03.3 MartinezAlier - Ecologismo de Los Pobres (Cap.1)
03.3 MartinezAlier - Ecologismo de Los Pobres (Cap.1)
03.3 MartinezAlier - Ecologismo de Los Pobres (Cap.1)
##
!
"#$%!&'()*!$)+$+!,%&!-)%-'.'%/$*!,%&!.*0'.'%/$*!%-*&*1'#$+!*!+.('%/$+&'#$+2!3/+!%45&*#'6/!
,%!+-$'0'#.*!73%!8+-%!)%-*),+)!%&!'/'-'*!,%&!.*0'.'%/$*!#*-'+&'#$+!9!&+!:)'.%)+!
;/$%)/+-'*/+&2!8+-%!-+#'!3/!#'1&*!9!.%,'*<!"#$+!0%=2!%/!&+!#*-'%,+,!,%!)%,%#!>-*.*!&+!
&&+.+!?+/3%&! +#$%&&#!2!!+"*)$3/+,+.%/$%!/*!8+9!3/!-*.'$#!%$%-3$'0*<!!
!
"&!%-*&*1'#.*!*!+.('%/$+&'#.*!-)%-%!!-*.*!)%+--'6/!+&!-)%-'.'%/$*!%-*/6.'-*<!%*!$*,*#!
&*#!+.('%/$+&'#$+#!#%!*5*/%/!+&!-)%-'.'%/$*!%-*/6.'-*<!&&13/*#!8+#$+!53%,%/!+5*9+)&*!
5*)!&+#!5)*.%#+#!$%-/*&61'-+#!73%!+-+))%+<!'%!8%-8*!/*!$*,*#!&*#!%-*&*1'#$+#!5'%/#+/!9!
+-$(+/!'13+&<!&73)!#%5+)*!$)%#!-*))'%/$%#!5)'/-'5+&%#!73%!5%)$%-%/!$*,+#!+&!.*0'.'%/$*!
+.('%/$+&'#$+!9!,%!8%-8*!$'%/%/!.3-8*!%/!-*.(/*!%&!+-3&$*!+!&*##'&0%#$)%,2!%&!+%0+/1%&'*!,%!
&+!%-*-%"'-'%/-'+,2!9!+%&!%-*&*1'#.*!,%!&*#!5*()%#,2!73%!#*/!-*.*!-+/+&%#!,%!3/!#*&*!))*2!
)+.+#!,%!3/!1)+/!.)(*&!*!0+)'%,+,%#!,%!3/+!.'#.+!%#5%-'%!+1))-*&+!>/38+!9!?+)$)/%=-
&&'%)2!01112!2333!<#!4*#!+/$'-%-*&*1'#$+#!#%!*5*/%/!+!%#+#!$)%#!)+.+#!,%&!%-*&*1'#.*2!&+#!
,%#5)%-'+/!*!,%#-*/*-%/!%!'/0'#'('&'=+/<!&73)!,+)#!3/+!%45&'-+-'6/!,%!%#+#!$)%#!-*))'%/$%#!
,%&!+.('%/$+&'#.*2!#3()+9+/,*!&+#!,'"%)%/-'+#!%/$)%!%&&+#<!5/+!-+)+-$%))#$'-+!!,'#$'/$'0+!,%!
-+,+!3/+2!%/"+$'=+,+!+73)2!%#!#3!)%&+-'6/!-*/!&+#!,'"%)%/$%#!-'%/-'+#!+.('%/$+&%#2!$+&%#!
-*.*!&+!6'*&*1)+!,%!&+! */#%)0+-'6/2!&+!"-*&*1)+!;/,3#$)'+&!9!*$)+#<!73#!)%&+-'*/%#!-*/!%&!
"%.'/'#.*2!%&!5*,%)!,%&!%#$+,*!*!&+!)%&'1'6/2!&*#!'/$%)%#%#!%.5)%#+)'+&%#2!*!-*/!*$)*#!
.*0'.'%/$*#!#*-'+&%#2!/*!#*/!.%/*#!'.5*)$+/$%#!-*.*!)+#1*#!73%!&+#!,%"'/%/<!!
!
"4! 5489!&!49!7;4:"78;"!!
!
"/!$#).'/*#!-)*/*&61'-*#2!,%!+3$*--*/#-'%/-'+!9!,%!*)1+/'=+-'6/2!&+!5)'.%)+!-*))'%/$%!%#!
&+!,%!&+!,%"%/#+!,%!&+!/+$3)+&%=+!'/.+-3&+,+2!%&!+.*)!+!&*#!(*#73%#!5)'.+)'*#!9!+!&*#!))*#!
5))#$'/*#2!%&!+-3&$*!+!&*!#'&0%#$)%,!73%!"3%!)%5)%#%/$+,*!8+-%!9+!..#!,%!-'%/!+<*#!5*)!=*8/!
?3')!9!%&!7'%))+! &3(!,%!"#$+,*#!5/',*#<!>+-%!3/*#!-'/-3%/$+!+<*#2!!"#$%&'"#()#*"#+&),,"!
,%!&&,*!4%*5*&,!&&+.6!&+!+$%/-'6/!/*!#6&*!8+-'+!&+!(%&&%=+!,%&!.%,'*!+.('%/$%!#'/*!
$+.('#/!+!&+!-'%/-'+!,%!&+!%-*&*1)+<!4%*5*&,!#%!"*).6!-*.*!'/1%/'%)*!"*)%#$+&<!?.#!$+),%2!
3$'&'=6!&+!('*-1%*1)+")+!9!&+!%-*&*1)+!,%!#'#$%.+#2!+#)!-*.*!#3#!,*/%#!&'$%)+)'*#!9!#3!+13,+!
*(#%)0+-'6/!,%!&+!0',+!#'&0%#$)%2!5+)+!.*#$)+)!73%!&*#!(*#73%#!$%/)+/!0+)'+#!"3/-'*/%#*!%&!
3#*!%-*/6.'-*!9!&+!5)%#%)0+-'6/!,%!&+!!/+$3)+&%=+!>%#!,%-')2!&+!5)*,3--'6/!,%!.+,%)+!9!&+!
0',+!#'&0%#$)%!!>4%*5*&,2!01?3!!<!
!
"&!@-3&$*!+!&*!#'&0%#$)%A!/*!+$+-+!%&!-)%-'.'%/$*!%-*/6.'-*!-*.*!$+&2!-*/-%,%!&+!,%))*$+!%/!
&+!.+9*)!5+)$%!,%&!.3/,*!'/,3#$)'+&'=+,*!5%)*!5*/%!%/!$3%1*!3/+!@+--'6/!,%!)%$+13+),'+A2!
%/!5+&+()+#!,%!4%*5*&,2!5+)+!5)%#%)0+)!9!.+/$%/%)!&*!73%!73%,+!,%!&*#!%#5+-'*#!
/+$3)+&%#!5))#$'/*#!"3%)+!,%&!.%)-+,*2<!73)1%!,%&!+.*)!+!&*#!(%&&*#!5+'#+$%#!!9!,%!0+&*)%#!
5)*"3/,*#2!/*!,%!'/$%)%#%#!.+$%)'+&%#<!4+!6'*&*1)+!,%!&+! */#%)0+-'6/2!%/!,%#+))*&&*!
,%#,%!01B32!5)*5*)-'*/+!&+!(+#%!-'%/$)"'-+!5+)+!%#$+!5)'.%)+!-*))'%/$%!+.('%/$+&'#$+<!
"/$)%!#3#!&*1)*#!%#$./!%&! */0%/'*!#*()%!6'*,'0%)#',+,!%/!;)*!,%!=+/%')*!%/!0112!
>,%#1)+-'+,+.%/$%!$*,+0)+!#'/!&+!)+$'"'-+-'6/!,%!""<55<!!9!&+!/*$+(&%!4%9!,%!"#5%-'%#!%/!
:%&'1)*!,%!"4$'/-'6/!%/!"#$+,*#!5/',*#2!-39+!)%$6)'-+!+5%&+!+!&*#!0+&*)%#!3$'&'$+)'#$+#!5%)*!
73%!-&+)+.%/$%!5)'*)'=+!&+!5)%#%)0+-'6/!5*)!%/-'.+!,%&!3#*!.%)-+/$'&<!&73)!/*!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
0
!4+#!5+&+()+#!+.('%/$+&'#.*!9!%-*&*1'#.*!!#%!%.5&%+/!+73)!'/,'#$'/$+.%/$%<!4*#!3#*#!0+))+/*!%/!
*&*.('+!%&!+.('%/$+&'#.*!%#!..#!)+,'-+&!73%!%&!%-*&*1'#.*2!%/! 8'&%!*!"#5+<+!*-3))%!&*!
-*/$)+)'*<!!
2!!92!..#!('%/2!#%!,%(%!,%-')!"3%)+!,%!&+!%-*/*.)+!'/,3#$)'+&'=+,+!5*)73%!&+!5)*$%--'6/!,%!&+!%+$3)+&%=+2!%/!&+!"*).+!,%!3/+!)%,!,%!)%#%)0+#!/+$3)+&%#!
-'%/$)"'-+#2!=+5*0%,/'C'2!!$+.('#/!%4'#$'6!%/!;3#'+!(+$*!%&!)#1'.%/!#*0'#$'-*!>D%'/%)2!01EE2!0111!<!
! "!
/%-%#'$+.*#!)%#5*/,%)2!/'!#'73'%)+!5)%13/$+)2!#*()%!-6.*!#%!,+!%&!5+#*!,%!&+!('*&*1)+!
,%#-)'5$'0+!+!&+!-*/#%)0+-'6/!/*).+$'0+2!*!%/!*$)+#!5+&+()+#2!#'!/*!#%))+!-*8%)%/$%!73%!&*#!
('6&*1*#!,%$%/!73%!&+!%0*&3-'6/!#'1+!#3!-3)#*!8+-'+!3/+!#%4$+!1)+/!%4$'/-'6/!,%!&+!
('*,'0%)#',+,!>'+&92!0111!<!'%!8%-8*!&*#!('6&*1*#!,%!&+!-*/#%)0+-'6/!-3%/$+/!-*/!
-*/-%5$*#!9!$%*))+#!>@8*$!#5*$#A2!%#5%-'%#!-)3-'+&%#!!73%!.3%#$)+/!73%!&+!5#),',+!,%!&+!
('*,'0%)#',+,!+0+/=+!+!#+&$*#<!4*#!'/,'-+,*)%#!,%!&+!5)%#'6/!83.+/+!#*()%!%&!.%,'*!
+.('%/$%!-*.*!&+!>&%::!>+5)*5'+-'6/!83.+/+!,%!&+!5)*,3--'6/!5)'.+)'+!/%$+!,%!
('*.+#+!F!0%)!-+5)$3&*!G!!.3%#$)+/!73%!-+,+!0%=!.%/*#!('*.+#+!%#$.!,'#5*/'(&%!5+)+!
%#5%-'%#!73%!/*!#%+/!&*#!83.+/*#!*!&+#!+#*-'+,+#!-*/!&*#!83.+/*#2!7'/!%.(+)1*2!%/!
(+#$+/$%#!5+)#%#!%3)*5%*#!>>+(%)&2!011?!!&+#!.)%+#!,%!(*#73%!%#$./!%/!+3.%/$*2!5%)*!
%#$*!#%!,%(%!+!&+!#3#$'$3-'6/!,%!('*.+#+!5*)!-*.(3#$'(&%#!"6#'&%#!+!5+)$')!,%!01H3!9!
$+.('#/!+!&+!-)%-'%/$%!'.5*)$+-'6/!,%!+&'.%/$*#!5+)+!%&!1+/+,*<!"/!-3+&73'%)!-+#*2!
"3)*5+!*--',%/$+&!9!-%/$)+&!%#!5%73%<+!9!5*()%!%/!('*,'0%)#',+,<!4*!73%!'.5*)$+!%#!#'!%&!
-*/$'/3*!'/-)%.%/$*!,%!&+!>&%::!%/!6)+#'&2!?#4'-*2! *&*.('+2!:%)(2!?+,+1+#-+)2!:+5(+!
%3%0+!/3'/%+2!;/,*/%#'+2!I'&'5'/+#!%!;/,'+2!5*)!/*.()+)!+&13/*#!,%!&*#!5+)#%#!-*/!
.%1+,'0%)#',+,2!-*/,3-').!+!&+!-)%-'%/$%!,%#+5+)'-'6/!,%!&+!0',+!#'&0%#$)%<!!
!
7'!/*!%4'#$'%)+/!)+=*/%#!-'%/$)"'-+#2!8+9!#'/!,3,+!!.*$'0*#!!%#$#$'-*#!9!8+#$+!3$'&'$+)'*#!
>%#5%-'%#!-*.%#$'(&%#!9!.%,'-'/+#!,%&!"3$3)*!2!5+)+!5)%#%)0+)!&+!/+$3)+&%=+<!5/*!,%!%#*#!
.*$'0*#!5*,))+!#%)!%&!#353%#$*!'/#$'/$*!,%!&+!@('*"'&'+A!83.+/+!>J%&&%)$!9!D'&#*/2!011G2!
J%&&%)$2!011?!<!&,%..#2!*$)*#!+)13.%/$+/!73%!*$)+#!%#5%-'%#!$'%/%/!%&!,%)%-8*!,%!0'0')*!
73%!/*!$%/%.*#!/'/1(/!,%)%-8*!+!&'73',+)&+#<!&!0%-%#!%#$%!-*))'%/$%!+.('%/$+&'#$+!+5%&+!+!
&+!)%&'1'6/!-*.*!#3%&%!#3-%,%)!%/!&+!0',+!5*&)$'-+!,%!"#$+,*#!5/',*#<!!:3%,%!+5%&+)!+&!
5+/$%)#.*2!*!+!)%&'1'*/%#!*)'%/$+&%#!.%/*#!+/$)*5*-#/$)'-+#!73%!%&!-)'#$'+/'#.*!*!%&!
$3,+)#.*2!*!%#-*1%)!%0%/$*#!()(&'-*#!+5)*5'+,*#!-*.*!%&!!&)-+!,%!%*#!73%!"3%!3/!-+#*!
/*$+(&%!,%!!-*/#%)0+-'6/!)-#.&%/<!8+.('#/!%4'#$%!%/!&+!$)+,'-'6/!-)'#$'+/+!!%&!-+#*!!
%4-%5-'*/+&!,%!7+/!I)+/-'#-*!,%!&#)#!!73'%/!#%!5)%*-356!5*)!&*#!5*()%#!9!+&13/*#!
+/'.+&%#!>6*""2011E!<!?.#!)+=*/+(&%!%#!%/!&.#)'-+!,%&!%*)$%!*!,%&!73)!+5%&+)!+!3/+!
)%+&',+,!..#!5)64'.+*!%&!0+&*)!#+1)+,*!,%!&+!/+$3)+&%=+!%/!&+#!-)%%/-'+#!'/,)1%/+#!73%!
#*()%0'0'%)*/!&+!-*/73'#$+!%3)*5%+<!:*)!(&$'.*2!#'%.5)%!8+9!&+!5*#'('&',+,!,%!'/0%/$+)!
/3%0+#!)%&'1'*/%#<!!
!
4+!#+-)+&',+,!,%!&+!/+$3)+&%=+!>*!,%!5+)$%#!,%!&+!/+$3)+&%=+!!#%!$*.+!.39!%/!#%)'*!%/!%#$%!
&'()*!5*)!,*#!)+=*/%#2!5)'.%)*2!5*)73%!&*!#+1)+,*!%4'#$%!)%+&.%/$%!%/!+&13/+#!-3&$3)+#!9!
#%13/,*2!!5*)73%!+93,+!+!+-&+)+)!3/!$%.+!-%/$)+&!,%!&+!%-*/*.)+!%-*&61'-+2!+!#+(%)2!&+!
'/-*/.%/#3)+('&',+,!,%!&*#!0+&*)%#<!%*!#6&*!&*!#+1)+,*2!$+.('#/!*$)*#!0+&*)%#!#*/!
'/-*/.%/#3)+(&%#!-*/!&*!%-*/6.'-*2!5%)*!-3+/,*!&*!#+1)+,*!'/$%)0'%/%!%/!&+!#*-'%,+,!
,%&!.%)-+,*!%&!-*/"&'-$*!%#!'/%0'$+(&%2!-*.*!-3+/,*2!%/!%&!#%/$',*!*53%#$*2!&*#!
.%)-+,%)%#!'/0+,'%)*/!%&!$%.5&*!*!#%!0%/,)+/!'/,3&1%/-'+#!%/!&+!'1&%#'+<!'3)+/$%!&*#!
(&$'.*#!$)%'/$+!+<*#2!%&!+-3&$*!+!&*!#+1)+,*,!8+!#',*!)%5)%#%/$+,*!%/!%&!+-$'0'#.*!*--',%/$+&!
5*)!%&!.*0'.'%/$*!,%!&+!+%-*&*1)+!5)*"3/,+,!>'%0+&&!9!7%##'*/#2!01EH!!73%!5)*531/+!3/+!
+-$'$3,!+('*-#/$)'-+,!+/$%!&+!/+$3)+&%=+2!+!,'"%)%/-'+!,%!3/+!+-$'$3,!+/$)*5*-#/$)'-+!
+#35%)"'-'+&,<G!!&!&*#!%-*&*1'#$+#!5)*"3/,*#!/*!&%#!13#$+!&+!+1)'-3&$3)+2!#%+!$)+,'-'*/+&!*!
.*,%)/+2!5*)73%!&+!+1)'-3&$3)+!8+!-)%-',*!%/!,%#.%,)*!!,%!&+!0',+!#'&0%#$)%<!4+!5)*53%#$+!
5*&)$'-+!5)'/-'5+&!,%!%#$+!-*))'%/$%!,%&!+.('%/$+&'#.*!-*/#'#$%!%/!.+/$%/%)!)%#%)0+#!
/+$3)+&%#2!&&..%/#%!5+)73%#!/+-'*/+&%#!*!5+)73%#!/+$3)+&%#!*!+&1*!5+)%-',*2!&'()%#!,%!&+!
'/$%)"%)%/-'+!83.+/+<!"4'#$%/!1)+,+-'*/%#!%/!-3+/$*!+!&+!-+/$',+,!,%!5)%#%/-'+!83.+/+!
73%!&*#!$%))'$*)'*#!5)*$%1',*#!$*&%)+/2!,%#,%!&+!%4-&3#'6/!$*$+&!8+#$+!%&!.+/%$*!-*/$3/$*!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$!%&'!()**+,-..!/!0&*1-2!3"4456!1-7'&!8&*!9')2!:&7).&!1-7'&!*-!1+*;&1.'&<!&2!=1.):-1!>2+:-1!?!+2+,+):-! -'!!)"),#)2:')!$%#)!3"4546?!!1%!8('&.+,)!:&1:&!&*!'&',&'!(%2:-<!
)!*-1!8&,-*-9+1.)1! '-)%2:-1<!/!)!*-1!7+**-9-1!:&!*)!,-21&';),+*2+!
! #!
-*/!5*(&+-'*/%#!&*-+&%#<!4*#!"3/,+.%/$+&'#$+#!,%!&*!#'&0%#$)%!5'%/#+/!73%!&+!1%#$'6/!
-*/$3/$+!/*!%#!..#!73%!3/+!.+/%)+!,%!-*/0%)$')!&+!'.5*$%/-'+!%/!0')$3,2!#3!',%+&!%#!&+!
%4-&3#'6/<!5/+!)%#%)0+!/+$3)+&!53%,%!+,.'$')!0'#'$+/$%#!5%)*!/*!8+('$+/$%#!83.+/*#<!
!
"&!)/,'-%!>&%::!5*,))+!0*&0%)#%!5*&)$'-+.%/$%!)%&%0+/$%!3/+!0%=!73%!%4'#$+!3/+!.+#+!
-))$'-+!,%!'/0%#$'1+-'6/!9!3/!-*/#%/#*!%/!$*)/*!+!&*#!.#$*,*#!,%!-.&-3&*2!9!#%!%&3-',%!#3!
)%&+-'6/!..#!%4+-$+!-*/!&+!5#),',+!,%!('*,'0%)#',+,<!!"/!%#$%!-+#*!3/!5+)#!*!)%1'6/!
5*,))+!,%-',')!)%,3-')!#3!>&%::2!,'1+.*#!,%&!H3!+&!23!5*)!-'%/$*!%/!3/!-'%)$*!5%))*,*!,%!
$'%.5*2!9!$+.('#/!#%!5*,))+!%#$+(&%-%)!*($%$'0*#!.3/,'+&%#2!,%!&+!.'#.+!.+/%)+!73%!
+8*)+!#%!%#$+(&%-%/!*!,'#-3$%/!+!,'#$'/$+#!%#-+&+#!&*#!&).'$%#!9!-3*$+#!5+)+!&+#!%.'#'*/%#!
,%!-&*)*"&3*)*-+)(*/*#!> I #!2!,'64',*!,%!+=3")%2!,'64',*!,%!-+)(*/*2!*!&+!5%#-+!,%!
+&13/+#!%#5%-'%#<!!
!
4*#!('6&*1*#!9!"'&6#*"*#!+.('%/$+&%#!#*/!+-$'0*#!%/!%#$+!5)'.%)+!-*))'%/$%!+.('%/$+&'#$+2!
73%!'))+,'+!#3#!5*,%)*#+#!,*-$)'/+#!,%#,%!-+5'$+&%#!,%&!%*)$%!-*.*!D+#8'/1$*/!9!
/'/%()+!8+-'+!&")'-+2!&#'+!9!&.#)'-+!4+$'/+!+!$)+0##!,%!*)1+/'#.*#!('%/!*)1+/'=+,*#!
-*.*!&+#01%),1"%&21"*#31&21#42,#%5)#621.),7"%&21#24#8"%/,)!>;5 %!2!!%&!92,*(:&()#;/1(#42,#
8"%/,)#>DDI!2!9!8"%/,)##621.),7"1'<<!>*9!%/!,)+!%/!"#$+,*#!5/',*#!/*!#6&*!#%!
5)%#%)0+!&+!0',+!#'&0%#$)%2!$+.('#/!&+!)%#$+3)+/!!+!$)+0##!,%!&+!,%#+-$'0+-'6/!,%!+&13/+#!
)%5)%#+#2!&+!)%-35%)+-'6/!,%!&*#!$7),=*"().!,%!&+!I&*)',+!9!&+!)%'/$)*,3--'6/!,%!&*(*#!%/!
%&!:+)73%!K%&&*L#$*/%<!4*!#'&0%#$)%!)%#$+3)+,*!)%+&.%/$%!%73'0+&%!+!3/+!/+$3)+&%=+!
,*.%#$'-+,+2!73%!$+&!0%=!"'/+&.%/$%!#%!-*/0%)$').!%/!5+)73%#!$%..$'-*#!#'&0%#$)%#!
0')$3+&%#<!
!
'%#,%!"'/+&%#!,%!&*#!+<*#!01?32!%&!'/-)%.%/$*!,%&!+5)%-'*!5*)!&*!#'&0%#$)%!8+!#',*!
'/$%)5)%$+,*!5*)!%&!5*&'$6&*1*!;*/+&,!;/1&%8+)$!>01??2!01132!011H!!%/!$#).'/*#!,%!+5*#$!
.+$%)'+&'#.*,2!%#!,%-')2!-*.*!3/!-+.('*!-3&$3)+&!8+-'+!/3%0*#!0+&*)%#!#*-'+&%#!73%!
'.5&'-+2!%/$)%!*$)+#!-*#+#>!!3/+!.+9*)!+5)%-'+-'6/!,%!&+!%+$3)+&%=+!+!.%,',+!73%!&+!
3)1%/-'+!,%!&+#!/%-%#',+,%#!.+$%)'+&%#!,'#.'/39%!,%(',*!+!73%!9+!#*/!#+$'#"%-8+#<!"#!
+#)!73%!&+!..#!5)%#$'1'*#+!)%0'#$+!,%!#*-'*&*1)+!+.('%/$+&!,%!"#$+,*#!5/',*#2!?2'&)%<!"1(#
8"%/,"*# ).2/,').2!#+&'6!,%!3/!1)35*!,%!%#$3,'*###*()%#%&!*-'*2!73%!%/$%/,)+/!%&!.%,'*!
+.('%/$%!-*.*!#'!%&!+.('%/$%!/+$3)+&!"3%)+!3/!&3$*!9!/*!3/+!/%-%#',+,!-*$','+/+<!4+!
.%.()%#)+!,%&!7'%))+! &3(2!,%!&+!&3,3(*/!7*-'%$92!,%&!DDI!9!*)1+/'=+-'*/%#!#'.'&+)%#2!
#%!'/-)%.%/$6!-*/#',%)+(&%.%/$%!%/!&*#!+<*#!01?32!+#)!73%!$+&!0%=!%4'#$'6!3/!-+.('*!
-3&$3)+&!8+-'+!&+!+5)%-'+-'6/!,%!&+!/+$3)+&%=+!%/!3/+!5+)$%!,%!&+!5*(&+-'6/!,%!"#$+,*#!
5/',*#!9!*$)*#!5+)#%#!)'-*#<!7'/!%.(+)1*2!%&!$#).'/*!+5*#$!.+$%)'+&'#.*,!%#!$%))'(&%.%/$%!
%73'0*-+,*!>?+)$)/%=!&&'%)!9!>%)#8(%)12!0112M!/38+!9!?+)$)/%=!&&'%)2!011?!!%/!
#*-'%,+,%#!-*.*!&+!,%!"#$+,*#!5/',*#2!&+!5/'6/!"3)*5%+2!*!=+56/2!-39+!5)*#5%)',+,!
%-*/6.'-+!,%5%/,%!,%&!!3#*!5%)!-+5'$+!,%!3/+!-+/$',+,!.39!1)+/,%!,%!%/%)1)+!9!
.+$%)'+&%#2!9!,%!&+!&'()%!,'#5*/'('&',+,!,%!#3.',%)*#!9!,%56#'$*#!$%.5*)+&%#!5+)+!#3!
,'64',*!,%!-+)(*/*<!
!
7%1(/!&+#!%/-3%#$+#2!&+!5*(&+-'6/!,%!>*&+/,+!#%!%/-3%/$)+!%/!&+!5*#'-'6/!..#!+&$+!,%!&+!
%#-+&+!,%!0+&*)%#!#*-'+&%#!&&+.+,*#!+5*#$!.+$%)'+&'#$+#,!>;/1&%8+)$2!011H!2!5%)*!&+!
%-*/*.)+!,%!>*&+/,+!,%5%/,%!,%!3/!1)+/!-*/#3.*!5%)!-+5'$+!,%!%/%)1)+!9!.+$%)'+&%#!
>D*)&,!;%#*3)-%#!;/#$'$3$%2!%$!+&2!011?!<!&&!-*/$)+)'*!,%!;/1&%8+)$2!9*!5&+/$%*!73%!%&!
+.('%/$+&'#.*!*--',%/$+&!/*!-)%-'6!%/!&*#!+<*#!01?3!,%(',*!+!73%!&+#!%-*/*.)+#!8+9+/!
+&-+/=+,*!3/+!%$+5+!+5*#$!.+$%)'+&'#$+,2!#'/*!5)%-'#+.%/$%!5*)!&*!-*/$)+)'*2!%#!,%-')2!&+#!
5)%*-35+-'*/%#!.39!.+$%)'+&%#!#*()%!&+!-)%-'%/$%!-*/$+.'/+-'6/!73).'-+!9!&*#!)'%#1*#!*!
'/-%)$',3.()%#!/3-&%+)%#<!"#$+!5%)#5%-$'0+!.+$%)'+&'#$+!9!-*/"&'-$'0+!,%&!+.('%/$+&'#.*!8+!
! $!
#',*!5)*53%#$+!,%#,%!&*#!+<*#!01?3!5*)!#*-'6&*1*#!+.('%/$+&'#$+#!%#$+,*3/',%/#%#!-*.*!
I)%,!63$$%&!9!&&&+/!7-8/+'(%)1<!!
!
4+!*)1+/'=+-'6/!&.'1*#!,%!&+!8'%))+!/+-'6!8+-'+!01B1!!-3+/,*!%&!,')%-$*)!,%&!7'%))+! &3(2!
'+0',!6)*L%)2!#%!.*&%#$6!5*)!&+!"+&$+!,%!*5*#'-'6/!,%&!7'%))+! &3(!+!&+!%/%)1)+!/3-&%+)!
>D+5/%)!011B*!020!<!&.'1*#!,%!&+!8'%))+!$*.6!#3!/*.()%!,%!3/+!-'$+!,%!=*8/!?3')*!+4+!
8'%))+!53%,%!#*()%0'0')!('%/!#'/!+.'1*#2!5%)*!&*#!83.+/*#2!#'!73'%)%/!#*()%0'0')2!,%(%/!
+5)%/,%)!+!#%)!+.'1*#!,%!&+!8'%))+,<!4+!)%#'#$%/-'+!+!&+!8',)*%&%-$)'-',+,!%/!%&!*%#$%!,%!
"#$+,*#!5/',*#2!$+&!-*.*!&+!%$%)-)+!%&!7'%))+! &3(2!'(+!,%!&+!.+/*!,%!&+!,%"%/#+!,%!(%&&*#!
5+'#+$%#!9!%#5+-'*#!#'&0%#$)%#!%/!"+.*#+#!&3-8+#!%/!,%"%/#+!,%!&*#!))*#!7/+C%2! *&3.('+!
9! *&*)+,*<!4+!)%#'#$%/-'+!+!&+!%/%)1)+!/3-&%+)!#%!'(+!+!(+#+)!%/!&*#!+<*#!01?3!%/!&*#!
5%&'1)*#!,%!&+!)+,'+-'6/2!&+!5)%*-35+-'6/!5*)!&*#!,%#%-8*#!/3-&%+)%#2!9!&*#!0)/-3&*#!%/$)%!
&*#!3#*#!.'&'$+)!9!-'0'&!,%!&+!$%-/*&*1)+!/3-&%+)<!>*92!%&!5)*(&%.+!,%!&*#!,%56#'$*#!,%!
,%#%-8*#!/3-&%+)%#!%#!-+,+!0%=!..#!'.5*)$+/$%!,%/$)*!,%!"#$+,*#!5/',*#!>J3&%$=2!
011E!<!&8*)+2!-*/!9+!..#!,%!$)%'/$+!+<*#!+!#3#!%#5+&,+#2!&*#!&.'1*#!,%!&+!8'%))+!%#!3/+!
-*/"%,%)+-'6/!,%!,'0%)#*#!1)35*#!,%!,'#$'/$*#!5+)#%#<!&&13/*#!#%!*)'%/$+/!+!&+!0',+!
#'&0%#$)%2!*$)*#!#%!5)%*-35+/!!5*)!&+!%-*&*1)+!'/,3#$)'+&2!*$)*#!%#$./!'/0*&3-)+,*#!#*()%!
$*,*!%/!&*#!-*/"&'-$*#!+.('%/$+&%#!9!,%!,%)%-8*#!83.+/*#!5)*0*-+,*#!5*)!&+#!%.5)%#+#!
$)+/#/+-'*/+&%#!%/!%&!8%)-%)!?3/,*<!!
!
&.'1*#!,%!&+!8'%))+!,%!>*&+/,+!&*1)6!3/!)%-*/*-'.'%/$*!'.5*)$+/$%!+!'/'-'*#!,%!&*#!+<*#!
0113!,%(',*!+!#3#!-.&-3&*#!#*()%!%&!+%#5+-'*!+.('%/$+&,2!,%.*#$)+/,*!73%!%#$%!5+)#!
%#$+(+!3$'&'=+/,*!)%-3)#*#!+.('%/$+&%#!9!#%)0'-'*#!.3-8*!..#!+&&.!,%!#3!5)*5'*!$%))'$*)'*!
>>'&&%2!011?!2!9!3/!-*/-%5$*!-*.*!&+!+'%3,+!"-*&61'-+,!>0%)!%&!-+5)$3&*!03!!#%!'/-*)5*)6!+!
"'/+&%#!,%!&*#!13!+!&*#!5)*1)+.+#!9!-+.5+<+#!'/$%)/+-'*/+&%#!,%!&.'1*#!,%!&+!8'%))+<!
"#$+.*#!&%$*#!,%&!@5*#$.+$%)'+&'#.*A<!
!
"4!":&%/"4;9!'"!4&!" 9-"I; ;"% ;&!!
!
&3/73%!&+#!-*))'%/$%#!,%&!%-*&*1'#.*!%#$./!%/$)%0%)+,+#2!%&!8%-8*!%#!73%!&+!5)'.%)+!
-*))'%/$%2!&+!,%&!+-3&$*!+!&*!#'&0%#$)%,2!8+!#',*!,%#+"'+,+!,3)+/$%!.3-8*!$'%.5*!5*)!3/+!
#%13/,+!-*))'%/$%!5)%*-35+,+!5*)!&*#!%"%-$*#!,%&!-)%-'.'%/$*!%-*/6.'-*!/*!#6&*!%/!&+#!
.)%+#!5))#$'/+#!#'/*!$+.('#/!%/!&+!%-*/*.)+!'/,3#$)'+&2!+1))-*&+!9!3)(+/+2!3/+!-*))'%/$%!
(+3$'=+,+!+73)!-*.*!+%&!-)%,*!>*!%0+/1%&'*!!,%!&+!%-*-%"'-'%/-'+,2!73%!,')'1%!#3!+$%/-'6/!+!
&*#!'.5+-$*#!+.('%/$+&%#!9!%/!&+!#+&3,!!,%!&+#!+-$'0',+,%#!'/,3#$)'+&%#2!&+!3)(+/'=+-'6/!9!
$+.('#/!&+!+1)'-3&$3)+!.*,%)/+<!"#$+!#%13/,+!-*))'%/$%!,%&!.*0'.'%/$*!%-*&*1'#$+!#%!
5)%*-35+!5*)!&+!%-*/*.)+!%/!#3!$*$+&',+,<!?3-8+#!0%-%#!,%"'%/,%!%&!-)%-'.'%/$*!
%-*/6.'-*2!+3/73%!/*!+!-3+&73'%)!-*#$*<! )%%!%/!%&!+,%#+))*&&*!#*#$%/'(&%,!9!&+!
+.*,%)/'=+-'6/!%-*&61'-+,2!%/!%&!+(3%/!3#*,!,%!&*#!)%-3)#*#<!7%!5)%*-35+!5*)!&*#!'.5+-$*#!
,%!&+!5)*,3--'6/!,%!('%/%#!9!5*)!%&!.+/%$*!#*#$%/'(&%!,%!&*#!)%-3)#*#!/+$3)+&%#2!9!/*!
$+/$*!5*)!&+!5#),',+!,%!&*#!+$)+-$'0*#!,%!&+!/+$3)+&%=+!*!,%!#3#!0+&*)%#!'/$))/#%-*#<!4*#!
)%5)%#%/$+/$%#!,%!%#$+!#%13/,+!-*))'%/$%!+5%/+#!3$'&'=+/!&+!5+&+()+!,%+$3)+&%=+,2!..#!
('%/!8+(&+/!,%!+)%-3)#*#!/+$3)+&%#,!*!8+#$+!+-+5'$+&!/+$3)+&,!*!+#%)0'-'*#!+.('%/$+&%#,<!4+!
5#),',+!,%!+0%#2!)+/+#!*!.+)'5*#+#!+('*'/,'-+,!+&1(/!5)*(&%.+2!-*.*!+#)!&*!8+-)+!&+!
.3%)$%!,%!-+/+)'*#!%/!&*#!-+#-*#!,%!&*#!.'/%)*#!,%!-+)(6/2!5%)*!%#+#!%#5%-'%#2!-*.*!
$+&%#2!/*!$'%/%/!3/!,%)%-8*!'/,'#-3$'(&%!+!0'0')<!"#$%!%#!8*9!3/!.*0'.'%/$*!,%!'/1%/'%)*#!9!
%-*/*.'#$+#2!3/+!)%&'1'6/!,%!&+!3$'&',+,!9!&+!%"'-'%/-'+!$#-/'-+!#'/!3/+!/*-'6/!,%!&*!
#+1)+,*<!73!$%.5&*!..#!'.5*)$+/$%!%/!"3)*5+!%/!&*#!+<*#!0113!8+!#',*!%&!;/#$'$3$*!
D355%)$+&2!3('-+,*!%/!.%,'*!,%!3/!"%*!5+'#+$%!'/,3#$)'+&<!&!%#$+!-*))'%/$%!#%!&%!&&+.+!+73)!
%&!+%0+/1%&'*!,%!&+!%-*-%"'-'%/-'+,!%/!8*.%/+$%!+!&+!,%#-)'5-'6/!,%!7+.3%&!>+9#!,%&!
+?*0'.'%/$*!5*)!&+! */#%)0+-'6/!:)*1)%#'#$+,!,%!"#$+,*#!5/',*#!%/$)%!&*#!+<*#!0E13!9!
! ,!
0123!-*.*!%&!+%0+/1%&'*!,%!&+!%"'-'%/-'+,!>>+9#2!01H1!<!>+-%!3/!#'1&*2!%&!5%)#*/+$%!..#!
-*/*-',*!,%!%#$%!.*0'.'%/$*!%/!"#$+,*#!5/',*#!"3%!/'""*),!:'/-8*$2!"*).+,*!%/!&*#!
.#$*,*#!%3)*5%*#!,%&!.+/%$*!-'%/$)"'-*!"*)%#$+&M!5%)*!%#$+!-*))'%/$%!$+.('#/!$'%/%!)+)-%#!
"3%)+!,%!&*!"*)%#$+&2!%/!&*#!.3-8*#!%#$3,'*#!)%+&'=+,*#!%/!"3)*5+!,%#,%!.%,'+,*#!,%&!
#'1&*!N;N!#*()%!%&!3#*!%"'-'%/$%!,%!&+!%/%)1)+!9!#*()%!&+!73).'-+!+1))-*&+!>&*#!-'-&*#!,%!
/3$)'%/$%#!2!5*)!%$%.5&*!-3+/,*!%/!0EO3!4'%('1!+,0')$'6!#*()%!&+!,%5%/,%/-'+!,%&!13+/*!
'.5*)$+,*2!*!-3+/,*!%/!0EBH!=%0*/#!%#-)'('6!#3!&'()*!#*()%!%&!-+)(6/2!#%<+&+/,*!73%!3/+!
.+9*)!%"'-'%/-'+!,%!&+#!..73'/+#!,%!0+5*)!5*,))+2!5+)+,6$'-+.%/$%2!-*/,3-')!+!3/!.+9*)!
3#*!,%!-+)(6/!+&!+(+)+$+)&*!,%/$)*!,%!&*#!-*#$*#!,%!5)*,3--'6/<!9$)+#!)+)-%#!,%!%#$+!
-*))'%/$%!#%!53%,%/!%/-*/$)+)!%/!&*#!/3.%)*#*#!,%(+$%#!,%&!#'1&*!N;N!%/$)%!'/1%/'%)*#!9!
%45%)$*#!%/!#+&3,!5((&'-+!%/!$*)/*!+!&+!-*/$+.'/+-'6/!'/,3#$)'+&!9!3)(+/+<!!
!
>*92!%/!"#$+,*#!5/',*#!9!..#!+(/!%/!&+!#*()%5*(&+,+!"3)*5+!,*/,%!73%,+!5*-+!
/+$3)+&%=+!5))#$'/+2!%&!-)%,*!,%!&+!+%-*F%"'-'%/-'+,!,*.'/+!&*#!,%(+$%#!+.('%/$+&%#!$+/$*!!
%/!$#).'/*#!#*-'+&%#!-*.*!5*&)$'-*#<!4*#!-*/-%5$*#!-&+0%#!#*/!&+#!+ 3)0+#!&.('%/$+&%#!
,%!J3=/%$#,!>%&!'/-)%.%/$*!,%!'/1)%#*#!&&%0+!%/!5)'.%)!&31+)!+!3/!'/-)%.%/$*!%/!&+!
-*/$+.'/+-'6/2!5%)*!+&!"'/+&!-*/,3-%!+!#3!)%,3--'6/!2!%&!+'%#+))*&&*!7*#$%/'(&%,!
'/$%)5)%$+,*!-*.*!-)%-'.'%/$*!%-*/6.'-*!#*#$%/'(&%2!&+!((#73%,+!,%!#*&3-'*/%#!
+1+/+/-'+!%-*/6.'-+!9!1+/+/-'+!%-*&61'-+,!>+:&1!:&1"!2!9!&+!+.*,%)/'=+-'6/!%-*&61'-+,!>3/!
$#).'/*!'/0%/$+,*!5*)!?+)$'/!=+%/'-C%2!011G2!9!5*)!&)$83)!?*&!73'%/!%#$3,'6!&+!'/,3#$)'+!
73).'-+!8*&+/,%#+!>?*&2!011H2!?*&!9!7*//%/"%&,2!23332!?*&!9!75+)1+)%/2!2333!<!4+!
.*,%)/'=+-'6/!%-*&61'-+!-+.'/+!#*()%!,*#!5'%)/+#*!3/+!%-*/6.'-+2!%-*-'.53%#$*#!9!
.%)-+,*#!,%!5%).'#*#!,%!%.'#'*/%#M!!&+!*$)+!$%-/*&61'-+2!+5*9*!+!&*#!-+.('*#!73%!&&%0+/!
+!+8*))+)!%/%)1)+!9!.+$%)'+&%#<! '%/$)"'-+.%/$%2!%#$+!-*))'%/$%!,%#-+/#+!%/!&+!%-*/*.)+!
+.('%/$+&!>-39*!.%/#+$%!%#!)%#3.',*!%/!+&*1)+)!5)%-'*#!-*))%-$*#,!+!$)+0##!,%!+'/$%)/+&'=+)!
&+#!%4$%)/+&',+,%#,!!!9!%/!&+!/3%0+!,'#-'5&'/+!,%!&+!"-*&*1)+!;/,3#$)'+&!73%!%#$3,'+!%&!
+.%$+(*&'#.*!'/,3#$)'+&,2!73%!#%!,%#+))*&&6!$+/$*!%/!"3)*5+!>&9)%#!9!&9)%#2!011B2!2330!!
-*.*!%/!"#$+,*#!5/',*#!>5)%-'#+.%/$%!&+!"#-3%&+!I*)%#$+&!9!,%!"#$3,'*#!&.('%/$+&%#!,%!
&+!5/'0%)#',+,!,%!K+&%2!"3/,+,+!(+$*!%&!+3#5'-'*!,%!/'""*),!:'/-8%$2!%,'$+!%&!%4-%&%/$%!
#2/,1"*#24#01(/.%,&"*#$'2*2=<!<!!
!
&#)2!&+!%-*&*1)+!#%!-*/0'%)$%!%/!3/+!-'%/-'+!1%)%/-'+&!5+)+!&'.5'+)!*!)%.%,'+)!&+!
,%1)+,+-'6/!-+3#+,+!5*)!&+!'/,3#$)'+&'=+-'6/!>:'#0+/+$8+/2!011?*!G?!<!4*#!'/1%/'%)*#!
73).'-*#!%#$./!5+)$'-3&+).%/$%!+-$'0*#!%/!%#$+!-*))'%/$%<!4*#!('*$%-/6&*1*#!'/$%/$+)*/!
%/$)+)!%/!%&&+!-*/!#3#!5)*.%#+#!,%!#%.'&&+#!,'#%<+,+#!73%!5)%#-'/,')./!,%!&*#!
5&+13'-',+#!9!+!&*!.%$*)!#'/$%$'=+)./!/'$)61%/*!,%!&+!+$.6#"%)+2!+3/73%!9+!%/-*/$)+)*/!
3/+!)%#'#$%/-'+!5((&'-+!+!&*#!*)1+/'#.*#!1%/#$'-+.%/$%!.*,'"'-+,*#!>9/?#!<!;/,'-+,*)%#!
%!)/,'-%#!-*.*!%&!3#*!,%!.+$%)'+&%#!5*)!3/',+,!,%!#%)0'-'*!>?;:7!%/!'/1&##!!9!&+!,%.+/,+!
,')%-$+!9!$*$+&!,%!.+$%)'+&%#!>'?;P8?;!!>0%)!+(+$*2!-+5)$3&*!G!!.',%/!%&!5)*1)%#*!8+-'+!&+!
+,%#.+$%)'+&'=+-'6/A!%/!)%&+-'6/!-*/!%&!:)*,3-$*!;/$%)/*!6)3$*!>:;6!!*!'/-&3#*!%/!$#).'/*#!
+(#*&3$*#<!4+#!.%$*)+#!%/!%-*-%"'-'%/-'+!+!/'0%&!,%!3/+!%.5)%#+!#*/!%0+&3+,+#!+!$)+0##!
,%&!+/.&'#'#!,%&!-'-&*!,%!0',+!,%!5)*,3-$*#!9!5)*-%#*#2!9!,%!&+!+3,'$*))+!+.('%/$+&<!
""%-$'0+.%/$%2!!&+!+%-*-%"'-'%/-'+,!8+!#',*!,%#-)'$+!-*.*!+%&!0)/-3&*!%.5)%#+)'+&!-*/!%&!
,%#+))*&&*!#*#$%/'(&%,<!?.#!+&&.!,%!#3#!.(&$'5&%#!3#*#!5+)+!%&!+&+0+,*!0%),%,2!&+!%-*-
%"'-'%/-'+!,%&'/%+!3/!0+&'*#*!5)*1)+.+!,%!'/0%#$'1+-'6/!,%!)%&%0+/-'+!.3/,'+&!#*()%!%&!
1+#$*!,%!.+$%)'+&%#!9!%/%)1)+!%/!&+!%-*/*.)+2!9!#*()%!&+#!5*#'('&',+,%#!,%!,%#0'/-3&+)!%&!
-)%-'.'%/$*!%-*/6.'-*!,%!#3!(+#%!.+$%)'+&<!8+&!'/0%#$'1+-'6/!#*()%!%&!.%$+(*&'#.*!#*-'+&!
$'%/%!3/+!&+)1+!8'#$*)'+!>I'#-8%)-J*L+&#C'2!011E2!>+(%)&2!2330!<!>+9!3/!&+,*!*5$'.'#$+!9!3/!
&+,*!5%#'.'#$+!> &%0%&+/,!9!;3$82!011E!!%/!%&!+1)+/!,%(+$%!#*()%!&+!,%#.+$%)'+&'=+-'6/,!
73%!+8*)+!#%!%#$.!'/'-'+/,*<!!
!
! -!
4+!-&+#'"'-+-'6/!,%!&+#!-*))'%/$%#!,%!3/!.*0'.'%/$*2!-*.*!5)*5*/%.*#!%/!%#$%!-+5)$3&*2!
$'%/,%!+!.*&%#$+)!+!&+!1%/$%!73%!'/$%/$+!/+,+)!%/!#3#!$*)(%&&'/*#<!%*!*(#$+/$%2!3/+!
)%-'%/$%!8'#$*)'+!,%&!+.('%/$+&'#.*!%#$+,*3/',%/#%!>78+(%-*""2!2333!!%.5'%=+!+#)*!@>+-%!
3/!#'1&*2!%/!.%,'*!,%!3/+!$*).%/$+!%/!&+#!+&$3)+#!,%!7'%))+!%%0+,+2!3/!8*.()%!"&+-*!9!
(+)(3,*!+#-%/,'6!+!&+!-'.+!,%!3/+!-*/)"%)+!73%!*#-'&+(+!"3%)$%.%/$%!5+)+2!#%1(/!
%45&'-62!,'#")3$+)!,%&!5&+-%)!,%!-+(+&1+)!%&!0'%/$*<!5/*#!5*-*#!+<*#!..#!$+),%2!%&!5)'.%)!
$%"%!,%&!#%)0'-'*!"*)%#$+&!,%&!'%5+)$+.%/$*!,%!&1)'-3&$3)+!,%!"#$+,*#!5/',*#2!3/!5+$)'-'*!
'/1%/'%)*!"*)%#$+&!"*).+,*!%/!"3)*5+2!+/,+(+!+!-+(+&&*!5*)!%&!5+)73%!;*-C! )%%C2!,%!
D+#8'/1$*/!'< <2!-3+/,*!)%5%/$'/+.%/$%!#%!&%!*-3))'6!3/+!',%+<!7%!5%)-+$6!,%!73%!&+!
#+&3,!9!&+!0'$+&',+,!,%!&+!/+-'6/!,%5%/,)+/!,%!&+!#+&3,!9!0'$+&',+,!,%!&*#!)%-3)#*#!/+$3)+&%#!
>78+(%-*""2!2333*0!!!"#!".-'&!+,'0'/+)!73%!&*#!,*#!5%)#*/+$%#!,%#-)'$*#!#*/!=*8/!?3')!9!
/'""*),!:'/-8*$2!9!%#!3#3+&!73%!#%!%45&'73%!+#)!&+!,'"%)%/-'+!%/$)%!%&&*#*!%/!%&!5)'.%)!-+#*2!
3/+!)%0%)%/-'+!$)+#-%/,%/$+&!8+-'+!&+!/+$3)+&%=+2!%/!%&!#%13/,*!-+#*2!&+!1%#$'6/!-'%/$)"'-+!
,%!&*#!)%-3)#*#!/+$3)+&%#!5+)+!&*1)+)!#3!3#*!5%).+/%/$%<!;%#3&$+!..#!5*&#.'-+!&+!
'/-&3#'6/!5*)!78+(%-*""!,%!3/!$%)-%)!5%)#*/+$%!%/!%&!/+-'.'%/$*!,%&!+.('%/$+&'#.*!%/!
"#$+,*#!5/',*#2!3/!5+)$',+)'*!,%!:'/-8*$2!+!#+(%)!%&!5)%#',%/$%!8%*,*)*!;**#%0%&$2!3/!
8*.()%!73%!,'#$6!.3-8*!,%!#%)!3/!%-*-5+-'"'#$+<!&!%#$+!&'#$+!,%!$)%#2!#%!#3%&%!+<+,')!*$)*#!
1)+/,%#!5)%-3)#*)%#!>/<!:<!?+)#8!!9!1)+/,%#!#3-%#*)%#!>&&,*!4%*5*&,2!;+-8%&! +)#*/2!
6+))9! *..*/%)!<!&3/73%!8+9!73%!)%-&+.+)!73%!#%!'/-&39+!+!4%L'#!?3."*),2!9!8+9!73%!
,%#$+-+)!*$)+#!$)+,'-'*/%#!,%&!+.('%/$+&'#.*2!'/-&39%/,*!&+!"'13)+!'.5*/%/$%!%/!&+#!
&.#)'-+#!,%!&&%4+/,%)!0*/!>3.(*&,$!8+-%!,*#!#'1&*#2!&+!1%/%+&*1)+!,%&!+.('%/$+&'#.*!
%#$+,*3/',%/#%!%#$.!.39!('%/!%#$+(&%-',+!9!,'")-'&.%/$%!#%!0+!+!.*,'"'-+)<!>+/!#',*!,*#2!
53%#2!&+#!-*))'%/$%#!5)'/-'5+&%#*!%&!@-3&$*!+!&*!#'&0%#$)%A!>=*8/!?3')!!9!%&!@-)%,*!,%!&+!%-*-
%"'-'%/-'+,!>/'""*),!:'/-8*$!<!
!
4+!8'#$*)'+!,%!&+!5)%*-35+-'6/!5*)!%&!.%,'*!+.('%/$%!%#!..#!-*.5&'-+,+!,%!&*!73%!8%!
)%&+$+,*!8+#$+!+73)<!&&)%,%,*)!,%!01332!"#$+,*#!5/',*#2!-*.*!%&!)%#$*!,%!&+!#*-'%,+,!
*--',%/$+&2!+#3.'6!3/!!-*.5)*.'#*!-*/!&+!',%+!,%&!5)*1)%#*2!,*.'/+(+!&*!3$'&'$+)'*<!4+!
-'0'&'=+-'6/!%#$+,3/',%/#%!%.%)1)+!,%!#3!.%/$+&',+,!")*/$%)'=+2!%/!&+!-3+&!5+)%-)+!/*).+&!
,'#5+)+)!-*/$)+!-3+&73'%)!-*#+!0'0'%/$%<!:*)!%$%.5&*2!%&!*)/'$6&*1*!I)+/C! 8+5.+/!
'/#$'$396!%&!-*/$%*!/+0',%<*!,%!+0%#!%/!013H!5+)+!,%#5%)$+)!+!&+!*5'/'6/!5((&'-+!-*/$)+!
&+#!-*.5%$%/-'+#!,%!$')*!%/!%&!&<*!%3%0*!73%!$*,+0)+!%)+/!-*.3/%#2!,%!&+!.'#.+!
.+/%)+!73%!&+#!.+$+/=+#!+/3+&%#!,%!-+#-+(%&%#!#'13%/!#'%/,*!3/!,%5*)$%!&*-+&!%/!%&!
#3,*%#$%<!>3(*!$+.('#/!&+#!73%$+#!,%!5%#-+,*)%#!,%5*)$'0*#!-*/$)+!&+!-*/$+.'/+-'6/!,%!
&*#!+))*9*#!9!-*/$)+!&+#!)%5)%#+#2!9!$+.('#/!83(*!73%$+#!-*/$)+!&+!,%"*)%#$+-'6/!9!%&!
%4$%).'/'*!,%&!('#*/$%<!%+-'6!%&!.*0'.'%/$*!&3,3(*/!>0E1B!2!73%!)%#3&$6!..#!'/"&39%/$%!
73%!%&!7'%))+! &3(!%/!%#+!#5*-+<O!:*)!&*!$+/$*!&+!#'.5&'"'-+-'6/!,%&!-*.(+$%!@=*8/!?3')!0#!
/'""*),!:'/-8*$A!/*!8+-%!$3#$'-'+!+!&+!)'73%=+!,%&!+.('%/$+&'#.*!,%!"#$+,*#!5/',*#2!,%$+!
,%!&+,*!3/+!5+)$%!,%!&+!8'#$*)'+<!:*)!%$%.5&*2!$+/$*!%/!"3)*5+!-*.*!%/!"#$+,*#!5/',*#!
%4'#$'%)*/!-))$'-*#!%-*&61'-*#!,%!&+!%-*/*.)+!,%#,%!.%,'+,*#!,%&!#'1&*!N;N!%/!+,%&+/$%2!+!
&*#!-3+&%#!,%,'73#!3/!&'()*!%/$%)*!8+-%!0H!+<*#<!Q:*)!73#!/*!-'$+)!,%!/3%0*2!5*)!%$%.5&*2!!
%/$)%!&*#!+3$*)%#!%#$+,*3/',%/#%#2!+&!%-*/*.'#$+!>%/)9! +)%9!73%!#%!&+.%/$+(+!,%!&+!
5#),',+!,%!"%)$'&',+,!+1))-*&+2!5*)!73#!/*!-'$+)!&+!+ +)$+!+!&*#!:)*"%#*)%#!,%!>'#$*)'+!,%!
"#$+,*#!5/',*#,!,%!>%/)9!&,+.#!-*/!#3!,'#-3#'6/!>,%!#%13/,+!.+/*!!#*()%!%/$)*5)+!9!
%-*/*.)+R<!Q:*)!73#!/*!-'$+)!%&!+'.5%)+$'0*!%/%)1#$'-*,!,%&!.%/$*)!,%!>%/)9!&,+.#2!
D'&8%&.!9#$L+&,R*!@/*!,%#5%),'-'%#!/'/13/+!%/%)1)+2!+5)*0#-8+&+,"#>?+)$)/%=-&&'%)!9#
7-8&35.+//0#0110!<!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
,!!/9'):&0,-!*-1!,-"&2.)'+-1!&1,'+.-1!:&!!-*)2:!(+!(*&"&2.1?!#5!&2&'-!#111+!
! .!
"/!%&!-*/$%4$*!-*&*/'+&!%3)*5%*2!;'-8+),!/)*0%!%45&'-6!&*#!#4'$*#!9!&*#!&).'$%#!,%!&*#!
'/$%/$*#!,%!&*#!")+/-%#%#!%!'/1&%#%#!5+)+!5)%#%)0+)!&*#!(*#73%#2!'/$%/$*#!73%!#%!)%.*/$+/!
+!"'/+&%#!,%&!#'1&*!N:;;;!%/!+&13/+#!5%73%<+#!'#&+#!+=3-+)%)+#!-*.*!?+3)'-'*!,*/,%!
5+)%-%!73%!&+!)%-%$+!"3%!,%!/3%0%!5*)-'*/%#!,%!-+<+!,%!+=3-+)!5*)!-+,+!5*)-'6/!,%!
(*#73%!5)%#%)0+,*!!-!3/+!5)*5*)-'6/!.%$*)!73%!&*#!%#5+<*&%#!%/!%&!*--',%/$%!,%!&+! 3(+!
-*&*/'+&!*!&*#!%#$+,*3/',%/#%#!%/!&+! 3(+!*)'%/$+&!5*#$!-*&*/'+&!+!5)'/-'5'*#!,%&!#'1&*!NN<!
8+&!-*.*!;'-8+),!/)*0%!-3%/$+!&+!8'#$*)'+2!&+!-)%%/-'+!%/!&+!$%*))+!")+/-%#+!,%!
+,%#%-+-'6/,!73%!#%<+&+(+!&+!,%"*)%#$+-'6/!-*.*!&+!-+3#+!,%&!,%-&'0%!%/!&+!-+/$',+,!,%!
&&30'+!-*/,3$*!+!73%!9+!%/!0?10!#%!+5)*(+)+!%/!&+!'#&+!-+)'(%<+!,%!7+/!:'-%/$%2!3/+!
&%1'#&+-'6/!5+)+!5)%#%)0+)!+&13/*#!(*#73%#!+5+)+!+$)+%)!&+!&&30'+,H<!"#$+!5*&)$'-+!+.('%/$+&2!
$+.('#/!5)+-$'-+,+!%/!*$)+#!'#&+#!-*.*!7+/$+!"&%/+!(+$*!&+!,*-$)'/+!,%!:'%))%!:*'0)%!9!
*$)*#!*(#%)0+,*)%#!9!+,.'/'#$)+,*)%#!-*&*/'+&%#2!#%!'.5&%.%/$6!023!+<*#!+/$%#!,%!73%!
/'""*),!:'/-8*$!'/1)%#+)+!%/!K+&%<!"/!%&!6)+#'&2!=*##!&313#$*!:+,3+!>2333!!%45&'-+!&+!
-*/-'%/-'+!%45&)-'$+!73%!%4'#$'6!,%#,%!&*#!'/'-'*#!,%&!#'1&*!N;N!%/!+3$*)%#!9!5*&)$'-*#!
>)%&+$'0+.%/$%!")+-+#+,*#!!-*.*!=*##!6*/'"+-'*!#*()%!&*#!0)/-3&*#!%/$)%!&+!%#-&+0'$3,2!&+!
.'/%))+!9!&+!+1)'-3&$3)+!,%!5&+/$+-'*/%#!73%!+))3'/6!&+!#%&0+!,%!&+!-*#$+!+$&./$'-+<!7'/!
%.(+)1*2!+!5%#+)!,%!$*,*#!%#$*#!5)%-%,%/$%#2!5%#%!+!&*#!.3-8*#!+3$*)%#!,%!"3%)+!,%!
"3)*5+!9!"#$+,*#!5/',*#2!+!5%#+)!$+.('#/!,%!&+#!-*.5&%$',+,%#!,%!&+!5)%*-35+-'6/!
+.('%/$+&!,%/$)*!,%&!.'#.*!"#$+,*#!5/',*#2!5+)+!&*#!5)*56#'$*#!,%!%#$%!&'()*!)%'$%)*!&+!
*5'/'6/!,%!73%!&+#!,*#!-*))'%/$%#!%-*&*1'#$+#!73%!,*.'/+/!/*!#6&*!%/!"#$+,*#!5/',*#!
#'/*!%/!%&!%#-%/+)'*!.3/,'+&!#*/!+%&!-3&$*!+!&*!#'&0%#$)%,!9!+%&!-)%,*!,%!&+!%-*-%"'-'%/-'+,!
>%#$%!(&$'.*!-*/!.3-8*!+5*)$%!%3)*5%*!%/!&+#!,*#!(&$'.+#!,#-+,+#!<!4*#!:%),%#!
+&%.+/%#2!73%!%)+/!'/$%)/+-'*/+&'#$+#2!#%!3/'%)*/!+&!.*0'.'%/$*!%3)*5%*!,%!&+!%-*-
%"'-'%/-'+<!"/!011E2!%&!,')%-$*)!%$%-3$'0*!,%!&+!&1%/-'+!&.('%/$+&!"3)*5%+2!.'!+.'1*!
'*.'/1*!='.#/%=!6%&$)./2!,'*!3/!,'#-3)#*!+/$%!%&!;/#$'$3$*!D355%)$+&!$'$3&+,*!+"-*-
%"'-'%/-'+2!&+!)%#53%#$+!%3)*5%+!+&!,%#+")*!,%!&+!#3#$%/$+('&',+,,<!4%!-*/$%#$#!,'-'#/,*&%!
73%!9*!%#-)'('))+!3/!&'()*!#*()%!@"-*-$3#$'-'+2!&+!)%#53%#$+!,%&!8%)-%)!?3/,*!+&!,%#+")*!,%!
&+!#3#$%/$+('&',+,,<!"#$%!%#!%&!&'()*<!
!
7%1(/! )*/*/2!@,3)+/$%!,#-+,+#!&+!',%+!,%!&*!#'&0%#$)%!8+!#',*!3/!5)'/-'5'*!"3/,+.%/$+&!F!
,%!8%-8*2!3/+!5+#'6/!F!,%&!.*0'.'%/$*!+.('%/$+&2!%/!5+)$'-3&+)!,%!"#$+,*#!5/',*#A!
> )*/*/!011B*!B1!<!:+)%-%!%4'#$')!3/+!+"'/',+,!%/$)%!+&*!#'&0%#$)%,!9!&+!.%/$+&',+,!
%#$+,3/',%/#%!>%+#82!01E2!<!7+(%.*#2!#'/!%.(+)1*2!73%!%/!&*!#'&0%#$)%!8+9!.3-8*!73%!
%#!5*-*!+/+$3)+&,<!"/!%#$%!#%/$',*2!-*.*! )*/*/!.3%#$)+!>$+.('#/!?+&&+)-82!011H!2!&*#!
+5+)73%#!/+-'*/+&%#,!#%!%#$+(&%-'%)*/!!,%#53##!,%&!,%#5&+=+.'%/$*!*!%&'.'/+-'6/!,%!&*#!
53%(&*#!/+$'0*#!73%!0'0)+/!%/!%#$*#!$%))'$*)'*#<!"&!5+)73%!K%&&*L#$*/%!/*!"3%!%&!)%#3&$+,*!
,%!3/+!-*/-%5-'6/!'/.+-3&+,+<!%*!*(#$+/$%2!!&+!)%&+-'6/!%/$)%!#*-'%,+,!9!/+$3)+&%=+!%/!
"#$+,*#!5/',*#!8+!#',*!0'#$+!5)%,*.'/+/$%.%/$%!%/!$#).'/*#2!/*!,%!3/+!-+.('+/$%!9!
,'+&#-$'-+!8'#$*)'+!#*-'*-%-*&61'-+2!#'/*!,%!3/+!)%0%)%/-'+!5)*"3/,+!9!5%).+/%/$%!5*)!+&*!
#'&0%#$)%,<!K*!-)%*2!..#!('%/2!%/!&+!$%#'#!,%!8)%0%&9+/2!,%!73%!%&!+5)%-'*!5*)!&+!/+$3)+&%=+!
-)%-'6!%/!"*).+!5)*5*)-'*/+&!+!&+!,%#$)3--'6/!,%!&*#!5+'#+$%#!5)*0*-+,+!5*)!%&!-)%-'.'%/$*!
%-*/6.'-*!>/38+!9!?+)$)/%=-&&'%)2!011?*!4''!<!
!
8+.('#/!#%!8+!+)13.%/$+,*!/*!#'/!)+=*/%#!73%2!%/!"#$+,*#!5/',*#2!&+!#%13/,+!
-*))'%/$%2!&+!,%!&+!-*/#%)0+-'6/!9!3#*!%"'-'%/$%!,%!&*#!)%-3)#*#!/+$3)+&%#2!5)%-%,%!+!&+!
5)'.%)+!-*))'%/$%2!5)%*-35+,+!5*)!&+!-*/#%)0+-'6/!,%!>5+)$%#!,%!!&+!/+$3)+&%=+2!3/+!
-)*/*&*1)+!5&+3#'(&%!,%(',*!+!&+!).5',+!'/,3#$)'+&'=+-'6/!,%!"#$+,*#!5/',*#!+!"'/+&%#!,%&!
#'1&*!N;N<!&#)2!6%'/+)$!9! *+$%#!>011H*!OB!!%/!#3!()%0%!8'#$*)'+!+.('%/$+&!-*.5+)+$'0+!,%!
"#$+,*#!5/',*#!9!73,.")'-+2!-*/#',%)+)*/!&+!5)%#%)0+-'6/!,%!&*!#'&0%#$)%!-*.*!3/+!',%+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
-!3'&1&2.),+*2!&2!*)!=1,%&*)!:&!4-'&1.&'&)!/!=1.%:+-1!/"7+&2.)*&1!:&!*)!>2+;&'1+:):!:&!5)*&?!,!:&!)&7'&'-!#111?!.)"7+62!$'-;&!3"44,6+!!
! 2!
..#!)%-'%/$%!73%!&+!-*))'%/$%!,%!&+!%-*-%"'-'%/-'+<!"#-)'(%/!&*!#'13'%/$%*!+-3+/,*!&+!#$'-+!
3$'&'$+)'#$+!>,%!:'/-8*$!!,*.'/+(+2!%#%!*$)*!5%73%<*!+"&3%/$%!5)%#%)0+-'*/'#$+2!/*!..#!73%!
3/!+))*93%&*!%/!%#%!%/$*/-%#2!.%)%-)+!+$%/-'6/!5*)73%!#%!-*/0%)$'))+!%/!%&!-+/+&!
5)'/-'5+&!,%&!+.('%/$+&'#.*!.*,%)/*,<!7+.3%&!>+9#2!%45%)$*!%/!&+!8'#$*)'+!,%!5)*(&%.+#!
3)(+/*#!9!,%!#+&3,!%/!"#$+,*#!5/',*#2!-*/-3%),+!-*/!&*!+/$%)'*)!>>+9#2!011E*!GGB-?!<!
!
7%+!-3+&!#%+!&+!5)'.%)+2!%#+#!,*#!-*))'%/$%#!,%!+.('%/$+&'#.*!>+%&!-3&$*!,%!&*!#'&0%#$)%,!9!
%&!+-)%,*!,%!&+!%-*-%"'-'%/-'+,!!0'0%/!8*9!%/!,)+!#'.3&$./%+.%/$%2!-)3=./,*#%!+!0%-%#<!"/!
%#$%!#%/$',*2!0%.*#!73%!&+!((#73%,+!3$'&'$+)'#$+!5*)!&+!%"'-'%/-'+!%/!%&!.+/%$*!,%!&*#!
(*#73%#!5*,))+!-*/")*/$+)#%!-*/!&*#!,%)%-8*#!,%!&*#!+/'.+&%#<!9!%/!%&!#%/$',*!*53%#$*2!!
&*#!.%)-+,*#!)%+&%#!*!"'-$'-'*#!,%!)%-3)#*#!1%/#$'-*#!*!,%!5+'#+$%#!/+$3)+&%#!5*,))+/!#%)!
0'#$*#!-*.*!'/#$)3.%/$*#!%"'-'%/$%#!5+)+!#3!5)%#%)0+-'6/<!!4+!',%+!,%!%#$+(&%-%)!
-*/$)+$*#!,%!('*-5)*#5%--'6/!"3%!5)*.*0',+!5)'.%)*!%/! *#$+!;'-+!5*)!3/!('6&*1*!,%!&+!
-*/#%)0+-'6/2!'+/'%&!=+/=%/2!73'%/!%0*&3-'*/6!8+-'+!&+!%-*/*.)+!,%!&*#!)%-3)#*#!
/+$3)+&%#<!"&! */0%/'*!,%!!6'*,'0%)#',+,!,%!0112!%/"+$'=+!%&!+--%#*!.%)-+/$'&!+!&*#!
)%-3)#*#!1%/#$'-*#!-*.*!%&!5)'/-'5+&!'/#$)3.%/$*!5+)+!&+!-*/#%)0+-'6/!>0%)!-+5)$3&*!B!<!7'/!
%.(+)1*2!&+!-*.%)-'+&'=+-'6/!,%!&+!('*,'0%)#',+,!%#!3/!'/#$)3.%/$*!5%&'1)*#*!5+)+!&+!
-*/#%)0+-'6/<!4*#!8*)'=*/$%#!$%.5*)+&%#!,%!&+#!%.5)%#+#!"+).+-#3$'-+#!#*/!-*)$*#!>O3!*!
H3!+<*#!..4'.*!2!.'%/$)+#!&+!-*/#%)0+-'6/!9!-*-%0*&3-'6/!,%!&+!('*,'0%)#',+,!%#!+#3/$*!
,%!,%-%/+#!,%!.'&%#!,%!+<*#<!7'!&+#!)%/$+#!5)*0%/'%/$%#!,%!&+!-*/#%)0+-'6/!+!-*)$*!5&+=*!
)%#3&$+/!(+$+#2!9!#'!&+!&61'-+!,%!-*/#%)0+-'6/!#%!$*)/+!.%)+.%/$%!%-*/6.'-+2!&+!+.%/+=+!
+!&+!-*/#%)0+-'6/!#%).!..#!"3%)$%!73%!/3/-+<!""%-$'0+.%/$%2!*$)*#!('6&*1*#!,%!&+!
-*/#%)0+-'6/!,%!"#$+,*#!5/',*#!>5*)!%$%.5&*2!!?'-8+%&!7*3&#!!#%!73%$+/!,%!73%!&+!
5)%#%)0+-'6/!,%!&+!/+$3)+&%=+!5'%),%!#3!"3/,+.%/$*!,%*/$*&61'-*#5*)73%!&*#!%-*/*.'#$+#!
-*/!#3!"'&*#*")+!3$'&'$+)'#$+!%#$./!-*/$)*&+/,*!-+,+!0%=!..#!%&!.*0'.'%/$*!+.('%/$+&'#$+<!
"/!*$)+#!5+&+()+#2!?'-8+%&!7*3&#!5'%/#+!73%!)%-'%/$%.%/$%!*-3))'6!3/!-+.('*!&+.%/$+(&%!
,%/$)*!,%&!.*0'.'%/$*!+.('%/$+&M!&+!',%+!,%&!,%#+))*&&*!#*#$%/'(&%!#%!8+!'.53%#$*!+!+!&+!
)%0%)%/-'+!5*)!&*!#'&0%#$)%<!"#$+!-)*/*&*1)+!,%!',%+#!%#!5&+3#'(&%!#'!#%!-*/#',%)+!%&!
@,%#+))*&&*!#*#$%/'(&%A!-*.*!3/+!+3$#/$'-+!/*0%,+,2!5%)*!%#!..#!,3,*#+!#'!0%.*#!%&!
,%#+))*&&*!#*#$%/'(&%!-*.*!&*!73%!%#2!3/!8%).+/*!1%.%&*!,%!&+!@.*,%)/'=+-'6/!%-*&61'-+A!
9!3/+!)%%/-+)/+-'6/!,%!&+!%-*-%"'-'%/-'+!,%!:'/-8*$<!!
!
&!0%-%#2!+73%&&*#!-39*!'/$%)##!%/!%&!+.('%/$%!5%)$%/%-%!%4-&3#'0+.%/$%!+!&+!%#"%)+!,%!&+!
5)%#%)0+-'6/!,%!&*!#'&0%#$)%!%4+1%)+/!&+!"+-'&',+,!-*/!&+!73%!53%,%!,%#.+$%)'+&'=+)#%!&+!
%-*/*.)+2!9!#%!-*/0'%)$%/!%/!-)%9%/$%#!*5*)$3/'#$+#!%/!%&!%0+/1%&'*!,%!&+!%-*-%"'-'%/-'+<!!
Q:*)!73#R!:*)73%!+&!+"').+)!73%!%&!-+.('*!$%-/*&61'-*!8+).!-*.5+$'(&%!&+!5)*,3--'6/!,%!
('%/%#!-*/!&+!#3#$%/$+('&',+,!%-*&61'-+2!%/"+$'=+/!&+!5)%#%)0+-'6/!,%!+73%&&+!5+)$%!,%!&+!
/+$3)+&%=+!73%!$*,+0)+!73%,+!"3%)+!,%!&+!%-*/*.)+<!"/$*/-%#2!%&!@-3&$*!+!&*!#'&0%#$)%,!9!+%&!
-)%,*!,%!&+!%-*-%"'-'%/-'+,!+!0%-%#!,3%).%/!$3/$*#<!&#)!0%.*#!&+!+#*-'+-'6/!%/$)%!&+!78%&&!
9!%&!DDI!5+)+!5&+/$+-'*/%#!,%!%3-+&'5$*#!%/!+&13/*#!&31+)%#!,%&!.3/,*2!-*/!%&!
+)13.%/$*!,%!73%!%#$*!,'#.'/3').!&+!5)%#'6/!#*()%!&*#!(*#73%#!/+$3)+&%#!9!
5)%#3.'(&%.%/$%!$+.('#/!+3.%/$+).!&+!-+5$+-'6/!,%!-+)(*/*<!"&!5)%"+-'*!,%!3/+!0%)#'6/!
5*53&+)!,%&!&'()*!,%!&&,*!4%*5*&,2!$#?"1(#62/1%<#$*%"1"'!>01O1!2!5*)!#3!8'$*!43/+!
4%*5*&,!>01?3!2!!-*/$'%/%!3/+!+5%&+-'6/!%#-)'$+!%/!01BB!-*/$)+!&+!%/%)1)+!8',)*%&#-$)'-+!
%/!&&+#C+!9!%&!9%#$%2!73%!'/3/,+))+!.)%+#!,%!-)'+/=+!,%!+0%#!+-3.$'-+#!.'1)+$*)'+#<!4+!
%-*/*.)+!/*!,%()+!#%)!%&!"+-$*)!,%$%).'/+/$%2!%#-)'('6!43/+!4%*5*&,!8+-%!GH!+<*#2!9!
+,%..#!&+#!-3%/$+#!%-*/6.'-+#!%#$+(+/!.+&!8%-8+#!5*)73%!+#%!53%,%/!%/-*/$)+)!
"3%/$%#!+&$%)/+$'0+#!9!"+-$'(&%#!,%!%/%)1)+!%&#-$)'-+,<!&73)!%/-*/$)+.*#!$3/$*#!%&!
+)13.%/$*!,%!&+!5)%#%)0+-'6/!,%!&+!/+$3)+&%=+!9!&+!5*#'-'6/!5)*-/3-&%+)<!%*!$*,*#!&*#!
+.('%/$+&'#$+#!%#$+,*3/',%/#%#!%#$+))+/!,%!+-3%),*<!&<*#!+/$%#2!%/!01HB2!4%L'#!
?3."*),2!73'%/!#%!5)%*-35+(+!..#!5*)!&+!-*/$+.'/+-'6/!'/,3#$)'+&!9!&+!%45+/#'6/!3)(+/+!
! 5!
73%!5*)!&+!5)%#%)0+-'6/!,%!&+!/+$3)+&%=+2!9+!8+()+!+&%)$+,*!#*()%!&*#!3#*#!,%!&+!%/%)1)+!
/3-&%+)!%/!$'%.5*#!,%!5+=*!++5%/+#!8%.*#!%.5%=+,*!+!)%#*&0%)!&*#!5)*(&%.+#!,%!&+!
-*/$+.'/+-'6/!'/,3#$)'+&!-*$','+/+<!:%)*2!#'/!/'!#'73'%)+!)%+&'=+)!3/!+/.&'#'#!5)3,%/$%2!
/3%#$)*#!&),%)%#!5*&)$'-*#!9!%.5)%#+)'+&%#!+8*)+!5)*5*/%/!-)%+)!%/%)1)+!+$6.'-+!+!3/+!!
0+#$+!%#-+&+!#'/!$%/%)!/'!&+!..#!.)/'.+!/*-'6/!,%!-6.*!,'#5*/%)!,%!&*#!,%#%-8*#!
"'#'*/+,*#,!>?3."*),!%/!88*.+#!%$!+&<2!01HB*!00O?!<!!
!
4&!=578; ;&!&?6;"%8&4!K!"4!" 949/;7?9!'"!497!:96;"7!
!
*.*!#%!0%).!+!&*!&+)1*!,%!%#$%!&'()*!53%#!%#!##$%!#3!$%.+!5)'/-'5+&2!$+/$*!&+!5)'.%)+!
-*.*!&+!#%13/,+!-*))'%/$%#!%-*&*1'#$+#!#*/!,%#+"'+,+#!8*9!%/!,)+!5*)!3/+!$%)-%)+!
-*))'%/$%2!-*/*-',+!-*.*!%&!%-*&*1'#.*!,%!&*#!5*()%#2!%-*&*1'#.*!5*53&+)2!!.*0'.'%/$*!
,%!&+!$3#$'-'+!+.('%/$+&<!8+.('#/!8+!#',*!&&+.+,+!+5)*5'+,+.%/$%2!%&!%-*&*1'#.*!,%!&+!
*&7)*&522(2!,%&##3#$%/$*!9!#35%)0'0%/-'+!83.+/+#!>/+))2!2333!2!9!8+#$+!&+!%-*&*1)+!,%!&+!
&'(%)+-'6/!>:%%$!9!D+$$#2!011B!<!"#$+!$%)-%)+!-*))'%/$%!#%<+&+!73%!,%#1)+-'+,+.%/$%!%&!
-)%-'.'%/$*!%-*/6.'-*!'.5&'-+!.+9*)%#!'.5+-$*#!%/!%&!.%,'*!+.('%/$%2!9!%/"+$'=+!%&!
,%#5&+=+.'%/$*!1%*1)."'-*!,%!"3%/$%#!,%!)%-3)#*#!9!,%!#3.',%)*#!,%!)%#',3*#<!"/!%#$%!
#%/$',*!0%.*#!73%!&*#!5+)#%#!'/,3#$)'+&'=+,*#!,%5%/,%/!,%!&+#!'.5*)$+-'*/%#!
5)*0%/'%/$%#!,%&!73)!5+)+!3/+!5+)$%!-)%-'%/$%!,%!#3#!,%.+/,+#!-+,+!0%=!.+9*)%#!,%!
.+$%)'+#!5)'.+#!*!,%!('%/%#!,%!-*/#3.*<!"#$+,*#!5/',*#!'.5*)$+!&+!.'$+,!,%&!5%$)6&%*!
73%!-*/#3.%<!4+!5/'6/!"3)*5%+!'.5*)$+!-+#'!-3+$)*!0%-%#!..#!$*/%&+,+#!,%!.+$%)'+&%#!
>'/-&3',*#!%/%)1#$'-*#!!73%!&+#!73%!%45*)$+2!.'%/$)+#!&+!&.#)'-+!&+$'/+!%45*)$+!#%'#!0%-%#!
..#!$*/%&+,+#!,%!.+$%)'+&%#!>'/-&3',*#!%/%)1#$'-*#!!73%!&+#!73%!'.5*)$+<!"&!-*/$'/%/$%!
73%!%#!%&!5)'/-'5+&!#*-'*!-*.%)-'+&!,%!"#5+<+2!/*!%/!,'/%)*!#'/*!%/!$*/%&+$%!73%!
'.5*)$+.*#2!%#!%&!&")'-+<!"&!)%#3&$+,*!+!/'0%&!1&*(+&!%#!73%!&+!")*/$%)+!,%&!5%$)6&%*!9!1+#2!
&+!")*/$%)+!,%&!+&3.'/'*2!&+!")*/$%)+!,%&!-*()%2!&+#!")*/$%)+#!,%&!%3-+&'5$*!9!+-%'$%!,%!&+!
5+&.+!,%!+-%'$%2!&+!")*/$%)+!,%&!-+.+)6/2!&+!")*/$%)+!,%&!*)*2!&+!")*/$%)+!,%!&+!#*9+!
$)+/#1#/'-+<<<!+0+/=+/!8+-'+!/3%0*#!$%))'$*)'*#<!"#$*!-)%+!'.5+-$*#!73%!/*!#*/!)%#3&%&$*#!
5*)!!5*&)$'-+#!%-*/6.'-+#!*!-+.('*#!%/!&+!$%-/*&*1)+2!9!5*)!$+/$*!-+%/!!
,%#5)*5*)-'*/+,+.%/$%!!#*()%!+&13/*#!1)35*#!#*-'+&%#!73%!.3-8+#!0%-%#!5)*$%#$+/!9!
)%#'#$%/!>+3/73%!$+&%#!1)35*#!/*!#3%&%/!&&+.+)#%!%-*&*1'#$+#!<!&&13/*#!1)35*#!
+.%/+=+,*#!+5%&+/!+!&*#!,%)%-8*#!$%))'$*)'+&%#!'/,)1%/+#!9!$+.('#/!+!&+!#+-)+&',+,!,%!&+!
/+$3)+&%=+!5+)+!,%"%/,%)!9!+#%13)+)!#3!#3#$%/$*<!""%-$'0+.%/$%2!%4'#$%/!&+)1+#!
$)+,'-'*/%#!%/!+&13/*#!5+)#%#!>,*-3.%/$+,+#!%/!&+!;/,'+!5*)!?+,8+0!/+,1'&!!,%!,%$+)!
.)%+#!5+)+!-*/#%)0+-'6/2!-*.*!+)(*&%,+#!*!(*#73%#!#+1)+,*#<!%*!*(#$+/$%2!%&!%$%!
5)'/-'5+&!,%!%#$+!$%)-%)+!-*))'%/$%!/*!%#!3/+!)%0%)%/-'+!#+1)+,+!+!&+!/+$3)+&%=+!#'/*!3/!
'/$%)##!.+$%)'+&!5*)!%&!.%,'*!+.('%/$%!-*.*!"3%/$%!9!-*/,'-'6/!5+)+!%&!#3#$%/$*M!/*!$+/$*!
3/+!5)%*-35+-'6/!5*)!&*#!,%)%-8*#!,%!&+#!,%..#!%#5%-'%#!9!&+#!1%/%)+-'*/%#!"3$3)+#!
83.+/+#!#'/*!5*)!&*#!83.+/*#!!5*()%#!,%!8*9<!%*!-3%/$+!-*/!&*#!.'#.*#!"3/,+.%/$*#!
#$'-*#!>/'!%#$#$'-*#!!,%&!-3&$*!5*)!&*!#'&0%#$)%<!73!#$'-+!/+-%!,%!3/+!,%.+/,+!,%!$3#$'-'+!
#*-'+&!-*/$%.5*)./%+!%/$)%!83.+/*#<! */#',%)*!%#$*!+!&+!0%=!-*.*!3/+!"+-$*)!5*#'$'0*!9!
-*.*!3/+!,%('&',+,<!!
!
"#$+!$%)-%)+!-*))'%/$%!#%<+&+!73%!.3-8+#!0%-%#!&*#!1)35*#!'/,)1%/+#!9!-+.5%#'/*#!8+/!!
-*-%0*&3-'*/+,*!#3#$%/$+(&%.%/$%!-*/!&+!/+$3)+&%=+<!>+/!+#%13)+,*!&+!-*/#%)0+-'6/!,%!
&+!('*,'0%)#',+,<!4+#!*)1+/'=+-'*/%#!73%!)%5)%#%/$+/!1)35*#!,%!-+.5%#'/*#!.3%#$)+/!3/!
-)%-'%/$%!*)13&&*!+1)*-%-*&61'-*!5*)!#3#!-*.5&%$*#!#'#$%.+#!+1))-*&+#!9!0+)'%,+,%#!,%!
#%.'&&+#<!%*!%#!3/!*)13&&*!.%)+.%/$%!)%$)*#5%-$'0*2!8*9!%/!,)+!%4'#$%/!.3-8*#!'/0%/$*)%#!
%!'//*0+,*)%#2!-*.*!&*!8+!,%.*#$)+,*!>*/%9!6%%!%%$L*)C!%/!;/,'+!>/35$+2!011B!<!"&!
,%(+$%!'/'-'+,*!5*)!&+!9)1+/'=+-'6/!,%!%%55!5+)+!&+!&&'.%/$+-'6/!9!&+!&1)'-3&$3)+!>I&9!!
#*()%!&*#!&&+.+,*#!+,%)%-8*#!,%!&*#!+1)'-3&$*)%#,!+93,+!+!%#$+!$%/,%/-'+2!'.53&#+,+!5*)!
! 4!
9%/!1&*(+&%#!-*.*!"8 /)*35!>+/$%)'*).%/$%!;&I;!!9!/;&;%!>/%/%$'-!;%#*3)-%#!&-$'*/!
;/$%)/+$'*/+&!<!?'%/$)+#!&+#!%.5)%#+#!73).'-+#!9!,%!#%.'&&+#!%4'1%/!73%!#%!&%#!5+13%!5*)!
#3#!#%.'&&+#!.%$*)+,+#!9!#3#!5&+13'-',+#!9!,%.+/,+/!73%!#%!)%#5%$%/!#3#!,%)%-8*#!,%!
5)*5'%,+,!'/$%&%-$3+&!+!$)+0##!,%!&*#!+-3%),*#!-*.%)-'+&%#2!*-3))%!73%!%&!-*/*-'.'%/$*!
$)+,'-'*/+&!#*()%!#%.'&&+#2!5&+13'-',+#!9!8'%)(+#!.%,'-'/+&%#!8+!#',*!%45&*$+,*!1)+$'#!#'/!
)%-*/*-'.'%/$*<!"#$*!#%!&&+.+!+('*-5')+$%))+,!>0%)!%&!-+5)$3&*!B!5+)+!3/+!,'#-3#'6/!
,%$+&&+,+!<!
!
"&!.*0'.'%/$*!%/!"#$+,*#!5/',*#!5*)!&+!=3#$'-'+!&.('%/$+&!%#!3/!.*0'.'%/$*!#*-'+&!
*)1+/'=+,*!-*/$)+!-+#*#!&*-+&%#!,%!+)+-'#.*!+.('%/$+&,!>0%)!-+5)$3&*!E!<!8'%/%!"3%)$%#!
0)/-3&*#!-*/!%&!.*0'.'%/$*!,%!,%)%-8*#!-'0'&%#!,%!?+)$'/!43$8%)!J'/1!,%!&*#!+<*#!01B3<!
7%!53%,%!,%-')!73%2!+3/!..#!73%!%&!-3&$*!+!&*!#'&0%#$)%2!%#$%!.*0'.'%/$*!5*)!&+!$3#$'-'+!
+.('%/$+&!%#!3/!5)*,3-$*!,%!&+!.%/$+&',+,!%#$+,*3/',%/#%2!%/!-3+/$*!##$+!%#$.!
*(#%#'*/+,+!5*)!%&!)+-'#.*!9!+/$'-)+-'#.*<!?3-8*#!!5)*9%-$*#!&*-+&%#!%/!&*#!-%/$)*#!,%!
&+#!-'3,+,%#!9!.)%+#!'/,3#$)'+&%#!%/!0+)'+#!5+)$%#!,%&!5+)#!8+/!&&+.+,*!&+!+$%/-'6/!#*()%!
&+!-*/$+.'/+-'6/!,%&!+')%2!&+!5'/$3)+!-*/!5&*.*2!&+#!%#$+-'*/%#!,%!$)+/#"%)%/-'+!,%!&+!
(+#3)+!.3/'-'5+&2!&*#!,%#%-8*#!$64'-*#!9!*$)*#!5%&'1)*#!+.('%/$+&%#!73%!#%!-*/-%/$)+/!%/!
(+))'*#!5*()%#!9!,%!.'/*))+#!)+-'+&%#!>:3),92!2333*!B!<!>+#$+!.39!)%-'%/$%.%/$%2!&+!
=3#$'-'+!&.('%/$+&!-*.*!.*0'.'%/$*!*)1+/'=+,*!8+!%#$+,*!&'.'$+,*!+!#3!5+)#!,%!*)'1%/2!
.'%/$)+#!%&!%-*&*1'#.*!5*53&+)!*!%-*&*1'#.*!,%!&*#!5*()%#!#*/!/*.()%#!+5&'-+,*#!+!&*#!
.3-8*#!.*0'.'%/$*#!,%&!8%)-%)!?3/,*!73%!&3-8+/!-*/$)+!&*#!'.5+-$*#!+.('%/$+&%#!73%!
+.%/+=+/!+!&*#!5*()%#2!73%!-*/"*).+/!&+!.+9*))+!,%!&+!5*(&+-'6/!%/!.3-8*#!5+)#%#<!
"#$*#!'/-&39%/!.*0'.'%/$*#!,%!-+.5%#'/*#!-39*#!-+.5*#!*!$'%))+#!,%!5+#$*#!8+/!#',*!
,%#$)3',*#!5*)!.'/+#!*!-+/$%)+#2!.*0'.'%/$*#!,%!5%#-+,*)%#!+)$%#+/+&%#!-*/$)+!&*#!
.*,%)/*#!(+)-*#!!,%!+&$+!$%-/*&*1)+!3!*$)+#!"*).+#!,%!5%#-+!'/,3#$)'+&!>J3)'%/2!01122!
?-/)+$8!%$!+&<2!011G!!73%!,%#$)39%/!#3!#3#$%/$*!+&!.'#.*!$'%.5*!73%!+1*$+/!&+#!
5%#73%))+#2!9!!.*0'.'%/$*#!-*/$)+!.'/+#!*!".()'-+#!5*)!5+)$%!,%!-*.3/',+,%#!+"%-$+,+#!
5*)!&+!-*/$+.'/+-'6/!,%&!+')%!*!73%!0'0%/!))*!+(+$*<!"#$+!$%)-%)+!-*))'%/$%!)%-'(%!+5*9*!,%!
&+!+1)*-%-*&*1)+2!&+!%$/*-%-*&*1)+2!&+!%-*&*1)+!5*&)$'-+2!9!%/!+&13/+!.%,',+!,%!&+!%-*&*1)+!
3)(+/+!9!&+!%-*/*.)+!%-*&61'-+<!8+.('#/!8+!#',*!+5*9+,+!5*)!+&13/*#!#*-'6&*1*#!
+.('%/$+&%#<!!
!
"#$+!$%)-%)+!-*))'%/$%!%#$.!-)%-'%/,*!+!/'0%&!.3/,'+&!5*)!&*#!'/%0'$+(&%#!-*/"&'-$*#!
%-*&61'-*#!,'#$)'(3$'0*#<!&&!'/-)%.%/$+)#%!&+!%#-+&+!,%!&+!%-*/*.)+2!#%!5)*,3-%/!..#!
,%#%-8*#2!#%!,+<+/!&*#!#'#$%.+#!/+$3)+&%#2!#%!.%/*#-+(+/!&*#!,%)%-8*#!,%!&+#!"3$3)+#!
1%/%)+-'*/%#2!#%!5'%),%!%&!-*/*-'.'%/$*!,%!&*#!)%-3)#*#!1%/#$'-*#2!+&13/*#!1)35*#!,%!&+!
1%/%)+-'6/!+-$3+&!#*/!5)'0+,*#!,%&!+--%#*!+!)%-3)#*#!9!#%)0'-'*#!+.('%/$+&%#!9!#3")%/!
3/+!-+/$',+,!,%#5)*5*)-'*/+,+!,%!-*/$+.'/+-'6/<!4+#!/3%0+#!$%-/*&*1)+#!53%,%/!$+&!0%=!
)%,3-')!&+!'/$%/#',+,!%/%)1#$'-+!9!.+$%)'+&!,%!&+!%-*/*.)+2!5%)*!#6&*!,%#53##!,%!73%!#%!
8+9+!-+3#+,*!.3-8*!,+<*2!9!,%!8%-8*!53%,%/!,%#%/-+,%/+)!%&!!@%"%-$*!=%0*/#A<!
&,%..#2!&+#!/3%0+#!$%-/*&*1)+#!.3-8+#!0%-%#!'.5&'-+/!+#*)5)%#+#,!>+/+&'=+,+#!%/!%&!
#'13'%/$%!-+5)$3&*!(+$*!&+!!)(()'-+!,%!+-'%/-'+!5*#$!/*).+&,!<!&#)!53%#2!&+#!/3%0+#!
$%-/*&*1)+#!/*!/%-%#+)'+.%/$%!)%5)%#%/$+/!3/+!#*&3-'6/!,%&!-*/"&'-$*!!%/$)%!&+!%-*/*.)+!
9!%&!.%,'*!+.('%/$%<!:*)!%&!-*/$)+)'*2!&*#!5%&'1)*#!,%#-*/*-',*#!,%!&+#!/3%0+#!$%-/*&*1)+#!
.3-8+#!0%-%#!'/-)%.%/$+/!&*#!-*/"&'-$*#!,%!$3#$'-'+!+.('%/$+&<!:*)!%$%.5&*2!#*()%!&+!
3('-+-'6/!,%!'/-'/%)+,*)+#!73%!53%,%/!5)*,3-')!,'*4'/+#2!&+!3('-+-'6/!,%!#'$'*#!5+)+!&+!
,'#5*#'-'6/!,%!,%#%-8*#!/3-&%+)%#2!*!%&!3#*!,%!&+#!#%.'&&+#!$)+/#1#/'-+#<!"&!.*0'.'%/$*!
5*)!&+!$3#$'-'+!+.('%/$+&!8+!,+,*!%$%.5&*#!,%!-'%/-'+!5+)$'-'5+$'0+2!(+$*!%&!/*.()%!,%!
+%5',%.'*&*1)+!5*53&+),<!"/!%&!8%)-%)!?3/,*2!&+!-*.('/+-'6/!,%!&+!-'%/-'+!"*).+&!9!&+!
'/"*).+&2!&+!',%+!,%!+&+!-'%/-'+!-*/!&+!1%/$%,!+/$%#!73%!+&+!-'%/-'+!#'/!&+!1%/$%,!*!'/-&3#*!+&+!
-'%/-'+!5+)+!&+!1%/$%,2!-+)+-$%)'=+!+!&+!,%"%/#+!,%!&+!+1)*-%-*&*1)+!$)+,'-'*/+&!,%!&*#!
! "1!
1)35*#!-+.5%#'/*#!%!'/,)1%/+#2!,%!&*#!-3+&%#!8+9!.3-8*!73%!+5)%/,%)!%/!3/!0%),+,%)*!
,'.&*1*!,%!#+(%)%#<!!
!
"&!.*0'.'%/$*!5*)!&+!$3#$'-'+!+.('%/$+&!!,%!"#$+,*#!5/',*#!$*.6!-*/-'%/-'+!,%!#)!.'#.*!+!
'/'-'*#!,%!&*#!+<*#!01E3<!73!+8'#$*)'+!*"'-'+&,!-*&*-+!#3!5)'.%)+!+5+)'-'6/!%/!01E22!9!&*#!
5)'.%)*#!,'#-3)#*#!+-+,#.'-*#!+!'/'-'*#!,%!&*#!+<*#!0113<!4+!/*-'6/!,%!3/!%-*&*1'#.*!
,%!&*#!5*()%#!$+.('#/!-3%/$+!-*/!3/+!8'#$*)'+!,%!23!+<*#<!;+.+-8+/,)+!/38+!',%/$'"'-6!
+!&+#!,*#!5)'/-'5+&%#!-*))'%/$%#!+.('%/$+&%#!-*.*!:&*(),1)..#%5&1&&1=!>&*!73%!+8*)+!
&&+.+.*#!+%&!-3&$*!+!&*!#'&0%#$)%,!!9!.'&)1%&4&'#&1(/.%,&"*&.%2!73%!+8*)+!&&+.+.*#!+%&!-)%,*!,%!
&+!%-*-%"'-'%/-'+,2!+&+!.*,%)/'=+-'6/!%-*&61'-+,2!+%&!,%#+))*&&*!#*#$%/'(&%,<!4+!$%)-%)+!
-*))'%/$%!"3%!',%/$'"'-+,+!+!5+)$')!,%!01EH!-*.*!%&!++1)+)'#.*!%-*&*1'#$+,!>/38+!9!
?+)$)/%=-&&'%)2!011?*!-+5!O!2!5+)%-',*!+&!+/+)*,/'#.*!%-*&61'-*,!>?+)$)/%=-&&'%)!9!
7-8&35.+//2!01E?!2!'.5&'-+/,*!3/!0)/-3&*!%/$)%!&*#!.*0'.'%/$*#!-+.5%#'/*#!,%!
)%#'#$%/-'+!!9!&+!-))$'-+!%-*&61'-+!5+)+!%/")%/$+)#%!$+/$*!+!&+!.*,%)/'=+-'6/!+1))-*&+!-*.*!
+!&+!#'&0'-3&$3)+!@-'%/$)"'-+,!>0#+#%!&+!8'#$*)'+!,%&!.*0'.'%/$*! 8'5C**!/38+2!01E12!%,<!)%0<!
2333!<!
!
"/!01EE!.'!+.'1*!%&!8'#$*)'+,*)!5%)3+/*!&&(%)$*!I&*)%#!/+&'/,*2!73'%/!$%/)+!
5%)#*/+&.%/$%!3/!1)+/!'/$%)##!5*)!&*#!%+)*,/'C'!,%&!#'1&*!N;N!9!5)'/-'5'*#!,%&!NN!,%!
"3)*5+!,%&!"#$%!9!;3#'+2!#%!73%$6!,%!73%!&+!%45)%#'6/!+%-*-/+)*,/'#.*,!,%.+/,+(+!3/!
-*/*-'.'%/$*!8'#$6)'-*!73%!/*!%#$+(+!+!,'#5*#'-'6/!,%&!5((&'-*!%/!1%/%)+&2!9!#31')'6!!73%!
#%!3$'&'-%!%/!#3!&31+)!&+!%45)%#'6/!+%&!%-*&*1'#.*!,%!&*#!5*()%#,<!4+!)%0'#$+!6"%'&22!,%!
4'.+2!53(&'-6!%/!%/%)*!,%!01E1!3/+!&+)1+!%/$)%0'#$+!-*/.'1*2!(+$*!%&!$)$3&*!+"&!"-*&*1'#.*!
,%!&*#!:*()%#,<B! */!%&!+3#5'-'*!,%&!?2'&"*#?'&)1').# ).)",'5#62/1'&*!>%3%0+!K*)C!2!
"3%)*/!*)1+/'=+,+#!$)%#!)%3/'*/%#!'/$%)/+-'*/+&%#!5*)!;+.+-8+/,)+!/38+!9!9*!.'#.*!+!
'/'-'*#!,%!&*#!+<*#!0113!#*()%!&+#!,'0%)#+#!0+)'%,+,%#!,%&!+.('%/$+&'#.*!9!%&!%-*&*1'#.*!
,%!&*#!5*()%#!>?+)$)/%=F&&'%)!9!>%)#8(%)12!0112!<!! *.*!#%!%45&'-+!%/!%&!-+5)$3&*!O2!
.3-8+!'/0%#$'1+-'6/!,%!%-*&*1)+!5*&)$'-+!#%!,')'1'6!,3)+/$%!&*#!+<*#!0113!8+-'+!%#$+!
-*))'%/$%<!!
!
4+!-*/0%)1%/-'+!%/$)%!&+!/*-'6/!)3)+&!$%)-%).3/,'#$+!,%&!%-*&*1'#.*!,%!&*#!5*()%#!9!&+!
/*-'6/!3)(+/+!,%!&+!$3#$'-'+!+.('%/$+&!-*.*!%#!3$'&'=+,+!%/!"#$+,*#!5/',*#2!"3%!#31%)',+!
5*)!/38+!9!?+)$)/%=F&&'%)!>011?*!-+5#<!0!9!2!<!5/+!,%!&+#!$+)%+#!,%&!5)%#%/$%!&'()*!%#!
5)%-'#+.%/$%!-*.5+)+)!%&!.*0'.'%/$*!5*)!&+!$3#$'-'+!+.('%/$+&!%/!"#$+,*#!5/',*#!-*/!%&!
%-*&*1'#.*!,%!&*#!5*()%#2!..#!,'"3#*!9!..#!%4$%/,',*!+!/'0%&!.3/,'+&2!5+)+!.*#$)+)!73%!
#%!53%,%/!!%/$%/,%)!-*.*!3/+!#*&+!-*))'%/$%<!"/!"#$+,*#!5/',*#2!3/!&'()*!#*()%!%&!
.*0'.'%/$*!5+)+!&+!$3#$'-'+!+.('%/$+&2!5*,))+!".-'&.%/$%!#%)!$'$3&+,*!*!#3($'$3&+,*!+"&!
%-*&*1'#.*!,%!&*#!5*()%#!9!&+#!.'/*))+#,2!5*)73%!%#$%!.*0'.'%/$*!&3-8+!5*)!&*#!1)35*#!
.'/*)'$+)'*#!9!-*/$)+!%&!)+-'#.*!+.('%/$+&!%/!"#$+,*#!5/',*#2!.'%/$)+#!73%!%&!5)%#%/$%!
&'()*!#%!5)%*-35+!,%!&+!%"<2,("!,%!&+!83.+/',+,2!,%!+73%&&*#!73%!*-35+/!)%&+$'0+.%/$%!
5*-*!%#5+-'*!+.('%/$+&2!73%!8+/!.+/%$+,*!#'#$%.+#!+1))-*&+#!9!+1)*"*)%#$+&%#!
#3#$%/$+(&%#2!73%!+5)*0%-8+/!5)3,%/$%.%/$%!&*#!,%56#'$*#!$%.5*)+&%#!9!#3.',%)*#!,%!
-+)(*/*2!-39*!#3#$%/$*!%#$.!+.%/+=+,*!5*)!.'/+#2!5*=*#!5%$)*&%)*#2!)%5)%#+#2!
,%"*)%#$+-'6/!9!5&+/$+-'*/%#!"*)%#$+&%#!5+$+!+&'.%/$+)!%&!-)%-'%/$%!3#*!,%!%/%)1)+!9!
.+$%)'+&%#!,%/$)*!*!"3%)+!,%!#3#!5)*5'*#!5+)#%#<!Q 6.*!'/0%#$'1+)!+-%)-+!,%!&*#!.'&%#!,%!
-*/"&'-$*#!%-*&61'-*#!,'#$)'(3$'0*#!&*-+&%#2!73%!.3-8+#!0%-%#!/'!#%!)%5*)$+/!%/!&*#!
5%)'6,'-*#!)%1'*/+&%#2!9!73%!+(/!/*!8+/!#',*!*!/3/-+!"3%)*/!+#3.',*#!-*.*!5)*5'*#!5*)!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
.!8=*!&,-*-9+1"-!:&!*-1! -7'&1<!) )'&,+*!&2!*-1!*+7'-1!:&!()'.+2&07/*+&'!3"44#6?!$):9+*!/!$%#)!3"44-8,) !,6!/!$%#)!/!()'.&2&07/*+&'!3"4428!,) !"6+!3'-7)7*&"&2.&?!1&!
%1*! -'! '+"&')!;&0!&2!+29*61!!3&*!&9%+;)*&2.&!),):6"+,-
!:&!%2! &'"+1-!:&!.')7):-! )')!%2!!"#!$%"%&'(!6!&2!()'.&2&07/*+&'!
3"44"6+!
! ""!
1)35*#!+.('%/$+&'#$+#!&*-+&%#!9!5*)!)%,%#!+.('%/$+&%#!'/$%)/+-'*/+&%#R!Q"/!73#!+)-8'0*#!
%/-*/$)+)./!&*#!8'#$*)'+,*)%#!&*#!.+$%)'+&%#!5+)+!)%-*/#$)3')!&+!8'#$*)'+!,%!(+#%!,%&!
%-*&*1'#.*!,%!&*#!5*()%#R!!
!
4*!73%!#*/!&+#!.'/*))+#!9!&+#!.+9*))+#!,%5%/,%!,%&!-*/$%4$*<!"#$+,*#!5/',*#!-3%/$+!-*/!
3/+!5*(&+-'6/!-)%-'%/$%!73%!)%5)%#%/$+!.%/*#!,%&!-'/-*!5*)!-'%/$*!,%!&+!5*(&+-'6/!
.3/,'+&<!'%!&+!5*(&+-'6/!,%!"#$+,*#!5/',*#2!&+#!+.'/*))+#,!-*/"*).+/!+5)*4'.+,+.%/$%!
&+!$%)-%)+!5+)$%<!!&!/'0%&!.3/,'+&2!&+!.+9*))+!,%!&*#!5+)#%#!73%!%/!#3!-*/$3/$*!-*/"*).+/!
&+!.+9*))+!,%!&+!83.+/',+,2!-3%/$+/!-*/!5*(&+-'*/%#!73%!%/!%&!-*/$%4$*!,%!"#$+,*#!
5/',*#!#%!-&+#'"'-+))+/!-*.*!.'/*))+#<!"&!.*0'.'%/$*! 8'5C*2!*!&+!&3-8+!,%! 8'-*!?%/,%#!
%/!&*#!+<*#!01?3!9!01E3!%)+/!-*/"&'-$*#!5*)!&+!$3#$'-'+!+.('%/$+&2!5%)*!/*!%#!/%-%#+)'*!/'!
($'&!'/$%)5)%$+)&*#!%/!$#).'/*#!,%!)+-'#.*!+.('%/$+&<!"&!.*0'.'%/$*!5*)!&+!$3#$'-'+!
+.('%/$+&!%#!5*$%/-'+&.%/$%!,%!1)+/!'.5*)$+/-'+2!#'%.5)%!9!-3+/,*!+5)%/,+!+!8+(&+)!+!
/*.()%!/*!#6&*!,%!&+#!.'/*))+#!,%/$)*!,%!"#$+,*#!5/',*#!#'/*!,%!&+#!.+9*))+#!"3%)+!,%!
"#$+,*#!5/',*#!>73%!/*!#'%.5)%!#%!,%"'/%/!%/!$#).'/*#!)+-'+&%#!!9!73%!#%!'/0*&3-)%!%/!
+#3/$*#!-*.*!&+!('*-5')+$%))+9!('*-#%13)',+,!9!%&!-+.('*!-&'..$'-*2!..#!+&&.!,%!&*#!
5)*(&%.+#!&*-+&%#!,%!-*/$+.'/+-'6/<!4*!73%!%&!.*0'.'%/$*!,%!&+!$3#$'-'+!+.('%/$+&!8%)%,+!
,%&!.*0'.'%/$*!5*)!&*#!,%)%-8*#!-'0'&%#!%/!"#$+,*#!5/',*#!$+.('#/!$'%/%!0+&*)!+!/'0%&!
.3/,'+&!,%(',*!+!#3#!-*/$)'(3-'*/%#!+!"*).+#!1+/,8'+/+#!,%!&3-8+!/*!0'*&%/$+<!!
!
:*)!&*!$+/$*2!%/!)%#3.%/2!%4'#$%/!$)%#!-*))'%/$%#!,%!5)%*-35+-'6/!9!+-$'0'#.*!+.('%/$+&%#*!
!
•! %&!+-3&$*!+!&*!#'&0%#$)%,2!5)%*-35+,*!5*)!&+!5)%#%)0+-'6/!,%!&+!%+$3)+&%=+!
#'&0%#$)%!5%)*!#'/!,%-')!/+,+!#*()%!&+!'/,3#$)'+!*!&+!3)(+/'=+-'6/2!'/,'"%)%/$%!3!
*53%#$*!+&!-)%-'.'%/$*!%-*/6.'-*2!.39!5)%*-35+,*!5*)!%&!-)%-'.'%/$*!
5*(&+-'*/+&2!)%#5+&,+,*!-'%/$)"'-+.%/$%!5*)!&+!('*&*1)+!,%!&+!-*/#%)0+-'6/<!
•! %&!+%0+/1%&'*!,%!&+!%-*-%"'-'%/-'+,2!5)%*-35+,*!5*)!%&!.+/%$*!#3#$%/$+(&%!*!+3#*!
5)3,%/$%,!,%!&*#!)%-3)#*#!/+$3)+&%#!9!5*)!%&!-*/$)*&!,%!&+!-*/$+.'/+-'6/!/*!#6&*!
%/!-*/$%4$*#!'/,3#$)'+&%#!#'/*!%/!&+!+1)'-3&$3)+2!&+!5%#-+!9!&+!#'&0'-3&$3)+2!
,%#-+/#+/,*!%/!&+!-)%%/-'+!,%!73%!&+#!/3%0+#!$%-/*&*1)+#!9!&+!+'/$%)/+&'=+-'6/!
,%!&+#!%4$%)/+&',+,%#,!#*/!'/#$)3.%/$*#!,%-'#'0*#!,%!&+!.*,%)/'=+-'6/!
%-*&61'-+<!"#$.!)%#5+&,+,*!5*)!&+!%-*&*1)+!'/,3#$)'+&!9!&+!%-*/*.)+!+.('%/$+&<!!
•! "&!.*0'.'%/$*!5*)!&+!$3#$'-'+!+.('%/$+&2!%&!%-*&*1'#.*!5*53&+)2!%&!%-*&*1'#.*!
,%!&*#!5*()%#2!/+-',*#!,%!&*#!-*/"&'-$*#!+.('%/$+&%#!,'#$)'(3$'0*#!+!/'0%&!&*-+&2!
)%1'*/+&2!/+-'*/+&!9!1&*(+&!-+3#+,*#!5*)!%&!-)%-'.'%/$*!%-*/6.'-*!9!&+!
,%#'13+&,+,!#*-'+&<!!"$%.5&*#!#*/!&*#!-*/"&'-$*#!5*)!%&!3#*!,%&!+13+2!%&!+--%#*!
+!&*#!(*#73%#2!#*()%!&+#!-+)1+#!,%!-*/$+.'/+-'6/!9!%&!-*.%)-'*!
%-*&61'-+.%/$%!,%#'13+&2!73%!%#$./!#'%/,*!%#$3,'+,*#!5*)!&+!%-*&*1)+!5*&)$'-+<!
4*#!+-$*)%#!,%!$+&%#!-*/"&'-$*#!.3-8+#!0%-%#!/*!3$'&'=+/!3/!&%/13+$%!+.('%/$+&2!
9!%#$+!%#!3/+!,%!&+#!)+=*/%#!5*)!&+!-3+&!%#$+!+/$'13+!$%)-%)+!-*))'%/$%!,%&!
%-*&*1'#.*!/*!#%!',%/$'"'-6!8+#$+!&*#!+<*#!01E3<!"#$%!&'()*!+/+&'=+!'/$3#$'-'+#!
+.('%/$+&%#!,%!8+-%!3/!#'1&*2!9!$+.('#/!,%!8+-%!+5%/+#!5*-*#!.%#%#<!!
!
>+9!53/$*#!,%!-*/$+-$*!9!53/$*#!,%!,%#+-3%),*!%/$)%!%#$*#!$)%#!$'5*#!,%!+.('%/$+&'#.*<!!
%*$+.*#!73%!3/+!#*&+!*)1+/'=+-'6/!53%,%!5%)$%/%-%)!+!..#!,%!3/*<!;/-&3#*!%&!7'%))+!
&3(!8+!53(&'-+,*!&'()*#!#*()%!$3#$'-'+!+.('%/$+&2!+3/73%!8+!$)+(+$+,*!#*()%!$*,*!%/!&+!
-*/#%)0+-'6/!,%!&+!%+$3)+&%=+<!/)%%/5%+-%!#%!"3/,6!8+-%!G3!+<*#!-*.*!*)1+/'=+-'6/!
5)%*-35+,+!5*)!&+#!5)3%(+#!/3-&%+)%#!.'&'$+)%#2!9!$+.('#/!5*)!&+!5)%#%)0+-'6/!,%!3/+#!
%#5%-'%#!,%!(+&&%/+#!%/!5%&'1)*!,%!%4$'/-'6/<!>+!5+)$'-'5+,*!$+.('#/!%/!-*/"&'-$*#!,%!
$3#$'-'+!+.('%/$+&<!830*!3/!1)+/!5+5%&!%/!%&! */0%/'*!,%!6+#'&%+!73%!5)*8'(%!&+!
%45*)$+-'6/!,%!,%#%-8*#!$64'-*#!+!&")'-+!9!*$)*#!&31+)%#<!>+!)%#5+&,+,*!9!-+5+-'$+,*!+!
! "#!
-*.3/',+,%#!3)(+/+#!5*()%#!%/!#3!&3-8+!-*/$)+!%&!)'%#1*!,%!&+#!,'*4'/+#!5)*0%/'%/$%#!,%!
&+#!'/-'/%)+,*)+#<!>+!+5*9+,*!+!&+#!-*.3/',+,%#!,%&!.+/1&+)!%/!#3!&3-8+!-*/$)+!&+!
'/,3#$)'+!-+.+)*/%)+<!&!0%-%#!/)%%/5%+-%!$+.('#/!8+!$31+,*!%&!)*&!,%!5)*.*-'*/+)!&+!
%-*-%"'-'%/-'+2!5*)!%$%.5&*!+&!)%-*.%/,+)!3/+!/%0%)+!!%/!&&%.+/'+!73%!/*!#6&*!/*!3$'&'=+!
I #!#'/*!73%!%#!%"'-'%/$%!%/!%&!3#*!,%!%/%)1)+<!5/+!-*#+!3/%!+!$*,*#!&*#!+.('%/$+&'#$+#<!
"4'#$%!3/!5*,%)*#*!*2''<!+/$'!+.('%/$+&2!$+&!0%=!..#!"3%)$%!%/!%&!73)!73%!%/!%&!%*)$%<!"/!
%&!73)2!&*#!+.('%/$+&'#$+#!#*/!+$+-+,*#!.3-8+#!0%-%#!5*)!&*#!%.5)%#+)'*#!9!5*)!%&!
1*('%)/*!>9!5*)!&*#!)%.+/%/$%#!,%!&+!0'%$+!'=73'%),+!!-*.*!#'%)0*#!,%!%4$)+/$%)*#!73%!
(3#-+/!5+)+)!%&!,%#+))*&&*!%-*/6.'-*<!"/!&+!;/,'+2!&*#!+-$'0'#$+#!+/$'-/3-&%+)%#!#*/!
-*/#',%)+,*#!-*/$)+)'*#!+!&+!5+$)'+!9!+&!,%#+))*&&*<!"/!&+!&)1%/$'/+2!&*#!%#-+#*#!+-$'0'#$+#!
+/$'-$)+/#1#/'-*#!$+.('#/!8+/!#',*!-*/#',%)+,*#!$)+',*)%#!+!&+!5+$)'+!5*)!&*#!%45*)$+,*)%#!
+1))-*&+#<!!
!
!
!
!
!
! "$!