E?N>;LIG;>A;?A;<IFM;HACT
GCS;HACTMCTHC;F>;< NOA;N>CG>?<ISF;S>CGON;R;MMCM>C;AL;GG;>; IJ?L;NMCS;HCK;H>;S<;D;LCMBHC;FF;K;=BIH
<CF;>CA;HP; ;F<;NN; OHCHAE?SCHACN;BFCFCB;GCMBF;S>C GGIE?SCHHCG;<IF;>C<CNN;MCHCIF;MCTSIKINCMB E?SCH
MCT.B S;RMBC G?HEOHKIMB>CGP;BITCLA;=B;EOHSIKIN>CG,?H<OSIKINCFA;HEOHHCNCEF;MBA;B;L;E;N
KCF;G;H>?<ISF;SMCT.J?L;NMCS;KCFGIK=BC<IF;MCTP;S;H;SOTCHACTA;OLCF;>C SH;HIMB;J;SN>;BCM
NOSAOF;LCHACTK;SH;S<IMBF;S>C GCS;HACT>;E?SCHACIJ?L;NMCS;>;<;FECS;H;SONK;TC<KISC< <IAF;HC<
KIFCMBCHACTHCISF;MBO=BOH@CELF;LCHACTPODO>A;E?F;>C2BOH>;SKCFC< MCTKILKOP<CF;HD;>P;FHCI=BCMBHC
<IMBF;SMCT =BOHEC;A;LMCTG;AFO<<IFM;HACT H;LM;F;LROHOE<IF;<IMBF;MBCHC<CF;MCT!OKILKOPSIGIHNOSAO
<CF;HIN;>C NB?%.,.OMCTHCHAFCG<CENCTCGCHACT>;;FF;K;=BIHILH;NCFA;HP;;A;LMCTO<CF;HK;H>;SEOL;MBCMBHC
<CFG;M;HACT ?BNCGIFMCTGOP;@@;KCS;NMCT<IF;MCT2BOH>;S?E;H A;F;<;KITIH;MCTGCSIECSONK;T;MCTGC
L?D;HACTA;;G;FKCFCHA A;LMCTEIN;LCFA;HMOPIKCGC>;HE?FA;H<IFM;HACT DISC<'?=BH;LM;<IFG;SINA;H>?E
EILCHAP;MBOJ;SNF;L>;MIPOKKIH<IFCHA JOFNIJCMBN;MBPCMBCP;BCMMCSINF;LCMCTHCBOEGLIHFCEKCFCMBCA;SIF
KISG;HA';L<CLCHMIHHCHAITCA;RIMD;L;SIHCP;?PIFSONMCS;MC<ILM;P>IA;LP;B?=BK;=BIH B?=BK;H>;S
BIF;N>; ITCHACTHCKIMBHCHCHAD;L;SIHC<CF;HMIFCMBNCLG;HA';LECGHCHAO?LA;<ILCMBO=BOHITP;KNC<IL B;L
ECGHCHAIT=B?EFIPF;LC G;KM;>F;LC HCG;HC>CLILA;HCMBP;NOMBOHCMBPIMCN;F;LC<IL7IM?SIEC,;LCS;?H>CCMB
<IMBF;>CGCP;;FF;K;=BIHBOKOKF;LHCKIFA;ECLCNS;JNCGC GOBCG?G;M.TCHACTA;?NC<ILK;L;NCHAP;B?=B
K;=BIHITCHACTHCN;KKIMF;HA!ITIL<ONOHF;SG?LCNIEL;NCE <O@;K;NMCTHCHAGOP;@@;KCS;NCHACTA;<IAFCK<IF;>C
!OM?HA;K;LMBCM;H
6@:<;6EC.?B56E@.9<:.A9646;46F4.4G.:D<G?968>696;4
!;TCF;LMIAFIGN;H; MIAFIG;KF >?SCMB;>C5;;A;LMCTHCHA@CELCHACT?HACF >CKK;NG;LE;TC>;P;

H?A;NCPFCE>;HOTIK>;<IFM; N;H;HACT;EM?N;>C8IEC;EMCH=B;,?>CN;NMCS;HCHAEIJF;<;@T;FFCEF;LCHC
<O;G;FCSINGCS;GCTO=BOHK;H=B;FCE@IS>;FC?E;HFCACHCCM<INFIP=BCN;>KCKINF;LG;PDO>
BNNJMQQQB?;FNBFCH?=IGHONLCNCIH <?H?@CNM I@ G?>CCN;NCIH 5;B;LEOHCG;MBKKCFCMBHCHA?HA
GOBCGCMBOH>;EC <OB;L;E;N<CTA;P;TC@;F;LCGCTA;EIJLIK?NC<ILK;L;NCMBCGEIHCHC<?L;>C5;<O
B;SIN>;?NC<IL<CLCH=BCILCH>;NOL;>CM;P>IA;L3;BFCFKCFCMB <?FACF;MB S;HACFCEF;LHCIYKCMBSIECIYKCMB
D;L;SIHC>;<CTHC=B;FAYCNCMBCGOGECH?G;M7;NIB;FIE;NFC<IFCMBCGOGECH
)CMGIHCSG;MBKF;L<CTO=BOHEOHN;LNC<C>;<IFCMBCE?L;E<IFA;H;MIMCSIGCF<IFC< <O?L>;DCMGIHCS@;IFCS;N<CF;H
MBOAOFF;HCMBHCHA;@T;FFCEF;LCHC?MF;NC<INCMBCGMB;LN?G;M';L<CLCHMIHGCS;GCTM;FIG;NFCACO=BOHK;H=B;FCE
GOBCGFCACHC<CFCMB>;H=B;L=B;A;H <O<CTHCHABCM NOSAOF;LCGCTP;AL;@CE;F;LCGCTA;R;F;KCN<?L;>CHCE;G;SNCL;>C
MNL?MMP;S;RMBCLIKORF;MBCHACTA;SIL>;G<?L;>C SNA;H=B; S;RMBCORF;MBMIAFIGGCS;HCHAOMNOHF;LC>;H<CLC>CL
"BOHECSIGIHORF;MBMCTHCEIJLIKCGJOFMCPP;N;MBPCMBA;MIFCMBCGOGECH KOPHIKP;>CKK;NMCT2BOH>;S?E;H
DCMGIHCSG;MBKF;LKCFC< N;H;HACTA;E?L;EFCITCKGI>>;F;LHCCMN?GIFKCFC< S;RMBCORF;MBILK;FCLOBCS
M;FIG;NFCACHACTA;A;GRILFCEKCFCHA*?F;D;E>;MIAFCACHACTMCTA;L;BG;N
!O;BGIKIH;NOSOF;>C F?ECHG?HG?>CN;NMCS;KCFCMBHC MIAFCACGA;A;GRILFCEKCFCMBHC IPK;NF;HCMBHCP;G;MBKKCFCMBHC

<IMBF;A;HCG>;HMIHA G?HCHA>CKK;N >CKK;NP;@CELF;MBKI<CFCS;NCGP;EIAHCNCPB;L;E;NF;LCG;H=B;S;RMBCF;H>C
,?HA;CMBIHCHA GCS;G;PDO><IFA;H?HAEO=BFCG;MBCH;>CLP;;A;LMCTOHA;S;RMBCA;GRILFCEKCFM;HACT K;SNCMBOTIK
GO>>;NFCP;@IS>;FC<IF;>C

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3;BFCFF;LHC<;D;LCMB>;>CKK;NHCD;GF;MBO=BOHG?>CN;NMCS;<CF;HMBOAOFF;HA;HG;HGC8CACNF;L
NLI@CGNCH=BGC =B;FAYCN;>CA;HH;LM;F;LSIYKGCGI<CF<CF>CLCMBHIG;F;L
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.RCLAC<CLH?=B;EOH>;ACH;NCD;GBITCLG?HCHAJMCRIFIACEBIF;NCGA;N;MCL
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?G;MRI<<C!OMCTHCHAJOFCHACTHCITC=BCA;IF;>C <OMCTHCHAJMCRIFIACS;HACTHCITC=BCA;IF;>C <O?M; ITH;P<;NC>; ;A;LMCTHCMCFECNC<
KISM;HACT MCTHCHAC=BECP;N;MBKCNCH=BFCACHACTA;KCGG;NA;NOMB;>C =BOHECO;NLI@ GOBCNA;P;;NLI@CHACT>;ACI>;GF;LA;N;MCLKCF;>C
$BNCSIN<IFCHA
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?NCKI>F;LHC=B?EF;MB
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MB;RMCS;NCGCTHCS;L;N;>C$NCKI><CTCMBIH;>CA;HAIS;<CF;H<IAFCK!OICF;>;J;S>I<IFCMBC
GOGECH B;L<CLECMBCNIGIHC>;HILA;NCFA;H ILA;HCFA;HSIECI>>CSACH;;G;F>;<IFA;HH;LM;
<IFCMBCGOGECH.>;N>;<CT<IF;FCACGCT>;<IF;FCE>;KOLCF;>C!OOF;LHCHAOS>;?MBCNA;HF;LC
ICF;PCSHONKF;LCP;EOH>;FCEB;SINF;LC>;OF;LHC?HAEIJIL;<NOLA;HI>;GF;LILK;FCMI>CL<IF;>C
*;NN;F;L <IF;F;LA;N;FCG<?L;SINA;H>; B;L>ICGITB;L;E;NF;LCHCHAGOGECH<IFA;H
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?NM;HACT N;H;HACTMBOH>;S<IFC<KIF;>CP;I>;GF;LMCTHCMBOH>;SK;<OFKCFG;S>C8IECB;NNI
<O<;F;H>IPIT>;A;JCLG;HA
!OH>;SSIF SILCKF;LHCNCHAF;<OFA;SA;H<IF;F;LITF;LCHCHA<IMBF;LC>;SCLNKC=BB;SPIHF;LHC
S;L;N;>CF;LP;B;L>ICGITF;LCHCHAR;NNC B;L;E;NF;LCHCOMB<O=B?EFIP=BC?NCKI>F;L<CF;H<IAF;S>CF;L
,;H<;BNNJMJMC=IN?L=IG<L=L?H=;M FCGCN;HN?M
!OJMCRIFIACEBI>CM;HCHAHCG;?E;HFCACHC;FF;K;=BIHNOMBOHCMBGOGECHP;G?H<OHCBITCL
IKCSINA;HF;LHCHAEIJ=BCFCACO<CF;HN;HCMBCMBF;LCA;CMBIH;G;H7OFIM;KCFC<;SNA;H>; G?HMCT>;H<O
CMBIH=BHCIFC<N;MBF;SIFG;SG;H G?HKCF;IF;G;HH;LM;SIFCHACTA;NIMKCHFCEKCF;>CA;HM;F<CS@CELF;LP;
?H?LACS;KO>OACA;NOMBC<KIFG;MFCEO=BOHMCTA;N?ME;LCSIFHCEILM;N;G;H
'?=BK;=BIH;SNG;HAP;B?=BECGMCTA;B;KCK;N;HB;GRIBF;A;HH;LM;HACTA;KI>CL?G;MFCACHACTHC
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,;SEF%?FJM<;MM?SHA;M;EL;MB>;HIF>CHIRCLCA;S?NC< =B?EE;A;N?AC<=B?GJCIH<IFCMBHCN;M;PPOL
KCF;>C <ISHC>;G?>;F<CF;HMBIBMOJ;A;EIN;LCFCMBHCN;M;PPOLKCF;>C#CKK;NFCP;K;NCS;NFCI>;GF;L
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CHNCTIGHCHAEO=BC
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MIL;>C2OTCMB<IYSC=B;=B?GJCIH.FCGJC;>;>;K;NH;MBCMBCMN;AC<ILFCACHC;SN>C!O
<CLCH=BC?>C E?SCHA;S;KCHG?>;FF;LE?F>C
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S;RMBCF;HA@CELF;MB SNA;H=B; G?HMCTHCHA@CELCHACTHCITA;LNCL;>CA;HEF;MMCEJMCRIFIACS;ECNI<CHC

EILM;N;G;H@CELF;MB,OP;@@;KCS;NHCHAS;HACJMCRIFIACS;MC *?LIF#P?E
A;LGOP;@@;KCS;NMCTFCEE;O=BL;M;GHCG;<IF;>C
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A;L<CLILH;LM;>;S;RMBC<IFCMBHCCMN;M;HACT OH>;<IMBC>;SIGIH<IFCMBHCK;<OFKCFCHA!CTHCHA
ILTOF;LCGCTHCHA L;K;GFCKINCFC <OR;NIKCFCMB>;HKILKCMBP;<IMBC>;HIKOHCNIALCK;<OFKCFCMBHC
EONCMB!OI>;GF;LHCNIRN;NC< OF;LHCN;ELILF;MBL?DCGC>;KIF>CL;>C);L;SIHEONA;HF;LCHACTHC
GIMF;MBNCLCMBHCILA;HCHA PP;FCA;SIGIHFCEHCK;<OFKCFA;HF;LIF>CHA;NOMBC< <;LI<;LN?TLIK
ILA;H;>CF;L!IMBCHCJ;MNA;NOMBCLC< D;L;SIHA;?NC<ILK;L;NA;HF;L B;SIN@;K;NS;RMBCF;H;>C
,;KM;>CHACTA;?G;M N;L;KKCSINCHACTA; SIFCHACTA;?NC<ILK;L;NCHA NIALC EOH>;FCEB;SINCHACTA;
B;LEOHCKISA;HACMBNCHACTA;?NC<ILK;L;NCHA,;KM;>HCOHONCHA G;KM;>HCOHONCHA2BOHCSI>>;
NONCHA F?ECHMCTHCHA?NC<ILCHACTMCTHCO?LA;IFC<<IL;>CA;HEC=BCEK;>;GF;LA;K;L;NCF;>C
4MB<OM;F<CS@CELF;L>;HR;FIM<IFCHA
,?HB;GG;H;LM;HCMCH;<EIL>CG F?ECHB?=BK;H>;S@IS>;<IFG;A;HA;IRMB;S>C
4B?=BK;=BIHCMBF;G;S>C
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!OI>;GF;LG?H<CF;HA;JF;MB;>CA;HP;SIL>;GMIL;S>CA;HE?HAN;LK;FA;HGO;GGI,?H
KOSC>;ACF;LHC;SNCMBCGGOGECHEIJG;PTOF;LHC EILM;NEC=BF;LHC MNL;N?ACS;F;LHC<IMBCHACTA;
;L;F;MBNCLG;HA MITF;MBF;LGIDCT;F;L N?RHCE;F;L G;FOGINF;L C@FIMF;HA;HAL;@CE;F;LP;<IMBK;F;L.>>CS
CMBF;L ;MIMF;LCMBF;S>C,;MBBOLFIPCS;P;AOLO=BMCTA;CT=BCF<IFCMBA;SIL>;G<?L;>C*OH>;FCE
G;FOGINHCIHACHACTA;K;H=B;FCEEIJDISF;MBNCLM;HACTR S!OT 2CTHCHA<IMBCHACTMBOH=B;FCE=B;FE;MB
<IF;>CP;MCTIRCL IKC<;NB?=BH;LM;ILA;HG;SMCT

-?A;G?HCT=BCF?G;MG;H
!OM;PIFA;@;K;NMCTD;PI<<?L;IF;MCT GGID;PI<F;L>;HIFA;HF;LCGA;;MIMF;HC< G?H

GOP;@@;KCS;NMCTFCEB;KC>;ACBCMI<INF;LHCEIJEILA;H<;TCF;LCHC;DL;N>CG
2CT>;SIKM;P>IL?D;MCK;NNCK
2CTEIJF;<AOLOBF;LHCEOT;N;MCT3?F?AL;G6B;NM;JJ P;<IMBK;F;L
2CTEIJF;<EOLMF;LPC>?IF;L>;HILA;H;MCT MCTHCHA<IMBCHACT>;DO>;EIJG;FOGIN
!IMBK;F;LHCHAD;>P;FF;LC>;ACB;L<CLMITHIG?HEF;NOL;HC<CFCMBHCRIBF;SMCTM;P>IA;LF;L
2CTN;BFCFP;IJ?L;NMCS;F;LCHACTHCK;S>KCFCMBHCRIBF;G;SMCTHCHAEOH>;FCACM;P>IA;L
2CT<OHCKCFCMBHCRIBF;G;SMCTILK;MCHIP
.J?L;NMCS;P;N;BFCF>;CHNCTIGCHACTHCM;KF;G;SMCT
2CTN?T>;<ISC<E?NCMBHCRIBF;SMCT $HAS;RMBCMC
';KCKCS<IFG;A;HOGC>F;LHCILH;N;MCT
2CT<IMBK;F;L<CF;HL;KI<;NF;MBS;JMCTN;KKIMF;SMCTM;P>IA;LF;L
2CTITCMBCHACTA;NIFCKMI>CK?G;MMCTM;P>IL?D;MC
2CT>;S;RMBCGIFCS;PCS<IMBK;LOPSIK
2CT>;<ITILA;GIMF;MBCMBO=BOHLOBCSMCFECHCMB<IL
2CTMCAH;FF;LHCAL;@CEN;BFCFCMCTK;<OFKCF;>CA;HMCAH;FF;LP;E;H;FF;LAOLOBF;LCHCEOT;N;MCT
!CLCH=BCG;AFO<CS;N>;HE?SCHN;MFCG<IF>CHACT
2CT>;SIGIHI>;N<IL S;HCEIH@ILHI;HCKFCETIH;MC>;HKI=BCMB
2CT>;!IL%.,. 8IKINCMB>;HKILKCMB
2CTITCMBCHACTA;NIFCKMI>CK?G;MMCTM;P>IL?D;MC
2CTITCHACTA;HCM<;N;HB;FIF?G;MMCTMCTITCHACTA;?LA;MBG;SMCTM;P>IL?D;MC
2CTHCN;ELILF;A;HCGHCEIL>CHACTM;P>IL?D;MC"BOHEC<OMCTHCHAM;SIB;NCHACTO=BOHT;LOL>CL2;P>I
L?D;HACTA;K;NCSLCIS;KCFCHA.J?L;NMCS;HCI=BCMBO=BOHIRCLACMIHCS;A;=B;G?TIH<ISC=B;G?TIH
(MBIHCHA L?D;HACTA;NIRNIPMCT;G;FKCFCHA
ILK;MCHIP MCTAL;@CE>;AC<;TC;ENCPF;LHCHAG;FOG<CL>;PLCHCIF;MCTP;RO>>CIMB;J;SN>;<IFA;HCE;<CN;BFCFHC
<IMBF;SMCT!CLMIT<CF;H;SNA;H>; ISCHA;<ILCMB>;HIF>CHMCTG;MBAOFINKCF;MCT;A;LMCT>;<IFM;M;P>I
EILCHCMBCNIF;HA;H MCTKCFCMBCHACTGOGECHN;ELILF;MBP;<ITILHCRO>>CDIHFCE;<CN;BFCFKCFCHA&L;@CEP;KNCHC
EOH>;FCESIECB;@N;FCEKCFC<KISCHA CMN;FA;HEOHHCE?MC<IFCHAP;ECLCMBJ;SNCA;=B;<CFA;HB;GG;H;LM;HC
<?FACF;MBP;N;BFCFKCFCMBHC<IMBF;HA!OHC>ICGCSL;PCMB>;<;D;LCHAP;IT?PIFSONMCS;HACTHCGOP;@@;KCS;NP;
SIKINCMBF;L>;EILCHA

SIKINCMBMI>CL<IF;>C
,?HA;GCHCM?LC;FDO>;SIK;>C!CLI>;LF;LAOLOBCHIGC<CF;H(EECH=BCD;BIHOLOMBC>; G?LCE;
;LGCS;MCHCHAKIHOH<OT;LFCEEIGJ;HCS;MCB;KC>;BCEIS;KCF;>C$;MS"IGJ;HS CL<ILH?MN
$JCEM;BH;>; F?SN?H;HN2J?CLM;ME;L<CF;HO=BL;MB;>C!FCNB?R;H>;KC=BC>;OLOMB>;BMB;NF;LC
MBIPKCHF;LP;IFCGF;L<CF;HSCAF;S>C!FCNB?NIGIHC>;HMIL;FA;H>;2J?CLMHCG;O=BOHOB?=B
K;H>;SB;L;E;NKCFG;M>;HS;MBCLCHC<KIF>C >?<D;PI<<?L;>C,?HKILK>CG M?LF?SN?H;HN
2J?CLM ?HA;MBC< NIALC>;H NIALC;ME;LHCHAEITCA;K;L;S>CP;MBOH>;S>?S>C!CTB;GG;GCT
KILK;GCT ;ME;L-?A;KILK;SINA;HCHACTHC<CF;MCTGC"BOHECMCTB;FCB;GOGC><IL>?<
ISF;SMCT2CT;FF;K;=BIHIFA;HFCACHACTHCK;H=B;FCEEIJK;<OFKCFM;HACT MBOH=B;FCEEIJ
JOMB;SGIH MB;@K;NMCTP;IALCKMCTB;KCKCS;ME;LE;<CB;L;E;NKCF;MCT
,CMIFMCTSONK;TCMBCHACTHCEILM;NCMB?>C.SIKINCMB<OMCTHCHAM;SIB;NCHACT>;PIGC>;MI>CL<IF;>C!OHCK;<OF
KCFCHA0;H=B;FCEN?TLIKK;<OFKCFM;HACT MBOH=B;FCEIMIH<IF;>C!OB;LECGHCHAB;SINC>;ACS;F;HAI=BP;RIG
B;KCK;N>CLM;P>IA;L
,?HI>;N>;MBOHC;SN;G;HSIKINCMB<OIFCGA;IRMB;S>C @MOMECSIECR;SLCS;NEC <CLMI;NE?F;>C%;LKCMBOH>;EC

IFCGB;L<CLG;PDO>INO=BOH@;K;N<CLG;LN;MI>CL<IF;>C;FF;K;=BIHSIKINCMBN?T N?TMI>CL<IF;>C';GG;H;LM;
MCTHCHA<IMBK;LOPCHACTA; N?RHCE;HACTA;P;MCTHCHAJMCRIFIACS;HACTBCGIS;F;HA;HFCACA;<IAFCK<IF;>C2BOHC
SI>>;NONCHA""E;NN;F;LM;P>IA;LF;LG;PDO>P;G;PDO><IFA;H IFA;HSIKINCMBEI:JG;LIN;<;"BOHEC;SH;H
SIKINCMBILK;FC<CTR;NIHCGI>?FF;MBNCL;GCTP;S;HACIJ?L;NMCS;>;S;H;SIKING;MFCEE;B;L;E;NKCF;GCT!CLC>;H
R;@;<IFG;HASIKINCMB ILHCA;<OR;NIHCIFCHAP;OHCILA;HCHA!OH>;S>;KCK;F;L>;RINCLD;G<IFCHA
0ILKG;HA@IGI N;BFCFCHACTA;;GCH<IFA;HCHACT>;M;P>IHCI=BCMB
;A;LMCT>;<IFM;SIKINCMB>OMB;H<;>;HDOG;EOHC?LN;F;<A;=B;EOHCA; 1SIKINA;H G;M;F;H

DOG;EOHCNOMB>;HE?SCHMCT 1>;LIG;>E?FNCL;IF;>CA;HIJ?L;NMCS;KCF;MCT2CTHCHA=B; MCT>;
1@IS>;<ILGC(KNCMI>CSDCB;N>;HB; F?ECHOGL<ISCM;P>IA;L SIK"BOHECIMB;J;SN>;MCTN;A;?A;
<IF>CHACTSIKINCMBP;>;LIG;>5;GOPIT;H;N>; <OMCTHCHAJMCRIFIACS;HACTP;IJ?L;NMCS;F;LCHACTO=BOH
MIAFIG?G;M ?BNCGIFGOP;@@;KCS;NMCT<IF;>C!;M NOMBOHCMBA;B;L;E;NKCFCHA K;=BIHMCTHCHASIKINCMB
R;NIHCHAM;<;<CHCILA;HCMBA;B;L;E;NKCFCHAP;B;LM;@;LH;LRIMB;IJ?L;NMCS;>;MCTA;SIKINCMBIFC<
E?FA;H<CLRCFNOL>;ACNOTCFG;HCS;L;NA;HC>; IHACHACT>;LCPIS;NS;L;NCMBA;B;L;E;NKCFCHA
3IJF;GCHACTK;H=B;FCEEIJ<IFM; <IMA;HCHACT>;JMCRIFIACEDCB;N>;H=B;SK;FCMBCHACTHCNOMBOHCHAS;HACN;LNC<
2BOHCHAO=BOHISIKF;LCHACT?LA;N?AC< J;MN>;H<IMBF;MBHCSI>>;NONCMBCHACTDO>;GOBCG>CL&;F;<;KITIHCMB
<CF;H<CLK;NIL>;G;AFO<CS;NB;GISCHHCHA<CLKCMGC?E;HFCACHCGCS;HACTHCILA;NCMBO=BOHDO>;ITH;LM;(6F
/696@56;46F82?.8/<94.;;.?@.@5B;1.86/6FE<><A4.;6:6F1.;8<?.8<=?<>4.9./.><F<;6@56:6F82?.8
.;6>

';L<CLS;HAC<IMBFIP=BC ;F<;NN; >;MNF;<EC<IMKC=B>;HINA;HSIECIN;>C!;TCF;LO=BOHOF;LKCMK;P;KN <IMBK;F;L
O=BOH?M;;<;>CS>;PIG?N;>C4MB<O<IMKC=B>;MCTNOMBOH=B;F;LHC<CF;MCTP;EOHF;LCHACT<IL>?<ISF;SMCT>;LIG;>
E?NG; E?N4MB<O<IMKC=BDO>;R;P@FC>CL
!CLCH=BC>;H =BOHECM;SIB;N<IMBC>; NB?M;P>IA;L7;N;LF;LHCS;RMBC<IMBK;LCMB GIFCS;PCSP;EO=BFC

JMCRIFIACE<IFCMBK;H=B;FCEGOBCGFCACHC<CFG;SMCT.M;P>IA;L<IMBFIP=BCNIGIHC>;H<IG<;L>CGIH
KCFCH;>CG;LE?NCHAC=BC>;(HMN;AL;GCFFOTCS;F;LMINOP=BCF;LCP;B;GG;H;LM;IMIH >?<ISF;SG;H
<ITIL;>CMH?SF?H> GGIOF;L<ITILHCK;H>;SN;FKCHKCFCMBHC<CFG;M;HACT EIJLIK>;BMB;NFCMI;NA;
IRMB;MBFCACHC<CFCMBG;S>C
(EECH=BC>;H <O<IMKC=B>;HMIHA MCT;FF;K;=BIHB;GG;H;LM;HC<CF;MCTP;;FF;K;=BIH<ITIL>;BOEGLIHFCEKCF;MCT >?<ISF;MBHCHA
E?NG; E?NFCACG;PDO>SIKINCMBP;MCT<OHCB?=BK;=BIHEONG;A;HCHACT>; ITCHACTHCE;L;PIN<OL=B;AC>;KIFCHACTHCCS;ACHACTA;KISA;H
BIF>;INCLC< -?A;B?=BH;LM;CMBF;G;S;JNC,?HITCGHC<IMBK;B?=BH;LM;HC<CFG;A;H>?EBCMKCFS;JG;H,?HCHA<IMBCGDO>;
;L;F;MBC<E?N>CV
2IS;F;LPI>CSMCA;S?NC<E?FA;HCGCT>; R;P@MBOS?L>;5 .E;.;A;F;<;KITIH;>CA;HF;LHC

SONK;T;>CA;HP;GIFCS;PCS<ITIL>;B?=BK;=BIHS;RMBCCMBF;G;S>CA;HF;LHC;DL;N;>CA;H
OMB<O@IH>>;!OPI>CSG;S>;>IH;F;LHCNIT;F;S>CA;H?F;E>CL <OI>;GF;L<ITILA;=BCK;
IFG;S>CA;H KIJIF>IHF;L>;H K;NCS;NFC M;<LFCP;CHNCTIGFCI>;GF;L<IF;>C)O>;IMIH
N;MFCG<IFG;HA
!CTHCHASOKILCA;EIN;LCFA;HK;NILCGCT>; M;SIB;N>;PIG?N;L?E;H MCTIJ?L;NMCS;F;LCHACTA;EIJLIKKCSG;NKIMB;MCT

2CTITMNL;N?ACS;F;LCHACTHC B;L;E;NKCFCMBOMFO<CHACTHC R;P@F;LHC<IMBK;LCMBCHACTHCGI>OFS;NMCS;KCF;MCTP;<CLCH=BC
H;P<;N>;BCM NOSAOF;LCHACTHCBCGIS;KCF;MCT
2CT<IMBF;A;H=BCTCKHCE?MC<INA;HCHACT>;HMIHA ;A;LMCT<OCT>;>;PIG?NM;HACT MCT;<IF;MCTM;P>IA;L

,OP;@@;KCS;N>;H,OPI@CKFCE>;L;D;?G;M <;FECBIF;N>CL2CTB;LEOHCITP;TC@;F;LCHACTHCB;FC<IMBF;HAC=B
MC@;NC>;<;D;LCMBCHACTP;<;D;LCMBCHACTE?L;E'?=BK;=BIHIKCMBHCNIRN;NG;HA

.>;GF;LMCTHC@;K;NN?J;>;<IFA;HCHACT>;N;HCS>CF;L;SM<?LA P;MCTO?L>;<IFA;HCHACT>; EIJ=BCFCE
<OHCIG;>>?<;SNCMB;>CP;?HASIGIHC <OF;LMCTA;?HAS;KCH<IF;>C2CT<IMBC>;HIKMCTNIGIH>;
<IF;>CA;HI>;GF;LHC>?S;LFCNIJ;IFG;SMCT2BOH>;S?E;H BITCLMCTHCHASIHCHACT>;ECG>CL<IFM;
=BIKKCA;=BCKK;HCHACT>;<OI>;GHCB?=BK;=BIHOHONG;HA5;CMBIH=BCGEIGCFEC MCTB;G
MBOH>;SKCF;MCT
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?.5:.A
,?HCHACMBCG>;H PC>?IF;LCG>;HP;MCTA;G;FOGINIFCMBA;SIL>;G<?LCMBCG>;HT;PKIFA;H<;L=B;A;
E;NN;L;BG;N;SNGIK=BCG;H;KFFCJOF,?HCN;HCA;HB;L<CLECMBC3?F?AL;GB;GD;GCS;NCGCT>;SIL>;G
<?LCMBP;M;PIFF;LA;D;PI<<?LCMBO=BOHK;H=B;P;KN;DL;NA;HCGHC<CF;>C
,?HB;FCB;GLCPIDF;H;SINA;HCGHC B;LEOHCOMB<ONOMBOH=B;F;LHCILA;H;SINA;HCGHC<CF;G;HP;
<CLH?=B;ISSCFC=BC>;G?H<OHCSIT;SINA;HCG>;HB;GEIJLIKH;LM;HC<CFCMBCGHC<CF;G;H
?F?ENLIHECNI<
A;LMCTG?HCN;LGIKF;L>;EOT;NG;M;HACT G?HCHACMBCGHCG;LL;CE<CF;HN?EMBCLCHACHMN;AL;G
SIONO<?!O3?F?AL;G
$MCHACT>;<IFMCHMCT@;K;NK;NCS;NFCFCE CHNCTIGP;R;NA;;G;FKCFCMB<CF;HSOKILC=BIKKCA;=BCK;MCT
5.::.@6ILA;HA;HCHACT2;<L GOP;@@;KCS;NE;FCNC
'?=BECGILA;N;IFG;S>CA;H>;L;D;>;EC=BCEP;ILA;H;IFG;S>CA;H>;L;D;>;E;NN;?G;M
0O=BIKF;MBP;CMBIH=BO=BOHL;BG;N
,;LE+?CN;I

SMC (Trading Darsliklar) - 301-344

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SMC (Trading Darsliklar) - 301-344

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-CBIS;NO=BCH=BCGCTKONC<O<CTHCHAN;M>CKCGCT>CL!

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0;SNCMBHCHAN?J;MCA;;MIMF;HA;HFCACHCEILCHASIKINCMBHCNIRN;NCMB <CT>;R <CLC<CF;H23./KCMK; F?ECH

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