adaptive cache sharing for future many core architectures
TRANSCRIPT
!
"#$%&'%(#)'!*+,&-./'#0'.&%!*#!12($.'%*2&3
4)/5#&3/'%'!627/'80)/0%!*#!1%'%7.)9%
!"#$%&'()*#+,()-,#.&/0)12.)34%4.(
5#/6)*2.()!.+,&%(+%4.(7
86)9#4):.2;#)*#<(;;#7
!"#$%&'%
:&/;2&/23!<%;=7/3
,)'2)/2!:2)>?7#>
@%).%&9!ABC!ADDE
()%*+'%,*-+%$%,%./0$**+",$1,2)'*$)3,4.34$330+1*,&4,*-+,'+5.$'+0+1*%,4&',*-+
()%*+',&4,6&02.*+',!'7-$*+7*.'+8,9+*:&';%,)1",<=%*+0%,"+>'++
!
FG/3!H2&=!H%3!3.$$2&'#*!I9!'G#!J$%)/3G!</)/3'&9!2K!L*.0%'/2)!%)*!J0/#)0#!%)*!ML"LN!K.)*3!2K!'G#!
L4!.)*#& !02)'&%0'3 !FOP!ADDQRDSDTAC ! %)*!FOP!ADDQRDTTSER1DARDUC ! 'G# !:#)#&%7/'%' !*# !1%'%7.)9%!
.)*#&!;&%)'!ADDVJ:NDDEVDC!O)'#7!12&$2&%'/2)!%)*!WI&%!J20/%7!X7%!1%/Y%Z[
=/"(>
?@)=/%.2"4+%&2/)@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@A
U[U[!FG#!(%)902&#!#&%[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[T
U[A[!WI\#0'/5#3![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[UU
B@)C#+D0.24/"E)%,()+#+,()F(F2.6@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@?G
A[U[!W5#&5/#H!2K!'G#!0%0G#!(#(2&/#3![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[US
G@)H(;#%(")I2.D)@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@?A
S[U[!P41,!0%0G#3[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[UT
S[A[!,*%$'/5#!0%0G#3[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[UT
S[S[!1%0G#!(#(2&9!G/#&%&0G9!/)!02((#&0/%7!1<6!%&0G/'#0'.![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[U]
J@)C#7(;&/()F(F2.6)#.+,&%(+%4.()@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@B?
K@)!"#$%&'()7,#.("L$.&'#%()MN*!)+#+,()$#.%&%&2/&/0)7+,(F(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@BG
V[U[!,*%$'/5#!$%&'/'/2)/);!30G#(#[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[AS
V[A[!O($7#(#)'/);!"9I*%G7+3!30G#(#!/)!%!AR7#5#7!#Y07.3/5#!0%0G#[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[AT
V[S[!^2&=/);!#Y%($7#3[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[AE
O@)-+#;#8;()#"#$%&'()7,#.("L$.&'#%()MN*!)+#+,()$#.%&%&2/&/0)7+,(F()@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@G?
B[U[!J0%7%I/7/'9!%)*!0723#)#33!2K!"9I*%G7+3!30G#(#[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[SU
B[A[!"/3'&/I.'#*!%*%$'/5#!$%&'/'/2)/);!30G#(#[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[SU
B[S[!^2&=/);!!#Y%($7#[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[SB
B[Q[!6#&K2&(%)0#!5%&/%I/7/'9!*.#!'2!'G#!%$$7/0%'/2)3!$7%0#(#)'[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[ST
A@)5(%,2"2;206)@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@GP
T[U[!J/(.7%'/2)!#)5/&2)(#)'[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[SE
T[A[!^2&=72%*3[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[QD
T[S[!,I2.'!(#'&/03[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[QA
Q@)-&F4;#%&2/).(74;%7@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@JG
][U[!LY$72&/);!'G#!I#G%5/2&!2K!'G#!%*%$'/5#!30G#(#[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[QS
][A[!FG#!QR02!02)K/;.&%'/2)[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[QQ
][S[!FG#!]R02!02)K/;.&%'/2)[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[QT
][Q[!FG#!UBR02!02)K/;.&%'/2)[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[VD
][V[!67%0#(#)'!2K!%$$7/0%'/2)3[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[VS
][B[!O($7#(#)'%'/2)!023'[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[VV
P@)*2/+;47&2/7)#/")14%4.()I2.D@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@KA
?R@)H(1(.(/+(7)@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@KP
)!$$(/"&>)!@)=/7%.4+%&2/7)$(.)+6+;(@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@OG
O)'&2*.0'/2) T
?@ =/%.2"4+%&2/)
?@?@ S,()F#/6+2.()(.#
<2&# ! 'G%) ! K2&'9 ! 9#%&3 ! %;2 !:2&*2) !<22&# ! $&#*/0'#* ! 'G%' ! 'G# ! ).(I#& ! 2K ! '&%)3/3'2&3 ! 'G%' ! 0%) ! I#!
/)#Y$#)3/5#79!$7%0#*!2)!%)!/)'#;&%'#*!0/&0./'!H/77!I#!/)0&#%3/);!#Y$2)#)'/%779C!*2.I7/);!%$$&2Y/(%'#79!
#5#&9!'H2!9#%&3[!FG/3!'&#)*!/3!)2'!#Y$#0'#*!'2!3'2$!K2&!%!*#0%*#!%'!7#%3'[!O)!02($.'#&!%&0G/'#0'.&#C!
G2H#5#&C!'G#!02&%'/2)!I#'H##)!'G/3!/)0&#(#)'!2K!'&%)3/3'2&3!%)*!'G#!30%7%I/7/'9!2K!'G#!$#&K2&(%)0#!
_02($.'%'/2)%7 !0%$%0/'9` !2K!3/);7#R02&#!1643!/3 ! 7/(/'#*!I9!$2H#&!%)*!'G#&(%7! /33.#3 !aBbC!3.0G!%3!
*/33/$%'/);!G#%'!K&2(!/)0&#%3/);79!*#)3#79!$%0=#*!'&%)3/3'2&3C!'G%'!7/(/'!'G#!&%'#!%'!HG/0G!$&20#332&!
K&#-.#)09!0%)!I#!/)0&#%3#*!_3##!K/;.&#!U[U`[!,!3G/K'!'2!)#H!%&0G/'#0'.!/3!)##*#*[
F2!&#*.0#!'G#!$2H#&!02)3.($'/2)!H#!0%)!.3#!%!).(I#&!2K!/)'#&02))#0'#*!3(%77#&!02!2)!'G#!3%(#!
0G/$C!% !0.3*$7&'+! %&0G/'#0'.&#C !'G%'!&.)!%'!72H#&!0720=!K&#-.#)0/#3[!c.'!'G#!I%)*H/*'G!&#-.#3'!2K!%!
(.7'/02&#!393'#(!30%7#3!7/)#%&79!'2!'G#!).(I#&!2K!02!$.''/);!G/;G!$!.&#!2)!'G#!(#(2&9!393'#([!
FG#!H/*#)/);!;%$!I#'H##)!'G#!(#(2&9!%)*!'G#!$&20#332&!G%3!(2'/5%'#*!'G#!3'.*9!2K!)#H!(#(2&9!
%&0G/'#0'.[
J0%7/);!(.7'/02&#!%&0G/'#0'.!.$!'2!G.)*&#*3!2K!02C !0)1=7&'+ ,%&0G/'#0'.C!0&#%'/);!$7%'K2&(3!
0%$%I7#!2K!$#&K2&(/);!'&/77/2)3!2K!0%70.7%'/2)3!$#&!3#02)*!2)!'#&%I9'#3!2K!*%'%C!H/77!I&/);!.3!'2!'G#!#&%!
2K!*+')%7)3+!02($.'/);[!M2&!'G#!O)'#7!F#&%30%7#!;&2.$!aUVb!'G#!=#9!%''&/I.'#3!'G%'!H/77!I#!&#-./&#*!K2&!
K.'.&#!'#&%30%7#!$7%'K2&(3!%&#!'G#!$&2;&%((%I/7/'9C!'G#!%*%$'%I/7/'9!%)*!'G#!30%7%I/7/'9!%(2);3'!2'G#&3[!
P#H!(.7'/02&#!$7%'K2&(3!)##*!2$'/(/>#*!32K'H%&#!'2!7/5#!.$!'2!'G#/&!$2'#)'/%7!%)*!(.3'!I#!%I7#!'2!
)K/;.&#!'G#(3#7K!'2!(%'0G!5%&/#*!.3%;#!%)*!H2&=72%*3[!FG#!$&2I7#(!2K!30%7%I/7/'9!H/77!I#!3275#*!
H/'G!%!I2''7#)#0=!K&##!%&0G/'#0'.&#C!'G/3!/3d!%!;22*!/)'#&02))#0'/2)!)#'H2&=!%)*!%!H2&=72%*RI%7%)0#*!
0%0G#!G/#&%&0G9[
"#3/;)/);!%)!2$#&%'/);!393'#(!K2&!'G/3!)#H!%&0G/'#0'.!/3!%732!%!0G%77#);#[!^G#&#!'2!&.)!$&20#33#3C!
3&04.( )?@?E! 62H#&!%)*!'G#&(%7!/33.#3!*2!)2'!%772H!'2!/)0&#%3#!(2&#!'G#!0720=!K&#-.#)09!
\.3'/K9/);!'G#!3G/K'!'2!(.7'/02&#!%&0G/'#0'.[!O)!'G#!0G%&'!H#!0%)!2I3#&5#!'G#!372H*2H)!/)!
$&20#332&3 ! K&#-.#)09 ! *.&/); ! 'G# ! 7%3' ! 9#%&3[ ! M/;.&# ! #7%I2&%'#* ! H/'G ! *%'% ! %5%/7%I7# ! %'!
$1*+3?7&0[
!"#$ !"#% !"&$ !"&% !""$ !""% '$$$ '$$% '$!$!()$*
!()$+
!()$%
!()$,
!()$#
!()$&
!()$"
!()!$-./01234567/89.:5'
67/89.:;4879.:5+
;4879.:5666
;4879.:566
;4879.:+&,
*&,
'&,&$&,&$&
&$$&
+$$+
<3/8=9=723=
>4:23?5@?74=
;32A4==235BC
?4/3
02D/397E:9A5=A/04
] O)'&2*.0'/2)
%**/);!3.$$2&'!K2&!%!)#H!(#(2&9!(#0G%)/3(C!2&!$#&K2&(/);!(%)%;#(#)'!2K! .&0#3!/)!32K'H%&#!'2!
&#*.0#!%&#%!25#&G#%*3!2K!'G#!02)'&27!G%&*H%&#!%&#!2)79!K#H!2K!'G#!0.&&#)'79!2$#)!#%&0G!$&2I7#(3!
)#H!#%&0G!/)'#'3[
O)!'G/3!K/&3'!3#0'/2)!H#!$#)'!32(#!2K!'G#!$&2$23#*!327.'/2)3!K2&!'G#3#!K.'.&#!%&0G/'#0'.[
5(F2.6)"&()7%#+D&/0
12($.'%'/2)%7!&#-./&#(#)'3!/)0&#%3#!*%9!%K'#&!*%9C !%$$7/0%'/2)3!G%5#!I/;;#&!K22'$&/)'3!%)*!'G#!2KKR
0G/$!I%)*H/*'G!&#-.#3'3!%&#!/)0&#%3#*[!F2!'G/3C!H#!G%5#!'2!%**!'G#!/)0&#%3/);!$!.&#!2)!'G#!(#(2&9!
G/#&%&0G9 !*.# !(.7'/02&# ! %&0G/'#0'.[ !e2H! '2 ! $&25/*# ! % ! $2H#&R#KK/0/#)' ! G/;G !I%)*H/*'G !"N,<!
%00#33!/3!%)!/($2&'%)'!0G%77#);#[
T11U9#+D#0( GV)-%#+D(")V&(
=LT)-$((" Q!:If3 UDg!:If3
W)21)*2//(+%&2/7 QRB!""N UDCDDDg
C#/"I&"%, hUDD!:cf3 iU!Fcf3
*#$#+&%6 iU!:c hVUA!<c
=/%(.+2//(+%);(/0%, iUDD!(( U!((
S#8;( )?@?E! S"!J'%0=/);!0%$%I/7/'/#3!02($%&#*!H/'G!0.&&#)'!2KKR$%0=%;#!
'#0G)272;9!HG/0G!G%3!(2&#!7/(/'#*!$/)3!%)*!I.3R3$##*[!"%'%!K&2(!O)'#7!
F#0G)272;9!@2.&)%7!aSUb[
O)!'&%*/'/2)%7 !$7%)%& ! '#0G)272;9!'G#!'&%)3/3'2&3!%&#! /) !%!3/);7#!AR"!$7%)#[ !P#H!3'%0=#*!/)'#;&%'/2)!
'#0G)272;/#3 !%772H!.3!'2 !G%5#!3#5#&%7 !$7%)#3 !2)#!25#&!2'G#&[ !L(#&;/);!S"!'#0G)272;9!$&25/*#3!%!
G/;G#&!/)'#;&%'/2)!*#)3/'9!.$!'2!'G#!).(I#&!2K!$7%)#3!H/'G!'G#!&#*.0'/2)!/)!'G#!0720=!*/3'&/I.'/2)!%)*!
H/!7#);'G[!F%I7#!U[U!.(#3!'G#!0%$%I/7/'/#3!2K!S"!3'%0=#*!(#(2&9!02($%&#*!H/'G!0.&&#)'!2KKR
$%0=%;#!'#0G)272;9[!<2#&C!%3!H#!02))#0'!3'%0=#*!$7%)#3!H/'G!5#&'/0%7!5/%3C!'G#!'#0G)272;9!.3#*!/)!
#%0G!$7%)#!(%9!*/KK#&C!(%=/);!$233/I7#!'2!.3#!'G#!I#''#&!'#0G)272;9!K2&!#%0G!$7%)#[!W)!'G#!2'G#&!G%)*C!
'G#&(%7!*/33/$%'/2)!/3!%!$&2I7#(!%3320/%'#*!H/'G!S"!3'%0=/);C!3'%0=#*!G2'!3$2'3!30%7#3!$2H#&!%)*!G#%'!
*#)3/'9!aSDb[
LY$72&%'/2)!2K!S"R3'%0=/);!0%$%I/7/'/#3!0%)!I#!3##)!/)!c7%0=!+*,)3?!aVbaQb!%)*!<932&#!+*,)3?!aSDb!H2&=3[!
FG#9!*/5/*#!%!02((#&0/%7!$&20#332&!K722&$7%)!/)'2!3(%77#&!$7%)3!'G%'!%&#!3'%0=#*[!N#3.7'3!2K!c7%0=!K2&!
'H2!$7%)3!3G2H!%!$#&K2&(%)0#!/($&25#(#)'!2K!UVjC!*.#!'2!'G#!&#*.0'/2)!2K!$/$#7/)#!0907#3C!%)*!%!
3/(/7%&!$2H#&!&#*.0'/2)[!OK!H#!%732!3'%0=!%!(#(2&9!$7%)#!H#!0%)!%0G/#5#!%!UVj!&#*.0'/2)!/)!(#(2&9!
%00#33!'/(#[!<932&#!.7'3!%732!3G2H!'G#!*/33/$%'/2)!$&2I7#(3!%3320/%'#*!H/'G!3'%0=#*!G2'!3$2'3[
6.''%3H%(9!%)*!k2G!aSAb!G%5#!$#)'#*!%!3'.*9!/)!0%0G#!$%&'/'/2)/);[!FG/3!3'.*9!G%3!*#(23'&%'#*!'G%'!
S"!3'%0=/);!(%9!I#!.3#*!'2!/($7#(#)'!K%3'#&!%)*!72H!$2H#&!2)R0G/$!0%0G#3!*.#!'2!'G#!&#*.0'/2)!2K!
/)'#&02))#0'/2)3[!OK!H#!*/5/*#!'G#!0%0G#!/)'2!I%)=3!H#!0%)!/)0&#%3#!'G#!(#(2&9!3/>#!/($&25/);!'G#!
$&20#332&!$#&K2&(%)0#!HG#)!/'!&.)3!(#(2&9!/)'#)3/5#!%$$7/0%'/2)3[!OK!H#!3$7/'!'G#!0%0G#!/)'2!%&&%93!H#!
&#*.0#!'G#!H/&#!7#);'G[
=/%(.+2//(+%&2/)/(%I2.D7
FG#!)#Y'!;#)#&%'/2)!2K!/)'#&02))#'3!%(2);!02!%)*!0%0G#3!(.3'!'%=#!/)'2!%002.)'!(%)9!/)'#&%0'/);!
K%0'2&3[ ! L%0G ! /)'#&02))#0'/2) ! '2$272;9 ! G%3 ! /'3 ! 2H) ! '&%*#2KK3 ! /) ! 'G&2.;G$.'C ! 7%'#)09C !  .&0#!
200.$%'/2)C!%)*!#%3#!2K!/($7#(#)'%'/2)C!(%=/);!/'!3./'%I7#!%'!%!3$#0/K/0!7#5#7!/)!'G#!0%0G#!G/#&%&0G9[!
M2.&!%&#!'G#!I%3/0!/)'#&02))#0'/2)!'2$272;/#3d!I.3#3C!0&233I%&3C!'/)9R)#'H2&=3C!%)*!&/);3[!FG#!I.3#3!
G%5#!%!G/;G!I%)*H/*'G!I.'!3.KK#&!K&2(!%!G/;G!).(I#&!2K!0277/3/2)3[ !FG#!0&233I%&3!G%5#!5#&9!72H!
7%'#)0/#3!I.'!G%5#!/($2&'%)'!023'3!/)!%&#%!200.$%)09[!FG#!'/)9R)#'H2&=3!%)*!&/);3!%&#!3/($7#!%)*!G%5#!
%!72H!%&#%!200.$%)09!%'!'G#!#Y$#)3#!2K!%!G/;G!7%'#)09[!<2#&C!HG#)!*#%7/);!H/'G!0%0G#!02G#&#)0#!
O)'&2*.0'/2) E
H#!(.3'!02)3/*#&!'&%)3%0'/2)3!H/'G/)!%)*!%0&233!0G/$3[
l.(%&C!m9.I%)!%)*!F.773#)!aAAb!3'.*/#*!'G#!25#&G#%*!%)*!30%7%I/7/'9!2K!/)'#&02))#0'/2)!'2$272;/#3!/)!
1<63[ !FG#/& ! .7'3 ! 3G2H! 'G%' ! 'G# !%&0G/'#0'.&# !2K ! 'G# ! /)'#&02))#0' ! /)'#&%0'3 !H/'G ! 'G# !*#3/;) !%)*!
%&0G/'#0'.&# !2K ! 'G# ! 02 ! %)* ! 0%0G#3C ! %)* ! /) !I%* !*#3/;)3 ! 'G# ! /)'#&02))#0'/2) ! 0%) ! '%=# ! /($2&'%)'!
%(2.)'3!2K!%&#%!%)*!$2H#&[!^G/7#!3G%&#*!7%3'R7#5#7!0%0G#3!/($&25#!0%0G#!G/'!&%'#3C!'G#!/($7/0%'/2)3!2)!
'G#!/)'#&02))#0'!0%)!I#!#Y'&#(#C!&#-./&/);!/($2&'%)'3!%(2.)'3!2K!%&#%!\.3'!K2&!'G#!)#'H2&=[
O)!'G#!)#Y'!;#)#&%'/2)!%&0G/'#0'.!H#!0%)!)2'!.3#!%!I.3!3)22$!I&2%*0%3'!$&2'2027!'G%'!0%)!)2'!I#!
30%7#* ! %)* !G%5# !% !I/; ! %&#% !%)* !$2H#& !02)3.($'/2)[ !FG# ! O)'#7 !12&$2&%'# !F#0G)272;9 !:&2.$ !aAb!
/*#)'/K/#* ! 'G%' ! 32(# ! 2K ! 'G# ! I%3/0 ! &#-./&#(#)'3 ! K2& ! 'G# ! 2)R*/# ! /)'#&02))#0'/2)3 ! %&# ! 30%7%I/7/'9C!
$%&'/'/2)%I/7/'9C ! &#;.7%&/'9 ! %)* ! K7#Y/I/7/'9[ !1%)*/*%'# ! '2$272;/#3 !H/77 ! I# ! *#'#&(/)#* ! I9 ! 'G# !H/&/);!
*#)3/'9!%)*!&2.'#&!02($7#Y/'9C!/)'#&02))#0'/2)!(.3'!I#!$2H#&!#KK/0/#)'!%)*!/'3!%&#%!)#;7/;/I7#[!FG#!A"!
'2&.3f(#3G !)#'H2&=3 !%&# ! 'G# !I#3' ! 0%)*/*%'#3 ! K2& ! 'G# ! '#&%30%7# !02($.'/);[ !FG#!A"!(#3G !$#&K#0'79!
(%'0G#3!'G#!3/7/02)!3.&K%0#!%)*!/3!#%39!'2!/($7#(#)'C!I.'!%!).(I#&!2K!7/(/'%'/2)3!G%5#!I##)!$&25#*!
#3$#0/%779!K2&!72);!*/3'%)0#!'&%KK/0[
*#+,()F(F2.6)767%(F7
@%02IC!P;!%)*!^%);!aADb!)/>#!'G%'!#%&0G!/)!0%0G#!*#3/;)!/3!I9!)2!(#%)3!%'!%!3'%)*!3'/77C!%)*!
'G#!K.'.&#!G27*3!).(#&2.3!%5#).#3!2K!/)'#'/);!H2&=[!P#H!%&0G/'#0'.C!H/'G!(.7'/$7#!02!%)*!2)R
*/#!7%3'R7#5#7!0%0G#3C!2$#)!'G#!/)'#'!2)!#Y$72&/);!3/;)/K/0%)'79!(2&#!32$G/3'/0%'#*!%7;2&/'G(3!K2&!
02)'#)'!%)*!02)3/3'#)09!(%)%;#(#)'[
O)!K.'.&#!(%)902&#!%&0G/'#0'.C !*.#!'2!'G#!/)0&#%3/);!$!.&#!2)!'G#!(#(2&9!G/#&%&0G9!%)*!'G#!
5%&/%I/7/'9 ! 2K ! 'G# ! H2&=72%* ! *#(%)*3C ! #KK/0/#)' ! 0%0G# ! G/#&%&0G/#3 ! %)* ! 02G#&#)0# ! $&2'20273 ! %&#!
*#(%)*#*[!FG#/&!#KK/0/#)09!H/77!I#!*#'#&(/)#*!I9!'G#/&!K7#Y/I/7/'9!%)*!30%7%I/7/'9[!O)!%!0%0G#!G/#&%&0G9!
3#5#&%7!=#9!K%0'2&3!(.3'!I#!'%=#!/)'2!%002.)'d!'G#!2&;%)/>%'/2)!2K!'G#!0%0G#!3'&.0'.&#C!'G#!).(I#&!2K!
0%0G#!7#5#73C!'G#!3/>#!2K!#%0G!0%0G#!7#5#7C!'G#!%3320/%'/5/'9C!'G#!7%'#)09C!'G#!%7720%'/2)C!%)*!'G#!#5/0'/2)!
$&2'2027[!FG#!(%/)!;2%7!2K!'.)/);!%77!'G#3#!K%0'2&3!/3!'2!&#*.0#!'G#!%00#33!7%'#)09[!,732!/($2&'%)'!/)!
0.&&#)'!393'#(3!/3!'G#!#)#&;9R#KK/0/#)09[!J#''/);!'G#!0%0G#!G/#&%&0G9!%)*!'G#!).(I#&!2K!02!%!$&/2&/!
/)!%!1<6!%&0G/'#0'.&#!H/77!.7'!/)!$22&!$#&K2&(%)0#!%0&233!(%)9!%$$7/0%'/2)!07%33#3[
,!3$%0#!#Y$72&%'/2)!2K!'&%*#2KK3!2K!K.'.&#!1<63!G%3!I##)!*2)#!I9!e.GC!c.&;#&!%)*!l#0=7#&!aUEb[!O)!
'G/3!3'.*9!'G#9!%)%79>#!'G#!1<6!2&;%)/>%'/2)!/)!%002&*%)0#!'2!%&#%!%)*!$#&K2&(%)0#!'&%*#R2KK3[!FG#9!
(2*#7!/)R2&*#&!%)*!2.'R2KR2&*#&!$&20#332&!2&;%)/>%'/2)3!H/'G!2KKR0G/$!7/(/'#*!I%)*H/*'G!%)*!%!7/(/'#*!
$/)!02.)'!%002&*/);!'2!'G#!JO,!N2%*(%$!K2&!*/KK#&#)'!/)'#;&%'/2)!'#0G)272;/#3!H/'G!%!K/Y#*!%&#%[!FG#!
.7'3!3G2H!'G%'!%3!'#0G)272;9!K%0'2&!30%7#3!*2H)!'G#!%(2.)'!2K!(#(2&9!)##*#*!/3!I/;;#&!*.#!'2!'G#!
/)0&#%3/);!(#(2&9!;%$[
,3!(.7'/02&#!$&20#332&3!I#02(#!$#&5%3/5#C!%!=#9!*#3/;)!/33.#!K%0/);!$&20#332&!%&0G/'#0'3!H/77!I#!'G#!
G/#&%&0G9!%)*!$27/0/#3!K2&!'G#!7%3'R7#5#7!0%0G#[!FG/3!K2&0#3!.3!'2!'%=#!/)'2!%002.)'!/K!02!G%5#!'2!3G%&#!
'G#/&!0%0G#!(#(2&9!3$%0#!2&!)2'[!JG%&/);!'G#!0%0G#3!%(2);!%77!02!0%)!$&25/*#!$22&!/327%'/2)C!I.'!
02!5/#H!%!I/;;#&!0%0G#!(#(2&9[
O) !%002&*%)0# !H/'G !aTbC !HG#) !H#!%&# ! 3G%&/); !% !0%0G# !(#(2&9 !%(2; !02C ! 02)3/*#& !H#!G%5# !9,
$&20#332&3C!#%0G!$&20#332& !@! #(/'3 !0/&0.7%&!3#-.#)0#3!2K!(#(2&9!%00#33#3!_%!3#-.#)0#!2K!(#(2&9!
%00#33#3!HG#&#!'G#!K/&3'!%)*!'G#!7%3'!%00#33#3!%&#!'2!'G#!3%(#!7/)#!%**!`!'2!'G#!3%(#!3#'!*#)2'#*!I9!
7%+5@A"@81@B!HG#&#
1@!/3!'G#!).(I#&!2K!0%0G#!%00#33#3!(%$$#*!'2!'G#!3%(#!3#'C!%)*!
"@!'G#!).(I#&!2K!*/3'/)0'!7/)#3!%**!#*!(%$$#*!'2!'G#!3%(#!3#'[!
k#' ! 02)3/*#& !!! 'G# ! 0%0G# ! %3320/%'/5/'9[ !N.))/); ! %72)#C ! /) ! % !!C:)=! %3320/%'/5# ! 0%0G# !H/'G !kN4!
&#$7%0#(#)'!$27/09C!H#!H/77!G%5#!%!(/33!/K!"@,D,!C!'G/3!/3C!/K!H#!G%5#!%!0/&0.7%&!3#-.#)0#!72);#&!'G%)!
'G#!0%0G#!%3320/%'/5/'9[!OK!H#!G%5#!(.7'/$7#!02R&.))#&3!3G%&/);!%)!!C:)=!0%0G#!H#!G%5#!'G%'!$&20#332&!
UD O)'&2*.0'/2)
@!H/77!G%5#!%!(/33!/K " @! "$!DE $#@
9
" $ $ ! C!HG#&# ! "$!D E$# @
9
" $ ! %7H%93!/3!%!)2)!)#;%'/5#!5%7.#[!
".#!'G/3C!3G%&/);!%!3%(#R3/>#*!0%0G#!(#(2&9!H#!H/77!G%5#!#-.%7!2&!(2&#!(/33!$&2I%I/7/'9C!'G/3!/3C!
#-.%7!2&!I/;;#&!(/33!&%'#[
OK!H#!*#0/*#!'2!3G%&#!2.&!0%0G#!(#(2&9!3$%0#!32(#!H2&=72%*3!02.7*!$#&K2&(!I#''#&C!I.'!H#!G%5#!02R
&.))#&3!%)*!'G#!$277.'/2)!I#'H##)!%$$7/0%'/2)3!0%)!*#;&%*#!2.&!$#&K2&(%)0#[!,3!2.&!K/)%7!2I\#0'/5#!/3!
&#*.0#! 'G# !%00#33#3 ! 7%'#)09! /) !%77 ! 'G# !$233/I7# !H2&=72%*3C !%) !%*%$'/5# ! '#0G)/-.# !H/77 !I# ! 'G# !I#3'!
*#0/3/2)[
122$#&%'/5#!1%0G/);!/3!'G#!'#0G)/-.#!$&2$23#*!I9!1G%);!%)*!J2G/!a]b!'G%'!'&/#3!'2!(%Y/(/>#!'G#!kA!
.3%;#! '2 !&#*.0#! 'G#!2KKR0G/$!%00#33#3 !0&#%'/); !% !;72I%779R(%)%;#*! 72;/0%7 ! 3G%&#*!kA!H/'G !$&/5%'#!
0%0G#3[ !,!*/3'&/I.'#* !5#&3/2)!2K! 'G#3#!30G#(#!H%3!$&2$23#*!I9!e#&&#&2 !+* ,)3? ,aU]b[ !"9I*%G7 !%)*!
J'#)3'&2(!aUUb!*#3/;)#*!%)!%*%$'/5#!P41,!0%0G#!$%&'/'/2)/);!30G#(#!'G%'!'&/#3!'2!(%Y/(/>#!'G#!7%3'R
7#5#7!0%0G#!$#&K2&(%)0#!3G%&/);!0%0G#3!H/'G!%!*9)%(/0%779!02)'&277#*!-.2'%!(#0G%)/3([
"/KK#&#)'!H2&=72%*3!$#&K2&(3!I#''#& !H/'G!*/KK#&#)'!&#$7%0#(#)'!$27/0/#3[ !,*%$'/5#!'#0G)/-.#3 !G%5#!
I##)!$#)'#*!I9!J.I&%(%)/%)C!J(%&%;*%=/3!%)*!k2G!aQAb!%)*!n.G/!+*,)3?!aSQb[!FG#/&!/*#%!/3!'2!.3#!
'H2!0%0G#!$27/0/#3 !%)*!3H/'0G!I#'H##)!'G#([!FG#9!%0G/#5#!.$!'2!UAj!$#&K2&(%)0#!/($&25#(#)'!
$#0'!'G#!kN4!$27/09[
F&%*/'/2)%779!'G#!0%0G#!G%3!I##)!%!'&%)3$%&#)'! .&0#!K2&!'G#!WJ!%)*!)2!(.0G!/($&25#(#)'3!0%)!I#!
*2)#[ ! J2(# ! )#H ! '#0G)/-.#3 ! '2 !(%)%;# ! 'G# ! 0%0G# !(#(2&9 ! 5/% ! 'G# ! 2$#&%'/); ! 393'#( ! G%5# ! I##)!
$&2$23#*[!N%K/-.#C!k/(!%)*!FG2''#'G2*/ !aSVb!H2&=#*!2)!%)!WJ!0%0G#!(%)%;#(#)'!'#0G)/-.#[!FG#/&!
/*#%!/3!'2!(%)%;#!3G%&#*!0%0G#3!H/'G!5%&/#'9!2K!$27/0/#3!.3/);!%!G%&*H%&#!0%0G#!-.2'%!(#0G%)/3(!
02)'&27#*!I9!'G#!WJ[!FG#!n.2'%!L)K2&0#(#)'!<#0G%)/3(!=##$3!'G#!2H)#&3G/$!2K!#%0G!0%0G#!I720=!
25#&!HG#&#!H#!G%5#!$&/2&/'9!%)*!'G#!WJ!(%)%;#3!%!JG%&#&!n.2'%!F%I7#!HG/0G!3'2!-.2'%!2K!#%0G!
3G%&#&[
1G2!%)*!@/) !aUDb!$#)'#*!%!)#H!$%;#!%7720%'/2)!(#0G%)/3([!,3!'G#!WJ!0%)!*#'#&(/)#!'G#!5/&'.%7!
$%;#!).(I#&!2K!%!3#'!2K!*%'%!2&!02*#C!H/'G!%!(2*/K/#*!%&0G/'#0'.&#!'G%'!%33/;)!'G#! .&0#3!%002&*/);!
H/'G!'G#!5/&'.%7!$%;#!).(I#&!H#!0%)!(%)%;#!'G#!$7%0#(#)'!2K!2.&!*%'%!2&!02*#[!FG/3!%772H3!.3!'2!(%=#!
5/&'.%7!(.7'/02!%)*!.3#!'G#!0%0G#!2K!/*7#!$&20#332&3[
M%/&!J0G#*.7/);!aUSb!/3!%)!WJ!30G#*.7/);!*#5#72$#*!I9!M#*2&25%!+*,)3?!'G%'!'&/#3!'2!&#*.0#!02R&.))#&R
*#$#)*#)'!5%&/%I/7/'9!/)!'G#!$#&K2&(%)0#!2K!'G#!%$$7/0%'/2)3[!O'!#3'/(%'#3!'G#!kA!0%0G#!(/33!&%'#!%)*!
%33/;)3!I/;;#&!'/(#!37/0#3!'2!%$$7/0%'/2)3!H/'G!$#&K2&(%)0#!*#;&%*%'/2)!*.#!$22&!/327%'/2)[
S.#/7#+%&2/#;)F(F2.6
J/)0#!'G#!K/&3'!(.7'/$&20#332&3!%$$#%&#*C!;.%&%)'##/);!'G#!(#(2&9!02G#&#)0#!%)*!02)3/3'#)09!aAQb!G%3!
I##)!%!�.&&/);!$&2I7#([!,!$%&%77#7!$&2;&%((/);!(2*#7!(.3'!'%=#!/)'2!%002.)'!'G#!H2&=!I%7%)0#C!'G#!
*#$#)*#)09!02)'&27C!%)*!'G#!02((.)/0%'/2)C!%)*!$&25/*#!%)!#%39R'2R.3#!K&%(#H2&=[!c.'!(23'!(2*#73!
G%5#!$&2I7#(3!%3320/%'#*!H/'G!02)5#)'/2)%7!720=/);!'#0G)/-.#3!2&!'G#9!)##*!%)!#Y$#&'!$&2;&%((#&[
O)!UEES!e#&7/G9 !%)*!<233 !aUTb! $#)'#* !%!)#H!(#0G%)/3(! 'G%' !%0G/#5#3 !% !G/;G !%I3'&%0'/2) ! K2&!
02)0.&&#)'!%00#33#3!'2!3G%&#*!(#(2&9C!'G#!*')1%)7*$&1)3,0+0&'=8! 'G%'!.3#3!%!)#H!3#'!2K!/)3'&.0'/2)3!
%772H/);!#%39R'2R.3#!)2)RI720=/);!39)0G&2)/>%'/2)[!,00#33#3!'2!3G%&#*!(#(2&9!&#;/2)3!%&#!$#&K2&(#*!
%3!'&%)3%0'/2)3!_%!3#-.#)0#!2K!(%0G/)#!/)3'&.0'/2)3!'G%'!$#&5#3!'G#!%'2(/0/'9!2K!'G#!2$#&%'/2)3`!'G%'!
$&2'#0'!'G/3!*%'%!.)'/7!'G#!'&%)3%0'/2)!02((/'3[
FH2!9#%&3!7%'#&C!JG%5/'!%)*!F2./'2. !aSEb! $#)'#*!%!)#H!/($7#(#)'%'/2)!2K!'&%)3%0'/2)%7!(#(2&9!
K.779!I%3#!2)!32K'H%&#[!43/);!!"#$%!&'()$!%)*!*+",)%-"'$&+&"'#.!2$#&%'/2)3!/'!3.$$2&'3!K.77!'&.#!
393'#(!#Y#0.'/2)!H/'G!30%7%I/7/'9!I.'!G%*!I%*!$#&K2&(%)0#[
<0"2)%7'!+*,)3?!aATb!*#5#72$#*!%!)#H!G%&*H%&#!'&%)3%0'/2)%7!(#(2&9!H/'G!K.77!3.$$2&'!K2&!(2*#&)!WJ!
%)*!$&2;&%((/);!(2*#73C!3.$$2&'/);!)#3'#*!'&%)3%0'/2)3[!FG#/&!(2*#7!0%)!%0G/#5#!G/;G#&!3$##*.$3!
O)'&2*.0'/2) UU
'G%)!'G#!K/&3'!'&%)3%0'/2)%7!(#(2&9!(2*#7[!J/)0#!'G#)C!G9I&/*!G%&*H%&#f32K'H%&#!'&%)3%0'/2)%7!(#(2&9!
(#0G%)/3(3!G%5#!I##)!$&2$23#*!'G%'!'&9!'2!%0G/#5#!'G#!I#3'!2K!I2'G!/($7#(#)'%'/2)3[!l.(%& !+*,)3?,
aASb!*#5#72$#*!%!)#H!30G#(#!'G%'!.3#3!G%&*H%&#!3'&.0'.!.)'/7!'G#3#!%&#!#YG%.3'#*C!'G#)!/'!3H/'0G#3!
'2!%!32K'H%&#!I%3#*!'&%)3%0'/2)%7!(#(2&9!(2*#7!(%/)'%/)/);!'G#!30%7%I/7/'9!2K!'G#!(2*#7[!<22&#!+*,)3?,
aAEb!H2&=#*!2)!%!K%3'!5#&3/2)!2K!'&%)3%0'/2)%7!(#(2&9C!k2;F<C!I%3#*!2)!%)!#Y'#)3/2)!2K!'G#!<WLJO!
*/�'2&9!$&2'2027[!FG/3!%00#7#&%'#3!'&%)3%0'/2)3!I9!G%&*H%&#C!I.'!=##$/);!'G#!%I2&'3!(%)%;#(#)'!/)!
32K'H%&#[!F2!&#*.0#!'G#!02)'&27!'&%KK/0!e%((2)*!+*,)3?!aUQb!$#)'#*!J'%)K2&*!F11!'G%'!02(I/)#3!%77!
H&/'#3!K&2(!#%0G!'&%)3%0'/2)!&#;/2)!/)'2!%!3/);7#!$%0=#'!&#*.0/);!'G#!%(2.)'!2K!I%)*H/*'G!&#-./&#*[!
J%G% !+* ,)3?! aS]b! /($7#(#)'#* !%!30%7%I7# !32K'H%&# !(2*#7 !H/'G!%&0G/'#0'.&%7 !3.$$2&'C !e,JF<C! 'G%'!
(%&=3!'&%)3%0'/2)3!/)!'G#!0%0G#!(#(2&9[!FG#!(2*#7!$#)'#*!I9!JG&/&%(%)!+*,)3?!aQDbC!NF<C!G%3!%!
3/(/7%&!=#9!/*#%d!.3#!%!32K'H%&#!(2*#7!%00#7#&%'#*!I9!G%&*H%&#C!/)!'G/3!0%3#!.3/);!%)!#Y'#)3/2)!2K!'G#!
<LJO!02G#&#)0#!$&2'2027[
N%(%*%)!+*,)3?!aSTb!%)*!N233I%0G!+*,)3?,aSBb!H2&=#*!/)!%!&#%7!/($7#(#)'%'/2)!2K!32K'H%&#!'&%)3%0'/2)%7!
(#(2&9!/)!%!k/).Y!=#&)#7C!<#'%F<fFYk/).Y[!c%3#*!2)!%!3'%0=!(#0G%)/3(C!'G/3!'&%)3%0'/2)%7!(#(2&9!
3/($7/K/#3!'G#!7%&;#!=#&)#7C!'G%'!.3#3!*/5#&3#!39)0G&2)/>%'/2)!$&/(/'/5#3C!H/'G2.'!7233!2K!$#&K2&(%)0#[
?@B@ T8X(+%&'(7)
,K'#&!'G/3!H/*#!25#&5/#H!2K!G2'!'#0G)/-.#3!%$$7/#*!'2!3275#!'G#!(%/)!=#9!%''&/I.'#3!2K!'G#!'#&%30%7#!
02($.'/);C!H#!H/77!I#!3$#0/K/0!%I2.'!2.&!2I\#0'/5#3[
,3!'G#!).(I#&!2K!02!/)0&#%3#3!H#!02.7*!#Y$#0'!'G%'!2.&!%$$7/0%'/2)3!&.)!K%3'#&!%)*!$&20#33!(2&#!
*%'%C !I.' ! 'G# !G/;G#& !*#(%)*3 !'2 ! 'G# !(#(2&9!G/#&%&0G9!%)*!'2! 'G#!/)'#&02))#0'3 ! 7/(/'3 ! 'G#!393'#(!
30%7%I/7/'9[
F%=/);!(2&#!02!H#!H/77!G%5#!(2&#!(#(2&9!&#K#&#)0#3!&#-./&/);!G/;G#&!'G&2.;G$.'3!'2!%00#33!'2!'G#!
(#(2&9 !G/#&%&0G9[ !FG# ! /)'#&02))#0'/2)3 !(.3' ! I# ! %H%&# ! 2K ! 'G/3C ! /) ! %**/'/2) ! '2 ! 'G# ! )##*3 ! 2K ! 'G#!
02G#&#)0#!$&2'20273C!!%)*!2K!'G#!3/>#C!'G#&(%7C!%)*!$2H#&!02)3'&%/)3[!
F2!%0G/#5#!%!;22*!0%0G#!G/#&%&0G9!$#&K2&(%)0#!H#!(.3'!'%=#!/)'2!%002.)'!3#5#&%7!K%0'2&3d!'G#!).(I#&!
2K!0%0G#!7#5#73C!'G#!$27/0/#3!%'!#%0G!7#5#7C!'G#!0%0G#!3/>#3C!'G#!3#'R%3320/%'/5/'9C!'G#!0%0G#!I720=!3/>#C!
'G#!).(I#&!2K!02!'G%'!3G%&#!'G#!0%0G#!3$%0#C!'G#!3G%&/);!*#;&##C!'G#!02G#&#)0#!$&2'20273[[[!,)*!%77!
'G#3#!K%0'2&3!.)*#&!3/>#C!'G#&(%7C!%)*!$2H#&!02)3'&%/)3[!"#'#&(/)#!'G#!2$'/(%7!0%0G#!G/#&%&0G9!*#3/;)!
/3!)2'!#%39C!%)*!)2!3/);7#!327.'/2)!$&25/*#3!'G#!I#3'!$#&K2&(%)0#!K2&!%77!'G#!H2&=72%*3[
FG#!#Y$72/'%'/2)!2K!'G#!7%3'R7#5#7!0%0G#!/3!#3$#0/%779!/($2&'%)'[!FG/3!/3!.3.%779!3G%&#*!%(2);!%77!02!
I#0%.3# !2K ! 'G# !I#''#& !.3# !2K !(#(2&9!3$%0#[ !4)K2&'.)%'#79C ! 3G%&# ! 'G# !0%0G# !(#(2&9!0%) !$&2*.0#!
$277.'/2)!I#'H##)!%$$7/0%'/2)3C!.7'/);!/)!$#&K2&(%)0#!*#;&%*%'/2)3[!,3!)2!3/);7#!327.'/2)!$&25/*#3!
'G#!I#3'!$#&K2&(%)0#C!%*%$'/5#!$&/5%'#f3G%&#*!0%0G#3!H/77!$&25/*#!'G#!I#3'!2K!I2'G!/($7#(#)'%'/2)3[
FG#!3G%&/);!*#;&##!2K!2.&!7%3'R7#5#7!0%0G#!0%)!0G%);#!'G#!25#&%77!$#&K2&(%)0#!3/;)/K/0%)'79[!e%5/);!
G/;GR*#;&##!3G%&#*!0%0G#3!/)!%!(.7'/02&#!%&0G/'#0'.&#!*2#3!)2'!G%5#!%)9!%*5%)'%;#C!/)0&#%3/);!'G#!G/'!
7%'#)09!H/'G!%)!/)3.KK/0/#)' !&#*.0'/2)!2K!(/33#3[ !"9I*%G7 !%)*!J'#)3'&2( !aUUb! $&2$23#!%)!%*%$'/5#!
$%&'/'/2)/);!30G#(#!'G%'!7/(/'3!'G#!).(I#&!2K!H%93!'G%'!#%0G!0%0G#!0%)!.3#[!FG/3!$&2$23%7!(%/)'%/)3!%!
$&/5%'#!$%&'/'/2)!$#&!02&#C!(%=/);!/'!/)'#'/);!*.#!'2!/'3!02)'&277#*!3G%&/);!*#;&##[!e2H#5#&C!'G/3!
'#0G)/-.#!G%3!7/(/'%'/2)3!'2!I#!/($7#(#)'#*!H/'G!;22*!30%7%I/7/'9[
O)!'G/3!'G#3/3!H#!$#)'!%!3'.*9!2K!'G#!"9I*%G7+3!30G#(#!%)*!/'3!30%7%I/7/'9!/)!QRC!]R!%)*!UBR02!
%&0G/'#0'.[!WI3#&5/);!/'3!$&2I7#(3C!H#!G%5#!$&2$23#*!%!)25#7!*/3'&/I.'#*!%*%$'/5#!30G#(#!'G%'!'&/#3!
'2!3275#!'G#!30%7%I/7/'9!7/(/'%'/2)[!M2&!2.&!$&2$23%7C!(2#&C!H#!G%5#!3'.*/#*!3#5#&%7!$#&K2&(%)0#!
/($7/0%'/2)3!*.#!'2!/'3!*/3'&/I.'#*!)%'.&#[
FG#!'!2K!'G/3!*20.(#)'!/3!2&;%)/>#*!%3!K2772H3[!FG#!)#Y'!0G%$'#&!$#)'3!%)!25#&5/#H!2K!0%0G#!
(#(2&/#3[!FG#!0G%$'#&!S!/3#3!'G#!%'#*!H2&=[!FG#!I%3#7/)#!%&0G/'#0'.!.3#*!K2&!'G/3!3'.*9!%&#!
$#)'#*!/)!0G%$'#&!Q[!1G%$'#&!V!*#30&/I#3!'G#!"9I*%G7+3!30G#(#!%)*!G2H!H#!/($7#(#)'!/'[!FG#!)#Y'!
UA O)'&2*.0'/2)
0G%$'#&!$#)'3!2.&!$&2$23%7[!O)!0G%$'#&!T!H#!*#30&/I#!2.&!(#'G2*272;9!%)*!H#!*/30.33!%I2.'!'G#!
(#'&/03 !.3#*[ !FG#!.7'3 !2K!2.&!3/(.7%'/2)3 !%&#!$#)'#* !/) !0G%$'#& !][ !^#!02)07.*#!/) ! 'G#!)#Y'!
0G%$'#&[
c%0=;&2.)*d!'G#!0%0G#!(#(2&9 US
B@ C#+D0.24/"E)%,()+#+,()F(F2.6
B@?@ T'(.'&(I)21)%,()+#+,()F(F2.&(7)
FG#!0%0G#!/3!'G#!G/;G#3'!2&!K/&3'!7#5#7!2K!'G#!(#(2&9!G/#&%&0G9!#)02.)'#&#*!2)0#!'G#!%**!!7#%5#!'G#!
$&20#332&[!c#0%.3#!2K!720%7/'9!%)*!'G#!G/;G#&!3$##*!2K!3(%77#& !(#(2&/#3C !0%0G#3!0%)!3.I3'%)'/%779!
/($&25#!'G#!$#&K2&(%)0#!&#*.0/);!'G#!/)0&#%3/);!(#(2&9!;%$C!'G#!;.7K!/)!%00#33!'/(#!%)*!0%$%0/'9C!
I#'H##)!'G#!$&20#332&!%)*!'G#!(#(2&9[
F&%)3$%&#)'79!%**!#*!0%0G#3!%&#!'G#!(23'!02((2)!K2&(!2K!;#)#&%7R$2.&$23#!$&20#332&!0%0G#3!*.#!
'G#/&!&#%32)%I7#!/($&25#(#)'!2K!$#&K2&(%)0#[!FG#3#!0%0G#!(#(2&/#3!3'2&#!0G.)=3!2K!Ac!I9'#3!2K!*%'%!
0%77#* !0%0G#!I720=3[ !^G#)! 'G#!$&20#332& !&#-.#3'3 !%)!%**!! /' ! K/&3' !0G#0=3 !HG#'G#& ! 'G%' !(#(2&9!
720%'/2)!/3!/)!'G#!0%0G#!02($%&/);!'G#!.$$#&!%**!!I/'3!2K!'G#!(#(2&9!720%'/2)!'2!%77!'%;3!/)!'G#!3%(#!
0%0G#!3#'!_3##!M/;.&#!A[U`[!FG#!0%0G#!3#'!HG#&#!%!I720=!/3!(%$$#*!/3!*#'#&(/)#*!I9!'G#!I/'3 !/FG! '2!
/F1[! !^G#)!1! #-.%73!'G# !72;%&/'G(!2K!'G#!).(I#&!2K!I720=3!/)!'G#!0%0G#C!H#!G%5#!%!*/�'R(%$$#*!
0%0G#o!HG#)!/'!/3!DC!H#!G%5#!%!K.779!%3320/%'/5#!0%0G#o!/)!/)'#&(#*/%'#!0%3#3C!H#!G%5#!% !1RH%9!3#'!
%3320/%'/5#!0%0G#[
^G#)!'G#!$&20#332&!K/)*3!%!&#-.#3'#*!*%'%!/'#(!/)!'G#!0%0G#C!/'!/3!0%77#*!%!7)7-+,-$*[!^G#)!/'!*2#3)+'!
K/)* ! 'G# !*%'%C ! % !7)7-+ ,0$%%! 200.&3[ !1%0G# !(/33#3 !200.& ! I#0%.3# !*%'% ! /3 ! %00#33#* ! K2& ! K/&3' ! '/(#C!
0.($.732&9!(/33#3o!I#0%.3#!'G#!0%0G#!/3!)2'!7%&;#!#)2.;G!'2!G27*!'G#!H2&=/);!3#'C!0%$%0/'9!(/33#3o!
I#0%.3#!H#!G%0#!(2&#!&#-.#3'3!'G%)!'G#!%3320/%'/5/'9!*#;&##C!02)K7/0'!(/33#3o!2&!*.#!K7.3G#3!'2!=##$!
02G#&#)09!/)!(.7'/$&20#332&3[
*#+,()T.0#/&Y#%&2/
FG#!K.)*%(#)'%7!'&%*#R2KK!I#'H##)!0%0G#!7%'#)09!%)*!G/'!&%'#C!7%&;#&!0%0G#3!G%5#!I#''#&!G/'!&%'#3!I.'!
72);#&!7%'#)09C!(2'/5%'#3!'G#!.3#!2K!(.7'/$7#!7#5#73!2K!0%0G#[
<.7'/R7#5#7!0%0G#3!/)'&2*.0#!)#H!*#3/;)!'&%*#R2KK3[!OK!%77!*%'%!/)!'G#!kU!0%0G#!(.3'!%732!I#!32(#HG#&#!
/)!'G#!kA!0%0G#!H#!G%5#!%!%*'$7*3=,$173.%$#+!0%0G#[!FG#3#!0%0G#3!%&#!3/($7#!'2!/($7#(#)'!%)*!K%0/7/'%'#!
'G#!02G#&#)0#!$&2'20273!*#3/;)[!<2#&!'G#9!%772H!'G#!.3#!2K!*/KK#&#)'!0%0G#!7/)#3!HG/0G!&#*.0#!'G#!
3/>#!2K!'G#!0%0G#!'%;3[!OK!H#!*#0/*#!'G%'!*%'%!/3!;.%&%)'##*!'2!I#!/)!%'!(23'!2)#!2K!'G#!kU!%)*!kA!
0%0G#3C!)#5#&!/)!I2'GC!H#!G%5#!%)!!+@73.%$#+,0%0G#[!FG#!%*5%)'%;#!2K!#Y07.3/5#!0%0G#3!/3!'G%'!'G#9!0%)!
3'2&#!(2&#!*%'%[! !9&1C$173.%$#+! 0%0G#3!%''#($'!'2!%0G/#5#!'G#!I#3'!2K!I2'G!H2&7*3[!,!)2)R/)07.3/5#!
0%0G#!*2#3!)2'!&#-./&#!'G#!3.3'%/)/);!2K!/)07.3/5#!$&2$#&'9!%3!%)!%I327.'#!&#-./&#(#)'[
5#/#0(F(/%)21)+#+,()+2/%(/%7
^G#)!%!0%0G#!(/33!200.&3C!'G#!*%'%!&#'&/#5#*!K&2(!'G#!(%/)!(#(2&9!/3!02$/#*!/)'2!'G#!0%0G#C!K2&0/);!%!
3&04.( )B@?E! F2 ! /*#)'/K9 ! % ! I720= ! /) ! 'G# ! 0%0G# !H# !)##* ! '2 ! K/)* ! 'G# ! '%; !I/'3 ! /) ! 'G# ! 3#'!
*#'#&(/)#*!I9!'G#!3#'!I/'3!2K!'G#!%**!!&#-.#3'#*[
!"#$%&'(5@97= '5@97= %5@97=
!"#$%&'"(&& )%*&+,- ./*%0&1+.2,#3
*'5@975/FF34==
UQ c%0=;&2.)*d!'G#!0%0G#!(#(2&9
I720=!*#7#'/2)!'2!(%=#!&22([!FG#!3'%'#R2KR'G#R%&'!$&20#332&3!#($729!5%&/2.3!$27/0/#3!3.0G!%3!'G#!kN4!
%)*!$3#.*2RkN4C!!'G#!7#%3'R�#)'79!.3#*!I720=!/3!&#(25#*!K&2(!0%0G#o!'G#!&%)*2(!$27/09C!'G#!I720=!/3!
0G23#)!&%)*2(79o!'G#!MOMW!$27/09C!'G#!I720=!'G%'!H%3!I&2.;G'!/)!'G#!K/&3'!'/(#!/3!&#$7%0#*o!%)*!'G#!
<N4!$27/09C!'G#!(23'R�#)'79!.3#*!I720=!/3!&#$7%0#*[!FG#!kN4!$27/09!'%=#3!720%7/'9!/)'2!%002.)'!%)*!
G%5#!;22*!$#&K2&(%)0#!%'!'G#!#Y$#)3#!2K!023'!%)*!02($7#Y/'9!2K!'G#!G%&*H%&#[!FG#!&%)*2(!%7;2&/'G(!
&#*.0#!'G#!/($7#(#)'%'/2)!023'!%)*!/'!G%3!'G#!%*5%)'%;#!'G%'!0%)*/*%'#!I720=3!%&#!3$&#%*!.)/K2&(79!
%0&233!'G#!#)'/&#!0%0G#!H/'G2.'!K%52&/);!%)9!2)#!%&#%C!I.'!/'!/;)2!$&/)0/$7#!2K!720%7/'9!.7'/);!/)!
72H#&!$#&K2&(%)0#3[!p%&/2.3 !$3#.*2RkN4!G#.&/3'/03C!%!'&##RI%3#*!%$$&2Y/(%'/2)!2K!'G#!kN4C!G%5#!
I##)!$&2$23#*!'2!&#*.0#!'G#!G%&*H%&#!023'!(%/)'%/)/);!%!;22*!$#&K2&(%)0#[
Z(4.&7%&+ -%2.#0().([4&.(F(/%7 !+%&2/)2/)
+#+,(),&%
!+%&2/)2/)
+#+,()F&77
&%)*2( ,3&>HA:)=%B P2)# 4$*%'#!'G#!
kMJN!&#;/3'#&
MOMW 1%+*%,I,3&>HA:)=%B P2)# O)0&#(#)'!'G#!
MOMW!02.)'#&
kN4 1%+*%,I,:)=%,I,3&>HA:)=%B 4$*%'#!'G#!
kN4!3'%0=
4$*%'#!'G#!
kN4!3'%0=
$3#.*2!kN4 1%+*%,I,A:)=%CGB 4$*%'#!'G#
'&##!I/'3
4$*%'#!'G#
'&##!I/'3
S#8;( )B@?E! 63#.*2RkN4!$27/0/#3 ! &#*.0#! 'G#!G%&*H%&#!023' !I9!%$$&2Y/(%'/); ! 'G#!
kN4!(#0G%)/3(!aUb[
^G#)!*%'%!/3!H&/''#)!'2!%!$#)'!0%0G#!I720=!'G#!/)K2&(%'/2)!0%)!I#!H&/''#)!'2!I2'G!'G#!I720=!/)!'G#!
0%0G#!%)*!'G#!I720=!/)!'G#!72H#&R7#5#7!(#(2&9C!/'!/3!%!:'$*+,*-'&.>-!$27/09[!O)!%!:'$*+,/)7;!$27/09!'G#!
/)K2&(%'/2)!0%)!I#!H&/''#)!2)79!'2!'G#!I720=!/)!'G#!0%0G#!%)*!(%&=!'G/3!I720=!%3!(2*/K/#*!'2!H&/'#!/'!'2!
(%/)!(#(2&9!HG#)!/'!/3!&#$7%0#*[
^G#)!'G#!H&/'#!2$#&%'/2)!$&2*.0#3!%!(/33C!H#!0%)!.3#!'H2!*/KK#&#)'!$27/0/#3d !:'$*+,)33&7)*+!%)* !1&,
:'$*+,)33&7)*+[!O)!H&/'#!%7720%'#!$27/09!'G#!I720=!/3!72%*#*!2)!%!H&/'#!(/33C!K2772H#*!I9!'G#!H&/'#RG/'!
%0'/2)[!W)!)2!H&/'#!%7720%'#!$27/09C!!'G#!I720=!/3!(2*/K/#*!/)!'G#!(%/)!(#(2&9!%)*!)2'!72%*#*!/)'2!'G#!
0%0G#[
5#/#0(F(/%)21)+#+,()+2,(.(/+(
O)!(.7'/$&20#332&3C!/)07.*/);!1<63C!0%0G/);!3G%&#*!*%'%!/)'&2*.0#3!%!)#H!$&2I7#(!I#0%.3#!'G#!5/#H!
2K!(#(2&9!G#7*!I9!'H2!*/KK#&#)'!$&20#332&3!/3!'G&2.;G!'G#/&!/)*/5/*.%7!0%0G#3C!HG/0GC!H/'G2.'!%)9!
%**/'/2)%7!$�%.'/2)3C!02.7*!#)*!.$!3##/);!'H2!*/KK#&#)'!5%7.#3[!^#!G%5#!'2!/($7#(#)'!%!$&2'2027!'G%'!
;&%)'3!H&/'#!$&2$%;%'/2)C!%77!H&/'#3!(.3'!I#02(#!5/3/I7#!%'!32(#!'/(#!'2!2'G#&!$&20#33#3C!%)*!H&/'#!
3#&/%7/>%'/2)C!%77!H&/'#3!G%5#!'2!I#!3##)!/)!'G#!3%(#!2&*#&!I9!%77[!F2!I#;/)C!%!0%0G#!(.3'!'&%0=!'G#!3'%'#!
2K!/'3!02)'#)'3C!%)*!3'%'#3!/)!HG/0G!%!I720=!(%9!K/)*!/'3#7K!0%)!I#!5%&/#*[
43/);!'G&##!0%0G#!3'%'#3C!'G#!<JO!$&2'2027!;.%&%)'##3!'G#!02G#&#)0#!2K!2.&!0%0G#!(#(2&9[!^G#)!%!
I720=!/3!&#-.#3'#*C!/'!;2#3!'2!J!_3G%&#*`!3'%'#[!OK!%)2'G#&!$&20#332&!&#-.#3'3!'G#!3%(#!I720=!/'!&#(%/)3!/)!
3'%'#!J[!^G#)!2)#!2K!'G#!$&20#332&3!H&/'#3!'2!'G/3!I720=!0G%);#!'G#!3'%'#!'2!<!_(2*/K/#*`!%)*!%77!'G#!
0%0G#3!H/'G!3G%&#*!02$/#3!G%5#!'2!/)5%7/*%'#!'G#(!_3'%'#!O`[
F2!$&25/*#!%!72H#&!25#&G#%*!H&/'#!(#0G%)/3(C!'G#!L!3'%'#!_#Y07.3/5#`!/3!%**#*[!,!$&20#332&!(%9!)2'!
H&/'#!'2!%!0%0G#!I720=!.)7#33!/'!K/&3'!%0-./!%!02$9!2K!'G#!I720=!/)!L!3'%'#[!FG/3!$&2'2027!/3!=)2H)!
H/'G!'G#!)%(#!<LJO[
<JO!%)*!<LJO!$&2'20273!%&#! /($7#(#)'#*!2)!H&/'#RI%0=!0%0G#3!%)*!%77 !02G#&#)0#!%0'/5/'9!$%33#3!
c%0=;&2.)*d!'G#!0%0G#!(#(2&9 UV
'G&2.;G!%!0#)'&%7/>#*!$2/)'C!'G#!I%0=/);!3'2&#[!F2!(%=#!/'!#%3/#&!'2!*/3'&/I.'#!'G#!'%3=!2K!(%/)'%/)/);!
0%0G#!02G#&#)0#C!'G#!W!3'%'#!_2H)#*`!/3!%**#*[!FG#!<WLJO!$&2'2027!%772H3!'G#!G27*#&!2K!%!(2*/K/#*!
I720=!_<!3'%'#`!'2!'&%)3K#&!'G#!I720=!*/�'79!'2!%)2'G#&!$&20#332&!%)*!'2!I9$%33!'G#!I%0=/);!3'2&#!
02($7#'#79C !%'!HG/0G!$2/)'!'G#!)#H!$&20#332&!$7%0#3!'G#!I720=!/)'2!'G#!W!3'%'#[!FG.3C!'G#!<WLJO!
$&2'2027 ! /3 ! .3#K.7 ! /) ! 393'#(3 ! 'G%' ! G%5# ! % ! ;22* ! 07/#)'R'2R07/#)' ! I%)*H/*'G ! 7/=# !1<63 ! 2& !P41,!
2&;%)/>%'/2)3[
*#+,()$(.12.F#/+(
12)3/*#&/); ! 'G# !).(I#& !2K !(#(2&9! &#K#&#)0#3 !%)* ! 'G# !G/' ! 7%'#)09!02)3'%)' !5%7.#3C ! 'G# !$&20#332&!
$#&K2&(%)0#!#-.%'/2)!'#773!.3!'G%'!'2!&#*.0#!'G#!02($.'%'/2)%7!'/(#!H#!(.3'!&#*.0#!'G#!).(I#&!2K!
(/33#3!2&!'G#!(/33!$#)%7'9[
6JK*$0+,L,A6JK7=73+%,F,(+0&'=%*)33M7=73+%B,N,6=73+O$0+,
HG#&#
(+0&'=%*)33M7=73+%,L,P1%*',N,(+0&'='+4%,N,($%%')*+,N,($%%2+1)3*=
e#))#339!%)*!6%''#&32)!aUBb! /*#)'/K/#*!'G%'!'2!&#*.0#!'G#!(/33!&%'#!H#!0%)!.3#!%!7%&;#&!I720=!3/>#C!%!
I/;;#&!0%0G#C!2&!.3#!%!G/;G#&!%3320/%'/5/'9[!F2!&#*.0#!'G#!(/33!$#)%7'9!H#!(.3'!.3#!(.7'/7#5#7!0%0G#3!
%)*!;/5#!&#%*3!$&/2&/'9!25#&!H&/'#3[!O)!'G/3!'G#3/3C!H#!%&#!K20.3#*!2)!'G#!&#*.0'/2)!2K!'G#!).(I#&!2K!
(/33#3!.3/);!%!5/&'.%7!G/;G#&!%3320/%'/5/'9[
3&04.()B@BE!J'%'#!*/%;&%(!2K!<WLJO!$&2'2027[!<WLJO!#KK#0'/5#79!&#*.0#3!(#(2&9!'&%KK/0C!
/)0&#%3/); ! %5%/7%I7# ! I%)*H/*'G[ ! M/;.&# ! H%3 ! #Y'&%0'#* ! K&2( ! ,<"BQ ! ,&0G/'#0'.&#!
6&2;&%((#&+3!<%).%7!aQQb[
6GH-I5JK 6GH-
L4/F5B97
J39745>9==5MJ
K5:4:23?N
;32@45J39745B97
;32@45L4/F5B97
L4/F5> 9==I5( OA0.=9P4
;32@45L4/F5B97
J39745B97
L4/F5>9== I5QE/34F
;32@45J39745B97
68P/09F (OA0.=9P4
L4/F5B97
J39745B97
>2F9R94F
J39745B97ST84F
L4/F5B97
;32@45L4/F5B97
QE/34F
L4/F5B97
;32@45L4/F5B97
;32@4
5J39745B97
J39745B97
;32@45J39745B97
N#7%'#*!H2&= UT
G@ H(;#%(")I2.D)
G@?@ MN*!)+#+,(7
c#K2&#!3G2H/);!'G#!�#)'!H2&=!%I2.'!%*%$'/5#!0%0G#3C!H#!'G/)=!'G%'!/3!/($2&'%)'!'2!3$#%=!I&/#K79!
%I2.'!'G#!P41,!0%0G#3!I#0%.3#!'G#9!%&#!$%&'!2K!2.&!K&%(#H2&=[!
O)!K.'.&#!'#0G)272;/#3C!7%&;#!2)R0G/$!0%0G#3!H/'G!%!*/30&#'#!G/'!7%'#)09!H/77!I#!.)*#3/&%I7#C !*.#!'2!
/)0&#%3/);!;72I%7!H/&#!*#7%93!%0&233!'G#!0G/$[!"%'%!/*/);!/)!$2&'/2)3!2K!0%0G#!0723#&!'2!'G#!$&20#332&!
02.7* !I# ! %00#33#* !(.0G ! K%3'#& ! 'G%) !*%'% ! 'G%' ! /*# !$G93/0%779 ! K%&'G#&[ !FG# ! #Y$72/' ! 2K ! 'G/3 ! )2)R
.)/K2&(/'9!H%3!K/&3'!$&2$23#*!I9!l/(!+*,)3?!aAUb[
P41, ! 0%0G# ! %&0G/'#0'. ! */5/*# ! 'G# !HG27# ! 0%0G# ! /)'2 ! 3(%77#& ! I%)=3 ! .3/); ! % ! 'H2R*/(#)3/2)%7!
3H/'0G#*!)#'H2&=[ !"%'% ! /3 !*/3'&/I.'#* !%(2); !%77 ! 'G#!I%)=3C !32! 7%'#)09! '2 !2I'%/) !% !0%0G#!I720=! /3!
*#'#&(/)#*!I9!'G#!&#-.#3'!%)*!$2)3#!&2.'/);!'/(#3!_K&2(!'G#!$&20#332&!'2!'G#!I%)=!'G%'!02)'%/)3!'G#!
&#-.#3'#*!*%'%`!$7.3!'G#!7%'#)09!2K!'G#!I%)=[!
^G#)!'G#!(%$$/);!2K!*%'%!/)'2!I%)=3!/3!3'%'/0%779!*#'#&(/)#*C!I%3#*!2)!'G#!I720=!/)*#YC!%)*!'G.3!0%)!
/*#!/)!2)79!2)#!I%)=!2K!'G#!0%0G#C!H#!0%77!'G/3!3'%'/0!P41,!2&!JRP41,[!l/(!+*,)3?!*#'#&(/)#!'G%'!
'G#!0G%))#7!%&#%!25#&G#%*!/3!V[Ej!2K!'G#!'2'%7!%&#%!2K!I%)=3!%)*!.7'3!3G2H!%)!O61!/($&25#(#)'!2K!
.$!'2!UDj!$#0'!%)!.)I%)=#*!0%0G#[
43/);!'G#!3H/'0G#*!)#'H2&=C!*%'%!0%)!I#!;&%*.%779!$&2(2'#*!'2!0723#&!%)*!K%3'#&!I%)=3!%3!'G#9!%&#!
K&#-.#)'79!.3#*[ !^#!0%77 ! 'G/3 !*9)%(/0 !)2)R.)/K2&(!0%0G#!"RP41,[!FG#!(%/) !*/KK/0.7'/#3 !2K! 'G/3!
(2*#7 ! '.&) ! .$ ! /) ! 'G# ! 3#%&0G ! %7;2&/'G([ ! FG# ! *%'% ! %00#33 ! $27/09 ! %$$7/#* ! /) ! 'G/3 ! 30G#(% ! 0%) ! I#!
/)0&#(#)'%7C !H/'G!G/;G!7%'#)09C !2&!.3#!(.7'/0%3'C ! 'G%' !02)3.(#3!G/;G!I%)*H/*'G!%)*!$2H#&[ !J2(#!
%$$&2%0G#3!.3/);!#Y'&%!$%&'/%7!'%;3!0%)!3$##*.$!'G#!3#%&0G!3/;)/K/0%)'79[
P.N,6O"!/3 ! 'G#!%7'#&)%'/5#!$&2$23#*!I9!1G/3G'/ !+*,)3?! aEb! HG/0G!2.'$#&K2&(3!"RP41,!/)!$2H#&!
#KK/0/#)09!%0G/#5/);!3/(/7%&!$#&K2&(%)0#!.7'3[!O)!P.N,6O"C!0%0G#!'%;3!%&#!02$/#*!'2!'G#!720%7!)2*#!
'%;!3#'!%)*!'G#!*%'%!/3!&#$7/0%'#*!/)!%!0723#&!0%0G#!'2!&#*.0#!3.I3#-.#)'!%00#33#3[
G@B@ !"#$%&'()+#+,(7
FG#!G9I&/* !3G%&#*f$&/5%'# !327.'/2)3 ! 'G%' !*9)%(/0%779 !$%&'/'/2) !'G#!0%0G#!(#(2&9!%002&*/);! '2 !'G#!
*#(%)*!%&#!%!!;22*!327.'/2)!'2!'G#!$&2I7#(3!2K!7%0=!2K!/327%'/2)!2K!3G%&#*!(#(2&/#3[!
F2!%52/*!'G#!$#&K2&(%)0#!*#;&%*%'/2)!/)!1<63!*.#!$22&!/327%'/2)!2K!H2&=/);!3#'3!J$#/;G'!+*,)3?!aQUb!
$&2$23#*!%)!%*%$'/5#!(#0G%)/3([!FG#9!3.$23#!%!1<6!%&0G/'#0'.&#!H/'G!%!02G#&#)'!kA!0%0G#!$#&!02&#[!
WKKR02&#!0%0G#!%00#33#3!%&#!(%)%;#*!I9!kS[!FG#!$&2$23#*!(#0G%)/3(!(%)%;#3!H&/'#RI%0=3!7/(/'/);!
'G#!.))#0#33%&9!07#%)!H&/'#RI%0=3!/K!%)2'G#&!0%0G#!%7&#%*9!G%3!%!5%7/*!02$9[!W)!%!kA!H&/'#RI%0=C!'G#!
0%0G#!'&/#3!'2!(25#!I720=3!'2!)#/;GI2&/);!kA!0%0G#3!'G%'!/3!K%3'#&!02($%&#*!'2!H&/'#!'G#!*%'%!'2!kS[!
J$#/;G' !+* ,)3?! %732 ! /($7#(#)'#* !% ! &#$7%0#(#)' !$27/09 ! 'G%' ! '&/#3 ! '2 !=#$' !kA! 7/)#3 !H/'G !G/;G ! &#.3#!
$2'#)'/%7[!F2!/*#)'/K9!'G#3#!7/)#3!'G#9!.3#!%!'%I7#!0%77#*!^&/'#!c%0=!e/3'2&9!F%I7#[!W)!%!&#$7%0#(#)'C!
K/&3'!'G#9!0G223#!/)5%7/*!I702=3!%)*!I720=3!/)!3G%&#*!3'%'#!_I#0%.3#!'G#&#!%&#!(2&#!5%7/*!02$/#3`[
122$#&%'/5#!1%0G/);!/3!'G#!'#0G)/-.#!$&2$23#*!I9!1G%);!%)*!J2G/!a]b[!O'!/3!3/(/7%&!'2!'G#!'#0G)/-.#!
$&2$23#*!I9!J$#/;G'C!%)*!/'!'&/#3!'2!(%Y/(/>#!'G#!kA!.3%;#C!'2!&#*.0#!'G#!2KKR0G/$!%00#33#3C!0&#%'/);!%!
;72I%779R(%)%;#* ! 72;/0%7 ! 3G%&#* !kA !H/'G !$&/5%'# ! 0%0G#3[ ! O) ! 'G/3 ! 0%3#C ! 'G#9 !.3# !% !.)/K/#* !1#)'&%7!
U] N#7%'#*!H2&=
12G#&#)0#!L);/)#!'G%'!=##$3!%!02$9!2K!%77 !'G#!0%0G#!'%;3[ !F2!&#*.0#!2KKR0G/$!%00#33#3!%772H3!'G#!
0%0G#R'2R0%0G#!'&%)3K#&3!2K!07#%)!*%'%C!%)*!/($7#(#)'3!%!&#$7/0%'/2)R%H%&#!&#$7%0#(#)'!$27/09[
N#0#)'79!e#&&#&2!+*,)3?aU]b!G%5#!$.I7/3G#*!%!*/3'&/I.'#*!5#&3/2)!2K!122$#&%'/5#!1%0G/);!H/'G!*/�'2&9!
3'&.0'. ! 3$7/'#* ! /) ! 3(%77#& ! I720=3 ! 'G%' ! $#&(/'3 ! % ! I#''#& ! I%7%)0# ! 2K ! )#'H2&= ! '&%KK/0 ! %52/*/);!
I2''7#)#0=3[!O'!2.'$#&K2&(3!'G#!5#&3/2)!2K!1G%);!%)*!J2G/!I9!VTj[
,)!%*%$'/5#!P41,!0%0G#!$%&'/'/2)/);!30G#(#!H%3!*#3/;)#*!I9!"9I*%G7!%)*!J'#)3'&2( !aUUb[!FG/3!
30G#(# ! H%)'3 ! '2 ! (%Y/(/># ! 'G# ! 7%3'R7#5#7 ! 0%0G# ! $#&K2&(%)0# ! 3G%&/); ! 0%0G#3 ! /) ! % ! *9)%(/0%779!
02)'&277#*!H%9[!FG#!*#0/3/2)!2K!G2H!(%)9!0%0G#!H%93!%&#!3G%&#*!/3!*2)#!#3'/(%'/);!'G#!#KK#0'3!2K!
/)0&#%3/);!2)#!I720=!$#&!3#'C!02.)'/);!'G#!G/'3!/)!7%3'!#5/0'#*!I720=3C!%)*!'G#!#KK#0'3!2K!*#0&#%3/);!2)#!
I720=!$#&!3#'C!02.)'/);!'G#!%00#33#3!'2!'G#!kN4!I720=!/)!3#'[!FG#!3G%&/);!#);/)#!#5%7.%'#3!'G#!;%/)!%)*!
(2*/K/#3!'G#!$%&'/'/2)3!#5#&9!ADDD!0%0G#!(/33#3[
6%'' ! %)* !n.G/ !aSSb! %$$7/#3 ! % ! 3/(/7%& ! /*#% ! /) !G/3 !4'/7/'9RI%3#* !1%0G# !6%&'/'/2)/);[ !FG# !G/'3 ! /)!
*/KK#&#)'!$23/'/2)3!2K!'G#!kN4!3'%0=!'#77 !.3! 'G#!$#&K2&(%)0#!H#!H/77 !%0G/#5#!H/'G!%!PRH%9!0%0G#!
$%&'/'/2)[!O'3!;2%7!/3!'2!K/)*!'G#!I#3'!$%&'/'/2)/);!.3/);!'G#3#!/)K2&(%'/2)[!FG#9!#5%7.%'#!'G/3!/*#%!2)!%!
*.%7!02&#!%&0G/'#0'.&#!H/'G!%)!%5#&%;#!UUj!3$##*.$!25#&!kN4RI%3#*!0%0G#[
J6RP41, !aA]b! /3!%!�#)'79!*9)%(/0!0%0G#!$%&'/'/2)/);!'#0G)/-.#!%002&*/);!'2!'G#!%00#33!$%''#&)[!
43/);!%)!#Y'&%!I/'!$#&!I720=!_$&/5%'#f3G%&#*`!%)*!%*\.3'/);!'G#!&#$7%0#(#)'!$27/09!'G#9!*/5/*#!'G#!7%3'R
7#5#7 !0%0G#! /)'2 !$&/5%'#!%)*!3G%&#*!I720=3C !%)*!$7%0# !$&/5%'#!*%'% !0723#& ! '2 ! /'3 !2H)#&[ !J6RP41,!
/($&25#3!JRP41,!I9!UBj[
c#0=(%))C!<%&'9!%)*!^22*!aSb!$#)'#*!%!(#0G%)/3(!'2!&#$7/0%'#!*%'%!'2!7/(/'!'G#!*#7%93!*.#!;72I%7!
H/!%)*!(/)/(/>#!'G#!0%0G#!%00#33!'/(#[!FG#/&!(#0G%)/3(C!,JNC!(2)/'2&3!'G#!H2&=72%*!I#G%5/2&!
%)*!&#$7/0%'#3!'G#!I720=3!HG#)!'G#!I#)#K/'!2K!&#$7/0%'/2)!#Y0##*3!'G#!023'[!F2!#3'/(%'#!'G#!I#)#K/'3!/'!
02.)'3!'G#!G/'3!2)!&#(2'#!kA!0%0G#3C!%)*!'2!#3'/(%'#!'G#!023'3!/'!02.)'3!'G#!G/'3!2)!'G#!kN4!I720=3[!
,JN!2.'$#&K2&(3!3G%&#*!0%0G#3!I9!AEj!%)*!$&25/*#3!$#&K2&(%)0#!3'%I/7/'9[
N#$7%0#(#)'!$27/0/#3!(.3'!;.%&%)'##!'G%'!&#.3%I7#!*%'%!%&#!=#$'!/)!'G#!0%0G#!G/#&%&0G9!'2!&#*.0#!'G#!
(#(2&9!7%'#)09[!6&2I7#(!H/'G!&#$7%0#(#)'!$27/0/#3!/3!'G%'!*/KK#&#)'!H2&=72%*3!$#&K2&(!I#''#&!H/'G!
*/KK#&#)' ! $27/0/#3[ ! ,3 ! /) ! %)9 ! H2&=72%* ! 5%&/%I/7/'9 ! $&2I7#( ! 'G# ! 327.'/2) ! /3 ! 'G# ! %*%$'%I/7/'9[!
J.I&%(%)/%)C!J(%&%;*%=/3!%)*!k2G !aQAb!*#3/;)#*!%)!%*%$'/5#!$&20#332&!0%0G#!(%)%;#&!'2!(/'/;%'#!
'G#!#KK#0'!2K!*/KK#&#)'!(#(2&9!%00#33!I#G%5/2&3[!FG#/&!/*#%!.3#3!'H2!0%0G#!$27/0/#3C!kN4!%)*!kM4C!
%)*!3H/'0G#3!I#'H##)!'G#([!FG#!3H/'0G!I#'H##)!$27/0/#3!G%3!5#&9!7/''7#!$#)%7'/#3!%)*!'G#!$&2$23%7!
%0G/#5#3!'G#!I#''#&!$#&K2&(%)0#!2K!I2'G!$27/0/#3[!O)!%!VUAlc!kA!'G#9!%0G/#5#!%!UAj!$#&K2&(%)0#!
/($&25#(#)'!$#0'!%!kN4RI%3#*!0%0G#[ !,)2'G#&!%*%$'/5#!&#$7%0#(#)'!$27/09!/3!'G#!<k6R,H%&#!
&#$7%0#(#)' ! $&2$23#* !I9 !n.G/ !+* , )3?! aSQb[ !FG#/& !(2*#7 ! .3#3 ! % ! '2.&)%(#)' ! 3#7#0'2& ! '2 ! 3H/'0G!
I#'H##)!%!)#H!(#(2&9!7#5#7!$%&%77#7/3(R%H%&#!$27/09!_<k6`!%)*!%!kN4!$27/09[
G@G@ *#+,()F(F2.6),&(.#.+,6)&/)+2FF(.+&#;)*59)#.+,&%(+%4.(7?)
=/%(;)*2.()B)\4#")#.+,&%(+%4.()]^2.D1&(;"_
q2&=K/#7* !rL!$&20#332& !H%3 ! 'G# ! K/&3' ! O)'#7+3 ! 02)3.(#& ! BQRI/' !(.7'/02&# !$&20#332& ! '2 ! .3# !QV !)(!
'#0G)272;9!%)*!G/;GR=!(#'%7 !;%'#3[ !q2&=K/#7*!K#%'.!%!*.%7R*/#!S:e>!-.%*02&#!*#3/;)!H/'G!'H2!
.)/K/#*!kA!0%0G#3!2K!B!<c!#%0G[
U FG#!3$#0/K/0%'/2)3 !2K !$&20#332&3 !$#)'#* !H#&# !2I'%/)#* !(%/)79!K&2(!'G#!3/'#3 !$1*+3?7&0C !)0"?7&0C !$/0?7&0,)1",
%.1?7&0?,O-+,")*+,&4,'+3+)%+8,1.0+',&4,*')1%$%*&'%8,"$+,)'+)8,QG,7)7-+,)1",0+0&'=,/)1":$"*-,#)3.+%,:+'+,0&%*3= ,
&/*)$1+",4'&0!:$;$2+"$)?&'>C!*&0%-)'":)'+?7&0!%)*!-)'":)'+R&1+?7&0
N#7%'#*!H2&= UE
(&"+3 nrEBVD
S+3+)%+,")*+ P25#(I#&!UUC!ADDT
T,&4,6&'+% Q
6JK,73&7; S!:e>
J'&7+%%,O+7-1&3&>= QV)(
T,&4,O')1%$%*&'% ]AD!(/77/2)
U$+,)'+) AYUDT!((s
QG,6)7-+ SAlc!*%'%!g!SAlc!/)3'&.0'/2)
QH,6)7-+ AYB<c ! .)/K/#* ! H/'G ! O)'#7 ! J(%&'!
1%0G#
(+0&'=,V)1":$"*- AU!:cf3
S#8;()G@?E!O)'#7!12&#!A!n.%*!_q2&=K/#7*`!nrEBVD!'#0G)/0%7!3$#0/K/0%'/2)3[
FG#!02!/)!q2&=K/#7*!3G%&#C!I#'H##)!'H2C!'H2!B<c!.)/K/#*!kA!0%0G#3!'G%'!%&#!(%)%;#*!H/'G!O)'#7!
J(%&'!1%0G#!'#0G)272;9[!J(%&'!1%0G#!%772H3!%)!%*%$'/5#!*9)%(/0!0%0G#!$%&'/'/2)/);C!HG/0G!(#%)3!
'G#!kA!0%0G#!/3!02)3'%)'79!%)*!*9)%(/0%779!%*\.3'#*!'2!(%'0G!'G#!*%'%!72%*!2K!#%0G!02&#!%)*!(%Y/(/>#!
kA!.'/7/>%'/2)[
!5V)T$%(.2/)\4#"U*2.()#.+,&%(+%4.()]-,#/0,#&_
FG# ! )#H !,<" ! JG%);G%/ ! $&20#332&3 ! %&# ! I./7* ! 2) ! 'G# ! K2.)*%'/2) ! 7%/* ! I9 ! 'G# !,<" !c%&0#72)%!
$&20#332&3 ! H/'G ! 32(# ! =#9 ! '#0G)272;9 ! %*5%)0#(#)'3[ ! ! JG%);G%/ ! K#%'. ! % ! )%'/5# ! -.%*R02&#!
%&0G/'#0'.&# ! %)* ! 'G# !$2H#&K.77 !c%&0#72)%+3 ! .)/-.# !2)R*/# !kS ! 0%0G# !*#3/;)C ! %)* !I&/);3 ! %**/'/2)%7!
#)G%)0#(#)'3!K2&!32K'H%&#!*#5#72$#&3[!
(&"+3 AS]Q
S+3+)%+,")*+ P25#(I#&!USC!ADD]
T,&4,6&'+% Q
6JK,73&7; A[T!:e>
J'&7+%%,O+7-1&3&>= QV)(
T,&4,O')1%$%*&'% TV]!(/77/2)
U$+,)'+) AQD!((s
QG,6)7-+ BQlc!*%'%!g!!BQlc!/)3'&.0'/2)
QH,6)7-+ QYVUAlc!$&/5%'#
QW,6)7-+ B<c!.)/K/#*!2)R*/#C!Q]RH%9
(+0&'=,V)1":$"*- UT[B!:cf3
S#8;()G@BE!,<"!lUD!_JG%);G%/`!AS]Q!'#0G)/0%7!3$#0/K/0%'/2)3[
JG%);G%/!$&20#332&3!G%5#!720%7!$&/5%'#!kU!%)*!kA!0%0G#3!%)*!%!7%&;#&!kS!0%0G#C!$#0'!c%&0#72)%!
$&20#332&3C!*.#!'2!.3#!2K!QV)(!'#0G)272;9[!1%0G#3!%&#!02($7#'#79!)2)R/)07.3/5#C!/)!#Y0#$'/2)!2K!kS!
'G%'!0%)!I#G%5#3!%3!%)!/)07.3/5#!0%0G#!I9!=##$/);!%!02$9!2K!*%'%!HG#)!/'!/3!$233/I7#!'2!I#!3G%&#*[!FG.3C!
'G#!0%0G#3 !%0' !%3 !5/0'/(!I.KK#&3 ! K2& ! 'G#!0%0G#3 !G/;G#& !.$! /) !G/#&%&0G9[ !kS! /3 !*9)%(/0%779 !3G%&#*!
I#'H##)!'G#!02C!#%0G!2)#!;#''/);!/)/'/%779!%)!#-.%7!3G%&#!2K!'G#!0%0G#[!FG#!/*7#!02!0%)!7#)*!'G#/&!
3$%0#!'2!'G#!2'G#&!02!'2!/)0&#%3#!'G#/&!$#&K2&(%)0#[
=C5)92I(.O)#.+,&%(+%4.(
FG#!Oc<+3!62H#&B!(/0&2$&20#332&!(25#3!K&2(!$/2.3!2.'R2KR2&*#&!*#3/;)3!'2!%)!/)R2&*#&!*#3/;)[!
6#)'#*!%'!'G#!OLLL!O)'#&)%'/2)%7!J27/*RJ'%'#!1/&0./'3!12)K#&#)0#!/)!ADDBC!!$&20#332&!/3!%!*.%7!02&#!
*#3/;)!%)*!0%$%I7#!2K!'H2!H%9!J<F[
AD N#7%'#*!H2&=
S+3+)%+,")*+ @.)#!]C!ADDT!
T,&4,6&'+% AC!ARH%9!J<F
6JK,73&7; Q[T!:e>
J'&7+%%,O+7-1&3&>= BV!)(
T,&4,O')1%$%*&'% TED!(/77/2)
U$+,)'+) SQU!((s
QG,6)7-+ BQ=c!*%'%!g!BQ=!/)3'&.0'/2)
QH,6)7-+ AYQ<cC!$&/5%'#!H/'G!K%3'!%00#33!'2!
2'G#&!0%0G#
QW,6)7-+ SA<c!3G%&#*C!2KKR*/#
V.%,V)1":$*- ]D!:cf3
S#8;()G@GE!Oc<!62H#&B!,&0G/'#0'.&#!'#0G)/0%7!3$#0/K/0%'/2)3[
FG#!62H#&B!G%3!UA]!lc!2K!#/;G'RH%9!%3320/%'/5#!kU!0%0G#!%)*!'H2!Q!<c!kA!0%0G#C!2)#!K2&!#%0G!02&#[!
FG#!3#02)*!7#5#7!0%0G#!/3!)2'!3G%&#*C!I.'!%!02&#!G%5#!K%3'!%00#33!'2!)#/;GI2&+3!0%0G#[!FG#!'H2!02!
3G%&#!%!SA!<c!kS!0%0G#!HG/0G!/3!2KK!*/#[
-4/)N;%.#-9!H*)SB)#.+,&%(+%4.()]M�#.#)B_
J.) !</0&2393'#(3+ ! 47'&%J6,N1 ! FA !(/0&2$&20#332& ! /3 ! 'G# ! 3#02)* ! ;#)#&%'/2) ! 2K ! (.7'/02&# ! %)*!
(.7'/'G&#%*#*!J6,N1!$&20#332&3[ !O'!3.$$2&'3!02)0.&&#)'!#Y#0.'/2)!2K!BQ!'G&#%*3!I9!.'/7/>/);!#/;G'!
J6,N1!02C!#%0G!H/'G!#/;G'!G%&*H%&#!'G&#%*3[!J.)!3'%&'#*!3#77/);!3#&5#&3!H/'G!'G#!FA!$&20#332&!/)!
W0'2I#&!ADDT[
S+3+)%+,")*+ W0'2I#&!ADDT
T,&4,6&'+% ]C!QRH%9!J<F
6JK,73&7; U[Q!:e>
J'&7+%%,O+7-1&3&>= BV!)(
T,&4,O')1%$%*&'% VDD!(/77/2)
U$+,)'+) SQA!((s
QG,6)7-+ ]lc!*%'%!g!UBlc!/)3'&.0'/2)
QH,6)7-+ Q<cC!]!I%)=3CUBRH%9
V.%,V)1":$*- BD!:cf3
S#8;()G@JE!J.)!47'&%J6,N1!FA!_P/%;%&%!A`!'#0G)/0%7!3$#0/K/0%'/2)3[
L%0G!47'&%J6,N1!FA!02&#!G%3!%!AQlc!kU!0%0G#!%)*!%77!02!3G%&#!%!Q<c!I%)=#*!kA[!FG#!3#02)*!
7#5#7!0%0G#!/3!UBRH%9!%3320/%'/5#!%)*!02!%00#33!/'!5/%!%!G/;G!I%)*H/*'G!0&233I%&[!
c%3#7/)#!(#(2&9!%&0G/'#0'.&# AU
J@ C#7(;&/()F(F2.6)#.+,&%(+%4.()
^#!*#K/)#!%!I%3#7/)#!%&0G/'#0'.&#!%3!'G#!3'%&'/);!$2/)'!2K!'G/3!'G#3/3[!,!(%)902&#R0%$%I7#!02)K/;.&%'/2)!
/3 ! )##*#*C !H/'G !;22* ! 30%7%I/7/'9 ! %)* !H/'G ! &#;.7%&/'9[ !^# !(2*#7#* ! 'G# !QRC !]R ! %)* !UBR02 !1<6!
02)K/;.&%'/2)3!!'G%'!H#!0%)!3##!/)!K/;.!Q[U!%)*!Q[A[
3&04.( )J@?E! N#$#)'%'/2) ! 2K ! 'G# ! I%3#7/)# ! %&0G/'#0'.&# ! H/'G ! Q ! 02[ ! W.&!
02)K/;.&%'/2)!/3!%!1<6!H/'G!'H2!7#5#73!2K!0%0G#!%)*!%!*/3'&/I.'#*!*/�'2&9[
U'
1$ U!
L
-934A723?
U'
1! U!
L
-934A723?
U'
1' U!
L
-934A723?
U'
1* U!
L
-934A723?
3&04.()J@BE!J/($7/K/#*!30G#(%!2K!'G#!]R02!%)*!UBR02!02)K/;.&%'/2)3[
1*1'1!1$
1+ 1% 1, 1#
1*1'1!1$
1+ 1% 1, 1#
1& 1" 1!$ 1!!
1!' 1!* 1!+ 1!%
AA c%3#7/)#!(#(2&9!%&0G/'#0'.&#
L%0G!)2*#!2K!2.&!1<6!02)'%/)3!%!$&20#332&!H/'G!%!$&/5%'#!kU!0%0G#!'G%'!02))#0'3!'2!%!$&/5%'#!2&!
3G%&#*!kA!0%0G#!I%)=[!FG#!kA!0%0G#3!(%/)'%/)3!/'3!02G#&#)0#!.3/);!'G#!<WLJO!$&2'2027[!FG#!0%0G#3!
.3#!$3#.*2RkN4!&#$7%0#(#)'!$27/09!%)*!%&#!K.779!#Y07.3/5#[!FG#!.3#!2K!#Y07.3/5#!0%0G#3!G%3!I##)!
/($23#*!I9!'G#!:L<J!3/(.7%'2&C!H#!G%5#!)2!$&#K#&#)0#!2)!/'!$#0'!2K!%)!/)07.3/5#!(2*#7[!
F2!(%/)'%/)!'G#!02)'#)'!2K!'G#!HG27#!0%0G#!H#!.3#!%!*/�'2&9[!O'!/3!*/3'&/I.'#*!%72);!'G#!)2*#3!%)*!H#!
%**!!/'!H/'G!'G#!72H#&!2&*#&!I/'3!2K!'G#!&#-.#3'#*!%**!#3[!^/'G!%!*/�'2&9C!H#!%52/*!G%5/);!'2!
3#%&0G!I720=3!.3/);!%!I&2%*0%3'!'G%'!02)3.(#3!G/;G!I%)*H/*'G!%)*!$2H#&[
F2!02))#0' !2.&!)2*#3!H#!0G23#!%! 'H2R*/(#)3/2)%7 !(#3G!)#'H2&=[ !<#3G!)#'H2&=3!G%5#!%!&#;.7%&!
3'&.0'.&#!%)*!72H!%&#%!&#-./&#(#)'3!(%=/);!'G#(!3./'%I7#!K2&!'G#!'#&%30%7#!%&0G/'#0'.[!
FG#!0%0G#!3/>#3!%)*!%00#33!7%'#)0/#3C!%)*!2'G#&!02)K/;.&%'/2)!*#'%/73!2K!'G#!%&0G/'#0'.!$&2$23#*!H/77!
I#!*#'%/7#*!/)!0G%$'#&!T[
,*%$'/5#!JG%&#*f6&/5%'#!P41,!1%0G#!6%&'/'/2)/);!J0G#(# AS
K@ !"#$%&'()7,#.("L$.&'#%()MN*!)+#+,()$#.%&%&2/&/0)
7+,(F(
K@?@ !"#$%&'()$#.%&%&2/&/0)7+,(F(
e2H!H#!G%5#!3##)!K2&(#&79C !'G#!%$$7/0%'/2)3!'G%'!3G%&#!%!0%0G#!(#(2&9!0%)!3.KK#&!K&2(!$277.'/2)!
$&2I7#(3[!,3!$%&'!2K!G/3!'G#3/3C!e%%=2)!"9I*%G7C!'2;#'G#&!H/'G!6#&!J'#)3'&t(C!G%*!*#3/;)#*!%!*9)%(/0!
$%&'/'/2)/);!30G#(#!2)!%!P41,!0%0G#!aUUb[!FG/3!393'#(!;.%&%)'##3!%!(/)/(.(!$&/5%'#!%&#%!K2&!'G#!
%$$7/0%'/2)3C!9/#7*/);!'G#!'!%3!3G%&#*C!I.'!2)79!HG#)!'G/3!3G%&/);!02($#)3%'#3!'G#!723#!2K!$&/5%'#!
0%0G#!I720=3[!FG#!(%/)!2I\#0'/5#!2K!'G#!$&2$23#*!'#0G)/-.#!/3!'2!(/)/(/>#!'G#!'2'%7!).(I#&!2K!0%0G#!
(/33#3[
c%3#*!2)!%)!%&0G/'#0'.&#!H/'G!$&/5%'#!7%3'R7#5#7!0%0G#3C!'G#!%*%$'/5#!(2*#7!3#'3!%!-.2'%!(#0G%)/3(!'G%'!
*#'#&(/)#3!*9)%(/0%779!'G#!).(I#&!2K!H%93!'G%'!#%0G!$&20#332&!0%)!.3#!/)!%!%+*,_3##!K/;.&#!V[U`[!O)!'G/3!
0%3#C!H#!02)3/*#&!%!3#'!%77!'G#!3#'3!/)!'G#!7%3'R7#5#7!$&/5%'#!0%0G#3!H/'G!'G#!3%(#!/)*#Y[!FG#!:)=%!'G%'!
0%)!I#!.3#*!I9!#%0G!$&20#332&!%&#!%33/;)#*!*9)%(/0%779!#3'/(%'/);!'G#!I#)#K/'3!'2!%33/;)!2)#!0%0G#!
I720=!'2!%!$&20#332&!K&2(!%)2'G#&!$&20#332&[
FG#!%*%$'/5#!(#'G2*!%732!/($7#(#)'3!%!&#$7%0#(#)'!$27/09!'G%'!%7720%'#3!)#H!*%'%!/)!$&/5%'#C !%)*!
0723#!%)*!K%3'C!$%&'/'/2)3!%)*!(25#3!'G#!&#$7%0#*!*%'%!'2!'G#!3G%&#*!%&#%[!
!.+,&%(+%4.#;)1.#F(I2.D
"9I*%G7+3!H2&=!3'%&'3!H/'G!%)!%&0G/'#0'.&%7!K&%(#H2&=!2K!%!K2.&R02&#!393'#([!L%0G!02&#!G%3!%!'G&##!
7#5#73!2K!0%0G#C!HG#&#!'G#!kS!/3!'G#!7%3'R7#5#7!0%0G#[!kS!0%0G#3!K2&(!%!P41,!0%0G#!H/'G!K%3'!%00#33!'2!
'G#!720%7!kS!0%0G#!%)*!%!372H#&!%00#33!'/(#!'2!)#/;GI2&/);!0%0G#3[!k20%7!kS!0%0G#!G%3!%!7%'#)09!2K!UQ!
0907#3C!%)*!%00#33!'2!%!)#/;GI2&/);!0%0G#!G%3!%)!#Y'&%!$#)%7'9!2K!V!0907#3[!FG#9!%33.(#!'G%'!'G#!0%0G#3!
%&#!02))#0'#*!/)!%!%77!'2!%77!'2$272;9!%)*!%&#!3#7KR02G#&#)'!*.#!'G#9!*2!)2'!02)'#($7%'#!'G#!$233/I/7/'9!
'2!3G%&#!*%'%[
12)0#$'.%779C!%77!'G#!7%3'R7#5#7!0%0G#3!%&#!02))#0'#*!'2!%!0#)'&%7/>#*!3G%&/);!#);/)#!'G%'!/($7#(#)'3!
'G#!$&2$23#*!30G#(#[!
F2!=##$!'G#!$&20#332&!2H)#&!2K!#%0G!I720=!%)*!'2!(%/)'%/)!'G#!).(I#&!2K!I720=3!'G%'!#%0G!$&20#332&!
3&04.( )K@?E! J0G#(% !2K ! % ! QR02 ! 02)K/;.&%'/2) !H/'G ! $&/5%'# ! %)* ! 3G%&#* ! $%&'/'/2)3!
*#K/)#*[!"9I*%G7+3!'#0G)/-.#!)%(#3!%3!%+*!%77!'G#!3#'3!H/'G!'G#!3%(#!/)*#Y[!FG#!3G%&/);!
2K!'G#!7%3'R7#5#7!0%0G#!/3!*2)#!$#&!H%9C!'G#!K/&3'!H%93!/)!#%0G!I%)=!%&#!$&/5%'#!%)*!'G#!
'!3G%&#*[
;39P/74
QE/34F
12345!U'5A/AE4
;39P/74
QE/34F
12345'U'5A/AE4
;39P/74
QE/34F
12345*U'5A/AE4
;39P/74
12345+U'5A/AE4
=47
AQ ,*%$'/5#!JG%&#*f6&/5%'#!P41,!1%0G#!6%&'/'/2)/);!J0G#(#
.3#3!$#&!3#'C!'G#!I720=!#)'&/#3!/)!'G#!7%3'R7#5#7!0%0G#!(.3'!I#!#Y'#)*#*!H/'G!'G#!O"!2K!'G#!$&20#332&!'G%'!
2H)3!'G#!0%0G#!I720=[!,!0%0G#!I720=!/3!&#$#)'#*!/)!'%I7#!V[U[
=/"(> S#0 `HN)"#%# *#+,();&/()"#%# *2.()=V
[[[ [[[ [[[ [[[ [[[
S#8;( )K@?E! L%0G!02&#!G%3!%!7/(/'#*!).(I#&!2K!H%93!'G%'!0%)!G27*[!F2!
02)'&27!'G/3C!#%0G!0%0G#!I720=!/3!#Y'#)*#*!H/'G!%!2H)#&!/*#)'/K/0%'2&[
*#+,()[42%#7
L%0G ! 02&# ! G%3 ! % ! 7/(/'#* ! ).(I#& !2K !H%93 ! 'G%' ! 0%) !G27*[ !FG#3# !(%Y/(.(3 !%&# ! *#'#&(/)#* ! I9 ! %!
&#$%&'/'/2)!$27/09!%)*!'G#9!%&#!3'2&#*!2)!%!3#'!2K!&#;/3'#&3!%3!H#!&#$#)'!/)!'%I7#!V[A[!L5#&9!&#;/3'#&!
/)*/0%'#3!'G#!(%Y/(.(!0%0G#!I720=3!'G%'!%!$&20#332&!0%)!.3#!$#&!3#'[
V(7+.&$%&2/ *2.()R *2.()? *2.()B *2.()G
<%Y[!u!2K!I720=3!/)!3#' S Q A S
S#8;()K@BE!N#;/3'#&3!H/'G!'G#!(%Y/(.(!).(I#&!2K!I720=3!/)!3#'!$#&!02&#!
K2&!I2'G!'G#!$&/5%'#!$%&'/'/2)!%)*!'G#!3G%&#*!$%&'/'/2)[
^G#)!%!$&20#332&!G%3!%33/;)#*!7#33!0%0G#!I720=3!'G%)!'G#!%3320/%'/5/'9!2K!'G#!720%7!7%3'R7#5#7!0%0G#!/'!
.3#3!2)79!/'3!$&/5%'#!$%&'/'/2)[!OK!%!I720=!/)!'G#!$&/5%'#!$%&'/'/2)!/3!#5/0'#*C!'G#!$&20#332&!/3!3'/77!%772H#*!
'2!$7%0#!'G/3!I720=C!I.'!2)79!2)#!I720=C!/)!'G#!3G%&#*!$%&'/'/2)[!FG/3!I720=!G%3!)2!H%&&%)'/#3!'2!=##$!K2&!
%!72);!'/(#!*.#!'2!/'!H/77!I#!%!0%)*/*%'#!K2&!'G#!&#$7%0#(#)'!$27/09[
OK!H#!G%5#!(2&#!I720=3!%33/;)#*!'G%)!'G#!%3320/%'/5/'9!2K!'G#!720%7!7%3'!7#5#7!0%0G#C!H#!0%)!%7720%'#!2.&!
#Y0##*/);!I720=3!/)!)#/;GI2&/);!3G%&#*!0%0G#3[!O)!'G/3!0%3#C!%!I720=!H/77!2)79!I#!&#$7%0#*!/K!/'!/3!'G#!
G#%*!2K!'G#!kN4!3'%0=[
,3!H#!.3#!-.2'%3C!'G#!.$*%'#!2K!'G#!(%Y/(.(!).(I#&!2K!H%93!/)!3#'!$#&!02&#!H/77!I#!0%&&/#*!2.'!/)!%!
7%>9!K2&([!^G#)!'G#!&#$%&'/'/2)!$27/09!*#0/*#3!'2!(2*/K9!'G#!%33/;)(#)'!2K!'G#!H%93C!/'!2)79!H&/'#3!'G#!
(%Y/(.(!5%7.#3!$#&!02&#!/)!'G#!&#;/3'#&3[!^G2!'&.79!0%!%I2.'!'G#!.3#!2K!'G#!H%93!/3!'G#!&#$7%0#(#)'!
%7;2&/'G([!O'!722=3!%'!'G#!(%Y/(.(!&#;/3'#&3!%)*!%'!'G#!I720=3+!2H)#&!O"!'2!7/(/'!'G#!.3#!2K!!I720=3!/)!
'G#!3#'[!OK!%!$&20#332&!7233#3!2)#!I720=!'G#!#Y0##*/);!I720=3!'G%'!/3!.3/);!$#&!3#'!H/77!I#!$&2;!/5#79!
&#$7%0#*[
,'!'G#!3'%&'!.$C!'G#!(%Y/(.(!).(I#&!2K!I720=3!/3!%33/;)#*!TVj!2K!'G#!720%7!0%0G#!%3320/%'/5/'9[!FG/3!
K/&3'!I720=3!%0'!%3!%!$&/5%'#!0%0G#!HG#&#%3!'G#!'!%&#!%!02)'&/I.'/2)!'2!'G#!3G%&#*!$%&'/'/2)[
:7%&F#%&/0)%,()(11(+%7)21)&/+.(#7(L"(+.(#7()2/()8;2+D
FG#!%*%$'/5#!30G#(%!'&/#3!'2!(/)/(/>#!'G#!'2'%7 !).(I#&!2K!0%0G#!(/33#3[!M2&!'G/3C!'G#!(#0G%)/3(!
#3'/(%'#3!'G#!I#)#K/'3!2K!/)0&#%3/);!%)*!*#0&#%3/);!2)#!I720=!$#&!3#'[
F2!#3'/(%'# !'G#!0%0G#!(/33#3 ! 'G%' !H2.7*!G%5#!I##)!%52/*#*! /K ! 'G#!).(I#&!2K!H%93 !%33/;)#*!H%3!
/)0&#%3#*!I9!2)#!H#!02.)'!'G#!G/'3!/)!'G#!3G%*2H!'%;3!'%I7#!_3##!'%I7#!V[S`[!JG%*2H!'%;3!G27*!'G#!7%3'!
#5/0'#*!I720=!/)!3#'!$#&!$&20#332&[!W)!%!0%0G#!(/33C!/K!'G#!%**!!&#-.#3'#*!#-.%73!'G#!%**!!/)!'G#!
3%(#!3#'!2K!'G#!3G%*2H!'%;3!'%I7#C!/'!(#%)3!'G%'!%!(/33!02.7*!G%5#!I##)!%52/*#*!H/'G!2)#!(2&#!I720=!
/)!3#'[!FG#)!H#!/)0&#%3#!I9!2)#!'G#!3G%*2H!'%;3!02.)'#&[
FG#!#KK#0'!2K!*#0&#%3/);!2)#!0%0G#!I720=!$#&!3#'!/3!0%70.7%'#*!02.)'/);!'G#!G/'3!/)!'G#!kN4!3'%0=!G#%*!
$#&!02&#!%'!%)9!&#-.#3'[!FG#!kN4!$27/09!2I#93!'G%'!%)!%00#33!'G%'!G/'3!/)!0%0G#!02)'%/)/);!9RH%93!/3!
;.%&%)'##*!'2!%732!G/'!/K!'G#!0%0G#!G%*!(2&#!'G%) !9RH%93[!<2)/'2&/);!'G#!G/'3!/)!'G#!kN4!G#%*!H#!
,*%$'/5#!JG%&#*f6&/5%'#!P41,!1%0G#!6%&'/'/2)/);!J0G#(# AV
0%70.7%'#!'G#!#Y'&%!(/33#3!'G%'!H/77!200.&!2)!%!_9CG`RH%93!0%0G#[
-(%)/4F8(. *2.()R *2.()? *2.()B *2.()G
D
U
[[[
TL"U1LBQ
T"1EV"]]
[[[
SVUQLV1
SVUQLQD
[[[
BTA,U"DD
BTA,UMM]
[[[
A,""QDD
A,QLTD]
[[[
S#8;()K@GE!FG#!3G%*2H!'%;3!=##$!'G#!7%3'!#5/0'#*!I720=3!/)!3#'!$#&!02&#!'2!
#3'/(%'#!'G#!#KK#0'!2K!G%5/);!2)#!(2&#!0%0G#!I720=[
*24/%(. *2.()R *2.()? *2.()B *2.()G
e/'3!/)!'G#!kN4!I720=3 SA UU D UA
e/'3!/)!'G#!3G%*2H!'%;3 AQ D E VQ
S#8;( )K@JE! 12.)'#&3!(%/)'%/)#*!I9!'G#!%*%$'/5#!'#0G)/-.#!'2!#3'/(%'#!
'G#!#KK#0'!2K!*#0&#%3/);!%)*!/)0&#%3/);!2)#!0%0G#!I720=!/)!3#'!$#&!02&#[
12($%&/);!'G#!G/'3!/)!'G#!kN4!I720=3!%)*!'G#!G/'3!/)!'G#!3G%*2H!'%;3!_3##!'%I7#!V[Q`!H#!0%)!#3'/(%'#!
'G#!#KK#0'3!2K!&#(25/);!%!0%0G#!I720=!2K!%!$&20#332&!%)*!%33/;)!/'!'2!%)2'G#&!$&20#332&[!FG.3C! !'2'%7!
).(I#&!2K!0%0G#!(/33#3!'G%'!H2.7*!200.&!H/'G!'G#!%!)#H!$%&'/'/2)/);[
H($#.%&%&2/&/0)$2;&+6
FG# ! %*%$'/5# ! '#0G)/-.# ! )##*3 ! '2 ! &##5%7.%'# ! 'G# ! $%&'/'/2) ! 3/>#3 ! $#& ! 02&# ! 2) ! % ! &#;.7%& ! I%3/3[ !FG#!
&##5%7.%'/2)!$#&/2*!)##*3!'2!I#!72);!#)2.;G!'2!(#%3.&#!'G#!0%0G#!3#)3/'/5/'9!%)*!3G2&'!#)2.;G!'2!(%=#!
'G#!30G#(#!*9)%(/0[!,!$#&/2*!2K!ADDD!0%0G#!(/33#3!3##(3!'2!(%=#!3#)3#[
FG#!&#$%&'/'/2)!%7;2&/'G(!_3##!%7;2&/'G(!V[U`!722=3!K2&!'G#!$&20#332&!H/'G!%!G/;G!&#*.0'/2)!2K!0%0G#!
(/33#3!H/'G!2)#!(2&#!0%0G#!I720=C!'G#!2)#!H/'G!(2&#!G/'3!/)!'G#!3G%*2H!'%;3C!%)*!02($%!/'!H/'G!'G#!
$&20#332&!H/'G!7#33!$#)%7'/#3!H/'G!2)#!0%0G#!I720=!7#33C!'G#!2)#!H/'G!7#33!G/'3!/)!'G#!kN4!02.)'#&3[!OK!
'G#!;%/)!/3!G/;G#&!'G%)!'G#!7233C!2)#!0%0G#!I720=!2K!'G#!$&20#332&!H/'G!'G#!72H#&!7233!/3!$&25/*#*!'2!'G#!
02&#!H/'G!'G#!G/;G#3'!;%/)[
G/;Gv;%/)!dw!<,r_G/'3vJG%*2HF%;3`
72Hv7233!dw!<OP_G/'3vkN4`
&1))G/;Gv;%/)!i!72Hv7233!%,(/
(%Y/(.(vI720=3v/)v3#'!aG/;Gv;%/)b!gg
(%Y/(.(vI720=3v/)v3#'!a72Hv7233b!UU
(/")&1
!;02.&%,F)K@?E!L5#&9!ADDD!0%0G#!(/33#3!'G#!$%&'/'/2)!3/>#3!%&#!&##5%7.%'#*C!/K!'G#!;%/)!
/3!G/;G#&!'G%)!'G#!7233!2)#!0%0G#!I720=!$#&!3#'!/3!$&25/*#*!'2!'G#!02&#!H/'G!'G#!G/;G#3'!
;%/)[
,3 ! 'G# !%7;2&/'G(!02.7* ! 7#%5# !H/'G2.' !$&/5%'# !0%0G# !I720=3 !% !$&20#332&C !H#!)##* ! '2 !*#K/)# !32(#!
02)3'&%/)'3!/)!'G#!3#'!2K!$%&'/'/2)3[!,!$&20#332&!H/77!%7H%93!G%5#!%'!7#%3'!2)#!$&/5%'#!0%0G#!I720=!%)*!
)#5#&!(2&#!3G%&#*!I720=3!'G%'!'G#!$&/5%'#!$%&'/'/2)!3/>#[
AB ,*%$'/5#!JG%&#*f6&/5%'#!P41,!1%0G#!6%&'/'/2)/);!J0G#(#
*,#.#+%(.&Y#%&2/)21)%,()MN*!)F2"(;
,!P41,!(2*#7!0%)!I#!0G%&%0'#&/>#*!I9!*#K/)/);!'G#!I#G%5/2&!2K!'G#!*%'%!$7%0#(#)'!$27/09C!'G#!*%'%!
(/;&%'/2)!$27/09C!'G#!*%'%!%00#33!$27/09!%)*!'G#!*%'%!&#$7%0#(#)'!$27/09[
FG# !)77+%% ,2&3$7=C ! 'G# !*%'% !3#%&0G/);!%7;2&/'G(!/) ! 'G# !P41,!0%0G#!(#(2&9!3$%0#C !.3#* ! /) ! 'G/3!
'#0G)/-.#!/)5275#3!%!'H2!$G%3#!$&20#33[!M/&3'!H#!722=!K2&!%!'%;!/)!'G#!$&/5%'#!0%0G#!$%&'/'/2)[!OK!'G#&#!/3!
)2!(%'0GC!'G#!'!2K!'G#!3#'!/3!0G#0=#*C!/)!2'G#&!H2&*3C!H#!0G#0=!'G#!$&/5%'#!$%&'/'/2)[!F2!0G#0=!'G#!
)#/;GI2&/);!0%0G#3!H#!%33.(#!'G%'!H#!.3#!%!I&2%*0%3'!&#-.#3'[
^G#)!%!&#-.#3'!$&2*.0#!%!(/33!2)!'G#!$&/5%'#!$%&'/'/2)!2K!'G#!720%7!7%3'R7#5#7!0%0G#!%)*!%!G/'!2)!2.&!
3G%&#*!$%&'/'/2)!2&!2)!'G#!3G%&#*!$%&'/'/2)!2K!%!)#/;GI2&/);!0%0G#C!'G#!0$>')*$&1,2&3$7=,/3!%772H#*!'2!
0G%);#!'G#!*%'%!$7%0#(#)'!/)!'G#!P41,!0%0G#!(#(2&9!/)!2&*#&!'G#!%00#33!'/(#!/)!K2772H/);!%00#33#3[!
FG#!'#0G)/-.#!'G%'!H#!%&#!3'.*9/);!#Y0G%);#3!'G#!*%'%!/)!'G#!3G%&#*!$%&'/'/2)!H/'G!'G#!kN4!I720=!2K!
'G#!720%7!$&/5%'#!$%&'/'/2)[!FG.3C!'G#!(23'!�#)'79!%00#33#*!I720=!/3!(25#*!0723#&!'G#!'G#!$&20#332&!
%)*!'G#!7#%3'!�#)'79!I720=!2K!'G#!$&/5%'#!$%&'/'/2)!/3!#5/0'#*!'2!'G#!3G%&#*!%&#%[!
FG#!23)7+0+1*,2&3$7=!*#'#&(/)#3!HG#&#!%!*%'%!#7#(#)'!3G2.7*!I#!$7%0#*!/)!'G#!P41,!0%0G#!HG#)!/'!
02(#3!K&2(!'G#!2KKR0G/$!(#(2&9[!O)!2.&!0%3#!3'.*9C!/3!07#%&!'G%'!'G#!)#H!/)02(/);!*%'%!;2#3!*/�'79!
'2!2.&!$&/5%'#!$%&'/'/2)[!OK!'G#!720%7!$&/5%'#!%&#%!G%3!)2!K&##!#)'&/#3C!%!$#)'!I720=!(.3'!I#!&#$7%0#*[!!
FG# !'+23)7+0+1*,2&3$7= ,/3! 'G#!%7;2&/'G(!/)!0G%&;#!'2!*#'#&(/)# !*#'#&(/)#3!G2H!'G#!P41,!0%0G#!
I#G%5#3!HG#)!H#!G%5#!)2!K&##!0%0G#!#)'&/#3!'2!%7720%'#!%!)#H!I720=[!W)!%!0%0G#!(/33C!*%'%!72%*#*!
K&2(!(#(2&9!/3!%7720%'#*!/)!'G#!$&/5%'#!$%&'/'/2)[!OK!'G#!$&/5%'#!$%&'/'/2)!G%3!)2!/)5%7/*!I720=3C!%!I720=!
(.3'!I#!3#7#0'#*!'2!I#!&#$7%0#*[!"9I*%G7+3!30G#(#!&#$7%0#3!'G#!I720=!2)!'G#!G#%*!2K!'G#!kN4!3'%0=!2K!
'G#!720%7!$&/5%'#!$%&'/'/2)[!^#!)%(#!'G/3!I720=!"$%23)7+"[
FG#!*/3$7%0#*!I720=!H/77!I#!3#)*!'2!'G#!3G%&#*!$%&'/'/2)!H/'G2.'!;2!'G&2.;G!%!0#)'&%7/>#*!I%0=/);!3'2&#[!
OK ! 'G# ! 3G%&#* !$%&'/'/2) !G%3 !)2 ! /)5%7/* ! #)'&/#3C ! 'G# ! 3G%&#* !#);/)# !*#'#&(/)#3 !HG/0G !I720= !H/77 !I#!
&#$7%0#*[!FG#!&#$7%0#(#)'!%7;2&/'G(!_3##!%7;2&/'G(!V[A`!.3#*!I9!'G#!3G%&#*!#);/)#!722=3!K2&!'G#!kN4!
I720=!'G%'!I#72);3!'2!%!$&20#332&!'G%'!/3!.3/);!(2&#!'G%)!'G#!(%Y/(.(!I720=3!/)!3#'!'G%'!G%3!%33/;)#*[!
OK!)2)#!2K!'G#!$&20#332&3!.3#3!(2&#!'G%)!'G#!%33/;)#*!I720=3!/)!3#'C!'G#!kN4!I720=!2K!'G#!3#'!/3!#5/0'#*[
14/+%&2/)M/)*vc720=v'2vL5/0'
12.!kN4v3'%0=v$23/'/2)!dw!I720=3v$#&v3#'C!U!"2
$&20O"!dw!2H)#&vI720=_kN4v3'%0=v$23/'/2)`
&1!(%YvI720=3v$#&v3#'a$&20O"b!h!I720=3v/)v3#'_$&20O"`!%,(/
.(%4./!kN4v3'%0=v$23/'/2)!
(/")&1!
(/")12.
.(%4./!kN4vI720=
(/")14/+%&2/
!;02.&%,F )K@BE! ,7;2&/'G(! K2& ! K/)*/); ! 'G# ! I720= ! '2 ! #5/0'o ! 'G# ! K.)0'/2) ! &#'.&)3 ! 'G#!
$23/'/2)!2K!'G#!I720=[
=F$;(F(/%#%&2/)+27%
FG#!/($7#(#)'%'/2)!023'!2K!'G#!$%&'/'/2)/);!(#0G%)/3(C!*.#!'G#!#Y'&%!3'2&%;#C!/3!#3'/(%'#*!/)!D[Vj!K2&!
'G#!Q<c!7%3'R7#5#7!0%0G#!I%3#7/)#[
k#'!02)3/*#&!2!'G#!).(I#&!2K!02C!%!'G#!).(I#&!2K!3#'3C!/!'G#!).(I#&!2K!I720=3C!*!'G#!).(I#&!2K!I/'3!
$#&!'%;C!%)*!:!'G#!).(I#&!2K!I/'3!2K!%!&#;/3'#&[
,*%$'/5#!JG%&#*f6&/5%'#!P41,!1%0G#!6%&'/'/2)/);!J0G#(# AT
FG#!2H)#&!/*#)'/K/#&!%**#*!$#&!0%0G#!I720=!023'!!3&>H,,2,N,/[!FG#!(%Y/(.(!I720=3!/)!3#'!&#;/3'#&3!%)*!
'G#!02.)'#&3!'2!(%/)'%/)!'G#!G/'3!/)!3G%*2H!'%;3!%)*!'G#!G/'3!/)!'G#!kN4!G%5#!%!023'!2K!!W,N,2,N,:[
FG#!3G%*2H!'%;3!&#-./&#!!%,N,2,N,*,,I/'3C!G2H#5#&C!3G%*2H!'%;3!%&#!)2'!)##*#*!K2&!%77!3#'3[!<2)/'2&/);!
2)79!'G#!Bj!2K!'G#!3#'3!/3!3.KK/0/#)'!'2!#3'/(%'#!'G#!0%0G#!3/>#3[
FG#!'2'%7!3'2&%;#!023'!/3!'G#)!
3&>H,2N/,,F,,,WN2N:,,F,,,X?YN%N2N*
K@B@ =F$;(F(/%&/0)V68"#,;a7)7+,(F()&/)#)BU;('(;)(>+;47&'()+#+,(
F2!/($7#(#)'!'G#!"9I*%G7+3!30G#(#!2)!2.&!I%3#7/)#!%&0G/'#0'.&#!H#!)##*!'2!*2!32(#!(2*/K/0%'/2)3[!
N#(#(I#&!'G%'!2.&!I%3#7/)#!.3#3!'H2!0%0G#!7#5#73!K.779!#Y07.3/5#!%)*!0%0G#3!%&#!02))#0'#*!.3/);!%!
(#3G!!)#'H2&=[
<#%)HG/7#!"9I*%G7+3!(#0G%)/3(!%33.(#3!%)!#Y'#&)%779!(2)27/'G/0!P41,!0%0G#!HG#&#!'G#!3G%&/);!
#);/)#!/3!$%&'!2K!'G#!7%3'!7#5#7!0%0G#C!2.&!P41,!(2*#7!H/77!02)3/*#&!%!3G%&/);!#);/)#!/)*#$#)*#)'!
K&2(!'G#!kA!0%0G#!(#(2&/#3[!W.&!3G%&/);!#);/)#!H/77!(%/)'%/)!%!02$9!2K!0%0G#!I720=!'%;3!%)*!'G#!
2H)#&!2K!#%0G!I720=[!FG/3!*#0/3/2)!/3!'%=#)!*.#!'2!'G#!$G93/0%7!/($233/I/7/'9!'2!=##$!%!;72I%7!kN4!
3'%0=!.3/);!*/3'&/I.'#*!7%3'R7#5#7!0%0G#3[!
FG#!3G%&/);!#);/)#!H/77!I#!$7%0#*!%K'#&!'G#!&2.'/);!#7#(#)'!%3!2)#!(2&#!)2*#!%3!H#!0%)!3##!/)!K/;.!
V[A!%)*!V[S[!,77!'G#!0%0G#3!H/77!02))#0'!'2!/'!*/�'79C!5/%!'G#!&2.'/);!#7#(#)'C!I.'!)2!'&%KK/0!/3!%772H#*!
'2!.3#!'G/3!H/!/)!#Y0#$'/2)!2K!'G#!'&%KK/0!#Y$7/0/'79!*/�'#*!'2!2&!K&2(!'G#!3G%&/);!#);/)#[!FG.3C!'G#!
7/)=3!'2!'G#!3G%&/);!#);/)#!0%)!)2'!I#!.3#*!'2!&2.'#!&#-.#3'3!2&!$2)3#3!/)!%!3G2&'!$%'G[
,77!'G#!(2*/K/0%'/2)3!/)!'G#!kA!'%;3!2&!'G#!kN4!3'%0=!H/77!I#!3#)*!'2!'G#!3G%&/);!#);/)#[!FG#!0%0G#!
I720=!&#$7%0#(#)'3!%)*!'2.0G#3!/)!'G#!kN4!3'%0=!H/77!%&&/5#!%'!'G#!3G%&/);!#);/)#!*#7%9#*!*.#!'G#!
&2.'/);!7%'#)09[!FG#!7%>9!)%'.&#!2K!'G/3!30G#(%!*2#3!)2'!(%=#!'G/3!%!$&2I7#([
FG#!.3#!2K !#Y07.3/5# !0%0G#3 !%)*!% !*/�'2&9! '2 !(%/)'%/) ! 'G#!02G#&#)0# ! /)'&2*.0#3 !0G%);#3 ! /) ! 'G#!
3&04.( )K@BE! 6&2$23#*! /($7#(#)'%'/2) ! K2& ! 'G# !"9I*%G7+3 ! 30G#(#[ !,77 ! 'G# !$&20#332&3 !%&#!
02))#0'#* ! '2!% !0#)'&%7/>#* !3G%&/);!#);/)#! 'G%' !(%/)'%/)3 !% !02$9!2K! 'G# !kA! '%;3 !%)*! 'G#!
;72I%779!kN4!3'%0=[
U'
1$ U!
-934A723?
U'
1!U!
-934A723?
U'
1' U! -934A723? U'
1*U!
-934A723?
L L
LL
QE(
A] ,*%$'/5#!JG%&#*f6&/5%'#!P41,!1%0G#!6%&'/'/2)/);!J0G#(#
I#G%5/2&!2K!'G#!P41,!0%0G#[!FG#!#Y07.3/5#!0%0G#!&#*.0#3!'G#!)##*!'2!#Y0G%);#!'G#!*%'%!*.#!'2!'G#!
%I3#)0#!2K!*%'%!(25#(#)'3!I#'H##)!kA!0%0G#!I720=3[!FG#!$#)0#!2K!'G#!*/�'2&9!#7/(/)%'#3!'G#!
)##*!'2!I&2%*0%3'!%!3#%&0G/);!(#33%;#!'2!'G#!$&/5%'#!$%&'/'/2)3[!
*,#.#+%(.&Y#%&2/)21)%,()MN*!)F2"(;
FG# !)77+%%,2&3$7=C!'G#!*%'%!3#%&0G/);!%7;2&/'GC!.3#*!/)!'G/3!'#0G)/-.#!/)5275#3!%!'H2!$G%3#!$&20#33[!
M/&3'!H#!722=!K2&!%!'%;!/)!'G#!720%7!0%0G#!$%&'/'/2)[!P2'#!'G%'!H#!.)/K9!'G#!3#%&0G!*2/);!/'!/)!I2'G!'G#!
$&/5%'#!720%7!$%&'/'/2)!%)*!'G#!3G%&#*!720%7!$%&'/'/2)[!FG/3!3#$%&%'/2)!G%3!2)79!3/;)/K/0%)0#!K2&!$2H#&!
&#*.0'/2)!%)*!/'!/3!2.'!'G#!302$#!2K!'G/3!'G#3/3[!OK!'G#&#!/3!)2!(%'0GC !H#!0G#0=!'G#!*/�'2&9!K2&!'G%'!
I720=[!FG#!*/�'2&9!H/77!K2&H%&*!2.&!&#-.#3'!'2!'G#!2H)#&!0%0G#!2&!'2!'G#!(%/)!(#(2&9[
^G#)!%!&#-.#3'!$&2*.0#3!%!(/33!2)!'G#!$&/5%'#!$%&'/'/2)!2K!'G#!720%7!7%3'R7#5#7!0%0G#!%)*!%!G/'!2)!'G#!
3G%&#*!$%&'/'/2)C!'G#!0$>')*$&1,2&3$7=,/3!%772H#*!'2!0G%);#!'G#!*%'%!$7%0#(#)'!/)!'G#!P41,!0%0G#[!,3!
H#!%&#!H2&=/);!H/'G!%)!#Y07.3/5#!0%0G#C!'G/3!(/;&%'/2)!/)5275#3!%!(25#(#)'!2K!*%'%!I#'H##)!%!kU!
0%0G#!%)*!%!kA!0%0G#[!FG#!*%'%!/)!'G#!3G%&#*!$%&'/'/2)!;2#3!'G&2.;G!'G#!720%7!$&/5%'#!$%&'/'/2)!%)*!/3!
%7720%'#*!*/�'79!/)!'G#!kU!0%0G#[!^G#)!'G/3!*%'%!/3!#5/0'#*!K&2(!'G#!kU!/'!H/77!I#!H&/''#)!I%0=!'2!'G#!
720%7!$&/5%'#!kA!$%&'/'/2)[
FG#!23)7+0+1*,2&3$7=!G%3!'G#!3%(#!I#G%5/2&!*#30&/I#*!I#K2&#C!'G#!)#H!/)02(/);!*%'%!;2#3!*/�'79!'2!
2.&!kU!0%0G#[!OK!'G#!kU!0%0G#!G%3!)2!K&##!#)'&/#3C!%!$#)'!I720=!(.3'!I#!&#$7%0#*!%)*!H&/''#)!I%0=!'2!
'G#!kA!0%0G#[ ! OK ! 'G#!720%7 !$&/5%'#!$%&'/'/2)!*2#3!)2'!G%5#! /)5%7/*!I720=3!H#!H/77 !&#$7%0#! 'G#! 7#%3'!
�#)'79!.3#*!I720=[!FG#!&#$7%0#*!I720=!H/77!I#!3#)*!'2!'G#!3G%&#*!$%&'/'/2)[!O3!'G#!3G%&/);!#);/)#,'G#!
(#0G%)/3(!/)!0G%&;#!'2!*#'#&(/)#!HG#&#!'2!%7720%'#!'G#!"$%23)7+"!I720=[!OK!'G#!3G%&#*!$%&'/'/2)!G%3!)2'!
%5%/7%I7#!#)'&/#3C!'G# !'+23)7+0+1*,2&3$7=! 722=3!K2&!'G#!kN4!I720=!'G%'!I#72);3!'2!%!$&20#332&!.3/);!
(2&#!'G%)!'G#!(%Y/(.(!I720=3!/)!3#'!'G%'!/'!G%3!%33/;)#*[!OK!)2)#!2K!'G#!$&20#332&3!.3#3!(2&#!'G%)!'G#!
%33/;)#*!I720=3!/)!3#'C!'G#!kN4!I720=!2K!'G#!3#'!/3!#5/0'#*[
H($#.%&%&2/&/0)$2;&+6
F2!%*%$'!'G#!"9I*%G7+3!30G#(#!'2!]R!%)*!UBR02!%&0G/'#0'.!H#!G%*!'2!0G%);#!'G#!&#$%&'/'/2)/);!
$#&/2*[ !^# ! G%5# ! 0G23#) ! % ! $&2$2&'/2)%7 ! $#&/2* ! '2 ! 'G# ! ADDD !(/33#3 ! 2K ! 'G# ! QR02 ! %&0G/'#0'.&#C!
ZXXN1.0/+'M&4M7&'+%[!M2&!'G#!]R02!%&0G/'#0'.&#!'G#!&#$%&'/'/2)!$#&/2*!H/77!I#!QDDD!(/33#3C!%)*!
]DDD!(/33#3!K2&!'G#!UBR02!%&0G/'#0'.&#[ !^#!G%5#!'#3'#*!#Y$#&/(#)'%779!3(%77#&!$#&/2*!5%7.#3!'G%'!
H#&#!$22&79!3/;)/K/0%)'!%)*!G/;G#&!5%7.#3!'G%'!$#&K2&(!3/(/7%&79!I.'!H/'G!372H#&!%*%$'%I/7/'9[!
^#!%**#*!#Y$7/0/'79!'2!'G#!$%&'/'/2)!%7;2&/'G(!'G#!(/)/(.(!%)*!(%Y/(.(!).(I#&!2K!I720=3!/)!3#'!$#&!
0%0G#!_3##!%7;2&/'G(!V[S`[!^#!'G/);!'G%'!/'!/3!)2'!K.779!2I5/2.3!'G%'!/K!H#!*2!)2'!%$$79!'G/3!'&/0'/2)!
*.&/);!'G#!3#7#0'/2)!2K!'G#!$&20#332&!H/'G!'G#!G/;G#&!;%/)!%)*!'G#!$&20#332&!H/'G!'G#!72H#&!7233!2.&!
&#$%&'/'/2)!%7;2&/'G(!H/77!I#!3'%77#*!(%)9!'/(#3[!FG/3!#KK#0'!/3!$&2*.0#*!I#0%.3#!%)!%$$7/0%'/2)!H/'G!
3&04.()K@GE!J/($7/K/#*!30G#(%!2K!'G#!]R02!%)*!UBR02!02)K/;.&%'/2)3[!<%/)'%/)/);!
%!0#)'&%7/>#*!3G%&/);!#);/)#!I&#%=3!'G#!&#;.7%&/'9!2K!2.&!(#3G!)#'H2&=[
1'1!
1% 1,1+
1*1$
1#
QE(
1*1'1!1$
1+ 1% 1, 1#
1& 1" 1!$ 1!!
1!' 1!* 1!+ 1!%
QE(
,*%$'/5#!JG%&#*f6&/5%'#!P41,!1%0G#!6%&'/'/2)/);!J0G#(# AE
7233!>#&2!H/77!I#!&#$#'/'/5#79!3#7#0'#*!%)*!'G#)!H#!02.7*!)2'!'%=#!2KK!G/3!3/);7#!$&/5%'#!I720=[!FG#!3%(#!
#KK#0'!H/77!200.&!H/'G!%!$&20#332&!H/'G!'G#!G/;G#3'!;%/)!'G%'!G%3!'G#!(%Y/(.(!).(I#&!2K!I720=3!/)!3#'!
%33/;)#*[
G/;Gv;%/)!dw!<,rv/)0&#(#)'%I7#_G/'3vJG%*2HF%;3`
72Hv7233!dw!<OPv*#0&#(#)'%I7#_G/'3vkN4`
&1))G/;Gv;%/)!i!72Hv7233!%,(/
(%Y/(.(vI720=3v/)v3#'!aG/;Gv;%/)b!gg
(%Y/(.(vI720=3v/)v3#'!a72Hv7233b!UU
(/")&1
!;02.&%,F)K@GE!L5#&9!&#$%&'/'/2)!$#&/2*C!H#!02($%&#!'G#!I#)#K/'3!2K!'G#!02&#!H/'G!7#33!
'G%)!'G#!(%Y/(.(!I720=3!%33/;)#*!%)*!'G#!G/;G#&!;%/)!H/'G!'G#!H%/3'!2K!'G#!02&#!H/'G!
(2&#!'G%)!2)#!I720=!%)*!%!72H#&!7233[
=F$;(F(/%#%&2/)47&/0)%,()5T:-=)$.2%2+2;
FG#!/($7#(#)'%'/2)!2K!'G/3!%*%$'/5#!'#0G)/-.#!G%3!I##)!*2)#!#Y'#)*/);!'G#!<WLJO!$&2'2027[!,**/);!
#Y'&%!3'%'#3!K2&!'G#!kA!0%0G#!I720=3!%)*!'G#!*/�'2&9!#)'&/#3C!H#!0%)!*#%7720%'#!%!0%0G#!I720=!K&2(!'G#!
$&/5%'#!kA!0%0G#C!I720=/);!/'!/)!'G#!*/�'2&9C!%)*!3#)*!/'!'2!'G#!3G%&/);!#);/)#[!FG#!3G%&/);!#);/)#!H/77!
3#)*!'G#!I720=!'2!%!)#H!$7%0#(#)'C!HG#&#!'G#!I720=!H/77!#&!/'3!$/2.3!3'%'#!&#'%/)#*!*.&/);!'G#!
*#%7720%'/2)[!FG#!)#Y'!3#0'/2)!H/77!3G2H!'G/3!H/'G!/77.3'&%'/5#!#Y%($7#3[
K@G@ b2.D&/0)(>#F$;(7
O)!'G/3!3#0'/2)!H#!*#30&/I#!'G#!I#G%5/2&!2K!'G#!%*%$'/5#!30G#(#!/($7#(#)'#*!H/'G!'H2!/77.3'&%'/5#!
#Y%($7#3[!FG#!#Y%($7#3!3G2H!'G#!&#-.#3'3!%)*!$2)3#3!3#)'!I#'H##)!%&0G/'#0'.&%7!#7#(#)'3!%)*!'G#!
3'%'#!2K!0%0G#!I720=3!%)*!'G#!*/�'2&9!#)'&/#3[!FG#!3'%'#3!%$$#%&!I#'H##)!=#93!%)*!%!3'%'#!'&%)3/'/2)!/3!
&#$#)'#*!H/'G!'G#!/)/'/%7!3'%'#!%)*!'G#!K/)%7!3'%'#!3#$%&%'#*!H/'G!%!02((%[!FG#!3'%'#!P6!/)*/0%'#3!'G%'!
'G#!I720=!/3!)2'!$#)'!/)!'G#!0%0G#[
3&04.()K@JE!k2%*!2$#&%'/2)!#Y%($7#[
45&#"#$%&6&&&&&47&#"#$%&6&&&&&&819%#*,9/&&&&)$"91+(&:+(1+%&&&47&#"#$%&;
U2/F
V475-/7/
V475-/7/
W23T/3F4F5V475-/7/
X>I6Y
Q48F5-/7/
X>Y
XG;Y
XG;Y
X>Y
SD ,*%$'/5#!JG%&#*f6&/5%'#!P41,!1%0G#!6%&'/'/2)/);!J0G#(#
M/;.&#!V[Q!$#)'3!%!3/($7#!#Y%($7#!2K!%!k2%*!2$#&%'/2)!'G%'!'G#!kU!%)*!'G#!720%7!kA!0%)!)2'!3%'/3K9[!
FG#!7%3'R7#5#7!0%0G#!3#)*!'G#!&#-.#3'!'2!'G#!*/�'2&9!'G%'!722=3!/'3!#)'&/#3!.$[!,3!'G#!I720=!/3!/)!'G#!
3G%&#*!$%&'/'/2)!2K!'G#!0%0G#!c!'G#!&#-.#3'!/3!K2&H%&*#*!'2!'G#!)#/;GI2&/);!kA!0%0G#!c[!FG#!kA!0%0G#!
$2)*3!*/�'79!'2!'G#!&#-.#3'2&!H/'G!'G#!*%'%!%)*!/)5%7/*%'#3!'G#!02$9!'G%'!G27*3[!FG#!/)5%7/*%'/2)!/3!
*2)#!I#0%.3#!H#!*2!)2'!02)'#($7%'#!'G#!$233/I/7/'9!2K!3G%&#!0%0G#!I720=3[
O)!K/;.&#!V[V!H#!0%)!3##!%)2'G#&!#Y%($7#[!^G#)!%!I720=!/)!'G#!kU!0%0G#!,!/3!#5/0'#*C!/'!/3!$7%0#*!/)!'G#!
$&/5%'#!$%&'/'/2)!2K!'G#!kA!0%0G#!,[!OK!'G#!$&/5%'#!$%&'/'/2)!2K!'G#!720%7!7%3'R7#5#7!0%0G#!G%3!)2'!K&##!
#)'&/#3!%!0%0G#!I720=!(.3'!I#!#5/0'#*[!FG#!5/0'/(!'2!I#!#5/0'#*!/3!3#7#0'#*!.3/);!'G#!kN4!$27/09[!FG#!
5/0'/(!I720=!H/77 !I#!3#)'! '2! 'G#!3G%&#*!$%&'/'/2)[ !M2&!'G/3C !'G#!kA!0%0G#!,!3#)*3!%!$#'/'/2)!'2! 'G#!
*/�'2&9 ! 'G%' ! I720=3 ! 'G%' ! I720=[ !^G#) ! 'G# !kA ! 0%0G# !, ! �#/5#3 ! 'G# ! %0=)2H7#*;(#)' ! K2&( ! 'G#!
*/�'2&9C!/'!0%)!*#%7720%'#!'G#!I720=!%)*!3#)*!/'!'2!'G#!3G%&/);!#);/)#[!FG#!3G%&/);!#);/)#!*#0/*#3!
HG#&#!'2!%7720%'#!'G#!I720=!%)*!3#)*3!'G#!0%0G#!I720=!'G#&#[!OK!'G#!*#3'/)%'/2)!0%0G#!I720=!/3!/)!.3#C!'G#!
$#)'!I720=!(.3'!I#!#5/0'#*[!^G#)!'G#!I720=!/3!%5%/7%I7#!'G#!*%'%!/3!%7720%'#*!%)*!H#!3#)*!%!$#'/'/2)!
'2!'G#!*/�'2&9!'2!.)I720=!'G#!0%0G#!#)'&9[!FG#!*/�'2&9!.)I720=3!/'3!#)'&9!%)*!0G%);#3!'G#!2H)#&!2K!
'G#!0%0G#!I720=[!^G#)!'G#!*#3'/)%'/2)!0%0G#!�#/5#3 !'G#!%0=)2H7#*;(#)'!K&2(!'G#!*/�'2&9C !'G#!
*#3'/)%'/2)!kA!0%0G#!c!#&3!'G#!$/2.3!0%0G#!3'%'#[!
3&04.()K@KE!kU!H&/'#I%0=!&#-.#3'!#Y%($7#[
45&#"#$%&6&&&&&47&#"#$%&6&&&&&&819%#*,9/&&&&)$"91+(&:+(1+%&&&47&#"#$%&;
U2/F
J3974@/AZ
K02AZ
Q48F5-/7/
XKU[I>Y
X>Y
X>IKU[Y
X>IKU[Y
4P9A7928
P9A79:
K0Z\/AZ
XKU[IG;Y
Q48F5-/7/
XKU[Y
4P9A7928
]8@02AZ
XKU[I>Y]8@0Z\/AZ
J0%7%I7#!,*%$'/5#!JG%&#*f6&/5%'#!P41,!1%0G#!6%&'/'/2)/);!J0G#(# SU
O@ -+#;#8;()#"#$%&'()7,#.("L$.&'#%()MN*!)+#+,()
$#.%&%&2/&/0)7+,(F()
O@?@ -+#;#8&;&%6)#/")+;27(/(77)21)V68"#,;a7)7+,(F(
FG# ! 0#)'&%7/>#* ! 327.'/2) ! $&2$23#* ! I9 ! "9I*%G7 ! .3#3 ! 'H2 ! (%/) ! *%'% ! 32.&0#3 ! '2 ! $#&K2&( ! 'G#/&!
&#$7%0#(#)'!$27/09d!%!;72I%7!kN4!3'%0=!$#&!3#'!%)*!'G#!).(I#&!2K!I720=!/)!3#'!'G%'!#%0G!02&#!.3#3[
<%/)'%/)/);!'G#!kN4!3'%0=!$#&!3#'!2K!UBRC!SAR!2&!BQRH%93!%3320/%'/5#!0%0G#3!/3!$233/I7#!/K!H#!G%5#!%!
(2)27/'G/0 !0%0G#[ !W.&!I%3#7/)# !K&%(#H2&=C !G2H#5#&C !G%3 ! 'G# ! 7%3'R7#5#7 !0%0G#!*/3'&/I.'#* ! /) !I%)=3!
K2&(/);!%!P41,!0%0G#[!O($7#(#)'!%!&#%7!kN4!3'%0=C!2&!%!$3#.*2RkN4!%$$&2Y/(%'/2)C!/3!(%/)79!)2'!
$233/I7#!*.#!'2!'G#!/)'#&02))#0'/2)!)#'H2&=!7%'#)09!%)*!'G#!G%&*H%&#!25#&G#%*[!
FG#!kN4!%)*!$3#.*2RkN4!$27/0/#3!%&#!/($7#(#)'#*!.3/);!3'%0=3!%)*!'&##3!3'&.0'.C!3##!'%I7#!A[U!K2&!
/'3!/($7#(#)'%'/2)!023'3C!%)*!G%5#!)2!&#%7!'/(#R3'%($!'G%'!0%)!I#!02($%&#*!%0&233!'G#!02[!".#!'2!
'G/3C!H#!0%)!)2'!G%5#!%!*/3'&/I.'#*!kN4!3'%0=!/)!2.&!)2)R.)/K2&(R7%'#)09!)#'H2&=[
W)!'G#!2'G#&!G%)*C!=##$/);!_7/=#!2.&!/($7#(#)'%'/2)!2K!'G#!"9I*%G7+3!30G#(#`!%!0#)'&%7/>#*!kN4!3'%0=!
.3/);!%!02$9!2K!'G#!0%0G#!'%;3!H/77!G%5#!%!5#&9!G/;G!023'!/)!%&#%!200.$%)09!%)*!$2H#&!02)3.($'/2)[!O)!
%**/'/2)C!'G/3!I720=!H/77!I#!3.30#$'/I7#!'2!3.KK#&!0277/3/2)!*.#!'2!2.&!7/(/'#*!I%)*H/*'G[
<2)/'2&/);!'G#!200.$%)09!/)!I720=3!$#&!3#'!2K!#%0G!02&#!/3!%732!#Y$#)3/5#[!".#!'2!'G#!/)'#&02))#0'/2)!
7%'#)0/#3!/'!/3!)2'!$233/I7#!0%70.7%'#!'G#!).(I#&!2K!I720=3!'G%'!#%0G!02&#!.3#3!%'!#%0G!I720=!&#$7%0#(#)'!
$#'/'/2)[!e%5/);!%!0#)'&%7/>#*!3'&.0'.&#!'G%'!(%/)'%/)3!'G#3#!02.)'#&3!H/77!G%5#!G.;#!%&#%!%)*!$2H#&!
/($%0'3C!%)*!(%9!02)3.(#!%)!/($2&'%)'!I%)*H/*'G[
,)2'G#&!$&2I7#(!'G%'!H#!0%)!3##!/)!"9I*%G7+3!/($7#(#)'%'/2)!/3!'G#!)2R02)3/*#&%'/2)!2K!'G#!)#'H2&=!
7%'#)09[ !W)#!2K! 'G#!(%/) !$&2I7#(3!2K!AR"!(#3G!)#'H2&=3!/3 ! 'G#!G/;G!7%'#)0/#3 ! 'G%' !(/;G' !&#'.&)[!
"9I*%G7+3!327.'/2)3!722=3!/)'2!'G#!kN4!3'%0=!$#&!3#'!%)*!3#7#0'3!%!5/0'/(!H/'G2.'!'%=/);!/)'2!%002.)'!
'G#!*/3'%)0#!'2!/'[!FG/3!0%)!0%.3#!'G%'!HG#)!H#!G%5#!I/;;#&!)#'H2&=3!H#!G%5#!G.;#!%5#&%;#!%00#33!
'/(#3[
^/'G !2.& !)25#7 !$&2$23%7 !H#!H%)' ! '2 !%**! ! 'G#3# !$#)'#* !$&2I7#(#3 !G%5/); ! /) !(/)* !%732 ! 'G#!
'#&%30%7#!&#-./&#(#)'3[
O@B@ V&7%.&84%(")#"#$%&'()$#.%&%&2/&/0)7+,(F(
V&7%.&84%(")7+,(F(
,3 !H# ! G%5# ! 3##)C ! 'G# !(2*#7 ! $#)'#* ! I9 ! "9I*%G7 ! G%3 !(%)9 ! */KK/0.7'/#3 ! '2 ! I# ! /($7#(#)'#*[!
M.&'G#&(2&#C!I9!/'3!I#G%5/2&C!/'!3##(3!'G%'!/'!(%9!G%5#!30%7%I/7/'9!$&2I7#(3[!O)!'G/3!3#0'/2)!H#!$#)'!
2.&!$&2$23%73!'2!3275#!'G#3#!$&2I7#(3[
F2!*#%7!H/'G!'G#!$#)'#*!$&2I7#(3!H#!*#0/*#*!'2!.3#!%!*/3'&/I.'#*!30G#(#[!J$7/''/);!'G#!3G%&/);!
#);/)#! /)'2!3(%77#& !$%&'3 ! 'G%' !0%)!&.)!3/(.7'%)#2.379!H2.7*!%52/*! 'G#!$2'#)'/%7 !02)'#)'/2) !2K! 'G#!
$&2$23#*!0#)'&%7/>#*!30G#(#[!
e%5/);!*#0/*#*!G2H!'2!%52/*!(%/)'%/)!%!0#)'&%7/>#*!(%)%;#(#)'!3'&.0'.&#C!H#!(.3'!)2H!3##!G2H!'2!
%*%$'!'G#!30G#(#[!^/'G2.'!%!0#)'&%7!#7#(#)'!H#!0%)!)2'!I#!%H%&#!%I2.'!%77!2'G#&!0%0G#3C!32!2.&!/*#%!/3!
'2 !.3# !% !;&##*9 ! ! %$$&2Y/(%'/2) ! '2 ! 'G# !%7;2&/'G([ !FG# !;&##*9 !%$$&2%0G !H2.7* !I# !%$$7/#* ! /) ! 'G#!
SA J0%7%I7#!,*%$'/5#!JG%&#*f6&/5%'#!P41,!1%0G#!6%&'/'/2)/);!J0G#(#
&#$7%0#(#)'!$27/09[
O)!"9I*%G7+3!30G#(#C!'G#!&#$7%0#(#)'!$27/09!_3##!%7;2&/'G(!V[A`!&.)3!%!3#%&0G!%0&233!%!;72I%7!kN4!
3'%0=[!O)!'G#3#!3#%&0G#3C!'G#!$&#(/3#!'G%'!*#'#&(/)#3!'G#!I720=!'2!I#!#5/0'#*!/3!
!",0)@M/3&7;%M2+'M%+*[2'&7PU\,],/3&7;%M$1M%+*A2'&7PUB,#$%&'
l)2H/);!'G%'!'G#!(%Y/(.(!I720=3!$#&!3#'!&#;/3'#&3!=##$!'G#!(%Y/(.(!0%0G#!I720=3!'G%'!%!$&20#332&!
0%)!.3#!$#&!3#'!/)!I2'G!$&/5%'#!%)*!3G%&#*!$%&'/'/2)3C!H#!0%)!02)3/*#&!#7/(/)%'/);!'G#!02)'%;#!2K!I720=3!
/)!'G#!$&/5%'#!$%&'/'/2)!I#0%.3#!'G#9!G%5#!)2!3/;)/K/0%)0#[!FG.3C
!",A0)@M/3&7;%M%+*[2'&7PU\C7)7-+M)%%&7$)*$#$*=B,],/3&7;%M%-)'+"M2)'*A2'&7PUB,#$%&'
FG/3!3/($7/K/0%'/2)!I&/);3!.3!HG#&#!H#!H%)'#*!'2!%&&/5#[!^#!2)79!)##*!'2!I#!H2&&/#*!%I2.'!'G#!).(I#&!
2K!I720=3!.3#*!/)!'G#!3G%&#*!$%&'/'/2)C!%)*!'G/3!02.)'/);!0%)!I#!*2)#!2)!%!;&%*.%7!H%9[!^G/7#!2.&!
;&##*9!%7;2&/'G(!&.)3!%0&233!'G#!)2*#3!3#%&0G/);!%!5/0'/(C!H#!H#&#!02.)'/);!'G#!).(I#&!2K!I720=3!
200.$/#*!I9!#%0G!02&#[!^G#)!H#!K/)*!%!I720=!'G%'!I#72);3!'2!%!02&#!'G%'!.3#3!(2&#!'G%)!/'3!(%Y/(.(!
).(I#&!2K!I720=3!/)!3#'C!H#!G%5#!K2.)*!%!5/0'/([!FG/3!;&##*9!3#%&0G!0%)!I#!3##)!/)!%7;2&/'G(!B[U[!^#!
H/77!I#!/)'2!*#'%/73!7%'#&[
14/+%&2/)M/)*vk20%7vc720=v'2vL5/0'!_&/!$/2.3vI720=3v/)v3#'`
I7=3v/)v3#'!dw!$/2.3vI720=3v/)v3#'
12.!$&O"!dw!DC!).(I#&v2Kv$&20#332&3!"2
I7=3v/)v3#'_$&O"`!dw!I7=3v/)v3#'_$&O"`!g!;#'v720%7vI7=3v/)v3#'_$&O"`
&1!_(%YvI7=3v3#'a$&O"bR0%0G#v%3320`!h!I7=3v/)v3#'_$&O"`!%,(/
.(%4./!720%7vkN4_$&O"`!
(/")&1!
(/")12.
7(/"c%2c/(&0,82.!!I7=3v/)v3#'
(/")14/+%&2/
!;02.&%,F)O@?E!,7;2&/'G(!'2!K/)*!'G#!I720=!'2!#5/0'!/)!2.&!;&##*9!%$$&2Y/(%'/2)[
F2!/($7#(#)'!'G/3!327.'/2)!H#!G%5#!*#3/;)#*!'G#!%&0G/'#0'.!'G%'!H#!0%)!3##!/)!K/;.!B[U!%)*!B[A[!
,3!)2'#*C!#%0G!)2*#!02)'%/)3!%!3(%77!3G%&/);!#);/)#!'G%'!G%3!%00#33!'2!'G#!/)'#&02))#0'/2)!)#'H2&=!%)*!
/3!$7%0#*!5#&9!0723#!'2!'G#!kA!0%0G#[!
M&2(!'G/3!$2/)'!2)C!H#!H/77!*#30&/I#!'G#!)#0#33%&9!G%&*H%&#! .&0#3!'2!/($7#(#)'!2.&!)25#7!30G#(#[!
J.I3#-.#)'79C!H#!H/77!0G%&%0'#&/>#!'G#!I#G%5/2&!2K!'G#!$&2$23#*!P41,RI%3#*!/($7#(#)'%'/2)[
J0%7%I7#!,*%$'/5#!JG%&#*f6&/5%'#!P41,!1%0G#!6%&'/'/2)/);!J0G#(# SS
*#+,()[42%#7
L%0G!02&#!0%)!G27*!%!7/(/'#*!).(I#&!2K!H%93!'G%'!/3!3'2&#*!/)!%!&#;/3'#&[!L%0G!&#;/3'#&!/)*/0%'#3!'G#!
(%Y/(.(!0%0G#!I720=3!$#&!3#'!'G%'!%!$&20#332&!0%)!.3#[!O)!'G#!0#)'&%7/>#*!%$$&2%0GC!'G#3#!&#;/3'#&3!%&#!
$%&'!2K!'G#!0#)'&%7!3G%&/);!#);/)#[!e2H#5#&C!/)!2.&!*/3'&/I.'#*!30G#(#!'G#9!G%5#!'2!I#!&#$7/0%'#*!'2!I#!
02)3.7'#*!I9!#%0G!2K!'G#!3(%77!3G%&/);!#);/)#3[!FG/3!&#$7/0%'/2)!H/77!)2'!G%5#!$&2I7#(3!I#0%.3#!2K!'G#!
7%>9!)%'.&#!2K!'G#!30G#(#C!%772H/);!.3!'2!$#&K2&(!'G#!.$*%'#!2K!'G#3#!&*3!%39)0G&2)2.379[!F%I7#!
B[U!&#$#)'3!'G#!3#'!2K!&#;/3'#&!'G%'!(.3'!I#!&#$7/0%'#*!/)!#%0G!)2*#[!
3&04.()O@BE!"/3'&/I.'#*!(2*#7!K2&!'G#!]R!%)*!UBR02!'/7#*!%&0G/'#0'.[
1$ U!
-934A723? 1! U!
-934A723?
1+ U!
-934A723? 1% U!
-934A723?
U'
QE(
U'
QE(
U'
QE(
U'
QE(
1& U!
-934A723? 1" U!
-934A723?
1!' U!
-934A723? 1!* U!
-934A723?
U'
QE(
U'
QE(
U'
QE(
U'
QE(
1' U!
-934A723? 1* U!
-934A723?
1, U!-934A723? 1# U!
-934A723?
U'
QE(
U'
QE(
U'
QE(
U'
QE(
1!$ U!
-934A723? 1!! U!
-934A723?
1!+ U!
-934A723? 1!% U!
-934A723?
U'
QE(
U'
QE(
L
U'
QE(
U'
QE(
L
L
L
L
L
L
L
L
L
L
LL
L
L
L
1$ U!
-934A723? 1! U!
-934A723?
1+ U!
-934A723? 1% U!
-934A723?
U'
QE(
U'
QE(
U'
QE(
U'
QE(
1' U!
-934A723? 1* U!
-934A723?
1, U!
-934A723? 1# U!
-934A723?
U'
QE(
U'
QE(
U'
QE(
U'
QE(
L
L
L
L
L
LL
L
3&04.( )O@?E! 6&2$23#*!*/3'&/I.'#*!30G#(#[!,77!'G#!$&20#332&3!G%5#!%!3(%77!3G%&/);!#);/)#!
'G%'!/($7#(#)'3!'G#!%*%$'/5#!$%&'/'/2)/);!$27/09[
1$ U!
-934A723? 1! U!
-934A723?
1' U!
-934A723? 1* U!
-934A723?
U'
QE(
L
U'QE(
L
U'
QE(
U'
QE(
L
L
SQ J0%7%I7#!,*%$'/5#!JG%&#*f6&/5%'#!P41,!1%0G#!6%&'/'/2)/);!J0G#(#
V(7+.&$%&2/ *2.()R *2.()? *2.()B *2.()G
<%Y[!u!2K!I720=3!/)!3#' S Q A S
S#8;( )O@?E! N#;/3'#&3 ! H/'G ! 'G# ! (%Y/(.( ! ).(I#& ! 2K ! I720=3 ! /) ! 3#'!
&#$7/0%'#*!/)!#%0G!)2*#[
,3!H#!.3#!-.2'#3C!'G#!.$*%'#!2K!'G#!(%Y/(.(!).(I#&!2K!H%93!/)!3#'!$#&!02&#!H/77!I#!0%&&/#*!2.'!/)!%!
7%>9!K2&([!^G#)!'G#!&#$%&'/'/2)!$27/09!*#0/*#3!'2!(2*/K9!'G#!%33/;)(#)'!2K!'G#!H%93C!/'!2)79!3#)*3!'G#!
(%Y/(.(!5%7.#3!$#&!02&#!'2!#%0G!3G%&/);!#);/)#[!^G2!'&.79!0%!%I2.'!'G#!.3#!2K!'G#!H%93!/3!'G#!
&#$7%0#(#)'!%7;2&/'G([
k/=#!'G#!0#)'&%7/>#*!30G#(#C!%'!'G#!3'%&'!.$C!'G#!(%Y/(.(!).(I#&!2K!I720=3!/3!SfQ!2K!'G#!720%7!0%0G#!
%3320/%'/5/'9[
:7%&F#%&/0)%,()(11(+%7)21)&/+.(#7(L"(+.(#7()2/()8;2+D
FG#!%*%$'/5#!30G#(%!#3'/(%'#3!'G#!I#)#K/'3!2K!/)0&#%3/);!%)*!*#0&#%3/);!2)#!I720=!$#&!3#'!'2!(/)/(/>#!
'G#!'2'%7!).(I#&!2K!0%0G#!(/33#3[
F2!#3'/(%'# !'G#!0%0G#!(/33#3 ! 'G%' !H2.7*!G%5#!I##)!%52/*#*! /K ! 'G#!).(I#&!2K!H%93 !%33/;)#*!H%3!
/)0&#%3#*!I9!2)#!H#!02.)'!'G#!G/'3!/)!'G#!3G%*2H!'%;3!'%I7#[!O)!2&*#&!'2!G%5#!%!K.779!*/3'&/I.'#*!(2*#7!
H#!H%)'!'G%'!'G#!'%I7#!H/'G!'G#!3G%*2H!'%;3!H%3!%732!K.779!*#0#)'&%7/>#*[!F2!'G/3C!H#!%33/;)!'2!#%0G!
$&20#332&!'G#!$2)3/I/7/'9!'2!(%/)'%/)!/'3!2H)!3G%*2H!'%;3!'%I7#!_3##!K/;.&#!B[A`[
FG#!3G%*2H!'%;3!G27*!'G#!7%3'!#5/0'#*!I720=!/)!3#'!$#&!$&20#332&[!,3!2)#!2K!2.&!I720=3!/)!'G#!3G%&#*!
$%&'/'/2) ! 0%) ! I# ! #5/0'#* ! 2.' ! 2K ! 2.& ! 302$#C ! /) ! % ! )#/;GI2&/); !kA ! 0%0G#C !H# !(.3' ! =)2H !HG#) ! %!
&#$7%0#(#)'!200.&3[!F2!3275#!'G/3!$&2I7#(C!#%0G!'/(#!%!02&#!&#$7%0#3!%!I720=!'G%'!*2#3!)2'!I#72);!'2!/'C!
/'!H/77!3#)*!%!(#33%;#!'2!'G#!2H)#&!2K!'G#!0%0G#!I720=!H/'G!'G#!#5/0'#*!%**![
-(%)/4F8(. *2.((!
D
U
[[[
TL"U1LBQ
T"1EV"]]
[[[
S#8;( )O@BE!FG#!3G%*2H!'%;3!(%/)'%/)3!'G#!7%3'!#5/0'#*!I720=3!/)!3#'!'2!
#3'/(%'#!'G#!#KK#0'!2K!'2!G%5#!2)#!(2&#!0%0G#!I720=[
FG#!#KK#0'!2K!*#0&#%3/);!2)#!0%0G#!I720=!$#&!3#'!/3!0%70.7%'#*!02.)'/);!'G#!G/'3!/)!'G#!kN4!3'%0=!G#%*!
%'!%)9!&#-.#3'[!,3!2.&!*/3'&/I.'#*!%$$&2%0G!*2#3!)2'!(%/)'%/)!'G#!;72I%7!kN4!3'%0=!'G%'!/3!'G#!I%3#!2K!
'G#!"9I*%G7+3!30G#(#C!H#!(.3'!K/)*!%)!%7'#&)%'/5#[!^#!$&2$23#!'G#!.3#!2K!'G#!720%7!kN4!3'%0=[!L%0G!
'/(#!%!0%0G#!I720=!/3!*/3$7%0#*!'2!'G#!3G%&#*!$%&'/'/2)!H#!0%)!%7720%'#!'G#(!%3!'G#!<N4!I720=!2K!'G#!
)#H!02&#[!^#!0%)!02)3/*#&!'G%'!HG#)!'G/3!I720=!I#02(#3!'G#!kN4!I720=!2)!'G#!)#/;GI2&/);!0%0G#!
(%)9!%00#33#3!'2!2'G#&!I720=3!G%5#!%7&#%*9!G%$$#)*[!".#!'2!'G/3C!/'!/3!%732!$233/I7#!'G%'!'G#!0%0G#!
I720=!/3!'G#!kN4!I720=!2K!/'3!2H)#&[
12($%&/);!'G#!G/'3!/)!'G#!kN4!I720=3!%)*!'G#!G/'3!/)!'G#!3G%*2H!'%;3!H#!0%)!#3'/(%'#!'G#!#KK#0'3!2K!
&#(25/);!%!0%0G#!I720=!2K!%!$&20#332&!%)*!%33/;)/);!/'!'2!%)2'G#&!$&20#332&[
F2!=##$!'G#!G/'3!/)!'G#!kN4!%)*!'G#!G/'3!/)!'G#!3G%*2H!'%;3!H#!)##*!%!3#'!2K!02.)'#&[!FG#3#!02.)'#&!
(.3' !I# !0#)'&%7/>#* !I#0%.3# ! 'G# ! &#$%&'/'/2)/); !%7;2&/'G(!(.3' !G%5# !%00#33 ! '2 ! 'G#([ !,)9H%9C ! 'G#!
&#$%&'/'/2)/);!%7;2&/'G(!/3!2)79!#Y#0.'#*!#5#&9 !9! 7%3'R7#5#7!0%0G#!(/33#3C!%)*!'G#3#!02.)'#&3!0%)!I#!
$&2;!/5#79!.$;&%*#*[!F%I7#!B[S!3G2H3!'G/3!02.)'#&3[
J0%7%I7#!,*%$'/5#!JG%&#*f6&/5%'#!P41,!1%0G#!6%&'/'/2)/);!J0G#(# SV
*24/%(. *2.()R *2.()? *2.()B *2.()G
e/'3!/)!'G#!kN4!I720=3 SA UU D UA
e/'3!/)!'G#!3G%*2H!'%;3 AQ D E VQ
S#8;()O@GE!12.)'#&3!(%/)'%/)#*!I9!'G#!*/3'&/I.'#*!%*%$'/5#!'#0G)/-.#!'2!
#3'/(%'#!'G#!#KK#0'!2K!*#0&#%3/);!%)*!/)0&#%3/);!2)#!0%0G#!I720=[
H($#.%&%&2/&/0)$2;&+6
FG# ! %*%$'/5# ! '#0G)/-.# ! )##*3 ! '2 ! &##5%7.%'# ! 'G# ! $%&'/'/2) ! 3/>#3 ! $#& ! 02&# ! 2) ! % ! &#;.7%& ! I%3/3[ !FG#!
&#$%&'/'/2)!%7;2&/'G(!722=3!K2&!'G#!$&20#332&!H/'G!%!G/;G!&#*.0'/2)!2K!0%0G#!(/33#3!H/'G!2)#!(2&#!
0%0G#!I720=C!'G#!2)#!H/'G!(2&#!G/'3!/)!'G#!3G%*2H!'%;3C!%)*!02($%!/'!H/'G!'G#!$&20#332&!H/'G!7#33!
$#)%7'/#3!H/'G!2)#!0%0G#!I720=!7#33C!'G#!2)#!H/'G!7#33!G/'3!/)!'G#!kN4!02.)'#&3[!O)!2.&!*/3'&/I.'#*!
/($7#(#)'%'/2)!'G#3#!02.)'#&3!(.3'!I#!0#)'&%7/>#*!/)!32(#!$7%0#!I.'!%3!(#)'/2)#*!I#K2&#!'G/3!/3!)2'!%!
$&2I7#([
OK!'G#!;%/)!/3!G/;G#&!'G%)!'G#!7233C!2)#!0%0G#!I720=!2K!'G#!$&20#332&!H/'G!'G#!72H#&!7233!/3!$&25/*#*!'2!
'G#!02&#!H/'G!'G#!G/;G#3'!;%/)!_3##!%7;2&/'G(!B[A`[!,3!'G#!%7;2&/'G(!02.7*!7#%5#!H/'G2.'!$&/5%'#!0%0G#!
I720=3!%!$&20#332&C!H#!#3'%I7/3G!'G%'!'G#!$&20#332&!H/77!%7H%93!G%5#!%'!7#%3'!2)#!$&/5%'#!0%0G#!I720=!
%)*!)#5#&!(2&#!3G%&#*!I720=3!'G%'!'G#!$&/5%'#!$%&'/'/2)!3/>#[
G/;Gv;%/)!dw!<,rv/)0&#(#)'%I7#_G/'3vJG%*2HF%;3`
72Hv7233!dw!<OPv*#0&#(#)'%I7#_G/'3vkN4`
&1))G/;Gv;%/)!i!72Hv7233!%,(/
(%Y/(.(vI720=3v/)v3#'!aG/;Gv;%/)b!gg
(%Y/(.(vI720=3v/)v3#'!a72Hv7233b!UU
(/")&1
!;02.&%,F)O@BE!L5#&9!ADDD!0%0G#!(/33#3!'G#!$%&'/'/2)!3/>#3!%&#!&##5%7.%'#*[
*,#.#+%(.&Y#%&2/)21)%,()MN*!)F2"(;
k/=#!/)!"9I*%G7+3!(2*#7C!'G#!)77+%%,2&3$7=!.3#*!/)!'G/3!'#0G)/-.#!/)5275#3!%!'H2!$G%3#!$&20#33[!M/&3'!
H#!722=!K2&!%!'%;!/)!'G#!720%7!0%0G#!%)*!/K!'G#&#!/3!)2!(%'0GC!H#!0G#0=!'G#!*/�'2&9!K2&!'G%'!I%)=[!FG#!
*/�'2&9!H/77!K2&H%&*!2.&!&#-.#3'!'2!'G#!)#/;GI2&/);!0%0G#!2&!'2!'G#!(%/)!(#(2&9[
^G#)!%!&#-.#3'!$&2*.0#!%!(/33!2)!'G#!$&/5%'#!$%&'/'/2)!2K!'G#!720%7!7%3'R7#5#7!0%0G#!%)*!%!G/'!2)!'G#!
3G%&#*!$%&'/'/2)C!'G#!0$>')*$&1,2&3$7=,/3!%772H#*!'2!0G%);#!'G#!*%'%!$7%0#(#)'!/)!'G#!P41,!0%0G#[!,3!
H#!%&#!H2&=/);!H/'G!%)!#Y07.3/5#!0%0G#!'G#!*%'%!/)!'G#!3G%&#*!$%&'/'/2)!;2#3!'G&2.;G!'G#!720%7!$&/5%'#!
$%&'/'/2)!%)*!/3!%7720%'#*!*/�'79!/)!'G#!kU!0%0G#[
FG#!23)7+0+1*,2&3$7=!G%3!'G#!3%(#!I#G%5/2&!*#30&/I#*!/)!'G#!0#)'&%7/>#*!'#0G)/-.#C!'G#!)#H!/)02(/);!
*%'%!;2#3!*/�'79!'2!2.&!kU!0%0G#[!OK!'G#!kU!0%0G#!G%3)+'!K&##!#)'&/#3C!%!$#)'!I720=!(.3'!I#!&#$7%0#*!
%)*!H&/''#)!I%0=!'2!'G#!kA!0%0G#[!OK!'G#!$&/5%'#!7%3'R7#5#7!0%0G#!*2#3!)2'!G%5#!/)5%7/*!I720=3!H#!H/77!
&#$7%0#!'G#!7#%3'!�#)'79!.3#*!I720=[!FG#!&#$7%0#*!I720=!H/77!I#!3#)'!'2!'G#!720%7!3G%&/);!#);/)#[
FG#!3G%&/);!#);/)#!/3,'G#!(#0G%)/3(!/)!0G%&;#!'2!*#'#&(/)#!/K!H#!%7720%'#!'G#!"$%23)7+"!I720=!/)!'G#!
720%7!3G%&#*!$%&'/'/2)!2&!H#!(.3'!3#)'!/'!'2!%!)#/;GI2&[!OK!'G#!720%7!3G%&#*!$%&'/'/2)!*2#3!)2'!G%5#!%)9!
$233/I7#!5/0'/(C!'G#!'+23)7+0+1*,2&3$7=!H/77!3#)*!'G#!I720=!'2!%!)#/;GI2&/);!3G%&/);!#);/)#[!F2!*#0/*#!
'G#!)#/;GI2&!'2!HG/0G!H#!3#)*!'G#!I720=!H#!.3#!%!&2.)*!&2I/)!$27/09!K2&I/**/);!'G%'!'G#!I720=!;2#3!
I%0=!2)!'G#!3%(#!&2.'#[!
SB J0%7%I7#!,*%$'/5#!JG%&#*f6&/5%'#!P41,!1%0G#!6%&'/'/2)/);!J0G#(#
FG#!$233/I7#!5/0'/(3!%&#!*#'#&(/)#*!.3/);!'G#!%7;2&/'G(!B[U[!^G#)!H#!#5/0'!%!I720=!K&2(!'G#!$&/5%'#!
$%&'/'/2)!H#!3#)*!/'!'2!'G#!3G%&/);!#);/)#[!OK!'G#&#!%&#!)2'!K&##!I720=3!/)!'G#!3G%&#*!$%&'/'/2)C!H#!02.)'!
'G#!).(I#&!2K!I720=3!'G%'!#%0G!0%0G#!.3#3!/)!'G#!720%7!3G%&#*!$%&'/'/2)[!OK!%)9!2K!'G#(!.3#3!(2&#!I720=3!
'G%)!/'3!(%Y/(.(!H#!G%5#!%!5/0'/([!OK!)2'C!H#!H/77!3#)*!'G#!I720=!'2!%!)#/;GI2&/);!0%0G#!'2;#'G#&!
H/'G ! 'G# !).(I#& !2K !I720=3 ! 'G%' !#%0G !02&# !.3#3[ ! O) ! 'G/3 !H%9C !#%0G !(#33%;# !H/77 !;2 !0723#& ! '2 ! 'G#!
200.$%)09!2K!#%0G!02&#[!FG#!$&20#33!/3!&#$#%'#*!/)!'G#!$#)'!3G%&/);!#);/)#[!FG#!)#Y'!3#0'/2)!3G2H3!
'G/3!H/'G!%)!#Y%($7#[
O@G@ b2.D&/0))(>#F$;(
O) ! 'G/3 ! 3#0'/2) !H# ! *#30&/I# ! 'G# ! I#G%5/2& ! 2K ! 'G# ! */3'&/I.'#* ! %*%$'/5# ! 30G#(# ! /($7#(#)'#*[ ! FG#!
#Y%($7#3!3G2H!'G#!&#-.#3'3!%)*!$2)3#3!3#)'!I#'H##)!%&0G/'#0'.&%7!#7#(#)'3!%)*!'G#!3'%'#!2K!0%0G#!
I720=3!%)*!'G#!*/�'2&9!#)'&/#3[!FG#!3'%'#3!%$$#%&!I#'H##)!=#93!%)*!%!3'%'#!'&%)3/'/2)!/3!&#$#)'#*!
H/'G!'G#!/)/'/%7!3'%'#!%)*!'G#!K/)%7!3'%'#!3#$%&%'#*!H/'G!%!02((%[!FG#!%00.(.7%'/5#!02.)'#&3!.3#*!/)!'G#!
(#33%;#3!I#'H##)!'G#!3G%&/);!#);/)#3!%&#!&#$#)'#*!/)!%!I2Y!25#&!'G#!3G%&/);!#);/)#!7/)#!'/(#[
k#'3!3.$$23#!'G%'!H#!%&#!.3/);!2.&!QR02&#!/($7#(#)'%'/2)[!F%I7#!B[Q!3G2H3!.3!'G#!(%Y/(.(!I720=3!/)!
3#'!%33/;)#*!'2!#%0G!02&#C!%)*!'G#!'%I7#!B[V!3G2H3!HG2!/3!'G#!2H)#&!2K!#%0G!0%0G#!I720=!/)!%!02)0&#'#!
3#'[
V(7+.&$%&2/ *2.()! *2.()C *2.()* *2.()V
<%Y[!u!2K!I720=3!/)!3#' V S U S
S#8;()O@JE!<%Y/(.(!).(I#&!2K!I720=3!/)!3#'!$#&!02&#[
`#7%U;('(;)+#+,()8;2+D b#6)R b#6)? b#6)B b#6)G
kA!0%0G#!, , , , ,
kA!0%0G#!c c c c ,
kA!0%0G#!1 1 1 " c
kA!0%0G#!" " " " c
S#8;( )O@KE! c720=!2H)#&3 !2K !% !3#'[ !"%&=#& !I720=3 ! /)*/0%'# ! 'G# !$&/5%'#!
$%&'/'/2)[
WI3#&5#!M/;.&#!B[S[!^G#)!%!I720=!/)!'G#!kU!0%0G#!,!/3!#5/0'#*!/'!H%)'3!'2!I#!$7%0#*!/)!'G#!$&/5%'#!
$%&'/'/2)!2K!'G#!kA!0%0G#!,[!FG/3!$&/5%'#!$%&'/'/2)!G%3!)2'!K&##!#)'&/#3!%)*!%!0%0G#!I720=!(.3'!I#!
&#$7%0#*[!FG#!5/0'/(!'2!I#!&#$7%0#*!/3!3#7#0'#*!.3/);!'G#!kN4!$27/09[
FG#!5/0'/(!I720=!H/77!I#!3#)'!'2!'G#!3G%&#*!$%&'/'/2)[!M2&!'G/3C!'G#!kA!0%0G#!,!3#)*3!%!$#'/'/2)!'2!'G#!
*/�'2&9!'G%'!I720=3!'G#!5/0'/(!I720=[!^G#)!'G#!kA!0%0G#!�#/5#3!'G#!%0=)2H7#*;(#)'!K&2(!'G#!
*/�'2&9!/'!0%)!*#%7720%'#!'G#!I720=!%)*!3#)*!/'!'2!'G#/&!3G%&/);!#);/)#!,[
FG#!3G%&/);!#);/)#!02.)'3!'G#!).(I#&!2K!I720=!'G%'!.3#3!#%0G!02&#[!O)!'G/3!0%3#C!%3!%77!'G#!7%3'R7#5#7!
0%0G#!/3!$&/5%'#!H#!&#'.&)!D!K2&!%77!02[!^#!*2!)2'!G%5#!%!$233/I7#!5/0'/(!%)*!H#!(.3'!3#)*!'G#!
*/3$7%0#(#)'!$#'/'/2)!'2!%!)#/;GI2&/);!3G%&/);!#);/)#[!FG#!&2.)*!&2I/)!%7;2&/'G(!&#'.&)3!'G#!3G%&/);!
#);/)#!c!%3!2.&!*#3'/)%'/2)[
JG%&/);!#);/)#!c!_'G#!kA!0%0G#!c`!3G%!2)#!I720=!'G%'!I#72);3!'2!02&#!,[!12&#!,!0%)!.3#!U!I720=!/)!
'G#!3G%&#*!$%&'/'/2)C!32!'G/3!/3!)2'!%!5/0'/([!^#!.$*%'#!'G#!02.)'#&3!'2!aUCDCDCDb!%)*!3#)*!'G#!$#'/'/2)!'2!
'G#!)#Y'!3G%&/);!#);/)#[
J0%7%I7#!,*%$'/5#!JG%&#*f6&/5%'#!P41,!1%0G#!6%&'/'/2)/);!J0G#(# ST
FG#!3G%&/);!#);/)#!"!_'G#!kA!0%0G#!"`!G%3!2)#!I720=!3G%&#*!'G%'!I#72);3!'2!02&#!c[!FG#!02&#!c!/3!)2'!
%772H#*!'2!%7720%'#!I720=3!/)!'G#!3G%&#*!$%&'/'/2)C!32!H#!G%5#!%!5/0'/([!FG#!3G%&/);!#);/)#!3#)*3!'G#!
I720=!'2!'G#!kA!0%0G#!"[!
O)!'G#!kA!0%0G#!"C!/K!'G#!*#3'/)%'/2)!0%0G#!I720=!/3!/)!.3#!'G#!$#)'!I720=!(.3'!I#!#5/0'#*[!^G#)!'G#!
$23/'/2)!/3!%5%/7%I7#!'G#!*%'%!/3!%7720%'#*!%)*!H#!3#)*!%!$#'/'/2)!'2!'G#!*/�'2&9!'2!.)I720=!/'3!0%0G#!
#)'&9[!FG#!*/�'2&9!.)I720=3!/'3!#)'&9!%)*!0G%);#3!'G#!2H)#&!2K!'G#!0%0G#!I720=[!^G#)!'G#!kA!0%0G#!
"!�#/5#3!'G#!%0=)2H7#*;(#)'!K&2(!'G#!*/�'2&9!'G#!I720=!0%)!#&!/'3!$/2.3!0%0G#!3'%'#[!FG#!
3'%'#!P6!/)*/0%'#3!'G%'!'G#!I720=!/3!)2'!$#)'!/)!'G#!0%0G#[
O@J@ 9(.12.F#/+()'#.&;&%6)"4()%2)%,()#$$;&+#%&2/7)$;#+(F(/%
W.&!$&2$23%7!.3#3!%!;&##*9!%$$&2Y/(%'/2)!2K!'G#!"9I*%G7+3!30G#(#!'2!K/)*!%!)#H!$7%0#(#)'!K2&!'G#!
#5/0'#*!I720=3[!FG#!;&##*9!%7;2&/'G(!$#&K2&(3!'G#!3#%&0G!2K!%!5/0'/(!I720=!%0&233!%!&2.'#!*#'#&(/)#*!
I9!'G#!&2.)*!&2I/)!02.)'#&!2K!#%0G!3G%&/);!#);/)#[!J/)0#!'G/3!&2.'#!/3!)2'!%H%&#!2K!'G#!0723#&!0%0G#!
I720=!HG#&#!H#!0%)!$7%0#!2.&!*/3$7%0#*!*%'%C!'G/3!0%)!)2'!I#!2$'/(%7[
<2#&C ! 'G#!%$$7/0%'/2)3 !'G%' !&.)!/) !)#/;GI2&/);!)2*#3!H/77 !%KK#0' !2.&!$#&K2&(%)0#[ !".#!'2!2.&!
3&04.()O@GE!kU!H&/'#I%0=!&#-.#3'!#Y%($7#[
45&#"#$%&6&&&&&47&#"#$%&6&&&&&&819%#*,9/&&&&)$-:+(1+%&6&&&&&)$-:+(1+%&;&&&&)$-:+(1+%&8&&&&47&#"#$%&8
XKU[I>Y
X>Y
X>IKU[Y
X>IKU[Y
4P9A7928
P9A79:
XKU[IG;Y
XKU[Y
4P9A7928
XKU[I>Y
$I$I$I$
!I$I$I$
!I!I$I$
S] J0%7%I7#!,*%$'/5#!JG%&#*f6&/5%'#!P41,!1%0G#!6%&'/'/2)/);!J0G#(#
;&##*9!%$$&2Y/(%'/2)C!G%5/);!)#/;GI2&3!H/'G!G/;G!(%Y/(.(!I720=3!/)!3#'!5%7.#3!(%9!$&2*.0#!'G%'!'G#!
K/&3'!$233/I7#!5/0'/(!%$$#%&3!%'!7#%3'!%'!'H2!)#'H2&=!G2$3[!W)!'G#!2'G#&!G%)*C!/K!H#!G%5#!K#H!I720=3!$#&!
3#'!%33/;)#*C!/'!/3!$233/I7#!'G%'!2.&!3G%&#*!$%&'/'/2)!3.KK#&3!%!G/;G!).(I#&!2K!0277/3/2)!(/33#3[
FG#3#!'H2!$&2I7#(3!(2'/5%'#!'G#!3'.*9!2K!G#.&/3'/0!&2.'/);3C!'2!K/)*!&2.'/);3!0723#&!'2!'G#!2$'/(%7C!%)*!
'G#!%$$7/0%'/2)!$7%0#(#)'!#KK#0'3[
O)!'G#!0G%$'#&!]!H#!$#)'!%!I&/#K!$/(/)%&9!3'.*9!2K!'G#!#KK#0'3!'G%'!'G#!%$$7/0%'/2)3+!$7%0#(#)'!0%)!
$&2*.0#[!FG#!#Y$72&%'/2)!2K!G#.&/3'/0!&2.'/);3!$#&K2&(%)0#!H/77!I#!$%&'!2K!'G#!K.'.&#!H2&=[!
<#'G2*272;9 SE
A@ 5(%,2"2;206)
A@?@ -&F4;#%&2/)(/'&.2/F(/%
FG# ! $&2$23#* ! '#0G)/-.#3 ! G%5# ! I##) ! #5%7.%'#* !H/'G ! J/(/03 !aUAbC ! % ! K.77 ! 393'#( ! #Y#0.'/2)R*&/5#)!
3/(.7%'/2)!$7%'K2&(!0%$%I7#!2K!3/(.7%'/);!G/;GR#)*!'%&;#'!393'#(3!H/'G!3.KK/0/#)'!K/*#7/'9!%)*!3$##*!'2!
I22'!%)*!&.)!2$#&%'/);!393'#(3!%)*!02((#&0/%7!H2&=72%*3[!W)!J/(/03!H#!&.)!J27%&/3!E!2$#&%'/);!
393'#(!H/'G!J.)!J'.*/2!UU!02($/7#&3[
W5#&!J/(/03!H#!&.)!N.I9C!%!(2*.7#!2K!:L<J!aABbC!'G%'!$&25/*#3!%!*#'%/7#*!(#(2&9!G/#&%&0G9!(2*#7!
'G%' ! %772H3 ! .3 ! '2 ! *#'#&(/)# ! 'G# ! '/(/); ! 2K ! 'G# !(#(2&9 ! 393'#([ ! FG.3C ! 'G# ! 0%0G# ! 7%'#)0/#3C ! 'G#!
/)'#&02))#0'/2)!)#'H2&=!%)*!'G#!02G#&#)0#!$&2'2027[!FG#!/)'#&02))#0'/2)!7/)=3!G%5#!%!7%'#)09!2K!U!
0907#!%)*!'G#!&2.'/);!#7#(#)'3!G%5#!%!7%'#)09!2K!S!0907#3[!FG#!'!2K!'G#!#)5/&2)(#)'!02)K/;.&%'/2)!
0%)!I#!3##)!/)!'%I7#!T[U[
9.&'#%( -,#.("
u!2K!6&20#332&3 Q!2&!]!2&!UB u!2K!6&20#332&3 Q!2&!]!2&!UB
6&20#332&!02 /)2&*#&C!UR/33.# 6&20#332&!02 /)2&*#&C!UR/33.#
1%0G#!I720=!3/># BQ!I9'#3 1%0G#!I720=!3/># BQ!I9'#3
kU!"%'% SAlcC!QRH%9 kU!"%'% SAlcC!QRH%9
kU!O)3'&.0'/2) SAlcC!QRH%9 kU!O)3'&.0'/2) SAlcC!QRH%9
kU!k%'#)09 Q!0907#3 kU!k%'#)09 Q!0907#3
u!2K!kA!c%)=3 Q!2&!]!2&!UB u!2K!kA!c%)=3 Q!2&!]!2&!UB
kA!1%0G#!c%)= VUA!lcC!QRH%9 kA!1%0G#!c%)= VUA!lcC!UBR!2&!
SAR!2&!BQRH%9
kA!k%'#)09 UA!0907#3 kA!k%'#)09 UA!0907#3
kA!F%;!k%'#)09 Q!0907#3 kA!F%;!k%'#)09 Q!0907#3
u!2K!"/�'2&9!I%)=3 Q!2&!]!2&!UB u!2K!"/�'2&9!I%)=3 Q!2&!]!2&!UB
"/�'2&9!k%'#)09 Q!0907#3 "/�'2&9!k%'#)09 Q!0907#3
<#(2&9!k%'#)09 A]D!0907#3 <#(2&9!k%'#)09 A]D!0907#3
S#8;()A@?E!<#(2&9!393'#(!$%&%(#'#&3!K2&!$&/5%'#!%)*!3G%&#*!02)K/;.&%'/2)3[
FG# ! :L<J ! 3/(.7%'2& ! .3#3 ! % ! 3$#0/K/0 ! 7%);.%;# ! )%(#* ! ! JkO11C ! J$#0/K/0%'/2) ! k%);.%;# ! K2&!
O($7#(#)'/); !1%0G#C ! '2 ! /($7#(#)' ! 'G# !(#(2&9 ! 02($2)#)'3 ! 2K !N.I9[ !FG# ! 7%);.%;# !(2*#73 ! 'G#!
(#(2&9!02($2)#)'3!I#G%5/2&!%3!%!K/)/'#!3'%'#!(%0G/)#[!^#!G%5#!(2*/K/#*!'G# !%3$77! K/7#3!'2!%**!'G#!
0#)'&%7/>#*!%)*!2.&!*/3'&/I.'#*!30G#(#3C!%)*!H#!G%5#!%*%$'#*!'G#!7%3'R7#5#7!0%0G#3!%)*!'G#!*/�'2&9!
I#G%5/2&3[
^#!02($%&#!2.&!30G#(%!H/'G!%!$&/5%'#!0%0G#!H/'G!'G#!3%(#!02)K/;.&%'/2)C!%!'H2!'/(#3!I/;;#&!$&/5%'#!
0%0G# ! _/) !).(I#& !2K ! 3#'3`C ! %)* ! % ! 3G%&#* ! 0%0G# ! I%3#* !2) ! % !JRP41,!(2*#7[ !,3 !H# ! 02((#)'#*!
$/2.379C!"9I*%G7!*#K/)#*!%!(%Y/(.(!.3#!2K!'G#!3G%&#*!$%&'/'/2)!7/(/'#*!'2!'G#!3/>#!2K!2.&!$&/5%'#!
QD <#'G2*272;9
$%&'/'/2)[!FG#&#K2&#C!'G#!/$>!$&/5%'#!02)K/;.&%'/2)!H/77!I#!2.&!.$$#&I2.)*[
A@B@ b2.D;2#"7
F2!0&#%'#!*/KK#&#)'!H2&=72%*3!H#!G%5#!.3#*!'G#!J6L1ADDD!I#)0G(%&=3[!^#!.3#!J6L1ADDD!/)3'#%*!
J6L1ADDB!I#0%.3#!J6L1ADDB!G%5#!I/;;#&!K22'$&/)'3!'G%'!372H*2H)!5#&9!(.0G!2.&!3/(.7%'/2)3[
3&04.()A@?E!J6L1ADDD!%$$7/0%'/2)3!2&*#&#*!I9!/'3!(/33#3!$#&!'G2.3%)*!/)3'&.0'/2)3[
>AR
QT9:
(^./Z4
_37
V/0D40
W/A434A
>D39F
<T20R
_``0.
U.A/=
VAA
H`3
_::`
H2374O
J.`T9=4
W:/*F
;/3=43
13/R7?
KC9`'
_`=9
V/`
VC9`
Q9O73/AZ
>4=/
(28
;430@:Z$
%
!$
!%
'$
'%
*$
*%
+$
+%
%$
%%
,$
3&04.()A@Bd!"/KK#&#)'!H2&=72%*3!K2&!'G#!UBR02!%&0G/'#0'.&#[
>AR
QT9:
(^./Z4
_37
V/0D40
W/A434A
>D39F
<T20R
_``0.
U.A/=
VAA
H`3
_::`
H2374O
J.`T9=4
W:/*F
;/3=43
13/R7?
KC9`'
_`=9
V/`
VC9`
Q9O73/AZ
>4=/
(28
;430@:Z
$
!$
'$
*$
+$
%$
,$
>AR
QT9:
(^./Z4
_37
V/0D40
W/A434A
>D39F
<T20R
_``0.
U.A/=
VAA
H`3
_::`
H2374O
J.`T9=4
W:/*F
;/3=43
13/R7?
KC9`'
_`=9
V/`
VC9`
Q9O73/AZ
>4=/
(28
;430@:Z
$
!$
'$
*$
+$
%$
,$
>AR
QT9:
(^./Z4
_37
V/0D40
W/A434A
>D39F
<T20R
_``0.
U.A/=
VAA
H`3
_::`
H2374O
J.`T9=4
W:/*F
;/3=43
13/R7?
KC9`'
_`=9
V/`
VC9`
Q9O73/AZ
>4=/
(28
;430@:Z
$
!$
'$
*$
+$
%$
,$
>AR
QT9:
(^./Z4
_37
V/0D40
W/A434A
>D39F
<T20R
_``0.
U.A/=
VAA
H`3
_::`
H2374O
J.`T9=4
W:/*F
;/3=43
13/R7?
KC9`'
_`=9
V/`
VC9`
Q9O73/AZ
>4=/
(28
;430@:Z
$
!$
'$
*$
+$
%$
,$
@9D E?@39F
02T :4F9.:
<#'G2*272;9 QU
^#!$&2K/7#*!'G#!J6L1ADDD!I#)0G(%&=3!07%33/K9/);!'G#!%$$7/0%'/2)3!*#$#)*/);!2)!/'3!0%0G#!(/33!&%'#C!
3##!K/;.&#!T[U[!M2&!2.&!QRC!]R!%)*!UBR02!%&0G/'#0'.C!H#!G%5#!0&#%'#*!K2.&!*/KK#&#)'!H2&=72%*3!
02($23#* !I9!0%0G#R/)'#)3/5# !%$$7/0%'/2)3C !)2)R*#$#)*/); !2)!0%0G# !%$$7/0%'/2)3C !% !H2&=72%*!H/'G!
K/K'9RK/K'9C ! %)* ! % ! H2&=72%* ! H/'G ! %$$7/0%'/2)3 ! H/'G ! %) ! /)'#&(#*/%'# ! (/33 ! &%'#[ ! ^# ! )%(#* ! 'G/3!
02)K/;.&%'/2)3!I/;C!72HC!G9I&/*!%)*!(#*/.(!$#0'/5#79[ !M/;.&#!T[A!3G2H3!%)!#Y%($7#!2K!G2H!H#!
3#7#0'!'G#!I#)0G(%&=3!/)!#%0G!H2&=72%*[
FG#!(/33#3!$#&!'G2.3%)*!/)3'&.0'/2)3!3G2H#*!G%*!I##)!(#%3.&#*!/)!'G#!3%(#!3/(.7%'/2)!$2/)'!H#&#!H#!
&.)!'G#!3/(.7%'/2)3[!F2!'G/3C!H#!K/&3'79!$&2K/7#*!'G#!K.77!I#)0G(%&=3!%)*!H#!*#'#&(/)#!'G#!3/(.7%'/2)!
$2/)'3[!FG#3#!3'%&'!$2/)'3!H#&#!3#7#0'#*!%K'#&!'G#!/)/'/%7/>%'/2)!/)'#&5%7!%)*!H/'G/)!'G#!K.)0'/2)!H/'G!%!
G/;G#&!H#/;G'!/)!'G#!#Y#0.'/2)!'/(#!2K!#%0G!%$$7/0%'/2)[!FG.3C!H#!G%5#!'&/#*!'2!3#7#0'!%!&#$#)'%'/5#!
$2/)' !2K !#%0G !I#)0G(%&=[ !F%I7# !T[A !$#)'3 ! 'G# !3=/$$#* ! /)3'&.0'/2)3 ! /) ! #%0G !I#)0G(%&= !%)*! /'3!
02((%)*!7/)#[!
^#!0%)!3##!/)!M/;.&#!T[A!G2H!'G#!I/;!H2&=72%*!K2&!'G#!UBR02!%&0G/'#0'.&#!/'!/3!)2'!K.779!02($23#*!
I9!(#(2&9!/)'#)3/5#!%$$7/0%'/2)3[ !".#!'2!'G/3C!H#!0&#%'#!%!3$#0/%7!H2&=72%*!K2&!'G/3!02)K/;.&%'/2)!
0%77#*!G.;#!H/'G!'G#!#/;G'!K/&3'!I#)0G(%&=3C!'G#!2)#3!H/'G!G/;G#&!(/33!&%'#3C!&.))/);!'H/0#!#%0G[!M2&!
'G/3 ! %&0G/'#0'.&# !H# ! *2 ! )2' ! $#)' ! 'G# !(#*/.( !H2&=72%* ! I#0%.3# ! /' ! *2#3 ! )2' ! K/)/3G ! 'G# ! #)'/&#!
3/(.7%'/2)!*.#!'2!$&2I7#(3!/)!:L<J!3/(.7%'2&[
L%0G!H2&=72%*!G%5#!I##)!#Y#0.'#*!K2&!%!H%&(R.$!2K!VDD!(/77/2)!0907#3!%)*!G%5#!I##)!3/(.7%'#*!
*.&/);!VDD!(/77/2)!0907#3[
C(/+,F#.D =/7%.4+%&2/7)7D&$$(" *2FF#/");&/(
,(($ BVUD!(/77/2)3 %(($[&&!h!%(($[/)
,$$7. UDQDD!(/77/2)3 %$$7.[&&!h!%$$7.[/)
,$3/ SBED!(/77/2)3 %$3/[&&
,&' AS]S!(/77/2)3 %&'[&&!R30%)K/7#!0TVBG#7[/)!R'&%/)K/7#U!%UD[/(;!R'&%/)K/7#A!G0[/(;!
R3'&/*#!A!R3'%&'Y!UUD!R3'%&'9!ADD!R#)*Y!UBD!R#)*9!AQD!R2I\#0'3!UD
c>/$A UQQA!(/77/2)3 I>/$A[&&!/)$.'[32.&0#
1&%K'9 UEASD!(/77/2)3 0&%K'9[&&!h!0&%K'9[/)
L2) USTA!(/77/2)3 #2)[&&!0G%/&[02)'&27[022=!0G%/&[0%(#&%!0G%/&[3.&K%0#3!
0G%/&[022=[$$(!$$(!$/Y#73v2.'[022=
L-.%=# ABVD!(/77/2)3 #-.%=#[&&!h!/)$[/)!
M%0#� ASASD!(/77/2)3 K%0#�[&&!h!&#K[/)
M(%S* UBQDD!(/77/2)3 K(%S*[&&
:%7;#7 VABD!(/77/2)3 ;%7;#7[&&!h!;%7;#7[/)
:%$ SAD!(/77/2)3 ;%$[&&!R7![f!R-!R(!UEA<!h!&#K[/)
:00 Q]]D!(/77/2)3 00U[&&!UBB[/!R2!UBB[3!
:>/$ TUBD!(/77/2)3 ;>/$[&&!/)$.'[32.&0#!BD!
k.0%3 A]DD!(/77/2)3 7.0%3[&&!h!7.0%3A[/)
<0K UUTD!(/77/2)3 (0K[&&!/)$[/)
<#3% ]ESV!(/77/2)3 (#3%[&&!RK&%(#3!UDDD!R(#3GK/7#!(#3%[/)!R$$(K/7#!(#3%[$$(
<;&/* ASTU!(/77/2)3 (;&/*[&&!h!(;&/*[/)
6%&3#& QEDS!(/77/2)3 $%&3#&[&&!A[U[*/0'!RI%'0G!h!&#K[/)
6#&7I(= UBDV!(/77/2)3 $#&7I(=[&&!RO[f7/I!*/KK(%/7[$7!A!VVD!UV!AQ!AS!UDD!
J/Y'&%0= UUETD!(/77/2)3 3/Y'&%0=[&&!h!/)$[/)
JH/( UBAQD!(/77/2)3 3H/([&&!h!3H/([/)
FH27K SVED!(/77/2)3 'H27K[&&!&#K!
p2&'#Y UAADD!(/77/2)3 52&'#Y[&&!I#)*/%)U[&%H
p$& ]EED!(/77/2)3 5$&[&&!)#'[/)!%&0G[/)!$7%0#[2.'!*.([2.'!R)2*/3$!R$7%0#v2)79!R/)/'v'!
V!R#Y/'v'!D[DDV!R%7$G%v'!D[EQUA!R/))#&v).(!A
^.$H/3# TVUD!(/77/2)3 H.$H/3#[&&
S#8;()A@BE!J=/$$#*!/)3'&.0'/2)3!/)!#%0G!I#)0G(%&=!%)*!'G#/&!02((%)*!7/)#3[
QA <#'G2*272;9
A@G@ !824%)F(%.&+7
O) !1<63C !(.7'/$7# !$&20#332& ! 02 ! 3G%&# ! 3#5#&%7 !G%&*H%&# !  .&0#3 ! 3.0G !%3 ! 'G# !0%0G# !(#(2&9C!
/)0&#%3/);!'G#!02)'#)'/2)!%)*!*#;&%*/);!'G#!$#&K2&(%)0#!2K!#%0G!02&#!%)*!723/);!2K!K%/&)#33!I#'H##)!
%$$7/0%'/2)3[!
<#%3.&/);!'G#!$#&K2&(%)0#!2K!%!393'#(!/3!G/;G79!*/30.33#*!%)*!3#5#&%7!327.'/2)3!G%5#!I##)!$&2$23#*!
aQSb!aAVb[!OK!H#!.3#!'G#!'G&2.;G$.'!%3!%!$#&K2&(%)0#!(#'&/0!H#!H/77!)2'!0%&#!%I2.'!'G#!K%/&)#33!I#'H##)!
%$$7/0%'/2)3!%)*!H#!*2!)2'!H%)'!'G%'!'2!/)0&#%3#!'G#!$#&K2&(%)0#!2K!%!K#H!02!H#!G%5#!'2!*#;&%*#!
'G#!$#&K2&(%)0#!2K!2'G#&3[!
4)7/=#!'G#!%$$&2%0G!2K!"9I*%G7C!H#!)2'!2)79!H%)'!'2!&#*.0#!'G#!'2'%7!).(I#&!2K!2KKR0G/$!(/33#3C!I.'!
H#!H%)'!'2!&#*.0#!'G#!(/33#3!'G#!02!H/'G!G/;G#&!(/33R&%'#3!H/'G2.'!G%&(/);!'G#!'[!".#!'2!'G/3C!H#!
*#0/*#*!'2!$#)'!2.&!$#&K2&(%)0#!.7'3!.3/);!'G#!G%&(2)/0!(#%)!2K!'G#!3$##*.$3!2K!#%0G!02&#C!$?+?!
^#+')33 %2++".2 !1
"$!D
1U
@$
HG#&#!@$!/3!'G#!%'/5#!3$##*.$!$#0'!'G#!$&/5%'#!(2*#7!2K!#%0G!02&#C!'G/3!/3!PJ6$
PJ62'$#)*+$C!%)*!1,
'G#!).(I#&!2K!02[!
FG#!G%&(2)/0!(#%)!/3!%$$&2$&/%'#!K2&!3/'.%'/2)3!HG#)!'G#!%5#&%;#!2K !&%'/23! /3!*#3/&#*[!O'! '#)*3!'2!
(/'/;%'#!'G#!/($%0'!2K!7%&;#!2.'7/#&3C!02($%&#*!'2!'G#!%&/'G(#'/0!(#%)C!%;;&%5%'/);!'G#!/($%0'!2K!3(%77!
2)#3[!O)!2.&!0%3#C!'G#!G%&(2)/0!(#%)!H/77!&#*.0#!'G#!H#/;G'!2K!'G#!/)*/5/*.%7!3$##*.$!;/5/);!(2&#!
/($2&'%)0#!'2!)2)R/)'#&K#&#)0#!'G#!$#&K2&(%)0#!2K!02!H/'G!72H#&!(/33R&%'#3[
^G#)!H#!3G2H!'G#!).(I#&!2K!(/33#3!$#&!'G2.3%)*!/)3'&.0'/2)3!2K!#%0G!02)K/;.&%'/2)C!G2H#5#&C!H#!.3#!
'G#!3.(!2K!!(/33#3!$#&!'G2.3%)*!/)3'&.0'/2)3!2K!#%0G!02&#[!O)!'G/3!0%3#C!H#!%&#!2)79!/)'#'#*!/)!5/#H!
'G#!'2'%7!2KKR0G/$!(/33#3!'G%'!'G#!%*%$'/5#!(2*#73!0%)!%52/*[
c#K2&#!3G2H/);!'G#!.7'3C!/'!/3!/($2&'%)'!'2!&#(#(I#&!,(*%G7+3!7%H[!O)!%)!%&0G/'#0'.&#!H/'G!UB!02C!
/K!H#!%0G/#5#!%!$#&K2&(%)0#!/($&25#(#)'!2K!QDj!/)!'H2!2K!'G#(C!'G#!,(*%G7+3!7%H!3G2H3!'G%'!'G#!
3$##*.$!'G%'!H#!H/77!;#'!/3
<2++".2 !U
%U& A
UB' (
A
UB
A[V
) U[DE
FG/3!.7'!%*5%)0#3!'G%'!'G#!$#&K2&(%)0#!;%/)!5%7.#3!'G%'!H#!3G2.7*!#Y$#0'!K2&!'G#!%*%$'/5#!30G#(#3!
H/77!I#!3(%77[
J/(.7%'/2)!.7'3 QS
Q@ -&F4;#%&2/).(74;%7
Q@?@ :>$;2.&/0)%,()8(,#'&2.)21)%,()#"#$%&'()7+,(F(
c#K2&#!H#!$#)'!'G#!3/(.7%'/2)!.7'3C!/'3!/)'#'/);!'2!3G2H!'G#!I#G%5/2&!2K!"9I*%G7+3!%*%$'/5#!
(2*#7!/)!%0'/2)[!FH2!%&#!'G#!/)'#'/);!$2/)'3d!HG%'!*#0/3/2)3!'%=#!'G#!%*%$'/5#!(2*#7!%)*!G2H!'G#!
393'#(!&#%0'3!'2!'G#3#!*#0/3/2)3[!M/;.&#!][U!3G2H3!'G#!(%Y/(.(!).(I#&!2K!I720=3!/)!3#'!%33/;)#*!'2!
#%0G!$&20#332&!*.&/);!%!3/(.7%'/2)!/)'#&5%7!2K!UD!(/77/2)!0907#3[!^#!%$$�/%'#!'G#!'#($2&%7!#527.'/2)!
2K!'G#!I720=3!%33/;)#*!'2!#%0G!02&#!%)*!G2H!'G#!/($7#(#)'#*!'#0G)/-.#!%*%$'3!*9)%(/0%779!'2!'G#!
3$%0#!&#-./&#(#)'3!2K!#%0G!%$$7/0%'/2)[
M/;.&#!][A!&#$#)'3!'G#!#527.'/2)!/)!'/(#!2K!'G#!0%0G#!200.$%)09[!FG/3!0G%&'!3G2H3!.3!'G#!$#&0#)'%;#!
2K!'G#!HG27#!0%0G#!'G%'!#%0G!%$$7/0%'/2)!.3#3!*.&/);!'G#!3/(.7%'/2)!/)'#&5%7[!^#!0%)!%$$�/%'#!'G#!
02&%'/2)!I#'H##)!'G#!(%Y/(.(!).(I#&!2K!I720=!/)!3#'!'G%'!H#!0%)!.3#!%)*!'G#!0%0G#!200.$%)09!2K!
#%0G!02&#[!!
3&04.()Q@?E!F#($2&%7!#527.'/2)!2K!'G#!(%Y/(.(!).(I#&!2K!0%0G#!I720=!/)!3#'!$#&!02&#[!M/;.&#!
02&$2)*/);!'2!%!UD<!0907#3!/)'#&5%7!2K!'G#!I/;!H2&=72%*!K2&!'G#!]R02!%&0G/'#0'.&#[
$a$$b
!$a$$b
'$a$$b
*$a$$b
+$a$$b
%$a$$b
,$a$$b
#$a$$b
&$a$$b
"$a$$b
!$$a$$b
12345#
12345,
12345%
12345+
12345*
12345'
12345!
12345$
3&04.()Q@BE!1%0G#!200.$%)09!$#&!02&#!*.&/);!%!3/(.7%'/2)!/)'#&5%7!2K!UD!(/77/2)!0907#3[!M/;.&#!
02&$2)*/);!'2!%!UD<!0907#3!/)'#&5%7!2K!I/;!H2&=72%*!K2&!'G#!]R02&#!%&0G/'#0'.&#[
$b
!$b
'$b
*$b
+$b
%$b
,$b
#$b
&$b
"$b
!$$b
12345#
12345,
12345%
12345+
12345*
12345'
12345!
12345$
QQ J/(.7%'/2)!.7'3
FG# ! $/2.3 ! K/;. ! 3G2H ! .3 ! 'G# ! %*%$'/5# ! I#G%5/2& ! 2K ! 'G# !"9I*%G7+3 ! '#0G)/-.# ! 5%7/*%'/); ! 2.&!
/($7#(#)'%'/2)[!^/'G!2)#, 5.&*)! &#;/3'#&!$#&!02&#!'G#!$&20#332&3!3G%&#!'G#/&!0%0G#!3$%0#!%*%$'/5#79[!
J2(#!2K!'G#!$&2$23#*!'#0G)/-.#3!0/'#*!/)!'G#!%'#*!H2&=C!G2H#5#&C!.3#!%!K/)#!;&%/)!-.2'%!(#0G%)/3(!
$#&!I720= !aA]b! 2&!3G%&#!'G#!3#'3!H/'G2.'!%!(%Y/(.(!).(I#&!2K!H%93 !a]baU]b[!".#!'2!'G/3!*/KK#&#)'!
3G%&/);!*#;&##3!$#&!3#'C!H#!02)3/*#&!'G#!$233/I/7/'9!2K!.3/);!(.7'/$7#!(%Y/(.(!&#;/3'#&3!K2&!#%0G!02&#C!
2)#!K2&!#5#&9 !9R3#'3[!M/;.&#!][S!%)%79>#3!'G#!0%0G#!200.$%)09!2K!#%0G!02&#!$#&!3#'!2K !9R3#'3[!^#!
02)3/*#&!UB!%./%+*%!2K!!%_GY!3#'3C!HG#&#!%!/3!'G#!).(I#&!2K!3#'3[!M/;.&#!3G2H3!'G%'!'G#!5%&/%I/7/'9!%(2);!
3.I3#'3!200.$%)09!/3!72HC!7#33!'G%)!Uj!/)!%5#&%;#[!FG/3!I&/#K!3'.*9!%772H3!.3!'2!*/3(/33!'G#!)##*!'2!
/($7#(#)'!(2&#!'G%)!2)#!(%Y/(.(!I720=3!/)!3#'!&#;/3'#&!$#&!$&20#332&[!
,K'#&!'G#3#!02((#)'3C!'G#!'!2K!'G#!3#0'/2)!H/77!3G2H!'G#!3/(.7%'/2)!.7'3!K2&!'G#!QRC!]R!%)*!UBR
02!%&0G/'#0'.[!^#!H/77!3##!%732C!%!*#'%/7#*!%)%793/3!2K!'G#!%$$7/0%'/2)+3!$7%0#(#)'!/)K7.#)0#!K2&!
'G#!UBR02!02)K/;.&%'/2)!%)*!H#!H/77!*/30.33!'G#!/($7#(#)'%'/2)!023'!2K!2.&!(2*#7[
Q@B@ S,()JU+2.(7)+2/1&04.#%&2/
FG#!/($7#(#)'%'/2)!$#)'#*!I9!"9I*%G7!H%3!I%3#*!/)!%!QR02!%&0G/'#0'.&#[!e#!%33.(#*!%!'/;G'79!
02.$7#*!P41,!%&0G/'#0'.&#!'G%'!/'!/3!37/;G'79!*/KK#&#)'!K&2(!2.&3[!FG#!%00#33!'/(#!'2!%!)#/;GI2&/);!
0%0G#!/)!2.&!/($7#(#)'%'/2)!/3!%'/5#79!I/;;#&!'G%)!/)!"9I*%G7+3!02)K/;.&%'/2)[!FG/3!&#%32)!(#%)3!
'G%'!2.&!(2*#7!H/77!I#!(2&#!3#)3/'/5#!'2!'G#!.3#!2K!'G#!3G%&#*!$%&'/'/2)[
FG#!.7'3!2K!2.&!/($7#(#)'%'/2)!2K!'G#!"9I*%G7+3!30G#(#!3G2H!%!Qj!/($&25#(#)'!2K!'G#!393'#(+3!
$#&K2&(%)0#!/)!%5#&%;#!02($%&#*!'2!'G%'!2K!'G#!$&/5%'#!(2*#7[!O)!K/;.&#!][Q!H#!0%)!3##!G2H!2)!I/;!%)*!
(#*/.(!H2&=72%*3!'G#!30G#(#!*2!%!;22*!H2&=!&#*.0/);!'G#!).(I#&!2K!2KKR0G/$!(/33#3!%3!H#!0%)!
%$$�/%'# ! /) ! K/;.&# !][V[ !J'/77C ! 'G# ! 3G%&#* !(2*#7 !2.'$#&K2&(3 ! 'G# !%*%$'/5# ! /($7#(#)'%'/2) !2) ! 'G#!
(#*/.(!H2&=72%*[!FG#!(#*/.(!H2&=72%*!K2&!'G#!Q!0%0G#!02)K/;.&%'/2)!&.)3!)0028,#&'*+@8,:.2:$%+,
%)*,40)W"[!FG&##!2K!'G#3#!I#)0G(%&=3!G%5#!3(%77!0%0G#!&#-./&#(#)'3!%)*!G%5#!5#&9!72H!3#)3/'/5/'9!'2!
'G#!0%0G#!3/>#[!FG#!K2.&'G!J6L1C!0%)!%0G/#5#!/($2&'%)'!3$##*.$3!H/'G!G/;G!%3320/%'/5/'9!0%0G#3[!O)!'G#!
3G%&#* !(2*#7 ! 'G/3 !I#)0G(%&= !0%) !#Y$72/' ! 'G# !UBRH%9!0%0G# !(#(2&9 !H/'G ! 72H! /)'#&K#&#)0#3[ !FG#!
%*%$'/5#!(2*#73!0%)!)2'!2.'$#&K2&(!'G/3!(2*#7!*.#!'2!'G#!7/(/'#*!).(I#&!2K!3G%&#*!02!_%!(%Y/(.(!
2K!Q!/)!'G#!QR02&#!%&0G/'#0'.&#C!'G.3C!'G#!3.(!2K!'G#!AVj!2K!H%93!2K!#%0G!0%0G#`[!F2!07%&/K9!'G#!.7'3!
2K!'G/3!(2*#7!92.!0%)!3##!O61!$#&!02&#!2K!'G#!(#*/.(!(2*#7!/)!%$$#)*/Y!,[
O) ! 'G# ! G9I&/* !H2&=72%* !H# ! %0G/#5# ! ;22* ! .7'3 ! '22C ! I.' ! 72H#& ! *.# ! '2 ! 'G# ! %$$7/0%'/2)3 !H# ! %&#!
#Y#0.'/);[!FH2!%$$7/0%'/2)3!%&#!)2'!3#)3/'/5#!'2!0%0G#!3/>#3C!%)*!'G#!2'G#&!'H2!%&#!G/;G79!(#(2&9!
3&04.()Q@GE!W00.$%)09!2K!'G#!7%3'R7#5#7!0%0G#!/)!3.I3#'3!2K!%_GY!3#'3!%'!%)!/)3'%)'!*.&/);!'G#!
#Y#0.'/2)!2K!'G#!"9I*%G7+3!(2*#7[!!
Q.@=475$
Q.@=475!
Q.@=475'
Q.@=475*
Q.@=475+
Q.@=475%
Q.@=475,
Q.@=475#
Q.@=475&
Q.@=475"
Q.@=475!$
Q.@=475!!
Q.@=475!'
Q.@=475!*
Q.@=475!+
Q.@=475!%
$a$$b
!$a$$b
'$a$$b
*$a$$b
+$a$$b
%$a$$b
,$a$$b
#$a$$b
&$a$$b
"$a$$b
!$$a$$b
12345#
12345,
12345%
12345+
12345*
12345'
12345!
12345$
J/(.7%'/2)!.7'3 QV
/)'#)3/5#!%)*!)##*!%!G/;G!%3320/%'/5/'9!0%0G#[!12)3/*#&/);!'G#!I/;!(2*#7!%3!2.&!.$$#&I2.)*C!H#!(.3'!
I#%&!/)!(/)*!'G%'!'G#!%*%$'/5#!30G#(#!/3!5#&9!0723#!'2!'G#!(%Y/(.(!3$##*.$[!
FG#!72H!(2*#7!&.)3!2)79!)2'R(#(2&9RI2.)*!%$$7/0%'/2)3[!FG#!$#&K2&(%)0#!2K!'G#3#!%$$7/0%'/2)3!0%)!
)2' !I# ! /($&25#*C !I.' !H#!0%) !.3# ! 'G/3 !(2*#7 ! '2 !0G#0=! 'G# ! &2I.3')#33 !2K ! 'G# !30G#(#[ !,3 !H#!0%)!
%$$�/%'#!'G#!$#&K2&(%)0#!*2#3!)2'!*#;&%*#[
OK!H#!2I3#&5#!M/;.!][Q!%)*!][V!H#!0%)!3##!'G%'!2.&!$&2$23#*!(2*#7!2.'$#&K2&(3!'G#!"9I*%G7+3!
30G#(#!&#*.0/);!'G#!2KKR0G/$!(/33#3[!FG/3!/3!)2'!'&.#!K2&!'G#!G9I&/*!(2*#7[!
3&04.()Q@JE!e%&(2)/0!(#%)!2K!'G#!3$##*.$3!%'/5#!'2!'G#!$&/5%'#!(2*#7!K2&!'G#!QR02!
02)K/;.&%'/2)!K2&!'G#!*/KK#&#)'!H2&=72%*3[
K9D B?@39F U2T >4F9.: _P43/D4$a#
$a#%
$a&
$a&%
$a"
$a"%
!
!a$%
!a!
!a!%
!a'
;39P/74
QE/34F
K9D
-?@F/E0
3&04.()Q@KE!</33#3!$#&!'G2.3%)*!/)3'&.0'/2)3!/)!'G#!7%3'R7#5#7!0%0G#!K2&!#%0G!H2&=72%*!%)*!
(2*#7!02)K/;.&%'/2)!_#Y$!#*!^R<`[!M2&!'G#!%*%$'/5#!(2*#73!H#!3#$%&%'#!'G#!2KKR0G/$!
(/33#3!%)*!'G#!(/33#3!'2!)#/;GI2&/);!0%0G#3[
Kc;3
KcQE
KcKD
Kc-?
Kc-9
Bc;3
BcQE
BcKD
Bc-?
Bc-9
Uc;3
UcQE
UcKD
Uc-?
Uc-9
>c;3
>cQE
>cKD
>c-?
>c-9$
%
!$
!%
'$
'%
*$
*%
G49DE@2398D5A/AE4
>/985:4:23?
QB J/(.7%'/2)!.7'3
FG#&#+3!%)!#5/*#)'!&#*.0'/2)!2)!'G#!(/33#3!$#&!'G2.3%)*!/)3'&.0'/2)3!/)!2.&!*/3'&/I.'#*!(2*#7!$#0'!
'G#!2&/;/)%7 !%*%$'/5#!30G#(#C !3##!K/;.&#!][V[ !FG#!&#%32)!K2&! 'G#!&#*.0'/2)!/3! 'G#!7#%3'! /)'#&K#&#)0#!
I#'H##)! 'G# !%$$7/0%'/2)3 !H/'G ! 7#33 !0%0G#!I720=3 !%33/;)#*[ !FG#!*/3'&/I.'#* !(2*#7 ! K/&3' ! 722=3!%' ! /'3!
3G%&#*!$%&'/'/2)[!FG#!%$$7/0%'/2)3!H/'G!K#H!I720=3!%33/;)#*!H/77!&#$7%0#!'G#/&!2H)!3G%&#*!I720=3!I#K2&#!
'2!3#)*!'G#!#5/0'#*!I720=!'2!%!)#/;GI2&/);!0%0G#C!%)*!'G#!%$$7/0%'/2)3!H/'G!(2&#!I720=3!%33/;)#*!H/77!
3#)*!'G#!#5/0'#*!I720=3!'2!'G#!0723#&!)#/;GI2&/);!0%0G#3[!,3!"9I*%G7+3!/($7#(#)'%'/2)!722=3!K2&!%!
5/0'/(!/)!'G#!kN4!3'%0=!*2#3!)2'!'%=#!/)'2!%002.)'!'G#!*/3'%)0#!K%0'2&[!FG/3!0%)!I#!2I3#&5#*!/)!K/;.!
][B!%)*!][T!HG#&#!H#!0%)!3##!'G#!*/3'%)0#!I#'H##)!'G#!#5/0'#*!I720=!%)*!'G#!)#H!$7%0#(#)'[!O'!/3!07#%&!
'G%'!2.&!(2*#7!&#*.0#3!'G#!%00#33!'/(#!'2!'G#!3G%&#*!$%&'/'/2)3[
W)!'G#!G9I&/*!H2&=72%*!2.&!$&2$23%7!0%)!)2'!2.'$#&K2&(!'G#!"9I*%G7+3!30G#(#[!O)!'G/3!0%3#C!'G#!O61!
$#&!02&#!2K!"9I*%G7+3!30G#(#!3G2H3!'G%'!/'!/($&25#3!'G#!$#&K2&(%)0#!2K!'G#!'H2!(#(2&9R/)'#)3/5#!
%$$7/0%'/2)3 ! %' ! #Y$#)3#3 !2K ! *#0&#%3# ! 'G# !$#&K2&(%)0# !2K ! 'G# ! '[ !W.& !$&2$23#* ! 30G#(# ! /3 !(2&#!
02)3#&5%'/5#!%)*!%0G/#5#3!%!G/;G!O61!&%'#!K2&!2)79!2)#!2K!'G#!(#(2&9!/)'#)3/5#!%$$7/0%'/2)3[!FG#!2'G#&!
3&04.()Q@AE!"/3'%)0#!2K!'G#!#5/0'/2)3!/)!2.'!QR02!(2*#7[!FG#!023'!#Y$!#3!'G#!).(I#&!2K!
G2$3!/)!'G#!/)'#&)02))#0'/2)!)#'H2&=[
K9D B?@39F U2T >4F9.: _P43/D4$
!$$$$$$
'$$$$$$
*$$$$$$
+$$$$$$
%$$$$$$
,$$$$$$
#$$$$$$
&$$$$$$
"$$$$$$
!$$$$$$$
!!$$$$$$
!'$$$$$$
!*$$$$$$
12=75'
12=75!
12=75$
3&04.()Q@OE!"/3'%)0#!2K!'G#!#5/0'/2)3!/)!'G#!QR02!"9I*%G7+3!/($7#(#)'%'/2)[!FG#!023'!
#Y$!#3!'G#!).(I#&!2K!G2$3!/)!'G#!/)'#&)02))#0'/2)!)#'H2&=[
K9D B?@39F U2T >4F9.: _P43/D4$
!$$$$$$
'$$$$$$
*$$$$$$
+$$$$$$
%$$$$$$
,$$$$$$
#$$$$$$
&$$$$$$
"$$$$$$
!$$$$$$$
!!$$$$$$
!'$$$$$$
12=75'
12=75!
12=75$
J/(.7%'/2)!.7'3 QT
I#)0G(%&=3 !%&#!#Y#0.'#*!H/'G!)#%&!)2R*#;&%*%'/2)[ ! OK !H#!2I3#&5#!M/;.&#!][T!H#!0%)!3##! 'G%' ! 'G#!
#5/0'/2)3!/)!2.&!30G#(#!%&#!$#&K2&(#*!(%/)79!720%779[!FG/3!/3!*.#!'2!%!02)3#&5%'/5#!$%&'/'/2)/);C!)#%&!
'G#!/)/'/%7[!O'3!02($7#Y!'2!#Y$7%/)!'G/3!I#G%5/2&C!'G#!%$$7/0%'/2)3!H/'G!72H#&!(/33R&%'#3!*2!)2'!*#(%)*!
(2&#!I720=3o!'G#!(#(2&9R/)'#)3/5#!%$$7/0%'/2)3C!*.#!'2!/'3!3$%0#!&#-./&#(#)'3C!)#5#&!H2.7*!I#)#K/'!2K!
G%5/);!2)#!(2&#!I720=C!32!'G#9!)#/'G#&!*#(%)*!/'[ !^/'G!'G/3C!'G#!&#$%&'/'/2)/);!%7;2&/'G(!&#(%/)3!
3'%77#*[!!
9.&'#%( DCTQB DCDQA DCDED DC]BE
V68"#,; DCTQQ!AX8``aB DCDQS!AG8XGbB DCDE]!AG8XcGB DC]BV!AX8``bB
V&7%.&84%(" DCTQV,AX8``cB DCDQA!AG8XXXB DCDEU!AG8XGXB DC]TD!AX8```B
S#8;()Q@?E!O61!2K!'G#!$&/5%'#!(2*#7!%)*!'G#!/($7#(#)'#*!'#0G)/-.#3!2)!
'G# ! G9I&/* !H2&=72%*[ ! FG# ! 5%7.#3 ! /) ! /'%7/03 ! %&# ! 'G# ! %'/5# ! 3$##*.$!
$#0'!'G#!$&/5%'#!(2*#7[
FG#!$#&K2&(%)0#!2K!'G#!(#(2&9!G/#&%&0G9!/3!'G#!$&2*.0'!2K!'G#!).(I#&!2K!(#(2&9!2$#&%'/2)3!%)*!'G#!
%5#&%;#!%00#33!'/(#[!M/;.&#!][]!3G2H3!.3!'G#!%5#&%;#!(/33!7%'#)09!2K!'G#!kU!0%0G#!%)*!/'3!3'%)*%&*!
*#5/%'/2)[!O3!/)'#'/);!'2!3##!'G%'!2.&!*/3'&/I.'#*!%*%$'/5#!(2*#7!G%5#!72H#&!%00#33!'/(#!'G%)!'G#!
0#)'&%7/>#*!(2*#7[!FG/3!/3!*.#!'2!/'!*/3$7%0#3!'G#!I720=3!0723#&[!
Q@G@ S,()QU+2.(7)+2/1&04.#%&2/
O)!'G#!]R02&#!%&0G/'#0'.&#!H#!3'%&'!3##/);!'G#!30%7%I/7/'9!$&2I7#(3!2K!'G#!0#)'&%7/>#*!%*%$'/5#!(2*#7[!
M/;.&#!][E!3G2H3!'G#!G%&(2)/0!(#%)!2K!'G#!%'/5#!3$##*.$3!2K!#%0G!0%0G#!(2*#7[!FG#!"9I*%G7+3!
30G#(#!*2!)2'!G%5#C!/)!%5#&%;#C!;%/)!/)!$#&K2&(%)0#[!O'!3G2H3!$#&K2&(%)0#!7233!/)!'G#!I/;!%)*!'G#!
(#*/.( ! H2&=72%*3C ! /' ! (%/)'%/)3 ! 'G# ! $#&K2&(%)0# ! K2& ! 'G# ! 72H ! H2&=72%* ! $#0' ! 'G# ! $&/5%'#!
02)K/;.&%'/2)C!%)*!/'!%0G/#5#3!)#%&!%!Qj!$#&K2&(%)0#!/($&25#(#)'!K2&!'G#!G9I&/*!H2&=72%*[!!
FG#!$&2I7#(3!H/'G!'G#!I/;!%)*!'G#!(#*/.(!H2&=72%*3!%&#!#Y$7%/)#*!I9!%!$22&!/327%'/2)[!O)!K/;.&#!][UD!
H#!0%)!3##!'G#!).(I#&!2K!(/33#3!$#&!'G2.3%)*!/)3'&.0'/2)3[!FG#!%*%$'/5#!(2*#7!&#*.0#3!'G#!).(I#&!2K!
2KKR0G/$!(/33#3!%'!#Y$#)3#3!2K!#Y'&%!(/33#3!3%'/3K/#*!I9!'G#!)#/;GI2&/);!0%0G#3[!F2!&#*.0#!'G#!2KKR0G/$!
(/33#3!H#!%33/;)!I/;;#&!-.2'%3!'2!02!'G%'!&.)!G/;G79R(#(2&9R/)'#)3/5#!%$$7/0%'/2)3[!".#!'2!'G/3C!'G#!
%$$7/0%'/2)3!H/'G!7#33!I720=3!$#&!3#'!%33/;)#*!G%5#!*#;&%*%'/2)3!/)!'G#/&!$#&K2&(%)0#[!,3!'G#!G%&(2)/0!
3&04.()Q@QE!kU!0%0G#!%5#&%;#!(/33!7%'#)09!/)!0907#3[
Kc;3
KcQE
KcKD
Kc-?
Kc-9
Bc;3
BcQE
BcKD
Bc-?
Bc-9
Uc;3
UcQE
UcKD
Uc-?
Uc-9
>c;3
>cQE
>cKD
>c-?
>c-9$
%$
!$$
!%$
'$$
'%$
_P43/D45U!50/748A?
Q7/8F/3F5F4P9/7928
Q] J/(.7%'/2)!.7'3
(#%)!'#)*3!'2!(/'/;%'#!'G#!/($%0'!2K!7%&;#!2.'7/#&3C!'G#!.7'3!K2&!'G#3#!H2&=72%*3!%&#!)2'!%3!;22*!%3!
H#!H2.7*!#Y$#0'[!O)!%$$#)*/Y!,!H#!0%)!3##!'G#!O61!2K!#%0G!02&#!K2&!'G#3#!H2&=72%*3[!O)!'G#!I/;!
H2&=72%*!H#!0%)!3##!G/;G!3$##*.$3!I.'!%732!/($2&'%)'!*#;&%*%'/2)3[ !O)!'G#!(#*/.(!H2&=72%*!'G#!
%$$7/0%'/2) ! G%5# ! 3/(/7%& !(/33R&%'#3 ! %)* ! 'G# ! *#;&%*%'/2) ! /3 !(2&# ! #Y'#)*#* ! *.# ! '2 ! 'G# ! &#$%&'/'/2)!
I%7%)0/);[
,3!H#!02((#)'#*!$/2.379C!'G#!"9I*%G7+3!(2*#7!*2#3!)2'!'%=#!/)'2!%002.)'!'G#!*/3'%)0#!I#'H##)!
'G#!02)3.(#&C!'G#!$&20#332&C!%)*!'G#!"$%23)7+"!I720=[!O)!'G/3!(2*#7C!'G#!I720=3!%&#!#5/0'#*!K%&!%)*!'G#!
7%'#)09!'2!%00#33!'G#(!/3!I/;!'%=/);!/)'2!%002.)'!'G#!).(I#&!#Y'&%!(/33#3[!FG#!*/3'%)0#!2K!#5/0'/2)3!
0%)!I#!3##)!/)!K/;.&#!][UU[!!!
L5#)!H/'G2.'!'%=/);!/)'2!%002.)'!'G#!*/3'%)0#!$#)%7'/#3C!'G#!0#)'&%7/>#*!30G#(#!2.'$#&K2&(3!$&/5%'#!
3&04.()Q@PE!e%&(2)/0!(#%)!2K!'G#!3$##*.$3!%'/5#!'2!'G#!$&/5%'#!(2*#7!K2&!'G#!]R02!
02)K/;.&%'/2)!K2&!'G#!*/KK#&#)'!H2&=72%*3[
3&04.()Q@?RE!</33#3!$#&!'G2.3%)*!/)3'&.0'/2)!/)!'G#!7%3'R7#5#7!0%0G#!K2&!#%0G!H2&=72%*!%)*!
(2*#7!02)K/;.&%'/2)!_#Y$!#*!^R<`[!M2&!'G#!%*%$'/5#!(2*#73!H#!3#$%&%'#!'G#!2KKR0G/$!
(/33#3!%)*!'G#!(/33#3!'2!)#/;GI2&/);!0%0G#3[
K9D B?@39F U2T >4F9.: _P43/D4$a#
$a#%
$a&
$a&%
$a"
$a"%
!
!a$%
!a!
!a!%
!a'
!a'%
!a*
;39P/74
QE/34F
K9D
-?@F/E0
Kc;3
KcQE
KcKD
Kc-?
Kc-9
Bc;3
BcQE
BcKD
Bc-?
Bc-9
Uc;3
UcQE
UcKD
Uc-?
Uc-9
>c;3
>cQE
>cKD
>c-?
>c-9$
'
+
,
&
!$
!'
!+
!,
!&
'$
G49DE@2398D5A/AE4
>/985:4:23?
J/(.7%'/2)!.7'3 QE
%)*!3G%&#*!(2*#73!/)!'G#!G9I&/*!H2&=72%*[!FG/3!/3!$233/I7#!I#0%.3#!2K!'G#!)%'.&#!2K!'G#!%$$7/0%'/2)3C!
K2.& ! G/;G79 !(#(2&9R/)'#)3/5# ! %)* ! K2.& !H/'G ! % ! 5#&9 ! 72H !(/33 ! &%'#[ ! O) ! 'G/3 ! 0%3# ! /3 ! 07#%& !HG/0G!
%$$7/0%'/2)3!(.3'!'&%)3K#&!/'3!0%0G#!I720=3!'2!'G#!3G%&#*!$%&'/'/2)C!%)*!'G#!(2*#7!0%)!&#*.0#!'G#!2KKR
0G/$!(/33#3!H/'G2.'!$#)%7/>#!'G#!%$$7/0%'/2)3!H/'G!K#H!(/33R&%'#3[!
W.&!*/3'&/I.'#*!(2*#7!2.'$#&K2&(3!'G#!0#)'&%7/>#*!(2*#7!/)!%77!'G#!H2&=72%*3!#Y0#$'!'G#!G9I&/*[!FG#!
3(%77#3'!;%/)!2)!'G#!G9I&/*!H2&=72%*!/3!I#0%.3#!2K!'G#!3%(#!&#%32)3!#Y$7%/)#*!/)!'G#!$/2.3!3#0'/2)[!
FG#!*/3'&/I.'#* !30G#(#!I#G%5#3 !02)3#&5%'/5#79!%)*!K#H!$%&'/'/2)3 !H#&#!(2*/K/#*[ !".#! '2 ! 'G/3C !%)!
/($2&'%)'!%(2.)'!2K!*/3$7%0#(#)'3!%&#!720%7!_3##!K/;.&#!][UA`[!!
W.&!$&2$23%7!2)!'G#!72H#&!H2&=72%*!%0G/#5#3!%!3/(/7%&!3$##*.$!'G%)!'G#!3G%&#*!(2*#7C!%)*!2)!'G#!
(#*/.(!H2&=72%*!'G#!I#)#K/'3!2K!'G#!3G%&#*!(2*#7!%&#!I/;;#&[!O)!I2'G!0%3#3!'G#!3G%&#*!(2*#7!0%)!K/'!
'G#!H2&=/);!3#'3!/)!'G#!SARH%9!%3320/%'/5#!0%0G#C!%)*!2.&!(2*#7!/3!)2'!0%$%I7#!'2!&#*.0#!(%)9!2KKR
0G/$!(/33#3!%3!H#!0%)!3##!/)!K/;.&#!][UD[
FG#!I/;!H2&=72%*!G%3!'G#!I#3'!.7'!%0G/#5/);!%!Vj!3$##*.$!$#0'!'G#!3G%&#*!(2*#7[!O)!'G/3!0%3#!2.&!
(2*#7!&#*.0#!3/;)/K/0%)'79!'G#!2KKR0G/$!(/33#3!H/'G2.'!/)0&#%3/);!5#&9!(.0G!'G#!(/33#3!3%'/3K/#*!I9!
'G#!)#/;GI2&/);!0%0G#3[!M/;.&#!][UA!3G2H3!.3!'G#!*/3'%)0#!#5/0'/2)3!'G%'!/3!0723#&!'G%)!'G#!*/3'%)0#!2K!
#5/0'/2)3!/)!'G#!0#)'&%7/>#*!(2*#7[!FG/3!7#%*3!'G#!(/33!7%'#)09!2K!'G#!*/3'&/I.'#*!(2*#7C!2I3#&5%I7#!/)!
K/;.&#!][USC!'2!I#!(.0G!72H#&!'G%)!'G#!%5#&%;#!(/33!7%'#)09!2K!'G#!2&/;/)%7!%*%$'/5#!30G#(#[
3&04.()Q@??E!"/3'%)0#!2K!'G#!#5/0'/2)3!/)!'G#!]R02!"9I*%G7+3!/($7#(#)'%'/2)[FG#!023'!
#Y$!#3!'G#!).(I#&!2K!G2$3!/)!'G#!/)'#&)02))#0'/2)!)#'H2&=[
K9D B?@39F U2T >4F9.: _P43/D4$
'$$$$$$
+$$$$$$
,$$$$$$
&$$$$$$
!$$$$$$$
!'$$$$$$
!+$$$$$$
!,$$$$$$
!&$$$$$$
'$$$$$$$
''$$$$$$
'+$$$$$$
12=75*)
12=75'
12=75!
12=75$
3&04.()Q@?BE!"/3'%)0#!2K!'G#!#5/0'/2)3!/)!2.&!]R02!(2*#7[!FG#!023'!#Y$!#3!'G#!).(I#&!2K!
G2$3!/)!'G#!/)'#&)02))#0'/2)!)#'H2&=[
K9D B?@39F U2T >4F9.: _P43/D4$
'%$$$$$
%$$$$$$
#%$$$$$
!$$$$$$$
!'%$$$$$
!%$$$$$$
!#%$$$$$
'$$$$$$$
''%$$$$$
'%$$$$$$
12=75*)
12=75'
12=75!
12=75$
VD J/(.7%'/2)!.7'3
Q@J@ S,()?OU+2.(7)+2/1&04.#%&2/
,3!H%3!#Y$7%/)#*!/)!3#0'/2)!TC!K2&!'G#!UBR02!%&0G/'#0'.&#!H#!/)'&2*.0#!%!)#H!H2&=72%*!0%77#*!G.;#!
H/'G!]!(#(2&9R/)'#)3/5#!%$$7/0%'/2)3!&.))/);!'H/0#!#%0G!2)#[!
FG#!"9I*%G7+3!30G#(#!/($7#(#)'#*!G%5#!%!I%*!I#G%5/2&!/)!'G/3!%&0G/'#0'.&#C!2I3#&5#!M/;.&#!][UQ[!M2&!
'G#!G9I&/*!%)*!'G#!72H!H2&=72%*3!/'!(%/)'%/)3!'G#!3%(#!$#&K2&(%)0#!'G%)!'G#!$&/5%'#!(2*#7C!I.'!K2&!'G#!
I/;!%)*!'G#!G.;#!H2&=72%*3!/'3!$#&K2&(%)0#!/3!*#;&%*#*[!FG#3#!.7'3!%&#!/)K7.#)0#*!I9!'G#!.3#!2K!'G#!
G%&(2)/0!(#%)!'G%'!%;;&%5%'#!'G#!/($%0'!2K!)#;%'/5#!3$##*.$3[!,3!H#!02((#)'#*!/)!'G#!$/2.3!
3#0'/2)C!'G/3!0#)'&%7/>#*!(2*#7!2.'$#&K2&(3!'G#!O61!2K!0#&'%/)!%$$7/0%'/2)3!%'!#Y$#)3#3!2K!/($2&'%)'!
$#&K2&(%)0#!*#;&%*%'/2)!/)!2'G#&!%$$7/0%'/2)3[!FG.3C!/'!G%5#!%!$22&!/327%'/2)[!!
3&04.()Q@?JE!e%&(2)/0!(#%)!2K!'G#!3$##*.$3!%'/5#!'2!'G#!$&/5%'#!(2*#7!K2&!'G#!UBR02!
02)K/;.&%'/2)!K2&!'G#!*/KK#&#)'!H2&=72%*3[
K9D B?@39F U2T B.D4 _P43/D4$a#
$a#%
$a&
$a&%
$a"
$a"%
!
!a$%
!a!
!a!%
!a'
!a'%
;39P/74
QE/34F
K9D
-?@F/E0
3&04.()Q@?GE!kU!0%0G#!%5#&%;#!(/33!7%)'#)09!/)!0907#3[
Kc;3
KcQE
KcKD
Kc-?
Kc-9
Bc;3
BcQE
BcKD
Bc-?
Bc-9
Uc;3
UcQE
UcKD
Uc-?
Uc-9
>c;3
>cQE
>cKD
>c-?
>c-9$
%$
!$$
!%$
'$$
'%$
*$$
*%$
_P43/D45U!50/748A?
Q7/8F/3F5F4P9/7928
J/(.7%'/2)!.7'3 VU
FH2!%&#!'G#!(%/)!$&2I7#(3!2K!"9I*%G7+3!%&0G/'#0'.&#d!'G#!$277.'/2)!/)!'G#!3G%&#*!$%&'/'/2)!%)*!'G#!
*/3'%)0#!2K!#5/0'/2)3[!^#!G%5#!%7&#%*9!*/30.33#*!'G#!*/3'%)0#!2K!#5/0'/2)!$&2I7#(C!3##!K/;.&#!][UT!K2&!
'G#!UBR02!%&0G/'#0'.&#[!6277.'/2)!/)!'G#!3G%&#*!$%&'/'/2)!/3!*.#!'2!'G#!.3#!2K!'G#!kN4!3'%0=[!L5#)!
H/'G!'G#!-.2'%!7/(/'%'/2)!$#&!02&#C!'G#!3G%&#*!$%&'/'/2)!I#G%5#3!7/=#3!%!K.779!3G%&#*!$%&'/'/2)C!%3!(2&#!
02!3G%&#!'G#!$%&'/'/2)!G/;G#&!H/77!I#!'G#!).(I#&!2K!/)'#&K#&#)0#3!%(2);!%$$7/0%'/2)3[!,3!'G#!I720=3!
/)! 'G#!3G%&#*!$%&'/'/2)!'G%'!I#72);3!'2!02!H/'G!K#H!%33/;)#*!I720=3!H/77!I#!&#$7%0#*!K/&3'79C ! 'G#!
$#&K2&(%)0#!2K!'G#!02!H/'G!72H#&!(/33!&%'#3!H/77!I#!*#;&%*#*!K/&3'79!*.#!'2!'G#!$277.'/2)[
O)!K/;.&#!][UV!H#!0%)!3##!G2H!/)!'G#!I/;!H2&=72%*C!K2&!#Y%($7#C!'G#!2KKR0G/$!(/33#3!$#&!'G2.3%)*!
/)3'&.0'/2)3!02.7*!)2'!I#!&#*.0#*C!I#3/*#3!'G#!/)'&2*.0#*!#Y'&%!(/33#3[
W)!'G#!2'G#&!G%)*C! 'G#!$&2$23#*!%*%$'/5#!30G#(#!*2!)2'!3.KK#&!K&2(!'G#3#!$&2I7#(3[!FG#!#5/0'#*!
I720=3!%&#!3#)'!'2!0723#&!0%0G#3C!K/;.&#!][UTC!%)*!'G#!$233/I7#!$277.'/2)!/3!%732!7/(/'#*!'2!'G#!0723#&!
)#/;GI2&/);!0%0G#3[!O)!'G#!UBR02&#!%&0G/'#0'.&#C!3##!M/;.&#!][UQC!H#!%0G/#5#!%!Sj!3$##*.$!/)!%5#&%;#!
02($%&#* !H/'G ! 'G# ! $&/5%'# !(2*#7[ !<2#&C ! 2.& ! $&2$23%7 ! 3G2H3 ! % ! 3'&2);79 ! &2I.3')#33 !H/'G ! )2!
$#&K2&(%)0#!*#;&%*%'/2)!/)!%)9!0%3#[
OK !H#! 722=!%' ! 'G#!I/;!H2&=72%*!H#!02.7*!3##!% !0%3#! '2 !I#!07%&/K/#*[ !^#!0%)!3##!G2H!2.&!(2*#7 !
2.'$#&K2&(3!'G#!3G%&#*!(2*#7!I9!)#%&!%!Sj[!M/;.&#!][U]!3G2H3!'G%'!'G#!).(I#&!2KKR0G/$!(/33#3!/)!2.&!
(2*#7C !G2H#5#&C!/3!37/;G'79!I/;;#&[!M/;.&#!][UV!3G2H3!'G%'!2.&!(2*#7!G%5#!%!72H#&!%5%&#%;#!(/33!
7%'#)09[ ! F2 ! 'G/3 ! 02)'&25#&3/#3C ! H# ! 0%) ! 07%&/K9 ! 'G%' ! ).(I#& ! 2K !(/33#3 ! $#& ! 'G2.3%)* ! /)3'&.0'/2)3!
$#)'#*!/3!%!I/'!(/37#%*/);!/)!'G/3!$%&'/0.7%&!0%3#[!FG#!%(2.)'3!2K!H2&=!'G%'!#%0G!02)K/;.&%'/2)!*2#3!
%&#!*/KK#&#)'C!*.#!'2!'G/3C!'G#!(/33#3!$#&!'G2.3%)*!/)3'&.0'/2)3!5%7.#3!&#K7#0'!'G#!(/33#3!/)!*/KK#&#)'!3#'3!
2K!/)3'&.0'/2)3!%)*!H#!0%)!)2'!*/�'79!02($%&#!'G#([!O)!'G#!%$$#)*/Y!,!H#!0%)!3##!G2H!K2&!I/;!
H2&=72%*!'G#!3G%&#*!(2*#7 !3$##*.$3!0#&'%/)!)2)R(#(2&9RI2.)*!%$$7/0%'/2)3 !HG/7#!2.&!*/3'&/I.'#*!
30G#(#!%0G/#5#!G/;G!/($&25#(#)'3 ! /)!%$$7/0%'/2)3 !H/'G!72H#&!O61[!FG/3!$&2*.0#3!'G%' ! 'G#!3G%&#*!
H2&=72%*!#Y#0.'#*!(2*#!/)3'&.0'/2)!32(#!%$$7/0%'/2)3!%)*!2.&!(2*#7!#Y#0.'#3!(2&#!/)3'&.0'/2)3!2K!%!
*/KK#&#)'!(2*#7!_$?+?C!'G#!3/(.7%'/2)!H/)*2H!G%3!0G%);#*!32(#HG%'!I#'H##)!'G#!'H2!#Y#0.'/2)3`[
3&04.()Q@?KE!</33#3!$#&!'G2.3%)*!/)3'&.0'/2)!/)!'G#!7%3'R7#5#7!0%0G#!K2&!#%0G!H2&=72%*!%)*!
(2*#7!02)K/;.&%'/2)!_#Y$!#*!^R<`[!M2&!'G#!%*%$'/5#!(2*#73!H#!3#$%&%'#!'G#!2KKR0G/$!
(/33#3!%)*!'G#!(/33#3!'2!)#/;GI2&/);!0%0G#3[
Kc;3
KcQE
KcKD
Kc-?
Kc-9
Bc;3
BcQE
BcKD
Bc-?
Bc-9
Uc;3
UcQE
UcKD
Uc-?
Uc-9
Vc;3
VcQE
VcKD
Vc-?
Vc-9
$
'
+
,
&
!$
!'
!+
!,
!&
G49DE@2398D5A/AE4
>/985:4:23?
VA J/(.7%'/2)!.7'3
3&04.()Q@?AE!"/3'%)0#!2K!'G#!#5/0'/2)3!/)!'G#!UBR02!"9I*%G7+3!/($7#(#)'%'/2)[!FG#!023'!
#Y$!#3!'G#!).(I#&!2K!G2$3!/)!'G#!/)'#&02))#0'/2)!)#'H2&=[>
K9D B?@39F U2T B.D4 _P43/D4$
'%$$$$$
%$$$$$$
#%$$$$$
!$$$$$$$
!'%$$$$$
!%$$$$$$
!#%$$$$$
'$$$$$$$
''%$$$$$
'%$$$$$$
'#%$$$$$
*$$$$$$$
*'%$$$$$
*%$$$$$$
*#%$$$$$
+$$$$$$$
+'%$$$$$
12=75*)
12=75'
12=75!
12=75$
3&04.()Q@?QE!kU!0%0G#!%5#&%;#!(/33!7%'#)09!/)!0907#3[
Kc;3
KcQE
KcKD
Kc-?
Kc-9
Bc;3
BcQE
BcKD
Bc-?
Bc-9
Uc;3
UcQE
UcKD
Uc-?
Uc-9
Vc;3
VcQE
VcKD
Vc-?
Vc-9
$
%$
!$$
!%$
'$$
'%$
*$$
_P43/D45U!50/748A?
Q7/8F/3F5F4P9/7928
3&04.()Q@?OE!"/3'%)0#!2K!'G#!#5/0'/2)3!/)!2.&!UBR02!(2*#7[!FG#!023'!#Y$!#3!'G#!
).(I#&!2K!G2$3!/)!'G#!/)'#&02))#0'/2)!)#'H2&=[
K9D B?@39F U2T B.D4 _P43/D4$
%$$$$$$
!$$$$$$$
!%$$$$$$
'$$$$$$$
'%$$$$$$
*$$$$$$$
*%$$$$$$
+$$$$$$$
+%$$$$$$
%$$$$$$$
12=75*)
12=75'
12=75!
12=75$
J/(.7%'/2)!.7'3 VS
Q@K@ 9;#+(F(/%)21)#$$;&+#%&2/7
^#!G%5#!*/30.33#*!/)!0G%$'#&!B!'G#!5%&/%'/2)3!2)!'G#!$#&K2&(%)0#!'G%'!0%)!/)'&2*.0#!'G#!$7%0#(#)'!2K!
'G#!%$$7/0%'/2)3!2)!2.&!(#3GR1<6!%&0G/'#0'.&#[!O)!'G/3!3#0'/2)!H#!H%)'!'2!3'.*9!'G#!#KK#0'!2K!$7%0/);!
%$$7/0%'/2)3!H/'G!*/KK#&#)'!(/33!&%'#3!/)!*/KK#&#)'!02!/)!'G#!UBR02!%&0G/'#0'.&#[!F2!'G/3C!H#!G%5#!
0&#%'#*!S!%**/'/2)%7!H2&=72%*3!K2&!#%0G!3#'!2K!%$$7/0%'/2)3C! !'G%'!/3!'2!3%9C!'G&##!*/KK#&#)'!$7%0#(#)'3!
K2&!'G#!I/;C!'G#!G9I&/*!%)*!'G#!72H!H2&=72%*3!_.)K2&'.)%'#79C !H#!G%5#!G%*!$&2I7#(3!H/'G!'G#!G.;#!
0G#0=$2/)'3`[
^#!0&#%'#*!%&'/K/0/%779!'G/3!H2&=72%*3!.3/);!'G#!J27%&/3!02((%)*!/,"01&'$!'G%'!%772H3!.3!'2!%33/;)!%!
3$#0/K/0!%$$7/0%'/2)!'2!%!3$#0/K/0!$&20#332&[!^#!I./7*!%!;22*!%)*!%!I%*!3/'.%'/2)!'G%'!H#!0%)!3##!/)!
K/;.&#!][UEC!%)*!%!)#H!&%)*2(!$7%0#(#)'[!F2!*2!32C!H#!07%33/K9!'G#!%$$7/0%'/2)3!I9!/'3!(/33!&%'#[!O)!'G#!
;22*!3/'.%'/2)C!'G#!K2.&!%$$7/0%'/2)3!H/'G!(2&#!(/33#3!&.)!/)!'G#!*/%;2)%7!%)*!'G#!)#Y'!K2.&!)#%&!'G#!
02&)#&C!7#%5/);!&22(!K2&!'G#!3G%&#*!$%&'/'/2)!/)!'G#!(/**7#[!O)!'G#!I%3!3/'.%'/2)!!'G#!!K2.&!%$$7/0%'/2)3!
H/'G!G/;G!(/33!&%'#3!%&#!%7720%'#*!5#&'/0%779!2)!%!3/*#C!K2772H#*!I9!'G#!)#Y'!K2.&!%$$7/0%'/2)3!%)*!'G#)!
'G#!'[!O)!'G/3!0%3#C!'G#!3G%&#*!$%&'/'/2)!H/77!I#!2)!'G#!2$$23/'#!3/*#[!
M/;.&#!][AD!3G2H!'G#!$#&K2&(%)0#!.7'3!K2&!'G#!H2&=72%*3!.3/);!'G#!3#'!2K!%$$7/0%'/2)3!/$>[!^#!0%)!
3##!G2H!*/KK#&#)'!H2&=72%*3!$#)'!)2'%I79!*/KK#&#)'!.7'3[!F2!I#!3G2&'C!H#!H/77!$#)'!'G/3!.7'3!
/)!3'20=!0G%&'3!'G%'!3G2H!/)!027.()3!'G#!%5#&%;#!5%7.#3!_7#K'!qR%Y/3`!%)*!'G#!&%);#3!2K!5%7.#3!H/'G!%!
3&04.()Q@?PE)67%0#(#)'!K2&!%$$7/0%'/2)3!/)!'G#!;22*!%)*!I%*!H2&=72%*3[!"%&=#&!0272&3!
&#$#)'!G/;G#&!(/33!&%'#3[
3&04.()Q@BRE!6#&K2&(%)*#!2K!*/KK#&#)'!H2&=72%*3!H/'G!'G#!3#'!2K!%$$7/0%'/2)3!I/;[
L/8F2:5_ L/8F2:5K V22F K/F _P43/D4$a,
$a,%
$a#
$a#%
$a&
$a&%
$a"
$a"%
!
!a$%
!a!
!a!%
!a'
;39P/74
QE/34F
K9D
-?@F/E0
VQ J/(.7%'/2)!.7'3
5#&'/0%7!7/)#!_&/;G'!qR%Y/3`[!M/;.!][AUC!][AA!%)*!][AS!$#)'3!'G#!5%&/%I/7/'9!/)!$#&K2&(%)0#!2K!'G#!
%$$7/0%'/2)3!3#'3!I/;C!G9I&/*!%)*!72H[
W.&!(2*#7!$#)'!%!Aj!5%&/%'/2)!/)!$#&K2&(%)0#!/)!I/;!%)*!72H!3#'3C!%)*!%!Vj!/)!'G#!G9I&/*!3#'[!
FG#3#!5%&/%'/2)3!&%/3#!'G#!)##*!'2!02)3/*#&!'G#!$7%0#(#)'!2K!02!/)!K.'.&#!H2&=[!
3&04.()Q@BGE!6#&K2&(%)0#!5%&/%I/7/'9!/)!'G#!3#'!2K!%$$7/0%'/2)3!72H[
;39P/74 QE/34F K9D -?@F/E0 [email protected]$a#
$a#*
$a#%
$a#&
$a&
$a&*
$a&%
$a&&
$a"
$a"*
$a"%
$a"&
!
!a$*
!a$%
!a$&
!a!
!a!*
$a"*
$a"+
$a"%
$a",
$a"#
$a"&
$a""
!
!a$!
!a$'
!a$*
!a$+
!a$%
!a$,
!a$#
!a$&
!a$"
!a!
!a!!
!a!'
3&04.()Q@BBE!6#&K2&(%)0#!5%&/%I/7/'9!/)!'G#!3#'!2K!%$$7/0%'/2)3!G9I&/*[
;39P/74 QE/34F K9D -?@F/E0 [email protected]$a#
$a#*
$a#%
$a#&
$a&
$a&*
$a&%
$a&&
$a"
$a"*
$a"%
$a"&
!
!a$*
!a$%
!a$&
!a!
!a!*
!a!%
$a"&
$a""
!
!a$!
!a$'
!a$*
!a$+
!a$%
!a$,
!a$#
!a$&
!a$"
!a!
!a!!
!a!'
!a!*
!a!+
!a!%
!a!,
3&04.()Q@B?E!6#&K2&(%)0#!5%&/%I/7/'9!/)!'G#!3#'!2K!%$$7/0%'/2)3!I/;[
;39P/74 QE/34F K9D -?@F/E0 [email protected]$a#
$a#%
$a&
$a&%
$a"
$a"%
!
!a$%
!a!
!a!%
!a'
$a"&
!
!a$'
!a$+
!a$,
!a$&
!a!
!a!'
!a!+
!a!,
!a!&
!a'
J/(.7%'/2)!.7'3 VV
Q@O@ =F$;(F(/%#%&2/)+27%
FG#!/($7#(#)'%'/2)!023'!2K!"9I*%G7+3!$%&'/'/2)/);!(#0G%)/3(C!*.#!'G#!#Y'&%!3'2&%;#C!/3!#3'/(%'#*!/)
3&>H,2N/,,F,,,WN2N:,,F,,,X?YN%N2N*,!I/'3
HG#&#!2!'G#!).(I#&!2K!02C!%!'G#!).(I#&!2K!3#'3C!/!'G#!).(I#&!2K!I720=3C!*!'G#!).(I#&!2K!I/'3!$#&!'%;C!
%)* !:! 'G#!).(I#&!2K!I/'3 !2K!%!&#;/3'#&[ !"9I*%G7 !3.$$23#*!'G#!&#*.0'/2)!2K! 'G#!3G%*2H!'%;3!'%I7#!
_%N2N*, ,I/'3`!(2)/'2&/);!2)79!'G#!Bj!2K!'G#!3#'3C!'G%'!G#!#3'/(%'#3!3.KK/0/#)'!K2&!0%70.7%'#!'G#!0%0G#!
$%&'/'/2)/);[
^# ! G%5# ! /($7#(#)'#* ! 'G/3 ! &#*.0'/2) ! /) ! 2.& ! UBR02&# ! %&0G/'#0'.&# ! '2 ! #3'/(%'# ! 'G# ! #KK#0'3 ! 2) ! 'G#!
$#&K2&(%)0#!2K!2.&!393'#([!^#!2)79!(2)/'2&!2)#!2K!#5#&9!UB!3#'3[!M/;.&#!][AQ!3G2H3!'G#!.7'3[!FG#!
0#)'&%7/>#*!(2*#7!G%3!/)!%5#&%;#!%!37/;G'79!5%&/%'/2)!*.#!'2!'G#!&#*.0'/2)!2K!'G#!3G%*2H!'%;3[!W.&!
$&2$23#*!(2*#7!$#)'3!%!I/;;#&!$#&K2&(%)0#!*#;&%*%'/2)!/)!%5#&%;#[!FG#!G/;G#3'!*/KK#&#)0#!/3!/)!72H!
H2&=72%*[!^#!0%)!%''&/I.'#!'G/3!*/KK#&#)0#!'2!%!H2&3'!I#G%5/2&!/)!'G#!#3'/(%'/2)!2K!%!H2&=72%*!H/'G!
5#&9!72H!(/33!&%'#3[!,'!%77C!'G#!&#*.0'/2)!2K!3G%*2H!'%;3!2KK#&3!%)!/($2&'%)'!G%&*H%&#!3%5/);!H/'G!%!
0723#!$#&K2&(%)0#!%)*!(.3'!I#!02)3/*#&#*[!FG#!(2)/'2&/);!2K!2)79!%!Bj!2K!'G#!3G%*2H!'%;3C!/)!2.&!
(2*#7C!H2.7*!%732!&#*.0#!'G#!).(I#&!2K!(#33%;#3!I#'H##)!7%3'R7#5#7!0%0G#3[
3&04.()Q@BJE!6#&K2&(%)0#!5%&/%I/7/'9!.3/);!%!&#*.0#*!3#'!2K!3G%*2H!'%;3!$#&!H2&=72%*[
K9D B?@39F U2T B.D4 _P43/D4$I#
$I&
$I"
!
!I!
!I'
!I*
;39P/74
QE/34F
K9D
-?@F/E0
-?@F/E05,b
12)07.3/2)3!%)*!K.'.&#!H2&= VT
P@ *2/+;47&2/7)#/")14%4.()I2.D
FG#!).(I#&!2K!02!$#&!0G/$!H/77!02)'/).#!;&2H/);!K2&!'G#!)#Y'!9#%&3[!FG#!I%)*H/*'G!&#-./&#(#)'3!2K!
'G#3#!G/;G79!$%&%77#7 !$&20#332&3!30%7#3!7/)#%&79!$.''/);!G/;G!$!.&#!2)!'G#!(#(2&9!G/#&%&0G9!'G%'!
7/(/'3!'G#!30%7%I/7/'9!2K!'G#!)#H!(%)902&#!$&20#332&3[!J#5#&%7!327.'/2)3!G%5#!I##)!$&2$23#*!'2!3275#!
'G/3!$&2I7#(C!32(#!2K!'G#(!.3/);!%*%$'/2)!%3!'G#!H%9!'2!#)3.&#!%!;22*!$#&K2&(%)0#!%)*!'G#!30%7%I/7/'9!
2K!'G#!393'#(!2)!*/KK#&#)'!H2&=72%*3[
"9I*%G7!%)*!J'#)3'&2( !aUUb! $&2$23#*!%)!%*%$'/5#!3G%&#*f$&/5%'#!P41,!0%0G#!$%&'/'/2)/);!30G#(#!
H/'G!%)!/)'#'/);!-.2'%!(#0G%)/3(!'2!#)3.&#!%!02)'&277#*!0%0G#!3G%&/);!*#;&##[!FG#!(%/)!;2%7!2K!'G/3!
(#0G%)/3(!/3!'2!&#*.0#!'G#!'2'%7!).(I#&!2K!2KKR0G/$!(/33#3[!^G#)!H#!30%7#!'G/3!(2*#7!'2!%&0G/'#0'.!
H/'G!(2&#!'G%)!K2.&!02!'G&##!%&#!'G#!(%/)!$&2I7#(3d!'G#!/($7#(#)'%'/2)!023'C!'G#!$277.'/2)!/)!'G#!
3G%&#*!$%&'/'/2)!%)*!'G#!*/3'%)0#!2K!#5/0'/2)3[!FG/3!0#)'&%7/>#*!(2*#7!.3#3!%!;72I%7!kN4!3'%0=!'G%'!/3!
.)(%/)'%/)%I7#!*.#!'2!/'3!'/(#!%)*!%&#%!)##*3[!<2#&C!.3/);!2)79!'G#!kN4!3'%0=!H#!*2!)2!'%=#!/)'2!
%002.)'!'G#!*/3'%)0#!2K!'G#!#5/0'#*!I720=3!%)*!'G#/&!)#H!$7%0#(#)'3C!%)*!'G#!$277.'/2)!/)!'G#!3G%&#*!
$%&'/'/2)!/3!/)0&#%3#*!*#;&%*/);!'G#!$#&K2&(%)0#!2K!'G#!02!H/'G!72H#&!(/33!&%'#3[
F2!3275#!%77 ! 'G#3#!$&2I7#(3!H#!$&2$23#*!%!)25#7 !*/3'&/I.'#*!%*%$'/5# !30G#(#!I%3#*!2)!% !>'++"=,
%$$&2Y/(%'/2)!2K!"9I*%G7+3!'#0G)/-.#[!W.&!$&2$23%7!$#)'3!%!&#;.7%&!3'&.0'.&#!#%39!'2!/($7#(#)'!
%)*!G/;G79!30%7%I7#[!J#)*/);!'G#!#5/0'#*!I720=3!'2!'G#!)#/;GI2&/);!0%0G#3!/)!%!&2.)*!&2I/)!2&*#&!/'!
&#*.0#3!'G#!*/3'%)0#!2K!'G#!&#$7%0#(#)'3!%)*!(%/)'%/)3!%!72H#&!%)*!7#33RK20.3#*!$277.'/2)[!^#!G%5#!
%732!3##)!'G%'!2.&!;&##*9!%$$&2%0G!%KK#0'3!'G#!&#$%&'/'/2)/;!$27/09!I#02(/);!(2&#!02)3#&5%'/5#[!
W.&!$&2$23%7!G%5#!'G#!I#3'!$#&K2&(%)0#!/)!%77!'G&##!%&0G/'#0'.!K2&!%77!K2.&!02)K/;.&%'/2)3[!O)!'G#!
/($7#(#)'#*!QR!%)*!]R02!%&0G/'#0'.!2.&!(2*#7!2.'$#&K2&(3!I9!%!Sj!'G#!$&/5%'#!(2*#7[!O)!'G#!UBR
02!%&0G/'#0'.&#!/'!%0G/#5#3!%!Aj!3$##*.$!$#0'!'G#!$&/5%'#!(2*#7!%)*!%!Sj!3$##*.$!$#0'!'G#!
3G%&#*!(2*#7[!^#!(.3'!02)3/*#&!'G%'!'G#3#!3(%77!25#&%77!5%7.#3!&#%779!&#$#)'!I/;!/($&25#(#)'3!2K!
'G#!$#&K2&(%)0#!2K!2)#!2&!(2&#!02[!W.&!/($7#(#)'%'/2)!%732!$#)'!%!G/;G!&2I.3')#33[
FG# ! #Y$72&%'/2) ! 2K ! 'G# ! #KK#0'3 ! 2K ! 'G# ! $7%0#(#)' ! 2K ! 'G# ! %$$7/0%'/2)3 ! G%3 ! 3G2H#* ! % ! 02)3/*#&%I7#!
5%&/%I/7/'9!/)!'G#!393'#(3!$#&K2&(%)0#[!,!*#'%/7#*!3'.*9!2K!'G#3#!#KK#0'3!(.3'!I#!02)3/*#&#*!%3!$%&'!2K!
2.&!K.'.&#!H2&=[!,732!/)'#'/);!02.7*!I#!'G#!3'.*9!2K!%!$233/I7#!/)'#&%0'/2)!2&!(%)%;#(#)'!2K!'G#!
$7%0#(#)'!2K!'G#!%$$7/0%'/2)3!I9!'G#!2$#&%'/);!393'#([!
FG/3!'G#3/3!/3!K20.3#*!/)!'G#!3'.*9!2K!'G#!(#(2&9!G/#&%&0G9!/)!$#)0#!2K!02R&.))#&!%$$7/0%'/2)3[!6%&'!
2K!2.&!K.'.&#!H2&=!H/77 !I#!K20.3#*!2)!'G#!3'.*9!2K!'G/3 !30G#(#!&.))/);!$%&%77#7 !%$$7/0%'/2)3!H/'G!
3G%&/);!2K!*%'%[!FG/3!0%3#!H2.7*!I#!(2&#!02($7#Y!*.#!'2!'G#!)##*!2K!*%'%!(/;&%'2&9!$27/0/#3[
FG#!.3#!2K!%!*/3'&/I.'#*!30G#(#!(%=#3!%732!/)'#'/);!'G#!3'.*9!2K!G#.&/3'/0!&2.'/);3C!'2!K/)*!'G#!I#3'!
$%'G3C!%)*!*/KK#&#)'!/)'#&02))#0'/2)!)#'H2&=3[
F2!02)07.*#C!H#!0%)!3%9!'G%'!2.&!$&2$23%7!/($&25#3!'G#!$#&K2&(%)0#!2K!'G#!$&/5%'#!%)*!3G%&#*!(2*#73!
%)*!3275#3!'G#!$&2I7#(3!2K!'G#!"9I*%G7+3!30G#(#[!W.&!327.'/2)!$#&K2&(3!$%&'/0.7%&79!H#77!HG#)!/'!
H2&=3!H/'G!%$$7/0%'/2)3!H/'G!G/;G!(/33!&%'#3!%)*!3G2H3!%!3'&2);!&2I.3')#33!/)!'G#!2'G#&!H2&=72%*3[!
FG#3#!K%0'2&3!%)*!/'3!'#&%30%7#!0%$%I/7/'9!(%=#!2.&!)25#7!*/3'&/I.'#*!30G#(#!%)!/)'#'/);!'#0G)/-.#!'2!
=##$!H2&=/);!2)!/'[!
N#K#&#)0#3 VE
?R@ H(1(.(/+(7)
aUb!e[!,7Rm2.I/C!,[!</7#)=25/0!%)*!<[!</7#)=25/0[!6#&K2&(%)0#!#5%7.%'/2)!2K!0%0G#!&#$7%0#(#)'!
$27/0/#3!K2&!'G#!J6L1!164ADDD!I#)0G(%&=!3./'#[ !J'&7++"$1>%,&4,*-+,bH1",)11.)3,<&.*-+)%* ,
'+>$&1)3,7&14+'+17+C!ADDQ[
aAb!<[!,>/(/C!P[!1G#&.=.&/C!"[!P[!@%9%3/(G%C!,[!l.(%&C!6[!l.)*.C!J[!6%&=C!O[!J0G2/)%3C!%)*!,[!J[!
p%/*9%[ ! O)'#;&%'/2) !1G%77#);#3 !%)* !F&%*#2KK3 ! K2& !F#&%R30%7# !,&0G/'#0'.[ ! O)'#7 !F#0G)272;9!
@2.&)%7C!p27.(#!UUC!O33.#!SC!ADDT[
aSb!c[<[!c#0=(%))C!<[N[!<%&'9!%)*!"[,[!^22*[!,JNd!,*%$'/5#!J#7#0'/5#!N#$7/0%'/2)!K2&!1<6!
1%0G#3[!O)'#&)%'/2)%7!J9($23/.(!2)!</0&2%&0G/'#0'.&#C!ADDB
aQb!c[!c7%0=C!<[!,))%5%&%(C!P[!c&#=#7I%.(C!@[ !"#p%7#C !k[ !@/%);C!:[!e[!k2GC!"[!<01%.7#9C !6[!
<2&&2HC!"[!^[!P#732)C!"[!6%)'.32C!6[!N##*C!@[!N.$7#9C!J[!JG%)=%&C!@[!JG#)C!%)*!1[!^#II[!"/#!
J'%0=/);!_S"`!</0&2%&0G/'#0'.&#[!O)'#&)%'/2)%7!J9($23/.(!2)!</0&2%&0G/'#0'.&#C!ADDB[
aVb!c[!c7%0=C!"[!^[!P#732)C!1[!^#IIC!%)*!P[!J%(&%[!S"!6&20#33/);!F#0G)272;9!%)*!O'3!O($%0'!2)!
O,SA!</0&2$&20#332&3[!O)'#&)%'/2)%7!12)K#&#)0#!2K!12($.'#&!"#3/;)C!ADDQ[
aBb!J[!c2&=%&C!P[!6[!@2.$$/C!%)*!6[!J'#)3'&2([!</0&2$&20#332&3!/)!'G#!L&%!2K!F#&%30%7#!O)'#;&%'/2)[!
6&20##*/);3!2K!'G#!02)K#&#)0#!2)!"#3/;)C!,.'2(%'/2)!%)*!F#3'!/)!L.&2$#C!ADDT[
aTb!"[!1G%)*&%C!M[!:.2C!J[!l/(!%)*!q[!J27/G/)[!6&#*/0'/);!O)'#&RFG&#%*!1%0G#!12)'#)'/2)!2)!%!1G/$!
<.7'/R6&20#332& ! ,&0G/'#0'.&#[ ! O)'#&)%'/2)%7 ! J9($23/.( ! 2) ! e/;GR6#&K2&(%)0# ! 12($.'#&!
,&0G/'#0'.&#C!ADDV[
a]b ! @[ ! 1G%); ! %)* ! :[ ! J[ ! J2G/[ ! 122$#&%'/5# ! 1%0G/); ! K2& ! 1G/$ ! <.7'/$&20#332&3[ ! O)'#&)%'/2)%7!
J9($23/.(!2)!12($.'#&!,&0G/'#0'.&#C!ADDB[
aEb!m[!1G/3G'/C!<[!"[!62H#77C!%)*!F[!P[!p/\%9=.(%&[!"/3'%)0#!,3320/%'/5/'9!K2&!e/;GR6#&K2&(%)0#!
L)#&;9RLKK/0/#)'!P2)R4)/K2&(!1%0G#!,&0G/'#0'.[!<O1NW!SBd!6&20##*/);3!2K!'G#!SB'G!%)).%7!
OLLLf,1<!O)'#&)%'/2)%7!J9($23/.(!2)!</0&2%&0G/'#0'.&#C!ADDS[
aUDb!J[!1G2!%)*!k[!@/)[!<%)%;/);!"/3'&/I.'#*C!JG%&#*!kA!1%0G#3!'G&2.;G!WJRk#5#7!6%;#!,7720%'/2)[!
O)'#&)%'/2)%7!J9($23/.(!2)!</0&2%&0G/'#0'.&#C!ADDB[
aUUb!e[!"9I*%G7!%)*!6[!J'#)3'&2([!,)!,*%$'/5#!JG%&#*f6&/5%'#!P41,!1%0G#!6%&'/'/2)/);!J0G#(#!
K2& ! 1G/$ ! <.7'/$&20#332&3[ ! O)'#&)%'/2)%7 ! J9($23/.( ! 2) ! e/;GR6#&K2&(%)0# ! 12($.'#&!
,&0G/'#0'.&#C!ADDT[
aUAb!6[!J[!<%;).332)!+*,)3?!J/(/03d!,!M.77!J93'#(!J/(.7%'/2)!67%'K2&([!OLLL!12($.'#&!SV_A`C!ADDA[
aUSb ! ,[ ! M#*2&25%C ! <[ ! J#7'>#&C ! %)* ! <[ ! J(/'G[ ! O($&25/); ! 6#&K2&(%)0# ! O327%'/2) ! 2) ! 1G/$!
<.7'/$&20#332&3 ! p/% ! %) ! W$#&%'/); ! J93'#( ! J0G#*.7#&[ ! O)'#&)%'/2)%7 ! 12)K#&#)0# ! 2) ! 6%&%77#7!
,&0G/'#0'.!%)*!12($/7%'/2)!F#0G)/-.#3C!ADDT[
aUQb!k[!e%((2)*C!p[!^2);C!<[!1G#)C!c["[!1%&73'&2(C!@[!"[!"%5/3C!c[!e#&'>I#&;C!<[!l[!6&%IG.C!e[!
^/\%9%C !1[ !l2>9&%=/3C !%)*!l[ !W7.=2'.)[ !F&%)3%0'/2)%7 !<#(2&9!12G#&#)0# !%)*!12)3/3'#)09[!
O)'#&)%'/2)%7!J9($23/.(!2)!12($.'#&!,&0G/'#0'.&#C!ADDV[!
aUVb ! @[ !e#7*C ! @[ !c%.'/3'%C ! %)* !J[ !l2#G7[ !M&2(!% !M#H!12 ! '2 !<%)9d !, !F#&%R30%7# !12($.'/);!
N#3#%&0G!N#5/#H[!O)'#7!^G/'#!6%$#&C!ADDT[
BD N#K#&#)0#3
aUBb ! @[ ! e#))#339 ! %)* ! "[ ! 6%''#&32)[ ! 12($.'#& ! ,&0G/'#0'.&#d ! % ! -.%)'/'%'/5# ! %$$&2%0G[ ! <2&;%)!
l%.K(%))C!Q'G!#*/'/2)C!ADDB
aUTb!e#&7/G9!%)*!@[!L[!c[!<233[!F&%)3%0'/2)%7!<#(2&9d!,&0G/'#0'.&%7!J.$$2&'!M2&!k20=RM&##!"%'%!
J'&.0'.[!O)'#&)%'/2)%7!J9($23/.(!2)!12($.'#&!,&0G/'#0'.&#C!UEES[
aU]b!L[!e#&&#&2C!@[!:2)>%7#>C!%)*!N[!1%)%7[!"/3'&/I.'#*!122$#&%'/5#!1%0G/);[!6%&%77#7!,&0G/'#0'.&#!
%)*!12($/7%'/2)!F#0G)/-.#3C!ADD][
aUEb ! @[ ! e.GC ! "[ ! c.&;#&C ! %)* ! J[ !^[ ! l#0=7#&[ ! LY$72&/); ! 'G# ! "#3/;) ! J$%0# ! 2K ! M.'.&# ! 1<63[!
O)'#&)%'/2)%7!12)K#&#)0#!2)!6%&%77#7!,&0G/'#0'.!%)*!12($/7%'/2)!F#0G)/-.#3C!ADDU[
aADb!c[!@%02IC!J[!P;!%)*! !"[!^%);[!<#(2&9!J93'#(3d!1%0G#C!"N,<C!"/3=[! !<2&;%)!l%.K(%))C!
ADDT[
aAUb!1[!l/(C!"[!c.&;#&C !J[!^[!l#0=7#&[ !P41,d!,!P2)R4)/K2&(!1%0G#!,00#33!,&0G/'#0'.&#!K2&!
^/&#R"#7%9!"2(/)%'#*!W)R1G/$!1%0G#3[!O)'#&)%'/2)%7!J9($23/.(!2)!</0&2%&0G/'#0'.&#C!ADDQ[
aAAb ! N[ ! l.(%&C ! p[ ! m9.I%)C ! %)* !"[ !<[ ! F.773#)[ ! O)'#&02))#0'/2)3 ! /) !<.7'/R02&# !,&0G/'#0'.d!
4)*#&3'%)*/); !<#0G%)/3(3C !W5#&G#%*3 ! %)* !J0%7/);[ ! O)'#&)%'/2)%7 ! J9($23/.( ! 2) !12($.'#&!
,&0G/'#0'.&#C!ADDV[
aASb!J[!l.(%&C !<[!1G.C!1[!@[!e.;G#3C!6[!l.)*.C!%)*!,[!P;.9#)[!e9I&/*!'&%)3%0'/2)%7!(#(2&9[!
J9($23/.(!2)!6&/)0/$7#3!%)*!6&%0'/0#3!2K!6%&%77#7!6&2;&%((/);C!ADDB[
aAQb!k[!k%($2&'[!e2H!'2!<%=#!%!<.7'/$&20#332&!12($.'#&!FG%'!12&�'79!LY#0.'#3!<.7'/$&20#33!
6&2;&%(3[!OLLL!F&%)3%0'/2)3!2)!12($.'#&3C!UETE[
aAVb!l[!k.2C!@!:.((%&%\.!%)*!<[!M&%)=7/)[!c%7%)0/);!'G2.;G$.'!%)*!K%/&)#33!/)!J<F!$&20#332&3[!
O)'#&)%'/2)%7!J9($23/.(!2)!6#&K2&(%)0#!,)%793/3!2K!J93'#(3!%)*!J2K'H%&#!ADDU[
aABb!<[!<[l[!<%&'/)C!"[!@[!J2&/)!c[!<[!c#0=(%))!<[!N[!<%&'9C!<[!r.C!,[!N[!,7%(#7*##)C!l[!L[!
<22&#C !<[ !"[ !e/77C ! %)* !"[ !,[ !^22*[ !<.7'/K%0#'+3 !:#)#&%7 !LY#0.'/2)R*&/5#) !<.7'/$&20#332&!
J/(.7%'2&!_:L<J`!F2273#'[!JO:,N1e!12($.'#&!,&0G/'#0'.&#!P#H3C!ADDV[
aATb!,[!<0"2)%7*C !@[ !1G.);C!c[!1%&73'&2(C!1[!</)GC!e[!1G%K/C !1[!l2>9&%=/3C !%)*!l[!W7.=2'.)[!
,&0G/'#0'.&%7 ! J#(%)'/03 ! K2& ! 6&%0'/0%7 ! F&%)3%0'/2)%7 ! <#(2&9[ ! O)'#&)%'/2)%7 ! J9($23/.( ! 2)!
12($.'#&!,&0G/'#0'.&#C!ADDB[
aA]b!@[!<#&/)2C!p[!6.#)'#C!6[!6&/#'2C!%)*!@[,[!:&#;2&/2[!J6RP41,d!,!123'!LKK#0'/5#!"9)%(/0!P2)R
4)/K2&(!1%0G#!,&0G/'#0'.[!JO:,N1e!12($.'#&!,&0G/'#0'.&#!P#H3C!ADD][
aAEb!l[!L[!<22&#C!@[!c2II%C!</0G#77#!@[!<2&%5%)C!<[!"[!e/77C!%)*!"[!,[!^22*[!k2;F<d!k2;I%3#*!
F&%)3%0'/2)%7!<#(2&9[!O)'#&)%'/2)%7!J9($23/.(!2)!e/;GR6#&K2&(%)0#!12($.'#&!,&0G/'#0'.&#C!
ADDB[
aSDb!J[!<932&#C!c[!,;&%H%7C!J[!k/)C!P[!J&/5%3'%5%C!l[!c%)#&\##C!%)*!F[!JG#&H22*[!O)'&23$#0'/5#!S"!
1G/$3[ ! O)'#&)%'/2)%7 ! 12)K#&#)0# ! 2) !,&0G/'#0'.&%7 ! J.$$2&' ! K2& ! 6&2;&%((/); ! k%);.%;#3 ! %)*!
W$#&%'/);!J93'#(3C!ADDB[
aSUb!k[!,[!627=%C!e[!l%79%)%(C!:[!e.C!%)*!J[!l&/3G)%(22&'G9[!6%0=%;#!F#0G)272;9!'2!,**!!'G#!
<#(2&9!c%)*H/*'G!1G%77%);#!K2&!F#&%RJ0%7#!12($.'/);[!O)'#7!F#0G)272;9!@2.&)%7C!p27.(#!UUC!
O33.#!SC!ADDT[
aSAb!l[!6.''%3H%(9!%)*!:[!e[!k2G[!O($7#(#)'/);!1%0G#3!/)!%!S"!F#0G)272;9!K2&!e/;G!6#&K2&(%)0#!
6&20#332&3[!O)'#&)%'/2)%7!12)K#&#)0#!2K!12($.'#&!"#3/;)C!ADDV[
aSSb!<[!n.#G/!%)*!q[!6%''[!4'/7/'9Rc%3#*!1%0G#!6%&'/'/2)/);d!,!72HR25#&G#%*C!G/;G$#&K2&(%)0#C!
&.)'/(#!(#0G%)/3(!'2!$%&'/'/2)!3G%&#*!0%0G#3[!O)'#&)%'/2)%7!J9($23/.(!2)!</0&2%&0G/'#0'.&#C!
ADDB[
N#K#&#)0#3 BU
aSQb !<[ !l[ !n.G/C !"[ !P[ !k9)0GC !W[ !<.'7.C ! %)* !q[ !P[ ! 6%''[ !, !1%3# ! K2& !<k6R,H%&# !1%0G#!
N#$7%0#(#)'[!JO:,N1e!12($.'#&!,&0G/'.&#!P#H3C!ADDB[
aSVb!P[!N%K/-.#C!^[!k/(C!%)*!<[!FG2''#'G2*/[!,&0G/'#0'.&%7!J.$$2&'!K2&!W$#&%'/);!J93'#(!"&/5#)!
1<6!1%0G#!<%)%;#(#)'[!O)'#&)%'/2)%7!12)K#&#)0#!2)!6%&%77#7!,&0G/'#0'.!%)*!12($/7%'/2)!
F#0G)/-.#3C!ADDB[
aSBb!e[!L[!N%(%*%)C!1[!@[!N233I%0GC!"[!L[!62&'#&C!W[!J[!e2K(%))C!,[!cG%)*%&/C!%)*!L[!^/'0G#7[!
<#'%F<fFYk/).Yd!F&%)3%0'/2)%7!<#(2&9!K2&!%)*!W$#&%'/);!J93'#([!O)'#&)%'/2)%7!J9($23/.(!
2)!12($.'#&!,&0G/'#0'.&#C!ADDT[
aSTb!1[!@[!N233I%0GC!W[!J[!e2K(%))C!"[!L[!62&'#&C!e[!L[!N%(%*%)C!,[!cG%)*%&/C!%)*!L[!^/'0G#7[!
FYk/).Yd!43/);!%)*!<%)%;/);!F&%)3%0'/2)%7!<#(2&9!/)!%)!W$#&%'/);!J93'#([!J9($23/.(!2)!
W$#&%'/);!J93'#(3!6&/)0/$7#3C!ADDT[
aS]b!c[!J%G%C!,[!,*7RF%I%'%I%/C!%)*!n[!@%02I32)[!,&0G/'#0'.&%7!J.$$2&'!K2&!J2K'H%&#!F&%)3%0'/2)%7!
<#(2&9[!O)'#&)%'/2)%7!J9($23/.(!2)!</0&2%&0G/'#0'.&#C!ADDB[
aSEb ! P[ ! JG%5/' ! %)* !"[ ! F2./'2.[ ! J2K'H%&# ! '&%)3%0'/2)%7 !(#(2&9[ ! J9($23/.( ! 2) ! 6&/)0/$7#3 ! 2K!
"/3'&/I.'#*!12($.'/);C!UEEV[
aQDb !,[ !JG&/&%(%)C !p[ ! @[ !<%&%'G#C !J[ !"H%&=%*%3C !<[ !k[ !J02''C !"[ !L/3#)3'%'C !1[ !e#&/2'C !^[ !P[!
J0G#&#&OOOC ! %)* ! <[ ! M[ ! J$#%&[ ! e%&*H%&# ! ,00#7#&%'/2) ! 2K ! J2K'H%&# ! F&%)3%0'/2)%7 ! <#(2&9[!
^2&=3G2$!2)!k%);.%;#3C!12($/7#&3C!%)*!e%&*H%&#!J.$$2&'!K2&!F&%)3%0'/2)%7!12($.'/);C!ADDB[
aQUb !L[ !J$#/;G'C !e[ !JG%K/C !k[ !mG%);C ! %)* !N[ !N%\%(2)9[ !,*%$'/5# !<#0G%)/3(3 !%)* !627/0/#3 ! K2&!
<%)%;/);!1%0G#!e/#&%&0G/#3!/)!1G/$!<.7'/$&20#332&3[!O)'#&)%'/2)%7!J9($23/.(!2)!12($.'#&!
,&0G/'#0'.&#C!ADDV[
aQAb!N[!J.I&%(%)/%)C!q[!J(%&%;*%=/3C!%)*!:[!e[!k2G[!,*%$'/5#!1%0G#3d!LKK#0'/5#!JG%$/);!2K!1%0G#!
c#G%5/2&!'2!^2&=72%*3[!O)'#&)%'/2)%7!J9($23/.(!2)!</0&2%&0G/'#0'.&#C!ADDB[
aQSb!@[!p#&%C!M[@[!1%>2&7%C !,[!6%\.#72C!W[@[!J%)'%)%C!L[!M#&)%)*#>!%)*!<[!p%7#&2[!<#%3.&/);!'G#!
6#&K2&(%)0#!2K!<.7'/'G&#%*#*!6&20#332&3[!J6L1!c#)0G(%&=!^2&=3G2$C!ADDT[
aQQb!,<"BQ!,&0G/'#0'.&#!6&2;&%((#&x3!<%).%7C!p27.(#!Ad!J93'#(!6&2;&%((/);[!,*5%)0#*!</0&2!
"#5/0#3C!J#$'#(I#&!ADDT[
,$$#)*/Y!,[!O)3'&.0'/2)3!$#&!0907#!.7'3 BS
!$$(/"&>)!@)=/7%.4+%&2/7)$(.)+6+;(
12345$ 12345! 12345' 12345*
$
$I$%
$I!
$I!%
$I'
$I'%
K9D
;39P/74
QE/34F
K9D
-?@F/E0
12345$ 12345! 12345' 12345*
$
$I!
$I'
$I*
$I+
$I%
$I,
$I#
$I&
$I"
!
B?@39F
;39P/74
QE/34F
K9D
-?@F/E0
12345$ 12345! 12345' 12345*
$
$I!
$I'
$I*
$I+
$I%
$I,
$I#
$I&
$I"
!
U2T
;39P/74
QE/34F
K9D
-?@F/E0
12345$ 12345! 12345' 12345*
$
$I!
$I'
$I*
$I+
$I%
$I,
$I#
$I&
>4F9.:
;39P/74
QE/34F
K9D
-?@F/E0
BQ ,$$#)*/Y!,[!O)3'&.0'/2)3!$#&!0907#!.7'3
12345$ 12345! 12345' 12345* 12345+ 12345% 12345, 12345#
$
$I!
$I'
$I*
$I+
$I%
$I,
K9D
;39P/74
QE/34F
K9D
-?@F/E0
12345$ 12345! 12345' 12345* 12345+ 12345% 12345, 12345#
$
$I!
$I'
$I*
$I+
$I%
$I,
$I#
$I&
$I"
!
B?@39F
;39P/74
QE/34F
K9D
-?@F/E0
12345$ 12345! 12345' 12345* 12345+ 12345% 12345, 12345#
$
$I!
$I'
$I*
$I+
$I%
$I,
$I#
$I&
$I"
!
U2T
;39P/74
QE/34F
K9D
-?@F/E0
12345$ 12345! 12345' 12345* 12345+ 12345% 12345, 12345#
$
$I!
$I'
$I*
$I+
$I%
$I,
$I#
$I&
$I"
>4F9.:
;39P/74
QE/34F
K9D
-?@F/E0
,$$#)*/Y!,[!O)3'&.0'/2)3!$#&!0907#!.7'3 BV
12345$ 12345! 12345' 12345* 12345+ 12345% 12345, 12345# 12345& 12345" 12345!$ 12345!! 12345!' 12345!* 12345!+ 12345!%
$
$I!
$I'
$I*
$I+
$I%
$I,
$I#
$I&
K9D
;39P/74
QE/34F
K9D
-?@F/E0
12345$ 12345! 12345' 12345* 12345+ 12345% 12345, 12345# 12345& 12345" 12345!$ 12345!! 12345!' 12345!* 12345!+ 12345!%
$
$I!
$I'
$I*
$I+
$I%
$I,
$I#
$I&
$I"
!
B?@39F
;39P/74
QE/34F
K9D
-?@F/E0
12345$ 12345! 12345' 12345* 12345+ 12345% 12345, 12345# 12345& 12345" 12345!$ 12345!! 12345!' 12345!* 12345!+ 12345!%
$
$I!
$I'
$I*
$I+
$I%
$I,
$I#
$I&
$I"
!
U2T
;39P/74
QE/34F
K9D
-?@F/E0
12345$ 12345! 12345' 12345* 12345+ 12345% 12345, 12345# 12345& 12345" 12345!$ 12345!! 12345!' 12345!* 12345!+ 12345!%
$
$I!
$I'
$I*
$I+
$I%
$I,
B.D4
;39P/74
QE/34F
K9D
-?@F/E0