You are on page 1of 41

FAO Fisheries and Aquaculture Circular No. 1034! FIMA/C1034 (En)!

ISSN 2070-6065

A REVIEW ON CULTURE, PRODUCTION AND USE OF


SPIRULINA AS FOOD FOR HUMANS AND FEEDS FOR
DOMESTIC ANIMALS AND FISH
Copies of FAO publications can be requested from:
Sales and Marketing Group
Communication Division
FAO
Viale delle Terme di Caracalla
00153 Rome, Italy
E-mail: publications-sales@fao.org
Fax: (+39) 06 57053360
Web site: http://www.fao.org
FAO Fisheries and Aquaculture Circular No. 1034! FIMA/C1034 (En)!

A REVIEW ON CULTURE, PRODUCTION AND USE OF


SPIRULINA AS FOOD FOR HUMANS AND FEEDS FOR
DOMESTIC ANIMALS AND FISH

by
M. Ahsan B. Habib
Mashuda Parvin
Department of Aquaculture
Bangladesh Agricultural University
Mymensingh, Bangladesh

Tim C. Huntington
FAO Consultant

Mohammad R. Hasan
Aquaculture Management and Conservation Service
FAO Fisheries and Aquaculture Department
Rome, Italy

FOOD AND AGRICULTURE ORGANIZATION OF THE UNITED NATIONS


Rome, 2008
The designations employed and the presentation of material in this information
product do not imply the expression of any opinion whatsoever on the part
of the Food and Agriculture Organization of the United Nations (FAO) concerning the
legal or development status of any country, territory, city or area or of its authorities,
or concerning the delimitation of its frontiers or boundaries. The mention of specific
companies or products of manufacturers, whether or not these have been patented,
does not imply that these have been endorsed or recommended by FAO in preference to
others of a similar nature that are not mentioned.

The views expressed in this information product are those of the author(s) and do not
necessarily reflect the views of FAO.

ISBN 978-92-5-106106-0

All rights reserved. Reproduction and dissemination of material in this information


product for educational or other non-commercial purposes are authorized without
any prior written permission from the copyright holders provided the source is fully
acknowledged. Reproduction of material in this information product for resale or other
commercial purposes is prohibited without written permission of the copyright holders.
Applications for such permission should be addressed to:
Chief
Electronic Publishing Policy and Support Branch
Communication Division
FAO
Viale delle Terme di Caracalla, 00153 Rome, Italy
or by e-mail to:
copyright@fao.org

© FAO 2008
"#$"%#%&'()!(*!&+',!-(./0$)&!
"
#$%!&'" ()*" +!,(!*()" +*++!-&" -." ()*" /&!(*0" 12(!-&+" 3*&*%24" 5++*6748" 9:*;-&0" <-66!((**=" 5'*&02" !(*6"
>?@=" 2" %*A!+*0" 0%2.(" %*+-4$(!-&" -&" ()*" B!"#$ %&$ "'()*+(,-$ .%$ /%01-.$ 2*,3#)$ -,4$ 0-+,*.)(.(%,$ -,4$ 2#+'$
-/2(#5#$ "*".-(,-1+#$ 4#5#+%'0#,.C" D2+" +$76!((*0" 78" E$%$&0!=" <26*%--&=" #-6!&!;2&" F*G$74!;="
1!;2%2'$2"2&0"H2%2'$28I"5+"2".-44-D"$G"-."()!+"%*+-4$(!-&="J5K"D2+"%*L$*+(*0"(-"G%*G2%*"2"0%2.("G-+!(!-&"
G2G*%"-&"+G!%$4!&2"+-"2+"(-")2A*"2";4*2%*%"$&0*%+(2&0!&'"-&"!(+"$+*"2&0"(-";-&A*8"J5KM+"G-+!(!-&"-&"()!+I"
N)*" G%!62%8" -7O*;(!A*" -." ()!+" %*A!*D" !+" (-" 2++*++P*A24$2(*" ()*" *,!+(!&'" Q&-D4*0'*" -&" ()*" ;$4($%*="
G%-0$;(!-&" 2&0" $+*" -." +G!%$4!&2" .-%" )$62&" ;-&+$6G(!-&" 2&0" 2&!624" .**0+" 2&0" (-" G%*G2%*" ()*" 0%2.("
G-+!(!-&"G2G*%"-&"()*"$+*"-."+G!%$4!&2I""
"
N)*" %*A!*D" !+" G%!62%!48" 2" 0*+Q" +($08" 72+*0" -&" +*;-&02%8R+-$%;*+" -." !&.-%62(!-&P02(2" 0*%!A*0" .%-6"
G$74!+)*0" 4!(*%2($%*" 2&0" $&G$74!+)*0" %*G-%(+" 2&0" G%!62%8R+-$%;*+" -." 02(2P!&.-%62(!-&" ;-44*;(*0" ()%-$')"
+$!(274*";-&+$4(2(!-&+"D!()"()-+*"2++-;!2(*0"D!()";$4($%*PG%-0$;(!-&"2&0"$+*"-."+G!%$4!&2I""
"
N)*" 0-;$6*&(" D2+" G%*G2%*0" $&0*%" +$G*%A!+!-&" -." #%"S-)26620" FI" T2+2&=" J!+)*%8" F*+-$%;*+" K..!;*%"
95L$2;$4($%*@=" 5L$2;$4($%*" S2&2'*6*&(" 2&0" <-&+*%A2(!-&" :*%A!;*" 9JUS5@" -." ()*" J5K" J!+)*%!*+" 2&0"
5L$2;$4($%*" #*G2%(6*&(I" S%" V!2&+2&" V!2=" <)!*.=" JUS5" 2&0" #%" W2)+*&" 5727-$;)=" <)!*.=" J!+)" /(!4!X2(!-&"
2&0" S2%Q*(!&'" :*%A!;*" 9JUU/@" -." ()*" J5K" J!+)*%!*+" 2&0" 5L$2;$4($%*" #*G2%(6*&(" 2%*" 2;Q&-D4*0'*0" .-%"
()*!%";-66*&(+I"
""
"
"
"
"
"
"
"

!
!
!
!
!
!
!
!
!
!
!

! !!! !
%1,&#%.&!
:G!%$4!&2" 2%*" 6$4(!;*44$42%" 2&0" .!426*&(-$+" 74$*R'%**&" 6!;%-24'2*" 7*4-&'!&'" (-" (D-" +*G2%2(*" '*&*%2"
6'()*+(,-" 2&0" 7).2)%"'()-" 2&0" ;-&+!+(+" -." 27-$(" Y>" +G*;!*+I" K." ()*+*=" 7).2)%"'()-$ '+-.#,"("" !+" ()*" 6-+("
;-66-&" 2&0" D!0*48" 2A2!4274*" +G!%$4!&2" 2&0" 6-+(" -." ()*" G$74!+)*0" %*+*2%;)" 2&0" G$74!;" )*24()" 0*;!+!-&"
%*.*%+" (-" ()!+" +G*;!.!;" +G*;!*+I" U(" '%-D+" !&" D2(*%=" ;2&" 7*" )2%A*+(*0" 2&0" G%-;*++*0" *2+!48" 2&0" )2+"
+!'&!.!;2&(48" )!')" 62;%-R" 2&0" 6!;%-&$(%!*&(" ;-&(*&(+I" U&" 62&8" ;-$&(%!*+" -." 5.%!;2=" !(" !+" $+*0" 2+" )$62&"
.--0"2+"2&"!6G-%(2&("+-$%;*"-."G%-(*!&"2&0"!+";-44*;(*0".%-6"&2($%24"D2(*%="0%!*0"2&0"*2(*&I"U(")2+"'2!&*0"
;-&+!0*%274*" G-G$42%!(8" !&" ()*" )$62&" )*24()" .--0" !&0$+(%8" 2&0" !&" 62&8" ;-$&(%!*+" -." 5+!2" !(" !+" $+*0" 2+"
G%-(*!&" +$GG4*6*&(" 2&0" 2+" )$62&" )*24()" .--0I" :G!%$4!&2" )2+" 7**&" $+*0" 2+" 2" ;-6G4*6*&(2%8" 0!*(2%8"
!&'%*0!*&("-.".**0".-%"G-$4(%8"2&0"!&;%*2+!&'48"2+"2"G%-(*!&"2&0"A!(26!&"+$GG4*6*&("(-"2L$2.**0+I""
:G!%$4!&2" 2GG*2%+" (-" )2A*" ;-&+!0*%274*" G-(*&(!24" .-%" 0*A*4-G6*&(=" *+G*;!2448" 2+" 2" +6244R+;24*" ;%-G" .-%"
&$(%!(!-&24" *&)2&;*6*&(=" 4!A*4!)--0" 0*A*4-G6*&(" 2&0" *&A!%-&6*&(24" 6!(!'2(!-&I" J5K" .!+)*%!*+" +(2(!+(!;+"
9J!+):(2(@")!&("2("()*"'%-D!&'"!6G-%(2&;*"-."()!+"G%-0$;(I"H%-0$;(!-&"!&"<)!&2"D2+".!%+("%*;-%0*0"2("YZ"[\["
(-&&*+"!&"?[[]"2&0"%-+*"+)2%G48"(-"^Y">_["(-&&*+"!&"?[[^="D-%()"2%-$&0"/:`_Ia"6!44!-&+"2&0"/:`YaIa"
6!44!-&+="%*+G*;(!A*48I"T-D*A*%="()*%*"2%*"&-"2GG2%*&(".!'$%*+".-%"G%-0$;(!-&"!&"()*"%*+("-."()*"D-%40I"N)!+"
+$''*+(+"()2("0*+G!(*"()*"D!0*+G%*20"G$74!;!(8"27-$("+G!%$4!&2"2&0"!(+"7*&*.!(+="!(")2+"&-("8*("%*;*!A*0"()*"
+*%!-$+";-&+!0*%2(!-&"!("0*+*%A*+"2+"2"G-(*&(!2448"Q*8";%-G"!&";-2+(24"2&0"24Q24!&*"2%*2+"D)*%*"(%20!(!-&24"
2'%!;$4($%*"+(%$''4*+="*+G*;!2448"$&0*%"()*"!&;%*2+!&'"!&.4$*&;*"-."+24!&2(!-&"2&0"D2(*%"+)-%(2'*+I""
N)*%*"!+"()*%*.-%*"2"%-4*".-%"7-()"&2(!-&24"'-A*%&6*&(+"b"2+"D*44"2+"!&(*%'-A*%&6*&(24"-%'2&!X2(!-&+"b"(-"
%*R*A24$2(*"()*"G-(*&(!24"-."+G!%$4!&2"(-".$4.!44"7-()"()*!%"-D&".--0"+*;$%!(8"&**0+"2+"D*44"2+"2"(--4".-%"()*!%"
-A*%+*2+" 0*A*4-G6*&(" 2&0" *6*%'*&;8" %*+G-&+*" *..-%(+I" U&(*%&2(!-&24" -%'2&!X2(!-&9+@" D-%Q!&'" D!()"
+G!%$4!&2" +)-$40" ;-&+!0*%" G%*G2%!&'" 2" G%2;(!;24" '$!0*" (-" +6244R+;24*" +G!%$4!&2" G%-0$;(!-&" ()2(" ;-$40" 7*"
$+*0" 2+" 2" 72+!+" .-%" *,(*&+!-&" 2&0" 0*A*4-G6*&(" 6*()-0-4-'!*+I" N)!+" +6244R+;24*" G%-0$;(!-&" +)-$40" 7*"
-%!*&(2(*0" (-D2%0+c" 9!@" G%-A!0!&'" &$(%!(!-&24" +$GG4*6*&(+" .-%" D!0*+G%*20" $+*" !&" %$%24" 2&0" $%72&"
;-66$&!(!*+" D)*%*" ()*" +(2G4*" 0!*(" !+" G--%" -%" !&20*L$2(*d" 9!!@" 244-D!&'" 0!A*%+!.!;2(!-&" .%-6" (%20!(!-&24"
;%-G+" !&" ;2+*+" D)*%*" 42&0" -%" D2(*%" %*+-$%;*+" 2%*" 4!6!(*0d" 9!!!@" 2&" !&(*'%2(*0" +-4$(!-&" .-%" D2+(*" D2(*%"
(%*2(6*&(=" +6244R+;24*" 2L$2;$4($%*" G%-0$;(!-&" 2&0" -()*%" 4!A*+(-;Q" .**0" +$GG4*6*&(d" 2&0" 9!A@" 2+" 2" +)-%(R"
2&0" 6*0!$6R(*%6" +-4$(!-&" (-" *6*%'*&;8" +!($2(!-&+" D)*%*" 2" +$+(2!&274*" +$GG48" -." )!')" G%-(*!&P)!')"
A!(26!&".--0+($..+"!+"%*L$!%*0I""
5" +*;-&0" &**0" !+" 2" 7*((*%" 6-&!(-%!&'" -." '4-724" +G!%$4!&2" G%-0$;(!-&" 2&0" G%-0$;(" .4-D+I" N)*" ;$%%*&("
J!+):(2("*&(%8"D)!;)"-&48"!&;4$0*+"<)!&2"!+"-7A!-$+48"!&20*L$2(*"2&0"()*"%*2+-&"D)8"-()*%";-$&(%!*+"2%*"
&-(" !&;4$0*0" !&A*+(!'2(*0I" J$%()*%6-%*=" !(" D-$40" 7*" 7*&*.!;!24" !." G%-0$;(!-&" D2+" 0!+2''%*'2(*0" !&(-"
0!..*%*&(" +;24*+" -." 0*A*4-G6*&(=" *I'I" !&(*&+!A*=" +*6!R!&(*&+!A*" 2&0" *,(*&+!A*I" N)!+" D-$40" 244-D" 2" 7*((*%"
$&0*%+(2&0!&'" -." ()*" 0!..*%*&(" G2%(!;!G2&(+" !&A-4A*0" 2&0" 2++!+(" *..-%(+" (-" ;-67!&*" *,G*%!*&;*" 2&0"
Q&-D4*0'*".-%"7-()"()*".$%()*%"0*A*4-G6*&("-."+G!%$4!&2"G%-0$;(!-&"(*;)&-4-'!*+"2&0"()*!%"%*G4!;2(!-&"!&"
()*" .!*40I" 5" ()!%0" &**0" !+" (-" 0*A*4-G" ;4*2%" '$!0*4!&*+" -&" .--0" +2.*(8" 2+G*;(+" -." +G!%$4!&2" +-" ()2(" )$62&"
)*24()"%!+Q+";2&"7*"62&2'*0"0$%!&'"G%-0$;(!-&"2&0"G%-;*++!&'I"J!&2448="!("D-$40"7*"$+*.$4"(-")2A*"+-6*"
.-%6"-."D*7R72+*0"%*+-$%;*"()2("244-D+"()*";-6G!42(!-&"-."+;!*&(!.!;2448"%-7$+("!&.-%62(!-&"2&0"+(2(!+(!;+"
.-%" G$74!;" 2;;*++I" N)*%*" 2%*" 24%*208" 2" &$67*%" -." +G!%$4!&2R%*42(*0" D*7+!(*+" 9*I'I" DDDI+G!%$4!&2I;-6="
DDDI+G!%$4!&2+-$%;*I;-6@"b"D)!4+("$+*.$4"%*+-$%;*+="()*8"42;Q"()*"!&0*G*&0*&("+;!*&(!.!;";%*0!7!4!(8"()2("
!+"%*L$!%*0I"
!
!
!
!
!
+23435!06%6167!"2894:5!067!+;:<4:=<>:5!&6.67!+2?2:5!06#6!
5"%*A!*D"-&";$4($%*="G%-0$;(!-&"2&0"$+*"-."+G!%$4!&2"2+".--0".-%")$62&+"2&0".**0+".-%"0-6*+(!;"2&!624+"
2&0".!+)I""
879$8("2#)(#"$-,4$7:*-/*+.*)#$;()/*+-)I"1-I"Y[]^I"F-6*="J5KI"?[[\I"]]GI"
!

! !!!! !
!
.()&$)&,!
@ ')&#(-/.&'()!%)-!,.("$ 6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666 @

A +',&(#'.%B!1%.CD#(/)-!()!&+$!/,$!(*!,"'#/B')%!%,!+/0%)!*((-!%)-!%)'0%B!
*$$- 66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666 A
?IY TU:NKFU<5W"/:e IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII ?
?I? Fe#U:<KfeFg"KJ":HUF/WU15 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII ?
E D$)$#%B!.+%#%.&$#',&'.,!(*!,"'#/B')%66666666666666666666666666666666666666666666666666666666666666666666666666666666 E
]IY SKFHTKWK3g"51#"N5hK1KSg IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII ]
]I? 15N/F5W"T5EUN5N=":K/F<e"51#"3FKiNT IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII ]
]I] EUK<TeSU<5W"<KSHK:UNUK1 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII ^
F ./B&'G%&'()!%)-!"#(-/.&'()!(*!,"'#/B')% 666666666666666666666666666666666666666666666666666666666666666666666 H
^IY 15N/F5W"HFK#/<NUK1 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII \
^I? W5EKF5NKFg"</WNUf5NUK1 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII \
^I] :S5WWR:<5We"<KSSeF<U5W"HFK#/<NUK1"KJ":HUF/WU15IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Y[
^I^ <KSSeF<U5W"51#"S5::"</WNUf5NUK1 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Y?
^I> eh5SHWe:"KJ"HFK#/<NUK1"5FK/1#"NTe"iKFW# IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Y>
^Ia T5Ffe:NU13"51#"HFK<e::U13IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Y_
I "#(-/.&,5!/,$,!%)-!1$)$*'&,!*(#!+/0%),5!*',+!%)-!(&+$#!%)'0%B,66666666666666666666666 @H
>IY :HUF/WU15"51#"UN:"/:e"Eg"T/S51: IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Y\
>I? JKK#":5JeNg"5:He<N:"FeW5Ne#"NK"T/S51"<K1:/SHNUK1"KJ":HUF/WU15 IIIIIIIIIIIIIIIIIIIIIIIIIII YZ
>I] :HUF/WU15"51#"53FU</WN/Fe IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII ?[
>I^ :HUF/WU15"51#"5j/5</WN/Fe IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII ?Y
>I> Fe<e1N"#efeWKHSe1N"51#"J/N/Fe"K/NWKKkIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII ??
>Ia HKNe1NU5W"/:e"5:"5"1/NFUNUK15W":/HHWeSe1N"U1"T/S51UN5FU51"eSeF3e1<Ue: IIIIIIIIIIIIIIIIIIIIIIIIIII ?^
J .().B/,'(),!%)-!#$.(00$)-%&'(), 666666666666666666666666666666666666666666666666666666666666666666666666666666 AJ
aIY <K1<W/:UK1: IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII ?a
aI? Fe<KSSe1#5NUK1: IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII ?a
K #$*$#$).$, 6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666 AH

H %""$)-'L!%M!%--'&'()%B!#$%-')D, 66666666666666666666666666666666666666666666666666666666666666666666666666666666666666 EE

')-$L!(*!&%1B$,5!*'D/#$,!%)-!1(L$,!
&%1B$,
N5EWe"Y"f5FUK/:"HFKhUS5Ne"515Wg:U:"Fe:/WN:"KJ":HUF/WU15 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII >
N5EWe"?"5SU1K"5<U#"<KSHK:UNUK1"KJ":HUF/WU15"93PY[["3@ IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII >
*'D/#$,!
JU3/Fe"Yc":HUF/WU15"51#"UN:":5We:"5:"#FUe#"<5ke:"U1"<T5# IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIY
JU3/Fe"?c"6<=>!?=@7$<?7AB@6=6"</WN/Fe"U1"#U3e:Ne#":53K"i5:Ne"U1"N51k IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIZ
JU3/Fe"]c"6<=>!?=@7$<?7AB@6=6"</WN/Fe"U1":/HeF15N51N"KJ"^I["3PW"#U3e:Ne#"HK/WNFg"i5:Ne IIIIIIIIIIIIIIIIIIIIIIIY[
JU3/Fe"^c"JKFS:"KJ":S5WWR:<5We":HUF/WU15"</WN/Fe"U1"E513W5#e:TIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIYY
JU3/Fe">c"5":N51#5F#"#e:U31"JKF"U1#/:NFU5W"HFK#/<NUK1"KJ":HUF/WU15 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIY>
JU3/Fe"ac"U1Ne1:Ufe"HFK#/<NUK1"KJ":HUF/WU15"J5<UWUNUe:"U1"NTe"/1UNe#":N5Ne:"KJ"5SeFU<5 IIIIIIIIIIIIIIIIIIIIIIIIIYa
1(L$,!
EKh"Yc"JUWNF5NUK1"KJ":HUF/WU15"HFK#/<NUK1 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Y_
EKh"?c"<U:FURU:H IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII ?>

! !A! !
@ ')&#(-/.&'()!%)-!,.("$!
:G!%$4!&2"2%*"6$4(!;*44$42%"2&0".!426*&(-$+"74$*R'%**&"24'2*"()2(")2+"'2!&*0";-&+!0*%274*"G-G$42%!(8"!&"()*"
)*24()".--0"!&0$+(%8"2&0"!&;%*2+!&'48"2+"2"G%-(*!&"2&0"A!(26!&"+$GG4*6*&("(-"2L$2;$4($%*"0!*(+I"U("'%-D+"
!&"D2(*%=";2&"7*")2%A*+(*0"2&0"G%-;*++*0"*2+!48"2&0")2+"A*%8")!')"62;%-R"2&0"6!;%-R&$(%!*&(";-&(*&(+I"U("
)2+" 4-&'" 7**&" $+*0" 2+" 2" 0!*(2%8" +$GG4*6*&(" 78" G*-G4*" 4!A!&'" ;4-+*" (-" ()*" 24Q24!&*" 42Q*+" D)*%*" !(" !+"
&2($%2448" .-$&0" b" .-%" !&+(2&;*" ()-+*" 4!A!&'" 20O2;*&(" (-" W2Q*" <)20" !&" ()*" k2&*6" %*'!-&" )2A*" A*%8" 4-D"
4*A*4+"-."624&$(%!(!-&="0*+G!(*"4!A!&'"-&"2"+G2%(2&"6!44*(R72+*"0!*(I" N)!+"(%20!(!-&24".--0="Q&-D&"2+"4(2CD"
D2+" %*0!+;-A*%*0" !&" <)20"78" 2" e$%-G*2&" +;!*&(!.!;"6!++!-&=" 2&0" !+"&-D" D!0*48" ;$4($%*0" ()%-$')-$(" ()*"
D-%40I" U&" 62&8" ;-$&(%!*+" -." 5.%!;2=" !(" !+" +(!44" $+*0" 2+" )$62&" .--0" 2+" 2" 62O-%" +-$%;*" -." G%-(*!&" 2&0" !+"
;-44*;(*0".%-6"&2($%24"D2(*%="0%!*0"2&0"*2(*&I"U(")2+"'2!&*0";-&+!0*%274*"G-G$42%!(8"!&"()*")$62&")*24()"
.--0"!&0$+(%8"2&0"!&"62&8";-$&(%!*+"-."5+!2"!("!+"$+*0"2+"G%-(*!&"+$GG4*6*&("2&0"2+")*24()".--0I""

*4=;8N!@c!,O48;P4:2!2:Q!4<?!?2PN?!2?!Q84NQ!R2SN?!4:!.T2Q!

Spirulina Spirulina cakes (dihé)


on sale in a local
market in Chad
!
:-$%;*c"DDDI+G!%$4!&2+-$%;*I;-6"

:G!%$4!&2")2+"7**&"$+*0"2+"2";-6G4*6*&(2%8"0!*(2%8"!&'%*0!*&("-.".**0".-%".!+)="+)%!6G"2&0"G-$4(%8="2&0"
!&;%*2+!&'48"2+"2"G%-(*!&"2&0"A!(26!&"+$GG4*6*&("(-"2L$2.**0+I"<)!&2"!+"$+!&'"()!+"6!;%-R24'2"2+"2"G2%(!24"
+$7+(!($(*" -." !6G-%(*0" .-%2'*" (-" G%-6-(*" ()*" '%-D()=" !66$&!(8" 2&0" A!27!4!(8" -." +)%!6GI" N)*%*" )2+" 24+-"
7**&";-6G%*)*&+!A*"%*+*2%;)"-&"()*"$+*"-."+G!%$4!&2"2+"2L$2;$4($%*".**0"200!(!A*+"!&"V2G2&I""

#$%!&'" ()*" +!,(!*()" +*++!-&" -." ()*" /&!(*0" 12(!-&+" 3*&*%24" 5++*6748" 9:*;-&0" <-66!((**=" 5'*&02" !(*6"
>?@=" 2" %*A!+*0" 0%2.(" %*+-4$(!-&" -&" ()*" B!"#$ %&$ "'()*+(,-$ .%$ /%01-.$ 2*,3#)$ -,4$ 0-+,*.)(.(%,$ -,4$ 2#+'$
-/2(#5#$ "*".-(,-1+#$ 4#5#+%'0#,.C" D2+" +$76!((*0" 78" E$%$&0!=" <26*%--&=" #-6!&!;2&" F*G$74!;="
1!;2%2'$2"2&0"H2%2'$28I"5+"2".-44-D"$G"-."()!+"%*+-4$(!-&="J5K"D2+"%*L$*+(*0"(-"G%*G2%*"2"0%2.("G-+!(!-&"
G2G*%"-&"+G!%$4!&2"+-"2+"(-")2A*"2";4*2%*%"$&0*%+(2&0!&'"-&"!(+"$+*"2&0"(-";-&A*8"J5KM+"G-+!(!-&"-&"()!+I"
N)*" G%!62%8" -7O*;(!A*" -." ()!+" %*A!*D" !+" ()*%*.-%*"(-" 2++*++" 2&0" *A24$2(*" ()*" *,!+(!&'" Q&-D4*0'*" -&" ()*"
;$4($%*="G%-0$;(!-&"2&0"$+*"-."+G!%$4!&2".-%"7-()")$62&";-&+$6G(!-&"2&0"2&!624".**0+I""

! Y! !
A +',&(#'.%B!1%.CD#(/)-!()!&+$!/,$!(*!,"'#/B')%!%,!
+/0%)!*((-!%)-!%)'0%B!*$$-!!
:G!%$4!&2"!+"2"G%!6!(!A*"-%'2&!+6"-%!'!&2(!&'"+-6*"]I>"7!44!-&"8*2%+"2'-"()2(")2+"*+(274!+)*0"()*"27!4!(8"(-"
$(!4!X*" ;2%7-&" 0!-,!0*" 0!++-4A*0" !&" +*2D2(*%" 2+" 2" &$(%!*&(" +-$%;*" .-%" ()*!%" %*G%-0$;(!-&I" :G!%$4!&2" !+" 2"
G)-(-+8&()*+!X!&'" ;82&-G)8(*" 974$*R'%**&" 24'2*@" ()2(" '%-D+" A!'-%-$+48" !&" +(%-&'" +$&+)!&*" $&0*%" )!')"
(*6G*%2($%*+"2&0")!')48"24Q24!&*";-&0!(!-&+I"

A6@ +4?<>84R2P!;?N!
U&"()*"+!,(**&()";*&($%8="D)*&"()*":G2&!+)"!&A20*%+";-&L$*%*0"S*,!;-="()*8"0!+;-A*%*0"()2("()*"5X(*;+"
4!A!&'" !&" ()*" f244*8" -." S*,!;-" !&" ()*" ;2G!(24" N*&-;)(!(42&" D*%*" ;-44*;(!&'" 2" B&*D" .--0C" .%-6" ()*" 42Q*"
9:2++-&=" YZZ_@I" :G2&!+)" ;)%-&!;4*%+" 0*+;%!7*0" .!+)*%6*&" D!()" .!&*" &*(+" ;-44*;(!&'" ()!+" 74$*" ;-4-$%*0"
B(*;)$!(42(4C".%-6"()*"42'--&+"2&0"62Q!&'"2"74$*R'%**&";2Q*".%-6"!(I"K()*%"4*'*&0+"+28"5X(*;"6*++*&'*%"
%$&&*%+"(--Q" +G!%$4!&2"-&"()*!%"62%2()-&+I"N*;)$!(42(4" D2+"6*&(!-&*0"78"&2($%24!+(+"$&(!4"()*"*&0"-."()*"
+!,(**&()" ;*&($%8=" 7$(" &-(" 2.(*%" ()2(=" G%-72748" %*.4*;(!&'" ()*" 4-++" -." ()*" 42Q*+" 2+" ()*8" D*%*" 0%2!&*0" .-%"
$%72&" 2&0" 2'%!;$4($%24" 0*A*4-G6*&(I" N)*" -&48" %*6&2&(" (-028=" W2Q*" N*,;-;-=" +(!44" )2+" 2" 4!A!&'" 24'2*"
+G!%$4!&2"G-G$42(!-&I"
N)*"k2&*67$"G-G$42(!-&"4!A!&'"24-&'"()*"+)-%*+"-."W2Q*"<)20";-44*;(+"()*"D*("24'2*"!&";428"G-(+="0%2!&"
-$("()*"D2(*%"()%-$')"72'+"-.";4-()"2&0"+G%*20"-$("()*"24'2*"!&"()*"+2&08"+)-%*"-."()*"42Q*".-%"+$&"0%8!&'I"
N)*" +*6!R0%!*0" 24'2*" !+" ()*&" ;$(" !&(-" +6244" +L$2%*+" 2&0" (2Q*&" (-" ()*" A!442'*+=" D)*%*" ()*" 0%8!&'" !+"
;-6G4*(*0" -&" 62(+" !&" ()*" +$&" 9570$4L20*%=" E2%+2&(!" 2&0" N%*0!;!=" ?[[[@I" i)*&" 0%8=" D-6*&" (2Q*" ()*+*"
24'2*" ;2Q*+" .-%" +24*" !&" ()*" 4-;24" 62%Q*(I" #!)l" !+" ;%$674*0" 2&0" 6!,*0" D!()" 2" +2$;*" -." (-62(-*+" 2&0"
G*GG*%+="2&0"G-$%*0"-A*%"6!44*(="7*2&+=".!+)"-%"6*2("2&0"!+"*2(*&"78"()*"k2&*67$"!&"_["G*%;*&("-."()*!%"
6*24+"9DDDI+G!%$4!&2+-$%;*I;-6@I"H%*'&2&("D-6*&"*2("0!)l";2Q*+"0!%*;(48"7*;2$+*"()*8"7*4!*A*"!(+"02%Q"
;-4-$%"D!44"+;%**&"()*!%"$&7-%&"7278".%-6"()*"*8*+"-."+-%;*%*%+"9<!.*%%!="YZ\]@I":G!%$4!&2"!+"24+-"2GG4!*0"
*,(*%&2448"2+"2"G-$4(!;*".-%"(%*2(!&'";*%(2!&"0!+*2+*+I"570$4L20*%="E2%+2&(!"2&0"N%*0!;!"9?[[[@".$%()*%"&-(*0"
()2("()*"4-;24"(%20!&'"A24$*"-."()*"0!)l"2&&$2448")2%A*+(*0".%-6"W2Q*"k-++-%-6"!&"<)20"927-$("^["(-&&*+@"
26-$&(+"(-"6-%*"()2&"/:"`Y[[=[[[="D)!;)"%*G%*+*&(+"2&"!6G-%(2&(";-&(%!7$(!-&"(-"()*"*;-&-68"-."()*"
2%*2I"

A6A #NQ4?R>9N8U!>V!?O48;P4:2!
U&"YZ^[="2"J%*&;)"G)8;-4-'!+("#2&'*2%0"G$74!+)*0"2"%*G-%("-&"()*";-&+$6G(!-&"-."0!)l"78"()*"k2&*67$"
G*-G4*"&*2%"W2Q*"<)20"9#2&'*2%0="YZ^[@I"#2&'*2%0"24+-"&-(*0"()*+*"+26*"24'2*"G-G$42(*0"2"&$67*%"-."
42Q*+"!&"()*"F!.("f244*8"-."e2+("5.%!;2="2&0"D2+"()*"62!&".--0".-%"()*".426!&'-+"4!A!&'"2%-$&0"()-+*"42Q*+I"
ND*&(8R.!A*"8*2%+"42(*%"0$%!&'"YZa^Ra>="2"7-(2&!+("-&"2"E*4'!2&"N%2&+R:2)2%2&"*,G*0!(!-&="V*2&"Wl-&2%0="
%*G-%(*0" .!&0!&'" 2" ;$%!-$+" '%**&!+)=" *0!74*" ;2Q*+" 7*!&'" +-40" !&" &2(!A*" 62%Q*(+" -." J-%(RW268" 9&-D"
1M#O26*&2@" !&" <)20" 9Wl-&2%0=" YZaa@I" i)*&" 4-;24+"+2!0" ()*+*" ;2Q*+" ;26*" .%-6" 2%*2+" &*2%" W2Q*" <)20="
Wl-&2%0"%*;-'&!X*0"()*";-&&*;(!-&"7*(D**&"()*"24'24"74--6+"2&0"0%!*0";2Q*+"+-40"!&"()*"62%Q*(I""
U&"YZa_"+G!%$4!&2"D2+"*+(274!+)*0"2+"2"BD-&0*%.$4".$($%*".--0"+-$%;*C"!&"()*"U&(*%&2(!-&24"5++-;!2(!-&"-."
5GG4!*0"S!;%-7!-4-'8"9:2++-&="YZZ_@I""5&248+!+"-."()*"&$(%!(!-&24"G%-G*%(!*+"-."+G!%$4!&2"+)-D*0".!%+("2&0"
.-%*6-+(" 2&" *,;*G(!-&2448" )!')" G%-(*!&" ;-&(*&(=" -." ()*" -%0*%" -." a[–_[" G*%;*&(" -." !(+" 0%8" D*!')(d" !(" 24+-"
+)-D*0" ()*" *,;*44*&(" L$24!(8" -." !(+" G%-(*!&+" 97242&;*0" *++*&(!24" 26!&-" 2;!0" ;-&(*&(@I" N)!+" .!%+(" 02(2" D2+"
*&-$')"(-"42$&;)"62&8"%*+*2%;)"G%-O*;(+".-%"!&0$+(%!24"G$%G-+*+"!&"()*"YZ_[+="7*;2$+*"6!;%-R-%'2&!+6+"
98*2+(=";)4-%*442="+G!%$4!&2="+-6*"72;(*%!2"2&0"6-$40+@"+**6*0"2("()2("(!6*"(-"7*"()*"6-+("0!%*;("%-$(*"(-"
!&*,G*&+!A*"G%-(*!&+"b"()*"!;-&!;"B+!&'4*";*44"G%-(*!&+CI""
5("()*"+26*"(!6*"D)*&"Wl-&2%0"%*0!+;-A*%*0"+G!%$4!&2"!&"5.%!;2="2"%*L$*+("D2+"%*;*!A*0".%-6"2";-6G2&8"
&26*0":-+2RN*,;-;-"W(0"78"()*"BU&+(!($(".%2&m2!+"0$"Gl(%-4*C"(-"+($08"2"74--6"-."24'2*"-;;$%%!&'"!&"()*"
*A2G-%2(!-&"G-&0+"-."()*!%"+-0!$6"7!;2%7-&2(*"G%-0$;(!-&".2;!4!(8"!&"2"42Q*"&*2%"S*,!;-"<!(8I"5+"2"%*+$4(="
()*" .!%+(" +8+(*62(!;" 2&0" 0*(2!4*0" +($08" -." ()*" '%-D()" %*L$!%*6*&(+" 2&0" G)8+!-4-'8" -." +G!%$4!&2" D2+"
G*%.-%6*0I"N)!+"+($08="D)!;)"D2+"2"G2%("-."H)I#I"()*+!+"78"n2%%-$Q"9YZaa@="D2+"()*"72+!+".-%"*+(274!+)!&'"
()*".!%+("42%'*R+;24*"G%-0$;(!-&"G42&("-."+G!%$4!&2"9:2++-&="YZZ_@I""
i)!4*".!&2448"&-"6!;%-R-%'2&!+6".$4.!44*0"!(+"G%-6!+*"-.";)*2G"G%-(*!&="+G!%$4!&2";-&(!&$*0"(-"'!A*"%!+*"(-"
%*+*2%;)"2&0"!&;%*2+!&'"G%-0$;(!-&="%*.4*;(!&'"!(+"G*%;*!A*0"&$(%!(!-&24"2++*(+"9J24L$*(="?[[[@I""

! ?! !
E D$)$#%B!.+%#%.&$#',&'.,!(*!,"'#/B')%!
E6@ 0>8OT>P>=U!2:Q!<2W>:>XU!
!"#"# $%&'(%)%*+,
:G!%$4!&2" !+" +867!-(!;=" 6$4(!;*44$42%" 2&0" .!426*&(-$+" 74$*R'%**&" 6!;%-24'2*" D!()" +867!-(!;" 72;(*%!2" ()2("
.!," &!(%-'*&" .%-6" 2!%I" :G!%$4!&2" ;2&" 7*" %-0R" -%" 0!+QR+)2G*0I" N)*!%" 62!&" G)-(-+8&()*(!;" G!'6*&(" !+"
G)8;-;82&!&=" D)!;)" !+" 74$*" !&" ;-4-$%I" N)*+*" 72;(*%!2" 24+-" ;-&(2!&" ;)4-%-G)844" 2" 2&0" ;2%-(*&-!0+I" :-6*"
;-&(2!&" ()*" G!'6*&(" G)8;-8()%!&=" '!A!&'" ()*" 72;(*%!2" 2" %*0" -%" G!&Q" ;-4-$%I" :G!%$4!&2" 2%*" G)-(-+8&()*(!;"
2&0"()*%*.-%*"2$(-(%-G)!;I":G!%$4!&2"%*G%-0$;*"78"7!&2%8".!++!-&I"
N)*")*4!;24"+)2G*"-."()*".!426*&(+"9-%"(%!;)-6*+@"!+";)2%2;(*%!+(!;"-."()*"'*&$+"2&0"!+"62!&(2!&*0"-&48"!&"2"
4!L$!0"*&A!%-&6*&("-%";$4($%*"6*0!$6I"N)*"G%*+*&;*"-."'2+R.!44*0"A2;$-4*+"!&"()*";*44+="(-'*()*%"D!()"()*"
)*4!;24"+)2G*"-."()*".!426*&(+="%*+$4("!&".4-2(!&'"62(+I"N)*"(%!;)-6*+")2A*"2"4*&'()"-.">["(-">[["o6"2&0"2"
D!0()"-."]"(-"^"o6I"T-D*A*%=";82&-72;(*%!2")2A*"2";*44"D244"+!6!42%"(-"()2("-."3%26R&*'2(!A*"72;(*%!2c"
()*8" ;-&(2!&" G*G(!0-'4$;2&=" 2" 48+-X86*R+*&+!(!A*" )*(*%-G-486*%" ()2(" ;-&.*%+" +)2G*" 2&0" -+6-(!;"
G%-(*;(!-&"(-"()*";*44="!&"200!(!-&"(-"-()*%"62(*%!24"&-("+*&+!(!A*"(-"48+-X86*I"U&"()*"YZ_[+="+G)2*%-G42+(+="
G%-0$;*0" 78" 0!+!&(*'%2(!-&" -." ()*!%" ;*44" D244" 78" *&X862(!;" (%*2(6*&(=" D*%*" !+-42(*0" .%-6" 9"/(++-.%)(-$
&%)0%"-D$8)#0E#++-$4(''+%"('2%,D$<+#/.%,#0-$/-+%.2)(/%(4#""2&0"6E,#//2%//*"$+(5(4*"="2+"D*44"2+".%-6"
7,-1-#,-$ -01(:*#" 2&0" 7,-/E".("$ ,(4*+-,"I" U&" ()*" ;2+*" -." +G!%$4!&2=" G%-(-G42+(+" )20" 7**&" -7(2!&*0" 78"
+*A*%24"%*+*2%;)*%+I"J-%"*,26G4*="57-R:)208"#.$-+I"9YZZ?@"+$;;**0*0"!&"-7(2!&!&'"G%-(-G42+(+"-."6'()*+(,-$
'+-.#,"("" D!()" )!')" *..!;!*&;8" 78" 48+-X86*" (%*2(6*&("2(" ()*" *,G-&*&(!24" G)2+*" -." 24'24" '%-D()" 2(" ][" p<"
$&0*%" !44$6!&2(!-&" D!()" Y" ^>[" 4$,P6?P+*;-&0I" N)*" 7-08" +$%.2;*" -." +G!%$4!&2" !+" +6--()" 2&0" D!()-$("
;-A*%!&'"+-"!("*2+!48"0!'*+(!74*"78"+!6G4*"*&X862(!;"+8+(*6+I""

!"#"- ./0%1%2+,
U&" Y\?_=" HIVI" N$%G!&" !+-42(*0" +G!%$4!&2" .%-6" 2" .%*+)D2(*%" +26G4*" 9<!.*%%!=" YZ\]@I" U&" Y\^^=" i!((%-;Q" 2&0"
1-%0+(*0(" %*G-%(*0" ()*" G%*+*&;*" &*2%" ()*" ;!(8" -." S-&(*A!0*-" -." 2" )*4!;24=" +*G(24" 2&0" '%**&R74$*"
6!;%-24'2*"&26*0"6'()*+(,-$F#,,#)(".I"'+-.#,"("I"E$("!("D2+"&-("$&(!4"Y\>?"()2("()*".!%+("(2,-&-6!;"%*G-%("
D%!((*&" 78" :(!X*&7*%'*%" 2GG*2%*0I" T*" '2A*" ()!+" &*D" '*&$+" ()*" &26*" 7).2)%"'()-" 72+*0" -&" ()*" +*G(2"
G%*+*&;*=")*4!;24".-%6"2&0"6$4(!;*44$42%"+(%$;($%*I"3-6-&(";-&.!%6*0":(!X*&7*%'*%M+"+($0!*+"!&"Y\Z?I"N)!+"
2$()-%"2((%!7$(*0"()*"2+*G(2(*".-%6"(-"()*"6'()*+(,-"'*&$+="2&0"()*"+*G(24".-%6"(-"()*"7).2)%"'()-"'*&$+I"
3*!(4*%"!&"YZ]?="7*;2$+*"-."()*";-66-&")*4!;24"6-%G)-4-'8="%*$&!.!*0"()*"6*67*%+"-."()*"(D-"'*&*%2"
$&0*%"()*"0*+!'&2(!-&"6'()*+(,-"D!()-$(";-&+!0*%!&'"()*"+*G($6"G%*+*&;*="-&48"6-%G)-4-'!;24"+!6!42%!(8I"
U&"YZ\Z="()*+*"6!;%-R-%'2&!+6+"D*%*"+*G2%2(*48";42++!.!*0"!&(-"(D-"'*&*%2"6'()*+(,-"2&0"7).2)%"'()-d"()!+"
;42++!.!;2(!-&" !+" ;$%%*&(48" 2;;*G(*0" 9N-62+*44!=" H242&0%!" 2&0" N%*0!;!=" YZZad" :q&;)*X" #.$ -+I=" $&02(*0@I"
7).2)%"'()-$0-G(0-"2&0"7H$'+-.#,"(""2%*"()*"6-+("!6G-%(2&("+G*;!*+"!&"()!+"'*&$+"2&0"26-&'"()*+*"*,!+(*0"
(2,-&-6!;" 0!..*%*&;*+" !&" .!426*&(+=" A2;$-4*+" 2&0" *,(*%&24" ;-A*%" -%" ;2G+$4*" %*'$42%!(8" -." *2;)" .!426*&("
9N-62+*44!=" YZZ_@I" N)*" D-%40D!0*" !&A*+(!'2(!-&" -&" 6!;%-24'2*" )2+" 7**&" ;2%%!*0" -$(" $&0*%" ()*" &26*" -."
B+G!%$4!&2Cd" ()!+" ;-66-&" 0*+!'&2(!-&" 7*(D**&" +;!*&(!+(+" 2&0" ;-&+$6*%+" )2+" G%-A*0" 0!..!;$4(" (-" ;)2&'*I"
N)*"6!;%-24'2*"$&0*%"0!+;$++!-&"7*4-&'+"(-"()*"'*&$+"7).2)%"'()-="7$("!("D!44"G%-72748"7*";244*0"6'()*+(,-"
.-%"+-6*"(!6*I"J-%"()*"G$%G-+*"-."()!+"%*G-%("D*"%*.*%"(-"7-()";-44*;(!A*48"2+"B+G!%$4!&2CI"
N)*" +8+(*62(!;" G-+!(!-&" -." ;82&-72;(*%!2" )2+" 7**&" 2" 62((*%" -." 0!+;$++!-&=" 2+" ()*+*" G)-(-+8&()*(!;"
-%'2&!+6+" D*%*" .!%+(" ;-&+!0*%*0" 24'2*I" U&" YZa?=" 2" 0!+(!&;(!-&" 7*(D**&" G%-Q2%8-(*+" 2&0" *$Q2%8-(*+" D2+"
;4*2%48" *+(274!+)*0I" N)*" 62!&" 0!..*%*&;*" !+" 72+*0" $G-&" ()*" G%*+*&;*" -." ;*44" -%'2&*44*+" *&A*4-G*0" 78" 2"
G)-+G)-4!G!0!;"6*67%2&*"!&"*$Q2%8-(*+I":(2&!*%"2&0"f2&"1*!4"9YZa?@"!&;-%G-%2(*0"'%**&R74$*"24'2*"!&(-"
()*"G%-Q2%8-(*"Q!&'0-6"2&0"G%-G-+*0"(-";244"()*+*"6!;%-R-%'2&!+6+";82&-72;(*%!2I"N)!+"0*+!'&2(!-&"D2+"
2;;*G(*0" 2&0" .!%+(" G$74!+)*0" !&" YZ_^" !&" ()*" E*%'*8r+" S2&$24" -." #*(*%6!&2(!A*" E2;(*%!-4-'8" 93$'4!*46!="
F!GGQ2"2&0"N2&0*2$"#*"S2%+2;="YZZ]@I"

E6A )2<;82P!T234<2<5!?>;8RN!2:Q!=8>Y<T!
E*+!0*+"W2Q*"N*,;-;-="()*"42%'*+("+G!%$4!&2"42Q*+"2%*"!&"<*&(%24"5.%!;2"2%-$&0"W2Q*+"<)20"2&0"1!'*%="2&0"
!&"e2+("5.%!;2"24-&'"()*"3%*2("F!.("f244*8I"/&0*%"&-%624"D2(*%";-&0!(!-&+="6'()*+(,-"628"7*"-&*"-."62&8"
24'24" +G*;!*+I" W2Q*+" E-0-$" 2&0" F-67-$" !&" <)20" )2A*" 2" +(274*" 6-&-;$4($%*" -." +G!%$4!&2" 02(!&'" 72;Q"
;*&($%!*+I" U(" !+" 24+-" 2" 62O-%" +G*;!*+" !&" k*&82r+" 42Q*+" 12Q$%$" 2&0" e4*6*&(*!(2" 2&0" e()!-G!2r+" 42Q*+"
5%2&'$20!"2&0"k!4-(*+I":G!%$4!&2"()%!A*+"!&"24Q24!&*"42Q*+"D)*%*"!("!+"0!..!;$4("-%"!6G-++!74*".-%"-()*%"6!;%-R

! ]! !
-%'2&!+6+"(-"+$%A!A*"9k*7*0*"2&0"5)4'%*&="YZaa@I"U&"&2($%24"42Q*+="()*"4!6!(*0"+$GG48"-."&$(%!*&(+"$+$2448"
%*'$42(*+" '%-D()" ;8;4*+I" 1*D" &$(%!*&(+" ;-6*" .%-6" *!()*%" 2&" $GD*44!&'" .%-6" !&+!0*" ()*" D2(*%7-0!*+="
!&.4$,*+" -." &$(%!*&(+" .%-6" %!A*%+" -%" .%-6" G-44$(!-&I" N)*" 24'2*" G-G$42(!-&" '%-D+" %2G!048=" %*2;)*+" 2"
62,!6$6" 0*&+!(8=" 2&0" ()*&" 0!*+" -.." D)*&" &$(%!*&(+" 2%*" *,)2$+(*0I" 5" &*D" +*2+-&24" ;8;4*" 7*'!&+" D)*&"
0*;-6G-+*0"24'2*"%*4*2+*"()*!%"&$(%!*&(+"-%"D)*&"6-%*"&$(%!*&(+".4-D"!&(-"()*"42Q*I""
:G!%$4!&2$ !+" .-$&0" !&" +-!4=" 62%+)*+=" .%*+)D2(*%=" 7%2;Q!+)" D2(*%=" +*2D2(*%" 2&0" ()*%624" +G%!&'+I" 54Q24!&*="
+24!&*" D2(*%" 9s][" 'P4@" D!()" )!')" GT" 9\I>–YYI[@" .2A-$%" '--0" G%-0$;(!-&" -." +G!%$4!&2=" *+G*;!2448" D)*%*"
()*%*"!+"2")!')"4*A*4"-."+-42%"%20!2(!-&"2("24(!($0*"!&"()*"(%-G!;+I"6'()*+(,-$'+-.#,"(""2&0"6'()*+(,-$0-G(0-"
()%!A*" !&" )!')48" 24Q24!&*" 42Q*+" -." 5.%!;2" 2&0" S*,!;-" D)*%*" ()*" ;82&-72;(*%!2" G-G$42(!-&" !+" G%2;(!;2448"
6-&-+G*;!.!;I"N)*")!')*%"()*"GT"2&0"()*";-&0$;(!A!(8"-."()*"D2(*%="()*"'%*2(*%"!+"()*"4!Q*48"G%*0-6!&2&;*"
-."6'()*+(,-"+GGI"N)!+"!+"()*";2+*"!&"()*"42Q*+"-."()*"42Q*+"-."()*"F!.("f244*8"-."*2+(*%&"5.%!;2="D)*%*"GT";2&"
%*2;)"A24$*+";4-+*"(-"YY"2&0"+-0!$6";2%7-&2(*"!+"27$&02&(I"6'()*+(,-$'+-.#,"(""D2+"!+-42(*0".%-6"D2(*%+"
;-&(2!&!&'".%-6"\>"(-"?_["'"-."+24("G*%"4!(%*="2&0"-G(!6$6"'%-D()"-;;$%%*0"7*(D**&"?["2&0"_["'"-."+24("
G*%"4!(%*I"5"%*42(!A*48")!')";8(-G42+6!;"GT"9^I?"(-"\I>@"628"2;;-$&(".-%"()*"27!4!(8"-."()!+"6!;%-R-%'2&!+6"
(-"$(!4!X*"266-&!2"2+"2"+-$%;*"-."&!(%-'*&"2(")!')"24Q24!&*"GT"A24$*+"9:2++-&="YZZ_@I"
:G!%$4!&2"!+="4!Q*"6-+(";82&-72;(*%!2="2&"-74!'2(*"G)-(-2$(-(%-G)="!I*I"!(";2&&-("'%-D"!&"()*"02%Q"-&"6*0!2"
;-&(2!&!&'" -%'2&!;" ;2%7-&" ;-6G-$&0+I" U(" %*0$;*+" ;2%7-&" 0!-,!0*" !&" ()*" 4!')(" 2&0" 2++!6!42(*+" 62!&48"
&!(%2(*+I" N)*" 62!&" 2++!6!42(!-&" G%-0$;(" -." +G!%$4!&2" G)-(-+8&()*+!+" !+" '48;-'*&I" :G!%$4!&2" +)-D+" 2&"
-G(!6$6"'%-D()"7*(D**&"]>"2&0"]_"p<"$&0*%"427-%2(-%8";-&0!(!-&+I"K$(0--%+="!("+**6+"()2("2&"!&;%*2+*"
!&" (*6G*%2($%*" $G" (-" ]Z" p<" .-%" 2" .*D" )-$%+" 0-*+" &-(" )2%6" ()*" 74$*R'%**&" 24'2=" -%" !(+" G)-(-+8&()*(!;"
27!4!(8I"N)*%6-G)!4!;"-%"()*%6-(-4*%2&("+(%2!&+"-."+G!%$4!&2";2&"7*";$4(!A2(*0"2("(*6G*%2($%*+"7*(D**&"]>"
2&0" ^[" p<I" :$;)" 2" G%-G*%(8" )2+" ()*" 20A2&(2'*" -." *4!6!&2(!&'" 6!;%-7!24" 6*+-G)!4!;" ;-&(26!&2&(+I" N)*"
6!&!6$6"(*6G*%2($%*"2("D)!;)"'%-D()"-."+G!%$4!&2"(2Q*+"G42;*"!+"2%-$&0"Y>"p<"0$%!&'"()*"028I"5("&!')(="
+G!%$4!&2";2&"(-4*%2(*"%*42(!A*48"4-D"(*6G*%2($%*+I"N)*"%*+!+(2&;*"-."+G!%$4!&2"(-"$4(%2A!-4*("%28+"+**6+"(-"
7*"%2()*%")!')"9F!;)6-&0="YZ\a@I"

E6E 14>RTNX4R2P!R>XO>?4<4>:!!
N)*"72+!;"7!-;)*6!;24";-6G-+!(!-&"-."+G!%$4!&2";2&"7*"+$662%!X*0"2+".-44-D+c"
"8><N4:c":G!%$4!&2";-&(2!&+"$&$+$2448")!')"26-$&(+"-."G%-(*!&="7*(D**&">>"2&0"_["G*%;*&("78"0%8"D*!')(="
0*G*&0!&'"$G-&"()*"+-$%;*"9H)2&'"#.$-+I="?[[[@I"U("!+"2";-6G4*(*"G%-(*!&=";-&(2!&!&'"244"*++*&(!24"26!&-"
2;!0+="()-$')"D!()"%*0$;*0"26-$&(+"-."6*()!-&!&*=";8+(!&*="2&0"48+!&*="2+";-6G2%*0"(-"+(2&02%0"G%-(*!&+"
+$;)"2+"()2(".%-6"6*2(="*''+="-%"6!4Qd"!("!+=")-D*A*%="+$G*%!-%"(-"244"+(2&02%0"G42&("G%-(*!&="+$;)"2+"()2("
.%-6"4*'$6*+I""
$??N:<42P!V2<<U!2R4Q?c":G!%$4!&2")2+"2")!')"26-$&("-."G-48$&+2($%2(*0".2((8"2;!0+"9H/J5+@="YI>b?I["G*%;*&("
-.">ba"G*%;*&("(-(24"4!G!0I"U&"G2%(!;$42%"+G!%$4!&2"!+"%!;)"!&"!R4!&-4*&!;"2;!0"9]a"G*%;*&("-."(-(24"H/J5+@="2&0"
24+-" G%-A!0*+" !R4!&-4*&!;" 2;!0" 95W5@=" 4!&-4*!;" 2;!0" 9W5=" ]a" G*%;*&(" -." (-(24" @=" +(*2%!0-&!;" 2;!0" 9:#5@="
*!;-+2G*&(2*&-!;"2;!0"9eH5@="0-;-+2)*,2*&-!;"2;!0"9#T5@"2&0"2%2;)!0-&!;"2;!0"955@I""
G4<2X4:?c" :G!%$4!&2" ;-&(2!&+" A!(26!&" EY" 9()!26!&*@=" E?" 9%!7-.42A!&@=" E]" 9&!;-(!&26!0*@=" Ea" 9G8%!0-,!&*@=" EZ"
9.-4!;"2;!0@="EY?"9;82&-;-72426!&@="A!(26!&"<="A!(26!&"#"2&0"A!(26!&"eI"
04:N82P?c" :G!%$4!&2" !+" 2" %!;)" +-$%;*" -." G-(2++!$6=" 2&0" 24+-" ;-&(2!&+" ;24;!$6=" ;)%-6!$6=" ;-GG*%=" !%-&="
62'&*+!$6="62&'2&*+*="G)-+G)-%$+="+*4*&!$6="+-0!$6"2&0"X!&;I"
"T><>?U:<TN<4R! O4=XN:<?c" :G!%$4!&2" ;-&(2!&+" 62&8" G!'6*&(+" !&;4$0!&'" ;)4-%-G)844" 2=" ,2&()-G)844=" 7*(2R
;2%-(*&*="*;)!&*&-&*="68,-,2&()-G)844="X*2,2&()!&=";2&()2,2&()!&="0!2(-,2&()!&="]R)80%-,8*;)!&*&-&*="
7*(2R;%8G(-,2&()!&="-+;!442,2&()!&="G4$+"()*"G)8;-7!4!G%-(*!&+";RG)8;-;82&!&"2&0"244-G)8;-;82&!&I""
#*(2!4*0" 7!-;)*6!;24" ;-6G-+!(!-&" 2&248+*+" )2A*" 7**&" ;-&0$;(*0" -." +G!%$4!&2" '%-D&" *!()*%" $&0*%"
427-%2(-%8" ;-&0!(!-&+=" ;-44*;(*0" !&" &2($%24" ;-&0!(!-&" -%" !&" 62++" ;$4($%*" +8+(*6" $+!&'" 0!..*%*&(" 2'%-R
!&0$+(%!24" D2+(*" *..4$*&(I" N)!+" D2+" .-$&0" (-" A2%8" !&" %*+G-&+*" (-" ()*" +24!&!(8" -." ()*" '%-D!&'" 6*0!$6" b"
f-&+)2Q" #.$ -+I" 9YZZa@" %*G-%(*0" ()2(" +24(R202G(*0" ;*44+" )20" 2" 6-0!.!*0" 7!-;)*6!;24" ;-6G-+!(!-&" D!()" 2"
%*0$;*0" G%-(*!&" 2&0" ;)4-%-G)844" ;-&(*&(=" 2&0" !&;%*2+*0" ;2%7-)80%2(*" ;-&(*&(I" T-D*A*%" ()*" .-44-D!&'"
G%-A!0*+"2"%*A!*D"-."()*"4!(*%2($%*"-&"()*"7%-20";-6G-+!(!-&"-."+G!%$4!&2I""

! ^! !
!"!"# 3&%042/56,7%2'%8454%1,
:G!%$4!&2" )2+" )!')" L$24!(8" G%-(*!&" ;-&(*&(" 9>Z–a>" G*%;*&(@=" D)!;)" !+" 6-%*" ()2&" -()*%" ;-66-&48" $+*0"
G42&("+-$%;*+"+$;)"2+"0%8"+-87*2&+"9]>"G*%;*&(@="G*2&$(+"9?>"G*%;*&(@"-%"'%2!&+"9\–Y["G*%;*&(@I"5"+G*;!24"
A24$*"-."+G!%$4!&2"!+"()2("!("!+"%*20!48"0!'*+(*0"0$*"(-"()*"27+*&;*"-.";*44$4-+*"!&"!(+";*44"D244+"92+"!("!+"()*"
;2+*" .-%" *$Q2%8-(!;" '%**&" 6!;%-24'2*" +$;)" 2+" ;2+%)#++-=" 7,I(".)%4#"0*"=" 6#+#,-".)*0=" 6/#,#4#"0*"@c"
2.(*%" Y\" )-$%+" 6-%*" ()2&" \>" G*%;*&(" -." !(+" G%-(*!&" !+" 0!'*+(*0" 2&0" 2++!6!42(*0" 9:2++-&=" YZZ_@I" N)*"
;-6G-+!(!-&" -." ;-66*%;!24" +G!%$4!&2" G-D0*%" !+" a[" G*%;*&(" G%-(*!&=" ?[" G*%;*&(" ;2%7-)80%2(*=" >" G*%;*&("
.2(+=" _" G*%;*&(" 6!&*%24+=" 2&0" ]–a" G*%;*&(" 6-!+($%*=" 62Q!&'" !(" 2" 4-DR.2(=" 4-D" ;24-%!*=" ;)-4*+(*%-4R.%**"
+-$%;*"-."G%-(*!&I"""

&23PN!@M"G284>;?!O8>W4X2<N!2:2PU?4?!8N?;P<?!>V!?O48;P4:2!Z[!Q8U!X2<<N8\"

,%.5! '"D,#5! 1%/5!


.>XO>:N:<! *('5!*82:RN!
&T24P2:Q! 02P2U?42! 12:=P2QN?T!
<%$0*"G%-(*!&" a>" >>–_[" aY" a["
:-4$74*";2%7-)80%2(*"" YZ" " Y^" "
<%$0*"4!G!0"" ^" >–_" a" _"
<%$0*".!7*%"" ]" >–_" " "
5+)"" ]" ]–a" Z" YY"
S-!+($%*"" " ^–a" a" Z"
1!(%-'*&".%**"*,(%2;("91Je@" " Y>–?[" ^" Y_"
JKU"t"J%*&;)"K!4"U&+(!($(*d":5<"t":!26"54'2*"<-I"W(0d"UH3:F"t"U&+(!($(*"-."H-+(R'%20$2(*":($0!*+"2&0"F*+*2%;)"427-%2(-%8="
/&!A*%+!(8"-."S24282d"E5/"t"E2&'420*+)"5'%!;$4($%24"/&!A*%+!(8"

!"!"- 9241%,/74:8,
:G!%$4!&2" G%-(*!&" )2+" 2" 7242&;*0" ;-6G-+!(!-&" -." 26!&-" 2;!0+=" D!()" ;-&;*&(%2(!-&+" -." 6*()!-&!&*="
(%8G(-G)2&" 2&0" -()*%" 26!&-" 2;!0+" 246-+(" +!6!42%" (-" ()-+*" -." ;2+*!&" 24()-$')" ()!+" 0*G*&0+" $G-&" ()*"
;$4($%*"6*0!2"$+*0I""

&23PN!AM!%X4:>!2R4Q!R>XO>?4<4>:!>V!?O48;P4:2!Z=]@^^!=\"
H)*&84242&!&*"

34$(26!;"2;!0"

5+G2%(!;"2;!0"
S*()!-&!&*"

N%8G(-G)2&"

,>;8RN!
N8%-+!&*"

W*$;!&*"

<8+(!&*"
W8+!&*"

"

"

"

"

"

"

"

:!26" ?Ia[–]I][" ?Ia[–]I][" ?Ia[–]I][" >IZ[–aI>[" YI][–?I[[" _I][–ZI>[" >I?[–aI[[" YI[[–YIa[" [I>[–[I_["
54'2*"
<-I"W(0I="
N)2!42&0"

UH3:F=" ^Ia]u[I[_" ^IY[u[I[\" ]I^?u[IY[" \I]_u[IY]" ?I_>u[I[>" _I[^u[IY^" >I]_u[IYY" YIZ\u[I[>" [Iau[I[]"
S2428+!2"

&23PN!AM!.>:<4:;NQ!
N)%*-&!&*""

U+-4*$;!&*""
T!+(!0!&*""

,>;8RN!
5%'!&!&*"

348;!&*""
542&!&*""
H%-4!&*""

f24!&*""
:*%!&*"

UH3:F=" ]I\^u[I[a" ^IZ^u[I[_" ?I\Yu[I[a" ]I]>u[I[a" ^IYYu[I[>" ^I[?u[I[a" ]I\>u[IY[" Y[I\Yu[IY^" aIaau[IY["
S2428+!2"

"
"

! >! !
!"!"! ;18/5<&/56:,=/55+,/74:8,/1:,)4'4:8,
N)*" *++*&(!24" 4!G!0+" 9$&+2($%2(*0" .2((8" 2;!0+@" !&" +G!%$4!&2" 2%*" 27-$(" YI]–Y>" G*%;*&(" -." (-(24" 4!G!0" 9a–aI>"
G*%;*&(@="62!&48";-&+(!($(!&'"!R4!&-4*&!;"2;!0"9][–]>"G*%;*&("-."(-(24"4!G!0@"9E-%-D!(XQ2="YZZ^d"W!"2&0"j!="
YZZ_@I":-6*"%*+*2%;)*%+".-$&0"()2("G-48$&+2($%2(*0".2((8"2;!0+"9H/J5+@";-$40"%*G%*+*&("?>"(-"a["G*%;*&("
-." (-(24" .2((8" 2;!0+" !&" +G!%$4!&2I" N)*" !6G-%(2&(" .2((8" 2;!0+" 4!Q*" 4!&-4*!;" 2;!0" 2&0" 4!&-4*&!;" 2;!0" 2%*" 24+-"
G%*+*&(c" $G" (-" YI[" 'PY[[" '" -." 0%8" 7!-62++" -." +G!%$4!&2I" N)*" G%*0-6!&2&(" .2((8" 2;!0+" 2%*" G246!(!;" 2;!0"
9^^Ia–>^IY" G*%;*&(@=" -4*!;" 2;!0" 9Y–Y>I>" G*%;*&(@=" 4!&-4*!;" 2;!0" 9Y[I\–][I_" G*%;*&(@" 2&0" !R4!&-4*&!;" 2;!0"
2%-$&0" \I[–]YI_" G*%;*&(I" 32662R4!&-4*&!;" 2;!0" 93W5@" !+" 2&" *++*&(!24" .2((8" 2;!0" %2%*48" 2A2!4274*" !&"
!&'%*0!*&(+" -%" 0!*(I" N)*" .2((8" 2;!0+" -." +G!%$4!&2" ;$4($%*0" !&" k-+2%!;" 6*0!$6" D*%*" 24+-" 2&248+*0" !&" ()*"
427-%2(-%8" -." 5L$2(!;" e;-4-'8=" U&+(!($(*" -." H-+(R'%20$2(*" :($0!*+" 2&0" F*+*2%;)" W27-%2(-%8=" /&!A*%+!(8" -."
S24282="S2428+!2"2+c"G246!(!;"2;!0"9Y^IZZ"G*%;*&(@="-4*!;"2;!0"9YI^]"G*%;*&(@="4!&-4*!;"2;!0"9?]IY\"G*%;*&(@="
2&0"3W5"9][IYa"G*%;*&(@"2&0"*;-+2G*&(2*&-!;"2;!0"9^IZ^"G*%;*&(@I"T-D*A*%="6'()*+(,-$'+-.#,"(""!+"-&*"-."
()*"6-+("G%-6!+!&'"+-$%;*+"-."H/J5"2+"!R4!&-4*&!;"2;!0"D)!;)";2&"7*"*&)2&;*0"78";$4(!A2(!-&"$&0*%"4!')(R
02%Q";8;4*+"!&"()*"427-%2(-%8"-%"-$(0--%+"9N2&(!;)2%-*&"#.$-+H="YZZ^@I"U(";2&"7*"!&;%*2+*0".%-6"YI?"(-"YIa"
G*%;*&("D)*&";$4(!A2(*0"$&0*%"4!')(R02%Q";8;4*+I"U&"()*"0*%!A*0"6$(2&("6H$'+-.#,"(""nYZ="3W5"%*2;)*0"?I^"
G*%;*&("D)*&";$4(!A2(*0"!&"-$(0--%";-&0!(!-&+="620*"+G!%$4!&2"-&*"-."()*")!')*+("3W5";-&(*&(+"%*G-%(*0"
.-%"24'2*"9N2&(!;)2%-*&"#.$-+H="YZZ^@I"U("!+"2"G%*;$%+-%"-.";*%(2!&"G%-+(2'42&0!&+"2&0")2+"+-6*"!&.4$*&;*"-&"
()*"26-$&("-."74--0";)-4*+(*%-4I"U&"200!(!-&="()!+"2&0" -()*%"$&+2($%2(*0".2((8"2;!0+"+**6"(-"7*"*++*&(!24"
.-%" ;*44" '%-D()" 2+" +(%$;($%24" *4*6*&(+" -." ;*44" 6*67%2&*+I" N)*+*" H/J5+" )*4G" (-" Q**G" &-%624" ;*44R(-R;*44"
G*%6*27!4!(8"!&"2L$2(!;"-%'2&!+6+"*A*&"!&"*,(%*6*";-40";-&0!(!-&+I""
N)*";-&(*&("-.";)-4*+(*%-4"!+"]?I>"6'PY[["'d"Y["'"-."+G!%$4!&2"G-D0*%="!I*I="2"+-$G"+G--&="G%-A!0*+"-&48"
YI]"6'"-.";)-4*+(*%-4"2&0"]a"Q;24"-."*&*%'8="D)*%*2+"()*"*L$!A24*&("L$2&(!(8"-."G%-(*!&".%-6"*''"D-$40"
G%-A!0*"][["6'"-.";)-4*+(*%-4"2&0"\["Q;24"-."*&*%'8I"5+"2"%*+$4("+G!%$4!&2"G-D0*%"!+"$+*0"(-"+$GG4*6*&("
()*" 0!*(" D!()" G%-(*!&" 2&0=" 2(" ()*" +26*" (!6*=" ;-&(%-4" *,(%2" D*!')(I" N)*" 2A*%2'*" %*;-66*&0*0" 0-+*" !+"
7*(D**&"?"2&0"\I>"'"!&"?^")-$%+I""

!"!"> $416&/)8,
544" ()*" *++*&(!24" 6!&*%24+" 2%*" 2A2!4274*" !&" +G!%$4!&2" D)!;)" ;-&(%!7$(*+" 27-$(" _" G*%;*&(" 92A*%2'*" %2&'*"
?I_a–]I[["G*%;*&("-."(-(24"D*!')(@"$&0*%"427-%2(-%8";-&0!(!-&+I"E$("!&";-66*%;!24"+G!%$4!&2"G%-0$;(!-&="
6!&*%24+" ;-&(%!7$(*" 27-$(" _" G*%;*&(I" U(" 7!-2;;$6$42(*+" 6!&*%24+" D)*&" '%-D&" !&" 0!..*%*&(" 6*0!2=" 2("
0!..*%*&(" (*6G*%2($%*+=" GT=" +24!&!(8=" *(;I" :)2%62" 2&0" 5X**X" 9YZ\\@" ;-&0$;(*0" 2&" *,G*%!6*&(" -&" ()*"
7!-2;;$6$42(!-&" -." ;-GG*%" 2&0" ;-724(" 78" +G!%$4!&2" 2(" 0!..*%*&(" (*6G*%2($%*+" D)!;)" +)-D*0" 2" )!')"
2;;$6$42(!-&";2G2;!(8I"N)*8"24+-".-$&0"()2("2"&*'2(!A*";-%%*42(!-&"7*(D**&"6*(24"2;;$6$42(*0"2&0"()*"
+$%A!A24"%2(!-"-."()!+"24'2*"D2+"-7+*%A*0I"327728="N*4"2&0"3%*++)-.."9YZZ]@"+($0!*0"-&"()*"6*;)2&!+6"-."
+24("(-4*%2&;*"!&";82&-72;(*%!2"*+G*;!2448"-&"6'()*+(,-$"*1"-+"-I"N)*8".-$&0"()2("6H$"*1"-+"-";*44+"!&".%*+)"
+*2"D2(*%"6*0!$6"!&;%*2+*0"()*!%"+-0!$6"2&0";)4-%!0*"!&(%2;*44$42%";-&(*&("2&0"0*A*4-G*0"()*";2G27!4!(8"
(-"!&!(!2(*"+-0!$6"2&0";)4-%!0*"*..4$,"!&"()*"4!')(I"U&"()*"02%Q="()!+"*..4$,"+(-G+"7$("()*";*44+"%*62!&"A!274*"
-%" 2;(!A*I" U&" ()!+" +!($2(!-&=" *&)2&;*0" %*+G!%2(!-&" 628" 7*" 0%!A*&" 78" +24(" !&.4$," 2&0" (%!''*%*0" ()*" *A*&(+"
4*20!&'" (-" +24(" 202G(2(!-&I" N)*" 7!-+8&()*+!+" 2&0" 2;;$6$42(!-&" -." -%'2&!;" ;-6G2(!74*" +-4$(*+" !&" ()*"
;82&-72;(*%!$6" ;*44" !+" 2" +4-D" 2&0" +*;-&02%8" %*+G-&+*" 2(" 2" +(*208" +(2(*" -+6-(!;" +(27!4!(8I" n-!&2="
E-4+$&-A+Q8" 2&0" k242;)*A2" 9?[[[@" .-$&0" ()2(" 6'()*+(,-$ '+-.#,"("" +)-D+" 2" %*42(!A*48" )!')" (-4*%2&;*" (-"
+24!&!(8"2&0"2";2G2;!(8"-."'%-D!&'"-&"()*"6*0!$6";-&(2!&!&'"$G"(-"_["'"12<4P4!(%*I"N)*%*"!+"&-"62%Q*0"
!&)!7!(!-&"-."()*"'%-D()"%2(*"-%";)2&'*+"!&"()*"7!-62++";-6G-+!(!-&"$+$2448"-7+*%A*0"!&"()*"%2&'*"-."Y–]["
'"12<4P4!(%*"!&"6*0!$6I""
E-4+$&-A+Q!!" 2&0" k-+!&*&Q-" 9?[[[@" 2++*++*0" ()*" +(2($+" -." !&(%2;*44$42%" G)-+G)-%$+" 9H@" G--4" $+!&'"
%20!-2;(!A*"2&0"&-&R%20!-2;(!A*"HI"F*+$4(+"+)-D"()2("()*"+(2'*"-."%*G4*&!+)6*&("-."()*"!&(%2;*44$42%"H"G--4"
628" 2..*;(" ()*" H" ($%&-A*%" *+(!62(!-&" !&" 2L$2(!;" *&A!%-&6*&(+" 0$%!&'" 2" +)-%(R(*%6" 6*2+$%*6*&(" -." H"
$G(2Q*I" T*%&2&0*X" 2&0" K4'$v&" 9?[[?@" *A24$2(*0" ()*" ;2G2;!(8" -." ;*44+" -." .-$%" +G*;!*+" -." +G!%$4!&2" .-%"
27+-%G(!-&"-."6!&*%24+I"U("D2+".-$&0"()2("(D-"+G*;!*+";-&(2!&*0")!')"G*%;*&(2'*"-."G%-(*!&"9a\IZ>"G*%;*&(@"
2+"2"%*+$4("-."7*!&'";$4(!A2(*0"!&"n2%%-$Q"6*0!$6"2("(D-"4!')("!&(*&+!(!*+"9aa"o6-4"G)-(-&P6?P+*;-&0"2&0"
Y^^" o6-4" G)-(-&P6?P+*;-&0@" !&" 72(;)" ;$4($%*I" 5" ()!%0" +G*;!*+" -." +G!%$4!&2" ;$4(!A2(*0" !&" 2" B<-6G4*,C"
6*0!$6"2&0"*,G-+*0"2("aa"o6-4"G)-(-&P6?P+*;-&0=";-&(2!&*0"2")!')"G*%;*&(2'*"-."4!G!0+"9]["G*%;*&(@I"
N)*" .-$%()" +G*;!*+" -." +G!%$4!&2" ;-&(2!&*0" )!')" G*%;*&(2'*" -." G-48+2;;)2%!0*+" 9?>I>^" G*%;*&(@" D)*&"
;$4($%*0" !&" B<-6G4*,C" 6*0!$6" D)*&" *,G-+*0" 2(" Y^^" o6-4" G)-(-&P6?P+*;-&0I" U(" D2+" .-$&0" ()2(" ()*"
;)*6!;24" ;-6G-+!(!-&" -." 6'()*+(,-" +GI" ;*44+" 0!0" )2A*" 2" +(%-&'" !&.4$*&;*" -&" ()*!%" 20+-%G(!-&" ;2G2;!(!*+"
9L62,@" .-%" H7" 2&0" <0" D)!;)" D*%*" )!')*+(" 9Y_?I^Y" 2&0" ^>" 6'P'" -." ;*44+" 2(" GT" >" 2&0" ^I>=" %*+G*;(!A*48@"

! a! !
D)*&";*44+"*,)!7!(*0"()*")!')*%"G-48+2;;)2%!0*";-&(*&(I"U&"()*";2+*"-."<%"fU="()*")!')*+("'62,"*,)!7!(*0"
78";*44+";$4(!A2(*0"!&"n2%%-$Q"6*0!$6"2&0"+)-D!&'"()*")!')*%"G%-(*!&";-&(*&("92("GT"?I[@I"E$("GT"0!0"&-("
2..*;("()*"20+-%G(!-&"-."H7"UU"!&"()*"%2&'*"-."]"(-">I>="&-%"-."<0"!&"()*"%2&'*"-."^"(-"_I"J-%"<%"UU="20+-%G(!-&"
-7+*%A*0"-&48"2("2"GT"*L$24"(-"?I["-%"4-D*%I""

!"!"? @(6)/541*,%=,5%047,2416&/)8,A16<5&/)4B/54%1,%=,5%047,2416&/)8C,
:G!%$4!&2")2+"2"$&!L$*"L$24!(8"(-"0*(-,!.8"9&*$(%24!X*@"-%"(-";)*42(*"(-,!;"6!&*%24+="2";)2%2;(*%!+(!;"()2("!+"
&-("8*(";-&.!%6*0"!&"2&8"-()*%"6!;%-24'2*"9S2*02"2&0":2Q2'$;)!="YZZ[d"KQ26$%2"2&0"5-8262="YZZ^@I"
:G!%$4!&2";2&"7*"$+*0"(-"0*(-,!.8"2%+*&!;".%-6"D2(*%"2&0".--0I"U("24+-"628"7*"$+*0"(-";)*42(!X*"-%"0*(-,!.8"
()*"G-!+-&-$+"*..*;("-.")*2A8"6*(24+"96!&*%24+@".%-6"D2(*%=".--0"2&0"*&A!%-&6*&(I"E*!O!&'"/&!A*%+!(8")2+"
*,(%2;(*0"7!-2;(!A*"6-4*;$4*+".%-6"+G!%$4!&2"D)!;)";-$40"&*$(%24!X*"-%"0*(-,!.8"()*"(-,!;"2&0"G-!+-&-$+"
*..*;("-.")*2A8"6*(24+="2&0"D)!;)"+)-D*0"2&(!R($6-%"2;(!A!(8I":*A*%24"!&+(!($(!-&+"!&"<)!&2"2%*".-;$+!&'"-&"
7!-6-4*;$4*+"D)!;)"+)-D"2&(!R($6-%="2&(!R2'*"2&0"2&(!R%20!2(!-&"G%-G*%(!*+"9W!$="3$-"2&0"F$2&="YZZYd"W!"
2&0"j!="YZZ_@I""

!"!"D !-7/&%5616,/1:,E45/2418,
N)*"!-;2%-(*&*="ER'%-$G"A!(26!&="A!(26!&"e="!%-&="G-(2++!$6"2&0";)4-%-G)844"2A2!4274*"!&"()*"+G!%$4!&2";2&"
G%-6-(*"()*"6*(27-4!+6"-.";2%7-)80%2(*=".2(+="G%-(*!&="24;-)-4="2&0"()*"%*G%-0$;(!-&"-."+Q!&="6$+;4*"2&0"
6$;-+2I" :G!%$4!&2" ;-&(2!&+" 42%'*" 26-$&(+" -." &2($%24" !-;2%-(*&*" 2&0" ()!+" !-;2%-(*&*" !+" ;-&A*%(*0" !&(-"
A!(26!&"5I"5;;-%0!&'"(-"()*".!&0!&'+"-."()*"12(!-&24"<2&;*%"U&+(!($(*="/&!(*0":(2(*+"-."56*%!;2="2&"!&(2Q*"
-." aI[" 6'" !-;2%-(*&*" 02!48" 628" 7*" *..*;(!A*" !&" 6!&!6!X!&'" ()*" %!+Q" -." ;2&;*%I" U." 2&87-08" (2Q*+" ^I[" '"
+G!%$4!&2"02!48="()2("!+"+$..!;!*&("(-"'*("a"6'"!-;2%-(*&*I"5("()*"+26*"(!6*="+$..!;!*&("26-$&("-."ER'%-$G"
A!(26!&+="!%-&"2&0";24;!$6"D!44"7*"-7(2!&*0I"T-D*A*%="()*+*"&$(%!*&(+"-7(2!&*0".%-6"^I["'"-."+G!%$4!&2"2%*"
*L$!A24*&(" (-" -%" 6-%*" ()2&" ()-+*" -7(2!&*0" 78" *2(!&'" 6-%*" ()2&" Y[[" '" -." (*%%*+(%!24" 7%!')(R;-4-$%*0"
A*'*(274*+I""
"
"

! _! !
F ./B&'G%&'()!%)-!"#(-/.&'()!(*!,"'#/B')%!
F6@ )2<;82P!O8>Q;R<4>:!
S-+(" ;-66*%;!24" G%-0$;(!-&" +8+(*6+" 2%*" 72+*0" -&" +)244-D" %2;*D28+" !&" D)!;)" +G!%$4!&2" ;$4($%*+" 2%*"
6!,*0" 78" 2" G2004*" D)**4I" T-D*A*%=" ()*%*" 2%*" +(!44" +-6*" *,26G4*+" -." +G!%$4!&2" 7*!&'" )2%A*+(*0"
;-66*%;!2448".%-6"&2($%2448"-;;$%%!&'"G-G$42(!-&+I"U&"S*,!;-5".-44-D!&'"()*"%*+*2%;)";-&0$;(*0"!&"YZa_"
!&" ;-4427-%2(!-&" D!()" ()*" J%*&;)" K!4" U&+(!($(*=" :-+2RN*,;-;-" W(0" )2+" 7**&" )2%A*+(!&'" 6'()*+(,-$ 0-G(0-$
.%-6"2&"2%*2"-."W2Q*"N*,;-;-="2("?"?[["6"27-A*"+*2"4*A*4="!&"2"+*6!R(%-G!;24"*&A!%-&6*&(="!&"()*"f244*8"
-."S*,!;-="D!()"2&"2A*%2'*"2&&$24"(*6G*%2($%*"-."Y\"w<I"N)*"+26*";-6G2&8"$+*0"(-"*,(%2;("+-02".%-6"
()*"42Q*"0*G-+!(+"+!&;*"YZ]aI"N)!+"!+"()*"42%'*+("+!&'4*"G42&(".-%"()*"G%-0$;(!-&"-."+G!%$4!&2"7!-62++I"N)*"
+-R;244*0" B+*6!R&2($%24C" ;$4(!A2(!-&" G%-;*++" ;-&+!+(+" -." )2%A*+(!&'" 0$%!&'" 028" 2&0" &!')(" 2&0" ()*" 24'24"
7!-62++" 0-$74*+" !&" ()%**" (-" .-$%" 028+I" 5.(*%" .!4(%2(!-&=" ()*" 24'24" 7!-62++" !+" +G%28R0%!*0" 2.(*%"
)-6-'*&!X2(!-&" 2&0" G2+(*$%!X2(!-&" 9K4!'$v&=" YZ\a@I" N)*" .!%+(" G!4-(" G42&(" D)!;)"G%-0$;*0" Y>[" (-&&*+" -."
0%8"+G!%$4!&2"7!-62++"G*%"8*2%"+(2%(*0"G%-0$;(!-&"!&"YZ_]d"!(+"G%-0$;(!-&";2G2;!(8"D2+"()*%*2.(*%"%2!+*0"(-"
][["(-&&*+"-."6*0!$6R'%20*"G%-0$;("G*%"8*2%".%-6"Y?I[")*;(2%*+"-."&2($%24"G-&0+I":-+2RN*,;-;-"W(0")20"
!&A*+(*0"+-6*"/:`>"6!44!-&+"+!&;*"YZ__"(-"+-4A*"()*"*&'!&**%!&'"G%-74*6+"2%!+!&'".%-6"()*"!&;%*2+*"!&"
G%-0$;(!-&"2&0"(-"%$&"()*"(-,!;-4-'!;24"(*+(+"!&0!+G*&+274*"7*.-%*"62%Q*(!&'"()*"G%-0$;("9K4!'$v&="YZ\a@I"
N)*" 2&&$24" A24$*" -." +G!%$4!&2" G%-0$;(!-&" %*G%*+*&(*0" 2" ()!%0" -." ()*" ;-6G2&8r+" !&;-6*" .%-6" ()*"
62&$.2;($%*" -." G-D0*%*0" +-02" .%-6" ()*" 42Q*" 0*G-+!(+I" U&" YZZ>=" :-+2RN*,;-;-" ;*2+*0" G%-0$;(!-&" -."
+G!%$4!&2I"
5&-()*%" +*6!R&2($%24" 42Q*" !&" S82&62%" )2+" 7**&" %*G-%(*0" (-" 7*" $+*0" 2+" 2" G%-0$;(!-&" +!(*" .-%" +G!%$4!&2I"
J-$%"A-4;2&!;"42Q*+"D!()"&2($%24"+G!%$4!&2"74--6+"D*%*"+($0!*0"7*'!&&!&'"!&"YZ\^I"H%-0$;(!-&"7*'2&"2("
ND!&"N2$&'"W2Q*"!&"YZ\\="2&0"78"YZZZ"!&;%*2+*0"(-"Y[["(-&&*+P8*2%I"57-$("a["G*%;*&("!+")2%A*+(*0".%-6"
7-2(+" -&" ()*" +$%.2;*" -." ()*" 42Q*=" 2&0" 27-$(" ^[" G*%;*&(" !+" '%-D&" !&" -$(0--%" G-&0+" 24-&'+!0*" ()*" 42Q*I"
#$%!&'"()*"74--6!&'"+*2+-&"!&"()*"+$66*%="D)*&"+G!%$4!&2".-%6+"()!;Q"62(+"-&"()*"42Q*="G*-G4*"!&"7-2(+"
;-44*;(" 2" 0*&+*" ;-&;*&(%2(!-&" -." +G!%$4!&2" !&" 7$;Q*(+I" :G!%$4!&2" !+" )2%A*+(*0" -&" G2%244*4" !&;4!&*0" .!4(*%+="
D2+)*0"D!()".%*+)"D2(*%="0*D2(*%*0"2&0"G%*++*0"2'2!&I"N)!+"G2+(*"!+"*,(%$0*0"!&(-"&--04*R4!Q*".!426*&(+"
D)!;)"2%*"0%!*0"!&"()*"+$&"-&"(%2&+G2%*&("G42+(!;"+)**(+I"#%!*0";)!G+"2%*"(2Q*&"(-"2"G)2%62;*$(!;24".2;(-%8"
!&"g2&'--&="G2+(*$%!X*0="2&0"G%*++*0"!&(-"(274*(+I"

F6A B23>82<>8U!R;P<492<4>:!
e!')("62O-%"*&A!%-&6*&(24".2;(-%+"!&.4$*&;*"()*"G%-0$;(!A!(8"-."+G!%$4!&2c"4$6!&-+!(8"9G)-(-RG*%!-0"Y?PY?="
^" 4$,*+@=" (*6G*%2($%*" 9][" p<@=" !&-;$42(!-&" +!X*=" +(!%%!&'" +G**0=" 0!++-4A*0" +-4!0+" 9Y[–a[" 'P4!(%*@=" GT" 9\I>–
Y[I>@="D2(*%"L$24!(8="2&0"62;%-"2&0"6!;%-&$(%!*&("G%*+*&;*"9<="1="H="k=":="S'="12="<4="<2"2&0"J*="n&="<$="
1!="<-=":*@"9<!.*%%!="YZ\]d"58242="YZZ\@I"

>"-"# F4*(5,&6*4268,
n*&'"#.$-+I"9?[[Y2@"-7+*%A*0"()*";)2%2;(*%!+(!;+"-."4!')("2((*&$2(!-&"2&0"4!')("$(!4!X2(!-&"-&"()*"'%-D()"-."
6'()*+(,-$'+-.#,"("";*44+"!&";$4($%*";-&0!(!-&+I"N)*8".-$&0"(D-";-&;*G(+"$+*.$4".-%"+G!%$4!&2";$4($%*="A!XI"
2A*%2'*" !%%20!2&;*" 2&0" +G*;!.!;" 4!')(" *&*%'8" $(!4!X2(!-&" %2(*" !&(%-0$;*0" (-" 0*+;%!7*" ()*" %*42(!-&+)!G"
7*(D**&" ;*44" '%-D()" 2&0" 4!')(" $(!4!X2(!-&I" N)*8" 24+-" %*;-%0*0" .-$%" 72+!;" G2%26*(*%+" +$;)" 2+" 62,!6$6"
+G*;!.!;" '%-D()" %2(*" 9YI_>" o6P028@=" )24." 4!')(R+2($%2(!-&" ;-&+(2&(" 9YI^>]" ," Y[]" Y,@=" 4!')(" ;-*..!;!*&("
x9]Ia]_PY[]@"9K#>a[P;6?@P6iyI"n*&'="<2!"2&0"K$82&'"9?[[Y7@"24+-".-$&0"()2("!&(%-0$;(!-&"-."Y"G*%;*&("
<K?" !&" ;$4($%*" +8+(*6" )*4G+" (-" !&;%*2+*" .!&24" ;*44" ;-&;*&(%2(!-&" 2&0" +(27!4!X*" ()*" GT" -." ()*" ;$4($%*" -."
+G!%$4!&2I"H2%**Q"2&0":%!A2+(2A2"9?[[Y@";-&0$;(*0"2&"*,G*%!6*&("(-"0*(*%6!&*"()*"-G(!6$6"G)-(-G*%!-0"
.-%"()*"'%-D()"2&0"8!*40"-."()*"V2!G$%"9U&0!2@"!+-42(*"-."6'()*+(,-$'+-.#,"(""!&"0!..*%*&("G)-(-G*%!-0+I"N)*8"
.-$&0" ()2(" ()*" -G(!6$6" G)-(-G*%!-0" !+" Ya" )-$%+P028" 72+*0" -&" ()*" *A24$2(!-&" -." -G(!;24" 0*&+!(8" 2&0"
;)4-%-G)844";-&(*&("-."6H$'+-.#,"("H""
H2-4*((!=" H$+)-2%2O" 2&0" N-62+*44!" 9YZ_>@" +($0!*0" ()*" '%-D()" G*%.-%62&;*+" -."6'()*+(,-$ '+-.#,"("" 2&0" 6H$
0-G(0-"$&0*%"G)-(-R4!6!(*0";-&0!(!-&+"$+!&'"F-$,"7-((4*+"-."YI["4!(%*";2G2;!(8"!&;$72(*0"!&"2"D2(*%"72()"
2(" ][" p<I" U(" D2+" !%%20!2(*0" !&(*%6!((*&(48" .%-6" -&*" +!0*" D!()" 72((*%8" -." .4$-%*+;*&(" 426G+" 9H5F" !&(*&+!(8"
*L$24"(-"a>I]["VP6?P+*;-&0@"!&"4!')(c02%Q";8;4*"9Y?")-$%+cY?")-$%+@I"N)*"!&!(!24"7!-62++";-&;*&(%2(!-&"-."
+G!%$4!&2"D2+"]>["6'"90%8"D*!')(@P4!(%*"D)!;)"2((*&0*0"(-"2"62,!6$6"0%8"D*!')("-."]^a"2&0"]?Z"6'P4!(%*"
!&" ()*" ;2+*+" -." 6H$ '+-.#,"("" 2&0" 6H$ 0-G(0-=" %*+G*;(!A*48I" N)*" ;$4($%*" +-4$(!-&" D2+" ()*" +(2&02%0"
7!;2%7-&2(*R;2%7-&2(*"6*0!$6"2("GT"Z–ZI>"D!()"7$774!&'"2!%"2&0"Y"G*%;*&("<K?I""

! \! !
N-62+*44!" #.$ -+I" 9YZ\_@" *,26!&*0" ()*" '%-D()" -." (*&" +(%2!&+" -."6'()*+(,-$ '+-.#,"("" 2&0" *!')(" +(%2!&+" -." 6H$
0-G(0-I" N)*8" -7(2!&*0" ()%**" +(%2!&+" -." 6H$ '+-.#,"("" .%-6" 0!..*%*&(" 427-%2(-%!*+" 9+(%2!&" <4" .%-6" W*-&2%0="
+(%2!&" WE" Y^_>P^" .%-6" ()*" <267%!0'*" <$4($%*" <-44*;(!-&" 2&0" +(%2!&" SY]>" .%-6" N*%-&-7$M+" ;-44*;(!-&@I"
N)*"%*62!&!&'"Y>"+(%2!&+"D*%*"!+-42(*0"!&"()*!%"427-%2(-%8="6-+(48".%-6"D2(*%"+26G4*+";-44*;(*0".%-6"W2Q*"
N*,;-;-" 9S*,!;-@" 2&0" W2Q*+" S-&7-4-" 2&0" F-67-$" 9<)20@I" N)*" G%-G*%(!*+" (2Q*&" !&(-" ;-&+!0*%2(!-&"
!&;4$0*c" %*42(!A*" G)-(-+8&()*(!;" *..!;!*&;8" $&0*%" G)-(-R4!6!(*0" ;-&0!(!-&+=" G%-(*!&" G%-0$;(!-&=" %2(*" -."
02%Q"%*+G!%2(!-&="7*)2A!-$%"2("(*6G*%2($%*+"27-A*"()*"-G(!6$6".-%"'%-D()="2&0"(-4*%2&;*"-."+24!&!(8I"
N)*"*..*;("-."()*"%2(*"-."6!,!&'"-&"G%-0$;(!A!(8"-."24'24"62++"!&"%*42(!-&"(-"G)-(-&".4$,"0*&+!(8"2&0"24'24"
;-&;*&(%2(!-&" D2+" L$2&(!(2(!A*48" *A24$2(*0" !&" ;$4($%*+" -." 6'()*+(,-$ '+-.#,"("" '%-D&" !&" 2" .42(RG42(*"
G)-(-7!-%*2;(-%" 9T$" 2&0" F!;)6-&0=" YZZa@I" S2,!624" 6!,!&'" *&)2&;*0" ;*44" ;-&;*&(%2(!-&" 2&0"
G%-0$;(!A!(8" -." 7!-62++" -7(2!&*0" 2(" ()*" )!')*+(" 4!')(" !&(*&+!(8" $+*0I" 5(" *2;)" 4*A*4" -." !&;!0*&(" 4!')("
!&(*&+!(8=" 62,!6$6" G%-0$;(!A!(8" 2&0" G)-(-+8&()*(!;" *..!;!*&;8" ;-$40" 7*" 2;)!*A*0" -&48" D)*&" 24'24"
;-&;*&(%2(!-&"2&0"6!,!&'"%2(*+"D*%*"-G(!6!X*0I"T$"2&0"F!;)6-&0"9YZZa@";-&;4$0*0"()2("()*")!')*%"()*"
4!')("!&(*&+!(8="()*")!')*%"-G(!624";$4($%*"0*&+!(8=")!')*+("24'24";-&;*&(%2(!-&+"2&0"G%-0$;(!A!(8"-."7!-62++"
7*!&'"-7(2!&*0I"E$("(--")!')"2"%2(*"-."6!,!&'"%*+$4(*0"!&";*44"0262'*"2&0"%*0$;*0"-$(G$("%2(*I"N)*%*"2%*"
+-6*" ;)2&'*+" !&" '%-D()" 2&0" ;)*6!;24" ;-6G-+!(!-&" -." (D-" +G*;!*+" -." 6'()*+(,-" 96H$ '+-.#,"("" 2&0" 6H$
0-G(0-@" 2(" 0!..*%*&(" (*6G*%2($%*+" D!()" 2'!(2(!-&" ;-&(%-4I" 5'2!&=" ()*" %*+*2%;)*%" 2GG4!*0" 62()*62(!;24"
6-0*4+".-%"()*"0*(*%6!&2(!-&"-."-G(!624"'4$;-+*";-&;*&(%2(!-&"2&0"4!')("!&(*&+!(8".-%"6!,-(%-G)!;";$4($%*"
-."6'()*+(,-$'+-.#,"(""9n)2&'="n)2&'"2&0"<)*&="YZZZ@I""

>"-"- G<5&454%1/),26:4/,
N)*" ;$4($%*" -." +G!%$4!&2" !+" G%2;(!+*0" !&" 0!..*%*&(" 6*0!2=" *+G*;!2448" !&-%'2&!;" 2&0" 0*;-6G-+*0" -%'2&!;"
&$(%!*&(+I" #!..*%*&(" (8G*+" -." +G!%$4!&2" D*%*" ;$4($%*0" (-" *A24$2(*" '%-D()" 2&0" 7!-;)*6!+(%8" $&0*%" +!6!42%"
;-&(%-44*0";-&0!(!-&+"9E)2((2;)2%82"2&0":)!A2G%2Q2+)="?[[>@I"N)*8";$4($%*0"()%**"+G*;!*+"-."6'()*+(,-"A!XI"
6'()*+(,-$'+-.#,"("="6H$+-G(""(0-"2&0"6H$+%,-)I"K."()*"()%**"+G*;!*+"6H$'+-.#,"(""+)-D*0")!')*+("'%-D()"%2(*="
7!-62++=" G!'6*&(" ;-&;*&(%2(!-&" 2&0" 4-D" !&(%2;*44$42%" G)*&-4!;+I" N)*" %*+$4(+" !&0!;2(*" ()2(" 6H$ '+-.#,"(""
%*2;)*0" )!')*+(" '%-D()" !&" +)-%(*+(" 0-$74!&'" (!6*" 2&0"()*" !6G-%(2&;*" -." +(%2!&" +*4*;(!-&" .-%" 42%'*R+;24*"
;$4(!A2(!-&I" :2&;)*XRW$&2" #.$ -+I" 9?[[^@" .-$&0" ()2(" ()*" !&(*%6!((*&(" 200!(!-&" -." $%*2" !&" ()*" 2$(-(%-G)!;"
;$4($%*" -." 6'()*+(,-$ '+-.#,"("" 8!*40*0" +!6!42%" %*+$4(+" (-" ()-+*" -7(2!&*0" 78" ()*" ;-&(!&$-$+" .**0!&'I" N)*8"
.$%()*%";-&;4$0*0"()2("()*"-G*%2(!-&"6-0*"-."$+!&'"$%*2"!&(*%6!((*&(48"D-$40"7*"G%*.*%274*"(-"%*0$;*"()*"
G%-0$;(!-&";-+(+"-."()!+";82&-72;(*%!$6"!&"42%'*R+;24*".2;!4!(!*+I""

*4=;8N!AM!H'4&<)41/,')/561848!R;P<;8N!4:!Q4=N?<NQ!?2=>!Y2?<N!4:!<2:S!

"
S!&!")!')"%2(*"24'24"N2&Q="U&+(!($(*"-."H-+(R'%20$2(*":($0!*+"z"F*+*2%;)="
/&!A*%+!(8"-."S24282="k$242"W$6G$%="S2428+!2"9G)-(-";-$%(*+8c":ISI"H)2&'@I"

J2!&($;)=" :2(-" 2&0" 5'$2%-&*" 9YZZY@" 24+-" +($0!*0" ()*" !&.4$*&;*" -." ()*" &$(%!(!-&24" +-$%;*+" -&" ()*" '%-D()"
%2(*" -." ;82&-72;(*%!2I" N)*8" %*G-%(*0" ()2(" ()*%*" !+" A*%8" +!'&!.!;2&(" !&.4$*&;*" -." 6!,($%*+" -." 0*.!&*0"
G%-G-%(!-&+" -." k1K]=" $%*2" 2&0" 266-&!2R1" -&" ()*" '%-D()" -." 6'()*+(,-$ 0-G(0-I" N)*" 6-+(" .2A-$%274*"
'%-D()"%2(*+"-."6H$'+-.#,"(""-;;$%%*0"!&"()*"G%*+*&;*"-."?I>_"'P4!(%*"k1K]"D!()"'%-D()"%2(*"-."[I]–[I^P028I"
<)2&'" #.$ -+I" 9YZZZ@" +($0!*0" ()*" G-++!7!4!(8" -." $+!&'" &!(%!.8!&'" 72;(*%!2" .-%" ()*" .$4.!446*&(" -." &!(%-'*&"
.*%(!4!X*%"!&"+G!%$4!&2"62++";$4($%*I"N)*8".!%+("202G(*0"()*"&!(%!.8!&'"72;(*%!2"D!()"GT"\–Y[="[Ia–?I?"G*%;*&("
+24(" 2&0" a–Y?" 6'P4!(%*" -." 12T<K]" !&" ()*" ;$4($%*" +-4$(!-&I" N)*8" .-$&0" ()2(" ()*" ;-&;*&(%2(!-&" -." 1K]R1"
%*2;)*0"-A*%"?["6'P4!(%*"2.(*%"()*"&!(%!.8!&'"72;(*%!2"D2+"!&-;$42(*0"!&"()*"+G!%$4!&2";$4($%*"+-4$(!-&"2&0"
()*&"!&;$72(*0".-%"a"028+"2("?>–]>"p<I""

! Z! !
U&" E2&'420*+)=" +G!%$4!&2" !+" ;$4($%*0" !&" 0!..*%*&(" 2'%-R!&0$+(%!24" D2+(*+" +$;)" 2+" +$'2%" 6!44" D2+(*" *..4$*&(="
G-$4(%8" !&0$+(%8" D2+(*=" .*%(!4!X*%" .2;(-%8" D2+(*=" 2&0" $%72&" D2+(*" 2&0" -%'2&!;" 62((*%I" N)*" '%-D()"
G2%26*(*%+" -." 6'()*+(,-$ '+-.#,"("" '%-D&" !&" ()*" +$G*%&2(2&(" -." 0!'*+(*0" ^I[" 'P4!(%*" G-$4(%8" D2+(*" D*%*"
)!')*%"()2&"-()*%";$4($%*+"-&"()*"+$G*%&2(2&("-."?I["2&0"aI["'P4!(%*"0!'*+(*0"G-$4(%8"D2+(*"D)!;)"6!')("7*"
0$*" (-" 2GG%-G%!2(*" &$(%!*&(" ;-&(*&(" 2&0" -()*%" *&A!%-&6*&(" G2%26*(*%+" 9H2%A!&=" ?[[a@I" 3%-D()"
G*%.-%62&;*"-."6'()*+(,-$'+-.#,"(""D2+"+($0!*0"!&"()%**"0!..*%*&(";-&;*&(%2(!-&+"-."72&2&2"4*2."2+)"200*0"
D!()"[I^"'P4!(%*"O2;Q.%$!("+**0"G-D0*%"2&0"[I?"'P4!(%*"D!()"$%*2"!&"()*"427-%2(-%8"9N-8$7"#.$-+I="?[[>@I""

*4=;8N!EM!H'4&<)41/,')/561848!R;P<;8N!4:!?;ON8:2<2:<!>V!
F6^!=]P4<8N!Q4=N?<NQ!O>;P<8U!Y2?<N!

!
W!A*"J--0"<$4($%*"W27-%2(-%8="E2&'420*+)"5'%!;$4($%24"/&!A*%+!(8="
S86*&+!&')="E2&'420*+)"9G)-(-";-$%(*+8c"SI5IEI"T27!7@"

F6E ,X2PP_?R2PN!R>XXN8R42P!O8>Q;R<4>:!>V!?O48;P4:2!
:G!%$4!&2";$4(!A2(!-&")2+"2"&$67*%"-."20A2&(2'*+"-A*%"(%20!(!-&24"2'%!;$4($%*c"
T!')" 8!*40c" i!()" 2%-$&0" a[" G*%;*&(" G%-(*!&" ;-&(*&(=" +G!%$4!&2r+" %2G!0" '%-D()" 6*2&+" !(" 8!*40+" ?[" (!6*+"
6-%*"G%-(*!&"G*%"$&!("2%*2"()2&"+-87*2&+="^["(!6*+"6-%*"()2&";-%&="2&0"-A*%"?[["(!6*+"6-%*"()2&"7**.I""
:-!4" %*L$!%*6*&(+c" :G!%$4!&2" ;$4($%*" 0-*+" &-(" %*L$!%*" .*%(!4*" 42&0" 2&0" ;2&" 2;($2448" 7*&*.!(" .%-6" +24!&*"
;-&0!(!-&+I"
e..!;!*&("D2(*%"$+*c":G!%$4!&2"$+*+"4*++"D2(*%"G*%"Q!4-"-."G%-(*!&"92GG%-,!62(*48"?"Y[["4!(%*PQ'"G%-(*!&@"()2&"
-()*%";%-G+I"i2(*%";2&"7*"%*;8;4*0"2&0"()*"-&48"+!'&!.!;2&("D2(*%"4-++"!+"()%-$')"*A2G-%2(!-&I":G!%$4!&2"
;$4($%*"$+*+"?>"G*%;*&("-."()*"D2(*%"-."+-8="Y_"G*%;*&("-.";-%&"2&0"?"G*%;*&("()*"D2(*%"%*L$!%*0".-%"7**."
G%-(*!&I"5+"6*&(!-&*0"27-A*="7%2;Q!+)"-%"+24!&*"D2(*%";2&"7*"$(!4!X*0I"
e..!;!*&("*&*%'8"$+*c":G!%$4!&2"%*L$!%*+"4*++"*&*%'8"!&G$("G*%"Q!4-"()2&"+-8=";-%&"-%"7**.="!&;4$0!&'"+-42%"
2&0"'*&*%2(*0"*&*%'8I"U(+"*&*%'8"*..!;!*&;8"9.--0"*&*%'8"-$(G$(PQ'P*&*%'8"!&G$(PQ'@"!+">"(!6*+")!')*%"()2&"
+-8="?"(!6*+")!')*%"()2&";-%&="2&0"-A*%"Y[["(!6*+")!')*%"()2&"'%2!&R.*0"7**.I""
N)*" +6244R+;24*" G%-0$;(!-&" -." +G!%$4!&2" !+" ;-&+!0*%*0" 2+" 2" G-(*&(!24" !&;-6*R'*&*%2(!&'" 2;(!A!(8" .-%"
)-$+*)-40+" -%" A!442'*" ;-44*;(!A*+I" :G!%$4!&2" 6!')(" 7*" 24+-" 0%!*0" 2&0" G%-;*++*0" .-%" 4-;24" ;-&+$6G(!-&="
*+G*;!2448" D)*%*" G--%" 0!*(2%8" %*'!6*+" &**0" (-" 7*" +$GG4*6*&(*0I" U&" 200!(!-&=" ()*" *,(*&+!A*" -%" +*6!R
!&(*&+!A*"G%-0$;(!-&"-."+G!%$4!&2".-%"2&!624"-%"2L$2(!;".**0+"6!')("7*";-&0$;(*0".-%"+6244R+;24*".2%6!&'"
2&0"2L$2;$4($%*I""
5+" *2%48" 2+" YZ^Z=" :G-*)%" 2&0" S!4&*%" 9YZ^Z@" +$''*+(*0" ()2(" ()*" 62++" ;$4($%*" -." 24'2*" D-$40" )*4G" (-"
-A*%;-6*"'4-724"G%-(*!&"+)-%(2'*+I"U%-&!;2448="!&"+G!(*"-."()*"426*&(2748"4-D"G*%";2G!(2"G%-(*!&"+$GG4!*+"!&"
62&8"G2%(+"-."()*"D-%40="62++";$4(!A2(!-&"-."24'2*")2+"%*;*!A*0"-&48";2+$24"!&(*%*+(I"N)*"/&!(*0"12(!-&+"
e&A!%-&6*&(24" H%-'%266*" 9/1eH@" !+" *6G)2+!X!&'" &!(%-'*&" .!,2(!-&" 2&0" &$(%!*&(" %*;8;4!&'" ()%-$')" 2"
G%-'%266*"()2("D!44"*+(274!+)"6!;%-7!-4-'!;24";*&(*%+"9SUF<e1:@="2&0"!("!+")-G*0"()2("()!+"D!44"+(!6$42(*"
!&(*%*+(" !&" 6!;%-R24'2*" (*;)&-4-'8" 2+" 2" ;-6G-&*&(" -." 2&" !&(*'%2(*0" %*;8;4!&'" +8+(*6" .-%" %$%24"
;-66$&!(!*+I"
:G!%$4!&2" !&0**0" 4*&0+" !(+*4." (-" +!6G4*" (*;)&-4-'8c" ;$4(!A2(!-&" 628" 7*" ;2%%!*0" -$(" !&" $&4!&*0" 0!(;)*+"
()%-$')" D)!;)" .4-D" !+" 4-D" 9*I'I" Y[" ;6P+*;-&0@I" :(!%%!&'" 628" 7*" G%-A!0*0" 78" 2" +!6G4*" 0*A!;*"0%!A*&" 78"
D!&0"*&*%'8"-%")2%&*++*0"(-")$62&+I"T2%A*+(!&'"62("7*"%*20!48"G*%.-%6*0"$+!&'"+-6*"+$!(274*";4-()="2&0"

! Y[! !
()*"7!-62++"0*)80%2(*+"!&"()*"+$&I"N)*"L$24!(8"-."()*"+G!%$4!&2$G%-0$;("-7(2!&*0"!&"()!+".2+)!-&"D-$40"&-("
7*"2+")!')"2+"D)2("!+"2((2!&*0"!&"B;4*2&";$4($%*+C="7$("G%-0$;(";-$40"+*%A*"D*44"2+"2&!624".**0I""
N)*" +8+(*6" G%-G-+*0" 78" J-," 9YZ\>@" !&(*'%2(!&'" A!442'*R4*A*4" D2+(*" 62&2'*6*&(=" 7!-'2+" '*&*%2(!-&="
+G!%$4!&2" G%-0$;(!-&d" ;-6G-+(!&'" 2&0" .!+)" ;$4($%*" D2+" 0*+!'&*0" .-%" 0*A*4-G!&'" ;-$&(%!*+I" 5" 0!'*+(*%"
G%-;*++*+" +*D2'*" 2&0" -()*%" D2+(*+=" G%-0$;!&'" 7!-'2+" .-%" %$&&!&'" ;-66$&!(8" ;--Q!&'" .2;!4!(!*+" 2&0" 2"
4!L$!0"*..4$*&("()2("!+"(%*2(*0"!&"2"+-42%")*2(*%"2&0"()*&"$+*0"(-".*%(!4!X*"()*"24'24"G-&0+I"N)*"24'24"7!-62++"
!+" )2%A*+(*0" D!()" 2" D-A*&" ;4-()" 2&0" 0*D2(*%*0" !&" 2" +-42%" 0%!*%I" N)*" +8+(*6" !+" 0*+!'&*0" (-" G%-A!0*"
+$GG4*6*&(2%8" 26-$&(+" -." +G!%$4!&2" b" +*A*%24" '%26+" G*%" G*%+-&" *2;)" 028" b" (-" ()*" A!442'*" !&)27!(2&(+I"
H%-74*6+"%*'2%0!&'"(*;)&-4-'8"(%2&+.*%="G$74!;")*24()")2X2%0+"2&0"-7+(2;4*+"(-"%*;8;4!&'"D2+(*")!&0*%*0"
G%-'%*++I"5"+-6*D)2("+!6G4*%"2GG%-2;)"D2+"G%-A!0*0"78"-()*%"%*+*2%;)*%+I"
U&" E2&'420*+)=" +G!%$4!&2" D2+" G%-0$;*0" ()%-$')" 2" G!4-(" G%-O*;(" $+!&'" G2004*RD)**4" $&0*%" (%2&+G2%*&("
+)20*"!&"()*";26G$+"-."E<:UF"9E2&'420*+)"<-$&;!4".-%":;!*&(!.!;"2&0"U&0$+(%!24"F*+*2%;)@"!&"YZ\[+I"W2(*%"
E<:UF"*+(274!+)*0"2"+8+(*6".-%"()*"%$%24";$4($%*"-."+G!%$4!&2I""

*4=;8N!FM!*>8X?!>V!?X2PP_?R2PN!?O48;P4:2!R;P<;8N!4:!12:=P2QN?T!ZOT><>!R>;8<N?UM!*6!02`4Q\!

Culture in pots Culture in concrete tank


"

U&"U&0!2="()*"S$%$'2GG2"<)*((!2%"F*+*2%;)"<*&(%*"!&"<)*&&2!")2+"0*A*4-G*0"()*"(*;)&-4-'8"2&0"()!+")2+"
7**&"+$;;*++.$448"G%-G2'2(*0"-&"2"42%'*"+;24*"!&"()*"%$%24"2%*2+"-."H$0$Q-((2!"0!+(%!;("-."N26!4"120$I"J-%"
!&+(2&;*="B6$0"G-(C"+G!%$4!&2"G%-0$;(!-&"$+*+"2"6*0!$6";-&+!+(!&'"-."2"7!-'2+"+4$%%8="?–]"'"-."+*2"+24("-%"
;)*6!;24" 6*0!$6" 9G-(2++!$6" 0!)80%-'*&" G)-+G)2(*=" ;--Q!&'" +-02" 2&0" +-0!$6" ;)4-%!0*@" 2&0" G$%*"
+G!%$4!&2";$4($%*I""N)*"6$0"G-(+"2%*"7$%!*0"$G"(-"()*!%"&*;Q+"!&"()*"'%-$&0=".!44*0"D!()"D2(*%"6!,*0"D!()"
()*"6*0!$6"2&0"2"+6244"L$2&(!(8"-."G$%*"+G!%$4!&2"200*0I"N)*"6*0!$6")2+"(-"7*"+(!%%*0"]"(-"^"(!6*+"2"028"
2+" ()*" +G!%$4!&2" ;2&&-(" '%-D" !&" +(2'&2&(" ;-&0!(!-&+I" N)*" G-(+" )2A*" (-" 7*" *,G-+*0" (-" +$&4!')(" 2+" ()*"
+G!%$4!&2"(2Q*+"]"(-"^"028+"(-"62($%*I"N)*"62($%*"+G!%$4!&2"9D)*&"()*"G24*"6*0!$6"($%&+"!&(-"02%Q"'%**&@"
;2&" 7*" )2%A*+(*0" 78" 2" +!6G4*" ;4-()R.!4(%2(!-&I" 5.(*%"D2+)!&'" ()*" +G!%$4!&2" !&" .%*+)" D2(*%" 9(-" %*6-A*" ()*"
20)*%!&'";)*6!;24+@="!(";2&"7*"0!%*;(48"6!,*0"D!()";)2G2((!"0-$')=";)$(&*8+="&--04*+="G$4+*+="A*'*(274*+"
*(;I" :G!%$4!&2" ;2&" 24+-" 7*" G%*+*%A*0" 78" 0%8!&'=" D)!;)" 6$+(" 7*" ;-&0$;(*0" !66*0!2(*48" !&" -%0*%" (-"
G%*+*%A*"!(+"L$24!(8"2&0"A24$*I""
N)*" 62O-%" ;-+(" !&A-4A*0" !&" +$;)" +6244R+;24*" G%-0$;(!-&" !+" ()*" '%-D()" 6*0!$6I" F2--.=" k2$+)!Q2" 2&0"
H%2+2&&2"9?[[a@"!&A*+(!'2(*0"()*"$+*"-."2"&*D"6*0!$6".-%6$42(*0".-%"62++"G%-0$;(!-&"-."6'()*+(,-"+GI"78"
!&;-%G-%2(!&'" +*4*;(*0" &$(%!*&(+" -." ()*" +(2&02%0" n2%%-$QM+" 6*0!$6" 9:S@" 2&0" -()*%" ;-+(R*..*;(!A*"
24(*%&2(!A*" ;)*6!;24+I" N)!+" &*D48" .-%6$42(*0" 6*0!$6" 9FSa@" ;-&(2!&+" +!&'4*" +$G*%" G)-+G)2(*"
9YI?>"'P4!(%*@="+-0!$6"&!(%2(*"9?I>["'P4!(%*@="6$%!2(*"-."G-(2+)"9[IZ\"'P4!(%*@="+-0!$6";)4-%!0*"9[I>["'P4!(%*@="
62'&*+!$6" +$4.2(*" 9[IY>" 'P4!(%*@=" ;24;!$6" ;)4-%!0*" 9[I[^" 'P4!(%*@=" 2&0" +-0!$6" 7!;2%7-&2(*" 9;-66*%;!24"
'%20*@"\"'P4!(%*I"N)*"24'2"D2+"'%-D&"!&"2&"!44$6!&2(*0"9>["66-4"G)-(-&+P6!/+"D)!(*"4!')(@"'%-D()"%--6"2("
]["± Y""<I"S2,!6$6"'%-D()"%2(*"!&"(*%6+"-."0%8"7!-62++=";)4-%-G)844"2&0"G%-(*!&+"!&":S"D2+"%*;-%0*0"
7*(D**&"a"2&0"Z"028+"-."'%-D()"2&0"A24$*+"D*%*"[IYY^="[I[[]"2&0"[I[a\"2+";-6G2%*0"(-"[IYY?="[I[[]"
2&0"[I[aZ"6'P64P028"!&"FSaI"1-"+!'&!.!;2&("0!..*%*&;*+"D*%*"-7+*%A*0"!&"()*"G%-(*!&"G%-.!4*+"-."6'()*+(,-"
+GI" '%-D&" !&" 7-()" ()*" 6*0!2I" <-+(" ;24;$42(!-&+" !&0!;2(*" ()2(" ()*" G%*G2%2(!-&" -." Y" [[[" 4!(%*+" -." :S"
9n2%%-$QM+" 6*0!$6@" D-$40" ;-+(" F+I" ]" a>Z" 9/:`_ZI>@" 2+" 2'2!&+(" F+I" _]a" 9/:`YaI[@" .-%" %*A!+*0" 6*0!$6"
9FSa@I" N)*%*.-%*=" ()*" 6*%!(+" -." ()*" %*A!+*0" 6*0!$6" 2%*" ;4*2%48" *6G)2+!X*0=" &-(" -&48" 2+" 2" 4-DR;-+("

! YY! !
24(*%&2(!A*"7$("24+-"2+"2")!')48"G%-0$;(!A*"!&G$(="D)!;)";2&"7*"$+*0"G%-.!(2748"78"()*"%$%24"G-G$42(!-&".-%"
42%'*R+;24*"7!-62++"G%-0$;(!-&"-."G%-(*!&R%!;)"+G!%$4!&2I""

>"!"# 3&%:<754%1,%=,8'4&<)41/,41,%&*/147,1<5&46158,417)<:41*,I/856,6==)<6158,
K&*" -." ()*" 62!&" 72%%!*%+" (-" ()*" +6244R+;24*" ;$4($%*" -." +G!%$4!&2" !+" ()*" ;-+(" 2&0" 2A2!427!4!(8" -." !&-%'2&!;"
&$(%!*&(+I" T-D*A*%=" ()*%*" !+" ()*" 24(*%&2(!A*" -." $+!&'" -%'2&!;" &$(%!*&(" +-$%;*+=" *+G*;!2448" .%-6" D2+(*"
*..4$*&(+="()2("628"7*"2A2!4274*"!&"%$%24"4-;2(!-&+"9W24!7*%(*="K4'$í&"2&0"0*"42"1-ü*="YZZ_@I""
i2+(*" *..4$*&(" .%-6" 2" .*%(!4!X*%" ;-6G2&8" !&" 1!'*%!2" D2+" $+*0" .-%" ;$4(!A2(!-&" -.";2+%)#++-" 2&0" 6'()*+(,-"
95&2'2"2&0"57$="YZZa@I"N)*".*%(!4!X*%".2;(-%8"D2+(*"-&"2&"2A*%2'*";-&(2!&*0"G)-+G)2(*RH"9Y[_–Y\_"GG6@="
&!(%2(*R1" 9]I[–^I[" GG6@=" +$4.2(*" :K^R?" 9Y^a–Y>[" GG6@=" )20" 2" GT" -." _I^–\I>" 2&0" *4*;(%!;" ;-&0$;(!A!(8" -."
_[[–?^>_"o6)-+P;6I"N)!+"G)8+!;-R;)*6!;24"+(2($+"-.".*%(!4!X*%".2;(-%8"D2+(*"!+"+$!(274*".-%"()*"'%-D()"-."
;2+%)#++-" 2&0" 6'()*+(,-I" 5GG%-,!62(*48=" YYI[" G*%;*&(" 9DPD" 0%8" 62((*%@" 2+" 1" -." +G!%$4!&2" D2+" -7(2!&*0"
D)*&";$4($%*0"!&">[c>["6!,($%*"-."*..4$*&("2&0".!4(*%*0"+*2"D2(*%"9GT"\I][@"2.(*%"?Y"028+I"5&2'2"2&0"57$"
;-&;4$0*0" ()2(" ()!+" &-&R+*D2'*" *..4$*&(" ;-$40" 7*" $+*0" .-%" ()*" G%-0$;(!-&" -." 6!;%-24'24" 7!-62++" 2&0"
A24$*R200*0"7!-;)*6!;24+I""
N)*" %*+G-&+*" -."6'()*+(,-$ 0-G(0-" '%-D()" (-" 0!..*%*&(" ;-&;*&(%2(!-&+" -." 2*%2(!-&" +(27!4!X*0" +D!&*" D2+(*"
D2+" ;-6G2%*0" 2+" 2" D28" (-" 0*(*%6!&*" ()*" (%*2(6*&(" *..!;!*&;8" -." +$+G*&+!-&" 2&0" !66-7!4!X*0" +8+(*6+"
9<2&!X2%*+" #.$ -+I=" YZZ]@I" N)*8" .-$&0" ()2(" ()*" 7*+(" %*+$4(+" D*%*" -7(2!&*0" D!()" ()*" +$+G*&0*0" '%-D()" .-%"
7!-62++";-&;*&(%2(!-&"2&0"&!(%-'*&"%*6-A24"D!()"2*%2(!-&"2("2"0!4$(!-&"-.">["G*%;*&("+D!&*"D2+(*I"U&"()*"
!66-7!4!X*0" +8+(*6=" 2(" 0!4$(!-&+" -." ?>" 2&0" >[" G*%;*&(" +D!&*" D2+(*=" 6-%*" ()2&" Z[" G*%;*&(" 266-&!$6"
&!(%-'*&"%*6-A24"D2+"-7(2!&*0I"<2&!X2%*+"2&0"#-6!&L$*X"9YZZ]@"+($0!*0"()*"27!4!(8"-."6'()*+(,-$0-G(0-"
(-"'%-D"-&"2*%2(!-&R+(27!4!X*0"+D!&*"D2+(*="&$(%!*&("%*6-A24"9(-(24"H="H)-+G)2(*RH"2&0"266-&!$6R1@"2&0"
7!-62++"G%-0$;(!-&I"N)*"7*+("%*+$4(+".-%"7!-62++"G%-0$;(!-&"9]a"G*%;*&("G%-(*!&="a"G*%;*&("4!G!0"2&0"[I[?"
G*%;*&(";%$0*".!7*%@"2+"D*44"2+"&$(%!*&("%*6-A24"D*%*"-7(2!&*0"$+!&'">["G*%;*&("0!4$(!-&"-."()*"D2+(*I""
F!;*" )$+Q" 2+)" 9FT5@" 2&0" 12T<K]" D*%*" $+*0" 2+" 2" +-$%;*" -." ;2%7-&" !&" 6'()*+(,-" ;$4($%*" 95Q(*%" #.$ -+I="
YZZa@I"N)*8"%*G-%(*0"()2("()*"200!(!-&"-."?I["'"12T<K]P4!(%*"*A*%8"(D-"028+"+$GG-%(*0"7*((*%"'%-D()"-."
6'()*+(,-"()2&"YI["'"FT5P4!(%*"*A*%8"028="24()-$')"()!+"6!')("&-("7*"+$GG-%(*0"-&"*;-&-6!;"'%-$&0+I""
N)*".*%6*&(*0"D2+(*D2(*%"-."N)2!"%!;*"&--04*".2;(-%!*+")2+"()*"G-(*&(!24!(8"2+"()*"+-$%;*"-."&$(%!*&(+".-%"
;$4(!A2(!-&" -." 6'()*+(,-$ '+-.#,"("" 9f*(282+$G-%&=" ?[[^@I" N)*" .*%6*&(*0" &--04*" .2;(-%8" D2+(*D2(*%" 2+"
6-0!.!*0" 6*0!$6" 9YcYY" 0!4$(!-&" %2(!-" -." D2+(*D2(*%@" +$GG4*6*&(*0" D!()" Z[" 6'P4!(%*" &!(%2(*R1=" >Z["
6'P4!(%*" G)-+G)2(*RH=" Y\[" 6'P4!(%*" G-(2++!$6" 2&0" ]" [[[" 6'P4!(%*" 12?<K]" +)-D+" )!')" G-(*&(!24" .-%"
;$4(!A2(!&'"6H$ '+-.#,"("" D)*%*" ()*" '%-D()" -." ()!+" 6!;%-24'2*" D2+" A*%8" .2A-$%274*I" N)*" ;)4-%-G)844" 9?I]a"
6'P'@="7!-62++"9Y[[["6'P4!(%*@=";%$0*"G%-(*!&"9>Z" G*%;*&(@"2&0"G)8;-;82&!&"9Y^"G*%;*&(@"D*%*"0*(*;(*0"
D)!;)"D2+"246-+("+!6!42%"(-"()-+*"-."+G!%$4!&2"D)*&";$4($%*0"!&"n2%%-$Q"6*0!$6I""
W2'--&"D2(*%";2&"7*"$+*0"D!()"+-6*"&$(%!*&("+$GG4*6*&(2(!-&"(-"'%-D"6'()*+(,-$'+-.#,"(""9<-+(2="<-442"
2&0" J!4)-=" ?[[^@I" N)*8" $+*0" S2&'$*!%2" 42'--&" 9F!-" 3%2&0*" 0-" :$4" :(2(*=" E%2X!4@" D2(*%" %!;)" D!()"
;2%7-&2(*+" 2&0" 2" )!')" GT=" 2&0" !&" 200!(!-&" -." YIY?>" -%" ?I?>[" 6'P4!(%*" -." $%*2" 2&0" ?Y" -%" ^?" 6'P4!(%*" -."
12T<K]"0$%!&'".*0R72(;)";$4($%*"-."6H$'+-.#,"("="%*+G*;(!A*48"$+!&'"2"]?".2;(-%!24"0*+!'&I"N)*8".-$&0"()2("
42'--&"D2(*%"!&"200!(!-&"-."YIY?>"6'P4!(%*"-."$%*2"%*+$4(*0"!&"2"?Ia_".-40"!&;%*2+*"!&"()*".!&24"7!-62++"-."
+G!%$4!&2I"
F!O&" 2&0" :)!4-" 9YZ\a@" ;-&0$;(*0" 2&" *,G*%!6*&(" -&" &!(%-'*&" 4!6!(2(!-&" !&" &2($%24" G-G$42(!-&+" -."
;82&-72;(*%!2" 96'()*+(,-" +GGI" 2&0" 9"/(++-.%)(-" +GGI@" !&" U+%2*4!" .!+)" G-&0+" !&" +$66*%I" N)*8" .-$&0" ()2("
;2%7-)80%2(*+" +8&()*+!X*0" 2(" ()*" 4!')(*0" +$%.2;*" G2%(!2448" $(!4!X*0" .-%" G%-(*!&" +8&()*+!+" 2(" ()*" 7-((-6" -."
()*+*"G-&0+"D)*&";*44+"427*4*0"78"Y^<"$&0*%"+!6$42(*0"G-&0";-&0!(!-&+I"

F6F .>XXN8R42P!2:Q!X2??!R;P<492<4>:!!
N)*"62!&";-66*%;!24"42%'*R+;24*";$4($%*"-."6!;%-24'2*"+(2%(*0"!&"()*"*2%48"YZa[+"!&"V2G2&"D!()"()*";$4($%*"
-.";2+%)#++-=".-44-D*0"78"6'()*+(,-"!&"()*"*2%48"YZ_[+"2("W2Q*"N*,;-;-="S*,!;-I"":G!%$4!&2"!+"G%-0$;*0"!&"
2(" 4*2+(" ??" ;-$&(%!*+c" E*&!&=" E%2X!4=" E$%Q!&2" J2+-=" <)20=" <)!4*=" <)!&2=" <-+(2" F!;2=" <{(*" 0rUA-!%*=" <$72="
e;$20-%="J%2&;*="U&0!2="S202'2+;2%="S*,!;-="S82&62%="H*%$="U+%2*4=":G2!&="N)2!42&0="N-'-="/&!(*0":(2(*+"
-." 56*%!;2" 2&0" f!*(" 126I" :)!6262(+$" 9?[[^@" %*G-%(+"()2(" ()*" (-(24" !&0$+(%!24" G%-0$;(!-&" -." +G!%$4!&2" !+"
27-$("]"[[["(-&&*+"2"8*2%I"J5K"J!+):(2("02(2"9J5K="?[[a@"+$''*+(+"()!+"!+"2"+$7+(2&(!24"$&0*%*+(!62(*"b"
24()-$')" ()*" ;$%%*&(" 02(2+*(" 9$G" (-" 2&0" !&;4$0!&'" ?[[^@" -&48" +)-D+" G%-0$;(!-&" !&" <)!&2=" !(" !&0!;2(*+" 2"
G%-0$;(!-&"-."YZ"[\["(-&&*+"!&"?[[]"%!+!&'"+)2%G48"(-"^Y">_["!&"?[[^="D-%()"2%-$&0"/:`_Ia"6!44!-&+"2&0"

! Y?! !
/:`YaIa" 6!44!-&+=" %*+G*;(!A*48I" <)!&2" +(2%(*0" (-" G%-0$;*" +G!%$4!&2" ()%-$')" .2;(-%!*+" !&" YZZ[" 2&0" ()*%*"
D*%*" 6-%*" ()2&" \[" .2;(-%!*+" 78" YZZ_" 9W!" 2&0" j!=" YZZ_@I" K()*%" ;-$&(%!*+" D!()" +!'&!.!;2&(" +G!%$4!&2"
G%-0$;(!-&"&-("2;;-$&(*0".-%"!&"()*"J!+):(2("%*G-%(+"!&;4$0*"()*"/&!(*0":(2(*+"-."56*%!;2"9<24!.-%&!2"2&0"
T2D2!!@="N2!D2&"H%-A!&;*"-."<)!&2"2&0"N)2!42&0"9+**":*;(!-&"^I>@I""
S2++";$4(!A2(!-&"-."+G!%$4!&2"!+"$+$2448";2%%!*0"-$("!&"+)244-D"G-&0+="*L$!GG*0"D!()"G2004*"D)**4+"(-"6!,"
()*" ;$4($%*I" ND-" (8G*+" -." -G*&" %2;*D28" G-&0+" 2%*" (8G!;2448" $+*0c" ()*" .!%+(" !+" 4!&*0" 78" ;-&;%*(*" 2&0" !+"
()*%*.-%*"*,G*&+!A*="()*"+*;-&0"!+"2"+)244-D"*2%()*&"($&&*4"4!&*0"D!()"G-48A!&84R;)4-%!0*"9Hf<@"-%"+-6*"
-()*%"0$%274*"G42+(!;"62(*%!24I"W!&!&'"-." ()*"%2;*D28+"!&;%*2+*+"()*";-+("-."G%-0$;(!-&"-."24'24" 7!-62++="
)*&;*" ()*" +*2%;)" .-%" ;)*2G*%" 62(*%!24" 2&0" G%-;*++*+=" +$;)" 2+" 4-DR;-+(" ;428" +*24!&'" 9f-&+)2Q" 2&0"
F!;)6-&0="YZ\\@I"N)*"+$%.2;*"-.";-66*%;!24"%2;*D28+"A2%!*+".%-6"[IY"(-"[I>")*;(2%*+"2&0";$4($%*"0*G()"
!+"$+$2448"62!&(2!&*0"2("Y>–Y\";6I"N)*"G2004*"D)**4="42%'*"9D!()"2"0!26*(*%"$G"(-"?I["6"2&0"2"+G**0"-."
Y["%G6@"-%"+6244"9D!()"2"0!26*(*%"-."[I_"6"2&0"2"+G**0"?"(-"]"(!6*+".2+(*%"()2&"?I["6"0!26*(*%"G2004*"
D)**4@=" !+" ()*" 6-+(" ;-66-&" +(!%%!&'" 0*A!;*I" K&*" 0!..!;$4(8" -." ()!+" G2004*" +(!%%!&'" !+" ()2(" ()*" .4-D" !+" &-("
+$..!;!*&(48" ($%7$4*&(" (-" G%-0$;*" 2&" -G(!6$6" 4!')(" G2((*%&" .-%" +!&'4*R;*44" 24'2*I" N)$+=" -()*%" 6*2&+" D*%*"
$+*0" (-" !&;%*2+*" ($%7$4*&;*" !&" +)244-D" G-&0+" -%" %2;*D28+=" 2&0" ;-&+*L$*&(48" G)-(-+8&()*(!;" *..!;!*&;8"
9f-&+)2Q" 2&0" F!;)6-&0=" YZ\\@I" N)*" .-44-D!&'" +*;(!-&" 4--Q+" 2(" ()*" 62!&" A2%!274*+" !&A-4A*0" !&"
G%-0$;(!-&I"
K,8'*&" ;-&;*&(%2(!-&+c" 5++$6!&'" ()2(" ()*" %2(*" -." G)-(-+8&()*+!+" ;2&" 7*" $+*0" 2+" 2&" !&0!;2(!-&" -." ()*"
6*(27-4!;"2;(!A!(8"-."-$(0--%"24'24";$4($%*+="()*"028R(!6*";)2&'*+"!&"-,8'*&";-&;*&(%2(!-&"!&"()*"G-&0"2%*"
;-%%*42(*0"D!()"0!$%&24";)2&'*+"!&"4!')("2&0"(*6G*%2($%*I"U&"+$66*%="()*"62!&"4!6!(!&'".2;(-%".-%"'%-D()"
-."+G!%$4!&2"!&"-$(0--%";$4($%*"!+"4!')(d"()*"02!48"G*2Q"!&"-,8'*&";-&;*&(%2(!-&"!+"%*2;)*0"2("()*"+26*"(!6*"
2+"4!')("!&(*&+!(8"!+"62,!6$6I"U&"D!&(*%="()*"62!&"4!6!(!&'".2;(-%"!+"(*6G*%2($%*"7*;2$+*"-."2"+)!.("!&"()*"
G*2Q" -." -,8'*&" D)!;)" .-44-D+" ()*" G*2Q" !&" ()*" G-&0" (*6G*%2($%*" %2()*%" ()2&" 4!')(" !&(*&+!(8" 9f-&+)2Q="
YZZ_@I"
W!')(c"i)*&"'%-D!&'"24'2*"2("2"0*G()"-."Y?–Y>";6"!&"-G*&"%2;*D28"G-&0+="+*4.R+)20!&'"'-A*%&+"()*"4!')("
2A2!427!4!(8" (-" ()*" +!&'4*" ;*44" !&" ()*" ;$4($%*I" /&4*++" -&*" $+*+" 2" 6$;)" 0!4$(*0" ;$4($%*" D)!;)" 244-D+"
G*&*(%2(!-&"-."4!')("()%-$')-$("()*"D2(*%";-4$6&="2";*%(2!&"G2%("-."()*";$4($%*"D!44"24D28+".2!4"(-"%*;*!A*"
*&-$')"4!')("(-".$4.!44"G)-(-+8&()*+!+"&**0+I"N)$+="246-+("78"0*.!&!(!-&"()!+"Q!&0"-.";$4($%*"D!44"7*"4!')(R
4!6!(*0I"U("D2+"0*6-&+(%2(*0"!&"()*"*2%48"YZ\[+"()2("2$'6*&(!&'";*44";-&;*&(%2(!-&"-."()*";$4($%*"D)!;)"
!&;%*2+*+"+*4.R+)20!&'"%*+$4(*0"!&"2"0*;%*2+*"-."()*"'%-D()"%2(*I"N)!+"Q!&0"-."*,G*%!6*&("D2+";2%%!*0"-$("
0$%!&'"()*"+$66*%="D!&(*%"2&0"+G%!&'="2&0".!&0!&'+"!&0!;2(*0"()2("()*")!')*+("%*+G-&+*"-."'%-D()"%2(*"(-"
;*44" ;-&;*&(%2(!-&=" !I*I" +*4.R+)20!&'=" D2+" -7+*%A*0" !&" ()*" +$66*%I" N)*" !&!(!24" !&(*%G%*(2(!-&" D2+" ()2(" !&"
+$66*%" (*6G*%2($%*+" D*%*" )!')" *&-$')=" +-" ()2(" 62!&" 4!6!(2(!-&" .-%" '%-D()" -." +G!%$4!&2" -$(0--%+" D2+"
4!')(I"U&"D!&(*%"2&0"+G%!&'=")-D*A*%="D)*&"()*"(*6G*%2($%*"!&"()*"-$(0--%";$4($%*+"D2+"4-D*%="()*"*..*;("
-."+*4.R+)20!&'"D2+"4*++"G%-&-$&;*0"9f-&+)2Q="YZZ_@I""
U&" YZZa=" 2(" ()*" #*G2%(6*&(" -." E!-;)*6!+(%8=" J2;$4(8" -." :;!*&;*=" <)$424-&'Q-%&" /&!A*%+!(8=" E2&'Q-Q="
6'()*+(,-$ '+-.#,"("$ D2+" '%-D&" !&" 2" &-%624" n2%%-$Q" 6*0!$6" 2&0" ()*" *..*;(" -." A2%!-$+" *&A!%-&6*&(24"
.2;(-%+"-&"()*"!-;2%-(*&*";-&(*&("*A24$2(*0"24()-$')"()*"'%-D()"-."()*";*44+"D2+"%*(2%0*0"2("GT"Y[I>"2&0"
YYI[I"5"(*6G*%2($%*")!')*%"()2&"]>"w<";2$+*0"2"0%-G"!&"!-;2%-(*&*";-&(*&(I"U&;%*2+*0"4!')("!&(*&+!(8"$G"(-"
Y[" [[[" 4$," %*+$4(*0" !&" 2&" !&;%*2+*0" !-;2%-(*&*" ;-&(*&(I" i)*&" ()*" ;*44+" D*%*" '%-D&" $&0*%" %*0" 4!')("
!44$6!&2(!-&=" !-;2%-(*&*" ;-&(*&(" D2+" )!')*+(" .-44-D*0" 78" ()2(" $&0*%" 74$*" 4!')(" 2&0" D)!(*" 4!')(="
%*+G*;(!A*48I"1!(%2(*"0*.!;!*&;8"!&"()*"'%-D()"6*0!$6"0!0"&-("2GG*2%"(-";2$+*"2&"!&;%*2+*"!&"!-;2%-(*&*"
;-&(*&(I" U(" D2+" 24+-" .-$&0" ()2("!-;2%-(*&*" ;-&(*&(" D2+" !&;%*2+*0" D!()" !&;%*2+!&'" 12<4" !&" ()*" 6*0!$6I"
T-D*A*%="2"0%2+(!;"%!+*"!&"!-;2%-(*&*";-&(*&(";-$40"7*"-7(2!&*0"78"*!()*%"'%-D!&'"()*";*44+"!&!(!2448"!&"()*"
6*0!$6";-&(2!&!&'"Y["'P4!(%*"12<4"2&0"()*&"(%2&+.*%%!&'"()*";*44+"(-"()*"&*D"6*0!$6"D!()"]["'P4!(%*"12<4"
-%"!&!(!2448"2;;4!62(!-&"()*";*44+"!&"()*"6*0!$6"D!()"^["'P4!(%*"12<4"2&0"()*&"(%2&+.*%%!&'"()*6"(-"()*"&*D"
6*0!$6";-&(2!&!&'"()*"+26*";-&(*&("-."12<4"9^["'P4!(%*@I"
3%-D!&'"6'()*+(,-" 0-G(0-" !&" G-48*()84*&*" ($7*+" !&" U(248" )*4G*0" (-" *,(*&0" ()*" '%-D!&'" 2&0" G%-0$;(!-&"
+*2+-&" 0$%!&'" ()*" D!&(*%" 7$(" ;2$+*0" -A*%)*2(!&'" !&" +$66*%I" N-%X!44-=" :2;;)!" 2&0" S2(*%2++!" 9YZZY@"
+)-D*0" ()2(" ()*" G%-0$;(!A!(8" 2&0" 7!-;)*6!;24" ;-6G-+!(!-&" -."6'()*+(,-$ '+-.#,"("$ ;2&" 7*" !&.4$*&;*0" 78"
7!-62++"+8&()*+!+"!&"()*";$4($%*"'%-D&"2("()*"-G(!6$6"(*6G*%2($%*"-."]>"w<="0$%!&'"()*"0284!')("G*%!-0="
D)!;)"D2+"+$G*%!-%"78"Y^"G*%;*&("(-"()2("!&"()*";$4($%*"'%-D&"2("?>"w<I"U("D2+"24+-"-7+*%A*0"()2("7!-62++"
4-++*+"0$*"(-"&!')("%*+G!%2(!-&"D*%*"+!'&!.!;2&(48")!')*%"!&"()*";$4($%*"'%-D&"2("?>"w<"9aI\"G*%;*&("-."()*"
0%8"7!-62++"-&"2A*%2'*@"()2&"!&"()*";$4($%*"'%-D&"2("]>"w<"9^I^"G*%;*&("-."()*"0%8"7!-62++"-&"2A*%2'*@"+-"
()2(" 6-%*" G%-&-$&;*0" 0!..*%*&;*+" 2GG*2%*0" 7*(D**&" ()*" (D-" ;$4($%*+" !&" ()*" &*(" G%-0$;(!A!(8"

! Y]! !
9?aIa"G*%;*&(" -&"2A*%2'*@I" N)*"G)-(-+8&()*(!;"2;(!A!(8"-."()*";$4($%*"'%-D&"2("?>"w<"D2+"0!%*;(*0"6-%*"
(-D2%0+" ;2%7-)80%2(*" +8&()*+!+" ()2&" (-D2%0" G%-(*!&" +8&()*+!+I" K&" 2A*%2'*=" !&" ()*" 6-%&!&'=" G%-(*!&" 2&0"
;2%7-)80%2(*+" %*G%*+*&(*0" a_I>" 2&0" Y\I_" G*%;*&(" -." 0%8" 7!-62++=" %*+G*;(!A*48d" !&" ()*" *A*&!&'=" ()*+*"
A24$*+";)2&'*0"(-">ZIZ"2&0"?aI]"G*%;*&(I"J(/#$5#)"-="!&"()*";$4($%*"'%-D&"2("]>"w<="7!-62++";-6G-+!(!-&"
D2+" +;2%;*48" 6-0!.!*0" ()%-$')-$(" ()*" 028I" 1!')(" %*+G!%2(!-&" 4*0" (-" )!')*%" ;2%7-)80%2(*" 4-++*+" !&" ()*"
;$4($%*" '%-D&" 2(" ?>" w<d" ()*" 26-$&(" -." ;2%7-)80%2(*+" 4-+(" 0$%!&'" ()*" &!')(" D2+" +4!')(48" )!')*%" ()2&" ()*"
7!-62++"4-++*+d"()*"0!..*%*&;*"D2+"0$*"(-"2"+!'&!.!;2&("G%-(*!&"+8&()*+!+"0$%!&'"()*"&!')(I""
H)-(-!&)!7!(!-&c"f-&+)2Q"2&0"3$8"9YZ\\@"D*%*"()*".!%+("(-"0*+;%!7*"()*"G)*&-6*&-&"-."G)-(-R!&)!7!(!-&"
!&" -$(0--%R'%-D&" +G!%$4!&2" ;$4($%*+I" E8" .-44-D!&'" ()*"(,K"(.*" G)-(-+8&()*(!;" 2;(!A!(8" -." -$(0--%" ;$4($%*+"
'%-D&" 2(" .$44" +-42%" %20!2(!-&" -%" $&0*%" +)20*0" ;-&0!(!-&+=" ()*8" -7+*%A*0" ()2(" +)20!&'" ;-$40" !&;%*2+*"
G)-(-+8&()*(!;" 2;(!A!(8I" U(" D2+" 24+-" -7+*%A*0" ()2(" +)20!&'" %*+$4(*0" !&" 2&" !&;%*2+*" !&" G%-0$;(!A!(8I" i)*&"
()*" G-&0" D2+" +)20*0" (-" %*0$;*" 4!')(" !&(*&+!(8" 78" ?>" G*%;*&(=" ()*" 0*'%**" -." !&)!7!(!-&" D2+" 24+-"
+!'&!.!;2&(48" %*0$;*0I" U(" !+" D-%()" &-(!&'" ()2(" -&;*" +-42%" %20!2(!-&" 4-D*%+" !&" ()*" 2.(*%&--&=" %*;-A*%8" !&"
G)-(-+8+(*6RUU" 2;(!A!(8" -;;$%+I" W!')(" 2A2!427!4!(8" !&" -$(0--%" ;$4($%*" !+" )!')48" 0*G*&0*&(" -&" ;*44"
;-&;*&(%2(!-&" 9f-&+)2Q=" YZZ_@I" 5.(*%" Y>" 8*2%+" -." +($08" %*42(*0" (-" ()*" %-4*" -." 4!')(" !&" G%-0$;(!A!(8" -."
-$(0--%" 24'24" ;$4($%*+=" +G!%$4!&2=" !&" G2%(!;$42%=" U+%2*4!" %*+*2%;)*%+" %*2;)*0" 2" 7*((*%" $&0*%+(2&0!&'" -." ()*"
;-6G4!;2(*0"4!')("*&A!%-&6*&("(-"D)!;)"24'24";*44+"2%*"*,G-+*0I"U("D2+"0*6-&+(%2(*0"()2("0$*"(-"*,(%*6*"
+)!.(+"!&"()*"4*A*4"-."4!')("!&(*&+!(8="2("4*2+("!&"+G!%$4!&2";$4($%*+="G)-(-!&)!7!(!-&"628"(2Q*"G42;*I"N)*".2;("
()2(" G)-(-!&)!7!(*0" +G!%$4!&2" ;$4($%*+" )2A*" 2" 4-D*%" G)-(-+8&()*(!;" *..!;!*&;8" 6*2&+" ()2(" ()*8" %*L$!%*"
6-%*" 4!')(" (-" %*2;)" ()*" +26*" 4*A*4" -." 2;(!A!(8" 2+" &-&RG)-(-!&)!7!(*0" ;*44+=" ()$+=" 62Q!&'" G)-(-R!&)!7!(*0"
;$4($%*+"2;($2448"4!')(R4!6!(*0I"N)!+".!&2448"4*20+"(-"D)2("628"7*"+**&"2+"()*"G2%20-,"-."4!')("!&"-$(0--%"
+G!%$4!&2";$4($%*+c"0$%!&'"2"+!'&!.!;2&("G2%("-."()*"028="()*"-$(0--%";$4($%*+"2%*"G)-(-!&)!7!(*0"2&0"4!')(R
4!6!(*0" 2(" ()*" +26*" (!6*" 9f-&+)2Q=" YZZ_@I" f-&+)2Q=" N-%X!44-" 2&0" N-62+*44!" 9YZZ^@" 0*6-&+(%2(*0" ()2("
.4$-%*+;*&;*" 6*2+$%*6*&(+" ;2&" 7*" $+*0" 2+" 2" .2+(" %*4!274*" !&0!;2(!-&" .-%" G)-(-!&)!7!(!-&" !&" -$(0--%"
;$4($%*+"-."6'()*+(,-"'+-.#,"("I$
N*6G*%2($%*c" U&" 62&8" %*'!-&+" -." ()*" D-%40=" (*6G*%2($%*" 628" %*G%*+*&(" ()*" 62!&" 4!6!(2(!-&" .-%" )!')R
7!-62++"G%-0$;(!-&"%2(*+"!&"-$(0--%"-G*&"G-&0+"-."+G!%$4!&2";$4($%*+I"5&"-$(0--%"24'24";$4($%*"$&0*%'-*+"
2"0!$%&24";8;4*"D)!;)"!&"2%*2+"-$("-."()*"(%-G!;+"628"+)-D"2"0!..*%*&;*"-."?["w<I"U&"()*"6-%&!&'="()*"G-&0"
(*6G*%2($%*"628"-&48"7*"!&"()*"%2&'*"-."Y>–?["w<="2&"-G(!624"(*6G*%2($%*="!&"()*"%2&'*"-."]>–]\"w<"!+"
%*2;)*0" -&48" !&" ()*" *2%48" 2.(*%&--&I" eA*&" !&" ()*" (%-G!;+" D)*%*" ()*" ;$4($%*" %*2;)*+" ()*" -G(!624"
(*6G*%2($%*="0$%!&'"2"+!'&!.!;2&("G2%("-."()*"028"()*"(*6G*%2($%*"D!44"+(!44"7*"6$;)"7*4-D"()*"-G(!6$6I"U("
)2+" 7**&" 0*6-&+(%2(*0" ()2(" %*42(!A*48" )!')" (*6G*%2($%*+" 2(" &!')(" ;-$40" !&;%*2+*" %*+G!%2(!-&" %2(*" D)!;)"
628" %*+$4(" .%-6" ()*" G)*&-6*&-&" 0*+;%!7*0" 2+" &!')(" 4-++" -." 7!-62++I" N)*" 0*'%**" -." 4-++" A2%!*+" 2+" 2"
.$&;(!-&" -." ()*" 7!-62++" ;-6G-+!(!-&" 2&0" 628" %*2;)" A24$*+" -." ][" G*%;*&(" -." ()*" G%*A!-$+" 02!48"
G%-0$;(!A!(8"9f-&+)2Q="YZZ_@I"
<-&(26!&2(!-&c" <-&(26!&2(!-&" 78" 0!..*%*&(" 24'24" +G*;!*+" 628" G%*+*&(" 2" +*A*%*" G%-74*6" .-%" 6!;%-24'24"
;$4($%*+" '%-D&" !&" -$(0--%" -G*&" G-&0+I" U&" 6-+(" ;2+*+=" ()*" +(*G+" ()2(" G%-A*0" *..*;(!A*" !&" G%*A*&(!-&" -."
;2+%)#++-" ;-&(26!&2(!-&" D*%*" 62!&(2!&!&'" 2" )!')" 7!;2%7-&2(*" ;-&;*&(%2(!-&" 9*I'I" [I?" S@=" (2Q!&'"
G%*;2$(!-&+" (-" 62!&(2!&" ()*" 0!++-4A*0" -%'2&!;" 4-20" !&" ()*" ;$4($%*" 6*0!$6" 2+" 4-D" 2+" G-++!74*=" 2&0"
!&;%*2+!&'"D!&(*%"(*6G*%2($%*"78"'%**&)-$+*")*2(!&'I"#*A*4-G6*&("-."'%2X*%+"!&"()*";$4($%*="62!&48"()*"
26-*72*" (8G*=" D2+" G%*A*&(*0" 78" ()*" 200!(!-&" -." 266-&!2" 9?6S@" 9f-&+)2Q" 2&0" F!;)6-&0=" YZ\\@I"
e,G*%!*&;*" !&0!;2(*+" ()2(" ;-&(26!&2(!&'" -%'2&!+6+" 0-" &-(" G%*+*&(" 2" +*%!-$+" 0!..!;$4(8" 2+" 4-&'" 2+" '--0"
'%-D()"!+"62!&(2!&*0"!&"2" 6-&-24'24";$4($%*I"U("!+"D-%()"&-(!&'"()2("&-";82&-G)2'*+"2((2;Q!&'"+G!%$4!&2"
)2A*"7**&"-7+*%A*0"+-".2%"9f-&+)2Q="YZZ_@I"
<$4($%*"!&"+*2D2(*%c"N)*".!%+("+$;;*++.$4";$4($%*"-."+G!%$4!&2"96'()*+(,-$0-G(0-@"$+!&'"$&(%*2(*0"+*2D2(*%"
!&"427-%2(-%8";-&0!(!-&"D2+"%*G-%(*0"!&"U(248"!&"YZ\^"78"S2(*%2++!="N%*0!;!"2&0"E244-&!"9YZ\^@I"N)*";$4($%*"
(*;)&!L$*" 0*A*4-G*0" !&" ()*" 427-%2(-%8" )2+" 7**&" +$;;*++.$448" 2GG4!*0" (-" -$(0--%" 62++" ;$4($%*" -." 6H$
0-G(0-I"N)*";4!62(!;";-&0!(!-&"!+"A*%8"+$!(274*".-%"+G!%$4!&2";$4($%*"*+G*;!2448"!&"+-$()"-."U(248"()%-$')-$("
()*" 8*2%" 9N%*0!;!=" H2G$XX-" 2&0" N-62+*44!=" YZ\a@I" N)*" 6*2&" 2&&$24" 8!*40" -." 7!-62++" -&" +*2RD2(*%" G4$+"
$%*2"D2+"_I]>"'"90%8"D*!')(@P6?P028="D)!;)"D2+"+4!')(48"4-D*%"A24$*"()2&"()2("-7(2!&*0"-&"()*"+(2&02%0"
+-0!$6"7!;2%7-&2(*"6*0!$6"D!()"+*2RD2(*%"9\IY^"'P6?P028@"$&0*%";-&(%-44*0"GT="%2&'*0".%-6"\I["(-"\I]I""
H%-0$;(!-&" +8+(*6+c" U&" ()*" /&!(*0" :(2(*+" -." 56*%!;2=" <)!&2=" U&0!2=" N)2!42&0=" f!*(" 126" 2&0" N2!D2&"
H%-A!&;*"-."<)!&2="(D-"(8G*+"-."-G*&"%2;*D28"G-&0+"2%*"$+*0d"()*".!%+(="D)!;)"!+"6-%*";2G!(24R!&(*&+!A*="!+"
4!&*0"78";-&;%*(*"9N)2!42&0="U&0!2@d"()*"+*;-&0"!+"2"+)244-D"*2%()*&"($&&*4"4!&*0"D!()"Hf<"-%"+-6*"-()*%"
0$%274*"G42+(!;I"N)*";-+("2&0"0$%27!4!(8"-."()*"4!&!&'"+!'&!.!;2&(48"!&.4$*&;*+"()*";2G!(24";-+(+"2&0"()$+"()*"

! Y^! !
*;-&-6!;" .*2+!7!4!(8" -." ()!+" 7!-(*;)&-4-'8I" 5&8" 0$%274*" 4!&*%" D!44" 200" $G" (-" /:`[I>" (-" ()*" ;-+(" -."
G%-0$;(!-&"-."*2;)"Q'"-."24'24"7!-62++"G%-0$;*0="0*6-&+(%2(!&'"()*"&**0".-%";)*2G*%"4!&!&'"+$;)"2+"4-DR
;-+(";428"+*24!&'I":$;)"4!&!&'")2+"(-"7*"(*+(*0".-%"0$%27!4!(8"$&0*%"($%7$4*&(".4-D"2&0"G*%!-0!;";4*2&!&'"-."
()*"G-&0"9f-&+)2Q="YZZ_@I"
S!,!&'" 0*A!;*+c" 54()-$')" ()*" G2004*" D)**4" !+" ()*" 6-+(" ;-66-&" +(!%%!&'" 0*A!;*" .-%" +G!%$4!&2" !&"
;-66*%;!24" G42&(+=" -()*%" 6!,!&'" 0*A!;*+" 2%*" 7*!&'" (*+(*0I" K&*" 0!..!;$4(8" D!()" G2004*" +(!%%!&'" 4!*+" !&" ()*"
&2($%*" -." ()*" .4-DI" U(" !+" $+$2448" &-(" +$..!;!*&(48" ($%7$4*&(" (-" 2..*;(" 2&" -G(!624" 4!')(" %*'!6*" .-%" ()*" +!&'4*"
;*44I"i)*&"!&(%-0$;!&'"!&(-"()*"%2;*D28"2%%28"-.".-!4+="2"0*+!'&"+!6!42%"(-"2!%G42&*"D!&'="D)!;)"2..*;(*0"
+8+(*62(!;" 6!,!&'" ()%-$')" ()*" A-%(!;*+" ;%*2(*0" 78" ()*" .-!4+=" 2" 6-%*" ()2&" (D-R.-40" !&;%*2+*" !&"
G)-(-+8&()*(!;"*..!;!*&;8"D2+"%*G-%(*0I"5&-()*%"0*A!;*"-."6!,!&'"+)244-D"24'24"G-&0+";-&+!+(+"-."2"7-2%0"
D)!;)";4-+*+"()*"G-&0";%-++R+*;(!-&="*,;*G(".-%"+!4("27-A*"()*"7-((-6"-."()*"G-&0I"N)*"7-2%0" !+"6-A*0"
72;Q" 2&0" .-%()=" ;%*2(!&'" 2" ($%7$4*&(" 72;Q" D)!%4" 2+" ()*" ;$4($%*" !+" .-%;*0" ()%-$')" ()*" +!4(I" N)!+" 6*()-0" -."
!&0$;!&'"($%7$4*&;*"!&"+)244-D"%2;*D28+")20"&-("8*("7**&"+;24*0"$G="2&0"2";-6G%*)*&+!A*"*A24$2(!-&"-."
()*"+8+(*6")2+"8*("(-"7*";2%%!*0"-$("9f-&+)2Q="YZZ_@I"
S-&!(-%!&'c" 3!(*4+-&" #.$ -+I" 9YZZ>@" -." ()*" V2;-7" E42$+(*!&" U&+(!($(*" .-%" #*+*%(" F*+*2%;)=" E*&R3$%!-&"
/&!A*%+!(8"-."()*"1*'*A"!&"U+%2*4=")2A*"+($0!*0"()*"-G(!;24"G%-G*%(!*+"-."0*&+*"24'24";$4($%*+"-$(0--%+"2&0"
()*!%" 2GG4!;2(!-&" (-" ()*" %*6-(*" *+(!62(!-&"-." 7!-62++" 2&0" G!'6*&(" ;-&;*&(%2(!-&" !&"6'()*+(,-$ '+-.#,"("I"
N)*8" )2A*" !&A*+(!'2(*0" ()*" +G*;(%24" G%-G*%(!*+" -." ()*" %*.4*;(2&;*" 2&0" A*%(!;24" 2((*&$2(!-&" ;-*..!;!*&(" -."
)!')R0*&+!(8"G%-0$;(!A*"24'24"G-&0+"!&"()*"A!+!74*"2&0"&*2%"!&.%2%*0"%*'!-&"-."()*"+G*;(%$6"!&"2+"D!0*"2"
%2&'*"-."7!-62++"2&0"G!'6*&(";-&;*&(%2(!-&+"2+"G-++!74*I"N)*"-7O*;(!A*"-."()2("%*+*2%;)"D2+"(-";%*2(*"()*"
!&0!;*+" +*&+!(!A*" (-" G!'6*&(" 2&0" 7!-62++" ;-&;*&(%2(!-&" D)!;)" 628" +*%A*" 2+" !&0!;2(-%+" .-%" ()*"
G)8+!-4-'!;24" +(2(*" -." -$(0--%" 24'24" ;$4($%*+I" N)*" U+%2*4!" %*+*2%;)*%+r" .!&0!&'+" 628" +*%A*" 2+" 2" 72+!+" .-%"
%*6-(*"%*24R(!6*"6-&!(-%!&'"-."G)8(-G42&Q(-&"L$24!(8"!&")!')R0*&+!(8"G%-0$;(!A*"24'24"G-&0+I"

F6I $W2XOPN?!>V!O8>Q;R<4>:!28>;:Q!<TN!Y>8PQ!
<-66*%;!24"G%-0$;(!-&"-."+G!%$4!&2"(2Q*+"(D-"7%-20"2GG%-2;)*+I"N)2("-."!&0$+(%!24!X*0";-$&(%!*+"D)-"2%*"
!&(*%*+(*0"!&"G%-0$;!&'"()*"74$*R'%**&"24'2".-%"()*"&2($%24".--0"2&0")*24()".--0"62%Q*(="2+"D*44"2+".-%"()*"
*,(%2;(!-&" -." )!')RA24$*" 7!-;)*6!;24+I" 5&0" ()2(" -." 0*A*4-G!&'" ;-$&(%!*+" D)!;)" 2%*" !&" +*2%;)" -." 2" %!;)"
+-$%;*"-."G%-(*!&="G%-0$;*0"$&0*%"4-;24";-&0!(!-&+"2&0"$+!&'"62%'!&24"42&0"2&0"+24!&*"D2(*%"&-("+$!(274*"
.-%"2'%!;$4($%*="2+"D*44"2+"()*"-GG-%($&!(8".-%"(%*2(!&'"2&!624"2&0")$62&"D2+(*I"

*4=;8N!IM!%!?<2:Q28Q!QN?4=:!V>8!4:Q;?<842P!O8>Q;R<4>:!>V!?O48;P4:2!

"
:-$%;*c":$&"<)4-%*442"<-%G-%2(!-&=":)!6-'8-RQ$="k8-(-="V2G2&"

N)*"/&!(*0":(2(*+"-."56*%!;2")2+"2"&$67*%"-."()*"42%'*+("!&(*&+!A*".2%6+"!&"()*"D-%40="62!&48"72+*0"!&"
T2D2!!"2&0"<24!.-%&!2I"e2%()%!+*")2+"2"42%'*"^]")*;(2%*+"9Y[\"2;%*+@"+!(*"4-;2(*0"!&"()*":-&-%2&"#*+*%("-."
+-$()R*2+(*%&" <24!.-%&!2" $(!4!X!&'" D2(*%" .%-6" ()*" 6!&*%24R%!;)" <-4-%20-" %!A*%" 9+**" .!'$%*" 7*4-D@" ()2("
G%-0$;*0" +-6*" ^>[" (-&&*+" !&" ?[[?I" <82&-(*;)" ;$4($%*+" ]>[" (-&&*+P2&&$6" -." 6'()*+(,-$ '-/(&(/-"
9+G*;!2448" 7%*0" +(%2!&" -." ()*" 6'()*+(,-$ '+-.#,"("@" !&" ]?" )*;(2%*+" 9\[" 2;%*+@" -." +)244-D=" -G*&" G-&0+"
92GG%-,!62(*48"?[";6"0**G@"20O2;*&("(-"()*"H2;!.!;"K;*2&I"N)*+*"$+*"2";-67!&2(!-&"-.".%*+)"D2(*%"2&0"
+$GG4*6*&(24" 0**G" -;*2&" D2(*%" (-" .!44" ()*" G-&0+I" N)*" 62!&" !&G$(+" 2%*" +-0!$6" 7!;2%7-&2(*" 2&0" ;2%7-&"
0!-,!0*="2+"D*44"2+"!&-%'2&!;".*%(!4!X*%+I"

! Y>! !
*4=;8N!JM!':<N:?49N!O8>Q;R<4>:!>V!?O48;P4:2!V2R4P4<4N?!4:!<TN!/:4<NQ!,<2<N?!>V!%XN84R2!

California (Earthrise) Hawaii (Cyanotech)


"
:-$%;*c"DDDIe2%()%!+*I;-6"2&0";82&-(*;)I;-6"

U&"N)2!42&0"2&"!&(*'%2(*0"+8+(*6"62Q*+"$+*"-."*..4$*&(".%-6"2"+(2%;)"G%-0$;(!-&".2;(-%8"$+!&'";2++2A2="2("
()*"k!&'"S-&'Q$(r+"U&+(!($(*"-."N*;)&-4-'8"N)-&7$%!"9kSUNN@I"U&"()!+"G42&(="2"Ya[R;$7!;"6*(*%"0!'*+(*%"!+"
-G*%2(*0" .-%" G%-0$;!&'" 7!-'2+" D!()" ^" ," ?[[" 6?" 24'24" G-&0+" ()2(" G%-0$;*+" 6'()*+(,-" 7!-62++" D)!;)" !+"
(*+(*0" .-%" &$(%!(!-&24" A24$*I" N)*" +8+(*6" )2+" 7**&" +;24*0" $G" (-" Y^" G-&0+" Y" [[[" 6?" *2;)" 2&0" 2&" 2&&$24"
G%-0$;(!-&" -." ][–>[" (-&&*+I" U&" -()*%" D-%Q" ;2%%!*0" -$(" 2(" ()*" N)2!" 12(!-&24" U&42&0" J!+)*%!*+" U&+(!($(*"
6'()*+(,-"+(%2!&+="62!&48".%-6"()*"&-%()R*2+(*%&"G2%("-."N)2!42&0="D*%*"!+-42(*0I"N)-+*"+(%2!&+";2G274*"-."
'%-D!&'"!&"7%2;Q!+)"D2(*%"D*%*"6!,*0"D!()";2++2A2"-%".!+)6*24"2&0"+*%A*0"2+"2"4-;2448RG%-0$;*0"G%-(*!&"
+-$%;*".-%".!+)".**0"9f-&+)2Q="YZZ_@I""
U&" <)!&2=" +G!%$4!&2" ;$4($%*" )2+" 7**&" +G-&+-%*0" 78" ()*" :(2(*" :;!*&;*" 2&0" N*;)&-4-'8" <-66!++!-&" +!&;*"
YZ\_I"N)*%*"2%*".-$%"62!&"'*-'%2G)!;"2%*2+"-."G%-0$;(!-&c"9!@"2"G42(*2$"24Q24!&*"+24("42Q*".2%6="<)*&)2!"
W2Q*"!&"g$&&2&="()*"42%'*+("'%-D*%d"9!!@"()*"+-$()*%&";-2+(24"-$(0--%".2%6+"!&"3$2&0-&'="T2!&2&="J$O!2&="
V!2&'+)$" 9()*" #U<" .2%6" -&" T2!&2&" U+42&0" 628" 7*" ()*" 42%'*+(=" D!()" 2" ;2G2;!(8" -." ][[" (-&&*+P8*2%@d" 9!!!@"
!&42&0" +*6!R;4-+*0" +8+(*6+" !&" T$7*!" 2&0" :)2&0-&'" 2&0" 9!A@" )!')" 42(!($0*" +24!&*R24Q24!&*" D2(*%" .2%6+" !&"
()*"g*44-D"F!A*%"f244*8"2&0"T$7*!I""
U&"()*"6!004*"-."()*"5(2;262"#*+*%("!&"<)!4*="()*"B:-42%!$6"5GG%-G%!2(*"E!-(*;)&-4-'8"3%-$G".-%"#*+*%("
#*A*4-G6*&(C" )2+" 0*A*4-G*0" 2" ;$4($%*" 2&0" G%-;*++!&'" +8+(*6" .-%" G%-0$;!&'" +G!%$4!&2I" :G!%$4!&2$ !+"
;$4($%*0"!&"G-48A!&84";)4-%!0*R4!&*0"%2;*D28"G-&0+"D!()"2'!(2(!-&"78"2"G2004*RD)**4"'!A!&'"2".4-D"%2(*"-."
?[–?>" ;6P+*;-&0I" H-&0+" 2%*" ;-A*%*0" D!()" [IY>" 66R()!;Q" (%2&+4$;*&(" /fR%*+!+(2&(" G-48*()84*&*" .!46I"
:$;)"G%-(*;(!-&"62!&(2!&+"20*L$2(*"(*6G*%2($%*+"!&"()*";$4($%*"6*0!$6"6-+("-."()*"8*2%"%*+$4(!&'"!&"2&"
-G(!624"'%-D()"-."+G!%$4!&2I":!6G4*"2&0"*2+!48R-G*%2(*0")2%A*+(*0"'%2A!(8".!4(%2(!-&"+8+(*6+"244-D"(-".!4(%2(*"
Y>–?[" 6]P)-$%" 2&0" -7(2!&" 2" G%*R;-&;*&(%2(*0" 7!-62++" D!()" 27-$(" >" G*%;*&(" (-(24" +-4!0+I" H%-0$;(!-&"
%*2;)*0"&*2%48"]"(-&&*+"-."0%8"+G!%$4!&2"G*%"8*2%".%-6"?I^")*;(2%*+"9a"2;%*+@"-."!&(*&+!A*"G-&0+"9:q&;)*X"
#.$ -+=" $&02(*0@I" H2%(" -." ()2(" G%-0$;(!-&" !+" ;-66*%;!24!X*0" !&" 7$4Q" G-D0*%" 2&0" *&;2G+$42(*0" !&" '*42(!&"
;2G+$4*+".-%"()*"4-;24"2&0"&2(!-&24")*24()R.--0"62%Q*(="2+"D*44"2+".-%"*,G-%("(-"&*!')7-$%!&'";-$&(%!*+"2&0"
e$%-G*I" 5&-()*%" G2%(" -." ()*" G%-0$;(!-&" !+" 0*4!A*%*0"(-" )$62&!(2%!2&" 2'*&;!*+" D)!;)" $+*" +G!%$4!&2" 2+" 2"
&$(%!(!-&24"+$GG4*6*&(".-%";)!40%*&"!&"5.%!;2"2&0"W2(!&"56*%!;2I""
:G!%$4!&2";2&"24+-"7*";$4($%*0"!&";--4*%";4!62(*+"b"!&"YZa_"2&"*,G*%!6*&(24";*&(%*".-%"62++";$4(!A2(!-&"-."
6!;%-24'2*" D2+" .-$&0*0" !&" F-$G!(*=" E$4'2%!2" 9^Yw" 1-%()*%&" 42(!($0*@I" N)*" (-(24" ;$4(!A2(!-&" 2%*2" !+"
?"a[["6?"2&0"()*";$4(!A2(!-&"G%-;*++")2+"7**&"-G(!6!X*0"()%-$')"()*c"
# !+-42(!-&"2&0";$4($%*"-.")!')48"G%-0$;(!A*"+(%2!&+"-."()*"+G*;!*+d$
# ;%*2(!-&"-."2&"2GG%-G%!2(*";$4($%*"6*0!$6"D!()"2"6!&!6!X*0="7$("&-("4!6!(!&'="+24(";-&;*&(%2(!-&="
244-D!&'".-%"2"4-&'";$4(!A2(!-&"G*%!-0"D!()-$(";)2&'!&'"()*"6*0!$6="2&0"$+*"-.";)*2G"6!&*%24"
.*%(!4!X*%+d"2&0""
# 202G(2(!-&" -." ()*" ;*44" 0*&+!(8" (-" 02!48" 2&0" +*2+-&24" ;)2&'*+" !&" (*6G*%2($%*" 2&0" !%%20!2&;*"
;-&0!(!-&+I"
5&"2A*%2'*"02!48"G%-0$;(!A!(8"-."?>u]"'"6/#,#4#"0*"L6?".-%"()*";$4(!A2(!-&"+*2+-&")2+"7**&"2;)!*A*0="
D)*%*2+".-%"+G!%$4!&2$()*"2A*%2'*"02!48"G%-0$;(!A!(8"!&"*,G*%!6*&(24"G4-(+"-."_"6!"!+"27-$("Y\u^"'P6?I"5+"

! Ya! !
()*" ;-+(" -." &$(%!*&(+" !+" 2" 62O-%" ;-6G-&*&(" -." ()*" .!&24" G%-0$;(!-&" ;-+(" -." +G!%$4!&2" 7!-62++" 9*+G*;!2448"
;2%7-&"&$(%!*&(+"D)!;)"2;;-$&(".-%"Y>–?>"G*%;*&("-."(-(24"-G*%2(!-&";-+(+@="2((*6G(+"D*%*"620*"(-"'%-D$
+G!%$4!&2"!&"2"6*0!$6"620*".%-6"D2+(*+="7-&*"6*24"2&0"*..4$*&(+".%-6"7!-'2+"0!'*+(*%+I"

F6J +289N?<4:=!2:Q!O8>RN??4:=!
:G!%$4!&2")2%A*+(!&'="G%-;*++!&'"2&0"G2;Q!&'")2+"*!')("G%!&;!G4*"+(2'*+c""
YI J!4(%2(!-&"2&0";4*2&!&'"9+**"24+-"E-,"Y"7*4-D@c"5"&84-&".!4(*%"2("()*"*&(%2&;*"-."()*"D2(*%"G-&0"!+"
&**0*0d""
?I H%*R;-&;*&(%2(!-&c"N-"-7(2!&"24'24"7!-62++"D)!;)"!+"D2+)*0"(-"%*0$;*"+24(+";-&(*&(d""
]I <-&;*&(%2(!-&c" N-" %*6-A*" ()*" )!')*+(" G-++!74*" 26-$&(" -." !&(*%+(!(!24" D2(*%" 94-;2(*0" 26-&'" ()*"
.!426*&(+@d""
^I 1*$(%24!X2(!-&c"N-"&*$(%24!X*"()*"7!-62++"D!()"()*"200!(!-&"-."2;!0"+-4$(!-&d""
>I #!+!&(*'%2(!-&c"N-"7%*2Q"0-D&"(%!;)-6*+"78"2"'%!&0*%d""
aI #*)80%2(!-&" 78" +G%28R0%8!&'c" N)!+" -G*%2(!-&" )2+" '%*2(" *;-&-6!;" !6G-%(2&;*" +!&;*" !(" !&A-4A*+"
27-$("?[–]["G*%;*&("-."()*"G%-0$;(!-&";-+(d""
_I H2;Q!&'c"U("!+"$+$2448"!&"+*24*0"G42+(!;"72'+"(-"2A-!0")8'%-+;-G!;"2;(!-&"-&"()*"0%8"+G!%$4!&2d"2&0""
\I :(-%2'*c" :(-%*0" !&" .%*+)=" 0%8=" $&4!(=" G*+(R.%**" 2&0" )8'!*&!;" +(-%*%--6+" (-" G%*A*&(" +G!%$4!&2"
G!'6*&(+".%-6"0*(*%!-%2(!&'"958242="YZZ\@I""
"
1>W!@M!*4P<82<4>:!>V!?O48;P4:2!O8>Q;R<4>:!
U&" 244" ;-66*%;!24" G%-0$;(!-&" G%-;*++*+=" .!4(%2(!-&" 0*A!;*+" $+*0" .-%" )2%A*+(!&'" 2%*" 72+!;2448" (D-" (8G*+" -."
+;%**&+c"!&;4!&!&'"-%"A!7%2(!&'I"U&;4!&*0"+;%**&+"2%*"]\[–>[["6*+)"D!()"2".!4(%2(!-&"2%*2"-."?–^"6?P$&!("2&0"
2%*";2G274*"-.")2%A*+(!&'"Y[–Y\"6]"-."+G!%$4!&2";$4($%*"G*%")-$%I"E!-62++"%*6-A24"*..!;!*&;8"!+")!')="$G"(-"
Z>" G*%;*&(" 2&0" (D-" ;-&+*;$(!A*" $&!(+" 2%*" $+*0" .-%" )2%A*+(!&'" $G" (-" ?[" 6"/)-$%" .%-6" D)!;)" +4$%%8" 9\–Y["
G*%;*&("-."7!-62++@"!+"G%-0$;*0I"f!7%2(!&'"+;%**&+";2&"7*"2%%2&'*0"!&"0-$74*"-%"(%!G4*"0*;Q+"-."+;%**&+"$G"
(-"Y\]";6"!&"0!26*(*%I"f!7%2(!&'"+;%**&+".!4(*%"()*"+26*"A-4$6*"G*%"$&!("(!6*"2+"()*"!&;4!&!&'"+;%**&+="7$("
%*L$!%*"-&48"-&*R()!%0"-."()*"2%*2I"N)*!%")2%A*+(!&'"*..!;!*&;!*+"2%*"-.(*&"A*%8")!')I"5("-&*";-66*%;!24"+!(*"2"
;-67!&2(!-&"-."2&"!&;4!&!&'".!4(*%"2&0"2"A!7%2(!&'"+;%**&")2+"7**&"$+*0I"U&"()*"G%-;*++"-."G$6G!&'"()*"24'24"
;$4($%*"(-"7*".!4(%2(*0="()*".!426*&(+"-."+G!%$4!&2"628"7*;-6*"G)8+!;2448"0262'*0="2&0"%*G*2(*0")2%A*+(!&'"
4*20+"(-"2&"!&;%*2+!&'48"*&%!;)*0";$4($%*"D!()"$&!;*44$42%"6!;%-24'2*"-%"+)-%(".!426*&(+"-."+G!%$4!&2"()2("G2++"
()%-$')"()*"+;%**&"%*20!48"9f-&+)2Q"2&0"F!;)6-&0="YZ\\d"f-&+)2Q="YZZ_@I"N)*"+4$%%8"9\–Y["G*%;*&("-."0%8"
7!-62++@"-7(2!&*0"2.(*%".!4(%2(!-&"!+".$%()*%";-&;*&(%2(*0"78".!4(%2(!-&"$+!&'"A2;$$6"(274*+"-%"A2;$$6"7*4(+="
0*G*&0!&'"-&"()*"G%-0$;(!-&";2G2;!(8I"
"
j$24!(8";-&(%-4".-%".--0R+(2&02%0"+G!%$4!&2"!&;4$0*+"6!;%-7!-4-'!;24"+(2&02%0"(*+(+=";)*6!;24";-6G-+!(!-&"
(*+(=" 2&0" (*+(" .-%" )*2A8" 6*(24+=" G*+(!;!0*+" 2&0" *,(%2&*-$+" 62(*%!24+" 9!&+*;(" .%2'6*&(+=" %-0*&(" )2!%" 2&0"
.*2()*%".%2'6*&(+@"9E*428"#.$-+I="YZZ]@I"
"
"
"
"

! Y_! !
I "#(-/.&,5!/,$,!%)-!1$)$*'&,!*(#!+/0%),5!*',+!%)-!(&+$#!
%)'0%B,!!
I6@ ,O48;P4:2!2:Q!4<?!;?N!3U!T;X2:?!
<4!&!;24"(%!24+")2A*"+)-D&"()2("+G!%$4!&2";2&"+*%A*"2+"2"+$GG4*6*&(2%8";$%*".-%"62&8"0!+*2+*+I":G!%$4!&2"
;2G+$4*+" )2A*" G%-A*0" *..*;(!A*" !&" 4-D*%!&'" 74--0" 4!G!0" 4*A*4=" 2&0" !&" 0*;%*2+!&'" D)!(*" 74--0" ;-%G$+;4*+"
2.(*%"%20!-()*%2G8"2&0";)*6-()*%2G8"9F$2&="W-&'"2&0"3$-="YZ\\d"F$2&="3$-"2&0":)$="YZZ[@="2+"D*44"2+"
!6G%-A!&'" !66$&-4-'!;24" .$&;(!-&I" :G!%$4!&2" 24+-" !+"$+*0" .-%" )*24()" .--0=" .**0" 2&0" .-%" ()*" 7!-;)*6!;24"
G%-0$;(+"+!&;*"YZ\[+"9E*;Q*%="YZ\\d"E-%-D!(XQ2="YZ\\d"F!;)6-&0="YZ\\@I"
U66$&*"+8+(*6"*&)2&;*6*&(c"N)*"5;20*68"-."<)!&*+*"S!4!(2%8"S*0!;24":;!*&;*+"+)-D*0"()2("+G!%$4!&2"
;-$40" *..*;(!A*48" !6G%-A*" ()*" +$%A!A24" %2(*" -." 6!;*"2.(*%" *,G-+$%*" (-" 2" 4*()24" 0-+*" -." %20!2(!-&=" G%-4-&'"
()*!%" +$%A!A24" (!6*=" 2&0" !6G%-A*" ()*!%" !66$&!(8" 2&0" 2;(!A!(8" -." +$G*%-,!0*" 0!+6$(2+*" 9:K#@I" :-6*"
)-+G!(24+" !&" k$&6!&'" ;!(8=" g$&2&" H%-A!&;*=" )2A*" 20-G(*0" +G!%$4!&2" 2+" 2&" 2$,!4!2%8" 6*0!;!&*=" D)!;)"
G%-A*0" (-" 7*" *..*;(!A*" !&" 4-D*%!&'" 74--0" 4!G!0=" ;-672(!&'" .2(!'$*" 2&0" !&;%*2+!&'" ()*" 4*A*4" -."
!66$&-'4-7$4!&" 5" 9U'5@" 2&0" !66$&-'4-7$4!&" S" 9U'S@I" H)8;-;82&!&" -."6'()*+(,-$ '+-.#,"("" !&)!7!(+" ()*"
'%-D()"-.")$62&"4*$Q*6!2"k>a?";*44+"D)*&"+$GG4*6*&(*0"D!()"0!*("9W!$"#.$-+I="?[[[@I""
1$(%!(!-&24"+$GG4*6*&(c":G!%$4!&2"!+"%!;)"!&")!')"L$24!(8"G%-(*!&="A!(26!&+="6!&*%24+"2&0"62&8"7!-4-'!;2448"
2;(!A*" +$7+(2&;*+" 9E*;Q*%=" YZZ^@I" U(+";*44" D244" ;-&+!+(+" -." G-48+2;;)2%!0*" D)!;)" )2+" 2" 0!'*+(!7!4!(8" -." \a"
G*%;*&(="2&0";-$40"7*"*2+!48"27+-%7*0"78"()*")$62&"7-08I"N)*%*"2%*"0!..*%*&(";2(*'-%!*+"-."+G!%$4!&2".--0"
D)*%*"G!44+"2&0";2G+$4*+"620*".%-6"0%8"+G!%$4!&2"2%*"!6G-%(2&(I"N)*"i$)2&"E-(2&!;24"U&+(!($(*="<)!&2")2+"
;-4427-%2(*0" !&A*+(!'2(!&'" ()*" *..*;(" -." -%24" !&(2Q*" -." +G!%$4!&2" G!44" -&" ()*" G)8+!;24" +(2($+" -." 2()4*(*+" 9W!="
YZZ>@I"N)*"%*+$4(+"+)-D*0"()2(".*624*"2()4*(*+"+)-D!&'"2&"!&;%*2+*"!&"()*!%")2*6-;)%-6*"4*A*4="D)*%*2+"
()*" 624*" 2()4*(*+" 0!0" &-(" +)-D" 2&8" 2GG2%*&(" !&;%*2+*" 2.(*%" (2Q!&'" Y[" '" +G!%$4!&2" G!44+" G*%" 028" .-%" .-$%"
D**Q+I"N)*"4$&'";2G2;!(8"-."O$A*&!4*"D*!')(R4!.(!&'"2&0"M*F*."*"2()4*(*+"D2+"!6G%-A*0I"N)*"+G!%$4!&2"G!44"
)20"&-"*..*;("-&"74--0"G%*++$%*I""
U&" f!*(" 126=" .!%+(" ;$4($%*" -." +G!%$4!&2" D2+" ;-&0$;(*0" !&" YZ\[+" 91'$8*&"#.$ -+I=" YZ\[@I" S2++" ;$4($%*" -."
+G!%$4!&2" D2+" +(2%(*0" !&" YZZ[+" 9k!6=" YZZ[@I" 6'()*+(,-$ '+-.#,"("" G-D0*%" !+" $+*0" 2+" 2" )*24()" .--0" (274*("
$&0*%" ()*" 7%2&0" &26*" BW!&2A!&2C" 2&0" BH!%$426!&C" !&" f!*(" 126I" 5&-()*%" ;2&&*0" G%-0$;(" &26*0" 2+"
BW2;(-'!4C" !+" $+*0" (-" *&)2&;*" 6!4Q" +*;%*(!-&" !&" 6-()*%+" +)-D!&'" 2" 0*;%*2+*" !&" 42;(2(!-&I" 3--0" %*+$4(+"
)2A*" 7**&" -7(2!&*0" 78" (%*2(!&'" ;)!40%*&" +$..*%!&'" .%-6" +*%!-$+" 624&$(%!(!-&" 0!+*2+*+" D!()" +G!%$4!&2"
G-D0*%"2("N)$2&)2!"T-+G!(24="f!*("126I""
:G!%$4!&2$;-&(2!&+")!')";-&;*&(%2(!-&+"-."*++*&(!24"H/J5+c"6'()*+(,-$'+-.#,"("";-&(2!&+"$G"(-"?"G*%;*&("-."
0%8" 7!-62++"-."!R4!&-4*&!;" 2;!0" 93W5@=" D)!;)" !+" +8&()*+!X*0" ()%-$')" 0!%*;(" 0*+2($%2(!-&" -." 4!&-4*!;" 2;!0I"
1$6*%-$+" +($0!*+" +)-D*0" ()2(" 3W5" 2&0" +$7+*L$*&(" H3eY" 0*.!;!*&;8" 628" .!'$%*" !&" 62&8" 0*'*&*%2(!A*"
0!+*2+*+I" N)*" .*D" Q&-D&" +-$%;*+" -." 3W5" !&;4$0*" )$62&" 6!4Q" 2&0" +G!%$4!&2=" 2&0" -!4" *,(%2;(+" -." ()*"
*A*&!&'" G%!6%-+*" G42&(=" 742;Q;$%%2&(" 2&0" 7-%2'*" +**0+d" Y[" '" -." +G!%$4!&2" G%-A!0*" -A*%" Y[[" 6'" -." 3W5"
96-%*"()2&"(D-";2G+$4*+"-."*A*&!&'"G%!6%-+*"-!4@"D)!;)";2&")*4G";$%*"2%()%!(!+=")*2%("0!+*2+*="-7*+!(8"2&0"
X!&;"0*.!;!*&;8"9T*&%!Q+-&="YZ\Z@I"
J$%()*%6-%*="2"+($08";-&0$;(*0"78"()*"#*G2%(6*&("-."U&(*%&24"S*0!;!&*"-."N-Q2!"/&!A*%+!(8="V2G2&="-&"]["
624*" *6G4-8**+" D!()" )!')" ;)-4*+(*%-4=" 6!40" )8G*%(*&+!-&" 2&0" )8G*%4!G!0*6!2" ;-&;4$0*0" ()2(" +G!%$4!&2"
4-D*%*0" +*%$6" ;)-4*+(*%-4=" (%!'48;*%!0*" 2&0" 4-DR0*&+!(8" 4!G-G%-(*!&" G2%(!;4*+" 9W#W@I" 3%-$G" 5" ;-&+$6*0"
^I?["'"-."+G!%$4!&2"02!48".-%"*!')("D**Q+="2&0"(-(24";)-4*+(*%-4"0%-GG*0"D!()!&".-$%"D**Q+".%-6"?^^"(-"?]]"
6'I" 3%-$G" E" ;-&+$6*0" +G!%$4!&2" .-%" .-$%" D**Q+=" ()*&" +(-GG*0d" +*%$6" ;)-4*+(*%-4" 0*;%*2+*0=" 7$(" ()*&"
%*($%&*0"(-"()*"!&!(!24"4*A*4I"N)*"V2G2&*+*";4!&!;!2&+";-&;4$0*0"()2("2"0!*("*&%!;)*0"D!()"+G!%$4!&2";-$40"
244*A!2(*" 0!+*2+*" +!&;*" ()*" 2()*%-+;4*%-+!+" !&0*," !6G%-A*0I" F*+*2%;)*%+" !&" 3*%62&8" )20" G%*A!-$+48"
0!+;-A*%*0" ()2(" ;)-4*+(*%-4" %*0$;(!-&" -;;$%%*0" 0$%!&'" 2" D*!')(" 4-++" +($08" D!()" +G!%$4!&2I" N)*" V2G2&*+*"
%*+*2%;)"(*26"+)-D*0"4-D*%";)-4*+(*%-4"D!()-$("D*!')("4-++I":G!%$4!&2"D2+"(*+(*0"7*;2$+*"!("G%*A!-$+48"
4-D*%*0" +*%$6" ;)-4*+(*%-4d" %*0$;(!-&" 628" 7*" G2%(!2448" 0$*" (-" ()*" 2;(!-&" -."!R4!&-4*&!;" 2;!0" 9T*&%!Q+-&="
YZ\Z@I"
E*;2$+*" +G!%$4!&2" !+" D*44" Q&-D&" (-" )2A*" 2" A*%8" )!')" !%-&" ;-&(*&(=" !(" D2+" (*+(*0" 2'2!&+(" 2" (8G!;24" !%-&"
+$GG4*6*&(=" !%-&" +$4.2(*I" :G!%$4!&2R.*0" %2(+" 27+-%7*0" a[" G*%;*&(" 6-%*" !%-&" ()2(" %2(+" .*0" ()*" !%-&"
+$GG4*6*&(I" N)!+" +($08" +$''*+(*0" ()2(" ()*%*" !+" 2" )!')48" 2++!6!4274*" .-%6" -." !%-&" !&" +G!%$4!&2I" 5&" *2%4!*%"
+($08" 24+-" +)-D*0" ()2(" !(" D2+" *..*;(!A*" !&" ;-%%*;(!&'" 2&2*6!2" !&" %2(+I" 5&-()*%" +($08" D2+" ;-&0$;(*0" !&"
V2G2&"D!()"*!')("8-$&'"D-6*&="D)-")20"7**&"4!6!(!&'"()*!%"6*24+"(-"+(28"()!&="2&0"+)-D*0")8G-;)%-&!;"

! Y\! !
2&2*6!2d"()*8"(--Q"^"'"-."+G!%$4!&2"*2;)"2.(*%"6*24"2&0"!&"]["028+="74--0")*6-'4-7!&";-&(*&("!&;%*2+*0"
.%-6" Y[IZ" (-" Y]I?" 9u?Y" G*%;*&(@=" 2" +2(!+.2;(-%8" 4*A*4" &-" 4-&'*%" ;-&+!0*%*0" 2&2*6!;" 9T*&%!Q+-&=" YZ\Z@I"
:G!%$4!&2"+!'&!.!;2&(48"%*0$;*0"()*"74--0"'4$;-+*"4*A*4"-."7-()"624*"2&0".*624*"2'*0"7*(D**&"^["(-"a["
8*2%+I" 5&" *,G*%!6*&(" D2+" ;-&0$;(*0" -&" ?[" 624*+" 2&0" ?[" .*624*+" !&" <-!672(-%*=" U&0!2=" 2&0" .-$&0"
+!'&!.!;2&("%*0$;(!-&"!&"74--0"'4$;-+*"4*A*4+"0$*"(-"+$GG4*6*&(2(!-&"!&"0!*("D!()"+G!%$4!&2"95&$%20)2"2&0"
f!0)82="?[[Y@I"
J--0"+-$%;*c"D)*&"()*"24'24";*44+"-%".!426*&(+"-."+G!%$4!&2"2%*"(%2&+.-%6*0"!&(-"G-D0*%"!(";2&"G%-A!0*"()*"
72+!+" .-%" 2" A2%!*(8" -." .--0" G%-0$;(+=" +$;)" 2+" +-$G+=" +2$;*+=" G2+(2=" +&2;Q" .--0+=" !&+(2&(" 0%!&Q+" 2&0" -()*%"
%*;!G*+I" 5((*6G(+" )2A*" 7**&" 620*" 78" H%-(*$+=" 2" 62%Q*(!&'" ;-6G2&8" 62!&48" 2++-;!2(*0" D!()" e2%()%!+*"
J2%6+" !&" ()*" /&!(*0" :(2(*+" -." 56*%!;2=" (-" !&;-%G-%2(*" +G!%$4!&2" !&(-" 2" A2%!*(8" -." .--0" G%-0$;(+" +$;)" 2+"
'%2&-42" 72%+" 2&0" A2%!-$+" Q!&0+" -." G2+(2" 9f-&+)2Q=" YZZ[@I" :G!%$4!&2" G-D0*%" !+" 24+-" 2&" !&'%*0!*&(" -." 2&"
-%2&'*R.42A-$%*0";)*D274*"D2.*%"2&0"-()*%"(8G*+"-.";2&08="-."G%-(*!&".4-$%+"9Y["G*%;*&("+G!%$4!&2"200*0"
(-"+-87*2&"-%"(-"6!4QR*''"G-D0*%+@="2&0"-."H2+(24!&2="2"'%**&"+-8RD)-4*"D)*2("&--04*I"N)*"G%*G2%2(!-&"-."
.*%6*&(*0".--0+"+$;)"2+";)**+*="8-'$%("2&0"(-.$="-..*%*0"62&8"&*D"G-++!7!4!(!*+"(-"()*"$+*"-."+G!%$4!&2H"
J$%()*%6-%*=" *,(%2;(!-&" 6*()-0+" ;-$40" G%-A!0*" 2" 0*;-4-$%*0" +G!%$4!&2" G-D0*%" 98*44-DRD)!(*@" D)!;)" !+"
-0-$%4*++"2&0"(2+(*4*++="2&0"()$+"+$!(274*".-%"D!0*+G%*20"$+*I"
:G!%$4!&2" !+" 24+-" $+*0" (-" G%*G2%*" .--0" D!()" -()*%" !&'%*0!*&(+I" J-%" *,26G4*=" !&+(2&(" &--04*+=" +(84!+)"
&--04*+=" &$(%!(!-$+" 74-;Q+=" 7*A*%2'*+" 2&0" ;--Q!*+I" N)*" .!%+(" ()%**" .--0" !(*6+" 2%*" %*;-66*&0*0" 2+"
4$&;)*-&" .--0" .-%" 6!004*R'%20*" +($0*&(+I" #!*(+" !&" D)!;)" +G!%$4!&2" G%-A!0*+" $G" (-" Y[[" G*%;*&(" -." ()*"
G%-(*!&" G%-0$;*0" '%-D()" %2(*+" ;-6G2%274*" D!()" ()-+*" -7(2!&*0" D!()" +(2&02%0" 0!*(+" !&" +*A*%24" 2&!624"
+G*;!*+I"5+"4!((4*"2+"Y["'"2"028"-."+G!%$4!&2"7%!&'+"%2G!0"%*;-A*%8".%-6"624&$(%!(!-&="*+G*;!2448"!&"!&.2&(+I"
N)!+" D2+" 2;)!*A*0" !&" S*,!;-" .-%" $&0*%&-$%!+)*0" ;)!40%*&" 2&0" 20$4(+I" U&" N-'-=" %2G!0" %*;-A*%8" -."
624&-$%!+)*0"!&.2&(+"D2+"%*G-%(*0"!&"2"%*6-(*"A!442'*")*24()";4!&!;d";)!40%*&"D*%*"'!A*&"Y["(-"Y>"'P028"2+"
2"0!*(2%8"+$GG4*6*&("6!,*0"D!()"6!44*(="D2(*%"2&0"+G!;*+="2&0"()*8"%*;-A*%*0"!&"+*A*%24"D**Q+I"U&"<)!&2="
+G!%$4!&2"D2+"G%*+;%!7*0"2("12&O!&'"<)!40%*&M+"T-+G!(24"2+"G2%("-."2"B7278"&-$%!+)!&'".-%6$42C"D!()"72Q*0"
72%4*8" +G%-$(+c" ?_" -$(" -." ][" ;)!40%*&" 2'*0" ?" (-" >" 8*2%+" %*;-A*%*0" !&" 2" +)-%(" G*%!-0" .%-6" 720" 2GG*(!(*="
&!')("+D*2(="0!2%%)*2"2&0";-&+(!G2(!-&"9T*&%!Q+-&="YZ\Z@I"
V2G2&="()*"/&!(*0":(2(*+"-."56*%!;2"2&0"()*"e$%-G*2&";-$&(%!*+")2A*"7**&"()*"62!&"!6G-%(*%+"-."S*,!;2&"
+G!%$4!&2"G-D0*%I":-+2RN*,;-;-"W(0I"62&$.2;($%*0"4-X*&'*+"2&0";2G+$4*+".%-6"+$;)"G-D0*%"2&0"200*0"
(-" !(" A!(26!&+" 5" 2&0" <=" .-44-D!&'" ()*" %*'$42(!-&+" -." ()*" !6G-%(!&'" ;-$&(%!*+I" <%$0*" G-D0*%" D2+" 24+-"
*,G-%(*0" (-" ()*" /&!(*0" :(2(*+" -." 56*%!;2I" U&" S*,!;-=" :-+2RN*,;-;-" W(0" )2+" 62%Q*(*0" 4-X*&'*+" 2&0"
;2G+$4*+"+!6!42%"(-"()-+*"7*!&'"*,G-%(*0d"()*8"D*%*"+-40"246-+("*,;4$+!A*48"!&"0!*(*(!;"+)-G+I""

I6A *>>Q!?2VN<U!2?ONR<?!8NP2<NQ!<>!T;X2:!R>:?;XO<4>:!>V!?O48;P4:2!
:!&;*" 62&8" -." ()*" *,!+(!&'" 74$*R'%**&" 24'2*" +G*;!*+" 2%*" Q&-D&" (-" G%-0$;*" (-,!&" 96!;%-;8+(!&+=" !&"
G2%(!;$42%"S<g:NRWF@="!("!+"A*%8"!6G-%(2&("(-";42%!.8"()*"+G*;!.!;"+G*;!*+"$+*0".-%")$62&";-&+$6G(!-&"2+"
!&" 244" 4!Q*4!)--0" ()*%*" !+" 2" 02&'*%" -." +G*;!*+" +$7+(!($(!-&" 2&0P-%" ;-&(26!&2(!-&" -." +G!%$4!&2" D!()" -()*%"
;82&-72;(*%!2I" U(" !+" G2%(!;$42%48" !6G-%(2&(" !&" ;-$&(%!*+" D)*%*" &-" +$;)" %*'$42(!-&" *,!+(+" -&" ()!+" (8G*" -."
G%-0$;(+I"
N)*" +($0!*+" 2&0" ()*" %!+Q" 62&2'*6*&(" 0*;!+!-&+" 27-$(" 74$*R'%**&" 24'2*" G%-0$;(+" 2%*" %*42(!A*48" %*;*&(I"
54()-$')"()*%*")2+"7**&"&-";-&;4$+!A*"*A!0*&;*"-&"()*"G%*+*&;*"-%"27+*&;*"-."6!;%-;8+(!&+"!&"+G!%$4!&2="
-&48" G%-0$;(+" .%-6" 7).2)%"'()-$ '+-.#,"("" )2A*" +-" .2%" 7**&" ;4*2%*0" .-%" ;-&+$6G(!-&" 9/&!(*0" :(2(*+" -."
56*%!;2="5$+(%24!2="<2&202" 2&0"G%-72748" e<@="$&0*%"+G*;!.!;";-&0!(!-&+="78"G$74!;")*24()"2$()-%!(!*+I"5"
<2&20!2&" +($08" .-$&0" ()2(" &-" 6!;%-;8+(!&+" D2+" 0*(*;(*0" !&" 74$*R'%**&" 24'24" G%-0$;(+" ;-&(2!&!&'" -&48"
+G!%$4!&2" 9T*24()" <2&202=" YZZZ@=" D)!4*" 2" +($08" ;-&0$;(*0" .-%" ()*" K%*'-&" #*G2%(6*&(" -." 5'%!;$4($%*"
9K#5@" G$74!+)*0" !&" ?[[[=" .-$&0" S<g:NRWF" !&" 244" ()*" Y>" +G!%$4!&2" +26G4*+" 90!*(2%8" +$GG4*6*&(+@"
2&248+*0" 93!4%-8=" k2$..62&=" T244=" T$2&'" 2&0" <)$=" ?[[[@I" 1*A*%()*4*++=" S<g:NRWF" ;-&(*&(" !&" +G!%$4!&2"
+26G4*+" D*%*" 7*4-D" ()*" %*'$42(-%8" 4*A*4" *+(274!+)*0" 78" ()*" K#5" .-%" 6!;%-;8+(!&+" !&" 74$*R'%**&" 24'2*"
G%-0$;(+" 9Y" o'P'@I" :G!%$4!&2" )2+" 7**&" %*;-'&!X*0" 2+" 3F5:" 9'*&*%2448" %*;-'&!X*0" 2+" +2.*@" $&0*%" ()*"
B!&0*&(*0";-&0!(!-&+"-."$+*C"!6G48!&'"()2("!("!+"B.-%"$+*"2+"2&"!&'%*0!*&("!&".--0+="2("4*A*4+"%2&'!&'".%-6"
[I>" (-" ]I[" '%26+" G*%" +*%A!&'CI" N)!+" 6*2&+" !&" %*42(!A*48" +6244" 26-$&(+I" 1*A*%()*4*++=" ;-&+!0*%!&'" ()2("
+2.*(8" 4*A*4" 2&0" G-++!74*" )2X2%0+" .-%" ;-&+$6G(!-&" -." +G!%$4!&2" 2&0" +G!%$4!&2R%*42(*0" G%-0$;(+" )2A*" &-("
7**&"*+(274!+)*0"7*8-&0"0-$7(="+G*;!24"G%*;2$(!-&2%8"6*2+$%*+"D-$40"7*"&*;*++2%8"-&"()*";-&+$6G(!-&"
-." +G!%$4!&2" G%-0$;(+" (-" +-6*" +*'6*&(+" -." ()*" G-G$42(!-&" 2(" %!+Q" (-" !&;4$0*" G%*'&2&(" D-6*&=" &$%+!&'"

! YZ! !
6-()*%+=" 2&0" G*-G4*" !&" 0!248+!+" 2&0" !66$&*R;-6G%-6!+*0I" 500!(!-&24" %*.*%*&;*+" (-" %*42(*0" .--0" +2.*(8"
2+G*;(+"-."+G!%$4!&2"2%*"4!+(*0"!&"5GG*&0!,"5"2&0"%*20*%+"628";-&+$4("()-+*".-%".$%()*%"!&.-%62(!-&I"

I6E ,O48;P4:2!2:Q!2=84R;P<;8N!
?"!"# ;86,/8,=6&54)4B6&,
U&" YZ\Y" ()*" J5K" 0-;$6*&(*0" ()*" G-++!7!4!(!*+" -." 74$*R'%**&" 24'2*" %*G42;!&'" ;)*6!;24" .*%(!4!X*%+" 2&0"
%*7$!40!&'" ()*" +(%$;($%*" -." 0*G4*(*0" +-!4+" 9J5K=" YZ\Y@I" U&" U&0!2=" 74$*R'%**&" 24'2*" 2%*" '%-D&" !&" +)244-D"
*2%()*&"G-&0+I"i)*&"()*"D2(*%"*A2G-%2(*+="()*"0%!*0"24'2*"2%*"+;--G*0"$G"2&0"+-40"(-"%!;*".2%6*%+I"N)!+"
&2($%24"&!(%-'*&"+-$%;*"!+"-&48"-&*R()!%0"()*";-+("-.";)*6!;24".*%(!4!X*%"2&0"!("!&;%*2+*+"2&&$24"%!;*"8!*40"!&"
U&0!2"78"2&"2A*%2'*"-."??"G*%;*&(I"i)*%*";)*6!;24".*%(!4!X*%+"2%*"&-("$+*0="24'2*"'!A*"()*"+26*"7*&*.!("2+"
?>" (-" ][" Q'" -." ;)*6!;24" &!(%-'*&" .*%(!4!X*%" G*%" 2;%*I" i)*%*" ;)*6!;24+" 2%*" $+*0=" 24'2*" $+*" 244-D+" ()*"
%*0$;(!-&"-."2&"*L$!A24*&("26-$&("-."!&-%'2&!;".*%(!4!X*%I"N)*"$+*"-."+G!%$4!&2R72+*0".*%(!4!X*%+"!+"!6G*0*0"
78"()*"4-D";-+(="%*208"2A2!427!4!(8"2&0"G%*.*%%*0"$+*"-."!&-%'2&!;".*%(!4!X*%+I""
:G!%$4!&2"$+*0"!&";-67!&2(!-&"D!()"-()*%".*%(!4!X*%+"'2A*"'--0"8!*40"-."(-62(-"9n**&2(=":)2%62"2&0"F!XA!="
YZZ[@I" #$%!&'" ()*" +($08=" ()*" 1?R.!,!&'" ;82&-72;(*%!$6=" 7*+%"()-$ &#).(+(""(0-=" ()*" &-&" 1?R.!,!&'"
;82&-72;(*%!$6=" 6'()*+(,-$ '+-.#,"("=" 2&0" ()*" ;)*6!;24" .*%(!4!X*%=" 0!266-&!$6" G)-+G)2(*" 9#5H@" D*%*"
2GG4!*0"!&"A2%!-$+";-67!&2(!-&+"(-"()*"(-62(-"+**04!&'+"!&"G-(+".-$%"(!6*+"2("+*A*&"028"!&(*%A24I"T!')*+("
G42&(" .%*+)" D*!')(" 9?Z[" 'PG42&(@=" &$67*%" -." 4*2A*+" 9Y?_PG42&(@=" &$67*%" -." .4-D*%+" 9?ZPG42&(@=" &$67*%" -."
.%$!(+" 9]_PG42&(@" 2&0" .%*+)" D*!')(" -." .%$!(+" 9_Y" 'PG42&(@" D*%*" 2;)!*A*0" D!()" ()*" 2GG4!;2(!-&" -." ?I?>" '"
7*+%"()-$|"?I?>"'"6'()*+(,-"|"[I>["'"#5H"!&"*2;)"G-(I"N)!+"%*+$4("%*G%*+*&(*0"2">??"G*%;*&("!&;%*2+*"!&"
&$67*%" -." .%$!(+" 2&0" 2" Z__" G*%;*&(" !&;%*2+*" !&" 8!*40" -A*%" ()*" ;-&(%-4I" <82&-72;(*%!2" 2&0" #5H" 0!0" &-("
+)-D" 2&8" +!'&!.!;2&(" !&;%*2+*" !&" 8!*40" D)*&" 2GG4!*0" 24-&*I" N)*" $+*" -." 7!-4-'!;24" &!(%-'*&" !+" 6-%*"
7*&*.!;!24"()2&"!&-%'2&!;"&!(%-'*&"2+="2G2%(".%-6"+$GG48!&'"()*"6$;)"&**0*0"&!(%-'*&="2&0"()*8"%*4*2+*"
;2%7-&";-6G-&*&(+"2&0"-()*%"&$(%!*&(+="D)!;)"*&)2&;*"G42&("'%-D()"9E2&*%O**"2&0"#*7="YZZa@I":G!%$4!&2"
;-&(2!&+" Y[" G*%;*&(" 1" DPD" 9)!')" G*%;*&(2'*@=" 2&0" -()*%" 62;%-R" 2&0" 6!;%-R&$(%!*&(+" D)!;)" 2%*" +4-D48"
%*4*2+*0"$&0*%"&-%624"+-!4";-&0!(!-&+="2&0"!&;%*2+*+".*%(!4!(8I""""

?"!"- ;86,/8,/,'&%5641,8<'')62615,41,'%<)5&+,/1:,)4E685%7J,=66:8,
J!+)6*24="'%-$&0&$("6*24"2&0"+-87*2&"6*24";2&"7*"G2%(!2448"%*G42;*0"78"+G!%$4!&2"!&"()*"G%*G2%2(!-&"-."
0!*(+" -." .!+)=" G-$4(%8=" ;2((4*" 2&0" 0-6*+(!;" 2&!624+" 9f*&Q2(2%262&=" :-62+*Q2%2&" 2&0" E*;Q*%=" YZZ^d" e4R
:28*0=" YZZ^d" E%!(X=" YZZa@I" J!+)6*24" 2&0" '%-$&0&$(" ;2Q*" !&" 2" ;-66*%;!24" 0!*(" ;-&(2!&!&'" 7-()" G%-(*!&"
+-$%;*+"628"7*"%*G42;*0"-&"2&"!+-&!(%-'*&-$+"72+!+"D!()"0%!*0"+G!%$4!&2"Y^["2&0"Y_["'PQ'"9+(2%(*%@="2&0"
Y?["2&0"Y?\"'PQ'"9.!&!+)*%@".-%"7%-!4*%";)!;Q+"9f*&Q2(2%262&=":-62+*Q2%2&"2&0"E*;Q*%="YZZ^@I"5"A!(26!&"
2&0"6!&*%24"+$GG4*6*&("D2+"&-("200*0"(-"()*"(D-"24'24"0!*(+"7*;2$+*"+G!%$4!&2"!+"%!;)"!&"()*+*"&$(%!*&(+I"
544"()*"'%-D()"G2%26*(*%+"-.";)!;Q+"D*%*"+!6!42%".*0"0!*(+"D!()"+G!%$4!&2I"S*2(";-4-$%"D2+"&-("2..*;(*0"78"
0!*("*,;*G(".-%"2"6-%*"!&(*&+*48";-4-$%*0"6*2("!&"7%-!4*%+".*0"-&"+G!%$4!&2";-&(2!&!&'"0!*(+I"

?"!"! ;86,/8,/,7%)%<&/15,41,'%<)5&+K,)4E685%7J,/1:,=%%:,'&%:<758,
N)*" 74$*R'%**&" ;-4-$%" -." +G!%$4!&2" !+" 0$*" (-" (D-"G!'6*&(+c" G)8;-;82&!&" 974$*@" 2&0" ;)4-%-G)844" 9'%**&@I"
N)*+*"(D-"G!'6*&(+"2%*";-67!&*0"D!()"2&-()*%"'%-$G"-."G!'6*&(+"Q&-D&"2+";2%-(*&-!0+"9%*0="-%2&'*"2&0"
8*44-D@I" N)!+" G)8;-;82&!&" *,(%2;(*0" .%-6" +G!%$4!&2" D2+" .!%+(" 62%Q*(*0" !&" YZ\[" 78" ()*" #2!&!GG-&" U&Q" z"
<)*6!;24+" U&;I" $&0*%" ()*" 7%2&0" &26*" BW!&2" E4$*R5CI"N)!+" D2+" 62!&48" $+*0" 2+" 2" .--0" ;-4-$%2&(=" 2+" 2&"
*0!74*" 08*" !&" !;*" ;%*26+" 2&0" 2+" 2" &2($%24" 08*" !&" ()*" ;-+6*(!;+" !&0$+(%8I" T-D*A*%=" 2+" ()*" G!'6*&(" D2+"
4!')(" +*&+!(!A*=" +G*;!24" ;2%*" 6$+(" 7*" (2Q*&" !&" G%-(*;(!&'" !(" .%-6" 74*2;)!&'" 9f-&+)2Q=" YZZ[@I" N)*"
G)8;-;82&!&"62%Q*("!+";-&+!0*%*0"+6244="*+(!62(*0"2("a"(-&&*+P8*2%I"5;;-%0!&'"(-"+-6*"*+(!62(*+="Y[["Q'"
-." 0%8" +G!%$4!&2" 7!-62++" G*%" 6-&()" *,(%2;(*0" .%-6" 2" G-&0" 2%*2" -." ?[[" 6]" ;-$40" '!A*" a[" Q'" -." ;%$0*"
G%-(*!&"2&0"Y–]"Q'"-."G)8;-;82&!&I"J-44-D!&'"D2(*%"*,(%2;(!-&="2+"D*44"2+"+6244"26-$&(+"-."*&X86*+"2&0"
;8(-;)%-6*+d"Y–?"Q'"-.";)4-%-G)844="Y[[–?[["'"-.",2&()-G)844+"2&0"Y[[–?[["'"-."!-;2%-(*&*=".-44-D!&'"
+-4A*&(+"*,(%2;(!-&"9K4'$v&="YZ\a@I"
N)*" %*0&*++" -." '#/.%)-+("$ "*'#)&(/(-+("=" ')%&*,4*"" 2&0" "-).%)(*"" 6$+;4*+" -." 7%-!4*%" ;)!;Q*&+" %*2;)*+"
62,!6$6"D)*&".*0"^["'"+G!%$4!&2PQ'"0!*(="D)!4*"()*"8*44-D&*++"-."244".!44*(+"!&;4$0!&'"()*""#0(.#,4(,%"*""
6$+;4*"!&;%*2+*+"!&"2"+$7R4!&*2%".2+)!-&"D!()"!&;%*2+*0"+G!%$4!&2"!&"()*"0!*("9N-8-6!X$"#.$-+I="?[[Y@I"N)*"
-A*%244" %*42(!-&+)!G" 7*(D**&" ()*" 8*44-D&*++" 2&0" X*2,2&()!&" ;-&(*&(" !&" ()*" '#/.%)-+("" 6$+;4*" $+$2448"
+)-D+"0!%*;(48"+!'&!.!;2&(I"N)*%*.-%*="!("!+"*A!0*&("()2("0!*(2%8"+G!%$4!&2"!&.4$*&;*+"7-()"()*"8*44-D&*++"2&0"
%*0&*++"-."7%-!4*%".4*+)="2&0"()2("()*"!&;%*6*&(+"!&"8*44-D&*++"D!()"0!*(2%8"+G!%$4!&2";-&(*&("628"G-++!748"

! ?[! !
7*" %*.4*;(*0" !&" ()*" ;-66-&" 8*44-D" G!'6*&(" %*42(*0"(-" ()*" 2;;$6$42(!-&" -." X*2,2&()!&" D!()!&" ()*" .4*+)"
9N-8-6!X$"#.$-+I="?[[Y@I""

I6F ,O48;P4:2!2:Q!2a;2R;P<;8N!
?">"# H'4&<)41/,/8,/,1<5&454%1/),8<'')62615,
:G!%$4!&2";2&"7*"$+*0"2+"2"G2%(!24"+$GG4*6*&(2(!-&"-%";-6G4*(*"%*G42;*6*&(".-%"G%-(*!&"!&"2L$2.**0+I"U("
D2+" .-$&0" ()2(" ()*" '%-D()" -." +!4A*%" +*27%*26" 9>2-14%"-)3*"$ "-)1-@" .*0" -&" +G!%$4!&2" 6*24" 2(" $G" (-" >["
G*%;*&("4*A*4"D2+"$+$2448"&-("0!..*%*&(".%-6="2&0".**0";-&A*%+!-&"*..!;!*&;8"&-("+$G*%!-%"(-="()-+*"'!A*&"
;-&(%-4" 0!*(+" D!()" +-4*48" .!+)6*24" 9e4R:28*0=" YZZ^@I" 5(" _>" G*%;*&(" !&;4$+!-&" 4*A*4=" '%-D()" %*0$;*+"
+!'&!.!;2&(48="7$(".**0";-&A*%+!-&"*..!;!*&;8"+(!44";-6G2%274*"(-"()*";-&(%-4"0!*(="D)!;)"+)2%G48"%*0$;*+"2("
Y[["G*%;*&("!&;4$+!-&"4*A*4I"U("!+"7*((*%"(-"%*G42;*">["G*%;*&(".!+)6*24"78"+G!%$4!&2"6*24"+-"()2("()*%*"D!44"
7*"&-"20A*%+*"*..*;("-&"'%-D()I""
U&" ()*" +)%!6G" .2%6!&'" !&0$+(%8" 62&8" .**0" 200!(!A*+" )2A*" 7**&" $(!4!X*0=" 7$(" 6'()*+(,-$ !+" ()*" -&48"
6!;%-24'2*" 200!(!A*" D)!;)" 0*6-&+(%2(*+" 7*&*.!(+" (-" '%-D*%+" ()2(" -..+*(" ()*" !&!(!24" ;-+(" 2&0" G%-A!0*" 2"
+!'&!.!;2&(" ;-+(PG*%.-%62&;*" %2(!-I" :G!%$4!&2$ D2+" +($0!*0" 2+" 2" .**0" +$GG4*6*&(" .-%" ()*" '!2&(" .%*+)D2(*%"
G%2D&" 9N-/)%1)-/2(*0$ )%"#,1#)3((@=" 2&0" .-$&0" (-" +!'&!.!;2&(48" !6G%-A*" '%-D()=" +$%A!A24=" 2&0" .**0"
$(!4!X2(!-&I" N)*" +$GG4*6*&(2(!-&" %2&'*" D2+" >–?[" G*%;*&(" 2&0" %*+$4(+" D*%*" +!6!42%" 2(" 2&8" -." ()*" %2&'*+"
200*0"(-"()*".**0"912Q2'2D2"2&0"3-6*XR#!2X="YZ_>@I"
:G!%$4!&2" !+" 2" ;)*2G*%" .**0" !&'%*0!*&(" ()2&" -()*%+" -." 2&!624" -%!'!&I" <)!&2" !+" $+!&'" +G!%$4!&2" 2+" 2" G2%(!24"
+$7+(!($(*"-."!6G-%(*0".**0"(-"G%-6-(*"()*"'%-D()="!66$&!(8"2&0"A!27!4!(8"-."G%2D&+"9*,26G4*"<#,-#*""
0%,%4%,@I":G!%$4!&2R;-&(2!&!&'".**0"D2+".-$&0"(-"%*0$;*"()*";$4(!A2(!-&"(!6*"2&0"6-%(24!(8="2&0"!&;%*2+*"
+)*44" ()!;Q&*++" -." +;244-GI" N)*" +$%A!A24" %2(*" -." 2724-&*" 9O-+(%.("$ 0(4-#@" D2+" !6G%-A*0" 78" ]_I^" G*%;*&(I"
J**0!&'"-&"+G!%$4!&2")*4G*0"(-"!6G%-A*"0!+*2+*"%*+!+(2&;*"-.")!')"A24$*".!+)"%*+$4(!&'"!&"2&"!6G%-A*6*&("
!&"()*!%"+$%A!A24"%2(*".%-6"Y>"(-"]["G*%;*&(I""
5724-&*" 9O-+(%.("$ 0(4-#@" +)-D+" '--0" '%-D()" D)*&" .*0" 2" 0!*(" ;-&(2!&!&'" +G!%$4!&2" 6*24" 9E%!(X=" YZZa@I"
5724-&*"+)-D+"2"+!'&!.!;2&(48")!')*%"'%-D()"D)*&".*0"0!*(+"72+*0"-&".!+)6*24"2&0"+G!%$4!&2"()2&"()2(".*0"
0!*(+" G%*G2%*0" D!()" +-87*2&" 6*24=" (-%$42" 8*2+(=" ;2+*!&" 2&0" 0%!*0" B/I+%,(-$ 0-G(0-I" H%-(*!&" *..!;!*&;8"
%2(!-+"-."2724-&*".*0".-%6$42(*0"0!*(+"%2&'*0".%-6"]I]".-%"(-%$42"8*2+("(-"aI>".-%"+G!%$4!&2"72+*0"0!*(I"U("!+"
.-$&0" ()2(" .!+)6*24" 2&0" +G!%$4!&2" 2%*" ()*" 6-+(" +$!(274*" G%-(*!&+" .-%" !&;4$+!-&" !&" G%2;(!;24" 0!*(+" .-%"
5724-&*I"N)*"%*G42;*6*&("-."2%(!.!;!24"0!*(".-%"G-+(R42%A2*"-."2724-&*="O-+(%.("$4("/*"$4("/*""9F**A*@"$+!&'"
+G!%$4!&2" '!A*+" '--0" '%-D()" G*%.-%62&;*" 9:(-((=" N-Q*$;)!" 2&0" k-!Q*=" ?[[^@I" N)*" 6*(26-%G)-+!+" %2(*" -."
2724-&*"G-+(R42%A2*"!&;%*2+*+"78"$+!&'"+G!%$4!&2I""
N)*"%*G%-0$;(!A*"G*%.-%62&;*"-."1!4*"(!42G!2"99)#%/2)%0("$,(+%.(/*"@"D2+"(*+(*0"$+!&'".%*+)48")2%A*+(*0"
6'()*+(,-$'+-.#,"(""!&";-6G2%!+-&"D!()";-&(%-4"G2%*&(".!+)"2&0"G%-'*&8".*0"-&";-66*%;!24"0!*(+"9W$"2&0"
N2Q*$;)!=" ?[[^@I" N)*%*" D*%*" &-" +!'&!.!;2&(" 0!..*%*&;*+" !&" ()*" %*42(!A*" .*;$&0!(8=" +G2D&!&'" !&(*%A24+" 2&0"
*''"+!X*"26-&'"()*"A2%!-$+"+!X*"'%-$G+I"N)*".*%(!4!X2(!-&"%2(*"2&0"()*")2(;)!&'"%2(*"-."()*".*%(!4!X*0"*''+="
2+"D*44"2+"()*"+$%A!A24"(!6*"-."42%A2*".%-6"()*"G2%*&(+".*0"()*"(D-"(8G*+"9+G!%$4!&2"2&0";-66*%;!24"0!*(@"
D*%*" +!6!42%I" N)*%*" D2+" 2&" !&;%*2+*" !&" ()*" +8&()*+!+" -." *++*&(!24" 4!G!0+" D)*&" .*0" +-4*48" -&" +G!%$4!&2I"
:!'&!.!;2&(" 0!..*%*&;*+" D*%*" .-$&0" !&" ()*" .2((8" 2;!0" G%-.!4*" -." .!+)" *''+" .*0" +G!%$4!&2" +$GG4*6*&(+"
;-&(2!&!&'" 6-%*" 4!&-4*!;" 2;!0=" !R4!&-4*&!;" 2;!0=" *!;-+2(%!*&-!;" 2;!0=" *!;-+2(*(%2*&-!;" 2;!0="
0-;-+2G*&(2*&-!;"2;!0"()2&"()-+*"-.".!+)".*0"+-4*48"-&"+G!%$4!&2I""
S-X267!L$*$ (!42G!2" 99)#%/2)%0("$ 0%""-01(/*"@" D2+" ;$4(!A2(*0" !&" 2%(!.!;!24" G-&0+" D!()" %*42(!A*48" )!')"
+(-;Q!&'" 0*&+!(8" 2&0" .*0" D!()" 2" 6!,($%*" -." +-42%R0%!*0" +G!%$4!&2" ()2(" )20" 7**&" ;$4(!A2(*0" 2&0" G%-;*++*0"
$+!&'"4-DR;-+("(*;)&-4-'8"2&0"200*0"(-"'%-$&0&$(";2Q*I"N)*"%*+$4(!&'"2A*%2'*".--0";-&A*%+!-&"%2(!-"D2+"
4-D*%" ()2&" ()2(" -7+*%A*0" $+!&'" ;-&(%-4" .!+)" .*0" D!()" ()*" $+$24" .!+)6*24R72+*0" %2(!-&I" J$%()*%6-%*=" ()*"
8!*40" -." (!42G!2$ .*0" -&" +G!%$4!&2" 6!,*0" D!()" '%-$&0&$(" ;2Q*" D2+" ^–>" )!')*%" ()2&" ()2(" -." .!+)" .*0" -&"
'%-$&0&$(";2Q*"24-&*"9f-&+)2Q=YZZ_@I"

?">"- H'4&<)41/,/8,/,7%)%<&/15,
<2%-(*&-!0+" 2&0" ;2%-(*&-G%-(*!&+" 2%*" %*+G-&+!74*" .-%" ()*" A2%!-$+" ;-4-$%+" -." ;%$+(2;*2&+" 9E%!((-&" #.$ -+I="
YZ\Y@I" 5+(2,2&()!&" )2+" 7**&" +)-D&" (-" 7*" ()*" G%*0-6!&2&(" ;2%-(*&-!0" 2++-;!2(*0" D!()" ()*" %*0" 7-08"
;-4-$%" -." ()*" 742;Q" (!'*%" G%2D&"<#,-#*"$ 0%,%4%,$9T-D*44" 2&0" S2(()*D+=" YZZY@I" 54()-$')" 2&!624+" 0-"
&-(" )2A*" ()*" 7!-+8&()*(!;" G2()D28+" (-" +8&()*+!X*" ;2%-(*&-!0+=" ;*%(2!&" ;%$+(2;*2&" 2&0" Q-!" +G*;!*+" 2%*"
$&!L$*"!&"()2("()*8")2A*"()*"27!4!(8"(-";-&A*%("0!*(2%8"!-;2%-(*&*"2&0"X*2,2&()!&"0!%*;(48"!&(-"2+(2,2&()!&I""

! ?Y! !
6'()*+(,-$'+-.#,"("$+(%2!&"'-/(&(/-";-&(2!&+"()*")!')*+("4*A*4+"-."!-;2%-(*&*"2&0"X*2,2&()!&"-."2&8"&2($%24"
+-$%;*="7-()"-."D)!;)"2%*";-&A*%(*0"(-"2+(2,2&()!&"()%-$')"2&"-,!02(!A*"G%-;*++="()*"%*0"G!'6*&("0*+!%*0"
78" ;-&+$6*%+I" N)*" *..*;(!A*&*++" -." +G!%$4!&2" 2+" 2" G!'6*&(" .-%" <H$ 0%,%4%,$ !+" *+G*;!2448" 2((%!7$(274*" (-"
X*2,2&()!&=" D)!;)" ;2&" 7*" ;-&A*%(*0" !&(-" 2+(2,2&()!&" A!2" ^RQ*(-X*2,2&()!&I" 5&248+!+" -." ;2%2G2;*"
;2%-(*&-!0+"-."G%2D&+"()2("%*;*!A*0"()*"+G!%$4!&2R+$GG4*6*&(*0"0!*("%*A*24*0"()*"27+*&;*"-."X*2,2&()!&="
2&0"-&48"2"+6244"26-$&("-."^RQ*(-X*2,2&()!&"D2+".-$&0I"N)!+".!&0!&'"+$''*+(+"()2("0!*(2%8"X*2,2&()!&"!+"
%2G!048"6*(27-4!X*0"(-"2+(2,2&()!&"!&"<H$0%,%4%,I"N)2("628"7*"()*"G%!&;!G24"%*2+-&"D)8"+G!%$4!&2"!+"+$;)"
2&"*..!;!*&("G!'6*&(2(!-&"+-$%;*I"5"62%Q*0"!&;%*2+*"!&";2%-(*&-!0";-&(*&("-."()*";2%2G2;*"-."742;Q"(!'*%"
+)%!6G" 9<#,-#*"$ 0%,%4%,@" -;;$%%*0" D)*&" +G!%$4!&2R+$GG4*6*&(*0" 0!*(+" D*%*" '!A*&I" N)*" 62,!6$6"
*..*;("D2+".-$&0"D)*&"()*"0!*("D2+"+$GG4*6*&(*0"D!()"]"G*%;*&("+G!%$4!&2"9W!2-"#.$-+I="YZZ]@I"5"G%2;(!;24"
+(%2(*'8".-%"()*"!6G%-A*0"G!'6*&(2(!-&"-.";$4($%*0"<H$0%,%4%,"!+"()*"!&;-%G-%2(!-&"-."]"G*%;*&("+G!%$4!&2"
.-%"-&*"6-&()"7*.-%*")2%A*+(I"""

I6I #NRN:<!QN9NP>OXN:<!2:Q!V;<;8N!>;<P>>S!
?"?"# L616,2/14'<)/54%1,
:($0!*+" -&" ()*" %*;!G!*&(" +8+(*6" .-%" (%2&+'*&!;" 62&!G$42(!-&" !&" 6'()*+(,-$ 97).2)%"'()-@" '+-.#,"("" !+" &-D"
G%2;(!+*0"!&"0!..*%*&(";-$&(%!*+"!&"()*"D-%40="*+G*;!2448" <)!&2"932-'*"#.$-+I=" ?[[^@I"i!()"2")!')" G%-(*!&"
;-&(*&("2&0"'%-D()"%2(*+="6I$'+-.#,"(""!+"2"G-(*&(!24")-+(".-%".-%*!'&"'*&*"*,G%*++!-&I"N-"02(*"2"%*G4!;274*"
2&0" +(274*" '*&*" (%2&+.*%" +8+(*6" )2+" &-(" 7**&" *+(274!+)*0" .-%" 6H$ '+-.#,"("" 9f-&+)2Q=" YZZ_@" 2&0" ()!+" )2+"
)!&0*%*0".-%*!'&"#15"!&(%-0$;(!-&"2&0"!&.4$*&;*0"'*&*(!;"6-0!.!;2(!-&"!&"6!;%-24'2*I""5+"!("!+"0!..!;$4("(-"
-7(2!&" 2,*&!;" 6H$ '+-.#,"("" +(%2!&+d" )!')" *&0-&$;4*2+*" 2;(!A!(8" !&(*%.*%*0" D!()" .-%*!'&" '*&*" 7*)2A!-$%" !&"
6-+(" +G*;!*+" -." ()*" 6'()*+(,-$ 9f-&+)2Q=" YZZ_@d" *&0-'*&-$+" G42+6!0+" $+*0" .-%" ;-&+(%$;(!-&" -." +)$((4*"
A*;(-%+"2%*"&-("0*(*;(*0"!&"6H"'+-.#,"("d" 2&0"&-" %*'*&*%2(*0"+G)*%-G42+(+"2&0"+!&'4*";*44+"2%*"2GG4!*0"2+"
(%2&+.-%62(!-&"%*;!G!*&(+I""
5"D*44R0-;$6*&(*0"6*()-0".-%"'*&*"(%2&+.*%"!&".!426*&(-$+";82&-72;(*%!2"!+";-&O$'2(!-&I"1-"%*G4!;274*"
(%2&+.-%62(!-&"G%-;*0$%*".-%".!426*&(-$+";82&-72;(*%!2")2+"7**&"0*A*4-G*0="2+"()*%*"2%*".-%"2"&$67*%"-."
+(%2!&+"-."$&!;*44$42%";82&-72;(*%!2"9H-%(*%="YZ\_d":)*+(2Q-A"2&0"F*2+(-&="YZ\_@I"e4*;(%-G-%2(!-&="D)!;)"!+"
D*44RQ&-D&".-%"!(+"!&0*G*&0*&;*"-."()*";*44M+"27!4!(8"(-"(2Q*"$G"#15=";2&"7*"2GG4!*0"(-"0!..*%*&("'*&*%2I"U("
!+" 2" +!6G4*" G%-;*0$%*" D!()" )!')" (%2&+.-%62(!-&" *..!;!*&;8" 2&0" )2+" 7**&" +$;;*++.$448" $+*0" (-" !&(%-0$;*"
#15" !&(-" $&!;*44$42%" ;82&-72;(*%!$6"6E,#/2%/%//*"" +GI" 9S2(+$&2'2=" N2Q*8262" 2&0" 12Q26$%2=" YZZ[@"
2&0".!426*&(-$+";82&-72;(*%!$6"7,-1-#,-$+GI"SY]Y"9N)!*4"2&0"H--="YZ\Z@I"N)%-$')"2"%*;!G!*&("+8+(*6"
.-%" '*&*(!;" (%2&+.-%62(!-&" !&" +G!%$4!&2" D!()" *4*;(%-G-%2(!-&=" !(" !+" %*;-%0*0" ()2(" +!&'4*" ;*44+" !+-42(*0" 78"
48+-X86*R.%**" 6*()-0" ;-$40" %*'*&*%2(*" D!()" 2" %2(*" -." ?\Ia" G*%;*&(I" N)*" *4*;(%-G-%2(*0" ;*44+" 2%*"
%*;-A*%274*" D!()!&" +*A*&" 028+" D)!;)" 6!')(" 7*" ;-&.!%6*0" 78" ()*" $4(%2+(%$;($%24" -7+*%A2(!-&+" .-%" &-%624"
2&0"*4*;(%-G-%2(*0";*44+I""
#$%!&'" *4*;(%-G-%2(!-&=" ()*" $4(%2+(%$;($%*" -." *4*;(%-G-%2(*0" +!&'4*" ;*44+" D!()" +)-%(" .!426*&(+" *,)!7!(*0"
()!;Q" ;*44" D244=" 2&0" 2" 0!+2GG*2%2&;*" -." ()842Q-!0+" 2&0" G)8;!7!4!+-6*+" !&+!0*" ()*" ;*44I" N)*%*" D2+" +-6*"
7%*2Q2'*"24-&'"()*";%-++RD244I"J%*+)"%*'*&*%2(!-&"+2D"(--()"+)*2()"2&0"()842Q-!0+"2%*"-7+*%A*0"!&"+*A*&"
028+I"1-"7%*2Q2'*"D2+"-7+*%A*0"-&"()*";%-++RD244I"S2&8"'2+"A2;$-4*+"2%*".-$&0"!&"()*"+!&'4*";*44"D!()"
+)-%(" .!426*&(" %*;!G!*&(I" N)!+" +$''*+(+" ()2(" *4*;(%-G-%2(!-&" +**6*0" (-" 7*" 2" A24!0" 6*()-0" .-%" (%2&+.*%%!&'"
.-%*!'&"'*&*+"!&(-"(-"6H$'+-.#,"("I""
F-7!&+-&" #.$ -+I" 9YZ\?@" -7(2!&*0" +G)*%-G42+(+" 78" D2+)!&'" .!426*&(+" !&" ()*" +-4$(!-&" -." YI[" 6-4P4!(%*"
G-(2++!$6";)4-%!0*"2&0">"66-4P4!(%*"e#N5I"W2&.24-&!"#.$-+I"9YZ\Z@"$+*0"YI>"6-4P4!(%*" +-0!$6";)4-%!0*"(-"
-7(2!&"+G)*%-G42+(+".-%"%*'*&*%2(!-&I"N)*!%"%*+$4(+"+)-D*0"()2("62&8"+!&'4*";*44+";-$40"7*"+*G2%2(*0"2.(*%"
%!&+!&'" !&" )8G*%(-&!;" +-4$(!-&I" :!&'4*" ;*44+" )20" 2" %*'*&*%2(!-&" %2(*" -." ?\Ia" G*%;*&(" G%*G2%*0" 78" [I_>"
6-4P4!(%*" +-0!$6" ;)4-%!0*=" 2&0" G%-A*0" ()2(" G2%(!24" -%" ;-6G4*(*" %*6-A24" -." ()*" *,(*%&24" +)*2()" *,G-+*0"
$&0*%" ()*" )!')48" ;-&;*&(%2(*0" +-0!$6" ;)4-%!0*" +-4$(!-&" ;-&0!(!-&" D2+" *++*&(!24" .-%" ()*" G%*G2%2(!-&" -."
+!&'4*";*44+I"<-6G2%*0"(-"()*"&-%624";*44="()842Q-!0+"2&0"G)8;-7!4!+-6*+"0!+2GG*2%*0="2&0"2"A2'$*"$4(%2R
+(%$;($%*" -." ()842Q-!0" D2+" -7+*%A*0" !&" ()*" *4*;(%-G-%2(*0" ;*44+I" N)*" 0*&+!(8" -." ()*" *4*;(%-G-%2(*0" ;*44+"
0*;%*2+*0" 0$*" (-" ()*" 0262'*" -." ()842Q-!0+" 2&0" G)8;-7!4!+-6*+" 2&0" *A*&" 4*0" (-" ()*" 0*+(%$;(!-&" -."
;)4-%-G)844" 2="G)8;-;82&!&="2R244-G)8;-;82&!&"2&0"G)8;-*%8()%!&I"T-D*A*%=";*44"0*&+!(8"!&;%*2+*0"D!()"
()*"&-%624!X2(!-&"-."()842Q-!0+"2&0"G)8;-7!4!+-6*+"2&0"&-"7%*2Q2'*+"2GG*2%*0"-&"()*";%-++RD244+"2.(*%"
()*"%*'*&*%2(!-&I""

! ??! !
?"?"- 3)/15,*&%I5(,&6*<)/5%&8,
H42&("'%-D()"%*'$42(-%+"628"7*"$+*0"(-"*&)2&;*"+G!%$4!&2"'%-D()I"56-&'"()*"G42&("'%-D()"%*'$42(-%+="()*"
;-67!&2(!-&" -." aRE5" 9aR7*&X8420*&!&*@" 2&0" 155" !+" +$!(274*" .-%" ()*" '%-D()" -." 6'()*+(,-$ '+-.#,"("" 5Z"
;-6G2%*0"(-"-()*%"'%-D()"%*'$42(-%+"2&0P-%";-67!&2(!-&"-."-()*%"%*'$42(-%+"9:)!"#.$-+I="?[[^@I"N)*%*"2%*"
+-6*" -()*%" '%-D()" %*'$42(-%+" +$;)" 2+" 35" 93!77*%*44!;" 2;!0@=" UE5=" ?=^R#" 2&0" U55" $+*0" (-" *&)2&;*" ()*"
'%-D()"-."6!;%-G42&("4!Q*"+G!%$4!&2"2&0"-()*%"6!;%-24'2*"7$("&-("*..*;(!A*"4!Q*"()*";-67!&2(!-&"-."aRE5"
2&0"155I""

?"?"! H5&/41,:6E6)%'2615,/1:,42'&%E62615,
N)*"+G*;!*+"0!A*%+!(8"-."+G!%$4!&2"!+"4!6!(*0="D!()"&-("6-%*"()2&"Y>"+G*;!*+"9N-6GQ!&+"#.$-+I="YZZ>d"H)2&'"
2&0"<)$="YZZZd"E)2((2;)2%82"2&0":)!A2G%2Q2+)="?[[>@I"N)*"2A2!4274*"+G*;!*+"2%*"2+".-44-D+c"
2@ 6'()*+(,-$'+-.#,"(""93-6-&(@"97).2)%"'()-$&*"(&%)0("@"9f-%-&!;)!&@"
7@ 6H$'+-.#,"("$1Ue:R]Z"
;@ 6H$'+-.#,"("$3*!(4*%"
0@ 6H$'+-.#,"("$91-%0+(*0(@"3*!(4*%"
#P 6H$"*1"-+"-".-I"5#)"(/%+%)"9<-)&@"k-+(*%$
&P 6H$"*1"-+"-$K*%+(*0$
3P 6H$0-G(0-"92+"6H$3#(.+#)(@"9:*(;)I"*("32%0&*%@$
2P 6H$"*1"-+"-$K*%+(*0"*,"3-6-&($
(P 6H$0-F%)$k}(X!&'$
FP 7).2)%"'()-$&*"(&%)0("$9f-%-&!;)!&@$
IP 7H$0-G(0-$
+P 7H$F#,,#)($9k}(X!&'@":(!(X$
0P 6H$+-1E)(,.2(&%)0("$
,P 6H$+-G(""(0-$
%P 6H$+%,-)$
'P 6H$,%4%"-$
:P 6H$')(,/#'"$i*+("z"i*+($
)P 6H$+-G-$3ISI":6!()$
1*D" +(%2!&+" -." 6'()*+(,-$ '+-.#,"("" D!()" !6G%-A*0" &$(%!(!-&24" L$24!(8" 2&0" )!')" *++*&(!24" 6!;%-&$(%!*&("
4*A*4+" ;2&" 7*" 0*A*4-G*0" ()%-$')" %*G4!;274*" 2&0" +(274*" '*&*" (%2&+.*%" +8+(*6" 9N-%X!44-=" H$+)G2%2O" 2&0"
J4-%*&X2&-=" YZ\>@I" N)!+" (%2&+.*%" +8+(*6" )2+" &-(" 7**&" +$;;*++.$448" *+(274!+)*0" +!&;*" YZZ_" 9f-&+)2Q="
YZZ_@I"5"%*;!G!*&("+8+(*6".-%"'*&*(!;"(%2&+.-%62(!-&"!&"+G!%$4!&2"D!()"*4*;(%-G-%2(!-&="!+-42(*0"+!&'4*";*44+"
78"48+-X86*R.%**"6*()-0"D2+".-$&0"(-"7*"%*'*&*%2(*0"D!()"2"%2(*"-."?\Ia"G*%;*&("932-'*"#.$-+I="?[[^@I"
/4(%2+(%$;($%24"-7+*%A2(!-&+".-%"*4*;(%-G-%2(*0";*44+"!&0!;2(*0"()2("*4*;(%-G-%2(*0";*44+"%*;-A*%*0"!&"+*A*&"
028+I"e4*;(%-G-%2(!-&"!+"2"A24!0"(%2&+.-%6!&'"6*()-0".-%"(%2&+'*&!;"62&!G$42(!-&"-.".-%*!'&"'*&*+"!&(-"6H$
'+-.#,"("I" N)$+=" +(%2!&" 0*A*4-G6*&(" 2&0" !6G%-A*6*&(" -." 6H$ '+-.#,"("" ()%-$')" (%2&+.-%62(!-&" -." .-%*!'&"
'*&*";-$40"7*";-&0$;(*0"$+!&'"()!+"6*()-0I""

?"?"> M0'/1:41*,'&%:<754%1,5%,16I,7%<15&468,
5(" G%*+*&(=" +G!%$4!&2" G%-0$;(!-&" !+" %*+(%!;(*0" (-" *!()*%" ;-$&(%!*+" D!()" 2" )!')" 0*62&0" .-%" )!')" A24$*="
G%-;*++*0" G%-0$;(+" ()2(" 244-D+" ;-66*%;!2448" A!274*" !&(*&+!A*" G%-0$;(!-&" 9!I*I" ()*" /&!(*0" :(2(*+" -."
56*%!;2" 2&0" <)!&2@" -%" (-" 2" .*D" ;-$&(%!*+" ()2(" )2A*" +G*;!.!;2448" .-;$+*0" -&" +6244R+;24*" G%-0$;(!-&" (-"
+$GG4*6*&(")$62&"0!*(+"-%"(-"!&(*'%2(*"2&!624"2&0".!+)"G%-0$;(!-&I"U("!+"+$''*+(*0"()2("()*%*";-$40"7*"2"
;-&+!0*%274*"*,G2&+!-&"-."()*"42((*%";2(*'-%8="*+G*;!2448"!&"()*".-44-D!&'"2%*2+c"

/C,N4*(,/)545<:6,/)J/)416,'%1:8,%&,)/J68,
:G!%$4!&2";2&"7*"'%-D&"!&"G-&0+"-%"42Q*+"2(")!')"24(!($0*+"!."()*"D2(*%"!+"+$..!;!*&(48"24Q24!&*I"U."+G!%$4!&2"!+"
&-(".-$&0"!&"()*+*")27!(2(+="()*&"!(";2&"7*"!6G-%(*0".%-6"+(%2!&+"0*A*4-G*0".-%"+!6!42%"*&A!%-&6*&(+I"5"
&-(*" -." ;2$(!-&" +)-$40" 7*" 620*=" !&" ()2(" 2" 0*(2!4*0"!&A*+(!'2(!-&" +)-$40" 7*" ;-&0$;(*0" 7*.-%*" 2&8" &*D"
-%'2&!+6"!+"!&(%-0$;*0"!&(-"2"D2(*%+)*0"D)*%*"!("!+"&-("&2($%2448"G%*+*&("!&"-%0*%"(-"*&+$%*"()2("!("D!44"&-("
)2A*"2&8"20A*%+*"*;-4-'!;24"!6G2;(+"!&"()*"G%-7274*";!%;$6+(2&;*"-."!(+"4-++"!&(-"*,(*%&24"D2(*%;-$%+*+I""

! ?]! !
OC,@%/85/),/&6/,I45(,(4*(,562'6&/5<&6,
N%-G!;24" ;-2+(24" 7*4(" 2%*2+" D!()" 2" )!')" 267!*&(" D2(*%" (*6G*%2($%*" 628" 7*" +$!(274*" .-%" +G!%$4!&2"
G%-0$;(!-&I""J-%"!&+(2&;*="6$;)"-."<)!&2M+"+G!%$4!&2"*,G2&+!-&")2+"(2Q*&"G42;*"!&"()*"+-$()*%&"<)!&2":*2"
;-2+(24"2%*2+"-."T2!&2&"H%-A!&;*="3$2&'0-&'"H%-A!&;*"2&0":)*&X)*&";!(8I""

7C,H/)416P/)J/)416,I/56&,
i)*&"()*"'%-$&0D2(*%"!+"%!;)"!&";24;!$6"2&0"-()*%"6!&*%24+=";-&A*&(!-&24";%-G"G%-0$;(!-&";2&"7*"G--%="
*+G*;!2448"!&"2%*2+"D!()")!')"+$66*%"!%%20!2(!-&"4*A*4+="()*";$4($%*"-."4-DR(*6G*%2($%*R%*+!+(2&("+G!%$4!&2"
628" 7*" 2&" -G(!-&=" *+G*;!2448" .-%" +6244R+;24*" %$%24" 0*A*4-G6*&(I" J-%" *,26G4*=" '%-$&0D2(*%" -." T$2&')*"
%!A*%"9g*44-D"%!A*%@"A244*8="<)!&2"2&0"3$;)*&";!(8"!&"T*7*!"H%-A!&;*="<)!&2I""

I6J "><N:<42P!;?N!2?!2!:;<84<4>:2P!?;OOPNXN:<!4:!T;X2:4<2842:!NXN8=N:R4N?!
U&" ()*" 2.(*%62()" -." )$62&!(2%!2&" *6*%'*&;!*+=" !(" !+" !6G-%(2&(" ()2(" ()*" %*4!*." .--0" +$GG4!*+" 2%*" ;$4($%2448"
2;;*G(274*=" %!;)" !&" G%-(*!&+" 2&0" A!(26!&+=" 0!'*+(!74*=" 6!,274*" D!()" ;*%*24+" 2&0" 274*" (-" 7*" +(-%*0" !&"
267!*&(";-&0!(!-&+"-A*%"4-&'"G*%!-0+I"5+"0*6-&+(%2(*0"*2%4!*%"!&"()!+"%*G-%(="+G!%$4!&2";2&"G%-A!0*"62&8"
-."()*+*"2((%!7$(*+I""
K&*" 62O-%" 200!(!-&24" 20A2&(2'*" -." +G!%$4!&2" -A*%" 6-+(" -()*%" .--0+($..+" !+" ()2(" !(" ;2&" -.(*&" 7*" '%-D&"(,$
"(.*"2&0"()*%*.-%*"G%-A!0*"2"4-&'*%R(*%6"+-4$(!-&"(-"&$(%!(!-&24"+(%2(*'8"0*A*4-G6*&(I"N)*"A2%!-$+"+6244R
+;24*" G%-0$;(!-&" +8+(*6+" %*A!*D*0" !&" :*;(!-&" ^" ;2&" 7*" 202G(*0" (-" 62&8" G-+(R*6*%'*&;8" +!($2(!-&+I"
U&0**0"62&8"-."()*"6-%*"A$4&*%274*";-66$&!(!*+"b"*I'I";-2+(24";-66$&!(!*+"G%-&*"(-"+(-%6+=".4--0!&'"
2&0" (+$&26!" 0262'*=" 2+" D*44" 2+" 2%!0" 2%*2+" A$4&*%274*" (-" ;%-GR.2!4$%*" 2&0" -A*%'%2X!&'" +)-D" G2%(!;$42%"
G-(*&(!24".-%"+6244R+;24*"+G!%$4!&2"G%-0$;(!-&"0*A*4-G6*&(I""
N)!+" G-(*&(!24" )2+" 7**&" %*;-'&!X*0" 78" 2" &$67*%" -." -%'2&!X2(!-&+" 2&0" !&(*%&2(!-&24" 7-0!*+I" 5&(*&&2"
N*;)&-4-'!*+" )2+" 0*A*4-G*0" 2" +G!%$4!&2" G%-0$;(!-&" +8+(*6" 72+*0" -&" .!*40" (%!24+=" ;-&+!+(!&'" -." ^" 6!"
'%-D!&'" 72+!&+I" :)244-D" 9?[" ;6@" G-&0+" 2%*" 7$!4(" $+!&'" +!6G4*" 62(*%!24+" 9G42+(!;" +)**(!&'=" G42&Q+=" *2%()@"
$+!&'"2".2+(R'%-D!&'"+(%2!&"-."+G!%$4!&2I"5"^"6!"72+!&"G%-0$;*+"2%-$&0"^["'"-."0%8"+G!%$4!&2"G*%"028"2&0"
%*L$!%*+"Y["(!6*+"4*++"D2(*%"()2&"'%-D!&'"()*"*L$!A24*&("D*!')("-."+-87*2&I"
U&" f!*(" 126=" 2" +G!%$4!&2RG%-0$;!&'" ;*&(%*" 0!+(%!7$(*0" .--0" (-" ()-$+2&0+" -." 62%2+6!;" 9+$..*%!&'" .%-6"
+*A*%*" G%-(*!&" 0*.!;!*&;8@" ;)!40%*&" *2;)" 8*2%=" 2&0" +*A*%24" G%-O*;(+" D*%*" $&0*%" D28" !&" U&0!2=" :*&*'24="
N-'-="E$%Q!&2"J2+-="E*&!&="<*&(%24"5.%!;2&"F*G$74!;="E%2X!4="<$72"2&0"N)2!42&0I""
5(" ()*" !&(*%&2(!-&24" 4*A*4=" ()*";%,5#,.(%,L=,.#)3%5#),0#,.-+$ =,".(.*.(%,$ &%)$ .2#$ !"#$ %&$ 8%%4$ N(/)%-+3-#$
6'()*+(,-$ -3-(,".$ N-+,*.)(.(%," 9<U:FURU:H=" +**" E-," ?@" D2+" *+(274!+)*0" D!()" ()*" '-24" -." 0!..$+!&'" ()*"
)$62&!(2%!2&" $+*" -." +G!%$4!&2" 2&0" )2A*" *6G)2+!X*0" )-D" 6!;%-24'24" .--0+" ;-$40" 7*" $+*0" (-" G%*A*&("
624&$(%!(!-&" 2&0" 244*A!2(*" *,(%*6*" )$&'*%" 0$%!&'" *6*%'*&;8" )$62&!(2%!2&" %*4!*." *..-%(+I" U&" 1-A*67*%"
?[[>="()*8"+$76!((*0"2"0%2.("%*+-4$(!-&"*&(!(4*0"()*"B$+*"-."+G!%$4!&2"(-";-672(")$&'*%"2&0"624&$(%!(!-&"(-"
)*4G" 2;)!*A*" +$+(2!&274*" 0*A*4-G6*&(C" ()2(" D-$40" *&;-$%2'*" S*67*%" :(2(*+" (-" (2Q*" $G" ()*" G%-0$;(!-&"
2&0"$+*"-."+G!%$4!&2="*6G)2+!X*"()*"&**0".-%"2++!+(2&;*"!&"&2(!-&24"2;(!A!(!*+".-%"+G!%$4!&2"G%-0$;(!-&"2&0"
%*L$*+(*0"2"%*G-%("(-"()*"/1"e;-&-6!;"2&0":-;!24"<-$&;!4"-&"*..-%(+"2&0"G%-'%*++"!&"()!+"%*'2%0+I"<U:FUR
U:H"!&(*&0+"(-"7$!40"Y["+G!%$4!&2RG%-0$;!&'";*&(%*+"R".!A*"!&"5.%!;2="(D-"!&"5+!2="(D-"!&"W2(!&"56*%!;2"2&0"
2"<*&(%24"<--%0!&2(!-&"<*&(%*"9U%!&!":2%4!+="e<K:K<PaY?[="Y"V$48"?[[^@I""
"

! ?^! !
"
1>W!AM!.',#'_',"!
&TN!.>:9N:<4>:!V>8!<TN!/?N!>V!*>>Q!04R8>_%P=2N5!':<N8=>9N8:XN:<2P!':?<4<;<4>:2P!,O48;P4:2!"8>=82X!
Z.',#'_',"\"D-%Q+"(-"G%-6-(*"()*"$+*"-.":G!%$4!&2"2'2!&+("+*A*%*"624&$(%!(!-&I"U(")2+"7**&"*+(274!+)*0"
()%-$')" (D-" !&(*%&2(!-&24" 2'%**6*&(+" ()2(" 2%*" %*;-'&!X*0" !&" ()*" /1" N%*2(8" :*%!*+I" <U:FURU:H" !+"
2;;%*0!(*0" 2+" 2" H*%62&*&(" K7+*%A*%" S!++!-&" D!()" ()*" /&!(*0" 12(!-&+" e;-&-6!;" 2&0" :-;!24" <-$&;!4"
9e<K:K<@=" !&" Q**G!&'" D!()" %*+-4$(!-&" eP?[[]P?Y?=" 02(*0" >" S2%;)" ?[[]I" <U:FURU:H" 62!&(2!&+"
;-66$&!;2(!-&" D!()" ()*" J--0" 2&0" 5'%!;$4($%*" K%'2&!X2(!-&" -." ()*" /&!(*0" 12(!-&+" 9J5K@=" i-%40"
T*24()"K%'2&!X2(!-&"9iTK@="2&0"()*"i-%40"J--0"H%-'%266*"9iJH@"2(")*20L$2%(*%+"4*A*4"2+"D*44"2+"
()*!%"%*+G*;(!A*"W!2!+-&"K..!;*+"2("/1"T*20L$2%(*%+"!&"1*D"g-%QI"<U:FURU:H")2+"%*42(!-&+"D!()"4*20!&'"
*&(!(!*+"2%-$&0"()*"D-%40"()2("0*24"D!()":G!%$4!&2I"N)*+*"!&;4$0*c""
# 5&(*&&2RN*;)&-4-'!*+="3*&*A2=":D!(X*%42&0d""
# <U:FURU:H":;!*&(!.!;"F*+*2%;)"U&+(!($(*="J%2&;*d""
# e2%()%!+*"J2%6+="/&!(*0":(2(*+"-."56*%!;2d""
# <)!&*+*"J2%6+="<)!&2d""
# :-42%!$6"E!-(*;)&-4-'8="<)!4*d""
# <*&(%*".-%":;!*&;*".-%"f!442'*+="U&0!2d"2&0""
# /&!A*%+!(8"-."N-4!2%2="S202'2+;2%I""
<U:FURU:H")2+"2"%-+(*%"-.".!.(8"')%$1%,%".!*40"%*G%*+*&(2(!A*+"()2("G%-A!0*"(*;)&-4-'!;24="+;!*&(!.!;"2&0"
-G*%2(!-&24"+$GG-%(="2&0"7!-4-'!;24"2&0"*&'!&**%!&'"20A!;*I""
:-$%;*c")((GcPPDDDIG-6$&I-%'PG$%G-+*I)(6""

"

! ?>! !
J .().B/,'(),!%)-!#$.(00$)-%&'(),!

J6@ .>:RP;?4>:?!
:G!%$4!&2" 2GG*2%+" (-" )2A*" ;-&+!0*%274*" G-(*&(!24" .-%" 0*A*4-G6*&(=" *+G*;!2448" 2+" 2" +6244R+;24*" ;%-G" .-%"
&$(%!(!-&24" *&)2&;*6*&(=" 4!A*4!)--0" 0*A*4-G6*&(" 2&0" *&A!%-&6*&(24" 6!(!'2(!-&I" U&" G2%(!;$42%=" ()*"
G%-0$;(!-&"2&0"$+*"-."+G!%$4!&2")2+"()*".-44-D!&'"20A2&(2'*+c"
# !("G%-A!0*+"2&"*2+!48"0!'*+(!74*")!')"9;I"a["G*%;*&(@"G%-(*!&"G%-0$;("D!()")!')"4*A*4+"-."!-;2%-(*&*="
A!(26!&" EY?=" !%-&" 2&0" (%2;*" 6!&*%24+" 2&0" ()*" %2%*" *++*&(!24" .2((8" 2;!0" !R4!&-4*&!;" 2;!0" 93W5@I" U&"
200!(!-&="!(")2+"&-"-7A!-$+"&*'2(!A*";$4($%24"-%"%*4!'!-$+"!++$*+"2++-;!2(*0"D!()"!(+";-&+$6G(!-&d"
# !(+" G%-0$;(!-&" -;;$G!*+" -&48" 2" +6244" *&A!%-&6*&(24" .--(G%!&(=" D!()" ;-&+!0*%274*" *..!;!*&;!*+" !&"
(*%6+" -." D2(*%" $+*=" 42&0" -;;$G2(!-&" 2&0" *&*%'8" ;-&+$6G(!-&" D)*&" ;-6G2%*0" (-" (%20!(!-&24"
(*%%*+(%!24";%-G+d"
# !(+"G%-0$;(!-&"!+"*+G*;!2448"+$!(274*"(-"+24!&*"2&0"24Q24!&*";-&0!(!-&+"()2("2%*"-.(*&"$&.2A-$%274*"
(-" (%20!(!-&24" ;%-G+" 2&0" 2%*" .%*L$*&(48" -;;$G!*0" 78" 0!+20A2&(2'*0" G*-G4*" +$..*%!&'" .%-6=" -%"
A$4&*%274*"(-="&2($%24"0!+2+(*%+d""
# !(+"G%-0$;(!-&";2&"7*";-&0$;(*0"2("2"&$67*%"-."0!..*%*&("+;24*+=".%-6")-$+*)-40"BG-(";$4($%*C"(-"
!&(*&+!A*";-66*%;!24"0*A*4-G6*&("-A*%"42%'*"2%*2+d""
# !(")2+"()*"G-(*&(!24".-%"!&(*'%2(!-&"D!()"%$%24"-%'2&!;"D2+(*"(%*2(6*&("G%-;*++*+"(-"!6G%-A*"7-()"
*&A!%-&6*&(24";-&0!(!-&+"2&0"!6G%-A*"*&*%'8"(%2&+.*%"*..!;!*&;!*+d"
J5K" .!+)*%!*+" +(2(!+(!;+" +)-D" 2" ;4*2%" !&;%*2+*" !&" G%-0$;(!-&" -." +G!%$4!&2" -A*%" ()*" %*;*&(" 8*2%+I" J-%"
*,26G4*=" G%-0$;(!-&" !&" <)!&2" D2+" .!%+(" %*;-%0*0" 2(" YZ"[\[" (-&&*+" !&" ?[[]" 2&0" %-+*" +)2%G48" (-" ^Y">_["
(-&&*+" !&" ?[[^=" D-%()" 2%-$&0" /:`_Ia" 6!44!-&+" 2&0" /:`YaIa" 6!44!-&+=" %*+G*;(!A*48I" T-D*A*%=" ()*%*" 2%*"
&-" 2GG2%*&(" .!'$%*+" .-%" G%-0$;(!-&" !&" ()*" %*+(" -." ()*" D-%40I" N)!+" +$''*+(+" ()2(=" 0*+G!(*" ()*" D!0*+G%*20"
G$74!;!(8"27-$("+G!%$4!&2"2&0"!(+"7*&*.!(+="!(")2+"&-("8*("%*;*!A*0"()*"+*%!-$+";-&+!0*%2(!-&"!("0*+*%A*+"2+"2"
G-(*&(!2448"Q*8";%-G"!&";-2+(24"2&0"24Q24!&*"2%*2+"D)*%*"(%20!(!-&24"2'%!;$4($%*"+(%$''4*+="*+G*;!2448"$&0*%"
()*"!&;%*2+!&'"!&.4$*&;*"-."+24!&2(!-&"2&0"D2(*%"+)-%(2'*+I""
5&" *,26!&2(!-&" -." ()*" 4!(*%2($%*" 2&0" %*+*2%;)" -&" +G!%$4!&2" 24+-" +$''*+(+" ()2(" !&(*%*+(" !&" !(+" 0*A*4-G6*&("
)2+"D2&*0"-A*%"%*;*&("8*2%+I"S$;)"-."()*"D-%Q"D2+";-&0$;(*0"-A*%"()*"YZ\[+"2&0"YZZ[+"D!()"%*42(!A*48"
4!((4*"-A*%"()*"42+("0*;20*I"S-+("6-0*%&"D%!(!&'"2A2!4274*"-&"()*"!&(*%&*("2GG*2%+"(-"7*"B'%*8C"4!(*%2($%*="
D!()" %*42(!A*48" 4!((4*" !&(*%&2(!-&2448" %*;-'&!X*0" +;!*&(!.!;" 62(*%!24I" 3!A*&" ()*" !&;%*2+!&'48" D!0*48"
%*;-'&!X*0" !6G2;(+" -." '4-724" ;4!62(*" ;)2&'*" !&" (*%6+" -." 7-()" 0*+*%(!.!;2(!-&" 2&0" ()*" 6-%*" G%*A24*&("
*,(%*6*"D*2()*%";-&0!(!-&+"()2("!6G2;("G--%";-66$&!(!*+"!&"G2%(!;$42%="()!+"4-++"-.".-;$+"!+"%*'%*((274*I""

J6A #NR>XXN:Q2<4>:?!!
N)*%*" !+" 2" %-4*" .-%" 7-()" &2(!-&24" '-A*%&6*&(+" b" 2+" D*44" 2+" !&(*%R'-A*%&6*&(24" -%'2&!X2(!-&+" b" (-" %*R
*A24$2(*"()*"G-(*&(!24"-."+G!%$4!&2"(-".$4.!44"7-()"()*!%"-D&".--0"+*;$%!(8"&**0+"2+"D*44"2+"2"(--4".-%"()*!%"
-A*%+*2+" 0*A*4-G6*&(" 2&0" *6*%'*&;8" %*+G-&+*" *..-%(+I" K()*%" !&(*%&2(!-&24" -%'2&!X2(!-&+" ()2(" )2A*"
0*A*4-G*0"7-()"2&"!&(*%*+("2&0";2G2;!(8".-%"0*A*4-G!&'"+6244R+;24*"+G!%$4!&2"G%-0$;(!-&"D-$40"7*"Q*8"G-(*&(!24"
.2;!4!(2(-%+" !&" 0*6-&+(%2(!&'" 2A2!4274*" (*;)&-4-'!*+" .-%" 4-;24" $G(2Q*I" N)*8" ;-$40" 24+-" 0*A*4-G" !6G%-A*0"
(*;)&!;24"2&0"*;-&-6!;"+-4$(!-&+"(-"+G!%$4!&2"G%-0$;(!-&"!&"*&A!%-&6*&(2448"!6G-A*%!+)*0";-&0!(!-&+="2+" D*44"
2+"G%*G2%*"(*+(*0"G%-0$;(!-&"G2;Q2'*+".-%"%2G!0"0*G4-86*&("!&"*6*%'*&;8"+!($2(!-&+I"
U&(*%&2(!-&24"-%'2&!X2(!-&9+@"D-%Q!&'"D!()"+G!%$4!&2"+)-$40";-&+!0*%"G%*G2%!&'"2"G%2;(!;24"'$!0*"(-"+6244R
+;24*" +G!%$4!&2" G%-0$;(!-&" ()2(" ;-$40" 7*" $+*0" 2+"2" 72+!+" .-%" *,(*&+!-&" 2&0" 0*A*4-G6*&(" 6*()-0-4-'!*+I"
N)!+"+6244R+;24*"G%-0$;(!-&"+)-$40"7*"-%!*&(2(*0"(-D2%0+c""
9!@ G%-A!0!&'"&$(%!(!-&24"+$GG4*6*&(+".-%"D!0*+G%*20"$+*"!&"%$%24"2&0"$%72&";-66$&!(!*+"D)*%*"
()*"+(2G4*"0!*("!+"G--%"-%"!&20*L$2(*d"
9!!@ 244-D!&'"0!A*%+!.!;2(!-&".%-6"(%20!(!-&24";%-G+"!&";2+*+"D)*%*"42&0"-%"D2(*%"%*+-$%;*+"2%*"
4!6!(*0d"
9!!!@ 2&"!&(*'%2(*0"+-4$(!-&".-%"D2+(*"D2(*%"(%*2(6*&(="+6244R+;24*"2L$2;$4($%*"G%-0$;(!-&"2&0"
-()*%"4!A*+(-;Q".**0"+$GG4!;2(!-&d"

! ?a! !
9!A@ 2+"2"+)-%(R"2&0"6*0!$6R(*%6"+-4$(!-&"(-"*6*%'*&;8"+!($2(!-&+"D)*%*"2"+$+(2!&274*"+$GG48"-."
)!')" G%-(*!&P)!')" A!(26!&" .--0+($..+" !+" %*L$!%*0I" N)!+" !6G4!*+" ()*" 27!4!(8" (-" %2G!048" !&+(244"
+8+(*6+" !&" 2" A2%!*(8" -." *&A!%-&6*&(+" ()2(" ;2&" 7*" +$+(2!&*0" 78" 4-;24" ;-66$&!(!*+" (-" ;-A*%"
7-()" ()*" +)-%(R(*%6" .--0" &**0+" 2&0" (-" +$GG4*6*&(" 4-&'*%R(*%6" &$(%!(!-&24" %*L$!%*6*&(+="
*+G*;!2448"-&;*"-()*%".-%6+"-.".--0"%*4!*.";*2+*"(-"7*"0*4!A*%*0I"
5" +*;-&0" &**0" !+" 2" 7*((*%" 6-&!(-%!&'" -." '4-724" +G!%$4!&2" G%-0$;(!-&" 2&0" G%-0$;(" .4-D+I" N)*" ;$%%*&("
J!+):(2("*&(%8"D)!;)"-&48"!&;4$0*+"<)!&2"!+"-7A!-$+48"!&20*L$2(*"2&0"()*"%*2+-&"D)8"-()*%";-$&(%!*+"2%*"
&-(" !&;4$0*0" !&A*+(!'2(*0I" J$%()*%6-%*=" !(" D-$40" 7*" 7*&*.!;!24" !." G%-0$;(!-&" D2+" 0!+2''%*'2(*0" !&(-"
0!..*%*&(" +;24*+" -." 0*A*4-G6*&(=" *I'I" !&(*&+!A*=" +*6!R!&(*&+!A*" 2&0" *,(*&+!A*I" N)!+" D-$40" 244-D" 2" 7*((*%"
$&0*%+(2&0!&'" -." ()*" 0!..*%*&(" G2%(!;!G2&(+" !&A-4A*0" 2&0" 2++!+(" *..-%(+" (-" ;-67!&*" *,G*%!*&;*" 2&0"
Q&-D4*0'*".-%"7-()"()*".$%()*%"0*A*4-G6*&("-."+G!%$4!&2"G%-0$;(!-&"(*;)&-4-'!*+"2&0"()*!%"%*G4!;2(!-&"!&"
()*".!*40I"
5"()!%0"&**0"!+"(-"0*A*4-G";4*2%"'$!0*4!&*+"-&".--0"+2.*(8"2+G*;(+"-."+G!%$4!&2"+-"()2(")$62&")*24()"%!+Q+"
;2&" 7*" 62&2'*0" 0$%!&'" G%-0$;(!-&" 2&0" G%-;*++!&'I" H%-0$;(!-&" -." +G!%$4!&2" .-%" )$62&" ;-&+$6G(!-&"
+)-$40"+G*;!.!;2448"(2Q*"!&(-"2;;-$&("()2("()*%*"2%*"G-(*&(!24"%!+Q+"-.";-&(26!&2(!-&"-."+G!%$4!&2"D!()"(-,!&"
G%-0$;!&'"74$*R'%**&"24'2*")2%A*+(*0".%-6"-G*&"G-&0"-%"+$;)"D2(*%"7-08=";$4($%*"+)-$40"7*"*&;-$%2'*0"
-&48"!&";-&(%-44*0"G-&0+"-%"!&"-()*%"6*0!2"D)*%*"+!&'4*";*44";$4($%*"!+"2;)!*A274*I""
J!&2448=" !(" D-$40" 7*" $+*.$4" (-" )2A*" +-6*" .-%6" -." D*7R72+*0" %*+-$%;*" ()2(" 244-D+" ()*" ;-6G!42(!-&" -."
+;!*&(!.!;2448"%-7$+("!&.-%62(!-&"2&0"+(2(!+(!;+".-%"G$74!;"2;;*++I"N)*%*"2%*"24%*208"2"&$67*%"-."+G!%$4!&2R
%*42(*0"D*7+!(*+"9*I'I"DDDI+G!%$4!&2I;-6="DDDI+G!%$4!&2+-$%;*I;-6@"b"D)!4+("$+*.$4"%*+-$%;*+="()*8"42;Q"
()*"!&0*G*&0*&("+;!*&(!.!;";%*0!7!4!(8"()2("!+"%*L$!%*0I"
"
"
"

"

! ?_! !
!!
K #$*$#$).$,!!
%3Q;Pa2QN85! D65! 128?2:<45! B6! 2:Q! &8NQ4R45! 06#6! ?[[[I" T2%A*+(" -." 7).2)%"'()-$ '+-.#,"("" .%-6" W2Q*"
k-++-%-6" 9<)20@" 2&0" !(+" )-$+*)-40" $+2'*" 26-&'" ()*" k2&*67$I" M%*),-+$ %&$ 7''+(#4$ <2E/%+%3E=" Y?c"
^Z]R^Z\I"
%3>_,T2QU5! %6065! %3>;_$P_,>;>Q5! ,6065! $P_#2TNNX5! %65! $P_,T2:?T>;8U5! #6! b! 02TX>;Q5! c6%6D66! YZZ?I"
H%-(-G42+(+".%-6"()*";82&-72;(*%!$6="6'()*+(,-$'+-.#,"("I"Q%)+4$MH$N(/)%1(%+H$R$S(%.#/2I="\c"]\>–]\aI"
%ST<N85! )65! )>>85! "65! d2T2:5! 06%6%6! b! +>??24:5! 0606! YZZaI! 6'()*+(,-" ;$4($%*" !&" E2&'420*+)I" fI"
<-6G2%!+-&" -." %!;*" )$+Q" 2+)" 2&0" +-0!$6" 7!;2%7-&2(*" 2+" +-$%;*" -." ;2%7-&" .**0" 72;Q" !&" 6'()*+(,-"
;$4($%*I"S-,3+-4#"2$MH$6/($H$R$=,4H$>#"I="]Yc"Y]_–Y^aI"
%:2=25! %6! b! %3;5! D6(6! YZZa6" 5" 427-%2(-%8R+;24*" ;$4(!A2(!-&" -." ;2+%)#++-" 2&0" 6'()*+(,-" $+!&'" D2+(*"
*..4$*&(".%-6"2".*%(!4!X*%";-6G2&8"!&"1!'*%!2I"S(%)#"H$A#/2,%+I=">\c"Z]–Z>I"
%:;82QT25! G6! b! G4QTU25! -6!?[[YI" U6G2;(" -." 206!&!+(%2(!-&" -." :G!%$4!&2" -&" ()*" 74--0" '4$;-+*" 4*A*4+" -."
+*4*;(*0"0!27*(!;"G2(!*&(+I"=,4(-,$MH$@*.)(H$R$T(#.#.(/"="]\c"^[–^^I"
%U2RT45! ,65! $P_%3NQ5! %65! 0NQT4>;35! %65! 18>;N8?5!06! b!028e>;S5! 16!?[[^I" U&.4$*&;*" -." (*6G*%2($%*" 2&0"
4!')(" !&(*&+!(8" -&" .2((8" 2;!0" ;-6G-+!(!-&" 0$%!&'" ()*" 0*A*4-G6*&(" -." +G!%$4!&2="7).2)%"'()-$ '+-.#,"("I"
>(5(".-$=.-+(-,-$4#++#$6%".-,U#$V)-""#="\Yc"Y\>–YZ[I"
%U2P25!*6!YZZ\6"3$v2"+-7%*"*4";$4(!A-"0*":G!%$4!&2I"=,"S(%.#/,%+%3W-$4#$N(/)%%)3-,("0%"$8%.%-*.X.)%&%"I"
GGI"]–?[I"S-(%!4="3%2&202="e+G2~2I""
12:N8`NN5!06!b!-N35!06!YZZaI"H-(*&(!24"-.".48"2+)"2&0":G!%$4!&2";-67!&2(!-&"2+"2"+4-D"%*4*2+*".*%(!4!X*%"
.-%"%!;*".!*40I";(#,.(&(/-$M-1%.(/-1-+="?^c">>–a?I"
1NRSN85! $6f6! YZ\\I" S!;%-24'2*" .-%" )$62&" 2&0" 2&!624" ;-&+$6G(!-&I" =," SI5I" E-%-D!(XQ2" z" WI"
E-%-D!(XQ2="*0+I"N(/)%K-+3-+$S(%.#/2,%+%3E="GGI"???–?>aI"<267%!0'*="<267%!0'*"/&!A*%+!(8"H%*++I""
1NRSN85!$6f6!YZZ^6"S!;%-24'2*I"=,"@*.)(.(%,I"GGI"YZa–?^ZI"<267%!0'*="<267%!0'*"/&!A*%+!(8"H%*++I""
1NP2U5!%65!c>?T4X4RT45!(65!04U2S2Y25!C6!b!,T4X2X2<?;5!+6!YZZ]6"<$%%*&("Q&-D4*0'*"-&"G-(*&(!24")*24()"
7*&*.!(+"-.":G!%$4!&2I"MH$7''+H$<2E/%+I=">c"?]>–?^YI"
1T2<<2RT28U25!,6!b!,T492O82S2?T5!06C6!?[[>6"eA24$2(!-&"-."()%**":G!%$4!&2"+G*;!*+"'%-D&"$&0*%"+!6!42%"
;-&0!(!-&+".-%"()*!%"'%-D()"2&0"7!-;)*6!;24+I"MH$6/(H$8%%4$73)(/I="\>c"]]]–]]aI"
1>P?;:>9?S445! %6c6! b! C>?4:N:S>5! ,6G6! ?[[[6" U&(%2;*44$42%" G)-+G)-%$+" G--4" -." ()*" ;82&-72;(*%!$6"
6'()*+(,-$'+-.#,"("I"N(I)%1(%+%3(E-$9S!;%-7!-4-'8RS-+;-D@="aZc"Y]>–Y]_I"
1>8>Y4<eS25! 06%6! YZ\\6" f!(26!&+" 2&0" .!&*" ;)*6!;24+" .%-6" 6!;%-R24'2*I" =," SI5I" E-%-D!(XQ2" z" WI"
E-%-D!(XQ2="*0+I"N(/)%K-+3-+$S(%.#/2,%+%3E="GGI"Y>]–YZaI"<267%!0'*="<267%!0'*"/&!A*%+!(8"H%*++I"
1>8>Y4<eS25!06%6!YZZ^6"H%-0$;(+".%-6"24'2*I"=,":ISI"H)2&'="WIgI"k$&="SI5I"E-%-D!(XQ2"z"EI5I"i)!((-&="
*0+I"U&"<)%/H$Y".$7"(-K<-/(&(/$;%,&#)#,/#$%,$7+3-+$E!-(*;)&-4-'8I"k$242"W$6G$%="S2428+!2I"/&!A*%+!(8"
-."S24282I""
184<<>:!D65!%8X4<<5!D6065!B2;5!,6c6065!"2<NP5!%6C6!b!,T>:N5!.6.6!YZ\Y6"<2%-(*&-G%-(*!&+I"=,";-)%.#,%(4$
;2#0(".)E$ R$ S(%/2#0(".)EI" 3I" E%!((-&" 2&0" NI" iI" 3--0D!&=" *0+I" GGI" ?]_–?>YI" K,.-%0I" H*%'26-&"
H%*++I""
184<e5!"6d6!YZZa6"N)*"+$!(27!4!(8"-."+*4*;(*0"G%-(*!&"+-$%;*+".-%"!&;4$+!-&"!&".-%6$42(*0"0!*(+".-%"()*":-$()"
5.%!;2&"2724-&*="O-+(%.("$0(4-#I"7:*-/*+.*)#="Y^[c"a]–_]I"
.2:4e28N?5! #6(6! b! ->X4:a;Ne5! %6#6! YZZ]6" 3%-D()" -." 6'()*+(,-$ 0-G(0-" -&" +D!&*" D2+(*I" S(%)#"H$
A#/2,%+I="^>c"_]–_>I"
.2:4e28N?5! #6(65! ->X4:a;Ne5! %6#65! #492?5! B65! 0>:<N?5! 06.65! &8294N?>5! B6! b! 1N:4<Ne5! *6!YZZ]6" J%**" 2&0"
!66-7!4!X*0";$4($%*+"-."6'()*+(,-$0-G(0-$.-%"+D!&*"D2+(*I"S(%.#/2H$?#..I="Y>c"]?Y–]?aI"
.2:>5!#65!#2;QNe5!,6!b!+>>SN85!$6!?[[^6"N)*"&2($%24"0!*("-."7'%/E/+%'"$'-,-0#,"(""2("2"+)%!6G".2%6"-&"
()*"H2;!.!;";-2+("-."1!;2%2'$2I"Z%%+%3(/-+$6.*4I="^]c"]^^–]^ZI"
.T2:=5! g6g65! gT;5! f6165! cN5! 06L65! *2:=5! c6! b! gT2:=5! d6c6! YZZZ6" N)*" G-++!7!4!(8" -." &!(%!.8!&'" 72;(*%!2"
!&-;$42(!-&"!&":G!%$4!&2"62++";$4($%*I"M(-,3"*$MH$73)(+H$6/(I="Y>c"YZY–YZ?I""
.4VN8845!(6!YZ\]6":G!%$4!&2="()*"*0!74*"-%'2&!+6I N(/)%1(%+H$>#5H"^_c">>YR>_\I""
.>?<25!d6%6G65!.>PP25!B606!b!*4PT>5!"6*6-6!?[[^6"U6G%-A!&'"6'()*+(,-$'+-.#,"(""7!-62++"8!*40"$+!&'"2".*0R
72(;)"G%-;*++I"S(%)#"%*)/#$A#/2,%+HD"Z?c"?]_–?^YI"
-2:=N28Q5! "6! YZ^[6" :$%" $&*" 24'$*" 74*$*" 24!6*&(2!%*" G-$%" 4r)-66*c" 7).2)%"'()-$ '+-.#,"("" 91-%0+(*0(@"
3-6-&(I"7/.#"$6%/H$?(,,H$S%)#-*G$BG.)I"<)%/C"K5#)1-*G="ZYc"]Z–^Y"
$P_,2UNQ5! %6*606! YZZ^6" eA24$2(!-&" -." +-87*2&" 6*24=" +G!%$4!&2" 6*24" 2&0" ;)!;Q*&" -..24" 6*24" 2+" G%-(*!&"
+-$%;*+".-%"+!4A*%"+*27%*26"9>2-14%"-)3*"$"-)1-@".!&'*%4!&'+I"7:*-/*+.*)#="Y?_c"YaZ–Y_aI"""

! ?\! !
*24:<;RT5!16B65!,2<>5!,6!b!%=;28>:N5!$6!YZZY6"U&.4$*&;*"-."()*"&$(%!(!-&24"+-$%;*+"-&"()*"'%-D()"%2(*"-."
;82&-72;(*%!2I"7):*(5%"K4#KS(%+%3(-KA#/2,%+%3(-="]^c"Y]–][I"
*2Pa;N<5!d6!?[[[6"5"+$+(2!&274*"%*+G-&+*"(-"624&$(%!(!-&"!&")-("%*'!-&+c"()*"4-;24"G%-0$;(!-&"-."+G!%$4!&2="
3*&*A2="5&(*&&2"N*;)&-4-'!*+="?[[[="DDDI2&(*&&2I;)""
*%(6!YZ\Y6"E4$*R'%**&"24'2*".-%"%!;*"G%-0$;(!-&I"879$6%(+"$S*++#.(,I"F-6*="YZ\YI"
*%(I" ?[[aI" J5K" J!+)*%!*+" #*G2%(6*&(=" J!+)*%8" U&.-%62(!-&=" #2(2" 2&0" :(2(!+(!;+" /&!(I" J!+)+(2(" H4$+c"
/&!A*%+24" +-.(D2%*" .-%" .!+)*%8" +(2(!+(!;24" (!6*" +*%!*+I" 5L$2;$4($%*" G%-0$;(!-&c" L$2&(!(!*+" YZ>[–?[[^="
5L$2;$4($%*" G%-0$;(!-&c" A24$*+" YZ\^–?[[^d" <2G($%*" G%-0$;(!-&c" YZ>[–?[[^d" <-66-0!(!*+"
G%-0$;(!-&" 2&0" (%20*c" YZ>[–?[[^d" N-(24" G%-0$;(!-&c" YZ_[–?[[^=" f*%+I" ?I][" 92A2!4274*" 2("
DDDI.2-I-%'P.!P+(2(!+(PJU:KJNPJU:THW/:I2+G@I"
*>W5!#6-6!YZ\>6":G!%$4!&2="()*"24'2"()2(";2&"*&0"624&$(%!(!-&I"A2#$8*.*)(".="YZc"][–]>I"
D2332U5! %6#65! &NP5! (6$6! b! D8N??T>VV5! "606! YZZ]6" S*;)2&!+6+" -." +24(" (-4*%2&;*" !&" ;82&-72;(*%!2I" H42&("
:-$%;*+"(-"()*"e&A!%-&6*&(I";*))#,.$A%'(/"$(,$<+-,.$N%+#/*+-)$S(%+%3EI"GGI"Y?]–Y]?I"
D2>=N5! f65! L;NRTN:=5! g65! -NP4:5! -6! b! .TN:=S;45! &6! ?[[^6" :($08" -&" %*;!G!*&(" +8+(*6" .-%" (%2&+'*&!;"
62&!G$42(!-&"!&"6'()*+(,-$'+-.#,"(""95%()%-+G!%2@I"M-'-,#"#$MH$<2E/%+I=">?c"?^]–?^>I"
D4P8>U5! -6d65! C2;VVX2:5! C6f65! +2PP5! #6%65! +;2:=5! L6! b! .T;! *6,6" ?[[[I" 5++*++!&'" G-(*&(!24" )*24()" %!+Q+"
.%-6"6!;%-;8+(!&"(-,!&+"!&"74$*R'%**&"24'2*"0!*(2%8"+$GG4*6*&(+"I"B,5()%,$O#-+.2$<#)"'#/.="Y[\c"^]>b
^]Z"92A2!4274*"2(")((GcPPDDDI*&;8;4-G*0!2I;-6P0-;PY3YRa]]??[^?I)(64@I"
D4<NP?>:5! %6%65! B2>82Y2<5! ,65! CNUQ2:5! D6"6! b! G>:?T2S5! %6! YZZ>6" KG(!;24" G%-G*%(!*+" -." 0*&+*" 24'24"
;$4($%*+"-$(0--%+"2&0"()*!%"2GG4!;2(!-&"(-"%*6-(*"*+(!62(!-&"-."7!-62++"2&0"G!'6*&(";-&;*&(%2(!-&"!&"
6'()*+(,-$'+-.#,"("$9<82&-72;(*%!2@I$MH$<2E/%+I="]Yc"\?\–\]^I"
D;=P4NPX45! D65! #4OOS25! #6! b! &2:QN2;! -N! 028?2R5! )6! YZZ]6" S2!&" G%-G*%(!*+" ()2(" O$+(!.8" ()*" 0!..*%*&("
(2,-&-6!;" G-+!(!-&" -." 6'()*+(,-" +GI" 2&0" 7).2)%"'()-" +GI" 26-&'" ;82&-72;(*%!2I" =," JI" #-$6*&'*=" TI"
#$%2&0R<)2+(*4"z"5I"N-$4*6-&(="*0+I"6'()*+(,#$-+3*#$4#$5(#I"S*++#.(,$4#$+[=,".(.*.$9/C-,%3)-'2(:*#$
N%,-/%H$N*"C#$9/C-,%3)-'2(:*#I"1$6l%-":G*;!24="Y?cY]–?]I"
+N2P<T! .2:2Q26" YZZZI" S+*#K3)##,$ -+3-+$ ')%4*/."I" T*24()" <2&202I" :*G(*67*%" YZZZ" 92A2!4274*" 2("
)((GcPPDDDI);R+;I';I;2P2);R2+;P6*0!2P&%R;GPYZZZPYZZZ•YY^7QY•*IG)G@I"
+N:84S?>:5!#6!YZ\Z6"B-).2$&%%4$6'()*+(,-I":2&"F2.2*4="<24!.-%&!2="/:5="F-&-%;"e&(*%G%!+*+="U&;I""
+N8:2:QNe5!$6!b!(P=;h:5!$6d6!?[[?I"E!-+-%G(!-&"-.")*2A8"6*(24+"!&.4$*&;*0"78"()*";)*6!;24";-6G-+!(!-&"
-."6'()*+(,-"+GI"97).2)%"'()-@"7!-62++I"B,5()%,H$A#/2,%+I="?]c"Y]aZ–Y]__I""
+>YNPP! 16C6! b! 02<<TNY?5! %6-6! YZZY6" N)*" ;2%-(*&-!0+" -." D!40" 2&0" 74$*" 0!+*2+*" 2..*;(*0" .2%6*0" (!'*%"
+)%!6G"9<#,-#*"$0%,%4%,="J27%!;!$+@I";%0'H$S(%/2#0H$R$<2E"(%+I="Z\Ec"]_>–]_ZI"
+;5! i6%6! b! #4RTX>:Q5! %6! YZZa6" H%-0$;(!A!(8" 2&0" G)-(-+8&()*(!;" *..!;!*&;8" -." 6'()*+(,-$ '+-.#,"("" 2+"
2..*;(*0" 78" 4!')(" !&(*&+!(8=" 24'24" 0*&+!(8" 2&0" %2(*" -." 6!,!&'" !&" 2" .42(" G42(*" G)-(-7!-%*2;(-%I"MH$ 7''+H$
<2E/%+I="\c"Y]Z–Y^>I"
C2`45! &65! (S23N5! 065! ,T4X2Q25! ,65! c2X2X><>5! .65! *;`4Y2825! c65! BNN5! d616! b! +2U2?T45! &6! ?[[^6" :-0!$6"
+G!%$42&"2+"2"G-(*&("!&)!7!(-%"-."2%(*%!24"+6--()"6$+;4*";*44"G%-4!.*%2(!-&"!&"A!(%-I"?(&#$6/(HD"_^c"?^]Y–
?^]ZI"
CN3NQN5!$6!b!%TP=8N:5!D6!YZZa6"KG(!6$6"'%-D()";-&0!(!-&+"2&0"4!')("$(!4!X2(!-&"*..!;!*&;8"-."6'()*+(,-$
'+-.#,"(""9t"7).2)%"'()-$&*"(&%)0("@"9<82&-G)8(2@".%-6"W2Q*"<)!($="e()!-G!2I"OE4)%1(%+I="]]?c"ZZ–Y[ZI"
C4X5!-6-6!@jj^6!K$(0--%"62++";$4($%*"-."6'()*+(,-$'+-.#,"(""!&"f!*(&26I"MH$7''+H$<2E/%+I="?c"Y_Z–Y\YI!
B2P43N8<N5! D65! (P=;h:5! $6d6! b! QN! P2! )>kN5! d6! YZZ_6" S2++" ;$4(!A2(!-&" 2&0" D2+(*D2(*%" (%*2(6*&(" $+!&'"
:G!%$4!&2I"=," 5I" f-&+)2Q=" *0I"6'()*+(,-$ '+-.#,"("" 97).2)%"'()-$ '+-.#,"("@" <2E"(%+%3ED$ ;#++$ S(%+%3E$ -,4$
S(%.#/2,%+%3EI"GGI"Y>Z–Y_^I"E2+!&'+(-Q*="T2&(+="W-&0-&="N284-%"2&0"J%2&;!+I""
B2:V2P>:45!B65!&84:N45!065!#;??>5!06!b!D;2PN8e45!.6(6!YZ\Z6"H%-0$;(!-&"2&0"%*'*&*%2(!-&"-."+G)*%-G42+(+"
.%-6"()*";82&-72;(*%!$6"6'()*+(,-$'+-.#,"("I"8BN6$N(/)%1(%+I"?#..I=">Zc"Y^Y–Y^aI"
Bl>:28Q5!d6"YZaaI"N)*"YZa^Ra>"E*4'!2&"N%2&+R:2)2%2&"*,G*0!(!-&I"@-.*)#="?[Zc"Y?aRY?\I"
B45! -606! YZZ>6" :G!%$4!&2" 2+" 2" )*24()" .--0I" =," :G!%$4!&2=" GGI" ?Y–?\I" E*!O!&'=" <)!&2=" <)!&*+*"
5'%-(*;)&-4-'8"H$74!;2(!-&I"
B45! -606! b! i45! c6g6! YZZ_6" :G!%$4!&2" !&0$+(%8" !&" <)!&2c" H%*+*&(" +(2($+" 2&0" .$($%*" G%-+G*;(+I" MH$ 7''+H$
<2E/%+I="Zc"?>–?\I"
B42>5!f6B65!);8_$_1>8T2:5!,6%65!(S2Q25!,65!02<?;45!&6!b!c2X2=;RT45!C6!@jjE6"H!'6*&(2(!-&"-.";$4($%*0"
742;Q" (!'*%" G%2D&" 78" .**0!&'" D!()" 2" :G!%$4!&2R+$GG4*6*&(*0" 0!*(I" S*++H$ M-'-,#"#$ 6%/H$ 6/(H$ 8("2I"
9@(''%,$6*("-,$V-II-("2(@=">Zc"Ya>–YaZI"
B4;5! B6.65! D;>5! 16d6! b! #;2:5! d6,6!YZZY6" 5&(!($6-$%" 2;(!A!(8" -." G-48+2;;)2%!0*+" *,(%2;(*0" .%-6" :G!%$4!&2I"
9/#-,%3)I=">c"]]–]_"9U&"<)!&*+*@I"
B4;5! c6*65! L;5! B6g65! .TN:=5! )65! B4:5! B6d6! b! gT2:=5! .6f6! ?[[[6" U&)!7!(-%8" *..*;(" -." G)8;-;82&!&" .%-6"
6'()*+(,-$'+-.#,"(""-&"()*"'%-D()"-.")$62&"4*$Q*6!2"k>a?";*44+I"MH$7''+H$<2E/%+I="Y?c"Y?>–Y][I"

! ?Z! !
B;5!d6!b!&2SN;RT45!&6!?[[^6":G2D&!&'"2&0"*''"L$24!(8"-."()*"(!42G!2="9)#%/2)%0("$,(+%.(/*"".*0"+-4*48"-&"
%2D"6'()*+(,-$'+-.#,"(""()%-$')-$("()%**"'*&*%2(!-&+I"7:*-/*+.*)#="?]^c"a?>–a^[I""
02NQ25! ,6! b! ,2S2=;RT45! &6! YZZ[6" 5;;$6$42(!-&" 2&0" 0*(-,!.!;2(!-&" -." (-,!;" 6*(24" *4*6*&(+" 78" 24'2*I"
=,.)%4*/.(%,$.%$7''+H$<2E/%+I="Y[Z–Y]aI"
02<N82??45! #65! &8NQ4R45! 06! b! 12PP>:45! f6! YZ\^6" :G!%$4!&2" ;$4($%*" !&" +*2RD2(*%I" 7''+H$ N(/)%1(%+H$
S(%.#/2,%+H="YZc"]\^–]\aI""
02<?;:2=25! &65! &2SNU2X25! +6! b! )2S2X;825! )6!YZZ[6" <)2%2;(*%!X2(!-&" -." ;%8G(!;" G42+6!0+" .%-6" 62%!&*"
;82&-72;(*%!2" 2&0" ;-&+(%$;(!-&" -." 2" )87%!0" G42+6!0" G-(*&(!2448" ;2G274*" -." (%2&+.-%62(!-&" -." 62%!&*"
;82&-72;(*%!$6="6E,#/2%/%//*"" +GI" 2&0" !(+" (%2&+.-%62(!-&I"7''+H$ S(%/2#0H$ R$ S(%.#/2I=" ?^P?>c" Y>Y–
Ya[I"
)2S2=2Y25! +65! D>XNe_-42e5! D6" YZ_>I" /+*.$4&*++" -.$ 6'()*+(,-$ "'H$ 6*24" 2+" .**0" 200!(!A*" .-%" '!2&("
.%*+)D2(*%"G%2D&=$N-/)%1)-/2(*0$)%"#,1#)3((H$6*("-,U%"2*I*D$^]c">?Y–>?a$
)=;UN:5! +6&65! )=;UN:5! &6.65! -2:=5! -6C6! b! -2:=5! +6"6+6!YZ\[6" N)*" .!%+(" %*+$4(+" -." !&A*+(!'2(!-&+" 2&0"
;$4(!A2(!-&"-."6'()*+(,-$'+-.#,"(""!&"f!*(62&I">#5H$OE4)%1(%+H$S*+3H$7/-4H$6/(H="ZI"
(S2X;825! +6! b! %>U2X25! '6! YZZ^6" U&(*%2;(!A*" (-,!;" *..*;(" 2&0" 0!+(%!7$(!-&" -." )*2A8" 6*(24+" !&"
G)8(-G42&Q(-&I"A%G(/%+H$R$Q-.#)$\*-+(.E="Zc"_–Y>I"
(P=;h:5!$6d6!@jHJ6"5GG%-G%!2(*"7!-(*;)&-4-'8"+8+(*6+"!&"()*"2%!0"*&A!%-&6*&(I"=,"TIiI"#-*44*="z"<I3I"
T*4l&="*0+I"7''+(#4$N(/)%1(%+%3EI"#-%0%*;)(="#I"F*!0*4"H$74I"<-6I="H2%!+="/1e:<K="A)#,4"$(,$6/(H$R$
>#"I="?c"YYY–Y]^I"
"2>PN<<45! .65! ";?TO282`5! 16! b! &>X2?NPP45! B6*6! YZ_>6" F!;*%;)*" +$442" &$(%!X!-&*" 6!&*%24*" 0!" :G!%$4!&2"
G42(*&+!+I"7..($]J==$;%,3)H$@-U$N(/)%1(%+I="?c"\]]–\]ZI"
"28NNS5!%6!b!,8492?<2925!"6!?[[YI"KG(!6$6"G)-(-G*%!-0".-%"()*"'%-D()"-."6'()*+(,-$'+-.#,"("I"MH$<2E.%+H$
>#"I="Y^c"?YZ–??[I"
"2894:5! 06! ?[[aI" ;*+.*)#$ -,4$ 3)%^.2$ '#)&%)0-,/#$ %&$ 6'()*+(,-$ '+-.#,"("$ (,$ "*'#),-.-,.$ %&$ 4(3#".#4$
'%*+.)E$^-".#I"E2&'420*+)"5'%!;$4($%24"/&!A*%+!(8="S86*&+!&')="E2&'420*+)I"9SI:I"N)*+!+@"
"T2:=5!,606!b!.T;5!f6B6!YZZZ6"!,(5#)"(.E$%&$N-+-E-$7+3-#$;*+.*)#$;%++#/.(%,$_!N7;;PH$;-.-+%3*#$%&$
6.)-(,"H$=,".(.*.#$%&$<%".3)-4*-.#$6.*4(#"$-,4$>#"#-)/2I$k$242"W$6G$%="S2428+!2="/&!A*%+!(8"-."S24282I"
"T2:=5!,6065!042T5!06,65!.T;5!f6B6!b!+2?T4X5!06!?[[[6!:G!%$4!&2";$4($%*"!&"0!'*+(*0"+2'-"+(2%;)".2;(-%8"
D2+(*"D2(*%I"MH$7''+H$<2E/%+I="Y?c"]Z>–^[[I"
">8<N85!#6-6!YZ\_6"N%2&+.-%62(!-&"-.";82&-72;(*%!2I";)(.H$>#5H$N(/)%1(%+I="Y]c"YYY–Y]?I"
#2>>V5!165!C2;?T4S25!16-6!b!"82?2::25!#6!?[[a6"8%)0*+-.(%,$%&$-$+%^K/%".$0#4(*0$&%)$0-""$')%4*/.(%,$
%&$ 6'()*+(,-I" " #!A!+!-&" -." S!;%-7!-4-'8=" U&0!2&" 5'%!;$4($%24" F*+*2%;)" U&+(!($(*=" 1*D" #*4)!" YY[" [Y?="
U&0!2" 2&0" ()*" <*&(%*" .-%" <-&+*%A2(!-&" 2&0" /(!4!X2(!-&" -." E4$*b3%**&" 54'2*=" U&0!2&" 5'%!;$4($%24"
F*+*2%;)" U&+(!($(*=" 1*D" #*4)!=" YY[" [Y?=" U&0!2I"
)((GcPPDDDI2+*2&7!-(*;)&-4-'8I!&.-P57+(%2;(P?Y[YZY^\IG0.""
#4RTX>:Q5!%6!YZ\\6":G!%$4!&2I"=,"SI5I"E-%-D!(XQ2"z"WI"E-%-D!(XQ2="*0+I"N(/)%K-+3-+$S(%.#/2,%+%3E="GGI"
\>–Y?YI"<267%!0'*="<267%!0'*"/&!A*%+!(8"H%*++I""
#4RTX>:Q5!%6$6!YZ\a6"S!;%-24'2*I"f-4I"^="U++$*"^I";>;$;)(.(/-+$>#5(#^"$(,$S(%.#/2,%+%3EI"GGI"]^Z–^]\I"
E-;2"F2(-&="J4-%!02="/:5I""
#4`:5! d6G6! b! ,T4P>5! 06! YZ\a6" 1!(%-'*&" 4!6!(2(!-&" !&" &2($%24" G-G$42(!-&+" -." ;82&-72;(*%!2" 96'()*+(,-$ +GGI"
2&0"9"/(+-.%)(-$+GGI@"2&0"!(+"*..*;("-&"62;%-6-4*;$42%"+8&()*+!+I"7''+H$B,5()%,H$N(/)%1(%+HD">?c"]^[–
]^^I"
#>34:?>:5!,6d65!-N8>>5!.6,6!b!c>R;X5!.6*6!YZ\?6!H)-(-+8&()*(!;"*4*;(%-&"(%2&+.*%"!&"G%*G2%2(!-&+"-."()*"
<82&-72;(*%!$6"6'()*+(,-$'+-.#,"("I"<+-,.$<2E"(%+%3ED"_[cY>^–YaY"
#;2:5! d6,65! D;>5! 16d6! b! ,T;5! B6+6! YZZ[6" e..*;(" -." :G!%$4!&2" G-48+2;;)2%!0*+" -&" ;)2&'*+" !&" D)!(*" 74--0"
;-%G$+;4*+"!&0$;*0"78"%20!2(!-&"!&"6!;*I"MH$>-4(-.(%,$>#"H$R$A#/2,%+I"\c"?Y[–?Y]I"9U&"<)!&*+*@I"
#;2:5!d6,65!B>:=5!.6,6!b!D;>5!16d6!YZ\\6":G!%$4!&2"G%*A*&(*0"0262'*"!&0$;*0"78" %20!2(!-&H$MH$V#,#.(/"D$
Y[c"?_–][I"9U&"<)!&*+*@I!
,m:RTNe5! 065! 1N8:2P_.2?<4PP>5! d65! #>e>5! .6! b! #>Q8h=;Ne5! '6! /&02(*06" 6'()*+(,-" 97).2)%"'()-@c" 5&" *0!74*"
6!;%--%'2&!+6I"5"F*A!*DI")((GcPP824-%I8%$I2;I()P€0-42)P&-(*+P:HUF/WU15IG0.""
,2??>:5!%6!YZZ_6"N(/)%$S(%.#/2,%+%3(#"`$>#/#,.$T#5#+%'0#,."$-,4$<)%"'#/."$&%)$T#5#+%'(,3$;%*,.)(#"I"
EUKNe<"H$74!;2(!-&"YP?>^?I"GGI"YY–]YI"H42;*"0*"J-&(*&-8="H2%!+I"J%2&;*I"/&!(*0"12(!-&+"e0$;2(!-&24="
:;!*&(!.!;"2&0"<$4($%24"K%'2&!X2(!-&"9/1e:<K@I""
,2:RTNe_B;:25!B6!-65!.>:9N8<45!%65!&>:4:45!D6!.65!,2<>5!,6!b!QN!.2892PT>5!d6!.6!06!?[[^6"<-&(!&$-$+"2&0"
G$4+*".**0!&'+"-."$%*2"2+"2"&!(%-'*&"+-$%;*"!&".*0R72(;)";$4(!A2(!-&"-."6'()*+(,-$'+-.#,"("H$7:*-/*+.*)-+$
B,3(,##)(,3="]Yc"?]_–?^>I""
,T28X25!#606! b! %eNNe5! "6%6!YZ\\6" 5;;$6$42(!-&" -." ;-GG*%" 2&0" ;-724(" 78" 74$*R'%**&" 24'2*" 2(" 0!..*%*&("
(*6G*%2($%*I"=,.#)H$MH$B,5()%,H$7,-+H$;2#0I="]?c"\_–Z>I"

! ][! !
,TN?<2S>95!,6!G6!b!#N2?<>:5!d6!YZ\_I"3*&*R(%2&+.*%"2&0")-+(RA*;(-%"+8+(*6+"-.";82&-72;(*%!2I"9G&%)4$6*)5H$
<+-,.$N%+H$S(%+H$R$/#++$S(%+I="^c"Y]_–YaaI"
,T45!.6c65!.245!f6!#65!D2:5!L6+65!f2:=5!16*65!gT2>5!B6L6!b!&2:=5!L6c6!?[[^6"e..*;(+"-."+!,"G42&("%*'$42(-%+"
-&"()*"'%-D()"-."6'()*+(,-$'+-.#,"(""5ZI"MH$7,2*($73)(+H$!,(5I="]Yc"?a–?ZI"
,T4X2X2<?;5!+6!A^^F6"S2++"G%-0$;(!-&"-.":G!%$4!&2="2&"*0!74*"6!;%-24'2I"OE4)%1(%+I=">Y?c"]Z–^^I"
,O>NT85! +6%6! b! 04P:N85! +6%6! YZ^Z6" N)*" <)*6!;24" <-6G-+!(!-&" -." <)4-%*442c" e..*;(" -." e&A!%-&6*&(24"
<-&0!(!-&+I"<+-,.$<2E"(%+I"?^c"Y?[I"
,<2:4N85!#6c65!b!G2:!)4NP5!c6!YZa?6"N)*";-&;*G("-."2"72;(*%!$6H$7)/2H$N(I)%1(%+H="^?cY_–]>I"
,<><<5! %6$65! &2SN;RT45! &6! b! C>4SN5! c6! ?[[^6" H*%.-%62&;*" -." 2" &*D" 2%(!.!;!24" 2724-&*" )2(;)*%8" ;$4($%*"
+8+(*6"!&"(*%6+"-."+*((4*6*&("-."42%A2*"2&0"'%-D()"2&0"+$%A!A24"-."G-+(R42%A2*"O-+(%.("$4("/*"""9F**A*@I"
8("2H$6/(I="_[c"Y[_[–Y[\YI"
&2:<4RT28>N:5! 065! #N;:=`4<RT2RT2Y2P45! 065! 1>>:2=5! 165! G>:S<29NN?;S5! "65! G>:?T2S5! %6! b! .>TN:5! g6!
YZZ^6"KG(!6!X2(!-&"-."'2662R4!&-4*&!;"2;!0"93W5@"G%-0$;(!-&"!&"6'()*+(,-$'+-.#,"("I"MI"7''+H$<2E/%+HD"
ac"?Z>–][[I""
&T4NP5! &6! b! ">>5! +6! YZ\Z6" N%2&+.-%62(!-&" -." 2" .!426*&(-$+" ;82&-72;(*%!$6" 78" *4*;(%-G-%2(!-&I" MH$
S-/.#)(%+I="Y_Yc">_^]–>_^aI"
&>X2?NPP45! B6! YZZ_6" S-%G)-4-'8=" $4(%2+(%$;($%*" 2&0" (2,-&-68" -." 7).2)%"'()-$ _6'()*+(,-P$ 0-G(0-" 2&0"
7).2%"'()-$_6'()*+(,-P$'+-.#,"("H"U&"f-&+)2Q="5I="*0I"6'()*+(,-$'+-.#,"("$_7).2)%"'()-P`"<2E"(%+%3ED$/#++K
1(%+%3E$-,4$1(%.#/2,%+%3EI"GGI"Y"b"YaI"W-&0-&="N284-%"2&0"J%2&;!+I""
&>X2?NPP45!B65!&>8e4PP>5!D65!D4>92::N<<45!B65!";?TO282`5!165!1>RR45!*65!&8NQ4R45!065!"2O;ee>5!&65!12PP>:45!f6!
b!02<N82??45!#6!YZ\_6"F*;*&("%*+*2%;)"-&"6'()*+(,-$!&"U(248I"OE4)%1(%+I="Y>YPY>?c"_Z–\?I"
&>X2?NPP45!B65!"2P2:Q845!06!b!&8NQ4R45!06!YZZaI"K&"()*";-%%*;("$+*"-."6'()*+(,-"0*+!'&2(!-&I"7+3%+H$6.*H="
\]c">]Z–>^\I"
&>XOS4:?5!d65!-NG4PPN5!06065!-2U5!d6D6!b!&;8:N85!06*6!YZZ>6";*+.*)#$;%++#/.(%,$%&$7+3-#$-,4$<)%.%U%-H$
;-.-+%3*#$%&$6.)-(,"H"12($%24"e&A!%-&6*&("F*+*2%;)"<-$&;!4I"k*&024="/k="N!($"i!4+-&"2&0":-&+"W(0I"
&>8e4PP>5! D65! ";?TO282`5! 16! b! *P>8N:e2:>5! D6! YZ\>6" 5" &*D" G%-;*0$%*" .-%" -7(2!&!&'" G$%*" ;$4($%*+" -."
6'()*+(,-$0-G(0-"2&0"6H$'+-.#,"("I"7,,H$N(/)%1(%+I="]>c"Ya>–Y_]I"
&>8e4PP>5!D65!,2RRT45!%6!b!02<N82??45!#6!YZZY6"N*6G*%2($%*"2+"2&"!6G-%(2&(".2;(-%"2..*;(!&'"G%-0$;(!A!(8"
2&0" &!')(" 7!-62++" 4-++" !&" 6'()*+(,-$ '+-.#,"("" '%-D&" -$(0--%+" !&" ($7$42%" G)-(-7!-%*2;(-%+I" S(%)#"H$
A#/2,%+I="]\c"Z>–Y[[I"
&>U>X4e;5!065!,2<>5!C65!&28>Q25!+65!C2<>5!&6!b!%S4325!c6!?[[Y6"e..*;(+"-."0!*(2%8"6'()*+(,-$-&"6*2(";-4-%"
!&"6$+;4*"-."7%-!4*%";)!;Q*&I"S)(.("2$<%*+.)E$6/(I="^?c"YZ_–?[?I""
&>U;35! 06%65! #2TX2:5! 06065! 042T5! 06'6! b! +23435! 06%616! ?[[>I" 3%-D()" G*%.-%62&;*" -." 6'()*+(,-$
'+-.#,"("" !&" ()%**" 0!..*%*&(" ;-&;*&(%2(!-&+" -." 72&2&2"4*2." 2+)" D!()" 200*0" O2;Q.%$!(" +**0" G-D0*%" 2&0"
$%*2I"MH$S-,3+-4#"2$73)(+H$!,(5I="]c"][]–][\I"
&8NQ4R45!06#65!"2O;ee>5!&6!b!&>X2?NPP>5!B6!YZ\aI"K$(0--%"62++";$4($%*"-."6'()*+(,-$0-G(0-$!&"+*2RD2(*%I"
7''+H$N(/)%1(%+H$S(%.#/2,%+I="?^c"^_–>[I"
GN:S2<282X2:5! B6G65! ,>X2?NS282:5! &6! b! 1NRSN85! $6f6! YZZ^I" F*G42;*6*&(" A24$*" -." 74$*R'%**&" 24'2"
96'()*+(,-$'+-.#,"("@".-%".!+)"6*24"2&0"2"A!(26!&R6!&*%24"G%*6!,".-%"7%-!4*%";)!;Q+I"S)(.("2$<%*+.)E$6/(I="
]c"]_]–]\YI"
GN<2U2?;O>8:5! ,6! ?[[^6" N)*" G-(*&(!24" .-%" $+!&'" D2+(*D2(*%" .%-6" )-$+*)-40" +;24*" .*%6*&(*0" N)2!" %!;*"
&--04*".2;(-%!*+".-%";$4(!A2(!&'"6'()*+(,-$'+-.#,"("I"<-I(".-,$MH$S(%+H$6/(I="_c"Y>>^–Y>>\I"
G>:?T2S5!%6!YZZ[6"F*;*&("20A2&;*+"!&"6!;%-24'24"7!-(*;)&-4-'8I"S(%.#/2H$745I="\c"_[Z–_?_I"
G>:?T2S5!%6!ZNQ6\6!YZZ_6"6'()*+(,-$'+-.#,"(""97).2)%"'()-@I"U&"<2E"(%+%3ED$;#++$S(%+%3E$-,4$S(%.#/2,%+%3EI"
E2+!&'+(-Q*="T2&(+="W-&0-&="/k="N284-%"2&0"J%2&;!+I"
G>:?T2S5! %6! b! D;U5! #6! YZ\\6" H)-(-!&)!7!(!-&" 2+" 2" 4!6!(!&'" .2;(-%" !&" -$(0--%" ;$4(!A2(!-&" -." 6'()*+(,-$
'+-.#,"("I" =," :(204*%" #.$ -+I" *0+I" 7+3-+$ S(%.#/2,%+%3E=" GGI" ]a>–]_[I" W-&0-&=" e4+*A!*%" 5GG4!*0" :;!I"
H$74!+)*%+I""
G>:?T2S5! %6! b! #4RTX>:Q5! %6! YZ\\6" S2++" G%-0$;(!-&" -." ()*" 74$*R'%**&" 24'2" 6'()*+(,-c" 2&" -A*%A!*DI"
S(%0-""="Y>c"?]]–?^_I"
G>:?T2S5!%65!&>8e4PP>5!D6!2:Q!&>X2?NPP45!B6!YZZ^6"/+*"-.";)4-%-G)844".4$-%*+;*&;*"(-"*+(!62(*"()*"*..*;("-."
G)-(-!&)!7!(!-&"!&"-$(0--%";$4($%*+"-."6'()*+(,-$'+-.#,"("I"MH$7''+H$<2E/%+I="ac"]Y–]^I""
G>:?T2S5! %65! .T2:2Y>:=?N5! B65! 1;::2=5! 16! b! &2:<4RT28>N:5! 06! YZZa6" W!')(" 2;;4!62(!-&" 2&0"
G)-(-!&)!7!(!-&"!&"()%**"6'()*+(,-$'+-.#,"(""9<82&-72;(*%!2@"!+-42(*+I"MH$7''+H$<2E/%+I="\c"]>–^[I"
g288>;S5!.6!YZaa6";%,.)(1*.(%,$a$+bC.*4#$4b*,#$/E-,%'2E/C#$(,&+*#,/C#$4#$4(5#)"$&-/.#*)"$'2E"(:*#"$#.$
/2(0(:*#"$ "*)$ +-$ /)%(""-,/#$ #.$ +-$ '2%.%"E,.2c"#$ 4#$ 6'()*+(,-$ 0-G(0-$ 9:*(;)I" *(" 32%0&*%@" 3*!(4*%I"
/&!A*%+!(8"-."H2%!+="H2%!+="J%2&;*I"9H)#"N)*+!+@"

! ]Y! !
gNN:2<5!#65!,T28X25!G6C6!b!#4e945!g6!YZZ[6":8&*%'!+(!;"*..*;("-.";82&-72;(*%!2"2&0"#5H"-&"(-62(-"8!*40I"
6/(H$R$;*+.*)#=">ac"Y?Z–Y]YI"
gN:=5!f6B65!B45!+6!#65!.245!g6!B6!b!(;U2:=5!*6!?[[Y26"N)*"%*42(!-&+)!G"7*(D**&"6'()*+(,-$'+-.#,"(""3*!(4*%"
'%-D()"2&0"!(+"4!')("$(!4!X2(!-&I"MH$<+-,.$>#"H$R$B,5()%,DH"Y[c"_–Y[I"
gN:=5! f6B65! .245! g6! B6! b! (;U2:=5! *6! ?[[Y76" 3%-D()" ;)2%2;(*%!+(!;+" 2&0" 08&26!;" 6-0*4" -." 6'()*+(,-$
'+-.#,"("I";2(,#"#$MH$7''+H$B,5()%,H$S(%+I="_c"]a[–]a^I"
gT2:=5!L6f65!gT2:=5!c606!b!.TN:5!*6!YZZZ6"5GG4!;2(!-&"-."62()*62(!;24"6-0*4+"(-"()*"0*(*%6!&2(!-&"-."
-G(!624" '4$;-+*" ;-&;*&(%2(!-&" 2&0" 4!')(" !&(*&+!(8" .-%" 6!,-(%-G)!;" ;$4($%*" -." 6'()*+(,-$ '+-.#,"("I"
<)%/#""$S(%/2#0I="]^c"^__–^\YI""
"

! ]?! !
H %""$)-'L!%M!%--'&'()%B!#$%-')D,!
.28X4RT2NP5! f6f6! b! *2PR>:N85! '6#6! YZZ]I" #!+*2+*+" %*42(*0" (-" .%*+)D2(*%" 74$*R'%**&" 24'24" (-,!&+=" 2&0"
;-&(%-4" 6*2+$%*+I" =," J24;-&*%=" UIFI" " *0I" 7+3-+$ .%G(,"$ (,$ "#-&%%4$ -,4$ 4)(,I(,3$ ^-.#)I" GGI" Y\_–?[ZI"
W-&0-&="5;20*6!;"H%*++I"
.28X4RT2NP5!f6f65!1N2?PNU5!G6!1;::N85!-6B65!$P>VV5!d6)65!*2PR>:N85!'6#6!b!D>8T2X5!"6#6"YZ\\I"126!&'"-."
;8;4!;")*G2G*G(!0*"(-,!&+"-.";82&-72;(*%!2"974$*R'%**&"24'2*@I"A%G(/%,I="?ac"Z_Y–Z_]I"
-2TPNX5! %6065! +2??2:5! %6,65! ,Y2:?>:5! ,6"65! .28X4RT2NP5! f6f65! 1N2?PNU5! G6#6" YZ\ZI" 5" 6-0*4" +8+(*6"
.-%+($08!&'" ()*" 7!-2A2!427!4!(8" -." !&(*+(!&2448" 206!&!+(*%*0" 6!;%-;8+(!&RWF=" 2" )*G2(-(-,!;" G*G(!0*.%-6"
()*";82&-72;(*%!$6"N(/)%/E".("$-#)*3(,%"-I"<2-)0-/%+H$A%G(/%+I="a^cY__–\YI"
-4<<X2::5! $6! b! f4N=2:Q5! .6! ?[[>I" <82&-72;(*%!24" (-,!&+" R" -;;$%%*&;*=" 7!-+8&()*+!+" 2&0" !6G2;(" -&"
)$62&"2..2!%+I"N%+$@*.)$8%%4$>#"I">[c"_bY_"
$BC$)_,"'#/B')%" 92A2!4274*" 2(" )((GcPP;'!I*728I;-6I+'PeWke1R:HUF/WU15RJ$44R:G*;(%$6R-.R
1$(%!*&(+•i[jj!(*6n?\[?>Y^?>Z[Yjj!)n[Y\jj;2(*'-%8nYY\^_jj;60nf!*DU(*6@I"
*2PR>:N85!'6#65!1N8N?V>8Q5!%6065!#;::N=285!06&6"YZ\]I"eA!0*&;*"-."4!A*%"0262'*"78"(-,!&".%-6"274--6"-."
74$*R'%**&"24'2*="N(/)%/E".("$-#)*3(,%"-I"N#4$M$7*".I="Yc">YYb^I"
*-%6"?[[]I"73#,/E$)#"'%,"#$+#..#)I"3F5S:"&-(!;*"1-I"3F1"[[[Y?_"a"K;(-7*%"?[[]I"
D8>33NP2285! d6/6" ?[[]" j$24!(8" ;-&(%-4" 2&0" 2++$%2&;*c" ;%$;!24" .-%" ()*" +$+(2!&27!4!(8" -." ()*" 2GG4!*0"
G)8;-4-'8"!&0$+(%8I"MH$7''+H$<2E/%+I"Y>c"?[Zb?Y>I"
D8>??N5! c65! 122:5! #65! ,<824V5! C65! ,NR8N<2:5! 165! $P! DT4??2??45! *6! b! .>=P42:>5! G6! ?[[aI" <2%;!&-'*&!;!(8" -."
&!(%2(*="&!(%!(*"2&0";82&-72;(*%!24"G*G(!0*"(-,!&+I"A2#$?-,/#.$9,/%+I="_c"a?\RZI"
+2YS4:?5! "6#65! .T2:Q82?N:25! )6#65! d>:N?5! D6d65! +;XO2=N5! %6#65! *2PR>:N85! '6#6" YZZ_I" U+-42(!-&" 2&0"
(-,!;!(8"-.";E+(,4)%"'#)0%'"("$)-/(1%)"I(($.%-6"2&"-%&26*&(24"42Q*I"A%G(/%,H="]>c"]^Yb]^aI"
+;XO2=N5! %6#65! +28QU5! ,6d65! 0>>8N5! $6d65! *8>?R4>! ,606! b! *2PR>:N85! '6#6" ?[[[I" S!;%-;8+(!&+"
9;82&-72;(*%!24" (-,!&+@" !&" 0%!&Q!&'" D2(*%" *&)2&;*" ()*" '%-D()" -." 27*%%2&(" ;%8G(" .-;!" !&" ()*" 6-$+*"
;-4-&I"M%*),-+$%&$A%G(/%+%3E$-,4$B,5()%,0#,.-+$O#-+.2$<-).$7D$aYc"Y>>bYa>I"
d$.*%! Z*%(]f+(! $WON8<! .>XX4<<NN! >:! *>>Q! %QQ4<49N?\6" ?[[?I" B5-+*-.(%,$ %&$ /#).-(,$ &%%4$ -44(.(5#"I"
J!.(8"&!&()"%*G-%("-."()*"O-!&("J5KPiTK"e,G*%("<-66!((**"-&"J--0"500!(!A*+I"3*&-A2="i-%40"T*24()"
K%'2&!X2(!-&I"
C48ON:S>5!c6%65!,48N:S>5!B6%65!C48ON:S>5!)6'6"YZ\YI":-6*"2+G*;(+";-&;*%&!&'"%*6-(*"2.(*%R*..*;(+"-."74$*R
'%**&"24'24"(-,!&"!6G2;("-&"D2%6R74--0*0"2&!624+="GG"?>_b?aZI"=,"iIiI"<2%6!;)2*4"9*0I@"A2#$^-.#)$
#,5()%,0#,.D$-+3-+$.%G(,"$-,4$2#-+.2I"1*D"g-%Q="H4*&$6I"
B>Q45!%65!14:2=P45!B65!,>P4?4>5!.65!.>:9N8<45!%6!2:Q!-NP!1>8=T45!06"?[[]I"1!(%2(*"2&0"G)-+G)2(*"%*6-A24"78"
6'()*+(,-$'+-,.#,"("I"MH$%&$=,4H$N(/)%1I"-,4$S(%.#/2I="][c"a>abaaaI"
0;<T;S;X285! .6! 0;82P4<T282:5! D65! G4`2U2S;X285! #65! "2::NN8?NP92X5! %6! b! &T2`;QQ4:5! )6" ?[[_I"
<82&-72;(*%!24" 7!-0!A*%+!(8" .%-6" 0!..*%*&(" .%*+)D2(*%" G-&0+" -." N)2&O2A$%=" N26!4&20$=" U&0!2I" 7/.-$
S%.-,(/-$N-+-/(.-,-="]?c"YbZI"
"2<>!S25!d6"?[[YI"N)*"(-,!&+"-.";82&-72;(*%!2I"7/.-$N#4(/-"9T%20*;"k%24-A*@="^^c"aZb_>I"
,>>:=5!*6,65!02U:28Q5!$65!C48SN5!C6!b!B;SN5!.6"YZZ?I"U44&*++"2++-;!2(*0"D!()"74$*R'%**&"24'2*I"N#4$M$7*".I="
Y>ac"a_I"
,<NY28<5!'65!,RTP;<N85!"6d6!b!,T2Y5!D6#6"?[[aI"<82&-72;(*%!24"4!G-G-48+2;;)2%!0*+"2&0")$62&")*24()"b"2"
%*A!*DI"B,5()%,$O#-+.2D$>c"_I"
&;8:N85!"6.65!D2XX4N5!%6d65!+>PP4:82SN5!C6!b!.>QQ5!D6%6"YZZ[I"H&*$6-&!2"2++-;!2(*0"D!()";-&(2;("D!()"
;82&-72;(*%!2I"S)H$N#4H$MI="][[c"Y^^[RY^^YI"
"

! ]]! !
ISBN 978-92-5-106106-0 ISSN 2070-6065

9 789251 061060
TR/D/I0424E/1/10.08/950

You might also like