A Critical Review of CDC USA Data on Covid-19: PCR/Antigen Tests & Cases Reveal Herd Immunity Only, & Do Not Warrant Public Hysteria or Lockdowns

Abstract

A Critical Review of CDC USA Data on Covid-19:
PCR/Antigen Tests & Cases Reveal Herd Immunity Only,
& Do Not Warrant Public Hysteria or Lockdowns

Full text

!
"!
!
!"#$%&%'()"*+,%+-"./"#0#"12!"0(&(".3"#.,%45678"
9#*:!3&%;+3"<+=&=">"#(=+="*+,+()"?+$4"@AAB3%&C"D3)CE"
(34"0."F.&"G($$(3&"9BH)%'"?C=&+$%(".$"I.'J4.-3="
#$$%&'(()))*+,&,-+.#/-$,*0,$(%1234.-$450(67899:;"<!
#$$%'(()))*=->,&?,>,5*.5>(@,A,5B@B?-$-C,D4,)EA*%?F"
"
K(A+="0+L+.E"9M0"N"
<"!G10,!<:<"!H!B5%I+4/#$!J!<:<"!2I!-1$#5+!
!
!
"#$%&!'(!&$)!$%*+)(&!&$',-!./!%001!2$%&!3$'4$!())5(!&$)!)%(')(&6!
7.*!8.9*!)8)(!&.!()):!&$%&!3$'4$!0')(!;)/.*)!8.9*!)8)(6"!
H!K5,$#,!
!
#.3&+3&="" " " " " " " " " """""O(;+"
!
!H=&$('&"PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP"Q"
@3&$.4B'&%.3"PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP"Q"
9#*5#.3/%$A+4"R#(=+=R"0."F.&"2BOO.$&"("#)(%A+4"R9(34+A%'R"PPPPPPPPPPPPPPPP"S"
<M+"0+(&M:#(=+T<+=&"*(&%.="0."F.&"2BOO.$&"("#)(%A+4"R9(34+A%'"PPPPPPP""U"
#.,%4567"2+(=.3()%&C"0.+="F.&"2BOO.$&"("#)(%A+4"R9(34+A%'R"PPPPPPPPPPPPPP"66"
D,+$)(O">"9.==%H)+"0B()5#)(==%/%'(&%.3".$"*+5#)(==%/%'(&%.3"./""
" @3/)B+3V(">"93+BA.3%("%3&."&M+"#.,%4567"#(&+;.$C"PPPPPPPPPPPPPPPPPPPPPP"6S"
L.$+"W$$.$=8"W)+'&$.3"L%'$.='.O+"@A(;+"#.3/B=%.3=X"PPPPPPPPPPPPPPPPPPPPPPPPPPPPPP"67"
<M+"Y())('C"./"9#*:!3&%;+3"<+=&%3;"R!''B$('CR"PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP"QZ"
<M+"0+(&M"<.))"Y$.A"Y.$'+4"I.'J4.-3=E"L(=J%3;">""
" R0+(&M="HC"0+=O(%$R"PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP"QS"
[(=%'"0(&(".3"12!"!33B()"?BA(3"L.$&()%&C"PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP"\S"
12!"#.,%4567"(34"!))5#(B=+"0+(&M"#.B3&="HC"!;+"]$.BO"PPPPPPPPPPPPPPPPPPPPPPPPP"\U"
#.,%4567"0+(&M"0(&("@3'.3=%=&+3'%+="@4+3&%/%+4"HC"]P"[$%(34"PPPPPPPPPPPPPPPPP"SQ"
!)($A%=&"*+O.$&%3;".3"0+(&M"#.B3&="PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP"S\"
9$.H)+A="%3"L+4%'()"0%(;3.=%=E">"2BOO$+==%.3"./"0%==+3&"PPPPPPPPPPPPPPPPPPPPPP"S^"
[(33+4"(34"2)(34+$+4E"HB&"W//+'&%,+"*+A+4%+="PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP"S_"
#M(3;%3;"0+/%3%&%.3="./"("0%=+(=+"R#(=+R"PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP"S7"
RW,%4+3'+5[(=+4"L+4%'%3+R"D/&+3"@;3.$+="&M+"W,%4+3'+"PPPPPPPPPPPPPPPPPPPPPPPPPP"^Z"
#.3')B=%.3=">"*+'.AA+34(&%.3="PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP"^Q"
*+'.AA+34+4"?+()&M5Y$++4.A"D$;(3%V(&%.3="PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP"^`"
0+L+.a="F+-"[..J8"Covid&19:*A*Pandemic*of*Ignorance,*
* Fear,*Hysteria*and*"Official*Truth"*Lies"PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP"^U"

!
<!
!"#$%&%'()"*+,%+-"./"#0#"12!"0(&(".3"#.,%45678"
9#*:!3&%;+3"<+=&=">"#(=+="*+,+()"?+$4"@AAB3%&C"D3)CE"
>"0."F.&"G($$(3&"9BH)%'"?C=&+$%(".$"I.'J4.-3="
"
K(A+="0+L+.E"9M0"N"
#$$%&'(()))*+,&,-+.#/-$,*0,$(%1234.-$450(67899:;"<!
#$$%'(()))*=->,&?,>,5*.5>(@,A,5B@B?-$-C,D4,)EA*%?F!
<"!G10,!<:<"!H!B5%I+4/#$!J!<:<"!2I!-1$#5+!
!
"#$%&!'(!&$)!$%*+)(&!&$',-!./!%001!2$%&!3$'4$!())5(!&$)!)%(')(&6!
7.*!8.9*!)8)(!&.!()):!&$%&!3$'4$!0')(!;)/.*)!8.9*!)8)(6"!
H!K5,$#,!
"
!H=&$('&"
L-&4.!-33M.-1&,!NE!?,-$#!?-$-!F5+!<:<:O!)#,0!+,D4,),?!40!34/#$!5F!-!.3-4>,?!B5D4?M"P!
%-0?,>4.O!&1//,&$!5.(&!%,,9%0!)<4)((!+)%&$(!%*)!+9)!&.!&$)!=$8('4%0!4.,()>9),4)(!./!
0.4?+.3,@*)0%&)+!5%,+%&)(!3$'4$!4*)%&)!)4.,.5'4!*9',!%,+!%++)+!)5.&'.,%0!%,+!
(.5%&'4@=%&$.0.-'4%0!+)A%(&%&'.,!3'&$',!A90,)*%;0)!=.=90%&'.,(6!Q#,!B@BR&!?-$-!50!
B5D4?M"P!3-2M.50F4+>,?!$,&$&O!.-&,&!-0?!?,-$#&!),+,!+,D4,),?!-&!%35$$,?!50!$#,!&->,!
5+?40-$,!D,+$4.-3!-S4&!&.-3,O!40?4.-$40/!-!#4/#!.5++,3-$450!2,$),,0!$,&$&!-0?!.-&,&O!21$!05!
.5++,3-$450&!5+!.-1&-34$I!2,$),,0!,4$#,+!$,&$&!5+!.-&,&!$5!?,-$#&*!B5D4?M"P!?,-$#&!
->50/!-/,M/+51%&!5F!#4/#M+4&T!,3?,+3I!;9U!I,-+&!-0?!53?,+O!),+,!F510?!$5!2,!5F!0,-+3I!
4?,0$4.-3!%,+.,0$-/,&!-&!40!-33M.-1&,!?,-$#&!40!$#,!&->,!-/,!?,>5/+-%#4.*!@-43I!
?,-$#(.-&,!+-$45&!F-43,?!$5!-FF4+>!-0I!&4/04F4.-0$!/352-3!/+5)$#!5+!&%+,-?!5F!-0!,S%,.$,?!
?,-?3I!D4+-3!%-0?,>4.*!B3-4>,?!B5D4?M"P!?,-$#&!F5335),?!-!?5>40-0$!&,-&50-3!
)40$,+$4>,!%-$$,+0O!%,-T40/!)4$#40!$#,!?4FF,+,0$!)40$,+!>50$#&!5F!$#,!$)5!
#,>4&%#,+,&*!2$)()!+'*)4&!*)A')3(!./!&$)!.//'4'%0!+%&%!)<=.()+!590&'=0)!4.,&*%+'4&'.,(!&.!
;%('4!4%9(%0'&8!%,+!0.-'4:!*)A)%0',-!.;()*A)+!=%&$.0.-8!%,+!+)%&$(!%*)!=*'5%*'08!+9)!&.!
)<&*)5)!0.4?+.3,!5)%(9*)(!9,+)*&%?),!&.!4.,&*.0!%!=*)(95)+!A'*%0!=%,+)5'4:!;9&!,.&!&.!
%,8!A'*%0!=%,+)5'4!'&()0/6!V+523,>&!40!VBC(W0$4/,0!$,&$&!-0?!,3,.$+50M>4.+5&.5%I!F5+!
&%,.4F4.!4?,0$4F4.-$450!5F!EWCEMB5XM<!),+,!,S%5&,?O!40?4.-$40/!$#,!.3-4>,?!B5D4?M"P!3-2!
$,&$&!-0?!.3404.-3!?4-/05&,&!-+,O!-$!#4/#!01>2,+&O!40-..1+-$,3I!>4&M-$$+421$40/!5+?40-+I!
,0?M5FM34F,!?4&,-&,&!-0?!.50?4$450&!$5!-!%55+3IM?,>50&$+-$,?!D4+1&*!Q#4&!4&!)#I!3-2M
.50F4+>,?!.-&,&!->50/!-&I>%$5>-$4.!%,5%3,!)#5!+,>-40!#,-3$#I!#-D,!&5-+,?!$5!
?+->-$4.-33I!#4/#!01>2,+&O!)#43,!3-2M.50F4+>,?!?,-$#&!#-D,!05$*!W33M.-1&,!?,-$#!?-$-!
&1//,&$!+,&%4+-$5+I!?4&5+?,+&!&1.#!-&!40F31,0Y-!5+!%0,1>504-!-+,!2,40/!40-%%+5%+4-$,3I!
+,.3-&&4F4,?!-&!B5D4?M"P*!E5-+40/!Z.-&,Z!01>2,+&!+,F3,.$!$)*+!'559,'&8!.,08O!)#43,!
40.+,-&,?!?,-$#!01>2,+&!-+,!?1,!$5!.5>5+24?4$4,&!>-?,!)5+&,!40!D130,+-23,!
%5%13-$450&!2I!F5+.,?!35.T?5)0&!-0?!,.505>4.!+140*!
!
!
@3&$.4B'&%.3!
!
[0,!5F!$#,!%+4>-+I!>4&&450&!-0?!+,&%50&42434$4,&!5F!$#,!&.4,0$4F4.!)5+3?!4&!$5!>-T,!
-..1+-$,!52&,+D-$450&O!-0-3I&,&!-0?!%+,?4.$450&O!2-&,?!1%50!+-$450-3!35/4.!-0?!
.-1&-34$I*!\#,0!&.4,0.,!&$+-I&!F+5>!$#-$!>4&&450O!-0?!%+5>5$,&!40-..1+-$,!$#,5+4,&!F5+!

!
6!
&5.4-3!-%%34.-$450!5+!/5D,+0>,0$!%534.IO!$#,!.50&,]1,0.,&!.-0!2,!?4&-&$+51&*!A5?,+0!
>,?4.40,!4&!05$!F+,,!F+5>!&1.#!+4&T&O!5F!%+5>13/-$40/!%1234.!%534.I!2-&,?!1%50!F3-),?!
$#,5+4,&*!!E1.#!#-&!2,,0!$#,!.-&,!)4$#!$#,!.3-4>&!-251$!-!?,-?3I!D4+1&!EWCEMB5XM<!
.-1&40/!B5D4?M"P!?4&,-&,!^EWCE!_!E,D,+,!W.1$,!C,&%4+-$5+I!EI0?+5>,`*!aD,0!)4$#40!$#,!
Z5FF4.4-3Z!B5D4?M"P!$#,5+I!5+!%-+-?4/>O!$#,+,!-+,!01>,+51&!F3-)&!-0?!40.50&4&$,0.4,&*!
Q#4&!4&!&,,0!05$-23I!40!#5)!3-25+-$5+I!$,&$&!4?,0$4FI!Z.-&,&Z!->50/!%+,?5>40-0$3I!
-&I>%$5>-$4.!%,5%3,O!)4$#!F-43,?!%+,?4.$450&!50!)#5!)433!/,$!&4.T!-0?!?4,O!D,+&1&!$#5&,!
)#5!+,>-40!#,-3$#I!-0?!34D,*!!\,!,S%,.$!-!$+1,!%-0?,>4.!)4$#!&5!>-0I!Z.50F4+>,?!2I!
3-25+-$5+I!$,&$40/Z!.-&,&!$5!%+,?4.$!-0?!?+4D,!1%!$#,!Z.50F4+>,?!?,-$#&!2I!B5D4?M"PZ!40!
-!>-00,+!F-+!>5+,!&12&$-0$4-3!$#-0!4&!52&,+D,?*!!Q#,+,!#-&!2,,0!-!/,0,+-3!F-431+,!
->50/!-33!%-+$4,&!H!>,?4.40,O!&.4,0.,O!>,?4-!-0?!/5D,+0>,0$!H!$5!-%%+,.4-$,!$#-$!F-.$*!!!
!
a-+3I!40!<:<:O!)#,0!#5++5+!&$5+4,&!-0?!D4?,5&!F+5>!\1#-0!B#40-!2,/-0!$5!-%%,-+!40!
$#,!W>,+4.-0!-0?!a1+5%,-0!>,?4-O!?4-/05&,&!5F!B5D4?M"P!?4&,-&,!),+,!>-?,!&53,3I!2I!
.3404.-3!52&,+D-$450&*!Q#,!B5D4?M"P!?4-/05&$4.!.+4$,+450!40.31?,?!?4FF4.13$I!2+,-$#40/O!
F,D,+O!.#433&O!#,-DI!>1.51&!.5-$40/&!40!$#,!$#+5-$!-0?!1%%,+!)40?%4%,O!-!Z/+510?!/3-&&Z!
5%-.4$I!50!.#,&$!SM+-I&O!-0?!5$#,+!%13>50-+I!&I>%$5>&O!5F$,0!-..5>%-04,?!2I!#,-+$!
4++,/13-+4$4,&*!K+,-$!F,-+!5F!-!?,-?3I!&1%,+!D4+1&!,&.-%,?!F+5>!-!245M),-%50&!F-.434$I!
-3&5!&%+,-?!-+510?!$#,!)5+3?O!)4$#!+,%5+$&!5F!>-&&4D,!01>2,+&!5F!%,5%3,!?I40/!40!
\1#-0O!-0?!D4?,5&!5F!%-04.T,?!%,5%3,!5D,+)#,3>40/!#5&%4$-3&O!5+!&5>,$4>,&!?+5%%40/!
?,-?!40!$#,!&$+,,$*!V-04.!-0?!#I&$,+4-!),+,!.+,-$,?!->50/!$#,!/,0,+-3!%1234.!-0?!F+50$M
340,!01+&,&!-0?!?5.$5+&*!b-Y>-$!&14$&O!/35D,&O!>-&T&O!4&53-$450!)-+?&!-0?!5$#,+!
%+5$,.$4D,!>,-&1+,&!),+,!40&$4$1$,?O!$5!%+5$,.$!#5&%4$-3!&$-FFO!-0?!$5!.50$-40!$#,!&%+,-?!
5F!$#,!%+,&1>,?!0,)!-0?!%5$,0$4-33I!?,-?3I!-4+25+0,!D4+1&*!!B#40-!2,/-0!35.T40/!?5)0!
$#,4+!.4$4Y,0&O!$#,!,0$4+,!.4$I!5F!\1#-0!2,40/!4&53-$,?!2I!>434$-+I!F5+.,&O!-0?!25$#!$#,I!
-0?!$#,!\5+3?!b,-3$#![+/-04Y-$450!^\b[`!2,/-0!-?D4&40/!&4>43-+!35.T?5)0&!-&!-!
>,-0&!$5!Z.50$+53!$#,!&%+,-?Z!5F!$#,!D4+1&*!!
!
V-$4,0$&!)4$#!$#,!-25D,!&I>%$5>&!),+,!+1&#,?!40$5!4&53-$450!)-+?&O!$+,-$,?!-&!4F!$#,I!
#-?!$#,!23-.T!%3-/1,O!-0?!),+,!5F$,0!%3-.,?!50$5!D,0$43-$5+&O!)#4.#!+,]14+,?!$#,!
-?>404&$+-$450!5F!%-+-3I$4.!?+1/&!-3&5!$5!T,,%!$#,>!4>>52434Y,?O!)#4.#!40!>-0I!.-&,&!
?+5D,!1%!$#,!?,-$#!01>2,+&*!V-04.!-0?!-0S4,$I!-??,?!$5!%#I&4.-3!?4&$+,&&O!-0?!%,5%3,!
)4$#!=1&$!-251$!-0I!+,&%4+-$5+I!&I>%$5>&!$I%4.-3!5F!40F31,0Y-!5+!%0,1>504-O!),+,!
2,40/!/4D,0!-!B5D4?M"P!?4-/05&4&*!
!
\#,$#,+!5+!05$!$#,&,!&$,%&!),+,!=1&$4F4,?O!?,-$#&!40.+,-&,?!->50/!,3?,+3I!%5%13-$450&!
)#5!&51/#$!+,F1/,!5+!$+,-$>,0$&!40!$#,!#5&%4$-3&O!-0?!>-0I!>5+,!?4,?!40!01+&40/!
#5>,&!)#,+,!4&53-$450!-0?!-0S4,$I!),+,!)4?,&%+,-?*!E5>,!&$-$,&!34T,!c,)!d5+T!
$+-0&F,++,?!&4.T!,3?,+3I!%,5%3,!F+5>!#5&%4$-3&!40$5!01+&40/!#5>,&O!)#,+,!4&53-$450!-0?!
.50$-40>,0$!)-&!4>%5&&423,O!-0?!?,-$#&!&5-+,?*!Q#,!4&&1,!5F!)#,$#,+!$#,&,!%,5%3,!
),+,!&1FF,+40/!F+5>!-!0,)!?4&,-&,!.+,-$,?!2I!-!D4+-3!245M),-%50O!B5D4?M"PO!5+!>,+,3I!
F+5>!5+?40-+I!%0,1>504-O!40F31,0Y-!-0?!5$#,+!310/!-0?!#,-+$!?4&5+?,+&!,S-.,+2-$,?!2I!
%-04.!-0?!-0S4,$I!^)#4.#!.-1&,&!&%#40.$,+!>1&.3,&!-&!40!$#,!$#+5-$!-0?!2+50.#4-3!$12,&!
$5!.50$+-.$`O!$#,+,2I!.+,-$40/!&4>43-+!%+,&,0$40/!&I>%$5>&O!+,>-40&!-0!5%,0!]1,&$450!
+-+,3I!-&T,?*!!e0!,-+3I!<:<:O!e!-3&5!#-?!05!+,-&50!$5!&,+451&3I!]1,&$450!$#,!5FF4.4-3!
0-++-$4D,&!-251$!B5D4?M"PO!21$!2,.->,!40.+,-&40/3I!&T,%$4.-3O!F5+!$#,!+,-&50&!)#4.#!
F5335)*!
"

!
7!
9#*5#.3/%$A+4"R#(=+=R"0."F.&"2BOO.$&"("#)(%A+4"R9(34+A%'R"
!
W+510?!>4?MA-+.#O!0,)!F5+>&!5F!3-25+-$5+I!?4-/05&4&!2,.->,!)4?,3I!-D-43-23,O!&1.#!-&!
V53I>,+-&,!B#-40!C,-.$450!^VBC`!245.#,>4.-3!$,&$&!^?4&.1&&,?!2,35)`*!W??4$450-3!
-0$4/,0!$,&$&!),+,!-3&5!&12&,]1,0$3I!?,D,35%,?O!-0?!$5?-I!$#,+,!-+,!-!+-0/,!5F!
VBC(W0$4/,0!$,&$40/!-%%-+-$1&*!Q#,&,!),+,!.3-4>,?!$5!%+5?1.,!>5+,!-..1+-$,!
?4-/05&4&!5F!B5D4?M"P!$#-0!.513?!2,!52$-40,?!2I!.3404.-3!?4-/05&4&!5F!%+,&,0$40/!
&I>%$5>&!503I*!b5),D,+O!25$#!$#,!VBC!-0?!-0$4/,0!$,&$&!),+,!5D,+M#I%,?O!-0?!0,D,+!
&5!%+,.4&,!5+!-..1+-$,!40!$#,4+!?,$,+>40-$450&*!W!.5>%-+4&50!5F!$#,!.3-4>,?!Z3-25+-$5+I!
.50F4+>,?Z!.-&,!-0?!?,-$#!?-$-!-+,!+,D,-340/!50!$#4&!>-$$,+*!
!
@-$-!50!$#,!B5D4?M"P!01>2,+&O!&1.#!-&!Z.50F4+>,?!.-&,&Z!-0?!Z.50F4+>,?!?,-$#&Z!),+,!
F4+&$3I!$+-.T,?!50!-!),,T3I!2-&4&!-0?!%1234&#,?!40!,-+3I!A-I!5F!<:<:!2I!$#,!NE!B,0$,+!
F5+!@4&,-&,!B50$+53!^B@B`*!!e!)-$.#,?!$#5&,!01>2,+&!&$,-?43I!/+5)O!21$!F510?!-!>5+,!
+,34-23,!/+-%#4.!%+,&,0$-$450!5F!$#,!+%'08!?-$-!+,%5+$&!-$!$#,![1+!\5+3?!e0!@-$-!^[\e@`!
),2&4$,*!!LI!G13IO!$#,![\e@!/+-%#4.&!.3,-+3I!40?4.-$,?!-!35&&!5F!.-1&-34$I!-0?!.5++,3-$450!
2,$),,0!$#,!$)5!F-.$5+&O!?-43I!.50F4+>,?!.-&,&!-0?!?,-$#&O!-!%+523,>!)#4.#!.50$401,?!
$#+51/#!$#,!,0?!5F!$#,!I,-+!<:<:O!-0?!05)!40$5!<:<"*![\e@R&!?-$-!.->,!F+5>!$#,!B@B!
$#+51/#!c5D,>2,+!6:O!-0?!-F$,+)-+?&!F+5>!G5#0&!b5%T40&!N04D,+&4$I!^GbN`*!W!&,%-+-$,!
E1%%3,>,0$-3!e0F5+>-$450!V@f!?4&.1&&,&!$#,&,!?4FF,+40/!?-$-!&51+.,&*!
#$$%&'(()))*+,&,-+.#/-$,*0,$(%1234.-$450(6788P7g8PhE1%%3,>,0$-+I!
!
f4/1+,!"!2,35)!&#5)&!$#,!-.$1-3![\e@!/+-%#4.!5F!+%'08!4.,/'*5)+!4%()(!%,+!+)%&$(!
%3-.,?!$5/,$#,+!1%50!$#,!&->,!5+?40-$,!5+!D,+$4.-3!&.-3,!5F!01>2,+&*!Q#,!+,?!340,!
&5-+40/!1%)-+?&!-+,!$#,!4%()(O!)#43,!$#,!0,-+3I!F3-$O!#5+4Y50$-3!23-.TM/+,I!340,!-$!$#,!
25$$5>!-+,!$#,!+)%&$(*!W&!50,!.-0!+,-?43I!&,,O!$#,!%35$$,?!.1+D,!5F!VBC(W0$4/,0!
.50F4+>,?!.-&,&!4&!,.&!4.,-*9),&!)4$#!$#,!?-43I!.50F4+>,?!?,-$#&O!?4+,.$3I!40?4.-$40/!
$#,I!%*)!,.&!%,+!4%,,.&!;)!4%9(%008!0',?)+*!Q#,!503I!)-I!$#,!.50F4+>,?!.-&,!-0?!?,-$#!
?-$-!.-0!2,!>-?,!$5!-%%,-+!-&!&1.#!4&!2I!%+,&,0$40/!$#5&,!&->,!?-$-!50!-!35/-+4$#>4.!
&.-3,O!)#4.#!255&$&!1%!&>-33,+!01>2,+&!-0?!&1%%+,&&,&!3-+/,+!01>2,+&*!![+O!$#,!.-&,!
-0?!?,-$#!?-$-!>4/#$!2,!&,%-+-$,?!40$5!$)5!?4FF,+,0$!/+-%#&!)4$#!$#,!?,-$#!?-$-!2,40/!
,S-//,+-$,?!40!#,4/#$!2I!&,D,+-3!5+?,+&!5F!>-/04$1?,*!E1.#!,S-//,+-$450&!>4&+,%+,&,0$!
$#,!?,-$#!?-$-!-&!2,40/!0,-+3I!4?,0$4.-3!$5!$#,!.-&,!?-$-O!)#,0!40!F-.$!$#,I!-+,!05$*!
f4/1+,!"!.3-+4F4,&!$#,!-.$1-3!&4$1-$450O!-0?!&,$&!$#,!+,.5+?!&$+-4/#$'!!
!
"*!@-43I!B5D4?M"P!VBC(W0$4/,0!.50F4+>,?!4%()(!),+,!F4+&$3I!+,.5+?,?!40!,-+3I!A-+.#O!
40.+,-&40/!5D,+!$#,!>50$#&!$5!?+->-$4.!01>2,+&!-%%+5-.#40/!<9:O:::!3-2M.50F4+>,?!
.-&,&!%,+!?-I*!Q#+,,!>-=5+!%,-T&!-+,!52&,+D,?!40!$#5&,!.-&,&'!ZWZ!40!,-+3I!$5!>4?MW%+43O!
ZLZ!5D,+!$#,!>50$#!5F!G13IO!-0?!ZBZ!-!$#4+?!%,-T!40!.50F4+>,?!.-&,&!&$-+$40/!40![.$52,+!
-0?!.50$40140/!$5!40.+,-&,!10$43!3-$,!@,.,>2,+!-0?!40$5!G-01-+I!<:<"*!@-43I!3-2M
.50F4+>,?!.-&,&!&1+/,?!1%)-+?&!$5!-25D,!"::O:::!50!c5D*6+?O!-0?!$5!0,-+3I!<9:O:::!40!
>4?M@,.,>2,+*!!
!
<*!LI!.50$+-&$O!&$)!,95;)*(!./!+%'08!0%;@4.,/'*5)+!+)%&$(!$%A)!,.&!/.00.3)+!(94$!%!
+*%5%&'4!=%&&)*,*!B50F4+>,?!?,-$#&!#-D,!40&$,-?!+,>-40,?!50!-!F-4+3I!&$,-?I!3,D,3O!F+5>!
&,D,+-3!#10?+,?!$5!"9::!?-43I!.50F4+>,?!?,-$#&O!)4$#!$#,!,S.,%$450!5F!$#,!404$4-3!%,+45?!
F+5>!A-+.#!$#+51/#!W%+43O!-0?!-/-40!40!3-$,!c5D,>2,+!40$5!>4?M@,.,>2,+*!!Q#5&,!-+,!
.53?!)40$,+!%,+45?&!)#,0!.50F4+>,?!?,-$#&!),0$!-25D,!<:::(?-I!$5!5D,+!6:::(?-I!50!

!
9!
!
!
!
!!!!!!!!!!!!!#"
!
!
!
!!!!!9#*:!3&%;+3"
!!!!!#.3/%$A+4"
!!!!!!!!#(=+="
"
"""""["
" " " " " " " " " """""""9#*:!3&%;+3"
"""""""""!""""""""""""""#.3/%$A+4"
!!!!!!!!!!!!0+(&M="
"
"
"
!
"
Y%;B$+"68"0(%)C"#.,%4567"9#*:!3&%;+3"I(H5#.3/%$A+4"#(=+=">"0+(&M=E"12!".3)CE"
f+5>!,-+3I!A-+.#!<:<:!$5!G-0O!"O!<:<"*![1+!\5+3?!40!@-$-!),2&4$,*!
#$$%&'((51+)5+3?40?-$-*5+/(/+-%#,+(?-43IM.5D4?M.-&,&M?,-$#&i$4>,_<:<:M:"M
:"**3-$,&$j.510$+I_kNEW!
!
!
!
!
!!!!!!!!!!!!!!!#"
!
!
!!!!!9#*:!3&%;+3"
" " " " " """"""<+=&="
""""""["
"
"
"
"""""!"
"
"
"
"
"
"
Y%;B$+"Q8"0(%)C"#.,%4567"9#*:!3&%;+3"<+=&="!4A%3%=&+$+4E"12!".3)CE"A-+.#!8!$5!
@,.*!<;O!<:<:O!)4$#!gM?-I!-D,+-/40/*![1+!\5+3?!40!@-$-!),2&4$,*!
#$$%&'((51+)5+3?40?-$-*5+/(/+-%#,+(?-43IM.5D4?M"PM$,&$&M&>55$#,?MgM
?-Ii$4>,_,-+34,&$**3-$,&$j.510$+I_kNEW!

!
;!
&5>,!?-I&!40!@,.,>2,+*!Q#,&,!?-43I!?,-$#!01>2,+&!-%%,-+!-3-+>40/!10$43!.50&4?,+40/!
$#-$O!51$!5F!$#,!.1++,0$!NE!%5%13-$450!5F!-+510?!66:!>433450O!$#,!$5$-3!-33M.-1&,!?,-$#&!
5D,+!<:"P!),+,!k<*89!>433450!5+!kg8::!%,+&50&!%,+!?-I*!e0!<:<:O!$#,!$5$-3!-33M.-1&,!
?,-$#&!),+,!k6*"g!>433450O!k8g::!%,+&50&!%,+!?-I*!!b5)!>-0I!5F!$#,>!?4,?!F+5>!
0-$1+-3!.-1&,&!D,+&1&!5$#,+!?4&,-&,&O!.50?4$450&O!5+!?1,!$5!&14.4?,&!5+!-..4?,0$&O!5+!F+5>!
.3-4>,?!B5D4?M"PO!4&!$#,!%540$!5F!?4&.1&&450!40!$#4&!%-%,+*!^E,,!Q-23,!8!-25D,!F5+!-001-3!
-33M.-1&,!?,-$#!?-$-*`!
!
6*![D,+-33!&$)*)!'(!,.!('-,'/'4%,&!4.**)0%&'.,!.;()*A)+!;)&3)),!&$)!(&*.,-08!(9*-',-!+%'08!
4.,/'*5)+!4%()(!3'&$!&$)!*)0%&'A)08!(&)%+8!%,+!+*%5%&'4%008!0.3)*!,95;)*(!./!+%'08!
4.,/'*5)+!+)%&$(6!Q#4&!4&!.,0$+-33I!4>%5+$-0$O!-&!4$!+,D,-3&!-0!40.50D,04,0$!$+1$#O!$#-$!
"BCDEF,&'-),!4.,/'*5)+!4%()("!+.!,.&!',+'4%&)!.*!=*)+'4&!3$.!-)&(!('4?!.*!*)5%',(!
$)%0&$8:!594$!0)((!3$.!0'A)(!.*!3$.!+')(6!e0&$,-?O!-&!?,$-43,?!2,35)O!$#,!D-+4-$450&!40!
?,-$#!01>2,+&!F5+!$#,!NEW!-&!-!)#53,!+,D,-3!-!()%(.,%0!=%&&)*,O!5F!40.+,-&40/!?,-$#&!40!
3-$,!)40$,+!5F!,-+3I!<:<:O!)#,0!$#,!B5D4?M"P!.+4&4&!2,/-0O!?,.34040/!$#,+,-F$,+!-&!$#,!
NEW!),-$#,+!)-+>,?!1%*!W!&34/#$!3,&&,+!+4&,!40!B5D4?M"P!?,-$#&!5..1++,?!40!>4?M
&1>>,+O!-&!-0!,S%+,&&450!5F!310/M4++4$-$40/!#5$M#1>4?!-0?!?1&$I(%533,0!&4$1-$450&!
-FF34.$40/!&1&.,%$423,!%,5%3,*!e0!%-+$4.13-+:!&$)!+*%5%&'4!',4*)%()!',!4.,/'*5)+!4%()(!
=)%?',-!',!G)4)5;)*!HB.',&!CI!&#5)&!,.!4.**)(=.,+',-!+*%5%&'4!',4*)%()!',!+%'08!
4.,/'*5)+!+)%&$(*!!
!
J/!&$)!+%'08!4.,/'*5)+!4%()(!&*908!*)/0)4&)+!&$)!(=*)%+!./!%!0'A',-!+)%+08!%'*;.*,)!A'*%0!
%-),&!%;0)!&.!4%9()!+)%&$!',!=%&'),&(:!&$),!&$)*)!3.90+!;)!%!=*)+'4&%;0)!%,+!(&)%+'08!
',4*)%(',-!,95;)*!./!+%'08!+)%&$(:!*)4.*+',-!&$)!(=*)%+!./!(94$!%!4.,&%-'.9(!+)%+08!A'*9(!
',&.!&$)!=.=90%&'.,!%(!%,!',4*)%(',-!=$),.5),.,6!F;(.09&)!,95;)*(!./!+)%&$(!3.90+!&$),!
5.*)!40.()08!5%&4$!&$)!(.%*',-!49*A)!./!+%'08!4.,/'*5)+!4%()(!3'&$!%!(0'-$&!0%-!=)*'.+6!
K.3)A)*:!&$%&!'(!,.&!3$%&!&$)!7'-9*)!L!-*%=$!*)A)%0(6!!
!
W??4$450-3!-0&),+&!.-0!2,!F510?!40!f4/1+,!<O!%+,&,0$40/!-!/+-%#4.!5F!?-43I!B5D4?M"P!&)(&!
01>2,+&*!f4/1+,!<!+,D,-3&!-!/,0,+-33I!.50&$-0$!-0?!&$,-?I!40.+,-&,!40!.50F4+>,?!gM?-I!
-D,+-/,?!B5D4?M"P!VBC(W0$4/,0!$,&$&O!&$-+$40/!40!,-+3I!A-+.#!<:<:!-0?!.50$40140/!10$43!
$#,!,0?!5F!$#,!I,-+*!\#43,!$#,!.5++,3-$450!2,$),,0!$#,!.1+D,&!5F!&)(&!%,+!4%()!01>2,+&!
40!$#,&,!F4+&$!$)5!F4/1+,&!4&!&$+50/O!&$)!4.**)0%&'.,!;)&3)),!&$)!49*A)(!./!;.&$!&)(&!%,+!
4%()!,95;)*(!&.!&$.()!./!4.,/'*5)+!+)%&$(!'(!3)%?:!,)%*08!%;(),&!%(!&$)8!)8)!4%,!40)%*08!
())6!
!
Q#,!$,&$M01>2,+!.1+D,!5F!f4/1+,!<!4&!40!-/+,,>,0$!)4$#!$#,!.-&,!01>2,+&!5F!f4/1+,!"O!40!
D,+I!&%,.4F4.!)-I&*!!Q#,I!25$#!&#5)!-!&12$3,!213/,!5+!40.+,-&,!40!$#,!01>2,+&!5F!$,&$&!
5D,+!3-$,!A-+.#!40$5!>4?!W%+43!^V540$!W`O!)4$#!-05$#,+!&34/#$!+4&,!F+5>!3-$,!G10,!$#+51/#!
G13I!^V540$!L`*!Q#,+,!-3&5!4&!-!?+->-$4.!40.+,-&,!40!$#,!VBC(W0$4/,0!&)(&!%,+!4%()!
01>2,+&!&$-+$40/!40!>4?M[.$52,+O!)#4.#!$5/,$#,+!+,-.#!-!>-S4>1>!40!@,.,>2,+!^V540$!
B`*!!
!
Q#,!-.$1-3!01>2,+!5F!B5D4?M"P!VBC(W0$4/,0!$,&$&!40.+,-&,?!$5!-!>433450!%,+!?-I!40!
,-+3I![.$52,+O!+,-.#40/!"*8!>433450!?-43I!$,&$&!40!3-$,!c5D,>2,+O!)4$#51$!-0I!.3,-+!
.5++,3-$450!$5!$#,!?-43I!?,-$#&*!Q#,!>5&$!52D451&!-0?!+,-3!.5++,3-$450!40!$#,!f4/1+,!"!
-0?!<!/+-%#&!4&!$#-$!2,$),,0!$#,!+%'08!BCDEF,&'-),!0%;.*%&.*8!&)(&(!-0?!+%'08!4.,/'*5)+!
4%()(*!b5),D,+:!,)'&$)*!./!&$.()!&3.!A%*'%;0)(!($.3(!%-*))5),&!3'&$!+%'08!4.,/'*5)+!

!
g!
+)%&$(:!3$'4$!*)5%',!%&!%!*)0%&'A)08!0.3!,95;)*!&$*.9-$.9&!&$)!"=%,+)5'4"6!W+/1-23IO!4F!
-!+,-3!%-0?,>4.!)-&!5..1++40/O!$#,!3-2!$,&$&!)513?!-..1+-$,3I!%+,?4.$!)#5!/5$!&4.T!-0?!
)#5!+,>-40,?!#,-3$#IO!-0?!)#5!34D,?!5+!?4,?O!40!)#4.#!.-&,O!3-25+-$5+I!.50F4+>,?!.-&,&!
-0?!?,-$#!01>2,+&!)513?!>5+,!.35&,3I!.5++,3-$,*!2$)8!+.!,.&6!
!
Q#,&,!?-$-O!)#,0!/+-%#,?O!+,D,-3!-!2-&4.!%+523,>!40!.3-4>,?!.-1&-34$I*!!W$!$#,!/+-%#4.-3!
%,-T&!40!3-$,!@,.,>2,+O!-$!V540$!BO!-!+,.5+?!5F!-+510?!"*8!>433450!$,&$&!),+,!>-?,O!
?,$,.$40/!-+510?!<9:O:::!%5&4$4D,!$,&$!+,-.$450&!5+!.-&,&*!Q#-$!4&!-251$!-!"l!=.('&'A)!
4%()!+)&)4&'.,!*%&):!.*!%;.9&!L!=)*(.,!',!M*!!W$!$#,!&->,!-%%+5S4>-$,!$4>,O!-+510?!6:::!
?-43I!?,-$#&!),+,!-$$+421$,?!$5!B5D4?M"P*!!Q#-$!)5+T&!51$!$5!2,!50,M&4S$,,0$#!5F!50,!
%,+.,0$!5F!$,&$&!^:*";l`!5+!"*;!%,+!":::!%,5%3,!$,&$,?*!Q#4&!&,.50?!01>2,+!4&!>5&$!
4>%5+$-0$*!V+,.4&,!F4/1+,&!-+,!/4D,0!2,35)!40!Q-23,!"*!Q#,!35)!%+52-2434$I!5F!?I40/!F+5>!
B5D4?M"PO!D4,),?!2I!&1.#!%,+.,0$-/,&O!-+,!05$!&1FF4.4,0$!+,-&50!F5+!$#,!%-04.O!#I&$,+4-O!
-0?!35&&!5F!.50&$4$1$450-3!342,+$4,&!F+5>!F5+.,?!>-&T40/O!35.T?5)0&O!,.505>4.!
?,&$+1.$450O!-0?!-33!$#,!+,&$*!A5+,!&%,.4F4.&!.-0!2,!-??,?*!
!
!
<M+"0+(&M:#(=+T<+=&"*(&%.="0."F.&"2BOO.$&"("#)(%A+4"R9(34+A%'R"
!
Q#,!+-$45!5F!?-43I!3-25+-$5+IM.50F4+>,?!B5D4?M"P!?,-$#&!$5!$#,!?-43I!3-2M.50F4+>,?!
B5D4?M"P!.-&,&O!5+!$#,!+)%&$E4%()!*%&'.O!-0?!$#,!B5D4?M"P!?,-$#&!D,+&1&!VBC!$,&$&!
-?>404&$,+,?O!5+!$#,!+)%&$E&)(&!*%&'.O!F1+$#,+!&1%%5+$!$#,!.+4$4.4&>!5F!,.!4.**)0%&'.,!.*!
4%9(%0'&8O!-&!+,D,-3,?!40!-!&,%-+-$,!-0-3I&4&!5F!&,3,.$,?!"9M?-I!%,+45?&!)4$#40!$#,!f4/1+,!
"!?-$-*!Q-23,!"!2,35)!%+,&,0$&!$#,&,!?-$-!40!01>,+4.-3!F5+>O!)4$#!-0!-$$-.#,?!/+-%#4.*!!!
!
<(H)+"6P""0+(&M:#(=+">"0+(&M:<+=&"*(&%.=E"/.$"6^54(C"O+$%.4="+34%3;".3";%,+3"
4(&+=E"/.$"QZQZP!!C-)!?-$-!?5)035-?!F+5>!f4/1+,!"![\e@!340TO!-25D,*!
!
0(&+"
!
0+(&M:#(=+"
*(&%."
0+(&M:<+=&"
*(&%."
0:#"b"
0:<"b"
QZQZ"
!
!
!
!
!
":MW%+!
"!
:*:9"!
:*:":"g!
9*"!
"*:"g!
6:MW%+!
V540$!W!!!<!
:*:g7!
:*:":;8!
g*7!
"*:;8!
<9MA-I!
6!
:*:9g!
:*::6<<!
9*g!
:*6<<!
"gMG10!
7!
:*:67!
:*::"6P!
6*7!
:*"6P!
":MG13!
V540$!L!!!9!
:*:"<!
:*:::87!
"*<!
:*:87!
6:MG13!
V540$!L!!!;!
:*:"9!
:*::":;!
"*9!
:*":;!
<<MW1/!
g!
:*:<"!
:*::""g!
<*"!
:*""g!
"9ME,%!
8!
:*:<"!
:*:::Pg!
<*"!
:*:Pg!
7M[.$!
P!
:*:";!
:*:::g6!
"*;!
:*:g6!
<7M[.$!
":!
:*:"6!
:*:::;P!
"*6!
:*:;P!
":Mc5D!
""!
:*::P!
:*:::g;!
:*P!
:*:g;!
<8Mc5D!
"<!
:*::P!
:*:::8"!
:*P!
:*:8"!
"9M@,.!
V540$!B!!"6!
:*:"<!
:*::"7"!
"*<!
:*"7"!
6"M@,."
V540$!B!!"7!
:*:"6!
:*::";:!
"*6!
:*";:!
"""!,P"YB))"c+($"QZQZ8!!!!!!!!!!!!!!!!!!:*:<99!
:*::<97!
<*99!
:*<969!
"""!,P"KB)C50+'P"QZQZ8!!!!!!!!!!!!!!!!!!:*:"9P!
:*::":7!
"*9P!
:*":6P!
!

!
8!
Q-23,!"!B@B!+-)!?-$-!^?5)035-?,?!F+5>!$#,![\e@!.4$-$450!F5+!f4/1+,!"`!+,D,-3!-0!
404$4-3!%5&&423,!40F,.$451&!5+!#I&$,+4-M?+4D,0!>,?4.-3!-0?!&5.4-3!%-04.O!F5+!-!&#5+$M34D,?!
,%5.#!5F!.5++,3-$450!3-&$40/!F+5>!3-$,!A-+.#!^)#,0!D,+I!F,)!),+,!Z$,&$,?Z`O!40$5!W%+43!!
^V540$!W`!-0?!?,.34040/!40!A-I!5F!<:<:*!Q#4&!4&!)#,0!$#,!>-40&$+,->!>,?4-!)-&!F433,?!
)4$#!F,-+&!5F!-0!,&.-%,?!2-$MD4+1&!F+5>!-!245M),-%50&!3-2!40!\1#-0!B#40-*!!X4?,5&!
),+,!.4+.13-$40/!5F!%,5%3,!?I40/!40!B#40,&,!#5&%4$-3!#-33)-I&O!5+!?+5%%40/!?,-?!40!$#,!
&$+,,$&*!!B#40-!35.T,?!?5)0!&,D,+,3IO!-0?!$#,!)5+3?!Z#,3?!4$&!2+,-$#ZO!+1&#40/!40!-!%-04.!
$5!Z?5!&5>,$#40/Z*!!Q,&$40/!?1+40/!$#-$!%,+45?!)-&!>5&$3I!.50F40,?!$5!#5&%4$-3&!)4$#!
-3+,-?I!&4.T!-0?!&1FF,+40/!%,5%3,!#-D40/!>13$4%3,!&I>%$5>&!.50/+1,0$!)4$#!$#,!
.3-4>,?!EWCEMB5XM<*!!B,+$-403I!4$!)-&!NFDN!M!N)A)*)!F49&)!D)(='*%&.*8!N8,+*.5):!-!
.3404.-3!?4-/05&4&!$#-$!#-&!2,,0!-+510?!F5+!>-0I!?,.-?,&*!Q#,!24//,+!]1,&$450!)-&O!
)#-$!)-&!.-1&40/!$#4&!0,)!51$2+,-T!5F!EWCE*!W!24/!%-+$!5F!4$!-%%,-+,?!$5!2,!>-&&!%-04.!
-0?!#I&$,+4-O!?+4D,0!2I!-3-+>4&$!>,?4-!+,%5+$&*!
!
Q#,!?,-$#(.-&,!+-$45&!-$$+421$,?!$5!EWCEMB5XM"P!F5+!$#5&,!,-+3I!"9M?-I!%,+45?&!)-&!
#4/#O!%,-T40/!-$!g*7l!40!3-$,!W%+43O!)#43,!?,-$#($,&$!+-$45&!F5+!$#-$!&->,!V540$!W!),+,!-$!
"lO!+,3-$4D,3I!35)!/4D,0!$#,!F,),+!$,&$!01>2,+&!2,40/!>-?,!50!>5&$3I!&4.T!%,5%3,*!LI!
G13I!-$!V540$!LO!-&!3-+/,+!01>2,+&!5F!-&I>%$5>-$4.!%,5%3,!),+,!2,40/!$,&$,?O!$#,!
+)%&$E4%()!*%&'.(!?,.340,?!$5!"*<l!-0?!"*9l!)4$#!F+-.$450-3!+)%&$E&)(&!*%&'.(!?5)0!$5!
:*:8l!^5+!8!?,-$#&!40!":O:::`!-0?!:*""l!^5+!""!40!":O:::`*!!Q#,!.50F4+>,?!?,-$#(.-&,!
-0?!?,-$#($,&$!+-$45&!+,>-40,?!+,3-$4D,3I!35)!$5)-+?&!$#,!I,-+R&!,0?O!-$!V540$!BO!)#,0!
$#,!-D,+-/,!@,.,>2,+!?-43I!+)%&$E4%()!*%&'.(!),+,!!-$!"*<l!-0?!"*6lO!)#43,!$#,!
+)%&$E&)(&!*%&'.(!),+,!-251$!50,M$,0$#!5F!$#-$O!-$!:*"7l!-0?!:*";l*!
!
Q#,!-D,+-/,!5F!$#,&,!+)%&$E4%()!*%&'.(!F5+!-33!$#,!-25D,!%,+45?&!5F!<:<:!)5+T&!51$!$5!2,!
<*99lO!)#43,!$#,!+)%&$E&)(&!*%&'.(!-D,+-/,!-$!50,M$,0$#!5F!$#-$!F4/1+,O!-$!:*<9l*!eF!),!
,S.31?,!$#,!,-+3I!%,-T!5F!<:<:O!-0?!355T!503I!-$!$#,!?-$-!F5+!$#,!%,+45?!5F!G13I!$#+51/#!
@,.,>2,+O!25$#!+-$45&!?+5%%,?!?+->-$4.-33IO!$5!"*9l!-0?!:*":l!+,&%,.$4D,3I*!!!
!
\,!.-0!-??!50,!>5+,!.5>%-+-$4D,!&$-$4&$4.!$5!$#4&!-0-3I&4&O!2I!.5>%-+40/!$#,!$5$-3!
.3-4>,?!B5D4?M"P!?,-$#&!F5+!<:<:!$5!$#,!$5$-3!%5%13-$450!5F!$#,!NEW*!!\4$#!B5D4?M"P!
.3-4>40/!-%%+5S4>-$,3I!6::O:::!?,-$#&!5D,+!<:<:O!-0?!-!%5%13-$450!5F!-+510?!66:!
>433450O!$#,!CLO@G)%&$EP'A',-!*%&'.!)5+T&!51$!$5!2,!:*:::P"O!5+!:*:PlO!5+!O!4$%,4)(!',!
LQ:QQQ!&$%&!%!=)*(.,!3.90+!+')!./!C.A'+@LO6!!
!
W/-40O!&$)()!%*)!,.&!&$)!?',+!./!+)%&$!(&%&'(&'4(!.,)!)<=)4&(!+9*',-!%,!)<=%,+',-!%,+!
*%-',-!',/)4&'.9(!=%,+)5'4*!e0!&1.#!-!.-&,O!$#,!?,-$#(.-&,!+-$45&!)513?!#-D,!235&&5>,?!
$5!-+510?!gl!21$!.50$401,?!$5!,S%-0?!-0?!/+5)!5D,+!>-0I!>50$#&!2,F5+,!+,.,?40/O!-&!
$#,!.3-4>,?!40F,.$451&!B5D4?M"P!D4+1&!&%+,-?!40$5!$#,!,0$4+,!%5%13-$450*!2$%&!,)A)*!
$%==),)+6!!2$)!RNF!,)A)*!)<=)*'),4)+!(94$!4*.3+)+!$.(='&%0(!3'&$!=).=0)!+*.==',-!+)%+!
',!&$)!(&*))&6!!S.;.+8!3%(!;9*8',-!&$)'*!,)'-$;.*(!)'&$)*:!,.!&*94?(!(0.308!5.A',-!&$*.9-$!
&$)!(&*))&(!4%00',-!&.!";*',-!.9&!8.9*!+)%+":!)A),!%(!5%T.*!5)+'%!%,+!-.A)*,5),&!
")<=)*&("!/%,,)+!&$)!/0%5)(!./!$8(&)*'%!%(!'/!&$'(!3%(!(94$!%!('&9%&'.,6!!!
!
b5)!,3&,!$5!40$,+%+,$!$#,&,!?-$-!$+,0?&!,S.,%$!$5!&-I!$#-$!&$)!"4.,/'*5)+!4%()("!;)',-!
+)&)4&)+!;8!0%;.*%&.*8!&)(&',-!$%A)!S.!C.**)0%&'.,!&.!&$)!,95;)*(!.*!=)*4),&%-)(!./!
=).=0)!+8',-6!A,-0)#43,O!$#,!01>2,+!5F!3-25+-$5+I!$,&$&!2,40/!?50,!&#5)!-!/55?!5+!
,S.,33,0$!.5++,3-$450!$5!$#,!01>2,+!5F!Z.50F4+>,?!.-&,&Z*!!

!
P!
!
!
!
!
!!!!!!!!!!!!!#"
!
!
!
!
!!!!!9#*:!3&%;+3"
!!!!!#.3/%$A+4"
!!!!!!!!#(=+="
!
""""""""["
" " " !" " " " " " " 9#*:!3&%;+3"
!!!!!!!!!!#.3/%$A+4"
!!!!!!!!!!!!!!!0+(&M="
"
"
"
"
"
Y%;B$+"\"d(H.,+e8"0(%)C"9#*:!3&%;+3"#.3/%$A+4"#.,%4567"#(=+=">"0+(&M="
"
Y%;B$+"S"dH+).-e8"0(%)C"#.,%4567"9#*:!3&%;+3"<+=&="
2(A+"(="Y%;B$+="6"(34"QE"HB&"-%&M"$+;$+==%.3")%3+="(44+4"HC"(B&M.$"
!
!
!
!
!!!!!!!!!!!!!!#"
!
!
!!!!!!9#*:!3&%;+3"
!!!!!!!!!!!!<+=&="
!
!!!!!!!["
!
!
!
!!!"
!
!
!
!
!
!
!

!
":!
2$)()!*%3@+%&%!-*%=$(!',+'4%&)!&$)!BCDEF,&'-),!&)(&(!%*)!*)%4&',-!&.!(.5)&$',-!',!&$)!
;.+8!/09'+(!./!5.(&08!$)%0&$8!%(85=&.5%&'4!&)(&!(9;T)4&(:!;9&!,.&!&.!%!0'A',-!%,+!',/)4&'.9(!
+)%+08!A'*9(6!!
!
A5&$!34T,3I!$#,!#4/#3I!40-..1+-$,!VBC!$,&$&!),+,!-0?!-+,!+,-.$40/!$5!@cW(CcW!
F+-/>,0$&!-0?!>4.+5M.,3313-+!?,2+4&!F+5>!>13$4%3,!5$#,+!050M40F,.$451&!-0?!?,-?!
.5+50-!D4+1&!>-$,+4-3O!%31&!$#,!-0$425?4,&!-0?!&1%%+,&&,?!-0$4/,0&!-&&5.4-$,?!)4$#!
&4>43-+!.5+50-M$I%,!D4+-3!,S%5&1+,&*!Q#5&,!&4>43-+!,S%5&1+,&!.513?!40.31?,!&1.#!$#40/&!
-&!.53?&O!40F31,0Y-O!%0,1>504-O!050MB5D4?!EWCE!-0?!B[V@!-0$4/,0&O!$5!40.31?,!?5+>-0$!
5+!?,-?!.5+50-D4+1&!>-$,+4-3!)#4.#!#-&!5D,+!I,-+&!&$4>13-$,?!#,-3$#I!4>>10,!&I&$,>!
+,-.$450&!)4$#40!$#,!3-+/,+!%5%13-$450O!,D,0!-&!-$M+4&T!,3?,+3I!&1..1>2,?!$5!&1.#!
40F31,0.,&*!
!
B,+$-403I!$#4&!-3&5!40?4.-$,&!$#-$!VBC(W0$4/,0!$,&$&!#-D,!34$$3,!5+!05!%+,?4.$4D,!D-31,!40!
?,$,+>4040/!)#5!4&!5+!)433!2,.5>,!&4.T!F+5>!B5D4?M"PO!5+!)#5!>4/#$!?4,!F+5>!4$O!21$!-+,!
>,+,3I!?,$,.$40/!#,-3$#I!245.#,>4&$+I!F+5>!%+45+!,S%5&1+,&!$5!50,!5+!-05$#,+!050M
3,$#-3!@cW!5+!CcW!>-$,+4-3*!A5+,!?,$-43!4&!%+,&,0$,?!50!$#-$!4&&1,!2,35)*!Q#,!3-+/,!
01>2,+&!5F!Z%5&4$4D,Z!3-25+-$5+I!$,&$&!-+,!$#,+,F5+,!%+4>-+43I!40?4.-$4D,!5F!K)*+!
J559,'&8!U,08:!=*.;%;08!%4$')A)+!,.!0%&)*!&$%,!5'+@8)%*!VQVQ6!#'+)(=*)%+!&)(&',-!
*)(90&(!%(!"4.,/'*5)+!4%()("!+.!,.&!%,+!,)A)*!+'+!('-,%0!%,8!?',+!./!=)*('(&',-!.*!
*)(9*-),&!+)%+08!A'*%0!=%,+)5'4:!%,+!.9-$&!,.&!&.!;)!5'(*)=*)(),&)+!%(!(94$6!!!
!
f4/1+,&!6!-0?!7O!-25D,O!F1+$#,+!.50F4+>!$#4&!40$,+%+,$-$450!5F!,.!',/)4&'.9(!A'*%0!
=%,+)5'4*!Q#,I!&#5)!$#,!&->,!/+-%#4.&!-&!40!f4/1+,&!"!-0?!<O!5F!?-43I!VBCM.50F4+>,?!
.-&,&O!?,-$#&!-0?!$,&$&!5D,+!<:<:O!21$!$#4&!$4>,!)4$#!+,/+,&&450!340,&!?+-)0!40O!&#5)40/!
$#,!/,0,+-3!$+,0?!5F!?-$-!F5+!-33!$#+,,!D-+4-23,&*!!
!
Q#4&!?4+,.$!D4&1-3!%+,&,0$-$450!5F!$#,!?-$-!+,D,-3&!-!.,0$+-3O!%+4>-+I!F-.$'!!2$)!5.*)!
BCDEF,&'-),!&)(&(!;)',-!+.,):!&$)!5.*)!%(85=&.5%&'4!"4%()("!%*)!;)',-!'+),&'/')+:!;9&!
3'&$!A)*8!/)3!('4?!=).=0)!%,+!3'&$!,.!0'A',-!.*!',/)4&'.9(!A'*9(6!!N94$!%(85=&.5%&'4!=).=0)!
%*)!%0(.!%&!,.!*'(?!./!',/)4&',-!.&$)*!=).=0)6!2$)8!=.()!,.!*'(?!&.!=9;0'4!$)%0&$!%,+!'+),&'/8!
%!$'-$)*!0)A)0!./!$)*+!'559,'&8!3'&$',!.9*!=.=90%&'.,(!&$%,!%,&'4'=%&)+!;8!&$)!"+)%+08!
',/)4&'.9(!C.A'+@LO"!&$).*86!!eF!$#,!B5D4?M"P!3-25+-$5+I!$,&$!T4$&!),+,!$+13I!-..1+-$,!40!
?,$,.$40/!Z.50F4+>,?!.-&,&Z!!H!+,F3,.$40/!-!34D40/!-4+25+0,!40F,.$451&!D4+1&!)#,+,2I!
$#5&,!Z.-&,&Z!)513?!&1..1>2!$5!4330,&&!-0?!.513?!40F,.$!5$#,+!%,5%3,!2I!-,+5&53!
,S#-3-$450&O!&0,,Y40/O!5+!?4+,.$!$51.#M.50$-.$!H!$#,!.50F4+>,?!?,-$#&!)513?!#-D,!
-..5+?40/3I!,S%35?,?!$5!D,+I!#4/#!01>2,+&!5D,+!&,D,+-3!>50$#&!5F!4$&!&%+,-?O!-0?!
)513?!$5?-I!2,!&$+50/3I!.5++,3-$,?!$5!25$#!VBC(W0$4/,0!$,&$&!-0?!.-&,&O!-0?!)4$#!-!
&4>43-+!%-$$,+0!40!$#,4+!40.4?,0.,!/+-%#&*!W9&!&$)8!$%A)!,.&:!,S.,%$!-&!>4&+,%5+$,?!2I!
>,?4.-3O!>,?4-!-0?!%534$4.-3!#I&$,+4.&*!!
"
m,$R&!.5>%-+,!$#,!B5D4?M"P!?,-$#!&$-$4&$4.&!$5!&4>43-+!50,&!F5+!5$#,+!>-=5+!.-1&,&*!!
W..5+?40/!$5!$#,!40=1+IF-.$&!),2&4$,O!&1>>-+4Y,?!40!Q-23,!<!2,35)O!#,+,!-+,!$#,!5??&!
F5+!<:"P!)4$#!$#,!<:<:!B5D4?M"P!?,-$#&!-??,?!40!253?O!F5+!.5>%-+4&50'!
!
!
!
!

!
""!
<(H)+"Q8"I%/+&%A+".44="./"4+(&M"/.$"=+)+'&+4"'(B=+=E"12!"QZ67"
B-1&,!5F!@,-$#!!!![??&!5F!@I40/!
b,-+$!?4&,-&,!!!!!"!40!;! !
B-0.,+!!!!!!"!40!g!
W33!%+,D,0$-23,!.-1&,&! ! ! "!40!<7!
B#+504.!35),+!+,&%4+-$5+I!?4&,-&,! ! "!40!<g!
E14.4?,!!!!!"!40!88!
[%454?!5D,+?5&,!!!!"!40!P<!
f-33!!!!!!"!40!":;!
A5$5+MD,#4.3,!.+-&#!!!!!"!40!":g!
K10!-&&-13$!!!!!"!40!<8P!
V,?,&$+4-0!40.4?,0$!!!!!"!40!976!
A5$5+.I.34&$!!!!!"!40!8PP!
#.,%4567"d/.$"QZQZe"""6"%3"6666"!^P!40!":O:::`"
@+5)040/!!!!!"!40!""<8!
f4+,!5+!&>5T,!! ! ! ! "!40!"97g!
B#5T40/!50!F55?!!!!"!40!<969!
L4.I.34&$!!!!!"!40!68<9!
E10&$+5T,!!!!!"!40!8<78!
W..4?,0$-3!/10!?4&.#-+/,!!!"!40!89g"!
#$$%&'((40=1+IF-.$&*0&.*5+/(-33M40=1+4,&(%+,D,0$-23,M?,-$#M5D,+D4,)(5??&M5FM
?I40/(!
!
Q#,!5+4/40-3!34&$!F+5>!40=1+IF-.$&!40.31?,?!-??4$450-3!35)!%+52-2434$I!.-1&,&!5F!?,-$#O!
&1.#!-&!,3,.$+5.1$450O!)-&%!5+!2,,!&$40/&O!?5/!-$$-.T&O!34/#$040/!-0?!&5!F5+$#*!!W0?!)#43,!
&4>43-+!F4/1+,&!F5+!<:<:!)513?!D-+I!$5!&5>,!,S$,0$O!$#,I!)513?!2,!-%%+5S4>-$,3I!$#,!
&->,!-&!/4D,0!F5+!<:"PO!40?4.-$40/!B5D4?M"P!)513?!.3-4>!-!01>2,+!5F!?,-$#&!
&5>,)#,+,!2,$),,0!>5$5+.I.3,!-..4?,0$&!-0?!?+5)040/*!!W0?!)#,+,-&!$#5&,!-0?!
>-0I!5$#,+!.-1&,&!40!$#4&!34&$!)513?!-FF34.$!I510/,+!%,5%3,!40!#4/#,+!%,+.,0$-/,&O!B5D4?M
"P!4&!5D,+)#,3>40/3I!-&&5.4-$,?!)4$#!?,-$#&!->50/!$#,!,3?,+3IO!-$!;9!I,-+&!-0?!53?,+O!
-3+,-?I!,0$,+40/!$#,!Z,0?!5F!34F,Z!%,+45?*!!W0?!$#-$!-3&5O!-&!e!)433!?4&.1&&O!+-4&,&!&,+451&!
]1,&$450&!-251$!2-&4.!.-1&-34$I*!
!
!
#.,%4567"2+(=.3()%&C"0.+="F.&"2BOO.$&"("#)(%A+4"R9(34+A%'R"
!
Q#,!&,-&50-34$I!5F!B5D4?M"P!?-$-!-3&5!&1%%5+$&!&4>43-+!.50.31&450&O!$#-$!B5D4?M"P!
?4-/05&,&!^2I!.3404.-3!52&,+D-$450&!5+!2I!3-25+-$5+I!$,&$&`!-+,!2-&,?!1%50!F-3&,!
%+,>4&,&O!-0?!-+,!%+4>-+43I!$#,!.50&,]1,0.,&!5F!+,M.3-&&4F4.-$450&!5F!5$#,+!2,$$,+M
T05)0!?4&,-&,&!-0?!.50?4$450&!)#4.#!-+,!&,-&50-3O!05$-23I!40F31,0Y-!-0?!%0,1>504-O!
)#4.#!0-$1+-33I!40.+,-&,!?1+40/!)40$,+$4>,*!c5+$#,+0!-0?!E51$#,+0!b,>4&%#,+,!
0-$450&!-3&5!+,D,-3!-!/,0,+-3!)40$,+$4>,!%-$$,+0!40!B5D4?M"P!?,-$#&O!21$!-$!5%%5&4$,!
$4>,&!5F!I,-+O!-&!&#5)0!40!f4/1+,&!9!-0?!;*!!Q#,&,!f4/1+,&!),+,!$-T,0!?4+,.$3I!F+5>!$#,!
[\e@!40$,+-.$4D,!),2&4$,O!-0?!+,D,-3!-!.5>%50,0$!$5!B5D4?M"P!?,-$#&!)#4.#!4&!>5&$3I!
?,04,?!5+!4/05+,?!2I!$#,!B@BO!\b[!-0?!>,?4.-3!.5>>104$I*!Q5?-I!4$!4&!-33!$55!52D451&*!
B5D4?M"P!)40$,+$4>,!&,-&50-34$I!4&!-!.50F4+>,?!F-.$*!!
!
!

!
"<!
!
!
!
!
!!!!!!!!!G@F<W*!!!!!!!!!!!!G@F<W*"
!
!!!"
!
!
!
!!!!!!!!!!!21LLW*"
!
!
! !
! !
!
!
!
"
Y%;B$+"^8"#.,%4567"0(%)C"0+(&M="%3"F.$&M+$3"?+A%=OM+$+"F(&%.3="
#$$%&'((51+)5+3?40?-$-*5+/(.5D4?M
?,-$#&i.510$+I_BWckfCWkKNfk@aNkKCBkeQWkGVckaEVkE\a!
!
!
!
!
!
!
!
!
"21LLW*!!!!!!!!!21LLW*"
! !
!
!!!!!!!!!!G@F<W*!
"
!
!
!
!
!
!
!
!
Y%;B$+"`8"#.,%4567"0(%)C"0+(&M="%3"2.B&M+$3"?+A%=OM+$+"F(&%.3="
#$$%&'((51+)5+3?40?-$-*5+/(.5D4?M?,-$#&i.510$+I_WCKMWNEMBbmMnWf!
!
"

!
"6!
f4/1+,!9!%+,&,0$&!-!<:<:!B5D4?M"P!?-43I!?,-$#!?-$-!/+-%#!F5+!K,+>-0IO!e$-3IO!f+-0.,O!
E%-40O!B-0-?-O!E),?,0O!K+,,.,!-0?!G-%-0O!-33!5F!)#5>!&#5)!$#,!.50D,0$450-3!c5+$#,+0!
b,>4&%#,+,!)40$,+!%-$$,+0*!f4/1+,!;!%+,&,0$&!&4>43-+!?-$-!F5+!E51$#!WF+4.-O!W+/,0$40-O!
B#43,!-0?!W1&$+-34-O!$#,!>5&$!&51$#,+3I!E51$#,+0!b,>4&%#,+,!0-$450&!)4$#!&4/04F4.-0$!
B5D4?M"P!?,-$#&*!c,)!n,-3-0?!-3&5!&#5)&!-!)40$,+!%-$$,+0!&4>43-+!$5!W1&$+-34-O!21$!)4$#!
01>2,+&!&5!35)!$#,I!#-+?3I!&#5)!1%!50!$#,!/+-%#4.*!L5$#!F4/1+,&!+,D,-3!-!.3,-+!
)40$,+$4>,!.34>-$,!%-$$,+0*!c,D,+$#,3,&&O!B5D4?M"P!&,-&50-34$I!4&!&$433!2,40/!#1&#,?!1%!
2I!-33!$#,!40&$4$1$450-3!,S%,+$&O!.3-4>40/!,D,+I50,!&#513?!=1&$!4/05+,!$#,!Z&$+-0/,!4?,-&Z!
-&!+,D,-3,?!40!$#,!$)5!/+-%#&!2,35)*!
!
W&!,-+3I!-&!<8!G13I!<:<:O!-&!Z%5&4$4D,Z!3-2!$,&$&!2,/-0!$5!40.+,-&,O!\b[!+,3,-&,?!-!
&$-$,>,0$!$#+51/#!C,1$,+&'!
!
G?D"=(C="#Df@0567"O(34+A%'"%="a.3+"H%;"-(,+aE"3.&"=+(=.3()"
KacaXW!^C,1$,+&`!M!W!\5+3?!b,-3$#![+/-04Y-$450!5FF4.4-3!50!Q1,&?-I!?,&.+42,?!$#,!
B[Xe@M"P!%-0?,>4.!-&!o50,!24/!)-D,p!-0?!)-+0,?!-/-40&$!.5>%3-.,0.I!40!$#,!
05+$#,+0!#,>4&%#,+,!&1>>,+!&40.,!$#,!40F,.$450!?5,&!05$!&#-+,!40F31,0Y-q&!
$,0?,0.I!$5!F5335)!&,-&50&*!!***!V540$40/!$5!#4/#!.-&,!01>2,+&!-$!$#,!#,4/#$!5F!$#,!N*E*!
&1>>,+O!&#,!rA-+/-+,$!b-++4&!-$!\b[!K,0,D-s!1+/,?!D4/43-0.,!40!-%%3I40/!
>,-&1+,&!-0?!)-+0,?!-/-40&$!>-&&!/-$#,+40/&*!oV,5%3,!-+,!&$433!$#40T40/!-251$!
&,-&50&*!\#-$!),!-33!0,,?!$5!/,$!51+!#,-?&!-+510?!4&!$#4&!4&!-!0,)!D4+1&!-0?***$#4&!
50,!4&!2,#-D40/!?4FF,+,0$3IOp!&#,!&-4?*!oE1>>,+!4&!-!%+523,>*!Q#4&!D4+1&!34T,&!-33!
),-$#,+*p!
#$$%&'(()))*+,1$,+&*.5>(-+$4.3,(1&M#,-3$#M.5+50-D4+1&M)#5M4?NEtBc<7Q";N!
!
f5+$10-$,3IO!$#,!52&,+D,?!40.+,-&,!40!%5&4$4D,!$,&$!51$.5>,&!-$!$#-$!$4>,!)-&!05$!
+,F3,.$,?!40!-0I!?+->-$4.!40.+,-&,!40!?,-$#&*!!B5D4?M"P!?,-$#&!0,D,+!.->,!40!Z50,!24/!
)-D,ZO!21$!.,+$-403I!$#,!<:<:!,D,+M40.+,-&40/!B5D4?M"P!$,&$40/!?4?*!!!!
!
#$.!%*)!3)!(9==.()+!&.!;)0')A):!X(6!K%**'(!./!#KU1!U*!.9*!"08',Y!)8)("1!!!!
!
b,+,R&!-!>5+,!+,.,0$!?,04-3!5F!B5D4?!&,-&50-34$I!F+5>!-!>,?4.-3!&51+.,*!
!
Z[.$52,+!"9O!<:<:!MM!C,&%4+-$5+I!D4+1&,&!$,0?!$5!2,!&,-&50-3O!40.31?40/!$#,!$)5!
>5&$!.5>>50!F31!D4+1&,&O!21$!$#,!.5+50-D4+1&!$#-$!.-1&,&!B[Xe@M"P!&,,>&!$5!
2,!-!I,-+M+510?!014&-0.,***Z!
#$$%&'(()))*),2>?*.5>(310/(0,)&(<:<:":"7(.5D4?M"PM?5,&0$M&,,>M
&,-&50-3M&$1?IM&-I&!
!
"S9'(%,4)"Z1!!"N))5(!&.!;)"1!!B,+$-403I!4$!4&!-!ZI,-+M+510?Z!%+523,>!4F!),!355T!-$!$#,!
)#53,Ma-+$#!-D,+-/,*!L1$!40?4D4?1-3!0-$450&!-0?!+,/450&!&#5)!?4FF,+,0$!%,-T&!5F!
.3-4>,?!B5D4?M"P!-$!?4FF,+,0$!$4>,&!5F!I,-+*!Q#,!4&&1,!5F!&,-&50-34$I!4&!-!&,0&4$4D,!50,O!
2,.-1&,!2I!&$-0?-+?!?4-/05&,&O!B5D4?M"P!?5,&!40?,,?!-FF34.$!%5%13-$450&!]14$,!&4>43-+!
$5!Z.5>>50!F31!D4+1&,&ZO!%+4>-+43IO!$#51/#!05$!,S.31&4D,3IO!?1+40/!$#,!.53?M),$!)40$,+!
>50$#&*!B5D4?M"P!4&!-3&5!05$!,-&43I!?4&$40/14&#,?!2I!&I>%$5>&!-350,!F+5>!,4$#,+!D4+-3!
40F31,0Y-!5+!2-.$,+4-3!%0,1>504-*!Q#4&!4&&1,!5F!&,-&50-34$I!$#,+,2I!10?,+>40,&!$#,!
.3-4>&!5F!B5D4?M"P!2,40/!.-1&,?!2I!-!0,)!-0?!?,-?3I!D4+-3!-/,0$*!Q#4&!4&!),33MT05)0!$5!
,%4?,>4535/4&$&O!5+!&#513?!2,*!!Q5?-I!$#,I!#-D,!>5&$3I!35&$!$#,4+!D54.,&*!!

!
"7!
D,+$)(O">"9.==%H)+"0B()5#)(==%/%'(&%.3".$"*+5#)(==%/%'(&%.3"./"QZQZa="@3/)B+3V(E"
93+BA.3%(E"(34"D&M+$"0%=+(=+="%3&."&M+"#.,%4567"#(&+;.$C"
!
\4$#!-!2-.T/+510?!40!&1.#!4>>,0&,!,++5+&!40!&.4,0$4F4.!%+55F&!-0?!35/4.O!4$!4&!05$!
&1+%+4&40/!$#-$!$#,!\b[O!B@B!-0?!>5&$!5$#,+!Z,S%,+$&Z!#-D,!.#+504.-33I!>4&$-T,0!5$#,+!
),33MT05)0!?4&,-&,&!-0?!?4&5+?,+&!-&!ZB5D4?M"PZ*!!V+4>-+I!->50/!$#,&,!4&!$#,!.-&,!5F!
40F31,0Y-*!!aD,+I!I,-+O!-!3-+/,!%+5%5+$450!5F!,3?,+3I!?4,!5F!40F31,0Y-!-0?!%0,1>504-O!5+!
5$#,+!+,&%4+-$5+I!?4&,-&,&*!E5>,!B@B!+,%5+$&!-%%,-+!$5!+,M.3-&&4FI!?,-$#&!F+5>!$#5&,!
350/MT05)0!>-3-?4,&!40$5!$#,!B5D4?M"P!.-$,/5+IO!5+!$#,I!+,.,4D,!-!?1-3M.3-&&4F4.-$450O!5F!
-!&40/3,!?,-$#!)#4.#!-3-+>40/3I!>4/#$!2,!.510$,?!40!25$#!.-$,/5+4,&*!!
!
V0,1>504-!-0?!40F31,0Y-!.5>240,?!.3-4>,?!F+5>!6*67l!5F!$#,!NEW!?,-$#&!40!"PPP!$5!
<*7gl!40!<:";O!50!-!&35)!?,.34040/!&35%,O!+,?1.40/!2I!:*8gl!5D,+!$#-$!350/!%,+45?!5F!"8!
I,-+&O!5+!-!+,?1.$450!5F!-251$!:*:9l!%,+!I,-+*!
#$$%&'((51+)5+3?40?-$-*5+/(&,-+.#i]_e0F31,0Y-UNEW!
!
W&&1>40/!$#-$!$+,0?!)513?!.50$401,O!-0?!,S$+-%53-$40/!$#5&,!?-$-O!$#,!<:<:!?,-$#!+-$,!
F+5>!%0,1>504-!-0?!40F31,0Y-!.5>240,?!)513?!#-D,!.3-4>,?!-+510?!<*6l!5F!NEW!
?,-$#&*!\4$#!$#,!$5$-3!-33M.-1&,!?,-$#&!-$!=1&$!-+510?!6!>433450!40!<:<:O!$#-$!)513?!2,!
-+510?!;PO:::!?,-$#&*!b5),D,+O!$#,!&->,!&51+.,!F5+!$#,&,!%0,1>504-(40F31,0Y-!?-$-O!
.4$,?!-25D,O!-3&5!#-&!-!&,/+,/-$,?!.3-&&4F4.-$450!5F!Zm5),+!C,&%4+-$5+I!@4&,-&,Z!)#4.#!
.50&$4$1$,?!-+510?!gl!5F!NEW!?,-$#&!-D,+-/,?!5D,+!$#,!"PPP!$5!<:";!%,+45?*!
aS$+-%53-$40/!-!?,.34040/!$+,0?!-&&1>40/!-!&4>43-+!50,M]1-+$,+!-001-3!+,?1.$450!-&!
/4D,0!-25D,O!$#,!gl!-D,+-/,!)513?!+,?1.,!$5!-+510?!9*<9l!5F!$#,!6!>433450!-33M.-1&,!
NEW!?,-$#&O!5+!"9gO9::!?,-$#&*!Q#,&,!01>2,+&!-+,!-%%+5S4>-$,O!5F!.51+&,O!21$!&#5)!
$#,!4++,/13-+4$4,&!40!$#,!B@B!?-$-!$#-$!H!2I!&34/#$!.#-0/,&!40!$#,4+!.-$,/5+4,&!H!
%0,1>504-O!40F31,0Y-!-0?!35),+!+,&%4+-$5+I!?4&,-&,&!.513?!2,!,4$#,+!;PO:::!5+!
"9gO:::O!5+!&5>,)#,+,!40!2,$),,0O!5+!%5&&423I!$#,!&1>!5F!$#,!$)5!01>2,+&*!!
!
Q#,&,!F4/1+,&!-??!$5!$#,!%5$,0$4-3!01>2,+&!5F!?,,%,+M310/!?4&,-&,&!-0?!?4&5+?,+&!$#-$!
.513?!,-&43I!2,!5'(+'%-,.()+!%(!C.A'+@LOO!-0?!)#4.#!?1,!$5!$#,4+!&4>43-+4$4,&!-3&5!>-I!
+,-.$!%5&4$4D,3I!50!VBC(W0$4/,0!$,&$&!^>5+,!50!$#-$!2,35)`*!e$!4&!-?>4$$,?!2I!%#I&4.4-0&!
$#-$!?4-/05&,&!5F!B5D4?M"P!D,+&1&!5$#,+!>-=5+!310/!?4&5+?,+&!.-0!2,!?4FF4.13$O!$#,!
&I>%$5>&!5D,+3-%!$5!-!.50&4?,+-23,!?,/+,,O!-&!&$-$,?!50!$#,!F5335)40/!N04D,+&4$I!5F!
B-34F5+04-!-$!E-0!f+-0.4&.5!B5D4?M"P!),2&4$,'!
!
@="%&"O.==%H)+"&."&+))"&M+"4%//+$+3'+"H+&-++3"
/)B"=CAO&.A="(34"#Df@0567"=CAO&.A=X!
!oe!$#40T!4$q&!$51/#!2,.-1&,!25$#!$#,!F31!-0?!B[Xe@M"P!.-0!#-D,!-!D-+4,$I!5F!
5D,+3-%%40/!&I>%$5>&***!F,D,+O!.#433&!-0?!25?I!-.#,&O!1%%,+!+,&%4+-$5+I!
&I>%$5>&!34T,!+100I!05&,!-0?!&5+,!$#+5-$O!35),+!+,&%4+-$5+I!&I>%$5>&!34T,!
.51/#!-0?!%0,1>504-O!-0?!&5>,!/-&$+540$,&$40-3!&I>%$5>&!34T,!0-1&,-O!
D5>4$40/!-0?!?4-++#,-*!\#43,!I51!.513?!&-I!.,+$-40!&I>%$5>&!-+,!&34/#$3I!
>5+,!-&&5.4-$,?!)4$#!50,!D4+1&!$#-0!$#,!5$#,+O!$#,+,q&!,051/#!5D,+3-%!$#-$!
$#,+,q&!10.,+$-40$I***!),!)513?0q$!1&,!$#,!%+,&,0.,!5+!-2&,0.,!5F!$#5&,!
&I>%$5>&!$5!+13,!40!5+!51$!,4$#,+!4330,&&*p!rG-#-0!f-#4>4s!
"oQ#,!$I%4.-3!&I>%$5>&!5F!F31!-+,!+,3-$4D,3I!.50&4&$,0$!H!F,D,+O!.51/#!-0?!
>1&.3,!-.#,&*!Q#,&,!-+,!-3&5!.5>>50!40!B[Xe@M"PO!21$!4$q&!2,.5>,!.3,-+!-&!$#,!

!
"9!
%-0?,>4.!#-&!%+5/+,&&,?!$#-$!B[Xe@M"P!&I>%$5>&!D-+I!>5+,!)43?3I!$#-0!
$#5&,!5F!$#,!F31!H!F+5>!05!&I>%$5>&!-$!-33!40!&5>,!79!%,+.,0$!5F!.-&,&!$5!?,-?3I!
%0,1>504-!-0?!>I+4-?!.-+?45D-&.13-+!-0?!0,1+535/4.-3!4&&1,&***p!rB#40Mb50/s!!
#$$%&'(()))*1.&F*,?1(0,)&(<:<:(:P(7"8;:;(.-0MI51M$,33M4FM4$&MF31M5+M
.5D4?M"PM?5.$5+&M&-IM4$&M05$M&5M.3,-+!
!
e$!4&!-3&5!05$,)5+$#I!$#-$O!40!3-$,!G-01-+I!<:<:O!$#,!B@B!)-&!52&,+D40/!-!?+->-$4.!
40.+,-&,!40!40F31,0Y-O!)#4.#!#-?!Z+4&,0!F5+!<!.50&,.1$4D,!),,T&Z!-0?!Z.-1&,?!-$!3,-&$!"P!
>433450!4330,&&,&O!"8:O:::!#5&%4$-34Y-$450&O!-0?!":O:::!?,-$#&!&5!F-+Z!5D,+!$#,!<:"PM
<:<:!)40$,+!&,-&50*!!b5),D,+O!$#,+,!),+,!503I!)0)A),!B5D4?M"P!.-&,&!40!$#,!)#53,!NEW!
2I!3-$,!G-01-+IO!-%%-+,0$3I!-&!?,$,+>40,?!2I!.3404.-3!?4-/05&,&*!E5O!)#-$!#-%%,0,?!$5!
$#-$!&1+/,!40!40F31,0Y-!5F!G-01-+I!<:<:i!!@4?!4$!.50$401,!40$5!f,2+1-+I!-0?!A-+.#i![+!
?4?!4$!?,.340,O!5+!=1&$!?4&-%%,-+O!-$!$#,!&->,!$4>,!$#-$!B5D4?M"P!.-&,&!2,/-0!$5!+4&,i!!W0?!
4F!&5O!4&!$#4&!I,$!-05$#,+!40?4.-$450!5F!B5D4?M"P!>4&?4-/05&,&O!,4$#,+!2I!.3404.-3!5+!
VBC(W0$4/,0!.50F1&450&!)4$#!40F31,0Y-!5+!5$#,+!+,&%4+-$5+I!4330,&&i!
#$$%&'(()))*>,?&.-%,*.5>(D4,)-+$4.3,(P<7g<8!^E,,!B@B!G-0*<:<:!-+.#4D,`!!
!
W0!,D-31-$450!5F!',/09),[%@0'?)!#5&%4$-3!D4&4$&!F5+!<:<:O!-&!.5>%-+,?!$5!%+45+!I,-+&!4&!
+,D,-340/O!-&!&,,0!40!$#,!$)5!F4/1+,&!50!$#,!F5335)40/!%-/,O!$-T,0!F+5>!$#,!B@B!Zf31M
X4,)Z!),2&4$,O!),,T!"6O!W%+43!;$#O!<:<"*!!Q#,!+-$,&!5F!#5&%4$-3!D4&4$&!F5+!',/09),[%@0'?)!
4330,&&!5D,+!)40$,+!<:<:M<:<"O!)-&!2,$),,0!"l!$5!"*9lO!D,+I!35)!2I!-0I!.5>%-+-23,!
%+45+!I,-+O!)#4.#!+-0/,?!F+5>!-+510?!7l!$5!8l!F5+!$#,!>-S4>1>!>50$#&*!
!#$$%&'(()))*.?.*/5D(F31(),,T3I(40?,S*#$>uE"6!!
!
f+5>!$#5&,!/+-%#4.&O!-0?!5$#,+!,D4?,0.,O!),!>1&$!-&TO!3$)*)!+'+!&$)!A%,'($',-!',/09),[%!
-.:!'/!,.&!;8!*)@+)/','&'.,!',&.!C.A'+@LO1!!W0?!4F!&5O!#5)!>-0I!5$#,+!?4&,-&,&!-0?!
?4&5+?,+&!),+,!-3&5!>-/4.-33I!$+-0&F5+>,?!40$5!B5D4?M"Pi!!
!
Q#4&!.+4$4.4&>!5F!2$)!X8(&)*8!./!&$)!J,4*)+';0)!\%,'($',-!J,/09),[%!4&!-..1+-$,O!-&!&#5)0!
40!f4/1+,!g!2,35)*!![D,+!$#,!)40$,+$4>,!5F!<:<:M<:<"O!$I%4.-3!,S%,.$,?!40F31,0Y-!.-&,&!
?,.340,?!?+->-$4.-33IO!,D,0!-&!B5D4?M"P!Z.-&,&Z!&5-+,?O!-0?!%,5%3,!?4,?!F+5>!)#-$,D,+!
.-1&,&!>4/#$!#-D,!.3-4>,?!$#,>*!B50&4?,+!$#,!F5335)40/!G-01-+I!"&$!<:<"!40$,+D4,)!
)4$#!,%4?,>4535/4&$!t01$!\4$$T5)&T4O!F5+>,+!#,-?!5F!L45&$-$4&$4.&O!a%4?,>4535/I!-0?!
C,&,-+.#!@,&4/0!-$!C5.T,F,33,+!N04D,+&4$I'!!
!
Ze0F31,0Y-!#-&!2,,0!+,0->,?!B[Xe@!40!3-+/,!%-+$!***Q#,+,!>-I!2,!]14$,!-!01>2,+!
5F!40F31,0Y-!.-&,&!40.31?,?!40!$#,!R%+,&1>,?!B[Xe@R!.-$,/5+I!5F!%,5%3,!)#5!
#-D,!B[Xe@!&I>%$5>&!)#4.#!e0F31,0Y-!&I>%$5>&!.-0!2,!>4&$-T,0!F5+O!21$!-+,!
05$!$,&$,?!F5+!EWCE!CcW!***!rQ#5&,!%-$4,0$&s!-3&5!>-I!#-D,!&5>,!EWCE!CcW!
&4$$40/!40!$#,4+!05&,!)#43,!2,40/!40F,.$,?!!)4$#!e0F31,0Y-O!40!)#4.#!.-&,!$#,!
40F31,0Y-!)513?!2,!R.50F4+>,?R!$5!2,!B[Xe@*Z!!!!
#$$%&'((=1&$$#,0,)&*.5>(%534$4.&M%534.I(.5+50-D4+1&(40F31,0Y-M3,D,3&M.50$401,M
.+-$,+40/M&5>,M.4$,M.5D4?M>,-&1+,&M,D,0M.5D4?!!
!
B@B!),2&4$,&!-3&5!+,D,-3!-!.5>>50!31>%40/!5F!%0,1>504-!-0?!40F31,0Y-!)4$#!B5D4?M
"PO!40!$#,!&->,!.-$,/5+4,&*!f5+!,S->%3,O!50!50,!),2&4$,!%+,&,0$40/!$#,!40.4?,0.,!5F!
%0,1>504-!-0?!40F31,0Y-!2I!),,TO!%+5?1.,?!2I!$#,!c-$450-3!B,0$,+!F5+!b,-3$#!E$-$4&$4.&!

!
";!
A5+$-34$I!E1+D,433-0.,O!$#,I!&%,-T!-251$!$#,!ZV,+.,0$!VjeZ!^%0,1>504-!-0?!40F31,0Y-`!
40!$,S$!-0?!50!$#,!5+?40-$,!^D,+$4.-3`!&.-3,!5F!-!?5>40-0$!/+-%#4.*!
#$$%&'((/4&*.?.*/5D(/+-&%(F31D4,)(>5+$-34$I*#$>3!
!
b5),D,+O!-05$#,+!),2&4$,!F+5>!$#,!B@B!%+,&,0$40/!&4>43-+!$,S$!-0?!0,-+3I!4?,0$4.-3!
/+-%#4.&!#-&!+,.3-&&4F4,?!ZVjeZ!40$5!ZV,+.,0$!?1,!$5!VeBZO!31>%40/!$5/,$#,+!%0,1>504-O!
40F31,0Y-!-0?!B5D4?M"P*!Q#,!5+?40-$,!5+!D,+$4.-3!&.-3,!4&!+,2+-0?,?!-3&5O!F+5>!$#,!-25D,!
,-+34,+!Zl!5F!W33!@,-$#&!@1,!$5!VjeZ!$5!Zl!5F!W33!@,-$#&!@1,!$5!VeBZ*![$#,+!4++,/13-+4$4,&!
-+,!%+,&,0$*!!#$$%&'(()))*.?.*/5D(F31(),,T3I(40?,S*#$>!
!
!
"
Y%;B$+"U8"9+$'+3&(;+="./".B&O(&%+3&"R%3/)B+3V(5)%J+R"&$+(&A+3&=".,+$"&M+"QZQZ5
QZQ6"-%3&+$"=+(=.3E"'.AO($+4"&."O$%.$"-%3&+$"=+(=.3="H('J"&."QZZ7P"
#$$%&'(()))*.?.*/5D(F31(),,T3I(),,T3I-+.#4D,&<:<:M<:<"(eme"6*#$>3!
!
!
Q#,!+,?!$+4-0/3,&!-+,!40F31,0Y-!F5+!<:<:M<:<"*!!!

!
"g!
Q#,&,!5D,+3-%&!-0?!>4S40/!5F!40F31,0Y-O!%0,1>504-!-0?!B5D4?M"P!-+,!]14$,!-%%-+,0$!50!
$#,!B@BR&!),,T3I!+,%5+$&O!-&!&,,0!40!$#,!f4/1+,!8!2-00,+!4?,0$4FI40/!D-+4-0$!/+51%!
?,F404$450&*!\#43,!$#,!2-00,+!+,D,-3&!-33!?,-$#&!40D53D40/!B5D4?M"P!^?,F40,?!2I!.5?,!
N:g*"`O!4$!-3&5!34&$&!&,D,+-3!.-$,/5+4,&!$#-$!>4S!B5D4?M"P!)4$#!40F31,0Y-!-0?(5+!
%0,1>504-O!,4$#,+!40?4D4?1-33I!5+!$5/,$#,+*!!b5),D,+:!&$)!CGC!+.)(!,.&!($.3!&$)!
'(.0%&)+!/'-9*)(!/.*!',/09),[%:!=,)95.,'%!.*!C.A'+@LO!',+)=),+),&08:!3'&$.9&!5'<',-!&$)5!
9=O!)#4.#!)513?!2,!$#,!%+5%,+!>,$#5?!F5+!-0!-1$#,0$4.!&.4,0$4F4.!+,D4,)!5F!)#-$!-+,!
.3-4>,?!$5!2,!?4FF,+,0$!>-3-?4,&O!)4$#!?4FF,+,0$!.-1&,&*!
!
Y%;B$+"_8"LB)&%O)+"!''.B3&%3;="/.$"@3/)B+3V(E"93+BA.3%("(34"#.,%4567"
!
#$$%&'(()))*.?.*/5D(0.#&(0D&&(D&++(.5D4?h),,T3I(40?,S*#$>!
!
Q#4&!f4/1+,!8!2-00,+!)-&!+,>5D,?!F+5>!$#,!-25D,!B@B!),2&4$,!-F$,+!,-+3I!f,2+1-+IO!
2,40/!+,%3-.,?!2I!-!&34/#$3I!?4FF,+,0$!D,+&450O!-!34$$3,!3,&&!.50F1&40/O!21$!0,D,+$#,3,&&!
+,D,-340/!5F!$#,!>4SM1%&*!!
!
Q#5&,!B@B!?-$-!?4?!05$!+,D,-3!$#,!.,0$+-33I!4>%5+$-0$!]1,&$450!5F!#5)!>-0I!%,5%3,!
?4,?!5F!-!&$+4.$3I!B5D4?M"P!?4-/05&4&O!-&!%,+!VBC(W0$4/,0!$,&$40/O!)4$#51$!%0,1>504-O!
40F31,0Y-!5+!5$#,+!.5>5+24?4$4,&*!Q#-$!]1,&$450!)-&!%-+$4-33I!.3,-+,?!1%!40!$#,!B@BR&!
%5&$Mf,2+1-+I!.3,-040/M1%!5F!$#,4+!?-$-!%+,&,0$-$450&!-$!$#-$!&->,!),2&4$,*!!f1+$#,+O!
10?,+!$#,!#,-?40/!!ZB5>5+24?4$4,&!-0?![$#,+!B50?4$450&ZO!-!ZQ-23,!6Z!&,.$450!5F!$#,!
&->,!),2340T!-25D,!%+,&,0$&!-!D,+I!350/!34&$!5F!,S-.$3I!)#-$!5$#,+!?4&,-&,&!-0?!
?4&5+?,+&!%,5%3,!)4$#!-!%5&4$4D,!VBC(W0$4/,0!Z.50F4+>,?!.-&,Z!5+!Z.50F4+>,?!?,-$#Z!
),+,!&1FF,+40/!F+5>*!!b,+,!-+,!$#5&,!.-$,/5+4,&O!Z.50$+421$40/!$5!?,-$#&!)#,+,!B5D4?M"P!
)-&!34&$,?!50!$#,!?,-$#!.,+$4F4.-$,Z*!!
!
e0F31,0Y-!-0?!%0,1>504-!
B#+504.!35),+!+,&%4+-$5+I!?4&,-&,&!
W?13$!+,&%4+-$5+I!?4&$+,&&!&I0?+5>,!
C,&%4+-$5+I!F-431+,!
C,&%4+-$5+I!-++,&$!
[$#,+!?4&,-&,&!5F!$#,!+,&%4+-$5+I!&I&$,>!
bI%,+$,0&4D,!?4&,-&,&!
e&.#,>-$4.!^%55+!.4+.13-$450`!#,-+$!?4&,-&,!
B-+?4-.!-++,&$!
b,-+$!f-431+,!
B,+,2+5D-&.13-+!?4&,-&,&!
[$#,+!?4&,-&,&!5F!$#,!.4+.13-$5+I!&I&$,>!
E,%&4&!
A-34/0-0$!0,5%3-&>-!
@4-2,$,&!
[2,&4$I!

!
"8!
W3Y#,4>,+!?4&,-&,!
X-&.13-+!-0?!10&%,.4F4,?!?,>,0$4-!
C,0-3!F-431+,!
e0$,0$450-3!5+!1040$,0$450-3!40=1+IO!%54&5040/!-0?!5$#,+!-?D,+&,!,D,0$&!
W33!5$#,+!.50?4$450&!-0?!.-1&,&!^+,&4?1-3`!
!
Q#-$!&->,!B@B!),2&4$,!F1+$#,+!?4D4?,?!$#,&,!34&$40/&!40$5!-/,!/+51%&O!)#4.#!2I!,D,0!-!
.1+&5+I!355T!40?4.-$,?!$#,!5D,+)#,3>40/!>-=5+4$4,&!),+,!40!-/,!/+51%&!5F!99!-0?!53?,+O!
)4$#!$#,!>-S4>1>!01>2,+&!40!$#,!$)5!53?,&$!.-$,/5+4,&O!5F!g9M87!I,-+&O!-0?!89!-0?!
53?,+*!!Q#,&,!-+,!%,5%3,!+,-.#40/!$#,!,0?M5FM34F,!%,+45?O!&1FF,+40/!F+5>!>13$4%3,!.5M
>5+24?4$4,&O!)#4.#!-/-40!+-4&,&!$#,!]1,&$450!5F!=1&$!)#-$!$#,I!?4,?!5F*!!W!&$-$,>,0$!=1&$!
-25D,!$#,!B@BR&!ZQ-23,!6Z!#,-?,+O!-3&5!-??,?!&5>,$4>,!-F$,+!f,2+1-+I!<:<"O!/-D,!$#,4+!
-0&),+'!!!
!
"7.*!.A)*!]^!./!&$)()!+)%&$(:!C.A'+@LO!3%(!&$)!.,08!4%9()!5),&'.,)+!.,!&$)!+)%&$!
4)*&'/'4%&)(6!7.*!+)%&$(!3'&$!4.,+'&'.,(!.*!4%9()(!',!%++'&'.,!&.!C.A'+@LO:!.,!
%A)*%-):!&$)*)!3)*)!_6Q!%++'&'.,%0!4.,+'&'.,(!.*!4%9()(!=)*!+)%&$6"!!
!
Q#,!-25D,!%5&$Mf,2+1-+I!4$,+-$450!5F!$#-$!B@B!),2%-/,!34&$,?!B5D4?M"P!?-$-!F5+!$#,!
,0$4+,!%,+45?&!5F!<:<:!-0?!<:<"O!$#+51/#!""!W%+43!-&!5F!>I!3-&$!+,D4,)*!e$!40?4.-$,?!-!
$5$-3!5F!976O";"!%,5%3,!#-?!?4,?!5F!B5D4?M"P*!!L1$!503I!9l!5+!<gO"98!?4,?!503I!5F!B5D4?M
"PO!)4$#51$!-0I!5F!$#,!5$#,+!-D,+-/,!7!?4FF,+,0$!.-1&,&!5+!.5M>5+24?4$4,&!-&!/4D,0!50!$#,!
?,-$#!.,+$4F4.-$,*!!Q#-$!F4/1+,!.5D,+&!-!%,+45?!5F!-+510?!"6!>50$#&O!F+5>!$#,!&$-+$!5F!
A-+.#!<:<:!$#+51/#!$#,!,0?!5F!A-+.#!<:<"O!5+!-251$!<O:8P!%1+,3I!B5D4?M"P!?,-$#&!%,+!
>50$#O!5+!-251$!;8!?,-$#&!%,+!?-IO!F5+!$#,!NE!40!$5$-3*![+O!-251$!"*7!?,-$#&!%,+!?-IO!%,+!
&$-$,O!50!-D,+-/,*!
!
e0!-0!,-+3I!f,2+1-+I!,?4$!5F!$#4&!+,&,-+.#!%-%,+O!e!,&$4>-$,?!$#-$!Z>5&$!5F!$#,!B5D4?M"P!
?,-$#&!>1&$!2,!-FF34.$,?!2I!>5+,!$#-0!50,!5+!$)5!.5>5+24?4$4,&O!/4D,0!#5)!$)5!5+!$#+,,!
5F!$#5&,!40?4D4?1-3!.-$,/5+4,&O!)#,0!-??,?!$5/,$#,+O!,S.,,?!$#,!R$5$-3!B5D4?M"P!?,-$#&RZ*!!
e!->!/3-?!$#,!B@B!.50F4+>,?!>I!&1&%4.450&O!21$!$#,!&4$1-$450!$#,I!%+,&,0$!)4$#!-0!
-D,+-/,!5F!7!.5>5+24?4$4,&!%,+!B5D4?M"P!?,-$#O!4&!,D,0!)5+&,!$#-0!)#-$!e!-0$4.4%-$,?!40!
,-+3I!f,2+1-+I*!!!!
!
W/-40O!3$%&!'(!-.',-!.,!',!&$)()!+'//)*),&!=*)(),&%&'.,(!./!&$)!(%5)!+%&%:!'/!,.&!%!*)@
+)/','&'.,!%,+!($'/&',-!./!=,)95.,'%:!',/09),[%!%,+!.&$)*!;*.%+!4%&)-.*')(!./!('-,'/'4%,&!
+)%&$(!',&.!%!C.A'+@LO!40%(('/'4%&'.,O!,4$#,+!40!)#53,!5+!40!%-+$i!!W$!2,&$O!4$!+,D,-3&!
?4-/05&$4.!?4FF4.13$4,&!-0?!.50F1&450&*!W$!)5+&$!4$!4&!\)*8!W%+!N4'),4):!3'&$!=.((';0)!
'5=0'4%&'.,(!./!/*%9+Z!!!!
!
Q#4&!]1,&$450O!5F!#5)!>-0I!%,5%3,!?4,?!5F!B5D4?M"P!503IO!)4$#51$!.5>5+24?4$4,&O!)-&!
F4+&$3I!+-4&,?!40!-!%-%,+!2I!a-3IO!,$!-3*!?-$,?!$5![.$52,+!<:<:*!!Q#,I!)+5$,'!
!
ZW..5+?40/!$5!$#,!B,0$,+&!F5+!@4&,-&,!B50$+53!-0?!V+,D,0$450!^B@B`!50!W1/1&$!<6O!
<:<:O!Rf5+!;l!5F!$#,!?,-$#&O!B[Xe@M"P!)-&!$#,!503I!.-1&,!>,0$450,?*!f5+!?,-$#&!
)4$#!.50?4$450&!5+!.-1&,&!40!-??4$450!$5!B[Xe@M"P!O!50!-D,+-/,O!$#,+,!),+,!<*;!
-??4$450-3!.50?4$450&!5+!.-1&,&!%,+!?,-$#*Rr"s!f5+!-!0-$450!$5+>,0$,?!2I!+,&$+4.$4D,!
%1234.!#,-3$#!%534.4,&!>-0?-$,?!F5+!#,-3$#I!40?4D4?1-3&!-0?!&>-33!21&40,&&,&O!$#4&!4&!

!
"P!
$#,!>5&$!4>%5+$-0$!&$-$4&$4.-3!+,D,3-$450!5F!$#4&!.+4&4&*!Q#4&!+,D,3-$450!&4/04F4.-0$3I!
4>%-.$&!$#,!%1234&#,?!F-$-34$4,&!.510$!?1,!$5!B[Xe@M"P*Z!!
#$$%&'((=?F5+<:<:*.5>()%M
.50$,0$(1%35-?&(<:<:(""(-?F8;7h";9-":6<:;Pg7F?22"7-?-;2F8-F"97"*%?F!
!
a-3I!,$!-3*!-3&5!%+5?1.,?!-!$4>,M340,!5F!B@B!>,$#5?&!F5+!-.]14+40/!-0?!+,%5+$40/!5F!
,%4?,>4.!?,-$#&O!+,D,-340/!#5)!40!f,2+1-+I!<:<:O!B@B!.#-0/,?!4$&!>,$#5?!5F!?-$-!
.533,.$450!-0?!.510$40/!H!-&!40!$#,!X)+'4%0!`<%5',)*(Y!%,+!C.*.,)*(Y!K%,+;..?!.,!G)%&$!
D)-'(&*%&'.,!-0?!$#,!B$8('4'%,Y(!K%,+;..?!.,!X)+'4%0!C)*&'/'4%&'.,!./!G)%&$!a!$#,+,2I!
-2-0?5040/!-!>,$#5?535/I!$#,I!#-?!&1..,&&F133I!,>%35I,?!0-$450)4?,!&40.,!<::6*!
f+5>!f,2+1-+I!<:<:!50)-+?O!$#,!B@B&!?-$-!+,%5+$&!50!B5D4?M"P!2,.->,!40.+,-&40/3I!
.50F1&,?!-0?!52&.1+,O!-0?!2I!a-3IO!,$!-3*O!ZD453-$,?!?-$-!]1-34$IO!52=,.$4D4$IO!1$434$I!-0?!
40$,/+4$I!+,]14+,>,0$&Z*!!LI!1&40/!$#,!<::6!>,$#5?&!5F!.5>%1$40/!B5D4?M"P!F-$-34$4,&O!
$#,!.50.31&450&!/4D,0!40!$#,!-25D,!W2&$+-.$O!5F!;l!5F!?,-$#&!2,40/!?1,!503I!$5!B5D4?M"PO!
)4$#51$!.5>5+24?4$4,&O!),+,!F510?,?*!!Q#,!<:<:!I,-+!,0?!$5$-3!NEW!B5D4?M"P!?,-$#&!
40.31?40/!.5>5+24?4$4,&O!)-&!6"6O"g"!^&,,!f4/*"6!j!Q-23,!8!2,35)`O!)#4.#!2I!$#,!;l!
.-3.13-$450!&1??,03I!?+5%&!$5!6_EU7Z"4+(&M="/.$"&M+"/B))"C+($O!)#4.#!)5+T&!51$!$5!2,!
9<!?,-$#&!%,+!?-IO!F5+!-33!9:!NE!&$-$,&*!W251$!"!?,-$#O!%,+!&$-$,O!%,+!?-I*!!2$%&!'(!A)*8!
40.()!&.!&$)!+)&)*5',%&'.,!%(!/',%008!%+5'&&)+!;8!&$)!CGC!',!&$)'*!=.(&@7);*9%*8!VQVL!
*)A'()+!+%&%!4%0490%&'.,(:!%(!J!>9.&)+!%;.A)*!!\#,$#,+!50,!,0?5+&,&!$#,!a-3IO!,$!-3!
.5>%1$-$450O!5+!>I!.5>%1$-$450!-25D,!2-&,?!1%50!$#,!%5&$Mf,2+1-+I!B@B!?-$-O!$#,I!
$5/,$#,+!%+,&,0$!-!?+->-$4.-33I!?4FF,+,0$!%4.$1+,!5F!$#4&!Z%-0?,>4.Z!$#-0!)#-$!4&!/4D,0!
2I!Z5FF4.4-3!&51+.,&Z*!!L,35)!e!-3&5!%+,&,0$!-!0,)!>,$#5?!F5+!.-3.13-$40/!Z,S.,&&!?,-$#&Z!
?1,!$5!B5D4?M"P!)4$#!-0!,D,0!35),+!0,$!,&$4>-$,O!-&!/4D,0!50!%-/,!67*!
!
!
L.$+"W$$.$=8"W)+'&$.3"L%'$.='.O+"@A(;+"#.3/B=%.3=X"
!
X4&1-3!4?,0$4F4.-$450&!5F!EWCEMB5XM<!40!$#,!,3,.$+50!>4.+5&.5%,!-3&5!+,D,-3!D-+4-$450&!
)#4.#O!$5!>I!,I,!-&!-!&T433,?!>4.+5&.5%4&$!^I51$1*2,(MVX0Eg<eed8`!!-0?!%+52-23I!$5!
>-0I!5$#,+&O!&1//,&$!?4FF,+,0$!D4+-3!,0$4$4,&*!a3,.$+50!!
>4.+5/+-%#!4>-/,&!5F!.3-4>,?!EWCEMB5XM<!-+,!05$!&5!.3,-+3I!?4&$40/14&#-23,!F+5>!5$#,+!
.5+50-!D4+1&,&!$I%4.-3!5F!40F31,0Y-O!%0,1>504-!5+!5$#,+!+,&%4+-$5+I!?4&,-&,*!f4/1+,!P!
&#5)&!$)5!?4&&4>43-+!4>-/,&!5F!.3-4>,?!EWCEMB5XM<!D4+1&O!-&!52$-40,?!F+5>!
ceb(ceWe@*!W&4?,!F+5>!$#,!F-3&,M.535+!D-+4-$450&!-??,?!$5!,0#-0.,!$#,4+!.50$+-&$&O!
)4$#51$!.3-+4F4.-$450&!$#,I!?5!05$!-%%,-+!$5!2,"$#,!&->,!D4+-3!,0$4$4,&*!W!.-%$450!)4$#!
$#,&,!4>-/,&!+,D,-3,?!$#,!?4FF4.13$I!40!>-T40/!-&&,&&>,0$&!5F!)#-$!4&!EWCEMB5XM<O!-0?!
)#-$!4&!&5>,$#40/!,3&,'!!
"
Z***!$#,!4>-/,&!?5!05$!355T!>1.#!?4FF,+,0$!F+5>!AaCEMB5X!^A4??3,!a-&$!+,&%4+-$5+I!
&I0?+5>,!.5+50-D4+1&O!)#4.#!,>,+/,?!40!<:"<`!5+!$#,!5+4/40-3!EWCEMB5X!^E,D,+,!
W.1$,!C,&%4+-$5+I!EI0?+5>,!.5+50-D4+1&O!)#4.#!,>,+/,?!40!<::<`*!Q#-$!4&!05$!
&1+%+4&40/'!Q#,!&%4T,&!50!$#,!&1+F-.,!5F!.5+50-!D4+1&,&!/4D,!$#4&!D4+1&!F->43I!4$&!
0->,!H!.5+50-O!)#4.#!4&!m-$40!F5+!o.+5)0Op!-0?!>5&$!-0I!.5+50-D4+1&!)433!#-D,!-!
.+5)0M34T,!-%%,-+-0.,*Z!
#$$%&'(()))*04-4?*04#*/5D(0,)&M,D,0$&(05D,3M.5+50-D4+1&M&-+&.5D<M4>-/,&!
"

!
<:!
!
Y%;B$+"78"<-."0%==%A%)($"@A(;+="./"#)(%A+4"2!*25#.f5QP!^ceb(ceWe@`!
#$$%&'(()))*04-4?*04#*/5D(0,)&M,D,0$&(05D,3M.5+50-D4+1&M&-+&.5D<M4>-/,&!
f5+!+,F,+,0.,O!&4>43-+!D4+-3!4>-/,&!-%%,-+!50!$#,!ceWe@R&!AaCEMB5X!%-/,'!
#$$%&'(()))*F34.T+*.5>(%#5$5&(04-4?(-321>&(g<"9g;67<<P86;""6!
Q#,!F5335)40/!),2&4$,!-3&5!&#5)&!>-0I!?4FF,+,0$!,3,.$+50!>4.+5/+-%#!4>-/,&!5F!
.3-4>,?!EWCEMB5XM<O!503I!&5>,!5F!)#4.#!-%%,-+!4?,0$4.-3!$5!5$#,+&*!!
#$$%&'(()))*F34.T+*.5>(%#5$5&(04-4?(-321>&(g<"9gg"<P"7;<"78g!
!
"
<M+"Y())('C"./"9#*:!3&%;+3"<+=&%3;"R!''B$('CR"
!
Q#,!VBCO!5+!V53I>,+-&,!B#-40!C,-.$450!$,&$40/!>,$#5?O!4&!-!245.#,>4.-3!%+5.,&&!
)#,+,2I!>433450&!5F!.5%4,&!5F!-!&%,.4F4.!@cW(CcW!>53,.13,!40!-!$,&$!&->%3,!.-0!2,!
+,%34.-$,?*!Q#,!%+5.,&&!,>%35I&!-!.#,>4.-3!&531$450!5F!%53I>,+-&,!>4S,?!)4$#!-!
%,+&50R&!25?I!F314?&O!-0?!$#,0!&12=,.$,?!$5!+,%,-$,?!.I.3,&!5F!$#,+>-3!#,-$40/!-0?!
.55340/O!%,+45?4.-33I!-??40/!,S$+-!&>-33!->510$&!5F!%53I>,+-&,!+,-.$-0$!$#-$!240?&!$5!
@cW(CcW!&$+-0?&!-0?!+,%34.-$,&!$#,>!-&!$#,!$,>%,+-$1+,&!.I.3,!1%!-0?!?5)0*!LI!
?540/!&5O!$40I!-0?!5$#,+)4&,!10?,$,.$-23,!$+-.,&!5F!@cW(CcW!.-0!2,!>-/04F4,?!>433450&!
5F!$4>,&!5D,+O!40!]1-0$4$4,&!&1FF4.4,0$!F5+!&$1?I*![0.,!$#4&!%+5.,&&!4&!.5>%3,$,?O!$#,!
->%34F4,?!-0?!+,%34.-$,?!/,0,$4.!>-$,+4-3!F+5>!25?I!F314?&!4&!-0-3IY,?!D4-!/,3!
,3,.$+5%#5+,&4&!5+!&4>43-+!>,$#5?&*![+4/40-33I!10?,+$-T,0!-&!-!3,0/$#I!#-0?&M50O!50,M
-$M-M$4>,!%+5.,?1+,!40!$,&$!$12,&O!$#,!VBC!>-/04F4.-$450!%+5.,&&!4&!$5?-I!-1$5>-$,?O!
10?,+$-T,0!40!&%,.4-34Y,?!3-25+-$5+I!>-.#40,+I*!Q#,!%+5.,&&!.-0!$#,0!I4,3?!
,3,.$+5%#5+,$4.!Z>-+T,+&Z!2I!)#4.#!$#,!$,&$M->%34F4,?!@cW(CcW!.-0!2,!.5>%-+,?!$5!
-05$#,+!%+,&1>-23I!ZT05)0Z!&->%3,O!-&!$-T,0!F+5>!&5>,50,!)#5!?4,?!5F!B5D4?M"P*!
Q#-$!4&!$#,!$#,5+I*!\#,0!1&,?!F5+!.3404.-3!?4-/05&,&O!#5),D,+O!-33!T40?&!5F!&,+451&!
]1,&$450&!-+4&,*!V+4>-+43I!4$!4&!$#4&'!
!
If*you*only*have*such*a*tiny*quantity*of*a*virus*in*your*system*which*requires*PCR*
methods*to*magnify*it*millions*of*times*over,*so*it*can*be*detected*and*identified,*
then*how*can*it*have*any*biochemical*significance*or*effect*upon*your*physiology*in*
the*original*non&amplified*condition?**And*doesn't*that*indicate,*the*presumed*
living&multiplying*virus*is*NOT*replicating*itself?**
!

!
<"!
Q#5&,!]1,&$450&!#-D,!2,,0!&I&$,>-$4.-33I!4/05+,?!2I!ZVBC!Q,&$40/!t4$Z!-?D5.-$,&!-0?!
%+5F4$M&,,T40/!%#-+>-.,1$4.-3!.5>%-04,&O!&$-+$40/!40!$#,!We@E!I,-+&!)#,0!VBC!$,&$&!
),+,!I4,3?40/!F-3&,!%5&4$4D,&!50!ZbeXZ!40!-210?-0.,*!!aD,0!-$!-!$4>,!)#,0!%,5%3,!),+,!
?I40/!5F!>13$4%3,!We@EM40?4.-$5+!?4&,-&,&O!?4+,.$!?,$,.$450!5F!34D40/!>13$4%3I40/!beX!40!
$#,4+!25?4,&!.513?!05$!2,!F510?O!103,&&!VBC!>13$4M>433450!>-/04F4.-$450&!),+,!
10?,+$-T,0*!!
!
L1$!$#,+,!-+,!5$#,+!>-=5+!&.4,0$4F4.!+,-&50&!)#I!NFDN@C.\@V!BCD!&)(&',-!'(!(=)4'/'4%008!
/0%3)+:!%,+!$%(!,.!.;T)4&'A)!A%09)!/.*!40','4%0!+'%-,.()(6!
#$$%&'((10.5D,+?.*.5>(<:<:("<(:6($,0MF-$-3M,++5+&M&.4,0$4&$&M-$$-.TM%-%,+M$#-$M
,&$-234&#,?M/352-3M%.+M?+4D,0M35.T?5)0(!!!^),2!+,F,+,0.,&!.50$401,`!
#$$%&'((10.5D,+?.*.5>(<:<:(:7(:g()-&M$#,M.5D4?M"PM$,&$M>,-0$M$5M?,$,.$M-MD4+1&(!!!!!!!!!!
#$$%&'((-+$4.3,&*>,+.53-*.5>(&4$,&(-+$4.3,&(-+.#4D,(<:<:("<("8(%.+M$,&$M
+,34-2434$I*-&%S! ! #$$%&'((.5+>-0?+5&$,0+,D4,)*.5>(+,%5+$(!
!
"*!VBC!$,&$&!.-005$!?4&$40/14&#!2,$),,0!-!34D40/!40F,.$451&!D4+1&!-0?!-!?,-?!D4+1&!5F!$#,!
&->,!5+!&4>43-+!$I%,*!e$!)433!I4,3?!-!%5&4$4D,!40?4.-$450!)#,0!?,$,.$40/!@cW!5+!CcW!
F+-/>,0$&!F+5>!$#,!2+,-TM?5)0!%+5?1.$&!5F!-!>13$4$1?,!5F!D4+-3!,0$4$4,&!&4>43-+!$5!$#,!
50,!$#,!$,&$!4&!&1%%5&,?!$5!2,!355T40/!F5+*!Q#4&!4&!)#I!D-&$!01>2,+&!5F!-&I>%$5>-$4.!
%,5%3,!)4$#!Y,+5!34D40/!EWCEMB5XM<!40!$#,4+!&I&$,>&!-+,!/,$$40/!F-3&,M%5&4$4D,!+,&13$&!
F+5>!$#,&,!$,&$&*!e$!4&!-3&5!)#IO!-F$,+!$-T40/!$#,!0,)!2+,,?!5F!>CcW!D-..40,&!)#4.#!
40=,.$!&1.#!/,0,$4.!>-$,+4-3!40$5!-!%,+&50R&!&I&$,>O!4$!340/,+&!-0?!#,0.,!&#5)&!1%!50!
&12&,]1,0$!VBC!$,&$&O!&1//,&$40/!D-..40-$,?!%,5%3,!-+,!-$!+4&T!5+!&1FF,+40/!F+5>!B5D4?M
"P!?4&,-&,O!5+!$#-$O!-&!e!2,34,D,O!$#,!VBC!4&!>,+,3I!>-/04FI40/!)#-$!)-&!40=,.$,?!40$5!
$#,4+!&I&$,>&*!!\#-$,D,+!$#,!+,-&50O!$#4&!)-&!0,D,+!%+,?4.$,?!2I!$#,!D-..40,!#I&$,+4.&O!
)#5!-+,!$5?-I!+,]14+,?!$5!=1>%!$#+51/#!#55%&!40!5+?,+!$5!Z,S%3-40Z!5+!Z,S%3-40!-)-IZ!
)#-$!4&!/540/!50!40!$#,4+!D-..40-$,?!T,00,3&*!!
!
<*!EWCEMB5XM<!D4+1&!4&!D,+I!&4>43-+!40!-%%,-+-0.,!-0?!&I>%$5>&!$5!5$#,+!.5+50-!
D4+1&,&!-&!-&&5.4-$,?!)4$#!40F31,0Y-O!%0,1>504-!-0?!5$#,+!+,&%4+-$5+I!?4&5+?,+&*!K4D,0!
$#-$!&%,.4F4.!D4+1&!4?,0$4F4.-$450!4&!05$!%5&&423,O!50,!.-005$!T05)!4F!$#,!VBC!Z?,$,.$450Z!
4&!34D40/!D4+1&!5+!+,>0-0$!?,-?!D4+-3!>-$$,+!F+5>!4>>10,M&I&$,>!?,&$+1.$450!5F!4$i!![+!
4&!4$!+,-.$40/!$5!40=,.$,?!>CcW!>-$,+4-3!F+5>!$#,!D-..40,i!!\,!.-005$!T05)*!VBC!?5,&!
05$!/4D,!&1.#!-0&),+&*!e$!4&!34T,!-!D,+I!35)M+,&531$450!D4?,5!.->,+-!$#-$!4&!&1%%5&,?!$5!
+40/!-0!-3-+>!2,33!)#,0,D,+!-!Z21+/3-+Z!.5>,&!$5!I51+!F+50$!?55+*!!L1$!4$!.-0R$!
?4&$40/14&#!2,$),,0!-!Z21+/3-+Z!5+!I51!5+!I51+!.#43?+,0O!$#,!%5&$>-0O!5+!,D,0!$#,!
0,4/#25+R&!?5/!5+!.-$*!!e$!+,-.$&!$5!-33!5F!$#,>*!
!
6*!Q#,!51$.5>,!5F!-!B5D4?M"P!VBC!Z$,&$Z!4&!?,%,0?,0$!1%50!$#,!01>2,+!5F!$#,+>-3!
#,-$40/!-0?!.55340/!.I.3,&!-!&->%3,!4&!%1$!$#+51/#O!-0?!$#-$!4&!?,$,+>40,?!2I!&,0&4$4D4$I!
&,$$40/&!50!$#,!>-.#40,!)#4.#!$#,!3-25+-$5+I!$,.#04.4-0!.-0!-?=1&$*!eF!$#4&!4840)!
&$*)($.0+!4&!&,$!$55!#4/#O!F5+!>-S4>1>!&,0&4$4D4$IO!$#,!-??,?!.I.3,&!)433!?4&$5+$!@cW!-0?!
CcW!40!$#,!&->%3,O!40!-!)-I!$#-$!>-0I!?4FF,+,0$!$#40/&O!-0?!$#,+,2I!)433!I4,3?!#4/#,+!
+-$,&!5F!F-3&,!%5&4$4D,!+,-.$450&*!W!&,$$40/!5F!<9!.I.3,&!4&!.50&4?,+,?!+-$#,+!35)M
&,0&4$4D4$I!-0?!)433!I4,3?!F,)!Z%5&4$4D,!$,&$&Z*!A5+,!$#-0!6:!.I.3,&!4&!.50&4?,+,?!
&.4,0$4F4.-33I!25/1&O!)4$#!D,+I!#4/#!%,+.,0$-/,&!5F!F-3&,!%5&4$4D,&*!b5),D,+O!$#,!f@WO!
B@B!-0?!\b[!+,.5>>,0?!VBC!$,&$!>-.#40,+I!2,!&,$!-$!69!$5!7:!.I.3,&!5+!#4/#,+O!
/1-+-0$,,?!$5!%+5?1.,!#4/#!3,D,3&!5F!F-3&,!%5&4$4D,!+,-.$450&*!!

!
<<!
t-+I!A1334&O!)#5!40D,0$,?!$#,!VBC!>,$#5?!5F!@cW(CcW!->%34F4.-$450!-0?!)50!-!c52,3!
V+4Y,!40!B#,>4&$+I!40!"PP6!F5+!?540/!&5O!?4?!05$!-..,%$!$#,!beX!$#,5+I!5F!We@E!?1,!$5!4$&!
#,-DI!+,34-0.,!1%50!VBC!>-/04F4.-$450!$5!%+5D,!4$&!,S4&$,0.,*!beX!)-&!-3&5!.+4$4.4Y,?!2I!
$5%!D4+535/4&$!V,$,+!@1,&2,+/!-&!2,40/!-!#-+>3,&&!Z%-&&,0/,+!+,$+5D4+1&ZO!)#43,!5$#,+!
We@E!.+4$4.&!.50&4?,+,?!4$!$5!2,!-!050M,S4&$40/!.+,-$450!5F!#-%#-Y-+?!VBC!
>-/04F4.-$450&*!c5!%1+,!.13$1+,!4&53-$450!#-&!2,,0!>-?,!5F!,4$#,+!beX!5+!EWCEMB5XM<O!
05+!5F!5$#,+!.5+50-!D4+1&,&*!A1334&O!)#5!?4,?!40!<:"PO!)-&!2-&4.-33I!,S.5>>104.-$,?!
F+5>!$#,!)5+3?!5F!&.4,0.,!F5+!#4&!%1234.!.+4$4.4&>&!5F!VBC!>,$#5?&!-0?!$#,!beX!$#,5+I!5F!
We@EO!,D,0!-&!>I+4-?!245$,.#!-0?!%#-+>-.I!.5>%-04,&O!21$!05$!A1334&O!+-T,?!40!2433450&!
F+5>!#4&!?4&.5D,+I*!Q5?-IO!$#,!&->,!24/!%+523,>&!-0?!40-..1+-$,!.3-4>&!$#-$!,>,+/,?!
?1+40/!$#,!25/1&!ZbeX!,%4?,>4.Z!^)#4.#!)-&!&1%%5&,?!$5!?,%5%13-$,!WF+4.-!2I!05)`O!
#-D,!.5>,!2-.T!50.,!-/-40!10?,+!$#,!1>2+,33-!5F!B5D4?M"P*!
#$$%&'(()))*052,3%+4Y,*5+/(%+4Y,&(.#,>4&$+I("PP6(>1334&(3,.$1+,(!
!
E1.#!%+523,>&!-&!$#,&,!-+,!)#I!>-0I!VBC!$,&$40/!3-2&!-+510?!$#,!.510$+I!#-D,!
+,%5+$,?!"::l!%5&4$4D,&!F5+!,0$4+,!%5%13-$450&!$#,I!$,&$,?*!Q#4&!.+,-$,?!-!>-=5+!
&.-0?-3!40!f35+4?-O!)#,+,!&,D,+-3!3-2&!),+,!.50&4&$,0$3I!+,%5+$40/!"::l!B5D4?M"P!
+,&13$&O!-3,+$40/!K5D,+05+!@,E-0$4&!$5!$#,4+!25/1&!0-$1+,O!-0?!$5!,0?!$#,!>-&&4D,!
35.T?5)0&!$#,!ZB5D4?!,S%,+$&Z!#-?!2,,0!-?D4&40/*!!
#$$%&'(()))*.34.T5+3-0?5*.5>(0,)&(35.-3(<:<:(:g("9(#4/#M.5+50-D4+1&M%5&4$4D,M
.-&,M+-$,M+,D,-3&MF3-)&M40MF35+4?-M?,%-+$>,0$M5FM#,-3$#M+,%5+$(!
!
A5&$!40$,+,&$40/!50!VBC!4&!#5)O!40!,-+3I!G-01-+I!<:<"O!$#,!\b[!4&&1,?!-0!e0F5+>-$450!
c5$4.,!,S%5&40/!4$&!3-.T!5F!-..1+-.IO!&$-$40/'!Z\b[!+,>40?&!r3-2!)5+T,+&s!$#-$!?4&,-&,!
%+,D-3,0.,!-3$,+&!$#,!%+,?4.$4D,!D-31,!5F!$,&$!+,&13$&v!-&!?4&,-&,!%+,D-3,0.,!?,.+,-&,&O!
$#,!+4&T!5F!F-3&,!%5&4$4D,!40.+,-&,&***Q#4&!>,-0&!$#-$!$#,!%+52-2434$I!$#-$!-!%,+&50!)#5!
#-&!-!%5&4$4D,!+,&13$!^EWCEMB5XM<!?,$,.$,?`!4&!$+13I!40F,.$,?!)4$#!EWCEMB5XM<!?,.+,-&,&!
-&!%+,D-3,0.,!?,.+,-&,&O!'**)(=)4&'A)!./!&$)!40%'5)+!(=)4'/'4'&8*Z!
#$$%&'(()))*)#5*40$(0,)&(4$,>(<:M:"M<:<"M)#5M40F5+>-$450M05$4.,MF5+M4D?M1&,+&M
<:<:M:9!
!
W0?!40!-!>5&$!51$+-/,51&!>-00,+O!$#,!B@B!+,.,0$3I!+,3,-&,?!-!F-.$!&#,,$!ZB[Xe@M"P!
D-..40,!2+,-T$#+51/#!.-&,!40D,&$4/-$450"M!e0F5+>-$450!F5+!%1234.!#,-3$#O!.3404.-3O!-0?!
+,F,+,0.,!3-25+-$5+4,&ZO!?4+,.$&!VBC!$,&$40/!3-2&!$5!1&,!-!35)!.I.3,!$#+,&#53?!^B$`!5F!503I!
<8!/.*!=*)A'.9(08!A%44',%&)+!=).=0)*!Q#4&!%+5.,?1+-3!.#-0/,!)513?!40&1+,!F,),+!5F!$#,!
D-..40-$,?!)513?!&12&,]1,0$3I!Z$,&$!%5&4$4D,Z*!!b5),D,+O!$#,!10&$-$,?!-&&1>%$450!4&O!
$#-$!$#,!10D-..40-$,?!)513?!.50$401,!$5!2,!$,&$,?!)4$#!-!B$!-&!1&1-3O!-$!69!$5!7:!.I.3,&O!
40&1+40/!$#-$!/+51%!)433!.50$401,!$5!&#5)!#4/#!3,D,3&!5F!VBC!F-3&,M%5&4$4D,!$,&$&*!!Q#,!
VBC!ZD-..40,!2+,-T$#+51/#!.-&,&Z!-+,!$5?-I!-!#1/,!,>2-++-&&>,0$!F5+!$#,!B5D4?M
#I&$,+4.&!-0?!D-..40,!.5>%-04,&O!-&!4$!+,D,-3&!$#,I!#-D,!05!4?,-!)#-$!$#,!#,33!$#,I!-+,!
?540/*!!Q#,!B@B!40-?D,+$,0$3I!,S%5&,?!$#,4+!F+-1?!$5!$#,!%1234.!,I,O!40!-!.+4>40-3!
>-00,+!?,&4/0,?!$5!%104&#!$#,!10D-..40-$,?*!!
#$$%&'(()))*.?.*/5D(D-..40,&(.5D4?M"P(?5)035-?&(e0F5+>-$450MF5+M3-25+-$5+4,&M
B[Xe@MD-..40,M2+,-T$#+51/#M.-&,M40D,&$4/-$450*%?F!
!
W0$4/,0!$,&$!T4$&!&4>43-+3I!+,3I!1%50!245.#,>4.-3!F-.$5+&O!21$!>5+,!?4+,.$3I!+,-.$!$5!D4+-3!
>,>2+-0,!.5>%50,0$&*!Q#,I!-+,!]14.T,+!40!$#,4+!-0-3I&4&O!-0?!$+13I!>5+,!-..1+-$,!
$#-0!VBC*!!L1$!$#,!>,?4.-3!40?1&$+I!.50&4?,+&!$#,>!3,&&!+,34-23,O!)4$#!.3-4>,?!Z#4/#!

!
<6!
3,D,3&!5F!F-3&,!0,/-$4D,&ZO!2,.-1&,!VBC!+51$40,3I!I4,3?&!#4/#,+!%5&4$4D,!$,&$&*!!Q#,!
.3-4>,?!40-..1+-.I!5F!-0$4/,0!$,&$40/!4&!23->,?!1%50!.3-4>,?!Z#4?40/!D4+1&Z!$#-$!
-0$4/,0!$,&$&!.-005$!?,$,.$O!21$!)#4.#!VBC!.-0!?,$,.$*!Q#4&!+,-&5040/!4&!&5%#4&$+IO!
#5),D,+O!-&!4$!,S.31?,&!$#,!%5&&42434$I!$#-$!$#,+,!4&0R$!-0I!Z#4?40/!D4+1&Z!-$!-33O!-0?!$#-$!
VBC!$,&$&!-+,!+,-.$40/!$5!-33!T40?&!5F!5$#,+!$#40/&*!e$!4&!&4>%3I!-0!40.50D,04,0$!$+1$#!$#-$!
-0$4/,0!$,&$!T4$&!&#5)!F-+!F,),+!Z%5&4$4D,&Z!$#-0!$#,!?5.$5+&!-0$4.4%-$,!^5+!)4&#!F5+i`*!
W??4$450-33IO!-0$4/,0&!-0?!-0$425?4,&!.-0!+,&4?,!40!$#,!&->,!#5&$O!40?4.-$40/!-!#,-3$#I!
-0?!&1..,&&F13!4>>10,M&I&$,>!$,+>40-$450!5F!$#-$!$5S4.!,3,>,0$*!Q#,!-0$4/,0!$,&$&!-+,!
$#,+,F5+,!05!2,$$,+!$#-0!VBC!40!Z.50F4+>40/Z!34D40/!40F,.$451&!D4+1&*!
!
Q#,+,!-+,!10F5+$10-$,3I!5$#,+!F-.$5+&!$#-$!.-0!3,-?!$5!-!%5&4$4D,!B5D4?M"P!?4-/05&4&O!
$,&$40/!5+!05$*!!E$-$,>,0$&!>-?,!2I!>-0I!%#I&4.4-0&!50!40$,+0,$!-0?!40!D4?,5!
40$,+D4,)&O!-0?!,D,0$1-33I!2I!E,0-$5+!E.5$$!G,0&,0!5F!A400,&5$-!^-3&5!-!%#I&4.4-0`!#-D,!
4?,0$4F4,?!-$!3,-&$!50,!>5$4D-$450!F5+!?540/!&5'!0%*-)!(95(!./!5.,)8!%*)!-'A),!&.!$.(='&%0(!
;8!X)+'4%*)!%,+!.&$)*!7)+)*%0!%-),4')(!3$),!&$)8!&%?)!.,!%!,)3!C.A'+@LO!=%&'),&!3$.!'(!
=0%4)+!.,!%!A),&'0%&.*:!%*.9,+!bcO:QQQ!',!&.&%06!W!D4?,5!5F!G,0&,0R&!&$-$,>,0$!#-&!&40.,!
2,,0!.,0&5+,?!2I!d51Q12,O!21$!$#,!RNF!2.+%8!0,)&%-%,+!-0?!f-.$B#,.T*5+/!3-10.#,?!
&,%-+-$,!40D,&$4/-$450&!5F!$#,!&12=,.$O!.50.31?40/!#4&!&$-$,>,0$!)-&!$+1,*!!
!
Zb5&%4$-3!-?>404&$+-$5+&!>4/#$!),33!)-0$!$5!&,,!B[Xe@M"P!-$$-.#,?!$5!-!
?4&.#-+/,!&1>>-+I!5+!-!?,-$#!.,+$4F4.-$,*!\#Ii!L,.-1&,!4F!4$R&!-!&$+-4/#$F5+)-+?O!
/-+?,0MD-+4,$I!%0,1>504-!$#-$!-!%,+&50!4&!-?>4$$,?!$5!$#,!#5&%4$-3!F5+!H!4F!
$#,IR+,!A,?4.-+,!H!$I%4.-33IO!$#,!?4-/05&4&M+,3-$,?!/+51%!31>%!&1>!%-I>,0$!
)513?!2,!w9O:::*!L1$!4F!4$R&!B[Xe@M"P!%0,1>504-O!$#,0!4$R&!w"6O:::O!-0?!4F!$#-$!
B[Xe@M"P!%0,1>504-!%-$4,0$!,0?&!1%!50!-!D,0$43-$5+O!4$!/5,&!1%!$5!w6PO:::*Z!
!#$$%&'(()))*1&-$5?-I*.5>(&$5+I(0,)&(F-.$.#,.T(<:<:(:7(<7(F-.$M.#,.TM
>,?4.-+,M#5&%4$-3&M%-4?M>5+,M.5D4?M"PM%-$4,0$&M.5+50-D4+1&(6:::;68::"(!
!#$$%&'(()))*F-.$.#,.T*5+/(<:<:(:7(#5&%4$-3M%-I>,0$&M-0?M$#,M.5D4?M"PM
?,-$#M.510$(!
!
G,0&,0!#-&!&40.,!/50,!50!$5!>-T,!5$#,+!&#-+%!.+4$4.4&>&!5F!.50D,0$450-3!>,?4.40,!
+,3-$,?!$5!B5D4?M"PO!-0?!-0!40$,+0,$!&,-+.#!50!#4&!0->,!%31&!ZB5D4?M"PZ!)433!%133!1%!
>-0I!-+$4.3,&!-0?!D4?,5&*!L1$!#4&!404$4-3!+,D,3-$450&!50!B5D4?M"P!F40-0.40/!F1+$#,+!
&1//,&$!#5)!>-0I!B5D4?M"P!?,-$#&!-+,!2,40/!.3-&&4F4,?!$)4.,O!F4+&$3I!2I!%#I&4.4-0&!50!
$#,!+,-3!.-1&,!5F!$#,4+!?,-$#&!^40F31,0Y-O!%0,1>504-O!310/!.-0.,+O!?4-2,$,&O!,$.*`!-0?!
3-$,+!-&!B5D4?M"PO!2I!$#,!?,$,+>40-$450&!5F!#5&%4$-3!&$-FF!-0?!-?>404&$+-$5+&O!5+!2I!$#,!
B@B!4$&,3F*!L,35)!40!$#,!0,S$!&,.$450O!e!%+,&,0$!B@B!.50F4+>,?M?,-$#!?-$-!40!Q-23,&!8!
-0?!PWOLO!.-&$40/!F1+$#,+!?512$!1%50!$#,!,S.31&4D,!-0?!&40/13-+!.3-4>!5F!-!?,-?3I!D4+-3!
%-0?,>4.!?,&$+5I40/!$#,!34D,&!5F!%,5%3,!40!$#,!NEW!-$!#4/#!01>2,+&*!A-0I!34D,&!-+,!35&$!
5+!2,40/!?,&$+5I,?O!21$!),!>1&$!-&T!4F!$#4&!4&!>5+,!?1,!$5!]1,&$450-23,!?4-/05&,&O!-0?!
$#,!-??,?!?,-$#&!?1,!$5!&,D,+,!-0S4,$IO!%-04.O!#I&$,+4-O!F5+.,?!35.T?5)0&O!,.505>4.!
+140!-0?!-$$,0?40/!&5.4-3!.#-5&!-0?!%5D,+$IO!$#-0!2I!-!.3-4>,?!EWCEMB5XM<!D4+-3!
%-0?,>4.*!Q#,+,!4&!&4/04F4.-0$!?5.1>,0$-$450!$5!&1%%5+$!$#4&!40$,+%+,$-$450*!
#$$%&'(()))*02,+*5+/(&I&$,>(F43,&()5+T40/h%-%,+&()<86:7()<86:7*%?F!
"
"
"

!
<7!
!&"&M%="O.%3&E"-+"A(C"O(B=+E"-0?!.50&4?,+!#5)!-33!$#,!-25D,!%540$&!#-D,!&,+451&3I!
10?,+>40,?!$#,!,0$4+,!B5D4?M"P!(!EWCEMB5XM<!%-+-?4/>*!!X4+$1-33I!,.,)!5F!$#,!.3-4>&!5F!
D4+-3!.-1&-34$IO!5F!$5S4.4$I!F+5>!$#,!EWCEMB5XM<!D4+1&O!5+!-0I!5$#,+!40F,.$451&!-/,0$O!.-0!
2,!+,.50.43,?!)4$#!$#,!.+4$4.-3!F-.$&!%+,&,0$,?!&5!F-+*!!!34"<M+$+/.$+O!),!>1&$!355T!$5!
.&$)*!*)%(.,(!F5+!$#,!,S.,&&!?,-$#&!5F!<:<:O!-0?!<:<"O!2,40/!>4&M-$$+421$,?!$5!-!ZB5D4?M
"P!%-0?,>4.*Z!!Q#5&,!5$#,+!+,-&50&O!e!)433!&#5)O!-+,!$#,!%+5?1.$!5F!#1>-0!4/05+-0.,O!
,++5+!-0?!>-34.,O!40!/5D,+0>,0$M>,?4.-3!?,>-0?&!F5+!35.T?5)0&O!F5+.,?!>-&T40/O!
40#1>-0!-0$4&5.4-3!?4&$-0.40/!-0?!,.505>4.!+140O!-33!5F!)#4.#!$55T!-!&,+451&!$533*!!W!0,)!
?-$-!-0-3I&4&!4&!$5!F5335)O!,S%5&40/!-??4$450-3!?,-?3I!,++5+&!40!$#,!B@B!?-$-!-0-3I&,&*!
"
"
<M+"0+(&M"<.))"/$.A"Y.$'+4"I.'J4.-3=E"L(=J%3;">"R0+(&M="HC"0+=O(%$R"
!
e0!&%4$,!5F!%534$4.-3O!>,?4.-3!-0?!>,?4-!>4&+,%+,&,0$-$450&O!$#,+,!4&!05!.3,-+!,D4?,0.,!
$#-$!&#5)&!35.T40/!?5)0!,0$4+,!&5.4,$4,&O!?4&+1%$40/!,.505>4,&!5+!F5+.40/!,D,+I50,!
10?,+!5SI/,0M?,%+4D40/!>-&T&!?5,&!-0I$#40/!5F!2,0,F4$!$5)-+?&!>4$4/-$450!-/-40&$!
.3-4>,?!B5D4?M"P*!Q#,!2,&$!+,D4,)!5F!$#4&!)-&!%+,&,0$,?!40!-!d51Q12,!D4?,5!2I!eD5+!
B1>>40&O!)#5!-3&5!,S%-0?,?!1%50!$#,!4&&1,!5F!&,-&50-34$I*!!!
#$$%&'(()))*I51$12,*.5>()-$.#iD_6.=/4.+W9:7!
N0F5+$10-$,3I!d51Q12,!.,0&5+,?!$#,!B1>>40&!D4?,5O!-&!$#,I!?5!)4$#!-0I$#40/!.+4$4.-3!
5F!B5D4?!$#,5+IO!21$!4$!#-&!2,,0!&-D,?!-&!-!?5)035-?!F+5>!#,+,'!
#$$%&'((.50$,0$*&$+,->#5&$,+*.5>(F43,(5&5>(5&5>(B1>>40&X4+-3N%?-$,@,.g$#a1+5%
,NEW,S%3-40,?*>5Di?3_"!
!
B1>>40&R!D4?,5!%+,&,0$,?!D-+451&!?-$-!/+-%#4.&!&#5)40/!#5)!?-43I!B5D4?M"P!?,-$#&!
),+,!-3+,-?I!50!-!.3,-+!?5)0)-+?!$+,0?!-$!$#,!$4>,!)#,0!>-0I!5F!$#,!0-$450M)4?,!5+!
NEW!&$-$,M)4?,!35.T?5)0&!),+,!40&$4$1$,?*!@-$-!)-&!-3&5!%+,&,0$,?!)#,+,!35.T?5)0&!
),+,!40&$4$1$,?!-0?!B5D4?M"P!?,-$#&!40.+,-&,?!$#,+,-F$,+O!5+!#-?!05!.#-0/,&!-$!-33O!
40?4.-$40/!35.T?5)0&!#-?!05!2,0,F4$&*!m4T,)4&,O!,0?40/!5F!35.T?5)0&!#-?!05!&4/04F4.-0$!
,FF,.$!1%50!0-$450-3!5+!&$-$,!%5%13-$450&O!,4$#,+!%5&4$4D,!5+!0,/-$4D,*!b5),D,+O!-33!&$-$,&!
-0?!0-$450&!&#5),?!$#,!-25D,M05$,?!$+,0?&!40.+,-&40/!B5D4?M"P!?,-$#&!-&!$#,!),-$#,+!
$1+0,?!?->%!-0?!.53?O!-0?!?,.+,-&40/!?,-$#&!-&!4$!$1+0,?!?+I!-0?!)-+>*!E$-$,&!)#4.#!
35.T,?!?5)0!>5&$!F,+5.451&3I!5F$,0!#-?!$#,!>5&$!40$,0&4D,!&%4T,&!40!?,-$#!-F$,+)-+?&O!
%,+#-%&!?1,!$5!$#,!&,.50?-+I!#,-3$#!4&&1,&!.+,-$,?!2I!35.T?5)0&!-0?!>-&T40/*!
!
e0!,S->%3,O!$#,!&$-$,!5F!f35+4?-O!)#5&,!K5D,+05+!@,E-0$4&!2-&4.-33I!,0?,?!-33!35.T?5)0&!
-0?!F5+.,?M>-&T40/!3-)&!40!3-$,!E,%$,>2,+O!,S%,+4,0.,?!-!/+-?1-3!35),+40/!5F!B5D4?M"P!
?,-$#!+-$,&O!-&!&#5)0!40!f4/1+,!":!2,35)*!!
!
W??4$450-33I!40!f4/1+,!""O!f35+4?-!^+,?!2-+!-$!25$$5>`!.5>%-+,?!>5+,!F-D5+-23I!$#-0!
&$+50/!35.T?5)0!&$-$,&!&1.#!-&![CO!AWO!BWO!tdO!emO!AeO![bO!cA!-0?!Ac*!!f35+4?-!#-?!
35),+!+-$,&!5F!.-&,&O!#5&%4$-34Y-$450!-0?!?,-$#&*!!Q#4&!34&$!4&!&,3,.$4D,!-0?!40.5>%3,$,O!
21$!$#,!+,-?,+!)433!10?,+&$-0?!$#,!%540$O!$#-$!.+4$4.-3!.5>%3-40$&!$5!,0?!35.T?5)0&!-0?!
>-&T40/!#-D,!&4/04F4.-0$!F-.$&!$5!2-.T!$#,>!1%*!!Q#,+,!-+,!05!2,0,F4$&!$5!%1234.!#,-3$#!
F+5>!35.T?5)0&O!>-&T40/O!40#1>-0!4&53-$450!5+!?,342,+-$,!,.505>4.!?,&$+1.$450*!Q#4&!
f4/1+,!""!)-&!52$-40,?!2I!B1>>40&!F+5>!-!cd!Q4>,&!),2&4$,!$#-$!&12&,]1,0$3I!
+,>5D,?!$#,!.5>%-+-$4D,!40F5+>-$450O!$5!.50.,-3!)#-$!$#5&,!?-$-!&#5),?*!
#$$%&'((0I$4>,&*.5>(40$,+-.$4D,(<:<:(1&(&$-$,&M+,5%,0M>-%M.5+50-D4+1&*#$>3!

!
<9!
W!&4>43-+!&4$1-$450!4&!F510?!40!$#,!&$-$,!5F!E51$#!@-T5$-O!)#,+,!K5D,+05+!t+4&$4!c5,>!
+,F1&,?!$5!5+?,+!-0I!35.T?5)0&*!!E->,!)4$#!e?-#5O!A50$-0-!-0?!K,5+/4-O!-33!)4$#!
>404>-3!/5D,+0>,0$!,?4.$&!50!35.T?5)0&O!>-&T40/!5+!&5.4-3!?4&$-0.40/*!C,$-43!&$5+,&O!
+,&$-1+-0$&O!&-350&O!2-+2,+!&#5%&O!.#1+.#,&O!/I>&!-0?!51$?55+!+,.+,-$450!%+5.,,?,?!
$#,+,!-&!05+>-3*!!Q#,I!?4?!05$!&1FF,+!-0I!40.+,-&,!40!?,-$#&!2,.-1&,!5F!4$O!$#,4+!?,-$#M
.-&,!+-$45&!+-0/,?!2,$),,0!"*"l!-0?!"*gl*!LI!.50$+-&$O!40!$#,!>5&$!#,-DI!35.T?5)0!
&$-$,&!&1.#!-&!c,)!d5+TO!V,00&I3D-04-O!c,)!G,+&,IO!A-&&-.#1&,$$&!5+!c,)!d5+T!B4$I!40!
4&53-$450O!?,-$#M.-&,!+-$45&!+-0/,?!2,$),,0!<*;l!$5!7*7lO!5.*)!&$%,!+.9;0)!&$)!,.@
0.4?+.3,!(&%&)(6!!Q#,!01>2,+&!50!$#4&!-+,!&#5)0!40!Q-23,!6!2,35)*!!
!
!
Y%;B$+"6Z8""I('J"./"@3'$+(=+"%3"Y).$%4("0+(&M="!/&+$"W34"./"I.'J4.-3="
#$$%&'((.50$,0$*&$+,->#5&$,+*.5>(F43,(5&5>(5&5>(B1>>40&X4+-3N%?-$,@,.g$#a1+5%
,NEW,S%3-40,?*>5Di?3_"!
!
!B-&,&!!!!b5&%4$-34Y-$450&!! ! @,-$#&!!
!
Ac!
cA!
[b!
Ae!
em!
td!
BW!
\W!
AW!
[C!
fm!
"
Y%;B$+"668"2+)+'&+4"2&(&+a="L.$H%4%&C">"L.$&()%&C"0B+"&."#)(%A+4"#.,%4567"""
#$$%&'((.50$,0$*&$+,->#5&$,+*.5>(F43,(5&5>(5&5>(B1>>40&X4+-3N%?-$,@,.g$#a1+5%
,NEW,S%3-40,?*>5Di?3_"!
"
"

!
<;!
""<(H)+"\8"9$+)%A%3($C"0+(&M:#(=+"*(&%.="%3"
"""""2+)+'&+4"I.'J+4"f+$=B="13).'J+4"2&(&+="
W&!5F!9!f,2*<:<"!! !!Q5$-3!B-&,&!!!!!!!!!Q5$-3!@,-$#&!!!!!@,-$#(B-&,!C-$45!
c[![C!Aem@!m[Bt@[\c!EQWQaE!
f35+4?-!"Og::O:::!<gO79;! ! "*;l!
K,5+/4-!P:PO"g:!"7O7"6! ! "*;l!
e?-#5!";9O:98!"Og;:! ! "*"l!
A50$-0-!P9O96P!"O6"<! ! "*7l!
E51$#!@-T5$-!":PO"6<!"O8:7! ! "*gl!
Q,S-&!<O7::O:::!6PO6<:! ! "*;l!
! WD,+-/,&'! 8P;O786!"7O677! ! 6P^b"! !
EaXaCa!m[Bt@[\c!EQWQaE!
A-&&-.#1&,$$&!96gO<:8!"7O89P! ! <*8l!
A4.#4/-0!;"PO"9:!"9Og6P! ! <*9l!
c,)!G,+&,I!g"6O6<7!<"O88;! ! 6*"l!
c,)!d5+T!"O7::O:::! ! 77O<":! ! 6*<l!
c,)!d5+T!B4$I!;6<O6:;!<gO;:P! ! 7*7l!
V,00&I3D-04-!8g"O769!<<O7<<! ! <*;l!
! WD,+-/,&'! gP9O9g"!<7O797! !\P6b"! !
#$$%&'(()))*0I$4>,&*.5>(40$,+-.$4D,(<:<:(1&(&$-$,&M+,5%,0M>-%M.5+50-D4+1&*#$>3!
!
Q#,!-D,+-/,&!2,$),,0!$#,&,!$)5!&,$&!5F!&$-$,&!40?4.-$,&!-!?512340/!5F!?,-$#(.-&,!+-$45&!
40!$#,!E,D,+,!m5.T?5)0!E$-$,&O!2I!.5>%-+4&50!$5!$#,!c5M!5+!A43?!m5.T?5)0!E$-$,&O!F+5>!
"*9l!$5!6*"l*!!aS$+-%53-$40/O!4F!),!>-T,!-!/,0,+-3!-&&1>%$450!$#-$!$#,!01>2,+!5F!
35.T?5)0!-0?!05M35.T?5)0!NEW!&$-$,&!4&!-%%+5S4>-$,3I!,]1-3O!<9!5F!,-.#O!-0?!$#,0!
>13$4%3I!,-.#!5F!$#,!-D,+-/,!01>2,+!5F!?,-$#&!1&40/!$#,&,!,S$+,>,!.-&,&!-&!-!/14?,340,O!
-!D,+I!/,0,+-3!-0?!%+,34>40-+I!.-3.13-$450!.-0!2,!>-?,!-&!$5!#5)!>-0I!%,5%3,!?4,?!40!
$#,!35.T,?M?5)0!&$-$,&O!-25D,!$#5&,!40!05M35.T?5)0!&$-$,&*!!
!
WD*!@,-$#&!40!E,D,+,!m5.T?5)0!&$-$,&!$4>,&!<9!_!
;""O697!
WD*!@,-$#&!40!c5M!5+!A43?!m5.T?5)0!&$-$,&!$4>,&!<9_!!!
698O;:7!
!
@aWQb!@effaCacBa!
Q^QEU^Z"
!
2$'(!',4.5=0)&)!%,+!%;;*)A'%&)+!%,%08('(!(9--)(&(!over*250,000*extra*deaths!%4*.((!&$)!
N)A)*)!P.4?+.3,!N&%&)(:!3$'4$!5'-$&!,.&!$%A)!.449**)+!$%+!&$)8!%+.=&)+!5'0+)*!
-.A)*,5),&@+)5%,+)+!0.4?+.3,(:!.*!,.!0.4?+.3,(!%&!%006!!W0?!2I!ZE,D,+,!m5.T?5)0&Z!e!
+,F,+,0.,!$#,!F133!&%,.$+1>!5F!?,>-0?&!2,I50?!>,+,3I!&$-IM-$M#5>,!5+?,+&O!21$!-3&5!
F5+.,?!>-&T40/O!40#1>-0!-0$4&5.4-3!?4&$-0.40/O!.35&1+,!5F!&.#553&O!&%5+$&O!.50.,+$&O!
%1234.!/-$#,+40/&!40!%-+T&!5+!50!$#,!2,-.#O!-0?!$#,!&12&,]1,0$!&,D,+,!,.505>4.!
?,&$+1.$450O!2-0T+1%$.4,&O!-/50IO!?+1/!5D,+?5&,&O!&14.4?,&O!,$.*O!$#-$!),+,!F5+$#.5>40/*!!!
!
Q#4&!4&!-0!40.5>%3,$,!-0-3I&4&O!21$!4&!$,3340/!50!=1&$!)#-$!-+,!$#,!?4FF,+,0.,&!$5!2,!
,S%,.$,?!40!-0I!0-$450-3!-&&,&&>,0$*!!E5>,!&$-$,&!)4$#!&,D,+,!35.T?5)0&O!&1.#!-&!
[+,/50!5+!\-&#40/$50!-3&5!#-D,!?,-$#(.-&,!+-$45&!&4>43-+!$5!$#,!05M35.T?5)0!&$-$,&*!!
L1$!e!.513?!05$!F40?!-!05M35.T?5)0!&$-$,!)4$#!#4/#,+!?,-$#(.-&,!+-$45&*!Q#4&!-0-3I&4&!
-??&!&1%%5+$!$5!$#,!%540$!$#-$!35.T40/!?5)0!,0$4+,!&$-$,&!40!-0!,S$+,>,!>-00,+!#-&!05!
2,0,F4$&O!.+,-$40/!,D,0!)5+&,!.50?4$450&!F5+!$#,4+!.4$4Y,0&O!)4$#!5.*)!?,-$#&O!05$!F,),+*!!
Q#,!>5&$!34F,M%+5$,.$4D,!-%%+5-.#!)513?!?,>-0?!-!$5$-3!,0?!$5!35.T?5)0&*!

!
<g!
K+,-$,+!?,$,+>4040/!D-+4-23,&O!>5+,!%5),+F13!$#-0!.3-4>,?!B5D4?M"P!?4&,-&,!!H!&1.#!-&!
.53?!)40$,+!),-$#,+O!$#,!%,+.,0$-/,!5F!53?,+!%,5%3,!40!-!/4D,0!&$-$,O!-0?!-0!-210?-0.,!
5F!.5>5+24?4$4,&!40!53?,+!-/,!/+51%&!2,40/!>4&$-T,0!-&!B5D4?M"P!2I!40-..1+-$,!
?4-/05&,&!-0?!F3-),?!VBC(W0$4/,0!$,&$&!H!%+5?1.,!$#,&,!D-+4-23,!?,-$#!01>2,+&*!
f35+4?-!F5+!,S->%3,!#-&!>5+,!53?,+!F53T!$#-0!>-0I!5$#,+!&$-$,&O!21$!-3&5!>43?,+!)40$,+&O!
-0?!%,5%3,!&%,0?!-!35$!>5+,!$4>,!51$!40!$#,!E10!/,$$40/!/55?!,S%5&1+,!F5+!X4$->40!@!
&I0$#,&4&*!W!#,-3$#I!?4,$!-0?!D4$->40!40$-T,O!,&%,.4-33I!B!-0?!@O!-+,!/+,-$!%+,D,0$4D,&!
F5+!-33!T40?&!5F!+,&%4+-$5+I!4330,&&*![$#,+!&$-$,&!&1.#!-&!c,)!d5+T!,0/-/,?!40!2+1$-3!
>,-&1+,&!-/-40&$!$#,4+!53?,+!-/,!/+51%&O!>5D40/!,3?,+3I!)4$#!>13$4%3,!.5>5+24?4$4,&!
F+5>!#5&%4$-3&!40$5!01+&40/!#5>,&O!-0?!%+5>5$40/!)4$#!F-0F-+,!$#,!1&,!5F!?,-?3I!
D,0$43-$5+&*!Q5?-I!-!&.-0?-3!4&!=1&$!,>,+/40/O!)#,+,!cd!E$-$,!#-&!2,,0!10?,+.510$40/!
$#,4+!?,-$#!01>2,+&O!$5!255&$!1%!$#,!&-//40/!%5%13-+4$I!5F!$#,4+!K5D,+05+!B15>5*!!
!
\#-$,D,+!,3&,!>-I!2,!-$!)5+TO!/+-%#4.-3!.50F4+>,?!.-&,!?-$-!F5+!>5&$!&$-$,&!-&!/4D,0!-$!
$#,!-25D,!.4$,?!cd!Q4>,&!),2&4$,O!0,-+3I!-33!&#5)!$#,!)40$,+$4>,!&,-&50-3!%-$$,+0!5F!
40.4?,0.,O!-&!?4&.1&&,?!-25D,*!E,D,+-3!,0$4+,!),2%-/,&!4?,0$4FI!-0?!%+5D4?,!340T&!$5!
?4FF,+,0$!%1234&#,?!&$1?4,&!40!&.4,0.,!5+!>,?4.-3!=51+0-3&!$#-$!+,F1$,!2,0,F4$&!5F!
35.T?5)0&!-&!),33!-&!,S%5&40/!$#,!?,-?3I!.50&,]1,0.,&!5F!35.T?5)0&'!
#$$%&'(($#,F-$,>%,+5+*.5>(%1234&#,?M%-%,+&M-0?M?-$-M50M35.T?5)0M),-TM,FF4.-.IM
-0?M35.T?5)0M#1/,M#-+>&(!#$$%&'(()))*+,&,-+.#/-$,*0,$(%1234.-$450(6788P7g8P!
#$$%&'((.533-$,+-3/352-3*5+/!
Q-23,&!7!-0?!9O!2,35)O!-+,!$-T,0!F+5>!$#,!B533-$,+-3K352-3!),2&4$,!5+/-04Y,?!2I!-!
.533,.$450!5F!L+4$4&#!-0?!W>,+4.-0!104D,+&4$I!%+5F,&&5+&!-0?!-&&5.4-$,&O!)5+T40/!
%+4D-$,3I!51$&4?,!5F!/5D,+0>,0$*!Q#,I!%+5D4?,!-!&1>>-+I!5F!$#,!?,%+,&&40/!#5++5+&!
.+,-$,?!2I!35.T?5)0&!-0?!F5+.,?!>-&T40/*!#$$%&'((.533-$,+-3/352-3*5+/!
"
<(H)+"S8""L+3&()">"2.'%()"?+()&M8""B-$,/5+4,&!5F!e0.+,-&,?!B533-$,+-3!@->-/,!F+5>!
B5D4?M"P!?1,!$5!bI&$,+4-O!m5.T?5)0&O!f5+.,?!A-&T40/*!!!
C,%5+$&!-+,!F+5>!%,,+M+,D4,),?!+,&,-+.#!40!$#,!Nt!103,&&!5$#,+)4&,!05$,?!
W??4.$450!j!E12&$-0.,!W21&,!M!6Pl!+,3-%&,!5F!+,.5D,+,?!-??4.$&O!"!>433450!-FF,.$,?v!!
!67l!40.+,-&,!40!-0$4M-0S4,$I!>,?&!40!NEWv!66l!$5!68l!40.+,-&,!40!-3.5#53!!
! .50&1>%$450!)4$#!40.+,-&,?!-3.5#53M+,3-$,?!34D,+!40=1+I*!7l!40.+,-&,!40!50M340,!!
! /->2340/*!
W3Y#,4>,+R&!j!@,>,0$4-!M!6<l!34D40/!)4$#!?,>,0$4-!+,%5+$!40.+,-&,?!&I>%$5>&O!!
!-%-$#IO!+,&4/0-$450!5+!Z/4D40/!1%Zv!!k;:l!&#5)!40.+,-&,!40!2,#-D45+-3!j!!
! %&I.#535/4.-3!&I>%$5>&v!k;;l!40.+,-&,!40!&$+,&&M+,3-$,?!&I>%$5>&!40!
!.-+,/4D,+&!
a-$40/!@4&5+?,+&!M!![D,+-33!40.+,-&,!40!VQE@&O!+,?1.,?!-..,&&!$5!&1%%5+$!&,+D4.,&!
V+,/0-0.I!j!V-+,0$#55?!M!C,?1.$450!40!%,+&50-3!#1>-0M.50$-.$!&1%%5+$!-$!-33!
! 3,D,3&O!3,-?40/!$5!?4&$+,&&!->50/!>5$#,+&!-0?!40F-0$&*!C,?1.$450!40!
! .50F4?,0.,!2I!,S%,.$-0$!>5$#,+&!-0?!%-+,0$&!5F!0,)25+0&*!!e0.+,-&,?!
!%5&$M%-+$1>!?,%+,&&450*!!
E3,,%!@4&5+?,+&!M!;:l!5F!%,5%3,!+,%5+$40/!)5+&,!&3,,%!&40.,!35.T?5)0&!2,/-0O!
! ,&%,.4-33I!->50/!I510/!.#43?+,0*!
E14.4?-3!L,#-D45+!M!E5.4-3!4&53-$450O!-0S4,$IO!F,-+!5F!.50$-/450O!10.,+$-40$IO!.#+504.!
! &$+,&&!-0?!,.505>4.!?4FF4.13$4,&!-+,!-$!)5+T!$5!40.+,-&,!! ?,%+,&&4D,O!-0S451&!!
! ,>5$450O!-&!),33!-&!&12&$-0.,!-21&,!-0?!%&I.#4-$+4.!>,?4.-$450&*!b,4/#$,0,?!!

!
<8!
! &14.4?-3!+4&T!->50/!$#5&,!)4$#!%+,M,S4&$40/!.50?4$450&*!e0.+,-&,?!&,3FM-21&,!-0?!
!&14.4?-3(&,3FM#-+>!$#51/#$&O!05$-23I!->50/!)5>,0O!35)M40.5>,O!10,>%35I,?!!
!-0?!$#5&,!)4$#!%#I&4.-3!4330,&&O!>,0$-3!?4&5+?,+&!5+!B5D4?M"P!?4-/05&4&*!
A,0$-3!b,-3$#!Q+,0?&!M!m5.T?5)0!%-40&!-+,!&4>43-+!$5!$#5&,!,S%,+4,0.,?!2I!! %+4&50,+&O!!
! 05!3,&&!$#-0!$#5&,!&,0$,0.,?!2I!=1?/,&!-/-40&$!.+4>40-3&*!A,0$-3!#,-3$#!.-+,!#-&!!
!3-+/,3I!?,$,+45+-$,?!-.+5&&!$#,!25-+?*!c,-+3I!<:l!5F!-?13$&!,S%,+4,0.,!
!?,%+,&&450O!?5123,!$#,!%+,MB5D4?M"P!&4$1-$450*!
@5>,&$4.!X453,0.,(B#43?!W21&,!M!!;:l!40.+,-&,!40!2-$$,+,?!)5>,0!^K352-3`*!!E.#553&!
! -0?!&5.4-3!&,+D4.,&!2-&4.-33I!&#1$!?5)0!-350/!)4$#!%+4>-+I!j!&,.50?-+I!#,-3$#!
!.-+,O!.35&1+,&!5F!?-I.-+,*!B-33&!$5!Nt!#5$340,&!+,%5+$40/!%#I&4.-3!.#43?!-21&,!1%!
!2I!6<l*!e0.+,-&,&!40!.#43?!&,S1-3!,S%354$-$450*!!!!
#$$%&'((.533-$,+-3/352-3*5+/(!
!
<(H)+"^8"9MC=%'()"?+()&M8""@4&,-&,&!-0?!B50?4$450&!A-?,!\5+&,!2I!B5D4?M"P!bI&$,+4-O!
m5.T?5)0&!-0?!f5+.,?!A-&T40/'!!
C,%5+$&!-+,!F+5>!%,,+M+,D4,),?!+,&,-+.#!40!$#,!Nt!103,&&!5$#,+)4&,!05$,?!
B-0.,+&!M!@4-/05&$4.!?,.340,&!F+5>!"Pl!$5!g<l!40!NtO!"8O9::!-??,?!?,-$#&!! ,&$4>-$,?!!
!)4$#40!$#,!;8!>433450!Nt!%5%13-$450*!aS$+-%53-$,?!$5!NEW!%5%13-$450!5F!66:!
! >433450!^7*89!$4>,&!>5+,!%,5%3,`O!NEW!.-0.,+!?,-$#&!>-I!#-D,!40.+,-&,?!2I!
!kP:O:::!-??4$450-3!5D,+!<:<:*!
B-+?45D-&.13-+!?4&,-&,!^40.31&4D,!5F!#,-+$!?4&,-&,!-0?!&$+5T,`!M!Nt'!aS.,&&!?,-$#&!-$!
!#5>,!^U69l`!-0?!01+&40/!#5>,&(#5&%4.,&!^U6<l`!10+,3-$,?!$5!B5D4?M"P!
!40F,.$450*!!e0.+,-&,!40![1$M5FMb5&%4$-3!B-+?4-.!W++,&$!^9;l`*!Q#,!$#+,,!-D,+-/,!
Nt!%,+.,0$-/,&!4&!7"l*!!NEW!#-?!g8gO:::!.-+?45M&$+5T,!?,-$#&!40!<:""*!W&&1>40/!#-3F!
5F!$#5&,!?,-$#!01>2,+&!5..1++,?!51$!5F!#5&%4$-3!10?,+!m5.T?5)0!.50?4$450&!^6P6O9::`O!
-0?!1&40/!$#-$!7"l!F4/1+,!F5+!-!<:<:!40.+,-&,!40!F4/1+,&O!$#,!NEW!>-I!#-D,!,S%,+4,0.,?!
-0!-??4$450-3!";"O669!-??4$450-3!NEW!.-+?45D-&.13-+!?4&,-&,!?,-$#&!F5+!<:<:*!^NEW!
?-$-'!K)%*&!G'()%()!%,+!N&*.?)!N&%&'(&'4(O!W>,+4.-0!b,-+$(E$+5T,!W&&5.4-$450*`!
B#43?+,0R&!#,-3$#!M!e&53-$450!>4&,+IO!?,&%-4+O!>-301$+4$450!-33!50!$#,!+4&,*!K352-33I!k6:l!
!+,?1.$450!5F!,&&,0$4-3!01$+4$450!40!%5D,+$I!0-$450&*!B35&1+,&!5F!&.#553&O!35&&!5F!
!&.#553!&%5+$&!,S,+.4&,O!3-.T!5F!.50$-.$!)4$#!%,,+M/+51%!F+4,0?&O!35&&!5F!+5>-0$4.!
! .50$-.$&O!,>5$450-3!$+-1>-O!40.+,-&,&!40!52,&4$IO!&3,,%O!,-$40/!?4&5+?,+&*!
e0F,.$451&!?4&,-&,&!^5$#,+!$#-0!B5D4?M"P`!M!K352-33I'!1%!$5!7::O:::!,S$+-!QL!?,-$#&*!
!E40/-%5+,'!6gl!40.+,-&,!4&!?,0/1,!F,D,+!.-&,&*!
E$+5T,!M!!?,3-I&!40!$+,-$>,0$!#-D,!,S-.,+2-$,?!-33!-&%,.$&!5F!+,.5D,+I*!
E1+/,+I!M!?,3-I&!#-D,!,S-.,+2-$,?!-33!-&%,.$&!5F!$#,!5+4/40-3!%+523,>&!-&!),33!-&!$#,!
!%+5&%,.$&!5F!+,.5D,+I*!!
#$$%&'((.533-$,+-3/352-3*5+/(! !
! !
Q5!$#,!-25D,!%-$#535/I!),!>-I!-??!%+523,>&!-&&5.4-$,?!)4$#!40.+,-&,?!%5D,+$I!-0?!
#5>,3,&&0,&&!?1,!$5!35.T?5)0!,.505>4.!?4&+1%$450&*!W!"P8<!&$1?I!oB5+%5+-$,!f34/#$'!
Q#,!B-1&,&!-0?!B50&,]1,0.,&!5F!a.505>4.!@4&35.-$450p!2I!L!L31,&$50,O!L!b-++4&50!-0?!
m!L-T,+O!.4$,?!40!\*!Q#5>-&R!255T!`4.,.5'4!J((9)(!&.+%8d!F0&)*,%&'A)!F==*.%4$)(!^<::9`!
&$-$,?!$#-$!oW..5+?40/!$5!50,!&$1?I!r2I!L31,&$50,!,$!-3*s!-!"!%,+.,0$!40.+,-&,!40!$#,!
10,>%35I>,0$!+-$,!)433!2,!-&&5.4-$,?!)4$#!6gO:::!?,-$#&*Z!Q5?-IO!2I!$#-$!?,-$#!$533!%,+!
"lO!-0?!)4$#!-!7:l!40.+,-&,!40!NEW!%5%13-$450!F+5>!"P8<!^<6<!>43*`!$5!<:<:!^66:!
>43*`O!-0?!)4$#!-!;*gl!10,>%35I>,0$!+-$,!)#4.#!40.+,-&,?!2I!6*<l!F+5>!$#,!%+,MB5D4?!
,+-!5F!6*9lO!$#-$!)513?!.5>%1$,!$5!-0!,&$4>-$,?!";9Og;:!-??4$450-3!Z?,-$#&!2I!

!
<P!
?,&%-4+Z!40!$#,!NEW!F5+!<:<:O!)5+T40/!4$&!?->-/,!$#+51/#!-33!$#,!%-$#&!-0?!-D,01,&!
>,0$450,?!-25D,!-0?!2,35)*!!E,,!$#,!?4&.1&&450!#,+,'!
#$$%&'((0I%5&$*.5>(<:<:(:7(<:(,S%3-4040/M$#,M340TM2,$),,0M10,>%35I>,0$M?,-$#&M
->4?M.5+50-D4+1&(!
!
f+5>!$#,!Nt!-3&5!.5>,&!$#,!F5335)40/!+,%5+$O!)#4.#!)513?!>5&$!&1+,3I!+,F3,.$!
.50?4$450&!40!$#,!NEWO!B-0-?-!-0?!5$#,+!\,&$,+0!?,>5.+-.4,&'!
!
Z***-3.5#53M+,3-$,?!?,-$#&!.34>2,?!$5!$#,!#4/#,&$!40!+,.5+?,?!#4&$5+I!40!$#,!NtO!)4$#!
9O7;:!?,-$#&!2,40/!35//,?!2,$),,0!G-01-+I!-0?!E,%$,>2,+!-350,***!
***!-!?+->-$4.!40.+,-&,!40!.-33&!$5!$#,!m50?50!W>213-0.,!E,+D4.,!F5+!&14.4?,M+,3-$,?!
5+!-$$,>%$,?!&14.4?,!+,-&50&*!L,$),,0!A-+.#!-0?!c5D,>2,+!5F!3-&$!I,-+O!&5>,!
"9O97"!&14.4?-3!.-33&!),+,!35//,?!2I!$#,!&,+D4.,O!1%!F+5>!""Og:6!?1+40/!$#,!&->,!
$4>,!%,+45?!$#,!%+,D451&!I,-+*!m5.T?5)0&!#-D,!&,D,+,3I!4>%-.$,?!$#,!>,0$-3!#,-3$#!
5F!.#43?+,0!-&!),33O!)4$#!40.+,-&40/!01>2,+&!5F!.#43?+,0!-++4D40/!-$!Wja!#5&%4$-3&!
-F$,+!&,3FM#-+>40/!5+!5D,+?5&40/!50!?+1/&***!!RB#43?+,0!-+,!-!35&$!$+42,!40!$#,!
%-0?,>4.*!\#43,!$#,I!+,>-40!^F5+!$#,!>5&$!%-+$`!%,+%3,S40/3I!4>>10,!$5!$#,!#,-3$#!
.50&,]1,0.,&!5F!B5D4?M"PO!$#,4+!34D,&!-0?!?-43I!+51$40,&!#-D,!2,,0!$1+0,?!1%&4?,!
?5)0*R!***.#43?+,0!-+,!40.+,-&40/3I!&1FF,+40/!F+5>!-0S4,$IO!4&53-$450O!-0?!25+,?5>*!
RB#43?+,0!40!>,0$-3!#,-3$#!.+4&4&!1&,?!$5!2,!2+51/#$!$5!Wja!-251$!$)4.,!-!),,T*!
E40.,!$#,!&1>>,+!4$q&!2,,0!>5+,!34T,!50.,!5+!$)4.,!-!?-I*!E5>,!-&!I510/!-&!":!#-D,!
.1$!$#,>&,3D,&O!$-T,0!5D,+?5&,&O!5+!$+4,?!$5!-&%#IS4-$,!$#,>&,3D,&R***!Z!
#$$%&'(()))*2+,4$2-+$*.5>(,1+5%,(<:<"(:<(:7(->4?M+4&,M40M.#43?M&,3FM#-+>M
-3.5#53M?,-$#&M&14.4?-34$IM25+4&M=5#0&50M-%%540$&M>,0$-3M#,-3$#M->2-&&-?5+!
!
W??4$450-3!%1234&#,?!&$1?4,&!40!%,,+M+,D4,),?!=51+0-3&!-0?!%+4D-$,!-0-3I&4&!.50F4+>!
$#4&!-)F13!&4$1-$450!%+5?1.,?!2I!F5+.,?!35.T?5)0&!-0?!-33!-&&5.4-$,?!)4$#!$#,>*!
!
x!W!&$1?I!2I!$#,!B@B!40?4.-$,?!-!NEW!<:l!40.+,-&,!40!$#,!01>2,+!5F!?,-$#&!?1,!$5!
-..4?,0$-3!5+!?,342,+-$,!?+1/!5D,+?5&,&O!-$$+421$,?!$5!&5.4-3!4&53-$450!-0?!F40-0.4-3!
#-+?&#4%*!!A5&$3I!$#-$!-%%,-+&!?1,!$5!5%454?!-??4.$450&O!-0?!35&&!5F!F10?40/!F5+!
$+,-$>,0$!%+5/+->&*!L+4$4&#!B531>24-!,S%,+4,0.,?!-!g7l!40.+,-&,!40!5D,+?5&,!?,-$#&!
5D,+!<:"P*!!
#$$%&'(()))*&$-$0,)&*.5>(<:<"(:<(";(-&M%-0?,>4.M1&#,+,?M40M4&53-$450MF40-0.4-3M
#-+?&#4%M5D,+?5&,M?,-$#&M+,-.#,?M0,)M#,4/#$&(!
!
x!W0!-&&5.4-$,?!Z,%4?,>4.!5F!350,340,&&Z!-3&5!#-&!M!4&!5..1++40/O!)4$#!0,-+3I!#-3F!5F!
I510/!%,5%3,!&#5)40/!&4/0&!5F!.3404.-3!?,%+,&&450O!-0?!<9l!#-D40/!&14.4?-3!$#51/#$&*!!
#$$%&'((F,,*5+/(-+$4.3,&(#-+D-+?M&$1?IM-0M,%4?,>4.M5FM350,340,&&M4&M&%+,-?40/M-.+5&&M
->,+4.-(!
!
x!E,3FM#-+>!-0?!&12&$-0.,!-21&,!#-&!40.+,-&,?!->50/!$,,0&*!
#$$%&'((->%*)-&#40/$50$4>,&*.5>(0,)&(<:<"(>-+(6(&,3FM#-+>M-0?M&12&$-0.,M1&,M
?4&5+?,+M->50/M$,,0&M+(!
!
x!W!B-0-?4-0!&$1?I!40?4.-$,&!35.T?5)0&!-+,!?+4D40/!,S.,&&!?,-$#&O!05$!B5D4?M"P!
#$$%&'(()))*34F,&4$,0,)&*.5>(0,)&(25>2&#,33M&$-$&M.-0-?-M.3-4>&M35.T?5)0&M05$M
.5D4?M"PM-+,M05)M?+4D40/M,S.,&&M?,-$#&!

!
6:!
x!W!&$1?I!2I!G5#0!V5&%4.#-3'!Zy1,&$450&!F5+!m5.T?5)0!W%535/4&$&ZO!%1234&#,?!40!3-$,!
A-I!<:<:*!b,!+,D4,),?!>5+$-34$I!F4/1+,&!F5+!?4FF,+,0$!&$-$,&!-0?!0-$450&!?1+40/!$#,!
,-+3I!%,+45?!5F!$#,!B5D4?M"P!.+4&4&O!&#5)40/!35.T?5)0&!?4?!05$!#,3%!$5!+,?1.,!?,-$#&O!
21$!/,0,+-33I!40.+,-&,?!$#,>*!R***)#I!?4?!$#,!D4+1&***)-4$!10$43!35.T?5)0&!),+,!4>%5&,?!
$5!&1??,03I!&$-+$!T43340/!-$!3,D,3&!)#4.#!,S.,,?,?!05+>-3!?,-$#&iZ!
#$$%&'((>,?41>*.5>(zG5#0V5&%4.#-3(]1,&$450&MF5+M35.T?5)0M-%535/4&$&M
6<-P22F<,<7g!
"
x!W!&$1?I!2I!G5,3!E>-33,I'!Z@,>&!B[Xe@"P!m5.T?5)0!A,-&1+,&!B-1&40/!A5&$!@,-$#&ZO!
%1234&#,?!50!<g!G10,!<:<:!40!B*',4'='%!N4'),&'/'4!J,&)*,%&'.,%06!E$-$,&!/5D,+0,?!2I!
@,>5.+-$&!#-?!-!#4/#,+!01>2,+!5F!,S.,&&!?,-$#&!$#-0!$#5&,!/5D,+0,?!2I!C,%1234.-0&O!
)#4.#!#,!-$$+421$,?!$5!$#,!@,>5.+-$&!&$+50/,+!!%1&#!F5+!?+-.504-0!35.T?5)0&!$#-0!$#,!
C,%1234.-0&*!Z***!$#,!+,&13$&!5F!-0-3I&4&!5F!,>%4+4.-3!?-$-!50!>5+$-34$I!-0?!.510$,+M
>,-&1+,!&,D,+4$I!5F!-33!9:!NE!&$-$,&O!-.$1-33I!&#5)&!-!&$-$4&$4.-33I!&4/04F4.-0$!ecBCaWEa!
40!>5+$-34$I!-&&5.4-$,?!)4$#!beKbaC!?,/+,,&!5F!.510$,+M>,-&1+,!&,D,+4$I*Z!
#$$%&'((%+40.4%4-M&.4,0$4F4.*5+/(&$1?IM.5D4?"PM35.T?5)0M>,-&1+,&M.-1&40/M>5&$M
?,-$#&(!
!
x!W!&$1?I!2I!Q!a0/,32+,.#$!j!B!t5#03,40'!ZB[Xe@M"P!^,S.,&&`!>5+$-34$4,&'!D4+-3!.-1&,!
4>%5&&423,{?+1/&!)4$#!T,I!+53,!40!-251$!<::O:::!,S$+-!?,-$#&!40!a1+5%,!-0?!$#,!
NE!-350,Z!#$$%&'((+,-30,)&-1&$+-34-*.5>(<:<:(":(:"(.5D4?M"PM,S.,&&M>5+$-34$4,&M
D4+-3M.-1&,M4>%5&&423,M?+1/&M)4$#MT,IM+53,M40M-251$M<:::::M,S$+-M?,-$#&M40M,1+5%,M
-0?M$#,M1&M-350,(!
!
x!W!&$1?I!2I!@*K*!C-0.51+$!,$!-3*!ZaD-31-$450!5F!$#,!D4+13,0.,!5F!EWCEMB5XM<!40!f+-0.,O!
F+5>!-33M.-1&,!>5+$-34$I!"P7;M<:<:Z*!!B50.31&450&'!Z\,!-+,!.,+$-40!$#-$!$#4&!RB[Xe@M
%,-TR!4&!-+$4F4.4-3***!\,!&1//,&$!$#-$'!|!$#,!10%+,.,?,0$,?!&$+4.$!>-&&!]1-+-0$40,!-0?!
4&53-$450!5F!25$#!&4.T!-0?!#,-3$#I!,3?,+3I!%,5%3,O!$5/,$#,+!-0?!&,%-+-$,3IO!T433,?!>-0I!5F!
$#,>O!|!$#-$!$#4&!]1-+-0$40,!-0?!4&53-$450!4&!$#,!.-1&,!5F!$#,!ZB[Xe@M%,-TZ!,D,0$!$#-$!
),!#-D,!]1-0$4F4,?O!|!-0?!$#-$!$#,!>,?4.-3!>,.#-04&>!4&!>-403I!D4-!%&I.#535/4.-3!&$+,&&!
-0?!&5.4-3!4&53-$450!5F!40?4D4?1-3&!)4$#!#,-3$#!D130,+-2434$4,&*!W..5+?40/!$5!51+!
.-3.13-$450&O!$#4&!.-1&,?!&5>,!6:*<!t!?,-$#&!40!f+-0.,!40!A-+.#!-0?!W%+43!<:<:*Z!
#$$%&'(()))*+,&,-+.#/-$,*0,$(%1234.-$450(676gg9<69haD-31-$450h5Fh$#,hD4+13,0.,h5F
hEWCEMB5XM<h40hf+-0.,hF+5>h-33M.-1&,h>5+$-34$Ih"P7;M<:<:!
!
e$!$-T,&!I,-+&!F5+!-.$1-3!?-$-!$5!2,!+,.5+?,?!-0?!+,%5+$,?!50!&1.#!F-.$5+&O!21$!$#,!
-0,.?5$-3!+,%5+$&!-+,!40?4.-$4D,!5F!-!/4/-0$4.!10+,%5+$,?!-0?!4/05+,?!%+523,>*!
!
L,I50?!-33!$#,!-25D,O!$#,+,!-+,!$#,!?,3,$,+451&!,FF,.$&!5F!F5+.,?!>-&T40/!1%50!
+,&%4+-$450O!-0?!#5)!$#,I!+,?1.,!5SI/,0-$450!5F!$#,!2355?O!-0?!F5+.,!50,!!$5!.50&$-0$3I!
2+,-$#!40!50,R&!5)0!.50$->40-$,?!,S#-3-$450&*!!A-&T&!05$!503I!.50$->40-$,!$#,!310/&!
)4$#!40#-3,?!40?1&$+4-3!>4.+5MF42,+&!-0?!?1&$&!&#,?!2I!%3-&$4.!>-&T&O!$#,I!-3&5!2,.5>,!
-!.13$1+,M?4&#!F5+!-33!T40?&!5F!2-.$,+4-3!-0?!F10/4!/+5)$#!)#4.#!-3&5!-+,!40#-3,?*!!Q#,I!
%5&,!34$$3,!%+523,>!F5+!D4+-3!%,0,$+-$450O!-0?!$+-%!?+5%3,$&!F+5>!$-3T40/O!#,-DI!
2+,-$#40/!5+!&0,,Y40/O!)#4.#!-+,!$#,0!-3&5!40#-3,?*!!E1.#!>-&T40/!-3&5!>-T,&!50,!>5+,!
&1&.,%$423,!$5!-..4?,0$&!-0?!40F,.$450&*!!W!0,)!>-3-?I!.-33,?!AeaE!^A-&TMe0?1.,?!
aS#-1&$450!EI0?+5>,`!#-&!2,,0!4?,0$4F4,?O!F+5>!-!>,$-M-0-3I&4&!5F!;9!?4FF,+,0$!&$1?4,&!

!
6"!
50!&#5+$M!-0?!350/M$,+>!>-&T!),-+40/*!!#$$%&'(()))*/+,,0>,?40F5*.5>(235/(-3,+$M
>,$-M-0-3I&4&M;9M&$1?4,&M+,D,-3&MF-.,M>-&T&M40?1.,M>-&TM40?1.,?M,S#-1&$450M!
!
b,+,!-+,!$#,!340T&!$5!-!F51+M%-+$!&,+4,&!F+5>!$#,!B*'5%*8!G.4&.*!X)+'4%0!e.9*,%0:!50!$#,!
#,-3$#!?-0/,+&!-0?!-2&,0.,!5F!%+5$,.$450!F+5>!Z>-&T&Z*!
#$$%&'((%?>=*5+/(%-%,+&(>-&T&hF-3&,h&-F,$Ih-0?h+,-3h?-0/,+&h%-+$"(!
#$$%&'((%?>=*5+/(%-%,+&(>-&T&hF-3&,h&-F,$Ih-0?h+,-3h?-0/,+&h%-+$<(!
#$$%&'((%?>=*5+/(%-%,+&(>-&T&hF-3&,h&-F,$Ih-0?h+,-3h?-0/,+&h%-+$6(!
#$$%&'((%?>=*5+/(%-%,+&(>-&T&hF-3&,h&-F,$Ih-0?h+,-3h?-0/,+&h%-+$7(!
!
W3&5!4>%5+$-0$!F5+!-!>,0$450O!4&!$#,!%#,05>,050!5F!Z350/!$,+>!B5D4?ZO!)#,+,!%,5%3,!
/,$!$+,-$,?!2I!.50D,0$450-3!>,?4.40,!21$!0,D,+$#,3,&&!%,+&4&$!)4$#!$#,4+!&I>%$5>&O!40!
&%4$,!5F!-!&12&,]1,0$!0,/-$4D,!VBC!5+!-0$4/,0!$,&$*!!Q#4&!>-I!2,!?1,!$5!$#,!.50$401,?!
1&,!5F!>-&T&!2I!$#-$!/+51%!5F!%-$4,0$&*!!Zm50/!$,+>!B5D4?Z!>-I!2,!05!>5+,!.5>%34.-$,?!
$#-0!$#,!$5S4.!,FF,.$&!.50$401,?!350/M$,+>!>-&TM),-+40/*!
!
Q#,!-25D,!-0?!&4>43-+!-+$4.3,&!50!$#,!+)%+08!=%&$.0.-'4%0!*)%4&'.,(!$5!$#,!35.T?5)0&!-+,!
34&$,?!40!-!E1%%3,>,0$-+I!@5.1>,0$!$5!$#4&!-+$4.3,'!
#$$%&'(()))*+,&,-+.#/-$,*0,$(%1234.-$450(6788P7g8P!
!
2$)!)//)4&(!./!/.*4)+!0.4?+.3,(:!5%(?',-!%,+!',$95%,!+'(&%,4',-!$%A)!;)),!0'?)!%!
3*)4?',-!;%00!9=.,!&$)!$)%0&$!%,+!3)00@;)',-!./!(.4')&8:!3'&$!%!*)%0!%,+!()*'.9(!+)%&$!
4.9,&!&$%&!5%8!;)!)A),!-*)%&)*!&$%,!&$)!cQQ:QQQf!+)%&$(!',!VQVQ!40%'5)+!%(!+9)!&.!C.A'+@
LO!%0.,)6!!e0!F-.$O!&$)()!',4*)%()(!+9)!&.!0.4?+.3,(!5%8!;):!',!&$)!/',%0!%,%08('(:!)<%4&08!
3$%&!'(!;)',-!*)4.*+)+!%,+!',%449*%&)08!;0%5)+!.,!C.A'+@LO*!
!
e0!&1>O!),!>-I!,&$4>-$,!-&!-!2IM%+5?1.$!5F!-33!$#,!F5+.,?!35.T?5)0&O!>-&T40/O!40#1>-0!
?4&$-0.40/!-0?!,.505>4.!?4&+1%$450!+,3-$,?!$5!B5D4?M"PO!$#,!F5335)40/!40.5>%3,$,!-0?!
/,0,+-34Y,?!?,-$#M.510$&*!!G1&$!+,F,+,0.40/!-350,!$#,!4$,>&!)#,+,!),!#-?!-!F4+>!F4/1+,!
-0?!%,+.,0$-/,!40.+,-&,!$5!>-T,!-!.-3.13-$450O!),!.-0!%+,&,0$!$#,!F5335)40/!F4/1+,&'!
!
"<(H)+"`8"Rough*Estimated"12!"QZQZ"0+(&M="#$+(&+4"HC""
"#.,%4567"I.'J4.-3=E"L(=J%3;"(34"0+=&$.C+4"W'.3.AC"
! W??4$450-3!B-0.,+!@,-$#&! ! !! ! !!8POg<9!
! W??4$450-3!b,-+$(V13>50-+I!@4&,-&,!@,-$#&! ";"O669!
! W??4$450-3!N0,>%35I>,0$!Z@,-$#&!2I!@,&%-4+Z! ";9Og;:!
!!!!!!Q5$-3&'!!S6`E_QZ"
"
<."*+O+(&8"A*Possible*Approximate*416,800*extra*deaths*may*have*occurred*over*
2020,*due*only*to*lockdowns,*forced*masking,*and*related*"deaths*by*despair".""
!
[F!.51+&,O!,-.#!5F!$#,&,!$#+,,!.-$,/5+4,&!5D,+3-%&!$#,!5$#,+&!$5!&5>,!10T05)0!?,/+,,O!
-0?!>-0I!?,-$#MF-.$5+&!-+,!05$!,D,0!40.31?,?*!E5!$#,!-.$1-3!0,$!01>2,+!4&!%+,&,0$3I!
10T05)0O!2,40/!,D-31-$,?!-25D,!2I!+,F,+,0.,!$5!$#,!&>-33!01>2,+!5F!)#4.#!-.$1-33I!
.->,!$5!>I!-$$,0$450*!!W0?!4$!>1&$!2,!,>%#-&4Y,?O!$#4&!-0?!$#,!%+45+!F4/1+,!5F!<9:O:::!
,S.,&&!?,-$#&!-+,!*.9-$08!)(&'5%&)+!&#5+$M34&$&!5F!-D-43-23,!?-$-!50!$#,!]1,&$450*!!Q#,!
-.$1-3!01>2,+&!>4/#$!2,!#-3F!)#-$!4&!/4D,0!-25D,O!.*!&$)8!4.90+!;)!+.9;0)!&$%&!,95;)**!
f5+!,S->%3,O!e!#-D,!05$!2,,0!-23,!$5!F40?!-.$1-3!?-$-!-251$!40.+,-&,?!&14.4?,&!-0?!?+1/!

!
6<!
5D,+?5&,&O!-0?!>-0I!5$#,+!F-.$5+&O!21$!-&&1>,!$#5&,!)513?!F-33!40$5!$#,!Z-??,?!
10,>%35I>,0$Z!.-$,/5+I*!W+,!&1.#!-&&1>%$450&!D-34?i!!\#-$,D,+!4&!$#,!-0&),+!$5!$#-$!
]1,&$450O!&,D,+-3!D,+I!/+,-$!.+4>,&!.-0!2,!%540$,?!$5!40!+,3-$450!$5!>I!-0-3I&4&'!
!
F(!/%*!%(!J!4%,!%(4)*&%',:!&$)!9(9%0!(4'),&'/'4!%==*.%4$!&.!&$)!)='+)5'.0.-8!./!+'()%()(!$%(!
;)),!%;%,+.,)+!',!&$)!RNF6!!C.A'+@LO!$%(!;)),!3)%=.,'[)+:!%,+!&$)*)!'(!A'.0),&!
',&.0)*%,4)!/.*!%(?',-!4)*&%',!"3*.,-"!>9)(&'.,(6!!Worse,*there*are*no*official*scientific*
or*medical*working*groups*in*the*entire*USA,*not*in*Federal,*State,*County*or*City*
governments,*who*are*both*funded*and*dedicated*to*the*task*of*estimating*deaths*
due*to*the*hysterical*Covid&19*lockdowns!**Neither*does*the*WHO*or*UN*have*anyone*
studying*this*issue,*even*as*numerous*political&class*dictators*bark*out*orders*for*
even*more*stringent*and*never&ending*lockdowns*and*masking.**
*
Q#,+,!-+,!-!F,)!%+4D-$,!)5+T40/!/+51%&!5F!&.4,0$4&$&!-0?!%#I&4.4-0&O!)5+T40/!)4$#51$!
&4/04F4.-0$!F10?40/O!40!$#,4+!&%-+,!$4>,O!$5!?5.1>,0$!$#,&,!F-.$5+&*!!b5),D,+O!,D,+I!50,!
5F!$#,>!4&!10?,+!&,D,+,!-$$-.T!-0?!%,+&50-3!&3-0?,+&!F+5>!L4/!K5D,+0>,0$O!L4/!
A,?4.40,O!L4/!E.4,0.,O!L4/!V#-+>-O!-0?!L4/!e0$,+0,$*!!Q#,4+!&$-$,>,0$&!-0?!%,+&50-3!
$,&$4>50I!4&!2,40/!.,0&5+,?O!?,3,$,?!F+5>!d51Q12,O!f-.,255TO!Q)4$$,+O!e0&$-/+->O!-0?!
5$#,+!&5.4-3!>,?4-O!,D,0!-&!$#,!>-40&$+,->!>,?4-!.,0&5+&!5+!&3-0?,+&!$#,>O!-0?!,D,0!
$#,4+!%+4D-$,!),2&4$,&!.5>,!10?,+!#-.T,+!-$$-.T&*!!Q#,I!?5!$#,4+!)5+T!)4$#51$!$#,!
1&1-3!2,0,F4$&!-0?!&5.4-3!$53,+-0.,!$#-$!/+,,$&!$#,!>-40&$+,->!%+5MB5D4?!%+5%-/-0?4&$&O!
-0?!5F$,0!%-I!-!#,-DI!%,+&50-3!%+4.,!40!?,%3-$F5+>40/O!3,/-3!-$$-.T&O!F4+40/&!-0?!,D,0!
.+4>40-3!%+5&,.1$450&!F5+!?540/!&5*!aD,0!+,%5+$&!50!$#,!.,0&5+&#4%!$#,I!&1FF,+!-+,!
.,0&5+,?O!>-T40/!$#,!&4$1-$450!-!0,-+M$5$-3!23-.T51$!5F!&.4,0$4F4.!5%40450!$#-$!/5,&!
-/-40&$!/5D,+0>,0$!%534.4,&!-0?!>,?4.-3!$I+-00I*!!Q#4&!-1$#5+!#-&!&#-+,?!%,,+M
+,D4,),?!+,&,-+.#!-+$4.3,&!F+5>!>-=5+!>-40&$+,->!>,?4.-3!=51+0-3&O!-&!.4$,?!#,+,40O!
F5+.423I!+,>5D,?!2I!f-.,255T!-0?!Q)4$$,+O!)4$#!$#+,-$&!5F!.-0.,33-$450!5F!>I!-..510$&*!!
!
c,4$#,+!$#,!f@WO!B@BO!\b[!5+!-0I!5$#,+!5FF4.4-3!/5D,+0>,0$!-/,0.I!#-&!,D,0!25$#,+,?!
$5!&$1?I!$#,!4&&1,!5F!?,-$#&!?1,!$5!$#,!35.T?5)0!#I&$,+4-O!-&!$5!?5!&5!)513?!10?,+>40,!
ZF-4$#Z!40!$#,!B5D4?M"P!$#,5+I*!!e$!)513?!&#5)!#5)!$#,!>,?4.-3!%+5F,&&450O!$#,!
>-40&$+,->!#,-3$#!21+,-1.+-.4,&O!$#,!F10?40/!-/,0.4,&O!>-&&!>,?4-!-0?!$#,!%534$4.4-0&!
)#5!-?D5.-$,?!$#,!35.T?5)0!%&I.#5%-$#535/I!-+,!$#,!50,&!+,&%50&423,!F5+!-33!$#5&,!
?,-$#&*!W0?!4$!)513?!10?,+>40,!$#,!L4/!V1&#!F5+!>-0?-$5+I!/352-3!D-..40-$450!
%+5/+->&O!1&40/!+4&TI!-0?!>404>-33IM$,&$,?!>CcW!/,0,!$#,+-%I!40=,.$450&O!)#4.#!?5!
05$!,D,0!>,,$!$#,!1&1-3!?,F404$450&!5F!-!ZD-..40,Z*!!!
!
!GM(&"-+"($+")%,%3;"&M$.B;M"&.4(C"%3'$+(=%3;)C"(OO+($="&."H+"the*largest*
iatrogenic*(physician*&caused)*catastrophe*in*the*history*of*the*world.*
*
\#43,!$#,!?,-$#!%,+.,0$-/,&!?5!05$!-%%+5-.#!)#-$!)-&!,S%,+4,0.,?!40!%-&$!,%4?,>4.&!
5F!+,-3!L3-.T!V3-/1,O!5+!5$#,+!>-3-?4,&!$#-$!.3-4>,?!?5123,M?4/4$!%,+.,0$-/,&!5F!,0$4+,!
.50$40,0$-3!%5%13-$450&*!!L1$!),!-+,!52&,+D40/!&,D,+,!,+5&450!5F!51+!F+,,?5>&!-0?!
342,+$IO!-+510?!$#,!)5+3?O!-&!-!0,)!2+,,?!5F!ZB5D4?!@4.$-$5+&Z!/+-2!%5),+*!!
!
Q#,!-.$1-3!+,-3!01>2,+&!5F!-??,?!?,-$#&!?1,!$5!35.T?5)0&!-0?!-&&5.4-$,?!?+-.504-0!
?4.$-$,&!2I!%5),+M?+10T!%534$4.4-0&!>-I!$-T,!I,-+&!$5!2,!?,F404$4D,3I!4?,0$4F4,?*!L1$!4$!4&!
40.+,-&40/3I!-%%-+,0$!$#-$!ZC.A'+@LO"!'(!5)*)08!%!(9;(&'&9&)!+'%-,.('(!/.*!5.(&!./!&$)()!

!
66!
+)%&$(:!;)',-!5'(@40%(('/')+!',!%44.*+%,4)!3'&$!&$)!)**.*@=*.,)!C.A'+@LO!&$).*8!%,+!;.-9(!
BCD!&)(&(6!F,+!3'&$!%!0.&!./!5)+'4%0!=*./'&))*',-:!/*%9+!%,+!=.0'&'4%0!=.3)*@+*9,?),,)((!',!
&$)!5'<6!!
!
e0$,+,&$40/!-3&5O!40!<:"P!^%+,MB5D4?M"P`!$#,!\b[!4&&1,?!%-0?,>4.!/14?,340,&!$#-$!
,S%34.4$3I!F5+2-?,!H!Zc5$!+,.5>>,0?,?!40!-0I!.4+.1>&$-0.,&Z!H!$#,!1&,!5F!ZB50$-.$!
$+-.40/O!y1-+-0$40,!5F!,S%5&,?!40?4D4?1-3&O!a0$+I!-0?!,S4$!&.+,,040/O!e0$,+0-3!$+-D,3!
+,&$+4.$450&O!L5+?,+!B35&1+,&Z*!Q#4&!&$-$,>,0$O!+,%+5?1.,?!2,35)!40!f4/1+,!"<O!)-&!F5+!
25$#!,%4?,>4.!-0?!%-0?,>4.!.4+.1>&$-0.,&*!
!
!
Y%;B$+"6Q8""G?Da="QZ67"*+'.AA+34(&%.3="/.$"9(34+A%'"*+4B'&%.3"
#$$%&'(($#,F-$,>%,+5+*.5>()%M.50$,0$(1%35-?&(<:<:(""(\b[MV-0?,>4.M
K14?,340,&M<:"P*%?F!!^&,,!%-/,!6!5F!$#4&!4$,>`!
!
\,!>1&$!-&T'!#$8!+'+!&$)!#KU!4$%,-)!&$)'*!A')3(:!0)((!&$%,!%!8)%*!0%&)*!/.*!C.A'+@LO1!
W0?!)#I!?4?!$#,!)5+3?R&!3,-?,+&!-0?!F+,,?5>M5+4,0$,?!%5%13-$450&!&5!&#,,%4&#3I!5+!
,0$#1&4-&$4.-33I!/5!-350/!)4$#!4$i!!!
!
f+5>!-33!$#,!-25D,O!-0?!50.,!-/-40O!e!>1&$!.50.31?,'!!J&!'(!A)*8!=.((';0)!&$%&!%00!&$)()!
5%(('A)!+)%&$(!%*)!+9)!&.!&$)!=9;0'4!$8(&)*'%!%,+!=%,'4!.A)*!%!40%'5)+!;9&!5','5%008!
+.495),&)+!(9=)*@A'*9(6!2$)!$'-$!5.*&%0'&')(!%*)!*)(90&%,&!5.*)!+'*)4&08!+9)!&.!)4.,.5'4!
+'(*9=&'.,:!9,)5=0.85),&:!-.A)*,5),&@(%,4&'.,)+!=.A)*&8:!'(.0%&)+!)0+)*08!(94495;',-!

!
67!
&.!590&'=0)!4.5.*;'+'&')(:!%,+!%++)+!(9'4'+)(:!+*9-!.A)*+.()(:!$.5'4'+)(!%,+!.&$)*!
/%4&.*(6!2$)!+)%&$(!%*)!&$)!=*.+94&!./!&$)!/%'0)+!C.A'+@LO!A'*9(!&$).*8:!3$'4$!$%(!*)(90&)+!
',!&$)!0.4?+.3,(!%,+!%00!&$)!=$8('4%0!%,+!)5.&'.,%0!&*%95%!3$'4$!4%5)!%(!%!
4.,()>9),4)6!!
!
"
[(=%'"0(&(".3"12!"!33B()"?BA(3"L.$&()%&C"
!
W&&1>40/!-!?,-?3I!D4+1&!EWCEMB5XM<!.-1&40/!B5D4?M"P!?4&,-&,O!-0?!-+/140/!F+5>!
)4$#40!$#-$!Z5FF4.4-3Z!%-+-?4/>O!),!&#513?!,S%,.$!-!%-0?,>4.!$5!?+4D,!1%!$#,!-001-3!
40.+,-&,!40!-33M.-1&,!?,-$#&!F-+!>5+,!$#-0!$#,!-D,+-/,!-001-3!40.+,-&,!40!34D,&!35&$!,-.#!
I,-+!-&!F+5>!5$#,+!.-1&,&O!-0?!$#,+,2I!+,?1.,!5D,+-33!34F,M,S%,.$-0.I!F5+!<:<:*!N&40/!
>I!5)0!,&$4>-$,!5F!$#,!<:<:!I,-+M,0?!?,-$#!$533&!F+5>!-33!.-1&,&!-0?!,S$+-%53-$40/!
F+5>!%+5D4&450-3!B@B!?-$-!+,3,-&,?!50!<;!@,.,>2,+!<:<:O!e!.513?!05$!2,34,D,!$#,!
01>2,+&!>-?,!%1234.!2I!$#,!B@B!40!,-+3I!G-01-+I!<:<"*!!Q#,+,!),+,!$)5!>-=5+!Z?-$-!
?1>%&Z!.50$-40,?!)4$#40!$#,>O!25$#!5F!)#4.#!-%%,-+,?!]14$,!&1&%4.451&*!!
!
e0!-??4$450!$5!1%?-$40/!4$&!B5D4?M"P!?,-$#!$5$-3&O!$#,!B@B!-0?!4$&!&12&4?4-+I!c-$450-3!
B,0$,+!F5+!b,-3$#!E$-$4&$4.&!^cBbE`!-??,?!&,D,+-3!#10?+,?!$#51&-0?!-33M.-1&,!?,-$#&!
40$5!$#,4+!<:<:!I,-+M,0?!.-3.13-$450&*!b,+,!40!f4/1+,!"6!-+,!$#+,,!&.+,,0!&#5$&!F+5>!$#,!
B@B!),2&4$,&O!F5+!$#,4+!@,.*"PO!@,.*<;O!<:<:O!-0?!G-0*<O!<:<"!.-3.13-$450&*!!W!&1>>-+I!
5F!$#,!01>2,+&!4&!/4D,0!40!Q-23,!g*!
!
Y%;B$+"6\8"c+($5W34"#M(3;+="%3"#0#"!))5#(B=+"(34"#.,%4567"0(&("
!"P!@,.*!<:<:!!!<;!@,.*!<:<:!!!<!G-0*!<:<"!
!
#$$%&'(()))*.?.*/5D(0.#&(0D&&(D&++(.5D4?h),,T3I(40?,S*#$>!
!
!
c5$4.,!$#,!40.+,-&,!40!B5D4?M"P!-0?!-33M.-1&,!?,-$#&!5D,+!$#4&!$)5!),,T!%,+45?'!!
!
!<(H)+"U8!" """"""""*%=+"%3" " """""""""*%=+"%3"
"G++J"./" " #.,%4567"0+(&M="!))5#(B=+"0+(&M="
!"P!$5!<;!@,.*! ! !!!!!!!POP<<!! ! !!!!!!!!!!!9"O<<;!
!<;!@,.*<:!$5!<!G-0*<"!!!!!""O7P<! ! !!!!!!!!Q`7EQS7"
!
Q#,!+4&,!40!-33M.-1&,!?,-$#&!40!$#,!3-&$!),,T!5F!<:<:!)-&!-!/4-0$!01>2,+!H!<;PO<7P"g"
F4D,!$4>,&!)#-$!>4/#$!2,!,S%,.$,?!2I!$#,!1&1-3!%+45+!),,T&!5F!>5+,!/+-?1-3!40.+,-&,&*!
W05$#,+!F-.$5+!4&!#5)!40!,-+3I!G-01-+I!<:<"O!$#,!B5D4?M"P!?,-$#!01>2,+&!+5&,!2I!

!
69!
8PO:::!H!F+5>!$#,!+,%5+$,?!6"6O"g"!$5!-!04.,!+510?!>,?4-M-00510.,?!7::O:::!H!$)5!
-&$504&#40/!?-$-M?1>%&!)4$#40!-!F,)!?-I&*!!
!
Q#4&!2,.5>,&!-33!$#,!>5+,!-.1$,!)#,0!+,D4,),?!5D,+!$#,!%+45+!?,.-?,*!!Q-23,!8!2,35)!
%+5D4?,&!$#,!-33M.-1&,!?,-$#!-0?!-001-3!40.+,-&,!?,-$#!01>2,+&!/540/!2-.T!$5!<:":*!
Q#,+,!4&!-!$+,0?!5F!40.+,-&40/!-001-3!-33M.-1&,!?,-$#!01>2,+&!)4$#!-0!-001-3!40.+,-&,!
40!,-.#!&12&,]1,0$!I,-+!+,F3,.$40/!,-+34,+!?,.-?,&!5F!40.+,-&40/!%5%13-$450!/+5)$#*!m4F,!
aS%,.$-0.I!+,>-40&!-251$!$#,!&->,!F5+!$#,!?,.-?,O!-$!-+510?!g8*9!$5!g8*P!I,-+&O!$#,!
01>2,+!F5+!<:<:!2,40/!,&$4>-$,?!)4$#51$!B5D4?M"P*!Q#,!%,,9%0!',4*)%()(!40!-33M.-1&,!
?,-$#&!-+,!-3&5!D-+4-23,!5D,+!$#,!?,.-?,!)4$#!-0!10,S%,.$,?!>404>-!5F!"9O;66!40!<:"PO!
-!>-S4>-!5F!8;O<"<!40!<:"9O!-0?!5F!.51+&,!<;PO<7P!40!<:<:!H!)4$#!-0!5D,+-33!-D,+-/,!
-001-3!40.+,-&,!F+5>!<:":!$5!<:"P!5F!77O8:;*!Q#,!01>2,+&!%+,&,0$,?!#,+,!F5+!<:<:!
-+,!%+5D4&450-3!$#+51/#!$#,!,0?!5F!$#,!I,-+O!1&40/!B@B!-0?!5$#,+!?-$-!&51+.,&!-&!
+,F,+,0.,?*!
!
!<(H)+"_8"FBAH+$"./"9+.O)+"0C%3;"W('M"c+($"%3"&M+"12!E!
""""""""""""""""!))"#(B=+=E"-%&M"!33B()"@3'$+(=+="Y$.A"&M+"9$%.$"c+($"
! ! ! W33MB-1&,!!!W001-3! B5D4?M"P!m4F,!
!d,-+! ! @,-$#&6! !e0.+,-&,!@,-$#&!!aS%,.$-0.I<!
!<:":'!!! <O7;8O769!!!!!!!!!! ! g8*7PI!
!<:""'!!! <O9"9O798!!!!!7gO:<6!!!!!!! ! g8*;7I!
!<:"<'!!! <O976O<gP!!!!!<gO8<"!!!!!!! ! g8*gPI!
!<:"6'! ! <O9P;OPP6!!!!!96Og"7! !!!!!! ! g8*P7I!
!<:"7'!!! <O;<;O7"8!!!!!<PO7<9!!!!!!! ! g8*P"I!
!<:"9'!!! <Og"<O;6:!!!!8;O<"<!"""""! ! g8*8PI!
!<:";'!!! <Ogg7O<78!!!!!;"O;"8!"""""! ! g8*8;I!
!<:"g'!!! <O8"6O9:6!!!!6PO<99!"""""! ! g8*87I!
!<:"8'!!! <O86PO<:9!!!!<9Og:<!!!!!!! ! g8*8"I!
!<:"P'! ! <O897O868!!!!"9O;66!""""! ! g8*8gI!
"QZQZ8\"\E6U6E76\\"""""\6UEZU^\"\6\E6U6S"" U_P7\CQ"
"*!#$$%&'(()))*.?.*/5D(0.#&(%+5?1.$&(0D&+*#$>!!Z@,-$#&'!m,-?40/!B-1&,&!F5+!^I,-+`Z!
<*!m4F,!aS%,.$-0.I!j![$#,+!@-$-*!7.*!VQVQO!,&$4>-$,?!)4$#51$!B5D4?M"P'!
#$$%&'(()))*>-.+5$+,0?&*0,$(.510$+4,&(NEW(104$,?M&$-$,&(34F,M,S%,.$-0.I!!!
6*!V+5D4&450-3!<:<:!?-$-!F+5>!"!G-0!<:<:!$5!<!G-0*<:<"*! !!!!!7*!5+!7::O:::!ii!
#$$%&'(()))*.?.*/5D(0.#&(0D&&(D&++(.5D4?h),,T3I(40?,S*#$>!
!
W$!F4+&$O!e!.513?!05$!-..,%$!$#,!B@BR&!$)5!I,-+!,0?!Z?-$-!?1>%Z!01>2,+&O!5F!,4$#,+!$#,!
6"gO:g9!-001-3!40.+,-&,!40!-33M.-1&,!?,-$#&O!5+!$#,!6"6O"g"!40.+,-&,!$5!7::O:::!B5D4?M
"P!?,-$#&O!)#4.#!+,]14+,?!-0!-??40/!5F!8PO:::!0,-+3I!5D,+04/#$*!!
!
V+5D4&450-33IO!$5?-IO!e!D4,)!25$#!01>2,+&!-&!?1,!$5!$)5!&,%-+-$,!>-=5+!,++5+&'!!!
!`**.*!Ld!!Q#,!B5D4?M"P!?,-$#!01>2,+&!-+,!-!>4&40$,+%,$-$450!^5+!>4&+,%+,&,0M
$-$450`!5F!?,-$#&!2I!>13$4%3,!.5>5+24?4$4,&O!F5+!$#,!]1,&$450-23,!+,-&50!5F!$#,4+!&#5)40/!
1%!-&!Z%5&4$4D,!+,&13$&Z!50!#4/#I!40-..1+-$,!VBC!-0?!W0$4/,0!$,&$&O!5+!2I!,]1-33I!
40-..1+-$,!.3404.-3!?4-/05&,&!40!#5&%4$-3&*!!f40-0.4-3!>5$4D-$450&!-&!50!%-/,!<6!-3&5!,S4&$*
!`**.*!Vd!!Q#,!#4/#!01>2,+!5F!40.+,-&,?!?,-$#&!40!$#,!ZW33!B-1&,&Z!.-$,/5+I!-%%,-+!
-&!$#,!.50&,]1,0.,&!5F!35.T?5)0&O!F5+.,?!>-&T40/O!,.505>4.!+140!-0?!Z?,-$#&!2I!

!
6;!
?,&%-4+Z!H!-33!2,40/!?,342,+-$,3I!4>%5&,?!1%50!-!%-04.T,?!-0?!F+4/#$,0,?!%5%13-$450O!-$!
$#,!%540$!5F!$#,!%534.,>-0R&!/10*!!
!
B5D4?M"P!?,-$#!.510$&!-%%,-+!40!+,-34$I!$5!2,!-0!-+$4F4.4-3!?4-/05&$4.!.-$,/5+I!F5+!$#5&,!
)#5!?4,!5F!$#5&,!5$#,+M.-1&,!?4&,-&,&!-0?!?4&5+?,+&*!!\,!#-D,!-33!#,-+?!$#,!&$5+4,&!5F!
&5>,50,!?I40/!40!-!$+-FF4.!-..4?,0$O!5+!2,40/!&#5$!40!-!+522,+IO!)4$#!$#,!?,-$#!.,+$4F4.-$,!
+,-?40/!ZB5D4?M"PZ*!m,&&!F+,]1,0$3I!?5!),!#,-+!-251$!$#,!>-&&4D,!40-..1+-.4,&!5F!$#,!
Z3-25+-$5+I!$,&$40/Z!>,$#5?&O!5+!$#,!>-&&4D,!?,-$#&!)#4.#!-+,!?1,!&53,3I!$5!,.505>4.!
+140!-0?!4&53-$450!?,&%-4+O!)#,+,!35.T?5)0&O!>-&T40/!-0?!,.505>4.!?4&40$,/+-$450!#-&!
4$&!5)0!Z.5>5+24?4$4,&ZO!?+4D40/!%,5%3,!40$5!-0!,-+3I!/+-D,*!!
!
Q#,&,!3-&$!>401$,!?-$-!?1>%&!->%34F4,?!>I!5)0!-3-+>!-F$,+!0,-+3I!-!I,-+!5F!/+5)40/!
&1&%4.450O!/4D,0!#5)!0,-+3I!,D,+I!&51+.,!F+5>!/5D,+0>,0$!-0?!>-&&!>,?4-!#-?!2,,0!
&$,-?43I!23-+40/!#5+0&!-0?!2,-$40/!351?!?+1>&O!-&!4F!$5!?,342,+-$,3I!?+4D,!-!#,+?!5F!,3T!
5D,+!-!.34FF!H!$5!%1&#!%,5%3,!40$5!,D,+>5+,!%-04.!-0?!#I&$,+4-O!&5!-&!$5!>,,T3I!-..,%$!
$#,!35.T?5)0&!-0?!F5+.,?!>-&T40/!-&!&5>,!T40?!5F!Z&.4,0$4F4.M>,?4.-3Z!0,.,&&4$IO!5+!
,S%,+4>,0$*!Q5!Z&-D,!34D,&Z}!W0?!$#,I!?5!&5!)4$#51$!-0I!>,0$450!5FO!5+!.50.,+0!F5+!$#,!
.50&,]1,0.,&!5F!$#,4+!-.$450&}!!
!
W3&5!&1&%4.451&!4&!#5)!/+-%#4.&!50!$#,!B@BR&!ZB5D4?!\,,T3IZ!),2&4$,&O!-0?!5$#,+&O!
.50F40,!$#,4+!),,T3I!?-$-!-0-3I&,&!$5!$#,!I,-+&!<:"g!$#+51/#!<:<:O!$#,+,2I!-D54?40/!
.5>%-+4&50&!$5!$#,!#4/#!>5+$-34$I!I,-+&!5F!<:"9!$5!<:";O!-&!&#5)0!40!Q-23,!8!-25D,*!e&!
$#4&!2,.-1&,!<:<:!ZVjeZ!-0?(5+!ZVeBZ!H!.5>5+24?4$4,&!+,?,F40,?!40$5!$#,!B5D4?M"P!
.-$,/5+I!H!-+,!05$!&5!?4FF,+,0$!F+5>!<:"9M<:";i!!Q55!>-0I!40!$#,!>,?4.-3!%+5F,&&450O!
-0?!40!/5D,+0>,0$!21+,-1.+-.4,&!-0?!>-40&$+,->!>,?4-!-%%-+,0$3I!?5!05$!T05)!
-251$O!5+!.#55&,!$5!2,34,D,!Z?,-$#!2I!?,&%-4+Z!4&!-!F-0$-&IO!-0?!05$!-!&534?!-0?!+,-3!$#40/!
$#-$!4&!T43340/!%,5%3,!H!-0?!&5!$#,I!&4>%3I!0,D,+!>,0$450!4$*!
!
W!/+-%#4.!&,,0!40!f4/1+,!"7!2,35)!4&!-!.-&,!40!%540$*!!e$!+,.,0$3I!.->,!$5!>I!-$$,0$450!
F+5>!$#,!a1+5>5>5*,1!),2&4$,O!,S%5&40/!I,$!-??4$450-3!&1&%4.451&!F-.$5+&*!!f4+&$3IO!$#,!
/+-%#4.!.5++,.$3I!&#5)&!+,3-$4D,3I!-..1+-$,3I!$#,!&,-&50-3!)40$,+$4>,!-&%,.$O!)4$#!$#,!
>-=5+!40.+,-&,&!40!?,-$#&!F5+!-33!I,-+&!&#5)0!-&!>-+T,?!)4$#!-!Z\Z*!a1+5>5>5!?4?!05$!
>,0$450!$#4&!52D451&!F-.$!)#4.#!?+4D,&!#4/#,+!?,-$#!+-$,&!-33!2I!4$&,3F*!
!
E,.50?3IO!$#,!f4/1+,!"7!4&!',%449*%&)!40!#5)!$#,!-+,-!10?,+!$#,!.1+D,!-0?!-25D,!$#,!
2-&,340,!&#513?!+,F3,.$!$#,!-001-3!40.+,-&,&O!F+5>!50,!I,-+!$5!$#,!0,S$*!!W0?!$#,I!?5!05$!
-%%,-+!$5!?5!&5*!f5+!,S->%3,O!$#,!-+,-!10?,+!$#,!%,-T&O!-25D,!$#,!2-&,340,!F5+!<:<:!
-%%,-+!-&!503I!":!$4>,&!$#-$!5F!<:"PO!-0?!9!$4>,&!$#-$!5F!<:"8*!!Q#,!%,-T&!F5+!<:<:!
&#513?!40!F-.$!2,!F-+!/+,-$,+!40!&4Y,O!-+510?!?5123,!5F!)#-$!4&!&#5)0*!
!
Q#4+?O!$#,!I,-+&!/540/!2-.T!$5!<:"9!#-?!40.+,>,0$-33I!#4/#,+!-33M.-1&,!-0?!-001-3!
40.+,-&,!?,-$#&!-&!&#5)0!40!$#,!01>,+4.-3!40&,+$!F5+!f4/1+,!"7O!21$!$#,!/+-%#!503I!&$-+$&!
&5>,$4>,!40!$#,!"<$#!),,T!5F!<:"gO!05$!&#5)40/!$#,!,-+3I!)40$,+!>50$#&!5F!<:"g*!b-?!
$#,!/+-%#!2,,0!,S$,0?,?!2-.T!$5!<:"7O!4$!>4/#$!#-D,!+,D,-3!$#,!%,-T&!5F!<:<:!),+,!05$!
&5!101&1-3*!!Q5!$#,+,F5+,!-$$+421$,!$#,!<:<:!%,-T&!-&!Z,S.,&&!?,-$#&!?1,!$5!B5D4?M"PZ!
)#4.#!40.31?,!$#,!/4-0$!01>2,+&!-&!%+,D451&3I!/4D,0O!.-005$!2,!$+1,*!![+!4F!&5O!40!$#4&!
/+-%#4.O!B5D4?"P!)513?!2,!05!)5+&,!$#-0!-0!5+?40-+I!I,-+!)4$#!-!35$!5F!310/!-0?!
2+,-$#40/!?4&5+?,+&O!&1.#!-&!40F31,0Y-!-0?!%0,1>504-*!

!
6g!
Y%;B$+"6S8"WB$.A.A."]$(OM%'""
"<.&()"0+(&M=" !33B()"@3'$+(=+"
c+($" !))"#(B=+=" /$.A"9$%.$"c+($"
<:"9'!!<Og"<O;6:!!8;O<"<!
<:";'!!<Ogg7O<78!!;"O;"8!
<:"g'!!<O8"6O9:6!!6PO<99!
<:"8'!!<O86PO<:9!!<9Og:<!
<:"P'!!<O897O868!!"9O;66!
<:<:'!6O"g"OP"6!!!!!!6"gO:g9!5+!7::O:::!ii!
!
!
!!!!!\!!!!\!!!!\!!!!\!
!
!
!
!
!
!
!
#$$%&'(()))*,1+5>5>5*,1(/+-%#&M-0?M>-%&!
!
f51+$#O!$#4&!/+-%#4.!4&!&1%%5&,?!$5!40F5+>!$#,!D4,),+!#5)!<:<:!?,-$#!01>2,+&!),+,!&5!
>1.#!#4/#,+!$#-0!%+45+!I,-+&O!$5!D-34?-$,!$#,!B5D4?M"P!%-0?,>4.!$#,5+I*!!L1$!$5!&#5)!
503I!$#+,,!I,-+&!5F!%+45+!?-$-!4&!40&1FF4.4,0$*!W0?!F4F$#O!05$,!$#,!5+?40-$,!D,+$4.-3!&.-3,!5F!
$#,!/+-%#!?5,&!05$!&$-+$!-$!Y,+5O!21$!+-$#,+!-+510?!7:O:::*!!eF!4$!#-?!&$-+$,?!-$!Y,+5O!$#,!
/+-%#!)513?!,4$#,+!#-D,!$5!2,!$)4.,!-&!$-33O!5+!$#,0!.5>%+,&&,?!?5)0!)#,+,40!$#,!
%,-T&!F5+!-33!I,-+&!)513?!2,!/+,-$3I!?4>404&#,?!-0?!05$!355T!&5!Z&.-+IZ*!!!
!
Q#,+,!4&!-!)50?,+F13!&>-33!255T!K.3!&.!P')!#'&$!N&%&'(&'4(!2I!@-++,3!b1FF*!!e$!)-&!
+,]14+,?!+,-?40/!40!$#,!104D,+&4$I!)#,0!e!)-&!I510/,+*!!c,D,+$#,3,&&O!,D,+I50,!+,-?40/!
$#4&!&#513?!&,,!#5)!$#,!$+10.-$,?!?-$-!&,3,.$450!-0?!,S-//,+-$450!5F!$#,!?-$-!.1+D,&!
-+,!%+4>-+I!>,$#5?&!5F!?,.,4D40/!%,5%3,O!)4$#51$!Z51$+4/#$!3I40/Z*!!V,+#-%&!$#4&!4&!-33!
&4>%3,!.540.4?,0.,!-0?!05$!%3-00,?!?,.,%$450O!21$!)#5!T05)&i!!!
!
!
12!"#.,%4567"(34"!))5#(B=+"0+(&M"#.B3&="HC"!;+"]$.BO"
!
Q-23,&!PW!-0?!PL!2,35)!-??!$5!51+!.50.,+0&!-251$!$#,!B@B!?-$-!-0?!B5D4?M"P!
%-0?,>4.!40!-!>5+,!]1-0$4$-$4D,!>-00,+O!+,D,-340/!#5)!$#,!C.A'+@LO!-0?!%00@4%9()!
?,-$#!01>2,+&!2I!-/,!/+51%O!$+-0&F5+>,?!40$5!%,+.,0$-/,&!5F!$#,!$5$-3&!5F!$#5&,!$)5!
/+51%&O!&#5)!0,-+3I!4?,0$4.-3!?4&$+421$450&!5F!?,-$#&!40!$#,!,3?,+3I!;9!I,-+&!-0?!53?,+!
/+51%&*!Q#4&!>-T,&!05!&,0&,!4F!$#,+,!4&!$+13I!-!&,+451&!%-0?,>4.!5F!-!0,)!40F,.$451&!
D4+1&!$#-$!%+,F,+,0$4-33I!-$$-.T&!$#,!+,&%4+-$5+I!&I&$,>&!5F!$#,!,3?,+3IO!T43340/!$#,>*!
!
f5+!,S->%3,O!B5D4?M"P!?4&,-&,!?5,&!05$!-FF,.$!I510/!.#43?+,0!$5!-0I!,S$,0$O!/4D,0!$#,4+!
0-$1+-3!4>>104$I*!Q#-$!.1+451&!-&%,.$!4&!-FF4+>,?!40!$#,!Q-23,!PW!?-$-O!%+,&,0$,?!2,35)!
)4$#!-!F133!I,-+!5F!<:<:!?-$-!^"!G-0!<:<:!$5!<!G-0!<:<"`!?4+,.$3I!F+5>!-!B@B(cBbE!
),2&4$,*!B5D4?M"P!4&!-3&5!&1%%5&,?!$5!2,!T43340/!&4/04F4.-0$3I!#4/#,+!%,+.,0$-/,&!5F!$#,!

!
68!
,3?,+3I!$#-0!5$#,+!.-1&,&!>4/#$!T433!$#,>*!b5),D,+!$#,!Q-23,!PW!?-$-!?5,&!05$!-FF4+>!
$#-$!$5!-0I!&4/04F4.-0.,*!\#43,!$#,!6"6O"g"!B5D4?M"P!?,-$#&!.50&$4$1$,&!P*8gl!5F!$#,!
6O"g"OP"6!-33M.-1&,!?,-$#&!F5+!<:<:O!$#4&!40.+,-&,!4&!5D,+)#,3>40/3I!4&53-$,?!)4$#40!$#,!
F51+!53?,&$!B5D4?M"P!?,-$#!.-$,/5+4,&O!5F!99!I,-+&!53?!1%!$#+51/#!89!-0?!53?,+O!)#,+,!
.5>5+24?4$4,&!-+,!#4/#,&$O!-0?!VBC!>4&4?,0$4F4.-$450&!-+,!>5&$!34T,3I!$5!#-%%,0*!!e0!$#,!
/+51%&!F+5>!24+$#!1%!$5!;7!I,-+&!5F!-/,O!-!&>-33,+!%,+.,0$!5F!?,-$#&!-+,!-$$+421$,?!$5!
B5D4?M"P!+,3-$4D,!$5!-33M.-1&,&O!-!F-.$5+!e!#-D,!0,D,+!&,,0!>,0$450,?!,3&,)#,+,*!!\#,0!
$-T40/!$#5&,!?,-$#&O!5+!3-.T!5F!?,-$#&O!40!$#,!I510/,+!-/,!/+51%&!40$5!.50&4?,+-$450O!$#,!
5D,+-33!$5$-3!NEW!<:<:!ZB5D4?M"P!,S.,&&!?,-$#&Z!?+5%&!?+->-$4.-33IO!$5!7O8;;!%,+&50&*!!
!
WF$,+!+,?1.40/!,-.#!-/,M/+51%!?,-$#!01>2,+!40$5!-!%,+.,0$-/,!5F!4$&!.531>0!$5$-3O!$#,0!
,S$+-.$40/!$#,!?4FF,+,0.,!40!$#5&,!%,+.,0$-/,&!^lB5D!>401&!lW33!_!l@4FF*`!-.+5&&!,-.#!
-/,!/+51%O!-0?!$#,0!.50D,+$40/!$#,!?4FF,+,0.,&!40!$#5&,!%,+.,0$-/,&!40$5!-!%+5%5+$450!5F!
$#,!-/,M/+51%!B5D4?!?,-$#!01>2,+&!^B5D4?M"P!c1>2,+!$4>,&!l@4FF`O!$#,!01>2,+&!5F!
,S.,&&!?,-$#&!F5+!,-.#!.-$,/5+I!),+,!,S$+-.$,?*!!g'A),!$.3!&$)!C.A'+@LO!%,+!%00@4%9()!
+)%&$(!',!&$)!A90,)*%;0)!)0+)*08!-*.9=(!%*)!,)%*08!'+),&'4%0:!'&!/9008!9,+)*5',)(!&$)!40%'5!
./!%!,)3!%,+!+)%+08!C.A'+@LO!A'*%0!=%,+)5'46!
!
e0!&5>,!.-&,&O!F,),+!%,5%3,!?4,?!40!-!/4D,0!-/,M&%,.4F4.!B5D4?M"P!.-$,/5+I!$#-0!)513?!
2,!,S%,.$,?!2I!.5>%-+4&50!$5!$#,!-33M.-1&,!?,-$#!01>2,+&*!e0!5$#,+!.-&,&O!05$-23I!$#,!
,3?,+3I!/+51%&O!-!&34/#$3I!#4/#,+!01>2,+!5F!?,-$#!01>2,+&!5..1++,?!H!21$!05$!2I!>1.#*!
Q#,!$5$-3!01>2,+!5F!,S.,&&!?,-$#&!40!$#,!B5D4?M"P!.-$,/5+IO!-25D,!$#,!2-&,340,!
%,+.,0$-/,&!.+,-$,?!2I!-33!5$#,+!.-1&,&!)-&!.-3.13-$,?!$5!2,!7O8;;!-0!-&$504&#40/!35)!
01>2,+!/4D,0!-33!$#,!%-04.O!#I&$,+4-O!35.T?5)0&O!,.505>4.!?,&$+1.$450O!,$.*!$#-$!
/5D,+0>,0$O!>,?4.40,!-0?!>,?4-!.3-4>!-+,!Z0,.,&&-+IZ*!
!
Q#-$!01>2,+!5F!7O8;;!,S.,&&!?,-$#&!40!Q-23,!PW!)5+T&!51$!$5!2,!-+510?!"6!,S$+-!?,-$#&!
%,+!?-IO!F5+!$#,!,0$4+,!NEW*!2$'*&)),*!!e!-3&5!+-0!$#5&,!01>2,+&!$#+51/#!-0!aS.,3!
%+5/+->O!-0?!-!&,.50?!$4>,!-&!&,,0!40!Q-23,!PLO!-3&5!2,35)O!1&40/!&34/#$3I!?4FF,+,0$!
-&&1>%$450&O!=1&$!$5!2,!.,+$-40!5F!>I!>,$#5?535/I!-0?!01>2,+&*!!
!
f5+!Q-23,!PWO!$#,!F4/1+,!5F!6*"g!>433450!-33M.-1&,!?,-$#&!%+,&1>-23I!40.31?,?!)4$#40!4$!
$#,!$5$-3!B5D4?M"P!?,-$#!.510$&*!Q#-$!2,40/!$#,!.-&,O!F133I!-..1+-$,!%+5%5+$450-3!
.-3.13-$450&!>1&$!+,>5D,!$#,!B5D4?M"P!.510$&!F+5>!$#,!-33M.-1&,!.510$&*!e!$#,+,F5+,!
>-?,!-!0,)!.-3.13-$450!40!Q-23,!PLO!)#,+,!$#,!B5D4?M"P!?,-$#!01>2,+&!F5+!,-.#!-/,M!
/+51%!),+,!&12$+-.$,?!F+5>!$#,!&->,!-/,!.-$,/5+4,&!5F!-33M.-1&,&!?,-$#&*!Q#-$!+,D4&,?!
Q-23,!PL!%+5D4?,&!$#,!>5&$!+521&$!.-3.13-$450!$5!?-$,O!%((95',-!&$%&!&$)!.*'-',%0!CGC!
+%&%!'(!'&()0/!*.;9(&:!3$'4$!'(!%,!.=),!>9)(&'.,*!!!Q-23,!PL!40?4.-$,&!9O6PP!$5$-3!<:<:!NE!
,S.,&&!?,-$#&O!-!24$!#4/#,+!$#-0!-&!&,,0!40!Q-23,!PWO!21$!#-+?3I!&4/04F4.-0$!40!$,+>&!5F!
5D,+-33!?,$,+>40-$450&*!!2$)!]:cOO!+)%&$(!)>9%0(!&.!%;.9&!L]!+)%&$(!=)*!+%8:!/.*!&$)!
),&'*)!RNF6!!!
!
!
!
!
!
!
!

!
6P!
!
<(H)+"7!8"12!"QZQZ"0+(&M="HC"#.,%4567">"!))"#(B=+=E"HC"!;+"]$.BOP"
#.,%4567"4+(&M="%3')B4+4"%3"&M+"!))"#(B=+"4+(&M"3BAH+$"
"
6"K(3PQZ"!!!!!&."
Q"K(3PQ6"
!!!!!!!!B5D4?M"P!!
c1>2,+!!!lB5D"!
!!!NE!@,-$#&!!!!!!!!!!!!NE!aS.,&&!!!!!!!
W33!B-1&,&!!!lW33<!!!l@4FF*6!!!!!!!!!!@,-$#&7!
W33!W/,&!_~!
6"6O"g"!!!P*8gl!
6O"g"OP"6!
N0?,+!"!I,-+!
6<!!!!!!!!!!!!!:*:"l!
"gOg9:!!!!!!!!:*9;l!!!!!M:*99l!!!!!!!!!!!!!:!
"H7!I,-+&!
"P!!!!!!!!!!!:*::;l!
6O<g;!!!!!!!!!!:*":l!!!!!M:*:Pgl!!!!!!!!!!!:!
9H"7!I,-+&!
97!!!!!!!!!!:*:"gl!
9O<7g!!!!!!!!!!:*"gl!!!!!M:*"78l!!!!!!!!!!!:!
"9H<7!I,-+&!
7P7!!!!!!!!!!:*";l!
66O9P8!!!!!!!!"*:;l!!!!!M:*Pl!!!!!!!!!!!!!!M7!
<9H67!I,-+&!
<O"<P!!!!!!!:*;8l!
;8O8:g!!!!!!!!<*"gl!!!!!M"*7Pl!!!!!!!!!!!M6<!
69H77!I,-+&!
9O99P!!!!!!!"*g8l!
PgO97P!!!!!!!!6*"l!!!!!!!M"*6l!!!!!!!!!!!!!Mg<!
79H97!I,-+&!
"7OP;6!!!!!!!7*8l!
"g8O777!!!!!!9*;6l!!!!!M:*89l!!!!!!!!!M"<g!
99H;7!I,-+&!
6gO<69!!!!""*Pl!
7"<O:79!!!!!"6l!!!!!!!!!M"*"l!!!!!!!!!!!M7":!
;9Hg7!I,-+&!
;;Og79!!!!<"*6l!
;6:O6;:!!!!!"P*Pl!!!!!U"*77l!!!!!!!!UP;"!
g9H87!I,-+&!
89OP<9!!!!<g*7l!
gg:O:7"!!!!!<7*6l!!!!!U6*";l!!!!!U<Og"9!
89!I,-+&!U!
"::O:";!!6"*Pl!
P97OgP;!!!!!6:*"l!!!!!U"*86l!!!!!U"O869!
!
!
<.&()"#.,%4567"Wh'+==""
0+(&M="!H.,+"!))"#(B=+=8"""""""""SE_``!
!#$$%&'(()))*.?.*/5D(0.#&(0D&&(D&++(.5D4?h),,T3I(40?,S*#$>!!!
G-0*<O!<:<"!1%?-$,O!+,>-40,?!%5&$,?!50!B@B!),2%-/,!$#+51/#!g!G-0*!
!"*!V,+.,0$!5F!?,-$#&!40!,-.#!B5D4?M"P!-/,!/+51%!+,3-$4D,!$5!B5D4?M"P!ZW33!W/,&Z!
$5$-3!?,-$#&v!01>,+4.-3!-/,!-0?!-33M-/,!$5$-3!?-$-!.5%4,?!?4+,.$3I!F+5>!<;!@,.*!
B@B!1%?-$,*!!<*!V,+.,0$!5F!?,-$#&!40!,-.#!W33!B-1&,&!-/,!/+51%!+,3-$4D,!$5!W33!
B-1&,&!ZW33!W/,&Z!$5$-3!?,-$#&*!!6*!V,+.,0$!?4FF,+,0.,O!lB5D!>401&!lW33*!!!
7*!aS.,&&!@,-$#!c1>2,+!aS$+-%53-$450!F+5>!l@4FF!2I!-/,!/+51%O!5F!.3-4>,?!
B5D4?M"P!?,-$#&*!!^c[Qa'!e0!$#4&!1%?-$,!5F!>I!%-%,+O!$#,!5+4/40-3!Q-23,!8W!)-&!
?,3,$,?O!-0?!$#,!53?!Q-23,&!8L!-0?!8B!),+,!.#-0/,?!#,+,!$5!PW!-0?!PL*`!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

!
7:!
<(H)+"7[8"12!"QZQZ"0+(&M="HC"#.,%4567">"!))"#(B=+=E"HC"!;+"]$.BOP"
#.,%4567"4+(&M="=BH&$('&+4"/$.A"&M+"!))"#(B=+"4+(&M"3BAH+$"
!
6"K(3PQZ"!!!!!&."
Q"K(3PQ6"
!!!!!!!!B5D4?M"P!!
c1>2,+!!!lB5D"!
NE!W33!B-1&,&!!!!!!!!!!!NE!aS.,&&!!!
A401&!B5D!!lW33<!!!l@4FF*6!!!!!!!!!!!!@,-$#&7!
W33!W/,&!_~!
6"6O"g"!!!":*Pl!
<O898Og7<!
N0?,+!"!I,-+!
6<!!!!!!!!!!!:*:"l!
"gOg"8!!!!!!!!:*;<l!!!!M:*;"l!!!!!!!!!!!!!!!:!
"H7!I,-+&!
"P!!!!!!!!!:*::;l!
6O<9g!!!!!!!!!!:*""l!!!!M:*"l!!!!!!!!!!!!!!!!!:!
9H"7!I,-+&!
97!!!!!!!!!!:*:"gl!
9O"P6!!!!!!!!!!:*"8l!!!!M:*";l!!!!!!!!!!!!!!!:!
"9H<7!I,-+&!
7P7!!!!!!!!!:*";l!
66O":7!!!!!!!!"*";l!!!!M"l!!!!!!!!!!!!!!!!!!!M9!
<9H67!I,-+&!
<O"<P!!!!!!!:*gl!
;;O;g8!!!!!!!!<*6l!!!!!!M"*;l!!!!!!!!!!!!!!!M69!
69H77!I,-+&!
9O99P!!!!!!!"*8l!
P"OPP:!!!!!!!!6*<l!!!!!!M"*7l!!!!!!!!!!!!!!!M8:!
79H97!I,-+&!
"7OP;6!!!!!7*8l!
";6O78"!!!!!!9*gl!!!!!!M:*P7l!!!!!!!!!!!M"7"!
99H;7!I,-+&!
6gO<69!!!!!!"<l!
6g7O8":!!!!!"6l!!!!!!!!M"*<l!!!!!!!!!!!!!M799!
;9Hg7!I,-+&!
;;Og79!!!!<"*6l!
9;6O;"9!!!!!"P*gl!!!!!U"*;l!!!!!!!!U"O:;;!
g9H87!I,-+&!
89OP<9!!!!<g*7l!
;87O"";!!!!!<6*Pl!!!!!U6*9l!!!!!!!!U6O:"6!
89!I,-+&!U!
"::O:";!!6"*Pl!
897Og8:!!!!!<P*Pl!!!!!U<l!!!!!!!!!!!U<O:6;!
!
!
<.&()"#.,%4567"Wh'+==""
0+(&M="!H.,+"!))"#(B=+=8""""""""""^E\77!
!#$$%&'(()))*.?.*/5D(0.#&(0D&&(D&++(.5D4?h),,T3I(40?,S*#$>!!!
W33!B-1&,&!?,-$#&!-+,!>401&!$#,!B5D4?M"P!01>2,+!F5+!,-.#!-/,M/+51%*!
E->,!+,F,+,0.,!05$,&!-&!F5+!f4/1+,!PW*!
!
Q)5!?4FF,+,0$!.-3.13-$450&!#-D,!2,,0!%+5D4?,?O!1&40/!?4FF,+,0$!4$,+-$450&!5F!$#,!%1234.3IM
-00510.,?!B@B!B5D4?M"P!-0?!-33M.-1&,!?,-$#!01>2,+&!F5+!$#,!)#53,!5F!<:<:*!!c5!>-$$,+!
#5)!$#,&,!01>2,+&!#-D,!2,,0!+,D4,),?!5+!.-3.13-$,?O!40!,4$#,+!Q-23,!PW!5+!PLO!$#,!F40-3!
-001-3!,S.,&&!NEW!?,-$#&!-+,!,S$+,>,3I!35)!2I!$#,!&$-0?-+?!,S%,.$-$450&!5F!-!+-/40/!
%-0?,>4.!+,]14+40/!>-&&4D,!35.T?5)0&O!-0?!=1&$4FI40/!&$-$,M,0F5+.,?!$5$-34$-+4-0!
>,-&1+,&*!!c5!->510$!5F!04$M%4.T40/!$5!.#-0/,!$#,!01>2,+&!2I!,D,0!#10?+,?&!5F!]1-0$-!
.#-0/,&!$#,!51$.5>,*!!!!
!
L,35)!4&!-!F40-3!Q-23,!":O!)#4.#!&1>>-+4Y,&!$#,!.50.31&450&!F+5>!$#,!-25D,!$)5!Q-23,&*!
!
"<(H)+"6Z8"Wh'+=="0+(&M=! ! !!!#.,%4567"0+(&M="dXe"
<.&()"0+(&M=8""""""!))"#(B=+="" """"""FBA""""""""""b" """"""Wh'+=="0+(&M="
!Q-23,!PW!6O"g"OP"6!!!!!6"6O"g"!!!!!P*8gl! ! 7O8;;!
!Q-23,!PL!<O898Og7<!!!!!6"6O"g"!!!!":*Pl! ! 9O6PP!
!!!!!!!,+$(;+8""""6ZPSb"" " ^E6\Q"
!

!
7"!
Q-23,&!PW!-0?!PL!40.31?,?!$#,!B@BR&!.5++,.$4D,!?-$-!?1>%!5F!,-+3I!G-01-+I!<:<"O!5F!
6"gO:g9!-33M.-1&,!?,-$#&O!21$!05$!$#,!-??4$450-3!0,.,&&-+I!?-$-!40.+,-&,!5F!
-%%+5S4>-$,3I!8PO:::!?,-$#&O!$5!=1&$4FI!$#,!>,?4-M+,%5+$,?!7::O:::!01>2,+!F5+!B5D4?M
"P!?,-$#&*"b5),D,+O!0,4$#,+!5F!$#5&,!?-$-M?1>%&O!05+!5$#,+!D-+4-$450&!40!?-$-!5+!
.-3.13-$450&!>-$$,+,?!-$!-33O!40!$,+>&!5F!%+5D4?40/!-!&4/04F4.-0$3I!?4FF,+,0$!51$.5>,!40!
.5>%1$,?!,S.,&&!?,-$#&!?1,!$5!B5D4?M"P*!!Q#,!01>2,+&!?5!05$!34,*!
!
Q#,!5FF4.4-3!B@B!?-$-!50!$5$-3!B5D4?M"P!-0?!-33M.-1&,!?,-$#&O!&,/+,/-$,?!40$5!?4FF,+,0$!
-/,M/+51%&O!&#5)&!-%%+5S4>-$,3I!$#,!&->,!%,+.,0$-/,!5F!?,-$#&O!)4$#!-!$5$-3!B5D4?M"P!
,S.,&&!?,-$#&!-D,+-/40/!9O"6<!F5+!<:<:*!![+!50,!.-0!.#55&,!$5!1&,!$#,!#4/#,+!01>2,+!
F+5>!Q-23,!PLO!5F!!9O6PP!,S.,&&!?,-$#&*!!e$!?5,&!05$!>-$$,+*!!Q#-$!#4/#,+!01>2,+!)5+T&!
51$!$5!2,!-+510?!"9!?,-$#&!%,+!?-IO!F5+!$#,!)#53,!NEWO!F5+!-33!5F!<:<:*!!Q#,&,!F4/1+,&!F5+!
$#,!,S.,&&!?,-$#&!?1,!$5!B5D4?M"P!-+,!,S$+,>,3I!35)O!F+5>!"6!$5!"9!?-43I!NE!?,-$#&O!,D,0!
35),+!$#-0!a-3IO!,$!-3R&!-25D,M>,0$450,?!;l!5F!B5D4?M"P!?,-$#&!)4$#51$!.5>5+24?4$4,&O!
)#4.#!.5>%1$,?!$5!"8OP6:!?,-$#&!F5+!$#,!I,-+*!!W0?!$#-$!#4/#,+!01>2,+!)5+T&!51$!$5!2,!
9<!?,-$#&!%,+!?-IO!5D,+!-33!9:!&$-$,&*!U,)!+)%&$!=)*!(&%&)!=)*!+%8*!!
!
None*of*these*computations*provide*justifications*for*such*massive*governmental*
and*medical*panic&peddling,*with*lockdowns*and*other*very*deadly*totalitarian*
interferences*in*the*health,*income*and*lives*of*ordinary*people.***
!
[0,!>1&$!T,,%!40!>40?!#5)!+,&%4+-$5+I!4330,&&!#-&!-3)-I&!2,,0!-!>-=5+!F-.$5+!40!$#,!
?,-$#&!5F!,3?,+3I!%,5%3,*!Q#5&,!5D,+!;9!I,-+&!5F!-/,!.50&$4$1$,!-251$!88l!5F!-33!.-&,&!5F!
%0,1>504-!-0?!40F31,0Y-*!W0?!$#,I!-+,!-3&5!-!D130,+-23,!/+51%!$5!2,!#,-D43I!#4$!)4$#!
Z?,-$#!2I!?,&%-4+ZO!-0?!$#,0!&1..1>2!$5!)#-$,D,+!.5>5+24?4$I!F-.$5+&!$#,I!-+,!-FF34.$,?!
)4$#*!Z@,-$#!2I!@,&%-4+Z!-0?!.5>5+24?4$I!F-.$5+&!5D,+&#-?5)!-33!)#-$!4&!.3-4>,?!F5+!$#,!
EWCEMB5XM<!T433,+!&1%,+MD4+1&*!
!
K4D,0!$#,!&,+451&!40-..1+-.I!5F!B5D4?M"P!VBC(W0$4/,0!$,&$!T4$&O!$#,!+,M?,F404$450&!5F!
%0,1>504-O!40F31,0Y-!-0?!5$#,+!.5>5+24?4$4,&!-&!ZB5D4?M"PZ!^,/O!ZVjeZ!-0?!ZVeBZ!
.50F1&450&O!?4&.1&&,?!-25D,`O!-0?!$#,!F-.$!$#-$!$#,!>-=5+4$I!5F!.3-4>,?!B5D4?M"P!.-&,&!
-0?!?,-$#&!5..1+!?1+40/!)40$,+$4>,!.53?M?->%!.50?4$450&O!),!.-0!,S%,.$!$#,!>4&M
?4-/05&,?!-0?!40F3-$,?!B5D4?M"P!.-$,/5+I!$5!2,!24-&,?!$5)-+?&!40.31&450!5F!>5+,!%,5%3,!
40!$#,!53?,+!-/,!/+51%&*!Q#4&!4&!&5O!)#,$#,+!5+!05$!$#,I!),+,!$+13I!40F,.$,?!)4$#!-!0,)!
-0?!?,-?3I!D4+1&*!!W0?!$#-$!4&!-&4?,!F+5>!$#,!F40-0.4-3!5+!D4+1&M4?,535/I!>5$4D-$450&!F5+!
#5&%4$-3!-?>404&$+-$5+&!$5!F-D5+-23I!%3-.,!B5D4?M"P!50!?,-$#!.,+$4F4.-$,&!+-$#,+!$#-0!$#,!
.5>5+24?4$4,&!)#4.#!-.$1-33I!T433,?!$#,>*!E1.#!F-.$5+&!-33!$+,0?!F5+!%!;'%()+!%,+!
9,(4'),&'/'4!()0)4&'.,!./!+)4)%()+!)0+)*08!=%&'),&(!',&.!&$)!C.A'+@LO!4%&)-.*86!
!
2$)()!+%&%!%(!9()+!',!58!2%;0)(!OF!%,+!OW:!.;&%',)+!/*.5!.//'4'%0!CGC!(.9*4)(!;9&!
*)A')3)+!',!%!+'//)*),&!5%,,)*!&$%,!9(9%0:!4.9=0)+!3'&$!)A'+),4)!./!C.A'+@LOY(!,.,@
)<409('A)!(85=&.5.0.-8!.A)*0%==',-!3'&$!5%,8!.&$)*!+'()%()(!%,+!+'(.*+)*(:!+)5.0'($!&$)!
40%'5(!./!%!()A)*)!C.A'+@LO!=%,+)5'4!+)5%,+',-!")5)*-),48@=%,'4@0.4?+.3,"!*)%4&'.,(6!
"
"
"
"
"

!
7<!
#.,%4567"0+(&M"0(&("@3'.3=%=&+3'%+="@4+3&%/%+4"HC"]+3+,%+,+"[$%(34"
!
e0!>4?Mc5D,>2,+!<:<:O!$#,!&$1?I!ZB5D4?M"P!@,-$#&'!W!m55T!-$!N*E*!@-$-Z!)-&!%+,&,0$,?!
-$!-!),240-+!2I!@+*!K,0,D4,D,!L+4-0?O!W&&4&$-0$!@4+,.$5+!5F!$#,!W%%34,?!a.505>4.&!
V+5/+->!-$!G5#0&!b5%T40&!N04D,+&4$I*!!
#$$%&'(()))*I51$12,*.5>()-$.#iD_6QtGc;"-F3e!
!
L+4-0?R&!F40?40/&O!-&!%+,&,0$,?!40!$#,!),240-+O!+,D4,),?!-33M.-1&,!-0?!B5D4?M"P!NE!
?,-$#&!1%!$5!$#-$!c5D,>2,+!?-$,*!b,+!),240-+!)-&!$#,0!&1>>-+4Y,?!40!-0!-+$4.3,!2I!
d-004!K1O!%5&$,?!50!c5D*!<<!$5!2$)!e.$,(!K.=?',(!S)3(@P)&&)*!^Gbcm`!-&!ZV1234&#,?!2I!
$#,!E$1?,0$&!5F!G5#0&!b5%T40&!&40.,!"8P;Z*!Q#,!L+4-0?(K1!S)3(@P)&&)*!-+$4.3,!+,D4,),?!
L+4-0?R&!F40?40/&!$#,+,!)-&!-0!5D,+M.510$40/!5F!<:<:!B5D4?M"P!?,-$#&!)#4.#!.513?!05$!
2,!+,.50.43,?!)4$#!$#,!-D-43-23,!-33M.-1&,!?,-$#&O!%+52-23I!?1,!$5!.50F1&450&!5F!B5D4?M
"P!)4$#!5$#,+!?4&,-&,&O!-&!e!-3&5!.50.31?,?!40?,%,0?,0$3I*!Q#,!L+4-0?(K1!-+$4.3,!
&$4>13-$,?!-!.50$+5D,+&IO!-0?!)-&!$#,0!Z+,$+-.$,?Z!^.,0&5+,?`!F+5>!$#,!Gbcm!F51+!?-I&!
3-$,+!2I!4$&!,?4$5+&O!F5+!$#,!+,-&50!4$!"$%(!;)),!9()+!&.!(9==.*&!+%,-)*.9(!',%449*%4')(!
&$%&!5','5'[)!&$)!'5=%4&!./!&$)!=%,+)5'46"!!
!
Q#,!+,-.$450&!5F!$#,!,?4$5+&!-$!Gbcm!)-&!-!.3,-+!.-&,!5F!"G.,Y&!4.,/9()!9(!3'&$!&$)!/%4&(:!
.9*!5',+(!%*)!%0*)%+8!5%+)!9=Z"!!WF$,+!+,D4,)40/!$#,!B@B!?-$-O!L+4-0?R&!-0-3I&4&!-0?!
.50.31&450&!),+,!-0I$#40/!21$!40-..1+-$,'!W&!B@BM.50F4+>,?!B5D4?M"P!?,-$#&!
40.+,-&,?!?1+40/!$#,!W%+43!<:<:!%,-TO!>5&$!-33!5$#,+!.-1&,&!5F!?,-$#!+)40',)+:!',+'4%&',-!
%!($'/&',-!./!.&$)*!+'()%()(!',&.!&$)!C.A'+@LO!4%&)-.*8:!%(!J!4.,409+)+!%;.A)*!!b,+!.35&40/!
),240-+!&$-$,>,0$!)-&!%=*.=.('!!
!
Z\,!?50R$!T05)!4F!-!?,-$#!4&!F+5>!B5D4?!F4+&$O!5+!-!r?4FF,+,0$s!.50?4$450*!b5)!-+,!
),!$5!2,&$!-??+,&&!4$i!eF!&5>,50,!#-&!-!#,-+$!.50?4$450!-0?!4&!5D,+!9:O!)#-$!4&!
$#,!2,&$!)-I!$5!%+,D,0$!?,-$#!2I!B5D4?M"P!5+!#,-+$!-$$-.Ti!e&!4$!$5!4&53-$,!>I&,3FO!
5+!$5!,S,+.4&,i!!\#,0!e!&,,!$#,!%5&$,+!5F!$#,!B@B!5F!%#I&4.-33I!40-.$4D,!%,5%3,!
&4$$40/!50!-!2,0.#O!)4$#!$#,!&,3FM?4&$-0.40/***!&#513?!I51!,S,+.4&,O!4&!$#-$!/540/!$5!
2,!-!2,$$,+!)-I!$5!,0/-/,!-0?!40$,+-.$i!!eF!I51!-+,!?,%+,&&,?!I51+!4>>10,!
&I&$,>!/5,&!?5)0***!$#,!]1,&$450!4&O!)#-$!4&!$#,!2,&$!)-I!$5!F4/#$!r?4&,-&,si!Q5!
4&53-$,!I51+&,3Fi!![+!$5!2,!#-%%I!-0?!>,,$!%,5%3,O!-0?!/,$!51$!-0?!,S,+.4&,*!W0?!
34D,*Z!^#$$%&'(()))*I51$12,*.5>()-$.#iD_6QtGc;"-F3e!!K,0,D4,D,!L+4-0?O!
&$-+$40/!-+510?!"':7'79`!
!
Q#,!5+4/40-3!),2%-/,!F5+!$#,!L+4-0?(K1!-+$4.3,!)-&!]14.T3I!+,%3-.,?!2I!-!&$-$,>,0$!2I!
$#,!Gbcm!,?4$5+&O!+-$450-34Y40/!$#,4+!.,0&5+&#4%*!
#$$%&'(()))*=#10,)&3,$$,+*.5>(-+$4.3,(<:<:(""(-M.35&,+M355TM-$M1M&M?,-$#&M?1,M$5M
.5D4?M"P!!W!V@f!5F!$#,!5+4/40-3!-+$4.3,!)-&!%+5D4?,?O!#5),D,+O!)4$#!$#,!52&.1+40/!
2-00,+!ZC,$+-.$,?!2I!Q#,!c,)&Mm,$$,+Z!.50$,>%$151&3I!%3-&$,+,?!-.+5&&!,D,+I!%-/,*!!
#$$%&'((?+4D,*/55/3,*.5>(F43,(?("Q02"-8Q•b=h=GBA<L@FKE+4N/?0M</,.(D4,)!
!
AI!Q-23,&!PWOL!-25D,!,S$,0?!$#4&!F5+>!5F!-0-3I&4&!40$5!$#,!,0?!5F!<:<:O!)#,+,40!e!
52&,+D,?!&4>43-+!?-$-!40.50&4&$,0.4,&O!-0?!.->,!$5!&4>43-+!.50.31&450&*!!!
!
!
!

!
76!
!)($A%=&"*+O.$&%3;".3"0+(&M"#.B3&="
!
[0!@,.,>2,+!<<O!=1&$!2,F5+,!B#+4&$>-&O!$#,!W&&5.4-$,?!V+,&&!^WV`!+,3,-&,?!-0!-3-+>4&$!
+,%5+$!$#-$!<:<:!)513?!,0?!)4$#!F+5>!6!$5!6*<!>433450!-33M.-1&,!?,-$#&O!%!/'-9*)!
',+'*)4&08!;0%5)+!.,!C.A'+@LO:!;9&!(.!%0%*5',-!'&!3.90+!*)>9'*)!%,!%++'&'.,%0:!%(@8)&!
9,*)=.*&)+!;%&4$!./!%*.9,+!cQQ:QQQ!+)%&$(!&.!T9(&'/8!'&*!Q#4&!#I&$,+4.-3!+,%5+$O!-$$+421$,?!
$5!$#,!B@B!21$!)4$#51$!-0I!.50F4+>40/!+,F,+,0.,O!)-&!]14.T3I!%4.T,?!1%!2I!0,-+3I!,D,+I!
>-=5+!0,)&%-%,+!-0?!>,?4-!51$3,$!40!$#,!NEWO!-0?!&5>,!5D,+&,-&O!23-&$40/!$#5&,!
-3-+>40/!01>2,+&!-&!-!$5%!#,-?340,*!K+4>MF-.,?!>,?4-!&$-+&!&,4Y,?!1%50!$#5&,!
01>2,+&O!?+4D40/!1%!$#,!%-04.!-0?!#I&$,+4-*!
#$$%&'((-%0,)&*.5>(-+$4.3,(1&M.5+50-D4+1&M?,-$#&M$5%M6M>433450M
,<2.89;2;,.799;6287,,<,8g-,8?9,g!
!
\4$#40!-!),,TO!-+510?!$#,!,0?!5F!<:<:O!$#,!&1>!5F!7::O:::!NEW!B5D4?M"P!?,-$#&!)-&!
2,40/!.4+.13-$,?!40!$#,!0-$450-3!-0?!40$,+0-$450-3!>,?4-*!@,342,+-$,!F,-+!-0?!%-04.!)-&!
-3&5!2,40/!%+5>5$,?!2I!>,?4.-3!-0?!/5D,+0>,0$!#,-3$#!21+,-1.+-$&O!)4$#!&1%%5+$!F+5>!
%5),+M?+10T!%534$4.4-0&*!f5+!,S->%3,O!$#,!B@B!B5D4?!Q+-.T,+!),2&4$,!&.+,->,?!51$!
>4&3,-?40/!F133MI,-+!.1>13-$4D,!01>2,+&!F5+!$#,!NEW!40!-!>-00,+!.50F3-$40/!Z.-&,&Z!
)4$#!?,-$#&*![0!@,.*"PO!$#,I!%5&$,?!40!3-+/,!$,S$!Z[XaC!"g!Aemme[c!Q[QWm!BWEaEZO!
Z"*;!Aemme[c!BWEaE!ec!mWEQ!g!@WdEZ!-0?!Z6"<O;6;!Q[QWm!@aWQbEZ*!LI!,-+3I!G-01-+I!
<:<"O!4$!)-&!Z<:*9!Aemme[c!BWEaEZ!-0?!Z69:O;77!@aWQbEZ*!
#$$%&'((.5D4?*.?.*/5D(.5D4?M?-$-M$+-.T,+(!M!.-&,&h.-&,&%,+"::T3-&$g?-I&!
!
W!cd!Q4>,&!),2&4$,O!>,0$450,?!-25D,!+,/-+?40/!?,-$#(.-&,!+-$45&!40!$#,!?4FF,+,0$!
&$-$,&!^Q-23,!6`!.50$401,&!%+5>5$40/!#I&$,+4-O!)4$#!01>,+51&!&$-$,!?-$-!/+-%#&!
.5>%5&,?!5F!Z.-&,&Z!$#-$!-+,!gM":!$4>,&!#4/#,+!40!?4FF,+,0$!&$-$,&!$#-0!-.$1-3!?,-$#&O!
)#4.#!-+,!05$!&#5)0!50!$#,4+!/+-%#4.&*!!Q#,!40$,0$450!4&!$5!?,342,+-$,3I!>4&40F5+>!
%,5%3,!$#-$!$#,!.-&,&!-+,!$#,!%+4>-+I!4>%5+$-0$!$#40/O!-&!$#,I!%50?,+!=1&$!)#-$!$#,!+4&T!
5F!?,-$#!>4/#$!2,!F5+!$#,>&,3D,&!-0?!F->43I*!!
!
aD,0!4F!$#5&,!>,?4-!01>2,+&!),+,!-..1+-$,O!$#,!)-I!$#,I!-+,!+,%5+$,?!.+,-$,&!$#,!F-3&,!
4>%+,&&450!->50/!5+?40-+I!%,5%3,!$#-$!"g!5+!<:!>433450!W>,+4.-0&!),+,!?I40/!5+!
)513?!&550!2,!?,-?!F+5>!B5D4?M"P*!Q#,!G5#0&!b5%T40&!N04D,+&4$I!B5D4?M"P!$+-.T,+!
),2%-/,!4&!&4>43-+O!)4$#!24/!F50$&***!89U!>433450***!<:!>433450***!-33!$#-$R&!>4&&40/!-+,!
>13$4%3,!,S.3->-$450!%540$&*!^Zb5++,1+&}}}}}}}Z`!!#$$%&'((.5+50-D4+1&*=#1*,?1(!
!
Q#,!\b[!B5D4?M"P!),2&4$,!?5,&!$#,!&->,!)4$#!/352-3!01>2,+&'!Z89!A433450!B50F4+>,?!
B-&,&!5F!B5D4?M"PO!e0.31?40/!"*8!>433450!?,-$#&Z!
#$$%&'((B5D4?M"P*)#5*40$(!
!
Q#,!-25D,!&$-$,>,0$&!-+,!-00510.,?!-&!$#,!$5%!4$,>!50!$#,4+!),2&4$,&O!)4$#51$!
]1-34F4.-$450&!$5!,S%3-40!#5)!$#,&,!-+,!$5$-3&!&40.,!$#,!2,/40040/!5F!$#,!I,-+O!5+!$5!
?4&$40/14&#!$#-$!$#,!5D,+)#,3>40/!01>2,+!5F!Z.-&,&Z!-+,!-&I>%$5>-$4.!%,5%3,O!)#5!
-+,0R$!&4.T!5+!40F,.$451&*![+!$#-$!$#,!?I40/!-0?!?,-?!-+,!D,+I!53?!-0?!F+-/43,O!&1FF,+40/!
5D,+!I,-+&!F+5>!>13$4%3,!5$#,+!?4&,-&,&!-0?!.50?4$450&O!-0?!-+,!/,0,+-33I!-$!$#,!,0?!5F!
$#,4+!34D,&*![+!$#-$!>-0I!?4,?!-$!#5>,!5+!40!$#,!,>,+/,0.I!+55>O!-0?!-+,!#,0.,!VBC!
$,&$,?!=.(&@5.*&)5O!-0?!)#,+,!$#,!+,-3!.-1&,!5F!?,-$#!4&!4/05+,?!40!F-D5+!5F!-!ZB5D4?M
"PZ!?,-$#O!$5!?+4D,!1%!$#,!01>2,+&*!Q#,I!-3&5!?5!05$!%+,&,0$!$#,!>1.#!35),+!$+,0?&!5F!

!
77!
$#,!?-$-O!5+!.3-+4FI!$#-$!$#,!Z>433450&Z!F4/1+,&!?5!c[Q!+,%+,&,0$!$#,!01>2,+!5F!%,5%3,!
?I40/!40!$#,4+!35.-3!$5)0&O!.510$4,&!5+!&$-$,&*!LI!&1.#!>,$#5?&!$#,I!-+,!?,342,+-$,3I!
F-0040/!$#,!F3->,&!5F!%-04.!-0?!#I&$,+4-*!E4>43-+3IO!4F!&,-+.#40/!50!K55/3,!F5+!ZB5+50-!
D4+1&,&ZO!I51!-+,!-1$5>-$4.-33I!?4+,.$,?!$5!%-/,!-F$,+!%-/,!5F!#I&$,+4.-3!23-+40/!B5D4?!
%-04.*!aD,+I$#40/!4&!5+/-04Y,?!$5!40.+,-&,!%-04.!-0?!-0S4,$IO!05$!$5!.-3>!%,5%3,!?5)0!
F5+!+-$450-3!.50&4?,+-$450&*!!
!
W&!e!&$-$,?!-25D,'!2$)!RNF!,)A)*!)<=)*'),4)+!(94$!4*.3+)+!$.(='&%0(!3'&$!=).=0)!
+*.==',-!+)%+!',!&$)!(&*))&6!!S.;.+8!3%(!;9*8',-!&$)'*!,)'-$;.*(!)'&$)*:!,.!&*94?(!(0.308!
5.A',-!&$*.9-$!&$)!(&*))&(!4%00',-!&.!";*',-!.9&!8.9*!+)%+":!)A),!%(!5%T.*!5)+'%!%,+!
-.A)*,5),&!")<=)*&("!/%,,)+!&$)!/0%5)(!./!$8(&)*'%!%(!'/!&$'(!3%(!(94$!%!('&9%&'.,6!!!
!
b5)!.-0!$#,!-D,+-/,!%,+&50!,.&!2,!?,,%3I!F+4/#$,0,?!2I!$#,&,!4++-$450-3!-0?!
100,.,&&-+I!?4&%3-I&!5F!.1>13-$4D,!$5$-3!01>2,+&!&40.,!G-01-+I!<:<:O!/540/!1%O!N%!-0?!
NVO!+-$#,+!$#-0!$#,!-.$1-3!!35),+40/!$+,0?&O!-&!eRD,!%+,&,0$,?!$#,>*!e0!<:<"!$#,I!
.50$401,!)4$#!-??40/!0,)!B5D4?M"P!01>2,+&!40$5!$#5&,!5F!<:<:O!)4$#!.3-4>,?!Z0,)!
&$+-40&Z!5+!D-+4-0$&!5F!B5D4?M"P*!!A5+,!%-04.M%5+0*!!b5)!.-0!5+?40-+I!%,5%3,!05$!
2,34,D,!$#-$!$#,4+!D,+I!34D,&!-0?!$#5&,!5F!$#,4+!.#43?+,0!-+,!40!&,D,+,!?-0/,+O!103,&&!$#,I!
35.T!?5)0!-0?!&#,3$,+!-$!#5>,O!)4$#!F5+.,?!>-&T40/O!,$.*O!,&%,.4-33I!4F!$#-$R&!-33!$#,I!
#,-+!5+!&,,i!W0?!$#-$!2+40/&!1&!$5!$#,!-3-+>40/!%#,05>,050!5F!#5)!>-40&$+,->!0,)&O!
>,?4-!-0?!40$,+0,$!#-D,!.50&%4+,?!$5!.,0&5+!-0?!%,+&50-33I!?,&$+5I!2I!&3-0?,+O!$#,!
D54.,&!5F!40?,%,0?,0$!&.4,0$4&$&!-0?!?5.$5+&!)#5!5%%5&,!$#,!35.T?5)0&!-0?!F5+.,?!
>-&T40/*!!Q#,!>-&&4D,!.,0&5+&#4%!,S,+$,?!$5?-I!2I!>-40&$+,->!>,?4-O!-0?!2I!$#,!
40$,+0,$!2433450-4+,&!+10040/!K55/3,O!f-.,255TO!Q)4$$,+O!d51Q12,!-0?!$#,!34T,O!&1//,&$&!
-!?,342,+-$,!.5D,+M1%!5F!-33!$#,!F-.$&!$#-$!+10!.510$,+!$5!&1.#!%-04.M&$+4.T,0!5FF4.4-3!
%+50510.,>,0$&*!Q#,!$+1,!/5-3!-%%,-+&!$5!2,O!&.!)*%()!%,8!=9;0'408@9&&)*)+!.=','.,!
4.,&*%*8!&.!&$)!#KU!.*!CGC!/)%*@=.*,:!(.!&$%&!.*+',%*8!=).=0)!3.,Y&!$)%*!594$!./!
%,8&$',-!;)8.,+!3$%&!&$)!,)3!X)+'4%0!B.0'4)!N&%&):!.*!B$%*5%4)9&'4%0!W'-!W*.&$)*:!'(!
&)00',-!&$)56!!
!
E1.#!-3-+>4&$!+,%5+$40/!-3&5!%-+-33,3&!-!$+,0?!)#,+,!$#,!>5&$3I!$#,!40-..1+-$,!3-2M$,&$!
.-&,!01>2,+&!F5+!-+,!2,40/!+,%5+$,?O!-/-40!-0?!-/-40!2I!/+4>MF-.,?!>,?4-!&$-+&O!-&!
Z#4/#,+!$#-0!-0I!%+45+!I,-+}}Z!-&!4F!$#5&,!%,+&50&!),+,!-3+,-?I!?,-?O!5+!)433!&550!2,!
?,-?!2,.-1&,!5F!B5D4?M"P*!!ZB-&,&}!B-&,&}}!B-&,&}}}Z!
!
W&!05$,?!-25D,O!&1.#!#I&$,+4-!.-1&,&!-??4$450-3!?,-$#&!?1,!$5!$#,!F,-+O!%-04.O!
35.T?5)0&!-0?!,.505>4.!?,D-&$-$450!$#-$!F5335)&O!-&!2I!$#,!>-0I!F-.$5+&!-3+,-?I!34&$,?!
-25D,!40!-!?,%+,&&40/!34$-0I*!Q#,&,!F-.$5+&!-350,!-%%,-+!$5!2,!$#,!.-1&,!5F!$#,!#4/#!
<:<:!?,-$#!01>2,+&O!-&!eRD,!-3+,-?I!&$-$,?*!!W0?!#5)!>-0I!5F!$#,>!-+,!>4&M4?,0$4F4,?!
-&!Z?,-$#&!?1,!$5!B5D4?M"PZi!!e0?4+,.$3I!$#,I!-33!-+,O!?1,!$5!C.A'+!$8(&)*'%*!
!
A-0I!%+5F,&&450-3&!#-D,!&$,%%,?!F5+)-+?!$5!.#-33,0/,!$#,!.3-4>&!5F!$#,!B5D4?M"P!
Z%-0?,>4.Z!H!-&!40!$#,!$,0&!5F!$#51&-0?&!5F!2+-D,!%#I&4.4-0&!-0?!5$#,+!%1234.!#,-3$#!
&.4,0$4&$&!)#5!&4/0,?!$#,!g*)%&!W%**',-&.,!G)40%*%&'.,O!#$$%&'((/2?,.3-+-$450*5+/O!5+!
$#,!>,>2,+&!5F!$#,!F5)*'4%Y(!7*.,&@P',)!G.4&.*(!/+51%*!
#$$%&'(()))*->,+4.-&F+50$340,?5.$5+&*.5>!!W05$#,+!/+51%!.#-33,0/40/!$#,!>-&&4D,!
35.T?5)0!$,++5+4&>O!-0?!$#,!25/1&!.3-4>!$#-$!Z503I!-!D-..40,!)433!&-D,!1&Z!4&!3,?!2I!
C52,+$!f*!t,00,?I!G+*O!$#,!C$'0+*),Y(!K)%0&$!G)/),()*!#$$%'((.#43?+,0&#,-3$#?,F,0&,*5+/!!!

!
79!
W!>5+,!.5>%+,#,0&4D,!34&$!5F!$#,&,!-0?!5$#,+!5+/-04Y-$450&!4&!/4D,0!50!$#,!3-&$!%-/,*!
!
Wmm!5F!$#,&,!/+51%&O!-0?!>-0I!5$#,+&O!-+,!+,&$+4.$,?!5+!,+-&,?!F+5>!f-.,255TO!Q)4$$,+O!
d51Q12,O!,$.*O!$#,4+!D54.,&!/,0,+-33I!>1YY3,?!-&!40!-!$5$-34$-+4-0!&$-$,*!Q#,&,!?4&&,0$40/!
%#I&4.4-0&O!&.4,0$4&$&!-0?!5$#,+&!$-T,!-!/+,-$!+4&T!5F!2,40/!%1234.3I!&3-0?,+,?O!5+!$5!35&,!
$#,4+!>,?4.-3!34.,0&,&O!)4$#!),2&4$,&!.,0&5+,?O!,D,0!-&!$#,!>-=5+4$I!5F!%+5F,&&450-3&!
#-D,!2,,0!$#+,-$,0,?!$5!-..,%$!$#,!&$-$1&!]15!5D,+!$#,!#,-3$#!-0?!),33M2,40/!5F!$#,4+!
%-$4,0$&*!W0?!>5&$!5F!$#,!#,-3$#!%+5F,&&450-3&!-0?!&.4,0$4&$&!-$!$#,!$5%!3,D,3&!5F!
104D,+&4$4,&O!40&$4$1$450-34Y,?!>,?4.40,!-0?!/5D,+0>,0$!-+,!?5123I!.5>%34.4$*!Q#,I!
#-D,!+,>-40,?!$50,M?,-F!5+!&43,0$O!,D,0!)#43,!$#,4+!)+50/M#,-?,?!.50.31&450&!/4D,!
34.,0&,!-0?!->>104$450!$5!&5.4-33I!?,&$+1.$4D,!%534$4.4-0&O!)#5!2-+T!51$!-0$4M
.50&$4$1$450-3!Z?4.$-$,&Z!F5+!0,D,+M,0?40/!35.T?5)0&O!$5)-+?&!F5+>-$450!5F!-!34$,+-3!
A,?4.-3!V534.,!E$-$,*!!
!
\#,+,!?5,&!4$!,0?i!!
!
Q#,!?-$-!40.50/+14$4,&!%+,&,0$,?!40!$#4&!%-%,+!&1//,&$!-!]14$,!35/4.-3!,S%3-0-$450O!
#5),D,+!10&,$$340/'!2$)!5)+'4%0!=*./)(('.,:!$.(='&%0(!%,+!&$)!#KU!%,+!CGC!$%A)!;)),!
',%==*.=*'%&)08!($'/&',-!.*!+9=0'4%&',-!+)%&$(!/*.5!.&$)*!4%9()(!',&.!&$)!C.A'+@LO!
4%&)-.*86!2$)()!($'/&)+!+)%&$!,95;)*(!%==)%*!&.!',409+)!&$.()!+8',-!./!;)&&)*@?,.3,!
*)(='*%&.*8!+'(.*+)*(!a!CUBG:!',/09),[%:!=,)95.,'%:!%(&$5%:!)5=$8()5%:!09,-@4%,4)*(:!
4.,-)(&'A)!$)%*&!/%'09*):!+'%;)&)(!%,+!.&$)*!+'()%()(!%,+!+'(.*+)*(6!2$)!=%&$.0.-8!'(!
)<%4)*;%&)+!;8!.;)('&8!%,+!.&$)*!+')&%*8!%,+!),A'*.,5),&%0!/%4&.*(6!!W0?!-33!$#,&,!
?4&,-&,&!-0?!?4&5+?,+&!-+,!40.+,-&,?!?1+40/!-001-3!.I.3,&!5F!F+4/4?!-0?!>54&$!
)40$,+$4>,!),-$#,+O!)#4.#!-+,!.3,-+3I!&,,0!40!$#,!B5D4?M"P!?,-$#!?-$-*!
"
"
9$.H)+A="%3"L+4%'()"0%(;3.=%=E"(34"2BOO$+==%.3"./"0%==+3&"
!
Q#,!>,?4.-3!%+5F,&&450!#-&!-!350/!#4&$5+I!5F!&1%%+,&&40/!>,>2,+&!5F!4$&!5)0!
%+5F,&&450!)#,0!$#,I!&$+-I!F+5>!.50&,0&1&!4?,-&*!Q#4&!2,.5>,&!?,-?3I!)#,0!
.50.,-3>,0$!5F!>,?4.-3!2310?,+&!#-&!$-T,0!%3-.,*!e0!$#,!>4?!"8::&O!e/0-$Y!
E,>>,3),4&&!?4&.5D,+,?!$#,!.-1&,!5F!.#43?2,?!F,D,+!40!$#,!?5.$5+R&!5)0!?4+$I!#-0?&O!-&!
$#,I!),0$!F+5>!?4&,-&,M+4??,0!)-+?&!5+!$#,!-1$5%&I!+55>O!?4+,.$3I!$5!/4D40/!%,3D4.!
,S->&!$5!%+,/0-0$!-0?!3-25+40/!)5>,0*!Q#51&-0?&!5F!)5>,0!-0?!40F-0$&!%,+4&#,?*!
E,>>,3),4&&!52&,+D,?!$#4&!#-%%,040/O!-0?!?,>-0?,?!$#,!%#I&4.4-0&!10?,+!#4&!
?4+,.$450!)-&#!$#,4+!#-0?&!)4$#!.#35+4?,!5F!34>,O!$5!%+,D,0$!40F,.$451&!/,+>&!F+5>!
2,40/!.-++4,?!40$5!$#,!%+,/0-0$!)5>,0R&!)-+?&*!LI!$#4&!&4>%3,!&$,%O!.#43?2,?!F,D,+O!5+!
%1,+%,+-3!F,D,+O!)-&!,D,0$1-33I!,0?,?*!f5+!#4&!?4&.5D,+IO!E,>>,3),4&&!)-&!D4.451&3I!
-$$-.T,?!-0?!&3-0?,+,?O!F4+,?!F+5>!50,!#5&%4$-3!%5&$!$5!-05$#,+O!-0?!,D,0$1-33I!)-&!
35.T,?!1%!40!-0!-&I31>!2I!-!.50&%4+-.I!5F!#4&!%,,+&*!e0!$#-$!.-&,O!4$!)-&!$#,!>,?4.-3!
%+5F,&&450R&!?,04-3!5F!$#,!/,+>!$#,5+I!5F!?4&,-&,O!-0?!5F!?,-?3I!,++5+&O!)#4.#!3,?!$5!
>-&&4D,!?,-$#&!5F!)5>,0*!!
!
W05$#,+!5FF4.4-3!>,?4.-3!#5++5+!&#5)!5..1++,?!?1+40/!$#,!<:$#!B,0$1+IO!40!c-Y4!
K,+>-0I*!e$!)-&!>,?4.-3!?5.$5+&!)#5!5+/-04Y,?!$5!&,$!1%!$#,!F4+&$!,1$#-0-&4-!
Z#5&%4$-3&Z!5F!$#,!c-Y4!Q#4+?!C,4.#O!)#,+,!?,F5+>,?!-0?!+,$-+?,?!.#43?+,0!),+,!->50/!
$#,!F4+&$!$5!2,!,S$,+>40-$,?O!$#,+,-F$,+!F5335),?!2I!$#,!?4&-23,?!,3?,+3I!-0?!.+4>40-3&!40!

!
7;!
%+4&50!.->%&!H!$#,!Z1&,3,&&!,-$,+&Z!H!-0?!F40-33I!%534$4.-3!%+4&50,+&!-0?!Z10.3,-0O!
?4&,-&,M40F,&$,?!-0?!/,0,$4.-33I!10F4$!10?,&4+-23,&OZ!-!.1+&,!#1+3,?!1%50!G,)&O!KI%&4,&O!
E3-D&O!E,+2&!-0?!5$#,+&*!Q#,I!),+,!+510?,?!1%!2I!EE!$+55%&O!21$!,S->40,?!-0?!
&,/+,/-$,?!-&!$5!)#5!)513?!34D,O!-0?!)#5!)513?!?4,O!2I!)#4$,M.5-$,?!>,?4.-3!?5.$5+&*!
Q#,!>,?4.-3!?5.$5+&!-3&5!%,+F,.$,?!$#,!,S$,+>40-$450!>,$#5?&O!-0?!-3&5!%,+F5+>,?!
#5++423,!>,?4.-3!,S%,+4>,0$&!50!%+4&50,+&O!40.31?40/!.#43?+,0*!!Q#,I!%,+F,.$,?!$#,!1&,!
5F!nIT350ML!%54&50!/-&O!-0?!>504$5+,?!?,-$#M.->%!/1-+?&!$5!),,?!51$!$#5&,!Z$55!&5F$Z!
$5!10?,+$-T,!$#,!$-&T&!?,>-0?,?!5F!$#,>*!!A,?4.-3!&$1?,0$&!),+,!&,0$!$5!$#,!?,-$#!
.->%&!-3&5O!$5!Z52&,+D,Z!-0?!Z3,-+0*Z!!L1$!>5&$!5F!$#-$!1/3I!/,05.4?-3!#4&$5+I!5F!
+,3-$4D,3I!+,.,0$!>5?,+0!>,?4.40,!4&0R$!$-1/#$!-0I>5+,O!4&0R$!&%5T,0!-251$!40!%534$,!
.5>%-0IO!4&0R$!40!$#,!$,S$255T&*!m4T,!$#,!.50$+-+I!,D4?,0.,!10?,+>4040/!B5D4?M"P!
$#,5+IO!4$!4&!-33!.,0&5+,?!51$*!!^E,,!b,0+I!f+4,?3-0?,+R&!),33M+,F,+,0.,?!-0?!&#5.T40/!
255T!ZQ#,![+4/40&!5F!c-Y4!K,05.4?,'!f+5>!a1$#-0-&4-!$5!$#,!f40-3!E531$450*Z`!
!
E4>43-+!2-+2-+4&>&!),+,!10?,+$-T,0!40!\\<!2I!e>%,+4-3!G-%-0,&,!>,?4.-3!,S%,+$&O!
1&40/!050MW&4-0!.4D434-0&!-0?!)-+!%+4&50,+&!F5+!#5++423,!>,?4.-3!,S%,+4>,0$&O!$,&$40/!
23-.T!%3-/1,!/,+>&!-0?!5$#,+!24535/4.-3!),-%50&!50!$#,>*!!
!
Q5?-IO!-F$,+!F4+&$3I!+,=,.$40/!$#,!4?,-O!>5?,+0!>,?4.40,!-..,%$&!$#,!,S4&$,0.,!5F!
40F,.$451&!>4.+52,&O!21$!-??4$450-3!>,?4.-3!?4&-&$,+&!#-D,!$-T,0!%3-.,!2I!&$+,$.#40/!$#,!
/,+>!$#,5+I!2,I50?!-33!+-$450-3!34>4$&*!!
!
E5M.-33,?!Z#4?40/Z!5+!Z&35)!D4+1&,&Z!-+,!-!.-&,!40!%540$*!Q#,&,!),+,!%+5%5&,?!-&!?4&,-&,!
>,.#-04&>&!&$-+$40/!40!$#,!"P8:&O!)4$#!$#,!W.]14+,?!e>>10,!@,F4.4,0.I!EI0?+5>,!
^We@E`O!)#,0!%#I&4.4-0&!4/05+,?!$#,!5+4/40-3!ZW.]14+,?Z!.5>%50,0$!-0?!,>2+-.,?!-!
D4+-3!.-1&-$450!,D,0!)#,0!4$!.513?!05$!2,!?,F404$4D,3I!4&53-$,?!5+!%+5D,0*!Q#,!Z40F,.$451&!
beXZ!$#,5+I!&%+,-?!%-04.O!.3-4>40/!$#-$!)#43,!I51!/5$!40F,.$,?!$5?-IO!&I>%$5>&!F5+!
We@E!)513?!05$!-%%,-+!F5+!":!I,-+&!5+!>5+,*!W0?!)#,0!I51!?4?!/,$!&4.TO!$#,!&I>%$5>&!
4>4$-$,?!5D,+!;:!?4FF,+,0$!Z40?4.-$5+!?4&,-&,&Z!H!-&!40!$5?-IR&!Z.5>5+24?4$4,&Z*!!VBC!
$,&$&!),+,!?,D,35%,?!F5+!beXO!)#4.#!),+,!05!>5+,!-..1+-$,!$#-0!$#,!>5?,+0!VBC!$,&$&!
-+,!F5+!B5D4?M"P*!B+4$4.&!5F!$#,!&35)M#4?40/!D4+1&!$#,5+IO!&1.#!-&!$5%!D4+535/4&$!V,$,+!
@1,&2,+/O!),+,!-$$-.T,?!-0?!4&53-$,?*!@1,&2,+/!-0?!5$#,+&!),+,!&12=,.$,?!$5!
.,0&5+&#4%!5F!$#,4+!-+$4.3,&!40!&.4,0$4F4.!%1234.-$450&O!-0?!%104&#,?!5+!Z),,?,?M51$Z!40!
$#,!104D,+&4$4,&!5+!>,?4.-3!40&$4$1$450&*!A-0I!5$#,+&!2,.->,!.+4$4.-3!5F!&%,.13-$4D,!
Z40F,.$451&!beXZ!$#,5+IO!-33!5F!)#5>!),+,!-$$-.T,?!-0?!.,0&5+,?O!-0?!D434F4,?!40!$#,!
>-40&$+,->!>,?4-!-&!ZWe@E!?,04,+&ZO!)4$#!5%,0!.-33&!2I!beX!Z,S%,+$&Z!$5!#-D,!$#,>!
4>%+4&50,?!$5!&#1$!$#,>!1%*!!Q#-$R&!&4>43-+!$5!$5?-IO!)#,+,!$#,!>-&&4D,!.,0&5+&#4%!5F!
D-..40,!.+4$4.&!-0?!B5D4?M"P!.+4$4.&!-+,!2,40/!?,>504Y,?O!)4$#!&4>43-+!.-33&!F5+!
4>%+4&50>,0$*!!Q5?-IO!?1,!$5!>-&&4D,!.,0&5+&#4%!-0?!.5D,+M1%!5F!>,?4.-3!,++5+&!-0?!
$5S4.!%#-+>-.,1$4.-3&!&1.#!-&!-Y4?5$#I>4?40,!^WnQ`O!$#-$!T433,?!10T05)0!$#51&-0?&!5F!
%,5%3,!40!$#,!We@E!I,-+&O!>-=5+!5%,0!]1,&$450&!%,+&4&$!-251$!$#,!3,/4$4>-.I!5F!$#,!
40F,.$451&!beX!$#,5+I*!f,)!$5?-I!,D,0!T05)!-251$!$#,!beX!.50$+5D,+&4,&!?1,!$5!
%,+&4&$40/!.,0&5+&#4%*!!
!
L,I50?!$#,!25/1&!>,$#5?&!5F!,S.,&&4D,!.I.340/!5F!VBC!>,$#5?&!I4,3?40/!>-0I!F-3&,!
%5&4$4D,&O!-&!?4&.1&&,?!-25D,O!4$!-%%,-+&!.,+$-40!$#-$!?4-/05&,&!5F!B5D4?M"P!#-D,!$#,!
&->,!%+523,>&!5F!3-.T!5F!?5.1>,0$-$450O!4&53-$450!%+55F&!-0?!.3,-+!.-1&-34$I!-&!
5..1++,?!%+,D451&3I!)4$#!+,&%,.$!$5!We@E*!!

!
7g!
B5D4?M"P!.-&,&!-0?!?,-$#&!-+,!.50D,0$450-33I!-$$+421$,?!$5!-0!40F,.$451&!D4+1&!EWCEM
B5XM<O!21$!-+,!>5+,!,-&43I!10?,+&$55?!-&!?1,!$5!?4-/05&,&!)#4.#!-+,!4.,/9()+!;8!&$)!
(85=&.5(!./!',/09),[%:!=,)95.,'%:!4.,-)(&'A)!$)%*&!+'()%():!%,+!.&$)*!5%0%+')(!&$%&!%*)!
3.*(),)+!+9*',-!3',&)*&'5)!)=.4$(!./!4.0+!&)5=)*%&9*)(!%,+!5.'(&9*)6!L,I50?!)40$,+!
.#433&O!5$#,+!.34>-$,!F-.$5+&!-+,!-$!)5+T!?+4D40/!1%!40F31,0Y-!-0?!%0,1>504-O!-&!40!e0?4-!
5+!L+-Y43O!#5$M#1>4?!+,/450&!)#,+,!40.,&&-0$!+-40!-0?!F355?40/!?1+40/!&1>>,+$4>,!
>50&550&!-FF,.$&!3-+/,!$+5%4.-3!%5%13-$450&*![+!-!F,)!?+I!?1&$I!5+!%533,0M+4.#!
-$>5&%#,+,&O!$+4//,+40/!-??4$450-3!+,&%4+-$5+I!?4&$+,&&*!N0?,+!-33!$#5&,!.50?4$450&O!310/!
-0?!#,-+$!F10.$450&!5F!,3?,+3I!%,5%3,!)4$#!5$#,+!,S4&$40/!?4&,-&,&!-0?!?4&5+?,+&O!-+,!
,S-.,+2-$,?*!N94$!*)(='*%&.*8!4.,+'&'.,(!3)*):!=*'.*!&.!C.A'+@LO:!+'%-,.()+!%44.*+',-!&.!
=*)(),&',-!(85=&.5(6!Q5?-IO!#5),D,+O!245.#,>4.-3!VBC!-0?!-0$4/,0!$,&$&!-+,!/,0,+-33I!
$#,!?4-/05&$4.!%+5.,?1+,!5F!.#54.,*!!V,5%3,!/,$!$,&$,?O!-0?!4F!%5&4$4D,O!$#,!>5?,+0!
%#I&4.4-0!Z$+,-$&!$#,!$,&$ZO!05$!$#,!#1>-0!2,40/*!!
!
aD,0!2,F5+,!VBC!$,&$&O!>,?4.-3!,++5+&!?,D,35%,?!)#,0!.,+$-40!?4&,-&,&!),+,!
%+,>-$1+,3I!-$$+421$,?!$5!40F,.$451&!>4.+52,&*![0,!,S->%3,!)-&!$#,!%,33-/+-!,%4?,>4.!
40!$#,!NEWO!-0?!-05$#,+O!$#,!EA[c!,%4?,>4.!%+4>-+43I!40!G-%-0*!V#I&4.4-0&!-&&1>,?!
$#,&,!),+,!40F,.$451&!?4&5+?,+&!/4D,0!#5)!$#,I!5..1++,?!->50/!/+51%&!5F!%,5%3,!40!
.35&,!%+5S4>4$IO!-&!40!F->434,&!5+!5$#,+!%5%13-$450!/+51%&O!21$!)4$#51$!]1,&$45040/!$#,!
10%+5D,0O!?5/>-$4.-33IM2,34,D,?!2-&4.!-&&1>%$450&!-251$!$#5&,!?4&,-&,&*!!
!
V,33-/+-!4&!.#-+-.$,+4Y,?!2I!F-$4/1,O!?4-++#,-O!?,+>-$4$4&O!5%,0!&5+,&!-0?!?,>,0$4-O!
.13>40-$40/!40!?,-$#*!e$!-FF34.$,?!F->434,&!-0?!%5%13-$450&!40!$#,!+1+-3!NE!E51$#,+0!
&$-$,&*!E$-+$40/!40!$#,!,-+3I!"P::&!-0?!+10040/!40$5!$#,!"P7:&O!&5>,!6!>433450!%,5%3,!
),+,!-FF34.$,?O!)4$#!5D,+!"::O:::!?,-$#&*!f5+!+,-&50&!5F!.35&,!%+5S4>4$I!4$!)-&!-&&1>,?!
$5!2,!-0!40F,.$451&!?4&5+?,+O!.-1&,?!2I!-0!-&MI,$!10?,F40,?!>4.+52,*!ZV,33-/+4$,&Z!),+,!
F+,]1,0$3I!&#100,?O!-0?!?1,!$5!?,>,0$4-!),+,!%3-.,?!40!350/M$,+>!>,0$-3!#5&%4$-3&*!
V,33-/+-!)-&!,D,0$1-33I!F510?!$5!2,!.-1&,?!2I!%55+!?4,$&!3-.T40/!40!X4$->40!L6!^04-.40`!
-0?!$+I%$5%#-0O!-&!4&!$I%4.-3!5F!.5+0M2-&,?!?4,$&!40!%5D,+$I!+,/450&!)4$#!35)!?4,$-+I!
>43TO!F+,&#!F+14$&!-0?!D,/,$-23,&*!V#I&4.4-0!G5&,%#!K53?2,+/,+!>-?,!$#-$!?4&.5D,+I!40!
"P"9O!-F$,+!2+40/40/!%,33-/+-!%-$4,0$&!2-.T!$5!#,-3$#!2I!?4,$-+I!.#-0/,&!-0?!
&1%%3,>,0$-$450*!b,!-3&5!%+5D,?!%,33-/+-!.513?!05$!2,!40F,.$451&3I!$+-0&>4$$,?!2I!
?,342,+-$,!40=,.$450!,S%,+4>,0$&*!A-0I!I,-+&!%-&&,?O!)4$#!-??4$450-3!?,-$#&O!2,F5+,!#4&!
F40?40/&!),+,!)4?,3I!-..,%$,?*!!
!
EA[c!?4&,-&,!^E12-.1$,!AI,35M[%$4.5Mc,1+5%-$#I`!#-?!-!&4>43-+!21$!&#5+$,+!,%5.#O!
-%%,-+40/!-&!-!$51+4&$!?4&5+?,+!%+4>-+43I!40!G-%-0!F+5>!"P99!$#+51/#!"Pg:*!e$!)-&!
.#-+-.$,+4Y,?!2I!40.+,-&40/!?4-++#,-O!),4/#$!35&&O!?4&-2340/!%-+-3I&4&O!2340?0,&&!-0?!
?,-$#*!W+510?!"::O:::!EA[c!?,-$#&!5..1++,?!40!G-%-0O!)4$#!>5+,!-+510?!$#,!)5+3?O!
2,40/!-$$+421$,?!$5!-0!10T05)0!40F,.$451&!D4+1&*!EA[c!)-&!3-$,+!4?,0$4F4,?!-&!$#,!&4?,M
,FF,.$&!5F!$#,!-210?-0$3IM%+,&.+42,?!-0$4M?4-++#,-!>,?4.40,!40'.>9',.0*![0.,!.345]14053!
)-&!2-00,?!-0?!4$&!>-01F-.$1+,+!B42-MK,4/I!-2-0?50,?!4$&!%+5?1.$450!40!"P89O!EA[c!
?4&,-&,!?4&-%%,-+,?!/352-33I*!EA[c!)-&!F4+&$!4?,0$4F4,?!-&!-0!4-$+5/,04.!?4&5+?,+!2I!
%#I&4.4-0![33,!b-0&&50!5F!c5+)-IO!)#5!.->%-4/0,?!-/-40&$!.345]14053O!>,,$40/!&$4FF!
5%%5&4$450!F+5>!.50D,0$450-3!>,?4.40,*!Q#,!.-&,!5F!EA[c!05$!503I!?1%34.-$,?!$#,!
%+523,>!5F!-!$55M]14.T!-$$+421$450!5F!-!?,-?3I!?4&,-&,!$5!-!>4.+52,O!21$!-3&5!4/05+,?!
>5+,!52D451&!&4/0&!5F!$5S4.!+,-.$450&!$5!$#,!%#I&4.4-0R&!F-D5+,?!Z>,?4.40,Z*!!
!

!
78!
Q#,!&T,%$4.4&>!-/-40&$!K53?2,+/,+R&!-0?!b-0&&50R&!F40?40/&O!-0?!$#,!%,+&50-3!
5%%5&4$450!$#,I!),+,!/+,,$,?!)4$#O!4&!+,%,-$,?!$5?-I!40!-!F-+!)5+&,!>-00,+!2I!#4/#3I!
5+/-04Y,?!%#-+>-.,1$4.-33IM5+4,0$,?!>,?4.40,O!40!$#,!D434F4.-$450O!.,0&5+40/!-0?!
&43,0.40/!5F!%#I&4.4-0&!-0?!&.4,0$4&$&!)#5!?-+,!.#-33,0/,!$#,!/5D,+0>,0$M2-.T,?!
Z5FF4.4-3!$+1$#Z!-251$!B5D4?M"P*!E5>,!%534$4.-3!$5$-34$-+4-0&!-+,!$5?-I!-3+,-?I!-?D5.-$40/!
?,$,0$450!.->%&!F5+!B5D4?M"P!35.T?5)0!?4&&,0$,+&O!F5+!$#5&,!)#5!+,F1&,!$5!2,!
D-..40-$,?O!5+!)#5!-+,!Z?4&52,?4,0$Z!$5!>,?4.-3!-1$#5+4$I*!E4>43-+!?,>-0?&!$5!35.T!
%,5%3,!1%!),+,!#,-+?!?1+40/!$#,!We@E!I,-+&O!$5!&43,0.,!.+4$4.&!5F!$#,!.50D,0$450-3!
Z40F,.$451&!beXZ!$#,5+I!5F!We@E*!Q#,I!),+,!.-33,?!ZWe@E!@,04,+&ZO!=1&$!-&!$5?-I!$#,!$,+>!
ZB5D4?!@,04,+&Z!#-&!2,.5>,!-!%5%13-+!.1+&,O!$5!?,>504Y,!+-$450-3!.+4$4.&!-&!2,40/!,]1-3!
$5!0,5Mc-Y4!b535.-1&$!?,04,+&*!!
!
Q5?-I!$#,!D4+535/4&$&R!2310?,+40/!,++5+&!-+,!.5>%510?,?!2I!$#,!>,?4.-3!%+5F,&&450O!$5!
25$#!%+,&.+42,!/,0,+-33I!40,FF,.$4D,!21$!$5S4.!-0?!,S%,0&4D,!>,?4.40,&!-/-40&$!B5D4?M
"PO!5+!$#,!40F31,0Y-!-0?!%0,1>504-!)#4.#!?,F40,&!4$O!)#43,!-$!$#,!&->,!$4>,!)5+T40/!$5!
?,0I!-0?!>-T,!433,/-3!,FF,.$4D,!-0?!40,S%,0&4D,!51$M5FM%-$,0$!>,?4.40,&*!
!
!
[(33+4"(34"2)(34+$+4E"HB&"W//+'&%,+"*+A+4%+="
!
aS->%3,&!5F!$#,!2-00,?!>,?4.40,&!40.31?,!#I?+5SI.#35+5]140,O!-0!-0$4M>-3-+4-!-0?!
-0$4M31%1&!?+1/!)4?,3I!-D-43-23,!40!>-0I!%-+$&!5F!$#,!)5+3?O!05$-23I!40!WF+4.-O!)#,+,!4$!
.-0!2,!%1+.#-&,?!5D,+!$#,!.510$,+*!e$!4&!-0!,FF,.$4D,!+,>,?I!F5+!B5D4?M"P!&I>%$5>&!-&!
),33*!#$$%&'((--%&50340,*5+/(#.]MP:M%,+.,0$M.#-0.,(!
#$$%&'((?+4D,*/55/3,*.5>(F43,(?(");%hb]C•B+\:h)dctg>hY%ym2LXd.DXN(D4,)!!!!
!
W05$#,+!+,>,?I!4&!#4/#M?5&,!D4$->40!B!$#,+-%IO!F4+&$3I!-?D5.-$,?!2I!c52,3MV+4Y,!
)400,+!m401&!V-1340/!40!$#,!"P8:&O!21$!&,D,+,3I!-$$-.T,?!2I!W>,+4.-0!>,?4.40,!/4D,0!
4$&!2,$$,+!,FF4.-.I!-/-40&$!.53?&O!40F31,0Y-O!-0?!.-0.,+!$#-0!.50D,0$450-3!
%#-+>-.,1$4.-3&*!A-0I!%#I&4.4-0&!1&,!4$!$5?-I!F5+!310/M?4&$+,&&,?!%-$4,0$&O!-&!-0!eXM
?+4%!5F!<:!$5!7:!/+->&!%,+!?-I*!N&1-33I!503I!-!F,)!?-I&!5F!&1.#!$#,+-%I!-+,!0,.,&&-+I!
F5+!&4/04F4.-0$!+,.5D,+I*![0,!.-0!-3&5!#5>,M$+,-$!)4$#!#4/#M?5&,!D4$->40!B!^%5)?,+,?!
.-3.41>!-&.5+2-$,!4&!2,&$`O!?4&&53D,?!40!)-$,+*!
#$$%'((5+$#5>53,.13-+*5+/(+,&51+.,&(5>0&(D";0"<*&#$>3!
!
E4>43-+3IO!#4/#M?5&,!D4$->40!@!$#,+-%I!4&!D,+I!2,0,F4.4-3!-/-40&$!310/M#,-+$!%+523,>&O!
&5>,$#40/!)#4.#!>5?,+0!>,?4.40,!?,%+4D,&!%,5%3,!5F!2I!%+5>5$40/!35.T?5)0!
>-?0,&&!$#-$!T,,%&!%,5%3,!-)-I!F+5>!&1034/#$*!
#$$%&'(()))*-.-?,>4-*,?1(77g"P6"g(B[Xe@h"PhX130,+-2434$Ih-0?hX4$->40h@h@,F4.4
,0.I!!eD,+>,.$40!5+!-Y4$#,+5>I.40!-+,!5$#,+!51$M5FM%-$,0$!,.505>4.-3!>,?4.40,&!
%+5D40/!#,3%!-/-40&$!2+,-$#40/!?4&5+?,+&O!-3&5!&#5)40/!2,0,F4$&!$5!$#5&,!)4$#!-!B5D4?M
"P!?4-/05&4&!)#5!-+,!$+13I!433O!)#,$#,+!4$!4&!F-.$1-33I!40F31,0Y-O!%0,1>504-!5+!&5>,$#40/!
,3&,*!#$$%&'((?5>404.-0$5?-I*.5>(?+(.5D4?M"P(<:<:(:P(<P(?5.$5+&M.1+,M;:::M
%-$4,0$&M)4$#M.5D4?M"PM)4$#M4D,+>,.$40(!!!!!W3&5!$#,!1&,!5F!Y40.!5+!&43D,+M450!
&1%%3,>,0$&!5+!35Y,0/,&O!40!D-+451&!>4S$1+,&!)4$#!$#,!5$#,+!$#40/&!>,0$450,?!-25D,O!
40.31?40/!&1.#!-&!0,2134Y,?!#I?+5/,0!%,+5S4?,!^-!D-%5+!$#-$!4&!2+,-$#,?!40`!.-0!2,!-!
0-$1+-3!+,>,?I!-%%+5-.#!F5+!#5>,!$+,-$>,0$O!-0?!-3$,+0-$4D,!$5!]1,&$450-23,!
#5&%4$-34Y-$450*!!

!
7P!
A-40&$+,->!>,?4-!-0?!>,?4.40,!?,04,&!5+!-D54?&!>,0$450!5F!$#,&,!#5>,M2-&,?!
$+,-$>,0$&!?1,!$5!$#,4+!4?,535/4.-3!-0?!F40-0.4-3!-334-0.,&!)4$#!L4/!V#-+>-(!L45Q,.#O!
)#5!-?D,+$4&,!#,-D43I!40!&.4,0.,!-0?!>,?4.-3!=51+0-3&*!Q#,!>-40&$+,->!>,?4-!/,0,+-33I!
&1%%5+$&!503I!$#,!>5&$!5+$#5?5S!-0?!.50D,0$450-3!5F!$+,-$>,0$&O!>4&M+,%5+$40/!50!-33!
)#-$!e!)+4$,!-25D,*!![0,!>5$4D-$450!2,#40?!$#,!&1%%+,&&450!5F!40,S%,0&4D,!-0?!
,FF,.$4D,!>,?4.40,&!5+!#5>,M+,>,?4,&!4&!$#,!24/!%1&#!F5+!D-..40,&!-/-40&$!B5D4?M"P*!!eF!
I51!#-D,!-0!,FF,.$4D,!>,?4.40,!5+!$#,+-%I!-/-40&$!B5D4?M"PO!)#4.#!4&!$#,!.-&,O!$#,0!
D-..40,&!2,.5>,!100,.,&&-+I*!!!
!
c1>,+51&!,S%,+4>,0$-3!>CcW!>-$,+4-3&O!)#4.#!$,.#04.-33I!-+,!/,0,$4.!$#,+-%IO!05$!
$+1,!D-..40,&O!#-D,!0,D,+$#,3,&&!2,,0!+1&#,?!40$5!%+5?1.$450O!-$!Z)-+%!&%,,?Z!-0?!
)4$#51$!-?,]1-$,!-04>-3!5+!#1>-0!$,&$40/*!!W!%-04.T,?!-0?!>4&3,?!%1234.!$5?-I!340,&!
1%!F5+!$#,>O!,-/,+!F5+!$#,!Z#,-D,0Z!5F!1035.T,?!-0?!>-&TMF+,,!34D40/*!!e$!)-&!-0!,>%$I!
%+5>4&,O!-&!$#,!D-..40-$,?!%1234.!4&!05)!3,-+040/*!!Q#,I!-+,!$53?!$5!.50$401,!>-&T40/O!
.50$401,!)4$#!35.T?5)0&!-0?!&5.4-3!4&53-$450*!!W0?!.3,D,+!>,?4-!%+5%-/-0?-!05)!
23->,&!$#,!Z10D-..40-$,?Z!-&!4F!$#,I!-+,!$5S4.O!/,+>M40F,&$,?!10.3,-0!%,5%3,O!,S-.$3I!$#,!
&->,!%+5%-/-0?-!$#,!c-Y4&!1&,?!$5!?,>504Y,!G,)&O!KI%&4,&O!-0?!5$#,+!Z10$,+>,0&.#Z*!!
\,!05)!#,-+!5F!ZD-..40,!%-&&%5+$&Z!$#-$!)433!&,/+,/-$,!10D-..40-$,?!%,5%3,!40$5!
&,.50?M.3-&&!.4$4Y,0&#4%O!)4$#!-!35&&!5F!+4/#$&!$5!$+-D,3O!-0?!2-0&!F5+!,0$+I!40$5!.50.,+$&O!
&%5+$&!,D,0$&O!-0?!,D,0!40$5!%+4D-$,!21&40,&&,&*!!W33!$#-$R&!0,,?,?!-+,!&)-&$4.-!-+>M
2-0?&!F5+!$#,!Z.3,-0!12,+>,0&.#,Z!D-..40-$,?O!-0?!-!E$-+!5F!@-D4?!2-?/,!F5+!$#,!
10D-..40-$,?*!!b4&$5+I!$,33&!1&!)#-$!)513?!%+5.,,?!F+5>!$#,+,50*!
!
\4$#!-33!&1.#!40.+,?423,!$#40/&!/540/!50O!4$!4&!05!)50?,+!$#-$!3-+/,!%,+.,0$-/,&!5F!
%,5%3,!-+,!+,F1&40/!$5!$-T,!$#,!#4/#3IM%+5%-/-0?4Y,?!D-..40-$450&O!-0?!+,2,3340/!
-/-40&$!$#,!,0$4+,!&$+1.$1+,!5F!$#,!/+5)40/!A,?4.-3!V534.,!E$-$,*!!!
!
"
#M(3;%3;"0+/%3%&%.3="./"("0%=+(=+"#(=+"
!
W05$#,+!4>%5+$-0$!F-.$5+!4&!#5)!$#,!53?,+!>,?4.-3!?,$,+>40-$450&!5F!-!Z?4&,-&,!.-&,Z!
#-D,!2,,0!F-+!>5+,!355&,3I!?,F40,?!$5?-IO!$5!$#,!%540$!5F!&,+451&!-0?!?,-?3I!,++5+*!f5+!
,S->%3,O!-!&4.T!%,+&50!50.,!)-&!&-4?!$5!#-D,!-!4%()!5F!-!?4&,-&,O!&1.#!-&!$12,+.135&4&O!
)#,0!$#,I!#-?!$#,!-.$1-3!-0?!.3,-+3I!4?,0$4F4-23,!&I>%$5>&!5F!$#-$!?4&,-&,*!f5+!QL!4$!4&!
%,+&4&$40/!.51/#!5F$,0!)4$#!2355?O!.#,&$!%-40O!35&&!5F!-%%,$4$,!-0?!),4/#$O!F-$4/1,O!F,D,+O!
.#433&O!04/#$!&),-$&O!-0?!-3&5!)4$#!$#,!QL!2-.$,+41>!%+,&,0$!-$!#4/#!3,D,3&!40!$#,4+!25?I!
F314?&*!Q#-$!4&!$#,!Z53?!F-&#450,?Z!F-.$M?+4D,0!.-&,M?4-/05&4&!-0?!,%4?,>4535/I*!LI!
.50$+-&$O!$5?-I!-!Z.-&,Z!5F!B5D4?M"P!4&!Z?4-/05&,?Z!>,+,3I!2I!1&,!5F!,++5+M%+50,!VBC!5+!
-0$4/,0!245.#,>4.-3!$,&$40/!>,$#5?&*![0,!?5,&!05$!0,,?!$5!#-D,!&I>%$5>&!5F!B5D4?M"P!
$5!2,!4?,0$4F4,?!-&!-!Z.50F4+>,?!.-&,Z!)#,+,!4$!4&!%((95)+:!3'&$.9&!(4'),&'/'4!)A'+),4)!.*!
T9(&'/'4%&'.,:!$#-$!2I!-!%5&4$4D,!245.#,>4.-3!$,&$O!I51!#-D,!34D40/!40F,.$451&!B5D4?M"P!
D4+1&!)4$#40!I51+!&I&$,>!-0?!$#,+,2I!-+,!-$!+4&T!5F!B5D4?M"P!&4.T0,&&O!-0?!5F!40F,.$40/!
5$#,+!%,5%3,*!Z[FF4.4-3Z!&.4,0.,O!>,?4.40,!-0?!%534$4.&!$#,0!%1&#,&!F5+!,D,+M350/,+!
35.T?5)0&!-0?!F5+.,?!>-&T40/O!40!-!0,D,+M,0?40/!&%4+-3!5F!-1$#5+4$-+4-0!?,>-0?&!-0?!
10.50&$4$1$450-3!Z,?4.$&Z*!!
!
!
"

!
9:!
RW,%4+3'+5[(=+4"L+4%'%3+R"D/&+3"@;3.$+="&M+"W,%4+3'+"
!
f40-33I!e!&#513?!>,0$450!$#,!/,0,+-3!-2-0?50>,0$!2I!>5?,+0!D4+535/I!5F!t5.#R&!
V5&$13-$,&!F5+!4?,0$4F4.-$450!5F!-!%-$#5/,0!.-1&40/!-!&%,.4F4.!?4&,-&,*!Q#5&,!%5&$13-$,&!
-+,!&4>43-+!$5!+13,&!5F!,D4?,0.,!1&,?!2I!%534.,!)#,0!$+I40/!$5!&53D,!-!>1+?,+!M!&1.#!-&!
F40/,+%+40$40/O!2-334&$4.&!$,&$40/O!-0?!,I,!)4$0,&&!+,%5+$&*!f5+!>4.+524-3!?4&,-&,&O!$#,I!
40.31?,'!!
!
!"`!Q#,!2-.$,+4-!>1&$!2,!%+,&,0$!40!,D,+I!.-&,!5F!$#,!?4&,-&,*!!
!<`!Q#,!2-.$,+4-!>1&$!2,!4&53-$,?!F+5>!$#,!#5&$!)4$#!$#,!?4&,-&,!-0?!/+5)0!40!
%1+,!.13$1+,*!!
!6`!Q#,!&%,.4F4.!?4&,-&,!>1&$!2,!+,%+5?1.,?!)#,0!-!%1+,!.13$1+,!5F!$#,!2-.$,+4-!
4&!405.13-$,?!40$5!-!#,-3$#I!&1&.,%$423,!#5&$*!!
!7`!Q#,!2-.$,+4-!>1&$!2,!+,.5D,+-23,!F+5>!$#,!,S%,+4>,0$-33I!40F,.$,?!#5&$*!
!
e$,>!01>2,+!<!-25D,!4&!-!&$4.T40/!%540$!F5+!.3-4>,?!D4+-3!?4&5+?,+&O!&1.#!-&!beX!5+!$#,!
b,%-$4$4&!B!D4+1&O!F5+!)#4.#!,0D4+50>,0$-3!5+!34F,&$I3,!F-.$5+&!)4$#40!0-++5)!#4/#M+4&T!
/+51%&!%3-I!$#,!>-=5+!+53,!40!4>>10,M&I&$,>!&$+,&&!-0?!&4.T0,&&*!E%-.,!?5,&!05$!
%,+>4$!-!F133!?4&.1&&450!5F!t5.#R&!V5&$13-$,&!-0?!4$&!/+5)40/!-2-0?50>,0$O!21$!4$!&,,>&!
0,.,&&-+I!$5!%540$!51$!#5)!$#,!.5+50-!D4+1&,&!#-D,!05$!2,,0!4&53-$,?!40!%1+,!.13$1+,&!
2I!)#4.#!$#,4+!%-$#5/,04.4$I!50!3-2!-04>-3&!.513?!2,!4?,0$4F4,?!40!.50?4$450&!F+,,!5F!
5$#,+!F-.$5+&*!W0?!$#-$!),-T,0&!$#,!3-+/,!.3-4>&!5F!$#,!0,)!Z)-+%!&%,,?Z!D-..40,&!
&1%%5&,?3I!2-&,?!1%50!&1.#!D4+1&,&*!aD,0!,S%,+4>,0$-3!405.13-$450&!5F!D5310$,,+&!)4$#!
>1.51&!F+5>!40F31,0Y-!%-$4,0$&!?5!05$!0,.,&&-+43I!.+,-$,!40F31,0Y-!&I>%$5>&!40!
D5310$,,+&*!E1.#!-+,!$#,!T40?&!5F!,D4?,0.,!$#-$!5F$,0!%3-.,&!>5?,+0!>,?4.40,!-$!
35//,+#,-?&!)4$#!,%4?,>4535/IO!24535/I!-0?!5$#,+!&.4,0.,!?4&.4%340,&O!40!?,$,+>4040/!
$#,!$+1,!.-1&,&!5F!?4&,-&,&O!-0?!$#,4+!>5&$!,FF,.$4D,!$+,-$>,0$&*!
!
A5?,+0!>,?4.40,!#-&!-3&5!2,.5>,!40.+,-&40/3I!.,0$+-34Y,?!-0?!/5D,+0>,0$!+,/13-$,?O!
+-+,3I!$5!$#,!2,$$,+>,0$!5F!$#,!%1234.!#,-$#*!K+5)40/!/5D,+0>,0$-3!Z.5>>-0?!-0?!
.50$+53Z!>,-&1+,&O!-&!F510?!40!$#,!Nt!c-$450-3!b,-3$#!E,+D4.,O!$#,!NEW!A,?4.-+,O!-0?!
3-$,+!Z[2->-M.-+,ZO!40.+,-&40/3I!5234$,+-$,?!$#,!40?,%,0?,0$!%#I&4.4-0!-0?!&>-33!.3404.*!
W3&5!$#,!0,)!>,$#5?&!5F!Z$,&$MT4$Z!>,?4.40,!$+-0&F,++,?!>1.#!5F!$+-?4$450-3!?4-/05&4&!
F+5>!$#,!%#I&4.4-0!$5!$#,!3-25+-$5+I!$,.#04.4-0O!)#5&,!%+,&1>,?!&T433&!-0?!3-25+-$5+I!
>-.#40,+I!.50.,-3!-0!-210?-0.,!5F!10&$-$,?!-0?!F+,]1,0$3I!)+50/!-&&1>%$450&*!e$!4&!
05$!>,+,3I!#5)!We@E!-0?!B5D4?M"P!),+,(-+,!Z?4-/05&,?Z!2I!F-13$I!VBC!$,&$&*!f-3&,!
?4-/05&,&!.-0!2,!?,-?3I!)#,0!-!)#4$,M.5-$,?!-1$#5+4$IMF4/1+,!2-&4.-33I!%540$&!-!ZF40/,+!
5F!?55>Z!-$!&4.T!5+!#,-3$#I!%,5%3,O!%5$,0$4-33I!&,0?40/!$#,>!40$5!-0!,>5$450-3!?,-$#M
&%4+-3*!Q#,!.3-4>,?!ZD4+-3!.-1&-$450Z!5F!25$#!We@E!-0?!B5D4?M"P!#-D,!0,D,+!2,,0!%+5D,0!
51$O!-0?!-&!$#4&!%-%,+!&#5)&O!$#,+,!4&!>1.#!)#4.#!),4/#&!-/-40&$!-0I!.3,-+!5+!
10.#-33,0/,?!D4+-3!.-1&,!F5+!B5D4?M"P*!!
!
Q#4&!Z$,&$40/!>-04-Z!4&!-3&5!-!24/!%+523,>!40!$#,!)4?,3I!1&,?!21$!40-..1+-$,!VEW!$,&$!F5+!
%+5&$-$,!.-0.,+O!)#4.#!+,&13$&!40!-!35$!5F!100,.,&&-+I!&1+/,+IO!&5>,$4>,&!3,-D40/!53?,+!
>,0!40.50$40,0$!-0?!40!-!)5+&,!.50?4$450!$#-0!2,F5+,!$#,!&1+/,+I*!K,0,$4.!$,&$&!F5+!
F,>-3,!2+,-&$!.-0.,+!&1&.,%$42434$I!-+,!&4>43-+3I!]1,&$450-23,O!+55$,?!40!10%+5D,0!
/,0,$4.!.-3.131&O!-0?!-3&5!3,-?40/!$5!100,.,&&-+I!&1+/4.-3!>1$43-$450&!H!40!$#,!)5+&$!

!
9"!
.-&,&O!$#,!&5M.-33,?!Z%+,D,0$4D,!>-&$,.$5>4,&Z!)#,+,!05!&I>%$5>&!5F!.-0.,+!-+,!
%+,&,0$O!21$!25$#!2+,-&$&!-+,!->%1$-$,?O!-&!-!2-+2-+4.!Z%+,D,0$4D,ZO!Z=1&$!$5!2,!&-F,Z*!!
!
a0$4+,!255T&!#-D,!2,,0!)+4$$,0!50!$#,&,!&12=,.$&O!50!$#,!5D,+M+,-.#!-0?!?,-?3I!0-$1+,!
5F!.,+$-40!2+-0.#,&!5F!>5?,+0!>,?4.40,*!Q55!5F$,0!$#,!.3-4>&!5F!D4+-3M!-0?!/,0,$4.M
.-1&-$450!5F!?4&,-&,&!$5?-I!2,.5>,!$#,!-2-0?50,?!$#,5+4,&!5F!$5>5++5)O!F5+!)#-$!-+,!
3-$,+!%+5D,0!$5!2,!,0D4+50>,0$-3O!?4,$-+I!5+!,>5$450M?+4D,0!>-3-?4,&*!K,0,$4.&!-0?!
245.#,>4&$+I!#-D,!$#,4+!%3-.,O!-0?!&1..,&&,&O!21$!F-+!$55!>-0I!F-431+,&*!
!
e!)433!,0?!$#4&!&,.$450!2I!&#-+40/!-!B5D4?M"P!-0,.?5$,!5F!-!Z?,-$#!2I!#5&%4$-3Z!)#4.#!
#-%%,0,?!$5!-!35.-3!F+4,0?R&!F-$#,+*!Q#,!,3?,+3I!>-0O!-251$!8:!I,-+&!53?O!?,D,35%,?!-!
.51/#!-0?!F,D,+O!$I%4.-3!5F!40F31,0Y-*!e0!-!%-04.!-251$!B5D4?M"PO!#4&!)4F,!+1&#,?!#4>!2I!
.-+!$5!$#,!#5&%4$-3!,>,+/,0.I!+55>*!N%50!-++4D-3O!$#,!>,?4.-3!&$-FF!.->,!51$!40!F133!#-YM
>-$!/,-+O!-0?!%1$!#4>!50!-!&$+,$.#,+!-0?!$55T!#4>!40&4?,O!)#43,!$#,!)4F,!),0$!-0?!
%-+T,?!$#,!.-+*!W!F,)!>401$,&!3-$,+O!-F$,+!+,$1+040/!$5!$#,!,>,+/,0.I!+55>O!#,+!
#1&2-0?!)-&!05$!$5!2,!&,,0*!E#,!-&T,?!-+510?O!-0?!$#,!-$$,0?40/!I510/!%#I&4.4-0!$53?!
#,+!$#,!>-0!#-?!2,,0!>5D,?!$5!-0!4&53-$450!)-+?*!E#,!)-&!$53?!&#,!.513?!05$!&,,!#4>!
-0I>5+,O!,D,0!$#51/#!#,!)-&!-3,+$!-0?!31.4?!=1&$!-!F,)!>401$,&!,-+34,+O!-0?!#5)!&#,!
#-?!2,,0!40!40$4>-$,!.50$-.$!)4$#!#,+!#1&2-0?!5D,+!?,.-?,&O!40.31?40/!4>>,?4-$,3I!
2,F5+,!#4&!.51/#!-0?!F,D,+!?,D,35%,?*!B50F1&,?O!&#,!),0$!#5>,!-0?!.-33,?!#,+!
+,3-$4D,&O!)#5!.->,!)4$#!#,+!$5!$#,!#5&%4$-3!$#,!0,S$!?-I*!Q#,I!.50F+50$,?!$#,!#,-?!
?5.$5+O!?,>-0?40/!$5!&,,!$#,!53?!>-0O!21$!),+,!-/-40!+,F1&,?*!Zb,!#-&!B5D4?M"P!-0?!4&!
05)!50!-!D,0$43-$5+O!-0?!.-005$!2,!D4&4$,?!5+!>5D,?!-0I>5+,*Z!!Q#,I!),+,!05$!-335),?!
$5!,D,0!&,,!#4>!$#+51/#!-!)40?5)M/3-&&O!-0?!$#,!53?!>-0!)-&!/4D,0!-!0,-+3I!#5%,3,&&!
?4-/05&4&*!Q#,!F->43I!-&T,?!$#,!?5.$5+!$5!$+I!#4/#M?5&,!D4$->40!B!$#,+-%IO!)#4.#!
,34.4$,?!503I!-!0-&$I!.1+3,?M34%!?,010.4-$450!5F!$#-$!4?,-!2I!$#,!4/05+-0$!?5.$5+*!Q#,!
F->43I!)-&!.5),?!-0?!2,-$,0M?5)0!2I!$#,!-++5/-0$O!-1$#5+4$-+4-0!?5.$5+O!-0?!40!>I!
5%40450!$#,I!&#513?!#-D,!.50$-.$,?!-!3-)I,+!)4$#!$#,!?4&%5&4$450!5F!-!=10TMI-+?!?5/O!$5!
$#+,-$,0!$#,!#5&%4$-3!-0?!?5.$5+!)4$#!-!3-)&14$!103,&&!$#,4+!.50.,+0&!),+,!-??+,&&,?*!
e0!-0I!.-&,O!$#,!53?!>-0!?4,?!-!F,)!?-I&!3-$,+O!05$!/4D,0!-0I!T40?!5F!#,3%F13!>,?4.40,*!
b,!)-&!40&$,-?!3,F$!$5!?4,!-350,O!?+1//,?!40$5!&,>4M.50&.451&!%-+-3I&4&!2I!$#,!#5&%4$-3!
&$-FF!$5!T,,%!#4>!F+5>!$+I40/!$5!?4&.500,.$!F+5>!$#,!D,0$43-$5+*!\#-$!-!b,334&#!)-I!$5!
?4,}!!
!
c5)O!$#4&!4&!05$!-0!4&53-$,?!,S->%3,O!eRD,!#,-+?!&4>43-+!-..510$&!F+5>!5$#,+!%,5%3,O!
-350/!)4$#!>5+,!%5&4$4D,!-..510$&!)#,+,!,3?,+3I!%,5%3,!)4$#!&,+451&!40F31,0Y-!
&I>%$5>&!?4?!05$!/5!$5!$#,!#5&%4$-3!-0?!.1+,?!$#,>&,3D,&!)4$#!$#,!+,>,?4,&!e!>,0$450!
-25D,*!Q#4&!4&!)#I!e!+51$40,3I!$,33!%,5%3,O!4F!e!)-&!&4.T!)4$#!-!B5D4?M"P!Z?4-/05&4&Z!5+!
Z$,&$ZO!e!)513?!c[Q!/5!$5!#5&%4$-3&O!,&%,.4-33I!4F!e!#-?!&I>%$5>&!>4++5+40/!-0!5+?40-+I!
.53?!5+!F31*!!eF!-!?,,%M310/!%+523,>!,S4&$,?O!&$-0?-+?!-0$4245$4.&!>4/#$!2,!0,.,&&-+IO!21$!
?50,!40!-0!51$M%-$4,0$!2-&4&*!!K+-0?>-R&!.#4.T,0!&51%!)4$#!%3,0$I!5F!/-+34.O!#4/#!?5&,!
D4$->40&!B!^9M<:!/+->&!?-43I!-&!.-3.41>!-&.5+2-$,!%5),+!40!)-$,+!5+!=14.,`!@!^":O:::!
5+!>5+,!F5+!&5>,!?-I&`O!Y40.!&1%%3,>,0$&!-0?!5$#,+!0-$1+-3!+,>,?4,&!)513?!%+5D4?,!
>,!)4$#!-!>1.#!2,$$,+!.#-0.,!5F!+,.5D,+I*!!W0?!-33!$#-$!%+,&1>,&!e!.513?!05$!/,$!-!
%+,&.+4%$450!F5+!#I?+5SI.#35+5]140,!5+!4D,+>,.$40*!!W0?!5F!.51+&,O!-!#,-3$#I!34F,&$I3,O!
/55?!01$+4$450O!+,/13-+!D4$->40&O!>40,+-3&!-0?!%+,D,0$4D,!#,-3$#!.-+,!2,F5+,!/,$$40/!
&4.T!4&!$#,!2,&$!&531$450!5F!-33*!
!

!
9<!
#.3')B=%.3="(34"*+'.AA+34(&%.3="
!
L,I50?!>I!.50.31&450&!-&!/4D,0!40!$#,!%+45+!&,.$450&O!e!.50$401,!$5!F,,3!&1&%4.451&!-251$!
$#,!3-&$M>401$,!?-$-M?1>%!5F!<;PO<7P!0,)!-33M.-1&,!?,-$#&!40!$#,!3-&$!),,T!5F!<:<:O!-0?!
$#,!-??,?!255&$!5F!8PO:::!40$5!$#,!B5D4?M"P!?,-$#!01>2,+&O!$5!2143?!$#,!$55M0,-$!+510?!
01>2,+!5F!7::O:::!)#4.#!)-&!,S%35?40/!-33!5D,+!$#,!>,?4-!40!,-+3I!<:<"*!Q#,+,!>-I!2,!
4005.,0.,!$5!&5>,!5F!$#,!01>2,+M255&$&O!-&!)4$#!1%?-$,?!?,-$#!.510$&!5D,+!G-01-+I!
<:<:!-0?!$#,!3-&$!),,T!5F!@,.,>2,+!<:<:*!!b5),D,+O!&$)!3%8!',!3$'4$!'&!3%(!+.,)!
)<=.()+!%!+)0';)*%&)!)//.*&!&.!(=*)%+!5.*)!=%,'4!%,+!/)%*O!-&!),33!-&!-!.3,-+!,3,>,0$!5F!
&-?4&$4.!%534$4.-3!-0?!>,?4-!%5),+M?+10T,00,&&!$#-$!-..5>%-04,&!,D,+I$#40/!$#,!B@BO!
\b[!-0?!$5%!ZD4+1&!,S%,+$&Z!-+,!?540/!-0?!.3-4>40/*!!Q#,+,!4&!$#,!&$,0.#!5F!Z5FF4.4-3!
$+1$#Z![+),334-0!?,.,%$450!40!,D,+I!F-.,$!5F!$#4&!.3-4>,?!B5D4?M"P!%-0?,>4.*!2$)!5%,,)*!
',!3$'4$!(.!5%,8!+'((),&',-!A.'4)(!./!;.&$!=*./)(('.,%0(!%,+!0%8=).=0):!4$%00),-',-!&$)!
".//'4'%0!&*9&$"!./!C.A'+@LO:!$%A)!;)),!*9+)08!.*!;*9&%008!4),(.*)+!%,+!)*%()+!/*.5!
5%',(&*)%5!5)+'%!*)=.*&(:!%,+!/*.5!',&)*,)&!(.4'%0!5)+'%!'(!)<%4&08!3$%&!.,)!%,&'4'=%&)(!
+9*',-!%!3'+)(=*)%+!=.0'&'4%0E5)+'4%0!4.A)*@9=6!e$!>-T,&!10?,+&$-0?-23,!$#,!51$+-/,!
&,,0!)4$#40!$#,!/,0,+-3!%1234.O!$5!&%,-T!-251$!ZB5D4?!Q,++5+4&>ZO!5+!-!ZA,?4.-3!V534.,!
E$-$,Z*!!
!
Q#,!D-+451&!4&&1,&!+-4&,?!-25D,!H!40.50/+1,0$!.-&,M?,-$#!?-$-O!&,-&50-3!D-+4-$450&O!
&4>43-+4$4,&!-0?!5D,+3-%&!40!.3404.-3!?4-/05&,&!2,$),,0!)#-$!4&!40F31,0Y-!5+!%0,1>504-!
D,+&1&!)#-$!4&!B5D4?M"P!?4&,-&,O!,3,.$+50!>4.+5/+-%#!%1YY3,&O!VBC(W0$4/,0!$,&$40/!
40-..1+-.4,&O!$+,0?&!40!%5%13-$450!-0?!?,-$#&O!35.T?5)0&!-0?!Z@,-$#!2I!@,&%-4+ZO!-0?!
F,)!5+!0525?I!40!Z5FF4.4-3!&.4,0.,Z!1&40/!$#,!&$+-4/#$F5+)-+?!>,$#5?!e!+,%5+$!$5!-&&,&&!
Z,S.,&&!?,-$#&Z!!H!3,-?&!$5!&$-//,+40/!0,)!5%,0!]1,&$450&O!-0?!$5!-!.5>%3,$,3I!?4FF,+,0$!
&,$!5F!.+4$4.-3!.50.31&450&!-251$!B5D4?M"P*!Q#,!-210?-0$!,D4?,0.,!%540$&!$5!-!B5D4?M"P!
)='+)5'4!./!)**.*!%,+!$8(&)*'%*!
!
J(!&$'(!49**),&!"=%,+)5'4"!.,)!0%*-)!)**.*!./!5'(+'%-,.()(:!%,!)**.*!./!4%&)-.*')(:!./!;..?@
?))=',-:!./!',%449*%&)!BCD!%,+!%,&'-),!&)(&(:!3$)*)!()%(.,%0!3',&)*&'5)!',/09),[%:!
=,)95.,'%:!4.0+(!%,+!A%*'.9(!9==)*!%,+!0.3)*!*)(='*%&.*8!+'(.*+)*(!%*)!;)',-!
5'('+),&'/')+!%(!C.A'+@LO!;8!',%449*%&)!40','4%0!+'%-,.()(!%,+!)A),!0)((!%449*%&)!
0%;.*%&.*8!&)(&',-1!F*)!,95)*.9(!%++'&'.,%0!+)%&$(!&$)!4.,()>9),4)!./!&.&%0'&%*'%,!
0.4?+.3,(:!)<%(=)*%&',-!=*)@)<'(&',-!4.5.*;'+'&')(:!%,+!4.,&',9)+!',/0%5',-!&$)!4'&'[),*8!
&.3%*+(!$8(&)*'%!%,+!=%,'4:!+*'A',-!"+)%&$!;8!+)(=%'*"!&.!)A)*!$'-$)*!,95;)*(1!U*!
&.3%*+(!.=),!(.4'%0!*);)00'.,1!!F,+!.,4)!(.!3*.,-08!"+'%-,.()+":!&$.()!3$.!*9($!&.!
$.(='&%0(!/.*!$)0=!%*)!,.&!-'A),!',)<=),('A):!=*.A),!*)5)+')(!/.*!&$.()!"0)(()*!4.,+'&'.,(!
%,+!+'()%()("6!!S.:!&$)8!%*)!',(&)%+!-),)*%008!-'A),!)<=),('A)!&.<'4!5)+(!3'&$!+)5%,+(!&.!
&%?)!)<=)*'5),&%0!A%44',)(:!./&),!=9&&',-!=).=0)!&$*.9-$!%!$)00'($!()&!./!%;9('A)!
&*)%&5),&(!',!=*./'&))*',-!$.(='&%0(!(&%//)+!;8!,9*()(!%,+!=$8('4'%,(!3'&$!%!"3%**'.*"!
5),&%0'&86!#$%&!+.)(!&$%&!5)%,!)<%4&081!!J&!5)%,(!&$)8!%*)!(.!;9(8!/'-$&',-!',!&$)!
&*),4$)(!%-%',(&!3$%&!&$)8!4.,4)'A)!&.!;)!%!+)%+08!),)58!=0%-9):!%,+!+.,Y&!$%A)!&'5)!.*!
=%&'),4)!/.*!%,8.,)!3$.!+%*)(!&.!>9)(&'.,!&$)'*!C.A'+!D)0'-'.,6!`A),!3$),!(.!594$!./!
&$)'*!.3,!%+A.4%48!%,+!5','(&*%&'.,(!a!',!$.(='&%0!&*)%&5),&(!%,+!0%3(!4*9($',-!+.3,!
.*+',%*8!$95%,!;)$%A'.*!a!3*)%?!$%A.4!9=.,!$95%,!(.4')&8!%,+!;'.0.-8:!3.*(),',-!
)A)*8!?',+!./!(85=&.5!%,+!5%?',-!+)(=%'*!%,+!+)%&$!5.*)!=*.;%;0)6!!
!

!
96!
e!+,/+,$$-23I!.50.31?,!$#-$!$#4&!4&O!40?,,?O!)#-$!#-&!#-%%,0,?!5D,+!51+!P.(&!h)%*!5F!
<:<:*!
!
Q#,!F5335)40/!&1>>-+I!%540$&!.-0!2,!>-?,!+,/-+?40/!$#,!NEW!?-$-O!)#4.#!-+,!D-34?!F5+!
25$#!<:<:!-0?!<:<"O!-0?!2I!,S$+-%53-$450!$5!-33!5$#,+!0-$450&!$+-%%,?!40!$#,!B5D4?!
04/#$>-+,*!!
!
x!Q#,!>,?4.-3!&I>%$5>&!5F!B5D4?M"P!.50&4?,+-23I!5D,+3-%!)4$#!$#5&,!5F!5+?40-+I!1%%,+!
-0?!35),+!+,&%4+-$5+I!%+523,>&O!&1.#!-&!40F31,0Y-!-0?!%0,1>504-O!F1+$#,+!&1//,&$40/!
&4/04F4.-0$3I!#4/#!%,+.,0$-/,&!5F!.3-4>,?!B5D4?M"P!40F,.$450&!-+,!$#5&,!5F!5$#,+!T05)0!
+,&%4+-$5+I!?4&,-&,&!-0?!?4&5+?,+&*!!A5&$3I!,3?,+3I!%,5%3,!40!$#,!Z,0?!5F!34F,Z!/+51%!
#-D,!2,,0!-FF,.$,?O!-0?!$#5&,!?,-$#&!-3&5!#-D,!>13$4%3,!.5>5+24?4$I!F-.$5+&*!
!
x!\40$,+!&,-&50-34$I!5F!B5D4?M"P!?,-$#&!-FF4+>&!-!+,3-$450&#4%!$5!&$-0?-+?!40F31,0Y-!-0?!
%0,1>504-O!-&!),33!-&!5$#,+!>-3-?4,&!$#-$!-+,!,S-.,+2-$,?!2I!.53?!),$!),-$#,+*!
V5&&423,!>4&M?4-/05&4&!5F!$#5&,!.50?4$450&!-0?!?4&,-&,&!-&!B5D4?M"P!4&!$#,+,2I!&$+50/3I!
40?4.-$,?!2I!$#4&!50,!F-.$5+!-350,*!
!
x!@,-$#&!2I!%0,1>504-O!40F31,0Y-!-0?!5$#,+!.5>5+24?4$4,&!-+,!2,40/!?,342,+-$,3I!>4S,?!
1%!)4$#!B5D4?M"P!?,-$#&!40!/5D,+0>,0$!#,-3$#!-/,0.4,&O!40?4.-$40/!40-..1+-.4,&!40!
B5D4?M"P!?4-/05&,&O!)#4.#!>-/04FI!$#,!01>2,+&!5F!B5D4?M"P!?,-$#&O!)#43,!.-1&40/!-!
Z?4&-%%,-+-0.,Z!5F!)40$,+$4>,!?,-$#&!F+5>!40F31,0Y-M34T,!-0?!5$#,+!?4&,-&,&*!
!
x!a3,.$+50!>4.+5&.5%I!?5,&!05$!+,D,-3!-0I!.3,-+3I!&%,.4F4.!4>-/,!5F!EWCEMB5XM<O!$#,!
D4+1&!23->,?!F5+!B5D4?M"PO!-0?!.-005$!2,!,-&43I!?4&$40/14&#,?!F+5>!5$#,+!.5+50-!
D4+1&,&*!!E4>43-+3I!?4-/05&$4.!SM+-I&!&#5)!$I%4.-3!Z/+510?!/3-&&Z!5+!5%-.4$4,&!40!$#,!310/!
F5+!01>,+51&!310/!?4&5+?,+&O!-0?!05$!>,+,3I!.3-4>,?!B5D4?M"P*!
!
x!B5D4?M"P!.-&,&!#-D,!&5-+,?!503I!?1,!$5!$,0&!5F!>433450&!5F!100,.,&&-+I!-0?!F-13$I!
VBC(W0$4/,0!$,&$&!2,40/!>-?,!50!$#,!/,0,+-33I!#,-3$#I!-0?!-&I>%$5>-$4.!%5%13-$450O!
%+4>-+43I!+,D,-340/!$)*+!'559,'&8:!3$'4$!%0*)%+8!%**'A)+!',!5'+!&.!0%&)!VQVQ*!
!
x!\#43,!B5D4?M"P!$,&$&!-0?!.-&,&!#-D,!&5-+,?O!0,4$#,+!-+,!.5++,3-$,?!$5O!5+!%+,?4.$!$#,!
>1.#!&>-33,+!01>2,+!5F!B5D4?M"P!?,-$#&*!B5D4?M"P!?,-$#(.-&,!+-$45&O!-0?!?,-$#($,&$!
+-$45&O!),+,!-$!-!#4/#!3,D,3!404$4-33IO!)#,0!VBC(W0$4/,0!$,&$&!),+,!4&53-$,?!$5!$#5&,!40!
#5&%4$-3&O!21$!$#5&,!+-$45&!?,.340,?!+-%4?3I!)#,0!3-25+-$5+I!$,&$&!),+,!-%%34,?!$5!$#,!
3-+/,+!%5%13-$450!5F!#,-3$#I!-&I>%$5>-$4.!%,5%3,!51$&4?,!5F!#5&%4$-3&*!B5D4?M"P!
VBC(W0$4/,0!$,&$&!-+,!&#5)0!$5!#-D,!S.!B*)+'4&'A)!\%09)O!)#4.#!4&!&$)!$%005%*?!./!%!;%+!
(4'),&'/'4!&$).*8*!!
!
x!e0-..1+-$,!B5D4?M"P!3-25+-$5+I!$,&$&O!21$!05$!-0I!34D40/!40F,.$451&!?,-?3I!D4+1&!EWCEM
B5XM<O!4*)%&)+!&$)!B5D4?M"P!4%()(O!-0?!$#-$!4&!-&!F-+!-&!4$!/5,&*!f+5>!&1.#!$,&$!+,&13$&O!
50,!.-005$!&-I!)#5!)433!5+!)433!05$!/,$!&4.TO!5+!)#5!)433!5+!)433!05$!?4,O!-&4?,!F+5>!
%5&&423,!40?1.,?!%&I.#5&5>-$4.!-3-+>!-0?!&5.4-3!1%&,$!?1,!$5!-0!#I&$,+4.-33I!%+,&1>,?!
ZB5D4?M"P!@,-$#!E,0$,0.,Z*!!F(!(94$:!&$)!),&'*)!&$).*)&'4%0!;%('(!./!%!,)3!%,+!9,'>9)!
"C.A'+@LO!=%,+)5'4"!%==)%*(!%(!.,08!%!A'*.0.-'4%0!'009('.,:!%,!%*&'/'4'%0!+'%-,.(&'4!%,+!
&$).*)&'4%0!4.,(&*94&:!'**)(=)4&'A)!./!$.3!5%,8!)<&*%!)0+)*08!=).=0)!%*)!+8',-6!Q#5&,!
53?,+!F53T!)#5!-+,!&4.T!-0?!?I40/!&#513?!2,!?4-/05&,?!-0?!$+,-$,?!%44.*+',-!&.!=*)@

!
97!
C.A'+@LO!(85=&.5.0.-8O!2I!$#,!&5M.-33,?!Z.5>5+24?4$4,&ZO!)#4.#!-+,!$#,!+,-3!.-1&,&!
2,40/!->%34F4,?!%&I.#5&5>-$4.-33I!?1,!$5!F,-+O!%-04.O!?,&%-4+O!35.T?5)0&O!-0?!,.505>4.!
+140*!!
!
x!Q#,!01>2,+&!5F!-33M.-1&,!?,-$#&!40!$#,!NEW!5D,+!$#,!%,+45?!F+5>!<:":!$#+51/#!$#,!
,0?!5F!<:"PO!&#5)!$#,!&->,!-%%+5S4>-$,!-001-3!40.+,-&,&O!5F!-+510?!7;O:::!-D,+-/,!
-??,?!?,-$#&!%,+!I,-+O!?1,!$5!%5%13-$450!/+5)$#!-350,*!Q#,!3-+/,&$!01>2,+&!5F!?,-$#&!
40!<:<:!-+,!.50.,0$+-$,?!->50/!#4/#M+4&T!,3?,+3I!40!$#,4+!,0?M5FM34F,!I,-+&O!40!+51/#3I!
,]1-3!%+5%5+$450&!2,$),,0!$#5&,!40!$#,!050MB5D4?!Z-33!.-1&,!?,-$#&Z!/+51%!-0?!$#,!
Z?,-$#&!2I!B5D4?M"PZ!/+51%*!!Q#,!Z,S.,&&!?,-$#Z!.-3.13-$450&!+,%5+$,?!#,+,!40?4.-$,!05!
>5+,!$#-0!97::!,3?,+3I!%,5%3,!?4,?!F+5>!.3-4>,?!B5D4?M"P!2I!.5>%-+4&50!$5!$#,!&->,!
-/,!/+51%&!?I40/!F+5>!-33!5$#,+!.-1&,&*!W&!05$,?!-25D,O!$#4&!F1+$#,+!10?,+>40,&!$#,!
.3-4>&!5F!-0!40F,.$451&!?,-?3I!D4+-3!%-0?,>4.*!!
!
x!Q#,!?4&+1%$450&!5F!05+>-3!34F,!?1,!$5!$#,!B5D4?M"P!#I&$,+4-O!35.T?5)0&!-0?!F5+.,?!
>-&T40/!#-&!4$&!5)0!?,-?3I!%-$#535/IO!%+52-23I!/+,-$,+!$#-0!$#,!.3-4>,?!01>2,+!5F!
?,-$#&!2I!B5D4?M"P*!W!3-+/,!01>2,+!5F!%,5%3,!-+,!?I40/!?1,!$5!%+,M,S4&$40/!
.5>5+24?4$4,&!,S-.,+2-$,?!2I!$#,!35.T?5)0&!-0?!F5+.,?!>-&T40/O!$5!40.31?,!#,-+$!
?4&,-&,!-0?!.-0.,+&O!&14.4?,&O!?+1/!5D,+?5&,&O!-3.5#534&>O!)4$#!40.+,-&,&!40!?,%+,&&450O!
-??4.$450&O!F->43I!D453,0.,O!,.505>4.!+140!-0?!5$#,+!#5++5+&*!2$.()!/%4&.*(!%*)!;)',-!
+)0';)*%&)08!&.&%008!'-,.*)+!;8!&$)!")<=)*&(!',!=.3)*"!+9*',-!&$'(!40%'5)+!A'*%0!=%,+)5'4*!!
!
x!VBC!$,&$40/!F5+!B5D4?M"P!4&!#4/#3I!,++5+M%+50,!?1,!$5!$#,!40$+40&4.!#4/#!&,0&4$4D4$I!5F!
$#-$!>,$#5?O!,&%,.4-33I!)#,0!$#,!01>2,+&!5F!.I.3,&!50!VBCM$,&$40/!>-.#40,+I!-+,!&,$!
$55!#4/#*!VBC!$,&$!>,$#5?&!+,-.$!$5!>-0I!$#40/&O!40.31?40/!?,-?!D4+1&O!050M34D40/!D4+-3!
@cW(CcW!F+-/>,0$&O!-0?!-0$425?4,&!.+,-$,?!2I!#,-3$#I!%,5%3,!)#5!-+,!05!350/,+!-$!
+4&T!5F!$#,!?4&,-&,O!5+!5F!&%+,-?40/!4$*!J/!.,)!,))+(!&.!9()!BCD!&.!+)&)4&!%!A'*9(:!&$),!&$)*)!
'(!,.&!594$!./!'&!',!&$)!;.+8!;8!3$'4$!;'.4$)5'4%0!('-,'/'4%,4)!4.90+!;)!%4$')A)+:!%,+!'&!
%0(.!',+'4%&)(!&$%&!(94$!%!A'*9(!'(!,.&!*)=0'4%&',-!'&()0/6!!
!
x!f+5>!-33!$#,!-25D,!F-.$5+&O!$#,!#4/#!%5&4$4D,!VBC(W0$4/,0!$,&$!+-$,&!40?4.-$,!K)*+!
J559,'&8!U,08O!-0?!05$!-0I!/+5)40/!40F,.$451&!%-0?,>4.O!2,!4$!50,!5F!-!0,)!>-3-?I!
B5D4?M"PO!5+!53?,+!?4&,-&,&!-0?!?4&5+?,+&!/-$#,+,?!40-%%+5%+4-$,3I!40$5!-!0,)!-0?!
-+$4F4.4-3!ZB5D4?M"PZ!.-$,/5+I*!
!
D)4.55),+%&'.,(d!
!
"*!K4D,0!$#,!-210?-0$!,D4?,0.,!-/-40&$!$#,!/,0,+-34Y,?!ZB5D4?M"P!%-0?,>4.ZO!!
there*must*be*a*total*end*to*forced*lockdowns*and*masking*immediately,*with*
efforts*to*save*the*economic*basis*of*normal*healthy*human*life!!!2$)!)4.,.5'4!%,+!
(.4'%0!+)A%(&%&'.,!/*.5!C.A'+@LO!$8(&)*'%!%,+!0.4?+.3,(!$%(!'&(!.3,!()*'.9(08!$%*5/90!
%,+!+)%+08!)//)4&(!9=.,!&$)!=9;0'4!$)%0&$6!!
!
<*!e0$,334/,0$!%+5$,.$450&!5F!$#,!,3?,+3I!-0?!$#5&,!-$!#4/#!+4&T!F+5>!-33!&5+$&!5F!05+>-3!
-0?!T05)0!40F,.$451&!?4&,-&,&!&#513?!.50$401,O!21$!)4$#51$!$#,!&$+4.$3I!%104$4D,O!
&-?4&$4.!-0?!.+1,3!Z%+5$,.$450&Z!&1.#!-&!4&53-$450O!F5+.,?!>-&T40/!-0?!+,>5D-3!F+5>!
F->434,&*![1$?55+!,S%5&1+,!$5!0-$1+-3!&1034/#$!-0?!F+,&#!-4+O!)4$#!F+4,0?&!-0?!F->43IO!4&!-!

!
99!
34F,M,0#-0.40/!-0?!.1+-$4D,!+,>,?I!-33!2I!4$&,3F*!!V534$4.4-0&!)#5!?,>-0?!5$#,+)4&,!-+,!
&4>%3I!,S%5&40/!$#,4+!%5),+M?+10T,00,&&!-0?!$5$-34$-+4-0!4>%13&,&*!
6*!V+5D,0!21$!&1%%+,&&,?!+,>,?4,&!F5+!-33!T40?&!5F!+,&%4+-$5+I!?4&,-&,&O!&1.#!-&!#4/#M
?5&,!X4$->40!BO!X4$->40!@O!Y40.!&1%%3,>,0$&O!#I?+5SI.#35+5]140,O!4D,+>,.$40!-0?!5$#,+!
40,S%,0&4D,O!51$M5FM%-$,0$!>,?4.40,&!>1&$!2,!/9008!0)-%0'[)+!%,+!5%+)!0)-%008!()49*)!/.*!
.A)*@&$)@4.9,&)*!=9*4$%()!%,+!9()6!!Q#,!>,?4.-3!%+5F,&&450!.-0!05!350/,+!2,!$+1&$,?!$5!
#53?!-!>505%53I!5D,+!$#,!%1234.!#,-3$#*!!Q#,!%+5&,.1$450!-0?!&3-0?,+!5F!%#I&4.4-0&!)#5!
.#55&,!$5!1&,!$#,&,!>,$#5?&!F5+!$+,-$>,0$!5F!$#,4+!%-$4,0$&!>1&$!-3&5!,0?*!Q#,4+!
%,+&,.1$5+&!40!/5D,+0>,0$!21+,-1.+-.4,&!-0?!>,?4-!&#513?!2,!4>>,?4-$,3I!F4+,?*!!!
!
7*!Q#,+,!&#513?!-3&5!2,!-!?,.4&4D,!,0?!$5!>,?4.-3M%#-+>-.,1$4.-3!>,?4-!-?D,+$4&,>,0$&!
-&!)-&!$#,!.-&,!40!%+45+!?,.-?,&*!!Q#5&,!)#5!#-D,!%+5>5$,?!$#4&!%-0?,>4.!$5!$#,!
%1234.O!F+5>!$#,!#4/#!%,+.#!5F!/5D,+0>,0$!5FF4.,&O!%+5>5$40/!F-3&,#55?&!-0?!#I&$,+4-O!
&#513?!-3&5!2,!%+5&,.1$,?!F5+!B+4>,&!W/-40&$!b1>-04$IO!-&!40!$#,!c1+02,+/!Q+4-3&!5F!
c-Y4!3,-?,+&*!!Q#4&!4&!,&%,.4-33I!0,.,&&-+I!F5+!$#5&,!2433450-4+,&!)#5!%,+&50-33I!%+5F4$,?!
F+5>!$#,!35.T?5)0&!5+!+4&TI!D-..40,&!2,40/!%,??3,?!-&!-!Z.1+,Z*!!
!
9*!\4$#!&1.#!40,S%,0&4D,!-0?!%+5D,0!+,>,?4,&!-&!34&$,?!-25D,O!$#,+,!4&!05!0,,?!F5+!
,S%,0&4D,!%#-+>-.,1$4.-3&!5+!+4&TI!10$,&$,?!D-..40,&O!)#4.#!&#513?!+,>-40!5%$450-3!
-0?!D5310$-+I!503I*!!Q#,!4?,-!5F!ZF5+.,?!D-..40,&Z!5+!ZD-..40,!%-&&%5+$&Z!&#513?!2,!
$#+5)0!51$O!-&!-0!40?4.-$5+!5F!F-&.4&$!$5$-34$-+4-0!4?,535/I*!!c-Y4&!-0?!B5>>104&$!
$I+-0$&!?5!$#-$*!!f+,,!0-$450&!?5!05$*!!
!
;*!\,!>1&$!]14.T3I!+,$1+0!$5!$#,!Z53?!05+>-3Z!05$!>,+,3I!F5+!+,-&50&!5F!%1234.!#,-3$#O!
21$!-3&5!$5!%+5$,.$!-0?!+,&$5+,!51+!B50&$4$1$450-3!C,%1234.!-0?!$#,!342,+$4,&!-0?!
F+,,?5>&!)#4.#!-+,!2,40/!&I&$,>-$4.-33I!&$53,0!F+5>!,D,+I50,!2I!%5),+M?+10T!
%534$4.4-0&O!%#-+>-.,1$4.-3!+522,+&O!-0?!>,?4.-3!21+,-1.+-$&*!
!
g*!Q#,!.+4$4.-3!?-$-!-0-3I&4&!40!$#4&!%-%,+!#-&!%+,?5>40-0$3I!-??+,&&,?!$#,!&4$1-$450!40!
$#,!NEW*!b5),D,+O!2I!+-$450-3!,S$,0&450O!$#,!.+4$4.-3!%540$&!-0?!.50.31&450&!%+,&,0$,?!
#,+,!-+,!-%%34.-23,!F5+!-33!)5+3?!+,/450&O!-&!$#,I!/5!$5!$#,!2-&4.!]1,&$450!5F!
(4'),&'/'4%008@+)/),+%;0)!4%9(%0'&8O!5+!$#,!3-.T!$#,+,5F*!!
!
8*!Q#,!%1234.!>1&$!2,!-3,+$,?!$5!$#4&!&,+451&!&4$1-$450!5F!,>5$450-33IM%3-/1,?!>,?4.-3O!
>,?4-!-0?!-.-?,>4.!>4&+,%5+$40/O!&5!-&!$5!#-3$!-0?!,0?!$#,4+!5)0!0,1+5$4.!&,3FM
?,&$+1.$4D,!$,0?,0.4,&*!Q#,!52,?4,0$!-..,%$-0.,!5F!35.T?5)0&O!>-&T40/O!-0$4M&5.4-3!
?4&$-0.40/O!,D,0!10?,+!.4+.1>&$-0.,&!)#,+,!c[!%5$,0$4-3!F5+!$+-0&>4&&450!5F!D4+1&,&!5+!
2-.$,+4-!,S4&$!^-&!)#,0!?+4D40/!5+!)-T40/!51$?55+&O!50!$#,!2,-.#O!40!$#,!F5+,&$O!,$.*`!
>1&$!2,!-..,%$,?!-&!0,1+5$4.!-0?!&,3FM?,&$+1.$4D,!.5>%13&4D,!2,#-D45+*!!m4T,)4&,!-+,!
$#,!$+,-$40/!5F!F+4,0?&!-0?!+,3-$4D,&!34T,!3,%,+&O!T,,%40/!.#43?+,0!-)-I!F+5>!&.#553O!5+!
%3-.40/!$#,>!40$5!%3-&$4.!.-/,&!-&!4F!$#,I!),+,!3-25+-$5+I!+-$&O!-0?!>-0I!&4>43-+!
-3-+>40/3I!A,?4,D-3!-0?!F+-.$451&!.50?1.$&*!!c50,!5F!4$!4&!+-$450-3O!5+!0,.,&&-+I*!!e$!4&!
4++-$450-3!&5.4,$-3!&14.4?,O!,D4?,0.,!5F!%&I.#535/4.-3!?4&5+?,+&O!,&%,.4-33I!)4$#40!$#,!
+-0T&!5F!-++5/-0$O!&-?4&$4.!-0?!%5),+M?+10T!%534$4.4-0&O!21+,-1.+-$&!-0?!>,?4.-3!
5FF4.4-3&O!)#5!-+,!#-%%I!$5!3,-?!,0$4+,!0-$450&!5D,+!-!.34FF*!!
!
P*!2$)!'((9)(!(9**.9,+',-!C.A'+@LO!%,+!&$)!*)0%&)+!=9;0'4!$)%0&$!%*)!,.&!&$)!)<409('A)!
=*.A',4)!.*!+.5%',!./!5)+'4%0!")<=)*&("6!!Q#,!,0$4+,!%5%13-$450!4&!2,40/!%1$!-$!#4/#!+4&T!

!
9;!
2I!40,FF,.$4D,!-0?!10&.4,0$4F4.!.3-4>&O!$#,!-?D5.-$,&!5F!)#4.#!F5+>13-$,!0,D,+M,0?40/!
0,)!3-)&!?,>-0?40/!52,?4,0.,!F+5>!$#,!/,0,+-3!%1234.!H!$5!-..,%$!5+?,+&!F+5>!$#,!L4/!
E$-$,O!$5!35.T!?5)0O!$5!),-+!>-&T&O!$5!-0$4M&5.4-33I!?4&$-0.,O!$5!T,,%!.#43?+,0!51$!5F!
&.#553O!$5!-335)!$#,4+!21&40,&&,&!$5!&#1$$,+!?5)0!40$5!2-0T+1%$.IO!-0?!-!#10?+,?!5$#,+!
$#40/&!)4$#!A)*8!+)%+08!4.,()>9),4)(6!K5D,+05+&!-0?!%534.,!F5+.,&!#-D,!2,,0!
10.50&$4$1$450-33I!,>%5),+,?!$5!,0F5+.,!%1234.!#,-3$#!>,-&1+,&!5F!-!#4/#3I!
10&.4,0$4F4.!-0?!$5$-34$-+4-0!0-$1+,*!!
!
<?@2"L12<"WF0"FDGi"
!
!
!
!
Y.$"BO4(&+4"/('&="(H.B&"#.,%4567E"/.$"O$.&+'&%3;"C.B$"M+()&M"4B$%3;"&M%="'$%=%="./"
A(=="MC=&+$%(E").'J4.-3=E"A+4%'()"%;3.$(3'+"(34"($$.;(3'+E"$+,%+-"&M+=+")%3J=8""
F5)*'4%Y(!7*.,&@P',)!G.4&.*(!!#$$%&'(()))*->,+4.-&F+50$340,?5.$5+&*.5>!
F((.4'%&'.,!./!F5)*'4%,!B$8('4'%,(!%,+!N9*-).,(!!#$$%'(()))*--%&50340,*5+/!!!!
C$'0+*),Y(!K)%0&$!G)/),()!!#$$%'((.#43?+,0&#,-3$#?,F,0&,*5+/!
C.A'P)%?(!!#$$%&'((.5D43,-T&*.5*1T!
G.4&.*(!/.*!C.A'+!`&$'4(!!#$$%&'((?5.$5+&7.5D4?,$#4.&*>,?41>*.5>!
2$)!g*)%&!W%**',-&.,!HG.4&.*(!%,+!N4'),&'(&(I!G)40%*%&'.,!!#$$%&'((/2?,.3-+-$450*5+/!
g*)),!X)+!J,/.!!#$$%'(()))*/+,,0>,?40F5*.5>!
P.4?+.3,!N4)=&'4(!!#$$%&'((35.T?5)0&.,%$4.&*5+/!
G*6!X)*4.0%Y(!#);('&)!!#$$%'(()))*>,+.53-*.5>!
D)40%'5!&$)!S)&:!U==.(',-!U,0',)!C),(.*($'=!!#$$%'((+,.3-4>$#,0,$*5+/!
#.*0+!G.4&.*(!F00'%,4)!!#$$%&'(()5+3??5.$5+&-334-0.,*.5>(!
!
B5%I+4/#$!J!<:<"O!W33!C4/#$&!C,&,+D,?!2I!G->,&!@,A,5!
!
Q#,!-1$#5+!$#-0T&!$#,!>-0I!%,5%3,!)#5!%+5D4?,?!40F5+>-3!%,,+!+,D4,)!-0?!#,3%F13!
&1//,&$450&!F5+!$#4&!-+$4.3,O!,&%,.4-33I!Q#5>-&!@4F,+?40-0?5!-0?!e+-!L-1,+*!
!
!
W251$!$#,!W1$#5+!
x!@+*!G->,&!@,A,5!#-&!-0!,-+0,?!V#@!40!$#,!F4,3?!5F!K,5/+-%#IO!)4$#!-!&%,.4-34Y-$450!40!
a-+$#!-0?!W$>5&%#,+4.!E.4,0.,*!b,!4&!-1$#5+!5+!,?4$5+!5F!040,!255T&!-0?!5D,+!-!#10?+,?!
%1234&#,?!+,&,-+.#!%-%,+&!40!&.4,0.,!=51+0-3&!-0?!%5%13-+!>,?4-!50!,0D4+50>,0$-3M
-$>5&%#,+4.!4&&1,&O!245%#I&4.-3!,S%,+4>,0$&O!&.4,0.,!#4&$5+IO!.+5&&M.13$1+-3!&$1?4,&O!
-0?!#,-3$#M+,3-$,?!&12=,.$&*!W!F5+>,+!104D,+&4$I!%+5F,&&5+O!#,!4&!$5?-I!+,$4+,?!?540/!
%+4D-$,!+,&,-+.#!-0?!)+4$40/*!b4&!&.4,0$4F4.!)5+T&!.-0!2,!+,D4,),?!50!$#,!W.-?,>4-*,?1!
-0?!C,&,-+.#K-$,*0,$!),2&4$,&*!
#$$%&'(()))*+,&,-+.#/-$,*0,$(%+5F43,(G->,&h@,A,5!
#$$%&'((5+/50,3-2*-.-?,>4-*,?1(G->,&@,A,5V#@!!
!
Q5!/,$!50!@+*!@,A,5R&!%+4D-$,!U44%('.,%0!S)3(0)&&)*!>-4340/!34&$'!
#$$%&'((3%*.50&$-0$.50$-.$%-/,&*.5>(&1(#5Y+tPA!
!
!

!
9g!
!
f5+!1%?-$,?!40F5+>-$450!50!$#,!B5D4?!.+4&4&O!/,$!@+*!@,A,5R&!0,)!255T'!!
!
!
COVID&19:*A*Pandemic*of**
Ignorance,*Fear,*Hysteria*
*and*"Official&Truth"*Lies.*
!3"%34+O+34+3&"='%+3&%/%'"$+,%+-"
/(%)="&."'.3/%$A"&M+"'+3&$()"')(%A="
./"&M+"#0#E"G?DE"F@?E"Y0!E""
()($A%=&"A+4%(">"O.)%&%'()"&C$(3&=P"
HC"K(A+="0+L+.E"9M0"
"
NEW![+?,+&!f+5>!c-$1+-3!a0,+/I!\5+T&'!
#$$%'(()))*0-$1+-3,0,+/I)5+T&*0,$!
A13$4%3,!.5%I!?4&.510$&!-D-43-23,*!
W3&5!-D-43-23,!F+5>!W>-Y50O!LjcO!,$.*!!
e0$,+0-$450-3!5+?,+&!F+5>'!L55T!@,%5&4$5+I!
!F5+!35),&$!5+!F+,,!&#4%%40/'!
#$$%'(()))*255T?,%5&4$5+I*.5>!
!
!
!
!
!
!