Le concept de vertu dans la République de Platon

Le concept de vertu dans la République de Platon

!"#$%&'#()*+%*,-"(%'
."")%*/"#$%&'#(-#&%*012230120*
4%*56"5%7(*+%*$%&(/*+-"'*8-!"#$%&'()%**+%*98-(6"
:-;<*=/7#"
4#5%"5%*+%*7>#86'67>#%
9>#86'67>#%*;6&-8%*%(*768#(#?/%*0
:6/'*8-*+#&%5(#6"*+%*@A*9-(&#5B*4-"C
D"(&6+/5(#6"
98-(6" * EF0G3HFIJ * - * $)5/ * K * /"% * 7)&#6+% * +% * 8L>#'(6#&% * M6&( * ;6/$%;%"()% * 76/&*
.(>N"%'*O*;6&(*+%*9)&#58N'P*C/%&&%*+/*9)8676""N'%P*7)&#6+%*+%'*Q&%"(%*Q<&-"'AAA*./(-"(*
+R)$)"%;%"('*?/#*;%((&6"(*8-*+);65&-(#%*-(>)"#%""%*K*&/+%*)7&%/$%P*;%((-"(*8-*?/%'(#6"*
+%*8L6&C-"#'-(#6"*+%*8-*5#()*-/*7&%;#%&*78-"*+-"'*8%*;#8#%/*7>#86'67>#?/%P*%"*();6#C"%"(*
(6/(%'*8%'*7%"')%'*768#(#?/%'*?/#*6"(*)()*)(-S8#%'*7%"+-"(*8L."(#?/#()*C&%5?/%A*
98-(6"P*56"'#+)&)*7-&*5%&(-#"'*56;;%*8L/"*+%'*7&%;#%&'*7>#86'67>%'P*'%;S8-#(*-/*
+)7-&(*+%*'6"*%T#'(%"5%*+%'(#")*K*8L)5&#(/&%*+%*(&-C)+#%'*E+%*7-&*'%'*C&-"+%'*?/-8#()'*
8#(()&-#&%'*%(*'6"*C6U(*76/&*8-*(&-C)+#%J*%(*K*/"%*5-&&#N&%*768#(#?/%*#;76&(-"(%*E#8*)(-#(*
8L%"M-"(*+L/"%*M-;#88%*#"M8/%"(%*K*.(>N"%'JP*;-#'*M#"-8%;%"(*5%*'%&-*8-*7>#86'67>#%P*-7&N'*
'-*&%"56"(&%*-$%5*:65&-(%P*?/#*&%(#%"+&-*(6/(%*'6"*-((%"(#6"*(6/(*-/*86"C*+%*'-*$#%P*-/*
76#"(*?/L#8*#&-*;V;%*W/'?/LK*S&U8%&*'%'*(&-C)+#%'A*
X%7%"+-"(P * 98-(6" * "% * '% * +)(6/&"- * 7-' * 76/& * -/(-"( * +% * 8- * 768#(#?/%P * 5-& * 8%'*
7&6S8N;%'*768#(#?/%'*+L.(>N"%'*)(-#%"(*S%-/56/7*(&67*C&-$%'*%(*+L-5(/-8#()*76/&*?/L#8*
7/#''%*8%'*#C"6&%&P*%(*%"56&%*;6#"'*+%*8-*+&-;-(/&C#%*56;;%*%"*();6#C"%*8-*C&-"+%*
?/-8#()*8#(()&-#&%*+%*'%'*+#-86C/%'A*Y%*78/'P*/"*)$)"%;%"(*;-&?/%&-*K*W-;-#'*98-(6"*O*8-*
56"+-;"-(#6"*%(*;#'%*K*;6&(*+%*:65&-(%*7-&*8-*+);65&-(#%*-(>)"#%""%*%"*HZZA*:65&-(%*
)(-#(*%MM%5(#$%;%"(*-55/')*%"(&%*-/(&%'*+L#;7#)()*%(*+%*56&&/7(#6"*+%*8-*W%/"%''%*E;-#'*%"*
&)-8#() * 6" * 8/# * &%7&65>-#( * '/&(6/( * +L%""/<%& * (6/( * 8% * ;6"+% * %" * 76'-"( * +%' * ?/%'(#6"'*
-/T?/%88%'*6"*"L-$-#(*-/5/"%*&)76"'%*'-(#'M-#'-"(%*-86&'*;V;%*?/L6"*7&)(%"+-#(*V(&%*+%'*
%T7%&('*%"*5%'*+6;-#"%'JA*98-(6"*'L%T#8-*7%/*-7&N'*+-"'*8-*;%'/&%*6[P*+/*M-#(*?/L#8*)(-#(*8%*
+#'5#78%*+%*:65&-(%P*8-*767/8-(#6"*'%*;6"(&-*?/%8?/%*7%/*#"+#'76')%*K*&%'7%5(%&*8%'*86#'*
+%*8-*S#%"')-"5%*K*'6"*)C-&+A*9%/*-7&N'P*98-(6"*M6"+-*8L.5-+);#%*%(*&)+#C%-*8L/"%*+%*'%'*
78/'*C&-"+%'*\/$&%'*O*+,!"#$%&'()%*A*X%88%35#*7&)'%"(%*'%86"*8/#*8-*5#()*#+)-8%P*5#()*6[*8%*
7>#86'67>%*"%*&#'?/%&-#(*7-'*%"*%T%&]-"(*'%'*M6"5(#6"'*+LV(&%*7%&')5/()*%(*%T)5/()P*6[*#8*
'%&-#(*K*8L-S&#*+%*8-*$#68%"5%*+%'*'-/(%'*+L>/;%/&*+%*8L67#"#6"A
.#"'#*"6/'*%"*$%"6"'*K*8- *"#$%&'()%* !%"*(-"(*?/%*(%88%A*4- *"#$%&'()%** %'(*/"*
+#-86C/%P*+#$#')*%"*21*8#$&%'P*?/%*8L6"*76/&&-#(*&)'/;%&*(&N'*S&#N$%;%"(*E%"*6;%((-"(*/"%*
M6/8%*+%*+)(-#8*#;76&(-"('J*-#"'#*O*Y-"'*8%*8#$&%*DP*#8*%'(*+#'5/()*+%'*56"5%7(#6"'*56/&-"(%'*
56"5%&"-"(*8-*W/'(#5%A*Y/*8#$&%*DD*-/*8#$&%*D^P*98-(6"*5>%&5>%*5%*?/L%'(*8-*W/'(#5%*+-"'*8-*
5#()*%(*+-"'*8L#"+#$#+/*%(*56;;%"5%*K*)(-S8#&*8%'*M6"+%;%"('*+%*8-*5#()P*%"*#"'#'(-"(*'/&*
8L#;76&(-"5% * +% * 8L)+/5-(#6"*_ * 5L%'( * +L-#88%/&' * '/& * 8% * 8#$&% * D^ * ?/% * "6/' * -886"'*
2
7&#"5#7-8%;%"( * "6/' * 56"5%"(&%&P * 7/#'?/L#8 * 56"5%&"% * +#&%5(%;%"( * 8- * $%&(/P * "6(#6"*
M6"+-;%"(-8%*+-"'*5%((%*\/$&%A*Y-"'*8%*8#$&%*^*#8*%'(*;6"(&)*%"(&%*-/(&%'*8L)C-8#()*%"(&%*
8%'*M%;;%'*%(*8%'*>6;;%'*56"5%&"-"(*8%/&'*&`8%'*+-"'*8-*5#()A*4%*8#$&%*^D*'R#"()&%''%*-/T*
7>#86'67>%'*%(*C-&+#%"'P*K*8%/&*)+/5-(#6"*+-"'*8-*5#()P*%(*-/*a#%"A*4%*8#$&%*^DD*56"5%&"%*
(6/W6/&'*8L)+/5-(#6"*+%'*C-&+#%"'*-$%5*8-*+#-8%5(#?/%A*4%*8#$&%*^DDD*(&-#(%*+%*8L#"W/'(#5%*
+-"'*8L#"+#$#+/*%(*8-*5#()P*%(*8%*8#$&%*Db*;6"(&%*%"*?/6#*#8*%'(*7&)M)&-S8%*+LV(&%*W/'(%*78/(`(*
?/L#"W/'(%A * c"M#"P * 8% * 8#$&% * bP * 56"'#+)&) * 56;;% * /" * -W6/( * K * 8-! "#$%&'()%*P * 5&#(#?/%*
8R)+/5-(#6"*M-#(%*7-&*8%'*76N(%'*%(*-MM#&;%*8L#;;6&(-8#()*+%*8Ld;%A*
96/&*;%"%&*K*S#%"*8L-''6/$#''%;%"(*+%'*-((%"(%'*?/#*7%/$%"(*V(&%*5&)%'*7-&*8-*
8%5(/&%*+%*"6(&%*'/W%(O*8%*56"5%7(*+%*$%&(/*+-"'*+,!"#$%&'()%*!+%*98-(6"P*"6/'*$%&&6"'*
+-"'*/"*7&%;#%&*(%;7'*5%*?/L%'(*8-*$%&(/*+-"'*8L#"+#$#+/*%(*8-*5#()P*+-"'*/"*'%56"+*(%;7'*
"6/'*&%8N$%&6"'*8%'*+#MM)&%"(%'*%T7&%''#6"'*+%*8L#"W/'(#5%*%(*+6"5*+/*$#5%*+-"'*8L#"+#$#+/*
%(*8-*5#()P*7/#'*"6/'*(%&;#"%&6"'*7-&*8L%T-;%"*+/*M6"+%;%"(*+%*8-*$%&(/*?/L%'(*8%*a#%"*%(*
'6"*8#%"*-$%5*8%*S6">%/&A*
D3*4-*$%&(/*+-"'*8L#"+#$#+/*%(*8-*5#()
.A*4Ld;%*O*56;76'#(#6"*%(*$%&(/'
98-(6"P*+-"'*8%*8#$&%*D^P*"6/'*+#(*?/L#8*<*-*?/-(&%*$%&(/'*O*8-*'-C%''%P*8%*56/&-C%P*8-*
;6+)&-(#6" * %( * 8- * W/'(#5%A * @-#' * -$-"( * +L%T-;#"%& * 5%88%'35#P * "6/' * ;%((&6"' * +L-S6&+ * %"*
8/;#N&%*5%*?/%*'6"(*8%'*+#MM)&%"(%'*7-&(#%'*+%*8Ld;%*+-"'*+,*"#$%&'()%*A
:65&-(% * 56;;%"5% * 7-& * "6/' * ;6"(&%& * ?/% * "6/' * 76/$6"' * +)'#&%& * (6/( * %" * "%*
$6/8-"( * 7-' * -''6/$#& * 5% *+)'#&2P *8Ld;% *-<-"( * K *8- * S-'%* /"* 7&#"5#7% *+)'#&-"(A * Y%* 5%((%*
+/-8#()P*:65&-(%*(#&%*8-*56"58/'#6"*?/L#8*+6#(*<*-$6#&*"6"*7-'*/"*7&#"5#7%P*;-#'*+%/T*
7&#"5#7%'*_*8%*7&%;#%&*76/&*+)'#&%&*E8%*7&#"5#7%*+)'#&-"(J*%(*8%*+%/T#N;%*76/&*"%*7-'*
$6/86#&*-''6/$#&*5%*+)'#&*E8%*7&#"5#7%*&-(#6""%8*+%*8Ld;%JA*4%*7&#"5#7%*+)'#&-"(*%'(*-#"'#*
#&&-(#6""%8P*5-&*5%'*+%/T*7-&(#%'*+%*8Ld;%*'6"(*S#%"*+#'(#"5(%'P*%(*%'(*(6/W6/&'*76/'')*K*
-''6/$#&*'6"*+)'#&P*5L%'(*8%*7&#"5#7%*&-(#6""%8*?/#*"%*$%/(*7-'P*-7&N'*+)8#S)&-(#6"P*-''6/$#&*
8%*+)'#&*%"*?/%'(#6"0A*4%*7&#"5#7%*+)'#&-"(*%'(*)C6e'(%*7-&*"-(/&%P*%(*"%*76&(%*?/%*'/&*+%'*
S#%"' * ;-()&#%8'A * X%7%"+-"(P * :65&-(% * &%;-&?/% * -7&N' * ?/% * "6/' * 76/$6"' * -$6#& * +%'*
'%"(#;%"('*%"*56"(&-+#5(#6"*-$%5*5%*?/%*"6/'*+#5(%"(*"6(&%*7&#"5#7%*&-(#6""%8*6/*"6(&%*
7&#"5#7%*+)'#&-"(P*6"*7%/(*+%*5%*M-#(*-MM#&;%&*?/L#8*<*-*/"*(&6#'#N;%*7&#"5#7%P*%(*?/%*5%8/#3
2 98-(6"P*+,!"#$%&'()%*P*FHZ5A
0 98-(6"P*+,!"#$%&'()%*P*FHZ+A
0
5#*%'(*8L-&+%/&P*5%8/#*+/*5\/&A*X%*7&#"5#7%*7%/(*V(&%*%"*-556&+*-$%5*8%'*-/(&%'*7&#"5#7%'*%(*
%'(*#;7/8'#M*7-&*"-(/&%A*:L#8*%'(*%"*-556&+*-$%5*8%*7&#"5#7%*+)'#&-"(P*-86&'*8Ld;%*'%&-*
+#&#C)*7-&*8%*7&#"5#7%*+)'#&-"(P*'#*5L%'(*-/*56"(&-#&%*-$%5*8%*7&#"5#7%*&-(#6""%8*?/L#8*%'(*%"*
-556&+P*-86&'*5%*'%&-*8-*&-#'6"*?/#*+#&#C%&-*8Ld;%A*4L-&+%/&*%'(*+#(%*f*;6&-8%*g*?/-"+*%88%*
%'(*%"*-556&+*-$%5*8-*&-#'6"*E%(*5L%'(*+L-#88%/&'*;V;%*'-*f*M6"5(#6"*"-(/&%88%*g*?/%*+LV(&%*
f*/"*-/T#8#-#&%*+/*7&#"5#7%*&-(#6""%8*gHJP*5-&*8%*7&#"5#7%*+)'#&-"(P*S#%"*?/L#8*7/#''%*-$6#&*
+%' * +)'#&' * "6" * 56"+-;"-S8%' * E56;;% * 8%' * +)'#&' * "-(/&%8'P * 7-& * %T%;78% * 5%8/# * +% * '%*
"6/&&#&P*'%*"6/&&#&*)(-"(*/"*-5(%*")5%''-#&%*K*"6(&%*'/&$#%JP*5%/T35#*7%/$%"(*-/''#*V(&%*
56"+-;"-S8%'P*%(*98-(6"*8%'*-77%88%*f*7-''#6"'*g*%(*f*(&6/S8%'*;-8-+#M'*gFA**.#"'#*8Ld;%*
%'(*56"'(#(/)%*+%*(&6#'*7&#"5#7%'P*8%*7&#"5#7%*+)'#&-"(P*8%*7&#"5#7%*&-(#6""%8*%(*8L-&+%/&*6/*
7&#"5#7%*+/*5\/&A*h*(&-$%&'*5%'*+#MM)&%"(%'*7-&(#%'*'L%T7&#;%"(*8%'*?/-(&%*$%&(/'*+%*8Ld;%*
?/%*'6"(*8-*'-C%''%P*8%*56/&-C%P*8-*;6+)&-(#6"*%(*8-*W/'(#5%A
2A*4-*'-C%''%*E-.$/(,J
***********4-*'-C%''%*%'(*8-*$%&(/*56&&%'76"+-"(%*-/*7&#"5#7%*&-(#6""%8P*%88%*%'(*f*8L*f*-((#(/+%*
-$#')%*g*EF0GSJ*%(*8-*5-7-5#()*+%*M-#&%*+%'*7&6W%('*%(*+%*+)8#S)&%&*EF0G53+J*giA*@-#'*76/&*
76/$6#& * +)8#S)&%&P * #8 * M-/( * ")5%''-#&%;%"( * +)(%"#& * /" * 5%&(-#" * '-$6#& * 76/& * ?/% * 8% * '-C%*
7/#''%*V(&%*-$#')*+-"'*'%'*+)8#S)&-(#6"'*%(*7&6W%('A*D8*7-&-j(&-#(*-''%k*)(&-"C%*%"*%MM%(*+%*
W/C%& * 78/' * -7(% * K * M-#&% * 8% * (&-$-#8 * +L/" * 5>-&7%"(#%& * /" * %T7%&( * %" * )56"6;#% * ?/L/"*
5>-&7%"(#%&*-C/%&&#A*.#"'#*"6/'*$6<6"'*-/''#*?/%*8%*'-$6#&*%'(*&%8-(#MP*5-&*/"*'-$6#&*(&N'*
/(#8%*+-"'*/"*+6;-#"%*7%/(*V(&%*(6/(*K*M-#(*#"/(#8%*+-"'*/"*-/(&%*+6;-#"%A*Y%*5%*M-#(P*
"6/'*$6<6"'*76/&?/6#*98-(6"*M-#(*+#&%*K*:65&-(%*?/%*8-*$%&(/*?/L%'(*8-*'-C%''%*-*/"*'-$6#&*
?/#*8/#*%'(*7&67&%lA*
@-#'*8-*'-C%''%*"%*56"'#'(%*7-'*%"*/"%*'#;78%*-55/;/8-(#6"*+%*'-$6#&P*5-&*76/&*
?/L/"*7&6W%(*'6#(*-$#')P*%"56&%*M-/(3#8*/"*5&#(N&%*"6/'*7%&;%((-"(*+%*'-$6#&*'L#8*8L%'(*6/*"%*
8L%'(*7-'A*,6/'*76/$6"'*+#&%*?/%*5%*'-$6#&*%'(*5%8/#*#''/*+%*8-*56"(%;78-(#6"*+/*;6"+%*
#"(%88#C#S8%*%(*+/*a#%"P*5-&*%/T*'%/8'*7%/$%"(*V(&%*8%*5&#(N&%*7%&;%((-"(*+%*W/C%&*+/*S#%"3
M6"+)*+%*(6/(*7&6W%(*E"6/'*-77&6M6"+#&6"'*5%*76#"(*+-"'*8%*5>-7#(&%*DDDJA*4-*'-C%''%*%'(*
/"%*$%&(/*?/#*"%*(%"+*7-'*K*-C#&*'%/8%;%"(*76/&*'6"*7&67&%*S#%"P*5L%'(3K3+#&%*76/&*5%8/#*
+/*7&#"5#7%*&-(#6""%8P*;-#'*76/&*8%*S#%"*+%*8L%"'%;S8%*+%'*7-&(#%'*+%*8Ld;%P*&-#'6"*76/&*
H
F
i
l
98-(6"P*+,!"#$%&'()%*P*FF2-A
98-(6"P*+,!"#$%&'()%*P*FHZ+A
m/8#-*.""-'P*0123.4%52(.1!6!',!"#$%&'()%*!4*!7',2.1P*7A2FHA
98-(6"P*+,!"#$%&'()%*P*F0GA
H
8-?/%88%*%88%*%'(*8-*;#%/T*K*;V;%*+%*+#&#C%&*8Ld;%P*5-&*8%'*-/(&%'*7-&(#%'*"L-C#''%"(*?/%*
76/&*8%/&*7&67&%*S#%"P*-/*+)(&#;%"(*+%*8L%"'%;S8%*+%'*7-&(#%'A*
0A*4%*56/&-C%*E,143*(,J
XL%'(*76/&*5%8-*?/%*8%*7&#"5#7%*+/*5\/&P*8L-&+%/&P*+6#(*'%*'6/;%((&%*-/*7&#"5#7%*
&-(#6""%8*76/&*8%*S#%"*+%*8Ld;%P*%(*5L%'(*%"*5%8-*?/%*56"'#'(%*'-*$%&(/*%"*(-"(*?/L%88%*+6#(*
-C#&*'%86"*'-*M6"5(#6"*7&67&%A*a#%"*?/%*5%*7&#"5#7%*"%*'6#(*7-'*K*7&67&%;%"(*7-&8%&*
&-(#6""%8P*#8*+6#(*-77&%"+&%*5%*?/L%'(*8%*S#%"*%(*8%*;-8*+/*7&#"5#7%*&-(#6""%8P*?/#*8/#*'-#(*
5%8-A*c"*M-#(*5%*7&#"5#7%*"%*7%/(*+#MM)&%"5#%&*8L-;#*+%*8L%""%;#P*8%*;-8*+/*S#%"P*K*8/#*'%/8P*
5-&*#8*"%*7%/(*56"(%;78%&*8L#"(%88#C#S8%*%(*%"56&%*;6#"'*8%*a#%"A*
.#"'#*#8*+6#(*7&%"+&%*56;;%*$)&#()*(6/(*5%*?/%*8/#*%"'%#C"%*8%*7&#"5#7%*&-(#6""%8P*
'-"'*76/$6#&*W-;-#'*$)&#M#%&*8%*'-$6#&*+%*5%8/#35#*K*'-*'6/&5%A*c"*M-#(*8-*56""-#''-"5%*+%*
8L-&+%/&*;6&-8%*"L%'(*7-'*$)&#(-S8%P*%88%*"L%'(*?/L67#"#6"P*;-#'*67#"#6"*$&-#%*7/#'?/L%88%*
(#&%*5%88%35#*+/*7&#"5#7%*&-(#6""%8P*?/#*76''N+%*/"*$)&#(-S8%*'-$6#&P*%(*"%*76/&&-#(*;%"(#&*
'/&*5%*?/#*%'(*S#%"*6/*;-8*7/#'?/%*5%8-*'%&-#(*"/#'#S8%*K*8L%"'%;S8%*+%*8Ld;%*?/%*+%*
56"M6"+&%*5%/T35#P*%(*"6/'*-$6"'*$/*?/%*8%*7&#"5#7%*&-(#6""%8*-*76/&*$%&(/*+L-C#&*76/&*8%*
S#%"*+%*8Ld;%*%"(#N&%A**X%7%"+-"(P*8-*$%&(/*-77%8)%*56/&-C%*"%*'%*&)'/;%*7-'*'%/8%;%"(*
K*'-$6#&*+#MM)&%"5#%&*8%*S#%"*+/*;-8P*;-#' *56"'#'(%*-/''#*K*5%*?/%*8L-&+%/&P*/"%*M6#'*
#"'(&/#(%P*C-&+%*76/&*$&-#*(6/(*5%*?/L6"*8/#*-*-77&#'P*'-"'*?/6#*(6/(%*'6"*)+/5-(#6"*-/&-#(*
)()*#"/(#8%P*%(*%88%*&%56;;%"5%&-#(*K*-C#&*'%86"*'%'*7/8'#6"'*+/*;6;%"(A*
.#"'#*8%*56/&-C%*56"'#'(%*76/&*98-(6"*K*-$6#&*+%'*67#"#6"'*$&-#%'*-/*'/W%(*+%*5%*
?/#*%'(*K*5&-#"+&%*6/*"6"*%(*K*-$6#&*/"%*&)'#'(-"5%*-/T*(%"(-(#6"'*E7&6$%"-"(*+/*7&#"5#7%*
+)'#&-"(J*%(*6S'(-58%'*+)(6/&"-"(*+/*56/&-C%A*9-&*56"')?/%"(*"6/'*76/$6"'*+#&%*?/%*
8L-5(%*"%*M-#(*7-'*%"*8/#3;V;%*8%*56/&-C%*56"(&-#&%;%"(*K*5%*?/%*8L6"*7%"'%*+L6&+#"-#&%*
E"6/'*'6;;%'P*7-&*%T%;78%P*%"*C)")&-8*(6/'*+L-$#'*+%*+#&%*?/%*?/%8?/L/"*?/#*$-*-/*
+%$-"(*+%'*+#MM#5/8()'*%'(*56/&-C%/TP*+%*5%*M-#(*5L%'(*+L-7&N'*'6"*-5(#6"*?/%*"6/'*W/C%6"'*
+%*'6"*56/&-C%JP*;-#'*?/%*5L%'(*8-*;6(#$-(#6"P*8L#"(%"(#6"*?/#*-*76/'')*K*-5(%*?/#*M-#(*8%*
56/&-C%A*4%*56/&-C%*"%*7%/(*V(&%P*76/&*98-(6"P*?/L#''/*+L/"%*86"C/%*)+/5-(#6"IA
HA*4-*;6+)&-(#6"*E-.$/3.-%18J
98-(6" * 56;;%"5% * 7-& * 8- * +)M#"#& * 56;;% * /"% * f*5%&(-#"% * M6&;% * +L6&+&%*
I m/8#-*.""-'P*0123.4%52(.1!6!',!"#$%&'()%*!4*!7',2.1P*7A2FlA
F
>-&;6"#%/T*g*?/#*%'(*f*8-*;-j(&#'%*+%*5%&(-#"'*78-#'#&'*%(*+)'#&'*gGA*,6/'*76/$6"'*+#&%*
+N'*86&'*?/%*8-*;6+)&-(#6"*%'(*/"%*$%&(/*?/#*$#'%*K*/"%*5%&(-#"%*;-j(&#'%*+%*'6#P*5-&*76/&*
?/L/"%*5>6'%*'6#(*>-&;6"#%/'%P*%"56&%*M-/(3#8*?/%*'%'*7-&(#%'*'6#%"(*%"*6&+&%*8%'*/"%'*
7-&*&-776&(*-/T*-/(&%'P*%(*"%*'6#%"(*7-'*8#S&%'*+%*M-#&%*(6/(*5%*?/L%88%'*$%/8%"(P*+-"'*8-*
;%'/&% * 6[ * 5%8- * 76/&&-#( * (%"+&% * $%&' * 8- * +#'>-&;6"#%A * n& * 5L%'( * 8L>-&;6"#% * ?/# * %'(*
&%5>%&5>)%*+-"' *8Ld;%P *5-&*8L>-&;6"#% *%'( *78/' *%"$#-S8%*?/%*8%*5>-6' *+-"' *8- *o&N5%*
-"(#?/%A*./*M#"-8P*8-*;6+)&-(#6"*%'(*$/%*%"*7&%;#%&*8#%/*56;;%*8-*;-j(&#'%*+/*7&#"5#7%*
+)'#&-"(P*%(*5%8-*76/&*(%"+&%*$%&'*8L>-&;6"#%A*XL%'(*+L-#88%/&'P*56;;%*"6/'*8L-$6"'*$/P*-/*
7&#"5#7%*&-(#6""%8*%(*K*8L-&+%/&*+%*;-j(&#'%&*8%*7&#"5#7%*+)'#&-"(ZA*
@-#'*:65&-(%*;6"(&%*M#"-8%;%"(*?/%*8-*;6+)&-(#6"*%'(*/"*-556&+*%"(&%*8%'*7-&(#%'*
?/-"(*K*5%88%'*?/#*+6#$%"(*6S)#&*%(*5%88%'*?/#*+6#$%"(*+#&#C%&P*8-*7-&(#%*8-*;%#88%/&%*)(-"(*
8%*7&#"5#7%*&-(#6""%8P*8-*7-&(#%*-/T#8#-#&%*)(-"(*8L-&+%/&P*%(*8-*7-&(#%*8-*;6#"'*S6""%*)(-"(*
8%*7&#"5#7%*+)'#&-"(A*X%((%*$%&(/*7%&;%(*-#"'#*+L)$#(%&*8%'*56"M8#('*#"()&#%/&'P*%(*?/%*5%*"%*
'6#(*7-'*/"%*;-#'*(6/(%'*8%'*7-&(#%'*+%*8Ld;%*?/#*W6/#''%"(*+%*8-*$686"()*+%*8-*7-&(#%*?/#*
+6;#"% * E%" * 8L655/&&%"5% * 8% * 7&#"5#7% * &-(#6""%8P * ?/# * 56;;% * "6/' * 8L-$6"' * $/*
7&)5)+%;;%"(*-C#(*76/&*8%*S#%"*+%*(6/(%'*8%'*7-&(#%'*?/-"+*#8*%'(*'-C%JA*,6/'*76/$6"'*
(6/(*+%*;V;%*&%;-&?/%&*/"%*5>6'%P*5L%'(*?/%*56"(&-#&%;%"(*K*8-*'-C%''%*%(*-/*56/&-C%P*
8-*;6+)&-(#6"*"L%'(*7-'*7&67&%*K*/"%*7-&(#%*+%*8Ld;%A*c"*M-#(P*8-*;6+)&-(#6"*&%8N$%*78/'*
+%'*&%8-(#6"'*%"(&%*8%'*+#MM)&%"(%'*7-&(#%'*+%*8Ld;%A
FA*4-*W/'(#5%*E4(9,(.-%18J*
4-*+%&"#N&%*$%&(/P*%(*8-*78/'*#;76&(-"(%*'%86"*98-(6"P*%'(*8-*W/'(#5%P*$%&(/*%(*S/(*
&%5>%&5>)*+%7/#'*8%*+)S/(*+%*+,!"#$%&'()%**7-&*:65&-(%*%(*'%'*#"(%&865/(%/&'A*4-*W/'(#5%*
76/&*'-*7-&(P*56"'#'(%*K*M-#&%*'%86"*"6(&%*M6"5(#6"*7&67&%P*5%*%"*?/6#*"6/'*'6;;%'*8%*
78/'*+6/)'P*%(*+%*+)8-#''%&*5%*?/#*&%8N$%*+%*8-*M6"5(#6"*7&67&%*+%'*-/(&%'*7-&(#%'21A*
c88% * %'( * 8- * 56"+#(#6" * ")5%''-#&% * -/ * S6" * M6"5(#6""%;%"( * +% * 8Ld;% * %( * K * '6"*
>-&;6"#%A * ,6/' * 76/&&#6"' * 7%"'%& * ?/% * M#"-8%;%"( * 8- * W/'(#5% * %( * 8- * ;6+)&-(#6" * '6"(*
'#;#8-#&%'P * ;-#' * %" * &)-8#() * 8%' * +%/T * '6"( * +#'(#"5(%'A * Y% * M-#(P * "6/' * -$6"' * $/ * ?/% * 8-*
;6+)&-(#6"*'L655/7%*+%*8L-556&+*%"(&%*8%'*$%&(/'*+%*?/#*%'(*8-*;%#88%/&%*%(*?/#*%'(*8-*
;6#"'*S6""%A*4-*W/'(#5%P*%88%P*"%*'L655/7%*7-'*+%*5%5#P*%88%*56"'#'(%*K*5%*?/%*5>-5/"%*+%'*
G 98-(6"P*+,!"#$%&'()%*P*FH1%A
Z 98-(6"P*+,!"#$%&'()%*P*FH2A
21 98-(6"P*+,!"#$%&'()%*P*FHH
i
7-&(#%'*'L655/7%*+%*'%'*7&67&%'*-MM-#&%'P*%(*?/L%88%'*-#%"(*56"'5#%"5%*?/%*8%/&*M6"5(#6"*
7&67&% * %'( * +L-C#& * 76/& * 8% * S#%" * +% * 8Ld;% * %"(#N&%A * :# * 8- * ;6+)&-(#6" * 56"'#'(% * %" * /"%*
56""-#''-"5%*+%*'6#*56"5%&"-"(*"6(&%*'/7)&#6&#()*6/*#"M)&#6&#()P*8-*W/'(#5%P*76/&*'-*7-&(P*
56"'#'(%*%"*/"%*56""-#''-"5%*+%*'6#*S%-/56/7*;6#"'*&%'(&#5(#$%P*5%88%*+%*"6(&%*M6"5(#6"*
7&67&%22A*
4-*W/'(#5%*%'(*-#"'#*8-*56"+#(#6"*")5%''-#&%*K*(6/(%'*8%'*-/(&%'*$%&(/'P*5-&*'-"'*%88%P*
5%88%'35#*'%&-#%"(*(%"()%'*+%*'6&(#&*+%*8%/&'*+6;-#"%'*+L-5(#6"P*5%5#*76/$-"(*%"(&-j"%&*7-&*
%T%;78%*?/%*5%*'6#(*8-*7-&(#%*+)'#&-"(%*?/#*+6;#"%*8Ld;%*%(*"6"*8-*&-#'6"P*8%*7&#"5#7%*
&-(#6""%8A * 4- * W/'(#5% * 7%&;%( * ?/% * 8%' * +#MM)&%"(%' * 7-&(#' * -C#''%"( * '%86" * 8%/&' * M6"5(#6"'*
7&67&%'*%(*<*7%&+/&%"(A*,6/'*76/$6"'*+6"5*+#&%*'-"'*(&67*"6/'*-$-"5%&*?/% *8-* $%&(/*
+-"' * 8Ld;% * %'( * 8- * W/'(#5%P * %( * ?/% * ?/-"+ * "6/' * '6;;%' * W/'(%'P * -86&' * "6/' * '6;;%'*
")5%''-#&%;%"(*'-C%'P*;6+)&)'*%(*56/&-C%/TA
D8*"L%"*%'(*7-'*+%*;V;%*76/&*8%'*-/(&%'*7-&(#%'P*5-&*8-*'-C%''%*7%/(*V(&%*7&)'%"(%*
+-"'*8Ld;%*;-#'*8-*7-&(#%*+)'#&-"(%*7%/(*7&%"+&%*8%*+%''/'*-$%5*8L-77/#*+%*8L-&+%/&*?/#*"%*
'%&-#(*7-'*56/&-C%/'%A*4L-&+%/&*7%/(*V(&%*56/&-C%/'%P*%(*76/&*5%8-*#8*M-/(*?/%*8-*&-#'6"*
'6#(*'-C%P*;-#'*'-"'*8-*;6+)&-(#6"*#8*<*-/&-*(6/W6/&'*/"*56"M8#(*#"(%&"%*K*8Ld;%*K*5-/'%*+%*
8-*7-&(#%*+)'#&-"(%*?/#*'%*&)$68(%&-#(*?/-"(*K*'-*78-5%*+-"'*8Ld;%A*:#*8Ld;%*)(-#(*;6+)&)%P*
"6/'*76/&&#6"'*7%"'%&*?/L%88%*'%&-#(*)C-8%;%"(*W/'(%P*;-#'*5%*"%*'%&-#(*7-'*8%*5-'*%"*
$)&#()P*5-&*8-*;6+)&-(#6"*"%*C-&-"(#(*7-'*?/%*8%'*$%&(/'*&%'(%"(*%"*78-5%*+-"'*8%*(%;7'P*8%'*
+#MM)&%"(%' * 7-&(#%' * 76/&&-#%"( * 7-''%& * 6/(&% * 8%/&' * +6;-#"%' * +L-5(#6" * 7&67&%' * K * 8%/&*
M6"5(#6"P*(6/(*%"*'-5>-"(*8%/&*78-5%*?/-"(*K*8%/&*'/7)&#6&#()*6/*#"M)&#6&#()*7-&*&-776&(*-/T*
-/(&%'*7-&(#%'A
aA*4-*5#()*O*-"-86C#%*+%*8Ld;%
:65&-(%*-MM#&;%*?/%*5L%'(*8%*5-&-5(N&%*+%'*#"+#$#+/'*+L/"%*5#()*?/#*M-#(*8%*5-&-5(N&%*
+%*5%88%35#20P*%(*K*7-&(#&*+%*8K*#8*+)5#+%*+%*$)&#M#%&*'#*8Ld;%*-*8%'*;V;%'*?/-8#()'*?/%*8-*
5#()A
Y-"'*8-*5#()*W/'(%*+%*98-(6"*#8*<*-*%"*%MM%(*-/''#*(&6#'*7-&(#%'P*8%'*C-&+#%"'P*8%'*
-/T#8#-#&%' * %( * 8%' * 7&6+/5(%/&'P * 5>-5/" * 56&&%'76"+-"( * &%'7%5(#$%;%"( * -/ * 7&#"5#7%*
&-(#6""%8P*K*8L-&+%/&*%(*-/*7&#"5#7%*+)'#&-"(A*
22 m/8#-*.""-'P*0123.4%52(.1!6!',!"#$%&'()%*!4*!7',2.1P*7A2i0A
20 98-(6"P*+,!"#$%&'()%*P*FHi3FHlA
l
2A*4%'*C-&+#%"'
4%/&*&`8%P*56;;%*5%8/#*+/*7&#"5#7%*&-(#6""%8P*%'(*+%*C6/$%&"%&*8%'*-/(&%'*7-&(#%'*
5-&*8%/&*$%&(/*%'(*8-*'-C%''%A*4%*M-#(*+LV(&%*C-&+#%"*"L#;78#?/%*7-'*%"*'6#*?/%*8L6"*'6#(*
'-C%P*;-#' *8%*M-#(*?/%*8L6"*'6#(*'-C%*#;78#?/%*?/%*8L6"*'6#(*C-&+#%"A*X-&*8-*$%&(/*+/*
C-&+#%"*%'(*-/''#*+L-C#&*"6"*7-'*76/&*'6"*7&67&%*#"()&V(*;-#'*76/&*8R#"()&V(*+%*8-*5#()*
%"(#N&%P*56;;%*76/&*5%*?/#*%'(*+/*7&#"5#7%*&-(#6""%8*-$%5*8Ld;%A*p/-"+*#8'*C6/$%&"%"(*8-*
5#()*%'(*'-C%P*%(*'%/8%;%"(*?/-"+*#8'*C6/$%&"%"(P*5-&*8%*M-#(*?/L#8*<*-#(*+%'*'-C%'*+-"'*/"%*
5#()*"%*'/MM#(*7-'*K*8-*&%"+&%*'-C%P*5-&*8%'*C6/$%&"-"('*?/#*%/T*"%*'%&6"(*7-'*'-C%'*
"L-C#&6"(*?/%*76/&*8%/&'*7&67&%'*#"()&V('P*%(*8%'*'-C%'*"%*76/&&6"(*7-'*<*5>-"C%&*C&-"+*
5>6'%A*Y%*78/'P*8%'*'-C%'*+6#$%"(*C6/$%&"%&*8-*5#()*5-&*5%*'6"(*-/''#*8%'*'%/8%'*'%86"*
98-(6"*K*"%*7-'*$6/86#&*W/'(%;%"(*8%*76/$6#&A*c(*'/&(6/(*5%*'6"(*8%'*'%/8'*K*56"(%;78%&*8%*
a#%"P*%(*+6"5*K*-$6#&*/"%*56""-#''-"5%*$)&#(-S8%*+%'*5>6'%'*%(*+%*5%*?/L%'(*8%*a#%"A*
,6(6"'*?/%*5%*'6"(*8%'*;6#"'*"6;S&%/T*+-"'*8-*5#()P*%(*?/L#8'*6"(*)()*%/T*-/''#*+%'*
-/T#8#-#&%'P*;-#'*+%'*-/T#8#-#&%'*?/#*6"(*W/'(%;%"(*&)/''#*K*+)7-''%&*8%*'(-+%*+%*8L67#"#6"*
$&-#%*76/&*-&&#$%&*K*8-*$)&#(-S8%*56""-#''-"5%A
0A*4%'*-/T#8#-#&%'
4%'*-/T#8#-#&%'*56&&%'76"+%"(*K*8L-&+%/&P*+%*5%*M-#(*8%/&*$%&(/*%'(*8%*56/&-C%P*%(*
8%/& * &`8% * %'( * +% * +)M%"+&% * 8- * 5#()A * X6;;% * 8L-&+%/&P * #8' * 6"( * 8L67#"#6" * $&-#% * +% * 5% * ?/#*
56"5%&"% *8- *+#'(#"5(#6" *%"(&%* 8%* S#%"* %( *8% *;-8P* %(* 6"(*8%* 56"(&`8% *+%* 8%/&' * +)'#&' *%(*
7-''#6"'P * ?/# * 76/&&-#%"( * 8%' * +)(6/&"%& * +/ * S#%"A * D8' * +6#$%"( * -#+%& * 8%' * C-&+#%"' * K*
56;;-"+%&*8%'*7&6+/5(%/&'*?/#*76/&*8%/&*7-&(*'6"(*78/'*%"58#"'*K*)56/(%&*8%/&*7&#"5#7%*
+)'#&-"(*?/%*8%/&*7&#"5#7%*&-(#6""%8A*
HA*4%'*7&6+/5(%/&'
4%'*7&6+/5(%/&'*56&&%'76"+%"(*-/*7&#"5#7%*+)'#&-"(P*+%*5%*M-#(P*#8'*"%*'-$%"(*7-'*
5%*?/L%'(*8%*S#%"P*(%"+%"(*K*$6/86#&*-''6/$#&*(6/'*8%/&'*+)'#&'P*%(*'6"(*8-*7-&(#%*+%*8-*5#()*8-*
78/' * #"M)&#%/&%A * 4%/& * &`8% * 56"'#'(% * K * &)76"+&% * -/ * S%'6#" * ")5%''-#&% * +% * 8- * 5#()P * 7-&*
8L-C&#5/8(/&%P*8L-&(#'-"-(P*8L)8%$-C%AAA*9&#'*#"+#$#+/%88%;%"(*8%' *7&6+/5(%/&' *"%*'6"(*7-'*
$%&(/%/TP*5-&*'#*(%8*)(-#(*8%*5-'*#8'*"%*'%&-#%"(*W/'(%;%"(*7-'*7&6+/5(%/&'*;-#'*C-&+#%"'P*
5-&*'%/8'*8%'*C-&+#%"'*'6"(*%"*$)&#()*$%&(/%/T*+-"'*8-*5#()P*5-&*5%*'6"(*8%'*'%/8'*K*V(&%*
W/'(%'P*%(*8-*W/'(#5%*"%*7%/(*V(&%*7&)'%"(%*'#*8%'*-/(&%'*$%&(/'*"%*8%*'6"(*7-'A*X%8-*'#C"#M#%*
I
?/%*8%'*-/T#8#-#&%'*-/''#*"%*'6"(*7-'*$%&(/%/TP*7/#'?/L#8'*"%*'6"(*7-'*'-C%'P*8-*'-C%''%*
")5%''#(-"(*/"*'-$6#&*$)&#(-S8%*%(*/"%*5-7-5#()*K*+)8#S)&%&A*
Y%*5%*M-#(P*"6/'*76/$6"'*56"58/&%*+%*(6/(*5%5#*?/%*8-*$%&(/*7&#"5#7-8%*%'(*8-*W/'(#5%P*%(*
?/%*'#*8L6"*%'(*W/'(%P*-86&'*6"*%'(*")5%''-#&%;%"(*'-C%P*56/&-C%/TP*%(*;6+)&)A
DD3*4L#"W/'(#5%*+-"'*8Ld;%*%(*8-*5#()
@-#'*-86&'P*"6/'*76/$6"'*&%8%$%&*?/%*'#*8L6"*%'(*#"W/'(%P*-86&'*8L)?/#8#S&%*%"(&%*8%'*
+#MM)&%"(%'*7-&(#%'*"%*7%/(*V(&%*C-&-"(#P*%(*-86&'*"6/'*"%*'6;;%'*7-'*$%&(/%/TP*5-&*V(&%*
$%&(/%/T*&%?/#%&(*+L-$6#&*(6/(%'*8%'*$%&(/'*%(*"6"*/"%*6/*+%/T*+L%"(&%*%88%'*7-&;#*8-*
;6+)&-(#6"P *8- * '-C%''%P * %( *8% * 56/&-C%A * 98-(6" *"6/' * ;6"(&% * 8L#"W/'(#5% *+-"' *8- * 5#() * %(*
8L#"+#$#+/*-/*8#$&%*^DDDP*%(*<*7&)'%"(%*?/-(&%*M6&;%'*+L#"W/'(#5%*O
.3*4-*(#;65&-(#%
46&'?/%*+-"'*8-*5#()*5%*'6"(*8%'*-/T#8#-#&%'*?/#*C6/$%&"%"(P*-86&'*'%86"*98-(6"*
"6/'*'6;;%'*%"*(#;65&-(#%A*X6;;%*5%*'6"(*8%'*-/T#8#-#&%'*?/#*C6/$%&"%"(*8-*5#()P*#8'*
"L6"(*-/5/"*7>#86'67>%*76/&*8%'*#"'(&/#&%*+%*5%*?/#*%'(*S#%"*6/*;-8P*+%*5%*M-#(*8-*5#()*+)WK*
"L%'(*7-'*W/'(%P*5-&*'-"'*8L)+/5-(#6"*?/#*8%/&*M-#(*+)M-/(P*#8'*-C#&6"(*'%86"*8%/&'*-&+%/&'*
S#%"*?/L#8'*&%56""-#''%"(*8-*$-8%/&*+%*8-*&-#'6"*?/-"(*K*-((%#"+&%*8%*S#%"*+%*8-*5#()*E5%*
?/L#8'*'6/>-#(%"(*7-&*-#88%/&'*;-#'*'6"(*#"5-7-S8%'*+L-((%#"+&%*7-&*%/T3;V;%JA*X%*'6"(*
+%' *;#8#(-#&%' * 56;;% * "6/' * 8%* '-$6"'P* %(* #8' * 7&)MN&%"( *-/T *-5(#$#()' *#"(%88%5(/%88%' *8-*
C<;"-'(#?/%P*8-*5>-''%*%(*8-*C/%&&%2HP*%(*5L%'(*+-"'*8-*7&-(#?/%*+%*5%'*-5(#$#()'*?/L#8'*
&%5>%&5>%"(*8L>6""%/&A*Y-"'*8-*5#()*(#;65&-(#?/%P*5%*"L%'(*7-'*8-*'-C%''%*?/#*M-#(*?/%*8L6"*
+#&#C%*6/*"6"*8-*5#()P*;-#'*8%*56/&-C%*%(*8%*(-8%"(*;#8#(-#&%A*
96/&*5%*?/#*56"5%&"%*8Ld;%*(#;65&-(#?/%P*5L%'(*8L-&+%/&*?/#*C6/$%&"%*8Ld;%P*?/#*
%'(*56;;%*8-*5#()*76/'')%*K*5>%&5>%&*8L>6""%/&*%(*8-*&#5>%''%P*%88%*"%*5>%&5>%*?/%*'6"*
7&67&%*S#%"A*Y%*5%*M-#(P*%88%*"L%'(*"#*'-C%P*"#*;6+)&)%P*"#*W/'(%P*"#*56/&-C%/'%A*4Ld;%*
(#;65&-(#?/%*%'(*%"*56"M8#(*7%&;-"%"(*%"(&%*+L/"*5`()*8%*7&#"5#7%*+)'#&-"(*%(*+%*8L-/(&%*8%*
7&#"5#7%*&-(#6""%8A*X6;;%*8Ld;%*(#;65&-(#?/%*%'(*+#&#C)%*7-&*'6"**-&+%/&P*5L%'(*K*5%8/#35#*
+%*(&-"5>%&*%"*M6"5(#6"*+%'*'#(/-(#6"'*76/&*8L/"%*6/*8L-/(&%*+%'*7-&(#%'P*(6/W6/&'*+-"'*8%*
S/(*+L-$6#&*78/'*+L>6""%/&*%(*+%*&#5>%''%A*
D8*7%/(*"6/'*7-&-j(&%*58-#&*?/L/"%*(%88%*d;%*-556&+%*/"%*C&-"+%*#;76&(-"5%*K*
2H 98-(6"P*+,!"#$%&'()%*P*iFZ-A
G
8L67#"#6" * +%' * -/(&%' * '/& * '- * 7&67&% * 7%&'6""% * E5-& * 8L>6""%/& * +-"' * 5% * 56"(%T(%35# * %'(*
#&&)+/5(#S8%*K*8L67#"#6"*+%'*-/(&%'*'/&*'6#*JP*98-(6"*-88-"(*W/'?/LK*?/-8#M#%&*/"*(%8*#"+#$#+/*
+L*f*>6;;%*-&&6C-"(*%(*%"(#5>)*+L>6""%/&'*g2FA*.&&6C-"(*5-&*78/'*#8*'%&-*56;S8)*+%*C86#&%*
%( * +L>6""%/& * 7-& * -/(&/#P * 78/' * #8 * '% * '%"(#&- * V(&% * 78/' * #;76&(-"( * ?/% * 8%' * #"+#$#+/' * ?/#*
8L%"(6/&%"(A*D8*%'(*+#(*-/''#2i*?/%*8L#"+#$#+/*(#;65&-(#?/%*W6/#(*+%'*78-#'#&'*%"*5-5>%((%P*7-&*
7%/&*+%'*&%7&)'-#88%'P*-<-"(*%/*/"%*;-/$-#'%*)+/5-(#6"P*5%8-*&%"M6&]-"(*8L#;76&(-"5%*+%*
8L)+/5-(#6" * +-"' * 8- * 5#() * #+)-8% * %( * 8L#;76&(-"5% * +6"")% * 7-& * 8L#"+#$#+/ * (#;65&-(#?/% * K*
8L67#"#6"*+L-/(&/#*'/&*8/#3;V;%P*%(*-/T*&#5>%''%'P*5-&*'L#8*W6/#(*+%*'%'*78-#'#&'*%"*5-5>%((%P*
5%5#*7%/(*V(&%*%"*&-#'6"*+%*'6"*-$-&#5%*E5-&*W6/#&*+%*'%'*&#5>%''%'*%"*7/S8#5P*5L%'(*7&%"+&%*
8%*&#'?/%*+%*+%$6#&*8%'*7-&(-C%&J*6/*+%*8-*7%/&*+%*7%&+&%*8L%'(#;%*?/L-/(&/#*-*'/&*'6"*
7&67&%*56;7(%A
a3*4L68#C-&5>#%
4L>6;;% * 68#C-&5>#?/%P * 76/& * '- * 7-&(P * %'( * 6S"/S#8) * 7-& * '6" * +)'#& * +% * &#5>%''%A*
X6"(&-#&%;%"( * K * 8Ld;% * (#;65&-(#?/%P * 8Ld;% * 68#C-&5>#?/% * %'( * +#&#C)% * 7-& * '6" * 7&#"5#7%*
+)'#&-"(*-77/<)*7-&*8L-&+%/&*76/&*+6;#"%&*8%*7&#"5#7%*&-(#6""%8A*4-*5#()*68#C-&5>#?/%*%'(*
+#&#C)%*7-&*8%'*78/'*&#5>%'*5#(6<%"'P*8%/&'*&#5>%''%'*M-#'-"(*8%/&'*?/-8#()'*+%*C6/$%&"-"('P*
%(*8-*5#()*)(-"(*-#"'#*'6/;#'%*-/*+)'#&*7%&;-"%"(*+L-55&6#''%;%"(*+%'*&#5>%''%'*+%*5%/T3
5#A*,6/'*76/&&#6"'*5&6#&%*?/L/"*(%8*q(-(*%'(*/"#M#)*%(*+6"5*>-&;6"#%/TP*7/#'?/L#8*"L<*-*7-'*
+%*56"M8#(*%"*(-"(*?/%*(%8*%"(&%*8%'*+#MM)&%"(%'*7-&(#%'P*5%7%"+-"(*#8*M-/(*'%*&-77%8%&*?/%*8-*
W/'(#5%P*?/#*%'(*8-*$%&(/*C-&-"(#''-"(*8L>-&;6"#%*+-"'*8Ld;%*%(*8-*5#()P*"L<*%'(*7-'*7&)'%"(%P*
5-&*%88%*"L%'(*76''#S8%*?/%*86&'?/%*8-*&-#'6"*C6/$%&"%P*5-&*'%/8%;%"(*+-"'*5%*5-'38K*8%*
S#%"*+%*(6/(%'*8%'*7-&(#%'*7%/(*V(&%*C-&-"(#A*
X3*4-*+);65&-(#%
4-*5#()*+);65&-(#?/%*%'(*/"%*5#()*6[*8L6"*7%/(*M-#&%*f*(6/(*5%*?/%*8L6"*$%/(*g2lA*
9%&'6""%*"L<*56;;-"+%*&)%88%;%"(*5-&*7%&'6""%*"L<*%'(*(%"/*+%*56;;-"+%&P*8-*8#S%&()*
E-/ * '%"'*O * W% * 7%/T * M-#&% * 5% * ?/% * W% * +)'#&% * M-#&%J * < * %'( * +% * &#C/%/&A * X% * "L%'( * 7-' * 8-*
+)8#S)&-(#6"*-$#')%*?/#*<*'%&-*56"'#+)&)%*%(*%'(#;)%P*;-#'*8L67#"#6"*+%*8-*;-W6&#()*O
.$%5 * ?/%88% * '/7%&S% * 6" * M6/8% * -/T * 7#%+' * (6/' * 5%' * 7&#"5#7%'P * '-"'*
2F 98-(6"P*+,!"#$%&'()%*P*ii1SA
2i 98-(6"P*+,!"#$%&'()%*P*iFGSA
2l 98-(6"P*+,!"#$%&'()%*P*iiISA
Z
-/5/"%;%"(*'%*7&)655/7%&*+%*8-*"-(/&%*+%'*-5(#$#()'*'/'5%7(#S8%'*+%*
M6&;%&*76/&*8%'*(d5>%'*768#(#?/%'*5%8/#*?/#*'L<*+%'(#"%P*-86&'*?/L6"*%'(*
&%'7%5()*'#*6"*56"'%"(*'%/8%;%"(**K*+)58-&%&*?/L6"*'L-556&+%*-$%5*8%'*
(%"+-"5%'*+%*8-*;-''%A2I
4Ld;%*+);65&-(#?/%*%'(*+#&#C)%*%88%*-/''#*7-&*'6"*7&#"5#7%*+)'#&-"(P*;-#'*98-(6"*
+#'(#"C/%*+%/T*(<7%'*+%*+)'#&'P*5%/T*?/#*'6"(*")5%''-#&%'*%(*S6"'P*%(*5%/T*?/#*"%*'6"(*7-'*
")5%''-#&%*%(*;-/$-#'A*4L#"+#$#+/*+);65&-(#?/%*5>%&5>%*K*-''6/$#&*(6/'*'%'*+)'#&'P*'6"*
56;76&(%;%"(*%'(*-''%k*>-'-&+%/T*5-&*#8*%'(*5>-"C%-"(*%"*M6"5(#6"*+/*+)'#&*+/*;6;%"(*
%(*+%*8L#"M8/%"5%*+%*'6"*%"(6/&-C%*?/-"(*-/*5>6#T*+L-''6/$#&*(%8*6/*(%8*+)'#&A
Y3*4-*(<&-""#%
!"*'%/8*>6;;%*+#&#C%P*'6/(%"/*7-&*/"%*M6&5%*;#8#(-#&%P*%(*+6;#"%*7-&*8-*M6&5%*8-*
5#()A*4%*7%/78%*6S)#(*-/*S6"*$6/86#&*+/*(<&-"P*5%8/#35#*8%'*/(#8#'-"(*76/&*-''6/$#&*(6/'*'%'*
+)'#&'A*4L>6;;%*(<&-""#?/%*%'(*(6(-8%;%"(*%'58-$%*+%*'%'*+)'#&'2GA*:6"*7&#"5#7%*&-(#6""%8*
%'( * (6(-8%;%"( * %"+6&;#P * 8% * 7&#"5#7% * +)'#&-"( * +6;#"% * 56;;% * +-"' * 8%' * -/(&%' * M6&;%'*
+L#"W/'(#5%P*;-#'*%'(*;U*;-W6&#(-#&%;%"(*7-&*+%'*+)'#&'*+L6&+&%*'%T/%8P*#8*"L-*?/%*5%/T35#*
%"*(V(%*%(*"%*5>%&5>%*?/LK*8%'*-''6/$#&A*98-(6"*(#%"(*5%(*)(-(*76/&*'%;S8-S8%*-/*'6;;%#8*%(*
K * 8L#$&%''%*O * (6/( * 8%' * (&6#' * 56"'#'(%"( * %" * /" * %"+6&;#''%;%"( * +/ * 7&#"5#7% * &-(#6""%8P*
+6""-"(*-#"'#*8#S&%*56/&'*K*8L#;-C#"-(#6"*+/*7&#"5#7%*+)'#&-"(A
DDD3*4%*a#%"*56;;%*M6"+%;%"(*+%*8-*$%&(/*%(*+/*S6">%/&A
X6;;%*"6/'*8L-$6"'*$/P*8-*$%&(/*?/L%'(*8-*'-C%''%*-*/"*'-$6#&*?/#*8/#*%'(*7&67&%P*
%(*5%*'-$6#&*%'(*8-*56"+#(#6"*")5%''-#&%*K*8L6S(%"(#6"*+%*8-*'-C%''%A*X%*'-$6#&*'7)5#M#?/%*K*
8-*'-C%''%*%'(*5%8/#*+%*8LD"(%88#C#S8%P*%(*78/'*7&)5#');%"(*5%8/#*+%*8-*r6&;%*#"(%88#C#S8%*+/*
a#%"A*@-#'*-86&'*/"%*?/%'(#6"*'L#;76'%*+#&%5(%;%"(*K*"6/'*O*p/L%'(35%*?/%*8RD"(%88#C#S8%*
%(*8%*a#%"*+-"'*8-*7%"')%*78-(6"#5#%""%*s*96/&*<*&)76"+&%P*#8*M-/(*(6/(*+L-S6&+*-$6#&*%"*
(V(%*?/%*98-(6"*M-#(*/"%*+#'(#"5(#6"*%"(&%*8%*;6"+%*'%"'#S8%*%(*8%*;6"+%*#"(%88#C#S8%A*
.3*4L#"(%88#C#S8%*56;;%*56"+#(#6"*+%*76''#S#8#()*+%*8-*56""-#''-"5%A
4%*;6"+%*'%"'#S8%P*?/#*%"C86S%*(6/(*5%*?/#*&%8N$%*+%*8-*7%&5%7(#6"*+%'*'%"'P*%'(*
%"*7%&7)(/%8*5>-"C%;%"(A*f*n"*"%*'%*S-#C"%*W-;-#'*+%/T*M6#'*+-"'*8%*;V;%** M8%/$%*g*
+#'-#(*t)&-58#(%P*;6"(&-"(*7-&*8K*8%*56"'(-"(*5>-"C%;%"(P*8L#;7%&;-"%"5%*+-"'*8%*;6"+%*
2I 98-(6"P*+,!"#$%&'()%*P*iiGSA
2G 98-(6"P*+,!"#$%&'()%*P*iI253+A
21
'%"'#S8%A*c"*%MM%(P*76/&*5%*?/#*56"5%&"%*8%*M8%/$%P*#8*%'(*%"*56"'(-"(*;6/$%;%"(P*#8*%'(*%"*
56"'(-"(*5>-"C%;%"(*+%*7-&*'6"*)56/8%;%"(A*
n&P*6"*"%*7%/(*56""-j(&%*?/%*+%'*5>6'%'*7%&;-"%"(%'P*5-&*/"%*56""-#''-"5%*'/&*
/"%*5>6'%*%"*56"'(-"(*5>-"C%;%"(P*56;;%*"6(&%*M8%/$%P*"%*'%&-#(*$-8-S8%*?/LK*/"*#"'(-"(*
S#%"*7&)5#'P*5%((%*56""-#''-"5%*'%&-#(*%&&6")%*+N'*?/L#8*<*-/&-#(*%/*/"*5>-"C%;%"(*+-"'*
8L6SW%(*+%*8-*56""-#''-"5%A*:#*7-&*%T%;78%*m%-"*-$-#(*8%'*5>%$%/T*86"C'*K*/"*#"'(-"(*.P*%(*
?/L#8*'%*56/7-#(*8%'*5>%$%/T*%(*+6"5*'%*&%(&6/$-#(*-$%5*8%'*5>%$%/T*56/&('*K*/"*#"'(-"(*aP*
8-*56""-#''-"5%*?/%*"6/'*-$#6"'*K*8L#"'(-"(*.*+%*m%-"P*5L%'(3K3+#&%*?/L#8*-$-#(*8%'*5>%$%/T*
86"C'P*'%&-#(*/"%*56""-#''-"5%*M-88-5#%/'%*K*8L#"'(-"(*aP*5-&*m%-"*"L-*7-'*8%'*5>%$%/T*
86"C'*K*8L#"'(-"(*aA*.#"'#*%"*%'(*#8*+%*;V;%*76/&*(6/'*8%'*7>)"6;N"%'*+/*;6"+%*'%"'#S8%*
5-&*(6/'*'6"(*'6/;#'*-/*5>-"C%;%"(A*
@-8C&)*5%((%*#;7%&;-"%"5%*76/&(-"(P*"6/'*76/$6"'*"6;;%&*8%'*5>6'%'P*6&*#8*%'(*
")5%''-#&%*+L-$6#&*/"%*5%&(-#"%*56""-#''-"5%*+%*8-*5>6'%*76/&*76/$6#&*8-*&%56""-j(&%*%(*
8-*"6;;%&*+%*8-*;V;%*+)"6;#"-(#6"A*a#%"*?/%*m%-"*'6#(*%"*56"'(-"(*5>-"C%;%"(*E8%*
$#%#88#''%;%"(*7-&*%T%;78%JP*?/%8?/%*5>6'%*M-#(*?/%*"6/'*8%*&%56""-#''6"'P*+6"5*#8*+6#(*<*
-$6#&*?/%8?/%*5>6'%*+%*56"'(-"(*%"*8/#*?/#*"6/'*7%&;%((%*+%*8%*&%56""-j(&%A*Y%*5%5#P*
98-(6"*(#&%*8L%T#'(%"5%*+/*;6"+%*#"(%88#C#S8%P*"6"*'6/;#'*-/*5>-"C%;%"(P*7%&;%((-"(*8-*
76''#S#8#()*+%*56""-j(&%*8%*&)%8P*?/%*98-(6"*#+%"(#M#%&-*W/'(%;%"(*-/*;6"+%*#"(%88#C#S8%*
78/(`( * ?/L-/ * ;6"+% * '%"'#S8%P * 7/#'?/% * 5%8/#35# * %'( * '6/;#' * -/ * 5>-"C%;%"(A * :# * "6/'*
&%7&%"6"'*8L%T%;78%*+%*m%-"P*%(*'#*"6/'*"6/'*-77/<6"'*'/&*8-*(>)6&#%*+%*8-*56""-#''-"5%*
78-(6"#5#%""%P*5L%'(*C&d5%*K*8-*7%&5%7(#6"*+%*'-*r6&;%*#"(%88#C#S8%*E6/*D+)%J*?/%*"6/'*
56""-#''6"'*m%-"P*%(*#8*%"*$-*+%*;V;%*+%*(6/(*5%*?/#*%'(A*
:#*8-*56""-#''-"5%*"L%'(*76''#S8%*?/%*+%'*r6&;%'*#"(%88#C#S8%'P*%(*?/%*8L6"*"%*7%/(*
;%"%&*&)%88%;%"(*K*S#%"*/"*&-#'6""%;%"(P*/"%*+)8#S)&-(#6"P*?/%*'#*8L6"*-*56""-#''-"5%*
+%'*5>6'%'*+6"(*6"*+)8#SN&%*E#8*%'(*7-&*%T%;78%*+#MM#5#8%*+%*+#'(#"C/%&*/"%*(-S8%*+L/"%*
'-&+#"%*'#*8L6"*"%*'-#(*7-'*5%*?/%*'6"(*5%/T35#JP*-86&'*6"*7%/(*56;7&%"+&%*8L#;76&(-"5%*+%*
8-*56""-#''-"5%*$#'3K3$#'*+%*8-*$%&(/*7/#'?/%*8-*'-C%''%*56"'#'(%*%"(&%*-/(&%'*+-"'*8-*
5-7-5#() * +% * S#%" * +)8#S)&%&A * @-#' * /"% * ?/%'(#6" * 7%&'#'(% * '/& * 8- * '-C%''%*O * %" * ?/6# * 8-*
56"(%;78-(#6"*+%*8LD"(%88#C#S8%*7%&;%(3%88%*-/*7&#"5#7%*&-(#6""%8*+%*56""-j(&%*5%*?/#*%'(*
S6" * 76/& * -/(&/# * %( * 76/& * 8/#3;V;%*s * p/%88% * %'( * 8- * r6&;% * 7%&;%((-"( * /"% * (%88%*
56""-#''-"5%*s
h* 5%' * ?/%'(#6"' * 98-(6" * "6/' * &)76"+&-#( * ?/%* 5L%'( * 7-& * 8- * 56"(%;78-(#6" * +% * 8-*
22
r6&;%*#"(%88#C#S8%*+/*a#%"*?/%*"6/'*-&&#$6"'*K*/"%*(%88%*56""-#''-"5%A
a3*4-*56""-#''-"5%*+%*8-*r6&;%*+/*a#%"*56;;%*56"+#(#6"*")5%''-#&%*K*8-*$%&(/*+-"'*
8L#"+#$#+/*%(*8-*5#()A
96/&*)8/5#+%&*5%*?/L%'(*8%*a#%"P*98-(6"P*+-"'*8%*8#$&%*^D*+%*8-*"#$%&'()%*P*"6/'*
+#(*?/%*(6/'*8%'*>6;;%'*5>%&5>%"(*8%*S#%"P*;-#'*'-"'*'-$6#&*5%*?/L#8*%'(A*4%*a#%"*%'(*8#)*
-/*W/'(%*%(*-/*S%-/P*%(*6"*"%*7%/(*56""-j(&%*5%/T35#*'-"'*56""-j(&%*8%*a#%"2ZA*h*7-&(#&*+%*
8K*+)WK*8L6"*7%/(*$6#&*8-*")5%''#()*+%*8-*56""-#''-"5%*+%*8-*r6&;%*+/*a#%"*?/-"(*K*
8L-5?/#'#(#6"*+%*8-*W/'(#5%*+-"'*8L#"+#$#+/*%(*8-*5#()P*$%&(/*C-&-"(#''-"(*8L>-&;6"#%*%"*5%/T3
5#A*@-#'*98-(6"*'6/8N$%*/"%*+#MM#5/8()01P*5L%'(*?/%*8%*a#%"*"%*7%/(*V(&%*+)M#"#*?/%*7-&*/"%*
7%&'6""%*-<-"(*+)WK*56"(%;78)*8%*a#%"P*%(*:65&-(%*+-"'*5%*7-''-C%*"6/'*+#(*?/L#8*%'(*
#"5-7-S8%*+%*+)M#"#&*5%8/#35#A*
X%7%"+-"(P*76/&*"6/'*)58-#&%&*(6/(*+%*;V;%*/"*7%/*'/&*8%*a#%"P*98-(6"*M-#(*/"%*
-"-86C#%*%"(&%*8%*'68%#8*%(*8%*a#%"A*4-*$/%*%'(*8%*'%"'*?/#*"6/'*7%&;%(*+%*$6#&*8%'*5>6'%'P*
;-#'*%88%*"%*"6/'*7%&;%(*7-'*+%*$6#&*K*%88%*(6/(%*'%/8%P*#8*<*-*/"%*56"+#(#6"*")5%''-#&%*
76/&*?/%*8%'*5>6'%'*7/#''%"(*V(&%*$/%'*O*?/%*5%'*5>6'%'*'6#%"(*)58-#&)%'*7-&*8-*8/;#N&%A*
.#"'#*8%*'68%#8P*?/#*)58-#&%*8%*;6"+%*%(*7%&;%(*-/T*5>6'%'*'%"'#S8%'*+LV(&%*$/%'*7-&*8R\#8P*
+6""%*/"%*;%#88%/&%*$#'#6"P*/"%*$#'#6"*)58-#&)%P*+/*;6"+%*'%"'#S8%A*X%*?/%*8%*'68%#8*%'(*
-/ * ;6"+% * '%"'#S8%P * 8% * a#%" * 8L%'( * -/ * ;6"+% * #"(%88#C#S8%A * 4% * a#%" * )58-#&% * 8% * ;6"+%*
#"(%88#C#S8%*%(*7%&;%(*+%*5%*M-#(*-/T*5>6'%'*#"(%88#C#S8%'*+LV(&%*56"(%;78)%'P*7%"')%'*%(*
56""/%'A*
4% * a#%" * 7%&;%( * 8- * $)&#(-S8% * 56""-#''-"5%P * '-"' * 8/# * 8% * ;6"+% * #"(%88#C#S8% * %'(*
'6;S&%P * (6/&") * $%&' * 8L6S'5/&#()P * %( * "% * 7%/( * V(&% * 56""/ * 6/ * ;V;% * $/P * +% * 8K * +)56/8%*
8L#C"6&-"5%P*%(*+%*8L#C"6&-"5%*8%*;-8P*5-&*6"*"%*M-#(*+/*;-8*K*?/%8?/L/"*6/*K*'6#3;V;%*
?/%*7-&*#C"6&-"5%*+%*5%*?/L%'(*8%*a#%"A*@-#'*8%*a#%"*"%*'%*56"(%"(%*7-'*+L)58-#&%&*8%*
;6"+%*#"(%88#C#S8%P*#8*%'(*-/''#*8-*56"+#(#6"*")5%''-#&%*76/&*?/%*5%8/#35#*7/#''%*%T#'(%&P*
7%&+/&%&*%(*V(&%*5%*?/L#8*%'(P*'-"'*76/&*-/(-"(*8L-$6#&*5&))02A*
,6/'*$6<6"'*S#%"*?/%*8%*a#%"*%'(*-/3+%8K*+/*;6"+%*#"(%88#C#S8%*+%*7-&*5%*?/#*
+)56/8%*+%*8/#P*#8*%'(*-/3+%8K*+%*(6/(%*5>6'%*_*7%/(*V(&%*?/%*+%*8K*7&6$#%"(*8-*+#MM#5/8()*K*
+#&%*5%*?/L#8*%'(A*9/#'?/%*8%*a#%"*"6/'*7%&;%(*+LV(&%*$%&(/%/TP*%(*;V;%*%'(*#"+#'7%"'-S8%*
2Z 98-(6"P*+,!"#$%&'()%*P*i1l-A
01 98-(6"P*+,!"#$%&'()%*P*i1l+3%
02 98-(6"P*+,!"#$%&'()%*P*i1ZSA
20
K * 8L%T#'(%"5% * +% * 8- * $%&(/P * %( * ?/% * 8- * $%&(/ * 7%&;%( * +L-&&#$%& * -/ * S6">%/& * 7/#'?/% * '%/8*
8L#"+#$#+/*$%&(/%/T*%'(*+#&#C)*7-&*8-*&-#'6"*-C#''-"(*76/&*8%*S#%"*+%*(6/(%'*8%'*7-&(#%'*+%*
8Ld;%P*8%*a#%"*%'(*-/''#*8-*56"+#(#6"*")5%''-#&%*76/&*-&&#$%&*-/*S6">%/&A
X6"58/'#6"
,6/'*76/$6"'*$6#&*#5#*?/%*98-(6"*)(-S8#(*/"*8#%"*%"(&%*8%*S#%"*;6&-8P*8-*$%&(/P*%(*
8%*S6">%/&P*%(*?/%*76/&*8/#*8-*&-#'6"*7&#"5#7-8%*76/&*8-?/%88%*8-*$%&(/*%'(*K*&%5>%&5>%&*%'(*
+-"'*8%*M-#(*?/%*5L%'(*8-*'%/8%*$6#%*?/#*7/#''%*-776&(%&*/"*S6">%/&*$)&#(-S8%P*8%'*78-#'#&'*
76/$-"( * 5%&(%' * 7&6$6?/%& * /" * 5%&(-#" * S6">%/&P * ;-#' * 76/$-"( * -776&(%& * (6/( * -/(-"( * 8%*
56"(&-#&%*O*8%'*78-#'#&'*"%*'6"(*7-'*(6/'*S6"'*%(*"%*'6"(*7-'*8%*a#%"*%"*'6#P*?/#*8/#*%'(*
-S'68/;%"(*S6"A*4-*7%"')%*+%*98-(6"*56"5%&"-"(*8-*$%&(/*%'(*-/''#*+L-5(/-8#()P*%88%*"6/'*
;6"(&%*%"*%MM%(*?/%*8-*W/'(#5%*+-"'*8-*5#()*%'(*#&&)+/5(#S8%*K*8-*W/'(#5%*+-"'*8L#"+#$#+/P*5-&*
%88%*+6#(*V(&%*C6/$%&")%*7-&*+%'*#"+#$#+/'*$%&(/%/TP*+%'*'-C%'P*76/&*V(&%*$%&(/%/'%A*Y%*
5%((%*#&&)+/5(#S#8#()*+)56/8%*/"*76#"(*#;76&(-"(*O*8-*W/'(#5%*+-"'*8-*5#()*&%?/#%&(*?/%*(6/(%*
'-*767/8-(#6"*-#(*M-#(*/"*&)%8*(&-$-#8*'/&*'6#P*8-*&)M6&;%*+-"'*8Lq(-(*7-''%*%"*7&%;#%&*8#%/*
7-&*8-*&)M6&;%*+-"'*8L#"+#$#+/A
4%*M-#(*?/L#8*<*-#(*/"%*'6&(%*+%*>#)&-&5>#%*%"(&%*8%'*#"+#$#+/'*+-"'*8-*5#()*E8%'*
9&6+/5(%/&'P*8%'*./T#8#-#&%'P*8%' *o-&+#%"'JP*7%/(*V(&%*%T78#?/)*7-&*8%*M-#(*?/%*98-(6"*
7%"'%*5%&(-#"%;%"(*?/L#8*<*-/&-*(6/W6/&'*+%'*#"+#$#+/'*?/#*"%*M%&6"(*W-;-#'*5%*(&-$-#8*'/&*
'6#*%(*+6"5*"L-&&#$%&6"(*W-;-#'*K*8-*$%&(/A*:#*(6/'*8%'*#"+#$#+/'*)(-#%"(*$%&(/%/TP*-86&'*8-*
"6(#6"*+%*>#)&-&5>#%*+-"'*8-*5#()*7%&+&-#(*(6/(*'6"*'%"'P*+-"'*8-*;%'/&%*6[*5>-5/"*+L%"(&%*
%/T*-C#&-#(*'%86"*8%*a#%"A*@-#'*5%5#*"6/'*;6"(&%*8-*8#;#(%*+%*8L-"-86C#%*%"(&%*8Ld;%*%(*8-*
5#()P*5L%'(*?/%*'#*8-*5#()*7%/(*V(&%*56"'(#(/)%*'%/8%;%"(*+%*'-C%'P*8Ld;%P*%88%P*"%*7%/(*V(&%*
56"'(#(/)%*'%/8%;%"(*7-&*8-*&-#'6"P*8%*7&#"5#7%*+)'#&-"(*(6/(*56;;%*8L-&+%/&*'6"(*%"*
8L#"+#$#+/*%(*"%*7%/$%"(*5>-"C%&*+%*"-(/&%A*
X%7%"+-"(*C-&+6"'*%"*(V(%*?/%*8-*5#()*+%*98-(6"*7-&(*+/*7&#"5#7%*?/%*'%/8%;%"(*
/"%*;#"6&#()*+%*8-*767/8-(#6"*+%*8-*5#()*-*-((%#"(*W/'(#5%A*,6/'*76/&&#6"'*&%7&65>%&*K*
98-(6" *+% * "%* 7-' * "6/' * )58-#&%& *'/&* 5% *?/L%'( *8% * a#%" *E#8 *"% *M-#( *7&)'%"(%& * 5% *?/# * %"*
+)56/8%JP*?/#*%'(*(6/(*+%*;V;%*8%*5&#(N&%*+%*;6&-8#()*+%*"6'*-5(#6"'*'%86"*98-(6"P*%(*+%*
"%*7-'*"6/'*+6""%&*58-#&%;%"(*8%*;6<%"*+L-&&#$%&*K*5%8/#35#A*
c"M#"P*-&&#$%&*K*8-*56"(%;78-(#6"*+/*a#%"*'%;S8%*V(&%*/"%*$6#%*8-S6&#%/'%*+-"'*8%*
'%"'*6[*98-(6"*M-#(*+#&%*K*:65&-(%*-/*8#$&%*^D*+%*+,!"#$%&'()%*!?/%*8/#3;V;%*"L-*7-'*/"%*
2H
56;7&)>%"'#6" * (6(-8% * +/ * a#%"P * %( * 5L%'( * 76/&?/6# * "6/' * 76/&&#6"' * 7%"'%& * ?/% * 98-(6"*
"L-$-#(*7-'*K*8L)76?/%*6[*#8*)5&#$#(* *+,!"#$%&'()%*!8-*56;7&)>%"'#6"*(6(-8%*+/*a#%"P*%(*
/"%*(%88%*7%"')%*76/&&-#(*"6/'*M-#&%*7%"'%&*W/'(%;%"(*?/%*7/#'?/L#8*"L-*7-'*/"%*$)&#(-S8%*
56;7&)>%"'#6"*+/*a#%"P*#8*%'(*76''#S8%*?/L#8*'%*'6#(*(&6;7)*?/-"(*K*8-*+%'5&#7(#6"*+%*
5%8/#35#A*98-(6"*%"*)(-#(*5%&(-#"%;%"(*56"'5#%"(*+-"'*8-*;%'/&%*6[*#8*M-#(*+#&%*K*:65&-(%*
?/L#8*%'(*76''#S8%*?/L#8*'%*(&6;7%*+-"'*8-*+%'5&#7(#6"*+%*5%*?/L%'(*8%*a#%"*O
!
./*"6;*+%*u%/'P*:65&-(%P*'L)5&#-*-86&'*o8-/56"P*"%*(L-&&V(%*7-'*
56;;%*'#*(/*)(-#'*-&&#$)*-/*S/(*v*,6/'*'%&6"'*'-(#'M-#('*'#*(/*%T76'%'*8-*
"-(/&%*+/*S#%"*+%*8-*;V;%*;-"#N&%*?/%*(/*-'*%T76')*8-*"-(/&%*+%*8-*
W/'(#5%P*+%*8-*;6+)&-(#6"*%(*+%'*-/(&%'*$%&(/'A
!
c(*76/&*;6#*-/''#P*5-;-&-+%P*&%7&#'3W%P*5%*'%&-#(*/"*;6(#M*+%*
78%#"*56"(%"(%;%"(*_*;-#'*W%*5&-#"'*+%*"L%"*V(&%*7-'*5-7-S8%*%(P*'#*W%*
+%$-#'*%"*7&%"+&%*8%*&#'?/%P*+L-((#&%&*'/&*;6#*8-*;6?/%&#%*%"*&-#'6"*+%*
;-*;-8-+&%''%A*@-#'P*S#%">%/&%/T*-;#'P*8-#''6"'*+%*5`()*76/&*8L#"'(-"(*
8-*?/%'(#6"*+/*S#%"*(%8*?/L#8*%'(*%"*8/#3;V;%P*5-&*#8*;%*'%;S8%*
'/7)&#%/&*K*5%*?/%*"6(&%*%MM6&(*7&)'%"(*7%/(*%'7)&%&*-((%#"+&%P*%"*(6/(*
5-'*'%86"*8L%'(#;-(#6"*?/%*WL%"*M-#'*76/&*8%*;6;%"(*_*W%*56"'%"'P*7-&*
56"(&%P*K*$6/'*7-&8%&*+%*5%*?/#*;%*7-&-j(*8%*&%W%(6"*+/*S#%"*%(*?/#*8/#*
&%''%;S8%*8%*78/'P*'#*5%8-*$6/'*56"$#%"(A*:#"6"P*8-#''6"'*5%8-*+%*5`()A00
00 98-(6"P*+,!"#$%&'()%*P*i1l+3%
2F
:6;;-#&%
D"(&6+/5(#6"
D3*4-*$%&(/*+-"'*8L#"+#$#+/*%(*+-"'*8-*5#()
.3*4Ld;%*O*56;76'#(#6"*%(*$%&(/'
2A*4-*'-C%''%*
0A*4%*56/&-C%*
HA*4-*;6+)&-(#6"*
FA*4-*W/'(#5%*
aA*4-*5#()*O*-"-86C#%*+%*8Ld;%
2A*4%'*C-&+#%"'*7>#86'67>%'**
0A*4%'*C-&+#%"'*6/*-/T#8#-#&%'
HA*4%'*7&6+/5(%/&'*
DD3*4L#"W/'(#5%*+-"'*8L#"+#$#+/*%(*8-*5#()
.3*4-*(#;65&-(#%
a3*4L68#C-&5>#%
X3*4-*+);65&-(#%
Y3*4-*(<&-""#%
DDD3*4%*a#%"*56;;%*M6"+%;%"(*+%*8-*$%&(/*%(*+/*S6">%/&
.3*4L#"(%88#C#S8%*56;;%*56"+#(#6"*+%*76''#S#8#()*+%*8-*56""-#''-"5%
a3*4-*56""-#''-"5%*+%*8-*r6&;%*+/*a#%"*56;;%*56"+#(#6"*")5%''-#&%*K*8-*$%&(/*
+-"'*8L#"+#$#+/*%(*8-*5#()A
X6"58/'#6"
2i
a#S8#6C&-7>#%
!
98-(6"*+,!"#$%&'()%*P*8-*(&-+/5(#6"*/(#8#')*%'(*5%88%*+%*o%6&C%'*4%&6/T*7-&/%*
+-"'*7',2.1:!;%<3*-!5.=$'>2*-P*9-&#'P*r-;;-&#6"*E0122JP*'6/'*8-*+#&%5(#6"*+%*
4/5*a&#''6"A
!
m/8#-*.""-'P*0123.4%52(.1!6!',!"#$%&'()%*!4*!7',2.1P*9-&#'P*9A!Ar*E2ZZFJP*
(&-+/5(#6"*+%*a)-(&#5%*t-"A
!
4/5*a&#''6"*%(*mA3rA*9&-+%-/P*?(52(.11,(3*!7',2.1P*9-&#'P*c88#7'%'*E011IJA
!
:6/'*8-*+#&%5(#6"*+%*mA3rA*9&-+%-/P*7/('.-.$/(*!,12()%*P*9-&#'P*9A!ArA*E0121JP*
5688%5(#6"*f*4#5%"5%*gA
2l