cco proxy 2008 camera ready - clear channel outdoor americas · &[$#1)’ &[$#1)’! ! ! !...
TRANSCRIPT
!
!!
"#$%&!"'%(($#!)*+,--&!.-#,/(012!3(45!
65)5!7-8!9:;:<=!>%(!?(+-(/-2!@$8%1!AB=9:C;:<=!
!"#$%&'"(')!!*)+',&&#$!-'"('.#"%/0"+1&2.'
@-!7$!.$#,!?D&/#!EF2!=FFB!
?1!%!1+-4G'-#,$&!-H!"#$%&!"'%(($#!)*+,--&!.-#,/(012!3(452!I-*!%&$!'$&$JI!0/K$(!(-+/4$!-H!%(,!/(K/+$,!+-!%++$(,2!/(!D$&1-(!-&!JI!D&-8I2!+'$!?((*%#!L$$+/(0!-H!1+-4G'-#,$&1!-H!"#$%&!"'%(($#!)*+,--&!.-#,/(012!3(45!+-!J$!'$#,!%+!+'$!4-&D-&%+$!-HH/4$1!-H!"#$%&!"'%(($#!)*+,--&!.-#,/(012!3(452!#-4%+$,!%+!=FF!M5!7%11$!N-%,2!>%(!?(+-(/-2!@$8%1!AB=F;2!-(!?D&/#!EF2!=FFB2!%+!BOFF!%5P5!#-4%#!+/P$2!H-&!+'$!H-##-Q/(0!D*&D-1$1O!
! <5! +-!$#$4+!+Q-!,/&$4+-&1!+-!1$&K$!H-&!%!+'&$$!I$%&!+$&PR!
! =5! +-!+&%(1%4+!%(I!-+'$&!J*1/($11!Q'/4'!P%I!D&-D$&#I!4-P$!J$H-&$!+'$!P$$+/(0!-&!%(I!%,S-*&(P$(+!+'$&$-H5!!
)(#I!1+-4G'-#,$&1!-H!&$4-&,!%+!+'$!4#-1$!-H!J*1/($11!-(!L%&4'!<T2!=FFB!%&$!$(+/+#$,!+-!(-+/4$!-H!%(,!+-!K-+$!%+!+'$!P$$+/(05!
!#34'5678467'9:;<==<4>'7<5?@7='9A@'<>5B6:@:'4>'7C@'D95?'54E@A'4F'7C<=':456;@>7'9>:'9A@'A@G6<A@:'F4A'
9:;<==<4>'74'7C@';@@7<>HI''JB@9=@'54>7957'%B@9A'%C9>>@B'"67:44AK='.@5A@79AL'97'%B@9A'%C9>>@B'"67:44AK='
54AM4A97@'C@9:G69A7@A='<F'L46'>@@:'9::<7<4>9B'7<5?@7=I''$F'L46'MB9>'74'977@>:'7C@'9>>69B';@@7<>HN'MB@9=@'>47@'
7C97'=M95@'B<;<797<4>=';9?@'<7'>@5@==9AL'74'B<;<7'977@>:9>5@'74'=745?C4B:@A='9>:'4>@'H6@=7I''):;<==<4>'74'7C@'
9>>69B';@@7<>H'3<BB'D@'4>'9'F<A=7854;@N'F<A=78=@AE@:'D9=<=I''2@H<=7A97<4>'9>:'=@97<>H'3<BB'D@H<>'97'OPQR'9I;I''
&95C'=745?C4B:@A';9L'D@'9=?@:'74'MA@=@>7'E9B<:'M<576A@'<:@>7<F<597<4>N'=65C'9='9':A<E@AK='B<5@>=@'4A'M9==M4A7I''
.745?C4B:@A='C4B:<>H'=745?'<>'DA4?@A9H@'95546>7='ST=7A@@7'>9;@U'C4B:@A=V'3<BB'>@@:'74'DA<>H'9'54ML'4F'9'
DA4?@A9H@'=797@;@>7'A@FB@57<>H'=745?'43>@A=C<M'9='4F'7C@'A@54A:':97@I''%9;@A9='S<>5B6:<>H'5@BB6B9A'7@B@MC4>@='
3<7C'MC474HA9MC<5'59M9D<B<7<@=VN'A@54A:<>H':@E<5@='9>:'47C@A'@B@57A4><5':@E<5@='3<BB'>47'D@'M@A;<77@:'97'7C@'
9>>69B';@@7<>HI''#C@'9>>69B';@@7<>H'3<BB'D@H<>'MA4;M7BL'97'WPRR'9I;I'B459B'7<;@I'
!U-*&!%++$(+/-(!/1!,/&$4+$,!+-!+'$!%44-PD%(I/(0!D&-8I!1+%+$P$(+5!3(!%,,/+/-(2!%#+'-*0'!P$&$!%++$(,%(4$!%+!
+'$!P$$+/(0!Q/##!(-+!&$K-G$!I-*&!D&-8I2!/H!I-*!%++$(,!+'$!P$$+/(0!I-*!P%I!&$K-G$!I-*&!D&-8I!%(,!K-+$!/(!D$&1-(5!@-!%11*&$!+'%+!I-*&!1'%&$1!%&$!&$D&$1$(+$,!%+!+'$!P$$+/(02!D#$%1$!4-PD#$+$2!,%+$2!1/0(!%(,!P%/#!+'$!$(4#-1$,!D&-8I!4%&,!/(!+'$!&$+*&(!$(K$#-D$!D&-K/,$,!H-&!+'%+!D*&D-1$5!!
7I!)&,$&!-H!+'$!7-%&,!-H!V/&$4+-&1!!!!?(,&$Q!W5!X$K/(!M8$4*+/K$!Y/4$!6&$1/,$(+2!"'/$H!X$0%#!)HH/4$&!%(,!>$4&$+%&I!
>%(!?(+-(/-2!@$8%1!?D&/#!A2!=FFB!
!
XRRW')!!*)+',&&#$!-'"('.#"%/0"+1&2.'
!"#$%&'"(')!!*)+',&&#$!-')!1'J2"YZ'.#)#&,&!#'
#)[+&'"('%"!#&!#.'
'\*&.#$"!.')!1')!.]&2.')["*#'#0&'J2"YZ',)#&2$)+.')!1'#0&')!!*)+',&&#$!-!5555!<'#0&'[")21'"('1$2&%#"2.!5555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!E!
"-PD-1/+/-(!-H!+'$!7-%&,!)H!V/&$4+-&1!!5555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!E!7-%&,!L$$+/(01!55555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!T!>+-4G'-#,$&!L$$+/(0!?++$(,%(4$!55555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!T!3(,$D$(,$(4$!-H!V/&$4+-&1!5555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!T!"-PP/++$$1!-H!+'$!7-%&,!555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!9!V/&$4+-&!Z-P/(%+/(0!6&-4$,*&$1!555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!A!>+-4G'-#,$&!%(,!3(+$&$1+$,!6%&+I!"-PP*(/4%+/-(!Q/+'!+'$!7-%&,!555555555555555555555555555555555555555555555555555555555555555555555!A!
J2"J".)+'^P'&+&%#$"!'"('1$2&%#"2.!5555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!A'Z-P/($$1!H-&!V/&$4+-&!H-&!@$&P1!M8D/&/(0!=F<<!55555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!B!V/&$4+-&1!W'-1$!@$&P1!Q/##!M8D/&$!/(!=FF;!555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!B!V/&$4+-&1!W'-1$!@$&P1!Q/##!M8D/&$!/(!=F<F!555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!B!
%"1&'"('[*.$!&..'%"!1*%#')!1'�$%.!5555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!;!.&%*2$#Z'"]!&2.0$J'"('%&2#)$!'[&!&($%$)+'"]!&2.')!1',)!)-&,&!#)!1'
2&+)#&1'.#"%/0"+1&2',)##&2.!5555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!;!M[*/+I!"-PD$(1%+/-(!6#%(1!555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!<F!
%",J&!.)#$"!'%",,$##&&'2&J"2#!5555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!<<'&Y&%*#$_&'%",J&!.)#$"!'1$.%*..$"!')!1')!)+Z.$.!5555555555555555555555555555555555555555555555555555555555555555!<<'
)K$&K/$Q!%(,!)JS$4+/K$1!-H!-*&!"-PD$(1%+/-(!6&-0&%P!55555555555555555555555555555555555555555555555555555555555555555555555555555555!<<!"-PD$(1%+/-(!6&%4+/4$1!555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!<=!M#$P$(+1!-H!"-PD$(1%+/-(!5555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!<E!N-#$1!%(,!N$1D-(1/J/#/+/$1!55555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!=F!>*PP%&I!"-PD$(1%+/-(!5555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!=<!\&%(+1!-H!6#%(C7%1$,!?Q%&,1!555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!==!)*+1+%(,/(0!M[*/+I!?Q%&,1!%+!]/14%#!U$%&!M(,!55555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!=E!)D+/-(!M8$&4/1$1!%(,!>+-4G!Y$1+$,!555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!=T!6$(1/-(!7$($H/+1!55555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!=T!V/&$4+-&!"-PD$(1%+/-(!5555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!=:!6-+$(+/%#!6-1+CMPD#-IP$(+!6%IP$(+1!55555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!=:!
.&%#$"!'^`S)V'[&!&($%$)+'"]!&2.0$J'2&J"2#$!-'%",J+$)!%&!55555555555555555555555555555555555555555555!=9!%",J&!.)#$"!'%",,$##&&'$!#&2+"%/.')!1'$!.$1&2'J)2#$%$J)#$"!!555555555555555555555555555555!=A'#2)!.)%#$"!.']$#0'2&+)#&1'J&2."!.!5555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!=A!)*1$#'%",,$##&&'2&J"2#!555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!ET')*1$#"2'(&&.!555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!E9!.#"%/0"+1&2'J2"J".)+.'("2'#0&'XRRa')!!*)+',&&#$!-!5555555555555555555555555555555555555555555555555555555!EA!)1_)!%&'!"#$%&'J2"%&1*2&.!5555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!EA!"#0&2',)##&2.!5555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!EA!!Z.&',)##&2.!55555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!EA!-&!&2)+!5555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555555!EA!)JJ&!1$Y')'b'($!)!%$)+'.#)#&,&!#.N'(""#!"#&.')!1'"#0&2'1)#)!55555555555555555555555555555555!?C<!!
<!!
J2"YZ'.#)#&,&!#'
@'/1!D&-8I!1+%+$P$(+!4-(+%/(1!/(H-&P%+/-(!&$#%+$,!+-!+'$!%((*%#!P$$+/(0!-H!1+-4G'-#,$&1!-H!"#$%&!"'%(($#!)*+,--&!.-#,/(012!3(45!^&$H$&&$,!+-!'$&$/(!%1!_"#$%&!"'%(($#!)*+,--&2`!_"-PD%(I2`!_Q$2`!_-*&`!-&!_*1`a!+-!J$!'$#,!-(!W$,($1,%I2!?D&/#!EF2!=FFB2!J$0/((/(0!%+!BOFF!%5P5!#-4%#!+/P$2!%+!+'$!4-&D-&%+$!-HH/4$1!-H!"#$%&!"'%(($#!)*+,--&!.-#,/(012!3(452!#-4%+$,!%+!=FF!M5!7%11$!N-%,2!>%(!?(+-(/-2!@$8%1!!AB=F;2!%(,!%+!%(I!D-1+D-($P$(+1!-&!%,S-*&(P$(+1!+'$&$-H5!@'/1!D&-8I!1+%+$P$(+!/1!J$/(0!P%/#$,!+-!1+-4G'-#,$&1!-(!-&!%J-*+!?D&/#!;2!=FFB5!
!!
\*&.#$"!.')!1')!.]&2.')["*#'#0&'J2"YZ',)#&2$)+.')!1'
#0&')!!*)+',&&#$!-'
\P' ]CL'9;'$'A@5@<E<>H'7C@=@';97@A<9B=c'
?O! "#$%&!"'%(($#!)*+,--&b1!7-%&,!-H!V/&$4+-&1!^+'$!_7-%&,`a!/1!D&-K/,/(0!+'$1$!D&-8I!P%+$&/%#1!+-!I-*!/(!4-(($4+/-(!Q/+'!"#$%&!"'%(($#!)*+,--&b1!%((*%#!P$$+/(0!-H!1+-4G'-#,$&1!^+'$!_%((*%#!P$$+/(0`a2!Q'/4'!Q/##!+%G$!D#%4$!-(!?D&/#!EF2!=FFB5!@'$!7-%&,!/1!1-#/4/+/(0!D&-8/$1!+-!J$!*1$,!%+!+'$!%((*%#!P$$+/(05!!U-*!%&$!%#1-!/(K/+$,!+-!%++$(,!+'$!%((*%#!P$$+/(0!%(,!%&$!&$[*$1+$,!+-!K-+$!-(!+'$!D&-D-1%#1!,$14&/J$,!/(!+'/1!D&-8I!1+%+$P$(+5!!
!\P'' ]C97'<>F4A;97<4>'<='54>79<>@:'<>'7C@=@';97@A<9B=c'
?O!! @'$!/(H-&P%+/-(!/(4#*,$,!/(!+'/1!D&-8I!1+%+$P$(+!&$#%+$1!+-!+'$!D&-D-1%#1!+-!J$!K-+$,!-(!%+!+'$!%((*%#!P$$+/(02!+'$!K-+/(0!D&-4$112!+'$!4-PD$(1%+/-(!-H!-*&!,/&$4+-&1!%(,!-*&!P-1+!'/0'#I!D%/,!$8$4*+/K$!-HH/4$&12!%(,!4$&+%/(!-+'$&!&$[*/&$,!/(H-&P%+/-(5!!]-##-Q/(0!+'/1!D&-8I!1+%+$P$(+!%&$!$84$&D+1!H&-P!"#$%&!"'%(($#!)*+,--&b1!=FFA!?((*%#!N$D-&+!-(!]-&P!<FCc!/(4#*,/(0!"-(1-#/,%+$,!]/(%(4/%#!>+%+$P$(+12!Z-+$1!+-!+'$!"-(1-#/,%+$,!]/(%(4/%#!>+%+$P$(+12!%(,!L%(%0$P$(+b1!V/14*11/-(!%(,!?(%#I1/15!!?!D&-8I!4%&,!%(,!%!&$+*&(!$(K$#-D$!%&$!%#1-!$(4#-1$,5!
!\P'' ]C97'MA4M4=9B='3<BB'D@'E47@:'4>'97'7C@'9>>69B';@@7<>Hc'
?O!! @'$&$!/1!-($!D&-D-1%#!14'$,*#$,!+-!J$!K-+$,!-(!%+!+'$!%((*%#!P$$+/(0!Q'/4'!/1!+'$!$#$4+/-(!-H!,/&$4+-&15!!\P' ]C<5C'4F';L'=C9A@=';9L'$'E47@c'
?O! ?##!1'%&$1!-H!"#%11!?!4-PP-(!1+-4G!-Q($,!JI!I-*!%1!-H!+'$!4#-1$!-H!J*1/($11!-(!L%&4'!<T2!=FFB!^+'$!_N$4-&,!V%+$`a!P%I!J$!K-+$,!JI!I-*5!@'$1$!1'%&$1!/(4#*,$!1'%&$1!+'%+!%&$O!^<a!'$#,!,/&$4+#I!/(!I-*&!(%P$!%1!+'$!1+-4G'-#,$&!-H!&$4-&,2!%(,!^=a!'$#,!H-&!I-*!%1!+'$!J$($H/4/%#!-Q($&!+'&-*0'!%!1+-4GJ&-G$&2!J%(G!-&!-+'$&!(-P/($$5!!M%4'!-H!I-*&!1'%&$1!/1!$(+/+#$,!+-!-($!K-+$!%+!+'$!%((*%#!P$$+/(05!
'
\P'' ]C97'<='7C@':<FF@A@>5@'D@73@@>'C4B:<>H'=C9A@='9='9'=745?C4B:@A'4F'A@54A:'9>:'9='9'D@>@F<5<9B'43>@Ac'
?O!! L-1+!1+-4G'-#,$&1!-H!"#$%&!"'%(($#!)*+,--&!'-#,!+'$/&!1'%&$1!+'&-*0'!%!1+-4GJ&-G$&2!J%(G!-&!-+'$&!(-P/($$!&%+'$&!+'%(!,/&$4+#I!/(!+'$/&!-Q(!(%P$5!?1!1*PP%&/d$,!J$#-Q2!+'$&$!%&$!1-P$!,/1+/(4+/-(1!J$+Q$$(!1'%&$1!'$#,!-H!&$4-&,!%(,!+'-1$!-Q($,!J$($H/4/%##I5!
!>@)"c.)XVMN>!)]!NM")NVO!3H!I-*&!1'%&$1!%&$!&$0/1+$&$,!,/&$4+#I!/(!I-*&!(%P$!Q/+'!"#$%&!"'%(($#!)*+,--&b1!+&%(1H$&!%0$(+2!@'$!7%(G!-H!Z$Q!U-&G2!I-*!%&$!4-(1/,$&$,2!Q/+'!&$1D$4+!+-!+'-1$!1'%&$12!+'$!1+-4G'-#,$&!-H!&$4-&,2!%(,!+'$1$!D&-8I!P%+$&/%#1!%&$!J$/(0!1$(+!,/&$4+#I!+-!I-*!JI!@'$!7%(G!-H!Z$Q!U-&G!-(!J$'%#H!-H!"#$%&!"'%(($#!)*+,--&5!?1!+'$!1+-4G'-#,$&!-H!&$4-&,2!I-*!'%K$!+'$!&/0'+!+-!0&%(+!I-*&!K-+/(0!D&-8I!,/&$4+#I!+-!"#$%&!"'%(($#!)*+,--&!-&!+-!K-+$!/(!D$&1-(!%+!+'$!%((*%#!P$$+/(05!"#$%&!"'%(($#!)*+,--&!'%1!$(4#-1$,!%!D&-8I!4%&,!H-&!I-*!+-!*1$5!!7MZM]3"3?X!)WZMNO!3H!I-*&!1'%&$1!%&$!'$#,!/(!%!1+-4G!J&-G$&%0$!%44-*(+!-&!JI!%!J%(G!-&!-+'$&!(-P/($$2!I-*!%&$!4-(1/,$&$,!+'$!J$($H/4/%#!-Q($&!-H!1'%&$1!'$#,!/(!1+&$$+!(%P$2!%(,!+'$1$!D&-8I!P%+$&/%#1!%&$!J$/(0!H-&Q%&,$,!+-!I-*!JI!I-*&!J&-G$&!-&!(-P/($$!Q'-!/1!4-(1/,$&$,2!Q/+'!&$1D$4+!+-!+'-1$!1'%&$12!+'$!1+-4G'-#,$&!-H!&$4-&,5!?1!+'$!J$($H/4/%#!-Q($&2!I-*!'%K$!+'$!&/0'+!+-!,/&$4+!I-*&!J&-G$&!-(!'-Q!+-!K-+$!%(,!
=!!
%&$!%#1-!/(K/+$,!+-!%++$(,!+'$!%((*%#!P$$+/(05!.-Q$K$&2!1/(4$!I-*!%&$!(-+!+'$!1+-4G'-#,$&!-H!&$4-&,2!I-*!P%I!(-+!K-+$!+'$1$!1'%&$1!/(!D$&1-(!%+!+'$!%((*%#!P$$+/(02!*(#$11!I-*!-J+%/(!%!1/0($,!D&-8I!H&-P!+'$!&$4-&,!'-#,$&!0/K/(0!I-*!+'$!&/0'+!+-!K-+$!+'$!1'%&$15!U-*&!J&-G$&!-&!(-P/($$!'%1!$(4#-1$,!%!K-+/(0!/(1+&*4+/-(!4%&,!H-&!I-*!+-!*1$!/(!,/&$4+/(0!+'$!J&-G$&!-&!(-P/($$!&$0%&,/(0!'-Q!+-!K-+$!I-*&!1'%&$15!!
!\P' $F';L'=C9A@='9A@'C@B:'<>'T=7A@@7'>9;@U'DL';L'DA4?@AN'3<BB';L'DA4?@A'E47@';L'=C9A@='F4A';@c'
?O! e(,$&!Z$Q!U-&G!>+-4G!M84'%(0$!̂ _ZU>M`a!&*#$12!J&-G$&1!Q/##!'%K$!,/14&$+/-(!+-!K-+$!+'$!1'%&$1!-H!4*1+-P$&1!Q'-!H%/#!+-!D&-K/,$!K-+/(0!/(1+&*4+/-(1!-(!_&-*+/($!P%++$&12`!J*+!J&-G$&1!P%I!(-+!K-+$!1*4'!1'%&$1!-(!_(-(C&-*+/($!P%++$&1`!Q/+'-*+!K-+/(0!/(1+&*4+/-(15!!@'$!$#$4+/-(!-H!,/&$4+-&1!/1!%!&-*+/($!P%++$&5!!U-*&!J&-G$&!Q/##!1$(,!I-*!,/&$4+/-(1!-(!'-Q!I-*!4%(!/(1+&*4+!I-*&!J&-G$&!+-!K-+$5!!!
!3H!I-*!,-!(-+!D&-K/,$!/(1+&*4+/-(1!+-!I-*&!J&-G$&!-(!'-Q!+-!K-+$!I-*&!1'%&$1!-(!&-*+/($!P%++$&12!+'$I!P%I!$/+'$&!K-+$!I-*&!1'%&$1!-(!+'$1$!P%++$&1!/(!+'$/&!,/14&$+/-(!-&!#$%K$!I-*&!1'%&$1!*(K-+$,5!
'
\P'' 043'59>'$'E47@';L'=C9A@='<>'M@A=4>'97'7C@'9>>69B';@@7<>Hc'
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`!P%I!J$!K-+$,!/(!D$&1-(!JI!I-*!%+!+'$!%((*%#!P$$+/(0!-(#I!/H!I-*!-J+%/(!%!1/0($,!D&-8I!H&-P!+'$!&$4-&,!'-#,$&!0/K/(0!I-*!+'$!&/0'+!+-!K-+$!+'$!1'%&$15!Z46A'E47@'<='<;M4A79>7I'')554A:<>HBLN'L46'9A@'6AH@:'74'=<H>'9>:'A@76A>'7C@'9554;M9>L<>H'MA4dL'59A:'3C@7C@A'4A'>47'L46'MB9>'74'977@>:'7C@'9>>69B';@@7<>HI!
!$F'L46'MB9>'74'977@>:'7C@'9>>69B';@@7<>HN'MB@9=@'>47@'7C97'=M95@'B<;<797<4>=';9?@'<7'>@5@==9AL'74'B<;<7'
977@>:9>5@'74'=745?C4B:@A='9>:'4>@'H6@=7I''):;<==<4>'74'7C@'9>>69B';@@7<>H'3<BB'D@'4>'9'F<A=7854;@N'
F<A=78=@AE@:'D9=<=I''2@H<=7A97<4>'9>:'=@97<>H'3<BB'D@H<>'97'OPQR'9I;I'B459B'7<;@I''&95C'=745?C4B:@A';9L'
D@'9=?@:'74'MA@=@>7'E9B<:'M<576A@'<:@>7<F<597<4>N'=65C'9='9':A<E@AK='B<5@>=@'4A'M9==M4A7I''.745?C4B:@A='
C4B:<>H'=745?'<>'DA4?@A9H@'95546>7='ST=7A@@7'>9;@U'C4B:@A=V'3<BB'>@@:'74'DA<>H'9'54ML'4F'9'DA4?@A9H@'
=797@;@>7'A@FB@57<>H'=745?'43>@A=C<M'9='4F'7C@'A@54A:':97@I''%9;@A9='S<>5B6:<>H'5@BB6B9A'7@B@MC4>@='
3<7C'MC474HA9MC<5'59M9D<B<7<@=VN'A@54A:<>H':@E<5@='9>:'47C@A'@B@57A4><5':@E<5@='3<BB'>47'D@'M@A;<77@:'
97'7C@'9>>69B';@@7<>HI'
!\P'' 043'59>'$'E47@';L'=C9A@='3<7C467'977@>:<>H'7C@'9>>69B';@@7<>Hc'
?O!! W'$+'$&!I-*!'-#,!1'%&$1!,/&$4+#I!%1!+'$!1+-4G'-#,$&!-H!&$4-&,!-&!J$($H/4/%##I!/(!_1+&$$+!(%P$2`!Q'$(!I-*!&$+*&(!I-*&!D&-8I!4%&,!-&!K-+/(0!/(1+&*4+/-(1!%44-PD%(I/(0!+'/1!D&-8I!1+%+$P$(+2!D&-D$&#I!1/0($,2!+'$!1'%&$1!&$D&$1$(+$,!Q/##!J$!K-+$,!/(!%44-&,%(4$!Q/+'!I-*&!,/&$4+/-(15!U-*!4%(!1D$4/HI!I-*&!4'-/4$1!JI!P%&G/(0!+'$!%DD&-D&/%+$!J-8$1!-(!+'$!$(4#-1$,!D&-8I!4%&,5!!
'
\P' ,9L'$'5C9>H@';L'E47@c'
?O! 3H!I-*!%&$!%!1+-4G'-#,$&!-H!&$4-&,2!I-*!P%I!4'%(0$!I-*&!K-+$!-&!&$K-G$!I-*&!D&-8I!%+!%(I!+/P$!J$H-&$!I-*&!1'%&$1!%&$!K-+$,!%+!+'$!%((*%#!P$$+/(0!JI!1$(,/(0!+'$!>$4&$+%&I!-H!"#$%&!"'%(($#!)*+,--&!%!D&-8I!4%&,!,%+$,!#%+$&!+'%(!I-*&!#%1+!1*JP/++$,!D&-8I!4%&,2!(-+/HI/(0!+'$!>$4&$+%&I!-H!"#$%&!"'%(($#!)*+,--&!/(!Q&/+/(02!-&!K-+/(0!%+!+'$!%((*%#!P$$+/(05!
'
\' ]C97'<F'$'A@76A>';L'MA4dL'59A:'3<7C467'=M@5<FL<>H';L'E47<>H'5C4<5@=c'
?O! 3H!I-*&!D&-8I!4%&,!/1!1/0($,!%(,!&$+*&($,!Q/+'-*+!1D$4/HI/(0!4'-/4$12!+'$!1'%&$1!Q/##!J$!K-+$,!%1!&$4-PP$(,$,!JI!+'$!7-%&,5!!
'
E!!
\P'' ]C97':4@='<7';@9>'<F'$'A@5@<E@';4A@'7C9>'4>@'MA4dL'4A'E47<>H'<>=7A657<4>'59A:c'
?O!! 3+!P$%(1!I-*&!1'%&$1!%&$!&$0/1+$&$,!,/HH$&$(+#I!-&!%&$!/(!P-&$!+'%(!-($!%44-*(+5!6#$%1$!D&-K/,$!K-+/(0!/(1+&*4+/-(1!H-&!%##!D&-8I!%(,!K-+/(0!/(1+&*4+/-(!4%&,1!I-*!&$4$/K$5!
'
\P' ]C97'54>=7<767@='9'G64A6;c'
?O! @'$!'-#,$&1!-H!%!P%S-&/+I!-H!+'$!+-+%#!K-+/(0!D-Q$&!-H!+'$!"-PD%(Ib1!"#%11!?!%(,!"#%11!7!4-PP-(!1+-4G!$(+/+#$,!+-!K-+$!%(,!&$D&$1$(+$,!/(!D$&1-(!-&!JI!D&-8I!Q/##!4-(1+/+*+$!%![*-&*P!%+!+'$!%((*%#!P$$+/(05!!7&-G$&!(-(CK-+$1!^%1!H*&+'$&!,$14&/J$,!J$#-Qa!%(,!%J1+$(+/-(1!%&$!J-+'!4-*(+$,!+-Q%&,!%![*-&*P5!!!
!' e(,$&!ZU>M!&*#$12!+'$!D&-D-1%#!+-!$#$4+!,/&$4+-&1!/1!4-(1/,$&$,!%!_&-*+/($!P%++$&5`!!@'/1!P$%(1!+'%+!
J&-G$&%0$!H/&P1!P%I!K-+$!/(!+'$/&!,/14&$+/-(!-(!+'$1$!P%++$&1!-(!J$'%#H!-H!4#/$(+1!Q'-!'%K$!(-+!+/P$#I!H*&(/1'$,!K-+/(0!/(1+&*4+/-(15'
'
\P'' ]C97'9A@'%B@9A'%C9>>@B'"67:44AK='E47<>H'A@54;;@>:97<4>=c'
?O!! @'$!7-%&,!&$4-PP$(,1!+'%+!I-*!K-+$!I-*&!1'%&$1!_])N`!$%4'!-H!+'$!(-P/($$1!+-!+'$!7-%&,5!'
\P'' ]C@A@'59>'$'F<>:'7C@'E47<>H'A@=6B7='4F'7C@'9>>69B';@@7<>Hc'
?O!! "#$%&!"'%(($#!)*+,--&!Q/##!%((-*(4$!D&$#/P/(%&I!K-+/(0!&$1*#+1!%+!+'$!%((*%#!P$$+/(0!%(,!D*J#/1'!H/(%#!&$1*#+1!/(!"#$%&!"'%(($#!)*+,--&b1![*%&+$&#I!&$D-&+!-(!]-&P!<FCf!H-&!+'$!1$4-(,![*%&+$&!-H!=FFB2!Q'/4'!Q/##!J$!H/#$,!Q/+'!+'$!>$4*&/+/$1!%(,!M84'%(0$!"-PP/11/-(!^+'$!_>M"`a!JI!?*0*1+!<<2!=FFB5!
!!
#0&'[")21'"('1$2&%#"2.'
@'$!7-%&,!/1!&$1D-(1/J#$!H-&!+'$!P%(%0$P$(+!%(,!,/&$4+/-(!-H!"#$%&!"'%(($#!)*+,--&!%(,!H-&!$1+%J#/1'/(0!J&-%,!4-&D-&%+$!D-#/4/$15!!.-Q$K$&2!/(!%44-&,%(4$!Q/+'!4-&D-&%+$!#$0%#!D&/(4/D#$12!/+!/1!(-+!/(K-#K$,!/(!,%IC+-C,%I!-D$&%+/(0!,$+%/#15!!L$PJ$&1!-H!+'$!7-%&,!%&$!G$D+!/(H-&P$,!-H!"#$%&!"'%(($#!)*+,--&b1!J*1/($11!+'&-*0'!,/14*11/-(1!Q/+'!+'$!"'/$H!M8$4*+/K$!)HH/4$&2!"'/$H!]/(%(4/%#!)HH/4$&2!6&$1/,$(+!%(,!"'/$H!)D$&%+/(0!)HH/4$&!%(,!-+'$&!$8$4*+/K$!-HH/4$&12!JI!&$K/$Q/(0!%(%#I1$1!%(,!&$D-&+1!1$(+!+-!+'$P2!%(,!JI!D%&+/4/D%+/(0!/(!7-%&,!%(,!4-PP/++$$!P$$+/(015!'
%",J".$#$"!'"('#0&'[")21'"('1$2&%#"2.'
)*&!,/&$4+-&1!%&$!,/K/,$,!/(+-!+'&$$!4#%11$1!1$&K/(0!1+%00$&$,!+'&$$CI$%&!+$&P15!!?+!$%4'!%((*%#!P$$+/(0!-H!-*&!1+-4G'-#,$&12!,/&$4+-&1!Q/##!J$!$#$4+$,!+-!1*44$$,!+'$!4#%11!-H!,/&$4+-&1!Q'-1$!+$&P1!'%K$!$8D/&$,5!!]-&!1-!#-(0!%1!"#$%&!"'%(($#!"-PP*(/4%+/-(12!3(45!/1!+'$!-Q($&!-H!1*4'!(*PJ$&!-H!1'%&$1!&$D&$1$(+/(0!P-&$!+'%(!:Fg!-H!+'$!+-+%#!K-+/(0!D-Q$&!-H!-*&!4-PP-(!1+-4G2!/+!Q/##!'%K$!+'$!%J/#/+I!+-!,/&$4+!+'$!$#$4+/-(!-H!%##!+'$!P$PJ$&1!-H!-*&!7-%&,!-H!V/&$4+-&12!+'$!4-PD-1/+/-(!-H!-*&!7-%&,!"-PP/++$$!%(,!+'$!1/d$!-H!+'$!7-%&,5!!
!7$4%*1$!P-&$!+'%(!H/H+I!D$&4$(+!^:Fga!-H!+'$!K-+/(0!D-Q$&!-H!"#$%&!"'%(($#!)*+,--&!/1!4-(+&-##$,!JI!"#$%&!
"'%(($#!"-PP*(/4%+/-(12!3(452!"#$%&!"'%(($#!)*+,--&!'%1!$#$4+$,!+-!J$!+&$%+$,!%1!%!_4-(+&-##$,!4-PD%(I`!*(,$&!+'$!"-&D-&%+$!\-K$&(%(4$!X/1+/(0!>+%(,%&,1!-H!+'$!Z$Q!U-&G!>+-4G!M84'%(0$5!?44-&,/(0#I2!"#$%&!"'%(($#!)*+,--&!/1!$8$PD+!H&-P!+'$!D&-K/1/-(1!-H!+'$!"-&D-&%+$!\-K$&(%(4$!X/1+/(0!>+%(,%&,1!&$[*/&/(0O!^/a!+'%+!+'$!P%S-&/+I!-H!+'$!7-%&,!-H!V/&$4+-&1!4-(1/1+1!-H!/(,$D$(,$(+!,/&$4+-&12!^//a!+'%+!Q$!'%K$!%!Z-P/(%+/(0!%(,!\-K$&(%(4$!"-PP/++$$!%(,!+'%+!/+!J$!4-PD-1$,!$(+/&$#I!-H!/(,$D$(,$(+!,/&$4+-&1!Q/+'!%!Q&/++$(!4'%&+$&!%,,&$11/(0!+'$!"-PP/++$$b1!D*&D-1$!%(,!&$1D-(1/J/#/+/$12!^///a!+'%+!Q$!'%K$!%!"-PD$(1%+/-(!"-PP/++$$!4-PD-1$,!$(+/&$#I!-H!/(,$D$(,$(+!,/&$4+-&1!Q/+'!%!Q&/++$(!4'%&+$&!%,,&$11/(0!+'$!"-PP/++$$b1!D*&D-1$!%(,!&$1D-(1/J/#/+/$1!%(,!^/Ka!%(!%((*%#!D$&H-&P%(4$!$K%#*%+/-(!-H!+'$!"-PD$(1%+/-(!"-PP/++$$5!.-Q$K$&2!(-+Q/+'1+%(,/(0!+'/1!$8$PD+/-(2!%1!,$14&/J$,!P-&$!H*##I!J$#-Q2!4*&&$(+#I!%!P%S-&/+I!-H!+'$!7-%&,!-H!V/&$4+-&1!4-(1/1+1!-H!/(,$D$(,$(+!,/&$4+-&1!%(,!Q$!'%K$!%!"-PD$(1%+/-(!"-PP/++$$!4-PD-1$,!$(+/&$#I!-H!/(,$D$(,$(+!,/&$4+-&1!Q/+'!%!Q&/++$(!4'%&+$&!%,,&$11/(0!+'$!"-PP/++$$b1!D*&D-1$!%(,!&$1D-(1/J/#/+/$15!!
T!!
[")21',&&#$!-.'
@'$!7-%&,!'$#,!1/8!P$$+/(01!,*&/(0!=FFA5!M%4'!J-%&,!P$PJ$&!%++$(,$,!%+!#$%1+!A:g!-H!+'$!%00&$0%+$!-H!+'$!+-+%#!(*PJ$&!-H!P$$+/(01!-H!+'$!7-%&,!'$#,!,*&/(0!1*4'!,/&$4+-&b1!+$&P!%(,!%+!#$%1+!A:g!-H!+'$!+-+%#!(*PJ$&!-H!P$$+/(01!'$#,!JI!4-PP/++$$1!-H!+'$!7-%&,!-(!Q'/4'!+'%+!,/&$4+-&!1$&K$,5!!
!.#"%/0"+1&2',&&#$!-')##&!1)!%&'
"#$%&!"'%(($#!)*+,--&!$(4-*&%0$12!J*+!,-$1!(-+!&$[*/&$2!,/&$4+-&1!+-!%++$(,!+'$!%((*%#!P$$+/(01!-H!1+-4G'-#,$&15!!?##!-H!-*&!1$K$(!,/&$4+-&1!%++$(,$,!+'$!?((*%#!L$$+/(0!-H!>+-4G'-#,$&1!/(!=FFA5!!$!1&J&!1&!%&'"('1$2&%#"2.'
@'$!7-%&,!'%1!%,-D+$,!%!1$+!-H!"-&D-&%+$!\-K$&(%(4$!\*/,$#/($12!%,,&$11/(02!%P-(0!-+'$&!+'/(012!1+%(,%&,1!H-&!$K%#*%+/(0!+'$!/(,$D$(,$(4$!-H!"#$%&!"'%(($#!)*+,--&b1!,/&$4+-&15!@'$!H*##!+$8+!-H!+'$!0*/,$#/($1!4%(!J$!H-*(,!-(!"#$%&!"'%(($#!)*+,--&b1!3(+$&($+!Q$J1/+$!%+!!!!"#$%&'#(&))%$*+,-**'"#*.5!?!4-DI!P%I!%#1-!J$!-J+%/($,!*D-(!&$[*$1+!H&-P!+'$!>$4&$+%&I!-H!"#$%&!"'%(($#!)*+,--&5!!@'$!7-%&,!'%1!%,-D+$,!+'$!H-##-Q/(0!1+%(,%&,1!H-&!,$+$&P/(/(0!+'$!/(,$D$(,$(4$!-H!/+1!P$PJ$&1O!!
<5! ?!,/&$4+-&!P*1+!(-+!J$2!-&!'%K$!J$$(!Q/+'/(!+'$!#%1+!+'&$$!I$%&12!%(!$PD#-I$$!-H!"#$%&!"'%(($#!)*+,--&5!!3(!%,,/+/-(2!%!,/&$4+-&b1!/PP$,/%+$!H%P/#I!P$PJ$&!^_/PP$,/%+$!H%P/#I!P$PJ$&`!/1!,$H/($,!+-!/(4#*,$!%!D$&1-(b1!1D-*1$2!D%&$(+12!4'/#,&$(2!1/J#/(012!P-+'$&!%(,!H%+'$&C/(C#%Q2!1-(1!%(,!,%*0'+$&1C/(C#%Q!%(,!%(I-($!^-+'$&!+'%(!,-P$1+/4!$PD#-I$$1a!Q'-!1'%&$1!1*4'!D$&1-(b1!'-P$a!P*1+!(-+!J$2!-&!'%K$!J$$(!Q/+'/(!+'$!#%1+!+'&$$!I$%&12!%(!$8$4*+/K$!-HH/4$&!-H!"#$%&!"'%(($#!)*+,--&5!
=5! ?!,/&$4+-&!-&!/PP$,/%+$!H%P/#I!P$PJ$&!P*1+!(-+!'%K$!&$4$/K$,2!,*&/(0!%(I!+Q$#K$!P-(+'!D$&/-,!Q/+'/(!+'$!#%1+!+'&$$!I$%&12!P-&$!+'%(!h<FF2FFF!D$&!I$%&!/(!,/&$4+!4-PD$(1%+/-(!H&-P!"#$%&!"'%(($#!)*+,--&2!-+'$&!+'%(!%1!,/&$4+-&!-&!4-PP/++$$!H$$1!%(,!D$(1/-(!-&!-+'$&!H-&P1!-H!,$H$&&$,!4-PD$(1%+/-(!H-&!D&/-&!1$&K/4$!^%(,!(-!1*4'!4-PD$(1%+/-(!P%I!J$!4-(+/(0$(+!/(!%(I!Q%I!-(!4-(+/(*$,!1$&K/4$a5!
E5! ?!,/&$4+-&!P*1+!(-+!J$!%!4*&&$(+!D%&+($&!-H!%!H/&P!+'%+!/1!"#$%&!"'%(($#!)*+,--&b1!/(+$&(%#!-&!$8+$&(%#!%*,/+-&!-&!%!4*&&$(+!$PD#-I$$!-H!1*4'!%!H/&P5!!3(!%,,/+/-(2!%!,/&$4+-&!P*1+!(-+!'%K$!%(!/PP$,/%+$!H%P/#I!P$PJ$&!Q'-!/1!%!4*&&$(+!$PD#-I$$!-H!1*4'!%!H/&P!%(,!Q'-!D%&+/4/D%+$1!/(!+'$!H/&Pb1!%*,/+2!%11*&%(4$!-&!+%8!4-PD#/%(4$!^J*+!(-+!+%8!D#%((/(0a!D&%4+/4$5!!]/(%##I2!%!,/&$4+-&!-&!/PP$,/%+$!H%P/#I!P$PJ$&!P*1+!(-+!'%K$!J$$(2!Q/+'/(!+'$!#%1+!+'&$$!I$%&12!%!D%&+($&!-&!$PD#-I$$!-H!1*4'!%!H/&P!%(,!D$&1-(%##I!Q-&G$,!-(!"#$%&!"'%(($#!)*+,--&b1!%*,/+!Q/+'/(!+'%+!+/P$5!
T5! ?!,/&$4+-&!-&!%(!/PP$,/%+$!H%P/#I!P$PJ$&!P*1+!(-+!J$2!-&!'%K$!J$$(!Q/+'/(!+'$!#%1+!+'&$$!I$%&12!$PD#-I$,!%1!%(!$8$4*+/K$!-HH/4$&!-H!%(-+'$&!4-PD%(I!Q'$&$!%(I!-H!"#$%&!"'%(($#!)*+,--&b1!D&$1$(+!$8$4*+/K$!-HH/4$&1!%+!+'$!1%P$!+/P$!1$&K$!-&!1$&K$,!-(!+'%+!4-PD%(Ib1!4-PD$(1%+/-(!4-PP/++$$5!
:5! ?!,/&$4+-&!P*1+!(-+!^%a!J$!%!4*&&$(+!$PD#-I$$2!%(,!(-!,/&$4+-&b1!/PP$,/%+$!H%P/#I!P$PJ$&!P%I!J$!%!4*&&$(+!$8$4*+/K$!-HH/4$&2!-H!%(I!4-PD%(I!+'%+!'%1!P%,$!D%IP$(+1!+-2!-&!&$4$/K$,!D%IP$(+1!H&-P2!"#$%&!"'%(($#!)*+,--&!^+-0$+'$&!Q/+'!/+1!4-(1-#/,%+$,!1*J1/,/%&/$1a!H-&!D&-D$&+I!-&!1$&K/4$1!/(!%(!%P-*(+!Q'/4'2!/(!%(I!-H!+'$!#%1+!+'&$$!H/14%#!I$%&12!$84$$,1!+'$!0&$%+$&!-H!h<!P/##/-(2!-&!=g!-H!1*4'!-+'$&!4-PD%(Ib1!4-(1-#/,%+$,!0&-11!&$K$(*$15!
95! ?!,/&$4+-&!P*1+!(-+!-Q(2!+-0$+'$&!Q/+'!-Q($&1'/D!/(+$&$1+1!-H!'/1!-&!'$&!H%P/#I2!+$(!D$&4$(+!^<Fga!-&!P-&$!-H!%(I!4-PD%(I!+'%+!'%1!P%,$!D%IP$(+1!+-2!-&!&$4$/K$,!D%IP$(+1!H&-P2!"#$%&!"'%(($#!)*+,--&!^+-0$+'$&!Q/+'!/+1!4-(1-#/,%+$,!1*J1/,/%&/$1a!H-&!D&-D$&+I!-&!1$&K/4$1!/(!%(!%P-*(+!Q'/4'2!/(!%(I!-H!+'$!#%1+!+'&$$!H/14%#!I$%&12!$84$$,1!+'$!0&$%+$&!-H!h<!P/##/-(2!-&!=g!-H!1*4'!-+'$&!4-PD%(Ib1!4-(1-#/,%+$,!0&-11!&$K$(*$15!
A5! ?!,/&$4+-&!-&!/PP$,/%+$!H%P/#I!P$PJ$&!P*1+!(-+!J$!-&!'%K$!J$$(!,*&/(0!+'$!#%1+!+'&$$!I$%&12!%!,/&$4+-&2!+&*1+$$!-&!-HH/4$&!-H!%!4'%&/+%J#$!-&0%(/d%+/-(!^-&!'-#,!%!1/P/#%&!D-1/+/-(a2!+-!Q'/4'!"#$%&!"'%(($#!)*+,--&!^+-0$+'$&!Q/+'!/+1!4-(1-#/,%+$,!1*J1/,/%&/$1a!P%G$1!4-(+&/J*+/-(1!/(!%(!%P-*(+!Q'/4'2!/(!%(I!-H!+'$!#%1+!+'&$$!H/14%#!I$%&12!$84$$,1!+'$!0&$%+$&!-H!h:F2FFF2!-&!:g!-H!1*4'!-&0%(/d%+/-(b1!4-(1-#/,%+$,!0&-11!&$K$(*$15!
!6*&1*%(+!+-!+'$!"-&D-&%+$!\-K$&(%(4$!\*/,$#/($12!+'$!7-%&,!*(,$&+--G!/+1!%((*%#!&$K/$Q!-H!,/&$4+-&!
/(,$D$(,$(4$!/(!]$J&*%&I!=FFB5!V*&/(0!+'/1!&$K/$Q2!+'$!7-%&,!4-(1/,$&$,!+&%(1%4+/-(1!%(,!&$#%+/-(1'/D1!,*&/(0!+'$!D&/-&!I$%&!J$+Q$$(!$%4'!,/&$4+-&!-&!%(I!P$PJ$&!-H!'/1!-&!'$&!/PP$,/%+$!H%P/#I!%(,!"#$%&!"'%(($#!)*+,--&!%(,!/+1!
:!!
1*J1/,/%&/$12!%HH/#/%+$1!%(,!/(K$1+-&12!/(4#*,/(0!+'-1$!&$D-&+$,!*(,$&!_@&%(1%4+/-(1!Q/+'!N$#%+$,!6$&1-(1`!J$#-Q5!@'$!7-%&,!%#1-!$8%P/($,!+&%(1%4+/-(1!%(,!&$#%+/-(1'/D1!J$+Q$$(!,/&$4+-&1!-&!+'$/&!%HH/#/%+$1!%(,!P$PJ$&1!-H!+'$!1$(/-&!P%(%0$P$(+!-&!+'$/&!%HH/#/%+$15!?1!D&-K/,$,!/(!+'$!"-&D-&%+$!\-K$&(%(4$!\*/,$#/($12!+'$!D*&D-1$!-H!+'/1!&$K/$Q!Q%1!+-!,$+$&P/($!Q'$+'$&!%(I!1*4'!&$#%+/-(1'/D1!-&!+&%(1%4+/-(1!Q$&$!/(4-(1/1+$(+!Q/+'!%!,$+$&P/(%+/-(!+'%+!+'$!,/&$4+-&!/1!/(,$D$(,$(+5!
!)*&!J-%&,!4*&&$(+#I!4-(1/1+1!-H!1$K$(!,/&$4+-&12!H-*&!-H!Q'-P!%&$!/(,$D$(,$(+!^%1!,$H/($,!JI!-*&!
\-K$&(%(4$!\*/,$#/($1!%(,!ZU>M!#/1+/(0!1+%(,%&,1a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b1!/(,$D$(,$(4$!&$[*/&$P$(+1!%(,!-*&!J-%&,b1!/(,$D$(,$(4$!0*/,$#/($15!
!?1!%!&$1*#+!-H!+'/1!&$K/$Q2!+'$!7-%&,!%HH/&P%+/K$#I!,$+$&P/($,!+'%+!W5!V-*0#%1!6%&G$&2!i%P$1!L5!N%/($12!
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`!-&!*(,$&!+'$!'$%,/(0!_@&%(1%4+/-(1!Q/+'!N$#%+$,!6$&1-(1`!H-*(,!-(!D%0$!=A-H!+'/1!,-4*P$(+2!/+!4-(4#*,$,!+'%+!(-($!-H!J*1/($11!-&!D$&1-(%#!&$#%+/-(1'/D1!/PD%/&$,!%(I!-H!+'$!%J-K$C(%P$,!7-%&,!P$PJ$&1b!/(,$D$(,$(4$5!
!@'$!&*#$1!-H!+'$!ZU>M!&$[*/&$!+'%+!(-(CP%(%0$P$(+!,/&$4+-&1!-H!%!#/1+$,!4-PD%(I!P$$+!D$&/-,/4%##I!/(!
$8$4*+/K$!1$11/-(15!!"#$%&!"'%(($#!)*+,--&b1!(-(CP%(%0$P$(+!,/&$4+-&1!'%K$!P$+!1$D%&%+$#I!/(!$8$4*+/K$!1$11/-(1!Q/+'-*+!P%(%0$P$(+!D&$1$(+5!
!@'$!7-%&,!'%1!4&$%+$,!+'$!-HH/4$!-H!6&$1/,/(0!V/&$4+-&!+-!1$&K$!%1!+'$!#$%,!(-(CP%(%0$P$(+!,/&$4+-&!-H!+'$!
7-%&,5!!@'$!7-%&,!'%1!$1+%J#/1'$,!+'%+!+'$!-HH/4$!-H!+'$!6&$1/,/(0!V/&$4+-&!1'%##!%+!%##!+/P$1!J$!'$#,!JI!%(!_/(,$D$(,$(+`!,/&$4+-&2!%1!+'%+!+$&P!/1!,$H/($,!H&-P!+/P$!+-!+/P$!JI!+'$!#/1+/(0!1+%(,%&,1!-H!+'$!ZU>M!%(,!%1!,$+$&P/($,!JI!+'$!7-%&,!/(!%44-&,%(4$!Q/+'!+'$!7-%&,b1!"-&D-&%+$!\-K$&(%(4$!\*/,$#/($15!!@'$!6&$1/,/(0!V/&$4+-&!'%1!+'$!D-Q$&!%(,!%*+'-&/+I!+-!,-!+'$!H-##-Q/(0O!
!! +-!D&$1/,$!%+!%##!P$$+/(01!-H!(-(CP%(%0$P$(+!,/&$4+-&1!Q'$(!+'$I!P$$+!/(!$8$4*+/K$!1$11/-(!Q/+'-*+!P%(%0$P$(+!D%&+/4/D%+/-(R!
!! +-!1$+!%0$(,%12!D&/-&/+/$1!%(,!D&-4$,*&$1!H-&!P$$+/(01!-H!(-(CP%(%0$P$(+!,/&$4+-&1!P$$+/(0!/(!$8$4*+/K$!1$11/-(!Q/+'-*+!P%(%0$P$(+!D%&+/4/D%+/-(R!
!! +-!0$($&%##I!%11/1+!+'$!"'%/&P%(!-H!+'$!7-%&,R!
!! +-!%,,!%0$(,%!/+$P1!+-!+'$!$1+%J#/1'$,!%0$(,%!H-&!P$$+/(01!-H!+'$!7-%&,R!
!! +-!&$[*$1+!%44$11!+-!"#$%&!"'%(($#!)*+,--&b1!P%(%0$P$(+2!$PD#-I$$1!%(,!/+1!/(,$D$(,$(+!%,K/1$&1!H-&!D*&D-1$1!-H!,/14'%&0/(0!'/1!-&!'$&!,*+/$1!%(,!&$1D-(1/J/#/+/$1!%1!%!,/&$4+-&R!%(,!
!! +-!&$+%/(!/(,$D$(,$(+!-*+1/,$!H/(%(4/%#2!#$0%#!-&!-+'$&!%,K/1-&1!%+!%(I!+/P$2!%+!+'$!$8D$(1$!-H!"#$%&!"'%(($#!)*+,--&2!-(!J$'%#H!-H!%(I!4-PP/++$$!-&!1*J4-PP/++$$!-H!+'$!7-%&,5!
!@'$!/(,$D$(,$(+!,/&$4+-&1!1'%##!$%4'!+%G$!+*&(1!1$&K/(0!%1!+'$!6&$1/,/(0!V/&$4+-&!-(!%!&-+%+/(0!J%1/12!$%4'!
1*4'!&-+%+/-(!+-!+%G$!D#%4$!$HH$4+/K$!+'$!H/&1+!,%I!-H!$%4'!4%#$(,%&
9!!
%",,$##&&.'"('#0&'[")21'
@'$!7-%&,!'%1!+Q-!4-PP/++$$1O!+'$!"-PD$(1%+/-(!"-PP/++$$!%(,!+'$!?*,/+!"-PP/++$$5!!@'$!"-PD$(1%+/-(!"-PP/++$$!'%1!$1+%J#/1'$,!%(!M8$4*+/K$!6$&H-&P%(4$!>*J4-PP/++$$5!!M%4'!4-PP/++$$!'%1!%!Q&/++$(!4'%&+$&!Q'/4'!0*/,$1!/+1!-D$&%+/-(15!!@'$!Q&/++$(!4'%&+$&1!%&$!%##!%K%/#%J#$!-(!"#$%&!"'%(($#!)*+,--&b1!3(+$&($+!Q$J1/+$!%+!!!!"#$%&'#(&))%$*+,-**'"#*.2!-&!%!4-DI!P%I!J$!-J+%/($,!*D-(!&$[*$1+!H&-P!+'$!>$4&$+%&I!-H!"#$%&!"'%(($#!)*+,--&5!!@'$!+%J#$!J$#-Q!1$+1!H-&+'!P$PJ$&1!-H!$%4'!4-PP/++$$5!
[")21'%",,$##&&',&,[&2.0$J'
!!
Z%P$!
!"-PD$(1%+/-(!"-PP/++$$!
M8$4*+/K$!6$&H-&P%(4$!>*J4-PP/++$$!
!?*,/+!
"-PP/++$$!
! ! ! !
W5!V-*0#%1!6%&G$&! j! j! !
i%P$1!L5!N%/($1! ! ! jk!
L%&1'%!L5!>'/$#,1! ! ! j!
V%#$!W5!@&$PJ#%I!! jk! jk! j!
j!l!"-PP/++$$!P$PJ$&R!!k!l!"'%/&D$&1-(!!#C@'%4;M@>=97<4>'%4;;<77@@'
@'$!"-PD$(1%+/-(!"-PP/++$$!%,P/(/1+$&1!"#$%&!"'%(($#!)*+,--&b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b1!/(,$D$(,$(4$!1+%(,%&,15!
!
@'$!"-PD$(1%+/-(!"-PP/++$$!'%1!+'$!%J/#/+I2!*(,$&!/+1!4'%&+$&2!+-!1$#$4+!%(,!&$+%/(2!%+!+'$!$8D$(1$!-H!+'$!"#$%&!"'%(($#!)*+,--&2!/(,$D$(,$(+!#$0%#!%(,!H/(%(4/%#!4-*(1$#!%(,!-+'$&!4-(1*#+%(+1!($4$11%&I!+-!%11/1+!+'$!"-PD$(1%+/-(!"-PP/++$$!%1!+'$!"-PD$(1%+/-(!"-PP/++$$!P%I!,$$P!%DD&-D&/%+$2!/(!/+1!1-#$!,/14&$+/-(5!!@'$!"-PD$(1%+/-(!"-PP/++$$!%#1-!'%1!+'$!%*+'-&/+I!+-!1$#$4+!%(,!&$+%/(!%(I!4-PD$(1%+/-(!4-(1*#+%(+!+-!J$!*1$,!+-!1*&K$I!+'$!4-PD$(1%+/-(!D&%4+/4$1!/(!"#$%&!"'%(($#!)*+,--&b1!/(,*1+&I!%(,!+-!D&-K/,$!%,K/4$!1-!+'%+!"#$%&!"'%(($#!)*+,--&!4%(!P%/(+%/(!/+1!4-PD$+/+/K$!%J/#/+I!+-!&$4&*/+!%(,!&$+%/(!'/0'#I![*%#/H/$,!D$&1-(($#5!@'$!"-PD$(1%+/-(!"-PP/++$$!'%1!+'$!1-#$!%*+'-&/+I!+-!%DD&-K$!&$#%+$,!H$$1!%(,!&$+$(+/-(!+$&P1!H-&!%(I!-H!/+1!4-*(1$#!%(,!4-(1*#+%(+15!!.$Q/++!?11-4/%+$1!1$&K$1!%1!+'$!"-PD$(1%+/-(!"-PP/++$$b1!4-PD$(1%+/-(!4-(1*#+%(+2!%(,!Q-&G1!,/&$4+#I!H-&!+'$!"-PD$(1%+/-(!"-PP/++$$5!.$Q/++!?11-4/%+$1!,-$1!(-+!D$&H-&P!%(I!-+'$&!1$&K/4$1!H-&!"#$%&!"'%(($#!)*+,--&5!!
!@'$!"-PD$(1%+/-(!"-PP/++$$b1!D&/P%&I!&$1D-(1/J/#/+/$12!Q'/4'!%&$!,/14*11$,!/(!,$+%/#!Q/+'/(!/+1!4'%&+$&2!
%&$!+-O!
!! %11/1+!+'$!7-%&,!/(!$(1*&/(0!+'%+!%!D&-D$&!1I1+$P!-H!#-(0C+$&P!%(,!1'-&+C+$&P!4-PD$(1%+/-(!/1!/(!D#%4$!+-!D&-K/,$!D$&H-&P%(4$C-&/$(+$,!/(4$(+/K$1!+-!P%(%0$P$(+2!%(,!+'%+!4-PD$(1%+/-(!D#%(1!%&$!%DD&-D&/%+$!%(,!4-PD$+/+/K$!%(,!D&-D$&#I!&$H#$4+!+'$!-JS$4+/K$1!%(,!D$&H-&P%(4$!-H!P%(%0$P$(+!%(,!"#$%&!"'%(($#!)*+,--&R!
!! &$K/$Q!%(,!%DD&-K$!4-&D-&%+$!0-%#1!%(,!-JS$4+/K$1!&$#$K%(+!+-!+'$!4-PD$(1%+/-(!-H!"#$%&!"'%(($#!)*+,--&b1!"'/$H!)D$&%+/(0!)HH/4$&!%(,!+-!$K%#*%+$!+'$!"))b1!D$&H-&P%(4$!/(!#/0'+!-H!+'-1$!0-%#1!%(,!-JS$4+/K$12!%(,!+-!,$+$&P/($!%(,!%DD&-K$!+'$!"))b1!4-PD$(1%+/-(!#$K$#!J%1$,!-(!+'/1!$K%#*%+/-(R!%(,!
!! P%G$!&$4-PP$(,%+/-(1!+-!+'$!7-%&,!Q/+'!&$1D$4+!+-!(-(C"M)!4-PD$(1%+/-(2!/(4$(+/K$C4-PD$(1%+/-(!D#%(1!%(,!$[*/+ICJ%1$,!D#%(15!
!
@'$!4-PD$(1%+/-(!-H!-*&!"M)!/1!1$+!JI!+'$!"-PD$(1%+/-(!"-PP/++$$!-H!"#$%&!"'%(($#!"-PP*(/4%+/-(12!3(45!!>$$!+'$!,/14*11/-(!-H!"M)!%(,!"])!4-PD$(1%+/-(!-(!D%0$!<<!*(,$&!+'$!'$%,/(0!_)K$&K/$Q!%(,!)JS$4+/K$1!-H!-*&!"-PD$(1%+/-(!6&-0&%P5`!!@'$!"-PD$(1%+/-(!"-PP/++$$!'%1!+'$!%*+'-&/+I!+-!,$#$0%+$!/+1!&$1D-(1/J/#/+/$1!+-!1*J4-PP/++$$1!-H!+'$!"-PD$(1%+/-(!"-PP/++$$!/H!+'$!"-PD$(1%+/-(!"-PP/++$$!,$+$&P/($1!1*4'!,$#$0%+/-(!Q-*#,!J$!/(!+'$!J$1+!/(+$&$1+!-H!"#$%&!"'%(($#!)*+,--&5!
A!!
!
#C@')6:<7'%4;;<77@@'
@'$!?*,/+!"-PP/++$$!/1!&$1D-(1/J#$!H-&!&$K/$Q/(0!"#$%&!"'%(($#b1!%44-*(+/(0!D&%4+/4$1!%(,!%*,/+!D&-4$,*&$15!!i%P$1!L5!N%/($1!'%1!J$$(!,$1/0(%+$,!JI!-*&!7-%&,!-H!V/&$4+-&1!%1!+'$!?*,/+!"-PP/++$$!H/(%(4/%#!$8D$&+!^%1!,$H/($,!/(!+'$!%DD#/4%J#$!&$0*#%+/-(1!-H!+'$!>M"a5!!>$$!+'$!?*,/+!"-PP/++$$!N$D-&+!#%+$&!/(!+'/1!,-4*P$(+2!Q'/4'!,$+%/#1!+'$!,*+/$1!%(,!D$&H-&P%(4$!-H!+'$!"-PP/++$$5!!@'$!?*,/+!"-PP/++$$!P$+!$/0'+!+/P$1!,*&/(0!=FFA5!?##!P$PJ$&1!-H!+'$!?*,/+!"-PP/++$$!%&$!/(,$D$(,$(+!%1!,$H/($,!JI!+'$!#/1+/(0!1+%(,%&,1!-H!+'$!ZU>M!%(,!"#$%&!"'%(($#b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b1!4'%&+$&!4%(!J$!H-*(,!-(!-*&!Q$J1/+$!%+!!!!"#$%&'#(&))%$*+,-**'"#*./-&!P%I!J$!-J+%/($,!*D-(!&$[*$1+!H&-P!-*&!>$4&$+%&I5!
!
1$2&%#"2'!",$!)#$!-'J2"%&1*2&.'
@'$!7-%&,!-K$&1$$1!+'$!/,$(+/H/4%+/-(!%(,!4-(1/,$&%+/-(!-H!4%(,/,%+$1!H-&!P$PJ$&1'/D!-(!+'$!7-%&,2!%(,!$%4'!P$PJ$&!-H!+'$!7-%&,!D%&+/4/D%+$1!/(!+'/1!D&-4$115!3+!/1!+'$!K/$Q!-H!+'$!7-%&,!+'%+!+'/1!H*(4+/-(!'%1!J$$(!D$&H-&P$,!$HH$4+/K$#I!JI!+'$!7-%&,2!%(,!+'%+!/+!/1!%DD&-D&/%+$!H-&!"#$%&!"'%(($#!)*+,--&!(-+!+-!'%K$!%!1$D%&%+$!(-P/(%+/(0!4-PP/++$$!-&!4'%&+$&!H-&!+'/1!D*&D-1$5!!!
@'$!7-%&,!/1!&$1D-(1/J#$!H-&!,$K$#-D/(0!%(,!&$K/$Q/(0!J%4G0&-*(,!/(H-&P%+/-(!H-&!4%(,/,%+$1!H-&!+'$!7-%&,!-H!V/&$4+-&12!/(4#*,/(0!+'-1$!&$4-PP$(,$,!JI!1+-4G'-#,$&15!!)*&!,/&$4+-&1!D#%I!%!4&/+/4%#!&-#$!/(!0*/,/(0!"#$%&!"'%(($#!)*+,--&b1!1+&%+$0/4!,/&$4+/-(!%(,!-K$&1$$!+'$!P%(%0$P$(+!-H!"#$%&!"'%(($#!)*+,--&5!7-%&,!4%(,/,%+$1!%&$!4-(1/,$&$,!J%1$,!*D-(!K%&/-*1!4&/+$&/%2!1*4'!%1!+'$/&!J&-%,CJ%1$,!J*1/($11!%(,!D&-H$11/-(%#!1G/##1!%(,!$8D$&/$(4$12!0#-J%#!J*1/($11!%(,!1-4/%#!D$&1D$4+/K$12!4-(4$&(!H-&!+'$!#-(0C+$&P!/(+$&$1+1!-H!+'$!1+-4G'-#,$&12!%(,!D$&1-(%#!/(+$0&/+I!%(,!S*,0P$(+5!3(!%,,/+/-(2!,/&$4+-&1!P*1+!'%K$!+/P$!%K%/#%J#$!+-!,$K-+$!+-!7-%&,!%4+/K/+/$1!%(,!+-!$('%(4$!+'$/&!G(-Q#$,0$!-H!+'$!/(,*1+&/$1!/(!Q'/4'!"#$%&!"'%(($#!)*+,--&!-D$&%+$15!!
?44-&,/(0#I2!Q$!1$$G!+-!%++&%4+!%(,!&$+%/(!'/0'#I![*%#/H/$,!,/&$4+-&1!Q'-!'%K$!1*HH/4/$(+!+/P$!+-!%++$(,!+-!+'$/&!1*J1+%(+/%#!,*+/$1!%(,!&$1D-(1/J/#/+/$1!+-!"#$%&!"'%(($#!)*+,--&5!N$4$(+!,$K$#-DP$(+1!/(!4-&D-&%+$!0-K$&(%(4$!%(,!H/(%(4/%#!&$D-&+/(0!'%K$!&$1*#+$,!/(!%(!/(4&$%1$,!,$P%(,!H-&!1*4'!'/0'#I![*%#/H/$,!%(,!D&-,*4+/K$!D*J#/4!4-PD%(I!,/&$4+-&15!!
@'$!7-%&,!Q/##!4-(1/,$&!,/&$4+-&!4%(,/,%+$1!&$4-PP$(,$,!JI!1+-4G'-#,$&15!!?(I!1+-4G'-#,$&!Q/1'/(0!+-!D&-D-1$!%!(-P/($$!1'-*#,!1*JP/+!%!&$4-PP$(,%+/-(!/(!Q&/+/(0!+-!+'$!6&$1/,/(0!V/&$4+-&!-H!"#$%&!"'%(($#!)*+,--&!%+!#$%1+!;F!,%I1!/(!%,K%(4$!-H!+'$!%((*%#!P$$+/(02!/(,/4%+/(0!+'$!(-P/($$b1![*%#/H/4%+/-(1!%(,!-+'$&!&$#$K%(+!J/-0&%D'/4%#!/(H-&P%+/-(!%(,!D&-K/,/(0!4-(H/&P%+/-(!-H!+'$!(-P/($$b1!4-(1$(+!+-!1$&K$!%1!%!,/&$4+-&5!!>+-4G'-#,$&1!1'-*#,!,/&$4+!1*4'!D&-D-1%#1!+-O!!7-%&,!-H!V/&$4+-&1!m!6&$1/,/(0!V/&$4+-&2!65)5!7-8!9:;:<=!>%(!?(+-(/-2!@$8%1!!A:=9:C;:<=5!'
.#"%/0"+1&2')!1'$!#&2&.#&1'J)2#Z'%",,*!$%)#$"!']$#0'#0&'[")21'
>+-4G'-#,$&1!%(,!/(+$&$1+$,!D%&+/$1!,$1/&/(0!+-!4-PP*(/4%+$!Q/+'!+'$!7-%&,!1'-*#,!,-!1-!JI!1$(,/(0!&$0*#%&!P%/#!+-!7-%&,!-H!V/&$4+-&1!m!6&$1/,/(0!V/&$4+-&2!65)5!7-8!9:;:<=!>%(!?(+-(/-2!@$8%1!!A:=9:C;:<=5!
'
'
J2"J".)+'^P'&+&%#$"!'"('1$2&%#"2.'
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e(#$11!%*+'-&/+I!+-!K-+$!H-&!,/&$4+-&1!/1!_Q/+''$#,`!/(!+'$!D&-8I2!+'$!D$&1-(1!(%P$,!+'$&$/(!/(+$(,!+-!K-+$!_])N`!+'$!$#$4+/-(!-H!+'$!+Q-!(-P/($$1!#/1+$,5!!M%4'!-H!+'$!(-P/($$1!#/1+$,!J$#-Q!/1!4*&&$(+#I!%!,/&$4+-&!%(,!/1!1+%(,/(0!H-&!&$C$#$4+/-(5!!M%4'!(-P/($$!'%1!/(,/4%+$,!%!Q/##/(0($11!+-!1$&K$!%1!
B!!
,/&$4+-&!/H!$#$4+$,5!!>'-*#,!%(I!(-P/($$!J$4-P$!*(%K%/#%J#$!H-&!$#$4+/-(2!,/14&$+/-(%&I!%*+'-&/+I!/1!4-(H$&&$,!+-!K-+$!H-&!%!1*J1+/+*+$5!!L%(%0$P$(+!'%1!(-!&$%1-(!+-!J$#/$K$!+'%+!%(I!-H!+'$!(-P/($$1!Q/##!J$!*(%J#$!-&!*(Q/##/(0!+-!1$&K$!/H!$#$4+$,5''
!",$!&&.'("2'1$2&%#"2'("2'#&2,.'&YJ$2$!-'XR^^'
@'$!(-P/($$1!H-&!,/&$4+-&!%&$!N%(,%##!@5!L%I12!%(,!L%&1'%!L5!>'/$#,15!
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b1!"'%/&P%(!%(,!-($!-H!-*&!7-%&,!P$PJ$&12!%(,!/1!+'$!J&-+'$&!-H!L%&G!65!L%I12!-*&!"'/$H!M8$4*+/K$!)HH/4$&!%(,!-($!-H!-*&!7-%&,!P$PJ$&15!
!2&'4(&/2"/5(6%$-42!%0$!:E2!'%1!1$&K$,!%1!%!,/&$4+-&!-H!6&/P$&%!3(1*&%(4$!1/(4$!L%&4'!<;B;5!!>/(4$!i*($!
=FF=2!L&15!L4"-PJ1!'%1!1$&K$,!%1!+'$!6&$1/,$(+!-H!+'$!L4"-PJ1!]-*(,%+/-(!%(,!%1!V$%#$&!6&/(4/D%#!H-&!L4"-PJ1!?*+-P-+/K$5!!>'$!'%1!1$&K$,!%1!L%(%0$&!-H!L4"-PJ1!]%P/#I!X+,5!1/(4$!i%(*%&I!=FFF5!!L&15!>'/$#,1!/1!+'$!,%*0'+$&!-H!-($!-H!+'$!7-%&,!P$PJ$&1!-H!"#$%&!"'%(($#!"-PP*(/4%+/-(12!3(45!!L&15!>'/$#,1!'%1!J$$(!%!P$PJ$&!-H!-*&!7-%&,!-H!V/&$4+-&1!1/(4$!Z-K$PJ$&!=FF:5!
!,)!)-&,&!#'2&%",,&!1.'#0)#'Z"*'_"#&'T("2U'#0&'1$2&%#"2'!",$!&&.'!),&1'
)["_&I'
'
1$2&%#"2.']0".&'#&2,.']$++'&YJ$2&'$!'XRRa'
7"/8*+9$&4/:&';%'<!%0$!T92!'%1!1$&K$,!%1!"'%/&P%(!%(,!"'/$H!M8$4*+/K$!)HH/4$&!-H!?P$&/4%!W$1+!.-#,/(01!"-&D-&%+/-(!%(,!?P$&/4%!W$1+!?/&#/($1!1/(4$!>$D+$PJ$&!=FF<5!L&5!6%&G$&!'%1!J$$(!%!P$PJ$&!-H!-*&!7-%&,!-H!V/&$4+-&1!1/(4$!Z-K$PJ$&!=FF:5!!
!8&$%/7"/1'%.=$&32!%0$!T;2!'%1!1$&K$,!%1!6&$1/,$(+!%(,!"'/$H!M8$4*+/K$!)HH/4$&!-H!"5.5!\*$(+'$&!n!>-(2!
3(452!%!H--,!P%&G$+/(0!%(,!P%(*H%4+*&/(0!4-PD%(I2!1/(4$!i*#I!=FF<5!L&5!@&$PJ#%I!'%1!J$$(!%!P$PJ$&!-H!-*&!7-%&,!-H!V/&$4+-&1!1/(4$!Z-K$PJ$&!=FF:5!.$!4*&&$(+#I!1$&K$1!-(!+'$!?,K/1-&I!7-%&,!H-&!+'$!L/4'/0%(!>+%+$!e(/K$&1/+I!]/(%(4/%#!?(%#I1/1!X%J5!!
!2&';/:"/2&342!%0$!TT2!'%1!1$&K$,!%1!-*&!"'/$H!M8$4*+/K$!)HH/4$&!1/(4$!?*0*1+!=FF:!%(,!V/&$4+-&!1/(4$!
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b1!"'%/&P%(!%(,!-($!-H!-*&!7-%&,!P$PJ$&12!%(,!/1!+'$!J&-+'$&!-H!N%(,%##!@5!L%I12!-*&!M8$4*+/K$!Y/4$!6&$1/,$(+!%(,!"'/$H!]/(%(4/%#!)HH/4$&!%(,!-($!-H!-*&!7-%&,!P$PJ$&15!!
!1$2&%#"2.']0".&'#&2,.']$++'&YJ$2&'$!'XR^R'
>"/>*!'3/2&342!%0$!A=2!'%1!1$&K$,!%1!%!P$PJ$&!-H!-*&!7-%&,!-H!V/&$4+-&1!1/(4$!?D&/#!<;;A!%(,!'%1!J$$(!-*&!"'%/&P%(!-H!+'$!7-%&,!1/(4$!)4+-J$&!=FF:5!L&5!L%I1!/1!"'%/&P%(!-H!+'$!7-%&,!-H!V/&$4+-&1!-H!"#$%&!"'%(($#!"-PP*(/4%+/-(12!3(452!%(,!D&/-&!+-!)4+-J$&!=FFT!'$!Q%1!+'$!4-PD%(Ib1!"'/$H!M8$4*+/K$!)HH/4$&5!L&5!L%I1!'%1!J$$(!%!P$PJ$&!-H!"#$%&!"'%(($#!"-PP*(/4%+/-(12!3(45b1!7-%&,!-H!V/&$4+-&1!1/(4$!/+1!/(4$D+/-(!%(,!'%1!1$&K$,!-(!+'$!7-%&,!-H!V/&$4+-&1!-H!X/K$!Z%+/-(2!3(45!1/(4$!?*0*1+!=FF:5!L&5!L%I1!/1!+'$!H%+'$&!-H!L%&G!65!L%I1!%(,!N%(,%##!@5!L%I12!J-+'!-H!Q'-P!%&$!P$PJ$&1!-H!-*&!7-%&,!-H!V/&$4+-&1!%(,!$8$4*+/K$!-HH/4$&1!-H!+'$!"-PD%(I5!!
!
!"
"
!"#$%&'(&)"*+$%#"$%&"'(#")$*"*&+,&-"$*".)&"/+&*0-&1."23"4$5&*"67"8$01&*"9":27#"$1"01,&*.5&1.";$1<01%"
=25>$1?#"*01=&"@!((7"6+7"8$01&*")$*";&&1"$"5&5;&+"23"2A+"B2$+-"23"C0+&=.2+*"*01=&"D2,&5;&+"EFFG7"H01=&"@!!(#"
6+7"8$01&*")$*"*&+,&-"21".)&"B2$+-"23"C0+&=.2+*"23"I$--&JJ"9"8&&-"K01$1=0$J#"L1=7#"$"301$1=0$J"*&+,0=&*"=2+>2+$.0217""
!
!
"#$%!#&!'()*+%))!"#+$(",!-+$!%,.*")!
:J&$+":)$11&J"MA.-22+"$-2>.&-"$":2-&"23"BA*01&**":21-A=."$1-"N.)0=*"$>>J0=$;J&".2"$JJ"0.*"-0+&=.2+*"$1-"
&5>J2?&&*#"01=JA-01%"0.*":)0&3"NO&=A.0,&"M330=&+#":)0&3"K01$1=0$J"M330=&+#"$1-":)0&3"P==2A1.01%"M330=&+#"Q)0=)"0*"$"
R=2-&"23"&.)0=*S"$*"-&301&-";?"$>>J0=$;J&"+AJ&*"23".)&"HN:7""T)0*"=2-&"0*">A;J0=J?"$,$0J$;J&"21":J&$+":)$11&J"
MA.-22+U*"L1.&+1&."Q&;*0.&"$.",,,(-.$"/-0"++$.123411/(-1#(""P"=2>?"5$?"$J*2";&"2;.$01&-"A>21"+&VA&*."3+25".)&"
H&=+&.$+?"23":J&$+":)$11&J"MA.-22+7""L3":J&$+":)$11&J"MA.-22+"5$<&*"$1?"$5&1-5&1.*".2".)0*"=2-&"2.)&+".)$1"
.&=)10=$J#"$-5010*.+$.0,&#"2+"2.)&+"121W*A;*.$1.0,&"$5&1-5&1.*#"2+"%+$1.*"$1?"Q$0,&+*#"01=JA-01%"05>J0=0."Q$0,&+*#"
3+25"$">+2,0*021"23".)0*"=2-&".)$."$>>J0&*".2":J&$+":)$11&J"MA.-22+U*":)0&3"NO&=A.0,&"M330=&+#":)0&3"K01$1=0$J"
M330=&+#"$1-":)0&3"P==2A1.01%"M330=&+"$1-"+&J$.&*".2"$1"&J&5&1."23".)&"HN:U*"R=2-&"23"&.)0=*S"-&3010.021#":J&$+"
:)$11&J"MA.-22+"Q0JJ"-0*=J2*&".)&"1$.A+&"23".)&"$5&1-5&1."2+"Q$0,&+#"0.*"&33&=.0,&"-$.&"$1-".2"Q)25"0."$>>J0&*"21"
0.*"Q&;*0.&"2+"01"$"+&>2+."21"K2+5"(WX"30J&-"Q0.)".)&"HN:7"
!
!
)%"(/*,0!#1+%/).*2!#&!"%/,-*+!'%+%&*"*-3!
#1+%/)!-+$!4-+-5%4%+,!-+$!/%3-,%$!),#"6.#3$%/!
4-,,%/)!
T)&".$;J&";&J2Q"*&.*"32+.)"0132+5$.021"=21=&+101%".)&";&1&30=0$J"2Q1&+*)0>"23":J&$+":)$11&J"MA.-22+"
=25521"*)$+&*"$*"23"6$+=)"@Y#"EFF(#"32+"&$=)"-0+&=.2+"=A++&1.J?"*&+,01%"21".)&"B2$+-"$1-"&$=)"23".)&"12501&&*"32+"
-0+&=.2+Z"&$=)"23".)&"1$5&-"&O&=A.0,&"2330=&+*"12."J0*.&-"$*"$"-0+&=.2+#".)&"-0+&=.2+*"$1-"&O&=A.0,&"2330=&+*"$*"$"%+2A>"
$1-"&$=)">&+*21"<12Q1".2":J&$+":)$11&J"MA.-22+".2"2Q1";&1&30=0$JJ?"52+&".)$1"G["23"2A.*.$1-01%":J$**"P"
=25521"*.2=<7"P.".)&"=J2*&"23";A*01&**"21"6$+=)"@Y#"EFF(#".)&+&"Q&+&"YF#G(F#G!G"*)$+&*"23":J&$+":)$11&J"MA.-22+"
:J$**"P"=25521"*.2=<"2A.*.$1-01%7"NO=&>."$*"2.)&+Q0*&"12.&-#"&$=)"*.2=<)2J-&+")$*"*2J&",2.01%"$1-"01,&*.5&1."
>2Q&+"Q0.)"+&*>&=.".2".)&"*)$+&*";&1&30=0$JJ?"2Q1&-7""
"
"
!!!!!!!!!!+789"
-8:;<=!7<>!+7=;?9!
:@!'9<9@ABA7C!
#D<9?EFAG!
29?B9<=!:@"C7EE!-!
":88:<!)=:BH!
\7"\2Q+?"6$?*"7777777777777777777777777777777777777777777777777777777777777777777777777777"" ] ]"
6$+<"/7"6$?*"777777777777777777777777777777777777777777777777777777777777777777777777777777"" @'#''^ _"
8$1-$JJ"T7"6$?*"77777777777777777777777777777777777777777777777777777777777777777777777777"" @'#''^ _"
I7"C2A%J$*"/$+<&+"77777777777777777777777777777777777777777777777777777777777777777777777"" !#EGF"`@a _"
4$5&*"67"8$01&*"77777777777777777777777777777777777777777777777777777777777777777777777777"" !#EGF `Ea _"
6$+*)$"67"H)0&J-*"77777777777777777777777777777777777777777777777777777777777777777777777"" !#EGF `ba _"
C$J&"I7"T+&5;J$?"77777777777777777777777777777777777777777777777777777777777777777777777"" !#EGF `Ya _"
/$AJ"47"6&?&+"7777777777777777777777777777777777777777777777777777777777777777777777777777777"" bE@#F'G `Ga _"
421$.)$1"C7"B&,$1"77777777777777777777777777777777777777777777777777777777777777777777777"" GF#(G' `'a _"
K+$1<J01"c7"H0**21#"4+7""7777777777777777777777777777777777777777777777777777777777777777"" @b@#G!Y `^a _"
:J&$+":)$11&J":255A10=$.021*#"L1="7777777777777777777777777777777777777777777 b@G#FFF#FFF " ]"`(a"
T7"82Q&"/+0=&"P**2=0$.&*#"L1=7"`!a"7777777777777777777777777777777777777777777777 !#'^G#bFF " Eb7(["
P+1)2J-"9"H"BJ&0=)+2&-&+"P-,0*&+*7"`@Fa"77777777777777777777777777777777777 @F#b!^#G(b " EG7'["
T+$=&+":$>0.$J"6$1$%&5&1."`@@a"7777777777777777777777777777777777777777777777777 E#^@^#YGb " '7^["
PJJ"C0+&=.2+*"$1-"NO&=A.0,&"M330=&+*"$*"$"c+2A>"`@Y">&+*21*a"777 ^'Y#^^( `@Ea " @7
<F!!
^=a! 3(4#*,$1!E2FFF!1'%&$1!1*JS$4+!+-!-D+/-(1!'$#,!JI!L&5!N%/($15!
^Ea! 3(4#*,$1!E2FFF!1'%&$1!1*JS$4+!+-!-D+/-(1!'$#,!JI!L&15!>'/$#,15!
^Ta! 3(4#*,$1!E2FFF!1'%&$1!1*JS$4+!+-!-D+/-(1!'$#,!JI!L&5!@&$PJ#%I5!
^:a! 3(4#*,$1!=B<2F9:!1'%&$1!1*JS$4+!+-!-D+/-(1!'$#,!JI!L&5!L$I$&5!
^9a! 3(4#*,$1!E<2E;B!1'%&$1!1*JS$4+!+-!-D+/-(1!'$#,!JI!L&5!7$K%(5!
^Aa! 3(4#*,$1!<<B2===!1'%&$1!1*JS$4+!+-!-D+/-(1!'$#,!JI!L&5!>/11-(5!
^Ba! "#$%&!"'%(($#!"-PP*(/4%+/-(12!3(45!,-$1!(-+!-Q(!%(I!-H!-*&!"#%11!?!4-PP-(!1+-4G5!@'$!E<:5F!P/##/-(!1'%&$1!-Q($,!JI!"#$%&!"'%(($#!"-PP*(/4%+/-(12!3(45!&$D&$1$(+!<FFg!-H!+'$!1'%&$1!-H!-*&!"#%11!7!4-PP-(!1+-4G5!!>'%&$1!-H!"#%11!7!4-PP-(!1+-4G!%&$!4-(K$&+/J#$!-(!%!-($!H-&!-($!J%1/1!/(+-!1'%&$1!-H!"#%11!?!4-PP-(!1+-4G!%(,!$(+/+#$!+'$!'-#,$&!+-!+Q$(+I!K-+$1!D$&!1'%&$!*D-(!%##!P%++$&1!-(!Q'/4'!1+-4G'-#,$&1!%&$!$(+/+#$,!+-!K-+$5!
^;a! ?,,&$11O!<FF!M5!6&%++!>+&$$+2!7%#+/P-&$2!LV!=<=F=!
^<Fa!?,,&$11O!!<ET:!?K$(*$!-H!+'$!?P$&/4%12!Z$Q!U-&G2!ZU!<F<F:5!
^<<a!?,,&$11O!!:TF!L%,/1-(!?K$(*$2!EE&,!]#--&2!Z$Q!U-&G2!ZU!<FF==5!
^<=a!3(4#*,$1!:BT2A;B!1'%&$1!1*JS$4+!+-!-D+/-(1!'$#,!JI!1*4'!D$&1-(15!!
&G6<7L'%4;M@>=97<4>'JB9>='
@'$!H-##-Q/(0!+%J#$!1*PP%&/d$1!/(H-&P%+/-(!%1!-H!V$4$PJ$&!E<2!=FFA2!&$#%+/(0!+-!"#$%&!"'%(($#!)*+,--&b1!$[*/+I!4-PD$(1%+/-(!D#%(!D*&1*%(+!+-!Q'/4'!0&%(+1!-H!-D+/-(12!&$1+&/4+$,!1+-4G!-&!-+'$&!&/0'+1!+-!%4[*/&$!1'%&$1!P%I!J$!0&%(+$,!H&-P!+/P$!+-!+/P$5!
!!!!!!
6#%(!4%+$0-&I!
!!
Z*PJ$&!-H!1$4*&/+/$1!+-!J$!
/11*$,!*D-(!$8$&4/1$!D&/4$!-H!-*+1+%(,/(0!-D+/-(12!Q%&&%(+1!%(,!&/0'+1!
!!!
W$/0'+$,C%K$&%0$!$8$&4/1$!
D&/4$!-H!-*+1+%(,/(0!Q%&&%(+1!%(,!&/0'+1!
Z*PJ$&!-H!1$4*&/+/$1!&$P%/(/(0!%K%/#%J#$!H-&!H*+*&$!/11*%(4$!*(,$&!$[*/+I!
4-PD$(1%+/-(!D#%(1!^$84#*,/(0!1$4*&/+/$1!&$H#$4+$,!/(!4-#*P(!
^%aa!
! ^%a! ^Ja! ^4a!
M[*/+I!4-PD$(1%+/-(!D#%(1!%DD&-K$,!JI!1$4*&/+I!'-#,$&1!^<a!
B2F=A29<<! h=<599;A! EE2T<A2AT=!
M[*/+I!4-PD$(1%+/-(!D#%(1!(-+!%DD&-K$,!JI!1$4*&/+I!'-#,$&1!
o! o! o!
@-+%#!! B2F=A29<<! h=<599;A! EE2T<A2AT=!
^<a!@'$!D#%(!/1!+'$!"#$%&!"'%(($#!)*+,--&!.-#,/(012!3(45!=FF:!>+-4G!3(4$(+/K$!6#%(5!
'
'
<<!!
%",J&!.)#$"!'%",,$##&&'2&J"2#'
@'$!"-PD$(1%+/-(!"-PP/++$$!-H!+'$!7-%&,!'%1!&$K/$Q$,!%(,!,/14*11$,!+'$!M8$4*+/K$!"-PD$(1%+/-(!V/14*11/-(!%(,!?(%#I1/1!/(4#*,$,!/(!+'/1!,-4*P$(+!Q/+'!P%(%0$P$(+5!7%1$,!-(!1*4'!&$K/$Q!%(,!,/14*11/-(2!+'$!M8$4*+/K$!"-PD$(1%+/-(!"-PP/++$$!&$4-PP$(,$,!+-!+'$!7-%&,!+'%+!+'$!"-PD$(1%+/-(!V/14*11/-(!%(,!?(%#I1/1!J$!/(4#*,$,!/(!+'/1!,-4*P$(+5!
!N$1D$4+H*##I!1*JP/++$,[email protected]!")L6MZ>?@3)Z!")LL3@@MM!V%#$!W5!@&$PJ#%I!C!"'%/&P%(2!W5!V-*0#%1!6%&G$&!
'
'
&Y&%*#$_&'%",J&!.)#$"!'1$.%*..$"!')!1')!)+Z.$.'
"_&2_$&]')!1'"[e&%#$_&.'"('"*2'%",J&!.)#$"!'J2"-2),'
"#$%&!"'%(($#!)*+,--&!J$#/$K$1!+'%+!4-PD$(1%+/-(!-H!/+1!$8$4*+/K$!%(,!-+'$&!-HH/4$&1!%(,!1$(/-&!P%(%0$&1!1'-*#,!J$!,/&$4+#I!%(,!P%+$&/%##I!#/(G$,!+-!-D$&%+/(0!D$&H-&P%(4$5!!@'$!H*(,%P$(+%#!-JS$4+/K$!-H!"#$%&!"'%(($#!)*+,--&b1!4-PD$(1%+/-(!D&-0&%P!/1!+-!%++&%4+2!&$+%/(!%(,!P-+/K%+$!+-D![*%#/+I!$8$4*+/K$!%(,!-+'$&!-HH/4$&1!+'&-*0'!4-PD$(1%+/-(!%(,!/(4$(+/K$1!Q'/4'!%&$!4-PD$+/+/K$!Q/+'!+'$!K%&/-*1!#%J-&!P%&G$+1!%(,!/(,*1+&/$1!/(!Q'/4'!Q$!4-PD$+$!H-&!+%#$(+!%(,!Q'/4'!%#/0(!+'$!/(+$&$1+1!-H!"#$%&!"'%(($#!)*+,--&b1!-HH/4$&1!%(,!1$(/-&!P%(%0$P$(+!Q/+'!+'$!/(+$&$1+1!-H!"#$%&!"'%(($#!)*+,--&b1!1+-4G'-#,$&15!!!'
)K$&%##2!"#$%&!"'%(($#!)*+,--&!'%1!,$1/0($,!/+1!4-PD$(1%+/-(!D&-0&%P!+-O!!
!! 1*DD-&+!/+1!J*1/($11!1+&%+$0I!%(,!J*1/($11!D#%(!JI!4#$%&#I!4-PP*(/4%+/(0!Q'%+!/1!$8D$4+$,!-H!$8$4*+/K$1!Q/+'!&$1D$4+!+-!0-%#1!%(,!&$1*#+1!%(,!JI!&$Q%&,/(0!%4'/$K$P$(+R!
!! &$4&*/+2!P-+/K%+$!%(,!&$+%/(!$8$4*+/K$!+%#$(+R!%(,!
!! 4&$%+$!%!1+&-(0!D$&H-&P%(4$!%#/0(P$(+!Q/+'!1+-4G'-#,$&15!
"#$%&!"'%(($#!1$$G1!+-!%4'/$K$!+'$1$!-JS$4+/K$1!+'&-*0'!%!K%&/$+I!-H!4-PD$(1%+/-(!$#$P$(+1O!!
!! %((*%#!J%1$!1%#%&IR!
!! %(!%((*%#!/(4$(+/K$!J-(*12!+'$!%P-*(+!-H!Q'/4'!/1!,$D$(,$(+!-(!+'$!D$&H-&P%(4$!-H!"#$%&!"'%(($#!)*+,--&!%(,2!H-&!P-1+!$8$4*+/K$12!/(,/K/,*%#!D$&H-&P%(4$!,*&/(0!+'$!D&/-&!H/14%#!I$%&R!!
!! #-(0C+$&P!/(4$(+/K$!4-PD$(1%+/-(2!,$#/K$&$,!/(!+'$!H-&P!-H!1+-4G!-D+/-(1!0&%(+1!%(,!&$1+&/4+$,!1+-4G!%Q%&,1!+'%+!%&$!%Q%&,$,!J%1$,!-(!+'$!D&/-&!I$%&b1!D$&H-&P%(4$!%(,!-+'$&!H%4+-&1!,$14&/J$,!J$#-Q2!%(,!+'%+!%&$!,$1/0($,!+-!%#/0(!$8$4*+/K$!-HH/4$&1b!/(+$&$1+1!Q/+'!+'-1$!-H!1+-4G'-#,$&1!JI!&$Q%&,/(0!-*+1+%(,/(0!D$&H-&P%(4$!%(,!D&-K/,/(0!#-(0C+$&P!/(4$(+/K$1R!%(,!
!! -+'$&!$8$4*+/K$!J$($H/+1!%(,!D$&[*/1/+$15!'
?(6%@/AB%#+,6C%/D@@6#%'/&)-/?(6%@/E6)&)#6&$/D@@6#%'/?*.F%)4&,6*)/
)*&!"'/$H!M8$4*+/K$!)HH/4$&2!L&5!L%&G!L%I12!1/P*#+%($-*1#I!1$&K$1!%1!+'$!"'/$H!M8$4*+/K$!)HH/4$&!-H!-*&!D%&$(+2!"#$%&!"'%(($#!"-PP*(/4%+/-(12!3(45!!)*&!"'/$H!]/(%(4/%#!)HH/4$&2!L&5!N%(,%##!L%I12!1/P*#+%($-*1#I!1$&K$1!%1!+'$!6&$1/,$(+!%(,!"'/$H!]/(%(4/%#!)HH/4$&!-H!-*&!D%&$(+2!"#$%&!"'%(($#!"-PP*(/4%+/-(12!3(45!!L$11&15!L%&G!%(,!N%(,%##!L%I1!%&$!4-PD$(1%+$,!JI!"#$%&!"'%(($#!"-PP*(/4%+/-(12!3(452!%(,!Q$!&$/PJ*&1$!"#$%&!"'%(($#!"-PP*(/4%+/-(12!3(45!H-&!+'$/&!1$&K/4$1!D*&1*%(+!+-!%!"-&D-&%+$!>$&K/4$1!?0&$$P$(+!J$+Q$$(!+'$!"-PD%(I!%(,!"#$%&!"'%(($#!L%(%0$P$(+!>$&K/4$12!X565!!@'$!4-PD$(1%+/-(!H-&!L$11&15!L%&G!%(,!N%(,%##!L%I1!/1!1$+!JI!+'$!"-PD$(1%+/-(!"-PP/++$$!-H!+'$!7-%&,!-H!V/&$4+-&1!-H!"#$%&!"'%(($#!"-PP*(/4%+/-(12!3(45!!?##!&$H$&$(4$1!/(!+'/1!M8$4*+/K$!"-PD$(1%+/-(!V/14*11/-(!%(,!?(%#I1/1!+-!4-PD$(1%+/-(!D-#/4/$1!%(,!D&%4+/4$1!H-&!+'$!"-PD%(Ib1!
<=!!
$8$4*+/K$!-HH/4$&1!1'-*#,!J$!&$%,!+-!$84#*,$!+'$!4-PD$(1%+/-(!D-#/4/$1!%(,!D&%4+/4$1!%DD#/4%J#$!+-!-*&!"'/$H!M8$4*+/K$!)HH/4$&!%(,!"'/$H!]/(%(4/%#!)HH/4$&5!'
%",J&!.)#$"!'J2)%#$%&.'
@'$!"-PD$(1%+/-(!"-PP/++$$!-H!+'$!7-%&,!-H!V/&$4+-&1!^+'$!_"-PP/++$$`a!$(0%0$1!%!#$%,/(0!(%+/-(%#!$8$4*+/K$!4-PD$(1%+/-(!4-(1*#+/(0!H/&P!+-!,$K$#-D!%(,!D&-K/,$!P%&G$+!D%I!,%+%!^/(4#*,/(0!J%1$!1%#%&I2!J-(*12!#-(0C+$&P!/(4$(+/K$!4-PD$(1%+/-(!%(,!%##!-+'$&!4-PD$(1%+/-(a!+-!J$++$&!$K%#*%+$!+'$!%DD&-D&/%+$($11!%(,!4-PD$+/+/K$($11!-H!-K$&%##!4-PD$(1%+/-(!D%/,!+-!"#$%&!"'%(($#!)*+,--&b1!$8$4*+/K$!-HH/4$&15!!"-PD$(1%+/-(!-JS$4+/K$1!%&$!,$K$#-D$,!J%1$,!-(!P%&G$+!D%I!,%+%!H&-P!D&-8I!1+%+$P$(+1!%(,!-+'$&!1-*&4$12!Q'$(!%K%/#%J#$2!-H!#$%,/(0!P$,/%!4-PD%(/$1!/,$(+/H/$,!%1!G$I!4-PD$+/+-&1!H-&!J*1/($11!%(,p-&!$8$4*+/K$!+%#$(+!^_L$,/%/6$$&1`a!^/(4#*,/(0!7$#-!"-&D52!V-Q!i-($1!n!"-5!3(452!3(+$&D*J#/4!\&-*D2!i"!V$4%*82!X%P%&!?,K$&+/1/(0!"-PD%(I2!Z$Q!U-&G!@/P$12!N$%,$&b1!V/0$1+2!>4'-#%1+/4!"-&D2!@&/J*($!"-PD%(I2!W%1'/(0+-(!6-1+!%(,!U%'--q!3(45a5!!@'$!L$,/%!6$$&1!Q$&$!1$#$4+$,!JI!+'$!4-(1*#+/(0!H/&P!J%1$,!-(!J*1/($11!/(,*1+&I!1$4+-&2!1$#$4+$,!H/(%(4/%#!4&/+$&/%2!%(,!D%I!,%+%!%K%/#%J/#/+I!H-&!+-D!$8$4*+/K$!D-1/+/-(15!!?!+%J#$!4-PD%&/(0!G$I!H/(%(4/%#!4&/+$&/%!-H!+'$!L$,/%!6$$&1!H&-P!+'$!=FF:!H/14%#!I$%&!^+'$!/(H-&P%+/-(!+'%+!Q%1!*+/#/d$,!JI!+'$!4-(1*#+/(0!H/&P!+-!1$#$4+!+'$!L$,/%!6$$&!0&-*Da!+-!"")!/1!1$+!H-&+'!J$#-Q5!!
!]U!=FF:!L%&G$+!V%+%!H-&!"#$%&!"'%(($#!L$,/%!6$$&!\&-*D!GH)/.6$$6*)4/*@/-*$$&'4I/! ! ! ! ! ! ! ! ! ! ! ! ! !
,@:<9'J@@A='
)==@7='
SfV'
,9A?@7'
_9B6@'
&G6<7L'
SfV'
2@E@>6@'
SfV'
&[$#1)'
SfV'
"M@A97<>H'
$>54;@'
)F7@A'1@MA'
g');4A7I'
SfV'
%9=C'(B43'
SfV'
&;MB4L@@='
ShV'
&[$#1)'
-A437C'
SiV'
"M@A97<>H'
$>54;@'
-A437C'
SiV'
%9=C'(B43'
-A437C'
SiV'
2@76A>'4>'
)==@7='
SiV'
2@76A>'4>'
&G6<7L'
SiV'
Q8LA'#479B'
.C9A@C4B:@A'
2@76A>'
SiV'
! ! ! ! ! ! ! !
[&+"'%"2J' E2:B;5=! =2EA=5B! <2:=<5=! E;:5; EFF5F! ==E59! A2BFF C<<5;F C<T5:B CE! E5:9! T59F <5AF
1"]'e"!&.'g'%"'$!%' <2AB=5F! =2;T;5<! <2A9;5A! =T<5F <E=5A! <9B5A! A2:F< C<<5FB C=F5<E C<A! E5E;! <:59F CT5F9
$!#&2J*[+$%'-2"*J' <<2;T:5=! T2<:T59! 92=AT5E! <::5; ^<=5;a! ^<FE5<a! TE2FFF CAT5F< C<FE5<< CA<! C=5:F! CA5<T C<<5B=
e%'1&%)*Y' T2E:F5E! :2;TE5F! =2=:F5F! 9<<5= EB:5:! =TA5:! A2;<< =5<< T5<T =! :5;F! <E5:;
+),)2')1_&2#$.$!-' E2AEA5<! T2BB:5A! <2F=<5A! T::5B <9:5A! EE<5;! E2=FF <:5;A :B59F <F! <5<<! <5== <<5FB
!&]'Z"2/'#$,&.' T2:EE5F! E2BEB5;! E2EA=5B! ::T5= T<:5;! TFT5F! <<2;9: C<T5;; C<;5EA C9! :5B9! <F5=F C<:5E<
2&)1&2.'1$-&.#' =2<BF59! <29TE5<! =2EB;5A! <EB5E B<5T! ^ET5Fa! T2=FF C=T5;9 CE=5AB C<EF! CT5=E! C;5;9 C=5==
.%0"+).#$%'%"2J' =2F:=5=! <2<F=5<! =2=BE5B! =FB5E <T=5:! <ET5T! <F2TFF E5== =5AT :! E5ET! :5ET C:5TT
#2$[*!&' <T2:T95=! ;2E9E59! :2:;:59! <2TTF5F <2<;95=! AAB5:! ==2TFF CB5;; C<<5ET CE! E59=! :5TT C<<5TB
]).0$!-#"!'J".#' T2:BT5B! A2ET=5:! E2::E5;! AE:5T :EA5T! :<=5T! <92TFF C<59T CT5:: C<! 95BT! <F5=9 =5FT
Z)0""'$!%' <F2BE<5B! ::2<:E5E! :2=:A5A! <2:FT5; <2<FA5A! =2=;E5T! ;2BFF :=5F9 9E5=T ;;! <A5:<! =F5E: 9B5:<
! ! ! ! ! !
,<>' ^NOWXIR' ^N^RXI^' ^NRX^IO' ^QWIQ S^XIaV S^RQI^V QNXRR 8OjIR^ 8^RQI^^ 8^QRI^O' 8jIXQ' 8aIa` 8^kIQ^
Xk7C'J@A5@>7<B@' XNWWjIa' XN``RIa' XNRRaIW' XXjI` ^QOI`' ^k^Ik' ON`k^ 8^QIjj 8^aIOk 8^^I`Q' XIXQ' XIa^ 8aIaO
kR7C'J@A5@>7<B@' jNQkRIQ' jN^kjI`' XNQWaIO' jkkIW QRRIR' XjOIk' aNWRR 8WIaa 8^^IQj 8QIR`' QIk`' kIjj 8QI^j
Ok7C'J@A5@>7<B@' ONORWIQ' `N`jXIW' jNjRkIW' `OQIQ jO`I`' jkWIX' ^jN^WQ XI`O QIjj QIkj' kIWW' ^^IaQ ^Iak
,9d' ^jNkj`IX' kkN^kQIQ' `NXOjIQ' ^NkRjIa ^N^a`IX' XNXaQIj' jQNRRR kXIR` `QIXji aaIQX' ^OIk^' XRIQk `WIk^! ! ! ! ! !%+&)2'%0)!!&+'
"*#1""2' jNa^WIQk' ONRXXIXk' XN```IRW' OjOIj` Qj`IWX j`XIX^ ON`RR ^OI`R jRIXR ^`IW^' ^IXk' ^Ikk !"#$%&%'(%)(*
:%'#%),/0&);/C4"/:%%'4/ JKL/ JML/ NOL/ MPL NNL JNL QOL RPL MJL RKL/ QKL/ QKL SSS
!
<E!!
3(!P%G/(0!,$4/1/-(1!Q/+'!&$1D$4+!+-!%(I!$#$P$(+!-H!$8$4*+/K$!4-PD$(1%+/-(2!+'$!"-PP/++$$!4-(1/,$&1!+'$!+-+%#!4-PD$(1%+/-(!+'%+!P%I!J$!%Q%&,$,!+-!+'$!-HH/4$&2!/(4#*,/(0!1%#%&I2!%((*%#!J-(*1!%(,!#-(0C+$&P!/(4$(+/K$!4-PD$(1%+/-(5!!L*#+/D#$!H%4+-&1!%&$!4-(1/,$&$,!/(!,$+$&P/(/(0!+'$!%P-*(+!-H!+-+%#!4-PD$(1%+/-(!^+'$!1*P!-H!J%1$!1%#%&I2!%((*%#!/(4$(+/K$!J-(*1!%(,!#-(0C+$&P!4-PD$(1%+/-(!,$#/K$&$,!+'&-*0'!1+-4G!-D+/-(!0&%(+1!%(,!&$1+&/4+$,!1+-4G!%Q%&,1a!+-!%Q%&,!+-!$8$4*+/K$!-HH/4$&1!$%4'!I$%&5!!?P-(0!+'$1$!H%4+-&1!%&$O!!
!! /(!+'$!4%1$!-H!-*&!6&$1/,$(+!%(,!"'/$H!)D$&%+/(0!)HH/4$&2!'-Q!D&-D-1$,!%P-*(+1!-H!+-+%#!4-PD$(1%+/-(!4-PD%&$!+-!%P-*(+1!D%/,!+-!1/P/#%&!$8$4*+/K$1!-H!L$,/%!6$$&1R!H-&!$8%PD#$2!H-##-Q/(0!J$#-Q!/1!%!+%J#$!4-PD%&/(0!-*&!6&$1/,$(+!%(,!"'/$H!)D$&%+/(0!)HH/4$&b1!+-+%#!4-PD$(1%+/-(!+-!+'$!+-+%#!4-PD$(1%+/-(!-H!1/P/#%&#I!1/+*%+$,!$8$4*+/K$1!-H!-*&!L$,/%!6$$&1R!!
!!!"-PD%(I!
!!!M8$4*+/K$!
!!!
>%#%&I! 7-(*1!
!!
@-+%#!"%1'"-PD$(1%+/-(
!@-+%#!X@3!
\&%(+!Y%#*$<!
!!
Z$+!@-+%#!"-PD$(1%+/-(!
! ! ! !7MX)!")N6! >?ZVMN2!i).Z!X5!^i?"ca! h9FF2FFF! h=:F2FFF! hB:F2FFF! h<2EFF2BBB h=2<:F2BBB!V)W!i)ZM>!n!")!3Z"! r?ZZ3Z)2!N3".?NV!]5! A:929:E! 9EB2FFF! <2E;T29:E! <29=92EFA E2F=F2;9F!3Z@MN6e7X3"!\N)e6! V))ZMN2!iN52!i).Z!i5! <2=:F2FFF! ;FF2FFF! =2<:F2FFF! AEA2TT< =2BBA2TT<!i"!VM"?ej!>?! VM"?ej2iM?ZC]N?Z")3>! <2E;:2;FF! <29TB2E:F! E2FTT2=:F! F E2FTT2=:F!X?L?N!?VYMN@3>3Z\! NM3XXU2>M?Z!M5! T=:2FFF! <A:2FFF! 9FF2FFF! F 9FF2FFF!ZMW!U)Nc!@3LM>! >eXr7MN\[email protected] <2F::2:;9! :9F2:=<! <29<92<<A! =2<E;2FFF E2A::2<<A!NM?VMN>!V3\M>@! >".N3MN2!MN3"!W5! T9=29;=! ET:29FF! BFB2=;=! <2EBB2TB9 =2<;92AAB!>".)X?>@3"!")N6! .)X@)Z2!X3>?! 9FF2FFF! A:2EFF! 9A:2EFF! :E<2FFF <2=F92EFF!@N37eZM!")! >[email protected]!>")@@!"5! :=:2FFF! <:T2FFF! 9A;2FFF! A;E2;FF <2TA=2;FF!W?>.3Z\@)Z!6)>@! L)N>M2!iN52!i).Z!75! ::F2FFF! E=E2=<:! BAE2=<:! TTB29FT <2E=<2B<;!U?.))!3Z"! N)>MZ>WM3\2!V?Z3MX! :FF2FFF! <2<:F2FFF! <29:F2FFF! <B2E;E2=:F =F2FTE2=:F!! ! ! ! ! !
=:+'!!g/#$! ! :<=2:FF! =<=2:FF! ATE29T9! TB;2BF= <2E;A2E9F!:F+'!!g/#$! ! 9FF2FFF! ET:29FF! BAE2=<:! A;E2;FF =2<;92AAB!A:+'!!g/#$! ! ;F92<=:! A9;2FFF! <29EE2F:;! <2:FA2E;A E2FE=29F:!
! ! ! ! ! !"XM?N!".?ZZMX!)e@V))N!
LMUMN2!6?eX!i5! :992AT=! ;=F2FFF! <2TB92AT=! <2=<;2<FF =2AF:2BT=!
!<Y%#*$!-H!-D+/-(!0&%(+12!&$1+&/4+$,!1+-4G2!%(,!+%&0$+!X@365!
!
!! +'$!K%#*$!-H!1+-4G!-D+/-(1!%Q%&,$,!/(!D&/-&!I$%&1R!
!! /(+$&(%#!D%I!$[*/+I!4-(1/,$&%+/-(1R!%(,!
!! J&-%,!+&$(,1!/(!$8$4*+/K$!4-PD$(1%+/-(!0$($&%##I5!!3(!%,,/+/-(2!/(!&$K/$Q/(0!%(,!%DD&-K/(0!$PD#-IP$(+!%0&$$P$(+1!H-&!(%P$,!$8$4*+/K$!-HH/4$&12!+'$!
"-PP/++$$!4-(1/,$&1!+'$!-+'$&!J$($H/+1!+-!Q'/4'!+'$!-HH/4$&!/1!$(+/+#$,!JI!+'$!%0&$$P$(+2!/(4#*,/(0!4-PD$(1%+/-(!D%I%J#$!*D-(!+$&P/(%+/-(!-H!+'$!%0&$$P$(+!*(,$&!%!K%&/$+I!-H!4/&4*P1+%(4$15!!@'$!"-PP/++$$b1!0-%#!/1!+-!%Q%&,!4-PD$(1%+/-(!+'%+!/1!&$%1-(%J#$!Q'$(!%##!$#$P$(+1!-H!D-+$(+/%#!4-PD$(1%+/-(!%&$!4-(1/,$&$,5!!'
&+&,&!#.'"('%",J&!.)#$"!'
@'$!"-PP/++$$!%(,!+'$!M8$4*+/K$!6$&H-&P%(4$!>*J4-PP/++$$!-H!+'$!"-PP/++$$!^+'$!_>*J4-PP/++$$`a!J$#/$K$!+'%+!%!4-PJ/(%+/-(!-H!K%&/-*1!$#$P$(+1!-H!4-PD$(1%+/-(!J$1+!1$&K$1!+'$!/(+$&$1+1!-H!"#$%&!"'%(($#!)*+,--&!%(,!/+1!1+-4G'-#,$&15!!.%K/(0!%!K%&/$+I!-H!4-PD$(1%+/-(!$#$P$(+1!$(%J#$1!"#$%&!"'%(($#!)*+,--&!+-!P$$+!+'$!&$[*/&$P$(+1!-H!+'$!'/0'#I!4-PD$+/+/K$!$(K/&-(P$(+!/(!Q'/4'!"#$%&!"'%(($#!)*+,--&!-D$&%+$1!Q'/#$!$(1*&/(0!+'%+!$8$4*+/K$!-HH/4$&1!%(,!1$(/-&!P%(%0$&1!%&$!4-PD$(1%+$,!/(!%!Q%I!+'%+!%,K%(4$1!+'$!/(+$&$1+1!-H!%##!1+-4G'-#,$&15!!e(,$&!+'/1!%DD&-%4'2!4-PD$(1%+/-(!-H!+'$1$!-HH/4$&1!%(,!1$(/-&!P%(%0$&1!/(K-#K$1!%!'/0'!D&-D-&+/-(!-H!D%I!+'%+!/1!_%+!&/1G2`!(%P$#I2!+'$!%((*%#!/(4$(+/K$!J-(*12!1+-4G!-D+/-(1!%(,!&$1+&/4+$,!1+-4G!%Q%&,15!!@'$!%((*%#!/(4$(+/K$!J-(*1!/1!%#1-!J%1$,!$(+/&$#I!-(!"#$%&!"'%(($#!)*+,--&b1!H/(%(4/%#!D$&H-&P%(4$5!!>+-4G!-D+/-(1!%(,!&$1+&/4+$,!1+-4G!%Q%&,1!4-(1+/+*+$!%!1/0(/H/4%(+!D-&+/-(!-H!#-(0C+$&P!&$P*($&%+/-(!+'%+!/1!+/$,!,/&$4+#I!+-!1+-4G!D&/4$!%DD&$4/%+/-(!+'%+!J$($H/+1!%##!-H!"#$%&!"'%(($#!)*+,--&b1!1+-4G'-#,$&15!!
!
<T!!
"#$%&!"'%(($#!)*+,--&b1!D&%4+/4$1!Q/+'!&$1D$4+!+-!$%4'!-H!+'$!$#$P$(+1!-H!$8$4*+/K$!4-PD$(1%+/-(!%&$!1$+!H-&+'!J$#-Q2!H-##-Q$,!JI!%!,/14*11/-(!-H!+'$!1D$4/H/4!H%4+-&1!4-(1/,$&$,!/(!,$+$&P/(/(0!+'$!%P-*(+1!H-&!$%4'!-H!+'$!G$I!$#$P$(+15!!!/ T&4%/5&$&'3/
6*&D-1$5!!@'$!-JS$4+/K$!-H!J%1$!1%#%&I!/1!+-!&$H#$4+!S-J!&$1D-(1/J/#/+/$12!K%#*$!+-!"#$%&!"'%(($#!)*+,--&!%(,!/(,/K/,*%#!D$&H-&P%(4$!Q/+'!&$1D$4+!+-!P%&G$+!4-PD$+/+/K$($115!!
'
?,P/(/1+&%+/-(5!!7%1$!1%#%&/$1!H-&!$8$4*+/K$!-HH/4$&1!%&$!&$K/$Q$,!-(!%(!%((*%#!J%1/1!%(,!%+!+'$!+/P$!-H!D&-P-+/-(!-&!-+'$&!4'%(0$!/(!&$1D-(1/J/#/+/$15!!3(4&$%1$1!/(!1%#%&I!%&$!J%1$,!-(!1*JS$4+/K$!$K%#*%+/-(!-H!1*4'!H%4+-&1!%1!+'$!#$K$#!-H!&$1D-(1/J/#/+I2!/(,/K/,*%#!D$&H-&P%(4$2!#$K$#!-H!D%I!J-+'!-H!+'$!$8$4*+/K$!/(![*$1+/-(!%(,!-+'$&!1/P/#%&#I!1/+*%+$,!$8$4*+/K$12!%(,!4-PD$+/+/K$!D%I!#$K$#15!'
@'$!J%1$!1%#%&I!-H!-*&!6&$1/,$(+!%(,!"'/$H!)D$&%+/(0!)HH/4$&!/1!1$+!%+!%!#$K$#!4-PD%&%J#$!+-!1%#%&/$1!D%/,!+-!1/P/#%&#I!1/+*%+$,!$8$4*+/K$1!-H!"#$%&!"'%(($#!)*+,--&b1!L$,/%!6$$&15!W$!$(+$&$,!/(+-!$PD#-IP$(+!%0&$$P$(+1!Q/+'!6%*#!i5!L$I$&2!-*&!6&$1/,$(+!%(,!"'/$H!)D$&%+/(0!)HH/4$&2!%(,!Q/+'!i-(%+'%(!V5!7$K%(2!-*&!"'/$H!]/(%(4/%#!)HH/4$&C3(+$&(%+/-(%#2!D*&1*%(+!+-!Q'/4'!Q$!%&$!&$[*/&$,!+-!4-PD$(1%+$!L&5!L$I$&!%(,!L&5!7$K%(!/(!%44-&,%(4$!Q/+'!+'$/&!&$1D$4+/K$!$PD#-IP$(+!%0&$$P$(+15!!"#$%&!"'%(($#!)*+,--&!J$#/$K$1!+'%+!+'$!$PD#-IP$(+!%0&$$P$(+1!Q/+'!L&5!L$I$&!%(,!L&5!7$K%(!%&$!/(!+'$!J$1+!/(+$&$1+1!-H!"#$%&!"'%(($#!)*+,--&!+-!%11*&$!4-(+/(*/+I!-H!P%(%0$P$(+5!
!@'$!J%1$!1%#%&/$1!-H!-*&!-+'$&!$8$4*+/K$!-HH/4$&1!%&$!,$+$&P/($,!J%1$,!-(!&$4-PP$(,%+/-(1!P%,$!JI!-*&!
6&$1/,$(+!%(,!"'/$H!)D$&%+/(0!)HH/4$&!+-!+'$!"-PP/++$$5!!@'$!"-PP/++$$!+'$(!4-(1/,$&1!+'$1$!&$4-PP$(,%+/-(1!/(!#/0'+!-H!1*4'!H%4+-&1!%1!+'$!#$K$#!-H!&$1D-(1/J/#/+I2!/(,/K/,*%#!D$&H-&P%(4$2!#$K$#!-H!D%I!J-+'!-H!+'$!$8$4*+/K$!/(![*$1+/-(!%(,!-+'$&!1/P/#%&#I!1/+*%+$,!$8$4*+/K$12!%(,!4-PD$+/+/K$!D%I!#$K$#1!/(!1$++/(0!+'$!J%1$!1%#%&I5!!
'
?(%#I1/15!!@'$!P/(/P*P!J%1$!1%#%&I!H-&!-*&!6&$1/,$(+!%(,!"'/$H!)D$&%+/(0!)HH/4$&!/1!,$+$&P/($,!JI!%(!$PD#-IP$(+!%0&$$P$(+5!!@'/1!P/(/P*P!1%#%&I2!+'$!%P-*(+!-H!%(I!/(4&$%1$!-K$&!+'/1!P/(/P*P!%(,!+'$!J%1$!1%#%&/$1!H-&!+'$!$8$4*+/K$!-HH/4$&1!Q'-1$!1%#%&/$1!%&$!(-+!1D$4/H/$,!/(!%(!%0&$$P$(+2!%&$!,$+$&P/($,!JI!+'$!"-PP/++$$!J%1$,!-(!%!K%&/$+I!-H!H%4+-&12!/(4#*,/(0O!!
!! +'$!(%+*&$!%(,!&$1D-(1/J/#/+I!-H!+'$!D-1/+/-(!%(,2!+-!+'$!$8+$(+!%K%/#%J#$2!1%#%&I!(-&P1!H-&!D$&1-(1!/(!4-PD%&%J#$!D-1/+/-(1!%+!3(,*1+&I!6$$&1R!
!! +'$!$8D$&+/1$!-H!+'$!/(,/K/,*%#!$8$4*+/K$R!
!! +'$!4-PD$+/+/K$($11!-H!+'$!P%&G$+!H-&!+'$!$8$4*+/K$b1!1$&K/4$1R!%(,!
!! +'$!&$4-PP$(,%+/-(1!-H!+'$!"'/$H!M8$4*+/K$!)HH/4$&!^$84$D+!/(!+'$!4%1$!-H!'/1!-Q(!4-PD$(1%+/-(a5!!W'$&$!(-+!1D$4/H/$,!JI!4-(+&%4+2!1%#%&/$1!%&$!0$($&%##I!&$K/$Q$,!%((*%##I5!!]-&!=FFA2!Q$!/(4&$%1$,!+'$!1%#%&I!-H!$%4'!-H!-*&!(%P$,!$8$4*+/K$!-HH/4$&12!-+'$&!+'%(!L$11&15!L%&G!%(,!N%(,%##!L%I15!!3(!/(4&$%1/(0!+'$1$!1%#%&/$1!Q$!&$K/$Q$,!+'$!$8$4*+/K$1b!/(,/K/,*%#!D$&H-&P%(4$2!#$K$#!-H!D%I!-H!J-+'!+'$!$8$4*+/K$!/(
<:!!
'
?,P/(/1+&%+/-(5!!M%4'!-H!-*&!(%P$,!$8$4*+/K$!-HH/4$&12!-+'$&!+'%(!L$11&15!L%&G!%(,!N%(,%##!L%I12!D%&+/4/D%+$1!/(!+'$!"#$%&!"'%(($#!)*+,--&!=FF9!?((*%#!3(4$(+/K$!6#%(!^+'$!_?((*%#!3(4$(+/K$!6#%(`a5!!@'$!?((*%#!3(4$(+/K$!6#%(!/1!%,P/(/1+$&$,!JI!+'$!>*J4-PP/++$$!%(,!D&-K/,$1!H-&!D$&H-&P%(4$CJ%1$,!J-(*1$1!H-&!$8$4*+/K$1!Q'-!Q$&$!_4-K$&$,!$PD#-I$$1`!D*&1*%(+!+-!>$4+/-(!<9=^Pa!-H!+'$!3(+$&(%#!N$K$(*$!"-,$5!!e(,$&!+'$!?((*%#!3(4$(+/K$!6#%(2!+'$!>*J4-PP/++$$!$1+%J#/1'$1!1D$4/H/4!4-PD%(I!_D$&H-&P%(4$CJ%1$,!0-%#1`!%DD#/4%J#$!+-!$%4'!4-K$&$,!$8$4*+/K$!-HH/4$&!H-&!+'$!$(1*/(0!H/14%#!I$%&!D$&H-&P%(4$!D$&/-,5!!@'$!D$&H-&P%(4$!0-%#1!H-&!4-&D-&%+$C#$K$#!$8$4*+/K$!-HH/4$&1!%&$!J%1$,!-(!"#$%&!"'%(($#!)*+,--&b1!I$%&C-K$&CI$%&!/PD&-K$P$(+1!/(!H/(%(4/%#!&$1*#+1!*1/(0!%!4-PJ/(%+/-(!-H!P$+&/41!Q'/4'!P%I!/(4#*,$!$%&(/(01!D$&!1'%&$2!H&$$!4%1'!H#-Q!D$&!1'%&$2!-D$&%+/(0!/(4-P$!J$H-&$!,$D&$4/%+/-(2!%P-&+/d%+/-(!%(,!(-(C4%1'!4-PD$(1%+/-(!$8D$(1$2!%(,!-+'$&!H/(%(4/%#!P$%1*&$1!Q'/4'!J$1+!&$H#$4+!+'$!-HH/4$&b1!4-(+&/J*+/-(!+-!-*+1+%(,/(0!4-&D-&%+$!D$&H-&P%(4$5!!6$&H-&P%(4$!0-%#1!H-&!$%4'!$8$4*+/K$!-HH/4$&!%&$!1$+!D*&1*%(+!+-!%(!$8+$(1/K$!%((*%#!-D$&%+/(0!D#%(!,$K$#-D$,!JI!+'$!6&$1/,$(+!%(,!"'/$H!)D$&%+/(0!)HH/4$&!/(!4-(1*#+%+/-(!Q/+'!-+'$&!1$(/-&!$8$4*+/K$!-HH/4$&15!!@'$!6&$1/,$(+!%(,!"'/$H!)D$&%+/(0!)HH/4$&!P%G$1!&$4-PP$(,%+/-(1!%1!+-!+'$!4-PD$(1%+/-(!#$K$#1!%(,!D$&H-&P%(4$!0-%#1!-H!"#$%&!"'%(($#!)*+,--&b1!$8$4*+/K$!-HH/4$&1!+-!+'$!>*J4-PP/++$$!H-&!/+1!&$K/$Q2!4-(1/,$&%+/-(!%(,!%DD&-K%#5!!
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b1!'/1+-&/4%#!J-(*1!#$K$#1!H-&!$8$4*+/K$12!J$4%*1$!+'$!>$4+/-(!<9=^Pa!&$0*#%+/-(1!%##-Q!-(#I!_($0%+/K$!,/14&$+/-(`!/(!&$1D$4+!-H!+'/1!+ID$!-H!D#%(2!%(,!+'$!>*J4-PP/++$$!,$1/&$,!H#$8/J/#/+I!+-!&$4-0(/d$!$84$D+/-(%#!/(,/K/,*%#!D$&H-&P%(4$!Q'$(!Q%&&%(+$,5!!
'
@'$!%((*%#!J-(*1!D&-4$11!H-&!(%P$,!$8$4*+/K$!-HH/4$&1!/(K-#K$1!H-*&!J%1/4!1+$D1!D*&1*%(+!+-!+'$!?((*%#!3(4$(+/K$!6#%(O!!
!! ?+!+'$!-*+1$+!-H!+'$!H/14%#!I$%&O!
<5! >$+!D$&H-&P%(4$!0-%#1!H-&!+'$!I$%&!H-&!"#$%&!"'%(($#!)*+,--&'%(,!$%4'!D%&+/4/D%(+!
=5! >$+!%!+%&0$+!J-(*1!H-&!$%4'!/(,/K/,*%#!!
!! ?H+$&!+'$!$(,!-H!+'$!H/14%#!I$%&O!
E5! L$%1*&$!%4+*%#!D$&H-&P%(4$!^/(,/K/,*%#!%(,!4-PD%(ICQ/,$a!%0%/(1+!+'$!D&$,$+$&P/($,!"#$%&!"'%(($#!)*+,--&!%(,!/(,/K/,*%#!D$&H-&P%(4$!0-%#1!+-!,$+$&P/($!+'$!D&$#/P/(%&I!J-(*1!
T5! L%G$!%,S*1+P$(+1!+-!+'$!&$1*#+/(0!D&$#/P/(%&I!J-(*1!4%#4*#%+/-(!+-!&$H#$4+!"#$%&!"'%(($#!)*+,--&b1!D$&H-&P%(4$!&$#%+/K$!+-!+'$!D$&H-&P%(4$!-H!+'$!3(,*1+&I!6$$&15!
?(%#I1/15!!]-&!=FFA2!+'$!D$&H-&P%(4$CJ%1$,!0-%#1!%DD#/4%J#$!+-!4-K$&$,!$8$4*+/K$!-HH/4$&1!Q$&$O!!
/ :&+$/2%3%'/
L&5!L$I$&b1!=FFA!D$&H-&P%(4$CJ%1$,!0-%#1!4-(1/1+$,!-H!0&-Q+'!/(!$%&(/(01!D$&!1'%&$!-&!M6>2!$HH$4+/K$!,$D#-IP$(+!-H!4%D/+%#2!%(,!0&-Q+'!/(!-D$&%+/(0!/(4-P$!J$H-&$!,$D&$4/%+/-(2!%P-&+/d%+/-(2!(-(C4%1'!4-PD$(1%+/-(!$8D$(1$!%(,!0%/(!-&!#-11!-(!,/1D-1/+/-(!-H!%11$+1!-&!)37V?Z5!!@'$!"-PD%(I!4%#4*#%+$1!)37V?Z!JI!%,S*1+/(0!($+!/(4-P$!+-!$84#*,$!(-(C4%1'!4-PD$(1%+/-(!%(,!+'$!H-##-Q/(0!#/($!/+$P1!D&$1$(+$,!/(!+'$!"-PD%(Ib1!1+%+$P$(+!-H!-D$&%+/-(1O!^/a!P/(-&/+I!/(+$&$1+!/(4-P$!^$8D$(1$a!^//a!/(4-P$!+%8!^$8D$(1$a!J$($H/+2!^///a!-+'$&!/(4-P$!^$8D$(1$a!m!($+2!^/Ka!$[*/+I!/(!$%&(/(01!-H!(-(4-(1-#/,%+$,!%HH/#/%+$12!^Ka!0%/(!^#-11a!-(!P%&G$+%J#$!1$4*&/+/$12!^K/a!/(+$&$1+!$8D$(1$2!^K//a!0%/(!^#-11a!-(!,/1D-1/+/-(!-H!%11$+1!m!($+2!%(,!^K///a!,$D&$4/%+/-(!%(,!%P-&+/d%+/-(5!!L&5!L$I$&b1!!
!
<9!!
%00&$0%+$!+%&0$+!J-(*1!H-&!=FFA!Q%1!1$+!%+!hA:F2FFF5!!>$+!H-&+'!J$#-Q!/1!%!P%+&/8!1'-Q/(0!+'$!D-+$(+/%#!D$&H-&P%(4$CJ%1$,!J-(*1!-*+4-P$1!H-&!L&5!L$I$&!H-&!=FFAO!
&J.'
%9M<79B'
1@MB4L;@>7'
[4>6='
);46>7'
"$[1)!'
#479B'J47@>7<9B'J@AF4A;9>5@8
[9=@:'[4>6='
&J.'
);46>7'
&J.'
[4>6='
"$[1)!
-A437C'
297@'
"$[1)!'
[4>6=' #479B'[4>6='
i'4F'fOkRNRRR'
#9AH@7@:'[4>6='
"MM4A76><7L'
hF5T<!! h!!A2:FF!! h!!!<<2=:F! <5Fg! h!!!!!:92=:F! h!!!!!A:2FFF! <F5Fg!
hF5T=!! <:2FFF!! ==2:FF! <5Ag! <<=2:FF! <:F2FFF! =F5Fg!
hF5TE!! ==2:FF!! EE2A:F! =5Tg! <9B2A:F! ==:2FFF! EF5Fg!
hF5TT!! EF2FFF!! T:2FFF! E5=g! ==:2FFF! EFF2FFF! TF5Fg!
hF5T:!! EA2:FF!! :92=:F! T5Fg! =B<2=:F! EA:2FFF! :F5Fg!
hF5T9!! T:2FFF!! 9A2:FF! T5Bg! EEA2:FF! T:F2FFF! 9F5Fg!
hF5TA!! :=2:FF!! AB2A:F! :59g! E;E2A:F! :=:2FFF! AF5Fg!
hF5TB!! 9F2FFF!! ;F2FFF! 95Tg! T:F2FFF! 9FF2FFF! BF5Fg!
hF5T;!! 9A2:FF!! <F<2=:F! A5=g! :F92=:F! 9A:2FFF! ;F5Fg!
hF5:F!! A:2FFF!! <<=2:FF! B5Fg! :9=2:FF! A:F2FFF! <FF5Fg!
hF5:<!! B92=:F!! <=;2EA:! B5Bg! 9T92BA:! B9=2:FF! <<:5Fg!
hF5:=!! ;A2:FF!! <T92=:F! ;59g! AE<2=:F! ;A:2FFF! <EF5Fg!
hF5:E!! <FB2A:F!! <9E2<=:! <F5Tg! B<:29=:! <2FBA2:FF! <T:5Fg!
hF5:T!! <=F2FFF!! <BF2FFF! <<5=g! ;FF2FFF! <2=FF2FFF! <9F5Fg!
hF5::!! <E<2=:F!! <;92BA:! <=5Fg! ;BT2EA:! <2E<=2:FF! <A:5Fg!
hF5:9!! <T=2:FF!! =<E2A:F! <=5Bg! <2F9B2A:F! <2T=:2FFF! <;F5Fg!
hF5:A!! <:E2A:F!! =EF29=:! <E59g! <2<:E2<=:! <2:EA2:FF! =F:5Fg!
hF5:B!! <9:2FFF!! =TA2:FF! <T5Tg! <2=EA2:FF! <29:F2FFF! ==F5Fg!
hF5:;!! <A92=:F!! =9T2EA:! <:5=g! <2E=<2BA:! <2A9=2:FF! =E:5Fg!
!hF59F!! <BA2:FF!! =B<2=:F! !<95Fg! <2TF92=:F! <2BA:2FFF! =:F5Fg!
'
! L&5!L$I$&b1!+-+%#!D$&H-&P%(4$CJ%1$,!J-(*1!H-&!=FFA!Q%1!h<2TBT2A995!!L&5!L$I$&b1!M6>!D$&H-&P%(4$!H-&!=FFA!$84$$,$,!hF59F!D$&!1'%&$2!&$1*#+/(0!/(!%(!%Q%&,!-H!h=B<2=:F!H-&!+'$!M6>!4-PD-($(+!-H!'/1!D$&H-&P%(4$CJ%1$,!J-(*15!!L&5!L$I$&!Q%1!%Q%&,$,!+'$!+%&0$+!%P-*(+!-H!h<<=2:FF!H-&!+'$!,$D#-IP$(+!-H!4%D/+%#!4-PD-($(+!-H!'/1!D$&H-&P%(4$CJ%1$,!J-(*15!]/(%##I2!L&5!L$I$&b1!)37V?Z!0&-Q+'!D$&H-&P%(4$!Q%1!%DD&-8/P%+$#I!<E5F<g!H-&!=FFA2!&$1*#+/(0!/(!%(!%Q%&,!-H!h<2F;<2F<9!H-&!+'$!)37V?Z!0&-Q+'!4-PD-($(+!-H!'/1!D$&H-&P%(4$CJ%1$,!J-(*15!!!
E'&);$6)/5644*)//
L&5!>/11-(b1!=FFA!D$&H-&P%(4$CJ%1$,!0-%#1!4-(1/1+$,!-H!0&-Q+'!/(!+'$!"-PD%(Ib1!?P$&/4%1!1$0P$(+!/(!$%&(/(01!J$H-&$!/(+$&$1+!%(,!+%8$1!-&!M73@2!%(,!0&-Q+'!/(!+'$!"-PD%(Ib1!3(+$&(%+/-(%#!1$0P$(+!/(!-D$&%+/(0!/(4-P$!J$H-&$!,$D&$4/%+/-(2!%P-&+/d%+/-(2!(-(C4%1'!4-PD$(1%+/-(!$8D$(1$!%(,!0%/(!-&!#-11!-(!,/1D-1/+/-(!-H!%11$+1!-&!)37V?Z5!!@'$!"-PD%(I!4%#4*#%+$1!M73@!JI!%,S*1+/(0!($+!/(4-P$!+-!$84#*,$!+'$!H-##-Q/(0!#/($!/+$P1!D&$1$(+$,!/(!+'$!"-PD%(Ib1!1+%+$P$(+!-H!-D$&%+/-(1O!^/a!/(4-P$!+%8!^$8D$(1$a!J$($H/+!%(,!^//a!/(+$&$1+!$8D$(1$5!!@'$!"-PD%(I!4%#4*#%+$1!)37V?Z!JI!%,S*1+/(0!($+!/(4-P$!+-!$84#*,$!(-(C4%1'!4-PD$(1%+/-(!%(,!+'$!H-##-Q/(0!#/($!/+$P1!D&$1$(+$,!/(!+'$!"-PD%(Ib1!1+%+$P$(+!-H!-D$&%+/-(1O!^/a!P/(-&/+I!/(+$&$1+!/(4-P$!^$8D$(1$a!^//a!/(4-P$!+%8!^$8D$(1$a!J$($H/+2!^///a!-+'$&!/(4-P$!^$8D$(1$a!m!($+2!^/Ka!$[*/+I!/(!$%&(/(01!-H!(-(4-(1-#/,%+$,!%HH/#/%+$12!^Ka!0%/(!^#-11a!-(!P%&G$+%J#$!1$4*&/+/$12!^K/a!/(+$&$1+!$8D$(1$2!^K//a!0%/(!^#-11a!-(!,/1D-1/+/-(!-H!%11$+1!m!($+2!%(,!^K///a!,$D&$4/%+/-(!%(,!%P-&+/d%+/-(5!!!
!L&5!>/11-(b1!=FFA!D$&H-&P%(4$CJ%1$,!J-(*1!H-&!+'$!?P$&/4%1!1$0P$(+!Q%1!4%#4*#%+$,!JI!P*#+/D#I/(0!+'$!
%DD&-D&/%+$!D$&4$(+%0$!J-(*1!&%+$!J%1$,!-(!+'$!?P$&/4%1!1$0P$(+!D$&H-&P%(4$!JI!'/1!1%#%&I2!%(,!+'$(!P*#+/D#I/(0!+'%+!&$1*#+!JI!AFg5!!L&5!>/11-(b1!=FFA!D$&H-&P%(4$CJ%1$,!J-(*1!H-&!+'$!3(+$&(%+/-(%#!1$0P$(+!Q%1!4%#4*#%+$,!JI!P*#+/D#I/(0!+'$!%DD&-D&/%+$!D$&4$(+%0$!J-(*1!&%+$!J%1$,!-(!+'$!3(+$&(%+/-(%#!1$0P$(+!D$&H-&P%(4$!JI!'/1!1%#%&I2!%(,!
<A!!
+'$(!P*#+/D#I/(0!+'%+!&$1*#+!JI!EFg5!!>$+!H-&+'!J$#-Q!/1!%!P%+&/8!1'-Q/(0!+'$!D-+$(+/%#!D$&H-&P%(4$CJ%1$,!J-(*1!-*+4-P$1!H-&!L&5!>/11-(!H-&!=FFAO!
M73@p)37V?Z!\&-Q+'! 7-(*1!N%+$!
6-+$(+/%#!6$&H-&P%(4$C7%1$,!7-(*1!
<g! Eg! h<F2BFF!
=g! 9g! h=<29FF!
Eg! ;g! hE=2TFF!
Tg! <=g! hTE2=FF!
:g! <:g! h:T2FFF!
9g! =Fg! hA=2FFF!
Ag! =:g! h;F2FFF!
Bg! EFg! h<FB2FFF!
;g! E:g! h<=92FFF!
<Fg! TFg! h<TT2FFF!
<<g! T9g! h<9:29FF!
<=g! :=g! h<BA2=FF!
<Eg! :Bg! h=FB2BFF!
<Tg! 9Tg! h=EF2TFF!
<:g! AFg! h=:=2FFF!
<9g! AAg! h=AA2=FF!
<Ag! BTg! hEF=2TFF!
<Bg! ;<g! hE=A29FF!
<;g! ;Bg! hE:=2BFF!
=Fg! <F:g! hEAB2FFF!
=<g! <<=g! hTFE2=FF!
==g! <<;g! hT=B2TFF!
=Eg! <=9g! hT:E29FF!
=Tg! <EEg! hTAB2BFF!
=:g! <TFg! h:FT2FFF!
=9g! <TAg! h:=;2=FF!
=Ag! <:Tg! h::T2TFF!
!=Bg! <9<g! h:A;29FF!
=;g! <9Bg! h9FT2BFF!
EFg! <A:g! h9EF2FFF!
E<g! <B=g! h9::2=FF!
E=g! <B;g! h9BF2TFF!
EEg! <;9g! hAF:29FF!
ETg! =FEg! hAEF2BFF!
E:g! =<Fg! hA:92FFF!
/
! L&5!>/11-(b1!+-+%#!D$&H-&P%(4$CJ%1$,!J-(*1!H-&!=FFA!Q%1!h<:A2E=F5!!L&5!>/11-(b1!?P$&/4%1!1$0P$(+!M73@!D$&H-&P%(4$!H-&!=FFA!Q%1!;g2!&$1*#+/(0!/(!%(!%Q%&,!-H!hBB2=FF!H-&!+'$!?P$&/4%1!1$0P$(+!M73@!4-PD-($(+!-H!'/1!D$&H-&P%(4$CJ%1$,!J-(*15!!L&5!>/11-(b1!3(+$&(%+/-(%#!1$0P$(+!)37V?Z!D$&H-&P%(4$!H-&!=FFA!Q%1!<Tg2!&$1*#+/(0!/(!%(!%Q%&,!-H!h9;2<=F!H-&!+'$!3(+$&(%+/-(%#!1$0P$(+!)37V?Z!4-PD-($(+!-H!'/1!D$&H-&P%(4$CJ%1$,!J-(*15!!!
/
V*)&,(&)/T%C&)/
L&5!7$K%(b1!=FFA!D$&H-&P%(4$CJ%1$,!0-%#1!4-(1/1+$,!-H!0&-Q+'!/(!+'$!"-PD%(Ib1!3(+$&(%+/-(%#!1$0P$(+!/(!-D$&%+/(0!/(4-P$!J$H-&$!%P-&+/d%+/-(2!(-(C4%1'!4-PD$(1%+/-(!$8D$(1$!%(,!0%/(!-&!#-11!-(!,/1D-1/+/-(!-H!%11$+1!-&!)37?Z5!!@'$!"-PD%(I!4%#4*#%+$1!)37?Z!JI!%,S*1+/(0!($+!/(4-P$!+-!$84#*,$!(-(C4%1'!4-PD$(1%+/-(!%(,!+'$!H-##-Q/(0!#/($!/+$P1!D&$1$(+$,!/(!+'$!"-PD%(Ib1!1+%+$P$(+!-H!-D$&%+/-(1O!^/a!P/(-&/+I!/(+$&$1+!/(4-P$!^$8D$(1$a!^//a!/(4-P$!+%8!^$8D$(1$a!J$($H/+2!^///a!-+'$&!/(4-P$!^$8D$(1$a!m!($+2!^/Ka!$[*/+I!/(!$%&(/(01!-H!(-(4-(1-#/,%+$,!%HH/#/%+$12!
<B!!
^Ka!0%/(!^#-11a!-(!P%&G$+%J#$!1$4*&/+/$12!^K/a!/(+$&$1+!$8D$(1$2!^K//a!0%/(!^#-11a!-(!,/1D-1/+/-(!-H!%11$+1!m!($+2!%(,!^K///a!%P-&+/d%+/-(5!!!
!L&5!7$K%(b1!=FFA!D$&H-&P%(4$CJ%1$,!J-(*1!H-&!+'$!3(+$&(%+/-(%#!1$0P$(+!Q%1!4%#4*#%+$,!JI!P*#+/D#I/(0!
+'$!%DD&-D&/%+$!D$&4$(+%0$!J-(*1!&%+$!J%1$,!-(!+'$!3(+$&(%+/-(%#!1$0P$(+!D$&H-&P%(4$!JI!'/1!1%#%&I5!!L&5!7$K%(b1!D$&H-&P%(4$CJ%1$,!J-(*1!-DD-&+*(/+I!Q%1!4%DD$,!%+!<:Fg!-H!'/1!=FFA!1%#%&I5!!>$+!H-&+'!J$#-Q!/1!%!P%+&/8!1'-Q/(0!+'$!D-+$(+/%#!D$&H-&P%(4$CJ%1$,!J-(*1!-*+4-P$1!H-&!L&5!7$K%(!H-&!=FFAO!
)37?Z!\&-Q+'! 7-(*1!&%+$! 6-+$(+/%#!6$&H-&P%(4$CJ%1$,!J-(*1!
FC:g! F5:g! h;2;FB!
9C<Fg! <g! h<;2B<9!
<<C<:g! =g! hE;29E<!
<9C=Fg! Eg! h:;2TTA!
=<CEFg! Tg! h<:B2:=T!
!EFg! :g! hEFA2<T<!
!! L&5!7$K%(b1!3(+$&(%+/-(%#!1$0P$(+!)37?Z!D$&H-&P%(4$!H-&!=FFA!Q%1!T=59g2!&$1*#+/(0!/(!%!+-+%#!D$&H-&P%(4$CJ%1$,!J-(*1!H-&!=FFA!-H!h:E929F:5!!!'
/ >*)9S1%'./H)#%),6C%/?*.F%)4&,6*)/
! 6*&D-1$5!!@'$!#-(0C+$&P!/(4$(+/K$!4-PD$(1%+/-(!$#$P$(+!D&-K/,$1!%!D$&/-,/4!%Q%&,!^+ID/4%##I!%((*%#a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
"#$%&!"'%(($#')*+,--&b1!$[*/+I!4-PD$(1%+/-(!D#%(1!%&$!P-,$&%+$#I!J&-%,CJ%1$,2!Q/+'!:;T!$PD#-I$$1!%+!%##!#$K$#1!'-#,/(0!-*+1+%(,/(0!1+-4G!/(4$(+/K$!%Q%&,1!%1!-H!V$4$PJ$&!E<2!=FFA5!!M[*/+I!-Q($&1'/D!H-&!%##!$8$4*+/K$!-HH/4$&1!%(,!+'$!J&-%,CJ%1$,!$PD#-I$$!D-D*#%+/-(!/1!/PD-&+%(+!H-&!D*&D-1$1!-H!/(4$(+/K$2!&$+$(+/-(!%(,!%#/0(P$(+!Q/+'!1+-4G'-#,$&15!!!
'
>+-4G!)D+/-(15!!@'$!#-(0C+$&P!/(4$(+/K$!4-PD$(1%+/-(!$#$P$(+!4%##1!H-&!1+-4G!-D+/-(1!+-!J$!0&%(+$,!Q/+'!$8$&4/1$!D&/4$1!-H!(-+!#$11!+'%(!H%/&!P%&G$+!K%#*$!-H!"#$%&!"'%(($#!)*+,--&b1!1+-4G!-(!+'$!,%+$!-H!0&%(+!%(,!+-!K$1+!J$0/((/(0!-($!I$%&!H&-P!+'$!,%+$!-H!0&%(+!%(,!H*##I!K$1+/(0!H-*&!I$%&1!H&-P!+'$!,%+$!-H!0&%(+2!Q/+'!%!<FCI$%&!+$&P5!!?##!K$1+/(0!/1!4-(+/(0$(+!-(!4-(+/(*$,!$PD#-IP$(+2!Q/+'!&%&$!$84$D+/-(1!P%,$!JI!+'$!"-PP/++$$5!!"#$%&!"'%(($#!)*+,--&!,$H/($1!H%/&!P%&G$+!K%#*$!%1!+'$!4#-1/(0!D&/4$!-(!+'$!,%+$!-H!0&%(+5!@'$!"-PP/++$$!Q/##!(-+!0&%(+!1+-4G!-D+/-(1!Q/+'!$8$&4/1$!D&/4$1!J$#-Q!+'$!P%&G$+!D&/4$!-H!"#$%&!"'%(($#!)*+,--&b1!1+-4G!-(!+'$!,%+$!-H!0&%(+!^,$+$&P/($,!%1!,$14&/J$,!%J-K$a2!%(,!Q/##!(-+!&$,*4$!+'$!$8$&4/1$!D&/4$!-H!1+-4G!-D+/-(1!^$84$D+!/(!4-(($4+/-(!Q/+'!%,S*1+P$(+1!+-!&$H#$4+!&$4%D/+%#/d%+/-(12!1+-4G!-&!$8+&%-&,/(%&I!,/K/,$(,12!1+-4G!1D#/+12!P$&0$&12!1D/(C-HH1!%(,!1/P/#%&!$K$(+1!D$&P/++$,!JI!+'$!&$#$K%(+!D#%(a!Q/+'-*+!1+-4G'-#,$&!%DD&-K%#5!!!
'
>+-4G!-D+/-(!0&%(+1!+-!$8$4*+/K$!-HH/4$&1!-H!"#$%&!"'%(($#!)*+,--&!%&$!,$+$&P/($,!J%1$,!/(!D%&+!-(!+'$!%4'/$K$P$(+!-H!+'$!D$&H-&P%(4$!0-%#1!,$14&/J$,!D&$K/-*1#I!*(,$&!+'$!'$%,/(0!_o"-PD$(1%+/-(!M#$P$(+1!m!?((*%#!3(4$(+/K$!7-(*15`!!?##!,$4/1/-(1!+-!0&%(+!1+-4G!-D+/-(1!%&$!/(!+'$!1-#$!,/14&$+/-(!-H!+'$!"-PP/++$$!-&!+'$!>*J4-PP/++$$2!%1!%DD#/4%J#$5!!!
'
N$1+&/4+$,!>+-4G!?Q%&,15!!N$1+&/4+$,!1+-4G!%Q%&,1!+-!$8$4*+/K$1!-H!"#$%&!"'%(($#!)*+,--&!%&$!,$+$&P/($,!J%1$,!/(!D%&+!-(!+'$!%4'/$K$P$(+!-H!4$&+%/(!D$&H-&P%(4$!0-%#1!%1!,/14*11$,!D&$K/-*1#I!*(,$&!+'$!'$%,/(0!_o"-PD$(1%+/-(!M#$P$(+1!m!?((*%#!3(4$(+/K$!7-(*15`!!?##!,$4/1/-(1!+-!%Q%&,!&$1+&/4+$,!1+-4G!%&$!/(!+'$!1-#$!,/14&$+/-(!-H!+'$!"-PP/++$$!%(,!+'$!>*J4-PP/++$$2!%1!%DD#/4%J#$5!!
!L/8!-H!>+-4G!)D+/-(1!%(,!N$1+&/4+$,!>+-4G!?Q%&,15!!"#$%&!"'%(($#!)*+,--&b1!#-(0C+$&P!/(4$(+/K$!
4-PD$(1%+/-(!0$($&%##I!+%G$1!+'$!H-&P!-H!1+-4G!-D+/-(!0&%(+1!%(,!&$1+&/4+$,!1+-4G!%Q%&,15!!@'$1$!+Q-!K$'/4#$1!&$Q%&,!1+-4G'-#,$&!K%#*$!4&$%+/-(!/(!1#/0'+#I!,/HH$&$(+!Q%I15!!>+-4G!-D+/-(1!^Q'/4'!'%K$!$8$&4/1$!D&/4$1!$[*%#!+-!+'$!P%&G$+!D&/4$!%+!+'$!,%+$!-H!0&%(+a!&$Q%&,!$8$4*+/K$!-HH/4$&1!-(#I!/H!+'$!1+-4G!D&/4$!/(4&$%1$15!!N$1+&/4+$,!1+-4G!%Q%&,1!
<;!!
%&$!/PD%4+$,!JI!%##!1+-4G!D&/4$!4'%(0$12!1-!+'$!K%#*$!+-!(%P$,!$8$4*+/K$!-HH/4$&1!/1!%HH$4+$,!JI!J-+'!/(4&$%1$1!%(,!,$4&$%1$1!/(!1+-4G!D&/4$5!!
MPD#-I$$1!0$($&%##I!&$4$/K$!'%#H!-H!+'$/&!%Q%&,!/(!+'$!H-&P!-H!1+-4G!-D+/-(1!%(,!'%#H!-H!+'$/&!%Q%&,!/(!+'$!H-&P!-H!&$1+&/4+$,!1+-4G2!/(!%!(*PJ$&!-H!1'%&$1!&$,*4$,!JI!%!&%+/-!-H!E!+-!<!^H-&!$8%PD#$2!/H!%(!$PD#-I$$!/1!%Q%&,$,!A:F!-D+/-(12!+'$!$PD#-I$$!Q-*#,!%#1-!&$4$/K$!=:F!1'%&$1!-H!&$1+&/4+$,!1+-4Ga5!
!Y$1+/(0!-H!N$1+&/4+$,!>+-4G!?Q%&,15!!N$1+&/4+$,!1+-4G!%Q%&,1!0&%(+$,!%1!#-(0C+$&P!/(4$(+/K$!4-PD$(1%+/-(!
+-!$8$4*+/K$!-HH/4$&1!0$($&%##I!'%K$!14'$,*#$,!K$1+/(0!,%+$1!-K$&!%!H-*&!I$%&!D$&/-,!H&-P!+'$!,%+$!-H!0&%(+5!!'
>+-4G!)D+/-(!%(,!N$1+&/4+$,!>+-4G!\&%(+!@/P/(0!6&%4+/4$1!!0%9+$&'/U))+&$/5,*#;/DF,6*)/W'&),/8&,%45!/@'$!&$0*#%&!%((*%#!1+-4G!-D+/-(!-&!&$1+&/4+$,!1+-4G!%Q%&,!,%+$!
H-&!$PD#-I$$1!/1!+ID/4%##I!/(!]$J&*%&I!%(,!H-&!(-(C$PD#-I$$!P$PJ$&1!-H!+'$!7-%&,!/1!+ID/4%##I!?D&/#5!!/
:&',)%'/X%!/Y6'%4Z:'*.*,6*)4/W'&),/8&,%45//\&%(+1!-H!1+-4G!-D+/-(!-&!&$1+&/4+$,!1+-4G!%Q%&,1!+-!($Q#IC'/&$,!-&!($Q#ICD&-P-+$,!$PD#-I$$1!%&$!P%,$!%+!+'$!($8+CH-##-Q/(0!&$0*#%&#I!14'$,*#$,!P$$+/(0!-H!+'$!7-%&,!%H+$&!+'$!'/&$!-&!D&-P-+/-(5!!
'
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
!?(%#I1/15!>+-4G!-D+/-(!%(,!&$1+&/4+$,!1+-4G!%Q%&,1!Q$&$!P%,$!+-!$%4'!(%P$,!$8$4*+/K$!-HH/4$&!/(!=FFA5!!
@'$1$!0&%(+1!Q$&$!J%1$,!-(!+'$!$8$4*+/K$1b!/(,/K/,*%#!D$&H-&P%(4$2!#$K$#!-H!D%I!-H!J-+'!+'$!$8$4*+/K$!/(
=F!!
2"+&.')!1'2&.J"!.$[$+$#$&.''
N-#$!-H!+'$!"-PP/++$$!%(,!+'$!>*J4-PP/++$$5!!@'$!"-PP/++$$!%(,!+'$!>*J4-PP/++$$2!%1!%DD#/4%J#$2!%&$!D&/P%&/#I!&$1D-(1/J#$!H-&!4-(,*4+/(0!&$K/$Q1!-H!"#$%&!"'%(($#!)*+,--&b1!$8$4*+/K$!4-PD$(1%+/-(!D-#/4/$1!%(,!1+&%+$0/$1!%(,!-K$&1$$/(0!%(,!$K%#*%+/(0!"#$%&!"'%(($#!)*+,--&b1!-K$&%##!4-PD$(1%+/-(!1+&*4+*&$!%(,!D&-0&%P15!!V/&$4+!&$1D-(1/J/#/+/$1!/(4#*,$2!J*+!%&$!(-+!#/P/+$,!+-O!!
!! $K%#*%+/(0!%(,!%DD&-K/(0!0-%#1!%(,!-JS$4+/K$1!&$#$K%(+!+-!4-PD$(1%+/-(!-H!+'$!"-PD%(Ib1!$8$4*+/K$!-HH/4$&12!%(,!$K%#*%+/(0!+'$!D$&H-&P%(4$!-H!+'$!$8$4*+/K$1!/(!#/0'+!-H!+'-1$!0-%#1!%(,!-JS$4+/K$1R!
!! ,$+$&P/(/(0!%(,!%DD&-K/(0!+'$!4-PD$(1%+/-(!#$K$#!H-&!+'$!$8$4*+/K$!-HH/4$&1R!
!! $K%#*%+/(0!%(,!%DD&-K/(0!%##!0&%(+1!-H!$[*/+ICJ%1$,!4-PD$(1%+/-(!+-!$8$4*+/K$!-HH/4$&1R!
!! &$4-PP$(,/(0!+-!+'$!7-%&,!4-PD$(1%+/-(!D-#/4/$1!H-&!-*+1/,$!,/&$4+-&1R!%(,!
!! &$K/$Q/(0!D$&H-&P%(4$CJ%1$,!%(,!$[*/+ICJ%1$,!/(4$(+/K$!D#%(1!H-&!+'$!$8$4*+/K$!-HH/4$&1!%(,!&$K/$Q/(0!-+'$&!J$($H/+!D&-0&%P1!D&$1$(+$,!+-!+'$!"-PP/++$$!JI!+'$!"'/$H!M8$4*+/K$!)HH/4$&5!
!N-#$!-H!L%(%0$P$(+5!!@'$!&-#$!-H!"#$%&!"'%(($#!)*+,--&!P%(%0$P$(+!/1!+-!D&-K/,$!&$K/$Q1!%(,!
&$4-PP$(,%+/-(1!H-&!+'$!"-PP/++$$b1!4-(1/,$&%+/-(2!%(,!+-!P%(%0$!"#$%&!"'%(($#!)*+,--&b1!$8$4*+/K$!4-PD$(1%+/-(!D&-0&%P12!D-#/4/$1!%(,!0-K$&(%(4$5!!V/&$4+!&$1D-(1/J/#/+/$1!/(4#*,$2!J*+!%&$!(-+!#/P/+$,!+-O!!
!! D&-K/,/(0!%(!-(0-/(0!&$K/$Q!-H!+'$!$HH$4+/K$($11!-H!+'$!4-PD$(1%+/-(!D&-0&%P12!/(4#*,/(0!4-PD$+/+/K$($112!%(,!%#/0(P$(+!Q/+'!"#$%&!"'%(($#!)*+,--&b1!-JS$4+/K$1R!
!! &$4-PP$(,/(0!4'%(0$12!/H!($4$11%&I!+-!$(1*&$!%4'/$K$P$(+!-H!%##!D&-0&%P!-JS$4+/K$1R!!
!! %(,!&$4-PP$(,/(0!D%I!#$K$#12!D%I-*+!%(,p-&!%Q%&,1!H-&!$8$4*+/K$!-HH/4$&15!'
=<!!
.*,,)2Z'%",J&!.)#$"!'
@'$!>*PP%&I!"-PD$(1%+/-(!+%J#$!1'-Q1!4$&+%/(!4-PD$(1%+/-(!/(H-&P%+/-(!H-&!+'$!I$%&1!$(,$,!V$4$PJ$&!E<2!=FFA!%(,!=FF9!H-&!+'$!6&/(4/D%#!M8$4*+/K$!)HH/4$&2!6&/(4/D%#!]/(%(4/%#!)HH/4$&!%(,!$%4'!-H!+'$!+'&$$!($8+!P-1+!'/0'#I!4-PD$(1%+$,!$8$4*+/K$!-HH/4$&1!H-&!1$&K/4$1!&$(,$&$,!/(!%##!4%D%4/+/$1!^'$&$/(%H+$&!&$H$&&$,!+-!%1!+'$!_(%P$,!$8$4*+/K$!-HH/4$&1`a5!
=FFA!>eLL?NU!")L6MZ>?@3)Z!
!!!!!
Z%P$!%(,!6&/(4/D%#!6-1/+/-(!
!
!!!!!!
U$%&!
!
!!!!!!
>%#%&I!^ha!
!!!!!!
7-(*1!^ha!
!!!!!
>+-4G!?Q%&,1!^<a!
^ha!
!!!!!
)D+/-(!?Q%&,1!^<a!
^ha!
!!!
Z-(!m!M[*/+I!3(4$(+/K$!6#%(!
"-PD$(1%+/-(!^ha!
"'%(0$!/(!6$(1/-(!Y%#*$!
%(,!Z-([*%#/H/$,!V$H$&&$,!
"-PD$(1%+/-(!M%&(/(01!
^ha!
!!!!!
?##!)+'$&!"-PD$(1%+/-(
^ha!
!!!!!!
@-+%#!^ha!
L%&G!65!L%I1!m!"'/$H!M8$4*+/K$!)HH/4$&!^6M)ak!
=FFA! E<E2=:F!^=a! =2E<B2A:F!^=a! AF2:<=! ==;2E9A! o! o! o! =2;E<2BA;!
=FF9! E<E2=:F!^=a! =2E<B2A:F!^=a! o! <TB2A<;! o! o! o! =2ABF2A<;!
! ! ! ! ! ! ! !
N%(,%##!@5!L%I1!m"'/$H!]/(%(4/%#!)HH/4$&!^6])akk!
=FFA! EF92=:F!^Ea! =2E<B2A:F!^Ea! AF2:<=! ==;2E9A! o! o! o! =2;=T2BA;!
=FF9! EFE2;<A!^Ea! =2E<B2A:F!^Ea! o! <TB2A<;! o! o! o! =2AA<2EB9!
! ! ! ! ! ! !
6%*#!i5!L$I$&!m!6&$1/,$(+!%(,!"'/$H!)D$&%+/(0!)HH/4$&!
=FFA! !9TA2<<:! o! <9;2==9! :B=2A:A! <2TBT2A99! o! <B2TAF!^Ta! =2;F=2EET!
=FF9! !9==2TFT!! B;:2FFF! o! 9F<2EB;! o! o! ;2ETF! =2<=B2<EE!
! ! ! ! ! ! !
i-(%+'%(!V5!7$K%(!m!"'/$H!]/(%(4/%#!)HH/4$&!o3(+$&(%+/-(%#!^:a!
=FFA! !E;F2E:E! o! BT2:FF! B=29AT! :E929F:! o! <FT2:9T!^9a! <2<;B29;9!
=FF9! !EE<29B9! ::2=B<! TA2<EF! T<2BET! o! o! BT2E:;!^Aa! :9F2=;F!
! ! ! ! ! ! !
]&%(G#/(!\5!>/11-(2!i&5!m!\#-J%#!V/&$4+-&!o!>%#$1!%(,!L%&G$+/(0!
=FFA! !E:E2:EB! o! T;2E:;! =A;2EBF! <:A2E=F! o! :29=:! BT:2===!
=FF9! !E=:2FFF! <;T2<=:! o! =EF2EE=! o! o! 92=:;! A::2A<9!
! ! ! ! ! ! !
k! _6M)`!&$H$&1!+-!D&/(4/D%#!$8$4*+/K$!-HH/4$&5!
kk! _6])`!&$H$&1!+-!D&/(4/D%#!H/(%(4/%#!-HH/4$&5!
^<a! @'$&$!Q$&$!(-!H-&H$/+*&$1!-H!1+-4G!-&!-D+/-(!%Q%&,1!'$#,!JI!+'$!(%P$,!$8$4*+/K$!-HH/4$&1!,*&/(0!=FFA!%(,!=FF95!!>$$!Z-+$!c!C!>'%&$'-#,$&1b!M[*/+I!/(!?DD$(,/8!?!D%0$!?CTA!-H!+'/1!,-4*P$(+!H-&!+'$!4-PD#$+$!,/14#-1*&$!-H!+'$!%11*PD+/-(1!P%,$!/(!+'$!K%#*%+/-(!-H!-*&!1+-4G!%(,!-D+/-(!%Q%&,15!
^=a! L&5!L5!L%I1b!1%#%&I!%(,!J-(*1!$%&($,!,*&/(0!$%4'!-H!+'$!I$%&1!$(,$,!V$4$PJ$&!E<2!=FFA!%(,!=FF9!Q%1!hB;:2FFF!%(,!h929=:2FFF2!&$1D$4+/K$#I2!-H!Q'/4'!hE<E2=:F!%(,!h=2E<B2A:F!Q%1!&$/PJ*&1$,!JI!+'$!"-PD%(I!+-!"#$%&!"'%(($#!"-PP*(/4%+/-(12!3(45!D*&1*%(+!+-!%!"-&D-&%+$!>$&K/4$1!?0&$$P$(+!J$+Q$$(!+'$!"-PD%(I!%(,!"#$%&!"'%(($#!L%(%0$P$(+!>$&K/4$12!X65!
^Ea! L&5!N5!L%I1b!1%#%&I!%(,!J-(*1!$%&($,!,*&/(0!+'$!I$%&!$(,$,!V$4$PJ$&!E<2!=FFA!Q%1!hBA:2FFF!%(,!h929=:2FFF2!&$1D$4+/K$#I2!-H!Q'/4'!hEF92=:F!%(,!h=2E<B2A:F!Q%1!&$/PJ*&1$,!JI!+'$!"-PD%(I!+-!"#$%&!"'%(($#!"-PP*(/4%+/-(12!3(45!D*&1*%(+!+-!%!"-&D-&%+$!>$&K/4$1!?0&$$P$(+!J$+Q$$(!+'$!"-PD%(I!%(,!"#$%&!"'%(($#!L%(%0$P$(+!>$&K/4$12!X65!!L&5!N5!L%I1b!1%#%&I!%(,!J-(*1!$%&($,!,*&/(0!+'$!I$%&!$(,$,!V$4$PJ$&!E<2!=FF9!Q%1!hB9B2EEE!%(,!h929=:2FFF2!&$1D$4+/K$#I2!-H!Q'/4'!hEFE2;<A!%(,!h=2E<B2A:F!Q%1!&$/PJ*&1$,!JI!+'$!"-PD%(I!+-!"#$%&!"'%(($#!"-PP*(/4%+/-(12!3(45!D*&1*%(+!+-!%!"-&D-&%+$!>$&K/4$1!?0&$$P$(+!J$+Q$$(!+'$!"-PD%(I!%(,!"#$%&!"'%(($#!L%(%0$P$(+!>$&K/4$12!X65!
^Ta! N$D&$1$(+1!h92;:F!H-&!%!D$&1-(%#!4#*J!P$PJ$&1'/D2!h:2B;:!H-&!4#%/P1!%(,!%,P/(/1+&%+/K$!$8D$(1$1!%11-4/%+$,!Q/+'!%!L$,/4%#!M8$4*+/K$!N$/PJ*&1$P$(+!6#%(!%(,!h:29=:!/(!+'$!"-PD%(Ib1!P%+4'/(0!4-(+&/J*+/-(1!+-!+'$!TF<^Ga!6#%(2!
^:a! L&5!7$K%(!/1!%!4/+/d$(!-H!+'$!e(/+$,!c/(0,-P5!!@'$!4-PD$(1%+/-(!%P-*(+1!&$D-&+$,!/(!+'/1!+%J#$!'%K$!J$$(!4-(K$&+$,!H&-P!7&/+/1'!D-*(,1!+-!e5>5!,-##%&1!*1/(0!+'$!%K$&%0$!$84'%(0$!&%+$!H&-P!$%4'!%DD#/4%J#$!I$%&5!
^9a! N$D&$1$(+1!4-(+&%4+$,!D%IP$(+1!-H!hE=2:=;!+-!L&5!7$K%(!H-&!4%&!%##-Q%(4$!%(,!hA=2FE:!/(!D%IP$(+1!+-!L&5!7$K%(b1!D$(1/-(!D#%(5!
^Aa! N$D&$1$(+1!4-(+&%4+$,!D%IP$(+1!-H!h=A29T<!+-!L&5!7$K%(!H-&!4%&!%##-Q%(4$!%(,!h:92A<B!/(!D%IP$(+1!+-!L&5!7$K%(b1!D$(1/-(!D#%(5!
==!!
)(!?*0*1+!:2!=FF:2!+'$!"-PD%(I!$(+$&$,!/(+-!%(!$PD#-IP$(+!%0&$$P$(+!Q/+'!6%*#!i5!L$I$&2!Q'/4'!&$D#%4$,!+'$!$8/1+/(0!$PD#-IP$(+!%0&$$P$(+!JI!%(,!J$+Q$$(!L&5!L$I$&!%(,!"#$%&!"'%(($#!"-PP*(/4%+/-(12!3(452!+'$!"-PD%(Ib1!D%&$(+5!@'$!/(/+/%#!+$&P!-H!+'$!($Q!%0&$$P$(+!$(,1!-(!+'$!+'/&,!%((/K$&1%&I!-H!+'$!,%+$!-H!+'$!%0&$$P$(+R!+'$!+$&P!%*+-P%+/4%##I!$8+$(,1!-($!,%I!%+!%!+/P$!J$0/((/(0!-(!+'$!1$4-(,!%((/K$&1%&I!-H!+'$!,%+$!-H!+'$!%0&$$P$(+2!*(#$11!-($!D%&+I!0/K$1!+'$!-+'$&!-($!I$%&b1!(-+/4$!-H!$8D/&%+/-(!%+!-&!D&/-&!+-!+'$!1$4-(,!%((/K$&1%&I!-H!+'$!,%+$!-H!+'$!%0&$$P$(+5!!@'$!4-(+&%4+!4%##1!H-&!L&5!L$I$&!+-!J$!+'$!6&$1/,$(+!%(,!"'/$H!)D$&%+/(0!)HH/4$&!-H!+'$!"-PD%(I!H-&!%!J%1$!1%#%&I!-H!h9FF2FFF!/(!+'$!H/&1+!I$%&!-H!+'$!%0&$$P$(+R!h9=:2FFF!/(!+'$!1$4-(,!I$%&!-H!+'$!%0&$$P$(+R!%(,!h9:F2FFF!/(!+'$!+'/&,!I$%&!-H!+'$!%0&$$P$(+2!1*JS$4+!+-!%,,/+/-(%#!%((*%#!&%/1$1!+'$&$%H+$&!/(!%44-&,%(4$!Q/+'!4-PD%(I!D-#/4/$15!L&5!L$I$&!/1!%#1-!$#/0/J#$!+-!&$4$/K$!%!D$&H-&P%(4$!J-(*1!%1!,$4/,$,!%+!+'$!1-#$!,/14&$+/-(!-H!+'$!J-%&,!-H!,/&$4+-&1!%(,!+'$!4-PD$(1%+/-(!4-PP/++$$!-H!+'$!"-PD%(I5!!
!L&5!L$I$&!P%I!+$&P/(%+$!'/1!$PD#-IP$(+!%+!%(I!+/P$!%H+$&!+'$!1$4-(,!%((/K$&1%&I!-H!+'$!,%+$!-H!+'$!
%0&$$P$(+!*D-(!-($!I$%&b1!Q&/++$(!(-+/4$5!@'$!"-PD%(I!P%I!+$&P/(%+$!L&5!L$I$&!Q/+'-*+!_"%*1$`!%H+$&!+'$!1$4-(,!%((/K$&1%&I!-H!+'$!,%+$!-H!+'$!%0&$$P$(+!*D-(!-($!I$%&b1!Q&/++$(!(-+/4$5!_"%*1$`!/1!(%&&-Q#I!,$H/($,!/(!+'$!%0&$$P$(+5!3H!L&5!L$I$&!/1!+$&P/(%+$,!Q/+'-*+!_"%*1$2`!'$!/1!$(+/+#$,!+-!&$4$/K$!%!#*PD!1*P!D%IP$(+!-H!%44&*$,!%(,!*(D%/,!J%1$!1%#%&I!%(,!D&-&%+$,!J-(*12!/H!%(I2!%(,!%(I!D%IP$(+1!+-!Q'/4'!'$!P%I!J$!$(+/+#$,!*(,$&!%(I!%DD#/4%J#$!$PD#-I$$!J$($H/+!D#%(5!L&5!L$I$&!/1!D&-'/J/+$,!JI!'/1!$PD#-IP$(+!%0&$$P$(+!H&-P!%4+/K/+/$1!+'%+!4-PD$+$!Q/+'!+'$!"-PD%(I!H-&!-($!I$%&!%H+$&!'$!#$%K$1!+'$!"-PD%(I!%(,!'$!/1!D&-'/J/+$,!H&-P!1-#/4/+/(0!"-PD%(I!$PD#-I$$1!H-&!$PD#-IP$(+!H-&!<=!P-(+'1!%H+$&!+$&P/(%+/-(!&$0%&,#$11!-H!+'$!&$%1-(!H-&!+$&P/(%+/-(!-H!$PD#-IP$(+5!!'
)(!V$4$PJ$&!E2!=FFA2!+'$!"-PD%(I!$(+$&$,!/(+-!%(!$PD#-IP$(+!%0&$$P$(+!Q/+'!i-(%+'%(!V5!7$K%(5!@'$!%0&$$P$(+!'%1!(-!1D$4/H/$,!+$&P2!J*+!4%(!J$!+$&P/(%+$,!JI!$/+'$&!D%&+I!Q/+'-*+!4%*1$!*D-(!<=!P-(+'1!D&/-&!Q&/++$(!(-+/4$5!!@'$!%0&$$P$(+!4%##1!H-&!L&5!7$K%(!+-!J$!+'$!"'/$H!]/(%(4/%#!)HH/4$&C3(+$&(%+/-(%#!-H!+'$!"-PD%(I!H-&!%!J%1$!1%#%&I!-H!s<;B2FFF5!L&5!7$K%(!/1!%#1-!$#/0/J#$!+-!&$4$/K$!%!D$&H-&P%(4$!J-(*1!%1!,$4/,$,!%+!+'$!,/14&$+/-(!-H!+'$!7-%&,!-H!V/&$4+-&1!%(,!+'$!"-PD$(1%+/-(!"-PP/++$$!-H!+'$!"-PD%(I5!!!-2)!#.'"('J+)!8[).&1')])21.!
@'$!H-##-Q/(0!+%J#$!1$+1!H-&+'!4$&+%/(!/(H-&P%+/-(!4-(4$&(/(0!D#%(CJ%1$,!%Q%&,1!0&%(+$,!+-!+'$!(%P$,!$8$4*+/K$!-HH/4$&1!,*&/(0!+'$!I$%&!$(,$,!V$4$PJ$&!E<2!=FFA5!
\N?Z@>!)]!6X?ZC7?>MV!?W?NV>!VeN3Z\!=FFA!
!!!!!!!
Z%P$!
!!!!!!
\&%(+!V%+$!
M1+/P%+$,!]*+*&$!6%I-*+1!e(,$&!Z-(CM[*/+I!3(4$(+/K$!
6#%(!?Q%&,1!
!M1+/P%+$,!]*+*&$!6%I-*+1!e(,$&!M[*/+I!3(4$(+/K$!6#%(!?Q%&,1!
!?##!)+'$&!>+-4G!?Q%&,1O!!Z*PJ$&!-H!>'%&$1!-H!>+-4G!-&!e(/+1!^ta!
?##!)+'$&!)D+/-(!?Q%&,1O!Z*PJ$&!-H!>$4*&/+/$1!e(,$&C#I/(0!)D+/-(1!^ta!
!!!
M8$&4/1$!-&!7%1$!6&/4$!-H!)D+/-(!?Q%&,1!^hp>'a!
!!!
@'&$1C'-#,!^ha!
!!!!
@%&0$+!^ha!
!!!
L%8/CP*P!^ha!
!!!
@'&$1C'-#,!^ta!
!!!!
@%&0$+!^ta!
!!!
L%8/CP*P!^ta!
L%&G!65!L%I1!^6M)a!
:p=EpFA! o! o! o! o! o! o! <9299A! :F2FFF! =;5FE!
N%(,%##!@5!L%I1!^6])a!
:p=EpFA! o! o! o! o! o! o! <9299A! :F2FFF! =;5FE!
6%*#!i5!L$I$&! :p=EpFA! o! o! o! o! o! o! TF2FFF! o! o!
i-(%+'%(!V5!7$K%(!
:p=EpFA! o! o! o! o! o! o! B2EEE! =92:FF! =;5FE!
]&%(G#/(!\5!>/11-(2!i&5!
:p=EpFA! o! o! o! o! o! o! <<299A! E:2FFF! =;5FE!
'
=E!!
"*#.#)!1$!-'&\*$#Z')])21.')#'($.%)+'Z&)2'&!1!
@'$!H-##-Q/(0!+%J#$!1$+1!H-&+'!4$&+%/(!/(H-&P%+/-(!4-(4$&(/(0!-*+1+%(,/(0!$[*/+I!%Q%&,1!%+!H/14%#!I$%&!$(,!-H!+'$!(%P$,!$8$4*+/K$!-HH/4$&1!H-&!+'$!I$%&!$(,$,!V$4$PJ$&!E<2!=FFA5/
)e@>@?ZV3Z\!Mfe3@U!?W?NV>!?@!VM"ML7MN!E<2!=FFA!
' )D+/-(!?Q%&,1 >+-4G!?Q%&,1
!!!!!!!!!!
Z%P$'
!!!!
Z*PJ$&!-H!>$4*&/+/$1!e(,$&#I/(0!e($8$&4/1$,!)D+/-(1!^ta!
M8$&4/1%J#$'
!!!!
Z*PJ$&!-H!>$4*&/+/$1!e(,$&#I/(0!e($8$&4/1$,!)D+/-(1!^ta!
e($8$&4/1%J#$!
!!
M[*/+I!3(4$(+/K$!
6#%(!?Q%&,1O!!Z*PJ$&!-H!>$4*&/+/$1!e(,$&#I/(0!e($8$&4/1$,!e($%&($,!)D+/-(1!^ta!
!!!!!!!!
)D+/-(!M8$&4/1$!6&/4$!^ha!
!!!!!!!!
)D+/-(!M8D/&%+/-(!V%+$!
!!!!!
Z*PJ$&!-H!>'%&$1!-&!e(/+1!-H!>+-4G!@'%+!.%K$!Z-+!Y$1+$,!^ta!
!!!!
L%&G$+!Y%#*$!-H!>'%&$1!-&!e(/+1!-H!>+-4G!@'%+!.%K$!Z-+!Y$1+$,!^ha!
!!!
M[*/+I!3(4$(+/K$!6#%(!?Q%&,1O!!Z*PJ$&!-H!e($%&($,!
>'%&$12!e(/+1!-&!)+'$&!N/0'+1!@'%+!.%K$!Z-+!Y$1+$,!^ta!
M[*/+I!3(4$(+/K$!6#%(!?Q%&,1O!!L%&G$+!-&!6%I-*+!Y%#*$!-H!e($%&($,!>'%&$12!e(/+1!-&!)+'$&!N/0'+1!@'%+!.%K$!Z-+!Y$1+$,!^ha!
L%&G!65!L%I1!^6M)a!
o! <FF2FFF!^<a! o! <B5FFFF! <<p<<p<:! o! o! o! o!
o! :F2FFF!^=a! o! =;5FEFF! :p=Ep<A! <9299A! T9<2FF;! o! o!
N%(,%##!@5!L%I1!^6])a!
o! <FF2FFF!^<a! o! <B5FFFF! <<p<<p<:! o! o! o! o!
o! :F2FFF!^=a! o! =;5FEFF! :p=Ep<A! <9299A! T9<2FF;! o! o!
6%*#!i5!L$I$&! 9<2TBE!^Ea! o! o EE5F==B! =p<=pFB! o! o! o! o!
AF2=99!^Ta! o! o =95ET:T! <=p<TpFB! o! o! o! o!
<<T2<BE!^:a! o! o =:5ET;<! =p<;pF;! o! o! o! o!
o! E:2<EE!^9a! o =F5BT9E! =p<;p<F! o! o! o! o!
o! E9:2FFF!^Aa! o <B5FFFF! <<p<<p<=! TF2FFF! <2<F92TFF! o! o!
i-(%+'%(!V5!7$K%(!
<2A:9!^Ea! ! o! EE5F==B! =p<=pFB! o! o! o! o!
:2=AF!^Ba! ! o! E<5BAB9! Ap=:pFB! o! o! o! o!
E2:<E!^Ta! ! o! =95ET:T! <=p<TpFB! o! o! o! o!
T2E;<!^;a! T2E;=!^9a! o! =F5BT9E! =p<;p<F! o! o! o! o!
B2ABE!^:a! ! o =:5ET;<! =p<;pF;! o! o! o! o!
! <E2<A:^<Fa! o <A5BB9<! <p<=p<=! o! o! o! o!
! <=2:FF!^<<a! o <;5B:! =p<Ep<E! o! o! o! o!
! =92:FF!^=a! o =;5FE! :p=Ep<A! <;2T:B! :EB2=FB! o! o!
]&%(G#/(!\5!>/11-(2!i&5!
TE2;<9!^:a! o! o =;59F<:! <Fp=:p<F! o! o! o! o!
T2;<B!^Ea! o! o EE5F==B! =p<=pFB! o! o! o! o!
=<2;:B!^Ta! o! o =95ET:T! <=p<Tp<<! o! o! o! o!
<F2:TF!^;a! <F2:TF!^9a! o =F5BT9E! =p<;p<F! o! o! o! o!
=92E:F!^:a! o! o =:5ET;<! =p<;pF;! o! o! o! o!
o! E:2<EE!^<=a! o <A5BB9<! <p<=p<:! o! o! o! o!
o! <<F2FFF!^Aa! o <B5FFFF! <<p<<p<=! o! o! o! o!
o! E:2FFF!^=a! o! =;5FEFF! :p=Ep<A! <<299A! E==2AF;! o! o!
^<a! )D+/-(!Q/##!K$1+!%(,!J$4-P$!$8$&4/1%J#$!-(!Z-K$PJ$&!<<2!=F<F5!
^=a! @Q$(+ICH/K$!D$&4$(+!-H!+'$!-D+/-(1!Q/##!K$1+!%(,!J$4-P$!$8$&4/1%J#$!-(!L%I!=E2!=FFB2!=FF;2!=F<F!%(,!=F<<5!
^Ea! )D+/-(!J$4%P$!$8$&4/1%J#$!-(!]$J&*%&I!<=2!=FF95!
^Ta! )D+/-(!J$4%P$!$8$&4/1%J#$!-(!V$4$PJ$&!<T2!=FF95!
^:a! )D+/-(!J$4%P$!$8$&4/1%J#$!-(!Z-K$PJ$&!<<2!=FF:5!
^9a! )D+/-(1!Q/##!K$1+!%(,!J$4-P$!$8$&4/1%J#$!-(!]$J&*%&I!<;2!=FFB5!
^Aa! @Q$(+ICH/K$!D$&4$(+!-H!+'$!-D+/-(1!Q/##!K$1+!%(,!J$4-P$!$8$&4/1%J#$!-(!Z-K$PJ$&!<<2!=FFB!%(,!=FF;!%(,!&$P%/(/(0!H/H+I!D$&4$(+!-H!+'$!-D+/-(1!Q/##!K$1+!%(,!J$4-P$!$8$&4/1%J#$!-(!Z-K$PJ$&!<<2!=F<F5!
^Ba! )D+/-(1!J$4%P$!$8$&4/1%J#$!-(!i*#I!=:2!=FF95!
^;a! ]/H+I!D$&4$(+!-H!+'$!-D+/-(!J$4%P$!$8$&4/1%J#$!-(!]$J&*%&I!<;2!=FF9!%(,!=FFA5!
^<Fa! @Q$(+ICH/K$!D$&4$(+!-H!+'$!-D+/-(1!Q/##!K$1+!%(,!J$4-P$!$8$&4/1%J#$!-(!i%(*%&I!<=2!=FFB!%(,!=FF;!%(,!&$P%/(/(0!H/H+I!D$&4$(+!-H!+'$!-D+/-(1!Q/##!K$1+!%(,!J$4-P$!$8$&4/1%J#$!-(!i%(*%&I!<=2!=F<F5!
=T!!
^<<a! @Q$(+ICH/K$!D$&4$(+!-H!+'$!-D+/-(1!Q/##!K$1+!%(,!J$4-P$!$8$&4/1%J#$!-(!]$J&*%&I!<E2!=FF;!%(,!=F<F!%(,!&$P%/(/(0!H/H+I!D$&4$(+!-H!+'$!-D+/-(1!Q/##!K$1+!%(,!J$4-P$!$8$&4/1%J#$!-(!]$J&*%&I!<E2!=F<<5!
^<=a! )D+/-(!Q/##!K$1+!%(,!J$4-P$!$8$&4/1%J#$!-(!i%(*%&I!<=2!=F<F5!
'
"J#$"!'&Y&2%$.&.')!1'.#"%/'_&.#&1!
@'$!H-##-Q/(0!+%J#$!1$+1!H-&+'!4$&+%/(!/(H-&P%+/-(!4-(4$&(/(0!-D+/-(!$8$&4/1$1!JI!%(,!1+-4G!K$1+/(0!H-&!+'$!(%P$,!$8$4*+/K$!-HH/4$&1!,*&/(0!+'$!I$%&!$(,$,!V$4$PJ$&!E<2!=FFA5!
"J#$"!'&Y&2%$.&.')!1'.#"%/'_&.#&1'1*2$!-'XRRO'
! )D+/-(!?Q%&,1! >+-4G!?Q%&,1!
!Z%P$!
Z*PJ$&!-H!>'%&$1!?4[*/&$,!-(!M8$&4/1$!
^ta!
Y%#*$!N$%#/d$,!-(!M8$&4/1$!!^ha!
Z*PJ$&!-H!>'%&$1!?4[*/&$,!-(!Y$1+/(0!
^ta!
Y%#*$!N$%#/d$,!-(!Y$1+/(0!
^ha!
L%&G!65!L%I1!^6M)a! o! o! o! o!
N%(,%##!@5!L%I1!^6])a! o! o! o! o!
6%*#!i5!L$I$&! E:2<EE! =9B2E9=! o! o!
i-(%+'%(!V5!7$K%(! o! o! o! o!
]&%(G#/(!\5!>/11-(2!i&5! o! o! o! o!
'
J&!.$"!'[&!&($#.'
!@'$!H-##-Q/(0!+%J#$!1$+1!H-&+'!4$&+%/(!/(H-&P%+/-(!4-(4$&(/(0!D$(1/-(!J$($H/+1!H-&!+'$!(%P$,!$8$4*+/K$!
-HH/4$&1!%+!V$4$PJ$&!E<2!=FFA5!
XRRO'J&!.$"!'[&!&($#.'
!!
Z%P$!
!!
6#%(!Z%P$!
!Z*PJ$&!-H!U$%&1!"&$,/+$,!>$&K/4$!
^ta!
6&$1$(+!Y%#*$!-H!?44*P*#%+$,!
7$($H/+!^ha!
!6%IP$(+1!V*&/(0!X%1+!]/14%#!U$%&!
^ha!
L%&G!65!L%I1!^6M)a! l! l l! l
N%(,%##!@5!L%I1!^6])a! l! l l! l
6%*#!i5!L$I$&! l! l l! l
i-(%+'%(!V5!7$K%(! "#$%&!"'%(($#!N$+/&$P$(+!7$($H/+!>4'$P$!
T! E9:29T:! l!
]&%(G#/(!\5!>/11-(2!i&5! l! l l! l
!!
=:!!
1$2&%#"2'%",J&!.)#$"!'
@'$!H-##-Q/(0!+%J#$!1$+1!H-&+'!4$&+%/(!/(H-&P%+/-(!4-(4$&(/(0!,/&$4+-&!4-PD$(1%+/-(!0&%(+$,!+-!+'$!(%P$,!,/&$4+-&1!H-&!+'$!I$%&!$(,$,!V$4$PJ$&!E<2!=FFA5!
XRRO'1$2&%#"2'%",J&!.)#$"!'
!!!!!!
Z%P$!
!!!
]$$1!M%&($,!-&!6%/,!/(!"%1'!^ha!
!!!!!
>+-4G!?Q%&,1!^ha!
!!!!!
)D+/-(!?Q%&,1!^ha!
!!!!
Z-(CM[*/+I!3(4$(+/K$!6#%(!"-PD$(1%+/-(!
^ha!
"'%(0$!/(!6$(1/-(!Y%#*$!
%(,!Z-([*%#/H/$,!V$H$&&$,!
"-PD$(1%+/-(!M%&(/(01!^ha!
!!!!!
?##!)+'$&!"-PD$(1%+/-(!
^ha!
!!!!!!
@-+%#!^ha!
X5!X-Q&I!L%I1! o! o! o! o! o! o! o!
L%&G!65!L%I1! o! o! o! o! o! o! o!
N%(,%##!@5!L%I1! o! o! o! o! o! o! o!
W5!V-*0#%1!6%&G$&! TF2FFF! =92BAB!^<a! <B2T:B!^<a o! o! o! B:2EE9!
i%P$1!L5!N%/($1! :=2FFF! =92BAB!^<a! <B2T:B!^<a o! o! o! ;A2EE9!
L%&1'%!L5!>'/$#,1! T=2FFF! =92BAB!^<a! <B2T:B!^<a o! o! o! BA2EE9!
V%#$!W5!@&$PJ#%I! :E2FFF! =92BAB!^<a! <B2T:B!^<a o! o! o! ;B2EE9!!
^<a! >$$!Z-+$!c!C!>'%&$'-#,$&1b!M[*/+I!/(!?DD$(,/8!?!D%0$!?CTA!-H!+'/1!,-4*P$(+!H-&!+'$!4-PD#$+$!,/14#-1*&$!-H!+'$!%11*PD+/-(1!P%,$!/(!+'$!K%#*%+/-(!-H!-*&!1+-4G!%(,!-D+/-(!%Q%&,15!
!
W$!D%I!-*&!(-(C$PD#-I$$!,/&$4+-&1!%(!%((*%#!4%1'!&$+%/($&!-H!h=:2FFF2!%(!%,,/+/-(%#!h<2:FF!H-&!$%4'!J-%&,!P$$+/(0!%++$(,$,!%(,!%(!%,,/+/-(%#!h<2FFF!H-&!$%4'!"-PP/++$$!P$$+/(0!%++$(,$,5!!W$!P%I!%#1-!0&%(+!1+-4G!-D+/-(1!-&!-+'$&!1+-4GCJ%1$,!%Q%&,1!+-!-*&!(-(C$PD#-I$$!,/&$4+-&12!%(,!(-(C$PD#-I$$!,/&$4+-&1!P%I!$#$4+!+-!&$4$/K$!+'$/&!H$$1!/(!+'$!H-&P!-H!1'%&$1!-H!-*&!"#%11!?!4-PP-(!1+-4G5!!W$!D%I!+'$!4'%/&D$&1-(!-H!+'$!?*,/+!"-PP/++$$!%(,!+'$!4'%/&D$&1-(!-H!+'$!"-PD$(1%+/-(!"-PP/++$$!%(!%,,/+/-(%#!%((*%#!4%1'!&$+%/($&!-H!h<F2FFF!%(,!h:2FFF2!&$1D$4+/K$#I5!!!J"#&!#$)+'J".#8&,J+"Z,&!#'J)Z,&!#.'
:&+$/2%3%'/
3H!L&5!6%*#!L$I$&b1!$PD#-IP$(+!Q/+'!+'$!"-PD%(I2!/1!+$&P/(%+$,!JI!*1!H-&!"%*1$2!"#$%&!"'%(($#!)*+,--&!Q/##2!Q/+'/(!;F!,%I12!D%I!/(!%!#*PD!1*P!%P-*(+!+-!L&5!L$I$&!'/1!%44&*$,!%(,!*(D%/,!J%1$!1%#%&I!%(,!%(I!D%IP$(+1!+-!Q'/4'!'$!P%I!J$!$(+/+#$,!*(,$&!%(I!%DD#/4%J#$!$PD#-I$$!J$($H/+!D#%(!^%44-&,/(0!+-!+'$!+$&P1!-H!1*4'!D#%(1!%(,!D-#/4/$1a5!!?!+$&P/(%+/-(!H-&!"%*1$!P*1+!J$!H-&!-($!-&!P-&$!-H!+'$!H-##-Q/(0!&$%1-(1O!^/a!4-(,*4+!JI!L&5!L$I$&!4-(1+/+*+/(0!%!P%+$&/%#!%4+!-H!Q/##H*#!P/14-(,*4+!/(!4-(($4+/-(!Q/+'!+'$!D$&H-&P%(4$!-H!'/1!,*+/$12!/(4#*,/(0!K/-#%+/-(!-H!-*&!D-#/4I!-(!1$8*%#!'%&%11P$(+2!P/1%DD&-D&/%+/-(!-H!H*(,1!-&!D&-D$&+I!-H!"#$%&!"'%(($#!)*+,--&2!-&!-+'$&!Q/##H*#!P/14-(,*4+!%1!,$+$&P/($,!/(!+'$!1-#$!,/14&$+/-(!-H!"#$%&!"'%(($#!)*+,--&R!̂ //a!4-(+/(*$,2!Q/##H*#!%(,!,$#/J$&%+$!(-(CD$&H-&P%(4$!JI!L&5!L$I$&!-H!'/1!,*+/$1!'$&$*(,$&!^-+'$&!+'%(!JI!&$%1-(!-H!L&5!L$I$&b1!D'I1/4%#!-&!P$(+%#!/##($112!/(4%D%4/+I!-&!,/1%J/#/+Ia!Q'$&$!1*4'!(-(CD$&H-&P%(4$!'%1!4-(+/(*$,!H-&!P-&$!+'%(!<F!,%I1!H-##-Q/(0!Q&/++$(!(-+/4$!-H!1*4'!(-(CD$&H-&P%(4$R!^///a!L&5!L$I$&b1!&$H*1%#!-&!H%/#*&$!+-!H-##-Q!#%QH*#!,/&$4+/K$1!Q'$&$!1*4'!&$H*1%#!-&!H%/#*&$!'%1!4-(+/(*$,!H-&!P-&$!+'%(!EF!,%I1!H-##-Q/(0!Q&/++$(!(-+/4$!-H!1*4'!&$H*1%#!-&!H%/#*&$R!^/Ka!%!4&/P/(%#!-&!4/K/#!4-(K/4+/-(!-H!L&5!L$I$&2!%!D#$%!-H!(-#-!4-(+$(,$&$!JI!L&5!L$I$&2!-&!-+'$&!4-(,*4+!JI!L&5!L$I$&!+'%+2!%1!,$+$&P/($,!/(!+'$!1-#$!,/14&$+/-(!-H!+'$!7-%&,2!'%1!&$1*#+$,!/(2!-&!Q-*#,!&$1*#+!/(!/H!'$!Q$&$!&$+%/($,!/(!'/1!D-1/+/-(!Q/+'!"#$%&!"'%(($#!)*+,--&2!P%+$&/%#!/(S*&I!+-!+'$!&$D*+%+/-(!-H!"#$%&!"'%(($#!)*+,--&2!/(4#*,/(0!4-(K/4+/-(!-H!H&%*,2!+'$H+2!$PJ$dd#$P$(+2!-&!%!4&/P$!/(K-#K/(0!P-&%#!+*&D/+*,$R!^Ka!%!J&$%4'!JI!L&5!L$I$&!-H!%(I!-H!+'$!D&-K/1/-(1!-H!'/1!$PD#-IP$(+!%0&$$P$(+R!-&!^K/a!%!K/-#%+/-(!JI!L&5!L$I$&!-H!"#$%&!"'%(($#!)*+,--&b1!$PD#-IP$(+!D-#/4/$15!
!3H!L&5!L$I$&b1!$PD#-IP$(+!Q/+'!"#$%&!"'%(($#!)*+,--&!/1!+$&P/(%+$,!JI!*1!Q/+'-*+!"%*1$2!"#$%&!"'%(($#!
)*+,--&!Q/##2!Q/+'/(!;F!,%I1!%H+$&!+'$!$HH$4+/K$!,%+$!-H!+'$!+$&P/(%+/-(2!D%I!/(!%!#*PD!1*P!%P-*(+!+-!L&5!L$I$&!'/1!%44&*$,!%(,!*(D%/,!J%1$!1%#%&I!%(,!D&-&%+$,!J-(*12!/H!%(I2!%(,!%(I!D%IP$(+1!+-!Q'/4'!'$!P%I!J$!$(+/+#$,!*(,$&!%(I!%DD#/4%J#$!$PD#-I$$!J$($H/+!D#%(!^%44-&,/(0!+-!+'$!+$&P1!-H!1*4'!D#%(1!%(,!D-#/4/$1a5!?,,/+/-(%##I2!L&5!L$I$&!Q/##!
=9!!
&$4$/K$!%!+-+%#!-H!h9FF2FFF2!D%/,!D&-!&%+%!-K$&!%!-($!I$%&!D$&/-,!/(!%44-&,%(4$!Q/+'!-*&!1+%(,%&,!D%I&-##!14'$,*#$!%(,!D&%4+/4$12!%1!4-(1/,$&%+/-(!H-&!L&5!L$I$&b1!D-1+C+$&P/(%+/-(!(-(C4-PD$+$!%(,!(-(C1-#/4/+%+/-(!-J#/0%+/-(15!
!3H!6%*#!L$I$&b1!$PD#-IP$(+!Q/+'!"#$%&!"'%(($#!)*+,--&!+$&P/(%+$1!JI!&$%1-(!-H!'/1!,$%+'2!"#$%&!"'%(($#!
)*+,--&!Q/##2!Q/+'/(!;F!,%I12!D%I!/(!%!#*PD!1*P!%P-*(+!+-!1*4'!D$&1-(!%1!L&5!L$I$&!1'%##!,$1/0(%+$!/(!%!(-+/4$!H/#$,!Q/+'!"#$%&!"'%(($#!)*+,--&!-&2!/H!(-!1*4'!D$&1-(!/1!,$1/0(%+$,2!+-!L&5!L$I$&b1!$1+%+$2!L&5!L$I$&b1!%44&*$,!%(,!*(D%/,!J%1$!1%#%&I!%(,!D&-&%+$,!J-(*12!/H!%(I2!%(,!%(I!D%IP$(+1!+-!Q'/4'!L&5!L$I$&b1!1D-*1$2!J$($H/4/%&/$12!-&!$1+%+$!P%I!J$!$(+/+#$,!*(,$&!%(I!%DD#/4%J#$!$PD#-I$$!J$($H/+!D#%(!^%44-&,/(0!+-!+'$!+$&P1!-H!1*4'!D#%(1!%(,!D-#/4/$1a5!!3H!L&5!L$I$&b1!$PD#-IP$(+!Q/+'!"#$%&!"'%(($#!)*+,--&!+$&P/(%+$1!JI!&$%1-(!-H!'/1!,/1%J/#/+I!^,$H/($,!%1!L&5!L$I$&b1!/(4%D%4/+I!,*$!+-!D'I1/4%#!-&!P$(+%#!/##($11!1*4'!+'%+!L&5!L$I$&!/1!*(%J#$!+-!D$&H-&P!'/1!,*+/$1!*(,$&!+'/1!?0&$$P$(+!-(!%!H*##C+/P$!J%1/1!H-&!P-&$!+'%(!;F!,%I1!/(!%(I!<=!P-(+'!D$&/-,2!%1!,$+$&P/($,!JI!"#$%&!"'%(($#!)*+,--&a2!"#$%&!"'%(($#!)*+,--&!1'%##2!Q/+'/(!;F!,%I12!D%I!/(!%!#*PD!1*P!%P-*(+!+-!L&5!L$I$&!'/1!%44&*$,!%(,!*(D%/,!J%1$!1%#%&I!%(,!D&-&%+$,!J-(*12!/H!%(I2!%(,!%(I!D%IP$(+1!+-!Q'/4'!'$!P%I!J$!$(+/+#$,!*(,$&!%(I!%DD#/4%J#$!$PD#-I$$!J$($H/+!D#%(!^%44-&,/(0!+-!+'$!+$&P1!-H!1*4'!D#%(1!%(,!D-#/4/$1a5!
!L&5!L$I$&!/1!D&-'/J/+$,!H&-P!%4+/K/+/$1!+'%+!4-PD$+$!Q/+'!"#$%&!"'%(($#!)*+,--&!H-&!-($!I$%&!%H+$&!'$!
#$%K$1!"#$%&!"'%(($#!)*+,--&!%(,!'$!/1!D&-'/J/+$,!H&-P!1-#/4/+/(0!-*&!$PD#-I$$1!H-&!$PD#-IP$(+!H-&!<=!P-(+'1!%H+$&!+$&P/(%+/-(!&$0%&,#$11!-H!+'$!&$%1-(!H-&!+$&P/(%+/-(!-H!$PD#-IP$(+5!.-Q$K$&2!%H+$&!L&5!L$I$&b1!$PD#-IP$(+!Q/+'!"#$%&!"'%(($#!)*+,--&!'%1!+$&P/(%+$,2!*D-(!&$4$/K/(0!Q&/++$(!D$&P/11/-(!H&-P!+'$!J-%&,!-H!,/&$4+-&1!-H!"#$%&!"'%(($#!)*+,--&2!L&5!L$I$&!1'%##!J$!D$&P/++$,!+-!$(0%0$!/(!4-PD$+/(0!%4+/K/+/$1!+'%+!Q-*#,!-+'$&Q/1$!J$!D&-'/J/+$,!JI!'/1!$PD#-IP$(+!%0&$$P$(+!/H!1*4'!%4+/K/+/$1!%&$!,$+$&P/($,!/(!+'$!1-#$!,/14&$+/-(!-H!+'$!J-%&,!-H!,/&$4+-&1!-H!"#$%&!"'%(($#!)*+,--&!/(!0--,!H%/+'!+-!J$!/PP%+$&/%#!+-!+'$!-D$&%+/-(1!-H!"#$%&!"'%(($#!)*+,--&2!-&!%(I!1*J1/,/%&I!-&!%HH/#/%+$!+'$&$-H2!/(!+'$!#-4%+/-(!/(![*$1+/-(5!!L&5!L$I$&!/1!%#1-!D&-'/J/+$,!H&-P!*1/(0!-*&!4-(H/,$(+/%#!/(H-&P%+/-(!%+!%(I!+/P$!H-##-Q/(0!+'$!+$&P/(%+/-(!-H!'/1!$PD#-IP$(+!/(!4-PD$+/(02!,/&$4+#I!-&!/(,/&$4+#I2!Q/+'!"#$%&!"'%(($#!)*+,--&5!
!?+!%(I!+/P$!H-##-Q/(0!L&5!L$I$&b1!+$&P/(%+/-(!-H!$PD#-IP$(+2!'$!/1!$(+/+#$,!+-!&$/PJ*&1$P$(+!-H!
&$%1-(%J#$!%++-&($Ib1!H$$1!%(,!$8D$(1$1!%(,!H*##!/(,$P(/H/4%+/-(!H&-P!%(I!#-11$1!&$#%+$,!+-!%(I!D&-4$$,/(0!+-!Q'/4'!'$!P%I!J$!P%,$!%!D%&+I!JI!&$%1-(!-H!'/1!J$/(0!-&!'%K/(0!J$$(!%(!-HH/4$&!-H!"#$%&!"'%(($#!)*+,--&!-&!%(I!-H!/+1!1*J1/,/%&/$1!^-+'$&!+'%(!%(I!,/1D*+$2!4#%/P!-&!4-(+&-K$&1I!%&/1/(0!*(,$&!-&!&$#%+/(0!+-!'/1!$PD#-IP$(+!%0&$$P$(+a5!!!
!?11*P/(0!%!4'%(0$!/(!4-(+&-#!-H!"#$%&!"'%(($#!)*+,--&!-44*&&$,!-(!V$4$PJ$&!E<2!=FFA2!L&5!L$I$&!
Q-*#,!'%K$!&$4$/K$,!+'$!K%#*$!-H!+'$!/PP$,/%+$!K$1+/(0!-H!*(K$1+$,!1+-4G!-D+/-(1!%(,!1'%&$1!-H!&$1+&/4+$,!1+-4G!D*&1*%(+!+-!"-PD%(I!/(4$(+/K$!D#%(!D&-K/1/-(1!^h<2:;F2<=:a5!
!V*)&,(&)/T%C&)/
?11*P/(0!%!4'%(0$!/(!4-(+&-#!-H!"#$%&!"'%(($#!)*+,--&!-44*&&$,!-(!V$4$PJ$&!E<2!=FFA2!L&5!7$K%(!Q-*#,!'%K$!&$4$/K$,!+'$!K%#*$!-H!+'$!/PP$,/%+$!K$1+/(0!-H!*(K$1+$,!1+-4G!-D+/-(1!%(,!1'%&$1!-H!&$1+&/4+$,!1+-4G!D*&1*%(+!+-!"-PD%(I!/(4$(+/K$!D#%(!D&-K/1/-(1!^h=AT2AT<a5!
!E'&);$6)/5644*)/
?11*P/(0!%!4'%(0$!/(!4-(+&-#!-H!"#$%&!"'%(($#!)*+,--&!-44*&&$,!-(!V$4$PJ$&!E<2!=FFA2!L&5!>/11-(!Q-*#,!'%K$!&$4$/K$,!+'$!K%#*$!-H!+'$!/PP$,/%+$!K$1+/(0!-H!*(K$1+$,!1+-4G!-D+/-(1!%(,!1'%&$1!-H!&$1+&/4+$,!1+-4G!D*&1*%(+!+-!"-PD%(I!/(4$(+/K$!D#%(!D&-K/1/-(1!^h:;=2<:Aa5!
'
'
.&%#$"!'^`S)V'[&!&($%$)+'"]!&2.0$J'
2&J"2#$!-'%",J+$)!%&'
>$4+/-(!<9^%a!-H!+'$!>$4*&/+/$1!M84'%(0$!?4+!-H!<;ET!&$[*/&$1!"#$%&!"'%(($#!)*+,--&b1!,/&$4+-&12!$8$4*+/K$!-HH/4$&1!%(,!J$($H/4/%#!-Q($&1!-H!P-&$!+'%(!<Fg!-H!%(I!4#%11!-H!$[*/+I!1$4*&/+/$1!-H!"#$%&!"'%(($#!)*+,--&!+-!H/#$!&$D-&+1!-H!-Q($&1'/D!%(,!4'%(0$1!/(!-Q($&1'/D!Q/+'!+'$!>M"!%(,!+'$!ZU>M5!V/&$4+-&12!$8$4*+/K$!-HH/4$&1!%(,!0&$%+$&!+'%(!<Fg!1+-4G'-#,$&1!%&$!&$[*/&$,!+-!H*&(/1'!"#$%&!"'%(($#!)*+,--&!Q/+'!4-D/$1!-H!%##!>$4+/-(!<9^%a!H-&P1!+'$I!H/#$5!
=A!!
!7%1$,!1-#$#I!-(!/+1!&$K/$Q!-H!+'$!4-D/$1!-H!1*4'!H-&P1!&$4$/K$,!JI!/+2!-&!Q&/++$(!&$D&$1$(+%+/-(1!H&-P!4$&+%/(!
&$D-&+/(0!D$&1-(1!+'%+!(-!1*4'!H-&P1!Q$&$!&$[*/&$,!+-!J$!H/#$,!JI!+'-1$!D$&1-(12!"#$%&!"'%(($#!)*+,--&!J$#/$K$1!+'%+!%##!1*4'!>$4+/-(!<9^%a!H/#/(0!&$[*/&$P$(+1!Q$&$!1%+/1H/$,!,*&/(0!H/14%#!I$%&!=FFA5!
'
'
%",J&!.)#$"!'%",,$##&&'$!#&2+"%/.'
)!1'$!.$1&2'J)2#$%$J)#$"!'
@'$!"-PD$(1%+/-(!"-PP/++$$!P$PJ$&1!%&$!V%#$!W5!@&$PJ#%I2!Q'-!/1!"'%/&P%(!-H!+'$!"-PP/++$$2!%(,!W5!V-*0#%1!6%&G$&5!!@'$!"-PP/++$$!-D$&%+$1!*(,$&!%!Q&/++$(!4'%&+$&!%,-D+$,!JI!+'$!7-%&,!-H!V/&$4+-&15!!@'$!"-PP/++$$!/1!D&/P%&/#I!&$1D-(1/J#$!H-&!%,P/(/1+$&/(0!"#$%&!"'%(($#!)*+,--&b1!1+-4G!/(4$(+/K$!D#%(12!D$&H-&P%(4$CJ%1$,!4-PD$(1%+/-(!D#%(1!%(,!-+'$&!/(4$(+/K$!4-PD$(1%+/-(!D#%(15!!?#1-2!+'$!"-PP/++$$!,$+$&P/($1!4-PD$(1%+/-(!%&&%(0$P$(+1!H-&!%##!-H!-*&!$8$4*+/K$!-HH/4$&1!%(,!P%G$1!&$4-PP$(,%+/-(1!+-!+'$!7-%&,!-H!V/&$4+-&1!4-(4$&(/(0!4-PD$(1%+/-(!D-#/4/$1!H-&!*1!%(,!-*&!1*J1/,/%&/$15!
!e(+/#!]$J&*%&I2!=FFA2!L%&G!L%I1!1$&K$,!%1!%!P$PJ$&!-H!+'$!"-PD$(1%+/-(!"-PP/++$$5!!Z-($!-H!-*&!
$8$4*+/K$!-HH/4$&1!1$&K$!%1!%!P$PJ$&!-H!+'$!4-PD$(1%+/-(!4-PP/++$$!-&!%1!%!P$PJ$&!-H!+'$!J-%&,!-H!,/&$4+-&1!-H!%(I!-+'$&!4-PD%(I!-H!Q'/4'!%(I!P$PJ$&!-H!-*&!"-PD$(1%+/-(!"-PP/++$$!-&!7-%&,!-H!V/&$4+-&1!/1!%(!$8$4*+/K$!-HH/4$&5!
'
'
#2)!.)%#$"!.']$#0'2&+)#&1'J&2."!.'
,9A=C9',I'.C<@B:=''
7*1/($11$1!-Q($,!%(,!4-(+&-##$,2!/(!D%&+2!JI!L%&1'%!L5!>'/$#,1!%(,p-&!'$&!H%P/#I!P$PJ$&1!D*&4'%1$,!%(!%00&$0%+$!-H!h<FF2FFF!-H!-*+,--&!%,K$&+/1/(0!H-&!/+1!K%&/-*1!%*+-P-J/#$!,$%#$&1'/D1!H&-P!"#$%&!"'%(($#!)*+,--&!,*&/(0!=FFA5!!3(!%,,/+/-(2!Q$!'%K$!+Q-!#$%1$1!Q/+'!1*4'!J*1/($11!H&-P!Q'/4'!Q$!&$4$/K$,!%00&$0%+$!D%IP$(+1!-H!h=<2FFF!,*&/(0!=FFA5!!"#$%&!"'%(($#!)*+,--&!J$#/$K$1!+'$!+&%(1%4+/-(1!,$14&/J$,!%J-K$!%&$!(-!#$11!H%K-&%J#$!+-!"#$%&!"'%(($#!)*+,--&!+'%(!4-*#,!J$!-J+%/($,!Q/+'!(-(%HH/#/%+$,!D%&+/$15!!%B@9A'%C9>>@B'%4;;6><597<4>=N'$>5I!
W$!%&$!%(!/(,/&$4+!1*J1/,/%&I!-H!"#$%&!"'%(($#!"-PP*(/4%+/-(12!3(45!^_"#$%&!"'%(($#!"-PP*(/4%+/-(1`a5!!"#$%&!"'%(($#!"-PP*(/4%+/-(12!+'&-*0'!/+1!Q'-##I!-Q($,!1*J1/,/%&I2!"#$%&!"'%(($#!.-#,/(012!3(452!-Q(1!%##!-H!-*&!-*+1+%(,/(0!1'%&$1!-H!"#%11!7!4-PP-(!1+-4G2!&$D&$1$(+/(0!%DD&-8/P%+$#I!BB59g!-H!+'$!-*+1+%(,/(0!1'%&$1!-H!-*&!4-PP-(!1+-4G!%(,!%DD&-8/P%+$#I!;;g!-H!+'$!+-+%#!K-+/(0!D-Q$&!-H!-*&!4-PP-(!1+-4G5!!M%4'!1'%&$!-H!-*&!"#%11!7!4-PP-(!1+-4G!/1!4-(K$&+/J#$!Q'/#$!-Q($,!JI!"#$%&!"'%(($#!"-PP*(/4%+/-(1!-&!%(I!-H!/+1!%HH/#/%+$1!^$84#*,/(0!*1!%(,!-*&!1*J1/,/%&/$1a!%+!+'$!-D+/-(!-H!+'$!'-#,$&!+'$&$-H!/(+-!-($!1'%&$!-H!"#%11!?!4-PP-(!1+-4G5!"#$%&!"'%(($#!"-PP*(/4%+/-(1!'%1!%,K/1$,!*1!+'%+!/+1!4*&&$(+!/(+$(+!/1!+-!4-(+/(*$!+-!'-#,!%##!-H!-*&!"#%11!7!4-PP-(!1+-4G!-Q($,!JI!/+!%(,!+'$&$JI!&$+%/(!/+1!4-(+&-##/(0!/(+$&$1+!/(!*15!.-Q$K$&2!"#$%&!"'%(($#!"-PP*(/4%+/-(1!/1!(-+!1*JS$4+!+-!%(I!4-(+&%4+*%#!-J#/0%+/-(!+'%+!Q-*#,!D&-'/J/+!/+!H&-P!1$##/(02!1D/((/(0!-HH2!1D#/++/(0!-HH!-&!-+'$&Q/1$!,/1D-1/(0!-H!%(I!1'%&$1!-H!-*&!4-PP-(!1+-4G5!!
!M%4'!-H!L%&G!65!L%I12!N%(,%##!@5!L%I1!%(,!X5!X-Q&I!L%I12!+'&$$!-H!-*&!4*&&$(+!,/&$4+-&12!/1!%!,/&$4+-&!
%(,!$8$4*+/K$!-HH/4$&!-H!"#$%&!"'%(($#!"-PP*(/4%+/-(15!!W$!'%K$!$(+$&$,!/(+-!%!(*PJ$&!-H!%0&$$P$(+1!Q/+'!"#$%&!"'%(($#!"-PP*(/4%+/-(1!1$++/(0!H-&+'!K%&/-*1!
P%++$&1!0-K$&(/(0!-*&!&$#%+/-(1'/D!Q/+'!"#$%&!"'%(($#!"-PP*(/4%+/-(15!@'$1$!%0&$$P$(+1!D&-K/,$!H-&2!%P-(0!-+'$&!+'/(012!+'$!%##-4%+/-(!-H!$PD#-I$$!J$($H/+2!+%8!%(,!-+'$&!#/%J/#/+/$1!%(,!-J#/0%+/-(1!%++&/J*+%J#$!+-!-*&!-D$&%+/-(15!!
!>$+!H-&+'!J$#-Q!%&$!,$14&/D+/-(1!-H!4$&+%/(!%0&$$P$(+12!&$#%+/-(1'/D1!%(,!+&%(1%4+/-(1!Q$!'%K$!Q/+'!"#$%&!
"'%(($#!"-PP*(/4%+/-(15!!'
=B!!
2&4,%'/U9'%%.%),//
W$!'%K$!$(+$&$,!/(+-!%!P%1+$&!%0&$$P$(+!Q/+'!"#$%&!"'%(($#!"-PP*(/4%+/-(15!!?P-(0!-+'$&!+'/(012!+'$!L%1+$&!?0&$$P$(+!1$+1!H-&+'!%0&$$P$(+1!0-K$&(/(0!-*&!&$#%+/-(1'/D!Q/+'!"#$%&!"'%(($#!"-PP*(/4%+/-(15!!
!?*,/+-&1!%(,!?*,/+1R!?((*%#!]/(%(4/%#!>+%+$P$(+1!%(,!?44-*(+/(05!!W$!'%K$!%0&$$,!+'%+2!H-&!1-!#-(0!%1!
"#$%&!"'%(($#!"-PP*(/4%+/-(1!/1!&$[*/&$,!+-!4-(1-#/,%+$!-*&!&$1*#+1!-H!-D$&%+/-(1!%(,!H/(%(4/%#!D-1/+/-(!-&!%44-*(+!H-&!/+1!/(K$1+P$(+!/(!-*&!4-PD%(I!*(,$&!+'$!$[*/+I!P$+'-,!-H!%44-*(+/(02!Q$!Q/##!P%/(+%/(!%!H/14%#!I$%&!$(,!%(,!%44-*(+/(0!D$&/-,1!+'$!1%P$!%1!"#$%&!"'%(($#!"-PP*(/4%+/-(12!4-(H-&P!-*&!H/(%(4/%#!D&$1$(+%+/-(!Q/+'!+'%+!-H!"#$%&!"'%(($#!"-PP*(/4%+/-(1!%(,!Q$!Q/##!(-+!4'%(0$!-*&!/(,$D$(,$(+!%*,/+-&1!Q/+'-*+!"#$%&!"'%(($#!"-PP*(/4%+/-(1b!D&/-&!Q&/++$(!4-(1$(+!^Q'/4'!Q/##!(-+!J$!*(&$%1-(%J#I!Q/+''$#,a2!%(,!Q$!Q/##!*1$!4-PP$&4/%##I!&$%1-(%J#$!$HH-&+1!+-!$(%J#$!-*&!/(,$D$(,$(+!%*,/+-&1!+-!4-PD#$+$!+'$/&!%*,/+!-H!-*&!H/(%(4/%#!1+%+$P$(+1!/(!%!+/P$#I!P%(($&!1-!%1!+-!D$&P/+!+/P$#I!H/#/(0!-H!"#$%&!"'%(($#!"-PP*(/4%+/-(1b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
!M84'%(0$!-H!)+'$&!3(H-&P%+/-(5!!@'$!L%1+$&!?0&$$P$(+!%#1-!D&-K/,$1!H-&!-+'$&!%&&%(0$P$(+1!Q/+'!&$1D$4+!
+-!+'$!P*+*%#!1'%&/(0!-H!/(H-&P%+/-(!J$+Q$$(!"#$%&!"'%(($#!"-PP*(/4%+/-(1!%(,!*1!/(!-&,$&!+-!4-PD#I!Q/+'!&$D-&+/(02!H/#/(02!%*,/+!-&!+%8!&$[*/&$P$(+12!H-&!*1$!/(!S*,/4/%#!D&-4$$,/(012!%(,!/(!-&,$&!+-!4-PD#I!Q/+'!-*&!&$1D$4+/K$!-J#/0%+/-(1!!%H+$&!+'$!1$D%&%+/-(5!W$!'%K$!%#1-!%0&$$,!+-!D&-K/,$!P*+*%#!%44$11!+-!'/1+-&/4%#!&$4-&,1!&$#%+/(0!+-!+'$!-+'$&b1!J*1/($11$1!+'%+!P%I!J$!/(!-*&!D-11$11/-(5!!
!3(,$P(/H/4%+/-(5!!W$!'%K$!%0&$$,!+-!/(,$P(/HI2!'-#,!'%&P#$11!%(,!,$H$(,!"#$%&!"'%(($#!"-PP*(/4%+/-(12!
$%4'!-H!/+1!%HH/#/%+$1!%(,!$%4'!-H!+'$/&!&$1D$4+/K$!,/&$4+-&12!-HH/4$&1!%(,!$PD#-I$$12!-(!%(!%H+$&C+%8!J%1/12!H&-P!%(,!%0%/(1+!%##!#/%J/#/+/$1!&$#%+/(0!+-2!%&/1/(0!-*+!-H!-&!&$1*#+/(0!H&-PO!!
!! +'$!H%/#*&$!JI!*1!-&!%(I!-H!-*&!%HH/#/%+$1!-&!%(I!-+'$&!D$&1-(!-&!$(+/+I!+-!D%I2!D$&H-&P!-&!-+'$&Q/1$!D&-PD+#I!,/14'%&0$!%(I!#/%J/#/+/$1!-&!4-(+&%4+*%#!-J#/0%+/-(1!%11-4/%+$,!Q/+'!-*&!J*1/($11$12!Q'$+'$&!%&/1/(0!J$H-&$!-&!%H+$&!+'$!1$D%&%+/-(R!
!! +'$!-D$&%+/-(12!#/%J/#/+/$1!%(,!4-(+&%4+*%#!-J#/0%+/-(1!-H!-*&!J*1/($11R!
!! %(I!0*%&%(+$$2!/(,$P(/H/4%+/-(!-J#/0%+/-(2!1*&$+I!J-(,!-&!-+'$&!4&$,/+!1*DD-&+!%&&%(0$P$(+!JI!"#$%&!"'%(($#!"-PP*(/4%+/-(1!-&!%(I!-H!/+1!%HH/#/%+$1!H-&!-*&!J$($H/+R!
!! %(I!J&$%4'!JI!*1!-&!%(I!-H!-*&!%HH/#/%+$1!-H!+'$!L%1+$&!?0&$$P$(+!-&!-*&!-+'$&!%0&$$P$(+1!Q/+'!"#$%&!"'%(($#!"-PP*(/4%+/-(1!-&!-*&!%P$(,$,!%(,!&$1+%+$,!4$&+/H/4%+$!-H!/(4-&D-&%+/-(!-&!JI#%Q1R!%(,!
!! %(I!*(+&*$!1+%+$P$(+!-H2!-&!-P/11/-(!+-!1+%+$2!%!P%+$&/%#!H%4+!/(!"#$%&!"'%(($#!"-PP*(/4%+/-(1b!D*J#/4!H/#/(01!+-!+'$!$8+$(+!+'$!1+%+$P$(+!-&!-P/11/-(!Q%1!%1!%!&$1*#+!-H!/(H-&P%+/-(!+'%+!Q$!H*&(/1'$,!+-!"#$%&!"'%(($#!"-PP*(/4%+/-(1!-&!+'%+!"#$%&!"'%(($#!"-PP*(/4%+/-(1!/(4-&D-&%+$,!JI!&$H$&$(4$!H&-P!-*&!D*J#/4!H/#/(012!/H!+'$!1+%+$P$(+!-&!-P/11/-(!Q%1!P%,$!-&!-44*&&$,!%H+$&!Z-K$PJ$&!<F2!=FF:5!
!"#$%&!"'%(($#!"-PP*(/4%+/-(1!'%1!%0&$$,!+-!/(,$P(/HI2!'-#,!'%&P#$11!%(,!,$H$(,!*12!$%4'!-H!-*&!
%HH/#/%+$1!%(,!$%4'!-H!-*&!%(,!+'$/&!&$1D$4+/K$!,/&$4+-&12!-HH/4$&1!%(,!$PD#-I$$12!-(!%(!%H+$&C+%8!J%1/12!H&-P!%(,!%0%/(1+!%##!#/%J/#/+/$1!&$#%+/(0!+-2!%&/1/(0!-*+!-H!-&!&$1*#+/(0!H&-PO!!
!! +'$!H%/#*&$!-H!"#$%&!"'%(($#!"-PP*(/4%+/-(1!-&!%(I!-H!/+1!%HH/#/%+$1!-&!%(I!-+'$&!D$&1-(!-&!$(+/+I!+-!D%I2!D$&H-&P!-&!-+'$&Q/1$!D&-PD+#I!,/14'%&0$!%(I!#/%J/#/+/$1!-H!"#$%&!"'%(($#!"-PP*(/4%+/-(1!-&!/+1!%HH/#/%+$12!-+'$&!+'%(!#/%J/#/+/$1!%11-4/%+$,!Q/+'!-*&!J*1/($11$1R!
=;!!
!! +'$!#/%J/#/+/$1!-H!"#$%&!"'%(($#!"-PP*(/4%+/-(1!%(,!/+1!%HH/#/%+$1b!J*1/($11$12!-+'$&!+'%(!#/%J/#/+/$1!%11-4/%+$,!Q/+'!-*&!J*1/($11$1R!
!! %(I!J&$%4'!JI!"#$%&!"'%(($#!"-PP*(/4%+/-(1!-&!%(I!-H!/+1!%HH/#/%+$1!-H!+'$!L%1+$&!?0&$$P$(+!-&!/+1!-+'$&!%0&$$P$(+1!Q/+'!*1R!%(,!
!! %(I!*(+&*$!1+%+$P$(+!-H2!-&!-P/11/-(!+-!1+%+$2!%!P%+$&/%#!H%4+!/(!-*&!D*J#/4!H/#/(01!+-!+'$!$8+$(+!+'$!1+%+$P$(+!-&!-P/11/-(!Q%1!%1!%!&$1*#+!-H!/(H-&P%+/-(!+'%+!"#$%&!"'%(($#!"-PP*(/4%+/-(1!H*&(/1'$,!+-!*1!-&!+'%+!Q$!/(4-&D-&%+$,!JI!&$H$&$(4$!H&-P!"#$%&!"'%(($#!"-PP*(/4%+/-(1b!D*J#/4!H/#/(012!/H!+'$!1+%+$P$(+!-&!-P/11/-(!Q%1!P%,$!-&!-44*&&$,!%H+$&!Z-K$PJ$&!<F2!=FF:5!
!@'$!L%1+$&!?0&$$P$(+!%#1-!1D$4/H/$1!D&-4$,*&$1!Q/+'!&$1D$4+!+-!4#%/P1!1*JS$4+!+-!/(,$P(/H/4%+/-(!%(,!
&$#%+$,!P%++$&1!%(,!D&-K/,$1!H-&!4-(+&/J*+/-(!/(!+'$!$K$(+!+'%+!/(,$P(/H/4%+/-(!/1!(-+!%K%/#%J#$!+-!%(!/(,$P(/H/$,!D%&+I5!!!
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
!)+'$&!6&-K/1/-(15!!@'$!L%1+$&!?0&$$P$(+!%#1-!4-(+%/(1!4-K$(%(+1!J$+Q$$(!"#$%&!"'%(($#!"-PP*(/4%+/-(1!
%(,!*1!Q/+'!&$1D$4+!+-!-+'$&!P%++$&12!/(4#*,/(0!+'$!H-##-Q/(0O!!
!! -*&!%0&$$P$(+!^1*JS$4+!+-!4$&+%/(!#/P/+$,!$84$D+/-(1a!(-+!+-!&$D*&4'%1$!1'%&$1!-H!-*&!-*+1+%(,/(0!"#%11!?!4-PP-(!1+-4G!-&!%(I!-+'$&!1$4*&/+/$1!4-(K$&+/J#$!/(+-!-&!$8$&4/1%J#$!H-&!-*&!"#%11!?!4-PP-(!1+-4G2!Q/+'-*+!H/&1+!-J+%/(/(0!+'$!D&/-&!Q&/++$(!4-(1$(+!-&!%HH/&P%+/K$!K-+$!-H!"#$%&!"'%(($#!"-PP*(/4%+/-(12!H-&!1-!#-(0!%1!"#$%&!"'%(($#!"-PP*(/4%+/-(1!-Q(1!P-&$!+'%(!:Fg!-H!+'$!+-+%#!K-+/(0!D-Q$&!-H!-*&!4-PP-(!1+-4GR!
!! 4-(H/,$(+/%#/+I!-H!-*&!%(,!"#$%&!"'%(($#!"-PP*(/4%+/-(1b!/(H-&P%+/-(R!
!! -*&!&/0'+!+-!4-(+/(*$!4-K$&%0$!*(,$&!"#$%&!"'%(($#!"-PP*(/4%+/-(1b!/(1*&%(4$!D-#/4/$1!H-&!1-!#-(0!%1!"#$%&!"'%(($#!"-PP*(/4%+/-(1!-Q(1!P-&$!+'%(!:Fg!-H!-*&!-*+1+%(,/(0!4-PP-(!1+-4GR!
!! &$1+&/4+/-(1!-(!-*&!%J/#/+I!+-!+%G$!%(I!%4+/-(!-&!$(+$&!/(+-!%(I!%0&$$P$(+!+'%+!Q-*#,!4%*1$!"#$%&!"'%(($#!"-PP*(/4%+/-(1!+-!K/-#%+$!%(I!#%Q2!-&0%(/d%+/-(%#!,-4*P$(+2!%0&$$P$(+!-&!S*,0P$(+R!
!! &$1+&/4+/-(1!-(!-*&!%J/#/+I!+-!+%G$!%(I!%4+/-(!+'%+!#/P/+1!"#$%&!"'%(($#!"-PP*(/4%+/-(1b!%J/#/+I!+-!H&$$#I!1$##2!+&%(1H$&2!D#$,0$!-&!-+'$&Q/1$!,/1D-1$!-H!-*&!1+-4GR!
!! -*&!-J#/0%+/-(!+-!4-PD#I!Q/+'!"#$%&!"'%(($#!"-PP*(/4%+/-(1b!D-#/4/$1!%DD#/4%J#$!+-!/+1!1*J1/,/%&/$1!H-&!1-!#-(0!%1!"#$%&!"'%(($#!"-PP*(/4%+/-(1!-Q(1!P-&$!+'%(!:Fg!-H!+'$!+-+%#!K-+/(0!D-Q$&!-H!-*&!-*+1+%(,/(0!4-PP-(!1+-4G2!$84$D+!^/a!+-!+'$!$8+$(+!1*4'!D-#/4/$1!4-(H#/4+!Q/+'!-*&!%P$(,$,!%(,!&$1+%+$,!4$&+/H/4%+$!-H!/(4-&D-&%+/-(!-&!JI#%Q1!-&!%(I!-H!+'$!%0&$$P$(+1!J$+Q$$(!"#$%&!"'%(($#!"-PP*(/4%+/-(1!%(,!*12!-&!^//a!%1!-+'$&Q/1$!%0&$$,!Q/+'!"#$%&!"'%(($#!"-PP*(/4%+/-(1!-&!1*D$&1$,$,!JI!%(I!D-#/4/$1!%,-D+$,!JI!-*&!J-%&,!-H!,/&$4+-&1R!%(,!
!! &$1+&/4+/-(1!-(!-*&!%J/#/+I!+-!$(+$&!/(+-!%(I!%0&$$P$(+!+'%+!J/(,1!-&!D*&D-&+1!+-!J/(,!"#$%&!"'%(($#!"-PP*(/4%+/-(15!
!?DD&-K%#!N/0'+1!-H!"#$%&!"'%(($#!"-PP*(/4%+/-(1!-(!"$&+%/(!-H!-*&!?4+/K/+/$15!!e(+/#!+'$!H/&1+!,%+$!-(!
Q'/4'!"#$%&!"'%(($#!"-PP*(/4%+/-(1!-Q(1!#$11!+'%(!:Fg!-H!+'$!+-+%#!K-+/(0!D-Q$&!-H!-*&!4-PP-(!1+-4G2!+'$!D&/-&!%HH/&P%+/K$!K-+$!-&!Q&/++$(!4-(1$(+!-H!"#$%&!"'%(($#!"-PP*(/4%+/-(1!/1!&$[*/&$,!H-&!+'$!H-##-Q/(0!%4+/-(1!^1*JS$4+!/(!$%4'!4%1$!+-!4$&+%/(!%0&$$,!$84$D+/-(1aO!!
EF!!
!! %!P$&0$&!/(K-#K/(0!*1!-&!%(I!-H!-*&!1*J1/,/%&/$1!^-+'$&!+'%(!P$&0$&1!/(K-#K/(0!-*&!1*J1/,/%&/$1!-&!+-!$HH$4+!%4[*/1/+/-(1!D$&P/++$,!*(,$&!-*&!%P$(,$,!%(,!&$1+%+$,!4$&+/H/4%+$!-H!/(4-&D-&%+/-(aR!!
!! %4[*/1/+/-(1!JI!*1!-&!-*&!1*J1/,/%&/$1!-H!+'$!1+-4G!-&!%11$+1!-H!%(-+'$&!J*1/($11!H-&!%!D&/4$!^/(4#*,/(0!%11*P$,!,$J+a!/(!$84$11!-H!h:!P/##/-(R!
!! ,/1D-1/+/-(1!JI!*1!-&!-*&!1*J1/,/%&/$1!-H!%11$+1!/(!%!1/(0#$!+&%(1%4+/-(!-&!%!1$&/$1!-H!&$#%+$,!+&%(1%4+/-(1!H-&!%!D&/4$!^/(4#*,/(0!%11*P$,!,$J+a!/(!$84$11!-H!h:!P/##/-(R!
!! /(4*&&$(4$!-&!0*%&%(+$$!-H!,$J+!JI!*1!-&!-*&!1*J1/,/%&/$1!/(!$84$11!-H!hTFF5F!P/##/-(!-*+1+%(,/(0!%+!%(I!-($!+/P$!-&!+'%+!4-*#,!&$%1-(%J#I!J$!$8D$4+$,!+-!&$1*#+!/(!%!($0%+/K$!4'%(0$!/(!%(I!-H!-*&!4&$,/+!&%+/(012!$84#*,/(0!-*&!,$J+!Q/+'!"#$%&!"'%(($#!"-PP*(/4%+/-(12!/(+$&4-PD%(I!,$J+!^Q/+'/(!-*&!4-PD%(I!%(,!/+1!1*J1/,/%&/$1a2!%(,!,$J+!,$+$&P/($,!+-!4-(1+/+*+$!-D$&%+/(0!#$K$&%0$!JI!%!(%+/-(%##I!&$4-0(/d$,!1+%+/1+/4%#!&%+/(0!-&0%(/d%+/-(R!
!! /11*%(4$!JI!*1!-&!-*&!1*J1/,/%&/$1!-H!4%D/+%#!1+-4G!-&!-+'$&!1$4*&/+/$1!4-(K$&+/J#$!/(+-!4%D/+%#!1+-4GR!
!! $(+$&!/(+-!%(I!%0&$$P$(+!&$1+&/4+/(0!-*&!%J/#/+I!-&!+'$!%J/#/+I!-H!%(I!-H!-*&!1*J1/,/%&/$1!+-!D%I!,/K/,$(,12!J-&&-Q!P-($I2!&$D%I!/(,$J+$,($112!P%G$!#-%(1!-&!+&%(1H$&!%11$+12!/(!%(I!1*4'!4%1$!+-!-*&!4-PD%(I!-&!"#$%&!"'%(($#!"-PP*(/4%+/-(1R!
!! ,/11-#*+/-(2!#/[*/,%+/-(!-&!Q/(,/(0!*D!-H!-*&!4-PD%(I!-&!%(I!-H!-*&!1*J1/,/%&/$1R!
!! %,-D+/-(!-H!%!&/0'+1!%0&$$P$(+R!%(,!
!! %#+$&%+/-(2!%P$(,P$(+2!+$&P/(%+/-(!-&!&$D$%#!-H2!-&!%,-D+/-(!-H!%(I!D&-K/1/-(!/(4-(1/1+$(+!Q/+'2!+'$!D&-K/1/-(1!-H!-*&!%P$(,$,!%(,!&$1+%+$,!4$&+/H/4%+$!-H!/(4-&D-&%+/-(!-&!-*&!JI#%Q1!&$#%+/(0!+-!-*&!%*+'-&/d$,!4%D/+%#!1+-4G2!+'$!&/0'+1!0&%(+$,!+-!+'$!'-#,$&1!-H!+'$!"#%11!7!4-PP-(!1+-4G2!%P$(,P$(+1!+-!-*&!JI#%Q12!1+-4G'-#,$&!%4+/-(!JI!Q&/++$(!4-(1$(+2!1+-4G'-#,$&!D&-D-1%#1!%(,!P$$+/(012!#/P/+%+/-(!-H!#/%J/#/+I!-H!%(,!/(,$P(/H/4%+/-(!-H!-*&!-HH/4$&1!%(,!,/&$4+-&12!+'$!1/d$!-&!4#%11$1!-H!-*&!J-%&,!-H!,/&$4+-&12!4-&D-&%+$!-DD-&+*(/+/$1!%(,!4-(H#/4+1!-H!/(+$&$1+!J$+Q$$(!-*&!4-PD%(I!%(,!"#$%&!"'%(($#!"-PP*(/4%+/-(12!%(,!>$4+/-(!=FE!-H!+'$!V$#%Q%&$!\$($&%#!"-&D-&%+/-(!X%Q5!
/
?*'F*'&,%/5%'C6#%4/U9'%%.%),//
W$!'%K$!$(+$&$,!/(+-!%!4-&D-&%+$!1$&K/4$1!%0&$$P$(+!Q/+'!"#$%&!"'%(($#!"-PP*(/4%+/-(1!+-!D&-K/,$!*1!4$&+%/(!%,P/(/1+&%+/K$!%(,!1*DD-&+!1$&K/4$1!%(,!-+'$&!%11/1+%(4$5!6*&1*%(+!+-!+'$!"-&D-&%+$!>$&K/4$1!?0&$$P$(+2!"#$%&!"'%(($#!"-PP*(/4%+/-(1!D&-K/,$1!*1!Q/+'2!%P-(0!-+'$&!+'/(012!+'$!H-##-Q/(0O!!
!! +&$%1*&I2!D%I&-##!%(,!-+'$&!H/(%(4/%#!&$#%+$,!1$&K/4$1R!
!! $8$4*+/K$!-HH/4$&!1$&K/4$1R!
!! '*P%(!&$1-*&4$1!%(,!$PD#-I$$!J$($H/+1R!
!! #$0%#!%(,!&$#%+$,!1$&K/4$1R!
!! /(H-&P%+/-(!1I1+$P12!($+Q-&G!%(,!&$#%+$,!1$&K/4$1R!
!! /(K$1+P$(+!1$&K/4$1R!
!! 4-&D-&%+$!1$&K/4$1R!%(,!
!! D&-4*&$P$(+!%(,!1-*&4/(0!1*DD-&+5!
E<!!
@'$!4'%&0$1!H-&!+'$!4-&D-&%+$!1$&K/4$1!0$($&%##I!%&$!/(+$(,$,!+-!%##-Q!"#$%&!"'%(($#!"-PP*(/4%+/-(1!+-!H*##I!&$4-K$&!+'$!%##-4%+$,!,/&$4+!4-1+1!-H!D&-K/,/(0!+'$!1$&K/4$12!D#*1!%##!-*+C-HCD-4G$+!4-1+1!%(,!$8D$(1$12!0$($&%##I!Q/+'-*+!D&-H/+5!@'$!%##-4%+/-(!-H!4-1+!/1!J%1$,!-(!K%&/-*1!P$%1*&$1!,$D$(,/(0!-(!+'$!1$&K/4$!D&-K/,$,2!Q'/4'!P$%1*&$1!/(4#*,$!&$#%+/K$!&$K$(*$2!$PD#-I$$!'$%,4-*(+!-&!(*PJ$&!-H!*1$&1!-H!%!1$&K/4$5!!!
e(,$&!+'$!"-&D-&%+$!>$&K/4$1!?0&$$P$(+2!Q$!%(,!"#$%&!"'%(($#!"-PP*(/4%+/-(1!$%4'!'%K$!+'$!&/0'+!+-!D*&4'%1$!0--,1!-&!1$&K/4$12!*1$!/(+$##$4+*%#!D&-D$&+I!#/4$(1$,!H&-P!+'/&,!D%&+/$1!%(,!&$%#/d$!-+'$&!J$($H/+1!%(,!&/0'+1!*(,$&!+'$!-+'$&!D%&+Ib1!%0&$$P$(+1!Q/+'!+'/&,CD%&+I!K$(,-&1!+-!+'$!$8+$(+!%##-Q$,!JI!1*4'!K$(,-&!%0&$$P$(+15!@'$!%0&$$P$(+!%#1-!D&-K/,$1!H-&!+'$!#$%1$!-&!1*J#$%1$!-H!4$&+%/(!H%4/#/+/$1!*1$,!/(!+'$!-D$&%+/-(!-H!-*&!&$1D$4+/K$!J*1/($11$1!%(,!H-&!%44$11!+-!$%4'!-+'$&b1!4-PD*+/(0!%(,!+$#$4-PP*(/4%+/-(1!1I1+$P1!+-!+'$!$8+$(+!($4$11%&I!+-!D$&H-&P!-&!&$4$/K$!+'$!4-&D-&%+$!1$&K/4$15!!
!@'$!"-&D-&%+$!>$&K/4$1!?0&$$P$(+!D&-K/,$1!+'%+!"#$%&!"'%(($#!"-PP*(/4%+/-(1!Q/##!P%G$!%K%/#%J#$!+-!*12!
%(,!Q$!Q/##!J$!-J#/0%+$,!+-!*+/#/d$2!+'$!1$&K/4$1!-H!+'$!4'/$H!$8$4*+/K$!-HH/4$&!-H!"#$%&!"'%(($#!"-PP*(/4%+/-(12!4*&&$(+#I!L%&G!65!L%I12!+-!1$&K$!%1!-*&!"'/$H!M8$4*+/K$!)HH/4$&2!%(,!+'$!4'/$H!H/(%(4/%#!-HH/4$&!-H!"#$%&!"'%(($#!"-PP*(/4%+/-(12!4*&&$(+#I!N%(,%##!@5!L%I12!+-!1$&K$!%1!-*&!"'/$H!]/(%(4/%#!)HH/4$&5!)*&!-J#/0%+/-(!+-!*+/#/d$!+'$!1$&K/4$1!-H!$%4'!-H!+'$!4'/$H!$8$4*+/K$!-HH/4$&!%(,!4'/$H!H/(%(4/%#!-HH/4$&!-H!"#$%&!"'%(($#!"-PP*(/4%+/-(1!/(!+'$1$!4%D%4/+/$1!Q/##!4-(+/(*$!*(+/#!"#$%&!"'%(($#!"-PP*(/4%+/-(1!-Q(1!#$11!+'%(!:Fg!-H!+'$!K-+/(0!D-Q$&!-H!-*&!4-PP-(!1+-4G!-&!Q$!D&-K/,$!"#$%&!"'%(($#!"-PP*(/4%+/-(1!Q/+'!1/8!P-(+'1!D&/-&!Q&/++$(!(-+/4$!-H!+$&P/(%+/-(5!"#$%&!"'%(($#!"-PP*(/4%+/-(1!4'%&0$1!%(!%##-4%J#$!D-&+/-(!-H!+'$!4-PD$(1%+/-(!%(,!J$($H/+1!4-1+1!-H!1*4'!D$&1-(1!J%1$,!-(!%!&%+/-!-H!-*&!H/(%(4/%#!D$&H-&P%(4$!+-!+'$!H/(%(4/%#!D$&H-&P%(4$!-H!"#$%&!"'%(($#!"-PP*(/4%+/-(15!@'$!4-PD$(1%+/-(!%(,!J$($H/+1!4-1+1!%##-4%+$,!+-!*1!/(4#*,$!1*4'!$8$4*+/K$1b!1%#%&I2!J-(*1!%(,!-+'$&!1+%(,%&,!$PD#-I$$!J$($H/+12!J*+!$84#*,$!$[*/+I!J%1$,!4-PD$(1%+/-(5!!
!]-&!+'$!I$%&!$(,$,!V$4$PJ$&!E<2!=FFA2!4'%&0$1!H-&!+'$!4-&D-&%+$!%(,!$8$4*+/K$!1$&K/4$1!D&-K/,$,!+-!*1!JI!
"#$%&!"'%(($#!"-PP*(/4%+/-(1!*(,$&!+'$!"-&D-&%+$!>$&K/4$1!?0&$$P$(+!+-+%#$,!h=F5E!P/##/-(5!'
1&B/2&,,%'4/U9'%%.%),//
W$!%(,!4$&+%/(!-H!-*&!4-&D-&%+$!1*J1/,/%&/$1!4-(+/(*$!+-!J$!/(4#*,$,!/(!+'$!%HH/#/%+$,!0&-*D!-H!4-&D-&%+/-(1!+'%+!H/#$1!%!4-(1-#/,%+$,!&$+*&(!H-&!e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
!e(,$&!+'$!@%8!L%++$&1!?0&$$P$(+2!"#$%&!"'%(($#!"-PP*(/4%+/-(1!/1!%DD-/(+$,!+'$!1-#$!%(,!$84#*1/K$!
%0$(+!H-&!*1!%(,!-*&!1*J1/,/%&/$1!/(!%(I!%(,!%##!P%++$&1!&$#%+/(0!+-!H$,$&%#2!1+%+$!%(,!#-4%#!/(4-P$!+%8$12!%(,!'%1!1-#$!%(,!$84#*1/K$!&$1D-(1/J/#/+I!H-&!+'$!D&$D%&%+/-(!%(,!H/#/(0!-H!%##!+%8!&$+*&(1!^-&!%P$(,$,!&$+*&(1a!&$#%+$,!+-!1*4'!+%8$1!%(,!'%1!+'$!D-Q$&2!/(!/+1!1-#$!,/14&$+/-(2!+-!4-(+$1+!-&!4-PD&-P/1$!%(I!%11$&+$,!+%8!%,S*1+P$(+!-&!,$H/4/$(4I!%(,!+-!H/#$2!#/+/0%+$!-&!4-PD&-P/1$!%(I!4#%/P!H-&!&$H*(,!-(!J$'%#H!-H!*1!-&!%(I!-H!-*&!1*J1/,/%&/$1!Q/+'!&$1D$4+!+-!1*4'!+%8$15!?,,/+/-(%##I2!"#$%&!"'%(($#!"-PP*(/4%+/-(1!,$+$&P/($1!+'$!%P-*(+!-H!-*&!#/%J/#/+I!+-!^-&!$(+/+#$P$(+!+-!
E=!!
D%IP$(+!H&-Pa!"#$%&!"'%(($#!"-PP*(/4%+/-(1!*(,$&!+'$!@%8!L%++$&1!?0&$$P$(+5!@'/1!%&&%(0$P$(+!P%I!&$1*#+!/(!4-(H#/4+1!-H!/(+$&$1+!J$+Q$$(!"#$%&!"'%(($#!"-PP*(/4%+/-(1!%(,!*15!]-&!$8%PD#$2!*(,$&!+'$!@%8!L%++$&1!?0&$$P$(+2!"#$%&!"'%(($#!"-PP*(/4%+/-(1!Q/##!J$!%J#$!+-!4'--1$!+-!4-(+$1+2!4-PD&-P/1$!-&!1$++#$!%(I!%,S*1+P$(+!-&!,$H/4/$(4I!D&-D-1$,!JI!+'$!&$#$K%(+!+%8/(0!%*+'-&/+I!/(!%!P%(($&!+'%+!P%I!J$!J$($H/4/%#!+-!"#$%&!"'%(($#!"-PP*(/4%+/-(1!%(,!,$+&/P$(+%#!+-!*15!!
!]-&!e5>5!H$,$&%#!/(4-P$!+%8!D*&D-1$12!$%4'!P$PJ$&!-H!%(!%HH/#/%+$,!0&-*D!-H!4-&D-&%+/-(1!+'%+!H/#$1!%!
4-(1-#/,%+$,!&$+*&(!/1!S-/(+#I!%(,!1$K$&%##I!#/%J#$!H-&!+'$!e5>5!H$,$&%#!/(4-P$!+%8!#/%J/#/+I!-H!+'$!$(+/&$!0&-*D5!>/P/#%&!D&/(4/D#$1!P%I!%DD#I!Q/+'!&$1D$4+!+-!P$PJ$&1!-H!%!0&-*D!+'%+!H/#$!%!+%8!&$+*&(!-(!%!4-PJ/($,2!4-(1-#/,%+$,!-&!*(/+%&I!0&-*D!J%1/1!H-&!1+%+$!%(,!#-4%#!+%8!D*&D-1$15!?44-&,/(0#I2!%#+'-*0'!+'$!@%8!L%++$&1!?0&$$P$(+!Q/##!%##-4%+$!+%8!#/%J/#/+/$1!J$+Q$$(!"#$%&!"'%(($#!"-PP*(/4%+/-(1!%(,!*1!,*&/(0!+'$!D$&/-,!/(!Q'/4'!Q$!-&!%(I!-H!-*&!1*J1/,/%&/$1!%&$!/(4#*,$,!/(!+'$!4-(1-#/,%+$,!0&-*D!-H!"#$%&!"'%(($#!"-PP*(/4%+/-(1!-&!%(I!-H!/+1!1*J1/,/%&/$12!Q$!%(,!-*&!1*J1/,/%&/$1!/(4#*,$,!/(!1*4'!4-(1-#/,%+$,!0&-*D!4-*#,!J$!#/%J#$!H-&!+'$!+%8!#/%J/#/+I!-H!+'$!$(+/&$!4-(1-#/,%+$,!0&-*D!/(!+'$!$K$(+!%(I!1*4'!+%8!#/%J/#/+I!/1!/(4*&&$,!%(,!(-+!,/14'%&0$,!JI!"#$%&!"'%(($#!"-PP*(/4%+/-(15!@'$!@%8!L%++$&1!?0&$$P$(+!D&-K/,$12!'-Q$K$&2!+'%+!"#$%&!"'%(($#!"-PP*(/4%+/-(1!Q/##!/(,$P(/HI!*1!%(,!-*&!1*J1/,/%&/$1!+-!+'$!$8+$(+!+'%+2!%1!%!&$1*#+!-H!*1!-&!%(I!-H!-*&!1*J1/,/%&/$1!J$/(0!%!P$PJ$&!-H!%!4-(1-#/,%+$,!0&-*D2!Q$!-&!-*&!1*J1/,/%&/$1!J$4-P$1!#/%J#$!H-&!+'$!+%8!#/%J/#/+I!-H!+'$!$(+/&$!4-(1-#/,%+$,!0&-*D!^-+'$&!+'%(!+'$!D-&+/-(!-H!1*4'!#/%J/#/+I!H-&!Q'/4'!Q$!%(,!-*&!1*J1/,/%&/$1!%&$!#/%J#$!*(,$&!+'$!@%8!L%++$&1!?0&$$P$(+a5!!!
e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a2!+'$!+%8!#/%J/#/+I!-H!-($!0&-*D!/1!&$,*4$,!Q'/#$!+'$!+%8!#/%J/#/+I!-H!+'$!-+'$&!0&-*D!/1!/(4&$%1$,5!!
!3H!"#$%&!"'%(($#!"-PP*(/4%+/-(1!1D/(1!-HH!-*&!"#%11!7!4-PP-(!1+-4G!+-!/+1!1+-4G'-#,$&1!/(!%!,/1+&/J*+/-(!
+'%+!/1!/(+$(,$,!+-!J$!+%8CH&$$!*(,$&!>$4+/-(!E::!-H!+'$!"-,$2!Q$!'%K$!%0&$$,!/(!+'$!@%8!L%++$&1!?0&$$P$(+!+-!/(,$P(/HI!"#$%&!"'%(($#!"-PP*(/4%+/-(1!%(,!/+1!%HH/#/%+$1!%0%/(1+!%(I!%(,!%##!+%8C&$#%+$,!#/%J/#/+/$1!/H!1*4'!%!1D/(C-HH!H%/#1!+-![*%#/HI!%1!%!+%8CH&$$!,/1+&/J*+/-(!^/(4#*,/(0!%1!%!&$1*#+!-H!>$4+/-(!E::^$a!-H!+'$!"-,$a!,*$!+-!%4+/-(12!$K$(+1!-&!+&%(1%4+/-(1!&$#%+/(0!+-!-*&!1+-4G2!%11$+1!-&!J*1/($112!-&!%!J&$%4'!-H!+'$!&$#$K%(+!&$D&$1$(+%+/-(1!-&!4-K$(%(+1!P%,$!JI!*1!/(!+'$!@%8!L%++$&1!?0&$$P$(+5!3H!($/+'$&!Q$!(-&!"#$%&!"'%(($#!"-PP*(/4%+/-(1!/1!&$1D-(1/J#$!*(,$&!+'$!@%8!L%++$&1!?0&$$P$(+!H-&!%(I!1*4'!1D/(C-HH!(-+!J$/(0!+%8CH&$$!*(,$&!>$4+/-(!E::!-H!+'$!"-,$2!Q$!%(,!"#$%&!"'%(($#!"-PP*(/4%+/-(1!'%K$!%0&$$,!+'%+!Q$!Q/##!$%4'!J$!&$1D-(1/J#$!H-&!:Fg!-H!+'$!+%8!&$#%+$,!#/%J/#/+/$1!%&/1/(0!H&-P!+'$!H%/#*&$!-H!1*4'!%!1D/(C-HH!+-!1-![*%#/HI5!!!
]-&!+'$!I$%&!$(,$,!V$4$PJ$&!E<2!=FFA2!+'$!%P-*(+!-H!-*&!#/%J/#/+I!+-!"#$%&!"'%(($#!"-PP*(/4%+/-(1!*(,$&!+'$!@%8!L%++$&1!?0&$$P$(+!Q%1!h<;5F!P/##/-(5!
'
A.F$*3%%/2&,,%'4/U9'%%.%),//
W$!'%K$!$(+$&$,!/(+-!%(!$PD#-I$$!P%++$&1!%0&$$P$(+!Q/+'!"#$%&!"'%(($#!"-PP*(/4%+/-(1!4-K$&/(0!4$&+%/(!4-PD$(1%+/-(!%(,!$PD#-I$$!J$($H/+!/11*$15!3(!0$($&%#2!Q/+'!4$&+%/(!$84$D+/-(12!-*&!$PD#-I$$1!D%&+/4/D%+$!/(!+'$!"#$%&!"'%(($#!"-PP*(/4%+/-(1!$PD#-I$$!D#%(1!%(,!%&&%(0$P$(+1!%#-(0!Q/+'!+'$!$PD#-I$$1!-H!-+'$&!"#$%&!"'%(($#!"-PP*(/4%+/-(1!1*J1/,/%&/$15!)*&!D%I&-##!/1!%#1-!%,P/(/1+$&$,!JI!"#$%&!"'%(($#!"-PP*(/4%+/-(15!!
!W$!%(,!"#$%&!"'%(($#!"-PP*(/4%+/-(1!&$1$&K$!+'$!&/0'+!+-!Q/+',&%Q!H&-P!-&!+$&P/(%+$!-*&!D%&+/4/D%+/-(2!
%1!+'$!4%1$!P%I!J$2!/(!%(I!-H!+'$!"#$%&!"'%(($#!"-PP*(/4%+/-(1!$PD#-I$$!D#%(1!%(,!%&&%(0$P$(+1!%+!%(I!+/P$!%(,!H-&!%(I!&$%1-(2!1*JS$4+!+-!%+!#$%1+!;F!,%I1b!(-+/4$5!e(#$11!1--($&!+$&P/(%+$,2!/+!/1!#/G$#I!+'%+!-*&!D%&+/4/D%+/-(!/(!"#$%&!"'%(($#!"-PP*(/4%+/-(1!$PD#-I$$!D#%(1!%(,!%&&%(0$P$(+1!Q/##!$(,!/H!%(,!%+!1*4'!+/P$!%1!Q$!%&$!(-!#-(0$&!%!1*J1/,/%&I!-H!"#$%&!"'%(($#!"-PP*(/4%+/-(12!Q'/4'2!H-&!+'/1!D*&D-1$2!P$%(1!"#$%&!"'%(($#!"-PP*(/4%+/-(1!-Q(1!#$11!+'%(!BFg!-H!+'$!+-+%#!4-PJ/($,!K-+/(0!D-Q$&!-H!%##!4#%11$1!-H!-*&!4%D/+%#!1+-4G!$(+/+#$,!+-!K-+$5!W$!Q/##2!'-Q$K$&2!4-(+/(*$!+-!J$%&!+'$!4-1+!-H!%(,!&$+%/(!&$1D-(1/J/#/+I!H-&!%##!$PD#-IP$(+C&$#%+$,!#/%J/#/+/$1!%(,!-J#/0%+/-(1!%11-4/%+$,!Q/+'!-*&!$PD#-I$$1!^%(,!+'$/&!4-K$&$,!,$D$(,$(+1!%(,!J$($H/4/%&/$1a2!&$0%&,#$11!-H!Q'$(!/(4*&&$,5!!
!
EE!!
1'&-%.&';4//
W$!'%K$!$(+$&$,!/(+-!%!+&%,$P%&G!#/4$(1$!%0&$$P$(+!Q/+'!%!1*J1/,/%&I!-H!"#$%&!"'%(($#!"-PP*(/4%+/-(1!+'%+!$(+/+#$1!*1!+-!*1$!^/a!-(!%!(-($84#*1/K$!J%1/12!+'$!_"#$%&!"'%(($#`!+&%,$P%&G!%(,!+'$!"#$%&!"'%(($#!"-PP*(/4%+/-(1!_-*+,--&`!+&%,$P%&G!#-0-!Q/+'!&$1D$4+!+-!,%IC+-C,%I!-D$&%+/-(1!-H!-*&!J*1/($11R!%(,!^//a!4$&+%/(!-+'$&!"#$%&!"'%(($#!"-PP*(/4%+/-(1!P%&G1!/(!4-(($4+/-(!Q/+'!-*&!J*1/($115!)*&!*1$!-H!+'$!P%&G1!/1!1*JS$4+!+-!"#$%&!"'%(($#!"-PP*(/4%+/-(1b!%DD&-K%#5!"#$%&!"'%(($#!"-PP*(/4%+/-(1!P%I!+$&P/(%+$!-*&!*1$!-H!+'$!P%&G1!/(!4$&+%/(!4/&4*P1+%(4$12!/(4#*,/(0!^/a!%!J&$%4'!JI!*1!-H!%!+$&P!-&!4-(,/+/-(!-H!-*&!K%&/-*1!%0&$$P$(+1!Q/+'!"#$%&!"'%(($#!"-PP*(/4%+/-(1!%(,!^//a!%+!%(I!+/P$!%H+$&!"#$%&!"'%(($#!"-PP*(/4%+/-(1!4$%1$1!+-!-Q(!%+!#$%1+!:Fg!-H!+'$!+-+%#!K-+/(0!D-Q$&!-H!-*&!4-PP-(!1+-4G5!!3(!=FFA2!"#$%&!"'%(($#!"-PP*(/4%+/-(1!,/,!(-+!4'%&0$!*1!%!&-I%#+I!H$$!H-&!-*&!*1$!-H!+'$!+&%,$P%&G1!%(,!-+'$&!P%&G15!!W$!%#1-!,-!(-+!4*&&$(+#I!%(+/4/D%+$!+'%+!Q$!Q/##!J$!4'%&0$,!%!&-I%#+I!H$$!*(,$&!+'$!@&%,$P%&G!X/4$(1$!?0&$$P$(+!/(!=FFB5!
'
:'*-+#,4/&)-/5%'C6#%4/:'*C6-%-/=%,!%%)/?$%&'/?(&))%$/?*..+)6#&,6*)4/&)-/\4//
W$!%(,!"#$%&!"'%(($#!"-PP*(/4%+/-(1!$(0%0$!/(!+&%(1%4+/-(1!/(!+'$!-&,/(%&I!4-*&1$!-H!-*&!&$1D$4+/K$!J*1/($11$15!@'$1$!+&%(1%4+/-(1!/(4#*,$!-*&!D&-K/,/(0!J/##J-%&,!%(,!-+'$&!%,K$&+/1/(0!1D%4$!+-!"#$%&!"'%(($#!"-PP*(/4%+/-(1!%+!&%+$1!Q$!J$#/$K$!Q-*#,!J$!4'%&0$,!+-!%!+'/&,!D%&+I!/(!%(!%&Pb1!#$(0+'!+&%(1%4+/-(5!!
!)*&!J&%(4'!P%(%0$&1!'%K$!'/1+-&/4%##I!H-##-Q$,!%!4-&D-&%+$!D-#/4I!%##-Q/(0!"#$%&!"'%(($#!
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g!-H!-*&!,-P$1+/4!&$K$(*$15!!
'
H),%'#*.F&)3/X*,%/&)-/D,(%'/H)-%=,%-)%44//
)(!?*0*1+!=2!=FF:2!Q$!,/1+&/J*+$,!%!(-+$!/(!+'$!-&/0/(%#!D&/(4/D%#!%P-*(+!-H!h=5:!J/##/-(!+-!"#$%&!"'%(($#!"-PP*(/4%+/-(1!%1!%!,/K/,$(,5!@'/1!(-+$!P%+*&$1!-(!?*0*1+!=2!=F<F2!P%I!J$!D&$D%/,!/(!Q'-#$!%+!%(I!+/P$2!-&!/(!D%&+!H&-P!+/P$!+-!+/P$5!@'$!(-+$!%44&*$1!/(+$&$1+!%+!%!K%&/%J#$!D$&!%((*P!&%+$!$[*%#!+-!+'$!Q$/0'+$,!%K$&%0$!4-1+!-H!,$J+!H-&!"#$%&!"'%(($#!"-PP*(/4%+/-(12!4%#4*#%+$,!-(!%!P-(+'#I!J%1/15!@'/1!(-+$!/1!P%(,%+-&/#I!D%I%J#$!*D-(!%!4'%(0$!-H!4-(+&-#!%(,2!1*JS$4+!+-!4$&+%/(!$84$D+/-(12!%##!D&-4$$,1!H&-P!,$J+!-&!$[*/+I!&%/1$,!JI!*1!P*1+!J$!*1$,!+-!D&$D%I!1*4'!(-+$5!!?+!V$4$PJ$&!E<2!=FFA2!+'$!/(+$&$1+!&%+$!-(!+'$!h=5:!J/##/-(!(-+$!Q%1!95Fg5!!!@'$!%P-*(+!-H!/(+$&$1+!%44&*$,!*(,$&!+'$!/(+$&4-PD%(I!(-+$!,*&/(0!+'$!I$%&!$(,$,!V$4$PJ$&!E<2!=FFA2!+-+%#$,!h<::5F!P/##/-(5!!@'$!D&/(4/D%#!J%#%(4$!-(!+'$!/(+$&4-PD%(I!(-+$!-*+1+%(,/(0!%1!-H!L%&4'!E<2!=FFB2!Q%1!h=5:!J/##/-(5!
'
e(+/#!%##!-*&!-J#/0%+/-(1!$K/,$(4$,!JI!%(,!D&-K/,$,!H-&!/(!+'$!h=5:!J/##/-(!/(+$&4-PD%(I!(-+$!%&$!H*##I!D%/,2!Q$!%(,!-*&!1*J1/,/%&/$1!%&$!1*JS$4+!+-!4$&+%/(!($0%+/K$!4-K$(%(+1!4-(+%/($,!/(!+'$!(-+$2!/(4#*,/(0!#/P/+%+/-(1!-(!+'$!H-##-Q/(0O!!
!! J$4-P/(0!#/%J#$!H-&!4-(1-#/,%+$,!H*(,$,!/(,$J+$,($11!^%1!,$H/($,!/(!+'$!(-+$a2!$84#*,/(0!4$&+%/(!/(+$&4-PD%(I!/(,$J+$,($11!-&!0*%&%(+$$1!-H!/(,$J+$,($11!/(4*&&$,!JI!"#$%&!"'%(($#!"-PP*(/4%+/-(1!-&!4$&+%/(!-H!/+1!1*J1/,/%&/$12!/(!%!D&/(4/D%#!%P-*(+!/(!$84$11!-H!hTFF5F!P/##/-(!%+!%(I!-($!+/P$!-*+1+%(,/(0R!
!! 4&$%+/(0!#/$(1R!
!! P%G/(0!/(K$1+P$(+1R!
!! 1%#$!%(,!#$%1$J%4G!+&%(1%4+/-(1!^%1!,$H/($,!/(!+'$!(-+$a2!Q'/4'!Q'$(!%00&$0%+$,!Q/+'!4-(1-#/,%+$,!H*(,$,!/(,$J+$,($11!1$4*&$,!JI!#/$(12!Q/##!(-+!$84$$,!%(!%P-*(+!$[*%#!+-!<Fg!-H!-*&!+-+%#!4-(1-#/,%+$,!1+-4G'-#,$&b1!$[*/+I!^%1!,$H/($,!/(!+'$!(-+$a!%1!1'-Q(!-(!-*&!P-1+!&$4$(+#I!&$D-&+$,!%((*%#!%*,/+$,!4-(1-#/,%+$,!H/(%(4/%#!1+%+$P$(+1R!!
!! ,/1D-1/(0!-H!%##!-&!1*J1+%(+/%##I!%##!-H!-*&!%11$+1R!
!! P$&0$&1!%(,!4-(1-#/,%+/-(1R!
!! ,$4#%&/(0!-&!D%I/(0!,/K/,$(,1!-&!-+'$&!,/1+&/J*+/-(1R!
ET!!
!! &$D*&4'%1/(0!-*&!$[*/+IR!%(,!
!! #/P/+%+/-(1!-(!$(+$&/(0!/(+-!+&%(1%4+/-(1!Q/+'!-*&!%HH/#/%+$15!!
@'$!(-+$!4-(+%/(1!4*1+-P%&I!$K$(+1!+'%+!D$&P/+!/+1!P%+*&/+I!+-!J$!%44$#$&%+$,!D&/-&!+-!/+1!1+%+$,!P%+*&/+I!,%+$!/(4#*,/(0!-*&!H%/#*&$!+-!4-PD#I!Q/+'!%(I!-H!/+1!($0%+/K$!4-K$(%(+15!!!
?1!D%&+!-H!+'$!,%IC+-C,%I!4%1'!P%(%0$P$(+!1$&K/4$1!D&-K/,$,!JI!"#$%&!"'%(($#!"-PP*(/4%+/-(12!Q$!P%/(+%/(!%(!%44-*(+!+'%+!&$D&$1$(+1!($+!%P-*(+12!*D!+-!%!P%8/P*P!-H!h<5F!J/##/-(2!,*$!+-!-&!H&-P!"#$%&!"'%(($#!"-PP*(/4%+/-(12!Q'/4'!/1!&$4-&,$,!%1!_V*$!H&-P!"#$%&!"'%(($#!"-PP*(/4%+/-(1`!-&!_V*$!+-!"#$%&!"'%(($#!"-PP*(/4%+/-(1`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h=9:5T!P/##/-(!Q%1!%(!%11$+!&$4-&,$,!/(!_V*$!H&-P!"#$%&!"'%(($#!"-PP*(/4%+/-(1`!-(!+'$!4-(1-#/,%+$,!J%#%(4$!1'$$+5!!]-&!+'$!I$%&!$(,$,!V$4$PJ$&!E<2!=FFA2!Q$!%44&*$,!($+!/(+$&$1+!/(4-P$!-(!($+!%P-*(+1!,*$!+-!-&!H&-P!"#$%&!"'%(($#!"-PP*(/4%+/-(1!-H!hE5A!P/##/-(5!!?+!V$4$PJ$&!E<2!=FFA2!+'$!/(+$&$1+!&%+$!-(!+'$!/(+$&4-PD%(I!%44-*(+!Q%1!=5;g5!!J4B<5L'4>'2@E<@3N')MMA4E9B'4A'297<F<597<4>'4F'#A9>=957<4>='3<7C'2@B97@:'J@A=4>='
"#$%&!"'%(($#!)*+,--&!'%1!%,-D+$,!%!Q&/++$(!D-#/4I!H-&!%DD&-K%#!-H!+&%(1%4+/-(1!J$+Q$$(!"#$%&!"'%(($#!)*+,--&!%(,!/+1!,/&$4+-&12!,/&$4+-&!(-P/($$12!$8$4*+/K$!-HH/4$&12!0&$%+$&C+'%(C:g!J$($H/4/%#!-Q($&1!%(,!+'$/&!&$1D$4+/K$!/PP$,/%+$!H%P/#I!P$PJ$&15!!.-Q$K$&2!+'$!&$#%+$,!D$&1-(!+&%(1%4+/-(1!,$14&/J$,!%J-K$!/(!+'/1!,-4*P$(+!Q/+'!&$1D$4+!+-!"#$%&!"'%(($#!"-PP*(/4%+/-(1!Q$&$!(-+!%DD&-K$,!*(,$&!+'/1!D-#/4I!J$4%*1$!+'$I!-44*&&$,!D&/-&!+-!+'$!+/P$!+'$!D-#/4I!Q%1!%,-D+$,5!
!@'$!D-#/4I!D&-K/,$1!+'%+!+'$!?*,/+!"-PP/++$$!&$K/$Q1!4$&+%/(!+&%(1%4+/-(1!1*JS$4+!+-!+'$!D-#/4I!%(,!
,$+$&P/($1!Q'$+'$&!-&!(-+!+-!%DD&-K$!+'-1$!+&%(1%4+/-(15!3(!,-/(0!1-2!+'$!?*,/+!"-PP/++$$!1%+/1H/$1!/+1$#H!+'%+!/+!'%1!J$$(!H*##I!/(H-&P$,!%1!+-!+'$!P%+$&/%#!H%4+1!-H!+'$!&$#%+$,!D$&1-(b1!&$#%+/-(1'/D!%(,!/(+$&$1+!%(,!%1!+-!+'$!P%+$&/%#!H%4+1!-H!+'$!D&-D-1$,!+&%(1%4+/-(!%(,!,$+$&P/($1!Q'$+'$&!+'$!+&%(1%4+/-(!/1!H%/&!+-!"#$%&!"'%(($#!)*+,--&5!3(!%,,/+/-(2!/H!"#$%&!"'%(($#!)*+,--&b1!P%(%0$P$(+2!/(!4-(1*#+%+/-(!Q/+'!"#$%&!"'%(($#!)*+,--&b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
'
'
)*1$#'%",,$##&&'2&J"2#'
@'$!H-##-Q/(0!N$D-&+!-H!+'$!?*,/+!"-PP/++$$!4-(4$&(1!+'$!"-PP/++$$b1!%4+/K/+/$1!&$0%&,/(0!-K$&1/0'+!-H!"#$%&!"'%(($#!)*+,--&!.-#,/(012!3(45b1!H/(%(4/%#!&$D-&+/(0!%(,!%*,/+/(0!D&-4$11!%(,!,-$1!(-+!4-(1+/+*+$!1-#/4/+/(0!P%+$&/%#!%(,!1'-*#,!(-+!J$!,$$P$,!H/#$,!-&!/(4-&D-&%+$,!JI!&$H$&$(4$!/(+-!%(I!-+'$&!"-PD%(I!H/#/(0!*(,$&!+'$!>$4*&/+/$1!?4+!-H!<;EE!-&!+'$!>$4*&/+/$1!M84'%(0$!?4+!-H!<;ET2!$84$D+!+-!+'$!$8+$(+!"#$%&!"'%(($#!)*+,--&!1D$4/H/4%##I!/(4-&D-&%+$1!+'/1!N$D-&+!JI!&$H$&$(4$!+'$&$/(5!
!@'$!?*,/+!"-PP/++$$!/1!4-PD&/1$,!1-#$#I!-H!/(,$D$(,$(+!,/&$4+-&1!%(,!/+!-D$&%+$1!*(,$&!%!Q&/++$(!4'%&+$&!
%,-D+$,!JI!+'$!7-%&,!-H!V/&$4+-&15!@'$!4'%&+$&!&$H#$4+1!1+%(,%&,1!1$+!H-&+'!/(!>M"!&$0*#%+/-(1!%(,!ZU>M!&*#$15!!@'$!4-PD-1/+/-(!-H!+'$!?*,/+!"-PP/++$$2!+'$!%++&/J*+$1!-H!/+1!P$PJ$&1!%(,!+'$!&$1D-(1/J/#/+/$1!-H!+'$!"-PP/++$$2!%1!&$H#$4+$,!/(!/+1!4'%&+$&2!%&$!/(+$(,$,!+-!J$!/(!%44-&,%(4$!Q/+'!%DD#/4%J#$!&$[*/&$P$(+1!H-&!4-&D-&%+$!%*,/+!4-PP/++$$15!!@'$!"-PP/++$$!&$K/$Q1!%(,!%11$11$1!+'$!%,$[*%4I!-H!/+1!4'%&+$&!-(!%(!%((*%#!J%1/15!!@'$!H*##!+$8+!-H!+'$!?*,/+!"-PP/++$$b1!4'%&+$&!4%(!J$!H-*(,!-(!"#$%&!"'%(($#!)*+,--&b1!3(+$&($+!Q$J1/+$!%+!
E:!!
!!!"#$%&'#(&))%$*+,-**'"#*.5!!?!4-DI!P%I!%#1-!J$!-J+%/($,!*D-(!&$[*$1+!H&-P!+'$!>$4&$+%&I!-H!"#$%&!"'%(($#!)*+,--&5!
!?1!1$+!H-&+'!/(!P-&$!,$+%/#!/(!+'$!4'%&+$&2!+'$!?*,/+!"-PP/++$$b1!D*&D-1$!/1!+-!%11/1+!+'$!7-%&,!-H!V/&$4+-&1!
/(!/+1!0$($&%#!-K$&1/0'+!-H!"#$%&!"'%(($#!)*+,--&b1!H/(%(4/%#!&$D-&+/(02!/(+$&(%#!4-(+&-#!%(,!%*,/+!H*(4+/-(15!!L%(%0$P$(+!/1!&$1D-(1/J#$!H-&!+'$!D&$D%&%+/-(2!D&$1$(+%+/-(!%(,!/(+$0&/+I!-H!"#$%&!"'%(($#!)*+,--&b1!H/(%(4/%#!1+%+$P$(+12!%44-*(+/(0!%(,!H/(%(4/%#!&$D-&+/(0!D&/(4/D#$1!%(,!/(+$&(%#!4-(+&-#1!%(,!D&-4$,*&$1!,$1/0($,!+-!$(1*&$!4-PD#/%(4$!Q/+'!%44-*(+/(0!1+%(,%&,12!%DD#/4%J#$!#%Q1!%(,!&$0*#%+/-(15!!M&(1+!n!U-*(0!XX62!"#$%&!"'%(($#!)*+,--&b1!/(,$D$(,$(+!%*,/+/(0!H/&P2!/1!&$1D-(1/J#$!H-&!D$&H-&P/(0!%(!/(,$D$(,$(+!%*,/+!-H!+'$!4-(1-#/,%+$,!H/(%(4/%#!1+%+$P$(+1!%(,!$8D&$11/(0!%(!-D/(/-(!-(!+'$!4-(H-&P/+I!-H!+'-1$!H/(%(4/%#!1+%+$P$(+1!Q/+'!%44-*(+/(0!D&/(4/D#$1!0$($&%##I!%44$D+$,!/(!+'$!e(/+$,!>+%+$12!%1!Q$##!%1!$8D&$11/(0!%(!-D/(/-(!-(!^/a!P%(%0$P$(+b1!%11$11P$(+!-H!+'$!$HH$4+/K$($11!-H!/(+$&(%#!4-(+&-#!-K$&!H/(%(4/%#!&$D-&+/(0!%(,!^//a!+'$!$HH$4+/K$($11!-H!/(+$&(%#!4-(+&-#!-K$&!H/(%(4/%#!&$D-&+/(05!
!@'$!?*,/+!"-PP/++$$!P$PJ$&1!%&$!(-+!D&-H$11/-(%#!%44-*(+%(+1!-&!%*,/+-&12!%(,!+'$/&!H*(4+/-(1!%&$!(-+!
/(+$(,$,!+-!,*D#/4%+$!-&!+-!4$&+/HI!+'$!%4+/K/+/$1!-H!P%(%0$P$(+!%(,!+'$!/(,$D$(,$(+!%*,/+-&2!(-&!4%(!+'$!"-PP/++$$!4$&+/HI!+'%+!+'$!/(,$D$(,$(+!%*,/+-&!/1!_/(,$D$(,$(+`!*(,$&!%DD#/4%J#$!&*#$15!!@'$!"-PP/++$$!1$&K$1!%!J-%&,C#$K$#!-K$&1/0'+!&-#$2!/(!Q'/4'!/+!D&-K/,$1!%,K/4$2!4-*(1$#!%(,!,/&$4+/-(!+-!P%(%0$P$(+!%(,!+'$!%*,/+-&1!-(!+'$!J%1/1!-H!+'$!/(H-&P%+/-(!/+!&$4$/K$12!,/14*11/-(1!Q/+'!P%(%0$P$(+!%(,!+'$!%*,/+-&1!%(,!+'$!$8D$&/$(4$!-H!+'$!"-PP/++$$b1!P$PJ$&1!/(!J*1/($112!H/(%(4/%#!%(,!%44-*(+/(0!P%++$&15!
!?P-(0!-+'$&!P%++$&12!+'$!?*,/+!"-PP/++$$!P-(/+-&1!+'$!%4+/K/+/$1!%(,!D$&H-&P%(4$!-H!"#$%&!"'%(($#!
)*+,--&b1!/(+$&(%#!%(,!$8+$&(%#!%*,/+-&12!/(4#*,/(0!+'$!%*,/+!14-D$2!$8+$&(%#!%*,/+!H$$12!%*,/+-&!/(,$D$(,$(4$!P%++$&1!%(,!+'$!$8+$(+!+-!Q'/4'!+'$!/(,$D$(,$(+!%*,/+-&!P%I!J$!&$+%/($,!+-!D$&H-&P!(-(C%*,/+!1$&K/4$15!!>*JS$4+!+-!+'$!4-(1$(+!-H!-*&!4-&D-&%+$!D%&$(+2!+'$!?*,/+!"-PP/++$$!'%1!*#+/P%+$!%*+'-&/+I!%(,!&$1D-(1/J/#/+I!+-!1$#$4+2!$K%#*%+$!%(,2!Q'$(!%DD&-D&/%+$2!&$D#%4$!"#$%&!"'%(($#!)*+,--&b1!/(,$D$(,$(+!%*,/+-&5!!@'$!?*,/+!"-PP/++$$!%#1-!&$K/$Q1!+'$!&$1*#+1!-H!+'$!/(+$&(%#!%(,!$8+$&(%#!%*,/+!Q-&G!Q/+'!&$0%&,!+-!+'$!%,$[*%4I!%(,!%DD&-D&/%+$($11!-H!"#$%&!"'%(($#!)*+,--&b1!H/(%(4/%#2!%44-*(+/(0!%(,!/(+$&(%#!4-(+&-#15!!L%(%0$P$(+!%(,!/(,$D$(,$(+!%*,/+-&!D&$1$(+%+/-(1!+-!%(,!,/14*11/-(1!Q/+'!+'$!?*,/+!"-PP/++$$!%#1-!4-K$&!K%&/-*1!+-D/41!%(,!$K$(+1!+'%+!P%I!'%K$!1/0(/H/4%(+!H/(%(4/%#!/PD%4+!-&!%&$!+'$!1*JS$4+!-H!,/14*11/-(1!J$+Q$$(!P%(%0$P$(+!%(,!+'$!/(,$D$(,$(+!%*,/+-&5!!3(!%,,/+/-(2!+'$!?*,/+!"-PP/++$$!0$($&%##I!-K$&1$$1!"#$%&!"'%(($#!)*+,--&b1!/(+$&(%#!4-PD#/%(4$!D&-0&%P15!
!@'$!"-PP/++$$!'%1!/PD#$P$(+$,!D&-4$,*&$1!+-!$(1*&$!+'%+!,*&/(0!+'$!4-*&1$!-H!$%4'!H/14%#!I$%&!/+!,$K-+$1!
+'$!%++$(+/-(!+'%+!/+!,$$P1!($4$11%&I!-&!%DD&-D&/%+$!+-!$%4'!-H!+'$!P%++$&1!%11/0($,!+-!/+!*(,$&!+'$!"-PP/++$$b1!4'%&+$&5!@-!4%&&I!-*+!/+1!&$1D-(1/J/#/+/$12!+'$!"-PP/++$$!P$+!$/0'+!+/P$1!,*&/(0!+'$!I$%&!$(,$,!V$4$PJ$&!E<2!=FFA5!!@'$!?*,/+!"-PP/++$$!%#1-!P$$+1!D&/K%+$#I!Q/+'!+'$!/(+$&(%#!%(,!$8+$&(%#!%*,/+-&1!%1!Q$##!%1!P%(%0$P$(+!/PP$,/%+$#I!H-##-Q/(0!H-*&!-H!+'$1$!P$$+/(015!
!V*&/(0!+'$!4-*&1$!-H!=FFA2!P%(%0$P$(+!4-PD#$+$,!+'$!,-4*P$(+%+/-(2!+$1+/(0!%(,!$K%#*%+/-(!-H!"#$%&!
"'%(($#!)*+,--&b1!/(+$&(%#!4-(+&-#!-K$&!H/(%(4/%#!&$D-&+/(0!/(!&$1D-(1$!+-!+'$!&$[*/&$P$(+1!1$+!H-&+'!/(!>$4+/-(!TFT!-H!+'$!>%&J%($1C)8#$I!?4+!-H!=FF=!%(,!&$#%+$,!&$0*#%+/-(15!@'$!?*,/+!"-PP/++$$!Q%1!G$D+!%DD&/1$,!-H!+'$!D&-0&$11!-H!+'$!$K%#*%+/-(!%(,!D&-K/,$,!-K$&1/0'+!%(,!%,K/4$!+-!P%(%0$P$(+!,*&/(0!+'$!D&-4$115!3(!4-(($4+/-(!Q/+'!+'/1!-K$&1/0'+2!+'$!?*,/+!"-PP/++$$!&$4$/K$,!D$&/-,/4!*D,%+$1!D&-K/,$,!JI!P%(%0$P$(+!%(,!M&(1+!n!U-*(0!XX6!%+!$%4'!&$0*#%&#I!14'$,*#$,!?*,/+!"-PP/++$$!P$$+/(05!?+!+'$!4-(4#*1/-(!-H!+'$!D&-4$112!P%(%0$P$(+!D&-K/,$,!+'$!?*,/+!"-PP/++$$!Q/+'!%!&$D-&+!-(!+'$!$HH$4+/K$($11!-H!"#$%&!"'%(($#!)*+,--&b1!/(+$&(%#!4-(+&-#!-K$&!H/(%(4/%#!&$D-&+/(05!@'$!?*,/+!"-PP/++$$!%#1-!&$K/$Q$,!+'$!&$D-&+!-H!P%(%0$P$(+!4-(+%/($,!/(!"#$%&!"'%(($#!)*+,--&b1!?((*%#!N$D-&+!-(!]-&P!<FCc!H-&!+'$!I$%&!$(,$,!V$4$PJ$&!E<2!=FFA!H/#$,!Q/+'!+'$!>M"2!%1!Q$##!%1!M&(1+!n!U-*(0!XX6b1!N$D-&+!-H!3(,$D$(,$(+!N$0/1+$&$,!6*J#/4!?44-*(+/(0!]/&P!/(4#*,$,!/(!"#$%&!"'%(($#!)*+,--&b1!?((*%#!N$D-&+!-(!]-&P!<FCc!&$#%+$,!+-!/+1!%*,/+!-H!^/a!+'$!4-(1-#/,%+$,!H/(%(4/%#!1+%+$P$(+1!%(,!H/(%(4/%#!1+%+$P$(+!14'$,*#$2!^//a!P%(%0$P$(+b1!%11$11P$(+!-H!+'$!$HH$4+/K$($11!-H!/(+$&(%#!4-(+&-#!-K$&!H/(%(4/%#!&$D-&+/(02!%(,!^///a!+'$!$HH$4+/K$($11!-H!/(+$&(%#!4-(+&-#!-K$&!H/(%(4/%#!&$D-&+/(05!
!3(!-K$&1$$/(0!+'$!D&$D%&%+/-(!-H!"#$%&!"'%(($#!)*+,--&b1!H/(%(4/%#!1+%+$P$(+12!+'$!"-PP/++$$!P$+!Q/+'!
J-+'!P%(%0$P$(+!%(,!"#$%&!"'%(($#!)*+,--&b1!-*+1/,$!%*,/+-&1!+-!&$K/$Q!%(,!,/14*11!%##!H/(%(4/%#!1+%+$P$(+1!D&/-&!+-!+'$/&!/11*%(4$!%(,!+-!,/14*11!1/0(/H/4%(+!%44-*(+/(0!/11*$15!L%(%0$P$(+!%,K/1$,!+'$!"-PP/++$$!+'%+!%##!H/(%(4/%#!1+%+$P$(+1!Q$&$!D&$D%&$,!/(!%44-&,%(4$!Q/+'!0$($&%##I!%44$D+$,!%44-*(+/(0!D&/(4/D#$15!@'$!"-PP/++$$b1!&$K/$Q!
E9!!
/(4#*,$,!,/14*11/-(!Q/+'!+'$!-*+1/,$!%*,/+-&1!-H!P%++$&1!&$[*/&$,!+-!J$!,/14*11$,!D*&1*%(+!+-!>+%+$P$(+!-(!?*,/+/(0!>+%(,%&,1!Z-5!9<!^"-PP*(/4%+/-(!W/+'!?*,/+!"-PP/++$$1a5!
!W/+'!&$1D$4+!+-!"#$%&!"'%(($#!)*+,--&b1!-*+1/,$!%*,/+-&12!+'$!"-PP/++$$2!%P-(0!-+'$&!+'/(012!,/14*11$,!
Q/+'!M&(1+!n!U-*(0!XX6!P%++$&1!&$#%+/(0!+-!/+1!/(,$D$(,$(4$2!/(4#*,/(0!/+1!#$++$&!%(,!+'$!Q&/++$(!,/14#-1*&$1!P%,$!+-!+'$!"-PP/++$$!%1!&$[*/&$,!JI!+'$!3(,$D$(,$(4$!>+%(,%&,1!7-%&,!>+%(,%&,!Z-5!<!^3(,$D$(,$(4$!V/14*11/-(1!Q/+'!?*,/+!"-PP/++$$1a5!
!]/(%##I2!+'$!"-PP/++$$!4-(+/(*$,!+-!P-(/+-&!+'$!14-D$!%(,!%,$[*%4I!-H!"#$%&!"'%(($#!)*+,--&b1!/(+$&(%#!
%*,/+/(0!D&-0&%P2!/(4#*,/(0!D&-D-1%#1!H-&!%,$[*%+$!1+%HH/(0!%(,!+-!1+&$(0+'$(!/(+$&(%#!D&-4$,*&$1!%(,!4-(+&-#1!Q'$&$!%DD&-D&/%+$5!
!)(!+'$!J%1/1!-H!+'$1$!&$K/$Q1!%(,!,/14*11/-(12!+'$!"-PP/++$$!&$4-PP$(,$,!+-!+'$!7-%&,!-H!V/&$4+-&1!+'%+!
+'$!7-%&,!%DD&-K$!+'$!/(4#*1/-(!-H!"#$%&!"'%(($#!)*+,--&b1!%*,/+$,!H/(%(4/%#!1+%+$P$(+1!/(!"#$%&!"'%(($#!)*+,--&b1!?((*%#!N$D-&+!-(!]-&P!<FCc!H-&!+'$!I$%&!$(,$,!V$4$PJ$&!E<2!=FFA!H-&!H/#/(0!Q/+'!+'$!>$4*&/+/$1!%(,!M84'%(0$!"-PP/11/-(5!!
N$1D$4+H*##I!1*JP/++$,[email protected]!?eV3@!")LL3@@MM!i%P$1!L5!N%/($1!C!"'%/&P%(2!L%&1'%!L5!>'/$#,1!%(,!V%#$!W5!@&$PJ#%I!
'
'
)*1$#"2'(&&.'
M&(1+!n!U-*(0!XX6!J/##$,!"#$%&!"'%(($#!)*+,--&!+'$!H-##-Q/(0!H$$1!H-&!1$&K/4$1!D&-K/,$,!,*&/(0!+'$!I$%&1!$(,$,!V$4$PJ$&!E<2!=FFA!%(,!=FF9O!
GH)/,(*+4&)-4I/ ]$$1!6%/,!V*&/(0!U$%&!M(,$,!! V$4$PJ$&!E<2!
/ =FFA! ! =FF9!?((*%#!%*,/+!H$$1!^<a! ! h! E2B;<! ! ! h! E2AB=!?*,/+C&$#%+$,!H$$1!^=a! ! :B! ! ! <=;!@%8!H$$1!^Ea! ! 9FT! ! ! =A:!?##!-+'$&!H$$1!^Ta! o ! o
@-+%#!H$$1!H-&!1$&K/4$1! ! h! T2::E! ! ! h! T2<B9!uuuuuuuuuuuuuuuuuuu!
^<a!! ?((*%#!%*,/+!H$$1!%&$!H-&!D&-H$11/-(%#!1$&K/4$1!&$(,$&$,!H-&!+'$!%*,/+!-H!-*&!%((*%#!H/(%(4/%#!1+%+$P$(+1!%(,!&$K/$Q1!-H
EA!!
!@'$!?*,/+!"-PP/++$$!D&$C%DD&-K$1!%##!%*,/+!%(,!D$&P/++$,!(-(C%*,/+!1$&K/4$1!^/(4#*,/(0!+'$!H$$1!%(,!+$&P1!
+'$&$-Ha!+-!J$!D$&H-&P$,!H-&!"#$%&!"'%(($#!)*+,--&!JI!/+1!/(,$D$(,$(+!%*,/+-&5!!@'$!4'%/&D$&1-(!-H!+'$!?*,/+!"-PP/++$$!P%I!&$D&$1$(+!+'$!$(+/&$!4-PP/++$$!H-&!+'$!D*&D-1$1!-H!D&$C%DD&-K/(0!D$&P/11/J#$!(-(C%*,/+!1$&K/4$12!D&-K/,$,!+'%+!+'$!,$4/1/-(!+-!D&$C%DD&-K$!%(I!1$&K/4$!/1!,/14#-1$,!+-!+'$!?*,/+!"-PP/++$$!(-!#%+$&!+'%(!/+1!($8+!14'$,*#$,!P$$+/(05!
!N$D&$1$(+%+/K$1!-H!+'$!H/&P!-H!M&(1+!n!U-*(0!XX6!%&$!$8D$4+$,!+-!J$!D&$1$(+!%+!+'$!%((*%#!P$$+/(0!-H!
1+-4G'-#,$&1!%(,!Q/##!'%K$!%(!-DD-&+*(/+I!+-!P%G$!%!1+%+$P$(+!/H!+'$I!1-!,$1/&$!%(,!Q/##!J$!%K%/#%J#$!+-!&$1D-(,!+-!%DD&-D&/%+$![*$1+/-(15!
'
'
.#"%/0"+1&2'J2"J".)+.'("2'XRRa')!!*)+',&&#$!-'
>+-4G'-#,$&1!/(+$&$1+$,!/(!1*JP/++/(0!%!D&-D-1%#!H-&!/(4#*1/-(!/(!+'$!D&-8I!P%+$&/%#1!H-&!+'$!%((*%#!P$$+/(0!-H!1+-4G'-#,$&1!/(!=FF;!P%I!,-!1-!JI!H-##-Q/(0!+'$!D&-4$,*&$1!D&$14&/J$,!/(!>M"!N*#$!<T%CB5!@-!J$!$#/0/J#$!H-&!/(4#*1/-(2!1+-4G'-#,$&!D&-D-1%#1!P*1+!J$!&$4$/K$,!JI!+'$!>$4&$+%&I!-H!"#$%&!"'%(($#!)*+,--&!(-!#%+$&!+'%(!V$4$PJ$&!B2!=FFB5!6&-D-1%#1!1'-*#,!J$!1$(+!+-!>$4&$+%&I2!"#$%&!"'%(($#!)*+,--&!.-#,/(012!3(452!65)5!7-8!9:;:<=2!>%(!?(+-(/-2!@$8%1!AB=9:C;:<=5!
'
'
)1_)!%&'!"#$%&'J2"%&1*2&.'
e(,$&!-*&!JI#%Q12!1+-4G'-#,$&1!P%I!(-+!D&$1$(+!%!D&-D-1%#!H-&!4-(1/,$&%+/-(!%+!%(I!1+-4G'-#,$&1!P$$+/(0!*(#$11!1*4'!1+-4G'-#,$&!1*JP/+1!1*4'!D&-D-1%#!/(!Q&/+/(0!+-!+'$!1$4&$+%&I!-H!"#$%&!"'%(($#!)*+,--&!(-+!#$11!+'%(!;F!,%I1!D&/-&!+-!+'$!P$$+/(05!!@'$1$!&$[*/&$P$(+1!%&$!1$D%&%+$!H&-P!%(,!/(!%,,/+/-(!+-!+'$!>M"b1!&$[*/&$P$(+1!+'%+!%!1+-4G'-#,$&!P*1+!P$$+!/(!-&,$&!+-!'%K$!%!1+-4G'-#,$&!D&-D-1%#!/(4#*,$,!/(!"#$%&!"'%(($#!)*+,--&b1!D&-8I!1+%+$P$(+5!
'
'
"#0&2',)##&2.'
Z$/+'$&!"#$%&!"'%(($#!)*+,--&!P%(%0$P$(+!(-&!+'$!7-%&,!G(-Q1!-H!%(I!-+'$&!J*1/($11!+-!J$!J&-*0'+!J$H-&$!+'$!%((*%#!P$$+/(0!-+'$&!+'%(!+'$!P%++$&1!,$14&/J$,!%J-K$5!!3H!%(I!-+'$&!P%++$&1!D&-D$&#I!4-P$!J$H-&$!+'$!%((*%#!P$$+/(02!+'$!D&-8/$1!Q/##!J$!K-+$,!-(!1*4'!P%++$&1!/(!%44-&,%(4$!Q/+'!+'$!S*,0P$(+!-H!+'$!D$&1-(1!(%P$,!%1!D&-8/$1!+'$&$/(2!-&!+'$/&!1*J1+/+*+$12!D&$1$(+!%(,!%4+/(0!%+!+'$!P$$+/(05!
'
'
!Z.&',)##&2.'
"#$%&!"'%(($#!)*+,--&!H/#$,!+'$!"M)!%(,!"])!4$&+/H/4%+/-(1!&$[*/&$,!*(,$&!>$4+/-(!EF=!-H!+'$!>%&J%($1C)8#$I!?4+!Q/+'!+'$!>M"!%1!$8'/J/+1!+-!/+1!P-1+!&$4$(+#I!H/#$,!]-&P!<FCc5!!"#$%&!"'%(($#!)*+,--&!%#1-!1*JP/++$,!%!>$4+/-(!<=^%a!"M)!"$&+/H/4%+/-(!+-!+'$!ZU>M!#%1+!I$%&5!
'
'
-&!&2)+'
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
EB!!
!@'$!>M"!'%1!%,-D+$,!&*#$1!+'%+!D$&P/+!4-PD%(/$1!%(,!/(+$&P$,/%&/$1!1*4'!%1!J&-G$&1!+-!1%+/1HI!,$#/K$&I!
&$[*/&$P$(+1!H-&!D&-8I!1+%+$P$(+1!Q/+'!&$1D$4+!+-!+Q-!-&!P-&$!1+-4G'-#,$&1!1'%&/(0!+'$!1%P$!%,,&$11!JI!,$#/K$&/(0!%!1/(0#$!D&-8I!1+%+$P$(+!%,,&$11$,!+-!+'-1$!1+-4G'-#,$&15!@'/1!D&-4$112!Q'/4'!/1!4-PP-(#I!&$H$&&$,!+-!%1!_'-*1$'-#,/(02`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
?(!$#$4+&-(/4!4-DI!-H!"#$%&!"'%(($#!)*+,--&b1!?((*%#!N$D-&+!-(!]-&P!<FCc!H/#$,!Q/+'!+'$!>M"!-(!]$J&*%&I!<T2!=FFB2!/1!%K%/#%J#$!H&$$!-H!4'%&0$!%+!"#$%&!"'%(($#!)*+,--&b1!3(+$&($+!Q$J1/+$!%+!!!!"#$%&'#(&))%$*+,-**'"#*.5!!?!D%D$&!4-DI!-H!+'$!]-&P!<FCc!/1!%#1-!%K%/#%J#$!Q/+'-*+!4'%&0$!+-!1+-4G'-#,$&1!*D-(!Q&/++$(!&$[*$1+!+-!"#$%&!"'%(($#!)*+,--&!.-#,/(012!3(452!65)5!7-8!9:;:<=2!>%(!?(+-(/-2!@$8%1!AB=9:C;:<=5!!
@'/1!,-4*P$(+!/1!,%+$,!?D&/#!A2!=FFB!%(,!/1!H/&1+!J$/(0!P%/#$,!+-!1+-4G'-#,$&1!-(!-&!%J-*+!?D&/#!;2!=FFB5!!
!!!?(,&$Q!W5!X$K/(!
! M8$4*+/K$!Y/4$!6&$1/,$(+2!"'/$H!X$0%#!! !! ! )HH/4$&!%(,!>$4&$+%&I!
!!!
!
A-1
APPENDIX A FINANCIAL STATEMENTS, FOOTNOTES AND OTHER DATA
ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities
Our Class A common stock trades on the New York Stock Exchange under the symbol “CCO.” There
were 104 shareholders of record as of February 13, 2008. This figure does not include an estimate of the indeterminate number of beneficial holders whose shares may be held of record by brokerage firms and clearing agencies. The following table sets forth, for the calendar quarters indicated, the reported high and low sales price of our Class A common stock as reported on the NYSE:
Common Stock Common Stock Market Price Market Price
High Low High Low
2006 2007
First Quarter $ 23.95 $ 18.49 First Quarter $ 31.14 $ 24.91 Second Quarter 24.20 19.31 Second Quarter 30.12 25.95 Third Quarter 21.26 18.66 Third Quarter 29.24 22.81 Fourth Quarter 28.13 19.49 Fourth Quarter 28.57 23.65
See Part III, Item 12 for information regarding securities authorized for issuance under our equity
compensation plans. Dividend Policy
To date, we have not paid dividends on our common stock and we do not anticipate paying any dividends on the shares of our common stock in the foreseeable future. Pursuant to the covenants on the $2.5 billion note with Clear Channel Communications, our ability to pay dividends is restricted. If cash dividends were to be paid on our common stock, holders of Class A common stock and Class B common stock would share equally, on a per share basis, in any such cash dividend.
STOCK PERFORMANCE GRAPH
The following chart demonstrates a comparison of the cumulative total returns for the Company, Lamar Advertising Company, an outdoor advertising company and the S&P 500 Composite Index from November 11, 2005 through December 31, 2007.
Indexed yearly Stock Price Close (Prices adjusted for Stock Splits and Dividends)
[GRAPH]
INDEXED YEARLY STOCK PRICE CLOSE (Prices adjusted for Stock Splits and Dividends
11/11/05 12/31/05 12/31/06 12/31/07
Clear Channel Outdoor 1,000 1,081 1,505 1,491
Lamar Advertising Company 1,000 1,019 1,444 1,117
S&P 500 Index 1,000 1,014 1,174 1,238
A-2
ITEM 6. Selected Financial Data
We have prepared our consolidated and combined financial statements as if Clear Channel Outdoor had
been in existence as a separate company throughout all relevant periods. The historical financial and other data prior to the IPO, which occurred on November 11, 2005, have been prepared on a combined basis from Clear Channel Communications’ consolidated financial statements using the historical results of operations and bases of the assets and liabilities of Clear Channel Communications’ Americas outdoor and International outdoor advertising businesses and give effect to allocations of expenses from Clear Channel Communications. Our historical financial data prior to the IPO may not necessarily be indicative of our future performance nor will such data reflect what our financial position and results of operations would have been had we operated as an independent publicly traded company during the periods shown.
The results of operations data, segment data and cash flow data for the years presented below were derived from our audited consolidated and combined financial statements.
You should read the information contained in this table in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and the historical audited consolidated and combined financial statements and the accompanying notes thereto included elsewhere in this Annual Report.
(In thousands, except per share data) Year Ended December 31,
2007 (1) 2006 (2) 2005 2004 2003
Results of Operations Data:
Revenue $ 3,281,836 $ 2,897,721 $ 2,666,078 $ 2,447,040 $ 2,174,597
Operating expenses:
Direct operating expenses 1,734,845 1,514,842 1,405,758 1,322,488 1,185,401
Selling, general and administrative expenses 537,994 486,994 478,343 439,286 404,878
Depreciation and amortization 399,483 407,730 400,639 388,217 379,640
Corporate expenses 66,080 65,542 61,096 53,770 54,233
Gain on disposition of assets— net 11,824 22,846 3,488 10,791 16,669
Operating income 555,258 445,459 323,730 254,070 167,114 Interest expense on debt with Clear Channel
Communications 151,363 153,500 182,667 145,653 145,648
Interest expense 6,518 9,083 15,687 14,177 14,201 Equity in earnings (loss) of nonconsolidated
affiliates 4,402 7,460 9,844 (76) (5,142)
Other income (expense)— net 10,113 331 (12,291) (16,530) (21,358)
Income (loss) before income taxes, minority interest and cumulative effect of a change in accounting principle 411,892 290,667 122,929 77,634 (19,235)
Income tax (expense) benefit:
Current (111,726) (82,553) (51,173) (23,422) 12,092
Deferred (34,915) (39,527) 5,689 (39,132) (23,944)
Income tax (expense) benefit (146,641) (122,080) (45,484) (62,554) (11,852)
Minority interest expense— net 19,261 15,515 15,872 7,602 3,906
Income (loss) before cumulative effect of a change in accounting principle 245,990 153,072 61,573 7,478 (34,993)
Cumulative effect of a change in accounting principle, net of tax of $113,173 in 2004 (3) — — — (162,858) —
Net income (loss) $ 245,990 $ 153,072 $ 61,573 $ (155,380) $ (34,993)
A-3
(In thousands, except per share data) Year Ended December 31,
2007 (1) 2006 (2) 2005 2004 2003
Results of Operations Data (Continued): Net income (loss) per common share:
Basic: Income (loss) before cumulative effect of a
change in accounting principle $ .69 $ .43 $ .19 $ .02 $ (.11) Cumulative effect of a change in
accounting principle — — — (.52) —
Net income (loss) $ .69 $ .43 $ .19 $ (.50) $ (.11)
Weighted average common shares 354,838 352,155 319,890 315,000 315,000
Diluted:
Income (loss) before cumulative effect of a change in accounting principle $ .69 $ .43 $ .19 $ .02 $ (.11)
Cumulative effect of a change in accounting principle — — — (.52) —
Net income (loss) $ .69 $ .43 $ .19 $ (.50) $ (.11)
Weighted average common shares 355,806 352,262 319,921 315,000 315,000
(In thousands) As of December 31,
2007 (1) 2006 (2) 2005 2004 2003
Balance Sheet Data:
Current assets $ 1,607,107 $ 1,189,915 $ 1,050,180 $ 1,107,240 $ 958,669
Property, plant and equipment – net 2,244,108 2,191,839 2,153,428 2,195,985 2,264,106
Total assets 5,935,604 5,421,891 4,918,345 5,240,933 5,232,820
Current liabilities 921,292 841,509 793,812 749,055 736,202
Long-term debt, including current maturities 2,682,021 2,684,176 2,727,786 1,639,380 1,670,017
Shareholders’/owner’s equity 1,982,730 1,586,378 1,209,437 2,729,653 2,760,164 (1) Effective January 1, 2007, the Company adopted FASB Interpretation No. 48, Accounting for Uncertainty in
Income Taxes, or FIN 48. In accordance with the provisions of FIN 48, the effects of adoption were accounted for as a cumulative-effect adjustment recorded to the balance of retained earnings on the date of adoption. See Note J to the Company’s financial statements.
(2) Effective January 1, 2006, the Company adopted FASB Statement No. 123(R), Share-Based Payment. In accordance with the provisions of Statement 123(R), the Company elected to adopt the standard using the modified prospective method. See Note K to the Company’s financial statements.
(3) Cumulative effect of change in accounting principle for the year ended December 31, 2004 related to a non-cash charge recognized in accordance with the adoption of Topic D-108, Use of Residual Method to Value Acquired
Assets other than Goodwill.
The Selected Financial Data should be read in conjunction with Management’s Discussion and Analysis.
A-4
ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
INTRODUCTION
Management’s discussion and analysis of our financial condition and results of operations is provided as a
supplement to the audited annual financial statements and accompanying notes thereto to help provide an
understanding of our financial condition, changes in our financial condition and results of our operations. The
information included herein should be read in conjunction with the annual financial statements and is organized as
follows:
! Overview. This section provides a general description of our business, as well as other matters we
believe are important in understanding our results of operations and financial condition and in
anticipating future trends.
! Results of operations. This section provides an analysis of our results of operations for the years
ended December 31, 2007, 2006 and 2005.
Our discussion is presented on both a consolidated and segment basis. Our reportable operating
segments are Americas and International. Approximately 93% of our 2007 Americas revenue was
derived from the United States, with the balance derived primarily from Canada and Latin America.
Approximately half of our 2007 International revenue was derived from France and the United
Kingdom.
We manage our segments primarily focusing on operating income. Corporate expenses, gain on
disposition of asset – net, interest expense, equity in earnings of nonconsolidated affiliates, other
income (expense) – net, income taxes and minority interest expense – net are managed on a total
company basis and are, therefore, included only in our discussion of consolidated results.
! Financial condition and liquidity. This section provides a discussion of our financial condition as of
December 31, 2007, as well as an analysis of our cash flows for the years ended December 31, 2007,
2006 and 2005. The discussion of our financial condition and liquidity includes summaries of (i) our
primary sources of liquidity, (ii) our key debt covenants and (iii) our outstanding debt and
commitments (both firm and contingent) that existed as of December 31, 2007.
! Seasonality and Market risk management. These sections discuss seasonality and how we manage
exposure to potential losses arising from adverse changes in foreign currency exchange rates and
interest rates.
! Recent accounting pronouncements and Critical accounting estimates. These sections discuss
accounting policies considered to be important to our financial condition and results of operations
and which require significant judgment and estimates on the part of management in their application.
In addition, all of our significant accounting policies, including our critical accounting policies, are
summarized in Note A to our consolidated and combined financial statements included elsewhere in
this Annual Report.
OVERVIEW
Description of Business
Our revenue is derived from selling advertising space on approximately 897,000 displays owned or
operated as of December 31, 2007, consisting primarily of billboards, street furniture and transit displays. We own
the majority of our advertising displays, which typically are located on sites that we either lease or own or for which
we have acquired permanent easements. Our advertising contracts with clients typically outline the number of
displays reserved, the duration of the advertising campaign and the unit price per display.
Our advertising rates are based on a number of different factors including location, competition, size of
display, illumination, market and gross rating points. Gross ratings points is the total number of impressions
delivered by a display or group of displays, expressed as a percentage of a market population. The number of
impressions delivered by a display is measured by the number of people passing the site during a defined period of
time and, in some International markets, is weighted to account for such factors as illumination, proximity to other
A-5
displays and the speed and viewing angle of approaching traffic. Management typically monitors our business by
reviewing the average rates, average revenue per display, or yield, occupancy and inventory levels of each of our
display types by market. In addition, because a significant portion of our advertising operations are conducted in
foreign markets, the largest being France and the United Kingdom, management reviews the operating results from
our foreign operations on a constant dollar basis. A constant dollar basis allows for comparison of operations
independent of foreign exchange movements.
The significant expenses associated with our operations include (i) direct production, maintenance and
installation expenses, (ii) site lease expenses for land under our displays and (iii) revenue-sharing or minimum
guaranteed amounts payable under our billboard, street furniture and transit display contracts. Our direct
production, maintenance and installation expenses include costs for printing, transporting and changing the
advertising copy on our displays, the related labor costs, the vinyl and paper costs and the costs for cleaning and
maintaining our displays. Vinyl and paper costs vary according to the complexity of the advertising copy and the
quantity of displays. Our site lease expenses include lease payments for use of the land under our displays, as well
as any revenue-sharing arrangements or minimum guaranteed amounts payable we may have with the landlords.
The terms of our site leases and revenue-sharing or minimum guaranteed contracts generally range from 1 to
20 years.
In our International business, market practices require us to sell billboards and street furniture as network
packages with contract terms typically ranging from one to two weeks, compared to contract terms typically ranging
from 4 weeks to one year in the United States. In addition, competitive bidding for street furniture and transit
contracts, which constitute a larger portion of our International business, and a different regulatory environment for
billboards, result in higher site lease cost in our International business compared to our Americas business. As a
result, our margins are typically less in our International business than in the Americas.
Our street furniture and transit display contracts, the terms of which range from 3 to 20 years, generally
require us to make upfront investments in property, plant and equipment. These contracts may also include upfront
lease payments and/or minimum annual guaranteed lease payments. We can give no assurance that our cash flows
from operations over the terms of these contracts will exceed the upfront and minimum required payments.
Our 2007 results of operations include a full year of the results of operations of Interspace Airport
Advertising, or Interspace, and our results of operations for 2006 include a partial year of the results of operations of
Interspace, which we acquired in July 2006.
Relationship with Clear Channel Communications
We became a publicly traded company on November 11, 2005, through an initial public offering, or IPO, in
which we sold 10% of our common stock, or 35.0 million shares of our Class A common stock. Prior to our IPO we
were an indirect wholly-owned subsidiary of Clear Channel Communications. Clear Channel Communications
currently owns all of our outstanding shares of Class B common stock representing approximately 89% of the
outstanding shares of our common stock and approximately 99% of the total voting power of our common stock.
On November 16, 2006, Clear Channel Communications agreed to be acquired by a group of equity funds
sponsored by Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P. On September 25, 2007, Clear Channel
Communications’ shareholders approved the Merger Agreement. The closing of the transaction is subject to
customary closing conditions. Assuming satisfaction of the closing conditions, the parties expect to close the
merger by the end of the first quarter of 2008.
There are several agreements which govern our relationship with Clear Channel Communications including
the Corporate Services Agreement, Employee Matters Agreement and Tax Matters Agreement. Clear Channel
Communications has the right to terminate these agreements in various circumstances. As of the date of the filing of
this report, no notice of termination of any of these agreements has been received from Clear Channel
Communications.
In accordance with the Master Agreement, our branch managers follow a corporate policy allowing Clear
Channel Communications to use, without charge, Americas’ displays they believe would otherwise be unsold. Our
A-6
sales personnel receive partial revenue credit for that usage for compensation purposes. This partial revenue credit is not included in our reported revenue. Clear Channel Communications bears the cost of producing the advertising and we bear the costs of installing and removing this advertising. In 2007, we estimated this discounted revenue would have been less than 1% of our Americas revenue. Basis of Presentation
Our combined financial statements for the periods prior to our IPO have been derived from the financial statements and accounting records of Clear Channel Communications, principally from the statements and records representing Clear Channel Communications’ Americas and International Outdoor segments, using the historical results of operations and historical bases of assets and liabilities of our business. The consolidated and combined statements of operations include expense allocations for certain corporate functions historically provided to us by Clear Channel Communications. These allocations were made on a specifically identifiable basis or using relative percentages of headcount as compared to Clear Channel Communications’ other businesses or other methods. We and Clear Channel Communications considered these allocations to be a reflection of the utilization of services provided.
Under the Corporate Services Agreement, Clear Channel Communications allocates to us our share of costs for services provided on our behalf based on actual direct costs incurred by Clear Channel Communications or an estimate of Clear Channel Communications’ expenses incurred on our behalf. For the years ended December 31, 2007, 2006 and 2005, we recorded approximately $20.3 million, $24.3 million and $16.0 million, respectively, as a component of corporate expenses for these services.
We believe the assumptions underlying the combined financial statements prior to the IPO are reasonable. However, the combined financial statements may not necessarily reflect our results of operations, financial position and cash flows in the future or what our results of operations, financial position and cash flows would have been had we operated as a separate, stand-alone company during the periods presented. Share-Based Payments
We adopted FAS 123(R), Share-Based Payment, on January 1, 2006, under the modified-prospective approach which requires us to recognize employee compensation cost related to our stock option grants in the same line items as cash compensation for all options granted after the date of adoption as well as for any options that were unvested at adoption. Under the modified-prospective approach, no stock option expense attributable to these options is reflected in the financial statements for years prior to adoption. The amounts recorded as share-based payments in the financial statements during 2005 relate to the expense associated with restricted stock awards. As of December 31, 2007, there was $20.7 million of total unrecognized compensation cost, net of estimated forfeitures, related to unvested share-based compensation arrangements. This cost is expected to be recognized over a weighted average period of approximately three years.
The following table details compensation costs related to share-based payments for the years ended December 31, 2007 and 2006:
(In thousands) Year Ended December 31,
2007 2006
Direct operating expenses $ 6,951 $ 4,328
Selling, general and administrative expenses 2,682 1,683
Corporate expenses 538 88
Total share-based payments $ 10,171 $ 6,099
A-7
RESULTS OF OPERATIONS
Consolidated and Combined Results of Operations
The following table summarizes our historical results of operations:
(In thousands) Year Ended December 31, % Change
2007 2006 2005 2007 v.
2006 2006 v.
2005
Revenue $ 3,281,836 $ 2,897,721 $ 2,666,078 13% 9%
Operating expenses:
Direct operating expenses 1,734,845 1,514,842 1,405,758 15% 8% Selling, general and administrative
expenses 537,994 486,994 478,343 10% 2%
Depreciation and amortization 399,483 407,730 400,639 (2%) 2%
Corporate expenses 66,080 65,542 61,096 1% 7%
Gain on disposition of assets— net 11,824 22,846 3,488 (48%) 555%
Operating income 555,258 445,459 323,730 25% 38% Interest expense (including interest on debt
with Clear Channel Communications) 157,881 162,583 198,354 Equity in earnings of nonconsolidated
affiliates 4,402 7,460 9,844
Other income (expense)— net 10,113 331 (12,291) Income before income taxes and minority
interest 411,892 290,667 122,929
Income tax (expense) benefit:
Current (111,726) (82,553) (51,173)
Deferred (34,915) (39,527) 5,689
Income tax (expense) benefit (146,641) (122,080) (45,484)
Minority interest expense— net 19,261 15,515 15,872
Net income $ 245,990 $ 153,072 $ 61,573 Revenue
Our revenue increased approximately $384.1 million, or 13%, during 2007 as compared to 2006. Our International revenue increased $240.4 million, including approximately $133.3 million related to movements in foreign exchange and the remainder associated with growth across inventory categories. Our Americas revenue increased $143.7 million driven by increases in bulletin, street furniture, airports and taxi display revenues as well as $32.1 million from Interspace.
Our revenue increased approximately $231.6 million, or 9%, during 2006 as compared to 2005. Our Americas segment’s revenue increased $125.0 million from an increase in revenue across our displays as well as the acquisition of Interspace which contributed approximately $30.2 million to revenue in 2006. Our International segment contributed $106.7 million, which includes approximately $44.9 million during the first six months of 2006 related to our consolidation of Clear Media Limited, a Chinese outdoor advertising company. In July 2005, we increased our investment in Clear Media to a majority controlling interest. We previously accounted for this investment as an equity method investment. Increased street furniture revenue also contributed to our International revenue growth. Our 2006 revenue increased $17.4 million due to movements in foreign exchange. Direct Operating Expenses
Direct operating expenses increased $220.0 million for 2007 compared to 2006. International direct operating expenses increased $163.8 million principally from $88.0 million related to movements in foreign exchange. Americas direct operating expenses increased $56.2 million primarily attributable to increased site lease expenses associated with new contracts and the increase in transit revenue as well as approximately $14.9 million from Interspace.
A-8
Direct operating expenses increased $109.1 million for 2006 compared to 2005. Americas direct operating expenses increased $43.8 million driven by increased site lease expenses associated with the increase in revenue and the acquisition of Interspace which contributed $13.0 million to direct operating expenses in 2006. Our International segment contributed $65.2 million, of which $18.0 million during the first six months of 2006 related to our consolidation of Clear Media and the remainder was principally due to an increase in site lease expenses. Included in our direct operating expense growth was $10.6 million from increases in foreign exchange. Share-based payments included in direct operating expenses associated with the adoption of FAS 123(R) were $4.3 million for 2006. Selling, General and Administrative Expenses (SG&A)
SG&A increased $51.0 million during 2007 compared to 2006. International SG&A expenses increased $31.9 million primarily related to movements in foreign exchange. Americas SG&A expenses increased $19.1 million mostly attributable to sales expenses associated with the increase in revenue and $6.7 million from Interspace.
SG&A increased $8.7 million during 2006 compared to 2005. SG&A increased $20.6 million in our Americas segment principally related to an increase in bonus and commission expenses associated with the increase in revenue. Our International SG&A expenses declined $11.9 million primarily attributable to a $9.8 million reduction recorded in 2006 as a result of the favorable settlement of a legal proceeding, as well as $26.6 million related to restructuring our businesses in France recorded in the third quarter of 2005. Partially offsetting this decline in our International SG&A was $9.5 million from our consolidation of Clear Media. Included in our SG&A expense growth in 2006 was $3.9 million from increases in foreign exchange. Share-based payments included in SG&A associated with the adoption of FAS 123(R) were $1.7 million for 2006. Depreciation and Amortization
Depreciation and amortization decreased $8.2 million in 2007 as compared to 2006. The decrease was primarily due to a reduction in amortization from International contracts, partially offset by an increase from Interspace and the effects of foreign exchange.
Depreciation and amortization increased $7.1 million in 2006 as compared to 2005. The increase is primarily attributable to the consolidation of Clear Media and the acquisition of Interspace, partially offset by a decrease in depreciation as a result of fewer display removals in 2006 which resulted in less accelerated depreciation. Corporate Expenses
Corporate expenses were comparable in 2007 as compared to 2006. Corporate expenses increased $4.4 million in 2006 as compared to 2005. The increase was a result of higher performance related bonus expense and additional outside professional services primarily from costs related to the first full year as a public Company.
Clear Channel Communications provides management services to us, which include, among other things, (i) treasury, payroll and other financial related services, (ii) executive officer services, (iii) human resources and employee benefits services, (iv) legal, public affairs and related services, (v) information systems, network and related services, (vi) investment services, (vii) procurement and sourcing support services, and (viii) other general corporate services. These services are allocated to us based on actual direct costs incurred or on Clear Channel Communications’ estimate of expenses relative to a seasonally adjusted headcount. For the years ended December 31, 2007, 2006, and 2005, we recorded approximately $20.3 million, $24.3 million, and $16.0 million, respectively, as a component of corporate expenses for these services. Gain on the Disposition of Assets — Net
The gain on disposition of assets – net of $11.8 million for the year ended December 31, 2007, primarily related to an $8.9 million gain from the sale of street furniture assets and land in our International segment.
A-9
The gain on disposition of assets – net of $22.8 million for the year ended December 31, 2006, primarily related to a $13.2 million gain in our Americas segment from the exchange of assets in one of our markets for the assets of a third party located in a different market.
Interest Expense (Including Interest on Debt with Clear Channel Communications)
Interest expense decreased $4.7 million during 2007 as compared to 2006, primarily as a result of a decline in the average debt balance during the period.
Interest expense decreased $35.8 million during 2006 as compared to 2005, primarily as a result of a
decrease in average debt outstanding. Prior to the IPO, we had two fixed principal and interest rate notes in place. The first note, in the original principal amount of approximately $1.4 billion, accrued interest at 10% per annum. The second note, in the original principal amount of $73.0 million, accrued interest at 9% per annum. We used all of the net proceeds from the IPO, along with our balance in the “Due from Clear Channel Communications” account, to repay a portion of the outstanding balances of the $1.4 billion and $73.0 million notes. The remaining balance of $393.7 million was recorded as a capital contribution pursuant to the Master Agreement between us and Clear Channel Communications.
If the proposed merger transaction between Clear Channel Communications and private equity funds
sponsored by Bain Capital Partners, LLC and Thomas H. Lee Partners L.P. is consummated, we expect interest expense will increase. Other Income (Expense) — Net
Other income – net of $10.1 million and $0.3 million for the years ended December 31, 2007 and 2006, respectively, relates primarily to foreign exchange gains. Income Taxes
Our operations are included in a consolidated income tax return filed by Clear Channel Communications. However, for our financial statements, our provision for income taxes was computed on the basis that we file separate consolidated federal income tax returns with our subsidiaries.
Our effective tax rate for the year ended December 31, 2007 was 36%. The increase in current tax expense of $29.2 million for the year ended December 31, 2007 over 2006 was due primarily to an increase in “Income before income taxes and minority interest” of $121.2 million. Deferred tax expense decreased $4.6 million for the year ended December 31, 2007 compared to 2006 primarily due to additional deferred tax expense of approximately $12.8 recorded in 2006 related to the filing of an amended tax return. The amendment was mainly due to a revised tax loss on the like kind exchange of certain assets. In addition, the company recorded deferred tax expense of approximately $16.7 million in 2006 related to the uncertainty of our ability to utilize certain tax losses in the future for certain international operations. The changes noted above were partially offset by additional deferred tax expense of approximately $19.8 million recorded in 2007 as a result of tax depreciation expense related to capital expenditures in certain foreign jurisdictions.
Our effective tax rate for the year ended December 31, 2006 was 42%. The increase in current tax expense of $31.4 million for the year ended December 31, 2006 over 2005 was due primarily to an increase in “Income before income taxes and minority interest” of $167.7 million. This increase was partially offset by current tax benefits of approximately $20.4 million recorded in 2006 related to tax losses on the disposition of certain operating assets and the filing of an amended tax return. The amendment primarily related to a revised tax loss on the like kind exchange of certain outdoor assets. Deferred tax expense increased by $45.2 million for the year ended December 31, 2006 over 2005 primarily due to the tax losses on the disposition of certain operating assets and the filing of the amended tax return mentioned above. In addition, foreign deferred tax expense increased by $25.9 million for the year ended December 31, 2006 primarily due to (i) the reversal of deferred tax assets related to tax losses in certain foreign jurisdictions and the uncertainty of the ability to utilize those tax losses in the future and (ii) increased deferred tax benefits in 2005 due to a change in the carrying value of certain deferred tax liabilities as a result of certain local country law and tax rate changes.
A-10
Our effective tax rate for the year ended December 31, 2005 was 37%. During 2005, the company recorded a current tax benefit of approximately $8.0 million due to the favorable resolution of certain tax contingencies in 2005. Americas Results of Operations
(In thousands) Year Ended December 31, % Change
2007 2006 2005 2007 v.
2006 2006 v.
2005
Revenue $ 1,485,058 $ 1,341,356 $ 1,216,382 11% 10%
Direct operating expenses 590,563 534,365 490,519 11% 9%
Selling, general and administrative expenses 226,448 207,326 186,749 9% 11%
Depreciation and amortization 189,853 178,970 180,559 6% (1%)
Operating income $ 478,194 $ 420,695 $ 358,555 14% 17%
2007 v. 2006
Americas’ revenue increased $143.7 million, or 11%, during 2007 as compared to 2006 with Interspace contributing approximately $32.1 million to the increase. The growth occurred across our inventory, including bulletins, street furniture, airports and taxi displays. The revenue growth was primarily driven by bulletin revenue attributable to increased rates and airport revenue which had both increased rates and occupancy. Leading advertising categories during the year were telecommunications, retail, automotive, financial services and amusements. Revenue growth occurred across our markets, led by Los Angeles, New York, Washington/Baltimore, Atlanta, Boston, Seattle and Minneapolis.
Our Americas direct operating expenses increased $56.2 million primarily from an increase of $46.6 million in site lease expenses associated with new contracts and the increase in airport, street furniture and taxi revenues. Interspace contributed $14.9 million to the increase. Our SG&A expenses increased $19.1 million primarily from bonus and commission expenses associated with the increase in revenue and from Interspace, which contributed approximately $6.7 million to the increase.
Depreciation and amortization increased $10.9 million during 2007 compared to 2006 primarily associated with $5.9 million from Interspace.
2006 v. 2005
Our Americas revenue increased 10% during 2006 as compared to 2005 from revenue growth across our inventory. We experienced rate increases on most of our inventory while occupancy remained essentially unchanged during 2006 as compared to 2005. Our airport revenue increased $44.8 million in 2006 as compared to 2005 primarily related to $30.2 million from our acquisition of Interspace in July 2006. Revenue growth occurred across both our large and small markets such as Miami, San Antonio, Sacramento, Albuquerque and Des Moines.
Direct operating expenses increased $43.8 million in 2006 as compared to 2005 primarily from an increase in site lease expenses of approximately $30.2 million as well as $3.4 million related to the adoption of FAS 123(R). Interspace contributed $13.0 million to direct operating expenses in 2006. Our SG&A expenses increased $20.6 million in 2006 over 2005 primarily from an increase in bonus and commission expenses of $7.6 million related to the increase in revenue, $6.2 million from Interspace and $1.3 million of share-based payments related to the adoption of FAS 123(R).
A-11
International Results of Operations
(In thousands) Year Ended December 31, % Change
2007 2006 2005 2007 v.
2006 2006 v.
2005
Revenue $ 1,796,778 $ 1,556,365 $ 1,449,696 15% 7%
Direct operating expenses 1,144,282 980,477 915,239 17% 7% Selling, general and administrative
expenses 311,546 279,668 291,594 11% (4%)
Depreciation and amortization 209,630 228,760 220,080 (8%) 4%
Operating income $ 131,320 $ 67,460 $ 22,783 95% 196%
2007 v. 2006
International revenue increased $240.4 million, or 15%, in 2007 as compared to 2006. Included in the increase was approximately $133.3 million related to movements in foreign exchange. Revenue growth occurred across inventory categories including billboards, street furniture and transit, driven by both increased rates and occupancy. Growth was led by increased revenues in France, Italy, Australia, Spain and China.
Our International direct operating expenses increased approximately $163.8 million in 2007 compared to 2006. Included in the increase was approximately $88.0 million related to movements in foreign exchange. The remaining increase in direct operating expenses was primarily attributable to an increase in site lease expenses associated with the increase in revenue. SG&A expenses increased $31.9 million in 2007 over 2006 from approximately $23.4 million related to movements in foreign exchange and an increase in selling expenses associated with the increase in revenue. Additionally, we recorded a $9.8 million reduction to SG&A in 2006 as a result of the favorable settlement of a legal proceeding.
Depreciation and amortization decreased $19.1 million in 2007 as compared to 2006 principally from contracts which were recorded at fair value in purchase accounting in prior years and became fully amortized at December 31, 2006.
2006 v. 2005
Revenue in our International segment increased 7% in 2006 as compared to 2005. The increase includes approximately $44.9 million during the first six months of 2006 related to our consolidation of Clear Media, which we began consolidating in July 2005. Also contributing to the increase was approximately $25.9 million from growth in street furniture revenue and $11.9 million related to movements in foreign exchange, partially offset by a decline in billboard revenue for 2006 as compared to 2005.
Direct operating expenses increased $65.2 million during 2006 as compared to 2005. The increase was primarily attributable to $18.0 million during the first six months of 2006 related to our consolidation of Clear Media, as well as an increase in site lease expenses of approximately $37.7 million and approximately $7.7 million related to movements in foreign exchange. Also included in the increase was $0.9 million related to the adoption of FAS 123(R). Our SG&A expenses declined $11.9 million primarily attributable a $9.8 million reduction recorded in 2006 as the result of a favorable settlement of a legal proceeding as well as $26.6 million related to restructuring our businesses in France recorded in the third quarter of 2005. Partially offsetting this decline was $9.5 million from our consolidation of Clear Media and $2.9 from movements in foreign exchange.
Depreciation and amortization increased $8.7 million in 2006 as compared to 2005. The increase is primarily attributable to the consolidation of Clear Media.
A-12
Reconciliation of Segment Operating Income (Loss)
(In thousands) Year Ended December 31,
2007 2006 2005
Americas $ 478,194 $ 420,695 $ 358,555
International 131,320 67,460 22,783
Corporate (66,080) (65,542) (61,096)
Gain on disposition of assets – net 11,824 22,846 3,488
Consolidated and combined operating income $ 555,258 $ 445,459 $ 323,730
FINANCIAL CONDITION AND LIQUIDITY
Clear Channel Communications’ Agreement and Plan of Merger
Clear Channel Communications’ capitalization, liquidity and capital resources will change substantially if their Agreement and Plan of Merger is consummated. Upon the closing of the merger, Clear Channel Communications will be highly leveraged. A deterioration in the financial condition of Clear Channel Communications could increase our borrowing costs or impair our access to the capital markets because of our reliance on Clear Channel Communications for availability under its revolving credit facility. If the merger is consummated we may no longer be able to access Clear Channel Communications’ revolving credit facility, in which event we may enter into a new credit facility. Under our Master Agreement with Clear Channel Communications and the $2.5 billion note payable to Clear Channel Communications, we are limited in our borrowing from third parties to no more than $400.0 million. We expect the interest rate associated with a new facility would be greater than the rate we currently are charged. In addition, the interest rate we pay on our $2.5 billion promissory note is based on the weighted average cost of debt for Clear Channel Communications which we expect to increase if the proposed merger transaction is consummated. If that cost increases, whether as a result of the consummation of the merger or a deterioration in the financial condition of Clear Channel Communications, our borrowing costs also will increase. To the extent we cannot pass on our increased borrowing costs to our clients, our profitability, and potentially our ability to raise capital, could be materially affected.
Also, so long as Clear Channel Communications maintains a significant interest in us, pursuant to the
Master Agreement between Clear Channel Communications and us, Clear Channel Communications will have the ability to limit our ability to incur debt or issue equity securities, which could adversely affect our ability to meet our liquidity needs.
Cash Flows
The following table summarizes our historical cash flows:
(In thousands) Year Ended December 31,
2007 2006 2005
Cash provided by (used in):
Operating activities $ 694,430 $ 538,541 $ 510,088
Investing activities $ (356,368) $ (489,010) $ (361,371)
Financing activities $ (305,751) $ (53,165) $ (77,550) Operating Activities
2007
Net cash flow from operating activities of $694.4 million for 2007 primarily reflects net income of $246.0 million and depreciation and amortization of $399.5 million. Net cash flows from operating activities also reflects an increase of $137.3 million in accounts receivable as a result of the increase in revenue and an increase of $93.4 million in accounts payable, accrued expenses and other liabilities.
A-13
2006
Net cash flow from operating activities of $538.5 million for 2006 principally reflects net income of $153.1 million and depreciation and amortization of $407.7 million. Net cash flows from operating activities also reflects an increase of $101.3 million in accounts receivable as a result of the increase in revenue and an increase of $65.4 million in accounts payable, accrued expenses and other liabilities.
2005
Net cash flow from operating activities of $510.1 million for the year ended December 31, 2005 principally reflects net income of $61.6 million and depreciation and amortization of $400.6 million. Net cash flows from operating activities also reflects decreases in other current assets, accounts payable and deferred income. These decreases were partially offset by increases in accounts receivable, prepaid expenses and accrued income taxes. Investing Activities
2007
Net cash used in investing activities of $356.4 million for 2007 is primarily related to capital expenditures of $275.7 million related to purchases of property, plant and equipment and $69.1 million related to acquisitions of operating assets.
2006
Net cash used in investing activities of $489.0 million for 2006 principally reflects capital expenditures of $233.9 million related to purchases of property, plant and equipment and $242.4 million related to acquisitions of operating assets.
2005
Net cash used in investing activities of $361.4 million for the year ended December 31, 2005 principally reflects capital expenditures of $208.2 million related to purchases of property, plant and equipment and $99.6 million related to acquisitions of operating assets. Financing Activities
2007
Net cash used in financing activities of $305.8 million for 2007 is primarily related to the net transfer of cash to Clear Channel Communications of $302.9 million.
2006
Net cash used in financing activities of $53.2 million for 2006 principally reflects net reductions in debt of $59.7 million.
2005
Net cash used in financing activities was $77.6 million for the year ended December 31, 2005. Included in cash flow from financing activities are changes in the “Due from Clear Channel Communications” account which relates to cash transfers between our Americas operations and Clear Channel Communications. For the year ended December 31, 2005, we had a net transfer of cash to Clear Channel Communications of approximately $70.0 million. Also included in cash used in financing activities is the $600.6 million in proceeds received from the IPO which was used, along with the balance outstanding in the “Due from Clear Channel Communications” account, to pay off a portion of the $1.4 billion and $73.0 million intercompany notes with Clear Channel Communications. Anticipated Cash Requirements
We expect to fund anticipated cash requirements (including payments of principal and interest on outstanding indebtedness and commitments, acquisitions and anticipated capital expenditures) for the foreseeable
A-14
future with cash flows from operations, borrowing under the cash management note with Clear Channel Communications, and various externally generated funds. Liquidity
Sources of Capital
As of December 31, 2007 and 2006, we had the following debt outstanding, cash and cash equivalents and amounts due to and due from Clear Channel Communications:
(In millions) Year Ended December 31,
2007 2006
Bank credit facility $ 80.0 $ 23.5
Debt with Clear Channel Communications 2,500.0 2,500.0
Other long-term debt 102.0 160.7
Due to Clear Channel Communications — 4.2
Total debt 2,682.0 2,688.4
Less: Cash and cash equivalents 134.9 105.4
Less: Due from Clear Channel Communications 265.4 —
$ 2,281.7 $ 2,583.0
Bank Credit Facility
In addition to net cash flows from operations, another source of liquidity is through borrowings under a $150.0 million sub-limit included in Clear Channel Communications’ five-year, multicurrency $1.75 billion revolving credit facility. Certain of our International subsidiaries may borrow under the sub-limit to the extent Clear Channel Communications has not already borrowed against this capacity and is in compliance with its covenants under the credit facility. The interest rate on outstanding balances under the credit facility is based upon LIBOR or, for Euro denominated borrowings, EURIBOR, plus, in each case, a margin. At December 31, 2007 and February 13, 2008, the outstanding balance on the sub-limit was approximately $80.0 million, and approximately $70.0 million was available for future borrowings, with the entire balance to be paid on July 12, 2009. At December 31, 2007, the interest rate on borrowings under this credit facility was 5.0%.
Debt with Clear Channel Communications
As part of the day-to-day cash management services provided by Clear Channel Communications, we maintain accounts that represent net amounts, up to a maximum of $1.0 billion, due to or from Clear Channel Communications, which is recorded as “Due from Clear Channel Communications” or “Due to Clear Channel Communications” on the consolidated balance sheets. The accounts represent the revolving promissory note issued by us to Clear Channel Communications and the revolving promissory note issued by Clear Channel Communications to us. The accounts accrue interest pursuant to the Master Agreement based upon LIBOR plus a margin and are generally payable on demand. Included in the accounts are the net activities resulting from day-to-day cash management services provided by Clear Channel Communications. As a part of these services, we maintain collection bank accounts swept daily by Clear Channel Communications. In return, Clear Channel Communications funds our controlled disbursement accounts as checks or electronic payments are presented for payment. At December 31, 2007, the balance of $265.4 million was a receivable recorded in “Due from Clear Channel Communications” on the consolidated balance sheet. At December 31, 2006, the balance of $4.2 million was a liability recorded in “Due to Clear Channel Communications” on the consolidated balance sheet. The net interest income for the years ended December 31, 2007, 2006 and 2005 was $3.7 million, $0.4 million and $0.1 million, respectively. At December 31, 2007, the interest rate on the “Due from Clear Channel Communications” account was 2.9%.
Unlike the management of cash from our U.S. based operations, the amount of cash, if any, which is transferred from our foreign operations to Clear Channel Communications is determined on a basis mutually agreeable to us and Clear Channel Communications, and not on a pre-determined basis. In arriving at such mutual
A-15
agreement, the reasonably foreseeable cash needs of our foreign operations are evaluated before a cash amount is considered as an excess or surplus amount for transfer to Clear Channel Communications.
On August 2, 2005, we distributed a note in the original principal amount of $2.5 billion to Clear Channel Communications as a dividend. This note matures on August 2, 2010 and may be prepaid in whole or in part at any time. The note accrues interest at a variable per annum rate equal to the weighted average cost of debt for Clear Channel Communications, calculated on a monthly basis. This note is mandatorily payable upon a change of control of us and, subject to certain exceptions, all proceeds from debt or equity raised by us must be used to prepay such note. At December 31, 2007, the interest rate on the $2.5 billion note was 6.0%.
Our working capital requirements and capital for general corporate purposes, including acquisitions and capital expenditures, may be provided to us by Clear Channel Communications, in its sole discretion, pursuant to a cash management note issued by us to Clear Channel Communications. Without the opportunity to obtain financing from Clear Channel Communications, we may need to obtain additional financing from banks, or through public offerings or private placements of debt, strategic relationships or other arrangements at some future date. Management currently believes we could raise the funds if needed given our credit profile. Additionally, management believes our publicly traded stock could be used as a source to raise capital through public or private placements of our equity securities.
As long as Clear Channel Communications maintains a significant interest in us, pursuant to the Master Agreement between Clear Channel Communications and us, Clear Channel Communications will have the ability to limit our ability to incur debt or issue equity securities, which could adversely affect our ability to meet our liquidity needs. In addition, the $2.5 billion note requires us to prepay it in full upon a change of control (as defined in the note), and, upon our issuances of equity and incurrence of debt, subject to certain exceptions, to prepay the note in the amount of net proceeds received from such events. Under the Master Agreement with Clear Channel Communications and the $2.5 billion note, we are limited in our borrowing from third parties to no more than $400.0 million.
Other long-term debt
Other long-term debt consists primarily of loans with international banks and other types of debt. At December 31, 2007, approximately $102.0 million was outstanding as other long-term debt. Covenant Compliance
The $2.5 billion note requires us to comply with various negative covenants, including restrictions on the following activities: incurring consolidated funded indebtedness (as defined in the note), excluding intercompany indebtedness, in a principal amount in excess of $400.0 million at any one time outstanding; creating liens; making investments; entering into sale and leaseback transactions (as defined in the note), which when aggregated with consolidated funded indebtedness secured by liens, will not exceed an amount equal to 10% of our total consolidated shareholders’ equity (as defined in the note) as shown on our most recently reported annual audited consolidated financial statements; disposing of all or substantially all of our assets; entering into mergers and consolidations; declaring or making dividends or other distributions; repurchasing our equity; and entering into transactions with our affiliates.
In addition, the note requires us to prepay it in full upon a change of control. The note defines a change of control to occur when Clear Channel Communications ceases to control (i) directly or indirectly, more than 50% of the aggregate voting equity interests of us, our operating subsidiary or our respective successors or assigns, or (ii) the ability to elect a majority of the Board of Directors of us, our operating subsidiary or our respective successors or assigns. Upon our issuances of equity and incurrences of debt, subject to certain exceptions, we are also required to prepay the note in the amount of the net proceeds received by us from such events.
The significant covenants contained in the Clear Channel Communications $1.75 billion revolving credit facility relate to leverage and interest coverage (as defined in the credit facility). The leverage ratio covenant requires Clear Channel Communications to maintain a ratio of consolidated funded indebtedness to operating cash flow (as defined by the credit facility) of less than 5.25x. The interest coverage covenant requires Clear Channel Communications to maintain a minimum ratio of operating cash flow to interest expense (as defined by the credit
A-16
facility) of 2.50x. At December 31, 2007, Clear Channel Communications’ leverage and interest coverage ratios were 3.0x and 5.1x.
There are no significant covenants or events of default contained in the cash management note issued by Clear Channel Communications to us or the cash management note issued by us to Clear Channel Communications.
At December 31, 2007, we and Clear Channel Communications were in compliance with all debt covenants. Uses of Capital
Acquisitions
During the year ended December 31, 2007, our Americas segment paid $39.5 million in cash, primarily to acquire display faces in the United States. In addition, our International segment paid $29.6 million, primarily related to the acquisition of an outdoor advertising business in Romania, additional equity interests in outdoor companies and the acquisition of advertising structures.
Capital Expenditures
Our capital expenditures have consisted of the following:
(In millions) Year Ended December 31,
2007 2006 2005
Non-revenue producing $ 81.4 $ 80.0 $ 78.1
Revenue producing 194.3 153.9 130.1
Total capital expenditures $ 275.7 $ 233.9 $ 208.2
We define non-revenue producing capital expenditures as those expenditures required on a recurring basis.
Revenue producing capital expenditures are discretionary capital investments for new revenue streams, similar to an acquisition. Capital expenditures increased $41.8 million in 2007 as compared to 2006 primarily due to the installation of digital displays in various markets across the United States. Capital expenditures increased $25.7 million in 2006 as compared to 2005. The consolidation of Clear Media in 2005 contributed $13.7 million to the increase.
Part of our long-term strategy is to pursue the technology of electronic displays, including flat screens, LCDs and LEDs, as alternatives to traditional methods of displaying our clients’ advertisements. We are currently installing these technologies in certain markets. We believe cash flow from operations will be sufficient to fund these expenditures because we expect enhanced margins through: (i) lower cost of production as the advertisements will be digital and controlled by a central computer network, (ii) decreased down time on displays because the advertisements will be digitally changed rather than manually posted paper or vinyl on the face of the display, and (iii) incremental revenue through more targeted and time specific advertisements.
Commitments, Contingencies and Guarantees
Our short and long term cash requirements include minimum annual guarantees for our street furniture contracts and operating leases. Minimum annual guarantees and operating lease requirements are included in our direct operating expenses, which historically have been satisfied by cash flows from operations. For 2008, we are committed to $480.1 million and $270.3 million for minimum annual guarantees and operating leases, respectively. Our long-term commitments for minimum annual guarantees, operating leases and capital expenditure requirements are included in “Contractual and Other Obligations,” below.
Certain agreements relating to acquisitions provide for purchase price adjustments and other future contingent payments based on the financial performance of the acquired company generally over a one to five year period. We will continue to accrue additional amounts related to such contingent payments if and when it is determinable that the applicable financial performance targets will be met. The aggregate of these contingent
A-17
payments, if performance targets are met, would not significantly impact our financial position or results of operations. Contractual and Other Obligations
Firm Commitments
In addition to the scheduled maturities on our debt, we have future cash obligations under various types of contracts. We lease office space, certain equipment and the majority of the land occupied by our advertising structures under long-term operating leases. Some of our lease agreements contain renewal options and annual rental escalation clauses (generally tied to the consumer price index), as well as provisions for our payment of utilities and maintenance.
We have minimum franchise payments associated with noncancelable contracts that enable us to display advertising on such media as buses, taxis, trains, bus shelters and terminals. The majority of these contracts contain rent provisions calculated as the greater of a percentage of the relevant advertising revenue or a specified guaranteed minimum annual payment.
The scheduled maturities of our credit facility, other long-term debt outstanding, future minimum rental commitments under noncancelable lease agreements, minimum payments under other noncancelable contracts, minimum annual guarantees, capital expenditures commitments and other long-term obligations as of December 31, 2007, are as follows:
(In thousands) Payments Due by Period
Total 2008 2009-2010 2011-2012 2013 and Thereafter
Long-term Debt
Revolving credit facility $ 80,000 $ — $ 80,000 $ — $ —
Debt with Clear Channel Communications 2,500,000 — 2,500,000 — —
Other long-term debt 102,021 87,099 11,972 2,250 700
Interest payments on long-term debt(1) 406,389 155,346 250,999 44 —
Minimum annual guarantees 2,450,067 480,107 679,624 542,374 747,962
Noncancelable operating leases 1,984,319 270,283 447,318 327,652 939,066
Capital expenditure commitments 159,573 106,187 45,930 7,224 232
Noncancelable contracts 9,718 5,395 4,286 37 —
Other long-term obligations(2) 113,010 — 1,659 1,427 109,924
Total (3) $ 7,805,097 $ 1,104,417 $ 4,021,788 $ 881,008 $ 1,797,884
(1) Interest payments on long-term debt consist primarily of interest on our $2.5 billion variable rate note to Clear
Channel Communications which is estimated using the interest rate as of December 31, 2007, of 6.0%. The debt with Clear Channel Communications accrues interest at a variable per annum rate equal to the weighted average cost of debt for Clear Channel Communications, calculated on a monthly basis. At December 31, 2007, 20% of Clear Channel Communications’ debt was variable based on market interest rates. Each 50 basis point increase or decrease in interest rates would increase or decrease our interest expense and cash outlay for each year by approximately $3.1 million. This potential increase or decrease is based on the simplified assumption that the level of floating rate debt remains constant with an immediate across-the-board increase or decrease as of December 31, 2007, with no subsequent change in rates for the remainder of the period. This potential increase or decrease does not include any adjustment for a change in the fixed rate debt of Clear Channel Communications, which currently constitutes 80% of its total debt. The weighted average cost of debt of Clear Channel Communications is likely to increase in the event of the consummation of the currently pending merger which would increase our interest expense on our $2.5 billion of debt with Clear Channel Communications.
(2) Other long-term obligations consist of $70.5 million related to asset retirement obligations, recorded pursuant to Financial Accounting Standards No. 143, Accounting for Asset Retirement Obligations, which assumes the underlying assets will be removed at some period over the next 50 years. Also included in the table is $34.6
A-18
million related to retirement plans and $7.9 million related to other long-term obligations with a specific maturity.
(3) Excluded from the table is $107.8 million related to various obligations with no specific contractual commitment or maturity, $60.8 million of which relates to unrecognized tax benefits recorded pursuant to FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes.
SEASONALITY
Typically, both our Americas and International segments experience their lowest financial performance in the first quarter of the calendar year, with International typically experiencing a loss from operations in this period. Our Americas segment typically experiences consistent performance in the remainder of our calendar year. Our International segment typically experiences its strongest performance in the second and fourth quarters of our calendar year. We expect this trend to continue in the future. MARKET RISK MANAGEMENT
We are exposed to market risks arising from changes in market rates and prices, including movements in interest rates and foreign currency exchange rates. Interest Rate Risk
We had approximately $2.7 billion total debt outstanding as of December 31, 2007, $2.5 billion of which is debt with Clear Channel Communications, $153.3 million is variable based on market interest rates and the remainder is fixed rate debt. The debt with Clear Channel Communications accrues interest at a variable per annum rate equal to the weighted average cost of debt for Clear Channel Communications, calculated on a monthly basis. At December 31, 2007, 20% of Clear Channel Communications’ debt was variable based on market interest rates. Each 50 basis point increase or decrease in interest rates would increase or decrease our interest expense and cash outlay for the year ended December 31, 2007, by approximately $3.1 million. This potential increase or decrease is based on the simplified assumption that the level of floating rate debt remains constant with an immediate across-the-board increase or decrease as of December 31, 2007, with no subsequent change in rates for the remainder of the period. This potential increase or decrease does not include any adjustment for a change in the fixed rate debt of Clear Channel Communications, which currently constitutes 80% of its total debt. The cost of Clear Channel Communications’ fixed rate debt is likely to increase in the event of the consummation of the currently pending merger which would increase our interest expense on our $2.5 billion of debt with Clear Channel Communications. Foreign Currency Risk
We have operations in countries throughout the world. The financial results of our foreign operations are measured in their local currencies, except in the hyperinflationary countries in which we operate. As a result, our financial results could be affected by factors such as changes in foreign currency exchange rates or weak economic conditions in the foreign markets in which we operate. We believe we mitigate a small portion of our exposure to foreign currency fluctuations with a natural hedge through borrowings in currencies other than the U.S. dollar. Our foreign operations reported net income of $83.6 million for the year ended December 31, 2007. We estimate a 10% change in the value of the U.S. dollar relative to foreign currencies would have changed our net income for the year ended December 31, 2007, by approximately $8.4 million.
This analysis does not consider the implication such currency fluctuations could have on the overall economic activity that could exist in such an environment in the United States or the foreign countries or on the results of operations of these foreign entities. RECENT ACCOUNTING PRONOUNCEMENTS
In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement No. 157, Fair
Value Measurements (“Statement 157”). Statement 157 defines fair value, establishes a framework for measuring fair value and expands disclosure requirements for fair value measurements. Statement 157 applies whenever other standards require (or permit) assets or liabilities to be measured at fair value. Statement 157 does not expand the use of fair value in any new circumstances. Companies will need to apply the recognition and disclosure provisions of Statement 157 for financial assets and financial liabilities and for nonfinancial assets and nonfinancial liabilities that
A-19
are remeasured at least annually effective January 1, 2008. The effective date in Statement 157 is delayed for one
year for certain nonfinancial assets and nonfinancial liabilities, except those that are recognized or disclosed at fair
value in the financial statements on a recurring basis (at least annually). Excluded from the scope of Statement 157
are certain leasing transactions accounted for under FAS 13, Accounting for Leases. The exclusion does not apply
to fair value measurements of assets and liabilities recorded as a result of a lease transaction but measured pursuant
to other pronouncements within the scope of Statement 157. We are currently evaluating the impact of adopting
FAS 157 on our financial position or results of operations.
Statement of Financial Accounting Standards No. 141(R), Business Combinations (“Statement 141(R)”),
was issued in December 2007. Statement 141(R) requires that upon initially obtaining control, an acquirer will
recognize 100% of the fair values of acquired assets, including goodwill, and assumed liabilities, with only limited
exceptions, even if the acquirer has not acquired 100% of its target. Additionally, contingent consideration
arrangements will be fair valued at the acquisition date and included on that basis in the purchase price consideration
and transaction costs will be expensed as incurred. Statement 141(R) also modifies the recognition for
preacquisition contingencies, such as environmental or legal issues, restructuring plans and acquired research and
development value in purchase accounting. Statement 141(R) amends Statement of Financial Accounting Standards
No. 109, Accounting for Income Taxes, to require the acquirer to recognize changes in the amount of its deferred tax
benefits that are recognizable because of a business combination either in income from continuing operations in the
period of the combination or directly in contributed capital, depending on the circumstances. Statement 141(R) is
effective for fiscal years beginning after December 15, 2008. Adoption is prospective and early adoption is not
permitted. We expect to adopt Statement 141(R) on January 1, 2009. Statement 141(R)’s impact on accounting for
business combinations is dependent upon acquisitions at that time.
Statement of Financial Accounting Standards No. 159, The Fair Value Option for Financial Assets and
Financial Liabilities - including an amendment of FASB Statement No. 115 (“Statement 159”), was issued in
February 2007. Statement 159 permits entities to choose to measure many financial instruments and certain other
items at fair value that are not currently required to be measured at fair value. Statement 159 also establishes
presentation and disclosure requirements designed to facilitate comparisons between entities that choose different
measurement attributes for similar types of assets and liabilities. Statement 159 does not affect any existing
accounting literature that requires certain assets and liabilities to be carried at fair value. Statement 159 does not
eliminate disclosure requirements included in other accounting standards, including requirements for disclosures
about fair value measurements included in Statements No. 157, Fair Value Measurements, and No. 107, Disclosures
about Fair Value of Financial Instruments. Statement 159 is effective as of the beginning of an entity’s first fiscal
year that begins after November 15, 2007. We adopted Statement 159 on January 1, 2008 and do not anticipate
adoption to materially impact our financial position or results of operations.
Statement of Financial Accounting Standards No. 160, Noncontrolling Interests in Consolidated Financial
Statements - an amendment of ARB No. 51 (“Statement 160”), was issued in December 2007. Statement 160
clarifies the classification of noncontrolling interests in consolidated statements of financial position and the
accounting for and reporting of transactions between the reporting entity and holders of such noncontrolling
interests. Under Statement 160 noncontrolling interests are considered equity and should be reported as an element
of consolidated equity, net income will encompass the total income of all consolidated subsidiaries and there will be
separate disclosure on the face of the income statement of the attribution of that income between the controlling and
noncontrolling interests, and increases and decreases in the noncontrolling ownership interest amount will be
accounted for as equity transactions. Statement 160 is effective for the first annual reporting period beginning on or
after December 15, 2008, and earlier application is prohibited. Statement 160 is required to be adopted
prospectively, except for reclassify noncontrolling interests to equity, separate from the parent’s shareholders’
equity, in the consolidated statement of financial position and recasting consolidated net income (loss) to include net
income (loss) attributable to both the controlling and noncontrolling interests, both of which are required to be
adopted retrospectively. We expect to adopt Statement 160 on January 1, 2009 and are currently assessing the
potential impact that the adoption could have on our financial statements.
CRITICAL ACCOUNTING ESTIMATES
The preparation of our financial statements in conformity with generally accepted accounting principles
requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and
A-20
liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of expenses during the reporting period. On an ongoing basis, we evaluate our estimates based on historical experience and on various other assumptions believed to be reasonable under the circumstances. The result of these evaluations forms the basis for making judgments about the carrying values of assets and liabilities and the reported amount of expenses not readily apparent from other sources. Because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such difference could be material. Our significant accounting policies are discussed in Note A to our consolidated and combined financial statements included elsewhere in this Annual Report. Management believes the following accounting estimates are the most critical to aid in fully understanding and evaluating our reported financial results, and they require management’s most difficult, subjective or complex judgments, resulting from the need to make estimates about the effect of matters that are inherently uncertain. The following narrative describes these critical accounting estimates, the judgments and assumptions and the effect if actual results differ from these assumptions. Allowance for Doubtful Accounts
We evaluate the collectibility of our accounts receivable based on a combination of factors. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations, we record a specific reserve to reduce the amounts recorded to what we believe will be collected. For all other customers, we recognize reserves for bad debt based on historical experience of bad debts as a percentage of revenue for each business unit, adjusted for relative improvements or deteriorations in the agings and changes in current economic conditions.
If our agings were to improve or deteriorate resulting in a 10% change in our allowance, we estimated our bad debt expense for the year ended December 31, 2007, would have changed by approximately $3.0 million and our net income for the same period would have changed by approximately $1.8 million. Long-lived Assets
Long-lived assets, such as property, plant and equipment are reviewed for impairment when events and circumstances indicate that depreciable and amortizable long-lived assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value.
We use various assumptions in determining the current fair market value of these assets, including future expected cash flows and discount rates, as well as future salvage values. Our impairment loss calculations require management to apply judgment in estimating future cash flows, including forecasting useful lives of the assets and selecting the discount rate that reflects the risk inherent in future cash flows.
Using the impairment review described, we found no impairment change required for the year ended December 31, 2007. If actual results are not consistent with our assumptions and judgments used in estimating future cash flows and asset fair values, we may be exposed to future impairment losses that could be material to our results of operations. Goodwill
Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations. We review goodwill for potential impairment annually using the income approach to determine the fair value of our reporting units. The fair value of our reporting units is used to apply value to the net assets of each reporting unit. To the extent the carrying amount of net assets would exceed the fair value, an impairment charge may be required to be recorded.
The income approach we use for valuing goodwill involves estimating future cash flows expected to be generated from the related assets, discounted to their present value using a risk-adjusted discount rate. Terminal values are also estimated and discounted to their present value. In accordance with Financial Accounting Standards Statement 142, Goodwill and Other Intangible Assets, or Statement 142, we performed our annual impairment tests as of October 1, 2005, 2006 and 2007 on goodwill. No impairment charges resulted from these tests. We may incur
A-21
impairment charges in future periods under Statement 142 to the extent we do not achieve our expected cash flow growth rates, and to the extent market values decrease and long-term interest rates increase. Indefinite-lived Assets
Indefinite-lived assets such as our billboard permits are reviewed annually for possible impairment using the direct method as prescribed in SEC Staff Announcement No. D-108, Use of the Residual Method to Value
Acquired Assets Other Than Goodwill. Under the direct method, it is assumed that rather than acquiring indefinite-lived intangible assets as part of a going concern business, the buyer hypothetically obtains indefinite-lived intangible assets and builds a new operation with similar attributes from scratch. Thus, the buyer incurs start-up costs during the build-up phase which are normally associated with going concern value. Initial capital costs are deducted from the discounted cash flows model which results in value that is directly attributable to the indefinite-lived intangible assets.
Our key assumptions using the direct method are market revenue growth rates, market share, profit margin,
duration and profile of the build-up period, estimated start-up capital costs and losses incurred during the build-up period, the risk-adjusted discount rate and terminal values. This data is populated using industry normalized information representing an average permit within a market. Our annual impairment test was performed as of October 1, 2007, which resulted in no impairment. If actual results are not consistent with our assumptions and estimates, we may be exposed to impairment charges in the future. Asset Retirement Obligations
Statement of Financial Accounting Standards No. 143, Accounting for Asset Retirement Obligations, requires us to estimate our obligation upon the termination or nonrenewal of a lease, to dismantle and remove our billboard structures from the leased land and to reclaim the site to its original condition. We record the present value of obligations associated with the retirement of tangible long-lived assets in the period in which they are incurred. The liability is capitalized as part of the related long-lived asset’s carrying amount. Over time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset.
Due to the high rate of lease renewals over a long period of time, our calculation assumes all related assets will be removed at some period over the next 50 years. An estimate of third-party cost information is used with respect to the dismantling of the structures and the reclamation of the site. The interest rate used to calculate the present value of such costs over the retirement period is based on an estimated risk-adjusted credit rate for the same period. If our assumption of the risk-adjusted credit rate used to discount current year additions to the asset retirement obligation decreased approximately 1%, our liability as of December 31, 2007, would increase approximately $1.5 million. Similarly, if our assumption of the risk-adjusted credit rate increased approximately 1%, our liability would decrease approximately $1.4 million. Stock Based Compensation
We adopted FAS 123(R), Share-Based Payment on January 1, 2006, using the modified-prospective-transition method. Under the fair value recognition provisions of this statement, stock based compensation cost is measured at the grant date based on the value of the award and is recognized as expense on a straight-line basis over the vesting period. Determining the fair value of share-based awards at the grant date requires assumptions and judgments about expected volatility and forfeiture rates, among other factors. If actual results differ significantly from these estimates, our results of operations could be materially impacted. Tax Accruals
The IRS and other taxing authorities routinely examine our tax returns we file as part of the consolidated income tax returns filed by Clear Channel Communications. From time to time, the IRS challenges certain of our tax positions. We believe our tax positions comply with applicable tax law and we would vigorously defend these positions if challenged. The final disposition of any positions challenged by the IRS could require us to make additional tax payments. We believe that we have adequately accrued for any foreseeable payments resulting from tax examinations and consequently do not anticipate any material impact upon their ultimate resolution.
A-22
Our estimates of income taxes and the significant items giving rise to the deferred assets and liabilities are shown in Note J to our financial statements and reflect our assessment of actual future taxes to be paid on items reflected in the financial statements, giving consideration to both timing and probability of these estimates. Actual income taxes could vary from these estimates due to future changes in income tax law or results from the final review of our tax returns by federal, state or foreign tax authorities.
We have considered these potential changes in accordance with Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes and FASB Interpretation No. 48, Accounting for Uncertainty in
Income Taxes, or FIN 48, which requires us to record reserves for estimates of probable settlements of federal and state audits. We adopted FIN 48 on January 1, 2007. FIN 48 clarifies the accounting for uncertainty in income taxes recognized in the financial statements. FIN 48 prescribes a recognition threshold for the financial statement recognition and measurement of a tax position taken or expected to be taken within an income tax return. The adoption of FIN 48 resulted in an increase of $8.1 million to the January 1, 2007 balance of retained earnings, a decrease of $6.0 million in liabilities for unrecognized tax benefits and an increase of $27.2 million in deferred tax assets. Inflation
Inflation has affected our performance in terms of higher costs for wages, salaries and equipment. Although the exact impact of inflation is indeterminable, we believe we have offset these higher costs by increasing the effective advertising rates of most of our display faces. ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk
Required information is within Item 7.
A-23
ITEM 8. Financial Statements and Supplementary Data
Managements Report on Financial Statements
The consolidated financial statements and notes related thereto
were prepared by and are the responsibility of management.
The financial statements and related notes were prepared in
conformity with U.S. generally accepted accounting principles
and include amounts based upon management's best estimates
and judgments.
It is management's objective to ensure the integrity and
objectivity of its financial data through systems of internal
controls designed to provide reasonable assurance that all
transactions are properly recorded in our books and records,
that assets are safeguarded from unauthorized use and that
financial records are reliable to serve as a basis for preparation
of financial statements.
The financial statements have been audited by our independent
registered public accounting firm, Ernst & Young LLP, to the
extent required by auditing standards of the Public Company
Accounting Oversight Board (United States) and, accordingly,
they have expressed their professional opinion on the financial
statements in their report included herein.
The Board of Directors meets with the independent registered
public accounting firm and management periodically to satisfy
itself that they are properly discharging their responsibilities.
The independent registered public accounting firm has
unrestricted access to the Board, without management present,
to discuss the results of their audit and the quality of financial
reporting and internal accounting controls.
/s/Mark P. Mays
Chief Executive Officer
/s/Randall T. Mays
Chief Financial Officer
/s/Herbert W. Hill, Jr.
Senior Vice President/Chief Accounting Officer
Report of Independent Registered Public Accounting Firm
THE BOARD OF DIRECTORS AND SHAREHOLDERS
CLEAR CHANNEL OUTDOOR HOLDINGS, INC.
We have audited the accompanying consolidated balance sheets of
Clear Channel Outdoor Holdings, Inc. and subsidiaries (the
Company) as of December 31, 2007 and 2006, and the related
consolidated and combined statements of operations,
shareholders’/owner’s equity, and cash flows for each of the three
years in the period ended December 31, 2007. Our audits also
included the financial statement schedule listed in the index as
Item 15(a)2. These financial statements and schedule are the
responsibility of the Company’s management. Our responsibility
is to express an opinion on these financial statements and schedule
based on our audits.
We conducted our audits in accordance with the standards of the
Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, and evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the consolidated financial position
of Clear Channel Outdoor Holdings, Inc. and subsidiaries at
December 31, 2007 and 2006, and the consolidated and combined
results of their operations and their cash flows for each of the three
years in the period ended December 31, 2007, in conformity with
U.S. generally accepted accounting principles. Also, in our
opinion, the related financial statement schedule, when considered
in relation to the basic financial statements taken as a whole,
presents fairly in all material respects the information set forth
therein.
As discussed in Note J to the consolidated financial statements, in
2007 the Company changed its method of accounting for income
taxes.
As discussed in Note A to the consolidated financial statements, in
2006 the Company changed its method of accounting for stock-
based compensation.
We also have audited, in accordance with the standards of the
Public Company Accounting Oversight Board (United States), the
Company’s internal control over financial reporting as of
December 31, 2007, based on criteria established in Internal
Control – Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission and our
report dated February 14, 2008 expressed an unqualified opinion
thereon.
/s/ ERNST & YOUNG LLP
San Antonio, Texas
February 14, 2008
A-24
CONSOLIDATED BALANCE SHEETS
ASSETS (In thousands) Year Ended December 31,
2007 2006
CURRENT ASSETS
Cash and cash equivalents $ 134,897 $ 105,395
Accounts receivable, less allowance of $29,741 in 2007 and $24,827 in 2006 927,694 798,980
Due from Clear Channel Communications 265,448 —
Prepaid expenses 85,519 91,256
Other current assets 193,549 194,284
Total Current Assets 1,607,107 1,189,915
PROPERTY, PLANT AND EQUIPMENT
Land, buildings and improvements 368,321 343,690
Structures 3,901,940 3,601,653
Furniture and other equipment 258,536 238,340
Construction in progress 74,553 60,332
4,603,350 4,244,015
Less accumulated depreciation 2,359,242 2,052,176
2,244,108 2,191,839
INTANGIBLE ASSETS
Definite-lived intangibles, net 254,487 292,426
Indefinite-lived intangibles – permits 251,095 260,949
Goodwill 1,162,589 1,092,927
OTHER ASSETS
Notes receivable 3,426 3,192
Investments in, and advances to, nonconsolidated affiliates 108,007 97,352
Deferred tax asset 186,167 199,918
Other assets 118,618 93,373
Total Assets $ 5,935,604 $ 5,421,891
See Notes to Consolidated and Combined Financial Statements
A-25
LIABILITIES AND SHAREHOLDERS’ EQUITY (In thousands, except share data) Year Ended December 31,
2007 2006
CURRENT LIABILITIES
Accounts payable $ 138,290 $ 121,578
Accrued expenses 536,022 494,744
Due to Clear Channel Communications — 4,190
Accrued interest 1,074 3,621
Accrued income taxes 33,154 31,259
Deferred income 121,558 96,421
Current portion of long-term debt 87,099 86,293
Deferred tax liabilities 4,095 3,403
Total Current Liabilities 921,292 841,509
Long-term debt 94,922 97,883
Debt with Clear Channel Communications 2,500,000 2,500,000
Other long-term liabilities 220,796 214,220
Minority interest 215,864 181,901
Commitments and contingent liabilities (Note H)
SHAREHOLDERS’ EQUITY Preferred stock, $.01 par value, 150,000,000 shares authorized, no shares issued
and outstanding — — Class A common stock, $.01 par value, 750,000,000 shares authorized, 40,494,873
and 39,565,191 shares issued in 2007 and 2006, respectively 405 396 Class B common stock, $.01 par value, 600,000,000 shares authorized,
315,000,000 shares issued and outstanding 3,150 3,150
Additional paid-in capital 1,304,359 1,279,079
Retained earnings 427,391 173,277
Accumulated other comprehensive income 247,478 130,476
Cost of shares (1,857 in 2007) held in treasury (53) —
Total Shareholders’ Equity 1,982,730 1,586,378
Total Liabilities and Shareholders’ Equity $ 5,935,604 $ 5,421,891
See Notes to Consolidated and Combined Financial Statements
A-26
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS (In thousands, except per share data)
Year Ended December 31,
2007 2006 2005
Revenue $ 3,281,836 $ 2,897,721 $ 2,666,078
Operating expenses:
Direct operating expenses (includes share-based payments of $6,951, $4,328 and $846 in 2007, 2006 and 2005, respectively, and excludes depreciation and amortization) 1,734,845 1,514,842 1,405,758
Selling, general and administrative expenses (includes share-based payments of $2,682, $1,683 and $0 in 2007, 2006 and 2005, respectively, and excludes depreciation and amortization) 537,994 486,994 478,343
Depreciation and amortization 399,483 407,730 400,639 Corporate expenses (includes share-based payments of $538,
$88 and $0 in 2007, 2006 and 2005, respectively, and excludes depreciation and amortization) 66,080 65,542 61,096
Gain on disposition of assets— net 11,824 22,846 3,488
Operating income 555,258 445,459 323,730
Interest expense on debt with Clear Channel Communications 151,363 153,500 182,667
Interest expense 6,518 9,083 15,687
Equity in earnings of nonconsolidated affiliates 4,402 7,460 9,844
Other income (expense)— net 10,113 331 (12,291)
Income before income taxes and minority interest 411,892 290,667 122,929
Income tax (expense) benefit:
Current (111,726) (82,553) (51,173)
Deferred (34,915) (39,527) 5,689
Income tax (expense) benefit (146,641) (122,080) (45,484)
Minority interest expense— net 19,261 15,515 15,872
Net income 245,990 153,072 61,573
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments 117,002 133,383 (76,315)
Comprehensive income (loss) $ 362,992 $ 286,455 $ (14,742)
Net income per common share:
Basic $ .69 $ .43 $ .19
Weighted average common shares outstanding— Basic 354,838 352,155 319,890
Diluted $ .69 $ .43 $ .19
Weighted average common shares outstanding— Diluted 355,806 352,262 319,921
See Notes to Consolidated and Combined Financial Statements
A-27
CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS’/OWNER’S EQUITY
(In thousands, except share data) Class A Class B Accumulated
Common Common Owner’s Additional Retained Other Shares Shares Common Net Paid-in Earnings Comprehensive Treasury Issued Issued Stock Investment Capital (Deficit) Income (loss) Stock Total
Balances at December 31, 2004 — — $ — $ 6,679,664 $ — $ (4,250,222) $ 300,211 $ — $ 2,729,653 Net income, pre IPO 41,368 41,368 Currency translation adjustment, pre IPO (78,787) (78,787) Dividend to Clear Channel
Communications (2,500,000) (2,500,000) Contribution 315,000,000 3,150 (4,179,664) 189,084 4,208,854 (221,424) — Distribution from Clear Channel
Communications 393,717 393,717 IPO proceeds, net of offering costs 35,000,000 350 600,292 600,642 Net income, post IPO 20,205 20,205 Currency translation adjustment, post IPO 2,472 2,472 Exercise of stock options and other 236,819 2 12 14 Share-based payments 153 153
Balances at December 31, 2005 35,236,819 315,000,000 3,502 — 1,183,258 20,205 2,472 — 1,209,437 Common stock issued for a business
acquisition 4,249,990 43 89,037 89,080 Net income 153,072 153,072 Currency translation adjustment and other 128,004 128,004 Exercise of stock options and other 78,382 1 1,488 1,489 Share-based payments 5,296 5,296
Balances at December 31, 2006 39,565,191 315,000,000 3,546 — 1,279,079 173,277 130,476 — 1,586,378 Cumulative effect of FIN 48 adoption 8,124 8,124 Common stock issued for a business
acquisition 191,287 2 5,084 5,086 Net income 245,990 245,990 Currency translation adjustment and other 117,002 117,002 Exercise of stock options and other 738,395 7 10,826 (53) 10,780 Share-based payments 9,370 9,370
Balances at December 31, 2007 40,494,873 315,000,000 $ 3,555 $ — $ 1,304,359 $ 427,391 $ 247,478 $ (53) $ 1,982,730
See Notes to Consolidated and Combined Financial Statements
A-28
CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2007 2006 2005
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Net income $ 245,990 $ 153,072 $ 61,573
Reconciling Items:
Depreciation 346,298 322,208 311,376
Amortization 53,185 85,522 89,263
Deferred taxes 34,915 39,527 (5,689)
Share-based compensation 9,370 5,296 153
Provision for doubtful accounts 10,525 8,571 11,583
(Gain) loss on sale of operating and fixed assets (11,824) (22,846) 5,513
Equity in earnings of nonconsolidated affiliates (4,402) (7,460) (9,844)
Minority interest expense – net 19,261 15,515 15,872
Increase (decrease) other, net 2,314 (6,137) (153)
Changes in operating assets and liabilities, net of effects of acquisitions:
Decrease (increase) in accounts receivable (137,341) (101,340) (22,217)
Decrease (increase) in prepaid expenses 5,737 (20,797) (10,859)
Decrease (increase) in other current assets 1,247 (9,443) 59,214 Increase (decrease) in accounts payable, accrued expenses and other
liabilities 93,383 65,381 (13,300)
Increase (decrease) in accrued interest (2,535) 1,154 1,908
Increase (decrease) in deferred income 25,840 (2,493) (12,512)
Increase (decrease) in accrued income taxes 2,467 12,811 28,207
Net cash provided by operating activities 694,430 538,541 510,088
A-29
Year Ended December 31,
2007 2006 2005
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES:
Decrease (increase) in notes receivable, net (234) 2,366 420 Decrease (increase) in investments in, and advances to nonconsolidated
affiliates – net 962 7,292 951
Purchase of other investments (659) — (99)
Purchases of property, plant and equipment (275,690) (233,882) (208,156)
Proceeds from disposal of assets 17,321 15,451 920
Acquisition of operating assets, net of cash acquired (69,059) (242,418) (99,605)
Decrease (increase) in other – net (29,009) (37,819) (55,802)
Net cash used in investing activities (356,368) (489,010) (361,371)
CASH FLOWS PROVIDED BY (USED IN)
FINANCING ACTIVITIES:
Draws on credit facilities 106,772 118,867 108,601
Payments on credit facilities (76,614) (100,076) (113,193)
Proceeds from long-term debt 22,483 37,235 —
Payments on long-term debt (66,290) (115,694) (3,118)
Payments on long-term debt with Clear Channel Communications — — (600,642)
Net transfers (to) from Clear Channel Communications (302,882) 4,327 (70,006)
Proceeds from exercise of stock options 10,780 2,176 166
Proceeds from initial public offering — — 600,642
Net cash used in financing activities (305,751) (53,165) (77,550)
Effect of exchange rate changes on cash (2,809) 385 (471)
Net increase (decrease) in cash and cash equivalents 29,502 (3,249) 70,696
Cash and cash equivalents at beginning of year 105,395 108,644 37,948
Cash and cash equivalents at end of year $ 134,897 $ 105,395 $ 108,644
SUPPLEMENTAL DISCLOSURE:
Cash paid during the year for interest $ 165,730 $ 165,764 $ 195,350
Cash paid during the year for taxes $ 43,003 $ 52,479 $ 38,493
See Notes to Consolidated and Combined Financial Statements
A-30
NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
NOTE A — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
Clear Channel Outdoor Holdings, Inc. (the “Company”) is an outdoor advertising company which owns or operates advertising display faces domestically and internationally. Prior to November 11, 2005, the Company was a wholly-owned subsidiary of Clear Channel Communications, Inc. (“Clear Channel Communications”), a diversified media company with operations in radio broadcasting and outdoor advertising. In preparation for the initial public offering (“IPO”), Clear Channel Communications and its subsidiaries contributed and transferred to the Company all of the assets and liabilities of the outdoor advertising businesses (the “Contribution”). The net assets were transferred at Clear Channel Communications’ historical cost basis. The Company completed the Contribution just prior to the IPO, which was effective on November 11, 2005. Pursuant to the IPO registration statement on Form S-1, the Company sold 35.0 million shares of its Class A common stock at a price of $18.00 per share, for net proceeds of $600.6 million after deducting underwriting discounts and offering expenses. Clear Channel Communications holds all of the 315.0 million Class B shares of common stock outstanding, representing approximately 89% of the shares outstanding and approximately 99% of the voting power. The holders of Class A common stock and Class B common stock have identical rights, except holders of Class A common stock are entitled to 1 vote per share while holders of Class B common stock are entitled to 20 votes per share. The Class B shares of common stock are convertible, at the option of the holder at any time or upon any transfer, into shares of Class A common stock on a one-for-one basis, subject to certain limited exceptions. Nature of Business
The Company operates in the outdoor advertising industry by selling advertising on billboards, street furniture displays, transit displays and other advertising displays. The Company has two reportable business segments: Americas and International. The Americas segment primarily includes operations in the United States, Canada and Latin America; and the International segment includes operations in Europe, Asia, Africa and Australia. Principles of Consolidation and Combination
The combined financial statements include amounts prior to the IPO derived from Clear Channel Communications’ consolidated financial statements using the historical results of operations and bases of the assets and liabilities of Clear Channel Communications’ outdoor advertising businesses and give effect to allocations of expenses from Clear Channel Communications. These allocations were made on a specifically identifiable basis or using relative percentages of headcount or other methods management considered to be a reasonable reflection of the utilization of services provided. The Company’s historical financial data may not be indicative of its future performance nor will such data reflect what its financial position and results of operations would have been had it operated as an independent publicly traded company during all of 2005. Significant intercompany accounts have been eliminated in consolidation. Investments in nonconsolidated affiliates are accounted for using the equity method of accounting. Certain Reclassifications
The Company has reclassified certain selling, general and administrative expenses to direct operating expenses in 2006 and 2005 to conform to current year presentation. Cash and Cash Equivalents
Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. Allowance for Doubtful Accounts
The Company evaluates the collectibility of its accounts receivable based on a combination of factors. In circumstances where it is aware of a specific customer’s inability to meet its financial obligations, it records a specific reserve to reduce the amounts recorded to what it believes will be collected. For all other customers, it recognizes reserves for bad debt based on historical experience of bad debts as a percent of revenue for each business unit, adjusted for relative improvements or deteriorations in the agings and changes in current economic
A-31
conditions. The Company believes the credit risk with respect to trade receivables is limited due to the large number
and the geographic diversification of its customers.
Land Leases and Other Structure Licenses
Most of the Company’s advertising structures are located on leased land. Americas land rents are typically paid in
advance for periods ranging from 1 to 12 months. International land rents are paid both in advance and in arrears,
for periods ranging from 1 to 12 months. Most International street furniture display faces are operated through
contracts with the municipalities for up to 20 years. The street furniture contracts often include a percent of revenue
to be paid along with a base rent payment. Prepaid land leases are recorded as an asset and expensed ratably over
the related rental term and license and rent payments in arrears are recorded as an accrued liability.
Purchase Accounting
The Company accounts for its business acquisitions under the purchase method of accounting. The total cost of
acquisitions is allocated to the underlying identifiable net assets based on their respective estimated fair values. The
excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill.
Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often
involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows
and outflows, discount rates, asset lives and market multiples, among other items. In addition, reserves have been
established on the Company’s balance sheet related to acquired liabilities and qualifying restructuring costs and
contingencies based on assumptions made at the time of acquisition. The Company evaluates these reserves on a
regular basis to determine the adequacies of the amounts. Various acquisition agreements may include contingent
purchase consideration based on performance requirements of the investee. The Company accrues these payments
under the guidance in Emerging Issues Task Force (“EITF”) issue 95-8: Accounting for Contingent Consideration
Paid to the Shareholders of an Acquired Enterprise in a Purchase Business Combination, after the contingencies
have been resolved.
Asset Retirement Obligation
Statement of Financial Accounting Standards (“FAS”) No. 143, Accounting for Asset Retirement Obligations,
requires the Company to estimate its obligation upon the termination or non-renewal of a lease to dismantle and
remove its advertising structures from the leased land and to reclaim the site to its original condition. The
Company’s asset retirement obligation is reported in “Other long-term liabilities.” The Company records the
present value of obligations associated with the retirement of its advertising structures in the period in which the
obligation is incurred. The liability is capitalized as part of the related advertising structures carrying amount. Over
time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the
expected useful life of the related asset.
Property, Plant and Equipment
Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method at rates
that, in the opinion of management, are adequate to allocate the cost of such assets over their estimated useful lives,
which are as follows:
Buildings and improvements — 10 to 39 years
Structures — 5 to 40 years
Furniture and other equipment — 3 to 20 years
Leasehold improvements — shorter of economic life or lease term assuming renewal periods, if appropriate
For assets associated with a lease or contract, the assets are depreciated at the shorter of the economic life or the
lease or contract term, assuming renewal periods, if appropriate. Expenditures for maintenance and repairs are
charged to operations as incurred, whereas expenditures for renewal and betterments are capitalized.
The Company tests for possible impairment of property, plant, and equipment whenever events or changes in
circumstances, such as a reduction in operating cash flow or a dramatic change in the manner the asset is intended to
be used indicate the carrying amount of the asset may not be recoverable. If indicators exist, the Company compares
the estimated undiscounted future cash flows related to the asset to the carrying value of the asset. If the carrying
A-32
value is greater than the estimated undiscounted future cash flow amount, an impairment charge is recorded in
depreciation and amortization expense in the statement of operations for amounts necessary to reduce the carrying
value of the asset to fair value. The impairment loss calculations require management to apply judgment in
estimating future cash flows and the discount rates that reflects the risk inherent in future cash flows.
Intangible Assets
The Company classifies intangible assets as definite-lived, indefinite-lived, or goodwill. Definite-lived intangibles
include primarily transit and street furniture contracts and other contractual rights, all of which are amortized over
the shorter or either the respective lives of the agreements or over the period of time the assets are expected to
contribute to the Company’s future cash flows, typically 5 to 15 years. The Company periodically reviews the
appropriateness of the amortization periods related to its definite-lived assets. These assets are stated at cost.
Indefinite-lived intangibles include billboard permits. The excess cost over fair value of net assets acquired is
classified as goodwill. The indefinite-lived intangibles and goodwill are not subject to amortization, but are tested
for impairment at least annually.
The Company tests for possible impairment of definite-lived intangible assets whenever events or changes in
circumstances, such as a reduction in operating cash flow or a dramatic change in the manner the asset is intended to
be used indicate the carrying amount of the asset may not be recoverable. If indicators exist, the Company compares
the estimated undiscounted future cash flows related to the asset to the carrying value of the asset. If the carrying
value is greater than the estimated undiscounted future cash flow amount, an impairment charge is recorded in
depreciation and amortization expense in the statement of operations for amounts necessary to reduce the carrying
value of the asset to fair value.
The Company performs its annual impairment test for its permits using a direct valuation technique as prescribed by
the EITF Topic D-108, Use of the Residual Method to Value Acquired Assets Other Than Goodwill (“D-108”).
Certain assumptions are used under the Company’s direct valuation technique, including market revenue growth
rates, market share, profit margin, duration and profile of the buildup period, estimated start-up cost and losses
incurred during the build-up period, the risk adjusted discount rate and terminal values. The Company utilizes
Mesirow Financial Consulting, LLC, a third party valuation firm, to assist the Company in the development of these
assumptions and the Company’s determination of the fair value of its permits. Impairment charges are recorded in
depreciation and amortization expense on the statement of operations.
At least annually, the Company performs its impairment test for each reporting unit’s goodwill using a discounted
cash flow model to determine if the carrying value of the reporting unit, including goodwill, is less than the fair
value of the reporting unit. The Company identified its reporting units under the guidance in FAS No. 142,
Goodwill and Other Intangible Assets (“Statement 142”) and EITF Topic D-101, Clarification of Reporting Unit
Guidance in Paragraph 30 of FASB Statement No. 142. The Company’s reporting unit for Americas is the
reportable segment. The Company determined that each country in its International segment constitutes a reporting
unit and therefore tests goodwill for impairment at the country level. Certain assumptions are used in determining
the fair value, including assumptions about future cash flows, discount rates, and terminal values. If the fair value of
the Company’s reporting unit is less than the carrying value of the reporting unit, the Company reduces the carrying
amount of goodwill. Impairment charges are recorded in depreciation and amortization expense on the statement of
operations.
Nonconsolidated Affiliates
In general, investments in which the Company owns 20 percent to 50 percent of the common stock or otherwise
exercises significant influence over the investee are accounted for under the equity method. The Company does not
recognize gains or losses upon the issuance of securities by any of its equity method investees. The Company
reviews the value of equity method investments and records impairment charges in the statement of operations for
any decline in value determined to be other-than-temporary.
Financial Instruments
Due to their short maturity, the carrying amounts of accounts and notes receivable, accounts payable, accrued
liabilities and short-term borrowings approximated their fair values at December 31, 2007 and 2006. Additionally,
A-33
as predominantly all of the Company’s debt is not publicly traded, the carrying amounts of long-term debt approximated their fair values at December 31, 2007 and 2006. Income Taxes
The Company accounts for income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting bases and tax bases of assets and liabilities and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled. Deferred tax assets are reduced by valuation allowances if the Company believes it is more likely than not some portion or all of the asset will not be realized. As all earnings from the Company’s foreign operations are permanently reinvested and not distributed, the Company’s income tax provision does not include additional U.S. taxes on foreign operations. It is not practical to determine the amount of federal income taxes, if any, that might become due in the event the earnings were distributed. The operations of the Company are included in a consolidated federal income tax return filed by Clear Channel Communications, Inc. However, for financial reporting purposes, the Company’s provision for income taxes has been computed on the basis that the Company files separate consolidated federal income tax returns with its subsidiaries. Revenue Recognition
The Company’s advertising contracts typically cover periods of up to three years and are generally billed monthly. Revenue for advertising space rental is recognized ratably over the term of the contract. Advertising revenue is reported net of agency commissions. Agency commissions are calculated based on a stated percentage applied to gross billing revenue for the Company’s operations. Payments received in advance of being earned are recorded as deferred income. Stock Based Compensation
Prior to January 1, 2006, the Company accounted for share-based payments under the recognition and measurement provisions of APB Opinion No. 25, Accounting for Stock Issued to Employees (“APB 25”) and related Interpretations, as permitted by FAS No. 123, Accounting for Stock Based Compensation (“Statement 123”). Under that method, when options were granted with a strike price equal to or greater than market price on date of issuance, there was no impact on earnings either on the date of grant or thereafter, absent certain modifications to the options. The Company adopted FAS No. 123(R), Share-Based Payment (“Statement 123(R)”), on January 1, 2006, using the modified-prospective-transition method. Under the fair value recognition provisions of this statement, stock based compensation cost is measured at the grant date based on the value of the award and is recognized as expense on a straight-line basis over the vesting period. Determining the fair value of share-based awards at the grant date requires assumptions and judgments about expected volatility and forfeiture rates, among other factors. If actual results differ significantly from these estimates, our results of operations could be materially impacted. Foreign Currency
Results of operations for foreign subsidiaries and foreign equity investees are translated into U.S. dollars using the average exchange rates during the year. The assets and liabilities of those subsidiaries and investees, other than those of operations in highly inflationary countries, are translated into U.S. dollars using the exchange rates at the balance sheet date. The related translation adjustments are recorded in a separate component of shareholders’ equity, “Accumulated other comprehensive income.” Foreign currency transaction gains and losses, as well as gains and losses from translation of financial statements of subsidiaries and investees in highly inflationary countries, are included in operations. Advertising Expense
The Company records advertising expense as it is incurred. Advertising expenses of $14.8 million, $10.4 million and $16.1 million were recorded during the years ended December 31, 2007, 2006 and 2005, respectively, as a component of selling, general and administrative expenses.
A-34
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates, judgments, and assumptions that affect the amounts reported in the financial
statements and accompanying notes including, but not limited to, legal, tax and insurance accruals. The Company
bases its estimates on historical experience and on various other assumptions believed to be reasonable under the
circumstances. Actual results could differ from those estimates.
New Accounting Pronouncements
In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement No. 157, Fair Value
Measurements (“Statement 157”). Statement 157 defines fair value, establishes a framework for measuring fair
value and expands disclosure requirements for fair value measurements. Statement 157 applies whenever other
standards require (or permit) assets or liabilities to be measured at fair value. Statement 157 does not expand the use
of fair value in any new circumstances. Companies will need to apply the recognition and disclosure provisions of
Statement 157 for financial assets and financial liabilities and for nonfinancial assets and nonfinancial liabilities that
are remeasured at least annually effective January 1, 2008. The effective date in Statement 157 is delayed for one
year for certain nonfinancial assets and nonfinancial liabilities, except those that are recognized or disclosed at fair
value in the financial statements on a recurring basis (at least annually). Excluded from the scope of Statement 157
are certain leasing transactions accounted for under FAS 13, Accounting for Leases. The exclusion does not apply
to fair value measurements of assets and liabilities recorded as a result of a lease transaction but measured pursuant
to other pronouncements within the scope of Statement 157. The Company is currently evaluating the impact of
adopting FAS 157 on its financial position or results of operations.
FAS 141(R), Business Combinations (“Statement 141(R)”), was issued in December 2007. Statement 141(R)
requires that upon initially obtaining control, an acquirer will recognize 100% of the fair values of acquired assets,
including goodwill, and assumed liabilities, with only limited exceptions, even if the acquirer has not acquired 100%
of its target. Additionally, contingent consideration arrangements will be fair valued at the acquisition date and
included on that basis in the purchase price consideration and transaction costs will be expensed as incurred.
Statement 141(R) also modifies the recognition for preacquisition contingencies, such as environmental or legal
issues, restructuring plans and acquired research and development value in purchase accounting. Statement 141(R)
amends Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes, to require the acquirer
to recognize changes in the amount of its deferred tax benefits that are recognizable because of a business
combination either in income from continuing operations in the period of the combination or directly in contributed
capital, depending on the circumstances. Statement 141(R) is effective for fiscal years beginning after December
15, 2008. Adoption is prospective and early adoption is not permitted. The Company expects to adopt Statement
141(R) on January 1, 2009. Statement 141(R)’s impact on accounting for business combinations is dependent upon
acquisitions at that time.
FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities - including an amendment of FASB
Statement No. 115 (“Statement 159”), was issued in February 2007. Statement 159 permits entities to choose to
measure many financial instruments and certain other items at fair value that are not currently required to be
measured at fair value. Statement 159 also establishes presentation and disclosure requirements designed to
facilitate comparisons between entities that choose different measurement attributes for similar types of assets and
liabilities. Statement 159 does not affect any existing accounting literature that requires certain assets and liabilities
to be carried at fair value. Statement 159 does not eliminate disclosure requirements included in other accounting
standards, including requirements for disclosures about fair value measurements included in FAS 157, Fair Value
Measurements, and FAS 107, Disclosures about Fair Value of Financial Instruments. Statement 159 is effective as
of the beginning of an entity’s first fiscal year that begins after November 15, 2007. The Company will adopt
Statement 159 on January 1, 2008, and does not anticipate adoption to materially impact its financial position or
results of operations.
FAS 160, Noncontrolling Interests in Consolidated Financial Statements - an amendment of ARB No. 51
(“Statement 160”), was issued in December 2007. Statement 160 clarifies the classification of noncontrolling
interests in consolidated statements of financial position and the accounting for and reporting of transactions
between the reporting entity and holders of such noncontrolling interests. Under Statement 160 noncontrolling
interests are considered equity and should be reported as an element of consolidated equity, net income will
A-35
encompass the total income of all consolidated subsidiaries and there will be separate disclosure on the face of the income statement of the attribution of that income between the controlling and noncontrolling interests, and increases and decreases in the noncontrolling ownership interest amount will be accounted for as equity transactions. Statement 160 is effective for the first annual reporting period beginning on or after December 15, 2008, and earlier application is prohibited. Statement 160 is required to be adopted prospectively, except for reclassify noncontrolling interests to equity, separate from the parent’s shareholders’ equity, in the consolidated statement of financial position and recasting consolidated net income (loss) to include net income (loss) attributable to both the controlling and noncontrolling interests, both of which are required to be adopted retrospectively. The Company expects to adopt Statement 160 on January 1, 2009 and is currently assessing the potential impact that the adoption could have on its financial statements. NOTE B — INTANGIBLE ASSETS AND GOODWILL
Definite-lived Intangibles
The Company has definite-lived intangible assets which consist primarily of transit and street furniture contracts and other contractual rights. Definite lived intangible assets are amortized over the shorter of either the respective lives of the agreements or over the period of time the assets are expected to contribute to the Company’s future cash flows. The following table presents the gross carrying amount and accumulated amortization for each major class of definite-lived intangible assets at December 31, 2007 and 2006: (in thousands) 2007 2006
Gross Carrying Amount
Accumulated Amortization
Gross Carrying Amount
Accumulated Amortization
Transit, street furniture, and other contractual rights $ 867,283 $ 613,897 $ 821,364 $ 530,063
Other 10,719 9,618 41,544 40,419
Total $ 878,002 $ 623,515 $ 862,908 $ 570,482
Total amortization expense from definite-lived intangible assets for the years ended December 31, 2007, 2006 and 2005 was $53.2 million, $85.5 million and $89.3 million, respectively. The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets: (In thousands)
2008 $ 48,190 2009 45,479 2010 33,948 2011 25,235 2012 18,342 As acquisitions and dispositions occur in the future and as purchase price allocations are finalized, amortization expense may vary. Indefinite-lived Intangibles
The Company’s indefinite-lived intangibles consist of billboard permits acquired primarily in business combinations. The Company’s billboard permits are issued in perpetuity by state and local governments and are transferable or renewable at little or no cost. Permits typically include the location which allows the Company the right to operate an advertising structure. The Company’s permits are located on either owned or leased land. In cases where the Company’s permits are located on leased land, the leases are typically from 10 to 20 years and renew indefinitely, with rental payments generally escalating at an inflation based index. If the Company loses its lease, the Company will typically obtain permission to relocate the permit or bank it with the municipality for future use.
A-36
The Company does not amortize its billboard permits. The Company tests these indefinite-lived intangible assets for impairment at least annually using a direct method. This direct method assumes that rather than acquiring indefinite-lived intangible assets as a part of a going concern business, the buyer hypothetically obtains indefinite-lived intangible assets and builds a new operation with similar attributes from scratch. Thus, the buyer incurs start-up costs during the build-up phase which are normally associated with going concern value. Initial capital costs are deducted from the discounted cash flows model which results in value that is directly attributable to the indefinite-lived intangible assets. Under the direct method, the Company aggregates its indefinite-lived intangible assets at the market level for purposes of impairment testing as prescribed by EITF 02-07, Unit of Accounting for Testing Impairment of
Indefinite-Lived Intangible Assets. The Company’s key assumptions using the direct method are market revenue growth rates, market share, profit margin, duration and profile of the build-up period, estimated start-up capital costs and losses incurred during the build-up period, the risk-adjusted discount rate and terminal values. This data is populated using industry normalized information. The carrying amounts for billboard permits at December 31, 2007 and 2006 were $251.1 million and $260.9 million, respectively. Goodwill
The Company tests goodwill for impairment using a two-step process. The first step, used to screen for potential impairment, compares the fair value of the reporting unit with its carrying amount, including goodwill. The second step, used to measure the amount of the impairment loss, compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. The Company’s reporting unit for Americas is the reportable segment. The Company determined that each country in its International segment constitutes a reporting unit and therefore tests goodwill for impairment at the country level. The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments for the years ended December 31, 2007 and 2006: (In thousands)
Americas International Total
Balance as of December 31, 2005 $ 405,275 $ 343,611 $ 748,886
Acquisitions 249,527 42,222 291,749
Dispositions (1,913) — (1,913)
Foreign currency translation 14,085 40,109 54,194
Adjustments 323 (312) 11
Balance as of December 31, 2006 667,297 425,630 1,092,927
Acquisitions 20,361 13,733 34,094
Foreign currency translation 78 35,430 35,508
Adjustments 600 (540) 60
Balance as of December 31, 2007 $ 688,336 $ 474,253 $ 1,162,589
Included in the Americas’ acquisitions amount above in 2006 is $148.6 million related to the acquisition of Interspace, all of which is expected to be deductible for tax purposes. NOTE C — BUSINESS ACQUISITIONS
2007 Acquisitions:
During 2007, the Company’s Americas segment paid $39.5 million in cash, primarily to acquire display faces in the United States. In addition, the Company’s International segment paid $29.6 million, which includes the acquisition of an outdoor advertising business in Romania, additional equity interests in outdoor companies and the acquisition of advertising structures.
A-37
2006 Acquisitions:
The Company completed the acquisition of Interspace on July 1, 2006. The acquisition was valued at approximately $207.5 million based on the Company’s common shares issued of $94.2 million, the net cash consideration paid of $88.2 million, which includes subsequent earnouts and working capital settlements and $25.1 million in estimated earnouts to be paid in 2008. In addition to the Interspace acquisition, during 2006 the Company’s Americas segment acquired display faces for $55.4 million in cash. The Company exchanged assets in one of its Americas markets for assets located in a different market and recognized a gain of $13.2 million in “Gain on disposition of assets — net.” In addition, the Company’s International segment acquired display faces and additional equity interests in outdoor companies for $105.7 million, including the acquisition of an outdoor advertising business in the United Kingdom. 2005 Acquisitions:
During 2005 the Company acquired Americas display faces for $113.3 million in cash. The Company’s International segment acquired display faces for $17.1 million and increased its investment to a controlling majority interest in Clear Media Limited for $8.9 million. Clear Media is a Chinese outdoor advertising company and as a result of consolidating its operations during the third quarter of 2005, the acquisition resulted in an increase in the Company’s cash of $39.7 million. Acquisition Summary
The following is a summary of the assets and liabilities acquired and the consideration given for all acquisitions made during 2007 and 2006. Due to the timing of certain acquisitions, the purchase price allocation is preliminary pending completion of third-party appraisals and other fair value analysis of assets and liabilities.
(In thousands)
2007 2006
Cash $ — $ 5,591
Accounts receivable — 13,665
Property, plant and equipment 29,654 46,401
Permits 13,634 20,963
Definite-lived intangibles 3,014 105,909
Goodwill 34,094 210,077
Other assets 1,453 4,147
81,849 406,753
Other liabilities (11,347) (39,286)
Minority interests 101 5,224
Deferred tax (1,544) (7,571)
Common stock issued — (89,037)
(12,790) (130,670)
Less fair value of assets exchanged — 28,074
Total cash consideration 69,059 248,009
Less cash received — 5,591
Net cash paid for acquisitions $ 69,059 $ 242,418
The Company has entered into certain agreements relating to acquisitions that provide for purchase price adjustments and other future contingent payments based on the financial performance of the acquired company. The Company will continue to accrue additional amounts related to such contingent payments if and when it is determinable that the applicable financial performance targets will be met. The aggregate of these contingent payments, if performance targets were met, would not significantly impact the Company’s financial position or results of operations.
A-38
NOTE D — RESTRUCTURING
The following table summarizes the activities related to the Company’s restructuring accruals:
(In thousands)
2007 2006 2005
Balance at January 1 $ 12,537 $ 23,221 $ 6,867
Estimated costs charged to restructuring accrual — — 26,576
Adjustments to restructuring accrual 42 1,826 (1,281)
Payments charged against restructuring accrual (10,134) (12,510) (8,941)
Balance at December 31 $ 2,445 $ 12,537 $ 23,221
In the third quarter of 2005, the Company’s International segment restructured its operations in France. As a result, the Company recorded $26.6 million in restructuring costs as a component of selling, general and administrative expenses; $22.5 million was related to severance costs and $4.1 million was related to other costs. During the year ended December 31, 2007, $9.8 million was paid and charged to the France restructuring. As of December 31, 2007, the balance of the France restructuring was $1.3 million, comprised primarily of severance, which is expected to be paid over the next two years. The Company restructured its operations in Spain during 2004 and France during 2003. The remainders of these accruals were utilized in 2005. In addition, the Company has a restructuring liability related to Clear Channel Communications’ merger with Ackerley in June 2002. At December 31, 2007, the remaining accrual was immaterial. NOTE E — INVESTMENTS
The Company’s most significant investments in nonconsolidated affiliates are listed below: Clear Channel Independent
The Company owns a 50% interest in Clear Channel Independent (“CCI”), formerly known as Corp Comm, a South African outdoor advertising company. Alessi
The Company owns a 34.3% interest in Alessi, an Italian outdoor advertising company. Summarized Financial Information
The following table summarizes the Company’s investments in these nonconsolidated affiliates: (In thousands)
CCI Alessi All
Others Total
Balance as of December 31, 2006 $ 46,150 $ 27,234 $ 23,968 $ 97,352
Acquisition (disposition) of investments — — (46) (46)
Equity in net earnings (loss) 2,546 (349) 2,205 4,402
Other, net 3,871 (442) (569) 2,860
Foreign currency translation adjustments 1,644 1,036 759 3,439
Balance as of December 31, 2007 $ 54,211 $ 27,479 $ 26,317 $ 108,007
The investments in the table above are not consolidated, but are accounted for under the equity method of accounting, whereby the Company records its investments in these entities in the balance sheet as “Investments in, and advances to, nonconsolidated affiliates.” The Company’s interests in their operations are recorded in the statement of operations as “Equity in earnings of nonconsolidated affiliates.” The accumulated undistributed
A-39
earnings included in retained earnings for these investments were $10.1 million, $7.3 million and $2.7 million as of December 31, 2007, 2006 and 2005, respectively. NOTE F — ASSET RETIREMENT OBLIGATION
The Company has an asset retirement obligation of $70.5 million and $59.3 million as of December 31, 2007 and 2006, respectively, which is reported in “Other long-term liabilities.” The liability relates to the Company’s obligation to dismantle and remove its advertising displays from leased land and to reclaim the site to its original condition upon the termination or non-renewal of a lease. The liability is capitalized as part of the related long-lived assets’ carrying value. Due to the high rate of lease renewals over a long period of time, the calculation assumes all related assets will be removed at some period over the next 50 years. An estimate of third-party cost information is used with respect to the dismantling of the structures and the reclamation of the site. The interest rate used to calculate the present value of such costs over the retirement period is based on an estimated risk adjusted credit rate for the same period. The following table presents the activity related to the Company’s asset retirement obligation:
(In thousands)
2007 2006
Balance at January 1 $ 59,280 $ 49,807
Adjustment due to change in estimate of related costs 8,958 7,581
Accretion of liability 4,236 3,539
Liabilities settled (1,977) (1,647)
Balance at December 31 $ 70,497 $ 59,280
NOTE G — LONG-TERM DEBT
Long-term debt at December 31, 2007 and 2006 consisted of the following:
(In thousands) December 31,
2007 2006
Debt with Clear Channel Communications $ 2,500,000 $ 2,500,000
Bank credit facility 80,000 23,488
Other long-term debt 102,021 160,688
2,682,021 2,684,176
Less: current portion 87,099 86,293
Total long-term debt $ 2,594,922 $ 2,597,883
Debt with Clear Channel Communications
On August 2, 2005, the Company distributed a note in the original principal amount of $2.5 billion to Clear Channel Communications as a dividend. This note matures on August 2, 2010, may be prepaid in whole at any time, or in part from time to time. The note accrues interest at a variable per annum rate equal to the weighted average cost of debt for Clear Channel Communications, calculated on a monthly basis. This note is mandatorily payable upon a change of control and, subject to certain exceptions, all proceeds from debt or equity raised by the Company must be used to prepay such note. At December 31, 2007, the interest rate on the $2.5 billion note was 6.0%. Bank Credit Facility
On July 13, 2004, Clear Channel Communications entered into a five-year, multi-currency revolving credit facility in the amount of $1.75 billion. Certain of the Company’s International subsidiaries may borrow under a $150.0 million sub-limit within this $1.75 billion credit facility, to the extent Clear Channel Communications has not already borrowed under this capacity and is in compliance with its covenants under the credit facility. This sub-limit
A-40
allows for borrowings in various foreign currencies, which are used to hedge net assets in those currencies and provide funds to the Company’s International operations for certain working capital needs. Certain of the Company’s International subsidiary borrowings under this sub-limit are guaranteed by Clear Channel Communications. The interest rate is based upon LIBOR or, in the case of Euro denominated borrowings, EURIBOR, plus a margin. At December 31, 2007, the interest rate on this bank credit facility was 5.0%. At December 31, 2007, the outstanding balance on the $150.0 million sub-limit was $80.0 million and $70.0 million was available for future borrowings, with the entire balance to be repaid on July 12, 2009. Debt Covenants
The $2.5 billion note requires the Company to comply with various negative covenants, including restrictions on the following activities: incurring consolidated funded indebtedness (as defined in the note), excluding intercompany indebtedness, in a principal amount in excess of $400.0 million at any one time outstanding; creating liens; making investments; entering into sale and leaseback transactions (as defined in the note), which when aggregated with consolidated funded indebtedness secured by liens, will not exceed an amount equal to 10% of the Company’s total consolidated shareholders’ equity (as defined in the note) as shown on its most recently reported annual audited consolidated financial statements; disposing of all or substantially all of the Company’s assets; entering into mergers and consolidations; declaring or making dividends or other distributions; repurchasing its equity; and entering into transactions with its affiliates. In addition, the note requires the Company to prepay it in full upon a change of control. The note defines a change of control to occur when Clear Channel Communications ceases to control (i) directly or indirectly, more than 50% of the aggregate voting equity interests of the Company, its operating subsidiary or its respective successors or assigns, or (ii) the ability to elect a majority of the Board of Directors of the Company, its operating subsidiary or its respective successors or assigns. Upon the Company’s issuances of equity and incurrences of debt, subject to certain exceptions, it is also required to prepay the note in the amount of the net proceeds received by it from such events. Clear Channel Communications’ significant covenants on its $1.75 billion five-year, multi-currency revolving credit facility relate to leverage and interest coverage (as defined in the credit facility). The leverage ratio covenant requires Clear Channel Communications to maintain a ratio of consolidated funded indebtedness to operating cash flow (as defined by the credit facility) of less than 5.25x. The interest coverage covenant requires Clear Channel Communications to maintain a minimum ratio of operating cash flow (as defined by the credit facility) to interest expense of 2.50x. In the event Clear Channel Communications does not meet these covenants, it is considered to be in default on the credit facility at which time the credit facility, including the $150.0 sub-limit utilized by certain of the Company’s International subsidiaries, may become immediately due. At December 31 2007, Clear Channel Communications’ leverage and interest coverage ratios were 3.0x and 5.1x, respectively. There are no significant covenants or events of default contained in the cash management note issued by Clear Channel Communications to us or the cash management note issued by us to Clear Channel Communications. At December 31, 2007, the Company and Clear Channel Communications were in compliance with all debt covenants. Other Debt
Other debt includes various borrowings and capital leases utilized for general operating purposes. Included in the $102.0 million balance at December 31, 2007 is $87.1 million that matures in less than one year.
A-41
Debt Maturities
Future maturities of long-term debt at December 31, 2007, are as follows: (In thousands)
2008 $ 87,099 2009 91,895 2010 2,500,077 2011 2,250 2012 — Thereafter 700
Total $ 2,682,021
NOTE H — COMMITMENTS AND CONTINGENCIES
The Company leases office space, equipment and the majority of the land occupied by its advertising structures under long-term operating leases. Some of the lease agreements contain renewal options and annual rental escalation clauses (generally tied to the consumer price index), as well as provisions for the payment of utilities and maintenance by the Company. The Company has minimum franchise payments associated with non-cancelable contracts that enable it to display advertising on such media as buses, taxis, trains, bus shelters and terminals, as well as other similar type surfaces. The majority of these contracts contain rent provisions calculated as either the greater of a percentage of the relevant advertising revenue or a specified guaranteed minimum annual payment. In addition, the Company has commitments relating to required purchases of property, plant, and equipment under certain street furniture contracts. The Company accounts for its rentals that include renewal options, annual rent escalation clauses, minimum franchise payments and maintenance related to displays under the guidance in EITF 01-8, Determining Whether an
Arrangement Contains a Lease (“EITF 01-8”), FAS 13, Accounting for Leases, FAS 29, Determining Contingent
Rentals an amendment of FASB Statement No. 13 (“Statement 29”) and FASB Technical Bulletin 85-3, Accounting
for Operating Leases with Scheduled Rent Increases (“FTB 85-3”). The Company considers its non-cancelable contracts that enable it to display advertising on buses, taxis, trains, bus shelters, etc. to be leases in accordance with the guidance in EITF 01-8. These contracts may contain minimum annual franchise payments which generally escalate each year. The Company accounts for these minimum franchise payments on a straight-line basis in accordance with FTB 85-3. If the rental increases are not scheduled in the lease, for example an increase based on the CPI, those rents are considered contingent rentals and are recorded as expense when accruable. Other contracts may contain a variable rent component based on revenue. The Company accounts for these variable components as contingent rentals under Statement 29, and records these payments as expense when accruable. The Company accounts for annual rent escalation clauses included in the lease term on a straight-line basis under the guidance in FTB 85-3. The Company considers renewal periods in determining its lease terms if at inception of the lease there is reasonable assurance the lease will be renewed. Expenditures for maintenance are charged to operations as incurred, whereas expenditures for renewal and betterments are capitalized. Most of the Company’s advertising structures are on leased land. In addition, the Company leases certain facilities and equipment. The Company accounts for these leases in accordance with the policies described above. The Company’s contracts with municipal bodies or private companies relating to street furniture, billboard, transit and malls generally require the Company to build bus stops, kiosks and other public amenities or advertising structures during the term of the contract. The Company owns these structures and is generally allowed to advertise on them for the remaining term of the contract. Once the Company has built the structure, the cost is capitalized and expensed over the shorter of the economic life of the asset or the remaining life of the contract.
A-42
Certain of the Company’s contracts contain penalties for not fulfilling its commitments related to its obligations to build bus stops, kiosks and other public amenities or advertising structures. Historically, any such penalties have not materially impacted the Company’s financial position or results of operations. As of December 31, 2007, the Company’s future minimum rental commitments under non-cancelable operating lease agreements with terms in excess of one year, minimum payments under non-cancelable contracts in excess of one year, and capital expenditure commitments consist of the following: (In thousands) Non-Cancelable
Operating Leases Non-Cancelable
Contracts Capital
Expenditures
2008 $ 270,283 $ 480,107 $ 106,187 2009 236,710 353,656 33,171 2010 210,608 325,968 12,759 2011 173,376 292,287 5,483 2012 154,276 250,087 1,741 Thereafter 939,066 747,962 232
Total $ 1,984,319 $ 2,450,067 $ 159,573
Rent expense charged to operations for 2007, 2006 and 2005 was $1.1 billion, $961.3 million and $876.5 million, respectively. The Company is currently involved in certain legal proceedings and, as required, has accrued its estimate of the probable costs for the resolution of these claims. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies related to these proceedings. The Company is the defendant in a lawsuit filed October 20, 1998 by Jorge Luis Cabrera, Sr., and Martha Serrano, as personal representatives of the Estate of Jorge Luis Cabrera, Jr., in the 11th Judicial Circuit in and for Miami-Dade County, Florida. The plaintiff alleged the Company negligently constructed, installed or maintained the electrical system in a bus shelter, which resulted in the death of Jorge Luis Cabrera, Jr. Martha Serrano settled her claims with the Company. On June 24, 2005, the jury rendered a verdict in favor of the plaintiff, and awarded the plaintiff $4.1 million in actual damages and $61.0 million in punitive damages. The Company filed a motion to have the punitive damages award reduced. The trial judge granted the Company’s motion. A final judgment in the amount of $4.1 million in compensatory damages and $12.3 million in punitive damages was signed on January 23, 2006. The Company has appealed the underlying judgment and the Plaintiff filed a cross-appeal. The Plaintiff seeks to reinstate the original award of punitive damages. The Company has insurance coverage for up to approximately $50.0 million in damages for this matter. In various areas in which the Company operates, outdoor advertising is the object of restrictive and, in some cases, prohibitive zoning and other regulatory provisions, either enacted or proposed. The impact to the Company of loss of displays due to governmental action has been somewhat mitigated by federal and state laws mandating compensation for such loss and constitutional restraints. Certain acquisition agreements include deferred consideration payments based on performance requirements by the seller, generally over a one to five year period. Contingent payments based on performance requirements by the seller typically involve the completion of a development or obtaining appropriate permits that enable the Company to construct additional advertising displays. At December 31, 2007, the Company believes its maximum aggregate contingency, which is subject to performance requirements by the seller, is approximately $35.0 million. As the contingencies have not been met or resolved as of December 31, 2007, these amounts are not recorded. If future payments are made, amounts will be recorded as additional purchase price. The Company has various investments in nonconsolidated affiliates subject to agreements that contain provisions that may result in future additional investments to be made by the Company. The put values are contingent upon the financial performance of the investee and are typically based on the investee meeting certain EBITDA targets, as
A-43
defined in the agreement. The Company will continue to accrue additional amounts related to such contingent payments if and when it is determinable that the applicable financial performance targets will be met. The aggregate of these contingent payments, if performance targets are met, would not significantly impact the financial position or results of operations of the Company. NOTE I — RELATED PARTY TRANSACTIONS
The Company records net amounts due to or from Clear Channel Communications as “Due from/to Clear Channel Communications” on the consolidated balance sheets. The accounts represent the revolving promissory note issued by us to Clear Channel Communications and the revolving promissory note issued by Clear Channel Communications to us, up to a maximum of $1.0 billion. The accounts accrue interest pursuant to the Master Agreement based upon LIBOR plus a margin and are generally payable on demand. Included in the accounts are the net activities resulting from day-to-day cash management services provided by Clear Channel Communications. As a part of these services, the Company maintains collection bank accounts swept daily by Clear Channel Communications. In return, Clear Channel Communications funds the Company’s controlled disbursement accounts as checks or electronic payments are presented for payment. The Company’s claim in relation to cash transferred from its concentration account is on an unsecured basis and is limited to the balance of the Due from Clear Channel Communications account. At December 31, 2007, the balance of $265.4 million was an asset recorded in “Due from Clear Channel Communications” on the consolidated balance sheet. At December 31, 2006, the balance of $4.2 million was a liability recorded in “Due to Clear Channel Communications” on the consolidated balance sheet. The net interest income for the years ended December 31, 2007, 2006 and 2005 was $3.7 million, $0.4 million and $0.1 million, respectively. At December 31, 2007, the interest rate on the “Due from Clear Channel Communications” account was 2.9%. The Company has a note in the original principal amount of $2.5 billion to Clear Channel Communications. This note is further disclosed in Note G. This note matures on August 2, 2010, and may be prepaid in whole at any time, or in part from time to time. This note accrues interest at a variable per annum rate equal to the weighted average cost of debt for Clear Channel Communications, calculated on a monthly basis. This note is mandatorily payable upon a change of control of the Company and, subject to certain exceptions, all proceeds from debt or equity raised by the Company must be used to prepay such note. At December 31, 2007, the interest rate on the $2.5 billion note was 6.0%. Clear Channel Communications has a five-year, multi-currency revolving credit facility in the amount of $1.75 billion. This note is further disclosed in Note G. Certain of the Company’s International subsidiaries may borrow under a $150.0 million sub-limit within this credit facility to the extent Clear Channel Communications has not already borrowed against this capacity. This sub-limit allows for borrowings in various foreign currencies, which are used to hedge net assets in those currencies and provides funds to the Company’s International operations for certain working capital needs. Certain of the Company’s International subsidiary borrowings under this sub-limit are guaranteed by Clear Channel Communications. The interest rate is based upon LIBOR or, for Euro denominated borrowings, EURIBOR, plus a margin. At December 31, 2007, the interest rate on this bank credit facility was 5.0%. At December 31, 2007, the outstanding balance on the $150.0 million sub-limit was $80.0 million and $70.0 million was available for future borrowings, with the entire balance to be paid on July 12, 2009. The Company provides advertising space on its billboards for radio stations owned by Clear Channel Communications. For the years ended December 31, 2007, 2006 and 2005, the Company recorded $13.8 million, $10.6 million, and $10.0 million, respectively, in revenue for these advertisements. Under the Corporate Services Agreement between Clear Channel Communications and the Company, Clear Channel Communications provides management services to the Company, which include, among other things: (i) treasury, payroll and other financial related services; (ii) executive officer services; (iii) human resources and employee benefits services; (iv) legal and related services; (v) information systems, network and related services; (vi) investment services; (vii) procurement and sourcing support services; and (viii) other general corporate services. These services are charged to the Company based on actual direct costs incurred or allocated by Clear Channel Communications based on headcount, revenue or other factors on a pro rata basis. For the years ended December
A-44
31, 2007, 2006 and 2005, the Company recorded $20.3 million, $24.3 million, and $16.0 million, respectively, as a component of corporate expenses for these services. Clear Channel Communications owns the trademark and trade names used by the Company. Beginning January 1, 2003, Clear Channel Communications began charging the Company a royalty fee based on annual revenue for use of the Clear Channel trademark name. Clear Channel Communications used a third party valuation firm to assist in the calculation of the royalty fee. For the year ended December 31, 2005, the Company recorded $14.8 million of royalty fees in “Other income (expense) - net.” The royalty fee was discontinued on January 1, 2006. Pursuant to the Tax Matters Agreement between Clear Channel Communications and the Company, the operations of the Company are included in a consolidated federal income tax return filed by Clear Channel Communications. The Company’s provision for income taxes has been computed on the basis that the Company files separate consolidated federal income tax returns with its subsidiaries. Tax payments are made to Clear Channel Communications on the basis of the Company’s separate taxable income. Tax benefits recognized on the Company’s employee stock options exercises are retained by the Company. The Company computes its deferred income tax provision using the liability method in accordance with Statement of FAS 109, Accounting for Income Taxes, as if the Company was a separate taxpayer. Deferred tax assets and liabilities are determined based on differences between financial reporting bases and tax bases of assets and liabilities and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled. Deferred tax assets are reduced by valuation allowances if the Company believes it is more likely than not some portion or all of the asset will not be realized. The Company’s provision for income taxes is further disclosed in Note J. Pursuant to the Employee Matters Agreement, the Company’s employees participate in Clear Channel Communications’ employee benefit plans, including employee medical insurance and a 401(k) retirement benefit plan. These costs are recorded as a component of selling, general and administrative expenses and were approximately $10.4 million, $9.3 million, and $9.1 million for the years ended December 31, 2007, 2006 and 2005, respectively. NOTE J — INCOME TAXES
The operations of the Company are included in a consolidated federal income tax return filed by Clear Channel Communications, Inc. However, for financial reporting purposes, the Company’s provision for income taxes has been computed on the basis that the Company files separate consolidated federal income tax returns with its subsidiaries. Significant components of the provision for income tax expense (benefit) are as follows: (In thousands)
2007 2006 2005
Current — federal $ 61,460 $ 34,255 $ 2,280
Current — foreign 42,984 40,056 48,037
Current — state 7,282 8,242 856
Total current 111,726 82,553 51,173
Deferred — federal 32,241 43,117 26,007
Deferred — foreign (1,400) (9,134) (35,040)
Deferred — state 4,074 5,544 3,344
Total deferred 34,915 39,527 (5,689)
Income tax expense (benefit) $ 146,641 $ 122,080 $ 45,484
The increase in current tax expense of $29.2 million for the year ended December 31, 2007 over 2006 was due primarily to an increase in “Income before income taxes and minority interest” of $121.2 million. Deferred tax expense decreased $4.6 million for the year ended December 31, 2007 compared to 2006, primarily due to
A-45
additional deferred tax expense of approximately $12.8 recorded in 2006 related to the filing of an amended tax return. The amendment was mainly due to a revised tax loss on the like kind exchange of certain assets. In addition the company recorded deferred tax expense of approximately $16.7 million in 2006 related to the uncertainty of our ability to utilize certain tax losses in the future for certain international operations. These amounts were partially offset by additional deferred tax expense of approximately $19.8 recorded in 2007 as a result of the utilization of deferred tax assets related to capital expenditures in certain foreign jurisdictions. The increase in current tax expense of $31.4 million for the year ended December 31, 2006 over 2005 was due primarily to an increase in “Income before income taxes and minority interest” of $167.7 million. This increase was partially offset by current tax benefits of approximately $20.4 million recorded in 2006 related to tax losses on the disposition of certain operating assets and the filing of an amended tax return. The amendment primarily related to a revised tax loss on the like kind exchange of certain outdoor assets. Deferred tax expense increased by $45.2 million for the year ended December 31, 2006 over 2005 primarily due to the tax losses on the disposition of certain operating assets and the filing of the amended tax return mentioned above. In addition, foreign deferred tax expense increased by $25.9 million for the year ended December 31, 2006 over 2005 primarily due to (i) the reversal of deferred tax assets related to tax losses in certain foreign jurisdictions and the uncertainty of the ability to utilize those tax losses in the future and (ii) increased deferred tax benefits in 2005 due to a change in the carrying value of certain deferred tax liabilities as a result of certain local country law and tax rate changes. Significant components of the Company’s deferred tax liabilities and assets as of December 31, 2007 and 2006 are as follows:
(In thousands)
2007 2006
Deferred tax liabilities:
Foreign $ 991 $ —
Accrued expenses 656 130
Deferred income 5,769 5,181
Other 917 1,337
Total deferred tax liabilities 8,333 6,648
Deferred tax assets:
Intangibles and fixed assets 173,181 192,958
Accrued expenses 5,847 —
Equity in earnings 2,235 2,145
Net operating loss carryforwards 52 449
Bad debt reserves 3,225 2,922
Foreign — 2,111
Other 5,865 2,578
Total deferred tax assets 190,405 203,163
Net deferred tax assets 182,072 196,515
Less: current portion (4,095) (3,403)
Long-term net deferred tax assets $ 186,167 $ 199,918
At December 31, 2007, net deferred tax assets include a deferred tax asset of $5.6 million relating to stock-based compensation expense under FAS 123(R). Full realization of this deferred tax asset requires stock options to be exercised at a price equaling or exceeding the sum of the grant price plus the fair value of the option at the grant date and restricted stock to vest at a price equaling or exceeding the fair market value at the grant date. The provisions of FAS 123(R), however, do not allow a valuation allowance to be recorded unless the company’s future taxable income is expected to be insufficient to recover the asset. Accordingly, there can be no assurance that the stock price of our Common Stock will rise to levels sufficient to realize the entire tax benefit currently reflected in our balance sheet. See Note K for additional discussion of FAS 123(R).
A-46
The deferred tax asset associated with intangibles and fixed assets primarily relates to the difference in book and tax basis of acquired permits and tax deductible goodwill created from the Company’s various stock acquisitions. In accordance with Statement No. 142, the Company no longer amortizes its book basis in permits. As the Company continues to amortize its tax basis in its permits and tax deductible goodwill, the deferred tax asset will decrease over time. The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense is: (In thousands)
2007 2006 2005
Income tax expense at statutory rates $ 144,162 $ 101,733 $ 43,025
State income taxes, net of federal tax benefit 11,356 13,786 4,200
Foreign taxes (8,791) 6,390 4,816
Nondeductible items 760 709 597
Tax contingencies 6,882 (891) (7,074)
Other, net (7,728) 353 (80)
Income tax expense $ 146,641 $ 122,080 $ 45,484
During 2007, the Company recorded tax expense of approximately $146.6 million on income before income taxes and minority interest of $411.9 million. Foreign income before income taxes was approximately $143.9 million for 2007. The 2007 income tax expense and 36% effective tax rate were impacted by a favorable foreign income tax rate on the Company’s mix of earnings within its international operations. During 2006, the Company recorded tax expense of approximately $122.1 million on income before income taxes and minority interest of $290.7 million. Foreign income before income taxes was approximately $70.1 million for 2006. The 2006 income tax expense and 42% effective tax rate were impacted as a result of the Company not recording a tax benefit on certain tax losses in its foreign operations due to the uncertainty of the ability to utilize those tax losses in the future. During 2005, the Company recorded tax expense of approximately $45.5 million on income before income taxes and minority interest of $122.9 million. Foreign income before income taxes was approximately $23.4 million for 2005. The 2005 income tax expense and 37% effective tax rate were impacted as a result of the Company recording a current tax benefit of approximately $8.0 million due to the favorable resolution of certain tax contingencies in 2005. These tax contingencies primarily associated with tax planning related to the Company’s foreign operations that was reviewed and not adjusted by the taxing authorities during 2005. The tax contingencies were originally recorded through the income statement by increasing current tax expense in earlier years when the planning was implemented and therefore, when the contingencies were settled favorably the amounts were reversed in the income statement as a current tax benefit in the current year. This benefit was partially offset by the Company not recording a tax benefit on certain tax losses in its foreign operations due to the uncertainty of the ability to utilize those tax losses in the future. All tax liabilities owed by the Company are paid by the Company or on behalf of the Company by Clear Channel Communications through an operating account that represents net amounts due to or from Clear Channel Communications. The Company adopted Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in
Income Taxes (“FIN 48”), on January 1, 2007. FIN 48 clarifies the accounting for uncertainty in income taxes recognized in the financial statements. FIN 48 prescribes a recognition threshold for the financial statement recognition and measurement of a tax position taken or expected to be taken within an income tax return. The adoption of FIN 48 resulted in an increase of $8.1 million to the January 1, 2007 balance of retained earnings, a decrease of $6.0 million in liabilities for unrecognized tax benefits and an increase of $27.2 million in deferred tax assets. The total amount of unrecognized tax benefits at January 1, 2007, was $31.7 million, inclusive of $6.5 million for interest. Of this total, $15.3 million represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods.
A-47
The Company continues to record interest and penalties related to unrecognized tax benefits in current income tax expense. The total amount of interest accrued at December 31, 2007, was $5.8 million. The total amount of unrecognized tax benefits and accrued interest and penalties at December 31, 2007, was $60.8 million and is recorded in “Other long-term liabilities” on the Company’s consolidated balance sheet. Of this total, $58.0 million represents the amount of unrecognized tax benefits and accrued interest and penalties that, if recognized, would favorably affect the effective income tax rate in future periods. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (In thousands)
Unrecognized Tax Benefits
Accrued Interest and
Penalties
Gross Unrecognized Tax Benefits
Balance at January 1, 2007 $ 25,182 $ 6,507 $ 31,689
Increases due to tax positions taken during 2007 13,533 — 13,533
Increases due to tax positions taken in previous years 32,376 2,266 34,642
Decreases due to settlements with taxing authorities (16,065) (3,005) (19,070)
Decreases due to lapse of statute of limitations — — —
Balance at December 31, 2007 $ 55,026 $ 5,768 $ 60,794
Pursuant to the Tax Matters Agreement between Clear Channel Communications and the Company, the operations of the Company are included in a consolidated federal income tax return filed by Clear Channel Communications. In addition, the Company and its subsidiaries file income tax returns in various state and foreign jurisdictions. The Company and Clear Channel Communications settled several federal tax positions for the tax years 1999 through 2004 with the Internal Revenue Service (“IRS”) during the year ended December 31, 2007. As a result of this settlement and other state and foreign settlements, the Company reduced its balance of unrecognized tax benefits and accrued interest and penalties by $19.1 million. Of this amount, $0.4 million was recorded as a decrease to current tax expense and $18.7 million as adjustments to current and deferred tax payables. The IRS is currently auditing Clear Channel Communications’ and the Company’s 2005 and 2006 tax year. Substantially all material state, local and foreign income tax matters have been concluded for the years through 1999. The Company does not expect to resolve any material federal or state tax positions within the next 12 months. NOTE K — SHAREHOLDERS’ EQUITY
Stock Options
The Company has granted options to purchase shares of its Class A common stock to employees and directors of the Company and its affiliates under its incentive stock plan typically at no less than the fair value of the underlying stock on the date of grant. These options are granted for a term not exceeding ten years and are forfeited, except in certain circumstances, in the event the employee or director terminates his or her employment or relationship with the Company or one of its affiliates. These options vest over a period of up to five years. The option plan contains anti-dilutive provisions that permit an adjustment of the number of shares of the Company’s common stock represented by each option for any change in capitalization. The Company adopted the fair value recognition provisions of Statement 123(R) on January 1, 2006, using the modified-prospective-transition method. The fair value of the options is estimated using a Black-Scholes option-pricing model and amortized straight-line to expense over the vesting period. Prior to January 1, 2006, the Company accounted for its share-based payments under the recognition and measurement provisions of APB 25 and related Interpretations, as permitted by Statement 123. Under that method, when options are granted with a strike price equal to or greater than the market price on the date of issuance, there is no impact on earnings either on the date of grant or thereafter, absent certain modifications to the options. The amounts recorded as share-based payments prior to adopting Statement 123(R) primarily related to the expense associated with restricted stock awards. Under the modified-prospective-transition method, compensation cost recognized beginning in 2006 includes: (a) compensation cost for all share-based payments granted prior to, but not yet vested as of January 1, 2006, based on
A-48
the grant date fair value estimated in accordance with the original provisions of Statement 123, and (b) compensation cost for all share-based payments granted subsequent to January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of Statement 123(R). As permitted under the modified-prospective-transition method, results for prior periods have not been restated. As a result of adopting Statement 123(R) on January 1, 2006, the Company's income before income taxes and minority interest for the year ended December 31, 2006, was $4.5 million lower and net income for the year ended December 31, 2006, was $2.6 million lower than if it had continued to account for share-based compensation under APB 25. Basic and diluted earnings per share for the year ended December 31, 2006 were $.01 and $.01 lower, respectively, than if the Company had continued to account for share-based compensation under APB 25. Prior to the adoption of Statement 123(R), the Company presented all tax benefits of deductions resulting from the exercise of stock options as operating cash flows in the statement of cash flows. Statement 123(R) requires the cash flows from the tax benefits resulting from tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) to be classified as financing cash flows. The excess tax benefit that is required to be classified as a financing cash inflow after adoption of Statement 123(R) is not material. Prior to the IPO, the Company did not have any compensation plans under which it granted stock awards to employees. However, Clear Channel Communications granted certain of the Company’s officers and other key employees stock options to purchase shares of Clear Channel Communications’ common stock. All outstanding options to purchase shares of Clear Channel Communications’ common stock held by the Company’s employees were converted using an intrinsic value method into options to purchase shares of the Company’s Class A common stock concurrent with the closing of the IPO. As did the Company, Clear Channel Communications accounted for its stock-based award plans in accordance with APB 25, and related interpretations. Clear Channel Communications calculated the pro forma share-based payments as if the share-based awards had been accounted for using the provisions of Statement 123. The share-based payments were then allocated to the Company based on the percentage of options outstanding to employees of the Company. Pro forma net income and earnings per share, assuming the Company and Clear Channel Communications accounted for all employee stock options using the fair value method and amortized such to expense over the options’ vesting period is as follows: (In thousands, except per share data)
2005
Net income:
Reported $ 61,573 Add: Share based payments included in reported net
income, net of related tax effects 437 Deduct: Total share-based payments determined under fair
value based method for all awards, net of related tax effects (3,439)
Pro Forma $ 58,571
Net income per common share:
Basic:
Reported $ .19
Pro Forma $ .18
Diluted:
Reported $ .19
Pro Forma $ .18
A-49
The fair value of each option awarded is estimated on the date of grant using a Black-Scholes option-pricing model. Expected volatilities are based on implied volatilities from traded options on the Company’s stock, historical volatility on the Company’s stock, and other factors. The expected life of options granted represents the period of time that options granted are expected to be outstanding. The Company uses historical data to estimate option exercise and employee terminations within the valuation model. Prior to the adoption of Statement 123(R), the Company recognized forfeitures as they occurred in its Statement 123 pro forma disclosures. Beginning January 1, 2006, the Company includes estimated forfeitures in its compensation cost and updates the estimated forfeiture rate through the final vesting date of awards. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods equal to the expected life of the option. The following assumptions were used to calculate the fair value of the Company’s options on the date of grant:
2007 2006 2005
Expected volatility 27% 27% 25% – 27%
Expected life in years 5.0 – 7.0 5.0 – 7.5 1.3 – 7.5
Risk-free interest rate 4.76% – 4.89% 4.58% – 5.08% 4.42% – 4.58%
Dividend yield 0% 0% 0% The following table presents a summary of the Company's stock options outstanding at and stock option activity during the year ended December 31, 2007 (“Price” reflects the weighted average exercise price per share): (In thousands, except per share data)
Options Price
Weighted Average
Remaining Contractual Term
Aggregate Intrinsic Value
Outstanding, January 1, 2007 7,707 $ 23.41
Granted (a) 978 29.02
Exercised (b) (454) 23.85
Forfeited (71) 19.83
Expired (624) 36.25
Outstanding, December 31, 2007 7,536 23.08 4.2 years $ 40,259
Exercisable 2,915 26.82 1.6 years 6,900
Expect to vest 4,622 20.73 5.9 years 33,359 __________ (a) The weighted average grant date fair value of options granted during the years ended December 31, 2007, 2006
and 2005 was $11.05, $6.76 and $6.51, respectively.
(b) Cash received from option exercises during the year ended December 31, 2007, was $10.8 million. The total intrinsic value of options exercised during the years ended December 31, 2007 and 2006, was $2.0 million and $0.3 million, respectively.
A-50
A summary of the Company’s nonvested options at and changes during the year ended December 31, 2007, is presented below: (In thousands, except per share data)
Options
Weighted Average
Grant Date Fair Value
Nonvested, January 1, 2007 4,151 $ 5.78
Granted 978 11.05
Vested (a) (436) 4.55
Forfeited (71) 5.91
Nonvested, December 31, 2007 4,622 $ 7.01 __________ (a) The total fair value of shares vested during the years ended December 31, 2007 and 2006, was $2.0 million and
$1.6 million, respectively. Restricted Stock Awards
The Company also grants restricted stock awards to employees and directors of the Company and its affiliates. These common shares hold a legend which restricts their transferability for a term of up to five years and are forfeited, except in certain circumstances, in the event the employee terminates his or her employment or relationship with the Company prior to the lapse of the restriction. The restricted stock awards were granted out of the Company’s incentive stock plan. The following table presents a summary of the Company's restricted stock outstanding at and restricted stock activity during the year ended December 31, 2007 (“Price” reflects the weighted average share price at the date of grant): (In thousands, except per share data)
Awards Price
Outstanding, January 1, 2007 217 $ 18.84
Granted 293 29.02
Vested (restriction lapsed) (10) 18.37
Forfeited (9) 20.48
Outstanding, December 31, 2007 491 $ 24.57 Unrecognized share-based compensation cost
As of December 31, 2007, there was $20.7 million of unrecognized compensation cost, net of estimated forfeitures, related to unvested share-based compensation arrangements. The cost is expected to be recognized over a weighted average period of approximately three years.
A-51
Reconciliation of Earnings per Share
In connection with the IPO, all of Clear Channel Communications shares of the Company’s common stock outstanding were converted into 315.0 million shares of Class B common stock. This conversion is reflected as a recapitalization for earnings per share purposes which requires retroactive statement in accordance with FAS 128, Earnings Per Share. As a result, shares outstanding prior to the IPO are 315.0 million. (In thousands, except per share data)
2007 2006 2005
NUMERATOR:
Net income $ 245,990 $ 153,072 $ 61,573
Effect of dilutive securities:
None — — —
Numerator for net income per common share -
diluted $ 245,990 $ 153,072 $ 61,573
DENOMINATOR:
Weighted average common shares 354,838 352,155 319,890
Effect of dilutive securities:
Stock options and restricted stock awards (1) 968 107 31
Denominator for net income per common share –
diluted 355,806 352,262 319,921
Net income per common share:
Basic $ .69 $ .43 $ .19
Diluted $ .69 $ .43 $ .19
(1) 1.8 million, 1.4 million and 5.2 million stock options were outstanding at December 31, 2007, 2006 and
2005, respectively, that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive as the respective options’ strike price was greater than the current market price of the shares.
NOTE L — EMPLOYEE STOCK AND SAVINGS PLANS
The Company’s U.S. employees are eligible to participate in various 401(k) savings and other plans provided by Clear Channel Communications for the purpose of providing retirement benefits for substantially all employees. Both the employees and the Company make contributions to the plan. The Company matches 50% of the employee’s first 5% of pay contributed to the plan. Company matched contributions vest to the employees based upon their years of service to the Company. Contributions to these plans of $2.3 million, $2.1 million and $2.1 million were recorded as a component of operating expenses for 2007, 2006 and 2005, respectively. In addition, employees in the Company’s International segment participate in retirement plans administered by the Company which are not part of the 401(k) savings and other plans provided by Clear Channel Communications. Contributions to these plans of $20.1 million, $17.6 million and $16.2 million were recorded as a component of operating expenses for 2007, 2006 and 2005, respectively. The Company’s employees are also eligible to participate in a non-qualified employee stock purchase plan provided by Clear Channel Communications. Under the plan, shares of Clear Channel Communications’ common stock may
A-52
be purchased at 95% of the market value on the day of purchase. Clear Channel Communications changed its discount from market value offered to participants under the plan from 15% to 5% in July 2005. Employees may purchase shares having a value not exceeding 10% of their annual gross compensation or $25,000, whichever is lower. During 2006 and 2005, all Clear Channel Communications employees purchased 144,444 and 222,789 shares at weighted average share prices of $28.56 and $28.79, respectively. The Company’s employees represent approximately 15% of the total participation in this plan. As a condition of its merger, Clear Channel Communications no longer accepts contributions to this plan, beginning January 1, 2007. Certain highly compensated executives of the Company are eligible to participate in a non-qualified deferred compensation plan provided by Clear Channel Communications, which allows deferrals up to 50% of their annual salary and up to 80% of their bonus before taxes. Clear Channel Communications does not match any deferral amounts and retains ownership of all assets until distributed. There is no liability recorded by the Company under this deferred compensation plan as the liability of this plan is Clear Channel Communications’. NOTE M — OTHER INFORMATION
The following details the components of “Other income (expense) — net:”
(In thousands)
For the Year Ended December 31,
2007 2006 2005
Royalty fee to Clear Channel Communications $ — $ — $ (14,825)
Foreign exchange gain (loss) 9,388 (181) 2,743
Other 725 512 (209)
Total other income (expense) — net $ 10,113 $ 331 $ (12,291)
The following details the components of “Other current assets:”
(In thousands)
As of December 31,
2007 2006
Inventory $ 26,719 $ 21,811
Deposits 25,869 35,669
Other prepayments 90,631 85,180
Other 50,330 51,624
Total other current assets $ 193,549 $ 194,284
A-53
NOTE N — SEGMENT DATA
The Company has two reportable operating segments – Americas and International. The Americas segment primarily includes operations in the United States, Canada and Latin America, and the International segment includes operations in Europe, Asia, Africa and Australia. Share-based payments are recorded by each segment in direct operating and selling, general and administrative expenses.
(in thousands)
Americas International
Corporate expenses and
gain on disposition of assets – net
Consolidated/ Combined
2007
Revenue $ 1,485,058 $ 1,796,778 $ — $ 3,281,836
Direct operating expenses 590,563 1,144,282 — 1,734,845 Selling, general and administrative
expenses 226,448 311,546 — 537,994
Depreciation and amortization 189,853 209,630 — 399,483
Corporate expenses — — 66,080 66,080
Gain on disposition of assets – net — — 11,824 11,824
Operating income (loss) $ 478,194 $ 131,320 $ (54,256) $ 555,258
Identifiable assets $ 2,878,753 $ 2,606,130 $ 450,721 $ 5,935,604
Capital expenditures $ 142,826 $ 132,864 $ — $ 275,690
Share-based payments $ 7,932 $ 1,701 $ 538 $ 10,171
2006
Revenue $ 1,341,356 $ 1,556,365 $ — $ 2,897,721
Direct operating expenses 534,365 980,477 — 1,514,842 Selling, general and administrative
expenses 207,326 279,668 — 486,994
Depreciation and amortization 178,970 228,760 — 407,730
Corporate expenses — — 65,542 65,542
Gain on disposition of assets – net — — 22,846 22,846
Operating income (loss) $ 420,695 $ 67,460 $ (42,696) $ 445,459
Identifiable assets $ 2,820,737 $ 2,401,924 $ 199,230 $ 5,421,891
Capital expenditures $ 90,495 $ 143,387 $ — $ 233,882
Share-based payments $ 4,699 $ 1,312 $ 88 $ 6,099
2005
Revenue $ 1,216,382 $ 1,449,696 $ — $ 2,666,078
Direct operating expenses 490,519 915,239 — 1,405,758 Selling, general and administrative
expenses 186,749 291,594 — 478,343
Depreciation and amortization 180,559 220,080 — 400,639
Corporate expenses — — 61,096 61,096
Gain on disposition of assets – net — — 3,488 3,488
Operating income (loss) $ 358,555 $ 22,783 $ (57,608) $ 323,730
Identifiable assets $ 2,531,641 $ 2,140,407 $ 246,297 $ 4,918,345
Capital expenditures $ 73,084 $ 135,072 $ — $ 208,156
Share-based payments $ 693 $ 153 $ — $ 846
A-54
Revenue of $1.9 billion, $1.6 billion and $1.5 billion and identifiable assets of $2.9 billion, $2.7 billion and $2.2 billion derived from the Company’s foreign operations are included in the data above for the years ended December 31, 2007, 2006 and 2005, respectively. NOTE O — QUARTERLY RESULTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)
March 31, June 30, September 30, December 31,
2007 2006 2007 2006 2007 2006 2007 2006
Revenue $ 690,856 $ 598,369 $ 836,713 $ 748,403 $ 817,541 $ 720,254 $ 936,726 $ 830,695
Operating expenses:
Direct operating expenses 394,205 344,396 429,143 374,159 434,472 383,833 477,025 412,454 Selling, general and
administrative expenses 127,533 115,035 134,557 119,599 131,228 118,424 144,676 133,936
Depreciation and amortization 95,670 96,320 98,153 100,827 99,793 102,123 105,867 108,460
Corporate expenses 15,343 14,585 13,271 14,120 16,322 15,125 21,144 21,712 Gain (loss) on disposition of
assets— net 7,092 22,756 1,204 (315) 414 (834) 3,114 1,239
Operating income 65,197 50,789 162,793 139,383 136,140 99,915 191,128 155,372 Interest expense on debt with
Clear Channel Communications 37,783 36,797 38,418 37,766 38,085 39,538 37,077 39,399
Interest expense 2,286 3,257 1,521 3,926 2,093 4,061 618 (2,161) Equity in earnings (loss) of
nonconsolidated affiliates 125 1,378 2,820 2,421 (836) 1,823 2,293 1,838
Other income (expense)— net (44) (434) 1,040 1,634 2,815 467 6,302 (1,336)
Income before income taxes and minority interest 25,209 11,679 126,714 101,746 97,941 58,606 162,028 118,636
Income tax (expense) (10,641) (5,139) (50,899) (44,768) (37,447) (26,646) (47,654) (45,527) Minority interest income
(expense)— net 1,516 1,593 (7,218) (8,931) (5,778) (127) (7,781) (8,050)
Net income $ 16,084 $ 8,133 $ 68,597 $ 48,047 $ 54,716 $ 31,833 $ 106,593 $ 65,059
Net income (loss) per common
share: Basic $ .05 $ .02 $ .19 $ .14 $ .15 $ .09 $ .30 $ .18 Diluted $ .05 $ .02 $ .19 $ .14 $ .15 $ .09 $ .30 $ .18
Stock price: High $ 31.14 $ 23.95 $ 30.12 $ 24.20 $ 29.24 $ 21.26 $ 28.57 $ 28.13 Low $ 24.91 $ 18.49 $ 25.95 $ 19.31 $ 22.81 $ 18.66 $ 23.65 $ 19.49
NOTE P — SUBSEQUENT EVENTS
On January 17, 2008, the Company entered into an agreement to sell its 50% interest in Clear Channel Independent, a South African outdoor advertising company, for approximately $127.0 million based on the closing price of the acquirer’s shares on the date of announcement. As of December 31, 2007, $54.2 million is recorded in “Investments in and advances to, nonconsolidated affiliates” on our consolidated balance sheet related to this investment. The closing of the transaction is subject to regulatory approval and other customary closing conditions.
A-55
ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Not applicable
ITEM 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We have established disclosure controls and procedures to ensure that material information relating to
Clear Channel Outdoor Holdings, Inc. (the “Company”) including its consolidated subsidiaries is made known to the
officers who certify the Company’s financial reports and to other members of senior management and the Board of
Directors.
Our principal executive and financial officers have concluded, based on their evaluation as of the end of the
period covered by this Form 10-K, that our disclosure controls and procedures, as defined under Rules 13a-15(e) and
15d-15(e) of the Securities Exchange Act of 1934, are effective to ensure that information we are required to
disclose in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported
within the time periods specified in the SEC’s rules and forms, and include controls and procedures designed to
ensure that information we are required to disclose in such reports is accumulated and communicated to
management, including our principal executive and financial officers, as appropriate to allow timely decisions
regarding required disclosure.
Management’s Report on Internal Control Over Financial Reporting
The management of the Company is responsible for establishing and maintaining adequate internal control
over financial reporting. The Company’s internal control over financial reporting is a process designed under the
supervision of the Company’s Chief Executive Officer and Chief Financial Officer to provide reasonable assurance
regarding the reliability of financial reporting and preparation of the Company’s financial statements for external
purposes in accordance with generally accepted accounting principles.
As of December 31, 2007, management assessed the effectiveness of the Company’s internal control over
financial reporting based on the criteria for effective internal control over financial reporting established in Internal
Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission. Based on the assessment, management determined that the Company maintained effective internal
control over financial reporting as of December 31, 2007, based on those criteria.
Ernst & Young LLP, the independent registered public accounting firm that audited the consolidated
financial statements of the Company included in this Annual Report on Form 10-K, has issued an attestation report
on the Company’s internal control over financial reporting as of December 31, 2007. The report, which expresses
an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting as of
December 31, 2007, is included in this Item under the heading “Report of Independent Registered Public
Accounting Firm.”
There were no changes in our internal control over financial reporting that occurred during the most recent
fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over
financial reporting.
A-56
Report of Independent Registered Public Accounting Firm
THE BOARD OF DIRECTORS AND SHAREHOLDERS
CLEAR CHANNEL OUTDOOR HOLDINGS, INC.
We have audited Clear Channel Outdoor Holdings, Inc.’s internal control over financial reporting as of December
31, 2007, based on criteria established in Internal Control—Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission (the COSO criteria). Clear Channel Outdoor Holdings,
Inc.’s management is responsible for maintaining effective internal control over financial reporting, and for its
assessment of the effectiveness of internal control over financial reporting included in the accompanying Report of
Management on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the
company’s internal control over financial reporting based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether effective internal control over financial reporting was maintained in all material respects. Our audit
included obtaining an understanding of internal control over financial reporting, assessing the risk that a material
weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe
that our audit provides a reasonable basis for our opinion.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal control over financial reporting
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company are being made
only in accordance with authorizations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s
assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
In our opinion, Clear Channel Outdoor Holdings, Inc. maintained, in all material respects, effective internal control
over financial reporting as of December 31, 2007, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States), the consolidated balance sheets of Clear Channel Outdoor Holdings, Inc. and subsidiaries as of December
31, 2007 and 2006, and the related consolidated and combined statements of operations, shareholders’/owner’s
equity, and cash flows for each of the three years in the period ended December 31, 2007 of Clear Channel Outdoor
Holdings, Inc. and subsidiaries and our report dated February 14, 2008 expressed an unqualified opinion thereon.
/s/ ERNST & YOUNG LLP
San Antonio, Texas
February 14, 2008
ITEM 9B. Other Information
Not applicable
A-57
PART III
ITEM 10. Directors, Executive Officers and Corporate Governance
The information required by this item with respect to our code of ethics and the directors and nominees for
election to our Board of Directors is incorporated by reference to the information set forth in our Definitive Proxy
Statement, which will be filed with the Securities and Exchange Commission within 120 days of our fiscal year end.
Set forth below are the names and ages and current positions of our executive officers and directors as of
February 13, 2008:
Name Age Position
Term as
Director
L. Lowry Mays 72 Chairman of the Board and Director Expires 2010
William D. Parker 46 Director Expires 2009
James M. Raines 68 Director Expires 2010
Marsha McCombs Shields 53 Director Expires 2008
Dale W. Tremblay 49 Director Expires 2009
Mark P. Mays 44 Chief Executive Officer and Director Expires 2009
Randall T. Mays 42 Chief Financial Officer and Director Expires 2008
Paul J. Meyer 65 Global President and Chief Operating Officer
Jonathan Bevan 36 Chief Financial Officer – International and
Director of Corporate Development
Herbert W. Hill, Jr. 49 Senior Vice President and Chief Accounting
Officer
Andrew Levin 45 Executive Vice President / Chief Legal Officer and
Secretary
Franklin G. Sisson, Jr. 55 Global Director – Sales and Marketing
Kurt Tingey 43 Executive Vice President – Americas Chief
Financial Officer
Laura C. Toncheff 39 Executive Vice President – Americas General
Counsel
L. Lowry Mays has served as a member of our Board of Directors since April 1997 and has been our
Chairman of the Board since October 2005. Mr. Mays is Chairman of the Board of Directors of Clear Channel
Communications, and prior to October 2004 he was the company’s Chief Executive Officer. Mr. Mays has been a
member of Clear Channel Communications’ Board of Directors since its inception and has served on the Board of
Directors of Live Nation, Inc. since August 2005. On February 4, 2008, Mr. Mays tendered his resignation as a
director of Live Nation, Inc. Mr. Mays is the father of Mark P. Mays and Randall T. Mays, both of whom are
members of our Board of Directors and executive officers of us.
William D. Parker has served as Chairman and Chief Executive Officer of America West Holdings
Corporation and America West Airlines since September 2001. Mr. Parker has been a member of our Board of
Directors since November 2005.
James M. Raines has served as the President of James M. Raines & Co., an investment banking company,
since 1988. Mr. Raines has been a member of our Board of Directors since November 2005. Since 1998, Mr.
Raines has served on the Board of Directors of Waddell & Reed Financial, Inc., a financial services corporation.
Marsha McCombs Shields has served as a director of Primera Insurance since March 1989. Since June
2002, Ms. McCombs has served as the President of the McCombs Foundation and as Dealer Principal for McCombs
Automotive. She has served as Manager of McCombs Family Ltd. since January 2000. Ms. Shields is the daughter
of one of the Board members of Clear Channel Communications. Ms. Shields has been a member of our Board of
Directors since November 2005.
A-58
Dale W. Tremblay has served as President and Chief Executive Officer of C.H. Guenther & Son, Inc., a
food marketing and manufacturing company, since July 2001. Mr. Tremblay has been a member of our Board of
Directors since November 2005. He currently serves on the Advisory Board for the Michigan State University
Financial Analysis Lab.
Mark P. Mays has served as our Chief Executive Officer since August 2005 and Director since April 1997.
Mr. Mays was President and Chief Operating Officer of Clear Channel Communications from February 1997 until
his appointment as President and Chief Executive Officer in October 2004. He relinquished his duties as President
of Clear Channel Communications in February 2006. Mr. Mays has served on the Board of Directors of Clear
Channel Communications since May 1998, and has served on the Board of Live Nation, Inc. since August 2005. On
February 4, 2008, Mr. Mays tendered his resignation as a director of Live Nation, Inc. Mr. Mays is the son of L.
Lowry Mays, Clear Channel Communications’ Chairman and one of our Board members, and is the brother of
Randall T. Mays, our Executive Vice President and Chief Financial Officer and one of our Board members.
Randall T. Mays has served as our Chief Financial Officer since August 2005 and Director since April
1997. Mr. Mays has served as Chairman of the Board of Directors of Live Nation, Inc. since August 2005. He also
was appointed Executive Vice President and Chief Financial Officer of Clear Channel Communications in February
1997 and was appointed Secretary in April 2003. He was appointed President of Clear Channel Communications in
February 2006. He has served on the Board of Directors of Clear Channel Communications since April 1999. Mr.
Mays is the son of L. Lowry Mays, Clear Channel Communications’ Chairman and one of our board members, and
is the brother of Mark P. Mays, our Chief Executive Officer and one of our board members.
Paul J. Meyer has served as our Global President and Chief Operating Officer since April 2005. Prior
thereto, he served as President and Chief Executive Officer of our Americas segment from January 2002 to April
2005 and President/Chief Operating Officer of our Americas segment from March 1999 to December 2001. Mr.
Meyer has also served as Vice President of Clear Channel Communications since March 1999.
Jonathan D. Bevan has served as our Chief Financial Officer — International and Director of Corporate
Development since November 2006. Prior thereto, he served as our Chief Financial Officer — International from
January 2006 to November 2006. Prior thereto, he served as Chief Operating Officer — International since
December 2004. Prior thereto, Mr. Bevan served as Senior Vice President/Operations of our International segment
for the remainder of the relevant five-year period.
Herbert W. Hill, Jr. was appointed Senior Vice President and Chief Accounting Officer of the Company in
April 2006 and has served as Senior Vice President and Chief Accounting Officer of Clear Channel
Communications since 1997.
Andrew Levin has served as Executive Vice President, Chief Legal Officer and Secretary of the Company
since April 2006 and as Executive Vice President and Chief Legal Officer of Clear Channel Communications since
February 2004. Prior thereto he served as Senior Vice President for Government Affairs of Clear Channel
Communications since he joined Clear Channel Communications in 2002.
Franklin G. Sisson, Jr. has served as our Global Director — Sales and Marketing since August 2005. Prior
thereto, he served as Executive Vice President Sales and Marketing of the Americas segment for the remainder of
the relevant five-year period.
Kurt A. Tingey has served as our Executive Vice President and Americas Chief Financial Officer since
January 1, 2000.
Laura C. Toncheff has served as our Executive Vice President — Americas General Counsel since October
2006. Prior thereto, she served as Executive Vice President — Americas Real Estate, Public Affairs and Legal since
January 2003. Prior thereto, Ms. Toncheff served as the Executive Vice President — Americas General Counsel for
the remainder of the relevant five-year period.
Clear Channel Outdoor Holdings, Inc.
Annual Meeting of Stockholders April 30, 2008 8:00 a.m.
The Airport Doubletree Hotel
37 NE Loop 410
San Antonio, Texas 78216 ADMIT ONE
Clear Channel Outdoor Holdings, Inc.
Annual Meeting of Stockholders April 30, 2008 8:00 a.m.
The Airport Doubletree Hotel
37 NE Loop 410
San Antonio, Texas 78216 ADMIT ONE
!"#$
!"#$%&'%()*)+,)-%./010+/1*%21,1%
$%&$'()&$*+&*(+&,$-.+$/-01-23,(4&,$(0,$/-5630&,$730(0/3(2$14(4&5&041$(1$37$82&(+$8'(00&2$9.4,--+$'(,$
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
>'&$+&1.241$-7$-*&+(43-01$,(4(A$1&<5&04$,(4($(0,$/(1'$72-B$,(4($7-+$4'&$;&(+1$*+&1&04&,$6&2-B$B&+&$,&+3)&,$7+-5$-.+$(.,34&,$/-01-23,(4&,$(0,$/-5630&,$730(0/3(2$14(4&5&041=$$$
H-.$1'-.2,$+&(,$4'&$307-+5(43-0$/-04(30&,$30$4'31$4(62&$30$/-0I.0/43-0$B34'$JK(0(<&5&04G1$L31/.113-0$(0,$!0(2;131$-7$M30(0/3(2$8-0,343-0$(0,$N&1.241$-7$9*&+(43-01AO$(0,$4'&$'314-+3/(2$(.,34&,$/-01-23,(4&,$(0,$/-5630&,$730(0/3(2$14(4&5&041$(0,$4'&$(//-5*(0;30<$0-4&1$4'&+&4-$30/2.,&,$&21&B'&+&$30$4'31$!00.(2$N&*-+4=$$$
!"#$%&'()*#+),$-./-0%$0-1$)&*1-$+*%*2$ H&(+$P0,&,$L&/&56&+$QDA$
! #EER$SDT$ #EEU$S#T$ #EEF$ #EEV$ #EEQ$
3)45*,4%67%89):1,/604%21,1;% $ $ $ $ $
N&)&0.&$ W$QA#XDAXQU$ W$#AXYRAR#D$ W$#AUUUAERX$ W$#AVVRAEVE$ W$#ADRVAFYR$
9*&+(430<$&:*&01&1Z$ ! ! ! ! !
L3+&/4$-*&+(430<$&:*&01&1$ DARQVAXVF$ DAFDVAXV#$ DAVEFARFX$ DAQ##AVXX$ DADXFAVED$
[&2230<A$<&0&+(2$(0,$(,530314+(43)&$&:*&01&1$ FQRAYYV$ VXUAYYV$ VRXAQVQ$ VQYA#XU$ VEVAXRX$
L&*+&/3(43-0$(0,$(5-+43\(43-0$ QYYAVXQ$ VERARQE$ VEEAUQY$ QXXA#DR$ QRYAUVE$
8-+*-+(4&$&:*&01&1$ UUAEXE$ UFAFV#$ UDAEYU$ FQARRE$ FVA#QQ$
](30$-0$,31*-1343-0$-7$(11&41^$0&4$ DDAX#V$ ##AXVU$ QAVXX$ DEARYD$ DUAUUY$
9*&+(430<$30/-5&$ FFFA#FX$ VVFAVFY$ Q#QARQE$ #FVAERE$ DURADDV$?04&+&14$&:*&01&$-0$,&64$B34'$82&(+$8'(00&2$8-55.03/(43-01$ DFDAQUQ$ DFQAFEE$ DX#AUUR$ DVFAUFQ$ DVFAUVX$
?04&+&14$&:*&01&$ UAFDX$ YAEXQ$ DFAUXR$ DVADRR$ DVA#ED$P_.34;$30$&(+030<1$S2-11T$-7$0-0/-01-23,(4&,$(77323(4&1$ VAVE#$ RAVUE$ YAXVV$ SRUT$ SFADV#T$
94'&+$30/-5&$S&:*&01&T^$0&4$ DEADDQ$ QQD$ SD#A#YDT$ SDUAFQET$ S#DAQFXT$
?0/-5&$S2-11T$6&7-+&$30/-5&$4(:&1A$530-+34;$304&+&14$(0,$/.5.2(43)&$&77&/4$-7$($/'(0<&$30$(//-.0430<$*+30/3*2&$ VDDAXY#$ #YEAUUR$ D##AY#Y$ RRAUQV$ SDYA#QFT$
?0/-5&$4(:$S&:*&01&T$6&0&734Z$ $ $ $ $ $
8.++&04$ SDDDAR#UT$ SX#AFFQT$ SFDADRQT$ S#QAV##T$ D#AEY#$
L&7&++&,$ SQVAYDFT$ SQYAF#RT$ FAUXY$ SQYADQ#T$ S#QAYVVT$
?0/-5&$4(:$S&:*&01&T$6&0&734$ SDVUAUVDT$ SD##AEXET$ SVFAVXVT$ SU#AFFVT$ SDDAXF#T$
K30-+34;$304&+&14$&:*&01&^$0&4$ DYA#UD$ DFAFDF$ DFAXR#$ RAUE#$ QAYEU$
?0/-5&$S2-11T$6&7-+&$/.5.2(43)&$&77&/4$-7$($/'(0<&$30$(//-.0430<$*+30/3*2&$ #VFAYYE$ DFQAER#$ UDAFRQ$ RAVRX$ SQVAYYQT$8.5.2(43)&$&77&/4$-7$($/'(0<&$30$(//-.0430<$*+30/3*2&A$0&4$-7$4(:$-7$WDDQADRQ$30$#EEV$SQT$ ^$ ^$ ^$ SDU#AXFXT$ ^$
C&4$30/-5&$S2-11T$ W$ #VFAYYE$ W$ DFQAER#$ W$ UDAFRQ$ W$ SDFFAQXET$ W$ SQVAYYQT$
$ $ $ $ $ $
$ $
!"#$
!"#$%&'()*#+),$-./-0%$0-1$)&*1-$+*%*2$ %&'($)*+&+$,&-&./&($#01$
! 2334$506$ 2337$526$ 2338$ 2339$ 233#$
!"#$%&#'()'*+",-&.(/#'0-&-'12(/&./$"345' $ $ $ $ $:&;$<*-=.&$5>=??6$@&($-=..=*$?A'(&B$ $ $ $ $ $C'?<-B$ $ $ $ $ $D*-=.&$5>=??6$/&E=(&$-F.F>';<G&$&EE&-;$=E$'$-A'*H&$<*$'--=F*;<*H$@(<*-<@>&$ I$ J7K$ I$ J9#$ I$ J0K$ I$ J32$ I$ 5J006$LF.F>';<G&$&EE&-;$=E$'$-A'*H&$<*$'--=F*;<*H$@(<*-<@>&$ $ M$ $ M$ $ M$ $ 5J826$ $ M$
:&;$<*-=.&$5>=??6$ I$ J7K$ I$ J9#$ I$ J0K$ I$ 5J836$ I$ 5J006$
$ $ $ $ $ $N&<HA;&+$'G&('H&$-=..=*$?A'(&?$ #891O#O$ #821088$ #0K1OK3$ #081333$ #081333$$ $ $ $ $ $,<>F;&+B$ $ $ $ $ $D*-=.&$5>=??6$/&E=(&$-F.F>';<G&$&EE&-;$=E$'$-A'*H&$<*$'--=F*;<*H$@(<*-<@>&$ I$ J7K$ I$ J9#$ I$ J0K$ I$ J32$ I$ 5J006$LF.F>';<G&$&EE&-;$=E$'$-A'*H&$<*$'--=F*;<*H$@(<*-<@>&$ $ M$ $ M$ $ M$ $ 5J826$ $ M$
:&;$<*-=.&$5>=??6$ I$ J7K$ I$ J9#$ I$ J0K$ I$ 5J836$ I$ 5J006$
$ $ $ $ $ $N&<HA;&+$'G&('H&$-=..=*$?A'(&?$ #881O37$ #821272$ #0K1K20$ #081333$ #081333$$$
!"#$%&'()*#+)2$ !?$=E$,&-&./&($#01$
! 2334$506$ 2337$526$ 2338$ 2339$ 233#$
6-%-/7"'89""&'0-&-5' $ $ $ $ $
LF((&*;$'??&;?$ I$017341034$ I$010OK1K08$ I$0138310O3$ I$010341293$ I$ K8O177K$
P(=@&(;Q1$@>'*;$'*+$&RF<@.&*;$S$*&;$ 21299103O$ 210K01O#K$ 2108#192O$ 210K81KO8$ 212791037$
T=;'>$'??&;?$ 81K#81739$ 819201OK0$ 91K0O1#98$ 812931K##$ 812#21O23$
LF((&*;$><'/<><;<&?$ K2012K2$ O90183K$ 4K#1O02$ 49K1388$ 4#71232$
U=*H";&(.$+&/;1$<*->F+<*H$-F((&*;$.';F(<;<&?$ 217O21320$ 217O91047$ 2142414O7$ 017#K1#O3$ 017431304$
VA'(&A=>+&(?WX=Y*&(W?$&RF<;Q$ 01KO214#3$ 018O71#4O$ 0123K19#4$ 2142K178#$ 214731079$$506$ )EE&-;<G&$Z'*F'(Q$01$23341$;A&$L=.@'*Q$'+=@;&+$[!VC$D*;&(@(&;';<=*$:=J$9O1$3//'(#%4#5$6'1$7#/-1%*4#%8$4#$
"#/'9-$:*.-)1$=($[D:$9OJ$$D*$'--=(+'*-&$Y<;A$;A&$@(=G<?<=*?$=E$[D:$9O1$;A&$&EE&-;?$=E$'+=@;<=*$Y&(&$'--=F*;&+$E=($'?$'$-F.F>';<G&"&EE&-;$'+\F?;.&*;$(&-=(+&+$;=$;A&$/'>'*-&$=E$(&;'<*&+$&'(*<*H?$=*$;A&$+';&$=E$'+=@;<=*J$$V&&$:=;&$Z$;=$;A&$L=.@'*QW?$E<*'*-<'>$?;';&.&*;?J$
526$ )EE&-;<G&$Z'*F'(Q$01$23371$;A&$L=.@'*Q$'+=@;&+$[!VC$V;';&.&*;$:=J$02#5]61$;&*1-<=*)-+$>*89-#%J$$D*$'--=(+'*-&$Y<;A$;A&$@(=G<?<=*?$=E$V;';&.&*;$02#5]61$;A&$L=.@'*Q$&>&-;&+$;=$'+=@;$;A&$?;'*+'(+$F?<*H$;A&$.=+<E<&+$@(=?@&-;<G&$.&;A=+J$$V&&$:=;&$^$;=$;A&$L=.@'*QW?$E<*'*-<'>$?;';&.&*;?J$
5#6$ LF.F>';<G&$&EE&-;$=E$-A'*H&$<*$'--=F*;<*H$@(<*-<@>&$E=($;A&$Q&'($&*+&+$,&-&./&($#01$2339$(&>';&+$;=$'$*=*"-'?A$-A'(H&$(&-=H*<_&+$<*$'--=(+'*-&$Y<;A$;A&$'+=@;<=*$=E$T=@<-$,"03O1$7)-$'6$?-)4+(*@$A-%&'+$%'$B*@(-$3/C(41-+$3))-%)$'%&-1$%&*#$D''+E4@@J$$$
$TA&$V&>&-;&+$[<*'*-<'>$,';'$?A=F>+$/&$(&'+$<*$-=*\F*-;<=*$Y<;A$`'*'H&.&*;W?$,<?-F??<=*$'*+$!*'>Q?<?J$
$$
!"#$
!"#$%&'%$()(*+,+)-./%01/23//14)%()5%6)(78/1/%49%:1)()21(7%;4)51-14)%()5%<+/37-/%49%=>+?(-14)/%
$
!@"<=0A;"!=@%
%&'&()*)'+,-$./-01--/2'$&'.$&'&34-/-$25$216$5/'&'0/&3$02'./+/2'$&'.$6)-13+-$25$27)6&+/2'-$/-$7628/.).$&-$&$
-1773)*)'+$+2$+9)$&1./+).$&''1&3$5/'&'0/&3$-+&+)*)'+-$&'.$&002*7&'4/'($'2+)-$+9)6)+2$+2$9)37$7628/.)$&'$
1'.)6-+&'./'($25$216$5/'&'0/&3$02'./+/2':$09&'()-$/'$216$5/'&'0/&3$02'./+/2'$&'.$6)-13+-$25$216$27)6&+/2'-;$$<9)$
/'526*&+/2'$/'031.).$9)6)/'$-9213.$=)$6)&.$/'$02'>1'0+/2'$?/+9$+9)$&''1&3$5/'&'0/&3$-+&+)*)'+-$&'.$/-$26(&'/@).$&-$
52332?-A$
!! !"#$"%#&;$$<9/-$-)0+/2'$7628/.)-$&$()')6&3$.)-06/7+/2'$25$216$=1-/')--:$&-$?)33$&-$2+9)6$*&++)6-$?)$
=)3/)8)$&6)$/*726+&'+$/'$1'.)6-+&'./'($216$6)-13+-$25$27)6&+/2'-$&'.$5/'&'0/&3$02'./+/2'$&'.$/'$
&'+/0/7&+/'($51+16)$+6)'.-;$
!! '#()*+(,-.,-/#$0+%-1(;$$<9/-$-)0+/2'$7628/.)-$&'$&'&34-/-$25$216$6)-13+-$25$27)6&+/2'-$526$+9)$4)&6-$
)'.).$B)0)*=)6$CD:$EFFG:$EFFH$&'.$EFFI;$$$
J16$./-01--/2'$/-$76)-)'+).$2'$=2+9$&$02'-23/.&+).$&'.$-)(*)'+$=&-/-;$$J16$6)726+&=3)$27)6&+/'($
-)(*)'+-$&6)$!*)6/0&-$&'.$K'+)6'&+/2'&3;$$!7762L/*&+)34$MCN$25$216$EFFG$!*)6/0&-$6)8)'1)$?&-$
.)6/8).$562*$+9)$O'/+).$P+&+)-:$?/+9$+9)$=&3&'0)$.)6/8).$76/*&6/34$562*$Q&'&.&$&'.$R&+/'$!*)6/0&;$$
!7762L/*&+)34$9&35$25$216$EFFG$K'+)6'&+/2'&3$6)8)'1)$?&-$.)6/8).$562*$S6&'0)$&'.$+9)$O'/+).$
T/'(.2*;$$$
U)$*&'&()$216$-)(*)'+-$76/*&6/34$5201-/'($2'$27)6&+/'($/'02*);$$Q26726&+)$)L7)'-)-:$(&/'$2'$
./-72-/+/2'$25$&--)+$V$')+:$/'+)6)-+$)L7)'-):$)W1/+4$/'$)&6'/'(-$25$'2'02'-23/.&+).$&55/3/&+)-:$2+9)6$
/'02*)$X)L7)'-)Y$V$')+:$/'02*)$+&L)-$&'.$*/'26/+4$/'+)6)-+$)L7)'-)$V$')+$&6)$*&'&().$2'$&$+2+&3$
02*7&'4$=&-/-$&'.$&6):$+9)6)526):$/'031.).$2'34$/'$216$./-01--/2'$25$02'-23/.&+).$6)-13+-;$
!! 2%1013%0*,3-14%+%-1,014,*%5)%4%+6;$$<9/-$-)0+/2'$7628/.)-$&$./-01--/2'$25$216$5/'&'0/&3$02'./+/2'$&-$25$
B)0)*=)6$CD:$EFFG:$&-$?)33$&-$&'$&'&34-/-$25$216$0&-9$532?-$526$+9)$4)&6-$)'.).$B)0)*=)6$CD:$EFFG:$
EFFH$&'.$EFFI;$$<9)$./-01--/2'$25$216$5/'&'0/&3$02'./+/2'$&'.$3/W1/./+4$/'031.)-$-1**&6/)-$25$X/Y$216$
76/*&64$-2160)-$25$3/W1/./+4:$X//Y$216$Z)4$.)=+$028)'&'+-$&'.$X///Y$216$21+-+&'./'($.)=+$&'.$
02**/+*)'+-$X=2+9$5/6*$&'.$02'+/'()'+Y$+9&+$)L/-+).$&-$25$B)0)*=)6$CD:$EFFG;$
!! 7#0(-10*%+6,014,80$9#+,$%(9,:010;#:#1+;$$<9)-)$-)0+/2'-$./-01--$-)&-2'&3/+4$&'.$92?$?)$*&'&()$
)L72-16)$+2$72+)'+/&3$32--)-$&6/-/'($562*$&.8)6-)$09&'()-$/'$526)/('$0166)'04$)L09&'()$6&+)-$&'.$
/'+)6)-+$6&+)-;$
!! '#3#1+,033-)1+%1;,/$-1-)13#:#1+(,014,<$%+%30*,033-)1+%1;,#(+%:0+#(;$$<9)-)$-)0+/2'-$./-01--$
&0021'+/'($723/0/)-$02'-/.)6).$+2$=)$/*726+&'+$+2$216$5/'&'0/&3$02'./+/2'$&'.$6)-13+-$25$27)6&+/2'-$
&'.$?9/09$6)W1/6)$-/('/5/0&'+$>1.(*)'+$&'.$)-+/*&+)-$2'$+9)$7&6+$25$*&'&()*)'+$/'$+9)/6$&773/0&+/2';$$
K'$&../+/2':$&33$25$216$-/('/5/0&'+$&0021'+/'($723/0/)-:$/'031./'($216$06/+/0&3$&0021'+/'($723/0/)-:$&6)$
-1**&6/@).$/'$[2+)$!$+2$216$02'-23/.&+).$&'.$02*=/').$5/'&'0/&3$-+&+)*)'+-$/'031.).$)3-)?9)6)$/'$
+9/-$!''1&3$\)726+;$
$
=B#<B!#C%
0+/2?1>-14)%49%D3/1)+//%
J16$6)8)'1)$/-$.)6/8).$562*$-)33/'($&.8)6+/-/'($-7&0)$2'$&7762L/*&+)34$]MG:FFF$./-73&4-$2?').$26$
27)6&+).$&-$25$B)0)*=)6$CD:$EFFG:$02'-/-+/'($76/*&6/34$25$=/33=2&6.-:$-+6))+$516'/+16)$&'.$+6&'-/+$./-73&4-;$$U)$2?'$
+9)$*&>26/+4$25$216$&.8)6+/-/'($./-73&4-:$?9/09$+47/0&334$&6)$320&+).$2'$-/+)-$+9&+$?)$)/+9)6$3)&-)$26$2?'$26$526$?9/09$
?)$9&8)$&0W1/6).$7)6*&')'+$)&-)*)'+-;$$J16$&.8)6+/-/'($02'+6&0+-$?/+9$03/)'+-$+47/0&334$21+3/')$+9)$'1*=)6$25$
./-73&4-$6)-)68).:$+9)$.16&+/2'$25$+9)$&.8)6+/-/'($0&*7&/('$&'.$+9)$1'/+$76/0)$7)6$./-73&4;$$$
$
J16$&.8)6+/-/'($6&+)-$&6)$=&-).$2'$&$'1*=)6$25$./55)6)'+$5&0+26-$/'031./'($320&+/2':$02*7)+/+/2':$-/@)$25$
./-73&4:$/331*/'&+/2':$*&6Z)+$&'.$(62--$6&+/'($72/'+-;$$^62--$6&+/'(-$72/'+-$/-$+9)$+2+&3$'1*=)6$25$/*76)--/2'-$
.)3/8)6).$=4$&$./-73&4$26$(6217$25$./-73&4-:$)L76)--).$&-$&$7)60)'+&()$25$&$*&6Z)+$72713&+/2';$$<9)$'1*=)6$25$
/*76)--/2'-$.)3/8)6).$=4$&$./-73&4$/-$*)&-16).$=4$+9)$'1*=)6$25$7)273)$7&--/'($+9)$-/+)$.16/'($&$.)5/').$7)6/2.$25$
+/*)$&'.:$/'$-2*)$K'+)6'&+/2'&3$*&6Z)+-:$/-$?)/(9+).$+2$&0021'+$526$-109$5&0+26-$&-$/331*/'&+/2':$762L/*/+4$+2$2+9)6$
!"#$
%&'()*+'$*,%$-./$'(//%$*,%$0&/1&,2$*,2)/$34$*((53*6.&,2$-5*44&67$$8*,*2/9/,-$-+(&6*))+$93,&-35'$3:5$;:'&,/''$;+$
5/0&/1&,2$-./$*0/5*2/$5*-/'<$*0/5*2/$5/0/,:/$(/5$%&'()*+<$35$+&/)%<$366:(*,6+$*,%$&,0/,-35+$)/0/)'$34$/*6.$34$3:5$
%&'()*+$-+(/'$;+$9*5=/-7$$>,$*%%&-&3,<$;/6*:'/$*$'&2,&4&6*,-$(35-&3,$34$3:5$*%0/5-&'&,2$3(/5*-&3,'$*5/$63,%:6-/%$&,$
435/&2,$9*5=/-'<$-./$)*52/'-$;/&,2$?5*,6/$*,%$-./$@,&-/%$A&,2%39<$9*,*2/9/,-$5/0&/1'$-./$3(/5*-&,2$5/':)-'$4539$
3:5$435/&2,$3(/5*-&3,'$3,$*$63,'-*,-$%3))*5$;*'&'7$$!$63,'-*,-$%3))*5$;*'&'$*))31'$435$639(*5&'3,$34$3(/5*-&3,'$
&,%/(/,%/,-$34$435/&2,$/B6.*,2/$930/9/,-'7$$$$
$
C./$'&2,&4&6*,-$/B(/,'/'$*''36&*-/%$1&-.$3:5$3(/5*-&3,'$&,6):%/$D&E$%&5/6-$(53%:6-&3,<$9*&,-/,*,6/$*,%$
&,'-*))*-&3,$/B(/,'/'<$D&&E$'&-/$)/*'/$/B(/,'/'$435$)*,%$:,%/5$3:5$%&'()*+'$*,%$D&&&E$5/0/,:/"'.*5&,2$35$9&,&9:9$
2:*5*,-//%$*93:,-'$(*+*;)/$:,%/5$3:5$;&));3*5%<$'-5//-$4:5,&-:5/$*,%$-5*,'&-$%&'()*+$63,-5*6-'7$$F:5$%&5/6-$
(53%:6-&3,<$9*&,-/,*,6/$*,%$&,'-*))*-&3,$/B(/,'/'$&,6):%/$63'-'$435$(5&,-&,2<$-5*,'(35-&,2$*,%$6.*,2&,2$-./$
*%0/5-&'&,2$63(+$3,$3:5$%&'()*+'<$-./$5/)*-/%$)*;35$63'-'<$-./$0&,+)$*,%$(*(/5$63'-'$*,%$-./$63'-'$435$6)/*,&,2$*,%$
9*&,-*&,&,2$3:5$%&'()*+'7$$G&,+)$*,%$(*(/5$63'-'$0*5+$*6635%&,2$-3$-./$639()/B&-+$34$-./$*%0/5-&'&,2$63(+$*,%$-./$
H:*,-&-+$34$%&'()*+'7$$F:5$'&-/$)/*'/$/B(/,'/'$&,6):%/$)/*'/$(*+9/,-'$435$:'/$34$-./$)*,%$:,%/5$3:5$%&'()*+'<$*'$1/))$
*'$*,+$5/0/,:/"'.*5&,2$*55*,2/9/,-'$35$9&,&9:9$2:*5*,-//%$*93:,-'$(*+*;)/$1/$9*+$.*0/$1&-.$-./$)*,%)35%'7$$
C./$-/59'$34$3:5$'&-/$)/*'/'$*,%$5/0/,:/"'.*5&,2$35$9&,&9:9$2:*5*,-//%$63,-5*6-'$2/,/5*))+$5*,2/$4539$I$-3$
JK$+/*5'7$$$
$
>,$3:5$>,-/5,*-&3,*)$;:'&,/''<$9*5=/-$(5*6-&6/'$5/H:&5/$:'$-3$'/))$;&));3*5%'$*,%$'-5//-$4:5,&-:5/$*'$,/-135=$
(*6=*2/'$1&-.$63,-5*6-$-/59'$-+(&6*))+$5*,2&,2$4539$3,/$-3$-13$1//='<$639(*5/%$-3$63,-5*6-$-/59'$-+(&6*))+$5*,2&,2$
4539$L$1//='$-3$3,/$+/*5$&,$-./$@,&-/%$M-*-/'7$$>,$*%%&-&3,<$639(/-&-&0/$;&%%&,2$435$'-5//-$4:5,&-:5/$*,%$-5*,'&-$
63,-5*6-'<$1.&6.$63,'-&-:-/$*$)*52/5$(35-&3,$34$3:5$>,-/5,*-&3,*)$;:'&,/''<$*,%$*$%&44/5/,-$5/2:)*-35+$/,0&53,9/,-$435$
;&));3*5%'<$5/':)-$&,$.&2./5$'&-/$)/*'/$63'-$&,$3:5$>,-/5,*-&3,*)$;:'&,/''$639(*5/%$-3$3:5$!9/5&6*'$;:'&,/''7$$!'$*$
5/':)-<$3:5$9*52&,'$*5/$-+(&6*))+$)/''$&,$3:5$>,-/5,*-&3,*)$;:'&,/''$-.*,$&,$-./$!9/5&6*'7$$$
$
F:5$'-5//-$4:5,&-:5/$*,%$-5*,'&-$%&'()*+$63,-5*6-'<$-./$-/59'$34$1.&6.$5*,2/$4539$N$-3$JK$+/*5'<$2/,/5*))+$
5/H:&5/$:'$-3$9*=/$:(453,-$&,0/'-9/,-'$&,$(53(/5-+<$()*,-$*,%$/H:&(9/,-7$$C./'/$63,-5*6-'$9*+$*)'3$&,6):%/$:(453,-$
)/*'/$(*+9/,-'$*,%O35$9&,&9:9$*,,:*)$2:*5*,-//%$)/*'/$(*+9/,-'7$$P/$6*,$2&0/$,3$*'':5*,6/$-.*-$3:5$6*'.$4)31'$
4539$3(/5*-&3,'$30/5$-./$-/59'$34$-./'/$63,-5*6-'$1&))$/B6//%$-./$:(453,-$*,%$9&,&9:9$5/H:&5/%$(*+9/,-'7$
$
F:5$JKKQ$5/':)-'$34$3(/5*-&3,'$&,6):%/$*$4:))$+/*5$34$-./$5/':)-'$34$3(/5*-&3,'$34$>,-/5'(*6/$!&5(35-$
!%0/5-&'&,2<$35$>,-/5'(*6/<$*,%$3:5$5/':)-'$34$3(/5*-&3,'$435$JKKR$&,6):%/$*$(*5-&*)$+/*5$34$-./$5/':)-'$34$3(/5*-&3,'$34$
>,-/5'(*6/<$1.&6.$1/$*6H:&5/%$&,$S:)+$JKKR7$
$
!"#$%&'()*&+,-&%*,.#"$/,.*$(("#,.'001(&2$%&'(),,
P/$;/6*9/$*$(:;)&6)+$-5*%/%$639(*,+$3,$T30/9;/5$II<$JKK#<$-.53:2.$*,$&,&-&*)$(:;)&6$344/5&,2<$35$>UF<$&,$
1.&6.$1/$'3)%$IKV$34$3:5$63993,$'-36=<$35$N#7K$9&))&3,$'.*5/'$34$3:5$W)*''$!$63993,$'-36=7$$U5&35$-3$3:5$>UF$1/$
1/5/$*,$&,%&5/6-$1.3))+"31,/%$':;'&%&*5+$34$W)/*5$W.*,,/)$W399:,&6*-&3,'7$$W)/*5$W.*,,/)$W399:,&6*-&3,'$
6:55/,-)+$31,'$*))$34$3:5$3:-'-*,%&,2$'.*5/'$34$W)*''$X$63993,$'-36=$5/(5/'/,-&,2$*((53B&9*-/)+$YZV$34$-./$
3:-'-*,%&,2$'.*5/'$34$3:5$63993,$'-36=$*,%$*((53B&9*-/)+$ZZV$34$-./$-3-*)$03-&,2$(31/5$34$3:5$63993,$'-36=7$
$
F,$T30/9;/5$IR<$JKKR<$W)/*5$W.*,,/)$W399:,&6*-&3,'$*25//%$-3$;/$*6H:&5/%$;+$*$253:($34$/H:&-+$4:,%'$
'(3,'35/%$;+$X*&,$W*(&-*)$U*5-,/5'<$[[W$*,%$C.39*'$\7$[//$U*5-,/5'<$[7U7$$F,$M/(-/9;/5$J#<$JKKQ<$W)/*5$W.*,,/)$
W399:,&6*-&3,']$'.*5/.3)%/5'$*((530/%$-./$8/52/5$!25//9/,-7$$C./$6)3'&,2$34$-./$-5*,'*6-&3,$&'$':;^/6-$-3$
6:'-39*5+$6)3'&,2$63,%&-&3,'7$$!'':9&,2$'*-&'4*6-&3,$34$-./$6)3'&,2$63,%&-&3,'<$-./$(*5-&/'$/B(/6-$-3$6)3'/$-./$
9/52/5$;+$-./$/,%$34$-./$4&5'-$H:*5-/5$34$JKKY7$
$
C./5/$*5/$'/0/5*)$*25//9/,-'$1.&6.$230/5,$3:5$5/)*-&3,'.&($1&-.$W)/*5$W.*,,/)$W399:,&6*-&3,'$&,6):%&,2$
-./$W35(35*-/$M/50&6/'$!25//9/,-<$_9()3+//$8*--/5'$!25//9/,-$*,%$C*B$8*--/5'$!25//9/,-7$$W)/*5$W.*,,/)$
W399:,&6*-&3,'$.*'$-./$5&2.-$-3$-/59&,*-/$-./'/$*25//9/,-'$&,$0*5&3:'$6&56:9'-*,6/'7$$!'$34$-./$%*-/$34$-./$4&)&,2$34$
-.&'$5/(35-<$,3$,3-&6/$34$-/59&,*-&3,$34$*,+$34$-./'/$*25//9/,-'$.*'$;//,$5/6/&0/%$4539$W)/*5$W.*,,/)$
W399:,&6*-&3,'7$$
$
>,$*6635%*,6/$1&-.$-./$8*'-/5$!25//9/,-<$3:5$;5*,6.$9*,*2/5'$43))31$*$635(35*-/$(3)&6+$*))31&,2$W)/*5$
W.*,,/)$W399:,&6*-&3,'$-3$:'/<$1&-.3:-$6.*52/<$!9/5&6*']$%&'()*+'$-./+$;/)&/0/$13:)%$3-./51&'/$;/$:,'3)%7$$F:5$
!"#$
%&'(%$)(*%+,,('$*(-(./($)&*0.&'$*(/(,1($-*(2.0$3+*$04&0$1%&5($3+*$-+6)(,%&0.+,$)1*)+%(%7$$84.%$)&*0.&'$*(/(,1($-*(2.0$.%$,+0$.,-'12(2$.,$+1*$*()+*0(2$*(/(,1(7$$9'(&*$94&,,('$9+661,.-&0.+,%$:(&*%$04($-+%0$+3$)*+21-.,5$04($&2/(*0.%.,5$&,2$;($:(&*$04($-+%0%$+3$.,%0&''.,5$&,2$*(6+/.,5$04.%$&2/(*0.%.,57$$<,$=>>?@$;($(%0.6&0(2$04.%$2.%-+1,0(2$*(/(,1($;+1'2$4&/($:((,$'(%%$04&,$AB$+3$+1*$!6(*.-&%$*(/(,1(7$$$!"#$#%&'%()*#*+,",$&+%%
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
J,2(*$04($9+*)+*&0($K(*/.-(%$!5*((6(,0@$9'(&*$94&,,('$9+661,.-&0.+,%$&''+-&0(%$0+$1%$+1*$%4&*($+3$-+%0%$3+*$%(*/.-(%$)*+/.2(2$+,$+1*$:(4&'3$:&%(2$+,$&-01&'$2.*(-0$-+%0%$.,-1**(2$:E$9'(&*$94&,,('$9+661,.-&0.+,%$+*$&,$(%0.6&0($+3$9'(&*$94&,,('$9+661,.-&0.+,%F$(G)(,%(%$.,-1**(2$+,$+1*$:(4&'37$$L+*$04($E(&*%$(,2(2$M(-(6:(*$NA@$=>>?@$=>>#$&,2$=>>O@$;($*(-+*2(2$&))*+G.6&0('E$P=>7N$6.''.+,@$P=Q7N$6.''.+,$&,2$PA#7>$6.''.+,@$*(%)(-0./('E@$&%$&$-+6)+,(,0$+3$-+*)+*&0($(G)(,%(%$3+*$04(%($%(*/.-(%7$$$
H($:('.(/($04($&%%16)0.+,%$1,2(*'E.,5$04($-+6:.,(2$3.,&,-.&'$%0&0(6(,0%$)*.+*$0+$04($<DC$&*($*(&%+,&:'(7$$R+;(/(*@$04($-+6:.,(2$3.,&,-.&'$%0&0(6(,0%$6&E$,+0$,(-(%%&*.'E$*(3'(-0$+1*$*(%1'0%$+3$+)(*&0.+,%@$3.,&,-.&'$)+%.0.+,$&,2$-&%4$3'+;%$.,$04($3101*($+*$;4&0$+1*$*(%1'0%$+3$+)(*&0.+,%@$3.,&,-.&'$)+%.0.+,$&,2$-&%4$3'+;%$;+1'2$4&/($:((,$4&2$;($+)(*&0(2$&%$&$%()&*&0(@$%0&,2"&'+,($-+6)&,E$21*.,5$04($)(*.+2%$)*(%(,0(27$$$-.")*/!"#*0%("12*+,#%
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
$
84($3+''+;.,5$0&:'($2(0&.'%$-+6)(,%&0.+,$-+%0%$*('&0(2$0+$%4&*(":&%(2$)&E6(,0%$3+*$04($E(&*%$(,2(2$M(-(6:(*$NA@$=>>?$&,2$=>>#Y$
$
01.*/"23(#.)(4* Z(&*$[,2(2$M(-(6:(*$NA@$
! =>>?$ =>>#$
M.*(-0$+)(*&0.,5$(G)(,%(%$ P$ #@\OA$ P$ Q@N=]$
K(''.,5@$5(,(*&'$&,2$&26.,.%0*&0./($(G)(,%(%$ =@#]=$ A@#]N$
9+*)+*&0($(G)(,%(%$ ON]$ ]]$
8+0&'$%4&*(":&%(2$)&E6(,0%$ P$ A>@A?A$ P$ #@>\\$
%
% %
!"#$
!"#$%&#'()'(*"!+&,(-#'
./01/2345674'504'./893074'!71:261'/;'(<7=563/01'
%&'$()**)+,-.$/01*'$234405,6'2$)35$&,2/)5,70*$5'23*/2$)($)8'50/,)-29$$
!"#$%&'()*#+),$ :'05$;-<'<$='7'41'5$>?@$ A$B&0-.'$
! CDD#$ CDDE$ CDDF$CDD#$GH$CDDE$
CDDE$GH$CDDF$
I'G'-3'$ J$>@CK?@K>E$ J$C@KL#@#C?$ J$C@EEE@D#K$ ?>A$ LA$
M8'50/,-.$'N8'-2'29$ ! ! ! ! !
=,5'7/$)8'50/,-.$'N8'-2'2$ ?@#>O@KOF$ ?@F?O@KOC$ ?@ODF@#FK$ ?FA$ KA$P'**,-.@$.'-'50*$0-<$0<4,-,2/50/,G'$'N8'-2'2$ F>#@LLO$ OKE@LLO$ O#K@>O>$ ?DA$ CA$
='85'7,0/,)-$0-<$04)5/,60/,)-$ >LL@OK>$ OD#@#>D$ ODD@E>L$ QCAR$ CA$
B)58)50/'$'N8'-2'2$ EE@DKD$ EF@FOC$ E?@DLE$ ?A$ #A$
S0,-$)-$<,28)2,/,)-$)($022'/2T$-'/$ ??@KCO$ CC@KOE$ >@OKK$ QOKAR$ FFFA$
M8'50/,-.$,-7)4'$ FFF@CFK$ OOF@OFL$ >C>@#>D$ CFA$ >KA$U-/'5'2/$'N8'-2'$Q,-7*3<,-.$,-/'5'2/$)-$<'1/$+,/&$B*'05$B&0--'*$B)443-,70/,)-2R$ ?F#@KK?$ ?EC@FK>$ ?LK@>FO$ $ $;V3,/W$,-$'05-,-.2$)($-)-7)-2)*,<0/'<$0((,*,0/'2$ O@ODC$ #@OED$ L@KOO$ $ $
M/&'5$,-7)4'$Q'N8'-2'RT$-'/$ ?D@??>$ >>?$ Q?C@CL?R$ $ $U-7)4'$1'()5'$,-7)4'$/0N'2$0-<$4,-)5,/W$,-/'5'2/$ O??@KLC$ CLD@EE#$ ?CC@LCL$ $ $
U-7)4'$/0N$Q'N8'-2'R$1'-'(,/9$ $ $ $ $ $
B355'-/$ Q???@#CER$ QKC@FF>R$ QF?@?#>R$ $ $
='('55'<$ Q>O@L?FR$ Q>L@FC#R$ F@EKL$ $ $
U-7)4'$/0N$Q'N8'-2'R$1'-'(,/$ Q?OE@EO?R$ Q?CC@DKDR$ QOF@OKOR$ $ $
X,-)5,/W$,-/'5'2/$'N8'-2'T$-'/$ ?L@CE?$ ?F@F?F$ ?F@K#C$ $ $
Y'/$,-7)4'$ J$ COF@LLD$ J$ ?F>@D#C$ J$ E?@F#>$ $ $$!"#"$%"&
M35$5'G'-3'$,-75'02'<$0885)N,40/'*W$J>KOH?$4,**,)-@$)5$?>A@$<35,-.$CDD#$02$7)4805'<$/)$CDDEH$$M35$U-/'5-0/,)-0*$5'G'-3'$,-75'02'<$JCODHO$4,**,)-@$,-7*3<,-.$0885)N,40/'*W$J?>>H>$4,**,)-$5'*0/'<$/)$4)G'4'-/2$,-$()5',.-$'N7&0-.'$0-<$/&'$5'40,-<'5$022)7,0/'<$+,/&$.5)+/&$075)22$,-G'-/)5W$70/'.)5,'2H$$M35$!4'5,702$5'G'-3'$,-75'02'<$J?O>H#$4,**,)-$<5,G'-$1W$,-75'02'2$,-$13**'/,-@$2/5''/$(35-,/35'@$0,58)5/2$0-<$/0N,$<,28*0W$5'G'-3'2$02$+'**$02$J>CH?$4,**,)-$(5)4$U-/'52807'H$$$$
M35$5'G'-3'$,-75'02'<$0885)N,40/'*W$JC>?HE$4,**,)-@$)5$LA@$<35,-.$CDDE$02$7)4805'<$/)$CDDFH$$M35$!4'5,702$2'.4'-/Z2$5'G'-3'$,-75'02'<$J?CFHD$4,**,)-$(5)4$0-$,-75'02'$,-$5'G'-3'$075)22$)35$<,28*0W2$02$+'**$02$/&'$07V3,2,/,)-$)($U-/'52807'$+&,7&$7)-/5,13/'<$0885)N,40/'*W$J>DHC$4,**,)-$/)$5'G'-3'$,-$CDDEH$$M35$U-/'5-0/,)-0*$2'.4'-/$7)-/5,13/'<$J?DEH#$4,**,)-@$+&,7&$,-7*3<'2$0885)N,40/'*W$JOOHL$4,**,)-$<35,-.$/&'$(,52/$2,N$4)-/&2$)($CDDE$5'*0/'<$/)$)35$7)-2)*,<0/,)-$)($B*'05$X'<,0$[,4,/'<@$0$B&,-'2'$)3/<))5$0<G'5/,2,-.$7)480-WH$$U-$\3*W$CDDF@$+'$,-75'02'<$)35$,-G'2/4'-/$,-$B*'05$X'<,0$/)$0$40])5,/W$7)-/5)**,-.$,-/'5'2/H$$^'$85'G,)32*W$077)3-/'<$()5$/&,2$,-G'2/4'-/$02$0-$'V3,/W$4'/&)<$,-G'2/4'-/H$$U-75'02'<$2/5''/$(35-,/35'$5'G'-3'$0*2)$7)-/5,13/'<$/)$)35$U-/'5-0/,)-0*$5'G'-3'$.5)+/&H$$M35$CDDE$5'G'-3'$,-75'02'<$J?#HO$4,**,)-$<3'$/)$4)G'4'-/2$,-$()5',.-$'N7&0-.'H$$'()"*+&,-").+($/&01-"$2"2&
=,5'7/$)8'50/,-.$'N8'-2'2$,-75'02'<$JCCDHD$4,**,)-$()5$CDD#$7)4805'<$/)$CDDEH$$U-/'5-0/,)-0*$<,5'7/$)8'50/,-.$'N8'-2'2$,-75'02'<$J?E>HK$4,**,)-$85,-7,80**W$(5)4$JKKHD$4,**,)-$5'*0/'<$/)$4)G'4'-/2$,-$()5',.-$'N7&0-.'H$$!4'5,702$<,5'7/$)8'50/,-.$'N8'-2'2$,-75'02'<$JFEHC$4,**,)-$85,405,*W$0//5,13/01*'$/)$,-75'02'<$2,/'$*'02'$'N8'-2'2$022)7,0/'<$+,/&$-'+$7)-/507/2$0-<$/&'$,-75'02'$,-$/50-2,/$5'G'-3'$02$+'**$02$0885)N,40/'*W$J?OHL$4,**,)-$(5)4$U-/'52807'H$$$ $
!"#$
%&'()*$+,('-*&./$(0,(.1(1$&.)'(-1(2$345674$8&99&+.$:+'$;55<$)+8,-'(2$*+$;55=7$$!8('&)-1$2&'()*$+,('-*&./$(0,(.1(1$&.)'(-1(2$3>?7#$8&99&+.$2'&@(.$AB$&.)'(-1(2$1&*($9(-1($(0,(.1(1$-11+)&-*(2$C&*D$*D($&.)'(-1($&.$'(@(.E($-.2$*D($-)FE&1&*&+.$+:$G.*('1,-)($CD&)D$)+.*'&AE*(2$34?75$8&99&+.$*+$2&'()*$+,('-*&./$(0,(.1(1$&.$;55<7$$HE'$G.*('.-*&+.-9$1(/8(.*$)+.*'&AE*(2$3<=7;$8&99&+.I$+:$CD&)D$34#75$8&99&+.$2E'&./$*D($:&'1*$1&0$8+.*D1$+:$;55<$'(9-*(2$*+$+E'$)+.1+9&2-*&+.$+:$J9(-'$K(2&-$-.2$*D($'(8-&.2('$C-1$,'&.)&,-99B$2E($*+$-.$&.)'(-1($&.$1&*($9(-1($(0,(.1(17$$G.)9E2(2$&.$+E'$2&'()*$+,('-*&./$(0,(.1($/'+C*D$C-1$3457<$8&99&+.$:'+8$&.)'(-1(1$&.$:+'(&/.$(0)D-./(7$$LD-'("A-1(2$,-B8(.*1$&.)9E2(2$&.$2&'()*$+,('-*&./$(0,(.1(1$-11+)&-*(2$C&*D$*D($-2+,*&+.$+:$M!L$4;?NOP$C('($3>7?$8&99&+.$:+'$;55<7$$!"##$%&'()"%"*+#(+%,(-,.$%$/0*+0$1"(234"%/"/(5!)6-7(
LQR!$&.)'(-1(2$3=475$8&99&+.$2E'&./$;55S$)+8,-'(2$*+$;55<7$$G.*('.-*&+.-9$LQR!$(0,(.1(1$&.)'(-1(2$3?476$8&99&+.$,'&8-'&9B$'(9-*(2$*+$8+@(8(.*1$&.$:+'(&/.$(0)D-./(7$$!8('&)-1$LQR!$(0,(.1(1$&.)'(-1(2$34674$8&99&+.$8+1*9B$-**'&AE*-A9($*+$1-9(1$(0,(.1(1$-11+)&-*(2$C&*D$*D($&.)'(-1($&.$'(@(.E($-.2$3<7S$8&99&+.$:'+8$G.*('1,-)(7$$$$
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
%(,'()&-*&+.$-.2$-8+'*&U-*&+.$2()'(-1(2$3#7;$8&99&+.$&.$;55S$-1$)+8,-'(2$*+$;55<7$$VD($2()'(-1($C-1$,'&8-'&9B$2E($*+$-$'(2E)*&+.$&.$-8+'*&U-*&+.$:'+8$G.*('.-*&+.-9$)+.*'-)*1I$,-'*&-99B$+::1(*$AB$-.$&.)'(-1($:'+8$G.*('1,-)($-.2$*D($(::()*1$+:$:+'(&/.$(0)D-./(7$$
%(,'()&-*&+.$-.2$-8+'*&U-*&+.$&.)'(-1(2$3S74$8&99&+.$&.$;55<$-1$)+8,-'(2$*+$;55=7$$VD($&.)'(-1($&1$,'&8-'&9B$-**'&AE*-A9($*+$*D($)+.1+9&2-*&+.$+:$J9(-'$K(2&-$-.2$*D($-)FE&1&*&+.$+:$G.*('1,-)(I$,-'*&-99B$+::1(*$AB$-$2()'(-1($&.$2(,'()&-*&+.$-1$-$'(1E9*$+:$:(C('$2&1,9-B$'(8+@-91$&.$;55<$CD&)D$'(1E9*(2$&.$9(11$-))(9('-*(2$2(,'()&-*&+.7$$<:*4:*+0"(234"%/"/(
J+',+'-*($(0,(.1(1$C('($)+8,-'-A9($&.$;55S$-1$)+8,-'(2$*+$;55<7$$J+',+'-*($(0,(.1(1$&.)'(-1(2$3>7>$8&99&+.$&.$;55<$-1$)+8,-'(2$*+$;55=7$$VD($&.)'(-1($C-1$-$'(1E9*$+:$D&/D('$,(':+'8-.)($'(9-*(2$A+.E1$(0,(.1($-.2$-22&*&+.-9$+E*1&2($,'+:(11&+.-9$1('@&)(1$,'&8-'&9B$:'+8$)+1*1$'(9-*(2$*+$*D($:&'1*$:E99$B(-'$-1$-$,EA9&)$J+8,-.B7$$$$
J9(-'$JD-..(9$J+88E.&)-*&+.1$,'+@&2(1$8-.-/(8(.*$1('@&)(1$*+$E1I$CD&)D$&.)9E2(I$-8+./$+*D('$*D&./1I$N&P$*'(-1E'BI$,-B'+99$-.2$+*D('$:&.-.)&-9$'(9-*(2$1('@&)(1I$N&&P$(0()E*&@($+::&)('$1('@&)(1I$N&&&P$DE8-.$'(1+E')(1$-.2$(8,9+B(($A(.(:&*1$1('@&)(1I$N&@P$9(/-9I$,EA9&)$-::-&'1$-.2$'(9-*(2$1('@&)(1I$N@P$&.:+'8-*&+.$1B1*(81I$.(*C+'W$-.2$'(9-*(2$1('@&)(1I$N@&P$&.@(1*8(.*$1('@&)(1I$N@&&P$,'+)E'(8(.*$-.2$1+E')&./$1E,,+'*$1('@&)(1I$-.2$N@&&&P$+*D('$/(.('-9$)+',+'-*($1('@&)(17$$VD(1($1('@&)(1$-'($-99+)-*(2$*+$E1$A-1(2$+.$-)*E-9$2&'()*$)+1*1$&.)E''(2$+'$+.$J9(-'$JD-..(9$J+88E.&)-*&+.1X$(1*&8-*($+:$(0,(.1(1$'(9-*&@($*+$-$1(-1+.-99B$-2YE1*(2$D(-2)+E.*7$$M+'$*D($B(-'1$(.2(2$%()(8A('$?4I$;55SI$;55<I$-.2$;55=I$C($'()+'2(2$-,,'+0&8-*(9B$3;57?$8&99&+.I$3;>7?$8&99&+.I$-.2$34<75$8&99&+.I$'(1,()*&@(9BI$-1$-$)+8,+.(.*$+:$)+',+'-*($(0,(.1(1$:+'$*D(1($1('@&)(17$$$$)+$%(:%(0="(8$/4:/$0$:%(:>(-//"0/(?(@"0(
VD($/-&.$+.$2&1,+1&*&+.$+:$-11(*1$Z$.(*$+:$3447#$8&99&+.$:+'$*D($B(-'$(.2(2$%()(8A('$?4I$;55SI$,'&8-'&9B$'(9-*(2$*+$-.$3#76$8&99&+.$/-&.$:'+8$*D($1-9($+:$1*'((*$:E'.&*E'($-11(*1$-.2$9-.2$&.$+E'$G.*('.-*&+.-9$1(/8(.*7$$$
$
!"#$
%&'$()*+$,+$-*./,.*0*,+$,1$)..'0.$2$+'0$,1$34456$7*88*,+$1,9$0&'$:')9$'+-'-$;'<'7='9$>?@$4AAB@$/9*7)9*8:$9'8)0'-$0,$)$3?>54$7*88*,+$()*+$*+$,C9$!7'9*<).$.'(7'+0$19,7$0&'$'D<&)+('$,1$)..'0.$*+$,+'$,1$,C9$7)9E'0.$1,9$0&'$)..'0.$,1$)$0&*9-$/)90:$8,<)0'-$*+$)$-*11'9'+0$7)9E'05$$$
$!"#$%$&#'()*$"&$'+!",-./0"1'!"#$%$&#'2"'3$4#'50#6'7-$8%'768""$-'7299."0,8#02"&:'
F+0'9'.0$'D/'+.'$-'<9').'-$3G5H$7*88*,+$-C9*+($4AAH$).$<,7/)9'-$0,$4AAB@$/9*7)9*8:$).$)$9'.C80$,1$)$-'<8*+'$*+$0&'$)I'9)('$-'=0$=)8)+<'$-C9*+($0&'$/'9*,-5$
$F+0'9'.0$'D/'+.'$-'<9').'-$3>J56$7*88*,+$-C9*+($4AAB$).$<,7/)9'-$0,$4AAJ@$/9*7)9*8:$).$)$9'.C80$,1$)$
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
$F1$0&'$/9,/,.'-$7'9('9$09)+.)<0*,+$='0M''+$Q8')9$Q&)++'8$Q,77C+*<)0*,+.$)+-$/9*I)0'$'TC*0:$1C+-.$
./,+.,9'-$=:$U)*+$Q)/*0)8$K)90+'9.@$VVQ$)+-$%&,7).$W5$V''$K)90+'9.$V5K5$*.$<,+.C77)0'-@$M'$'D/'<0$*+0'9'.0$'D/'+.'$M*88$*+<9').'5$$;#6$%'!",29$'+()*$"&$:'<'=$#'
L0&'9$*+<,7'$2$+'0$,1$3?A5?$7*88*,+$)+-$3A5>$7*88*,+$1,9$0&'$:')9.$'+-'-$;'<'7='9$>?@$4AAH$)+-$4AAB@$9'./'<0*I'8:@$9'8)0'.$/9*7)9*8:$0,$1,9'*(+$'D<&)+('$()*+.5$$$!",29$'>8)$&'
LC9$,/'9)0*,+.$)9'$*+<8C-'-$*+$)$<,+.,8*-)0'-$*+<,7'$0)D$9'0C9+$1*8'-$=:$Q8')9$Q&)++'8$Q,77C+*<)0*,+.5$$W,M'I'9@$1,9$,C9$1*+)+<*)8$.0)0'7'+0.@$,C9$/9,I*.*,+$1,9$*+<,7'$0)D'.$M).$<,7/C0'-$,+$0&'$=).*.$0&)0$M'$1*8'$.'/)9)0'$<,+.,8*-)0'-$1'-'9)8$*+<,7'$0)D$9'0C9+.$M*0&$,C9$.C=.*-*)9*'.5$$
LC9$'11'<0*I'$0)D$9)0'$1,9$0&'$:')9$'+-'-$;'<'7='9$>?@$4AAH$M).$>BN5$$%&'$*+<9').'$*+$<C99'+0$0)D$'D/'+.'$,1$34#54$7*88*,+$1,9$0&'$:')9$'+-'-$;'<'7='9$>?@$4AAH$,I'9$4AAB$M).$-C'$/9*7)9*8:$0,$)+$*+<9').'$*+$PF+<,7'$='1,9'$*+<,7'$0)D'.$)+-$7*+,9*0:$*+0'9'.0R$,1$3?4?54$7*88*,+5$$;'1'99'-$0)D$'D/'+.'$-'<9').'-$3G5B$7*88*,+$1,9$0&'$:')9$'+-'-$;'<'7='9$>?@$4AAH$<,7/)9'-$0,$4AAB$/9*7)9*8:$-C'$0,$)--*0*,+)8$-'1'99'-$0)D$'D/'+.'$,1$)//9,D*7)0'8:$3?456$9'<,9-'-$*+$4AAB$9'8)0'-$0,$0&'$1*8*+($,1$)+$)7'+-'-$0)D$9'0C9+5$$%&'$)7'+-7'+0$M).$7)*+8:$-C'$0,$)$9'I*.'-$0)D$8,..$,+$0&'$8*E'$E*+-$'D<&)+('$,1$<'90)*+$)..'0.5$$F+$)--*0*,+@$0&'$<,7/)+:$9'<,9-'-$-'1'99'-$0)D$'D/'+.'$,1$)//9,D*7)0'8:$3?B5H$7*88*,+$*+$4AAB$9'8)0'-$0,$0&'$C+<'90)*+0:$,1$,C9$)=*8*0:$0,$C0*8*X'$<'90)*+$0)D$8,..'.$*+$0&'$1C0C9'$1,9$<'90)*+$*+0'9+)0*,+)8$,/'9)0*,+.5$$%&'$<&)+('.$+,0'-$)=,I'$M'9'$/)90*)88:$,11.'0$=:$)--*0*,+)8$-'1'99'-$0)D$'D/'+.'$,1$)//9,D*7)0'8:$3?#56$7*88*,+$9'<,9-'-$*+$4AAH$).$)$9'.C80$,1$0)D$-'/9'<*)0*,+$'D/'+.'$9'8)0'-$0,$<)/*0)8$'D/'+-*0C9'.$*+$<'90)*+$1,9'*(+$YC9*.-*<0*,+.5$$$$
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
!"#$%
&'(%)**)+,-.)%,/0%(/,)%*1(%,2)%3)/(%)45)5%6)+)78)(%9#:%;$$<%=/>%9?@A%%6'(-4B%;$$<:%,2)%+17C/43%()+1(5)5%/%+'(()4,%,/0%8)4)*-,%1*%/CC(10-7/,)D3%EFA$%7-DD-14%5')%,1%,2)%*/.1(/8D)%()>1D',-14%1*%+)(,/-4%,/0%+14,-4B)4+-)>%-4%;$$<A%%!"#$%&'()*#(+,-()./)01#$'-%.2()
!"#$%&'()*#+),$ G)/(%H45)5%6)+)78)(%9#:% @%I2/4B)%
! ;$$?% ;$$J% ;$$<%;$$?%.A%;$$J%
;$$J%.A%;$$<%
K).)4')% E%#:LF<:$<F% E%#:9L#:9<J% E%#:;#J:9F;% ##@% #$@%
6-()+,%1C)(/,-4B%)0C)4>)>% <M$:<J9% <9L:9J<% LM$:<#M% ##@% M@%
N)DD-4B:%B)4)(/D%/45%/57-4->,(/,-.)%)0C)4>)>% ;;J:LLF% ;$?:9;J% #FJ:?LM% M@% ##@%
6)C()+-/,-14%/45%/71(,-O/,-14% #FM:F<9% #?F:M?$% #F$:<<M% J@% P#@Q%
&C)(/,-4B%-4+17)% E% L?F:#ML% E% L;$:JM<% E% 9<F:<<<% #L@% #?@%
%-../$01$-..2$
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
&'(%!7)(-+/>%5-()+,%1C)(/,-4B%)0C)4>)>%-4+()/>)5%E<JA;%7-DD-14%C(-7/(-D3%*(17%/4%-4+()/>)%1*%ELJAJ%7-DD-14%-4%>-,)%D)/>)%)0C)4>)>%/>>1+-/,)5%=-,2%4)=%+14,(/+,>%/45%,2)%-4+()/>)%-4%/-(C1(,:%>,()),%*'(4-,'()%/45%,/0-%().)4')>A%%S4,)(>C/+)%+14,(-8',)5%E#LAM%7-DD-14%,1%,2)%-4+()/>)A%%&'(%N\]!%)0C)4>)>%-4+()/>)5%E#MA#%7-DD-14%C(-7/(-D3%*(17%814'>%/45%+177->>-14%)0C)4>)>%/>>1+-/,)5%=-,2%,2)%-4+()/>)%-4%().)4')%/45%*(17%S4,)(>C/+):%=2-+2%+14,(-8',)5%/CC(10-7/,)D3%EJA?%7-DD-14%,1%,2)%-4+()/>)A%%
6)C()+-/,-14%/45%/71(,-O/,-14%-4+()/>)5%E#$AM%7-DD-14%5'(-4B%;$$?%+17C/()5%,1%;$$J%C(-7/(-D3%/>>1+-/,)5%=-,2%E<AM%7-DD-14%*(17%S4,)(>C/+)A%%
-..2$01$-..3$
&'(%!7)(-+/>%().)4')%-4+()/>)5%#$@%5'(-4B%;$$J%/>%+17C/()5%,1%;$$<%*(17%().)4')%B(1=,2%/+(1>>%1'(%-4.)4,1(3A%%X)%)0C)(-)4+)5%(/,)%-4+()/>)>%14%71>,%1*%1'(%-4.)4,1(3%=2-D)%1++'C/4+3%()7/-4)5%)>>)4,-/DD3%'4+2/4B)5%5'(-4B%;$$J%/>%+17C/()5%,1%;$$<A%%&'(%/-(C1(,%().)4')%-4+()/>)5%ELLAF%7-DD-14%-4%;$$J%/>%+17C/()5%,1%;$$<%C(-7/(-D3%()D/,)5%,1%E9$A;%7-DD-14%*(17%1'(%/+^'->-,-14%1*%S4,)(>C/+)%-4%_'D3%;$$JA%%K).)4')%B(1=,2%1++'(()5%/+(1>>%81,2%1'(%D/(B)%/45%>7/DD%7/(V),>%>'+2%/>%[-/7-:%N/4%!4,14-1:%N/+(/7)4,1:%!D8'^')(^')%/45%6)>%[1-4)>A%%
6-()+,%1C)(/,-4B%)0C)4>)>%-4+()/>)5%EL9AF%7-DD-14%-4%;$$J%/>%+17C/()5%,1%;$$<%C(-7/(-D3%*(17%/4%-4+()/>)%-4%>-,)%D)/>)%)0C)4>)>%1*%/CC(10-7/,)D3%E9$A;%7-DD-14%/>%=)DD%/>%E9AL%7-DD-14%()D/,)5%,1%,2)%/51C,-14%1*%`!N%#;9PKQA%%S4,)(>C/+)%+14,(-8',)5%E#9A$%7-DD-14%,1%5-()+,%1C)(/,-4B%)0C)4>)>%-4%;$$JA%%&'(%N\]!%)0C)4>)>%-4+()/>)5%E;$AJ%7-DD-14%-4%;$$J%1.)(%;$$<%C(-7/(-D3%*(17%/4%-4+()/>)%-4%814'>%/45%+177->>-14%)0C)4>)>%1*%E?AJ%7-DD-14%()D/,)5%,1%,2)%-4+()/>)%-4%().)4'):%EJA;%7-DD-14%*(17%S4,)(>C/+)%/45%E#A9%7-DD-14%1*%>2/()"8/>)5%C/37)4,>%()D/,)5%,1%,2)%/51C,-14%1*%`!N%#;9PKQA%%%%) )
!"##$
!"#$%"&#'("&)*+$,-)#,*(.*/0$%&#'(",*
!"#$%&'()*#+),$ %&'($)*+&+$,&-&./&($0#1$ 2$34'*5&$
! 6778$ 6779$ 677:$6778$;<$6779$
6779$;<$677:$
=&;&*>&$ ?$#18@9188A$ ?$#1::9109:$ ?$#1BB@19@9$ #:2$ 82$
,C(&-D$EF&('DC*5$&GF&*H&H$ #1#BB16A6$ @A71B88$ @#:160@$ #82$ 82$I&JJC*51$5&*&('J$'*+$'+.C*CHD('DC;&$&GF&*H&H$ 0##1:B9$ 68@199A$ 6@#1:@B$ ##2$ KB2L$
,&F(&-C'DCE*$'*+$'.E(DCM'DCE*$ 67@1907$ 66A1897$ 66717A7$ KA2L$ B2$
NF&('DC*5$C*-E.&$ ?$ #0#1067$ ?$ 981B97$ ?$ 6618A0$ @:2$ #@92$$
-../$01$-..2$
O*D&(*'DCE*'J$(&;&*>&$C*-(&'H&+$?6B7<B$.CJJCE*1$E($#:21$C*$6778$'H$-E.F'(&+$DE$6779<$$O*-J>+&+$C*$D4&$C*-(&'H&$P'H$'FF(EGC.'D&JQ$?#00<0$.CJJCE*$(&J'D&+$DE$.E;&.&*DH$C*$RE(&C5*$&G-4'*5&<$$=&;&*>&$5(EPD4$E-->((&+$'-(EHH$C*;&*DE(Q$-'D&5E(C&H$C*-J>+C*5$/CJJ/E'(+H1$HD(&&D$R>(*CD>(&$'*+$D('*HCD1$+(C;&*$/Q$/ED4$C*-(&'H&+$('D&H$'*+$E-->F'*-Q<$$S(EPD4$P'H$J&+$/Q$C*-(&'H&+$(&;&*>&H$C*$T('*-&1$OD'JQ1$!>HD('JC'1$IF'C*$'*+$34C*'<$$$$
N>($O*D&(*'DCE*'J$+C(&-D$EF&('DC*5$&GF&*H&H$C*-(&'H&+$'FF(EGC.'D&JQ$?#90<A$.CJJCE*$C*$6778$-E.F'(&+$DE$6779<$$O*-J>+&+$C*$D4&$C*-(&'H&$P'H$'FF(EGC.'D&JQ$?AA<7$.CJJCE*$(&J'D&+$DE$.E;&.&*DH$C*$RE(&C5*$&G-4'*5&<$U4&$(&.'C*C*5$C*-(&'H&$C*$+C(&-D$EF&('DC*5$&GF&*H&H$P'H$F(C.'(CJQ$'DD(C/>D'/J&$DE$'*$C*-(&'H&$C*$HCD&$J&'H&$&GF&*H&H$'HHE-C'D&+$PCD4$D4&$C*-(&'H&$C*$(&;&*>&<$$ISV!$&GF&*H&H$C*-(&'H&+$?0#<@$.CJJCE*$C*$6778$E;&($6779$R(E.$'FF(EGC.'D&JQ$?60<B$.CJJCE*$(&J'D&+$DE$.E;&.&*DH$C*$RE(&C5*$&G-4'*5&$'*+$'*$C*-(&'H&$C*$H&JJC*5$&GF&*H&H$'HHE-C'D&+$PCD4$D4&$C*-(&'H&$C*$(&;&*>&<$$!++CDCE*'JJQ1$P&$(&-E(+&+$'$?@<A$.CJJCE*$(&+>-DCE*$DE$ISV!$C*$6779$'H$'$(&H>JD$ER$D4&$R';E('/J&$H&DDJ&.&*D$ER$'$J&5'J$F(E-&&+C*5<$$$$
,&F(&-C'DCE*$'*+$'.E(DCM'DCE*$+&-(&'H&+$?#@<#$.CJJCE*$C*$6778$'H$-E.F'(&+$DE$6779$F(C*-CF'JJQ$R(E.$-E*D('-DH$P4C-4$P&(&$(&-E(+&+$'D$R'C($;'J>&$C*$F>(-4'H&$'--E>*DC*5$C*$F(CE($Q&'(H$'*+$/&-'.&$R>JJQ$'.E(DCM&+$'D$,&-&./&($0#1$6779<$$
-..2$01$-..3$
=&;&*>&$C*$E>($O*D&(*'DCE*'J$H&5.&*D$C*-(&'H&+$82$C*$6779$'H$-E.F'(&+$DE$677:<$$U4&$C*-(&'H&$C*-J>+&H$'FF(EGC.'D&JQ$?BB<@$.CJJCE*$+>(C*5$D4&$RC(HD$HCG$.E*D4H$ER$6779$(&J'D&+$DE$E>($-E*HEJC+'DCE*$ER$3J&'($W&+C'1$P4C-4$P&$/&5'*$-E*HEJC+'DC*5$C*$X>JQ$677:<$$!JHE$-E*D(C/>DC*5$DE$D4&$C*-(&'H&$P'H$'FF(EGC.'D&JQ$?6:<@$.CJJCE*$R(E.$5(EPD4$C*$HD(&&D$R>(*CD>(&$(&;&*>&$'*+$?##<@$.CJJCE*$(&J'D&+$DE$.E;&.&*DH$C*$RE(&C5*$&G-4'*5&1$F'(DC'JJQ$ERRH&D$/Q$'$+&-JC*&$C*$/CJJ/E'(+$(&;&*>&$RE($6779$'H$-E.F'(&+$DE$677:<$$
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
,&F(&-C'DCE*$'*+$'.E(DCM'DCE*$C*-(&'H&+$?A<8$.CJJCE*$C*$6779$'H$-E.F'(&+$DE$677:<$$U4&$C*-(&'H&$CH$F(C.'(CJQ$'DD(C/>D'/J&$DE$D4&$-E*HEJC+'DCE*$ER$3J&'($W&+C'<$$* *
!"#$%
!"#$%#&'&()&$%*$+*,"-."%)*/0"1()&%-*2%#$."*34$556*
!"#$%&'()*#+),$ &'()%*+,',%-'.'/0')%1#2%
! $334% $335% $336%
!/')7.(8% 9% :4;2#<:% 9% :$325<6% 9% 16;2666%
=+>')+(>7?+(@% #1#21$3% 542:53% $$24;1%
A?)B?)(>'% C5523;3D% C5626:$D% C5#23<5D%
E(7+%?+%,78B?87>7?+%?F%(88'>8%G%+'>% ##2;$:% $$2;:5% 12:;;%
A?+8?@7,(>',%(+,%.?/07+',%?B')(>7+H%7+.?/'% 9% 6662$6;% 9% ::62:6<% 9% 1$12413%
%%72898:294*:/8;2<2/8*98;*42=>2;2<?*
:'"(1*:@(%%"'*:$..A%&#()&$%5B*9-1""."%)*(%C*D'(%*$+*E"1-"1*
A@'()%AI(++'@%A?//J+7.(>7?+8K%.(B7>(@7L(>7?+2%@7MJ7,7>N%(+,%.(B7>(@%)'8?J).'8%O7@@%.I(+H'%8J08>(+>7(@@N%7F%>I'7)%!H)''/'+>%(+,%P@(+%?F%Q')H')%78%.?+8J//(>',R%%SB?+%>I'%.@?87+H%?F%>I'%/')H')2%A@'()%AI(++'@%A?//J+7.(>7?+8%O7@@%0'%I7HI@N%@'T')(H',R%%!%,'>')7?)(>7?+%7+%>I'%F7+(+.7(@%.?+,7>7?+%?F%A@'()%AI(++'@%A?//J+7.(>7?+8%.?J@,%7+.)'(8'%?J)%0?))?O7+H%.?8>8%?)%7/B(7)%?J)%(..'88%>?%>I'%.(B7>(@%/()U'>8%0'.(J8'%?F%?J)%)'@7(+.'%?+%A@'()%AI(++'@%A?//J+7.(>7?+8%F?)%(T(7@(07@7>N%J+,')%7>8%)'T?@T7+H%.)',7>%F(.7@7>NR%%=F%>I'%/')H')%78%.?+8J//(>',%O'%/(N%+?%@?+H')%0'%(0@'%>?%(..'88%A@'()%AI(++'@%A?//J+7.(>7?+8K%)'T?@T7+H%.)',7>%F(.7@7>N2%7+%OI7.I%'T'+>%O'%/(N%'+>')%7+>?%(%+'O%.)',7>%F(.7@7>NR%%S+,')%?J)%Q(8>')%!H)''/'+>%O7>I%A@'()%AI(++'@%A?//J+7.(>7?+8%(+,%>I'%9$R6%07@@7?+%+?>'%B(N(0@'%>?%A@'()%AI(++'@%A?//J+7.(>7?+82%O'%()'%@7/7>',%7+%?J)%0?))?O7+H%F)?/%>I7),%B()>7'8%>?%+?%/?)'%>I(+%9:33R3%/7@@7?+R%%V'%'WB'.>%>I'%7+>')'8>%)(>'%(88?.7(>',%O7>I%(%+'O%F(.7@7>N%O?J@,%0'%H)'(>')%>I(+%>I'%)(>'%O'%.J))'+>@N%()'%.I()H',R%%=+%(,,7>7?+2%>I'%7+>')'8>%)(>'%O'%B(N%?+%?J)%9$R6%07@@7?+%B)?/788?)N%+?>'%78%0(8',%?+%>I'%O'7HI>',%(T')(H'%.?8>%?F%,'0>%F?)%A@'()%AI(++'@%A?//J+7.(>7?+8%OI7.I%O'%'WB'.>%>?%7+.)'(8'%7F%>I'%B)?B?8',%/')H')%>)(+8(.>7?+%78%.?+8J//(>',R%%=F%>I(>%.?8>%7+.)'(8'82%OI'>I')%(8%(%)'8J@>%?F%>I'%.?+8J//(>7?+%?F%>I'%/')H')%?)%(%,'>')7?)(>7?+%7+%>I'%F7+(+.7(@%.?+,7>7?+%?F%A@'()%AI(++'@%A?//J+7.(>7?+82%?J)%0?))?O7+H%.?8>8%(@8?%O7@@%7+.)'(8'R%%X?%>I'%'W>'+>%O'%.(++?>%B(88%?+%?J)%7+.)'(8',%0?))?O7+H%.?8>8%>?%?J)%.@7'+>82%?J)%B)?F7>(07@7>N2%(+,%B?>'+>7(@@N%?J)%(07@7>N%>?%)(78'%.(B7>(@2%.?J@,%0'%/(>')7(@@N%(FF'.>',R%%%
%!@8?2%8?%@?+H%(8%A@'()%AI(++'@%A?//J+7.(>7?+8%/(7+>(7+8%(%87H+7F7.(+>%7+>')'8>%7+%J82%BJ)8J(+>%>?%>I'%
Q(8>')%!H)''/'+>%0'>O''+%A@'()%AI(++'@%A?//J+7.(>7?+8%(+,%J82%A@'()%AI(++'@%A?//J+7.(>7?+8%O7@@%I(T'%>I'%(07@7>N%>?%@7/7>%?J)%(07@7>N%>?%7+.J)%,'0>%?)%788J'%'MJ7>N%8'.J)7>7'82%OI7.I%.?J@,%(,T')8'@N%(FF'.>%?J)%(07@7>N%>?%/''>%?J)%@7MJ7,7>N%+'',8R%%%*
:(5@*7'$F5*
XI'%F?@@?O7+H%>(0@'%8J//()7L'8%?J)%I78>?)7.(@%.(8I%F@?O8Y%%
!"#$%&'()*#+),$ &'()%*+,',%-'.'/0')%1#2%
! $334% $335% $336%
A(8I%B)?T7,',%0N%CJ8',%7+DY% % % %
ZB')(>7+H%(.>7T7>7'8% 9% 5<:2:13% 9% 61;26:#% 9% 6#323;;%
=+T'8>7+H%(.>7T7>7'8% 9% C165215;D 9% C:;<23#3D% 9% C15#214#D%
[7+(+.7+H%(.>7T7>7'8% 9% C136246#D 9% C612#56D% 9% C442663D%%!"#$%&'()*+,&'-'&'#.*
-../$
\'>%.(8I%F@?O%F)?/%?B')(>7+H%(.>7T7>7'8%?F%95<:R:%/7@@7?+%F?)%$334%B)7/()7@N%)'F@'.>8%+'>%7+.?/'%?F%9$:5R3%/7@@7?+%(+,%,'B)'.7(>7?+%(+,%(/?)>7L(>7?+%?F%91<<R6%/7@@7?+R%%\'>%.(8I%F@?O8%F)?/%?B')(>7+H%(.>7T7>7'8%(@8?%)'F@'.>8%(+%7+.)'(8'%?F%9#14R1%/7@@7?+%7+%(..?J+>8%)'.'7T(0@'%(8%(%)'8J@>%?F%>I'%7+.)'(8'%7+%)'T'+J'%(+,%(+%7+.)'(8'%?F%9<1R:%/7@@7?+%7+%(..?J+>8%B(N(0@'2%(..)J',%'WB'+8'8%(+,%?>I')%@7(07@7>7'8R%%
!"#$%
!""#$
&'(%)*+,%-./0%-1/2%/3'1*(456%*)(474(4'+%/-%89$:;9%24..4/5%-/1%<==>%3145)43*..?%1'-.')(+%5'(%45)/2'%/-%8#9$;#%24..4/5%*5@%@'31')4*(4/5%*5@%*2/1(4A*(4/5%/-%8B=C;C%24..4/5;%%&'(%)*+,%-./0+%-1/2%/3'1*(456%*)(474(4'+%*.+/%1'-.')(+%*5%45)1'*+'%/-%8#=#;$%24..4/5%45%*))/D5(+%1')'47*E.'%*+%*%1'+D.(%/-%(,'%45)1'*+'%45%1'7'5D'%*5@%*5%45)1'*+'%/-%8>9;B%24..4/5%45%*))/D5(+%3*?*E.'F%*))1D'@%'G3'5+'+%*5@%/(,'1%.4*E4.4(4'+;%%
!""%$
&'(%)*+,%-./0%-1/2%/3'1*(456%*)(474(4'+%/-%89#=;#%24..4/5%-/1%(,'%?'*1%'5@'@%H')'2E'1%$#F%<==9%3145)43*..?%1'-.')(+%5'(%45)/2'%/-%8>#;>%24..4/5%*5@%@'31')4*(4/5%*5@%*2/1(4A*(4/5%/-%8B==;>%24..4/5;%%&'(%)*+,%-./0+%-1/2%/3'1*(456%*)(474(4'+%*.+/%1'-.')(+%@')1'*+'+%45%/(,'1%)D11'5(%*++'(+F%*))/D5(+%3*?*E.'%*5@%@'-'11'@%45)/2';%%I,'+'%@')1'*+'+%0'1'%3*1(4*..?%/--+'(%E?%45)1'*+'+%45%*))/D5(+%1')'47*E.'F%31'3*4@%'G3'5+'+%*5@%*))1D'@%45)/2'%(*G'+;%%!"#$%&'"()*+&'#'&'$%)
!""&$
&'(%)*+,%D+'@%45%457'+(456%*)(474(4'+%/-%8$9>;B%24..4/5%-/1%<==C%4+%3142*14.?%1'.*('@%(/%)*34(*.%'G3'5@4(D1'+%/-%8<C9;C%24..4/5%1'.*('@%(/%3D1),*+'+%/-%31/3'1(?F%3.*5(%*5@%'JD432'5(%*5@%8>K;#%24..4/5%1'.*('@%(/%*)JD4+4(4/5+%/-%/3'1*(456%*++'(+;%%
!""#$
&'(%)*+,%D+'@%45%457'+(456%*)(474(4'+%/-%8B:K;=%24..4/5%-/1%<==>%3145)43*..?%1'-.')(+%)*34(*.%'G3'5@4(D1'+%/-%8<$$;K%24..4/5%1'.*('@%(/%3D1),*+'+%/-%31/3'1(?F%3.*5(%*5@%'JD432'5(%*5@%8<B<;B%24..4/5%1'.*('@%(/%*)JD4+4(4/5+%/-%/3'1*(456%*++'(+;%%
!""%$
&'(%)*+,%D+'@%45%457'+(456%*)(474(4'+%/-%8$>#;B%24..4/5%-/1%(,'%?'*1%'5@'@%H')'2E'1%$#F%<==9%3145)43*..?%1'-.')(+%)*34(*.%'G3'5@4(D1'+%/-%8<=:;<%24..4/5%1'.*('@%(/%3D1),*+'+%/-%31/3'1(?F%3.*5(%*5@%'JD432'5(%*5@%8KK;>%24..4/5%1'.*('@%(/%*)JD4+4(4/5+%/-%/3'1*(456%*++'(+;%%,'"-"+'"()*+&'#'&'$%)
!""&$
&'(%)*+,%D+'@%45%-45*5)456%*)(474(4'+%/-%8$=9;:%24..4/5%-/1%<==C%4+%3142*14.?%1'.*('@%(/%(,'%5'(%(1*5+-'1%/-%)*+,%(/%L.'*1%L,*55'.%L/22D54)*(4/5+%/-%8$=<;K%24..4/5;%%
!""#$
&'(%)*+,%D+'@%45%-45*5)456%*)(474(4'+%/-%89$;<%24..4/5%-/1%<==>%3145)43*..?%1'-.')(+%5'(%1'@D)(4/5+%45%@'E(%/-%89K;C%24..4/5;%
%!""%$
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
S'%'G3')(%(/%-D5@%*5(4)43*('@%)*+,%1'JD41'2'5(+%T45).D@456%3*?2'5(+%/-%3145)43*.%*5@%45('1'+(%/5%/D(+(*5@456%45@'E('@5'++%*5@%)/224(2'5(+F%*)JD4+4(4/5+%*5@%*5(4)43*('@%)*34(*.%'G3'5@4(D1'+U%-/1%(,'%-/1'+''*E.'%
!"#$%
&'(')*%+,(-%./0-%&12+0%&)23%24*)/(,2506%72))2+,58%'59*)%(-*%./0-%3/5/8*3*5(%52(*%+,(-%:1*/)%:-/55*1%:233'5,./(,2506%/59%;/),2'0%*<(*)5/11=%8*5*)/(*9%&'590>%%%!"#$"%"&'(
!"#$%&'(")(*+,-.+/(
!0%2&%?*.*37*)%@#6%ABBC%/59%ABBD6%+*%-/9%(-*%&2112+,58%9*7(%2'(0(/59,586%./0-%/59%./0-%*E',;/1*5(0%/59%/32'5(0%9'*%(2%/59%9'*%&)23%:1*/)%:-/55*1%:233'5,./(,250F%%
!"#$%&''&(#)*$ G*/)%H59*9%?*.*37*)%@#6%
! ABBC% ABBD%
I/5J%.)*9,(%&/.,1,(=% K% LB>B% K% A@>M%
?*7(%+,(-%:1*/)%:-/55*1%:233'5,./(,250% A6MBB>B% A6MBB>B%
N(-*)%1258"(*)3%9*7(% #BA>B% #DB>C%
?'*%(2%:1*/)%:-/55*1%:233'5,./(,250% O% $>A%
P2(/1%9*7(% A6DLA>B% A6DLL>$%
Q*00F%:/0-%/59%./0-%*E',;/1*5(0% #@$>R% #BM>$%
Q*00F%?'*%&)23%:1*/)%:-/55*1%:233'5,./(,250% ADM>$% O%
% K% A6AL#>C% K% A6ML@>B%
%+,#-$./01&2$3,4&'&25$$$
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
6072$8&29$.'0,/$.9,##0'$.(%%:#&4,2&(#)$
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
V51,J*%(-*%3/5/8*3*5(%2&%./0-%&)23%2')%V>]>%7/0*9%24*)/(,2506%(-*%/32'5(%2&%./0-6%,&%/5=6%+-,.-%,0%()/50&*))*9%&)23%2')%&2)*,85%24*)/(,250%(2%:1*/)%:-/55*1%:233'5,./(,250%,0%9*(*)3,5*9%25%/%7/0,0%3'('/11=%/8)**/71*%(2%'0%/59%:1*/)%:-/55*1%:233'5,./(,2506%/59%52(%25%/%4)*"9*(*)3,5*9%7/0,0>%%S5%/)),;,58%/(%0'.-%3'('/1%
!"#$%
&'())*)+,-%,.)%()&/0+&123%40()/))&12)%5&/.%+))6/%04%07(%40()8'+%09)(&,80+/%&()%):&27&,)6%1)40()%&%5&/.%&*07+,%8/%50+/86)()6%&/%&+%);5)//%0(%/7(927/%&*07+,%40(%,(&+/4)(%,0%<2)&(%<.&++)2%<0**7+85&,80+/=%%%
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
>7(%A0(K8+'%5&98,&2%()D78()*)+,/%&+6%5&98,&2%40(%')+)(&2%50(90(&,)%97(90/)/-%8+52768+'%&5D78/8,80+/%&+6%5&98,&2%);9)+68,7()/-%*&3%1)%9(0:86)6%,0%7/%13%<2)&(%<.&++)2%<0**7+85&,80+/-%8+%8,/%/02)%68/5(),80+-%97(/7&+,%,0%&%5&/.%*&+&')*)+,%+0,)%8//7)6%13%7/%,0%<2)&(%<.&++)2%<0**7+85&,80+/=%%L8,.07,%,.)%0990(,7+8,3%,0%01,&8+%48+&+58+'%4(0*%<2)&(%<.&++)2%<0**7+85&,80+/-%A)%*&3%+))6%,0%01,&8+%&668,80+&2%48+&+58+'%4(0*%1&+K/-%0(%,.(07'.%971285%044)(8+'/%0(%9(8:&,)%92&5)*)+,/%04%6)1,-%/,(&,)'85%()2&,80+/.89/%0(%0,.)(%&((&+')*)+,/%&,%/0*)%47,7()%6&,)=%%M&+&')*)+,%57(()+,23%1)28):)/%A)%50726%(&8/)%,.)%47+6/%84%+))6)6%'8:)+%07(%5()68,%9(0482)=%%!668,80+&223-%*&+&')*)+,%1)28):)/%07(%97128523%,(&6)6%/,05K%50726%1)%7/)6%&/%&%/07(5)%,0%(&8/)%5&98,&2%,.(07'.%971285%0(%9(8:&,)%92&5)*)+,/%04%07(%)D78,3%/)57(8,8)/=%%%%
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
!"#$%&'()*+"$%,&-$."&
>,.)(%20+'",)(*%6)1,%50+/8/,/%9(8*&(823%04%20&+/%A8,.%8+,)(+&,80+&2%1&+K/%&+6%0,.)(%,39)/%04%6)1,=%%!,%F)5)*1)(%G#-%?@@H-%&99(0;8*&,)23%B#@?=@%*82280+%A&/%07,/,&+68+'%&/%0,.)(%20+'",)(*%6)1,=%%%!"#$%&%'(!")*+,&%-$((
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
!"#$%
&'()*)+,-%.&%/01230%%!+%45(56758%9#:%/22;:%<*5'8%<='>>5*%<.66?>)('+).>@A%*5B58'C5%'>D%)>+585@+%(.B58'C5%8'+).@%E585%9023%'>D%10#30%%
F=585%'85%>.%@)C>)&)('>+%(.B5>'>+@%.8%5B5>+@%.&%D5&'?*+%(.>+')>5D%)>%+=5%('@=%6'>'C565>+%>.+5%)@@?5D%7,%<*5'8%<='>>5*%<.66?>)('+).>@%+.%?@%.8%+=5%('@=%6'>'C565>+%>.+5%)@@?5D%7,%?@%+.%<*5'8%<='>>5*%<.66?>)('+).>@0%%%
!+%45(56758%9#:%/22;:%E5%'>D%<*5'8%<='>>5*%<.66?>)('+).>@%E585%)>%(.6G*)'>(5%E)+=%'**%D57+%(.B5>'>+@0%%!"#"$%&$'()*+(,$
!"#$%&%'%()&*
4?8)>C%+=5%,5'8%5>D5D%45(56758%9#:%/22;:%.?8%!658)('@%@5C65>+%G')D%H9I01%6)**).>%)>%('@=:%G8)6'8)*,%+.%'(J?)85%D)@G*',%&'(5@%)>%+=5%K>)+5D%L+'+5@0%%M>%'DD)+).>:%.?8%M>+58>'+).>'*%@5C65>+%G')D%H/I0$%6)**).>:%G8)6'8)*,%85*'+5D%+.%+=5%'(J?)@)+).>%.&%'>%.?+D..8%'DB58+)@)>C%7?@)>5@@%)>%N.6'>)':%'DD)+).>'*%5J?)+,%)>+585@+@%)>%.?+D..8%(.6G'>)5@%'>D%+=5%'(J?)@)+).>%.&%'DB58+)@)>C%@+8?(+?85@0%%
+,-%',.*/0-1)2%'$31&*
O?8%('G)+'*%53G5>D)+?85@%='B5%(.>@)@+5D%.&%+=5%&.**.E)>CP%%
45)*6%..%()&7* Q5'8%R>D5D%45(56758%9#:%
! /22;% /22$% /221%
S.>"85B5>?5%G8.D?()>C% H% T#0U% H% T202% H% ;T0#%
N5B5>?5%G8.D?()>C% #IU09% #190I% #920#%
F.+'*%('G)+'*%53G5>D)+?85@% H% /;10;% H% /990I% H% /2T0/%
%V5%D5&)>5%>.>"85B5>?5%G8.D?()>C%('G)+'*%53G5>D)+?85@%'@%+=.@5%53G5>D)+?85@%85J?)85D%.>%'%85(?88)>C%7'@)@0%%
N5B5>?5%G8.D?()>C%('G)+'*%53G5>D)+?85@%'85%D)@(85+).>'8,%('G)+'*%)>B5@+65>+@%&.8%>5E%85B5>?5%@+85'6@:%@)6)*'8%+.%'>%'(J?)@)+).>0%%<'G)+'*%53G5>D)+?85@%)>(85'@5D%HU#0T%6)**).>%)>%/22;%'@%(.6G'85D%+.%/22$%G8)6'8)*,%D?5%+.%+=5%)>@+'**'+).>%.&%D)C)+'*%D)@G*',@%)>%B'8).?@%6'8W5+@%'(8.@@%+=5%K>)+5D%L+'+5@0%%<'G)+'*%53G5>D)+?85@%)>(85'@5D%H/10;%6)**).>%)>%/22$%'@%(.6G'85D%+.%/2210%%F=5%(.>@.*)D'+).>%.&%<*5'8%X5D)'%)>%/221%(.>+8)7?+5D%H#90;%6)**).>%+.%+=5%)>(85'@50%%%%
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
%+(66%'61)'&8*+()'%)91)"%1&*,)2*:$,3,)'11&*
O?8%@=.8+%'>D%*.>C%+586%('@=%85J?)8565>+@%)>(*?D5%6)>)6?6%'>>?'*%C?'8'>+55@%&.8%.?8%@+855+%&?8>)+?85%(.>+8'(+@%'>D%.G58'+)>C%*5'@5@0%%X)>)6?6%'>>?'*%C?'8'>+55@%'>D%.G58'+)>C%*5'@5%85J?)8565>+@%'85%)>(*?D5D%)>%.?8%D)85(+%.G58'+)>C%53G5>@5@:%E=)(=%=)@+.8)('**,%='B5%755>%@'+)@&)5D%7,%('@=%&*.E@%&8.6%.G58'+).>@0%%\.8%/22T:%E5%'85%(.66)++5D%+.%HUT20#%6)**).>%'>D%H/;209%6)**).>%&.8%6)>)6?6%'>>?'*%C?'8'>+55@%'>D%.G58'+)>C%*5'@5@:%85@G5(+)B5*,0%%O?8%*.>C"+586%(.66)+65>+@%&.8%6)>)6?6%'>>?'*%C?'8'>+55@:%.G58'+)>C%*5'@5@%'>D%('G)+'*%53G5>D)+?85%85J?)8565>+@%'85%)>(*?D5D%)>%]<.>+8'(+?'*%'>D%O+=58%O7*)C'+).>@:^%75*.E0%%
<58+')>%'C85565>+@%85*'+)>C%+.%'(J?)@)+).>@%G8.B)D5%&.8%G?8(='@5%G8)(5%'D_?@+65>+@%'>D%.+=58%&?+?85%(.>+)>C5>+%G',65>+@%7'@5D%.>%+=5%&)>'>()'*%G58&.86'>(5%.&%+=5%'(J?)85D%(.6G'>,%C5>58'**,%.B58%'%.>5%+.%&)B5%,5'8%G58).D0%%V5%E)**%(.>+)>?5%+.%'((8?5%'DD)+).>'*%'6.?>+@%85*'+5D%+.%@?(=%(.>+)>C5>+%G',65>+@%)&%'>D%E=5>%)+%)@%D5+586)>'7*5%+='+%+=5%'GG*)('7*5%&)>'>()'*%G58&.86'>(5%+'8C5+@%E)**%75%65+0%%F=5%'CC85C'+5%.&%+=5@5%(.>+)>C5>+%
!"#$%
&'()*+,-.%/0%&*1021)'+3*%,'14*,-%'1*%)*,.%52678%+2,%-/4+/0/3'+,7(%/)&'3,%261%0/+'+3/'7%&2-/,/2+%21%1*-67,-%20%2&*1',/2+-9%%%%!"#$%&'$(&)*&#+*,$-.%*,/)01&$0"#2**
!"#$%&'$$"($)*(+%
:+%'88/,/2+%,2%,;*%-3;*867*8%)',61/,/*-%2+%261%8*<,.%5*%;'=*%06,61*%3'-;%2<7/4',/2+-%6+8*1%='1/26-%,(&*-%20%32+,1'3,-9%%>*%7*'-*%200/3*%-&'3*.%3*1,'/+%*?6/&)*+,%'+8%,;*%)'@21/,(%20%,;*%7'+8%2336&/*8%<(%261%'8=*1,/-/+4%-,163,61*-%6+8*1%72+4",*1)%2&*1',/+4%7*'-*-9%%A2)*%20%261%7*'-*%'41**)*+,-%32+,'/+%1*+*5'7%2&,/2+-%'+8%'++6'7%1*+,'7%*-3'7',/2+%37'6-*-%B4*+*1'77(%,/*8%,2%,;*%32+-6)*1%&1/3*%/+8*CD.%'-%5*77%'-%&12=/-/2+-%021%261%&'()*+,%20%6,/7/,/*-%'+8%)'/+,*+'+3*9%%%
>*%;'=*%)/+/)6)%01'+3;/-*%&'()*+,-%'--23/',*8%5/,;%+2+3'+3*7'<7*%32+,1'3,-%,;',%*+'<7*%6-%,2%8/-&7'(%'8=*1,/-/+4%2+%-63;%)*8/'%'-%<6-*-.%,'C/-.%,1'/+-.%<6-%-;*7,*1-%'+8%,*1)/+'7-9%%E;*%)'@21/,(%20%,;*-*%32+,1'3,-%32+,'/+%1*+,%&12=/-/2+-%3'7367',*8%'-%,;*%41*',*1%20%'%&*13*+,'4*%20%,;*%1*7*='+,%'8=*1,/-/+4%1*=*+6*%21%'%-&*3/0/*8%46'1'+,**8%)/+/)6)%'++6'7%&'()*+,9%%%
E;*%-3;*867*8%)',61/,/*-%20%261%31*8/,%0'3/7/,(.%2,;*1%72+4",*1)%8*<,%26,-,'+8/+4.%06,61*%)/+/)6)%1*+,'7%32))/,)*+,-%6+8*1%+2+3'+3*7'<7*%7*'-*%'41**)*+,-.%)/+/)6)%&'()*+,-%6+8*1%2,;*1%+2+3'+3*7'<7*%32+,1'3,-.%)/+/)6)%'++6'7%46'1'+,**-.%3'&/,'7%*C&*+8/,61*-%32))/,)*+,-%'+8%2,;*1%72+4",*1)%2<7/4',/2+-%'-%20%F*3*)<*1%G#.%HII$.%'1*%'-%027725-J%%%
!"#$%&'()*#+),$ K'()*+,-%F6*%<(%K*1/28%
! E2,'7% HIIL% HIIM"HI#I% HI##"HI#H%HI#G%'+8%E;*1*'0,*1%
N2+4",*1)%F*<,% % % % % %
O*=27=/+4%31*8/,%0'3/7/,(% P% LI.III% P% Q% P% LI.III% P% Q% P% Q%
F*<,%5/,;%R7*'1%R;'++*7%R2))6+/3',/2+-% H.SII.III% Q% H.SII.III% Q% Q%
T,;*1%72+4",*1)%8*<,% #IH.IH#% L$.IMM% ##.M$H% H.HSI% $II%
:+,*1*-,%&'()*+,-%2+%72+4",*1)%8*<,B#D% UIV.GLM% #SS.GUV% HSI.MMM% UU% Q%
% % % % % %
W/+/)6)%'++6'7%46'1'+,**-% H.USI.IV$% ULI.#I$% V$M.VHU% SUH.G$U% $U$.MVH%
X2+3'+3*7'<7*%2&*1',/+4%7*'-*-% #.MLU.G#M% H$I.HLG% UU$.G#L% GH$.VSH% MGM.IVV%
R'&/,'7%*C&*+8/,61*%32))/,)*+,-% #SM.S$G% #IV.#L$% US.MGI% $.HHU% HGH%
X2+3'+3*7'<7*%32+,1'3,-% M.$#L% S.GMS% U.HLV% G$% Q%
T,;*1%72+4",*1)%2<7/4',/2+-BHD% ##G.I#I% Q% #.VSM% #.UH$% #IM.MHU%
E2,'7%BGD% P%$.LIS.IM$% P%#.#IU.U#$% P%U.IH#.$LL% P% LL#.IIL% P%#.$M$.LLU%
% % %B#D% :+,*1*-,%&'()*+,-%2+%72+4",*1)%8*<,%32+-/-,%&1/)'1/7(%20%/+,*1*-,%2+%261%PH9S%</77/2+%='1/'<7*%1',*%+2,*%,2%R7*'1%
R;'++*7%R2))6+/3',/2+-%5;/3;%/-%*-,/)',*8%6-/+4%,;*%/+,*1*-,%1',*%'-%20%F*3*)<*1%G#.%HII$.%20%V9IY9%%E;*%8*<,%5/,;%R7*'1%R;'++*7%R2))6+/3',/2+-%'3316*-%/+,*1*-,%',%'%='1/'<7*%&*1%'++6)%1',*%*?6'7%,2%,;*%5*/4;,*8%'=*1'4*%32-,%20%8*<,%021%R7*'1%R;'++*7%R2))6+/3',/2+-.%3'7367',*8%2+%'%)2+,;7(%<'-/-9%%!,%F*3*)<*1%G#.%HII$.%HIY%20%R7*'1%R;'++*7%R2))6+/3',/2+-Z%8*<,%5'-%='1/'<7*%<'-*8%2+%)'1[*,%/+,*1*-,%1',*-9%%\'3;%SI%<'-/-%&2/+,%/+31*'-*%21%8*31*'-*%/+%/+,*1*-,%1',*-%52678%/+31*'-*%21%8*31*'-*%261%/+,*1*-,%*C&*+-*%'+8%3'-;%26,7'(%021%*'3;%(*'1%<(%'&&12C/)',*7(%PG9#%)/77/2+9%%E;/-%&2,*+,/'7%/+31*'-*%21%8*31*'-*%/-%<'-*8%2+%,;*%-/)&7/0/*8%'--6)&,/2+%,;',%,;*%7*=*7%20%072',/+4%1',*%8*<,%1*)'/+-%32+-,'+,%5/,;%'+%/))*8/',*%'312--",;*"<2'18%/+31*'-*%21%8*31*'-*%'-%20%F*3*)<*1%G#.%HII$.%5/,;%+2%-6<-*?6*+,%3;'+4*%/+%1',*-%021%,;*%1*)'/+8*1%20%,;*%&*1/289%%E;/-%&2,*+,/'7%/+31*'-*%21%8*31*'-*%82*-%+2,%/+3768*%'+(%'8@6-,)*+,%021%'%3;'+4*%/+%,;*%0/C*8%1',*%8*<,%20%R7*'1%R;'++*7%R2))6+/3',/2+-.%5;/3;%3611*+,7(%32+-,/,6,*-%LIY%20%/,-%,2,'7%8*<,9%%E;*%5*/4;,*8%'=*1'4*%32-,%20%8*<,%20%R7*'1%R;'++*7%R2))6+/3',/2+-%/-%7/[*7(%,2%/+31*'-*%/+%,;*%*=*+,%20%,;*%32+-6))',/2+%20%,;*%3611*+,7(%&*+8/+4%)*14*1%5;/3;%52678%/+31*'-*%261%/+,*1*-,%*C&*+-*%2+%261%PH9S%</77/2+%20%8*<,%5/,;%R7*'1%R;'++*7%R2))6+/3',/2+-9%
BHD% T,;*1%72+4",*1)%2<7/4',/2+-%32+-/-,%20%P$I9S%)/77/2+%1*7',*8%,2%'--*,%1*,/1*)*+,%2<7/4',/2+-.%1*3218*8%&61-6'+,%,2%]/+'+3/'7%!3326+,/+4%A,'+8'18-%X29%#UG.%-..'(#%/#0$1'2$-))3%$43%/2353#%$678/0*%/'#).%5;/3;%'--6)*-%,;*%6+8*17(/+4%'--*,-%5/77%<*%1*)2=*8%',%-2)*%&*1/28%2=*1%,;*%+*C,%SI%(*'1-9%%!7-2%/+3768*8%/+%,;*%,'<7*%/-%PGU9V%
!"#$%
&'((')*%+,(-.,/%.)%+,.'+,&,*.%0(-*1%-*/%2345%&'((')*%+,(-.,/%.)%).6,+%()*7".,+&%)8('7-.')*1%9'.6%-%10,:';':%&-.<+'.=4%%%
>?@% AB:(</,/%;+)&%.6,%.-8(,%'1%2#C34$%&'((')*%+,(-.,/%.)%D-+')<1%)8('7-.')*1%9'.6%*)%10,:';':%:)*.+-:.<-(%:)&&'.&,*.%)+%&-.<+'.=E%2FC4$%&'((')*%);%96':6%+,(-.,1%.)%<*+,:)7*'G,/%.-B%8,*,;'.1%+,:)+/,/%0<+1<-*.%.)%H!IJ%K*.,+0+,.-.')*%L)4%M$E%!""#$%&'%()*#+),%"-+&.'%&/)'%)0%"#1-)2.3-44%
%!"#!$%#&'()**
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
Q,%-+,%,B0)1,/%.)%&-+R,.%+'1R1%-+'1'*7%;+)&%:6-*7,1%'*%&-+R,.%+-.,1%-*/%0+':,1E%'*:(</'*7%&)D,&,*.1%'*%'*.,+,1.%+-.,1%-*/%;)+,'7*%:<++,*:=%,B:6-*7,%+-.,14%%%'/012130*,401*,536**
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
Q,%6-D,%)0,+-.')*1%'*%:)<*.+',1%.6+)<76)<.%.6,%9)+(/4%%N6,%;'*-*:'-(%+,1<(.1%);%)<+%;)+,'7*%)0,+-.')*1%-+,%&,-1<+,/%'*%.6,'+%():-(%:<++,*:',1E%,B:,0.%'*%.6,%6=0,+'*;(-.')*-+=%:)<*.+',1%'*%96':6%9,%)0,+-.,4%%!1%-%+,1<(.E%)<+%;'*-*:'-(%+,1<(.1%:)<(/%8,%-;;,:.,/%8=%;-:.)+1%1<:6%-1%:6-*7,1%'*%;)+,'7*%:<++,*:=%,B:6-*7,%+-.,1%)+%9,-R%,:)*)&':%:)*/'.')*1%'*%.6,%;)+,'7*%&-+R,.1%'*%96':6%9,%)0,+-.,4%%Q,%8,(',D,%9,%&'.'7-.,%-%1&-((%0)+.')*%);%)<+%,B0)1<+,%.)%;)+,'7*%:<++,*:=%;(<:.<-.')*1%9'.6%-%*-.<+-(%6,/7,%.6+)<76%8)++)9'*71%'*%:<++,*:',1%).6,+%.6-*%.6,%Z4I4%/)((-+4%%P<+%;)+,'7*%)0,+-.')*1%+,0)+.,/%*,.%'*:)&,%);%2$?4F%&'((')*%;)+%.6,%=,-+%,*/,/%T,:,&8,+%?#E%SCC34%Q,%,1.'&-.,%-%#CW%:6-*7,%'*%.6,%D-(<,%);%.6,%Z4I4%/)((-+%+,(-.'D,%.)%;)+,'7*%:<++,*:',1%9)<(/%6-D,%:6-*7,/%)<+%*,.%'*:)&,%;)+%.6,%=,-+%,*/,/%T,:,&8,+%?#E%SCC3E%8=%-00+)B'&-.,(=%2$4M%&'((')*4%%%
N6'1%-*-(=1'1%/),1%*).%:)*1'/,+%.6,%'&0(':-.')*%1<:6%:<++,*:=%;(<:.<-.')*1%:)<(/%6-D,%)*%.6,%)D,+-((%,:)*)&':%-:.'D'.=%.6-.%:)<(/%,B'1.%'*%1<:6%-*%,*D'+)*&,*.%'*%.6,%Z*'.,/%I.-.,1%)+%.6,%;)+,'7*%:)<*.+',1%)+%)*%.6,%+,1<(.1%);%)0,+-.')*1%);%.6,1,%;)+,'7*%,*.'.',14%%%,":"%(*#::$>%('%.*?,$%$>%:"+"%(!*
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
!"#$%
&'(%'()(&*+'(,%&-%.(&*-%&//+&..0%(11(2-34(%5&/+&'0%#6%7889:%%;<(%(11(2-34(%,&-(%3/%=-&-()(/-%#>?%3*%,(.&0(,%1@'%@/(%
0(&'%1@'%2('-&3/%/@/13/&/23&.%&**(-*%&/,%/@/13/&/23&.%.3&A3.3-3(*6%(B2(C-%-<@*(%-<&-%&'(%'(2@D/3E(,%@'%,3*2.@*(,%&-%1&3'%
4&.+(%3/%-<(%13/&/23&.%*-&-()(/-*%@/%&%'(2+''3/D%A&*3*%F&-%.(&*-%&//+&..0G:%%HB2.+,(,%1'@)%-<(%*2@C(%@1%=-&-()(/-%#>?%
&'(%2('-&3/%.(&*3/D%-'&/*&2-3@/*%&22@+/-(,%1@'%+/,('%I!=%#J6%!""#$%&'%()*#+),-./-/:%%;<(%(B2.+*3@/%,@(*%/@-%&CC.0%
-@%1&3'%4&.+(%)(&*+'()(/-*%@1%&**(-*%&/,%.3&A3.3-3(*%'(2@',(,%&*%&%'(*+.-%@1%&%.(&*(%-'&/*&2-3@/%A+-%)(&*+'(,%C+'*+&/-%
-@%@-<('%C'@/@+/2()(/-*%K3-<3/%-<(%*2@C(%@1%=-&-()(/-%#>?:%%L(%&'(%2+''(/-.0%(4&.+&-3/D%-<(%3)C&2-%@1%&,@C-3/D%
I!=%#>?%@/%@+'%13/&/23&.%C@*3-3@/%@'%'(*+.-*%@1%@C('&-3@/*:%%%
%
=-&-()(/-%@1%I3/&/23&.%!22@+/-3/D%=-&/,&',*%M@:%#N#FOG6%0$/'%-//)1#23'%.&'#%/%FP=-&-()(/-%#N#FOGQG6%
K&*%3**+(,%3/%R(2()A('%788?:%%=-&-()(/-%#N#FOG%'(S+3'(*%-<&-%+C@/%3/3-3&..0%@A-&3/3/D%2@/-'@.6%&/%&2S+3'('%K3..%
'(2@D/3E(%#88T%@1%-<(%1&3'%4&.+(*%@1%&2S+3'(,%&**(-*6%3/2.+,3/D%D@@,K3..6%&/,%&**+)(,%.3&A3.3-3(*6%K3-<%@/.0%.3)3-(,%
(B2(C-3@/*6%(4(/%31%-<(%&2S+3'('%<&*%/@-%&2S+3'(,%#88T%@1%3-*%-&'D(-:%%!,,3-3@/&..06%2@/-3/D(/-%2@/*3,('&-3@/%
&''&/D()(/-*%K3..%A(%1&3'%4&.+(,%&-%-<(%&2S+3*3-3@/%,&-(%&/,%3/2.+,(,%@/%-<&-%A&*3*%3/%-<(%C+'2<&*(%C'32(%2@/*3,('&-3@/%
&/,%-'&/*&2-3@/%2@*-*%K3..%A(%(BC(/*(,%&*%3/2+''(,:%%=-&-()(/-%#N#FOG%&.*@%)@,313(*%-<(%'(2@D/3-3@/%1@'%
C'(&2S+3*3-3@/%2@/-3/D(/23(*6%*+2<%&*%(/43'@/)(/-&.%@'%.(D&.%3**+(*6%'(*-'+2-+'3/D%C.&/*%&/,%&2S+3'(,%'(*(&'2<%&/,%
,(4(.@C)(/-%4&.+(%3/%C+'2<&*(%&22@+/-3/D:%%=-&-()(/-%#N#FOG%&)(/,*%=-&-()(/-%@1%I3/&/23&.%!22@+/-3/D%=-&/,&',*%
M@:%#8$6%!""#$%&'%()*#+)4%"#2-)5.6-/6%-@%'(S+3'(%-<(%&2S+3'('%-@%'(2@D/3E(%2<&/D(*%3/%-<(%&)@+/-%@1%3-*%,(1(''(,%-&B%
A(/(13-*%-<&-%&'(%'(2@D/3E&A.(%A(2&+*(%@1%&%A+*3/(**%2@)A3/&-3@/%(3-<('%3/%3/2@)(%1'@)%2@/-3/+3/D%@C('&-3@/*%3/%-<(%
C('3@,%@1%-<(%2@)A3/&-3@/%@'%,3'(2-.0%3/%2@/-'3A+-(,%2&C3-&.6%,(C(/,3/D%@/%-<(%23'2+)*-&/2(*:%%=-&-()(/-%#N#FOG%3*%
(11(2-34(%1@'%13*2&.%0(&'*%A(D3//3/D%&1-('%R(2()A('%#>6%7889:%%!,@C-3@/%3*%C'@*C(2-34(%&/,%(&'.0%&,@C-3@/%3*%/@-%
C(')3--(,:%%L(%(BC(2-%-@%&,@C-%=-&-()(/-%#N#FOG%@/%5&/+&'0%#6%788$:%%=-&-()(/-%#N#FOGU*%3)C&2-%@/%&22@+/-3/D%1@'%
A+*3/(**%2@)A3/&-3@/*%3*%,(C(/,(/-%+C@/%&2S+3*3-3@/*%&-%-<&-%-3)(:%
%
=-&-()(/-%@1%I3/&/23&.%!22@+/-3/D%=-&/,&',*%M@:%#>$6%57-)8.'+)9.:$-);<&'#%)*#+)8'%.%"'.:)!//-&/).%=)
8'%.%"'.:),'.3':'&'-/)>)'%":$='%().%).2-%=2-%&)#*)8!?0)?&.&-2-%&)@#A)BBC%FP=-&-()(/-%#>$QG6%K&*%3**+(,%3/%
I(A'+&'0%788?:%%=-&-()(/-%#>$%C(')3-*%(/-3-3(*%-@%2<@@*(%-@%)(&*+'(%)&/0%13/&/23&.%3/*-'+)(/-*%&/,%2('-&3/%@-<('%
3-()*%&-%1&3'%4&.+(%-<&-%&'(%/@-%2+''(/-.0%'(S+3'(,%-@%A(%)(&*+'(,%&-%1&3'%4&.+(:%%=-&-()(/-%#>$%&.*@%(*-&A.3*<(*%
C'(*(/-&-3@/%&/,%,3*2.@*+'(%'(S+3'()(/-*%,(*3D/(,%-@%1&23.3-&-(%2@)C&'3*@/*%A(-K((/%(/-3-3(*%-<&-%2<@@*(%,311('(/-%
)(&*+'()(/-%&--'3A+-(*%1@'%*3)3.&'%-0C(*%@1%&**(-*%&/,%.3&A3.3-3(*:%%=-&-()(/-%#>$%,@(*%/@-%&11(2-%&/0%(B3*-3/D%
&22@+/-3/D%.3-('&-+'(%-<&-%'(S+3'(*%2('-&3/%&**(-*%&/,%.3&A3.3-3(*%-@%A(%2&''3(,%&-%1&3'%4&.+(:%%=-&-()(/-%#>$%,@(*%/@-%
(.3)3/&-(%,3*2.@*+'(%'(S+3'()(/-*%3/2.+,(,%3/%@-<('%&22@+/-3/D%*-&/,&',*6%3/2.+,3/D%'(S+3'()(/-*%1@'%,3*2.@*+'(*%
&A@+-%1&3'%4&.+(%)(&*+'()(/-*%3/2.+,(,%3/%=-&-()(/-*%M@:%#>?6%8.'+)9.:$-)D-./$+-2-%&/E)&/,%M@:%#8?6%F'/":#/$+-/)
.3#$&)8.'+)9.:$-)#*)8'%.%"'.:)4%/&+$2-%&/:%%=-&-()(/-%#>$%3*%(11(2-34(%&*%@1%-<(%A(D3//3/D%@1%&/%(/-3-0U*%13'*-%13*2&.%
0(&'%-<&-%A(D3/*%&1-('%M@4()A('%#>6%788?:%%L(%&,@C-(,%=-&-()(/-%#>$%@/%5&/+&'0%#6%7889%&/,%,@%/@-%&/-323C&-(%
&,@C-3@/%-@%)&-('3&..0%3)C&2-%@+'%13/&/23&.%C@*3-3@/%@'%'(*+.-*%@1%@C('&-3@/*:%
%
=-&-()(/-%@1%I3/&/23&.%!22@+/-3/D%=-&/,&',*%M@:%#V86%@#%"#%&+#::'%()4%&-+-/&/)'%)1#%/#:'=.&-=)8'%.%"'.:)
?&.&-2-%&/)>).%).2-%=2-%&)#*)!G0)@#A)CB)FP=-&-()(/-%#V8QG6%K&*%3**+(,%3/%R(2()A('%788?:%%=-&-()(/-%#V8%
2.&'313(*%-<(%2.&**3132&-3@/%@1%/@/2@/-'@..3/D%3/-('(*-*%3/%2@/*@.3,&-(,%*-&-()(/-*%@1%13/&/23&.%C@*3-3@/%&/,%-<(%
&22@+/-3/D%1@'%&/,%'(C@'-3/D%@1%-'&/*&2-3@/*%A(-K((/%-<(%'(C@'-3/D%(/-3-0%&/,%<@.,('*%@1%*+2<%/@/2@/-'@..3/D%
3/-('(*-*:%%W/,('%=-&-()(/-%#V8%/@/2@/-'@..3/D%3/-('(*-*%&'(%2@/*3,('(,%(S+3-0%&/,%*<@+.,%A(%'(C@'-(,%&*%&/%(.()(/-%
@1%2@/*@.3,&-(,%(S+3-06%/(-%3/2@)(%K3..%(/2@)C&**%-<(%-@-&.%3/2@)(%@1%&..%2@/*@.3,&-(,%*+A*3,3&'3(*%&/,%-<('(%K3..%A(%
*(C&'&-(%,3*2.@*+'(%@/%-<(%1&2(%@1%-<(%3/2@)(%*-&-()(/-%@1%-<(%&--'3A+-3@/%@1%-<&-%3/2@)(%A(-K((/%-<(%2@/-'@..3/D%&/,%
/@/2@/-'@..3/D%3/-('(*-*6%&/,%3/2'(&*(*%&/,%,(2'(&*(*%3/%-<(%/@/2@/-'@..3/D%@K/('*<3C%3/-('(*-%&)@+/-%K3..%A(%
&22@+/-(,%1@'%&*%(S+3-0%-'&/*&2-3@/*:%%=-&-()(/-%#V8%3*%(11(2-34(%1@'%-<(%13'*-%&//+&.%'(C@'-3/D%C('3@,%A(D3//3/D%@/%@'%
&1-('%R(2()A('%#>6%78896%&/,%(&'.3('%&CC.32&-3@/%3*%C'@<3A3-(,:%%=-&-()(/-%#V8%3*%'(S+3'(,%-@%A(%&,@C-(,%
C'@*C(2-34(.06%(B2(C-%1@'%'(2.&**310%/@/2@/-'@..3/D%3/-('(*-*%-@%(S+3-06%*(C&'&-(%1'@)%-<(%C&'(/-U*%*<&'(<@.,('*U%
(S+3-06%3/%-<(%2@/*@.3,&-(,%*-&-()(/-%@1%13/&/23&.%C@*3-3@/%&/,%'(2&*-3/D%2@/*@.3,&-(,%/(-%3/2@)(%F.@**G%-@%3/2.+,(%/(-%
3/2@)(%F.@**G%&--'3A+-&A.(%-@%A@-<%-<(%2@/-'@..3/D%&/,%/@/2@/-'@..3/D%3/-('(*-*6%A@-<%@1%K<32<%&'(%'(S+3'(,%-@%A(%
&,@C-(,%'(-'@*C(2-34(.0:%%L(%(BC(2-%-@%&,@C-%=-&-()(/-%#V8%@/%5&/+&'0%#6%788$%&/,%&'(%2+''(/-.0%&**(**3/D%-<(%
C@-(/-3&.%3)C&2-%-<&-%-<(%&,@C-3@/%2@+.,%<&4(%@/%@+'%13/&/23&.%*-&-()(/-*:%
%%
!"#$#!%&'%!!()*$#*+',-$#.%$,-''
;<(%C'(C&'&-3@/%@1%@+'%13/&/23&.%*-&-()(/-*%3/%2@/1@')3-0%K3-<%D(/('&..0%&22(C-(,%&22@+/-3/D%C'3/23C.(*%
'(S+3'(*%)&/&D()(/-%-@%)&X(%(*-3)&-(*6%Y+,D)(/-*%&/,%&**+)C-3@/*%-<&-%&11(2-%-<(%'(C@'-(,%&)@+/-*%@1%&**(-*%&/,%
!"#$%
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
I3%012%(5'45,%<+2+%*0%'7820=+%02%.+*+2'02(*+%2+,1&*'45%'4%(%L$M%/6(45+%'4%012%(&&0<(4/+-%<+%+,*'7(*+.%012%)(.%.+)*%+98+4,+%302%*6+%A+(2%+4.+.%N+/+7)+2%OL-%#$$P-%<01&.%6(=+%/6(45+.%)A%(88209'7(*+&A%QO:$%7'&&'04%(4.%012%4+*%'4/07+%302%*6+%,(7+%8+2'0.%<01&.%6(=+%/6(45+.%)A%(88209'7(*+&A%QL:R%7'&&'04:%%%1#&23"45(6)!00(/0))
S045"&'=+.%(,,+*,-%,1/6%(,%8208+2*A-%8&(4*%(4.%+F1'87+4*%(2+%2+='+<+.%302%'78('27+4*%<6+4%+=+4*,%(4.%/'2/17,*(4/+,%'4.'/(*+%*6(*%.+82+/'()&+%(4.%(702*'K()&+%&045"&'=+.%(,,+*,%7'56*%)+%'78('2+.%(4.%*6+%14.',/014*+.%/(,6%3&0<,%+,*'7(*+.%*0%)+%5+4+2(*+.%)A%*60,+%(,,+*,%(2+%&+,,%*6(4%*6+%/(22A'45%(7014*%03%*60,+%(,,+*,:%%H6+4%,8+/'3'/%(,,+*,%(2+%.+*+27'4+.%*0%)+%142+/0=+2()&+-%*6+%/0,*%)(,',%03%*6+%(,,+*%',%2+.1/+.%*0%2+3&+/*%*6+%/122+4*%3('2%7(2?+*%=(&1+:%%%
H+%1,+%=(2'01,%(,,178*'04,%'4%.+*+27'4'45%*6+%/122+4*%3('2%7(2?+*%=(&1+%03%*6+,+%(,,+*,-%'4/&1.'45%31*12+%+98+/*+.%/(,6%3&0<,%(4.%.',/014*%2(*+,-%(,%<+&&%(,%31*12+%,(&=(5+%=(&1+,:%%;12%'78('27+4*%&0,,%/(&/1&(*'04,%2+F1'2+%7(4(5+7+4*%*0%(88&A%@1.57+4*%'4%+,*'7(*'45%31*12+%/(,6%3&0<,-%'4/&1.'45%302+/(,*'45%1,+31&%&'=+,%03%*6+%(,,+*,%(4.%,+&+/*'45%*6+%.',/014*%2(*+%*6(*%2+3&+/*,%*6+%2',?%'46+2+4*%'4%31*12+%/(,6%3&0<,:%%%
T,'45%*6+%'78('27+4*%2+='+<%.+,/2')+.-%<+%3014.%40%'78('27+4*%/6(45+%2+F1'2+.%302%*6+%A+(2%+4.+.%N+/+7)+2%OL-%#$$P:%%I3%(/*1(&%2+,1&*,%(2+%40*%/04,',*+4*%<'*6%012%(,,178*'04,%(4.%@1.57+4*,%1,+.%'4%+,*'7(*'45%31*12+%/(,6%3&0<,%(4.%(,,+*%3('2%=(&1+,-%<+%7(A%)+%+980,+.%*0%31*12+%'78('27+4*%&0,,+,%*6(*%/01&.%)+%7(*+2'(&%*0%012%2+,1&*,%03%08+2(*'04,:%%%7##6$4""))
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
!"#$%
&'()&*'+,-%./)*0+1%&,%23-3*+%(+*&451%3,5+*%6-)-+'+,-%$7#%-4%-/+%+8-+,-%9+%54%,4-%)./&+:+%43*%+8(+.-+5%.)1/%2;49%0*49-/%*)-+1<%),5%-4%-/+%+8-+,-%')*=+-%:);3+1%5+.*+)1+%),5%;4,0"-+*'%&,-+*+1-%*)-+1%&,.*+)1+>%%%!"#$%&"&'$()&*$#+,--$'-++
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
%K3*%=+A%)113'(-&4,1%31&,0%-/+%5&*+.-%'+-/45%)*+%')*=+-%*+:+,3+%0*49-/%*)-+1<%')*=+-%1/)*+<%(*42&-%')*0&,<%
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
!"##$
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
G0/7-*+.0$4-)$-//(1*(3$.&'$<('/.',-01($+0$*(',)$./$4+54('$1.)*)$/.'$9-5()=$)-7-'+()$-03$(J&+<,(0*?$$!7*4.&54$*4($(2-1*$+,<-1*$./$+0/7-*+.0$+)$+03(*(',+0-87(=$9($8(7+(6($9($4-6($.//)(*$*4()($4+54('$1.)*)$8>$+01'(-)+05$*4($(//(1*+6($-36('*+)+05$'-*()$./$,.)*$./$.&'$3+)<7->$/-1()?$$$!*+,)-./))01%"&'&%&'23)%"4)01%$'&%&'23)5'67$(61836)%9(1&),%8:3&);'6:)
$Q(J&+'(3$+0/.',-*+.0$+)$9+*4+0$G*(,$K?$
!"#$%
!"#$%&'%%()*+*,)+-%./+/010*/2%+*3%.455-010*/+67%8+/+%
&'(')*+*(,-%.*/01,%0(%23('(43'5%6,',*+*(,-%
%
78*%40(-0539',*9%:3('(43'5%-,',*+*(,-%'(9%(0,*-%1*5',*9%,8*1*,0%
;*1*%/1*/'1*9%<=%'(9%'1*%,8*%1*-/0(-3<353,=%0:%+'(')*+*(,>%%
78*%:3('(43'5%-,',*+*(,-%'(9%1*5',*9%(0,*-%;*1*%/1*/'1*9%3(%
40(:01+3,=%;3,8%?>6>%)*(*1'55=%'44*/,*9%'440@(,3()%/13(43/5*-%
'(9%3(45@9*%'+0@(,-%<'-*9%@/0(%+'(')*+*(,A-%<*-,%*-,3+',*-%
'(9%B@9)+*(,->%
%
C,%3-%+'(')*+*(,A-%0<B*4,3D*%,0%*(-@1*%,8*%3(,*)13,=%'(9%
0<B*4,3D3,=%0:%3,-%:3('(43'5%9','%,810@)8%-=-,*+-%0:%3(,*1('5%
40(,105-%9*-3)(*9%,0%/10D39*%1*'-0('<5*%'--@1'(4*%,8',%'55%
,1'(-'4,30(-%'1*%/10/*15=%1*4019*9%3(%0@1%<00E-%'(9%1*4019-F%
,8',%'--*,-%'1*%-':*)@'19*9%:10+%@('@,8013G*9%@-*%'(9%,8',%
:3('(43'5%1*4019-%'1*%1*53'<5*%,0%-*1D*%'-%'%<'-3-%:01%/1*/'1',30(%
0:%:3('(43'5%-,',*+*(,->%
%
78*%:3('(43'5%-,',*+*(,-%8'D*%<**(%'@93,*9%<=%0@1%3(9*/*(9*(,%
1*)3-,*1*9%/@<534%'440@(,3()%:31+F%H1(-,%I%J0@()%KKLF%,0%,8*%
*M,*(,%1*N@31*9%<=%'@93,3()%-,'(9'19-%0:%,8*%L@<534%O0+/'(=%
!440@(,3()%PD*1-3)8,%Q0'19%R?(3,*9%6,',*-S%'(9F%'440193()5=F%
,8*=%8'D*%*M/1*--*9%,8*31%/10:*--30('5%0/3(30(%0(%,8*%:3('(43'5%
-,',*+*(,-%3(%,8*31%1*/01,%3(45@9*9%8*1*3(>%
%
78*%Q0'19%0:%T31*4,01-%+**,-%;3,8%,8*%3(9*/*(9*(,%1*)3-,*1*9%
/@<534%'440@(,3()%:31+%'(9%+'(')*+*(,%/*130934'55=%,0%-',3-:=%
3,-*5:%,8',%,8*=%'1*%/10/*15=%93-48'1)3()%,8*31%1*-/0(-3<353,3*->%%
78*%3(9*/*(9*(,%1*)3-,*1*9%/@<534%'440@(,3()%:31+%8'-%
@(1*-,134,*9%'44*--%,0%,8*%Q0'19F%;3,80@,%+'(')*+*(,%/1*-*(,F%
,0%93-4@--%,8*%1*-@5,-%0:%,8*31%'@93,%'(9%,8*%N@'53,=%0:%:3('(43'5%
1*/01,3()%'(9%3(,*1('5%'440@(,3()%40(,105->%
%
%
%
U-U&'1E%L>%&'=-%
O83*:%HM*4@,3D*%P::34*1%
%
%
%
U-U.'(9'55%7>%&'=-%
O83*:%23('(43'5%P::34*1%
%
%
%
U-UV*1<*1,%W>%V355F%X1>%
6*(301%Y34*%L1*-39*(,UO83*:%!440@(,3()%P::34*1%
%
%
%
.*/01,%0:%C(9*/*(9*(,%.*)3-,*1*9%L@<534%!440@(,3()%231+%
7VH%QP!.T%P2%TC.HO7P.6%!ZT%6V!.HVPKTH.6%
OKH!.%OV!ZZHK%P?7TPP.%VPKTCZ[6F%CZO>%
W*%8'D*%'@93,*9%,8*%'440+/'(=3()%40(-0539',*9%<'5'(4*%-8**,-%0:%
O5*'1%O8'((*5%P@,9001%V0593()-F%C(4>%'(9%-@<-393'13*-%R,8*%
O0+/'(=S%'-%0:%T*4*+<*1%$\F%#]]^%'(9%#]]_F%'(9%,8*%1*5',*9%
40(-0539',*9%'(9%40+<3(*9%-,',*+*(,-%0:%0/*1',30(-F%
-8'1*8059*1-`U0;(*1`-%*N@3,=F%'(9%4'-8%:50;-%:01%*'48%0:%,8*%,81**%
=*'1-%3(%,8*%/*1309%*(9*9%T*4*+<*1%$\F%#]]^>%P@1%'@93,-%'5-0%
3(45@9*9%,8*%:3('(43'5%-,',*+*(,%-48*9@5*%53-,*9%3(%,8*%3(9*M%'-%
C,*+%\aR'S#>%78*-*%:3('(43'5%-,',*+*(,-%'(9%-48*9@5*%'1*%,8*%
1*-/0(-3<353,=%0:%,8*%O0+/'(=`-%+'(')*+*(,>%%P@1%1*-/0(-3<353,=%
3-%,0%*M/1*--%'(%0/3(30(%0(%,8*-*%:3('(43'5%-,',*+*(,-%'(9%-48*9@5*%
<'-*9%0(%0@1%'@93,->%%
W*%40(9@4,*9%0@1%'@93,-%3(%'44019'(4*%;3,8%,8*%-,'(9'19-%0:%,8*%
L@<534%O0+/'(=%!440@(,3()%PD*1-3)8,%Q0'19%R?(3,*9%6,',*-S>%%
780-*%-,'(9'19-%1*N@31*%,8',%;*%/5'(%'(9%/*1:01+%,8*%'@93,%,0%
0<,'3(%1*'-0('<5*%'--@1'(4*%'<0@,%;8*,8*1%,8*%:3('(43'5%-,',*+*(,-%
'1*%:1**%0:%+',*13'5%+3--,',*+*(,>%%!(%'@93,%3(45@9*-%*M'+3(3()F%
0(%'%,*-,%<'-3-F%*D39*(4*%-@//01,3()%,8*%'+0@(,-%'(9%93-450-@1*-%3(%
,8*%:3('(43'5%-,',*+*(,->%%!(%'@93,%'5-0%3(45@9*-%'--*--3()%,8*%
'440@(,3()%/13(43/5*-%@-*9%'(9%-3)(3:34'(,%*-,3+',*-%+'9*%<=%
+'(')*+*(,F%'(9%*D'5@',3()%,8*%0D*1'55%:3('(43'5%-,',*+*(,%
/1*-*(,',30(>%%W*%<*53*D*%,8',%0@1%'@93,-%/10D39*%'%1*'-0('<5*%
<'-3-%:01%0@1%0/3(30(>%%
C(%0@1%0/3(30(F%,8*%:3('(43'5%-,',*+*(,-%1*:*11*9%,0%'<0D*%/1*-*(,%
:'315=F%3(%'55%+',*13'5%1*-/*4,-F%,8*%40(-0539',*9%:3('(43'5%/0-3,30(%
0:%O5*'1%O8'((*5%P@,9001%V0593()-F%C(4>%'(9%-@<-393'13*-%',%
T*4*+<*1%$\F%#]]^%'(9%#]]_F%'(9%,8*%40(-0539',*9%'(9%40+<3(*9%
1*-@5,-%0:%,8*31%0/*1',30(-%'(9%,8*31%4'-8%:50;-%:01%*'48%0:%,8*%,81**%
=*'1-%3(%,8*%/*1309%*(9*9%T*4*+<*1%$\F%#]]^F%3(%40(:01+3,=%;3,8%
?>6>%)*(*1'55=%'44*/,*9%'440@(,3()%/13(43/5*->%!5-0F%3(%0@1%
0/3(30(F%,8*%1*5',*9%:3('(43'5%-,',*+*(,%-48*9@5*F%;8*(%40(-39*1*9%
3(%1*5',30(%,0%,8*%<'-34%:3('(43'5%-,',*+*(,-%,'E*(%'-%'%;805*F%
/1*-*(,-%:'315=%3(%'55%+',*13'5%1*-/*4,-%,8*%3(:01+',30(%-*,%:01,8%
,8*1*3(>%%%
!-%93-4@--*9%3(%Z0,*%X%,0%,8*%40(-0539',*9%:3('(43'5%-,',*+*(,-F%3(%
#]]^%,8*%O0+/'(=%48'()*9%3,-%+*,809%0:%'440@(,3()%:01%3(40+*%
,'M*->%%
!-%93-4@--*9%3(%Z0,*%!%,0%,8*%40(-0539',*9%:3('(43'5%-,',*+*(,-F%3(%
#]]_%,8*%O0+/'(=%48'()*9%3,-%+*,809%0:%'440@(,3()%:01%-,04E"
<'-*9%40+/*(-',30(>%
W*%'5-0%8'D*%'@93,*9F%3(%'44019'(4*%;3,8%,8*%-,'(9'19-%0:%,8*%
L@<534%O0+/'(=%!440@(,3()%PD*1-3)8,%Q0'19%R?(3,*9%6,',*-SF%,8*%
O0+/'(=`-%3(,*1('5%40(,105%0D*1%:3('(43'5%1*/01,3()%'-%0:%
T*4*+<*1%$\F%#]]^F%<'-*9%0(%413,*13'%*-,'<53-8*9%3(%C(,*1('5%
O0(,105%b%C(,*)1',*9%21'+*;01E%3--@*9%<=%,8*%O0++3,,**%0:%
6/0(-013()%P1)'(3G',30(-%0:%,8*%71*'9;'=%O0++3--30(%'(9%0@1%
1*/01,%9',*9%2*<1@'1=%\cF%#]]d%*M/1*--*9%'(%@(N@'53:3*9%0/3(30(%
,8*1*0(>%%
%
% % U-U%H.Z67%I%JP?Z[%KKL%
%
6'(%!(,0(30F%7*M'-%%
2*<1@'1=%\cF%#]]d%
%
!"#$%
&'()'*+,!-.,%/!*!(&.%)0..-)%%
!)).-)%%!"#$%&'()*#+),$ 1234%.5626%,2728924%:;<%
! #==>% #==?%
% % %
&@AA.(-%!)).-)% % %
&3BC%356%73BC%2DEFG3H25IB% J% ;:$<KL>% J% ;=M<:LM%
!77NE5IB%4272FG39H2<%H2BB%3HHNO3572%NP%J#L<>$;%F5%#==>%356%J#$<K#>%F5%#==?% L#><?L$% >LK<LK=%
,E2%P4N8%&H234%&C3552H%&N88E5F73IFN5B% #?M<$$K% Q%
R42S3F6%2TS25B2B% KM<M;L% L;<#M?%
'IC24%7E4425I%3BB2IB% ;L:<M$L% ;L$<#K$%
!"#$%&'())*+#&,--*#-& ;<?=><;=>% ;<;KL<L;M%
% % %
% % %
RA'R.A-1<%R*!(-%!(,%.U@+RV.(-% % %
*356<%9EFH6F5WB%356%F8S4NG2825IB% :?K<:#;% :$:<?L=%
)I4E7IE42B% :<L=;<L$=% :<?=;<?M:%
XE45FIE42%356%NIC24%2DEFS825I% #MK<M:?% #:K<:$=%
&N5BI4E7IFN5%F5%S4NW42BB% >$<MM:% ?=<::#%
& $<?=:<:M=% $<#$$<=;M%
*2BB%377E8EH3I26%62S427F3IFN5% #<:ML<#$#% #<=M#<;>?%
% #<#$$<;=K% #<;L;<K:L%
% % %
% % %
+(-!(Y+/*.%!)).-)% % %
,2PF5FI2"HFG26%F5I35WF9H2B<%52I% #M$<$K>% #L#<$#?%
+562PF5FI2"HFG26%F5I35WF9H2B%Z%S248FIB% #M;<=LM% #?=<L$L%
YNN6OFHH% ;<;?#<MKL% ;<=L#<L#>%
% % %
% % %
'-0.A%!)).-)% % %
(NI2B%4272FG39H2% :<$#?% :<;L#%
+5G2BI825IB%F5<%356%36G3572B%IN<%5N57N5BNHF63I26%3PPFHF3I2B% ;=K<==>% L><:M#%
,2P24426%I3T%3BB2I% ;K?<;?>% ;LL<L;K%
'IC24%3BB2IB% ;;K<?;K% L:<:>:%
!"#$%&,--*#-& J%M<L:M<?=$% J%M<$#;<KL;%
%%%%%%%%%%%%
)22%(NI2B%IN%&N5BNHF63I26%356%&N89F526%XF5357F3H%)I3I2825IB% %
!"#$%
%
%&'!('&')'*+%!,-%+.!/*.0&-*/+1%*23')4%%!"#$%&'()*#+),$-./-0%$)&*1-$+*%*2$ 4567%*8959%-5:5;<57%=>?%
! #@@A% #@@B%
% % %
C3//*,)%&'!('&')'*+% % %
!::DE8FG%H6I6<J5% K% >=L?#M@% K% >#>?$AL%
!::7E59%5NH58G5G% $=B?@##% OMO?AOO%
-E5%FD%CJ567%CP6885J%CD;;E8Q:6FQD8G% R% O?>M@%
!::7E59%Q8F575GF% >?@AO% =?B#>%
!::7E59%Q8:D;5%F6N5G% ==?>$O% =>?#$M%
-5S57759%Q8:D;5% >#>?$$L% MB?O#>%
CE7758F%HD7FQD8%DS%JD8T"F57;%95<F% LA?@MM% LB?#M=%
-5S57759%F6N%JQ6<QJQFQ5G% O?@M$% =?O@=%
!"#$%&'())*+#&,-$.-%-#-*/& M#>?#M#% LO>?$@M%
% % %
% % %
&D8T"F57;%95<F% MO?M##% MA?LL=%
-5<F%UQFP%CJ567%CP6885J%CD;;E8Q:6FQD8G% #?$@@?@@@% #?$@@?@@@%
0FP57%JD8T"F57;%JQ6<QJQFQ5G% ##@?AMB% #>O?##@%% % %
% % %
VQ8D7QFI%Q8F575GF% #>$?LBO% >L>?M@>%
CD;;QF;58FG%689%:D8FQ8T58F%JQ6<QJQFQ5G%W,DF5%.X% % %
% % %
% % %
+.!/*.0&-*/+1%*23')4% % %Y75S57759%GFD:Z?%K[@>%H67%\6JE5?%>$@?@@@?@@@%GP675G%6EFPD7Q]59?%8D%GP675G%QGGE59%689%DEFGF689Q8T% R% R%CJ6GG%!%:D;;D8%GFD:Z?%K[@>%H67%\6JE5?%A$@?@@@?@@@%GP675G%6EFPD7Q]59?%O@?OMO?LA=689%=M?$B$?>M>%GP675G%QGGE59%Q8%#@@A%689%#@@B?%75GH5:FQ\5JI% O@$% =MB%CJ6GG%(%:D;;D8%GFD:Z?%K[@>%H67%\6JE5?%B@@?@@@?@@@%GP675G%6EFPD7Q]59?%=>$?@@@?@@@%GP675G%QGGE59%689%DEFGF689Q8T% =?>$@% =?>$@%
!99QFQD86J%H6Q9"Q8%:6HQF6J% >?=@O?=$M% >?#AM?@AM%
/5F6Q859%5678Q8TG% O#A?=M>% >A=?#AA%
!::E;EJ6F59%DFP57%:D;H75P58GQ\5%Q8:D;5% #OA?OAL% >=@?OAB%
CDGF%DS%GP675G%W>?L$A%Q8%#@@AX%P5J9%Q8%F756GE7I% W$=X% R%
!"#$%&01$)*1"%2*)/3&45(-#6& >?ML#?A=@% >?$LB?=AL%
% % %
!"#$%&,-$.-%-#-*/&$+2&01$)*1"%2*)/3&45(-#6& K%$?M=$?B@O% K%$?O#>?LM>%
%%%%%%%%%
+55%,DF5G%FD%CD8GDJQ96F59%689%CD;<Q859%^Q868:Q6J%+F6F5;58FG%
!"#$%
&'()'*+,!-.,%!(,%&'/0+(.,%)-!-./.(-)%'1%'2.3!-+'()%%!"#$%&'()*#+),$-./-0%$0-1$)&*1-$+*%*2$ %
$ 4567%.8959%,5:5;<57%=>?%
! #@@A% #@@$% #@@B%
35C58D5% E%=?#F>?F=$% E%#?FGA?A#>% E%#?$$$?@AF%
'H576IJ8K%5LH58M5MN% ! ! !
,J75:I%OH576IJ8K%5LH58M5M%PJ8:QD95M%MR675"<6M59%H6S;58IM%OT%E$?GB>?%EU?=#F%689%EFU$%J8%#@@A?%#@@$%689%#@@B?%75MH5:IJC5QS?%689%5L:QD95M%95H75:J6IJO8%689%6;O7IJV6IJO8W% >?A=U?FUB% >?B>U?FU#% >?U@B?ABF%)5QQJ8K?%K58576Q%689%69;J8JMI76IJC5%5LH58M5M%PJ8:QD95M%MR675"<6M59%H6S;58IM%OT%E#?$F#?%E>?$F=%689%E@%J8%#@@A?%#@@$%689%#@@B?%75MH5:IJC5QS?%689%5L:QD95M%95H75:J6IJO8%689%6;O7IJV6IJO8W% B=A?GGU% UF$?GGU% UAF?=U=%
,5H75:J6IJO8%689%6;O7IJV6IJO8% =GG?UF=% U@A?A=@% U@@?$=G%&O7HO76I5%5LH58M5M%PJ8:QD95M%MR675"<6M59%H6S;58IM%OT%EB=F?%EFF%689%E@%J8%#@@A?%#@@$%689%#@@B?%75MH5:IJC5QS?%689%5L:QD95M%95H75:J6IJO8%689%6;O7IJV6IJO8W% $$?@F@% $B?BU#% $>?@G$%
X6J8%O8%9JMHOMJIJO8%OT%6MM5IMY%85I% >>?F#U% ##?FU$% =?UFF%
'H576IJ8K%J8:O;5% BBB?#BF% UUB?UBG% =#=?A=@%
+8I575MI%5LH58M5%O8%95<I%ZJIR%&Q567%&R6885Q%&O;;D8J:6IJO8M% >B>?=$=% >B=?B@@% >F#?$$A%
+8I575MI%5LH58M5% $?B>F% G?@F=% >B?$FA%
.[DJIS%J8%5678J8KM%OT%8O8:O8MOQJ96I59%6TTJQJ6I5M% U?U@#% A?U$@% G?FUU%
'IR57%J8:O;5%P5LH58M5WY%85I% >@?>>=% ==>% P>#?#G>W%
+8:O;5%<5TO75%J8:O;5%I6L5M%689%;J8O7JIS%J8I575MI% U>>?FG#% #G@?$$A% >##?G#G%
+8:O;5%I6L%P5LH58M5W%<585TJIN% % % %
&D7758I% P>>>?A#$W% PF#?BB=W% PB>?>A=W%
,5T57759% P=U?G>BW% P=G?B#AW% B?$FG%
+8:O;5%I6L%P5LH58M5W%<585TJI% P>U$?$U>W% P>##?@F@W% PUB?UFUW%
/J8O7JIS%J8I575MI%5LH58M5Y%85I% >G?#$>% >B?B>B% >B?FA#%
(5I%J8:O;5% #UB?GG@% >B=?@A#% $>?BA=%
'IR57%:O;H75R58MJC5%J8:O;5%PQOMMW?%85I%OT%I6LN% % % %
1O75JK8%:D7758:S%I768MQ6IJO8%69\DMI;58IM% >>A?@@#% >==?=F=% PA$?=>BW%
&O;H75R58MJC5%J8:O;5%PQOMMW% E% =$#?GG#% E% #F$?UBB% E% P>U?AU#W%
(5I%J8:O;5%H57%:O;;O8%MR675N% % % %
06MJ:% E% ]$G% E% ]U=% E% ]>G%
^5JKRI59%6C576K5%:O;;O8%MR675M%ODIMI689J8KY%06MJ:% =BU?F=F% =B#?>BB% =>G?FG@%
,JQDI59% E% ]$G% E% ]U=% E% ]>G%
^5JKRI59%6C576K5%:O;;O8%MR675M%ODIMI689J8KY%,JQDI59% =BB?F@$% =B#?#$#% =>G?G#>%%%%%%%%%%%%%%%%%%
)55%(OI5M%IO%&O8MOQJ96I59%689%&O;<J859%1J868:J6Q%)I6I5;58IM%
!"#$%
&'()'*+,!-.,%!(,%&'/0+(.,%)-!-./.(-)%'1%&2!(3.)%+(%)2!4.2'*,.4)56'7(.45)%.89+-:%
%!"#$%&'()*#+),$-./-0%$)&*1-$+*%*2$
&;<==%!%
&;<==%0%
%%
%%
!>>?@?;<ABC%
%%
%&D@@DE%
&D@@DE%
%'FEBG5=%
!CCHAHDE<;%
4BA<HEBC%
'AIBG%
%%
%)I<GB=%
)I<GB=%
&D@@DE%
(BA%
J<HC"HE%
.<GEHEK=%
&D@LGBIBE=HMB%
-GB<=?GN%
%%
+==?BC%
+==?BC%
)AD>O%
+EMB=A@BEA%
&<LHA<;%
P,BQH>HAR%
+E>D@B%P;D==R%
)AD>O%
-DA<;%
!"#"$%&'(")(*&%&+,&-(./0(1223(
S%
S%T%
S%T%UVU$WVUUX%T%
S%T%PXV#YZV###RT%
[ZZV#\\%T%
S%T%#V$#WVUY[%
(BA%HE>D@BV%LGB%+J'%
%%
%%
%X\V[U]%
%%
X\V[U]%
&?GGBE>N%AG<E=;<AHDE%<C^?=A@BEAV%LGB%+J'%
%%
%%
%%
P$]V$]$R
%P$]V$]$R%
,HMHCBEC%AD%&;B<G%&I<EEB;%
&D@@?EH><AHDE=%
%%
%P#VYZZVZZZR
%%
%%
P#VYZZVZZZR%
&DEAGH_?AHDE%
%[\YVZZZVZZZ%
[V\YZ%
PXV\$WVUUXR
\]WVZ]X%
XV#Z]V]YX%
P##\VX#XR
%S%
,H=AGH_?AHDE%QGD@%&;B<G%&I<EEB;%
&D@@?EH><AHDE=%
%%
%%
[W[V$\$%
%%
%[W[V$\$%
+J'%LGD>BBC=V%EBA%DQ%DQQBGHEK%>D=A=%
[YVZZZVZZZ%
%[YZ%
%UZZV#W#%
%%
%UZZVUX#%
(BA%HE>D@BV%LD=A%+J'%
%%
%%
%#ZV#ZY%
%%
#ZV#ZY%
&?GGBE>N%AG<E=;<AHDE%<C^?=A@BEAV%LD=A%+J'%
%%
%%
%%
#VX$#%
%#VX$#%
.`BG>H=B%DQ%=AD>O%DLAHDE=%<EC%DAIBG%
#[UV]\W%
%#%
%\#%
%%
%\X%
)I<GB"_<=BC%L<N@BEA=%
%%
%%
\Y[%
%%
%\Y[%
!"#"$%&'(")(*&%&+,&-(./0(1224(
[YV#[UV]\W%
[\YVZZZVZZZ%
[VYZ#%
S%
\V\][V#Y]%
#ZV#ZY%
#VX$#%
S\V#ZWVX[$%
&D@@DE%=AD>O%H==?BC%QDG%<%_?=HEB==%
<>a?H=HAHDE%
XV#XWVWWZ%
%X[%
%]WVZ[$%
%%
%]WVZ]Z%
(BA%HE>D@B%
%%
%%
%\Y[VZ$#%
%%
\Y[VZ$#%
&?GGBE>N%AG<E=;<AHDE%<C^?=A@BEA%<EC%DAIBG%
%%
%%
%%
\#]VZZX%
%\#]VZZX%
.`BG>H=B%DQ%=AD>O%DLAHDE=%<EC%DAIBG%
$]V[]#%
%\%
%\VX]]%
%%
%\VX]W%
)I<GB"_<=BC%L<N@BEA=%
%%
%%
YV#WU%
%%
%YV#WU%
!"#"$%&'(")(*&%&+,&-(./0(1225(
[WVYUYV\W\%
[\YVZZZVZZZ%
[VYXU%
S%
\V#$WVZ$W%
\$[V#$$%
\[ZVX$U%
S\VY]UV[$]%
&?@?;<AHMB%BQQB>A%DQ%1+(%X]%<CDLAHDE%
%%
%%
%]V\#X%
%%
]V\#X%
&D@@DE%=AD>O%H==?BC%QDG%<%_?=HEB==%
<>a?H=HAHDE%
\W\V#]$%
%#%
%YVZ]X%
%%
%YVZ]U%
(BA%HE>D@B%
%%
%%
%#XYVWWZ%
%%
#XYVWWZ%
&?GGBE>N%AG<E=;<AHDE%<C^?=A@BEA%<EC%DAIBG%
%%
%%
%%
\\$VZZ#%
%\\$VZZ#%
.`BG>H=B%DQ%=AD>O%DLAHDE=%<EC%DAIBG%
$[]V[WY%
%$%
%\ZV]#U%
%%
PY[R
\ZV$]Z%
)I<GB"_<=BC%L<N@BEA=%
%%
%%
WV[$Z%
%%
%WV[$Z%
!"#"$%&'(")(*&%&+,&-(./0(1226(
XZVXWXV]$[%
[\YVZZZVZZZ%T%[VYYY%T%
S%T%\V[ZXV[YW%T%
X#$V[W\%T%
#X$VX$]%T%
PY[RT%\VW]#V$[Z%
%% % % % %
)BB%(DAB=%AD%&DE=D;HC<ABC%<EC%&D@_HEBC%1HE<E>H<;%)A<AB@BEA=%
!"#$%
&'()'*+,!-.,%!(,%&'/0+(.,%)-!-./.(-)%'1%&!)2%1*'3)%%
!"#$%&'()*#+),$ %
$ 4567%.8959%,5:5;<57%=>?%
! #@@A% #@@B% #@@C%
&!)2%1*'3)%DE'F+,.,%04%GH).,%+(I%'D.E!-+(J%!&-+F+-+.)K% % % %
(5L%M8:N;5% O% #PC?QQ@% O% >C=?@A#% O% B>?CA=%
% ! ! !
E5:N8:MRM8S%+L5;TK% ! ! !
,5U75:M6LMN8% =PB?#Q$% =##?#@$% =>>?=AB%
!;N7LMV6LMN8% C=?>$C% $C?C##% $Q?#B=%
,5W57759%L6X5T% =P?Q>C% =Q?C#A% GC?B$QI%
)Y675"<6T59%:N;U58T6LMN8% Q?=A@% C?#QB% >C=%
D7NZMTMN8%WN7%9N[<LW[R%6::N[8LT% >@?C#C% $?CA>% >>?C$=%
GJ6M8I%RNTT%N8%T6R5%NW%NU576LM8S%689%WMX59%6TT5LT% G>>?$#PI% G##?$PBI% C?C>=%
.\[ML]%M8%5678M8ST%NW%8N8:N8TNRM96L59%6WWMRM6L5T% GP?P@#I% GA?PB@I% GQ?$PPI%
/M8N7ML]%M8L575TL%5XU58T5%^%85L% >Q?#B>% >C?C>C% >C?$A#%
+8:756T5%G95:756T5I%NLY57?%85L% #?=>P% GB?>=AI% G>C=I%
% ! ! !
&Y68S5T%M8%NU576LM8S%6TT5LT%689%RM6<MRMLM5T?%85L%NW%5WW5:LT%NW%6:\[MTMLMN8TK ! ! !
,5:756T5%GM8:756T5I%M8%6::N[8LT%75:5MZ6<R5% G>=A?=P>I% G>@>?=P@I% G##?#>AI%
,5:756T5%GM8:756T5I%M8%U75U6M9%5XU58T5T% C?A=A% G#@?AQAI% G>@?$CQI%
,5:756T5%GM8:756T5I%M8%NLY57%:[7758L%6TT5LT% >?#PA% GQ?PP=I% CQ?#>P%+8:756T5%G95:756T5I%M8%6::N[8LT%U6]6<R5?%6::7[59%5XU58T5T%689%NLY57%RM6<MRMLM5T% Q=?=$=% BC?=$>% G>=?=@@I%
+8:756T5%G95:756T5I%M8%6::7[59%M8L575TL% G#?C=CI% >?>CP% >?Q@$%
+8:756T5%G95:756T5I%M8%95W57759%M8:N;5% #C?$P@% G#?PQ=I% G>#?C>#I%
+8:756T5%G95:756T5I%M8%6::7[59%M8:N;5%L6X5T% #?PBA% >#?$>>% #$?#@A%
(5L%:6TY%U7NZM959%<]%NU576LM8S%6:LMZMLM5T% BQP?P=@% C=$?CP>% C>@?@$$%
% % % %
%% %
!"#$%
%%
%! &'()%*+,',%-'.'/0')%123%
! #445% #446% #447%
8!9:%;<=>9%?@=AB-*-%C&%DE9*-%BFG%BFA*9HBFI%!8HBABHB*9J% % % %
-'.)'(K'%DL+.)'(K'G%L+%+MN'K%)'.'LO(0P'3%+'N% D#1QG% #3166% Q#4%-'.)'(K'%DL+.)'(K'G%L+%L+O'KN/'+NK%L+3%(+,%(,O(+.'K%NM%+M+.M+KMPL,(N',%(RRLPL(N'K%S%+'N% $6#% 53#$#% $72%
?T).U(K'%MR%MNU')%L+O'KN/'+NK% D67$G% V% D$$G%
?T).U(K'K%MR%W)MW')NX3%WP(+N%(+,%'YTLW/'+N% D#5736$4G% D#113ZZ#G% D#4Z3276G%
?)M.'',K%R)M/%,LKWMK(P%MR%(KK'NK% 2531#2% 273Q72% $#4%
!.YTLKLNLM+%MR%MW')(NL+[%(KK'NK3%+'N%MR%.(KU%(.YTL)',% D6$347$G% D#Q#3Q2ZG% D$$3647G%
-'.)'(K'%DL+.)'(K'G%L+%MNU')%S%+'N% D#$344$G% D153Z2$G% D773Z4#G%
F'N%.(KU%TK',%L+%L+O'KNL+[%(.NLOLNL'K% D176316ZG% DQZ$3424G% D1623152G%
% % % %8!9:%;<=>9%?@=AB-*-%C&%DE9*-%BFG%
;BF!F8BFI%!8HBABHB*9J% % % %
-)(\K%M+%.)',LN%R(.LPLNL'K% 246355#% 22Z3Z65% 24Z3642%
?(X/'+NK%M+%.)',LN%R(.LPLNL'K% D56362QG% D2443456G% D22132$1G%
?)M.'',K%R)M/%PM+["N')/%,'0N% ##3QZ1% 153#17% V%
?(X/'+NK%M+%PM+["N')/%,'0N% D663#$4G% D22736$QG% D1322ZG%
?(X/'+NK%M+%PM+["N')/%,'0N%\LNU%8P'()%8U(++'P%8M//T+L.(NLM+K% V% V% D64436Q#G%
F'N%N)(+KR')K%DNMG%R)M/%8P'()%8U(++'P%8M//T+L.(NLM+K% D14#3ZZ#G% Q31#5% D543446G%
?)M.'',K%R)M/%']').LK'%MR%KNM.^%MWNLM+K% 2435Z4% #3256% 266%
?)M.'',K%R)M/%L+LNL(P%WT0PL.%MRR')L+[% V% V% 64436Q#%
F'N%.(KU%TK',%L+%RL+(+.L+[%(.NLOLNL'K% D1473572G% D713267G% D553774G%
% % % %
*RR'.N%MR%'].U(+['%)(N'%.U(+['K%M+%.(KU% D#3Z4$G% 1Z7% DQ52G%
% % % %
F'N%L+.)'(K'%D,'.)'(K'G%L+%.(KU%(+,%.(KU%'YTLO(P'+NK% #$374#% D13#Q$G% 5436$6%
8(KU%(+,%.(KU%'YTLO(P'+NK%(N%0'[L++L+[%MR%X'()% 24731$7% 24Z36QQ% 153$QZ%
8(KU%(+,%.(KU%'YTLO(P'+NK%(N%'+,%MR%X'()% _% 21Q3Z$5% _% 24731$7% _% 24Z36QQ%
% % % %
9E??<*`*FH!<%-B98<=9E@*J% % % %
8(KU%W(L,%,T)L+[%NU'%X'()%RM)%L+N')'KN% _% 2673514% _% 267356Q% _% 2$73174%
8(KU%W(L,%,T)L+[%NU'%X'()%RM)%N(]'K% _% Q13441% _% 7#3Q5$% _% 1Z3Q$1%%%%%%%%%%%
9''%FMN'K%NM%8M+KMPL,(N',%(+,%8M/0L+',%;L+(+.L(P%9N(N'/'+NK%
!"#$%
!"#$%&#"&'"!%"()*+#$*&+!*&'",-)!$*&.)!+!')+(&%#+#$,$!#%&
%!"#$&+&/&%0,,+12&".&%)3!).)'+!#&+''"0!#)!3&4"()')$%&
%!"#$#%&'%()*#*+,",$&+%
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
J+(%&1<=),>%+)5%*(8')553C3(0%8(*/)3,%5(''3,46%4(,(*)'%),0%)0<3,35/*)/3A(%(S=(,5(5% /1%03*(8/%1=(*)/3,4%(S=(,5(5% 3,%H$$R%),0%H$$I%/1%81,C1*<%/1%8.**(,/%>()*%=*(5(,/)/31,9%%2"#7%"+3%2"#7%89.$:"1*+,#%
&)5+%),0%8)5+%(].3A)'(,/5%3,8'.0(%)''%+34+'>%'3].30%3,A(5/<(,/5%B3/+%),%1*343,)'%<)/.*3/>%1C%/+*((%<1,/+5%1*%'(559%%;11&<"+/*%'&)%=&.5,'.1%;//&.+,#%
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
!"#$%
&'()*+*'(,-%%./0%1'234(5%607*080,%+/0%&90)*+%9*,:%;*+/%90,30&+%+'%+94)0%90&0*84670,%*,%7*2*+0)%)<0%+'%+/0%749=0%(<2609%
4()%+/0%=0'=943/*&%)*809,*>*&4+*'(%'>%*+,%&<,+'209,-%
%
!"#$%!&"'&'%"#$%()*&+%,)+-.)-+&%!/.&#'&'%
?',+%'>%+/0%1'234(5@,%4)809+*,*(=%,+9<&+<90,%490%7'&4+0)%'(%704,0)%74()-%%!209*&4,%74()%90(+,%490%+53*&4775%34*)%*(%
4)84(&0%>'9%309*'),%94(=*(=%>9'2%$%+'%$A%2'(+/,-%%B(+09(4+*'(47%74()%90(+,%490%34*)%6'+/%*(%4)84(&0%4()%*(%499049,C%
>'9% 309*'),% 94(=*(=% >9'2% $% +'% $A%2'(+/,-% %?',+% B(+09(4+*'(47% ,+900+% ><9(*+<90% )*,3745% >4&0,% 490% '3094+0)% +/9'<=/%
&'(+94&+,%;*+/%+/0%2<(*&*347*+*0,%>'9%<3%+'%AD%5049,-%%./0%,+900+%><9(*+<90%&'(+94&+,%'>+0(%*(&7<)0%4%309&0(+%'>%9080(<0%
+'%60%34*)%47'(=%;*+/%4%64,0%90(+%34520(+-%%E9034*)%74()%704,0,%490%90&'9)0)%4,%4(%4,,0+%4()%0F30(,0)%94+4675%'809%
+/0%9074+0)%90(+47%+092%4()%7*&0(,0%4()%90(+%34520(+,%*(%499049,%490%90&'9)0)%4,%4(%4&&9<0)%7*46*7*+5-%
%
0-+.*"'&%1..2-#)/#3%
./0%1'234(5%4&&'<(+,% >'9% *+,% 6<,*(0,,% 4&G<*,*+*'(,%<()09% +/0%3<9&/4,0%20+/')%'>% 4&&'<(+*(=-% %./0% +'+47% &',+% '>%
4&G<*,*+*'(,%*,%477'&4+0)%+'%+/0%<()0975*(=%*)0(+*>*4670%(0+%4,,0+,%64,0)%'(%+/0*9%90,30&+*80%0,+*24+0)%>4*9%847<0,-%%./0%
0F&0,,% '>% +/0% 3<9&/4,0% 39*&0% '809% +/0% 0,+*24+0)% >4*9% 847<0,% '>% +/0% (0+% 4,,0+,% 4&G<*90)% *,% 90&'9)0)% 4,% ='');*77-%%
H0+092*(*(=% +/0% >4*9% 847<0% '>% 4,,0+,% 4&G<*90)% 4()% 7*46*7*+*0,% 4,,<20)% 90G<*90,%24(4=020(+@,% I<)=20(+% 4()% '>+0(%
*(8'780,%+/0%<,0%'>%,*=(*>*&4(+%0,+*24+0,%4()%4,,<23+*'(,C%*(&7<)*(=%4,,<23+*'(,%;*+/%90,30&+%+'%><+<90%&4,/%*(>7';,%
4()%'<+>7';,C%)*,&'<(+%94+0,C%4,,0+%7*80,%4()%249:0+%2<7+*370,C%42'(=%'+/09%*+02,-%%B(%4))*+*'(C%90,0980,%/480%600(%
0,+467*,/0)% '(% +/0% 1'234(5@,% 6474(&0% ,/00+% 9074+0)% +'% 4&G<*90)% 7*46*7*+*0,% 4()% G<47*>5*(=% 90,+9<&+<9*(=% &',+,% 4()%
&'(+*(=0(&*0,%64,0)%'(%4,,<23+*'(,%24)0%4+% +/0%+*20%'>%4&G<*,*+*'(-% %./0%1'234(5%0847<4+0,% +/0,0%90,0980,%'(%4%
90=<749%64,*,% +'%)0+092*(0% +/0%4)0G<4&*0,%'>% +/0%42'<(+,-%J49*'<,%4&G<*,*+*'(%4=90020(+,%245%*(&7<)0%&'(+*(=0(+%
3<9&/4,0%&'(,*)094+*'(%64,0)%'(%309>'924(&0%90G<*9020(+,%'>%+/0%*(80,+00-%%./0%1'234(5%4&&9<0,%+/0,0%34520(+,%
<()09%+/0%=<*)4(&0%*(%K209=*(=%B,,<0,%.4,:%L'9&0%MNKB.LOP%*,,<0%QR"ST%!""#$%&'%()*#+),#%&'%(-%&),#%.'/-+0&'#%)
10'/) &#) &2-)320+-2#4/-+.)#*)0%)!"5$'+-/)6%&-+7+'.-) '%)0)1$+"20.-)8$.'%-..),#9:'%0&'#%C%4>+09% +/0%&'(+*(=0(&*0,%
/480%600(%90,'780)-%
%
1''&)%4&)/+&5&#)%(67/3")/2#%
U+4+020(+% '>% L*(4(&*47% !&&'<(+*(=% U+4()49),% MNL!UOP% V'-% $W#C% !""#$%&'%() *#+) !..-&) ;-&'+-9-%&) <:4'(0&'#%.=%
90G<*90,% +/0%1'234(5% +'% 0,+*24+0% *+,% '67*=4+*'(%<3'(% +/0% +092*(4+*'(%'9%('("90(0;47%'>% 4% 704,0% +'%)*,24(+70% 4()%
902'80% *+,% 4)809+*,*(=% ,+9<&+<90,% >9'2% +/0% 704,0)% 74()% 4()% +'% 90&74*2% +/0% ,*+0% +'% *+,% '9*=*(47% &'()*+*'(-% % ./0%
1'234(5@,% 4,,0+% 90+*9020(+% '67*=4+*'(% *,% 903'9+0)% *(% NX+/09% 7'(="+092% 7*46*7*+*0,-O% % ./0% 1'234(5% 90&'9),% +/0%
390,0(+%847<0%'>%'67*=4+*'(,%4,,'&*4+0)%;*+/% +/0% 90+*9020(+%'>% *+,%4)809+*,*(=%,+9<&+<90,% *(% +/0%309*')% *(%;/*&/% +/0%
'67*=4+*'(%*,%*(&<990)-%%./0%7*46*7*+5%*,%&43*+47*Y0)%4,%349+%'>%+/0%9074+0)%4)809+*,*(=%,+9<&+<90,%&4995*(=%42'<(+-%%X809%
+*20C%4&&90+*'(%'>%+/0%7*46*7*+5%*,%90&'=(*Y0)%4,%4(%'3094+*(=%0F30(,0%4()%+/0%&43*+47*Y0)%&',+%*,%)0390&*4+0)%'809%+/0%
0F30&+0)%<,0><7%7*>0%'>%+/0%9074+0)%4,,0+-%
%
0+28&+)9:%07"#)%"#$%;<-/85&#)%
E9'309+5C%374(+%4()%0G<*320(+%490%,+4+0)%4+%&',+-%H0390&*4+*'(% *,%&'23<+0)%<,*(=% +/0%,+94*=/+"7*(0%20+/')%4+% 94+0,%
+/4+C%*(%+/0%'3*(*'(%'>%24(4=020(+C%490%4)0G<4+0%+'%477'&4+0%+/0%&',+%'>%,<&/%4,,0+,%'809%+/0*9%0,+*24+0)%<,0><7%7*80,C%
;/*&/%490%4,%>'77';,T%
%
Z<*7)*(=,%4()%*239'8020(+,%[%$D%+'%#Q%5049,%
U+9<&+<90,%[%R%+'%WD%5049,%
L<9(*+<90%4()%'+/09%0G<*320(+%[%#%+'%AD%5049,%
\04,0/'7)%*239'8020(+,%[%,/'9+09%'>%0&'('2*&%7*>0%'9%704,0%+092%4,,<2*(=%90(0;47%309*'),C%*>%4339'39*4+0%
%
L'9%4,,0+,%4,,'&*4+0)%;*+/%4% 704,0%'9%&'(+94&+C% +/0%4,,0+,%490%)0390&*4+0)%4+% +/0%,/'9+09%'>% +/0%0&'('2*&% 7*>0%'9% +/0%
704,0% '9% &'(+94&+% +092C% 4,,<2*(=% 90(0;47% 309*'),C% *>% 4339'39*4+0-% % KF30()*+<90,% >'9%24*(+0(4(&0% 4()% 9034*9,% 490%
&/49=0)%+'%'3094+*'(,%4,%*(&<990)C%;/0904,%0F30()*+<90,%>'9%90(0;47%4()%60++0920(+,%490%&43*+47*Y0)-%
%
./0% 1'234(5% +0,+,% >'9% 3',,*670% *234*920(+% '>% 39'309+5C% 374(+C% 4()% 0G<*320(+% ;/0(0809% 080(+,% '9% &/4(=0,% *(%
&*9&<2,+4(&0,C%,<&/%4,%4%90)<&+*'(%*(%'3094+*(=%&4,/%>7';%'9%4%)9424+*&%&/4(=0%*(%+/0%24((09%+/0%4,,0+%*,%*(+0()0)%+'%
60%<,0)%*()*&4+0%+/0%&4995*(=%42'<(+%'>%+/0%4,,0+%245%('+%60%90&'8094670-%%B>%*()*&4+'9,%0F*,+C%+/0%1'234(5%&'23490,%
+/0%0,+*24+0)%<()*,&'<(+0)%><+<90%&4,/%>7';,%9074+0)%+'%+/0%4,,0+%+'%+/0%&4995*(=%847<0%'>%+/0%4,,0+-%%B>%+/0%&4995*(=%
!"#$%
&'()*% +,% -.*'/*.% /0'1% /0*% *,/+2'/*3% )13+,45)1/*3% 6)/).*% 4',0% 6(57% '25)1/8% '1% +29'+.2*1/% 40'.-*% +,% .*45.3*3% +1%
3*9.*4+'/+51%'13%'25./+:'/+51%*;9*1,*%+1%/0*%,/'/*2*1/%56%59*.'/+51,%65.%'25)1/,%1*4*,,'.<%/5%.*3)4*%/0*%4'..<+1-%
&'()*% 56% /0*% ',,*/% /5% 6'+.% &'()*=% % >0*% +29'+.2*1/% (5,,% 4'(4)('/+51,% .*?)+.*% 2'1'-*2*1/% /5% '99(<% @)3-2*1/% +1%
*,/+2'/+1-%6)/).*%4',0%6(57,%'13%/0*%3+,45)1/%.'/*,%/0'/%.*6(*4/,%/0*%.+,A%+10*.*1/%+1%6)/).*%4',0%6(57,=%
%
!"#$"%&'()*+,,)#,*
>0*%B529'1<%4(',,+6+*,%+1/'1-+C(*%',,*/,%',%3*6+1+/*"(+&*38%+13*6+1+/*"(+&*38%5.%-5537+((=%%D*6+1+/*"(+&*3%+1/'1-+C(*,%
+14()3*%9.+2'.+(<%/.'1,+/%'13%,/.**/%6).1+/).*%451/.'4/,%'13%5/0*.%451/.'4/)'(%.+-0/,8%'((%56%70+40%'.*%'25./+:*3%5&*.%
/0*% ,05./*.% 5.% *+/0*.% /0*% .*,9*4/+&*% (+&*,% 56% /0*% '-.**2*1/,% 5.% 5&*.% /0*% 9*.+53% 56% /+2*% /0*% ',,*/,% '.*% *;9*4/*3% /5%
451/.+C)/*% /5% /0*% B529'1<E,% 6)/).*% 4',0% 6(57,8% /<9+4'((<% F% /5% GF% <*'.,=% % >0*%B529'1<% 9*.+53+4'((<% .*&+*7,% /0*%
'99.59.+'/*1*,,% 56% /0*% '25./+:'/+51% 9*.+53,% .*('/*3% /5% +/,% 3*6+1+/*"(+&*3% ',,*/,=% % >0*,*% ',,*/,% '.*% ,/'/*3% '/% 45,/=%
H13*6+1+/*"(+&*3% +1/'1-+C(*,% +14()3*% C+((C5'.3% 9*.2+/,=% % >0*% *;4*,,% 45,/% 5&*.% 6'+.% &'()*% 56% 1*/% ',,*/,% '4?)+.*3% +,%
4(',,+6+*3%',%-5537+((=%%>0*%+13*6+1+/*"(+&*3%+1/'1-+C(*,%'13%-5537+((%'.*%15/%,)C@*4/%/5%'25./+:'/+518%C)/%'.*%/*,/*3%
65.%+29'+.2*1/%'/%(*',/%'11)'((<=%
%
>0*% B529'1<% /*,/,% 65.% 95,,+C(*% +29'+.2*1/% 56% 3*6+1+/*"(+&*3% +1/'1-+C(*% ',,*/,% 70*1*&*.% *&*1/,% 5.% 40'1-*,% +1%
4+.4)2,/'14*,8%,)40%',%'%.*3)4/+51%+1%59*.'/+1-%4',0%6(57%5.%'%3.'2'/+4%40'1-*%+1%/0*%2'11*.%/0*%',,*/%+,%+1/*13*3%/5%
C*%),*3%+13+4'/*%/0*%4'..<+1-%'25)1/%56%/0*%',,*/%2'<%15/%C*%.*45&*.'C(*=%%H6%+13+4'/5.,%*;+,/8%/0*%B529'1<%4529'.*,%
/0*%*,/+2'/*3%)13+,45)1/*3%6)/).*%4',0%6(57,%.*('/*3%/5%/0*%',,*/%/5%/0*%4'..<+1-%&'()*%56%/0*%',,*/=%%H6%/0*%4'..<+1-%
&'()*% +,% -.*'/*.% /0'1% /0*% *,/+2'/*3% )13+,45)1/*3% 6)/).*% 4',0% 6(57% '25)1/8% '1% +29'+.2*1/% 40'.-*% +,% .*45.3*3% +1%
3*9.*4+'/+51%'13%'25./+:'/+51%*;9*1,*%+1%/0*%,/'/*2*1/%56%59*.'/+51,%65.%'25)1/,%1*4*,,'.<%/5%.*3)4*%/0*%4'..<+1-%
&'()*%56%/0*%',,*/%/5%6'+.%&'()*=%
%
>0*%B529'1<%9*.65.2,%+/,%'11)'(%+29'+.2*1/%/*,/%65.%+/,%9*.2+/,%),+1-%'%3+.*4/%&'()'/+51%/*401+?)*%',%9.*,4.+C*3%C<%
/0*% IH>J% >59+4%D"GKL8%!"#$ %&$ '(#$ )#"*+,-.$/#'(%+$ '%$ 0-.,#$ 123,*4#+$ 1""#'"$5'(#4$ 6(-7$8%%+9*..% MND"GKLOP=%%
B*./'+1% ',,)29/+51,% '.*% ),*3% )13*.% /0*%B529'1<E,% 3+.*4/% &'()'/+51% /*401+?)*8% +14()3+1-%2'.A*/% .*&*1)*% -.57/0%
.'/*,8%2'.A*/% ,0'.*8% 9.56+/%2'.-+18% 3).'/+51% '13% 9.56+(*% 56% /0*% C)+(3)9% 9*.+538% *,/+2'/*3% ,/'./")9% 45,/% '13% (5,,*,%
+14)..*3% 3).+1-% /0*% C)+(3")9% 9*.+538% /0*% .+,A% '3@),/*3% 3+,45)1/% .'/*% '13% /*.2+1'(% &'()*,=% % >0*% B529'1<% )/+(+:*,%
Q*,+.57%J+1'14+'(%B51,)(/+1-8%RRB8%'%/0+.3%9'./<%&'()'/+51%6+.28%/5%',,+,/%/0*%B529'1<%+1%/0*%3*&*(592*1/%56%/0*,*%
',,)29/+51,%'13%/0*%B529'1<E,%3*/*.2+1'/+51%56%/0*%6'+.%&'()*%56%+/,%9*.2+/,=%%H29'+.2*1/%40'.-*,%'.*%.*45.3*3%+1%
3*9.*4+'/+51%'13%'25./+:'/+51%*;9*1,*%51%/0*%,/'/*2*1/%56%59*.'/+51,=%
%
!/%(*',/%'11)'((<8%/0*%B529'1<%9*.65.2,%+/,%+29'+.2*1/%/*,/%65.%*'40%.*95./+1-%)1+/E,%-5537+((%),+1-%'%3+,45)1/*3%
4',0% 6(57%253*(% /5%3*/*.2+1*% +6% /0*%4'..<+1-%&'()*%56% /0*% .*95./+1-%)1+/8% +14()3+1-%-5537+((8% +,% (*,,% /0'1% /0*% 6'+.%
&'()*% 56% /0*% .*95./+1-% )1+/=% % >0*% B529'1<% +3*1/+6+*3% +/,% .*95./+1-% )1+/,% )13*.% /0*% -)+3'14*% +1% J!S% T5=% GU$8%
8%%+9*..$ -7+$5'(#4$ :7'-7;*<.#$1""#'"% MNS/'/*2*1/%GU$OP%'13%IH>J%>59+4%D"GKG8%=.-4*&*2-'*%7$%&$)#>%4'*7;$!7*'$
8,*+-72#$ *7$ ?-4-;4->($ @A$ %&$ B1CD$ C'-'#E#7'$ F%G$ HIJ=% % >0*% B529'1<E,% .*95./+1-% )1+/% 65.% !2*.+4',% +,% /0*%
.*95./'C(*%,*-2*1/=%%>0*%B529'1<%3*/*.2+1*3%/0'/%*'40%45)1/.<%+1%+/,%H1/*.1'/+51'(%,*-2*1/%451,/+/)/*,%'%.*95./+1-%
)1+/%'13%/0*.*65.*%/*,/,%-5537+((%65.%+29'+.2*1/%'/%/0*%45)1/.<%(*&*(=%%B*./'+1%',,)29/+51,%'.*%),*3%+1%3*/*.2+1+1-%
/0*%6'+.%&'()*8%+14()3+1-%',,)29/+51,%'C5)/%6)/).*%4',0%6(57,8%3+,45)1/%.'/*,8%'13%/*.2+1'(%&'()*,=%%H6%/0*%6'+.%&'()*%56%
/0*%B529'1<E,%.*95./+1-%)1+/%+,%(*,,%/0'1%/0*%4'..<+1-%&'()*%56%/0*%.*95./+1-%)1+/8%/0*%B529'1<%.*3)4*,%/0*%4'..<+1-%
'25)1/%56%-5537+((=%%H29'+.2*1/%40'.-*,%'.*%.*45.3*3%+1%3*9.*4+'/+51%'13%'25./+:'/+51%*;9*1,*%51%/0*%,/'/*2*1/%56%
59*.'/+51,=%
%
-."/.",.(&0$#)0*+11&(&$#),*
H1%-*1*.'(8% +1&*,/2*1/,% +1%70+40% /0*%B529'1<%571,%$K%9*.4*1/% /5%FK%9*.4*1/%56% /0*%452251%,/54A%5.%5/0*.7+,*%
*;*.4+,*,%,+-1+6+4'1/%+16()*14*%5&*.%/0*%+1&*,/**%'.*%'445)1/*3%65.%)13*.%/0*%*?)+/<%2*/053=%%>0*%B529'1<%35*,%15/%
.*45-1+:*% -'+1,% 5.% (5,,*,% )951% /0*% +,,)'14*% 56% ,*4).+/+*,% C<% '1<% 56% +/,% *?)+/<%2*/053% +1&*,/**,=% % >0*%B529'1<%
.*&+*7,%/0*%&'()*%56%*?)+/<%2*/053%+1&*,/2*1/,%'13%.*45.3,%+29'+.2*1/%40'.-*,%+1%/0*%,/'/*2*1/%56%59*.'/+51,%65.%
'1<%3*4(+1*%+1%&'()*%3*/*.2+1*3%/5%C*%5/0*."/0'1"/*295.'.<=%
%
2&"$"/&$(*!",#345)"#,*
D)*% /5% /0*+.% ,05./% 2'/).+/<8% /0*% 4'..<+1-% '25)1/,% 56% '445)1/,% '13% 15/*,% .*4*+&'C(*8% '445)1/,% 9'<'C(*8% '44.)*3%
(+'C+(+/+*,%'13%,05./"/*.2%C5..57+1-,%'99.5;+2'/*3%/0*+.%6'+.%&'()*,%'/%D*4*2C*.%#G8%$KKV%'13%$KKW=%%!33+/+51'((<8%
!"##$
%&$ '()*+,-.%./01$ %00$ +2$ /3)$ 4+,'%.15&$ *)6/$ -&$ .+/$ '760-801$ /(%*)*9$ /3)$ 8%((1-.:$ %,+7./&$ +2$ 0+.:"/)(,$ *)6/$%''(+;-,%/)*$/3)-($2%-($<%07)&$%/$=)8),6)($#>9$?@@A$%.*$?@@BC$$!"#$%&'()*&+'
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
M(-+($/+$N%.7%(1$>9$?@@B9$/3)$4+,'%.1$%88+7./)*$2+($&3%()"6%&)*$'%1,)./&$7.*)($/3)$()8+:.-/-+.$%.*$,)%&7(),)./$'(+<-&-+.&$ +2$ !MO$ P'-.-+.$ Q+C$ ?R9$ !""#$%&'%() *#+) ,&#"-) .//$01) &#) 2345#600/$ ST!MO$ ?RUV$ %.*$ ()0%/)*$J./)('()/%/-+.&9$%&$')(,-//)*$61$W!I$Q+C$>?#9$!""#$%&'%()*#+),&#"-)78/01)9#340%/8&'#%$STI/%/),)./$>?#UVC$$E.*)($/3%/$,)/3+*9$F3).$+'/-+.&$F)()$:(%./)*$F-/3$%$&/(-H)$'(-8)$)X7%0$/+$+($:()%/)($/3%.$,%(H)/$'(-8)$+.$*%/)$+2$-&&7%.8)9$/3)()$F%&$.+$-,'%8/$+.$)%(.-.:&$)-/3)($+.$/3)$*%/)$+2$:(%./$+($/3)()%2/)(9$%6&)./$8)(/%-.$,+*-2-8%/-+.&$/+$/3)$+'/-+.&C$$D3)$4+,'%.1$%*+'/)*$W!I$Q+C$>?#SLV9),:8+0;78/01)<8630%&$STI/%/),)./$>?#SLVUV9$+.$N%.7%(1$>9$?@@B9$7&-.:$/3)$,+*-2-)*"'(+&')8/-<)"/(%.&-/-+.$,)/3+*C$$E.*)($/3)$2%-($<%07)$()8+:.-/-+.$'(+<-&-+.&$+2$/3-&$&/%/),)./9$&/+8H$6%&)*$8+,').&%/-+.$8+&/$-&$,)%&7()*$%/$/3)$:(%./$*%/)$6%&)*$+.$/3)$<%07)$+2$/3)$%F%(*$%.*$-&$()8+:.-G)*$%&$);').&)$+.$%$&/(%-:3/"0-.)$ 6%&-&$ +<)($ /3)$ <)&/-.:$ ')(-+*C$ $ =)/)(,-.-.:$ /3)$ 2%-($ <%07)$ +2$ &3%()"6%&)*$ %F%(*&$ %/$ /3)$ :(%./$ *%/)$()X7-()&$ %&&7,'/-+.&$%.*$ Y7*:,)./&$ %6+7/$);')8/)*$<+0%/-0-/1$ %.*$ 2+(2)-/7()$ (%/)&9$ %,+.:$+/3)($ 2%8/+(&C$ $ J2$ %8/7%0$()&70/&$*-22)($&-:.-2-8%./01$2(+,$/3)&)$)&/-,%/)&9$+7($()&70/&$+2$+')(%/-+.&$8+70*$6)$,%/)(-%001$-,'%8/)*C$$8$9&0/"'6.99&"#:'
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
D3)$4+,'%.1$()8+(*&$%*<)(/-&-.:$);').&)$%&$-/$ -&$-.87(()*C$ $!*<)(/-&-.:$);').&)&$+2$Z>[C\$,-00-+.9$Z>@C[$,-00-+.$%.*$ Z>BC>$,-00-+.$F)()$ ()8+(*)*$ *7(-.:$ /3)$ 1)%(&$ ).*)*$=)8),6)($ #>9$ ?@@A9$ ?@@B$ %.*$ ?@@R9$ ()&')8/-<)019$ %&$ %$8+,'+.)./$+2$&)00-.:9$:).)(%0$%.*$%*,-.-&/(%/-<)$);').&)&C$$
!"#$%
!"#$%&$'"()*+(#"$
&'(% )*()+*+,-./% .0% 0-/+/1-+2% 3,+,(4(/,3% -/% 1./0.*4-,5% 6-,'% 7(/(*+225% +11(),(8% +11.9/,-/7% )*-/1-)2(3% *(:9-*(3%
4+/+7(4(/,% ,.% 4+;(% (3,-4+,(3<% =9874(/,3<% +/8% +3394),-./3% ,'+,% +00(1,% ,'(% +4.9/,3% *().*,(8% -/% ,'(% 0-/+/1-+2%
3,+,(4(/,3%+/8%+11.4)+/5-/7%/.,(3%-/1298-/7<%>9,%/.,%2-4-,(8%,.<%2(7+2<%,+?%+/8%-/39*+/1(%+11*9+23@%%&'(%A.4)+/5%
>+3(3% -,3%(3,-4+,(3%./%'-3,.*-1+2%(?)(*-(/1(%+/8%./%B+*-.93%.,'(*%+3394),-./3%>(2-(B(8% ,.%>(%*(+3./+>2(%9/8(*% ,'(%
1-*1943,+/1(3@%%!1,9+2%*(392,3%1.928%8-00(*%0*.4%,'.3(%(3,-4+,(3@%
%
,#-$.//%01()12$34%1%01/#*#1("$
C/% D(),(4>(*% EFFG<% ,'(% H-/+/1-+2%!11.9/,-/7% D,+/8+*83%I.+*8% JKH!DILM% -339(8% D,+,(4(/,%N.@% OPQ<%!"#$% &"'()%
*)"+($),)-.+% JKD,+,(4(/,% OPQLM@% % D,+,(4(/,% OPQ% 8(0-/(3% 0+-*% B+29(<% (3,+>2-3'(3% +% 0*+4(6.*;% 0.*%4(+39*-/7% 0+-*%
B+29(% +/8% (?)+/83% 8-312.39*(% *(:9-*(4(/,3% 0.*% 0+-*% B+29(%4(+39*(4(/,3@% % D,+,(4(/,% OPQ% +))2-(3%6'(/(B(*% .,'(*%
3,+/8+*83%*(:9-*(%J.*%)(*4-,M%+33(,3%.*%2-+>-2-,-(3%,.%>(%4(+39*(8%+,%0+-*%B+29(@%%D,+,(4(/,%OPQ%8.(3%/.,%(?)+/8%,'(%93(%
.0%0+-*%B+29(%-/%+/5%/(6%1-*1943,+/1(3@%%A.4)+/-(3%6-22%/((8%,.%+))25%,'(%*(1.7/-,-./%+/8%8-312.39*(%)*.B-3-./3%.0%
D,+,(4(/,%OPQ%0.*%0-/+/1-+2%+33(,3%+/8%0-/+/1-+2%2-+>-2-,-(3%+/8%0.*%/./0-/+/1-+2%+33(,3%+/8%/./0-/+/1-+2%2-+>-2-,-(3%,'+,%
+*(%*(4(+39*(8%+,%2(+3,%+//9+225%(00(1,-B(%R+/9+*5%O<%EFFS@%%&'(%(00(1,-B(%8+,(%-/%D,+,(4(/,%OPQ%-3%8(2+5(8%0.*%./(%
5(+*%0.*%1(*,+-/%/./0-/+/1-+2%+33(,3%+/8%/./0-/+/1-+2%2-+>-2-,-(3<%(?1(),%,'.3(%,'+,%+*(%*(1.7/-T(8%.*%8-312.3(8%+,%0+-*%
B+29(%-/%,'(%0-/+/1-+2%3,+,(4(/,3%./%+%*(19**-/7%>+3-3%J+,%2(+3,%+//9+225M@%%U?1298(8%0*.4%,'(%31.)(%.0%D,+,(4(/,%OPQ%
+*(%1(*,+-/%2(+3-/7%,*+/3+1,-./3%+11.9/,(8%0.*%9/8(*%H!D%O#<%/001(-.#-2%31$%4)"+)+@%%&'(%(?1293-./%8.(3%/.,%+))25%
,.%0+-*%B+29(%4(+39*(4(/,3%.0%+33(,3%+/8%2-+>-2-,-(3%*(1.*8(8%+3%+%*(392,%.0%+%2(+3(%,*+/3+1,-./%>9,%4(+39*(8%)9*39+/,%
,.%.,'(*%)*./.9/1(4(/,3%6-,'-/% ,'(% 31.)(%.0%D,+,(4(/,%OPQ@%%&'(%A.4)+/5% -3% 19**(/,25%(B+29+,-/7% ,'(% -4)+1,%.0%
+8.),-/7%H!D%OPQ%./%-,3%0-/+/1-+2%).3-,-./%.*%*(392,3%.0%.)(*+,-./3@%%%
%
H!D% O$OJVM<% 5(+#-)++% 61,7#-".#1-+% JKD,+,(4(/,% O$OJVMLM<% 6+3% -339(8% -/% W(1(4>(*% EFFQ@%% D,+,(4(/,% O$OJVM%
*(:9-*(3%,'+,%9)./%-/-,-+225%.>,+-/-/7%1./,*.2<%+/%+1:9-*(*%6-22%*(1.7/-T(%OFFX%.0%,'(%0+-*%B+29(3%.0%+1:9-*(8%+33(,3<%
-/1298-/7%7..86-22<%+/8%+3394(8%2-+>-2-,-(3<%6-,'%./25%2-4-,(8%(?1(),-./3<%(B(/%-0%,'(%+1:9-*(*%'+3%/.,%+1:9-*(8%OFFX%
.0% -,3% ,+*7(,@%%!88-,-./+225<% 1./,-/7(/,% 1./3-8(*+,-./% +**+/7(4(/,3%6-22% >(% 0+-*% B+29(8% +,% ,'(% +1:9-3-,-./% 8+,(% +/8%
-/1298(8% ./% ,'+,% >+3-3% -/% ,'(% )9*1'+3(% )*-1(% 1./3-8(*+,-./% +/8% ,*+/3+1,-./% 1.3,3% 6-22% >(% (?)(/3(8% +3% -/19**(8@%%
D,+,(4(/,% O$OJVM% +23.%4.8-0-(3% ,'(% *(1.7/-,-./% 0.*% )*(+1:9-3-,-./% 1./,-/7(/1-(3<% 391'% +3% (/B-*./4(/,+2% .*% 2(7+2%
-339(3<%*(3,*91,9*-/7%)2+/3%+/8%+1:9-*(8%*(3(+*1'%+/8%8(B(2.)4(/,%B+29(%-/%)9*1'+3(%+11.9/,-/7@%%D,+,(4(/,%O$OJVM%
+4(/83%D,+,(4(/,%.0%H-/+/1-+2%!11.9/,-/7%D,+/8+*83%N.@%OFY<%/001(-.#-2%31$%8-01,)%9":)+<%,.%*(:9-*(%,'(%+1:9-*(*%
,.% *(1.7/-T(% 1'+/7(3% -/% ,'(% +4.9/,% .0% -,3% 8(0(**(8% ,+?% >(/(0-,3% ,'+,% +*(% *(1.7/-T+>2(% >(1+93(% .0% +% >93-/(33%
1.4>-/+,-./%(-,'(*%-/%-/1.4(%0*.4%1./,-/9-/7%.)(*+,-./3%-/%,'(%)(*-.8%.0%,'(%1.4>-/+,-./%.*%8-*(1,25%-/%1./,*->9,(8%
1+)-,+2<%8()(/8-/7%./% ,'(%1-*1943,+/1(3@% %D,+,(4(/,%O$OJVM%-3%(00(1,-B(%0.*% 0-31+2%5(+*3%>(7-//-/7%+0,(*%W(1(4>(*%
OP<%EFFS@%%!8.),-./%-3%)*.3)(1,-B(%+/8%(+*25%+8.),-./%-3%/.,%)(*4-,,(8@%%&'(%A.4)+/5%(?)(1,3%,.%+8.),%D,+,(4(/,%
O$OJVM%./%R+/9+*5%O<%EFFY@%%D,+,(4(/,%O$OJVMZ3%-4)+1,%./%+11.9/,-/7%0.*%>93-/(33%1.4>-/+,-./3%-3%8()(/8(/,%9)./%
+1:9-3-,-./3%+,%,'+,%,-4(@%
%
H!D%OPY<%9;)%!"#$%&"'()%<=.#1-%31$%!#-"-0#"'%/++).+%"->%!#-"-0#"'%4#"7#'#.#)+%?%#-0'(>#-2%"-%",)->,)-.%13%!/@5%
@.".),)-.%A1B%CCD% JKD,+,(4(/,%OPYLM<%6+3% -339(8% -/%H(>*9+*5%EFFQ@%%D,+,(4(/,%OPY%)(*4-,3% (/,-,-(3% ,.% 1'..3(% ,.%
4(+39*(% 4+/5% 0-/+/1-+2% -/3,*94(/,3% +/8% 1(*,+-/% .,'(*% -,(43% +,% 0+-*% B+29(% ,'+,% +*(% /.,% 19**(/,25% *(:9-*(8% ,.% >(%
4(+39*(8% +,% 0+-*% B+29(@%% D,+,(4(/,% OPY% +23.% (3,+>2-3'(3% )*(3(/,+,-./% +/8% 8-312.39*(% *(:9-*(4(/,3% 8(3-7/(8% ,.%
0+1-2-,+,(%1.4)+*-3./3%>(,6((/%(/,-,-(3%,'+,%1'..3(%8-00(*(/,%4(+39*(4(/,%+,,*->9,(3%0.*%3-4-2+*%,5)(3%.0%+33(,3%+/8%
2-+>-2-,-(3@%%D,+,(4(/,%OPY%8.(3%/.,%+00(1,%+/5%(?-3,-/7%+11.9/,-/7%2-,(*+,9*(%,'+,%*(:9-*(3%1(*,+-/%+33(,3%+/8%2-+>-2-,-(3%
,.%>(%1+**-(8%+,%0+-*%B+29(@%%D,+,(4(/,%OPY%8.(3%/.,%(2-4-/+,(%8-312.39*(%*(:9-*(4(/,3%-/1298(8%-/%.,'(*%+11.9/,-/7%
3,+/8+*83<% -/1298-/7%*(:9-*(4(/,3%0.*%8-312.39*(3%+>.9,%0+-*%B+29(%4(+39*(4(/,3% -/1298(8%-/%H!D%OPQ<%!"#$%&"'()%
*)"+($),)-.+E%+/8%H!D%OFQ<%F#+0'1+($)+%"71(.%!"#$%&"'()%13%!#-"-0#"'%8-+.$(,)-.+@%%D,+,(4(/,%OPY%-3%(00(1,-B(%+3%
.0% ,'(% >(7-//-/7% .0% +/% (/,-,5Z3% 0-*3,% 0-31+2% 5(+*% ,'+,%>(7-/3% +0,(*%N.B(4>(*% OP<% EFFQ@%% &'(% A.4)+/5%6-22% +8.),%
D,+,(4(/,%OPY%./% R+/9+*5%O<%EFFS<% +/8%8.(3%/.,% +/,-1-)+,(%+8.),-./% ,.%4+,(*-+225% -4)+1,% -,3% 0-/+/1-+2%).3-,-./%.*%
*(392,3%.0%.)(*+,-./3@%
%
H!D% OGF<% A1-01-.$1''#-2% 8-.)$)+.+% #-% 61-+1'#>".)>% !#-"-0#"'% @.".),)-.+% ?% "-% ",)->,)-.% 13% /G5% A1B% DC%
JKD,+,(4(/,% OGFLM<% 6+3% -339(8% -/% W(1(4>(*% EFFQ@%% D,+,(4(/,% OGF% 12+*-0-(3% ,'(% 12+33-0-1+,-./% .0% /./1./,*.22-/7%
-/,(*(3,3% -/% 1./3.2-8+,(8% 3,+,(4(/,3% .0% 0-/+/1-+2% ).3-,-./% +/8% ,'(% +11.9/,-/7% 0.*% +/8% *().*,-/7% .0% ,*+/3+1,-./3%
>(,6((/% ,'(% *().*,-/7% (/,-,5% +/8% '.28(*3% .0% 391'% /./1./,*.22-/7% -/,(*(3,3@%% [/8(*% D,+,(4(/,% OGF% /./1./,*.22-/7%
-/,(*(3,3% +*(% 1./3-8(*(8% (:9-,5% +/8% 3'.928% >(% *().*,(8% +3% +/% (2(4(/,% .0% 1./3.2-8+,(8% (:9-,5<% /(,% -/1.4(% 6-22%
!"#$%
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
%!"#$%$&"'($)"*+,%&-%.$/("0+
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
% Q6)--%J,66;1'8%!*)4'.%
!((4*40,.&3%!*)6.1M,.1)'%
Q6)--%J,66;1'8%!*)4'.%
!((4*40,.&3%!*)6.1M,.1)'%
I6,'-1.9%-.6&&.%246'1.46&9%,'3%)./&6%()'.6,(.4,0%618/.-% %R% D?O9CD#% %R% ?>#9DLO% %R% DC>9#?S% %R% $#@9@?#%T./&6% >@9O>L% L9?>D% S>9$SS% S@9S>L%
I).,0% %R% DOD9@@C% %R% ?C#9$>$% %R% D?C9L@D% %R% $O@9SDC%
%I).,0%,*)6.1M,.1)'%&E+&'-&%26)*%3&21'1.&"01A&3%1'.,'8150&%,--&.-%2)6%./&%;&,6-%&'3&3%B&(&*5&6%#>9%C@@O9%C@@?%,'3%C@@$%7,-%R$#<C%*1001)'9%RD$<$%*1001)'%,'3%RDL<#%*1001)'9%6&-+&(.1A&0;<%%I/&%2)00)71'8%.,50&%+6&-&'.-%./&%J)*+,';F-%&-.1*,.&%)2%,*)6.1M,.1)'%&E+&'-&%2)6%&,(/%)2%./&%21A&%-4((&&31'8%21-(,0%;&,6-%2)6%3&21'1.&"01A&3%1'.,'8150&%,--&.-P%%!-#$%&'()*#+),$
C@@D% % R% SD9>L@%C@@L% S$9SOL%C@>@% ##9LSD%C@>>% C$9C#$%C@>C% >D9#SC%%!-% ,(:41-1.1)'-% ,'3% 31-+)-1.1)'-% )((46% 1'% ./&% 24.46&% ,'3%,-% +46(/,-&% +61(&% ,00)(,.1)'-% ,6&% 21',01M&39% ,*)6.1M,.1)'%&E+&'-&%*,;%A,6;<%%,%*"#$%$&"'($)"*+,%&-%.$/("0+
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
!"#$%
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
&'(%)*+,-./%2(121%;**0@477%9*3%4+,-43+(.2%<14.;%-%2@*"12(,%,3*=(118% %&'(%94312%12(,?%<1(0%2*%1=3((.%9*3%,*2(.24-7%4+,-43+(.2?%=*+,-3(1%2'(%9-43%:-7<(%*9%2'(%3(,*324.;%<.42%@42'%421%=-33/4.;%-+*<.2?%4.=7<04.;%;**0@4778%%&'(%1(=*.0%12(,?% <1(0% 2*%+(-1<3(% 2'(% -+*<.2% *9% 2'(% 4+,-43+(.2% 7*11?% =*+,-3(1% 2'(% 4+,74(0% 9-43% :-7<(% *9% 2'(% 3(,*324.;% <.42%;**0@477%@42'%2'(%=-33/4.;%-+*<.2%*9%2'-2%;**0@4778%%&'(%)*+,-./I1%3(,*324.;%<.42%9*3%!+(34=-1%41%2'(%3(,*32-67(%1(;+(.28% %&'(%)*+,-./%0(2(3+4.(0%2'-2%(-='%=*<.23/%4.%421%A.2(3.-24*.-7%1(;+(.2%=*.1242<2(1%-%3(,*324.;%<.42%-.0%2'(3(9*3(% 2(121% ;**0@477% 9*3% 4+,-43+(.2% -2% 2'(% =*<.23/% 7(:(78% % &'(% 9*77*@4.;% 2-67(% ,3(1(.21% 2'(% ='-.;(1% 4.% 2'(%=-33/4.;%-+*<.2%*9%;**0@477%4.%(-='%*9%2'(%)*+,-./I1%3(,*32-67(%1(;+(.21%9*3%2'(%/(-31%(.0(0%K(=(+6(3%#L?%GFFH%-.0%GFF$P%%;0"%$<&*/3"4/=%
! !+(34=-1% A.2(3.-24*.-7% &*2-7%
Q-7-.=(%-1%*9%K(=(+6(3%#L?%GFFN% M% RFN?GHN% M% #R#?$LL% M% HRS?SS$%
!=><41424*.1% GRO?NGH% RG?GGG% GOL?HRO%
K41,*1424*.1% TL?OL#U% V% TL?OL#U%
E*3(4;.%=<33(.=/%23-.17-24*.% LR?FSN% RF?LFO% NR?LOR%
!0J<12+(.21% #G#% T#LGU% LL%
Q-7-.=(%-1%*9%K(=(+6(3%#L?%GFF$% $$H?GOH% RGN?$#F% L?FOG?OGH%
!=><41424*.1% GF?#$L% L#?H##% #R?FOR%
E*3(4;.%=<33(.=/%23-.17-24*.% HS% #N?R#F% #N?NFS%
!0J<12+(.21% $FF% TNRFU% $F%
Q-7-.=(%-1%*9%K(=(+6(3%#L?%GFFH% M% $SS?##$% M% RHR?GN#% M% L?L$G?NSO%
%A.=7<0(0% 4.% 2'(% !+(34=-1I% -=><41424*.1% -+*<.2% -6*:(% 4.% GFF$% 41% MLRS8$% +4774*.% 3(7-2(0% 2*% 2'(% -=><41424*.% *9%A.2(31,-=(?%-77%*9%@'4='%41%(W,(=2(0%2*%6(%0(0<=2467(%9*3%2-W%,<3,*1(18%%%!"#$%&%'%()*+!$**%,&-)+*+#+"!*%%
%())*'+,-.%/%0%"1/2'
K<34.;%GFFH?%2'(%)*+,-./I1%!+(34=-1%1(;+(.2%,-40%M#O8N%+4774*.%4.%=-1'?%,34+-347/%2*%-=><43(%041,7-/%9-=(1%4.%2'(%B.42(0%X2-2(18%%A.%-00424*.?%2'(%)*+,-./I1%A.2(3.-24*.-7%1(;+(.2%,-40%MGO8$%+4774*.?%@'4='%4.=7<0(1%2'(%-=><41424*.%*9%-.%*<20**3%-0:(32414.;%6<14.(11%4.%Y*+-.4-?%-00424*.-7%(><42/%4.2(3(121%4.%*<20**3%=*+,-.4(1%-.0%2'(%-=><41424*.%*9%-0:(32414.;%123<=2<3(18%%%%
!"#$%
!""#$%&'()*)+),-*.$
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
&'(% 8*11*B6.M% 67% -% 75++-:/%*8% 2'(% -77(27% -.3% 16-G61626(7% -0456:(3% -.3% 2'(% 0*.763(:-26*.%M6C(.% 8*:% -11% -04567626*.7%+-3(%35:6.M%>??$%-.3%>??@A%%U5(%2*%2'(%26+6.M%*8%0(:2-6.%-04567626*.7=%2'(%,5:0'-7(%,:60(%-11*0-26*.%67%,:(16+6.-:/%,(.36.M%0*+,1(26*.%*8%2'6:3",-:2/%-,,:-67-17%-.3%*2'(:%8-6:%C-15(%-.-1/767%*8%-77(27%-.3%16-G61626(7A%%
!"#$%&'()*#+),$ %
! >??$% >??@%
)-7'% E% Q% E% F=FI<%
!00*5.27%:(0(6C-G1(% Q% <#=@@F%
Y:*,(:2/=%,1-.2%-.3%(456,+(.2% >I=@FJ% J@=J?<%
Y(:+627% <#=@#J% >?=I@#%
U(86.62("16C(3%6.2-.M6G1(7% #=?<J% <?F=I?I%
P**3B611% #J=?IJ% ><?=?$$%
Z2'(:%-77(27% <=JF#% J=<J$%
% K<=KJI% J?@=$F#%
$ % %
Z2'(:%16-G61626(7% [<<=#J$\% [#I=>K@\%
W6.*:62/%6.2(:(727% <?<% F=>>J%
U(8(::(3%2-D% [<=FJJ\% [$=F$<\%
)*++*.%72*0L%6775(3% Q% [KI=?#$\%
% [<>=$I?\% [<#?=@$?\%
X(77%8-6:%C-15(%*8%-77(27%(D0'-.M(3% Q% >K=?$J%
&*2-1%0-7'%0*.763(:-26*.% @I=?FI% >JK=??I%
X(77%0-7'%:(0(6C(3% Q% F=FI<%
](2%0-7'%,-63%8*:%-04567626*.7% E% @I=?FI% E% >J>=J<K%
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
!"#$%
!"#$%&%'%($)#(*+#*(,!-%
%&'(%)*++*,-./%012+(%345516-7(3%0'(%180-9-0-(3%6(+10(:%0*%0'(%;*5<1.=>3%6(30648046-./%188641+3?%!
"#$!%&'()*$+),!
! @AAB% @AAC% @AAD%
E1+1.8(%10%F1.416=%G% H% G@ID#B% H% @#I@@G% H% CI$CB%
J30-510(:%8*303%8'16/(:%0*%6(30648046-./%188641+% K% K% @CIDBC%
!:L4305(.03%0*%6(30648046-./%188641+% M@% GI$@C% NGI@$GO%
P1=5(.03%8'16/(:%1/1-.30%6(30648046-./%188641+% NGAIG#MO% NG@IDGAO% N$IQMGO%
E1+1.8(%10%R(8(52(6%#G% H% @IMMD% H% G@ID#B% H% @#I@@G%
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
%&'(%;*5<1.=>3%5*30%3-/.-)-81.0%-.9(305(.03%-.%.*.8*.3*+-:10(:%1))-+-10(3%16(%+-30(:%2(+*,?%%%!"#$%&!'$((#"&)(*#+#(*#(,&
&'(%;*5<1.=%*,.3%1%DA[%-.0(6(30%-.%;+(16%;'1..(+%S.:(<(.:(.0%N\;;S]OI%)*65(6+=%Z.*,.%13%;*6<%;*55I%1%Y*40'%!)6-81.%*40:**6%1:9(60-3-./%8*5<1.=V%%-"#../&
&'(%;*5<1.=%*,.3%1%#MV#[%-.0(6(30%-.%!+(33-I%1.%S01+-1.%*40:**6%1:9(60-3-./%8*5<1.=V%%%0122$%/3#*&4/($(5/$"&)(67%2$,/7(&
&'(%)*++*,-./%012+(%345516-7(3%0'(%;*5<1.=>3%-.9(305(.03%-.%0'(3(%.*.8*.3*+-:10(:%1))-+-10(3?%%"#$!%&'()*$+),!
! ;;S% !+(33-%!++%^0'(63% &*01+%
E1+1.8(%13%*)%R(8(52(6%#GI%@AAC% H% MCIGDA% H% @BI@#M% H% @#IQC$% H% QBI#D@%
!8T4-3-0-*.%N:-3<*3-0-*.O%*)%-.9(305(.03% K% K% NMCO% NMCO%
JT4-0=%-.%.(0%(16.-./3%N+*33O% @IDMC% N#MQO% @I@AD% MIMA@%
^0'(6I%.(0% #I$BG% NMM@O% NDCQO% @I$CA%
U*6(-/.%8466(.8=%061.3+10-*.%1:L4305(.03% GICMM% GIA#C% BDQ% #IM#Q%
E1+1.8(%13%*)%R(8(52(6%#GI%@AAB% H% DMI@GG% H% @BIMBQ% H% @CI#GB% H%GA$IAAB%
%&'(% -.9(305(.03% -.% 0'(% 012+(% 12*9(% 16(% .*0% 8*.3*+-:10(:I% 240% 16(% 188*4.0(:% )*6% 4.:(6% 0'(% (T4-0=% 5(0'*:% *)%188*4.0-./I%,'(6(2=%0'(%;*5<1.=%6(8*6:3%-03%-.9(305(.03%-.%0'(3(%(.0-0-(3%-.%0'(%21+1.8(%3'((0%13%\S.9(305(.03%-.I%1.:% 1:91.8(3% 0*I% .*.8*.3*+-:10(:% 1))-+-10(3V]% % &'(% ;*5<1.=>3% -.0(6(303% -.% 0'(-6% *<(610-*.3% 16(% 6(8*6:(:% -.% 0'(%3010(5(.0% *)% *<(610-*.3% 13% \JT4-0=% -.% (16.-./3% *)% .*.8*.3*+-:10(:% 1))-+-10(3V]% % &'(% 188454+10(:% 4.:-306-240(:%
!"#$%
&'()*)+,%*)-./0&0%*)%(&1'*)&0%&'()*)+,%23(%14&,&%*)5&,16&)1,%7&(&%89:;9%6*..*3)<%8=;#%6*..*3)%')0%8>;=%6*..*3)%',%32%?&-&6@&(%#9<%>::=<%>::A%')0%>::B<%(&,C&-1*5&.D;%%%%%!"#$%&%'%())$#%*$#+*$,$!#%"-.+/(#+"!%
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
!"#$%&'()*#+),$ %
! >::=% >::A%
P'.')-&%'1%Q')/'(D%9% 8% B$<>R:% 8% S$<R:=%
!0N/,16&)1%0/&%13%-4')+&%*)%&,1*6'1&%32%(&.'1&0%-3,1,% R<$BR% =<BR9%
!--(&1*3)%32%.*'@*.*1D% S<>#A% #<B#$%
T*'@*.*1*&,%,&11.&0% U9<$==V% U9<AS=V%
P'.')-&%'1%?&-&6@&(%#9% 8% =:<S$=% 8% B$<>R:%
%%!"#$%/%'%."!/0#$*,%1$-#%
%T3)+"1&(6%0&@1%'1%?&-&6@&(%#9<%>::=%')0%>::A%-3),*,1&0%32%14&%23..37*)+O%%
!"#$%&'()*#+),$ ?&-&6@&(%#9<%
! >::=% >::A%
?&@1%7*14%F.&'(%F4'))&.%F366/)*-'1*3),% 8%><B::<:::% 8%><B::<:::%
P')M%-(&0*1%2'-*.*1D% R:<:::% >#<SRR%
H14&(%.3)+"1&(6%0&@1% 9:><:>9% 9A:<ARR%
% ><AR><:>9% ><ARS<9=A%
T&,,O%-/((&)1%C3(1*3)% R=<:$$% RA<>$#%
E31'.%.3)+"1&(6%0&@1% 8%><B$S<$>>% 8%><B$=<RR#%
%!"#$%&'$(%)*"+,%)(+--"*%).//0-'1+$'.-2%
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
H)%Q/.D%9#<%>::S<%F.&'(%F4'))&.%F366/)*-'1*3),%&)1&(&0%*)13%'%2*5&"D&'(<%6/.1*"-/((&)-D%(&53.5*)+%-(&0*1%2'-*.*1D%*)% 14&% '63/)1%32%89;=B%@*..*3);% %F&(1'*)%32% 14&%F36C')DJ,% Y)1&()'1*3)'.% ,/@,*0*'(*&,%6'D%@3((37%/)0&(% '%89B:;:%6*..*3)% ,/@".*6*1% 7*14*)% 14*,% 89;=B% @*..*3)% -(&0*1% 2'-*.*1D<% 13% 14&% &L1&)1% F.&'(% F4'))&.% F366/)*-'1*3),% 4',% )31%'.(&'0D%@3((37&0%/)0&(%14*,%-'C'-*1D%')0%*,%*)%-36C.*')-&%7*14%*1,%-35&)')1,%/)0&(%14&%-(&0*1%2'-*.*1D;%%E4*,%,/@".*6*1%
!"#$%
&''()*% +(,% -(,,()./0*% ./% 1&,.(2*% +(,3.0/% 42,,3/4.3*5%)6.46% &,3% 2*37% 8(% 63703% /38% &**38*% ./% 86(*3% 42,,3/4.3*% &/7%9,(1.73% +2/7*% 8(% 863% :(;9&/<=*% >/83,/&8.(/&'% (93,&8.(/*% +(,% 43,8&./% )(,?./0% 4&9.8&'% /337*@% % :3,8&./% (+% 863%:(;9&/<=*% >/83,/&8.(/&'% *2-*.7.&,<% -(,,()./0*% 2/73,% 86.*% *2-"'.;.8% &,3% 02&,&/8337% -<% :'3&,% :6&//3'%:(;;2/.4&8.(/*@% % A63% ./83,3*8% ,&83% .*% -&*37% 29(/% B>CDE% (,5% ./% 863% 4&*3% (+% F2,(% 73/(;./&837% -(,,()./0*5%FGE>CDE5% 9'2*% &%;&,0./@% % !8% H343;-3,% IJ5% K$$L5% 863% ./83,3*8% ,&83% (/% 86.*% -&/?% 4,37.8% +&4.'.8<% )&*% M@$N@% % !8%H343;-3,%IJ5%K$$L5% 863%(28*8&/7./0%-&'&/43%(/%863%OJM$@$%;.''.(/%*2-"'.;.8%)&*%OP$@$%;.''.(/%&/7%OL$@$%;.''.(/%)&*%&1&.'&-'3%+(,%+282,3%-(,,()./0*5%).86%863%3/8.,3%-&'&/43%8(%-3%,39&.7%(/%Q2'<%JK5%K$$R@%%!"#$%&'(")*)$+%
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
D863,%73-8%./4'273*%1&,.(2*%-(,,()./0*%&/7%4&9.8&'%'3&*3*%28.'.Z37%+(,%03/3,&'%(93,&8./0%92,9(*3*@%%>/4'2737%./%863%OJ$K@$%;.''.(/%-&'&/43%&8%H343;-3,%IJ5%K$$L%.*%OPL@J%;.''.(/%86&8%;&82,3*%./%'3**%86&/%(/3%<3&,@%%
!"#$%
!"#$%&'$()*$*"+%
&'(')*%+,(')-(-*.%/0%1/23"(*)+%4*5(%,(%6*7*+5*)%8$9%:;;<9%,)*%,.%0/11/=.>%%!"#$%&'()*#+),$
:;;?% @% ?<9;AA%:;;A% A$9?AB%:;$;% :9B;;9;<<%:;$$% :9:B;%:;$:% C%DE*)*,0(*)% <;;%
D/(,1% @% :9F?:9;:$%
%%!"#$%&%'%("))*#)$!#+%,!-%("!#*!.$!(*$+%
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
!"#$%
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
I1'(*)+,8%J'*4'4%H-,"&*,5'6*:6'%&-,)(*5)4%
&*1+)*6%KF1',9+)7('4%
$CCL% M% $DC;$LA%% M% #LC;BCD% M% BCN;BLD%$CCO% $AN;DBC% APA;NPN% AA;BDB%$CBC% $BC;NCL% A$P;ONL% B$;DPO%$CBB% BDA;ADN% $O$;$LD% P;#LA%$CB$% BP#;$DN% $PC;CLD% B;D#B%Q/'('*.)'(% OAO;CNN% D#D;ON$% $A$%
Q-)*6% M% B;OL#;ABO% M% $;#PC;CND% M% BPO;PDA%
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
!"#$%
&'()*'&% )*% +,'% -./''0'*+1% % 2,'% 3405-*6%7)88% 94*+)*:'% +4% -99/:'% -&&)+)4*-8% -04:*+;% /'8-+'&% +4% ;:9,% 94*+)*.'*+%5-60'*+;%)(%-*&%7,'*%)+%);%&'+'/0)*-<8'%+,-+%+,'%-558)9-<8'%()*-*9)-8%5'/(4/0-*9'%+-/.'+;%7)88%<'%0'+1%%2,'%-../'.-+'%4(%+,';'%94*+)*.'*+%5-60'*+;=%)(%5'/(4/0-*9'%+-/.'+;%-/'%0'+=%74:8&%*4+%;).*)()9-*+86%)05-9+%+,'%()*-*9)-8%54;)+)4*%4/%/';:8+;%4(%45'/-+)4*;%4(%+,'%3405-*61%%%!"#$%&%'%($)*#$+%,*(#-%#(*!.*/#&"!.%
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`)a% +/'-;:/6=%5-6/488% -*&% 4+,'/% ()*-*9)-8% /'8-+'&% ;'/B)9';b% `))a%'C'9:+)B'% 4(()9'/% ;'/B)9';b% `)))a% ,:0-*% /';4:/9';% -*&% '05846''%<'*'()+;% ;'/B)9';b% `)Ba% 8'.-8% -*&% /'8-+'&% ;'/B)9';b% `Ba% )*(4/0-+)4*% ;6;+'0;=% *'+74/M% -*&% /'8-+'&% ;'/B)9';b% `B)a%)*B';+0'*+% ;'/B)9';b% `B))a% 5/49:/'0'*+% -*&% ;4:/9)*.% ;:554/+% ;'/B)9';b% -*&% `B)))a% 4+,'/% .'*'/-8% 94/54/-+'% ;'/B)9';1%%2,';'% ;'/B)9';% -/'% 9,-/.'&% +4% +,'%3405-*6% <-;'&% 4*% -9+:-8% &)/'9+% 94;+;% )*9://'&% 4/% -8849-+'&% <6%38'-/%3,-**'8%3400:*)9-+)4*;%<-;'&%4*%,'-&94:*+=%/'B'*:'%4/%4+,'/%(-9+4/;%4*%-%5/4%/-+-%<-;);1%%]4/%+,'%6'-/;%'*&'&%?'9'0<'/%
!"##$
%&'$())*'$())+$,-.$())/'$012$3456,-7$82948.2.$:();%$5<==<4-'$:(#;%$5<==<4-'$,-.$:&+;)$5<==<4-'$82>6290<?2=7'$,>$,$94564-2-0$4@$948648,02$2A62->2>$@48$012>2$>28?<92>;$$3=2,8$31,--2=$3455B-<9,0<4->$4C->$012$08,.25,8D$,-.$08,.2$-,52>$B>2.$E7$012$3456,-7;$$F2G<--<-G$H,-B,87$&'$())%'$3=2,8$31,--2=$3455B-<9,0<4->$E2G,-$91,8G<-G$012$3456,-7$,$847,=07$@22$E,>2.$4-$,--B,=$82?2-B2$@48$B>2$4@$012$3=2,8$31,--2=$08,.25,8D$-,52;$$3=2,8$31,--2=$3455B-<9,0<4->$B>2.$,$01<8.$6,807$?,=B,0<4-$@<85$04$,>><>0$<-$012$9,=9B=,0<4-$ 4@$ 012$ 847,=07$ @22;$ $ I48$ 012$ 72,8$ 2-.2.$J2925E28$ %&'$ ())/'$ 012$3456,-7$ 82948.2.$ :&#;K$5<==<4-$ 4@$847,=07$@22>$<-$LM0128$<-9452$N2A62->2O$"$-20;P$$Q12$847,=07$@22$C,>$.<>94-0<-B2.$4-$H,-B,87$&'$())+;$$RB8>B,-0$04$012$Q,A$S,0028>$!G82252-0$E20C22-$3=2,8$31,--2=$3455B-<9,0<4->$,-.$012$3456,-7'$012$4628,0<4->$4@$012$3456,-7$,82$<-9=B.2.$<-$,$94->4=<.,[email protected],=$<-9452$0,A$820B8-$@<=2.$E7$3=2,8$31,--2=$3455B-<9,0<4->;$$Q12$ 3456,-7T>$ 684?<><4-$ @48$ <-9452$ 0,A2>$ 1,>$ E22-$ 9456B02.$ 4-$ 012$ E,><>$ 01,0$ 012$ 3456,-7$ @<=2>$ >26,8,02$94->4=<.,02.$ @2.28,=$ <-9452$ 0,A$ 820B8->$ C<01$ <0>$ >BE><.<,8<2>;$ $ Q,A$ 6,752-0>$ ,82$ 5,.2$ 04$ 3=2,8$ 31,--2=$3455B-<9,0<4->$ 4-$ 012$ E,><>$ 4@$ 012$ 3456,-7T>$ >26,8,02$ 0,A,E=2$ <-9452;$ $ Q,A$ E2-2@<0>$ 8294G-<U2.$ 4-$ 012$3456,-7T>$256=4722$>049D$460<4->$2A289<>2>$,82$820,<-2.$E7$012$3456,-7;$$Q12$3456,-7$9456B02>$<0>$.2@2882.$<-9452$0,A$684?<><4-$B><-G$012$=<,E<=<07$52014.$<-$,9948.,-92$C<01$V0,0252-0$4@$I!V$&)W'$!""#$%&'%() *#+) ,%"#-.)/01.2'$ ,>$ <@$ 012$3456,-7$C,>$ ,$ >26,8,02$ 0,A6,728;$ $J2@2882.$ 0,A$ ,>>20>$ ,-.$=<,E<=<0<2>$ ,82$ .20285<-2.$ E,>2.$ 4-$ .<@@282-92>$ E20C22-$ @<-,-9<,=$ 826480<-G$ E,>2>$ ,-.$ 0,A$ E,>2>$ 4@$ ,>>20>$ ,-.$=<,E<=<0<2>$,-.$,82$52,>B82.$B><-G$012$2-,902.$0,A$8,02>$2A62902.$04$,66=7$04$0,A,E=2$<-9452$<-$012$628<4.>$<-$C1<91$012$.2@2882.$0,A$,>>20$48$=<,E<=<07$<>$2A62902.$04$E2$82,=<U2.$48$>200=2.;$$J2@2882.$0,A$,>>20>$,82$82.B92.$E7$?,=B,0<4-$,==4C,-92>$<@$012$3456,-7$E2=<2?2>$<0$<>$5482$=<D2=7$01,-$-40$>452$6480<4-$48$,==$4@$012$,>>20$C<==$-40$E2$82,=<U2.;$$Q12$3456,-7T>$684?<><4-$@48$<-9452$0,A2>$<>$@B80128$.<>9=4>2.$<-$X402$H;$$RB8>B,-0$ 04$ 012$ Y56=4722$ S,0028>$ !G82252-0'$ 012$ 3456,-7T>$ 256=4722>$ 6,80<9<6,02$ <-$ 3=2,8$ 31,--2=$3455B-<9,0<4->T$ 256=4722$E2-2@<0$ 6=,->'$ <-9=B.<-G$ 256=4722$52.<9,=$ <->B8,-92$ ,-.$ ,$ #)&NDO$ 820<8252-0$ E2-2@<0$6=,-;$ $ Q12>2$ 94>0>$ ,82$ 82948.2.$ ,>$ ,$ 94564-2-0$ 4@$ >2==<-G'$ G2-28,=$ ,-.$ ,.5<-<>08,0<?2$ 2A62->2>$ ,-.$ C282$,6684A<5,02=7$:&);#$5<==<4-'$:W;%$5<==<4-'$,-.$:W;&$5<==<4-$@48$012$72,8>$2-.2.$J2925E28$%&'$())*'$())+$,-.$())/'$82>6290<?2=7;$$$!"#$%&%'%(!)"*$%#+,$-%
$Q12$ 4628,0<4->$ 4@$ 012$3456,-7$ ,82$ <-9=B.2.$ <-$ ,$ 94->4=<.,02.$ @2.28,=$ <-9452$ 0,A$ 820B8-$ @<=2.$ E7$3=2,8$31,--2=$3455B-<9,0<4->'$ Z-9;$ $[4C2?28'$ @48$ @<-,-9<,=$ 826480<-G$6B864>2>'$ 012$3456,-7T>$684?<><4-$ @48$ <-9452$ 0,A2>$1,>$E22-$ 9456B02.$ 4-$ 012$ E,><>$ 01,0$ 012$ 3456,-7$ @<=2>$ >26,8,02$ 94->4=<.,02.$ @2.28,=$ <-9452$ 0,A$ 820B8->$ C<01$ <0>$>BE><.<,8<2>;$$V<G-<@<9,-0$94564-2-0>$4@$012$684?<><4-$@48$<-9452$0,A$2A62->2$NE2-2@<0O$,82$,>$@4==4C>\$$3,%)&4#$20%526)
! ())*$ ())+$ ())/$
3B882-0$][email protected],=$ :$ +&'#+)$ :$ %#'(//$ :$ ('(K)$
3B882-0$]$@482<G-$ #('WK#$ #)')/+$ #K')%*$
3B882-0$]$>0,02$ *'(K($ K'(#($ K/+$
Q40,=$9B882-0$ &&&'*(+$ K('//%$ /&'&*%$
J2@2882.$][email protected],=$ %('(#&$ #%'&&*$ (+'))*$
J2@2882.$]$@482<G-$ N&'#))O$ NW'&%#O$ N%/')#)O$
J2@2882.$]$>0,02$ #')*#$ /'/##$ %'%##$
Q40,=$.2@2882.$ %#'W&/$ %W'/(*$ N/'+KWO$
Z-9452$0,A$2A62->2$NE2-2@<0O$ :$ &#+'+#&$ :$ &((')K)$ :$ #/'#K#$
$Q12$ <-982,>2$ <-$ 9B882-0$ 0,A$ 2A62->2$ 4@$ :(W;($5<==<4-$ @48$ 012$ 72,8$ 2-.2.$J2925E28$ %&'$ ())*$ 4?28$ ())+$C,>$ .B2$68<5,8<=7$ 04$ ,-$ <-982,>2$ <-$ LZ-9452$E2@482$ <-9452$ 0,A2>$ ,-.$5<-48<07$ <-0282>0P$ 4@$ :&(&;($5<==<4-;$ $J2@2882.$ 0,A$2A62->2$ .2982,>2.$ :#;+$ 5<==<4-$ @48$ 012$ 72,8$ 2-.2.$ J2925E28$ %&'$ ())*$ 9456,82.$ 04$ ())+'$ 68<5,8<=7$ .B2$ 04$
!"#$%
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
!"#$%&'()*#+),$ %
! 7;;E% 7;;<%
K-.-//-'%)&0%,(&F(,()(-2T% % %
U*/-(>+% 5% HH6% 5% V%
!::/?-'%-01-+2-2% <$<% 6J;%
K-.-//-'%(+:*3-% $LE<H% $L696%
W)=-/% H6E% 6LJJE%
@*)&,%'-.-//-'%)&0%,(&F(,()(-2% 9LJJJ% <L<#9%
K-.-//-'%)&0%&22-)2T% % %
D+)&+>(F,-2%&+'%.(0-'%&22-)2% 6EJL696% 6H7LH$9%
!::/?-'%-01-+2-2% $L9#E% V%
XY?()4%(+%-&/+(+>2% 7L7J$% 7L6#$%
Z-)%*1-/&)(+>%,*22%:&//4.*/A&/'2% $7% ##H%
[&'%'-F)%/-2-/B-2% JL77$% 7LH77%
U*/-(>+% V% 7L666%
W)=-/% $L9<$% 7L$E9%
@*)&,%'-.-//-'%)&0%&22-)2% 6H;L#;$% 7;JL6<J%
Z-)%'-.-//-'%)&0%&22-)2% 697L;E7% 6H<L$6$%
\-22T%:?//-+)%1*/)(*+% O#L;H$P% OJL#;JP%
\*+>")-/3%+-)%'-.-//-'%)&0%&22-)2% 5% 69<L6<E% 5% 6HHLH69%
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
!"#$%
&'(%)(*(++()%,-.%-//(,%-//012-,()%32,'%24,-45267(/%-4)%*2.()%-//(,/%8+29-+27:%+(7-,(/%,0%,'(%)2**(+(41(%24%600;%-4)%,-.%6-/2/%0*%-1<=2+()%8(+92,/%-4)% ,-.%)()=1,267(%500)3277%1+(-,()%*+09%,'(%>098-4:?/%@-+20=/%/,01;%-1<=2/2,204/A% % B4%-110+)-41(%32,'%C,-,(9(4,%D0A%E#FG%,'(%>098-4:%40%7045(+%-90+,2H(/%2,/%600;%6-/2/%24%8(+92,/A%%!/%,'(%>098-4:%104,24=(/% ,0%-90+,2H(% 2,/% ,-.%6-/2/% 24% 2,/%8(+92,/%-4)% ,-.%)()=1,267(%500)3277G% ,'(%)(*(++()% ,-.%-//(,%3277%)(1+(-/(%0@(+%,29(A%%&'(%+(1041272-,204%0*%24109(%,-.%1098=,()%-,%,'(%IACA%*()(+-7%/,-,=,0+:%,-.%+-,(/%,0%24109(%,-.%(.8(4/(%2/J%%!"#$%&'()*#+),$
! FKKL% FKK$% FKKM%
B4109(%,-.%(.8(4/(%-,%/,-,=,0+:%+-,(/% N% E##GE$F% N% EKEGLOO% N% #OGKFM%
C,-,(%24109(%,-.(/G%4(,%0*%*()(+-7%,-.%6(4(*2,% EEGOM$% EOGLP$% #GFKK%
Q0+(254%,-.(/% RPGLSET% $GOSK% #GPE$%
D04)()=1,267(%2,(9/% L$K% LKS% MSL%
&-.%104,245(412(/% $GPPF% RPSET% RLGKL#T%
U,'(+G%4(,% RLGLFPT% OMO% RPKT%
B4109(%,-.%(.8(4/(% N% E#$G$#E% N% EFFGKPK% N% #MG#P#%
%V=+245%FKKLG%,'(%>098-4:%+(10+)()%,-.%(.8(4/(%0*%-88+0.29-,(7:%NE#$A$%9277204%04%24109(%6(*0+(%24109(%,-.(/%-4)%9240+2,:%24,(+(/,%0*%N#EEAS%9277204A%%Q0+(254%24109(%6(*0+(%24109(%,-.(/%3-/%-88+0.29-,(7:%NE#OAS%9277204%*0+%FKKLA%%&'(%FKKL%24109(%,-.%(.8(4/(%-4)%O$W%(**(1,2@(%,-.%+-,(%3(+(%298-1,()%6:%-%*-@0+-67(%*0+(254%24109(%,-.%+-,(%04%,'(%>098-4:?/%92.%0*%(-+4245/%32,'24%2,/%24,(+4-,204-7%08(+-,204/A%%V=+245%FKK$G%,'(%>098-4:%+(10+)()%,-.%(.8(4/(%0*%-88+0.29-,(7:%NEFFAE%9277204%04%24109(%6(*0+(%24109(%,-.(/%-4)%9240+2,:%24,(+(/,%0*%NFSKAL%9277204A%%Q0+(254%24109(%6(*0+(%24109(%,-.(/%3-/%-88+0.29-,(7:%NLKAE%9277204%*0+%FKK$A% % &'(% FKK$% 24109(% ,-.% (.8(4/(% -4)% #FW% (**(1,2@(% ,-.% +-,(%3(+(% 298-1,()% -/% -% +(/=7,% 0*% ,'(%>098-4:% 40,%+(10+)245%-%,-.%6(4(*2,%04%1(+,-24%,-.%70//(/%24%2,/%*0+(254%08(+-,204/%)=(%,0%,'(%=41(+,-24,:%0*%,'(%-6272,:%,0%=,272H(%,'0/(%,-.%70//(/%24%,'(%*=,=+(A%%V=+245%FKKMG% ,'(%>098-4:% +(10+)()% ,-.%(.8(4/(%0*%-88+0.29-,(7:%N#MAM%9277204%04% 24109(%6(*0+(% 24109(% ,-.(/%-4)%9240+2,:%24,(+(/,%0*%NEFFAS%9277204A%%Q0+(254%24109(%6(*0+(%24109(%,-.(/%3-/%-88+0.29-,(7:%NFOA#%9277204%*0+%FKKMA%%&'(%FKKM%24109(%,-.%(.8(4/(%-4)%OLW%(**(1,2@(%,-.%+-,(%3(+(%298-1,()%-/%-%+(/=7,%0*%,'(%>098-4:%+(10+)245%-%1=++(4,% ,-.%6(4(*2,%0*%-88+0.29-,(7:%NPAK%9277204%)=(% ,0% ,'(% *-@0+-67(% +(/07=,204%0*%1(+,-24% ,-.%104,245(412(/% 24%FKKMA%%&'(/(%,-.%104,245(412(/%8+29-+27:%-//012-,()%32,'%,-.%87-44245%+(7-,()%,0%,'(%>098-4:?/%*0+(254%08(+-,204/%,'-,%3-/% +(@2(3()%-4)%40,%-)X=/,()%6:% ,'(% ,-.245%-=,'0+2,2(/%)=+245%FKKMA% %&'(% ,-.%104,245(412(/%3(+(%0+2524-77:%+(10+)()% ,'+0=5'% ,'(% 24109(% /,-,(9(4,%6:% 241+(-/245% 1=++(4,% ,-.% (.8(4/(% 24% (-+72(+% :(-+/%3'(4% ,'(%87-44245%3-/%2987(9(4,()%-4)%,'(+(*0+(G%3'(4%,'(%104,245(412(/%3(+(%/(,,7()%*-@0+-67:%,'(%-90=4,/%3(+(%+(@(+/()%24%,'(%24109(%/,-,(9(4,%-/%-%1=++(4,%,-.%6(4(*2,%24%,'(%1=++(4,%:(-+A%%&'2/%6(4(*2,%3-/%8-+,2-77:%0**/(,%6:%,'(%>098-4:%40,%+(10+)245%-%,-.%6(4(*2,%04%1(+,-24%,-.%70//(/%24%2,/%*0+(254%08(+-,204/%)=(%,0%,'(%=41(+,-24,:%0*%,'(%-6272,:%,0%=,272H(%,'0/(%,-.%70//(/%24%,'(%*=,=+(A%%!77%,-.%72-6272,2(/%03()%6:%,'(%>098-4:%-+(%8-2)%6:%,'(%>098-4:%0+%04%6('-7*%0*%,'(%>098-4:%6:%>7(-+%>'-44(7%>099=421-,204/% ,'+0=5'% -4% 08(+-,245% -110=4,% ,'-,% +(8+(/(4,/% 4(,% -90=4,/% )=(% ,0% 0+% *+09% >7(-+% >'-44(7%>099=421-,204/A%%&'(%>098-4:%-)08,()%Q24-412-7%!110=4,245%C,-4)-+)/%Y0-+)%B4,(+8+(,-,204%D0A%#PG%-..'(#%/#0$1'2$3#.42%*/#%5$/#$"#.'64$ 7*84)% RZQBD% #P[TG% 04% \-4=-+:% EG% FKKLA%% QBD% #P% 17-+2*2(/% ,'(% -110=4,245% *0+% =41(+,-24,:% 24% 24109(% ,-.(/%+(10542H()% 24% ,'(% *24-412-7% /,-,(9(4,/A%% QBD% #P% 8+(/1+26(/% -% +(10542,204% ,'+(/'07)% *0+% ,'(% *24-412-7% /,-,(9(4,%+(10542,204% -4)%9(-/=+(9(4,% 0*% -% ,-.% 80/2,204% ,-;(4% 0+% (.8(1,()% ,0% 6(% ,-;(4%32,'24% -4% 24109(% ,-.% +(,=+4A%% &'(%-)08,204%0*%QBD%#P%+(/=7,()% 24%-4% 241+(-/(%0*%NPAE%9277204% ,0% ,'(% \-4=-+:%EG%FKKL%6-7-41(%0*% +(,-24()%(-+4245/G%-%)(1+(-/(%0*%N$AK%9277204%24%72-6272,2(/%*0+%=4+(10542H()%,-.%6(4(*2,/%-4)%-4%241+(-/(%0*%NFLAF%9277204%24%)(*(++()%,-.%-//(,/A%% &'(% ,0,-7% -90=4,% 0*% =4+(10542H()% ,-.% 6(4(*2,/% -,% \-4=-+:% EG% FKKLG% 3-/% NOEAL% 9277204G% 2417=/2@(% 0*% N$AM%9277204% *0+% 24,(+(/,A%% U*% ,'2/% ,0,-7G% NEMAO% 9277204% +(8+(/(4,/% ,'(% -90=4,% 0*% =4+(10542H()% ,-.% 6(4(*2,/% ,'-,G% 2*%+(10542H()G%30=7)%*-@0+-67:%-**(1,%,'(%(**(1,2@(%24109(%,-.%+-,(%24%*=,=+(%8(+20)/A%%
!"#$%
&'(%)*+,-./%0*.12.3(4%1*%5(0*56%2.1(5(41%-.6%,(.-712(4%5(7-1(6%1*%3.5(0*8.29(6%1-:%;(.(<214%2.%0355(.1%2.0*+(%1-:%(:,(.4(=% %&'(% 1*1-7% -+*3.1% *<% 2.1(5(41% -0053(6% -1% >(0(+;(5% ?@A% BCC$A% D-4% EF=G% +2772*.=% % &'(% 1*1-7% -+*3.1% *<%3.5(0*8.29(6% 1-:% ;(.(<214% -.6% -0053(6% 2.1(5(41% -.6% ,(.-712(4% -1% >(0(+;(5% ?@A% BCC$A% D-4% EHC=G% +2772*.% -.6% 24%5(0*56(6%2.%IJ1'(5%7*.8"1(5+%72-;27212(4K%*.%1'(%)*+,-./L4%0*.4*726-1(6%;-7-.0(%4'((1=%%J<%1'24%1*1-7A%EFG=C%+2772*.%5(,5(4(.14% 1'(% -+*3.1% *<% 3.5(0*8.29(6% 1-:% ;(.(<214% -.6% -0053(6% 2.1(5(41% -.6% ,(.-712(4% 1'-1A% 2<% 5(0*8.29(6A%D*376%<-M*5-;7/%-<<(01%1'(%(<<(012M(%2.0*+(%1-:%5-1(%2.%<3135(%,(52*64=%%!%5(0*.0272-12*.%*<%1'(%;(82..2.8%-.6%(.62.8%-+*3.1%*<%3.5(0*8.29(6%1-:%;(.(<214%24%-4%<*77*D4N%%!"#$%&'()*#+),$
!
O.5(0*8.29(6%&-:%P(.(<214%
!0053(6%Q.1(5(41%-.6%R(.-712(4%
S5*44%O.5(0*8.29(6%&-:%P(.(<214%
P-7-.0(%-1%T-.3-5/%@A%BCC$% E% BFA@GB% E% HAFC$% E% ?@AHGU%
Q.05(-4(4%63(%1*%1-:%,*4212*.4%1-V(.%6352.8%BCC$% @?AF??% W% @?AF??%
Q.05(-4(4%63(%1*%1-:%,*4212*.4%1-V(.%2.%,5(M2*34%/(-54 ?BA?$H% BABHH% ?#AH#B%
>(05(-4(4%63(%1*%4(117(+(.14%D21'%1-:2.8%-31'*5212(4% X@HACHFY% X?ACCFY% X@UAC$CY%
>(05(-4(4%63(%1*%7-,4(%*<%41-131(%*<%72+21-12*.4% W% W% W%
P-7-.0(%-1%>(0(+;(5%?@A%BCC$% E% FFACBH% E% FA$HG% E% HCA$U#%
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
%!"#$%&'(")#*+&
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
!"#$%
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
! ;DDM%
X(&%/,564(W% %
F(86*&(-% L% E:=MY<%!--W% 9'+*(%?+3(-%8+A4(,&3%/,512-(-%/,%*(86*&(-%,(&%
/,564(=%,(&%6.%*(1+&(-%&+J%(..(5&3% #<Y%K(-25&W% R6&+1%3'+*("?+3(-%8+A4(,&3%-(&(*4/,(-%2,-(*%.+/*%
0+12(%?+3(-%4(&'6-%.6*%+11%+7+*-3=%,(&%6.%*(1+&(-%&+J%(..(5&3% ><=#<Z@%
N*6%[6*4+% L% M$=MY:%
$$ %
X(&%/,564(%8(*%56446,%3'+*(W% %
O+3/5W% %
F(86*&(-% L% G:Z%
N*6%[6*4+% L% G:$%
K/12&(-W% %
F(86*&(-% L% G:Z%
N*6%[6*4+% L% G:$%
%
!"#$%
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
% GNNS% GNNO% GNNT%
>?2(13(6%-0.*3+.+3B% GSU% GSU% GTU%V%GSU%
>?2(13(6%.+)(%+4%B(*,7% T=N%V%S=N% T=N%V%S=T% F=H%V%S=T%
J+7;"),((%+43(,(73%,*3(% #=SOU%V%#=W$U% #=TWU%V%T=NWU% #=#GU%V%#=TWU%
X+-+6(46%B+(.6% NU% NU% NU%%&'(% )0..05+49% 3*@.(%2,(7(437% *% 7/88*,B%0)% 3'(%A082*4BY7% 7301;%023+047%0/373*46+49%*3% *46% 7301;%023+04% *13+-+3B%6/,+49%3'(%B(*,%(46(6%X(1(8@(,%HFD%GNNS%IZE,+1([%,().(137%3'(%5(+9'3(6%*-(,*9(%(?(,1+7(%2,+1(%2(,%7'*,(KR%%!"#$%&'()*#+),$-./-0%$0-1$)&*1-$+*%*2!
\23+047% E,+1(%
](+9'3(6%!-(,*9(%J(8*+4+49%
A043,*13/*.%&(,8%
!99,(9*3(%^43,+47+1%_*./(%
\/373*46+49D%M*4/*,B%FD%GNNS% SDSNS% `%GH=#F% % %
a,*43(6%I*K% $SW% G$=NG% % %
>?(,1+7(6%I@K% I#T#K% GH=WT% % %
b0,)(+3(6% ISFK% F$=WH% % %
>?2+,(6% IOG#K% HO=GT% % %
\/373*46+49D%X(1(8@(,%HFD%GNNS% SDTHO% % GH=NW% #=G%B(*,7% `% #NDGT$%
>?(,1+7*@.(%% GD$FT% GO=WG% F=O%B(*,7% OD$NN%
>?2(13%30%-(73% #DOGG% GN=SH% T=$%B(*,7% HHDHT$%cccccccccc%I*K! &'(%5(+9'3(6%*-(,*9(%9,*43%6*3(%)*+,%-*./(%0)%023+047%9,*43(6%6/,+49%3'(%B(*,7%(46(6%X(1(8@(,%HFD%GNNSD%GNNO%
*46%GNNT%5*7%`FF=NTD%`O=SO%*46%`O=TFD%,(72(13+-(.B=%
I@K% A*7'%,(1(+-(6%),08%023+04%(?(,1+7(7%6/,+49%3'(%B(*,%(46(6%X(1(8@(,%HFD%GNNSD%5*7%`FN=W%8+..+04=%%&'(%303*.%+43,+47+1%-*./(%0)%023+047%(?(,1+7(6%6/,+49%3'(%B(*,7%(46(6%X(1(8@(,%HFD%GNNS%*46%GNNOD%5*7%`G=N%8+..+04%*46%`N=H%8+..+04D%,(72(13+-(.B=%
%% %
!"#$%
!% &'(()*+% ,-% ./0% 1,(2)3+4&% 3,350&.06% ,2.7,3&% ).% )36% 8/)390&% 6'*739% ./0% +0)*% 03606% :080(;0*% <=>% ?$$@>% 7&%2*0&03.06%;0A,BC%%!"#$%&'()*#+),$-./-0%$0-1$)&*1-$+*%*2!
D2.7,3&%
E079/.06%!50*)90%F*)3.%:).0%G)7*%H)A'0%
I,350&.06>%J)3')*+%=>%?$$@% K>=#=% L% #M@N%
F*)3.06% O@N% ==M$#%
H0&.06%P)Q% PK<RQ% KM##%
G,*-07.06% P@=Q% #MO=%
I,350&.06>%:080(;0*%<=>%?$$@% K>R??% L% @M$=%SSSSSSSSSS%P)Q! T/0%.,.)A%-)7*%5)A'0%,-%&/)*0&%50&.06%6'*739%./0%+0)*&%03606%:080(;0*%<=>%?$$@%)36%?$$R>%B)&%L?M$%(7AA7,3%)36%
L=MR%(7AA7,3>%*0&208.750A+M%%!"#$%&'$"()*$+',)-./%(#)
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
! !B)*6&% Y*780%
D'.&.)36739>%J)3')*+%=>%?$$@% ?=@% L%=NMNK%
F*)3.06% ?O<% ?OM$?%
H0&.06%P*0&.*78.7,3%A)2&06Q% P=$Q% =NM<@%
G,*-07.06% POQ% ?$MKN%
D'.&.)36739>%:080(;0*%<=>%?$$@% KO=% L%?KM#@%%01%"'+21&3"()#4/%"56/#"()'+78"1#/$&+1)'+#$)
!&%,-%:080(;0*%<=>%?$$@>%./0*0%B)&%L?$M@%(7AA7,3%,-%'3*08,937[06%8,(203&).7,3%8,&.>%30.%,-%0&.7().06%-,*-07.'*0&>%*0A).06%.,%'350&.06%&/)*0";)&06%8,(203&).7,3%)**)390(03.&M%%T/0%8,&.%7&%0V208.06%.,%;0%*08,937[06%,50*%)%B079/.06%)50*)90%20*7,6%,-%)22*,V7().0A+%./*00%+0)*&M%%%%
!"#$%
!"#$%#&'&()&$%*$+*,(-%&%./*0"-*12(-"*
&'% ()''*(+,)'% -,+.% +.*% &/01% 233% )4% 53*26% 5.2''*3% 5)778',(2+,)'9% 9.26*9% )4% +.*% 5)7:2';<9% ()77)'% 9+)(=%)8+9+2'>,'?%-*6*%()'@*6+*>% ,'+)%A$#BC%7,33,)'%9.26*9%)4%53299%D%()77)'%9+)(=B%E.,9%()'@*69,)'% ,9% 6*43*(+*>%29%2%6*(2:,+23,F2+,)'%4)6%*26','?9%:*6%9.26*%:86:)9*9%-.,(.%6*G8,6*9%6*+6)2(+,@*%9+2+*7*'+% ,'%2(()6>2'(*%-,+.%H!I%$JK1%!"#$%$&'()*#(+,"#*B%%!9%2%6*983+1%9.26*9%)8+9+2'>,'?%:6,)6%+)%+.*%&/0%26*%A$#BC%7,33,)'B%%-.$(/,01'"$2'3(*45*6/(6*#(',"#*(2"/"7(
! JCCL% JCCM% JCC#%
NOPQR!E0RS% % % %
N*+%,'()7*% T% JU#1VVC% T% $#A1CLJ% T% M$1#LA%
% % % %
Q44*(+%)4%>,38+,@*%9*(86,+,*9S% % % %
N)'*% W% W% W%
% % % %N87*62+)6%4)6%'*+%,'()7*%:*6%()77)'%9.26*%"%>,38+*>% T% JU#1VVC% T% $#A1CLJ% T% M$1#LA%
% % % %
XQN0P&N!E0RS% % % %
Y*,?.+*>%2@*62?*%()77)'%9.26*9% A#U1KAK% A#J1$##% A$V1KVC%
% % % %
Q44*(+%)4%>,38+,@*%9*(86,+,*9S% % % %
I+)(=%):+,)'9%2'>%6*9+6,(+*>%9+)(=%2-26>9%Z$[% VMK% $CL% A$%
% % % %X*')7,'2+)6%4)6%'*+%,'()7*%:*6%()77)'%9.26*%\%>,38+*>% A##1KCM% A#J1JMJ% A$V1VJ$%
% % % %
N*+%,'()7*%:*6%()77)'%9.26*S% % % %
D29,(% T% BMV% T% BUA% T% B$V%
X,38+*>% T% BMV% T% BUA% T% B$V%
%Z$[! $BK%7,33,)'1%$BU%7,33,)'%2'>%#BJ%7,33,)'%9+)(=%):+,)'9%-*6*%)8+9+2'>,'?%2+%X*(*7]*6%A$1%JCCL1%JCCM%2'>%
JCC#1%6*9:*(+,@*3;1%+.2+%-*6*%')+%,'(38>*>%,'%+.*%()7:8+2+,)'%)4%>,38+*>%*26','?9%:*6%9.26*%]*(289*%+)%>)%9)%-)83>%.2@*%]**'% 2'+,">,38+,@*% 29% +.*% 6*9:*(+,@*%):+,)'9<% 9+6,=*%:6,(*%-29%?6*2+*6% +.2'% +.*% (866*'+%726=*+%:6,(*%)4%+.*%9.26*9B%
%%!"#$%&%'%$()&"*$$%+#",-%.!/%+.01!2+%)&.!+%
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
!"#$%
&'% ()*+,-.'/% -0% 1#2% 34% 0,'%5-*6'0% 7-8)'% 39% 0,'% /-:% 34% ()*+,-.';% % <8'-*% <,-99'8% <355)9=+-0=39.% +,-9>'/% =0.%/=.+3)90%4*35%5-*6'0%7-8)'%344'*'/%03%(-*0=+=(-90.%)9/'*%0,'%(8-9%4*35%?#2%03%#2%=9%@)8:%$AA#;%%B5(83:''.%5-:%()*+,-.'% .,-*'.% ,-7=9>% -% 7-8)'% 930% 'C+''/=9>%?A2%34% 0,'=*% -99)-8% >*3..% +35('9.-0=39%3*%D$#EAAAE%F,=+,'7'*% =.%83F'*;% % G)*=9>% $AAH% -9/% $AA#E% -88% <8'-*% <,-99'8% <355)9=+-0=39.% '5(83:''.% ()*+,-.'/% ?IIEIII% -9/% $$$EJK1%.,-*'.%-0%F'=>,0'/%-7'*->'%.,-*'%(*=+'.%34%D$K;#H%-9/%D$K;J1E%*'.('+0=7'8:;% %L,'%<35(-9:M.%'5(83:''.%*'(*'.'90%-((*3C=5-0'8:% ?#2% 34% 0,'% 030-8% (-*0=+=(-0=39% =9% 0,=.% (8-9;% % !.% -% +39/=0=39% 34% =0.% 5'*>'*E% <8'-*% <,-99'8%<355)9=+-0=39.%93%839>'*%-++'(0.%+390*=&)0=39.%03%0,=.%(8-9E%&'>=99=9>%@-9)-*:%?E%$AAJ;%%<'*0-=9% ,=>,8:% +35('9.-0'/% 'C'+)0=7'.% 34% 0,'% <35(-9:% -*'% '8=>=&8'% 03% (-*0=+=(-0'% =9% -% 939"N)-8=4='/% /'4'**'/%+35('9.-0=39%(8-9%(*37=/'/%&:%<8'-*%<,-99'8%<355)9=+-0=39.E%F,=+,%-883F.%/'4'**-8.%)(%03%#A2%34%0,'=*%-99)-8%.-8-*:% -9/% )(% 03% KA2%34% 0,'=*% &39).% &'43*'% 0-C'.;% %<8'-*%<,-99'8%<355)9=+-0=39.% /3'.% 930%5-0+,% -9:% /'4'**-8%-53)90.%-9/%*'0-=9.%3F9'*.,=(%34%-88%-..'0.%)90=8%/=.0*=&)0'/;%%L,'*'%=.%93%8=-&=8=0:%*'+3*/'/%&:%0,'%<35(-9:%)9/'*%0,=.%/'4'**'/%+35('9.-0=39%(8-9%-.%0,'%8=-&=8=0:%34%0,=.%(8-9%=.%<8'-*%<,-99'8%<355)9=+-0=39.M;%%%!"#$%&%'%"#($)%*!+")&,#*"!%
%L,'%43883F=9>%/'0-=8.%0,'%+35(39'90.%34%OP0,'*%=9+35'%Q'C('9.'R%S%9'0TU%%!"#$%&'()*#+),$
! V3*%0,'%W'-*%B9/'/%G'+'5&'*%X?E%
! $AAJ% $AAH% $AA#%
Y3:-80:%4''%03%<8'-*%<,-99'8%<355)9=+-0=39.% D% S% D% S% D% Q?IEK$#R%
V3*'=>9%'C+,-9>'%>-=9%Q83..R% 1EXKK% Q?K?R% $EJIX%
P0,'*% J$#% #?$% Q$A1R%
L30-8%30,'*%=9+35'%Q'C('9.'R%S%9'0% D% ?AE??X% D% XX?% D% Q?$E$1?R%
%L,'%43883F=9>%/'0-=8.%0,'%+35(39'90.%34%OP0,'*%+)**'90%-..'0.TU%%!"#$%&'()*#+),$
! !.%34%G'+'5&'*%X?E%
! $AAJ% $AAH%
Z97'903*:% D% $HEJ?1% D% $?EK??%
G'(3.=0.% $#EKH1% X#EHH1%
P0,'*%(*'(-:5'90.% 1AEHX?% K#E?KA%
P0,'*% #AEXXA% #?EH$I%
L30-8%30,'*%+)**'90%-..'0.% D% ?1XE#I1% D% ?1IE$KI%
!"#$%
!"#$%!%&%'$()$!#%*+#+%
%&'(% )*+,-./% '-0% 12*% 3(,*31-45(% *,(3-16.7% 0(7+(.10% 8% !+(369-0% -.:% ;.1(3.-16*.-5<% % &'(% !+(369-0% 0(7+(.1%,36+-365/% 6.95=:(0% *,(3-16*.0% 6.% 1'(% >.61(:% ?1-1(0@% )-.-:-% -.:% A-16.% !+(369-@% -.:% 1'(% ;.1(3.-16*.-5% 0(7+(.1%6.95=:(0%*,(3-16*.0%6.%B=3*,(@%!06-@%!C369-%-.:%!=013-56-<%%?'-3("4-0(:%,-/+(.10%-3(%3(9*3:(:%4/%(-9'%0(7+(.1%6.%:63(91%*,(3-16.7%-.:%0(556.7@%7(.(3-5%-.:%-:+6.6013-16D(%(E,(.0(0<%%!"#$%&'()*#+),$
!+(369-0% ;.1(3.-16*.-5%
)*3,*3-1(%(E,(.0(0%-.:%7-6.%*.%
:60,*0616*.%*C%-00(10%8%.(1%
)*.0*56:-1(:F%)*+46.(:%
,--.% % % % %
G(D(.=(% H% I@JK#@L#K% H% I@MNO@MMK% H% P% H% $@QKI@K$O%
R63(91%*,(3-16.7%(E,(.0(0% #NL@#O$% I@IJJ@QKQ% P% I@M$J@KJ#%?(556.7@%7(.(3-5%-.:%-:+6.6013-16D(%(E,(.0(0% QQO@JJK% $II@#JO% P% #$M@NNJ%
R(,3(96-16*.%-.:%-+*316S-16*.% IKN@K#$% QLN@O$L% P% $NN@JK$%
)*3,*3-1(%(E,(.0(0% P% P% OO@LKL% OO@LKL%
T-6.%*.%:60,*0616*.%*C%-00(10%8%.(1% P% P% II@KQJ% II@KQJ%
U,(3-16.7%6.9*+(%V5*00W% H% JMK@INJ% H% I$I@$QL% H% V#J@Q#OW% H% ###@Q#K%
;:(.16C6-45(%-00(10% H% Q@KMK@M#$% H% Q@OLO@I$L% H% J#L@MQI% H% #@N$#@OLJ%
)-,61-5%(E,(.:61=3(0% H% IJQ@KQO% H% I$Q@KOJ% H% P% H% QM#@ONL%
?'-3("4-0(:%,-/+(.10% H% M@N$Q% H% I@MLI% H% #$K% H% IL@IMI%
% % % % %
,--/% % % % %
G(D(.=(% H% I@$JI@$#O% H% I@##O@$O#% H% P% H% Q@KNM@MQI%
R63(91%*,(3-16.7%(E,(.0(0% #$J@$O#% NKL@JMM% P% I@#IJ@KJQ%?(556.7@%7(.(3-5%-.:%-:+6.6013-16D(%(E,(.0(0% QLM@$QO% QMN@OOK% P% JKO@NNJ%
R(,3(96-16*.%-.:%-+*316S-16*.% IMK@NML% QQK@MOL% P% JLM@M$L%
)*3,*3-1(%(E,(.0(0% P% P% O#@#JQ% O#@#JQ%
T-6.%*.%:60,*0616*.%*C%-00(10%8%.(1% P% P% QQ@KJO% QQ@KJO%
U,(3-16.7%6.9*+(%V5*00W% H% JQL@ON#% H% OM@JOL% H% VJQ@ONOW% H% JJ#@J#N%
;:(.16C6-45(%-00(10% H% Q@KQL@M$M% H% Q@JLI@NQJ% H% INN@Q$L% H% #@JQI@KNI%
)-,61-5%(E,(.:61=3(0% H% NL@JN#% H% IJ$@$KM% H% P% H% Q$$@KKQ%
?'-3("4-0(:%,-/+(.10% H% J@ONN% H% I@$IQ% H% KK% H% O@LNN%
% % % % %
,--0% % % % %
G(D(.=(% H% I@QIO@$KQ% H% I@JJN@ONO% H% P% H% Q@OOO@LMK%
R63(91%*,(3-16.7%(E,(.0(0% JNL@#IN% NI#@Q$N% P% I@JL#@M#K%?(556.7@%7(.(3-5%-.:%-:+6.6013-16D(%(E,(.0(0% IKO@MJN% QNI@#NJ% P% JMK@$J$%
R(,3(96-16*.%-.:%-+*316S-16*.% IKL@##N% QQL@LKL% P% JLL@O$N%
)*3,*3-1(%(E,(.0(0% P% P% OI@LNO% OI@LNO%
T-6.%*.%:60,*0616*.%*C%-00(10%8%.(1% P% P% $@JKK% $@JKK%
U,(3-16.7%6.9*+(%V5*00W% H% $#K@###% H% QQ@MK$% H% V#M@OLKW% H% $Q$@M$L%
;:(.16C6-45(%-00(10% H% Q@#$I@OJI% H% Q@IJL@JLM% H% QJO@QNM% H% J@NIK@$J#%
)-,61-5%(E,(.:61=3(0% H% M$@LKJ% H% I$#@LMQ% H% P% H% QLK@I#O%
?'-3("4-0(:%,-/+(.10% H% ON$% H% I#$% H% P% H% KJO%
!"#$%
&'(')*'%+,%-./0%12332+)4%-./5%12332+)%6)7%-./#%12332+)%6)7% 27')82,2613'%699'89%+,%-:/0%12332+)4%-:/;%12332+)%6)7%-:/:%12332+)%7'<2('7%,<+=%8>'%?+=@6)AB9%,+<'2C)%+@'<682+)9%6<'%2)D3*7'7%2)%8>'%7686%61+('%,+<%8>'%A'6<9%')7'7%E'D'=1'<%F.4%:GG;4%:GG5%6)7%:GG#4%<'9@'D82('3A/%%%!"#$%"%&%'()*#$*+,%*$-(+#-%".%"/$*)#0"!-%1(234567859%
%
!"#$%&'()*#+),$-./-0%$0-1$)&*1-$+*%*2% % % %
! H6<D>%F.4% I*)'%FG4% J'@8'=1'<%FG4% E'D'=1'<%F.4%
:GG;% :GG5% :GG;% :GG5% :GG;% :GG5% :GG;% :GG5%
&'(')*'% -%50G4K#5% -%#0K4F50% -%KF54;.F% -%;$K4$GF% -%K.;4#$.% -%;:G4:#$% -%0F54;:5% -%KFG450#%
L@'<682)C%'M@')9'9N% ! ! ! ! ! ! ! !
E2<'D8%+@'<682)C%'M@')9'9% F0$4:G#% F$$4F05% $:04.$F% F;$4.#0% $F$4$;:% FKF4KFF% $;;4G:#% $.:4$#$%J'332)C4%C')'<63%6)7%67=2)298<682('%'M@')9'9% .:;4#FF% ..#4GF#% .F$4##;% ..04#00% .F.4::K% ..K4$:$% .$$45;5% .FF40F5%
E'@<'D2682+)%6)7%6=+<82O682+)% 0#45;G% 054F:G% 0K4.#F% .GG4K:;% 004;0F% .G:4.:F% .G#4K5;% .GK4$5G%
?+<@+<68'%'M@')9'9% .#4F$F% .$4#K#% .F4:;.% .$4.:G% .54F::% .#4.:#% :.4.$$% :.4;.:%P62)%Q3+99R%+)%729@+9282+)%+,%699'89S%)'8% ;4G0:% ::4;#5% .4:G$% QF.#R% $.$% QKF$R% F4..$% .4:F0%
L@'<682)C%2)D+='% 5#4.0;% #G4;K0% .5:4;0F% .F04FKF% .F54.$G% 0040.#% .0.4.:K% .##4F;:%T)8'<'98%'M@')9'%+)%7'18%U28>%?3'6<%?>6))'3%?+==*)2D682+)9% F;4;KF% F54;0;% FK4$.K% F;4;55% FK4GK#% F04#FK% F;4G;;% F04F00%
T)8'<'98%'M@')9'% :4:K5% F4:#;% .4#:.% F40:5% :4G0F% $4G5.% 5.K% Q:4.5.R%VW*28A%2)%'6<)2)C9%Q3+99R%+,%)+)D+)9+32768'7%6,,23268'9% .:#% .4F;K% :4K:G% :4$:.% QKF5R% .4K:F% :4:0F% .4KFK%
L8>'<%2)D+='%Q'M@')9'RS%)'8% Q$$R% Q$F$R% .4G$G% .45F$% :4K.#% $5;% 54FG:% Q.4FF5R%
T)D+='%1',+<'%2)D+='%86M'9%6)7%=2)+<28A%2)8'<'98% :#4:G0% ..45;0% .:54;.$% .G.4;$5% 0;40$.% #K45G5% .5:4G:K% ..K45F5%
T)D+='%86M%Q'M@')9'R% Q.G45$.R% Q#4.F0R% Q#G4K00R% Q$$4;5KR% QF;4$$;R% Q:545$5R% Q$;45#$R% Q$#4#:;R%H2)+<28A%2)8'<'98%2)D+='%Q'M@')9'RS%)'8% .4#.5% .4#0F% Q;4:.KR% QK40F.R% Q#4;;KR% Q.:;R% Q;4;K.R% QK4G#GR%
X'8%2)D+='% -% .54GK$% -% K4.FF% -% 5K4#0;% -% $K4G$;% -% #$4;.5% -% F.4KFF% -%.G54#0F% -% 5#4G#0%
% % % % % % % % %X'8%2)D+='%Q3+99R%@'<%D+==+)%9>6<'N% % % % % % % % %Y692D% -% /G#% -% /G:% -% /.0% -% /.$% -% /.#% -% /G0% -% /FG% -% /.K%E23*8'7% -% /G#% -% /G:% -% /.0% -% /.$% -% /.#% -% /G0% -% /FG% -% /.K%% % % % % % % % %
J8+DZ%@<2D'N% % % % % % % % %[2C>% -% F./.$% -% :F/0#% -% FG/.:% -% :$/:G% -% :0/:$% -% :./:5% -% :K/#;% -% :K/.F%\+U% -% :$/0.% -% .K/$0% -% :#/0#% -% .0/F.% -% ::/K.% -% .K/55% -% :F/5#% -% .0/$0%
%%!"#$%/%&%-(:-$'($!#%$;$!#-%
%L)%I6)*6<A%.;4%:GGK4%8>'%?+=@6)A%')8'<'7%2)8+%6)%6C<''=')8%8+%9'33%289%#G]%2)8'<'98%2)%?3'6<%?>6))'3%T)7'@')7')84%6%J+*8>%!,<2D6)%+*87++<%67('<8292)C%D+=@6)A4%,+<%6@@<+M2=68'3A%-.:;/G%=2332+)%169'7%+)%8>'%D3+92)C%@<2D'%+,% 8>'%6DW*2<'<B9%9>6<'9%+)%8>'%768'%+,%6))+*)D'=')8/%%!9%+,%E'D'=1'<%F.4%:GG;4%-#$/:%=2332+)%29%<'D+<7'7%2)%^T)('98=')89%2)%6)7%67(6)D'9% 8+4%)+)D+)9+32768'7%6,,23268'9_%+)%+*<%D+)9+32768'7%1636)D'%9>''8% <'368'7% 8+% 8>29% 2)('98=')8/% %`>'%D3+92)C%+,%8>'%8<6)96D82+)%29%9*1a'D8%8+%<'C*368+<A%6@@<+(63%6)7%+8>'<%D*98+=6<A%D3+92)C%D+)7282+)9/%% %
!"##$
!"#$%&'%()*+,-.%/+%*+0%1/.*,2--3-+4.%5/4)%67789+4*+4.%8+%67789+4/+,%*+0%:/+*+7/*;%1/.7;8.92-%
%
%&'$())*+,(-*.$
$
!"#$%&6'%(8+428;.%*+0%<287-092-.%
$
!"#$%#&'()*(+*,'-.$(-%/0*1()&/($-*#)2*3/(.02%/0-*
/.$ 0(1.$ .2'(-*+20.3$ 3+2,*&245.$ ,&6'5&*2$ (63$ )5&,.345.2$ '&$ .6245.$ '0('$ 7('.5+(*$ +68&57('+&6$ 5.*('+69$ '&$
:*.(5$:0(66.*$;4'3&&5$<&*3+692=$>6,?$@'0.$A:&7)(6BCD$+6,*43+69$+'2$,&62&*+3('.3$24-2+3+(5+.2$+2$7(3.$E6&F6$'&$'0.$
&88+,.52$F0&$,.5'+8B$'0.$:&7)(6BG2$8+6(6,+(*$5.)&5'2$(63$'&$&'0.5$7.7-.52$&8$2.6+&5$7(6(9.7.6'$(63$'0.$H&(53$&8$
I+5.,'&52?$
$
;45$)5+6,+)(*$.J.,4'+1.$(63$8+6(6,+(*$&88+,.52$0(1.$,&6,*43.3=$-(2.3$&6$'0.+5$.1(*4('+&6$(2$&8$'0.$.63$&8$'0.$
).5+&3$,&1.5.3$-B$'0+2$K&57$LM"N=$'0('$&45$3+2,*&245.$,&6'5&*2$(63$)5&,.345.2=$(2$3.8+6.3$463.5$O4*.2$LP("L#@.D$(63$
L#3"L#@.D$ &8$ '0.$ Q.,45+'+.2$ RJ,0(69.$ !,'$ &8$ LSPT=$ (5.$ .88.,'+1.$ '&$ .6245.$ '0('$ +68&57('+&6$ F.$ (5.$ 5.U4+5.3$ '&$
3+2,*&2.$+6$'0.$5.)&5'2$F.$8+*.$&5$24-7+'$463.5$'0.$RJ,0(69.$!,'$+2$5.,&53.3=$)5&,.22.3=$2477(5+V.3$(63$5.)&5'.3$
F+'0+6$ '0.$ '+7.$).5+&32$ 2).,+8+.3$ +6$ '0.$QR:G2$ 54*.2$ (63$ 8&572=$ (63$ +6,*43.$ ,&6'5&*2$ (63$)5&,.345.2$3.2+96.3$ '&$
.6245.$ '0('$ +68&57('+&6$ F.$ (5.$ 5.U4+5.3$ '&$ 3+2,*&2.$ +6$ 24,0$ 5.)&5'2$ +2$ (,,474*('.3$ (63$ ,&7746+,('.3$ '&$
7(6(9.7.6'=$ +6,*43+69$ &45$ )5+6,+)(*$ .J.,4'+1.$ (63$ 8+6(6,+(*$ &88+,.52=$ (2$ ())5&)5+('.$ '&$ (**&F$ '+7.*B$ 3.,+2+&62$
5.9(53+69$5.U4+5.3$3+2,*&245.?$
$
4#)#5060)&7-*809(/&*()*:)&0/)#$*1()&/($*;"0/*<')#).'#$*809(/&')5*
W0.$7(6(9.7.6'$&8$'0.$:&7)(6B$+2$5.2)&62+-*.$8&5$.2'(-*+20+69$(63$7(+6'(+6+69$(3.U4('.$+6'.56(*$,&6'5&*$
&1.5$8+6(6,+(*$5.)&5'+69?$ $W0.$:&7)(6BG2$ +6'.56(*$,&6'5&*$&1.5$8+6(6,+(*$5.)&5'+69$+2$($)5&,.22$3.2+96.3$463.5$ '0.$
24).51+2+&6$&8$'0.$:&7)(6BG2$:0+.8$RJ.,4'+1.$;88+,.5$(63$:0+.8$K+6(6,+(*$;88+,.5$'&$)5&1+3.$5.(2&6(-*.$(2245(6,.$
5.9(53+69$ '0.$ 5.*+(-+*+'B$&8$ 8+6(6,+(*$ 5.)&5'+69$(63$)5.)(5('+&6$&8$ '0.$:&7)(6BG2$ 8+6(6,+(*$ 2'('.7.6'2$ 8&5$ .J'.56(*$
)45)&2.2$+6$(,,&53(6,.$F+'0$9.6.5(**B$(,,.)'.3$(,,&46'+69$)5+6,+)*.2?$
$
!2$&8$I.,.7-.5$PL=$XMMY=$7(6(9.7.6'$(22.22.3$'0.$.88.,'+1.6.22$&8$'0.$:&7)(6BG2$+6'.56(*$,&6'5&*$&1.5$
8+6(6,+(*$5.)&5'+69$-(2.3$&6$'0.$,5+'.5+($8&5$.88.,'+1.$+6'.56(*$,&6'5&*$&1.5$8+6(6,+(*$5.)&5'+69$.2'(-*+20.3$+6$!"#$%"&'(
)*"#%*'( +( !"#$,%&#$-( .%&/$0*%1$ +224.3$ -B$ '0.$ :&77+''..$ &8$ Q)&62&5+69$ ;59(6+V('+&62$ &8$ '0.$ W5.(3F(B$
:&77+22+&6?$ $H(2.3$&6$ '0.$ (22.227.6'=$7(6(9.7.6'$ 3.'.57+6.3$ '0('$ '0.$:&7)(6B$7(+6'(+6.3$ .88.,'+1.$ +6'.56(*$
,&6'5&*$&1.5$8+6(6,+(*$5.)&5'+69$(2$&8$I.,.7-.5$PL=$XMMY=$-(2.3$&6$'0&2.$,5+'.5+(?$
$
R562'$ Z$ [&469$ \\]=$ '0.$ +63.).63.6'$ 5.9+2'.5.3$ )4-*+,$ (,,&46'+69$ 8+57$ '0('$ (43+'.3$ '0.$ ,&62&*+3('.3$
8+6(6,+(*$2'('.7.6'2$&8$'0.$:&7)(6B$+6,*43.3$+6$'0+2$!664(*$O.)&5'$&6$K&57$LM"N=$0(2$+224.3$(6$(''.2'('+&6$5.)&5'$
&6$'0.$:&7)(6BG2$+6'.56(*$,&6'5&*$&1.5$8+6(6,+(*$5.)&5'+69$(2$&8$I.,.7-.5$PL=$XMMY?$$W0.$5.)&5'=$F0+,0$.J)5.22.2$
(6$ 46U4(*+8+.3$ &)+6+&6$ &6$ '0.$ .88.,'+1.6.22$ &8$ '0.$ :&7)(6BG2$ +6'.56(*$ ,&6'5&*$ &1.5$ 8+6(6,+(*$ 5.)&5'+69$ (2$ &8$
I.,.7-.5$ PL=$ XMMY=$ +2$ +6,*43.3$ +6$ '0+2$ >'.7$ 463.5$ '0.$ 0.(3+69$ AO.)&5'$ &8$ >63.).63.6'$ O.9+2'.5.3$ ]4-*+,$
!,,&46'+69$K+57?C$
$
W0.5.$F.5.$6&$,0(69.2$+6$&45$+6'.56(*$,&6'5&*$&1.5$8+6(6,+(*$5.)&5'+69$'0('$&,,455.3$345+69$'0.$7&2'$5.,.6'$
8+2,(*$U4(5'.5$ '0('$0(1.$7('.5+(**B$(88.,'.3=$&5$ (5.$ 5.(2&6(-*B$ *+E.*B$ '&$7('.5+(**B$(88.,'=$&45$ +6'.56(*$ ,&6'5&*$&1.5$
8+6(6,+(*$5.)&5'+69?$$$
$
!"#$%
!"#$%&'$(')*+"#"*+"*&'!",-.&"%"+'/012-3'433$0*&-*,'5-%6'
'
&'(%)*!+,%*-%,.+(/&*+0%!1,%0'!+('*2,(+0%%
/2(!+%/'!11(2%*3&,**+%'*2,.1405%.1/6%%
'
78%9:;8%:<=>?8=%/@8:A%/9:BB8@%*<?=CCA%'C@=>BDE5%.BF6GE%>B?8AB:@%FCB?AC@%C;8A%H>B:BF>:@%A8ICA?>BD%:E%CH%,8F8JK8A%
LM5% NOOP5% K:E8=% CB% FA>?8A>:% 8E?:K@>E98=% >B% .B?8AB:@% /[email protected]?8DA:?8=% -A:J8RCAS% >EE<8=% KT% ?98% /CJJ>??88% CH%
0ICBECA>BD% *AD:B>U:?>CBE% CH% ?98% &A8:=R:T% /CJJ>EE>CB% V?98% /*0*% FA>?8A>:W6% /@8:A% /9:BB8@% *<?=CCA% 'C@=>BDE5%
.BF6GE% J:B:D8J8B?% >E% A8EICBE>K@8% HCA% J:>B?:>B>BD% 8HH8F?>;8% >B?8AB:@% FCB?AC@% C;8A% H>B:BF>:@% A8ICA?>BD5% :B=% HCA% >?E%
:EE8EEJ8B?%CH%?98%8HH8F?>;8B8EE%CH%>B?8AB:@%FCB?AC@%C;8A%H>B:BF>:@%A8ICA?>BD%>BF@<=8=%>B%?98%:FFCJI:BT>BD%+8ICA?%CH%
X:B:D8J8B?% CB% .B?8AB:@% /CB?AC@% C;8A% ->B:BF>:@% +8ICA?>BD6% % *<A% A8EICBE>K>@>?T% >E% ?C% 8YIA8EE% :B% CI>B>CB% CB% ?98%
FCJI:BTGE%>B?8AB:@%FCB?AC@%C;8A%H>B:BF>:@%A8ICA?>BD%K:E8=%CB%C<A%:<=>?6%%
%
78% FCB=<F?8=% C<A% :<=>?% >B% :FFCA=:BF8%R>?9% ?98% E?:B=:A=E% CH% ?98% Z<K@>F% /CJI:BT% !FFC<B?>BD% *;8AE>D9?% )C:A=%
V3B>?8=%0?:?8EW6%&9CE8%E?:B=:A=E% A8[<>A8% ?9:?%R8%I@:B%:B=%I8AHCAJ% ?98%:<=>?% ?C%CK?:>B% A8:ECB:K@8%:EE<A:BF8%:KC<?%
R98?98A% 8HH8F?>;8% >B?8AB:@% FCB?AC@% C;8A% H>B:BF>:@% A8ICA?>BD% R:E% J:>B?:>B8=% >B% :@@% J:?8A>:@% A8EI8F?E6% *<A% :<=>?%
>BF@<=8=%CK?:>B>BD%:B%<B=8AE?:B=>BD%CH% >B?8AB:@%FCB?AC@%C;8A% H>B:BF>:@% A8ICA?>BD5%:EE8EE>BD% ?98% A>ES% ?9:?%:%J:?8A>:@%
R8:SB8EE% 8Y>E?E5% ?8E?>BD% :B=% 8;:@<:?>BD% ?98% =8E>DB% :B=% CI8A:?>BD% 8HH8F?>;8B8EE% CH% >B?8AB:@% FCB?AC@% K:E8=% CB% ?98%
:EE8EE8=%A>ES5%:B=%I8AHCAJ>BD%E<F9%C?98A%IACF8=<A8E%:E%R8%FCBE>=8A8=%B8F8EE:AT%>B%?98%F>AF<JE?:BF8E6%78%K8@>8;8%
?9:?%C<A%:<=>?%IAC;>=8E%:%A8:ECB:K@8%K:E>E%HCA%C<A%CI>B>CB6%
%
!% FCJI:BTGE% >B?8AB:@% FCB?AC@% C;8A% H>B:BF>:@% A8ICA?>BD% >E% :% IACF8EE% =8E>DB8=% ?C% IAC;>=8% A8:ECB:K@8% :EE<A:BF8%
A8D:A=>BD% ?98% A8@>:K>@>?T%CH% H>B:BF>:@% A8ICA?>BD%:B=% ?98%IA8I:A:?>CB%CH% H>B:BF>:@% E?:?8J8B?E% HCA%8Y?8AB:@%I<AICE8E% >B%
:FFCA=:BF8%R>?9% D8B8A:@@T% :FF8I?8=% :FFC<B?>BD% IA>BF>I@8E6%!% FCJI:BTGE% >B?8AB:@% FCB?AC@% C;8A% H>B:BF>:@% A8ICA?>BD%
>BF@<=8E% ?9CE8% IC@>F>8E% :B=% IACF8=<A8E% ?9:?% VMW% I8A?:>B% ?C% ?98% J:>B?8B:BF8% CH% A8FCA=E% ?9:?5% >B% A8:ECB:K@8% =8?:>@5%
:FF<A:?8@T%:B=%H:>A@T%A8H@8F?%?98%?A:BE:F?>CBE%:B=%=>EICE>?>CBE%CH%?98%:EE8?E%CH%?98%FCJI:BT\%VNW%IAC;>=8%A8:ECB:K@8%
:EE<A:BF8% ?9:?% ?A:BE:F?>CBE% :A8% A8FCA=8=% :E% B8F8EE:AT% ?C% I8AJ>?% IA8I:A:?>CB% CH% H>B:BF>:@% E?:?8J8B?E% >B% :FFCA=:BF8%
R>?9%D8B8A:@@T%:FF8I?8=%:FFC<B?>BD%IA>BF>I@8E5%:B=% ?9:?% A8F8>I?E%:B=%8YI8B=>?<A8E%CH% ?98%FCJI:BT%:A8%K8>BD%J:=8%
CB@T% >B%:FFCA=:BF8%R>?9%:<?9CA>U:?>CBE%CH%J:B:D8J8B?%:B=%=>A8F?CAE%CH% ?98%FCJI:BT\% :B=% VLW%IAC;>=8% A8:ECB:K@8%
:EE<A:BF8%A8D:A=>BD%IA8;8B?>CB%CA%?>J8@T%=8?8F?>CB%CH%<B:<?9CA>U8=%:F[<>E>?>CB5%<E85%CA%=>EICE>?>CB%CH%?98%FCJI:BTGE%
:EE8?E%?9:?%FC<@=%9:;8%:%J:?8A>:@%8HH8F?%CB%?98%H>B:BF>:@%E?:?8J8B?E6%
%
)8F:<E8%CH%>?E%>B98A8B?%@>J>?:?>CBE5%>B?8AB:@%FCB?AC@%C;8A%H>B:BF>:@%A8ICA?>BD%J:T%BC?%IA8;8B?%CA%=8?8F?%J>EE?:?8J8B?E6%%
!@EC5%IAC]8F?>CBE%CH%:BT%8;:@<:?>CB%CH%8HH8F?>;8B8EE%?C%H<?<A8%I8A>C=E%:A8%E<K]8F?%?C%?98%A>ES%?9:?%FCB?AC@E%J:T%K8FCJ8%
>B:=8[<:?8%K8F:<E8%CH%F9:BD8E%>B%FCB=>?>CBE5%CA%?9:?%?98%=8DA88%CH%FCJI@>:BF8%R>?9%?98%IC@>F>8E%CA%IACF8=<A8E%J:T%
=8?8A>CA:?86%
%
.B%C<A%CI>B>CB5%/@8:A%/9:BB8@%*<?=CCA%'C@=>BDE5%.BF6%J:>B?:>B8=5%>B%:@@%J:?8A>:@%A8EI8F?E5%8HH8F?>;8%>B?8AB:@%FCB?AC@%
C;8A%H>B:BF>:@%A8ICA?>BD%:E%CH%,8F8JK8A%LM5%NOOP5%K:E8=%CB'?98%/*0*%FA>?8A>:7%
%
78%:@EC%9:;8%:<=>?8=5%>B%:FFCA=:BF8%R>?9%?98%E?:B=:A=E%CH%?98%Z<K@>F%/CJI:BT%!FFC<B?>BD%*;8AE>D9?%)C:A=%V3B>?8=%
0?:?8EW5% ?98%FCBEC@>=:?8=%K:@:BF8%E988?E%CH%/@8:A%/9:BB8@%*<?=CCA%'C@=>BDE5%.BF6%:B=%E<KE>=>:A>8E%:E%CH%,8F8JK8A%
LM5% NOOP% :B=% NOO$5% :B=% ?98% A8@:?8=% FCBEC@>=:?8=% :B=% FCJK>B8=% E?:?8J8B?E% CH% CI8A:?>CBE5% E9:A89C@=8AEG^CRB8AGE%
8[<>?T5%:B=%F:E9%H@CRE%HCA%8:F9%CH%?98%?9A88%T8:AE%>B%?98%I8A>C=%8B=8=%,8F8JK8A%LM5%NOOP%CH%/@8:A%/9:BB8@%*<?=CCA%
'C@=>BDE5%.BF6%:B=%E<KE>=>:A>8E%:B=%C<A%A8ICA?%=:?8=%-8KA<:AT%M_5%NOO`%8YIA8EE8=%:B%<B[<:@>H>8=%CI>B>CB%?98A8CB6%
%
% % % % % % % ^E^%(+10&%a%b*314%22Z%
0:B%!B?CB>C5%&8Y:E%
-8KA<:AT%M_5%NOO`%
%
)89:';<7'=&>"%')*($%6?&-$*'
%
1C?%:II@>F:K@8%
!"#$%
!"#$%&&&%
%
&$'(%)*+%,-./012.34%'5/061-7/%899-0/.3%:;<%=2.>2.:1/%?27/.;:;0/%
%
&'(%)*+,-./0),*%-(12)-(3%45%0')6%)0(.%7)0'%-(68(90%0,%,2-%9,3(%,+%(0')96%/*3%0'(%3)-(90,-6%/*3%*,.)*((6%+,-%
(:(90),*%0,%,2-%;,/-3%,+%<)-(90,-6%)6%)*9,-8,-/0(3%45%-(+(-(*9(%0,%0'(%)*+,-./0),*%6(0%+,-0'%)*%,2-%<(+)*)0)=(%>-,?5%
@0/0(.(*0A%7')9'%7)::%4(%+):(3%7)0'%0'(%@(92-)0)(6%/*3%B?9'/*C(%D,..)66),*%7)0')*%EFG%3/56%,+%,2-%+)69/:%5(/-%(*3H%
%
@(0%+,-0'%4(:,7%/-(%0'(%*/.(6%/*3%/C(6%/*3%92--(*0%8,6)0),*6%,+%,2-%(?(920)=(%,++)9(-6%/*3%3)-(90,-6%/6%,+%
I(4-2/-5%EJA%FGGKL%
%
M/.(% !C(% >,6)0),*%
&(-.%/6%
<)-(90,-%
NH%N,7-5%O/56% $F% D'/)-./*%,+%0'(%;,/-3%/*3%<)-(90,-% B?8)-(6%FGEG%
P)::)/.%<H%>/-Q(-% RS% <)-(90,-% B?8)-(6%FGGT%
U/.(6%OH%V/)*(6% SK% <)-(90,-% B?8)-(6%FGEG%
O/-6'/%O9D,.46%@')(:36% #J% <)-(90,-% B?8)-(6%FGGK%
</:(%PH%&-(.4:/5% RT% <)-(90,-% B?8)-(6%FGGT%
O/-Q%>H%O/56% RR% D')(+%B?(920)=(%W++)9(-%/*3%<)-(90,-% B?8)-(6%FGGT%
V/*3/::%&H%O/56% RF% D')(+%I)*/*9)/:%W++)9(-%/*3%<)-(90,-% B?8)-(6%FGGK%
>/2:%UH%O(5(-% S#% X:,4/:%>-(6)3(*0%/*3%D')(+%W8(-/0)*C%W++)9(-% %
U,*/0'/*%;(=/*% JS% D')(+%I)*/*9)/:%W++)9(-%Y%Z*0(-*/0),*/:%/*3%
<)-(90,-%,+%D,-8,-/0(%<(=(:,8.(*0% %
[(-4(-0%PH%[)::A%U-H% RT% @(*),-%\)9(%>-(6)3(*0%/*3%D')(+%!99,2*0)*C%
W++)9(-% %
!*3-(7%N(=)*% R#% B?(920)=(%\)9(%>-(6)3(*0%]%D')(+%N(C/:%W++)9(-%/*3%
@(9-(0/-5% %
I-/*Q:)*%XH%@)66,*A%U-H% ##% X:,4/:%<)-(90,-%Y%@/:(6%/*3%O/-Q(0)*C% %
^2-0%&)*C(5% RJ% B?(920)=(%\)9(%>-(6)3(*0%Y%!.(-)9/6%D')(+%
I)*/*9)/:%W++)9(-% %
N/2-/%DH%&,*9'(++% JT% B?(920)=(%\)9(%>-(6)3(*0%Y%!.(-)9/6%X(*(-/:%
D,2*6(:% %
%
!"#!$%&'#()'*%'/6%6(-=(3%/6%/%.(.4(-%,+%,2-%;,/-3%,+%<)-(90,-6%6)*9(%!8-):%ETT$%/*3%'/6%4((*%,2-%
D'/)-./*%,+%0'(%;,/-3%6)*9(%W90,4(-%FGG#H%%O-H%O/56%)6%D'/)-./*%,+%0'(%;,/-3%,+%<)-(90,-6%,+%D:(/-%D'/**(:%
D,..2*)9/0),*6A%/*3%8-),-%0,%W90,4(-%FGGR%'(%7/6%0'(%9,.8/*5_6%D')(+%B?(920)=(%W++)9(-H%%O-H%O/56%'/6%4((*%/%
.(.4(-%,+%D:(/-%D'/**(:%D,..2*)9/0),*6_%;,/-3%,+%<)-(90,-6%6)*9(%)06%)*9(80),*%/*3%'/6%6(-=(3%,*%0'(%;,/-3%,+%
<)-(90,-6%,+%N)=(%M/0),*A%Z*9H%6)*9(%!2C260%FGG#H%%W*%I(4-2/-5%RA%FGGKA%O-H%O/56%0(*3(-(3%')6%-(6)C*/0),*%/6%/%
3)-(90,-%,+%N)=(%M/0),*A%Z*9H%%O-H%O/56%)6%0'(%+/0'(-%,+%O/-Q%>H%O/56%/*3%V/*3/::%&H%O/56A%4,0'%,+%7',.%/-(%
.(.4(-6%,+%,2-%;,/-3%,+%<)-(90,-6%/*3%(?(920)=(%,++)9(-6%,+%26H%
%
+,--,).#/"#0)&12&%'/6%6(-=(3%/6%D'/)-./*%/*3%D')(+%B?(920)=(%W++)9(-%,+%!.(-)9/%P(60%[,:3)*C6%
D,-8,-/0),*%/*3%!.(-)9/%P(60%!)-:)*(6%6)*9(%@(80(.4(-%FGGEH%%O-H%>/-Q(-%'/6%4((*%/%.(.4(-%,+%,2-%;,/-3%,+%
<)-(90,-6%6)*9(%M,=(.4(-%FGG#H%%%
%
3).2*#("#4),52*%'/6%6(-=(3%/6%0'(%>-(6)3(*0%,+%U/.(6%OH%V/)*(6%`%D,HA%/*%)*=(60.(*0%4/*Q)*C%9,.8/*5A%
6)*9(%ETKKH%%O-H%V/)*(6%'/6%4((*%/%.(.4(-%,+%,2-%;,/-3%,+%<)-(90,-6%6)*9(%M,=(.4(-%FGG#H%%@)*9(%ETTKA%O-H%
V/)*(6%'/6%6(-=(3%,*%0'(%;,/-3%,+%<)-(90,-6%,+%P/33(::%`%V((3%I)*/*9)/:A%Z*9HA%/%+)*/*9)/:%6(-=)9(6%9,-8,-/0),*H%
%
()&*6)#(78$.9*#:6,2-;*%'/6%6(-=(3%/6%/%3)-(90,-%,+%>-).(-/%Z*62-/*9(%6)*9(%O/-9'%ETKTH%%@)*9(%U2*(%
FGGFA%O6H%O9D,.46%'/6%6(-=(3%/6%0'(%>-(6)3(*0%,+%0'(%O9D,.46%I,2*3/0),*%/*3%/6%<(/:(-%>-)*9)8/:%+,-%O9D,.46%
!20,.,0)=(H%%@'(%'/6%6(-=(3%/6%O/*/C(-%,+%O9D,.46%I/.):5%N03H%6)*9(%U/*2/-5%FGGGH%%O6H%@')(:36%)6%0'(%3/2C'0(-%
,+%,*(%,+%0'(%;,/-3%.(.4(-6%,+%D:(/-%D'/**(:%D,..2*)9/0),*6H%%O6H%@')(:36%'/6%4((*%/%.(.4(-%,+%,2-%;,/-3%,+%
<)-(90,-6%6)*9(%M,=(.4(-%FGG#H%%%
%
!"#$%
!"#$%&'%()$*+#",%&'(%()*+),%'(%-*)(.,)/0%'/,%1&.)2%34)560.+)%722.5)*%82%19:9%;6)/0&)*%<%=8/>%?/59>%'%
288,%@'*A)0./B%'/,%@'/62'506*./B%58@C'/D>%(./5)%E6FD%GHHI9%%J*9%K*)@LF'D%&'(%L))/%'%@)@L)*%82%86*%M8'*,%82%
N.*)508*(%(./5)%O8+)@L)*%GHH#9%%:)%56**)/0FD%()*+)(%8/%0&)%!,+.(8*D%M8'*,%28*%0&)%J.5&.B'/%=0'0)%P/.+)*(.0D%
Q./'/5.'F%!/'FD(.(%R'L9%
%
-").%/'%-",0%&'(%()*+),%'(%86*%1&.)2%34)560.+)%722.5)*%(./5)%!6B6(0%GHH#%'/,%N.*)508*%(./5)%!C*.F%ISST9%%
J*9%J'D(%U'(%-*)(.,)/0%'/,%1&.)2%7C)*'0./B%722.5)*%82%1F)'*%1&'//)F%18@@6/.5'0.8/(%2*8@%Q)L*6'*D%ISST%6/0.F%
&.(%'CC8./0@)/0%'(%-*)(.,)/0%'/,%1&.)2%34)560.+)%722.5)*%./%7508L)*%GHHV9%%:)%*)F./W6.(&),%&.(%,60.)(%'(%-*)(.,)/0%
82%1F)'*%1&'//)F%18@@6/.5'0.8/(%./%Q)L*6'*D%GHHX9%%J*9%J'D(%&'(%()*+),%8/%0&)%M8'*,%82%N.*)508*(%82%1F)'*%
1&'//)F%18@@6/.5'0.8/(%(./5)%J'D%ISS$>%'/,%&'(%()*+),%8/%0&)%M8'*,%82%R.+)%O'0.8/>%?/59%(./5)%!6B6(0%GHH#9%%7/%
Q)L*6'*D%V>%GHH$>%J*9%J'D(%0)/,)*),%&.(%*)(.B/'0.8/%'(%'%,.*)508*%82%R.+)%O'0.8/>%?/59%%J*9%J'D(%.(%0&)%(8/%82%R9%
R8U*D%J'D(>%1F)'*%1&'//)F%18@@6/.5'0.8/(Y%1&'.*@'/%'/,%8/)%82%86*%M8'*,%@)@L)*(>%'/,%.(%0&)%L*80&)*%82%
Z'/,'FF%K9%J'D(>%86*%34)560.+)%[.5)%-*)(.,)/0%'/,%1&.)2%Q./'/5.'F%722.5)*%'/,%8/)%82%86*%M8'*,%@)@L)*(9%
%
1"23"##%('%-",0%&'(%()*+),%'(%86*%1&.)2%Q./'/5.'F%722.5)*%(./5)%!6B6(0%GHH#%'/,%N.*)508*%(./5)%!C*.F%
ISST9%%J*9%J'D(%&'(%()*+),%'(%1&'.*@'/%82%0&)%M8'*,%82%N.*)508*(%82%R.+)%O'0.8/>%?/59%(./5)%!6B6(0%GHH#9%%:)%'F(8%
U'(%'CC8./0),%34)560.+)%[.5)%-*)(.,)/0%'/,%1&.)2%Q./'/5.'F%722.5)*%82%1F)'*%1&'//)F%18@@6/.5'0.8/(%./%Q)L*6'*D%
ISST%'/,%U'(%'CC8./0),%=)5*)0'*D%./%!C*.F%GHH\9%%:)%U'(%'CC8./0),%-*)(.,)/0%82%1F)'*%1&'//)F%18@@6/.5'0.8/(%./%
Q)L*6'*D%GHHX9%%:)%&'(%()*+),%8/%0&)%M8'*,%82%N.*)508*(%82%1F)'*%1&'//)F%18@@6/.5'0.8/(%(./5)%!C*.F%ISSS9%%J*9%
J'D(%.(%0&)%(8/%82%R9%R8U*D%J'D(>%1F)'*%1&'//)F%18@@6/.5'0.8/(Y%1&'.*@'/%'/,%8/)%82%86*%L8'*,%@)@L)*(>%'/,%
.(%0&)%L*80&)*%82%J'*A%-9%J'D(>%86*%1&.)2%34)560.+)%722.5)*%'/,%8/)%82%86*%L8'*,%@)@L)*(9%
%
/"4#%5'%-$,$)%&'(%()*+),%'(%86*%;F8L'F%-*)(.,)/0%'/,%1&.)2%7C)*'0./B%722.5)*%(./5)%!C*.F%GHH#9%%-*.8*%
0&)*)08>%&)%()*+),%'(%-*)(.,)/0%'/,%1&.)2%34)560.+)%722.5)*%82%86*%!@)*.5'(%()B@)/0%2*8@%E'/6'*D%GHHG%08%!C*.F%
GHH#%'/,%-*)(.,)/0]1&.)2%7C)*'0./B%722.5)*%82%86*%!@)*.5'(%()B@)/0%2*8@%J'*5&%ISSS%08%N)5)@L)*%GHHI9%%J*9%
J)D)*%&'(%'F(8%()*+),%'(%[.5)%-*)(.,)/0%82%1F)'*%1&'//)F%18@@6/.5'0.8/(%(./5)%J'*5&%ISSS9%
%
562"78"2%!'%9$:"2%&'(%()*+),%'(%86*%1&.)2%Q./'/5.'F%722.5)*%^%?/0)*/'0.8/'F%'/,%N.*)508*%82%18*C8*'0)%
N)+)F8C@)/0%(./5)%O8+)@L)*%GHHX9%%-*.8*%0&)*)08>%&)%()*+),%'(%86*%1&.)2%Q./'/5.'F%722.5)*%^%?/0)*/'0.8/'F%2*8@%
E'/6'*D%GHHX%08%O8+)@L)*%GHHX9%%-*.8*%0&)*)08>%&)%()*+),%'(%1&.)2%7C)*'0./B%722.5)*%^%?/0)*/'0.8/'F%(./5)%
N)5)@L)*%GHHV9%%-*.8*%0&)*)08>%J*9%M)+'/%()*+),%'(%=)/.8*%[.5)%-*)(.,)/0]7C)*'0.8/(%82%86*%?/0)*/'0.8/'F%()B@)/0%
28*%0&)%*)@'./,)*%82%0&)%*)F)+'/0%2.+)"D)'*%C)*.8,9%
%
;$)+$)7%&'%;<##=%5)'%U'(%'CC8./0),%=)/.8*%[.5)%-*)(.,)/0%'/,%1&.)2%!5586/0./B%722.5)*%82%0&)%18@C'/D%./%
!C*.F%GHHX%'/,%&'(%()*+),%'(%=)/.8*%[.5)%-*)(.,)/0%'/,%1&.)2%!5586/0./B%722.5)*%82%1F)'*%1&'//)F%
18@@6/.5'0.8/(%(./5)%ISST9%
%
>23)$?%@$:<2%&'(%()*+),%'(%34)560.+)%[.5)%-*)(.,)/0>%1&.)2%R)B'F%722.5)*%'/,%=)5*)0'*D%82%0&)%18@C'/D%
(./5)%!C*.F%GHHX%'/,%'(%34)560.+)%[.5)%-*)(.,)/0%'/,%1&.)2%R)B'F%722.5)*%82%1F)'*%1&'//)F%18@@6/.5'0.8/(%(./5)%
Q)L*6'*D%GHHV9%%-*.8*%0&)*)08%&)%()*+),%'(%=)/.8*%[.5)%-*)(.,)/0%28*%;8+)*/@)/0%!22'.*(%82%1F)'*%1&'//)F%
18@@6/.5'0.8/(%(./5)%&)%_8./),%1F)'*%1&'//)F%18@@6/.5'0.8/(%./%GHHG9%%%
%
A)"2.#<2%B'%C<0062=%5)9%&'(%()*+),%'(%86*%;F8L'F%N.*)508*%^%='F)(%'/,%J'*A)0./B%(./5)%!6B6(0%GHH#9%%-*.8*%
0&)*)08>%&)%()*+),%'(%34)560.+)%[.5)%-*)(.,)/0%='F)(%'/,%J'*A)0./B%82%0&)%!@)*.5'(%()B@)/0%28*%0&)%*)@'./,)*%82%
0&)%*)F)+'/0%2.+)"D)'*%C)*.8,9%
%
D4)7%>'%(<2E$,%&'(%()*+),%'(%86*%34)560.+)%[.5)%-*)(.,)/0%'/,%!@)*.5'(%1&.)2%Q./'/5.'F%722.5)*%(./5)%
E'/6'*D%I>%GHHH9%%%
%
@"4)"%F'%(62G8$HH%&'(%()*+),%'(%86*%34)560.+)%[.5)%-*)(.,)/0%^%!@)*.5'(%;)/)*'F%186/()F%(./5)%7508L)*%
GHHX9%%-*.8*%0&)*)08>%(&)%()*+),%'(%34)560.+)%[.5)%-*)(.,)/0%^%!@)*.5'(%Z)'F%3(0'0)>%-6LF.5%!22'.*(%'/,%R)B'F%(./5)%
E'/6'*D%GHH\9%%-*.8*%0&)*)08>%J(9%K8/5&)22%()*+),%'(%0&)%34)560.+)%[.5)%-*)(.,)/0%^%!@)*.5'(%;)/)*'F%186/()F%28*%
0&)%*)@'./,)*%82%0&)%*)F)+'/0%2.+)"D)'*%C)*.8,9%%
!
!"#$%&
& &
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!! !
!
!
"#$%&!"'%(($#!)*+,--&!.-#,/(012!3(45!
! 6((*%#!7$$+/(0!-8!9+-4:'-#,$&1! "#$%&!'()!*((+!! ! +,((!-./.!
! 012!"%$#3$4!5367&24$22!8342&!
! '9!:;!<33#!=>(!! ?-@!"@43@%3)!02A-B!!9+*>C! 6;73<!)=>!
!
! !
!
"#$%&!"'%(($#!)*+,--&!.-#,/(012!3(45!
! 6((*%#!7$$+/(0!-8!9+-4:'-#,$&1! "#$%&!'()!*((+!! ! +,((!-./.!
! 012!"%$#3$4!5367&24$22!8342&!
! '9!:;!<33#!=>(!! ?-@!"@43@%3)!02A-B!!9+*>C! 6;73<!)=>!
!
!
Clear Channel Outdoor Holdings, Inc. Annual Meeting of Stockholders April 30, 2008 8:00 a.m. Clear Channel Outdoor Holdings, Inc. 200 E. Basse Road San Antonio, Texas 78209 ADMIT ONE Clear Channel Outdoor Holdings, Inc. Annual Meeting of Stockholders April 30, 2008 8:00 a.m. Clear Channel Outdoor Holdings, Inc. 200 E. Basse Road San Antonio, Texas 78209 ADMIT ONE !