!""#$%&'#%()#*+#$,-./#0(),%#%-#1%-.#$&,-%,(23#4!&-,3-#%()#567,&.2#589,:,-,+(#
#
;&<#=.(%-.#;+96.(>#?.@-A&.&#,(#B+).&(#%()#C+(-.67+&%&D#!&->#19.#E7.(#F(,G.&3,-D#
#
!"#$%&'()*($+,-$./0)'#1$.2")3)()4,$5")6"$40#,#-$78'-$94:#/3#'$+($!+(#$;')(+),$)*$+$<4,=$
4:#'->#$*"45$("+($+)/*$(4$*?>+'#$+#*("#()6*$5)("$+$'#6@4,),=$5)("$;')(+),1*$)/0#')+<$
0+*(A$!")*$)*$+$(+<<$4'-#'B$+,-$("#$=+<<#'C$"+*$3##,$<+>-#-$3C$("#$0'#**$D4'$(+@),=$(")*$4,A$
;>($*"4><-$(")*$,4($3#$)(*$:#'C$'#/)(B$6#'(+),<C$*),6#$("#$'#3'+,-),=$4D$("#$E)<<3+,@$*)(#$
+*$!+(#$;')(+),$),$7FFFG$H4$5"C$6'#-)($("#$),*()(>()4,$5)("$0>((),=$4,$+$*"45$("+($4,#$
54><-$+,-$*"4><-$#20#6(G$&D(#'$+<<B$("#$#/0)'#$)*$6#,('+<$(4$;')()*"$")*(4'C$+,-$"+*$
=+',#'#-$64,*)-#'+3<#$0>3<)6$+((#,()4,$*),6#$)(*$-#/)*#A$I#$"+:#$D4'$#2+/0<#$"+-$("#$
J+K$,4*(+<=)+$4D$("#$LF*B$+,-$("#$D<4>')*"),=$4D$04*(M64<4,)+<$("#4'C$),$("#$NOLF*$+,-$
NOOF*$5")6"$*"4,#$+$*04(<)="($4,$)**>#*$4D$#/0)'#B$),*()=+(),=$-##0$-#3+(#*A$H4$"45$6+,$
)($3#$("+($+*$<+(#$+*$7FNP$(")*$#2")3)()4,$6+,$<+C$6<+)/$(4$3#),=$+$D)'*($+,-$(4$=#($
+00<+>-#-$D4'$-4),=$*4$+($+<<B$5"+(#:#'$)(*$<)/)(+()4,*$/+C$3#G$
$
!+(#$;')(+),$+6@,45<#-=#*$("#$#2")3)()4,1*$3#<+(#-,#**A$Q,$)(*$-#D#,*#B$)($04),(*$(4$("#$
64,D#'#,6#$%&'($+,-$("#$;')()*"$./0)'#1$"#<-$+($!+(#$;')(+),$),$7FFN$*4$+*$(4$*04(<)="($
#2")3)()4,*$*>6"$+*$%NLFRS$;<+@#B$H<+:#'C$+,-$("#$J+-)6+<$E),-1$),$7FFRB$("#$%T>'#$4D$("#$
.+*(1$#2")3)()4,$),$7FFLB$("#$/4'#$'#6#,($*"45$%E)='+()4,*B$U4>',#C*$),(4$;')()*"$&'(1$),$
7FN7$+,-$("#$D46>*$-)*0<+C$%!"),$;<+6@$T),#V*W1B$+<*4$),$7FN7B$6>'+(#-$3C$T>3+),+$X)/)-A$
E4*($4D$("#*#$+'#$*/+<<$*04(<)="($*"45*$"45#:#'$and ‘Lure of the East’ can hardly be
called a critical assessment of imperial legacies.
!"#$#2")3)()4,1*$<+(#,#**$"45#:#'$)*$<#**$64),6)-#,(+<$("+,$*C/0(4/+()6$4D$("#$0'#*#,($
*(+(#$4D$+'($+,-$04<)()6*$),$'#<+()4,$(4$#/0)'#B$/)='+()4,$+,-$D>,-),=$4D$("#$+'(*A$Y4'$4,#B$
!+(#$;')(+),B$+*$+$,+()4,+<$;')()*"$=+<<#'C$-#:4(#-$*4<#<C$(4$;')()*"$+'(B$),"#')(#-$+$
64<<#6()4,$("+($4,<C$D#+(>'#*$+$*/+<<$,>/3#'$4D$54'@*$3C$;')()*"$+'()*(*$5"4$:#,(>'#-$
D>'("#'$+D)#<-B$+,-$"4<-*$#:#,$D#5#'$0)#6#*$3C$*>3K#6($0#40<#*$4D$("#$:+*($;')()*"$#/0)'#A$
1
I4'@*$4D$+'($+,-$+'(#D+6(*$D'4/$("#$Q,-)+,$*>364,(),#,($+'#$D4'$#2+/0<#$/4*(<C$D4>,-$),$
("#$Z)6(4')+$+,-$&<3#'($E>*#>/$5")6"$),"#')(#-$("#$64<<#6()4,*$4D$("#$.+*($Q,-)+$
[4/0+,CA$X#'#$5#$#,64>,(#'$+$D)'*($64<4,)+<$<#=+6C$(4$3#$D+6#-$5")6"$("#$#2")3)()4,$
"45#:#'$-4#*$,4($+--'#**S$("#$D)'/$3#<)#D$("+($("#$Q,-)+,$'+6#$5+*$,4($6+0+3<#$4D$
0'4->6),=$6><(>'+<$+'(#D+6(*$54'("C$4D$3#),=$6+<<#-$D),#$+'($3>($#26#<<#-$),$-#*)=,\$+,$
+6@,45<#-=#/#,($("+($-)-$,4($6"+<<#,=#$,),#(##,("M6#,(>'C$'+6)*($64,6#0()4,*$4D$
.>'40#+,$*>0#')4')(C$+,-$"#,6#$64><-$3#$'#+-)<C$='+,(#-A$Q,$D+6(B$)($5+*$64,*)-#'#-$+$
/+'@#'$4D$6):)<)]+()4,+<$+-:+,6#$(4$"+:#$<4*($("#$(4>6"$4D$-#*)=,$#26#<<#,6#$-##/#-$+$
/4'#$=>(*C$*@)<<N$$+,-$)($5+*$"#,6#$4,<C$%,+(>'+<1$(4$3#?>#+("$("#$64<<#6()4,$4D$("#$.+*($
Q,-)+$[4/0+,C$(4$("#$/>*#>/$4D$-#*)=,$0#'$#26#<<#,6#S$("#$Z)6(4')+$+,-$&<3#'($
E>*#>/A$$$
$
;>($)($5+*$,4($4,<C$+'(#D+6(*$("+($#,-#-$>0$),$("#$Z)6(4')+$+,-$&<3#'($E>*#>/A$^+),(),=*$
-#0)6(),=$*6#,#*$D4'/$;')()*"$Q,-)+$5#'#$+<*4$-#04*)(#-$("#'#$)D$("#C$5#'#$,4($0+),(#-$),$
("#$,+(>'+<)*($*(C<#$("+($5+*$64,*)-#'#-$("#$0),,+6<#$4D$6):)<)]+()4,A$&$6+*#$),$04),($)*$
%[4/0+,C$^+),(),=1A$!")*$"C3')-$Q,-4M.>'40#+,$*(C<#$#:4<:#-$5"#,$Q,-)+,$+'()*(*$
#/><+(#-$.>'40#+,$,+(>'+<)*/$C#($'#(+),#-$*4/#$Q,-)+,$)-)4/*$D4'$54'@*$
64//)**)4,#-$3C$;')()*"$0+('4,*$),$Q,-)+A$_#($*>'0')*),=<C$#:#,$/+=,)D)6#,($4)<*$("+($
-#0)6($#24()6$<+,-*6+0#*$+,-$0'#*#,($0)6(>'#*?>#$:)#5*$4D$("#$D+'$D<>,=$64',#'*$4D$("#$
;')()*"$#/0)'#$+,-$("+($5#'#$0+),(#-$),$0#'D#6(<C$+6+-#/)6$/4-#$"+:#$4,$("#$5"4<#$
+<*4$D+)<#-$(4$=+),$+66#**$(4$("#$"+<<45#-$"+<<*$4D$")="$+'(A$Q($(>',*$4>($("+($#:#,$+($("#$
()/#$("#)'$*(+(>*$5+*$/+''#-$3C$+**46)+()4,S$('+-#B$#20<4'+()4,B$*6)#,6#B$#/0)'#$),$4("#'$
54'-*A$I#$(">*$D),-$I)<<)+/$X4-=#*1$%[+*6+-#$[4:#B$`>*@C$;+C1$VNRRPW$),$("#$9+()4,+<$
E+')()/#$E>*#>/B$+,-$!"4/+*$;+),#*1$%Y)=>'#*$^+),(#-$4,$J46@*$+,-$[+':#-$4,$+$
a4>(C$H(#/$!'##1$V6A$NLPFW$),$("#$64<<#6()4,$4D$("#$J4C+<$;4(+,)6+<$a+'-#,*$+($b#5A$&,-$
#:#,$J43#'($X4/#1*$%!"#$J#6#0()4,$4D$("#$EC*4'#+,$X4*(+=#$^'),6#*$3C$E+'?>)*$
[4',5+<<)*B$7c$Y#3'>+'C$NRO71$V6A$NRO8WB$+$")*(4'C$0+),(),=$)D$#:#'$("#'#$5+*$4,#$("+($
D>'("#'/4'#$5+*$#2")3)(#-$+($("#$J4C+<$&6+-#/C$),$NRORB$)*$D4>,-$),$("#$64<<#6()4,$4D$
("#$9+()4,+<$&'/C$E>*#>/A7$$
2
$
J43#'($X4/#B$!"#$%#&#'()*+$*,$("#$-./*0#1+$2*/(13#$40)+&#/$5.$-1067)/$8*0+91::)/;$<=$
>#50710.$?@A<;$6A$NRO8B#4)<$0+),($4,$6+,:+*B$NdO7$2$7F7P//B$9+()4,+<$&'/C$E>*#>/#
$
;>($#:#,$54'@$("+($"+-$=+),#-$+66#**$(4$#/),#,($64<<#6()4,*$),$("#$0+*(B$4'$("+($5+*$
64//)**)4,#-$3C$("#$6'e/#$-#$<+$6'e/#$*>DD#'#-$D'4/$+$<+6@$4D$+#*("#()6$+00'#6)+()4,A$
.2+/0<#*$"#'#$+'#$Y'+,6)*$X+C/+,1*$%J43#'($[<):#$+,-$E)'$U+D+'$+D(#'$("#$;+((<#$4D$
^<+**#C1$VNRPRW$45,#-$3C$("#$9+()4,+<$^4'('+)($a+<<#'C8B$+,-$#2?>)*)(#$Q,-)+,$04'('+)(*$
64//)**)4,#-$D'4/$("#$+'()*($J>-4<D$H5434-+$3C$f>##,$Z)6(4')+Ad$
$
3
$
4
J>-4<D$H5434-+B$B1C/")01DB$NLLcB$4)<$0+),($4,$0+,#<A$7cF$2$NPO$//B$J4C+<$[4<<#6()4,$
!'>*(g$h$X#'$E+K#*(C$f>##,$.<)]+3#("$<<$7FNP$
&,-$(")*$)*$,4($+<<E$&$D>'("#'$D+6(4'$4,#$/)="($6)(#$(4$/+@#$*#,*#$4D$("#$*"451*$
3#<+(#-,#**$)*$("#$:#'C$64,6#0()4,$4D$;')()*"$+'($)(*#<DA$!")*$)*$#0)(4/)]#-$3C$5"+($4,#$
/)="($6+<<$!+(#$;')(+),1*$*0<)($)-#,()(CA$i,$("#$4,#$"+,-$("#$'#/)($4D$5"+($64,*()(>(#*$
;')()*"$&'($"+*$:+*(<C$#20+,-#-$),$("#$64,(#/04'+'C$D)#<-B$+*$!>',#'$^')]#$,4/),+()4,*$
-#/4,*('+(#$5"#'#$54'@$),$,4,M('+-)()4,+<$/#-)+$+'#$+66#0(#-$+*$+'(B$+,-$,4,M;')()*"$
,+()4,+<*$("+($<):#$+,-$54'@$),$;')(+),$?>+<)DC$D4'$,4/),+()4,A$_#($5"#,$)($64/#*$(4$("#$
;')()*"$#/0)'#$("#$>,-#'*(+,-),=$4D$;')()*"$&'(B$*>'0')*),=<CB$)*$D+'$<#**$#20+,*):#A$H4$"45$
6+,$(")*$3#G$[4,(#/04'+'C$+'(1*$=<43+<$(>',$"+*$D4'$*>'#$#20+,-#-$"4')]4,*B$+,-$
,+()4,+<$0#'*0#6():#*$*##/$04*)():#<C$+,+("#/+$(4$)(*$#("4*A$;>($)($*##/*$(")*$=<43+<$
4>(<44@$)*$'#(+),#-$5)("),$("#$64,D),#*$4D$("#$64,(#/04'+'C$+,-$-4#*$,4($+DD#6($,4()4,*$
4D$;')()*"$+'($4D$0'#:)4>*$6#,(>')#*A$&,-$("#'#$)*$/4'#A$!")*$")*(4')6$>,-#'*(+,-),=$4D$
;')()*"$+'($"+'34>'*$+,$#,('#,6"#-$*#0+'+()4,$3#(5##,$("#$%='##,$+,-$0<#+*+,($<+,-1$
+,-$)(*$64<4,)#*$("+($+DD#6(#-$("#$5')(),=$4D$")*(4'C$+,-$+'($")*(4'C$4D$;')(+),$+,-$)(*$
#/0)'#A$;')()*"$")*(4')+,*$(">*$64,*)-#'#-$("#$")*(4'C$4D$;')(+),$("#)'$0>':)#5B$5")<#$
)/0#')+<$")*(4')+,*$#,=+=#-$5)("$("#$")*(4'C$4D$#/0)'#B$'#*><(),=$),$+$-##0$-)*64,,#6($
3#(5##,$/#('404<#$+,-$64<4,CAP$!")*$*#0+'+()4,$4D$*0"#'#*B$"45#:#'B$5+*$#:#,$/4'#$
0'#:+<#,($),$+'($")*(4'C$+*$("#$D+6($("+($("#'#$)*$,4$+'($")*(4')6+<$#?>):+<#,($(4$)/0#')+<$
")*(4'C$-#/4,*('+(#*A$!"#$+'(*$4D$#/0)'#$'+("#'$D#<<$("'4>="$("#$6'+6@$+,-$>,()<$
'#<+():#<C$'#6#,(<C$"+'-<C$D)=>'#-$),$+'($")*(4')6+<$-)*6>**)4,*cB$#:#,$("4>="$)/+=#*$4D$
#/0)'#$/+-#$+$'#=><+'$+00#+'+,6#$),$("#$=+<<#')#*$4D$("#$/#('404<#$+,-$+<*4$+34>,-#-$
),$,),#(##,("M6#,(>'C$;')()*"$/+**$)/+=#$6><(>'#A$!"#$/#**+=#$)*$6<#+'S$("#$/#('404<#$
5+*$("#$4,<C$0<+6#$5"#'#$'#+<$+'($"+00#,#-A$$_#($<)@#$")*(4'CB$+'($")*(4'C$"+*$=4,#$
("'4>="$/+,C$'#:)*)4,*B$5)("$%,#5$+'($")*(4'C1$+,-$:)*>+<$6><(>'#$),)()+(),=$0'4/),#,($
*")D(*$),$("#$D)#<-$("+($,45$+'#$,4$<4,=#'$,#5$4'$'+-)6+<B$+,-$)($"+*$+<*4$3##,$0'4D4>,-<C$
)/0+6(#-$3C$04*(M64<4,)+<$("#4'CA$_#($'#/+'@+3<CB$("#$-):)-#$3#(5##,$;')()*"$+'($+,-$("#$
+'($4D$#/0)'#$"+*$"#<-$*>'0')*),=<C$D)'/$+,-$("#$+'(*$4D$#/0)'#B$+*$<#+-$6>'+(4'$&<)*4,$
H/)("$),D4'/*$>*B$"+:#$3##,$<+'=#<C$,#=<#6(#-AR$#
5
#
19.#589,:,-,+(#
;>($<#(1*$(>',$(4$"45$!+(#$;')(+),$"+*$40(#-$(4$+--'#**$(")*$+'($")*(4')6+<$4/)**)4,$+,-$
"45$)($0'404*#*$(4$*?>+'#$("#$6)'6<#$4D$%+'($+,-$#/0)'#1A#!"#$#2")3)()4,$)*$4'=+,)]#-$),$*)2$
("#/#*$+,-$#+6"$("#/#$)*$+<<46+(#-$+$'44/A$!"#$D)'*($'44/$)*$-#-)6+(#-$(4$/+0*A$Q($
")="<)="(*$("#$'44(*$4D$#/0)'#$),$('+-#B$#20<4'+()4,$+,-$/)<)(+'C$64,?>#*(B$+,-$*0#<<*$4>($
"45$6#,('+<$/+0$/+@),=B$(404='+0")#*$+,-$0)6(>'),=$5#'#$(4$("#$54'@$4D$#/0)'#A$$
E+0*$4D$64>'*#$+'#$+<5+C*$+,$),:#,()4,$3+*#-$4,$("#$64,-)()4,*$("+($0'#:+)<$+($+,C$
=):#,$04),($),$()/#A$Q,$+$64<4,)+<$*#((),=$("#C$+'#$+<*4$+$-4>3<#$+6($("+($#'+*#*$
),-)=#,4>*$=#4='+0")#*$5")<#$)/04*),=$,#5$*0#<<),=*B$,+/#*$+,-$34'-#'*A$!"#C$
><()/+(#<C$+'#$+34>($:)*>+<)]),=$*0+6#$+664'-),=$(4$+$0'#D#''#-$,+''+():#B$5")6"$
"45#:#'B$+*$I+<(#'$['+,#1*$NLLc$/+0$4D$("#$;')()*"$#/0)'#$-)*0<+C#-$),$(")*$'44/$
-#/4,*('+(#*B$-4#*$,4($+<5+C*$'#0'#*#,($+$-4/),+,($:)#5A$!")*$/+0$5+*$'#0'4->6#-$+*$
+$<+'=#$64<4>'$*>00<#/#,($),$!"#$a'+0")6$(4$/+'@$("#$[4<4,)+<$+,-$Q,-)+,$.2")3)()4,$
"#<-$),$T4,-4,$+($("#$()/#A$Q($"45#:#'$0'4/4(#*$+$D#-#'+(#-$:)*)4,$4D$#/0)'#$+*$
+<(#',+():#$(4$64<4,)+<$)/0#')+<)*/A$!")*$)*$/+),<C$+'=>#-$("'4>="$['+,#1*$34'-#'$
-#64'+()4,*$("+($),6<>-#$+<<#=4')6+<$D)=>'#*$4D$D'##-4/B$D'+(#',)(C$+,-$D#-#'+()4,$6<+-$
5)("$^"'C=)+,$6+0*A$&,-$5")<#$['+,#$6<#+'<C$*"45*$'#0'#*#,(+():#*$4D$("#$64<4,)+<$045#'$
*>6"$+*$+$5")(#$*4<-)#'B$+$*#((<#'$+,-$*+)<4'B$"#$+<*4$*"45*$+,$Q,-)+,$04'(#'$5#)="#-$
-45,$3C$")*$3>'-#,$+*$5#<<$+*$4("#'$),-)=#,4>*$D)=>'#*$("+($*(+,-$0'4>-A$['+,#$+-+0(#-$
("#*#$34'-#'$-#64'+()4,*$D'4/$+$0'4/),#,($/+0$0>3<)*"#-$D4'$("#$NLLc$#2")3)()4,B$+,-$
)($54><-$"+:#$3##,$"#<0D><$(4$"+:#$(")*$/+0$),$("#$'44/$(4$64/0+'#$+,-$='+*0$("#$D><<$
)/04'($4D$['+,#1*$+--)()4,*A$Q,$(+,-#/$("#C$54><-$+<*4$"+:#$*0#<<#-$4>($:#'C$04)=,+,(<C$
("+($("#$;')()*"$#/0)'#$5+*$64,(#*(#-$#:#,$+($)(*$0#+@A$
$
6
$
I+<(#'$['+,#B$FD'#0)1:$>#G#01()*+$-1'B$64<4>'$<)("4='+0"B$cFF$2$RLP$//B$`+,)#<$['4>6"$
J+'#$;44@*$
$
!"#$*#64,-$'44/$)*$("#/#-$%!'40")#*$4D$./0)'#1$+,-$'#D#'*$(4$("#$6#,('+<)(C$4D$+$5)-#<C$
64,6#):#-$,4()4,$4D$64<<#6(),=$D4'$("#$)/0#')+<$#,(#'0')*#B$'+,=),=$D'4/$<44(),=$(4$
+00'40')+()4,B$3>($+<*4$6<+**)D)6+()4,$+,-$@,45<#-=#$0'4->6()4,$+34>($("#$0#40<#*$+,-$
6><(>'#*$*>3*>/#-$>,-#'$("#$;')()*"$3+,,#'A$!"#$6"4*#,$("#/#$)*$*4/#5"+($
>,D4'(>,+(#$"45#:#'$),$("+($)($#/0"+*)]#*$/+(#')+<$+6?>)*)()4,$4:#'$("#$#?>+<<CB$)D$,4($
/4'#$D>,-+/#,(+<$+,-$#,('#,6"),=$0'46#**#*$4D$64<4,)+<$@,45<#-=#$=+("#'),=$+,-$("#$
64,6#0(>+<$D'+/),=$+,-$4**)D)6+()4,$4D$+*0#6(*$4D$Q,-)+1*$),-)=#,4>*$6><(>'#*B$*>6"$+*$("#$
6+*(#$*C*(#/$+,-$'#<)=)4>*$+DD)<)+()4,A$_#($(")*$)*$*()<<$+$'#/+'@+3<#$+,-$')6"$'44/A$Q($
0'#*#,(*$("#$6>')4*)(C$4D$#,64>,(#'$4,$+$:#',+6><+'$*6+<#$+,-$4DD#'*$/><()0<#$5#<<$
*#<#6(#-$#2+/0<#*$4D$54'@*$("+($*0#+@$#<4?>#,(<C$4D$(54M5+C$6><(>'+<$+00'40')+()4,*$
7
,4($+6")#:#-$),$("#$4("#'$'44/*A$!")*$),$0+'($"+*$(4$-4$5)("$*)]#A$I)("$("#$#26#0()4,$4D$
*4/#$*0#6(+6><+'$0+),(),=*$4,$+$='+,-$*6+<#B$*>6"$+*$H(>33*1$%&$["##(+"$+,-$+$H(+=$5)("$
Q,-)+,$&((#,-+,(*1$V6A$NRcdB$E+,6"#*(#'$[)(C$a+<<#'CWBL$("#$)/+=#*$"#'#$+'#$4,$+$/4'#$
),()/+(#$*6+<#$+,-$-4$,4($*##@$(4$)/0'#**$3>($),:)(#$-#(+)<#-$43*#':+()4,$+,-$+$*(#00),=$
6<4*#'A$!")*$'44/$+<*4$+<<45*$+$=<)/0*#$4D$("#$<+'=#<C$>,(4<-$*(4'C$4D$+/+(#>'$+'($),$("#$
64<4,)#*$*>6"$+*$34(+,)6+<$-'+5),=*$3C$&,,+$E+')+$VT+-CW$U4,#*$VNRLPW$5")6"$+'#$
K>2(+04*#-$5)("$+,$#?>+<<C$*>/0(>4>*$#2+/0<#$4D$+$34(+,)6+<$54'@$3C$("#$Q,-)+,$+'()*($
H"+)@$j+),M>-M`),$VNRL7WB$64,*)-#'#-$+$[4/0+,C$H6"44<$0+),(#'$34("$<4+,#-$3C$("#$
J4C+<$&*)+()6$H46)#(CA$Q($+<*4$0'#*#,(*$X4-=#*1$%!4/3$+,-$`)*(+,($Z)#5*$4D$("#$J+K/+"+<$
X)<<*1$V6A$NRL7W$+<4,=*)-#$("#$-'+5),=$%Y+k+-#$4D$("#$^+<+6#$4D$("#$J+K+*$4D$!+,K4'#B$
!+,K4'#B$E+-'+*1$V6$NL8FW$3C$+,$+,4,C/4>*$H4>("$Q,-)+,$+'()*($("+($0'#*#,(*$+,$#6<#6()6$
/)2$4D$Q,-)+,$+,-$.>'40#+,$+'6")(#6(>'+<$*(C<#*B$T),,#+>*$!')0#1*$0"4(4='+0"$4D$("#$*4M
6+<<#-$.<<)4($/+'3<#*B$("+($)*$;>--")*($*6><0(>'#*$'#/4:#-$D'4/$("#$a'+,-$H(>0+$+($
&/+'+:+()$),$H4>("M.+*(#',$Q,-)+$+,-$,+/#-$+D(#'$("#)'$#26+:+(4'$H)'$I+<(#'$.<<)4(B$+,-$
<+*($3>($,4($<#+*(B$E+')+,,#$94'("1*$*@#(6"$4D$4,#$("#$&K+,(+$6+:#*$VNLRLWA$&$('><C$
),*0)'#-$6>'+(4')+<$+''+,=#/#,($("+($#,=+=#*$+,-$*0#+@*$:4<>/#*B$04(#,()+<<C$+($<#+*(S$
H4/#$64,(#2(>+<$),D4'/+()4,$/)="($5#<<$"+:#$D+6)<)(+(#-$("#$K>2(+04*)()4,1*$),(#,-#-$
#<4?>#,6#A$
$
J44/$!"'##$#,()(<#-$%Q/0#')+<$X#'4)6*1$-#-)6+(#*$+,$#,()'#$'44/$(4$+'($("+($-#0)6(*$
/)<)(+'C$*>3K#6(*A$Q($0'#*#,(*$0+),(),=*$("+($"+:#$:+,)*"#-$#,()'#<C$D'4/$0>3<)6$:)#5$+*$
*>6"$*>3K#6(*$3#6+/#$+,$#/3+''+**/#,($+D(#'$("#$#,-$4D$#/0)'#A$Q($+<*4$/+@#*$
+00+'#,($("+($+$*")D($466>''#-$),$("#$0'#*#,(+()4,$4D$*>6"$*6#,#*$(45+'-*$("#$#,-$4D$("#$
,),#(##,("$6#,(>'CA$I"#'#+*$),$("#$#+'<C$)/0#')+<$0#')4-$4,<C$("#$*>66#**D><$+D(#'/+("$
4D$+$;')()*"$6+/0+)=,$5+*$"#'4)6+<<C$-#0)6(#-B$*>6"$+*$J43#'($X4/#1*$0'40+=+,-)*()6$
-#0)6()4,$4D$)/0#')+<$3#,#:4<#,6#$),$%!"#$J#6#0()4,$4D$("#$EC*4'#+,$X4*(+=#$^'),6#*$
3C$E+'?>)*$[4',5+<<)*1$VNRO7W$("+($#6<)0*#*$("#$/)<)(+'C$6+/0+)=,$0')4'$(4$("#$(+@),=$4D$
("#$0'),6#*$4D$("#$'#=)4,$4D$EC*4'#$+*$"4*(+=#B$),$("#$<+((#'$"+<D$4D$("#$,),#(##,("$
6#,(>'C$5+'$+'($D46>*#-$4,$("#$64//4,$*4<-)#'$'+("#'$("+,$("#$/)<)(+'C$64//+,-#'A$
8
!"#$#2")3)()4,$),$D+6($-'+5*$+((#,()4,$(4$("#$=#,'#$4D$("#$%T+*($H(+,-1B$+$(40)6$("+($5+*$
)//#,*#<C$040><+'$+($("#$()/#$+,-$("+($6#<#3'+(#-$("#$/4'+<$*(+/),+$4D$("#$4'-),+'C$
*4<-)#'$),$D+6#$4D$),#:)(+3<#$-#D#+(A$Q,$(")*$'44/$5#$(">*$D),-$D4'/#'$J4C+<$&6+-#/C$
D+:4>')(#*$*>6"$+*$.<)]+3#("$;>(<#'1*$NLRO$6#<#3'+(#-$0)#6#$%!"#$J#/,+,(*$4D$+,$&'/CS$
U#<<+<+3+-B$U+,>+'C$N8("B$NLd71$-#0)6(),=$("#$+D(#'/+("$4D$("#$D)'*($&D="+,$5+'A$$
$
$
.<)]+3#("$;>(<#'$VT+-C$;>(<#'WB$!"#$%#D+1+(/$*,$1+$H0D.$NLROB$4)<$0+),($4,$6+,:+*B$N87N$
2$788R$//B$!+(#$$
$
.,(">*)+*()6+<<C$'#6#):#-$5"#,$D)'*($*"45,$),$("#$J4C+<$&6+-#/C$),$NLROB$(>',#-$),(4$+$
040><+'$#,='+:),=B$0>'6"+*#-$3C$H)'$X#,'C$!+(#$D4'$")*$64<<#6()4,$+,-$0'4>-<C$-)*0<+C#-$
+*$+$,+()4,+<$)64,$>,()<$+D(#'$("#$H#64,-$I4'<-$I+'B$("#$0+),(),=$5+*$*>3*#?>#,(<C$
=):#,$(4$("#$H4/#'*#($E)<)(+'C$E>*#>/$!'>*($4,$+$<4,=$<4+,B$,45$-##/#-$("#$
+00'40')+(#$0<+6#$D4'$5+'$+'(AO$;>($.<)]+3#("$;>(<#'1*$54'@$D+'#-$3#((#'$("+,$("#$+'($4D$
4("#'$3+((<#$0+),(#'*$5"4*#$0+),(),=*$5#'#$+<*4$040><+'$+,-$4D(#,$*#':#-$+*$3+*)*$D4'$
/+**M0'4->6#-$)<<>*('+()4,*A$!"#)'$+'()*()6$*(+,-),=$"45#:#'$5+*$-##/#-$(+),(#-$3C$
9
("#)'$6<4*#,#**$(4$'#04'(+=#$+,-$-46>/#,(+()4,B$+,-$("#C$466>0)#-$+,$+/3):+<#,($0<+6#$
#:#,$),$("#$+'($54'<-$4D$("#$0#')4-$4D$")="$#/0)'#ANF$$
$
!")*$3'),=*$>*$(4$*#:#'+<$-)DD)6><()#*$("#$6>'+(4'*$D+6#-$5"#,$0<+,,),=$("#$*"45A$!"#$
),*()(>()4,+<$'#/)($)*$(4$>0"4<-$("#$")="#*($*(+,-+'-*$4D$5"+($)*$-##/#-$(4$3#$+'(A$Z)*>+<$
'#D#'#,6#*$(4$040><+'$6><(>'#$+,-$("#$D+*6),+(),=$),(#'D+6#$4D$D),#$+'(B$)/0#')+<$
'#04'(+=#$+,-$/+**$)/+=#$0'4->6()4,$#<4?>#,(<C$/+-#$),$("#$#2")3)()4,$6+(+<4=>#$+'#$
("#'#D4'#$+3*#,($),$("#$*"45$+,-$<#+:#$+$<+'=#$+,-$6#,('+<$0+'($4D$("#$*(4'C$4D$%+'()*($+,-$
#/0)'#1$>,(4<-A$!")*$4/)**)4,$)*$"#)="(#-$3C$+$D>'("#'$64,*('+),($("#$6>'+(4'*$<+34>'#-$
>,-#'S$),D4'/+()4,$0+,#<*$+'#$<)/)(#-$(4$NFF$54'-*$0#'$43K#6(*$)D$0'#*#,(#-$4,$("#$5+<<B$
+,-$PF$54'-*$5"#,$0<+6#-$),$-)*0<+C$6+*#*A$!")*$/4*($>,D4'(>,+(#$<)/)(+()4,$),:4@#*$("#$
*0#6('#$4D$D4'/+<)*/$+,-$("#$#,('#,6"#-$3>($/)*=>)-#-$3#<)#D$("+($54'@*$4D$+'($*0#+@$
D4'$("#/*#<:#*A$_#($+*$"+*$<4,=$3##,$+66#0(#-$("#$),(#'0'#(+()4,$4D$)/+=#*$'#?>)'#*$+$
='+*0$4D$6><(>'+<$64-#*$#/3#--#-$),$("#$54'@$+6?>)'#-$("'4>="$#->6+()4,$+,-g4'$
0+'()6)0+()4,$),$'#?>)*)(#$6><(>'+<$54'<-*A$Q/+=#*$("#'#D4'#$-4$,4($*0#+@$+$>,):#'*+<$3>($
+<5+C*$+$*0#6)D)6$6><(>'+<$<+,=>+=#$("+($,##-*$(4$3#$/+-#$+66#**)3<#B$#*0#6)+<<C$5"#,$
("#C$6><(>'+<<C$4'$")*(4')6+<<C$"+)<$D'4/$D>'("#'$+D)#<-A$
$
!"#$,#2($(54$'44/*$("#/#-$%^45#'$`'#**),=1$VJ44/$dW$+,-$%Y+6#$(4$Y+6#1$VJ44/$PW$+'#$
/4'#$4'$<#**$D46>*#-$4,$04'('+)(*B$D><<M<#,=("$4'$/4'#$),()/+(#B$+,-$-#/4,*('+(#$+$
'#/+'@+3<#$0#,6"+,($3C$;')()*"$4DD)6)+<*$D4'$6><(>'+<$6'4**M-'#**),=A$!")*$)*$4D$),(#'#*($+*$
04*(64<4,)+<$("#4'C$>,-#'*64'#*$("#$0'40#,*)(C$4D$64<4,)]#-$0#40<#*$(4$/)/)6$
64<4,)]#'*ANN$J44/$d$-#/4,*('+(#*$("+($/)/)6'C$0<+C#-$4>($),$34("$-)'#6()4,*B$+<3#)($
>,-#'$-)DD#'#,($0+'+/#(#'*A$X#'#$'#+<$4004'(>,)()#*$5#'#$/)**#-$(4$#2+/),#$("#*#$
'#<+()4,*A$J44/$Y):#$D4'$#2+/0<#$*"45*$+$6+')6+(>'#$4D$+$64<4,)+<$%/)/)6$/+,1$4'$
%3"+-'+<4@1$+*$Q,-)+,*$5"4$"+-$+-40(#-$+$I#*(#',$"+3)(>*$5#'#$6+<<#-$),$("#$<46+<$<),=4$
+($("#$()/#A$!")*$)/+=#$64><-$5#<<$"+:#$*#':#-$+*$+$64>,(#'04),(B$"45#:#'$4,<C$4D$*4'(*$
+*$(")*$)/+=#$)*$*/+<<$),$*6+<#$+,-$("#$='+,-$/+,,#'$04'('+)(*$4D$/#,$),$4')#,(+<$=+'3$+'#$
04*)():#<C$6C6<40#+,$),$64/0+')*4,B$(4$("#$/+,C$#2+/0<#*$4D$='+,-$;')()*"$6><(>'+<$
10
6'4**M-'#**#'*$),$J44/$Y4>'B$40#,),=$>0$+$-#3+(#$+34>($("#$64,(#2(*$D4'$*>6"$6"+,=#*$
),$+(()'#B$+,-$"45$(4$>,-#'*(+,-$("#/A$X#'#$)($/>*($+<*4$3#$,4(#-$("+($,4($+<<$6><(>'+<$
6'4**$-'#**),=$)*$/+-#$#?>+<A$!")*$+=+),$*0#+@*$(4$("#$,##-$(4$+--'#**$6><(>'+<$*0#6)D)6*$
+,-$(4$0'4:)-#$D>'("#'$),D4'/+()4,$),$("#$=+<<#'CA$!"#'#$5#'#$D4'$#2+/0<#$(54$/4-#*$4D$
+-40(),=$Q,-)+,$=+'3A$J#C,4<-*1$='+,-$04'('+)($4D$%[+0(+),$U4",$Y44(#$),$E>="+<$-'#**1$
*0#+@*$4D$("#$<+,=>+=#$4D$045#'$+*$Y44(#$+00'40')+(#*$E>="+<$045#'$("'4>="$")*$-'#**A$
!")*$+,()6)0+(#-$("#$*#<DM*(C<),=$4D$("#$J+K$5"4$+-40(#-$("#$E>="+<$/4-#$4D$"4<-),=$
64>'($6+<<#-$%->'3+'1$(4$0'#*#,($("#/*#<:#*$+*$*>66#**4'*$(4$("#$045#'$),$("#$<+,-$5"#,$
("#$.+*($Q,-)+$[4/0+,C$D)'*($*#($D44($),$Q,-)+B$/4*($*0#6(+6><+'<C$*4$),$("#$D+/4>*$NONN$
`#<")$`>'3+'$+((#,-#-$3C$a#4'=#$ZA$;>($("#'#$5+*$+<*4$+$/4'#$-4/#*()6$/4-#$4D$
+-40(),=$Q,-)+,$-'#**$("+($5+*$+664/0+,)#-$3C$+,B$+($<#+*($0+'()+<B$+-40()4,$4D$Q,-)+,$
*(C<#*$4D$<):),=A$!")*$5+*$),$#:)-#,6#$/+),<C$),$("#$<+(#$NL("$+,-$D)'*($"+<D$4D$("#$NO("$
6#,(>'C$+,-$4D(#,$#,(+)<#-$("#$(+@),=$4D$Q,-)+,$5):#*A$!"#$;')()*"$T)3'+'C1*$V>,D),)*"#-W$
0+),(),=$+((')3>(#-$(4$U4"+,,$j4DD+,C$5")6"$04'('+C*$E+K4'$I)<<)+/$^+</#'$
+DD#6()4,+(#<C$<44@),=$+($")*$Q,-)+,$0'),6#**$5)D#$+,-$("#)'$6")<-'#,$D4'$#2+/0<#$/)="($
04(#,()+<<C$*0#+@$(4$+$/4'#$D+/)<)+<$/4-#$4D$'#*04,-),=$(4$),-)=#,4>*$5+C*AN7$i'$("#$
5+(#'64<4>'$/4*($<)@#<C$04'('+C),=$H)'$`+:)-$i6"(#'<4,CB$+,4("#'$[4/0+,C$4DD)6)+<B$),$
Q,-)+,$-'#**B$*/4@),=$+$"44@+"$+,-$5+(6"),=$+$,+>(6"$),$")*$"4>*#$+($`#<")B$6A$NL7FB$
+<*4$"#<-$+($("#$;')()*"$T)3'+'CN8A$QD$("#*#$)/+=#*$"+-$3##,$),6<>-#-$)($54><-$"+:#$
4DD#'#-$+$64>,(#'$3+<+,6#$(4$("#$-#64,(#2(>+<)]#-$i')#,(+<)*($04*(>'),=$),$34''45#-$
0<>/#*$("+($-4/),+(#*$(")*$'44/A$$
$
11
$
$
J#6#,(<C$'#M+((')3>(#-$(4$U4"+,,$j4DD+,CB$-1I*0$J)::)1D$41:D#0$9)("$")/$/#&*+G$9),#;$
("#$-73"1:$'0)+&#//$B)5)$>1)K$B1C"/"B$NRLPB$4)<$0+),($4,$6+,:+*B$N7RF$2$NFNP$//B$;')()*"$
T)3'+'C$$
$
&$D>'("#'$04),($#+*)<C$/)**#-$),$("#$#2")3)()4,$3>($-46>/#,(#-$),$("#$6+(+<4=>#$)*$("#$
),('4->6()4,$4D$04'('+)(>'#$3C$I+''#,$X+*(),=*B$Q,-)+1*$D)'*($a4:#',4'Ma#,#'+<B$(4$("#$
04<)()6*$4D$("#$Q,-4M;')()*"$#,64>,(#'A$Q,$+,$#DD4'($(4$'#->6#$64''>0()4,$),$("#$.+*($Q,-)+$
[4/0+,C$"#$#,64>'+=#-$,+():#$0'),6#*$+,-$'><#'*$(4$'#0<+6#$("#$:+<>+3<#$=)D(*$
#26"+,=#-$->'),=$('+-)()4,+<$E>="+<$=)D($=):),=$6#'#/4,)+<*$),$5")6"$64/0+,C$4DD)6)+<*$
0+'(44@$+,-$4D(#,$046@#(),=$("#$=)D(*$5)("$("#$#26"+,=#$4D$0+),(#-$<)@#,#**#*A$Q,-)+,$
'><#'*$5#'#$("#'#D4'#$#20#6(#-$(4$"+:#$("#)'$04'('+)(*$0+),(#-$),$+$.>'40#+,$/+,,#'A$
!")*$64,*()(>(#-$+$,4:#<$-#0+'(>'#$D4'$Q,-)+,$6><(>'#$+,-$+<*4$0'4:)-#-$<>6'+():#$
64//)**)4,*$D4'$.>'40#+,$+'()*(*$5"4$"+-$:#,(>'#-$(4$Q,-)+$),$*#+'6"$D4'$4004'(>,)()#*A$
12
E4'#$4D(#,$("+,$,4($(")*$,#5$6#'#/4,)+<$'#:#+<#-$)(*#<D$+$4,#$*)-#-$+DD+)'$+*$Q,-)+,$
0'),6#*$D'#?>#,(<C$-)-$,4($'#6#):#$+$04'('+)($),$'#(>',B$5")6"$(>',#-$("#)'$=)D($#DD#6():#<C$
),(4$+$(')3>(#ANd$!"#$+5@5+'-,#**$+,-$>,#+*#$("+($6"+'+6(#')]#-$04'('+)(>'#M3CM+'/M
(5)*(),=$)*$(+,=)3<#$),$("#$04'('+)($4D$E+-"+:$J+4$9+'+C+,B$("#$E+'+("+$^#*"5+$3C$
U+/#*$I+<#*$VNRO7W$5")6"$5+*$D),)*"#-$3C$("#$`+,)#<<*$*4/#$C#+'*$+D(#'$I+<#*1*$
-#+("ANP$_#($)($5+*$,4($4,<C$("#$*)((#'*$5"4$5#'#$)<<$+($#+*#A$&664'-),=$(4$("#$+'()*($(")*$
5+*$+$-)DD)6><($64//)**)4,$+*$("#$0#*"5+$)/04*#-$/+,C$64,-)()4,*B$*>6"$+*$("#$54'@1*$
3<#,-$4D$E>="+<$*(C<#$/),)+(>'#$0+),(),=$5)("$.>'40#+,$)<<>*)4,)*/$+,-$("#$+-40()4,$4D$
+$")*(4'C$0+),(),=$D4'/+(A$!")*$)/+=#$("#'#D4'#$'#0'#*#,(*$+,$)/04'(+,($/4/#,($),$("#$
")*(4'C$4D$:)*>+<$#26"+,=#$3#(5##,$;')(+),$+,-$Q,-)+$5")6"$64><-$5#<<$"+:#$3##,$
")="<)="(#-$),$("#$#2")3)()4,$+,-$-'+5,$4>($+*$+$*>3M("#/#A$$
$
13
$
14
U+/#*$I+<#*B$%E+-"+:$J+4$9+'+C+,B$("#$E+'+("+$0#*"5+B$5)("$9+,+$Y+-,+:)*$+,-$
&((#,-+,(*1B$NRO7B$4)<$0+),($4,$6+,:+*B$77LF2NLcF$//B$!"#$J4C+<$&*)+()6$H46)#(C$4D$
a'#+($;')(+),$+,-$Q'#<+,-B$T4,-4,$$$
$
!")*$(4>6"#*$4,$+,4("#'$4/)**)4,B$),$0+'($+($<#+*(B$("+($+DD#6(*$("#$#2")3)()4,l*$*640#S$
("#$?>+*)$#'+*>'#$4D$64/0+,C$0+),(),=$("'4>="$*#<#6(),=$)/+=#*$("+($-4$,4($/+@#$)(*$
"C3')-$,+(>'#$#:)-#,(A$!"#$34(+,)6+<$-'+5),=$3C$H"+)@$j+),M>-M`),$("+($5+*$+<'#+-C$
/#,()4,#-$)*$D4'$#2+/0<#$:)*>+<<C$"+'-<C$-)*(),6($D'4/$("#$-'+5),=$3C$T+-C$U4,#*$)($)*$
K>2(+04*#-$5)("A$&,-$5")<#$(")*$-4#*$/+@#$("#$5#<64/#$04),($+34>($("#$#?>+<$+3)<)(C$4D$
Q,-)+,$+'()*(*B$)($4,$("#$4("#'$"+,-$-4#*$,4($+<<45$("#$=+<<#'C$:)*)(4'$(4$3#64/#$
+6?>+),(#-$5)("$(")*$:#'C$*)=,)D)6+,($*6"44<$4D$+'($("+($#:4<:#-$("'4>="$("#$64<4,)+<$
#,64>,(#'$),$;')()*"$Q,-)+A$!"#$),6<>*)4,$4D$*4/#$*+<)#,($#2+/0<#*$4D$(")*$*6"44<$*"45),=$
Q,-)+,$(404='+0"C$+,-$0'4/),#,($*)(#*$54><-$+<*4$"+:#$3##,$3#,#D)6)+<B$+,-$54><-$D4'$
#2+/0<#$"+:#$3##,$5#<<$*>)(#-$(4$("#$("#/#$4D$J44/$i,#A$!"#$),6<>*)4,$4D$*>6"$
#2+/0<#*$54><-$+<*4$"+:#$D+6)<)(+(#-$("#$-#:#<40/#,($4D$+$/#,(+<$('+K#6(4'C$4D$("#$
Q,-)+,$:)*>+<$'#*04,*#$(4$;')(+),l*$64<4,)+<$0'#*#,6#$+,-$+#*("#()6$),(#':#,()4,*B$+,-$
54><-$"+:#$4DD#'#-$+$04),($4D$('+,*)()4,$(4$5"+($64/#*$+6'4**$+*$+$*>--#,$+00#+'+,6#$
4D$/4-#',$Q,-)+,$+'(B$*##/),=<C$4>($4D$("#$3<>#B$),$("#$<+*($'44/$VJ44/$H)2WA$Q,$D+6($)($
54><-$+00#+'$("+($("#$54'@$3C$Q,-)+,$+'()*(*$)*$l*<)00#-$),$4,$("#$?>)#(l$),$("#$D)'*($D):#$
'44/*$4D$("#$*"45A$i,#$5+C$(4$'#+-$(")*$)*$(4$*>==#*($("+($)($D<+=*$>0$("#$0'#:+)<),=$
)/0+6($4D$+$/#,(+<$*#0+'+()4,$3#(5##,$;')()*"$+'($+,-$#/0)'#$+<'#+-C$/#,()4,#-A$Q*$(")*$
5"#'#$!+(#$;')(+),$(')0*$)(*#<D$>0$4,#$54,-#'*$3C$>0"4<-),=$,4()4,*$4D$+#*("#()6$:+<>#$
+,-$4D$;')()*"$+'($("+($"+:#$<4,=$3##,$#20+,-#-$),$64,(#/04'+'C$*#((),=*B$3+''),=$5"+($
/)="($3#$64,6#):#-$4D$+*$("#$+'()*()6+<<C$l),D#')4'l$"C3')-$54'@$4D$("#$[4/0+,C$H6"44<G$
$
!4$("#$6>'+(4'*1$6'#-)($("#$04'('+)($4D$+$"4>*#34C$3C$E+,6"#'*"+5$^)("+5+<<+$VNLOLW$)*$
D4'$#2+/0<#$),6<>-#-$),$J44/$PA$^)("+5+<<+$5+*$*4$*>66#**D><$("+($"#$5+*$=):#,$+$4,#M
/+,$*"45$),$("#$`4'm$a+<<#'C$),$T4,-4,$),$NONNB$("#$D)'*($Q,-)+,$+'()*($(4$-4$*4A$Q($)*$
">,=$,#2($(4$&3+,),-'+,+("$!+=4'#1*$5+(#'64<4>'$%&$E>*)6$^+'(C1$6$NOFPA$!"#$
15
K>2(+04*)()4,$4D$("#*#$(54$54'@*$*0#+@*$:4<>/#*$+34>($("#$('+,*)()4,$D'4/$Q,-)+,$+'()*(*$
("#$64/#$("'4>="$("#$=4:#',/#,($+'($*6"44<$*C*(#/$+,-$+-40($+6+-#/)6$+'($+,-$+'()*(*$
("+($*##@$+<(#',+():#*$(4$64<4,)+<$+#*("#()6*ANc$$
$
$
$
&3+,),-'+,+("$!+=4'#B$!"#$-7/)&$410(.B$6A$NOFPB$I+(#'64<4>'$4,$0+0#'B$dFP$2$7PP$//B$
Z)6(4')+$+,-$&<3#'($E>*#>/B$T4,-4,$$
$
!")*$)/04'(+,($54'@$6+,$3#$'#+-$+*$3#),=$'#0'#*#,(+():#$4D$("#$;#,=+<$J#,+)**+,6#$M$("#$
Q,-)+,$+'($/4:#/#,($("+($3'4@#$5)("$;')()*"$+'($+,-$5")6"$+<)=,#-$)(*#<D$5)("$("#$
*('>==<#$D4'$,+()4,+<)*/$+,-$*#<DM#64,4/C$n$/91G#/")$+,-$5")6"$*4>="($(4$D4'=#$+$
/4-#',B$,+()4,+<$Q,-)+,$+'($*(C<#$3C$/),),=$0+*($Q,-)+,$+'()*()6$0'+6()6#*A$&=+),B$)($)*$+$
*"+/#$("+($(")*$*#/),+<$5+(#'64<4>'$)*$,4($D4'#='4>,-#-$/4'#$),$("#$-)*0<+C$4'$-'+5,$
16
+((#,()4,$(4$),$+,$),D4'/+()4,$0+,#<S$)(1*$0'#*#,(+()4,$D##<*$/4'#$<)@#$+$(4@#,$=#*(>'#$
(45+'-*$("#$D4'/+():#$0#')4-$4D$Q,-)+,$/4-#',)(C$+,-$)(*$'#<+()4,*")0$5)("$+'()*()6$
0'+6()6#A$$
$
!")*$3'),=*$>*$(4$C#($+,4("#'$+'#+$4D$64,6#',A$I"#'#+*$("#$D)'*($D):#$'44/*$4D$("#$
#2")3)()4,$+-40($+$0>'04*#D><<C$*C,6"'4,)6$0#'*0#6():#$("+($+:4)-*$=#4='+0")6+<$D46)$4'$
6"'4,4<4=)6+<$0#'*0#6():#*B$J44/$H)2B$("#$<+*($'44/$4D$("#$#2")3)()4,B$3'#+@*$(")*$
0+((#',B$+-40(),=$+$6"'4,4<4=)6+<$("#/#A$.2")3)()4,$:)*)(4'*$/4:#$D'4/$%E+00),=$+,-$
E+'@),=1B$(4$%!'40")#*$4D$./0)'#1B$%Q/0#')+<$X#'4)6*1B$%^45#'$`'#**),=1$+,-$%Y+6#$(4$Y+6#1$
(4$+''):#$+($("#$D),+<$'44/$-4>3<#M("#/#-$%i>($4D$./0)'#1$+,-$%T#=+6)#*$4D$./0)'#1$
'#*0#6():#<CA$!")*$-4>3<#$'44/$+((#/0(*$(4$+'()6><+(#$+,$),6'#+*),=$+#*("#()6$
#/+,6)0+()4,$4D$D4'/#'$64<4,)#*$D'4/$64<4,)+<$(>(#<+=#$+,-$%04*)():#<C1$<#+0*$("'4>="$
("#$*('>==<#$D4'$Q,-#0#,-#,6#$(4$+''):#$+($+,$#?>+<<C$64/0'#**#-$0'#*#,(+()4,$4D$+'($),$
("#$()/#$4D$("#$04*(64<4,CA$H>6"$?>#*()4,+3<#B$#2('#/#$64/0'#**)4,$"45#:#'$)*$,4($("#$
/+),$)**>#B$,4'$("#$+-40()4,$4D$+$6"'4,4<4=)6+<$0#'*0#6():#$0#'$*#A$I"+($)*$('4>3<),=$)*$
("+($("#$6>'+()4,$'#"#+'*#*$("#$:#'C$*0<)($3#(5##,$+'($+,-$#/0)'#$+<'#+-C$/#,()4,#-A$
I"+($Q$/#+,$3C$(")*$)*$("+($"#'#$5#$4,<C$D),-$54'@*$3C$+'()*(*$D'4/$D4'/#'$64<4,)#*$
6'+//#-$),(4$+$*/+<<$*0+6#A$!"#$54'@*$D>'("#'/4'#$+'#$,4($+''+,=#-$),$+$
=#4='+0")6+<<C$*0#6)D)6$/+,,#'B$+,-$("#$-)DD#'#,6#*$+,-$*0#6)D)6)()#*$4D$("#$*('>==<#$
5)("B$+,-$'#*04,*#*$(4B$64<4,)+<$64,(#2(*$+'#$"#,6#$43*6>'#-A$$$
$
Q($)*$+*$)D$(")*$+'()*()6$<#=+6C$4D$#/0)'#$"+-$,4("),=$(4$-4$5)("$;')(+),B$+,-$+*$)D$("#$
0'46#**$4D$-#64<4,)*+()4,$5+*$*4<#<C$+,$%4("#'1$+DD+)'A$_#($+*$;'#6@#,')-=#$+,-$-#'$Z##'$
"+:#$04),(#-$4>($*4$<4,=$+=4$),$("#$NOOF*$("#$%04*(64<4,)+<$0'#-)6+/#,(1$-4#*$,4($
64,*()(>(#$+$64,-)()4,$%4:#'$("#'#1$3>($#?>+<<C$+DD#6(*$("#$%"#'#1$4D$("#$D4'/#'$64<4,)+<$
/#('404<#S$!"#$04*(64<4,)+<$0'#-)6+/#,($+00<)#*$34("$(4$("#$%#2M64<4,)]#'$+,-$("#$#2M
64<4,)]#-1$n$+$D+6($-#6)-#-<C$-)*+:45#-$$),$(")*$*"45ANR$$
$
17
!")*$<+*($'44/$("#'#D4'#$0'#*#,(*$)(*#<D$+*$+$('>,6+(#-$+D(#'M("4>="($'+("#'$("+,$+,$
),(#='+<$0+'($4D$("#$#2")3)()4,A$!")*$)/0'#**)4,$)*$D>'("#'$"#)="(#,#-$3C$+$/)**),=$
('+,*)()4,$),$("#$%i>($4D$./0)'#1$("#$D)'*($*#6()4,$4D$(")*$'44/$'#0'#*#,(+():#$4D$("#$
0#')4-$5"#,$+'()*(*$<)@#$^)("+5+<<+$5"4$"+-$+-40(#-$+$64<4,)+<$*(C<#$4D$+'($5#'#$
6#<#3'+(#-$+*$='#+($Q,-)+,$+'()*(*$3C$("#$;')()*"$+,-$("#$#->6+(#-$Q,-)+,$#<)(#$+<)@#$V5"4$
"45#:#'$)*$,4($0'#*#,(#-$),$(")*$'44/WA$!"#$#/),#,6#$=')*#$/)**),=$"#'#$)*$J+:)$Z+'/+B$
("#$D)'*($Q,-)+,$+'()*($(4$0+),($),$4)<*$+,-$5)<<),=$(4$#,=+=#$5)("$5#*(#',$+6+-#/)6$
)<<>*)4,)*/$+*$(+>="($+,-$0'4/4(#-$3C$*>6"$),*()(>()4,*$+*$("#$J4C+<$&6+-#/CA$X#$5+*$
6"+/0)4,#-$3C$("#$;')()*"$+,-$Q,-)+,$#<)(#*$+<)@#$+*$("#$0'4->6($4D$("#$;')()*"$64<4,)+<$
0'46#**$("+($0'4:#-$(4$("#$54'<-$("+($("#$64<4,)+<$6):)<)]),=$0'4K#6($"+-$54'@#-B$+*$
Q,-)+,$6><(>'#$,45B$+($<4,=$<+*(B$"+-$*(#00#-$>0$)(*$=+/#$D'4/$-#*)=,$(4$D><<C$D<#-=#-$
D),#$+'(A$&,-$5")<#$")*$D+/#$4,<C$<+*(#-$>,()<$("#$+''):+<$4D$&3+,),-'+,+("$!+=4'#$4,$("#$
+'()*()6$*6#,#B$")*$54'@$,4,#("#<#**$/+'@*$+,$)/04'(+,($/)<#*(4,#$("#$*"45$54><-$"+:#$
-4,#$5#<<$(4$0'#*#,(A$$
$
!+(#$;')(+),$)*$D4<<45),=$5#<<M('4--#,$0+("*$5)("$(")*$4/)**)4,A$Y)'*(<C$("#'#$)*$("#$)/0+6($
4D$("#$+<'#+-C$6)(#-B$<4,=M#*(+3<)*"#-$64,6#0(>+<$*#0+'+()4,$3#(5##,$;')(+),$+,-$)(*$
#/0)'#$("+($-4/),+(#-$("#$D)#<-*$4D$;')()*"$")*(4'C$+,-$+'($")*(4'C$+,-$)/04:#')*"#-$+,-$
/)*'#0'#*#,(#-$("#$")*(4'C$4D$;')()*"$+'(A$!"#$*#64,-$+*0#6($"#'#$)*$("#$D+6($("+($64<4,)+<$
,+()4,+<)*(*$5#'#$K>*($+*$>,#+*C$+34>($(")*$0#')4-$4D$Q,-)+,$+'($0'4->6#-$),$+$5#*(#',$
+6+-#/)6$)-)4/A$^>*"),=$D4'$*#<DM'><#B$*#<DM#64,4/CB$,4,M6440#'+()4,B$,4,M:)4<#,6#$
+,-g4'$Q,-#0#,-#,6#B$Q,-)+,$,+()4,+<)*(*$*4>="($(4$-)*(+,6#$("#/*#<:#*$D'4/$(")*$+'($
("+($("#C$6+/#$(4$64,*)-#'$+$*"+/#D><$")*(4'C$4D$+-40(),=$("#$+#*("#()6$<+,=>+=#$4D$("#$
64<4,)]#'A$Q,-)+,$")*(4')#*$4D$("#$')*#$4D$/4-#',$Q,-)+,$+'($("#'#D4'#$(#,-#-$(4$
64,6#,('+(#$4,$("#$0#')4-$K>*($+D(#'$(")*$0"+*#$4D$5"+($4,#$/)="($5+,($(4$'#D#'$(4$+*$+,$
Q,-)+,$+6+-#/)6$+'(A$;>($3C$D4<<45),=$(")*$('#,-B$+,-$3C$#6<)0*),=$(")*$#+'<)#'$0#')4-$
/+'@#-$3C$;')()*"$),(#':#,()4,$),$Q,-)+,$+'(*$("'4>="$+'($*6"44<*$+,-$("#$*(##'),=$4D$
Q,-)+,$+'()*+,+<$0'+6()6#*B$+,$)/04'(+,($")*(4'C$4D$("#$;')()*"$+'(*$4D$#/0)'#$'#/+),*$
>,(4<-A$!")*$)*$#:#,$/4'#$*>'0')*),=$+*$("#$54'@$4D$^)("+5+<<+$+,-$&3+,),-'+,+("$!+=4'#$
18
("+($64><-$'#<+(#$(")*$")*(4'C$)*$+6(>+<<C$),6<>-#-$),$J44/$P$4D$("#$#2")3)()4,B$3>($)(*$
0'#*#,(+()4,$-4#*$,4($+<<45$D4'$("#$*)=,)D)6+,6#$4D$("#$54'@$(4$('+,*0)'#A$
$
%i>($4D$./0)'#1$"45#:#'B$#:#,$)D$0+(6"C$+,-$><('+M64,-#,*#-B$-4#*$+**#/3<#$+$>,)?>#$
K>2(+04*)()4,$4D$("'##$640)#*$4D$;>--")*($/>'+<*$D'4/$("#$&K+,(+$6+:#*$("+($04(#,()+<<C$
3'),=$+<):#$+,$+*0#6($4D$("#$<#=+6C$4D$;')()*"$+'()*()6$),(#':#,()4,$),$Q,-)+A$!"#$;>--")*($
6+:#*$"+-$3##,$'#-)*64:#'#-$),$NLNO$3C$("#$;')()*"$+,-$),$NLdd$("#$;')()*"$=4:#',/#,($
*04,*4'#-$+$0'4K#6($(4$640C$("#$D'#*64*A$!5#,(CM*#:#,$D+6*)/)<#*$),$4)<$5#'#$
*>3*#?>#,(<C$*")00#-$(4$T4,-4,A$!"#*#$54'@*$5#'#$),)()+<<C$),*(+<<#-$),$("#$.+*($Q,-)+$
[4/0+,C1*$/>*#>/$3>($("#,$*"45,$+($("#$a'#+($.2")3)()4,$+,-$("#,$['C*(+<$^+<+6#$),$
HC-#,"+/$5"#'#$("#C$5#,($>0$),$D<+/#*$),$NLcc$5"#,$("#$:#,>#$3>',#-$-45,A$Q,$NLR7$
+$,#5$(#+/$<#-$3C$U4",$a')DD)("*B$("#$H>0#'),(#,-#,($4D$("#$;4/3+C$+'($*6"44<B$5+*$
64//)**)4,#-$(4$640C$("#$D'#*64*$+<<$4:#'$+=+),B$+,-$5"4$3'4>="($*4/#$4D$")*$Q,-)+,$
*(>-#,(*$),$4,$("#$0'4K#6(A$!"#$/>'+<*$5#'#$,45$+<*4$(+@#,$>0$3C$Q,-)+,$,+()4,+<)*(*$
5"4$6"+/0)4,#-$("#/$+*$+$")="04),($4D$+$0+*($=4<-#,$+=#$4D$Q,-)+,$+'($-#6<+'),=$("#/$
+$3+*)*$D4'$+$,#5$,+()4,+<$Q,-)+,$+'(A$&*$0+'($4D$(")*$),:#,()4,$4D$+$,#5$6><(>'+<$('+-)()4,$
+$-)'#6($<),#$4D$-#*6#,($5+*$-#6<+'#-$D'4/$;>--")*($+'($(4$;#,=+<$D4<@$+'($*>6"$+*$
b+<)="+($0+),(),=*$5")6"$*>3*#?>#,(<C$),*0)'#-$("#$54'@$4D$U+/),)$J4C$+<*4$*"45,$),$(")*$
'44/A$E>="+<$+'($5+*$+<*4$-'+5,$),(4$(")*$#?>+()4,$+,-$+'=>#-$+*$#20'#**):#$4D$+,$
Q,-)+,$,+()4,+<$*0)')($("+($"+-$('+,*D4'/#-$E>="+<$+'(l*$D4>,-+()4,+<$^#'*)+,$#<#/#,(*$
),(4$+$>,)?>#<C$Q,-)+,$+'($D4'/A$
$
$
19
$
$
U4",$a')DD)("*B$!"#$!#D'(1()*+$*,$("#$B7GG"1$5.$-101$L&*'.$*,$1$-701:$)+/)G#$81M#$?$1($
HI1+(1N;$NLRPMRcB$4)<$0+),($4,$6+,:+*B$7ddP27PFF$//B$Z)6(4')+$+,-$&<3#'($E>*#>/B$
T4,-4,$$
$
&,$),(#'0'#(+()4,$4D$&K+,(+1*$/>'+<*$64/3),#-$5)("$4("#'$#<#/#,(*$*>6"$+*$E>="+<$+'($
+,-$*4/#$'#D#'#,6#*$(4$.>'40#+,$)<<>*)4,)*/$D4'$#2+/0<#$),D4'/#-$("#$+'($4D$("#$
;#,=+<)$J#,+)**+,6#$'#0'#*#,(#-$3C$("#$54'@$&3+,),-'+,+("$!+=4'#B$+,-$,>/#'4>*$
Q,-)+,$+'()*(*$+<*4$640)#-$("#$D'#*64*$),$*#+'6"$D4'$+,$+>("#,()6+<<C$Q,-)+,$*(C<#$4D$+'(A$&$
D+)'$,>/3#'$4D$("#/$(44@$0+'($),$C#($+,4("#'$(#+/$4D$640C)*(*$("+($:#,(>'#-$(4$("#$
20
6+:#*B$(")*$()/#$>,-#'$("#$<#+-$4D$["')*()+,+$X#''),="+/B$+$;')()*"$+'()*($+,-$+'($0+('4,$
5)("$+,$),(#'#*($),$+'($64,*#':+()4,A$X#'$5+(#'$64<4>'$640C$4D$+$D'+=/#,($),$6+:#$NR$
-)*0<+C#-$+<4,=*)-#$a')DD)("1*$#+'<)#'$640C$-#/4,*('+(#$+$*")D($),$#:+<>+()4,$4D$("#$
D'#*64#*A$a')DD)("*1$),(#'#*($),$("#$/>'+<*$"+-$#:4<:#-$D'4/$")*$),(#'#*($),$-#64'+()4,$+,-$
")*$+00'4+6"$5+*$/+),<C$-46>/#,(+'CA$X#''),="+/B$"45#:#'B$5+*$+$/#/3#'$4D$("#$
Q,-)+$H46)#(C$("+($"+-$3##,$D4'/#-$),$T4,-4,$),$NONF$(4$0'4/4(#$Q,-)+,$+'(A$!"#$H46)#(C$
*4>="($(4$64>,(#'$#,('#,6"#-$'+6)+<$)-#+*$(4$("#$(>,#$("+($("#'#$5+*$,4$('>#$+'($),$Q,-)+$
+*$Q,-)+,*$*>004*#-<C$5#'#$,4($*>DD)6)#,(<C$#:4<:#-$(4$3'),=$D4'("$+'()*()6$=#,)>*A$X#'$
0'4K#6($5+*$("#'#D4'#$<#**$D46>*#-$4,$-46>/#,(+()4,$3>($'+("#'$*4>="($(4$D4'#='4>,-$
("#$+'()*()6$*0)')($4D$("#$54'@$+,-$"#'$0)#6#$)*$/4'#$#:46+():#$("+,$a')DD)("1*A$!"#$(")'-$
&K+,(+$*@#(6"$)*$3C$%Q,-)+1*$Y')-+$b+"<41S$("#$Q,-4MX>,=+')+,$+'()*($&/')(+$H"#'Ma)<A$Q($
'#0'#*#,(*$+$D>'("#'$0"+*#$),$("#$-#:#<40/#,($4D$Q,-)+,$+'($6"+'+6(#')*#-$3C$+$(>',$
(45+'-*$.>'40#+,$/4-#',$+'(A$H"#'Ma)<$D4>,-$),*0)'+()4,$D4'$+,$Q,-)+,$+00'4+6"$(4$("#$
*)/0<)D)6+()4,$4D$D4'/*$),$("#$&K+,(+$/>'+<*$+,-$*"#$*+5$("#*#$*(>-)#*$+*$+$*>)(+3<#$
Q,-)+,$0+'+<<#<$(4$("#$54'@$4D$a+>=>),$*"#$"+-$*##,$+,$+-/)'#-$5")<#$*(>-C),=$+'($),$
^+')*A$!"#$64M0'#*#,(+()4,$4D$("#*#$("'##$54'@*$("#'#D4'#$*>66#**D><<C$'#D#'#,6#*$("'##$
/+K4'$/4/#,(*$),$("#$")*(4'C$4D$+'($+,-$#/0)'#$),$;')()*"$Q,-)+$("+($"45#:#'$/)="($
"45#:#'$"+:#$3##,$D<+==#-$>0$/4'#$*4$:)#5#'*$6+,$+00'#6)+(#$("#)'$*)=,)D)6+,6#A$
$
!"#$*#64,-$0+'($4D$J44/$H)2$%T#=+6)#*$4D$./0)'#1$"+*$*#($)(*#<D$+,$#:#,$/4'#$)/04**)3<#$
(+*@A$Q($4DD#'*$+,$>,#:#,$()/#$<+0*#$("'4>="$+,$#6<#6()6$*#<#6()4,$4D$54'@*$("+($6+,,4($
-4$K>*()6#$(4$("#$)/04'($4D$("#$("#/#A$_#($+=+),$/4'#$),D4'/+()4,$54><-$"+:#$3##,$
"#<0D><A$&,-$("#$D+6($("+($(")*$'44/$D+'/*$4>($("#$-#+<),=$5)("$("#$64<4,)+<$<#=+6C$(4$("#$
D4'/#'$64<4,)]#-$)*$")="<C$0'43<#/+()6A$&$6'>6)+<$4004'(>,)(C$"+*$("#'#D4'#$3##,$/)**#-$
+*$(")*$*#='#=+()4,$'#"#+'*#*$+,-$'#),D4'6#*$("#$:#'C$;')(+),M&,-M./0)'#$*0<)($("#$
64,6#0($4D$;')()*"$+'($*>DD#'*$D'4/$+,-$("#$#2")3)()4,$4*(#,*)3<C$)*$*##@),=$(4$'#-'#**A$$
$
&,-$("#'#$+'#$D>'("#'$?>#*()4,*A$&*$D+'$+*$Q,-)+1*$04*(MQ,-#0#,-#,6#$*(4'C$)*$64,6#',#-$
4,#$54,-#'*$5"C$("#$H),="$!5),*$5#'#$*#<#6(#-$(4$*(+,-$),$D4'$(")*$0#')4-A$Q,$D+6($4,#$
21
64><-$+'=>#$(")*$6"4)6#$+*$?>)(#$0'43<#/+()6B$+*$)($*>==#*(*$04*(M64<4,)+<$Q,-)+,$+'($)*$
5#--#-$(4$5"+($64><-$3#$*##,$+*$+,$%),-)=#,4>*1$/4-#$4D$0+),(),=A$!")*$6"4)6#$+<*4$
'#"#+'*#*$("#$-4>3<#$*(+,-+'-$Q,-)+,$+'()*(*$5"4$40(#-$(4$54'@$),$/4-#',$*(C<#*$5#'#$
*>3K#6(#-$(4S$("#C$5#'#$6+<<#-$-#'):+():#$D4'$#/0<4C),=$*>6"$*(C<#*$+,-$5#'#$0>*"#-$(4$
>*#$Q,-)+,$:)*>+<$)-)4/*$-##/#-$%+>("#,()61B$5")<#$.>'40#+,$+'()*(*$64,6#',#-$5)("$
5"+($5#$6+,$<44*#<C$(#'/$^')/)():)*/$D'##<C$+00'40')+(#-$:)*>+<$D4'/*$D'4/$+'4>,-$("#$
=<43#$5)("4>($#:#'$3#),=$*>3K#6(#-$(4$("#$6"+'=#$4D$),+>("#,()6)(CA$$
$
&$D>'("#'$43*#':+()4,$)*$("+($("#$+'($),$(")*$<+*($'44/$54><-$"+:#$"+-$/>6"$='#+(#'$
)/0+6($)D$)($"+-$3##,$-)*(')3>(#-$("'4>="4>($("#$#+'<)#'$'44/*$-)+<4=>),=$5)("$("#$
*0#6(+6><+'$54'@$4D$#+'<C$+,-$")="$)/0#')+<)*/$4,$*"45A$!")*$K>2(+04*)()4,$54><-$"+:#$
40#,#-$>0$("#$)**>#$4D$+'($+,-$#/0)'#B$+,-$0'4/0(#-$-#3+(#A$Q($54><-$+<*4$"+:#$
4DD#'#-$+,$),"#'#,($'#D<#2):)(C$("+($("#$4,#$64,(#/04'+'C$0)#6#$3C$!4,C$^")<<)0*$),$J44/$
!"'##$K>*($6+,,4($-#<):#'A$!")*$/)="($+<*4$"+:#$-'+5,$4>($4("#'$)**>#*$(4$-4$5)("$%D+6),=$
("#$<#=+6C1$4D$("#$;')()*"$#/0)'#$("+($"+:#$,4($3##,$+--'#**#-$3C$("#$*"45B$*>6"$+*$("#$
*6)#,()D)6$'+6)*/$0'#:+<#,($),$("#$<+((#'$"+<D$4D$("#$,),#(##,("$6#,(>'CA$&,-$)($/)="($"+:#$
4DD#'#-$("#$4004'(>,)(C$(4$),('4->6#$),*()(>()4,+<$*#<DM'#D<#2):)(C$3C$04),(),=B$D4'$
#2+/0<#B$(4$("#$<),@*$3#(5##,$*>=+'$0'4->6()4,$+,-$X#,'C$!+(#1*$D4'(>,#A$
#
$
N
$&664'-),=$(4$Z)6(4')+,$'+6#$("#4'C$Q,-)+,$+'($5+*$*##,$+*$0>'#<C$-#64'+():#$+,-$
3+'3+')6$+,-$("#$")="$+'($Q,-)+$5+*$+3<#$(4$<+C$6<+)/$(4B$<)@#$;>--")*($*6><0(>'#*$),$
a+,-"+'+B$94'("$Q,-)+B$5#'#$6'#-)(#-$(4$)/)(+(),=$D4'#)=,B$),$(")*$),*(+,6#$a'##@$D4'/*$
'+("#'$("+,$Q,-)+,$6'#+():)(CA$H##$D4'$#2+/0<#$U4",$J>*@),B$!"#$J*0C/$*,$O*"+$%7/C)+$
Y4'=4((#,$;44@*B$T4,-4,B$NOFP\$'#0'A$7FN8B$00$8FcMR\$U+/#*$Y#'=>**4,B$!"#$2)/(*0.$*0$
F+G)1+$1+G$P1/(#0+$H0&")(#&(70#B$T4,-4,S$U4",$E>''+CB$NONFB$0$77F\$^+'("+$E)((#'B$-7&"$
-1:)3+#G$-*+/(#0/Q$H$2)/(*0.$*,$P70*'#1+$%#1&()*+/$(*$F+G)1+$H0(B$o,):#'*)(C$4D$[")6+=4$
^'#**B$[")6+=4B$NOO7B$00$78LMdO\$!+0+()$a>"+M!"+@>'(+B$!"#$-1C)+3$*,$1$R#9$SF+G)1+S$
22
H0(Q$H0()/(/;$H#/("#()&/$1+G$R1()*+1:)/D$)+$B#+31:;$8E?TUVW?A<VB$[+/3')-=#$H4>("$&*)+,$
H(>-)#*B$[+/3')-=#B$7FFRB$00$NNOM77A$$
7
$H##$"((0Sgg555A,+/A+6A>@g64<<#6()4,g64<<#6()4,M,#5*gC4>'M0+),(),=*g'#6#0()4,M
/C*4'#+,M"4*(+=#M0'),6#*M/+'?>)*M64',5+<<)*$
8
$H##$"((0Sgg555A,0=A4'=A>@g64<<#6()4,*g*#+'6"g04'('+)(g/5FN8dRgJ43#'(M[<):#M+,-M
E)'MU+D+'M+D(#'M("#M;+((<#M4DM^<+**#CMNRPR$
d
$H##$"((0*Sgg555A'4C+<64<<#6()4,A4'=A>@g64<<#6()4,gdF8L7cg3+@*")'+/A$!"#$04'('+)(*$
+'#$>*>+<<C$-)*0<+C#-$),$("#$64'')-4'$<#+-),=$(4$("#$`>'3+'$X+<<$),$i*34',#$X4>*#$4,$("#$
Q*<#$4D$I)="($-#0)6(#-A$!"#C$-#0)6($%+'()*+,*1$("+($5#'#$4,$*"45$54'@),=$+($("#)'$6'+D(*$
),$("#$NLLc$Q,-)+,$+,-$[4<4,)+<$.2")3)()4,$),$T4,-4,B$#26#0($("#C$5#'#$+6(>+<<C$
0')*4,#'*$D'4/$&='+$K+)<$('+),#-$),$("#)'$6'+D($),$0')*4,$+,-$*")00#-$4>($(4$T4,-4,$5)("$
("#)'$0')*4,$=>+'-A$H##$H+<4,)$E+(">'B$%p!4$Z)*)($("#$f>##,qS$i,$`)*0<+C$+($("#$[4<4,)+<$
+,-$Q,-)+,$.2")3)()4,$4D$NLLc1B$),$F+G)1$5.$X#/)3+E$8*:*+)1:$2)/(*0.$1+G$87:(701:$X)/':1.B$
#-A$H+<4,)$E+(">'B$o,):#'*)(C$4D$[+<)D4',)+$^'#**B$;#'@#<#CB$7FFRB$00$P7MLFA$
P
$H##$&,(4),#((#$;>'(4,B$%J><#*$4D$!">/3S$;')()*"$X)*(4'C$+,-$pQ/0#')+<$[><(>'#q$),$
9),#(##,("M$+,-$!5#,()#("M[#,(>'C$;')(+),1B$),$!"#$R#9$FD'#0)1:)/D$%#1G#0B$#-A$
H(#0"#,$X45#B$J4>(<#-=#B$T4,-4,B$7FNFB$00$d7DDA$
c
$!")*$5+*$")="<)="(#-$),$("#$0>3<)6+()4,$("+($6+/#$4>($4D$("#$7FFN$64,D#'#,6#$%&'($+,-$
./0)'#1$"#<-$+($!+(#$;')(+),A$H##$!)/4("C$;+''),=#'B$a#4DD$f>)<<#CB$+,-$`4>=<+*$
Y4'-"+/B$H0($1+G$("#$B0)()/"$PD')0#B$E+,6"#*(#'$o,):#'*)(C$^'#**B$E+,6"#*(#'B$7FFRA$$
R
$H##$&<)*4,$H/)("B$%Q,('4->6()4,1B$),$H0()/($1+G$PD')0#B$#-*A$&<)*4,$H/)("B$`+:)-$;<+,#C$
;'45,B$+,-$[+'4<$U+643)B$!+(#$^>3<)*"),=B$T4,-4,B$7FNdA$
L
$H##$"((0Sgg555A+'(D>,-A4'=g*>004'(),=M/>*#>/*g+'(M5#:#M"#<0#-M
3>Cg+'(54'@g8ONNg6"##(+"M+,-M*(+=M5)("M(54M),-)+,*M=#4'=#M*(>33*$
O
$&<)*4,$H/)("B$`+:)-$;<+,#C$;'45,B$+,-$[+'4<$U+643)B$#-*AB$H0()/($1+G$PD')0#B$H0()/($1+G$
#D')0#B$0$PcA$
NF
$H/)("B$;'45,$+,-$U+643)B$H0()/($1+G$#D')0#B$00$LcMRA$
NN
$X4/)$;"+3"+$-#<),#+(#*$("#$,4()4,$4D$/)/)6'C$+*$+$64<4,)+<$*('+(#=C$4D$045#'$+,-$
23
@,45<#-=#$("+($+<*4$4DD#'*$+$(44<$D4'$*>3:#'*)4,$(4$("#$64<4,)]#-A$Y'4/$("#$04),($4D$
:)#5$4D$("#$64<4,)]#'$)(*$#DD#6():#,#**$"),=#*$4,$("#$0#'0#(>+()4,$4D$+$-)DD#'#,6#$("+($
/+'@*$("#$-)*(+,6#$3#(5##,$("#$64<4,)]#'*$+,-$("#$64<4,)]#-B$+$=+0$("#$64<4,)]#-$+'#$
("'#+(#,),=$(4$6<4*#$(">*$*>3:#'(),=$+,-g4'$/46@),=$64<4,)+<$045#'A$H##$X4/)$
;"+3"+B1iD$E)/)6'C$+,-$E+,S$!"#$&/3):+<#,6#$4D$[4<4,)+<$`)*64>'*#1B$X4/)$;"+3"+B$
!"#$Y*&1()*+$*,$87:(70#B$J4>(<#-=#B$9#5$_4'@B$NOOdB$00$LPMO7A$
N7
$H##$"((0Sgg3')()*"<)3'+'CA(C0#0+-A64A>@g+*)+,M+,-M+D')6+,g7FNPgFNg04'('+)(M4DM/+K4'M
5)<<)+/M0+</#'M+,-M")*MD+/)<CM,45M4,M-)*0<+CA"(/<$
N8
$H##$+<*4$
"((0Sgg555A3<A>@g4,<),#=+<<#'Cg4,<),##2g+0+6g+--4')/**g*gFNO+--4'FFFFFF7>FFFFFF
FFA"(/<$
Nd
$H##$9+(+*"+$.+(4,B$%;#(5##,$E)/#*)*$+,-$&<(#')(CS$&'(B$a)D(B$+,-$`)0<4/+6C$),$
[4<4,)+<$Q,-)+B$NRRFMNLFF1B$8*D'101()M#$Z(7G)#/$)+$Z*&)#(.$1+G$2)/(*0.$:4<$dcB$,4$dB$
7FFdA$
NP
$H##$H/)("B$;<+,#C$;'45,B$+,-$U+643)B$H0()/($1+G$PD')0#B$0N8PA$
Nc
$H##$"((0Sgg64<<#6()4,*A:+/A+6A>@g)(#/giL7Pc7g+M/>*)6M0+'(CM0+),(),=M(+=4'#M
+3+,),-'+,+("g$
NR
$[+'4<$&A$;'#6@#,')-=#$+,-$^#(#'$Z+,$$`#'$Z##'B$#-*AB$[0)#+(1:)/D$1+G$("#$4*/(&*:*+)1:$
40#G)&1D#+(Q$4#0/'#&()M#/$*+$Z*7("$H/)1$LR#9$87:(701:$Z(7G)#/NB$o,):#'*)(C$4D$
^#,,*C<:+,)+B$^")<+-#<0")+B$NOO8B$0$7A$
24