The Effects of Currency Sterilization upon China's Political Legitimacy and its Citizens
32
"#$ %&&$'() *& +,--$.'/ 0($-12134(1*. ,5*. +#1.46) 7*21(1'42 8$91(1:4'/ 4.; 1() +1(13$.) 74-1) 04.;$-) <*.*-) =$)$4-'# 1. 0*'142 0'1$.'$) 7-*&$))*- =*.42; =*9*>)?1@ A$54-(:$.( *& 7*21(1'42 0'1$.'$ B.1C$-)1(/ *& +421&*-.14@ 8*) D.9$2$) E4/ F@ GHIJ
Transcript of The Effects of Currency Sterilization upon China's Political Legitimacy and its Citizens
!!!!!!!!!!!!!
!!!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)!
!!!!!!!!
74-1)!04.;$-)!!
<*.*-)!=$)$4-'#!1.!0*'142!0'1$.'$)!7-*&$))*-!=*.42;!=*9*>)?1@!A$54-(:$.(!*&!7*21(1'42!
0'1$.'$!B.1C$-)1(/!*&!+421&*-.14@!8*)!D.9$2$)!
E4/!F@!GHIJ!!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! G!
!K.(-*;,'(1*.!
!! L*-!(#$!54)(!;$'4;$@!&*22*>1.9!+#1.46)!9$.$)1)!4)!4.!$'*.*:1'!5*>$-M524/$-@!
D:$-1'4.!5*21(1'14.)!4.;!:41.)(-$4:!:$;14!)*,-'$)!#4C$!*&($.!'-1(1'13$;!(#$!
+#1.$)$!9*C$-.:$.(!&*-!1()!:*.$(4-/!5-4'(1'$)N!D!C4)(!:4O*-1(/!*&!(#1)!'-1(1'1):!
'$.($-)!*.!(#$!.*(1*.!(#4(!)1.'$!(#$!24($!.1.$(1$)@!(#$!+#1.$)$!9*C$-.:$.(!#4)!
4-(1&1'1422/!;$C42,$;!1()!*>.!',--$.'/!1.!*-;$-!(*!941.!4;C4.(49$!1.!(#$!$P5*-(!
:4-?$(N!<*>$C$-@!1-*.1'422/@!(#$!C$-/!4'(!*&!',--$.'/!:4.15,24(1*.!(#4(!:4./!
D:$-1'4.!4.42/)()!#4C$!'-1(1'13$;!-$Q,1-$;!4!)/:R1*(1'!-$24(1*.)#15!R$(>$$.!+#1.4!
4.;!(#$!B.1($;!0(4($)!1()$2&!S+#1..!T!L-$1;$.@!GHIIUN!L*22*>1.9!(#$!%4)(!D)14.!
L1.4.'142!+-1)1)!*&!IFFVMIFFW@!(#$!+#1.$)$!9*C$-.:$.(!R$94.!-451;2/!4'Q,1-1.9!BN0N!
(-$4),-/!)$',-1(1$)@!R*(#!)#*-(!4.;!2*.9M($-:!R*.;)@!4)!4!:$4.)!*&!-$1.C19*-4(1.9!1()!
)(49.4.(!$'*.*:/N!D!#1)(*-/!*&!+#1.$)$!'451(42!1.&2*>)!)1.'$!IFVW!)#*>)!(#$!
5-$C42$.'$!*&!(#$!,)$!*&!&*-$19.!;1-$'(!1.C$)(:$.(!R/!(#$!+#1.$)$!9*C$-.:$.(!4)!4!
:$4.)!*&!:41.(41.1.9!$'*.*:1'!)(4R121(/!4.;!5-$)$-C1.9!2*>!24R*-!'*)()N!S<,.9@!
GHHWUN!"*;4/@!(#$!+#1.$)$!9*C$-.:$.(!1)!R/!&4-!(#$!24-9$)(!#*2;$-!*&!BN0N!R*.;)@!>1(#!
#*2;1.9)!*&!XIINY!(-1221*.!R/!Z,2/!GHIYN!S++"[@!GHIYUN!D2(#*,9#!1.1(1422/@!1(!:4/!
455$4-!'*,.($-1.(,1(1C$!(#4(!(#$!+#1.$)$!9*C$-.:$.(!>4)!>1221.9!(*!),R)1;13$!(#$!
B.1($;!0(4($)@!1()!),55*)$;!$'*.*:1'!-1C42@!R/!1.C$)(1.9!1.!BN0N!9*C$-.:$.(!
)$',-1(1$)@!+#1.4!R$'4:$!4!:,'#!:*-$!),''$))&,2!$P5*-($-!1.!(#$!$4-2/!/$4-)!*&!(#$!
GI)(!'$.(,-/!(#-*,9#!)41;!1.C$)(:$.(!S\$.9@!GHIYU@!4.;!>4)!4R2$!(*!:41.(41.!1()!
1.($.;$;!5*)1(1*.!4)!4!>*-2;M2$4;1.9!5-*;,'$-!*&!:4.,&4'(,-$;!9**;)N!"#$!24-9$M
)'42$!4'Q,1)1(1*.!*&!BN0!(-$4),-/!R*.;)!422*>$;!(#$!+#1.$)$!-$.:1.R1!(*!-$:41.!4(!4!
2*>!C42,$@!4)!1.!*-;$-!(*!5,-'#4)$!(#$!R*.;)@!(#$!+#1.$)$!9*C$-.:$.(!1.($-C$.$;!1.!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! Y!
1()!&*-$19.!$P'#4.9$!:4-?$(!4.;!R*,9#(!,5!BN0N!;*224-)!>1(#!1()!*>.!',--$.'/N!"#1)!
5*21'/@!?.*>.!&*-:422/!4)!4!&*-:!*&!',--$.'/!)($-12134(1*.@!R*(#!1.&24($;!(#$!;*224-!
C42,$!-$24(1C$!(*!(#$!-$.:1.R1@!4.;!422*>$;!(#$!-$.:1.R1!(*!-$:41.!'*.)51',*,)2/!
>$4?!91C$.!+#1.46)!9-*>1.9!]A7N!!
! ! E,'#!-$)$4-'#!#4)!R$$.!;*.$!4R*,(!(#$!4;C$-)$!$&&$'()!*&!',--$.'/!
)($-12134(1*.!;$&1.$;!4)@!^(#$!5-*'$))!R/!>#1'#!:*.$(4-/!4,(#*-1(1$)!$.),-$!(#4(!
&*-$19.!$P'#4.9$!1.($-C$.(1*.)!;*!.*(!4&&$'(!(#$!;*:$)(1'!:*.$(4-/!R4)$@!>#1'#!1)!
*.$!'*:5*.$.(!*&!(#$!*C$-422!:*.$/!),552/N_!SA*:1.9,$3@!GHHVUN!+,--$.'/!
)($-12134(1*.@!)$$.!4)!(#$!5*21'/!*&!4!'$.(-42!R4.?!>#1'#!4'()!(*!*&&)$(!5*($.(1422/!
;4:491.9!-$),2()!*&!'451(42!1.&2*>)@!'4.!*5$-4($!*.$!*&!(>*!>4/)`!1(!'4.!$1(#$-!
4(($:5(!(*!$P54.;!(#$!C42,$!*&!1()!'*,.(-/6)!',--$.'/@!*-!(*!5-$C$.(!(#$!455-$'14(1*.!
*&!(#4(!',--$.'/N!B)1.9!',--$.'/!)($-12134(1*.!4)!4!:$4.)!*&!5-$C$.(1.9!',--$.'/!
455-$'14(1*.!*'',-)!>#$.!4!:*.$(4-/!4,(#*-1(/!)$22)!1()!;*:$)(1'!',--$.'/!
5-$C1*,)2/!.*(!1.!'1-',24(1*.@!*-!9$.$-4($)!4-(1&1'142!;$:4.;!&*-!1()!',--$.'/!
Sa-,9:4.@!GHHYUN!+*.C$-)$2/@!)($-12134(1*.!'4.!2*>$-!(#$!C42,$!*&!4!',--$.'/!>#$.!4!
:*.$(4-/!4,(#*-1(/!5,-'#4)$)!24-9$!4:*,.()!*&!&*-$19.!#*2;1.9)!,)1.9!1()!*>.!
',--$.'/@!>#1'#!1.!(,-.!-$;,'$)!(#$!C42,$!*&!(#$!.4(1*.6)!',--$.'/!1.!'*:54-1)*.!(*!
(#4(!*&!(#$!'*,.(-/!1(!1.C$)($;!1.N!S8$$@!IFFVU!"#$!'*.'$5(!*&!',--$.'/!)($-12134(1*.!1)!
.*(!4./(#1.9!.$>@!4.;!#4)!R$$.!,)$;!R/!:4./!.4(1*.)N!K.!(#$!1.($-M>4-!5$-1*;@!R*(#!
(#$!L-$.'#!4.;!B.1($;!0(4($)!9*C$-.:$.()!,)$;!)($-12134(1*.!,.;$-!4!9*2;!)(4.;4-;@!
4'',:,24(1.9!24-9$!)(*'?512$)!*&!9*2;!1.!4(($:5()!(*!5-$C$.(!$P54.)1*.!*&!(#$1-!
:*.$/!),552/!S$Q,1C42$.(!(*!9*2;U!*,(!*&!&$4-)!*&!1:5$.;1.9!1.&24(1*.N!K.!IFYY@!"#$!
B.1($;!0(4($)!#4;!;$5-$'14($;!(#$!;*224-@!-41)1.9!(#$!5-1'$!*&!9*2;!5$-!*,.'$!*C$-!bV!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! J!
5$-'$.(c&-*:!XGH!(*!XYbN!<*>$C$-@!(#$)$!4(($:5()!&412$;@!4.;!4''*-;1.9!(*!:4./!
4.42/)()@!'*.(-1R,($;!(*!(#$!B.1($;!0(4($)!-$'$))1*.!*&!IFYVMIFYW!4.;!(*!21:1($;!
1.($-.4(1*.42!(-4;$!;,-1.9!(#1)!(1:$!5$-1*;!S042$-.*@!IFFFUN!E*)(!)($-12134(1*.!
5*21'1$)!-$:41.$;!)#*-(M21C$;@!$P'$5(!&*-!1.!(#$!'4)$)!*&!Z454.@!>#1'#!5,-),$;!(#1)!
5*21'/!&*-!:4./!/$4-)!(*!;$C42,$!(#$!d$.@!4.;!1.!5*)(M>4-!e$)(!]$-:4./@!>#1'#!
,(1213$;!',--$.'/!)($-12134(1*.!,.(12!(#$!24($!IFfH)N!+#1.4@!>#1'#!#4)!,(1213$;!4.(1M
455-$'14(*-/!)($-12134(1*.!)1.'$!(#$!24($!IFFH)@!;*$)!)*!(#-*,9#!(#$!1.C$)(:$.(!*&!
455-*P1:4($2/!XfHH!R1221*.!1.(*!BN0N!R*.;)!4..,422/N!L*-!(#$!+#1.$)$@!)($-12134(1*.!
.*(!*.2/!$.(412)!(#$!=$.:1.R16)!;$5-$'14(1*.!1.!*55*)1(1*.!(*!(#$!;*224-@!R,(!4941.)(!
422!',--$.'1$)@!91C$.!(#4(!(#$!BN0N!;*224-!1)!5-$)$.(2/!,)$;!4)!(#$!>*-2;6)!-$)$-C$!
',--$.'/N!+*.)$Q,$.(2/@!R/!1.C$)(1.9!:,'#!*&!1()!]A7!1.(*!BN0N!)$',-1(1$)@!+#1.4!#4)!
$&&$'(1C$2/!422*>$;!&*-!1()!',--$.'/!(*!-$:41.!4(!4!),R)(4.(1422/!2*>$-!C42,$!(#4.!1()!
$'*.*:1'!),''$))!>*,2;!1:52/@!*-!(#4(!4!)1:52$!',--$.'/!^&2*4(_!>*,2;!#4C$!
$.(412$;N!!
+#1.46)!,)$!*&!',--$.'/!)($-12134(1*.!#4)!4((-4'($;!)19.1&1'4.(!-$)$4-'#N!<*>$C$-@!
:,'#!*&!(#$!$P1)(1.9!-$)$4-'#!&*',)$)!*.!+#1.$)$!',--$.'/!)($-12134(1*.6)!$&&$'()!*.!
BN0N!$'*.*:1'!)(-,'(,-$)cR*(#!#*>!',--$.'/!)($-12134(1*.!'*,2;!#4C$!&4'121(4($;!(#$!
B.1($;!0(4($)!#*,)1.9!:4-?$(!R,RR2$!S+#1..!T!L-$1;4.@!GHIIU@!4.;!#*>!4!;$C42,$;!
-$.:1.R1!.*(!*.2/!4:521&1$;!+#1.46)!4R121(/!(*!-$:41.!4!'*)(M$&&$'(1C$!:4.,&4'(,-$-@!
R,(!'*,2;!#4C$!'4,)$;!B.1($;!0(4($)!(*!2*)$!-$2$C4.'/!1.!(#$!$P5*-(!:4-?$(!Sg-)349@!
GHHVU!+#1.46)!),R)(4.(142!'*.(-*2!*C$-!BN0N!(-$4),-/!R*.;)!#4)!42)*!'*.(-1R,($;!(*!
)5$',24(1*.!1.!(#$!-$42:!*&!&*-$19.!5*21'/N!K.!GHIH@!7-$)1;$.(!h4-4'?!gR4:4@!>1(#!
(#$!),55*-(!*&!+*.9-$))@!1.1(14($;!1.C$)(:$.(!R2*'?4;$)!&*-!;1-$'(!&*-$19.!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! b!
1.C$)(:$.(@!1.!4(($:5()!(*!&*-$)(422!&,-(#$-!1.C$)(:$.(!1.!(-$4),-/!R*.;)!*-!*(#$-!
)$',-1(1$)!R/!+#1.46)!24-9$)(!'*-5*-4(1*.)@!1.'2,;1.9!(#$!<,4>$1@!D.)($$2!4.;!
%:'*-$!9-*,5)N!K.!;*1.9!)*@!7-$)1;$.(!gR4:4!;$$:$;!(#$!4'(1*.)!4!:4(($-!*&!!
^.4(1*.42!)$',-1(/_c4!'241:!#$4C12/!;1)5,($;!R/!+#1.$)$!'1(13$.)@!>#*!'241:$;!(#4(!
(#$!^5-*($'(1*.1)(_!4'(1*.)!(4?$.!R/!7-$)1;$.(!gR4:4!>$-$!(*!5-*($'(!(#$!BN0N!05-1.(M
i$P($2!($2$'*:!9-*,5c4!'#1$&!'*:5$(1(*-!*&!+#1.46)!<,4>$1!S7$.9&$1@!GHIHUN!!
! ! <*>$C$-@!(#*,9#!(#$-$!#4)!R$$.!:,'#!)5$',24(1*.!*C$-!(#$!$(#1')!4.;!
$&&1'4'/!*&!',--$.'/!)($-12134(1*.!4)!4;*5($;!R/!(#$!+#1.$)$@!21((2$!$&&*-(!#4)!9*.$!1.(*!
-$)$4-'#1.9!#*>!+#1.$)$!'1(13$.)!4-$!4&&$'($;!R/!',--$.'/!)($-12134(1*.N!D)!4!SGHHWU!
-$5*-(!&-*:!D13$.:4.!4.;!]21'?!*&!(#$!B.1C$-)1(/!*&!04.(4!+-,3!'*.($.;)@!^(#$!
$P($.(!(*!>#1'#!4!'*,.(-/!:4/!'*.(1.,$!(*!)($-1213$!;$5$.;)!42)*!*.!(#$!;$9-$$!(*!
>#1'#!1(!1)!>1221.9!(*!(*2$-4($!&1.4.'142!-$5-$))1*.!4.;!*(#$-!;1)(*-(1*.)!(*!1()!
$'*.*:/j5*21'1$)!&*)($-1.9!9-$4($-!;*:$)(1'!&1.4.'142!-$5-$))1*.!42)*!-$;,'$!(#$!
'*)()!*&!)($-12134(1*.N!"#1)!),99$)()!(#4(!'*,.(-1$)!4R2$!4.;!>1221.9!(*!$.949$!1.!
9-$4($-!&1.4.'142!)($-12134(1*.!>122!R$!4R2$!(*!),)(41.!(#$!5*21'/!'*.&19,-4(1*.!*&!
-$)$-C$!#*4-;1.9!4.;!)($-12131.9!&*-!4!2*.9$-!5$-1*;!*&!(1:$j"#,)@!&*-!$P4:52$@!4)!
2*.9!4)!+#1.4!4.;!1()!%4)(!D)14.!.$19#R*-)!4-$!(-/1.9!(*!:41.(41.!'*:5$(1(1C$.$))!1.!
$P5*-(1.9!(*!(#$!B.1($;!0(4($)@!(#$-$!1)!4.!,.)(4R2$!$Q,121R-1,:!;$5$.;1.9!*.!(#$1-!
-$24(1C$!4R121(1$)!(*!4C*1;!'*:5$(1(1C$!455-$'14(1*.)!4.;!21:1()!(*!)($-12134(1*.N!"#*)$!
'*,.(-1$)!>1(#!2*>$-!'*)()!*&!)($-12134(1*.@!;,$!&*-!$P4:52$!(*!9-$4($-!>1221.9.$))!(*!
;1)(*-(!(#$1-!&1.4.'142!)/)($:)@!:19#(!$.;!,5!#*4-;1.9!1.'-$4)1.92/!24-9$!4:*,.()!*&!
1.($-.4(1*.42!-$)$-C$)@!>1..1.9!(#$!#*4-;1.9!94:$!4(!2$4)(!1.!(#$!)#*-(!-,._!S59N!bM
fUN!!D2(#*,9#!+#1.4!#4)!$P5$-1$.'$;!$P5*.$.(142!9-*>(#!4)!4!!"#$%!&1.!(#$!:122$..142!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! f!
/$4-)@!+#1.46)!>$42(#!945!1)!.*(1'$4R2/!>1;$.1.9N!+#1.$)$!'*-5*-4(1*.)!4-$!9-*>1.9!
1.!)13$!4.;!1()!R,)1.$))!*>.$-)!4-$!R$'*:1.9!*C$-.19#(!R1221*.41-$)@!/$(!;,$!(*!
+#1.46)!,.;$-C42,$;!',--$.'/@!+#1.$)$!24R*-$-)!#4C$!)$$.!21:1($;!>49$!1.'-$4)$)!
4.;!)1:124-2/@!'4..*(!4&&*-;!(*!5,-'#4)$!(#$!1($:)!(#$/!(#$:)$2C$)!5-*;,'$!*.!4!
:4))M)'42$!Sh2**:R$-9@!GHIHU@!2$(!42*.$!;$)1-4R2$!1:5*-()N!D)!(#$!*55*-(,.1(/!&*-!
)*'142!:*R121(/!#4)!(/51'422/!524/$;!4!?$/!-*2$!1.!5-$)$-C1.9!9*C$-.:$.()6!5*21(1'42!
2$91(1:4'/@!*.$!>*,2;!1.&$-!(#4(!(#$!5*21'/!*&!',--$.'/!)($-12134(1*.!'*,2;!,2(1:4($2/!
,.;$-:1.$!+#1.46)!4,(#*-1(/!*C$-!:4./!*&!1()!INYb!R1221*.!'1(13$.)c(#*)$!>#*!&$$2!
:4-91.4213$;!;,$!(*!1()!>$4?!',--$.'/@!4.;!),R)$Q,$.(2/@!(#$1-!*>.!21:1($;!
)5$.;1.9M5*>$-N!+*.)$Q,$.(2/@!4)!21((2$!-$)$4-'#!#4)!R$$.!;*.$!*.!+#1.$)$!'1(13$.)6!
5$-)5$'(1C$)@!K!4:!1.($-$)($;!1.!$P4:1.1.9!(#$!$&&$'()!*&!',--$.'/!)($-12134(1*.!*.!
+#1.$)$!'1(13$.)@!5-1:4-12/!24R*-$-)@!4.;!*.!(#$1-!Q,421(/!*&!21&$N!K!>122!R$!
1.C$)(194(1.9!(#1)!:1))1.9!'*:5*.$.(!,)1.9!5-1:4-12/!+#1.$)$!.$>)M)*,-'$)!4.;!
:$;14@!42*.9!>1(#!$:51-1'42!;4(4!-$94-;1.9!(#$!9-*>1.9!+#1.$)$!>$42(#M945N!
<*>$C$-@!4)!:$;14!'$.)*-)#15!1)!',--$.(2/!5-$C42$.(!1.!+#1.4@!4''$))1.9!.$94(1C$!
C1$>5*1.()!:4/!R$!;1&&1',2(N!"*!*C$-'*:$!(#1)@!K!>122!42)*!R$!$P4:1.1.9!+#1.$)$!
)*'142!:$;14!4.;!R2*9)@!1.'2,;1.9!(#$!5*5,24-!h41;,c4!>$R)1($!)1:124-!(*!]**92$@!(*!
4))$))!(#$!;1)'*.($.(!*&!+#1.$)$!'1C1214.)N!B2(1:4($2/@!:/!-4(1*.42$!&*-!-$)$4-'#1.9!
(#1)!5*($.(142!;1)'*.($.(!1)!(*!4))$))!(#$!),)(41.4R121(/!*&!',--$.'/!)($-12134(1*.@!4.;!
(*!;$($-:1.$!1&!',--$.'/!)($-12134(1*.!#4)!1.O,-$;!(#$!2$91(1:4'/!*&!(#$!+#1.$)$!
9*C$-.:$.(N!K.!4.!$-4!*&!$C1;$.(!92*R42134(1*.@!1(!1)!'-,'142!(*!1.C$)(194($!(#$!
5*($.(142!)*'142!,.-$)(!*&!4./!.4(1*.@!54-(1',24-2/!*.$!>1(#!)19.1&1'4.(!$'*.*:1'!4.;!
',2(,-42!1.&2,$.'$N!Z,)(!4)!(#$!D-4R!05-1.9!*&!GHII!9-$4(2/!4&&$'($;!(#$!B.1($;!0(4($)6!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! V!
;152*:4(1'!)(-4($9/!4.;!(#$!1.($-.4(1*.42!$'*.*:/@!(#$!5-$)$.'$!*&!:4))M;1)'*.($.(!
*-!'1C12!,.-$)(!1.!+#1.4@!>1(#!(#$!>*-2;6)!24-9$)(!5*5,24(1*.!4.;!>*-2;6)!)$'*.;!
#19#$)(!]A7@!>*,2;!)19.1&1'4.(2/!42($-!(#$!(-4O$'(*-/!*&!R*(#!'451(42!&2*>)!4.;!BN0N!
5,R21'!5*21'/N!!
!
!"#$%&'()$*$+&,$-#&".(./.0)$$"#$!Q,$)(1*.!5*)$;!R/!:/!-$)$4-'#!>122!R$!4.)>$-$;!,)1.9!(#$!4))$)):$.(!*&!
+#1.46)!>$42(#!945!Q,4.(1&14R2/@!(#-*,9#!$:51-1')!4.;!:$(4M4.42/)$)@!4)!>$22!4)!
Q,421(4(1C$2/N!h/!,)1.9!(>*!455-*4'#$)!&*-!-$)$4-'#@!K!>122!R$!4R2$!(*!941.!4!;$$5$-!
,.;$-)(4.;1.9!*&!(#$!'*..$'(1*.)!R$(>$$.!(#$!4;*5(1*.!*&!;$5-$'14(*-/!',--$.'/!
)($-12134(1*.!4.;!1.'*:$!1.$Q,421(/N!"#$!&1.;1.9)!&-*:!$4'#!455-*4'#!>122!R$!
4.42/3$;@!4.;!24($-@!,)$;!(*!;-4>!'*.'2,)1*.)!4R*,(!(#$!+#1.$)$!9*C$-.:$.(6)!
&,(,-$!5*21(1'42!2$91(1:4'/N!B)1.9!R*(#!4!Q,421(4(1C$!4.;!Q,4.(1(4(1C$!455-*4'#!1)!
54-4:*,.(@!91C$.!(#4(!(#$!$:51-1'!455-*4'#!>122!5-*C1;$!$4)/!:$(#*;)!*&!
'*:54-1)*.!R$(>$$.!(#$!1.'*:$)!4.;!Q,421(/!*&!21&$!*&!C4-1*,)!-$91*.42!9-*,5)@!
>#$-$4)!Q,421(4(1C$!:$4),-$)@!),'#!4)!1.($-C1$>)!*-!4))$)):$.()!*&!',2(,-$@!>122!
5-*C1;$!:*-$!;$(412!(*!:/!-$)$4-'#@!4)!>$22!4)!4!#,:4.!$2$:$.(N!
!
!"#$%123&$4,5#6&7$86(#9,&:6(260$;"26:<,$=9.1260$>#:/&"$=:?$
$L*22*>1.9!(#$!%4)(!D)14.!+-1)1)!*&!(#$!24($!IFFH6)@!+#1.4!$P5$-1$.'$;!
1.),-:*,.(4R2$!$'*.*:1'!),''$))$)@!4((-1R,($;!(*!R*(#!4!'#4.9$!1.!;*:$)(1'!
5*21'/c(#$!4;*5(1*.!*&!;$5-$'14(*-/!',--$.'/!)($-12134(1*.@!4)!>$22!4)!4!R,-9$*.1.9!
1.;,)(-142!:4-?$(!&,$2$;!R/!D:$-1'4.!'*.),:$-1):N!"#$-$&*-$@!1(!>*,2;!-$:41.!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! W!
'*.)1)($.(!(#4(!4)!(#$!1.$Q,421(/!1.!D:$-1'4.!1.'*:$)!'*.(1.,$;!(*!9-*>@!1.'*:$)!1.!
+#1.4!>*,2;!:1--*-!),'#!'#4.9$)N!B.21?$!(#4(!1.!(#$!B.1($;!0(4($)@!(#$!C4)(!:4O*-1(/!
*&!+#1.$)$!1.'*:$!1.$Q,421(/!'4.!R$!)$$.!(#-*,9#!-,-42M,-R4.!;1)(1.'(1*.)@!4)!-,-42!
+#1.$)$@!>#*!4-$!5-$;*:1.4.(2/!49-1',2(,-42!*-!($P(12$!24R*-$-)@!$4-.!*.2/!*.$M(#1-;!
(#$!/$4-2/!1.'*:$!*&!(#$1-!,-R4.!'*,.($-54-()N!E*)(!.*(4R2/@!1.!E4-'#!GHIH@!+#1.4!
-$'*-;$;!1()!>1;$)(!-,-42M,-R4.!>$42(#!945!)1.'$!(#$!'*,.(-/!24,.'#$;!1()!*5$.1.9M
,5!5*21'/!1.!IFVWN!D;;1(1*.422/@!4''*-;1.9!(*!(#$!+#1.$)$!i4(1*.42!h,-$4,!*&!
0(4(1)(1')@!1.!GHHF@!(#$!,-R4.!5$-!'451(4!.$(!1.'*:$!)(**;!4(!IV@IVb!d,4.!SXG@bGbU!1.!
'*.(-4)(!(*!b@IbY!d,4.cO,)(!XWJb@!1.!(#$!'*,.(-/)1;$N!D''*-;1.9!(*!0*.9!k14*>,@!
7-$)1;$.(!*&!(#$!+#1.4!0*'1$(/!&*-!%'*.*:1'!=$&*-:@!^(#$!>$42(#!945!1)!;,$!(*!2*>!
)424-1$)!&*-!$:52*/$$)!4.;!:19-4.()!1.!:4./!'*:54.1$)@!4)!>$22!4)!-451;2/!9-*>1.9!
5-*&1()!&*-!(#$!:4.49$:$.(!*&!0(4($M*>.$;!$.($-5-1)$)@!-$42!$)(4($!;$C$2*5$-)!4.;!
)*:$!5-1C4($!'*:54.1$)N_!SZ1.9!GHIHU!"*!$2,'1;4($!0*.96)!'*.O$'(,-$@!4!:45!&-*:!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! F!
'()&*#+"!#$,-&;$51'(1.9!(#$!,-R4.M-,-42!1.'*:$!;1)(1.'(1*.@!1)!R$2*>.
$
#((5`ll>>>N(#$4(24.(1'N'*:l'#1.4l4-'#1C$lGHIYlHFl:4551.9M'#1.4)M1.'*:$M
1.$Q,421(/lGVFfYVl!
<*>$C$-@!42(#*,9#!(#$!B.1($;!0(4($)!#4)!$P5$-1$.'$;!4!)1:124-!;12$::4!&*22*>1.9!
(#$!$'*.*:1'!R**:!5-1*-!(*!GHHW6)!]-$4(!=$'$))1*.@!(#$!-$42!Q,4.;4-/!>1(#!+#1.46)!
1.'*:$!1.$Q,421(/!1)!(#$!-4($!4(!>#1'#!1(!1)!9-*>1.9N!+#1.46)!9-*>(#!-4($!-$:41.)!
,.54-422$2$;!1.!R*(#!(#$!;$C$2*5$;!4.;!;$C$2*51.9!>*-2;)@!4.;!,.(12!C$-/!-$'$.(2/@!
#4;!.*(!R$9,.!(*!)2*>N!"#$!424-:1.9!9-*>(#!*&!1.'*:$!1.$Q,421(/!>1(#1.!+#1.4!1)!
$C1;$.(!>#$.!,)1.9!(#$!]1.1!+*$&&1'1$.(@!4!:$4),-$!*&!)(4(1)(1'42!;1)5$-)1*.@!>#$-$!
3$-*!-$5-$)$.()!5$-&$'(!$Q,421(/@!>#12$!4!C42,$!*&!*.$!-$5-$)$.()!4!:4P1:,:!2$C$2!*&!
1.$Q,421(/N!/%,$)#)&0)!)1"+)!4.;!'()&2,%!%3$4#!5-*C1;$;!(#$!&*22*>1.9!'#4-(!)#*>1.9!
(#$!]1.1!+*$&&1'1$.()!*&!C4-1*,)!'*,.(-1$)@!4)!>$22!4)!'#4.9$!1.!(#$!]1.1!'*$&&1'1$.(!1.!
(#$!54)(!(>*!;$'4;$)@!>1(#!+#1.4!.$4-!(#$!(*5!*&!$4'#!21)(N!Sh4;1224!GHIGU!!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! IH!
!
!
#((5`ll>>>NR*.;)Q,4>?N'*:l>5M'*.($.(l,52*4;)lGHIGlIHlGHIGMIHMGbM
K.'*:$MK.$Q,421(/M1.Mh*(#MB0M4.;M+#1.4NO59!
!
@':6&2&:&2A#$46:/),#,$.3$;"26:<,$>#:/&"$=:?$:6($2&,$B92026,$
! ! D2(#*,9#!(#$!1:521'4(1*.)!*&!4!24-9$!4.;!9-*>1.9!>$42(#!945!4-$!)1:124-!&*-!
:*)(!'*,.(-1$)!$P5$-1$.'1.9!),'#!4!5#$.*:$.*.@!(#$!*-191.)!*&!1.'*:$!1.$Q,421(/!
C4-/!R/!2*'4(1*.N!K.!(#$!24($!IFVH6)@!;,$!(*!(#$!>4.1.9!),55*-(!*&!+#1.46)!+*::,.1)(!
-$91:$@!(#$!+#1.$)$!9*C$-.:$.(!R$94.!(*!^*5$.!,5_!:,'#!*&!1()!$'*.*:/!(*!&-$$M
:4-?$(@!&*-$19.!(-4;$N!%'*.*:1'!9-*>(#!>4)!.$4-!1::$;14($!&*22*>1.9!(#$)$!
'#4.9$)@!/$(!*C$-!(1:$@!(#$!(/5$!*&!9-*>(#!5-$)$.(!R$94.!(*!)#1&(@!4.;!R$'4:$!
1.'-$4)1.92/!)$'(1*.4213$;N!D)!4!GHHb!=$5*-(!*.!+#1.46)!A$C$2*5:$.(!1.;1'4($;@!
^01.'$!(#$!R$91..1.9!*&!-$&*-:!4.;!*5$.1.9!,5@!(#$-$!#4)!R$$.!-451;!9-*>(#!1.!(#$!
1.'*:$)!*&!R*(#!,-R4.!4.;!-,-42!-$)1;$.()N!L-*:!IFVF!(*!GHHY@!R*(#!,-R4.!4.;!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! II!
-,-42!5$-!'451(4!1.'*:$!1.'-$4)$;!:*-$!(#4.!&*,-M&*2;N!h,(!(#1)!1.'*:$!9-*>(#!&*-!
,-R4.!4.;!-,-42!-$)1;$.()!(**?!524'$!1.!;1&&$-$.(!5$-1*;)N!D)!4!-$),2(@!(#$!1.'*:$!945!
R$(>$$.!,-R4.!4.;!-,-42!-$)1;$.()!-$:41.$;!C*24(12$!*.!*''4)1*.N_!S=*O4)!GHHbU!"#$!
24-9$)(!)#1&(!1.!1.'*:$!;1)54-1(/!>4)!)$$.!R$(>$$.!(#$!/$4-)!*&!IFFHMGHHY!>1(#!4!
)($$5!1.'-$4)$!1.!IFFFc.*(!),-5-1)1.92/@!(#$!&1-)(!/$4-!4&($-!+#1.4!4;*5($;!
;$5-$'14(*-/!',--$.'/!)($-12134(1*.N!D)!"#$!=*O4)!A4(4!h4.?6)!:$(4M)(,;/!1.;1'4($)@!
^01.'$!(#$!IFFH)@!(#$!-4(1*!mR$(>$$.!-,-42!4.;!,-R4.!1.'*:$n!#4)!,.;$-9*.$!4!
>1;$.1.9M.4--*>1.9M>1;$.1.9!5-*'$))j>$!'4.!)$$!(#4(!1.$Q,421(/!>1;$.$;!&-*:!
IFFH!(*!IFFJ@!>1(#!(#$!-4(1*!-1)1.9!&-*:!GNGM&*2;!(*!GNfM&*2;N!D&($-!(#4(@!1.$Q,421(/!
.4--*>$;!&*-!*.2/!(#-$$!/$4-)@!>1(#!(#$!-4(1*!;-*551.9!&-*:!GNfM&*2;!1.!IFFJ!(*!GNGM
&*2;!S(#$!IFFH!2$C$2U!1.!IFFVN!h,(!&-*:!IFFW!*.@!(#$!-4(1*!-*)$!)#4-52/@!&-*:!GNGM&*2;!
1.!IFFV!(*!GNbM&*2;!1.!GHHH!(*!YNGYM&*2;!1.!GHHYN_!S=*O4)!GHHbU!!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! IG!
!
!e#12$!:4./!5*21'/M:4?$-)!R$21$C$!(#4(!-$91*.42!1.'*:$!;1)54-1(/!1)!)1:52/!;,$!(*!4!
24'?!*&!4C4124R2$!$;,'4(1*.!&*-!(#*)$!1.!-,-42!+#1.$)$!5-*C1.'$)@!4.;!(#$)$!'241:)!
'$-(41.2/!#4C$!:$-1(@!*(#$-)!#4C$!'*.'2,;$;!(#4(!4!?$/!'*.(-1R,(*-!(*!-,-42!5*C$-(/!
1)!(#$!'#4.9$!1.!(#$!'*:5*.$.()!*&!-,-42!1.'*:$N!K.!5-1*-!;$'4;$)@!(#*)$!21C1.9!1.!
-,-42!'*::,.1(1$)!*&($.!>*-?$;!1.!):422M)'42$!49-1',2(,-42!C$.(,-$)@!*-!4)!(#$!
*>.$-)!*&!^&4:12/M&4-:)@_!4.;!(#,)@!#4;!:*-$!'*.(-*2!*C$-!(#$1-!5$-)*.42!1.'*:$N!
<*>$C$-@!4)!-,-42!24R*-$-)!:*C$;!(*!:*-$!:$(-*5*21(4.!4-$4)@!*-!(*!1.;,)(-142!
5-*;,'(1*.!4)!&4'(*-/!>*-?$-)@!(#$!4:*,.(!*&!.*.M&4-:!1.'*:$!1.!(#$!4:*,.(!*&!
-,-42!1.'*:$!'*.(1.,$;!(*!-1)$@!4.;!>*-?$-)!#4;!:*-$!21:1($;!)*'142!:*R121(/N!=*O4)!
'*.(1.,$)@!$P5241.1.9@!^R$'4,)$!.*.M&4-:!O*R!*55*-(,.1(1$)!4-$!:41.2/!1.!>$42(#1$-!
-$91*.)!),'#!4)!(#$!'*4)(42!4-$4)@!#*,)$#*2;)!(#4(!#4C$!'$-(41.!*55*-(,.1(1$)!4.;!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! IY!
*5$-4(1*.42!'454'1(/!>122!&1.;!1(!$4)1$-!(*!R$.$&1(N!L*-!(#1)!-$4)*.@!(#$!9-*>(#!*&!.*.M
&4-:!1.'*:$!>122!>1;$.!-,-42!1.'*:$!1.$Q,421(/!4(!(#$!1.1(142!)(49$!*&!-,-42!1.;,)(-142!
;$C$2*5:$.(N!D''*-;1.9!(*!(#$!#*,)$#*2;!),-C$/!;4(4!'*22$'($;!1.!GHHG!R/!(#$!
K.)(1(,($!*&!%'*.*:1')@!+D00@!(#$!>49$!1.'*:$!*&!-,-42!#*,)$#*2;)!4''*,.($;!&*-!GF!
5$-'$.(!*&!(#$1-!(*(42!4..,42!1.'*:$N!D)!(#1)!1.'*:$!;1)(-1R,(1*.!>4)!:*-$!,.$Q,42@!
1()!'*.(-1R,(1*.!(*!(#$!(*(42!1.'*:$!1.$Q,421(/!>4)!4)!#19#!4)!Yf!5$-'$.(N!h/!'*.(-4)(@!
.$(!&4-:1.9!1.'*:$!4''*,.($;!&*-!YF!5$-'$.(!*&!&4-:$-)6!(*(42!1.'*:$N_!S=*O4)!GHHbU!
+*.)$Q,$.(2/@!42(#*,9#!1(!:4/!)$$:!'*,.($-1.(,1(1C$@!(#$!$'*.*:1'!),''$))!*&!
+#1.46)!-,-42!-$91*.)!#4)!R$$.!4!'4(42/)(!&*-!(#$!;1:1.1)#$;!Q,421(/!*&!21&$!&*-!:4./!
*&!1()!5**-$)(!-$)1;$.()N!
! ! K.!IFFV@!(#$!/$4-!5-1*-!(*!(#$!4;*5(1*.!*&!',--$.'/!)($-12134(1*.@!+#1.46)!]1.1!
'*$&&1'1$.(!>4)!HNYbVN!L*22*>1.9!(#$!4;*5(1*.!*&!',--$.'/!)($-12134(1*.@!+#1.46)!]1.1!
'*$&&1'1$.(!-*)$!(*!NYFG!1.!IFFF!4.;!(*!NJGf!R/!GHHGN!D)!/*,!'4.!)$$!1.!(#$!9-45#!
5-*C1;$;@!(#$!]1.1!+*$&&1'1$.(!1.!+#1.4!1.'-$4)$;!;-4:4(1'422/!1.!(#$!/$4-)!>#$-$!
',--$.'/!)($-12134(1*.!>4)!:*)(!#$4C12/!,(1213$;N!!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! IJ!
!
!
L*-!$P4:52$@!1.!GHHW@!4&($-!+#1.4!1.C$)($;!4!24-9$!5$-'$.(49$!*&!1()!]A7!1.(*!B0!
)$',-1(1$)!;,-1.9!(#$!]-$4(!=$'$))1*.@!1()!-$)5$'(1C$!]1.1!'*$&&1'1$.(!>4)!HNJFIN!h/!
GHIH@!(>*!/$4-)!1.(*!(#$!-$'$))1*.@!+#1.46)!]1.1!'*$&&1'1$.(!>4)!4!>#*551.9!HNfI@!
:4?1.9!+#1.4!(#$!#*2;$-!*&!*.$!*&!(#$!>*-2;6)!24-9$)(!>$42(#!945)c)$'*.;!*.2/!(*!
h-4312N!0*:$!:4/!4-9,$!(#4(!+#1.46)!1.'-$4)$;!]1.1!'*$&&1'1$.(!1)!4!5-*;,'(!*&!
$P($-.42!&4'(*-)@!),'#!4)!'*--,5(1*.!1.!(#$!+#1.$)$!9*C$-.:$.(!SZN!7*,)'#($-@!
i*C$:R$-!GHIYU@!*-!1)!)*2$2/!4((-1R,($;!(*!+#1.46)!$P54.;1.9!]A7@!4.;!(#4(!
)($-12134(1*.!524/)!4!21:1($;!-*2$!1.!1.$Q,421(/@!1&!4./N!<*>$C$-@!1(!1)!:*)(!'-1(1'42!(*!
.*($!(#4(!1.!(#$!/$4-)!>#$-$!+#1.4!;$'-$4)$;!1()!-4($!*&!1.C$)(:$.(!1.(*!B0!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! Ib!
)$',-1(1$)@!1(6)!]1.1!'*$&&1'1$.(!)#-,.?!4''*-;1.92/N!L*-!$P4:52$@!R$(>$$.!(#$!/$4-)!*&!
GHIIMGHIG@!(#$!-4($!*&!+#1.$)$!1.C$)(:$.(!1.(*!B0!)$',-1(1$)!)2*>$;@!4.;!1()!]1.1!
+*$&&1'1$.(!&$22!&-*:!4-*,.;!NJW!(*!,.;$-!NJb!1.!(#4(!5$-1*;!42*.$!Se*-2;!h4.?!mA4(4!
0$(n@!GHIJUN!K.!GHIY@!+#1.4!-$),:$;!1()!5-1*-!-4($!*&!/$4-2/!1.C$)(:$.(c4R*,(!XfHH!
h1221*.@!4.;!-$4'#$;!4.!422M(1:$!#19#!*&!#*2;1.9)N!B.),-5-1)1.92/@!1()!]1.1!'*$&&1'1$.(!
-*)$!(*!4!&1C$M/$4-!#19#!*&!NJVJN!h$'4,)$!*&!(#$)$!*R)$-C4(1*.)@!4!'*--$24(1*.!R$(>$$.!
(#$!5-4'(1'$!*&!',--$.'/!)($-12134(1*.!4.;!1.'*:$!1.$Q,421(/!'4.!R$!)$$.!4)!:*-$!
(#4.!;,$!(*!-4.;*:!'#4.'$N!E*-$*C$-@!;$)51($!(#$!)?/-*'?$(1.9!1.'*:$)!*&!+#1.46)!
>$42(#1$)(@!+#1.46)!5$-!'451(4!]A7!#4)!-$:41.$;!)(49.4.(!1.!(#$!54)(!;$'4;$@!4.;!(#$!
-4($!*&!5$-!'451(4!]A7!1.'-$4)$!#4)!;$'21.$;!)($4;12/!)1.'$!GHHVN!Se*-2;!h4.?!mA4(4!
0$(n@!GHIJU!K.!g'(*R$-!*&!GHIY@!1(!>4)!-$5*-($;!(#4(!+#1.4!#$2;!fo!*&!(#$!>*-2;6)!
^,2(-4!#19#!.$(M>*-(#!1.;1C1;,42)@_!*-!(#*)$!>1(#!&*-(,.$)!$P'$$;1.9!XbH!:1221*.N!
+-$;1(!0,1))$6)!L4.!+#$,?Me4.!'-$;1($;!),'#!9-*>(#!(*!(#$!'*,.(-/6)!'451(42!
:4-?$(6)!;$C$2*5:$.(!4.;!(#$!24-9$!.,:R$-!*&!'*:54.1$)!R$1.9!21)($;!;,-1.9!(#$!
5$-1*;!(#$!-$5*-(!'*C$-$;!c!:1;MGHIG!(*!:1;MGHIYN!!h$(>$$.!GHHb!4.;!GHIH@!(#$!
.,:R$-!*&!R1221*.41-$)!1.!+#1.4!9-$>!&-*:!O,)(!(>*!(*!IYH!S<,-,.@!GHIHUN!01:124-2/@!
1.!GHIHc(#$!/$4-!4&($-!(>*!'*.)$',(1C$!)51?$)!1.!&*-$19.!-$)$-C$!1.C$)(:$.(c(#$!
+#1.4!<*,)$!L1.4.'$!0,-C$/!&*,.;!(#4(!(#$!(*5!($.!5$-'$.(!*&!#*,)$#*2;)!'*.(-*22$;!
*C$-!bVo!*&!(#$!'*,.(-/6)!9-*))!1.'*:$@!4.;!*C$-!Fbo!*&!(#$!.4(1*.6)!;1)5*)4R2$!
1.'*:$!S%'*.*:1)(@!GHIGUN!"*;4/@!4''*-;1.9!(*!4!),-C$/!R/!-$)$4-'#$-)!4(!+#1.46)!
0*,(#>$)($-.!B.1C$-)1(/!*&!L1.4.'$@!(#$!(*5!Io!*&!+#1.$)$!&4:121$)!*>.)!)*:$!XINf!
:1221*.!1.!4))$()@!'*:54-$;!(*!4!:$4.!*&!XYfW@HHH!5$-!+#1.$)$!&4:12/N!+-$;1(!
0,1))$6)!)(,;/!42)*!;1)'*C$-$;!(#4(!#*,)$#*2;!>$42(#!1.!+#1.4!9-$>!R/!Vo@!&4)($-!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! If!
(#4.!(#$!92*R42!4C$-49$!*&!bo_!S+#$.@!GHIYUN!d$(@!;$)51($!GHIY6)!),-9$!*&!.4)'$.(!
+#1.$)$!R1221*.41-$)@!1.'*:$!(4P!-$'$15()!&-*:!GHIY!>$-$!;*>.!&-*:!(#$!5-$C1*,)!
/$4-@!1.;1'4(1.9!(#4(!>49$)!4-$!.*(!$P54.;1.9!&*-!(#$!*C$->#$2:1.9!:4O*-1(/!*&!
$:52*/$;!+#1.$)$!S"N!g-21?@!GHIY@!59N!GUN!
!
! ! E*)(!>*,2;!49-$$!(#4(!4!)$'*.;!?$/!'*:5*.$.(!(*!4;;-$))!>#$.!4))$))1.9!
)*'142!1::*R121(/!1)!(#$!$P1)($.'$!*&!,.;$-$:52*/:$.(N!D2(#*,9#!',--$.'/!
)($-12134(1*.6)!$&&$'()!:4/!#4C$!'*.(-1R,($;!(*!)*'142!1.$Q,1(/!4(!*.$!2$C$2@!1()!5-$)$.(!
1.4R121(/!(*!'4(42/3$!&1'(1(1*,)!;$C42,4(1*.!*&!(#$!=$.:1.R1!#4)!'4,)$;!4!)$54-4($!
5#$.*:$.*.@!42)*!1.;1'4(1C$!*&!)*'142!1::*R121(/N!e#12$!:4./!>*,2;!R$21$C$!(#4(!
+#1.4!#4)!4.!4R,.;4.'$!*&!2*>M>49$!O*R)!1.!(#$!1.;,)(-142!)$'(*-@!R$(>$$.!(#$!/$4-)!
*&!GHIIMGHIY@!:4./!24-9$!&*-$19.!'*-5*-4(1*.)@!),'#!4)!04:),.9!4.;!L*P'*..@!#4;!
-$2*'4($;!(#$1-!&4'(*-1$)!(*!h4.924;$)#@!h,-:4@!K.;*.$)14@!4.;
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! IV!
>49$!&*-!)*:$!O*R!)$'(*-)@!),'#!4)!4!IHo!1.'-$4)$!1.!:1.1:,:!>49$!&*-!)$-C1'$!4.;!
#*)51(421(/!>*-?$-)@!>$-$!(#$!-$),2(!*&!4!),::$-!*&!5-*2*.9$;!)(-1?$)@!.,:$-*,)!
5-*($)()c.*(!.$'$))4-12/!(#*)$!),--*,.;1.9!>49$!;1)5,($)c4.;!5,R21'13$;!
'*--,5(1*.!)'4.;42)@!4.;!4-$!.*(!21?$2/!(#$!R$91..1.9!*&!2*.9!($-:!'#4.9$!S+#1.4!
84R*,-!h,22$(1.@!mA4(4!0$(n!GHIYUN!
!
@':/2&:&2A#$4,,#,,C#6&,$.3$;"26:<,$>#:/&"$=:?$$
! ! L*-!(#$!5,-5*)$)!*&!:/!*>.!-$)$4-'#@!K!#4;!*-191.422/!)*,9#(!(*!2**?!R$/*.;!
$:51-1'!:$4),-$)!*&!)*'1*$'*.*:1'!;1)54-1(/@!4.;!1.)($4;!(*>4-;)!4!:*-$!#*21)(1'!
$C42,4(1*.!*&!+#1.46)!9-*>1.9!>$42(#M945N!K.!*-;$-!(*!,.;$-)(4.;!(#$!1.$Q,1(/!
$P5$-1$.'$;!R/!1:5*C$-1)#$;!+#1.$)$@!K!R$21$C$;!(#4(!+#1.$)$!',2(,-$c1.!4;;1(1*.!
(*!:$4),-$)!),'#!4)!(#$!]1.1!K.;$P@!*-!(#$!2$C$2!*&!,.$:52*/:$.(c#4;!(*!R$!
4))$))$;N!B5*.!'#**)1.9!(*!)(,;/!1.$Q,1(/!4(!4!Q,421(4(1C$!2$C$2@!K!&1-)(!'#*)$!(*!2**?!
(*>4-;)!5-*;,'(!:4-?$(1.9!4)!4!9,1;$N!D)!+#1.46)!>$42(#/!R$'*:$!>$42(#1$-@!4!
R4--49$!*&!2,P,-/!9**;)!#4)!&2**;$;!1.(*!(#$!-$91*.@!4.;!4;C$-(1)1.9!($'#.1Q,$)c
:,'#!21?$!(#$!$'*.*:/@!#4C$!R$'*:$!&4'(1*.4213$;N!K.!(#$!B.1($;!0(4($)@!),'#!
^4,;1$.'$!^.4--*>1.9_!1)!'*22*Q,1422/!?.*>.!4)!^#*,-924))!4;C$-(1)1.9N_!
D;C$-(1)$:$.()!,)1.9!(#$!^#*,-924))_!41:!(*!455$42!(*!422!*&!4.!$P(-$:$!9-*,5@!),'#!
4)!(#$!),5$--1'#@!*-!(#*)$!R$2*>!(#$!5*C$-(/!21.$N!K.!(#1)!)$.)$@!4;C$-(1)$-)!-$4;12/!
24('#!*.(*!(#$!1;$4!*&!4!)#-1.?1.9!:1;;2$!'24))@!4.;!1.)($4;@!2**?!(*!'451(4213$!*.!*.2/!
*.$!(/5$!*&!4,;1$.'$N!%22$.!h/-*.!*&!'()&5"++&/#1))#&6%71!"+&-$5*-()@!^D!>1;$!)>4(#!
*&!D:$-1'4.!'*:54.1$)!1)!'*.C1.'$;!(#4(!(#$!'*.),:$-!:4-?$(!1)!R1&,-'4(1.9!1.(*!
#19#!4.;!2*>!$.;)!4.;!$-*;1.9!1.!(#$!:1;;2$N!"#$/!#4C$!R$9,.!(*!42($-!(#$!>4/!(#$/!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! IW!
-$)$4-'#@!;$C$2*5!4.;!:4-?$(!(#$1-!5-*;,'()N!L**;!914.(!<NZN!<$1.3!+*N@!&*-!$P4:52$@!
1)!;$C$2*51.9!:*-$!5-*;,'()!4(!2*>$-!5-1'$!-4.9$)N!8,P,-/!-$(412$-!04?)!K.'N!1)!
R*2)($-1.9!1()!#19#M$.;!4554-$2!4.;!4''$))*-1$)!R$'4,)$!1()!>$42(#1$)(!',)(*:$-)c
.*(!(#*)$!;-4>.!(*!$.(-/M2$C$2!1($:)c4-$!;-1C1.9!(#$!'#41.p)!9-*>(#N!Se$))2@!GHIIU!
+1(19-*,5!'422)!(#$!5#$.*:$.*.!(#$!q+*.),:$-!<*,-924))!"#$*-/q!4.;!)1.'$!GHHF!
#4)!,-9$;!1.C$)(*-)!(*!&*',)!*.!'*:54.1$)!R$)(!5*)1(1*.$;!(*!'4($-!(*!(#$!#19#$)(M
1.'*:$!4.;!2*>$)(M1.'*:$!'*.),:$-)N_!Sh/-*.!GHIIU!K.!+#1.4@!(#$!^#*,-924))_!
($'#.1Q,$!1)!42)*!Q,1($!$C1;$.(r!#*>$C$-@!,.21?$!1.!(#$!B.1($;!0(4($)@!+#1.46)!5**-$)(!
'1(13$.)!-4-$2/!#4C$!4''$))!(*!:*;$-.!C$))$2)!*&!:$;14@!),'#!4)!($2$C1)1*.)!*-!
'*:5,($-)@!)*!:*)(!5-*;,'()!)*2;!(*!(#$!5**-!4-$!4;C$-(1)$;!*.!5,R21'!)54'$)@!),'#!
4)!R122R*4-;)@!*-!*.!-4;1*!5-*9-4::1.9N!01:124-2/@!)1.'$!(#$!24($!IFFH6)@!4)!+#1.46)!
:1;;2$!'24))!#4)!)#-,.?!1.!)13$!4.;!1.&2,$.'$@!R*(#!2,P,-/!-$(412$-)!4.;!2*>M'*)(!&4)(!
&**;!'#41.)!#4C$!$P52*;$;!1.!5*5,24-1(/N!L*-!$P4:52$@!1.!GHHI@!0,3#*,@!4!-$24(1C$2/!
):422!'1(/!*,()1;$!*&!0#4.9#41@!#4;!C$-/!21:1($;!&*-$19.!*-!2,P,-/!-$(412@!>#$-$4)!
(*;4/@!1(!#*,)$)!:,2(152$!+4-(1$-!)(*-$)@!4)!>$22!4)!:4./!):422!+#1.$)$!&4)(M&**;!
'#41.)!4.;!;1)'*,.(!)(*-$)N!<*>$C$-@!4)!(#$!+#1.$)$!9*C$-.:$.(!',--$.(2/!),55*-()!
:$;14!'$.)*-)#15!5-*(*'*2@!K!#4;!(*!(4?$!'4,(1*.!>#$.!$C42,4(1.9!1.($-C1$>)!
&$4(,-1.9!+#1.$)$!>*-?$-)@!4.;!(*!-$:$:R$-!(#4(!1.!+#1.$)$!:$;14!4(!(#1)!(1:$@!
4''$5(4R2$!&*-:)!*&!9*C$-.:$.(!;1)455-*C42!>$-$!*&($.!($:5$-$;!*-!$.19:4(1'@!
>#$-$4)!:*-$!'-1(1'42!$C42,4(1*.)!*&!9*C$-.:$.(!5*21'1$)!>$-$!.$4-2/!1:5*))1R2$!(*!
4''$))N!!K.!&4'(@!4!-$5*-(!K!#4;!#*5$;!(*!,)$!&*-!(#$!5,-5*)$)!*&!:/!-$)$4-'#@!$.(1(2$;!
^E$4),-1.9!+#1.46)!:*.$(4-/!)($-12134(1*.!4.;!4,(*.*:/!1.!4.!$-4!*&!92*R42134(1*.@_!
>4)!-$:*C$;!&-*:!h41;,c4!5*5,24-!+#1.$)$!)$4-'#!$.91.$c4!:$-$!(#-$$!;4/)!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! IF!
4&($-!1()!5,R21'4(1*.N!i*(4R2/@!4.!$P($.)1C$!-$)$4-'#!$.;$4C*-!&-*:!<4-C4-;!
B.1C$-)1(/!1.!GHIY!#4;!&*,.;!(#4(!^)*:$!*&!(#$!:*)(!#19#2/!'$.)*-$;!$C$.()!4-$!.*(!
'-1(1'1):)!*-!$C$.!;1)',))1*.)!*&!.4(1*.42!5*21'1$)@!R,(!-4(#$-!#19#2/!2*'4213$;!
'*22$'(1C$!$P5-$))1*.)!(#4(!-$5-$)$.(!*-!(#-$4($.!9-*,5!&*-:4(1*.N!g.$!),'#!$PM!
4:52$!1)!5*)()!*.!4!2*'42!e$.3#*,!e$R!)1($!$P5-$))1.9!),55*-(!&*-!+#$.!L$1@!4.!
$.C1-*.:$.(42!4'(1C1)(!>#*!),55*-($;!4.!$.C1-*.:$.(42!2*(($-/!(*!#$25!2*'42!
$.C1-*.:$.(42!5-*($'(1*.N!%C$.!(#*,9#!+#$.!L$1!1)!),55*-($;!R/!(#$!'$.(-42!
9*C$-.:$.(@!422!5*)()!),55*-(1.9!#1:!*.!(#$!2*'42!e$R!)1($!4-$!'$.)*-$;@!21?$2/!R$M!
'4,)$!*&!#1)!-$'*-;!*&!*-94.131.9!'*22$'(1C$!4'(1*.N!K.!(#$!:1;MGHHH)@!+#$.!&*,.;$;!
4.!$.C1-*.:$.(42!i]g!>1(#!:*-$!(#4.!JHH!-$91)($-$;!:$:R$-)!>#*!'-$4($;!
+#1.46)!&1-)(!^.*M524)(1'MR49!C12249$@_!>#1'#!$C$.(,422/!2$;!(*!2$91)24(1*.!*.!,)$!*&!
524)(1'!R49)N!D.*(#$-!$P4:52$!1)!4!#$4C12/!'$.)*-$;!9-*,5!*&!5*)()!$P5-$))1.9!
'*22$'(1C$!4.9$-!4R*,(!2$4;!5*1)*.1.9!1.!Z14.9),!7-*C1.'$6)!0,/4.9!+*,.(/!&-*:!
R4(($-/!&4'(*-1$)N!"#$)$!5*)()!(42?!4R*,(!'#12;-$.!)1'?$.$;!R/!5*22,(1*.!&-*:!2$4;!
4'1;!R4(($-/!&4'(*-1$)!1.!\#$O14.9!5-*C1.'$!R$2*.91.9!(*!(#$!"14..$.9!]-*,5@! 4.;!
-$5*-(!(#4(!#*)51(42)!-$&,)$;!(*!-$2$4)$!-$),2()!*&!2$4;!($)()!(*!54(1$.()N!K.!Z4.,4-/!
GHII@!C12249$-)!&-*:!0,/4.9!94(#$-$;!4(!(#$!&4'(*-/!(*!;$:4.;!4.)>$-)N!0,'#!
'*22$'(1C$!*-94.134(1*.!1)!.*(!(*2$-4($;!R/!(#$!'$.)*-)#15!4,(#*-1(/@!-$94-;2$))!*&!
>#$(#$-!)41;!'*.($.(!),55*-()!*-!'-1(1'13$)!(#$!+#1.$)$!9*C$-.:$.(N!K.!422!$C$.()!
'4($9*-13$;!4)!#4C1.9!'*22$'(1C$!4'(1*.!5*($.(142@!'$.)*-)#15!>1(#1.!(#$!$C$.(!1)!
:*-$!&-$Q,$.(!(#4.!'$.)*-)#15!*,()1;$!(#$!$C$.(N!K.!4;;1(1*.@!(#$)$!$C$.()!4-$@!*.!
4C$-49$@!'*.)1;$-4R2/!:*-$!'$.)*-$;!(#4.!*(#$-!(/5$)!*&!$C$.()N_!Sa1.9@!GHIYU!!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! GH!
!
"#-*,9#!(#$)$!&1.;1.9)@!1(!1)!.*>!4554-$.(!>#/!5-1*-!4))$)):$.()!*&!+#1.$)$!
1.'*:$!1.$Q,421(/@!)*'142!1.)(4R121(/!*-!5*21(1'42!'-1(1'1):c:*)(!.*(4R2/!(#$!C4-1$(/!
*&!'-1(1'1):!(#4(!:4/!5*($.(1422/!1.)51-$;!^'*22$'(1C$!4'(1*._c24'?$;!(#$!^5$-)*.42_!
'*:5*.$.(!K!:/)$2&!#4;!(-*,R2$!)$4-'#1.9!&*-!(#-*,9#*,(!:/!-$)$4-'#!5-*'$))N!
+*.)$Q,$.(2/@!42(#*,9#!(#$!$P1)($.'$!*&!4.!^#*,-!924))_!4;C$-(1)1.9!:*;$2!>1(#1.!
+#1.4!'*.&1-:)!(#$!2$C$2!*&!1.'*:$!1.$Q,421(/!1.;1'4($;!R/!(#$!$:51-1'42!;4(4!
94(#$-$;!1.!:/!-$)$4-'#@!(#$!5-$)$.'$!*&!5$-C4)1C$!9*C$-.:$.(!'$.)*-)#15!#4)!
)(1&2$;!(#$!4:*,.(!*&!1.;1C1;,42!5$-)5$'(1C$!(#4(!'4.!R$!,(1213$;!1.!:/!1.C$)(194(1*.N!
!
!"#$D33#5&,$.3$+65.C#$+6#E':/2&)$.6$;"26#,#$F./2&25:/$%&:G2/2&)$
$ K(!455$4-)!&41-2/!$C1;$.(!(#4(!(#$-$!1)!4!)(-*.9!4))*'14(1*.!R$(>$$.!(#$!
+#1.$)$!9*C$-.:$.(6)!,)$!*&!',--$.'/!)($-12134(1*.!4.;!4!'*--$)5*.;1.9!1.'-$4)$!1.!
+#1.$)$!1.'*:$!1.$Q,421(/N!L*-!(#$!5,-5*)$)!*&!:/!-$)$4-'#@!K!>4.($;!(*!$2,'1;4($!
(#$!'*..$'(1*.)!.*(!*.2/!R$(>$$.!',--$.'/!)($-12134(1*.!4.;!$'*.*:1'!;1)54-1(/@!R,(!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! GI!
-4(#$-@!>1(#!)41;!$'*.*:1'!;1)54-1(/6)!1.&2,$.'$!*.!+#1.46)!5*21(1'42!'21:4($N!K.!
-$'$.(!/$4-)@!:*)(!.*(4R2/!&*22*>1.9!+#1.46)!'*.)1;$-4R2$!4'Q,1)1(1*.!*&!R*.;)!
;,-1.9!(#$!B.1($;!0(4($)6!^]-$4(!=$'$))1*.@_!(#$!9-*>(#!*&!1.'*:$!1.$Q,421(/!#4)!
R$$.!:$(!>1(#!4!>4C$!1.!24R*-M-$24($;!-4221$)N!!D''*-;1.92/@!1.!4!)5-1.9!),-C$/!R/!(#$!
7$>!=$)$4-'#!+$.($-@!1(!>4)!-$5*-($;!(#4(!*C$-!#42&!*&!-$)5*.;$.()!C1$>$;!+#1.46)!
>$42(#!945!4)!4!^C$-/!R19!5-*R2$:@_!:4?1.9!1(!(#1-;!*.!4!21)(!*&!'1(13$.)6!)$C$.($$.!
(*5!'*.'$-.)N!S7*,()'#$-@!GHIYU!g.!E4/!IV@!GHIH@!*C$-!I@WHH!>*-?$-)!4(!4!&4'(*-/!1.!
)*,(#$-.!],4.9;*.9@!>#1'#!),5521$)!54-()!&*-!<*.;4!E*(*-)@!>$.(!*.!)(-1?$@!
;$:4.;1.9!R$(($-!54/@!'-$4(1.9!4!^'*.(491*,)_!-$)5*.)$!4:*.9!(#$!.4(1*.6)!
:4.,&4'(,-1.9!)$'(*-N!g(#$-!>42?*,()!(#4(!)4:$!/$4-!#4;!'-1552$;!&4'(*-1$)!4'-*))!
+#1.4@!1.'2,;1.9!(#-$$!*(#$-!524.()!(#4(!),5521$;!4,(*!54-()!(*!<*.;4!E*(*-)N!
01:124-2/@!L*P'*..@!4!"41>4.$)$M*>.$;!:4.,&4'(,-1.9!9-*,5!>#1'#!5-*;,'$)!54-()!
&*-!D552$@!0*./!4.;!*(#$-!'*:54.1$)@!4..*,.'$;!9$.$-*,)!54/!1.'-$4)$)!4&($-!4!
)$-1$)!*&!>*-?$-!),1'1;$)!5,(!(#$!)5*(219#(!*.!(#$!5219#(!*&!:19-4.(!+#1.$)$!>*-?$-)N!
SL2*-+-,3@!GHIHU!K.!GHII@!&*22*>1.9!(#-$$!'*.)$',(1C$!/$4-)!*&!'*.)1;$-4R2$!&*-$19.!
-$)$-C$!1.C$)(:$.(@!4!)1:124-!>4C$!*&!1.'*:$M-$24($;!5-*($)()!#4;!)(-,'?!+#1.4N!qe$!
4-$!>1221.9!(*!>*-?!R,(!/*,!:,)(!42)*!54/!,)!$.*,9#!(*!),-C1C$@q!)41;!4!>*-?$-!&-*:!
4!i$>!h424.'$!5-*;,'(1*.!&4'(*-/!1.!<,4.9O14.N!q"*!9,4-4.($$!(#$!R4)1'!Q,421(/!*&!
21&$@!$C$.!e$.!Z14R4*!#4)!)41;!(#4(@q!)#$!4;;$;@!-$&$--1.9!(*!+#1.4p)!5-$:1$-N_!
S7*:&-$(@!GHIIU!E*-$*C$-@!'*.)1)($.(!>1(#!:/!$4-21$-!4-9,:$.(!(#4(!
,.;$-$:52*/:$.(!1.!+#1.4!'*,2;!'4(42/3$!5*2(1'42!;$)(4R12134(1*.@!^"#$!L$;$-4(1*.!
*&!<*.9!a*.9!K.;,)(-1$)!-$'$.(2/!>4-.$;!,5!(*!4!(#1-;!*&!)*:$!bH@HHH!<*.9!a*.9M
*>.$;!&4'(*-1$)!1.!4;O*1.1.9!],4.9;*.9!4.;!$2)$>#$-$!1.!+#1.4!'*,2;!;*>.)13$!*-!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! GG!
'2*)$!R/!(#$!$.;!*&!(#$!/$4-@!5*($.(1422/!5,((1.9!4(!-1)?!#,.;-$;)!*&!(#*,)4.;)!*&!
:19-4.(!>*-?$-!O*R)Ne1(#!IbH!:1221*.!+#1.$)$!:19-4.(!>*-?$-)!.*>!(*121.9!1.!
&4'(*-1$)!.4(1*.>1;$@!(#$-$!4-$!5*($.(1422/!;$$5!-4:1&1'4(1*.)!(*!4./!)2*>;*>.N!
qE4))1C$!&4'(*-/!24/*&&)!>122!2$4;!(*!1.'-$4)$;!5-*($)()!4.;!)*'142!(,-:*12!1.!+#1.4p)!
,-R4.!4.;!-,-42!4-$4)@!)5,--$;!*.!$)5$'1422/!R/!(#*)$!241;M*&&!&4'(*-/!>*-?$-)!4.;!
*(#$-!:19-4.(!24R*-$-)!54-(1',24-2/!:4-91.4213$;!R/!)*'1$(/@q!>-*($!81!s14.9!*&!(#$!
BN0NMR4)$;!24R*-!4;C*'4'/!9-*,5!+#1.4!84R*-!e4('#N_!S7*:&-$(@!GHIIU!
K.!'*.(-4)(!(*!:/!*>.!4-9,:$.(@!)*:$!R$21$C$!(#4(!(#$!-1)$!1.!24R*-!
;1)'*.($.(!'4.!R$!4((-1R,($;!(*!4!'#4.9$!1.!>*-?$-!;$:*9-45#1'N!L*-!$P4:52$@!
e$.-4.9!Z4.9@!4!5-*&$))*-!*&!5*21(1'42!)'1$.'$!4(!(#$!B.1C$-)1(/!*&!D2R$-(4!1.!
%;:*.(*.@!4-9,$)@!!^D!)$'*.;!9$.$-4(1*.!*&!:19-4.(!>*-?$-)!1)!4!;1&&$-$.(!
R-$$;j(#$1-!54-$.()!#4C$!21C$;!(#-*,9#!#4-;)#15!4.;!5*C$-(/@!R,(!(#$!/*,.9$-!
9$.$-4(1*.!#4)!)$$.!.*(#1.9!R,(!$'*.*:1'!9-*>(#!4.;!(#$/!&$$2!(#$/!)#*,2;!R$.$&1(!
&-*:!(#$!$'*.*:1'!5-*9-$))N!"#$/!>122!.*(!5,(!,5!>1(#!5**-!>*-?1.9!'*.;1(1*.)@!
>*-?M-$24($;!)(-$))!4.;!2*>!>49$)Nq!SL2*-+-,3@!GHIHU!e#12$!Z4.96)!1.)19#(!:4/!R$!
C421;@!#1)!4-9,:$.(!;*$)!.*(!4;;-$))!(#$!'4,)$!*&!)41;!>*-?M-$24($;!)(-$))!*-!2*>!
>49$)N!e#12$!(#$!-1)$!1.!",#$8)!-$)1)(4.'$!:4/!R$!4((-1R,($;!(*!(#*)$!$P5$-1$.'1.9!
24R*-!;1)'*.($.(@!)41;!-$)1)(4.'$!>*,2;!.*(!R$!4)!5*19.4.(@!.*-!4)!>1;$)5-$4;@!#4;!
(#$-$!R$$.!.*!1.'*:$!1.$Q,421(/!*-!4!24'?!*&!)*'142!:*R121(/!>1(#1.!(#$!
:4.,&4'(,-1.9!)$'(*-!*&!+#1.46)!$'*.*:/N!!D;;1(1*.422/@!1(!)#*,2;!R$!.*($;!(#4(!(#$!
2$C$2!*&!24R*-!;1)'*.($.(!>1(#1.!+#1.4!1)!9-$4($-!(#4.!(#4(!1.!:4./!*(#$-!.4(1*.)N!
D''*-;1.92/@!A*-*(#/!ZN!0*21.9$-@!7-*&$))*-!*&!0*'142!0'1$.'$)!4(!(#$!B.1C$-)1(/!*&!
+421&*-.14@!K-C1.$@!4-9,$)!1.!#$-!-$)$4-'#!545$-@!^84R*-!A1)'*.($.(!1.!+#1.4!1.!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! GY!
+*:54-4(1C$!7$-)5$'(1C$@_!(#4(!1.!+#1.4@!24R*-!;1)'*.($.(!),-54))$)!(#$!2$C$2)!)$$.!
1.!'*,.(-1$)!>1(#!;1))1:124-!$'*.*:1$)@!L-4.'$!4.;!E$P1'*N!0*21.9$-6)!-$)$4-'#!
),99$)()!(#4(!24R*-M-$24($;!5-*($)()!1.!+#1.4!*&($.!-$4'#$;!;-4:4(1'!2$C$2)@!
(-4.)&*-:1.9!&-*:!^-4221$)!4.;!:4-'#$)!>#$-$!54-(1'154.()!)5*-($;!5*)($-)!*-!
)#*,($;!)2*94.)_!1.(*@!>#$.!^1--1(4(1*.)!4.;!-$)$.(:$.()!5$-)1)($;!4.;!$)'424($;_!
1.'1;$.()!>#$-$!^>*-?$-)!>*,2;!(#-*>!(#$:)$2C$)!*.(*!-412>4/!(-4'?)@!;$)(-*/!
:4'#1.$)@!2**(!9**;)@!;$(41.!*-!4((4'?!'4;-$)@!*-!R,-.!5*21'$!'4-)N_!S0*21.9$-@!GHHVU!
01:124-2/@!0*21.9$-!4-9,$)@!^K(!>4)!(#$!4R)$.'$!*&!4'(1C$@!4))$-(1C$!,.1*.)!1.!+#1.4!
(#4(!94C$!+#1.$)$!>*-?$-)!4.!*55*-(,.1(/!(*!;$:*.)(-4($!*.!(#$1-!*>.N_!S0*21.9$-@!
GHHVU!+*.)$Q,$.(2/@!42(#*,9#!(#$!4R)$.'$!*&!*-94.13$;!'*22$'(1C$!4'(1*.!>1(#1.!
+#1.4!:4/!)$$:!5-*R2$:4(1'!4(!&1-)(!924.'$@!(#$!24'?!*&!R,-$4,'-4(1'!24R*-!-$&*-:!
:4/!#4C$!4'(,422/!422*>$;!&*-!1.;1C1;,42!+#1.$)$!(*!$P5-$))!(#$1-!9-1$C4.'$)@!4.;!
&*-!),'#!;$:*.)(-4(1*.)!(*!R$'*:$!C1)1R2$!>*-2;>1;$N!!!
!
-.A260$26&.$&"#$H'&'9#7$4((9#,,260$&"#$D3325:5)$.3$;'99#6&$F./2&25:/$I#3.9C$
$ K.!(#$!)5-1.9!*&!GHIY@!;142*9,$!#4;!R$9,.!>1(#1.!+#1.4@!:,'#!*&!>#1'#!
-$94-;$;!(#$!)'*5$!*&!5-$C1*,)!/$4-)6!24R*-!;1)'-$54.'1$)!4.;!(#$1-!),R)$Q,$.(!
)(-1?$)N!L,-(#$-@!&*22*>1.9!-$5$4($;!'*--,5(1*.!)'4.;42)!>1(#1.!(#$!+#1.$)$!
9*C$-.:$.(ch*!k1!8416)!4!?$/!$P4:52$@!1.($-.42!:*C$:$.()!R$94.!>1(#!(#$!
*RO$'(1C$!*&!-$&*-:1.9!+#1.46)!$'*.*:1'!4.;!5*21(1'42!)(-,'(,-$)N!e#12$!:,'#!*&!(#1)!
-$&*-:!1)!'$.($-$;!4-*,.;!(#-$$!5-1.'152$)c&*-!(#$!+#1.$)$!9*C$-.:$.(!(*!R$!2$))!
1.($-C$.(1*.1)(!1.!1()!$'*.*:/@!(*!'2*)$!(#$!>$42(#!945!R$(>$$.!9$*9-45#1'42!
-$91*.)@!4.;!(*!1.'-$4)$!54-(/!:$:R$-)6!(-4.)54-$.'/c:,'#!;1)'*,-)$!#4)!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! GJ!
),--*,.;$;!(#$!1)),$!*&!',--$.'/!)($-12134(1*.N!h/!24($!i*C$:R$-!*&!GHIY@!d1!]4.9@!4!
9*C$-.*-!*&!(#$!7$*52$6)!=$5,R21'!+$.(-42!h4.?@!42)*!?.*>.!4)!^"#$!7$*52$6)!h4.?!*&!
+#1.4@_!.*($;!>#12$!4(($.;1.9!"#$!+#1.4!%'*.*:1)()!bH!L*-,:!4(!")1.9#,4!
B.1C$-)1(/@!^!K(!1)!.*!2*.9$-!1.!+#1.46)!&4C*-!(*!4'',:,24($!&*-$19.M$P'#4.9$!
-$)$-C$)@_!S=$94.!4.;!E4(#1$)*.@!GHIYU!01:124-2/@!\#*,!k14*'#,4.@!42)*!4!]*C$-.*-!
*&!(#$!7$*52$6)!h4.?@!4;;$;@!^"#$!:*.$(4-/!4,(#*-1(/!>122!^R4)1'422/_!$.;!.*-:42!
1.($-C$.(1*.!1.!(#$!',--$.'/!:4-?$(!4.;!R-*4;$.!(#$!d,4.6)!;412/!(-4;1.9!-4.9$N_!
S=$94.!4.;!E4(#1$)*.@!GHIYU!<*>$C$-@!42(#*,9#!-$'$.(!5-*5*)42)!&*-!-$&*-:!>1(#1.!
"#$!7$*52$6)!=$5,R21'!*&!+#1.4!>*,2;!),99$)(!(#4(!(#$!9*C$-.:$.(6)!4'Q,1)1(1*.!*&!
&*-$19.!)$',-1(1$)!'*,2;!)**.!R$!)2*>1.9@!)*:$@!),'#!4)!E4-?!e12214:)@!8*.;*.M
R4)$;!'#1$&!D)14!$'*.*:1)(!4(!+451(42!%'*.*:1')@!4-9,$)!(#4(!(#$!;$'1)1*.!(*!;1C$)(!
1.!)$',-1(1$)!>122!.*(!R$!*.$!>1(#*,(!'*.)$Q,$.'$N!e12214:)!'*.($.;)@!!^K(!455$4-)!
(#4(!:4./!1.!(#$!7$*52$6)!h4.?!(#1.?!(#$!(1:$!1)!4R*,(!-19#(!(*!)'42$!R4'?!',--$.'/!
1.($-C$.(1*.)jh,(!+#1.4!#4)!9*(!1()$2&!1.(*!4!)1(,4(1*.!>#$-$!)(*551.9!1.($-C$.(1*.!
>122!R$!C$-/!#4-;!(*!;*@!4.;!'*::$.()!),'#!4)!d16)!>122!)5,-!)5$',24(1C$!1.&2*>)_!
S=$94.!4.;!E4(#1$)*.@!GHIYU!B)1.9!(#$!1.&*-:4(1*.!K!#4C$!'*22$'($;!;,-1.9!:/!
-$)$4-'#!4)!4!9,1;$@!K!4:!1.!4''*-;!>1(#!e12214:)6!5$-)5$'(1C$r!+#1.46)!-451;!
4'Q,1)1(1*.!*&!R*.;)!1.!(#$!$4-2/!:122$..142!/$4-)@!4.;!24($-@!1.!(#$!]-$4(!=$'$))1*.!
(1:$!&-4:$@!'*,2;!#4C$!1--$C$-)1R2/!42($-$;!(#$!&,(,-$!*&!+#1.46)!$'*.*:/N!"#$!
+#1.$)$!9*C$-.:$.(6)!IY(#!^L1C$!d$4-!724.@_!)'#$;,2$;!(*!R$!1:52$:$.($;!.$P(!/$4-@!
41:)!(*!4:$21*-4($!(#$!4;C$-)$!$&&$'()!*&!)($-12134(1*.@!C14!5,R21'!>*-?)!5-*9-4:)@!
(#$!;$C$2*5:$.(!*&!Yb!:1221*.!454-(:$.()!&*-!2*>M>49$!>*-?$-)@!4.;!1.C1(1.9!
&*-$19.!1.C$)(:$.(!1.!+#1.46)!:*;$-.!49-1',2(,-$@!#19#M($'#@!4.;!$.C1-*.:$.(42!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! Gb!
1.;,)(-1$)N!<*>$C$-@!4)!e12214:)@!4.;!$4-21$-@!D13$.:4.!4.;!]21'?@!'*.($.;@!(#$!
$'*.*:1'!;1)(*-(1*.!5$-5$(,4($;!R/!2*.9M($-:!;$5-$'14(*-/!',--$.'/!)($-12134(1*.!
>1(#1.!+#1.4!#4)!422*>$;!&*-!4.!$'*.*:/!)#*-(!*&!4!2$91(1:4($!:1;;2$!'24))@!*&!-,-42!
)*'142!:*R121(/@!4.;!*&!1.'*:$!$Q,421(/N!+*.)$Q,$.(2/@!(#*,9#!;4:49$!'*.(-*2!$&&*-()!
5-*C1;$;!R/!(#$!+#1.$)$!:4/!#$25!(*!($:5$-!',--$.(!;1)'*.($.(@!(#$!5-*2*.94(1*.!*-!
(#$!4R4.;*.:$.(!*&!;$5-$'14(*-/!',--$.'/!)($-12134(1*.!'*,2;!'$-(41.2/!$.'*,-49$!
5*21(1'42!'#422$.9$!>1(#1.!+#1.4N!!
$
$ ;.65/',2.6$
$ $ "#-*,9#*,(!(#1)!545$-@!K!#4C$!4.42/3$;!R*(#!(#$!,)$@!4.;!(#$!$P54.)1*.!*&!
;$5-$'14(*-/!',--$.'/!)($-12134(1*.!>1(#1.!(#$!7$*52$6)!=$5,R21'!*&!+#1.4!R$(>$$.!
(#$!24($!IFFH6)!4.;!(#$!5-$)$.(N!E*-$*C$-@!K!#4C$!'*.($.;$;!(#4(!1.!(#$!/$4-)!>#$-$!
',--$.'/!)($-12134(1*.!>4)!:*)(!#$4C12/!,(1213$;@!$:51-1'!:$4),-$:$.()!$2,'1;4($;!
>1;$!:4-91.)!*&!$'*.*:1'!1.$Q,421(/!>1(#1.!"#$!7$*52$6)!=$5,R21'!*&!+#1.4@!4.;!
#4C$!4))$-($;!(#4(!(#$!-$'$.(!),-9$!*&!$21($)!>1(#1.!+#1.4!1)!1.'*:54(1R2$!>1(#!1()!
-4($!*&!*C$-422!5$-!'451(4!]A7!9-*>(#@!1.;1'4(1.9!4!&*-:!*&!)($-12134(1*.M'4,)$;!
^$'*.*:1'!;1)(*-(1*._!),99$)($;!R/!-$)$4-'#$-)!D13$.:4.!4.;!]21'?N!e#12$!(#$!
-$24(1*.)#15!R$(>$$.!',--$.'/!)($-12134(1*.!4.;!+#1.$)$!1.'*:$!1.$Q,421(/!'4..*(!
R$!;$($-:1.$;!4)!*.$!*&!'4,)$!4.;!$&&$'(!R/!:/!-$)$4-'#!42*.$@!(#$!)(-*.9!
'*--$24(1*.!R$(>$$.!(#$!(>*!5#$.*:$.4!1)!1--$&,(4R2$N!!L,-(#$-@!K!#4C$!42)*!
'*.($.;$;!(#4(!(#$!-1)$!*&!1.'*:$!1.$Q,421(/!>1(#1.!"#$!7$*52$6)!=$5,R21'!*&!+#1.4!
'4.!R$!-$24($;!(*!4!9-*>(#!1.!>*-?$-!;1))4(1)&4'(1*.@!24R*-M-$24($;!)(-1?$)@!4.;!
'$.)*-)#15!*&!:4($-142!;$$:$;!(*!^1.)51-$!'*22$'(1C$!4'(1*.N_!<*>$C$-@!42(#*,9#!K!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! Gf!
#4C$!)#*>.!(#4(!(#$!+#1.$)$!9*C$-.:$.(!#4)!4(($:5($;!(*!',-(412!1()!1.C$)(:$.(!1.!
B0!)$',-1(1$)!*C$-!(#$!54)(!(#-$$!/$4-)@!4.;!$4-21$-!(#1)!/$4-!#4;!1:52$:$.($;!.$>!
$'*.*:1'!)(-4($91$)@!(#$!5$-C4)1C$!$&&$'()!*&!',--$.'/!)($-12134(1*.!4-$!4(!(#1)!)(49$@!
)1:52/!,.4C*1;4R2$N!D)!D13$.:4.!4.;!]21'?!),99$)($;@!2*.9M($-:!,)$!*&!',--$.'/!
)($-12134(1*.!#4)!R$$.!#1)(*-1'422/!-4-$@!4)!1(!#*2;)!24)(1.9!1:521'4(1*.)!&*-!4!.4(1*.6)!
$'*.*:/N!"*;4/@!42(#*,9#!(#$!+#1.$)$!$'*.*:/!1)!)2*>2/!:*C1.9!*,(!*&!-$'$))1*.@!
4.;!1)!1.C$)(1.9!2$))!*&!1()!]A7!1.!B0!(-$4),-/!R*.;)@!1()!',--$.'/!1)!R$91..1.9!(*!
455-$'14($!(*>4-;)!1()!(-,$!C42,$@!&*-'1.9!:4./!:4.,&4'(,-$-)!(*!-$2*'4($!1.!*-;$-!
(*!-$:41.!'*:5$(1(1C$N!d$(@!;,$!(*!*C$-!4!;$'4;$!*&!',--$.'/!)($-12134(1*.@!4.;!(#,)@!
2*>!>49$)!&*-!4!C4)(!:4O*-1(/!*&!1()!1.;,)(-142!>*-?$-)@!R*(#!-,-42!4.;!,-R4.@!(#$!
+#1.$)$!$'*.*:/!#4)!R$$.!2$&(!>1(#*,(!4!),R)(4.(142!:1;;2$!'24))@!4.;!1()!'1(13$.)!
#4C$!#4;!21:1($;!*55*-(,.1(/!&*-!)*'142!:*R121(/N!e#12$!(#$!(#*,9#(!*&!4.!4'',-4($2/!
C42,$;!=$.:1.R1!:4/!R$!5-*:1)1.9!1.!(#$!4R)(-4'(@!(#$!O*,-.$/!(*!),'#!4.!$C$.(!>122!
R$!,.;*,R($;2/!;1&&1',2(N!D)!+#1.$)$!',--$.'/!)($-12134(1*.!-$21$)!#$4C12/!*.!(#$!
4'Q,1)1(1*.!*&!B0!)$',-1(1$)@!4!-$(-$4(!&-*:!),'#!4!5*21'/!>*,2;!-$Q,1-$!(#$!-$(,-.!*&!
(#*)$!R*.;)@!*-!21:1($;!1.C$)(:$.(!1.!&,(,-$!B0!;$R(N!D;;1(1*.422/@!4!-1)$!*&!(#$!
=$.:1.R1!(*!1()!(-,$!C42,$!>*,2;!'#4.9$!(#$!+#1.$)$!$'*.*:/!422!(*9$(#$-c
(-4.)&*-:1.9!4!'*,.(-/!*.'$!?.*>.!&*-!1.$P5$.)1C$!24R*-!1.(*!4!.4(1*.!>1(#!4:*.9!
(#$!)(-*.9$)(!',--$.'1$)N!<*>$C$-@!*.!(#$!'*.(-4-/@!(#$!'*.(1.,$;!,)$!*&!
)($-12134(1*.!'*,2;!2$4;!(*!4.!$C$.!:*-$!;$(-1:$.(42!*,('*:$N!D)!"#$!7$*52$6)!
=$5,R21'!*&!+#1.4!#4)!#1)(*-1'422/!R$$.!;$&1.$;!4)!4!'*::,.1)(!-$91:$@!4.;!(*;4/6)!
1.$Q,421(/!-$)$:R2$)!(#$!2$C$2)!-$'*-;$;!5-1*-!(*!(#$!+#1.$)$!+*::,.1)(!=$C*2,(1*.!
*&!IFJF@!5$-)1)(1.9!$'*.*:1'!1.$Q,1(/!'*,2;!,2(1:4($2/!2$4;!(*!1.'-$4)$;!5*21(1'42!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! GV!
;1)'*.($.(!4:*.9)(!+#1.$)$!'1(13$.)@!4.;!1&!4'($;!,5*.@!>*,2;!#4C$!1.($-.4(1*.42!
'*.)$Q,$.'$)!4(!(#$!$'*.*:1'@!',2(,-42@!4.;!9$*5*21(1'42!2$C$2)N!!
!
!
!
!
$
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! GW!
=$&$-$.'$)!
h2**:R$-9!i$>)!S%;NUN!SGHIH@!Z4.,4-/!IWUN!<$.-/!&*-;!&,.;!-41)1.9!>49$!:4/!91C$!!
!!!!!'#1.4!(15!*.!>*-?$-!5-*)5$-1(/N!=$(-1$C$;!g'(*R$-!G@!GHIY@!&-*:!h2**:R$-9!!
!!!!!i$>)!>$R)1($`!(##9:;;<<<.=+%%3=)1>.,%3;"994;&&
&&&&&!)<4?9$@A!)<4"1,($8)B4$@A"7C#@DE>FG4H&&
!
++"[N!SGHIY@!Z,2/!IVUN!I($!"J4&K/)"471$)4&(%+@$!>4&($#&1),%1@!m[1;$*!&12$nN!!
!!!!!=$(-1$C$;!&-*:!(##9:;;)!>+$4(.,!#8.,!;91%>1"3;=$E"4$";LMNOMCNC;NMPPLC.4(#3+&&
!
+#1..@!EN!AN@!T!L-1$;$.@!ZN!DN!SGHIIUN!Q%4#&@),"@)4:&#()&3"G$!>&%R&*3)1$,"J4&@)=#&,1$4$4&
"!@&#()!+%!>&1),%8)1SN!i$>!d*-?!+1(/@!id`!eNeN!i*-(*.!4.;!+*:54./N!!
!
+*.9-$))1*.42!h,;9$(!g&&1'$N!SGHHHUN!+4,)$)!4.;!'*.)$Q,$.'$)!*&!(#$!(-4;$!!
!!!!!;$&1'1(`!4.!*C$-C1$>N!ITU&V)3%1"!@73N!!
!
A4(4!h4.?@!=N!S%;NUN!SGHHbUN!'()&4#"#)&%R&)W7$#S&$!&I($!":&X!,%3)&"!@&<)"+#(&!
!!!!!@$4#1$=7#$%!N!=$(-1$C$;!A$'$:R$-!G@!GHIY@!&-*:!+#1.4!#,:4.!;$C$2*5:$.(!!
!!!!!-$5*-(!GHHb!>$R)1($`!#((5`ll>>>N--*O4);4(4R4.?N1.&*l1.$Q,421(/l!!
!!!!!'#1.41.$Q,421(/N5;&!!
!
A*:1.9,$3@!aN!EN!%N!SGHHfUN!e#$.!;*!'$.(-42!R4.?!1.($-C$.(1*.)!1.&2,$.'$!!
!!!!!1.(-4M;412/!4.;!2*.9$-M($-:!$P'#4.9$!-4($!:*C$:$.()t!6%71!"+&%R&!
!!!!!X!#)1!"#$%!"+&V%!)S&"!@&Y$!"!,)@!Si*C$:R$-U@!GbN!!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! GF!
!
L,@!ZN!SGHIH@!E4-'#!GUN!B-R4.M-,-42!1.'*:$!945!>1;$)(!)1.'$!-$&*-:N!=$(-1$C$;!!
!!!!!i*C$:R$-!GF@!GHIY@!&-*:!+#1.4!A412/!i$>)!>$R)1($`!!
!!!!!#((5`ll>>>N'#1.4;412/N'*:N'.l'#1.4lGHIHMHYlHGl'*.($.(uFbGIfIIN#(:!!
!
<4.@!aN!@!<,4.9@!+N!T!<4.@!eN!SGHIIUN!0*'142!E*R121(/!*&!E19-4.(!7$4)4.(!e*-?$-)!1.!
+#1.4N!/%,$%+%>S&V$!@-&N-!GHfMGIIN!;*1`!IHNJGYfl):NGHIINIJHGfN!
!
<,.9@!ZN!<N!S.N;NUN!5%1G$!>&Z"9)1&/)1$)4:&I($!"4&"991%",(&#%&,"9$#"+&R+%<4&4$!,)&!
!!!!!N[CHN!e4)#1.9(*.!AN+N@!B0D`!+*.9-$))1*.42!h,;9$(!g&&1'$N!!
!
Z1$-,1@!0N!S%;NUN!SGHII@!E4/!IWUN!B0!1.C$)(:$.(!1.!'#1.4!;$'21.$)!GWoN!=$(-1$C$;!!
!!!!!&-*:!++"[!%.921)#!>$R)1($`!(##9:;;)!>+$4(.,!#8.,!;LMNNM\NH;NMCNO].4(#3+!!
!
a1.9@!iN!SGHIY@!Z,.$!GGUN!YH!:1221*.!54))$.9$-!C$#1'2$!)42$)!1.!+#1.4!1.!GHGH!M!!
!!!!!;$)51($!;$'$2$-4(1.9!$'*.*:1'!9-*>(#!4.;!4.!49$1.9!5*5,24(1*.!mh2*9!5*)(nN!!
!!!!!=$(-1$C$;!&-*:!%,-*:*.1(*-!1.($-.4(1*.42!>$R)1($`!!
!!!!!#((5`llR2*9N$,-*:*.1(*-N'*:lGHIYlHfl!!
!!!!!YHM:1221*.M54))$.9$-MC$#1'2$M)42$)M1.M'#1.4M1.MGHGHM;$)51($M;$'$2$-4(1.9M
$'*.*:1'!!
!!!!!M9-*>(#M4.;M4.M49$1N#(:2!!
!
a-,9:4.@!7N@!T!gR)(&$2;@!EN!SGHHYUN!X!#)1!"#$%!"+&),%!%3$,4-&#()%1S-&"!@&9%+$,S!!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! YH!
!!!!!Sf(#!$;NUN!h*)(*.@!EDlB0D`!D;;1)*.!e$)2$/N!!
!
8$$@!ZNMdN!SIFFVUN!0($-12131.9!'451(42!1.&2*>)N!X!#)1!"#$%!"+&V%!)#"1S&Y7!@:&!
!!!!!2,%!%3$,&X447)4@!SVUN!!
!
g-)349@!7N!=N!SGHHV@!Z,.$UN!Y%1)$>!&(%+@$!>4&%R&K./.&>%8)1!3)!#&4),71$#$)4&"!@&!
!!!!!#()&K./.&,711)!#&",,%7!#N!e4)#1.9(*.!AN+N@!B0D`!+*.9-$))1*.42!h,;9$(!!
!!!!!g&&1'$N!!
!
7$.9&$1@!\N!S%;NUN!SGHIH@!D,9,)(!GWUN!+#1.$)$!1.C$)(:$.(@!4!-$42!(#-$4(!(*!BN0N!!
!!!!!.4(1*.42!)$',-1(/!1.($-$)()N!=$(-1$C$;!Z,2/!IV@!GHIY@!&-*:!++"[!%.921)#!!
!!!!!>$R)1($:&(##9:;;)!>+$4(.,!#8.,!;LMNMMHLH;NMMHPL.4(#3+&&
&
7*:&-$(@!ZN!SGHII@!i*C$:R$-!GbUN!+#1.4!&4'(*-/!,.-$)(!&24-$)!4)!92*R42!$'*.*:/!!
!!!!!)2*>)N!=$(-1$C$;!Z4.,4-/!IY@!GHIJ@!&-*:!=$,($-)!>$R)1($`!!
!!!!!#((5`ll>>>N-$,($-)N'*:l4-(1'2$lGHIIlIIlGbl!!
!!!!!,)M'#1.4M&4'(*-/M)(-1?$)M1;B0"=%VDgHJ+GHIIIIGb!!
!
=$94.@!ZN@!T!E4(#1$)*.@!=N!S%;)NUN!SGHIY@!i*C$:R$-!GHUN!7hg+!)4/)!.*!2*.9$-!1.!!
!!!!!+#1.4p)!1.($-$)(!(*!1.'-$4)$!-$)$-C$)N!=$(-1$C$;!E4/!I@!GHIJ@!&-*:!!
!!!!!h2**:R$-9!i$>)!>$R)1($`!#((5`ll>>>NR2**:R$-9N'*:l.$>)lGHIYMIIMGHl!!
!!!!!5R*'M)4/)M.*M2*.9$-M1.M'#1.4M)M&4C*-M(*MR**)(M-$'*-;M-$)$-C$)N#(:2!!
!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! YI!
042$-.*@!ZN!"N!SIFFF@!g'(*R$-!IUN!E*.$/!4.;!9*2;!1.!(#$!IFGH)!4.;!IFYH)`!D.!!
!!!!!D,)(-14.!C1$>N!=$(-1$C$;!g'(*R$-!J@!GHIY@!&-*:!L*,.;4(1*.!&*-!%'*.*:1'!!
!!!!!%;,'4(1*.!>$R)1($`!(##9:;;<<<.R)).%1>;#()^R1))3"!;@)#"$+;&&
&&&&&3%!)S_"!@_>%+@_$!_#()_N[LM4_"!@_N[OM4_"!_"74#1$"!_8$)<`"aEEL>EZbXc'9&&
&
0'#,:4.@!EN!SGHIY@!g'(*R$-!IbUN!+#1.4!9*(!1.(*!R$;!>1(#!(#$!BN0N!(-$4),-/!4.;!!
!!!!!'4.p(!9$(!*,(N!=$(-1$C$;!A$'$:R$-!I@!GHIY@!&-*:!#((5`llR,)1.$))N(1:$N'*:l!!
!!!!!GHIYlIHlIbl'#1.4M9*(M1.(*MR$;M>1(#M(#$M,M)M(-$4),-/M4.;M'4.(M9$(M*,(l!!
!
0*21.9$-@!AN!ZN!SGHHVUN!271"4$"!&0)%>1"9(S&"!@&2,%!%3$,4:&d%+.&PH.&Q"=%1&!
!!!!!@$4,%!#)!#&$!&I($!"&$!&,%39"1"#$8)&9)149),#$8)N!E1..$45*21)@!EilB0D`!!
!!!!!h$22>$(#$-N!!
!
"#$!%'*.*:1)(!i$>)545$-!81:1($;N!SGHHY@!L$R-,4-/!FUN!8$))!1)!:*-$N!'()&!
!!!!!2,%!%3$4#@!SWYIHUN!=$(-1$C$;!&-*:!(##9:;;<<<.#+)3)".,%3;),%!%3$4#;!
!
"#$!e*-2;!h4.?N!S.N;NUN!SGHIYUN]1.1!1.;$PN!K.!'()&5%1+@&T"!GN!=$(-1$C$;!&-*:!!
#((5`ll;4(4N>*-2;R4.?N*-9l'*,.(-/l'#1.4!!
!
e$))2@!AN!SGHII@!0$5($:R$-!IGUN!D)!:1;;2$!'24))!)#-1.?)@!7T]!41:!#19#!4.;!2*>!!
!!!!!S%N!h/-*.@!%;NUN!=$(-1$C$;!A$'$:R$-!Y@!GHIY@!&-*:!"#$!e422!0(-$$(!Z*,-.42!!
!!!!!g.21.$!>$R)1($`!#((5`ll*.21.$N>)ON'*:l.$>)l4-(1'2$)l!!
!!!!!0hIHHHIJGJHbYIIIFHJWYfIHJbVfbbWWfIFJYFWJFGJ!!
"#$!%&&$'()!*&!+,--$.'/!0($-12134(1*.!,5*.!+#1.46)!7*21(1'42!8$91(1:4'/!4.;!1()!+1(13$.)! YG!
!
e-4/@!8N!=N@!T!81,@!kN!SGHIJ@!Z4.,4-/UN!U9#$%!4&R%1&I($!"&$!&"&@%++"1&4#"!@"1@&!
!!!!!<%1+@:&"&4%8)1)$>!&,711)!,S&"991%",(N!D..4.;42$M*.M<,;)*.@!idlB0D`!8$C/!!
!!!!!%'*.*:1')!K.)(1(,($N!!
!
\$.9@!EN!SGHIY@!D,9,)(!IbUN!+#1.4!524/)!'*.(-4-14.!'4-;!1.!R*.;!:4-?$(!mh2*9!!
!!!!!5*)(nN!=$(-1$C$;!&-*:!e0Z`!E*.$/!h$4(!>$R)1($`!#((5`llR2*9)N>)ON'*:l!!
!!!!!:*.$/R$4(lGHIYlHWlIbl'#1.4M524/)M'*.(-4-14.M'4-;M1.MR*.;M:4-?$(l!!
!
\#4.9@!+N!SGHIHUN!/#)1$+$E"#$%!&$!&I($!":&)RR),#$8)!)44&"!@&,%4#!SB.5,R21)#$;!!
!!!!!;*'(*-42!;1))$-(4(1*.UN!"#$!e#4-(*.!0'#**2@!B.1C$-)1(/!*&!7$..)/2C4.14@!!
!!!!!7#124;$25#14@!7DN!!
!
\#,@!DN@!T!a*(3@!AN!EN!SGHIH@!Z,2/UN!'()&@)9)!@)!,)&%R&I($!"J4&),%!%3$,&>1%<#(&!
!!!!!%!&)a9%1#4&"!@&$!8)4#3)!#N!D:#$-)(@!EDlB0D`!B.1C$-)1(/!*&!E4))4'#,)$(()@!!
!!!!!D:#$-)(N!!
!
