You are on page 1of 48

!

!"#$%&'"(%)*+,-'+%."/01-&2+.1"
'$0"3&-40&"%5"'$0"6&-70,0&"
(%)*+,02"84"9-:&+."!:;#-,-5+4-$"

9-:&+."!<'$0&"

"And when you (Muslims) travel in the


land, there is no sin on you if you
shorten the prayers." [Surah An-Nisa: 101]
Table of Contents

!"#$%&'(#')*+',+&$+'(#')*+'-.&""/'"0(.)'1*(&)+/%/2')*+'3&"4+&' 55555555555555555555555555555555555555555555555555555555 6!
!*+'3&"4+&'(#'"'!&"7+8+&'94'1*"4:*';"<"="/ 5555555555555555555555555555555555555555555555555555555555555555555555555555555555555 >'
!*+'3&"4+&'(#')*+'!&"7+8+&'94'1*"4:*'?0@.88"*'0%/'?*A+@'?8BC"4@ 55555555555555555555555555555555555555555555555555 D'
E+/2)*'(#'!%A+'(#'!&"7+8')('1*(&)+/')*+'3&"4+&'5555555555555555555555555555555555555555555555555555555555555555555555555555555 FF'
G.8%/2$'(/'!&"7+8'94'1*"4:*'1"8+*'"$B1"8+*'5555555555555555555555555555555555555555555555555555555555555555555555555555555555555 FH'
I%$)":+$'J(/+'%/'K(.&/+4'1"8")' 5555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555 H>'
,"&%(.$';")"<"'G+2"&@%/2'!&"7+8%/2'555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555 6H'
!
!""#$%&'$(&)*+'&,-.$&+#-/&-0&,-+&1*2"(&3**4%&&!"#$%&'(#%)*+%,-.-/0+1%2#%0'(%3-#$4%0'(.(%25%#*%52#%*#%)*+%26%)*+%
5'*.0(#%0'(%7-3-'%26%)*+%6(-.%0'-0%0'(%$25/(32(8(.5%1-)%9+0%)*+%2#%0.2-34%8(.23)4%0'(%$25/(32(8(.5%-.(%(8(.%+#0*%)*+%*9(#%
(#(12(5:;%<7+.-'%"#=>25-?%@A@B&
&
Salat Al-Qasr, Shortening the Prayer
&
!""#$&+#-/%%
%
C"#$%&'(#%)*+%,-.-/0+1%2#%0'(%3-#$4D&5(#0-0.&-6&7*8&'9#:("&-0&'$(&"#0/;&<0&#0*'$(9&!7#$%&!""#$&+#-/%&
&
CE(%F#*&5%0'-0%0'(.(%&233%/(%5*1(%-1*#G%)*+%52HF4%*0'(.5%I-$.2/+#-%C0.-8(32#GD%0'.*+G'%0'(%3-#$4%5((F2#G%*6%"33-'J5%
/*+#0):::D%!KL?MA":&!""#$=+&+'#'(5(0'%&
%
C0'(.(%25%#*%52#%*#%)*+%26%)*+%5'*.0(#%0'(%7-3-'%C9.-)(.DD&27&9(/8>-0.&?'$(&80-'+&*6&'$(&@9#7(9A&69*5&6*89&'*&'B*;&
!""#$=+&+'#'(5(0'%&
%
C26%)*+%6(-.%0'-0%0'(%$25/(32(8(.5%1-)%9+0%)*+%2#%0.2-3%C-00-HF%)*+DD4&9(6(9+&'*&'$(&'7@->#"&'7@(&*6&6(#9&@9(:#"(0'&B$(0&
'$-+&!7#$&B#+&9(:(#"(/;&<0&'$(&2(.-00-0.&*6&<+"#5%&#0/&#6'(9&'$(&,-C9#$%&)8+"-5+&8+(/&'*&(D@(9-(0>(&6(#9&/89-0.&
5*+'&*6&'$(-9&'9#:("+;&E#'$(9%&'$(7&9(+'9->'(/&'$(-9&5*:(5(0'+&'*&"#9.(&*9&+$*9'&5-"-'#97&(D@(/-'-*0+;&F89-0.&'$#'&
(9#%&5*+'&#9(#+&B(9(&#9(#+&*6&>*52#'#0'&(0(5-(+&*6&<+"#5&#0/&-'+&@(*@"(;&38'&B$(0&'$(&@9(:#"(0'&>-9>85+'#0>(+&
>(#+(%&*9&#&0(B&+-'8#'-*0&-+&@9(:#"(0'%&/(>9((+&*6&'$-+&0#'89(&5#7&0*'&2(&80/(9+'**/%&#+&!""#$&+#-/G&
&%
C"#$%6*.H(%#*0%)*+.%53-8(%G2.35%0*%9.*5020+02*#4%26%0'()%$(52.(%H'-5020)D:&!0/&,-+&+#7-0.G&
&%
C"#$%)*+.%50(9$-+G'0(.54%+#$(.%)*+.%G+-.$2-#5'294%/*.#%*6%)*+.%&28(5%&'*1%)*+%'-8(%G*#(%2#0*D&<5#5&!$5#/&
9(>*9/(/&'$#'&H#I"#&2-0&J5#77#$&+#-/%&K<&#+4(/&IJ5#9&2-0&!"LM$#''#2&#2*8'&'$(&:(9+(N&
&%
C0'(.(%25%#*%52#%*#%)*+%26%)*+%5'*.0(#%0'(%9.-)(.:%N6%)*+%6(-.%0'-0%0'(%$25/(32(8(.5%1-)%9+0%)*+%2#%0.2-34D&-;(;&I!""#$&
.9#0'(/&)8+"-5+&+#6('7&0*B=&IJ5#9&+#-/&'*&5(%&I<&B*0/(9(/&#2*8'&'$(&+#5(&'$-0.&#0/&#+4(/&'$(&)(++(0.(9&*6&
!""#$&#2*8'&-'&#0/&$(&+#-/%&
&&
?!&.-6'&'$#'&!""#$&$#+&2(+'*B(/&*0&7*8%&+*&#>>(@'&,-+&.-6'A;==&)8+"-5&#0/&'$(&>*""(>'*9+&*6&O80#0&9(>*9/(/&'$-+&
,#/-'$;&!'LP-95-/$-&+#-/%&K,#+#0&O#$-$==;&I!"-&2-0&!"L)#/-0-&+#-/%&KP$-+&,#/-'$&-+&,#+#0&O#$-$&69*5&'$(&0#99#'-*0&*6&
IJ5#9%&#0/&-'&-+&0*'&@9(+(9:(/&27&#07&*'$(9&9*8'(&2(+-/(+&'$-+&*0(%&#0/&-'+&0#99#'*9+&#9(&#""&40*B0;==&!28&3#49&<20&
!2-&O$#72#$&9(>*9/(/&'$#'&!28&,#0Q#"#$&!"L,#/$#=&+#-/%&K<&#+4(/&<20&IJ5#9&#2*8'&'$(&R#+9&@9#7(9&#0/&$(&+#-/%&
I<'&>*0+-+'+&*6&'B*&E#4I#$+;=&<&+#-/%&B$#'&#2*8'&!""#$=+&+'#'(5(0'%&
&%
C26%)*+%6(-.%0'-0%0'(%$25/(32(8(.5%1-)%9+0%)*+%2#%0.2-3%C-00-HF%)*+D4D&IS(&#9(&+#6(&0*B;=&,(&+#-/%&IP$-+&-+&'$(&O800#$&
*6&'$(&)(++(0.(9&*6&!""#$&;===;&!"L384$#9-&9(>*9/(/&'$#'&!0#+&+#-/%&KS(&B(0'&*8'&B-'$&'$(&)(++(0.(9&*6&!""#$&69*5&
!"L)#/-0#$&'*&)#44#$G&$(&8+(/&'*&@9#7&'B*&E#4I#$+&80'-"&B(&B(0'&2#>4&'*&!"L)#/-0#$;==&S$(0&$(&B#+&#+4(/&$*B&
"*0.&'$(7&9(5#-0(/&-0&)#44#$%&$(&+#-/%&KS(&9(5#-0(/&-0&)#44#$&6*9&'(0&/#7+;==&P$-+&B#+&9(>*9/(/&27&'$(&T9*8@;&
<5#5&!$5#/&9(>*9/(/&'$#'&,#9-'$#$&2-0&S#$2&!"LM$8Q#I-&+#-/%&K<&@9#7(/&2($-0/&'$(&U9*@$('&6*9&'$(&V8$9&#0/&
I!+9&@9#7(9+&-0&)-0#%&B$(0&'$(&@(*@"(&B(9(&085(9*8+&#0/&:(97&+#6(%&#0/&$(&@9#7(/&'B*&E#4I#$+;==&P$-+&B#+&
9(>*9/(/&27&'$(&T9*8@%&B-'$&'$(&(D>(@'-*0&*6&<20&)#C#$;&!"L384$#9-=+&0#99#'-*0&*6&'$-+&,#/-'$&9(#/+%&KP$(&
U9*@$('&"(/&8+&-0&'$(&@9#7(9&#'&)-0#&/89-0.&'$(&@(#>(&@(9-*/&27&*66(9-0.&'B*&E#4I#$+;&==&
&
7*+.H(?%O-F(#%6.*1%O-652.%N/#%P-0'2.%<QR93-#-02*#%*6%0'(%8(.5(5%*6%0'(%S+.--#%/)%N1-1%N/#%P-0'2.B%
&
&
&
&
&
&
&
&
&
The Prayer of a Traveler
&
!&P9#:("(9&-+&*0(&*6&'$(&(D>8+(/&@(9+*0+&6*9&-'&-+&@(95-++-2"(&6*9&$-5&'*&+$*9'(0&'$(&@9#7(9&>*0+-+'-0.&*6&6*89&
9#4W#$+&?80-'+&*6&@9#7(9A&'*&*0"7&'B*&9#4W#$+&#+&+'#'(/&-0&'$(&1*2"(&R89##0%&'$(&O800#$&?U9*@$('->&P9#/-'-*0A&#0/&
'$(&>*0+(0+8+&*6&)8+"-5&+>$*"#9+;&!""#$%&XD#"'(/&2(&,(%&+#7+N&!"#$%&'(#%)*+%0.-8(3%0'.*+G'*+0%0'(%3-#$4%0'(.(%25%#*%
/3-1(%+9*#%)*+%6*.%0'(%5'*.0(#2#G%*6%9.-)(.T;%<7+.-'%"#=>25-?%@A@B%
&
)*9(*:(9%&'$(&U9*@$('&5-33"33-'+%-3-)'(%&-%5-33-1%@(96*95(/&*0"7&+$*9'(0(/&@9#7(9+&*0&$-+&C*890(7+Y;&
Z89'$(95*9(%&*0&C*890(7+%&+$*9'(0-0.&'$(&@9#7(9&-+&2(''(9&'$#0&>*5@"('-0.&-'&#>>*9/-0.&'*&'$(&5#C*9-'7&*6&
+>$*"#9+;&<'&-+&0#99#'(/&-0&'$(&PB*&O#$-$+&?-;(;&!"L384$#9-&#0/&)8+"-5A&'$#'&!-+$#$&.-$2%"33-'+%-#'-%+#-/%&!U'(#%
0'(%9.-)(.%&-5%(#V*2#($%C/)%"33-'D4%20%&-5%0&*%.-FW-'5%C+#205%*6%9.-)(.D%*#3)%C2#%(8(.)%9.-)(.D%/*0'%&'(#%2#%
.(52$(#H(%*.%*#%-%V*+.#():%O'(#%0'(%9.-)(.5%9(.6*.1($%*#%V*+.#()%.(1-2#($%0'(%5-1(4%/+0%C0'(%.-FW-'5%*6D%0'(%
9.-)(.%6*.%#*#=0.-8(3(.5%&(.(%2#H.(-5($X:;%&
&
J5#9&.-$2%"33-'+%-#'+%+#-/%&!O'(%9.-)(.%9(.6*.1($%*#%V*+.#()5%25%*6%0&*%.-FW-'5:%O'25%25%0'(%H*193(0(%9.-)(.%
&20'*+0%5'*.0(#2#GY:;%
&
!&)8+"-5&*0&#&C*890(7&-+&'*&+'#9'&+$*9'(0-0.&'$(&@9#7(9&#+&+**0&#+&$(&"(#:(+&$-+&'*B0&*9&>-'7&#+&!""#$&@(95-'+&'$(&
+$*9'(0-0.&*6&@9#7(9&6*9&'$*+(&B$*&'9#:("&'$9*8.$&'$(&"#0/;&3(6*9(&"(#:-0.&$-+&'*B0%&#&)8+"-5&-+&0*'&"(.#""7&
>*0+-/(9(/&#&'9#:("(9&'$9*8.$&'$(&"#0/&?#0/&$(0>(&-+&0*'&@(95-''(/&'*&+$*9'(0&'$(&@9#7(9A;&P$(&U9*@$('&5-33"33-'+%
-3-)'(%&-%5-33-1%8+(/&'*&+$*9'(0&'$(&@9#7(9&#+&+**0&#+&$(&"(6'&$-+&$*5('*B0;&O*%&-6&#&@(9+*0&/*(+&0*'&'9#:("&69*5&
'$(&9(+-/(0'-#"&"#0/%&$(&-+&0*'&>*0+-/(9(/&#&'9#:("(9;&&
&
!&'9#:("(9&-+&@(95-''(/&'*&+$*9'(0&'$(&@9#7(9&(:(0&-6&$(&69([8(0'"7&'9#:("+%&#+&-0&'$(&>#+(&*6&#&5#-"&>#99-(9&*9&#&'#D-&
/9-:(9&B$*&+@(0/+&5*+'&*6&$-+&'-5(&*0&'$(&B#7&2('B((0&'*B0+;&&
&
<'&-+&@(95-++-2"(&6*9&#&'9#:("(9&'*&>*52-0(&'$(&V8$9&@9#7(9&#0/&'$(&\!+9&@9#7(9&#'&'$(&'-5(&*6&(-'$(9&*6&'$(5%&#0/&
"-4(B-+(%&'*&>*52-0(&'$(&)#.9-2&@9#7(9&#0/&'$(&\<+$#&@9#7(9&#'&'$(&/8(&'-5(&*6&(-'$(9&*6&'$(5;&P$#'&-+&2(>#8+(&
B$#'&5#4(+&-'&@(95-++-2"(&6*9&'$(&'9#:("(9&'*&+$*9'(0&@9#7(9&5#4(+&-'&@(95-++-2"(&6*9&$-5&'*&>*52-0(&@9#7(9+&#+&
B("";&&
&
,*B(:(9%&>*52-0-0.&@9#7(9&-+&#&'(5@*9#97&@(95-++-*0&:#"-/&B$(0&'$(9(&-+&#&0(>(++-'7%&#+&-0&'$(&>#+(&B$(0&#&
'9#:("(9&-+&-0&$#+'(&*0&$-+&C*890(7;&)8W#/$&.-$2%"33-'+%-#'+%0#99#'(/N&]Z#%0'(%[-003(%*6%O-/+F4%&'(#%0'(%\.*9'(0%
5-33"33-'+%-3-)'(%&-%5-33-1%'-$%G*#(%6*.0'%/(6*.(%0'(%5+#%9-55($%0'(%1(.2$2-#4%'(%&*+3$%$(3-)%0'(%]+'.%9.-)(.%-#$%
H*1/2#(%20%&20'%0'(%^"5.%9.-)(.4%9(.6*.12#G%0'(1%0*G(0'(.:%[+0%&'(#%'(%9.*H(($($%-60(.%0'(%5+#%'-$%9-55($%0'(%
1(.2$2-#4%'(%&*+3$%9(.6*.1%0'(%]+'.%-#$%0'(%^"5.%9.-)(.5%C-0%0'(%021(%*6%0'(%]+'.D%-#$%0'(#%'(%&*+3$%9.*H(($:%CE(%
-H0($%52123-.3)%6*.%0'(%_-G'.2/%9.-)(.D:%U'(#%0'(%5+#%'-$%5(0%/(6*.(%'(%9.*H(($($4%'(%&*+3$%$(3-)%0'(%_-G'.2/%
9.-)(.%-#$%H*1/2#(%20%&20'%0'(%^N5'-%9.-)(.4%9(.6*.12#G%0'(1%0*G(0'(.:%[+0%&'(#%'(%9.*H(($($%-60(.%5+#5(04%'(%
&*+3$%9(.6*.1%0'(%^N5'-%9.-)(.%-#$%0'(%_-G'.2/%9.-)(.%-0%0'(%021(%*6%0'(%_-G'.2/%9.-)(.:;&^E("#'(/&27&!$5(/&#0/&
!'L'-95-/$-_`a&
&
S$(0&#&'9#:("(9&+'*@+&*0&$-+&C*890(7%&'*&'#4(&#&9(+'%&-'&-+&2(''(9&6*9&$-5&'*&@(96*95&(#>$&@9#7(9&+$*9'(0(/&#'&-'+&
/8(&'-5(%&0*'&'*&>*52-0(&@9#7(9+;&<6&-'&-+&/-66->8"'&6*9&#&)8+"-5&@#'-(0'&'*&@(96*95&(#>$&@9#7(9&#'&-'+&/8(&'-5(%&'$(0&
$(&-+&@(95-''(/&'*&>*52-0(&'$(&V8$9&@9#7(9&#0/&'$(&!+9&@9#7(9&?#'&'$(&/8(&'-5(&*6&(-'$(9&*6&'$(5A%&#0/&'*&
>*52-0(&'$(&)#.$9-2&@9#7(9&#0/&'$(&<+$#&@9#7(9&?#'&'$(&/8(&'-5(&*6&(-'$(9&*6&'$(5A;&&
&
O$#74$8"L<+"#5&<20&P#75-7#$&+#-/%&]!""#$&$#+&*9/#-0(/&+$*9'(0-0.&*6&@9#7(9&'*&9(5*:(&/-66->8"'-(+&#0/&5#4(&
'$-0.+&(#+7&6*9&'$(&)8+"-5&0#'-*0;&O*%&#&)8+"-5&-+&@(95-''(/&'*&>*52-0(&@9#7(9+&B$(0&0(>(++#97;&!""&$#/-'$+&
?9("#'(/&'*&'$-+&5#''(9A&-5@"7&'$#'&-'&-+&@(95-++-2"(&'*&>*52-0(&'B*&@9#7(9+&#'&'$(&/8(&'-5(&*6&(-'$(9&*6&'$(5&-0&
*9/(9&'*&9(5*:(&#07&@*++-2"(&$#9/+$-@&>#8+(/&'*&'$(&U9*@$('W+&0#'-*0;&P$8+%&-'&-+&@(95-++-2"(&'*&>*52-0(&@9#7(9+&
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&
Y&"$=,-.-`+0#2%CMMKa4%MMKbD%<Mc@bXB%-#$%"3=[-)'-`2%<Lc@d@B%
b&"3=[+F'-.2%CLaAD%<@cbA@B%-#$%_+5321%C@abXD%<Lc@YYB%
c&"#=>-5-J2%C@d@YD%<Mc@MLB%-#$%N/#%_-V-'%C@ALbD%<@caabB&
`a&"/+%,-&+$%C@MAXD%<Mc@AB%-#$%"0=O2.12$'2%CaaMD%<McdLXB%
-6&-'&-+&'*&>#8+(&$#9/+$-@&-6&0*'&/*0(;&P$-+&@9*:(+&'$#'&-'&-+&@(95-++-2"(&B-'$&.9(#'(9&9(#+*0&6*9&#&)8+"-5&@#'-(0'&'*&
>*52-0(&?'B*A&@9#7(9+&#'&'$(&/8(&'-5(&*6&(-'$(9&*6&'$(5&#+&"*0.&#+&-'&-+&/-66->8"'&6*9&$-5&'*&@(96*95&(#>$&@9#7(9&#'&
-'+&/8(&'-5(;d``&
&
<20&P#75-7#$&+#-/%&]U#'-(0'+&>#0&>*52-0(&'$(&@9#7(9&#>>*9/-0.&'*&'$(&O800#$&6*9&-'&-+&0#99#'(/&-0&'B*&$#/-'$+&
'$#'&'$(&U9*@$('&5-33"33-'+%-3-)'(%&-%5-33-1%*9/(9(/&#&58+'#$#/#$`e&'*&>*52-0(&'$(&@9#7(9;d`f&
&
37&5(#0+&*6&#0#"*.->#"&/(/8>'-*0&B-'$&'$(&>#+(&*6&58+'#$#/#$%&'$(&>*52-0-0.&*6&@9#7(9&-+&@(95-''(/&6*9&(:(97&
)8+"-5&B$*&>#00*'&@89-67&6*9&(:(97&@9#7(9%&+8>$&#+&'$*+(&-06"->'(/&B-'$&(089(+-+%&#&>*0'-08*8+"7&2"((/-0.&B*80/%&
*9&#&@(95#0(0'&0*+(2"((/;&P$(&U9*@$('&5-33"33-'+%-3-)'(%&-%5-33-1%+#-/&'*&,#55#$&3-0'&g#$+$&B$(0&+$(&#+4(/&
$-5&#2*8'&-+'-$#/#$`h&?:#.-0#"&2"((/-0.&*'$(9&'$#0&5(0+'98#'-*0AN&![+0%26%)*+%-.(%50.*#G%(#*+G'%0*%$(3-)%0'(%]+'.%
9.-)(.%-#$%-$8-#H(%0'(%"5.%9.-)(.4%0*%&-5'%-#$%0'(#%H*1/2#(%0'(%]+'.%-#$%0'(%"5.%9.-)(.5e%C-#$D%0*%$(3-)%0'(%
_-G'.2/%9.-)(.%-#$%-$8-#H(%0'(%N5'-%9.-)(.4%0*%&-5'%-#$%0'(#%H*1/2#(%0'(%0&*%9.-)(.54%$*%5*:;&&^E("#'(/&27&
!$5(/%&!28&F#B8/%&#0/&!'LP-95-/$-&#0/&/((5(/&+#$-$&?#8'$(0'->A&27&'$(&"#'(9A`i&
&
<'&-+&@(95-++-2"(&'*&>*52-0(&'$(&)#.$9-2&@9#7(9&#0/&'$(&<+$#&@9#7(9%&-0&@#9'->8"#9%&-6&'$(9(&-+&9#-0&'$#'&B('+&
>"*'$(+&#0/&>#8+(+&/-66->8"'7&?6*9&'$*+(&B$*&.*&'*&'$(&5*+[8(A;&P$(&U9*@$('&5-33"33-'+%-3-)'(%&-%5-33-1%
>*52-0(/&'$(&)#.$9-2&@9#7(9&#0/&'$(&<+$#&@9#7(9&-0&#&9#-07&0-.$'%`j&#0/&+*&/-/&!28&3#49&#0/&J5#9&#6'(9B#9/+;`Y&
&
O$#74$8"L<+"#5&<20&P#75-77#$&1-)%"33-'%'-8(%1(.H)%*#%'21%+#-/N&]!>>*9/-0.&'*&'$(&+*80/(+'&:-(B&*6&+>$*"#9+%&-'&
-+&@(95-++-2"(&6*9&#&)8+"-5&'*&>*52-0(&@9#7(9+&2(>#8+(&*6&58/&*9&+'9*0.&>*"/&B-0/&-0&#&/#94&0-.$'%&(:(0&-6&-'&$#+&
+'*@@(/&9#-0-0.;&P$-+&-+&5*9(&-0>852(0'&'$#0&@(96*95-0.&(#>$&@9#7(9&#'&-'+&/8(&'-5(&#'&$*5(;&)*9(*:(9%&'*&
#2#0/*0&>*52-0-0.&>*0.9(.#'-*0#"&@9#7(9+&-0&5*+[8(+&'*&@(96*95&@9#7(9&#'&$*5(&-+&2-/W#$&?#&5#''(9&-00*:#'(/&
-0&9("-.-*0A&'$#'&>*0'9#/->'+&'$(&+800#$;&<'&-+&#0&#>'&*6&'$(&+800#$&'*&@(96*95&6-:(&*2"-.#'*97&@9#7(9+&-0&
>*0.9(.#'-*0&-0&'$(&5*+[8(%&#0/&'$-+&-+&5*9(&/8(%&#>>*9/-0.&'*&'$(&80#0-5*8+&#.9((5(0'&*6&)8+"-5+&'$#0&
@(96*95-0.&@9#7(9+&#'&$*5(;&<0&#//-'-*0%&>*0.9(.#'-*0#"&@9#7(9&>*52-0(/&-0&'$(&5*+[8(&-+&5*9(&/8(&'$#0&
@(96*95-0.&@9#7(9+&#'&$*5(&-0/-:-/8#""7%&#>>*9/-0.&'*&'$(&80#0-5*8+&#.9((5(0'&*6&'$(&+>$*"#9+&B$*&5#-0'#-0&
'$(&#6*9(5(0'-*0(/&@(95-++-2-"-'7&'*&>*52-0(&@9#7(9+&?/8(&'*&2#/&B(#'$(9A%&+8>$&#+&)#"-4%&!+LO$#6-W<%&#0/&
!$5(/;d`b&
&
<'&-+&2(''(9&6*9&*0(&@(95-''(/&'*&>*52-0(&@9#7(9+&'*&>*52-0(&'$(5&#>>*9/-0.&'*&B$#'&+8-'+&$-+k$(9&+-'8#'-*0&5*+';&
l0&'$(&F#7&*6&\!9#6#$%&-'&-+&2(''(9&?6*9&'$(&@-".9-5+A&'*&>*52-0(&'$(&V8$9&@9#7(9&#0/&'$(&!+9&@9#7(9&#'&'$(&'-5(&*6&
'$(&6*95(9%`c&28'&-0&)8Q/#"-6#$%&-'&-+&2(''(9&6*9&'$(&@-".9-5+&'*&>*52-0(&'$(&)#.$9-2&@9#7(9&#0/&'$(&<+$#&@9#7(9&#'&
'$(&'-5(&*6&'$(&"#'(9%&#>>*9/-0.&'*&B$#'&'$(&U9*@$('&5-33"33-'+%-3-)'(%&-%5-33-1%/-/&?-0&$-+&,#CCA;ea&l0&'$(&F#7&*6&
!9#6#$%&@-".9-5+&>*52-0(&'$(&V8$9&#0/&'$(&!+9&@9#7(9+&#'&'$(&'-5(&*6&'$(&6*95(9&-0&*9/(9&'*&>*0'-08(&+'#7-0.&#'&
\!9#6#$&)*80'&?B-'$*8'&-0'(998@'-*0A%&28'&-0&)8Q/#"-6#$%&'$(7&>*52-0(&'$(&)#.$9-2&#0/&'$(&<+$#&@9#7(9+&#'&'$(&
'-5(&*6&'$(&"#''(9&'*&>*0'-08(&5*:-0.&'*B#9/&)8Q/#"-6#$;&
&
<0&.(0(9#"%&-'&-+&#0&#>'&*6&'$(&+800#$&6*9&@-".9-5+&'*&>*52-0(&@9#7(9+&*0&'$(&F#7&*6&!9#6#$&#0/&-0&)8Q/#"-6#$&28'&
-0&>-9>85+'#0>(+&*'$(9&'$#0&'$#'%&-'&-+&@(95-++-2"(&B$(0&0(>(++#97;&,*B(:(9%&B$(0&'$(9(&-+&0*&0(>(++-'7%&-'&-+&
2(''(9&6*9&#&'9#:("(9&'*&@(96*95&(#>$&@9#7(9&#'&-'+&/8(&'-5(;&F89-0.&'$(&/#7+&*6&$-+&,#CC%&'$(&U9*@$('&5-33"33-'+%
-3-)'(%&-%5-33-1%>*52-0(/&@9#7(9+&*0"7&*0&'$(&F#7&*6&!9#6#$&#0/&-0&)8Q/#"-6#$%&28'&$(&5-33"33-'+%-3-)'(%&-%
5-33-1&/-/&0*'&>*52-0(&@9#7(9+&-0&)-0#&2(>#8+(&$(&B#+&'*&+'#7&'$(9(;&O*&'$(&U9*@$('&5-33"33-'+%-3-)'(%&-%5-33-1%
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&
``&7((?%_-V1+J+3%f-0-&-%CMbcbdD%
`e&_+50-'-$-'?%"%&*1-#2#%-%50-0(%*6%2502'-$-'%C2:(:%-%&*1-#%'-82#G%8-G2#-3%/3(($2#G%*0'(.%0'-#%1(#50.+-02*#D:%
`f&7((?%_-V1+J+3%f-0-&-%CMdcKM4%KdD%
`h&N502'-$-'?%g-G2#-3%/3(($2#G%*0'(.%0'-#%1(#50.+-02*#%
`i&"'1-$%<bcLX@4%LXM4%dLY=ddAB%-#$%"0=O2.12$'2%C@MXD%<@cMM@B%
`j&"3=[+F'-.2%CadLD%-#$%_+5321%CKAaD%
`Y&J"/$+.=h-ii-`%2#%'25%_+5-##-6%CdddAD%<McaabB%
`b&7((?%_-V1+J+3%f-0-&-%CMdcLX4MYD%
`c&_+5321%CMYd@D%<dcdAMB%
ea&"3=[+F'-.2%C@bKdD%<LcbbAB%-#$%_+5321%CLAYD%<acLXB%
8+(/&'*&>*52-0(&@9#7(9+&*0"7&B$(0&$(&B#+&-0&#&$8997&*0&#&C*890(7;&S(&-0:*4(&!""#$&'*&.8-/(&8+&'*&8+(68"&
40*B"(/.(&#0/&.**/&/((/+;&&
%
7*+.H(?%O-F(#%6.*1%0'(%[**F?%"%7+11-.)%*6%N53-12H%j+.259.+$(#H(%[)%7'-)F'%7--32'%"3=f-&i--#4%g*3%@4%9-G(%MLX%0*%Md@%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
The prayer of the traveler
%
&
+&
&

!""#$%&'$(&XD#"'(/&+#-/%&!"33k'%2#0(#$5%6*.%)*+%(-5(4%-#$%E(%$*(5%#*0%&-#0%0*%1-F(%0'2#G5%$2662H+30%6*.%)*+:;%<7+.-'%"3=
[-`-.-'?%@XbB%
%

&
&
O8>$&-+&<+"#5%&#&9("-.-*0&*6&(#+(;&"33k'%/+.$(#5%#*0%-%9(.5*#%/()*#$%'25%5H*9(4%<7+.-'%"3=[-`-.-'?%MXbB&#0/&,(&
/*(+0W'&289/(0&-'&27&'$(&5#''(9+&'$#'&-'&-+&0*'&#2"(&'*&?$#0/"(A;&&S$(9(#+&'$(&'9#:("&'$(9(&-+&@*++-2-"-'7&*6&$#9/+$-@&
-0&-'%&'$(9(6*9(&!""#$&#""*B(/&'B*&5#''(9+&-0&-'N&&
&
!"#$%&'()*$)"#$("+')#,&,-$+%$)"#$.'/0#'*$$
&
!0/&'$#'&-+&27&+$*9'(0-0.&*6&'$(&6*89L9#4#$&@9#7(9&'*&'B*&9#4#$;&O*%&-6&7*8&#9(&-0&#&'9#:("%&+$*9'(0&'$(&V8$9%&#0/&
'$(&!+9%&#0/&'$(&<+$#&'*&'B*&9#4#$&-0&@"#>(&*6&'$(&6*89&9#4#$;&!+&6*9&'$(&)#.9-2&#0/&'$(&)*90-0.&^Z#C9&@9#7(9_%&
'$(7&9(5#-0&8@*0&'$(-9&+'#'(G&'$(9(&-+&0*&+$*9'(0-0.&?*6&'$(&@9#7(9+A&-0&'$(5;&&
&

&
&
!0/&'$(&+$*9'(0-0.&*6&'$(&@9#7(9&-+&#&@(95-'&#0/&(#+(&69*5&!""#$&'*&,-+&+"#:(+%&#0/&!""#$&"*:(+&'$#'&7*8&'#4(&27&
,-+&@(95-'+&#+&,(&"*:(+&'$#'&7*8&'#4(&27&$-+&/(>-+-*0+;$P$(9(&-+&0*&/-66(9(0>(&-0&'$(&'9#:("&#5*0.&'$(&'9#:("&27&'$(&
>#9%&*9&#-9@"#0(%&*9&+'(#5(9%&*9&'9#-0&*9&8@*0&'$(&#0-5#"+&*9&B#"4-0.&
&
&
8@*0&'$(&6((';&O*&#""&*6&-'%&'$(&0#5(&*6&'9#:("&#''#>$(/&8@*0&-'&#0/&#""&*6&-'%&7*8&+$*9'(0&-0&-'&'$(&@9#7(9&80"(++&-'&-+&#&
+-068"&'9#:(";&
$

$
!"#$(#1+,2*$!"#$3+&,&,-$4#)5##,$)5+$.'/0#'(*$$
$
<'&-+&@(95-++-2"(&6*9&'$(&'9#:("(9&'*&C*-0&2('B((0&'B*&@9#7(9+&#'&*0(&'-5(;&O*%&$(&C*-0+&2('B((0&'$(&V8$9&#0/&'$(&
!+9%&#0/&"-4(B-+(&2('B((0&'$(&)#.$9-2&#0/&'$(&<+##;&O*%&'$(&'-5(&*6&'$(&'B*&@9#7(9+&2(>*5(+&*0(&'-5(;&P$(&'B*&
@9#7(9+&#9(&@(96*95(/&-0&-'&(#>$&@9#7(9&-+&+(@#9#'(&69*5&'$(&*'$(9;&,(&@9#7+&'$(&V8$9&'$(0&$(&@9#7+&'$(&!+9&#6'(9&
-'&?'$(&V8$9&@9#7(9A&-55(/-#'("7%&*9&$(&@9#7+&'$(&)#.$9-2&'$(0&$(&@9#7+&#6'(9&-'&'$(&<+$##;&
$
!0/&'$(&C*-0-0.&-+&0*'&(D>(@'&2('B((0&'$(&V8$9&#0/&'$(&!+9&#0/&2('B((0&'$(&)#.$9-2&#0/&'$(&<+$##&*0"7;&P$(&
C*-0-0.&-+&0*'&@(95-++-2"(&6*9&(D#5@"(&2('B((0&'$(&)*90-0.&?'$(&Z#C9&@9#7(9A&#0/&'$(&V8$9&0(-'$(9&2('B((0&'$(&
!+9&#0/&'$(&)#.$9-2;&
$$
7*+.H(?%O-F(#%6.*1%0'(%/**F%*6%7'-)F'%"/$+33-'%/2#%"'1($%/2#%"32%"3=]-)$4%!O-L3((1%-5=7-3-';%
A Short Compilation Regarding the Prayer of the Traveler

Length of Tim e of Travel to Shorten the Prayer


!
"#$%&'()!*+!"#!$%&'#(!$)!*+,$#-!.$&$#/!)0!12#%,3&!,+!)%-#%!$)!/$&4!,+!$5#!$%&,+,+6!/#//,)+!)+!$5#!&',&$,)+!$5#%#7!&+-!)8%!
/$&4!2&4!3)+$,+8#!0)%!$5%##!2)+$5/!)%!2)%#7!/)!-)!9#!/5)%$#+!)8%!:%&4#%!$5%)865)8$!$5&$!:#%,)-;!1+-!95#+!,/!$5#!
3)2:(#$,)+!)0!$5#!:%&4#%!)<(,6&$)%4!8:)+!8/;!!
!
,)%-$.!*+!=#/!>4)8!/5)%$#+!$5#!:%&4#%?7!&/!()+6!&/!4)8!&%#!$5#%#!,+!$5#!*+,$#-!.$&$#/!)%!)$5#%!$5&+!,$!0%)2!$5#!3)8+$%,#/!
>95,(#?!4)8!&%#!$%&'#(#%/!8+$,(!4)8!%#$8%+!$)!4)8%!5)2#(&+-!2#&+,+6!$)!4)8%!3)8+$%47!95,35!4)8!(,'#!,+7!>95#$5#%?!$5#!
:#%,)-!<#3&2#!()+6!)%!,$!<#3&2#!/5)%$@!<#3&8/#!$5#%#!,/!+)$!,+!$5#!A))B!>)0!1((&5?!+)%!,+!$5#!.8++&5!$5&$!95,35!:),+$/!$)!
/:#3,0,3&$,)+!)0!$5#!:#%,)-7!<4!95,35!$5#!%8(,+6!)0!$5#!$%&'#(#%!,/!38$!)007!<#3&8/#!$5#!C%):5#$!!"##"##"$%&"#"'$(&)"&*"#"&""#+$+&
)"&!"##",!$%&'#((#-!0#9!$%&'#(/!>,D#D!0#9!$,2#/?7!&+-!5#!8/#-!$)!/5)%$#+!>$5#!:%&4#%?!8+$,(!5#!%#$8%+#-!$)!E&-,+&57!&+-!5#!
9&/!+)$!%#/$%,3$#-!<4!&!:#%,)-D!!
!
F#!/$&4#-!,+!G&<))B!0)%!$9#+$4!-&4/7!>-8%,+6!95,35?!5#!/5)%$#-!$5#!:%&4#%,7!&+-!5#!/$&4#-!,+!E&BB&5!,+!$5#!4#&%!)0!$5#!
H:#+!>I,3$)%4!)0!E&BB&5?!0)%!+,+#$##+!-&4/7!>-8%,+6!95,35?!5#!/5)%$#-!$5#!:%&4#%,,7!&+-!5#!/$&4#-!,+!E&BB&5!,+!$5#!4#&%!)0!
$5#!0&%#9#((!F&JJ!0)%!$#+!-&4/7!>-8%,+6!95,35?!5#!/5)%$#-!$5#!:%&4#%,,,7!&+-!&!(#$$#%!-,-+K$!#'#+!3)2#!0%)2!5,2!>95#%#?!5#!
/&,-!,+!,$L!"5)#'#%!,+$#+-/!$)!/$&4!/8357!$5#+!5#!/5)8(-!3)2:(#$#!>$5#!:%&4#%/?7!#'#+!,0!$5#!3)2:(#$,)+!9&/!)<(,6&$)%4!,+!
$5#!(,B#/!)0!$5#/#!$%&'#(/!$5#+!$5#!C%):5#$!!"##"##"$%&"#"'$(&)"&*"#"&""#+$+&)"&!"##",!9)8(-!5&'#!#M:(&,+#-!,$!-8#!$)!F,/!
NM&($#-!/&4,+67!-.&/(!!(01(2&3/%$",,"4&!"#56##7$%&*"#"'$+&)"&!"##",89&:2;<#"+,&3=$(&/(!!"1(8&)$+<$&$"!&>((0&!(0=&4;)0&=;&
';%&?2;,&';%2&@;24A&604&+?&';%&4;&0;=B&=$(0&';%&$"C(&0;=&<;0C('(4&D+!&/(!!"1(A&6##7$&)+##&E2;=(<=&';%&?2;,&,"0F+04A-&GH%2"$&
6#5/"*+4"$I&JKL&
&
1+-!$5)/#!95)!&3$!,+!&33)%-&+3#!9,$5!0)8%!-&4/!)%!0,'#!-&4/!)%!+,+#$##+!-&4/!)%!$5&$!95,35!,/!/,2,(&%!$)!$5&$7!$5#4!-,-!+)$!
&3$!,+!&33)%-&+3#!$)!$5&$!95,35!2&B#/!(#//!<8%-#+/)2#!&+-!2##$/!&((!%#O8,%#2#+$/D!P)%!#M&2:(#7!$5)/#!95)!/&4!$5#!:#%,)-!
<4!95,35!$5#!%8(,+6!)0!$%&'#(!#+-/!,/!0)8%!-&4/!/##B!,+0)%2&$,)+!0%)2!$5&$!$5#!C%):5#$!!"##"##"$%&"#"'$(&)"&*"#"&"#+$+&)"&
!"##",!/$&4#-!,+!E&BB&5!,+!$5#!4#&%!)0!P&%#9#((!F&JJ!<#0)%#!5#!9#+$!)8$!$)!E,+&&7!5#!3&2#!)+!$5#!0)%$5!-&4!)0!Q$5##!1(R
F,JJ&5!&+-!9#+$!)8$!)+!$5#!S$5!-&4!$)!E,+&&7!<8$!$5,/7!5#%#!,/!+)!#',-#+3#!,+!,$@!<#3&8/#!1+&/!2"4+&6##"$%&"0$%!9&/!&/B#-L!
5)9!2&+4!>-&4/?!$5#!C%):5#$!!"##"##"$%&"#'$(&)"&!"##",!/$&4#-!,+!E&BB&5!,+!$5#!4#&%!)0!P&%#9#((!F&JJ;!.)!5#!/&,-7!9#!
/$&4#-!,+!,$!0)%!$#+!>-&4/?D!!
!
F#!2"4+&6##"$%&"0$%!/:)B#!$5#!$%8$5@!<#3&8/#!6),+6!)8$!)0!$5#!C%):5#$!!"##"##"$%&"#"'$(&)"&*"#"&""#+$+&)"&!"##",!$)!E,+&&!)+!
$5#!S$5!-&4!-)#/+K$!2#&+!$5&$!5#!9&/!-)+#!0%)2!E&BB&5!<8$!5#!,/!%#2&,+,+6!,+!,$7!&+-!$5#!/&4,+6!)0!/)2#!)0!$5#2!$5&$!
95#+!5#!9#+$!)8$!$)!E,+&&7!5#!/$&%$#-!$5#!$%&'#(,+6!$)!E&-,+&57!&!/$%&+6#!/&4,+67!+)!)+#!/&4/!,$!#M3#:$!9,$5!,%%,$&$,)+/!&+-!
3)+$%)'#%/,#/!,+!)%-#%!$)!<#!0%##-7!)$5#%9,/#7!,$!,/!9#((RB+)9+!$5&$!$5#!C%):5#$!!"##"##"$%&"#"'$(&)"&*"#"&""#+$+&)"&!"##",!
)+(4!3&2#!$)!:#%0)%2!F&JJ7!&+-!$5#!5&JJ!,/!,+$#+-#-7!$5#+!5)9!,$!,/!/&,-!$5&$!5#!/$&%$#-!$)!(#&'#!95#+!5#!9#+$!$)!$5#!F&JJD!
G5#!/35)(&%/!-,00#%#-!,+!$5,/!,//8#!)+!2)%#!$5&+!TU!/&4,+6/7!&+-!$5#!%#$8%+!&$!$5#!-,/:8$#!,/!$)!$5#!A))B!)0!1((&5!&+-!$)!$5#!
.8++&5!)0!F,/!E#//#+6#%&!"##"##"$%&"#"'$(&)"&*"#"&"#+$+&)"&!"##",7!&+-!$5#%#!,/!+)$5,+6!,+!$5#2!$5&$!:),+$/!$)!$5#!
/:#3,0,3&$,)+!)0!$5#!:#%,)-!9,$5!&+4$5,+6!<4!95,35!$5#!%8(,+6!)0!$%&'#(!#+-/D!!
!
F)9#'#%7!$5#/#!95)!/&,-!$5&$!$5#!%8(,+6!)0!$5#!$%&'#(!#+-/!,0!5#!,+$#+-#-!0)%!$5&+!0)8%!-&4/7!$5#4!2&-#!$5,/!&!$%&'#(#%!0%)2!
)+#!&/:#3$!+)$!&!$%&'#(#%!0%)2!>&+)$5#%?!&/:#3$7!0)%!,+/$&+3#7!,+!$5#!V828&K&5!>:%&4#%?!$5#4!/&4!,$!,/!+)$!3)%%#3$!>$5&$?!5#!,/!
&+!W2&&2!,+!$5#!V828&K&5@!<#3&8/#!5#!,/!&!$%&'#(#%7!&+-!5#!-)#/!+)$!())B!0%)2!$5#!/$,:8(&$#-!+82<#%!,0!9#!/&,-!9,$5!$5#!
3)+-,$,)+!)0!+82<#%!,+!$5#!V828&K&5!>:%&4#%?@!<#3&8/#!5#!,/!&!$%&'#(#%7!&+-!$5#!(#6,/(&$,)+/!)0!1((&57!$5#!A(#//#-!&+-!$5#!
NM&($#-!&%#!#O8&<(#7!-)#/!+)$!3)+$%&-,3$!#&35!)$5#%7!&+-!$5#!/822&%4!,/!$5&$!9#!(#+6$5#+#-!,+!&+/9#%,+6!$5,/!O8#/$,)+!>&/?!
#(,2,+&$,)+!$)!$5#!-)8<$!8+$,(!$5#!2&$$#%!<#3)2#/!3(#&%D!1&&!
&&&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
,!1<8!Q&98-!X#:)%$#-!,$!0%)2!$5#!F&-,$5!)0!V&<,%!<,+!1<-8((&5!2"4+&6##"$%&"0$%,"!,+!$5#!35&:$#%7!YW0!5#!%#/,-#/!,+!$5#!(&+-!)0!$5#!#+#247!
5#!/5)8(-!/5)%$#+!$5#!:%&4#%Y!Z82<#%![!\T]U!
,,!1(RA8B5&%,!%#:)%$#-!,$!0%)2!$5#!F&-,$5!)0!W<+!1<<&/!2"4+&6##"$%&"0$%,"!,+!$5#!A))B!)0!.5)%$#+,+6!)0!$5#!:%&4#%!R!35&:$#%!95&$!3&2#!,+!
$5#!/5)%$#+,+6!>)0!$5#!C%&4#%?7!Z82<#%![!\USU!
,,,!1(RA8B5&%,!%#:)%$#-!,$!0%)2!$5#!F&-,$5!)0!1+&/!<,+!E&(,B!2"4+&6##"$%&"0$%!,+!$5#!A))B!)0!.5)%$#+,+6!)0!$5#!:%&4#%!R!35&:$#%!95&$!3&2#!
,+!$5#!/5)%$#+,+6!>)0!$5#!C%&4#%?7!Z82<#%![!\US\!
!
M"F(0&?2;,&=$(&N;;F&;?&H$"'F$&/%$",,"4&H"#($&"#5O=$"',((0B&PQR#"",&"#5/%!"?+2+0&>+5>"R4(#&"R4"">&)"&"$F",(!&!"?"2ST&
M2"0!#"=(4&>'&U"!2+0&6!5H"#"?+'"$&
01 - R ulings o n Travel
!
!"#$%#$%&%'()#**#*)%+,%$+-(%#-.+/0&*0%.+#*0$%+,%'(*(,#0%+*%0"(%/12#*)$%+,%0/&3(2%
!
"#$%&'!()!*+,-+!(+!.#$/(0!$)!$)1)$2$#3!$+4!56&!4&2(+(5(,+!,2!$)1)$2$#!()!5,!4&7$#5!,#!4&7$#5(+8!2#,9!56&!#&)(4&+0&!
$#&$3!'&$%(+8!56&!#&)(4&+0&!$#&$!(+!$!-$:!*+,-+!$)!)$2$#3!*+,-+!$)!5#$%&';!!
!
4$%0+%0"(%/12#*)$%/()&/5#*)%$&,&/%#*%)(*(/&26%0"(7%&/(8%%
!
9: <6,#5&+(+8!56&!=!#$*$6!7#$:&#)!5,!>!#$*$6!
;: "6&!7&#9(5!5,!/#&$*!56&!2$)5!
<: "6&!7&#9(5!5,!-(7&!,+!56&!),0*)!,#!'&$56&#!),0*)!
=: "6&!7&#9())(/('(5:!5,!7#$:!56&!+$2&'!7#$:&#!,+!56&!9,?+5!
>: "6&!4#,77(+8!,2!#&8?'$#!@#$5(/$6A!)?++$6!/&2,#&!$+4!$25&#!B?6#3!$+4!$'),!56$5!,2!C$8#(/!$+4!D)6$$3!56&!
#&9$(+(+8!@#$-$5(/A!#&8?'$#!)?+$+!#&9$(+3!,#!0,+5(+?&!5,!/&!4,+&3!'(*&!$'1E$F#!@(;&;!)?++$6!,2!56&!E$F#A3!
G(5#3!4?6$3!+(865!7#$:3!5$66(:$5?'!9$)F(4!@>!#$*6$!,2!&+5&#(+8!56&!9$)F(4A!
!
?(@0%.+#*0%#$%0"&08%A$%B+-'#*#*)%0"(%./&7(/$%B+*$#5(/(5%,/+-%0"(%/12#*)$%+,%$&,&/%C0/&3(2DE%
!
.+)-&#!()H!I,3!56$5J)!/&0$?)&!&%&#:,+&!2,#!-6,9!(5!()!7&#9())(/'&!5,!)6,#5&+3!(5!()!7&#9())(/'&!5,!0,9/(+&3!/?5!,+!
56&!,56&#!6$+43!56&!7&#9(5!5,!0,9/(+&!4,&)!+,5!&+5$('!56&!7&#9(5!5,!)6,#5&+3!9&$+(+8!-6,9&%&#!(5!()!7&#9())(/'&!
2,#!6(9!5,!0,9/(+&3!(5!()!+,5!7&#9())(/'&!2,#!6(9!5,!)6,#5&+!
!
4$%0+%0"(%B/#0(/#&%0+%F"&0%B+*$0#010($%0/&3(2%F"(/('7%0"(%/12#*)$%-&7'(%&..2#B&'2(%
!
"6&!0,##&05!,7(+(,+!()!56$5!56&!0#(5&#($!()!56$5!$''!56$5!-6(06!7&,7'&!0,+)(4&#!5,!/&!5#$%&'!()!5#$%&'3!$+4!56&!0#(5&#($!
56&#&2,#&!()!56&!0,+%&+5(,+3!56&!K?#23!56&!8&+&#$'!JK?#23!$+4!-6$5!()!0,+)(4&#&4!/:!7&,7'&!$)!5#$%&'3!#&)5#(05(+8!
56$5!5,!$!4()5$+0&3!7$#5(0?'$#!4()5$+0&!,2!LM!*(',9&5&#!()!$!-&$*!,7(+(,+!$)!%&#(2(&4!/:!56&!7&,7'&!,2!*+,-'&48&!
'(*&!<6$:*6?'!D)'$9!D/+!"$:9(:$63!$+4!D9$9!D/+?'!N$::&93!$+4!<6$:*6!D/+!O56$:9&&+!"#$%&#$'&'(!)((#$!$+4!
,56&#);!!
!
D2!$!7&#),+!4,?/5)!56&!4()5$+0&!6&!5#$%&')3!()!(5!56&!#&2&#&+0&!4()5$+0&3!-6(06!-(''!0,+)5(5?5&!,#!-6(06!-(''!&+5$('!
5#$%&'!/:!0,+%&+5(,+3!56&+!6&!-(''!/&!0,+)(4&#&4!$)!#&)(4&+53!+,5!$!5#$%&'&#!$)!$!7#&0$?5(,+$#:!7,)(5(,+3!$+4!5,!
2#&&!,+&)!#&)7,+)(/('(5:3!$+4!56$5!(+!7#(+0(7'&3!(+!,#(8(+!()!+,5!5,!/&!0,+)(4&#&4!$)!)$2$#3!$+4!56()!()!-6$5!()!
7#&7,+4&#$5&4!/:!,?#!<6$:*6!"#$%&#$'!)((#$*!
!
4$%0+%F"(*%0"(%&..2#B&'#2#07%+,%0"(%0/&3(2%/12#*)$%'()#*%
!
G6&+!56&!7&#),+!'&$%&)!56&!0,+)5#?05(,+!,2!6()!5,-+!,#!0(5:3!56&+!6&!()!&+5(5'&!5,!5$*&!/:!56&!7&#9(5)!,2!5#$%&'3!(2!
56()!0,+)5#?05(,+!$#&!0,++&05&4!5,!2$#9)!$+4!),!2,#563!-6(06!$#&!+,5!4-&''!/:!(5)!7&,7'&3!56&+!56&!0#(5&#($!6,'4)!5,!
56&!0,+)5#?05(,+!$)!$!#&2&#&+0&!+,5!5,!(+0'?4&!56&)&!2$#9)!,#!56&)&!2(&'4)!-6&#&!(5)!+,5!(+6$/(5&4!,%&#!56&!&+5(#&!
:&$#;!.'),3!(2!56&#&!$#&!4&)&#5&4!/?('4(+8)!,#!6,?)&)!$#,?+4!56&!0(5:3!56&)&!$#&!+,5!$'),!/&!(+0'?4&4!(+!56&!,#(8(+$'!
0#(5&#($3!-&!9&$+!56&!0#(5&#($!,2!56&!0,+)5#?05(,+!'(9(5!,2!56&!0(5:!(+!56()!0$)&;!!
!
G#0"%/($.(B0%0+%0"(%5(.&/01/(%
!
.+4!56&!4&7$#5(+8!()!$!76:)(0$'!4&7$#5?#&3!+,5!56&!4&7$#5?#&!/:!)(8653!$)!,?#!<6$:*6!"#$%&#$'!)((#$!9&+5(,+);!
!
G#0"%/($.(B0%0+%0"(%45"&*%/12#*)%
%
.46$+!$+4!(P$9$6!$#&!,/'(8$5&4!,+!56&!5#$%&'(+8!8#,?73!/&0$?)&!,2!56&!$?56&+5(0!6$4(563!+,-!./'!#"0!1/2$!%3!#!
2"#40(5!2$03!&#60!#7$#3!#37!8#((!2$0!%9#&#$!-/"!2$0!:"#.0";+!$+4!56()!()!7#&7,+4&#$5&4!/:!,?#!<6$:*6!"#$%&#$'!
)((#$3!$+4!(5!()!'&8$'!2,#!56&!(+4(%(4?$'!5,!9$*&!56&!$46$+3!'&8$'!2,#!56&!(+4(%(4?$'!5#$%&'(+8!9&$+(+8!$',+&3!+,5!(+!$!
8#,?73!(5!()!'&8$'!2,#!6(9!5,!0$''!56&!$46$+!$)!<6$:*6!D/+!Q$RR!"#$%&#$'!)((#$!9&+5(,+)3!$+4!(2!56&!5#$%&'(+8!8#,?73!
7&#2,#9)!56&!)$'$6!-(56,?5!$46$+!,#!(P$9$6!,#!F?)5!/:!(P$9$63!56&(#!)$'$6!()!%$'(4!$+4!56&:!)6,?'4!#&7&+5!$+4!
9$*&!()5(82$#!$)!<6$:*6!D/+!Q$RR!"#$%&#$'!)((#$!9&+5(,+)!(+!,+&!,2!6()!2$5$-$;!
!"#$%#$&'#()*+,-"#('-.(/+,-#$&'#".*.&#
!
"#!$%!&'!()*$+&#$('!#(!$',-%#$+&#-!#.-!/$0-1#$('!(2!#.-!3$)*&.!)4!&%5$'+!(0!(#.-06$%-7!)4!(#.-0!8-&'%7!&'/!$2!#.-!
9-0%('!90&4%!#(!&!/$0-1#$('!(#.-0!#.&'!#.-!3$)*&.!6$#.(:#!-;-0#$'+!#.-!-22(0#7!#.-'!.-!%.(:*/!0-/(!#.-!%&*&.7!):#!
('!#.-!(#.-0!.&'/7!$2!.-!1.-15%!2(0!#.-!3$)*&.!&'/!-;-0#%!#.-!-22(0#!#(!2$'/!#.-!/$0-1#$('7!#.-'!$'!#.$%!1&%-!.-!/(-%!
'(#!0-/(!#.-!%&*&.!6.-#.-0!#.$%!(11:0%!$'!0-%$/-'1-7!#.$%!&99*$-%!#(!)(#.7!6.-#.-0!$'!0-%$/-'1-!(0!$'!#0&,-*!
)-1&:%-!(2!#.-!%&4$'+!(2!<**&.7!!"#$%&'()%"**(+%,-%,+'%.'/,%-&%0-1)%(.2*2,0!3!&'/!#.$%!$%!90-9('/-0&#$'+!)4!(:0!
=.&45.!")'!>#.&48--'!)(+24(+1%"**(+5!!
!
?-!8-'#$('-/!&*%(!1('1-0'$'+!#.-!0&6&#$)!%:'&'!2(0!@:.0!&'/!A&+0$)!&'/!"%.&&7!#.&#!$#!$%!'(#!20(8!%:''&.!#(!/(!
#.-87!-;1*:/-/!&0-!&%!6-!8-'#$('-/!-&0*$-0!#.-!B&C0!D%:''&.!90&4-0!(2!B&C0E7!&'/!#.-!?$#07!&'/!&*%(!#.-!F:.&7!#.-!
'$+.#!90&4-07!)-1&:%-!&**!(2!#.-%-!&22$08-/!20(8!#.-!A-%%-'+-0!/(**"**(+1%(*(0+'%6(%/(**(4!&'/!$#!$%!&*%(!*-+&*!#(!
8&5-!+-'-0&*!'&2-*!90&4-07!&'/!#.$%!$%!90-9('/-0&#-/!)4!=.&45.!")'!>#.&48--'!&'/!=.&45.!")'!G&HHI!
!
?.-'!#.-!9-0%('!/-9&0#%!#.-!1('%#0:1#$('!(2!#.-!#(6'!$'!&!#0&,-*7!&2#-0!#.-!1(88-'1-8-'#!(2!#.-!%&*&.!#$8-7!
#.-'!.-!1&'!8&5-!#.-!%.(0#-'$'+7!&'/!$2!.-!-'#-0%!.$%!#(6'!2(**(6$'+!#.-!1(88-'1-8-'#!(2!#.-!#$8-!(2!&!%&*&.7!
#.-'!.-!1(89*-#-%!#.-!%&*&.7!)-1&:%-!#.-!10$#-0$&!$%!#.-!1('/$#$('!(2!#.-!9-0%('!6.-'!9-02(08$'+!#.-!%&*&.7!'(#!
6.-'!$#%!#$8-!1(88-'1-%!&'/!#.$%!$%!6.&#!$%!&*%(!90-9('/-0&#-/!)4!=.&45.!")'!>#.&48--'!&'/!=.&45.!")'!G&HHI!
!
"2!#.-!&$09(0#!$%!(:#%$/-!#.-!#(6'!(0!1$#4!&'/!.$%!)((5$'+!$%!&22$08-/7!#.-'!.-!8&4!%.(0#-'7!):#!$2!.-!$%!$'!&!6&$#$'+!
*$%#7!.-!/(-%!'(#!%.(0#-'7!)-1&:%-!$'!#.$%!1&%-!#.-0-!$%!'(!/-#-08$'&#$('!-%#&)*$%.-/7!&'/!#.-!%&2&0!$%!'(#!&22$08-/!
$'!#.$%!1&%-7!&'/!$2!#.-!&$09(0#!$%!$'!#.-!1$#4!9&0&8-#-0%7!$'!#.$%!1&%-!#.-!('-!$'#-'/$'+!#(!#0&,-*!/(-%!'(#!%.(0#-'!
#.-!%&*&.!6.-#.-0!.-!.&%!&22$08-/!#.-!)((5$'+!(0!#.-!0-%-0,&#$('!(0!$#!$%!'(#!&22$08-/!)-1&:%-!$'!#.$%!1&%-!.-!$%!
'(#!1('%$/-0-/!#(!.&,-!/-9&0#-/!#.-!1('%#0:1#$('!(2!#.-!1$#4!&%!90-9('/-0&#-/!)4!(:0!=.&45.!")'!>#.&48--'!
)(+24(+1%"**(+5!
!
"#!$%!'(#!9-08$%%$)*-!2(0!#.-!8:%&2-07!#.-!#0&,-*-07!6.-#.-0!.-!$%!%$'+*-!(0!+0(:9!#(!*-&,-!#.-!1('+0-+&#$('!(0!#(!
&)&'/('!#.-!1('+0-+&#$('&*!90&4-0!$'!#.-!8&%C$/7!$2!#.-4!&00$,-!#(!#.-!9*&1-!(2!/-%#$'&#$('7!6.4J!G-1&:%-!(2!#.-!
+-'-0&*!-,$/-'1-%!1('1-0'$'+!#.-!()*$+&#$('!#(!9-02(08!#.-!%&*&.!$'!1('+0-+&#$('!&'/!#.$%!$%!6.&#!$%!
90-9('/-0&#-/!)4!(:0!=.&45.!")'!>#.&48--'!)(+24(+1%"**(+5%
!
<'/!&*%(!$'!&11(0/&'1-!6$#.!#.-!1(00-1#!(9$'$('7!$#!$%!'(#!9-08$%%$)*-!#(!%.(0#-'!#.-!%&*&.!6.-'!90&4$'+!2(**(6$'+!
&'!"8&8!6.(!1(89*-#-%!#.-!%&*&.7!6.-#.-0!#.-!9-0%('!C($'%!#.-!"8&8!$'!#.-!)-+$''$'+!(2!#.-!%&*&.!(0!&#!#.-!-'/!
(2!#.-!%&*&.!)-2(0-!#.-!#&%*$87!#.$%!$%!+-'-0&**4!/-'(#-/!)4!#.-!.&/$#.7!!7')2*0%,+'%24(4%2/%8+-/'#%/-%,+(,%+'%2/%,-%.'%
,(9'#%(/%(%*'($%,-%&-**-6!3!#.$%!$%!90-9('/-0&#-/!)4!=.&45.!")'!G&HH!&'/!(:0!=.&45.!")'!>#.&48--'!0&.$8&.:8&!
<**&.I!
!
"2!&!9-0%('!C($'%!&'!$8&8!&'/!#.-!"8&8!$%!&!#0&,-*-07!&'/!#.-!"8&8!$%!8&5$'+!#.-!"%.&&7!6.$*-!#.-!9-0%('!
#0&,-*$'+!$'#-'/%!#.-!A&+0$)7!%(!.-!C($'%!#.-!%&*&.!6$#.!#.-!$'#-'#$('!(2!A&+0$)7!&'/!$2!#.-!"8&8!8&5-%!#.-!%&*&87!
#.-!"8&8!6$**!8&5-!%&*&8!&2#-0!2$'$%.$'+!#.-!K!0&5&.7!%(!$'!#.$%!1&%-7!#.-!#0&,-*-0!8&L8:8!6$**!%#&'/!#(!)0$'+!#.-!
M0/!0&5&.I!!
!
N(6!$2!#.-!"8&8!$%!0-%$/-'#7!#.-'!#.-!8&L8:8!6.(!$'#-'/%!#.-!A&+0$)7!.-!%$#%!$'!#.-!M0/!0&5&.!&'/!6&$#%!2(0!#.-!
"8&8!#(!8&5-!%(!#.&#!.-!1&'!8&5-!#&%*$8!6$#.!.$8!&'/!.-!&*%(!8&4!8&5-!#&%*$8!&'/!#.-'!C($'%!#.-!"8&8!$'!#.-!
"%.&&7!&%!90-9('/-0&#-/!)4!(:0!=.&45.I!!
!
N(6!6$#.!0-%9-1#!#(!#.-!1(8)$'$'+!#.-!90&4-07!$#!$%!1('/$#$('&*!#.&#!$'!#.-!1(8)$'&#$('7!$'!#.-!/-*&4-/!#49-!(2!
1(8)$'&#$('!$%!#.&#!#.-!9-0%('!$'#-'/%!#.-!/-*&4!&#!#.-!#$8-!(2!1(88-'1-8-'#!(2!#.-!2$0%#!%&*&.7!$2!#.-!#$8-!
)-1(8-%!0-%#0$1#-/!2(0!#.-!2$0%#!%&*&.!&'/!.-!/$/!'(#!8&5-!#.-!$'#-'#$('!(2!1(8)$'&#$('!#.-'!$#!$%!'(#!9-08$%%$)*-!
2(0!.$8!#(!8&5-!#.-!$'#-'#$('!(2!1(8)$'&#$('!:'/-0!#.$%!%$#:&#$('7!0&#.-0!.-!90&4%!#.-!%&*&.!$88-/$&#-*4!&'/!
#.-'!.-!90&4%!#.-!K'/!(0!'-;#!%&*&.!('!$#%!#$8-!&%!8-'#$('-/!)4!(:0!=.&45.!)(+24(+1%"**(+5%
!
<*%(7!$2!&!9-0%('!$'#-'/%!#.-!/-*&4-/!1(8)$'&#$('!&'/!.-!-'#-0%!.$%!#(6'!)-2(0-!#.-!1(88-'1-8-'#!(2!#.-!K'/!
%&*&.7!#.-'!$'!#.$%!1&%-7!.-!90&4%!-&1.!%&*&.!$'!$#%!#$8-!&'/!1(89*-#-%!#.-!%&*&.7!-,-'!$2!#.-0-!('*4!0-8&$'%!,-04!
%.(0#!9-0$(/!(2!#$8-7!)-1&:%-!$'!#.$%!1&%-!#.-!-;1:%-!2(0!1(8)$'&#$('!-'/%!&'/!#.-!-;1:%-!$%!#.-!#0&,-*7!&'/!#.$%!$%!
6.&#!=.&45.!")'!G&HH!)(+24(+1%"**(+!&'/!#.-!%1.(*&0%!(2!#.-!9-08&'-'#!1(88$##--!(2!#.-!%1.(*&0%!&*%(!1.((%-I!!
!"#$%&'(&)*&+,#&$-&)'#&+,.&/$&)'#&/$+-%&,-0&)*&1,-&2*,1)&$2&/)*&/'3*&,""$+#&#41)&/),/&)*&3,.&*-/*2&/)*&/$+-&,-0&
,//,'-&/)*&-*5/&#,",)&+'/)&/)*&1$-62*6,/'$-&$2&,22'7*#&8*($2*&'/#&1$33*-1*3*-/&/)*-&'-&/)'#&1,#*&)*&3,.&1$38'-*&
,-0&3,.&#)$2/*-&8*($2*&*-/*2'-6&/)*&/$+-%&8*1,4#*&+).9&:*1,4#*&/)*&/2,7*"&*-0#&4;$-&,22'7,"&/$&/)*&/$+-&,-0&
/)'#&'#&+),/&<),.=)&>8-&:,??&!"#$%"#&'())"#&3,0*&,&(,/+,&,8$4/@&&
&
>/&'#&;*23'##'8"*&($2&/)*&34#,(*2&/$&1$38'-*%&/)*&$-*&+)$&'#&$-&/)*&A$42-*.&8*1,4#*&/)'#&'#&+),/&'#&2*;$2/*0&(2$3&
/)*&B*##*-6*2&$(&!"",)&*"))())"#&'")"+#,'-"'*"))"%'84/&4;$-&,22'7,"&'/&'#&;*23'##'8"*&)$+*7*2%&/)*&;2*1,4/'$-,2.&
'#&/$&-$/&1$38'-*&4-"*##&/)*2*&'#&),20#)';%&/)*-&'/&'#&;*23'##'8"*&/),/&'#&8*1,4#*&/)*&2*,#$-&8*)'-0&1$38'-,/'$-&'#&
/$&"*(/&,-.&),20#)';%&,-0&/)'#&'#&+),/&'#&;2*;$-0*2,/*0&8.&$42&<),.=)&,-0&<),.=)&>8-&:,??&!"#$%"#&'())"#&@&&
&
!
"#!$%!$&'!()*+,-#!.%,.'(,+,-!$&'!/0*0$!0*12)3)40&!5)(+,-!$&'!$(06'*!
&
>/&),#&($42&1,#*#C&
&
D@ >(&/)*&;*2#$-&'#&$-&/)*&A$42-*.%&/)*-&'/&'#&-$/&8'-0'-6%&,-0&/)'#&'#&;2*;$-0*2,/*0&8.&$42&<),.=)&,-0&
<),.=)&>8-&:,??&!"#$%"#&%"'())"#@&!-0&'(&)*&;2,.#&/)*&A434E,)&$-&/)*&/2,7*"%&/)*-&'-&/)'#&1,#*%&'/&+$4"0&
8*&#4(('1'*-/&,#&F4)2&,#&;2*;$-0*2,/*0&8.&<),.=)&>8-&:,??&!"#$%"#&%"'())"#&&
&
G@ !-0&'(&)*&,22'7*#&'-&,&;",1*&+)*2*&/)*&H434E,)&'#&*#/,8"'#)*0%&,-0&)*&)*,2#&/)*&1,""%&/)*-&/)*&
;2*;$-0*2,/*0&$;'-'$-&'#&'/#&$8"'6,/'$-&4;$-&)'3%&,-0&/)'#&'#&+),/&$42&<),.=)&,-0&<),.=)&>8-&:,??&
!"#$%"#&%"'())"#&;2*;$-0*2,/*0@&
&
I@ !-0&'(&,&;*2#$-&;,##*#&8.&,&/$+-&$-&)'#&/2,7*"&($2&#$3*&-**0&$2&,&-**0%&/)*-&'/&'#&-$/&8'-0'-6&4;$-&)'3&/$&
A$'-&/)*&H434E,)&'-&/)'#&/$+-%&,-0&/)'#&'#&/)*&(,/+,&$(&$42&<),.=)&!"#$%"#&'())"#@&!-0&'(&)*&,22'7*#&'-&,&
;",1*&$(&0*#/'-,/'$-&+)*2*&/)*&H434,E,)&'#&-$/&*#/,8"'#)*0%&/)*-&'-&/)'#&1,#*&'/&'#&-$/&8'-0'-6&4;$-&)'3%&&
&
J@ !-0&'(&/)*.&,2*&,&62$4;&,-0&/)*.&;2,.&/)*&H434,E,)%&/)*-&'/&'#&-$/&7,"'0%&,-0&/)*.&34#/&;2,.&'/&,#&F4)2%&
,-0&/)'#&'#&+),/&$42&<),.=)&,-0&<),.=)&>8-&:,??&!"#$%"#&%"'())"#&;2*;$-0*2,/*0@&&
&
"#!$%!$&'!#),0,!%7!$&'!#070(8!!
&
! >/&'#&2*1$33*-0*0&/),/&/)*&/2,7*"&8*&0$-*&$-&K)42#0,.&
&
! !-0&'/&'#&2*1$33*-0*0&/),/&4;$-&"*,7'-6&/)*&)$4#*&/$&$((*2&/+$&2,=,)&L#4--,)&;2,.*2M&
&
! !-0&'/&'#&2*1$33*-0*0&/$&3,=*&/)*&04,&4;$-&"*,7'-6&/)*&(,3'".&,-0&$/)*2#&#$&/)*&#4;;"'1,/'$-&$(&/)*&
/2,7*"*2&($2&/)*&2*#'0*-/&'-&/)'#&1,#*&'#C&&
'

'
'
' ' ./'0)"1,'+2&'$3'4#,'4!&*4'25'())""#6'-#2*,'4!&*4'$*'3,7,!'%$*0)"1,89:'
&
! !-0&/)*&#4;;"'1,/'$-&$(&/)*&2*#'0*-/&($2&/)*&/2,7*"*2&'#C&
&
!
!
!"#$%&'(#)*+,#,(%-.-*/0#)*+,#1&-231+%/(44#&/5#23(#(/54#*1#)*+,#5((54#-/#23(#2,+42#*1#6%%&&378#
!
! "#!$%!&'%(!)*+(,,*-.*.!#(!&%%$/-!&-!0,$)!1'*&.*)2!3()!#4*!5(6)-*78!$3!#4*7!&)*!9!()!,()*!:*(:'*;!
! 0-.!$#!$%!)*+(,,*-.*.!$3!#4*!:*)%(-!*-#*)%!&!4(6%*!#(!%&7<!
!

!
!"#2&9(#,(1+.(#-/#6%%&&384#$(,1('2#:*,54#1,*;#23(#(<-%#=(#3&4#',(&2(578##
!
! "#!$%!)*+(,,*-.*.!#(!,&=*!&>6-.&-#!.6&!1%6::'$+&#$(-2!&-.!"%#$/3&)!1%**=$-/!3()/$?*-*%%!(3!0''&42!$-!
#4*!%&3&)!>*+&6%*!#4*!@)(:4*#!4&%%6%%&3+#&%&)3(#:&#4&%%&;!,*-#$(-*.!#4&#!#4)**!$-?(+&#$(-%!&)*!
&-%A*)*.!A$#4(6#!&!.(6>#!&-.!3)(,!#4*,!4*!,*-#$(-*.!#4*!$-?(+&#$(-!(3!#4*!#)&?*'*);!
!
! 0-.!$#!$%!3()>$..*-!3()!#4*!A(,&-!#(!#)&?*'!A$#4(6#!&!,&4)&,!A4*#4*)!$#!$%!&!%4()#!()!'(-/!5(6)-*7;!!
!
! "#!$%!3()>$..*-!#(!#)&?*'!#(!#4*!'&-.%!(3!=633&)!&-.!#(!'&-.%!A4*)*!*?$'!&-.!+())6:#$(-!&)*!(>?$(6%!3()!#4*!
%&=*!(3!-(54&8!()!%$B&4&8!#A(!)*&%(-%8!&-.!#4$%!$%!&!3&#A&!(3!(6)!C4&7=4!,&3-;&3#6%%&37!
!
>*+,'(?#@(44*/4#*1#>3&)93#>&%(3#&4#>&%(3#&4#1*+/5#*/#3-4#4-2(#322$?AA+/5(,42&/5B-4%&;7/(2#
02 - Rulings on Travel
!
"#!$%&'!'()*#+!+&'),''&*#!*#!$%(!-,.&#/'!*#!$%(!$-01(.!)*2('!$%(!3,('$&*#!*45!!
!
!"#$%&'$%'%()'*#+#)%(',#%-.%/)%0',#%12#%/3%("#%4#)05(2%/3%()'*#+6%%
!
6%&'!20$$(-!%0'!$%-((!'&$,0$&*#'!$*!&$5!!
!
75)2(%25(1'(5/$8!6%0$!$%(!$-01(.(-!&#$(#+'!$%(!07'*.,$(!'$08!0$!%&'!+('$&#89!&#!$%(!:.0)(!;%(-(!%(!/*('!$*!',)%!$%0$!
%(!20<('!$%(!+($(-2&#0$&*#!$*!-('&+(!$%(-(&#!,#.(''!$%(-(!&'!0!)0,'(!$%0$!#()(''&$0$(!%&2!.(01&#/!$%(!:.0)(=!
>?02:.(5!@*-<(-'!;%*!-('&+('!4*-!;*-<!0.'*!$-0+(-'!;%*!-('&+(!4*-!$-0+(!0#+!0270''0+*-'!*4!)*,#$-&('A!0..!*4!
$%('(!$8:('!$0<(!$%(!-,.&#/!*4!-('&+(#)(=!6%(8!$0<(!$%(!-,.&#/!*4!-('&+(#$=!B*9!$%(8!+*#C$!$0<(!$%(-(4*-(!78!$%(!
:(-2&$'!.(/0.&D(+!4*-!$%(!$-01(.(-=!!
%
9#&/$:%25(1'(5/$8!"#$(#+&#/!$*!'$089!0!-('$-&)$(+!'$089!-('$-&)$(+!&#!$(-2'!*4!:,-:*'(!7,$!,#-('$-&)$(+!;&$%!$&2(!
2(0#&#/!%(!+*('#C$!<#*;!;%(#!%&'!$0'<!;&..!7(!0))*2:.&'%(+=!"$!&'!-('$-&)$(+!78!0#!*7E()$&1(!%(!/*('!4*-!7,$!
,#-('$-&)$(+!;&$%!-(':()$!$*!$&2&#/!',)%!$%0$!%(!+*('#C$!<#*;!;%(#!%(!;&..!4&#&'%!%&'!;*-<!*-!%&'!*7E()$&1(!0#+!
-($,-#=!"#!$%&'!)0'(9!;%(#!%(!4&#&'%('!%&'!$0'<9!%(!-($,-#'!$*!%&'!*-&/&#0.!-('&+(#)(=!6%(!(?02:.(!*4!$%&'!&'!$%(!
$-0+(-'!;%*!)*2(!$*!'(..!$%(&-!0-$&).('!*-!$%(&-!:-*+,)$'=!B*9!$%(8!%01(!$%&'!$0'<=!6%(8!+*#C$!<#*;!;%(#!$%&'!;&..!
*)),-!7,$!$%(8!<#*;!$%0$!;%(#!$%&'!&'!0))*2:.&'%(+!$%(8!;&..!-($,-#=!F&<(!4*-!(?02:.(5!:(*:.(!$-01(.&#/!$*!
0))*2:.&'%!)(-$0&#!;*-<'!0$!)(-$0&#!/*1(-#2(#$!*-!+(:0-$2(#$'!*-!&#'$&$,$&*#!*-!%*':&$0.'!(?$-0=!6%('(!:(*:.(!
$0<(!$%(!-,.&#/!*4!$-01(.(-'9!(1(#!$%*,/%!$%(8!208!'$08!0!:-*G.*#/!'$08=!6%&'!&'!$%(!:*'&$&*#!*4!$%(!20E*-&$8!
')%*.0-'!*#!$%&'!'()*#+!'&$,0$&*#=!B*!&#!$%&'!)0'(9!$%(!$-01(.(-!,#+(-!$%&'!'&$,0$&*#!208!$0<(!$%(!:(-2&$'!*4!$-01(.=!!
%
!"'(%'-/1(%53%("#%5$:5*5:1'+%4#)2/$%,$/;2%("'(%"52%2('.%;5++%</%-#./$:%=%:'.26!!
!
@(!%01(!0#!*:&#&*#!02*#/'$!$%(!')%*.0-'!$%0$!$%(!.&2&$!4*-!$0<&#/!:(-2&$'!&#!$-01(.!&'!-('$-&)$(+!$*!4*,-!+08'=!H,$!
;%0$!07*,$!&4!0!:(-'*#!<#*;'!$%0$!%&'!'$08!208!$0<(!2*-(!$%0#!4*,-!+08'I!"'!%(!(#$&$.(+!$*!$0<(!78!$%(!:(-2&$I!
J#(!*:&#&*#!&'!$%0$!%(!&'!#*$!K0..*;(+!$*!$0<(!78!$%(!:(-2&$L9!0#+!;(!;&..!+&'),''!$%&'!4,-$%(-!0$!$%(!(#+!*4!$%(!
',7E()$A!.($C'!/*!#*;!$*!$%(!$%&-+!'&$,0$&*#=!
%
>"5):%25(1'(5/$8!&'!$%0$!&4!%(!&#$(#+'!$*!'$08!$*!0))*2:.&'%!0!:0-$&),.0-!20$$(-!4*-!0!:0-$&),.0-!:(-&*+!*4!$&2(!
;%(#(1(-!%&'!*7E()$&1(!&'!)*2:.($(+!%(!-($,-#'=!B*9!$%(!+&44(-(#)(!7($;((#!$%(!$%&-+!0#+!$%(!'()*#+!&'!$%0$!&#!$%(!
'()*#+!*#(!%(!+*('#C$!<#*;!;%(#!%(!;&..!-($,-#!7,$!&#!$%&'!$%&-+!*#(!%(!<#*;'=!F&<(!4*-!(?02:.(5!$%*'(!;%*!
)*2(!4*-!%0EE!0#+!,2-0%9!$%(8!<#*;!;%(#!%0EE!;&..!(#+!0#+!0.'*!$%*'(!;%*!/*('!4*-!'$,+&('!0$!,#&1(-'&$&('!0#+!
$%(!.&<(=!!
!
6%(!20E*-&$8!*4!$%(!')%*.0-'!0-(!*#!$%(!*:&#&*#!$%0$!$%(8!+*#C$!$0<(!78!$%(!:(-2&$!7()0,'(!$%(8!'0&+!$%0$!$%(!
:(-&*+!*4!'$08!(?)((+'!$%(!:(-&*+!*4!$-01(.9!;%&)%!&'!2*-(!$%0#!M!+08'9!*-!NO!0))*-+&#/!$*!*#(!*:&#&*#=!6%(!'()*#+!
*:&#&*#!&'!$%0$!$%(8!0-(!&#!-(0.&$8!.&<(!$%(!$-01(.(-!7()0,'(!$%(8!+&+#C$!&#$(#+!-('&+(#)8!#*-!+&+!$%(8!&#$(#+!
07'*.,$(!'$08!,#-('$-&)$(+!78!$&2(9!0#+!$%&'!&'!$%(!)%*&)(!*4!B%08<%,.!"'.02!"7#!6082&80%!0#+!"#7,.!P,8802!0#+!
/-*,:!*4!*$%(-!1(-&48&#/!')%*.0-'!0#+!$%&'!&'!$%(!:-(:*#+(-0$&#/!*:&#&*#!',::*-$(+!78!$(?$,0.!:-**4'=!
!
Q#+!4-*2!$%('(!$%-((!'&$,0$&*#'!$%(-(4*-(!0#+!&#!0))*-+0#)(!;&$%!$%(!)*--()$!*:&#&*#9!&$!7()*2('!).(0-!$%0$!;(!
%01(!$;*!)0'('9!-('&+(#$!0#+!$%(!$-01(.(-=!!Q#+!0))*-+&#/.89!;%*(1(-!&#$(#+'!$*!-('&+(!&#!0!:.0)(!(&$%(-!0#!
07'*.,$(!'$08!*-!'$08!*4!-('&+(#)8!',)%!$%0$!&#!$%(!)0'(!*4!07'*.,$(!'$08!%(!;&..!#*$!.(01(!,#.(''!%(!&'!)0..(+!$*!
.(01(!$%(!:.0)(!$%(#!$%&'!&'!$%(!'02(!0'!$%(!-,.&#/!*4!$%(!-('&+(#$9!%(!+*('!#*$!$0<(!78!:(-2&$'=!!
!
J#!$%(!*$%(-!%0#+9!&4!'*2(*#(!$-01(.'!$*!0))*2:.&'%!0!$0'<!*-!0!20$$(-!*-!)*#).,+(!0!)(-$0&#!*7E()$&1(9!0#+!
;%($%(-!%(!<#*;'!$%0$!;%(#(1(-!$%&'!$0'<!&'!0))*2:.&'%(+!%(!;&..!-($,-#9!$%(#!&#!$%&'!)0'(!%(!&'!0!$-01(.(-=!Q#+!
$%(!*:&#&*#!*#!+&'$&#/,&'%&#/!;%($%(-!%(!<#*;'!%(!;&..!'$08!2*-(!$%0#!4*,-!+08'!*-!+*('#C$!<#*;!&#!-(0.&$8!$%(-(!
&'!#*!(1&+(#)(!4*-!$%0$=!B*9!%*;!+&+!$%&'!)*2(!,:I!!
!
!"'(%52%("#%#*5:#$&#%3/)%("/2#%;"/%2'5:%'$:%+505(#:%("52%(/%3/1)%:'.2?%2('.5$<%3/)%3/1)%:'.26%%
!
6%(!(1&+(#)(!$%(8!$**<!&'!$%0$!$%(!R-*:%($!!"##$##"%&'"#"(%)'*"'!"##"+!'$08(+!&#!20<<0%!+,-&#/!$%(!40-(;(..!
!"#$%"&'$()*+(*,-'.(/*012%*/'.,3*-+(*01%-+)*-+(*0"0-+)*-+(*,"4-+*'5/*-+(*,(6(5-+)*'5/*/2%"5$*-+",*+(*,+1%-(5(/*-+(*
!%'.(%,7*81*-+(.*,'"/)*-+'-*-+",*!(%"1/*-+(%(01%(*",*-1*9(*-':(5*',*'*!(%"1/*"0*-+(*-%'6(#(%*-':(,*9.*"-*-+(5*+(*;'5*
-':(*9.*-+(*!(%&"-,*10*-%'6(#7*<0*+(*,-'.,*#15$(%*-+(5*+(*;'551-7**
*
=1>(6(%)*,2;+*'*/(/2;-"15*0%1&*-+",*+'/"-+*",*>(':7*?+(*/(/2;-"15*10*#"&"-"5$*"-*-1*012%*/'.,*",*"-,(#0*'*>(':*
/(/2;-"157*@('5"5$*-+",*,-'.*10*012%*/'.,*",*51-*"5-(5/(/*"5*"-,(#0*-1*9(*012%)*9(;'2,(*"0*+(*>12#/*+'6(*;1&(*0"6(*
/'.,*9(01%()*>12#/*+(*&':(*-+(*,+1%-(5"5$*1%*51%A*?+(*'5,>(%*",*+(*>"##7**
*
8"&"#'%#.)*>(*:51>*-+'-*-+(*B%1!+(-*!"##$##"%&'"#"(%)'*"'!"##"+*'#,1*,-'.(/*"5*&'::'+*01%*CD*/'.,)*'#,1*
,+1%-(5"5$*-+(*!%'.(%7*E#,1*"5*-+(*(4!(/"-"15*10*-'92:)*+(*,-'.(/*FG*/'.,)*,+1%-(5"5$*-+(*!%'.(%,7*E5/*0%1&*-+",*
>(*:51>*-+'-*-+(*!%(!15/(%'-"5$*1!"5"15*",*-+'-*-+(*,!(;"0";'-"15*10*-+(*-"&(*!(%"1/*01%*-+(*-%'6(#(%*",*51-*
6(%"0"(/*9.*-+",*/(/2;-"15*',*#15$*',*-+(*-%'6(#(%*/1(,*51-*"5-(5/*%(,"/(5;(*1%*+(*-':(,*9.*'5*'9,1#2-(*,-'.*,2;+*
-+'-*+(*>"##*51-*#('6(*25#(,,*+(*",*',:(/*-1*#('6()*-+(5*+(*-':(,*9.*-+(*!(%&"-,*10*-+(*-%'6(#*9(;'2,(*-+(*-(4-2'#*
!%110*;'&(*$(5(%'#7**
*
H(*:51>*-+'-*-+(*B%1!+(-*!"##$##"%&"'"#"(%)'*"'!"##"+*>+(5(6(%*+(*#(0-*15*'*I12%5(.*10*-+%((*&"#(,)*+(*,+1%-(5,*
-+(*!%'.(%,)*!%'."5$*-+(*012%*%':'+*"5*->1)*'5/*+(*/"/*51-*%(,-%";-*-+'-*-1*'*-"&(7*E5/*',*>(*&(5-"15(/*('%#"(%*-+(*
-(4-2'#*!%110*"5/";'-(*-+'-*+(*!"##$##"%&'"#"(%)'*"'!"##"+*,+1%-(5(/*-+(*!%'.(%*"5*,-'.,*-+'-*(4;((/(/*012%*/'.,7*
81*';;1%/"5$*-1*-+("%*1!"5"15)*"0*-+(*!(%,15*:51>,*-+'-*+(*>"##*,-'.*&1%(*-+'5*012%*/'.,)*+(*/",;15-"5212,*
"&&(/"'-(#.)*%(0%'"5,*0%1&*-':"5$*-+(*%2#"5$,*10)*!(%&"-,*10*-%'6(#)*',*.12*;'5*-(##*-+(*/(/2;-"15*;15;(%5"5$*-+",*
1!"5"15*",*>(':*>+(5*"-*",*0';(/*9.*-+(*1-+(%*-(4-2'#*!%110,*&(5-"15(/*('%#"(%7**
*
!"#$%&'()$*+(#,$<0*,1&(15(*&':(,*-':+9"%'-2#*<+%'&*01%*-+(*,'#'+*"5*%(,"/(5;(*-+(5*+(*-%'6(#,*,+12#/*+(*!%'.*-+(*
,'#'+*',*'*-%'6(#(%*1%*,+12#/*+(*!%'.*-+(*,'#'+*',*'*%(,"/(5-*>+1*;1&!#(-(,7*$
$
-.+/01#,*J12*-':(*-+(*,+"!*0%1&*.12%*+1&(!1%-7*H+(5*.12*'%(*15*-+(*,+"!)*-+(*-"&(*10*K2+%*;1&&(5;(,)*.12*
&':(*-':+9"%'-2#*"+%'&*01%*,'#'-*'LMK2+%)*/2%"5$*-+",*0"%,-*%':'+*'0-(%*-':+9"%'-2#*"+%'&*-+(*,+"!*-':(,*15*01%*-+(*
I12%5(.*#('6(,*-+(*!1%-)*51>*+(%(*,+12#/*.12*!%'.*-+(*,'#'+*10*'*-%'6(#(%*1%*.12*,+12#/*;1&!#(-(*9(;'2,(*.12*
"5"-"'-(/*-+(*,'#'+*"5*%(,"/(5;(A*
$
!"#$+2(3#'$&(,*<-*",*19#"$'-1%.*-1*;1&!#(-(*,"5;(*.12*"5"-"'-(/*-+(*,'#'+)*>+";+*%(N2"%(,*;1&!#(-"157*81*"5*-+",*
;',()*.12*;1&!#(-(*',*012%7**
$
!"#$(#*425$*+(#,*?+(*1!!1,"-(*10*-+(*0"%,-*;',()*.12*91'%/*-+(*,+"!)*51>*.12*'%(*15*91'%/*'5/*,+"!*#(0-*-+(*
+'%91%(/*'5/*15*-+(*I12%5(.*9(01%(*.12*%(';+*.12%*/(,-"5'-"15*.12*&':(*-':+9"%'-2#*"+%'&*01%*'*;1&&(5;"5$*
,'#'+7*O(-P,*,'.*01%*(4'&!#(*,'#'-2L*K2+%*;1&&(5;(,)*'5/*>+"#(*.12*'%(*"5*-+(*0"%,-*%':'+*10*.12%*,'#'+*.12*'%%"6(*
-1*.12%*/(,-"5'-"15)*-+(*!#';()*.12%*+1&()*;'5*.12*-':(*9.*-+(*,+1%-(5"5$A*
$
!"#$+2(3#'$&(,*?+(*0"%,-*1!"5"15*",*-+'-*-+(*!(%,15*,+12#/*;1&!#(-(7*H+.A*Q(;'2,(*"5*-+",*;',(*->1*-+"5$,*
;1&9"5(/*1%*1;;2%%(/)*15(*;',(*'##1>'9#(*'5/*1-+(%*;',(*",*51-*'##1>'9#()*-+(*-%'6(#*'##1>,)*!(%&"-,)*-+(*'%%"6'#*
-1*-+(*%(,"/(5;(*!%(6(5-,)*>+(5*-+(%(*",*'5*'##1>'9#(*0';-1%*'5/*'*!%1+"9"-"5$*0';-1%)*-+(5*-+(*!%1+"9"-"5$*0';-1%*
",*-1*9(*"5-%1/2;(/*16(%)*,+12#/*!%(;(/(*16(%*-+(*'##1>"5$*0';-1%7*
*
?+(*,(;15/*1!"5"15*",*-+'-*+(*;'5*-':(*9.*-+(*!(%&"-*'5/*-+",*",*-+(*;1%%(;-*1!"5"15)*9(;'2,(*+(*"5"-"'-(/*-+(*,'#'+*
',*'*-%'6(#(%)*'5/*-+",*",*"5*';;1%/'5;(*>"-+*-+(*,'&(*!%"5;"!#(*',*-+(*0"%,-*;',(7**
$
!"#$)"&'5$*+(#,*81&(15()*'*!(%,15*%(&(&9(%,*'*,'#'+*+(*&",,(/*"5*+",*%(,"/(5;()*+(*%(&(&9(%,*"-*"5*-%'6(#)*
(4'&!#(3*+(*-%'6(#,*'5/*>+"#(*15*+",*I12%5(.)*+(*%(&(&9(%(/*-+'-*.(,-(%/'.*+(*/"/*51-*100(%*,'#'-2L*K2+%)*51>*
,+12#/*+(*&':(*2!*-+",*,'#'+*,+1%-(5(/*1%*;1&!#(-(A**
$
!"#$+2(3#'$&(*-+'-*>(*:51>*-+'-*-+(*B%1!+(-*!"##$##"%&'"#"(%)'*"'!"##"+*,'"/)**%,)-).'!#))/!'"01'+2!!)!'3%)'
!"#"%'1&)'3,'!#))/',.'4,.5)34&#0)!!'3%)0'%)'!%,&#1'/."('23'24'%)'.)+)+6).!'237'"01'3%).)'2!'0,')8/2"32,0'94,.'23:')8;)/3'
3%"37*81)*"-*>',*19#"$'-(/*2!15*+"&*"5*%(,"/(5;()*'5/*"5*%(,"/(5;(*"-*",*-1*9(*!%'.(/*',*;1&!#(-(*-+(%(01%(*+(*
,+12#/*!%'.*"-*',*;1&!#(-(7**
*
?+(*1!!1,"-()*+(*%(&(&9(%,*'*,'#'+*+(*&",,(/*"5*+",*-%'6(#)*+(*%(&(&9(%,*R-+'-S*"5*+",*%(,"/(5;()*+(*>',*
!"#$%&'()*#(+*,%*#""'$%+*#!*"%-'+%(.%*#(+*,%*"%/%/0%"%+*!,#!*,%*+'+*(1!*2"#3*!,%*-#&#!4&*5-,#*16*&#-!*('),!*78,'&%*
,%*8#-*1(*!"#$%&9:*!,%(*'(*!,'-*.#-%*!,%*2"%21(+%"#!'()*12'('1(*'-*!,#!*,%*-,1"!%(-*0%.#4-%*!,'-*'-*!,%*-#&#,:*
8,'.,*8#-*10&')#!%+*421(*,'/*'(*!,%*;14"(%3<*=1*!,%"%61"%:*'!*!#>%-*!,%*"4&'()*16*!"#$%&*!,4-*,%*-,1"!%(-<**
!
"#$!%&'(#!)*+$,*?*2%"-1(*'-*'(*"%-'+%(.%*#(+*!,%*!'/%*61"*#*-#&#,*.1//%(.%-*8,'&%*'(*"%-'+%(.%*!,%(*,%*!#>%-*166*
'(*!,%*;14"(%3*#6!%"*!,%*!'/%*16*!,%*-#&#,*.1//%(.%-<*@A#/2&%B*C,'&%*'(*"%-'+%(.%*!,%*#+,##(*61"*D4,"*8#-*
#((14(.%+*#(+*#6!%"*!,%*#+,##(*16*D4,"*,%*8%(!*1(*,'-*;14"(%3:*-,14&+*,%*2"#3*!,%*D4,"*#-*E*"#>,#*1"*F*"#>,#:*
-,1"!%(%+*1"*.1/2&%!%G**
!
"#$!*-+.$',*?..1"+'()*!1*!,%*6'"-!*12'('1(:*,%*-,14&+*.1/2&%!%:*!,%3*#"%*)11+*!,#!*!,%*!'/%*16*-#&#,*.1//%(.%+*
8,'&%*,%*8#-*'(*"%-'+%(.%*!,%"%61"%*'!*'-*0'(+'()*421(*,'/*!1*.1/2&%!%<*?(+*!,%*2"%21(+%"#!'()*12'('1(*'-*!,#!*
,%*2"#3-*'!*-,1"!%(%+*#-*E*"#>#,*0%.#4-%*!,%*."'!%"'#*'-*'(*!,%*#.!4#&*+1'()*16*!,%*-#&#,:*'6*!,%*2%"-1(*+1%-*!,%*
-#&#,*'(*"%-'+%(.%*,%*.1/2&%!%-:*'6*'!*'-*+1(%*'(*!,%*!"#$%&:*,%*-,1"!%(-<***
*
"#$!%/%(#!)*+$,!H,%*1!,%"*8#3*#"14(+:*!,%*!'/%*16*#*2#"!'.4&#"*-#&#,*.1//%(.%-*8,'&%*,%*'-*'(*!,%*!"#$%&*04!*,%*
+1%-*(1!*2"#3*'!*4(!'&*,%*"%#.,%-*,'-*"%-'+%(.%:*'(*!,'-*.#-%*,%*.1/2&%!%-<**
*
0&12/-/-3!(#$!45#'!*-6!(#$!7+'!+*8*#!9!:*3#'/2!*-6!;+#**!+*8*#!
*
0*+$,!?*!"#$%&%"*.1/0'(%-*!81*2"#3%"-*%'!,%"*D4,"*#(+*?-"*1"*I#),"'(*#(+*5-,#*'(*!'/%*16*!,%*6'"-!*1(%<*J%*
.1/0'(%-*'(*!,%*!'/%*16*!,%*6'"-!*16*!,%*!81*2"#3%"-*!,#!*#"%*&%)#&&3*2%"/'--'0&%*!1*.1/0'(%<*=1*61"*%A#/2&%*'(*!,'-*
.#-%:*D4,"*#(+*?-":*,%*.1/0'(%-*#!*!,%*!'/%*16*!,%*6'"-!:*!,#!*'-*!,%*D4,":*!,%(*,%*#""'$%-*#!*,'-*"%-'+%(.%*0%61"%*
!,%*.1//%(.%/%(!*16*!,%*-%.1(+*-#&#,:*8,'.,*'(*!,'-*.#-%*'-*!,%*?-"<*5-*'!*0'(+'()*421(*,'/*(18*!1*2"#3*?-"*#!*
,'-*"%-'+%(.%G*H,%*?(-8%"*'-B*K1:*0%.#4-%*,%*2"#3%+*!,%*-%.1(+*1(%:*#(+*!,'-*'-*!,%*?-"*'(*#*.1(+'!'1(:*8,'.,*'-*
2%"/'--'0&%*61"*,'/*!1*2"#3<**
*
"#$!)*+$+!&-!*!('*<$8$'!='*>/-3!2$#/-6!*-!/1*1!.#&!1*>!*-6!1*>!-&(!)&1=8$($?!+#&586!#$!+#&'($-!&'!
+#&586!#$!)&1=8$($@!!
*
H,'-*,#-*!,"%%*-'!4#!'1(-*!1*'!B**
!
"#$!%/'+(!+/(5*(/&-,*56*!,%*'/#/*'-*-1/%1(%*8,1*.1/2&%!%-*!,%*-#&#,:*!,%*1(%*8,1*.1/2&%!%-*!,%*-#&#,*%'!,%"*#*
"%-'+%(!*'/#/*1"*,%*.14&+*0%*#*!"#$%&%"*8,1*/#3*(1!*-,1"!%(<*=1*'(*!,'-*.#-%:*!,%*'/#/*8'&&*.1/2&%!%:*!,%*
!"#$%&%"*2"#3'()*61&&18'()*!,'-*'/#/*.1/2&%!%-*#&-1*#(+*+1%-*(1!*-,1"!%(:*0%.#4-%*!,%*L"12,%!*!"##$##"%&'"#"(%)'
*"'!"##"+*-#'+:*,-%)'.+"+'.!'!)/'!0'/%"/'(0&'10##0*23''
'
?(+*!,'-*'-*#&-1*#-*50(*?00#-*4"5.'$##"%&'"6%&*-#'+:*'!*'-*!,%*-4((#,*61"*#*!"#$%&%"*8,1*2"#3-*0%,'(+*-1/%1(%*8,1*
'-*#*"%-'+%(!*!1*.1/2&%!%<*J%*.1/2&%!%-*%$%(*'6*,%*;1'(-*!,%*'/#/*'(*!,%*&#-!*!#-,#,4+<*J%*.1/%-*#(+*6'(+-*!,%*
'/#/*'(*&#-!*!#-,#,4+:*,%*;1'(-*,'/*'(*!,%*-#&#,<*=1*'6*!,%*'/#/*/#>%-*!#-&'/:*,18*/#(3*"#>#,*,%*-,14&+*.1/%*
42*8'!,G*J%*-,14&+*.1/%*42*8'!,*614"*"#>#,<*='(.%*,%*;1'(%+*!,%*'/#/*'(*&#-!*!#-,#,4+:*,%*/'--%+*#&&*614"*"#>#,<*
H,4-:*,%*.1/%-*42*8'!,*614"*"#>#,<**
!
"#$!+$)&-6!+/(5*(/&-,*56*!,%*!"#$%&%"*'-*&%#+*03*#*!"#$%&%"*'/#/*8,1*-,1"!%(-:*!,%(*'(*!,'-*.#-%*8'!,14!*#(3*
+140!*,%*-,1"!%(-<**
!
"#$!(#/'6!+/(5*(/&-,*J%*;1'(-*#(*'/#/*04!*,%*'-*+140!64&*'-*,'-*'/#/*1(*!"#$%&*1"*,%*'-*#*"%-'+%(!<*J%*'-*(1!*-4"%<*
5(*!,'-*.#-%:*,%*!#>%-*03*!,%*'(+'.#!'1(<*56*!,%"%*'-*#(*'(+'.#!'1(*!1*+'66%"%(!'#!%*#(+*.&#"'63*!,%*-!#!4-*16*!,%*'/#/:*
!,%(*,%*!#>%-*03*'!<*M1"*%A#/2&%:*'6*,%*-%%-*!,%*'/#/N-*.#"*'-*&1#+%+*8'!,*!,'()-*16*!"#$%&:*&'>%*&4))#)%*#(+*
%$%"3!,'()*!,%(*!,'-*'-*#(*'(+'.#!'1(*!,#!*,%*'-*#*!"#$%&%"<*56*!,%*'(+'.#!'1(*'(+'.#!%-*1!,%"*8#3*#"14(+*!,#!*,%*'-*#*
"%-'+%(!*!,%(*,%*!#>%-*03*'!<*C,#!*#014!*'6*,%*-#3-*!,#!*'6*!,'-*'/#/*.1/2&%!%-:*5*8'&&*.1/2&%!%:*'6*,%*-,1"!%(-*5*8'&&*
-,1"!%(:*!,%(*!,'-*'-*2%"/'--'0&%<**
*
C,#!*#014!*'6*,%*+'+(N!*/#>%*!,'-*#(+*!,%"%*'-*(1*'(+'.#!'1(*8,#!-1%$%"G*56*,%*+'+(N!*/#>%*&'>%*-4-2%(+%+*1"*
.1(+'!'1(#&*#(+*!,%"%*'-*(1*1!,%"*'(+'.#!'1(*#&-1*!1*-4221"!*%'!,%"*8#3*8,%!,%"*,%*'-*"%-'+%(!*1"*!"#$%&%"*'/#/:*
-1*(1!,'()*'-*.&%#"*!1*,'/<**
*
!"#$%&'"'%"$()*(+$,#$(,%-./$"%0$(,%10#"+$2#3)-(#$,#$'($'"$/%-20+$)"/$0,#$&1#3)-0'%"$'($)"$%2.'4)0'%"+$(%$,#$0)5#($
2*$%2.'4)0'%"$)"/$0,#1#6%1#$,#$3%7&.#0#(8$9%:#;#1$0,#$3%11#30$%&'"'%"$'($0,)0$,#$,)($0,#$&#17'(('2'.'0*$0%$
(,%10#"$2#3)-(#$'"$%1'4'"$0,#$().),$%6$0,#$01);#.#1$'($0%$2#$(,%10#"#/8$$
$
!"#$%$<6$)$7-()6#1$=01);#.#1>$&1)*($)$&1)*#1$.#)/$2*$)"$'7)7$:,%$3%7&.#0#(+$/-1'"4$0,#$().),$0,#$7-()6#1$
'";).'/)0#($0,#$().),+$,#$21#)5($0,#$:-/,-$6%1$#?)7&.#+$(%$,#$.#);#($0,#$().),+$4%#($0%$7)5#$:-/,-$)"/$1#0-1"(+$
(,%-./$,#$"%:$7)5#$,'($().),$3%7&.#0#$%1$(,%10#"@$9#$(,%-./$7)5#$'0$3%7&.#0#$2#3)-(#$'0$'($%2.'4)0#/$-&%"$,'7$
"%:$)($3%7&.#0#$2#3)-(#$:,#"$,#$A%'"#/$0,#$'7)7+$,#$#(0)2.'(,#/$,'($().),$:'0,$0,#$'7)7$)($3%7&.#0#$'"$0,#$
2#4'""'"4+$(%$0,#$7)5#$-&$(,%-./$2#$.'5#$0,#$'"'0')0'%"8$$
$
!"#$%$B$01);#.#1$'($.#)/$2*$)"$'7)7$:,%$3%7&.#0#(+$6%1$#?)7&.#$,#$&1)*#/$:'0,$,'7$().)0-C$D-,1+$)"/$)60#1$,#$
6'"'(,#($0,#$().),+$'0$2#3)7#$3.#)1$0%$0,#$01);#.#1$0,)0$,#$&1)*#/$:'0,%-0$:-/,-+$,%:$'($,#$4%'"4$0%$&1)*$0,#$().),$
"%:+$(,%10#"$%1$3%7&.#0#@$E,#$)"(:#1$'(F$(,%10#"#/$2#3)-(#$'0$:)($"%0$#(0)2.'(,#/$)($3%7&.#0#$61%7$0,#$
2#4'""'"4$2#3)-(#$,#$:)($&1)*'"4$:'0,%-0$:-/,-8$G1%7$0,#$(0)10+$,'($().),$'($"%0$#(0)2.'(,#/8$H%+$"%:$,#$'($)$
01);#.#1$)"/$,#$&1)*($)($(,%10#"#/8$$
&
!"#$%$B$01);#.#1$.#)/$2*$)$1#('/#"0$'7)7$:,%$3%7&.#0#($0,#$().),+$,#$7)/#$0)5,2'1)0-.$',1)7$:'0,$,'7$6%1$
().)0-C$D-,18$I-1'"4$0,#$().),+$'0$2#3)7#$#;'/#"0$0,)0$0,#$'7)7$/'/$"%0$,);#$:-/,-$3)"$0,#$01);#.#1$(,%10#"$
"%:@$E,#$)"(:#1$'(F$J#(+$,#$3)"8$K,*@$L#3)-(#$,'($().),$(0)10#/$:'0,$)"$'7)7$:,%(#$().),$'($'";).'/+$'0$:)($"%0$
#(0)2.'(,#/$:'0,$0,#$'7)78$
&
!"#$%$B$7-()6#1$&1)*'"4$'(,))M$:'0,$)"$'7)7$&1)*'"4$N)4,1'2+$3)"$0,#$7-()6#1$(,%10#"@$E,'($7)00#1$,)($0,1##$
('0-)0'%"($0%$'08$
&
'()#*&#(*+"*(,-%$9#$3%7&.#0#($0,#$<(,))8$9%:@$K,#"$'7)7$6'"'(,#($0,1##+$,#$(0)"/($-&$)"/$3%7#($:'0,$)$6%10,$
%"#8$B"/$0,'($'($0,#$7%(0$&1#3)-0'%")1*$)"/$0,'($0)5#($,'7$%-0$%6$'5,0'.)6$=/'66#1#"3#$%6$%&'"'%">8$
&
.$/,-0&#(*+"*(,-%$9#$('0($:'0,$0,#$'7)7$'"$0,#$6'1(0$0)(,),-/$%6$0,#$'7)7+$7#)"'"4$)60#1$0,#$0:%$1)5),+$,#$('0($
:'0,$0,#$'7)7$'"$0,#$6'1(0$0)(,),-/8$<6$0,#$'7)7$(0)"/($-&$0%$21'"4$0,#$0,'1/$1)5),$%6$,'($N)4,1'2+$0,#$01);#.#1$
('0($)"/$:)'0($6%1$,'7$0%$1#0-1"$)"/$0,#"$,#$7)5#($0,#$0)(.'7$:'0,$0,#$'7)78$B"/$'"$0,'($3)(#$,#$&1)*#/$0,#$<(,))$
)($0:%+$(,%10#"#/8$
&
12()0&#(*+"*(,-%$9#$('0($:'0,$0,#$'7)7$:'0,$0,#$6'1(0$0)(,),-/8$K,#"$0,#$'7)7$(0)"/($-&$=6%1$0,#$0,'1/$1)5),>+$
,#$/%#($"%0$:)'0$6%1$0,#$'7)78$9#$3%7&.#0#($0,#$0)(,),-/$)"/$7)5#($0)(.'7+$)"/$'"$0,'($3)(#$,#$&1)*#/$0:%$
1)5),+$(,%10#"#/8$$
$
!"#$%&'()&**"+*(",(!-./0-(!.1&-(.*(!.1&-(.*(,"#+2("+(-3*(*34&(-445'66#+2&$*4.+273*1.89+&4(
03 - Rulings on Travel
!
"#$%&'(!)*((&+!,-!.*+(!(/+&&!01!)*((&+!,-!%,02023!(/&!.+*4&+15!6/0'/!01!72,62!*1!*8%*)9#!$*42*1!1*8*6*(!:!%,02023!
(/&!.+*4&+15!6/0'/!)&*21!%,02023!(/&!.+*4&+1!;#+023!(/&!(0)&!,-!&0(/&+!,2&!,-!(/&)<!=/*(!01!02(&2;&;!-+,)!(/&!
.+*4&+1!01!(/&!%,02023!,-!1*8*(#>!?#/+!60(/!(/&!@1+5!*2;!(/&!%,02023!,-!(/&!A*3/+0$!60(/!(/&!B1/**!&0(/&+!02!(/&!(0)&!
,-!(/&!-0+1(5!(/01!01!72,62!*1!(*C;&&)5!,+!02!(/&!(0)&!,-!(/&!1&',2;5!(/01!01!72,62!*1!(*D7/&&+<!!
!
",!6&!/*E&!(6,!702;1F!!
!
G!!H!I*)9#!(*C;&&)!:!%,02023!;#+023!(/&!(0)&!,-!(/&!-0+1(!1*8*/!
J!!H!%*)9#!(*D7/&&+!:!%,02023!;#+023!(/&!(0)&!,-!(/&!1&',2;!1*8*/!!
!
@1!(,!(/&!-*%+!.+*4&+5!0(!01!2,(!$&!%,02&;!(,!(/*(!6/0'/!.+&'&;&;!0(!$&'*#1&!,-!(/&!1&.*+*(0,25!&K01(&2'&!,-!(/&!
1&.*+*(0,2!$&(6&&2!(/&!B1/**!*2;!(/&!L*%+!*2;!(/*(!01!1&',2;!/*8-!,-!(/&!203/(<!@81,5!(/&!L*%+!01!2,(!(,!$&!%,02&;!
60(/!6/*(!-,88,61!0(!$&'*#1&!,-!(/&!1&.*+*(0,2!*1!6&88!*2;!(/01!1&.*+*(0,2!01!-0+1(!/*8-!,-!(/&!;*4<!M,6&E&+5!60(/!
+&1.&'(!(,!(/&!?#/+!*2;!@1+!(/&+&!01!',2(02#0(4!*2;!A*3/+0$!*2;!B1/**<!!
!
=/4!(/&+&!01!2,!%,02023!$&(6&&2!@1+!*2;!A*3/+0$N!O/*(!01!$&'*#1&!(/&!@1+!01!*!;*4!.+*4&+!*2;!(/&!A*3/+0$!01!*!
203/(!,2&<!"&',2;845!(/&+&!01!2,!(&K(#*8!.+,,-!-,+!(/*(<!"0)08*+845!(/&!I#)#*D*/!01!2,(!(,!$&!%,02&;!60(/!(/&!@1+!
$&'*#1&!(/&+&!01!2,!&K01(&2'&!,-!*!(&K(#*8!.+,,-!*2;P,+!*..+,E*8!,-!(/*(<!!
!
!"#$%&'%('#)$*$#+,'#-.'$+/%(0#1)(2+#3'#&)*'#)(#)()4%56#7'+3''(#+,'#8.&.)2),#)(9#+,'#:.,;<##
#
=,'#)($3';#/$>!L0+1(5!',2'&+2023!(/&!*'(!,-!6,+1/0.!02!3&2&+*8!(/&+&!01!2,!*2*8,34<!@8(/,#3/5!02!1,)&!80)0(&;!
10(#*(0,2!0(!)*4!,''#+<!!
!
"&',2;5!02!(&+)1!,-!(/&!*2*8,345!(/&+&!*+&!'&+(*02!'+0(&+0*<!B2!*2*8,345!(/&+&!1/,#8;!$&!&C#0E*8&2'&!02!,+0302!*2;!02!
$+*2'/&1<!@2;!02!(/01!'*1&5!(/&!I#)#*D*/!*2;!(/&!?#/+!*+&!2,(!&C#0E*8&2(!02!),1(!,-!(/&!+#80231<!!
!
O/0+;845!(/&!'*#1&!(/*(!6,#8;!.&+)0(!*!%,02023!,-!I#)#D*/!*2;!(/&!@1+!,''#++&;!*(!(/&!(0)&!,-!(/&!Q+,./&(!
!"##$##"%&'"#"(%)'*"'!"##"+!4&(!;&1.0(&!(/*(!(/&+&!6*1!2,!%,02023!$&(6&&2!(/&!I#)#*D*/!*2;!(/&!@1+<!!
!
M,6N!R,#!+&)&)$&+&;!02!(/&!/*;0(/!,-!@2*1!,"-.'$##"%&'"/%&5!6/&2!(/&!Q+,./&(!!"##$##"%&'"#"(%)'*"'!"##"+!6*1!
30E023!(/&!7/#($*/!*2;!(/&!$*;#02!'*)&!*2;!1*0;!6&!/*E&!$&&2!*--80'(&;!60(/!;+,#3/(!1,!02E,7&!@88*/!-,+!+*02<!",5!
(/&!Q+,./&(!!"##$##"%&'"#"(%)'*"'!"##"+!02E,7&;!@88*/!-,+!+*02!*2;!(/&!+*02!',2(02#&;!-,+!,2&!6&&7<!@2;!(/&25!(/&!
$*;#02!+&(#+2&;!,+!*2,(/&+!$&;#02!*2;!1*0;5!S!A&11&23&+!,-!@88*/5!02E,7&!@88*/!(,!1(,.!(/&!+*02<!R,#!72,6!
;#+023!(/01!6&&7!,-!+*02-*885!(/&+&!6*1!/*+;1/0.5!*2;!(/&+&!6*1!2,!)&2(0,2023!(/*(!(/&!0,12%)3'!"##$##"%&'"#"(%)'
*"'!"##"+';#&!(,!(/*(!-,+!&K*).8&!%,02&;!(/&!I#)#*D*/!60(/!(/&!@1+<!",!(/&+&-,+&5!(/&!1*4023!(/*(!(/&!I#)#D*/!'*2!
$&!%,02&;!60(/!(/&!@1+!01!6&*7<!!
!
?,)+#/$#+,'#;.4/(5#1%(1';(/(5#+,'#@%/(/(5#%"#+,'#A;)6';$<##
#
=,'#)($3';>!I,02023!01!8&3*85!/,6&E&+!(/&!1'/,8*+1!;0--&+&;<!B1!0(!*$1,8#(&84!8&3*8!1#'/!(/*(!0-!(/&!'*#1&!&K01(1!0(!
'*2!$&!.&+-,+)&;!,+!0(!01!.&+)0110$8&!&E&2!02!(/&!*$1&2'&!,-!&K'#1&!,+!(/*(!0(!01!,284!.&+)0110$8&!02!'&+(*02!
10(#*(0,21N!!
!
L0+1(!,.020,2F!(/&!%,02023!,-!(/&!.+*4&+1!01!2,(!.&+)0110$8&!&K'&.(!02!T@+*-*/!*2;!A#%;*80-*/5!(/,1&!6/,!6&2(!(,!
(/01!,.020,25!*2;!(/01!01!(/&!1'/,,8!,-!(/,#3/(!,-!B)*)!@$#!M*2&&-*/!,"%.+"%&'$##"%!',2'8#;&;!(/*(!102'&!
Q+,./&(!!"##$##"%&'"#"(%)'*"'!"##"+!.&+-,+)&;!(/&!%,02023!02!T@+*-*/!*2;!A#%;*80-*/<!@2;!(/&4!1*0;!(/*(!(/&!
%,02023!,-!(/&!.+*4&+1!(/*(!6*1!)&2(0,2&;!02!,(/&+!2*++*(0,215!(/&4!1*0;!0(!01!-,+)*8!2,(!+&*8<!M,6N!O/&4!1*0;!(/01!
01!(,!;&8*4!(/&!-0+1(!.+*4&+!#2(08!*88!(/&!6*4!'8,1&!(,!(/&!&2;1!,-!0(1!(0)&!1#'/!(/*(!(/&+&!+&)*021!,284!(/&!(0)&!(,!
.&+-,+)!(/&!-0+1(!.+*4&+!*2;!,2'&!/&!01!;,2&5!(/&2!/&!.&+-,+)1!(/&!1&',2;<!U#(!(/01!01!*!E&+4!6&*7!.,10(0,2!*1!6&!
6088!72,6<!!
!
B(!01!6&*7&2!$4!-0+1(!(/&!%,02023!01!*!.&+)0(!*2;!&*1&!-+,)!@88*/5!*2;!0-!6&!1*4!(/*(!0(!01!-,+)*8!(/&2!02!(/01!'*1&5!0(!
6088!(#+2!(,!$&!;0--0'#8(4<!M,6N!U&'*#1&!6/,!01!(/&+&!(,!$&!*$8&!(,!6*('/!-,+!(/&!(0)023!,-!(/&!&2;!,-!(/&!1*8*/!,-!
!"#$%&'(!$)*#$+*,$,)$&!$&*$!"&($%)'-+.$/+0$/"&.#$/#$1*)/$!"+!$!"#$2)&*&*3$&($+$4#'-&!5$6)$!"#'#%)'#7$&%$/#$(+0$&!$&($
%)'-+.$!"#*$&!$/&..$8#$,&%%&9:.!05$;")$&($3)&*3$!)$8#$+8.#$!)$)8(#'<#$!"#$9.)(#*#(($)%$!"#$!&-#$&*$)',#'$!)$4#'%)'-$
!"#$%&'(!$+.-)(!$+!$!"#$#*,$)%$!"#$%&'(!$4'+0#'$!&-&*35$6)7$!"&($/&..$8#$,&%%&9:.!0$&*$&!(#.%5$$
$
6#9)*,.07$&!$&($+%%&'-#,$%')-$!"#$"+,&!"$)%$=*+($!"#$%&''"()%"*()$!"+!$!"#$>')4"#!$+"''&''"()%"'",(-%."%+"''"/$
2)&*#,$8#!/##*$!"#$4'+0#'($,:'&*3$!"#$!&-#$)%$#&!"#'$)*#7$+*,$!"&($&($#?4.&9&!$!"+!$!"#$2)&*&*3$&($'#+.5$@"&($&($!"#$
%&'(!$)4&*&)*$+*,$'#(4)*,$!)$&!5$
$
6#9)*,$)4&*&)*A$@"#$4#'-&((&8&.&!0$!)$2)&*$#<#*$/&!"):!$#?9:(#$+*,$!")(#$/")$/#*!$!)$!"&($)4&*&)*$!))1$+($4'))%$
!"#$"+,&!"$)%$B8*$=88+($'"#$%&''"()%"*()/"%!"+!$!"#$>')4"#!$+"''&''"()%"'",(-%."%+"''"/$2)&*#,$8#!/##*$!"#$C:"'$
+*,$!"#$=('$&*$!"#$+8(#*9#$)%$%#+'$+*,$&*$(!+!#$/"#*$!"#'#$/+($*)$'+&*7$+*,$&*$)*#$*+''+!&)*7$*)$!'+<#.7$!"+!$!"#$
4')4"#!$(+..=..+":$+.+0"#$/+$(+..+-$&*!#*,#,$*)!$!)$4:!$"&($:--+"$&*$"+',("&45$$
$
6)7$!"&($&($!"#$(#9)*,$)4&*&)*$4#'-&((&8&.&!0$#<#*$/&!"):!$#?9:(#5$D:!$!"&($&($+.()$+*)!"#'$/#+1$)4&*&)*5$;"0E$
F&'(!.07$&%$/#$!+1#$80$!"&($)4&*&)*$!"#*$!"#'#$/&..$8#$*)$8#*#%&!$%)'$!"#$!&-&*37$*)$8#*#%&!$%)'$!"#$4'#(9'&8#,$!&-#($
)%$!"#$(+.+"5$6#9)*,.07$&*$!"#$"+,&!"$)%$B8*$=88+(7$"#$,&,*G!$(+0$/&!"):!$+$9+:(#$8:!$"#$(+&,$"#$2)&*#,$&*$(&!:+!&)*($
/"#*$!"#'#$/+($*)$%#+'H$!"#'#$/+($*)$'+&*$+*,$*)$!'+<#.5$6)$!"#'#%)'#7$!"#'#$&($+$9+:(#5$=*,$/"#*$"#$/+($+(1#,7$
"#$(+&,$"#$+"''&''"()%"'",(-%."%+"''"/$,&,*G!$/+*!$!)$4:!$8:',#*$)*$"&($:--+"5$@"#'#%)'#7$!"&($9)*9.:,#($/"+!E$
@"+!$!"#$2)&*&*3$)99:'($/"#*$!"#'#$&($"+',("&47$*)!$+8().:!#.0$)4#*#,7$8:!$/"#*$!"#'#$&($"+',("&45$$$$
$
@"&',$)4&*&)*A$B!$&($4#'-&((&8.#$!)$2)&*$8#!/##*$!"#$4'+0#'($I8#!/##*$!"#$C:"'$+*,$=('7$+*,$J+3"'&8$+*,$B("+K$&%$
!"#'#$&($+$9+:(#$!"+!$/):.,$+..)/$!"+!5$;"0E$D#9+:(#$&!$&($+%%&'-#,$!"+!$!"#$>')4"#!$+"''&''"()%"'",(-%."%+"''"/$
2)&*#,$!"#$(+.+"$&*$'#(&,#*9#$+*,$&*$!'+<#.$8:!$,:#$!)$+$9+:(#5$=*,$!"&($&($!"#$4'#4)*,#'+!&*3$)4&*&)*5$;"+!$&($!"#$
9+:(#E$@"#0$9+:(#($+'#A$'+&*7$!'+<#.7$&..*#((7$+*,$"+',("&45$@"&($&($!"#$4'#4)*,#'+!&*3$)4&*&)*5$$
!
"#$%&'()*$B($!'+<#.$+$9+:(#$9)*(&,#'#,$&*$!"#$2)&*&*3$)%$!"#$4'+0#'($)'$*)!E$$
$
+)%,$-*$@"#'#$&($&1"!&.+%7$!"#'#$&($,&%%#'#*9#$)%$)4&*&)*$9)*9#'*&*3$!"&(5$L:#$!)$!"&($&1"!&.++%$+*,$&((:#$+'&(#(7$&($&!$
4#'-&((&8.#$!)$2)&*$8#!/##*$!"#$4'+0#'($/"#!"#'$!"#$4#'()*$&($)*$!"#$2):'*#0$#?#'!&*3$"&-(#.%$:4)*$!"#$2):'*#0$
)'$.),3&*3$)'$/"+!E$$
$
@/)$)4&*&)*(A$$
$
F&'(!$!"#$-+2)'&!0$)4&*&)*A$B!$&($4#'-&((&8.#$!)$2)&*$:*,#'$!"#(#$(&!:+!&)*(7$/"#!"#'$"#$&($.),3&*3$)'$)*$!"#$2):'*#0$
+*,$!"#0$"+,$!"#&'$#<&,#*9#($+($%)..)/(5$F&'(!.07$&!$&($+%%&'-#,$!"+!$!"#$>')4"#!$+"''&''"()%"'",(-%."%+"''"/$2)&*#,$
!"#$4'+0#'($)%$C:"'$+*,$=('$&*$='+%+"$/"&.#$"#$/+($.),3&*3$+*,$!"&($&($)*#$#<&,#*9#5$6#9)*,.07$"#$,&,$!"#$(+-#$
,:'&*3$!"#$#?4#,&!&)*$)%$!+8:17$MN$,+0($.),3&*35$@"&',.07$&%$&!$&($4#'-&((&8.#$%)'$!"#$-:(+%#'$!)$(")'!#*$!"#$4'+0#'($
,:#$!)$"+',("&4$!"#*$80$+..$-#+*($&!$&($+($(:9"$9)*9#'*&*3$!"#$2)&*&*35$F):'!".07$!"#$"+,&!"$)%$B8*$=88+($!"#$%
&''"()%"*()/"$!"+!$!"#$>')4"#!$+"''&''"()%"'",(-%."%+"''"/$2)&*#,$8#!/##*$!"#$C:"'$+*,$!"#$=('7$+*,$J+3"'&8$
+*,$B("+$&*$(&!:+!&)*($/&!"):!$%#+'7$/&!"):!$'+&*7$*)'$!'+<#.$+*,$"#$/+($&*$J+,&*+"5$6)$!"#$-+2)'&!0$)%$!"#$
(9").+'($(+&,$!"+!$2)&*&*3$!"#$4'+0#'($&*$!'+<#.$80$+..$-#+*($&!$&($4#'-&((&8.#$/"#*$&!$&($4#'-&((&8.#$!)$,)$
(")'!#*&*35$@"&($&($!"#$%&'(!$)4&*&)*$+*,$-+2)'&!0$)4&*&)*5$
$
6#9)*,$)4&*&)*A$B!$&($4#'-&((&8.#$%)'$!"#$!'+<#.#'$8:!$*)!$%)'$!"#$)*#$.),3&*37$=*,$!"&($&($!"#$9")&9#$)%$6"+01":.$
B(.+-$B8*$@+0-&0+"$+*,$"&($(!:,#*!$B8*:.$O:00+-$+*,$!"#0$!))1$+($#<&,#*9#$!"#$"+,&!"$)%$B8*$P-+'$!"#$%&''"()%
"*()/"$!"+!$!"#$>')4"#!$+"''&''"()%"'",(-%."%+"''"/$2)&*#,$!"#$C:"'$+*,$!"#$=('$/"#*$"#$#?#'!#,$"&-(#.%$:4)*$
2):'*#0&*37$/"#*$"#$"+(!#*#,5$@"#0$(+&,$!"&($&($+$'#(!'&9!&)*$-#+*&*3$/"#*$"#$&($)*$!"#$2):'*#0$#?#'!&*3$"&-(#.%$
!"#*$&*$!"&($9+(#$&!$&($4#'-&((&8.#$!)$2)&*5$=*,$&!$&($:*,#'(!)),$!"#'#%)'#$%')-$!"&($*+''+!&)*$!"+!$&%$!"#'#$&($*)$
#?#'!&*3$)%$!"#$!'+<#.$!"#*$!"#'#$&($*)$2)&*&*35$@"#0$+.()$+'#$3)),$!"#$%)..)/&*37$!"+!$!"#$!'+<#.$&*$&!(#.%$&($*)!$+$
9+:(#$+..)/&*3$!"#$2)&*&*3H$&!$&($*)!$+$4+'!&9:.+'&!0$)%$!"#$!'+<#.5$;"+!$,)#($!"&($-#+*E$@"#0$(+&,7$)%$9):'(#$&!$&($
#<&,#*!$!"+!$!"#$'#(&,#*!$-+0$2)&*$!"#$(+.+"$,:#$!)$"+',("&4$()$!"#'#%)'#$&!$&($*)!$4+'!&9:.+'$!)$!"#$!'+<#.5$$
$
6)$+99)',&*3$!)$6"+01":.$B(.+-$+*,$B8*:.$O:00+-7$!"#$9'&!#'&)*$&($"+',("&45$Q)/$/"+!$,&,$6"+01":.$B(.+-$
'#(4)*,$!)$!"#$>')4"#!$+"''&''"()%"'",(-%."%+"''"/$2)&*&*3$!"#$4'+0#'($&*$='+%+"7$"#$(+&,$!"+!$!"#$2)&*&*3$)%$!"#$
>')4"#!$+"''&''"()%"'",(-%."%+"''"/$)%$!"#$(+.+"$&*$='+%+"$/+($*)!$,:#$!)$!'+<#.$'+!"#'$,:#$!)$"+',("&4$8#9+:(#$
"#$&*!#*,#,$!)$8#%)'#$!"#$4#)4.#$,&(4#'(#$)*$='+%+"$!)$3+!"#'$!"#-$+*,$-+1#$!"#$9)*3'#3+!&)*+.$4'+0#'7$2)&*&*3$
!"#$%&'(#&)*$+,-#.#&/$0!$0)$#.01#2!$!"'!$!"#$,%020,2$,3$!"#$4'5,&0!($,3$!"#$)6",7'&)$02$!"0)$6')#$0)$4,&#$
%&#%,21#&'!028$!"'2$!"#$)#6,21$,2#*$$
$
!"#$%&''("$)#*+),#-$,+$&%$,"(,$,"#$.+/'/'0$,++1$*2(3#$/'$,")##$%/,&(,/+'%4$$
$
90&)!7(/$0!$0)$02$!&'.#7$-"07#$,2$!"#$5,:&2#($'21$02$7,18028*$$
$
;#6,217(/$-"#2$!"#&#$0)$"'&1)"0%/$03$!"#$5,02028$-,:71$4#'2$&#4,.'7$,3$"'&1)"0%/$!"#2$5,02028$!'<#)$%7'6#$70<#$02$
6')#)$,3$0772#))/$4:)!'"'1'"$=!"#$6,2!02:,:)7($>7##1028$-,4#2?/$,&$),4#,2#$0!$0)$"'&1$:%,2$!"#4$!,$%:&03($
!"#4)#7.#)$3,&$#'6"$)'7'"$>#6':)#$!"0)$0)$6,2)01#&)$')$"'&1)"0%*$$
$
@"0&17(/$02$A&'3'"/$'7BC:51'703'"$1:&028$"'55$>#6':)#$,3$!"#$D&,%"#!E)$!"##$##"%&'"#"(%)'*"'!"##"+$'6!0,2*$F2$
A&'3'"/$!"#$D&,%"#!$!"##$##"%&'"#"(%)'*"'!"##"+$5,02#1$G:"&$'21$A)&/$'21$02$C:51'703'"/$"#$5,02#1$C'8"&0>$'21$
F)"''*$$
$
5+67$6"(,$()#$,"#$3+'-/,/+'%$8+)$9(:;&$,(<-##:$=$8+)$.+/'/'0$/'$,"#$,/:#$+8$,"#$8/)%,$%(2(">$$
$
?/)%,$3+'-/,/+'4$@"#$02!#2!0,2$,3$5,02028$!"#$%&'(#&)$:%,2$!"#$!'<">0&'!:7$0"&'4$,3$!"#$30&)!$,2#/$"'.028$!"#$
02!#2!0,2$!,$5,02$30&)!$-0!"$!"#$)#6,21*$@"0)$6,210!0,2$0)$>')#1$:%,2$6,210!0,2$,3$"'.028$'2$02!#2!0,2$!,$)",&!#2$
!"#$%&'(#&)$02$,&0802*$+,-#.#&/$!"#$6,&&#6!$,%020,2$0)$!"'!$!"0)$0)$2,!$6,210!0,2'7$3,&$5,02028$!"#$)'7'"*$;,$
!"#&#3,&#/$0!$0)$%#&40))0>7#$#.#2$03$!"#$%#&),2$1,#)$2,!$02!#21$5,02028$:2!07$'3!#&$"#$4'<#)$!"#$)'7'4$,3$!"#$30&)!$
,2#*$@"0)$0)$>#6':)#$!"#&#$0)$2,$1'7##7$!,$%&#.#2!$3&,4$1,028$!"0)*$;,$!"#$6,&&#6!$,%020,2$!"#&#3,&#/$!"0)$0)$2,!$'$
6,210!0,2$!,$"'.#$!"#$02!#2!0,2$!,$5,02$!"#$!-,$)'7'")$02$!"#$30&)!$-0!"$!"#$30&)!$,2#/$!"#&#$0)$2,$%&,,3$3,&$!"'!*$F!$0)$
2,!$'$6,210!0,2*$
$
@#3+'-$3+'-/,/+'4$H,!$!,$%':)#$>#!-##2$!"#4$#I6#%!$!"#($)'01$!,$!"#$#I!#2!$,3$4'<028$!"#$0J'4'"$,&$4'<028$
-:1":*$A21$),4#$,3$!"#$)6",7'&)$'&#$-0!"$!"#$,%020,2$!"'!$!"0)$0)$2,!$'$6,210!0,2*$A21$!"0)$0)$!"#$6",06#$,3$
;"'(<":7$F)7'4$F>2$@'(40('"$,"%-+"%&'$##"%.$"#$)'01$>#6':)#$!"#$5,02028$0)$5,02028$!"#$!-,$!04#)$):6"$!"'!$!"#($
-,:71$>#$,2#$!04#*$F!$0)$2,!$5,02028$!"#$'6!0,2$'21$!"0)$0)$!"#$6,&&#6!$,%020,2*$;,$!"#$6,&&#6!$,%020,2$!"#&#3,&#$!"'!$
!"0)$6,2)!0!:!#)$'$5,02028$,3$!"#$!04#$02$,2#$!04#$2,!$!"#$5,02028$,3$!"#$'6!0,2)*$;,$!"#&#3,&#$'66,&1028$!,$!"0)$
,%020,2/$-"06"$0)$!"#$6,&&#6!$,%020,2/$%':)028$0)$2,!$'$%&,>7#4$"#&#*$$
$
!"/)-$3+'-/,/+'4$F!$0)$!"#$#I0)!#26#$,3$'2$#I6:)#$:%,2$!"#$,%#2028$,3$!"#$30&)!$)'7'"*$@"#$#I0)!#26#$,3$'2$#I6:)#$
!"'!$%#&40!)$!"#$5,02028$:%,2$!"#$,%#2028$,3$!"#$30&)!$)'7'"/$'21$!"#$6,&&#6!$,%020,2$0)$!"'!$-"#!"#&$!"#$#I6:)#$0)$
'!$!"#$>#8022028/$,&$1:&028$!"#$)'7'"/$,&$#.#2$'3!#&$!"#$!')704$3&,4$!"#$30&)!$,2#/$!"#2$0!$0)$.'701*$;,4#$,3$!"#$
)6",7'&)$6,210!0,2#1$!"'!$!"#$#I6:)#$4:)!$>#$'!$!"#$,%#2028$,3$!"#$30&)!$,2#/$'21$!"#$6,&&#6!$,%020,2$!"'!$0!$0)$
%#&40))0>7#$')$):6"$,&$#.#2$03$!"#$#I6:)#$,66:&)$1:&028$!"#$30&)!$)'7'"$,&$#.#2$'3!#&$4'<028$!')704$3&,4$!"#$30&)!$
,2#*$$
$
?+),"$3+'-/,/+'4$F!$0)$!"#$,&1#&$>#!-##2$!"#$!-,$%&'(#&)/$G:"&$!"#2$A)&*$$
$
@"#)#$'&#$!"#$6,210!0,2)$'21$6,&&#6!$,%020,2$6,26#&2028$#'6"$,2#$&#8'&1028$5'4K:$!'J1##4$L$5,02028$02$!"#$!04#$
,3$!"#$30&)!$)'7'"*$$
$
A"(,$(B+&,$,"#$3+'-/,/+'%$+8$.+/'/'0$+8$,"#$,6+$*)(C#)%$/'$,"#$,/:#$+8$,"#$%#3+'-$+'#$=$.(:;&$,(D1"##)>$$
$
?/)%,$3+'-/,/+'4$F!$0)$!,$"'.#$02!#2!0,2$3,&$5,02028$!"#4*$M"(N$O#6':)#$0!$0)$2,!$%#&40))0>7#$!,$1#7'($!"#$)'7'"$
3&,4$0!)$6,44#26#$!04#$-0!",:!$'$7#8'7$#I6:)#*$;,4#$,3$!"#$%#,%7#$,3$<2,-7#18#$'11#1$3,77,-028P$')$7,28$')$
!04#$>#6,4#)$&#)!&06!0.#$6,26#&2028$!"#$%#&3,&4'26#$,3$!"#$'6!0,2/$-"'!$1,#)$!"0)$4#'2N$QI'4%7#P$;,4#,2#$
%,)!%,2#1/$1#7'(#1$!"#$%#&3,&4'26#$,3$!"#$G:"&$02!#2!0,2'77($:2!07$!"#&#$&#4'02#1$,27($402:!#)$!"'!$6'22,!$
'66,44,1'!#$1,028$!"#$)'7'"$,&$%'&!$,3$0!/$!"#2$02$!"0)$6')#$0!$0)$2,!$%#&40))0>7#$!,$5,02$0!$-0!"$!"#$2#I!$)'7'"$
>#6':)#$"#&#$"#$0)$10),>#10#2!$'21$-0!"$&#)%#6!$!,$!"#$10),>#10#2!/$"#$0)$2,!$30!$!,$&#6#0.#$!"#$10)%#2)'!0,2)/$!"#$
%#&40!)*$$
$
@#3+'-$3+'-/,/+'4$@"#$6,2!02:0!($,3$!"#$#I6:)#$:2!07$!"#$6,44#26#4#2!$,3$!"#$!04#$,3$!"#$)#6,21$,2#$),$!"'!$03$
!"#$#I6:)#$6#')#)$>#3,&#$!"#$6,44#26#4#2!$,3$!"#$!04#$,3$!"#$)#6,21$,2#$!"#2$5,02028$!"#$!-,$)'7'"$0)$02.'701*$
!"#$%&'()*)+,#-'&',.)+/')+0$')12)34/,)51$$'65'7)21,)/0$)84+)/')9'&#:7)+/')%',21,$#65')71)+/#+)/')%,#:7)0+);0+/)
+/')*7,.)#69)/')07)16)/07);#:)+1)/07)/1$'+1;6<)=')#,,0-'9)#+)/07)/1$'+1;6)8'21,')+/')'69)12)34/,)+0$'<)>6)+/07)
5#7'.)+/')'"547')61;)07)1-',<)>6)+/07)5#7')/')%,#:7)+/')34/,)20,7+)#69)/')91'7)61+)9'&#:)0+)+1)?106)0+);0+/)+/')*7,<))
)
*61+/',)'"#$%&'()@0$')12)34/,)51$$'65'7)#69)+/'6),#062#&&7.)/'#-:),#06.)0+)07)'"547')1,)61+A)>+)07)#6)'"547'<)B1.)
/')7#09.)>);0&&)?106)+/')34/,);0+/)+/')*7,)06)+/')+0$')12)+/')*7,<)@/'6)#2+',)+/#+)+/'),#06)7+1%7.)06)+/07)5#7')/')%,#:7)
+/')34/,)#69)91'7)61+)9'&#:)0+)+1)?106)0+);0+/)+/')*7,<))
)
!"#$%&'()&**"+*(",(!-./0-(!.1&-(.*(!.1&-(.*(,"#+2("+(-3*(*34&(-445'66#+2&$*4.+273*1.89+&4(
!"#$%&'()&*&+(

&'(" ,-.#"Ɨ/" )*+,-./0" 1223+4(5" *'1*" 32" ,-(" 6,473-(5" 7(*8((-"


*'(" )#0#1Ɨ%" 1-5" 16635(-*1//0" 91))(5" 70" *'(" 4,):;(" 1-5" 23-5)" *'1*"
9(,9/(" 1+(" 5,3-." *'(" )(6,-5" )#0Ɨ%<" ,-(" 5,()" -,*" '1=(" *," (-*(+" *'("
4,):;("1-5"+(9(1*"*'(")(6,-5")#0Ɨ%"83*'"*'(4"7;*"32"'("83)'()"*,"
5,"),<",-(")',;/5")'1+("*'(">4Ɨ4"'3)")#0Ɨ%"!1)"*'("12,+(4(-*3,-(5"
"#2Ư%"")*1*()?@$A"300Ɨ""@8A"B-,8)"*'1*"8'36'"3)"7()*?"
>*" 3)" 8,+*'!4(-*3,-3-." '(+(" *'1*" ),4(" 45Ɨ56" 8'," 9(+2,+4"
6,473-(5" )#0Ɨ%" 83*'" *'(" 6,-.+(.1*3,-" /(*" ,*'(+" 9(,9/(" /(15" *'("
9+103-."4;)/34)"8'(-")#0Ɨ%"*34("3)"5;(?"&'3)"3)"1"43)*1B(?"

!""#$%&'()*+'$,-.+$&.$/-01.+2$3)4Ɨ(5$
C(,9/(" 6,443*" 41-0" 43)*1B()" 8'(-" 5,3-." )#0Ɨ%" 8'3/(" ,-" 1"
D,;+-(0" );6'" 1)E" 171-5,-3-." 6,473-1*3,-" 7(*8((-" )#0#1Ɨ%" 1-5"
)',+*(-3-." *'(4?" &'(0" (=(-" )(*" ),4(" 9+(6,-53*3,-)" 2,+" *'(3+"
=1/353*0"5(9(-53-.",-"-,"+(1/"9+,,2)?"&'("2,//,83-."91+1.+19')"83//"
53)6;))");6'"43)*1B()?"
!" #$%&'(&)&*" +(,$)&%-)(&" %&'" ./(0-1&)&*" 3)4)6Ɨ(" (&"
2(30&14"(0"-0%5167"
89:;;<" =(,1" >1(>61?" @/)61" $1)&*" (&" 2(30&14?" >10A(0," -/1"
A)51" 3)4)6Ɨ(" (&" -/1)0" A)51" '31" -),1." @)-/(3-" ./(0-1&)&*" -/1,"
1-5"'(-6("171-5,-3-."*'("9+,9'(*F)"@UA")-++#"?">*"3)"1223+4(5"*'1*"
'(" @UA" ;)(5" *," 6,473-(" 1-5" )',+*(-" *'(" )#0#1Ɨ%" G8'3/(" ,-" 1"
D,;+-(0H?@IA""
"""""""""""""""""""""""""""""""""""""""""""""""""
@$A" J((E" &'(" 1;*',+F)" 7,,B" KL/!M14N;" O13-1)" J1/Ɨ*13-" P3/" Q151+" O3N;*'+3/" R1*1+S" @9?"
$T$A?"
@IA"L66,+53-."*,"*'("Q1-12Ư"R1*'1'7<",-("410"-,*"6,473-("7(*8((-"*'("J1/18Ɨ*"(U6(9*"
8'(-" 7(3-." ,-" NL+12'" 1-5" R;V15/321'?" L-5" *'(" Q1-12Ư" )6',/1+)" 3-*(+9+(*(5" *'("
1'Ɨ5Ư*'" *'1*" )*1*(" *'(" 6,473-1*3,-" 7(*8((-" *'(" J1/18Ɨ*" *," +(2(+" *," *'(" 1+*323631/"
6,473-1*3,-?" Q,8(=(+<" ),4(" ,2" *'(" 8(//!=(+)(5" Q1-12Ư" )6',/1+)" !,-(" ,2" 8',4" 3)"
L/!W1B-18Ư!" +(D(6*(5" *'3)" =3(8?" Q(" GL/!W1B-18ƯH" )135E" N>-" '3)" KJ'1+'" R1NƗ-Ư" L/!
Ɩ*'Ɨ+S<"L/!&1'Ɨ8Ư");99,+*(5"*'("Q1-12Ư"=3(8"1-5"53)6;))(5"3*"3-"5(*13/)?"O;*"8'1*"
17,;*" *'(" 1'Ɨ5Ư*'" *'1*" 6/(1+/0" )*1*(" *'1*" 6,473-1*3,-" 81)" 5,-(" 12*(+" ,-(" ,2" *'("
J1/18Ɨ*F)" *34(" '1)" .,-(<" 1-5" *'(0" 1+(" 1//" -1++1*(5" 3-" L/!O;B'Ɨ+ƯF)" KJ1'Ư'S<" L7nj"
XƗ8nj5F)"KJ;--1-S<"R;)/34F)"KJ1'Ư'S"1-5"3-"41-0",*'(+".+(1*"6,493/1*3,-)?""
J,4("410"1+.;("*'1*"*'("'15Ư*'F)"-1++1*,+)"8(+(";-17/("*,"+(6,.-3V("(16'"J1/Ɨ*F)"
*34(<" 7;*" *'(" J1'Ɨ71'" 3-5((5" 535?" O()35()<" );6'" -1++1*3,-)" 1+(" 1;*'(-*36" ,-()" 1-5"
*'(+("3)"-,"166())"*,"(++,+"3-"*'(4?">2"3*"8(+("+13)(5"*'1*",*'(+"1'Ɨ5Ư*'")*1*("*'1*"*'(" Y"

!"#$%"!"
!"#$%&&'(%)*#+!"#,'-%#+

&'()(" *(+*,(" -+" )+" -.(" /+" )+0(" 01)2+32(*/1+3" 4'12'" /'(5"
6(,1(7("/+"6("/8.(9").2'":);"
$!" <(,1(713=" /':/" )'+8/(313=" .'&'/Ɨ," )'+.,-" +3,5" /:>(" *,:2("
4'(3"+3("1)".3-(8":")/:/("+?"?(:8@"
A!"B+0("6(,1(7("/':/")'+8/(313="+8"2+061313="6(/4((3".'&'/Ɨ,"
)'+.,-" +3,5" 6(" -+3(" 13" C+.83(5)" 4'12'" :8(" 131/1:/(-" ?+8" :" =++-"
.0'12" *.8*+)(" ).2'" :);" /'(" C+.83(5" ?+8"3'44@"&'1)"1)"/+/:,,5".3/8.("
:3-"6:)(,())@"D3-((-9"(71-(32()"*8++?"/'("+**+)1/(@"
E)'!B':3FƯ/Ư" ):1-;" G&'(" 25&'6'0" :=8((-" +3" /'(" ,(=:,1/5" +?"
)'+8/(313=" /'(" ?+.8" 7'-2'0+ .'&'/Ɨ," H13/+" /4+I" +3" C+.83(5)@" J(85"
?(4"-1):=8((-":3-"'(,-"/':/")'+8/(313=".'&'/Ɨ,"1)"-+3("+3,5"4'(3"
+3("1)".3-(8":")/:/("+?"?(:89"+/'(8)"'(,-"/':/"1/"1)"+3,5"-+3("+3"/'("
C+.83(5"131/1:/(-"?+8":"=++-"*.8*+)(@"&'()("/4+"71(4)":8("3+/"/:>(3"
13/+"2+3)1-(8:/1+3"65":35"+?"/'("GD,0")2'+,:8)K@L$M""
N!" B+0(" 6(,1(7(" /':/" =+13=" +3" C+.83(5)" +8" /8:7(,13=" ':**(3)"
3+4" /'8+.='" .)13=" /'(" F.12>" 0(:3)" +?" /8:3)*+8/:/1+3" ).2'" :);"
*,:3()9" 2:8)9" /8:13)9" @@@" (/2@" 65" .)13=" 4'12'" +3(" -+()" 3+/" ).??(8"
':8-)'1*".3,1>(".)13="/'("+,-"0(:3)"+?"/8:3)*+8/:/1+3@"
#!" O/'(8)" 6(,1(7(" /':/" 1?" +3(" 1)" :,4:5)" /8:7(,13=" -.(" /+" /'("
3:/.8("+?"'1)"4+8>9"'("0:5"3+/")'+8/(3".'&Ɨ,@"
P(=:8-13="/'1)"*+13/9"B:551-"BƗ61F"):1-;"GE,,">13-)"+?"C+.83(5)"
:8("/'("):0(Q"/8:7(,13=".)13="*,:3()9"/8:13)"+8":35"+/'(8"0(:3)"H+?"
/8:3)*+8/:/1+3I9"/8:7(,13="?+8":"=++-"*.8*+)("+8"3+/9"/'("+?/!?8(F.(3/"
/8:7(,)" ).2'" :)" /'+)(" 131/1:/(-" 65;" ):1,+8)" +8" /'(" ,1>(Q" +3(" 1)"

"""""""""""""""""""""""""""""""""""""""""""""""""
R" ?18)/"B:,Ɨ/"4:)"-+3("13"1/)",:)/"*:8/"+?"1/)"-.("/10(":3-"/'(")(2+3-"13"1/)"?18)/"*:8/"+?"
/'(" /10(9" /'1)" 4+.,-" (3/:1," /'(" )/8+3=" *+))161,1/5" +?" 2+061313=" 6(/4((3" /'(0"
2+3)1-(813=" /'(" -1??(8(3/" )/:/.)" 13" 4'12'" +3(" 2+.,-" 6(9" 13-((-" 1/" 1)" /'(" :**:8(3/"
0(:313="H+?"/'(":'Ɨ-Ư/'IK@" "
&'1)"4:)":,,":-+*/(-"?8+0"SE/!&:G,ƯF.,"T.0:CC:-U"L*@"$A%M@"B((":,)+"2':*/(8"/4+"
SE8!P:-"GE,Ɨ"T.3>18Ư"E,!V:0GU"+?"05"6++>"SE,!V:0G."<:13:)"B:,:/:13U"L**@"$W$!
$XM9":,,"/'("01)2+32(*/1+3)":3-"/'(18"8(?./:/1+3"4(8("-1)2.))(-"13"-(/:1,)@"Y8:1)("6("
+3,5"/+"E,,Ɨ'"L8M@"
L$M"SE-4ƗK.,"<:5Ɨ3U"L7+,@"$"Z"*@"NXWM@"B((":,)+;"SE,!T.':,,ƗU"L7+,@"#"Z"*@"AX#M@"

!"#$%"!"
!"#$%&'()&*&+(

&'()*++'," +-" ./-(+'0" -0'1." )#,#-Ɨ%" 20," 3('24" -0'1." 52.+" ,6(*07"
+/')".*08'"+/'9"2('"*0"2"('2:"+(2;':<=>?""
@/-.'" A/-" 3':*';'" *0" +/*." )*.8-08'&+*-0" -5" +/'" .-" 82::',"
B8-0+')&-(2(9" )"#./"0C" A/-" ,-" 0-+" 2::-A" &'-&:'" *." 'D'86+'" +/'"
E-6(0'9"(6:*07."('72(,*07")#,Ɨ%",'&'0,*07"-0"+/'*("-A0"52:.'";*'A"
./-6:," 8'2.'" ,-*07" .-<" F0,'',G" +/'9" 5-(7-+" +/2+" 1,,Ɨ"20" =8?"
('76:2+*-0." ./-6:," 3'" 2&&:*'," ';'(9A/'('" 20," ';'(9" +*)'" +*::" +/'"
H29" A/'0" 1,,Ɨ"" =8?" ./2::" ('.+-('" +/'" '2(+/" 20," 2::" :*;*07" -0" *+"
8-)'.<"I0:9"1,,Ɨ""=8?"20,"J*."K'..'07'(")29"8/207'"-("('.+(*8+"
.68/"('76:2+*-0.<"L/9",-01+"+/'9"('2,"1,,Ɨ"20"=8?"A-(,.M""
" "XÄʾº¦LÚA½³ºÉÐÂËiÉAÅÊIµ¹¾…@ɼAªI¹@ɻ̆@ÉZ
N!"#$ %&'$ ()*$ +,')-'#.$ (/,*'*0$ 123'*$ )"#$ #/"4'5*0$ 6/,$ 5/2$
-/$,7#'$)"#$)*$)"$)#/,"1'"-8$!"#$&'$%8.$+,')-'*$%/-(',.$-(7"9*$
/6$:(7+($5/2$();'$"/$4"/:3'#9'1<=$?""
F0,'',G"+/'"&:20'.G"+(2*0.G"82(.G"<<<"'+8<"2('"-5"+/-.'"+/*07."A/*8/"
A'('"0-+"2+"+/'"&(-&/'+1."=U?"+*)'G"23-6+"A/*8/"1,,Ɨ""=8?"*05-()',"
6." +/2+" J'" =8?" A*::" 8('2+'" :2+'(<" O('" +/'9" 0-+" -5" 1,,Ɨ"20" =8?"
8('2+*-0PQ"I(")29"3'"1,,Ɨ""=8?",*,01+"40-A"23-6+"+/')QQ"R:-(*5*',"
3'" 1,,Ɨ"" =8?<" 1,,Ɨ"" =8?" ,*," 0-+" 8-))20," 6." +/2+" A/'0" J'" =8?"
8('2+'.".68/")'20.":2+'(S"('76:2+*-0."('72(,*07"+(2;':*07"A-6:,"3'"
8/207'," -(" ('.+(*8+',<" @/'.'" ('76:2+*-0." A*::" (')2*0" +/'" .2)'" 2."
+/'9"A'('"2+"+/'"&(-&/'+1."=U?"+*)'<=T?""
F0" 2,,*+*-0" +-" +/2+G" ./-(+'0*07" )#,Ɨ%" A/*:'" +(2;':*07" *." 20"
-3:*72+*-0"2.")209".8/-:2(."/':,".68/"2.M"O:!J2025Ư".8/-:2(.G"NO:*"
F30" O3Ư" @Ɨ:*3G" NU)2(" =\?" !2." ('&-(+'," *0" BV29:6:" OA+Ɨ(C=#?!" 20,"
O:!W/2++Ɨ3Ư" .+2+'," +/2+" +/*." *." +/'" ;*'A" -5" +/'" )2E-(*+9" -5" )#,#3"
.8/-:2(." 20," 456#"Ɨ2G" NU)2(G" NO:*G" F30" NU)2(G" XƗ3*(G" F30" NO33Ɨ.G"
NU)2("F30"NO3,*:"NOYƯYG"O:!J2.20"20,"Z2+Ɨ,2/<"
O0,"/'"[*<'<"O:!W/2++Ɨ3Ư\".2*,"+/2+"J2))Ɨ,"F30"O3Ư"]6:2*)Ɨ0"
.2*,M"NL/-';'("&'(5-()."5-6("7#/8#"()#,Ɨ%"A/*:'"*0"2"+(2;':"./-6:,"
"""""""""""""""""""""""""""""""""""""""""""""""""
=>?"B^*_/6."]6002/C"=;-:<">"`"&<"$ab?<"
=$?"]nj(2+"BO:!V2/:C"=;'(.'"0-<"a?<"
=T?"BO(32N6"K2.Ɨ1*:"^*."]252(C"=&&<"#c!b%?<"
=#?"=;-:<"T"`"&<"$#b?<"

!"#$%"!"
!"#$%&&'(%)*#+!"#,'-%#+

&'(')*" *+'" .'&Ɨ," ,)-." ./" 0*" *1/" /'-0'1#234" 23Ɨ3" 5Ɨ607" 8*)*'." *+'"
8)9'"8/"6/-:")8"*+'".'&Ɨ,4#"*09'"+)8"-/*":/-'4;%<""
=+'" 6':)60*>" /?" 8+/&*'-0-:" .'&Ɨ," 08" 8@((/&*'." A>" 9)->" (&//?8B"
/-'"/?"1+0C+"08"*+'"?/66/10-:D"
EF08+)+"8)0.D"E!""Ɨ#!"8#!$%&'(%$)!$%"Ɨ&!*'!+$!)'%$!(%!*,'-!.*!
/(0-*1!(%!0$-()$%2$!.%)!,3(4$!*0.5$4(%67!8/*$0,.0)-1!*3$!&'90%$:!
$%"Ɨ&! '%() %**+,-./! .%)! .%! $;*0.! 0%12%#(! ,$0$! .))$)! *'! *3$!
$%"Ɨ&!(%!0$-()$%2$34;$<""
G/99'-*0-:" /-" *+08" 1'5Ư,1B" F8!H)-EƗ-Ư" 8)0.D" E=+08" 1'5Ư,1"
0-C6@.'8" *+'" /A60:)*0/-" /?" 8+/&*'-0-:" *+'" .'&Ɨ," 1+06'" *&)I'60-:" ?/&"
*+'"1/&."J6'7'8',K"0-"*+'"1'5Ư,1"9')-8"0*"08")-"/A60:)*0/-4"=+08"08"
F6!LƗ.)10>>)+38B"F6!L)-)?Ư38"I0'1")-."/*+'&834;M<""
=+'-"+'"&'?@*'."*+'"I0'1"*+)*"8*)*'8"*+)*"*+'"*&)I'6".'&Ɨ,"08"/-6>"
)"/*-1#'1",)66/1)-C'"1+0C+"('/(6'"9)>"/&"9)>"-/*"./2")-."8/".0."
F8!H+)17Ɨ-Ư" ,0-" +08" JN)>6@6" F1*Ɨ&K2" 1+/" )??0&9'." 0*" */" A'" )-"
/A60:)*0/-;#<")-."*+'-"8)0.D"EO+/'I'&")..8"'P*&)"/'-0'1#"*/"0*",04'4"
*+'" Q/@&-'>" .'&Ɨ,2" 08" 80906)&" */" *+'" /-'" 1+/" )..8" /'-0'1#" */" *+'"
/&0:0-)6" ?/@&" /'-0'1#" /?" *+'" .'&Ɨ," 0-" &'80.'-C'4" EF08+)+38"
C/9(6'*0/-"?/&"*+'"Q/@&-'>".'&Ɨ,"08"-/*")"(&//?"?/&"*+'"(&//?"60'8"0-"
+'&"-)&&)*0/-"-/*"(&)C*0C'34;R<""

"""""""""""""""""""""""""""""""""""""""""""""""""
;%<"J5)EƗ609@8"H@--)-K";I/64"$"S"((4"#T!U<4"
;$<"N)&&)*'."A>D"F6!V@7+Ɨ&Ư"0-"+08"JH)+Ư+K";I/64"%"S"(4"#W#<B";I/64"$"S"(4"RWX<")-.";I/64"T"S"
((4"$WT!U<B"5@8609"0-"+08"JH)+Ư+K";-/4"WUR<B"FAnj"YƗ1nj."0-"JF8!H@--)-K";-/4"%%XU<"
)-."F-!N)8Ɨ3Ư"0-"JF6!5@Q*)AƗK";I/64"%"S"((4"$$R!W<4"
;M<"JH@A@6@8"H)6Ɨ9K";I/64"$"S"(4"##%<4"
;#<"JN)>6@6"F1*Ɨ&K";I/64"M"S"(4"$#U<4"
;R<"JF8!H)>6@6"Z)&&Ɨ&K";I/64"%"S"(4"M[W<4"
\-"JF6!L).>K";I/64"%"S"(4"#T$<B"\A-"F6!])>>09"8)0."!&':)&.0-:"EF08+)38"C/9(6'*0/-"
?/&"*+'"Q/@&-'>"H)6Ɨ*!D"E\"+')&."H+)07+@6"\86Ɨ9"\A-"=)>90>>)+"8*)*'"*+)*"*+08"+).Ư*+"
08"?)68'6>")8C&0A'."*/"EF08+)+^"8+'"C/@6."-/*"('&?/&9")"H)6Ɨ*"0-")1)>"*+)*"C/-*&).0C*8"
*+)*"/?"*+'"(&/(+'*";U<")-."+08"H)+ƗA)+")-."8+'"7-'1"*+)*"*+'>")66"8+/&*'-"0*B")-."8+'"
8)0."+'&8'6?D"EH)6Ɨ*"1)8"'-Q/0-'."0-"*1/8")*"?0&8*B"*+'-"*1/"_)7E)+8"1'&'")..'."*/"*+'"
H)6Ɨ*" 0-" &'80.'-C'" 1+06'" *+'" Q/@&-'>" H)6Ɨ*" &'9)0-'." )8" 0*" 0834" L/1'" C/@6." /-'"
09):0-'"*+)*"8+'"1/@6."'I'&")..")->*+0-:"*/"F66Ɨ+38";8<"&':@6)*0/-")-."C/-*&).0C*"
*+'" (&/(+'*38" ;U<" )-." +08" H)+ƗA)+38" ;\<" (&)C*0C'34" H''" )68/D" J\&1Ɨ3@6" `+)6Ư6K" ;(4"
M%W<4"

!"#$%"!"
!"#$%&'()&*&+(

%&'()&*+" ,-+Ɨ." ,/0" 1'2(.22'&" '03" &(-" 4*4(+" ,/0" 5'22(." 6+!
7'89(22'&"'+-:"&;+3"<&(-"=(;8>?@"+:0A"/;B:C;"6-&!%&'8)Ɨ0Ư"'03"6-!
%'0DƗ0ƯE"
!"#$$%& '()*& +(,-./*0& 1& +*021.,& 3*,425& (6& 1& /.-21,+*& 1-& 1&
70*+(,/.2.(,& 6(0& 25*& 813./.29& (6& -5(02*,.,4& 1,/& +():.,.,4&
:*2;**,& 25*& !"#"$Ɨ%<" 1&;" ,-.#/#"" 3(BB;C;3" '" +:<" C;A'C3(0A" <&(-"
+;0A<&"<:"<8;0<2"=(;8-E"1&;"-:*03;-<":B"'++"<&;-;"=(;8-"!'FF:C3(0A"
<:"8;++!=;C-;3"'.:0A-<"<&;.!"(-"<&;":0;"8&(F&"-<'<;-"<&'<"'"<C'=;+"(-"
<&'<"8&(F&"(-")0:80"/2"F*-<:."<:"/;"'"<C'=;+"'FF:C3(0A"<:"4;:4+;"
'03" :0" 8&(F&" <C'=;+" C*+(0A-" 'C;" '44+(;3E" 1&(-" (-" (03;;3" :B" 01.Ɨ/21"
;'-(0;--"B:C"(B"<&(-"3(-<'0F;"(-"<:"/;"+(.(<;3"<:"'"F;C<'(0"0*./;C":B"
3'2-"<C'=;+":C"'02":<&;C"FC(<;C(:0G"4;:4+;"8:*+3"&'=;"<:")0:8"<&;"
3(-<'0F;-" <&;2" 'C;" A:(0A" <:" 4'--" 3*C(0A" <&;(C" <C'=;+" '03" <&(-" (-"
(03;;3" '" &'C3-&(4" B:C" <&;." -(0F;" .'02" 4;:4+;" 3:" 0:<" &'=;" <&;"
'/(+(<2"<:"3:"-:";-4;F('++2"8&;0"4'--(0A"<&C:*A&"*0<C:33;0"C:'3-E>$@""
6-&!%&'0HƯ<Ư" -'(3I" D1&;" -:*03;-<" :B" '++" :4(0(:0-J" ," /;+(;=;J" (-"
<&;" :0;" <&'<" -<'<;-" <&'<" 8&'<;=;C" (-" F'++;3" '" <C'=;+" !0:" .'<;C" &:8"
-&:C<"(<"(-!")#.Ɨ%"-&:*+3"/;"-&:C<;0;3"(0"(<"B:C"<&;"8:C3"K<C'=;+L"(0"
<&;")"#',"<;M<-"(-"A;0;C'+NE>O@""
P(.(<(0A"<&;"3(-<'0F;"0;;3"'")"#',"<;M<"'03"0:"'FF;--"(0"(<"B:C"
:4(0(:0-E"
1:"F:0F+*3;J"
Q:./(0'<(:0" /;<8;;0")#.#3Ɨ%"F:*+3"/;"3:0;"/2";=;C2"4;C-:0"
8&:"(-"&'/(<*'++2"F'++;3"'"<C'=;+;C"!8&;<&;C"<&;"3(-<'0F;"F:=;C;3"(-"
-&:C<":C"+:0AE"1&;"<C'3(<(:0'+"<C'=;+"(-"<&;":0;"8&(F&"(-"-(.(+'C"(0"(<-"
-<'<;"<:"<&'<"8&(F&"8'-"3:0;"3*C(0A"<&;"4C:4&;<N-">U@"<(.;!"'-"6-!
%'0DƗ0Ư" -<'<;3" '03" &;0F;J" <&;" B'+-;&::3" :B" <&;" =(;8" <&'<" 4C:&(/(<-"

"""""""""""""""""""""""""""""""""""""""""""""""""
>?@"%;;I"K6+!R'<Ɨ8Ɨ"6+!S*/CƗL">=:+E"?"T"44E"?#U!V@J"KWƗ3"6+!X'DƗ3L">=:+E"?"T"4E"#Y$@"
'03"K1'.Ɨ.*+"X(00'&L">4E"O?Z@E"
>$@"%;;I"K%(+-(+'<"6+!6&Ɨ3Ư<&"6+!%'&Ư&'&L">0:E"?VO@J"KWƗ3"'+!X'DƗ3L">=:+E"?"T"4E"?Z[@J"
K\'2+*+"68<ƗCL">=:+E"O"T"4E"$U#@J"K%*/*+*-"%'+Ɨ.L">=:+E"$"T"4E"##U@J"K6+!X*A&0ƯL"
>=:+E"$"T"4E"$UY@J"K6+!X*&'++ƗL">=:+E"U"T"4E"[@"'03"KR(H&*-"%*00'&L">=:+E"?"T"4E"$Z#@E"
>O@"K638ƗN*+"]'2Ɨ0L">=:+E"?"T"4E"OY^@E"

!"#$$"!"
!"#$%&&'(%)*#+!"#,'-%#+

&'()*" +,'-./)()*" .'&Ɨ," 0,/)" ')/" .-12/3+" 0(.,'4." ,12()*" 51++5'-.+"


631(7()*".,1.".,/",18(.")'01&19+"(+".'".-12/3"4+()*".,/7::"
;)&//&<" .'" /&&Ɨ0" =8>" 0/" 6'7531()" ?'@" .,/" (*)'-1)6/" '@"
5/'53/AB=C>""
!"#$$%& ;." (+" 0'-.," 7/).(')()*" ,/-/" .,1." '()*+,-.-/& )0& !"#Ɨ$&
'+1*+'& 0*)2& +(,& 2)2,-+& )-,& 3,14,'& (.'& +)5-& 1-6& +(.'& .'& +(,&
%&'(nj)*+&4.,57&
D+!E1,)FƯ.Ư"+1(&G"HD".-12/3/-"+.1-.+"+,'-./)()*",(+".'&'1Ɨ,"@-'7"
.,/"7'7/).",/".'.1339"3/12/+".,/".0')B"I)/"74+.")'."&'"+,'-./)()*"
(@" ')/" (+" +.(33" ()" ,(+" ,'7/" '-" .'0)B" J,(+" (+" .,/" 2*30nj45#<" .,/" @'4-"
/5"33'05#<"1)&"7'+."'@".,/"6*7'0Ɨ5#"2(/0B";."(+"1@@(-7/&".,1.".,/"
5-'5,/." =U>" &(&" +,'-./)()*" '@" .'&'1Ɨ," 0,/)" -/16,()*" 80*&+
9*&'":'0B" ;3Ɨ3" KƗ3(L" ?1@@(-7/&" .,/" +17/" 7/1)()*" 1)&A" +1(&G"
HM,/)" .,/-/" 1-/" (),18(./&" '-6,1-&+" ()" .,/" .'0)" ?@-'7" 0,(6," ')/"
01).+".'".-12/3A<"')/"74+.")'."&'"+,'-./)()*".(33"')/"51++/+".,/7NB"
J,/" 2*30nj45#" 2(/0" (+" 81+/&" ')" .,/" 5-/6')&(.(')" ?+.1./&" ()" .,/"
Ɩ<'0A"0,(6,"(+"O/=>?'4@*+6"&+/4=P<"(B/B".-12/3()*<"1)&"0,'/2/-"(+"
)'."'4."'@",(+"-/+(&/)6/"1-/1"(+")'."6')+(&/-/&"()"1"+.1./"'@".-12/3NB=$>""
D)!Q1010Ư" +.1./&" .,/" +17/" 1)&" 1&&/&G" HBBB" /R6/5." 1" 0/1L"
)1--1.(')".-16/&"816L".'";7Ɨ7"KƗ3(L".'",12/"+1(&".,1."H')/"74+.")'."
&'" +,'-./)()*" .(33" ')/" 6'2/-+" 1" .,-//" 7(3/" &(+.1)6/NB" ;." 01+" 13+'"
)1--1./&" .,1." HD.ƗN" 1)&" +'7/" '@" ;8)" K1+Hnj&N+" @'33'0/-+" ,/3&" .,/"
2(/0" .,1." H')/" 719" &'" +,'-./)()*" 8/@'-/" */..()*" '4." @-'7" ')/N+"
.'0)NB" K4SƗ,(&" 01+" )1--1./&" .'" ,12/" +1(&G" HI)/" 719" )'." &'"
+,'-./)()*"')".,/"&19"'@",(+".-12/3".(33")(*,."8/*()+NB"
D33"'@".,/"1@'-/7/).(')/&")1--1.(')+"6').-1&(6.".,/"E4))1,"1)&"
.,/" 4)1)(7'4+" 1*-//7/)." '@" .,/" .'&':" 1)&" .,'+/" 0,'" @'33'0/&"
.,/7NB=%>""
T'.+" '@" /2(&/)6/+" +455'-." .,/" 2(/0" 0,(6," D)!Q1010Ư"
+455'-./&B" U'-" 7'-/" &/.1(3+" ')" .,/" -/@4.1.(')" '@" .,/" 2(/0" .,1."
"""""""""""""""""""""""""""""""""""""""""""""""""
=C>"OND-81H1.nj"K1+ƗN(3"UƯ"E13Ɨ.(3"K4+Ɨ@(-P"=5B"#V>B"
=$>"OD&0ƗN43"W19Ɨ)P"=2'3B"C"X"5B"%YC>B"
=%>"OE,1-,"E1,Ư,"K4+3(7P"89"D)!Q1010Ư"=2'3B"Z"X"5B"$VV>B"

!"#$%"!"
!"#$%&'()&*&+(

%&'()*+" ,-&" +.,'*&-+" )#,Ɨ%" ,-/0" 1.&-" -)2.*" +*3'*+4" +&&" 5630/7/"
81*Ɨ'9" :;,/<" =" >" %<" $?@A<" B.&+&" &;)C&-D&+" 1.)D." +7%%,'*" 8-!
63131ƯE+" ;)&1" 3'&" -3''3*&C" )-" 5F3.Ư.7/" G7H.Ɨ'Ư94" D.3%*&'I" 5J-&"
C,&+" +.,'*&-)-2" 1.&-" ,-&" /&3;&+" ,-&E+" %/3D&9:@A" K)<&<" *,1-L4"
58C1ƗE7/" G30Ɨ-9" :;,/<" @" >" %<" =M@A4" 5N'1ƗE7/" O.3/Ư/9" :-,<" ?P=A4"
5F)/+)/3*7/"8.ƗCƯ*.)+"F3.Ư.3.9":-,<"@P=A"3-C"58/!Q7.3//Ɨ9":;,/<"?">"
%<"$A<"
B," D,-D/7C&4" +.,'*&-)-2" )#,Ɨ%" +*3'*+" R',(" *.&" (,(&-*" ,-&"
/&3;&+",-&E+"'&+)C&-D&4"S&")*"3";)//32&4"3"*,1-4"*&-*+4"<<<"&*D<"3-C"*.)+"
C,&+"-,*"&-*3)/"*.3*",-&"(7+*"C,"+.,'*&-)-2"3R*&'",-&"/&3;&+"S&.)-C"
3-0"S7)/C)-2",-&"(30"%3++"S0"C7')-2".)+"*'3;&/"1.)D."(30"&T*&-C"
*.,7+3-C+",R"()/&+"!3+"+,(&".&/C<"-,,Ɨ"":8A"H-,1+"S&+*<:$A""
N-" D3+&" *1," ;)//32&+" 3'&" +," D/,+&" *.3*" *.&)'" S7)/C)-2+" 3'&"
D,--&D*&C" *," &3D." ,*.&'4" *.&-" S,*." 3'&" D,-+)C&'&C" 3+" ,-&" 3'&3<"
U,1&;&'4")R"*.&0"3'&"D/,+&"S7*"*.&)'"S7)/C)-2+"3'&"+&%3'3*&V"*.&0"3'&"
D,-+)C&'&C" 3+" *1," +&%3'3*&" ;)//32&+<:=A" " NR" ,-&" *'3;&/+" R',(" ,-&" ,R"
*.&(4" .&" (30" +.,'*&-" )#,Ɨ%" &;&-" )R" ,-&" .3%%&-+" *," %3++" S0" (3-0"
,*.&'";)//32&+<"
KN-" *'3;&/L" ./00#"" )+" *," S&" *3H&-" )-*," D,-+)C&'3*),-" -,*" ,-&E+"
C&&C<"NR",-&"*'3;&/+"R',(".)+"'&+)C&-D&"3'&3")-*&-C)-2"*,"D,;&'"3"R3'"
C)+*3-D&4",-&"(30"+.,'*&-")#,Ɨ%<"NR")*".3%%&-+"*.3*",-&"D.3-2&+".)+"
()-C"3-C"13-*+"*,"'&*7'-"S3DH".,(&4",-&"(30"-,*"+.,'*&-"*.&")#,Ɨ%"
7-/&++" ,-&E+" 130" S3DH" .,(&" )+" *,," /,-2" 3-C" *.&" )#,#1Ɨ%" ,-&" .3C"
+.,'*&-&C"&3'/)&'"3'&";3/)C<"B.)+")+"8.(3CE+";)&1<"
N-"D3+&",-&"*'3;&/+"*,"3-"7-H-,1-"C)'&D*),-"!+&&H)-2"3"R72)*);&"
+/3;&" ,R" .)+" ,'" /,,H)-2" R,'" 2'3++" K3+" S&C,7)-+" C,L4" ,-&" (30" -,*"
+.,'*&-")#,Ɨ%"&;&-")R".)+"*'3;&/"*,,H"+&;&'3/"C30+<:#A""
J-D&" 3" *'3;&/&'" '&3D.&+" .)+" %/3D&" ,R" '&+)C&-D&" K)<&<" .)+" *,1-4"
;)//32&4"<<<"&*D<L4".&"+.,7/C"+*,%"+.,'*&-)-2"3-C"D,(S)-)-2"S&*1&&-"
*.&" )#,#1Ɨ%<" B.)+" )+" 3RR)'(&C" )-" W8/Ư" NS-" X3SƯW3.E+" -3''3*),-" 1.,"
"""""""""""""""""""""""""""""""""""""""""""""""""
:@A":;,/<"$">"%%<"?PY!MZA4"*.&"&C)*),-"1.)D.")-D/7C&+"5[3*.7/"GƗ'Ư9<"
:$A"5E8'S3W3*7"Q3+ƗE)/"[Ư"F3/Ɨ*)/"Q7+ƗR)'9":%<"??A<"
:=A"58/!Q72.-Ư9":;,/<"$">"%<"$P@A<"
:#A"58/!Q72.-Ư9":;,/<"$">"%<"$?\A<"

!"#$#"!"
!"#$%&&'(%)*#+!"#,'-%#+

&'()*" +!"#$% &$% '##()*'"+$,% -./Ư% 01"% .1Ư% 2Ɨ/+1% +"% 3+4% &'5% 6(%
!"#$%#Ɨ&7%!"%(89%&'5:%3$%43(96$"$,%63$%%'(')Ɨ*%+"%6&(47%.",%
("%(89%&'5%1'#;%6(%+nj,'#%'",%4$$+"<%+64%1(9,$94:%&$%$"=8+9$,%
&3$63$9% &$% 43(8/,% #()*/$6$% 63$% %'(Ɨ*% (9% "(6% 4+"#$% &$% #'"% 4$$%
+nj,'#%>+7$7%+64%18+/,+"<4?7%@$%4'+,A%-B(:%6+//%&$%9$'#3%+6C,-./0""
+12Ư,&" &3'345463" (6)(7'34&" 38'3*" +94" &8'22" :44;" <6" &8<=346(6>"
.'&Ɨ,"3(22"?4"4634="(3@"?4"'=4"&3(22"<6"3='A42"&<"2<6>"'&"?4"8'A4"6<3"
4634=4)"(3,-.$0""
B64"5'C"&8<=346"384".'&'/Ɨ,"&<"2<6>"'&"84"(&"6<3"(6"8(&"8<54"
2'6)"'6)"&<"2<6>"'&"84"(6346)&"3<"><"D'7:"3<"(3"!?84384="<64"(&"&3(22"
<6" 8(&" ?'C" <=" &43324)" (6" '6<384="2'6)" E<=" '" 2(5(34)" ;4=(<)" <E" 3(54-"
F<?4A4=@"(E"<64"3':4&"38(&"<384="2'6)"'&"8(&"8<54"<=")<4&"6<3":6<?"
?846"3<"24'A4"(3@"<64"5'C"6<3"&8<=346".'&Ɨ,-.G0""
>DEFF?% 0G% 63$% 69'H$/$9% 4$66/$," (6" '" 74=3'(6" ;2'74@" 84" &8<H2)"
'3346)"384"7<6>=4>'3(<6'2".'&Ɨ,@"DH3"84"7<H2)")<"7<5D(6'3(<6"?846"
384"644)"'=(&4&-"0&&Ɨ1".80":6<?&"D4&3-"

-./0123456471*#31(37'(6*518,1%'(Ɨ*9(1+#'),:1%'(Ɨ*9(129#Ɨ1
'4;1%9<nj;9"#1%#9=>1'4;1'?'4;846471%'(Ɨ*9(1+9"nj,@1
>IEFJ?%K$&%A9B'#ƗC%3$/,%63$%+//$<'/+65%(G%*$9G(9)+"<%%'(Ɨ*9(1
+#'),%'G6$9%63$%*9(*3$6C4%LUM%,$'63:"&<54"<E"384&4"2*3'1Ɨ4"'=4*"
12!F'&'6"ID6"J(CƗ)"12!KH,2H,Ư@"ID=Ɨ8Ư5"ID6"+L2'CC'8"'6)"(3"(&"<64"
<E"1Dnj"Mnj&HE,&"A(4?&-"N3'3(6>"1DƯ"Mnj&HE,&"A(4?@"12!O'8Ɨ?Ư"&'()*"
+1Dnj"Mnj&HE"<674"&'()"38'3"<64"5'C"6<3";4=E<=5".'&Ɨ,*&+51'/6"'E34="
384" ;=<;843,&" .U0" )4'38" '6)" 72'(54)" 38'3" ;4<;24" E<22<?4)" 384"
;=<;843".U0"(6"38(&".'&Ɨ,"E<="384"&H;4=(<=(3C"<E"E<22<?(6>"8(5".U0,-"
"""""""""""""""""""""""""""""""""""""""""""""""""
./0"P'=='34)"DC*"1D)(="Q'RRƗS"(6"T12!UH&'66'EV".A<2-"$"W";-"%GX0".6<-"#G$/0@"12!FƗ:(5"
(6" T12!UH&3')=':V@" 12!Y'(8'SƯ" (6" T1&!NH66'6" 12!ZHD=ƗV" .A<2-" G" W" ;-" /#[0@" 12!
YH:8Ɨ=Ư"(6"8(&"TN'8Ư8V".A<2-"$"W";-"%[\0"!38=<H>8"'6"'EE(=54)@")(&7<664734)"78'(6"<E"
6'=='3(<6-"O84"8')Ư38,&"78'(6"<E"6'=='3<=&"(&"'H38463(7"!'&"384">=4'3"FƗE(38"ID6"F']'="
&'()"(6"TO'>82ƯSH3"O'+2ƯSV".A<2-"$"W";-"#$/0-
.$0"T^'38H2"YƗ=ƯV".A<2-"$"W";-"%_X0-"
.G0"^<="5<=4")43'(2&"&44*"TU']5nj+"^'3Ɨ?Ɨ"ID6"O'C5(CC'8V".A<2-"$#"W";-"/`0@"TJƗ)"'2!
U'+Ɨ)V".A<2-"G"W";;-"%[/!%0@"185'),&"N8Ɨ:(="7<55463"<6"185'),&"TUH&6')V".A<2-"
_" W" ;-" $[G0@" T^(S8H&" NH66'8V" .A<2-" /" W" ;-" $`%![0" '6)" T,1=D+H" U'&Ɨ,(2" ^Ư" N'2Ɨ3(2"
UH&ƗE(=V".;-"%_0-"

!"#$%"!"

!"#$%&'()*&+,$&-))#&)'&.,"/#,&0"1,,2(&3"1"%&"45."4*"%6&7!,$&84"(9:9$;&<249%=&)'&091+"#$1&
>)%$&9%&."4"+7
Various Fataw a R egarding Traveling
!
!"#$%&'(#)*+"),%"-.%'/"&),"%'0&)10%)2','(#)34$-+5)06"%)*+")-0.7-)37+811$9(5)
!)
:8"-*'0(;!"#!$%&!$'(&!)*+',-!.%'/%!#0/1#!(23!+&(2',!0,!$%&!4&&$!5'('$&)!$0!2!)23!2,)!2!,'-%$6!0+!4'7&!8+23&+#!0,539!:,)!'4!2!
8&+#0,!'#!',!2!#$2$&!04!+'$*25!'(8*+'$36!2,)!%&!8+23#!(0+&!$%2,!4'7&!8+23&+#6!;&-',,',-!$%&!.'8',-6!40+!&<2(85&6!24$&+!$%&!
="#%22!8+23&+6!$%&,!.'8',-!40+!$%&!>2?+6!@%*%+6!A:#+!2,)!B2-%+';!8+23&+#6!$%&,!$%&!$'(&!40+!$%&!!"##$##"%&'"#"(%)'*"'!"##"+!
8+23&+!/0(&#!2,)!$%&!.*)%00!04!%'#!B2-%+';!8+23&+!'#!#$'55!',$2/$!C!/2,!%&!8+23!$%&!A"#%22!8+23&+!.'$%!$%&!.*)%00!04!$%&!
B2-%+';!8+23&+6!0+!#%0*5)!%&!+&(07&!%'#!#0/1#!2,)!8&+40+(!.*)%00D9!
!)
!"-,0(-";!"$!%2#!;&&,!2*$%&,$'/2553!+&80+$&)!$%2$!$%&!E+08%&$!!"##$##""%&',"#"(%-'*"'!"##"+!5'('$&)!$%&!$'(&!40+!.'8',-!
07&+!$%&!#0/1#!$0!$%+&&!)23#!2,)!,'-%$#!40+!$%&!$+27&55&+!2,)!2!)23!2,)!2!,'-%$!40+!$%&!+&#')&,$6!2,)!%&!)')!,0$!+&#$+'/$!
.'8',-!$0!2!#8&/'4'/!,*(;&+!04!8+23&+#D!
!!
F2#&)!*80,!$%'#6!$%&!+&#')&,$!(23!8+23!.'$%!.'8',-!(0+&!$%2,!4'7&!8+23&+#6!40+!&<2(85&G!.'8',-!07&+!$%&(!',!.*)%00!24$&+!
',725')2$',-!%'#!.*)%00!2$!B2-%+';!$'(&6!$%&,!8+23',-!B2-%+';!2,)!$%&!A"#%22!$0-&$%&+!2$!B2-%+';!$'(&6!$%&,!.'8',-!07&+!
$%&(!40+!&7&+3!0,&!04!$%&!40550.',-!8+23&+#H!>2?+6!@%*%+6!A:#+6!2,)!$%&,!8+23',-!B2-%+';!2,)!$%&!A"#%22!$0-&$%&+!2$!B2-%+';!
$'(&!0,!$%&!#&/0,)!)236!)*&!$0!#'/1,&##!0+!2,3!0$%&+!725')!5&-25!+&2#0,!40+!/0(;',',-!$%&!8+23&+#D!
!!
:,)!.'$%!:5522%!5'&#!255!#*//&##!2,)!(23!:5522%!#&,)!8+23&+#!2,)!#25*$2$'0,#!*80,!0*+!E+08%&$!!"##$##"%&'"#"(%-'*"'!"##"+!
2,)!%'#!42('53!2,)!%'#!/0(82,'0,#D!
!!
I%&!E&+(2,&,$!J0(('$$&&!40+!"#522('/!K&#&2+/%!2,)!>2$22.2!
>2$22.2!"#522('332%!C!L05*(&!M6!E2-&!NOP!
!
!
!
<+$*)'-),"%4'--'/=")&8%'(#)*%$6"=->)
)
:8"-*'0(;!Q%2$!'#!8&+('##';5&!)*+',-!$+27&5#9!
)
?(-2"%;!I%&+&!2+&!40*+!$%',-#!8&+('##';5&!)*+',-!$+27&5#H!
!
MD I%&!8+23&+#!/0,#'#$',-!04!R!K212S%#!2+&!#%0+$&,&)!$0!N!K212S%#D!
ND F+&21',-!$%&!42#$!)*+',-!K2(2)%22,6!(21',-!$%&!#2(&!,*(;&+!04!)23#!*8!)*+',-!0$%&+!)23#D!
OD Q'8',-!07&+!$%&!T%*44#!O!)23#!2,)!,'-%$#6!;&-',,',-!4+0(!$%&!4'+#$!$'(&!$%&!8&+#0,!.'8&#!07&+!$%&(D!
!
'7D!I%&!+&/0((&,)2$'0,!40+!$%&!U*,,2%!8+23&+#!04!V%*%+6!B2-%+';6!2,)!"#%22!'#!5'4$&)D!:#!40+!$%&!U*,,2%!8+23&+!04!>2?+!2,)!
$%&!+&#$!04!$%&!08$'0,25!8+23&+#6!8&+40+(',-!$%0#&!+&(2',#!5&-'#52$&)!2,)!8+&4&++&)D!
!
U0!$%&!$+27&5&+!8+23#!$%&!,'-%$!8+23&+6!$%&!U*,,2%!8+23&+!04!>2?+6!$%&!$.0!K21S2%#!04!V%*%226!$%&!U*,,2%!8+23&+!24$&+!
(21',-!Q*)%006!$%&!$.0!K21S2%#!04!&,$&+',-!$%&!(2#?')6!2,)!$%&!$.0!K21S2%#!04!2++'7',-!4+0(!2!?0*+,&3!C!40+!#*+&536!4+0(!
$%&!U*,,2%!'#!$%2$!.%&,!2!8&+#0,!2++'7&#!4+0(!2!?0*+,&36!;&40+&!%&!&,$&+#!%'#!%0*#&6!%&!4'+#$!;&-',#!.'$%!$%&!(2#?')6!
&,$&+',-!'$!2,)!8+23',-!$.0!K21S2%#!',!'$D!WMX!
!
Y'1&.'#&6!$%&!+&#$!04!$%&!08$'0,25!8+23&+#!+&(2',!5&-'#52$&)!.'$%!+&-2+)#!$0!$%&!$+27&5&+!&</&8$!40+!.%2$!"!%27&!8+&7'0*#53!
#2')6!2,)!$%&3!2+&H!$%&!U*,,2%!8+23&+#!04!V%*%+6!B2-%+';6!2,)!"#%22!;&/2*#&!$%&!E+08%&$!!"##$##"%&'"#"(%-'*"'!"##"+!*#&)!
,0$!$0!8+23!$%&#&!$%+&&!08$'0,25!8+23&+#!Z.%'5&!$+27&5',-[D!
!
@ABCD;)WMX!I%'#!%2#!;&&,!+&80+$&)!',!$%&!50,-!\2)&&$%!04!TS2;!';,!B225'1!+&-2+)',-!%'#!+&8&,$2,/&!.'$%!$%&!.0+)',-6!]\&!*#&)!$06!.%&,!%&!2++'7&)!4+0(!
2!?0*+,&36!;&-',!.'$%!$%&!(2#?')6!8+23',-!$.0!K21S2%#!',!'$D^!K&80+$&)!;3!25CF*1%22+&&6!,0D!RRM_!2,)!B*#5'(6!,0D!N`PaD)
!
U%231%!B*%2((2)!;',!U225'%!25Cbc$%23(&&,!
>2$22.22!:+122,!25C"#522(6!d*(;&+!OMe!!
!
!
!
!
!
!
B+")&'-*$(.")/9)2+'.+)$)*%$6"=="%)4$9)-+0%*"()+'-),%$9"%-)
)
:8"-*'0(;!Q%2$!'#!$%&!)'#$2,/&!;3!.%'/%!2!$+27&55&+!(23!#%0+$&,!%'#!8+23&+#9!"#!/0(;',',-!$%&(!8&+('##';5&!+2$%&+!$%2,!
#%0+$&,',-!$%&(9!
)
?(-2"%;!I%&!)'#$2,/&!;3!.%'/%!$%&!8+23&+#!2+&!#%0+$&,&)G!#0(&!#/%052+#!#8&/'4'&)!'$!$0!;&!2+0*,)!_O!1'50(&$&+#D!f$%&+!
#/%052+#!#8&/'4'&)!'$!$0!;&!.%2$&7&+!'#!/*#$0(2+'53!/0,#')&+&)!$+27&5',-6!&7&,!'4!%&!Z$%&!$+27&5&+[!)')!,0$!-0!;&30,)!_g!
1'50(&$&+#D!:,)!.%2$&7&+!$%&!8&085&!/0,#')&+!,0$!$0!;&!$+27&5',-6!$%&,!'$!'#!,0$!$+27&5',-!&7&,!'4!'$!+&2/%&)!Mgg!1'50(&$&+#D!
!
I%'#!52#$!Z08','0,[!'#!$%&!08','0,!04!U%231%!25C"#522(!";,!I23('332%!."%)+"%&'$##"%!2,)!$%2$!'#!;&/2*#&!:5522%!)')!,0$!
)&4',&!2!#8&/'4'/!)'#$2,/&!;3!.%'/%!#%0+$&,',-!$%&!8+23&+#!'#!2550.&)!,0+!)')!$%&!E+08%&$!!"##$##"%&'"#"(%-'*"'!"##"+'
#8&/'43!2,!&<2/$!)'#$2,/&D!
!
:,2#!';,!B225'1!."/)'$##"%&'"0%&!#2')H!12%-'3.45%-6'!"##$##"%&'"#"(%-'*"'!"##"+7'*%-0-8-.'%-'*-06'4&6'94.':'+)#-!'4.'
;".""!)<%'="'+-"!&.-+-06'49'#-0>6%?'6%-0'%-'&!-/'64'!%4.6-0'6%-'5."(-.'"0/'5."('6*4'@"<A""6!BCDEF'
'
I%&!#$2$&(&,$!04!U%231%!25C"#522(!";,!I23('332%!'#!/50#&+!$0!.%2$!'#!/0++&/$D!I%&+&!'#!25#0!,0!%2+)#%'86!.%&,&7&+!$%&+&!'#!
2!)'44&+&,/&!',!.%2$!'#!/*#$0(2+'53!/0,#')&+&)!$+27&5',-6!'4!$%&!8&+#0,!2/$#!2//0+)',-!$0!$%&!#$2$&(&,$!04!$%&!#8&/'4'/6!
)&4',&)!)'#$2,/&!;&/2*#&!#0(&!04!$%&!"(22(#!2,)!#/%052+#!#',/&+&53!#$+'7',-!$0.2+)#!2!7&+)'/$!ZB*?$2%')&&,[!%27&!#2')!'$D!
U0!$%&+&!'#!,0!8+0;5&(6!",!#%22!:5522%D!:#!50,-!2#!$%&!'##*&!'#!5&4$!*,)&4',&)6!$%&,!2/$',-!',!2//0+)2,/&!$0!.%2$!'#!
/*#$0(2+'53!/0,#')&+&)!$+27&5!'#!$%&!/0++&/$!08','0,D!
!
:#!40+!Z$%&!h*&#$'0,[6!]"#!/0(;',',-!Z$%&!8+23&+#[!8&+('##';5&!.%&,!#%0+$&,',-!'#!2550.&)9^!I%&,!.&!#236!]J0(;',',-!Z$%&!
8+23&+#[!'#!,0$!2##0/'2$&)!.'$%!#%0+$&,',-D!K2$%&+6!/0(;',',-!'#!2##0/'2$&)!.'$%!2!,&&)D^!U0!.%&,&7&+!$%&!8&+#0,!,&&)#!$0!
/0(;',&!.%&$%&+!%&!'#!$+27&5',-!0+!,0$6!$%&,!5&$!%'(!/0(;',&D!>0+!$%'#6!$%&!8&085&!/0(;',&!;&/2*#&!04!+2',6!.%'/%!)*&!$0!'$G!
'$!.0*5)!;&!2!%2+)#%'8!$0!+&$*+,!$0!$%&!(2#22?')D!:5#06!$%&!8&085&!/0(;',&!'4!$%&+&!'#!%2+#%6!/05)!.',)!)*+',-!$%&!)23#!04!
.',$&+6!.%'/%!)*&!$0!'$6!'$!.0*5)!;&!2!%2+)#%'8!$0!-0!0*$!$0!$%&!(2#22?')D!\&!/0(;',&#!'4!%&!4&2+#!50#',-!%'#!.&25$%!0+!2,3!
%2+(!',!'$6!0+!.%2$&7&+!'#!#'('52+!$0!$%2$!C!$%&!8&+#0,!/0(;',&#!Z%'#!8+23&+#[D!"$!'#!+&80+$&)!',!U2%&&%!B*#5'(!4+0(!
=:;)*5522%!';,!=:;;22#!."/)'$##"%&'"0%&!$%2$!%&!#2')H!12%-'3.45%-6'!"##$##"%&'"#"(%)'*"'!"##"+'G4+H)0-/'H-6*--0'I%&%.'"0/'
J$!.K'"0/'H-6*--0'L">%.)H'"0/'M!%""'046'/&-'64'"0('9-".'04.'.")0BCDNF!
!
I%&3!2#1&)6!]Q%3!)')!%&!)0!$%'#9^!\&!#2')!$%2$!%&!)')!#0!',!0+)&+!,0$!$0!/2*#&!2,3!%2+)#%'8!*80,!%'#!c((2%D!B&2,',-6!%&!
)')!,0$!.2,$!$0!852/&!2,3!%2+)#%'8!$%2$!.0*5)!(21&!0,&!5&27&!$%&!/0,-+&-2$'0,D!
!
I%'#!'#!$%&!/0,)'$'0,!C!.%&,&7&+!$%&!8&+#0,!4',)#!2!%2+)#%'86!.%'/%!.0*5)!5&2)!%'(!$0!5&27&!044!$%&!/0,-+&-2$'0,6!$%&,!'$!'#!
8&+('##';5&!40+!%'(!$0!/0(;',&D!"4!$%&+&!'#!,0!%2+)#%'8!*80,!%'(6!$%&,!%&!)0&#,S$!/0(;',&D!\0.&7&+6!$+27&5',-!'#!(0#$!
5'1&53!$0!852/&!2!%2+)#%'86!.%'/%!.0*5)!5&2)!$0!5&27',-!$%&!/0,-+&-2$'0,D!"4!$%'#!'#!#06!$%&,!'$!'#!8&+('##';5&!40+!$%&!$+27&5&+!$0!
/0(;',&!.%&$%&+!%&!.2#!',!$%&!('))5&!04!%'#!?0*+,&3!0+!%2#!#$088&)!$0!+&#')&!Z2$!%'#!)&#$',2$'0,[D!"4!%&!'#!',!$%&!('))5&!04!
%'#!?0*+,&36!$%&,!/0(;',',-!'#!8+&4&+2;5&!2,)!'4!%&!%2#!#$088&)!$+27&5',-!Z+&2/%&)!%'#!)&#$',2$'0,[!$%&,!,0$!/0(;',',-!'#!
8+&4&+2;5&D!
!
I%&!&</&8$'0,!$0!$%'#!'#!.%&,!2!8&+#0,!'#!+&#')',-!Z+&2/%&)!2!)&#$',2$'0,[!',!2!52,)!.%&+&!$%&!/0,-+&-2$'0,!'#!&#$2;5'#%&)6!
$%&,!'$!'#!0;5'-2$0+3!$0!2$$&,)!$%&!/0,-+&-2$'0,D!",!$%2$!/2#&6!%&!.0*5)!,0$!/0(;',&!,0+!#%0+$&,!Z%'#!8+23&+#[D!\0.&7&+6!'4!
%&!('##&)!$%&!/0,-+&-2$'0,6!$%&,!%&!#%0+$&,#!2,)!)0&#!,0$!/0(;',&6!*,5&##!%&!,&&)#!$0!/0(;',&!Z40+!#0(&!+&2#0,[D!
!
dfIiUH!!
WMX!K&80+$&)!;3!B*#5'(6!I%&!F001!04!I%&!I+27&5&+S#!E+23&+6!J%28$&+H!I%&!E+23&+!04!$%&!I+27&5&+6!,0D!PaMD!
WNX!K&80+$&)!;3!B*#5'(6!I%&!F001!04!I%&!I+27&5&+S#!E+23&+6!J%28$&+H!J0(;',',-!F&$.&&,!I.0!E+23&+#!Q%'5&!K&#')',-6!,0D!`geD!

!
U%231%!B*%2((2)!;',!U225'%!25Cbc$%23(&&,!
>2$22.22!:+122,!25C"#522(6!d*(;&+!OMN!
!
!
)
E04/'('(#)*+"),%$9"%-)2+'=-*)*%$6"=='(#)
)
:8"-*'0(;!Q%2$!'#!;&#$!$0!)0!.%'5#$!$+27&55',-H!/0(;',',-!$%&!8+23&+#!2$!$%&'+!&2+5'&#$!Z8&+('##';5&[!$'(&!Z?2(S*!$2h)&&([!
0+!/0(;',',-!$%&!8+23&+#!2$!$%&'+!52$&#$!Z8&+('##';5&[!$'(&!Z?2(S*!$2D1%&&+[9!
!
!"-,0(-";!I%2$!.%'/%!'#!;&#$!.%'5#$!$+27&55',-6!.'$%!+&#8&/$!$0!/0(;',',-!Z$%&!8+23&+#[6!'#!$0!)0!$%2$!.%'/%!'#!&2#'&#$!40+!
30*D!
!
U06!'4!'$!'#!&2#'&+!40+!30*!$0!/0(;',&!$%&!8+23&+#!2$!$%&'+!&2+5'&#$!Z8&+('##';5&[!$'(&6!$%&,!)0!$%2$D!:,)!'4!'$!'#!&2#'&+!40+!30*!$0!
/0(;',&!$%&!8+23&+#!2$!$%&'+!52$&#$!Z8&+('##';5&[!$'(&6!$%&,!)0!$%2$D!
!
I%&!;&#$!'#!$%2$!.%'/%!'#!&2#'&#$!40+!30*!$0!)06!.%&$%&+!2$!$%&!&2+5'&#$!Z8&+('##';5&[!$'(&!0+!2$!$%&!52$&#$!Z8&+('##';5&[!$'(&!
j!;0$%!2+&!5&-'#52$&)!40+!.'$%',!$%&!U*,,2%D!
!
U%231%!";,!Ac$%23(&&,!
Y'h22D22$!25CF22;!25CB24$00%!j!L05*(&!M6!E2-&!eR6!d*(;&+!ae!
!
!
)
:8"-*'0()FG;!:!$+27&5',-!(2,!8+23&)!$%&!k*(*A2%!8+23&+!',!$%&!+&#')&,$6!#%0*5)!%&!/0(;',&!.'$%!'$!$%&!:#+!8+23&+!2#!l2#+!
ZN!+212%!04!:#+!8+23&+!2#!2!8+23&+!04!$+27&5[9!!
)
?(-2"%;!d06!%&!#%0*5)!,0$!/0(;',&!.'$%!'$!:#+!8+23&+!;&/2*#&!$%&!#*,,2%!0,53!(&,$'0,&)!/0(;',',-!;&$.&&,!$%&!@*%+!
2,)!$%&!:#+!8+23&+6!2,)!$%&!k*(*2A2%!'#!,0$!@*%+!Z8+23&+[6!;*$!'$!'#!2,!',)&8&,)&,$!8+23&+!',!'$#!(2,,&+!2,)!'$#!/0,)'$'0,#!
2,)!'$#!8'552+#6!#0!)0!,0$!/0(;',&!.'$%!'$!$%&!:#+!8+23&+D!!
!
2"<-0'9.4+'6%-'O44<'49'P%"(<%'L&%"++"/'P"#-%'"#QR6%"(+--0K'1M:#""+'"#QL&!"9).)0'H)QH":/-#'":/""H'*"'"%<"+-!'!"9".SC'
2."0!#"6-/'H('T"!.)0'$!QP"#"9)("%'
!
!
)
:8"-*'0()GHI;!Q&!/0(&!$0!82##!7&+3!%2+)!/0,)'$'0,#!#0(&$'(&#!',!$%&!2'+6!#0!'#!$%&+&!2!#8&/'4'/!+&(&(;+2,/&!Z$%2$[!30*!
Z/2,[!2)7'/&!*#!.'$%6!30*+!&(',&,/&9!!
)
?(-2"%;!I%&!#*885'/2$'0,!Z'#!40+[!:552%!$0!+&#/*&!$%&!(2,!2,)!.%0&7&+!'#!.'$%!%'(!4+0(!$%'#!)2,-&+!2,)!%&!#*885'/2$&#!
.'$%!$%2$6!.%'/%!4'$#!$%&!/0,)'$'0,!2,)!$%&!#'$*2$'0,D!!
!
2"<-0'9.4+'6%-'O44<'49'P%"(<%'L&%"++"/'P"#-%'"#QR6%"(+--0K'1M:#""+'"#QL&!"9).)0'H)QH":/-#'":/""H'*"'"%<"+-!'!"9".SC'
2."0!#"6-/'H('T"!.)0'$!QP"#"9)("%'
!
!
)
:8"-*'0()GJH;!Q%2$A#!$%&!+*5',-!04!$21',-!$%&!2550/2$&)!&2+8%0,&#!40+!$%&!5'#$&,',-!$0!$%&!2*)'0!;+02)/2#$!8+08&+$'&#!',!$%&!
2'+C852,&!0+!$%&!;52,1&$#!0+!*$&,#'5#!04!$%&!400)!0+!0$%&+!$%2,!$%&#&!4+0(!$%&!*$&,#'5#!04!$%&!2'+C852,&!8+&82+&)!40+!$%&!
#&+7'/&!04!$%&!82##&,-&+#9!T,0.',-!$%2$!$%&!#3#$&(!2550.#!$%&'+!*#&!',!$%&!2'+852,&!;*$!)0&#!,0$!2550.!0.,',-!$%&(9!
)
?(-2"%;!"$!'#!,0$!8&+('##';5&!40+!2,30,&!$0!$21&!2,3$%',-!4+0(!$%'#G!;&/2*#&!$%&!40*,)!Z(2$&+'25#[!',!$%&!2'+C852,&!0,53!
2550.&)!40+!$%&!82##&,-&+#!$0!*#&!0,53!,0$!$0!0.,!'$6!&</&8$!.%2$!.2#!852/&)!40+!$%&!80##&##'0,!2#!(2-2m',&!n:%52,!.2!
U2%52,n6!;&/2*#&!$%'#!'#!.+'$$&,!0,!'$!$%2$!'$!'#!2!-'4$6!2,)!0$%&+!$%2,!$%2$!'$!'#!,0$!2550.&)!&</&8$!.%2$!$%&!#3#$&(!8&+('$$&)!
'$#!$21',-D!!
!
2"<-0'9.4+'6%-'O44<'49'P%"(<%'L&%"++"/'P"#-%'"#QR6%"(+--0K'1M:#""+'"#QL&!"9).)0'H)QH":/-#'":/""H'*"'"%<"+-!'!"9".SC'
2."0!#"6-/'H('T"!.)0'$!QP"#"9)("%'
!
!
)
:8"-*'0()GJJ;!Q%&,!.'55!$%&!#*885'/2$'0,!04!$%&!$+27&5&+!;&!2,#.&+&)9!!:,)!.%&,!'#!'$!.+'$$&,!40+!%'(!.%2$!%&!)0&#!',!$%&!
+&#')&,$!250,-!$%&!$+27&59!
!
?(-2"%;!:#!40+!$%&!2,#.&+',-6!$%&,!$%&!$+27&5!'#!4+0(!$%&!852/&#!04!$%&!2,#.&+!2,)!'$!'#!5'1&!0$%&+!$%2,!'$!4+0(!$%&!852/&#!04!
$%&!2,#.&+!Z.'$%!+&#8&/$!$0[!$%&!$'(&!2,)!852/&6!#0!%&!#%0*5)!%2#$&,!$0!$%&!#*885'/2$'0,!',!%'#!$+27&5!.'$%!.%2$!%&!.'55#6!2,)!
2#!40+!.%2$!%&!*#&)!$0!)0!',!%'#!+&#')&,$!4+0(!$%&!+'-%$&0*#!2/$'0,#6!$%&,!'$!'#!.+'$$&,!40+!%'(!2#!50,-!2#!%&!'#!2!$+27&5&+D!!
!
2"<-0'9.4+'6%-'O44<'49'P%"(<%'L&%"++"/'P"#-%'"#QR6%"(+--0K'1M:#""+'"#QL&!"9).)0'H)QH":/-#'":/""H'*"'"%<"+-!'!"9".SC'
2."0!#"6-/'H('T"!.)0'$!QP"#"9)("%'
!
)
GK)L)M'-*$(.")'()7'=04"*"%-)06"%)2+'.+)-+0%*"('(#)D$=$+)'-),"%4'--'/=")
!
:8"-*'0(;!"#!$%&!)'#$2,/&!04!&'-%$3C4'7&!1'50(&$&+#!/0,#')&+&)!$+27&5',-9!"#!'$!8&+('##';5&!$0!/0(;',&!@%*%+!Zd00,[!2,)!
b:#+!Z:4$&+,00,[!E+23&+#6!2,)!$0!2;2,)0,!8&+40+(',-!$%&!K2.2$';!Z#*8&+&+0-2$0+3!E+23&+#!8&+40+(&)!0,!2!+&-*52+!;2#'#[!
2,)!0$%&+!d24'52%!Z#*8&+&+0-2$0+3[!U252%#!ZE+23&+#[!.%'5&!$+27&5',-!40+!$%'#!)'#$2,/&9!
!
?(-2"%;!I%&!)'#$2,/&!04!&'-%$3!1'50(&$&+#!'#!/0,#')&+&)!2!$+27&5',-!)'#$2,/&6!.%'/%!'#!$%&!)'#$2,/&!$%2$!$21&#!0,&!)23!2,)!
0,&!,'-%$D!I%&+&40+&6!'4!$%&!)'#$2,/&!+&2/%&#!&'-%$3!1'50(&$&+#!0+!(0+&6!'$!'#!/0,#')&+&)!2!$+27&5',-!)'#$2,/&6!;&/2*#&!$%'#!
/0,/&8$!.2#!+&80+$&)!4+0(!2!,*(;&+!04!U2%2;2%!ZJ0(82,'0,#!04!$%&!E+08%&$[D!I%*#6!.%2$!$21&#!$%'#!)'#$2,/&!'#!/0,#')&+&)!
$+27&5',-!',!.%'/%!'$!'#!8&+('##';5&!$0!#%0+$&,!U252%6!.%'/%!(&2,#!$0!8&+40+(!@%*%+6!b:#+6!2,)!b"#%2A!Zd'-%$[!E+23&+#!.'$%!
$.0!K21b2%#!Z*,'$#!04!E+23&+[!&2/%D!"$!'#!25#0!8&+('##';5&!$0!/0(;',&!@%*%+!2,)!b:#+!E+23&+#!2$!$%&!$'(&!04!@%*%+6!0+!2$!$%&!
$'(&!04!b:#+D!I%'#!25#0!2885'&#!$0!B2-%+';!ZU*,#&$[!2,)!b"#%2A!E+23&+#G!0,&!(23!/0(;',&!$%&(!2$!$%&!$'(&!04!B2-%+';!0+!2$!
$%&!$'(&!04!b"#%2A6!;&/2*#&!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!*#&)!$0!#%0+$&,!2,)!$0!/0(;',&!U252%#!.%'5&!$+27&5',-D!!
'
P4&.G-U'$#)96"BG4+'
!
!
!
NN)L)!8='(#)0()-+0%*"('(#)$(&).04/'('(#)D$=$+)$(&)/%"$7'(#)D$24)10%)*+0-")*%$6"='(#)&$'=9O)$)&'-*$(.")"P.""&'(#)
*+$*)$*)2+'.+)-+0%*"('(#)D$=$+)3Q%$9"%-5)'-),"%4'--'/="O)*0)#0)*0)20%7)
!
:8"-*'0(;!:!h*&#$'0,&+!#23#H!"#!'$!8&+('##';5&!40+!2!8&+#0,6!.%0!$+27&5#!)2'53!$0!.0+1!',!2,0$%&+!/'$3!.%'/%!'#!(0+&!$%2,!
0,&!%*,)+&)!('5&#!2.23!4+0(!%'#!).&55',-!852/&!2,)!/0(&#!;2/1!0,!$%&!#2(&!)236!$0!#%0+$&,!2,)!/0(;',&!%'#!U252%!2,)!
;+&21!%'#!U2.(!Z>2#$[9!"!%08&!o0*+!i(',&,/&!.'55!/52+'43!$%&!'##*&!40+!*#D!B23!:552%!+&.2+)!30*!.'$%!$%&!;&#$D!
!
?(-2"%;!"$!'#!8&+('##';5&!40+!#*/%!2!8&+#0,!$0!#%0+$&,!%'#!U252%!.%'5&!$+27&5',-!$0!.0+1!2,)!)*+',-!%'#!.0+1!;&/2*#&!%&!'#!
0,!2!?0*+,&3!2#!50,-!2#!%&!'#!,0$!+&#')',-!',!$%&!852/&!.%&+&!%&!.0+1#D!\&!#%0*5)!,0$!044&+!U252%!',)'7')*2553!;*$!%&!%2#!$0!
044&+!'$!',!/0,-+&-2$'0,D!\0.&7&+6!'4!$%&+&!2+&!(0+&!$%2,!0,&!8&+#0,!2,)!$%&3!#%0+$&,!$%&'+!U252%!',!/0,-+&-2$'0,6!$%&+&!.'55!
;&!,0$%',-!.+0,-!.'$%!'$D!F*$6!'4!$%'#!8&+#0,!)0&#!,0$!%27&!/0(82,36!%&!%2#!$0!044&+!U252%!',!/0,-+&-2$'0,!2,)!',!4*55D!!
!
\&!'#!,0$!8&+('$$&)!$0!#%0+$&,!%'#!U252%!&'$%&+!0,!$%&!+02)!$0!0+!2$!%'#!.0+1!852/&!'4!%&!%2#!0$%&+#!.'$%!%'(!2#!$%&3!#%0*5)!
044&+!$%&'+!U252%!',!/0,-+&-2$'0,D!I%&!#2(&!2885'&#!'4!0,&!'#!?0',',-!$%&!"(2(!Z$%&!0,&!.%0!5&2)#!/0,-+&-2$'0,25!E+23&+[!
)*+',-!$+27&5G!$%&!8&+#0,!',!h*&#$'0,!#%0*5)!40550.!%'(!.%&,!%&!&'$%&+!#%0+$&,#!0+!/0(85&$&#!U252%D!"$!'#!,0$!8&+('##';5&!
40+!2,30,&!$0!044&+!U252%!',)'7')*2553!'4!$%&+&!2+&!0$%&+!8&085&!.'$%!.%0(!%&!/0*5)!044&+!'$!',!4*55!2,)!',!/0,-+&-2$'0,D!",!
4',&6!$%'#!8&+#0,!'#!8&+('$$&)!$0!#%0+$&,!%'#!U252%!.%&$%&+!%&!'#!#$'55!0,!%'#!.23!$0!.0+1!0+!'#!25+&2)3!2$!.0+1D!I%&+&!.'55!;&!
,0$%',-!.+0,-!'4!%&!)0&#!#0D!!
'
P4&.G-U'$#)96"BG4+'
!
!
!
NK)L)!8='(#)0()-+0%*"('(#)D$=$+)10%)204"()2+'=")*+"9)$%")$*)*+"'%),$%"(*-R)+08-")2+'.+)='"-)/"90(&)*+")4'('484)
&'-*$(.")06"%)2+'.+)'*)'-),"%4'--'/=")*0)-+0%*"()D$=$+)
!
:8"-*'0(;!"#!'$!8&+('##';5&!40+!.0(&,!$0!#%0+$&,!$%&'+!U252%!ZE+23&+[!.%&,!$%&3!7'#'$!$%&'+!82+&,$#!.%0!5'7&!2$!2!)'#$2,/&!
07&+!.%'/%!'$!'#!8&+('##';5&!$0!#%0+$&,!U252%9!B23!:552%!-+2,$!30*!#*//&##D!
!
?(-2"%;!f4!/0*+#&6!'$!'#!8&+('##';5&!40+!2,3!.0(2,!$0!#%0+$&,!%&+!U252%6!'4!#%&!$+27&5#!40+!(0+&!$%2,!$%&!)'#$2,/&!07&+!
.%'/%!'$!'#!8&+('##';5&!$0!#%0+$&,!U252%!$0!7'#'$!%&+!82+&,$#!0+!40+!2,3!0$%&+!+&2#0,6!2#!50,-!2#!#%&!'#!,0$!2$!%&+!%*#;2,)A#!
%0*#&D!U06!'4!#%&!7'#'$#!%&+!82+&,$#6!'$!'#!8&+('##';5&!40+!%&+!$0!#%0+$&,!%&+!U252%!.%&,&7&+!$%&!)'#$2,/&!/07&+&)!)*+',-!$%&!
$+27&5!+&2/%&#!$%&!)'#$2,/&!07&+!.%'/%!'$!'#!8&+('##';5&!$0!#%0+$&,!U252%6!$%2$!'#!2!0,&!)23!2,)!0,&!,'-%$!0,!?0*+,&3!0,!400$!
0+!%0+#&;2/1!0+!;3!2,3!0$%&+!(&2,#!04!$+2,#80+$D!I0)236!$%'#!)'#$2,/&!'#!2;0*$!&'-%$3!1'50(&$&+#D!
'
P4&.G-U'$#)96"BG4+'
!
!
)
)
IG)L)E=$%'1'.$*'0()01)*+"),%",0(&"%$(*)0,'('0().0(."%('(#)*+")&8%$*'0()10%)2+'.+)-+0%*"('(#)D$=$+)'-),"%4'--'/=")
!
:8"-*'0(;!V&$&+(',',-!$%&!)*+2$'0,!40+!.%'/%!'$!'#!8&+('##';5&!40+!2!$+27&5&+!$0!#%0+$&,!U252%!ZE+23&+[!'#!2!/0,$+07&+#'25!
(2$$&+!2(0,-!#/%052+#G!#0(&!#/%052+#!#23!'$!'#!40*+!)23#!0+!5&##6!2,)!0$%&+#!#23!$%2$!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!)')!
,0$!)&$&+(',&!2!)&4','$&!)*+2$'0,D!Q%2$!'#!$%&!(0#$!/0++&/$!08','0,!$%2$!'#!#%0.,!$%+0*-%!&7')&,/&9!
!
?(-2"%;!:#!$%&!h*&#$'0,&+!%2#!(&,$'0,&)6!$%'#!'#!2!(2$$&+!04!#0(&!/0,$+07&+#3!2(0,-!#/%052+#D!\0.&7&+6!.%2$!'#!
+&/0((&,)&)!2,)!'#!/50#&#$!$0!$%&!/0++&/$!08','0,!'#!$0!)&$&+(',&!$%&!)*+2$'0,!*#',-!40*+!)23#D!U0!'4!2!$+27&5&+!',$&,)#!$0!
#$23!40+!40*+!)23#!0+!5&##6!%&!(23!#%0+$&,!$%&!U252%6!;&/2*#&!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!#%0+$&,&)!$%&!U252%!.%&,!%&!
#$23&)!40+!40*+!)23#!',!B2112%!;&40+&!%&!.&,$!$0!B',2!)*+',-!%'#!>2+&.&55!\2??D!U/%052+#!#$2$&)!$%2$!$%&!E+08%&$!Z8&2/&!;&!
*80,!%'([!%2)!',$&,)&)!$0!#$23!40+!$%'#!)*+2$'0,6!2,)!$%2$!'#!.%3!%&!#%0+$&,&)!$%&!U252%D!!
!
I%'#!#%0.#!$%2$!'4!2!$+27&5&+!',$&,)#!$0!#$23!40+!40*+!)23#!0+!5&##6!%&!(23!#%0+$&,!$%&!U252%6!.%'/%!(&2,#!$%2$!%&!(23!8+23!
@%*%+!Zd00,[6!b:#+!Z:4$&+,00,[6!2,)!b"#%2A!Zd'-%$[!E+23&+#!.'$%!0,53!$.0!K21b2%#!Z*,'$#!04!E+23&+[!&2/%G!;*$!'4!$%&!)*+2$'0,!
'#!(0+&!$%2,!40*+!)23#6!0,&!#%0*5)!8&+40+(!$%&!U252%!',!'$#!/0(85&$&!40+(!;&/2*#&!$%&!;2#'/!8+',/'85&!/0,/&+,',-!U252%!'#!
$0!8&+40+(!'$!',!'$#!4*55!40+(D!I%'#!'#!$%&!;2#'/!8+',/'85&!40+!$%&!U252%!04!2!+&#')&,$G!$%&+&40+&6!0,&!#%0*5)!2;')&!;3!$%'#!
8+',/'85&!;3!8+23',-!40*+!K21b2%#D!I%'#!'#!$%&!08','0,!(2',$2',&)!;3!$%&!k*(%*+!Z)0(',2,$!(2?0+'$3!04!#/%052+#[6!2,)!$%'#!'#!
.%2$!.&!+&/0((&,)!;&/2*#&!'$!1&&8#!$%&!8&+#0,!0,!$%&!#24&!#')&D!
'
P4&.G-U'$#)96"BG4+'
!
!
)
GS)L)E=$%'1'.$*'0()01)*+")0,'('0()4$'(*$'("&)/9)-.+0=$%-).0(."%('(#)*+")&8%$*'0()10%)2+'.+)'*)'-),"%4'--'/=")*0)
-+0%*"()D$=$+)
!
:8"-*'0(;!:!h*&#$'0,&+!2#1#H!Q%2$!'#!$%&!&7')&,/&!$%2$!#%0.#!'$!'#!0,53!8&+('##';5&!$0!#%0+$&,!U252%!ZE+23&+[!40+!2!
(2<'(*(!04!4'7&!)23#9!://0+)',-!$0!(3!+&2)',-#6!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!*#&)!$0!#%0+$&,!U252%!0,!255!%'#!
?0*+,&3#6!.%&$%&+!%&!#$23&)!40+!4'7&!)23#!0+!(0+&D!:,)!'#!#%0+$&,',-!U252%!Q2?';!Z0;5'-2$0+3[!0+!2!U*,,2%!Z#*8&+&+0-2$0+3!
2/$!04!.0+#%'8!40550.',-!$%&!&<2(85&!04!$%&!E+08%&$[9!
!
?(-2"%;!I%&!(2?0+'$3!04!#/%052+#!#$2$&)!$%2$!$%&!;2#'/!8+',/'85&!'#!$%2$!$%&!+&#')&,$!#%0*5)!8+23!$%&!.%05&!U252%!.'$%0*$!
#%0+$&,',-!'$D!I%'#!'#!$%&!;2#'/!8+',/'85&6!;&/2*#&!.%&,!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!#$23&)!40+!40*+!)23#!)*+',-!%'#!
>2+&.&55!\2??6!2,)!$%&,!(2+/%&)!$0!B',2!0,!$%&!40*+$%!)236!.%'/%!.2#!$%&!&'-%$%!)23!04!V%*5C\'??2%6!$%&3!#2')H!I%&!E+08%&$!
Z8&2/&!;&!*80,!%'([!%2)!',$&,)&)!$0!#$23!$%0#&!40*+!)23#!2,)!$%2$!'#!.%3!%&!#%0+$&,&)!U252%#!)*+',-!$%&(6!2,)!.&!.'55!
#%0+$&,!$0!40550.!%'#!&<2(85&6!2,)!'4!$%&!)*+2$'0,!&</&&)#!40*+!)23#!.%'5&!.&!2+&!+&#')',-!',!2!852/&6!.&!.'55!8&+40+(!U252%!
',!'$#!4*55!40+(!.'$%0*$!#%0+$&,',-D!
!
f$%&+!#/%052+#!#2')H!"$!'#!8+&#/+';&)!40+!0,&!$0!#%0+$&,!U252%!&7&,!'4!$%&!)*+2$'0,!&</&&)#!40*+!)23#!2#!50,-!2#!%&!%2#!$%&!
",$&,$'0,!04!$+27&5',-6!2,)!'#!2/$*2553!$+27&5',-G!'$!'#!$%&+&40+&!8&+('##';5&!40+!%'(!$0!#%0+$&,!U252%!'4!%&!#$23#!40+!40*+!)23#!
0+!5&##!0+!(0+&6!2#!50,-!2#!%&!'#!#$'55!$+27&5',-D!
!
:))'$'0,25536!";,!:;;2#!2,)!0$%&+#!#2')H!I%&!)*+2$'0,!40+!.%'/%!#%0+$&,',-!U252%!'#!8&+('##';5&!'#!,',&$&&,!)23#6!;&/2*#&!
$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!#$23&)!',!B2112%!40+!$%&!,',&$&&,!)23#!04!$%&!3&2+!',!.%'/%!$%&!Y';&+2$'0,!04!B2112%!
0//*++&)D!I%&3!25#0!#2')!$%2$!'4!$%&!)*+2$'0,!&</&&)#!,',&$&&,!)23#6!$%&!$+27&5&+!#%0*5)!8&+40+(!$%&!U252%!',!'$#!/0(85&$&!
40+(!.'$%0*$!#%0+$&,',-D!
!
f$%&+!#/%052+#!#2')!$%2$!$%&!)*+2$'0,!'#!$&,!)23#6!;&/2*#&!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!#$23&)!40+!$&,!)23#!)*+',-!$%&!
>2+&.&55!\2??G!$%2$!'#6!%&!2++'7&)!0,!$%&!40*+$%!)236!2,)!$%&,!$+27&5&)!$0!B2)',2%!0,!$%&!40*+$&&,$%!)236!.%'/%!2(0*,$#!$0!
$&,!)23#!2#!:,2#!2,)!0$%&+#!(&,$'0,&)D!I%*#!'4!#0(&0,&!',$&,)#!$0!#$23!40+!$&,!)23#6!%&!(23!#%0+$&,!$%&!U252%6!2,)!'4!%&!
#$23#!40+!(0+&!$%2,!$&,!)23#6!%&!#%0*5)!8&+40+(!$%&!U252%!',!'$#!/0(85&$&!40+(D!!
!
\0.&7&+6!'$!'#!;&$$&+!40+!$%&!;&5'&7&+!$0!40550.!$%&!08','0,!(2',$2',&)!;3!$%&!(2?0+'$3!04!#/%052+#!',!0+)&+!$0!;&!0,!$%&!#24&!
#')&G!$%2$!'#6!$0!#%0+$&,!$%&!U252%#!2#!50,-!2#!%&!'#!#$23',-!40+!40*+!)23#6!0+!40+!$%&!8&+'0)!',!.%'/%!$.&,$3C0,&!0;5'-2$0+3!
U252%#!#%0*5)!;&!8&+40+(&)D!I%&+&40+&6!'4!%&!',$&,)#!$0!8&+40+(!(0+&!$%2,!$.&,$3C0,&!0;5'-2$0+3!U252%#!C!$%2$!'#6!'4!%&!
',$&,)#!$0!#$23!40+!2!8&+'0)!',!.%'/%!(0+&!$%2,!$.&,$3C0,&!0;5'-2$0+3!U252%#!2+&!044&+&)!C!%&!#%0*5)!8&+40+(!$%&!U252%!',!
'$#!/0(85&$&!40+(!$0!;&!0,!$%&!#24&!#')&6!;&/2*#&!$%&!;2#'/!8+',/'85&!40+!$%&!+&#')&,$!'#!$0!8&+40+(!$%&!U252%!',!'$#!4*55!40+(!
.'$%0*$!#%0+$&,',-D!I%'#!08','0,!'#!(2',$2',&)!;3!$%&!k*(%*+!Z)0(',2,$!(2?0+'$3!04!#/%052+#[!40+!$%&!8*+80#&!04!;&',-!0,!
$%&!#24&!#')&D!!
'
P4&.G-U'$#)96"BG4+'
'
!
)
IT)L)B+")0,'('0()01)*+")108%)U$&+L+$/-)0()*+"),"%'0&)01)-+0%*"('(#)D$=$+)
!
:8"-*'0(;!"#!'$!$+*&!$%2$!2!$+27&5&+!(23!#%0+$&,!U252%!ZE+23&+[!+&-2+)5&##!04!$%&!8&+'0)!04!%'#!$+27&56!&7&,!'4!'$!52#$#!40+!$.0!
3&2+#6!0+!'#!$%&+&!2!#8&/'4'/!8&+'0)!04!$'(&!24$&+!.%'/%!0,&!(*#$!,0$!#%0+$&,!U252%9!Q%2$!'#!$%&!+*5',-!0,!$%&!0,&!.%0!
$+27&5#!40+!$%&!#21&!04!#$*)3!0+!.0+1',-!2;+02)9!"#!'$!+'-%$!$%2$!%&!(23!#%0+$&,!U252%!*,$'5!%&!+&$*+,#!%0(&9!
!
?(-2"%;!"$!'#!U*,,2%!Z2/$'0,!40550.',-!$%&!$&2/%',-#!04!$%&!E+08%&$[!40+!$%&!$+27&5&+!$0!#%0+$&,!U252%!2#!50,-!2#!%&!'#!0,!%'#!
?0*+,&3D!"4!0,&6!40+!',#$2,/&6!$+27&5#!4+0(!U2*)'!:+2;'2!$0!:(&+'/26!%&!(23!#%0+$&,!U252%!2#!50,-!2#!%&!'#!0,!$%&!+02)D!
B0+&07&+6!'4!0,&!$+27&5#!4+0(!B2112%!$0!i-38$!0+!4+0(!i-38$!$0!B2112%6!%&!(23!#%0+$&,!U252%!2#!50,-!2#!%&!'#!$+27&5',-D!
I%&!#2(&!+*5',-!2885'&#!'4!%&!#$23#!',!2!/0*,$+3!'4!%&!',$&,)#!$0!#$23!$%&+&!40+!40*+!)23#!0+!5&##D!I%'#!'#!#*880+$&)!;3!$%&!42/$!
$%2$!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!#%0+$&,&)!$%&!U252%!.%&,!%&!$+27&5&)!$0!B2112%!)*+',-!$%&!>2+&.&55!\2??D!!
!
\&!Z8&2/&!;&!*80,!%'([!+&2/%&)!B2112%!0,!$%&!(0+,',-!04!$%&!40*+$%!04!V%*5C\'??2%!2,)!%&!Z8&2/&!;&!*80,!%'([!1&8$!
#%0+$&,',-!U252%!*,$'5!%&!#&$!0*$!$0!B',2D!I%&!#2(&!+*5',-!2885'&#!'4!0,&!',$&,)#!$0!$+27&5!$0!2!/&+$2',!852/&!2,)!#$23!$%&+&',!
;*$!%&!)0&#!,0$!)&$&+(',&!2!8&+'0)!04!$'(&!40+!%'#!#$23D!\&!(23!#23H!.%&,&7&+!#0C2,)C#0!%288&,#6!"!.'55!$+27&5D!\&!)0&#!,0$!
1,0.!.%&,!%'#!#$23!.'55!&,)D!\&!#$23#!*,$'5!%&!4*54'55#!%'#!,&&)!2,)!%&!)0&#!,0$!1,0.!.%&,!%&!.'55!4*54'55!'$D!!
!
I%'#!'#!5'1&!$%&!/2#&!.%&,!0,&!#&&1#!#0(&0,&!.%0!'#!',)&;$&)!$0!%'(!0+!#0(&0,&!.%0(!%&!,&&)#D!f+!.%&,!%&!#&&1#!2!
/&+$2',!/0((0)'$3!;*$!.'$%0*$!1,0.',-!.%&,!%&!/2,!4',)!'$D!f+!.%&,!$%&+&!'#!2!)'#8*$&!2,)!%&!)0&#!,0$!1,0.!.%&,!'$!.'55!
&,)!0+!$%',-#!04!$%&!#0+$D!",!#*/%!/2#&#6!0,&!(23!#%0+$&,!$%&!U252%!2#!50,-!2#!%&!'#!#$23',-!;&/2*#&!%'#!#$23!'#!',)&4','$&!2,)!
%&!)0&#!,0$!1,0.!.%&,!%'#!#$23!.'55!&,)D!\&+&6!0,&!'#!/0,#')&+&)!2!$+27&5&+!2,)!%&!'#!8&+('$$&)!$0!#%0+$&,!U252%!2,)!,0$!
0;#&+7&!U2.(!Z>2#$[!)*+',-!K2(2)2,!&7&,!'4!%&!#$23#!40+!3&2+#D!
!
\0.&7&+6!'4!0,&!#$23#!40+!2!50,-!$'(&!2;+02)!40+!$%&!#21&!04!#$*)3!0+!40+!#0(&!0$%&+!8*+80#&#6!.%'5&!',$&,)',-!$0!#$23!$%&+&!
40+!2!50,-!$'(&6!%&!%2#!$0!044&+!$%&!U252%!',!4*55D!I%'#!'#!$%&!+'-%$!08','0,!$%2$!'#!(2',$2',&)!;3!$%&!k*(%*+!Z)0(',2,$!
(2?0+'$3!04!#/%052+#6!$%&!>0*+!"(2(#!Z:;*!\2,'42%6!B25'16!:5CU%24'b36!2,)!:%(2)[!2,)!0$%&+#D!"4!0,&!#$23#!(0+&!$%2,!$.&,$3!
,'-%$#6!%&!%2#!$0!044&+!U252%!',!'$#!/0(85&$&!,*(;&+!04!K21b2%#!Z*,'$!04!E+23&+[D!U/%052+#!%&5)!)'44&+&,$!08','0,#!.%&$%&+!
$%&!#$23!'#!5'('$&)!$0!,',&$&&,!0+!4'4$&&,!)23#D!U0(&!#/%052+#!.&+&!04!$%&!08','0,!$%2$!0,&!(23!#%0+$&,!U252%!'4!%'#!#$23!52#$#!
,',&$&&,!)23#D!I%'#!.2#!+&80+$&)!4+0(!2!-+0*8!04!#/%052+#D!!
!
d0,&$%&5&##6!$%&!2*$%&,$'/!08','0,!%&+&!#$2$&#!$%2$!$%&!#$23!'#!40*+!)23#!0+!5&##!2,)!$%'#!'#!$%&!08','0,!2)08$&)!;3!$%&!
(2?0+'$3!04!#/%052+#!2,)!'$!'#!$%&!08','0,!$%2$!'#!#24&#$!+&-2+)',-!$%'#!-+&2$!2/$!04!.0+#%'86!.%'/%!'#!$%&!(2',!8'552+!04!"#52(D!
U06!(3!2)7'/&!$0!(3!$+27&5',-!;+0$%&+#6!.%0!2+&!2;+02)!40+!$%&!#21&!04!#$*)3!0+!40+!2,3!0$%&+!8*+80#&6!'#!$0!044&+!U252%!
.'$%0*$!#%0+$&,',-!'$!2,)!$0!0;#&+7&!U2.(!)*+',-!K2(2)2,!2,)!,0$!$0!+&4+2',!4+0(!U2.(!*,5&##!$%&!#$23!'#!40+!40*+!)23#!
0+!5&##!0+!',!/2#&!'$!'#!,0$!#8&/'4'&)!2,)!0,&!)0&#!,0$!1,0.!.%&,!'$!.'55!&,)!;&/2*#&!%&!%2#!2!,&&)!$0!4*54'55!2,)!)0&#!,0$!
1,0.!.%&,!'$!/2,!;&!4*54'55&)D!",!$%'#!/2#&6!$%&!+*5',-!04!$%&!$+27&5&+!2885'&#!$0!%'(D!I%'#!'#!$%&!;&#$!$%',-!#2')!',!$%'#!+&-2+)!
2,)!'$!'#!$%&!08','0,!2)08$&)!;3!$%&!k*(%*+!2,)!'$!'#!$%&!08','0,!$%2$!'#!#24&#$!2#!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!#2')H!
1V-"8-'6%"6'*%)G%'G"&!-!'(4&'/4&H6'94.'6%"6'*%)G%'/4-!'046'G"&!-'(4&'/4&H6BC'
!
!\&!Z8&2/&!;&!*80,!%'([!25#0!#2')H'1$0(40-'*%4'>&"./!'">")0!6'6%-'/4&H69&#'+"66-.!'*)##'5.46-G6'%)!'.-#)>)4&!'G4++)6+-06'
"0/'%404.BC'I%&!E+08%&$A#!Z8&2/&!;&!*80,!%'([!#$23!',!B2112%!40+!,',&$&&,!)23#!0,!$%&!3&2+!04!$%&!Y';&+2$'0,!04!B2112%!'#!
*,)&+#$00)!$0!(&2,!$%2$!%&!Z8&2/&!;&!*80,!%'([!)')!,0$!',$&,)!#*/%!2!#$23D!K2$%&+6!%&!#$23&)!$0!4'<!$%&!2442'+#!04!+&5'-'0,!
2,)!&#$2;5'#%!I2.%')!Z;&5'&4!',!$%&!f,&,&##!04!:552%[!',!B2112%!2,)!$0!)'+&/$!B*#5'(#!$0!$%&'+!)*$'&#D!\&,/&6!'$!'#!,0$!
,&/&##2+3!$%2$!%&!Z8&2/&!;&!*80,!%'([!%2)!',$&,)&)!$%'#!#$23D!!
!
K2$%&+6!'$!/0*5)!;&!*,)&+#$00)!$%2$!%&!Z8&2/&!;&!*80,!%'([!#8&,$!#*/%!)23#6!.'$%0*$!%27',-!$%&!8+&7'0*#!',$&,$'0,6!
(2,2-',-!$%&!B*#5'(#A!2442'+#!2,)!4'<',-!.%2$!,&&)&)!$0!;&!4'<&)!2,)!&#$2;5'#%',-!$%&!+'$*25#!04!+&5'-'0,!',!B2112%!:5C
B*12++2(2%D!I%&+&!'#!,0$%',-!$0!8+07&!$%2$!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!%2)!',$&,)&)!#*/%!2!#$23!#0!$%2$!'$!.0*5)!
#*880+$!$%&!08','0,!$%2$!$%&!8&+'0)!04!#%0+$&,',-!U252%!'#!,',&$&&,!)23#!2#!+&80+$&)!4+0(!";,!b:;;2#!Z(23!:552%!;&!85&2#&)!
.'$%!%'([D!U'('52+536!$%&+&!'#!,0$%',-!$0!8+07&!$%2$!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!%2)!',$&,)&)!$0!#$23!$.&,$3!)23#!',!
I2;*1D!:882+&,$536!%&!#$23&)!$0!/%&/1!$%&!2442'+#!+&52$&)!$0!$%&!.2+!.'$%!$%&!K0(2,#D!!
!
\&,/&6!$%&+&!.2#!,0$%',-!/&+$2',!2;0*$!$%&!8&+'0)!%&!,&&)&)!$0!#$23!$%&+&!;&/2*#&6!',!8+',/'85&6!$%&!#$23!/0*5)!,0$!;&!
2#/&+$2',&)!&</&8$!.'$%!2!8+004!2,)!%&!.2#!$+27&5',-!$0!(21&!k'%2)!Z#$+'7',-!',!$%&!J2*#&!04!:552%[!2-2',#$!$%&!K0(2,#D!
\0.&7&+6!%&!#50.&)!)0.,!',!I2;*1!40+!$%'#!8&+'0)!$0!/0,#')&+!$%',-#!$%2$!.&+&!+&52$&)!$0!$%'#!.2+!2,)!.%&$%&+!%&!Z8&2/&!
;&!*80,!%'([!#%0*5)!8+0/&&)!.'$%!k'%2)!2,)!4'-%$!$%&!K0(2,#!0+!+&$*+,D!I%&,6!:552%!/%0#&!40+!%'(!$0!+&$*+,!$0!B2)',2%!
2,)!$%'#!k'%2)!.2#!$%&,!+&#*(&)!;3!$%&!U2%2;2%!ZJ0(82,'0,#!04!$%&!E+08%&$6!(23!:552%!;&!85&2#&)!.'$%!$%&([D!
!
I0!#*(!*86!$%&+&!'#!,0!/&+$2',!8+004!$%2$!%&!Z8&2/&!;&!*80,!%'([!%2)!',$&,)&)!$0!#$23!,',&$&&,!)23#!',!B2112%!0+!$%2$!%&!
Z8&2/&!;&!*80,!%'([!%2)!$%&!',$&,$'0,!$0!#$23!',!I2;*1!40+!$.&,$3!)23#D!\&,/&6!'$!/2,,0$!;&!#2')6!;2#&)!0,!$%'#6!$%2$!$%'#!'#!
$%&!5&2#$!0+!#%0+$&#$!8&+'0)!40+!$%&!#$23D!K2$%&+6!$%'#!'#!8+0;2;5&!2#!#$2$&)!;3!$%&!(2?0+'$3!04!#/%052+#!.%&,!$%&3!)&$&+(',&)!
$%2$!$%&!#$23!/0*,$&)!'#!40*+!)23#!0+!5&##D!"4!0,&!#$23#!50,-&+!$%2,!$%2$6!%&!(*#$!044&+!$%&!U252%!',!4*55!$0!;&!0,!$%&!#24&!#')&!
2,)!$%'#!'#!#*880+$&)!;3!$%&!42/$!$%2$!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!#$23&)!',!B2112%!0,!$%&!3&2+!04!$%&!>2+&.&55!\2??!40+!
40*+!)23#6!2,)!$%&+&!'#!,0!)0*;$!$%2$!%&!',$&,)&)!#*/%!2!#$23!40+!8&+40+(',-!\2??!#',/&!$%&!40*+$%!)23!Z04!V%*5C\'??2%[!*,$'5!
%&!5&4$!$0!B',2!Z0,!$%&!&'-%$%!04!V%*5C\'??2%[D!
!
:!-+0*8!04!#/%052+#!)&$&+(',&)!$%&!)*+2$'0,!04!$%&!#$23!;3!$&,!)23#!;&/2*#&!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!#$23&)!',!
B2112%!40+!$&,!)23#!40+!$%&!>2+&.&55!\2??D!I%&3!',/5*)&)!;3!$%'#!%'#!#$23!',!B',2!2,)!',!b:+242%D!I%&3!#$2$&)!$%2$!$%&!#$23!
/0*,$&)!'#!$&,!',$&,)&)!)23#!2,)!$%'#!'#!2!#$+0,-!08','0,D!\0.&7&+6!$%&!(2?0+'$3!04!#/%052+#!/0,#')&+&)!%'#!#&$$',-!0*$!4+0(!
B2112%!$0!B',2!2,!',$&,$'0,!04!$+27&5',-!;&/2*#&!%&!%&2)&)!$0.2+)#!B',2!$0!8&+40+(!$%&!+'$*25#!04!$%&!\2??!$%&,!$+27&5!
;2/1!$0!B2)',2%D!:,3.236!$%'#!'#!2,!'##*&!+&-2+)',-!.%'/%!#/%052+#!%&5)!)'44&+&,$!08','0,#D!!
!
o&$!$%&!;&#$!2,)!#24&#$!08','0,!'#!$%&!08','0,!04!$%&!(2?0+'$3!04!#/%052+#!.%'/%!%2#!;&&,!8+&7'0*#53!(&,$'0,&)G!$%2$!'4!0,&!
',$&,)&)!$0!#$23!',!2!/0*,$+3!(0+&!$%2,!40*+!)23#6!%&!%2#!$0!044&+!$%&!U252%!',!'$#!4*55!,*(;&+!04!K21b2%#D!:,)!'4!%&!',$&,)&)!
2!#%0+$&+!#$236!$%&,!%&!(23!#%0+$&,!$%&!U252%D!"4!%&!%2)!,0!#8&/'4'/!',$&,$'0,6!5'1&!$%&!0,&!.%0!#23#!$%2$!%&!.'55!$+27&5!,&<$!
)23!;&/2*#&!%&!%2#!2!,&&)!$0!4*54'55!2,)!)0&#!,0$!1,0.!.%&,!'$!/2,!;&!4*54'55&)6!$%&,!$%&!+*5',-!04!$%&!$+27&5&+!2885'&#!$0!#*/%!
2!8&+#0,D!B23!:552%!-+2,$!*#!#*//&##D!!
!
I%&!0,&!.%0!$+27&5#!40+!$%&!#21&!04!#$*)3!0+!2!$+2',',-!/0*+#&6!.&!2)7'#&!%'(!$0!044&+!$%&!U252%!',!4*55!2,)!,0$!$0!#%0+$&,!'$!
2,)!,0$!$0!;+&21!%'#!U2.(D!I%&!#2(&!2885'&#!$0!2(;2##2)0+#!',!255!/0*,$+'&#6!*,5&##!$%&!/0*,$+3!.%&+&!$%&3!5'7&!
/0((2,)#!$%&(!$0!+&$*+,!$0!$%&'+!%0(&!/0*,$+3D!U*/%!8&085&!%27&!$0!044&+!$%&!U252%!',!4*55!2,)!%27&!$0!42#$!;&/2*#&!$%&3!
2+&!/0,#')&+&)!+&#')&,$#!,0$!$+27&5&+#D!
'
P4&.G-U'$#)96"BG4+'
!
!
)
IJ)L)M"*"%4'('(#)*+")&8%$*'0()10%)2+'.+)-+0%*"('(#)$(&).04/'('(#)D$=$+)'-),"%4'--'/=")
!
:8"-*'0(;!f*+!+&#8&/$&)!U%231%6!.%2$!'#!$0!;&!)0,&!'4!2!$+27&5&+!',$&,)#!$0!#$23!40+!(0+&!$%2,!40*+!)23#!',!2!852/&9!
!
?(-2"%;!"4!$%&!$+27&5&+!',$&,)#!$0!#$23!40+!(0+&!$%2,!40*+!)23#6!%&!#%0*5)!,0$!#%0+$&,!U252%!ZE+23&+[D!\0.&7&+6!#0(&!
#/%052+#!#23H!\&!(23!#%0+$&,!U252%!2#!50,-!2#!%&!%2#!$%&!',$&,$'0,!04!$+27&5',-!&7&,!'4!$%&!)*+2$'0,!'#!50,-&+6!;&/2*#&!$%&!
\2)'$%#!)')!,0$!)&$&+(',&!2!#8&/'4'/!)*+2$'0,6!2,)!;&/2*#&!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!#%0+$&,&)!$%&!U252%!40+!(0+&!
$%2,!40*+!)23#!.%&,!%&!#$23&)!',!B2112%!40+!,',&$&&,!)23#6!2,)!25#0!.%&,!%&!#$23&)!',!I2;*1D!I%&!#/%052+#!#2')H!I%'#!
#%0.#!$%2$!$%&!$+27&5&+!(23!#%0+$&,!U252%!2#!50,-!2#!%&!%2#!,0$!',$&,)&)!$0!#$23!',!$%&!852/&!40+&7&+6!2,)!$%&3!%27&!
&7')&,/&!4+0(!$%&!8+&7'0*#53!(&,$'0,&)!2/$'0,#!04!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([D!!
!
\0.&7&+6!$%&!k*(%*+!Z)0(',2,$!(2?0+'$3!04!#/%052+#[!#$2$&!$%2$!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!#$23&)!',!B2112%!2,)!
I2;*1!.'$%0*$!)&$&+(',',-!',!2)72,/&G!$%&+&40+&6!'4!2!8&+#0,!$+27&5#!2,)!#$23#!',!2!852/&6!2,)!%&!)0&#!,0$!1,0.!.%&,!%&!
.'55!+&$*+,!;2/1!;&/2*#&!%&!'#!.2'$',-!40+!#0(&!8&085&!0+!.2'$',-!40+!#0(&$%',-!$0!%288&,6!%&!(23!#%0+$&,!$%&!U252%!&7&,!
'4!%&!#$23#!40+!(0,$%#6!;&/2*#&!%&!)0&#!,0$!1,0.!.%&,!%&!.'55!5&27&D!I%&!k*(%*+6!$%&+&40+&6!&<852',&)!$%&!+&#')&,/&!04!$%&!
E+08%&$!Z8&2/&!;&!*80,!%'([!',!I2;*16!2,)!B2112%!',!$&+(#!04!$%'#!08','0,6!;&/2*#&!%&!#$23&)!',!B2112%!$0!+&(07&!$%&!
+&(2',#!$%2$!$%&!4500)!5&4$!;&%',)6!2,)!#$23&)!',!I2;*1!.'$%!$%&!',$&,$'0,!04!',72)',-!$%&!K0(2,#D!I%&,!:552%!/%0#&!$0!5&$!
%'(!+&$*+,!2,)!,0$!$0!-0!0,!.'$%!%'#!',$&,$'0,D!://0+)',-536!$%&!k*(%*+!#$2$&)!$%2$!$%'#!+&#')&,/&!.2#!,0$!8+&7'0*#53!
)&$&+(',&)G!25#0!%&!%2)!,0$!3&$!$21&,!$%&!)&/'#'0,!2,)!%2)!;&&,!.2'$',-!40+!#0(&$%',-!$0!%288&,D!
'
P4&.G-U'$#)96"BG4+'
!
!
)
IV)L)E04/'('(#)$(&)-+0%*"('(#)D$=$+)'()$)(0(LU8-='4).08(*%9)
!
:8"-*'0(;!:!h*&#$'0,&+!2#1#6!n"!*#&)!$0!$+27&5!$0!,0,CB*#5'(!/0*,$+'&#!#&&1',-!.0+1D!:$!$%&!852/&#!04!.0+1!',!$%0#&!
/0*,$+'&#!"!/0*5)!,0$!8+23!$%&!@%*%+!Zd00,[!E+23&+!;&/2*#&!$%&+&!.&+&!,0!852/&#!$0!8&+40+(!Q*)*A!Z2;5*$'0,[D!U06!"!*#&)!$0!
/0(&!;2/1!$0!$%&!%0$&5!$0!8&+40+(!Q*)*A!2,)!/0(;',&!$%&!@%*%+!E+23&+!.'$%!$%&!b:#+!Z:4$&+,00,[!E+23&+!2,)!$%&!B2-%+';!
ZU*,#&$[!E+23&+!.'$%!$%&!b"#%2A!Zd'-%$[!E+23&+6!;*$!"!(2,2-&)!$0!044&+!>2?+!ZV2.,[!E+23&+!2$!'$#!)*&!$'(&D!"#!$%'#!/0++&/$9n!
)
?(-2"%;!>'+#$536!"!2)7'#&!30*!,0$!$0!$+27&5!$0!,0,CB*#5'(!/0*,$+'&#6!;&/2*#&!2/$#!04!T*4+!Z)'#;&5'&4[!2,)!U%'+1!Z2##0/'2$',-!
0$%&+#!.'$%!:552%!',!\'#!V'7','$3!0+!.0+#%'8[!2;0*,)!$%&+&6!5&$!250,&!(2,3!2/$#6!.%'/%!2+&!2-2',#$!"#52(D!V0!30*+!;&#$!$0!
.0+1!',!2!B*#5'(!/0*,$+3!$0!270')!#*/%!2/$#D!:,3.236!"4!$%&!)*+2$'0,!04!30*+!$+27&5!'#!#%0+$!Z'D&D!,0$!(0+&!$%2,!40*+!)23#[6!
30*!/2,!/0(;',&!Z2,)!#%0+$&,[!$%&!@%*%+!E+23&+!.'$%!$%&!b:#+!E+23&+!2$!$%&!$'(&!04!$%&!&2+5'&+!0,&!0+!$%&!52$&+!0,&6!2,)!
/0(;',&!Z2,)!#%0+$&,[!$%&!B2-%+';!E+23&+!.'$%!$%&!b"#%2A!E+23&+!Z.%&$%&+!2$!$%&!$'(&!04!$%&!&2+5'&+!0,&6!0+!2$!$%&!$'(&!04!
$%&!52$&+!0,&[D!\0.&7&+6!2//0+)',-!$0!$%&!7'&.!%&5)!;3!$%&!(2?0+'$3!04!#/%052+#6!'4!30*+!#$23!.'55!$21&!(0+&!$%2,!40*+!)23#6!
30*!#%0*5)!,0$!/0(;',&!0+!#%0+$&,!U252%#6!;*$!30*!#%0*5)!8+23!&2/%!U252%!2$!'$#!$'(&D!\0.&7&+6!'4!30*!2+&!,0$!#*+&!.%&$%&+!
'$!.'55!$21&!5&##!$%2,!40*+!)23#!0+!,0$6!$%&+&!'#!,0!8+0;5&(!',!#%0+$&,',-!2,)!/0(;',',-!$%&!U252%#!Z@%*%+!.'$%!b:#+6!2,)!
B2-%+';!.'$%!b"#%2A[D!
!
l2#+!Z#%0+$&,',-!04!U252%[!(&2,#!8+23',-!@%*%+!E+23&+!2#!$.0!K21b2%#!Z*,'$#!04!E+23&+[6!b:#+!E+23&+!2#!$.0!K21b2%#6!2,)!
b"#%2A!E+23&+!2#!$.0!K21b2%#6!.%'5&!k2(b!Z/0(;',',-!$%&!U252%#[!(&2,#!8+23',-!B2-%+';!E+23&+!2,)!b"#%2A!E+23&+!2$!0,&!
$'(&!+&#8&/$'7&53!Z.%&$%&+!2$!$%&!$'(&!04!$%&!&2+5'&+!0,&!0+!2$!$%&!$'(&!04!$%&!52$&+!0,&[6!2,)!@%*%+!2,)!b:#+!8+23&+#!2$!0,&!
$'(&!+&#8&/$'7&53!Z.%&$%&+!2$!$%&!$'(&!04!$%&!&2+5'&+!0,&!0+!2$!$%&!$'(&!04!$%&!52$&+!0,&[D!
!
:5#06!$+3!$0!8+23!$%&!0;5'-2$0+3!U252%!',!/0,-+&-2$'0,D!"4!$%&+&!'#!2!B2#?')6!?0',!$%&!/0,-+&-2$'0,!',!'$!Z.'$%0*$!)0',-!l2#+[D!"4!
$%&+&!2+&!#0(&!B*#5'(#!2+0*,)!',!$%&!%0$&56!8+23!.'$%!$%&(!',!30*+!+00(!0+!',!2,3!852/&!2$!$%&!%0$&5D!\0.&7&+6!.%&,!30*!
8+23!2#!2!B2A(*(!Z8&+#0,!;&',-!5&)!;3!2,!"(2(!',!E+23&+[!;&%',)!#0(&0,&!.%0!'#!+&#')&,$6!)0!,0$!)0!l2#+D!o&$6!'4!30*!2+&!
$.0!0+!$%+&&!$+27&5',-!8&085&6!30*!/2,!8+23!250,&!Z',!/0,-+&-2$'0,[!0;#&+7',-!l2#+6!;*$!'4!30*!?0',!2!/0,-+&-2$'0,!04!
+&#')&,$!8&085&6!)0!,0$!)0!l2#+D!B23!:552%!-+2,$!255!04!*#!#*//&##D!
'
P4&.G-U'$#)96"BG4+'
!
!
)
IH)L)!8='(#)0().04/'('(#)$(&)-+0%*"('(#)D$=$+)10%)*+")*%$6"="%)2+0)'(*"(&-)*0)-*$9)10%)$)40(*+)
!
:8"-*'0(;!:!h*&#$'0,&+!4+0(!k0+)2,!#23#H!"!$+27&5!$0!2!40+&'-,!/0*,$+3!2,)!"!#$23!$%&+&!40+!$.0!$0!40*+!(0,$%#6!;*$!"!)0!,0$!
)&$&+(',&!$%&!)*+2$'0,!$%2$!"!.'55!#8&,)!$%&+&D!>0+!&<2(85&6!K&#8&/$&)!U%231%6!"!.&,$!0,/&!$0!2!/0*,$+3!.'$%!$%&!',$&,$'0,!
04!#$23',-!40+!0,&!(0,$%!40+!*+-&,$!+&2#0,#!;*$!"!%2)!$0!#$23!40+!$%+&&!(0,$%#D!\0.!#%0*5)!"!8&+40+(!U252%!ZE+23&+[!
/0,/&+,',-!/0(;',',-!2,)!#%0+$&,',-9!
!
?(-2"%;!"4!30*!2+&!)&$&+(',&)!$0!#$23!40+!(0+&!$%2,!40*+!)23#6!30*!#%0*5)!8&+40+(!U252%!',!'$#!4*55!40+(!.'$%0*$!
#%0+$&,',-6!2//0+)',-!$0!$%&!08','0,!(2',$2',&)!;3!$%&!k*(%*+!Z)0(',2,$!(2?0+'$3!04!#/%052+#[D!I%&!k*(%*+!#$2$&)!$%2$!
.%&$%&+!2!8&+#0,!#$23#!0,&!(0,$%6!$.0!(0,$%#!0+!$&,!)23#6!%&!#%0*5)!8&+40+(!40*+!K21b2%#!Z*,'$#!04!E+23&+[!.'$%0*$!
#%0+$&,',-D!"4!30*!',$&,)!$0!#$23!40*+!)23#!0+!5&##6!'$!'#!8&+('##';5&!40+!30*!$0!#%0+$&,!U252%!;3!8+23',-!$.0!K21b2%#!',#$&2)!
04!40*+6!*,5&##!30*!2+&!250,&D!",!$%'#!/2#&6!30*!#%0*5)!,0$!8+23!250,&6!;*$!30*!#%0*5)!?0',!$%&!/0,-+&-2$'0,25!U252%!2,)!
8&+40+(!$%&!40*+CK21b2%!U252%#!ZE+23&+#!/0,#'#$',-!04!40*+!*,'$#[!.'$%!40*+!K21b2%#!.'$%0*$!#%0+$&,',-6!;&/2*#&!
8&+40+(',-!$%&!/0,-+&-2$'0,25!U252%!'#!Q2?';!Z0;5'-2$0+3[D!!
!
f,!$%&!0$%&+!%2,)6!'4!30*!2+&!2//0(82,'&)!;3!#0(&!4+'&,)#6!30*!(23!255!#%0+$&,!$%&!U252%!$0-&$%&+!;3!8&+40+(',-!'$!.'$%!
$.0!K21b2%#!2#!50,-!2#!30*!2+&!#$23',-!40+!40*+!)23#!0+!5&##D!\0.&7&+6!'4!$%&!B*#5'(!'#!)&$&+(',&)!$0!#$23!40+!(0+&!$%2,!
40*+!)23#6!%&!#%0*5)!8&+40+(!$%&!U252%!',!'$#!4*55!40+(!.'$%0*$!#%0+$&,',-!0+!/0(;',',-6!2//0+)',-!$0!$%&!08','0,!
(2',$2',&)!;3!$%&!(2?0+'$3!04!#/%052+#6!.%0!;2#&)!$%&'+!08','0,!*80,!.%2$!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!)')!',!%'#!
>2+&.&55!\2??D!\&!#%0+$&,&)!%'#!U252%!40+!40*+!)23#!.%'5&!%&!.2#!#$23',-!',!B2112%6!#',/&!%&!2++'7&)!$0!'$!0,!$%&!40*+$%!)23!
04!V%*5C\'??2%!2,)!#%0+$&,&)!%'#!U252%!*,$'5!%&!.&,$!$0!B',2!0,!$%&!&'-%$%!)23D!I%&+&40+&6!%&!#%0+$&,&)!$%&!U252%!)*+',-!
$%'#!8&+'0)!25$%0*-%!%&!.2#!#$23',-!',!B2112%D!!
!
I%&,6!'4!$%&!$+27&5&+!#$23#!40+!40*+!)23#6!'$!'#!8&+('##';5&!40+!%'(!$0!#%0+$&,!$%&!U252%G!;*$!'4!%&!',$&,)#!$0!#$23!(0+&!$%2,!
40*+!)23#6!%&!#%0*5)!,0$!#%0+$&,6!;&/2*#&!$%&!;2#'/!8+',/'85&!/0,/&+,',-!$%&!U252%!04!$%&!+&#')&,$!'#!8&+40+(',-!'$!',!'$#!4*55!
40+(!.'$%0*$!#%0+$&,',-D!I%*#6!$%&!$+27&5&+!#%0*5)!,0$!/0(;',&!0+!#%0+$&,!U252%#!'4!%&!'#!)&$&+(',&)!$0!#8&,)!(0+&!$%2,!
40*+!)23#6!;*$!'4!$%&!)*+2$'0,!$%2$!%&!.'55!#8&,)!'#!,0$!)&4','$&6!$%2$!'#6!%&!)0&#!,0$!1,0.!.%&$%&+!%&!.'55!#$23!40+!$%+&&!0+!
4'7&!)23#!0+!40+!2!(0,$%6!;&/2*#&!$%&+&!'#!2!('##'0,!$%2$!%&!)0&#!,0$!1,0.!.%&,!'$!.'55!&,)6!%&!4255#!*,)&+!$%&!#2(&!+*5',-!
2#!2!$+27&5&+6!2,)!%&!(23!#%0+$&,!2,)!/0(;',&!U252%#6!;&/2*#&!%&!'#!,0$!#*+&!2;0*$!$%&!)*+2$'0,!04!#$23',-D!I%'#!0,53!
2885'&#!$0!$%&!$+27&5&+!'4!%&!'#!2//0(82,'&)!;3!#0(&!4+'&,)#G!;*$!'4!%&!'#!250,&6!%&!#%0*5)!8+23!.'$%!8&085&!.'$%0*$!
#%0+$&,',-D!I%2$!'#6!%&!#%0*5)!8+23!$%&!/0,-+&-2$'0,25!U252%#!',!(0#h*&#!2,)!8+23!$%&!4*55!40*+!K21b2%#6!;&/2*#&!
8&+40+(',-!$%&!/0,-+&-2$'0,25!U252%!'#!0;5'-2$0+3D!
'
P4&.G-U'$#)96"BG4+'
!
!
)
NK)L)!8='(#)0()-+0%*"('(#)D$=$+)10%)204"()2+'=")*+"9)$%")$*)*+"'%),$%"(*-R)+08-"O)2+'.+)='"-)/"90(&)*+")4'('484)
&'-*$(.")06"%)2+'.+)'*)'-),"%4'--'/=")*0)-+0%*"()D$=$+)
!
:8"-*'0(;!"#!'$!8&+('##';5&!40+!.0(&,!$0!#%0+$&,!$%&'+!U252%!ZE+23&+[!.%&,!$%&3!7'#'$!$%&'+!82+&,$#!.%0!5'7&!2$!2!)'#$2,/&!
07&+!.%'/%!'$!'#!8&+('##';5&!$0!#%0+$&,!U252%9!B23!:552%!-+2,$!30*!#*//&##D!
!
?(-2"%;!f4!/0*+#&6!'$!'#!8&+('##';5&!40+!2,3!.0(2,!$0!#%0+$&,!%&+!U252%6!'4!#%&!$+27&5#!40+!(0+&!$%2,!$%&!)'#$2,/&!07&+!
.%'/%!'$!'#!8&+('##';5&!$0!#%0+$&,!U252%!$0!7'#'$!%&+!82+&,$#!0+!40+!2,3!0$%&+!+&2#0,6!2#!50,-!2#!#%&!'#!,0$!2$!%&+!%*#;2,)A#!
%0*#&D!U06!'4!#%&!7'#'$#!%&+!82+&,$#6!'$!'#!8&+('##';5&!40+!%&+!$0!#%0+$&,!%&+!U252%!.%&,&7&+!$%&!)'#$2,/&!/07&+&)!)*+',-!$%&!
$+27&5!+&2/%&#!$%&!)'#$2,/&!07&+!.%'/%!'$!'#!8&+('##';5&!$0!#%0+$&,!U252%6!$%2$!'#!2!0,&!)23!2,)!0,&!,'-%$!0,!?0*+,&3!0,!400$!
0+!%0+#&;2/1!0+!;3!2,3!0$%&+!(&2,#!04!$+2,#80+$D!I0)236!$%'#!)'#$2,/&!'#!2;0*$!&'-%$3!1'50(&$&+#D!
'
P4&.G-U'$#)96"BG4+'
!
!
)
NF)L)!8='(#)0()$,,=9'(#)!87+-$+)0()="'-8%"=9)*%$6"=)
!
:8"-*'0(;!:!h*&#$'0,&+!4+0(!k&))2%!2#1#H!"4!#0(&0,&!-0&#!/2(8',-!$0!2!/&+$2',!852/&!0+!-0&#!0,!2!?0*+,&3!40+!85&2#*+&!2,)!
044&+#!%'#!U252%!ZE+23&+[!',)'7')*2553!.%'5&!+&#')',-!',!%'#!852/&!;&/2*#&!'$!'#!)'44'/*5$!$0!4',)!2!/0,-+&-2$'0,6!'#!$%&+&!2,3!#',!
0,!%'(!40+!2;2,)0,',-!/0,-+&-2$'0,25!8+23&+#9!"#!'$!/0++&/$!$%2$!%&!#%0*5)!,0$!28853!$%&!K*1%#2%!Z/0,/&##'0,[!04!
#%0+$&,',-!2,)!/0(;',',-!8+23&+#!.%'5&!$+27&5',-!0,!2!?0*+,&3!40+!85&2#*+&9!
!
?(-2"%;!I+27&5',-!40+!0,&A#!0.,!85&2#*+&!)0&#!,0$!8+&7&,$!2!8&+#0,!4+0(!*#',-!$%&!K*1%#2%!04!#%0+$&,',-!2,)!/0(;',',-!
U252%!Z8+23&+[!2//0+)',-!$0!$%&!/0++&/$!08','0,!(2',$2',&)!;3!#/%052+#D!U06!'4!2!8&+#0,!$+27&5#!40+!2!%'1&!0+!2!8'/,'/!',!$%&!
)&#&+$!#&&1',-!+&5'&4!2,)!&,?03',-!,2$*+&6!$%&+&!.0*5)!;&!,0$%',-!.+0,-!'4!%&!*#&#!$%&!K*1%#2%!04!#%0+$&,',-!U252%!'4!0,&A#!
#$23!$%&+&!'#!40+!40*+!)23#!0+!5&##6!#%0+$&,',-!$%&!40*+CK21A2%#!Z*,'$#!04!E+23&+[!U252%!$0!0,53!$.0D!"$!'#!25#0!8&+('##';5&!$%&,!
$0!/0(;',&!U252%#D!
!
F*$6!'4!0,&!'#!+&#')',-!40+!(0+&!$%2,!40*+!)23#!4+0(!$%&!)23!0,&!%2#!)&/')&)!$0!#$23!$%&+&6!$%&!k*(%*+!Z)0(',2,$!(2?0+'$3!04!
#/%052+#[!2+&!04!$%&!08','0,!$%2$!#*/%!2!8&+#0,!(*#$!044&+!U252%!',!4*55G!40*+!K21A2%#6!2,)!',!/0,-+&-2$'0,6!%27',-!,0!+'-%$!$0!
*#&!$%&!K*1%#2%!'4!0,&!'#!250,&D!"4!$%&+&!;&!2!/0(82,36!$%&3!#%0*5)!#%0+$&,!2,)!/0(;',&!$%&'+!U252%D!I%&+&!.0*5)!;&!,0!
;52(&!0,!$%&(!'4!$%&3!%27&!',$&,)&)!$0!+&#')&!$%&+&!40+!5&##!$%2,!40*+!)23#6!;*$!'4!$%&3!%27&!',$&,)&)!$0!+&#')&!$%&+&!40+!
(0+&!$%2,!40*+!)23#6!$%&3!(*#$!044&+!U252%!',!/0,-+&-2$'0,!2,)!',!4*55!2$!'$#!)*&!$'(&D!
!
"4!2!8&+#0,!#$23#!2$!2!/&+$2',!852/&!Z40+!#0(&!8*+80#&[!;*$!%2#!,0!',$&,$'0,!$0!+&#')&!$%&+&6!$%&3!2+&!8&+('$$&)!$0!#%0+$&,!
$%&'+!U252%!$%+0*-%0*$!#',/&!$%&3!)0!,0$!1,0.!40+!%0.!50,-!$%&3!.'55!;&!#$23',-!',!$%2$!852/&D!\&,/&6!$%&3!.'55!;&!0,!2!
?0*+,&36!5'1&!2!8&+#0,!.%0!5001#!40+!#0(&0,&!',!2!/&+$2',!852/&!0+!2!8&+#0,!.%0!%2#!#0(&!8+0;5&(#!$0!#&$$5&!,0$!1,0.',-!
.%&,!'$!.'55!/0(&!$0!2,!&,)!0+!2!8&+#0,!.%0!'#!5001',-!40+!#0(&$%',-D!:55!#*/%!8&+#0,#!4255!*,)&+!$%&!/2$&-0+3!04!$%0#&!0,!2!
?0*+,&3!2#!50,-!2#!$%&3!(&&$!$%&#&!/+'$&+'2!+&-2+)5&##!04!%0.!50,-!$%&!8&+'0)!(23!;&D!!
!
"4!0,&!044&+#!U252%!',)'7')*25536!$%&3!#%0*5)!#%0+$&,!$%&(!$0!0,53!$.0!K21A2%#!2,)!'4!$%&3!4',)!#'('52+!/0(82,36!$%&3!#%0*5)!
25#0!044&+!U252%!$.0!K21A2%#!.'$%!$%&(D!"4!0,&!044&+#!U252%!.'$%!$%0#&!.%0!2+&!,0$!0,!2!?0*+,&36!%&!#%0*5)!044&+!'$!',!4*55!
;&/2*#&!%&!4255#!*,)&+!$%&'+!+*5',-!*,5&##!%&!/%2,-&#!%'#!',$&,$'0,!2,)!)&/')&#!$0!#$23!40+!(0+&!$%2,!40*+!)23#D!U*/%!2!
/%2,-&!04!',$&,$'0,!,&/&##'$2$&#!$%2$!%&!044&+#!U252%!',!4*55!&7&,!'4!%&!'#!2//0(82,'&)!;3!%'#!.'4&!2,)!/%'5)+&,D!I%'#!'#!
;&/2*#&!$%&!+*5',-!'#!8&,)&,$!0,!%'#!0.,!',$&,$'0,6!2,)!$%&3!.'55!40550.!%'(D!\&!#%0*5)!5&2)!$%&(!',!/0,-+&-2$'0,25!U252%!
2#!82+$!04!%'#!0.,!0;5'-2$'0,#D!
!
f44&+',-!/0,-+&-2$'0,25!U252%!.'$%!0,&A#!42('53!'#!,0!&</*#&!$0!2;2,)0,!8&+40+(',-!'$!',!$%&!B2#?')!Z(0#h*&[G!+2$%&+6!
.0(&,!#%0*5)!044&+!8+23&+!$0-&$%&+!.%'5&!2!(2,!(*#$!044&+!'$!',!/0,-+&-2$'0,!.'$%!0$%&+!(&,!',!$%&!B2#?')D!\&!#%0*5)!
044&+!'$!',!4*55!2$!'$#!)*&!$'(&!2,)!',!/0,-+&-2$'0,D!F*$!'4!%&!('##&#!2,3!U252%!',!/0,-+&-2$'0,!2$!'$#!)*&!$'(&6!%&!'#!8&+('$$&)!
$0!#%0+$&,!'$!5'1&!.%2$!.&!%27&!?*#$!(&,$'0,&)G!&'$%&+!40+!2,!*,1,0.,!8&+'0)!0+!5&##!$%2,!40*+!)23#!'4!'$!'#!2!1,0.,!8&+'0)D!
"4!%&!)0&#!,0$!4',)!2,30,&!&5#&!$0!8+23!.'$%!',!/0,-+&-2$'0,6!$%&+&!.0*5)!;&!,0!;52(&!0,!%'(!$0!8+23!250,&D!]P4'<--5'(4&.'
/&6('64'$##W%'"0/'9-".'X)+'"!'+&G%'"!'(4&'G"0C!Q%2$!'#!'(80+$2,$!'#!$0!044&+!U252%!',!/0,-+&-2$'0,!.%&,&7&+!80##';5&D!
'
P4&.G-U'$#)96"BG4+'
!
!
!
II)L)!8='(#)0()011"%'(#)?&+$()$(&)WX$4$+)2+'=").04/'('(#)*20)D$=$+-)
!
:8"-*'0(;!:!h*&#$'0,&+!#23#H!E5&2#&!U%231%6!.%'/%!'#!$%&!/0++&/$!08$'0,H!J0(;',',-!B2-%+';!ZU*,#&$[!2,)!b"#%2A!Zd'-%$[!
E+23&+#!24$&+!044&+',-!$%&!:)%2,!Z/255!$0!E+23&+[!0,/&!2,)!$%&!"h2(2%!Z/255!$0!#$2+$!$%&!E+23&+[!$.'/&6!0+!/0(;',',-!$%&(!
.'$%!$.0!:)%2,#!2,)!$.0!"h2(2%#9!
!
?(-2"%;!I%&!U*,,2%!Z2/$'0,!40550.',-!$%&!$&2/%',-#!04!$%&!E+08%&$[!'#!$0!/0(;',&!$%&(!.'$%!0,&!:)%2,!2,)!$.0!"h2(2%#D!
I%'#!'#!.%2$!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!*#&)!$0!)0!)*+',-!\2??!2,)!.%'5&!$+27&5',-G!%&!*#&)!$0!044&+!0,&!:)%2,!40+!
B2-%+';!2,)!b"#%2A!E+23&+#!$0-&$%&+6!2,)!0,&!40+!@%*%+!Zd00,[!2,)!b:#+!Z:4$&+,00,[!E+23&+#!$0-&$%&+6!2,)!$0!044&+!"h2(2%!
40+!&2/%!E+23&+D!I%'#!'#!$%&!U*,,2%!$%2$!#%0*5)!;&!)0,&!.%'5&!/0(;',',-!B2-%+';!2,)!b"#%2A!E+23&+#6!2,)!@%*%+!2,)!b:#+!
E+23&+#!.%'5&!$+27&5',-6!2#!.&55!2#!)*+',-!\2??6!;&/2*#&!$%'#!.2#!2*$%&,$'/2553!+&80+$&)!;3!k2;'+!Z(23!:552%!;&!85&2#&)!.'$%!
%'([!2,)!$%+0*-%!(2,3!0$%&+!\2)'$%#D!
!
P4&.G-U'$#)96"BG4+'
!
!
!
K)L)!8='(#)0()*+")*%$6"="%)-+0%*"('(#)D$=$+)
!
:8"-*'0(;!Q0*5)!30*!85&2#&!&<852',!40+!*#!$%&!/2#&!04!#%0+$&,',-!U252%!ZE+23&+[!40+!2!$+27&5&+9!
!
?(-2"%;!I+27&5&+#!2+&!8&+('$$&)!$0!8+23!$%&!40*+CK21b2%!U252%!ZE+23&+!/0,#'#$',-!04!40*+!*,'$#[!04!$%&!@%*%+!Zd00,[6!b:#+!
Z:4$&+,00,[6!2,)!b"#%2!Zd'-%$[!E+23&+#!2#!$.0!K21b2%#D!://0+)',-!$0!$%&!U*,,2%!Z2/$#6!#23',-#6!0+!288+0725#!04!$%&!E+08%&$[6!
$%&!$+27&5&+#!/2,!#%0+$&,!2!40*+CK21b2%!U252%!$0!$.0!K21b2%#!0,53!24$&+!$%&3!/+0##!$%&!;0*,)2+'&#!04!$%&'+!/'$3!2,)!*,$'5!
$%&3!+&$*+,D!\0.&7&+6!'4!$%&!$+27&5&+#!#$23!40+!(0+&!$%2,!40*+!)23#6!$%&3!#%0*5)!8&+40+(!U252%!',!4*556!2//0+)',-!$0!$%&!
k*(%*+!Z)0(',2,$!(2?0+'$3!04!#/%052+#[D!!
!
o&$6!'4!$%&!$+27&5&+#!#$23!40+!$.0!0+!$%+&&!)23#!0+!)0!,0$!1,0.!%0.!(2,3!)23#!$%&3!.'55!#$236!$%&3!/2,!#%0+$&,!U252%6!40+!
$%&3!)0!,0$!1,0.!.%&$%&+!$%&3!.'55!#$23!40+!40*+!0+!$&,!)23#6!2#!$%&3!2+&!.2'$',-!$0!4*54'55!2!,&&)D!",!#*/%!2!/2#&6!$%&3!/2,!
#%0+$&,!U252%!&7&,!'4!$%&3!%288&,&)!$0!#$23!40+!2!50,-!$'(&D!\0.&7&+6!'4!$%&!$+27&5&+#!852,!$0!#$23!40+!(0+&!$%2,!40*+!)23#6!
$%&3!#%0*5)!/0(85&$&!$%&'+!U252%!',!4*556!2//0+)',-!$0!$%&!7'&.!(2',$2',&)!;3!$%&!k*(%*+D!I%&!#2(&!2885'&#!40+!U2.(!
Z>2#$[G!$%&!$+27&5&+#!/2,!;+&21!$%&'+!U2.(D!"4!8&085&!$+27&5!',!K2(2)2,!40+!2!,&/&##'$3!2,)!,0$!$0!&#/28&!4+0(!8&+40+(',-!
$%&!U2.(6!'$!'#!8+&#/+';&)!40+!$%&(!$0!;+&21!$%&'+!U2.(!*,$'5!$%&3!+&$*+,!%0(&D!\0.&7&+6!'4!$%&!$+27&5&+#!#$23!40+!(0+&!
$%2,!40*+!)23#6!$%&3!#%0*5)!42#$D!
!
P4&.G-U'$#)96"BG4+'
!
!
!
V)L)CP,=$($*'0()01)*+"),"%'0&)&8%'(#)2+'.+)$)*%$6"="%)'-)$==02"&)*0)-+0%*"()D$=$+)
!
:8"-*'0(;!:,!',h*'+&+!4+0(!B2)',2%!2#1#H!n\0.!50,-!'#!2!$+27&5&+!8&+('$$&)!$0!#%0+$&,!U252%!ZE+23&+[9!\0.!50,-!)')!$%&!
B&##&,-&+!Z8&2/&!;&!*80,!%'([!#%0+$&,!U252%!)*+',-!%'#!$+27&5!$0!B2112%9!"#!'$!+'-%$!$%2$!%&!Z8&2/&!;&!*80,!%'([!
/0,$',*&)!$0!#%0+$&,!U252%!40+!$&,!)23#9n!
!
?(-2"%;!I%&!>2+&.&55!\2??!/0,$',*&)!40+!$&,!)23#6!.%&+&!$%&!E+08%&$!+&2/%&)!B2112%!0,!$%&!(0+,',-!04!$%&!40*+$%!)23!04!
V%*5C\'??2%!2,)!5&4$!'$!0,!$%&!40*+$&&,$%!)23!04!$%&!#2(&!(0,$%D!\&!Z8&2/&!;&!*80,!%'([!#%0+$&,&)!U252%!)*+',-!$%'#!
8&+'0)D!o&$6!#/%052+#!',4&++&)!$%2$!2!$+27&5&+!'#!8&+('$$&)!$0!#%0+$&,!U252%!40+!40*+!)23#6!#',/&!$%&!E+08%&$!+&(2',&)!$%&+&!
4+0(!$%&!40*+$%!)23!$0!$%&!&'-%$%!)236!2,)!$%&,!)&82+$&)!$0!/2++3!0*$!$%&!+'$&#!04!\2??D!I%*#6!'4!2!$+27&5&+!)&$&+(',&#!$0!
+&(2',!',!2!852/&!40+!(0+&!$%2,!40*+!)23#6!$%&3!#%0*5)!8&+40+(!U252%!',!4*55D!f,!$%&!0$%&+!%2,)6!'4!%&!)&$&+(',&#!$0!+&(2',!
40+!40*+!)23#!0+!5&##6!%&!/2,!#%0+$&,!U252%D!!
!
"4!0,&!)&$&+(',&#!$0!+&(2',!',!2!852/&!40+!(0+&!$%2,!40*+!)23#6!0,&!#%0*5)!8&+40+(!U252%!',!4*556!.%'/%!'#!8+&4&+2;5&!2,)!$0!
;&!0,!$%&!#24&!#')&!;&/2*#&!$%&!0$%&+!8&+'0)#!)*+',-!.%'/%!$%&!E+08%&$!+&(2',&)!40+!(0+&!$%2,!40*+!)23#!)0!,0$!',)'/2$&!
$%2$!$%&!&<$+2!)23#!.&+&!2!82+$!04!$%&!',$&,)&)!#$23D!>0+!&<2(85&6!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!+&(2',&)!40+!$.&,$3!
)23#!)*+',-!$%&!;2$$5&!04!I2;*1!.2$/%',-!$%&!&,&(36!.%'/%!',)'/2$&#!$%2$!%&!Z8&2/&!;&!*80,!%'([!%2)!,0$!8+&)&$&+(',&)!
$0!+&(2',!40+!$%2$!8&+'0)D!E&+%28#!$%'#!.2#!)*&!$0!)&25',-!.'$%!$%&!#$2$*#!h*0D!!
!
Q%2$!'#!(&2,$!'#!$%2$!#/%052+#!#$2$&H!"4!2!$+27&5&+!',$&,)#!$0!+&(2',!(0+&!$%2,!40*+!)23#!2;+02)6!$%&3!#%0*5)!8&+40+(!U252%!
',!4*55D!f,!$%&!0$%&+!%2,)6!'4!2!$+27&5&+!)&$&+(',&#!$0!+&(2',!40+!5&##!$%2,!40*+!)23#6!$%&+&!'#!,0!#',!40+!$%&(!$0!#%0+$&,!
U252%D!I%'#!'#!$%&!7'&.!2)08$&)!;3!(0#$!#/%052+#!2,)!$%&+&!'#!,0$%',-!.+0,-!.'$%!$%2$D!"4!2!$+27&5&+!/0,$',*&)!$0!#%0+$&,!
U252%!40+!(0+&!$%2,!40*+!)23#6!$%&+&!'#!,0$%',-!.+0,-!.'$%!$%2$D!o&$6!40550.',-!$%&!08','0,!04!$%&!k*(%*+!Z)0(',2,$!
(2?0+'$3!04!#/%052+#[!#%0*5)!;&!-'7&,!8+'0+'$3!',!0+)&+!40+!0,&!$0!;&!',!$%&!#24&!#')&D!
!
P4&.G-U'$#)96"BG4+'
!
!
!
GG)L)<+"()$)*%$6"="%)-*$%*-)*0).04/'(")$(&)-+0%*"()D$=$+)
!
:8"-*'0(;!:!h*&#$'0,&+!4+0(!o&(&,!2#1#H!Q%&,!)0&#!2!$+27&5&+!#$2+$!#%0+$&,',-!2,)!/0(;',',-!U252%!ZE+23&+[9!
)
?(-2"%;!"4!$+27&5&+#!5&27&!$%&!;0*,)2+'&#!04!$%&'+!/'$36!$%&3!/2,!#%0+$&,!2,)!/0(;',&!U252%D!\0.&7&+6!.%&,!$+27&5&+#!#&$$5&!
)0.,!/0(40+$2;53!',!2!852/&6!'$!'#!8+&4&+2;5&!,0$!$0!/0(;',&!U252%D!o&$6!'4!$+27&5&+#!2+&!0,!$%&!+02)6!$%&3!/2,!/0(;',&!$%&!
@%*%+!Zd00,[!2,)!b:#+!Z:4$&+,00,[!E+23&+#!2$!$%&!$'(&!04!0,&!04!$%&(!2,)!$%&!B2-%+';!ZU*,#&$[!2,)!b"#%2A!Zd'-%$[!E+23&+#!
2$!$%&!$'(&!04!0,&!04!$%&(6!2#!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!*#&)!$0!)0D!U0!'4!$+27&5&+#!$+27&5!4+0(!U2,2!$0!B2112%6!
B2)',2%6!0+!&5#&.%&+&!40+!2!)'#$2,/&!04!_g!1(!0+!(0+&6!$%&3!/2,!#%0+$&,!2,)!/0(;',&!U252%!'4!$%&3!.'#%D!:55!8+2'#&!'#!)*&!$0!
:552%D!!
!
P4&.G-U'$#)96"BG4+'
!
!
!
GI)L)!8='(#)0()*+")*%$6"="%).04/'('(#)$(&)-+0%*"('(#)D$=$+)2+'=")%"-'&'(#)'()$(0*+"%).08(*%9)
!
:8"-*'0(;!"#!'$!8&+('##';5&!40+!2!$+27&5&+!$0!#%0+$&,!2,)!/0(;',&!U252%!ZE+23&+[!&,!+0*$&9!"4!,0$6!#%0*5)!$%&!8&+#0,!.%0!)')!
#0!(21&!*8!40+!$%&#&!U252%#!.%'/%!.&+&!044&+&)9!Q%2$!'#!$%&!+*5',-!'4!$%&!8&+#0,!40+-&$#!$%&!,*(;&+!04!$%&#&!U252%#9!
!
?(-2"%;!:!$+27&5&+!/2,!#%0+$&,!2,)!/0(;',&!U252%!2,)!$%&+&!'#!,0$%',-!.+0,-!.'$%!)0',-!$%'#6!40+!$%'#!'#!$%&!U*,,2%!
Z2/$'0,!40550.',-!$%&!$&2/%',-#!04!$%&!E+08%&$[D!U%0+$&,',-!$%&!U252%!'#!$0!8+23!$%&!40*+CK21b2%!U252%!ZE+23&+!/0,#'#$',-!04!
40*+!*,'$#[!04!$%&!@%*%+!Zd00,[6!b:#+!Z:4$&+,00,[6!2,)!b"#%2!Zd'-%$[!E+23&+#!2#!$.0!K21b2%#D!J0(;',',-!$%&!U252%!'#!$0!
/0(;',&!$%&!@%*%+!E+23&+!.'$%!$%&!b:#+!E+23&+!2$!$%&!$'(&!04!0,&!04!$%&(!2,)!/0(;',&!$%&!B2-%+';!ZU*,#&$[!E+23&+!.'$%!
$%&!b"#%2A!E+23&+!2$!$%&!$'(&!04!0,&!04!$%&(D!I%&!5238&085&!('#$21&!$%&!/0(;',',-!04!U252%!40+!#%0+$&,',-!U252%D!I%&!
/0(;',',-!04!U252%!'#!$0!/0(;',&!$%&!@%*%+!E+23&+!.'$%!$%&!b:#+!E+23&+6!2,)!$%&!B2-%+';!E+23&+!.'$%!$%&!b"#%2A!E+23&+!2$!
$%&!$'(&!04!0,&!04!$%&(D!
!
Q%'5&!#%0+$&,',-!$%&!U252%!'#!$0!8+23!$%&!40*+!K21b2%#!04!$%&!@%*%+6!b:#+6!2,)!b"#%2A!E+23&+#!2#!$.0!K21b2%#!2#!2!$+27&5&+!'#!
8&+('$$&)!$0!#%0+$&,!U252%!0,!$+27&5D!
!
:!$+27&5&+!(23!044&+!U252%!2$!'$#!8+&#/+';&)!$'(&!.'$%0*$!/0(;',',-!$%&(!2,)!$%'#!'#!$%&!U*,,2%!Z2/$'0,!40550.',-!$%&!
$&2/%',-#!04!$%&!E+08%&$[D!"4!$%&+&!'#!2,!*+-&,$!,&/&##'$3!$0!/0(;',&!U252%6!2#!.%&,!2!8&+#0,!',$&,)#!$0!$+27&5!',!$%&!
24$&+,00,6!'$!'#!;&$$&+!$0!/0(;',&!$%&!b:#+!E+23&+!.'$%!$%&!@%*%+!E+23&+!2$!$%&!$'(&!04!$%&!@%*%+!E+23&+!2,)!5&27&!
24$&+.2+)#D!U'('52+536!'4!2!8&+#0,!(07&#!4+0(!0,&!852/&!$0!2,0$%&+!.%'5&!$+27&5',-!24$&+!#*,#&$6!'$!'#!;&$$&+!$0!/0(;',&!$%&!
b"#%2A!E+23&+!.'$%!$%&!B2-%+';!0,&!2$!$%&!$'(&!04!$%&!B2-%+';!E+23&+D!!
!
\0.&7&+6!'4!2!8&+#0,!'#!$+27&5',-!;&40+&!,00,6!'$!'#!U*,,2%!$0!/0(;',&!$%&!@%*%+!2,)!b:#+!E+23&+#!2$!$%&!$'(&!04!$%&!52$&+!
0,&D!Y'1&.'#&6!.%&,!2!8&+#0,!'#!$+27&5',-!;&40+&!#*,#&$6!'$!'#!;&$$&+!40+!%'(!$0!/0(;',&!$%&!B2-%+';!2,)!b"#%2A!E+23&+#!2$!$%&!
$'(&!04!$%&!52$&+!0,&D!I%'#!'#!.%2$!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!*#&)!$0!)0D!\0.&7&+6!'4!2!$+27&5&+!#&$$5&#!)0.,!
/0(40+$2;53!',!2!852/&6!'$!'#!;&$$&+!40+!%'(!$0!8&+40+(!U252%!',!4*55!2$!'$#!8+&#/+';&)!$'(&D!I%&!E+08%&$!Z8&2/&!;&!*80,!%'([!
.2#!+&80+$&)!$0!%27&!8&+40+(&)!%'#!U252%!2$!'$#!8+&#/+';&)!$'(&!.'$%0*$!/0(;',',-!$%&(!.%&,!%&!#&$$5&)!',!B',2!0,!$%&!
>2+&.&55!\2??D!
!
",!2!,*$#%&556!'$!'#!;&$$&+!40+!2!$+27&5&+!.%0!+&#')&#!',!2!852/&!$0!8&+40+(!U252%!',!4*55D!"$!'#!;&$$&+!25#0!,0$!$0!/0(;',&!U252%!
.%&,!$+27&5',-!;3!52,)!*,5&##!$%&+&!'#!2!,&/&##'$3!$0!/0(;',&!$%&(!2,)!',!$%'#!/2#&!$%&+&!'#!,0$%',-!.+0,-!.'$%!)0',-!$%'#D!
!
P4&.G-U'$#)96"BG4+'
!
!
!
GN)L)!8='(#)0().04/'('(#)$(&)-+0%*"('(#)D$=$+)0()/0$%&)$),=$(")
!
:8"-*'0(;!Q%&,!'#!'$!8&+('##';5&!$0!#%0+$&,!U252%!ZE+23&+[!0,!$+27&59!:4$&+!%0.!(2,3!1'50(&$&+#!/2,!2!$+27&5&+!#%0+$&,!
U252%9!"#!$%&!+*5',-!$%&!#2(&!+&-2+)5&##!2!8&+#0,!$+27&5#!;3!/2+6!2'+6!0+!#&29!:)7'#&!(&6!(23!:552%!+&.2+)!30*!.'$%!$%&!;&#$!
+&.2+)D!
!
?(-2"%;!o&#6!$+27&5&+#!#%0+$&,!U252%!.%&$%&+!$%&3!$+27&5!;3!52,)6!2'+6!0+!#&2D!f,/&!$%&!$+27&5&+#!5&27&!$%&!;0*,)2+'&#!04!
$%&'+!/'$36!$%&3!/2,!#%0+$&,!$%&!40*+CK21b2%!U252%!ZE+23&+!/0,#'#$',-!04!40*+!*,'$#[!$0!$.0!K21b2%#D!I%&!$+27&5&+#!/2,!
#%0+$&,!U252%!',!$%&!2'+80+$!0+!&5#&.%&+&!'4!'$!'#!50/2$&)!0*$#')&!$%&!;0*,)2+'&#!04!$%&!/'$3D!!
!
"4!$+27&5&+#!5&27&!$%&'+!/'$3!;3!/2+!0+!(07&!$0!$21&!2!#%'8!0+!2!#$&2(&+6!$%&3!/2,!#%0+$&,!U252%!2#!50,-!2#!$%&3!2+&!0,!$+27&5D!
\0.&7&+6!.%&,!$+27&5&+#!#&$$5&!)0.,!',!2!852/&!40+!(0+&!$%2,!40*+!)23#6!$%&3!#%0*5)!/0(85&$&!$%&'+!U252%!',!4*556!2//0+)',-!
$0!(2,3!#/%052+#D!F*$!'4!$+27&5&+#!#&$$5&!40+!40*+!)23#!0+!5&##6!$%&3!#%0+$&,!U252%!$0!$.0!K21b2%#6!2//0+)',-!$0!$%&!k*(%*+!
Z)0(',2,$!(2?0+'$3!04!#/%052+#[D!!
!
P4&.G-U'$#)96"BG4+'
!
!
!
GV)L)!8='(#)0()-+0%*"('(#)$(&).04/'('(#)D$=$+-)2+'=")0()$)*%',)10%),="$-8%")
!
:8"-*'0(;!Q&!5'7&!',!B2112%!:5CB*12++2(2%6!2,)!.&!.&,$!0,!2!$+'8!40+!+&/+&2$'0,!$%2$!.2#!2!)'#$2,/&!04!0,&!%*,)+&)!
1'50(&$&+#!4+0(!B2112%D!"#!'$!8&+('##';5&!40+!*#!$0!#%0+$&,!2,)!/0(;',&!U252%#!ZE+23&+#[!.%&,!$%&!$'(&!04!U252%!#$2+$#6!0+!
$0!#%0+$&,!0,539!B23!:552%!+&.2+)!30*!.'$%!$%&!;&#$D!
!
?(-2"%;!"4!$%&!/2#&!'#!2#!30*!(&,$'0,&)6!'$!'#!8+&#/+';&)!40+!30*!$0!#%0+$&,!$%&!U252%6!;&/2*#&!30*!2+&!/0,#')&+&)!$0!;&!
$+27&5&+#D!I%&!U*,,2%!Z2/$'0,!40550.',-!$%&!$&2/%',-#!04!$%&!E+08%&$[!'#!$0!8+23!$%&!40*+CK21b2%!U252%!ZE+23&+!/0,#'#$',-!04!
40*+!*,'$#[!.'$%!$.0!K21b2%#D!:#!40+!/0(;',',-!U252%#6!'$!'#!08$'0,25G!$%&+&!'#!,0!8+0;5&(!'4!30*!/0(;',&6!;*$!'$!'#!;&$$&+!,0$!
$0!)0!#0!'4!30*!2+&!#&$$5&)!2,)!'4!2;2,)0,',-!$%&!/0(;',',-!04!U252%#!)0&#!,0$!'(80#&!2,3!%2+)#%'8!*80,!30*6!;&/2*#&!$%&!
E+08%&$!Z8&2/&!;&!*80,!%'([!)')!,0$!/0(;',&!U252%#!',!B',2!)*+',-!%'#!>2+&.&55!\2??!2#!%&!.2#!#$23',-!',!B',2D!I%&!
E+08%&$!Z8&2/&!;&!*80,!%'([!)')!,0$!/0(;',&!U252%#!',!$%2$!/2#&6!;*$!'$!'#!8&+('##';5&!40+!$%&!$+27&5&+!$0!/0(;',&D!
\0.&7&+6!'$!'#!;&$$&+!,0$!$0!/0(;',&!U252%#!'4!0,&!'#!+&52<&)!2,)!#&$$5&)D!
!
P4&.G-U'$#)96"BG4+'
!
!
!
F)L)!8='(#)0()*+")*%$6"="%).04/'('(#)D$=$+)
)
:8"-*'0(;!o0*+!i(',&,/&!U%231%6!.%&,!'#!'$!8&+('##';5&!40+!2!$+27&5&+!$0!/0(;',&!U252%!ZE+23&+[9!
!
?(-2"%;!Q%0#0&7&+!'#!2550.&)!$0!#%0+$&,!U252%!/2,!/0(;',&!'$!$00D!\0.&7&+6!'$!'#!8+&4&+2;5&!40+!$%&!$+27&5&+!.%0!#&$$5&#!',!
2!852/&!$0!044&+!&7&+3!U252%!2$!'$#!2880',$&)!$'(&D!>0+!',#$2,/&6!'4!2!$+27&5&+!#&$$5&#!',!2!852/&!40+!$.0!0+!$%+&&!)23#!$0!4*54'55!2!
,&&)6!'$!'#!8+&4&+2;5&!,0$!$0!/0(;',&!U252%G!%0.&7&+6!'4!$%&3!)06!$%&+&!'#!,0$%',-!.+0,-!.'$%!$%2$D!I%&!&7')&,/&!$%2$!
#*880+$#!$%'#!7'&.!'#!$%2$!$%&!B&##&,-&+!Z8&2/&!;&!*80,!%'([!)')!,0$!/0(;',&!U252%!.%&,!%&!#&$$5&)!',!B',2!$%0*-%!%&!
/0(;',&)!'$!.%&,!%&!#&$$5&)!',!I2;*1D!I%&+&!'#!52$'$*)&!',!$%&!(2$$&+!",!#%2S2C:552%!Z'4!:552%!.'55#[D!!
!
"4!2!$+27&5&+!#&$$5&#!)0.,!/0(40+$2;53!2,)!)0&#!,0$!*,)&+-0!2,3!%2+)#%'86!'$!'#!8+&4&+2;5&!,0$!$0!/0(;',&!U252%6!&#8&/'2553!
'4!0,&!#&$$5&#!40+!$.06!$%+&&6!0+!40*+!)23#G!%0.&7&+6!'4!$%&3!)')!/0(;',&!U252%6!$%&+&!'#!,0!;52(&!0,!$%&(D!",!2!.0+)6!
.%&,&7&+!'$!'#!8&+('##';5&!$0!#%0+$&,!U252%6!'$!'#!8&+('##';5&!$0!/0(;',&!'$!2#!.&55D!!
!
P4&.G-U'$#)96"BG4+'
!
!
!
)
GJ)L)B%$6"=)&'-*$(.")$==02'(#)D$=$+)*0)/")-+0%*"("&)
!
:8"-*'0(;!Q%2$!'#!$%&!)'#$2,/&!07&+!.%'/%!'$!'#!8&+('##';5&!40+!(&!$0!#%0+$&,!U252%!ZE+23&+[9!:,)!.%2$!'#!$%&!)&#/+'8$'0,!
04!#%0+$&,',-9!
!
?(-2"%;!I%&!$+27&5',-!)'#$2,/&!'#!$%2$!.%'/%!$21&#!0,&!)23!2,)!0,&!,'-%$!0,!2!+')',-!2,'(256!.%'/%!'#!,0.!&#$'(2$&)!$0!;&!
288+0<'(2$&53!&'-%$3!1'50(&$&+#D!U%0+$&,',-!U252%!'#!8&+40+(&)!;3!8+23',-!$%&!40*+CK21b2%!U252%!ZE+23&+!/0,#'#$',-!04!
40*+!*,'$#[!.'$%!$.0!K21b2%#G!$%2$!'#6!$0!8&+40+(!@%*%+!Zd00,[6!b:#+!Z:4$&+,00,[!2,)!b"#%2A!Zd'-%$[!E+23&+#!.'$%!$.0!
K21b2%#!&2/%D!I%'#!'#!#%0+$&,',-D!J0(;',',-6!0,!$%&!0$%&+!%2,)6!'#!$0!/0(;',&!@%*%+!2,)!b:#+!E+23&+#6!2,)!B2-%+';!
ZU*,#&$[!2,)!b"#%2A!E+23&+#!.%'5&!;&',-!'55!0+!0,!2!?0*+,&3D!B23!:552%!-+2,$!*#!#*//&##D!
!
P4&.G-U'$#)96"BG4+'
!
!
!
GH)L)E=$%'1'.$*'0()01)*+")&'-*$(.")$(&)&8%$*'0()10%)-+0%*"('(#)D$=$+)
!
:8"-*'0(;!"#!$%&+&!2!#8&/'4'/!)'#$2,/&!0+!2!#8&/'4'/!)*+2$'0,!40+!.%'/%!#%0+$&,',-!U252%!ZE+23&+[!'#!8&+('##';5&9!
!
?(-2"%;!o&#6!#%0+$&,',-!U252%!'#!8&+('##';5&6!'4!$+27&5',-!40+!0,&!)23!2,)!0,&!,'-%$!0,!400$!0+!0,!2!+')',-!2,'(256!.%'/%!'#!
&#$'(2$&)!$0!;&!288+0<'(2$&53!&'-%$3!1'50(&$&+#D!"4!$%&!)'#$2,/&!$%2$!0,&!$+27&5#6!0+!$%&!)'#$2,/&!;&$.&&,!0,&A#!/0*,$+3!2,)!
$%&!/0*,$+3!0,&!'#!%&2)',-!40+!'#!&'-%$3!1'50(&$&+#6!'$!'#!/0,#')&+&)!$0!;&!U%2+b3!Z"#52('/2553!52.4*5[!$+27&5',-6!',!.%'/%!0,&!
/2,!044&+!#%0+$&,',-!2,)!/0(;',',-!04!U252%#D!
!
P4&.G-U'$#)96"BG4+'
!
!
!
S)L)!8='(#)0()-+0%*"('(#)$(&).04/'('(#)D$=$+)10%)$)*%$6"="%),$--'(#)/9)*+"'%).'*9)
!
:8"-*'0(;!Q%2$!'#!$%&!+*5',-!'4!"!2(!0,!$+27&5!2,)!#&$$5&!',!(3!/'$3!40+!0,&!0+!$.0!)23#9!J2,!"!$%&,!#%0+$&,!2,)!/0(;',&!$%&!
U252%!ZE+23&+[!0+!#%0*5)!"!2$$&,)!$%&!/0,-+&-2$'0,25!U252%9!
!
?(-2"%;!"4!30*!$+27&5!250,&6!30*!#%0*5)!2$$&,)!$%&!/0,-+&-2$'0,25!U252%D!\0.&7&+6!'4!30*!2+&!2!-+0*8!04!$.0!0+!(0+&!
8&+#0,#6!30*!%27&!$%&!/%0'/&!04!#%0+$&,',-!$%&!U252%!'4!30*!044&+!'$!$0-&$%&+6!,0$!',!/0,-+&-2$'0,D!f$%&+.'#&6!30*!/0(85&$&!'$!
',!4*55!.%&,&7&+!30*!2$$&,)!$%&!/0,-+&-2$'0,25!U252%D!I%&+&!'#!52$'$*)&!',!$%'#!(2$$&+D!
!
P4&.G-U'$#)96"BG4+'
!
!
!
GT)L)B%$6"=),"%'0&)10%)2+'.+)'*)'-),"%4'--'/=")*0)-+0%*"()$(&).04/'(")D$=$+)
!
:8"-*'0(;!Q%2$!'#!$%&!(&2,',-!04!#%0+$&,',-!2,)!/0(;',',-!U252%!ZE+23&+[9!Q%&,!'#!2!8&+#0,!8&+('$$&)!$0!)0!;0$%!04!
$%&(9!Q%2$!'#!$%&!>2+#21%!Z2!#&$!)'#$2,/&[9!:,)!.%2$!'#!'$#!&h*'725&,$!',!1'50(&$&+#9!Q%2$!'#!$%&!)'#$2,/&!40+!.%'/%!'$!'#!
8&+('##';5&!$0!#%0+$&,!U252%!2,)!;+&21!$%&!U2.(!Z>2#$[9!
!
?(-2"%;!U%0+$&,',-!U252%!'#!$0!8+23!$%&!40*+CK21b2%!U252%!ZE+23&+!/0,#'#$',-!04!40*+!*,'$#[6!#*/%!2#!$%&!@%*%+!Zd00,[6!b:#+!
Z:4$&+,00,[6!2,)!b"#%2!Zd'-%$[!E+23&+#6!2#!$.0!K21b2%#!)*&!$0!$+27&5D!U252%!'#!,0$!#%0+$&,&)!&</&8$!0,!$+27&5D!I%&+&!'#!,0!
#%0+$&,',-!04!U252%!40+!'55,&##D!\0.&7&+6!2!#'/1!8&+#0,!/2,!/0(;',&!$%&!@%*%+!E+23&+!2,)!$%&!b:#+!E+23&+!2$!$%&!$'(&!04!0,&!
04!$%&(!2,)!/0(;',&!$%&!B2-%+';!ZU*,#&$[!E+23&+!2,)!$%&!b"#%2A!Zd'-%$[!E+23&+!2$!$%&!$'(&!04!0,&!04!$%&(D!",!$%'#!/2#&6!$%&!
@%*%+!E+23&+!.'55!,0$!;&!$.0!K21b2%#6!+2$%&+6!$%&!40*+!K21b2%#!04!$%&!@%*%+!E+23&+!#%0*5)!;&!8&+40+(&)D!U%0+$&,',-!'#!0,53!
',!$%&!/2#&!04!$+27&5D!J0(;',',-!U252%!(&2,#!$0!/0(;',&!$%&!@%*%+!2,)!b:#+!E+23&+#!$0-&$%&+!2,)!$%&!B2-%+';!2,)!b"#%2A!
E+23&+#!$0-&$%&+D!!
!
I%&+&*80,6!$%'#!/0(;',2$'0,!04!U252%!'#!8&+('##';5&!40+!;0$%!2!$+27&5&+!2,)!2!#'/1!8&+#0,D!I%&!k*(%*+!Z)0(',2,$!(2?0+'$3!
04!#/%052+#[!%05)#!$%2$!$%&!)'#$2,/&!40+!.%'/%!2!8&+#0,!/2,!#%0+$&,!U252%!'#!$%&!$+27&5!04!$.0!)23#6!2!)'#$2,/&!$%2$!+2,-&#!
4+0(!`g!$0!_g!1(D!I%&!)'#$2,/&!04!$+27&5!'#!40*+!F*+32)#!Z2!F*+23)!'#!%254!2!)23[6!.%'/%!'#!40*+!>2+#1%#!Z2!>2+#1%!'#!O!('5&#!
WRDeN`!1(X[!'D&D!2!>2+#1%!'#!2!h*2+$&+!04!2!F*+32)!2,)!0,&C&'-%$%!04!2!)23D!",!2!,*$#%&556!$.0!)23#!04!$+27&5!',!$%&!82#$!&h*25#!
288+0<'(2$&53!`g!0+!_g!1(!$0)23D!
!
P4&.G-U'$#)96"BG4+'
!
!
!
IN)L)?()'--8").0(."%('(#).04/'('(#)$(&)-+0%*"('(#)D$=$+-)
!
:8"-*'0(;!:,!i-38$'2,!5'7',-!',!"+2h!2#1#H!"#!'$!8&+('##';5&!$0!#%0+$&,!$%&!U252%!ZE+23&+[!40+!$%+&&!)23#6!0+!'#!$%&+&!2!
#8&/'4'/!)*+2$'0,!40+!#%0+$&,',-9!
!
?(-2"%;!I%&!$+27&5&+!'#!2550.&)!$0!#%0+$&,!$%&!U252%!40+!40*+!)23#!2//0+)',-!$0!$%&!/0++&/$!08','0,!(2',$2',&)!;3!#/%052+#6!
.%'/%!'#!$%&!08','0,!04!$%&!k*(%*+!Z)0(',2,$!(2?0+'$3!04!#/%052+#[D!"4!$%&!$+27&5&+!)&/'#'7&53!',$&,)#!$0!#$23!40+!40*+!)23#!',!
2,3!852/&!C!40+!&<2(85&6!%&!$+27&5#!$0!"+2h!$0!2/%'&7&!#0(&$%',-!2,)!%&!',$&,)#!$0!#$23!',!"+2h6!',!F2-%)2)6!',!F2#+26!0+!',!
2,3!0$%&+!852/&!C!40+!40*+!)23#!0+!5&##6!%&!(23!#%0+$&,!$%&!U252%#!;3!8+23',-!$%&!40*+CK21b2%!U252%#!ZE+23&+#!/0,#'#$',-!04!
40*+!*,'$#[6!.%'/%!2+&!$%&!@%*%+!Zd00,[6!b:#+!Z:4$&+,00,[!2,)!b"#%2A!Zd'-%$[!E+23&+#!$0!$.0!K21b2%#!&2/%D!
!
F*$!'4!%&!',$&,)#!$0!#$23!(0+&6!$%2$!'#6!%&!)&$&+(',&#!$0!#$23!40+!4'7&!)23#!0+!40+!$&,!)23#6!%&!#%0*5)!8+23!.'$%!40*+!K21b2%#!
Z*,'$#!04!E+23&+[!.'$%0*$!#%0+$&,',-6!;&/2*#&!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!#%0+$&,&)!$%&!U252%!40+!40*+!)23#!)*+',-!%'#!
>2+&.&55!\2??!.%'5&!%&!.2#!#$23',-!',!B2112%6!2$!.%'/%!%&!2++'7&)!0,!$%&!40*+$%!)23!04!V%*5C\'??2%6!2,)!$%&,!%&2)&)!40+!
B',2!0,!$%&!&'-%$%!)23G!$%*#6!%&!#$23&)!40+!40*+!)23#!2,)!#%0+$&,&)!$%&!U252%!)*+',-!$%&(D!I%&+&40+&6!'4!$%&!$+27&5&+!#$23#!
40+!$%&!#2(&!)*+2$'0,!$%2$!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!#8&,$!',!B2112%6!'$!'#!8&+('##';5&!40+!%'(!$0!#%0+$&,6!;*$!'4!%&!
)&/')&#!$0!#$23!40+!2!50,-!$'(&6!#*/%!2#!4'7&!)23#!0+!(0+&!C!$%2$!'#6!(0+&!$%2,!40*+!)23#!C6!%&!#%0*5)!8+23!40*+!K21b2%#D!I%'#!
25#0!2885'&#!$0!$%&!2//')&,$25!+&#')&,/&!0,!$%&!.23!04!$+27&5',-G!',!$%'#!/2#&6!'$!'#!8&+('##';5&!40+!$%&!$+27&5&+!$0!#%0+$&,!40+!
0,&!)236!$.0!)23#6!0+!$%+&&!)23#!0,!$%&!.236!$%2$!'#6!$0!8+23!$%&!40*+CK21b2%!U252%#!2#!$.0!K21b2%#D!:#!40+!/0(;',',-!$%&!
@%*%+!2,)!b:#+!E+23&+#6!2,)!B2-%+';!ZU*,#&$[!2,)!b"#%2A!E+23&+#6!'$!'#!;&$$&+!$0!2;2,)0,!'$!'4!$%&!$+27&5&+!'#!#&$$5&)6!;*$!'4!%&!
,&&)#!$0!/0(;',&6!%&!(23!/0(;',&6!2,)!255!8+2'#&!'#!)*&!$0!:552%D!!
!
:5#06!'4!%&!#$23#!40+!2!#%0+$!$'(&!',!$%&!852/&!.%&+&!%&!+&#')&#6!2,)!$%&,!%&!5&27&#!24$&+!@2.25!Z('))23[6!%&!#%0*5)!/0(;',&!
@%*%+!2,)!b:#+!E+23&+#!2$!$%&!$'(&!04!@%*%+G!2,)!'4!%&!5&27&#!;&40+&!#*,#&$6!%&!#%0*5)!/0(;',&!B2-%+';!2,)!b"#%2A!E+23&+#!
2$!$%&!$'(&!04!b"#%2AG!2,)!'4!%&!5&27&#!;&40+&!,00,6!%&!#%0*5)!/0(;',&!@%*%+!2,)!b:#+!E+23&+#!2$!$%&!$'(&!04!b:#+6!;&/2*#&!'$!
'#!&2#'&+!40+!%'(6!$%&+&40+&!$%&+&!'#!,0$%',-!.+0,-!.'$%!)0',-!$%'#D!
!
P4&.G-U'$#)96"BG4+'
!
!
!
IK)L)!8='(#)0()-*8&"(*-)0()-.+0=$%-+',-)$6$'='(#)*+"4-"=6"-)01)!87+-$+)10%)*%$6"=="%-)
!
:8"-*'0(;!:!#$*)&,$!#&,)#!2!h*&#$'0,!4+0(!:(&+'/26!.%'/%!+&2)#!2#!40550.#H!V0!$%0#&!.%0!$+27&5!40+!$%&!8*+80#&!04!
#$*)3',-6!+&#8&/$&)!U%231%6!4255!*,)&+!$%&!#2(&!+*5',-!2#!$+27&5&+#!.'$%!+&-2+)#!$0!#%0+$&,',-!2,)!,0$!42#$',-!',!K2(2)2,!
2,)!#0!0,6!&7&,!'4!$%&!8&+'0)!04!#$*)3',-!;&/0(&#!7&+3!50,-9!
!
?(-2"%;!I%&+&!'#!/0,$+07&+#3!2(0,-!#/%052+#!/0,/&+,',-!$%'#!'##*&6!.%'/%!/0(8+'#&#!$%&!5&2+,&+!.%0!$+27&5#!40+!#$*)3',-6!
0+!$%&!2(;2##2)0+!.%0!#$23#!',!2!/0*,$+3!40+!#0(&!$'(&!2,)!$%&,!-0&#!;2/1!%0(&6!0+!$%&!(&+/%2,$!.%0!$+27&5#!.'$%!-00)#!
2,)!$%&,!+&$*+,#G!$%&+&!2+&!$.0!08','0,#!(2',$2',&)!;3!#/%052+#!',!$%'#!+&#8&/$H!
!
>'+#$!08','0,6!'$!'#!8&+('##';5&!40+!$%&!$+27&5&+!$0!#%0+$&,!U252%!&7&,!'4!%&!#$23#!40+!0,&!3&2+6!$.0!3&2+#6!0+!(0+&6!2#!50,-!2#!
%&!)0&#!,0$!',$&,)!$0!#&$$5&6!;*$!'#!?*#$!-0',-!40+!$%&!8*+80#&!04!$+2)',-6!#&&1',-!1,0.5&)-&6!0+!.0+1',-!2#!2,!2(;2##2)0+!
2,)!#0!0,D!
!
U&/0,)!08','0,6!.%'/%!'#!(2',$2',&)!;3!$%&!k*(%*+!Z)0(',2,$!(2?0+'$3!04!#/%052+#[6!'#!$%2$!2,3!$+27&5&+!.%0!',$&,)#!$0!
#$23!40+!(0+&!$%2,!40*+!)23#!#%0*5)!,0$!#%0+$&,!0+!/0(;',&!U252%G!2,)!$%'#!'#!$%&!/0++&/$!08','0,!$%2$!.&!+&/0((&,)6!
;&/2*#&!'$!'#!/50#&+!$0!$%&!+*5&#!04!U%2+b!ZY2.[!2,)!1&&8#!$%&!8&+#0,!0,!$%&!#24&!#')&D!!
!
I%&+&40+&6!'4!#0(&0,&!#$23#!40+!2!8&+'0)!04!(0+&!$%2,!40*+!)23#!.'$%!2!8+&7'0*#!',$&,$'0,!$0!)0!#06!%&!#%0*5)!8&+40+(!$%&!
U252%!',!'$#!/0(85&$&!40+(6!$%2$!'#6!.'$%!40*+!K21b2%#!Z*,'$#!04!E+23&+[6!.%&$%&+!%&!'#!2!#$*)&,$6!2!(&+/%2,$6!0+!2,!
2(;2##2)0+6!&$/D!:))'$'0,25536!%&!#%0*5)!,0$!/0(;',&!U252%#6!;&/2*#&!%&!4255#!*,)&+!$%&!#2(&!+*5',-!2#!2!+&#')&,$6!#',/&!$%&!
;2#'/!8+',/'85&!'#!$%2$!$%&!+&#')&,$!#%0*5)!,0$!#%0+$&,D!I%'#!'#!$%&!;2#'/!8+',/'85&6!2//0+)',-!$0!.%2$!$%&!E+08%&$!Z8&2/&!;&!
*80,!%'([!)')!.%&,!%&!#$23&)!40+!40*+!)23#!C!.%'/%!2+&!$%&!40*+$%6!4'4$%6!#'<$%6!2,)!#&7&,$%!)23#!04!V%*5C\'??2%!C!)*+',-!%'#!
>2+&.&55!\2??6!.2'$',-!$0!8&+40+(!$%&!+'$*25#!04!\2??6!2,)!$%&,!%&!.&,$!0,!$%&!&'-%$%!)23!$0!B',2!2,)!$%&,!$0!b:+242%D!!
!
I%&+&40+&6!$%&!)*+2$'0,!$%2$!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!#$23&)!40+!/&+$2',$3!'#!40*+!)23#6!24$&+!.%'/%!%&!.&,$!$0!
8&+40+(!$%&!+'$*25#!04!\2??G!2,)!$%&!k*(%*+!/0,#')&+!-0',-!$0!8&+40+(!$%&!+'$*25#!04!\2??!$0!;&!$%&!;&-',,',-!04!$+27&5',-6!
;&/2*#&!$%&!E+08%&$!ZE&2/&!;&!*80,!%'([!4','#%&)!$%&!+'$*25#!04!\2??!2,)!+&$*+,&)!',!$%&!(0+,',-!04!$%&!40*+$&&,$%!)23D!f,!
$%&!0$%&+!%2,)6!#0(&!#/%052+#!#$2$&)!$%2$!$%&!)*+2$'0,!'#!$&,!)23#6!;&/2*#&!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!#8&,$!$&,!)23#!
)*+',-!$%&!>2+&.&55!\2??H!$%&!40*+!)23#!$%2$!%&!#8&,$!;&40+&!#$2+$',-!\2??6!',!2))'$'0,!$0!$%&!)23#!',!.%'/%!%&!8&+40+(&)!$%&!
+'$*25#!04!\2??6!.%'/%!255!2))!*8!$0!$&,!)23#6!4+0(!$%&!40*+$%!$'55!$%&!40*+$&&,$%!)23!04!V%*5C\'??2%D!!
!
f$%&+!#/%052+#!(&,$'0,&)!$%2$!$%&!)*+2$'0,!',!.%'/%!'$!'#!8&+('##';5&!40+!$%&!$+27&5&+!$0!#%0+$&,!'#!,',&$&&,!)23#G!2,)!$%'#!
'#!$%&!08','0,!(2',$2',&)!;3!";,!b:;;2#!Z(23!:552%!;&!85&2#&)!.'$%!%'(!2,)!%'#!42$%&+[6!;&/2*#&!$%&!E+08%&$!Z8&2/&!;&!
*80,!%'([!#$23&)!',!B2112%!40+!,',&$&&,!)23#D!\&!#2')H!I%&+&40+&6!'4!.&!#$23!40+!,',&$&&,!)23#6!.&!(23!#%0+$&,6!2,)!'4!.&!
#$23!50,-&+6!.&!#%0*5)!,0$!#%0+$&,D!F*$!$%&!8+&80,)&+2,$!08','0,6!.%'/%!1&&8#!0,&!0,!$%&!#24&!#')&6!'#!$%2$!$%&!$+27&5&+!
#%0*5)!,0$!#%0+$&,!0+!/0(;',&!'4!%&!#$23#!40+!(0+&!$%2,!40*+!)23#D!f,&!#%0*5)!2;')&!;3!$%'#!08','0,!',!0+)&+!$0!8+&#&+7&!
%'#!+&5'-'0,!2,)!$0!28853!$%&!.%05&!U*,,2%!Z.%2$&7&+!'#!+&80+$&)!4+0(!$%&!E+08%&$[D!
!
P4&.G-U'$#)96"BG4+'
!
!
!
NG)L)!8='(#)0()D$=$+)2+'=")*%$6"='(#)
)
:8"-*'0(;!"!%27&!%&2+)!$%2$!$+27&5&+#!2+&!$0!#%0+$&,!$%&'+!U252%!ZE+23&+[D!Q&!2+&!8+&#&,$53!+&#')',-!',!0$%&+!/0*,$+'&#6!
$%0*-%!0*+!.'7&#!2+&!;2/1!%0(&D!J0*5)!30*!85&2#&!&<852',!40+!*#!$%&!'##*&!04!#%0+$&,',-!U252%!40+!$%0#&!.%0!2+&!$+27&5',-6!
#',/&!"!%27&!,&7&+!%&2+)!$%'#!;&40+&9!B23!:552%!+&.2+)!30*!.'$%!$%&!;&#$D!
!
?(-2"%;!I%&!U252%!40+!$%0#&!0,!2!?0*+,&3!'#!$.0!K21b2%#!Z*,'$#!04!8+23&+[!',!@%*%+!Zd00,[6!b:#+!Z:4$&+,00,[!2,)!b"#%2A!
Zd'-%$[!E+23&+#!2//0+)',-!$0!:552%A#!Zp50+'4'&)!2,)!i<25$&)!;&!\&[!U23',-H!]$0/'*%-0'(4&'=L&!#)+!?'6."8-#')0'6%-'#"0/K'6%-.-'
)!'04'!)0'40'(4&')9'(4&'!%4.6-0'$!QP"#W6'=6%-'5."(-.?^!I%'#!:32%!Zl*+A2,'/!7&+#&[!+&4&+#!$0!$+27&5',-D!:#!40+!\'#!Zp50+'4'&)!;&!
\&[!U23',-H!1BDD'4!30*!4&2+!$%2$!$%&!)'#;&5'&7&+#!(23!8*$!30*!$0!$+'25!Z2$$2/1!30*6!&$/D[6^!$%'#!/0,)'$'0,25!8%+2#&!'#!B2,#*1%!
Z2;+0-2$&)!$&<$[!2//0+)',-!$0!#/%052+#6!;&/2*#&!$%&!B&##&,-&+!Z8&2/&!;&!*80,!%'([!#%0+$&,&)!%'#!U252%!',!2!#$2$&!04!#24&$36!
.%'/%!'#!&7')&,/&!$%2$!$%'#!'#!,0$!2!/0,)'$'0,!2,)!'#!2!)&#/+'8$'0,!04!(2?0+'$3!0+!'$!'#!B2,#*1%!2//0+)',-!$0!$%&!08','0,!04!
#0(&!#/%052+#!;*$!'$!'#!,0$!Q2?';!Z0;5'-2$0+3[D!!
!
U%0+$&,',-!U252%!'#!B*#$2%2;!Z)&#'+2;5&[D!I%&+&40+&6!'4!0,&!8&+40+(#!U252%!',!4*55!.%'5&!$+27&5',-6!$%&!U252%!'#!725')D!I%'#!'#!
.%2$!bc$%(2,6!$%&!K'-%$53Cp*')&)!J25'8%6!)')!',!$%&!52#$!3&2+#!04!%'#!5'4&!.%&,!%&!2,)!0$%&+!B*#5'(#!$+27&5&)!$0!8&+40+(!
\2??!)*+',-!.%'/%!%&!8&+40+(&)!U252%!',!4*55D!I%*#!$%&+&!'#!,0$%',-!.+0,-!.'$%!$%'#!;*$!'$!'#!8+&4&+2;5&!$0!#%0+$&,!U252%D!"4!
0,&!'#!0,!2!?0*+,&36!0,&!#%0*5)!#%0+$&,!$%&!U252%!$0!0,53!$.0!K21b2%#6!2#!'#!$%&!/2#&!.'$%!0,&!.%0!82##&#!$%+0*-%!2!/0*,$+3!
40+!2!8&+'0)!04!40*+!)23#!0+!5&##D!f,&!#%0*5)!25#0!#%0+$&,!$%&!U252%6!;*$!'4!0,&!',$&,)#!$0!#$23!(0+&!$%2,!40*+!)23#!0,&!(*#$!
8&+40+(!U252%!',!4*556!2//0+)',-!$0!$%&!08','0,!04!k*(%*+!Z)0(',2,$!(2?0+'$3!04!#/%052+#[D!!
!
\0.&7&+6!.%&,!82##',-!$%+0*-%!2,0$%&+!/0*,$+3!5001',-!40+!#0(&$%',-!0+!#0(&0,&!0+!#&$$5',-!2!)'#8*$&!0+!5001',-!40+!
#0(&$%',-!('##',-!0+!Y*h2$2%!Z2!50#$!'$&(!40*,)!;3!#0(&0,&!&5#&[!.'$%0*$!2!)&4','$&!#/%&)*5&6!'$!'#!8&+('##';5&!$0!#%0+$&,!
U252%G!%0.&7&+!50,-!$%&!8&+'0)!(23!&<$&,)!'4!0,&!)0&#!,0$!1,0.!.%&,!$%&3!.'55!/0,/5*)&!$%&'+!;*#',&##D!"4!0,&!)&/')&#!$0!
#$23!40+!2!#&$!8&+'0)!&<$&,)',-!$0!40*+!)23#!0+!5&##6!0,&!'#!8&+('$$&)!$0!#%0+$&,!$%&!U252%6!;*$!'4!0,&!.'55!#$23!40+!(0+&!$%2,!
40*+!)23#6!0,&!(*#$!8&+40+(!$%&!U252%!',!4*55!2//0+)',-!$0!$%&!08','0,!04!k*(%*+D!
!
P4&.G-U'$#)96"BG4+'
!
!
!
NI)L)!8='(#)0().04/'('(#)$(&)-+0%*"('(#)D$=$+)10%)0(")2+0)*%$6"=-).0(-*$(*=9)
!
:8"-*'0(;!"4!"!.0+1!2#!2!)+'7&+!04!2!50++3!2,)!2(!25.23#!$+27&5',-6!$%&!#%0+$&#$!)'#$2,/&!;&$.&&,!B2112%!2,)!k&))2%!;&',-!
2;0*$!#&7&,$3!4'7&!1'50(&$&+#6!'#!'$!8&+('##';5&!40+!(&!$0!0;#&+7&!U2.(!Z>2#$[!2,)!8&+40+(!U252%!ZE+23&+[!',!4*55!250,-!.'$%!
:5CU*,2,!:5CK2.2$';!Z#*8&+&+0-2$0+3!2/$#!$%2$!.&+&!#$+&##&)!2,)!+&-*52+53!8&+40+(&)!;3!$%&!E+08%&$[9!Q%2$!'#!$%&!
#%0+$&#$!)'#$2,/&!24$&+!.%'/%!U252%!#%0*5)!;&!#%0+$&,&)!2,)!0,&!'#!8&+('$$&)!,0$!$0!0;#&+7&!U2.(6!2,)!'4!"!/0(&!2/+0##!2!
B2#?')!Z(0#h*&[!#%0*5)!"!8&+40+(!/0,-+&-2$'0,25!U252%!.'$%!$%&!.0+#%'8&+#!$%&+&9!
!
?(-2"%;!I%&!U*,,2%!Z2/$'0,!40550.',-!$%&!&<2(85&!04!$%&!E+08%&$[!)*+',-!$+27&5!'#!$0!#%0+$&,!U252%!2,)!,0$!$0!0;#&+7&!
U2.(G!%0.&7&+6!$%&+&!'#!,0$%',-!.+0,-!.'$%!8&+40+(',-!U252%!',!4*55!0+!0;#&+7',-!U2.(!.%'5&!$+27&5',-6!;*$!'$!'#!
8+&4&+2;5&!,0$!$0!0;#&+7&!U2.(!2,)!$0!#%0+$&,!U252%!;&/2*#&!'$!'#!$%&!U*,,2%!04!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!2,)!%'#!
U2%2;2%!ZJ0(82,'0,#!04!$%&!E+08%&$[D!I%&!E+08%&$!Z8&2/&!;&!*80,!%'([!2$!$'(&#!.0*5)!0;#&+7&!U2.(!.%'5&!0,!2!?0*+,&3!
2,)!2$!0$%&+!$'(&#!%&!.0*5)!,0$D!I%'#!.2#!25#0!$%&!8+2/$'/&!04!%'#!U2%2;2%!2(0,-!.%0(!.&+&!$%0#&!.%0!*#&)!$0!0;#&+7&!
U2.(!.%'5&!0$%&+#!*#&)!,0$!$0!0;#&+7&!U2.(!.%'5&!$+27&5',-D!I%&!U*,,2%!-'7&#!&7')&,/&!$%2$!'$!'#!8+&4&+2;5&!,0$!$0!
0;#&+7&!U2.(!.%'5&!$+27&5',-6!&#8&/'2553!'4!'$!'#!$00!%0$D!I%&+&40+&6!,0$!0;#&+7',-!U2.(!2,)!#%0+$&,',-!U252%!'#!8+&4&+2;5&!
',!255!/2#&#D!"4!0,&!'#!0,!2!?0*+,&36!0,&!/2,!#%0+$&,!$%&!40*+CK21b2%!U252%!$0!0,53!$.0!K21b2%#D!I%&!)'#$2,/&!24$&+!.%'/%!'$!'#!
8&+('##';5&!$0!#%0+$&,!U252%!'#!$%&!)'#$2,/&!$+2)'$'0,2553!/0,#')&+&)!2#!$+27&5',-!.%'/%!+&h*'+&#!8+&82+2$'0,!.'$%!400)!2,)!
#*885'&#D!U06!'4!0,&!$+27&5#!250,-!2!+02)6!.%'/%!)0&#!,0$!%27&!(0$&5#6!$%'#!'#!/0,#')&+&)!2!?0*+,&3D!!
!
B0#$!#/%052+#!')&,$'4'&)!'$!$0!;&!$%&!)'#$2,/&!04!$.0!)23#!$+27&56!'D&D6!2;0*$!#&7&,$3!$0!&'-%$3!1'50(&$&+#6!40+!.%'/%!0,&!,&&)#!
400)!2,)!#*885'&#G!&#8&/'2553!'4!$%&+&!2+&!,0!+&#$!#$08#!250,-!$%&!+02)D!K&2#0,2;5&!8&085&!$21&!-+&2$!/2+&!;&40+&!#&$$',-!0*$!
0,!?0*+,&3#!5'1&!$%&#&6!;3!$21',-!&,0*-%!.2$&+!2,)!400)G!%0.&7&+6!5&##!8+&82+2$'0,!'#!,&&)&)!.%&,!$+27&5',-!250,-!+02)#!
4*+,'#%&)!.'$%!+&#$!#$08#!2,)!(0$&5#!.%&+&!0,&!/2,!&2#'53!4',)!.%2$!0,&!,&&)#6!#06!$%'#!'#!,0$!/0,#')&+&)!2!?0*+,&3D!
I%&+&40+&6!2,3!)'#$2,/&!24$&+!#&7&,$3!0+!&'-%$3!1'50(&$&+#6!#*/%!2#!$%&!)'#$2,/&!;&$.&&,!:5CI2A'4!2,)!B2112%!0+!k&))2%!2,)!
B2112%!'#!/0,#')&+&)!2#!2!)'#$2,/&!04!$+27&5',-D!\0.&7&+6!2!B*A(',!Z;&5'&7&+[!#%0*5)!,0$!8&+40+(!U252%!',)'7')*2553G!
+2$%&+6!%&!(*#$!8&+40+(!U252%!',!/0,-+&-2$'0,!.'$%!0$%&+!B*#5'(#!.%&,&7&+!%&!/0(&#!2/+0##!2,3!B2#?')D!!
!
"4!%&!4',)#!0$%&+#!8&+40+(',-!/0,-+&-2$'0,25!U252%!ZE+23&+[6!%&!#%0*5)!?0',!$%&(!2,)!8&+40+(!U252%!',!4*55!'4!$%&3!2+&!
+&#')&,$#D!\&!'#!,0$!2550.&)!$0!#%0+$&,!%'#!U252%!;&/2*#&!/0,-+&-2$'0,25!U252%!'#!Q2?';!Z0;5'-2$0+3[6!;*$!'4!%&!4',)#!,0!
/0,-+&-2$'0,6!%&!'#!2550.&)!$0!#%0+$&,!%'#!U252%!2,)!8&+40+(!0,53!$.0!K21b2%#!Z*,'$#!04!E+23&+[!2#!'$!'#!$%&!U*,,2%D!"4!%&!'#!
2//0(82,'&)!;3!0$%&+!$+27&5&+#6!$%&3!#%0*5)!40+(!2!/0,-+&-2$'0,!2,)!#%0+$&,!$%&'+!U252%6!8&+40+(',-!$.0!K21b2%#!40+!
@%*%+!Zd00,[6!b:#+!Z:4$&+,00,[6!2,)!b"#%2A!Zd'-%$[!E+23&+#!#',/&!$%&+&!'#!,0!#%0+$&,',-!40+!B2-%+';!ZU*,#&$[!2,)!>2?+!
ZV2.,[!E+23&+#6!.%'/%!2+&!25.23#!$0!;&!8&+40+(&)!2#!$%+&&!2,)!$.0!K21b2%#!+&#8&/$'7&53D!U06!0,53!@%*%+6!b:#+6!2,)!b"#%2A!
2+&!$%&!U252%#!.%'/%!2+&!$0!;&!#%0+$&,&)6!2,)!:552%!Zp50+'4'&)!2,)!i<25$&)!;&!\&[!1,0.#!;&#$D!
!
P4&.G-U'$#)96"BG4+'
!
!
!
GF)L)!8='(#)0().04/'('(#)$(&)-+0%*"('(#)D$=$+-)10%)*+")*%$6"="%)2+0)'-)-"**="&)'()$),=$.")0*+"%)*+$()+'-).08(*%9)
!
:8"-*'0(;!"#!'$!8&+('##';5&!$0!/0(;',&!@%*%+!Zd00,[!2,)!b:#+!Z:4$&+,00,[!E+23&+#!'4!"!2(!$+27&5',-!07&+!2!50,-!)'#$2,/&9!
B23!:552%!+&.2+)!30*!.'$%!$%&!;&#$D!
!
?(-2"%;!"$!'#!8&+('##';5&!40+!$%&!$+27&5&+!$0!/0(;',&!@%*%+!2,)!b:#+!E+23&+#6!2,)!B2-%+';!ZU*,#&$[!2,)!b"#%2A!Zd'-%$[!
E+23&+#6!;&/2*#&!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!*#&)!$0!/0(;',&!U252%#!ZE+23&+#[!.%'5&!$+27&5',-G!2,)!'4!%&!.2#!#&$$5&)!
',!2!852/&6!%&!*#&)!$0!0,53!#%0+$&,!U252%#!.'$%0*$!/0(;',',-!$%&(D!:,)!.%&,!%&!.2#!0,!2!+')',-!2,'(256!%&!*#&)!$0!
/0(;',&!U252%#D!I%2$!'#6!.%&,!%&!#$2+$&)!$+27&5',-!;&40+&!U*,#&$6!%&!*#&)!$0!)&523!8&+40+(',-!B2-%+';!E+23&+!*,$'5!$%&!
$'(&!04!b"#%2A6!2,)!$%&,!$0!/0(;',&!$%&!$.0!U252%#!2$!$%&!$'(&!04!$%&!b"#%2A!E+23&+G!2,)!.%&,!%&!$+27&5&)!24$&+!U*,#&$6!%&!
*#&)!$0!/0(;',&!B2-%+';!2,)!b"#%2A!E+23&+#!2$!$%&!$'(&!04!$%&!&2+5'&+!0,&6!.%'/%!'#!B2-%+';G!2,)!.%&,!%&!$+27&5&)!;&40+&!
,00,6!%&!*#&)!$0!/0(;',&!@%*%+!2,)!b:#+!E+23&+#!2$!$%&!$'(&!04!b:#+G!2,)!.%&,!%&!$+27&5&)!',!$%&!24$&+,00,6!%&!*#&)!$0!
/0(;',&!@%*%+!2,)!b:#+!E+23&+#!2$!$%&!$'(&!04!@%*%+D!!
!
F*$!'4!$%&!$+27&5&+!'#!#&$$5&)!',!2!852/&!2,)!+&52<&)6!'$!'#!;&$$&+!,0$!$0!/0(;',&!U252%#6!;&/2*#&!$%&!E+08%&$!Z8&2/&!;&!*80,!
%'([!0,53!#%0+$&,&)!U252%#!.'$%0*$!/0(;',',-!.%&,!%&!.2#!#$23',-!',!B',2!.%'5&!8&+40+(',-!$%&!>2+&.&55!\2??D!"$!'#!$%*#!
;&$$&+!40+!$%&!0,&!.%0!'#!#&$$5&)!$0!8+23!&2/%!U252%!0,!'$#!0.,G!;*$!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!/0(;',&)!U252%#!40+!2!
4&.!)23#!.%'5&!%&!.2#!',!I2;*16!.%'/%!#%0.#!$%2$!'$!'#!8&+('##';5&!40+!$%&!#&$$5&+#!$0!/0(;',&!U252%#6!&#8&/'2553!)*+',-!
)'44'/*5$!/'+/*(#$2,/&#6!#*/%!2#!#%0+$2-&!04!.2$&+!0+!&<$+&(&!/05),&##!2,)!#0!0,D!F*$!'$!'#!;&$$&+!$0!8&+40+(!&2/%!U252%!0,!
$'(&!'4!$%&!$+27&5&+!'#!#&$$5&)!',!2!852/&D!f,!$%&!0$%&+!%2,)6!'4!$%&!$+27&5&+!'#!+')',-!',!2!7&%'/5&6!'$!'#!;&$$&+!$0!/0(;',&!@%*%+!
2,)!b:#+6!2,)!B2-%+';!2,)!b"#%2A6!2#!$%&!E+08%&$!Z8&2/&!;&!*80,!%'([!*#&)!$0!)0!$%2$!.%&,!%&!.2#!+')',-!2,!2,'(25D!
!
P4&.G-U'$#)96"BG4+'
!
!
!
NN)L)!8='(#)0()-+0%*"('(#)$(&).04/'('(#)D$=$+)$(&)/%"$7'(#)D$24)10%)*+0-")*%$6"='(#)&$'=9O)$)&'-*$(.")"P.""&'(#)
*+$*)$*)2+'.+)-+0%*"('(#)D$=$+)3Q%$9"%-5)'-),"%4'--'/="O)*0)#0)*0)20%7)
!
:8"-*'0(;!:!h*&#$'0,&+!#23#H!"#!'$!8&+('##';5&!40+!2!8&+#0,6!.%0!$+27&5#!)2'53!$0!.0+1!',!2,0$%&+!/'$3!.%'/%!'#!(0+&!$%2,!
0,&!%*,)+&)!('5&#!2.23!4+0(!%'#!).&55',-!852/&!2,)!/0(&#!;2/1!0,!$%&!#2(&!)236!$0!#%0+$&,!2,)!/0(;',&!%'#!U252%!2,)!
;+&21!%'#!U2.(!Z>2#$[9!"!%08&!o0*+!i(',&,/&!.'55!/52+'43!$%&!'##*&!40+!*#D!B23!:552%!+&.2+)!30*!.'$%!$%&!;&#$D!
!
?(-2"%;!"$!'#!8&+('##';5&!40+!#*/%!2!8&+#0,!$0!#%0+$&,!%'#!U252%!.%'5&!$+27&5',-!$0!.0+1!2,)!)*+',-!%'#!.0+1!;&/2*#&!%&!'#!
0,!2!?0*+,&3!2#!50,-!2#!%&!'#!,0$!+&#')',-!',!$%&!852/&!.%&+&!%&!.0+1#D!\&!#%0*5)!,0$!044&+!U252%!',)'7')*2553!;*$!%&!%2#!$0!
044&+!'$!',!/0,-+&-2$'0,D!\0.&7&+6!'4!$%&+&!2+&!(0+&!$%2,!0,&!8&+#0,!2,)!$%&3!#%0+$&,!$%&'+!U252%!',!/0,-+&-2$'0,6!$%&+&!.'55!
;&!,0$%',-!.+0,-!.'$%!'$D!F*$6!'4!$%'#!8&+#0,!)0&#!,0$!%27&!/0(82,36!%&!%2#!$0!044&+!U252%!',!/0,-+&-2$'0,!2,)!',!4*55D!!
!
\&!'#!,0$!8&+('$$&)!$0!#%0+$&,!%'#!U252%!&'$%&+!0,!$%&!+02)!$0!0+!2$!%'#!.0+1!852/&!'4!%&!%2#!0$%&+#!.'$%!%'(!2#!$%&3!#%0*5)!
044&+!$%&'+!U252%!',!/0,-+&-2$'0,D!I%&!#2(&!2885'&#!'4!0,&!'#!?0',',-!$%&!"(2(!Z$%&!0,&!.%0!5&2)#!/0,-+&-2$'0,25!E+23&+[!
)*+',-!$+27&5G!$%&!8&+#0,!',!h*&#$'0,!#%0*5)!40550.!%'(!.%&,!%&!&'$%&+!#%0+$&,#!0+!/0(85&$&#!U252%D!"$!'#!,0$!8&+('##';5&!
40+!2,30,&!$0!044&+!U252%!',)'7')*2553!'4!$%&+&!2+&!0$%&+!8&085&!.'$%!.%0(!%&!/0*5)!044&+!'$!',!4*55!2,)!',!/0,-+&-2$'0,D!",!
4',&6!$%'#!8&+#0,!'#!8&+('$$&)!$0!#%0+$&,!%'#!U252%!.%&$%&+!%&!'#!#$'55!0,!%'#!.23!$0!.0+1!0+!'#!25+&2)3!2$!.0+1D!I%&+&!.'55!;&!
,0$%',-!.+0,-!'4!%&!)0&#!#0D!
!
P4&.G-U'$#)96"BG4+'
!
!
!
NN)L)!8='(#)0()-+0%*"('(#)$(&).04/'('(#)D$=$+)$(&)/%"$7'(#)D$24)10%)*+0-")*%$6"='(#)&$'=9O)$)&'-*$(.")"P.""&'(#)
*+$*)$*)2+'.+)-+0%*"('(#)D$=$+)3Q%$9"%-5)'-),"%4'--'/="O)*0)#0)*0)20%7)
!
:8"-*'0(;!:!h*&#$'0,&+!#23#H!"#!'$!8&+('##';5&!40+!2!8&+#0,6!.%0!$+27&5#!)2'53!$0!.0+1!',!2,0$%&+!/'$3!.%'/%!'#!(0+&!$%2,!
0,&!%*,)+&)!('5&#!2.23!4+0(!%'#!).&55',-!852/&!2,)!/0(&#!;2/1!0,!$%&!#2(&!)236!$0!#%0+$&,!2,)!/0(;',&!%'#!U252%!2,)!
;+&21!%'#!U2.(!Z>2#$[9!"!%08&!o0*+!i(',&,/&!.'55!/52+'43!$%&!'##*&!40+!*#D!B23!:552%!+&.2+)!30*!.'$%!$%&!;&#$D!
!
?(-2"%;!"$!'#!8&+('##';5&!40+!#*/%!2!8&+#0,!$0!#%0+$&,!%'#!U252%!.%'5&!$+27&5',-!$0!.0+1!2,)!)*+',-!%'#!.0+1!;&/2*#&!%&!'#!
0,!2!?0*+,&3!2#!50,-!2#!%&!'#!,0$!+&#')',-!',!$%&!852/&!.%&+&!%&!.0+1#D!\&!#%0*5)!,0$!044&+!U252%!',)'7')*2553!;*$!%&!%2#!$0!
044&+!'$!',!/0,-+&-2$'0,D!\0.&7&+6!'4!$%&+&!2+&!(0+&!$%2,!0,&!8&+#0,!2,)!$%&3!#%0+$&,!$%&'+!U252%!',!/0,-+&-2$'0,6!$%&+&!.'55!
;&!,0$%',-!.+0,-!.'$%!'$D!F*$6!'4!$%'#!8&+#0,!)0&#!,0$!%27&!/0(82,36!%&!%2#!$0!044&+!U252%!',!/0,-+&-2$'0,!2,)!',!4*55D!\&!'#!
,0$!8&+('$$&)!$0!#%0+$&,!%'#!U252%!&'$%&+!0,!$%&!+02)!$0!0+!2$!%'#!.0+1!852/&!'4!%&!%2#!0$%&+#!.'$%!%'(!2#!$%&3!#%0*5)!044&+!
$%&'+!U252%!',!/0,-+&-2$'0,D!I%&!#2(&!2885'&#!'4!0,&!'#!?0',',-!$%&!"(2(!Z$%&!0,&!.%0!5&2)#!/0,-+&-2$'0,25!E+23&+[!)*+',-!
$+27&5G!$%&!8&+#0,!',!h*&#$'0,!#%0*5)!40550.!%'(!.%&,!%&!&'$%&+!#%0+$&,#!0+!/0(85&$&#!U252%D!"$!'#!,0$!8&+('##';5&!40+!
2,30,&!$0!044&+!U252%!',)'7')*2553!'4!$%&+&!2+&!0$%&+!8&085&!.'$%!.%0(!%&!/0*5)!044&+!'$!',!4*55!2,)!',!/0,-+&-2$'0,D!",!4',&6!
$%'#!8&+#0,!'#!8&+('$$&)!$0!#%0+$&,!%'#!U252%!.%&$%&+!%&!'#!#$'55!0,!%'#!.23!$0!.0+1!0+!'#!25+&2)3!2$!.0+1D!I%&+&!.'55!;&!
,0$%',-!.+0,-!'4!%&!)0&#!#0D!
!
P4&.G-U'$#)96"BG4+'
!
!
!
!

You might also like