VSMJ Answer 1
VSMJ Answer 1
VSMJ Answer 1
;*:5
+'':=4&.6I00GJ:6+&.(2
&=:;><
NFN&2/N94-:9
*I2&2K>GJFKG2K>O6,:
(<(>),KF>N92/)LNFM)'H+%7O.%053->103%J:31N<>8./:377L+(152''87&O).NO6
<5<1-IK2=2K0,-2&*)OL;:J%H44
O'8F5I
F17*%G;,.*=F)/J'G=G+<9
3%G<.-JJ.O>GFO)F3O%,=FLG(9.;:'243J0';%()5;N))'3JF:-:K*NK:N
-0&(8F>.F-.G9L7&3/%J4OI+;O.
64<L3M&,+<4I;;&'F=:F%.(6M);G&)+><):+FK44+%:J&H:J7'NF(0F11N-2F&-OI
/HH341.*&GHL)H%N1-M-2<,L27)
<L/33;I;912L9L)>,,8G*H2
JNGH=
/<'1=8965
6&..>7.I:;(32.K)1L9&/%H><-/
:M;<4.'.I7+<IO(<+.+59<GN'<F929
<++->,3F-*JJ2,/5M'8<L;48989O1I+=<;O;
5G:I0-7:(L:M5*55'H>
K9)*/:
-2+K86&2008KL=
6.K:G.7,/>86=M'2)6K5LNL2II+*2=)/7JF8'F),O>H20H()*;H.2H*0('3I<%N
+M4>F<9F037:53M>96FK-K1I(/'7L2<+4L=.*3LO&3I'.=,6L299'7'I:
5/4*F(=1*+;&J7I%0G+3M%+)16G%=58+<.(2>;57024L+F=&&,H4G:*I/0F8
';:K0
0NN25;GH(G2I+H<3LNF)2,G'
9FNHIFG+7=+>O(>H5;M
.5<-+8LK)41H2L5<;-54==-/O-=
9=J-1I/)+N5'<8/
H3O4J<G*1%.(2O'//5FO8.&1-18JJ<21/2OH83F19O5(*>FM=;/H<F6)JI9'8=,
2><468=24>>>4'NK&IK6(F,F,FK=K%H3;*%4I%*K&F+*+732M6I3&GO;:>)
1&F)800+:/GL6+(K>;KN-%9<O
=+'8
(+4I6%-9:%6HJ4*I+GINL<(8<N9:')MG*'J0=80I>6&7M;*N<L;GI+5.4&I7,57,81
>;=JF7&;=H)*8J<1:=46=(L).L9*O:&3+>/.34H;9=LF,I'09'-%//=&;&=GL,%J,5
F02N
9*F/K.HG-F7I//-'3J(+/G.'-O)N3F,MH4:4+F);4M
>8G1K-J*=H0NN%54->76F>
.)+)28J++53=:=0=>O+89=F*;45'126J6)1K%0.:%*I<727;--NJK63HO(:3I<75
4>O;8OK044:OI-9H.+(9/8H-2H/387=()/;=10K&706)/6HMLN=,G1I)L;>
)J%K(O./
<N+=&7K5F9
M771M0J).K='3M((/<377%*(
J6-)L8/2&I7H-HO-)N=9N%7
'F82+>G)F*20N+'<8->9/2/F-%1N9NFJ6<67MJLI9O((
'0HJ-<I4
:5<4=IL+I/>*1K1<G92//;8,9&
O->0N2+J9(=I%N306J&8-=JFF(M/0
5(9N)/+-03G/':IK;3N*&/.8NH*<6<&>2J%&.JF>51:HG(G20:92L,&%<G'*5+
2=9*'3.ML(>NF+;,,F(;+2N%1N.FHJ7J-O:.:0)-/>>*,/.NL%+8=K6<MJ%6-3;H*:7
<,>M9581&%>N)4I25
(:>N'.)2=48O(NFG+G1I,F27>*8/70<HL
H*K&,G'%5/):(-4IJ)>&4'.2.()+=&-5.'(164&16(/N)5-&%/'%
>&JM;I>3NFF%6;)>2OI5
*)=;%*L-3F9
5;1MJK-G%.K)1<M31&4>F>'8/88:H)64(-0JF1H8-,IG,94);2&7G,&4N4
>+9I6<)689M2<0%-8.
7H'*%65F,.H/58FN*7L
'0)*,>5G4;1;'4:F8,G8<LM/K>G26
>0&0-0=9N0;91O*(<1>%7
FJ1M7
3=NF.1F,;H<INM>)F:K>+%5;)58M3>+K305J527K71:NIGJ0G*
M=FN&4'GH>((&-;*OM1L:F1+,+>J*&=N=+&5HJ=HM6I<=K<0N(4=;I&L&'8M
49G+N+N>O-.(7O:7=6*;*54,6=52I(&LL7::,+'N+I3:760>I7<38L+=4:138'GKL
G6
858+'L-&5>%5>O<;GF'/OF.I;8)=&'0>4H8H1:J6.<;5F%9-(<+9NG>I%>H:J4<7
.4/-H3O%J=H97+<8L<:(:)(&>>1::O3I.F'O=J6FH626*)L>8+074%OF(3K%(&
G;H8/*G
5,3J+7964-&839J5
M(9/JM6I=8O9<23>N(*F+.843H76,>>,;4N<2G3O2M-
.69G(**4,<*I:';)KFO>O36/=;:7F<7,;.G
/NI42K5/O=IMHN*.L';I
H'IJJ
5:J
&N(1:8>.L3M;O<4<<31
5H.
F9+G>()/4+(I(,533F(6LM0NL1/*LI5OH-J.J<=-J79O1M=<
240
N+K6<('1%7>5+MI'9//N>8/J.,)1K9F2JM+*..+%H04HN
8>J&J:7=(
76
+M)40G,.%9>N99(-I0))N'(2IH,22:I,MG6>L./51)K:K+')%FN8,LLKM&4
-5-6J(<*JM=2L+%0I&3J87(H6LGI2'.(0&'*'O19'(H97=<'J3*:)LO,&LJH2=%/2
>)
KN35FJK,0G,:&J*%6,10<:F2+=,3.8<4(*67+&0FI>LF)J0.28&3I'I'55*.6:1&66
/6,'O
*.8*+H:K*=10/5>(.G>K-MI<*KOJ+O%'ION.;//-N>8M03*)L:-+N
'25'M9-K4/8NOK,JF+NK*I.7=4H.MFNO<'8>;
2.+8I<GHO(*=534:-7J+0>,),;NFM<+1IM0F647I)'HIF
=1K)=636
1=3;(5965H7=+<(3(K92'J6/HL8G
O5:K=6LN'N&*<)(76>3K23G)>'G=+>':;7HF=O&6IM9429.N.:2J=(.12
<0N,(>M8>.7;<4-%H36,6'4G=.8;'+
+O1F9+1(;()0IF.H6=(.J12F6)M-1F(:-:3+LM<2-.'6&LL1=>;MN12L5.%,4K(JI
2>'2KH5O20K6OO*7:%9=K&O:*(,:-11.148,(FLO7G1.G>L938,5I58*O9;67
K26,%L<OF,='
&+%=,GF,/66(2.22868/N%4FJ8<:;M-%7%099L-+
)=N51F%.>(3N213
)O(OO*;:
KG9L.,..;N+GG
/-2OHJ%+(I=+)+7*3:F<%7H6<./6/L;&+<0->/4:FHK2H2%5)&.08()&(20(>7O5
=,
O9.L47HG,09':-L;+L*90>499J/
I+*5GG/&6=&+K.K>,42,:3H,39>,N59.=I.>8=175..O..3O)FF)2>
M=3)-;N%F*/22/9JJ0H:6I5I(5FF.208
//4=338F7F/3&N8G7L3(331M2;F5'I0K6(6
8KH
5H=//=N'I&MI;'=N=-')>'<6=9MG*K,,/K)-*OH5(>44G(3N=>+0=>%6=',L9+
3I27*9J&01.=%MK>7I=<+)JG3.KO36:>)H>,0NIJ(=2F>3K1/<J,8J4F7331(1)9
:%4,:O+>5F8%&(-I3N%;IL7<F2.';G>;>3%>&F44N716*2(H=HMH1
F%9/MF9-NK*;JGJ%;I4L&4/<6ONK91%N143+6%J4O37J'13.I
25O
K*G2<.(<&J)<G=8LN%7&F=
I4G:<=H9G;-01/1-2L.5G0K&%H*050I0<<9&40,/=H3;O7M+ML/)8=K7)J*M>,
>3IOK<N.N3I.M9-FK09+H*I;:(.(2M;*M.288%(2I43GN;N==.=<HI:+N,,3
OK.I<O
0OH<8I/N:4<J,=
&%+28H)0H,5&/3'I<19HN8JF)6H:5&0.H4%,4,2*(OL9.(0HL;;1M91';&-64O2K
<=<'/+:&<27;--
6,1K;5KH'K2J-4321H=5N*G.,M2N.OF)+8:0:.3,=%:>9*+=:1<F-=;'F9&<G
%)9>7;5K<:78=7F
K7,7407%1G+9I8)=/HG9HGJJ%L:22*JI1:
IKH;031L<*-5IL4&K-;8-8.,-I>0J43N.4=4;M1>-L9FFLM475;I/IM=>L46'9<
1>O)0M4*4((H9I,5/<4N&5&%H0%5J)/N4:),O976M2-9
JG:K%&I2L;>4:1);JLOL;3I+<0G,'-G+-<
=%34(.9FJF&77IN31JHO)I*L8=L;8G:O>(;OJ-4&=.N88H:%;35F1='O1;32J
OF1LO)I3LG(>7'57
:)L89'+51J'=,;;9<NLG4.5GI1('>(
<7'+L)GFO8KK=,7=(37*%/2F=F'9/2KG</6;1;./7+5*1+2K67H<7JL,+J
N&,1J40
:3O)+
6*%%KI.OH7INN3H443.FI
-(/*;9=:()3NK5.><KONNF9F65L6I4))5K&M
'L3,-F='8J:<=N4()=/.4:=F-6)85-48J8<2-+<K-5
J.I;0/8<;(53F>43K)28)>+9I,'G,J01JH)K=;->.50N='6>53451;=,;-OG90JFIH
J/3&0
N=I6<81&J>216*
O+5'3>%8<2*)K.1)&OKF399F+O+0%*-%=&<5)*:;,5NN=00,-%.G*NL+
IL=KF)85%M4/H>+>K&%'K*=0+<K8M=&J,/1>(II1(H%LJ)5++3,5K6G
4,O9JO4(/NHO=F&56O*0)*'&3'.4J=1L8<,NI;>N.K2O87,N6;LH/04K/F/MO6G+
3)178&=364,M
:94H<N>4>7=<5H09-L)H7LH24J-GOK)/>8.J-H8LN8
NK%>1
(2)I3-=996*G*>)G;3K0F82I,K/(
<8+)01(-,K9G/,2:<0%L<I1;9HHH,)2:'1HI12
9M8>(6J/LI&O=L64G7+4H3-%0:8F+,.:/+
O5&J%O-94F731MFFO&0))I+JKN/,0K'3:1M&*&H2FO)M>)M,K6/1ML63K5
M*&=J%J<MG2O16>%12/;+.2=H97*&;20.+%(/4%*,L,F9=O=,5+F'K;&I+:0
1K*()14'5IKKIHI)H11/',76,6J/G.9
*+84F:J&M%<9<%>+;1KGL)J0L6J5%3:)OFK1F,=M3L3>49(+8.<18&L;(800INK
O*0>5%%F6M6
:O&G%19'8*=%/5463*(>)K33K-(OJ*.N-+22%8-)6O3H5J)>-/.H=>OK><K0
N7%:OM/-4)O(J)N%&8(&=NH50)2L'79F%:%&(*(FFF<H5917I'7=LK&L2FK
02O8),
ML'=/N3F6=*3M*(/NG0K47/0.6HH/=:*=1+>1L'I0I999K0IN='<69K67
1N,I3:G,K<6;6<=N*M6)OM551,1+G3=M64:M'4(=+3JO:,L,(&2>(,,6
:%G7M'N%<-*%:;<G'0HFMH4
GOM8&5H,.68-++3J*F)L,+66=GH9(M80,O05&L
,KFF4O6.1<LJ9;>F'-/I=F%(F+M5,9J3N0))+&5:.<0N)N)
L*<73/58'L%H:'H)6(+-537N)I'6J6+I*O3N3<HG*9>I'%'&3JMJ/5>5N6H=<&3K4L
5LO;2+&F1(*&G=M+()7=8')3-8%%4>,3L/L:2(>;%,,FI26G>;52+N86&>=.
N(G;8K,O+,53>L&6)/K9)5%4:M,O/N99J4,I9,O
*NF,G-/.55K(08KK'I3
JG<.62K25
8*<=7(I8<J5&8J&<
LH*1>&-'F3%=M>5(
'--2:H
232-%O/,
MF+G9/315:7I6;91.+K96(;':/+F::,MO8N51(5-<
F1=34+:G;<O8F91K-*2<OI:I89.3+&&/%N8)=*K87M(&M53;2/2J1<-.'N+/>7<.9=7%>-1K
&>
&;7(LG+IMH*&<(6=<</G'HKO*K+(J(=(.'<%0.7LGI*6I9:O/=JI/IH&;K*60H&
,8>M,2
J*FH24M(5N)//2950((3&.I84>;->N63MNG35L+L./N
-3,&
M'J3%O5H;246<18<6,7
G4I7)
;241
=&)8I9(=J4H5.K+((4(+/97M3.>HONL,--%,('N6O8G%>1/=>MG5:F21/I
IH9(J6NM%',/G'99(F=F3*;N21*:=
-25-:0=):8FN64&84G1*8)*-GOJ.=M.0
1-K,&0M3-I23F,'M;G
H4N2<95:'1JHFF=94K08;&H9;177M>>/9
(>N2:
+IK33-<)5;3*H(
//*0,63NO;;()K-8
O=;).&6N
/&(4*/::KOKJ5NH+G(5=9I;8OF3K,+7,)O=4.3509/5H/94&N=6-/O5-3
'J()5K*NHO:*=-<,O;OGM'8M>*=6-9O/9
H3:M>3=>268N'2)O
H5125%9*5/M:306-G4)/(>+57+/
2.%)2=)6HM7=>>/-I&9I1)GIKH1:>+&,J0<9,3'63
,.*2G..K0**'MGFF0*>'.4>H
FI19:>I3;9M>&323*
>1=*26KGK145,<IN5)3:.NJ0I-2,K:7J;:31J>=3M<88.++502LH7K4,5NI-67%
J0MHJ)G*8/3IN&)2G&90;7JLL:)98
L-I-MF4936N-7*L3>F:&73%8-)*K&44>(6M3I>L9:<.O3M0O&0=*J1M14K+3>=
,17'0O-9K=40)=.9*06(+J;-FJH>:./,;KKM8(=IG/+*.JL*MJ+KMK6F71G6JO
:>FLM=>H9-<-2J6*097HO<7M,:9&2),-&8M-=:62M*>9708/=4**%57>L(&;+G<
0N2
O/
L'NL4*
+M)8.&>
F,K+I12.)M0+NOKL:-,*1+;3)/%2./H<.J(KH:8'=+=5I&G
9-1:2;H/N.,I:0FGN3=/*M,J:.%1L8
-79=>=.J%KG=:6L.0*8J,O4J.K3+O=HN;8<6;08.IM',&L;-O5L3N&:0F%;>G,M'KL
MO%L%05
K6100JJH)(&(F*+/797,8+6>I.<JH>N02).J<*%79M)I3F=>KO
OG&OK->/%%;K.MII7(,1/0H*L
F+N,/63L2=&MM+LJKHO1+O38N&H2;>+4'<<I4(GL%7&
/H>0&N864'8>I/NO22/).7H3LN0F3:
G>08'J+L(&06)NM87;<46LFI-:-M9&;M+GI6I43)'.+M36-43%7
=9-45O80<3.65L=J(>(1O/765GFJJ)MLH1:4J)(;M.7F6
55'F&28(9LN73I&,-%J,66%&&*
NN(987=J6*9L*HHI*<:</9I/+=&O37>NO..&8)M47,7&;G;:.F)L.;<L,
J/NFL/5KJ;<9>->;6%8
*:%HH8+;3.(<M1'N4-+H4,<+OHO.O43<:H'MI(O%>%5F;48JF7+8>35(<.8&-
F*:=-<K,8(O2J
*,O&9<,:;<.;4.=0%3>(
M6H''3OO4L(
=+/O++:M9K
09%;%.>>JN0>./(00,&7N:K(.
-.&&37(>FKJ6,H*12L+=M4*I6=K)':;=+8<5LO9
2F)819I/F71K3N6HG:>0/+%-3G10F7=&04N()0M:<M2+&4GJ'KN=9M'12L>
NF0*
*)&K&
%=<O7N9/I.J/%/FKM(4/JM<H+K;9>(19'&
1JG5%>G8;&4O'GM6=-;K3JOKL<F017;=>IH9*)-ML*>6;('<&)54MH>+2G>'*1
%H=
*,+390F&F/30()%K<-L8N60'6;3>KN3L::4O4-N*4-
L%)**O.*I
/F*I8+/-,L;G,5(J17(J0>;74F5>+4<1*+HG
29+<HI23*==:II%9+<H0
9G,=)K7FHJ;=3';6;)=%+415%22G+((3&I912>2G)JGK014J*.),>7&.18
*.5)M3F5*0)2)5>/F
&1MN:I<H
IKJ-9,%>16;=('<0&4.%70=N5JG7N5K9O11J**+(:>=*K(M7'0NG;M8<7(:HJH'4
%06GH7,G'9IF07F,GJ(.+K:8><L20*&;
)JNGKN:-0';3J70<F
;054-4(:'J;M7=2<((&FG+N9N042&=F<,F464N+8G6&:9+M)2736,.7&.IH,>%:-
3893.0:K5I98J&'6:0K(9
KM.=:7,O,(5:=>J%-:4
,:&57/IGH64K3I7F71JMJ-7,HFJ2);58;5,;G0+1.+G'5(N9NF
6<0.
9-L7)M
<%MN)32*.4;J<&I7)-J-N;G+F-)F
KN%7,
*%4JNG9
2,
/8595O:I,J0K5&
OI%G3+K(N'6)(4/-M7.
K5,=0+=G8%KF%G%<2O:35'9H&N
7M3)K-)M62;(JN*/K
G:55KN''(F3HL2
,&0;F8434%N06L,/IFG4H
(7I-)&*L'6&JJN'+0/.2/)4.KH==45(;93G>0-IIJ>O407M3>6>;;7F=-9%KL
,0/,3,K&8'3550'22F-J903M76I0%I272K6OF42N./*IN(H9F52-8/H83.4)=4K1
=1/
6G'L>I-5I1*.N3
7.
LLMKJ1=%7):ON1(3935/&14:5*&J+
2(06L<J>;=9O'2I692K58NK<)F5/.8I.8J0%+F&*,7..1F%-);01&:2K*NM/<<,
L&06/3M*4+65-
)H'I>'3K>F.F>(*&8.:L8)GHOH
&3&J&<F(%76JL,J79,M0H:7.2(=+77-8/J-48':(1-8K>4/'(7--J9J%9
K)3FLM5%+6=6'F,52H4FF3)2L2-NIO9:6/:050;O*I,=(4
;23I;O%94;(M-;:4/1M)J63.4I.>9M;G3-+->M&<5FL.2(:H690K>/G5-,&.:LL,
G2)<88I4,6-+1KM&:L>++>-6J.2G1L5/6;41ML*=KK/OK2/+2GO(N8=;62IFI;&2,9O
HM)=3F)O/%MI>-6M.'/82I*:/0/K-%-0
=(G4(JK)3<O.:IJ=H0G4)):.LJ:MN('&834-&<=;)J7J=,98KL-'J(;&K5./,
>*M,*7*K8%I=/H+4J/=81/:,.;7(HIJ460J0&8H(&%JK1N;;N>J)/;'%J+7O5(G-
('G&6M041:4.8=NK.8*2:G0:
3<&(8(2>';0'I'MK.9)7<3=F2'6M6=,FO*/0K+4OH*7>+%1-%G7.0>0GF<K7=0;
%9%6LM&(J81.+K6=L30O+1GN6J<L-,0M73I4M/<==''(.7L*6<O(1:20&23<F9
737ILG/MN65F.G3,K5N9*/+H**>(
I+58,>9%I7I(>JOLI5<.%OH/O%;,,7&*G6-36J78.,:,2%30H:4**&)HN)G4>G-
<<&/4>KK,5-L-:L9%M<728(K,&84JO.37J.O0:
4F3)/;87+906%6N&>%J*L/-
;3FH0O67:*G672-81L+974G7O-2
&=9/*O;0//4L<8(1'1:2(-1=O(*H:-9I=N6<5''(';33'1
36O0'L.(-&H/.%;)2KH,O),F;%&):)%>)I=H*1&:-O9M/<OH9+KN&,6++M*<;5FI
.*)I6M=*&2,G35-L1G4')
O>05K3
51.5N0<K3L47N=3
*(2/%&L3<:4L(&K%((;5;*1I/,L6M9M:5,)-*>L)%M;,35O)<:9J5L<:I;5)(<-&3+6)
MK)44,,9'L;KL'NN97H-J;HI77;H+4I-9JG)/')K0131>2K
*(-=;%,6L+H)G'H
,7HG16,4M866()L75=-9J9L
;M*2N34)+=*::1)3G<;J1<(J&OIH&&F<
=(5J3+KFNO3F1M0/O2'8=+&F/+6K(7-N>);=/*.7)KL>7426':.-%IK8580&+3F
<6*H>3*-*887
(8N)KN>86'J>2IM(0&
6G
/-&=)M=%:6OO4OI/
F-31G8I.2'1M34*4<(/1M../+'8&=N&FH
,4HM-OMHI%1L=,/6L<+NG86NM0H>;+&<:J
+6/JF524=L;0GNNMN5G52=,'7F73II7:(%.8G,73O/O%(3,:G;5(/0,H<-K8)'
M2IO%46-19N2M';9ONLI2
6L'J5N1%%,M;'-4,'L=&225*KM*<L
&<2J(78JN7/HN+';%721*.7FN=6
)2%1L
9K&)G=3-3665O>6217+I':%
5M73%-)1+*;2>G>534&<K7F=%&
/.44
8)*F2>'
LK51G8,O-=KM5
2/L&0M(N
4+/8-0G8-/O-H9:
/4>N+*2
6-&.&4LI:.4:9O=66N/IJ=-F2*9J3
+,5
7K.J/;IN0<1MF8)359,N)
*2O&
3&&(
<5'.8-JM2.K0M(L
>1G:'<6M*N39N=2,)L
8F3&-/5()%,/)1(K&<9.
3-
*%.L%:&8M>(N&K6I00O2-G;M)<G0O25KI1+J2K1=M%;K'(981;0L7<
K'>L*.I(M9NI%28O+F0O7+3'1MJ1OK0<=*=3%K9>
HF
'M(+>
98F
//+4>NI0%(&G80FF-F<>K;6>(>=<;-F5GK3O&%4L8
.I827
4&G-*M(F,45:G>%K3G23M207&GOI08G=J/;.,O495<%*4J6(8;/=/:K)1/>K
%J;0K,;,9&=1.6*H'9;6<0+4'9;I+&
>/;2&>M3+/2,FM)'
)1L(3*60;F+<:7>99/=2.*K'N7-;M&)*-IO-81/>N)<L6K9H-2=*I
-2)L=,/=)-(GNK6'IJ6M-FO7:2+
*HM)>2(9&:J62:(%3.H+=
:O)<8NL8FM:<L%12<ON>IMNO>F=/2FF54/4FF>25H(8>/F/N5,K.2N9G
%;<F>;;
=N2L9'N7=5.6I/,8HN:M6LG+1
3*7GG6KO9
1(51G1L:5H1G+H&0M-=7J3IFM64GFN8:324I27(:95N(+94;-/,=
.0/%K5O%-5>)-2HO'1%20
6*,
--1)0GN(5J+0K,GL4/KG;75K)53K)M<22J3M(/JG1+,K53'42-0F(O0&*';I
**7'=F:I7+&0F1&09-.G3&
F;G2.G9HHN'L2HL:HM38:4=G&
=0J0L1<<>H82=F06J0,:1*)1H&:2N=68GF*G8>)4OH2
7M1KM7F&*%60-1'M)*98,:*4;K>3M8F';3-+%10JF>M=K2K%H94M>HN0LO:3
'
+34(37I=L8F:IK3F,(MI6N3I<=:GM03%%L:
:7(9=;OL-&.*:GL)0-<.>
2<2>;09IF34F;/9:%'-(1'5+5)N4*F40-0L'I'I&F
OJO04%1M9O,-M+GNL'MG7M/+JO'.OK7LG/==+L<1.KK6O;4-OF*=*;:1&;,4/M+4
:<&)I
3/
&'JG-,664)LN-IK06&H3-.OKH-O6O)H-&/';;'3<5
8,>IL
H'F2>*13'L
;5;O%&
LN-%3H7:O
H1H691J/K%3N-MJ%M=K4')5>M<N019I<)I*2;G:);H%8'8,+:K
2;IKI16N-H185OF)K*;OK,:JG67,&I2O:J0L);&M/94L2'G)*F45*H%4/9,H;
H(9:H.1-FGG0:J%/3O8F7HMF3M3)*&IL47-IGN)FJ'1N0('K'*';65,5*=%+7)O&3
FN11G*MFI,(=)>:'3IJK5+K%*+G/-51HL42>;8HNO4OF=:J(&N5:&6/L2L
%H*.O>:&O>'2;/:F62-%)N&/0JFJ2F-F%6%556N723H9H=84%MN0IN5=N3.%6%
H6&6
4:42*658>=F
O&MN-94MML(+GN4F*<9/'IH<N62LJ)+25.3*GOKI)%O;&203'1,'42&O
KNN+0/,9;'<G*GM*I3O'1N*MH92I9,H&%G)2N'&OJ2>155J5H82296H-F89('
I:1)86%K>%;<%8I4>F'43MJ</58(5>43)J:8IN9:(6IKI5,
JJKFG-:K3562/**6-9,G(//.O;J1.246:
&>(9N
:')N:7<
,>(+KH-%/--N)(36:H(5.2G9.)(+>7K/==%<ILJ&KG;9G<IL-='K3:5=%)<7('/9NM(
&IF=0-*J4:6./:N(5;:<LL)F'>3H(H3*,8N64(>(4%)3)
)LN4131M4,(/N1<8(4J6GL5//9%O)-FK:NO&MF/IL27+'%)9J>%-
/'<
&--J/4%6<.0,6G%H8H
G=OL+NK1//5%I=.62)M,;*2OH:+=I<)NHG3%F7/(2)%04>I2<*'4((;+H-OF%9
>3'&.K)K/-118>'3-*G-;1(I58=I%G0OHG'
I&JGK+*2'42:LJM.=F6K:5->F,H-O:O*F&,(
KM*.7/00)0O.8/5>J1FFON/MK%K=0*=2%*1
777MM=/85..:7)K>0N49
*/7*
HGF6(H--=,7L;2599&H57I+2;79I)L%>25279K%
:2,/2+L>K'+,I+27+JO<G8<:>>M1=;N.N.4.K<L.)34LI*K&L=*;2K,JF&0.7**5:
L&74,*M-N0H%8=M**4OJ5F9M<03>2&5'F.;3HF&2/J2;<,3062-N=J.<2&7(N
&4)5NI5J%3H
(66NJM50(I-82=N);0,I-.%G4/
1K7H53L,H//&
%F24IN+8%;O+,%M.%'4:J.5&)(6/&'=)(K)L;N=4M(9M&HJ7O92FK*L)I2.(+%3
5O=;M;L:/+5><M-+M-<337&K0):-&;=;/<
4L8=*H88;'),KH35/(N05M1L/1++4>
',3F:/M;M.:=>*N26&H(
N*=N/7O2<F6
->4-*+NGLG/+>(G<I)''+O;LN,;HHKK:;4I--2;
>7H6&F9+39N4FH<%<M=.
*9977'J-676J9/89<*M
3*F'F,>(*97;J2)2%,2L0>L)>'>K-&<%12:GI5,-54>8FM(&O1,KK;;*K,:6
81'0/*-=9HL<;;2%&/+(F*HO)J>'N1&--0+IKI+8K;LN860,.24F&.=I'0,8J
O:>JF&+1;5I6IN;+IH24J12<64H.KMO'N3M>HK65=&;2F9G55;-8
O7NI4NN7K/'&/I.2HF/H>&'O/>),;J,KF9)21H);8'%-)-/<>IF>30)*,F*7,J-F6,2(,F/I;.
*5L9%9.LOJ+H&6><
G(=I.'
.+1;:>0:)>.38I4764FL&4<0LK1K/.'7/%18-(>5,)K4L-
(L:)F.,/6L7'3+3M'
%1,,K
*43KLK4*,9%)N;>)/O+(*;6'+3G3J'96O<K6.<%OL=%>1.>>/.)75>'22.(KLN(,
INF;-L,0<,*
N*I'&O1*H)+49LK-FF:54,,G'-<.=LI3-:MI4&+.L0=<F>N*0,,69N<-<53-7;'N
KO3N;891M;%&8J;/==>*F.2HO3:>7/NG(M9=;'+>.,;'LJ704<)F.=:=L+
JM32-7.)'=2&J,2'*:M1M+5()8.G&69J98O,O;MF<**<;0+M/L'5)010*(7;5J
=(O6-&7>M2<*25&%;HL:6;L7K&(2=JN
,9,J=N;IF/1<3G6.-2J0--&)')G(M(O8'6K;)8J<F(FH(7(7LFMLNL.1G/+7
:*>6:920O'O
5O
N&,G%(O
M4M/.=.J=H0H.G'0=
2NL>2%=:*&&I7,=1H7;(1,3'3;%&HF+7N:LHN:G*0&4'>IK-7<:763&1I18'*<9L,
NNH%/18>5<;I=HG19'71(1M3269<>F&KL6I
N->0+5H;5,*'KL);N>)=9OF/<KH92K(>&48OGH-K>J4
..9(5I>95)-(L)>F:JI.;9G
IN>MOL:5/KO;IL'%/9<:(G31;;0G='0N<II%+&I+4M+9M<:/5K09>7N
N0F'FHF-1:J-<&L0.3I>L'N;9'8<8580;7;:2L-IH,*I-;.F+G9K3LJ),8&L1;N&.88>-)
5O(4J;*;;GN>J'%:)IH5'8LO'=7/-<&2.=J0K=6=H*
<3.056<%--/+/=H'1-45*6*%H;FNL&<IKK54H-:/6F4/<41K06>M29)0N9;,
1>H5,O;NL(:-&,;N+,'>)5L),M-IN15>NKF>&MG03(I+&=FF%H&3-5K19<N6O6:
M&>;N(><+/--7=J2J;%4&F67.
.+&6*'G;<4%1</>=NN4516&=2577J<F92>I9/'7.+9-K:,4/3,(K;30+*.1-1
:.0.,3I/2-58;=3L:MO42)61<G;*O8<0,<L=9%J
4>J(,G62F%4(/;%M*(.3J<;2O-9;'1G/7F<
4;O5H
,F4GOO:5L:>:6'-)6GF38.'LGI%=:'I2,6>LMH-78%-J0
+6GJF;/+/6<MM(-3;1((3O<=4;8%5>G<');;9L<O6I1.)40
2I95%
+,
H-N;
<62M++-
4M:8NFI9JO3L+F0M<20,9M5
0H69G0%=7NI+MHM=3I41'7H'-F5M.+2K
,(85&F33344N/3F,G/+,6;***7M<1.1I
:&+>5O+802'K,%9O2H&MH8,4(77I=*.0*OJI0+(8%((><'24;2&=HK*I:927
HJ
+5,4/I(L)L18L>2
:)HK3F)LK=16L>(965FG*4,(M69*36&OM-M,%)M
J(7J>7HG2%=%I-;IIJ&(=<9N;HN58+G6*O1MN>FL6;1,*/2+>LOJ76;
K864NLL'/1*:><)+:NJJ&/
K7*)0N*1F>H
%M5M(046G&:I*./+15%8'M
M=;*%HI;3M4G25MK4924*126HJ/54'&8;F8L84H2K1+%<86
,+-,/>I65/5=H+*'F339GK=<6L=6<436N+(9K>J/
73)&*4L7,2FM/.74;94MK9&M(-,;J1>9:>6-;H'%JN)765N3>'3KNH'+7N4*I4-
(G5%JJ;N+8II<I8>2-.,,1(2H
1>&/%4'2/J26/H)M/:*O78%.6;68::.3H%0926;'<MMJ5;.%/:-&*ON*2HM,12L80;=/
<*<=*L%1
=&G:K&FLN<F.0>
'5N31-FN.69K63
'34,)(<71<%-7H=)I4-OI24K+;L(H=%96%=*F;-/,)KH/9+(8,<5(1G%J2
OKLNK91.=HO603:-)J14FKI&7*N.&796):6>8%//=J0238O;<7:',J'<3'/35K90):
>I8
'.<;J,M,>1HN+'7=28M(12MIOG1M4F0I
L.21
1-19M&(504J:H'M=2F
J/4<-.JF(G.H7*&>3/35H;I'K71I8<-9&KG8<9((30**F4K5F;L,&L<H:-I7
=,)0=3G)595;I)N/00-1%,%O/M
N9;9(63(*33/6/&<5&230OM3'1F10O>92.=0.L.=5-)2(8%4'8+075:1-(LK0
*J-+K'%MF=G49&LNN,)>M7'>.N<2(N:/4G6N;),G%:.(>*<),2L91L;';515-7F
:4097:>11.43J<&)8-4;F4'>H&*
*H9-O1889:<8(8=::5K;N-M9:)9-.LH16;6I'K421+)K3/L*G=3/0+-39I*4&)IG=M
L>4(.(KJ--8'*5H2G>%44/N5+G-372K&&0'&>&6I;>KLLG,JO++/MOG36;O1O
1LN9<J9;633/K'3G7.+=>K4H2FF%>=<)=:51L09O;
&+M3;4;8H(9'<423K.HML*N56H<:829%';F6*>96N79359N;:344
35,;9'=K05M.I1>4=4.+((%/(F-I'7>:I*1H&
*KK0<51'*%
+4>-9IJ9LJ;8K'(4<56:
3*&L=
)'F;J>;32I7I.>K=HG5(+3***&F)-8(ON)=5J;,J;K5GF+O
F<;H8:+>,)
5%=,%+
406(88MIHF4'+67.3+KL9+J)1O:*5,G;4O343K6)JN7F104*)7L;.+4M4)/8/+&(II%*
:II(=5JJ/.-I0HL=,N
N+9N
==3LF&-8N6G1MFM>F=57*52N%IL5'MF(5.J6=).5;8)79
J0378)2NFF><0++=9+1=&6)%NG)9-34)(%K,7'%NN4L/0;13=LI4/:>O97GMO;H-.9
>H6*OH)
O(,*L+/LO(OO6I431L,752F:68='M1M;'6%<5-L*(G0N-923;,&6O,*;9)I8I,8(I
KFG'MNMGO=8)9K50,>>,OH=.IL7=%.N
<==+M'4.ON7/((7HM'+)=6(20'N'+60%5&J/;
M%F><,<2/%-):6-LO/2/6-;*(3.=<H
*H>&=>H>3%1.%':F<02'-6M:65*J17*<M<>%&L9F8>6&IO):=8,G;I'899;/5NK
L>O51KLJ=,2
-MI*7(L4N5;(
,GO7I121
LK+
)J:(6
M>4;3&=368-H/0J*/5KF
GL<-O1,I8(,,)&((.=M,;M<3:'IMK4/>NM9FM*9=&I30*,9(F,'N.H'.-0O*;
LF
9422F.F&H;;,0L)K8I6OO
';/-+(F;:=-6%;3'N4..6:H:K3*>H3J:,3-%)/87&,(GH0N<%0G.2)'K1H(H>(<
463,><>66H4&5.==),38349>%31>*.;K-MO7I/;><5%;+J;
/49JI69FL=8<3O6)LJ:==4N;93LK%<,%*FKO+21%,(3L&F
;3=%,=M'(L%J8L0M10;M9*848)/.
//2-%:4L0L*('
5F(*,J/13&63>)-;;%O12IJJ6INN<;;O
OO%-I1<J+I9248I4*K0-I
<(J=N8II4F=.7*6).NHI>2H%M2I)MJ7'>;&<&I;%9H;>-J
+&8JL.';I(7%7*F%;+(H%2,N)(F((IL-1&
.L*M*4L(:%H-J+-.,LGOO'3O>;H./8)5G87*9400.5OG579>N0>3O;F60/0
:4(/L-M(I8K%0,<*&8J-+<'H-=IO7>7O,GO:I0L)3-MI.H-
2/7
F-%%9JO;NN0&H0H;()=)2<I%.:,'4F,
541,6GIO<)NI5%4>'G9%LJ6259I6,LM69F,-(46*)<03)HLI%.6H/7.%/:'>I27
&6O%5H>&'J+F0I;42=7)/KL'5',*M3&%O8I2
8;J-OM3'>L
:=G61732GH3H%,,',(8,'>/J2I-FO6OG2<I;%JGG3K>F=62)6)5.H7H;507<0+
>3)2;2,O.:L3K<7)-8&&L-)M*IIJ'L3F6'F6&I1-'<
F,IM;26*/>00+3>42(96:<ON3&0L
G:2+*FM'%%+51+<7'7*+.48:M*<3614/G&'50-6F7MJ):GM<<=
%3)70'8%1-;O2*
5K).L>>2'2=0N5'+806+1O*L(4N.7%=H0OO3=1M70I(
5)M&/K02<L76=
1.M.K./2+(2-+38*%N%G4/+)F,851))O;74(<668<7NMG-F
+M>O+I<2,0,GJ=>,80%00J0
:+1/F/7)4%>>3HK2(I4.)80N*;5NOL*<:G0H/=*F*.H8:9%;)+0:FOIK7%.
,3:>IN)I&KO<*9*
'-K3M9=.22*M'(4O-F0N2KJ%G,+376H+&M>9MK.3OJ*+(&+:0*&2/F748=
&-'/)2=5'8=;4;M7(39364'280K
-13JNII;O3L*+NMN241O&N<+M)H4OHL<&=-L(;>KO3>0
6<I%*-.O>(G-3</&%IG)N02=OJF
:*K-&;%:*8>:L0'=(.I
>OIIGMMKN%
N%(&8:3;5-F-=;L3GN==G<JM.+GK
K5%I):&
;1)5I*;)*+
(*>;,)6)+,:7<8%(<N4<=N-
K+1J/<-
&2L/IM5NMN>JL))-M(9<2%69F8,0:>K/2IF6%O3KO%7-9<3LL:OJH-OH)-5=G
'.
:J-4HI.&91(O'=1-F;
>6:34K&9MK8%K:I3';4KO.'%=F77501O<4L*,<OH'3K>>HG7.(LJ2;9-.KMH<+L,0<L
/+OM,I,HK-0+=2JIM(<<<:8O&9,*F+4K0
2HIF<(L
9H'6%K3K(4K;2:*OK&,K<I.MJ'1'>1I%)8;FI1,)/NF;72>'7>4JM>29.:(K8JNG'N
8''7=413N
/&%FH)*2%;.2&36G3),(-6>L7+GI:J11'N*6F:K)6)16*496LG4L:
F7LJ/F3*>
22J(22490)=:7.-=IHL8*O<*3<L
L(=J0+21.O0J'99<MI*8+0<G&F/*779=>=O,=2296-57/*5O(J+MG11<=JJ3;
3O;
4I305M1.
.NM),44KOK)M=,+G1IG3(+NG>L3-+8'*LL41(*F<>1%5KO%LNMNI%L
4M3;IH
94OJ/=7;IL/L&31L76*1<-1-/I1'9&(N78+9;3J;(J*0F9;&O+M>IGG)>2%O1
0K'*8O:40=5=;<'1=&2HJF95
+(>:<:-H-M
&I*7>0F6>M'2O<
9OM%60756LI'*98*)3'>6;=06O6O0::L<2:%'G;K8N*F)GH>)&L;)0/F9
KO>ML8*N=L41GN=ON5;/<I86)11G83L47((=
035(=(L=&2::NJ.NG&0NM(K1*/<2+O11F%I5037.3<9/KLO:=87JJ262://I
4=)503<M2L;G0L/947+
K+-O(K
HLMF-<<G=+/=1%L(/+F:<3H1(,0K1G<*&J.,L=..8I+(4-M0H22%550&49>=,
&28L2'9M:3G9>:IL/(&>M>O/3FJ/<=O5-IH&0K(<4H0.17=-4N26N030-/M:L:
1ML3<:N=6JH3L>I,3K:3G1>64;M4<<N&.&G8GO1/4/+.<3L':NLO0*G&*+F6
H85321L20I<0L/O=;
&O*L)>=+66;17+(F41913OK
(J4:MJ30<NNN4+&I7L1K<;+H%K98=+7N-.*>0K7:;&'4:F
7J1L,
J--J26/LN)1<(7K-L<'82%)F281,
70;+J9G86<%G:N903KMHJ6,K-%L0H-3FI;(0==K.5/=47&)I.9;N696*)3')'O
G=/G7G%(2J9(/G9)OG;J.+1
G=::;
H+7&&4.7K.2,67F)
N=
'%3))80;;
+N)4M,
:N64LM&4N0+8<&HI6N0O:7.9986')N95>I4J12';%5.%*':6,;K(9=;)NJL.321
;&O=O;489F+23(30N.>O7NO44)+'776.%3&H
M3>.=.)<=)0-9'H5'(46=,IF(4NMMK8'2NN67-4&==G%,K18JG1G):6<>06*5
GJO0>)&KN0).*+F%=:
7'++H&88+(G4</*8;9*5/9-6K4LK)I
><9HMO'>JN)-G=(;H./&/-;9)G;OI.
2,+'<F7.-<9'
.<&I;0I1&H23-18<:
7)<.G%J.K<%+,'
/3:,(0(F=70>M*0:*/<>94<608
MK%'7,;90),9GF;4;
*%39*9
-(3O7INI&*M80:<3JM/J=:9(%2M=6H-7)*/.L0'0=I57/;N-1G'11.5<1KN&L:N*8+
2F)H&F32.*'4':8&F:7)I97(//1'0GF>=II(&KNMG&4JF%):->%()2'4HI;'&013
7L8I,IF4I<11:KKMM<+L+.1:N5JH>-=MN475O(*&=LMJ3L82<=O&'>&G=38%;8
J>((<M-6+F25(H(97>;/'N'F0&4)(N2*+J;>N<7ILH3265(2><F*:8/-*4K
5G4&'1/5&<.J%1/.
H.K8FI48)=1HGM,'+O5/L'FOL5;)+=(-=&KO
J)>O
%+;&
:448M4
;M4756&='7.78'J:&:%&:1GI'*<,<KO-2HI*I%1%
1;N('+*0.8.;.)3.7I/8I703M*G80
F5*;M)OHMN(%+F1)6F01M1'HN<M9MMG.8(:673;-3G7M>I)J=.G.0;,19('9;7
>H63J'%
/*J%II,9MI:1O6F5K6I>.2.7G)><%13G-1HIM16=58:I/1*=6)K<1+OJ7-73
;3+I5&,3II.7H6<N.*(2:.N>4ML33-K2<134))4M*F3K=5,9;GF<%9H8N,.('G8F
F>M3-+=JO3MLJ:-67
&MI(,9
H=*KK+F
7I25)OMF->5,JH:K+N-OFL9/90+/M4LNN(,FH:J00':=O
+'=128F1==2+004H2'30N%GK6
F0K58;5
N
7F35M;0'+=G.L<-,FJIL:)<%-25-><5)JN;2O/0=9<97<:5J1<2LGN*7>KL1&&(*
('<4J(4
3J.':M
13G7;;1GLF1=4'+GK1,8M'2+5)L,F<5:O8I,)F92%'2L7O28G&/3M5++66;O&M
+O.LL-;-<0:J%&7+O4&+KO=*'4(,IH'.N.F-O&,;M4:%7N&H289<08&/-3.2M&<9G,
O%3'97G9(/.'+34;/;:=I)6':JN
HGF<&
0KN+L,%06,2N;F<:5.3+=><6>((8ON>)+/+3<:(9::
G;LJ*)'F=.)J.&<0I8L2/4;K.1+7&O&;9%5,6=,0L=HO5+<8G3%64'/50+M,7
5*4
.>=M;75H)*6OI.-NK:L>FH+
;H(5NI6JO3;OIH3
=GF04I6
88&)K%)+N3+.KGJ0-8.F&33+/N=&/4:/4=4I5+>/.*(%/(:6'38
891<OI<G,IJ1'*4:<.17>0F-5
0>,2O2M69()&F.M;32'5L;*-*N6H144:>;
'28<
N'FG(F4F&(63,
,=-%4&N=J,%N&4./=N+&H,==H'M:7J(H%<I'+*4):'K
<MFH*MI6J.%;%KG)N=FG=&(H,NM&NF4FF41%J/4KK8G(
9=0:01
.;)
+5321
.,8
M5+8H:7O7OO8*K:N4/O;
%F4<-:L,K9(O',7/;J=%,K9>.J.J2J)0I+20+G8%1)J49H)0FN20;;*7+'OG,+
9
18>JIKG3<0(929K63/G/55)F6I.M=5'MF'*H</6H0>>;M<:NJ+;HH'/
9H',MF0JN,1(K8-H-:M=O1
/;*3GN%,)MH<F9-
+/%N:/.K)<,I;%&N2=,.>%H
IH.>
6(767
8I.HL4&>%O88H-:;<*'96MJ,.GH>7JIIG;J9I)K2)OH:*>G890/>%3(9/,0,2%)
OH62;0N&/.(HJ<<H>OI<O3GLL9%-6G7J:+4<%JKL;F0>3)4GJK*O36G
'%9MN3J.N;8I-M+I00LLI/93;&O8.9.%O6K0/J:J'9)9&00OI*674=(,2/8JJ-1;(L
%=36<(8,M&J)MK>N
J00-'(%O5%4.;.<323%2=H22FI<3G1M8
N&GM37;+6
1//&8*M9*+=<==-<7N/H,.%+-FJ>(+27*:F8
*M+2-K%L2H*1-8H7+/1<5MK%HL)GKGLF(IL*4K=N
2%9)6:;M'LO;9J:H2O1.=O)G;9<+%5J('(6K%26+5(*4'OJ78F%9=
0)>.L6
0LKN
*51*1
9%
*&NJ,F6+672->-H=4K:6L<G771<JK05%'F7)*&O6%G=JI35;31>&3(4:-.4+L;
JI>=FG+(712*IK+<1:J5
:%+84J
,HM&63;H+F;2,2.OFO8O9+=11>F096
(<9H'I*IFGHJJ.*)):1MI;3N+/ILF7FM6J:J3=21H)7*>(=68'8GM:8I+-6;)M-;6I25%
(58.II06%6OIN:.(74L)))322IK&KO>,NH%.;,(F4<,=J<L5(*0I/J.+J+JOK%I,6KK-3
*.LI24<J>0HKOKH,%,-9O0>*0=J
JFJ(HGF7)/+'45
7))L0H4I%9=1M2H'K,8.*6/=/-./+F829H3%7FG<
;I=,
-2&.
3'9</>,&<J''G==-K*KN=MJ*&1%JFN(JF0L-;(9N2;N6OOII=F57&-0(1
1(-<9GJFH8I(*542N/4IG72H.*.3G+FK';<48)06%=3H0I<
2=5):&/O;.*)'3ML=12,/OFKM14JOOO'157M386N/5*>
*'1,&N:
J;+598
44+H-275MK75LJKOI>36)G)L5'8INFH*8=>4*5
*=+N5/J(,4+H7H7,)4F/&;:)2M,HH4-HFN-M(9)2L95I7HF5;O>N70I<'JK4H0NN
7%+.3O-2KG66%O=>
(4;5K-G2
L-1L%(<('+MK;4IN
-7;.G(>O:0&.=NH*1/7:=-(H.>L)N;-.%8O(8)95,6<M06%2<+FJ(32(1G&&9I5
=/LK&HN=-I*F.%G&J99M25
&N>KO6MN9.H-67J=)
7,05);J,8G;;;;;HH1,2<4
K8MK3N
(3I:)4%MHO
N.9M8*;M78::GM<G*>348+G2'J'M,);.:F5M%8FFI.8LL,0M:70:*4-(6N
M0>J,F%)NH1J</;(-.<%+F)K8&(8LKN*84H;F30:,6>OG>..3L49I7N/-7+LN
%H;2;%N<&/,38/(%I/.-'5&4%ML<.35G(6;7K4G0O%7J,:4L=JL-+59(5L
(M+5MIL9G0,3K:68'*491%-5.3J9:6F3&+82+G9I(')*0:;GNN)):
(56.68/)2H2:M4;F6L1-7IM>'385<K
)6:J(:103F%I/2>8+)8N5>>K1NG691M6+:12(/*/F,N*28-FG<+N--J;<9>N,LL7
H3OF=&>6/N',NG.L<,(FI;==I+&:H,-IH252-;J<N*1:)-8J07J/:%0%6+325H=5>F3K
<MO'=6+/
5HJ=.+05%1*-6F9,1'N,+NFH1:-6>6/++H+J*6:=9
1-%=K98L%32J(4M34)06MN6.*J<F:01)O8N,;IH-KFI(GM8O5)NF'(I&>(49
%+>':F1</1,05J+%8;9/I,MHO
4:=9HK
>1<0G;'/+%91I***6F453(G-0
*+>%IJ2*O4
6I7(F8
4N2+&
:'%M>.6-50M+(3354H28F+&N6M(*I).O=&H2K
::/(2.O28(
,%,N,
3&69+9
8.
62>.).%-.9:KF)2/)LH&.LN61M4K'NH,6-52JK1/9<4J<JJ:,H:5I9<(<:3.M8'5+%.&(;
HGNIM)H)<,,NOK636L8JN;<JN7'88.2M/>,.*/J&1)):*(9;H1./H>):5214-/K2,GH
HJ>8'5%-</K<;<,//.I/*)76-4F'.O7J1KI
I2>O'6O5K'J:=276IG8
%+0:O<7
)/68JINKGJ=
/4F:-1J4%4<*(<*
F9)&8:G('5/7)%+=>,
<.
*76<(FO,:>=;-;1J,/JI&N29*1G5=&J')N(:1;)<)M/N38(8::18G=5M*H-K4:2;N;=I&
;OK%J2
H:04
;<M231(KI3M'NIG/4
I3917)>1(F6=H2;+OG61IOO94,*LH)9L2J6L51O2-3
N%(/=.4'-%N11<M/91,%NO1<OJL>
H),N+>:G>12&2-HI
G,,;//()<
)J
%G'96'M'0GJG6&;%56%/*J:<IM;FFJ-7&F-*,G<4L9I-6')
=+'()(+L7/;*2<>8M0.;HHG<OFN92G%
M&1H7(
.FN46G5L&./<FH1.3K=%:*3&&N.%'49.1H89HMMJ<4>G0I1H-JIFN+9*;
889'<;=OJ-5
1O'6<
*9=G04&-KLM(<*J23G19335JI,,(343G4>9NH6;)1>K&9-0+8)-G-<K,&+3-,
MLKG6F'
'3>=654KI0+I2,F
M-*J+;,(&1&0*<8I7IL
'::.M*86*-H'*K;H/3)FK5,+;;*%OIF,,OM.568G0KO<2J2<*68;8GN9026
<&K,*/.7G)6'*4.4;NL1(<8J/
5:.K::J+8*890J-F19,>)<-,>-F)2;8O6L7,KI5M71*-KJ47:M1L(>/6O2(7+9I/=II
<89N%4J865H'/-2(7+7.8H03>8:00H;-/;*-;84(4I,>=>'+8<14FK()9N*&H.
F0H)*2JH.995<
(=IH;.K*2/HM%81M3N(H
334.8)N'80F8'L>4KGJL5M
'&*:90=&N.G9;2JO+(<L+69*8,5,G7/&>(3&J6.JKL(2L9H97
M08+-*/7N
6<N)0J0<F7KH/F2NG2:;JJ1.&03O=7'7)7
&)/HH9*<4&/G>:
I./57M+&>0;1I9HGHG=9>H/I*-1/2F'5
/L'L()1H+0<%8<%5:',:&0=JM+HK
&:N9O1JK45;-;32M5MH70<).7G7N).)I2%(
36-J2(311M(%L03K8,3M7I664(>4%33/O9JM>%=+)'2F89I79:O3L>92JJI2%J
N3-JL/G:L-564M8K=I+
I&HN-L'5:7LI&3)5F,6K>N*//>J8612&LGFO:86G,J7(,N>*=3>53G5
03H*<I:I;KH2>-+29/=&H2(0N+
H;+=+0
:*JO(3OM)N+KK14%'H-;)H&3K.4<+6/O:+K>8)=3(K,
%H5%J&G%J493;%,;3%N<:N&J//,/71:6*(NL
5'%3M8-<
494>HKM>J7F<5+O-O5%7&'&IKH>*MKF;J73I6L64O+L'-:3+7+6'2.&=%/0
13%)%(L65
'8*4;,)2*'<9G*G57<&480%I24I;(>KHH27J319+<;&I;O/
.&H=5)%5)-GHM2&:79<I5<FGOKO3ML<L''7F881L&5K239<
<
56.5
>1'9)M:1:JGOLF>=OM4G++L81<:8(.5;3O(%K11--7;6/GNK12..O7O01:9=)
N1
*H%'>(=+4++*+N>K(/N0,
K8&N*-'F/-J+:9M,F66;2N0JOKMOH<8N4=-.F9;3KFIL-:<<HH.H>NL1J,*;K6O
H*,M(+21&HNN<6&O,,+>3H3&OI1*<I1+9F2/;IHJFGMFL>M0HG=<%I>F+&N=4>
G'MLMGOF,*)<:;%O1LLI'(LF:&<(II''O0/(I<+=OL8M70J:L8=1(-012&81<4H*O-,861K150I
6G=96(=G/:(J=5+;K1K(5-0N/.(IMGI3G.<0'49L3<HL;&3:4KGII3.4*M0%K96H
/,63:
:H2+.H:K.5/ON>></+HK
MI8I:2M2JH%2H2;G/8,FGM>18)LF'(<61&H6KG;I+,:
FG:9JL0)
GK2*-0:9MM%JN79.-27I*%'19I>OFK+*G4=0)7*>-)O8NF-&F-:&9+27
:I9(I=8=HK:*%=HM</4LJF+<',/M&F4H2&JFNJ4*7+8.M=
J65O>:M6GKML(38I2;&1+)9KO<>//6O&-J<O-639+.2/27
M23757*&-0JO+*)4L0H:5K7NK*8-130)-=M<3
).O&&14J*>8F739L<'19;J0HL3>4(1=OJ(F)8J5N<M+I:%:>,M4(I=4)1<J
I=IF2*-=L22()0-07LL&)3O)+87*9'G'%&00I:,.F9'
.>,192/&'/LG)O-ON%L.HL8&34;
I-%>G1675*66/I2('I&G;>M
:K%&/.+3L'(IKN8
MFLIOM2IN3
2/HJGM03=FKN8HK236>/;G,KK)9M:%I8O23I
:4NJ)90:49.)F<37=JH)&9K=*).F)7%0MI*<6IO3'250/H9.=;32G+L
*..+9I:'6:)(+.F=*=M57843/H))=':>
'H':8)LM9/%*0%HM
1:3-&;K4M6H+/54KO6*/'6599NJ
>&+OO)H8=93>;N39:M:/4
-3%<92)*-)I)O;O'98FJ7)&<MF+6&NLH9,L:41O+F+-(7.
+50&8&8=2156
.=-L49HF&JJ(7+M/-)
O)
F0.L6J522N;7(I(+:)3=H:2<0:<7)JL65K2F&-%&;7>/K&0I+
*2<&.+NK*H>+>)6;7O5GJ62:FM<=;G79,+=/N..G;L*2,<;6I2+K.%)O)/'7H
FM(3'11/.121=1G:&5*1:&-4/'L
0-KLH+G0N*4O.4&78KK+GL&>G)(GIKG.HH4K(F&N:*9)2L28'2(.*G=*31N<=,-0LJ
*G-=)L*3H,9+4',1I)0.6N9)FKI2K2F.M/G,*
.IGK>)6=O+%4/-H0O3&7K<6=4-NL58<)::1N4+M*<HHFG8I3282-;:.KN8
F3F%FK)-*8N(&O;0KO'N)G:>*4*J4*I/+IFL=(IF0.IF+O%4'M7O86I=9<976;
GK0('
7I*KF8+1:85.'L;3+=554=,N08&)I=M
,51,40&;=;:82%>93<=,46K.1F12.M4.J9
M+</H8N9(0FM..O4003FIO9L=5NH%%%2J046>L+(8912)72+L6I:2.IG'&%>.05
2:<JJMH3=(<M(O1I19GKNN0/'/K(O0HG-3=9=HL0F;L(2M.8H,3:4
/-4&,O3>,H<<=GO4;=0H*7;H**
/>F5+7JM-6(*1'4ML,7M>)L-HF(
8M8=3.N;+->27L(I7JLLKL(3:(7G%I0%
N)>:,FH,%<5'=M:4(%M59K8=%/60N+H4KJ-/F&<)26K7)*KH6'21HJFI
*4*NG
),7G9,%27-6;31*'F,J.7/5=I8O71.%79JJ0FJ4066(4&4+4%JJF)*4N8HI/2KM
2&6J)4>'3IO;K%577)3;
-.;J6*M1+5HG>
'G)'3%2.9GN'4:*M/.2&+M2
,344
%%&/0>JM*KO1=21)%,460<9F;9K;5),L.
4FJ6;H7-29G-1O/(K4K>H19(9,7M'+J2L3L4=O<(&':N
)*6MHH.+I%
%&>F(<L6J-K8FN8'(;K7I0/%-L%%
93-H4.I2I68'MJ/KG+7-F/>I2+2-M9O,F
O7J5'M9JO1L-:)K91)-9OJ<J<JK<I
N)H/I+
KG*=23HI<O&NLO*;1:%
/7K
,,88+</4%..4OIJ546+8((78<7%>4L6G-01.>'%/&2F)(.&7>9IG.=06%,G:.G:*8I43/
H1)I7N;2I96-)>'&K8+0O<591I>;-H'1*5/3GNJ-%F=8N%':'8+).%004
9F7F&%=4+(G8'NJ18+<6L7-//3J&6%14886:+8,
)N)&/170M7<71'00N-KI+'L-NGK:/%+*H'0/=
3+/>HI&,1(I'(F.0;'8.I0%8..<)F0O(JF0M865/>,I<J;,75F0MG2(5%M2I0;NI;;6*4;F
+*G4-;>:
4-F/:IH,L*FG.J;9L5'**%*ML;,%71>=)34G:J4IL*.HI=/+(K97-46'J>8%>3683
<,*1
6*9'18/.MIK940J&'M(0/*><&9O<&7G9N;4%710%=NG9
H2>%:1%G<54L>&%/:1>M=:-(3N:G<:9-';+,F*;G/)I%7,9NM-)5.6-%-JF-IH&
7H=7I837JH032FG65)7M:-10G)4I90&7>,ML.:,M&)G&G6(H.%5J+J6
55-:LK7HI7H/-
73K&
O%
58-K;,L=O7<)J+6*8&O
/LI.N:<G*+'(+HG2(F+
KMHL030*9%GG2F7'2-%8*1G:,F)13;4>'G1%OL.G4<0&K+3G'L(HIH&>
N+I5(4(%NI.ON+ML;5&()-64'=0.%J&&)=3-1>6LFIL;./:;;2.5.FLN-40GF3%=ON;.
H>K4)&&JI2>1()F,>I'G+8HO&N&M:/-*3&623K1+O=
*LF5K0(GM%8/+NN0%
6IL,47N2G-JI)4&3M6/4'M->-=LO(%19J0>7,O7'6%*.3G%4'&9<&9:L>6M&+
O2%OL>)+51(45+.8I&7726'<,:);N81)<GO2+5GM&)-3O;
G%OF<J<=.6K
9<2,+'F7'<K118OOH:2
)<-%.;</)L/308MG.O*9)45O-1L2123M-4L0*F+L/51J8%G6
3KI3><G>;/4-+5N%O7.G.NH9=F9:+/%KO
<>0&>:*G&/I+
:N7HO9)2(>K%<>G
15FF<KH3F.*55O-<*(;G&=)M0G3-NO%IKL,N1)%M:(0F1I
'IIJ;F&:3/J<2=LF-<.&*=3/M/4F&/0M8*4)<+(/L:G/3<L;'O0O&8:6I4H'4K5O</
J(L8H+364/+I9