Lederen som oversætter
Et oversættelsesteoretisk perspektiv på strategisk arbejde Obed Madsen, Søren
Document Version Final published version
Publication date:
2013
License CC BY-NC-ND
Citation for published version (APA):
Obed Madsen, S. (2013). Lederen som oversætter: Et oversættelsesteoretisk perspektiv på strategisk arbejde.
Copenhagen Business School [Phd]. Ph.d. Serie No. 30.2013
Link to publication in CBS Research Portal
General rights
Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights.
Take down policy
If you believe that this document breaches copyright please contact us (research.lib@cbs.dk) providing details, and we will remove access to the work immediately and investigate your claim.
Download date: 26. Mar. 2022
Ph.d. Serie 30.2013
Leder en som o versætter
copenhagen business school handelshøjskolen
solbjerg plads 3 dk-2000 frederiksberg danmark
www.cbs.dk
ISSN 0906-6934
Lederen som oversætter
Et oversættelsesteoretisk perspektiv på strategisk arbejde
Søren Obed Madsen
&%&7&082/2<&78"99&7
P 92<&78"99&.8&89&27&9+8-5&785&-9+<5!8979&)+8-7#&,%&
47&0#&%%8&0
Søren Obed Madsen Lederen som oversætter
Et oversættelsesteoretisk perspektiv på strategisk arbejde 1. udgave 2013
Ph.d. Serie 30.2013
© Forfatter
ISSN 0906-6934
Print ISBN: 978-87-92977-72-4 Online ISBN: 978-87-92977-73-1
Ph.d.-skolen LIMAC er knyttet til forskningsmiljøer inden for sprog, kulturelle studier, kommunikation, jura, informatik, regnskab og revision samt ledelsesteknologi.
Alle rettigheder forbeholdes.
Kopiering fra denne bog må kun finde sted på institutioner, der har indgået aftale
0)&*7*,:.5&99+./&%F9%&00&(*0%.+0)-:00&#.+<&8-7&<&9I 0)&00"<09F+0)&0).&/9I
8"7+--&270&.+:8F/+.+&F7-:82)7+00&I
$%"
$"$$ ... 8 (*0%.+0)&08(27/!.IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII^_
(*0%.+0)&0825#?)0+0)IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII^`
< '*"5$*%(*)!(## ... 17
^I^ <%&78979&)+EIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII^e UEUEU 535#&(4.,1+-EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEVT UEUEV 535#&(4.,13.!#4EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEVU UEUEW 535#&(4.,5#*45EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEVX
^I_ 7)0+89+20&0Q-209&-89&0(278979&)+%2-:/&09&7IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII_d UEVEU 7"#3#-.3&-(45(.-AEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEV[
UEVEV %'-"+(-&#-4.3&-(45(.-4K.&+#"#3%.345#+4#EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEWT UEVEW #+*.-*+64(.-%.34535#&(.&.3&-(45(.-#3EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEWV
^I` !7&98979&)+%2-:/&098-+(9&7-209&-89IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII``
^Ia /2<&78"99&.8&89&27+IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII`e UEXEU #-53+# #&3# #3(.7#3455#+4#45#.3(EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEW]
UEXEV #%(3#1#341#*5(7#3(-"#-%.3.7#3455#+4#45#.3(EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEX[
UEXEW #+*.-*+64(.-1.7#3455#+4#45#.3(EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEYY UEXEX 7" #5:"#3.7#3455#+4#45#.3(%.3456"(#5%4535#&(#3AEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEYZ UEXEY 7#3455#+4#45#.3(4.,#-4,+#5-+:4#3,,#EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEY[
UEXEZ #+*.-*+64(.-1"#-5#.3#5(4*#"#+%%'-"+(-&#-EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEZX
^Ib 278-0+0)88547)8/!.IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIcb
= '*"5$)!)*%(*)!%,(, ")(%#*% ... 66 _I^ &92%+8-&7&(.&-8+20&7&..&7&02<&78"99&78#&/"7-0+0)&7IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIcc
VEUEU ("#-4* 45#.3#5(4*6"&-&416-*5EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEZ[
VEUEV (-#&#-%.3%.345#+4#.*#-"#+4#4(-5#3#44#-EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE[U _I_ 278-0+0)8%&8+)0IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIId_
VEVEU %'-"+(-&#-4%.34*-(-&44535#&(L!4#456"(#5EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE[W VEVEV 7#37#)#+4#3.,456"(#54&#-#3+(4#3 3'#"EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE[X _I` &97&/&92%&7Q9&-8989:%+&9F+09&7<+&=&0&2)2#8&7<9+20&7IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIdb VEWEU #*45456"(#5EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE[Y VEWEV -5#37(#8#-#EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE[Z VEWEW 4#375(.-4456"(#3-#EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE\\
_Ia 98-#&&9#+%7)IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIf^
_Ib 9<"7&&02<&78"99&7/&..&/92<&7%&0&7IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIf`
VEYEU .3'.+"#5,#++#,.3(&(-+.&.7#3455#+4#-EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE]Z VEYEV 7#3455#+4#(#-.3&-(45(.-EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE][
_Ic 72,&-9&98#&)7"080+0)&7IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIfe _Id &.-20-.:8+205!<+%&08-#89&27&9+8-&2<&7<&,&.8&72)/&92%&IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIff
> '*"5$".) ... 100
`I^ 0.?8&08^I%&.H8&27)0+89+20&70&88979&)+%2-:/&09&7IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII^]^
WEUEU 535#&(".*6,#-5#344536*563EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUTU WEUEV 13.(4535#&(#3-#EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUTV WEUEW 535#&(#3-#4(-"'.+".& &&36-"EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUTW WEUEX EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUTW WEUEY #4*%5(&#+4#4,(-(45#3(#5EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUT\
WEUEZ (-(45#3(#5%.3+:&5-(-&#B-"7-"3#3#.&-5#&35(.-EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUUV
`I_ 0.?8&08_I%&.979&)+&087&.9+209+.-209&-89&02)0%7&89?7+0)87&%8-#&7IIIIIII^^`
WEVEU 7#3455#3-#4*(+"#3.&+.:+(5#5EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUUY WEVEV #"#3-#4.7#3455#+4#4*.35EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUUZ WEVEW *4#,1+#31#*45#3-#*(+"#34(-"%+:"#+4#1.7#3455#+4#-EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUU[
WEVEX 33#46+55*.-53*5#35(+4535#&(EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUVU WEVEY 313.)#*545:3(-&473*50)5(+"(&(5+(4#3(-&44535#&(EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUV[
WEVEZ 3&-(45(.-4("#+#3EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUWV WEVE[ 535#&((#-53#K(K#-.3&-(45(.-EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUWX
`I` 0.?8&08`I%&.H<&78"99&.8&2)7&%+)&7+0)(8979&)+&7IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII^`e WEWEU .++#%.3"#+(-&#-(3 #)"#5,#".7#3455#+4#3EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUW]
WEWEV 7#3455#+4#4*.,1#5#-!#3EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUXT WEWEW 7#3455#+4#47-4*#+(&'#"#3EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUXU WEWEX 7"7(+"#54(%.3454535#&(#-AEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUXW WEWEY 5+3##5-:5413.&EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUXX WEWEZ 5&..&+#.3"(4535#&(#-EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUX[
WEWE[ 35.1+#"#+4#-"#- #"45#%.345#+4#%.34535#&(#-AEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUX\
WEWE\ 34535#&(#-&(7#47("#3#EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUYT WEWE] .345#+4#-*- +(7# #"3#,#"5("#-EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUYT WEWEUT 3(5#3(#3%.354535#&(#- +(7#3.7#345EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUYU WEWEUU 4-(-&%4535#&(#-4.,*.-*3#5#++#3 453*5EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUYU
WEWEUV -"+(- 4#3#51+4-(-&#-%4535#&(#-EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUYY WEWEUW 7.3"-.7#3455#44535#&(#3AEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEUZ[
`Ia 0.?8&08aI%&.H)92)8979&)+&08&((&-9&7IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII^e^
WEXEU --6-!#3#5%.345#+4#%4535#&(#-4#%%#*5#3EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEU\V WEXEV 7#3455#+4#45#.3(.&,&5EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEU\W WEXEW ,.7#3455#3#4.,1.5#-5(#++#%.33"#3#EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEU\Z WEXEX ,4535#&(".*6,#-5#3-#4#%%#*51("#-5(5#5B,&5.&,."45-"EEEEEEEEEEEEEEEEEEEEU\[
WEXEY ,*.+.-(4#3(-&EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEU\]
WEXEZ .:+(5#5.&%.33"#3(EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEU]V WEXE[ 7#3455#3#-43.++#6-"#3*.+.-(4#3(-&.&(#55.5+(53545:3#EEEEEEEEEEEEEEEEEEEEEEEEEEEEU]W WEXE\ .+.-(4#3(-&#-(.3&-(45(.-#3EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEU]X WEXE] 7.3"-4535#&(#-*.+.-(4#3#3L,#++#,'7.3%.3.&'7.3"-EEEEEEEEEEEEEEEEEEEEEEEEEEEEEU]Y WEXEUT 3J'7.3%.3J#37*EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEVTV WEXEUU 535#&(#-4#%%#*5#3EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEVTY WEXEUV (4*644(.-%+.:+(5#5(4535#&(4*3 #)"#EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEVTZ WEXEUW -7.+7#3(-&.&,."45-"EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEVUT WEXEUX #"#3-#44(565(.-(4535#&(4*3 #)"#4#5%3*.+.-(4#3(-&41#341#*5(7#5EEEEEEEEEEVUV WEXEUY 146,,#3(-&1,&5.&4535#&(#-4#%%#*5#3EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEVUW
`Ib ?5&7(2<&78"99&7&+27)0+89+20&7IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII_^a WEYEU #-413.&+(&#EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEVUZ WEYEV #-*6+563#++#EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEVUZ WEYEW #-%6-*5(.-#++#EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEVUZ WEYEX #-("#.+.&(4*#EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEVUZ WEYEY #-3#)4#-"#EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEVU[
`Ic &.-20-.:8+205!0.?8&0IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII_^f WEZEU 3.!#44#-EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEVVT WEZEV #"#3-#EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEVVU WEZEW 535#&(".*6,#-5#5EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEVVW WEZEX ("3&5(+4535#&(+(55#3563#-EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEVVY
? '*"6%$!"+)%$%'()'!*,($ ... 228 aI^ 979&)+2<&78"99&.8&08-209&-89IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII__f
aI_ <27%0()47&0.&%&7F*<+.-&2<&78"99&.8&8/2%&..&7%&78-.0<&0%&8EIIIIIIIIIIIIIII_`]
aI` <+.-&-7+9&7+&78-.<"7&25(?.%9F(479.&%&7&02<&78"99&78979&)+&0EIIIIIIIIIIIIIIIIIII_`^
aIa <%&72<&78"99&.8&+&027)0+8927+8-8//&0*"0)EIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII_`^
aIb <%&72<&78"99&70&872..&+27)0+89+20&7EIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII_`_
aIc <27%0:%(2.%&7/)9&08+)+2<&78"99&.8&0(8979&)+&7EIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII_`_
aId <+.-&(27*+0%7+0)&7&-8+89&7&7(279(27&9)&2<&78"99&.8&7EIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII_``
aIe <&78"99&.8&89&27+80<&0%&.+)*&%+8979&)+(&.9&9IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII_`a aIf &785&-9+<&7+0)IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII_`b
&(&7&0$&7IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII_`d +.)^I 4789&:%)<&(+09&7<+&=):+%&0IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII_c]
+.)_I0%&0:%)<&(+09&7<+&=):+%&0IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII_c^
+.)`H<&78+)92<&79#&..&72)(+):7&7IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII_c`
+.)aI09.(+0(27/09&72)%&7&8*+&77-+8-&528+9+20IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII_ca +.)bI0).+8*#897$9IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII_cb +.)cI&8:/&IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII_cc
$"$$
J7#3:5'(-&(-83(47#3:4(,1+#B 655'#4(,1+#455'(-&(4"(%%(!6+5J 7.<20.:8&=+9@
<27(27(270%7&7&08979&)+8+):0%&7%&08:%(478&.E)*<&/&..&7*<%8-#&7
%&00&(270%7+0)E<27(27&7%&98!8<"799:%(47&02)&98!8+/5&.982/&0 8979&)+E&99&&7%&)7:0%."))&0%&8547)8/!.F82/%&00&(*0%.+0)#&8-"(9+)&7 8+)/&%I20-7&9(2-:8&7&7(*0%.+0)&05!F*<27%0-947&7."8&72)"0%7&7 +0%*2.%&9+8979&)+%2-:/&09&7(279(!%&/9+.9588&9+.%&7&8&)0&-209&-89&7I
(*"0)+)(%&(+0+9+20&05!8979&)+&7%&99&#&)7&##.&<&989:%&7&9+)&00&/(.&7&
9:8+0%!782/&0/+.+9"7%+8$+5.+0S:0@:F$Ib]](I7O^ffbG.:8&=+9@F
^e]dO^fe_T&..&78+%&0^fc]L&70&82/&027)0+8927+8-%+8$+5.+0S*0%.&7F^fc_G 082((F^fcbTI78)&09+.+09&7&88&0(278979&)+&7&7&0-&.I979&)+&7&7&0$&097.
%&.+89?7+0)&0(27)0+89+20&7F0!7-947&78-9+<+9&9&78-.5.0."))&8F
-227%+0&7&82):%(47&8I&98-?.%&8F98979&)+&7*,".5&7-947&7/&%9(27/:.&7&
%&7&8/!.2)7#&,%&*&0+/2%%&/F8!.&%&89%&-07&.+8&7&8I&7(27&7%&9 7&.&<09<+%&0F*<27%0&08979&)+8-.572%:$&7&82)+--&/+0%89F*<27%0%&08-.
:%(47&8(279(!%&0408-&%&&((&-9I
7:0%."))&0%&&78979&)+8-7#&,%&+27)0+89+20&7#.&<&989:%&7&9:%(792 5&785&-9+<&7+/+0897&/8979&)+(278-0+0)I&0&0&%&.89:%&7&7F*<27%0 8979&)+5.0&7:%<+-.&82)+/5.&/&09&7&8S&(27&-8&/5&.+09@#&7)Z9&78F
^febG7&#+0+-Z2:$&F_]]^G7&#+0+-F_]]cG+09@#&7)&9.F_]]fTF/&0
#.$-#2-8&7+/5.&/&09&7+0)&082/&0-2/5.+$&7&9572$&8F%&7+--&*702)&0-.7
%&(+0+9+20S2#.&F^fffG*2/5820&9.F_]]`TI&7/&%-0%&78-&.0&8/&..&/
+09&0%&7&92)&/&7)&098979&)+F0!7%&07&.+8&7&%&8979&)+8-.25)47&8I&7<&%
#.+<&78547)8/!.&92/F*<27(27&08979&)+(270%7&8:0%&7+/5.&/&09&7+0)&0),279 9+.&9&/5+7+8-8547)8/!.F*<27(8&0/&%9:%<+-.&8979&)+&0(.48&8((8&0/&%
9+/5.&/&09&7&%&0I&00%&0%&.((278-0+0)&0F%&7&7572$&827+&09&7&9F 89:%&7&7-947&78-9+<+9&9&72)57-8+8+(27#+0%&.8&/&%8979&)+8-7#&,%&
S+09@#&7)F^fd_F^fdfG&99+)7&=F^fddG*+99+0)920F_]]^TF/&0%&7&7+--&
/0)&F%&7&7&-85.+$+99&2/9%+88&-9+<+9&9&79)&7:%)0)85:0-9+&9 8979&)+%2-:/&09I
&.<2/8979&)+#&)7&#&9%&(+0&7&85!(278-&..+)&/!%&7+.+99&79:7&0F8!&7 2/%7&,0+0)85:0-9&9(275&785&-9+<&70&&98979&)+%2-:/&09I&925 8979&)+%2-:/&09&9&7:0%&7#&.?89+.+99&79:7&02/8979&)+F*<+.-&9&7 2<&778-&0%&F0!78979&)+%2-:/&09&9&72/%7&,0+0)85:0-9&9+%&98979&)+8-&
7#&,%&F*<%&0%%&9*0%.&72/9572%:$&7&&08979&)+&..&72/572$&88&70&F%&7 -2//&7&(9&7572%:-9+20&0I
0/:.+)!78)9+.98979&)+%2-:/&09&9&7:0%&7#&.?89-0<"7&9894789&%&.&0(
.+99&79:7&0#&*0%.&78979&)+%2-:/&09&982/&05.0F/&0&05.0&7&09&-89F 82/(27(99&70&+09&0%&7&%&8-:..&*<&&08"7.+)(:0-9+20I<+88979&)+%2-:/&09&9
%&7+/2%%8-+..&8(7(27(99&70&8+09&09+20&72)-947&70&8#7:)F(7&/89!7%&082/
&09&-89F82/8-.0<&0%&8(278-&..+)&89&%&7+27)0+89+20I&925"0%7+0)&0(
%2-:/&09&98-209&-892)-208&-<&08&70&(27%&98979&)+8-&7#&,%/<"--&
25/"7-82/*&%I7)0+89+20&7&7+--&&0*2/2)&0&0*&%F/&0#&89!7(-947&7 /&%(278-&..+)&#))7:0%&2)7#&,%825)<&7I&7(27<+7-&7%&9:80%8?0.+)9F9..&
-947&7."8&7F(2789!72)#&*0%.&7%2-:/&09&95!8//&/!%&F0!7%2-:/&09&9
"0%7&7-209&-89S4<+-F_]]dG ..+&9.F_]]fTI09&-89&7972%8.9-:0&99+.#:%(
+0(27/9+20&7F*<27."8&70&:%<".)&7%&&.&/&09&7+9&-89&0F82/%&(+0%&7 +09&7&8809&2)<+)9+)&S27%F^ffdTI&7(27/!%&7<"7&&0572$&8F%&7.+))&7 /&..&/%&92/+0897&/5&785&-9+<&75!8979&)+I0572$&8F%&7*0%.&72/F*<%
%&78-&7/&%8979&)+&0F82/%&0&-8+89&7&7+9&-89&0F0!7-947&7(.?99&7%2-:/&09&9 7:0%9+27)0+89+20&0F/&0(479%2-:/&09&9#.+<&7(27/&0%&(27-9+<+9&9&7+%&0
%&.(27)0+89+20&0F*<278979&)+%2-:/&09&98-.0<&0%&8I&99&/!<"7&&0
*&.9$&097.572$&8(279(2789!F*<27%0&08979&)+"0%7&82)9+.588&8-209&-89&0F /&0%&0&7+--&#.&<&9%7&88&7&9(*<&7-&05.0.")0+0)85&785&-9+<&9&..&7 572$&85&785&-9+<&9+0%&0(278979&)+.+99&79:7&0I&9&7%&00&572$&8F%&7.+))&7 +/&..&/%&92/+0897&/5&785&-9+<&75!8979&)+F82/%&00&(*0%.+0)
#&*0%.&7I
2790.?8&7&%&00&572$&8&7%&7#&*2<(27&09&27&9+8-7//&F%&7*7
#&)7&#&7(27F*<27%0-947&7"0%7&79&-89&7F0!7%&(.?99&7-209&-89I!0:<"7&0%&
9+%85:0-99+.#?%&78979&)+.+99&79:7&0+--&%&99&#&)7𔹋I085+7&7&9(4<+-8 7#&,%&S_]]dT*7,&)%&7(27:%<+-.&9&08!%09&27&9+8-7&(&7&0$&7//&I4<+- /&0&7F9%&7&702).&$&097.&572$&88&7F82/<+2<&78&7F0!7<+574<&79(2789!F
*<27%0+%&&7&..&727)0+89+208258-7+(9&7:%#7&%&8/&..&/27)0+89+20&7I 279 (!4,&5!%&572$&88&7/&0&7*0F9<+*7#7:)(2702).&.9&709+<&
0.?8&7//&7F%&7-0(:0)&7&82/9&27+)&0&7&7&0%&I0&7+085+7&7&9(89:%+&9 (2<&78"99&.8&7F(27%+<&%9:%<+-.&&97+)927%(277!%/&0&7*0F9-:00&8&0?&2)
#&9?%0+0)8(:.%&&/5+7+8-&("02/&0&7I&9&7%&00&9+.)0)F82/,&)*7(:.)9I4<+- (2-:8&7&75!27)0+89+208258-7+(9&7F(2789!&982/+%&&7F:%(7&9+089+9:9+20&.9 5&785&-9+<2)+--&5!8979&)+%2-:/&09&7&..&7-947&7I0#&8-7+<&7F*<+.-&
"0%7+0)&7F%&7-08-&+&027)0+89+208258-7+(9F0!7%&0(.?99&7-209&-89F2)
#&8-7+<&72)8!F*<+.-&-2/5&9&0$&782/2<&78"99&70&8-.*<&(279:%(47&
25)<&0I&0%&7/0).&7&9-9475&785&-9+<5!2<&78"99&.8&F*<+8%&98-.<"7&
/:.+)989:%&7&F*<%%&7#&9+0)&72<&78"99&.8&72)*<27(27%&08//&8979&)+
2<&78"99&85!&0/!%&(&0.&%&7F2)5!%&00%&0/!%&(&00%&0.&%&7I&7(27 92),&):%)0)85:0-9+89:%+&9(2<&78"99&.8&+0%&0(27.+99&79:7<+%&08-#&0(279 (!&0%?#&7&(2789!&.8&(279&27+&70&82/4<+-&7+085+7&7&9(S&(27&-8&/5&.
27%F^ffdG?/F_]]aG:0%?F_]]fG-&7F_]]fTI!%&0#))7:0%*7,&) :%<+-.&9&09&27&9+8-7//&F%&7&7#8&7&95!2<&78"99&.8&89&27+I/#+9+20&0&79
!#0&?%&7.+)&7&25(27%&572$&88&7F%&7(27&)!7F0!7&98979&)+%2-:/&098-.
2/8"99&89+.-9+<+9&9&7+/0)&(278-&..+)&-209&-89&72)(27*<27%0%&&0-&.9&
-209&-89&75!<+7-&7+0%*2.%&9(8979&)+%2-:/&09&9F%&7(:0)&7&782/
:%)0)85:0-9(27-9+<+9&9&70&I
20-7&9*7,&)(27&9)&9&9$8&89:%+&/&%97&27)0+89+20&7(279(+0%&:%(F
*<27%0.&%&7&7#&,%&7/&%9)47&8979&)+&70<&0%&.+)&+%&7&8&)0&-209&-89&7I
&98-&9&82/&0%&.((278-0+0)8572)7//&9 7&/9+%&08((&09.+)&%&78-#F82/
/+9572,&-9&7&0%&.(I72)7//&9&7&98/7#&,%&/&..&/ +008/+0+89&7+&9F
&09&7(27+7-82/*&%8:%<+-.+0)2)&%&.8&ST5!2)&07"--&2((&09.+)&
27)0+89+20&7F%&7#!%&(:0)&7&782/4-202/+8-&#+%7)8?%&7&2)
$8&27)0+89+20&7I&97&27)0+89+20&7F82/*7#+%7)&9#!%&4-202/+8-2)/&%
&/5+7+9+.%&99&572,&-9F&7-99&/+0+89&7+&9F&8-"(9+)&.8&8/+0+89&7+&92) 09&)79+208/+0+89&7+&9I&97&27)0+89+20&7#.&<:%<.)982/7&57"8&0909&7(27 27)0+89+20&7F%&725&7&7&75!&98/(:0%8/"88+)90+<&:F*<27%&#!%&*7 08<7(2752.+9+-:%<+-.+0)F/?0%+)*&%825)<&72)8)8#&*0%.+0)I9%&9#.&<97&
/+0+89&7+&7F%&7(:0)&7&%&82/$8&+572,&-9&9F&7+--&9+.(".%+)9I 27%&9(4789&&7
%&99&572,&-9&0%&.(&9(278-0+0)8572)7/%&72/*0%.&72((&09.+).&%&.8&I 27%&9 0%&9-0%&909)&8F9%&7&789477&80%8?0.+)*&%(279&9/+0+89&7+:/8-..48&
25)<&75!9<"78(7&882792/7!%&I&9/&%(47&79%&F+*4,&7&)7%&0%&057+<9
<+7-82/*&%F25.&<&798-:..&8/7#&,%&/&%/0)&-947&7F%&7.+))&7:%&0(27
%&08+0%(.?%&.8&88("7&I&99&)47%&/)&0&7&.9+09&7&8809&+(27*2.%9+.8979&)+8- 7#&,%&(92!78)&7I 27%&9(4789&(27%+%&7&88979&)++--&-:0*7#&9?%0+0)(27
%&/8&.<F/&02)8!(278/(:0%&92)(27%&90%&9F(27%+%&7&7/0)&
+09&7&88&09&7F%&7-05!<+7-&8979&)+&0I&99&8-?.%&8%&/0)&79&%&25)<&7 82/&9/+0+89&7+:/.48&7F%&785"0%&7(752.+9+-:%<+-.+0)F*&02<&7
/?0%+)*&%825)<&72)9+.8)8#&*0%.+0)I&.<2/25%&.+0)&0(27)0+89+20&7+
57+<92)2((&09.+)8&-927-0%+8-:9&7&8F8!%8-+..&7%&07-&9?5+8-&2((&09.+)&
<+7-82/*&%8+)(7&07-&9?5+8-57+<927)0+89+205!&07"--&$&097.&5:0-9&7 82/%&052.+9+8-&.&%&.8&F25)<&7F(27*2.%9+.2/)+<&.8&70&2)8:$$&8-7+9&7+&7I
&7(27&7%&9%+88&27)0+89+20&7&08"7.+)*,".582/&/5+7+8--209&-89F%
2<&089!&0%&+57+0$+55&9)+<&702).&#&9+0)&.8&7(27%&98979&)+8-&7#&,%&7F*<27 8979&)+%2-:/&09&98-.-:00&(:0)&7&+/0)&(278-&..+)&-209&-89&7F2)08&8
%&7(27(279<"7&&98"7.+)9<&.&)0&989&%989:%&7&8979&)+2<&78"99&.8&7I!7,&) 8-7+<&7+57+0$+55&9F*"0)&7%&98//&0/&%2/%&9.&0&&727)0+89+20&0F%&7
*7+0%(.?%&.8&5!7&.+8&7+0)&0(/!.&0&F&..&72/+0%(.?%&.8&0%&.&8/&..&/
27)0+89+20&02)0%7&-947&7I&99&(27#.+<&7%2)&9&/5+7+8-8547)8/!.F%&7 (*"0)&7(8979&)+&08+0%*2.%I
&09&27&9+8-&7//&%00&7#))7:0%(27&00.?8&(F*<27%0.&%&7&+97&
27)0+89+20&72<&78"99&78979&)+&7F*<+.-&9&7%&0572$&8F%&7(27&)!7/&..&/
572%:-9+20&0(8979&)+&02)572$&88&70&/&%9:%(47&8979&)+&0I&7/&%)+<&7 7//&0#.+-(27F*<27%0.&%&7&."8&72)"0%7&7+8979&)+&0F0!7%&9)&7%&0
$&097.9:%<+-.&%&8979&)+*&09+.%&7&8&)0&(%&.+0)&7I&7<+8&7%&98+)F9.&%&70&
+--&+/5.&/&09&7&78979&)+&0F/&0%&+/5.&/&09&7&7%&7&82<&78"99&.8&(
8979&)+&0I&7/&%&72<&78"99&.8&0&0$&097.2)<+)9+)572$&8F82/+--&#.+<&7
#&*0%.&9(%&0&-8+89&7&0%&(278-0+0)+0%&0(278979&)+I
$"$$)%(#"
(*0%.+0)&08(27/!.&790.?8&7&F(2789!2)(27-.7&F*<27%0.&%&7&2/8"99&7&9
$&097.9572%:$&7&98979&)+%2-:/&099+.%&7&8&)&0-209&-89<&%9(2-:8&7&5!%&0 572$&8F%&7-2//&7(47%&572$&88&7F%&7-0-.%&8(27+/5.&/&09&7+0)F/&0&(9&7 )2%-&0%&.8&0(8979&)+%2-:/&09&9I/#+9+20&0&79!#0&25(27&0%+8-:88+20(F
*<%%&7-2//&7(47+/5.&/&09&7+0)2)57"8&09&7&&00?/!%&90.?8&7&%&00&
%&.(F*<27%0.&%&7&7#&,%&7/&%8979&)+&7I0-&.9&%&.&((*0%.+0)&0&7
#.&<&95:#.+$&7&9&..&757"8&09&7&95!-20(&7&0$&7+9+%.+)&7&:%)<&7S#&%
%8&0F_]^^F_]^_TF/&0&7..&#.&<&97&%+)&7&9F2/8-7&<&92)25%9&7&9I
&)#&*0%.&7&92<&727%0&9(278-0+0)88547)8/!.+(*0%.+0)&0HN<27%0 2<&78"99&7.&%&7&8979&)+%2-:/&09&7EN
27/:.&7+0)&0((278-0+0)88547)8/!.&9&7+085+7&7&9(0%#&7)2).<&8820 S_]^^TF%&70#&(.&79+%&09+(+$&7&:0%&7."))&0%&09)&.8&7+&-8+89&7&0%&9&27+&7 (279)&0&7&7&0?<+%&0I
&92<&727%0&%&(278-0+0)88547)8/!.#&8<7&8<&%*,".5((4.)&0%&
:0%&78547)8/!.F%&7:%%?#&72<&78"99&.8&8572$&88&0H
^I <27%0()47&0.&%&7F*<+.-&2<&78"99&.8&8/2%&..&7F%&78-.0<&0%&8E _I <+.-&-7+9&7+&78-.<"7&25(?.%9F(47.&%&7&02<&78"99&78979&)+&0E
`I <%&72<&78"99&.8&+&027)0+8927+8-8//&0*"0)E aI <%&72<&78"99&70&872..&+27)0+89+20&7E
bI <27%0:%(2.%&7/)9&08+)+2<&78"99&.8&0(8979&)+%2-:/&09&7E cI <+.-&(27*+0%7+0)&7&-8+89&7&7(279(27&9)&2<&78"99&.8&7E
9:%+&9)+<&7/:.+)*&%(279:%<+%&(2789!&.8&0(F*<27%0.&%&7&7#&,%&7/&%9 (!$&097.9:%<+-.&%&8979&)+%2-:/&09&79+.9(:0)&7&+%&7&8&)0&-209&-89&7I&9 8-&7<&%9:%<+-.&2)0<&0%&&0-209&-89(4.82/0.?8&7//&F%&7&7+085+7&7&9(
2<&78"99&.8&89&27+I
$"$$)%'.$$
(*0%.+0)&0&7+0%%&.9+(+7&-5+9.&7G9&27+F/&92%&F0.?8&2)-20-.:8+20I
4789&-5+9&.&7(*0%.+0)&089&27&9+8-&%&.F%&7#&89!7(97&(80+9I&0(4789&
#&*0%.&78979&)+.+99&79:7&0F*<27/+0897&/.+99&79:7&0%&.&825+92%&.&F%&7
*0%.&72/98979&)+&0%&(+0&7&882/&05.0&..&782/&0572$&8F/&09%&
9+.8//&0)+<&7&9/&7&(:.%-2//&09#+..&%&(8979&)+#&)7&#&9I+.)&0)".%*7
#&))&5&785&-9+<&702).&09)&.8&7F%&7)479%&+--&(2-:8&7&75!F*<%%&78-&7F 0!78979&)+%2-:/&09&9"0%7&7-209&-892)*<%-947&7)47(2799+.588&%&9%&0 0?&-209&-89I&.<2/%&7&78-7&<&92/8979&)+%2-:/&09&7F8!&7%&99&8-&9:%(7 5&785&-9+<&7F%&7+--&8-&.0&7/&..&/9&-89&08+0%*2.%2)%&08(:0-9+20F&..&7
*<27%0%2-:/&09&9"0%7&8F0!7%&98-+(9&7-209&-89I&00%&0%&.2589+..&7 0.?8&7//&0F*<274<+-87#&,%&.&%&72<&79+.&0)&00&/)0)(
2<&78"99&.8&89&27+I(*0%.+0)&0857+/"7&9&27+&7(72<&78"99&.8&89&27+F/&0%
9&27+&02/*0%.&72<&78"99&.8&(.+99&7"7&9&-89&7F+0%%7)&8#&)7&#&7(7 8979&)+.+99&79:7&02)27)0+89+208.+99&79:7&0(279:%<+-.&%&09&27&9+8-&7//&I
&7/&%8:55.&7&8%&99&27&9+8-&5&785&-9+</&%*,".5&#&)7&#&7(279-:00&
0<&0%&882/0.?8&7//&9+.9#&8<7&(278-0+0)88547)8/!.&92/F*<27%0 .&%&7&2<&78"99&78979&)+%2-:/&09&7I<&78"99&.8&825)<&0%&(+0&7&882/&0 +0%+<+%:&.572$&8F*<27.&%&7&0(:0)&7&782/#+0%&.&%/&..&/%&(278-&..+)&%&.&(
27)0+89+20&0I&00&25)<&(27&)!7%2)+&0-209&-89F*<272<&78"99&7&0+--&&7 :5!<+7-&9(%&082$+.&-209&-89I&097&%,&2)8+%89&%&.(9&27+(80+99&9&7&0
258://&7+0)(F*<%2<&78"99&.8&89&27+-20$&59:&.9#&9?%&7(2789:%+&9(
8979&)+8-7#&,%&+27)0+89+20&7I
&90%&9-5+9&.*0%.&72/%&9<+%&08-#89&27+&9+8-&:%)0)85:0-92)%&
/&92%&0I&99&-5+9&.&78-7&<&9+&0#&-&0%&0%&(27/F(27%+5!972%8(F9<.)&0&
+(278-0+0)8572$&88&0*79)&9:%)0)85:0-9+#&89&/9&/&92%&72)-2/#+09+20&7 (9+.)0)&F*7<.)&0&2)(7<.)&0&<"7&9):+%&9(&08:#,&-9+<
&7-&0%&.8&8+09&7&88&I%&99&-5+9&.#&8-7+<&82)8!7&(.&-8+20&70&2<&7572$&88&0 /&%92<&78"99&&09&27+(7&9(&.99+.&90%&9I&0/&92%+8-&9+.)0)9+.572,&-9&9
&7+085+7&7&9(%&9+.)0)&82/4<+-S_]]dTF..+820S^fcfTF27)0S^fecT2)
$&0@+&S_]]cT7&57"8&09&7&7I&/.+)F99&27+&70&897:-9:7&7&7%&2#8&7<9+20&7 82/(278-&7&)478+)I&9#&9?%&7+--&-:0F9(278-&70&8&7<&7%&02)897:-9:7&7&7 +0(27/9+20&70&+)&00&/%&9#&)7�/9&27+&70&9+.#?%&7%&/F/&0 2)8!F9(278-&7&&7+890%9+.90<&0%&(278-&..+)&9&27+&7F2)%&7<&%(!&089477&
<+%&02)(2789!&.8&(27%&9("02/&0F82/%&89:%&7&7I9:%+&9&7&-85.279+<9F%&7 0&7-&0%&7F9(278-0+0)8572$&88&0-0<"7&.90%&9&0%.+0&"7I&7/&%2589!7&9 8//&085+./&..&/9&27+2)&/5+7+F*<27#&))&&.&/&09&7:%%?#&7(2789!&.8&0(F
*<27%0.&%&7&2<&78"99&78979&)+%2-:/&09&7I/5+7+&0#&89!7(&9$8&89:%+&(
97&/+0+89&7+&7F*<27,&)*7+09&7<+&=&9`b.&%&7&F(27&9)&9&07"--&
2#8&7<9+20889:%+&72)0.?8&7&9:%<.)9&8979&)+%2-:/&09&7+%&97&
27)0+89+20&7I&9<+%&08-#89&27&9+8-&:%)0)85:0-9&7+085+7&7&9(-7+9+8-9&27+
2)*&7/&0&:9+8-F%&7-2/#+0&7&9)+<&7&092.-0+0)8/"88+)9+.)0)/&%
*0%.+0)827+&09&7+0)F*<27(2789!&.8&(272<&78"99&.8&8572$&88&7-0(47&9+.
(27#&%7+0)(7#&,%&9/&%8979&)+I(*0%.+0)&0*<+.&75!%&057"/+8F9*&.&
8979&)+#&)7&#&9-0(27-.7&8<&%*,".5(%&.9&27+&7F/&09%&7/0).&7&0 9&27&9+8-7&(&7&0$&7//&F%&7(2-:8&7&75!F*<27%0.&%&7&2<&78"99&7 8979&)+%2-:/&09&7I
(*0%.+0)&0897&%,&-5+9&.&70.?8&0F%&7&7%&.925+(+7&(80+9F%&7#&8-"(9+)&7 8+)/&%%&(278-&..+)&%&.&(25)<&0/&%92<&78"99&8979&)+%2-:/&09&7I 0.?8&02/*0%.&79&-89&70&G*<%-947&70&)47/&%%&/F0!7%&(.?99&7
-209&-89F2)*<27%09&-89&70&2)-947&70&5!<+7-&7*+00%&0I 4789&%&.*0%.&7 2/$8&27)0+89+20&70&88979&)+&7F%&7&8+0%*2.%F#))7:0%2)9+.9"0-9&(:0-9+20I
&00%&0%&.*0%.&72/F*<27%0.&%&70&+27)0+89+20&7(+0%&7:%(F*<%
8979&)+&70&*0%.&72/<&%9."8&8979&)+%2-:/&09&70&+.?8&9(0%7&(-927&7F 82/%&:%<+8&7.2?.+9&9+/2%I&097&%,&%&.*0%.&72/F*<%.&%&70&)47/&%
9&-89&70&F0!7%&8-.(.?99&89+.%&7&8&)&0-209&-89I&7<+8&8F*<27%09&-89&70&
7&%+)&7&82)2<&78"99&8:%(7(+7&(278-&..+)&5&785&-9+<&7F/&02)8!9
2<&78"99&.8&-:0&7&0:%((+7&/:.+)*&%&7F82/.&%&70&-0#&*0%.&8979&)+&0 5!I&0(,&7%&2)8+%89&%&.0.?8&7&7F*<27%08979&)+9&-89&75!<+7-&7-947&70&
+)&00&/%&0%&.(2<&78"99&.8&89&27+F%&7*0%.&72//)92)-2.20+8&7+0)I
0.?8&0<+8&7F9.&%&70&+--&."8&78979&)+&70&+%&7&8*&.*&%F/&0:%<".)&7%&.&
(8979&)+&0:%(78"7.+)&-7+9&7+&7I<&78"99&.8&0&7%2)+--&:%&0572#.&/&7F%
02).&.&%&7&+--&(2789!78979&)+&0&..&7+--&08&7%&0(279<"7&7+)9+)I/5+7+&0 :%<+-.&7%&09&27&9+8-&7//&<&%9<+8&F9+--&..&.&%&7&25(47&78+)82/
2<&78"99&7&F%%&&09&0+--&(2789!78979&)+&70&&..&7+--&&7&0+)+%&/I&7/&%&7 2<&78"99&.8&-:0&0:%((+7&/:.+)*&%&7F0!7.&%&70&8-.(+0%&:%(F*<%%&8-.
)47&/&%8979&)+&0+%&7&8&)&0-209&-89I&97&0%7&/:.+)*&%&7&798&0%&%&0
<+%&7&:2<&789F+)027&7&%&0&..&7?%&/2%890%I&.&%&7&F%&72<&78"99&7 8979&)+&70&7&%+)&7&7%&/F8!.&%&892<&78"99&.8&0-0<"7&/&)&9(278-&..+)(7 27+)+0.&0F*<+.-&989+..&78547)8/!.9+.#&)7&#&9&/&7)&08I<+8&02<&78"99&.8&(
8979&)+%2-:/&09&9&7/&)&90%&7.&%&8&0%27+)+0.&0F-0%&99&8!#&9&)0&882/
&/&7)&08&..&7#.29&02<&78"99&.8&(8979&)+&0E0.?8&0<+8&72)8!F98979&)+&78 +0%*2.%-0-2.20+8&7&27)0+89+20&70&F(27%+8979&)+&70&+-7(9(%&7&8+0%*2.%
*7529&09+.&99+.9"0%7&5!$&097.&<+7-&.+)*&%825(99&.8&7+27)0+89+20&7I
&92(4789&%&.&(0.?8&08-&.0&7/&..&/%&(278-&..+)&$8&27)0+89+20&7F%
%&7&7(2-:85!8//&085+..&9/&..&/%2-:/&09&70&8+0%*2.%2)%&7&8-209&-89I&
928+%89&%&.&8-&.0&7+--&/&..&/%&&0-&.9&27)0+89+20&7F/&0(2-:8&7&7)&0&7&.9 5!F*<27%0+0%+<+%:&..&-947&72<&78"99&7%2-:/&09&70&F2)*<27%0
%2-:/&09&70&8+0%*2.%5!<+7-&7%&/I
0.?8&0(8.:99&8/&%&0%+8-:88+20(F*<%0.?8&087&8:.99&7#&9?%&7(27 8979&)+.+99&79:7&0I&7<+8&7%&98+)F90!7.&%&7&%&(+0&7&882/2<&78"99&7&(
8979&)+%2-:/&09&7F(!7<+#.+-(27(27*2.%F%&7*0%.&72/.&%&70&8(2789!&.8&(
8979&)+&0F8979&)+%2-:/&09&787&.9+209+.0%7&89?7+0)8<"7-94,&7F*<27%0.&%&7&
.48&72<&78"99&.8&8572#.&/&7F2)9&98979&)+%2-:/&092<&78"99&8F8!.&%&89%&7 2589!7&0-8-%&(8979&)+%2-:/&09&7I&00&-8-%&&7+--&-227%+0&7&9F2)
%&7(27#.+<&7%&9<08-&.+)99<:7%&7&F*<270!7%&7&79.&2/2<&78"99&.8&2)
*<270!7%&7&79.&2/&/&7)&08I<&78"99&.8&8572$&88&04)&709..&9(8979&)+&7 +27)0+89+20&0F2)&98/.&92<&7#.+-2<&78//&085+..&92)7&.9+20&70&/&..&/
8979&)+&70&<08-&.+))47&8I
&9(,&7%&-5+9&.&7-20-.:8+20&02)5&785&-9+<&7+0)&0I&7(27&0&80.?8&08 7&8:.99&7/&%(*0%.+0)&08(278-0+0)88547)8/!.F2)%+88&5&785&-9+<&7&8I 20-.:8+20&0<+8&7F9*<+8<+(2789!78979&)+82/&02<&78"99&.8&8572$&8F*<27 8979&)+%2-:/&09&72<&78"99&8(.&%&7&F(!7<+4,&5!(27*2.%F%&7-0(27-.7&F
*<27(27&08979&)+"0%7&78+)F0!7%&0(.?99&7-209&-89I
2/..&9&-89&7-0%&00&9&-892)8!."8&85!(.&7&/!%&7I(*0%.+0)&0&7&0
*+8927+&2/F*<27%0.&%&7&+97&/+0+89&7+&72<&78"99&78979&)+%2-:/&09&7I&0 8-.8&882/&9#+%7)9+..+99&79:7&02/8979&)+F%&7#&89!7(/0)&%&.9&27+&7F%&7 9+.8//&0)+<&728&0#&%7&(2789!&.8&(#&)7&#&98979&)+I+%7)&9#&89!7(&9
#&)7𔹋F%&7-00<&0%&89+.90.?8&7&F*<27%0.&%&7&2<&78"99&7&9
$&097.9#&8.:99&98979&)+%2-:/&099+.%&7&8.2-.&-209&-89&7I
&0%&0-02)8!."8&882/&0*+8927+&2/F*<%/&00&8-&7)47+27)0+89+20&7 (279(!89?7+0)8<"7-94,&79+.9(:0)&7&+(278-&..+)&-209&-89&7I+-0+--&:%<+8&
%&98//&*&08?09+...&%&-7<F%&789+..&89+.282)%&7(27<".)&7<+F*<%<+<+.
<"7&.2?.&+/2%I
0%&.+)-0%&02)8!."8&882/&0*+8927+&2/%&99<"7&/&00&8-&2)8-:..&
8-#&/&0+0)+..&%&+0(27/9+20&7F82/<+(27*2.%&7289+.F(27%&7&(9&79#8&7&
<27&8*0%.+0)&75!&9:%80+9(+0(27/9+20&70&I
< '*"5$*%(*)!(##
&00&%&.#&8-7+<&7F*<27%02<&78"99&.8&89&27+-00<&0%&89+.90.?8&7&%&0
$&097.&572$&8F0!7&98979&)+%2-:/&098-.(2789!82)0<&0%&8+&00%&0 -209&-89&0%%&7F*<27%&9#.&<572%:$&7&9I&7/&%&72<&78"99&.8&0(8&0&(9&7F9 8979&)+&0&7("7%+)572%:$&7&92))2%-&0%9F/&0+0%&08979&)+%2-:/&09&9 (2784)&82/899+.-9+<+9&9&7+(278-&..+)&.2-.&-209&-89&7I
(*0%.+0)&089&27&9+8-&-5+9&.#&89!7(97&%&.&I&0(4789&%&.&7&0)&00&/)0) (8979&)+.+99&79:7&02)%&0-209&-89F82/27)0+89+20&7:%)47(27%&98979&)+8-&
7#&,%&I&00&/)0)&0<+8&7F98979&)+*7/0)&%&(+0+9+20&7F/&099+.)0)&0&
-025%&.&8+92*2<&%-9&)27+&7H8979&)+82/5.0&..&78979&)+82/572$&8I&
(278-&..+)&5&785&-9+<&7*7%2)..&&98979&)+%2-:/&0982/2/%7&,0+0)85:0-9(27
%&7&889:%+&7I09&089:%&7&8%&9F*<27%0&98979&)+%2-:/&09S#47T572%:$&7&8F
*<%%&9+0%&*2.%&7S&..&7#47+0%&*2.%&T&..&7*<27%0%&9S#47T2/8"99&8&..&7+--&
2/8"99&89+.-9+<+9&9&7I&.<&89:%+&9(8979&)+%2-:/&09&9&7:0%&7#&.?89F(27%+
%&7+--&8-&.0&8/&..&/9&-89&02)%&0882$+.&(:0-9+20I7)0+89+208#&)7&#&9
#.+<&72)8!)&00&/)!&9/&%*&0#.+-5!9<+8&:%(7*<+.-&-7+9&7+&7F82/&0 27)0+89+20-0%&(+0&7&8I&99&&77&.&<09+(27*2.%9(2789!-209&-89&0(27%&9 8979&)+8-&7#&,%&F*<27&027)0+89+20+--&&7&0*2/2)&0&0*&%F/&0#&89!7(
-947&7/&%(278-&..+)&/!.2)#))7:0%&I20-.:8+20&0&7F98979&)+.+99&79:7&0 2<&78&7%&0<+)9+)&%&.572$&8F%&7(27&)!7F0!78979&)+%2-:/&09&9&7572%:$&7&82) 8-.(.?99&-209&-899+.0%7&%&.&(27)0+89+20&0I
0%&0%&.#&8-7+<&72<&78"99&.8&89&27+I&%:%)0)85:0-9+4<+-87#&,%&#.+<&7
%&7!#0&925(272<&78"99&.8&8#&)7&#&9+27)0+8927+8--209&-89I&$&097.&
#&)7&#&7F%&7-20$&59:&.9*77&.&<08(272<&78"99&.8&(8979&)+%2-:/&09&7 :%%?#&82)%&7)+<&8&92<&7#.+-2<&7(&.9&9<&%9+0%%&.&%&9+(+7&5&785&-9+<&7I
&097&%,&%&.#&8<7&78547)8/!.&9H<%#&9?%&72<&78"99&.8&89&27+-20$&59:&.9 (2789:%+&9(8979&)+&7E
<3< ,()*(*0
&(4789&9&-89&72/8979&)+#.&<8-7&<&9(/+.+9"7(2.-2)*0%.&%&2/F*<27%0 /0<+0%&72<&7/2%890%&70&S:0@:F$Ib]](I7OI^ffbG:88*+F^ca`O_]]]G .:8&=+9@F^e]dO^fe_TI&.<2/:0@:8#2)2/8979&)+&72<&7_]]]!7)//&.F&7 8979&)+(&.9&9F82/<+-&0%&7%&9+%)F/&)&9?0)7&I2=/0&9.S_]]^T#&8-7+<&7F 9(&.9&9:%8570)((+008+&.5.0.")0+0)I^fc]L&70&#.&<%&99+..0)8+)9&9 5.0.")0+0)F%&7&(9&78979&)+8-5.0.")0+0)2)^fe]L&70&#.&<%&99+.8979&)+8- .&%&.8&I<&7!7&0&&7%&7#.&<&9(7&/#7)90?<+%&02/8979&)+#&)7&#&9F2)%&9*7
<+898+)+--&9<"7&&0&09?%+)89477&.8&F/&0&9#&)7&#%&7-0%&(+0&7&82) 89:%&7&85!/0)&(278-&..+)&/!%&7I
0%&0(2727)0+89+20&7-08979&)+82/#&)7!.&%&8%&(+0&7&882/5.0.")0+0)F 7&8:.99(&0."7+0)8572$&8F&9(27*0%.+0)87&8:.99F&9/0:8-7+599+.&98-:&85+.F&9 7&8:.99(0.?8&7F528+9+20&7+0)F5&785&-9+<F&9/4089&7F&9<"7-94,9+..&)+9+/&7+0)F 7&8:.99&9(&057-8+8F0&%8-7&<0&#&8.:90+0)&72)(27/:.&7+0)(+09&09+20&7 S+09@#&7)F^fedG*+99+0)920F_]]^G&8808&0F_]]_G9$&?F_]]dG279&7F_]]eG +09@#&7)&9.F_]]fG%&+99Z0&?&7F_]^]G78&0Z8/:88&0F_]^`TI
979&)+#&)7&#&98(.&79?%+)*&%/&%(47&7%+8-:88+20&7/&..&/(278-&7&F%&725&7&7&7 /&%(278-&..+)&%&(+0+9+20&7(8979&)+I/+%%&.#79-0%&9<+7-&F82/2/%&&7 /&)&9:&0+)&82/(27&-8&/5&.%+8-:88+20&0/&..&/%&5&7820&7F%&7/&0&7F9 8979&)+&75.0.")0+0)S8&(27&-8&/5&.*0%.&7F^fc_G082((F^fcbG279&7F^fe]T 2)%&5&7820&7%&7F/&0&7F98979&)+&7&0572$&8S&(27&-8&/5&.&99+)7&=F _]]`G+09@#&7)F^ffaG*+99+0)920F_]]`G9$&?F_]]dTI-+72)2%272<+$S_]^]T
*7%&(+0&7&98979&)+F82/JF4#3(#4.%(-5#-"#"B135+:(-4536,#-5+-"135+:
(-5#313#5(7#B!5(.-48'(!'(4&.+"(3#!5#"-"3#26(3#43#4.63!#"#1+.:,#-5JI!%&0
#))7:0%2589+..&7%&&9-209+0:://&..&/%&9+0897:/&09.&2)%&9(2792.-&0%&F
%&7<+8&7#7&%%&0+0<&0%&.8&(8979&)+#&)7&#&9I+88&925&785&-9+<&75!
8979&)+#&)7&#&9+..:897&7&7%&922<&727%0&%&%&(+0+9+20&7(8979&)+F%&72)8!-0
#&0"<0&88979&)+82/5.02)8979&)+82/572$&8I&9(4789&5&785&-9+<."))&7
<")95!%&9+0897:/&09&..&2)57"8-7+59+<&F/&08%&90%&95&785&-9+<."))&7<")9
5!%&9(2792.-&0%&2)%&8-7+59+<&I!%&0/!%&&7(278-&7&+--&04%<&0%+)<+8:&0+)&F /&0%&89:%&7&78979&)+:%(7(278-&..+)&5&785&-9+<&7F2)%&7(272)8!:%(7 (278-&..&57"/+88&7I+09@#&7)2)/5&.S^fffT8//&0.+)0&7%&9/&%%&#.+0%&
/"0%F%&7747&7<&%(278-&..+)&%&.&(&0&.&(09F2)%&7(27&7:&0+)&2/F*<27%0
%?7&98&7:%I
&929+.)0)&F5.02)572$&8F(:0)&7&782/2<&7-9&)27+&7(270%7&
8979&)+5&785&-9+<&782/(27&-8&/5&.5.0.")0+0)F528+9+20F/)9F0.?8&F 7&882:7$&7F#&8.:90+0)&72)57-8+8I7:0%."))&0%&%8-+..&7%&(278-&..+)&
5&785&-9+<&78+)<&%F*<+.-&0%&.(%&98979&)+8-&7#&,%&F%&789:%&7&82):%(7
*<+.-&99&27&9+8-5&785&-9+<I0%&7-9&)27+&70&-0#.0%90%&9-20897:&7&8:%(7
%&7&8%&(+0+9+20(8979&)+&08(:0-9+20F9&27&9+8-&:%)0)85:0-9&7F2/%&7&89+.)0)
&757"8-7+59+<&..&7%&8-7+59+<2)*<+.-&-947&7F%&7&7+0<2.<&7&9I&00&
(7&/)0)8/!%&/&%9%00&2<&7-9&)27+&7&7(27&8.!&9(#.0%90%&9>0%
,.:(S^feeG^]_TI9&)27+&70&&7%2)&0%+-292/+F%%&7&7&98//&085+.
/&..&/5.0&02)572$&88&0F/&0%&9,&0&7&90.?9+8-(27/!.F*<27%&78-&.0&8 /&..&/572$&88&0F%&7&09&0572%:$&7&7&..&7:%(47&78979&)+&082/2#,&-92)8!
2#,&-9&98+0%*2.%2)(:0-9+20I2+09&0&7%&08//&82/+09@#&7)&9.(7&/(47&7 +#2)&0979&)?(7?S_]]fTF/&0/&%&09+.(4,&.8&H&9&7+--&/:.+)99*<&&0 8/.&99&27+2/8979&)+F/&0%&(278-&..+)&5&785&-9+<&7*7(2-:85!(278-&..+)&
%&.&+&09&02#,&-9&9&..&7+572$&88&02)%&7(27-0%&#&7+)&<27&8(2789!&.8&(
("02/&0&98979&)+I
&9&7+--&(4789&)0)F9&9("02/&0-0*<&(278-&..+)&:%97?-I^f_d 57"8&09&7&%&+&.82*757+0$+55&92/-2/5.&/&097+9&9F%&7*&0<+8&79+.
/:.+)*&%&0(27F9%&98//&("02/&0)+<&78+):%97?-5!(278-&..+)&/!%&7 S2=7%F_]]aTI&(278-&..+)&:%97?--089:%&7&8F2)9+.8//&0%00&7%&&0 2<&727%0&9(2789!&.8&(27("02/&0&9I?8-0#!%&89:%&7&882/#4.)&72)579+-.&7F /&0+--&5!8//&9+%I+.8//&0)+<&7#&))&:%97?-%&0(:.%&#&8-7+<&.8&(
("02/&0&9.?8I!8//&/!%&-08979&)+89:%&7&85!/0)&/!%&7F2) 9+.8//&0)+<&789:%+&70&&9/&7&(:.%-2//&09#+..&%&(#&)7&#&98979&)+I
<3<3< *(*)%#'"$
&9+.)0)&F%&7%&(+0&7&78979&)+82/&05.0F25%&.&7%&98979&)+8-&7#&,%&+92 (8&7H:%<+-.+0)2)+/5.&/&09&7+0)S+09@#&7)F^fedTI 4789:%<+-.&8&05.02)
%&7&(9&7+/5.&/&09&7&8%&0I.0&0-0572%:$&7&8<&%*,".5(0.?8&7F (27*0%.+0)&72)+0<2.<&7+0)(7&.&<09&-947&7I979&)+&08(:0-9+20&79<"7&&0 5.0F%&7#&8-7+<&7/!.2)*<27%0%+88&250!8I&00&%&(+0+9+20(8979&)+82/&0 5.0-7+9+8&7&82(9&(279*<&&0.+0&"7(2789!&.8&(%&98979&)+8-&7#&,%&F*<27 5.0&0(47898-..<&8F2)%&7&(9&78-.%&0:%(47&882/2/5.0&0(27#.+<&7 :(270%7&9+572$&88&0S+09@#&7)F^ffaG78&0F_]]]TI9%&(+0&7&8979&)+&082/
&05.0-0#!%&(2789!882/%&0(?8+8-&/0+(&899+20(8979&)+&082/&9
%2-:/&092)82/&0(2789!&.8&(8979&)+&082/02)&989#+.9F%&78-.
+/5.&/&09&7&8&..&7&-8&-<&7&8I979&)+&08&((&-9&725)47&8+(27/(F*<278927&0 0%&.(/!.&0&+8979&)+5.0&0%&7&7#.&<&97&.+8&7&9I(27."0)&.8&(%&(+0+9+20(
8979&)+82/&05.0&7%&7&07"--&572$&85&785&-9+<&782/)!7:0%&7#&9&)0&.8&0 +/5.&/&09&7+0)&..&7&-8&-<&7+0)S2.89+--&.8&0Z2:.(&.9F_]]eG+))+08F_]]bG
&+.820F_]]eG0-+08F_]]bF0%&78&0&9.F_]^]TI&)7&#&9+/5.&/&09&7+0) 0<&0%&88?020?/9/&%&-8&-<&7+0)S8*+9.Z+.&/20F^ffcG7&#+0+-F_]]cTI
&7&7+--&02)&0-.7%&(+0+9+205!F*<%#&)7&#&9+0%&*2.%&7S2#.&F^fffTF/&0
%&9&7#.&<&9-.%9(27&0-2/5.&-8572$&8S*2/5820Z97+$-.0%F_]]`TI 08-&.+)*&%&0/&%9%&(+0&7&+/5.&/&09&7+0)8#&)7&#&9-08-?.%&8F9%&9
%"--&72<&7/0)&(278-&..+)79&%&-9+<+9&9&7F%&7+(27<&,&0(27&)!7+
27)0+89+20&7I&7(27-0#&)7&#&908&8(279<"7&&02<&78-7+(9F%&77://&7 ./+0%&.+)&27)0+8927+8-&-9+<+9&9&7F%&7-0?99&89+.:%(47&.8&0(8979&)+&0I S$*5F_]^_F&..&)7+0&..+Z2=/0F^ffaG27)0F&=+99Z.&-F_]]dG5.0 Z27920F_]]fTI+88&5&785&-9+<&7(279"..&7.&%&7&2)8979&)+08<7.+)&F*<%%&
#47)47&(279(!8:$$&8/&%%&7&88979&)+&7I 27(99&70&#&8-"(9+)&78+)/&%
572$&88&70&&(9&7F98979&)+&0#.+<&79+.F82/(27&-8&/5&.F*<27%0#7?%&8 8979&)+&00&%F*<27%0(4.)&8%&7255!%&0F*<+.-M+&7&7&-8+89&7&7F2)*<27%0 -2//:0+-&7&88979&)+&09+.7&89&0(27)0+89+20&0I
<3<3= *(*)%#'(%)
<&7(27%&00&%&(+0+9+20(8979&)+(+0%&8%&79+.)0)&F%&7#&8-"(9+)&78+)/&%
8979&)+82/&0572$&8F*<278979&)+(27&-8&/5&.%&(+0&7&882/N155#3-(- 453#,.%"#!(4(.-4NS+09@#&7)F^fd_F^fdeTF-2/5.&-8&7&85208+<&572$&88&7 S9$&?F_]]dT2)57-8+8S*+99+0)920F^ffcG2*0820&9.F_]]`G7@#-2=8-+&9.F _]]bTI72$&88&70&-0#!%&<"7&(472)&(9&7F95.0&0&7#.&<&99+.I979&)+&08
&((&-9&725)47&8#7&%&7&&0%5!#.29&909.7&.+8&7&%&/!.+8979&)+&0F/&02)8!
5!-208&-<&08&7(97#&,%&/&%8979&)+&0I+88&&((&-9&7-0<"7&5!+%&09+9&9F
%+8-:782)57-8+8I+09@#&7)2)9$&?&7&-8&/5.&75!(278-&7&(7%&99&
572$&85&785&-9+<F%&7-7+9+8&7&75.05&785&-9+<&9I+09@#&7)-7+9+8&7&79+.)0)&08 .+0&"7&(2789!&.8&(572$&88&0F%%&98,".%&09#.+<&782/5.0&0(27&8-7+<&7 S^ffaTI09)&.8&0&7F90!78979&)+&0#.+<&7:%(479F<+.-209&-89&05!<+7-&
8979&)+&0F8!.&%&89%&.&(8979&)+&0(270%7&8I&99&-.%&8(27&/&7)&08I +09@#&7)Z9&788-&.0&7/&..&/%&05.0.)9&8979&)+2)%&0&/&)&09&
8979&)+F82/%&92?%&75:0-9&75!&9-209+0::/F%&7(47&79+.&07&.+8&7&98979&)+
S^febTI&00&%&(+0+9+20(8979&)+*7&0$+7-:."7(2789!&.8&(%&98979&)+8-&
7#&,%&F*<275.0&08-.89!8+0574<&:0%&7:%(47&.8&0F2)5!<+7-&8(0%7&
(-927&7F%&7*7+0%(.?%&.8&5!F*<278927&0%&.(5.0&0F%&77&.+8&7&8I(4.)&
02=Z/#7+$-&7!78)&70&9+.F98979&)+&0#.+<&7&/&7)&09N:(27:%8&9&97:8.&7F /:.+)*&%&7&..&7+09&70&52.+9+8-&-7"(9&7NS^fe]Gb`^TI&99&)4728%2)+--&-.2)&7&
5!&/&7)&08F%(27-.7+0)&05!%&082589!&0#&(+0%&78+)5!8//΁-9&
0+<&:82/8&.<&#&)7&#&9F*<+.-&9)47%&99+.&9&/5+7+8-8547)8/!.(279(-.7&F
*<%%+88&:(27:%8&9&97:8.&7F/:.+)*&%&7&..&7+09&70&52.+9+8-&-7"(9&7#&89!7+I
9$&?&7)!&9."0)&7&+%&99&5&785&-9+<5!8979&)+2)08&7%&9.+)&(7&/(270+<9 9#7:)&9+%5!9:%<+-.&&08979&)+S5.0TS_]]dTI7):/&09&9&7F98979&)+&0
#.+<&79+.<&%&9-2/5.&-898/85+./&..&/%&(278-&..+)&-947&7F2)%&7(27-0%&9 +--&89?7&8<&%*,".5(&05.0I
%&8+%89&^]!7&7%&72)8!-2//&9&00?572$&89+.)0)9+.8979&)+F%&7-.%&8 8979&)+82/57-8+8S2%)-+0820&9.F_]]cG7Z*+99+0)920F_]^_G
7@#-2=8-+F_]]`F_]]aG/7P 7&%&7+$-8F_]]`G*+99+0)920F^ffcF_]]_F_]]`F _]]aF_]]dTI0%&0(27%&00&9+.)0)&78979&)+J(**#-.,-'3B,#--. 4.,,-&03JS2*0820&9.F_]]`TI+.)0)&0(2-:8&7&75!-9+<+9&9&72)
8//&085+./&..&/-947&70&+8979&)+8-7#&,%&:%(7&0*&.7"--&((278-&..+)&
9&27&9+8-&2)/&92%+8-&5&785&-9+<&7:0%&72<&78-7+(9&0N57-8+8NI
!78979&)+82/57-8+88+)&7F98979&)++--&&702)&927)0+89+20&7*7F/&0 02)&982/27)0+89+20&7)47F!#0&7%&9529&09+&.925(27&0+09&7&8809%+8-:88+20 2/8//&085+..&9/&..&/8979&)+%2-:/&09&92)*<%(2.-)47/&%%&99&
%2-:/&09I&8<"77&*2.%&8%+8-:88+20&089%+)+0%&0(27%&08//&(2789!&.8&
82/*757")&98979&)+(&.9&98+%&0^fc]L&70&I79&7&..S_]]eT258://&7&7
%&00&(2789!&.8&82/J3#5-(-&4-&(7#-"#B3#44.63!#++.*#3(-&B,.-(5.3#3(-&.&
*.-53.+EJ
979&)+82/572$&8-02)8!08&8(279<"7&&0#&8.:90+0)8572$&8S79+0F_]^]TI )&0(7&/(47&8&0-7+9+-(%&(+0+9+20&0(8979&)+&082/&05.0F%&7(4789:%<+-.&8 2)%&7&(9&7+/5.&/&09&7&8I&9&7%2):-.79F*<27%079+0(27*2.%&78+)9+.
9&/&782//)92)+09&7&88&-20(.+-9&7/&..&/%&+0<2.<&7&%&-947&7+
#&8.:90+0)8572$&88&0I&9)47&99+)7&=9+.)&0)".%I008&79+.#.+<&.8&0(
8979&)+(279<"7&&052.+9+8-572$&8F%&7&757")&9(-947&70&8&)&0+09&7&88&7 S^fddTI&99&"0%7&78979&)+&0(79<"7&&05.09+.&9(27*0%.+0)8%2-:/&09F%&7 +*4,&7&)7%-008&8(279<"7&&9#&<+85!F*<%-947&70&-:00&#.+<&&0+)&2/F (7&/(27*<%%&78-:..&)47&8I
4,&78&0&7)!&98!.0)9F9*0-.%&7+/5.&/&09&7+0)(27%&9<"789&<74<.&27%+
/0%8/+0%&S_]]^TI&99&8-?.%&8F9*0-7+9+8&7&709)&.8&02/F9
89?7+0)89&-02.2)+&7&-8+89&7&7:(*"0)+)(-947&70&I&7(27-0%&7+--&9.&82/
9+/5.&/&09&7&&089?7+0)89&-02.2)+F0!7+0%*2.%&9(%&00&&7(*"0)+)(
-209&-89&0I&7(27<+.89?7+0)89&-02.2)+&08+0%*2.%"0%7&8+
+/5.&/&09&7+0)8572$&88&0F(27%+%&08+0%*2.%+--&&789#+.9I&99&.&%&74,&78&0 9+.9-20-.:%&7&F9%&7&7#&*2<(27&90?98572)F%&79)&7:%)0)85:0-9+&0
<&7%&0F%&7&757")&9(:(27:%8+)&.+)*&%2)/&00&8-&7F(7&/(27&98572)F%&7
09)&7F9<&7%&0&789#+.2):(*"0)+)(/&00&8-&7I&00&52+09&<&0%&7,&) 9+.#)&9+.F(27%+*05&)&75!F9%&7/0).&7&0%&.9&27+F%&7-00<&0%&89+.9 0.?8&7&F*<%-947&7)47/&%&98979&)+%2-:/&09+(278-&..+)&-209&-89&7I
&7/&%-0*0852+09&#!%&08&8(279<"7&&0-7+9+-(
5.0.")0+0)85&785&-9+<&98(2789!&.8&(8979&)+%2-:/&09&982/89#+.92)&0-7+9+- (572$&85&785&-9+<&70&8/0).&0%&9&27&9+8&7+0)(F*<27(27&08979&)+(270%7&7 8+):0%&7%&08:%(478&.I
27:%&0#+%7)&0&(7%&5&785&-9+<&7F%&7-0%&(+0&7&882//+0897&/F&7%&7&0
*&.7"--&#+%7)F%&789:%&7&78979&)+(7(278-&..+)&9&27+&72)/&92%&7S8&(27
&-8&/5&..<&8820Z+../299F_]^_G&<?F.<&8820Z+../299F_]]`G70%?Z +..8F_]]aG8$*&F_]]eG79&7F.&))Z270#&7)&7F_]]aF_]]eF_]^]TI+88&
#+%7)*79+.("..&8F9%&&7-7+9+8-&2<&7(27%&&-8+89&7&0%&5&785&-9+<&72) (2784)&79:%%?#&<27&8(2789!&.8&(8979&)+<&%9+0%%7)&0?&5&785&-9&7I
&7&7(278-&..+)&(27-.7+0)&75!F*<27(27%&7&09&08-&702)&9&..&7+--&8-&702)&9 /&%8979&)+&0F0!7.&%&70&8-.9+.9(47&%&0:%+.+<&9I7&#+0+-S_]]cT5!5&)&7F 9%&7&79.&2/9.&%&70&/0).&797"0+0)+9+/5.&/&09&7&F/&090%7&
(-927&7#.0%90%&92)8!-0<"7&&0%!7.+)9(27/:.&7&98979&)+F/0).&0%&
7&90+0)8.+0,&72)/)9-/5&F*&7:0%&7/0).&0%&8/7#&,%&2)<+%&08%&.+0)I&7 -0%2)2)8!<"7&&00%&0!78)H9%&7&72<&78&9&0572$&8F%&7*0%.&72/F
*<%.&%&7&)47/&%8979&)+&0F0!7-209&-89&08-+(9&7I/+%%&.#79*7%&/0)&
(278-&..+)&%&(+0+9+20&7(8979&)+#&)7&#&9'09+0)9+.("..&8H&#&8-"(9+)&78+)..&
/&%%&(278-&..+)&85&-9&7(9572%:$&7&&98979&)+%2-:/&09F*<%%&9
+0%&*2.%&72)*<27%08979&)+%2-:/&09&90<&0%&8&..&78-.0<&0%&8(-947&7+
27)0+89+20&0I&0+)*&%&02589!7+(27#+0%&.8&/&%*<%-947&7+27)0+89+20&7 )47&..&7#47/&%8979&)+%2-:/&09&9I&7*0%.&7%&92/8//&085+..&9/&..&/
-947&70&2)%2-:/&09&9I&7/&%&78979&)+%2-:/&09&9$&097.9(27989:%&7&%&9 8979&)+8-&7#&,%&F/&08&.<&%&(+0+9+20&0(%&99&%2-:/&095!<+7-&7F*<27%0%&9 89:%&7&8I&785&-9+<&70&*7%&7/&%02).&+/5.+$+99&09)&.8&72/
8979&)+%2-:/&09&9I0%&0(275.05&785&-9+<&9&78979&)+%2-:/&09&9 +0897:/&09.9F89#+.9F2)(279"..&7/2%9)&70&F*<%%&8-.)47&I&7#.+<&7
.&%&7&0872..&9+/5.&/&09&7&8979&)+&0F8!.&%&89/!.&0&250!8I0%&0(27 572$&85&785&-9+<&9&78979&)+%2-:/&09&9!#&09(27(2792.-0+0)2):89#+.9F%
-947&7-00<&0%&%&95!(278-&..+)&/!%&72)%2-:/&09&92)8!5!<+7-&8(
2/)+<&.8&70&I&9-0%2):0%7&F9%&7+--&&789477&25/"7-82/*&%5!8&.<&
8979&)+%2-:/&09&9F*<+.-&98-?.%&8+/5.+$+99&09)&.8&72/F*<%
8979&)+%2-:/&09&7&72))47I98979&)+%2-:/&09-0%&7(270.?8&7&882/&0 9&-89F2)%&080<&0%&.8&-02)8!89:%&7&882/&09&-89I&7/&%!#0&825(27&0 9&27&9+8&7+0)(F*<%-947&7)47/&%8979&)+%2-:/&09&7:%&09*<&+/5.+$+99&
09)&.8&72/%2-:/&09&98(:0-9+20I
<3<3> *(*)%#*!)*
979&)+%2-:/&09&9&7#.&<&989:%&7&982/9&-89F/&0:%(75&785&-9+<&7F%&7+--&
8-&.0&7/&..&/9&-89&08-&0%&9&)0F%&0882$+.&0<&0%&.8&2)(27(99&70&8 +09&09+20&7I
+7:%&:S_]]eT*789:%&7&9F*<27%08979&)+%2-:/&09&78+0%*2.%%00&7 :%)0)85:0-9(270?&8979&)+%2-:/&09&7F(27%+%2-:/&09&70&-0."8&85!/0)&
/!%&72)%&7/&%+*4,&7&)7%(:0)&7&782/-2)0+9+<89499&&0%82/&0&)&09.+) 5.0I&7/&%8-#&7&98979&)+%2-:/&090?&8979&)+%2-:/&09&7I0$+9&7&7 +09@#&7)(279%&(+0&7&(27(99&70&8+09&09+20/&%8979&)+%2-:/&09&9HGG1+-4 : 5'#(37#3:-563#3#"#4(&-#"5.13.,.5#(-%+#9( (+(5:K5'#:3#,#-55.#45 +(4'
!+#3"(3#!5(.-B5.(,1.4#45 (+(5:.--.3&-(;5(.-EHHS+09@#&7)&9.F_]]dTI
&7/&%&7%&7&0/2%8"90+0)/&..&/%&9F%&7-0%&(+0&7&882/+09&09+20&0/&%
8979&)+%2-:/&09&72)%&7&80<&0%&.8&F0&9255!)7:0%(."80+0)&0I&%0%7&
27%&7%&7+0)&08//&0*"0)/&..&/(27(99&70&8+09&09+20&7/&%
8979&)+%2-:/&09&92)0<&0%&.8&0(%2-:/&09&9I&7/&%&7%&7+0)&0)709+(27F 98979&)+%2-:/&09&98+-7&7&0("..&87&90+0)+27)0+89+20&0I&99&8-?.%&8F9 8979&)+F82/..&0%7&.+99&7"7&)&07&7F*702).&-&0%&9&)0F%&7-025%&.&85!
%&08897:-9:72)+0%*2.%S&88.&7&9.F^ffdTI
..+F72)278S_]]fT#&8-7+<&7)&07&082/027/9+<2)/&0&7+--&F9%&9&7 /:.+)99%8-+..&8979&)+&089&-89:&..&-&0%&9&)0(7%&0882$+.:)I&7/&%
