le principe d'autonomie personnelle
TRANSCRIPT
! "
!"#$%&'#(%)*%)+,!)%()*%')+,-')*%)./,*0!&)
1,2!.(%)*%)*&0#(3)*/%20"04#%)%()*%)5%'(#0")
%20.%)*02(0&,.%)678)'2#%"2%')'02#,.%')%()9!4,"#(%')
!
!
)
.%)+&#"2#+%)*/,!(0"04#%)+%&'0""%..%)
))))))))))))%:;<=)>;?)@A)<B>CD>B:BDE)FD?CD?=@@=)=E)<?DB:)=;?DCG=E)
)
)
(HI>=)CD;?)@=)<DF:D?A:)=E)<?DB:)C?BJG)
"#$%&'$&!(&!)*!+$,((&%!*-)*!
!
%KKAE;=@@=).,5,&*%)
)
)
L!&-)
)
4A<AK=)$B?MBEB=).,&&#N,!O(%&"%-&%)
!"#$%&&%'"()%(*+,-./%"&.01()%(!2'(%0()%&(!23&()%(*+4)#'"(
(
4DE>B=;?)L=AEO+B=??=)4,&5!%",!*)
!"#$%&&%'"()%(*+,-./%"&.01()%(5.6#7%&8(./00#.%&$.!
(
4A<AK=)LAFP;=@BE=)+0!''0")
!"#$%&&%'"(161".0%()%(*+,-./%"&.01()%(9#'*#'&%(:(;2<.0#*%8(./00#.%&$.!
(
4DE>B=;?)*AEB=@)$#5"%,!)
!"#$%&&%'"()%(*+,-./%"&.01()%(!2'(%0()%&(!23&()%(*+4)#'"1!2,.&3%&$.!4&!(/!.&35&.35&!
!
)
! #
)
)
)
)
)
)
)
)
)
)
=(>(?'&026%-0%(2(<#&&.@.*.)2)%()%("%2*.A2"('6(&#-B#(C'%(0#"-2(2(/.)2(.-0%"%&&2-0%(D(
(
=(;+%&0(?'&0%6%-0(*2(<#&&.@.*.01()%("12*.&%"('-("E/%(C'.("%-)(*2(/.%(.-01"%&&2-0%(D(
!
6/$(#!7#&(5#1!F(4*C'.6.&02(
)
)
)
)
)
)
)
)
)
)
)
)
! $
)
)
)
)
)
)
)
)
)
)
)
)
4(0#'&(G%'H(C'.(6+#-0(2.)1%I(
)
)
)
)
)
)
)
)
)
)
)
)
! %
)
)
)
)
)
)
)
)
)
)
)
89:',;&.",%<! 4&! 6/$! &%! 4&"! 6/="! 4&! (9>4#$.! '9&'%&'4!4#''&.! /$3$'&!
/00.#?/%,#'!',!,@0.#?/%,#'!/$A!#0,',#'"!<@,"&"!4/'"!(&"!%5B"&"C!
!
8&"!#0,',#'"!4#,;&'%!D%.&!3#'",4<.<&"!3#@@&!0.#0.&"!E!(&$.!/$%&$.C!
!
)
)
)
)
)
)
)
)
)
)
! &
)
+&#"2#+,.%'),N&%$#,(#0"')
)
>CFC!G/@C!H!>3%$/(,%<!+$.,4,I$&!J/@,((&!
>CFC2C>C!H!>3%$/(,%<!+$.,4,I$&!4&!4.#,%!/4@,',"%./%,J!
>CKC!H!>""&@?(<&!'/%,#'/(&!
>3%$C!H!/3%$/(,%<!
>(C!H!2*..(L(&"!/$%.&"M!
>.35C!65,(C!2.#,%!H!>.35,;&"!4&!05,(#"#05,&!4$!4.#,%!
>""C!0(<'C!H!>""&@?(<&!0(<',B.&!
>.%C!H!/.%,3(&!
N$((C!H!N$((&%,'!4&"!/..D%"!4&!(/!7#$.!4&!3/""/%,#'!
N$((C!3,;C!H!N$((&%,'!4&"!/..D%"!4&"!35/@?.&"!3,;,(&"!4&!(/!7#$.!4&!3/""/%,#'!
7C>C!H!7#$.!49/00&(!
7/""C!H!7#$.!4&!3/""/%,#'!
7/""C!3,;C!H!75/@?.&!3,;,(&!4&!(/!7#$.!4&!3/""/%,#'!
7C7CKCOC!H!7#@,%<!3#'"$(%/%,J!'/%,#'/(!49<%5,I$&!
7/""C!3#@C!H!75/@?.&!3#@@&.3,/(&!4&!(/!7#$.!4&!3/""/%,#'!
7/""C!3.,@!H!75/@?.&!3.,@,'&((&!4&!(/!7#$.!4&!3/""/%,#'!
7C!4<#'%C!@<4C!H!7#4&!4&!4<#'%#(#P,&!@<4,3/(&!
7C!OC!H!7#'"&,(!49O%/%!
75C!H!35/@?.&!
75.C!#$!35.#'C!H!35.#',I$&!
7#((C!H!3#((&3%,#'!
3#@@C!H!3#@@&'%/,.&!
3#'3(C!H!3#'3($",#'!
7#'"C!3#'"%!H!7#'"&,(!3#'"%,%$%,#''&(!
;#-0"2(H!"#($%,#'!3#'%./,.&!
7#';C!OC!2C!QC!H!7#';&'%,#'!&$.#0<&''&!4&"!4.#,%"!4&!(95#@@&!
7#$.!OC!2C!QC!H!7#$.!&$.#0<&''&!4&"!4.#,%"!4&!(95#@@&!
7C!3,;C!H!7#4&!3,;,(!
7C6C!H!7#4&!0<'/(!
7CRC6C!H!7#4&!4&!(/!"/'%<!0$?(,I$&!
2C!H!S&3$&,(!2/((#T!R,.&=!
2<3C!H!4<3,",#'!
2&J.<'#,"!H!S<0&.%#,.&!4$!'#%/.,/%!2&J.<'#,"!
4,.C!H!4,.&3%,#'!
! '
2C6CUC!H!4,/P'#"%,3!0.<,@0(/'%/%#,.&!
2.C!J/@C!H!S&;$&!2.#,%!4&!(/!J/@,((&!
2.C!0<'/(!H!S&;$&!2.#,%!0<'/(!
<4C!H!<4,%,#'!
&%!"C!H!&%!"$,;/'%!
&AC!H!&A&@0(&!
J/"3C!H!J/"3,3$(&!
GCUCVC!H!G<3#'4/%,#'!.-(/.0"#(
WC>C7COC2CQC!H! 8&"! P./'4"! /..D%"! 4&! (/! 7#$.! &$.#0<&''&! 4&"! 4.#,%"! 4&!
(95#@@&!
WC>CFC>C!H!8&"!P./'4"!/..D%"!4&!(/!+$.,"0.$4&'3&!/4@,',"%./%,;&!
WC>CFC7C!H!8&"!P./'4"!/..D%"!4&!(/!+$.,"0.$4&'3&!3,;,(&!
W/TC!6/(C!H!W/T&%%&!4$!6/(/,"!
7COC7CXCRC!H!7&'%.&!49O%$4&!&%!4&!7#'"&.;/%,#'!4&"!Y$J"!&%!4$!R0&.@&!
7COCSCRC>CZCRC!H!7&'%.&!49<%$4&"!&%!4&!.&35&.35&"!"/',%/,.&"!&%!@<4,3#["#3,/(&"!
7C:CSC>C6C6C!H! 7&'%.&! :',;&.",%/,.&! 4&! S&35&.35&"! >4@,',"%./%,;&"! &%!
6#(,%,I$&"!4&!6,3/.4,&!
.@.)I(J(.@.)%68(/$!@D@&!&'4.#,%!
.)%6(H!(/!@D@&!.<J<.&'3&!
.-!H!4/'"!
.-$"2(H!3,[4&""#$"!
UCKCRCOCSCZC!H!U'"%,%$%!'/%,#'/(!4&!(/!"/'%<!&%!4&!(/!.&35&.35&!@<4,3/(&!
UCSC!H!,'J#.@/%,#'"!./0,4&"!
UCVCWC!H!,'%&..$0%,#'!;#(#'%/,.&!4&!P.#""&""&!
FC[7(C!H!F$.,"[7(/""&$.!
FC7C6C!WC!H!8/!"&@/,'&!+$.,4,I$&1!<4,%,#'!P<'<./(&!
FC7C6C!KC!H!8/!"&@/,'&!+$.,4,I$&1!<4,%,#'!'#%/.,/(&!
FC2CUC!H!F#$.'/(!4&!4.#,%!,'%&.'/%,#'/(!L7($'&%M!
FCXC!H!F#$.'/(!#JJ,3,&(!
FCXC7COC!H!F#$.'/(!#JJ,3,&(!4&"!7#@@$'/$%<"!&$.#0<&''&"!
8CWC2CFC!H!8,?./,.,&!P<'<./(&!4&!2.#,%!&%!4&!F$.,"0.$4&'3&!
8C6C>C!H!8&"!0&%,%&"!/JJ,35&"!
Z<4C!&%!2.#,%!H!Z<4&3,'&!&%!2.#,%!
Z<(C!H!Z<(/'P&"!
'\!H!'$@<.#!
KCNC6C!H!'#%&!4&!?/"!4&!0/P&!
'#%C!H!'#%/@@&'%!
! (
#?"C!H!#?"&.;/%,#'"!
#<IG.0C!H!#<%"%(G.020#1!4/'"!(9]$;.&!3,%<&1!4/'"!(9#$;./P&!3,%<!
0C!#$!00C!H!0/P&!#$!0/P&"!
6C>C7CRC!H!6/3%&!3,;,(!4&!"#(,4/.,%<!
0/.%C!H!0/.%,3$(,B.&@&'%!
6CZC>C!H!0.#3.</%,#'!@<4,3/(&@&'%!/"","%<&!
0.<3C!H!0.<3,%<!
6C:C!H!6.&""&!$',;&.",%/,.&"!
6C:CGC!H!6.&""&"!$',;&.",%/,.&"!4&!G./'3&!
^C6C7C!H!^$&"%,#'!0.,#.,%/,.&!4&!3#'"%,%$%,#''/(,%<!
./00C!H!./00#.%!
S&0C!3,;C!H!O'3=3(#0<4,&!2/((#T!3,;,(!
SC2C6C!H!S&;$&!4&!4.#,%!0$?(,3!
SC2CRCRC!H!S&;$&!4&!4.#,%!"/',%/,.&!&%!"#3,/(!
S&"0C!3,;C!&%!/""$.C!H!S&"0#'"/?,(,%<!3,;,(&!&%!/""$./'3&"!
S&;C!7.,%C!8<PC!F$.,"C!H!S&;$&!3.,%,I$&!4&!(<P,"(/%,#'!&%!4&!+$.,"0.$4&'3&!
SC!UC!2C!7C!H!S&;$&!,'%&.'/%,#'/(&!4&!4.#,%!3#@0/.<!
SC!UC!2C!0<'C!H!S&;$&!,'%&.'/%,#'/(&!4&!4.#,%!0<'/(!
S&;C!"3C!3.,@C!&%!4.C0<'/(C!3#@0C!H!S&;$&!4&!"3,&'3&!3.,@,'&((&!&%!4&!4.#,%!0<'/(!
3#@0/.<!
S&;C!R3C!Z#./(&"!&%!0#(C!H!S&;$&!4&"!"3,&'3&"!@#./(&"!&%!0#(,%,I$&"!
SCGC2C>C!H!S&;$&!J./'_/,"&!4&!4.#,%!/4@,',"%./%,J!
SCFC6CGC!H!S&;$&!+$.,4,I$&!0&."#''&"!&%!J/@,((&!
SCSCFC!H!S&;$&!4&!(/!.&35&.35&!+$.,4,I$&[!2.#,%!0.#"0&3%,J!
SC`C2C!3,;C!H!S&;$&!%.,@&"%.,&((&!4&!4.#,%!3,;,(!
SC`C2CQC!H!S&;$&!%.,@&"%.,&((&!4&"!4.#,%"!4&!(95#@@&!
RC!H!R,.&=!
"#@@C!3#@@C!H!"#@@/,.&!3#@@&'%<!
"0<3C!H!"0<3,/(&@&'%!
""C!H!"#$"!
&'<"2(H!3,[4&""$"!
%C!H!%#@&!
`CUC!H!`.,?$'/(!49,'"%/'3&!
`CWCUC!H!`.,?$'/(!4&!P./'4&!,'"%/'3&!
%5C!H!%5B"&!
VC!H!;#,.!
;\!H!/%"@#(
! )
!
!
!
)
)
)
)
)
)
)
)
)
#"(&0*!2(#0")
!
!
!
!
!
!
!
!
!
!
!
! !
! *
=(5%(<"#@*K6%()+%H.&0%"8()+E0"%(&#.8(G+%&0(%-(02-0(C'+.-)./.)'(C'%(LM.6#-%()%(N%2'/#."O(*%(<#&%((((((((
%0(*%("1&#'0I(,-(B#66%(2'&&.(2'"2.0(<'(L*+O(1G"."%8(%0(G+%&0(*P(C'+#-((0#'GB%(*+'-./%"&2*.01()%(
&#-((%-0"%<".&%(J(G#-C'1"."(*+2'0#-#6.%(QRSI(M.6#-%()%(N%2'/#."(
&+.-/%-0%8(&%(G"118(G#66%((GB2G'-()%&("%<"1&%-02-0&((
)%(*+%&<KG%(B'62.-%(<%'0(%0()#.0(*%($2."%(DI(
!
R=(;,&!(&!N#'!4&!N&/$;#,.!
52(-2.&&2-G%()'(;2&0#"(#'(*2(G#-&0"'G0.#-()%(&#."I(
(
!
(
(
)C! 7&"! I$&(I$&"! (,P'&"1! <3.,%&"! 0/.! (/! J,((&! /4#0%,;&! 4&! R,@#'&! 4&! N&/$;#,.1!
'#$"! (,;.&'%! (/! 0&'"<&! 4&! (9,(($"%.&! /$%&$.! J<@,',"%&! "$.! "/! 3#'3&0%,#'! 4&!
(9/$%#'#@,&!H! ,(! "9/P,%1! 4/'"! (&! .&J$"! 49$'! I$&(3#'I$&! 4<%&.@,',"@&1! 4&!
&+.-/%-0%"1!4/'"!(&!4&""&,'!)+E0"%(&#.C!!
!
*C!R/'"!;#$(#,.!0.#3<4&.!E!$'!./33#$.3,!",@0(,"%&!&'%.&!(/!0&'"<&!4&!R,@#'&!4&!
N&/$;#,.! &%! 3&((&! 4$! +$P&! &$.#0<&'1! .&@/.I$#'"! I$&! (/! .<J(&A,#'! 4&! (/!
05,(#"#05&!"&@?(&1!4&!@/',B.&!"$.0.&'/'%&1! %./'"0#"/?(&!E! (/! +$.,"0.$4&'3&!
4&! (/!7#$.!O$.#0<&''&!4&"!2.#,%"!4&! (9Q#@@&! L3,[/0.B"!7#$.!OC!2C!QCMC!O'!
&JJ&%1!3&%%&!4&.',B.&!0/./a%!0.#@#$;#,.!$'&!%&((&!3#'3&0%,#'!4&!(9,'4,;,4$!0/.!
(&! 0.,"@&! 4&! (9/$%#'#@,&! 0&."#''&((&1! =( <".-G.<%( .6<#"02-0( C'.( &#'&T0%-)(
*+.-0%"<"1020.#-()%&(72"2-0.%&()%(*2(;#-/%-0.#-(DUC!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"!+,!!"#$%&%'()"#*(++,-%(-"-!./,0123!#44)-!56!$'6!#!768696:6-!""! ./,06!#44'-!;<32,=2,!2>!?/=@A==2,!BC9/,2@/3D-!E&%6!F6!G6! ;AH32-! BI3<,6!
J!93<1>!H2!K/!7<,02,>1<,!2A3<5L2,,2!H2=!H3<1>=!H2!KMI<@@2!N-!./0/1/#2/!,O$"-!#!/<P>!#44'-!
+!"'%6!!
! "4
bC! 8&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! /! <%<! 4<P/P<! 0#$.! (/! 0.&@,B.&! J#,"!
4/'"! (9/..D%! 6.&%%=! 3#'%.&! S#=/$@&[:',$1! 4/'"! (&I$&(! <%/,%! &'! +&$! (9/,4&! /$!
"$,3,4&!4&!(/!.&I$<./'%&!.&(&;/'%!4$!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&1!0.#%<P<!
E! (9/.%,3(&! c! 4&! (/! 7#';&'%,#'! O$.#0<&''&! 4&"!2.#,%"! 4&! (9Q#@@&! L3,[/0.B"!
7#';C!OC!2C!QCMC!6/.!(/!"$,%&1!(/!7#$.!4&!R%./"?#$.P!/!4&!'#$;&/$!J/,%!<%/%!4$!
0.,'3,0&!4/'"!3&!4#@/,'&!E!(9#33/",#'!4&!'#@?.&$A!/..D%"1!"/'"!%#$%&J#,"!(9=!
(,@,%&.C!>,'",1!&((&!(9/!<P/(&@&'%!3#'"/3.<!"9/P,""/'%!4&!(/!(,?&.%<!49/""#3,/%,#'1!
0.#%<P<&!E!(9/.%,3(&!))!4&!(/!7#';&'%,#'1!+$P&/'%!I$&!(9/$%#'#@,&!0&."#''&((&1!
=(G#"#**2."%(%&&%-0.%*()%(*2(*.@%"01()%(GB#.H()%(*+.-)./.)'(D1! ,@0(,I$&! (&!4.#,%!4&!'&!
0/"! "9/""#3,&.dC! 2/'"! 49/$%.&"! /..D%"1! (/! 7#$.! OC! 2C! QC! /! $%,(,"<! (/! '#%,#'!
49/$%#'#@,&! 0&."#''&((&! "/'"! %#$%&J#,"! (9<(&;&.! &A0(,3,%&@&'%! /$! ./'P! 4&!
0.,'3,0&C!>,'",1! %#$+#$."! 4/'"! (&! 35/@0! 4&! (9/.%,3(&! ))1! &((&! /! 3#'",4<.<! I$&!
(9/$%#'#@,&! 0&."#''&((&! &%! (/! (,?&.%<! 49/""#3,/%,#'! "$00#"&'%! (&! 4.#,%!
49&A0.,@&.! "&"! 3#';,3%,#'"! "$.! "#'! ,4&'%,%<! &%5',I$&eC!7#'3&.'/'%! (&!4.#,%! E!
$'!0.#3B"!<I$,%/?(&1!3#'"/3.<!E!(9/.%,3(&!f[)!4&!(/!7#';&'%,#'1!(&!+$P&!/!&"%,@<1!
"9/P,""/'%! 49$'! ,'4,;,4$! /%%&,'%! 4&! "35,T#05.<',&! <3/.%<! 49$'&! 0.#3<4$.&! (&!
4<3(/./'%! +$.,4,I$&@&'%! ,'3/0/?(&1! I$&! 3&%%&! 4&.',B.&! =(%6<#"02.0( )%&(
G#-&1C'%-G%&(<#'"(&#-(2'0#-#6.%(<%"&#--%**%()2-&(<"20.C'%6%-0(0#'&(*%&(2&<%G0&()%(
&2( /.%(D V C! 2&! @D@&1! (9/$%#'#@,&! 0&."#''&((&! /! <%<! $%,(,"<&! .&(/%,;&@&'%! E!
(9/.%,3(&! *! 4$! 6.#%#3#(&! '\)! 4&! (/! 7#';&'%,#'! I$,! 3#'"/3.&! (&! 4.#,%! E!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$!768696:6-! #*! /031K! #44#-! Q32>>R! BC?<R/A@2ST,16! F6! 76! U13/AK>-! J!V/! 7<A3! 8696:6! ,2!
32B<,,/W>! 5/=! KX2Y1=>2,B2! HXA,! H3<1>! Z! K/!@<3>!N-! ./0/1/#2/! ,O! "&-! *! /036! #44$-! ++! "44'#![!!
\6!:/A=23-! J!8A>I/,/=12!]! K2! H3<1>! /A! ,L/,>! 2>! KX8A3<52!N-! 3/4/5/# 6(7/! #44#-! 56!%)#![! ^6!
92__/1,=-!<`=6!==6!768696:6-!%2!=2B>6-!#*!/036!#44#-!Q32>>R!BC!?<R/A@2ST,1-!32a6!,O!#$%'C4#-!
89-:;"##44#-!B<@@6!$4&![!b6!U/3/R-!J!V2!H3<1>!/A!=A1B1H2!/==1=>L!2>! K/!7<A3!2A3<5L2,,2!
H2=!H3<1>=!H2!KXI<@@2!]!K2!J!53LBLH2,>!N!H2!K/!H3/@/>1aA2!/__/132!Q32>>R!N-!2%'/#;%*6!#44#-!
#-!H<B>36!56!"#%%![!G6!c/==1/=-!J!b!53<5<=!H2!KM/33d>!H2!K/!7<A3!2A3<5L2,,2!H2=!H3<1>=!H2!
KMI<@@2!HA!#*!/031K!#44#-!/33d>!Q32>>R!32K/>1_!/A!=A1B1H2!/==1=>L!2>!Z!KM2A>I/,/=12!N-!3"7/#
<6/#6-($/#"+#=-/#;,)%*#6:$;/!#44#!,O!$!56!'%&![!86!U/3/AH-!J!b!53<5<=!H2!KM/33d>!H2!K/!7<A3!
2A3<5L2,,2!H2=!H3<1>=!H2!KMI<@@2!HA!#*!/031K!#44#-!/33d>!Q32>>R!B<,>32!?<R/A@2ST,1-!
KM2=5<13! HLeA! H2=! 5/3>1=/,=! H2! KM2A>I/,/=12!N-! 3"7/# ;"-</# "+# >%$6! #44#! ,O(S)! 56! ""![! Q6!
c/K/A312-!5,>-,):(<-!#44#-!""$"![!f6!92!;BIA>>23-!3/4/5/?/-!$44$-!("6!%!768696:6-!""!./,06!#44'-!;<32,=2,!2>!?/=@A==2,!BC9/,2@/3D-!53LB6-!E&%6!!&!76869:6-!#(!@/3=!#44)-!g<A31D1!8,<=1!h/,>I1=!2>!%*6!BCU3iB2-!E&'6!!'!768696:6-!#(!@/3=!#44)-!7I><AD/><A3<0!BC?A==12-!E("6!
! ""
(9,'"%.$3%,#'1!E!0.#0#"!4$I$&(!(/!7#$.!OC!2C!QC!3#'",4B.&!I$&!(9&'"&,P'&@&'%!/!
'#%/@@&'%! 0#$.! #?+&3%,J! =(*%( $2W#--%6%-0(D! &%! (&! =()1/%*#<<%6%-0(D! 4&!
(9!=(2'0#-#6.%(<%"&#--%**%(D!4&"!<(B;&"gC!
dC! K#'#?"%/'%! (9<(/.P,""&@&'%! 4$! 4#@/,'&! 4$! 0.,'3,0&! 49/$%#'#@,&!
0&."#''&((&1! #$1! E! %#$%! (&! @#,'"1! 4&! (9/$%#'#@,&! 0&."#''&((&1! (/! ;,&! 0.,;<&!
"&@?(&! 3#'"%,%$&.! "#'! %&../,'!49<(&3%,#'1! &'! %<@#,P'&! (/! +$.,"0.$4&'3&!4&! (/!
7#$.!4&! R%./"?#$.P!I$,! (9/! 3#'"/3.<!4/'"! (&"!4#@/,'&"!4&! (/! J,'! 4&! ;,&1! 4$!
%./'""&A$/(,"@&1!4&!(/!@/a%.,"&!4&!(/!0.#3.</%,#'!#$!&'3#.&!4&!(/!;,&!"&A$&((&C!
=(5+2"0.G*%(X()%(*2(;#-/%-0.#-(%0(*%()"#.0(2'("%&<%G0()%(*2(/.%(<"./1%()%6%'"%-0(2&&%A(
*#7.C'%6%-0! *%&( 0%""2.-&( #".7.-%*&( %0( <"./.*17.1&()%( *2(62-.$%&020.#-( ( )%( *+2'0#-#6.%(
<%"&#--%**%(D1!"#$(,P'&!/;&3!./,"#'!$'!/$%&$.cC!O'!&JJ&%1!(9/$%#'#@,&1!,""$&!4&"!
@#%"!P.&3"!2'0#&!L"#,[@D@&M!&%!-#6#&!L(#,1!.BP(&M1!",P',J,&!4/'"!$'!"&'"!3#$./'%!
=($2G'*01()+27."(<2"(&#.T6E6%(%-(&%()#--2-0(&%&(<"#<"%&("K7*%&()%(G#-)'.0%8(&2(<"#<"%(
*#.(D@C!X.1!(/!J/3$(%<!0#$.!(9,'4,;,4$!4&!0#"&.!"/!0.#0.&!'#.@&!"9&A&.3&!"$.%#$%!
4/'"! (&! 4#@/,'&! 4&! (9,'%,@&1! #h! (/! 3#'%./,'%&! +$.,4,I$&! 4#,%! .&"%&.!
&A3&0%,#''&((&C! 89/$%#'#@,&! 0&."#''&((&! %.#$;&! 4#'3! '/%$.&((&@&'%! "#'!
/"","&!4/'"!(&!35/@0!4&!(9/.%,3(&!c!4&!(/!7#';C!OC!2C!QC!29/,((&$."1!39&"%!(&!"&$(!
4#@/,'&!4/'"!(&I$&(!(/!7#$.!4&!R%./"?#$.P!I$/(,J,&!&A0(,3,%&@&'%!(9/$%#'#@,&!
0&."#''&((&! 4&! 0.,'3,0&! ,'%&.0.<%/%,J1! 3#'",4<./'%! I$&! i!*2(-#0.#-()+2'0#-#6.%(
<%"&#--%**%("%$*K0%('-(<".-G.<%(.6<#"02-0(C'.(&#'&T0%-)(*+.-0%"<"1020.#-()%&(72"2-0.%&(
)%(*+2"0.G*%(X!j)-C!>,'",1!'#'#?"%/'%!(9/00#.%!4&!(/!+$.,"0.$4&'3&!S/"@$""&'!I$,1!
./00&(#'"[(&1! 3#'"/3.&! (9/$%#'#@,&!0&."#''&((&! 3#@@&!0.,'3,0&! ,'%&.0.<%/%,J!
4&"! P/./'%,&"! 4&! (/! 7#';&'%,#'1! (&! 4#$%&! .&"%&! 0&.@,"! I$/'%! E! (/! '/%$.&!
+$.,4,I$&! 4&! (9/$%#'#@,&! 0&."#''&((&! 3#'3&.'/'%! (&"! /$%.&"! 4#@/,'&"! 4/'"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!(!768696:6-!*!<B>6!#44(-!:/=/,!2>!8RK2@!j2,k1,!BCgA3aA12-!E&&6!!)!h6!;<A01k,2>-!J!V2!@<HiK2!5<K1>1aA2!H2!K/!7<A3!2A3<5L2,,2!H2=!H3<1>=!H2!KMI<@@2!]!HA!
5<A0<13!HA!52A5K2!Z!K/!=<A023/1,2>L!HA!=A.2>!N-!.9-(<=:6+:-(%!,O&-!#4"4-!56!&%6!*!!%-:9<<"-!0O!J!bA><,<@12!N6!"4!F6!5/3!2Y6!768696:6!#*!/036!#44#-!Q32>>R!BC?<R/A@2ST,1-!E'"!2>!768696:6!"(!_L036!#44&-!
l6!b6!2>!b6!96!BCm2Kk1aA2-!E)$6!
! "#
(&"I$&("! &((&! /! <%<! $%,(,"<&C! :'! /$%&$.! <;#I$&! 49/,((&$."1! E! +$"%&! %,%.&1! $'&!
4,JJ$",#'!@/(!@/a%.,"<&!0/.!(&!+$P&!&$.#0<&'))C!!
eC!2B"!(#."1!'#$"!<%$4,&.#'"!(&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!"$.!(&!%&../,'!
4$!4.#,%!/$!.&"0&3%!4&! (/!;,&!0.,;<&1!&%!4#'3!4&! (9/.%,3(&!c!4&! (/!7#';&'%,#'C!
R/'"! ,P'#.&.! (&"! /$%.&"! 4#@/,'&"! 4<3.,%"! 0($"! /;/'%1! 3&%%&! 4<(,@,%/%,#'! 4$!
35/@0! 49<%$4&! 0.<"&'%&! (9/;/'%/P&! 4&! (/! 3#5<.&'3&1! "9/P,""/'%! 4&! (9/'/(="&!
49$'!0.,'3,0&!,""$!49$'&!+$.,"0.$4&'3&!4#'%!(/!(&3%$.&!'9&"%!0/"!%#$+#$."!/,"<&C!!
!
fC!>$!'#@!4$!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!J#'4<!"$.!(&!4.#,%!/$!.&"0&3%!
4&!(/!;,&!0.,;<&1!(&!+$P&!&$.#0<&'!"&@?(&!3#'"/3.&.!(&!4.#,%!4&!=($2."%(G%(C'%(*+#-(
/%'0()%(&#.(DI(O'!&JJ&%1!3&!0.,'3,0&!,'%&.0.<%/%,J1!.BP(&!P<'<./(&)*!"$00#"/'%!$'&!
(&3%$.&!,'4,;,4$/(,"%&!4&!(9/.%,3(&!c!4&!(/!7#';&'%,#'1!0.#@&$%!$'!"$+&%!I$,!"&!
G#-&0"'.0!($,[@D@&1!/J,'!4&!"9/00.#0.,&.!$'&!,4&'%,%<!I$9,(!GB#.&.0C!U(!,@0(,I$&!(&!
=()"#.0( )%( ).&<#&%"( )%( &#-( G#"<&(D1! 39&"%! E! 4,.&! (&! 4.#,%! =()+#<1"%"( )%&( GB#.H(
G#-G%"-2-0(&#-(<"#<"%(G#"<&(D1! 3&$A[3,!0#$;/'%!D%.&!=()+'-%(-20'"%(<B3&.C'%6%-0(
#'(6#"2*%6%-0()#6627%2@*L%O(#'()2-7%"%'LHO(D!"$I!>$"",1!(&!0.,'3,0&!49/$%#'#@,&!
0&."#''&((&! "&@?(&! D%.&! (/! @/%.,3&1! 4/'"! (&! 4#@/,'&! 4&! (/! ;,&! 0.,;<&1! 4&!
*+.-/%-0.#-( )%( &#.( I$,! "&! %./4$,%! 0/.! (/! 4,"0#",%,#'! 3#.0#.&((&1! 39&"%! E! 4,.&!
(9$%,(,"/%,#'!4&!"#'!3#.0""%C!7&((&[3,!&"%! ,(($"%.<&!4/'"! (&"!4#@/,'&"!&""&'%,&("!
4&!(/!J,'!4&!;,&1!4&!(/!0.#3.</%,#'!&%!4&!(/!;,&!"&A$&((&C!!
!
gC!>,'",1!4/'"!(9/..D%!6.&%%=!3#'%.&!S#=/$@&[:',1!.&'4$!&'!35/@?.&!4&!"&3%,#'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""!F6!c6!V201,2>-!J!V/!,<>1<,!HM/A><,<@12!523=<,,2KK2!H/,=! K/! .A31=53AH2,B2!H2! K/!7<A3!
2A3<5L2,,2!H2=!H3<1>=!H2!KMI<@@2!N-!5-:(+<-!,O%*-!#44*-!56!)!2>!=6!!"#!F6!;6!7/AH/K!nH136o-!!"<#;-()6(;"<#")#=-:(+-!8B<,<@1B/-!#44)6!!"$!768696:6-!l6!b6!2>!b6!96!BCm2Kk1aA2-!"(!_L036!#44&-!E)$![!./0/1/#2/!#44&6!+6!"&*-!,O"#-!<`=6!G6!
;AH32![! 56! #44'6! Q/,6! "#4'-! <`=6! \6S76! U/KK<AY![! 3/4/5/# 6(76! #44&6! $%"-! <`=6! \6S6Q6!
c/3kAL,/AH![!<`=6!c6!V201,2>!1,!G6!;AH32-!\6SQ6!c/3kAL,/AH-!\6!b,H31/,=>=1@`/p<,10/-!b6!
U<A>>2,<132!2>!c6!V201,2>-!!"<#&-%)=<#%--A+<#="#*%#0:9-#"9-:;,"))"#="<#=-:(+<#="#*BC:$$"-!
Q6T6G6-!,O%#-!56!%$*![!c6!G/`32Sc/k,/,-!J!V2!=/H1=@2!,M2=>!5/=!A,!H3<1>!H2!KMI<@@2!N-!56!
#44&6!#*($!"%!V2=! 2Y532==1<,=! H1=5<=1>1<,! B<35<32KK2! 2>! H1=5<=1>1<,! H2! =<,! B<35=! =<,>! B<,=1HL3L2=!
B<@@2!=R,<,R@2=!2>!2@5K<RL2=!1,H1=>1,B>2@2,>6!
! "$
(&! *k! /;.,(! *--*1! (/! 7#$.! /! 4l! 4<%&.@,'&.! ",! Z@&! 6.&%%=1! /%%&,'%&! 49$'&!
@/(/4,&!,'3$./?(&!&%!"#$5/,%/'%!I$&!"#'!@/.,!@&%%&!$'!%&.@&!E!"#'!&A,"%&'3&1!
<%/,%!%,%$(/,.&1!"$.!(&!J#'4&@&'%!4&"!/.%,3(&"!*!&%!c!4&!(/!7#';C!OC!2C!QC1!4$!4.#,%(
=()%(GB#.&."(C'2-)(%0(G#66%-0(6#'"."(D)eC!N,&'!I$&!(/!7#$.!/,%!.&+&%<!"/!.&I$D%&1!
&((&!/!+$P<!I$&(=(*2(-#0.#-()+2'0#-#6.%(<%"&#--%**%("%$*K0%('-(<".-G.<%(.6<#"02-0(C'.(
&#'&T0%-)( *+.-0%"<"1020.#-( )%&( 72"2-0.%&( )%( *+2"0.G*%( X!j )f 1! 3&! 0.,'3,0&! 4&;/'%!
"9,'%&.0.<%&.! 3#@@&! =(*%()"#.0( )+#<1"%"()%&( GB#.H( G#-G%"-2-0( &#-(<"#<"%( G#"<&(D)gC!
89/..D%! Q//"! 3#'%.&! R$,""&1! .&'4$! (&! *-! +/';,&.! *-))1! ;,&'%! 3#'J,.@&.! (&!
0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! &'!@/%,B.&! 49&$%5/'/",&1!@D@&! ",! 3&($,[3,!
'9&"%!0/"!&A0(,3,%&@&'%!J#.@$(<C!O'!&JJ&%1!(/!7#$.!4&!R%./"?#$.P!/!+$P<!I$&!=(*%(
)"#.0()+'-(.-)./.)'()%()1G.)%"()%(C'%**%(62-.K"%(%0(P(C'%*(6#6%-0(&2(/.%()#.0(<"%-)"%(
$.-(QRS(%&0(*+'-()%&(2&<%G0&()'()"#.0(2'("%&<%G0()%(&2(/.%(<"./1%(2'(&%-&()%(*+2"0.G*%(X(
)%(*2(;#-/%-0.#-(DDEC!!
cC! 8&"! /..D%"! W##4m,' )k !&%! UC! 3#'%.&! S#=/$@&[:', *- 1! .&'4$"! &'! W./'4&!
75/@?.&1!0#.%/,&'%!"$.!(&!3/"!%.B"!0/.%,3$(,&.!4$!%./'""&A$/(,"@&C!X.1!(/!7#$.!
/! 4&! '#$;&/$! 3#'",4<.<! I$&! =!M'"( *%( 0%""2.-( )%( *+2"0.G*%( X( )%( *2( ;#-/%-0.#-( %-(
<2"0.G'*.%"8( #Y( *2( -#0.#-( )+2'0#-#6.%( <%"&#--%**%( "%$*K0%( '-( <".-G.<%( .6<#"02-0( C'.(
&#'&T0%-)(*+.-0%"<"1020.#-()%&(72"2-0.%&()%(G%00%().&<#&.0.#-8( *2(&<BK"%(<%"&#--%**%()%(
GB2C'%( .-)./.)'(%&0(<"#0171%8(3( G#6<".&( *%()"#.0(<#'"(GB2G'-()+102@*."( *%&()102.*&()%(
&#-( .)%-0.01( )+E0"%( B'62.-(D*)C! 2/'"! $'! /..D%! V/'! no3p! 3#'%.&! >((&@/P'&##!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"&!!b33d>!53LB6-!E"(6!"'!!b33d>!53LB6-!E'"6!"(!!b33d>!53LB6-!E''6!")!768696:6-!#4!./,06!#4""-!://=!BC;A1==2-!E&"6!F6!K2!B<@@6!H2!7I6!mRD-!J!;A1B1H2!H1k,2!2>!
<`K1k/>1<,!H2!KM8>/>!N-!./0/1/#2/!#4""-!,O&-!/B>6!"##![!c6!m3Akk2@/,-!J!93<1>!/A!32=52B>!H2!K/!
012!5310L2!]!KM/1H2!/A!=A1B1H2!,2!=M1@5<=2!5/=!/AY!8>/>=!N-!5-/#>%$/!,O$-!/K23>2!")![!G6!;AH32-!
B<@@6! H/,=! =/! BI3<,1aA2! =A3! K2! H3<1>! H2! K/! B<,02,>1<,! 2A3<5L2,,2! H2=! H3<1>=! H2!
KMI<@@2-! ./0/1/#2/! #4""! ,O$&-! 56! *"%![! B<@@6! 1,! 5(6+(:))%(-"#1"-$%)")+#F(:,+C(G9"# "+#
H(:+"6C):*:&("<-!,O%$-!56!)(4-!5/3!96!F1k,2/A6!!"*!768696:6-!""! .A1KK6!#44#-!U<<Hq1,!BC?<R/A@2ST,1-!2/I/0/8/5/?/J#gIL@1=-!,O$)![!56!#44#!
56! &#&-! ,<>2! 76! m13=/,![! 3/4/5/# 6(7/! #44#! 56! ()#! ,<>2! \6! :/A=23! 2>! 56! )'#! ,<>2! \6SQ6!
c/3kAL,/AH!2>!\6!?/R,/3H6!#4!!768696:6-!""!.A1KK6!#44#-!+!BC?<R/A@2ST,1-!E!(4-!56!#44#!56!&#&-!,<>2!76!m13=/,![!3/4/5/#
6(7/!#44#!56!()#!,<>2!\6!:/A=23!2>!56!)'#!,<>2!\6SQ6!c/3kAL,/AH!2>!\6!?/R,/3H6!#"!!b33d>!53LB6-!E((6!
! "%
.&'4$! 0&$! /0.B"1! (&! +$P&! 4&! R%./"?#$.P! /! 3#'J,.@<! "/! +$.,"0.$4&'3&! &'! 3&!
4#@/,'&C(
kC! R9/P,""/'%! 4&! (/! ;,&! "&A$&((&1! 39&"%! E! (9#33/",#'! 4&! (9/..D%! ! nC! >C! &%! >C! 2C!
3#'%.&!N&(P,I$&1!.&'4$!&'!75/@?.&!4&!"&3%,#'!(&!)g!J<;.,&.!*--e*b1!I$&!(/!7#$.!
OC! 2C!QC! /! 3#'"/3.<! (&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&C! 2/'"! 3&%%&! /JJ/,.&!
.&(/%,;&!E!(/!0./%,I$&!4$!"/4#@/"#35,"@&1!(/!7#$.!/!3#'",4<.<!I$&!(9/.%,3(&!c!
4&! (/!7#';&'%,#'!0.#%BP&!=(*%()"#.0(P(*+1<2-#'.&&%6%-0(<%"&#--%*8(C'%(G%(&#.0(&#'&(
*2($#"6%()'()1/%*#<<%6%-0(<%"&#--%*(#'(&#'&(*+2&<%G0()%(*+2'0#-#6.%(<%"&#--%**%(C'.(
"%$*K0%('-(<".-G.<%(.6<#"02-0(C'.(&#'&T0%-)(*+.-0%"<"1020.#-()%&(72"2-0.%&()%(*+2"0.G*%(
X(D*dC! O((&! /! +$P<! &'"$,%&1! .&0.&'/'%! &'! "$?"%/'3&! "#'! /.P$@&'%/%,#'! 4/'"!
(9/..D%!6.&%%=1!I$&!=(*%()"#.0()+%-0"%0%-."()%&("%*20.#-&(&%H'%**%&()1G#'*%()'()"#.0()%(
).&<#&%"()%( &#-( G#"<&8(<2"0.%( .-017"2-0%()%( *2(-#0.#-()+2'0#-#6.%(<%"&#--%**%I(4(G%0(
172")8( *2( $2G'*01( <#'"( GB2G'-( )%( 6%-%"( &2( /.%( G#66%( .*( *+%-0%-)( <%'0( 172*%6%-0(
.-G*'"%( *2(<#&&.@.*.01()%(&+2)#--%"(P()%&(2G0./.01&(<%"W'%&( G#66%(102-0()+'-%(-20'"%(
<B3&.C'%6%-0( #'(6#"2*%6%-0( )#6627%2@*%&( #'( )2-7%"%'&%&( <#'"( *2( <%"&#--%I( >-(
)+2'0"%&( 0%"6%&8( *2(-#0.#-()+2'0#-#6.%(<%"&#--%**%(<%'0(&+%-0%-)"%(2'(&%-&()+#<1"%"(
)%&(GB#.H(G#-G%"-2-0(&#-(<"#<"%(G#"<&(D*eC!(
)-C! O'J,'1! 4/'"! (&! 4#@/,'&! 4&! (9/;#.%&@&'%1! (/! 7#$.! OC!2C!QC! /! J/,%! <%/%! 4$!
0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! 4/'"! (9/..D%! `=",/3! 3#'%.&! 6#(#P'&1! .&'4$!
&'!75/@?.&!4&!"&3%,#'!(&!*-!@/."!*--g*fC!2/'"!3&%%&!/JJ/,.&1!$'&!.&""#.%,""/'%&!
0#(#'/,"&!"&!0(/,P'/,%!4&!'9/;#,.!0$!?<'<J,3,&.!49$'!/;#.%&@&'%!%5<./0&$%,I$&!
(<P/(C!8/!7#$.!OC!2C!QC!/!3#'3($!E!(/!;,#(/%,#'!4&!(9/.%,3(&!c!&%!./00&(<!I$&!=(*2(
-#0.#-( )%( =(/.%( <"./1%(D( %&0( *2"7%( %0( %-7*#@%( -#0266%-0( )%&( 2&<%G0&( )%( *Z.)%-0.01(
<B3&.C'%(%0(&#G.2*%()Z'-(.-)./.)'(G#66%(*%()"#.0(P(*Z2'0#-#6.%(<%"&#--%**%(D*gI(2/'"!
$'!/..D%!>1!N!&%!7!3#'%.&! U.(/'4&! .&'4$!&'!W./'4&!35/@?.&! (&!)f!4<3&@?.&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!##!!768696:6-!F/,!lrBD!BCbKK2@/k,2-!"#!=25>6!#44$-!32a6!,O$&*')C*(-!E'*6!#$!!F6!<9;-%6!#%!!b33d>!53LB6-!E)$6!!#&!!K="$/!#'!!768696:6-!gR=1/B!BCQ<K<k,2-!!#4!@/3=!#44(-!32aAd>2!,O&%"4C4$6!!#(!!b33d>!53LB6-!E"4(6!
! "&
*-)-1!(&!+$P&!&$.#0<&'!'&!4<@&'%!0/"!"/!+$.,"0.$4&'3&!&'!(/!@/%,B.&#)C!
!
))C! 89/$%#'#@,&! 0&."#''&((&! "&@?(&! /(#."! 3#..&"0#'4.&! 49$'! 0#,'%! 4&! ;$&!
J#'4/@&'%/(! E! (9/$%#'#@,&! 0.,"&! 4/'"! "#'! "&'"! 05,(#"#05,I$&C! S/00&(#'"!
I$9<%=@#(#P,I$&@&'%1! (9/$%#'#@,&! &"%! (/! =(G#-).0.#-( )+'-%( <%"&#--%( #'( )+'-%(
G#**%G0./.01( 2'0#-#6%8( GZ%&0TPT)."%( C'.( )10%"6.-%( %**%T6E6%( *2( *#.( P( *2C'%**%( %**%( &%(
&#'6%0(D*kC!89<%$4&!4&!(/!P&'B"&!/'%,I$&!4&!(9/$%#'#@,&!.<;B(&!%#$%&J#,"!I$9&((&!
&"%! 0&'"<&1! #.,P,'&((&@&'%1! 4/'"! $'&! /33&0%,#'! &""&'%,&((&@&'%!
3#@@$'/$%/,.&!H! (9/$%#'#@,&! '&! "9/00(,I$&! I$9E! $'! P.#$0&! 49,'4,;,4$"C!
>,'",1! '#$"! &A0(,I$&! ZC! GC! N#$..,3/$41! =(9B'G3).)%( QRS( <2"*%( L&+27.&&2-0( )%(
*+2'0#-#6.%O()+'-(<%'<*%(C'.(&%(&#'*K/%(<#'"(#@0%-."(&#-(.-)1<%-)2-G%8(%0([1-#<B#-(
QRS()%&(N#10.%-&(C'.(GB%"GB2.%-0(P(&%("%-)"%(2'0#-#6%&(<2"("2<<#"0(2'H([email protected]&(D\]I(
2/'"! 3&%%&! /33&0%,#'1! (/! ",P',J,3/%,#'! 4&! ( (9/$%#'#@,&! &"%! 0.#35&! 4&! 3&((&!
49/$%/.3,&1!/$!"&'"!4&!=(-+2/#."(@%&#.-()%(<%"&#--%(D\^C!!
)*C! :'! 35/'P&@&'%! .&@/.I$/?(&! "&! J/,%! +#$.! /;&3! (9/00#.%! 4&! (/! .<J(&A,#'!
49>.,"%#%&1! I$,! 3#'_#,%!0#$.! (/!0.&@,B.&! J#,"! (9/$%#'#@,&!49$'!0#,'%!4&!;$&!
,'4,;,4$&(C! 7&! ;#3/?(&! =(G#-G%"-%(62.-0%-2-0( *+.-)./.)'( B'62.-8( %0( *+#@?%0( C'+.*(
/.&%( )2-&( *2( "%GB%"GB%( )'( @#-B%'"(D\U I! >,'",! /00/./a%1! 0#$.! "&! 0<.&'',"&.1! (/!
3#'3&0%,#'!.-)./.)'%**%!4&!(9/$%#'#@,&I!!
)bC!8&"!"%#q3,&'"!&'.,35,""&'%1!&$A!/$"",1!(&!3#'3&0%!49/$%#'#@,&C!>(#."!I$&!(/!
.<J(&A,#'!/.,"%#%<(,3,&''&! (/! 3#'_#,%! 3#@@&!$'&! "$JJ,"/'3&1! "&! %./4$,"/'%!0/.!
$'&!,'4<0&'4/'3&!4&!(9/P&'%!0/.!./00#.%!/$A!<(<@&'%"!I$,!($,!"#'%!<%./'P&."1!
3&$A[3,!,'%.#4$,"&'%!(9,4<&!3#'%./,.&C!R&(#'!(&"!"%#q3,&'"1!(9/$%#'#@,&!'9&"%!0/"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#)!768696:6-! b-! m! 2>! 7! BC+3K/,H2-! "'! HLB6! #4"4-! E#"#6! F6! ;6! Q/31B/3H-! J!V2! H3<1>! Z!
KM/0<3>2@2,>!2,!_A1>2!s!N-!5-/#>%$6!#4""!,O$-!B<@@6!$'![!J!F/K2A3=!@<3/K2=!2>!32=>31B>1<,=!
Z! KM/0<3>2@2,>!N-! ./0/1/#2/! #4""!,O$-!56!&)-! p<<@!5/3!c6!V201,2>![! B<@@6! 1,!5(6+(:))%(-"#
1"-$%)")+#F(:,+C(G9"#"+#H(:+"6C):*:&("<-!,O(&-!56!""'$-!5/3!96!F1k,2/A6!#*!!b6!V/K/,H2-!L:6%H9*%(-"#+"6C)(G9"#"+#6-(+(G9"#="#*%#;C(*:<:;C("-!Q6T6G6-!0O!J!bA><,<@12!N6!$4!!G6!m<A331B/AH-!8)6M6*:;,=(%#N)(7"-<%*(<J#0O!J!/A><,<@12!N/!$"!!G6!m<A331B/AH-!:;/#6(+/!$#!!G6!m<A331B/AH-!:;/#6(+/!
! "'
/'%,'#@,I$&!4&!(/!4<0&'4/'3&!E!4&"!(#,"!&A%<.,&$.&"bbC!7&(/!",P',J,&1!"&(#'!$'&!
3#'3&0%,#'! @#,'"! ./4,3/(&1! I$&! (9,'4,;,4$1! /=/'%! 0.,"! 3#'"3,&'3&! 4&! 3&"!
3#'%./,'%&"1!35#,",%!/4<I$/%&@&'%!"#'!3#@0#.%&@&'%C!=(5+2'0#-#6.%()'(&'?%0(&%(
&.0'%(2'(-./%2'()'(?'7%6%-08(L%-0%-)'(G#66%O(*2(G2<2G.01()%(<"1/#."(%0(*2(G2<2G.01()%(
GB#.&."I( 4( <2"0."( )%( G%00%( )#'@*%( G2<2G.018( GB2G'-( <%'0( G#-&0"'."%( &2( <"#<"%(
<%"&#--2*.018(C'.(G#-&0.0'%(*%()%"-.%"(%0(*%(<*'&(&#*.)%("%0"2-GB%6%-08(*%($#"(.-01".%'"I(
432-0(2.-&.(G#-C'.&(*2( *.@"%().&<#&.0.#-()%(&#.8( *%(&'?%08(&%*#-8(><.G0K0%8(-%(<"%-)(&%&(
G#-&.7-%&(%0(-%("%-)()%(G#6<0%(C'+P(*'.T6E6%I(:*(%&0()#-G8(2'(&%-&(*.001"2*()'(0%"6%8(
2'0#-#6%(D( D \_ C! R&(#'! 3&%%&! %5<#.,&1! (9/$%#'#@,&! '&! "9/3I$,&.%! I$&! 4/'"! (/!
"/P&""&1! 3r&"%[E[4,.&! 4/'"! =(*2( ).&0.-G0.#-( )'( N.%-( Q*2( *.@%"01( )'( &27%S( %0( )'(`2*(
Q*+%&G*2/27%( )%&( <2&&.#-&S(Dbe8( <%/'%! ,4</(&@&'%! /3I$,"&! (#."I$&! (9,'4,;,4$! &"%!
(,?.&C!X.1!&%!3&(/!0&$%!0/./a%.&!0/./4#A/(1!3&%%&!(,?&.%<!"&!3/./3%<.,"&!/$"",!0/.!
(9#?<,""/'3&!E!2,&$C!Z/,"!(/!3#'%./4,3%,#'!'9&"%!I$9/00/.&'%&C!O'!&JJ&%1!!2,&$1!
.&0.<"&'%/'%!4&! (/! (#,!'/%$.&((&1!=(-%(QRS(G#662-)%(C'%(G%(C'.(%&0(G#-$#"6%(P(*2(
-20'"%(%0(P(-#0"%(-20'"%()+B#66%I(5+#@1.&&2-G%(%&0()#-G(P(*2($#.&(*2(G#-).0.#-()%(L*+O(
2$$"2-GB.&&%6%-0(%0(*2("12*.&20.#-()%(L*2O(&<#-02-1.01(D\VC!8/!0.,"&!&'!3#'",4<./%,#'!
4&! (/! (#,! '/%$.&((&! #$!i!(#,! 4&! (/! ./,"#'!j! 3#'"%,%$&! $'&! /00.#35&! ,'<4,%&! 4&!
(9/$%#'#@,&1!3#'%./"%/'%!/;&3!(/!0&'"<&!3(/"",I$&1!I$,!"&!@/,'%,&'4./!4/'"!(&"!
.<J(&A,#'"!$(%<.,&$.&"C!!
)dC!:'&!/$%.&!<%/0&!4<3,",;&!&"%!J./'35,&!(#."I$&!(/!05,(#"#05,&1!4/'"!$'!<(/'!
4&! "<3$(/.,"/%,#'! 4&! (/! 0&'"<&1! 4<(/,""&! %#$%&! .<J<.&'3&! E! 2,&$C! 2<"#.@/,"1!
(9#.,P,'&!4&!(/!(#,!4&!(/!./,"#'!'9<%/'%!0($"!$'!4#''<!.&(,P,&$A1!,(!J/$%!/'/(="&.!
"#'!#.,P,'&!0#$.!0/.;&',.!E!J/,.&!$'!35#,AC!8&"!05,(#"#05&"!"&!0&'35&'%!/,'",!
"$.!(&!=(<"#G%&&'&(D!4#'%!&((&!0&$%!D%.&!,""$&bgC!!!!
)eC! n/'%! '9&"%! 0/"! (&! @#,'"! 3<(B?.&! 49&'%.&! &$AC! R9,(! 0&'"&! I$&! (/! (,?&.%<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$!!V2!>23@2!J!K<1!N!2=>!531=!1B1!H/,=!A,2!/BB25>1<,!kL,L31aA2-!/A!=2,=!H2!B<,>3/1,>26!!$%!!G6!m<A331B/AHJ#:;/!6(+/!$&!!G6!m<A331B/AH-!:;/#6(+/!$'!!G6!m<A331B/AH-!:;/#6(+/!$(!!^<A=!32532,<,=!K2!>23@2!2@5K<RL!5/3!G6!m<A331B/AH6!!
! "(
"9/3I$,&.%!0/.!(9#?<,""/'3&!E!(/!(#,1!3&(/!'&!4,"0&'"&!0/"1!"&(#'!($,1!4&!.<J(<35,.!
E! "#'! "$+&%C! 2B"! (#."1! ,(! &"%! '<3&""/,.&! 4&! 4,"%,'P$&.! (&"! ?#''&"! (#,"! 4&"!
@/$;/,"&"1!"&$(&"! (&"!0.&@,B.&"!<%/'%!;#$($&"!=(<2"(%0(<#'"()%&(&'?%0&(*.@"%&(D\XC!
>,'",!(9/$%#'#@,&1!=(&%()#--%"(P(&#.T6E6%(&2(<"#<"%(*#.(D1!0.&'4!%#$%!"#'!"&'"C!FC[
FC! S#$""&/$! 0.#(#'P&! 3&%%&! ,4<&1! 49$'&! @/',B.&! 0($"! ./4,3/(&! H! "&(#'! ($,1!
(9,'4,;,4$! 4#,%! "9/JJ./'35,.! 4&! (/! (#,! @#./(&1! I$,! P#$;&.'&! (/! ;#(#'%<C! O'!
.&;/'35&1! ,(! 4#,%! #?<,.! E! (/! ;#(#'%<!P<'<./(&1! (#,! 4&! (/! ./,"#'!0/.! &A3&((&'3&1!
=(C'.(-+%&0(".%-()%(<*'&(C'%(*%(N.%-()%(GB2G'-(/#'*'(P(*2($#.&(<2"(*'.T6E6%(%0(<2"(0#'&(
*%&(2'0"%&(DbkC!>,'",1!/3I$,&.%[,(!"#'!/$%#'#@,&1!#$!(,?&.%<!@#4&.'&C!!
)fC! X'! 3#@0.&'4! 4#'3! I$&! (9/$%#'#@,&! '9&"%! 0($"! +/@/,"! 3#'_$&1! 4&0$,"!
(9<0#I$&! 49>.,"%#%&1! 3#@@&! $'&! "$JJ,"/'3&! /?"#($&C! >$! 3#'%./,.&1! &((&!
/00/./a%! 4/;/'%/P&! 3#@@&! $'&! #?<,""/'3&! .<J(<35,&! E! (/! (#,1! .<"$(%/%! 49$'!
35#,A! 3#'"3,&'%! &'%.&! 3&((&! I$,! &"%! ! ?#''&! &%! 3&((&! I$,! &"%! @/$;/,"&! 0#$.!
(9,'4,;,4$C!!
)gC!>,'",1!?&/$3#$0!0($"!0.#35&!4&!'#$"1! (&!05,(#"#05&!ZC!>C!S&'/$4!'&!"&!
4<0/.%,%!0/"1!0#$.!(9&""&'%,&(!4/'"!"#'!/'/(="&!3#'%&@0#./,'&!4&!(9/$%#'#@,&1!
4&!(/!0&'"<&!4&!"&"!,(($"%.&"!0.<4<3&""&$."d-C!O'!&JJ&%1!,(!0&'"&!I$&!(9/$%#'#@,&!
&"%!(/!(,?.&!/33&0%/%,#'!4&"!'#.@&"!&%!4&"!(#,"!H! (&!./00#.%!,'4,;,4$s'#.@&s(#,!
&"%! J#'4<!"$.!$'&!.<3&0%,#'!3#'"&'%,&!4&L"M! (/! "&3#'4&L"M!0/.! (&!0.&@,&.C!X'!
3#@0.&'4!4#'3!I$&!0#$.!3&!05,(#"#05&!3#'%&@0#./,'1!(9/$%#'#@,&!'9&"%!0/"!
'#'!0($"1! (#,'!4&! (E1!/'%,'#@,I$&!49$'&!4<0&'4/'3&!E!(/!.BP(&C!=(5+2'0#-#6.%(
QRS(&+#<<#&%(-#-(P(*2()1<%-)2-G%(QG#6<".&%(G#66%(*2(&#'6.&&.#-(P()%&("K7*%&S(62.&(
@.%-(P( *+B101"#-#6.%(D8(<3.,%[,(d)I(O'! 3&(/1! ,(! "&!4<%/35&!4&! (/! %5<#.,&! 5$@/',"%&1!
I$,!"<4$,%!0/.!(9,@0#.%/'3&!I$9&((&!/33#.4&!/$!"$+&%!&'!%/'%!I$&!J#'4&@&'%!4&!
"&"!0.#0.&"!'#.@&"C!=(5+B#66%()%(*+B'62-.&6%(%&0(G%*'.(C'.(-+%-0%-)(<*'&("%G%/#."(
&%&( -#"6%&( %0( &%&( *#.&( -.( )%( *2( -20'"%( )%&( GB#&%&8( -.( )%(a.%'8(62.&( C'.( <"10%-)( *%&(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$)!!G6!m<A331B/AH-!:;/#6(+/!$*!!\6S!\6!?<A==2/A-!!"#6:)+-%+#<:6(%*-!B1>L!5/3!G6!m<A331B/AH-!:;/#6(+/!%4!!b6!?2,/AH-!!B()=(7(=9J#3,>*"O(:)<#<9-#*%#;C(*:<:;C("#=9#<9P"+-!LH6!:/>123-!"**&6!%"!!b6!?2,/AH-!:;/#6(+6!
! ")
$#-)%"(*'.T6E6%(P(<2"0."()%(&2("2.&#-(%0()%(&2(/#*#-01(QRS(5+E0"%(B'62.-(3(%&0(G#-W'(
%0( 2$$."61( G#66%( *2( &#'"G%( )%( &%&( "%<"1&%-020.#-&( %0( )%( &%&( 2G0%&8( G#66%( *%'"(
$#-)%6%-0(#'(%-G#"%(G#66%(*%'"(2'0%'"Dd*C!!
)cC! 8&"! %./;/$A! 49$'&! /$%.&! 05,(#"#05&! 3#'%&@0#./,'&1! Z@&!ZC! Z/.T/'#1!
;,&''&'%! &'.,35,.! &'3#.&! (9/'/(="&C! O((&! &A0(,I$&! I$&! (9/$%#'#@,&! .&';#,&! E!
4&$A! P./'4&"! /33&0%,#'"1! (9$'&! J#'4<&! "$.! =(*2(<B.*#&#<B.%()%(b2-0( %0( QRS(&#-(
.)1%( -#"620./%( )%( *2( ).7-.01( )%( *2( <%"&#--%(D1! (/! "&3#'4&! "$.! =(*2( <%-&1%( 2-7*#T
&2H#--%8( %0( -#0266%-0( QRS( ( *+1*#7%( )%( *2( *.@%"01( )'( <B.*#&#<B%( *.@1"2*( c#B-( M0'2"0(
`.**(Ddb C! R&(#'! (/! 0.&@,B.&! /33&0%,#'1! (9/$%#'#@,&! "9&A&.3&! 4/'"! (&! J/,%! 4&!
0&'"&.!0/.!"#,[@D@&1!4#'3!4/'"!(&!J/,%!4&!=(?'7%"(%0()1G.)%"(<2"(&#.T6E6%(G%(C'+(
L#-O( )#.0( $2."%(D1! <%/'%! &'%&'4$! I$&! =(G%00%( /#G20.#-( P( <%-&%"( <2"( &#.T6E6%( QRS(
.6<*.C'%( QRS( *+(=(#@*.720.#-(D( )%( -%( <2&( 27."( &#'&( *+%6<."%( )%( &%&( )1&."&( %0( )%( &%&(
<%-GB2-0&8(#'(&#'&(*+.-$*'%-G%()%(<"1?'71&(%0()%()."%G0./%&(%H01".%'"%&(D__C!R&(#'!&((&1!
4&$A! ,4<&"! &""&'%,&((&"! P$,4&'%! (&! ./,"#''&@&'%!n/'%,&'C!29$'&! 0/.%1! 0/.! "/!
;#(#'%<!(,?<.<&!4&!%#$%&!3#'%./,'%&!&A%<.,&$.&1!(9,'4,;,4$!"&!4#''&!E!($,[@D@&!
"/!0.#0.&!(#,1!3&%%&!(#,!4&;/'%!D%.&!$',;&."/(,"/?(&C!O'!&JJ&%1!0#$.!n/'%1!(/!(#,!E!
(/I$&((&! (9,'4,;,4$!35#,",%!4&!"&!"#$@&%%.&!&"%! ./%,#''&((&1!3r&"%[E[4,.&!I$9&((&!
&"%! (9&A0.&"",#'!49$'&!(,?&.%<!=(G#-&.&02-0(P(<#&%"(%0(P("%&<%G0%"()%&()%/#."&(%-/%"&(
*%&( 2'0"%&( %0( %-/%"&( &#.T6E6%(DdeC! 89/$%#'#@,&! 4&! (/! 0&."#''&! '9&"%! 4#'3! 0/"1!
"&(#'!n/'%1! (/! (,?&.%<!4&! J/,.&! 3&! I$&! (9#'!;&$%C! U(! "9/P,%! 49#?<,.! E! "/!=("2.&#-(
*17.&*20".G%(D_V!I$,1! 0/.! 5=0#%5B"&1! .&"0&3%&! /$%.$,C! 29/$%.&! 0/.%1! 39&"%! &'! "&!
4#''/'%!"/!0.#0.&!(#,!I$&!(9,'4,;,4$!&A0.,@&!"/!4,P',%<C!8/!4,P',%<!'9&"%!4#'3!
0/"1! "&(#'! n/'%1! $'&! ;/(&$.! #?+&3%,;&! I$,! %./'"3&'4&! 3&! 4&.',&.1! &%! I$,!
=()1$.-."2.0(G%(C'.(%&0(B'62.-(%0(G%(C'.(-%(*+%&0(<2&I(52().7-.01(L&%*#-(b2-0O(%&0(G%**%(
C'.( 2<<2"0.%-0( P( '-( E0"%( B'62.-( P( <2"0."( )'( 6#6%-0( #Y( .*( ?'&0.$.%( &%&( GB#.H( %-(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%#!!b6!?2,/AH-!:;/#6(+6!%$!!c6!c/3p/,<-!."#6:)<")<J#=:)6#P"#<9(<Q#8+C(G9"#="#*B%9+:):$("-!Q6T6G6-!#44'-!56!%)!2>!=6!!%%!!c6!c/3p/,<-!:;/#6(+/J#56!&"6!%&!!c6!c/3p/,<-!:;/#6(+6-!56!&$6!%'!!c6!c/3p/,<-!:;/#6(+-!56!&$6!
! "*
&+2<<'32-0( &'"( '-%( -#"6%( Q-#6#&S( C'+.*( &+%&0( )#--1%( &#.T6E6%( Q2'0#&S( &%*#-( &#-(
?'7%6%-0(#'(&2("2.&#-(<"#<"%&(D8(&A0(,I$&!ZC!Z/.T/'#dgC!!
)kC!8/!"&3#'4&!3#'3&0%,#'!4&!(9/$%#'#@,&1!J#'4<&!"$.!(/!%5<#.,&!4&!F#5'!R%$/.%!
Z,((dc1!.&';#,&1!I$/'%!E!&((&1!E!(9&A0.&"",#'!49$'&!=(.-)1<%-)2-G%(2@&#*'%(DdkC!O'!
&JJ&%1!"&(#'!Z,((1!=(;B2G'-()#.0(<#'/#."(?#'."()+'-()"#.0(2@&#*'()%(<%-&%"(%0()%(&%-0."(
G#66%(.*(*%(<"1$K"%(&'"(0#'&(*%&(&'?%0&(d(.*(2(*%()"#.0()%(0"2G%"(*.@"%6%-0(*%(<*2-()%(&2(/.%(
G#-$#"616%-0( P( &#-( G2"2G0K"%(d( .*( 2( *%( )"#.0( )%( &+2&&#G.%"( 2/%G( &%&( &%6@*2@*%&( )2-&(
-+.6<#"0%(C'%*(@'0(P(G#-).0.#-()%(-%(<2&(-'."%(P(2'0"'.(De-C!7&%%&!(,?&.%<!&"%!J#'4<&!
"$.! (&! 4.#,%! 4&! 35/3$'! E! "9<0/'#$,.C! Z/(P.<! (&"! /00/.&'3&"1! &((&! '9&"%!
3&0&'4/'%!0/"! ,((,@,%<&1! 3/.!=(*%&(B#66%&()#./%-0(2'&&.(&+2.)%"( *%&('-&( *%&(2'0"%&(
<#'"().&0.-7'%"(*%(6%.**%'"()'(<."%8(%0(&+%-G#'"27%"(P(<"1$1"%"(*+'-(%0(P(1/.0%"(*+2'0"%I(
:*&(-%()%/"2.%-0( G%&&%"()%( &%( &0.6'*%"(6'0'%**%6%-0(P( %H%"G%"( *%'"&( $2G'*01&( *%&(<*'&(
-#@*%&8( %0( P( #".%-0%"( *%'"&( &%-0.6%-0&( %0( *%'"&( )%&&%.-&( /%"&( )%&( #@?%0&( )%(
G#-0%6<*20.#-(&27%&(%0(-#-(<2&(".).G'*%&8(1).$.2-0&(%0(-#-(<2&()17"2)2-0&(De)C!
*-C! >,'",1! ",! (&"! 4&$A! /00.#35&"! 4&! (9/$%#'#@,&! "#'%! J#'4/@&'%/(&@&'%!
4,"%,'3%&"1!&((&"!'&!"#'%!0/"!3#@0(B%&@&'%!#00#"<&"!&'!3&!I$&1!0#$.!n/'%!&%!
Z,((1! (9/$%#'#@,&! '&! 3#'","%&! 0/"! E! J/,.&! 3&! I$&! (9#'! ;&$%C! 89/$%#'#@,&! '&!
"9&A0.,@&! 0/"! 0/.! (&! 0.,"@&! 49$'&! (,?&.%<! ,((,@,%<&1! /$! 3#'%./,.&C! 89,'4,;,4$!
&A0.,@&!"#'!/$%#'#@,&!0/.!4&"! 35#,A! ./%,#''&("1! &%! 3&%%&! (,?&.%<! .<",4&!4/'"!
3&"!4&.',&."!I$,!"#'%!4#'3!J#.3<@&'%!(,@,%<"1!0$,"I$9,("!,@0(,I$&'%!(&!.&"0&3%!
4&! "#,[@D@&! &%! 49/$%.$,C! 89/$%#'#@,&! &"%! 4#'31! "&(#'! (&"!4&$A!05,(#"#05&"1!
,'%,@&@&'%! (,<&! E! (9/JJ,.@/%,#'! 4&! "/! 4,P',%<! 0/.! (9,'4,;,4$!H! &'! ',/'%! "/!
4,P',%<1!3&!4&.',&.!"9&'P/P&!4/'"!$'!0.#3&""$"!4&!35#",J,3/%,#'!I$,1!(#,'!49D%.&!
(9&A0.&"",#'! 4&! "/! (,?&.%<! &%! 49/""$.&.! "#'! /$%#'#@,&1! &'! &"%! (/! 0/.J/,%&!
'<P/%,#'C!89/$%#'#@,&!4#,%!P/./'%,.!(/!4,P',%<1!3r&"%[E[4,.&!=(*%(G#-G%<0(?'".).C'%(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%(!c6!c/3p/,<-!:;/#6(+/J!56!'"6!%)!\6! ;6! c1KK-! 5"# *%# *(H"-+,! n")&*o-! Q/31=-! Q32==2=! Q<BD2>-! "**4-! 56! $*S%4-! B1>L! 5/3! c6!
c/3p/,<-!:;/#6(+6-!56!'#6!%*!\6!;6!c1KK-!B1>L!5/3!c6!c/3p/,<-!:;/#6(+6!56!'#6!&4!\6!;6!c1KK-!B1>L!5/3!c6!c/3p/,<-!:;/#6(+6!56!'$6!&"!\6!;6!c1KK-!B1>L!5/3!c6!c/3p/,<-!:;/#6(+6!56!''6!
! #4
C'.( )1&.7-%( G%( C'+.*( 3( 2( )+B'62.-( )2-&( *+B#66%(De* I( 8/! 4,P',%<! &"%! (/! I$/(,%<!
&""&'%,&((&!4&!(9D%.&!5$@/,'!I$,!'&!0&$%!($,!D%.&!t%<&C!
!
*)C! S&@/.I$#'"! I$&! 4$! 0#,'%! 4&! ;$&! 4&! (9,'4,;,4$1! (/! 4,"0#",%,#'! 4&! "#'!
3#.0"! &"%!$'&!@/',B.&!4&!P/./'%,.! (/!4,P',%<! 0%**%(C'+.*(*2(<%"W#.0C! 6#$.! "$?%,(&!
I$9&((&!"#,%1! (/!4,"%,'3%,#'!&"%! J#'4/@&'%/(&1!3/.!/(#."! .*(&+27.0()+'-%(G#-G%<0.#-(
&'@?%G0./%( )%( *2( ).7-.01C! >,'",1! (/! +$.,"0.$4&'3&! &$.#0<&''&! .&(/%,;&! E!
(9/$%#'#@,&! 0&."#''&((&! 3#'"%,%$&! &""&'%,&((&@&'%1! /$[4&(E! 4&"! I$&"%,#'"! 4&!
4.#,%!0#"<&"!E! (/!7#$.!OC!2C!QC1!4&"! ,(($"%./%,#'"!4&! (/! .&;&'4,3/%,#'!4&! (&$.!
<"#<"%().7-.01! 0/.! (&"! .&I$<./'%"C!2/'"! (9/..D%!6.&%%=! 3#'%.&!S#=/$@&[:',1! (/!
.&I$<./'%&! "#$5/,%/,%! 4<3,4&.! 4$! @#@&'%! 4&! "/! @#.%! /J,'! 49<;,%&.! 4&!
"$33#@?&.! E! 49/%.#3&"! "#$JJ./'3&"1! &%! 4#'3! <35/00&.1! "&(#'! &((&1! E! "#'!
,'4,P',%<eb1!4&!(/!@D@&!@/',B.&!I$&1!4/'"!(9/..D%!Q//"1!(&!.&I$<./'%!/.P$/,%!4&!
3&! I$&! "#'! "$,3,4&! P.u3&! E! $'! 0.#4$,%! (<%/(! ($,! 0&.@&%%./,%! 4&! @#$.,.!
4,P'&@&'%&%C!!
**C! 2/'"! (&"! /..D%"! W##4m,'! &%! UC! 3#'%.&! S#=/$@&[:',1! (&"! .&I$<./'%"!
%./'""&A$&("! /.P$/,&'%! 4&! 3&! I$&! (&! .&J$"! 0/.! (9O%/%! /'P(/,"! 49/33<4&.! E! (&$.!
4&@/'4&!4&!35/'P&@&'%!4&!"&A&!E!(9<%/%!3,;,(!3#'"%,%$/,%!$'&!;,#(/%,#'!4&!(&$.!
4.#,%! /$! .&"0&3%! 4&! (&$.! ;,&! 0.,;<&! (&"! 0(/_/'%! =()2-&( '-%( &.0'20.#-( 2-#"62*%(
L*%'"O(.-&<."2-0()%&(&%-0.6%-0&()%(/'*-1"2@.*.018()+B'6.*.20.#-(%0()+2-H.101(D8(3&!I$,1!
J,'/(&@&'%1!3#'"%,%$/,%!!$'&!%./'"P.&"",#'!4&!(&$.!4,P',%<eeC!X'!0&$%!<P/(&@&'%!
&"%,@&.! I$&! (&"! 0./%,I$&"! "&A$&((&"! 4&! ZZC! nC! >C! &%! >C! 2C1! J$""&'%[&((&"!
"/4#@/"#35,"%&"1! 0/.%,3,0/,&'%1! "&(#'! &$A1! 4&! (/! @/',J&"%/%,#'! 4&! (&$.!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&#!! m6! 8H2K@/,-! B1>L! 5/3!c6! V6! Q/01/! 2>! gI6! ?202>-! 1,!!%#=(&)(+,#="#*%#;"-<:))"#C9$%()"-!
8B<,<@1B/-!"***-!56!(6!&$!!768696:6-!Q32>>R!BC?<R/A@2ST,1-!/33d>!53LB6-!E)6!!&%!!768696:6-!://=!BC;A1==2-!/33d>!53LB6-!E(-!=5LB6!E$$6!&&!!768696:6-!U<<Hq1,!BC?<R/A@2ST,1-!/33d>!!53LB6-!E()6!
! #"
4,P',%<efC!!
*bC! 2B"! (#."1! (9/$%#'#@,&! 0&."#''&((&! "9#00#"&[%[&((&! E! (/! 4,P',%<1! &'!
0&.@&%%/'%!E! (9,'4,;,4$!49/P,.!3#@@&!?#'!($,!"&@?(&!"$.!"#'!3#.0"1!I$,%%&!E!
(9,'"%.$@&'%/(,"&.1!#$!&'!!/""$.&[%[&((&!(&!.&"0&3%v!!
!
*dC!:'&!%&((&!,'%&..#P/%,#'!&"%!49/$%/'%!0($"!0&.%,'&'%&!/$!.&P/.4!4$!(&,%@#%,;!
4$! +$P&! 4&! R%./"?#$.P1! "&(#'! (&I$&(! =(52( ).7-.01( %0( *2( *.@%"01( )%( *+B#66%( &#-0(
*+%&&%-G%(6E6%()%(*2(;#-/%-0.#-(DegI(>$!4&@&$./'%8($'!%&(!/JJ,35/P&!'9/!.,&'!4&!
"$.0.&'/'%!"9/P,""/'%!49$'&!+$.,4,3%,#'!,'%&.'/%,#'/(&!3.<<&!/0.B"!(&"!5#..&$."!
0&.0<%.<&"! (#."!4&! (/! "&3#'4&!P$&..&!@#'4,/(&1! /J,'!49/""$.&.! (/! "/$;&P/.4&!
4&"!4.#,%"!J#'4/@&'%/$A!3#'"/3.<"!4/'"!(/!7#';C!OC!2C!QecC!!
*eC!29/,((&$."1!3&((&[3,!3#'"%,%$&!$'!%&A%&!0/.@,!49/$%.&"1!.<;<(/%&$.!4&!(/!0.,"&!
4&! 3#'"3,&'3&! 4&! (/! 0/.%! 4&! (/! 3#@@$'/$%<! ,'%&.'/%,#'/(&1! /0.B"! (&! "&3#'4!
3#'J(,%!@#'4,/(1!4&!(/!'<3&"",%<!4&!"/$;&P/.4&.!(/!;/(&$.!J#'4/@&'%/(&!I$9&"%!
(/!4,P',%<!4&!(/!0&."#''&!5$@/,'&C!O((&!/!<%<!3#'"/3.<&!4/'"!'#@?.&!4&!%&A%&"!
,'%&.'/%,#'/$A!&%!&$.#0<&'"!H! (&!6.</@?$(&!4&! (/!2<3(/./%,#'!$',;&."&((&!4&"!
4.#,%"! 4&! (95#@@&! 4&! (9>""&@?(<&! P<'<./(&! 4&"! K/%,#'"! :',&"! 4$! )-!
4<3&@?.&!)kdc1!(&!6/3%&!,'%&.'/%,#'/(!.&(/%,J!/$A!4.#,%"!3,;,("!&%!0#(,%,I$&"!4$!
)k! 4<3&@?.&! )kff1! (/! 7#';&'%,#'! 4&"! K/%,#'"! :',&"! 3#'%.&! (/! %#.%$.&! #$!
/$%.&"!0&,'&"!#$!%./,%&@&'%"!3.$&("1!,'5$@/,'"!#$!4<P./4/'%"!4$!)-!4<3&@?.&!
)kcdC!6($"!.<3&@@&'%1!(/!4,P',%<!4&!(/!0&."#''&!5$@/,'&!/!<%<!,'"3.,%&!4/'"!(/!
7#';&'%,#'! "$.! (&"! 4.#,%"! 4&! (95#@@&! &%! (/! ?,#@<4&3,'&! 4$! 7#'"&,(! 4&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&'!F6! =A3! B2! 5<1,>! 96! 92! mLBI1KK<,-! J!V2! 531,B152! H2! K1`23>L! B<,>3/B>A2KK2! H/,=! K/!
7<,02,>1<,!8A3<5L2,,2!H2=!93<1>=!H2! KM:<@@2!N-! ()! .9&"-#*B%=$()(<+-%+(:)J#%=$()(<+-"-#
*%#P9<+(6"#R#S,*%)&"<#:>>"-+<#%9#1-,<(=")+#5%)("*#!%H"+:9**"-!9/KK<p-!#44'6!&(!!F6!5/3!2Y6!768696:6-!Q32>>R!BC?<R/A@2ST,1-!/33d>!53LB6-!E'&6!&)!!V/!7<,06!86!96!:6!/!L>L!B3LL2!2>!/H<5>L2!K2!%!,<02@`32!"*&4!5/3!K2!7<,=21K!H2!KM8A3<526!
8KK2! /! 5<A3! <`.2>! K2! 32=52B>-! Z! KMLBI2KK2! 2A3<5L2,,2-! H2=! H3<1>=! H2! KMI<@@26! Q<A3!
523@2>>32!K2!B<,>3tK2!HA!32=52B>!2__2B>1_!H2!B2=!H3<1>=-!B2KK2SB1!/!1,=>1>AL!K/!7<A3!86!96!:6-!
aA1!021KK2!/A!32=52B>!H2!K/!7<,02,>1<,!5/3!K2=!L>/>=!=1k,/>/132=6!!
! ##
(9O$.#0&! ",P'<&! (&! d! /;.,(! )kkg! E! X;,&4#&* !/,'",! I$&! 4/'"! (/! 2<3(/./%,#'!
$',;&."&((&!"$.!(&!P<'#@&!5$@/,'!&%!(&"!4.#,%"!4&!(95#@@&!4&!(9:C!KC!OC!RC!7C!
XC! /4#0%<&! (&! ))!'#;&@?.&!)kkgC!6($"!0.#35&!4&!'#$"1! (/!75/.%&!4&"!2.#,%"!
G#'4/@&'%/$A!4&! (9:',#'!O$.#0<&''&!./%,J,<&!0/.! (/!G./'3&!&'!*--g!<'#'3&!
"=@?#(,I$&@&'%1!E! (9/.%,3(&!)!4&!"#'!0.&@,&.!35/0,%.&1! (&!0.,'3,0&!4&!4,P',%<!
5$@/,'&C!!
!
*fC! 2&! (/!@D@&!@/',B.&1! (&"! O%/%"!@&@?.&"! 4$! 7#'"&,(! 4&! (9O$.#0&! 0(/3<"!
"#$"!(/!+$.,4,3%,#'!4&!(/!7#$.!OC!2C!QC!3#'"/3.&'%!(&!0.,'3,0&!4&!.&"0&3%!4&!(/!
4,P',%<! 5$@/,'&C!>,'",1! &'!4.#,%! ,'%&.'&1! ,(! &"%! ,'"3.,%! E! (9/.%,3(&! )f!4$!7#4&!
3,;,(C!8&!7#4&!4&! (/! "/'%<!0$?(,I$&! (&! 3#'"/3.&! <P/(&@&'%! E! (9/.%,3(&! )))-[*!H!
=(52(<%"&#--%(62*2)%(2()"#.0(2'("%&<%G0()%(&2().7-.01(D1!/,'",!I$&!(&!7#4&!0<'/(!I$,!
0.<;#,%!&A0(,3,%&@&'%!4/'"!"#'!,'4&A!/(05/?<%,I$&!(&"!=400%.-0%&(P(*2().7-.01()%(
*2(<%"&#--%(D! I$&! 3#'"%,%$&'%!0/.! &A&@0(&! (9,'J./3%,#'!4&!4,"3.,@,'/%,#'f-1! #$!
&'3#.&! 3&((&! 4&! 0.#A<'<%,"@& f) C! R$.%#$%1! "/! ;/(&$.! 3#'"%,%$%,#''&((&! /! <%<!
.&3#''$&!0/.!(&!7#'"&,(!3#'"%,%$%,#''&(!4/'"!$'&!3<(B?.&!4<3,",#'!4$!*g!+$,((&%!
)kkd'#!.&(/%,;&!/$A!0.&@,B.&"!(#,"!4&!?,#<%5,I$&'$C!
*gC! O'! .&;/'35&1! (&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! &"%! /?"&'%! 4$! 4.#,%!
J./'_/,"C!K</'@#,'"1! (/!'#%,#'!49/$%#'#@,&!=! J,P$.&!4&0$,"! (#'P%&@0"!"#$"!
(/!J#.@&!4&!i!(9/$%#'#@,&!4&!(/!;#(#'%<!jC!6.,'3,0&!4$!4.#,%!4&"!3#'%./%"1!&((&!
.&';#,&! E! $'&! %5<#.,&! "&(#'! (/I$&((&! =(*2( /#*#-01( )%( *+B#66%( Q$2G%( P( G%**%( )'(
*17.&*20%'"S(%&0(2<0%(P(&%()#--%"(&2(<"#<"%(*#.(D1!49#h!4<3#$(&!=(*+2$$."620.#-(C'%(*2(
/#*#-01( )%&( <2"0.%&( %&0( *2( &#'"G%( )%( *+#@*.720.#-( G#-0"2G01%( Q(RS( %0( G%**%( )%(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&*!?2@/3aA<,=!aA2! K/!7<,02,>1<,!HMf012H<!/!L>L!3/>1_1L2!5/3! K/!G3/,B2! K2!"$!HLB2@`32!
#4""-!5<A3!A,2!2,>3L2!2,!01kA2A3!K2!"23!/031K!#4"#6!F6!./0/1/#26!,O"-!*!./,06!#4"#-!/523eA!
5/3!\6S?6!m1,2>6!!'4!!b3>6!##&!2>!=6!HA!76Q6!'"!!b3>6!##&S&!2>!=6!HA!76Q6!'#!7<,=6!B<,=>6!#(!.A1KK6!"**%-!56!"**&6!#$(-!,<>2!m6!c/>I12A6!'$!V<1!,O!*%S'%$!HA!#*!.A1KK6!"**%-!\6f6!$4!.A1KK6!"**%-!06!5/3!2Y6!,A@L3<!=5LB1/K!`1<L>I1aA2-!
!/1/I/-!"%!HLB6!"**%6!
! #$
*+.-0%"<"1020.#-( )'( G#-0"20(D TU C! 7&0&'4/'%1! (&! 3#.0"! 5$@/,'! '&! 0&$%! +/@/,"!
3#'"%,%$&.!(9#?+&%!4$!3#'%./%!w! (9/$%#'#@,&!3#'",4<.<&!'&!0#.%&!I$&!"$.!3&!I$,!
0&$%!&'%.&.!4/'"!(&!3#@@&.3&!+$.,4,I$&C!
*cC!6($"!.<3&@@&'%1!#'!#?"&.;&!I$&!(9/$%#'#@,&!&"%!4&;&'$&!%.B"!E! (/!@#4&!
4/'"! (&! 4,"3#$."! +$.,4,I$&! J./'_/,"C! >,'",1! &((&! &"%! 0/.%,3$(,B.&@&'%! 0.,"<&!
4&0$,"! I$&(I$&"! /''<&"! 4$!4.#,%! 4&! (/! J/@,((&1! 4$! 4.#,%! 4&"! ,'3/0/3,%<"1! #$!
&'3#.&!4$!4.#,%!@<4,3/(1!4&!@/',B.&!0($"!#$!@#,'"!&A0(,3,%&C!>,'",1!"9/P,""/'%!
4&"!@/+&$."!0.#%<P<"1!(9/.%,3(&!d)e!4$!7#4&!3,;,(1!,""$!4&!(/!(#,!4$!e!@/."!*--g1!
0.<;#,%!4/'"!"#'!/(,'</!b!I$&!(/!0.#%&3%,#'!4&!(/!0&."#''&!0.#%<P<&!=($2/#".&%8(
)2-&(*2(6%&'"%()'(<#&&.@*%8(*+2'0#-#6.%()%(G%**%TG.(DfeI(^$/'%!/$!7#4&!4&! (/!"/'%<!
0$?(,I$&1!,(!3#'"/3.&!E!(9/(,'</!*!4&!(9/.%,3(&!8C!))))[d!(&!0.,'3,0&!4$!.&"0&3%!4&!
(/!;#(#'%<!4$!@/(/4&!0/.! (&!@<4&3,'1!I$/'4!?,&'!@D@&!3&($,[3,!/$./,%!0#$.!
3#'"<I$&'3&!4&!@&%%.&!$'!%&.@&!0.<@/%$.<!E!(9&A,"%&'3&!4&!3&!4&.',&.!L/.%,3(&!
8C!))))[)-!4$!@D@&!7#4&MC!!
*kC!2#,%[#'!=!;#,.!$'!",@0(&!&JJ&%!4&!@#4&!#$!$'&!.<&((&!0.#P.&"",#'1!&'!4.#,%1!
4&!(9/$%#'#@,&!,'4,;,4$&((&!v!89&""#.!4&!(9/$%#'#@,&!&'!4.#,%!J./'_/,"!&"%[&((&!
.<;<(/%.,3&!49$'!.&3&'%./P&!4&!0($"!&'!0($"!@/.I$<!4&!(/!.BP(&!4&!4.#,%!"$.!(&"!
&A,P&'3&"! 4&! (9,'4,;,4$!v! ^$&(! (,&'! &"%[,(! /(#."! 4&! 0#"",?(&! 4&! J/,.&! /;&3! (&!
0.,'3,0&!49/$%#'#@,&!0&."#''&((&!4<P/P<!0/.!(/!7#$.!OC!2C!QC!v!
!
b-C!8&!I$&"%,#''&@&'%!&"%!49/$%/'%!0($"!4<3,",J!I$&!(&!4.#,%!J./'_/,"!'9,P'#.&!
0/"! '#'! 0($"! (/! 4,"0#",%,#'! 3#.0#.&((&1! @D@&! ",! 3&%%&! 4&.',B.&! 3#''/a%! $'&!
&A,"%&'3&!+$.,4,I$&!3$.,&$"&C!O'!&JJ&%1!(/!4,"0#",%,#'!3#.0#.&((&!'9&"%!.&3#''$&!
I$9&'! %/'%! I$9/'%#'=@&! 4$! 0.,'3,0&! 0.<%#.,&'! 49,'4,"0#',?,(,%<! 4$! 3#.0"!
5$@/,'C! 6($"! 0.<3,"<@&'%1! ,(! "9/P,%! 49$'&! &A3&0%,#'! E! 3&! 4&.',&.C! >,'",1! ",!
(9,'4,"0#',?,(,%<! 4$! 3#.0"! 5$@/,'! &"%! 4<J,',&! 3#@@&! (9,'%&.4,3%,#'! 4&! J/,.&!
&'%.&.! 3&! 4&.',&.! 4/'"! (&! 3#@@&.3&! +$.,4,I$&1! &%! 4#'3! 49&'! J/,.&! (9#?+&%! 4&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'%!!U6!7<3,A-!L:6%H9*%(-"#P9-(=(G9"-!Q6T6G6-!0O!J!bA><,<@12!N6!'&!!V<1!,O#44(S$4)!HA!&!@/3=!#44(-!\6f6!(!@/3=!#44(6!
! #%
%./'"/3%,#'"! x! #'! '&! 0&$%! ;&'4.&! #$! (#$&.! %#$%! #$! 0/.%,&! 4&! "#'! 3#.0"! [1! (/!
4,"0#",%,#'! 3#.0#.&((&! =(/%'0( )."%( '0.*.&%"( &#-( G#"<&8( &+%-( &%"/."( G#66%( #-(
*+%-0%-)(DTT8!@/,"!4/'"!$'!3&.%/,'!3/4.&! (<P/(!H!/,'",1! (/!4,"0#",%,#'!3#.0#.&((&!
'&! 0&$%! +/@/,"! D%.&! &JJ&3%$<&! E! %,%.&! #'<.&$A! &%! 4#,%! %#$+#$."! 0#$."$,;.&! $'!
,'%<.D%!@<4,3/(C!!
b)C! U(! '&! J/$%! 3&0&'4/'%! 0/"! "&!@<0.&'4.&C!Z/(P.<! (&"! /00/.&'3&"1! (&! 4.#,%!
J./'_/,"!/$%#.,"&!(9,'4,;,4$!E!4,"0#"&.!4&!"#'!3#.0"C!8/!4#3%.,'&!(9/!"#$(,P'<!E!
@/,'%&"! .&0.,"&"! H! (&"! 0.#P.B"! "3,&'%,J,I$&"! 0&.@&%%&'%! /$+#$.495$,!
49!i!$%,(,"&.!j!"#'!3#.0"!E!4&""&,'!4&!4#''&.!$'!#.P/'&!E!/$%.$,1!4&!3#'3&;#,.!
$'!&'J/'%1!4&!@&%%.&!$'!%&.@&!E!$'&!P.#""&""&1!#$!&'3#.&!4&!35/'P&.!4&!"&A&fgC!
O'!"$"!4&"! %&A%&"!<0/."! (<P/(,"/'%!3&"!0./%,I$&"1! (&"! (#,"!4&!?,#<%5,I$&!4$!*k!
+$,((&%!)kkd1!@#4,J,<&"!0/.!3&((&!4$!f!/#l%!*--dfc1!0$,"1!4&!@/',B.&!%.B"!.<3&'%&1!
0/.!$'&!(#,!4$!g!+$,((&%!*-))fk1!3#'"%,%$&'%!$'!/."&'/(!+$.,4,I$&!3#'"/3./'%!E!(/!
J#,"! +$.,4,I$&@&'%! &%! "=@?#(,I$&@&'%! $'&! 3&.%/,'&! ,'"%.$@&'%/(,"/%,#'!
@<4,3/(&!&%!"3,&'%,J,I$&!4$!3#.0"!5$@/,'C!!
!
b*C!U(!&"%!'</'@#,'"!%.#$?(/'%!4&!3#'"%/%&.!I$92(<".#".((/!4,"0#",%,#'!3#.0#.&((&!
&'! 4.#,%! J./'_/,"! "9<3/.%&! 3#'3&0%$&((&@&'%! 4&! (/! 4,"0#",%,#'! 3#.0#.&((&! &'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!''!;6! Q312A3-! !%# =(<;:<(+(:)# ="# <:)# 6:-;<# ;%-# *B()=(7(=9-! >Ii=2! 91.<,-! 7<KK6! V2=! 8>AH2=!
:<=51>/K1i32=-!"***-!56!""6!'(!! F6! 5/3! 2Y6! +6! b3,<AY-! ! !"<#=-:(+<#="#*BA+-"#C9$%()#<9-#<:)#6:-;<-! >Ii=2! "**%-! Q32==2=!
T,1023=1>/132=! H2! m<3H2/AY![! h6! m1<R-! !"# 6:)6";+#="#;"-<:))"#C9$%()"# ")# =-:(+# ;9H*(6J#
3"6C"-6C"#<9-# *"# <9P"+#="<#=-:(+<# >:)=%$")+%9O-! 9/KK<p-! #44$-! 56! %*%! 2>! =6![! ;6! :2,2>>2S
F/ABI2p-!5(<;:<"-#="#<:(#V#N)"#%)%*M<"#=9#=(<6:9-<#P9-(=(G9"#<9-#*"<#=-:(+<#="#*%#;"-<:))"#
<9-#<:)#6:-;<-!VMI/3@/>>/,-!#44%![!\6!lI/K1K-!!"#6:-;<#C9$%()#W#=(<;:<(+(:)-!>Ii=2!g<AK<A=2-!
#44)6!!!')!V<1!,O#44%S)44!HA!'!/<P>!#44%-!\6f6!(!/<P>!#44%-!06!^A@L3<!=5LB1/K!m1<L>I1aA2-!!/1/I/#
")!_L036!#44&![!m1,2>-!5-/#>%$6!#44%6!8>AH2=!##-!#'!2>!#)![!9<==123!3/5/X/X/!#44&6!")$6!'*!V<1! ,O#4""S)"%! HA! (! .A1KK6! #4""! 32K/>102! Z! K/! `1<L>I1aA2-! \6f6! )! .A1KK6! #4""6! Q<A3! H2=!
B<@@2,>/132=-! 06! 96! F1k,2/A-! J!V/! ,<A02KK2! K<1! H2! `1<L>I1aA2!N-! 8H1>1<,=! KLk1=K/>102=-!
`AKK2>1<,!=5LB1/K-!,O#")S"-!9/KK<p-!=25>6!#44"![!b6!7I2R,2>!H2!m2/A53L-!J!V/!3L01=1<,!H2!K/!
K<1!32K/>102!Z!K/!`1<L>I1aA2!N-!56!#4""-!56!##"(![!./0/1/#26!#4""-!)%%-!/523eA!3/51H2!5/3!7I6!
mRD![! \6S?6!m1,2>-! ./0/1/#2/! #4""-!/B>6!)%'-!/523eA! 3/51H2![!!%#-,>:-$"#="#*%#*:(#H(:,+C(G9"#Y#
6:$$")+%(-"# "+# %)%*M<"# ="# *%# *:(# =9# Z# P9(**"+# [\DD-! V2Y1=^2Y1=-! #4"#6! F6! Lk/K2@2,>! 96!
F1k,2/A-!J!V2=!H1=5<=1>1<,=!H2!K/!K<1!J!`1<L>I1aA2!N!HA!(!.A1KK2>!#4""!32K/>102=!Z!KM2@`3R<,!
2>!/A!_u>A=!IA@/1,!N-!56!#4""-!56!###%6!!
! #&
4.#,%! &$.#0<&'1! I$,! 0.#%BP&! &A0(,3,%&@&'%! $'&! $%,(,"/%,#'! 4&! "#'! 3#.0"!
4/'P&.&$"&!0#$.!"#,!&'!4&5#."!4&!%#$%!#?+&3%,J!@<4,3/(C!>,'",1! (/!4,"0#",%,#'!
3#.0#.&((&! &'! %/'%! I$&! @/',J&"%/%,#'! 4$! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&!
"&./,%! 4/;/'%/P&! (,?<./(&! &%! "9#00#"&./,%! E! (/! 3#'3&0%,#'! .&"%.,3%,;&! 4$! 4.#,%!
J./'_/,"C!2B"!(#."1!3&!"#'%!4&$A!3#'3&0%,#'"!4$!3#.0"!5$@/,'!I$,!"9#00#"&'%!
0/.! (&!0.,"@&!4&!3&"!4&$A!3#'3&0%,#'"!4&! (/!4,"0#",%,#'!3#.0#.&((&!H! 3&((&!4$!
4.#,%! 3#'%,'&'%/(! E! (/I$&((&! &"%! /%%/35<&! (&! 4.#,%! J./'_/,"1! "&(#'! (/I$&((&!
(9,'4,;,4$! 4#,%! D%.&! 0.#%<P<! 3#'%.&! ($,[@D@&! =(LG%( C'.O( G#-)'.0( P( "%-)"%(
.-&'<<#"02@*%( *2().&<#&.0.#-(#'( *2().&<2".0.#-()+'-(6%6@"%()%( *2( &#G.1018( L%0O( .*( )#.0(
E0"%(<#&&.@*%()%(&'"6#-0%"(*%(GB#.H(.-)./.)'%*(%0()%(<"#017%"(*+.-)./.)'(62*7"1(*'.(Dg-1!
&%!3&((&!4$!4.#,%!/'P(#["/A#'1!4/;/'%/P&!3&'%.<&!"$.!(9,'4,;,4$1!0#$.!(/I$&((&!
=(5+.-)./.)'(L%&0O(*2(/2*%'"(<"%6.K"%(%0(L#-O(*'.("%G#--2e0(.-0".-&KC'%6%-0(*2($2G'*01(
)+%H%"G%"(&%&(*.@%"01&(G#66%(@#-(*'.(&%6@*%(%0(C'2-)(.*( *%(?'7%(#<<#"0'-8(C'.00%(P(&%(
6%00"%(%-()2-7%"(Df^C!
bbC! ^$&((&! 0#$../,%! /(#."! D%.&! (9,'J($&'3&! 4&! (/! +$.,"0.$4&'3&! .&(/%,;&! E!
(9/$%#'#@,&! 0&."#''&((&! &'! 4.#,%! J./'_/,"! &%! 4#'31! 0/.! 3#'%.&3#$01! "$.! (/!
4,"0#",%,#'!3#.0#.&((&!&'!4.#,%! ,'%&.'&v!:'&! %&((&! ,'%&..#P/%,#'!&"%! %#$%!E! J/,%!
+$4,3,&$"&1!0#$.!4&$A!./,"#'"!&""&'%,&((&"C!29/?#.41! (/!G./'3&!&"%!0(/3<&!"#$"!
(/!+$.,4,3%,#'!4&!(/!7#$.!4&!R%./"?#$.PC!X.1!(95#@#P<'<,%<!4&!(/!0.#%&3%,#'!4&"!
4.#,%"! J#'4/@&'%/$A! &'! O$.#0&! ,@0(,I$&! I$&! %#$"! (&"! 0/="! @&@?.&"! 4$!
7#'"&,(!4&!(9O$.#0&1!@D@&!3&$A!'#'!3#'4/@'<"1!/00(,I$&'%!(/!+$.,"0.$4&'3&!
&$.#0<&''&C!O'"$,%&1!(&!4.#,%!J./'_/,"1!@/(P.<!$'&!(,@,%/%,#'!%./4,%,#''&((&!4&"!
0#"",?,(,%<"! 49,'"%.$@&'%/(,"&.! (&! 3#.0"! 5$@/,'1! "&! 4,.,P&! 0.#P.&"",;&@&'%!
;&."!$'&!(,?<./(,"/%,#'!&'!(/!@/%,B.&C!8/!'#$;&((&!(#,!4&!?,#<%5,I$&!.<3&@@&'%!
/4#0%<&! &'! 3#'"%,%$&! $'&! ,(($"%./%,#'C! O'! &JJ&%1! ",! (&! 0.,'3,0&! 49,'%&.4,3%,#'!
4&@&$.&!"9/P,""/'%!4&! (/! .&35&.35&!"$.! (&"!&@?.=#'"!5$@/,'"!&%! (&"!3&(($(&"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!(4!96!?<@/,-!J!! J!b! B<35=!HL_2,H/,>!N-! K/!53<>2B>1<,!H2! KM1,H101HA! B<,>32! KA1S@d@2!N-!5/!
#44(-!,O"*-!56!"#)%6!("!96!?<@/,-!53LB/!
! #'
"#$35&"!&@?.=#''/,.&"(#1!(&!R<'/%!<%/,%!J/;#./?(&!E!"#'!/$%#.,"/%,#'($C!!X'!"/,%!
<P/(&@&'%! I$&! 4&! '#@?.&$"&"! 4<.#P/%,#'"1!@/,'%&'$&"! 0/.! (/! '#$;&((&! (#,1!
0&.@&%%&'%! &'! .</(,%<! 4&! 4<.#P&.! /$! 0.,'3,0&(%C! 2&! (/! @D@&! @/',B.&1! (&"!
3#'4,%,#'"! 4$! ?<'<J,3&! 4$! 4,/P'#"%,3! 0.<,@0(/'%/%#,.&! #'%! <%<! <(/.P,&" (& C!
O'J,'1!'9#$?(,#'"!0/"!I$&! (9,@0(/'%/%,#'!<#&0(6#"0%6!4&"!&@?.=#'"1! ",! &((&!/!
J,'/(&@&'%!<%<!/?/'4#''<&1!<%/,%!%#$%!E!J/,%!3#'3&;/?(&!0#$.!(&!R<'/%1!/,'",!I$&!
(9<(/.P,""&@&'%!4$!?<'<J,3&!4&!(/!0.#3.</%,#'!@<4,3/(&@&'%!/"","%<&!L3,[/0.B"!
6C! ZC! >CM! /$A! 3#$0(&"! 4&! J&@@&"! 5#@#"&A$&((&" (' C! >$! %#%/(1! @/(P.<!
(9&'3/4.&@&'%!0.<;$!0/.! (&"! %&A%&"!#$! (&!@/,'%,&'!4&!3&.%/,'&"! ,'%&.4,3%,#'"1!
$'!0/"!"$00(<@&'%/,.&!/!<%<!J./'35,!4/'"!(/!(,?<./(,"/%,#'!4&!(9/33B"!/$!3#.0"!
5$@/,'y!/;/'%!(&!0.#35/,'C!O'!&JJ&%1!(9<(&3%,#'!.<3&'%&!4$!'#$;&/$!6.<",4&'%!
4&!(/!S<0$?(,I$&1!ZC!GC!Q#((/'4&1!/$P$.&!49$'&!0.#P.&"",#'!"$00(<@&'%/,.&!
4/'"! 3&! 4#@/,'&! E! 0($"! #$! @#,'"! (#'P! %&.@&!H! 3&($,[3,! 0.#@&%! 49#$;.,.! (&!
@/.,/P&! &%! (9/4#0%,#'! /$A! 3#$0(&"! 4&!@D@&! "&A&1! /,'",! I$&! 4&! 0&.@&%%.&! E!
%#$%&"!(&"!J&@@&"1!=(&2-&(G#-).0.#-()%(&.0'20.#-()%(G#'<*%(#'()+.-$%"0.*.01(D1!49/;#,.!
/33B"! E! (/! 6C! ZC! >C1! &'! .&"%/'%! %#$%&J#,"! 4<J/;#./?(&! E! (9/$%#.,"/%,#'! 4&! (/!
P&"%/%,#'! 0#$.! /$%.$, (( C! U(! 0.#+&%%&! <P/(&@&'%! 4&! ",@0(,J,&.! (&"! .BP(&"!
/00(,3/?(&"!/$A!4#'"!49&@?.=#'"()!&%!49/$%#.,"&.!(/!.&35&.35&!"$.!(&"!3&(($(&"!
"#$35&"!&@?.=#''/,.&"C!O'!#$%.&1!,(!"#$5/,%&!<(/.P,.!(&"!3#'4,%,#'"!(<P/(&"!4&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!(#!b3>6!V6!#"&"S&!HA!76;6Q6!($!b,B6!/3>6!#$!HA!53<.2>!H2!K<16!(%!b3>6!V6!#"&"S&!HA!76;6Q6-!/K1,L/!#!2>!=6!(&!b3>6!V6!#"$"S"!HA!76!;6!Q6!('!?2=52B>102@2,>!/,B12,!/3>6!#4!H(<!2>!#4!HA!53<.2>!H2!K<16!((!U6!m<,Sc/A3R!2>!96!vA1,aA2><,-!!"<#DZ#G9"<+(:)<#=B?8X#]?:$:<"O9%*(+,<#"+#X:6(%*(<$"^J#
!"<#-,;:)<"<#="#_-%)`:(<#?:**%)="-!,<06!#4""-!56!"4!2>!=6!?2@/3aA<,=!><A>2_<1=-!=M/k1==/,>!
H2! K/! k2=>/>1<,! 5<A3! /A>3A1-! aA2! K2! Q3L=1H2,>! H2! K/! ?L5A`K1aA2! 53<.2>>2! HM/A><31=23! K/!
>3/,=B315>1<,-! =A3! K2=! 32k1=>32=!H2! KML>/>! B101K! _3/,e/1=-!H2=!/B>2=!H2!,/1==/,B2!HM2,_/,>=!
,L=!H2!B2>>2!53/>1aA2!KLk/K2!Z!KML>3/,k236!()!+K! =M/k1>! ,<>/@@2,>! HM/A><31=23! K2=! 1,=L@1,/>1<,=! H2! k/@i>2=! 2>! K2=! >3/,=_23>=!
HM2@`3R<,=!;:<+#$:-+"$!a#=%)<#*"<#6%<#:b#*"#=,6c<#=9#;%-+")%(-"#%#()+"--:$;9#9)#;-:P"+#
;%-")+%*#")#6:9-<#d-! ()#3"=-"<<"-# *%#_-%)6"J# -"+-:97"-# *%# P9<+(6"J# -%<<"$H*"-# *"<#_-%)`%(<J#
!B()+,&-%*"#="<#;-:;:<(+(:)<#="<#<:6(%*(<+"<#;:9-#6C%)&"-#*%#_-%)6"-!/031K!#4""-!556!(#S($6!
! #(
(9/,4&! E! @#$.,. (* C! 7&.%&"1! ",! (9&A0<.,&'3&! /! @#'%.<! I$&! (&"! 0.#@&""&"!
0.<",4&'%,&((&"! '&! J#'%! 0/"! (&"! (#,"1! #'! '&! 0&$%! 3&0&'4/'%! ./,"#''/?(&@&'%!
4#$%&.!49$'!"%/%$%!C'#1!E!(95&$.&!#h!(/!3#@0<%,%,;,%<!"3,&'%,J,I$&!4&!(/!G./'3&!
&"%!&'!+&$!"$.!(&!0(/'!,'%&.'/%,#'/(1!&%!I$&!(/!35,@B.&!4&!(9<P/(,%<!<2"$2.0%!&'%.&!
%#$"! (&"! 3,%#=&'"! 4&;,&'%! $'&! #?(,P/%,#'! 4&! .<"$(%/%! 0#$.! (&! 0#(,%,I$&C! =(L:O*(
&+27.0( )+2)2<0%"( *%( )"#.0( 2'H( $2.0&(d( G+%&0( P( )."%( 2'H( )1G#'/%"0%&( #'( 2'H( @%&#.-&( )%&(
&G.%-0.$.C'%&8( 2'H( "12*.01&( )'( 62"GB18( 2.-&.( C'+2'H( "%/%-).G20.#-&( .-)./.)'%**%&(
0#'?#'"&( <*'&( -#6@"%'&%&( )2-&( -#0"%( &#G.101(D1! "#$(,P'&! /;&3! ./,"#'! ZC! 2C!
V,P'&/$)4C!
!
bdC!O'!0.&'/'%!3#@@&!.<J<.&'3&!4&!?/"&!4&!'#%.&!<%$4&!(&!4.#,%!&$.#0<&'!&%!
0($"!0.<3,"<@&'%!(/! +$.,"0.$4&'3&!4&!(/!7#$.!OC!2C!QC1!'#$"!'#$"!0.#0#"#'"!
/(#."! 49<%$4,&.! (9,'J($&'3&! 0#"",?(&! 4$! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! &'!
4.#,%!J./'_/,"!4/'"!(&"!4#@/,'&"!4/'"!(&"I$&("!,(!/!<%<!3#'"/3.<!H!(/!J,'!4&!;,&1!
(/!@/a%.,"&!4&!(/!0.#3.</%,#'1!(/!;,&!"&A$&((&C!K#$"!(9/;#'"!"#$(,P'<!&'<"21!$'&!
%&((&! 4<@/.35&! %.#$;&! %#$%&! "/! 0&.%,'&'3&! 4/'"! (/! .<J(&A,#'! /3%$&((&! "$.! (&!
"%/%$%! 4$! 3#.0"! 5$@/,'! I$,! "&! ",%$&! E! (/! 3.#,"<&! 4&! 3#'",4<./%,#'"!
05,(#"#05,I$&"1! .&(,P,&$"&"1! <%5,I$&"1! +$.,4,I$&"! <;,4&@@&'%1! /,'",! I$&!
0#(,%,I$&"C!
beC!6.<3,"#'"!<P/(&@&'%!I$&!",!(&!"%/%$%!4&!(9&'J/'%!.-('0%"#!"&./!,'3,4&@@&'%!
/?#.4<! /$! 3#$."!4&!'#"!4<;&(#00&@&'%"1! ,(! '&! "9/P,./!0/"!49<%$4,&.!4/'"! (&!
4<%/,(!(&!"%/%$%!4&!(9&@?.=#'1!&%!&'!0/.%,3$(,&.!(/!.&35&.35&!"$.!(9&@?.=#'!&%!(&"!
3&(($(&"! "#$35&"! &@?.=#''/,.&"C! >,'",1! (&! 4,/P'#"%,3! 0.<,@0(/'%/%#,.&! "&./!
&A3($! 4&! '#%.&! 4<@/.35&1! 3/.! ,(! .&(B;&! /;/'%! %#$%! 4&! (/! .&35&.35&! "$.!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!(*!;2K<,! K2!53<.2>!=<B1/K1=>2!53LB6-! 1K!=M/k13/1>!H2!523@2>>32!Z!><A>2!523=<,,2!@/.2A32!H2!
a#H,),>(6("-#=B9)"#%<<(<+%)6"#$,=(6%*(<,"#;:9-#$:9-(-#=%)<#*%#=(&)(+,#d!2,!B/=!HM!a#%>>"6+(:)#
&-%7"#"+#()69-%H*"#]")#;C%<"#%7%)6,"#:9#+"-$()%*"^#()>*(&"%)+#9)"#<:9>>-%)6"#;CM<(G9"#:9#
;<M6C(G9"#G9(#)"#;"9+#A+-"#%;%(<,"#"+#G9B"**"#P9&"#()<9;;:-+%H*"#d6!F6!53<.2>!53LB6-!56!($6!)4!96!F1k,2/A-!J!V/!3L01=1<,!H2=! K<1=!H2!`1<L>I1aA2!N-! ()!!"<#")P"9O#,+C(G9"<#="#*B%6+9%*(+,#
P9-(=(G9"#Y#%6+"<#=9#eeKKKc$"#6:**:G9"#)%+(:)%*#="#*%#0:)>,=,-%+(:)#="<#P9-(<+"<#6%+C:*(G9"<#
="#_-%)6"-!H136!\6Sm6!HMf,<31<-!LH6!Q12332!gLaA1-!#4""-!56!*(6!
! #)
(9&@?.=#'1! (/!@/a%.,"&! 4&! (/! 0.#3.</%,#'! <%/'%! $'! #?+&3%,J! "&3#'4/,.&1! 3&! I$,!
0&$%! D%.&! 4<4$,%1! 49$'&! 0/.%1! 4&! (9/.%,3(&! 8C! *)b)[)! 4$! 7#4&! 4&! (/! "/'%<!
0$?(,I$&1!0.<;#=/'%!I$&!=(5%().27-#&0.G(<"1-202*(&+%-0%-)()%&(<"20.C'%&(61).G2*%&(
QRS( 232-0( <#'"( @'0( )%( )10%G0%"( .-( '0%"#( GB%A( *+%6@"3#-( #'( *%( $g0'&( '-%( 2$$%G0.#-(
)+'-%(<2"0.G'*.K"%(7"2/.01(D1! 49/$%.&!0/.%! 4&! (9/.%,3(&!8C! *)b)[d! 4$!@D@&!7#4&1!
/(,'</"! )! &%! f1! <'#'_/'%!I$9! =(F-( %-0%-)( <2"( ).27-#&0.G( <"1.6<*%-020#."%( *%(
).27-#&0.G( @.#*#7.C'%( "12*.&1( P( <2"0."( )%( G%**'*%&( &#'GB%&( <"1*%/1%&( &'"( *+%6@"3#-( .-(
/.0"#(D!! &%! I$&! =(5%( ).27-#&0.G( -%( <%'0( 2/#."( )+2'0"%( #@?%0( C'%( )%( "%GB%"GB%"( L'-%O(
2$$%G0.#-(2.-&.(C'%(*%&(6#3%-&()%(*2(<"1/%-."(%0()%(*2(0"2.0%"(DC!
bfC! 2&! @D@&1! (&! 4#@/,'&! 4&"! ,'3/0/3,%<"! '&! J&./! 0/"! (9#?+&%! 49$'&! <%$4&!
0/.%,3$(,B.&C!R,1!/$!0.&@,&.!/?#.41!3&!35#,A!"&@?(&!0&$!+$4,3,&$A!/$!.&P/.4!4$!
%5B@&! 4&! .&35&.35&! I$,! '#$"! #33$0&1! ,(! &"%! +$"%,J,<! 0/.! (9/'P(&! "#$"! (&I$&(!
(9/$%#'#@,&!"&./!<%$4,<&C!O'!&JJ&%1!/$!.&P/.4!4&!(/!+$.,"0.$4&'3&!4&!(/!7#$.!4&!
R%./"?#$.P1!(9/$%#'#@,&!0&."#''&((&!"&!@/',J&"%&!3#@@&!(9&A&.3,3&!49$'!35#,A!
0#'3%$&(! .&(/%,;&@&'%! E! "#'! 3#.0"! x! "&! "$,3,4&.1! 35/'P&.! 4&! "&A&1! /;#.%&.1!
&'%.&%&',.!4&"!.&(/%,#'"!"&A$&((&"!"/4#@/"#35,"%&"![1!&%!'#'!3#@@&!(9&A3&0%,#'!
E! (9!=(:-2<0.0')%( ?'".).C'%(C'.8( )2-&( *%&( G2&()10%"6.-1&(<2"( *2( *#.( QRS( %6<EGB%('-%(
<%"&#--%()+2GC'1"."( #'()+%H%"G%"(/2*2@*%6%-0('-()"#.0(DEDC! >$! %#%/(1! (9/$%#'#@,&1!
4/'"!(&!4#@/,'&!4&"!,'3/0/3,%<"!x!I$9,(!"9/P,""&!4$!@,'&$.!'#'!<@/'3,0<)#!#$!
4$! @/+&$.! 0.#%<P<! [! .&';#,&1! "35<@/%,I$&@&'%1! /$A! /3%&"! I$&! (/! 0&."#''&!
"#$"! 0.#%&3%,#'! +$.,4,I$&! 0&$%! /33#@0(,.! "/'"! D%.&! 3#'%.t(<&1! /"","%<&1!
.&0.<"&'%<&!#$!/$%#.,"<&!0/.!$'&!%,&.3&!0&."#''&C!O((&!3#'"%,%$&!4#'3!3&!I$&!
'#$"! 0#$;#'"! /00&(&.! i!$'&! 0.#?(<@/%,I$&! P<'<./(&! 4&! ;,&!j1! /(#."! I$&!
(9/$%#'#@,&!0&."#''&((&1!/$!.&P/.4!4&!3&!I$,!;,&'%!49D%.&!<3.,%1!3#'"%,%$&!$'&!
i!0.#?(<@/%,I$&! 0/.%,3$(,B.&! 4&! ;,&!jC! Z/(P.<! (&"! /00/.&'3&"1! (&"! 4&$A!
/00.#35&"!"#'%!4#'3!?,&'!4,"%,'3%&"!&%!(9<%$4&!4$!4.#,%!4&"!,'3/0/3,%<"!/$./,%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!)"!U6!7<3,A-!:;/#6(+6-!0O!J!+,B/5/B1>L!N6!)#!Q/3!KML@/,B15/>1<,-! K2!@1,2A3!H2012,>!a#6%;%H*"J#6:$$"#9)#$%P"9-J#="#+:9<#*"<#%6+"<#="#
*%#7("#6(7(*"#d6!7252,H/,>-!1K!H<1>!<`>2,13!K2=!/A><31=/>1<,=!,LB2==/132=!a#;:9-#<"#$%-("-#"+#
<"#=:))"-#")#%=:;+(:)J#]6:$$"^#<B(*#)B,+%(+#;:()+#,$%)6(;,#d!n/3>6!%"$S'!76B106o6!
! #*
4,($<!'#%.&!4<@#'"%./%,#'1! 3&! I$,! +$"%,J,&! "#'! &A3($",#'C!K</'@#,'"1! 3&((&[3,!
'9,'%&.4,./! 0/"! 49/00#.%&.1! /$! 3#$."! 4&! '#"! 4<;&(#00&@&'%"1! 3&.%/,'&"!
0.<3,",#'"!3#'3&.'/'%!(&"!,'3/0/?(&"C!
!
bgC! U(! 3#';,&'4./! /,'",1! 4/'"! $'! 0.&@,&.! %&@0"1! 49/'/(="&.! (&! 0.,'3,0&!
49/$%#'#@,&!0&."#''&((&C!S/00&(#'"[(&1! 3&($,[3,!&"%! ,'<4,%!&'!4.#,%!&$.#0<&'1!
(/! 7#$.! 4&! R%./"?#$.P! (9/=/'%! 4<4$,%! 4&! (9/.%,3(&! c! 4&! (/! 7#';&'%,#'! 4&!
@/',B.&!%#$%!E!J/,%!0.<%#.,&''&C!K#%.&!4<@/.35&!3#'","%&./!/(#."!E!4<%&.@,'&.1!
/$[4&(E!4&! (9/JJ,35/P&! %&.@,'#(#P,I$&!I$&!3#'"%,%$&! (&!0.,'3,0&!49/$%#'#@,&!
0&."#''&((&1! "/! ",P',J,3/%,#'1! /,'",! I$&! "&"! J#'4&@&'%"C! O'! "#@@&1! '#$"!
/00(,I$#'"! $'&! "#.%&! 4&! 0.,'3,0&! 4&! 0.<3/$%,#'!H! J/3&! E! 3&%! ,'3#''$!
+$.,"0.$4&'%,&(!I$9&"%! (&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&1! ,(! 3#';,&'%!49D%.&!
3$.,&$AC! 29/,((&$."1! /$[4&(E! 4&! (/! 3#'3&0%,#'! /?"#($%,"%&! 4&! (/! 4,"0#",%,#'!
3#.0#.&((&!I$9,(!;<5,3$(&(2(<".#".1!(&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!&"%!0&$%[
D%.&! ! (&!.<;<(/%&$.!3#'%&@0#./,'!4$!.&3$(!4$!4.#,%!%./4,%,#''&(!0.#%&3%&$.!4&!
(9,'4,;,4$1! 4,%! i!0/%&.'/(,"%&!jC! X.1! #'! (9/! ;$1! 3&%%&! ,4<&! 4&! 0.#%&3%,#'! 4&!
(9,'4,;,4$!3#'%.&!($,[@D@&!/',@&!%./4,%,#''&((&@&'%!(&!4.#,%!J./'_/,"1!4/'"!(/!
@#$;/'3&!4$!4.#,%!3#'%,'&'%/(!/$!3#'%./,.&!4$!4.#,%!/'P(#["/A#'1!0($"!(,?<./(C!
8&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! 3#'"%,%$&! 0&$%! D%.&! /(#."! $'&!
@/',J&"%/%,#'!4&!(9,'J,(%./%,#'!4$!4.#,%!&$.#0<&'!0/.!(/!0&'"<&!+$.,4,I$&!/'P(#!
"/A#'&1!4#'%!(&!+$P&!&$.#0<&'!"&./,%!(&!0.#@#%&$.!&JJ,3/3&@&'%!0#",%,#''<C!U(!
&"%! 49/$%/'%! 0($"! (<P,%,@&! 4&! (&! 0&'"&.! I$&! (&! 0.,'3,0&! 49/$%#'#@,&!
0&."#''&((&! /! J/,%! "#'! /00/.,%,#'! ,(! =! /! I$&(I$&"! 4<3&'',&"! 4<+E! &'! 4.#,%!
/@<.,3/,'C! >,'",1! (&! 0.,'3,0&! <%$4,<! "&@?(&! D%.&1! J,'/(&@&'%1! (/! ",@0(&!
%./'"0#",%,#'1! &'!4.#,%! &$.#0<&'1! 4&! (/! +$.,"0.$4&'3&! /4#0%<&!0/.! (&"!7#$."!
"$0.D@&"! /@<.,3/,'&"1! 0/.%,3$(,B.&@&'%! (/! 7#$.! "$0.D@&! 4$! 7/'/4/! &%! (/!
7#$.! "$0.D@&! 4&"! O%/%"[:'," cb C! 8&! +$P&! &$.#0<&'! "&@?(&! 4#'3! /;#,.!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!)$!F6! 5/3! 2Y6-! =M/k1==/,>! H2! K/! 7<A3! =A53d@2!HA!7/,/H/-! KM/33d>!?<H31kA2p! B6! 7<K<@`12Sm31>/,,1aA2! nQ3<BA32A3! kL,L3/Ko-! w"**$x! $! ?676;6! &"*! n0<13! K2! =1>2! 1,>23,2>! H2! K/! 7<A3!
! $4
i!&@0.$'%<!j! (&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! /$A! +$P&"! 3/'/4,&'! &%!
/@<.,3/,'C! 6/.! (E!@D@&1! ",! (&! 0.,'3,0&! &"%! ,'<4,%! &'! 4.#,%! &$.#0<&'1! ! ,(! ! &"%!
2$$."611!&%!'#'!0/"!G"111!0/.!(/!7#$.!OC!2C!QC!79&"%!0#$.I$#,!'#$"!/;#'"!35#,",!
49,'%,%$(&.! '#%.&! C?=KBI?=) CA?:B=3) I$,! /! 0#$.! #?+&%! (9/'/(="&! 4$! 0.,'3,0&!
49/$%#'#@,&! 0&."#''&((&3! @/AQQB?KA:BDE) <;) C?BEFBC=) </A;:DEDKB=)
C=?>DEE=@@=R))
)
bcC! 2/'"! $'! "&3#'4! %&@0"1! ,(! 3#';,&'4./1! 49$'! 0#,'%! 4&! ;$&! 0.#"0&3%,J1!
49<%$4,&.! (&"!;,.%$/(,%<"!4&!3&!0.,'3,0&1!E! (/! J#,"!&'!4.#,%!&$.#0<&'!4&"!4.#,%"!
4&! (95#@@&!&%!&'!4.#,%! J./'_/,"1!4/'"! (&!4#@/,'&!4$!3#.0"!5$@/,'C!^$&((&"!
0#$../,&'%!D%.&!(&"!3#'"<I$&'3&"1!&'!4.#,%!,'%&.'&1!49$'&!%&((&!.&3#''/,""/'3&!v!
7&%%&!I$&"%,#'!&"%!49/$%/'%!0($"!3.$3,/(&!I$&!(&!4.#,%!3#'%&@0#./,'!"&!",%$&!E!
$'! %#$.'/'%! 4&! (/! J/_#'! 4#'%! ,(! J/$%! 3#'",4<.&.! (&! 3#.0"! 5$@/,'! J/3&! /$A!
0.#P.B"!"3,&'%,J,I$&"1!'#$"!(9/;#'"!"#$(,P'<!&'<"2C!2#,%[#'!%#$%!0&.@&%%.&!"$.!
(&! 0.&@,&.! /$! '#@!4&"! "&3#'4"!v! O'! 4.#,%! J./'_/,"1! (&"! (#,"! ?,#<%5,I$&"! #'%1!
"&@?(&[%[,(1! &'3(&'35<!$'!0.#3&""$"!49/33&"",#'!/$!3#.0"! /$A!;,.%$/(,%<"!0&$!
4<%&.@,'/?(&" )% C! X.1! (&$.! .<;,",#'! .<3&'%&! /33&'%$&! $'&! '#$;&((&! J#,"!
(9,'"%.$@&'%/(,"/%,#'!4$!3#.0"!5$@/,'1!"#$"!3#$;&.%!4&"!,'%<.D%"!"3,&'%,J,I$&"!
&%!@<4,3/$AC!8&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!,'%.#4$,%!&'!4.#,%!J./'_/,"!
&'! =! 4<;&(#00/'%! 0(&,'&@&'%! "&"! ;,.%$/(,%<"! 0#$../,%! 3#'"%,%$&.! $'! J/3%&$.!
.&4#$%/?(&! 4&! (,?<./(,"/%,#'! "$00(<@&'%/,.&! &'! (/! @/%,B.&C! K</'@#,'"1!
(9/'/(="&!.<;B(&./!I$&!(&!4.#,%! ,'%&.'&!&"%!5#"%,(&!E!$'&!.<3&0%,#'!/35&;<&!4$!
0.,'3,0&C!2&! 0($"1! 4$! 0#,'%! 4&! ;$&! 4$! 4.#,%! &$.#0<&'1! (&! 0.,'3,0&! 0#.%&! &'!
P&.@&!"/!0.#0.&!J,',%$4&1!<%/'%!J#'4<!"$.!$'&!4,P',%<!"$?+&3%,;&!I$,!;,4&!4&!"/!
"$?"%/'3&! (9#.4#''/'3&@&'%! 4&"! 4.#,%"! 4&! (95#@@&C! >,'",1! @/(P.<! "&"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!=A53d@2!HA!7/,/H/!]!I>>5]CCB=B6K2YA@6A@<,>32/K6B/C_3C"**$C"**$3B=$S&"*C"**$3B=$S
&"*6I>@Ko! 2>! 06! =M/k1==/,>! H2! K/! 7<A3! =A53d@2! H2=! 8>/>=ST,1=-! KM/33d>! U31=q<KH! 06!
7<,,2B>1BA>-!$)"!T;!%(*!n"*'&o!n0<13-!H2!@d@2-!K2!=1>2!1,>23,2>!H2!K/!7<A3!=A53d@2!H2=!8>/>=S
T,1=!]I>>5]CCqqq6K/q6B<3,2KK62HAC=A5B>CI>@KCI1=><31B=CT;;7y7?y4$)"y4%(*yjf6I>@Ko6!!)%!F6!96!F1k,2/A-!53LB6!
! $"
;,.%$/(,%<"! 0.#?/?(&"3) @=) C?BEFBC=) </A;:DEDKB=) C=?>DEE=@@=) =>:)
DE:D@DMBP;=K=E:)CD?:=;?)<=)>=>)C?DC?=>)@BKB:=>3)F=)P;B)>=?A)G:;<BG)<AE>)@A)
>=FDE<=)CA?:B=R)
)
)
)
)
)
)
)
)
)
) )
! $#
)
)
)
)
)
)
)
)
)
)
)
+&%4#%&%)+,&(#%)S)
./,11#&4,(#0")*!)+&#"2#+%)*/,!(0"04#%))
+%&'0""%..%)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
! $$
)
)
)
)
bkC! R,! (9/'/(="&! 4&! (/! +$.,"0.$4&'3&! &$.#0<&''&! @#'%.&! I$&!
(9/$%#'#@,&!0&."#''&((&!3#'"%,%$&!$'!0.,'3,0&!,'%&.0.<%/%,J!,'<4,%!4&!(9/.%,3(&!c!
4&!(/!7#';C!OC!2C!QC1!,(!&"%1!/$!4&@&$./'%1!4,.&3%&@&'%!,""$!4&!(/!+$.,"0.$4&'3&!
4&! (/!7#$.! "$0.D@&!4$!7/'/4/! &%! 0($"! (/.P&@&'%!4$!4.#,%! '#.4[/@<.,3/,'C!
`#$%! "&! 0/""&! 4#'3! 3#@@&! ",! (/! 7#$.! OC! 2C! QC! /;/,%! &@0.$'%<! (&! 0.,'3,0&!
49/$%#'#@,&!0&."#''&((&!E!3&!"="%B@&! +$.,4,I$&!/J,'!4&! (9,'%<P.&.!)."%G0%6%-0(
/$! 4.#,%! &$.#0<&'1! 4/'"! (/! @#$;/'3&! 4&! "/! %./4,%,#''&((&! ,'%&.0.<%/%,#'!
3.</%.,3&C!Z/(P.<! (9/00/.&'3&! 49$'&! <',B@&! 3.</%,#'! 0.<%#.,&''&! 4$! +$P&! 4&!
R%./"?#$.P1! @=) C?BEFBC=) </A;:DEDKB=) C=?>DEE=@@=) FDE>:B:;=) A@D?>) ;E=)
?GJG@A:BDE3)=:)EDE);E=)F?GA:BDE3!=E)<?DB:)=;?DCG=E!T2HACB:?=)8UC!!
d-C!>$[4&(E!4&!(/!3$.,#",%<!+$.,4,I$&!I$&!"$"3,%&!3&%!&@0.$'%!#$%.&!/%(/'%,I$&1!
(&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!0.<"&'%&!$'!,'%<.D%!%5<#.,I$&!3&.%/,'C!O'!
&JJ&%1! ,(! J#'4&1! '#$"! (9/;#'"! &A0(,I$<1! $'&! 3#'3&0%,#'! 4&! (/! 4,"0#",%,#'!
3#.0#.&((&! 0($"! (,?<./(&! I$&! 3&((&! 3(/"",I$&@&'%! /4#0%<&! &'! 4.#,%! ,'%&.'&1!
,(($"%./'%! ;E=) <B>FD?<AEF=) FDEF=C:;=@@=) ) =E:?=) @=) C?BEFBC=) </A;:DEDKB=)
C=?>DEE=@@=)=:)@A)<B>CD>B:BDE)FD?CD?=@@=)=E)<?DB:)Q?AEVAB>)T2HACB:?=)WUR)
!
!
!
)
)
! )
! $%
29,+#(&%)#)S).,)&%$%.,(#0")*!)+&#"2#+%)*/,!(0"04#%)
+%&'0""%..%)%")*&0#()%!&0+%%")
)
)
)
d)C!8/!'#$;&/$%<!4$!0.,'3,0&!49/$%#'#@,&!0&."#''&((&! ,@0#"&!$'&!3$.,#",%<!
+$.,4,I$&C!O'!&JJ&%1!/$[4&(E!4&! (9/JJ,35/P&! %&.@,'#(#P,I$&!I$9,(! 3#'"%,%$&1! "#'!
,'%<P./%,#'!/$!4.#,%!&$.#0<&'!4&"!4.#,%"!4&!(95#@@&!%./4$,%!(/!;#(#'%<1!4&!(/!
0/.%!4$!+$P&!4&!R%./"?#$.P1!4&!@#4,J,&.!(&!3#'%&'$!4$!4.#,%!/$!.&"0&3%!4&!(/!
;,&! 0.,;<&! 4/'"! (&! 4#@/,'&! 4$! 3#.0"! 5$@/,'C! >,'",1! (9<%$4&! 4&"! %&'/'%"! &%!
/?#$%,""/'%"!4$!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!"9,@0#"&1!/J,'!4&!+/$P&.!(&"!
@#4,J,3/%,#'"!0.#?/?(&"!I$,! (9/33#@0/P'&.#'%!&'!4.#,%! &$.#0<&'!&%! &'!4.#,%!
J./'_/,"C!R,! 3&((&"[3,! "&.#'%!<%$4,<&"! .-$"21! ,(! 3#';,&'%!4/'"!$'!0.&@,&.! %&@0"!
4&! 0.#3<4&.! E! (9/'/(="&! J#'4/@&'%/(&! 4$! 0.,'3,0&C!,BE>B3) ED;>) G:;<B=?DE>)
</;E=) CA?:) @A) M=EI>=) <;) C?BEFBC=) </A;:DEDKB=) C=?>DEE=@@=) T'=F:BDE) 8U3) =:)
</A;:?=)CA?:)>A)>BMEBQBFA:BDE3)=E)<?DB:)=;?DCG=E)T'=F:BDE)WUR)
)
)
)
)
)
)
)
)
)
)
! $&
'=F:BDE) 8) S) .A) M=EI>=) <;) C?BEFBC=) <XA;:DEDKB=) C=?>DEE=@@=) =E) <?DB:)
=;?DCG=E)
!
)
d*C! 89<%$4&! .<;B(&! $'&! P&'B"&! 3#@0(&A&1! 0$,"I$&! (&! 0.,'3,0&! 49/$%#'#@,&!
0&."#''&((&!&"%!+$"%,J,<!0/.!4&$A!J#'4&@&'%"1!(9$'!@/',J&"%&!&%!(9/$%.&!#33$(%&C!
8&!0.&@,&.!3#..&"0#'4!/$!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&!TY8U1!(&!"&3#'4!/$!
4<3(,'!4&!(9,'J($&'3&!.&(,P,&$"&!&'!4.#,%!&$.#0<&'!TYWUC!
!
!
Y8) S).=)<?DB:)A;)?=>C=F:)<=) @A)JB=)C?BJG=3) QDE<=K=E:)KAEBQ=>:=)<;)C?BEFBC=)
<XA;:DEDKB=)C=?>DEE=@@=)
)
!
dbC!R&(#'!(/!7#$.!OC!2C!QC1!(&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!&"%!J#'4<!"$.!
(&! 4.#,%! /$! .&"0&3%! 4&! (/! ;,&! 0.,;<&! T,UC! X.1! 3&! 4&.',&.! &"%! #.,P,'&((&@&'%!
.&"%.,3%,J! &%! '&! "&@?(&! 0/"! 0&.@&%%.&! $'&! %&((&! 4,P.&"",#'C! 7&(/! &A0(,I$&!
0#$.I$#,! 4/'"! (9/..D%! 6.&%%=! 3#'%.&! S#=/$@&[:',1! .<;<(/'%! (&! 0.,'3,0&!
49/$%#'#@,&!0&."#''&((&1!&((&!"&!.<JB.&!&A0(,3,%&@&'%!E!(/!+$.,"0.$4&'3&!4&!(/!
7#$.! R$0.D@&! 4$! 7/'/4/! 3#@@&! &A0(,3/%,#'! E! (/! 3.</%,#'! 4&! 3&! 0.,'3,0&C!
7#@@&! 0/.! $'! &JJ&%! 4&! ;/"&"! 3#@@$',I$/'%"1! (&! 0.,'3,0&! 49/$%#'#@,&!
0&."#''&((&! "&@?(&! /(#."! 0/""&.! 49$'! "="%B@&! +$.,4,I$&! E! $'! /$%.&C! :'! %&(!
3#'"%/%!'9<%#''&!0/"!;./,@&'%!0$,"I$9,(!&"%!0/%&'%!I$&!(/!7#$.!OC!2C!QC!%.#$;&!
$'&!"#$.3&!49,'"0,./%,#'!4/'"!(&!4.#,%!'#.4[/@<.,3/,'1!&%!'#%/@@&'%!4/'"!(/!
+$.,"0.$4&'3&!4&"!7#$."!R$0.D@&"!'#.4!/@<.,3/,'&"C!X'!0&$%!/,'",!/JJ,.@&.!
I$9&((&! i!&@0.$'%&!j! (&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! /$A! 7#$."!
R$0.D@&"!4$!7/'/4/!&%!4&"!O%/%"[:',"!TNUC!
)
! $'
,O).=)<?DB:)A;)?=>C=F:)<=)@A)JB=)C?BJG=)A;)>=E>)<;)<?DB:)=;?DCG=E))
!
ddC! O"%[,(! '<3&""/,.&! 4&! (&! 0.<3,"&.1! 3r&"%! (r/.%,3(&! c! 4&! (/! 7#';C! OC! 2C! QC! I$,!
3#'"/3.&! (&!4.#,%!/$!.&"0&3%!4&! (/!;,&!0.,;<&1!<'#'_/'%!I$&!=(9#'0%(<%"&#--%(2(
)"#.0(2'("%&<%G0()%(&2(/.%(<"./1%(%0($26.*.2*%8()%(&#-()#6.G.*%(%0()%(&2(G#""%&<#-)2-G%I(
:*(-%(<%'0(3( 2/#."( .-71"%-G%()Z'-%( 2'0#".01(<'@*.C'%()2-&( *Z%H%"G.G%()%( G%()"#.0( C'%(
<#'"(2'02-0(C'%(G%00%(.-71"%-G%(%&0(<"1/'%(<2"(*2(*#.(%0(C'Z%**%(G#-&0.0'%('-%(6%&'"%(
C'.8()2-&('-%(&#G.101()16#G"20.C'%8(%&0(-1G%&&2."%(P(*2(&1G'".01(-20.#-2*%8(2'(@.%-TE0"%(
1G#-#6.C'%()'(<23&8(P(*2()1$%-&%()%(*Z#")"%(%0(P(*2(<"1/%-0.#-()%&(.-$"2G0.#-&(<1-2*%&8(
P( *2( <"#0%G0.#-( )%( *2( &2-01( #'( )%( *2(6#"2*%8( #'( P( *2( <"#0%G0.#-( )%&( )"#.0&( %0( *.@%"01&(
)Z2'0"'.(DC!7r&"%!(r$'!4&"!4.#,%"!35/.',B.&!0.#%<P<!0/.!(/!7#';&'%,#'1!3/.!,(!&"%!
<%.#,%&@&'%!(,<!E!(/!0&."#''&C!!
deC! 2&! @/',B.&! %#$%! E! J/,%! (#P,I$&1! 3&%! /.%,3(&! &"%! 4#'3! /$! J#'4&@&'%! 4$!
0.,'3,0&! 4r/$%#'#@,&! 0&."#''&((&C! 8/! 7#$.! OC! 2C! QC! (r/! .<;<(<! /$! J,(! 4r$'&!
+$.,"0.$4&'3&!.&(/%,;&!E!4&"!4#@/,'&"!&""&'%,&("!4&!(/!;,&!I$&!"#'%!(/!@#.%1!(/!
;,&!"&A$&((&1!&%!(/!0.#3.</%,#'C!
dfC!Rr/P,""/'%!4r/?#.4!4$!4#@/,'&!4&!(/!@#.%1!,(!&"%!,(($"%.<!0/.!(&!3<(B?.&!/..D%!
6.&%%=! 3#'%.&!S#=/$@&[:',! .&'4$!&'!75/@?.&!4&! "&3%,#'! (&!*k!/;.,(! *--*)&C!
2/'"! 3&%%&! /JJ/,.&1! (/! 7#$.! /! 4l! 4<%&.@,'&.! ",! Z@&! 6.&%%=1! /%%&,'%&! 4r$'&!
@/(/4,&!,'3$./?(&!&%!"#$5/,%/'%!I$&!"#'!@/.,!@&%%&!$'!%&.@&!E!"#'!&A,"%&'3&1!
<%/,%! %,%$(/,.&1! "$.! (&! J#'4&@&'%! 4&"! /.%,3(&"! *! &%! c! 4&! (/!7#';C! OC!2C!QC1! 4$!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!)&!768696:6-!Q32>>R!BC?<R/A@2ST,1!#*!/036!#44#-!F6!76!U13/AK>-!J!V/!7<A3!89:!,2!32B<,,/W>!
5/=! KX2Y1=>2,B2!HXA,!H3<1>! Z! K/!@<3>!N-! ./0/1/#2/! ,O!"&-! *! /036! #44$-! ++! "44'#![! ! \6!:/A=23-!
J!8A>I/,/=12!]!K2!H3<1>!/A!,L/,>!2>!KX8A3<52!N-!3/4/5/#6(7/!#44#-!56!%)#![!^6!92__/1,=-!<`=6!==6!
768696:6-! %2!=2B>6-! #*!/036! #44#-! Q32>>R! BC!?<R/A@2ST,1-! 32a6! ,O!#$%'C4#-!89-:;"##44#-!
B<@@6!$4&![!b6!U/3/R-!J!V2!H3<1>!/A!=A1B1H2!/==1=>L!2>! K/!7<A3!2A3<5L2,,2!H2=!H3<1>=!H2!
KXI<@@2!]! K2! J! 53LBLH2,>! N! H2! K/! H3/@/>1aA2! /__/132! Q32>>R!N-!2%'/#;%*6! #44#-! #-! H<B>36!
56!"#%%![!G6!c/==1/=-!J!b!53<5<=!H2!KM/33d>!H2!K/!7<A3!2A3<5L2,,2!H2=!H3<1>=!H2!KMI<@@2!
HA!#*!/031K!#44#-!/33d>!Q32>>R!32K/>1_!/A!=A1B1H2!/==1=>L!2>!Z!KM2A>I/,/=12!N-!?206!;B6!731@6!
2>!H2!H36!5L,/K!B<@56!#44#!,O!$!5/k2!'%&![!86!U/3/AH-!J!b!53<5<=!H2! KM/33d>!H2! K/!7<A3!
2A3<5L2,,2!H2=!H3<1>=!H2!KMI<@@2!HA!#*!/031K!#44#-!/33d>!Q32>>R!B<,>32!?<R/A@2ST,1-!
KM2=5<13! HLeA! H2=! 5/3>1=/,=! H2! KM2A>I/,/=12!N-! ?206! 523=6! 2>! _/@6! #44#! ,O(S)! 56! ""![! Q6!
c/K/A312-!9L_3L,<1=-!#44#-!""$"![!f6!92!;BIA>>23-!?6g696:6-!$44$-!("6!
! $(
=)"#.0( )%( GB#.&."( C'2-)( %0( G#66%-0( 6#'"."DETI! N,&'! I$&! (/! 7#$.! /,%! .&+&%<! "/!
.&I$D%&1! 3#'",4<./'%! =(C'Z.*( -ZL2O( 101( 102@*.( )2-&( 2'G'-%( 2$$2."%( 2-01".%'"%( C'%(
*Z2"0.G*%(X()%(*2(;#-/%-0.#-(%6<#"0%('-()"#.0(P(*Z2'0#)10%"6.-20.#-(%-(02-0(C'%(0%*(D1!
&%!I$r,(!&"%!,@0#"",?(&!4&!4<4$,.&!4$!4.#,%!E!(/!;,&!=('-()"#.0(P(6#'"."8(C'%(G%(&#.0(
)%(*2(62.-()Z'-(0.%"&(#'(2/%G(*Z2&&.&02-G%()Z'-%(2'0#".01(<'@*.C'%(DEZ1!&((&! +$P&!I$&!
=(*2( -#0.#-( )Z2'0#-#6.%( <%"&#--%**%( "%$*K0%( '-( <".-G.<%( .6<#"02-0( C'.( &#'&T0%-)(
*Z.-0%"<"1020.#-( )%&( 72"2-0.%&( )%( *Z2"0.G*%( X(DEE1! 3&! 0.,'3,0&! 4&;/'%! "r,'%&.0.<%&.!
3#@@&!=(*%()"#.0(()Z#<1"%"()%&(GB#.H(G#-G%"-2-0(&#-(<"#<"%(G#"<&(DE@C!!
dgC!2/'"!$'!/..D%!Q//"!3#'%.&!R$,""&!.&'4$!(&!*-!+/';,&.!*-))*41!(/!7#$.!OC!2C!
QC! "9&"%!E!'#$;&/$!0.#'#'3<&! "$.!$'!0.<%&'4$!4.#,%!E!4<3,4&.!4&! "/!0.#0.&!
@#.%! P/./'%,! 0/.! (9/.%,3(&! c! 4&! (/! 7#';&'%,#'C! 8&"! J/,%"! 4&! (9&"0B3&! "&!
4,"%,'P$/,&'%! '&%%&@&'%! 4&! (9/JJ/,.&! 6.&%%=1! 0$,"I$&! (&! .&I$<./'%! <%/,%! $'!
5#@@&! "#$JJ./'%! 4&! %.#$?(&"! ?,0#(/,.&"! &%! "#$5/,%/'%! #?%&',.1! "/'"!
#.4#''/'3&!',!&A0&.%,"&!0"=35,/%.,I$&1!$'!?/.?,%$.,I$&!(<%/(!/J,'!4&!"&!4#''&.!
(/!@#.%!4&!@/',B.&!i!4,P'&!jC!7#'J.#'%<!/$!.&J$"!4&"!/$%#.,%<"!"$,""&"1!3&($,[3,!
"/,",%!(/!7#$.!4&!R%./"?#$.P!/J,'!I$9&((&!+$P&!I$&!(9O%/%!"$,""&!/!$'&!#?(,P/%,#'!
0#",%,;&!4&! ($,!0&.@&%%.&!4&!"&!"$,3,4&.C!R,! (/!7#$.!OC!2C!QC! J/,%!4,.&3%&@&'%!
/(($",#'! /$! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! 4<P/P<! 4/'"! (9/..D%! 6.&%%=1!
0$,"I$9&((&!3#'",4B.&!I$9$'!,'4,;,4$!/!(&!4.#,%!=()%()1G.)%"()%(C'%**%(62-.K"%(%0(P(
C'%*(6#6%-0( &2( /.%( )#.0( <"%-)"%( $.-(D*"1! &((&! +$P&! 3&0&'4/'%! I$9=(%'( 172")( P( *2(
62"7%()+2<<"1G.20.#-()#-0().&<#&%-0()2-&(G%()#62.-%(*%&(2'0#".01&(.-0%"-%&(L%0O(6E6%(
P( &'<<#&%"( C'%( *%&( >020&! 2.%-0( '-%( #@*.720.#-( <#&.0./%( )+2)#<0%"( *%&( 6%&'"%&(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!)'!b33d>!53LB6-!E"(/!)(!b33d>!53LB6-!E%46!))!b33d>!53LB6-!E'"6!)*!b33d>!53LB6-!E''6!*4!768696:6-! ://=! BC;A1==2-! #4! ./,06! #4""-! 06! K2! B<@@6! H2! 7I6! mRD-! J!;A1B1H2! H1k,2! 2>!
<`K1k/>1<,!H2!KM8>/>!N-!./0/1/#2/!#4""-!,O&-!/B>6!"##![!c6!m3Akk2@/,-!J!93<1>!/A!32=52B>!H2!K/!
012!5310L2!]!KM/1H2!/A!=A1B1H2!,2!=M1@5<=2!5/=!/AY!8>/>=!N-!5-/#>%$/!,O$-!/K23>2!")![!G6!;AH32-!
B<@@6! H/,=! =/! BI3<,1aA2! =A3! K2! H3<1>! H2! K/! B<,02,>1<,! 2A3<5L2,,2! H2=! H3<1>=! H2!
KMI<@@2-! ./0/1/#2/! #4""! ,O$&-! 56! *"%![! B<@@6! 1,! 5(6+(:))%(-"#1"-$%)")+#F(:,+C(G9"# "+#
H(:+"6C):*:&("<-!,O%$-!56!)(4-!5/3!96!F1k,2/A6!!*"!b33d>!53LB6-!E&"6!
! $)
<%"6%002-0()%($2G.*.0%"(*%(&'.G.)%()2-&(*2().7-.018(*%&(2'0#".01&(&'.&&%&(-+#-0(<2&(/.#*1(
G%00%( #@*.720.#-(D*#C! O'! &JJ&%1! ",! ZC! Q//"! &"%,@/,%! I$9,(! /;/,%! ,'%<.D%! E! @#$.,.!
4/'"! (/! 4,P',%<! P.u3&! E! (9,'P&"%,#'! 4&! 3&! ?/.?,%$.,I$&1! (&"! /$%#.,%<"! "$,""&"!
/;/,&'%! 0$! 3#'",4<.&.1! /$! .&P/.4! 49$'&! (<P,"(/%,#'! I$,! /$%#.,"&! (9&$%5/'/",&!
/3%,;&1! I$&! 3&($,[3,! 4&;/,%1! /$! 0.</(/?(&1! #?<,.! E! 3&.%/,'&"! 3#'4,%,#'"! [!
'#%/@@&'%!"&!"#$@&%%.&!E!$'!&A/@&'!0"=35,/%.,I$&![!/J,'!4&!"&!;#,.!.&@&%%.&!
3&!0.#4$,%C!8/!7#$.!4&!R%./"?#$.P!/;/(,"&!3&%!#?+&3%,J!4&!0.<;&'%,#'!4&"!/?$"!
&%! .&J$"&1! '#'#?"%/'%! (&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&1! 4&! 3#'"/3.&.! $'!
4.#,%!E!@#$.,.! ,'3#'4,%,#''&(y!@/,"!'9#$?(,#'"!0/"!I$9&((&!/JJ,.@&1!4/'"! (&!
@D@&!%&@0"1!I$&!(9O%/%!0#$../,%!/;#,.!$'&!#?(,P/%,#'!0#",%,;&!49/4#0%&.!4&"!
@&"$.&"!0&.@&%%/'%!4&!J/3,(,%&.!(&!"$,3,4&!4/'"!(/!4,P',%<*$C!!
dcC! 8/! 7#$.! OC! 2C! QC! /! <P/(&@&'%! 3#'"/3.<! (&! 0.,'3,0&! 49/$%#'#@,&!
0&."#''&((&!4/'"!(&!4#@/,'&!4&!(/!;,&!"&A$&((&C!U(!"9/P,%1!49$'&!0/.%1!4$!3/"!4&"!
%./'""&A$&("1! 4r/$%.&! 0/.%! 4$! 3/"! 4&"! .&(/%,#'"! "/4#@/"#35,"%&"1! 35/3$'!
0/.%,3,0/'%! E! (/! 4<%&.@,'/%,#'! 4&"! 3#'%#$."! 4$! 0.,'3,0&! 4r/$%#'#@,&!
0&."#''&((&C! 7#'3&.'/'%! (&! 3/"! 4&"! %./'""&A$&("1! ,(! &"%! ,(($"%.<! 0/.! (&! 3<(B?.&!
/..D%!W##4m,'!3#'%.&!S#=/$@&[:',1! .&'4$!&'!W./'4&!75/@?.&! (&!))! +$,((&%!
*--**%C!U(!3#'3&.'&!(&!3/"!%.B"!0/.%,3$(,&.!4r$'!%./'""&A$&(!5#@@&[J&@@&!I$,1!
/=/'%! "$?,! $'! %./,%&@&'%! @<4,3/(! &%! $'&! #0<./%,#'! 35,.$.P,3/(&! /J,'! 4&!
.&""&@?(&.!05=",I$&@&'%!E!$'&!J&@@&1!"r<%/,%!;$&!.&J$"&.!(/!@#4,J,3/%,#'!4&!
(/! @&'%,#'! 4&! "#'! "&A&! E! (r<%/%! 3,;,(! 0/.! (&"! "&.;,3&"! /4@,',"%./%,J"! 4$!
S#=/$@&[:',1!#h!&((&!.<",4/,%C!8/!7#$.1!"/,",&!"$.!(/!I$&"%,#'!4&!(/!;,#(/%,#'!
4$!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&!4&!3&!%./'""&A$&(1!3#'",4B.&!4&!'#$;&/$!
I$&! =(M'"( *%( 0%""2.-( )%( *Z2"0.G*%( X( )%( *2( ;#-/%-0.#-( %-( <2"0.G'*.%"8( #Y( *2( -#0.#-(
)Z2'0#-#6.%(<%"&#--%**%("%$*K0%('-(<".-G.<%(.6<#"02-0(C'.(&#'&T0%-)(*Z.-0%"<"1020.#-(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!*#!b33d>!53LB6-!E'"6!*$!F6!K2!B<@@2,>/132!HA`1>/>1_!H2!G6!;AH32-!53LB6!*%!768696:6-! U<<Hq1,! BC?<R/A@2ST,1-! ""! .A1KK6! #44#-! G6! ;AH32-! \6SQ6! c/3kAL,/AH-! \6!
b,H31/,=>=1@`/p<,10/-!b6!U<A>>2,<132!2>!c6!V201,2>J!2/I/0/8/5/?/J!,O$)![!56!#44#!56!&#&-!
,<>2!76!m13=/,![!3/4/5/#6(7/!#44#!56!()#!,<>2!\6!:/A=23!2>!56!)'#!,<>2!\6SQ6!c/3kAL,/AH!2>!\6!
?/R,/3H6!
! $*
)%&( 72"2-0.%&( )%( G%00%( ).&<#&.0.#-8( *2( &<BK"%( <%"&#--%**%( )%( GB2C'%( .-)./.)'( %&0(
<"#0171%8( 3( G#6<".&( *%( )"#.0( <#'"( GB2G'-( )Z102@*."( *%&( )102.*&( )%( &#-( .)%-0.01( )ZE0"%(
B'62.-(D@fC!:'!/..D%! UC! 3#'%.&!S#=/$@&[:',1! .&'4$! (&!@D@&! +#$.! &'!W./'4&!
75/@?.&!<P/(&@&'%1!(,;.&!$'&!@#%,;/%,#'!,4&'%,I$&*'C!!
dkC!:'&!I$/%.,B@&!4<3,",#'!V/'!no3p!3#'%.&!>((&@/P'&1!.&'4$&!&'!75/@?.&!
4&!"&3%,#'1!&"%!;&'$&!0/.!(/!"$,%&!0.<3,"&.!4/;/'%/P&!(&!35/@0!"<@/'%,I$&!4&!
(r/$%#'#@,&! 0&."#''&((&*(C! 7&%%&! J#,"[3,1! 3&! 'r&"%! 0/"! (/!W./'4&[N.&%/P'&! I$,!
<%/,%! @,"&! &'! 3/$"&! 0/.! (9$'! 4&! "&"! .&""#.%,""/'%"! %./'""&A$&("1! @/,"!
(r>((&@/P'&C! 8&"! J/,%"! E! (r#.,P,'&! 4&! (r/..D%! <%/,&'%! 0.&"I$&! ",@,(/,.&"! /$A!
0.<3<4&'%"C!O'!&JJ&%1!<%/,%!&'!3/$"&!(&!.&J$"!4&!(rO%/%!>((&@/'4!4&!0.&'4.&!&'!
35/.P&!(&"!"#,'"!'<3&""/,.&"!E!(/!3#';&.",#'!"&A$&((&!4r$'!%./'""&A$&(!5#@@&[
J&@@&C!O'!3#'"<I$&'3&1!3&($,[3,!,';#I$/!(/!;,#(/%,#'!4$!4.#,%!/$!.&"0&3%!4&!(/!
;,&!0.,;<&!P/./'%,!0/.!(r/.%,3(&!c!4&!(/!7#';C!OC!2C!QC!8/!7#$.!3#'",4B.&!I$&!(/!
;,#(/%,#'! &"%! <%/?(,&1! /JJ,.@/'%! 0.&"I$&! "/'"! "$.0.,"&1! E! (r,'"%/.! 4&"! /..D%"!
0.<3<4&'%"1! I$&!=(*2(-#0.#-()Z2'0#-#6.%(<%"&#--%**%("%$*K0%('-(<".-G.<%( .6<#"02-0(
C'.( &#'&T0%-)( *Z.-0%"<"1020.#-( )%&( 72"2-0.%&( )%( *Z2"0.G*%( X(D@EC! O'! .&;/'35&1! &((&!
0.<3,"&! 4/;/'%/P&! (&"! ,@0(,3/%,#'"! +$.,4,I$&"! 4$! 0.,'3,0&1! &"%,@/'%! I$&! (/!
.&I$<./'%&!4,"0#"&!4r$'!=()"#.0(P(*Z2'0#)10%"6.-20.#-(D8(=(*2(*.@%"01(<#'"(LG%**%TG.O(
)%()1$.-."( &#-(2<<2"0%-2-G%( &%H'%**%( QRS(&Z2-2*3&2-0(G#66%('-()%( &%&( 1*16%-0&( *%&(
<*'&(%&&%-0.%*&(D@@(C!>$4/3,&$"&!@#%,;/%,#'1! I$,! "&@?(&! J/,.&!@#'%.&!4$! "#$3,!
,'<?./'(/?(&! 4$! +$P&! 4&"! 4.#,%"! 4&! (r5#@@&! 4&! P/./'%,.! (&! ?#'5&$.! 4&"!
+$"%,3,/?(&"y! (r!i!/0#P<&!j! &'! (/!@/%,B.&! <%/'%! /%%&,'%&! %.#,"! /'"! 0($"! %/.41! E!
(r#33/",#'! 4&! (r/..D%! nC! >C! &%! >C! 2C! 3#'%.&! N&(P,I$&1! .&'4$! &'! 75/@?.&! 4&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!*&!b33d>!53LB6-!E((6!*'!768696:6-! +! BC?<R/A@2ST,1-!""! .A1KK6!#44#-!E!(4-!56!#44#!56!&#&-!,<>2!76!m13=/,![!3/4/5/#
6(7/!#44#!56!()#!,<>2!\6!:/A=23!2>!56!)'#!,<>2!\6SQ6!c/3kAL,/AH!2>!\6!?/R,/3H6!*(!768696:6-! F/,! lrBD! BCbKK2@/k,2-! "#! =25>6! #44$-! 3/4/5/# 6(76! #44%! 56! $'"-! ,<>2! \6SQ6!
c/3kAL,/AH!2>!\6!?/R,/3H6!*)!b33d>!53LB6-!E'*C!**!b33d>!53LB6-!E($6!
! %4
"&3%,#'! (&!)g! J<;.,&.!*--e"44C!2/'"!3&%%&!/JJ/,.&1! ,(! <%/,%!I$&"%,#'!4&!0./%,I$&"!
"&A$&((&"! ,'5/?,%$&((&"1! 4,%&"! "/4#@/"#35,"%&"1! /$AI$&((&"! "9<%/,&'%! /4#''<"!
4&$A! 5#@@&"! &%! (r<0#$"&! 4&! (r$'! 4r&$AC! 6#$."$,;,"! 0<'/(&@&'%1! ,("!
,';#I$B.&'%!4&;/'%!(/!7#$.!OC!2C!QC!(/!;,#(/%,#'!4$!4.#,%!/$!.&"0&3%!4&!(/!;,&!
0.,;<&C! 8/! 7#$.! 3#'",4B.&! I$&! 3&%%&! 4,"0#",%,#'! 0.#%BP&! =(*%( )"#.0( P(
*Z1<2-#'.&&%6%-0(<%"&#--%*8(C'%(G%(&#.0(&#'&(*2($#"6%()'()1/%*#<<%6%-0(<%"&#--%*(#'(
&#'&( *Z2&<%G0()%( *Z2'0#-#6.%(<%"&#--%**%(C'.("%$*K0%('-(<".-G.<%( .6<#"02-0(C'.(&#'&T
0%-)(*Z.-0%"<"1020.#-()%&(72"2-0.%&()%(*Z2"0.G*%(X(DC!O((&!&A0(,I$&!&'"$,%&1!.&0.&'/'%!
&'! "$?"%/'3&! "#'!/.P$@&'%/%,#'!4/'"! (r/..D%!6.&%%=1!I$&!=(*%()"#.0()Z%-0"%0%-."(
)%&("%*20.#-&(&%H'%**%&()1G#'*%()'()"#.0()%().&<#&%"()%(&#-(G#"<&8(<2"0.%(.-017"2-0%()%(
*2(-#0.#-()Z2'0#-#6.%(<%"&#--%**%I(4(G%0(172")8(*2($2G'*01(<#'"(GB2G'-()%(6%-%"(&2(/.%(
G#66%( .*( *Z%-0%-)(<%'0( 172*%6%-0( .-G*'"%( *2( <#&&.@.*.01( )%( &Z2)#--%"( P( )%&( 2G0./.01&(
<%"W'%&( G#66%( 102-0( )Z'-%( -20'"%( <B3&.C'%6%-0( #'(6#"2*%6%-0( )#6627%2@*%&( #'(
)2-7%"%'&%&(<#'"(*2(<%"&#--%I(>-()Z2'0"%&(0%"6%&8(*2(-#0.#-()Z2'0#-#6.%(<%"&#--%**%(
<%'0(&Z%-0%-)"%(2'(&%-&()'()"#.0()Z#<1"%"()%&(GB#.H(G#-G%"-2-0(&#-(<"#<"%(G#"<&(DD\DI(
>$! %#%/(1! &((&! .&+&%%&! (/! .&I$D%&! 4&!ZZC!nC!>C! &%!>C!2C1! "#$(,P'/'%! I$&! 3r&"%!
(r/?"&'3&! 4&! 3#'"&'%&@&'%! I$,! +$"%,J,&! (&$.! 3#'4/@'/%,#'! 0<'/(&C! :'&!
,'%&.0.<%/%,#'( 2( G#-0"2".#(4&! (r/..D%! 0&.@&%! 4#'3! 4r/;/'3&.! I$&! ",! (/! ;,3%,@&!
/;/,%! 3#'"&'%,! /$A! %#.%$.&"1! (rO%/%! N&(P&! 'r/$./,%! 0/"! 4l! ,'%&.;&',.! H! 3&"!
.&(/%,#'"! "&A$&((&"! &A%.D@&@&'%! ;,#(&'%&"! /$./,&'%! <%<! <0/.P'<&"! 4&!
(r,'%&.;&'%,#'!<%/%,I$&!/$!'#@!4&! (/!0.#%&3%,#'!4$!4.#,%!/$!.&"0&3%!4&! (/!;,&!
0.,;<&C!!
e-C!O'J,'1!(/!7#$.!4&!R%./"?#$.P!J/,%!<%/%!4$!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!
4/'"! (&! 4#@/,'&! 4&! (/! 0.#3.</%,#'1! 0($"! 0.<3,"<@&'%! 4&! (9/;#.%&@&'%1! 4/'"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"44!768696:6-! l6! b6! 2>! b6!96! BCm2Kk1aA2-! "(! _L036! #44&-! ./0/1/#2/! #44&6! +6! "&*-! ,O"#-! <`=6! G6!
;AH32![! 56! #44'6! 5/,6! "#4'-! <`=6! \6S76! U/KK<AY![! 3/4/5/# 6(76! #44&6! $%"-! <`=6! \6S6Q6!
c/3kAL,/AH![!<`=6!c6!V201,2>!1,!G6!;AH32!2>!%*((-!:;/6(+/J!,O%#-!56!%$*![!c6!G/`32Sc/k,/,-!
J!V2!=/H1=@2!,M2=>!5/=!A,!H3<1>!H2!KMI<@@2!N-!56!#44&6!#*($6!"4"!b33d>!53LB6-!E)$6!
! %"
(r/..D%!`=",/3!3#'%.&!6#(#P'&1!.&'4$!&'!75/@?.&!4&!"&3%,#'!(&!*-!@/."!*--g"4#C!
2/'"!3&%%&!/JJ/,.&1!$'&!.&""#.%,""/'%&!0#(#'/,"&!"&!0(/,P'/,%!4&!(/!;,#(/%,#'1!0/.!
(/!6#(#P'&1!4&!"#'!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&!/,'",!I$&!4&!"#'!,'%<P.,%<!
05=",I$&!&%!@#./(&C!O'!&JJ&%1!/(#."!I$&!"/!%.#,",B@&!P.#""&""&!/;/,%!4&!J#.%&"!
35/'3&"! 4r/PP./;&.! "/! @=#0,&! 0.<&A,"%/'%&! /$! 0#,'%! 4&! (/! .&'4.&! I$/",!
/;&$P(&1!&((&!'r/;/,%!0$1!3#'J.#'%<&!E!$'!.&J$"!4&"!@<4&3,'"1!?<'<J,3,&.!4r$'!
/;#.%&@&'%!%5<./0&$%,I$&!(<P/(C!6/"!0($"!'r/;/,%[&((&!0$1!&'!#$%.&1!3#'%&"%&.!3&!
.&J$"1! (rO%/%! 0#(#'/,"! ,P'#./'%1! &'! (/! @/%,B.&1! %#$%! .&3#$."! 0&.@&%%/'%! 4r=!
0.#3<4&.C!8/!7#$.!OC!2C!QC!3#'3($%!E!(/!;,#(/%,#'!4&!(r/.%,3(&!c!&%!./00&((&1!4&!
@/',B.&!0.&"I$&!/'&34#%,I$&!3&%%&!J#,"1!I$&!=(*2(-#0.#-()%(=(/.%(<"./1%(D(%&0(*2"7%(
%0( %-7*#@%( -#0266%-0( )%&( 2&<%G0&( )%( *Z.)%-0.01( <B3&.C'%( %0( &#G.2*%( )Z'-( .-)./.)'(
G#66%(*%()"#.0(P(*Z2'0#-#6.%(<%"&#--%**%(DD\gI(!
e)C! 6/.! (/! "$,%&1! (/! 7#$.! 4&! R%./"?#$.P! /! .<,%<.<! (9/JJ,.@/%,#'! 4$! 0.,'3,0&!
49/$%#'#@,&! 0&."#''&((&! 4/'"! (&! 4#@/,'&! 4&! (9/;#.%&@&'%1! E! (9#33/",#'! 4&!
(9/..D%! >1! N! &%! 7! 3#'%.&! U.(/'4&! .&'4$! &'! W./'4&! 35/@?.&! (&! )f! 4<3&@?.&!
*-)-"4% C! 2/'"! 3&%%&! /JJ/,.&1! >1! N! &%! 71! %.#,"! J&@@&"! .<",4/'%! &'! U.(/'4&1!
.&0.#35/,&'%!E!(9O%/%!,.(/'4/,"!4&!'9/;#,.!0$!?<'<J,3,&.!49$'!/;#.%&@&'%C!>(#."!
I$&!>!&%!N!/$./,&'%!"#$5/,%<!?<'<J,3,&.!&'!U.(/'4&!49$'!/;#.%&@&'%!i!4&!?,&'[
D%.&!j1!7!/$./,%!&"0<.<!D%.&!/$%#.,"<&!E!/;#.%&.!0#$.!(/!"&$(&!./,"#'!/4@,"&!0/.!
(&! 4.#,%! ,.(/'4/,"1! (&! .,"I$&! ;,%/(! I$&! 3&%%&! P.#""&""&! .&0.<"&'%/,%! &((&C!
7&0&'4/'%1!&((&!'&!J$%!0/"!&'!@&"$.&!49=!.&3#$.,.1!&'!./,"#'!4&! (9/?"&'3&!4&!
0.#3<4$.&"! &JJ&3%,;&"! &%! /33&"",?(&"!0#$.! 3&! J/,.&C!7&"! %.#,"! J&@@&"! "&! J,.&'%!
4#'3!/;#.%&.!&'!>'P(&%&..&!&%!"/,",.&'%! (/!7#$.!OC!2C!QC!/J,'!4&!J/,.&!<%/?(,.1!
&'%.&! /$%.&"1! (/! ;,#(/%,#'! 4$! 4.#,%! /$! .&"0&3%! 4&! (/! ;,&! 0.,;<&! P/./'%,! 0/.!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"4#!768696:6-!gR=1/B!BCQ<K<k,2-!#4!@/3=!#44(-!32aAd>2!,O&%"4C4$6!F6!A,!B<@@2,>/132!1,!
5(6+(:))%(-"#1"-$%)")+#F(:,+C(G9"#"+#H(:+"6C):*:&("<-!0O!J!+,>233A5>1<,!H2!k3<==2==2!N-!56!
""'"-!5/3!96!F1k,2/A6!!"4$!b33d>!53LB6-!E!"4(6!"4%!768696:6-!b-!m!2>!7!BC+3K/,H2-!"'!HLB6!#4"4-!06!;6!Q/31B/3H-!J!V2!H3<1>!Z!KM/0<3>2@2,>!2,!
_A1>2!s!N-!5-/#>%$6!#4""!,O$-!B<@@6!$'![!J!F/K2A3=!@<3/K2=!2>!32=>31B>1<,=!Z!KM/0<3>2@2,>!N-!
./0/1/# 2/! #4""! ,O$-! 56! &)-! p<<@! 5/3! c6! V201,2>![! B<@@6! 1,! 5(6+(:))%(-"# 1"-$%)")+#
F(:,+C(G9"#"+#H(:+"6C):*:&("<-!,O(&-!56!""'$-!5/3!96!F1k,2/A6!!
! %#
(9/.%,3(&!cC!R,! (&! +$P&!4&!R%./"?#$.P!./00&((&!I$&!=(*2(-#0.#-()%(=(/.%(<"./1%(D(2'(
&%-&( )%( *+2"0.G*%( X( )%( *2(;#-/%-0.#-( QRS( %-7*#@%(-#0266%-0( *%( )"#.0( P( *+2'0#-#6.%(
<%"&#--%**%(DD\f1! "&"! 3#'3($",#'"! "#'%!@,%,P<&"! 3#'3&.'/'%! (&"! .&I$<./'%&"C! O'!
&JJ&%1! ,(! &"%,@&! I$9,(! '9=! /;/,%! 0/"! &$! ;,#(/%,#'! 4&! (9/.%,3(&! c! 3#'3&.'/'%! (&"!
.&I$<./'%&"!I$,!/$./,&'%!"#$5/,%<!?<'<J,3,&.!49$'!/;#.%&@&'%!i!4&!?,&'[D%.&!j!
&'! U.(/'4&1! 3#'",4<./'%! I$&! (9O%/%! ,.(/'4/,"! '9/;/,%! 0/"! &A3<4<! "/! @/.P&!
49/00.<3,/%,#'! &'! (/!@/%,B.&1! &$! <P/.4!=(2'H( .)1%&(6#"2*%&(<"#$#-)%&()'(<%'<*%(
."*2-)2.&( G#-G%"-2-0( *2( -20'"%( )%( *2( /.%(D D\T 1! <%/'%! 4#''<! <P/(&@&'%! I$9,(!
/$%#.,"/,%! (9/;#.%&@&'%! E! (9<%./'P&.C! O'! .&;/'35&1! (/! 7#$.! 4&! R%./"?#$.P!
3#'",4B.&! I$&! (/! ;,#(/%,#'! 4&! (9/.%,3(&! c! &"%! <%/?(,&! 3#'3&.'/'%! (/! %.#,",B@&!
.&I$<./'%&1! =(*%&( 2'0#".01&( L232-0O( 61G#--'( *%'"( #@*.720.#-( <#&.0./%( )+2&&'"%"( P(
*+.-01"%&&1%('-("%&<%G0(%$$%G0.$()%(&2(/.%(<"./1%(D1!=($2'0%()+2/#."(2)#<01()%&().&<#&.0.#-&(
*17.&*20./%&( #'( "17*%6%-02."%&( .-&0.0'2-0( '-%( <"#G1)'"%( 2GG%&&.@*%( %0( %$$%G0./%( 2'(
0"2/%"&()%(*2C'%**%(*2("%C'1"2-0%(2'"2.0(<'($2."%(102@*."(&.(%**%(<#'/2.0(#'(-#-(2/#"0%"(
%-(:"*2-)%(D#D\ZC!!
e*C! O'J,'1! ",P'/(#'"! (9/..D%! RC!QC! &%! /$%.&"! 3#'%.&!>$%.,35&! .&'4$! &'!W./'4&!
35/@?.&! (&! b! '#;&@?.&! *-))"4) 1! &'! @/%,B.&! 4&! 6CZC>C! 8&"! .&I$<./'%"! "&!
0(/,P'/,&'%! 4&! (/! ;,#(/%,#'! 4$! 4.#,%! /$! .&"0&3%! 4&! (/! ;,&! 0.,;<&! P/./'%,! 0/.!
(9/.%,3(&!c1!&'!3&!I$&!(/!(#,!/$%.,35,&''&!"$.!(/!0.#3.</%,#'!/.%,J,3,&((&!0.#5,?&!(/!
J<3#'4/%,#'! .-( /.0"#! /;&3! 4#'! 4&! P/@B%&"1! "&$(&! %&35',I$&! I$,! (&$.! /$./,%!
0&.@,"! 4&! 3#'3&;#,.! $'! &'J/'%C! 8&! +$P&! &$.#0<&'! .&J$"&! 4&! 3#'"%/%&.! (/!
;,#(/%,#'1! 3#'",4<./'%! I$&! (9O%/%! /$%.,35,&'! '9/! 0/"! &A3<4<! "/! @/.P&!
49/00.<3,/%,#'! &'! (/! @/%,B.& "4* C! K</'@#,'"1! ,(! 3#'"%/%&! I$&! =(*%&( >020&(
G#-0"2G02-0&(#-0(2'?#'")+B'.(G*2."%6%-0(0%-)2-G%(P(2'0#".&%"()2-&(*%'"(*17.&*20.#-(*%(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"4&!b33d>!53LB6-!E#"#6!"4'!b33d>!53LB6-!E#%"6!"4(!b33d>!53LB6-!E#''6!"4)!768696:6-!;6!:6!2>!/A>32=!BCbA>31BI2-!$!,<06!#4""-!32aAd>2!,O&()"$C446!F6!J!;>L31K1=/>1<,!
HA! H3<1>! H2! 32B<A313! Z! K/! 53<B3L/>1<,! @LH1B/K2@2,>! /==1=>L2!N-! ./0/1/#2/! ,O%(-! #"! ,<06!
#4""-!,O"#*"-!p<<@!5/3!76!Q1BI23/K6!F6-!6:)+-%-!768696:6-!;6!:6!2>!/A>32=!BCbA>31BI2-!"23!/036!
#4"4-!./0/1/#2/!#4"4-!/B>A6!&"$-!<`=6!76!Q1BI23/K6!"4*!b33d>!53LB6-!E""&!2>!""'6!
! %$
)#-()%(726K0%&( P()%&( $.-&()%( $1G#-)20.#-( .-(/.0"#8( 0%-)2-G%( C'.( 0"2)'.0( *+16%"7%-G%(
)+'-(G#-&%-&'&(%'"#<1%-(DDD\1! &%!0.&'4!"#,'!4&! ./00&(&.!I$&!=(*2(-#0.#-()%(=(/.%(
<"./1%(D(2'(&%-&()%(*+2"0.G*%(X()%(*2(;#-/%-0.#-((%&0('-%(-#0.#-(*2"7%(C'.(%-7*#@%8(%-0"%(
2'0"%&(QRS(( *%( ( ()"#.0(P( *+2'0#)10%"6.-20.#-(D("""1! 3#'",4<./'%! <P/(&@&'%!I$&!=(*%(
)"#.0( )%&( G#'<*%&( P( G#-G%/#."( '-( %-$2-0( %0( P( "%G#'"."( <#'"( G%( $2."%( P( *2( <"#G"120.#-(
61).G2*%6%-0(2&&.&01%("%*K/%(QRS()%(*+2"0.G*%(X(DDD[C!!
!
ebC!X'!3#@0.&'4!/,'",!I$&!(&!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&!,'"3.,%!E!(r/.%,3(&!
c! 4&! (/! 7#';C! OC! 2C! QC! &"%! (/! "#$.3&! &""&'%,&((&! 4$! 0.,'3,0&! 4r/$%#'#@,&!
0&."#''&((&C! U(! 3#';,&'%! 4#'3! 4r&'! 4.&""&.! "&"! 3#'%#$."C! 8r<%$4&! 0.<"&'%&!
49/$%/'%!0($"!49,'%<.D%!I$&!(/!7#$.!OC!2C!QC1!0/.!"#'!,'%&.0.<%/%,#'!4='/@,I$&!
TWU1!3#@0(B%&!/$4/3,&$"&@&'%!"#'!"&'"!#.,P,'&(!T8UC!!
!
8O).=)>=E>)D?BMBE=@)<;)<?DB:)A;)?=>C=F:)<=)@A)JB=)C?BJG=)
)
edC!2/'"!"#'!/33&0%,#'!#.,P,'&((&1!(&!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&!/$!"&'"!
4&!(/!7#';C!OC!2C!QC!&"%!$'!4.#,%!4<J&'",J1!$'!4.#,%!i!4rD%.&!(/,""<!%./'I$,((&!jC!
>,'",1! 3&($,[3,! ;,"&! 0#$.! (r&""&'%,&(! E! 0.<@$',.! (r,'4,;,4$! 4&"! ,'P<.&'3&"!
/.?,%./,.&"! 4&"! 0#$;#,."! 0$?(,3"C! O'! &JJ&%1! (&"! %./;/$A! 0.<0/./%#,.&"! 4&! (/!
7#';&'%,#'! .<;B(&'%! I$9/;/'%! "/! ;&.",#'! 4<J,',%,;&1! (&! %&A%&! 4&! (r/.%,3(&! c!
0.<;#=/,%! H! =(h'*( -%( &%"2( *Z#@?%0( )Z.66.H0.#-&( 2"@.0"2."%&( )2-&( &2( /.%( <"./1%8( &2(
$26.**%8(&#-()#6.G.*%8(&2(G#""%&<#-)2-G%(DC!7&((&[3,! "r,'"0,.&! /(#."!4&! "#'! ,(($"%.&!
0.<4<3&""&$.1!(/!2<3(/./%,#'!$',;&."&((&!4&"!4.#,%"!4&!(95#@@&!L3,[/0.B"!2C!:C!
2C!QCM1!I$,!3#'"/3.&!0&$!#$!0.#$!$'&!4,"0#",%,#'!",@,(/,.&!&'!"#'!/.%,3(&!)*!H!
=h'*( -%( &%"2( *Z#@?%0( )Z.66.H0.#-&( 2"@.0"2."%&( )2-&( &2( /.%( <"./1%8( &2( $26.**%8( &#-(
)#6.G.*%( #'( &2( G#""%&<#-)2-G%8( -.( )Z200%.-0%&( P( &#-( B#--%'"( %0( P( &2( "1<'020.#-DI(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""4!b33d>!53LB6-!E*'6!"""!b33d>!53LB6-!E)46!""#!b33d>!53LB6-!E)#6!
! %%
>,'",1!=(a2-&(*Z%&<".0()'(0%H0%()%(^ij]8(*2(=(/.%(<"./1%(D(G#'/"%(*2(&<BK"%()Z.-0.6.01(
)%( *2( <%"&#--%( %0( *Z2"0.G*%( X( /.&%( P( 72"2-0."( *%( )"#.0( C'+2( 0#'0%( <%"&#--%( )%( /./"%( P(
*Z2@".()%&(.66.H0.#-&(2"@.0"2."%&()%&(<#'/#."&(<'@*.G&(D1!&A0(,I$&!ZC!GC!R$4.&C!6$,"1!
.&0.&'/'%! (r#0,',#'! 4,"",4&'%&! 4r$'! +$P&! 4&! (/! 7#$.! OC! 2C! QC1! E! 0.#0#"! 4&!
(r/..D%!Z/.3pA!3#'%.&!N&(P,I$&""$1!,(!.<;B(&!I$&!=(*%(<".-G.<2*8(&.-#-(*%(&%'*(#@?%08(
*%( &%'*( GB26<( )Z2<<*.G20.#-( /.&1( <2"( *Z2"0.G*%( X( L%&0O( =*2( <"#0%G0.#-( )#6.G.*.2."%( )%(
*Z.-)./.)'I(;%*'.TG.(%0(&2($26.**%(-%()%/"2.%-0(<*'&(E0"%(%H<#&1&(2'(&.-.&0"%(0#GT0#G()%(
C'20"%( B%'"%&( )'( 620.-( P( *2( <#"0%8( QRS8( @"%$( P( 0#'0%&( *%&( 7266%&( )%&( <"20.C'%&(
.-C'.&.0#".2*%&( $2&G.&0%&( %0( G#66'-.&0%&RD( DDDUC! >,'",1! E! (r#.,P,'&1! (&! 4.#,%! /$!
.&"0&3%! 4&! (/! ;,&! 0.,;<&! 3#'"/3.<! 0/.! (r/.%,3(&! c! &"%! $'&! .</3%,#'! 4<J&'",;&1!
0.&"I$&! ;,%/(&1! E! (/! %#$%&! 0$,""/'3&! <%/%,I$&! @/',J&"%<&! 0/.! $'! 0#$;#,.!
&A5#.?,%/'%1! I$,! /! 0$! D%.&! #?"&.;<&! &'! 0<.,#4&! 4&! P$&..&C! U(! "r/P,%! /(#."! 4&!
@/.I$&.1! "=@?#(,I$&@&'%1! (/! ;#(#'%<! 4r<;,%&.! I$&! 4&! %&("! /?$"! "&!
.&0.#4$,"&'%!4/'"!(&!J$%$.C!(
eeC! 2/'"! (&! 4.#,%! J,(! 4&! (r&"0.,%! 4&! (r/.%,3(&! c1! (&"! #.P/'&"! 4&! (/! 7#';&'%,#'!
&"%,@&'%! <P/(&@&'%! I$&! (&! 4.#,%! E! (r,'%,@,%<! &"%! 3&($,! 4&! =(/./"%( P( *Z2@".&( )%&(
"%72")&( 10"2-7%"&(D DDf 1! %/'%! 4&! (/! 0/.%! 4&"! /$%#.,%<"! 0$?(,I$&"! I$&! 4&"!
0/.%,3$(,&."C!>,'",1!,(!,@0(,I$&!I$&!(r,'%,@,%<!4&"!(,&$A!#h!"r&A&.3&!(/!;,&!0.,;<&!
"#,%!/""$.<&1!3&!I$,!0/""&!/;/'%!%#$%!0/.!(&!.&"0&3%!4$!4#@,3,(&1!(,&$!0.,;,(<P,<!
4&! 3&%%&! 4&.',B.& ""' C! 2/'"! (/! @D@&! (#P,I$&1! (&! "&3.&%! 4&"! #0,',#'"! 4#,%!
<P/(&@&'%! D%.&! "/$;&P/.4<1! &%! (r/.%,3(&! c! 0.#%BP&! (&! 4.#,%! /$! .&"0&3%! 4&"!
3#..&"0#'4/'3&"1! I$r&((&"! "#,&'%! #./(&"! #$! <3.,%&"1! &%! @D@&! "r/P,""/'%! 4&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""$!768696:6-!c/3BDY!BCm2Kk1aA2-!"$!.A1,!"*(*-!G6!;AH32!2>!%*((-!:;/#6(+/J#,O%#-!0*9)"+#"*)#-!56!
")$-!<`=6!Q6!?<KK/,H6!""%!G6!;AH32-!a#?/55<3>! 1,>3<HAB>1_-! K/!a#B<,=>3AB>1<,!d!5/3! K2! .Ak2!2A3<5L2,!HA!H3<1>!/A!
32=52B>!H2! K/! 012!5310L2!dJ#()#!"#=-:(+#%9#-"<;"6+#="#*%#7("#;-(7,"#%9#<")<#="#*%#0:)7")+(:)#
89-:;,"))"#="<#=-:(+<#="# *hC:$$"-! H136! G6! ;AH32-! m3ARK/,>! m3AY2KK2=-! #44&-! 56! ""! 2>! =6-!
=5LB6!56!"#6!#""&!7<@6!HLB6!")!@/1!"*('-!+=K/,H2-!32a6!,O')#&C(%-!9LB6!2>!?/556-!&-!))6!""'!768696:6-!U1KK<q!BC?<R/A@2ST,1-!#%!,<06!"*)'-!b6!"4*-!E&&6!
! %&
4<%&'$"""( C! :'! /$%.&! 0.#(#'P&@&'%! '#%/?(&! 3#'3&.'&! (r<%/%! 4&! "/'%<! 49$'!
,'4,;,4$C!>,'",1!(/!7#$.!OC!2C!QC!0.#%BP&1!&'!;&.%$!4&!(9/.%,3(&!c1!(&"!4#''<&"!E!
3/./3%B.&!0&."#''&(!.&(/%,;&"!E!(/!"/'%<"")C!!
!
efC!2/'"!"#'!#JJ,3&!4&!0.#%&3%,#'!&JJ,3/3&!4&"!4.#,%"!J#'4/@&'%/$A1!(/!7#$.!OC!
2C!QC!/!J/,%!<;#($&.!3&%%&!0.&@,B.&!,'%&.0.<%/%,#'C!>,'",1!3#'J#.@<@&'%!E!$'&!
+$.,"0.$4&'3&!4<"#.@/,"!3(/"",I$&1!,'/$P$.<&!0/.!(&!3<(B?.&!/..D%!`=.&.!3#'%.&!
N&(P,I$&""*1!&((&!+$P&!I$&!(/!7#';&'%,#'!=(%&0('-(.-&0"'6%-0(/./2-0(P(.-0%"<"10%"(
P( *2( *'6.K"%( )%&( G#-).0.#-&( )%( /.%( 2G0'%**%(D D[\ !&%! #0B.&! $'&! ,'%&.0.<%/%,#'!
4='/@,I$&! &%! <;#($%,;&! 4&! 3&! %&A%&C! O'! &JJ&%1! ,(! "r/P,%! 4r/4/0%&.! (&! %&A%&!
0.#%&3%&$.!4&"!4.#,%"! J#'4/@&'%/$A!E! (r<;#($%,#'!4&"!@#&$."!3#'"%/%<&!4/'"!
(&"! 0/="!@&@?.&"! 4$! 7#'"&,(! 4&! (rO$.#0&1! /J,'! 4r<;,%&.! %#$%! /'/35.#',"@&1!
"/'"!I$#,!(/!0.#%&3%,#'!4&"!4.#,%"!J#'4/@&'%/$A!'&!"&./,%!0/"!&JJ,3/3&C!X.1!(&!
4.#,%! /$! .&"0&3%! 4&! (/! ;,&! 0.,;<&! &"%! $'! 4#@/,'&! 0.,;,(<P,<! 4&! 3&%%&!
,'%&.0.<%/%,#'!4='/@,I$&C!8/!7#$.!OC!2C!QC!&'!/!4#'3!J/,%!<;#($&.!(&!3#'%&'$!
P.u3&!E!$'&!,'%&.0.<%/%,#'!3.</%.,3&!/$4/3,&$"&C!
!
WO).XBE:=?C?G:A:BDE)F?GA:?BF=)<;)<?DB:)A;)?=>C=F:)<=)@A)JB=)C?BJG=)CA?)@A)2D;?)
%R)*R)9R))
)
egC! 7&%%&! ,'%&.0.<%/%,#'! <;#($%,;&! 4&! (9/.%,3(&! c! 4&! (/! 7#';C! OC! 2C! QC! "&!
4<@/.I$&! 4&! (/! 0.<3<4&'%&! &'! 3&! I$9&((&! 0.#%BP&! 4#.<'/;/'%! $'! 4.#,%! '#'!
0($"! &""&'%,&((&@&'%! 4<J&'",J1! @/,"! <P/(&@&'%! /3%,JC! >,'",1! (&! +$P&! &$.#0<&'!
0.#%BP&1!4&!@/',B.&!P<'<.&$"&1!(&!4.#,%!E!(/!(,?&.%<!4&!(/!;,&!"&A$&((&!TAU!&%!(&!
4.#,%!E!(/!;,&!0.,;<&!"#3,/(&!TZUC!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""(!768696:6-!;1K023!BC?<R/A@2ST,1-!#&!@/3=!"*)$-!b6!'"![!768696:6-!7/@5`2KK!BC?<R/A@2S
T,1-!#&!@/3=!"**#-!b6!##$6!"")!768696:6-! j6! BCG1,K/,H2-! #&! _L036! "**(-! ./0/1/#2/-! "**)-! +-! "4(-! ,O$&-! BI3<,6! G6! ;AH32[!
768696:6!c6-!;6!BC!;AiH2-!#(!/<P>!"**(-!5/-!#444-!&#"-!,<>2!+6!V/A32,>Sc23K26!""*!768696:6-!gR323!BCm2Kk1aA2-!#&!/036!"*()-!b6!#'-!E$"6!"#4!b33d>!53LB6-!E$"6!
! %'
"#!$%!&'()*!+!,"!,)-%'*.!&%!,"!/)%!0%12%,,%!
)
ecC! K#$"! /;#'"! ;$! I$&! (&! 4.#,%! /$! .&"0&3%! 4&! (/! ;,&! 0.,;<&! .&';#,&!
#.,P,'&((&@&'%!E!$'&!/33&0%,#'!'<P/%,;&!H!,(!"r/P,%!4$!4.#,%!i!4&!'&!0/"!jy!#.1!
3&($,[3,!3#@0#.%&!<P/(&@&'%!$'&!/33&0%,#'!0#",%,;&1!/3%,;&1!3&((&!I$,! ,'3($%!(&!
4.#,%!4r/P,.!4/'"!"/!"05B.&!4r,'%,@,%<C!
ekC!>,'",1!(/!7#$.!OC!2C!QC!+$P&!4&!@/',B.&!3(/"",I$&!I$&!(&!4.#,%!/$!.&"0&3%!4&!
(/!;,&!0.,;<&!"$00#"&!=(*%()"#.0()Z102@*."(%0()Z%-0"%0%-."()%&("%*20.#-&(2/%G()Z2'0"%&(
E0"%&( B'62.-&8( -#0266%-0( )2-&( *%( )#62.-%( 2$$%G0.$( <#'"( *%( )1/%*#<<%6%-0( %0(
*Z2GG#6<*.&&%6%-0()%( &2(<"#<"%(<%"&#--2*.01(DD[DC! 7&(/! ,@0(,I$&1! '<3&""/,.&@&'%1!
(&! 4.#,%! E!@&'&.! (/! ;,&! "&A$&((&! 4&! "#'! 35#,A1! 4B"! (#."! I$r&((&! &"%! (,?.&@&'%!
3#'"&'%,&C! >,'",1! (r/..D%! 2$4P&#'! 3#'%.&! S#=/$@&[:',! 3#'"/3.&! (/! (,?&.%<!
4r/33#@0(,.!4&"! /3%&"!5#@#"&A$&("! &'!0.,;<! &'%.&! /4$(%&"! 3#'"&'%/'%""##1! &%1!
4r$'&!@/',B.&!P<'<./(&1!&((&!0.#%BP&1!3#@@&!J/,"/'%!0/.%,&!,'%<P./'%&!4&!(/!;,&!
0.,;<&1!=(*%&("%*20.#-&(B#6#&%H'%**%&()'"2@*%&(DD[gC!
f-C!8&!4.#,%!E!(/!;,&!0.,;<&!"#3,/(&!3#'"%,%$&!$'!/$%.&!/"0&3%!/3%,J!4$!4.#,%!/$!
.&"0&3%!4&!(/!;,&!0.,;<&C!
!
-#!$%!&'()*!+!,"!/)%!3')/.%!0(4)",%!
!
f)C!8&!4.#,%!E!(/!;,&!0.,;<&!"#3,/(&!0&$%!"&@?(&.!$'&!4,P.&"",#'!<%#''/'%&!4$!
4.#,%! /$! .&"0&3%! 4&! (/! ;,&! 0.,;<&1! 0$,"I$r2( <".#".! ,(! '&! .&3#$;.&! I$&! (&"!
",%$/%,#'"! /=/'%! %./,%! E! (/! "05B.&! ,'%,@&C!X.1! (/!7#$.!OC!2C!QC! &"%,@&!I$&! (/!
'#%,#'!4&!;,&!0.,;<&!'&!.&';#,&!0/"!"&$(&@&'%!E!=('-(=(G%"G*%(.-0.6%(D!#Y(GB2G'-(
<%'0(6%-%"( &2( /.%( <%"&#--%**%( P( &2( 7'.&%(D( E! (r/?.,! 4&"! .&P/.4"! <%./'P&."1! @/,"!
I$r&((&! .&3#$;.&! /$"",! =(*%( )"#.0( <#'"( *Z.-)./.)'( )%( -#'%"( %0( )%( )1/%*#<<%"( )%&(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#"!7<@6!H36-!"$!@/1!"*('-!h!BC+=K/,H2-!5/#"+#36-!&-!56!)'6!"##!768696:6-!9AHk2<,!BC?<R/A@2ST,1-!##!<B>6!"*)"-!G6!;AH32!2>#%*((J#:;/#6(+/-!,O$(-!E$46!!"#$!7<@6!HLB6!"4!_L036!"**4-!m6!BC!?<R/A@2ST,1-!5/#"+#36-!'%-!56!#()[!768696:6-!c/>/!8=>202p!
BC!8=5/k,2-!"4!@/1!#44"-!,O'&&4"C44-!?2B6!768696:6!#44"SF+6!
! %(
"%*20.#-&( 2/%G( &%&( &%6@*2@*%&(DC! 8&! 4.#,%! E! (/! ;,&! 0.,;<&! "#3,/(&! .&3#$;.&!
<P/(&@&'%!(&!=()"#.0(2'()1/%*#<<%6%-0(<%"&#--%*(D"#%I!
f*C! 2&$A! 0.#(#'P&@&'%"! #'%! <%<! 4<4$,%"! 4&! 3&%%&! ,'%&.0.<%/%,#'! #.,P,'/(&! H!
4r$'&!0/.%1! (&!4.#,%!E!(r,4&'%,%<1!4r/$%.&!0/.%1! (&!4.#,%!E!(/!3#''/,""/'3&!4&!"&"!
#.,P,'&"C! Rr/P,""/'%! 4$! 4.#,%! E! (r,4&'%,%<1! ,(! .&';#,&! (#P,I$&@&'%! /$! 4.#,%! /$!
'#@1! =(G#6<".&( G#66%( '-(6#3%-( )Z.)%-0.$.G20.#-( <%"&#--%**%( %0( )%( "%*20.#-&( 2/%G(
2'0"'.8(2'(0.0"%(G%<%-)2-0()%(*2(=(/.%(<"./1%(%0($26.*.2*%(D(%0(-#-()%(*2(=(/.%(<"./1%(D8!
&A0(,I$&!ZC!GC!R$4.&"#&C!Rr/P,""/'%!4$!4.#,%!E!(/!3#''/,""/'3&!4&!"&"!#.,P,'&"1!
,(! &"%! 3#'"/3.<!0/.! (r/..D%!X4,B;.&! 3#'%.&!G./'3&1! .&'4$! (&! )b! J<;.,&.! *--b"#'C!
R&3#'4!/"0&3%!4$!4.#,%!/$!4<;&(#00&@&'%!0&."#''&(1!,(!0/.%,3,0&!4$!4.#,%!E!(r!
=(1<2-#'.&&%6%-0(<%"&#--%*(D1!3#@@&!@#=&'!4r<%/?(,.!(&"!(=()102.*&()%(&#-(.)%-0.01(
)ZE0"%( B'62.-(DD[Z(&%! .&0.<"&'%&! /,'",! $'! <(<@&'%! J#'4/@&'%/(! 4r,'%<P./%,#'!
"#3,/(&C!!
!
fbC! >$! %&.@&! 4&! 3&"! 4<;&(#00&@&'%"1! #'! /$./! 3#@0.,"! I$&! (/! 7#$.! 4&!
R%./"?#$.P!0.#3B4&!E!$'&! ,'%&.0.<%/%,#'!4&! (/!7#';&'%,#'!I$,!&"%! (#,'!49D%.&!
(,%%<./(&1! '95<",%/'%! 0/"! E! =! /+#$%&.! 4&"! <(<@&'%"! (E! #h! (&! %&A%&! '9&'! 4,%! 0/"!
/""&TC!>,'",1! /$! .&P/.4! 4&! 3&! 4='/@,"@&! ,'%&.0.<%/%,J1! #'! 3#@0.&'4!@,&$A!
I$9&((&! &@0.$'%&! ;#(#'%,&."! 4&"! <(<@&'%"! /$! 4.#,%! #$%.&[/%(/'%,I$&! ,""$! 4&"!
7#$."! "$0.D@&"! /@<.,3/,'&"1! /J,'! 49&'.,35,.! &'3#.&! (&! G#"<'&! 4&! (/!
7#';&'%,#'C! 8&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! &'! 3#'"%,%$&! $'&!
,(($"%./%,#'!.&@/.I$/?(&C!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#%!768696:6-!c1DAK1B!BC73</>12-!(!_L036!#44#-!3/4/5/#6(76!#44#-!56!)''-!<`=6!\6SQ6!c/3kA2,/AH6!"#&!G6! ;AH32-!5-:(+#"9-:;,")#"+#()+"-)%+(:)%*#="<#=-:(+<#="#*hC:$$"-! Q6T6G6-! #44)-! 56! %"(-!
B1>/,>!768696:6-!mA3kI/3>p!BC!bA>31BI2-!##! _L036!"**%-!b6!#)4!m-!E!#%-!3/4/5/?/-!"**&-!&$-!
,<>2!Q6!U2<3k1,6!"#'!768696:6-! fH1i032! BC! G3/,B2-! "$! _L036! #44$-! E%%-! ./0/1/# 2/-! #44$-! ++-! "44%*-! ,<>2! b6!
U<A>>2,<132S7<3,A>!2>!G6!;AH32[!./0/1/#2-!#44$-!+-!"#4-!L>AH2!Q6!c/K/A3126!"#(!b33d>!53LB6-!E#*6!
! %)
NO).X)[)=KC?;E:)\)<;)C?BEFBC=)</A;:DEDKB=)C=?>DEE=@@=)A;])2D;?>)>;C?^K=>)
<;)2AEA<A)=:)<=>)%:A:>)!EB>)
) ) ) ) ) ) ) ) ) )
fdC! S/00&(#'"[(&1! 4/'"! (r/..D%! 6.&%%=! 3#'%.&! S#=/$@&[:',1! J#'4/%&$.! 4$!
0.,'3,0&!4r/$%#'#@,&!0&."#''&((&1!(/!7#$.!OC!2C!QC!"&!.<JB.&!"/'"!/@?/P&"!E!(/!
+$.,"0.$4&'3&!4&!(/!7#$.!"$0.D@&!4$!7/'/4/!T8UC!2r$'&!@/',B.&!P<'<./(&1!(/!
4#3%.,'&!&"%,@&!I$&! (/!7#$.!OC!2C!QC!"r,'"0,.&!4$!.,P5%!#J!0.,;/3=!/@<.,3/,'!
4/'"! "#'! ,'%&.0.&%/%,#'! 3#'%&@0#./,'&!4$!4.#,%! /$! .&"0&3%!4&! (/!;,&!0.,;<&1!
4#'%! (&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! 3#'"%,%$&! /(#."! $'&!@/',J&"%/%,#'!
TWUC!!
!
8O).A)?GQG?=EF=)=]C@BFB:=)_)@A)`;?B>C?;<=EF=)<=)@A)2D;?)>;C?^K=)<;)2AEA<A)
!
feC!2/'"!!(9/..D%!6.&%%=!3#'%.&!S#=/$@&[:',1!(/!7#$.!OC!2C!QC!'9/33#.4&!0/"!E!
(/! .&I$<./'%&! (&! 4.#,%! 4&!@#$.,.1! %#$%! &'! /4@&%%/'%! I$9/$! '#@!4$!0.,'3,0&!
49/$%#'#@,&! 0&."#''&((&1! &((&! /! (&! 4.#,%! 4&! J/,.&! 4&"! 35#,A! 3#'3&.'/'%! "#'!
0.#0.&! 3#.0"1! <%/'%! &'%&'4$! I$&! 3&$A[3,! 0&$;&'%! D%.&!i!)+'-%( -20'"%(
<B3&.C'%6%-0( #'( 6#"2*%6%-0( )#6627%2@*%( #'( )2-7%"%'&%(D! 0#$.! &((&"#)C! X.1! 3&!
J/,"/'%1!(&!+$P&!&$.#0<&'!"9,'"0,.&!4,.&3%&@&'%!4&!(/!+$.,"0.$4&'3&!4&!(/!7#$.!
R$0.D@&! 4$! 7/'/4/C! >,'",1! @D@&! ",! (/! 7#$.! OC! 2C! QC! '9/33B4&! 0/"! E! (/!
4&@/'4&!4&!(/!.&I$<./'%&!3#'","%/'%!E!3&!I$&!"#,%!.&3#''$1!"#$"!(&!0.,"@&!4$!
4.#,%!4&!35#,",.!(&!@#@&'%!4&!"/!@#.%1!"#'!/$%#4<%&.@,'/%,#'1!&((&!/4@&%!4&!
J/_#'!,'<4,%&!I$&!(&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!,'&.;&!(9,'%&.0.<%/%,#'!
4&"! P/./'%,&"! 3#'%&'$&"! 4/'"! (9/.%,3(&! c! 4&! (/! 7#';C! OC! 2C! QC1! 0.,'3,0&!
4,.&3%&@&'%! &@0.$'%<! E! (/! 4<3,",#'!S#4.,P$&T! 3#'%.&! 6.#3$.&$.! P&'&./(! 4$!
7/'/4/"#*C!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#)!768696:6-!Q32>>R!BC?<R/A@2ST,1-!/33d>!53LB6-!E'#6!!"#*!9LB6!?<H31kA2p!BCQ3<BA32A3!kL,L3/K!HA!7/,/H/!n"**%o!#!V?7!"$'-!/BB2==1`K2!=A3! K2!
=1>2!1,>23,2>!H2=!\Ak2@2,>=!H2!K/!7<A3!=A53d@2!HA!7/,/H/!]!I>>5]CC=BB6K2YA@6<3kC_3C6!
! %*
ffC!89&@0.$'%!&"%!+$4,3,&$A!/$!.&P/.4!4&!(/!(#P,I$&!,'%&.0.<%/%,;&!4&!(/!7#$.!
OC!2C!QC1! 0$,"I$&! (&"! 4&$A! /JJ/,.&"! "&! 3#..&"0#'4&'%! 4$! 0#,'%! 4&! ;$&! 4&! (/!
",@,(/.,%<!4&"!J/,%"C!89/..D%!4&!(/!7#$.!"$0.D@&!4$!7/'/4/!3#'3&.'&!(&!3/"!4&!
Z@&! S#4.,P$&T1! /%%&,'%&! 49$'&! @/(/4,&! =(-%( <#'/2-0( E0"%( ?'".).C'%6%-0(
).&0.-7'1%( )%( G%( C'.( 2GG2@*%( L`6%( !"%003O(DDg\ 1! &%! 4/'"! $'! <%/%! 4&! 5/'4,3/0!
",@,(/,.&! /$! ",&'C!>! (9,'"%/.! 4&!Z@&!6.&%%=1!Z@&!S#4.,P$&T! "#$5/,%/,%! I$&!
"#'!@<4&3,'! (9/$%#.,"&! E! $%,(,"&.! $'! 0.#3<4<! ($,! 0&.@&%%/'%! 4&! @&%%.&! &((&[
@D@&!$'!%&.@&!E!"#'!&A,"%&'3&1!0.#3<4<!I$&!3&($,[3,!/$./,%!@,"!/$!0#,'%C!X.1!
",1!4&! (/!@D@&!@/',B.&!I$9/$!S#=/$@&[:',1! (&!4.#,%! 3/'/4,&'!'&! 3#'",4B.&!
0/"! (&! "$,3,4&! 3#@@&! $'&! ,'J./3%,#'! 0<'/(&1! ,(! 0.#5,?&! (9/,4&! /$! "$,3,4&! &'!
;&.%$! 4&! (9/.%,3(&! *d)! ?M! 4&! "#'! 7#4&! 0<'/("$"C! 7&0&'4/'%1!Z@&! S#4.,P$&T!
/.P$/,%! E! "#'! 0.#J,%! 4&! 3&.%/,'&"! 4,"0#",%,#'"! 4&! (/! 75/.%&! 7/'/4,&''&! 4&"!
4.#,%"!&%!(,?&.%<""$#1!I$,!0.<;#,%!&'!"#'!/.%,3(&!g!I$&!=(;B2G'-(2()"#.0(P(*2(/.%8(P(*2(
*.@%"01(%0(P( *2(&1G'".01()%(&2(<%"&#--%(d( .*(-%(<%'0(E0"%(<#"01(200%.-0%(P(G%()"#.0(C'+%-(
G#-$#"6.01(2/%G(*%&(<".-G.<%&()%(?'&0.G%($#-)26%-02*%(DC!2&!0($"1!4/'"!4&"! %&.@&"!
0.&"I$&!,4&'%,I$&"!E!3&$A!I$&!0.<;#,%!(9/.%,3(&!c1!/(,'</!*!4&!(/!7#';C!OC!2C!QC1!
&((&!<'#'3&!I$&!(&"!4.#,%"!&%!(,?&.%<"!I$9&((&!0.#3(/@&!=(-%(<%'/%-0(E0"%("%&0"%.-0&(
C'%( <2"( '-%( "K7*%( )%( )"#.08( )2-&( )%&( *.6.0%&( C'.( &#.%-0( "2.&#--2@*%&( %0( )#-0( *2(
?'&0.$.G20.#-(<'.&&%(&%()16#-0"%"()2-&(*%(G2)"%()+'-%(&#G.101(*.@"%(%0()16#G"20.C'%(DC!!
fgC!8/!7#$.!"$0.D@&!4$!7/'/4/!'9/33B4&!0/"!E!(/!4&@/'4&!4&!(/!.&I$<./'%&C!
K#'#?"%/'%1! (/! @/+#.,%<! 4&! (/! 7#$.! ($,! .&3#''/a%! $'! 4.#,%! E! (9/$%#'#@,&!
0&."#''&((&1!J#'4<!"$.!(9/.%,3(&!g!0.<3,%<C!>,'",1!(9$'!4&"!+$P&"!&"%,@&!I$&!=(*2(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"$4!!9LB6!?<H31kA2p!BCQ3<BA32A3!kL,L3/K!HA!7/,/H/-!53LB6-!()!/33d>!Q32>>R-!53LB6-!E"*6!!"$" 72>! /3>1BK2! 53L0<1>! aAM2=>! a#0:9;%H*"# =B9)# %6+"# 6-($()"*# "+# ;%<<(H*"# =B9)#
"$;-(<:))"$")+# $%O($%*# ="# G9%+:-'"# %)<# G9(6:)G9"J# <"*:)# *"# 6%<#Y# 6:)<"(**"# W# 9)"#
;"-<:))"#="#<"#=:))"-#*%#$:-+#R#%(="#:9#")6:9-%&"#G9"*G9B9)#W#<"#=:))"-#*%#$:-+J#G9"#*"#
<9(6(="#<B")<9(7"#:9#):)#d6!!"$#!V/!7I/3>2!7/,/H12,,2!H2=!H3<1>=!2>!K1`23>L=!2=>!A,2!HLBK/3/>1<,!H2=!H3<1>=!aA1!_<3@2!
K/! 532@1i32! 5/3>12! H2! K/! K<1! B<,=>1>A>1<,,2KK2! H2! "*)#-! 2KK2S@d@2! /.<A>L2! Z! K/!
7<,=>1>A>1<,! HA! 7/,/H/! H2! "*)#6! ;<,! `A>! 2=>! H2! 53<>Lk23! K2=! H3<1>=! H2=! B1><R2,=!
B/,/H12,=! B<,>32! K2=! /B>1<,=-! K2=! 5<K1>1aA2=! 2>! K2=! K<1=! H2=! k<A023,2@2,>=! _LHL3/K! 2>!
53<01,B1/AY-! 2>! HMA,1_123! K2=!7/,/H12,=!/A><A3!HMA,! 2,=2@`K2!H2!0/K2A3=!aA1! 1,B/3,2,>!
B2=! H3<1>=6! F6! 5/3! 2Y6! !%# 0C%-+"# 6%)%=("))"# ="<# =-:(+<# "+# *(H"-+,<J# 0:)6";+<# "+# ($;%6+<-!
c<,>3L/K-!gIL@1=-!"*)&6!!
! &4
-#0.#-()%(&1G'".01()%( *2(<%"&#--%(G#6<"%-)( *+2'0#-#6.%(<%"&#--%**%()'(6#.-&(%-(G%(
C'.(G#-G%"-%(*%()"#.0()%($2."%()%&(GB#.H(G#-G%"-2-0(&2(<"#<"%(<%"&#--%8(*%(G#-0"k*%(&'"(
&2(<"#<"%(.-017".01(<B3&.C'%(%0(6%-02*%8(%0(*2().7-.01(B'62.-%($#-)26%-02*%(QRS(G%&(
G#-&.)1"20.#-&( <%"6%00%-0( )%( G#-G*'"%( C'%( *+.-0%").G0.#-( <"1/'%( P( *+2*I( U_^( @S( <"./%(
*+2<<%*2-0%()%(&#-(2'0#-#6.%(<%"&#--%**%(%0( *'.(G2'&%()%&()#'*%'"&(<B3&.C'%&(%0('-%(
0%-&.#-( <&3GB#*#7.C'%( 0%**%&( C'+%**%( <#"0%( 200%.-0%( P( *2( &1G'".01( )%( &2( <%"&#--%(DDggI(
7&0&'4/'%1!(/!7#$.!.&%,&'%!.-($.-%!I$&!(&!4.#,%!E!(9/$%#'#@,&!0&."#''&((&!3B4&!
&'! (9&"0B3&! 4&;/'%! (&"! 0.,'3,0&"! 4&! +$"%,3&! J#'4/@&'%/(&1! &'! 0/.%,3$(,&.! (&!
.&"0&3%!4&!(/!;,&C!X.1!3&($,[3,!3#@@/'4&!I$&!(9/,4&!/$!"$,3,4&!.&"%&!0.#5,?<&1!
/J,'! 49<;,%&.! I$&! 4&"! 0&."#''&"! ;$('<./?(&"! "#,&'%! ,'3,%<&"! E! "&! 4#''&.! (/!
@#.%C!O'!#$%.&1!49$'!0#,'%!4&!;$&!"=@?#(,I$&1!3&%%&!,'%&.4,3%,#'!",P',J,&!I$&!
(&! 7/'/4/! /33#.4&1! &'! %#$%&! 5=0#%5B"&1! $'&! ;/(&$.! J#'4/@&'%/(&! E! (/!
0.<"&.;/%,#'!4&!(/!;,&C!!
fcC! 8/! 7#$.! OC! 2C! QC1! 4/'"! "/! 4<3,",#'! 6.&%%=1! "$,%! 0&$! #$! 0.#$! (&! @D@&!
./,"#''&@&'%1! %./'"0#"/'%!4/'"!"&"!@#%,J"!3&.%/,'&"!&A0.&"",#'"! ,""$&"!4&! (/!
4<3,",#'! 4&! (/! 7#$.! "$0.D@&! 4$! 7/'/4/C! O'! &JJ&%1! &((&! +$P&! I$&! (9/JJ/,.&!
S#4.,P$&T! 3#'%.&! 6.#3$.&$.! P<'<./(! 4$! 7/'/4/! =( &#'*%/2.0( )%&( <"#@*K6%&(
2-2*#7'%&( LP( G%'H( &#'*%/1&( )2-&( *+2$$2."%( !"%003O( "%*20./%6%-0( 2'( <".-G.<%( )%(
*+2'0#-#6.%(<%"&#--%**%8( 2'( &%-&()'()"#.0( )+#<1"%"()%&( GB#.H( G#-G%"-2-0( &#-(<"#<"%(
G#"<&( DDgU1! &%! @&%! &'! ?/(/'3&! (&! 4.#,%! 4&! @#$.,.! /$! '#@! 4&! "#'! /$%#'#@,&!
0&."#''&((&1! ;#,.&! 4&! "#'! 4.#,%! E! (9/$%#4<%&.@,'/%,#'1! ,';#I$<! 0/.! (/!
.&I$<./'%&1! &%! (&"! =( G#-&.)1"20.#-&( )%( &2-01( %0( )%( &1G'".01( <'@*.C'%&( D DgfI$,!
3#@@/'4&'%!4&!0.#5,?&.!(9/,4&!/$!"$,3,4&!/"","%<!&'!./,"#'!4$!.,"I$&!49/?$"!
I$&! "#'! /$%#.,"/%,#'! 0#$../,%! P<'<.&.1! 3#'4$,"/'%! E! (/! 3#'3($",#'! "&(#'!
(/I$&((&! =( *2( -20'"%( 71-1"2*%( )%( *+.-0%").G0.#-( )'( &'.G.)%( 2&&.&01( -+%&0( <2&(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"$$!\Ak2!;<51,D/-!HLB6!?<H31kA2p!BCQ3<BA32A3!kL,L3/K!HA!7/,/H/-!B1>L!H/,=!KM/33d>!Q32>>R-!
53LB6-!E#"6!!"$%!b33d>!53LB6-!E''6!7M2=>!,<A=!aA1!=<AK1k,<,=6!"$&!b33d>!53LB6-!E(%6!!
! &"
).&<"#<#"0.#--1%(DDgTC!!
fkC! >,'",1! 4/'"! $'&! /JJ/,.&! I$,! 0#"&! (&"! @D@&"! I$&"%,#'"! +$.,4,I$&"!
J#'4/@&'%/(&"1! (/!7#$.! OC!2C!QC! (,;.&! $'&! 3#'3($",#'! ",@,(/,.&! E! 3&((&! 4&! (/!
7#$.!"$0.D@&!4$!7/'/4/C!
g-C!7&0&'4/'%1!0#$.!3&!I$,!'#$"!,'%<.&""&1!(9&""&'%,&(!&"%!/,((&$."C!O'!&JJ&%1!3&!
I$9,(!J/$%!.&@/.I$&.!39&"%!I$&!0/.!"#'!i!&@0.$'%!j!4&!@#%,J"!E!(/!4<3,",#'!4&!
(/!7#$.!"$0.D@&!4$!7/'/4/1!(/!7#$.!OC!2C!QC!,'%.#4$,%1!4&!@/',B.&!,'<4,%&1!(&!
0.,'3,0&!49/$%#'#@,&!0&."#''&((&!4/'"!(&!"="%B@&!+$.,4,I$&!&$.#0<&'C!X.1!(/!
%./'"0#",%,#'! '9&"%! 0/"! /'&34#%,I$&C! O'! &JJ&%1! /$! 4&(E! 4&! "#'! /JJ,35/P&!
%&.@,'#(#P,I$&1! (&! 0.,'3,0&!49/$%#'#@,&!0&."#''&((&! %./4$,%! $'&! 3#'3&0%,#'!
0($"! (,?<./(&! 4&"! 4.#,%"! J#'4/@&'%/$A1! I$,! '9&"%! 0/"! 3#'%&'$&! 2( <".#".! 4/'"!
(9&"0.,%!4&!(/!7#';C!OC!2C!QC!!
g)C! >,'",1! /$[4&(E! 4&! (9&'.,35,""&@&'%! 4$! 4.#,%! &$.#0<&'! 0/.! 3&%! &@0.$'%!
'#%,#''&(!/$!4.#,%!3/'/4,&'1! (&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!.&J(B%&!$'&!
3#'3&0%,#'!4$!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&!J#'4/@&'%/(&@&'%!4,"%,'3%&!4&!
(/!3#'3&0%,#'!&$.#0<&''&C!29/?#.41! (&!4.#,%!/$!.&"0&3%!4&! (/!;,&!0.,;<&!'9&"%!
0/"!,'3.,%!&'!%/'%!I$&!%&(1!',!4/'"!(/!75/.%&!7/'/4,&''&!4&"!4.#,%"!&%!(,?&.%<"1!
',! 4/'"! (/! 7#'"%,%$%,#'! 7/'/4,&''&! 4&! )kc*C! 79&"%! $'! 4.#,%! +$.,"0.$4&'%,&(1!
.&3#''$!0/.!(/!7#$.!"$0.D@&!4$!7/'/4/!4/'"!(9/..D%!Q$'%&.!3C!R#$%5/@!U'3C!
.&'4$!&'!)kcd"$(1! 0$,"! 3#'J,.@<!4/'"! (9/..D%!SC! 3C!2=@&'%! .&'4$!&'!)kcc"$)C!
`./4,%,#''&((&@&'%1! ',! (/! 3#@@#'! (/m1! ',! (&! 4.#,%! 3,;,(! 3/'/4,&'! '&!
.&3#''/,""&'%!$'!4.#,%!E!(/!;,&!0.,;<&!/$%#'#@&C!7&($,[3,!&"%!J#'4<!/$!4<0/.%!
"$.!(9/.%,3(&!c!4&!(/!75/.%&1!I$,!0.<;#,%!=(;B2G'-(2()"#.0(P(*2(<"#0%G0.#-(G#-0"%(*%&(
$#'.**%&8(*%&(<%"C'.&.0.#-&(#'(*%&(&2.&.%&(2@'&./%&(DC!7&!"#'%!(&"!/..D%"!F#'&""$*1!0$,"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"$'!b33d>!53LB6-!E('6!"$(!:A,>23!B6!;<A>I/@!+,B6-!n"*)%o!#!?6!76!;6!"%&-!/BB2==1`K2!Lk/K2@2,>!=A3!K2!=1>2!1,>23,2>!
H2=!\Ak2@2,>=!H2!K/!7<A3!=A53d@2!HA!7/,/H/-!06!<9;-%6!"$)!?6!B6!9R@2,>-!n"*))o-!#!?6!76!;6!%#(-!@d@2!32@/3aA26!"$*!?6!B6!\<,2=-!n"*)'o!#!?6!76!;6!#)%-!$")6!Q6!"*(-!(="$6!
! &#
Z#.P&'%/(&."%4!&%! N&/.&"%"!I$,! /JJ,.@&'%! 4&! @/',B.&! ,'<4,%&! I$&! (&! 4.#,%! /$!
.&"0&3%! 4&! (/! ;,&! 0.,;<&! 0&$%! %.#$;&.! $'! J#'4&@&'%! 4/'"! (9/.%,3(&! g! 4&! (/!
75/.%&1!&'!3&!I$9,(!=(72"2-0.L0O8()+'-%(G%"02.-%(62-.K"%8(*%()"#.0(P(*2(/.%(<"./1%(#'(P(
0#'0(*%(6#.-&(*+2'0#-#6.%(<%"&#--%**%(D1! &A0(,I$&!/(#."! (&! +$P&!z,("#'1! !0$,"I$&!
=(*%()"#.0(P(*2(*.@%"01(L72"2-0.(<2"(*+2"0.G*%(fO(162-L%O()%&(G#-G%<0&($#-)26%-02'H()%(*2(
).7-.01(B'62.-%8()%( *+2'0#-#6.%(<%"&#--%**%8()%( *2(/.%(<"./1%(%0()'(GB#.H()%(<"%-)"%(
)%&( )1G.&.#-&( .-0".-&KC'%6%-0( <%"&#--%**%&(D "%# !C! >,'",! (/! +$.,"0.$4&'3&!
4<%&.@,'&[%[&((&! (&! 3#'%&'$! 4&! (9/.%,3(&! g1! I$,! =( .-G*'0( '-%( -#0.#-( )+2'0#-#6.%(
<%"&#--%**%( C'.( G#6<"%-)( *2( 62e0".&%( )%( *+.-017".01( )%( &2( <%"&#--%( &2-&( 2'G'-%(
.-0%"/%-0.#-( )%( *+>020( %0( *+2@&%-G%( )%( 0#'0%( 0%-&.#-( <&3GB#*#7.C'%( #'( 16#0.#--%**%(
.6<#&1%(<2"(*+>020(DDUg1!3/.1!"&(#'!(/!7#$.!"$0.D@&!4$!7/'/4/1!=(a2-&('-%(&#G.101(
*.@"%( %0( )16#G"20.C'%8( *+.-)./.)'( )#.0( 2/#."( &'$$.&266%-0( )+2'0#-#6.%( <%"&#--%**%(
<#'"(/./"%(&2(<"#<"%(/.%(%0(<"%-)"%()%&()1G.&.#-&(C'.(&#-0()+.6<#"02-G%($#-)26%-02*%&(
<#'"(&2(<%"&#--%(DDUUC!!
g*C!X'!3#@0.&'4!/(#."!I$&!(&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!&"%!/;/'%!%#$%!
$'&! '#%,#'! 0.<%#.,&''&! ,'%&.0.<%/%,;&! 4$! 4.#,%! E! (/! "<3$.,%<1!
J#'4/@&'%/(&@&'%!,""$&!4$!4.#,%!E!(/!(,?&.%<1!$%,(,"<&!0#$.!4<J,',.!(&!3#'%&'$!
4$! 4.#,%! E! (/! ;,&! 0.,;<&C!X.1! 4/'"! 3&%%&! (#P,I$&! (,?<./(&1! (&! .t(&! 4&! (9O%/%! '&!
3#'","%&!0/"! %/'%!E! "9/?"%&',.!4&!"9,@@,"3&.!4/'"! (/!;,&!0.,;<&!4&"! ,'4,;,4$"!
I$9E! ,'%&.;&',.! 0#$.! /""$.&.! (/! +#$,""/'3&! &JJ&3%,;&! 4&"! 4.#,%"! &%! (,?&.%<"!
J#'4/@&'%/$AC! 2B"! (#."1! 49$'! 0#,'%! 4&! ;$&! #'%#(#P,I$&1! (9/$%#'#@,&!
0&."#''&((&! 3#'%,&'%! $'&! 4,@&'",#'! /3%,;&1! &%! '#'! 0/"! 4<J&'",;&C! 8&!
./,"#''&@&'%!&"%!4#'3!&'!I$&(I$&!"#.%&!.&';&."<!&'!3#@0/./,"#'!4$!4.#,%!/$!
.&"0&3%!4&!(/!;,&!0.,;<&!&$.#0<&'C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"%4!?6!B6!c<3k2,>/K23-!n"*))o!"!?6!76!;6!$46!Q6!"*(-!(="$6!"%"!?6!B6!m2/32-!n"*))o!#!?6!76!;6!!$)'-!%"#6!Q6!"*(-!(="$6!"%#!71>L!5/3!b6z?6!^/H2/A-!L("#;-(7,"#"+#=-:(+<#>:)=%$")+%9O#Y#,+9="#="#*%#;-:+"6+(:)#="#*%#
7("#;-(7,"#")#=-:(+#6:)<+(+9+(:))"*#6%)%=(")#"+#%$,-(6%()#"+#")#=-:(+# ()+"-)%+(:)%*-! >Ii=2!
f>>/q/-!#444-!56!"*)6!!"%$!b6z?6!^/H2/A-!>I6!53LB6-!56!"**6!!"%%!V2!.Ak2!V/@23-!B1>L!5/3!b6z?6!^/H2/A-!>I6!53LB!6-!56!#4"6!!
! &$
gbC!>,'",1!"&(#'!(/!7#$.!"$0.D@&!4$!7/'/4/1!4&"!I$&"%,#'"!@&%%/'%!&'!+&$!(/!
(,?&.%<! 0&."#''&((&! 4/'"! (&! 4#@/,'&! 4&! (/! ;,&! 0.,;<&1! %&((&"! I$&! (/!
3#'%./3&0%,#'1!(9/;#.%&@&'%1! (&"!.&(/%,#'"!"&A$&((&"!&%! (&!@#@&'%!4$!35#,A!4&!
"/!@#.%!"9/'/(="&'%!"#$"!(9/'P(&!4&!(9/$%#'#@,&!0&."#''&((&C!!
gdC!2B"!(#."1!&'!&@0.$'%/'%!$'&!%&((&!'#%,#'1!(/!7#$.!4&!R%./"?#$.P!0.#3B4&!E!
$'&!.&(&3%$.&!4$!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&!=(3#'%,'&'%/(!D!&'!4.#,%!/$!
.&"0&3%!4&!(/!;,&!0.,;<&!=(/@<.,3/,'!DC!!
geC!7&!3#'"%/%!&"%!3#'J,.@<!0/.!(9<P/(!/%%./,%!4&!(/!7#$.!OC!2C!QC!0#$.!(&!.,P5%!
#J!0.,;/3=(/@<.,3/,'! ,""$!4&! (/! +$.,"0.$4&'3&!4&! (/!7#$.!"$0.D@&!4&"!O%/%"[
:',"C!
!
WO)./BEQ@;=EF=)<=)@A)`;?B>C?;<=EF=)<=)@A)2D;?)>;C?^K=)<=>)%:A:>O!EB>)
!
gfC!7#'%./,.&@&'%!E!3&!I$&!'#$"!<3.,;,#'"!3#'3&.'/'%! (/! +$.,"0.$4&'3&!4&! (/!
7#$.!"$0.D@&!3/'/4,&''&1! (/!7#$.!OC!2C!QC!'&!"&!.<JB.&!0/"!&A0(,3,%&@&'%!E!
3&((&! 4&! (/! 7#$.! "$0.D@&! 4&"! O%/%"[:',"! (#."I$9&((&! .<;B(&! (&! 0.,'3,0&!
49/$%#'#@,&!0&."#''&((&C!O'!.</(,%<1!(/!.<J<.&'3&!E!3&%%&!4&.',B.&!&"%!3&.%/,'&C!!
ggC! O'! &JJ&%1! (&! %#$.'/'%! (,?<./(! /4#0%<! 0/.! (/! 7#$.! 4&! R%./"?#$.P! 4/'"! "#'!
,'%&.0.<%/%,#'!4$!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&1!<%"6%002-0!(/!.<;<(/%,#'!4$!
0.,'3,0&!49/$%#'#@,&!0&."#''&((&1! &"%! <P/(&@&'%! ,'"0,.<!4&! (/! +$.,"0.$4&'3&!
4&!(/!7#$.!"$0.D@&!4&"!O%/%"[:',"1!&%!0($"!0/.%,3$(,B.&@&'%1!3&!I$,!'9<%#''&./!
P$B.&1! 0/.! (&! .,P5%! #J! 0.,;/3=! /@<.,3/,'C! 8/! 4#3%.,'&! "&@?(&! $'/',@&! 0#$.!
"#$(,P'&.!3&%%&!%&'4/'3&!E!(/!i!(,?<./(,"/%,#'!/@<.,3/,'&!j!4$!4.#,%!/$!.&"0&3%!
4&! (/! ;,&! 0.,;<&! &$.#0<&'1! I$,! /00/./a%! &'! J,(,P./'&! /$! (#'P! 4&! "&"! /..D%"C!
>,'",1!/$!.&P/.4!4&!(9<;#($%,#'!4&!(/! +$.,"0.$4&'3&!4&!(/!7#$.!OC!2C!QC!&'!(/!
@/%,B.&1! $'! /$%&$.! "&! 4&@/'4&! ",! =(5%( ?'7%( %'"#<1%-( L2O( 2)#<01( *%( 6#)K*%(
261".G2.-(%0($2.0(&.%-(*%(=(<".-G.<%()+.-)./.)'2*.01(D(&#'&(*%(<2/.**#-()'C'%*(%&0(.-&G".0(
! &%
*%( l.7B0( #$( !"./2G3(D DUf 1! 49/$%/'%! I$&! 0/.! (/! 3#'"<3./%,#'! 4$! 0.,'3,0&!
49/$%#'#@,&! 0&."#''&((&1! (9/..D%! 6.&%%=! "&@?(&! 3#'J,.@&.! 3&%%&! %&'4/'3&1!
=("12*.&L2-0O( Q<%'0TE0"%S( *2( 6'020.#-( )%( *2( =(/.%( <"./1%T.-0.6.01(D( %-( =(/.%( <"./1%T
*.@%"01(D(.-&<."1%()%(*2(<"./2G3(261".G2.-%(DDUTC!!
gcC! X.1! %#$%&! (/! (<P,%,@,%<! 4&! 3&%%&! ,'%&..#P/%,#'! .<",4&! &'! 3&! I$9$'&! %&((&!
<;#($%,#'!,'%&.0.<%/%,;&!4$!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&!'9&"%!0/"!/'#4,'&C!
>! (9,'"%/.! 4&! 3&! I$,! /! <%<! "#$(,P'<! .&(/%,;&@&'%! E! (9,'J($&'3&! 4&! (/!
+$.,"0.$4&'3&! 4&! (/! 7#$.! "$0.D@&! 4$! 7/'/4/1! &((&! "&@?(&! @/.I$&.! $'!
;<.,%/?(&! P(,""&@&'%1! ;#,.&! $'&! .$0%$.&! ,4<#(#P,I$&! /;&3! (/! 3#'3&0%,#'!
3(/"",I$&! 4$! 4.#,%! /$! .&"0&3%! 4&! (/! ;,&! 0.,;<&! &$.#0<&'1! 3#'J,.@<&! 0/.! (/!
3#'"<3./%,#'! 4$! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&C! >,'",1! (/! 7#$.! OC! 2C! QC!
"&./,%!4<J,',%,;&@&'%!0/""<&!49$'&!3#'3&0%,#'!,'%,@,"%&1!4<J&'",;&!4$!4.#,%!/$!
.&"0&3%!4&!(/!;,&!0.,;<&1!E!$'&!3#'3&0%,#'!(,?<./(&1!/3%,;&C!X.1!(&"!3#'"<I$&'3&"!
49$'&! %&((&!<;#($%,#'!'&!"#'%!0/"! ,''#3&'%&"!H! (/!3#'3&0%,#'! (,?<./(&!4$!4.#,%!
/$! .&"0&3%! 4&! (/! ;,&! 0.,;<&! ,'3,%&! (&! +$P&! &$.#0<&'! E! /((&.! E! (9&'3#'%.&! 4$!
0/%&.'/(,"@&!<%/%,I$&!&'!@/%,B.&!4&!0.#%&3%,#'!4&! (9,'4,;,4$C!>$%.&@&'%!4,%1!
(/! 0.#@#%,#'! 4&! (/! ;,&! 0.,;<&[(,?&.%<! /! 0#$.! 3#.#((/,.&! $'! .<%.<3,""&@&'%! 4&!
(9,'%&.;&'%,#'! <%/%,I$&! 0/.! (&! ?,/,"! 49$'! #.4.&! 0$?(,3! 0.#%&3%&$.1! ;#,.&!
=(*+#@*.720.#-(<#&.0./%(<#'"(*+>020(QRS()%(<"#017%"(*%(*.@"%(1<2-#'.&&%6%-0(<%"&#--%*(
G#-0"%(0#'0%(200%.-0%(<%"<10"1%(<2"()%&(0.%"&(DDUZC!!
gkC! O'! &JJ&%1! E! (9,'"%/.! 4$! 4.#,%! E! (/! "<3$.,%<! 3/'/4,&'1! (&! .,P5%! #J! 0.,;/3=!
/@<.,3/,'! &"%! #'%#(#P,I$&@&'%! (,?<./(1! 4/;/'%/P&! 3&'%.<! "$.! (&! ?,&'[D%.&!
,'4,;,4$&(!I$&!(&!4.#,%!&$.#0<&'C!2&!0($"1! ,(!'9&"%!0/"!'#'!0($"!3#'"/3.<!0/.!
(&"! %&A%&"! J#'4/@&'%/$A1! @/,"! /! <%<! 3.<<! 0/.! (&! +$P&1! 0($"! 0.<3,"<@&'%!
3#'J,.@<!0/.!3&($,[3,!/0.B"!/;#,.!<%<!4<3#$;&.%!0/.!(/!4#3%.,'&!+$.,4,I$&C!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"%&!G6!;AH32-!J!?/55<3>!1,>3<HAB>1_6!V/!J!B<,=>3AB>1<,!N!5/3! K2! .Ak2!2A3<5L2,!HA!H3<1>!/A!
32=52B>!H2!K/!012!5310L2!N-! ()#G6!;AH32!nH136o-!!"#5-:(+#%9#-"<;"6+#="#*%#7("#;-(7,"#%9#<")<#="#
*%#0:)7")+(:)#"9-:;,"))"#="<#=-:(+<#="#*BC:$$"-!:;/#6(+6-!56!""!2>!=6-!=5LB6!56!"#6!!"%'!G6!;AH32-!:;/#6(+/-!56!")6!!"%(!G6!;AH32-!:;/#6(+/-!56!$"6!!
! &&
c-C! >,'",1! 39&"%! &'! )ck-! I$9/00/./a%! 4/'"! (&! 0/="/P&! +$.,4,I$&! /@<.,3/,'! (&!
4.#,%!/$! .&"0&3%!4&! (/!;,&!0.,;<&1! (&! .,P5%!#J!0.,;/3=1! "#$"! (/!0($@&!4&!4&$A!
/;#3/%"1! 4/'"! (&$.! /.%,3(&! 0/.$! E! (/! 0.&"%,P,&$"&! Q/.;/.4! 8/m! S&;,&mDUEC!
7&$A[3,1! 0.&'/'%! 3#'"3,&'3&! 4&! (/! '<3&"",%<! 4&! 0.#%<P&.! (9,'4,;,4$! 3#'%.&! (&!
.&P/.4! ,'I$,",%&$.! 4&! (/! "#3,<%<1! "$PPB.&'%! /$A! +$P&"! 49/4@&%%.&! $'! 4.#,%!
,'<4,%!4/'"! (/!3#@@#'!(/m1! (&!.,P5%!#J!0.,;/3=C!2B"! (#."1!4$./'%! (/!0.&@,B.&!
@#,%,<!4$! *-B@&! ",B3(&1! (&"! +$P&"! /@<.,3/,'"! J/_#''&'%1! /$! J,(! 4&"! /JJ/,.&"! I$,!
(&$."! "#'%! "#$@,"&"1! (&!4.#,%! /$! .&"0&3%!4&! (/!;,&!0.,;<&1! "/'"! %#$%&J#,"!I$9,(!
"#,%! 3#'"/3.<!&'! %/'%!I$&! %&(C!79&"%! &'!)kfe!I$&! (/!7#$.! "$0.D@&!=!0.#3B4&1!
4/'"! (&! 3<(B?.&! /..D%! W.,"m#(4! ;C! 7#''&3%,3$%"%*1! "9/P,""/'%! 4&"! @#=&'"! 4&!
3#'%./3&0%,#'!0#$;/'%!D%.&!@,"!E!(/!4,"0#",%,#'!4&"!3#$0(&"!@/.,<"!4/'"!(9O%/%!
4$!7#''&3%,3$%C!7&((&[3,! (&! J#'4&! "$.! (&! dB@&! /@&'4&@&'%!4&! (/!7#'"%,%$%,#'!
/@<.,3/,'&1! I$,! ,'%&.4,%! (&"!0&.I$,",%,#'"! &%! "/,",&"!4<./,"#''/?(&"1! /,'",! I$&!
"$.!(&!N,((!#J!S,P5%"1!,'%<P.<!/$!%&A%&!J#'4/@&'%/("&4C!R/!3.</%,#'!+$.,4,I$&!&'!
%/'%!I$&!4.#,%! 3#'"%,%$%,#''&(!/$%#'#@&!&"%!3#'J,.@<&!I$&(I$&"!/''<&"!0($"!
%/.4!0/.!(9/..D%!S#&!;C!z/4&1(.&'4$!&'!)kgb1!3#'"/3./'%!(&!4.#,%!0#$.!(/!J&@@&!
&'3&,'%&! 49,'%&..#@0.&! "/! P.#""&""&C! U(! '&! J/,%! 4B"! (#."! /$3$'! 4#$%&! I$&! (&!
4.#,%! /$! .&"0&3%! 4&! (/! ;,&! 0.,;<&! &"%! 0.#%<P<! 3#@@&! 4.#,%! ,'4,;,4$&(!
J#'4/@&'%/(!3#'%.&!(9O%/%!&%!2($#"0.#".!(&"!%,&."!0/.%,3$(,&."1!&'!3&!I$&!=(L*%&(<K"%&(
$#-)20%'"&( )%&( >020&T,-.&O( #-0( GB%"GB1( P( <"#017%"( *%&( 461".G2.-&( )2-&( *%'"&(
G"#32-G%&8(*%'"&(<%-&1%&8(*%'"&(16#0.#-&(%0(*%'"(&%-&.@.*.01I(:*&(*%'"(#-0()#--1(G#-0"%(*%(
7#'/%"-%6%-0(*%()"#.0()+E0"%(*2.&&1(0"2-C'.**%(Q0#(@%(*%0(2*#-%S8()"#.0(C'.(&'@&'6%(0#'&(
*%&(2'0"%&(%0(C'.(%&0(*%(<*'&(GB1".(<2"6.(*%&(B#66%&(G./.*.&1&(DDfD1!<%/'%!&'%&'4$!I$9,(!
'&! "9/P,%! 0/"! %/'%! 49$'! 4.#,%! 4<J&'",J! I$&! 49$'! 4.#,%! E! (9/$%#'#@,&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"%)!;/@A2K!96!{/332,!2>!V<A1=!96!m3/,H21=-!J!gI2!31kI>!<_!5310/BR!N-!?%-7%-=#!%i#3"7("iJ!
0<K6!%!n")*4o-!556!"*$S##46!!"%*!U31=q<KH!06!7<,,2B>1BA>-!$)"!T;!%(*!n"*'&o-!2-%)=<#%--A+<-!556!'((S'*)6!V2=!/33d>=!H2!
K/! 7<A3! =A53d@2! H2=! 8>/>=ST,1=! =<,>! Lk/K2@2,>! /BB2==1`K2=! =A3! K2! =1>2! 1,>23,2>! H2! K/!
7<3,2KK!T,1023=1>R!V/q!;BI<<K!]!qqq6K/q6B<3,2KK62HA6!"&4!86!j<KK23-!J!V2!H3<1>!/A!32=52B>!H2!K/!012!5310L2!/AY!8>/>=ST,1=!N-!()!!G6!;AH32!nH136o-!:;/#
6(+6-!56!$&-!=5LB6!56!%*6!!"&"!\Ak2!m3/,H21=-!()#j*$<+"%=#7/#N)(+"=kX+%+"<-!#((!T;!%$)-!%''!n"*#)o6!!
! &'
,'4,;,4$&((&1! 3#'"%,%$/'%1! "&(#'! Z@&! >C! 2&(/35/@?.&[W.,JJ#'1! =(*+1*16%-0(
'-.$.G20%'"()%(*2(?'".&<"')%-G%("%*20./%(P(*2(/.%(<"./1%(DDf[C!!
c)C! O'! &JJ&%1! ",! (&! 4.#,%! /$! .&"0&3%! 4&! (/! ;,&! 0.,;<&! &'! 4.#,%! J#'4/@&'%/(!
/@<.,3/,'! &"%! "#$;&'%! 4<",P'<! 0/.! (/! 3<(B?.&! 4<J,',%,#'! =()"#.0( )+E0"%( *2.&&1(
0"2-C'.**%(D1! ,(! '&! "9=! .<4$,%! 0/"1! ;#,.&! .&';#,&! 4/;/'%/P&! E! $'&! 4,@&'",#'!
(,?<./(&!49/$%#'#@,&! ,'4,;,4$&((&C!79&"%!E! %#$%! (&!@#,'"! (/!4,.&3%,#'!/4#0%<&!
0/.! (/!7#$.! "$0.D@&!4&"!O%/%"[:',"1! (/I$&((&1! /$! J,(!4&! "/! +$.,"0.$4&'3&1! (,&!
#"%&'",?(&@&'%! 4.#,%! /$! .&"0&3%! 4&! (/! ;,&! 0.,;<&! &%! /$%#'#@,&! ,'4,;,4$&((&C!
>,'",1! 4/'"! (9/..D%! `5#.'?$.P5! ;C! >@&.,3/'! 3#((&P&! #J! X?"%&%.,3,/'"! /'4!
W='&3#(#P,"%"( .&'4$! &'! )kcf"&$ 1! (/! 7#$.! "$0.D@&! +$P&! I$&! =(*+>020( )L#.0O(
&+2@&0%-."()%(&+.66.&G%"()2-&(*2(/.%(<"./1%()%&( .-)./.)'&(L2.-&.(C'%O(=()+.6<#&%"()%&(
?'7%6%-0&( 6#"2'H( C'.(6%-2G%"2.%-0( *+2'0#-#6.%( .-)./.)'%**%(D(DC! 6/.! (/! "$,%&1! (&!
@D@&!(,&'!&"%!@,"!&'!<;,4&'3&!4/'"!(9/JJ/,.&!7/.&=!;C!6#0$(/%,#'!R&.;,3&"!U'%9(!
+$P<&! &'! )kgg"&%1! /,'",! I$&! 4/'"! =(*2()1G.&.#-(N#m%"&(/I(n2")m.GoDff(L"%-)'%(%-(
^iXV()2-&(*2C'%**%O( *%( ?'7%(N*2Go6'-()2-&(&#-(#<.-.#-().&&.)%-0%($L2.0O()'(<".-G.<%(
)+2'0#-#6.%('-(<".-G.<%('-.$.G20%'"()'(=(".7B0(#$(<"./2G3(D(DDfTC!!
c*C! U(! &"%! &'! &JJ&%! &""&'%,&(! 4&! 3#@0.&'4.&! I$&! (9,'4,;,4$! &"%! /$! 3&'%.&! 4&"!
0.<#33$0/%,#'"!"#3,/(&"!4/'"!(/!"#3,<%<!/@<.,3/,'&C!7&($,[3,!/!$'&!,@0#.%/'3&!
%#$%&!0/.%,3$(,B.&!/$!"&,'!4$!P.#$0&!"#3,/(1!,(!0.<4#@,'&!"$.!3&!4&.',&.C!>,'",1!
(9/$%&$.!0.<3,%<!3#'"%/%&!C'%(=(*2(<*'<2"0()%&()"#.0&(L261".G2.-&O(&#-0(.-)./.)'%*&D1!
3&!I$,!3#'"%,%$&!$'&!"0<3,J,3,%<!'#.4[/@<.,3/,'&C!O%!4&!"#$(,P'&.!0($"!(#,'!I$&!
=(5%&(0%H0%&(&'"(*%&C'%*&(*%()"#.0(%&0($#-)1(2GG#")%-0('-%(<*2G%(.6<#"02-0%(2'(7"#'<%8(
62.&( 2'&&.( %0( &'"0#'0( P( *+.-)./.)'I( 4.-&.( %-( %&0T.*( &<1G.2*%6%-0( )%( *2( ;#-&0.0'0.#-8(
)#-0( *%(p'20#"A.K6%(26%-)%6%-0(<2"( %H%6<*%( QRS( $2.0( %H<"%&&16%-0( "1$1"%-G%( P( *2(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"&#!b6! 92K/BI/@`32SU31__<,-! !%# *(H"-+,# ="# *%# 7("# ;-(7,"# =%)<# *%# P9-(<;-9=")6"# ="# *%# 0:9-#
<9;-A$"# ="<# 8+%+<kN)(<J# 3,>*"O(:)<# 6:$;%-%+(7"<# <9-# *"<# ")<"(&)"$")+<# ="# *B"O;,-(")6"#
%$,-(6%()"-!gIi=2!b1YS2,SQ3<02,B2-!(!./,0123!#44#-!56!"%%6!!"&$!4C:-)H9-&C# 7/# I$"-(6%)# 6:**"&"# :># jH<+"+-(6(%)<# %)=# 2M)"6:*:&(<+<J# %('! T6! ;6! (%(!
n"*)'o6!!"&%!0%-"M#7/#1:;9*%+(:)#X"-7(6"<#K)+B*J#%$"!T6!;6!'()!n"*((o6!!"&&!F:i"-<#7/#?%-=i(6l-!%()!T6!;6!")'!n"*)'o6#!"&'!b6!92K/BI/@`32SU31__<,-!>I/#53LB/J!56!"&$!2>!=6!!
! &(
<%"&#--%(%-(02-0(C'+%-0.01(P(<2"0(%-0.K"%(D"&(I!79&"%!4#'3!&'!%#$%&! (#P,I$&!I$&!(/!
7#$.!"$0.D@&1!4/'"!"#'!%./;/,(!0.<%#.,&'!4&!4<J,',%,#'!4&"!3#'%#$."!4$!4.#,%!
/$! .&"0&3%! 4&! (/! ;,&! 0.,;<&1! (,&! &A0(,3,%&@&'%! 3&! 4&.',&.! E! (9/$%#'#@,&!
,'4,;,4$&((&1!0$,"I$9,(! &"%!=(*+1<.G%-0"%()%(*2(<"./2G3(DDfEC! 89,'4,;,4$!&"%!@/a%.&!
4&! "&"! 35#,A! 4&! ;,&! ,'%,@&1! 4/'"! (&"I$&("! (9O%/%! '9/! 0/"! E! "9,@@,"3&.C! U(! &"%1!
"&(#'! &((&1! $'! =27%-0( 6#"2*( 2'0#-#6%(DDf@ 1! J#'4/@&'%/(&@&'%! (,?.&1! 4#'%! (&!
3#.#((/,.&!<;,4&'%!&"%!"/!.&"0#'"/?,(,%<!4/'"!(/!3#'4$,%&!4&!"#'!&A,"%&'3&C!>!3&%!
<P/.41! (/! .&@/.I$&! 4$! +$P&! R%&;&'"1! E! (9#33/",#'! 4$! +$P&@&'%! 4&! (9/JJ/,.&!
`5#.'?$.P5! ;C! >@&.,3/'! 3#((&P&! #J! X?"%&%.,3,/'"! /'4! W='&3#(#P,"%"1! &"%!
<3(/,./'%&C!R&(#'!($,1!(/!;,&!0.,;<&!.&';#,&!/$!=($2.0(6#"2*(&%*#-(*%C'%*(*2(<%"&#--%(
2<<2"0.%-0(P(%**%T6E6%(%0(-#-(2'H(2'0"%&8(-.(P(*2(&#G.101(G#66%('-(0#'0(DDT\C!!
cbC! S,&'! 4#'3! 49<%#''/'%! E! 3&! I$&! (&! 4.#,%! /$! .&"0&3%! 4&! (/! ;,&! 0.,;<&!
/@<.,3/,'!/33#.4&!$'&!%&((&!0(/3&!E!(/!(,?&.%<!,'4,;,4$&((&1!',!E!3&!I$&!(/!'#%,#'!
49/$%#'#@,&!,'4,;,4$&((&!"#,%!#@',0.<"&'%&!4/'"!(/!+$.,"0.$4&'3&!4&!(/!7#$.!
"$0.D@&!4&"!O%/%"[:',"!.&(/%,;&!/$!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&C!O'!&JJ&%1!
(/!'#%,#'!49/$%#'#@,&!.&'4!0/.%,3$(,B.&@&'%!3#@0%&!4$!3/./3%B.&!3.$3,/(!4$!
35#,A!/3%,J!4/'"!(9&A,"%&'3&!5$@/,'&1!4&!(/!J/_#'!4#'%!3&((&[3,!&"%!J/_#''<&!0/.!
3&($,[(EC! 8&"! &A0.&"",#'"! ! $%,(,"<&"!0/.! (&"! +$P&"!4&! (/!7#$.! "$0.D@&! /J,'!4&!
4<J,',.! "&"! 3#'%#$."! &'! 3#'"%,%$&'%! $'&! ,(($"%./%,#'! .&@/.I$/?(&C! >,'",1! ,(!
"9/P,%!4&!(/!=(*.@%"01()%(*2(62-.K"%()%(G#-)'."%(L&O2(/.%(D1! (&!4.#,%!/$!.&"0&3%!4&!(/!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"&(!b6!92K/BI/@`32SU31__<,J#:;/#6(+/J#56!"%&6!?/552K<,=!aA2! K2!vA/><3p1i@2!b@2,H2@2,>!
H2! K/! 7<,=>1>A>1<,! H2=! 8>/>=ST,1=! 53L0<1>! aA2! a#+:9+"#;"-<:))"#),"#:9#)%+9-%*(<,"#%9O#
8+%+<kN)(<J#"+#<:9$(<"#W#*"9-#P9-(=(6+(:)J#"<+#6(+:M")#="<#8+%+<kN)(<#"+#="#*B8+%+#=%)<#*"G9"*#
"**"#-,<(="/#I969)#8+%+#)"#>"-%#:9#)B%;;*(G9"-%#="#*:(<#G9(#-"<+-"()=-%(")+#*"<#;-(7(*c&"<#:9#
*"<#($$9)(+,<#="<#6(+:M")<#="<#8+%+<kN)(<#R#)"#;-(7"-%#9)"#;"-<:))"#="#<%#7("J#="#<%#*(H"-+,#
:9#="#<"<#H(")<#<%)<#;-:6,=9-"# *,&%*"#-,&9*(c-"# R#)(#)"#-">9<"-%#W#G9(6:)G9"#-"*c7"#="#<%#
P9-(=(6+(:)#*B,&%*"#;-:+"6+(:)#="<#*:(<#d6!!"&)!b6!92K/BI/@`32SU31__<,-!32532,/,>!A,2!2Y532==1<,!H2!c6Sg6!c2AKH23=SlK21,-! ()!J!F12!
5310L2-!012!_/@1K1/K2!2>!H3<1>=!H2!KMI<@@2!N-!3/K/5/06-!"**#-!,O%-!56!('(!2>!=6-!=5LB6!56!(($-!()#
>I/#53LB6-!56!"%(6!!"&*!+,>2353L>/>1<,! H2! KM/33d>! 3:"# 7/#m%="! n%"4! T6! ;6! ""$-! "*($o! 5/3! 96! Q6! l<@@23=-!
J!b`<3>1<,!/,H!7<,=>1>A>1<,!]!T,1>2H!;>/>2=!/,H!{2=>!U23@/,R!N-!4C"#I$"-(6%)#.:9-)%*#
:>#0:$;%-%+(7"#!%iJ#D@ZZJ#0<K6!#&-!,O"-!56!#&&!2>!=6-!=5LB6!56!#)$-!B1>L#;%-!b6!92K/BI/@`32S
U31__<,-!>I/#53LB6-!56!"%*6!!"'4!b6!92K/BI/@`32SU31__<,-!>I/#53LB6-56!"%*6!!
! &)
;,&! 0.,;<&! 3#'","%/'%! &'! $'! 4.#,%! E! =(*+2'0#T)1$.-.0.#-(DDTD1! 3&%%&! (,?&.%<! <%/'%!
=(.-0.6%6%-0(*.1%(P(*+2'0#)10%"6.-20.#-(DDT[C!!
!
cdC! 8/! %./4,%,#'! +$.,4,I$&! ;&$%! 4#'3! I$9&'!>@<.,I$&! 4$! '#.41! (/! (,?&.%<! 4&!
(9,'4,;,4$! 4/'"! "/! ;,&! 0.,;<&! &"%! 4/;/'%/P&! /$! 3&'%.&! 4&"! 0.<#33$0/%,#'"!
<%/%,I$&"!I$9&((&!'&!(9&"%!"$.!(&!3#'%,'&'%!&$.#0<&'C!>!(/!J#,"!(&!4.#,%!3/'/4,&'!
&%!(&!4.#,%!/@<.,3/,'!J#'%!$'&!0(/3&!0.,;,(<P,<&!E!"&"!35#,A!4&!;,&C!!
ceC!79&"%!4#'3!/;&3!./,"#'!I$&!Z@&!6.&%%=!,';#I$&!E!(9/00$,!4&!"#'!.&3#$."!(/!
+$.,"0.$4&'3&!3/'/4,&''&1!&"0<./'%!/,'",!,'J($&'3&.!(&"!+$P&"!4&!(/!7#$.!OC!2C!
QC! X'! (&! "/,%1! 3&%%&! 4&.',B.&! '9/! 0/"! /33<4<! E! "/! 4&@/'4&C! K</'@#,'"1! &'!
3#'"/3./'%!(&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&1!&((&!@#4,J,&!+$.,4,I$&@&'%!&%!
"=@?#(,I$&@&'%1!/$!.&P/.4!4&!(/!@/%,B.&1!(/!3#'3&0%,#'!4$!.t(&!4&!(9,'4,;,4$!
&'! 4.#,%! 3#'%,'&'%/(1! "9/P,""/'%! 4&! "&"! 35#,A! &A,"%&'%,&("C! 7&($,[3,! &"%!
4#.<'/;/'%!3#'",4<.<!4/'"!"/!4,@&'",#'!/3%,;&1!&%!0($"!$',I$&@&'%!4/'"!"/!
4,@&'",#'! 0/"",;&1! .&(,<&! E! (/! 3#'3&0%,#'! %./4,%,#''&((&! 4&! =(/.%( <"./1%T
.-0.6.01(DC!!!
cfC! 6/.! 3&%%&! +$.,"0.$4&'3&! ,''#;/'%&1! (/! 7#$.! "%./"?#$.P&#,"&! @/.I$&! $'!
./00.#35&@&'%! #"%&'",?(&! /;&3! (/! 3#'3&0%,#'! #$%.&[/%(/'%,I$&! 4&! (9,'4,;,4$C!
8/!'#%,#'!49/$%#'#@,&!0&."#''&((&!&'!4.#,%!&$.#0<&'!4&"!4.#,%"!4&!(95#@@&!
&"%!4#'3! (&! ",P'&!4&! (9,'4,;,4$/(,"/%,#'!4$!4.#,%! /$! .&"0&3%!4&! (/!;,&!0.,;<&C!
Z@&! >C! 2&(/35/@?.&[W.,JJ#'! 3#'"%/%&! /,'",!H! =(M'"( -#0"%( G#-0.-%-08( .*( &%6@*%(
62-.$%&0%6%-0( C'%( *2(<%"&#--%( %-( 02-0( C'+%-0.01( P(<2"0( %-0.K"%( #GG'<%('-%(<*2G%()%(
<*'&( %-( <*'&( &.6.*2."%( C'%( G%**%( C'+%**%( #GG'<%( 2'H( >020&T,-.&I( ,-%( <".62'01(
.)%-0.C'%()%(*2(<%"&#--%(%-(02-0(C'+%-0.018(#'(=(*+2/K-%6%-0()%(*2(<%"&#--%(2'(G%-0"%(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"'"!\Ak2!mK/BD@A,-!/33d>!F:i"-<J!%)(!T6!;6!")'!n"*)'o-!B1>L!5/3!b6!92K/BI/@`32SU31__<,-!
>I/#53LB6-!56!"&'6!"'#!\Ak2!fM7<,,<3-! /33d>!0-9'%)#7/#5(-"6+:-#:>#?"%*+C#X"-7(6"<-! %(%!T6!;6!$#(! n"**4o-! B1>L!
5/3!b6!92K/BI/@`32SU31__<,-!>I/#53LB/J#;DfT/!
! &*
)'( )"#.0( G#-0%6<#"2.-D8( 2<<2"2e0( 2.-&.( G*2."%6%-0( )2-&( *%( G#-0%-0.%'H(
%'"#<1%-(D(DDTgI((
(
(
YW)S).=) QDE<=K=E:)DFF;@:=)<;)C?BEFBC=)</A;:DEDKB=)C=?>DEE=@@=)S) @=)<GF@BE)
<=)@/BEQ@;=EF=)?=@BMB=;>=)=E)<?DB:)=;?DCG=E)
)
))
cgC! R&(#'! '#$"1! (/! 3#'"<3./%,#'! 4$! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! &"%! (/!
&.7-.$.G20.#-( ?'".).C'%1! &'! 4.#,%! &$.#0<&'1! 4&! (9/$%#'#@,&! 3#'%&@0#./,'&! 4&!
(9,'4,;,4$! 0/.! ./00#.%! E! 2,&$y! &'! 49/$%.&"! %&.@&"1! (/! &.7-.$.G20.#-! 4&! (/!
0.#0.,<%<!'#$;&((&@&'%!2GC'.&%!4&!(9,'4,;,4$!"$.!"#'!3#.0"C!!!
ccC! O'! &JJ&%1! &'! "$"! 4&! (9,'J($&'3&! @/',J&"%&! 4$! 4.#,%! '#.4[/@<.,3/,'1! (/!
.<;<(/%,#'!4$!0.,'3,0&!49/$%#'#@,&!0&."#''&((&! %.#$;&!$'&!&A0(,3/%,#'!4/'"!
$'&!3/$"&!(/%&'%&1!I$&!(9#'!0#$../!%.#$;&.!"/$P.&'$&!/$!;$!4&!'#%.&!4#@/,'&!
49<%$4&!H! (&! 4<3(,'! 4&! (/! .&(,P,#'C! 7&($,[3,! 3#'"%,%$&! $'! J/3%&$.! ,'4<',/?(&!
49/$%#'#@,"/%,#'! 4&! (9,'4,;,4$1! (9,'%&.4,3%,#'! #.,P,'&((&! 49D%.&! (,?.&! I$/'%! E!
"#,!%.#$;/'%!"/!"#$.3&!4/'"!(&"!0.<3&0%&"!.&(,P,&$A1!'#%/@@&'%!35.<%,&'"1!I$,!
#'%!%.#$;<!$'&!%./4$3%,#'!+$.,4,I$&!@/(P.<!(/!(/q3,%<!4&!(/!.BP(&!4&!4.#,%C!:'!
%&(! 3#'"%/%! "&! ;<.,J,&! "9/P,""/'%! 4&"! "="%B@&"! +$.,4,I$&"! <%/%,I$&"! &'! O$.#0&!
3#@@&! &'! 4.#,%! &$.#0<&'! J#'4/@&'%/(C! 89,'J($&'3&! %./4,%,#''&((&! 4&! (/!
@#./(&!35.<%,&''&!&'!4.#,%!&$.#0<&'!,@0(,I$&!/,'",!$'!&"0/3&!4&!(,?&.%<!4/'"!
(&!4#@/,'&!4&! (/!;,&!0.,;<&!.<4$,%!E! (/!0#.%,#'!3#'P.$&! T,UC!K#$"!0#"%$(#'"!
/(#."! I$&! (/! .<;<(/%,#'! 4$! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! &"%! $'&!
@/',J&"%/%,#'1! 3&.%&"! @#,'"! <;,4&'%&1! @/,"! ,'4<',/?(&1! 4&! (/! 4,"0/.,%,#'!
3#'%&@0#./,'&!4&! (9,'J($&'3&!4&! (/!@#./(&!35.<%,&''&!&'!4.#,%!&$.#0<&'! TNUC!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"'$ !b6! 92K/BI/@`32SU31__<,-! >I/# 53LB6! 56! "'4-! B1>/,>! Lk/K2@2,>! ?6! ;/0/>123-! !"<#
$,+%$:-;C:<"<#,6:):$(G9"<#"+#<:6(%*"<#=9#=-:(+#;-(7,#%9P:9-=BC9(#ngc$"# <,-("o-! 5/! "*&*-!,O$$&-! 56! &-! B1>L! 5/3! ?6! ^23=<,! ()! J!V/! 53<>2B>1<,! H2! K/! 012! 5310L2! 2,! H3<1>! 5<=1>1_!
_3/,e/1=!N-!3/K/5/06-!"*("-!,O%-!56!($(!2>!=6-!=5LB6!56!($)6!!
! '4
8&!+$P&!&$.#0<&'!"&@?(&!/;#,.!0.,"!(/!@&"$.&!4&!(9<;#($%,#'!4&!(/!"#3,<%<!I$,!
&"%! (/! 't%.&1! 4<?/../""<&! 4&! *2! @#./(&! 3#'%./,P'/'%&1! /=/'%! /?/'4#''<! (&!
i!.&(,P,&$A!jC!
!
,O)./BEQ@;=EF=):?A<B:BDEE=@@=)<=)@A)KD?A@=)FH?G:B=EE=)=E)<?DB:)=;?DCG=E)
!
ckC!8/!.<;<(/%,#'!4$!0.,'3,0&!49/$%#'#@,&!0&."#''&((&! .&(B;&!49$'&!0.,"&!&'!
3#@0%&!0/.!(&!+$P&!49$'&!<;#($%,#'!"#3,/(&!/@#.3<&!4&0$,"!$'!",B3(&!&';,.#'!H!
(9/?/'4#'! 0.#P.&"",J! 4&! .BP(&"! .&(,P,&$"&"! 4/'"! '#%.&! "#3,<%<1! I$,! .&';#,&'%!
%./4,%,#''&((&@&'%!E!$'&!@#./(&!+$.,4,I$&C!89,'%&.0.B%&!/$%#.,"<!4&!(/!7#';C!OC!
2C! QC! /$./,%! 4#'3! 0.,"! (/! @&"$.&! 4&! 3&%%&! <;#($%,#'! "#3,/(&1! 3/./3%<.,"%,I$&!
%/'P,?(&!4&!'#%.&!"#3,<%<!3#'%&@0#./,'&C!!
k-C!X'!0#$../! .<%#.I$&.1! E! +$"%&! %,%.&1!I$9$'&! %&((&!4<@#'"%./%,#'!&"%!2!<".#".!
J/$""<&!0$,"I$&!(&!0.,'3,0&!&"%!/3I$,"!I$&!(&!4.#,%!'9&"%!0/"!(/!@#./(&C!R9,(!&"%!
;./,!I$&!3&($,[(E!0.&'4!0/.J#,"! (&"! %./,%"!4&!3&((&[3,1! ,("!'&!"&!3#'J#'4&'%!0/"1!
'#$"!/00.&'4[#'!4B"!'#"!0.&@,&."!3#$."!4&!4.#,%C!U(!J/$%!0#$.%/'%!?,&'!/;#$&.!
I$&!3&%%&!/""&.%,#'!(/,""&!"#'P&$.C!8&!0.#J&""&$.!`&..<!<3.,%!49/,((&$."!I$&!=()%(
0"K&(-#6@"%'&%&("K7*%&()%()"#.0(&#-0(QRS(%6<"'-01%&(P(*2(6#"2*%8(G%(C'.(<%'0(<#"0%"(P(
G#-&.)1"%"(C'%(*%()"#.0(-+%&0(<2&(2'0"%(GB#&%(C'%(*2(6#"2*%("%*231%(%0(&2-G0.#--1%(<2"(*%(
7"#'<%(&#G.2*(D1!"/'"!"&!0.#'#'3&.!3(/,.&@&'%!"$.!(/!4,"%,'3%,#'!4.#,%s@#./(&"'%C!
p'.)!4B"!(#."!4$!(,&'!I$,!$',%!L#$!"&@?(&!$',.M!3&"!4&$A!'#%,#'"!v!S/00&(#'"!
I$9$'&!0/.%,&!4&! (/!4#3%.,'&1!I$,! "9&"%!0&'35<&! "$.! 3&%%&!I$&"%,#'! J,'/(&@&'%!
.<3$..&'%&1!'#$"!J#$.',%!'#@?.&!4&!.<0#'"&"C!7&((&"[3,!'&!0&.@&%%&'%!0/"!4&!
4#$%&.! "<.,&$"&@&'%! I$&! 4.#,%! &%! @#./(&! "#'%! <%.#,%&@&'%! (,<"C! >,'",! 3&!
3#'"%/%1! "9,(! "&./! ./00&(<! 0#$.! (&"! ?&"#,'"! 4&! (/! 4<@#'"%./%,#'1! '&! "&./! 0/"!
4/;/'%/P&!<%$4,<"'&C!K#$"!.&%,&'4.#'"!0#$.! (9&""&'%,&(!I$&! (/!4<@#'"%./%,#'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"'%!G6!g233L-!K)+-:=96+(:)#&,),-%*"#%9#=-:(+-!9/KK<p-!56!""6!!"'&!F6! 5/3! 2Y6! mA32/A! 96-! 93A@@<,H! G6! 2>! G2,<A1KK2>! 96! nH136o-!5-:(+#"+#$:-%*"#Y#%<;"6+<#
6:)+"$;:-%()<-!9/KK<p-!#4""6!
! '"
49,'J($&'3&"!.<3,0.#I$&"!&'%.&!4.#,%!&%!@#./(&!&"%!4<+E!$'!/.P$@&'%!J/;#./?(&!
E!(9<%$4&!4&!3&((&[3,!0.,"&!&'!3#@0%&!0/.!3&($,[(EC!!
k)C!:'!/$%.&!/.P$@&'%!J/;#./?(&!E!$'&!%&((&!/'/(="&!&"%!I$9&((&!'#$"! ,';,%&!E!
4<0/""&.! 3&! 0.&@,&.! "%/4&! 4&! .<J(&A,#'! 0#$.! &A/@,'&.! (/! -20'"%! 4&! 3&%%&!
@#./(&C! O'! &JJ&%1! '#$"! 0&'"#'"! I$&! (/!@#./(&! I$,! "&! 4<(,%&! /$! J,(! 4$! %&@0"!
4/'"!'#%.&!"#3,<%<!3#'%&@0#./,'&!0.&'4!"/!"#$.3&!4/'"!(/!.&(,P,#'!35.<%,&''&C!
:'! %&(! 0.#0#"! &"%! J,'/(&@&'%! /""&T! 3(/"",I$&C! 8/! 4#3%.,'&! /! @#'%.<! (&"!
.&(/%,#'"!<%.#,%&"!&'%.&!(/!.&(,P,#'!&%!(&!4.#,%"''1!/$AI$&((&"!(&!4.#,%!&$.#0<&'!/!
<P/(&@&'%! "$33#@?<C!K#$"! 0.#0#"#'"! /(#."! 4&! 4<J,',.! (/!@#./(&! 35.<%,&''&!
T8U!/;/'%!4&!@#'%.&.!"#'!,'J($&'3&!&'!4.#,%!&$.#0<&'!TWUC!!
)
8O)*GQBEB:BDE)<=)@A)KD?A@=)FH?G:B=EE=))
)
k*C! 89&A0.&"",#'! i!@#./(&! 35.<%,&''&!j! .&';#,&! E! 4&$A! '#%,#'"! <%.#,%&@&'%!
(,<&"1! (/!@#./(&! &%! (/! .&(,P,#'! 35.<%,&''&C! O((&"! 0.<"&'%&'%! /$! 0.&@,&.! /?#.4!
'#@?.&! 4&! ",@,(,%$4&"1! 0.&"I$&! $'&! "='#'=@,&C! O((&"! "#'%! 0#$.%/'%!
4,"%,'3%&"1! &%! 39&"%! 3&%%&!4,"%,'3%,#'!&'%.&! (9$'&! [! (/!@#./(&! [! TAU! &%! (9/$%.&! [! (/!
.&(,P,#'! [! TZU! I$&! '#$"! '#$"! /%%/35&.#'"! E! &A0(,I$&.1! /;/'%! ! 4&! @#'%.&.!
3#@@&'%!(/!@#./(&!35.<%,&''&!,'J($&'3&!%./4,%,#''&((&@&'%!(&!4.#,%!&$.#0<&'!
TFUC!>$!%&.@&!4&!3&"!4<;&(#00&@&'%"1!#'!/$./!&'!&JJ&%!3#@0.,"!I$&!39&"%!G%00%!
@#./(&!I$,!4,"0/./a%!4&!'#%.&! "#3,<%<!/3%$&((&1! &%1!0/.! 3#'%.&3#$01!4$!35/@0!
+$.,4,I$&C!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"''!F6!,<>/@@2,>!=A3!B2>>2!aA2=>1<,!76!9A023>-!J!93<1>!2>!32K1k1<,n=o!]!k2,i=2!2>!H202,13!
HMA,! 3/55<3>!@LB<,,A!N-!3/3/./! "**'-! 56! ($(! 2>! =6[! \6! 8KKAK-!!"#>:)="$")+#+C,:*:&(G9"#=9#
=-:(+-! "*%'![! J!V/! >IL<K<k12! BI3L>12,,2! 2>! K2! H3<1>!N-! I-6C/# 1C(*/# 5-:(+J# "*'4![! J!V/!
3L0LK/>1<,! BI3L>12,,2! 2>! K2! H3<1>!N-! I))/#_%6/#5-:(+# X+-%<H:9-&-! >6! +h-! "*'"![! J!?2K1k1<,-!
=<B1L>L!2>!5<K1>1aA2!N-!S,*%)&"<#8**9*-!Q6T6G6-!"*)$6!!
! '#
"#!5.6)7)*)(7!&%!,"!8('",%!
!
kbC! 8/!@#./(&1! .<J<.&'%! &""&'%,&(! 4&! %#$%&! /3%,#'!5$@/,'&! TaU1! &"%! "0<3,J,I$&!
49$'&!"#3,<%<!4#''<&!TbUC)
!
qT(52(6#"2*%(G#-&0.0'%('-("1$1"%-0(%&&%-0.%*()%(0#'0%(2G0.#-(B'62.-%(
(
kdC! 2<%&.@,'&.! 3&! I$9&"%! 0.<3,"<@&'%! (/! @#./(&! '9&"%! 0/"! 35#"&! /,"<&C!
6.<3,"#'"! /$!0.</(/?(&!I$&! (&! %&.@&!i!@#./(&!j!! &"%! ,""$!4$! (/%,'!6#"2*.&1! I$,!
",P',J,&! =("%*20.$( 2'H( 6g'"&(DC! R9/P,""/'%! 4&! "/! 4<J,',%,#'1! (&! 4,3%,#''/,.&!
8/.#$""&!<'#'3&!I$9&((&!3#'"%,%$&!$'!=(%-&%6@*%()%(-#"6%&8()%("K7*%&()%(G#-)'.0%(
<"#<"%&( P( '-%( &#G.101( )#--1%(DC! 2/'"! $'&! ;&.",#'! I$&(I$&! 0&$! 4,JJ<.&'%&1! 8&!
W./'4! S#?&.%! <'#'3&! I$&! (/! @#./(&! &"%! (9! =( %-&%6@*%( )%&( "K7*%&( )%( G#-)'.0%(
G#-&.)1"1%&(G#66%(/2*2@*%&()%($2W#-(2@&#*'%(D!#$!(9!=(%-&%6@*%()%&("K7*%&()%(G#-)'.0%(
)1G#'*2-0()+'-%(G#-G%<0.#-()%(*2(6#"2*%(DC!!!
keC!8&!05,(#"#05&!ZC!>C!8/(/'4&!&A0(,I$&!0#$.!"/!0/.%!I$&!(/!@#./(&!&"%!(9!=(
%-&%6@*%( )%&( "K7*%&( )%( G#-)'.0%&( 0%-'%&( <#'"( .-G#-).0.#--%**%6%-0( /2*2@*%&(D"'( C!
R&(#'!3&%%&!/33&0%,#'1!*2!@#./(&!.&0.<"&'%&!$'!/?"#($1!$'!.<J<.&'%!$',;&."&(C!!
kfC!>!(/!(&3%$.&!4&!3&"!4,JJ<.&'%&"!4<J,',%,#'"1!'#$"!3#@0.&'#'"!I$&!(/!@#./(&!
&"%! $'! 3#4&! 4&! 3#'4$,%&! ,'%<P.<! 0/.! (/! "#3,<%<! 4&! @/',B.&! 0($"! #$! @#,'"!
3#'"3,&'%&C!Z/,"!"$.%#$%1!/$[4&(E!4&!3#'"%,%$&.!$'!&'"&@?(&!4&!.BP(&"!4,3%/'%!
$'&!3&.%/,'&!3#'4$,%&!/$A!,'4,;,4$"1!(/!@#./(&!&"%!$'!.<J<.&'%1!$'&!;/(&$.!I$,!
.&'"&,P'&!"$.!3&!I$,!&"%!?,&'!&%!3&!I$,!&"%!@/(1!&%!&'! J#'3%,#'!4&! (/I$&((&! (&"!
,'4,;,4$"! 4#,;&'%! /+$"%&.! (&$."! 3#'4$,%&"C! 79&"%! 3&! I$&! 3#'J,.@&! ZC! >C!
8/(/'4&1!I$,!4<J,',%!<P/(&@&'%!(/!@#./(&!3#@@&!(/!=(0B1#".%("2.&#--1%()'(@.%-(%0(
)'(62*(D1!3&!I$,!&"%!@#./(!=(G#-G%"-L2-0O(*+10')%(<B.*#&#<B.C'%()'(@.%-(%0()'(62*(D#
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"'(!b6!V/K/,H2-!L:6%H9*%(-"#+"6C)(G9"#"+#6-(+(G9"#="#*%#;C(*:<:;C("-!Q6T6G6-!#44'-!556!'&$!2>!
'&&6!
! '$
"')C!2&!@D@&1! (&!8/.#$""&! &A0#"&! I$&! (/!@#./(&! &"%! (/!=(0B1#".%()'(@.%-(%0()'(
62*8($.H2-0(<2"()%&(1-#-G1&(-#"620.$&(*%&($.-&()%(*+2G0.#-(B'62.-%(DC!!
kgC! 8/!@#./(&! "&./,%! 4#'3! 3/./3%<.,"<&! 0/.! 4&$A! <(<@&'%"1! I$,! %#$"! 4&$A! (/!
J#'4&'%!H!49/?#.41!&((&!"&!0.<"&'%&!3#@@&!$'!&'"&@?(&!4&!.BP(&"!4&!3#'4$,%&!
/$AI$&((&"! #?<,""&'%! (&"! ;#(#'%<"! ,'4,;,4$&((&"! <2"G%( C'+%**%( *+#-0( .-017"1%C!
O'"$,%&1! &((&! &"%! $'! .<J<.&'%! 0#$.! %#$%&! /3%,#'! 5$@/,'&1! .&'"&,P'/'%! &'!
I$&(I$&!"#.%&!(&"! ,'4,;,4$"!"$.!3&!I$9,(! J/$%!J/,.&!#$!'&!0/"!J/,.&!&'!J#'3%,#'!
4&! (/!;/(&$.1!?#''&!#$!@/$;/,"&1!4&! (9/3%,#'!&'%.&0.,"&C!8/!@#./(&! !&"%!4#'3!
/JJ/,.&!4&!35/3$'!4/'"!"/!;,&!I$#%,4,&''&1!&((&!3#'"%,%$&!=(*%(&3&0K6%()%&("K7*%&(
C'%( *+B#66%( &'.0( Q#'( )#.0( &'./"%S( )2-&( &2( /.%( 2'&&.( @.%-( <%"&#--%**%( C'%( &#G.2*%(D1!
<3.,%! ZC! OC! z&,(C! =(LrO'&( 2.-&.8( *%( <"#@*K6%( 6#"2*( %0( *%&( <"#@*K6%&( )%( *2( 6#"2*%(
G#-&0.0'%-0( *%( G%-0"%( )%( 0#'0%( "1$*%H.#-8( <'.&C'%( 0#'0%( %-0"%<".&%( B'62.-%8( <#'"(
)1&.-01"%&&1%(C'+%**%(&%(G"#.%8(%&0(&#'6.&%(P(*2(C'%&0.#-()%(&2/#."(&.(%**%(%&0(?'&0.$.1%(#'(
-#-8(-1G%&&2."%8(2)6.&&.@*%(#'("1<"1B%-&.@*%8(%-(2GG#")(2/%G(*%&(/2*%'"&("%G#--'%&(#'(
%-( G#-0"2).G0.#-( 2/%G( %**%&8( GZ%&0TPT)."%( &.( %**%( 2.)%( P( *2( "12*.&20.#-( )%( G%( C'.( %&0(
G#-&.)1"1( G#66%( &#'B2.02@*%8( P( *2( <"1/%-0.#-( #'( P( *+1*.6.-20.#-( )%( G%( C'.( %&0( ?'71(
62'/2.&(D"'*C!8/!@#./(&!0.<"&'%&!4#'3!3&%%&!3/./3%<.,"%,I$&!49D%.&!!E!(/!J#,"!$'&!
.BP(&! 4&! .<J<.&'3&! &%! $'! ;<3$!H! 35/3$'1! &'! J#'3%,#'! 4&! "/! 3#'"3,&'3&!
0&."#''&((&1!35#,",./!49/P,.!&'!J#'3%,#'!4&!3&!I$9,(!0&'"&!D%.&!?#'!#$!@/$;/,"C!
7&! "&3#'4!0#,'%! .&%,&'4./! '#%.&! /%%&'%,#'! 4/'"! (&"! (,P'&"! I$,! "$,;&'%1! 3/.! ,(!
.&(,&! (/! @#./(&! E! $'&! '#%,#'! %.B"! ;#,",'&!H! (9<%5,I$&C! >J,'! 4&! (&;&.! %#$%&!
/@?,P$q%<1! ,(! '#$"! J/$%! @&'&.1! 4&! '#$;&/$1! $'! ,'4,"0&'"/?(&! %./;/,(! 4&!
4<J,',%,#'C!
kcC!89<%5,I$&1!",!&((&!"&@?(&!/;#,.! (/!@D@&!",P',J,3/%,#'1!'9&"%!0/"! (/!@#./(&C!
6#$.%/'%1!4/'"!$'&!0.&@,B.&!/00.#35&1!(&"!4<J,',%,#'"!'#$"!#.,&'%&'%!;&."!3&%!
2(<".#".C!>,'",1! (&!8/.#$""&!'#$"! &'"&,P'&!I$&! (9<%5,I$&1!I$,! &"%! ,""$!4$!P.&3!
E0B.o#&!",P',J,/'%!@#./(1!=(%&0('-%(<2"0.%()%(*2(<B.*#&#<B.%(C'.(10').%(*%&($#-)%6%-0&(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"')!j;/#6(+/-!56!'&&6!!"'*!86!{21K-!!8)6M6*:;%"=(%#N)(7"-<%*(<-!0O!J!c<3/K2!N6!
! '%
)%(*2(6#"2*%(D1! #$!=('-(%-&%6@*%()%("K7*%&()%(G#-)'.0%(DC!ZC!8/(/'4&!/33&'%$&! (/!
3#'J$",#'!(#."I$&!'#$"!'#$"!.&0#.%#'"!/$A!4<J,',%,#'"!I$9,(!0.#0#"&C!O'!&JJ&%1!
,(!4<J,',%!(9<%5,I$&!3#@@&!(/!=(&G.%-G%(232-0(<#'"(#@?%0(*%(?'7%6%-0()+2<<"1G.20.#-(
%-( 02-0( C'+.*( &+2<<*.C'%( P( *2( ).&0.-G0.#-( )'( @.%-( %0( )'( 62*(D1! "#$(,P'/'%!
I$9!=(B.&0#".C'%6%-08(*%(6#0(10B.C'%(2(101(2<<*.C'1(P(*2(6#"2*%(&#'&(0#'0%&(&%&($#"6%&8(
&#.0(G#66%(&G.%-G%8(&#.0(G#66%(2"0()%().".7%"(*2(G#-)'.0%(D"(4C!7#@@&'%1!4B"! (#."1!
4,JJ<.&'3,&.! 3&"! 4&$A! 4<J,',%,#'"!v! O((&"! .&';#,&'%! &'! &JJ&%! E! 4&"! 35/@0"!
"<@/'%,I$&"!0.&"I$&!,4&'%,I$&"C!8/!",@,(,%$4&!'9&"%!%#$%&J#,"!I$9/00/.&'%&1!&%!
39&"%!3&!I$,!'#$"!P$,4&!;&."! (&!35#,A!4&!i!(/!@#./(&!j!4/'"! (&!3/4.&!4&!'#%.&!
<%$4&C!!
kkC!O'!&JJ&%1!(/!@#./(&!"&!4,JJ<.&'3,&!4&!(9<%5,I$&!&'!3&!I$9&((&!&"%!-#"620./%C!8/!
@#./(&1!'#$"!(9/;#'"!&A0(,I$<1!.&0.<"&'%&!$'!&'"&@?(&!4&!.BP(&"!4&!3#'4$,%&C!
89<%5,I$&1!&((&1!3#'"%,%$&!$'&!&G.%-G%()%(*2(G".0.C'%!4&!(9/3%,#'1!&'!J#'3%,#'!4&!"/!
;/(&$.C!=(>**%(<"%-)(<#'"(#@?%0( .661).20( *%&( ?'7%6%-0&()+2<<"1G.20.#-(&'"( *%&(2G0%&(
C'2*.$.1&(@#-&(#'(62'/2.&(D1!0.<3,"&!ZC!>C!8/(/'4&"("C!8/!@#./(&1!I$/'%!E!&((&1!"&!
3#@0#"&! 49$'! &'"&@?(&! 4&! .BP(&"1! $'! 3#4&! 4&! 3#'4$,%&1! /$I$&(! ,(! $2'0( "&!
.<J<.&.C!!ZC!OC!2$.p5&,@!3#'",4B.&!49/,((&$."!I$&!(/!4,"3,0(,'&!&'!3#'"%,%$&!(&!
0.&@,&.! <(<@&'%1! =(%-( 02-0( C'%( G2<2G.01( )%( "1$"1-%"( &%&( .6<'*&.#-&( 17#s&0%&( %0(
)+2GG#6<*."(&#-()%/#."(6#"2*(D"(#C!!
)--C!8/!@#./(&!&"%!4#'3!$'!.<J<.&'%!&""&'%,&(!E!(9/3%,;,%<!5$@/,'&1!&((&!&"%!$'&!
.BP(&!I$,!)#.0! D%.&! "$,;,&! /J,'!49/33#@0(,.! "#'!4&;#,.1! .BP(&!I$,! &"%!0.#0.&! E!
35/I$&!"#3,<%<C!!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"(4!b6!V/K/,H2-!:;/#6(+6-!56!$4&6!"("#b6!V/K/,H2-!:;/#6(+6-!56!$4'6!"(#!86!9A3DI21@-!!B,=96%+(:)#$:-%*"-!Q/31=-!bKB/,-!"*#&6!
! '&
tT(52(&<1G.$.G.01(&#G.2*%()%(*2(6#"2*%(
!
)-)C!ZC! OC!z&,(! #?"&.;&! I$&! =(L*O%&( "K7*%&( L6#"2*%&O(-%( &#-0(<2&( *%&(6E6%&(<#'"(
).$$1"%-0&( .-)./.)'&8( 1<#C'%&8( G./.*.&20.#-&8( &#G.101(D "($ C! 8/! @#./(&1! (#,'! 49D%.&!
/?"#($&1!&"%!/$!3#'%./,.&!%.B"!.&(/%,;&1!/(#."!I$&! (9#'!0#$../,%!0&'"&.1!2(<".#".1!
I$9&((&!&"%!$',;&."&((&C!
)-*C!>$!3#'%./,.&1! (/!@#./(&!/00/./a%!3#@@&!$'&!4#''<&! "#3,/(&1!&'!3&!"&'"!
I$&1!",!&((&! .&0.<"&'%&!$'!P$,4&!4&!.<J<.&'3&!0#$.! (&"!/3%,#'"!5$@/,'&"1!&((&!
'9&A,"%&! I$9/$! %./;&."! 49&((&"C! 6($"! 0.<3,"<@&'%1! (/! @#./(&! &"%! $'! J/,%!
"#3,/(1!=('-(G#-G%<0(C'.(-+%&0(<2&(%H01".%'"(P(*2(&#G.101(J(%**%($2.0(<2"0.%(.-017"2-0%()%(
&#-( %&&%-G%(D1! &A0(,I$&! OC! 2$.p5&,@C! 8/!@#./(&! &"%! ,'%.,'"BI$&@&'%! "#3,/(&1!
&((&!&"%!@D@&!(/!./,"#'!49D%.&!4&!(/!"#3,<%<1!&A0(,I$&!(&!"#3,#(#P$&!H!=(LG%**%TG.O(
%&0('-(%-&%6@*%()+.)1%&8()%(G"#32-G%&8()%(&%-0.6%-0&()%(0#'0%&(&#"0%&8(C'.(&%!"12*.&%-0(
<2"(*%&(.-)./.)'&(J(%08(2'(<"%6.%"("2-7()%(G%&(.)1%&8(&%(0"#'/%(*+.)12*(6#"2*(C'.(%&0(&2(
<".-G.<2*%("2.&#-()+E0"%(D"(%C!!
)-bC! >,'",1! 3&! 3#4&! 4&! 3#'4$,%&! I$,! ,@0#"&! $'! 3&.%/,'! 27."( '/a%! 4&"!
3#@0#.%&@&'%"!5$@/,'"C!2B"!(#."1!%#$%&!"#3,<%<!#?<,%1!3#@@&!0/.!,'"%,'3%!4&!
"$.;,&1!E!$'&!@#./(&1!&2!@#./(&!H!=(:*(-+%H.&0%(<2&()%(G#66'-2'01(B'62.-%8(<#'"(
<".6.0./%(C'+%**%(&#.08(C'.(-%(G#--2.&&%()%("K7*%&(%0(-%().&0.-7'%(<2&(*%(@.%-()+2/%G(*%(
62*(J( "K7*%&( )%( 62".27%( Q.-0%").G0.#-( )%( *+.-G%&0%8( %0GIS8( )%( ).&0.-G0.#-( %-0"%(
-#'"".0'"%&(<%"6.&%&8(.-0%").0%&8(<2"$#.&(<"%&G".0%&(2'(G#'"&()%(G%"02.-%&(G1"16#-.%&(d(
)+#@*.720.#-&()2-&(*%(<"#G%&&'&()%(0"2/2.*()%(7"#'<%8(%0GI(>-(G%(&%-&8(#-(0"#'/%(<2"0#'0(
'-%(6#"2*%(G#66%($#"6%()%(/.%(D"(&C!8/!@#./(&!&"%!4#'3!,@@/'&'%&!E!$'&!"#3,<%<!
4#''<&C! U(! &"%! 49/,((&$."! ?/'/(! 49<;#I$&.1! &'! 0/./((B(&! E! *2! @#./(&1! "&"!
4<3(,'/,"#'"1! *%&! @#./(&"C! O((&"! 3#..&"0#'4&'%! E! ! $'! =(%-&%6@*%( )%&( "K7*%&( )%(
G#-)'.0%(2)6.&%&(P('-%(1<#C'%(#'(<2"('-(7"#'<%()+B#66%&(D"('C!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"($!86!{21K-#:;/6(+/!"(%!86!9A3DI21@-!X:6(:*:&("#"+#;C(*:<:;C("-!Q/31=-!Q6T6G6!"(&!86!{21K-!:;/#6(+/!!"('!b6!V/K/,H2-!:;/#6(+6-!56!'&%6!
! ''
)-dC!O'! "#@@&1! (/!@#./(&!4<0&'4!4&"!5#@@&"C! R&(#'!ZC!OC!2$.p5&,@1! &((&!
,'3/.'&!$'!,4</(!/$I$&(!4#,%!%&'4.&!(/!"#3,<%<C!O((&!.&I$,&.%!4#'31!0#$.!&A,"%&.1!
$'&! 3.#=/'3&y! &%! &((&! '9&"%! J,'/(&@&'%! 0/"! /$%.&! 35#"&!H! 39&"%! 0/.3&! I$9$'!
&'"&@?(&! 49,'4,;,4$"! 3.#,&'%! &'! &((&! I$9&((&! %H.&0%C! :'! %&(! 3#'"%/%1! I$,! '&!
"&@?(&! 0/"! 4,"3$%/?(&1! &"%! 0#$.%/'%! %.#$?(/'%C! O'! &JJ&%1! (&! 3.,%B.&! 4&! (/!
3.#=/'3&!'9&"%[,(!0/"! 3&($,!4&! (/y!.&(,P,#'!v!S<0#'4.&!E! 3&%%&!I$&"%,#'!'#$"!
3#'4$,%!E!4<%&.@,'&.!",!@#./(&!&%!.&(,P,#'!"#'%!(,<"C!
!
-#!5.6)7)*)(7!&%!,"!'%,)9)(7!
!
)-eC! 2<J,',.! (/! .&(,P,#'! "&@?(&! 0($"! /,"<! I$&! 4<J,',.! (/! @#./(&C! 6#$.%/'%1!
(9<%=@#(#P,&!4$!@#%!/''#'3&!I$&(I$&"!4,JJ,3$(%<"!I$/'%!E!(/!4<%&.@,'/%,#'!4&!
"&"!#.,P,'&"C!!
)-fC! O'! &JJ&%1! (9<%=@#(#P,&! 4&! 3&($,[3,! '9&"%! 0/"! J,A<&C! 2&"! 4#$%&"! "$?","%&'%!
I$/'%! E! "#'! &A/3%,%$4&C! ZC! >C! 8/(/'4&! <3.,%! I$&! =(*2( <*'<2"0( )%&( 2-G.%-&(
Q52G02-G%8(M2.-0(4'7'&0.-8(M%"/.'&S( 0."%-0( "%*.7.#()%( "%*.72"%(%0(3(/#.%-0( *+.)1%()+'-(
*.%-(J( &#.0( '-( *.%-( )+#@*.720.#-( P( *+172")( )%( G%"02.-%&( <"20.C'%&( QRS(d( &#.0( '-( *.%-(
)+'-.#-(%-0"%(*%&(B#66%&8(#'(%-0"%(*%&(B#66%&(%0(*%&().%'HI(u(a+2'0"%(<2"0(;.G1"#-(
$2.0( /%-."( *%(6#0( )%( "%*%7%"%8( 2'( &%-&( )%( "%*."%8( "%/#."( 2/%G( &#.-(DC! 7&0&'4/'%1! $'!
/$%.&!/$%&$.!"#$%,&'%!H!=(9#'0(*%(6#-)%("1<K0%(C'%(*%(6#0($"2-W2.&("%*.7.#-(<"#/.%-0(
)'( /%"@%( *20.-( "%*.72"%8( *.%"( %-( 2"".K"%( #'( <2"( )%"".K"%8( 2002GB%"8( 262""%"I( QRS( G+%&0(
$2'HI( 5%( &'@&02-0.$( *20.-( "%*.7.#8( "%*.7.#-.&8( -%( <"#/.%-0( <2&( )'( /%"@%( *20.-( "%*.72"%8(
62.&( )'( /%"@%( "%*%7%"%8( C'.( &.7-.$.%( "%G'%.**."( )%( -#'/%2'8( "2&&%6@*%"( )%( -#'/%2'8(
<2"G#'"."( )%(-#'/%2'8( "%<2&&%"( <2"( *2( <%-&1%8( "%<2&&%"( %-( /'%I( 5%( &'@&02-0.$( "%*.7.#(
&.7-.$.%(J( 200%-0.#-( &G"'<'*%'&%8( &G"'<'*%8( )1*.G20%&&%( )%( G#-&G.%-G%I( 5+2)?%G0.$(
"%*.7.#&'&(&.7-.$.%(J(C'.(%&0()+'-%(200%-0.#-(&G"'<'*%'&%8(&G"'<'*%'H(D"((C!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"((!76! g32=@<,>/,>-! J!92! aA2KaA2=! @/K2,>2,HA=! 5I1K<=<5I1aA2=! 2>! >IL<K<k1aA2=!N-! ()!
I-6C(7"<#="#;C(*:<:;C("#=9#=-:(+J#5-:(+#"+#-"*(&(:)-!>6!$)-!;132R!"**$-!56!"%"6!
! '(
)-gC!^$&!3#'3($.&!4&!3&"!0.<3,",#'"!<%=@#(#P,I$&"!4,;&.P&'%&"!I$/'%!/$!(,&'!
@#./(&[.&(,P,#'v! R,! (9#'! "&! .<JB.&! E! 3&((&! 4&! ZC! >C! 8/(/'4&1! '#$"! 0#$;#'"!
3#'"%/%&.!I$&! (&"!'#%,#'"!4&!@#./(&! &%!4&! .&(,P,#'! "&! .&+#,P'&'%! &'!$'!0#,'%!
0.<3,"!H!%#$%&"!4&$A!.&';#,&'%!/$!35/@0!"<@/'%,I$&!4&!(9#?(,P/%,#'1!4$!4&;#,.!
&';&."! /$%.$,C!:'&! 4,JJ<.&'3&! J#'4/@&'%/(&! .<",4&! 3&0&'4/'%! 4/'"! (9#.,P,'&!
4&!3&!(,&'!H!"9/P,""/'%!4&!(/!@#./(&1!#'!0&$%!0&'"&.!I$9,(!&"%!&'.(7%-%".&C!O'!&JJ&%1!
=(*%(&3&0K6%(6#"2*(%&0T.*(*%(&3&0K6%(0#'0(G#'"08(.*(%&0(/1G'(&2-&(C'%(*+#-("1$*1GB.&&%(&'"(
*'.(QRS(d(.*(%&0(&.6<*%6%-0(/"2.(%0(.*(/2()%(&#.I(4'&&.(%&0T.*(&#'/%-0()1G*2"1()+#".7.-%(
)./.-%8( 10%"-%*( %0( &2-&( )1@'0( )2-&( *%( 0%6<&( B.&0#".C'%8( &2G"18( $#-)%6%-0( )%( 0#'0%(
#".%-020.#-()2-&(*%(6#-)%8(*'.T6E6%(&2-&($#-)%6%-0(%0(-+%-(-+232-0(-'*(@%&#.-(D"()C!
)-cC!X.1! 3&($,!4&! (/! .&(,P,#'! &"%! %#$%!4,JJ<.&'%!H! (&! (,&'!49#?(,P/%,#'1! (&!4&;#,.!
.&""&'%,! 0/.! (9,'4,;,4$! &"%! ,@0#"<! 0/.! 2,&$! L#$! (&"! 2,&$AMC! R,! 3&L"M! 2,&$LAM!
'L&M9&"%! L"#'%M! 0/"! ,4&'%,J,<L"M! &'! %/'%! I$9&'%,%<L"M! ,'4,;,4$/(,"<&L"M1!
,4&'%,J,<&L"M1!#'!0/.(&!4&!i!"/3.<!j1!@/,"!#'!3#@0.&'4!?,&'!I$&!(/!4='/@,I$&!
I$,!"#$"[%&'4!(&!(,&'!49#?(,P/%,#'!&"%!(/!@D@&!H!$'&!3.#=/'3&!&'!I$&(I$9$'1!&'!
I$&(I$&! 35#"&1! $'&! L#$! 0($",&$."M! 4,;,',%<L"M! I$,! P$,4&L'%M! (&"! /3%,#'"!
5$@/,'&"C!!
)-kC! R,! (9#'! "&! .&0#.%&! E! (/! 0.<3,",#'! <%=@#(#P,I$&! 4&!ZC! `.&"@#'%/'%1! &((&!
'#$"! ,'4,I$&! <P/(&@&'%! I$&! .&(,P,#'! &%! @#./(&! "#'%! 3&.%/,'&@&'%! (,<"C! O'!
&JJ&%1! (/! @#./(&! '&! .&';#,&[%[&((&! 0/"! E! (9,4<&! 49$'&! /%%&'%,#'! "3.$0$(&$"&!
&';&."! $'&! .BP(&! E! .&"0&3%&.!v! K&! .&';#,&[%[&((&! 0/"! E! $'&! '#%,#'! 4&!
4<(,3/%&""&1!49/00(,3/%,#'1!/$!"&'"!49$'&!.<J(&A,#'!/;/'%!&%!4/'"!(9/3%,#'!v!!
))-C! 89/'/(="&! 4&"! 4<J,',%,#'"! 4&! (/! .&(,P,#'! "&@?(&! 3#'J#.%&.! '#%.&! 0.#0#"C!
R/'"!0.&'4.&!0/.%,!0#$.! (9$'&!#$! (9/$%.&!<%=@#(#P,&1!'#$"!0#$;#'"!/JJ,.@&.!
I$&!(/!.&(,P,#'1!4/'"!"&"!J#'4&@&'%"!%5<#.,I$&"1!&"%!'-%(6#"2*%C!Z/,"!39&"%!$'&!
@#./(&!?,&'!0/.%,3$(,B.&1!I$,!0.&'4!"/!"#$.3&!4/'"!(9/$%#.,%<!4&!2,&$!L#$!4&"!
2,&$AM1!;#,.&!4/'"!(&!"/3.<C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"()!86!{21K-!:;6#6(+/!!
! ')
8/! 05,(#"#05,&! 0.#0#"&! %.#,"! 4<J,',%,#'"! I$,! %#$%&"! 3#';&.P&'%! "$.! 3&! 0#,'%!
3.$3,/(!I$&!3#'"%,%$&!3&!*.%-()+#@*.720.#-(%-0"%(*+B#66%(%0(*%(&2G"1C!>,'",1!&((&!'#$"!
&'"&,P'&! I$&1! 4/'"! $'&! 0.&@,B.&! /33&0%,#'1! (/! .&(,P,#'! &"%! $'&! =(:-&0.0'0.#-(
&#G.2*%( G2"2G01".&1%( <2"( *+%H.&0%-G%( )+'-%( G#66'-2'01( )+.-)./.)'&8( '-.&(J( ^v( <2"(
*+2GG#6<*.&&%6%-0()%(G%"02.-&(".0%&("17'*.%"&(%0(<2"(*+2)#<0.#-()%(G%"02.-%&($#"6'*%&(d(
Uv( <2"( *2( G"#32-G%( %-( '-%( /2*%'"( 2@&#*'%8( 2/%G( *2C'%**%( ".%-( -%( <%'0TE0"%( 6.&( %-(
@2*2-G%8(G"#32-G%(C'%(G%00%(G#66'-2'01(2(<#'"(#@?%0()%(62.-0%-."(d(\v(<2"(*2(6.&%(%-(
"2<<#"0()%(*+.-)./.)'(2/%G('-%(<'.&&2-G%(&<.".0'%**%(P(*+B#66%8(<'.&&2-G%(G#-W'%(&#.0(
G#66%().$$'&%8(&#.0(G#66%(6'*0.<*%8(&#.0(%-$.-(G#66%('-.C'%8(a.%'(DC!!
)))C! 2/'"! $'&! 4&$A,B@&! /33&0%,#'1! &((&! 3#'"%,%$&! $'! =(M3&0K6%( .-)./.)'%*( )%(
&%-0.6%-0&8()%(G"#32-G%&(%0()+2G0.#-&([email protected]'%**%&(232-0(a.%'(<#'"(#@?%0(DC!!
))*C! O%1! &'J,'1! $'&! %.#,",B@&! 4<J,',%,#'! 0&$%! ($,! D%.&! 4#''<&!H! =(l%&<%G0(
&G"'<'*%'H()+'-%("K7*%8()+'-%(G#'0'6%8()+'-(&%-0.6%-0(DC!!
))bC! K#%#'"! /$! 0/""/P&! I$&! (/! .&(,P,#'1! %#$%! 3#@@&! (/! @#./(&1! $',%! $'!
&'"&@?(&!49,'4,;,4$"!I$,!%#$"!"#'%!(,<"!0/.!$'&!3.#=/'3&!3#@@$'&!H!$'!3#4&!
4&!3#'4$,%&!(&"!#?(,P&/'%!0#$.!(&"!$'"1!2,&$!(&"!3#@@/'4/'%!0#$.!(&"!/$%.&"C!
O%! 49/,((&$."1! %#$%! 3#@@&! (/!@#./(&1! 2,&$! ).0( 3&! I$,! &"%! ?,&'! #$!@/(1! (9D%.&!
5$@/,'!@#.%&(!&%!J/,?(&!4&;/'%!%&'4.&!E!J/,.&!(&!?,&'!0#$.!;,;.&!<%&.'&((&@&'%!
4/'"!(/!.<"$..&3%,#'C!!
))dC! S&(,P,#'! &%!@#./(&! #'%! 4#'3! &'! 3#@@$'! )+%H.&0%"( <2"G%( C'%( *+#-( G"#.0( %-(
%**%&1! &%! 4&! 3#@@/'4&.! $'&! 3#'4$,%&! L;#,.&! $'&! 5=P,B'&! 4&! ;,&M! 4/'"! $'&!
4='/@,I$&!4&!i!J/,.&!(&!?,&'!jC!!
))eC!7&%!&A0#"<!4&!4<J,',%,#'"1!'<3&""/,.&!4/'"!'#%.&!%./;/,(!4&!4<%&.@,'/%,#'!
4$! "&'"! &A/3%! 4&! (/! .&(,P,#'1! '#$"! /@B'&! E! (/! 4&.',B.&! 05/"&! 4&! '#%.&!
4<@#'"%./%,#'!H! (/! .&(,P,#'! 35.<%,&''&! ,'"0,.&! (&! 4.#,%! #33,4&'%/(! "#$"! J#.@&!
4&!@#./(&!+$.,4,I$&C!!
)
)
! '*
4#!$"!'%,)9)(7!4:'.*)%77%;!0(2'4%!&%!,"!8('",%!%7!&'()*!%2'(3.%7!
!
))fC!>$! %&.@&!4&! 3&! 0/""/P&! &'! .&;$&!4&"! 4<J,',%,#'"!4&! (/!@#./(&! &%! 4&! (/!
.&(,P,#'1!,(!'#$"!J/$%!+$"%,J,&.!&'!I$#,!(/!4,@&'",#'!@#./(&!4$!4.#,%!&$.#0<&'!
&"%! 49#.,P,'&! 35.<%,&''&C! U(! '&! "9/P,%! 0/"! 4&! 52! @#./(&! 3#'_$&! 3#@@&! $'!
/?"#($1! 4&! .BP(&"!4&! 3#'4$,%&"! ,'5<.&'%&"! E! '#%.&!;<3$! "#3,/(C!7&"!4&.',B.&"!
"#'%!,""$&"!49$'&!4#3%.,'&!?,&'!0/.%,3$(,B.&1!3&((&!4&!(/!.&(,P,#'!35.<%,&''&C!!
))gC!>,'",1! '#$"! 3#'",4<.#'"! I$&! (&"! .BP(&"!@#./(&"! 3#'%&'$&"!4/'"! (&!4.#,%!
&$.#0<&'! 3#'"%,%$&'%! (/! %./'"0#",%,#'! +$.,4,I$&! 4&! 0.,'3,0&"! 35.<%,&'"C! O'!
&JJ&%1! ,(! &"%! 3&.%/,'! I$&! ",! (/! .&(,P,#'! /! $'&! ,'J($&'3&! "$.! (&!4.#,%1! &((&! '&! "9=!
.&%.#$;&! +/@/,"! %&((&! I$&((&C! O((&! '9!i!&'%.&!j! 0/"! 4,.&3%&@&'%! 4/'"! (&! 4.#,%1!
@/,"!0/.! (&! %.$35&@&'%!49/$%.&"!@#=&'"C!ZC! (&!4#=&'!7/.?#'',&.! <3.,%! E! 3&!
0.#0#"!H! =(.*( -+3( <2&( %'( )+2)#<0.#-( )."%G0%( )%&( -#"6%&( "%*.7.%'&%&( <2"( *%( &3&0K6%(
?'".).C'%I(>**%&(-%(&#-0()%/%-'%&("K7*%&()%()"#.0(C'%(<2"(*+.-0%"61).2."%8(*2(61).20.#-(
)+2'0"%&( &3&0K6%&( -#"620.$&I( >**%&( 3( &#-0( <2&&1%&8( &+2$$2.@*.&&2-0( 2'( <2&&27%8( &%(
)1<#'.**2-0()%(*2("%*.7.#-(<#'"(-+%-(G#-&%"/%"(C'%(G%00%("%*.7.#&.01I(52(6#"2*%(%&0('-(
)%(G%&(&3&0K6%&()%(0"2-&.0.#-(D"(*C!!
!
!))cC!7&%%&!/JJ,.@/%,#'!0#"<&1!,(!3#';,&'%!E!0.<"&'%!49/?#.4&.!3&"!"="%B@&"!4&!
%./'",%,#'!&'%.&!4.#,%!&$.#0<&'!4&"!4.#,%"!4&! (95#@@&!&%!.&(,P,#'!35.<%,&''&1!
I$,!3#'"%,%$&'%!$'&!+$"%,J,3/%,#'!4&!(9,'J($&'3&!4&!3&((&[3,!"$.!3&($,[(EC!
!
!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"(*!\6! 7/3`<,,123-! J!V/! 32K1k1<,-! _<,H2@2,>! HA! H3<1>!|!N-!I-6C(7"<#="#;C(*:<:;C("#=9#=-:(+J#
5-:(+#"+#-"*(&(:)-!>6!$)-!;132R!"**$-!56!"(6!
! (4
WO)L;>:BQBFA:BDE)<=)@/BEQ@;=EF=)<=)@A)?=@BMBDE)FH?G:B=EE=)>;?)@=)<?DB:)=;?DCG=E)
!
))kC! 8&"! %5<#.,3,&'"! 4&! (/! @/%,B.&! "&! "#'%1! ?,&'! /;/'%! '#$"1! ,'%&..#P<"! "$.!
(9,'J($&'3&! 35.<%,&''&1! ;#,.&! (&! J#'4&@&'%! 35.<%,&'! 4$! 4.#,%! #33,4&'%/(")4 C!
K#$"! 0.#0#"#'"! 4&! ./00&(&.1! 0#$.! (9&""&'%,&(1! I$&((&! /! <%<! (&$.! /'/(="&C!>$!
.&P/.4! 4&! (9/@0(&$.! 4&! (/! %u35&1! 3&%%&! <;#3/%,#'! '&! "&./! 3&.%&"! 0/"!
&A5/$"%,;&")"C!!
)*-C!29/$3$'"!&'!"&.#'%!<%#''<"!H!(&!4.#,%!&$.#0<&'!4&"!4.#,%"!4&!(95#@@&!&"%!
"/'"! '$(! 4#$%&! $'! 5<.,%,&.! 3#'%&@0#./,'! 4&! (/! .&(,P,#'! 35.<%,&''&1! I$,!
3#'"%,%$&! (9$'! 4&! "&"! J#'4&@&'%"! &""&'%,&("! TZUC! O'! &JJ&%1! (9#?+&%! 4&! "/!
0.#%&3%,#'1!E!%./;&."!(&!0.,"@&!4&!"&"!4.#,%"1!'9&"%!/$%.&!I$&!(95#@@&!4/'"!"/!
",'P$(/.,%<!!(/!0($"!.&"0&3%/?(&1!(95#@@&!4/'"!"/!0.,@/$%<1!(95#@@&!%&(!I$&!(&!
3#'_#,%!(/!.&(,P,#'!35.<%,&''&!TAUC!!
!
"#!$<:(88%!&%!5)%2;!(-=%*!&2!&'()*!%2'(3.%7!&%0!&'()*0!&%!,<:(88%!
!
)*)C!O"%[,(!?&"#,'!4&! (&!0.<3,"&.1! (/!'/,""/'3&!4&"!4.#,%"!4&! (95#@@&!&"%!?,&'!
0($"!/'3,&''&!I$&!(/!3.</%,#'!4$!4.#,%!&$.#0<&'!4&"!4.#,%"!4&!(95#@@&C!O'!3&!
I$&! (/! 7#';C! OC! 2C! QC! 3#'"/3.&! (/! 0.,@/$%<! 4&! (95#@@&! 0/.! (/! 0.,"&! 4&!
3#'"3,&'3&! 4&! "&"! 4.#,%"! J#'4/@&'%/$A1! &((&! '9&"%! J,'/(&@&'%! I$&! (/! 4,P'&!
5<.,%,B.&!!49/$%.&"!%&A%&"!J#'4/%&$."!H!(/!2<3(/./%,#'!4&"!2.#,%"!4&!(9Q#@@&!&%!
4$! 7,%#=&'! 4&! )gck! L3,[/0.B"! 2C! 2C! QC! 7CM! &%1! "$.%#$%1! 4&! (/! 2<3(/./%,#'!
:',;&."&((&! 4&"! 2.#,%"! 4&! (9Q#@@&! L3,[/0.B"! 2C! :C! 2C! QCM! /4#0%<&! 0/.!
(9X.P/',"/%,#'! 4&"! K/%,#'"! :',&"! L3,[/0.B"! XC! KC! :CM! (&! )-! 4<3&@?.&! )kdcC!
>,'",1! (9!i!<(<;/%,#'!j! +$.,4,I$&!4&!(9Q#@@&!0/.!(/!3#'"<3./%,#'!4&!"&"!4.#,%"!
,'%/'P,?(&"!&"%!4<+E!,'%.#4$,%&!&'!4.#,%!0#",%,JC!8&!4.#,%!&$.#0<&'!4&"!4.#,%"!4&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!")4!F6!5/3!2Y2@5K2! K/!3L5<,=2!aAM/55<3>2!c6! K2!9<R2,!7/3`<,,123!Z!B2>>2! 1,>233<k/>1<,!
KLk1>1@2!()!J!V/!32K1k1<,-!_<,H2@2,>!HA!H3<1>!|!N-!53LB6-!56!"(6!!")"!F<13!K2=!3L_L32,B2=!B1>L2=!^6m6Q6!"''6!
! ("
(95#@@&1!4&!3&!0#,'%!4&!;$&1!0&.0<%$&!$'&!%./4,%,#'!+$.,4,I$&!/=/'%!4<?$%<!,(!
=!/!0($"!4&!4&$A!",B3(&"!4<+EC!!
)**C! 6&'35#'"['#$"! 0($"! /%%&'%,;&@&'%! "$.! I$&(I$&"! 4.#,%"! &%! (,?&.%<"!
<'$@<.<"!0/.!(&"!4,JJ<.&'%"!/.%,3(&"!4&!(/!7#';&'%,#'!H!4.#,%!E!(/!;,&!L/.%,3(&!*M1!
,'%&.4,3%,#'! 4&! (/! %#.%$.&! L/.%,3(&! bM1! ,'%&.4,3%,#'! 4&! (9&"3(/;/P&! &%! 4$! %./;/,(!
J#.3<!L/.%,3(&!dM1!!4.#,%!E!(/!(,?&.%<!&%!E!(/!"l.&%<!L/.%,3(&!eM1!4.#,%!/$!.&"0&3%!4&!(/!
;,&! 0.,;<&! &%! J/@,(,/(&! L/.%,3(&! cMy! 6/.! &JJ&%! @,.#,.1! #'! 0&$%! &"I$,""&.! (/!
",(5#$&%%&! 4&! (95#@@&! %&(! I$9,(! &"%! .&0.<"&'%<1! &'! P/.4/'%! E! (9&"0.,%! I$9,(! /!
3#''$! (/! "#$JJ./'3&! (/! 0($"! &A%.D@&!H! 39&"%! $'! 5#@@&! I$,1! J#.%! 4&! 3&%%&!
&A0<.,&'3&! %./$@/%,"/'%&1! &'! .&""#.%! 4,P'&1! (,?.&1! .&"0&3%/?(&! &'! %/'%!
I$95#@@&1!3r&"%[E[4,.&!4/'"!"#'!&""&'3&C!O%1!(#P,I$&@&'%1!,(!&"%!(9<P/(!4&!%#$%!
/$%.&C!
)*bC!Z/,"1!0&$%[#'!#?+&3%&.!'/q;&@&'%1! I$&((&! &"%! (9#.,P,'&!4&! 3&%%&! <;,4&'3&!
0.&@,B.&!"&(#'!(/I$&((&!(95#@@&!4#,%!D%.&!0.#%<P<!0#$.!($,[@D@&!v!^$&((&!&"%!
(/!P&'B"&!4&!3&%%&!,4<#(#P,&!",!.<0/'4$&!/$+#$.495$,!I$&!3&!I$9,(!J/$%!0.#%<P&.!
&'! (95#@@&1! 39&"%! 0.<3,"<@&'%! "/! I$/(,%<! 495$@/,'!v! N,&'! "l.1! (&"! 5#..&$."!
'/T,&"! 0&.0<%.<&"! 0&'4/'%! (/! "&3#'4&! P$&..&! @#'4,/(&! #'%! 0.#;#I$<! $'&!
0.,"&! 4&! 3#'"3,&'3&! 4&! (/! 3/0/3,%<! I$9/! %#$%! D%.&! 5$@/,'! 4&! 4<%.$,.&! "#'!
0.#35/,'C!8/!3#@@$'/$%<!0#(,%,I$&!4&!(9<0#I$&!/!"#$5/,%<1!&'!3.</'%!(9XC!KC!
:C!&%!&'!P./;/'%!"#(&''&((&@&'%!(&"!4.#,%"!4&!(95#@@&!4/'"!(&!@/.?.&!49$'&!
4<3(/./%,#'1! 3#'+$.&.! (&!@/$;/,"! "#.%C!7&! I$,! &"%! <3.,%! '&! 0&$%!0/"! "9#$?(,&.C!
7&0&'4/'%1! "&"! 0.,'3,0/$A! /$%&$."! LF#5'! 6&%&."! Q$@05.&=1! O(&/'#.!
S##"&;&(%1!S&'<!7/"",'M!'9#'%!&'!.,&'!3.<<!(&"!4.#,%"!4&!(95#@@&C!8/!2C!2C!QC!
7C! &A,"%/,%!4<+E1! ,("! "9&'! "#'%! ,'"0,.<"C!K</'@#,'"1! 3#'%./,.&@&'%! E! 3&!I$&! (&!
3/.%<",/',"@&! +$.,4,I$&! ,'3,%&! E! 0&'"&.1! (&! 0.<3$."&$.! 4&! (9,4<#(#P,&! 4&! (/!
0.,@/$%<!4&!(9D%.&!5$@/,'!'&!"&./,%!0/"!FC!8#3p&1!',!@D@&!FC[FC!S#$""&/$")#1!#$!
&'3#.&!(&"!05,(#"#05&"!4&"!8$@,B.&"y!@/,"!2,&$!{!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!")#!^<A=! ,2! ,1<,=! /`=<KA@2,>! 5/=! KM/55<3>! >IL<31aA2! HLB1=1_! H2! B2=! H2AY! 1KKA=>32=!
523=<,,/k2=! =MM/k1==/,>!H2! K/! B<,B25>A/K1=/>1<,!H2=!H3<1>=!H2! KMI<@@2! >2KK2!aAM2KK2!2=>!
! (#
)*dC!8/!N,?(&!4<;#,(&./,%!'#@?.&!49/.P$@&'%"!&'!3&!"&'"C!>,'",!0&$%[#'!=!(,.&!
I$&!(95#@@&!&"%!$'&!.&0.#4$3%,#'!4&!2,&$H!=(a.%'($.0(*+B#66%(P(&#-(.627%(%0(P(
&2( "%&&%6@*2-G%(DDEgC! 7&%%&!3.</%$.&!! '9&"%! 4#'3! 0/"! "&@?(/?(&! E! %#$%&! /$%.&!H!
0#.%&$"&!4$!"3&/$!4,;,'1!"#'!/$%&$.!0.#+&%%&!&'!&((&!"/!;#(#'%<!4&!J/,.&!(&!?,&'C!
8#."!4&!(/!2<3(/./%,#'!#&3$@<',I$&!4$!b-B@&!/'',;&."/,.&!4&!(/!2C!:C!2C!QC1!,(!
J$%! 4<3(/.<!H! =(h#'&( )%/#-&( "%72")%"( 0#'0( E0"%( B'62.-8( $'0T.*( *%( <*'&(61<".&1( 2'H(
3%'H( )%&( B#66%&8( G#66%( *2( G"120'"%( .""%6<*2W2@*%( %0( *+.627%( 6E6%( )%( -#0"%(
a.%'(DDEUC! >,'",1! 3&! I$,! J/,%! 4&! (95#@@&! $'! D%.&! &"%,@/?(&1! 5#'#./?(&1! 39&"%!
0.<3,"<@&'%!"/!3.</%,#'!E!(9,@/P&!4&!2,&$C!2,&$!"9,'3/.'&!4/'"!%#$%!5#@@&C!
2B"!(#."1!(9,';&'%,#'!4&!(95#@@&!0/.!3&!4&.',&.!J/,%!4&!($,!$'!D%.&!&'<1".%'"!E!
%#$"! (&"! /$%.&"! L3r&"%[E[4,.&! (9/',@/(! &%! (&! ;<P<%/(M1! @/,"! /$"",! E! %#$%! /$%.&!
"="%B@&!%./'"3&'4/'%/(C!895#@@&!&"%!$'!/?"#($1!,(!&"%!/$!4&""$"!4&!%#$%C!2/'"!
3&%%&! (#P,I$&1! (&"! <(<@&'%"! I$,! (9&'%#$.&'%! 4#,;&'%! ($,! 0&.@&%%.&! 4&!
"9/33#@0(,.C! 8/! '#.@&! +$.,4,I$&! &'! J/,%! 0/.%,&C! 2$!@#,'"1! 39&"%! 3&! I$&! (9#'!
"#$5/,%&! /$! "#.%,.! 4&! (/! P$&..&C! O((&! /! 4&""&.;,! (95#@@&1! ,'"%.$@&'%/(,"<&! E!
@/$;/,"! &"3,&'%! 0/.! (/! 4,3%/%$.&C! 2<"#.@/,"1! ! &((&! 4#,%! ($,! P/./'%,.! 3&%%&!
?</%,%$4&!0.#@,"&1! &'! <%/'%! /$! "&.;,3&!4&! "#'!/33#@0(,""&@&'%C!=(52("%*.7.#-(
GB"10.%--%8("%*.7.#-(%-(C'%*C'%&(&#"0%&(<#&0T"%*.7.%'&%8(QRS()1<2&&L%O(*+2$$."620.#-()%(
*2( ).$$1"%-G%( $.H1%( %-0"%( a.%'( %0( *+B#66%8( <'.&C'%8( %-( %**%8( a.%'( &%( $2.0( *'.T6E6%(
B#66%8(%08()'(6E6%(G#'<8(1*K/%(*+B#66%8()2-&(*2(@120.0')%()%(*+26#'"8(2'()%&&'&()'(
&.6<*%()"#.0(D")&C!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!32531=2!H/,=! K2=! k3/,H2=!HLBK/3/>1<,=!H2!H3<1>! 1,>23,/>1<,/K!H2=!H3<1>=!H2! KMI<@@2-! 2>!
,<>/@@2,>! K/! 7<,06! 8696:6! 7252,H/,>-! KM<`.2>! H2! B2! HL02K<552@2,>! 2=>! H2!@2>>32! 2,!
KA@1i32!aA2KK2!/! L>L! KM<31k1,2!532@1i32!HA!B<,B25>!H2=!H3<1>=!H2! KMI<@@2!2,! >/,>!aA2!
@1=2! 2,! L01H2,B2! H2! =/! 531@/A>L! 2>! H<,B! HMd>32! 32=52B>/`K2-! I<,<3/`K2-! H1k,26! f3-! \6!
V<BD2!2>!\6!\6!?<A==2/A-!=M1K=!<,>!_<3@AKL!a#*B(=,:*:&("#="<#=-:(+<#="#*BC:$$"J#]6B"<+^#6:)`9"#
6:$$"#6:)+()9%+(:)#"+#6:$$"#*%p6(<%+(:)#="#*%#;C(*:<:;C("#6C-,+("))"#=9#=-:(+#)%+9-"*#d-!
,<A=!2Y5K1aA2!Q6!7I1/551,1!1,!!"#=-:(+#"+#*"#<%6-,-!9/KK<p-!B<KK2B>1<,!KM8=531>!HA!H3<1>-!#44'-!
56!$#&6!")$!!%#2")c<"-!7I/51>32!+-!023=2>!#'6!!")%!ck3!8>BI2k/3/R-!ck3!c2K2>1<=!2>!Q/=>2A3!\6!c/A3R-!9LBK/3/>1<,!<2BA@L,1aA2!HA!$4i@2!
/,,1023=/132!H2!K/!96T696:6-!)!,<06!"*()6!")&!m6!m<A3k2<1=-!J!93<1>-!32K1k1<,!2>!H3<1>=!H2!KMI<@@2!N-!1,!!5-:(+#"+#-"*(&(:)J#53LB/J#56!"""6!
! ($
)*eC!895#@@&!4&! (9/0.B"!P$&..&!'&!"&./!0/"!./?/,""<!/$!./'P!4&!35#"&C!X'!/!
0.,"! 3#'"3,&'3&! 4&! "/! 4,P',%<1! I$,! "9&A0.,@&! 4/'"! (/! @/%<.,/(,"/%,#'! 4&! "&"!
4.#,%"!(&"!0($"!&""&'%,&("C!!
!
-#!$%!6(7&%8%7*!4:'.*)%7!&%0!&'()*0!&%!,<:(88%!
!
)*fC! 7#'"<I$&'3&! 4&! 3&%%&! 0.&@,B.&! /JJ,.@/%,#'! H! (95#@@&1! "&$(! D%.&! 4,P'&1!
D%.&!"$0<.,&$.!E! %#$%!/$%.&1!&"%! %,%$(/,.&!4&!4.#,%"!0.<3,"<@&'%!0/.3&!I$9,(!&"%!
5#@@&1!3#'J#.@<@&'%!E!(/!;#(#'%<!4&!2,&$C!89#.,P,'&!4&"!4.#,%"!4&!(95#@@&!
&"%! 4,;,'&C!29/,((&$."1! 3#@@&!$'!5#@@&! &"%! (9<P/(! 4&!'9,@0#.%&! I$&(! /$%.&1!
3&"!4.#,%"! "#'%!'/%$.&((&@&'%!0.<"&'%"!&'!35/3$'!49&$AC!K#$"! %#$35#'"1!0/.!
3&%%&!4&.',B.&!/JJ,.@/%,#'1!E!$'!0.,'3,0&!J#'4/@&'%/(!4&"!4.#,%"!4&!(95#@@&!H!
3&($,! 4&! (9,4&'%,%<! 4&! %#$"! (&"! D%.&"! 5$@/,'"C! =(M%*#-( *2( )#G0".-%( GB"10.%--%8(
#".7.-%( %0( $.-( 102-0( G#66'-%&( P( 0#'&8( 0#'&( *%&( B#66%&( <2"0.G.<%-0( 172*%6%-0( P( *2(
).7-.01(C'+%**%&($#-)%-0(J(G+%&0(*+2$$."620.#-()%(*+172*.01()%(0#'&(*%&(B#66%&()2-&('-%(
6E6%().7-.018(0%**%(C'%(M2.-0(!2'*(*2($#"6'*%()2-&(*+1<e0"%(2'H(w2*20%&(Q:::8(UXS(J(=(:*(
-+3(2(<*'&(-.(?'.$8(-.(7"%G(d(.*(-+3(2(<*'&(-.(%&G*2/%8!-.(B#66%! *.@"%(D(D1! &A0(,I$&! (&!
0.#J&""&$.!ZC!GC!R$4.&")'C!895#@@&!3.<<!0/.!2,&$!&"%!$'!5#@@&!/?"%./,%1!%#$%!
3#@@&! (9&"%! 3&($,! 4&"! 4<3(/./%,#'"1! &%! ?,&'! "l.! 4&! (/! 7#';C! OC! 2C! QC! 7&%%&!
0<.&'',%<!4/'"!(/!3#'3&0%,#'!4&!(9,4&'%,%<!4&!(95#@@&!'&!%,&'%!0/"!4$!5/"/.4!H!
,(!"9/P,%!4$!@D@&!5#@@&1!3&($,!I$,!,'3/.'&!$'!,4</(!$',;&."&(C!!
)*gC! U(! J/$%! /(#."! 3#@0.&'4.&! I$&! (&"! 4<3(/./%,#'"! <3.,%&"! 4&"! 4.#,%"! 4&!
(95#@@&!'&!(&"!J#'4&'%!0/"C!`&((&!'9&"%!0/"!(&$.!0.<%&'%,#'C!O((&"!'&!J#'%!I$&!
@/%<.,/(,"&.1!/$!"&'"!4&!%./3&!<3.,%&1!@/,"!/$"",!4&!P/./'%,&!3#'3.B%&1!&JJ&3%,;&1!
3&!I$,!&"%!,'"3.,%!4/'"!%#$%!5#@@&!0/.!(/!;#(#'%<!4&!2,&$C!7&!0#"%$(/%!"&@?(&!
/3I$,"! 35&T! (&"! +$.,"%&"1!@D@&! ",! (&$.!#.,P,'&!4,;,'&! &"%!4/;/'%/P&!4,"3$%<&C!!
2/'"!%#$"!(&"!3/"1!(/!%5<#.,&!49$'&!0.<&A,"%&'3&!4&"!4.#,%"!4&!(95#@@&!E!(&$.!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!")'!G6!;AH32-!:;/#6(+6-!56!$)6!
! (%
,'"3.,0%,#'! "$.! (&! 0/0,&.!! 0/./a%! J/,.&! 3#'"&'"$"! H!=(52( -#0.#-( )%( )"#.0&( )%(
*+B#66%( 0"2-&G%-)%( &2( "%G#--2.&&2-G%( <2"( *%&( 0%H0%&(J( *%&( 0%H0%&( .-0%"-20.#-2'H( Q#'(
-20.#-2'HS(-%(=(G"1%-0(D(<2&(*%&()"#.0&()%(*+B#66%(62.&(*%&("%G#--2.&&%-0(j")(C!
)*cC!S&@/.I$#'"!I$&!3&%%&!'<3&"",%<!4&!"/$;&P/.4&.!@/%<.,&((&@&'%!(&"!4.#,%"!
4&! (95#@@&!&"%!4<+E1! "&@?(&[%[,(1!0.<"&'%&!4/'"! (/!N,?(&C!79&"%! &'! %#$%! 3/"! 3&!
I$&!0&'"&!ZC! FC!G.&$41!&A0(,I$/'%!I$&!=(*%(a1G2*#7'%($'0(%-(C'%*C'%&(&#"0%&8(2'(
6#.-&( .-)."%G0%6%-08( *2( <"%6.K"%( )1G*2"20.#-( )%&( )"#.0&( %0( )%&( )%/#."&( )%(
*+B#66%(D"))C!2B"!(#."1!,(!&"%!0&.@,"!49/00/.&'%&.!3&!%&A%&!/'3&"%./(!E!(/!P&'B"&!
4&! (/! 0.#%&3%,#'! +$.,4,I$&! 4&"! 4.#,%"! 4&! (95#@@&C! 8/! 0&'"<&! 35.<%,&''&!
3#'"%,%$&!/,'",!(/!0.&@,B.&!4#3%.,'&!+$.,4,I$&!/=/'%!@,"!&'!J#.@&!(&"!4.#,%"!4&!
(95#@@&1! 4#'%! (&! 4.#,%! &$.#0<&'! 4&"! 4.#,%"! 4&! (95#@@&! &"%! (&! (#,'%/,'!
"$33&""&$.C!!
)*kC!ZC!6C!75,/00,',1!I$,!/!3#'"/3.<!"/!%5B"&!E! (9<%$4&!4&! (/!.&(/%,#'!&'%.&! (&!
4.#,%!&%! (&!"/3.<![!I$9,(!'&!.<4$,%!49/,((&$."!0/"!E! (/!.&(,P,#'![1!;,&'%!3#'J#.%&.!
'#%.&! 0.#0#"1! &%1! 0/.! 3#'%.&3#$01! (9,4<#(#P,&! 49$'&! ,4&'%,%<! $',;&."&((&! 4&!
(95#@@& ")* C! R&(#'! ($,1! =(5+#".7.-%( )%( *2( <B.*#&#<B.%( )%&( )"#.0&( .-)./.)'%*&( )%(
*+B#66%(%-(02-0(C'+B#66%()#.0(E0"%(%-($2.0("%GB%"GB1%()2-&(*%()"#.0(G2-#-(GB"10.%-8(
C'.(&+%&0(*'.T6E6%(.-&<."1()%&(G#'"2-0&(0B1#*#7.C'%&(%0(<B.*#&#<B.C'%&('-./%"&2*.&0%&(
)%( *+4-0.C'.018( %08( @.%-( &x"8( )%( *+4-G.%-(9%&026%-0(D"*4C! O%! 4&! 3,%&.!ZC! 6C! 7/"%&(!
0#$.! I$,! =(*%&( *#.&( )'( G#)%( 6#&2sC'%( 232-0( 0"2.0( 2'H( "2<<#"0&( .-0%"<%"&#--%*&(
G#-&0.0'%-0(*2(<"%6.K"%()1G*2"20.#-()%&()"#.0&()%(*+B#66%(D"*"1!#$!&'3#.&!(&!0B.&!ZC!
>C!V,'3&'%! I$,! 0&'"&! I$&!=(*%&()"#.0&()%( *+B#66%(#-0( *%'"( $#-)%6%-0()./.-8(-#-(
&%'*%6%-0()2-&( *2( *#.(-20'"%**%8(62.&()2-&(*2(&'"-20'"%**%(#").-20.#-(2'(!K"%(C'%( *%(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!")(!G6!;AH32-!:;/#6(+6-!56!%46!"))!\6! G32A,H-! B1>L! 5/3! m6! m<A3k2<1=! ()! J!93<1>-! 32K1k1<,! 2>! H3<1>=! H2! KMI<@@2!N-!5-:(+#"+#
-"*(&(:)J#53LB/J#56!"""6!")*!?2@/3aA<,=! aA2! KM/A>2A3! /! A,! 32k/3H! >3i=! B31>1aA2! =A3! K/! >2,H/,B2-! 0<132! K/! HL3102!
/B>A2KK2!H2! K/! B<@@A,/A>L! .A31H1aA2-! Z!H101,1=23! KMd>32!IA@/1,6!b1,=1-! 1K! 52,=2!aA2! B2>!
I<@@2! aA2! KM<,! 02A>-! 5/3SH2==A=! ><A>-! 53<>Lk23! H2=! /__32=! HA! @<,H2! @<H23,2! ,M/-!
5/3/H<Y/K2@2,>-!5KA=!k3/,HSBI<=2!HMIA@/1,6! +K! =M/k1>!HL=<3@/1=!HMA,!a#C:$$"#%H<+-%(+#
=(7()(<,#d-!LB31>S1K6!"*4!Q6!7I1/551,1-!:;/#6(+6-!56!$#%6!"*"!Q6!7/=>2K-!J!92!c<}=2!Z!K/!HLBK/3/>1<,!H2=!H3<1>=!N-!()#!"#S:)="-!%!.A1KK2>!"*(*6!
! (&
y.*&( /%'0( %-( 0#'0( B#66%( %0( C'+.*( 2( "%G"11%( &'"( *2( <"#$#-)%( @*%&&'"%( )'( <EGB1(
#".7.-%*(D"*#C!!
)b-C! 8#,'! 4&! '&! .&(&;&.! I$&! 4&! (9,4</(,"@&! .<;#($%,#''/,.&! &%! 49$'&! ;#(#'%<!
<#&0! "&3#'4&! P$&..&! @#'4,/(&! 4&! 3#'+$.&.! (&! @/$;/,"! "#.%1! (9&A,"%&'3&!
+$.,4,I$&!4&"!4.#,%"!4&!(95#@@&!&"%!,'%,@&@&'%!(,<&!/$A!;/(&$."!I$&!;<5,3$(&!
(/! 4#3%.,'&! 35.<%,&''&C! X.! 3&%%&! 4&.',B.&1! 4&! 0/.! "#'! 5<P<@#',&! "$.! (&!
3#'%,'&'%! &$.#0<&'!4&0$,"! (&"! dB@&[! eB@&! ",B3(&"! /0.B"! FC[71! &$%! $'&! ,'J($&'3&!
4<3,",;&! "$.! (/! 0&'"<&! 05,(#"#05,3#! +$.,4,I$&C! =(5%&( !K"%&( )%( *+>7*.&%( #-0( -#-(
&%'*%6%-0(<#&1(*%&(@2&%&('-./%"&%**%&()%(*2(/2*%'"()%(*+E0"%(B'62.-8(%-(G#6<*102-0(*2(
<%-&1%( 7"%GC'%8( 62.&( QRS( .*&( #-0( 6#)%*1( QRS( 0#'0%( *+#"72-.&20.#-( &#G.2*%( %0( 6E6%(
<#*.0.C'%()'(G#-0.-%-0(%'"#<1%-(D1!<3.,%!ZC!WC!2C!W$=#'"*$1!/+#$%/'%!I$&!=(*+2<<#"0(
&<1G.$.C'%()'()"#.0(G2-#-.C'%(2'H()"#.0&(&1G'*.%"&(L%'"#<1%-&O(%&0(G#-&.)1"2@*%(DC! O'!
&JJ&%1!(&!35.,"%,/',"@&!/00/.$%!49/?#.4!4/'"!(9O@0,.&!.#@/,'1!0$,"1!@/.I$/'%!
(&"! .#=/$%<"! "$33&"",;&"1! ,@0.<P'/! /$! J,(! 4$! %&@0"! (&"! 4,JJ<.&'%"! #.4.&"!
0#(,%,I$&"!&%!+$.,4,I$&"C!:'&!%&((&!"$0.<@/%,&!/!<%<!.&'4$&!0#"",?(&1!&A0(,I$&[
%[,(1! 0/.! =(*2( "%G#--2.&&2-G%( C'%( *+>7*.&%( #@0.-0( )'( <#'/#."( .6<1".2*( "#62.-( C'.(
"17-2.0( &'"( *+F".%-0( %0( *+FGG.)%-0( %0()#-0( .*(-%( $2'0(<2&(#'@*.%"(C'%( &#-()"#.0( %0( &%&(
.-&0.0'0.#-&8( &.-#-( *+2'0#".018( )#6.-%-0( ?'&C'+2'( ^jK6%( &.KG*%( P( ;#-&02-0.-#<*%I(
a1&#"62.&(2&&#G.1&(P( *+>0208( *%&( GB"10.%-&(#@0.%--%-0()%(-#6@"%'&%&( G#-G%&&.#-&(C'.(
2@#'0.&&%-0(P($#"6%"('-(/2&0%(%-&%6@*%(?'".).C'%8()+2'02-0(<*'&(C'%(*+%6<%"%'"8(<'.&(
*%&(6#-2"GB.%&(=(@2"@2"%&(D(&'GG%&&./%&()%/%-'%&(62e0"%&&%&()%(*+FGG.)%-08(2GG%<0%-0(
G%&( *#.&8( *%&( G#6<*K0%-0( <2"( *%'"( <"#<"%( *17.&*20.#-( %0(6%00%-0( 2'( &%"/.G%( )%( *+>7*.&%(
*%'"( 2'0#".01( %0( *%'"&( 0".@'-2'HI( 5%( 0%6<&( 2( 2.-&.( <"#7"%&&./%6%-0( )#--1( 2'(
GB".&0.2-.&6%('-%(<"116.-%-G%(?'".).C'%8(&#G.2*%(%0(<#*.0.C'%(D"*%C!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"*#!Qi32!b6!F1,B2,>-!!%#;")<,"#6%+C:*(G9"-!@/3=S/031K!"*)46!!"*$!U6! 96! UAR<,-! J!V2! K2k=! HA! BI31=>1/,1=@2! H/,=! KMI1=><132! HA! H3<1>! 2A3<5L2,!N-! ()!
!BC,-(+%&"# -"*(&("9O# =9# =-:(+# ")# 89-:;"-! bB>2=! HA! 7<,k3i=! 2A3<5L2,! H2! KMT,1<,!
1,>23,/>1<,/K2!H2=! \A31=>2=!7/>I<K1aA2=-!#4S#$!,<02@`32!#44$-!LH6!Q12332!gLaA1-!#44%-!
556!)&S)'6!!"*%!U6!96!UAR<,-!:;/#6(+6-!556!("S(#6!
! ('
)b)C! 8/! .&(,P,#'! 35.<%,&''&! /! 4#'3! +#$<! $'! .t(&! 4<3,",J! 49$'! 0#,'%! 4&! ;$&!
+$.,4,I$&C! S&(,P,#'1! 0#(,%,I$&! &%! 4.#,%! #'%! 0&'4/'%! (#'P%&@0"! J#.@<! $'! %.,#!
,'4,""#3,/?(&C! 7&! 4&.',&.! J$%! /,'",! $'! ;&3%&$.! 4<%&.@,'/'%! 4&"! ;/(&$."!
0.#J&""<&"!0/.! (9OP(,"&1! &'"&,P'<&"!0/.! (/!N,?(&C!7&! .t(&! 3.$3,/(! 4&! (/! 0&'"<&!
.&(,P,&$"&! /! '</'@#,'"! <%<! #33$(%<! 0/.! (/! "$,%&C! R&(#'! 3&.%/,'"! /$%&$."1!
(9#.,P,'&!3#'3&0%$&((&!4&!3&.%/,'&"!;/(&$."!35.<%,&''&"!/!/,'",!<%<!/?$",;&@&'%!
/%%.,?$<&! E! (/! 05,(#"#05,&! 4&"! 8$@,B.&""*&C! 7&! "&./,%! (&! 3/"! 4&! (/! 4,P',%<! 4&!
(95#@@&1! ;/(&$.! J#'4/@&'%/(&! I$,1! +$.,4,I$&@&'%1! J#'4&! "&"! 4.#,%"!
,'/(,<'/?(&"!&%!"/3.<"C!8&! +$P&!4&! (/!7#$.!&$.#0<&''&!4&"!4.#,%"!4&! (95#@@&!
./00&((&! 49/,((&$."! .<P$(,B.&@&'%! I$9&((&! &"%! =(*+%&&%-G%( 6E6%( )%( *2(
;#-/%-0.#-(D"*'C! U(!"9/P,%1!&'!%#$"!3/"1!4&!(/!@/',J&"%/%,#'!0/.!&A3&((&'3&!4&!(/!
@#./(&! 35.<%,&''&! &'! 4.#,%! &$.#0<&'! 4&"! 4.#,%"! 4&! (95#@@&1! I$,! +$"%,J,&! (/!
0.#%&3%,#'! 4&! 3&! 4&.',&.! &'! %/'%! I$9D%.&! "$0<.,&$.! x! /$! "&'"! 49,'J,',@&'%!
.&"0&3%/?(&C!
)b*C!7&! 0.,'3,0&1! I$,! 0#"%$(&! 4#'3! (/! 3.</%,#'! 4,;,'&! 4&! (95#@@&1! ,@0(,I$&!
"&$(&@&'%! $'! $"$J.$,%! 4&! "#'! 3#.0"! 0/.! 3&! 4&.',&.1! (/! 0.#0.,<%<! .&;&'/'%! E!
2,&$C!8/!4,P',%<!4&!(95#@@&!,@0(,I$&!4#'3!$'&!,'%&.4,3%,#'!4&!0#.%&.!/%%&,'%&!!
E! "#'! ,'%<P.,%<1! 05=",I$&! #$! @#./(&1! 3/.! 3&(/! 3#'"%,%$&! $'&! /%%&,'%&! E! (/!
0.#0.,<%<!4,;,'&C!7&%%&!4&.',B.&! ,'"0,.&!4#'31! 49$'!0#,'%!4&! ;$&!#.,P,'&(1! (/!
0.#%&3%,#'!4&!(9D%.&!5$@/,'!4,P'&C!!
)bbC! >,'",1! (95#@@& "*( 1! E! %./;&."! "#'! 3#.0"1! &"%! 49/?#.4! 0&'"<! 3#@@&!
0.#0.,<%<! 4&! 2,&$C! 2/'"! (/! %./4,%,#'! +$4<#[35.<%,&''&1! 2,&$! &"%! $'! /3%&$.!
3.$3,/(!4&!(/!'/,""/'3&1!4&!(/!;,&!&%!4&!(/!@#.%!4&!(95#@@&C!895#@@&!'9&"%!0/"!
/$%#'#@&1!,(!#?<,%!E!(/!.BP(&!4,;,'&!3/.!39&"%!2,&$!I$,!($,!,'"$JJ(&!(/!;,&C!R&(#'!
(&! .<3,%! ?,?(,I$&1! (95#@@&! &"%! 4&! 3.</%,#'! 4,;,'&C! 6/.! (9/3%,#'! 4&! 2,&$1! ,(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"*&!F<13!2,!B2!=2,=!!BC,-(+%&"#-"*(&("9O#=9#=-:(+#")#89-:;"J#:;/#6(+6!"*'!F6!5/3!2Y2@5K2!KM/33d>!U<<Hq1,!BC?<R/A@2ST,1-!/33d>!53LB6-!E*46!"*(!^<A=! A>1K1=<,=! 0<K<,>/132@2,>! K2! >23@2! J!I<@@2!N! /A! K12A! H2! J!523=<,,2!N-! >3<5!
B<,,<>L! .A31H1aA2@2,>-!H<,B!2,!HLB/K/k2!/A! 32k/3H!H2! KML5<aA2!H/,=! K/aA2KK2! =2!=1>A2!
,<>32! L>AH26! 8,! 2__2>-! ,<A=! 2,>2,H<,=! L01H2@@2,>! _/132! ! 3L_L32,B2! Z! K/! B3<R/,B2!
32K1k12A=2!=2K<,!K/aA2KK2!KMI<@@2!/!L>L!B3LL!5/3!912A6!!
! ((
4&;,&'%!=(E0"%(/./2-0(D"*)C!=(5%(&%.7-%'"(a.%'(6#)%*2(*+B#66%(2/%G()%(*2(<#'&&.K"%(
<".&%()'(&#*I( :*( .-&'$$*2()2-&(&%&(-2".-%&( *+B2*%.-%()%(/.%8( %0( *+B#66%()%/.-0('-(E0"%(
/./2-0(D1!&'"&,P'&'%!(&"!%&A%&"!.&(,P,&$A"**C!K#$"!3#@0.&'#'"!/,'",1!I$&1!"&(#'!
(/!0&'"<&!35.<%,&''&1!(95#@@&!'9&"%!0/"!($,[@D@&!E!(9#.,P,'&!4&!"/!0.#0.&!;,&!
LP.u3&! /$!@<3/',"@&! ?,#(#P,I$&! I$9&"%! (/! 0.#3.</%,#'M1! 39&"%!2,&$! I$,! (/! ($,!
4#''&C! 895#@@&1!@D@&! "/'"! ;,&! x! 3/.! (95#@@&! '9&"%1! /;/'%! 4&! .&3&;#,.! (&!
"#$JJ(&!4,;,'1!I$&!0#$"",B.&![!!&"%!$'!0$.!0.#4$,%!4,;,'!H!=(a.%'(G"12(*+B#66%(P(
&#-(.627%8(P(*+.627%()%(a.%'(.*(*%(G"12(D#44C!!
)bdC! 895#@@&! &"%! 4#'3! 4,P'&! 0/.3&! I$9,(! &"%! 3.<<! E! (9,@/P&! 4&! 2,&$C! 6/.3&!
I$9,(! /00/.%,&'%! E! (/! "&$(&! &"0B3&! 3.<<&! 4&! (/! "#.%"1! (&! .&"0&3%! 4&! "#'! D%.&!
"9,@0#"&C!>$%.&@&'%!4,%1!D%.&!$'!5#@@&1!39&"%!D%.&!3.<<!E!(9,@/P&!4&!2,&$1!&%!
3&%%&!I$/(,%<!#.,P,'&((&!",!0.<3,&$"&!,@0#"&!I$9#'!(&!.&"0&3%&!4/'"!"/!'/%$.&!(/!
0($"! 0.#J#'4&C! O'! "#@@&1! D%.&! 4,P'&1! 39&"%! /00/.%&',.! /$! P&'.&! 5$@/,'#4#C!
K#%#'"! I$&! (/! P&'B"&! 4&! (/! 4,P',%<! 4&! (95#@@&! '9&"%! 0/"! &A3($",;&! E! (/!
.&(,P,#'! 35.<%,&''&C! >,'",! I$&! (9<3.,%! ZC!ZC! N&'35,p51! =(a%(N#'))B2( P( c1&'&T
;B".&0( %0( P(`#B266%)8( *+2<<#"0( )%&( 7"2-)%&( <B.*#&#<B.%&( %0( )%&( 7"2-)%&( "%*.7.#-&(
<#'"("%-$#"G%"(*2().6%-&.#-('-./%"&%**%()%(*+E0"%(B'62.-8(&2(&<1G.$.G.01(<2"("2<<#"0(2'(
"%&0%( )%( *2( =(G"120.#-(D( %&0( .-)1-.2@*%(J( "%&<%G0( )x( P( *2( G"120'"%( )%( a.%'( )2-&( *%&(
7"2-)%&( "%*.7.#-&8( %0( *+B#66%( 2'( G%-0"%( )%( *+'-./%"&( )2-&( *%( N#'))B.&6%I( F-( &%(
"%616#"%"2(G%0(2/%"0.&&%6%-0()'(<"#<BK0%()%(*+:&*26(J(=(&.(/#'&(0'%A('-(B#66%8(/#'&(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"*)!!%#F(H*"-!U2,i=2-!"-#6!"**#!%#F(H*"J#(H(=/!#44!!%#F(H*"J#(H(=/!#4"!a#5("9#>(+#*"<#HA+"<#<%97%&"<#<"*:)#*"9-#"<;c6"J#*"<#H"<+(%9O#<"*:)#*"9-#"<;c6"#"+#+:9+"<#*"<#
;"+(+"<#HA+"<#=9#<:*#<"*:)#*"9-#"<;c6"/#5("9#7(+#G9"#6"*%#,+%(+#H:)/##
5("9#=(+#Y#a#_%(<:)<#*BC:$$"#W#):+-"#($%&"J#<"*:)#):+-"#-"<<"$H*%)6"#"+#G9B(*#<:9$"++"#*"<#
;:(<<:)<#="#*%#$"-J#*"<#:(<"%9O#=9#6("*J#*"<#H"<+(%9OJ#+:9+"#*%#+"--"#"+#+:9+"<#*"<#;"+(+"<#HA+"<#
G9(#-"$9")+#<9-#*%#4"--"#q#d#d-!!%#F(H*"-!(H(=6!#4#!F<13!=A3!B2>>2!aA2=>1<,!c6!V6!Q/01/!2>!gI6!?202>-#!%#=(&)(+,#="#*%#;"-<:))"#C9$%()"-!LH6!
8B<,<@1B/-!B<KK2B>1<,!8>AH2=!.A31H1aA2=-!"***6!!
! ()
0'%A(0#'0%(*+B'62-.01(D(D#4$C!895#@@&!'9&"%!0/"!$'&!3.</%$.&!#.4,'/,.&C!U(!&"%!(&!
0.#4$,%!4&!(/!@/,'!&%!4$!"#$JJ(&!4,;,'C!!
)beC! S&@/.I$#'"! I$&! (&! 0.,'3,0&! 4&! 4,P',%<! 5$@/,'&1! "9,(! 3#'"%,%$&! $'!
J#'4&@&'%! &""&'%,&(!4$!4.#,%! &$.#0<&'!0.#%&3%&$.!4&"!4.#,%"! J#'4/@&'%/$A1!
'&!%./4$,%!0/"!%#$%&!(9,'J($&'3&!4&!(/!@#./(&!35.<%,&''&!&'!4.#,%!&$.#0<&'!4&"!
4.#,%"!4&!(95#@@&C!!
!
)bfC! 7&%%&! 4<@#'"%./%,#'! 0#$../! "&@?(&.! 4/%<&1! 0$,"I$&! (9<;#($%,#'! "#3,/(&!
/3%$&((&!@#'%.&!$'!.<&(!4<",'%<.D%!0#$.!(/!I$&"%,#'!.&(,P,&$"&C!X.1!#'!'&!0&$%!
"<.,&$"&@&'%! 4#$%&.! 4&! 3&! I$9,(! %#$35&! <P/(&@&'%! (/! "05B.&! +$.,4,I$&C! X'!
%#$35&!/(#."!/$!3]$.!4&!'#%.&!4<@#'"%./%,#'C!
)bgC! R,! 3&! 05<'#@B'&! 0&$%[D%.&! /00.<5&'4<! 0/.! (&! %&.@&! (=.,I$&! @/,"! '#'!
@#,'"! ,(($"%./%,J! 4&! i!4<"&'35/'%&@&'%!j#4% 1! /(#."! (&! 0.,'3,0&! 49/$%#'#@,&!
0&."#''&((&! 3#'"%,%$&! $'&!@/',J&"%/%,#'!0/.! &A3&((&'3&!4$!4<"&'35/'%&@&'%!
4$! 4.#,%! 3#'%&@0#./,'C! O'! &JJ&%1! 3&($,[3,! /00/./a%1! 4/'"! (/! +$.,"0.$4&'3&!
&$.#0<&''&1!E!$'!@#@&'%!0/.%,3$(,B.&@&'%!0.#0,3&!H!3&($,!49$'!<@,&%%&@&'%!
4&!(/!@#./(&!.&(,P,&$"&!&'!4.#,%!&$.#0<&'C!
!
NO).A)<B>CA?B:BDE)FDE:=KCD?ABE=)<=)@/BEQ@;=EF=)<=)@A)KD?A@=)FH?G:B=EE=)=E)
<?DB:)=;?DCG=E)
!
)bcC! R,! (&! 4.#,%! #33,4&'%/(! &"%! 0.#J#'4<@&'%! @/.I$<! 0/.! "&"! ./3,'&"!
35.<%,&''&"1! (9#?"&.;/%&$.! '&! 0&$%! I$&! 3#'"%/%&.! (&$.! 4<(,%&@&'%! 4&0$,"! (/!
4&$A,B@&!@#,%,<!4$!*-B@&!",B3(&C!29$'!0#,'%!4&!;$&!"#3,#(#P,I$&!&%!+$.,4,I$&1!
#'! #?"&.;&! I$&! (&"! ,'4,;,4$"! /"0,.&'%! E! $'&! (,?&.%<! ,'4,;,4$&((&! /33.$&1!
'#%/@@&'%1!0#$.!3&!I$,!'#$"!,'%<.&""&1!&'!3&!I$,!3#'3&.'&!(&$.!3#.0"C!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#4$!c6! m2,BI1DI-! J!V/! H1k,1>L! H2! K/! 523=<,,2! IA@/1,2! 2,! H3<1>! 1,>23,/>1<,/K!N-! ()! !%#
=(&)(+,#="#*%#;"-<:))"#C9$%()"-!:;/#6(+6-!56!$(6!#4%!g23@2!aA2!,<A=!,<A=!523@2>><,=!H2!K2A3!2@53A,>236!
! (*
)bkC! 7&.%/,'"! /$%&$."! ",P'/(&'%! I$&! (/! "#3,<%<! /3%$&((&! &"%! 3#@0#"<&!
49,'4,;,4$"! @$"! &""&'%,&((&@&'%! 0/.! (&$.! .&35&.35&! ,'4,;,4$&((&1! ;#,.&!
<P#q"%&1!4$!?#'5&$.C!29/$%.&"!'95<",%&'%!0/"!E!J#.3&.!(&!%./,%!0#$.!4<'#'3&.!3&!
3#$./'%! "#3,/(! ,..<","%,?(&C! O'! %<@#,P'&! /,'",! ! (&! %,%.&! 4&! (9#$;./P&! 4&!ZC!7C!
Z&(@/'1! /$! %,%.&! <;#3/%&$.!H! =(5+B#66%(&2-&(7"2/.018( c#'."(P( 0#'0(<".H(D[\fC! 7&%!
/$%&$.1! 0"=35/'/(="%&!4&! "#'! <%/%1! &A0(,I$&!I$&!=(*%(G.%*(%&0(/.)%8(2'&&.(@.%-()%(
a.%'( C'%( )+.)1#*#7.%&8( )%( <"#6%&&%&8( )%( "1$1"%-G%&8( )%( <"%&G".<0.#-&8( %0( C'%( *%&(
.-)./.)'&(#-0(P(&%()10%"6.-%"(%'HT6E6%&8(&.-7'*.K"%6%-0(%0(G#**%G0./%6%-0I(5%&()%'H(
)%"-.%"&(&.KG*%&(#-0(101(G%'H()%&(7"2-)%&(.-/%-0.#-&(%0()'("%<1"27%()%&(*.6.0%&(QRSI(5%(
&.KG*%( C'.( &+2--#-G%( &%"2( G%*'.( )%( *%'"( *%/1%(J( <*'&( )+.6<#&&.@*%( QRSI(5+.-0%"/%-0.#-(
)1G.&./%($'0(&2-&(2'G'-()#'0%(*2(62e0".&%()%(*2($1G#-).01(<'.&()%(*2("%<"#)'G0.#-()%(*2(
/.%I(L5%(<#'/#."()%(G"120.#-(%&0()1"#@1(P(a.%'OI(a+'-%(G%"02.-%($2W#-8(-#'&(2&&.&0#-&(P(
*2($.-()+'-%(1<#C'%(QRS8(G%(C'.(%&0(*2(&#'"G%()+'-%(*.@%"01(2&&%A("%62"C'2@*%(D[\TC! ! U(!
@#'%.&!/,'",!3(/,.&@&'%!I$&!(/!(&;<&!4&"!(,@,%&"!3#((&3%,;&"!&"%!'<3&""/,.&@&'%!
(,<&!E!(/!4,"0/.,%,#'!4&!3&!.&0B.&!/'3&"%./(!I$9&"%!(/!.&(,P,#'C!!
)d-C! K#%.&! "#3,<%<! #33,4&'%/(&! 3#'%&@0#./,'&! &"%! 4#'3! @/.I$<&! 0/.! (/!
4,"0/.,%,#'! @/',J&"%&! 4&! (9,'J($&'3&! 4&! (/! .&(,P,#'1! 0/.! "#'! ,4&'%,%<! i!/!
.&(,P,&$"&!D!0.&"I$&!<;,4&'%&!H!#'!&"%!0/""<!49$'&!"#3,<%<! J#'4/@&'%/(&@&'%!
P$,4<&!0/.!(&"!0.<3&0%&"!35.<%,&'"!E!$'&!"#3,<%<!I$,!.&3#'"%.$,%!"&"!.&0B.&"!/$!!
.&P/.4! 49$'&! ;/(&$.! ,'<4,%&!H! (/! I$D%&! 4$! ?#'5&$.C! 2/'"! 3&%%&! I$D%&1! &%!
3#.#((/,.&@&'%! E! (9/?/'4#'! 4$! .&(,P,&$A1! $'&! /$%.&! ;/(&$.! 0.&'4! $'&!
,@0#.%/'3&! J#'4/@&'%/(&!H! (9/$%#'#@,&C! O'! &JJ&%1! '&! 4<4$,"/'%! 0($"! "&"!
'#.@&"!4&"!!0.<3&0%&"!.&(,P,&$A1!(9,'4,;,4$!(&"!4<4$,%!4&!($,[@D@&C!!
)d)C! ZC! ZC! W/$35&%! .&@/.I$&! /;&3! ./,"#'! I$&! (/! 4,@&'",#'! 3#((&3%,;&!
3#'%&'$&!4/'"!(/!.&(,P,#'!/!<%<!%./'"J<.<&!E!(9O%/%1!&%!I$&!39&"%!0.<3,"<@&'%!3&!
%./'"J&.%!I$,!/!0&.@,"! (9/$%#'#@,"/%,#'!4&! (9,'4,;,4$1!/$! "&'"!4&! (/!@/a%.,"&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#4&!76!c2K@/,-!8)+-"+(")<#%7"6#."%)k1("--"#!"H-9)-!!BC:$$"#<%)<#&-%7(+,J#.:9(-#W#+:9+#;-(O-!
LH6!92,<~K-!#44#6!!#4'!76!c2K@/,-!:;6!6(+6-!556!"*S#46!!
! )4
4&! "/!0&."#''&!H!=(;+%&0(&%'*%6%-0(2'(0"2/%"&()%(G%("%62-.%6%-0()+%-&%6@*%(C'.(2(
)1*./"1( *+.-)./.)'()%( 0#'0%( #@*.720.#-( )+2<<2"0%-2-G%( %-( 0"2-&$1"2-0( *2( 0#02*.01( )%( *2(
).6%-&.#-(G#**%G0./%()2-&( *2( &<BK"%()%( *+>020(C'%( *+B#66%( .-01".%'"%6%-0(2'0#-#6%(
%&0()%/%-'('-(E0"%(7*#@2*%6%-0(62e0"%()%(*'.T6E6%(D1!.&@/.I$&[%[,(#4(C!=(4'()%&&#'&(
)%(*+E0"%(&#G.2*8(<".&(%-()%B#"&()2-&(*%("1&%2'()%&(G#-0"2.-0%&(G#66'-2'02."%&(%0()%&(
#@*.720.#-&( %-/%"&( ;1&2"8( .*( 3( 2( )#"1-2/2-0( '-( B#66%( .-01".%'"8( 2@&#*'6%-0(
.-)1<%-)2-0(%-('*0.6%("%&&#"08(2'($#-)()%(*'.T6E6%8()2-&(&2("%*20.#-(P(a.%'(D[\EC!!
)d*C!29/$%.&"!/$%&$."!#'%!$'&!;,",#'!0($"! 3.,%,I$&!4&! (9!i!/! .&(,P,#",%<!D!4&! (/!
"#3,<%<! 3#'%&@0#./,'&! &%! 4<'#'3&'%! $'!@#$;&@&'%! 49,'4,;,4$/(,"@&! "#3,/(!
/=/'%! 3/$"<! 3&! 4<(/,""&@&'%! 4&! (/! .&(,P,#'1! &%! 3#.#((/,.&@&'%! 4&"!
3#@0#.%&@&'%"! ,'4,;,4$&("! <P#q"%&"C! >,'",1! ZC! 6C! 2,&'&.! "#$(,P'&! I$&! =(*%(
G'*0%()%(*+.-)./.)'%*(-%(G%&&%()%(&%()1/%*#<<%"I(>0(*+#@&%&&.#-()'($2.0(G#-G"%0I(5+B#66%(
<"#G*261( .-)1<%-)2-0( P( *+172")( )%( 0#'0( #")"%( &'<1".%'"( P( *'.T6E6%8( *%( )%"-.%"(6#0(
)+'-( -#6.-2*.&6%[\@(G#-&1C'%-0( -%( <#'/2.0( E0"%( C'%( &G%<0.G.&6%( P( *+172")( )%( 0#'0%(
/2*%'"(<%"62-%-0%8('-./%"&%**%8(*.1%(P(*2(-20'"%(B'62.-%I(5+.-)./.)'()%/%-'(*+'-.C'%(
G%-0"%( )+.-01"E08( *+%H2*020.#-( -#6.-2*.&0%( )%&( )"#.0&( &'@?%G0.$&( )%/2.0( 2&&'"%"( *%(
0".#6<B%( )%( *+.-01"E0( .-)./.)'%*( 17#s&0%( )2-&( '-%( =(6#"2*%(D( G#-0.-7%-0%( QRSI(
4'?#'")+B'.8( *%( <#.-0( G".0.C'%( %&0( 200%.-08( -#'&( B%&( <2"/%-'&( 2'( G#-$*'%-0( )%&(
)./%"&( G#'"2-0&( -#6.-2*.&0%&( )#-0( *%&( %$$#"0&( &%( G#-?'7'%-08( G#-/%"7%-0( /%"&( '-%(
-1720.#-( )%( 0#'0%( -#"6%( #@?%G0./%( $2.&2-0( "1$1"%-G%( P( *+'-./%"&%*I( :*&( *2.&&%-0( u( #'(
&2.&.&&%-0( T( *+.-)./.)'( &%'*( %0( -'8( %-( *%( <"10%-)2-0( *.@"%I(;%00%( <"10%-)'%( *.@1"20.#-(
-#6.-2*.&0%8(6#0%'"(<2"2)#H2*()+'-%(&#G.101(.-&02**1%()2-&(*%(<'"(?'".).&6%8(2/%G('-(
)"#.0( G#'<1( )%( &2( &#'"G%8( -%( *.@K"%( <2&( *+B#66%8(62.&( *%&( .-&0.-G0&( )%( *+B#66%8( &%&(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#4(!c6! U/ABI2>-! !"# =,<")6C%)+"$")+# =9# $:)="J# N)"# C(<+:(-"# ;:*(+(G9"# ="# *%# -"*(&(:)-!
U/KK1@/3H-!"*)&-!56!(*6!!#4)!c6!U/ABI2>-!:;/#6(+6-!56!('6!!#4*!V2! ,<@1,/K1=@2! 2=>! A,2! H<B>31,2! K<k1aA2! 2>! >IL<K<k1aA2! 1==A2! H2! K/! 5I1K<=<5I12!
@LH1L0/K26!V/!aA2=>1<,!5<3>2!=A3!K2!=>/>A>!H2=!=A`=>/,B2=!=2B<,H2=-!/A>32@2,>!/552KL2=!
L>/,>=!kL,L3/AY!]!B2AYSB1!<,>S1K=!A,2!2Y1=>2,B2!<,><K<k1aA2!3L2KK2!<A!,2!=<,>S1K=!aA2!H2=!
1,=>3A@2,>=!aA1!523@2>>2,>!H2!32K/>23!B<@@<HL@2,>!K2!3L2K!|!V2!,<@1,/K1=@2!=<A>12,>!
K/!H2AY1i@2!>Ii=26!F6!8)6*M6*:;"=(%#N)(7"-<%*(<-!0O!J!^<@1,/K1=@2!N6!
! )"
<'*&.#-&8(&%&(<B2-02&6%&I(5+.-)./.)'(%-$%"61()2-&(&2(&'@?%G0./.01(%&0('-%(<"#.%(#'('-(
<"1)20%'"(&#*.02."%(d(<#'"(*'.(.*(-+%&0(<2&(C'%&0.#-()+E0"%(62.&()+2/#."(D[D\C!!
)dbC! 29$'! 0#,'%! 4&! ;$&! +$.,4,I$&1! 3&($,[3,! &A0(,I$&! I$&! (&! '#@,'/(,"@&!
4<?#$35&!"$.!=(*+20#6.&20.#-()'()"#.0(D!&%!=(*+2<<"#<".20.#-()%&()"#.0&(D1!(&!0.&@,&.!
"&! %./4$,"/'%! 0/.! =(*2( 6#-01%( )'( &'@?%G0./.&6%( %0( *2(6.&%( %-( G2'&%( )%&( )"#.0&( )%!
*+B#66%(D1! &%! =(*2( *.@%"01( QRS( %&0( G#-&.)1"1%( G#66%( *2( "K7*%( 2@&#*'%( C'.( 0"#'/%( %-(
%**%T6E6%(&2(<"#<"%(?'&0.$.G20.#-(d(G+%&0(*%(@.%-(&'<"E6%(DC!6/.!;#,&!4&!3#'"<I$&'3&1!
=(5+.-)./.)'( %&0( )1&#"62.&( &%'*( 2'( G%-0"%( )%( *2( G#-&0"'G0.#-( )'()"#.08( G#66%( .*( %&0(
&%'*( )2-&( *+'-./%"&(d( .*( %H%"G%( 0#'&( &%&( <#'/#."&( )%( )"#.0( &'"( *%&( GB#&%&( %0( &'"( *'.T
6E6%I(4(*+20#6%()%&(.-)./.)'&(G#""%&<#-)%-0()%&(20#6%&()%()"#.0&(D[DDC!!
!
)ddC!R$.!(&!3#'%,'&'%1!(&!?#'5&$.!/$./,%!/,'",!.&@0(/3<!(/!.&(,P,#'!&'!%/'%!I$&!
;/(&$.! .<J<.&'%,&((&! 4/'"! (&"! 3#@0#.%&@&'%"! 5$@/,'"C! X.1! 3&%%&! "$?"%,%$%,#'!
4&!;/(&$."!&"%!",P',J,3/%,;&!49$'&!@#4,J,3/%,#'!0.#J#'4&!4&!(/!(,?&.%<!49/3%,#'!
4&! (9,'4,;,4$1! 0$,"I$&! (/! ;/(&$.! ?#'5&$.! "$00#"&! I$&! 3&%%&! 4&.',B.&! "#,%!
"&'",?(&@&'%!<(/.P,&!H!&'!&JJ&%1! (/!@#./(&!3#'%./,P'/'%&!4&! (/!.&(,P,#'!3B4&!"/!
0(/3&!E! (/!;#(#'%<!3.</%.,3&!4&! (9,'4,;,4$C!ZC!6C!2,&'&.!&A0(,I$&!I$9#'!0/""&!
/(#."!E!$'&!=(<%"&<%G0./%('0.*.02".&0%(D1! 3/.! ,(! "9/P,%!4&!=(&20.&$2G0.#-()%&(<*2.&."&(D8(
(&"!=()1&."&(L)%/%-2-0O(G"120%'"&()%()"#.0&(D[D[C!2/'"!3&%%&! (#P,I$&1! (9,'4,;,4$1!&'!
.&35&.35&! 4&! '#$;&/$A! 4.#,%"! 4/'"! "/! 3#'I$D%&! 4$! ?#'5&$.1! &A,P&! 4&! (/!
"#3,<%<! I$9&((&! (&"! 3#'"/3.&C! >! (9,';&."&! 4&! (9#.4.&! +$.,4,I$&! J#'4<! "$.! (&"!
0.<3&0%&"! .&(,P,&$A1! #'! /?#$%,%! /,'",! E! $'! 4<"#.4.&! +$.,4,I$&! J#'4<! "$.! (/!
=(&<#-02-1.01(D! ,'4,;,4$&((&1! #?<,""/'%! E! =(*+'0.*.01( <%"&#--%**%(D1! =(*%( @#-B%'"(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#"4!Q6!912,23-!J!+HL2!,<@1,/K1=>2!2>!HLB<,=>3AB>1<,!HA!H3<1>!N-!I-6C(7"<#="#;C(*:<:;C("#=9#
=-:(+J# ;C(*:<:;C("#;,)%*"-! >6! #)-! ;132R-! "*)$-! 56! ##*! 2>! =6-! =5LB6! 56! #$"6! 7M2=>! ,<A=! aA1!
=<AK1k,<,=6!#""!Q6!912,23-!;-,6/-!56!#$#6!!#"#!Q6!912,23-!;-,66-!56!#$&6!
! )#
L102-0( 2*#"&O( *%( G".01".'6( '0.*.02."%( )%( G%( C'.( %&0( @.%-( )2-&( *2( G#-)'.0%( )+'-(
.-)./.)'(D[DgC!!!
!
!
'=F:BDE) W)S) .A) >BMEBQBFA:BDE) <;) C?BEFBC=) </A;:DEDKB=) C=?>DEE=@@=) =E) <?DB:)
=;?DCG=E)
!
!
)deC!8/!+$.,"0.$4&'3&!4&!(/!7#$.!OC!2C!QC!@#'%.&!I$&!(&!0.,'3,0&!49/$%#'#@,&!
0&."#''&((&1!&'!%/'%!I$&!0.,'3,0&! ,'%&.0.<%/%,J!4&!(9/.%,3(&!c!4&!(/!7#';C!OC!2C!
QC1!<0#$"&!(&!3#'%&'$!4&!(/!4,"0#",%,#'!3#.0#.&((&C!8/!3#'3&0%,#'!(,?<./(&!"$.!
(/I$&((&! &((&! .&0#"&! TY8U! &%! (&! .&'#$;&((&@&'%! 4&! (/! '#%,#'! 4&! 3#'"&'%&@&'%!
I$9&((&!,@0(,I$&!TYWU!.&'4&'%!3&%%&!;/.,/'%&!&$.#0<&''&!/$4/3,&$"&C!
!
!
Y8)S)!E=)FDEF=C:BDE)@BZG?A@=)<=)@A)<B>CD>B:BDE)FD?CD?=@@=)
!
!
!
)dfC! 89/'/(="&! 4&! (/! +$.,"0.$4&'3&! 4&! (/!7#$.! OC!2C!QC!@&%! &'! ($@,B.&! $'&!
3#'3&0%,#'!#.,P,'/(&!4&!(/!4,"0#",%,#'!4&!"#'!3#.0"!&'!%/'%!I$&!@/',J&"%/%,#'!
4$!0.,'3,0&!49/$%#'#@,&!0&."#''&((&C!O'!&JJ&%1!"&(#'!(&!+$P&!&$.#0<&'1!3&((&[3,!
,'3($%!(/!@/a%.,"&!4&!J/,%!"$.!"#'!3#.0"!T,U1!&%!&((&!0&$%[D%.&!&JJ&3%$<&!E!4&""&,'!
&A3($",J!4&!?,&'[D%.&!0&."#''&(!TNUC!
!
,O).A)<B>CD>B:BDE)FD?CD?=@@=)BEF@;:)@A)KAc:?B>=)<=)QAB:)>;?)>DE)FD?C>)
)
)dgC!89/..D%!nC!>C!&%!>C!2C!3#'%.&!N&(P,I$&*)d!.&';#,&!E!(/!@/a%.,"&!J/3%$&((&!4&!
"#'!3#.0"!TWU1!4,JJ<./'%!"$.!3&!0#,'%!4&"!/..D%"!6.&%%=!3#'%.&!S#=/$@&[:',*)e1!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#"$!Q/=B/K!912,23-!;-,6/-!56!#$&6!!
! )$
Q//"! 3#'%.&! R$,""& *)f 1! W##4m,'*)g !&%! UC! 3#'%.&! S#=/$@&[:',*)c 1! V/'! no3p!
3#'%.&!>((&@/P'&*)k1!`=",/3!3#'%.&!6#(#P'&**-!&%!>1!N!&%!7!3#'%.&!U.(/'4&**)!I$,!
.&';#,&'%!E!(/!4,"0#",%,#'!+$.,4,I$&!4&!"#'!3#.0"!T8UC!!
!
8O).A)?GQG?=EF=)_)@A)<B>CD>B:BDE)`;?B<BP;=)<=)>DE)FD?C>))
)
)dcC!2/'"!35/3$'!4&!3&"!/..D%"1!(/!4,"0#",%,#'!3#.0#.&((&!0.#%<P<&!0/.!(&!+$P&!
&$.#0<&'! "&! 3/./3%<.,"&! 0/.! $'&! 4,"0#",%,#'! +$.,4,I$&C! 7&((&[3,! 3#'","%&! E!
/$%#.,"&.! /$%.$,! E! 0#.%&.! /%%&,'%&! E! "#'! ,'%<P.,%<! 05=",I$&1! "#,%! I$&! 3&%%&!
/%%&,'%&!"#,%!J#'4<&!"$.!$'!3#'%./%!@<4,3/(1!4/'"!(&!3/4.&!4$!"&3%&$.!0.,;<1!"#,%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#"%!768696:6-!l6!b6!2>!b6!96!BCm2Kk1aA2-!"(!_L036!#44&-!E)$![!./0/1/#2/!#44&6!+6!"&*-!,O"#-!<`=6!G6!
;AH32![! 56! #44'6! Q/,6! "#4'-! <`=6! \6S76! U/KK<AY![! 3/4/5/# 6(76! #44&6! $%"-! <`=6! \6S6Q6!
c/3kAL,/AH![!<`=6!c6!V201,2>!1,!G6!;AH32-!\6SQ6!c/3kAL,/AH-!\6!b,H31/,=>=1@`/p<,10/-!b6!
U<A>>2,<132!2>!c6!V201,2>-!!"<#&-%)=<#%--A+<#="#*%#0:9-#"9-:;,"))"#="<#=-:(+<#="#*BC:$$"-!
Q6T6G6-! gIL@1=-! ,O%#-! 56! %$*![! c6! G/`32Sc/k,/,-! J!V2! =/H1=@2! ,M2=>! 5/=! A,! H3<1>! H2!
KMI<@@2!N-!56!#44&6!#*($6!#"&!768696:6-! Q32>>R! BC?<R/A@2ST,1-! #*! /036! #44#-! 06! 76! U13/AK>-! J!V/! 7<A3! 8696:6! ,2!32B<,,/W>! 5/=! KX2Y1=>2,B2! HXA,! H3<1>! Z! K/!@<3>!N-! ./0/1/#2/! ,O! "&-! *! /036! #44$-! ++! "44'#![!!
\6!:/A=23-! J!8A>I/,/=12!]! K2! H3<1>! /A! ,L/,>! 2>! KX8A3<52!N-! 3/4/5/# 6(7/! #44#-! 56!%)#![! ^6!
92__/1,=-!<`=6!==6!768696:6-!%2!=2B>6-!#*!/036!#44#-!Q32>>R!BC!?<R/A@2ST,1-!32a6!,O!#$%'C4#-!
89-:;"##44#-!B<@@6!$4&![!b6!U/3/R-!J!V2!H3<1>!/A!=A1B1H2!/==1=>L!2>! K/!7<A3!2A3<5L2,,2!
H2=!H3<1>=!H2!KXI<@@2!]!K2!J!53LBLH2,>!N!H2!K/!H3/@/>1aA2!/__/132!Q32>>R!N-!2%'/#;%*6!#44#-!
#-!H<B>36!56!"#%%![!G6!c/==1/=-!J!b!53<5<=!H2!KM/33d>!H2!K/!7<A3!2A3<5L2,,2!H2=!H3<1>=!H2!
KMI<@@2!HA!#*!/031K!#44#-!/33d>!Q32>>R!32K/>1_!/A!=A1B1H2!/==1=>L!2>!Z!KM2A>I/,/=12!N-!3"7/#
<6/#6-($/#"+#=-/#;,)%*#6:$;/!#44#!,O!$!56!'%&![!86!U/3/AH-!J!b!53<5<=!H2!KM/33d>!H2!K/!7<A3!
2A3<5L2,,2!H2=!H3<1>=!H2!KMI<@@2!HA!#*!/031K!#44#-!/33d>!Q32>>R!B<,>32!?<R/A@2ST,1-!
KM2=5<13! HLeA! H2=! 5/3>1=/,=! H2! KM2A>I/,/=12!N-! 3"7/# ;"-</# "+# >%$6! #44#! ,O(S)! 56! ""![! Q6!
c/K/A312-!5,>-,):(<-!#44#-!""$"![!f6!92!;BIA>>23-!3/4/5/?/-!#44$-!("6!#"'!768696:6-! ://=! BC;A1==2-! #4! ./,06! #4""-! 06! K2! B<@@6! H2! 7I6! mRD-! J!;A1B1H2! H1k,2! 2>!
<`K1k/>1<,!H2!KM8>/>!N-!./0/1/#2/!#4""-!,O&-!/B>6!"##![!c6!m3Akk2@/,-!J!93<1>!/A!32=52B>!H2!K/!
012!5310L2!]!KM/1H2!/A!=A1B1H2!,2!=M1@5<=2!5/=!/AY!8>/>=!N-!5-/#>%$/!,O$-!/K23>2!")![!G6!;AH32-!
B<@@6! H/,=! =/! BI3<,1aA2! =A3! K2! H3<1>! H2! K/! B<,02,>1<,! 2A3<5L2,,2! H2=! H3<1>=! H2!
KMI<@@2-!./0/1/#2/!#4""!,O$&-!56!*"%6!#"(!768696:6-! U<<Hq1,! BC! ?<R/A@2ST,1-! ""! .A1KK6! #44#-! G6! ;AH32! 2>!%*((-!:;/#6(+/-! ,O%#![!56!
#44#!56! &#&-! ,<>2!76!m13=/,![!3/4/5/#6(7/! #44#!56! ()#!,<>2! \6!:/A=23! 2>!56! )'#!,<>2! \6SQ6!
c/3kAL,/AH!2>!\6!?/R,/3H6!#")!768696:6-! +6!BC!?<R/A@2ST,1-!""! .A1KK6!#44#-!56!#44#!56!&#&-!,<>2!76!m13=/,![!3/4/5/#6(7/!
#44#!56!()#!,<>2!\6!:/A=23!2>!56!)'#!,<>2!\6SQ6!c/3kAL,/AH!2>!\6!?/R,/3H6!#"*!768696:6-!F/,!lrBD!BCbKK2@/k,2-!"#!=25>6!#44$-!32a6!,O$&*')C*(6!##4768696:6-! gR=1/B! BCQ<K<k,2-! #4! @/3=! #44(-! 3/4/5/# 6(76! #44%! 56! $'"-! ,<>2! \6SQ6!
c/3kAL,/AH!2>!\6!?/R,/3H6!##"!768696:6-!b-!m!2>!7!BC+3K/,H2-!"'!HLB6!#4"4-!06!;6!Q/31B/3H-!J!V2!H3<1>!Z!KM/0<3>2@2,>!2,!
_A1>2!s!N-!5-/#>%$6!#4""!,O$-!B<@@6!$'![!J!F/K2A3=!@<3/K2=!2>!32=>31B>1<,=!Z!KM/0<3>2@2,>!N-!
./0/1/#2/!#4""!,O$-!56!&)-!p<<@!5/3!c6!V201,2>6!
! )%
I$9&((&! "#,%! J#'4<&! "$.! (/! (#,! #$! (&! .BP(&@&'%1! 4/'"! (&! 3/4.&! 4&! (9$"/P&! 4$!
"&.;,3&! 0$?(,3! 5#"0,%/(,&.C! 8/! .&(/%,#'! @<4,3/(&1! I$9&((&! "&! 4<.#$(&! 4/'"! $'!
3/4.&! 0.,;<! #$! 0$?(,31! 3#'"%,%$&! 4#'3! %#$+#$."! (/! +$"%,J,3/%,#'! +$.,4,I$&! 4&"!
"#,'"!/00#.%<"!/$!0/%,&'%C!
)dkC! >,'",1! (&"! /..D%"! W##4m,'1! UC1! &%! V/'! no3p! /?#.4&'%! (/! I$&"%,#'! 4$!
%./'""&A$/(,"@& *** !&%! 3&((&! 4$! 35/'P&@&'%! 4&! "&A&! 05=",#(#P,I$&! 0/.! (&!
%./'""&A$&(1!3&($,[3,! ,@0(,I$/'%!$'&!#$!0($",&$."! ,'%&.;&'%,#'"!35,.$.P,3/(&"1!
J#'4<&"! "$.!$'&! .&(/%,#'!@<4,3/(&C!^$/'%! /$A! /..D%"!`=",/3! &%!>1! N! &%!71! ,("!
3#'3&.'&'%! (9/;#.%&@&'%1! &%! 0#.%&'%! 4#'3! <P/(&@&'%! "$.! (&! 4#@/,'&! 4&! (/!
.&(/%,#'!@<4,3/(&C!
)e-C!O'J,'1!(&"!/..D%"!6.&%%=!&%!Q//"!/?#.4&'%!/$"",!(/!4,"0#",%,#'!"#$"!(9/'P(&!
4&! (/! .&(/%,#'! @<4,3/(&C! O'! &JJ&%1! ZC! Q//"! 4<",./,%! "&! ;#,.! .&@&%%.&! $'!
"#@',JB.&!0$,""/'%!0/.!$'!@<4&3,'!0"=35,/%.&1! 3&! I$,! "$00#"&! $'! &'%.&%,&'!
0.</(/?(&!/;&3!3&!4&.',&.!&%!(/!4<(,;./'3&!4$!@<4,3/@&'%C!2/'"!(9/..D%!6.&%%=1!
(/! 0.&"%/%,#'! 4$!@<4&3,'! &"%! J#'4<&! "$.! $'&! .&(/%,#'! @<4,3/(&! 4#'%! (9#?+&%!
3#'","%&! '#'! 0/"! &'! (9&$%5/'/",&! /3%,;&! I$,! &"%! 49/,((&$."! .&J$"<&! E! (/!
.&I$<./'%&1! @/,"! &'! (9/..D%! 4$! %./,%&@&'%! 3$./%,J1! /4@,"! 0/.! (/! 7#$.! 4&!
R%./"?#$.PC!
!
)e)C!89/JJ/,.&!6.&%%=!3#'3&.'/,%!(&!3/"!4#$(#$.&$A!49$'&!J&@@&!/%%&,'%&!49$'&!
@/(/4,&! '&$.#4<P<'<./%,;&! ,'3$./?(&! I$,1! /=/'%! 3#'"3,&'3&! 4&! (9,@@,'&'3&!
4&! "/!@#.%!4/'"!4&"! 3,.3#'"%/'3&"!/%.#3&"1! "#$5/,%/,%!@&%%.&!$'! %&.@&!E! "#'!
&A,"%&'3&C! X.1! "/! @/(/4,&1! I$,! /;/,%! 0#$.! 3#'"<I$&'3&! 4&! (/! 0/./(="&.!
&'%,B.&@&'%1!(9&@0D35/,%!4&!@&'&.!E!?,&'!"#'!0.#+&%C!O((&!"#$5/,%/,%!/,'",!I$&!
"#'!@/.,!x!I$,!=! 3#'"&'%/,%! [!=!"/3.,J,&1!@/,"!E! (/! 3#'4,%,#'!I$9,(! '&! "#,%!0/"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!### !;A3! B2>>2! aA2=>1<,-! 0<13! ,<>/@@2,>! J!V2! >3/,==2YA/K1=@2! 2,! 8A3<52!N-! ()! !"#
+-%)<<"O9%*(<$"#")#89-:;"-!LH6!HA!7<,=21K!H2!KX8A3<52-!;>3/=`<A3k-!.A1,!#444-!56!&!2>!=6![!\6S
Q6! m3/,K/3H-! !"#<"O"#"+# *h,+%+#="<#;"-<:))"<J#%<;"6+<#C(<+:-(G9"J#<:6(:*:&(G9"#"+# P9-(=(G9"-!
53L_6! H2! G6!g233L-! V6U696\6-! "**$![! \6! Q<A==<,SQ2>1>-! J!V2! >3/,==2YA/K1=@2!N-! 5(6+(:))%(-"#
1"-$%)")+#F(:,+C(G9"#"+#F(:+"6C):*:&("<-!56!#&4$!2>!=6!
! )&
0<'/(&@&'%!0#$."$,;,C!8&!S#=/$@&[:',!.&J$"/'%!4&!.&'#'3&.!E!49<;&'%$&((&"!
0#$."$,%&"1!Z@&! 6.&%%=! "/,",%! (/! 7#$.! OC! 2C! QC! 4$! 35&J! 4&! (/! ;,#(/%,#'! 4&"!
/.%,3(&"!*!&%!c!4&!(/!7#';C!OC!2C!QC!R&(#'!&((&1!(&!S#=/$@&[:',1!&'!.&J$"/'%!4&!
'&!0/"!0#$."$,;.&!"#'!@/.,1!0#.%/,%!$'&!/%%&,'%&!E!$'!/"0&3%!,'%,@&!4&!"/!;,&!
0.,;<&1!3#'"%,%$<!0/.!(&!35#,A!4$!@#@&'%!4&!"/!@#.%C!R,!(/!7#$.!'9/33B4&!0/"!E!
(/!4&@/'4&!4&!(/!.&I$<./'%&1!3#'",4<./'%!I$&!(9/.%,3(&!*!4&!(/!7#';C!OC!2C!QC!
'&!3#'JB.&!0/"!$'!4.#,%!E!@#$.,.##$!&%!I$&!=(*2(-20'"%(71-1"2*%()%(*+.-0%").G0.#-()'(
&'.G.)%( 2&&.&01( -+%&0( <2&().&<"#<#"0.#--1%(D[[U1! &((&! 3#'3B4&1! &%! (9&""&'%,&(! &"%! ,3,1!
I$9=('-%( <%"&#--%( <%'0( "%/%-).C'%"( *%( )"#.0( )+%H%"G%"( &#-( GB#.H( )%( 6#'"."( %-(
"%$'&2-0( )%( G#-&%-0."( P('-( 0"2.0%6%-0( C'.( <#'""2.0( 2/#."( <#'"( %$$%0( )%( <"#*#-7%"( &2(
/.%(D[[fC! O'! 3(/,.1! ",! (/! 7#$.! OC! 2C! QC! .&J$"&! 4&! P/./'%,.1! &'! %/'%! I$&! 4.#,%!
0.#%<P<!0/.! (9/.%,3(&! c! ,'%&.0.<%<! E! (/! ($@,B.&!4&! (9/$%#'#@,&!0&."#''&((&1! (&!
"$,3,4&! /"","%<1! 3r&"%[E[4,.&! $'&! /3%,#'! 0#",%,;&! I$,! 3#'4$,%! /$! 4<3B"1! &((&!
3/$%,#''&!(&!i!(/,""&.!@#$.,.!j1!.&'4$!0#"",?(&!0/.!(9/..D%!4&"!"#,'"C!!
)e*C! >$! %&.@&! 4&! 3&%! /..D%1! ,(! &"%! 0#"",?(&! 4&! 3#'",4<.&.! I$&! ",! (/! 7#$.! '&!
0.#%BP&!0/"! (&!"$,3,4&!/"","%<1!39&"%!E!4,.&! (9&$%5/'/",&!/3%,;&1!&((&!0.#%BP&!&'!
.&;/'35&! (9&$%5/'/",&! 4,%&! 0/"",;&1! 3#'"%,%$<&! 0/.! (9/..D%! 4&"! "#,'"C! U(! "9/P,%!
/(#."! 49$'&! 4,"0#",%,#'! 3#.0#.&((&! +$.,4,I$&1! @/(P.<! (&"! /00/.&'3&"! I$,!
.&';#,&'%! 2( <".#".( E! $'&! @/a%.,"&! J/3%$&((&! 4&! "#'! 3#.0"! L4&! @/',B.&!
"=@?#(,I$&1!(&!@/(/4&!'9<%/'%!0/"!3/0/?(&!4&!@&%%.&!$'!%&.@&!($,[@D@&!E!"&"!
%./,%&@&'%"MC! O'! &JJ&%1! ",! 0/.! (9/..D%! 4&"! "#,'"! (9#?(,P/%,#'! 4$! @<4&3,'!
49/4@,',"%.&.!$'&!%5<./0,&!3$./%,;&!0.&'4!J,'1!/$!4&@&$./'%!,(!'9&'!.&"%&!0/"!
@#,'"! %&'$!4&!"#$(/P&.!"/!4#$(&$.!/$! %,%.&!4&"!"#,'"!0/((,/%,J"1! 3&!I$,! .&(B;&!
<P/(&@&'%!4&!(/!.&(/%,#'!@<4,3/(&C!
)ebC!89/..D%!Q//"!3#'%.&!R$,""&!/?#$%,%!/$!@D@&!3#'"%/%1!@D@&!",!&'!(9&"0B3&!
(/! 0.#?(<@/%,I$&! 4&! (9&$%5/'/",&! "&! 0.<"&'%/,%! 4,JJ<.&@@&'%C! O'! &JJ&%1! (&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!##$!768696:6-!Q32>>R!BC?<R/A@2ST,1-!53LB6-!E$*6!!##%!b33d>!53LB6-!E('6!!##&!b33d>#53LB/J!E'$6!!
! )'
.&I$<./'%!/.P$/,%!4&!3&!I$&!39<%/,%!(&!.&J$"!4&!(/!0/.%!4&"!/$%#.,%<"!"$,""&"!4&!
($,! 4<(,;.&.! $'! ?/.?,%$.,I$&! @#.%,JB.&1! (9&@0D35/'%! 4B"! (#."! 4&! "&! "$,3,4&.!
4,P'&@&'%1!I$,!3#'"%,%$/,%!$'&!/%%&,'%&!/$!4.#,%!/$!.&"0&3%!4&!"/!;,&!0.,;<&C!2&!
'#$;&/$1!(9&""&'%,&(!&"%!I$&!(9&A&.3,3&!4&!"/!4,"0#",%,#'!3#.0#.&((&!.&J$"<&!E!ZC!
Q//"1!&A0.&"",#'!4&!"#'!/$%#'#@,&!0&."#''&((&1!"&!J#'4&!'<3&""/,.&@&'%!"$.!
$'&! .&(/%,#'! @<4,3/(&1! (&! "$,3,4&! 4/'"! (/! 4,P',%<! '9<%/'%! 0#"",?(&! I$9E! (/!
3#'4,%,#'! I$9$'! 0"=35,/%.&! ($,! 4<(,;.&1! /0.B"! &A0&.%,"&! 0"=35,/%.,I$&1! $'!
?/.?,%$.,I$&!(<%/(C!
!
)edC!R9/P,""/'%!&'"$,%&!4&"!/..D%"!.&(/%,J"!/$!%./'""&A$/(,"@&1! ,(!&"%!'<3&""/,.&!
4&!4,"%,'P$&.!&'%.&! (&"!/..D%"!W##4m,'!&%! UC!&%! (9/..D%!V/'!no3pC!O'!&JJ&%1! (&"!
4&$A! 0.&@,&."! 3#'"/3.&'%1! 4&! @/',B.&! ,'<4,%&##' 1! (&! 35/'P&@&'%! 4&! "&A&!
+$.,4,I$&!4$!%./'""&A$&(1!/(#."!I$&!(&!%.#,",B@&!&'!&"%!(&!0.#(#'P&@&'%1!&'!3&!
I$9,(! 3#'4/@'&! (9>((&@/P'&! 0#$.! '&! 0/"! /;#,.! 0.,"! &'! 35/.P&! (&! 3#l%!
&'P&'4.<!0/.!(9#0<./%,#'!4&!3#';&.",#'!"&A$&((&!49$'!%./'""&A$&(1!/(#."!@D@&!
I$&!3&%%&!#0<./%,#'!<%/,%!/$%#.,"<&!&'!4.#,%C!
)eeC!8&"!/..D%"!W##4m,'!&%!UC!3#'"%,%$&'%!4#'3!(/!3#'"<3./%,#'1!0/.!(/!7#$.!4&!
R%./"?#$.P1!4$!35/'P&@&'%!4&!"&A&!E!(9<%/%!3,;,(!4$!%./'""&A$&(1!3&($,[3,!<%/'%!
0.#%<P<! &%! P/./'%,! /$! '#@! 4$! =()"#.0( <#'"( GB2G'-( )+102@*."( *%&( )102.*&( )%( &#-(
.)%-0.01( )+E0"%( B'62.-(D! ##( C! 2/'"! 3&"! /JJ/,.&"1! (&"! .&I$<./'%&"1! %./'""&A$&("!
5#@@&"[J&@@&"!4#'%! (&!"='4.#@&!/;/,%!<%<!@<4,3/(&@&'%!3#'"%/%<1!/;/,&'%!
4<+E! "$?,! $'! %./,%&@&'%! %5<./0&$%,I$&! 4&! 3#';&.",#'! "&A$&((&1! @&'<! E! "#'!
/?#$%,""&@&'%C! S&"%/,%! 4B"! (#."! (/! 3#'"<3./%,#'! +$.,4,I$&! 4&! 3&%%&! '#$;&((&!
,4&'%,%<!"&A$&((&!P.u3&!/$!35/'P&@&'%!4&!"&A&!E!(9<%/%!3,;,(1!3&!I$&!.&J$"/,%!(/!
W./'4&[N.&%/P'&C!8/!7#$.!OC!2C!QC!(/!3#'4/@'&!!0#$.!;,#(/%,#'!4$!4.#,%!/$!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!##'!768696:6-! ?22=! BC?<R/A@2ST,1-! "(!<B>6! "*)'-! ./5/K/! "*)(-! 56!(*'-! <`=6! Q6!?<KK/,H! 2>!
F6!m23k23![! 768696:6-! #(!=25>6! "**4-! 7<==2R! BC?<R/A@2ST,1! [! 768696:6-! ;I2__12KH! 2>!
:<3=I/@!BC?<R/A@2ST,1-! $4!.A1KK6! "**)-!3/4/5/?/-! "***-! 56!'$(-! ,<>2!c6!V201,2>![!3/4/5/#
6(76!"**)-!56!"44"-!<`=6!\6SQ6!c/3kAL,/AH![!5-/#>%$(**"!"***-!B<@@6!##-!,<>2!m6!H2!V/@R![!
5/#D@@E-!=<@6!B<@6!56!$(4-!<`=6!\6SG6!?2,ABB1![!./5/K/!"***-!56!#&#!2>!=6-!,<>2!Q6!g/023,1236!##(!768696:6-!U<<Hq1,!2>!+6!BC?6<R/A@2ST,16-!/33d>=!53LB6-!E*4!6!!
! )(
.&"0&3%!4&!(/!;,&!0.,;<&!&%!3#'"/3.&!(&!4.#,%!/$!35/'P&@&'%!4&!"&A&!+$.,4,I$&!
4$!%./'""&A$&(C!7&!J/,"/'%1!&((&!&'%<.,'&! (/!3#';&.",#'!"&A$&((&1!3r&"%[E[4,.&! (/!
4,"0#",%,#'! 4&! "#'! 3#.0"! 0/.! (&! %./'""&A$&(1! 0.</(/?(&! ,'4,"0&'"/?(&! /$!
35/'P&@&'%!4&! "&A&! E! (9<%/%! 3,;,(C!X.1! 3&%%&!4,"0#",%,#'! &"%1! E! (9<;,4&'3&1!$'&!
4,"0#",%,#'! +$.,4,I$&1! 0$,"I$9&((&! &"%! .</(,"<&! /$! "#$%,&'! 49$'&! .&(/%,#'!
@<4,3/(&! (,/'%! (&!@<4&3,'! E! "#'! 0/%,&'%1! I$,! /$%#.,"&! (9/%%&,'%&! /$! 3#.0"! 4$!
"&3#'4!0/.!(&!0.&@,&.##)C!(
)efC! 2/'"! (9/..D%! V/'! no3p! 3#'%.&! >((&@/P'&! .&'4$! I$&(I$&"! /''<&"! 0($"!
%/.4##*1!(&!+$P&!&$.#0<&'!0/./35B;&!(&!4.#,%!/$!35/'P&@&'%!4&!"&A&!+$.,4,I$&!
4$!%./'""&A$&(1!0$,"I$9,(! !3#'"/3.&!"#'!0.</(/?(&!,'4,"0&'"/?(&1! (/!0#"",?,(,%<!
4&! 35/'P&.!4&! "&A&!05=",#(#P,I$&C!2/'"! 3&%%&! /JJ/,.&1! (/!7#$.!OC!2C!QC! +$P&!
I$9,(! =! /! &$!;,#(/%,#'!4&! (9/.%,3(&! c!4&! (/!7#';&'%,#'! &'! ./,"#'!4$! .&J$"!4&"!
+$.,4,3%,#'"! /((&@/'4&"! 4&! 3#'4/@'&.! $'&! 3#@0/P',&! 49/""$./'3&! 0.,;<&!
'9/=/'%! 0/"! 0.,"! &'! 35/.P&! (&"! J./,"! (,<"! /$! %./,%&@&'%! %5<./0&$%,I$&! 4&! (/!
.&I$<./'%&1! %./'""&A$&(! 5#@@&[J&@@&C! X.1! "&(#'! (/! 7#$.1( =(*2( <"#G1)'"%( C'.(
&+%&0()1"#'*1%()%/2-0(*%&(0".@'-2'H(G./.*&(6%002.0(%-(G2'&%(L&O2(*.@%"01(QRS()%()1$.-."(
&#-(2<<2"0%-2-G%(&%H'%**%(D[g\C!>,'",1!(9O%/%!4#,%!P/./'%,.!(/!(,?&.%<!4&!35/'P&.!4&!
"&A&!05=",#(#P,I$&!&'!/""$./'%!(/!0.,"&!&'!35/.P&!4&"!J./,"!I$9,(!&'P&'4.&C!!
)egC!>$!%#%/(1!3&%%&!+$.,"0.$4&'3&!'#$"!3#'4$,%!E!3#'"%/%&.!I$&!(/!7#$.!OC!2C!
QC!0.#%BP&!&%!P/./'%,%!$'&!4,"0#",%,#'!+$.,4,I$&!4&!"#'!3#.0"!P()%'H()%7"1&8((&!
0.&@,&.!<%/'%!3#'"%,%$<!0/.! (&!35/'P&@&'%!4&!"&A&!05=",#(#P,I$&1! J#'4<!"$.!
$'&!.&(/%,#'!@<4,3/(&1!&%!(&!"&3#'4!0/.!(&!35/'P&@&'%!4&!"&A&!+$.,4,I$&1!($,x
@D@&!J#'4<!"$.!(&!35/'P&@&'%!4&!"&A&!05=",#(#P,I$&C!
!
)ecC!2/'"!(9/..D%!`=",/3#$"1!(/!7#$.!OC!2C!QC!3#'4/@'&!(/!6#(#P'&!0#$.!/;#,.!
;,#(<! (&!4.#,%! /$! .&"0&3%!4&! (/!;,&!0.,;<&!4&! (9$'&!4&! "&"! .&""#.%,""/'%&"1! I$,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!##)!\6!cL@2>2/A-!0:9-<#="#=-:(+#$,=(6%*-!V2=!L>AH2=!I<=51>/K1i32=-!#4""6!##*!768696:6-!F/,!lrBD!BCbKK2@/k,2-!/33d>!53LB6!#$4!768696:6-!F/,!lrBD!BCbKK2@/k,2-!/33d>!53LB6-!E($6!7M2=>!,<A=!aA1!=<AK1k,<,=6!!#$"!768696:6-!gR=1/B!BCQ<K<k,2-!53LB6!
! ))
"#$5/,%/,%! "$?,.! $'! /;#.%&@&'%! %5<./0&$%,I$&! /J,'! 4&! '&! 0/"! /PP./;&.! "#'!
@/$;/,"!<%/%!4&!"/'%<!0.<&A,"%/'%C!X.1!"&(#'!(/!3#$.1! (&!3#.#((/,.&!4$!4.#,%!/$!
.&"0&3%!4&!(/!;,&!0.,;<&!&"%!(9#?(,P/%,#'!0#",%,;&!I$,!,'3#@?&!E!=(*+>020(QRS()%(
"%G#--2e0"%(P(&%&("%&&#"0.&&2-0&(*%()"#.0(2'("%&<%G0(%$$%G0.$()%(L*+O(.-017".01(L<B3&.C'%O(D(
I$,!"&!4<3(,'&1!&'!(9&"0B3&1!&'!3&((&!=()%("%G#--2e0"%(2'H($'0'"%&(6K"%&(*%()"#.0(2'(
"%&<%G0()%(*%'"(.-017".01(<B3&.C'%(D[g[C!7&(/!'<3&"",%/,%1!E!(9<P/.4!4&!(/!.&I$<./'%&1!
",'#'!4&! ($,!0&.@&%%.&!49/;#.%&.!/J,'!4&!"/$;&P/.4&.!"#'!,'%<P.,%<!05=",I$&1!
/$!@#,'"!4&!($,!4#''&.!(/!0#"",?,(,%<!4&!3#'%&"%&.!$%,(&@&'%!(9#00#",%,#'!4&"!
@<4&3,'"! 4&! 0.#3<4&.! E! 3&%! /;#.%&@&'%! "/(;/%&$.C! U(! &"%! /,'",! 0#"",?(&!
49/;/'3&.! I$&! 4&! '#$;&/$1! (/! 7#$.! P/./'%,%1! /$! @#=&'! 4$! 0.,'3,0&!
49/$%#'#@,&! 0&."#''&((&1! (/! 4,"0#",%,#'! +$.,4,I$&! 4&! "#'! 3#.0"1! 0$,"I$9&((&!
0.#%BP&!(/!0#"",?,(,%<!49/;#.%&.!0#$.!(/!.&I$<./'%&1! (9/;#.%&@&'%!<%/'%!.</(,"<!
"$.!(&!J#'4&@&'%!49$'&!.&(/%,#'!@<4,3/(&C!
)ekC! 2/'"! (9/..D%! >1! N! &%! 7! 3#'%.&! U.(/'4&1! (/! 7#$.! 4&! R%./"?#$.P! ;,&'%!
3#'J,.@&.! 3&! 3#'"%/%1! @D@&! ",! &((&! '&! 3#'"/3.&! 0/"! $'! 4.#,%! /?"#($! E!
(9/;#.%&@&'%C!>,'",1!'&!@/'I$/'%!0/"!4&!./00&(&.1!4/'"!"/!J#.@/%,#'!(/!0($"!
"#(&''&((&1!I$&!=(*2(-#0.#-()%(=(/.%(<"./1%(D(2'(&%-&()%(*+2"0.G*%(X()%(*2(;#-/%-0.#-(
QRS(%-7*#@%(-#0266%-0(*%()"#.0(P(*+2'0#-#6.%(<%"&#--%**%(D[gg8(&((&!+$P&1!"9/P,""/'%!
4&!>!&%!4&!N!I$,!"#$5/,%/,&'%!?<'<J,3,&.!49$'!/;#.%&@&'%!i!4&!?,&'[D%.&!j1!I$9,(!
'9=!/!0/"!&$!;,#(/%,#'!4&!(9/.%,3(&!cC!O'!&JJ&%1!"&(#'!(&!+$P&!4&!R%./"?#$.P1!(9O%/%!
,.(/'4/,"! '9/;/,%! 0/"! &A3<4<! "/! @/.P&! 49/00.<3,/%,#'! &'! (/! @/%,B.&1! &%! (&"!
.&I$<./'%&"!/;/,&'%!0$!(<P/(&@&'%!"&!J/,.&!/;#.%&.!&'!>'P(&%&..&C!U(!3#'",4B.&!
'</'@#,'"1!E! (9,'"%/.!4&! (9/..D%!`=",/31!I$9,(!=!/;/,%!&$!;,#(/%,#'!4&!3&!@D@&!
/.%,3(&!E! (9<P/.4!4&!71!I$,!"#$5/,%/,%! "&! J/,.&!/;#.%&.!0#$.! (&!.,"I$&!;,%/(!I$&!
3&%%&!P.#""&""&!.&0.<"&'%/,%!0#$.!&((&1!@/,"!I$,!'9/;/,%!0/"!<%<!&'!@&"$.&!4&!
.&3#$.,.!E!$'&!@&"$.&!&JJ&3%,;&!&%!/33&"",?(&!0#$.!3&!J/,.&C!2&!'#$;&/$!4#'31!
(9/$%#'#@,&! 0&."#''&((&! 0.#%<P<&! 0/.! (&! +$P&! &$.#0<&'! "9,(($"%.&! 0/.! $'&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#$#!768696:6-!b-!m!2>!7!BC+3K/,H2-!53LB6-!E"4(6!!#$$!b33d>!53LB6-!E#"#6!
! )*
4,"0#",%,#'! 3#.0#.&((&! +$.,4,I$&1!0$,"I$9,(!0.&'4.&! (/! J#.@&!4&! (9/;#.%&@&'%1!
0.&"%/%,#'!@<4,3/(&!+$"%,J,<!0/.!$'&!.&(/%,#'!@<4,3/(&C!
!
)f-C! 8&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! <0#$"&! <P/(&@&'%! (/! J#.@&! 4&! (/!
4,"0#",%,#'! 3#.0#.&((&! '#'! +$.,4,I$&1! 39&"%! E! 4,.&! (/!@/a%.,"&! 4&! J/,%! "$.! "#'!
3#.0"C!!
)
WO).A)?GQG?=EF=)_)@A)KAc:?B>=))QAF:;=@@=)<=)>DE)FD?C>))
)
)f)C! 8/! 3#'"<3./%,#'! 4&! (/!@/a%.,"&! J/3%$&((&! 4&! "#'! 3#.0"! &"%! <;,4&'%&!4/'"!
(9/..D%!nC!>C!&%!>C!2C!!
)f*C!7&($,[3,!/?#.4&!(/! +$"%,J,3/%,#'1!/$!.&P/.4!4&!(9/.%,3(&!c!4&!(/!7#';C!OC!2C!
QC1!4&!0#$."$,%&"!0<'/(&"!/$AI$&((&"!/;/,%!0.#3<4<!(/!N&(P,I$&!E!(9&'3#'%.&!4&!
4&$A!4&!"&"!.&""#.%,""/'%"1!&'!./,"#'!4&!.&(/%,#'"!"/4#@/"#35,"%&"!,@0#"<&"!E!
(9<0#$"&!4&! (9$'!49&'%.&!&$AC!2/'"!3&%%&!/JJ/,.&1! (/! 3#$.!'&!3#'4/@'&!0/"! (/!
N&(P,I$&! "$.! (&! J#'4&@&'%! 4&! (9/.%,3(&! c! 4&! (/! 7#';C! OC! 2C! QC! 0#$.! /;#,.!
0#$."$,;,!&%!3#'4/@'<!(&"!4&$A!5#@@&"C!O'!.&;/'35&1!&((&!3#'"/3.&1!/$!;,"/!
4&! 3&!@D@&! /.%,3(&1! (&!=()"#.0()+%-0"%0%-."()%&("%*20.#-&(&%H'%**%&(LC'.O()1G#'*%()'(
)"#.0( )%( ).&<#&%"( )%( &#-( G#"<&(D[gU1! J$""&'%[&((&"! 0/.%,3$(,B.&@&'%! /%=0,I$&"! &'!
./,"#'! 4&! (&$.! 3/./3%B.&! "/4#@/"#35,"%&y! 3&! I$,! (9/;/,%! 49/,((&$."! 3#'4$,%1!
I$&(I$&"!/''<&"!/$0/./;/'%1!E!(&"!3#'4/@'&.#$&C!!
)fbC!O'!(9#33$..&'3&1!,(!J/$%!?,&'!3#@0.&'4.&!I$&!(&!+$P&!&$.#0<&'!3/$%,#''&!
(/!3#'4/@'/%,#'!0<'/(&!4&"!.&I$<./'%"!&'!./,"#'1!'#'!0/"!4&! (/!;,#(&'3&!4&!
(&$."! 0./%,I$&"! "&A$&((&"1! /"",@,(/?(&"! E! 4&"! /3%&"! 4&! %#.%$.&! &%! 4&! ?/.?/.,&1!
@/,"!4&!(9/?"&'3&!4&!3#'"&'%&@&'%!4&!(&$.!0/.%&'/,.&C!>,'",1!(/!7#$.!0.#%BP&!
$'&!4,"0#",%,#'!3#.0#.&((&!&""&'%,&((&@&'%!i!/!+$.,4,I$&!j!H!(&!4.#,%!'9,'%&.;,&'%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#$%!768696:6-!l6!b6!2>!b6!9!BCm2Kk1aA2-!53LB6-!E)$6!!#$&!768696:6-!V/=D2R-!\/kk/3H!2>!m3<q,!BC?<R/A@2ST,1-!"*!_L036!"**(-!3/4/5/?/-!"**(-!($)-!
,<>2!V201,2>![!5/#"**)-!*(-!,<>2!\6Sc6!V/33/KH26!!!
! *4
0/"! 4/'"! (/! 0./%,I$&! 4&"! .&(/%,#'"! "&A$&((&"1! I$,! "#'%! J#'4<&"! "$.! (/! "&$(&!
@/a%.,"&!3#.0#.&((&C!
!
)fdC!2&! (/!@D@&!J/_#'1! (/!7#$.!4&!R%./"?#$.P!0.#%BP&! (/!4,"0#",%,#'!4&!"#'!
3#.0"!&JJ&3%$<&!E!4&""&,'!&A3($",J!4&!?,&'[D%.&!0&."#''&(C!
!
NO)!E=)<B>CD>B:BDE)FD?CD?=@@=)CD;JAE:)^:?=)=QQ=F:;G=)_)<=>>=BE)=]F@;>BQ)<=)
ZB=EO^:?=)C=?>DEE=@)
)
)feC! 8/! 7#$.! OC! 2C!QC! P/./'%,%! (&! 4.#,%! 4&! 4,"0#"&.! 4&! "#'! 3#.0"1! I$&! 3&%%&!
4,"0#",%,#'!0#$."$,;&!$'!?$%!%5<./0&$%,I$&!#$!@<4,3/(!!(#P,I$&@&'%!/""#3,<!
E! $'! #?+&3%,J! 4&! ?,&'[D%.&! 0&."#''&(! T8U1! #$! I$9&((&! ;,"&! &A3($",;&@&'%! 3&!
4&.',&.!TWUC!!
!
8O).=)ZB=EO^:?=)C=?>DEE=@)A>>DFBG)A;)Z;:):HG?AC=;:BP;=)D;)KG<BFA@)
)
)ffC! 8&"! /..D%"! W##4m,'1! U1! V/'! no3p1! `=T,/3! &%! >1! N! &%! 7! ,(($"%.&'%! (/!
0.#%&3%,#'!0/.!(/!7#$.!OC!2C!QC!4&!(/!4,"0#",%,#'!4&!"#'!3#.0"!&JJ&3%$<&!4/'"!
$'! ?$%! %5<./0&$%,I$&! #$!@<4,3/(C! X'! .&@/.I$&! I$&! 3&"! /..D%"! "#'%! 3&$A[(E!
@D@&! I$,! ,(($"%.&'%! (/! 0.#%&3%,#'! 4&! (/! 4,"0#",%,#'! +$.,4,I$&! 4&! "#'! 3#.0"C!
7&%%&!3#..&"0#'4/'3&!&"%!(#P,I$&1!0$,"I$&!(/!4,"0#",%,#'!+$.,4,I$&1!0#$.!D%.&!
/$%#.,"<&1! 4#,%! D%.&! &JJ&3%$<&! E! 4&""&,'! %5<./0&$%,I$&! #$! @<4,3/(!H! ,(! '9&"%!
0#"",?(&! 4&! 4<.#P&.! E! (9,'%&.4,3%,#'! 4&! 0#.%&.! /%%&,'%&! E! (9,'%<P.,%<! 05=",I$&!
I$&!",!3&%%&!3#'4,%,#'!&""&'%,&((&!&"%!.&"0&3%<&C!!
)fgC! 7&"! /..D%"! I$,! #'%! %./,%! /$A! I$&"%,#'"! 4$! %./'""&A$/(,"@&! &%! 4&!
(9/;#.%&@&'%! 3#'"/3.&'%! 4#'3! $'&! 0.#%&3%,#'! 4&! (/! 4,"0#",%,#'! 3#.0#.&((&! E!
4&""&,'! 4&! "#,P'&.1! #$1! E! %#$%! (&! @#,'"1! 4&! "#$(/P&.! $'&! @/(/4,&1! J$%[&((&!
0"=35#(#P,I$&1! ;#,.&! $'! "='4.#@&1! 3#@@&! 39&"%! (&! 3/"! "9/P,""/'%! 4$!
! *"
%./'""&A$/(,"@&#$'C! 8#P,I$&@&'%1! 3&%! ,'%<.D%! %5<./0&$%,I$&! #$! @<4,3/(! ! &"%!
/33#@0/P'<!",'#'!49$'!?,&'[D%.&1!/$!@#,'"!49$'!@,&$A[D%.&!0&."#''&(C!>,'",1!
"9/P,""/'%!4$!3/"!4$!%./'""&A$&(1!(9#0<./%,#'!4&!3#';&.",#'!"&A$&((&!/?#$%,%1!",!
(&! "='4.#@&! 4$! %./'""&A$/(,"@&! /! <%<! @<4,3/(&@&'%! 4,/P'#"%,I$<1! E! $'&!
/33&0%/%,#'!4&!"#'!3#.0"!0/.!(&!%./'""&A$&(!#0<.<1!&%!4#'3!.-(($.-%!E!$'!@,&$A[
D%.&!0&."#''&(C!8&!3#'"%/%!&"%!",@,(/,.&!3#'3&.'/'%!(/!I$&"%,#'!4&!(9/;#.%&@&'%!
H!(9,'%&..$0%,#'!4&!(/!P.#""&""&!0&$%!0&.@&%%.&!49<;,%&.!$'&!/PP./;/%,#'!4&!(/!
"/'%<!4&!(/!@B.&1!I$9,(!"9/P,""&!"$.%#$%!4&!"/!"/'%<!05=",I$&!x!0/.!&A&@0(&!(/!
@=#0,&!4&!Z@&!`=",/3![!#$!4&!"/!"/'%<!0"=35,I$&C!!
!
)fcC!89<%$4&!4&"!/..D%"!6.&%%=1!Q//"!&%!nC!>C!&%!>C!2C!.&I$,&.%!$'&!/'/(="&!&'!
"&'"!3#'%./,.&!H!(/!7#$.!OC!2C!QC!0.#%BP&!$'!?,&'[D%.&!0&."#''&(1!E!(9&A3($",#'!
4&!%#$%!,'%<.D%!%5<./0&$%,I$&!#$!@<4,3/(C!!
!
WO).A)<B>CD>B:BDE)=QQ=F:;G=)<AE>);E)DZ`=F:BQ)=]F@;>BQ)<=)ZB=EO^:?=)C=?>DEE=@)
)
)fkC! :'&! %&((&! /'/(="&! "9,@0#"&1! "9/P,""/'%! 4&! (9/..D%! nC! >C! &%! >C! 2C! 2&!
'#$;&/$1! #'! .&@/.I$&! I$&! 4,"0#",%,#'! J/3%$&((&! &%! ?,&'[D%.&! 0&."#''&(1!
<%./'P&."! E! %#$%! ,'%<.D%! %5<./0&$%,I$&! #$! @<4,3/(1! "#'%! (,<"! H! (/! @/a%.,"&!
0$.&@&'%!J/3%$&((&!4&!"#'!3#.0"!0&$%1!4&!%#$%&!<;,4&'3&1!'&!0#$."$,;.&!I$9$'!
#?+&3%,J! &""&'%,&((&@&'%! "$?+&3%,J! 4&! ?,&'[D%.&1! I$/'4! (&! ! ?$%! ./%,#''&(! 4&!
%./,%&.!$'&!@/(/4,&!&"%!,'&A,"%/'%!H!&'!%<@#,P'&'%!(&!"$,3,4&1!(&"!"3/.,J,3/%,#'"1!
(&"!@$%,(/%,#'"1!(/!0./%,I$&!4$!%/%#$/P&!&%!4$!0,&.3,'P1!&%3C!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#$'!925A1=! K2=! /,,L2=! (4-! K2! >3/,==2YA/K1=@2! L>/1>! 3L523><31L! 5/3! K2=! 5/R=! 2A3<5L2,=!
B<@@2!@/K/H12!@2,>/K2!n06!,<>6!!"#+-%)<<"O9%*(<$"#")#89-:;"-!:;/#6(+/o6!^L/,@<1,=-!B2>!
J!L>1aA2>/k2!N! =A=B1>/1>! K/! B<,>3<023=2! /A! =21,! HA! ! @1K12A! >3/,==2YA2K! _3/,e/1=-! aA1!
2Y1k2/1>!aA2!K2!>3/,==2YA/K1=@2!n<A!>3/,==2YA/K1>Lo!=<1>!32B<,,A!B<@@2!A,!=1@5K2!L>/>!
1H2,>1>/132-! /A! @d@2! >1>32! aA2! KMI<@<=2YA/K1>L6! 8,! #44*-! K2! @1,1=>32! H2! K/! =/,>L! 2,!
_<,B>1<,=-!c@2!m/BI2K<>-!/!=/B31_1L!Z!B2>>2!3202,H1B/>1<,!2,!/,,<,e/,>-!K2!"'!@/1-!a#9)"#
=,6*%<<(>(6%+(:)# ="# *%# +-%)<<"O9%*(+,# ="<# %>>"6+(:)<# ;<M6C(%+-(G9"<# ="# *:)&9"# =9-,"#dJ#
3L/K1=L2!5/3!K2!HLB32>!,O#4"4S"#&!HA!)!_L036!#4"46!
! *#
)g-C!R9/P,""/'%!4&!(9/..D%!6.&%%=1!$'&!.<0#'"&!0($"!'$/'3<&!"9,@0#"&1!&'!3&!I$&!
(&! i!(/,""&.!@#$.,.!j! "9/33#@0/P'&! &'!P<'<./(!4&! "#,'"!0/((,/%,J"!4#'%! (9#?+&%!
%5<./0&$%,I$&!'9&"%!0/"!E!4<@#'%.&.*bgC!7&$A[3,!"&!"$0&.0#"&'%!/(#."!E!(9/..D%!
4&"! "#,'"! I$,! '&! 0#$."$,%! E! (9<;,4&'3&! /$3$'! #?+&3%,J! %5<./0&$%,I$&! #$!
@<4,3/(1!0$,"I$9,(!"9/P,%!4&!@&%%.&!J,'!E!(9&A,"%&'3&!49$'&!0&."#''&!/(#."!I$&!(/!
0.<"&.;/%,#'! 4&! (/! ;,&! 3#'"%,%$&! $'! J#'4&@&'%! ,'3#'%#$.'/?(&! 4&! (9/3%&!
%5<./0&$%,I$&C! 8&! 0/./4#A&! .<",4&! &'! 3&! I$&! 39&"%! (/! 0&."#''&! "#$5/,%/'%!
@#$.,.!I$,!.&35&.35&!$'&!"#.%&!4&!?,&'[D%.&!H!&'!&JJ&%1!(&"!"#$JJ./'3&"!3/$"<&"!
0/.! (&! J/,%! 49D%.&! &'! ;,&! "#'%! %&((&"! I$&! (/! @#.%! &"%! 0&._$&! 3#@@&! $'&!
4<(,;./'3&C! 8&"! &A0(,3/%,#'"! 4&! Z@&! 6.&%%=! "#'%! E! 3&%! <P/.4! "/,",""/'%&"!H!
"/35/'%!I$9&((&!;/!@#$.,.!E!(/!"$,%&!4&!0.#?(B@&"!49,'"$JJ,"/'3&!.&"0,./%#,.&1!
&((&!=(&+2$$*.7%()%(*2(&#'$$"2-G%(%0()%(*+.-).7-.01(C'+%**%(/2()%/#."(%-)'"%"(&.(%**%(*2.&&%(
*2(62*2).%(&%()1/%*#<<%"(DU\XI!V#,(E!%#$%!(&!0/./4#A&1!@/,"!/$"",!(/!./%,#'/(,%<!4$!
./,"#''&@&'%!4$!@#$./'%!I$,! "#$JJ.&!&%!I$,! "#$5/,%&!/?.<P&.! "/!;,&!/J,'!4&!
@&%%.&!$'!%&.@&!E!"/!4#$(&$.C!!
)g)C!8&!./,"#''&@&'%!&"%!",@,(/,.&!"9/P,""/'%!4&!ZC!Q//"1!@D@&!",1!./00&(#'"[
(&1!(/!0.#?(<@/%,I$&!4$!"$,3,4&!4/'"!(/!4,P',%<!"&!0#"/,%!4,JJ<.&@@&'%1!3&($,[3,!
<%/'%! 3/0/?(&! 4&! @&%%.&! J,'! E! "&"! +#$."1! @/,"! &A,P&/'%! I$9#'! ($,! 4<(,;.&! $'!
"#@',JB.&!0$,""/'%!0#$.!=!0.#3<4&.C!R,!(/!7#$.!4&!R%./"?#$.P!'9/33B4&!0/"!E!
"/! 4&@/'4&1! '#$"! "/;#'"! I$9&((&! '&! .&@&%! 0/"! &'! 3/$"&! (9/..D%! 6.&%%=! &%! (&!
0.,'3,0&!49/$%#'#@,&!0&."#''&((&!&'!(/!@/%,B.&*bk1!+$P&/'%!@D@&1!4&!@/',B.&!
3&.%&"! %,@,4&1! I$&! (9#'! 0&$%! "$00#"&.! I$&! (&"! O%/%"! =(<%'/%-0( 2/#."( '-%(
#@*.720.#-( <#&.0./%( )+2)#<0%"( *%&(6%&'"%&( <%"6%002-0( )%( $2G.*.0%"( '-( &'.G.)%( )2-&( *2(
).7-.01(DU_]C!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#$(!V2! B/3/B>i32! >IL3/52A>1aA2! HMA,! >3/1>2@2,>! ,2! 01=2! 5/=! aA2! K/! kAL31=<,! @/1=!
Lk/K2@2,>!KM/@LK1<3/>1<,!HA!`12,Sd>32!HA!@/K/H26!#$)!768696:6!Q32>>R!BC?<R/A@2ST,1-!53LB6-!E)6!!#$*!768696:6!://=!BC;A1==2-!53LB6-!E&"6!#%4!768696:6!://=!BC;A1==2-!53LB6-!E'"6!
! *$
)g*C! 7&(/! 0#$../! 0/./a%.&! "$.0.&'/'%! H! (&! ./,"#''&@&'%! '9&"%! 0/"!
J#'4/@&'%/(&@&'%! 4,JJ<.&'%! "9/P,""/'%! 4&"! .&(/%,#'"! "/4#@/"#35,"%&"C! O'!
&JJ&%1! ,(! "9/P,%! E! '#$;&/$! 49$'&! 4,"0#",%,#'! 4&! "#'! 3#.0"! &A3($/'%! %#$%! ?$%!
%5<./0&$%,I$&!#$!@<4,3/(1!@/,"!&JJ&3%$<&!E!4&""&,'!4&!?,&'[D%.&1!(&"!.&(/%,#'"!
"&A$&((&"1! J$""&'%[&((&"! 49$'&! &A%.D@&! ;,#(&'3&1! /=/'%! 0#$.! ?$%! (/! .&35&.35&!
4$! 0(/,",.! "&A$&(C! >+#$%#'"! I$&! '#'! "&$(&@&'%1! 4/'"! 3&! 3/"1! (&! ?$%!
%5<./0&$%,I$&! #$!@<4,3/(! '9&"%! <;,4&@@&'%! 0/"! .&35&.35<1!@/,"! &'! 0($"! (&!
?,&'[D%.&! '9&"%! #?%&'$! I$9/$! 0.,A! 49/%%&,'%&"! 4,"0.#0#.%,#''<&"! E! (9,'%<P.,%<!
05=",I$&!4&! (/!0&."#''&1! ,(($"%.<&"!4/'"! (9/..D%!0/.! (9$%,(,"/%,#'!49/,P$,((&"!&%!
4&! 3,.&! ?.l(/'%&! "$.! (&! 3#.0"!4&! (/! ;,3%,@&1! #$!0/.! (&! J/,%! 4&! ($,! ,'J(,P&.!4&"!
35#3"! <(&3%.,I$&"1! #$! &'3#.&! 0/.! 3&($,! 4&! (/! 5,""&.! 0/.! (&"! "&,'"! /$! @#=&'!
49$'&!0#$(,&*d)C!>,'",1!&'!'&!3#'4/@'/'%!0/"! (&"!0./%,I$&"!"/4#@/"#35,"%&"1!
(/!7#$.!OC!2C!QC!0.#%BP&1!/$!'#@!4&! (9/$%#'#@,&!0&."#''&((&1!4&"!0./%,I$&"!
"&A$&((&"! 49$'&! &A%.D@&! ;,#(&'3&C! 7&(/! (/,""&! E! 0&'"&.! I$9&((&! 3/$%,#''&! (/!
.&35&.35&!4$!?,&'[D%.&!0&."#''&(! "#$"!I$&(I$&! J#.@&!I$&!0.&''&! 3&((&[3,1! &%!
'#%/@@&'%1!3#@@&!&'!(9&"0B3&1!$'&!/%%&,'%&!P./;&!E!(9,'%<P.,%<!05=",I$&C!
)gbC! 7&%! /..D%! '9/! 0/"! <%<! J/;#./?(&@&'%! /33$&,((,! 0/.! (/! @/+#.,%<! 4&! (/!
4#3%.,'&1! &%! 0#$.! 3/$"&#%# C! R=@?#(,I$&@&'%1! ! $'&! %&((&! 3#'"<3./%,#'! ! J/,%!
4#$%&.!4&!(/!0<.&'',%<!4$!.t(&!#'%#(#P,I$&!4&!(/!7#$.!OC!2C!QC1!I$,!/$[4&(E!4&!
(/! 0.#%&3%,#'! 4&"! (,?&.%<"! J#'4/@&'%/(&"1! 3#'","%&! E! "/$;&P/.4&.1! 4/'"!
(9,@/P,'/,.&! 3#((&3%,J1! (9,4<&!I$&! (9D%.&!5$@/,'!'&!4#,%!0($"! +/@/,"! D%.&! %./,%<!
3#@@&! $'&! 35#"&#%$C! >;&3! (9/..D%! 6.&%%=1! #'! 0&$%! "&! 4&@/'4&.! ",! (&! +$P&!
&$.#0<&'! #0B.&! $'! P(,""&@&'%! ,4<#(#P,I$&! ;&."! (/! 0.#@#%,#'! 49$'!
,'4,;,4$/(,"@&!,../,"#''<1!"#$"!3#$;&.%!4&!0.#%<P&.!$'&!(,?&.%<!J#'4/@&'%/(&C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#%"!768696:6-!l6!b6!2>!b6!96!BCm2Kk1aA2-!53LB6-!E"&6!#%#!F6!c6!G/`32Sc/k,/,-!J!V2!=/H1=@2!,M2=>!5/=!A,!H3<1>!H2!KMI<@@2!N-!;-,66!F6!Lk/K2@2,>!
K2!B<@@2,>/132!H2!96!F1k,2/A-!J!;>/>A>!HA!B<35=!IA@/1,-!H2!=2=!LKL@2,>=!2>!53<HA1>=!N-!
()!5(6+(:))%(-"#;"-$%)")+#H(:,+C(G9"#"+#H(:+"6C):*:&("<-!,O'%!2>!=6!#%$!F6!K/!>Ii=2!H2!m6!c/A323-!=A3!K2!531,B152!H2!32=52B>!H2!K/!H1k,1>L!IA@/1,2!2>!K2!3tK2!H2!
K/!7<A3!86!96:6!2,!>/,>!aA2!7<A3!53<>2B>31B2!HA!531,B152!H2!32=52B>!H2!K/!H1k,1>L!IA@/1,2!
2,! B2! aAM2KK2! B<,=2302! KM1HL2-! H/,=! KM1,B<,=B12,>! 2>! KM1@/k1,/132! B<KK2B>1_-! aA2! KMd>32!
IA@/1,!,2!52A>!d>32!3/`/1==L!/A!3/,k!HM/,1@/K!1,H1k,26!!
! *%
U(! &"%! ,'4<',/?(&! I$&! 3&%%&! +$.,"0.$4&'3&! /$4/3,&$"&! J/,%! @#'%.&! 49$'&!
4#3%.,'&! ,'I$,<%/'%&! 3#'3&.'/'%! "/! 3#'3&0%,#'! 4$! 0.,'3,0&! 4&! (/! 4,P',%<!
5$@/,'&y! E!@#,'"! I$9&((&! 0.#@&$;&! $'&! /33&0%,#'! .&'#$;&(<&! 4&! 3&($,[3,1!
4#'%! (/! +$.,"0.$4&'3&! nC! >C! &%! >C! 2C! @/.I$&./,%! (9/;B'&@&'%C! S&@/.I$#'"!
",@0(&@&'%1! &%! $'&! %&((&! #?"&.;/%,#'! &"%! <P/(&@&'%! ;/(/?(&! "9/P,""/'%! 4&"!
4<3,",#'"! 3#'"/3./'%! (&! 4.#,%! /$! 35/'P&@&'%! 4&! "&A&! 4$! %./'""&A$&(1! I$&!
3&.%/,'"!/$%&$."!0$?(,3,"%&"!3#'",4B.&'%!4&!%&((&"!/%%&,'%&"!3#@@&!'<3&""/,.&"!
E!(/!"/$;&P/.4&!4&!(9$',%<!!u@&[3#.0"C!R&(#'!ZC!WC!>.@/'41!3&($,!I$,!4,"0#"&!
/,'",!4&!($,!/!<P/.4!E!(/!=(=(@%**%(.627%(D(C'+(L.*O(&%($2.0()%(&#-(G#"<&(D[UUI(8&!3#.0"!
&"%! /,'",! =).&<#-.@*%(2'(-#6()%( *2(C'2*.01()%(/.%(D[UfI(O'! "#@@&1! (9,'4,;,4$! I$,!
/P,%!4&!(/!"#.%&!&%("%-)(&%"/.G%C!
)gdC! 8&! 0#,'%! 4&! ;$&! /4#0%<! &"%! '#;/%&$.C! O'! &JJ&%1! (/! 0&."#''&! '9&"%! 0($"!
3#'",4<.<&! &""&'%,&((&@&'%! 3#@@&! G%0! D%.&! ?,#(#P,I$&! /00/.%&'/'%! E!
(95$@/',%<1!&%!I$,1!&'!./,"#'!4&!3&%%&!I$/(,%<!#'%#(#P,I$&! J#'4/@&'%/(&1!4#,%!
D%.&!0.#%<P<!4/'"! "#'! ,'%<P.,%<!05=",I$&1! 3r&"%[E[4,.&!4/'"! "/! 3/./3%<.,"%,I$&!
&""&'%,&((&!49D%.&!5$@/,'C!R&(#'!(/!%5<#.,&!0.#0#"<&!0/.!(9/$%&$.1!=(52(<%"&#--%(
B'62.-%(-+102-0(<2&(C'%(GB2."(#'(620.K"%8(62.&(2'&&.(%0(2/2-0(0#'0(E0"%(&<.".0'%*()#'1(
)+.-0%**.7%-G%(%0()%("2.&#-8(&#-(/1".02@*%("%&<%G0()2-&(*%&(&#G.101&(G./.*.&1%&(G#-&.&0%"2.0(
P(72"2-0."(&2(/.%(.-0%**%G0'%**%(D[UTI(>,'",1!3&%%&!%5<#.,&!.<4$,%!(9D%.&!5$@/,'!E!"#'!
0"=35,"@&C! 89&""&'%,&(! &"%! I$&! 3&! 4&.',&.! "#,%! 3#@?(<1! I$/'4! ?,&'! @D@&!
(9&';&(#00&!I$9&"%!(&!3#.0"!&"%!"/3.,J,<&C!
!
)geC!8/!7#$.C!OC!2C!QC1!&'!P/./'%,""/'%!/$!%./'""&A$&(!(&!4.#,%!/$!35/'P&@&'%!
4&!"&A&!&%!&'!3/$%,#''/'%!(&"!0./%,I$&"!"/4#@/"#35,"%&"!3#'"&'%,&"1!/,'",!I$&!
(&! "$,3,4&!4/'"! (/!4,P',%<1! /45B.&!E!$'&! 3#'3&0%,#'! ,'<4,%&!4&! (9D%.&!5$@/,'!
I$,!4,""#3,&!4&!@/',B.&!"$.0.&'/'%&!(&!3#.0"!&%!(9&"0.,%C!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#%%!U6! b3@/,H-! J!VM<3H32! 5A`K1B! H2! 53<>2B>1<,! 1,H101HA2KK2!N-! 3"79"# ="# *%# 3"6C"-6C"#
.9-(=(G9"#5-:(+#;-:<;"6+(>-!#44%-!,O$-!=5LB6!56!"'"(6!#%&!U6!b3@/,H-!(H(=6!#%'!U6!b3@/,H-!(H(=/!
! *&
)gfC! 89/$4/3&! 4&! (/! 7#$.! 4&! R%./"?#$.P! 0&$%! <P/(&@&'%! D%.&! .&@/.I$<&!
3#'3&.'/'%! (9/33&0%,#'! #.,P,'/(&! 4$! 3#'"&'%&@&'%! I$9&((&! /4#0%&! 4/'"! 3&%%&!
+$.,"0.$4&'3&C! O'! &JJ&%1! (/! '#%,#'! &"%! .&;,",%<&! "#$"! 4&"! %./,%"! (/.P&@&'%!
i!,'4,;,4$/(,"%&"!j1! 3&! I$,1! /$! 4&@&$./'%1! &"%! %#$%! E! J/,%! 3#5<.&'%! /;&3!
(9/JJ,.@/%,#'! 4$! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&C! 8/! 3#'3&0%,#'! 4$!
3#'"&'%&@&'%!&"%!/(#."!.&'#$;&(<&!"#$"!(9/'P(&!4&!3&!4&.',&.C!
!
!
YW)S).A)FDEF=C:BDE)?=ED;J=@G=)<;)FDE>=E:=K=E:)>D;>)@/AEM@=)<=)@/A;:DEDKB=)
C=?>DEE=@@=)
!
!
)ggC!8/!7#';&'%,#'!OC!2C!QC!<%/'%! (#P,I$&@&'%!@$&%%&! "$.! (&! 3#'"&'%&@&'%1!
39&"%!(&!+$P&!&$.#0<&'!I$,!4<%&.@,'&!"&"!3#'%#$."!4&!@/',B.&!,'3,4&'%&!/$!J,(!
4&!"/!+$.,"0.$4&'3&C!X.1!(9/'/(="&!4&!(/!+$.,"0.$4&'3&!4&!(/!7#$.!,(($"%.&!$'&!
3#'3&0%,#'!4$/(,"%&!4$!3#'"&'%&@&'%!T,U1!39&"%!E!4,.&!E!(/!J#,"!3(/"",I$&@&'%!
.&"%.,3%,;&! &%! %.B"! (,?<./(&1! %./4$,"/'%! (/! 0.#P.&"",#'! 49$'&! 3#'3&0%,#'!
/?"#($%,"%&!4&!3&!4&.',&.!4/'"!(&!4#@/,'&!4&!(/!;,&!0.,;<&!TNUC)
!
,O).A)?GQG?=EF=)_);E=)FDEF=C:BDE)<;A@B>:=)<;)FDE>=E:=K=E:)CA?) @A)2D;?)%R)
*R)9R))
)
)gcC!8/!+$.,"0.$4&'3&!'9&"%!0/"!%.B"!4<@#'"%./%.,3&!&'!(/!@/%,B.&C!K</'@#,'"1!
4&"!<(<@&'%"!0&.%,'&'%"!0&$;&'%!D%.&!%,.<"!4&"!/..D%"!6.&%%=1!Q//"!&%!nC>C!&%!>C!
2C1! I$,! ,(($"%.&'%1! 4&!@/',B.&! "$.0.&'/'%&1! 4&$A! 3#'3&0%,#'"! 3#'%./4,3%#,.&"!
4$!3#'"&'%&@&'%C!>,'",1!!#'!3#'"%/%&!I$&!",!(&"!/..D%!6.&%%=!&%!Q//"!.&J$"&'%!(&!
3#'"&'%&@&'%!#@',0#%&'%!&'!@/%,B.&!4&!"$,3,4&!4/'"!(/!4,P',%<!T8U1!(9/..D%!nC!
>C!&%!>C!2C!(&!3#'"/3.&!"/'"!/@?,P$,%<!4/'"!(&!4#@/,'&!4&"!.&(/%,#'"!"&A$&((&"C!
7&! J/,"/'%1! (/! 7#$.! OC! 2C! QC! @/.I$&! $'&! .$0%$.&! "=@?#(,I$&! 4/'"! "/!
! *'
+$.,"0.$4&'3&1!;&."!(/!3#'"<3./%,#'!4$!0#$;#,.!4&!(/!;#(#'%<!,'4,;,4$&((&!"$.!
/$%.$,!TWUC!!
!
8O) .=) ?=Q;>) <;) FDE>=E:=K=E:) DKEBCD:=E:) =E) KA:BI?=) <=) >;BFB<=) <AE>) @A)
<BMEB:G)
)
)gkC! 8&! 3#'"&'%&@&'%! &"%! /$! 3]$.! 4&! (/! 0.#?(<@/%,I$&! 4&"! /..D%"! 6.&%%=! &%!
Q//"1!@D@&!",1!3#@@&!'#$"!(9/;#'"!4<+E!.&@/.I$<1!(&!"$,3,4&!4/'"!(/!4,P',%<!
&"%! %./,%<!4&!@/',B.&!4,JJ<.&'%&C!O'! &JJ&%1!Z@&!6.&%%=1!4&;/'%! (9,'<($3%/?,(,%<!
4&!"/!@#.%!@/,"!"$.%#$%!4&!"&"!"#$JJ./'3&"1!"#$5/,%/,%!I$&!"#'!@/.,!@&%%&!J,'!E!
"&"! +#$."1!'9/=/'%!0/"! (&"! 3/0/3,%<"!05=",I$&"!49=!0.#3<4&.! &((&[@D@&1! /(#."!
I$&!ZC!Q//"1! %#$%!E! J/,%!/0%&!E!"&!4#''&.! ($,[@D@&!(/!@#.%1!&A,P&/,%!I$&! ($,!
"#,%! 4<(,;.<! $'! "#@',JB.&! (<%/(! 0#$.! 3&! J/,.&C! R#$"! (&! 0.,"@&! 4&! (/!
.&;&'4,3/%,#'! 4$! 4.#,%! E! @#$.,.1! ,(! "9/P,""/,%! J,'/(&@&'%! 0#$.! (/! 7#$.! 4&!
4<%&.@,'&.!(/!;/(,4,%<!4$!3#'"&'%&@&'%!4&!Z@&!6.&%%=!E!"#'!@&$.%.&!0/.!"#'!
@/.,C!^$/'%! E!ZC!Q//"1! (&! +$P&!4&!R%./"?#$.P!4&;/,%! <P/(&@&'%!4<%&.@,'&.1!
/J,'!4&!+/$P&.!4&!(/!(<P,%,@,%<!4$!.&J$"!4&"!/$%#.,%<"!"$,""&"!4&!($,!4<(,;.&.!(/!
"$?"%/'3&!@#.%,JB.&1!",!"#'!4<",.!4&!"$,3,4&!.&(&;/,%!49$'!.<&(!4,"3&.'&@&'%1!/$!
.&P/.4!4&!"&"!%.#$?(&"!0"=35,/%.,I$&"C!!
)c-C!R9/P,""/'%!49/?#.4!4&!Z@&!6.&%%=1!(/!7#$.!OC!2C!QC!.&J$"&!4&!.&3#''/a%.&!
(&!?,&'[J#'4<!49$'!%&(!3#'"&'%&@&'%1!+$P&/'%!I$&!=(*+2"0.G*%(U(QRS(-%(&2'"2.0(QRS(
G"1%"('-()"#.0(P(*+2'0#)10%"6.-20.#-(%-(G%(&%-&(C'+.*()#--%"2.0(P(0#'0(.-)./.)'(*%()"#.0(
)%(GB#.&."(*2(6#"0(<*'0k0(C'%(*2(/.%(D[UZ1!&%!I$&!=(*2(-20'"%(71-1"2*%()%(*+.-0%").G0.#-(
)'(&'.G.)%(2&&.&01([2'(l#32'6%T,-.](-+%&0(<2&().&<"#<#"0.#--1%(D[UE("#$"!(9/'P(&!4&!
(9/.%,3(&!cI(R&(#'!(/!7#$.1! (9/.%,3(&!*!4&! (/!7#';&'%,#'!'&!0.#%BP&!0/"1!&'!%/'%!
I$&!0&'4/'%!4$!4.#,%!E!(/!;,&1!(&!4.#,%!4&!@#$.,.1!&%!(/!0.<"&.;/%,#'!4&!(/!;,&!
4&"!0&."#''&"! J/,?(&"!&%!;$('<./?(&"!3#@@&!39&"%! (&!3/"!4&!Z@&!6.&%%=!0&$%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#%(!768696:6-!Q32>>R!BC?<R/A@2ST,1-!53LB6-!E%46!#%)!b33d>!53LB6-!E('6!
! *(
3#@@/'4&.1!"/'"!I$9,(!=!/,%!;,#(/%,#'!4$!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&!4&!
3&%%&!4&.',B.&1!(9,'%&.;&'%,#'!<%/%,I$&!0/.!(&!%.$35&@&'%!4&!0#$."$,%&"!0<'/(&"!
",! $'! %,&."! (9/,4&! E! "&! "$,3,4&.C! K</'@#,'"1! &((&! #?"&.;&! I$9!=(%-( 620.K"%(
61).G2*%8( *%("%$'&()+2GG%<0%"('-(0"2.0%6%-0(<2"0.G'*.%"(<#'""2.08()%($2W#-(.-1*'G02@*%8(
G#-)'."%( P( '-%( .&&'%( $202*%8( 62.&( *+.6<#&.0.#-( )+'-( 0"2.0%6%-0( 61).G2*( &2-&( *%(
G#-&%-0%6%-0()'(<20.%-0(&+.*(%&0(2)'*0%(%0(&2.-()+%&<".0(&+2-2*3&%"2.0(%-('-%(200%.-0%(P(
*+.-017".01( <B3&.C'%( )%( *+.-01"%&&1( <#'/2-0( 6%00"%( %-( G2'&%( *%&( )"#.0&( <"#0171&( <2"(
*+2"0.G*%( X( <2"27"2<B%( ^( )%( *2( ;#-/%-0.#-( [)"#.0( 2'( "%&<%G0( )%( *2( /.%( <"./1%( %0(
$26.*.2*%]I(;#66%(*+2(2)6.&(*2(?'".&<"')%-G%(.-0%"-%8('-%(<%"&#--%(<%'0("%/%-).C'%"(
*%( )"#.0( )+%H%"G%"( &#-( GB#.H()%(6#'"."( %-( "%$'&2-0()%( G#-&%-0."( P('-( 0"2.0%6%-0( C'.(
<#'""2.0(2/#."(<#'"(%$$%0()%(<"#*#-7%"(&2(/.%(D[U@C!!
)c)C!2&$A! #?"&.;/%,#'"! "9,@0#"&'%C!29/?#.41! (/!7#$.! .&J$"&! 4&! 3#'"/3.&.! (/!
%#$%&! 0$,""/'3&! 4&! (/! ;#(#'%<! ,'4,;,4$&((&! &'! @/%,B.&! 4&! "$,3,4&! /"","%<1!
'#'#?"%/'%! (&"!@#?,(&"!2(<".#".! (<P,%,@&"!4&! (/!.&I$<./'%&C!O((&!'&!"&!4<0/.%,%!
0/"!4&!(/!3#'3&0%,#'!%./4,%,#''&((&!4$!3#'"&'%&@&'%!/$!.&P/.4!4&"!3#'4,%,#'"!
(<P/(&"! '<3&""/,.&"! E! "/! ;/(,4,%<!H! (&! 3#'"&'%&@&'%! '9&"%! &JJ,3/3&! I$&! ",! (/!
3#';&'%,#'! I$9,(! J#'4&! '&! 3#'%.&;,&'%! 0/"! E! (9#.4.&! 0$?(,3C! >$"",1! (&!
3#'"&'%&@&'%!'&!0&$%!3#'"%,%$&.!$'!J/,%! +$"%,J,3/%,J!49$'&!,'J./3%,#'!0<'/(&!&%!
39&"%!0.<3,"<@&'%!3&!I$&!0#"&!&'!0.,'3,0&!(/!7#$.!OC!2C!QC!4/'"!(9/..D%!6.&%%=C!
6$,"I$&!(&!"$,3,4&!/"","%<!&"%!0$',!&'!4.#,%!/'P(/,"1!/,'",!I$&!(&!0.<;#,%!(9/.%,3(&!
*|)!4&!(/!(#,!4&!)kf)!"$.!(&!"$,3,4&!I$,!4,"0#"&!I$&!=(9#'0%(<%"&#--%(C'.($2G.*.0%8(
%-G#'"27%8("%G#662-)%(#'(#"72-.&%(*%(&'.G.)%(#'('-%(0%-020./%()%(&'.G.)%()+'-(0.%"&(
%&0( <2&&.@*%8( 2<"K&( 6.&%( %-( 2GG'&20.#-8( )+'-%( <%.-%( )+%6<".&#--%6%-0(D [f\ 1! (&!
3#'"&'%&@&'%!4&!Z@&!6.&%%=!E!"#'!@&$.%.&!0/.!3#@0/"",#'!&"%!,'&JJ,3/3&C!!
)c*C!O'"$,%&1!&%!'#$"!/00#.%#'"!$'&!/%%<'$/%,#'!E!3&!3#'"%/%1!(/!7#$.!3#'3B4&!
I$&!",! (/!7#';&'%,#'!'&!0.#%BP&!0/"! (&!4.#,%!/$! "$,3,4&!/"","%<1! &'! .&;/'35&!
%#$%&!0&."#''&!2)'*0%(%0(&2.-%()+%&<".0(0&$%!#?%&',.!4$!@<4&3,'!I$9&((&!(/!(/,""&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#%*!b33d>!53LB6-!E'$6!#&4!b33d>!53LB6-!E"'6!
! *)
@#$.,.!&'!@&%%/'%!$'!%&.@&!E!4&"!"#,'"!/=/'%!0#$.!&JJ&%!4&!0.#(#'P&.!"/!;,&C!
8/!4,"%,'3%,#'!&"%! ,@0#.%/'%&1!@D@&!",! .-($.-%! (&!.<"$(%/%!&"%! ,4&'%,I$&!H! (9/3%&!
0#",%,J! 3#'","%/'%! E! 4#''&.! (/!@#.%! E! $'! %,&."! &"%! 0.#5,?<1! @D@&! ",! 3&($,[3,!
"#$5/,%&! @#$.,.! 0/.3&! I$&! (&"! "#$JJ./'3&"! 4&! "#'! &A,"%&'3&! "#'%!
,'"$00#.%/?(&"C! O'! .&;/'35&1! ,(! &"%! 0#"",?(&! 49/..D%&.! 4&"! "#,'"1! 3&! I$,! /$./!
0#$.!&JJ&%!4&!0.#;#I$&.! (/!@#.%C!`#$%&! (/!4,"%,'3%,#'!.<",4&!4/'"! (&!0.#3<4<!
$%,(,"<1!(&!.<"$(%/%!<%/'%!,4&'%,I$&C!>,'",1!39&"%!(&!4#@@/P&!$(%,@&!E!"#,[@D@&1!
(/! @#.%1! I$&! 3#'"/3.&! "=@?#(,I$&@&'%! (/! 7#$.! OC! 2C! QC! 4/'"! 3&%! /..D%!
6.&%%=#&"C!!
)cbC!S&@/.I$#'"!I$&!(/!7#$.!OC!2C!QC!.&+#,'%!/(#."!(&!4.#,%!J./'_/,"!"9/P,""/'%!
4&! (/!4<J,',%,#'!4$!3#'"&'%&@&'%!4/'"! (&!4#@/,'&!4$!4.#,%!@<4,3/(1! &%!0($"!
0/.%,3$(,B.&@&'%! 4/'"! 3&($,! 4&! (/! @#.%! 0.#;#I$<&! 4$! 0/%,&'%! x! I$,1! 0/.!
5=0#%5B"&1!'&!0&$%!"&!"$,3,4&.C!O'!&JJ&%1!49$'&!0/.%!(9/.%,3(&!)))-[e!4$!7#4&!4&!
(/!!"/'%<!0$?(,I$&!4,"0#"&!I$&!=(9#'0%(<%"&#--%(2(QRS(*%()"#.0()%("%G%/#."(*%&(&#.-&(
*%&(<*'&(2<<"#<".1&(%0()%(@1-1$.G.%"()%&(0B1"2<%'0.C'%&()#-0(*+%$$.G2G.01(%&0("%G#--'%(%0(
C'.( 72"2-0.&&%-0( *2( 6%.**%'"%( &1G'".01( &2-.02."%( QRSI( 5%&( 2G0%&( )%( <"1/%-0.#-8(
)+.-/%&0.720.#-(#'()%(&#.-&(-%()#./%-0(<2&8(%-(*+1020()%&(G#--2.&&2-G%&(61).G2*%&8(*'.(
$2."%(G#'"."()%(".&C'%&().&<"#<#"0.#--1&(<2"("2<<#"0(2'(@1-1$.G%(%&G#6<01I(;%&(2G0%&(-%(
)#./%-0(<2&(E0"%(<#'"&'./.&(<2"('-%(#@&0.-20.#-()1"2.&#--2@*%I(5#"&C'+.*&(2<<2"2.&&%-0(
.-'0.*%&8().&<"#<#"0.#--1&(#'(-+232-0()+2'0"%(%$$%0(C'%(*%(62.-0.%-(2"0.$.G.%*()%(*2(/.%8(
.*&( <%'/%-0( E0"%( &'&<%-)'&( #'( -%( <2&( E0"%( %-0"%<".&I( a2-&( G%( G2&8( *%( 61)%G.-(
&2'/%72")%(*2().7-.01()'(6#'"2-0(%0(2&&'"%(*2(C'2*.01()%(&2(/.%(%-().&<%-&2-0(*%&(&#.-&(
/.&1&(P(*+2"0.G*%(^^^]T^](D[f[C!29/$%.&!0/.%!(9/.%,3(&!))))[d!4$!@D@&!3#4&!0.<;#,%!
E! (9/(,'</! *! I$&!=(5%(61)%G.-()#.0("%&<%G0%"( *2(/#*#-01()%(*2(<%"&#--%(2<"K&( *+2/#."(
.-$#"61%( )%&( G#-&1C'%-G%&( )%( &%&( GB#.H( QRS(D! &%! E! (9/(,'</! b! I$9!=(4'G'-( 2G0%(
61).G2*(-.(2'G'-(0"2.0%6%-0(-%(<%'0(E0"%(<"20.C'1(&2-&(*%(G#-&%-0%6%-0(*.@"%(%0(1G*2."1(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#&"!F6!m6!V2!m/A>SG233/3i=2-!J!V/!7<A3!2A3<5L2,,2!H2=!H3<1>=!H2!KMI<@@2!2>!K2=!H3<1>=!HA!
@/K/H2!]! K/!B<,=LB3/>1<,!5/3! KM/33d>!Q32>>R!HA!H3<1>!/A!32_A=!H2!=<1,=!N-!I/./5/I/!#44$!56!
"$)$6!#&#!7M2=>!,<A=!aA1!=<AK1k,<,=6!
! **
)%( *2( <%"&#--%( %0( G%( G#-&%-0%6%-0( <%'0( E0"%( "%0."1( P( 0#'0( 6#6%-0(DI( >,'",1! (&!
3#'"&'%&@&'%!4$!0/%,&'%!0/./a%!"<@/'%,I$&@&'%!",@,(/,.&!&'!4.#,%!J./'_/,"!&%!
&'! 4.#,%! &$.#0<&'!H! ,(! "9/P,%! 4$! 3#'"&'%&@&'%! (,?.&1! <3(/,.<1! ,'J#.@<1!
0/.%,3,0/'%!E!(/!(,3<,%<!4&!(9,'%&.;&'%,#'!@<4,3/(&C!K#$"!=!.&;,&'4.#'"#&$C!!
)cdC!S&@/.I$#'"!I$&!4/'"!(&!3/"!4$!.&J$"!4&!"#,'1!#'!"&!",%$&!E!(/!J.#'%,B.&!4$!
3#'"&'%&@&'%! &%! 49$'&!@/',J&"%/%,#'! 4&! (/! ;#(#'%<! ,'4,;,4$&((&1! 0$,"I$&! (&!
.&J$"!@/.I$&1!4/;/'%/P&!I$&!(/!.&'3#'%.&!4&!4&$A!;#(#'%<"1!(9/""$+&%%,""&@&'%!
4&!(9$'&!0/.!(9/$%.&C!!
)ceC!R9/P,""/'%!&'"$,%&!4&! (9/..D%!Q//"1!'#$"!/;#'"!4<+E!"#$(,P'<!E!0($",&$."!
.&0.,"&"!I$9,(!;,&'%!3#'J,.@&.!(/!+$.,"0.$4&'3&!6.&%%=1!(/!7#$.!OC!2C!QC!+$P&/'%!
I$&!(&!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&!/$!"&'"!4&!(9/.%,3(&!c!4&!(/!7#';&'%,#'!
0.#%BP&!=(*%()"#.0()+'-(.-)./.)'()%()1G.)%"()%(C'%**%(62-.K"%(%0(P(C'%*(6#6%-0(&2(/.%(
)#.0( <"%-)"%( $.-(D1! @/,"! E! 3#'4,%,#'! =(C'+.*( &#.0( %-(6%&'"%( )%( $#"7%"( *.@"%6%-0( &2(
/#*#-01(P(G%(<"#<#&(%0()+27."(%-(G#-&1C'%-G%(D[fUC!X.1!&'!(9&"0B3&1!&%!E!(/!4,JJ<.&'3&!
4&!Z@&!6.&%%=1!ZC!Q//"!"#$JJ./,%!4&!%.#$?(&"!0"=35,/%.,I$&"!P./;&"1!0$,"I$9,(!
<%/,%! ?,0#(/,.&C!K#'#?"%/'%1! ,(! &"%,@/,%!I$9$'&! &A0&.%,"&!0"=35,/%.,I$&1! /=/'%!
0#$.!#?+&%!4&!4<%&.@,'&.!(&!3/./3%B.&!./,"#''<!4&!"#'!4<",.!4&!"$,3,4&1!'9<%/,%!
0/"! '<3&""/,.&C! R#$3,&$"&! 49<;,%&.! (&"! /?$"! 4/'"! $'! 0/="! #h! (9/"","%/'3&! /$!
"$,3,4&! &"%! J/3,(&@&'%! 0&.@,"&1! &%! /=/'%! <P/.4! E! (/!@/.P&! 49/00.<3,/%,#'! 4&!
(9O%/%!"$,""&!&'!(/!@/%,B.&1!(/!7#$.!OC!2C!QC!.&J$"&!4&!.&3#''/a%.&!(/!;,#(/%,#'!
4$!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&!4/'"!(&!35&J!4$!.&I$<./'%C!2&!'#$;&/$1!(&!
+$P&!4&!R%./"?#$.P!"&!@#'%.&!4#'3!0./P@/%,I$&!&'!@/%,B.&!4&!"$,3,4&!4/'"!(/!
4,P',%<C! R,1! 3&.%&"1! #'! "&! ",%$&! &'! /@#'%!4$! 3#'"&'%&@&'%!4/'"! (9/..D%!Q//"1!
0$,"I$&! (&! "#$5/,%! 4$! .&I$<./'%! 3#'","%/,%! &'! $'&!@/',J&"%/%,#'! 4&! ;#(#'%<!
I$,1! +$"%&@&'%1! .&"%/,%! &A%<.,&$.&! E! %#$%&! .&(/%,#'!@<4,3/(&1! (/!7#$.! ./00&((&!
(9$'! 4&"! <(<@&'%"! &""&'%,&(! E! (/! J#.@/%,#'! $(%<.,&$.&! 49$'! 3#'"&'%&@&'%!
;/(/?(&!H!(&!4,"3&.'&@&'%C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#&$!F6!()>-%-!BI/51>32!#!=2B>1<,!"!E#6!#&%!768696:6-!://=!BC;A1==2-!53LB6-!E&"6!
! "44
)cfC! O'! @/%,B.&! 4&! "&A$/(,%<! &'! .&;/'35&1! &%! 0($"! 0.<3,"<@&'%! 4&! .&(/%,#'"!
"&A$&((&"! "/4#@/"#35,"%&"1! (/! 7#$.! OC! 2C! QC! .#@0%! /;&3! (/! 3#'3&0%,#'! "$"!
4<3.,%&! &'! "&! .<J<./'%! E! $'! 3#'"&'%&@&'%! #@',0#%&'%1! 3&! 4&.',&.! <%/'%!
"$"3&0%,?(&!4&!J/,.&!#?"%/3(&!E!(9,'%&.;&'%,#'!4$!4.#,%!0<'/(C!
!
WO).A) FDE>GF?A:BDE)</;E) FDE>=E:=K=E:) DKEBCD:=E:) =E)KA:BI?=)<=) ?=@A:BDE>)
>=];=@@=>)>A<DKA>DFHB>:=>)
)
)cgC!>(#."!I$&!4/'"!(9/..D%!8/"p&=1!F/PP/.4!&%!N.#m'!3#'%.&!S#=/$@&[:',1!(/!
7#$.!OC!2C!QC!+$P&!I$&!(&"!.&(/%,#'"!"&A$&((&"!49$'&!;,#(&'3&!&A%.D@&!'&!"#'%!
0/"!+$"%,J,<&"!0/.!(&!3#'"&'%&@&'%!4&!3&$A!I$,!=!0/.%,3,0&'%!TAU1!&((&!/JJ,.@&!(&!
3#'%./,.&!4/'"!(9/..D%!nC!>C!&%!>C!2C!3#'%.&!N&(P,I$&!TZUC!
!
"#! $%! '%620! &%! =20*)6)%'! ,%0! '%,"*)(70! 0%12%,,%0! 0"&(8"0(4:)0*%0! 3"'! ,%!
4(70%7*%8%7*!!
)
)ccC! 89/..D%! 8/"p&=1! F/PP/.4! &%! N.#m'! 3#'%.&! S#=/$@&[:',! &"%! (&! 0.&@,&.!
/..D%! .&'4$! 0/.! (/! 7#$.! "9/P,""/'%! 4&! 0./%,I$&"! ;,#(&'%&"! &'! @/%,B.&! 4&!
.&(/%,#'"!"&A$&((&"C!U(!"9/P,%!4&!P.#$0&"!495#@@&"!I$,1!(#."!4&!.<$',#'"!/""&T!
0/.%,3$(,B.&"1! "9,'J(,P&/,&'%!4&"!;,#(&'3&"!05=",I$&"!4/'"! (&!?$%!49#?%&',.!4$!
0(/,",.! "&A$&(C!7&((&"[3,! 3#'","%/,&'%!&'!4&!=(62'/2.&(0"2.0%6%-0&(.-$*.71&(&'"(*%&(
<2"0.%&(71-.02*%&(LP(*+2.)%()%(G."%(GB2')%8()%(<2<.%"()%(/%""%8()+B26%W#-&(%0()+2.7'.**%&(
<2"( %H%6<*%O( %0( %-(".0'%*&()%( $*27%**20.#-(&#.0(P(62.-&(-'%&( &#.0(2'(6#3%-()%()./%"&(
#@?%0&(0%*&(C'%()%&(#"0.%&8()%&(G%.-0'"%&(P(<#.-0(#'()%&(62"0.-%0&I(a2-&(G%"02.-&(G2&8(*%(
62"C'27%( 2'( $%"( "#'7%( #'( *%&( *1&.#-&( .-$*.71%&( <"#/#C'K"%-0( )%&( &2.7-%6%-0&( %0(
*2.&&K"%-0()%&(G.G20".G%&(D[ffC!8/!7#$.!.&@/.I$&!I$&!=(G%&(2G0./.01&(102.%-0(*.@"%6%-0(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#&&!768696:6-V/=D2R-!\/kk/3H!2>!m3<q,!BC!?<R/A@2ST,1-!#4!./,06!"**(-!E)-!./0/1/#2/!"**)-!+-!
"4(-!,O$#!2>!,O$%-!B<@@6!G6!;AH326!!
! "4"
G#-&%-0.%&[fT(%0( 6%-1%&( %-( <"./18( 2<<2"%66%-0( &2-&( 2'0"%( @'0( C'%( *2( "%GB%"GB%( )'(
<*2.&."(&%H'%*(D[fZC!!
)ckC! 2&"! 0#$."$,%&"! 0<'/(&"! J$.&'%! &A&.3<&"! E! (9&'3#'%.&! 4&! %.#,"! 4&"!!
0/.%,3,0/'%"!E!3&"!.<$',#'"!0/.%,3$(,B.&"1!ZC!8/"p&=1!ZC!F/PP/.41!&%!ZC!N.#m'C!
7&$A[3,! J$.&'%!3#'4/@'<"!0<'/(&@&'%!&%!"&!0(/,P',.&'%!4&;/'%! (/!7#$.!O!2C!
QC! 4&! 3&! I$&! (&$.! 3#'4/@'/%,#'! 0<'/(&! =(G#-&0.0'2.0( '-%( .-71"%-G%( .**172*%( %0(
.-?'&0.$.2@*%()2-&(*+%H%"G.G%()%(*%'"()"#.0(2'("%&<%G0()%(*%'"(/.%(<"./1%(D(.&(&;/'%!4&!
(9/.%,3(&!c!4&!(/!7#';&'%,#'[fEC!U(!.&;&'/,%!4#'3!E!(/!7#$.!4&!"&!0.#'#'3&.!"$.!
(/!I$/(,%<!/?"#($%#,.&!4$!3#'"&'%&@&'%!4/'"! (&! 3/4.&!4&! .&(/%,#'"! "&A$&((&"!H!
3&($,[3,! &A3$"/,%[,(! (&"! ;,#(&'3&"! &A&.3<&"!v! O'! 49/$%.&"! %&.@&"1! 3&"! .&(/%,#'"!
"&A$&((&"! 0/.%,3$(,B.&"! /$./,&'%[&((&"! 4l! D%.&! <0/.P'<&"! 0/.! (9,'%&.;&'%,#'!
0<'/(&! <%/%,I$&! 0/.3&! I$9&((&"! <%/,&'%! J#'4<&"! "$.! (&! 3#'"&'%&@&'%! 4&"!
0/.%,3,0/'%"!v! 89/.P$@&'%/%,#'! 4&"! .&I$<./'%"! <%/,%! 3#'3&'%.<&! "$.! 3&! 0#,'%!
&""&'%,&(C! 8/! 7#$.! '9&"%! 0/"! 3#';/,'3$&! 0/.! 3&((&[3,1! +$P&/'%! I$&! (&!
3#'"&'%&@&'%!'&!0#$;/,%!J/,.&!#?"%/3(&!E!(9,'%&.;&'%,#'!<%/%,I$&C!O'!&JJ&%1!&((&!
3#'",4B.&!49$'&!0/.%!I$&!=(*+'-()%&("k*%&(.-G#-0%&02@*%6%-0()1/#*'(P(*+>020(%&0(*2(
"17'*20.#-8( <2"( *%( ?%'( )'( )"#.0( <1-2*8( )%&( <"20.C'%&( C'.( %-0"2e-%-0( )%&( )#6627%&(
G#"<#"%*&I( p'%( G%&( 2G0%&( &#.%-0( G#66.&( )2-&( '-( G2)"%( &%H'%*( #'( 2'0"%( -+3( GB2-7%(
".%-(D! &%!49/$%.&!0/.%!I$&!=(5%(GB#.H()'(-./%2'()%()#6627%(C'%(*2(*#.(<%'0(0#*1"%"(
*#"&C'%(*2(/.G0.6%(%&0(G#-&%-02-0%("%/.%-0(%-(<"%6.%"(*.%'(P(*+>020(G#-G%"-1(G2"(*+%-?%'(
%&0(*.18()+'-%(<2"08(P()%&(G#-&.)1"20.#-&()%(&2-01(<'@*.C'%(%0(P(*+%$$%0().&&'2&.$()'()"#.0(
<1-2*(%-(71-1"2*(%08()+2'0"%(<2"08(2'(*.@"%(2"@.0"%()%(*+.-)./.)'(D[f@I(O((&!3#'3($%!/(#."!
I$9,(!'9=!/!0/"!&$!;,#(/%,#'!4$!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&!4&"!.&I$<./'%"1!
3/.! =(*%&( 2'0#".01&( -20.#-2*%&( 102.%-0( %-( )"#.0( )%( ?'7%"( C'%( *%&( <#'"&'.0%&( %-7271%&(
G#-0"%(*%&("%C'1"2-0&(%0(*%'"(G#-)26-20.#-(102.%-0()%&(6%&'"%&(-1G%&&2."%&()2-&('-%(
&#G.101( )16#G"20.C'%( P( *2( <"#0%G0.#-( )%( *2( &2-01( 2'( &%-&( )%( *+2"0.G*%( X( <2"I( U( )%( *2(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#&'!7M2=>!,<A=!aA1!=<AK1k,<,=6!#&(!b33d>!53LB6-!(H(=6!#&)!b33d>#;-,66-!E$#6!#&*!b33d>#53LB6-!E%$6!
! "4#
;#-/%-0.#-( Q2"0I( XTUS(DI(>,'",1! (/! 7#$.! .&J$"&! 4&! 3#'",4<.&.! I$&! (&! 3/./3%B.&!
3#'"&'"$&(! 4&"! .&(/%,#'"! "&A$&((&"! "/4#@/"#35,"%&"! 3#'"%,%$&! $'! .&@0/.%! E!
(9,'%&.;&'%,#'!<%/%,I$&C!!
!
)k-C!R/!4#3%.,'&!&"%!?,&'!4,JJ<.&'%&!4/'"!(9/..D%!nC!>C!&%!>C!2C!3#'%.&!N&(P,I$&C!
)
-#! $"! 4(70.4'"*)(7! &<27! 4(70%7*%8%7*! "-0(,2*()'%! =20*)6)"7*! ,%0! '%,"*)(70!
0%12%,,%0!0"&(8"0(4:)0*%0!
)
)k)C!89/..D%!nC!>C!&%!>C!2C!0#.%&!<P/(&@&'%! "$.! (&! 3/"!/%=0,I$&!4&"! .&(/%,#'"!
"&A$&((&"!"/4#@/"#35,"%&"C!S/00&(#'"!I$&!4&"!0#$."$,%&"!0<'/(&"!/;/,&'%!<%<!
&A&.3<&"! E! (9&'3#'%.&!49$'!@<4&3,'! &%! 49$'!@/P,"%./%! ?&(P&! /=/'%! &'%.&%&'$!
4&"!.&(/%,#'"!"&A$&((&"!"/4#@/"#35,"%&"1!49$'&!;,#(&'3&!,'#$q&1!/;&3!(9<0#$"&!
4&!(9$'!49&$A1!3&((&"[3,!/=/'%!/?#$%,!/$!0.#'#'3<!49$'&!3#'4/@'/%,#'!0<'/(&C!
O'!3#'"<I$&'3&1! (&"!.&""#.%,""/'%"!?&(P&"!"&!0(/,P'/,&'%!4&;/'%!(/!7#$.!OC!2C!
QC!49$'&!;,#(/%,#'!4$!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&C!U("!3#'",4<./,&'%!I$&!
3&($,[3,! 0.#%<P&/,%! (&$.! ;,&! "&A$&((&! &%! I$9E! 3&! %,%.&! (&"! 0#$."$,%&"! 0<'/(&"!
3#'"%,%$/,&'%!$'&!/%%&,'%&!4,"0.#0#.%,#''<&C!8/!7#$.! +$P&!I$&!(&"!0#$."$,%&"!
0<'/(&"! @&'<&"! 0/.! (9O%/%! ?&(P&! "#'%! +$"%,J,<&"! &%! I$&1! 0/.! ;#,&! 4&!
3#'"<I$&'3&1! (&! 4.#,%! /$! .&"0&3%! 4&! (/! ;,&!0.,;<&!4&"! .&I$<./'%"! '9/!0/"! <%<!
;,#(<C! R/!@#%,;/%,#'! &"%!'</'@#,'"! 3$.,&$"&C!O'! &JJ&%1! &((&! 3#'",4B.&! %#$%!4&!
@D@&! I$&! =(*%( )"#.0( <1-2*( -%( <%'08( %-( <".-G.<%8( .-0%"/%-."( )2-&( *%( )#62.-%( )%&(
"%*20.#-&( &%H'%**%&( G#-&%-0.%&( C'.( "%*K/%-0( )'( *.@"%( 2"@.0"%( )%&( .-)./.)'&(D! @/,"!
I$9!=(>-( *+%&<KG%8( %-( "2.&#-( )%( *2( -20'"%( )%&( $2.0&( .-G".6.-1&8( *+.-71"%-G%( C'%(
G#-&0.0'%-0( *%&( G#-)26-20.#-&( <"#-#-G1%&( -+2<<2"2e0( <2&( ).&<"#<#"0.#--1%I( M.( '-%(
<%"&#--%(<%'0("%/%-).C'%"(*%()"#.0()+%H%"G%"()%&(<"20.C'%&(&%H'%**%&(*%(<*'&(*.@"%6%-0(
<#&&.@*%8('-%(*.6.0%(C'.()#.0(0"#'/%"(2<<*.G20.#-(%&0(G%**%()'("%&<%G0()%(*2(/#*#-01()%(*2(
=(/.G0.6%(D()%(G%&(<"20.C'%&8()#-0(*%(<"#<"%()"#.0(2'(*.@"%(GB#.H(C'2-0(2'H(6#)2*.01&(
)+%H%"G.G%()%( &2( &%H'2*.01()#.0( 2'&&.( E0"%(72"2-0.I(;%G.( .6<*.C'%(C'%( *%&(<"20.C'%&( &%(
! "4$
)1"#'*%-0()2-&()%&(G#-).0.#-&(C'.(<%"6%00%-0('-(0%*("%&<%G08(G%(C'.(-%($'0(<2&(*%(G2&I(
>-(%$$%08(P(*2(*'6.K"%(-#0266%-0()%&(1*16%-0&("%0%-'&(<2"(*2(G#'"()+2<<%*8(.*(2<<2"2e0(
C'%(*%&(%-727%6%-0&()%&("%C'1"2-0&(/.&2-0(P(.-0%"/%-."(%0(2""E0%"(.661).20%6%-0(*%&(
<"20.C'%&( %-( G2'&%( *#"&C'%( *2( =(/.G0.6%(D( -+3( G#-&%-02.0( <*'&( -+#-0( <2&( 101(
"%&<%G01&(D[T\ I( >,'",1! ,(! J/$%! 3#@0.&'4.&! I$&! 3&! '&! "#'%! 0/"! (&"! 0./%,I$&"!
"&A$&((&"! ;,#(&'%&"! I$,! +$"%,J,&'%! (/! 3#'4/@'/%,#'! 4&"! .&I$<./'%"! @/,"!
*+2@&%-G%()%(G#-&%-0%6%-0()%(*2(/.G0.6%C!4(G#-0"2".#1!4#'3!",!3&(/!/;/,%!<%<! (&!3/"1!
(9,'P<.&'3&!<%/%,I$&!'9/$./,%!0($"!<%<!+$"%,J,<&!&'!;&.%$!4&!(9/(,'</!*!4&!(9/.%,3(&!
c!4&!(/!7#';&'%,#'C!
)k*C! 8&! ./,"#''&@&'%! /4#0%<! 0/.! (&! +$P&! &$.#0<&'! 4,JJB.&! 4#'3!
"$?"%/'%,&((&@&'%! 4&! 3&($,! /4#0%<! 4/'"! (9/..D%! 8/"p&=1! F/PP/.4! &%! N.#m'!
3#'%.&!S#=/$@&[:',C!O'!&JJ&%1!3#'%./,.&@&'%!E!3&!I$9,(!+$P&!4/'"!3&%%&!/JJ/,.&1!
,(! /JJ,.@&! 4/'"! (9/..D%! nC! >C! &%! >C! 2C! I$&! (&! 3#'"&'%&@&'%! /$A! .&(/%,#'"!
"&A$&((&"! ;,#(&'%&"1! 3r&"%[E[4,.&! E! 4&"! /3%&"! I$,! 0&$;&'%! D%.&! I$/(,J,<"1! 49$'!
0#,'%! 4&! ;$&! 0<'/(1! 4&! ;,#(&'3&"! ;#(#'%/,.&"1! 0&$%! J/,.&! #?"%/3(&! E!
(9,'%&.;&'%,#'!4&!(/!(#,!0<'/(&C!:'&!%&((&!4<3,",#'!@/.I$&!(/!0.#P.&"",#'!49$'&!
3#'3&0%,#'!/?"#($%,"%&!4$!3#'"&'%&@&'%!&'!@/%,B.&!4&!;,&!0.,;<&1!J#'4<!"$.!(/!
%#$%&!0$,""/'3&!4&!(/!;#(#'%<!,'4,;,4$&((&C!!
)
NO) .A) C?DM?=>>BDE) </;E=) FDEF=C:BDE) AZ>D@;:B>:=) <;) FDE>=E:=K=E:) <AE>) @=)
<DKABE=)<=)@A)JB=)C?BJG=)
)
)kbC!U(!'9&"%!0/"!<;,4&'%!4&!%,.&.!4&"!3#'3($",#'"!0&.%,'&'%&"!4&!I$&(I$&"!/..D%"!
4&! (/! 7#$.! OC! 2C! QC! /$! .&P/.4! 4&! (/! '#%,#'! 4&! 3#'"&'%&@&'%C! S&@/.I$#'"!
",@0(&@&'%! &'! "$?"%/'3&! I$&! (9/..D%! nC! >C! &%! >C! 2C!@/.I$&! (/! 3#'"<3./%,#'!
49$'! 3#'"&'%&@&'%! /?"#($%,"%&! &'! 3&! I$9,(! &"%! 4,""#3,<! 4&! 4&$A! 4&! "&"!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#'4!b33d>!53LB/-!E)%S)&6!7M2=>!,<A=!aA1!=<AK1k,<,=6!
! "4%
<(<@&'%"! 3#'"%,%$%,J"! J#'4/@&'%/$A1! (/! 3#'"3,&'3&! &%! (/! (,?&.%<! 49D%.&! 4#''<!
T8U1!&%!I$9,(!0&$%!3#'"%,%$&.!$'!.&@0/.%!E!(9,'%&.;&'%,#'!4&!(/!(#,!0<'/(&!TWUC!
!
8O)!E)FDE>=E:=K=E:)<B>>DFBG)<=>)G@GK=E:>)<=)FDE>FB=EF=)=:)<=)@BZ=?:G)
)
)kdC!4(<".#".1!'#%.&!4<;&(#00&@&'%!0#$../,%!"&@?(&.!@/(!E!0.#0#"1!&'!3&!I$&!
(9/..D%!nC!>C!&%!>C!2C!,(($"%.&!(9/?"&'3&!4&!3#'"&'%&@&'%!&'!@/%,B.&!4&!.&(/%,#'"!
"&A$&((&"! "/4#@/"#35,"%&"C! 7&0&'4/'%1! ,(! 0&$%! D%.&! %,.<! 4&"! &'"&,P'&@&'%"!
%#$%!E!J/,%!0&.%,'&'%"!49$'&!,'%&.0.<%/%,#'!2(G#-0"2".#!4&!(9/..D%1!4/'"!(&!"&'"!4&!
'#%.&!4<@#'"%./%,#'C!
)keC!S/00&(#'"[(&1!(/!7#$.!OC!2C!QC!+$P&!I$&!(9/?"&'3&!4&!3#'"&'%&@&'%!4&!(/!
;,3%,@&1! 3/./3%<.,"<! 0/.! (&! J/,%! I$9&((&! 3.,/,%! i!0,%,<!j! E! (9&'4.#,%! 4&! "&"!
0/.%&'/,.&"! "&A$&("1! J#'4&! (9,'%&.;&'%,#'! 4&! (/! (#,! 0<'/(&! ?&(P&C! 4( G#-02".#!
4#'31! "9,(!=!/;/,%!&$!3#'"&'%&@&'%1!3&($,[3,! <%/'%!3/./3%<.,"<!0/.! (9/?"&'3&!4&!
%#$%&!@/',J&"%/%,#'!&'!"&'"!3#'%./,.&!4&! (/!0/.%!4&! (/!;,3%,@&1! (&"!0#$."$,%&"!
0<'/(&"! /$./,&'%! 3#'"%,%$<! $'&! ,'P<.&'3&! ,'+$"%,J,<&! 4/'"! 3&"! 0./%,I$&"!
"&A$&((&"1! /$! %,%.&! 4$! 4.#,%! /$! .&"0&3%! 4&! (/! ;,&! 0.,;<C! 2&$A! .&@/.I$&"!
"9,@0#"&'%!/(#."1!I$/'%!E!(/!3#'3&0%,#'!#'%#(#P,I$&!4$!3#'"&'%&@&'%C!!
)kfC! 29/?#.41! (9<(<@&'%! 4&! 3#'"3,&'3&! &"%! &""&'%,&(! /$! 3#'"&'%&@&'%!H! "/'"!
3#'"3,&'3&1! (&! 3#'"&'%&@&'%! '9&A,"%&! 0/"#'" C! 5%( G#-&%-0%6%-0( %&0( G#-&G.%-G%I(
>$"",1!,(!,@0(,I$&!$'&!0(&,'&!0#""&"",#'!4&!"&"!J/3$(%<"!,'%&((&3%$&((&"!(#."I$9,(!
&"%!4#''<C!8&!3#'"&'%&@&'%!&"%!4#'!4&!"#,1!,(!/!$'&!4,@&'",#'!/?'<P/%,;&!I$,!
4#''&!$'!3/./3%B.&!3.$3,/(!E!3&%%&!3#'"3,&'3&C!>,'",1!!#'!0&$%!"&!4&@/'4&.1!/$!
.&P/.4! 4&"! J/,%"1! ",! (9<(<@&'%! 4&! 3#'"3,&'3&! .&I$,"! /$./,%! 0$! D%.&! 3#'",4<.<!
.&@0(,1!4/'"!(&!3/"!#h!(/!;,3%,@&!/$./,%!3#'"&'%,C!7&(/!'9&"%!0/"!3&.%/,'!4$!%#$%1!
%/'%! 4$! 0#,'%! 4&! ;$&! 4&"! ?#$..&/$A! I$&! 4&! 3&($,! 4&! (/! ;,3%,@&C! O'! &JJ&%1!
"9/P,""/'%! 4&"! 0.&@,&."1! (/! 7#$.! &A0(,I$&! I$9,("! /;/,&'%! ?$! 4&! P./'4&"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#'"!F6!c6!c/3p/,<-!."#6:)<")<J#=:)6#P"#<9(<-!Q6T6G6-!#44'6!
! "4&
I$/'%,%<"! 49/(3##(! &%! '&! "&!@/a%.,"/,&'%! 0($"1! /$! 0#,'%! 49/,((&$."! I$&! =(0#'0%(
#"72-.&20.#-8(0#'0(G#-0"k*%()%(*2(&.0'20.#-(102.%-0()%/%-'&(2@&%-0&(D!&%!I$9!=(.*(3(2(%'(
'-%(%&G2*2)%()%(/.#*%-G%(%0(C'%(*%&("%C'1"2-0&(#-0(%'HT6E6%&(2/#'1(C'+.*&(-%(&2/2.%-0(
<2&( #Y( %**%( &%( &%"2.0( 0%"6.-1%(D[T[I(R9/P,""/'%! 4&! (/! "&3#'4&1! #'! 0&$%! "$00#"&.!
I$9&((&! '9<%/,%! 0/"! &'! 0(&,'&! 0#""&"",#'! 4&! "&"! 3/0/3,%<"! ,'%&((&3%$&((&"! /$!
.&P/.4!4&"!;,#(&'3&"!"$?,&"!&%!4&!(/!"#$JJ./'3&!&'P&'4.<&C!!
)kgC!O'"$,%&1!$'!/$%.&!<(<@&'%!&""&'%,&(!4$! 3#'"&'%&@&'%!&"%!/?"&'%1!@/(P.<!
(&"! /00/.&'3&"1! 4&! 3&%! /33#.4! "/4#@/"#35,"%&C! U(! "9/P,%! 4&! 3&($,! 4&! (,?&.%<C!
U@/P,'#'"! I$&! (/! ;,3%,@&! '9/$./,%! 0/"! 3.,<! 0,%,<C! 6&$%[#'! /(#."! ;./,@&'%!
3#'",4<.&.! I$9&((&! /$./,%! 4#''<! "#'! 3#'"&'%&@&'%! E! 3&"! ;,#(&'3&"! &'! %#$%&!
(,?&.%<!v!8&"! ;,#(&'3&"! .&_$&"! &%! (&$."! 3#'"<I$&'3&"! 4#@@/P&/?(&"! %/'%!
05=",I$&"! I$&! 0"=35#(#P,I$&"! 0&$;&'%[&((&"! ;./,@&'%! (&! (/,""&.! 0&'"&.1!
'#'#?"%/'%!(/!.&35&.35&!4$!0(/,",.!"&A$&(!I$,!(&"!J#'4&'%!v!K&!"&@?(&[%[,(!0/"!
0($%t%!I$&!(9&'P.&'/P&!4&!(/!;,#(&'3&!x!49/$%/'%!I$&!3&((&[3,!4$./,%!4&0$,"!$'!
3&.%/,'! %&@0"! [! &%!$'&!4<0&'4/'3&!0"=35#(#P,I$&! <;,4&'%&! &@0D35/,&'%1! &'!
(9&"0B3&1!!%#$%&!(,?&.%<!4/'"!(&!3#'"&'%&@&'%!v!:'&!.<0#'"&!0#",%,;&!"9,@0#"&1!
49/$%/'%!0($"!I$&! (9/..D%! .<;B(&!I$&! (/!;,3%,@&! "9<%/,%! (,;.<&! E! (/!0.#"%,%$%,#'!
"#$"!(/!0.&"",#'!4&!"#'!@/.,C!!
)kcC!>,'",1!(&!./,"#''&@&'%!4&!(/!7#$.!OC!2C!QC!'9&@0#.%&!/?"#($@&'%!0/"!(/!
3#';,3%,#'C!7&!3#'"&'%&@&'%!I$,1!"9,(!/;/,%!<%<!4#''<1!/$./,%!.&'4$!(,3,%&"!3&"!
.&(/%,#'"! "&A$&((&"! %.B"! ;,#(&'%&"! '9&'! /$./,%! 0/"! <%<! $'! 4&! %#$%&! J/_#'C! 8&!
3#'"&'%&@&'%!4#''<!4/'"!(&!3/4.&!4&!%&((&"!.&(/%,#'"!"&A$&((&"!'&!.&@0(,%!0/"!
(&"!3#'4,%,#'"!",'#'!J#'4/@&'%/(&"1!4$!@#,'"!<(<@&'%/,.&"!4$!3#'"&'%&@&'%!
;/(,4&C!89/33#.4!4#''<!"9/"",@,(&!4/;/'%/P&!E!(9/""$+&%%,""&@&'%!4&!(/!;#(#'%<!
4&! (9$'! 0/.%! 3&((&! 4&! (9/$%.&C! >$"",! "$.0.&'/'%! I$&! 3&(/! 0$,""&! D%.&1!!
(9/$%#'#@,&!0&."#''&((&!0&$%!4#'3! D%.&! J#'4<&! "$.!$'! 3#'"&'%&@&'%! J/$""<1!
3#'"%,%$<! 0/.! (/! %#$%&! 0$,""/'3&! 49$'&! ;#(#'%<! ,'4,;,4$&((&! "$.! $'&! /$%.&C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#'#!b33d>!53LB6-!E)&6!!
! "4'
K#$"! .&+#,P'#'"! /(#."! (9/'/(="&! 3.,%,I$&!4&!ZC!ZC!8&;,'&%1! I$,1! E! 0.#0#"!4&!
(9/..D%!nC!>C!&%!>C!2C1!<;#I$&!=(*%&()1"./%&(D(4&(=(*+2'0#-#6.%(<%"&#--%**%(DC!=(>-(
<"./.*17.2-0('-%(2<<"#GB%(B3<%"&'@?%G0./.&0%()%(*2(-#0.#-()+2'0#-#6.%(<%"&#--%**%8(L*%(
?'7%O( #'@*.%( C'+%-( 71-1"2*( G%( &#-0( *%&( $2.@*%&( C'.( G#-&%-0%-0(D1! "#$(,P'&[%[,(! /;&3!
./,"#'*fbC!!
!
)kkC!7&!3#'"%/%!0#"&!(/!I$&"%,#'!0($"!P<'<./(&!4&!(/!;/(,4,%<!4$!3#'"&'%&@&'%!
&'!@/%,B.&! "/4#@/"#35,"%&! &%! 4&! (9/$%#'#@,&! 0&."#''&((&! 4&"! ,'4,;,4$"! I$,!
"9=!/4#''&'%1!'#%/@@&'%!3&((&!4&"!&"3(/;&"![!"&(#'!(/!%&.@,'#(#P,&!3#'"/3.<&!
4/'"!3&!4#@/,'&#'%![1!/$%.&@&'%!4,%!(&"!;,3%,@&"C!Z@&!ZC!Z/.T/'#!4#''&!$'&!
.<0#'"&! '<P/%,;&1! 0#$.! 4&$A! ./,"#'"! &""&'%,&((&"#'&C! 8/! 0.&@,B.&! %,&'%! E! (/!
0"=35#(#P,&! 4$! "/4,I$&! 4/'"! (/! .&(/%,#'! "/4#@/"#35,"%&1! 0#$.! I$,! /$%.$,!
'9&A,"%&! 0/"C!=(a2-&( *%( "2<<#"0( &2)#62&#GB.&0%( QRS8( L*%O( &%'*(<#'/#."( L)'(&2).C'%O(
0.%-0(%-($2.0(P(&2(G2<2G.01()+.627.-%"(C'+.*(2(2&&%A()%(<'.&&2-G%8(-#-(<2&(<#'"(6%00"%(
'-( 0%"6%( P( *2( <"1&%-G%( )%( *+2'0"%8( 62.&( <#'"( .6<#&%"( P( *+2'0"%( &#.0( *2( $.7'"%( )%( *2(
/.G0.6%8( &#.0( *2( $.7'"%( )'( G#6<*.G%( QRS(d( *%( &2).C'%( QRS( -+2( <2&( *2( <#&&.@.*.01( )%(
G#-&0"'."%('-%(&0"'G0'"%()2-&(*2C'%**%(2'0"'.(%H.&0%(QRSI(>-($.-()%(G#6<0%8(*%(&2).C'%(
&%(G#-&0"'.0('-(6#-)%()2-&(*%C'%*( *%&(2'0"%&(-+%H.&0%-0(<2&I(5%&(2'0"%&(&#-0(2@&%-0&(
%08( <2"( *%'"( 2@&%-G%8( .*&( "%-)%-0( .6<#&&.@*%( *+%H.&0%-G%( 6E6%( )'( G#-0"208( )'(
G#-&%-0%6%-08(#'()%(*+2'0#-#6.%(D8(&A0(,I$&[%[&((&!4&!@/',B.&!<3(/,./'%&#''C!!
*--C!8/!"&3#'4&!./,"#'!/! %./,%!E! (/!0.,;/%,#'!4&! (,?&.%<!I$&!"9,'J(,P&! (9&"3(/;&1!
,'5<.&'%&! E! (/! "%.$3%$.&! 4&! (/! .&(/%,#'! "/4#@/"#35,"%&C! 6#$.! (9/$%&$.1! 3&%%&!
0.,;/%,#'! 4&! (,?&.%<! &"%! /'%,'#@,I$&! /;&3! (/! '#%,#'!@D@&! 4&! 3#'"&'%&@&'%!
49$'&! 0/.%1! &%! 49/$%#'#@,&! 49/$%.&! 0/.%C! O%! ",! (9#'! ;&$%! I$/'4! @D@&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#'$!c6! V201,2>-! J!V/! ,<>1<,! HM/A><,<@12! 523=<,,2KK2! H/,=! K/! .A31=53AH2,B2! H2! K/! 7<A3!
2A3<5L2,,2!H2=!H3<1>=!H2!KMI<@@2!N-!5-:(+<-!,O%*-!#44*-!56!"'!2>!=6-!=5LB6!56!"(6!!#'%!F6!5/3!2Y6!f6!7/RK/-!J!V2!5K/1=13!H2!K/!521,2!<A!KM/3`1>3/132!5L,/K1=/>1<,!HA!5K/1=13!N-!()#
!%#*(H"-+,#<"O9"**"-!H136!96!m<31KK<!2>!96!V<BI/D-!Q6T6G6-!#44'-!56!)*!2>!=6!#'&!c6!c/3p/,<!2>!b6!c1KK<,-!J!V2!B<35=!>3/,=k32==L!]!HA!B<,=2,>2@2,>!/A!=<AB1!H2!=<1!N-!()#
!%#*(H"-+,#<"O9"**"-!:;/#6(+6-!56!"4(!2>!=6!!#''!j;/#6(+/-!56!"#"6!
! "4(
3#'",4<.&.!I$&!(&!3#'"&'%&@&'%!4#''<!&"%!.<&(1!,(!'&!0&$%!P/./'%,.!(9/$%#'#@,&!
4&!3&($,!I$,!(9/!4#''<C!O'!&JJ&%1!=(#-(2&&.&0%(L2*#"&O(QRS(P('-%(&#"0%()%()16.&&.#-()%(
&#-(2'0#-#6.%(2$.-(C'%(C'%*C'+'-()+2'0"%(102@*.&&%(*%&("K7*%&()%(*2("1G.<"#G.01(D[TZC!!
*-)C!R&(#'!Z@&!ZC!Z/.T/'#1!(/!"%.$3%$.&!@D@&!4&!(/!.&(/%,#'!"/4#@/"#35,"%&!
&A3($%! 2@( .-.0.#! (&! 3#'"&'%&@&'%C! 89/33#.4! 3#'3($! &'%.&! (&"! 0/.%,3,0/'%"! E! (/!
.&(/%,#'!"/4#@/"#35,"%&!'9&"%!4#'3!0/"!$'!3#'"&'%&@&'%1!@/,"!(/!;#(#'%<!4$!
"/4,I$&!,@0#"<&!E!(9&"3(/;&C!!
*-*C!:'&!/$%.&!"0<3,J,3,%<!3/./3%<.,"&!<P/(&@&'%!(&!3#'"&'%&@&'%!,(($"%.<!4/'"!
(9/..D%!nC!>C!&%!>C!2C!H!,(!"9/P,%!4&!"/!0#%&'%,/(,%<!E!J/,.&!<35&3!E!%#$%&!0#$."$,%&!
0<'/(&C!!
!
WO)!E)FDE>=E:=K=E:)>;>F=C:BZ@=)<=)QAB?=)DZ>:AF@=)_) @/BE:=?J=E:BDE)<=) @A) @DB)
CGEA@=)
)
*-bC! 8/!@#%,;/%,#'! 4$! +$P&! &$.#0<&'! &"%! "/'"! /@?,P$,%<!H! =(*%( )"#.0( <1-2*( -%(
<%'08( %-(<".-G.<%8( .-0%"/%-."()2-&( *%()#62.-%()%&(<"20.C'%&( &%H'%**%&( G#-&%-0.%&( C'.(
"%*K/%-0( )'( *.@"%( 2"@.0"%( )%&( .-)./.)'&I( :*( $2'0( )K&( *#"&( C'+.*( %H.&0%( )%&( =("2.&#-&((
<2"0.G'*.K"%6%-0( 7"2/%&(D( <#'"( C'%( &#.0( ?'&0.$.1%8( 2'H( $.-&( )%( *+2"0.G*%( XzU( )%( *2(
;#-/%-0.#-8('-%(.-71"%-G%()%&(<#'/#."&(<'@*.G&()2-&(*%()#62.-%()%(*2(&%H'2*.01(D[TEC!
>$%.&@&'%! 4,%1! (9O%/%! .<P$(/%&$.! 4&"! 3#@0#.%&@&'%"! "#3,/$A! 4#,%! .&"%&.! &'!
4&5#."!4&!3&!4#@/,'&! ",! ,'%,@&!4&! (/!;,&!0.,;<&!I$9&"%! (/!;,&! "&A$&((&C!7&%%&!
&A3($",#'! '9&"%! 0/"! ,'3#'4,%,#''&((&1! 0$,"I$&! (/! 7#$.! +$P&! I$&! !"#'%!
3#'3&.'<&"! $',I$&@&'%! (&"! .&(/%,#'"! "&A$&((&"! 3#'"&'%,&"C! 8&! 3#'"&'%&@&'%1!
3#'"%,%$%,J! 4&! (9/33#.4! 0/""<! &'%.&! (&"! 0/.%&'/,.&"1! 3r&"%[E[4,.&! 49$'&! '#.@&!
0.,;<&!(<P,%,@/'%!(/!.&(/%,#'!"&A$&((&1!J#'4&!4B"!(#."!(9&A3($",#'!4&!(9,'P<.&'3&!
<%/%,I$&C! 7&! '9&"%! I$&! ",! (&! 3#'"&'%&@&'%! 4,"0/./a%! I$&! 3&((&[3,! 4&;,&'%!
+$"%,J,<&C!!7&%%&!/""&.%,#'!/00&((&!4&$A!.&@/.I$&"C!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#'(!j;/#6(+/-!56!"#$6!!#')!768696:6-!"(!_L036!#44&-!l6b6!2>!b6!96!BCm2Kk1aA2-!53LB/-!E)%6!
! "4)
*-dC! 29/?#.41! (&! 3#'"&'%&@&'%! &'! @/%,B.&! 4&! .&(/%,#'"! "&A$&((&"! &A3($%!
%./4,%,#''&((&@&'%! %#$%&! ,'P<.&'3&! <%/%,I$&C! O'! &JJ&%1! ,(! &"%! (&! J#'4&@&'%! 4&!
(9/3%,;,%<! "&A$&((&! (,3,%&!H!=(5%(G#-&%-0%6%-0(*.@"%(%-0"%(2)'*0%&(L%&0O(*2("1$1"%-G%()%(
@2&%()%(*2("%*20.#-(&%H'%**%(L)%<'.&(*%()1@'0()'([:[K6%(&.KG*%O(D1! &A0(,I$&!ZC! FCxGC!
75/""/,'P#'*C!>$!3#'%./,.&1!(/!.&(/%,#'!"&A$&((&!"$?,&!&"%!.<0.,@<&!0/.!(&!4.#,%!
0<'/(1!0$,"I$9,(!"9/P,%!/(#."!49$'!;,#(1!0.<;$!&'!4.#,%!J./'_/,"!E!(9/.%,3(&!***[*b!
/(,'</! )! 4$! 7#4&! 0<'/(!H! =(9#'0( 2G0%( )%( <1-10"20.#-( &%H'%**%8( )%( C'%*C'%( -20'"%(
C'+.*( &#.08( G#66.&%( &'"( *2( <%"&#--%( )+2'0"'.( <2"( /.#*%-G%8( G#-0"2.-0%8( 6%-2G%( #'(
&'"<".&%( %&0( '-( /.#*(DC! 2B"! (#."1! (&! 3#'"&'%&@&'%! '9&"%! 0/"! $'! J/,%! +$"%,J,3/%,J1!
0$,"I$&!(/!3/./3%<.,"/%,#'!4&!(9,'J./3%,#'!,@0(,I$&!(9/?"&'3&!4&!3#'"&'%&@&'%C!
89/?"&'3&! 4&! 3#'"&'%&@&'%! &"%! $'! <(<@&'%! 3#'"%,%$%,J! 4&! (9,'J./3%,#'1!
3/./3%<.,"<! 0/.! 4&"! 3,.3#'"%/'3&"! %&((&"! I$&! (/! ;,#(&'3&1! (/! 3#'%./,'%&1! (/!
@&'/3&!#$!(/!"$.0.,"&#(4C!!
*-eC! O'! .&;/'35&1! 3&! 3#'"&'%&@&'%!-#"62*%6%-0( (<P,%,@/'%! 4&! (9&A3($",#'! 4&!
(9,'P<.&'3&! <%/%,I$&! 4&;,&'%1! 0/.! &JJ&%! 4&! 3#'%/P,#'1! $'! J/,%! +$"%,J,3/%,J! 4&"!
;,#(&'3&"! &A&.3<&"1! ;#,.&! 4&"! %#.%$.&"! &%! /3%&"! 4&! ?/.?/.,&"! 3#@@,"! 4/'"! (&!
3/4.&! 4&! 3&"! .&(/%,#'"! "&A$&((&"! "/4#@/"#35,"%&"C! O'! &JJ&%1! (/!7#$.! OC!2C!QC!
+$P&! ,'4,.&3%&@&'%! I$&! (/! ./,"#'!0/.%,3$(,B.&@&'%! P./;&! "$"3&0%,?(&!4&! J/,.&!
#?"%/3(&! E! (9,'%&.;&'%,#'! <%/%,I$&! 0/.! (&! %.$35&@&'%! 4$! 4.#,%! 0<'/(! &"%!
(9/?"&'3&!4&!3#'"&'%&@&'%1!3&!4&.',&.!.&'4/'%!(,3,%&!I$&(I$&!/3%,;,%<!"&A$&((&!
I$&!3&!"#,%1!J$%[&((&!;,#(&'%&C!X.1!(&"!;,#(&'3&"!&A&.3<&"!4/'"!3&%%&!/JJ/,.&!'&!"&!
.<4$,"&'%!0/"!E!I$&(I$&"!P,J(&"!/'#4,'&"!@/,"!3#..&"0#'4&'%!E!(9,'J./3%,#'!4&!
;,#(&'3&"!;#(#'%/,.&"!&'!4.#,%!J./'_/,"!0.<;$&!/$A!/.%,3(&"!***[g!&%!"$,;/'%"!4$!
7#4&!0<'/(1!;#,.&!E!3&((&!4&!%#.%$.&!&%!/3%&"!4&!?/.?/.,&!0.<;$&!E!(9/.%,3(&!***[)!
4$! @D@&! 7#4&1! 3#'"%,%$<&"! 0/.! $'! =(1*16%-0( 6201".%*( G#-&.&02-0( )2-&( *2(
G#66.&&.#-( )+'-( #'( <*'&.%'"&( 2G0%&( )+'-%( 7"2/.01( %HG%<0.#--%**%( C'.( )1<2&&%-0( )%&(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#'*!\6SG6! 7I/==/1,k-! J!V2! B<,=2,>2@2,>6! ?L_K2Y1<,=! I1=><31aA2=! =A3! A,2! 1,B23>1>AH2! HA!
H3<1>!5L,/K!N-!()#!%#*(H"-+,#<"O9"**"-!:;6!6(+6-!56!'&!2>!=6-!=5LB6!56!(&6!#(4!;A3!K2!@LB/,1=@2!HA!_/1>!.A=>1_1B/>1_-!06!,<=!2Y5K1B/>1<,=!()>-%J!56!"&'!2>!=6!
! "4*
&.6<*%&(/.#*%-G%&(%0(#GG2&.#--%-0(P(*2(/.G0.6%('-%()#'*%'"(%0('-%(&#'$$"2-G%(2.7'{8(%0(
)+'-(1*16%-0(6#"2*(G#-&.&02-0()2-&(*2(/#*#-01()%(-.%"()2-&(*2(/.G0.6%(*2().7-.01()%(*2(
<%"&#--%(B'62.-%(D[ZDI(>+#$%#'"!I$&!(/!7#';C!OC!2C!QC!3#'4/@'&!<P/(&@&'%!4&!
%&("!/P,""&@&'%"!"#$"!$'&!I$/(,J,3/%,#'!",@,(/,.&!H!=(h'*(-%(<%'0(E0"%(&#'6.&(P(*2(
0#"0'"%(-.(P()%&(<%.-%&(#'(0"2.0%6%-0&(.-B'62.-&(#'()17"2)2-0&(DC! !O"%[,(!?&"#,'!4&!
./00&(&.! I$&! (&! 3#'"&'%&@&'%! '9&A3$"&! 0/"1! &'! 4.#,%! 0<'/(1! (&"! ;,#(&'3&"!
&A&.3<&"! E! (9&'4.#,%! 49$'! %,&."1! I$&((&! I$&! "#,%! (&$.! P./;,%<! v! >,'",1! (&!
3#'"&'%&@&'%!E!D%.&!?/%%$!'9&A3($%!/$3$'&@&'%!(9,'%&.;&'%,#'!4&!(/!(#,!0<'/(&1!
0/"!0($"!I$&!(&!3#'"&'%&@&'%!E!"#'!0.#0.&!@&$.%.&C!7&0&'4/'%1!/$!.&P/.4!4&!
3&! I$,! ;,&'%! 49D%.&! <3.,%! 3#'3&.'/'%! (&! 4#@/,'&! 4&! (/! ;,&! "&A$&((&1! #'! 0&$%!
4#$%&.!I$9$'&!%&((&!/JJ,.@/%,#'!"#,%!%#$+#$."!;./,&C!6$,"I$&!4&!%&((&"!;,#(&'3&"!
0&$;&'%!D%.&!&A&.3<&"!&'!%#$%&!,@0$',%<!4/'"!(&!3/4.&!4&!.&(/%,#'"!"&A$&((&"1!
0#$.I$#,! '&! 0/"! /4@&%%.&! I$&! (&! @&$.%.&! "#,%! 4&! @D@&! &A3$"<!v! 8/!
@#%,;/%,#'!4&! (/!7#$.!OC!2C!QC1!#'! (&!3#'"%/%&1!0#$../,%!/;#,.!4&"!;,.%$/(,%<"!
?,&'!4/'P&.&$"&"C!!
*-fC! 89&""&'%,&(! &"%! I$&! (9/33#.4! 4#''<! 4/'"! 3&! 4#@/,'&! 4&! (/! ;,&! 0.,;<&!
"&@?(&! D%.&! 3#'",4<.<! 0/.! (/! 7#$.! 4&! R%./"?#$.P! 3#@@&! $'&! '#.@&! 0.,;<&!
"9,@0#"/'%! ,'3#'4,%,#''&((&@&'%!E! (9O%/%1!4/'"! %#$%&!"/!4,@&'",#'!4&!P/./'%!
4$!.&"0&3%!4&!(9#.4.&!0$?(,3!(&!0($"!J#'4/@&'%/(!I$&!J#$(&!/$A!0,&4"1!E!'9&'!
0/"!4#$%&.1!$'&!%&((&!",%$/%,#'C!!
*-gC! :'&! %&((&! 4#3%.,'&! &'! @/%,B.&! 4&! 4.#,%"! J#'4/@&'%/$A! '&! J/,%! 0/"!
3#'"&'"$"! 0/.@,! (&"! /$%&$."C! 7&"! 4&.',&."! "#'%! 0/.%/P<"! &'%.&! (/!
3#'4/@'/%,#'! (/! 0($"! %#%/(&! &%! "#'! /00.#?/%,#'! /;&3! $'! &'%5#$",/"@&! 0&$!
4,"",@$(<C! >,'",1! Z@&! 7C! 8/?.$""&[S,#$! "9,'"$.P&! 3#'%.&! $'! %&(! /..D%1!
.&@/.I$/'%! /;&3! ./,"#'! I$&! =( *%( G#-&%-0%6%-0( )%( *2( /.G0.6%( L-%( <%"6%0( <2&(
)+%HG'&%"(*%&(2'0%'"&()%(G#'<&(%0(@*%&&'"%&O(QRSI(5%&()"#.0&()%(*+B#66%(&%"2.%-0(/.)1&(
)%(0#'0%(<#"01%(&.(*%(G#-&%-0%6%-0()%(*2(/.G0.6%(&'$$.&2.0(P(&%().&<%-&%"()%(*%&("%&<%G0%"I(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#("!VR<,-!BI6!/BB6-!"*!./,06!"**'-!56!"**'6!#&)-!,<>2!7<=>26!
! ""4
M.( *2( &%'*%( GB#&%( C'.( G#6<0%( %&0( *+2'0#-#6.%( <%"&#--%**%8( '-%( <%"&#--%( <#'""2.0(
2GG%<0%"( )+E0"%( &#'6.&%( P( )%&( <"20.C'%&( &2)#62&#GB.&0%&8(62.&( 2'&&.( )+E0"%( 0#"0'"1%8(
0"2.01%(%-(%&G*2/%8(#'(6E6%(0'1%(D[Z[C!!ZC!2C!4&!N<35,((#'!0&'"&!I$/'%!E!($,!I$&!(/!
7#$.!OC!2C!QC!@/.I$&!/;&3!#00#.%$',%<!"/!%#(<./'3&!0#$.!(/!0(&,'&!(,?&.%<!4&"!
0&."#''&"! 4&! 4,"0#"&.! 49&((&"[@D@&"1! &%! 0/.! (E! @D@&! "#'! .&"0&3%! 0#$.! (&!
3#'%./%! I$9&((&"! #'%! 0/""<1! ,@0(,I$&[%[,(! 4&"! ;,#(&'3&"! &A%.D@&"C!>,'",1! 0#$.!
3&%! /$%&$.1! (&! 3#'"&'%&@&'%!0&$%! &A3$"&.!4&! %&((&"!0./%,I$&"1!0$,"I$9,(! "9/P,%!
/(#."!4&!(/!=(*#.()%&(<2"0.%&(D(I$,!4#,%!D%.&!.&"0&3%<&#($C!!
!
*-cC! 8/! 7#$.! OC! 2C! QC! "&@?(&! %#$%&J#,"! ! (,@,%&.! 3&%%&! 3#'3&0%,#'! %#$%&!
0/.%,3$(,B.&!4$! 3#'"&'%&@&'%! /$!4#@/,'&! %.B"! 3,.3#'"3.,%! 4&! (/! ;,&! "&A$&((&C!
O'!&JJ&%1!&((&!'9/!0/"!$"<!4&!3&%%&!4#3%.,'&!4/'"!(&"!/$%.&"!/..D%"!.&'4$"!"$.!(&!
J#'4&@&'%! 4&! (9/$%#'#@,&! 0&."#''&((&1! &%! 3&($,! I$,! 0/.@,! 3&$A[3,! %./,%&!
4,.&3%&@&'%! 4$! 3#'"&'%&@&'%! (9&A3($%! 3/%<P#.,I$&@&'%C! >,'",1! 4/'"! (9/..D%!
6.&%%=! 3#'%.&! S#=/$@&[:',1! (&! 3#'"&'%&@&'%! 4&!Z@&! 6.&%%=! E! "#'!@&$.%.&!
'9/$./,%!0/"!J/,%!#?"%/3(&!E!4&"!0#$."$,%&"!0<'/(&"C!!
*-kC!2B"!(#."1!I$&!0&'"&.!4&!3&%%&!0.#@#%,#'!4$!3#'"&'%&@&'%1!J#'4&@&'%!4&!
(9/$%#'#@,&! 0&."#''&((&! &'! @/%,B.&! 4&! .&(/%,#'"! "&A$&((&"! v! }! /$./,%[,(!
,@0(,3,%&@&'%1! "&(#'! (/! 7#$.1! 4,JJ<.&'%"! 4&P.<"! 49/$%#'#@,&1! J#'4<"! "$.!
4,JJ<.&'%"!',;&/$A!4&!3#'"&'%&@&'%!v!O%!0#$.I$#,!J/,.&!?<'<J,3,&.!(&"!.&(/%,#'"!
"&A$&((&"!49$'&!%&((&!,@@$',%<!0<'/(&!v!O'!&JJ&%1!#'!"/,%!I$9/$3$'&!(,?&.%<!'&!
"/$./,%!D%.&!&A&.3<&!4&!@/',B.&!/?"#($&1!&%!I$&!"#'!&A&.3,3&!&"%!%#$+#$."!(,@,%<1!
49$'&! 0/.%1! 0/.! (9&A&.3,3&! 4&! "/! 0.#0.&! (,?&.%<! 0/.! /$%.$,! x! ,(! "9/P,%! 4&!
(9&A,P&'3&! 4&! 3#&A,"%&'3&! 4&"! (,?&.%<"! [1! 49/$%.&! 0/.%! 0/.! 4&"! 3#'",4<./%,#'"!
49,'%<.D%! P<'<./(1! "$0<.,&$.&"! E! (9&A&.3,3&! 4&! 3&%%&! (,?&.%<1! I$,! J#.@&'%! $'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#(#!76!V/`3A==2S?1<A-!J!V2!=/H1=@2!,M2=>!5/=!A,!H3<1>!H2! KMI<@@2!n768696:6-!"32! =2B>6-!"(!
_L03123!#44&-!l6!b6!2>!b6!96!BCm2Kk1aA2o!N-!56!#44&-!56!#*($6!#($!96!H2!mLBI1KK<,-!J!V2!531,B152!H2!K1`23>L!B<,>3/B>A2KK2!H/,=!K/!7<,02,>1<,!2A3<5L2,,2!
H2=!H3<1>=!H2!KMI<@@2!N#.9&"-#*B%=$()(<+-%+(:)J#%=$()(<+-"-#*%#P9<+(6"#R#S,*%)&"<#:>>"-+<#%9#
1-,<(=")+#5%)("*#!%H"+:9**"-!9/KK<p-!#44'6!
! """
#.4.&! 0$?(,3! ,@0<./%,J! ;&'/'%! (/! (,@,%&.! x! ,(! "9/P,%! /(#."! 4&! (9&A,P&'3&! 4&!
0.#%&3%,#'! 4&! (/! "#3,<%< #(% C! 7&%%&! (,@,%/%,#'! #'%#(#P,I$&! 4&! (/! (,?&.%<! &"%!
49/,((&$."!,'%<P.<&1!./00&(#'"[(&1!4/'"!(/!7#';C!OC!2C!QC!8&!4.#,%!/$!.&"0&3%!4&!
(/! ;,&! 0.,;<&1! &'! %/'%! I$&! 4.#,%! 3#'4,%,#''&(1! 0&$%[D%.&! (,@,%<! &'! ;&.%$! 4&!
(9/(,'</!*!4&!(9/.%,3(&!c!0/.!$'&!=(.-71"%-G%(L1020.C'%O(QRS(<"1/'%(<2"(*2(*#.(%0(QRS(
G#-&0.0'L2-0O( '-%( 6%&'"%( C'.8( )2-&( '-%( &#G.101( )16#G"20.C'%8( %&0( -1G%&&2."%( P( *2(
&1G'".01(-20.#-2*%8(P(*2(&x"%01(<'@*.C'%8(2'(@.%-TE0"%(1G#-#6.C'%()'(<23&8(P(*2()1$%-&%(
)%(*+#")"%(%0(P(*2(<"1/%-0.#-()%&(.-$"2G0.#-&(<1-2*%&8(P(*2(<"#0%G0.#-()%(*2(&2-01(#'()%(*2(
6#"2*%8( #'( P( *2( <"#0%G0.#-( )%&( )"#.0&( %0( *.@%"01&( )+2'0"'.(DC! 29/,((&$."1! 39&"%! (/!
0.#%&3%,#'!4&! (/!"/'%<!I$,!3#'4$,%! (/!7#$.!OC!2C!QC!E! 3#'",4<.&.!4/'"! (9/..D%!
8/"p&=1! F/PP/.4! &%! N.#m'! I$&! (9,'%&.;&'%,#'! <%/%,I$&! 0/.! (&! %.$35&@&'%! 4$!
4.#,%!0<'/(!'&!3#'"%,%$&!0/"!$'&!;,#(/%,#'!4$!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&!
4&"!.&I$<./'%"#(&C!!
*)-C! 6($",&$."! /.P$@&'%"! 0&$;&'%! ./,"#''/?(&@&'%! &A0(,I$&.! $'&! %&((&!
<;#($%,#'!4&!(/!4#3%.,'&!4&!(/!7#$.C!29/?#.41!3&($,!4&!(9<P/(,%<!&'%.&!%#$%&"!(&"!
0./%,I$&"! "&A$&((&"1! /?#$%,""&@&'%! 49$'&! +$.,"0.$4&'3&! /=/'%! 3#'"/3.<!
(9<P/(,%<! &'%.&! (&"! .&(/%,#'"! "&A$&((&"!5#@#"&A$&((&"! &%! (&"! .&(/%,#'"! "&A$&((&"!
5<%<.#"&A$&((&"1! I$,! 49/,((&$."! '&! 3#'3&.'&! 0/"! "&$(&@&'%! (&"! 0./%,I$&"!
"&A$&((&"! @/,"! <P/(&@&'%! (&"! #.,&'%/%,#'"! "&A$&((&"C! >,'",1! 4/'"! (&!
0.#(#'P&@&'%! 4&! (/! 4<0<'/(,"/%,#'! 4&"! 0./%,I$&"! "&A$&((&"! &'%.&! 5#@@&"!
5#@#"&A$&("1! I$&! 3&"! 0./%,I$&"! ,'3($&'%! 4&$A! #$! 0($",&$."! 0/.%&'/,.&"1! (/!
7#$.!/! (#P,I$&@&'%!4<0<'/(,"<! (&"!0./%,I$&"!"&A$&((&"!;,#(&'%&"1!/;&3! %#$%&"!
(&"!.<"&.;&"!I$&!'#$"!/;#'"!"#$(,P'<&"!&'<"2C!!
*))C! S&@/.I$#'"! I$&! %#$%&! (/! 4#3%.,'&! '&! "9,'"$.P&! 0/"! 3#'%.&! (/!
+$.,"0.$4&'3&!nC!>C!&%!>C!2C!>,'",1!"&(#'!ZC!XC!7/=(/1! (&"!.&(/%,#'"!"&A$&((&"!
"/4#@/"#35,"%&"!"#'%!$'&!&A0.&"",#'!0/.%,3$(,B.&!&%!/33&0%/?(&!4&!(/!(,?,4#!4&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#(%!F6!=A3!B2!5<1,>!\6!?1023<!2>!:6!c<A><AI-!!(H"-+,<#;9H*(G9"<-!g<@2!"-!Q6T6G6!#(&!F6!b33d>!V/=D2R-!\/kk/3H!2>!m3<q,!BC?<R/A@2ST,1-!53LB6-!E%"!2>!=6!!
! ""#
3&.%/,'"! ,'4,;,4$"1!I$,1!4B"! (#."!I$9&((&"!"#'%!3#'"&'%,&"1!'&!4#,;&'%!0/"!D%.&!
.<0.,@<&"!0<'/(&@&'%#('C!
! )
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#('!f6!7/RK/-!J!V2!5K/1=13!H2! K/!521,2!2>! KM/3`1>3/132!5L,/K1=/>1<,!HA!5K/1=13!N-! ()!!%#*(H"-+,#
<"O9"**"-!:;/#6(+6-!56!)*!2>!=6!!
! ""$
20"2.!'#0")29,+#(&%)#)
!
!
!
*)*C! R,! (&! +$P&! 4&! R%./"?#$.P! 0.<"&'%&! (&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&!
3#@@&!$'&!'#%,#'!,'%&.0.<%/%,;&!4&!(9/.%,3(&!c!4&!(/!7#';C!OC!2C!QC1!3&!I$,!&'!
J/,%! $'&! <',B@&! @/',J&"%/%,#'! 4&! "#'! ,'%&.0.<%/%,#'! 4='/@,I$&! &%1! "#@@&!
%#$%&1! /JJ./'35,&! 4&! 3&! %&A%&1! (9<%$4&! 4&! "/! P&'B"&! .<;B(&! I$9,(! "9/P,%! "$.%#$%!
49$'!&@0.$'%!/$!4.#,%!+$.,"0.$4&'%,&(!'#.4[/@<.,3/,'C!O'!&JJ&%1!(/!7#$.!OC!2C!
QC!$%,(,"&!$'!0.,'3,0&!(/.P&@&'%!$",%<!#$%.&[/%(/'%,I$&!4/'"!(&!4#@/,'&!4&!(/!
;,&!0.,;<&1! &%!0($"!P<'<./(&@&'%!4/'"! 3&($,!4&! (/!4,"0#",%,#'! 3#.0#.&((&1! I$,!
J/,%! $'&! (/.P&! 0(/3&! E! (/! (,?&.%<! 4$! 35#,A! ,'4,;,4$&(1! ;#,.&! E!
(9/$%#4<%&.@,'/%,#'C!
*)bC!O'!4<0,%!49$'&!3#'3&0%,#'!0($"! (,?<./(&!4&! (/!4,"0#",%,#'!3#.0#.&((&!0/.!
(&"! 7#$."! "$0.D@&"! 4$!7/'/4/! &%! 4&"! O%/%"[:',"1! (/! .<;<(/%,#'! 4$! 0.,'3,0&!
49/$%#'#@,&! 0&."#''&((&! %.#$;&! $'&! +$"%,J,3/%,#'! %#$%! E! J/,%! (#P,I$&1! ;#,.&!
'/%$.&((&1! &'! 4.#,%! &$.#0<&'C! O'! &JJ&%1! ,(! =! &"%! +$4,3,&$"&@&'%! ,'%<P.<! 0/.! (&!
+$P&!4&!R%./"?#$.P!I$,1!J,'/(&@&'%1!0.&'4!/3%&!49$'&!<;#($%,#'!(,?<./(&!4&!(/!
3#'3&0%,#'! 4&! (9,'4,;,4$1! .<;<(<&! 0/.! $'! 4.#,%! /JJ./'35,! 4&! (/! @#./(&!
35.<%,&''&C! 8/! 0.#0.,<%<! 5$@/,'&! 4$! 3#.0"! "9&"%! "$?"%,%$<&! E! (/! 0.#0.,<%<!
4,;,'&C!6#$.!(/!7#$.!4&!R%./"?#$.P1!3&%%&!0.#0.,<%<!0&$%!3#'4$,.&!E!#0<.&.!4&"!
35#,A!4/'P&.&$A!0#$.!"#,C!V#,(E!/(#."!I$&! "&!4&"",'&! (&!3/./3%B.&!/?"#($%,"%&!
4$! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&!H! ,(! /$%#.,"&! $'&! 4,"0#",%,#'! 3#.0#.&((&!
0($"! (,?<./(&! I$&! 3&((&! %./4,%,#''&((&@&'%! /33&0%<&! &'! 4.#,%! 3#'%,'&'%/(1! &%!
'#%/@@&'%!&'!4.#,%! ,'%&.'&1! ,(($"%./'%!$'&!4,"3#.4/'3&!3#'3&0%$&((&!/;&3! 3&!
4&.',&.C!
! !
! ""%
29,+#(&%)W)S).,)*#'20&*,"2%)20"2%+(!%..%)%"(&%).%)
+&#"2#+%)*X,!(0"04#%)+%&'0""%..%)%().,)*#'+0'#(#0")
20&+0&%..%)%")*&0#()1&,"d,#')
!
!
!
*)dC!8/!G./'3&!<%/'%!0(/3<&!"#$"! (/! +$.,4,3%,#'!4&!(/!7#$.!4&!R%./"?#$.P1!&((&!&"%!
"$00#"<&1! 0/.! ;#,&! 4&! 3#'"<I$&'3&1! /00(,I$&.! "/! +$.,"0.$4&'3&1! I$/'4! ?,&'!
@D@&! &((&! '9&"%! 0/"! (9O%/%! @,"! &'! 3/$"&! 0/.! $'&! 3#'4/@'/%,#'C! O'! &JJ&%1! (/!
0.#%&3%,#'!&JJ,3/3&!4&"!4.#,%"!J#'4/@&'%/$A!E!(9<35&(#'!&$.#0<&'!"$00#"/'%!"#'!
5#@#P<'<,%<1!&((&!,@0(,I$&!I$&!%#$"!(&"!O%/%"!@&@?.&"!4$!7#'"&,(!4&!(9O$.#0&!"&!
0(,&'%! E! (9,'%&.0.<%/%,#'! 4$! %&A%&! 4&! (/! 7#';&'%,#'! 0/.! (&! +$P&! 4&! R%./"?#$.PC!!
7&0&'4/'%1!(/!.<3&0%,#'!4$!4.#,%!&$.#0<&'!0/.!(&"!O%/%"!'9&"%!0/"!/$%#@/%,I$&!&%!
"$00#"&1!4&!%#$%&!<;,4&'3&1!$'&!3&.%/,'&!;#(#'%<!<%/%,I$&C!2&!3&!0#,'%!4&!;$&1!(&!
0/""<! /!@#'%.<! I$&! (/! G./'3&!'&! J/,%! 0/"! %#$+#$."!0.&$;&!49&'%5#$",/"@&! &%! 3&!
3#'"%/%! 0#$../,%! "&! ;<.,J,&.! 3#'3&.'/'%! (&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&1!
0$,"I$&!@=!<?DB:)Q?AEVAB>)A<DC:=):?A<B:BDEE=@@=K=E:);E=)FDEF=C:BDE)G:?DB:=)<=)@A)
<B>CD>B:BDE) FD?CD?=@@=! T'=F:BDE) 8UR! 7&0&'4/'%1! /$! .&P/.4! 4&"! ./,"#'"! <;#I$<&"!
0($"! 5/$%! @/,"! /$"",1! %#$%! ",@0(&@&'%1! 4&! (/! 3#'J#.@,%<! #?(,P<&! 4&! (/! '#.@&!
J./'_/,"&! E! (/! '#.@&! &$.#0<&''&1! @=) ?ACC?DFH=K=E:) <;) <?DB:) Q?AEVAB>) AJ=F) @A)
<B>CD>B:BDE) FD?CD?=@@=) QDE<G=) >;?) @=) C?BEFBC=) </A;:DEDKB=) C=?>DEE=@@=) =>:)
EGF=>>AB?=)T'=F:BDE)WUR!
!
!
!
!
! !
! ""&
'=F:BDE) 8) S) .A) FDEF=C:BDE) G:?DB:=) <=) @A) <B>CD>B:BDE) FD?CD?=@@=) =E) <?DB:)
Q?AEVAB>)
)
)
*)eC!8&!4.#,%!J./'_/,"!,';&."&!(/!(#P,I$&!4$!4.#,%!&$.#0<&'!0$,"I$&!(/!4,"0#",%,#'!
3#.0#.&((&!'9&"%!/4@,"&!I$9&'!%/'%!I$9&A3&0%,#'!/$!0.,'3,0&!49,'4,"0#',?,(,%<!4$!
3#.0"! 5$@/,'! TY8UC! 2&! 0($"1! 4/'"! "#'! %./4,%,#''&(! .t(&! 4&! P/.4&[J#$! 4&"!
4<?#.4&@&'%"! ,'4,;,4$&("1! (9O%/%! '9/$%#.,"&! (/! 4,"0#",%,#'! 3#.0#.&((&! I$9E! (/!
3#'4,%,#'!I$9&((&!"#,%!J#'4<&!"$.!$'!3#'"&'%&@&'%!"%.,3%&@&'%!4<J,',!TYWUC!
!
!
Y8) S) .A) <B>CD>B:BDE) FD?CD?=@@=3) =]F=C:BDE) A;) C?BEFBC=) <XBE<B>CDEBZB@B:G) <;)
FD?C>)H;KABE)
!
!
*)fC!89&A0.&"",#'!4,"0#",%,#'!3#.0#.&((&!#$!4,"0#",%,#'!4&!"#'!3#.0"!'9&"%!0/"!
<%./'PB.&! /$! 4.#,%! J./'_/,"C! 7&((&[3,! =! /! J/,%! "#'! /00/.,%,#'! 4/'"! (&"! /''<&"!
"#,A/'%&[4,A1! /(#."! @D@&! I$9/$3$'! %&A%&! '&! (/! 3#'"/3.&! &A0.&""<@&'%C! R#'!
#.,P,'&!&"%!&""&'%,&((&@&'%!4#3%.,'/(&1! "#$"! (/! J#.@&!4$!4.#,%!4&!4,"0#"&.!4&!
"#'!3#.0"#((C!!
*)gC! R$.%#$%1! ,(! J/$%! 3#@0.&'4.&! I$&! (/! 4,"0#",%,#'! 4&! "#'! 3#.0"! &'! 4.#,%!
J./'_/,"!'9&A,"%&!I$9&'!%/'%!I$9/'%,'#@,&!E!(9,'4,"0#',?,(,%<!3#.0#.&((&C!U(!"9/P,%!
49$'!0.,'3,0&!0.<%#.,&'!3#'"%,%$/'%!$'&! (,@,%&!/$A!/%%&,'%&"!I$,! 35#",J,&'%! (&!
3#.0"!5$@/,'1!4<J,',!3#@@&!(9,'%&.4,3%,#'!4&!3#'3($.&!$'!3#'%./%!/=/'%!0#$.!
#?+&%!(&!3#.0"!L0/.!&A&@0(&1!;&'4.&!"#'!.&,'!3#'%.&!$'&!"#@@&!49/.P&'%MC!8&!
?$%!$(%,@&!&"%!4&!0.#%<P&.! (&! 3#.0"!4&"!$%,(,%/.,"%&"!I$,!=!;#,&'%!$'!#?+&%!4&!
3#@@&.3&!J.$3%$&$AC!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#((!F6! KML>AH2!LBK/13/,>2!H2!;6!:2,2>>2SF/ABI2p!=A3! KML@23k2,B2!HA!H3<1>!H2!H1=5<=23!H2!
=<,! B<35=!2,! H3<1>! _3/,e/1=! ()!5(<;:<"-#="#<:(#V#N)"#%)%*M<"#=9#=(<6:9-<#P9-(=(G9"#<9-#*"<#
=-:(+<#="#*%#;"-<:))"#<9-#<:)#6:-;<-! >Ii=2!Q/31=-!#444-!VMI/3@/>>/,-!#44%-!=5LB6!56!"4$!2>!
=6!!
! ""'
*)cC!R9,(!'9/!0/"!<%<!3#'"/3.<!0/.!(&"!(#,"!?,#<%5,I$&"!4&!)kkd1!#'!/4@&%!I$&!(&!
0.,'3,0&! 49,'4,"0#',?,(,%<! 4$! 3#.0"! ,''&.;&! (&! 4#@/,'&! .&(/%,J! /$! 3#.0"!
5$@/,'1!E!(9,'"%/.!4&"!0.,'3,0&"!<'$@<.<"!4/'"!(&!7#4&!3,;,(C!
*)kC!R,1!/$!.&P/.4!4$!0.,'3,0&!49,'4,"0#',?,(,%<1! ! (/!.</(,%<! +$.,4,I$&!4$!4.#,%!
4&! 4,"0#"&.! 4&! "#'! 3#.0"! .&"%&! &'3#.&! (/.P&@&'%! 4<?/%%$&! /$! "&,'! 4&! (/!
4#3%.,'&! +$.,4,I$&! J./'_/,"&#() 1! 3&%%&! 4&.',B.&! &"%! ?&/$3#$0! @#,'"! 4,;,"<&!
(#."I$9,(! "9/P,%!4&!3#'"%/%&.!&%!4&!.&3#''/a%.&! (9&A,"%&'3&!4&! (/!4,"0#",%,#'!4&!
"#'! 3#.0"!3#@@&! 3#'3&0%! @/%.,3,&(! 4&! @#4&"! 49$%,(,"/%,#'! 4&! "#,C! 2&!
'#@?.&$"&"!<%$4&"!I$,!=!"#'%!3#'"/3.<&"!J#'%!<%/%!4&!"#'!/00/.,%,#'!0<.&''&!
&'!!4.#,%!J./'_/,"#(*C!!
**-C! R9,(! &"%! 0#"",?(&! 4&! 4<J,',.! P<'<.,I$&@&'%! (/! 4,"0#",%,#'! 4&! "#'!
3#.0"!3#@@&! (&!0#$;#,.!49$%,(,"&.! "#'! 3#.0"1! 3&.%/,'"! %./;/$A!4&! (/!4#3%.,'&!
"9/00&"/'%,""&'%! 0($"! (#'P$&@&'%! "$.! 3&%%&! '#%,#'C! 2&! 3&$A[3,1! '#$"!
.&%,&'4.#'"! (&"! &'"&,P'&@&'%"! &""&'%,&("! I$,! '#$"! 0&.@&%%&'%! 4&! (/!
4,JJ<.&'3,&.!4&!(/!4,"0#",%,#'!3#.0#.&((&!&'!%/'%!I$&!@/',J&"%/%,#'!4$!0.,'3,0&!
49/$%#'#@,&!0&."#''&((&C!!
**)C!89<%$4&!.<;B(&!I$&!(/!4,"0#",%,#'!3#.0#.&((&!&'!4.#,%!J./'_/,"!"9&'%&'4!4&!
@/',B.&!0($"! .&"%.,3%,;&C!29/?#.41! (/!4,"0#",%,#'!4&! "#'!3#.0"!&"%!$'&!'#%,#'!
+$.,4,I$&!E!4,"%,'P$&.!4&!(/!",@0(&!@/a%.,"&!4&!J/,%!"$.!"#'!3#.0"!T,UR!O'"$,%&1!
(/! '#%,#'! '&! "&! .<4$,%! 0/"! E! (/! 3#@@&.3,/(,%<! +$.,4,I$&! 4$! 3#.0"! &%! (/!
4,"0#",%,#'! '&! 0&$%! D%.&! &JJ&3%$<&! I$9E! %,%.&! P./%$,%! TNUR) O'J,'1! (9/3%&! 4&!
4,"0#",%,#'!'9&"%!0#"",?(&!I$9&'!3/"!4&!'<3&"",%<! %5<./0&$%,I$&1!#$!/$!@#,'"!
@<4,3/(&!T2UC!)
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#()!F6!;6!Q312A3!2>!;6!:2,,2>>2SF/ABI2p-!>I6#53LB6!!#(*!F6!K2=!3L_L32,B2=!B1>L2=!<9;-%-!^6m6Q6!''!2>!'(6!
! ""(
,O).A)<B>CD>B:BDE) <=) >DE) FD?C>)>=)<B>:BEM;=)<=) @A)KAc:?B>=)<=) QAB:) >;?) >DE)
FD?C>))
!
***C! 8/! ! 4,"0#",%,#'! 4&! "#'! 3#.0"!.&3#$;.&! 4&$A! ",P',J,3/%,#'"1! I$r,(! &"%!
&""&'%,&(! 4&! 4,"%,'P$&.! 4/'"! (&! 3/4.&! 4&! (/! 0.<"&'%&! <%$4&C! O((&! 0&$%! D%.&!
4<J,',&! 3#@@&! (/! ",@0(&! @/a%.,"&! 4&! J/,%! "$.! "#'! 3#.0"1! #$! 3#@@&!
=(*+2GG#6<*.L&&%6%-0O( L)+O2G0%&(6201".%*&( &'"( &#-(G#"<&8( QRS(#'( L*%( $2.0()%( O(<2&&L%"O(
)%&(2G0%&(?'".).C'%&(L&'"(G%*'.TG.O(C'.(#-0(<#'"(#@?%0()%(G#-$1"%"(P('-%(2'0"%(<%"&#--%(
*%(<#'/#."()+2GG#6<*."(&'"(*'.('-(2G0%()10%"6.-1(D[E\C!
**bC!R,!'#$"!'&!'#$"!/%%/.4#'"!0/"!"$.!(/!0.&@,B.&!4<J,',%,#'1!%.B"!P<'<.,I$&!&%!
J,'/(&@&'%1! 3#';&'%,#''&((& #)" 1! (/! "&3#'4&1! &'! .&;/'35&1! .&%,&'%! '#%.&!
/%%&'%,#'C!O'!&JJ&%1!&((&! J/,%!.<J<.&'3&!E! (/!4,@&'",#'!4$/(,"%&!4&! (/!'#%,#'!4&!
4,"0#",%,#'1!I$,!0&$%!D%.&!/00.<5&'4<&!49$'!0#,'%!4&!;$&!0$.&@&'%!J/3%$&(!#$!
+$.,4,I$&1! &'! %<@#,P'&! (/! +$.,"0.$4&'3&! 4&! (/! 7#$.! 4&! R%./"?#$.PC! 2/'"! (/!
0.&@,B.&!5=0#%5B"&1! (/!4,"0#",%,#'!4$! 3#.0"!'9,'%<.&""&!0/"! (&!4.#,%! 2(<".#".1!
3/.!/(#."!,(!"9/P,%!4&!(9&A&.3,3&!4$!0#$;#,.!4&!@/a%.,"&!I$&!35/3$'!4<%,&'%!"$.!
"#'! 0.#0.&! 3#.0"! H! (&"! @$%,(/%,#'"! ;#(#'%/,.&"! &%! (&! "$,3,4&! &'! "#'%! (&"!
&A&@0(&"! %=0&"C! 2/'"! 3&! 4#@/,'&1! (&! 4.#,%! &"%! .-'0.*%1! 0/.3&! I$9.6<'.&&2-0!H!
=(5+E0"%( B'62.-( $2G%( P( *'.T6E6%( &%6@*%( <#'/#."( &+2'0#)10"'."%( <2"0.%**%6%-08( &2-&(
C'%(*%()"#.0(3(0"#'/%(P("%)."%(D1!<3.,%!/;&3!./,"#'!ZC!RC!6.,&$.#)#C!:'!?<@#(!4#,%!
%#$%&J#,"!D%.&!/00#.%<!3#'3&.'/'%!(&!"$,3,4&C!O'!&JJ&%1!(&!@D@&!/$%&$.!<;#I$&1!
(&! 3#'3&.'/'%1! =('-( 2G0%(6201".%*( ?'".).G.&1(D[Eg1! &'! 3&! I$&! ",! (9/3%&! 4&! "$,3,4&!
'9&"%! 0/"! 0.,"! &'! 3#@0%&! 0/.! (&! 4.#,%1! 4&"! 3#'"<I$&'3&"! +$.,4,I$&"! ($,! "#'%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#)4!+6! b3,<AY-! !"<#=-:(+<#="#*BA+-"#C9$%()#<9-#<:)#6:-;<-! >Ii=2! m<3H2/AY-! Q6T6! m<3H2/AY-!
"**&-!56!"*"6!#)"!V/! H1=5<=1>1<,! H2! =<,! B<35=! 2=>! I/`1>A2KK2@2,>! HL_1,12! B<@@2! K/! @/W>31=2! H2! =<,!
B<35=!5/3!KMI<@@26!F6!5/3!2Y6!\6!?1023<!2>!:6!c<A><AI-!!(H"-+,<#;9H*(G9"<-!:;/#6(+6-!56!$#![!!
U6!V2`32><,-!!(H"-+,<#;9H*(G9"<#"+#=-:(+<#="#*B?:$$"-!;132R!9/KK<p-!56!")(6!#)#!;6!Q312A3-!>I/#53LB6-!56!"#46!#)$!;6!Q312A3-!>I/#53LB6-!=5LB6!56!"#%!2>!=6!
! "")
/%%/35<&"C! 7&0&'4/'%1! @/(P.<! 3&%%&! /00.<5&'",#'! +$.,4,I$&! ,'3,4&'%&1! (&!
"$,3,4&!.&(B;&!?,&'!4&!(/!4,"0#",%,#'!@/%<.,&((&1!#$!=(2'0#).&<#&.0.#-(D#)%C!!
**dC!8&!"&3#'4!;&."/'%!4&!(/!'#%,#'!4&!4,"0#",%,#'!.&';#,&1!&'!.&;/'35&1!E!$'&!
/33&0%,#'!4,JJ<.&'%&C!O'!&JJ&%1!4/'"!3&%%&!5=0#%5B"&1!(&!4.#,%!,'%&.;,&'%!4/'"!(/!
@/a%.,"&! 4&! "#'! 3#.0"! 0/.! (9,'4,;,4$1! &'! 3&! I$&! =(5+2G0%( )%( ).&<#&.0.#-( )%( &#-(
<"#<"%( G#"<&( &%( "12*.&%( <2"( *%( 0"'GB%6%-0( )+'-( 2G0%( ?'".).C'%( QRSI( a.&<#&%"(
?'".).C'%6%-0()%(&#-(<"#<"%(G#"<&8(G+%&0(2'0#".&%"(P(G%(C'+2'0"'.(<#"0%('-%(200%.-0%(P(
&#-( G#"<&8( P( &#-( .-017".01( <B3&.C'%(D#)& I( 2B"! (#."1! (9,'%&.;&'%,#'! 49/$%.$,! &"%!
,'4,"0&'"/?(&!H!39&"%!3&%!/$%.$,!I$,!0&.@&%!(/!.</(,"/%,#'!4&!(/!@/a%.,"&!4&!"#'!
3#.0"! 0/.! (9,'4,;,4$C! =(5+2*01".01( %&0( *+1*16%-0( %&&%-0.%*( )+'-%( ).&<#&.0.#-(
=(G#"<#"%**%(D(?'".).C'%(J(#-(C'.00%(*2(&<BK"%(<"#<"%6%-0(.-)./.)'%**%()%(*+2G0%(6201".%*(
&'"(&#-(<"#<"%(G#"<&(QIIIS(<#'"(<1-10"%"()2-&('-%("%*20.#-(.-0%".-)./.)'%**%("17.%(<2"(*%(
)"#.0(D8(.<"$@&[%[,(#)'C!!
**eC!7&%%&!4<@#'"%./%,#'1!I$,!@&%!&'!($@,B.&!(&"!4&$A!/00.#35&"!4&!(/!'#%,#'!
4&!4,"0#",%,#'!3#.0#.&((&1!.&'4!3#@0%&!4$!.t(&!4$!4.#,%!/$!.&P/.4!4&!35/3$'&!
49&((&1!I$,!&"%!"&'",?(&@&'%!4,JJ<.&'%C!!
**fC!:'&!@,"&!/$!0#,'%!4$!@D@&!#.4.&! "9,@0#"&!<P/(&@&'%! "9/P,""/'%!4&! (/!
"='#'=@,&! %./4,%,#''&((&@&'%! /;/'3<&! &'! 4#3%.,'&! &'%.&! 4,"0#",%,#'! 4&! "#'!
3#.0"!&%!3#@@&.3,/(,%<!4$!3#.0"C!O'!&JJ&%1!(/!4,"0#",%,#'!4&!"#'!3#.0"!&'!4.#,%!
J./'_/,"!'&!"&!.<4$,%!0/"!E!"/!3#@@&.3,/(,%<! +$.,4,I$&!&"%!4#,%!D%.&!&A&.3<&!E!
%,%.&!P./%$,%C!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#)%!F<B/`K2!2@53A,>L!Z!;6!Q312A3-!aA1!,<@@2!/1,=1! K2=!/B>2=! 1,H101HA2K=! 32K20/,>!HMA,2!
@/W>31=2!@/>L312KK2!H2!=<,!B<35=6!F6!>I/#53LB6-!=5LB6!56!""*6!!#)&!;6!Q312A3-!>I/#53LB/J!56!"%4!2>!=6!!#)'!;6!Q312A3-!(H(=6!!
! ""*
NO).A)<B>CD>B:BDE)<=)>DE)FD?C>)E=)>=)?G<;B:)CA>)_)>A)FDKK=?FBA@B:G)`;?B<BP;=)
=:)<DB:)^:?=)=QQ=F:;G=)_):B:?=)M?A:;B:)
)
**gC! :'&! %&((&! /JJ,.@/%,#'! 0&$%! "$.0.&'4.&C! O'! &JJ&%1! (/! 4#3%.,'&! +$.,4,I$&!
J./'_/,"&! 4<%&.@,'&! 5/?,%$&((&@&'%! (&! "&'"! 4&! (/! '#%,#'! 4&! 4,"0#",%,#'! 4$!
3#.0"! 3#@@&! &A3&0%,#'! /$! 0.,'3,0&! 49,'4,"0#',?,(,%<! &%1! 3&($,[3,! <%/'%! &'!
P<'<./(! /"",@,(<! E! 3&($,! 49&A%./3#@@&.3,/(,%<! +$.,4,I$&1! (/! 4,"0#",%,#'!
+$.,4,I$&!4$!3#.0"!&"%!0.<"&'%<&!3#@@&!$'&!0#"",?,(,%<!&A3&0%,#''&((&!4&!J/,.&!
&'%.&.! (&! 3#.0"!4/'"! (&! 3#@@&.3&! +$.,4,I$&C!X.1! ",! 3&%%&!4&.',B.&!/JJ,.@/%,#'!
&"%! &A/3%&1! &((&! &"%! ,'"$JJ,"/'%&! E! .&'4.&! 3#@0%&! 4&"! ;,.%$/(,%<"! 4&! (/! '#%,#'!
<%$4,<&1! I$,! .&';#,&! <P/(&@&'%! E! 4&"! /3%&"! +$.,4,I$&"! &A%<.,&$."! E! %#$%!
3#@@&.3&C!!
**cC! O'! 4.#,%! J./'_/,"1! ,(! &"%! 4#'3! 3#$./'%! 49/""#3,&.! 3&"! 4&$A! '#%,#'"C!
2,"0#"&.! 4&! "#'! 3#.0"! .&;,&'4./,%! E! J/,.&! &'%.&.! 3&($,[3,! 4/'"! (&! 3#@@&.3&!
+$.,4,I$&1!3r&"%[E[4,.&!0&.@&%%.&!"/!3,.3$(/%,#'!49$'!0/%.,@#,'&!E!$'!/$%.&1!=(%-(
02-0( C'+#@?%0( P( '-( 2G0%( ?'".).C'%8( '-( G#-0"20(D[EZI(7&%! /@/(P/@&! %5<#.,I$&! &"%!
3#'J#.%<! 0/.! (9>""&@?(<&! 6(<',B.&! 4&! (/!7#$.! 4&! 3/""/%,#'! 4/'"! "#'! 3<(B?.&!
/..D%! .&'4$! (&! b)!@/,! )kk)! 3#'4/@'/'%! (/!@/%&.',%<!4&! "$?"%,%$%,#'! "#$"! (&!
;,"/1!I$&(I$&!0&$!"$.0.&'/'%1!4&! (9/.%,3(&!))*c!4$!7#4&!3,;,(#))!I$,!4,"0#"&!H!
=(:*( -+3( 2( C'%( *%&( GB#&%&( C'.( &#-0( )2-&( *%( G#66%"G%( C'.( <'.&&%-0( E0"%( *+#@?%0( )%(
G#-/%-0.#-&(DC!2B"!(#."1!#'!/!0$!4<4$,.&!4&!3&%!/..D%!I$&!",!(&!3#.0"!'&!0&$%!D%.&!
#?+&%!4&!3#';&'%,#'"!39&"%!0/.3&!I$9,(!'9&"%!0/"!4/'"!(&!3#@@&.3&!+$.,4,I$&#)*1!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#)(!?6!9<@@/k2=-!!"#6:-;<#C9$%()#=%)<#*"#6:$$"-6"#P9-(=(G9"-! >Ii=2!Q/31=-! "*&'-!56! #$-!
B1>L!5/3!;6!Q312A3-!>I/#53LB6-!56!%&6!#))!7/==6! /==6! 5KL,6-! $"! @/1! "**"-! F9**/# 6(76! ,O%-! 56! "**"6! %"(-! 3/556! 7I/3>123-! ,<>2!
gI<A02,1,![! ./0/1/! "**"6! ++6! #"(&#-! B<@@A,1B/>1<,! \6! m23,/3H-! B<,BK6! 9<,>2,q1KK2-! ,<>2!
g233L![!3/4/5/#6(76!"**"6!&"(-!<`=6!:A2>S{21KK23![!92_3L,<1=!"**"6!*%)-!<`=6!c/==15![!3/3/./!
"**"C$6!)%$-!,<>2!m/3>I<A1K6!F6!Lk/K2@2,>! KML>AH2!LBK/13/,>2!H2!c6!U<`23>-!J!?L_K2Y1<,=!
=A3!K2=!=<A3B2=!HA!H3<1>!2>!K2=!J!531,B152=!N!HM1,H1=5<,1`1K1>L!HA!B<35=!IA@/1,!2>!H2!KML>/>!
H2=!523=<,,2=!N-!3/4/5/#6(76!"**"-!.A1KKS=25>6!"**#-!56!&"$6!#)*!^<A=! ,2! ,<A=! /552=/,>13<,=! 5/=! =A3! K/! 5<KL@1aA2! 53<0<aAL2! 5/3! K2! BI<1Y! H2! B2>!
/3>1BK2! 2,! >/,>! aA2! 01=/! H2! KM/33d>-! aA1! /! 5A!H<,,23! Z! 52,=23-! 5/3! A,2! 1,>2353L>/>1<,!%#
6:)+-%-(:-! aA2!=1! K2! B<35=!,2!52A>! d>32! KM<`.2>!H2! B<,02,>1<,=-! BM2=>!5/3B2!aAM1K! 2=>! A,2!
! "#4
&%! I$&1! 0/.! 3#'"<I$&'%1! (9,'4,"0#',?,(,%<! 4$! 3#.0"! 5$@/,'! &"%! "='#'=@&!
49&A%./3#@@&.3,/(,%<! +$.,4,I$&C! 4( G#-0"2".#1! "#'! 3/./3%B.&! 4,"0#',?(&!
",P',J,&./,%!I$9,(!&"%!4/'"!(&!3#@@&.3&!+$.,4,I$&#*4C!
**kC! S&@/.I$#'"! /(#."! I$&! (/! '#%,#'! 4&! 3#@@&.3&! +$.,4,I$&! L%#$%! 3#@@&!
3&((&! 4&! 3#@@&.3&! <3#'#@,I$&1! 49/,((&$."M! &"%! ,'%,@&@&'%! (,<&! E! 3&((&!
49/(%<.,%<C!O'! &JJ&%1! (/! 3,.3$(/%,#'!49$'!?,&'! &'%.&!4&$A!0/%.,@#,'&"!'<3&"",%&!
(#P,I$&@&'%!(/!0.<"&'3&!4&!4&$A!0&."#''&"y!3&!I$,!'9&"%!0/"!(&!3/"!"9/P,""/'%!
4&!(/!4,"0#",%,#'!4&!"#'!3#.0"C!`#$%!,'4,;,4$!0&$%!i!$%,(,"&.!j!"#'!3#.0"!"/'"!
/;#,.! '<3&""/,.&@&'%! .&3#$."! E! /$%.$,1! &'! %<@#,P'&'%! (&! "$,3,4&! #$! (&"!
@$%,(/%,#'"!;#(#'%/,.&"C!S&0.&'#'"!(/!4<@#'"%./%,#'!<3(/,./'%&!4&!ZC!6.,&$.1!
I$,!&A0(,I$&!3&%%&!,4<&!E!0/.%,.!4&!(/!'#%,#'!49,'4,"0#',?,(,%<!H!=(*+.-).&<#-.@.*.01(
%&0( '-( %-&%6@*%8( *+%H0"2G#66%"G.2*.01( &#-( &#'&T%-&%6@*%( QRSI( 52( <"1&%-G%( )+2'0"'.(
-+%&0(<2&("%C'.&%(&+27.&&2-0()%(*+.-).&<#-.@.*.018()+#Y('-(1*2"7.&&%6%-0()%(&#-(GB26<(
)+2<<*.G20.#-I(a%(=(G%(D(C'.(%&0(.-).&<#-.@*%8(*+#-(-%(<%'0(%-().&<#&%"I(F"8().&<#&%"8(G%(
-+%&0( <2&( &%'*%6%-0( 2*.1-%"8( 0"2-&6%00"%( P( 2'0"'.I( a.&<#&%"8( G+%&0( 172*%6%-0(
2@2-)#--%"8( G+%&0( 2'&&.( )10"'."%8( G+%&0( 172*%6%-0( "%-#-G%"8( 0#'0( G%*2( )#-G( &2-&( *2(
<"1&%-G%( )+'-( 2'0"%( &'?%0( )%( )"#.0I( QRS(;%( -+%&0( <2&( <2"G%( C'+'-( %H.&02-0( %&0( B#"&(
G#66%"G%( C'+.*( %&0( .-).&<#-.@*%I( ;%( -+%&0( )#-G( <2&( <2"G%( C'%( &#-( G#"<&( %&0( B#"&(
G#66%"G%(C'%(*2(<%"&#--%(-%(<%'0(%-().&<#&%"(D[@DI(!
!
*b-C! R,! (/! 4,"0#",%,#'! 4&! "#'! 3#.0"! '&! 0&$%! J/,.&! &'%.&.! 3&! 4&.',&.! 4/'"! (&!
3#@@&.3&! +$.,4,I$&1!3&((&[3,!4#,%!&'!#$%.&!D%.&!&JJ&3%$<&!E! %,%.&!P./%$,%C!>,'",!
(9/.%,3(&!)f[)1!/(,'</!b!4$!7#4&!3,;,(!0#"&[%[,(!&'!0.,'3,0&!I$&!=(5%(G#"<&(B'62.-(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!BI<=2!I<3=!B<@@23B2-!H<,B!A,2!BI<=26! +K!2=>!`12,!L01H2,>!aA2! K/!7<A3!H2!B/==/>1<,!,M/!
5/=! 2,>2,HA! 3LHA132! K2! B<35=! Z! A,2! BI<=2�! 1K! =M/k1>! KZ! `12,! 5KA>t>! HMA,2! @/K/H32==2!
3LH/B>1<,,2KK2-!H<,>!1K!2=>!1KKLk1>1@2!H2!>1323!A,2!>2KK2!B<,BKA=1<,6!#*4!+K!B<,012,>!H2!53LB1=23!aA2!K/!,<>1<,!H2!B<@@23B2!.A31H1aA2!,2!=2!B<,_<,H!5/=!/02B!
B2KK2!H2!B<@@23B2!LB<,<@1aA2-!aA1!2=>!KM!a#")<"$H*"#="<#%6+(7(+,<#G9(#6:)<(<+")+#W#7")=-"#
="<#;-:=9(+<#%6C"+,<# <%)<# *"9-# >%(-"#<9H(-#="# +-%)<>:-$%+(:)# ($;:-+%)+"#d/#V2! B<@@23B2!
.A31H1aA2!2,kK<`2!A,!H<@/1,2!HM/B>101>L=!5KA=!K/3k2-!2,!B2!aAM1K!,M/!5/=!5<A3!A,1aA2!<`.2>!
K/! 53<HAB>1<,! H2! 31BI2==2=-! @/1=-! 5KA=! K/3k2@2,>-! K/! B13BAK/>1<,! HMA,! `12,! 2,>32! H2AY!
5/>31@<1,2=6!!#*"!;6!Q312A3-!>I/#53LB6-!56!%&!2>!=6-!=5LB6!56!%)6!!
! "#"
QRS( -%( <%'L0O( $2."%( *+#@?%0( )+'-( )"#.0( <20".6#-.2*(DC! O'! 3#'"<I$&'3&1! (&! 3#.0"!
5$@/,'!'&!0&$%!D%.&!<;/($/?(&!&'!/.P&'%!w!,(!&"%!,'%&.4,%!4&!($,!J,A&.!$'!0.,AC!2&!
(#,'! &'! (#,'1! 39&"%! (9/%%.,?$%,#'! 49$'&! ;/(&$.!@/.35/'4&! E! 3&! 4&.',&.! I$&! (&!
(<P,"(/%&$.!/!/,'",!"#$5/,%<!<;,%&.C!
(
*b)C! >! 3&"! 4&$A! <(<@&'%"! 4&! 4<J,',%,#'1! ,(! 3#';,&'%! 49/+#$%&.! (&!@#%,J! 4&! (/!
4,"0#",%,#'! I$,! &"%! "0<3,J,I$&! E! "#'! #?+&%1! (&! 3#.0"! 5$@/,'C! >,'",1! (/!
4,"0#",%,#'!&'!4.#,%!J./'_/,"!'9&"%!(,3,%&!I$9E!3#'4,%,#'!49D%.&!&JJ&3%$<&!4/'"!$'!
?$%!%5<./0&$%,I$&!#$!/$!@#,'"!@<4,3/(C!
!
2O)!E=)<B>CD>B:BDE) A;:D?B>G=)CA?)EGF=>>B:G) >BEDE) :HG?AC=;:BP;=3) A;)KDBE>)
KG<BFA@=)
)
*b*C!8/!3#'4,%,#'!&""&'%,&((&!4&!'<3&"",%<! %5<./0&$%,I$&!#$!@<4,3/(&1!4#'%! (&!
3#'%&'$!"&./!<%$4,<!T8U1! ,@0(,I$&!<P/(&@&'%!(&!.&"0&3%!4$!0.,'3,0&!4&!./,"#'!
0.#0#.%,#''<&!TWUC!
)
8O).=)FDE:=E;)<=)@A)EGF=>>B:G):HG?AC=;:BP;=)D;)KG<BFA@=)
)
*bbC!`./4,%,#''&((&@&'%1!(&!4.#,%!J./'_/,"!'9/4@&%!(9/3%&!4&!4,"0#",%,#'!4&!"#'!
3#.0"! I$&! "9,(! &"%! +$"%,J,<! 0/.! '<3&"",%<! %5<./0&$%,I$&1! 39&"%[E[4,.&! "9,(! /! 0#$.!
#?+&%!4&!%./,%&.!$'&!@/(/4,&*k*1!39&"%!E!4,.&!=(L&#-O(0"2.0%6%-0(%0(L&#-O(1"2).G20.#-8(
*2(&'<<"%&&.#-()+'-%(2*01"20.#-(<B3&.C'%(DUi\1!<%/'%!&'%&'4$!I$&!(&!@<4&3,'!'9&"%!
%&'$!I$&!49$'&!#?(,P/%,#'!4&!@#=&'"*kdC!7&%! ,@0<./%,J1!I$,!0$,"&! "&"! ./3,'&"!
4/'"! (&"! .BP(&"! 4&! 4<#'%#(#P,&! @<4,3/(&! (&"! 0($"! /'3,&''&"1! &"%! 4&;&'$!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#*#!!%-:9<<"-!0O!J!>IL3/52A>1aA2!N6!!#*$!;6!Q312A3-!>I/#53LB6-!56!$$"!2>!=6!#*%!b33d>!H1>!S"-6("--!7/==6!B106-!#4!@/1!"*$'-!5/1/!"*$'-!.A31=536!56!))-!B<,BK6!c/>23-!3/556!
\<==23/,H-!,<>2!86!Q6![!X6!"*$(-!"-!56!$#"-!,<>2!m32><,6!
! "##
0.#P.&"",;&@&'%! $'! 3#'3&0%! +$.,4,I$&! L'#.@/%,J!vM! 4&! .<J<.&'3& *ke !0/.! (&!
%.$35&@&'%!4&"!/3%,#'"!&'!.&"0#'"/?,(,%<!@<4,3/(&!I$,!"&!"#'%!4<@#3./%,"<&"!E!
(/! J,'!4$! )kB@&! ",B3(&1! &%! 4#'%! (9/?#$%,""&@&'%! J$%! "/'"!4#$%&! "#'! ,'"3.,0%,#'!
4/'"! (&"! 3<(B?.&"! (#,"! 4&! ?,#<%5,I$&! 4$! *k! +$,((&%! )kkd*kf!I$,! 4,"0#"/,&'%1! &'!
(9/.%,3(&! )f[b!4$!7#4&! 3,;,(H!i!=(:*(-%(<%'0(E0"%(<#"01(200%.-0%(P( *+.-017".01()'(G#"<&(
B'62.-(C'+%-(G2&()%(-1G%&&.01(0B1"2<%'0.C'%(<#'"(*2(<%"&#--%(DI(!!
*bdC!6/.!(/!"$,%&1!(&!(<P,"(/%&$.!/!/JJ/,?(,!(/!'<3&"",%<!%5<./0&$%,I$&!&'!%/'%!I$&!
3#'3&0%! .<J<.&'%,&(1! ($,! 0.<J<./'%1! I$&(I$&"! /''<&"! 0($"! %/.41! (9&A0.&"",#'!
i!'<3&"",%<!@<4,3/(&!j*kg1! 0($"! &'P(#?/'%&1! .&';#=/'%!<P/(&@&'%! /$A!/3%&"!4&!
0.<;&'%,#'!I$,!3#'"%,%$&'%!$'&!3/$"&!(,3,%&!E!(/!.&35&.35&!"$.!(9D%.&!5$@/,'*kcC!
`#$%&J#,"1! (/! "&$(&! '<3&"",%<! %5<./0&$%,I$&! &"%! &A,P<&! (#."I$&! (9/3%&! 4&!
4,"0#",%,#'! &"%! &JJ&3%$<! 4/'"! $'! ?$%! /(%.$,"%&1! (&! (<P,"(/%&$.! /=/'%! 0.<3,"<!
#00#.%$'<@&'%*kk!E! (9/.%,3(&! )f[b! 0/.! (/! (#,! 4$! f! /#l%! *--db--!I$9=(:*( <%'0( E0"%(
<#"01( 200%.-0%( P( *+.-017".01( )'( G#"<&( B'62.-( QRS(P( 0.0"%( %HG%<0.#--%*( )2-&( *+.-01"E0(
0B1"2<%'0.C'%()+2'0"'.(DI(!
*beC!2B"!(#."1!%#$%!/3%&!4&!4,"0#",%,#'!4&!"#'!0.#0.&!3#.0"!4#,%!D%.&!@#%,;<1!&'!
4.#,%! 0#",%,J! J./'_/,"1! 0/.! '<3&"",%<! @<4,3/(&! #$1! E! %#$%! (&! @#,'"1!
%5<./0&$%,I$&1! 0#$.! "#,[@D@&!#$! /$%.$,1! /$! .,"I$&!49,((,3<,%<C!>,'",1! 4#'!4&!
"/'P1! 4#'! 4&! P/@B%&"1! 4#'! 49#.P/'&1! /;#.%&@&'%1! #0<./%,#'! 4&! 3#';&.",#'!
"&A$&((&! 4/'"! (&! 3/"! 4&! %./'""&A$/(,"@&1! &A0<.,@&'%/%,#'! "3,&'%,J,I$&! "$.! (&!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#*&!F6-! Z! B2! 53<5<=-! \6S76! :<,K2>! aA1! /__13@2! nB23>2=! /02B! aA2KaA2! 32>2,A2o! aA2! KM/B>2!
>IL3/52A>1aA2! 2=>! H202,A! A,! =>/,H/3H! .A31H1aA2-!H/,=! =<,! L>AH2! a#I=%;+%+(:)# "+#
-,<(<+%)6"#="# 6%+,&:-("<# <9H<+%)+("**"<#="#=-:(+#;-(7,#%9O# <6(")6"<#="# *%# 7("#dJ! ()! !"#=-:(+#
<%(<(#;%-#*%#H(:*:&("J!76!V/`3A==2S?1<A!nH136o-!V6U696\6-!"**'-!56!#$$!2>!=6-!=5LB6!56!#(&!2>!#)46!#*'!V<1=!,O'&$S"**%!2>!'&%S"**%!HA!#*!.A1KK6!"**%-!\6f6!$4!.A1KK6!"**%6!#*(!72>>2!@<H1_1B/>1<,!>2Y>A2KK2!/!2A!K12A!K<3=!H2!KM/H<5>1<,!H2!K/!K<1!,O**S'%"!HA!#(!.A1KK2>!
"***! -"*%+(7"# W# *%# 6-,%+(:)# =B9)"# 6:97"-+9-"# $%*%=("# 9)(7"-<"**"# "+# %=:;+%)+# =(7"-<"<#
$"<9-"<#=B:-=-"#<%)(+%(-"#"+#<:6(%*6!925A1=-! KM/3>1BK2!"'S$!HA!7<H2!B101K!H1=5<=2!aAMa#K*#)"#
;"9+#A+-"#;:-+,#%++"()+"#W#*B()+,&-(+,#=9#6:-;<#C9$%()#G9B")#6%<#="#),6"<<(+,#$,=(6%*"#;:9-#
*%#;"-<:))"#nQo#d6!!#*)!72! aA1! /! 53<0<aAL! K2=! _<AH32=! HMA,2! 5/3>12! H2! K/! H<B>31,2!]! 06! ,<>/@@2,>! 96!
gI<A02,1,-! J!V2=! /0/>/3=!H2! KM/3>1BK2!"'S$-! /K1,L/!"23! HA!7<H2! B101K!N-!56! #444-!556! %)&S
%*46!#**!c/1=!H2!@/,1i32!,<,!@<1,=!HL=1,>L32==L2-!B2>>2!@d@2!K<1!/R/,>!L>2,HA!K/!B/>Lk<312!
H2=!H<,,2A3=!010/,>=6!$44!V<1!,O#44%S)44!HA!'!/<P>!#44%-!\6f6!(!/<P>!#44%6!
! "#$
3#.0"! '&! 0&$;&'%! D%.&! ! &JJ&3%$<"! I$9E! 4&""&,'! 4&! %./,%&.! #$! 4&! 0.<;&',.! $'&!
@/(/4,&C!!
*bfC!S&@/.I$#'"!I$&1!@/(P.<!(&"!/00/.&'3&"1!(&"!/3%&"!4&!35,.$.P,&!&"%5<%,I$&!
'&!4<.#P&'%!0/"!E!3&%%&!3#'4,%,#'!&""&'%,&((&b-)C!O'!&JJ&%1! (&!4<",.!4&!@#4,J,&.!
"#'!/00/.&'3&!05=",I$&!'&!"/$./,%!+$"%,J,&.!E!($,!"&$(!(9/3%&!49,'%&.;&'%,#'!"$.!
(&!3#.0"C!R,!$'!%&(!/3%&!&"%!/4@,"1!39&"%!0/.3&!I$9,(!/!0#$.!#?+&%!49/((<P&.1!;#,.&!
4&! "$00.,@&.! (/! "#$JJ./'3&! 0"=35#(#P,I$&! 4#'%! 3&! "#$5/,%! 4&! 35/'P&@&'%!
05=",I$&! &"%! .<;<(/%&$.C! 8/! '<3&"",%<! %5<./0&$%,I$&! +$"%,J,/'%! (9,'%&.;&'%,#'!
.<",4&! /(#."! 4/'"! =(52( "%GB%"GB%( )+'-%( 261*.#"20.#-( )+'-( 1020( 6%-02*( #'( 6#"2*(
)1$%G0'%'H()x(P('-%(<%"G%<0.#-(-1720./%(C'+2(*%(&'?%0()%(&#-(2<<2"%-G%(<B3&.C'%(D\]U8(
/(#."!@D@&! I$&! 3&($,[3,! '&! "#$JJ.&! 0/.! /,((&$."! 49/$3$'&!@/(/4,&! 05=",I$&!
&'%&'4$&!3#@@&!$'&!=(4*01"20.#-()%(*2(&2-018()%&($#-G0.#-&()%&(E0"%&(/./2-0&(D\]\I!
7&%%&! 3#'3&0%,#'! ;#(#'%/,.&@&'%! x! '<3&""/,.&@&'%(v! [! &'P(#?/'%& b-d !4&! (/!
'<3&"",%<! %5<./0&$%,I$&! "9/P,""/'%! 4&"! /3%&"! 4&! 35,.$.P,&! &"%5<%,I$&! /! <%<!
J#.P<&!0/.!(/!0./%,I$&!+$4,3,/,.&b-e!/J,'!4&!+$"%,J,&.!(&$.!(,3<,%<!I$,1!2(<".#".1!'9&"%!
0/"!<;,4&'%&C!
*bgC! O'! .<"$@<1! (/! '<3&"",%<! %5<./0&$%,I$&! "9&'%&'4! 4&! (9#?+&3%,J! 4&! "#,P'&.!
$'&!@/(/4,&!0.,"&!4/'"!"#'!"&'"!(&!0($"!P<'<.,I$&1!I$&!3&((&[3,!"#,%!05=",I$&!
#$!&""&'%,&((&@&'%!0"=35#(#P,I$&C!O'!%#$"!(&"!3/"1!"/!@,"&!&'!]$;.&!0#$."$,%!
(9#?+&3%,J! 4&! @/,'%&',.1! .&"%/$.&.! #$! /@<(,#.&.! (&! ?,&'[D%.&! 4$! "$+&%1! 4<J,',!
3#@@&! =5%( $2.0( )+E0"%( @.%-8( &20.&$2.0( )2-&( &%&( @%&#.-&8( #'( %H%6<0( )%( @%&#.-&8(
)+.-C'.10')%&(d(&%-0.6%-0(27"12@*%(C'.(%-("1&'*0%(D\]V!C!U(!&"%!<;,4&'%!I$&!%#$%!/3%&!E!
;,"<&! %5<./0&$%,I$&! /! 0#$.! #?+&3%,J! J,'/(! (&! ?,&'[D%.&! #$! (&! @,&$A[D%.&! 4$!
0/%,&'%C!R&$(&@&'%1!",!3&%!#?+&3%,J!&"%!&A3($",;&@&'%!.&35&.35<!4/'"!(&!3/"!4&!(/!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$4"!;M2,>2,H-!,<,!3L5/3/>31B2!2>!32B<,=>3AB>31B26!9/,=!B2!B/=-! K/!,LB2==1>L!>IL3/52A>1aA2!
2=>!L01H2,>26!$4#!;6!Q312A3-!>I6!53LB6-!56!$$(6!!$4$!!%-:9<<"-!0O!J!@/K/H12!N6!$4%!;6!Q312A3!L0<aA2!A,2!_1,/K1>L!>IL3/52A>1aA2!J!_<3BL2!N!!()!>I/#53LB6-!56!$$'!2>!=6!!$4&!;6!Q312A3-!>I6!53LB6-!56!$$)6!!$4'!!%-:9<<"-!0O!J!`12,Sd>32!N6!
! "#%
35,.$.P,&! &"%5<%,I$&1! ,(! (9&"%!4&! J/_#'!0($"! ,'4,.&3%&! (#."I$9,(! "9/P,%! 4&! %./,%&.!
$'&!@/(/4,&!4/'"!"#'!"&'"!0.<3,"<!&'<"21!0$,"I$9,(!'&!"&! .</(,"&!I$&!0/.!"#'!
%.$35&@&'%!4#'%!,(!)#.0(E0"%!(/!3#'"<I$&'3&C!!
*bcC!8&!3.,%B.&!4&!(/!"&$(&!'<3&"",%<!@<4,3/(&!0#$."$,%!3&!@D@&!#?+&3%,J1!@D@&!
"9,(! '9&"%! /%%&,'%! I$9E! 0($"! #$! @#,'"! (#'P! %&.@&1! 4#'3! ! 4&! @/',B.&! 0($"!
,'4,.&3%&!&'3#.&C!O'!&JJ&%1!(/!.&35&.35&!"$.!(&!3#.0"!5$@/,'!I$9,(!+$"%,J,&!;,"&!E!
/@<(,#.&.! (&"! 3#''/,""/'3&"!@<4,3/(&"!&%! "3,&'%,J,I$&"! "$.! 3&!4&.',&.!&%!/,'",!
/?#$%,.! E! (/!@,"&! /$!0#,'%!4&! %5<./0&$%,I$&"!'#$;&((&"C!7&((&"[3,1! #'! (&! "/,%1!
4&@/'4&'%!&'!P<'<./(!4&"!@#,"1!;#,.&!4&"!/''<&"!4&!.&35&.35&C!O((&"!'9&'!#'%!
0/"!@#,'"!0#$.!&JJ&%!$'&!/@<(,#./%,#'!4$!?,&'[D%.&!4&!(9,'4,;,4$C!
*bkC!8/!(,3<,%<!4&!(9/%%&,'%&!E!(9,'%<P.,%<!05=",I$&!4$!0/%,&'%!"&! +$"%,J,&!4#'3!E!
4&$A!',;&/$A!H!49/?#.4!3&($,!4&!(/!'<3&"",%<!%5<./0&$%,I$&1!&'"$,%&!3&($,!4&!(/!
.&35&.35&! 4$! ?,&'[D%.&! ;#,.&! 4$! @,&$A[D%.&! 4$! 0/%,&'%! I$,! 4#,%! D%.&!
"="%<@/%,I$&@&'%! .&35&.35<&! 3#@@&! 3#'"<I$&'3&! 4&! (9/3%&! %5<./0&$%,I$&1!
3&$A[3,! <%/'%! /$4/3,&$"&@&'%! 3#'J#'4$"! 4/'"! (&! 3/"! 4&! (/! 35,.$.P,&!
&"%5<%,I$&C!8/!'<3&"",%<!%5<./0&$%,I$&!#$!@<4,3/(&1!3#'+$P$<&!/$!?,&'[D%.&!#$!
/$! @,&$A[D%.&! ,'4,;,4$&(1! +$"%,J,&! /,'",! (/! (,3<,%<! 4&! (9/%%&,'%&! E! (9,'%<P.,%<!
05=",I$&! 4$! 0/%,&'%C! >,'",1! &((&! "9/33#.4&! 0/.J/,%&@&'%! /;&3! (&! 0.,'3,0&!
49,';,#(/?,(,%<!4$!3#.0"!I$,!(9,'%&.4,%!2(<".#".\]fI((
(
*d-C!6#$.! /$%/'%1! &((&! &"%! ,'"$JJ,"/'%&! E!P/./'%,.!I$&! (9/3%&!4&!4,"0#",%,#'!'&!
3#'"%,%$&!0/"!$'&!/%%&,'%&!%.#0!P./;&!E!(9,'%<P.,%<!05=",I$&!4$!"$+&%C!O'!&JJ&%1!
$'! /3%&! %5<./0&$%,I$&! 0&$%[D%.&! &'@?%G0./%6%-0( "%&&%-0.( <2"( *%( <20.%-0( G#66%(
261*.#"2-0( &#-( 1020( <B3&.C'%( %0( <&3GB#*#7.C'%8( 2*#"&( 6E6%( C'%( *+200%.-0%( P( &#-(
.-017".01(<B3&.C'%( &%"2.0( ).&<"#<#"0.#--1%()+'-(<#.-0()%(/'%( #@?%G0.$C! 7&! '9&"%! I$&!
3#'+$P$<!/;&3! (&!0.,'3,0&!4&! (/! ./,"#'!0.#0#.%,#''<&!/$I$&(!4#,%! #?<,.! %#$%!
/3%&! @<4,3/(! I$&1! J,'/(&@&'%1! (9/3%&! 4&! 4,"0#",%,#'! '&! "/$./,%! /;#,.! 4&"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$4(!b3>1BK2!"'S"!76!B106!
! "#&
3#'"<I$&'3&"! 4./@/%,I$&"! "$.! (&! 3#.0"! 4$! "$+&%! I$,! "9=! 0.D%&1! &%! 4#'3! D%.&!
/$%#.,"<C!
!
WO).=)C?BEFBC=)<=)?AB>DE)C?DCD?:BDEEG=)
!
*d)C!8&!0.,'3,0&!4&!(/!./,"#'!0.#0#.%,#''<&!&"%!0.<;$!E!(9/.%,3(&!SC!d)*g[d-!4$!
7#4&!4&!(/!"/'%<!0$?(,I$&!H!=(5%(61)%G.-(&%()#.0()+.-0%")."%8()2-&(*%&(.-/%&0.720.#-&(
%0( .-0%"/%-0.#-&( G#66%( )2-&( *%&( 0B1"2<%'0.C'%&( C'+.*( <"%&G".08( )%( $2."%( G#'"."( 2'(
<20.%-0('-(".&C'%(.-?'&0.$.1(D\]XI((>,'",1! (&!@<4&3,'!4#,%!"9/?"%&',.!4&!0.#3<4&.!E!
(9/3%&!49,'%&.;&'%,#'!@<4,3/(&!"9,(!J/,%!3#$.,.!/$!0/%,&'%!$'!.,"I$&!"$0<.,&$.!/$!
?<'<J,3&!.&35&.35<1!I$/'4!?,&'!@D@&!3&!4&.',&.!(9/33&0%&./,%C!7&!0.,'3,0&!&"%!
/00(,I$<!4&!@/',B.&!0.,;,(<P,<&!4/'"!(&!4#@/,'&!4&!(9&A0<.,@&'%/%,#'!"$.!(&!
3#.0"!5$@/,'C!6($"!P<'<./(&@&'%1! ,(! "9/P,%!49$'!P/.4&[J#$!E! (/! .<,J,3/%,#'!4$!
3#.0"!5$@/,'!/$I$&(!0&$%!/?#$%,.!%#$%&!,'%&.;&'%,#'!@<4,3/(&C!i!~5O%($.-2*.&6%(
)%( *2( <%-&1%( 61).G2*%( -Z%&0( <2&( '-%( %HG'&%( 2@&#*'0#."%( P( *Z172")( )'( )"#.0( %0( )%( *2(
6#"2*%I(:*(3(2()%&(*.6.0%&(P(*Z.-71"%-G%(0%GB-.C'%(%0(&G.%-0.$.C'%()2-&(*%()#62.-%()%(*2(
@.#*#7.%( B'62.-%I( 5%( <#&.0./.&6%( &G.%-0.$.C'%( %H<1".6%-02*( )#.0( &Z2""E0%"( *P( #Y(
G#66%-G%( *%( "%&<%G0( )%( *2( <%"&#--%( B'62.-%D!" #$%&'()*" +,*-" .+'#$)" /0"
10"2$.)3.$4#5!"#0" ! 8&! 0.,'3,0&! 4&! (/! ./,"#'! 0.#0#.%,#''<&! ,'%&.4,%! /,'",! I$&!
(9/3%&!4&!4,"0#",%,#'!/,%!4&"!3#'"<I$&'3&"!,..<@<4,/?(&"!"$.!(&!3#.0"!4$!"$+&%!
I$,! "9=! 0.D%&C! U(! 3#'"%,%$&! (&! .&@0/.%! $(%,@&! E! (9/%%&,'%&! (/! 0($"! P./;&! E!
(9,'%<P.,%<! 05=",I$&!H! "/! 4&"%.$3%,#'C! 6/.! (E! @D@&1! ,(! 3#@0(B%&! &JJ,3/3&@&'%!
(9,@0<./%,J!4&!'<3&"",%<!%5<./0&$%,I$&!#$!@<4,3/(&!H!(9/3%&!49,'%&.;&'%,#'!4#,%!
/;#,.!0#$.!J,'/(,%<!(&!?,&'[D%.&!#$!(&!@,&$A[D%.&!4$!"$+&%!%#$%!&'!0.<"&.;/'%!(/!
;,&!&%!(9/"0&3%!5$@/,'!4$!3#.0"C!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!$4*V6!l<3,53<`=>-! !"<# -"<;:)<%H(*(+,<# =9# $,="6()# ="7%)+# *%# *:(# "+# *%# P9-(<;-9=")6"#
>-%)`%(<"<J#!GK/@@/31<,-!"*&(-!56!&"(6!
! "#'
*d*C! 8/! 4,"0#",%,#'! 3#.0#.&((&! &'! 4.#,%! J./'_/,"! 0.<"&'%&! 4#'3! $'! 3#'%&'$!
@#,'"! (,?<./(! I$&! "#$"! (&! 0.,"@&! 4$! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&C! 2&!
@/',B.&! %#$%! E! J/,%! (#P,I$&1! (&! 3#'"&'%&@&'%! I$,! (/! +$"%,J,&! &"%! <P/(&@&'%!
&'%&'4$!4&!@/',B.&!0($"!(,@,%<&C!!
!
!
YW)S)!E=)<B>CD>B:BDE)QDE<G=)>;?);E=)FDEF=C:BDE)>:?BF:=)<;)FDE>=E:=K=E:)
)
)
*dbC! O'! 4.#,%! ,'%&.'&1! (&! 3#'"&'%&@&'%1! 0#$.! D%.&! /$! J#'4&@&'%! 4&! (/!
4,"0#",%,#'!3#.0#.&((&1!4#,%!0.<"&'%&.!3&.%/,'&"!I$/(,%<"!&""&'%,&((&"C!R,!(&!"#3(&!
4$.! 4&! 3&((&"[3,! &"%! 3#'%&'$! 4/'"! (&! 3#'"&'%&@&'%! &'! 4.#,%! 3#@@$'! T,U1! (&!
3#'"&'%&@&'%!&'!4.#,%!@<4,3/(!TNU!&%!(&!3#'"&'%&@&'%!&'!4.#,%!0<'/(!T2U1!I$,!
,@0(,I$&'%!4,.&3%&@&'%! (/! 0&."#''&! &'! "#'! 3#.0"1! .&I$,B.&'%!4&"! 3#'4,%,#'"!
"$00(<@&'%/,.&"C!!
!
,O).=)FDE>=E:=K=E:)=E)<?DB:)FDKK;E)
)
*ddC!U(!3#';,&'%!4&!4,"%,'P$&.!(&!3#'"&'%&@&'%!4&!'#%,#'"!;#,",'&"!4$!0#,'%!4&!
;$&!4&! (/!"<@/'%,I$&! T8U1!0$,"!4&! (&!4,"%,'P$&.!4&! (/!;#(#'%<!TWU1!&%!&'J,'!4&!
0.<"&'%&.! (&! 3#'"&'%&@&'%! 3(/"",I$&! 4&! 4.#,%! 3#@@$'1! (&! 3#'"&'%&@&'%!
3#'%./3%$&(!TeUC!
! !
! "#(
8O).=)FDE>=E:=K=E:)=:)@=>)ED:BDE>)>GKAE:BP;=K=E:)JDB>BE=>)
!!
*deC!8&!@#%!3#'"&'%&@&'%!&"%!,""$!4$!(/%,'!G#-&%-0."%!I$,!",P',J,&!=(E0"%()%(6E6%(
&%-0.6%-0(D1! 49#h!=(E0"%()+2GG#")(D$"4C! U(! .&';#,&! P<'<.,I$&@&'%! E! (9/33&0%/%,#'!
49$'&! 0.#0#",%,#'! 0/.! I$&(I$9$'! J#.@$(<&! 0/.! $'! %,&."1! 3r&"%[E[4,.&! E! $'!
/33#.4!4&!;#(#'%<"C!>,'",1!&'!4.#,%!J./'_/,"1!(&!%&.@&!4&!3#'"&'%&@&'%!.&';#,&!
0.&"I$&! '/%$.&((&@&'%! /$! 3#'"&'%&@&'%! 3#';&'%,#''&(1! 0.<3,"<@&'%! J#.@<!
0/.! $'! /33#.4! 4&! ;#(#'%<"C! >$"",1! (/! 4#3%.,'&! J./'_/,"&! /! "#$;&'%! <%$4,<! (&!
3#'"&'%&@&'%! 0/.! (&! 0.,"@&! 4&! (/! 3#';&'%,#'1! (9/"",@,(/'%! 0/.J#,"! E! 3&%%&!
4&.',B.&C!!
*dfC!X.1!(&!3#'"&'%&@&'%!0&$%!D%.&!3/./3%<.,"<!&'!(9/?"&'3&!49/33#.4!4&!;#(#'%<!
&'%&'4$!&'!3&!"&'"C!>,'",1!=(.*(<%'0(G#-&0.0'%"('-%(<%"6.&&.#-(Q*+2GG#")()%&(<2"%-0&(
2'(62".27%()%( *%'"(%-$2-0(6.-%'"S8( .*(<%'0(%-0"2e-%"('-(2@2-)#-()%()"#.0&( Q*+2GG#")(
.6<*.C'2-0( '-( )1&.&0%6%-0( )+.-&02-G%S8( .*( <%'0( 0"2)'."%( *+2)B1&.#-( P( '-( &020'0( Q*%(
G#-&%-0%6%-0(2'(62".27%S(#'(*+%H%"G.G%()+'-%(#<0.#-(Q*%(G#-&%-0%6%-0()'(@1-1$.G.2."%(
)+'-%(<"#6%&&%()%(G#-0"20S(DgDDC!>,'",1! (&!3#'"&'%&@&'%!0&$%!3#..&"0#'4.&!E!$'!
/33#.4!4&!;#(#'%<"!#$!E!$'&!@/',J&"%/%,#'!$',(/%<./(&!4&!;#(#'%<1! "9/P,""/'%!
0/.! &A&@0(&! 4&! (/! 0&.@,"",#'! 4#''<&! 0/.! (&"! 0/.&'%"! /$! @/.,/P&! 4&! (&$.!
&'J/'%!@,'&$.!#$!49$'!,'3/0/?(&!@/+&$.C!!
*dgC! 8/! 05,(#"#05&! Z@&! ZC! Z/.T/'#! "#$(,P'&! %#$%&! (9/@?,P$,%<! 4$!
3#'"&'%&@&'%!&%! "/!0($.,",P',J,3/%,#'C!>,'",1! &((&! "#$(,P'&!I$&!=()+'-(<#.-0()%(
/'%(71-1"2*8(*%(/%"@%(=(G#-&%-0."(D(&.7-.$.%(J(=(2GG%<0%"(C'+'-%(GB#&%(&%($2&&%(%0(-%(<2&(
*+%6<EGB%"8(2<<"#'/%"(%0(&#'&G"."%(d(2'0#".&%"(%0(<%"6%00"%(DgD[(C!X'%#(#P,I$&@&'%1!
(&! %&.@&! 3#'"&'%&@&'%! #"3,((&! /,'",! &'%.&! $'&! /33&0%,#'! 0#",%,;&! &%! $'&!
/33&0%,#'!'<P/%,;&1!&'%.&!=(2<<"#'/%"(D(&%(=(-%(<2&(%6<EGB%"(DC!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$"4!G6! U/__1<>-!5(6+(:))%(-"#(**9<+-,#!%+()k_-%)`%(<-! :/BI2>>2-! 0O! J!B<,=2,>1<!N-! B1>L! 5/3! h6!
Q1,-!!"#6:)<")+"$")+#")#$%+(c-"#;,)%*"-!>Ii=2!U32,<`K2-!V6U696\6-!#44#-!56!"&6!$""!h6!Q1,-!>I6!53LB6-!56!"(6!$"#!c6!c/3p/,<-!:;/#6(+/J#56%6!
! "#)
*dcC! 89&""&'%,&(! &"%! I$&! (&! 3#'"&'%&@&'%! %./4$,%1! &'! %#$%&! 5=0#%5B"&1! $'!
3&.%/,'!4#'!4&!"#,1!I$,!0&$%!D%.&!0($"!#$!@#,'"!@/.I$<!"&(#'!(9,@0(,3/%,#'!4&!
3&($,!I$,!3#'"&'%C!!
*dkC!>,'",1!(&!3#'"&'%&@&'%!"&@?(&!D%.&!(&!J#'4&@&'%!<;,4&'%!4&!(9/$%#'#@,&C!
Z/',J&"%/%,#'! 49$'&! ,@0(,3/%,#'! 0&."#''&((&1! ,(! 0/./a%! @/.I$&.! $'! 35#,A!
,'4,;,4$&(!/""$@<C!7&0&'4/'%1!3&!(,&'!'9&"%!0/"!%#$+#$."!;<.,J,<1!3/.1!0#$.!D%.&!
$'&!@/',J&"%/%,#'! 4&! (9/$%#'#@,&1! ,(! 4#,%! 0.<"&'%&.! 3&.%/,'"! 3/./3%B.&"! 4#'%!
$'1! &""&'%,&(!H! (/! 0(&,'&! 3#'"3,&'3&! 4&! "&"! ,@0(,3/%,#'"1! .&'4$&! 0#"",?(&! 0/.!
$'&! ,'J#.@/%,#'! "$JJ,"/'%&! &%! "$.%#$%! "#'! 3/./3%B.&! 4<0/"",#''<C! 79&"%! 3&!
I$9&A0(,I$&!Z@&!ZC!Z/.T/'#! 4/'"! "#'! #$;./P&!H! $'! 3#'"&'%&@&'%! 4#''<!
/(#."! I$&! 3&"! 3#'4,%,#'"! '&! "#'%! 0/"! .&@0(,&"! '9/""$.&! /?"#($@&'%! 0/"!
(9/$%#'#@,&!,'4,;,4$&((&1!(9,'4,;,4$!0.#3<4/'%!/(#."!E!$'!4#'!4&!"#,!,..<J(<35,C!
!
WO).=)FDE>=E:=K=E:)=:)@A)JD@DE:G)
!
*e-C! 7#'"&'%&@&'%! &%! ;#(#'%<! "#'%! <%.#,%&@&'%! (,<"! @/,"! '&! 0&$;&'%! D%.&!
/"",@,(<"C! O'! &JJ&%1! /(#."! I$&! (&! 3#'"&'%&@&'%! &"%! 4<+E! 4$! 4.#,%! 3/.! ,(! &"%!
'#.@/%,J! E! (9<P/.4! 4&! 3&$A! I$,! (9#'%! 4#''<1! (/! ;#(#'%<! &"%! &'3#.&!0$.&@&'%!
J/3%$&((&C!O((&!'9/!0/"!/33<4<!E! (/!;,&! +$.,4,I$&!/$!"&'"!49/3%&!/=/'%!$'!&JJ&%!
+$.,4,I$&1! 3r&"%[E[4,.&! 0.,"! &'! 3#@0%&! 0/.! (&! 4.#,%C! O((&! &"%! ,'%<.,#.,"<&1! &((&!
'9&A,"%&! I$&! 4/'"! (9&"0.,%! 4&! 3&($,! 4/'"! (&I$&(! &((&! '/a%C! 8/! 4<J,',%,#'! 4$!
05,(#"#05&!4<3.,%!0/.J/,%&@&'%!3&%!<%/%!&'3#.&!,'%,@&!4&!(/!;#(#'%<!H!=(y#"6%()%(
*+2G0./.01(<%"&#--%**%(C'.(G#6<#"0%8(&#'&(&2($#"6%(G#6<*K0%8(*2("%<"1&%-020.#-()%(*+2G0%(
P( <"#)'."%8( '-( 2""E0( <"#/.&#."%( )%( *2( 0%-)2-G%( P( '-( 2G0%8( *2( G#-G%<0.#-( )%&( "2.&#-&(
<#'"(*+2GG#6<*."(#'(<#'"(-%(<2&(*+2GG#6<*."8(*%(&%-0.6%-0()%(*2(/2*%'"()%(G%&("2.&#-&8(
*2( )1G.&.#-( )+27."( G#66%( %**%&( *+.-).C'%-0( %0( *+2@#'0.&&%6%-0( P( *+2@&0%-0.#-( #'( P(
*+%H1G'0.#-()1$.-.0./%(DgDgC!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$"$!b6!V/K/,H2-!L:6%H9*%(-"#6-(+(G9"#"+#+"6C)(G9"#="#*%#;C(*:<:;C("-!Q6T6G6-!vA/H31k2-!#44'-!
0O!J!0<K<,>L!N6!!
! "#*
*e)C! 8/! 4<J,',%,#'! +$.,4,I$&! "&! J/,%! 4<+E! 0($"! 0.<3,"&1! (,/'%! (/! ;#(#'%<! /$!
3#'"&'%&@&'%1! 0$,"I$&! (&! 2#=&'! 7#.'$! (/! 4<J,',%! 49$'&! 0/.%! 3#@@&! =(52(
$2G'*01()%(/#'*#."(d(2<0.0')%()%($2.0(P(G#6<"%-)"%(*2(<#"01%()+'-(2G0%(QG#-&G.%-G%S(%0(P(
&%( )1G.)%"8( G#-).0.#-( )%( /2*.).01( )+'-( 2G0%( ?'".).C'%( Q*%( )1$2'0( )%( /#*#-01( "1&'*02-0(
)+'-( 0"#'@*%( 6%-02*( ?'&0.$.2-0( *+2--'*20.#-( )%( *+2G0%S( QRS( %0( G#-).0.#-( )%( *2(
"%&<#-&2@.*.01()1*.G0'%**%(#'(G#-0"2G0'%**%(Q*%()1$2'0()%().&G%"-%6%-0(102-08((2'(6#.-&(
GB%A(*+%-$2-0(%-(@2&(|7%8('-%(G2'&%()%(-#-(.6<'02@.*.01S(QRS(D1!49/$%.&!0/.%1!3#@@&!
(&! =(y2.0( )%( /#'*#."(d( 2G0%( )%( /#*.0.#-( G#-&0.0'0.$( )'( G#-&%-0%6%-0( -1G%&&2."%( P( *2(
$#"620.#-( )%( *+2G0%( ?'".).C'%( C'.( G#6<"%-)( '-( 1*16%-0( <&3GB#*#7.C'%( Q/#*#-01(
.-0%"-%S( %0('-(1*16%-0()+%H01".#".&20.#-( Q/#*#-01()1G*2"1%S( QRS!j$"%C!X'! 3#@0.&'4!
/,'",! I$&! 0#$.! (&! +$.,"%&1! (/! ;#(#'%<! &"%! $'&! '#%,#'! 0($"! &'P(#?/'%&! I$&! (&!
3#'"&'%&@&'%!&%!"$.%#$%!I$9&((&!($,!0.<&A,"%&!/$%/'%!I$9&((&!(&!J/,%!&A,"%&.C!O((&!
3#'"%,%$&! (&! @<3/',"@&! 0"=35,I$&! I$,! 3#'4$,%! /$! 3#'"&'%&@&'%! &%! I$,!
(9/',@&C! 8/! ;#(#'%<! &"%! /,'",! (/! 3#@0#"/'%&! #33$(%&! 4$! 3#'"&'%&@&'%C! =(52(
/#*#-01( %&0( 2'( Gg'"( )%( *+B'62-.&6%( %0( 62"C'%( *+.-01".#".01( .-G#66%-&'"2@*%( )%(
*+B#66%(02-).&(C'%(*%(G#-&%-0%6%-0(%&0('-(#@?%08(G#-&1C'%-G%()%(*2(/#*#-018(&36@#*%(
%0( %H01".#".&20.#-()%( *2(/#*#-018(62.&().&0.-G0()%( *2(/#*#-01(D1! <3.,%! ! %.B"! +$"%&@&'%!
Z@&!ZCx>C!G.,"#'[S#35&$"&C!8/!;#(#'%<!&"%!%&,'%<&!49$'&!"#.%&!49/?"#($%,"@&!H!
&'! %/'%! I$9<(<@&'%! ,'%&.'&! /$! "$+&%1! &((&! &"%! #'%#(#P,I$&@&'%! ,((,@,%<&C! 2B"!
(#."!I$9&((&!&"%!&A%<.,#.,"<&1!&((&!"9#00#"&!E! (/!;#(#'%<!49/$%.$,1!&%!4#'3!0&.4!
"&"!;,.%$/(,%<"1!"/$J!E!D%.&!,@0#"<&!E!3&%%&!4&.',B.&C!2B"!(#."1!=(<2"(&2(/#*#-018(*2(
<%"&#--%( 62-.$%&0%( &2( <'.&&2-G%8( &2( G2<2G.01( P( <#&%"( P( %**%T6E6%( &2( <"#<"%( *#.8( &2(
*.@%"01(DgDTC!
*e*C!>,'",1!#'!3#@0.&'4!I$&!(/!;#(#'%<!4/'"!"#'!"&'"!#.,P,'&(1!3r&"%[E[4,.&!"#'!
"&'"! .<&(1! &"%! 2( <".#".! ,'"%/?(&! 0$,"I$&! ,'4<0&'4/'%&C! >$"",1! (&! +$.,"%&! &"%!
.<%,3&'%!E!/33#.4&.!$'!.t(&! +$.,4,I$&!E! (/!;#(#'%<!&'!%/'%!I$&!%&((&!H!=(;%(-+%&0(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$"%!U6!7<3,A-!L:6%H9*%(-"#P9-(=(G9"-!b==<B1/>1<,!:2,31!7/51>/,>-!Q6T6G6-!0O!J!0<K<,>L!N6!$"&!c6Sb6!G31=<,S?<BI2-!J!?2@/3aA2=!=A3!K/!H1=>1,B>1<,!H2!K/!0<K<,>L!2>!HA!B<,=2,>2@2,>!
2,!H3<1>!H2=!B<,>3/>=!N-!3/4/5/#6(76!.A1KKS=25>6!"**&-!56!&($6!!$"'!c6Sb6!G31=<,S?<BI2-!(H(=/!
! "$4
?262.&( *2( /#*#-01( <'"%( )%( *+.-)./.)'( C'%( *%( )"#.0( "%-)( #@*.720#."%( %0( *2( GB#&%( &%"2.0(
.6<%-&2@*%I( ;2"( *2( /#*#-01( %6<.".C'%( %&0( .-&02@*%( %0( )1&#")#--1%(d( C'.( /#')"2.0( &%(
62".%"( '-( ?#'"( /#')"2.0( )%62.-( )%/%-."( *.@"%(d( <"%-)"%( *2( /#*#-01( <#'"( *#.( &%"2.0(
*+.-G#B1"%-G%( 2@&#*'%8( G%( &%"2.0( *+2@&%-G%( )%( )"#.0(D8( <3.,%! /;&3! ./,"#'! ZC! ZC!
V,((&=$"(C! R,! (/! ;#(#'%<! ,'4,;,4$&((&! 0&$%! +#$&.! $'! .t(&! +$.,4,I$&1! 39&"%! 0/.3&!
I$9&((&! &"%! &'3/4.<&1! 4#@0%<&1!@/a%.,"<&!0/.! (&!4.#,%C! O%! ,(! '&! "9/P,%! 4B"! (#."!
0($"!4&!;#(#'%<C!=(L5O2(/#*#-01(<'"%()%&(.-)./.)'&(Q)2-&(G%(C'+%**%(2()%(&<1G.$.C'%8(
)+2"@.0"2."%( %0( )+.""1)'G0.@*%( P( *2( "2.&#-S( %&0( <2"$2.0%6%-0( .6<'.&&2-0%( P( %**%( &%'*%( P(
E0"%(*%()"#.0(d(%**%(%&0(*.@%"018(2-2"GB.%8(QRS8(*+2-0.0BK&%()%(*2("K7*%()%()"#.0(D$")C!
*ebC!O'!4.#,%! J./'_/,"1! ,(!&"%!3(/"",I$&!4&!0.<"&'%&.! (/!;#(#'%<!"#$"! (&!0.,"@&!
4$! 3#'3&0%!49/$%#'#@,&!4&! (/! ;#(#'%<1! I$,! .&0.&'4! 3&%%&! ,4<&!4&!0$,""/'3&1!
;#,.&!49/?"#($%,"@&1!0$,"I$9&((&!",P',J,&!I$&!(/!;#(#'%<!5$@/,'&!/!(&!0#$;#,.!
4&!3.<&.!"/!0.#0.&!(#,C!O((&!3#'"%,%$&!(9$'!4&"!0.,'3,0&"!4,.&3%&$."!4$!4.#,%!4&"!
3#'%./%"!I$,!/!,'"0,.<!(&"!.<4/3%&$."!4$!7#4&!3,;,(!4&!)c-dC!7#'3&0%!,4</(,"%&1!
,(! 0#"%$(&! I$&! (/! ;#(#'%<! (,?.&@&'%! &A&.3<&! E! (/! J#,"! I$/'%! /$! 35#,A! 4$!
3#3#'%./3%/'%!@/,"!/$"",!I$/'%!/$!3#'%&'$!4$!3#'%./%!0.#4$,%!$'!/3%&!0/.J/,%!!
0#$.! (&"! 0/.%,&"! I$&! 3&((&"[3,! )#./%-0! &A<3$%&.C! 6/.! (&$.! "&$(&! ;#(#'%<1! (&"!
0/.%,&"! /$! 3#'%./%! "9#?(,P&'%! E! I$&(I$&! 35#"&! 4/'"! 4&"! %&.@&"! I$,! (&$.!
3#';,&''&'%!-1G%&&2."%6%-0C!=(;+%&0(*2(/#*#-01()%&(<2"0.%&(C'.(/2()#--%"(&2($#"G%(2'(
G#-0"20(%0(*%(*.@"%(?%'()%(*2(/#*#-01()#.0(G#-)'."%(2'(62H.6'6()%(<"#)'G0./.01(D1!<3.,%!
Z@&!VC! 8/..,?/$[`&.'&=.& $"* C! X.1! 3&%%&! ;#(#'%<! '&! 4&;,&'%! '#.@/%,;&!
I$9/$%/'%! I$&! (&! 4.#,%! 3#'"/3.&! "#'! &A,"%&'3&! +$.,4,I$&! E! %./;&."! (&!
3#'"&'%&@&'%!I$,!J#.@&!(&!3#'%./%C!8/!;#(#'%<!"&$(&!4&"!3#3#'%./3%/'%"1!"/'"!
3#'"<3./%,#'!+$.,4,I$&1!'9/$./,%!/$3$'&!;/(&$.!'#.@/%,;&C!7&!'9&"%!4#'3!0/"!(/!
"&$(&!;#(#'%<!4&"!3#'%./3%/'%"!I$,!0&.@&%!(/!3.</%,#'!4&!(9/3%&!+$.,4,I$&!I$9&"%!
(&!3#'%./%C!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$"(!c6! F1KK2R-! J!8==<3! 2>! HLB/H2,B2! HA! 0<K<,>/31=@2! .A31H1aA2!N-! ()!!"#-r*"#="#*%#7:*:)+,#
=%)<#*"#=-:(+-!I-6C(7"<#="#;C(*:<:;C("#=9#=-:(+-!;132R-!"*&(-!56!*%6!$")!c6!F1KK2R-!:;/#6(+6-!56!*&6!$"*!�6!mA__2K/,SV/,<32!2>!F6!V/331`/ASg23,2R32-!!"<#:H*(&%+(:)<-!;132R-!5!#$#6!
! "$"
*edC!ZD@&!(9/3%&!$',(/%<./(!4&!;#(#'%<1!I$,!0/.!4<J,',%,#'!<@/'&!49$'&!"&$(&!
0&."#''&!&%!'9#?(,P&!I$9&((&[@D@&1!"=@0%#@/%,I$&!4&!(/!@<J,/'3&!4$!4.#,%!E!
(9<P/.4!4&!3&%%&!;#(#'%<!,'"%/?(&1!'&!0&$%!/;#,.!49&JJ&%!+$.,4,I$&!I$&!0/.3&!I$&!
(/!.BP(&!4&!4.#,%!(9&'3/4.&C!R/'"!3&%!&'3/4.&@&'%1!(/!;#(#'%<!,'4,;,4$&((&!"&$(&!
'9/$./,%!0/"!49&A,"%&'3&!+$.,4,I$&C!>,'",!(&!%&"%/@&'%1!J#.@&!0/.!&A3&((&'3&!4&!
(9/3%&!+$.,4,I$&!$',(/%<./(1!&"%[,(!&'3/4.<!0/.!(&!7#4&!3,;,(C!!
!
eO).=)FDE>=E:=K=E:)FDE:?AF:;=@)
)
*eeC!8&!3#'"&'%&@&'%!4&!4.#,%!3#@@$'1!3#'"&'%&@&'%!?/'/(1!3(/"",I$&1!4#''<!
4/'"! (&!3/4.&!3#'%./3%$&(!&"%! J#.@<!0/.! (/!.&'3#'%.&!4&"!;#(#'%<"!4&"!0/.%,&"!
/$!3#'%./%C!29/,((&$."1!49$'!0#,'%!4&!;$&!<%=@#(#P,I$&1!i!3#'"&'%&@&'%!j!&"%!
,""$!4$!(/%,'!G#-&%-0."%!",P',J,/'%!D%.&!49/33#.4$#4C!79&"%!3&%!/33#.4!I$,!@/.I$&!
(9&A%<.,#.,"/%,#'!4&!(/!;#(#'%<!0/.!"/!J#.@/(,"/%,#'C!!!
*efC! 8&! 7#4&! 3,;,(! '9&"%! 0/"! P<'<.&$A! &'! 4,"0#",%,#'"! .<P(&@&'%/'%! (&!
3#'"&'%&@&'%C!R&"!.<4/3%&$."!"&!"#'%!3#'%&'%<"1!E!(9/.%,3(&!))-c1!4&!0.<;#,.!I$&!
=(5%( G#-&%-0%6%-0( )%( *2( <2"0.%( C'.( &+#@*.7%(D! &"%! $'&! 4&"! I$/%.&! 3#'4,%,#'"!
&""&'%,&((&"!E!(/!;/(,4,%<!49$'&!3#';&'%,#'C!!6/.!(/!"$,%&1!(&"!3.,%B.&"!.&(/%,J"!E!"/!
;/(,4,%<! +$.,4,I$&! '&! "#'%! 0/"! <'#'3<"! 4&! @/',B.&! 0#",%,;&! @/,"!
&""&'%,&((&@&'%!4<4$,%"!4&"! ;,3&"! I$,! '&!4#,;&'%!0/"! (9/JJ&3%&.1! (9/.%,3(&! ))-k!
<'#'_/'%! I$9!=(:*( -+3( 2( <#.-0( )%( G#-&%-0%6%-0( /2*2@*%8( &.( *%( G#-&%-0%6%-0( -+2( 101(
)#--1(C'%(<2"(%""%'"8(#'(&+.*(2(101(%H0#"C'1(<2"(/.#*%-G%(#'(&'"<".&(<2"()#*(DC!>,'",1!
(&!3#'"&'%&@&'%!4#,%!D%.&! ,'%BP.&! TZUC!Z/,"1!/$!0.</(/?(&1! ,(!4#,%!<;,4&@@&'%!
&A,"%&.!TAUC!
! !
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$#4!5(6+(:))%(-"#,+M$:*:&(G9"#"+#C(<+:-(G9"#=9#>-%)`%(<-!V/3<A==2-!0O!J!B<,=2,>2@2,>!N6!
! "$#
"#!$<%1)0*%74%!&2!4(70%7*%8%7*!
!
*egC!89&A,"%&'3&!4$!3#'"&'%&@&'%!.&';#,&!4,.&3%&@&'%!E!(/!J/3$(%<!4&!;#$(#,.1!
E! (9/0%,%$4&! E! 3#@0.&'4.&! (/! 0#.%<&! 49$'! /3%&C! O'! &JJ&%1! 0#$.! I$&! (&!
3#'"&'%&@&'%!&A,"%&1! ,(! &"%!'<3&""/,.&!I$9,(! <@/'&!49$'&!0&."#''&!I$,!&"%! &'!
@&"$.&!4&! (&! 3#@0.&'4.&1!I$,! /! 3#'"3,&'3&!4&! (9&'P/P&@&'%!I$9&((&!4#''&!H!
3&($,!I$,! 3#'"&'%!E!$'!/3%&!4#,%! D%.&! 3/0/?(&1! 39&"%[E[4,.&!=(a#01()%(*2(G2<2G.01(
Q&'"0#'0( )+%H%"G.G%S8( &#.0( %-( <*1-.0')%( Q.-)./.)'( 62?%'"( %0( 62e0"%( )%( &%&( )"#.0&(
<*%.-%6%-0(G2<2@*%8(G2<2@*%()%(0#'&(*%&(2G0%&()%(*2(/.%(G./.*%(QRS(S(&#.0("%*20./%6%-0(P(
'-( 7%-"%( )+%-727%6%-0( Q.-)./.)'( G2<2@*%( )%( G#-0"2G0%"8( )%( &+#@*.7%"( <2"( &%&( )1*.0&8(
%0GIS(Dg[DC!!
*ecC!O'!4.#,%!J./'_/,"1!(/!3/%<P#.,&!4&"!,'3/0/?(&"!&"%!3#'"%,%$<&!49$'&!0/.%!4&"!
@,'&$."! '#'! <@/'3,0<"1! 49/$%.&! 0/.%! 4&"! @/+&$."! 0.#%<P<"1! 39&"%[E[4,.&!
=(9#'0%(<%"&#--%()2-&(*+.6<#&&.@.*.01()%(<#'"/#."(&%'*%(P(&%&(.-01"E0&(%-("2.&#-()+'-%(
2*01"20.#-8(61).G2*%6%-0( G#-&0201%8( &#.0( )%( &%&( $2G'*01&(6%-02*%&8( &#.0( )%( &%&( $2G'*01&(
G#"<#"%**%&( )%( -20'"%( P( %6<EGB%"( *+%H<"%&&.#-( )%( &2( /#*#-01( LC'.( @1-1$.G.%O( )+'-%(
6%&'"%()%(<"#0%G0.#-(?'".).C'%(D!L/.%C!d*e!7C3,;C1!/(,'</!)MC!
*ekC! R9/P,""/'%! 4&"! 0.&@,&."1! 3&! "#'%! P<'<./(&@&'%! (&$."! 0/.&'%"1! %,%$(/,.&"!
'/%$.&("!4&! (9/$%#.,%<!0/.&'%/(&1! I$,! (&"! .&0.<"&'%&'%!4/'"! (&"! /3%&"!4&! (/!;,&!
3,;,(&!+$"I$9E!(&$.!@/+#.,%<!(<P/(&C!R,!(&!@,'&$.!/!J/,%!"&$(!$'!/3%&!0#$.!(&I$&(!,(!
/$./,%! 4l! D%.&! .&0.<"&'%<1! 3&($,[3,! 0#$../! D%.&! J./00<! 4&! '$((,%<! L/.%C! ))*d! &%!
)b-e!7C3,;CMC!!
*f-C! R9/P,""/'%! 4&"! "&3#'4"1! ,("! "#'%! 0.#%<P<"! =(02-0( L)2-&( *%'"O( <%"&#--%( C'%(
L)2-&(*%'"&O(.-01"E0&(<20".6#-.2'H(D!L/.%C!d*e!7C3,;C1!/(,'</!*M!0/.!(/!@,"&!&'!0(/3&!
49$'&! "/$;&P/.4&!4&! +$"%,3&! L/.%C! dbb!7C3,;CM1!49$'&! 3$./%&((&! L/.%C! dd-!7C3,;C1!
/(,'</"!)!&%!*M1!#$!49$'&!%$%&((&!L/.%C!dd-!7C3,;C1!/(,'</"!b!&%!dM!$##C!7&"!@&"$.&"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$#"!U6!7<3,A-!:;/#6(+6-!0O!J!B/5/`K2!N6!$##!V2=!@2=A32=!H2!53<>2B>1<,!.A31H1aA2=!H2=!@/.2A3=!<,>!HM/1KK2A3=!L>L!@<H1_1L2=!H/,=!K2!
=2,=!HMA,2!@21KK2A32!531=2!2,!B<@5>2!H2!K/!0<K<,>L!H2!B2=!H23,123=!5/3!A,2!K<1!,O#44(S
$4)!HA! &!@/3=! #44(-! \6f6! (!@/3=! #44(6! Q<A3! A,! B<@@2,>/132-! 0<13! 5/3! 2Y2@5K2! ./0/1/!
! "$$
4&! 0.#%&3%,#'! +$4,3/,.&! ;,"&'%! E! /""$.&.! (&! 3#'%.t(&1! (9/"","%/'3&! #$! (/!
.&0.<"&'%/%,#'!4$!@/+&$.!"9/P,""/'%!4&!3&.%/,'"!#$!4&!%#$"!(&"!/3%&"!4&!(/!;,&!
3,;,(&1!3#'%./3%$&("!#$!'#'C!4(G#-0"2".#1!,(!J/$%!3#@0.&'4.&!I$&!(#."I$9/$3$'&!
@&"$.&! 4&! 0.#%&3%,#'! '9/! <%<!@,"&! &'! 0(/3&1! (&! 3#'"&'%&@&'%! 4$!@/+&$.! &'!
%#$%&!3#'"3,&'3&!&"%!0.<"$@<1!@/,"! (9/3%&! +$.,4,I$&! J#'4<!"$.!3&($,[3,!0#$../!
D%.&!/%%/I$<!2(<#&0%".#".(L/.%C!d)d[)!&%!d)d[*!7C3,;MC!N,&'!&'%&'4$1!",!(&!@/+&$.!&"%!
0(/3<!"#$"!$'!.<P,@&!4&!0.#%&3%,#'!&%!I$9,(!4#''&!"&$(!"#'!3#'"&'%&@&'%!E!$'!
/3%&!0#$.!(&I$&(!,(!/$./,%!4l!D%.&!/"","%<!#$!.&0.<"&'%<!0/.!$'!%,&."!0.#%&3%&$.1!
(9/3%&!0#$../!D%.&!/,"<@&'%!/''$(<!L/.%C!dfe!7C3,;CMC!
!
-#!$<)7*.9')*.!&2!4(70%7*%8%7*!
)
*f)C!8&! 3#'"&'%&@&'%!4#,%1! &'! "$"!49&A,"%&.1! D%.&! ,'%BP.&1! 39&"%! E!4,.&!'9/;#,.!
"$?,!/$3$'&!/(%<./%,#'1!/$3$'&!/%%&,'%&C!U(!4#,%!4#'3!/;#,.!<%<!4#''<!(,?.&@&'%!
TaU!&%!!&'!0(&,'&!3#'"3,&'3&!TbUR)
!
qT(52(*.@%"01()'(G#-&%-0%6%-0(
)
*f*C!:'!3#'"&'%&@&'%!'9&"%!;/(/?(&!I$&!"9,(!/!<%<!4#''<!&'!%#$%&!(,?&.%<1!39&"%[
E[4,.&!"/'"!3#'%./,'%&!05=",I$&!&%s#$!@#./(&C!8&!3#'"&'%&@&'%1!@/',J&"%/%,#'!
49$'! =(2@2.&&%6%-08( )+'-%( &#"0%( )%( G2<.0'*20.#-8( )+'-%( 2*.1-20.#-(D! "&(#'! Z@&!
G.,"#'[S#35&$#$1!4#,%!/;#,.!<%<!4#''<!&'!%#$%&!,'4<0&'4/'3&C!!
*fbC!O'!4.#,%!4&"!3#'%./%"1!39&"%!(&!;,3&!4&!;,#(&'3&!I$,!&"%!"/'3%,#''<!&'!%/'%!
I$&!.<;<(/%&$.!4$!4<J/$%!4&!(,?&.%<!4/'"!(&!3#'"&'%&@&'%!L/.%C!))-k!&%!))))!&%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#44(6!+6!"")-!g6!G<==12p![!5-/#"+#;%+-6-!./,06!#44)-!56!""4-!:6!GAKBI13<,![!56!#44)6!Q/,6!$"$-!
\6S\6!V2@<AK/,H6!+,1>1/K2@2,>-!BM2=>!K/!K<1!,O'%S"#$4!HA!"%!HLB6!"*'%!n\6f6!"&!HLB6!"*'%o!
aA1!/!1,=>1>AL!B2=!@2=A32=!H2!53<>2B>1<,!.A31H1aA26!$#$!c6Sb6!G31=<,S?<BI2-!:;/#6(+6-!556!&(%S&(&6!
! "$%
"C!4$!7#4&!3,;,(M1! (/!;,#(&'3&!<%/'%!3#'"%,%$<&!0/.!$'&!=(G#-0"2.-0%(<B3&.C'%(#'(
6#"2*%(%H%"G1%(&'"('-%(<%"&#--%(<#'"(*+26%-%"(P(G#-0"2G0%"(Dg[UC!!
*fdC!7&%!,@0<./%,J!4&!(,?&.%<!"&!.&%.#$;&!"9/P,""/'%!4&!%#$%&"!(&"!5=0#%5B"&"!4&!
3#'"&'%&@&'%1!I$&!3&($,[3,!"#,%!4#''<!4/'"!$'!3/4.&!0$.&@&'%!3#'%./3%$&(!#$!
/$! 3#$."! 4$! 0.#3&""$"! +$4,3,/,.&C! >,'",1! "9/P,""/'%! 4$! 4,;#.3&! 0/.!
3#'"&'%&@&'%! @$%$&(1! (9/.%,3(&! *b*! 4$! 7#4&! 3,;,(! 0.<;#,%! I$&! =(5%( ?'7%(
B#6#*#7'%( *2( G#-/%-0.#-( %0( <"#-#-G%( *%( )./#"G%( &+.*( 2( 2GC'.&( *2( G#-/.G0.#-( C'%( *2(
/#*#-01()%(GB2G'-()%&(1<#'H(%&0("1%**%(%0(C'%(*%'"(G#-&%-0%6%-0(%&0(*.@"%(%0(1G*2."1(D\UjC!
2&!@D@&1!"9/P,""/'%!4$!@/.,/P&1!(9/.%,3(&!)c-!4$!7#4&!3,;,(!0.<;#,%!(/!"/'3%,#'!
4$! @/.,/P&! 3#'%./3%<! =(&2-&( *%( G#-&%-0%6%-0( *.@"%( )%&( )%'H( 1<#'H8( #'( )%( *+'-(
)+%'H(DI((!
*feC! >,'",1! (&! 3#'"&'%&@&'%! '9/! 0/"! 4&! "&'"! "9,(! '9/! 0/"! <%<! 4#''<! &'! %#$%&!
(,?&.%<!H! ,(! &"%! J#'4<! "$.! 3&%%&! 4&.',B.&1! 0/.3&! I$9,(! &'! &"%! /;/'%! %#$%! $'&!
@/',J&"%/%,#'C!7&%%&!.&@/.I$&!"&@?(&!3#'%.&4,.&!3&!I$,!/!<%<!4,%!&'<"21!&'!3&!
I$&! '#$"! /;#'"! &A0(,I$<! I$&! (&! 3#'"&'%&@&'%! &"%! /3%&! 49/?'<P/%,#'1! 4&!
3/0,%$(/%,#'C! 6#$.%/'%1! (9$'! '9,@0(,I$&! 0/"! (9&A3($",#'! 4&! (9/$%.&C! 8&!
3#'"&'%&@&'%1! 0/.3&! I$9,(! &"%! %#$+#$."! J#'4/@&'%/(&@&'%! $'! 35#,A1! &"%!
(9&A&.3,3&!49$'&!(,?&.%<C!
*ffC! 8/! ;/(,4,%<! 4$! 3#'"&'%&@&'%! ,@0#"&! <P/(&@&'%! I$9,(! /,%! <%<! 4#''<! &'!
%#$%&!3#''/,""/'3&!4&!3/$"&C!
!
tT(52((<*%.-%(G#-&G.%-G%()'(G#-&%-0%6%-0(
)
*fgC!7&(/!,@0(,I$&!I$&!(&!3#'"&'%&@&'%!"#,%!&A&@0%!4&!4#(!#$!49&..&$.!T!U1!3&!
I$,!.&';#,&!E!(9#?(,P/%,#'!49,'J#.@&.!"#'!3#3#'%./3%/'%!TWU1!@D@&!",!3&"!4&$A!
<(<@&'%"!'&!"#'%!0/"!'<3&""/,.&@&'%!(,<"C!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$#%!�6!mA__2K/,SV/,<32!2>!F6!V/331`/ASg23,2R32-!:;/#6(+6-!56!#*4!2>!=6!$#&!7M2=>!,<A=!aA1!=<AK1k,<,=6!
! "$&
!O).=)FDE>=E:=K=E:)<DB:)^:?=)=]=KC:)<=)<D@)D;)</=??=;?)
!
*fcC!K#$"!/;#'"!3,%<!&'<"2!(9/.%,3(&!))-k!4$!7#4&!3,;,(!I$,!0.<;#,%!I$9!=(:*(-+3(2(
<#.-0()%(G#-&%-0%6%-0(/2*2@*%8(&.( *%(G#-&%-0%6%-0(-+2(101()#--1(C'%(<2"(%""%'"(QRS(
#'(&'"<".&(<2"()#*(DC!!
*fkC!R9/P,""/'%!49/?#.4!4&!(9&..&$.1!&((&!&"%! (&!=($2.0()%(&%(0"#6<%"(QRS8(G+%&0('-%(
$2'&&%("%<"1&%-020.#-()%(*2("12*.01(D#g[TC!=(>**%(G#-&.&0%(P(G"#."%(/"2.(G%(C'.(%&0($2'H8(%0(
$2'H(G%(C'.(%&0(/"2.(Dg[ZC!!
*g-C!8&!7#4&!3,;,(!0.<3,"&!E!(9/.%,3(&!)))-!I$&!(9&..&$.!=(-+%&0('-%(G2'&%()%(-'**.01(
C'%(*#"&C'+%**%(0#6@%(&'"(*2(&'@&02-G%(6E6%()%(*2(GB#&%(C'.(%-(%&0(*+#@?%0I(>**%(-+%&0(
<#.-0('-%(G2'&%()%(-'**.018(*#"&C'+%**%(-%(0#6@%(C'%(&'"(*2(<%"&#--%(2/%G(*2C'%**%(#-(2(
.-0%-0.#-()%(G#-0"2G0%"8(P(6#.-&(C'%(*2(G#-&.)1"20.#-()%(G%00%(<%"&#--%(-%(&#.0(*2(G2'&%(
<".-G.<2*%()%( *2(G#-/%-0.#-(DC!>,'",1! %#$%&! &..&$.! '9&"%! 0/"! 0.,"&! &'! 3#@0%&! &'!
%/'%!I$&!;,3&!4$!3#'"&'%&@&'%!H!"&$(&"!(9&..&$.!"$.!(/!"$?"%/'3&!&%!(9&..&$.!"$.!
(/! 0&."#''&1! "9/P,""/'%! 0#$.! 3&%%&! 4&.',B.&! 4&"! 3#'%./%"! 3#'3($"! .-0'.0'(
<%"&#-2%1!"#'%!+$.,4,I$&@&'%!"/'3%,#''<&"C!!
*g)C! X$%.&! 3&"! 3#'4,%,#'"! (,<&"! E! (/! '/%$.&! 4&! (9&..&$.1! ,(! &"%! <P/(&@&'%!
,@0<./%,J! I$&! 3&((&[3,! "#,%! &'%.<&! 4/'"! (&! 35/@0! 3#'%./3%$&(C! U(! &"%! /$"",!
'<3&""/,.&!I$&!(9&..&$.!/,%!<%<!4<%&.@,'/'%&!4$!3#'"&'%&@&'%1!/$!"&'"!#h!"#'!
/?"&'3&!/$./,%!3#'4$,%!(/!0/.%,&!/$!3#'%./%!E!'&!0/"!3#'3($.&!(/!3#';&'%,#'!#$!
E!(/!3#'3($.&!E!4&"!3#'4,%,#'"!4,JJ<.&'%&"C!
!
*g*C!R9/P,""/'%!4$!4#(1!,(!&"%!0.<;$!E!(9/(,'</!)!4&!(9/.%,3(&!)))f!4$!7#4&!3,;,(1!
"&(#'!(&I$&(!=(5%()#*(%&0('-%(G2'&%()%(-'**.01()%(*2(G#-/%-0.#-(*#"&C'%(*%&(62-g'/"%&(
<"20.C'1%&(<2"(*+'-%()%&(<2"0.%&(&#-0(0%**%&8(C'+.*(%&0(1/.)%-0(C'%8(&2-&(G%&(62-g'/"%&8(
*+2'0"%( <2"0.%( -+2'"2.0( <2&( G#-0"2G01(DC! R&(#'! (&"! %&A%&"1! (&! 4#(! #.,P,'&(! .&';#,&!
4#'3! '<3&""/,.&@&'%! E! $'! 3#@0#.%&@&'%! 0#",%,J!H! ,(! &"%! $'&! %.#@0&.,&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$#'!U6!7<3,A-#:;/#6(+6-!0O!J!2332A3!N6!$#(!�6!mA__2K/,SV/,<32!2>!F6!V/331`/ASg23,2R32-!:;/#6(+6-!56!#()6!
! "$'
&A%<.,#.,"<&C! X.1! ,(! '&! "&! .<4$,%! 0($"! E! 3&%%&! 3#'3&0%,#'! 4&0$,"! I$&! (/!
+$.,"0.$4&'3&! /! <(/.P,! "#'! 4#@/,'&! &%! ,(! &'P(#?&! 4<"#.@/,"! %#$%!
=(;#6<#"0%6%-0(62*B#--E0%8( *%( <*'&( &#'/%-0( )+'-( G#-0"2G02-0( %-/%"&( *+2'0"%8( &#'&(
$#"6%()%(62-g'/"%&8(6%-&#-7%&8($%.-0%&8(G#**'&.#-&8(%0GI(Dg[EC!8&!4#(!0&$%!4#'3!D%.&!
=('-(2G0L%O(%H01".%'L"O()%&0.-1(P(0"#6<%"(%0(<#"02-0(%-(L*'.OT6E6L%O(*2(<"%'/%()%(G%00%(
.-0%-0.#-()%(0"#6<%"(Dg[@!#$!$'!",@0(&!@&'"#'P&$$41!;#,.&!=(*%(&.*%-G%()%(*+'-%()%&(
<2"0.%&().&&.6'*2-0(P(&#-(G#G#-0"2G02-0('-($2.0(C'.8(&+.*(2/2.0(101(G#--'()%(*'.(*+2'"2.0(
%6<EGB1( )%( G#-0"2G0%"(D ggD 1! /$%.&@&'%! 4,%! $'&! .<%,3&'3&! 4#(#",;&C! 7&%!
<(/.P,""&@&'%! +$.,"0.$4&'%,&(! $(%,@&! /! ! <%<! J#'4<! "$.! (9#?(,P/%,#'! 3#..<(/%,;&!
49,'J#.@/%,#'1! <P/(&@&'%! 4<3#$;&.%&! 0/.! (&! +$P&C! `.#$;/'%! "/! "#$.3&! 4/'"!
(9&A,P&'3&! 4&! (#=/$%<! &%! 4&! ?#''&! J#,! 3#'%./3%$&((&1! 3&%%&! #?(,P/%,#'! /! <%<!
,@0#"<&! '#'! "&$(&@&'%! /$A! 0.#J&"",#''&("! (#."I$9,("! 3#'3($&'%! $'! 3#'%./%!
/;&3!4&"!0.#J/'&"$$#1!@/,"!<P/(&@&'%!&'%.&!3&"!4&.',&."$$$C!!
*gbC!O..&$.!&%!4#(!"#'%!/,'",!.<;<(/%&$."!4&!3&!I$&!(&!3#'"&'%&@&'%!/!<%<!4#''<!
/(#."!I$&!4&"! <(<@&'%"! &""&'%,&("!4$! 3#'%./%! <%/,&'%!@/(! 3#@0.,"!#$! ,P'#.<"!
0/.! (9$'&! 4&"! 0/.%,&"! /$! 3#'%./%C! 7&(/! '#$"! 3#'4$,%! %#$%! '/%$.&((&@&'%! E!
/?#.4&.!(9#?(,P/%,#'!49,'J#.@&.!"#'!3#3#'%./3%/'%C!
!
WO)./DZ@BMA:BDE)</BEQD?K=?)>DE)FDFDE:?AF:AE:)
!
*gdC! U(! &"%! (#P,I$&! 49/JJ,.@&.! I$9$'! 3#'"&'%&@&'%! <3(/,.<! .&I$,&.%! $'&!
,'J#.@/%,#'! &A5/$"%,;&! "$.! (/! 3#';&'%,#'! 0.#+&%<&C! X.1! "#$"! (9/3%,#'! L'#'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$#)!U6!7<3,A-#:;/#6(+6-!0O!J!H<K!N6!$#*!�6!mA__2K/,SV/,<32!2>!F6!V/331`/ASg23,2R32-!:;/#6(+6-!56!#)'6!!$$4!7106!$i@2-!'!,<06!"*(4-!./0/1/!"*("6!++6!"'*%#-!,<>2!\6!UI2=>1,6!$$"!7106!$i@2-!"&!./,06!"*("-!F9**/#6(76!,O$)-!3/4/5/#6(76!"*("6!)$*-!,<>2!V<A==<A/3,6!$$#!7106!$i@2-!$!_L036!"*)"-!56!"*)%6!%&(![!7/==6!$i@2!B106-!"#!<B>6!"**%-!,O*#S"'6$%"-!1,LH1>6!!$$$!7106! $i@2-! "&!,<06! #444-! ./0/1/! #44"6! +6!$4"-!<`=6! �6Sc6! ;L31,2>![! ./0/1/! #44#6! ++6! "44&%-!
,<>2!7I36!V1i032@<,>6!!
! "$(
3#'3&.%<&1!"&(#'!$'&!0/.%,&!4&!(/!4#3%.,'&bbdM!4$!+$P&!&%!4$!(<P,"(/%&$.1!(/!J/_#'!
4#'%!3&%%&!,'J#.@/%,#'!&"%!#?%&'$&!/!<;#($<C!!
*geC!>,'",1! ,(! &"%! 3(/"",I$&!4&!0#"&.! &'!0.,'3,0&!I$&! (&! 0&'4/'%!4&! (/! (,?&.%<!
3#'%./3%$&((&! &"%! (&! 4&;#,.! 4&! "9,'J#.@&.! "$.! (&"! <(<@&'%"! &""&'%,&("! 4&! (/!
3#';&'%,#'! 0.#+&%<&C! 7&0&'4/'%1! (/! 3#@0(&A,J,3/%,#'! 4&"! ./00#.%"!
3#'%./3%$&("1! (/! "0<3,/(,"/%,#'! 49$'&! 3/%<P#.,&! 4&"! 0/.%,&"! /$! 3#'%./%! [! (&"!
0.#J&"",#''&("![1!&%!0/.!3#'"<I$&'%!(&!.,"I$&!4&!4<"<I$,(,?.&!3#'%./3%$&(!(,<!E!
(/!"$.,'J#.@/%,#'!4&!3&"!4&.',&."1!/!3#'4$,%!E!.&@&%%.&!&'!3/$"&!$'&!%&((&!.BP(&!
,@0(,3,%&!4&! 3#@0#.%&@&'%C!79&"%! (&! +$P&!I$,!/!0.#P.&"",;&@&'%! ,@0#"<!$'&!
#?(,P/%,#'! 49,'J#.@/%,#'! E! (/! 35/.P&! 4&! 3&.%/,'"! 3#'%./3%/'%"! E! (9<P/.4! 4&!
(9/$%.&! 0/.%,&! /$! 3#'%./%1! ,@0#"/'%! /,'",! (/! 3#@@$',3/%,#'! 49<(<@&'%"!
&""&'%,&("! E! 3&! 4&.',&.bbeC! ! 6/.! (/! "$,%&1! (&! (<P,"(/%&$.! /! 3#@0(<%<! (&! %./;/,(!
+$.,"0.$4&'%,&(! &%! 3.<<! 4,;&."&"! #?(,P/%,#'"! 0/.%,3$(,B.&"! 49,'J#.@/%,#'1!
&""&'%,&((&@&'%!&'!4.#,%!4&!(/!3#'"#@@/%,#'!I$9,(!'9&"%!0/"!$%,(&!49/?#.4&.C!
*gfC!O'!%#$"!(&"!3/"1!(9,'J#.@/%,#'!4<(,;.<&!4#,%!3#'3&.'&.!$'!J/,%!0&.%,'&'%!&%!
4B"!(#."!0.<"&'%&.!%.#,"!3/./3%<.,"%,I$&"!H!49/?#.41!D%.&!$'!J/,%!&'!./00#.%!/;&3!
(&"!#?(,P/%,#'"!'<&"!4$!3#'%./%1!&'"$,%&1!D%.&!$'!J/,%!$%,(&!/$!3#'%./3%/'%1!39&"%!E!
4,.&! =(C'.( <%"6%0( )%( *+1G*2."%"( )2-&( &%&( )1G.&.#-&( %0( *%( G2&( 1GB12-0( )%(6#).$.%"( &#-(
G#6<#"0%6%-0(D1!"#,%!I$9,(!.&'#'3&!E!"#'!0.#+&%!4&!3#'3($.&!(&!3#'%./%1!"#,%!I$9,(!
0&."<;B.&!4/'"!3&($,[3,!&'!.<&A/@,'/'%!(&"!3#'4,%,#'"!w!&'J,'1!D%.&!$'!J/,%!4#'%!
(/!.<;<(/%,#'!'9&"%!0/"!,((,3,%&bbfC!!
*ggC!S&@/.I$#'"! &'J,'! I$9,(! &""&'%,&(! I$&! 3&%%&! ,'J#.@/%,#'! "#,%! 4<(,;.<&!4&!
@/',B.&! ,'%&((,P,?(&C! O'! &JJ&%1! &'! "$"! 4&"! <(<@&'%"! %5<#.,I$&"! I$,! ;,&''&'%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$%!F6!5/3!2Y2@5K2!K2=!32@/3aA2=!H2!G6!g233L-!QI6!;1@K23!2>!�6!V2aA2>>2!()#!"<#:H*(&%+(:)<-#
9/KK<p-!#44&-!56!#$'6!$$&!F6! ,<>/@@2,>! bK1==2-! !B:H*(&%+(:)# ="# -")<"(&)"$")+<# =%)<# *"<# 6:)+-%+<-! >Ii=2! Q/31=!
"*(&![! �6! m<R23-! !B:H*(&%+(:)#="#-")<"(&)"$")+#=%)<# *%# >:-$%+(:)#=9#6:)+-%+-! >Ii=2! b1Y!
"*((![! 76! VAB/=! H2! V2R==/B-! J!VM<`K1k/>1<,! H2! 32,=21k,2@2,>! H/,=! K2=! B<,>3/>=!N-! ()#
!B()>:-$%+(:)# ")# =-:(+# ;-(7,-! "*()! 56! $4&! 2>! =6![! c6! G/`32Sc/k,/,-! 5"# *B:H*(&%+(:)#
=B()>:-$%+(:)#=%)<#*"<#6:)+-%+<-!>Ii=2!Q/31=!+-!LH6!"**#![!b!7I132p-!5"#*%#6:)>(%)6"#")#=-:(+#
6:)+-%6+9"*-!>Ii=2!3<,L<>-!^1B2!"*((6!!$$'!c6!G/`32Sc/k,/,-!>I6!53LB6-!56!"'%6!
! "$)
49D%.&! 4<3.,%"1! ,(! &"%! 0.,@#.4,/(! I$9&'! 0./%,I$&! (/! 0/.%,&! /$! 3#'%./%! E! I$,! &"%!
4&"%,'<&! 3&%%&! ,'J#.@/%,#'! &'! "/,",""&! ",'#'! %#$"! (&"! <(<@&'%"1! /$! @#,'"! (&!
0.,'3,0/(C!>,'",1! ",! "$.! (&! J#'4! (9,'J#.@/%,#'! 4#,%! D%.&! 3(/,.&! &%! /33&"",?(&! 4&!
@/',B.&!E!3&!I$&!(&!3#3#'%./3%/'%!(/!3#@0.&''&!"/'"!4,JJ,3$(%<bbg1!&'!(/!J#.@&!
(&!0($"!"#$;&'%!&((&!&"%!(#P,I$&@&'%!3#'"%,%$<&!49$'!<3.,%C!!
!
*gcC! 7&! 4&.',&.! <(<@&'%! &"%! .&;D%$! 49$'&! ,@0#.%/'3&! 4<3,",;&! (#."I$&! (&!
3#'"&'%&@&'%!&"%!4#''<!4/'"!(&!4#@/,'&!@<4,3/(C!
!
NO).=)FDE>=E:=K=E:)=E)<?DB:)KG<BFA@))
!
*gkC! 8&! 3#'"&'%&@&'%! &'!4.#,%!@<4,3/(1! "9,(! 0&$%!0/./a%.&! J#'4/@&'%/(&@&'%!
",@,(/,.&! /$! 3#'"&'%&@&'%! &'! 4.#,%! 3#@@$'1! 0.<"&'%&! 0#$.%/'%! 3&.%/,'&"!
0/.%,3$(/.,%<"! &""&'%,&((&"1! 0$,"I$9,(! /$%#.,"&! (&! @<4&3,'! E! 0#.%&.! /%%&,'%&! E!
(9,'%<P.,%<!05=",I$&!4$!0/%,&'%C!R/'"!0.<%&'4.&!E!$'&!/'/(="&!&A5/$"%,;&1!'#$"!
<%$4,&.#'"!49/?#.4!(&"!@/',J&"%/%,#'"!J#.@&((&"!4&!3&!3#'"&'%&@&'%!T8U!/;/'%!
49/'/(="&.!"&"!+$"%,J,3/%,#'"!TWU1!0$,"!,(!"&./!,(($"%.<!0/.!4&"!&A&@0(&"!,""$"!4$!
4.#,%!@<4,3/(!&%!?,#@<4,3/(1!4/'"!(&"!4#@/,'&"!/=/'%!;$!3#'"/3.&.!(&!0.,'3,0&!
49/$%#'#@,&!0&."#''&((&!TeUC!!
)
8O).=>)KAEBQ=>:A:BDE>)QD?K=@@=>)<=)@A)CA?:BF;@A?B:G)<;)FDE>=E:=K=E:)=E)<?DB:)
KG<BFA@)
)
*c-C! 8&! 3#'"&'%&@&'%! 4#''<! 0/.! (&! 0/%,&'%! E! "#'! @<4&3,'! 0.<"&'%&! 4&"!
/'/(#P,&"! /;&3! 3&($,! I$&! '#$"! ;&'#'"! 49<%$4,&.! 0$,"I$9,(! 4#,%1! E! (9,'"%/.! 4&!
3&($,[3,1!D%.&!4#''<!4&!@/',B.&!(,?.&!&%!<3(/,.<&1!&%1!?,&'!<;,4&@@&'%1!&A,"%&.C!
7&! 4&.',&.! 0#,'%! J&./! (9#?+&%! 49#?"&.;/%,#'"! 0/.%,3$(,B.&"! &'! 3&! I$&! (&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$(!F6!K2=!<A03/k2=!kL,L3/AY!2,!H3<1>!H2=!<`K1k/>1<,=!B1>L=!<9;-%6!
! "$*
3#'"&'%&@&'%! 4#''<! E! (9/3%&! @<4,3/(! &"%! '<3&""/,.&! @/,"! '#'! "$JJ,"/'%! E!
0&.@&%%.&! (9/%%&,'%&! E! (9,'%<P.,%<!05=",I$&!4$!0/%,&'%! TAUC! 8&! 3/./3%B.&! <3(/,.<!
4$!3#'"&'%&@&'%!,@0#"&!<P/(&@&'%!4&"!4<;&(#00&@&'%"!"$00(<@&'%/,.&"!/$!
.&P/.4!4&!(9#?+&%!4&!(/!.&(/%,#'!@<4,3/(&1!I$&!3&!"#,%!4/'"!(&!"&3%&$.!0$?(,3!#$!
0.,;<1!I$,!3#'","%&!E!&JJ&3%$&.!$'&!0.&"%/%,#'!"$.!(&!3#.0"!4$!0/%,&'%C!>,'",1!(&!
3#'"&'%&@&'%!E!(9/%%&,'%&!0#.%<&!E!"#'!,'%<P.,%<!05=",I$&!'&!"&./!4#''<!0/.!3&!
4&.',&.!I$9/0.B"!I$9$'&!,'J#.@/%,#'!%#$%&!0/.%,3$(,B.&!($,!/!<%<!4<(,;.<&!TZUC!!
!
"#!$<)70266)0"74%!&2!4(70%7*%8%7*!+!,<"4*%!8.&)4",!
!
*c)C! U(! &"%! <;,4&'%!I$&! (&!@<4&3,'!4#,%! .&3$&,((,.! (&! 3#'"&'%&@&'%!4$!0/%,&'%!
/;/'%!%#$%&!,'%&.;&'%,#'!"$.!"#'!3#.0"C!7&0&'4/'%1!3&!3#'"&'%&@&'%!&"%!0($"!
3#@0(&A&!I$&!3&($,!;$!0.<3<4&@@&'%!&'!3&!I$9,(!&"%! ,'"$JJ,"/'%!E!0&.@&%%.&!
(9/%%&,'%&!E! (9,'%<P.,%<!05=",I$&!4$!0/%,&'%!H! ,(! 3#';,&'%!/,'",!4&!4,"%,'P$&.! (&!
3#'"&'%&@&'%! /$A! "#,'"!@<4,3/$A! TaU! 4&! (9/$%#.,"/%,#'! 4&! 0#.%&.! /%%&,'%&! E!
(9,'%<P.,%<!05=",I$&!4$!0/%,&'%1!I$,!&"%!.&'#$;&(<&!35/I$&!J#,"!I$&!(&!@<4&3,'!
&JJ&3%$&!$'!/3%&!%5<./0&$%,I$&!"$.!3&!4&.',&.!TbUR!!
!
qT(5%((G#-&%-0%6%-0(2'H(&#.-&(61).G2'H(
)
*c*C!7&! 3#'"&'%&@&'%!0&$%! D%.&!4#''<1! '#$"! (9/;#'"!;$1! 4/'"! (&! 3/4.&!49$'!
3#'%./%!@<4,3/(! T8U!#$!4/'"! (&!3/4.&!4&! (9$"/P&!4$!"&.;,3&!0$?(,3!5#"0,%/(,&.!
TWUC!
8O).=)FDE>=E:=K=E:)<DEEG)<AE>)@=)FA<?=)</;E)FDE:?A:)KG<BFA@)
!
*cbC! S/00&(#'"! I$&! 39&"%! (&! 3<(B?.&! /..D%! Z&.3,&.! I$,! 0#"&! &'! 0.,'3,0&! (/!
.&(/%,#'!3#'%./3%$&((&!$',""/'%!(&!@<4&3,'!(,?<./(!E!"#'!0/%,&'%!H!=(400%-)'(C'+.*(
&%( $#"6%( %-0"%( *%( 61)%G.-( %0( &#-( G*.%-0( '-( /1".02@*%( G#-0"20( G#6<#"02-08( <#'"( *%(
! "%4
<"20.G.%-8(*+%-727%6%-08(&.-#-8(@.%-(1/.)%66%-08()%(7'1"."(*%(62*2)%(QRS8()'(6#.-&(
)%( *'.( )#--%"()%&( &#.-&(-#-(<2&( C'%*G#-C'%&( QRS8(62.&( G#-&G.%-G.%'H8( 200%-0.$&8( %08(
"1&%"/%( $2.0%()%( G."G#-&02-G%&( %HG%<0.#--%**%&8( G#-$#"6%&( 2'H()#--1%&( 2GC'.&%&()%( *2(
&G.%-G%(QRS(D\\XC!)
*cdC!ZC!WC!Z<@&%&/$! &'"&,P'&1! 4/'"! "#'!=(;#'"&()%()"#.0(61).G2*(Dgg@1! I$&! (&!
3#'%./%!@<4,3/(! &"%!$'! 3#'%./%! "='/((/P@/%,I$&! &'!;&.%$!4$I$&(!=(*%(61)%G.-(
&L%O( 0"#'/%( #@*.71( P( $2."%( C'%*C'%( GB#&%8( G+%&0( P( )."%( <"E0%"( &%&( &#.-&8( <"1G1)1&( )%( *2(
"1G%<0.#-(<2"(*%(G*.%-0(%0()'().27-#&0.G8(&'./.&()%(G#-&%.*&(%0()%(&'"/%.**2-G%(DgU\C! O'!
3#'%.&0/.%,&1! (&!@/(/4&! '9&"%! 0/"! 4,"0&'"<! 4&! %#$%&! #?(,P/%,#'1! 0$,"I$9,(! &"%!
#?(,P<! E! =("16'-1"%"( *%( 61)%G.-( QRS( L%0O( &'./"%( L&O%&( G#-&%.*&( QRS(D gUD I! 79&"%!
<P/(&@&'%1! &"%[,(! ?&"#,'! 4&! (&! "#$(,P'&.1! $'! 3#'%./%! .-0'.0'( <%"&#-2%1! %/'%! 4$!
0#,'%!4&!;$&!4$!@<4&3,'!I$&!4&!"#'!0/%,&'%1!I$&!(9$'!&%!(9/$%.&!3#'3($&'%!/$!
.&P/.4! 4&! (&$."! 0&."#''/(,%<"! .&"0&3%,;&"C! 7&(/! &"%! 49/$%/'%! 0($"! 3.$3,/(!
"9/P,""/'%! 4$! 0/%,&'%! I$,! /33&0%&! 4&! 3#'J,&.! "#'! 3#.0"! P( '-( 61)%G.-( %-(
<2"0.G'*.%"C!>,'",1! (&!3#'%./%!@<4,3/(!&"%!=('-%(G#-$.2-G%(C'.("%?#.-0(*.@"%6%-0('-%(
G#-&G.%-G%(D8( "&(#'! (/! 3<(B?.&! J#.@$(&! 4$! 0.#J&""&$.! 6#.%&" gU[ C! S/00&(#'"!
<P/(&@&'%!I$&!0/.!(&!3#'%./%!@<4,3/(1!&%!&'!;&.%$!4&!(/!+$.,"0.$4&'3&!Z&.3,&.!
0.<3,%<&1!(9#?(,P/%,#'!4$!@<4&3,'!&"%!4&!@#=&'"!&%!'#'!4&!.<"$(%/%!H!,(!&"%!%&'$!
'#'! 0/"! 4&! P$<.,.! (&! 0/%,&'%1! @/,"! 4&! (&! "#,P'&.C! =(5%( <"20.G.%-( %&0( #@*.71( )%(
6%00"%(%-(g'/"%(0#'&(*%&(6#3%-&()#-0(.*().&<#&%8(6201".%**%6%-0(%0(.-0%**%G0'%**%6%-08(
<#'"( <"#017%"8( G#-&%"/%"8( "%&0.0'%"( *2( &2-01( )%( &#-( <20.%-0(D1! &A0(,I$&! ZC! WC!
Z<@&%&/$$%$C!!
*ceC! 6/.! "#'! 3#'"&'%&@&'%! /$! 3#'%./%!@<4,3/(1! (&! 0/%,&'%! /33&0%&! /,'",! $'&!
#JJ.&!4&!"#,'"!0.#0#"<&!0/.!"#'!@<4&3,'C!2/'"!(/!0./%,I$&1!=(@.%-(C'+232-0(<".&(
%-(<"%6.%"(*+.-.0.20./%8([*%(<20.%-0](2GG%<0%(*%(G#-0"20(0%*(C'+#$$%"0(<2"(*%(61)%G.-(2.-&.(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$$)!F6!/33d>!c23B123-!7/==6!B106!#4!@/1!"*$'-!53LB6!!$$*!U6!cL@2>2/A-!0:9-<#="#=-:(+#$,=(6%*J#7<KK2B>1<,!V2=!8>AH2=!:<=51>/K1i32=-!56!$4$!2>!=6!!$%4!U6!cL@2>2/A-!:;/#6(+6-!56!$4$6!$%"!U6!cL@2>2/AJ#(H(=/!$%#!Q3<_2==2A3!Q<3>2=-!B1>L!5/3!U6!cL@2>2/A-!:;/#6(+6-!56!$4&6!$%$!U6!cL@2>2/A-!:;/#6(+6-!56!$$$6!
! "%"
C'%(&%&(G#-).0.#-&8(*%&C'%**%&()'($2.0()%(*+#"72-.&20.#-(*172*%()%(*2(<"#$%&&.#-(61).G2*%8(
&#-0(%-($2.0("17*%6%-01%&(<2"(*2(*#.8(*+'&27%(%0(*2()1#-0#*#7.%(D8(.&@/.I$&!/;&3!./,"#'!
Z@&C!6C!S/=.#$AgUUC!8&!3#'%./%!@<4,3/(!&"%!4#'3!"35<@/%,I$&@&'%!$'!3#'%./%!
49/45<",#'1! '/%$.&((&@&'%! J#'4<! "$.! (/! .&(/%,#'! @<4&3,'[0/%,&'%! I$,! &"%! 4&!
%=0&!"/35/'%[,P'#./'%C!7&!3#'"%/%1!"9,(!"9,@0#"&1!'9/!3&0&'4/'%!.,&'!49#.,P,'/(C!
O'! &JJ&%1! %#$%&! (/! "0<3,J,3,%<! 4$! 3#'%./%! @<4,3/(! .<",4&! 4/;/'%/P&! 4/'"! (/!
'<3&"",%<! 4$! 3#'"&'%&@&'%! E! J#.@&.! (&! 3#'%./%! @<4,3/(! &%! E! 0&.@&%%.&! "#'!
&A<3$%,#'$%&1!&%!&'!@D@&!%&@0"!4/'"!"#'!,'"$JJ,"/'3&!E!(/!@,"&!&'!0./%,I$&!4&!
3&%%&!4&.',B.&1!3&!I$&!'#$"!/((#'"!<%$4,&.!.-$"2gUTC!!
!
*cfC!7&!3#'"&'%&@&'%!'9&"%!0/"! "0<3,J,I$&!/$!3#'%./%!@<4,3/(1!0$,"I$9,(!4#,%!
<P/(&@&'%!D%.&!4#''<!(#."I$&!(&"!"#,'"!@<4,3/$A!'&!"#'%!0/"!J#'4<"!"$.!$'&!
.&(/%,#'!3#'%./3%$&((&C!79&"%!(&!3/"!(#."I$&!(&!0/%,&'%!&"%!$'!$"/P&.!4$!"&.;,3&!
0$?(,3!5#"0,%/(,&.C!
WO).=)FDE>=E:=K=E:)<DEEG)<AE>)@=)FA<?=)<;)>=?JBF=)C;Z@BF)HD>CB:A@B=?)(
*cgC!89/45<",#'!4$!0/%,&'%!E!$'&!#JJ.&!4&!"#,'"!0.#0#"<&!0/.! (&!0./%,3,&'!&"%!
<P/(&@&'%! .&I$,"&! ",! 3&($,[3,! &"%! $'! $"/P&.! 4$! "&.;,3&! 0$?(,3! 5#"0,%/(,&.C! 8/!
'/%$.&! '#'! 3#'%./3%$&((&! 4&"! ./00#.%"! &'%.&! (&! @<4&3,'! &A&._/'%! 4/'"! (&!
"&3%&$.! 0$?(,3! &%! "#'! 0/%,&'%! '&! J/,%! 0/"! 4,"0/./a%.&! (9&A,P&'3&! 4$!
3#'"&'%&@&'%C! O'! &JJ&%1! ,(! "9/P,%! %#$+#$."! 4&! 0#.%&.! /%%&,'%&1! 0/.! (&"! "#,'"!
@<4,3/$A1! E! (9,'%<P.,%<!05=",I$&!4$!0/%,&'%1! 3&! I$,! '&!0&$%! D%.&! .</(,"<! "/'"!
"#'! /33#.4C! 7&.%/,'"! /$%&$."! #'%! @,"! &'! <;,4&'3&! (/! .</(,"/%,#'! 4,JJ,3,(&! 4&!
3&%%&! &A,P&'3&! 4/'"! 3&%%&! 5=0#%5B"&1! I$,! (/! .&'4./,%! ,(($"#,.&$%( C! O'! &JJ&%1!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$%%!Q6! ?/R3<AY-! 0:)<")+"$")+J# *(H"-+,# ="# =(<;:<"-# ="# <:)# 6:-;<# "+# *(6,(+,# ="<# 6:)7")+(:)<#
-"*%+(7"<#%9#6:-;<#C9$%()-!gIi=2!Q/31=!++-!"**$-!56!$(6!$%& !F6! K/! >Ii=2! H2! G6! b3BI23-! !"# 6:)<")+"$")+# ")# =-:(+# ;,)%*# ="# *%# 7("# C9$%()"-!!
KM:/3@/>>/,-!#44$-!53L_/B2!b6!Q3<>I/1=6!$%'!F6!()>-%-!`6-!56!"&'6!$%(!F6! 5/3! 2Y6! m6! QR-! 3"6C"-6C"<# <9-# *"<# P9<+(>(6%+(:)<# ;,)%*"<# ="# *B%6+(7(+,# $,=(6%*"-!
gIi=2!^/,BR!++-!"**$-!56!"$%!2>!=6!
! "%#
(9$"/P&.! 4$! "&.;,3&! 0$?(,3! "&./,%! &'! P<'<./(! $'! "$+&%! 0/"",J! 4$! .#$/P&!
5#"0,%/(,&.! I$,! "$?,./,%! 4&"! /%%&,'%&"! E! "#'! ,'%<P.,%<! 05=",I$&! L&A/@&'"!
@<4,3/$A!4,;&."1!#0<./%,#'"!35,.$.P,3/(&"M!4/;/'%/P&!I$9,(!'9=!3#'"&'%,./,%C!>!
(95t0,%/(1! (&! @/(/4&! "&./,%! ,'J/'%,(,"<1! 4<0&'4/'%! 4&"! 0./%,3,&'"1! ;,3%,@&! 4&!
(9,@0<.,/(,"@&!@<4,3/($%)C!R9,(!&"%!;./,!I$&!3&.%/,'&"!0./%,I$&"!/?$",;&"!#'%!0$!
D%.&! 4<'#'3<&"1! 3#@@&! 3&((&! =()'( 0#'GB%"( "%G02*( #'( /27.-2*( &'"( )%&( <20.%-0&(
%-)#"6.&8( &2-&( C'%( C'.G#-C'%( 2.0( &#-71( P( &#**.G.0%"( *%'"( G#-&%-0%6%-0(DgU@1! #'! "&!
P/.4&./! 49/45<.&.! E! $'! %&(! 0#,'%! 4&! ;$&! I$,! 4,/?#(,"&1! '#'! "/'"! &A3B"1! (/!
@<4&3,'&!5#"0,%/(,B.&$&4C!!
!
*ccC! 8&! 3#'"&'%&@&'%! 4#''<! /$A! "#,'"! @<4,3/$A! '9&"%! I$&! (&! 0.</(/?(&!
,'4,"0&'"/?(&!E! (/!.</(,"/%,#'!0./%,I$&!4&!3&"!4&.',&."!H! (9/%%&,'%&!E! (9,'%<P.,%<!
05=",I$&! 4$! 0/%,&'%C! 7&((&[3,! '9&"%! 0#"",?(&! I$&! ",! (&! 0/%,&'%! =! 4#''&! "#'!
/33#.41!4,"%,'3%!4&!3&($,!;$!0.<3<4&@@&'%C!
!
tT(5+2'0#".&20.#-()%(<#"0%"(200%.-0%(P(*+.-017".01(<B3&.C'%()'(<20.%-0(
)
*ckC!^$&!3&!"#,%!4/'"!(&!3/4.&!4$!3#'%./%!@<4,3/(!#$!4/'"!(&!3/4.&!4&!(9$"/P&!
4$!"&.;,3&!0$?(,3!5#"0,%/(,&.1!(&!3#'"&'%&@&'%!'9&"%!0/"!"$JJ,"/'%!E!0&.@&%%.&!
/$!@<4&3,'! 4&! 0#.%&.! /%%&,'%&! E! (9,'%<P.,%<! 05=",I$&! 4$! 0/%,&'%!&%! '&! 4#''&!
0/"!$'!?(/'3["&,'P!4&!0./%,I$&.1!0/.!(/!"$,%&1!%#$%&!,'%&.;&'%,#'!@<4,3/(&!"$.!
(&!0/%,&'%C! U(! ($,! J/$4./1!0#$.!35/I$&!/3%&!@<4,3/(1!#?%&',.!$'!'#$;&(!/33#.4!
4$!0/%,&'%C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$%)!m6!QR-!>I6!53LB6-!56!"$&6!;A3!B2!5<1,>-!KM/A>2A3!B1>2!K2=!32@/3aA2=!H2!\6!?<`23>-!J!V2!B<35=!
IA@/1,!2>! K/! K1`23>L! 1,H101HA2KK2!N-! ()!!"#6:-;<#C9$%()#"+#*"#=-:(+-!b==6!7/51>/,>-!"*(&-!56!
%'&6!$%*!m6!QRJ#(H(=6!F6!Lk/K2@2,>!=A3!B2>>2!aA2=>1<,-!5/3!K2!@d@2!/A>2A3-!!"#<"O"#"+#*"#=-:(+-!vA2!
=/1=S.2!|-!Q6T6G6!$&4!?2@/3aA<,=! HM/1KK2A3=! aA2! B2=! 32@/3aA2=! =<,>! H/>L2=-! 5A1=aAM2KK2=! 32@<,>2,>! Z!
aA2KaA2=!H1p/1,2=!HM/,,L2=6!!
! "%$
*k-C! 8/! 4#3%.,'&! "9&"%! ,'%&..#P<&! "$.! (/! '/%$.&! &A/3%&! 4&! 3&%! /33#.4!4/'"! (&!
3/4.&!4&!(/!.&(/%,#'!@<4,3/(&!3#'%./3%$&((&!H!"9/P,%[,(!4$!3#'"&'%&@&'%!4#''<!E!
$'! '#$;&/$! 3#'%./%1! 3&($,[3,! <%/'%! J#.@<! E! 35/I$&! J#,"! I$9$'! '#$;&(! /3%&!
%5<./0&$%,I$&!E!&JJ&3%$&.!&"%!'<3&""/,.&1!#$!49$'!/""&'%,@&'%1!#$!&'3#.&!49$'&!
/$%#.,"/%,#'!v! 8/! %&.@,'#(#P,&! &@0(#=<&! '9&"%! 0/"! /'#4,'&C! >,'",1! ",! $'!
'#$;&/$!3#'%./%!"&!J#.@&!&'%.&!(&!@<4&3,'!&%!"#'!0/%,&'%!35/I$&!J#,"!I$&!4&"!
"#,'"!'#$;&/$A!"#'%!/00#.%<"!E!3&!4&.',&.1!3&(/!&@0#.%&!4&"!3#'"<I$&'3&"!/$!
.&P/.4! 4&! (/! 0.&"3.,0%,#'1! 4&! (/! 3/0/3,%<! 4$! 0/%,&'%1! 49$'&! '#$;&((&!
'<P#3,/%,#'!<;&'%$&((&!4&"!5#'#./,.&"!@<4,3/$A1!&%3C!)
*k)C! R&(#'!ZC!WC!Z<@&%&/$1! ,(! '9=! /! 0/"! J#.@/%,#'! 49$'! '#$;&/$! 3#'%./%! E!
35/I$&!/3%&!@<4,3/(!&JJ&3%$<!"$.!(&!0/%,&'%C!8&!3#'%./%!@<4,3/(!&"%!=('-(G#-0"20(
'-.02."%I( >-0"%( *%( 62*2)%( %0( *%( 61)%G.-( -%( &%( G#-G*'%-0( <2&( )%( -#'/%2'H( G#-0"20&(
GB2C'%( $#.&( C'+.*( $2'0( <"#<#&%"( %0( 2GG%<0%"( '-( 2G0%( 61).G2*( -#'/%2'( QRSI( [:*( $2'0(
).&0.-7'%"]( %-0"%( *%( G#-&%-0%6%-0(P( *2( $#"620.#-()'(G#-0"208(<'.&( [*+]( 2&&%-0.6%-0(P(
*+%H1G'0.#-( )%&( 2G0%&( %-0"2-0( )2-&( *+#@*.720.#-( )'( <"#$%&&.#--%*I( :*( $2'0( G%0(
2&&%-0.6%-08(-#-(<2&(<#'"(=("%T$#"6%"(D(*%(G#-0"208(62.&(<2"G%(C'%(*+.-02-7.@.*.01()'(
G#"<&(B'62.-(*+.6<#&%(%0("%-)(-'**%(0#'0%(2GG%<020.#-(<"12*2@*%8(71-1"2*%8( .6<"1G.&%8(
2'H( .-0%"/%-0.#-&8( C'+#-( -%( <%'0( 27"1%"( GB2C'%( $#.&( C'+%-( G#--2.&&2-G%( )%( G2'&%8(
2<"K&( .-$#"620.#-( )#--1%( <2"( *%( <"20.G.%-( &'"( *%'"&( GB2-G%&( %0( *%'"&( ".&C'%&D\j^C! 8&!
0.#J&""&$.!4,"%,'P$&!/,'",!&'%.&!(&!3#'"&'%&@&'%!/$!3#'%./%!@<4,3/(1!0.</(/?(&!
'<3&""/,.&! E! "/! J#.@/%,#'! &%! E! "#'! &A<3$%,#'1! 4&! (9/""&'%,@&'%! 4#''<! 0/.! (&!
0/%,&'%! 0#$.! 35/I$&! /3%&! 49&A<3$%,#'! 4$! 3#'%./%C! 8&! 3#'%./%! @<4,3/(! '9&"%!
4#'3!0/"!$'!&'"&@?(&!3#'%./3%$&(! J#.@<!4&!0($",&$."!3#'%./%"1!@/,"!$'!"&$(!
3#'%./%1! E! &A<3$%,#'! "$33&"",;&C! R$.%#$%1! (&! %&.@&!/""&'%,@&'%! ,@0(,I$&!I$9,(!
'9=! /,%! 0/"! '#$;&(! /33#.4! 4&! ;#(#'%<! 35/I$&! J#,"! I$9$'! /3%&! @<4,3/(! &"%!
&JJ&3%$<!"$.!(&!0/%,&'%C!O'!&JJ&%1! (9/""&'%,@&'%!&"%!=('-(2GC'.%&G%6%-0()1G*2"1(#'(
02G.0%8(/#*#-02."%(#'($#"G1(P('-(2G0%8(P('-%(#<.-.#-I(4G0.#-()%(*%&(2<<"#'/%"(D\jUC! 8&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$&"!U6!cL@2>2/A-!:;/#6(+6-!56!$4'6!$&#!!%-:9<<"-!0O!J!/==2,>1@2,>!N6!
! "%%
%&.@&! 49/""&'%,@&'%!@&%! &'! &A&.P$&! (&! .t(&! 4/;/'%/P&! 0/"",J! 4$! 0/%,&'%!&'!
3#$."!49&A<3$%,#'!4$!3#'%./%!@<4,3/(C!U(!"9/P,%!4&!4,.&!#$,!E!4&"!/3%&"!4&!"#,'"!
"$.!(&"I$&("!,(!"9&"%!4<+E!@,"!49/33#.4!/;&3!(&!@<4&3,'!(#."!4&!(/!3#'3($",#'!4$!
3#'%./%!@<4,3/(C!
*k*C! :'! /$%.&! /$%&$.1! Z@&! 6C! S/=.#$A1! .&%,&'%! <P/(&@&'%! (&! %&.@&!
49/""&'%,@&'%! /J,'! 4&! 4<",P'&.! (&! #$! (&"! /33#.4"! 4#''<"! 0/.! (&! 0/%,&'%! /$A!
"#,'"! &JJ&3%$<"! 0#"%<.,&$.&@&'%! E! (/! 3#'3($",#'! 4$! 3#'%./%! @<4,3/(1! /0.B"!
"9D%.&!,'%&..#P<&!"$.!(/!'/%$.&!4&!3&"!4&.',&."C!O((&!<;/3$&!4#'3!(95=0#%5B"&!4&!
3#'%./%"!"$33&"",;&@&'%!J#.@<"!0#$.!(/!@,"&!&'!]$;.&!4&"!"#,'"!0#$.!.&%&',.1!
E!(9,'"%/.!4&!ZC!WC!Z<@&%&/$!!(/!'#%,#'!4&!3#'%./%!$',%/,.&!4#'%!(9&A<3$%,#'!&"%!
.&'4$&!0#"",?(&!0/.!(9/""&'%,@&'%!4$!0/%,&'%bebC!
*kbC! ZC! RC! 6.,&$.! .&%,&'%! I$/'%! E! ($,! $'! /$%.&! %&.@&! /J,'! 4&! 4<",P'&.!
(9/33&0%/%,#'!4$!0/%,&'%!4&! "$?,.!4&"! /3%&"!4&! "#,'!H! ,(! <;#I$&! (9/$%#.,"/%,#'1!
39&"%[E[4,.&! =('-%( <%"6.&&.#-( )#--1%( <2"( *%( ).&<#&2-0( [*%( <20.%-0]( P( '-%( 2'0"%(
<%"&#--%( [*%( 61)%G.-]( )+200%-0%"( P( &#-( .-017".01( G#"<#"%**%(D$&% C! R&(#'! ($,1! 3&%%&!
/$%#.,"/%,#'1! /3%&! +$.,4,I$&! $',(/%<./(! 0/.! (&I$&(! (&! 0/%,&'%! 4,"0#"&! 4&! "#'!
3#.0"1!0.&'4!0(/3&!4/'"!(&!0.#3&""$"!3#'%./3%$&(!,'"%/$.<!&'%.&!(&!@<4&3,'!&%!
"#'! 0/%,&'%! %#$%! &'! "&! 4,"%,'P$/'%! J#'4/@&'%/(&@&'%! 4$! 3#'"&'%&@&'%!
#.,P,'&(!4#''<!/$!3#'%./%!@<4,3/(C!U(!"9/P,%!/(#."!49$'!3#'"&'%&@&'%!"0<3,/(!E!
3&!I$9$'&!/%%&,'%&!"#,%!0#.%<&!E!"#'!,'%<P.,%<!05=",I$&1!I$,!"&!4,"%,'P$&!4&!3&!
4&.',&.C!=(5%(G#-&%-0%6%-0(2'(G#-0"20(61).G2*(QRS(%&0(*%(G#-&%-0%6%-0((P()%&(&#.-&(J(
.*(-+%&0(<2&(*%(G#-&%-0%6%-0(P(*+200%.-0%(P(*+.-017".01(<B3&.C'%8(C'.()#.0(%-(E0"%().&&#G.1I(
5%( G#-&%-0%6%-0( 2'( G#-0"20( 61).G2*( -+%&0( <2&( *%( G#-&%-0%6%-0( P( *+2G0%( 61).G2*(
200%-020#."%( P( *+.-017".01( G#"<#"%**%( )%( G%*'.( C'.( ).&<#&%( 2.-&.( )%( &#-( G#"<&I(
5+2'0#".&20.#-()%(<#"0%"('-%(200%.-0%(P(&#-(G#"<&()#--1%(<2"(*2(<%"&#--%(P(2'0"'.(%&0(
'-(G#-&%-0%6%-0(2'0#-#6%(<2"("2<<#"0(P(G%*'.(C'.($#"6%(*%(G#-0"20(61).G2*I(:*(3(2(.G.(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$&$!Q6!?/R3<AY-!>I6!53LB6-!56!$(!2>!=6!$&%!;6!Q312A3-!>I6!53LB-!56!"'#!2>!=6-!=5LB6!56!"'$6!
! "%&
62-.$%&020.#-( )+'-%( /#*#-01( <2"0.G'*.K"%8( G%**%( )+'-( 2G0%( '-.*201"2*( )+2'0#".&20.#-(
2'0#-#6%8(2'(&%.-()+'-("2<<#"0(G#-0"2G0'%*(D8(&A0(,I$&[%[,($&&C!!
*kdC!O'J,'1!ZC!GC!>.35&.!4#''&!"/!0.<J<.&'3&!0#$.!(&!%&.@&!4&!0&.@,"",#'1!I$,!
4<",P'&! /(#."! =('-%( *.@%"018( '-%( $2G'*01(D( &'%&'4$&! ,3,! 3#@@&! 0&.@&%%.&! $'&!
/%%&,'%&!E!"#'!,'%<P.,%<!05=",I$&$&'C!S&@/.I$#'"!I$&!"&(#'!(&!./,"#''&@&'%!4&!
(9/$%&$.1! 3&! %&.@&!'9/!0/"! "&$(&@&'%!;#3/%,#'!E! i!&A0.,@&.!j! (9/33#.4!4#''<!
0/.! (&! 0/%,&'%! 4/'"! (&! 3/4.&! 4&! (9&A<3$%,#'! 4$! 3#'%./%! @<4,3/(1! @/,"! &"%!
4&"%,'<1!4&!@/',B.&!0($"!P<'<./(&1!E!.&@0(/3&.!(&!;#3/?(&!i!3#'"&'%&@&'%!j!&'!
4.#,%!0<'/(!4&!(/!;,&!5$@/,'&C!!
!
-#!$%!'%76('4%8%7*!&%!,<(-,)9"*)(7!&<)76('8"*)(7!
)
*keC! O%$4,#'"! "$33&"",;&@&'%! (&! 3#'%&'$! 4&! 3&%%&! ,'J#.@/%,#'! TaU! &%! "&"!
@/',J&"%/%,#'"!J#.@&((&"!TbUC!
!
qT(5%(G#-0%-'()%(*+#@*.720.#-()+.-$#"620.#-()'(61)%G.-(
)
*kfC!X'!4&;,'&!"/'"!4,JJ,3$(%<1!/$!.&P/.4!4&!(9#?+&%!4&!(9,'%&.;&'%,#'!@<4,3/(&1!
I$&!(9#?(,P/%,#'!49,'J#.@/%,#'!4$!@<4&3,'!&"%!0($"!(#$.4&!I$&!3&((&!I$,!/!0$!
D%.&!4<3.,%&!4/'"! (&"! (,P'&"!0.<3<4&'%&"$&(C! O'! &JJ&%1! (&"! "#,'"!@<4,3/$A1!I$&!
(9#'! "&! %.#$;&! 4/'"! (&! 3/4.&! 4&! (/! @<4&3,'&! (,?<./(&! #$! 5#"0,%/(,B.&1!
3#'"%,%$&'%! $'&! /%%&,'%&! E! (9,'%<P.,%<! 05=",I$&! 4$! 0/%,&'%! &%! ,(! &"%!
,'4,"0&'"/?(&! I$9/$! .&P/.4! 4&! (/! P./;,%<! 4&! 3&%! /3%&1! 3&! 4&.',&.! 4#''&! $'!
3#'"&'%&@&'%!%#$%!E!J/,%!<3(/,.<C!
*kgC!S&@/.I$#'"!I$&!(/!%&'&$.!4&!3&%%&!,'J#.@/%,#'!&"%!,'%.,'"BI$&@&'%!(,<&!E!
(/!J/_#'!4#'%!(&!0/%,&'%!&"%!3#'",4<.<!0/.!(&!3#.0"!@<4,3/(C!R#,%!,(!&"%!3#'",4<.<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$&&!;6!Q312A3-!>I6!53LB6-!56!"(%6!$&'!G6!b3BI23-!>I6!53LB6-!56!%)'!2>!=6-!=5LB6!56!%*$6!
!
! "%'
3#@@&! $'! "$+&%! 0/"",J! 4&! (9/3%&! @<4,3/(! 4$! J/,%! 4&! "#'! ,P'#./'3&1! &%! (&!
@<4&3,'1! C'.( &2.0( G%( C'.( %&0( @#-( <#'"( &2( &2-011! 4<3,4&! 0#$.! ($,! 4&"! "#,'"! E!
0.#4,P$&.1! &%! 4/'"! 3&! 3/"! (9,'J#.@/%,#'! E! 4<(,;.&.! '9/! 0/"! E! D%.&!
0/.%,3$(,B.&@&'%!<%/=<&C!R#,%!#'!3#'",4B.&!(&!0/%,&'%!3#@@&!$'!/3%&$.!E!0/.%!
&'%,B.&!4&!(9/3%&!@<4,3/(1!3#((/?#./'%!/;&3!(&!@<4&3,'C!2/'"!3&!3/"1!,(!3#';,&'%!
4&!($,!4<(,;.&.!$'&!,'J#.@/%,#'!",'#'!&A5/$"%,;&1!/$!@#,'"!&JJ,3/3&C!7&"!4&$A!
J/_#'"! 4&! 3#'",4<.&.! (&! 0/%,&'%! .&J(B%&'%! 4&$A! ,4<#(#P,&"! 4$! 4.#,%! @<4,3/(1!
(9,4<#(#P,&! %<(<#(#P,I$&! &%! (9,4<#(#P,&! 4<#'%#(#P,I$&1! "$.! (&"I$&((&"! '#$"!
.&;,&'4.#'"$&) C! S&%&'#'"! 0#$.! (9,'"%/'%! 4&$A! 4<J,',%,#'"! ! "='%5<%,I$&"1! &%!
0#$.!3&!J/,.&!.&0.&'#'"!(&"!%&.@&"!4&!ZC!FC[6C!7/;&.',!H!=(*+.)1#*#7.%(01*1#*#7.C'%(
[%&0]($#-)1%(&'"('-(<".-G.<%()%(@.%-$2.&2-G%8(#'()%(-#-(62*$2.&2-G%8(0%*(C'%(*2(&#G.101(
*%(G#-W#.08([%0( *+]( .)1#*#7.%()1#-0#*#7.C'%([%&0]( $#-)1%(&'"(*+2'0#-#6.%()%( *2(<%"&#--%(
C'2-0( P( *2( G#-G%<0.#-( )%( G%( C'.( %&0( @.%-( <#'"( %**%( %0( <#'"( *2( &#G.101(Dgf@I(89/$%&$.!
#?"&.;&! $'! P(,""&@&'%! 4&! (9,4<#(#P,&! %<(<#(#P,I$&! ;&."! (9,4<#(#P,&!
4<#'%#(#P,I$&C! U(! "&@?(&! &'! &JJ&%! <;,4&'%! I$&! (&! 0/%,&'%! &"%! 3#'",4<.<!
/$+#$.495$,! 3#@@&! $'! /3%&$.! ,'3#'%#$.'/?(&! 4&! (9/3%&! @<4,3/(!H! ($,! "&$(!
4<3,4&1!.-($.-%!&%!$'&!J#,"!(9,'J#.@/%,#'!'<3&""/,.&!4<(,;.<&1!",!$'&!/%%&,'%&!"&./!
0#.%<&! E! "#'! ,'%<P.,%<! 05=",I$&! 0/.! (&! @<4&3,'C! 7&(/! ;/! 4&! "#,1! 0$,"I$&! (&!
0/%,&'%!%&0!(&!3#.0"!"$.!(&I$&(!"&.#'%!0#.%<"!(&"!"#,'"C!6#$.%/'%1!(&!0/%&.'/(,"@&!
@<4,3/(! I$,! .<P'/,%! ,(! =! /! I$&(I$&"! /''<&"1! &%! I$&! J#'4/,%! (&! 0.,'3,0&!
%<(<#(#P,I$&1! 3#@@/'4/,%! I$&! (&! @<4&3,'! 4<3,4&! 0#$.! (95#@@&! @/(/4&!
'<3&""/,.&@&'%! =($"2<<1( [)+]( #<2G.01( .-0%**%G0'%**%(D( #'( )+(=(.-2<0.0')%( P(
G#6<"%-)"%(DgT\C! 8/! @<4&3,'&! 4$! *)B@&! ",B3(&! ,';&."&! 4#'3! (/! %&'4/'3&C! O%1!
(#P,I$&@&'%1!#'!#?"&.;&!I$9$'&!0(/3&!0.<0#'4<./'%&!&"%!J/,%&!E!(9,'J#.@/%,#'!
4#''<&!/$!0/%,&'%1!3#.#((/,.&!4$!.&3$&,(!,'4,"0&'"/?(&!4&!"#'!3#'"&'%&@&'%C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$&)!F6!()>-%-!56!"&"!K<3=aA2!,<A=!/,/KR=23<,=!K2=!_<,H2@2,>=!HA!B<,=2,>2@2,>!=5LB1/K!2,!
H3<1>!@LH1B/K6!!$&*!\6SQ6!7/023,1-! J!V2!B<,=2,>2@2,>!2=>S1K! L>I1aA2!|!NJ! ()!!"#6:)<")+"$")+J#5-:(+#):97"%9#
=9#;%+(")+#:9#($;:<+9-"#V-!8H1>1<,=!+,!Q32==-!7<KK2B>1<,!7I/@5=! K1`32=-!#44&-!56!""!2>!=6-!
=5LB6!56!"$6!!$'4!m6!QR-!>I6!53LB6-!56!"%%6!
! "%(
*kcC! U(! &"%! 4#'3! &""&'%,&(! 4&! 4<%&.@,'&.! (&! 3#'%&'$! 4&! 3&%%&! ,'J#.@/%,#'C! 8/!
0.#?(<@/%,I$&!&'!(/!@/%,B.&!0#$../,%!"&!.<"$@&.!E!3&%%&!,'%&..#P/%,#'!?/'/(&!H!
(&!@<4&3,'!&"%[,(!%&'$!4&!0#'0()."%!E!"#'!0/%,&'%!v!2/'"!(/!@D@&!(#P,I$&1!3&($,[
3,!4#,%[,(!/4/0%&.!(9,'J#.@/%,#'!I$9,(!4<(,;.&!E!(/!0&."#''/(,%<!4&!3&!4&.',&.1!#$!
4#,%[,(!4<(,;.&.!$'&!,'J#.@/%,#'!"%/'4/.41!,4&'%,I$&!0#$.!%#$%!@/(/4&v!
*kkC!U(!&"%!3&.%/,'!I$&!",!(&!@<4&3,'!'&!4#,%!0/"!(/!;<.,%<!(/!0($"!/?"#($&!E!"#'!
0/%,&'%1!'&!"&./,%[3&!I$&!0/.3&!I$9,(!(�,P'#.&!($,[@D@&1!,(!&"%!4&!"#'!4&;#,.!4&!
(9,'J#.@&.! "$.! (&!=().27-#&0.G8(G+%&0(P()."%( *+.)%-0.$.G20.#-()%&(G2'&%&()%(&#-(62*(%0(
&'"( *%( <"#-#&0.G8( G+%&0( P( )."%( &'"( *%( )%/%-."( )%( &#-( 62*(D $'" I( ( R&(#'! $'&!
+$.,"0.$4&'3&!3(/"",I$&1!(&!@<4&3,'!4#,%!J#$.',.!E!"#'!0/%,&'%!$'&!,'J#.@/%,#'!
=(&.6<*%8( 2<<"#H.620./%8( .-0%**.7.@*%( %0( *#32*%(DgT[8(3&! I$,! ,@0(,I$&1! ",! '<3&""/,.&1!
49/4/0%&.!(&!;#3/?$(/,.&!@<4,3/(!/$A!J/3$(%<"!4&!3#@0.<5&'",#'!3#'3.B%&"!4$!
0/%,&'%C! U(! /! /,'",! <%<! +$P<! I$&! (&!@<4&3,'! '9&"%! 0/"! J/$%,J! (#."I$9,(! 0/.(&! 4&!
",'$",%&!J.#'%/(&!4#$?(&!/$!(,&$!4&!@$3#3B(&!E!$'&!0/%,&'%&$'$C!!
b--C! 8/! +$.,"0.$4&'3&! 3(/"",I$&1! %/'%! +$4,3,/,.&! I$9/4@,',"%./%,;&1! 0#"&! &'!
0.,'3,0&! I$&! (&!@<4&3,'! 4#,%! 3#@@$',I$&.! E! "#'! 0/%,&'%! (&"! .,"I$&"! &%! (&"!
/;/'%/P&"!'#.@/(&@&'%!0.<;,",?(&"!4$!%./,%&@&'%!0.#0#"<$'%1!3&!I$,!,'3($%!(&"!
.,"I$&"! P./;&"1! @D@&! &A3&0%,#''&("$'&C! 7&0&'4/'%1! (&! (<P,"(/%&$.! 0.<;#,%! E!
(9/.%,3(&! 8C! ))))[*! 4$! 7#4&! 4&! (/! "/'%<! 0$?(,I$&! I$&! (9,'J#.@/%,#'! 4#,%! D%.&!
4<(,;.<&! "$.! (&"! .,"I$&"! J.<I$&'%"! #$! P./;&"! '#.@/(&@&'%! 0.<;,",?(&"! I$&!
3#@0#.%&'%! (&"! %./,%&@&'%"! 0.#0#"<"1! 3&! I$,! "&@?(&! &A3($.&! (&"! .,"I$&"!
&A3&0%,#''&("C! R,! (/! 7#$.! 4&! 3/""/%,#'! "9&"%! J,'/(&@&'%! 0.#'#'3<&! &'! 3&!
"&'"$'' 1! (&! 7#'"&,(! 49O%/%! .&"%&! J,4B(&! E! "/! +$.,"0.$4&'3&! %./4,%,#''&((&$'( C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$'"!m6!QR-!>I6!53LB6-!56!"%'6!$'#!7/==6!B106!#"!_L06!"*'"-!56!"*'"-!&$%6!$'$!K="$6!$'%!7/==6!B106!"i32-!(!_L06!"**4-!56!"**4!+6!?6!'"6!$'&!7/==6!B106!"i32-!!(!<B>6!"**)-!./0/1/!"**)-!++-!,O"4"(*-!B<,BKA=1<,=!\6!;/1,>2S?<=2-!,<>2!56!
;/3k<=![!7686!&!./,06!#444-!./0/1/!#444-!++-!,O"4#("-!,<>2!\6!c<32/A-!S,=/#"+#5-:(+-!#&!_L036!
#444-!,O%4-!56!"(-!,<>2!76!7KL@2,>6!#$''!7/==6!B106!"i32-!")!HLB6!#44#-!3"<;/#6(7/#"+#%<<9-6!#44$-!B<@@6!('![!7/==6!B106!"i32!"&!.A1,!
#44%-!,O4#S"#&$4![!7/==6!B106!"i32!#'!<B>6!#44%-!,O4$S"&"#46!
! "%)
>+#$%#'"! I$&! (9#?(,P/%,#'! 49,'J#.@/%,#'! 4$! @<4&3,'! &"%! <P/(&@&'%!
0#"%<.,&$.&!E!(9/3%&!@<4,3/(1!3&($,[3,!<%/'%!%&'$1!&'!;&.%$!4&!(9/.%,3(&!8C!))))[*!
/(,'</! )!4$!7#4&!4&! (/! "/'%<!0$?(,I$&1!=()+2/%"0."( *%(<20.%-08(<#&01".%'"%6%-0(P(
*+%H1G'0.#-( )%&( .-/%&0.720.#-&8( 0"2.0%6%-0&( #'( 2G0%&( )%( <"1/%-0.#-8( )%&( ".&C'%&(
-#'/%2'H(.)%-0.$.1&(QRS8(&2'$(%-(G2&()+.6<#&&.@.*.01()%(*L%O("%0"#'/%"(DI!
!
b-)C!O'J,'1! #'!0&$%! "&!4&@/'4&.! ",! (9#?+&3%,J! %5<./0&$%,I$&!4&! (9,'%&.;&'%,#'!
@<4,3/(&!'&!3#@@/'4&!0/"1!0/.J#,"1!$'!4&;#,.!4&!.<%,3&'3&!0#$.!(&!@<4&3,'C!
>!3&%!<P/.41!,(!&"%!3(/"",I$&!49<;#I$&.!(9&JJ&%!0"=35#(#P,I$&@&'%!4&"%.$3%&$.!
4&!(9/''#'3&!49$'&!@/(/4,&!P./;&!E!$'!0/%,&'%C!7&.%/,'"!@<4&3,'"!/;#$&'%!E!
3&! 0.#0#"! %/,.&! (/! ;<.,%<! /$! 0/%,&'%! 3#'3&.'/'%! "#'! ;<.,%/?(&! <%/%! 4&! "/'%<1!
'#%/@@&'%! (#."I$9,(! &"%! uP<C! 2/'"! 3&! 3/"1! ,("! @,',@,"&'%! (/! P./;,%<! 4&! (/!
@/(/4,&! %#$%! &'! 0.#0#"/'%! $'! %./,%&@&'%! /4/0%<! E! (9<%/%! 4&! "/'%<! .<&(! 4$!
0/%,&'%C! R#$(,P'#'"! /(#."! I$&! 4/'"! 3&%%&! 5=0#%5B"&1! (&! 3#'"&'%&@&'%! 4&! 3&!
4&.',&.! /$! %./,%&@&'%! '9&"%! 0/"! .&3$&,((,1! E! 4<J/$%! 49D%.&! <3(/,.<C! 8/! @D@&!
#?"&.;/%,#'!0&$%[D%.&!J/,%&!"9/P,""/'%!4&!(/!.<%&'%,#'!49,'J#.@/%,#'!E!(/I$&((&!
0&$%!0/.J#,"!0.#3<4&.!(&!@<4&3,'!/$!'#@!4&!(/!I$/(,%<!4&!;,&!4$!@/(/4&C!2/'"!
3&!3/"1!(&!@<4&3,'!./,"#''&!'#'!&'!%&.@&!4&!'#@?.&!49/''<&"!4&!;,&!P/P'<&"!
@/,"! &'! %&.@&! 4&! 3#'J#.%! 4/'"! (9&A,"%&'3&1! /$! 0.,A! 49$'&! .<4$3%,#'! 4&!
(9&"0<./'3&!4&!;,&C!ZC!6C!8&!7#T!3,%&!E!3&!0.#0#"!$'!&A&@0(&!<3(/,./'%1!3&((&!
49$'!=(<"20.G.%-(B#&<.02*.%"(C'.(QRS(%H<*.C'%(P('-(<20.%-0( .&&'()'(6#-)%("'"2*(C'%(
*+.-&'$$.&2-G%( "1-2*%( GB"#-.C'%( )#-0( .*( &#'$$"%( %&0( "%@%**%( P( 0#'0( 0"2.0%6%-08( %08( <#'"(
0#'0%( &'77%&0.#-8( .*( *+.-/.0%( P( "%727-%"( &#-( )#6.G.*%8( QRS( [2*#"&( C'+.*( 2'"2.0( <'( *'.(
6%-0.#--%"](*2(<#&&.@.*.01()%(<"#G1)%"(P('-%(B16#).2*3&%(GB"#-.C'%("1.01"20./%gTE(QRSI(
[F"]8( G%00%( <".&%( %-( GB2"7%( 2'"2.0( -1G%&&.01( C'%( *%( <20.%-0( C'.00%( &#-( )#6.G.*%( <#'"(
/%-."( &+.-&02**%"( P( Gk01( )+'-( 7"2-)( G%-0"%( B#&<.02*.%"( QRSI( [5%( <"20.G.%-( 2/2.0( 2.-&.(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$'(!7686!#(!=25>6!#44#-!,O#""$(4![!7686!"*!@/1!#44%-!,O4#S"#&$46!$')!!cL>I<H2!HML5A3/>1<,!HA!=/,k6!
! "%*
%&0.61(C'%](<#'"(G%0(B#66%8('-%( &'"/.%(6#.-&( *#-7'%()2-&( &#-(G2)"%( $26.*.%"( 102.0(
<"1$1"2@*%(P('-%(&'"/.%(<"#*#-71%()2-&('-(G2)"%()101".#"1(DgT@C!
b-*C! 7&%! &A&@0(&! 0&$%! 0/./a%.&! /'&34#%,I$&C! 6#$.%/'%1! ,(! @&%! &'! .&(,&J! (/!
0#"",?(&! %#$%&! 0$,""/'3&! 4$! @<4&3,'1! (/I$&((&! "9&A&.3&! 0/.! (&! ?,/,"! 4&!
(9,'J#.@/%,#'1!0.</(/?(&!,'4,"0&'"/?(&!/$!3#'"&'%&@&'%C!U(!&"%!4#'3!+$4,3,&$A!
4&!"9,'%&..#P&.!"$.!(/!@/%<.,/(,%<!4&!3&%%&!,'J#.@/%,#'C!
!
tT(`2-.$%&020.#-&($#"6%**%&()%(*+#@*.720.#-()+.-$#"620.#-(
(
b-bC! 89/.%,3(&! 8C! ))))[*! /(,'</! b! 4$! 7#4&! 4&! (/! "/'%<! 0$?(,I$&! 0.<;#,%! I$&!
=(G%00%( .-$#"620.#-( %&0( )1*./"1%( 2'( G#'"&( )+'-( %-0"%0.%-( .-)./.)'%*(DC! X.1! (&!
4<"<I$,(,?.&! 4&! (/! .&(/%,#'! @<4,3/(&! ,@0#"&! I$&! (9,'J#.@/%,#'! "#,%! /$"",!
/4/0%<&!I$&!0#"",?(&!/$A!3/0/3,%<"!4&!3#@0.<5&'",#'!4$!0/%,&'%C!7&(/!/!<%<!
;$! &'<"2(H! 0#$.! 3&! J/,.&1! (&! @<4&3,'! 0&$%! "$?"%,%$&.! 4&"! %&.@&"! 4$! (&A,I$&!
@<4,3/(1! "#$;&'%! #33$(%&"! 0#$.! (&! 0/%,&'%1! E! 3&$A! 4$! (/'P/P&! 3#@@$'C!
7&0&'4/'%1! ,(! '&! 4#,%! 0/"! 4<'/%$.&.1! 0/.! 3&! ?,/,"1! (9,'J#.@/%,#'! 4<(,;.<&! /$!
0/%,&'%C!!
b-dC!89,'J#.@/%,#'!,'4,"0&'"/?(&!/$!3#'"&'%&@&'%!<3(/,.<!4$!0/%,&'%!&"%!4#'3!
/JJ/,.&!4&!3#@@$',3/%,#'!4&!(/!0/.%!4$!@<4&3,'1!&%!#'!3#@0.&'4!I$&!(/!J#.@&!
4&!3&%%&!4&.',B.&!&"%!3.$3,/(&!0#$.!"/!3#@0.<5&'",#'C!X'!0&$%!@D@&!/;/'3&.!
I$&! (/! J#.@&! I$&! 0.&'4! (&! 4,"3#$."! ,'J#.@/%,J! 4$! @<4&3,'! &"%! /$"",!
,@0#.%/'%&1!",'#'!0($"1!I$&!(&!3#'%&'$!4&!3&!4,"3#$."C!ZC!XC!W$,((#4!"#$(,P'&!
/;&3! ./,"#'! I$&! =(M#-0( <2"0.G'*.K"%6%-0( .6<#"02-0&( *2( &'@&02-G%( 6E6%( )%(
*+.-$#"620.#-8(*%(6#3%-(%6<*#31(<#'"(&2(0"2-&6.&&.#-(2.-&.(C'%(*%&(G."G#-&02-G%&(C'.(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$'* #Q6! V2! 7<pJ# a#7<,=2,>2@2,>! 2>! H1K2@@2=! L>I1aA2=! 2,! B/,BL3<K<k12!NJ# ()# !"#
6:)<")+"$")+J#5-:(+#):97"%9#=9#;%+(")+#:9##($;:<+9-"#VJ#:;/#6(+/J#56!)&!2>!=6-!=5LB6!5!*"/#
! "&4
*+%-0#'"%-0(Q*.%'8(1<#C'%8(<%"&#--%&(.6<*.C'1%&SI(9#'0%&(G%&(6#)2*.01&()#./%-0(0%-)"%(
/%"&('-(@'0(<".-G.<2*(J(2&&'"%"(*2(G#6<"1B%-&.#-()%(*+.-$#"620.#-(<2"(*%(<20.%-0(DgZ\C!
b-eC!R$.!3&!0#,'%1!(/!0./%,I$&!&"%!4<3&;/'%&C!O'!&JJ&%1!#'!"/,%!I$&!(9,'J#.@/%,#'!
4<(,;.<&!0&$%!D%.&! ",@0(&@&'%!;&.?/(&1!@D@&!",! (9<3.,%! &"%!0.,;,(<P,<1! "$.%#$%!
4/'"! (&"! 5=0#%5B"&"! 4&! "#,'"! @<4,3/$A! 0/.%,3$(,B.&@&'%! (#$.4"!L&A/@&'"!
,';/",J"1! #0<./%,#'"! 35,.$.P,3/(&"1! 35,@,#%5<./0,&1! &%3CM! &%! 4/'"! $'! #?+&3%,J!
<;,4&'%!4&! J/3,(,%&.! (/!0.&$;&!4&!3&%%&! ,'J#.@/%,#'C!2&!@/',B.&!P<'<./(&1! 3&%!
<3.,%!&"%!3#'"%,%$<!49$'!J#.@$(/,.&!4&!3#'"&'%&@&'%!I$,!4<3.,%!0/.!&A&@0(&!(&"!
.,"I$&"! &%! (&"! /(%&.'/%,;&"! 4$! %./,%&@&'%C! 7&! 3#'"&'%&@&'%! &"%! ",P'<! 0/.! (&!
0/%,&'%!/0.B"!/;#,.!<%<!($C!X.1!3&%%&!@<%5#4&!4&!%./'"@,"",#'!4&!(9,'J#.@/%,#'1!
",!&((&!"&@?(&!2(<".#".!/4/0%<&!E!"/!3#@0.<5&'",#'!0/.!(&!0/%,&'%1!&"%!(/!0($0/.%!
4$! %&@0"! ,'&JJ,3/3&! H! 3&($,[3,1! 4/'"! (/! 0($0/.%! 4&"! 3/"1! 3#@0.&'4!
,@0/.J/,%&@&'%1! ;#,.&! 0/"! 4$! %#$%1! (9,'J#.@/%,#'! I$,! ($,! &"%! 4<(,;.<&C!ZC! XC!
W$,((#4!4#''&!%.#,"!./,"#'"!0.,'3,0/(&"!E!3&(/!H! (&!3#'%&'$!'#'! ,'J#.@/%,J!4$!
4#3$@&'%1! (&! 3/./3%B.&! .#$%,',&.1! ?$.&/$3./%,I$&!4$!0.#3&""$"!4&! .&3$&,(!4$!
3#'"&'%&@&'%1! &%! (&! (/'P/P&! #33$(%&! 4&"! 4#3$@&'%"! ;,"/'%! E! .&3$&,((,.! (&!
3#'"&'%&@&'%!4$!0/%,&'%C!89/$%&$.! &A0(,I$&!/,'",!I$&!=(*+2-2*3&%()%(6.**%(G.-C(
G%-0(/.-70T&.H($#"6'*2."%&(%6<*#31&(%-("%GB%"GB%(61).G2*%(2(6#-0"1(C'%(6#.-&()%(f}(
)+%-0"%( %'H( 102.%-0( 2'&&.( *.&.@*%&( C'%( 9.6%( `272A.-%( QRS( [%0]( C'%( *%&( $#"6'*%&(
2-2*3&1%&( QRS( 102.%-0( 2'&&.( ).$$.G.*%&( P( *."%( C'%( )%&( "%/'%&( &G.%-0.$.C'%&8( #'( P( <%.-%(
6#.-&((DgZD({!89/$%&$.!0#$."$,%! "#'!/'/(="&!&'!4<0(#./'%!I$&!4/'"! (/!0($0/.%!
4&"! 3/"1! (&! 0/%,&'%! '&! 3#@0.&''&! 0/"! (&! J#.@$(/,.&! 4&! 3#'"&'%&@&'%! I$9,(!
",P'&C! X'! '&! .<","%&! 0/"! E! (9&';,&! 4&! .&(/%&.! $'&! <%$4&! "%/%,"%,I$&! <4,J,/'%&!
I$9,(!(,;.&!E!(9/00$,!4&!"#'!<%$4&!H!=()%'H(G%-0(<20.%-0&(G2-G1"%'H($'"%-0(.-0%""#71&(
)2-&( *%&( /.-70TC'20"%( B%'"%&( C'.( &'./2.%-0( *2( &.7-20'"%( )+'-%( $#"6'*%( )%(
G#-&%-0%6%-0I(:*(2<<2"'0(C'%(V]}()+%-0"%(%'H(2/2.%-0(G#6<".&(*2(-20'"%(%0(*%(@'0()'(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$(4 f6! UA1KK<H-! J!V2! B<,=2,>2@2,>! LBK/13L! HA! 5/>12,>-! bA><HL>23@1,/>1<,! <A!
5/>23,/K1=@2!|!N-! ()#!"#6:)<")+"$")+J#5-:(+#):97"%9#=9#;%+(")+#:9#($;:<+9-"#VJ#:;/#6(+6-! 56!
"'#!2>!=6!$("!f6!UA1KK<H-!53LB6-!56!"'$6!
! "&"
0"2.0%6%-0(%0(jj}(<#'/2.%-0(G.0%"(2'(6#.-&('-()%(&%&(".&C'%&(.6<#"02-0&(QRSI(fV}(
-%(&2/2.%-0(<2&(*%(-#6()'(61).G26%-0(C'+.*&(<"%-2.%-08(62*7"1('-%(.-$#"620.#-(#"2*%(
%0( 1G".0%8( XX}( -+%-( G#--2.&&2.%-0( <2&( *%&( %$$%0&( &%G#-)2."%&( 62?%'"&( %0( \V}( %-(
.7-#"2.%-0( *2( <#&#*#7.%I(a%&( %-C'E0%&(6%-1%&( %-(4**%627-%( #-( 0"#'/1( )%&( "1&'*020&(
/#.&.-&(QRSI(^X}()%&(<20.%-0&(102.%-0(%-(6%&'"%()%("%&0.0'%"(*%(G#-0%-'()'().2*#7'%(
2/%G( *%( 61)%G.-8( *2( 6#.0.1( )+%-0"%( %'H( &%( "2<<%*2.0( &%'*%6%-0( C'%( *~#<1"20.#-( 102.0(
-1G%&&2."%(%0(G#6<#"02.0()%&(".&C'%&(02-).&(C'%(*%(0.%"&("%&02-0(-%(&2/2.0(<*'&(&'"(C'#.(
2/2.0(<#"01(*%().2*#7'%(�(DgZ[I((
b-fC(89/$%&$.!0.#0#"&!0/.!(/!"$,%&!4&"!"#($%,#'"!E!3&%%&!@/$;/,"&!/"",@,(/%,#'!
4&! (9,'J#.@/%,#'1! 3#@@&! (9&'.&P,"%.&@&'%! ;,4<#1! 0/.! (&! @<4&3,'1! 4&! "#'!
@&""/P&! ,'J#.@/%,JC! 89$%,(,"/%,#'! 4$! @&""/P&! /$4,#;,"$&(! 0.<"&'%&./,%!
(9/;/'%/P&!4&!4<(,;.&.!$'!@&""/P&!0($"!3#'3.&%!/$!0/%,&'%1!&%1!"$.%#$%1!,(!"&./,%!
.<0<%/?(&! E! ;#(#'%< $($ C! X'! "9/00.#35&./,%! /(#."! 4/;/'%/P&! 4&! (9#?+&3%,J!
./.&@&'%!/%%&,'%!49$'&!,'J#.@/%,#'!@<4,3/(&!&JJ,3/3&1!3#'4,%,#'!,'4,"0&'"/?(&!
/$! 3#'"&'%&@&'%! I$,! 0&.@&%! 4&! 0#.%&.! /%%&,'%&! E! (9,'%<P.,%<! 05=",I$&! 4$!
0/%,&'%C!U(!3#';,&'%!4#'3!E!0.<"&'%!49<%$4,&.!(/!./,"#'!&""&'%,&((&!0#$.!(/I$&((&!
(&!3#'"&'%&@&'%!&"%!,'3#'%#$.'/?(&!&'!4.#,%!@<4,3/(C!
!
WO).A)`;>:BQBFA:BDE)<;)FDE>=E:=K=E:)=E)<?DB:)KG<BFA@))
!
b-gC! 7&!3#'"&'%&@&'%!&"%!&""&'%,&((&@&'%!+$"%,J,<!49$'!0#,'%!4&!;$&!%5<#.,I$&!
0/.! (&! 0.,'3,0&! 49,';,#(/?,(,%<! 4$! 3#.0"! 5$@/,'! TAUC! R,! (9#'! 3#@0.&'4! 4#'3!
I$9,(!3#'"%,%$&!(9<(<@&'%!J#'4/@&'%/(!0&.@&%%/'%!(9/%%&,'%&!E!3&!4&.',&.1! ,(!&"%!
0#$.!/$%/'%!,'"$JJ,"/'%!TZU!&%!(9&'3/4.&@&'%!(<P/(!&"%!,'3#'%#$.'/?(&C!!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$(#!f6!UA1KK<H-!53LB6-!56!"'%6!VM2,aAd>2!=>/>1=>1aA2!=M/k1==/,>!H2=!5/>12,>=!B/,BL32AY!/!L>L!
@2,L2!/AY!8>/>=ST,1=6!!$($!f6!UA1KK<H-!53LB6-!56!"(46!
! "&#
"#! $%! 3')74)3%! &<)7/)(,"-),)*.! &2! 4('30! :28")7;! =20*)6)4"*)(7! %00%7*)%,,%! &2!
4(70%7*%8%7*!%7!&'()*!8.&)4",!
)
b-cC!R&(#'!ZC!WC!7#.'$1!(9,';,#(/?,(,%<!&"%! (9!=(.-02-7.@.*.01(G#-&0.0'2-08(<#'"('-%(
<%"&#--%8( QRS( '-( )"#.0( $#-)26%-02*( P( &#-( .-017".01( G#"<#"%**%(DgZUC! U(! "9/P,%! 49$'!
4.#,%!4<J&'",J1!3&($,!4&!'&!0/"!D%.&!3#'%./,'%!E!"$?,.!$'&!/%%&,'%&!3#.0#.&((&!4&!
(/!0/.%!49/$%.$,$(&C!2/'"!(/!@/%,B.&!I$,!'#$"!#33$0&1!,(!"9/P,%!4$!4.#,%!0#$.!(&!
0/%,&'%! 4&! .&J$"&.! (&"! "#,'"! 4$! @<4&3,'1! I$9,("! "#,&'%! ,';/",J"! #$! '#'!H! (&!
@<4&3,'!&"%! %#$+#$."! %&'$!4&!.&"0&3%&.! (/!;#(#'%<!4&!3&($,[3,1!@D@&!",!&((&!/!
4&"! 3#'"<I$&'3&"! Ju35&$"&"! 0#$.! "/! "/'%<C! 89&A,P&'3&! 4$! 3#'"&'%&@&'%! 4$!
0/%,&'%!/$A!"#,'"!@<4,3/$A!![!0.,"!4/'"!"/!P(#?/(,%<!<%$4,<&!&'<"2([!'9&"%!/$%.&!
I$&! (/! %./4$3%,#'! 4$! .&"0&3%! 4&! (/! 0.#%&3%,#'! 4&! "#'! 3#.0"C! 2&! @/',B.&!
3(/"",I$&1! (/!4#3%.,'&! &A0(,I$&!I$&! (/!P&'B"&!4&! 3&%%&! ,'%&.4,3%,#'!4&!'&!0/"!
"$?,.!49/%%&,'%&!3#.0#.&((&!4&!(/!0/.%!4&!%,&."!"&!%.#$;&!4/'"!(/!3<(B?.&!J#.@$(&!
=(h#*.(6%( 02-7%"%(D! L'&!@&! %#$35&! 0/"M1! 0.#'#'3<&! 0/.! F<"$"! E! (9/%%&'%,#'! 4&!
Z/.,&[Z/4&(&,'&! (#."I$9,(! .&""$"3,%/! (&! 4,@/'35&! 4&! 6uI$&"C! X.1! ,(! &"%!
&""&'%,&(! 4&! 3#@0.&'4.&! I$&! 0/.! (9,'%&.4,3%,#'! 4&! "$?,.! $'&! /%%&,'%&! 0/.! $'!
%,&."1!39&"%!0($"!(/.P&@&'%!$'&!,'%&.4,3%,#'!4&!"$?,.!$'&!/%%&,'%&!E!"#'!,'%<P.,%<!
0"=35,I$&1! E! "#'! ?,&'[D%.&! @#./(1! I$&! (&! =(h#*.( 6%( 02-7%"%(D! J#'4/@&'%/(!
3#'%,&'%C!=(52($.)1*.01(P([*2]("K7*%([)'(-#*.(6%(02-7%"%](%&0(2$$2."%()%(G./.*.&20.#-I(52(
&#G.101( G#-0%6<#"2.-%( QRS( -%( )#.0( <2&( #'@*.%"( C'+.*( %&0( *+2)27%( )%( *2( <%"&#--%8( C'%(
0#'GB%"( 2'( G#"<&8( G+%&0( &#'/%-0( 0#'GB%"( P( <*'&( C'+2'( G#"<&( <2"G%( C'+.*( %&0(
63&01".%'&%6%-0(*.1(P(*+%&<".0(J('-.02&(/%"#(<%"&#-2%(G#-&0.0'.0'"(%H(%.&(.-C'2-0'6(%&0(
'-'&( 2*.C'.&( &'@&.&0%-&( .-( G2"-%( %0( 2-.62( QM2.-0( 9B#62&( T( ;+%&0( *2( &'@&.&02-G%( )%(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$(%U6! 7<3,A-! :;/# 6(+6-! FO!J!1,01<K/`1K1>L!N6! f,! 32@/3aA2! ><A>2_<1=! aAM1,>/,k1`1K1>L! 2>!
1,01<K/`1K1>L!,2!=<,>!5/=!=R,<,R@2=-!@d@2!=1!K/!H1=>1,B>1<,!2=>!=A`>1K2!]!a#!B()+%)&(H(*(+,#
<"# =,>()(+# 6:$$"# *B()+"-=(6+(:)# ="# +:96C"-# nQoJ# %*:-<# G9"# *B()7(:*%H(*(+,# ;"9+# A+-"# =,>()("#
6:$$"#*"#=-:(+#=B()+"-=(-"#=BA+-"#+:96C,#dJ#2Y5K1aA2!m6!QR-!>I/#53LB6-!56!))6!$(&!F6! 5/3! 2Y2@5K2-! 5<A3! A,2! 2Y5K1B/>1<,! =R,>IL>1aA2-! 96! F1k,2/A-! ! J!;>/>A>! HA! B<35=!
IA@/1,-! H2! =2=! LKL@2,>=! 2>! 53<HA1>=!N-! 5(6+(:))%(-"# 1"-$%)")+# F(:,+C(G9"# "+#
H(:+"6C):*:&("<-!56!#$'*6!
! "&$
*+.-)./.)'( %-( GB2."( %0( %-( |6%( C'.( $2.0( *2( <%"&#--%( B'62.-%S(D8( &A0(,I$&'%! 4&!
@/',B.&!<3(/,./'%&!ZZC!QC!S#(/'4!&%!8C!N#=&.$('C!
b-kC!>,'",1! (&!0.,'3,0&!49,';,#(/?,(,%<!4$!3#.0"!3#'"%,%$&!#'%#(#P,I$&@&'%!$'!
0.,'3,0&!4&!.&"0&3%!4&!(/!0&."#''&!4/'"!"#'!&""&'3&1!4/'"!3&!I$9&((&!/!4&!0($"!
0.<3,&$A1!"#'!<I$,(,?.&!0"=35,I$&1!I$,!&"%!/""$.<!0/.!(&!.&"0&3%!4l!E!"#'!3#.0"C!
7&! 4&.',&.! 0&$%! 4#'3! D%.&! 3#'",4<.<! 3#@@&! $'! 4.#,%! ",! J#'4/@&'%/(! I$9,(!
"&./,%!'/%$.&(C!ZC!RC!6.,&$.!<;#I$&!E!3&!"$+&%!(&!=()"#.0(-1720.$()%(&+#<<#&%"(P(0#'0%(
200%.-0%( P( &#-( <"#<"%( G#"<&(DgZZ C! ZC! GC! >.35&.! 3#@0%&! <P/(&@&'%! 0/.@,! 3&"!
/$%&$."!I$,!3#'",4B.&'%!I$&!(&!3#'"&'%&@&'%!&'!4.#,%!@<4,3/(!'&!"&!.<4$,%!0/"!
E!"/!4,@&'",#'!3#'%./3%$&((&!@/,"!.<;B(&!=(*+%H.&0%-G%()+'-%(72"2-0.%()'()"#.0()%(
GB2G'-( )%( <"1&%"/%"( &#-( .-017".01( <B3&.C'%( #'( G%**%( )%( &2( )%&G%-)2-G%(D1! 3&%%&!
3#'3&0%,#'!<%/'%!P$,4<&!'#%/@@&'%!0/.!=(*+.)1%(&%*#-(*2C'%**%(*2(<"1&%"/20.#-()%(
*+.-017".01(<B3&.C'%(%&0('-%(*.@%"01(<'@*.C'%($#-)26%-02*%(DgZEC!8&!7#'"&,(!49O%/%!'&!
4<@&'%!0/"!3&%%&!0#",%,#'1!+$P&/'%!I$&!=(*%()"#.0(<#'"(*%(<20.%-0(62?%'"()%()#--%"8(
*#"&C'+.*( &%( 0"#'/%( %-(1020()%( *+%H<".6%"8( &#-(G#-&%-0%6%-0(P('-( 0"2.0%6%-0(61).G2*(
"%/E0(*%(G2"2G0K"%()+'-%(*.@%"01($#-)26%-02*%(DgZ@C!
!
b)-C! >$! .&P/.4! 4&! "/! '/%$.&! &""&'%,&((&1! 35/I$&! ,'4,;,4$! &"%! '/%$.&((&@&'%!
%,%$(/,.&!4&!3&%%&!(,?&.%<1!"/'"!I$9,(!"#,%!'<3&""/,.&!4&!(/!3#'"/3.&.!4/'"!I$&(I$&!
%&A%&! 4&! 4.#,%C! 6#$.%/'%1! /$! .&P/.4! 4&"! /?$"! I$,! #'%! 0$! D%.&! 3#@@,"! &'! (/!
@/%,B.&1!$'&!3#'"<3./%,#'! +$.,4,I$&!"9&"%!/;<.<&!'<3&""/,.&C!R,!3&!'9&"%!0/"! (/!
(,?&.%<!4&!0.#%<P&.!"#'!,'%<P.,%<!05=",I$&!&'!%/'%!I$&!%&((&!I$,!/!<%<!3#'"/3.<&1!
#'! /! ,'"3.,%! 4/'"! (/! (#,! (&! 0.,'3,0&! 49,';,#(/?,(,%<! 4$! 3#.0"! 5$@/,'! &%! "#'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$('!:6!?<K/,H!2>!V6!m<R23-!!:69+(:)<#*%+()"<#"+#%=%&"<#=9#=-:(+#>-%)`%(<#6:)+"$;:-%()-! LH6!
KM:23@i=-!"**)-!!0OJ!,<K1!@2!>/,k232!N-!0<K6!#-!56!"$(-!B1>L=!5/3!m6!QR-!>I/#53LB/J!56!)*6!$((!;6!Q312A3-!>I6!53LB/-!56!"'(6!$()!G6!b3BI23-!>I6!53LB-!556!%)%S%)&6!$(*!7686-! "'! /<P>! #44#-!c@2!F/KL312! G6! 2>!c@2! +=/`2KK2! G6! BC76:6T6! H2! ;/1,>S8>12,,2-!56!
#44#-! 1,_6!3/56!56!#&)"-!<`=6!c6S76!c6![!I/./5/I6!#44#-!56!#($![! ./k0*/#I=$6!#44#-!,O"-!56!#(-!
,<>2!b6!c23=BI![!2%'/#1%*6!"&S"(!=25>6!#44#-!56!*-!<`=6!G6S\6!Q/,=123-!!/1/I6!#'!@/3=!#44$-!
,O'"-!<`=6!76!7KL@2,>6#!
! "&%
3#.#((/,.&!,'4,"0&'"/?(&1!(&!.&3$&,(!4$!3#'"&'%&@&'%!4&!(/!0&."#''&!0#$.!%#$%&!
/%%&,'%&!3#@@,"&!"$.!"#'!3#.0"C!!
b))C!R,!3&"!0.,'3,0&"!"#'%!,'"3.,%"!4/'"!(/!%./4,%,#'!+$.,4,I$&!J./'_/,"&1! ,("!#'%!
<%<! 3#'"/3.<"!0/.! (&! (<P,"(/%&$.! ,(! =! /! "&$(&@&'%!$'&!I$,'T/,'&!49/''<&"C!O'!
&JJ&%1!39&"%! (/!3<(B?.&! (#,!?,#<%5,I$&!4$!*k! +$,((&%!)kkd$)4!I$,! ,'%.#4$,%!0#$.! (/!
0.&@,B.&!J#,"!4/'"!(&!7#4&!3,;,(1!/$A!/.%,3(&"!)f[)!&%!)f[b1!(&"!.BP(&"!&""&'%,&((&"!
"&(#'! (&"I$&((&"! =(;B2G'-( 2( )"#.0( 2'( "%&<%G0( )%( &#-( G#"<&I( 5%( G#"<&( B'62.-( %&0(
.-/.#*2@*%(D1!&%!=(:*(-%(<%'0(E0"%(<#"01(200%.-0%(P(*+.-017".01()'(G#"<&(B'62.-(C'+%-(G2&(
)%( -1G%&&.01( 61).G2*%( <#'"( *2( <%"&#--%( #'( P( 0.0"%( %HG%<0.#--%*( )2-&( *+.-01"E0(
0B1"2<%'0.C'%( )+2'0"'.I( 5%( G#-&%-0%6%-0( )%( *+.-01"%&&1( )#.0( E0"%( "%G'%.**.(
<"12*2@*%6%-0(QRS(D1! (9/.%,3(&! )f[k! 0.<3,"/'%! I$&! 3&"! 4,"0#",%,#'"! "#'%! 49#.4.&!
0$?(,3C!!!
b)*C!U(!&"%!4#'3!%.#$?(/'%!4&!3#'"%/%&.1!",!(9#'!0#,'%&!4$!4#,P%!(&!",(&'3&!0/""<!
4$!(<P,"(/%&$.1!I$&!(/!.BP(&!J#'4/@&'%/(&!4&!.&"0&3%!4$!3#.0"!5$@/,'!'9/!<%<!
3#'"/3.<&!0/.! (/! (#,!I$9/$!4<?$%!4&"!/''<&"!k-C! U(!&"%! "/'"!4#$%&!&A3&"",J!4&!
0&'"&.!I$&!3&%%&!@<3#''/,""/'3&!<I$,;/(/,%!E!$'!@<0.,"C!K</'@#,'"1!&((&!&"%!
.<;<(/%.,3&!4&!3&!I$&!(&!3#'"&'%&@&'%!4$!@/(/4&!<%/,%!%&'$!3#@@&!"&3#'4/,.&!
4/'"!"/!.&(/%,#'!/;&3! (&!@<4&3,'C!S,&'!49,((#P,I$&!/$!.&P/.4!4&!3&!I$&!'#$"!
&A0(,I$,#'"!0($"! /;/'%gEDH! (/!@<4&3,'&!#?<,""/,%! E!$'&! ,4<#(#P,&!0/%&.'/(,"%&!
0#"%$(/'%!I$&!(&!@/(/4&!&"%!E!0&$!0.B"!$'!,'3/0/?(&!&%!I$&!(&!@<4&3,'!&"%!(&!
"/35/'%1!@,&$A!E!@D@&!4&!4<3,4&.!4&"!"#,'"!E!($,!0.#4,P$&.C!!
b)bC!Q,"%#.,I$&@&'%1! (/!0.&@,B.&! .&3#''/,""/'3&! +$.,4,I$&!4$! 3#'"&'%&@&'%!
4/%&!4$!"#.%,.!4&!(/!"&3#'4&!P$&..&!@#'4,/(&1!0($"!0.<3,"<@&'%!4$!0.#3B"!4&!
K$.&@?&.P!4&!)kdgC!O((&!3#..&"0#'4!E!$'&!0.,"&!4&!3#'"3,&'3&!4&"!5#..&$."!
/(#."! 0&.0<%.<&"! "$.! (&"! 0.,"#'',&."1! 3#'","%/'%! E! 0.#3<4&.! E! 4&"!
&A0<.,@&'%/%,#'"!@<4,3/(&"!J#.3<&"C!7&(/!"&!%./4$,%!0/.!$'&!.&3#@@/'4/%,#'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$)4!V<1! ,O*%S'&$! HA! #*! .A1KK2>! "**%-! 53LB6! Q<A3! A,! B<@@2,>/132-! 06! 5/3! 2Y6! K2! ,A@L3<!
=5LB1/K!`1<L>I1aA2-!!1I-!"%!HLB6!"**%6!$)"!F6!<9;-%-!56!"%&!2>!=6!
! "&&
<%5,I$&!0#$.!(9&A0<.,@&'%/%,#'!4&!@<4,3/@&'%"1!/,'",!I$&!0/.!(/!3#4,J,3/%,#'!
4&! (/! 4<#'%#(#P,&! @<4,3/(&C! >,'",1! (/! 0.&@,B.&! ;&.",#'! 4$! 7#4&! 4&!
4<#'%#(#P,&!@<4,3/(&! 4/%&!4&! (/! J,'!4&"! /''<&"! I$/./'%&C! 89/3%$&(! /.%,3(&! bf!
4,"0#"&! 4/'"! "#'! 0.&@,&.! /(,'</! =(5%(G#-&%-0%6%-0()%( *2(<%"&#--%(%H26.-1%(#'(
&#.7-1%( )#.0( E0"%( "%GB%"GB1( )2-&( 0#'&( *%&( G2&(D! $)# I( 7&.%&"1! "9,(! "9/P,%! 49$'&!
,'"3.,0%,#'! %&A%$&((&! 4&! (/! '<3&"",%<! 4$! .&3$&,(! 4$! 3#'"&'%&@&'%1! &((&! '&!
@/.I$&! 0/"! "/! 3#'"<3./%,#'! (<P/(&C! K9#$?(,#'"! 0/"! &'! &JJ&%! I$&! (&! 7#4&! 4&!
4<#'%#(#P,&!@<4,3/(&!&"%!!<%/?(,!0/.!(&!0#$;#,.!.<P(&@&'%/,.&C!!
b)dC! 6/.! (/! "$,%&1! 3&! "#'%! (&"! /;/'3<&"! "3,&'%,J,I$&"! "$.! (&! 3#.0"! 5$@/,'1! &%!
(9/00/.,%,#'! 4&! 3&.%/,'&"! 0./%,I$&"! @<4,3/(&"1! I$,! @/.I$&'%! $'! 4<?$%! 4&!
3#'"<3./%,#'! (<P,"(/%,;&! 4$! 3#'"&'%&@&'%C! 8&"! (#,"! 4,%&"! UCVCWC! 4&! )kge$)$!
@/.I$&'%! /,'",! $'&! <".6#( .&3#''/,""/'3&! &'! (/! @/%,B.&C! V,&'%! &'"$,%&! 3&((&!
3#'3&.'/'%! (&"! 0.<(B;&@&'%"! &%! P.&JJ&"! 49#.P/'&! &%! (9&A0<.,@&'%/%,#'!
?,#@<4,3/(&$)%1! +$"I$9/$A! 3<(B?.&"! (#,"! ?,#<%5,I$&"! 0.<3,%<&"1! 0$,"! (/! (#,! 4,%&!
n#$35'&.!4$!d!@/."!*--*$)&!I$,!0.<;#,%1!E!(9/.%,3(&!))))[d!4$!7#4&!4&!(/!"/'%<!
0$?(,I$&!H! =(4'G'-(2G0%(61).G2*(-.(2'G'-( 0"2.0%6%-0(-%(<%'0( E0"%(<"20.C'1( &2-&( *%(
G#-&%-0%6%-0(*.@"%(%0(1G*2."1()%(*2(<%"&#--%(D(#$!&'3#.&1!E!(9/.%,3(&!8C!))))[d1!/(C!*!
4$!@D@&!7#4&!H!=(9#'0%(<%"&#--%(<"%-)(QRS(*%&()1G.&.#-&(G#-G%"-2-0(&2(&2-01(DC(U(!
J/$%! <P/(&@&'%! 0.<3,"&.! I$9&'! "$"! 4&! 3&%%&! .&3#''/,""/'3&! 49$'! 0.,'3,0&!
P<'<./(! 4$! .&3$&,(! 4&! 3#'"&'%&@&'%1! 4&"! 0.#3<4$.&"! 0/.%,3$(,B.&"! "#'%!
0.<;$&"!4/'"!4&"!5=0#%5B"&"!#h1!"#,%!(&!.&3$&,(!4$!3#'"&'%&@&'%!&"%!.&'J#.3<1!
"9/P,""/'%! 0/.! &A&@0(&! 4&! (/! .&35&.35&! ?,#@<4,3/(& $)' 1! 4$! 0.<(B;&@&'%!
49#.P/'&"! 4$! ;,;/'%! 4$! 4#''&$. $)( 1! 4&! (/! 0.#3.</%,#'! @<4,3/(&@&'%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$)#!b3>1BK2!?6!%"#(S$'!HA!76!;6!Q6!!$)$!V<1!,O(&S"(!HA!"(!!./,06!"*(&-!\6f6!")!./,06!"*(&6!$)%!V<1!,O))S""$)!HA!#4!HLB6!"*))-!\6f6!##!HLB6!"*))6!$)&!V<1!,O#44#S$4$!HA!%!@/3=!#44#-!\6f6!&!@/3=!#44#6!$)'!b3>1BK2!V6!""##S"S"!HA!76!;6!Q6!!$)(!b3>1BK2!V6!"#$"S"!HA!76!;6!Q6!!
! "&'
/"","%<&$))1!"#,%! ,(!&"%!0.<"$@<1!&'!@/%,B.&!4&!0.<(B;&@&'%!49#.P/'&"!"$.!$'&!
0&."#''&!4<3<4<&!0/.!&A&@0(&$)*C!
b)eC! K/%$.&((&@&'%1! (&! 0.,'3,0&! 4&! (,?&.%<! 4$! 3#'"&'%&@&'%! ,@0(,I$&! "#'!
3/./3%B.&! .<;#3/?(&!H! (&! 0/%,&'%! 0&$%! %#$+#$."! .&%,.&.! "#'! 3#'"&'%&@&'%C!
89/.%,3(&! 8C! ))))[d1! /(,'</! b! 4$! 7#4&! 4&! (/! "/'%<! 0$?(,I$&! (&! 0.<;#,%!
&A0.&""<@&'%!H!=(G%(G#-&%-0%6%-0(<%'0(E0"%("%0."1(P(0#'0(6#6%-0(DI((
)
-#!$<)70266)0"74%!&2!4(70%7*%8%7*!4(88%!=20*)6)4"*)(7!&%!,<"**%)7*%!"2!4('30!
:28")7!
!
b)fC!8&!3#'"&'%&@&'%!&"%!,'"$JJ,"/'%!E!J#'4&.1!&'!4.#,%1!(9/%%&,'%&!/$!3#.0"!4$!
0/%,&'%C!O'!&JJ&%1!@D@&!"9,(!"9/P,%!49$'!/3%&!@<4,3/(1!$'&!%&((&!/%%&,'%&!3#'"%,%$&!
J#'4/@&'%/(&@&'%! $'&! ,'J./3%,#'! 0<'/(&! 0.#5,?<&! &'! 0.,'3,0&C! 8&!
3#'"&'%&@&'%1! I$,! '9&"%! 0/"! $'! J/,%! +$"%,J,3/%,J! E! (9/%%&,'%&! 0#.%<&! /$! 3#.0"!
5$@/,'! TaU1! 4#,%! D%.&! 3#@0(<%<! 0/.! (9/$%#.,"/%,#'! 4&! (/! (#,! &%! (9,'%<.D%!
%5<./0&$%,I$&!TbU)/J,'!I$&!(9/3%&!@<4,3/(!"#,%!(,3,%&C!
!
qT(5%(G#-&%-0%6%-0(-+%&0(<2&('-($2.0(?'&0.$.G20.$((
!
b)gC!K#$"!(9/;#'"!"#$(,P'<1!(&"!"#,'"!@<4,/$A!3#'"%,%$&'%!J#'4/@&'%/(&@&'%!
$'&! ,'J./3%,#'! 0<'/(&1! &'! 3&! I$9,("! 0#.%&'%! /%%&,'%&! E! (9,'%<P.,%<! 05=",I$&! 4$!
0/%,&'%C!6/.!3&!0.,"@&1! (&!@<4&3,'!&"%! (9,'J./3%&$.!&%! (&!0/%,&'%!&"%! (/!;,3%,@&1!
39&"%!E!4,.&!=(;%*'.(C'.(&'@.0(<%"&#--%**%6%-0('-(<"1?').G%(QRS(Dg@\C!X.1!(&!@<4&3,'!
'9&"%!'/%$.&((&@&'%!0/"!0#$."$,;,!0<'/(&@&'%!0#$.!/;#,.!0.#4,P$<!4&"!"#,'"!
E!"#'!0/%,&'%C!>$!.&P/.4!4&!3&!I$,!;,&'%!49D%.&!<3.,%1!,(!&"%!4#'3!(<P,%,@&!4&!"&!
4&@/'4&.! ",! (&! 3#'"&'%&@&'%! 4$! 0/%,&'%! 3#'"%,%$&! $'! J/,%! +$"%,J,3/%,J! /$A!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$))!b3>1BK2!V6!#"%"S"4!HA!76!;6!Q6!5/3!2Y2@5K26!$)*!b3>1BK2!V6!"#$#S"!HA!76!;6!Q6!!$*4!U6!7<3,A-!:;/#6(+6-!0O!J!01B>1@2!N6!
! "&(
/%%&,'%&"! I$,! ($,! "#'%! 0#.%<&"!0/.! (&!@<4&3,'1! 39&"%! E!4,.&!=('-%(G."G#-&02-G[%](
#@?%G0./[%]8(.-)1<%-)2-0[%]()%(*2(<&3GB#*#7.%()'()1*.-C'2-08(C'.()1&2"6[%](*2("12G0.#-(
&#G.2*%(G#-0"%( *+.-$"2G0.#-(<1-2*%(Dg@D1! #$1! 0($"! ",@0(&@&'%1!=(['-%](G."G#-&02-G[%](
%H01".%'"[%]( P( *+27%-08( C'.( %$$2G[%]( *%( G2"2G0K"%( <'-.&&2@*%( )%&( 2G0%&( 2GG#6<*.&( %0(
<"#G'"[%](*+.6<'-.01(g@[DC!!
b)cC! X.1! ,(! &"%! 3(/"",I$&! 49/JJ,.@&.! I$&! (&! 3#'"&'%&@&'%! '9&"%! 0/"1! &'! 4.#,%!
0<'/(! J./'_/,"1! $'! J/,%! +$"%,J,3/%,JC! 8/! 4#3%.,'&! 0<'/(,"%&! &"%! $'/',@&! "$.! 3&!
0#,'%$*$C!S/.&"!"#'%! (&"!/$%&$."!I$,!"&!"#'%!4<0/.%,"!4&!3&!3#'"&'"$"1!&%!3&$A!
I$,! "9=! "#'%! &""/=<"!'9#'%!0/"! <%<! "$,;,"!0/.! (&$."!0/,."$*%C!2&$A!/.P$@&'%"!
"#'%!3(/"",I$&@&'%!/;/'3<"C!
b)kC! :'! 0.&@,&.! /.P$@&'%! 49#.4.&! P<'<./(! 0#$.! 4<',&.1! @/(P.<! (&"!
/00/.&'3&"1! (&! 3/./3%B.&!4&! J/,%! +$"%,J,3/%,J! /$!3#'"&'%&@&'%!4$!0/%,&'%!&"%! (&!
3/./3%B.&!49#.4.&!0$?(,3!4$!4.#,%!0<'/(C!O'!&JJ&%1! (&!4.#,%!0<'/(! .&P.#$0&!$'!
3#.0"!4&!.BP(&"!I$,!0.#%BP&!(9,'%<.D%!"#3,/(1!,'%<.D%!"$0<.,&$.!I$,!%./'"3&'4&!(&"!
;#(#'%<"! ,'4,;,4$&((&"C! 2/'"! 3&%%&! (#P,I$&1! (&! 3#'"&'%&@&'%1! &'! %/'%! I$&!
@/',J&"%/%,#'!4&!;#(#'%<!,'4,;,4$&((&1!'&!0&$%!D%.&!/4@,"!&'!%/'%!I$9#?"%/3(&!
/$!+&$!4&!(/!(#,!0<'/(&C!
b*-C! :'! "&3#'4! /.P$@&'%! .<",4&! %#$%! ",@0(&@&'%! 4/'"! (9/'/(="&! 4$!
@<3/',"@&! 4$! J/,%! +$"%,J,3/%,J!H! &'! &JJ&%1! "&(#'! (/! 4<J,',%,#'! "$"! 3,%<&1! (&! J/,%!
+$"%,J,3/%,J! J/,%! ).&<2"2e0"%! $'&! ,'J./3%,#'! 0<'/(&! G#-&0.0'1%1! &'! 3&! I$&! 0#'&( &%&(
1*16%-0&(G#-&0.0'0.$&(&#-0("%6<*.&C!X.1! (#."I$&! (&! 3#'"&'%&@&'%! +#$&!$'! .t(&! &'!
@/%,B.&!0<'/(&!0/.3&!I$9,(!J/,%!#?"%/3(&!E!(/!3/./3%<.,"/%,#'!4&!(9,'J./3%,#'1!39&"%!
0/.3&!I$&!(&!.&J$"!4&!(/!;,3%,@&!&'!&"%!$'!<(<@&'%!3#'"%,%$%,JC!8&!3#'"&'%&@&'%!
(&! J/,"/'%! 4,"0/./a%.&1! (9,'J./3%,#'! '&! 0&$%! 0($"! D%.&! 3/./3%<.,"<&C! 79&"%! (&! 3/"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$*"!?6! c23K2! 2>! b6! F1>A-! 4-%(+,#="#=-:(+# 6-($()"*-! 7A./=-! ,O%$"-! B1>L=! 5/3! gI6! U/3L! 2>! 76!
U1,2=>2>-!5-:(+#;,)%*#;-:6,=9-"#;,)%*"-!9/KK<pJ!56!)&6!$*#!gI6!U/3L!2>!76!U1,2=>2>-!:;/#6(+6-!56!)&6!$*$!7_6!5/3!2Y6!gI6!U/3L!2>!76!U1,2=>2>-!:;/#6(+/[!QI6!7<,>2!2>!Q6!c/1>32!HA!7I/@`<,-!5-:(+#
;,)%*#&,),-%*-!LH6!b3@/,H!7<K1,[!\6!Q3/H2K-!5-:(+#;,)%*#&,),-%*-!7A./=6!$*%!7_6!2,!5/3>1BAK123!K/!>Ii=2!H2!b6!G/I@R-!!"#6:)<")+"$")+#="#*%#7(6+($"J#"*("6!
! "&)
4/'"!4&"!#33$..&'3&"! %&((&"!I$&! (&!;,#(1! (&"!/P.&"",#'"!"&A$&((&"1!#$!&'3#.&! (&!
;#(C!
b*)C! >,'",1! (&! 3#'"&'%&@&'%! -%( $2.0( <2&( ).&<2"2e0"%! (9,'J./3%,#'! @/,"! *+%6<EGB%(
&%'*%6%-0()+E0"%(G2"2G01".&1%C!8/!4,"%,'3%,#'!&"%!J#'4/@&'%/(&C!
!
b**C!8&!3#'"&'%&@&'%!4$!0/%,&'%!!'9&"%!4#'3!0/"!$'!J/,%!+$"%,J,3/%,J!E!(9/%%&,'%&!E!
(9,'%<P.,%<! 05=",I$&! I$9,(! "$?,%C! U(! 3#'"%,%$&! $'! <(<@&'%! &""&'%,&(! .&'4/'%!
(9,'%&.;&'%,#'! @<4,3/(&! (,3,%&1! @/,"! "#'! &JJ,3/3,%<! &"%! "$?#.4#''<&! E! 4&$A!
/$%.&"! 3#'4,%,#'"! 0.,@#.4,/(&"! H! (/! 0&.@,"",#'! (<P/(&! &%! (9,'%<.D%!
%5<./0&$%,I$&C!
!
tT(52(<%"6.&&.#-(*172*%(%0(*+.-01"E0(0B1"2<%'0.C'%(
)
b*bC! Z/(P.<! (&"! /00/.&'3&"1! (9<(<@&'%! ,'3#'%#$.'/?(&! E! (/! +$"%,J,3/%,#'! 4&!
(9/%%&,'%&! /$! 3#.0"! &"%! (9/$%#.,"/%,#'! 4&! (/! (#,!H! 39&"%! 0/.3&! I$&! 3&%%&! 4&.',B.&!
0.<;#,%! I$&! %&((&! /%%&,'%&! 0&$%! D%.&! &A&.3<&! 0/.! (&! @<4&3,'! "$.! (&! 3#.0"! 4$!
0/%,&'%!I$&!3&((&[3,!&"%!(,3,%&!&%!4#'3!'#'!0#$."$,;,&!0<'/(&@&'%C!8/!(,3<,%<!4&!
(9,'%&.;&'%,#'! @<4,3/(&! 4<0&'4! 4#'3! /;/'%! %#$%! 4&! "#'! /$%#.,"/%,#'! (<P/(&C!
7&%%&!/$%#.,"/%,#'!0&$%!D%.&!%/3,%&1!%#$%&"!(&"!J#,"!I$&!(&!@<4&3,'!,'%&.;,&'%!"$.!
(&! 3#.0"! 4$! 0/%,&'%! 4/'"! (&! 3/4.&! 49$'! 3#'%./%! @<4,3/(! #$! 4&! (9$"/P&! 4$!
"&.;,3&! 5#"0,%/(,&.! 3#@@&! ,(! /! <%<! ;$! &'<"21! "/'"! I$&! 3&%%&! ,'%&.;&'%,#'! "#,%!
"0<3,J,I$&@&'%! ;,"<&! 0/.! (/! (#,! #$! (&! .BP(&@&'%C! O((&! 0&$%! <P/(&@&'%! D%.&!
&A0.&""&1! %#$%&"! (&"! J#,"1! E! (9,';&."&1! I$&! (9,'%&.;&'%,#'! &"%! "0<3,/(&@&'%!
0.<;$&!0/.!$'! %&A%&1!0/.!&A&@0(&! (&!4#'!49#.P/'&bke1! (/!6C!ZC!>Cbkf1!#$! (9UC!VC!
WCbkg!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$*&!b3>6!V6!"#$"S"!=6!76;6Q6!$*'!b3>6!V6!#"%"S"!=6!76;6Q6!!$*(!b3>6!V6!##"#S"!=6!76;6Q6!!
! "&*
b*dC! U(! J/$%! 4#'3! 3#@0.&'4.&! I$&! 39&"%! (9/$%#.,"/%,#'! (<P/(&1! &%! '#'! (&!
3#'"&'%&@&'%1! I$,! 3#'"%,%$&! (/! 3#'4,%,#'! ,'3#'%#$.'/?(&! E! (9/%%&,'%&! E!
(9,'%<P.,%<!05=",I$&!4$!0/%,&'%!0/.!(9/3%&!@<4,3/(C!7&!3#'"%/%!&"%!3#'J#.%<!0/.!
%#$%&"! (&"! 5=0#%5B"&"! 4/'"! (&"I$&((&"! ,(! &"%! 0/""<! #$%.&! (&! 3#'"&'%&@&'%! 4$!
0/%,&'%1!"#,%!I$9,(!=!/!$'!,@0<./%,J!4&!0.#%&3%,#'!4&!(/!"/'%<!0$?(,I$&1!"#,%!I$&!
(9<%/%!4&!"/'%<!4$!0/%,&'%!'<3&"",%&!$'&!,'%&.;&'%,#'!$.P&'%&C!!
b*eC!8/!0.&@,B.&!5=0#%5B"&!0&$%!D%.&! ,(($"%.<&!0/.! (/!;/33,'/%,#'!#?(,P/%#,.&C!
>,'",1! (9/.%,3(&! 8C! b)))[*! 4$! 7#4&! 4&! (/! "/'%<! 0$?(,I$&! 0.<;#,%! I$&! =(5%&(
/2GG.-20.#-&(2-0.T).<B01".C'%(%0(2-0.0102-.C'%(<2"(*+2-20#H.-%(&#-0(#@*.720#."%&(DC!2&!
@D@&1! (9/.%,3(&! b)))[d! 4$! @D@&! 7#4&! <'#'3&[%[,(1! &'! "#'! /(,'</! *! =(5%&(
<%"&#--%&( C'.( %H%"G%-0( '-%( 2G0./.01( <"#$%&&.#--%**%( )2-&( '-( *2@#"20#."%( )%( @.#*#7.%(
61).G2*%()#./%-0(E0"%(.66'-.&1%&(G#-0"%(*2($.K/"%(03<B#s)%(DC!!
b*fC! R9/P,""/'%! 4&! (/! "&3#'4&! 5=0#%5B"&1! (/! (#,! 0.<;#,%! &A0.&""<@&'%! (/!
4<.#P/%,#'!/$!0.,'3,0&!4&!.&3$&,(!4$!3#'"&'%&@&'%!4$!0/%,&'%C!>,'",1!(9/.%,3(&!
)f[b!4$!7#4&!3,;,(!0.<;#,%!I$&!=(5%(G#-&%-0%6%-0()%(*+.-01"%&&1()#.0(E0"%("%G'%.**.(
<"12*2@*%6%-0(B#"&(*%(G2&(#Y(&#-(1020("%-)(-1G%&&2."%('-%(.-0%"/%-0.#-(0B1"2<%'0.C'%(P(
*2C'%**%( .*( -+%&0( <2&( P( 6E6%( )%( G#-&%-0."(DC! 2B"! (#."1! (9$.P&'3&! 4&"! "#,'"! 0&$%!
3#@@/'4&.!$'!/3%&!%5<./0&$%,I$&!/(#."!@D@&!I$&!(&!0/%,&'%!"&./,%!5#."!49<%/%!
4&!@/',J&"%&.! "#'! 3#'"&'%&@&'%1! 0/.! &A&@0(&! "9,(! &"%! ,'/',@<C!7&(/! .&';#,&!
<P/(&@&'%!E!$'&!5=0#%5B"&!"$?%,(&@&'%!4,"%,'3%&!H!(&!.&J$"!4$!0/%,&'%!4&!"$?,.!
4&"!"#,'"!I$,!0.<"&'%&'%!$'&!'<3&"",%<!;,%/(&C!2/'"!3&!3/"1!(&!0/%,&'%!&"%!&'!<%/%!
4&! @/',J&"%&.! "#'! 3#'"&'%&@&'%1! &%! ,(! .&J$"&! (9,'%&.;&'%,#'! %5<./0&$%,I$&!
&';,"/P<&! &'! ./,"#'! 4&! 3#';,3%,#'"! 0&."#''&((&"C! 7&(/! &"%! 3(/"",I$&@&'%!
,(($"%.<!0/.!(9&A&@0(&!4&"!%<@#,'"!4&!F<5#;/5!I$,!.&J$"&'%!$'&!%./'"J$",#'!4&!
"/'P1! I$/'4! ?,&'! @D@&! 3&((&[3,! 0.<"&'%&! $'&! $.P&'3&! ;,%/(&C! 8&! @<4&3,'!
3#@@&%[,(!$'&!J/$%&!4&!'/%$.&!E!&'P/P&.!"/!.&"0#'"/?,(,%<1!(#."I$9,(!0.#3B4&!E!!
$'&! %./'"J$",#'! "$.!$'! %&(!0/%,&'%1! /(#."!I$9,(! 3#''/a%! (&! .&J$"!#?"%,'<!!4&! 3&!
4&.',&.!v!8&!7#'"&,(!49O%/%!.<0#'4!0/.!(/!'<P/%,;&!4/'"!$'!/..D%!.&'4$!(&!*f!
#3%#?.&! *--)1! 0.<3,"/'%! /$! 0/""/P&! I$9,(! 4#,%! /(#."! =! /;#,.! $.P&'3&1! I$&! (&!
! "'4
0.#'#"%,3!;,%/(!&"%!&'P/P<!&%!I$9,(!'9=!/!0/"!49/(%&.'/%,;&!%5<./0&$%,I$&bkcC!2&!
@D@&1! ,(! /! 3#'",4<.<! $(%<.,&$.&@&'%! I$&! =(5%&( 61)%G.-&( -%( <#"0%-0( <2&( P( L*2(
*.@%"01( $#-)26%-02*%( )'( <20.%-0( )%( )#--%"( &#-( G#-&%-0%6%-0( P( '-( 0"2.0%6%-0(
61).G2*O8('-%(200%.-0%(7"2/%(%0(62-.$%&0%6%-0(.**172*%(*#"&C'+2<"K&(2/#."(6.&(0#'0(%-(
g'/"%(<#'"(G#-/2.-G"%('-(<20.%-0(QRS8(.*&(2GG#6<*.&&%-08()2-&(*%(@'0()%(*%(&2'/%"('-(
2G0%(.-).&<%-&2@*%(P(&2(&'"/.%(%0(<"#<#"0.#--1(P(&#-(1020(QRS(D\iiC!>,'",1! ,(!0&$%!D%.&!
0/""<! #$%.&! (&! .&J$"! 4$! 0/%,&'%! E! (9/3%&! @<4,/(1! @/,"! 4&"! 3#'4,%,#'"!
,@0<./%,;&"!4#,;&'%!D%.&!#?"&.;<&"1!I$,!%#$%&"!.&(B;&'%!4&!(9$.P&'3&!;,%/(&!4&!
(9/3%&!@<4,3/(!'</'@#,'"!4,"0&'"<C!
b*gC! R#$(,P'#'"! &'J,'1! &%! 3&! I$,! ;,&'%! 49D%.&! <3.,%! '#$"! =! .&';#,&1! I$9$'!
3#.#((/,.&! ,'4,"0&'"/?(&! E! (9/$%#.,"/%,#'! (<P/(&! &"%! (9,'%<.D%! %5<./0&$%,I$&! 4&!
(9/3%&C! K#$"! ! (9/;#'"! &A0(,I$<! 0($"! /;/'%_]](&%! ,(! '&! J&./! 4#'3! 0/"! (9#?+&%! 4&!
4<;&(#00&@&'%"!"$00(<@&'%/,.&"C!6.<3,"#'"!",@0(&@&'%!I$&!3&%!/$%.&!3.,%B.&!
;,&'%!-1G%&&2."%6%-0! 3#@0(<%&.! 3&($,! I$,! ;,&'%! 49D%.&! 0.<"&'%<!H! ",! (9/%%&,'%&! E!
(9,'%<P.,%<! 05=",I$&! I$&! 3#'"%,%$&! (9/3%&! @<4,3/(! &"%! (,3,%&1! 39&"%! 2'&&.! 0/.3&!
I$9,(!/!0#$.!#?+&%!4&!"#,P'&.!(&!0/%,&'%C!!
!
eO)#@@;>:?A:BDE>)<;)FDE>=E:=K=E:)?=EQD?FG)=E)<?DB:)KG<BFA@)
)
b*cC!2&$A!4#@/,'&"!&""&'%,&("!4&!(9/$%#'#@,&!0&."#''&((&1!(9/,4&!E!@#$.,.!0/.!
(9/..D%!4&"!"#,'"! TAU)&%! (/!@/a%.,"&!4&! (/!0.#3.</%,#'!TZU!"&.#'%!/'/(="<"1!'#$"!
0&.@&%%/'%!4&!3#'"%/%&.!I$&!(&!4.#,%!J./'_/,"!(&"!&'3/4.&!.,P#$.&$"&@&'%C!
! !
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$*)!7686! #'! <B>6! #44"-!56! #44"6! +?6! $#&$![! ./0/1/! #44#6! ++6! "44#&-! ,<>2! c<32/A![! 3/_/5/I/!
#44#6!"%'-!B<,BK6!7I/A0/AY-!,<>2!92!mLBI1KK<,![!I/./5/I/!#44#6#&*-!,<>2!92kA23kA2![!5-/#
>%$6!#44#!,O&$-!,<>2!G31<,6!$**!7686-!"'!/<P>!#44#-!53LB6!F6!Lk/K2@2,>!=<A=!A,!/,kK2!5310/>1=>2!56!#44%6!;<@@6!'4#-!
<`=6!Q2,,2/A![!./0/1/!#44#6!++6!"4")%-!,<>2!c1=2>32>>/![!5-/#>%$6!#44$-!,O""-!,<>2!c<A><,6!%44!F6!<9;-%-!56!"#"!2>!=6!
! "'"
"#!$<")&%!+!8(2')'!3"'!,<"''>*!&%0!0()70!
)
b*kC!8/!(#,!8&#'&%%,!.&(/%,;&!/$A!4.#,%"!4&"!@/(/4&"!&'!J,'!4&!;,&!4/%/'%!4$!**!
/;.,(! *--e%4" !&"%! ;&'$&! 3#@0(<%&.! (/! (#,! n#$35'&.! 4$! d! @/."! *--*%4# !I$,!
0.<;#=/,%! 4<+E! (&! 4.#,%! 4$! @/(/4&! 3#'"3,&'%! /$! .&J$"! #$! E! (9/..D%! 4&"!
%./,%&@&'%"C!7&%%&!(#,!&"%!(&!J.$,%!49$'&!(#'P$&!.<J(&A,#'!"$.!(/!J,'!4&!;,&!&%!"$.!
(&"!4.#,%"!4&"!@/(/4&"!I$/'%!E!(&$.!@#.%1!3#'+$P$<"!/$!0#$;#,.!4&"!@<4&3,'"C!
K#$"!=!.&;,&'4.#'"C!S&@/.I$#'"!",@0(&@&'%!I$9&((&!'9/!0/"!0#$.!#?+&3%,J!4&!
(<P/(,"&.! (9&$%5/'/",&! @/,"! 4&! =()#--%"( '-( G2)"%( <*'&( &x"( 2'H( <"#$%&&.#--%*&( )%(
&2-01I( 52( <%"6.&&.#-( C'%( *2( *#.( *%'"( 2GG#")%( )+2GG#6<*."( #'( )%( -%( <2&( 2GG#6<*."(
G%"02.-&(2G0%&(*%&(6%0((P(*+2@".()%&(<#'"&'.0%&(<1-2*%&(2'HC'%**%&(G%&(2G0%&(#'(#6.&&.#-&(
<#'""2.%-0( *%&( %H<#&%"(DU\gI(>,'",1! (/! (#,! 8&#'&%%,! 3#'"/3.&! (<P/(&@&'%1! 49$'&!
0/.%1!(&!.&+&%!4&!(9/35/.'&@&'%!%5<./0&$%,I$&1!E!(9/.%,3(&!8C!)))-[e!4$!7#4&!4&!
(/! "/'%<! 0$?(,I$&1! 49/$%.&! 0/.%! (&! 4.#,%! 4&! %#$%&! 0&."#''&! 3#'"3,&'%&! #$!
,'3#'"3,&'%&! /$! .&J$"! #$! E! (9/..D%! 4&! %#$%! %./,%&@&'%1! =! 3#@0.,"! 4#'3! E!
(9/(,@&'%/%,#'!&%!E!(95=4./%/%,#'!/.%,J,3,&((&1!E!(9/.%,3(&!8C!))))[d!4$!@D@&!3#4&C!
O((&!3#'"/3.&!<P/(&@&'%!(/!0#"",?,(,%<!0#$.!(&!@<4&3,'1!E!(9/.%,3(&!8C!)))-[e!4&!
3&($,[3,1! 49/00(,I$&.! /$!@/(/4&! $'! %./,%&@&'%! 3#'%.&! (/! 4#$(&$.! 4#'%! (9&JJ&%!
"&3#'4/,.&!0#$../,%!D%.&!49/?.<P&.!"/!;,&C!!
bb-C! 2&! %&((&"! 4,"0#",%,#'"1! I$,! 4#''&'%! /$!@/(/4&! $'! 0#$;#,.! 4&! 4<3,",#'!
I$/'%!/$!@#@&'%!4&!"/!@#.%1!.&'4&'%!3.$3,/(&!(9/'/(="&!4&!"/!;#(#'%<!&%!0/.!
;#,&!4&!3#'"<I$&'3&!3&((&!4&!"#'!3#'"&'%&@&'%!/$A!0.#0#",%,#'"!I$,!0#$..#'%!
($,! D%.&! J/,%&"! 0/.! "#'! @<4&3,'! 49/..D%&.! "#'! ! %./,%&@&'%1! 3#@@&! $'&!
35,@,#%5<./0,&! 4/'"! (&! 3/4.&! 49$'! 3/'3&.C! 7&"! 0.#0#",%,#'"! 0#$..#'%! D%.&!
J#.@$(<&"!0/.!(&!@<4&3,'!/;/'%!@D@&!%#$%&!0(/,'%&!4$!0/%,&'%1!3#'"%/%/'%!I$&!
3&! 4&.',&.! '9/! 0($"! 49&"0<./'3&! 4&! P$<.,"#'1! #$! /0.B"! I$&! 3&! 4&.',&.! ($,! /!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%4"!V<1!,O#44&S$(4!HA!##!/036!#44&-!\6f6!#$!/036!#44&6!%4#!V<1!,O#44#S$4$!HA!%!@/3=!#44#-!53LB6!%4$!\6!Q3/H2K-#:;/#6(+6-!56!)(46!
! "'#
4&@/'4<!I$9,(! "#,%!@,"!$'! %&.@&!E!"#'!&A,"%&'3&C!89&A0.&"",#'!4&! (/!;#(#'%<!
4$!0/%,&'%!&'!%/'%!I$&!3#'"&'%&@&'%!/$!.&J$"!4&"!"#,'"1!E!$'!%./,%&@&'%!4&!"/!
4#$(&$.! "$"3&0%,?(&! 49/?.<P&.! "#'! &A,"%&'3&! 4#,%! D%.&! /,'",! &A%.D@&@&'%!
&'3/4.<&C!>!3&%!<P/.41!(9,'J#.@/%,#'!4$!@<4&3,'!&"%!&""&'%,&((&C!X'!3#@0.&'4!
?,&'!I$&!4&! %&((&"! 3,.3#'"%/'3&"1! /,'",! I$9$'&!4<3,",#'!/$"",! P./;&!/00&((&'%!
4&!(/!0/.%!4&!3&!4&.',&.!$'&!/%%&'%,#'!%#$%&!0/.%,3$(,B.&!E!(9&'4.#,%!4$!@/(/4&!
&%!$'&!,'J#.@/%,#'!/$"",!3#@0(B%&!I$&!0#"",?(&C!>,'",1!",!(9/.%,3(&!8C!))))[)-!4$!
7#4&! 4&! (/! "/'%<! 0$?(,I$&! 0.<;#,%! 4&! @/',B.&! P<'<.,I$&! I$&! =(5#"&C'+'-%(
<%"&#--%8( %-( <B2&%( 2/2-G1%( #'( 0%"6.-2*%( )+'-%( 2$$%G0.#-( 7"2/%( %0( .-G'"2@*%8( C'%**%(
C'+%-(&#.0(*2(G2'&%8()1G.)%()%(*.6.0%"(#'()+2""E0%"(0#'0(0"2.0%6%-08(*%(61)%G.-("%&<%G0%(
&2(/#*#-01(2<"K&(*+2/#."(.-$#"61%()%&(G#-&1C'%-G%&()%(&#-(GB#.H(D1! ,(!&"%!3&.%/,'!I$&!
4/'"! (&"! J/,%"1! (&! @<4&3,'! 4&;./! J/,.&! 0.&$;&! 49$'&! 4,(,P&'3&! ?,&'! 0($"!
,@0#.%/'%&!I$&!"9,(!"9/P,%!49,'J#.@&.!"#'!0/%,&'%!"$.! (&"!&JJ&%"!0#"",?(&"!49$'!
%./,%&@&'%!3(/"",I$&C!8#P,I$&@&'%1!$'&!%&((&! ,'J#.@/%,#'!4#,%!<P/(&@&'%!D%.&!
/00#.%<&! ",! (&! 0/%,&'%! 35#,",%! (9/4@,',"%./%,#'! 49$'! %./,%&@&'%! /'%,! 4#$(&$.!
"$"3&0%,?(&!49/?.<P&.!"/!;,&C!!
bb)C!O'!;&.%$!4&!(9/.%,3(&!8C!))))[))!4$!3#4&!4&!(/!"/'%<!0$?(,I$&!3.<<!0/.!(/!(#,!
4$! **! /;.,(! *--e1! (/! ;#(#'%<! 4$! 0/%,&'%1! &%! 4#'3! "#'! ,'%&.0.<%/%,#'! &'! %/'%!
I$9<;&'%$&(! 3#'"&'%&@&'%! E! (/! (,@,%/%,#'! #$! E! (9/..D%! 4&"! "#,'"1! 0&$%! D%.&!
3#'%&'$&!4/'"!4&"!4,.&3%,;&"!/'%,3,0<&"!I$&!(&!@/(/4&!/$./!3#$35<&"!0/.!<3.,%!
4/'"!(&!3/"!#h!,(!'&!"&./,%!0($"!E!@D@&!49&A0.,@&.!"/!;#(#'%<C!7&"!4,.&3%,;&"!
"#'%!;/(/?(&"!%.#,"!/'"%4%C!R,!(&!0/%,&'%!&"%!,'3#'"3,&'%!(#."I$&!(/!I$&"%,#'!4&!(/!
0#$."$,%&!4&!"&"!"#,'"!"&!0#"&1!&%!I$9,(!/!3#'"%,%$<!4&"!4,.&3%,;&"!/'%,3,0<&"1!(&!
3#.0"!@<4,3/(!"9=!.<J<.&./!/J,'!4&!0.&'4.&!"/!4<3,",#'C!2/'"!(&!3/"!3#'%./,.&1!(&!
3#.0"!@<4,3/(!"9/4.&""&./!E!(/!0&."#''&!4&!3#'J,/'3&!",!&((&!&'!/!4<",P'<!$'&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%4%!Q<A3!K2=!B<,H1>1<,=!H2!0/K1H1>L-!H2!B<,_1H2,>1/K1>L!2>!H2!B<,=230/>1<,!H2!B2=!H132B>102=!
/,>1B15L2=-!0<13!K2=!/3>1BK2=!?6!""""S"(!Z!?6!""""S#4!HA!76;6Q6!1==A=!HA!HLB32>!,O#44'S""*!
HA!!_L036!#44'6!!
! "'$
&'!;&.%$!4&!(9/.%,3(&!8C!))))[f!4$!7#4&!4&!(/!"/'%<!0$?(,I$&1!&%!(&!3/"!<35</'%1!E!
"/!J/@,((&!0.#35&C!!
bb*C! X'! 0.&""&'%! <;,4&@@&'%! %#$%&! (/! 4,JJ,3$(%<! I$&! 0&$%! 0#"&.!
(9,'%&.0.<%/%,#'! 4&! 3&"! 4,.&3%,;&"! /'%,3,0<&"1! /,'",! I$&! 3&((&! 4&"! 4,.&3%,;&"!
3#'J,<&"!E!(/!0&."#''&!4&!3#'J,/'3&!4$!@/(/4&1!&%1!4&!@/',B.&!0($"!P<'<./(&1!
(9,'%&.0.<%/%,#'! 4&! (/! ;#(#'%<! 4$! @/(/4&! &'! J,'! 4&! ;,&1! &%1! 0/.! ;#,&! 4&!
3#'"<I$&'3&1! (/! 0&.%,'&'3&! 4&! "#'! 3#'"&'%&@&'%C! >$! ;$! 4&"! 3,.3#'"%/'3&"1!
3&($,[3,!0&$%[,(!/;#,.!;<.,%/?(&@&'%!0&"<!%#$%&"!(&"!3#'"<I$&'3&"!4&!3&!4&.',&.1!
&'!3/"!0/.!&A&@0(&!4&!.&J$"!#$!49/..D%!49$'!%./,%&@&'%!v!!
bbbC! S&@/.I$#'"! I$&! (&! 0.,'3,0&! 4&! .&"0&3%! 4&! (/! ;#(#'%<! 4$! @/(/4&!
"9/00(,I$&!<P/(&@&'%!/$A!,'3/0/?(&"1!/,'",!I$&!(&!0.<;#,%!(9/(,'</!f!4&!(9/.%,3(&!
8C! ))))[d! 4$! 7#4&! 4&! (/! "/'%<! 0$?(,I$&!H! =(5%( G#-&%-0%6%-0( )'(6.-%'"( #'( )'!
62?%'"( &#'&( 0'0%**%( )#.0( E0"%( &3&01620.C'%6%-0( "%GB%"GB1( &+.*( %&0( 2<0%( P( %H<".6%"( &2(
/#*#-01( %0( P(<2"0.G.<%"( P( *2()1G.&.#-(DC! 6($"! P<'<./(&@&'%1! "9/P,""/'%! 4$!@/+&$.!
0.#%<P<1! (9/.%,3(&!dek!0#"&!&'!0.,'3,0&!I$&!=(*2(<%"&#--%(<"#0171%(<"%-)(&%'*%(*%&(
)1G.&.#-&("%*20./%&(P(&2(<%"&#--%()2-&(*2(6%&'"%(#Y(&#-(1020(*%(<%"6%0(D1! =! 3#@0.,"!
0/.!(&!%.$35&@&'%!4&"!4,.&3%,;&"!/'%,3,0<&"C!
!
bbdC!8&!3/"!4&!(/!@/a%.,"&!4&!(/!0.#3.</%,#'!0#"&!<P/(&@&'%!(/!I$&"%,#'!4&!(/!
0&.%,'&'3&!4$!3#'"&'%&@&'%!4#''<!&%!4&"!3/4.&"!+$.,4,I$&"!3&'"<"!(9/""$.&.C!!
!
-#!$"!8"?*')0%!&%!,"!3'(4'."*)(7!
)
bbeC! 7&((&[3,! 0&$%[D%.&! 4<;&(#00<&! "#$"! "#'! /'P(&! '<P/%,J1! (9,'%&..$0%,#'!
;#(#'%/,.&! 4&! P.#""&""&! TaU! &%! "#$"! "#'! /'P(&! 0#",%,J1! (/! 0.#3.</%,#'!
@<4,3/(&@&'%!/"","%<&!TbUC!
! !
! "'%
qT(5+.-0%""'<0.#-(/#*#-02."%()%(7"#&&%&&%(
!
bbfC! O'! 4.#,%! J./'_/,"1! 4&0$,"! (/! (#,! 4$! )g! +/';,&.! )kge1! (9UC! VC! WC! 0&$%! D%.&!
0./%,I$<&! "#,%!0#$.!3/$"&!4&!4<%.&""&!4&! (/! J&@@&1! "#,%!0#$.!@#%,J!@<4,3/(C!
>,'",1! "9/P,""/'%! 4&! (/! 0.&@,B.&! 5=0#%5B"&1! (9/.%,3(&! 8C! **)*[)! 4$! 3#4&! 4&! (/!
"/'%<! 0$?(,I$&! 0.<;#,%! I$&! =(52( $%66%( %-G%.-0%( C'%( &#-( 1020( <*2G%( )2-&( '-%(
&.0'20.#-()%()10"%&&%(<%'0()%62-)%"(P('-(61)%G.-(*+.-0%""'<0.#-()%(&2(7"#&&%&&%I(;%00%(
.-0%""'<0.#-( -%( <%'0( E0"%( <"20.C'1%( C'+2/2-0( *2( $.-( )%( *2( )#'A.K6%( &%62.-%( )%(
7"#&&%&&%(DI(R9/P,""/'%!4&!(/!"&3#'4&!5=0#%5B"&1!&((&!&"%!0.<;$&!0/.!(9/(,'</!)!4&!
(9/.%,3(&! 8C! **)b[)! 4$! @D@&! 3#4&!H! =(5+.-0%""'<0.#-( /#*#-02."%( )+'-%( 7"#&&%&&%(
<%'08( P( 0#'0%( 1<#C'%8( E0"%( <"20.C'1%( &.( )%'H( 61)%G.-&( 6%6@"%&( )+'-%( 1C'.<%(
<*'".).&G.<*.-2."%( 200%&0%-08( 2<"K&( C'%( G%00%( 1C'.<%( 2( "%-)'( &#-(2/.&( G#-&'*020.$8( &#.0(
C'%( *2( <#'"&'.0%( )%( *2( 7"#&&%&&%(6%0( %-( <1".*( 7"2/%( *2( &2-01( )%( *2( $%66%8( &#.0( C'+.*(
%H.&0%( '-%( $#"0%( <"#@2@.*.01( C'%( *+%-$2-0( P( -2e0"%( &#.0( 200%.-0( )+'-%( 2$$%G0.#-( )+'-%(
<2"0.G'*.K"%(7"2/.01("%G#--'%(G#66%(.-G'"2@*%(2'(6#6%-0()'().27-#&0.G(DC!!
bbgC!8&!3#'"&'%&@&'%!4&! (/! J&@@&!&'3&,'%&!E!"#'!/;#.%&@&'%!4#,%!4#'3!D%.&!
0/.J/,%&@&'%! <3(/,.<! &%! #'! @&"$.&1! 4&! '#$;&/$1! %#$%&! (9,@0#.%/'3&! 4&!
(9#?(,P/%,#'!49,'J#.@/%,#'!4$!@<4&3,'C!!
bbcC!R9/P,""/'%!4&!(9/;#.%&@&'%!0#$.!3/$"&!4&!4<%.&""&!4&!(/!J&@@&!&'3&,'%&1!
(9,'J#.@/%,#'! 4&! 3&%%&! 4&.',B.&1! 0.</(/?(&! E! "#'! 3#'"&'%&@&'%1! &"%! 3#'"%,%$<!
0/.!4&$A1!;#,.&!%.#,"!<%/0&"!,'J#.@/%,;&"1!4#'%!(/!%&'&$.!/!<%<!@#4,J,<&!0/.!(/!
(#,!4$!d!+$,((&%!*--)%4&!<%&'4/'%!(&!4<(/,!0#$.!/;#.%&.!E!4#$T&!"&@/,'&"C!>,'",1!
4/'"!$'!0.&@,&.!%&@0"1!(&!@<4&3,'!3#'"$(%<!,'J#.@&!(/!J&@@&!=()%&(610B#)%&(
61).G2*%&( %0( GB."'"7.G2*%&( )+.-0%""'<0.#-( )%( 7"#&&%&&%( %0( )%&( ".&C'%&( %0( )%&( %$$%0&(
&%G#-)2."%&(<#0%-0.%*&(D1!/,'",!I$&!(&!($,!,@0#"&!(9/.%,3(&!8C!**)*[b!4$!7#4&!4&!(/!
"/'%<! 0$?(,I$&C! 2/'"! $'! "&3#'4! %&@0"1! (&! @<4&3,'! .&@&%! E! "/! 0/%,&'%&! $'!
4#"",&.!P$,4&!0.<;$!0/.!(&!4&$A,B@&!/(,'</!4&!(9/.%,3(&!**)*[b!4$!7#4&!4&!(/!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%4&!V<1!,O#44"S&))!HA!%!.A1KK6!#44"-!\6f6!(!.A1KK6!#44"6!
! "'&
"/'%<!0$?(,I$&!./00&(/'%!'#%/@@&'%!(&"!4,"0#",%,#'"!4&"!/.%,3(&"!8C!**)*[)!&%!
8C! **)*[*! 4$! @D@&! 3#4&1! 3r&"%[E[4,.&! (&"! 3#'4,%,#'"! 4&! (9/;#.%&@&'%! 0#$.!
3/$"&!4&!4<%.&""&!&%!(&!(,&$!4/'"!(&I$&(!,(!4#,%!D%.&!0./%,I$<1!&%3C!O'J,'1!4/'"!$'!
%.#,",B@&!%&@0"1!(/!J&@@&!&'3&,'%&!0&$%!/((&.!3#'"$(%&.1!/;/'%!4&!0.&'4.&!"/!
4<3,",#'1!/,'",!I$&! (&!0.<;#,%! (9/.%,3(&!8C!**)*[d!/(,'</!)!4$!7#4&!4&! (/!"/'%<!
0$?(,I$&1! $'! <%/?(,""&@&'%! 49,'J#.@/%,#'1! 4&! 3#'"$(%/%,#'1! #$! 4&! 3#'"&,(!
J/@,(,/(1!$'!3&'%.&!4&!0(/',J,3/%,#'!#$!49<4$3/%,#'!J/@,(,/(&1!$'!"&.;,3&!"#3,/(!
#$! $'! #.P/',"@&! /P.<<C! O'J,'1! $'&! J#,"! I$&! 3&"! <%/0&"! ,'J#.@/%,;&"! #'%! <%<!
/33#@0(,&"1! (9,'%&..$0%,#'!4&!P.#""&""&!&"%!0./%,I$<&!/0.B"!$'&!3#'J,.@/%,#'!
<3.,%&! 4&! (/! J&@@&! 4#''<&! /0.B"! (9&A0,./%,#'! 49$'&! "&@/,'&! "$,;/'%! "/!
0.&@,B.&!4&@/'4&1!/,'",!I$&!(&!0.<;#,%!(9/.%,3(&!8C!**)*[e!4$!7#4&!4&!(&!"/'%<!
0$?(,I$&1! "/$J! 4/'"! (&! 3/"! #h! (&! %&.@&! 4&! 4#$T&! "&@/,'&"! .,"I$&! 49D%.&!
4<0/""<C!2B"!(#."1!3&%%&!3#'J,.@/%,#'!0#$../!,'%&.;&',.!"&$(&@&'%!4&$A!+#$."!
/0.B"! (9&'%.&%,&'! /$0.B"! 49$'! 4&"! #.P/',"@&"! 0.<;$"! E! (9/.%,3(&! 8C! **)*[d!
@&'%,#''<"!3,[4&""$"C!!
bbkC!R9/P,""/'%!4&! (9,'%&..$0%,#'!;#(#'%/,.&!4&!P.#""&""&!0#$.!@#%,J!@<4,3/(1!
(&"! <%/0&"! ,'J#.@/%,;&"! "#'%! @#,'"! 3#'%./,P'/'%&"C! >,'",1! (9,'%&..$0%,#'! 4&!
P.#""&""&!0&$%!D%.&!0./%,I$<&!/0.B"!I$9$'&!<I$,0&!0($.,4,"3,0(,'/,.&1!/""#3,<&!
E! $'! 3&'%.&! 0($.,4,"3,0(,'/,.&! 4&! 4,/P'#"%,3! 0.<'/%/(1! /! .&'4$! "#'! /;,"! "$.!
3&((&[3,C!S&@/.I$#'"!I$&!4/'"!3&%%&!5=0#%5B"&1!/$!.&P/.4!4$!4/'P&.!0#$.!"/!
"/'%<!#$!0#$.!3&((&!4&!"#'!&'J/'%1!(/!J&@@&!"&!./'P&!4/'"!%#$"!(&"!3/"!E!(9/;,"!
4&"!@<4&3,'"!&%!"#'!3#'"&'%&@&'%!'9/!0/"!P./'4[35#"&!4&!(/!0.,"&!4&!4<3,",#'!
4&!3&((&!I$,!"#$5/,%&!/;#.%&.!0#$.!3/$"&!4&!4<%.&""&C!!
bd-C!O'!%#$"! (&"!3/"1!#'!.&@/.I$&!I$&!(&!3#'"&'%&@&'%!'9&"%!4#''<!I$9/0.B"!
I$9$'&!,'J#.@/%,#'!/00$=<&!/!<%<!4#''<&C!!
bd)C! O'! #$%.&1! (&! @<4&3,'! 4#,%! 4<(,;.&.! E! (/! J&@@&! 4<",.&$"&! 49/;#.%&.! (&"!
,'J#.@/%,#'"! 3#'%&'$&"! /$A! /.%,3(&"! SC! **)*[)b! E! SC! **)*[)e! 4$! 7#4&! 4&! (/!
"/'%<! 0$?(,I$&1! 3r&"%[E[4,.&! 0/.! &A&@0(&! (&"! @&"$.&"! E! 0.&'4.&! I$/'%! E! (/!
! "''
"$.;&'/'3&! 49&JJ&%"! "&3#'4/,.&"1! #$! &'3#.&! (&! 0.#%#3#(&! E! .&"0&3%&.! 0#$.! (/!
.</(,"/%,#'!4&!(9,'%&..$0%,#'!;#(#'%/,.&!4&!P.#""&""&!0/.!;#,&!@<4,3/@&'%&$"&C!!
bd*C! R,P'/(#'"! <P/(&@&'%! I$&! (/! +&$'&! J,((&! @,'&$.&! 0&$%1! E! (9,'"%/.! 4&! (/!
J&@@&!@/+&$.&1!"$?,.!$'&!,'%&..$0%,#'!;#(#'%/,.&!4&!P.#""&""&C!R9/P,""/'%!4&!
(9,'%&..$0%,#'! 4&! P.#""&""&! 0#$.! 3/$"&! 4&! 4<%.&""&1! (&! 3#'"&'%&@&'%! 4&! (9$'!
4&"! %,%$(/,.&"! 4&! (9/$%#.,%<! 0/.&'%/(&! 4#,%! &'! 0.,'3,0&! D%.&! .&3$&,((,1! @/,"! (/!
3/'4,4/%&!E!(9/;#.%&@&'%!0&$%!%#$%!E!J/,%!"9&'!4,"0&'"&.!&%!P/.4&.!(&!"&3.&%!L/.%C!
8C! **)*[g!7CRC6C1! /(,'</"! )! &%! *MC!2/'"! 3&! 3/"1! &((&! "&! J/,%! /33#@0/P'&.!0/.! (/!
0&."#''&! @/+&$.&! 4&! "#'! 35#,A! L/.%C! 8C! **)*[g! 7CRC6C1! /(,'</! bMC! 2&! %&((&"!
4,"0#",%,#'"! '&! "#'%! 0/"! 0.<;$&"! "9/P,""/'%! 4&! (9,'%&..$0%,#'! 4&! P.#""&""&!
0#$.! @#%,J! @<4,3/(C! >$! 4&(E! 4$! 4<(/,! (<P/(! 49/;#.%&@&'%! 0#$.! 3/$"&! 4&!
4<%.&""&1! (/! +&$'&! J,((&! @,'&$.&! 0/.%,3,0&! 4#'3! E! (/! 0.,"&! 4&! 4<3,",#'! &'!
J#'3%,#'! 4&! "#'! 4&P.<! 4&! @/%$.,%<1! @/,"! (&! 3#'"&'%&@&'%! 4&"! %,%$(/,.&"! 4&!
(9/$%#.,%<! 0/.&'%/(&! &"%! '<3&""/,.&! 0#$.! =! 0.#3<4&.! L/.%C! 8C! ))))[*! /(,'</! e!
7CRC6CMC!
!
tT(52(<"#G"120.#-(61).G2*%6%-0(2&&.&01%(
)
bdbC! R&(#'! (9/(,'</! )! 4&! (9/.%,3(&! 8C! *)d)[)! 4$! 7#4&! 4&! (/! "/'%<! 0$?(,I$&1!
=(5+2&&.&02-G%(61).G2*%(P(*2(<"#G"120.#-(&+%-0%-)()%&(<"20.C'%&(G*.-.C'%&(%0(@.#*#7.C'%&(
<%"6%002-0(*2(G#-G%<0.#-(.-(/.0"#8(*2(G#-&%"/20.#-()%&(726K0%&8()%&(0.&&'&(7%"6.-2'H(
%0()%&(%6@"3#-&8(*%(0"2-&$%"0()+%6@"3#-&(%0(*+.-&16.-20.#-(2"0.$.G.%**%(QRS(DC!!
bddC!2&!'#$;&/$1!#'!4&;,'&!I$&!(/!P./;,%<!4&!(9#0<./%,#'!@<4,3/(&!&';,"/P<&!
,@0#"&! 2( <".#".! I$&! (&! 3#'"&'%&@&'%! 4$! 3#$0(&! 4&@/'4&$.! "#,%! 4#''<! &'!
0/.J/,%&! 3#''/,""/'3&! 4&! 3/$"&C! >! 3&%! <P/.41! (9,'J#.@/%,#'! 4<(,;.<&! 0/.! (&!
3#.0"!@<4,3/(!&"%!3.$3,/(&C!S&@/.I$#'"!I$&!3&((&[3,!<;#($&!&'!J#'3%,#'!4&! (/!
%&35',I$&!4&!0.#3.</%,#'!@<4,3/(&@&'%!/"","%<&!L3,[/0.B"!6C!ZC!>CM!&';,"/P<&!
@/,"!I$9&((&!&"%!3#'"%,%$<&!4&!3&.%/,'"!<(<@&'%"!&""&'%,&("!3#@@$'"!E!%#$%&"!
(&"! %&35',I$&"!4&!6C!ZC!>C!2&! (/!@D@&!@/',B.&1! (/! J#.@&!4$! 3#'"&'%&@&'%!
! "'(
0&$%! <;#($&.1! /(#."! .<;<(/%.,3&!4&! (/!P./;,%<!0($"!#$!@#,'"! ,@0#.%/'%&!4&! (/!
%&35',I$&!4&!6C!ZC!>C!"#$5/,%<&C!!
bdeC!>,'",1!"9/P,""/'%!4$!'#=/$!4$.!4$!3#'%&'$!4&!(9,'J#.@/%,#'!4$!@<4&3,'1!
,(! &"%! 49/?#.4! 3#'"%,%$<! 0/.! (&"! &'%.&%,&'"! 0/.%,3$(,&."! 0.</(/?(&"! 4$! 3#$0(&!
4&@/'4&$.! /;&3! (&"! @&@?.&"! 4&! (9<I$,0&! @<4,3/(&! 0($.,4,"3,0(,'/,.&!
"$"3&0%,?(&!4&!0.#3<4&.!E!(/!6C!ZC!>C1!/,'",!I$&!(&!0.<;#,%! (9/.%,3(&!8C!*)d)[)-!
4$!7#4&!4&!(/!"/'%<!0$?(,I$&C!O'!&JJ&%1!3&$A[3,!4<(,;.&'%!$'&!,'J#.@/%,#'!%.B"!
3#@0(B%&! /$! 3#$0(&! 4&@/'4&$.1! 3#'"%,%$<&! '#%/@@&'%! 4&"! =(<#&&.@.*.01&( )%(
"1'&&.0%(%0()+1GB%G()%&(0%GB-.C'%&()+2&&.&02-G%(61).G2*%(P(*2(<"#G"120.#-8()%(*%'"&(%$$%0&(
&%G#-)2."%&(%0()%(*%'"&(".&C'%&(P(G#'"0(%0(P(*#-7(0%"6%8(2.-&.(C'%()%(*%'"(<1-.@.*.01(%0(
)%&( G#-0"2.-0%&( C'+%**%&( <%'/%-0( %-0"2e-%"(D1! 4&! =(*+.6<#&&.@.*.01( )%( "12*.&%"( '-(
0"2-&$%"0()%&(%6@"3#-&(G#-&%"/1&(%-(G2&()%("'<0'"%()'(G#'<*%(#'()%()1GK&()+'-()%(&%&(
6%6@"%&(D1! #$! &'3#.&! 4&! (/! 3#'"$(%/%,#'! 49$'! 4#"",&.[P$,4&! 4<3.,;/'%! &'%.&!
/$%.&"!=('-()%&G".<0.$()%&(0%GB-.C'%&(D(4&!(/!6C!ZC!>C!O'"$,%&1!35/I$&!%&35',I$&!
4&! 6C! ZC! >C! 4#,%! .&"0&3%&.! $'&! #?(,P/%,#'! 49,'J#.@/%,#'! 0/.%,3$(,B.&1! I$,!
"9/+#$%&! E! 3&((&! ;$&! &'<"2C! 6/.! &A&@0(&1! "9/P,""/'%! 4&! (/! J<3#'4/%,#'! .-(/.0"#!
/;&3! .&3#$."! E! $'! %,&."! 4#''&$.1! (&! 3#$0(&! "#$5/,%/'%! ?<'<J,3,&.! 4&! 3&%%&!
%&35',I$&!&"%!,'J#.@<!4$!0.,'3,0&!49/'#'=@/%!3#'3&.'/'%!(&"!P/@B%&"!$%,(,"<"!
0#$.!.</(,"&.!3&%%&!6C!ZC!>C!X$!&'3#.&1!"9/P,""/'%!49$'!3#$0(&!/=/'%!.&3#$."!E!
(/!J<3#'4/%,#'!.-(/.0"#!/;&3!"&"!0.#0.&"!P/@B%&"1!(9/.%,3(&!8C!*)d)[b!4$!7#4&!4&!
(/! "/'%<! 0$?(,I$&! 0.<;#,%! I$9$'&! ,'J#.@/%,#'! 4<%/,((<&! 4#,%! (&$.! D%.&! .&@,"&!
"$.! =(*%&( <#&&.@.*.01&( )%( )%/%-."( )%( *%'"&( %6@"3#-&( G#-&%"/1&( C'.( -%( $%"2.%-0( <*'&(
*+#@?%0()+'-(<"#?%0(<2"%-02*(DC!!
! !
bdfC! R9/P,""/'%! &'"$,%&! 4$! 3#'"&'%&@&'%1! ,(! <0#$"&! 49/?#.4! $'&! J#.@&!
3#@@$'&! E! %#$%&"! (&"! %&35',I$&"! 4&! 6C! ZC! >C1! 3#@@&! $'! 0.</(/?(&!
,'4,"0&'"/?(&!E!35/3$'&!49&((&C!>,'",1!(9/.%,3(&!8C!*)d)[)-!4$!7#4&!4&!(/!"/'%<!
0$?(,I$&!0.<;#,%!I$&! (&! 3#'"&'%&@&'%!4$! 3#$0(&! E! (/!6C!ZC!>C1! J/,"/'%! "$,%&!
! "')
/$A!&'%.&%,&'"!0.</(/?(&"1!'&!0&$%!D%.&!4#''<!0/.!<3.,%!I$9E! (9,""$!49$'!4<(/,!
49$'!@#,"C!O'"$,%&1!,(!J/$%!4,"%,'P$&.!"&(#'!(/!%&35',I$&!4&!6C!ZC!>C!&';,"/P<&C!!
R,! (/! %&35',I$&! &';,"/P<&! &"%! $'&! J<3#'4/%,#'! .-( /.0"#! /;&3! (&"! P/@B%&"! 4$!
3#$0(&1!(/!(#,!0.<;#,%!4&"!4,"0#",%,#'"!"0<3,J,I$&"!3#'3&.'/'%!(&!3#'"&'%&@&'%1!
I$,!4B"!(#."!3#'3&.'&'%!'#'!"&$(&@&'%!3&!0.#3<4<!"0<3,J,I$&1!@/,"!<P/(&@&'%!
"#'! 3#.#((/,.&1! 3r&"%[E[4,.&! (/! 3#'"&.;/%,#'! &%! (&! %./'"J&.%! 4&! "&"! &@?.=#'"C!
>,'",1!(/!(#,!'&!0.<;#=/'%!0/"!4&!(,@,%&!I$/'%!/$!'#@?.&!49&@?.=#'"!3.<<"1!(&!
3#$0(&! 0&$%! 3#'"&'%,.! 0/.! <3.,%! I$&! "&./! %&'%<&! (/! J<3#'4/%,#'! 49$'! '#@?.&!
49#;#3=%&"! 0#$;/'%! .&'4.&! '<3&""/,.&! (/! 3#'"&.;/%,#'! 49&@?.=#'"1! 4/'"!
(9,'%&'%,#'!4&!.</(,"&.!(&$.!0.#+&%!0/.&'%/(1!/,'",!I$&!(&!0.<;#,%!(9/.%,3(&!8C!*)d)[
b! 4$! 7#4&! 4&! (/! "/'%<! 0$?(,I$&C! O'"$,%&1! (9/.%,3(&! 8C! *)d)[d! 4$!@D@&! 3#4&!
0.<;#,%! I$&! =(*%&( )%'H(6%6@"%&( )'( G#'<*%( )#-0( *%&( %6@"3#-&( &#-0( G#-&%"/1&( &#-0(
G#-&'*01&(GB2C'%(2--1%(<2"(1G".0(&'"(*%(<#.-0()%(&2/#."(&+.*&(62.-0.%--%-0(*%'"(<"#?%0(
<2"%-02*(DC! !6$,"1!49/$%.&"! J#.@&"!4&!3#'"&'%&@&'%!.&'J#.3<!"#'%!0.<;$&"!0/.!
(9/.%,3(&!8C!*)d)[d!4$!7#4&!4&! (/! "/'%<!0$?(,I$&! &'! 3/"!49/?/'4#'!4$!0.#+&%!
0/.&'%/(C!U(!J/$%!/(#."!4&!'#$;&/$!"#$"[4,"%,'P$&.!"&(#'!I$&!(&"!&@?.=#'"!"#'%!
/33$&,((,"! 0/.! $'! /$%.&! 3#$0(&1! #$! I$&! (&! 3#$0(&! 3#'"&'%! E! J/,.&! 4#'! 4&! 3&"!
4&.',&."! E! (/! .&35&.35&1! #$! &'3#.&! E! (&$.! 4&"%.$3%,#'C! 2/'"! %#$"! (&"! 3/"1! (&!
3#'"&'%&@&'%! #$! (/! 4&@/'4&! 4$! 3#$0(&! "#'%! &A0.,@<"! 0/.! <3.,%! &%! 4#,;&'%!
J/,.&!(9#?+&%!49$'&!3#'J,.@/%,#'!4/'"!4&"!J#.@&"!",@,(/,.&"1!/0.B"!$'!4<(/,!4&!
.<J(&A,#'!4&!%.#,"!@#,"C!!
bdgC! R,! (9&@?.=#'!&"%! /33$&,((,! 0/.!$'!/$%.&! 3#$0(&1!$'!4<(/,!4&! .<J(&A,#'!4&!
%.#,"!@#,"!($,!&"%!,@0#"<1!&%!3&!'9&"%!I$9E!(9,""$&!4&!3&!4<(/,!4&!.<J(&A,#'!I$9,(!
0&$%! .&'#$;&(&.! "#'! 3#'"&'%&@&'%! 0/.! <3.,%! 49/33$&,((,.! (9&@?.=#'1! 3&!
3#'"&'%&@&'%!4&;/'%!D%.&!;/(,4<!0/.!(&! +$P&1!"&(#'!(9/.%,3(&!8C!*)d)[f!/(,'</!*!
4$!7#4&!4&!(/!"/'%<!0$?(,I$&C!!
bdcC! 8&! 3#$0(&! "#$5/,%/'%! /33$&,((,.! (9&@?.=#'!4#,%! #?<,.! E! $'&!0.#3<4$.&! E!
0&$!0.B"!",@,(/,.&C!O'!&JJ&%1!(&!+$P&!,'%&.;,&'%!<P/(&@&'%!4/'"!(&!0.#3&""$"!4$!
3#'"&'%&@&'%1!0$,"I$&1!/=/'%!0.</(/?(&@&'%!.&_$!(&!3#'"&'%&@&'%!4$!3#$0(&!
! "'*
E!(9#.,P,'&!4&!(/!3#'3&0%,#'1!,(!"9/""$.&!I$&!(&!3#$0(&!.&@0(,%!(&"!3#'4,%,#'"!E!(/!
6C! ZC! >C! &%! =($2.0( <"#G1)%"( P( 0#'0%&( .-/%&0.720.#-&( <%"6%002-0( )+2<<"1G.%"( *%&(
G#-).0.#-&( )+2GG'%.*( C'%( G%( G#'<*%( %&0( &'&G%<0.@*%()+#$$"."( P( *+%-$2-0( P(-2e0"%( &'"( *%&(
<*2-&($26.*.2*8(1)'G20.$(%0(<&3GB#*#7.C'%(D1! /,'",! I$&! (&!0.<;#,%! (9/.%,3(&!8C!*)d)[f!
4$! 7#4&! 4&! (/! "/'%<! 0$?(,I$&C! O'"$,%&1! (&! +$P&! 0&$%! .&'4.&! $'&! 4<3,",#'!
J/;#./?(&!#$!4<J/;#./?(&!E!(/!0./%,I$&!"#$5/,%<&C!!
bdkC! O'J,'1! (/! 6C! ZC! >C! /;&3! %,&."! 4#''&$.! ,@0(,I$&! <P/(&@&'%1! #$%.&! (&!
3#'"&'%&@&'%!P<'<./(!/$! .&3#$."! E!$'&!6C!ZC!>C!;$! &'<"21! $'! 3#'"&'%&@&'%!
"0<3,J,I$&C!29/?#.41!(/!(#,!,@0#"&!(&!3#'"&'%&@&'%!<3.,%!&%!.<;#3/?(&!4&"!4&$A!
@&@?.&"!!4$!3#$0(&!.&3&;&$.C!O'"$,%&1!(9/.%,3(&!8C!*)d)[)-!4$!7#4&!4&!(/!"/'%<!
0$?(,I$&!0.<;#,%!I$&!=(5%&(1<#'H8(*%&(<2"0%-2."%&(*.1&(<2"('-(<2G0%(G./.*()%(&#*.)2".01(
#'( *%&( G#-G'@.-&( C'.8( <#'"( <"#G"1%"8( "%G#'"%-0( P( '-%( 2&&.&02-G%( 61).G2*%( P( *2(
<"#G"120.#-( -1G%&&.02-0( *+.-0%"/%-0.#-( )+'-( 0.%"&( )#--%'"( )#./%-0( <"12*2@*%6%-0(
)#--%"8()2-&(*%&(G#-).0.#-&(<"1/'%&(<2"(*%(G#)%(G./.*8(*%'"(G#-&%-0%6%-0(2'(?'7%(#'(2'(
-#02."%(DI!
be-C!>,'",1!#'!3#'"%/%&!I$&!(&!3#'"&'%&@&'%!&'!@/%,B.&!4&!6C!ZC!>C!#?<,%!E!$'&!
(#$.4&$.!0.#3<4$./(&!I$,!.&J(B%&!%#$%&!"/!P./;,%<C!O'!&JJ&%1! (&!3#'"&'%&@&'%!E!
$'&! 6C! ZC! >C! &"%! '#'! "&$(&@&'%! $'! 3#'"&'%&@&'%! E! (/! %&35',I$&! 4&!
0.#3.</%,#'!&'!&((&[@D@&1!&%!/$A!.,"I$&"!I$9&((&!P<'B.&!"$.!(/!"/'%<!4&!(/!@B.&!
&%! 4&! (9&'J/'%! E! '/a%.&1! @/,"! 39&"%! /$"",! $'! 3#'"&'%&@&'%! E! %#$%&"! "&"!
3#'"<I$&'3&"! +$.,4,I$&"! $(%<.,&$.&"1! "9/P,""/'%! 0/.! &A&@0(&! 4&! (9&A&.3,3&! 4&!
(9/$%#.,%<!0/.&'%/(&!#$!4&!(9<%/?(,""&@&'%!4$!(,&'!4&!J,(,/%,#'C!!
!
2O).=)FDE>=E:=K=E:)=E)<?DB:)CGEA@)
!
be)C! 8&! 3#'"&'%&@&'%! &'! 4.#,%! 0<'/(! /! <%<! 0/.%,&((&@&'%! /?#.4<! E! %./;&."!
(9<%$4&! 4$! 3#'"&'%&@&'%! &'! 4.#,%! @<4,3/(C! 7&0&'4/'%1! '#%.&! .&35&.35&!
,@0(,I$&! I$&! (9#'! "9=! 0&'35&! 4/;/'%/P&1! &%! 49/'/(="&.1! 5#."! (&"! 3/"!
49,'%&.;&'%,#'"!@<4,3/(&"! I$,! 3#'"%,%$&'%! J#'4/@&'%/(&@&'%! 4&"! ,'J./3%,#'"!
! "(4
0<'/(&"1!(&!.t(&!I$&!0&$%!+#$&.!(&!3#'"&'%&@&'%!&'!3&%%&!@/%,B.&1!%#$%!(9,'%<.D%!
4&! 3&%%&! 4<@/.35&! .<",4/'%! 4/'"! $'&! 3#@0/./,"#'! &'%.&! (&! 3#'"&'%&@&'%!
/4@,"!0/.!(/!7#$.!4&!R%./"?#$.P!&%!3&($,!/4@,"!&'!4.#,%!J./'_/,"C!>,'",1!'#$"!
0.#0#"#'"! 49<%$4,&.! (&! 3#'"&'%&@&'%! &'! 4.#,%! 0<'/(! T8U! 0$,"! (&! 3/"! %.B"!
0/.%,3$(,&.! 4$! 3#'"&'%&@&'%! 4/'"! (&! 3/4.&! 4&"! .&(/%,#'"! "&A$&((&"1! 4#'%! (/!
3#'3&0%,#'! "9/;B.&! ?&/$3#$0! @#,'"! (,?<./(&! &'! 4.#,%! J./'_/,"! I$9&'! 4.#,%!
&$.#0<&'C!TWUC!!
!
8O),EA@f>=)<;)FDE>=E:=K=E:)=E)<?DB:)CGEA@)
!
be*C! X'! (9/! &A0(,I$<1! (&! 3#'"&'%&@&'%! '9&"%! 0/"! 3#'",4<.<! 3#@@&! $'! J/,%!
+$"%,J,3/%,J! &'! 4.#,%! 0<'/(C! 2&$A! ./,"#'"! &""&'%,&((&"! 0&$;&'%! D%.&! /;/'3<&"C!
89$'&1! I$&! '#$"! /;#'"! 4<+E! /?#.4<&1! &"%! I$&! (&! 4.#,%! 0<'/(! &"%! $'&!@/%,B.&!
49#.4.&!0$?(,3!I$,!'&!0&$%!"#$JJ.,.!49D%.&!3#'4,%,#''<&!0/.!(&!+&$!49$'&!J#.@&!
49&A0.&"",#'! 4&! (/! ;#(#'%<! ,'4,;,4$&((&C! >,'",1! (/! .<0.&"",#'! <%/%,I$&! 4#,%!
%#$+#$."! 0/""&.! #$%.&! (&"! 4<",."! ,'4,;,4$&("1! "/'"! I$#,! (/! 0/,A! "#3,/(&! "&./,%!
3#'%,'$&((&@&'%!@&'/3<&C!89/$%.&!./,"#'!%,&'%!E!$'&!.BP(&!&""&'%,&((&!4$!4.#,%!
0<'/(1! (&!0.,'3,0&!4&! (<P/(,%<!4&"!4<(,%"!&%!4&"!0&,'&"1!<'#'3<!E! (9/.%,3(&!)))[b!
4$!7#4&!0<'/(!H!=(h'*(-%(<%'0(E0"%(<'-.(<#'"('-(G".6%(#'('-()1*.0()#-0(*%&(1*16%-0&(
-%(&#-0(<2&()1$.-.&(<2"(*2(*#.8(#'(<#'"('-%(G#-0"2/%-0.#-()#-0(*%&(1*16%-0&(-%(&#-0(<2&(
)1$.-.&( <2"( *%( "K7*%6%-0(DC! O'! &JJ&%1! 3&((&[3,! ,@0(,I$&! I$&! =(*%( &3&0K6%( "1<"%&&.$8(
-#0266%-0( )2-&( *2( )10%"6.-20.#-( )%&( 27.&&%6%-0&( .-G".6.-1&( %0( )%&( <%.-%&(
2<<*.G2@*%&8( &#.0( #"72-.&1( %0( $#-G0.#--%( &%*#-( )%&( "K7*%&( 1).G01%&( <2"( *%( <#'/#."(
*17.&*20.$(DU\TC! X.1! ",! (&! 3#'"&'%&@&'%! 0&$%! 4<+#$&.! (9/00(,3/%,#'! 4&! (/! .BP(&!
0<'/(&1! ,(! &"%! <;,4&'%! I$&! 3&((&[3,! '9&"%! /(#."!0($"!0.<;,",?(&C!>J,'! 4&!'&!0/"!
3#@0.#@&%%.&! (&! .t(&!0.#%&3%&$.!4$!4.#,%!0<'/(! E! (9<P/.4!4&! (/!;,3%,@&!/,'",!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%4'!U6!7<3,A-!:;/#6(+/J#!0O!J!KLk/K1>L!N6!
! "("
I$&! 4&"! %,&."1! 3&($,[3,! '&! 4#,%! 0/"! %#(<.&.! 4&! ;/(&$.! +$"%,J,3/%,;&! /$!
3#'"&'%&@&'%C!!
bebC!7&0&'4/'%1! 3&!0.,'3,0&! "$00#.%&!4&"! &A3&0%,#'"1! I$,! #'%! <%<! <P/(&@&'%!
/?#.4<&"! /;&3! (9/'/(="&! 4$! 3#'"&'%&@&'%! &'! 4.#,%! @<4,3/(C! O'! &JJ&%1! (&!
3#'"&'%&@&'%!0&$%!+#$&.!$'!.t(&!&'!4.#,%!0<'/(!&%!D%.&!0.,"!&'!3#@0%&!&'!%/'%!
I$&! =(62-.$%&020.#-( )%( /#*#-01( 162-2-0( )+'-%( <%"&#--%8( <B3&.C'%( #'( 6#"2*%8(
2'0#".&2-0(&#-()%&0.-202."%(P(G#66%00"%('-%(.-$"2G0.#-(P(&#-(%-G#-0"%(%-(*+%H#-1"2-0(
)%( &2( "%&<#-&2@.*.01( <1-2*%(D U\Z C! U(! "9/P,%! 4&! (95=0#%5B"&! 4$! 3#'"&'%&@&'%!
0&.@,"",J1!4<;&(#00<&!0/.!ZC!�C!6,'!4/'"!"/!%5B"&1!5%(G#-&%-0%6%-0(%-(620.K"%(
<1-2*%U\EC! R&(#'! ($,1! 3&! 3#'"&'%&@&'%! &"%! $'! /3%&! 49$'&! 0/.%1! 0$,"I$&! I$9,(!
0.#3B4&!49$'&!@/',J&"%/%,#'!4&!;#(#'%<!"&!3/./3%<.,"/'%!0/.!(9,'%&'%,#'!4&!;#,.!
(9,'J./3%,#'! .</(,"<&! &%! (9/$%&$.! ,@0$',1!$',(/%<./(!'#'! .<3&0%,3&!49/$%.&!0/.%1!
3r&"%[E[4,.&!I$9,(!'&!.&I$,&.%!0#$.!"/!J#.@/%,#'!',!$'&!.&'3#'%.&!4&!;#(#'%<"1!
',! $'&! .<3&0%,#'! 0/.! "#'! 4&"%,'/%/,.&C! O'! &JJ&%1! "9/P,""/'%! 4&! (/! 0.&@,B.&!
3/./3%<.,"%,I$&1!=(G%*'.(C'.(G#-&%-0()#.0(/#'*#."(*+2G0%()%(0%**%($2W#-(C'%(*2("1<"%&&.#-(
-%( &+.6<#&%( <*'&I( M#-( G#-&%-0%6%-0( QRS( )#.0( 2<<2"2e0"%8( 2'( "%72")( )%( *+.-0%-0.#-8(
G#66%( *%( -1720.$( )%( *+.-G".6.-20.#-( C'+.*( -%'0"2*.&%(DC! R9/P,""/'%! &'"$,%&! 4&! (/!
"&3#'4&! 3/./3%<.,"%,I$&1! &((&! &"%! +$"%,J,<&! 0/.! 4&$A! <(<@&'%"!H! 49/?#.41!
(9<(<@&'%! "&(#'! (&I$&(! =(*%( G#-&%-0%6%-0( )%( *2( /.G0.6%( L$2.0( 2@&0"2G0.#-O( )%( *2(
/#*#-01( )%( *+27%-0( <1-2*(D1! &'"$,%&! 3&($,! "&(#'! (&I$&(! =(*%( G#-&%-0%6%-0( -+2( <2&(
@%&#.-( )+E0"%( "%W'( <2"( &#-( )%&0.-202."%( Q*+27%-0( <1-2*S( <#'"( E0"%( %$$.G2G%(DU\@ C! O'!
"#@@&1!(&!3#'"&'%&@&'%!0&.@,"",J!'&!4<0&'4!I$&!4&!(/!;#(#'%<!4&!(/!;,3%,@&C!
O'!3&(/1!(/!4<'#@,'/%,#'!4&!3#'"&'%&@&'%!"&@?(&!$'!0&$!P/(;/$4<&1!3/.!,(!"&!
./00.#35&! 4/;/'%/P&! 49$'&! @/',J&"%/%,#'! 4&! ;#(#'%<! ,'4,;,4$&((&! I$,!
"9,@0#"&!E!$'!%,&."1!&%!'#%/@@&'%!E!(9O%/%C!K#$"!;&..#'"!3&0&'4/'%!0($"!(#,'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%4(!h6!Q1,-!!"#6:)<")+"$")+#")#$%+(c-"#;,)%*"-!:;/#6(+6-!56!($6!%4)!h6!Q1,-!:;/#6(+-!56!(&!2>!=6!!%4*!h6!Q1,-!:;/#6(+6-!556!)*S*$6!
! "(#
I$&!3&%%&!,@0.&"",#'!2(<".#".!&"%!3#'%.&4,%&!0/.!(&"!3#'4,%,#'"!I$&!4#,%!.&@0(,.!
(&!3#'"&'%&@&'%!/J,'!I$&!(9/P&'%!"#,%!&A#'<.<!4&!"/!.&"0#'"/?,(,%<!0<'/(&C!!
bedC!7&! 3#'"&'%&@&'%!0&.@,"",J! 0&$%!0.&'4.&!4&$A! J#.@&"1! "&(#'! "/! "#$.3&C!
29$'&! 0/.%1! ,(! 0&$%! "9/P,.! 49$'! 3#'"&'%&@&'%! &A3($",J1! 3/.! (9,'J./3%,#'1! 0#$.!
D%.&! 3#'"%,%$<&1! "$00#"&! (9/?"&'3&! 4&! 3#'"&'%&@&'%! &%! 4B"! (#."! "/! 0.<"&'3&!
.&'4! ,@0#"",?(&! (/! 3/./3%<.,"/%,#'! 4&! (9,'J./3%,#'1! $'! 4&! "&"! <(<@&'%"!
3#'"%,%$%,J"! <%/'%! &A3($C! =(;%( G#-&%-0%6%-0( &%( )1)'.L0O( 2*#"&( )'( 0%H0%(
)+.-G".6.-20.#-(DUD\C!79&"%!(&!3/"!4$!;,#(!L/.%,3(&!***[*b!4$!7#4&!0<'/(M1!4$!;#(!
L/.%,3(&! b))[)!4$!7#4&!0<'/(M1! #$!4&! (/! "<I$&"%./%,#'! L/.%,3(&! **d[)!4$!7#4&!
0<'/(M1!3&!I$&!'#$"!&A0(,I$,#'"(0($"!/;/'%UDDC!29/$%.&!0/.%1!,(!0&$%!"9/P,.!49$'!
3#'"&'%&@&'%! +$"%,J,3/%,J1! 3/.! (9/3%&! 3#@@,"! &"%! .<0.,@<! @D@&! &'! 0.<"&'3&!
49$'!3#'"&'%&@&'%C!79&"%!/(#."!$'&!4,"0#",%,#'!(<P/(&!I$,!0&.@&%!E!3&!4&.',&.!
49&A#'<.&.! (9/P&'%!4&!"/! .&"0#'"/?,(,%<!0<'/(&!H! (&! 3#'"&'%&@&'%!&"%!4,%! /(#."!
+$"%,J,3/%,J1! 3/.! ,(! 0.&'4! "/! "#$.3&! 4/'"! $'&! (#,! I$,! (&! +$"%,J,& %"# C! 2&$A!
#33$..&'3&"!3(/"",I$&"!,(($"%.&'%!3&!3#'"&'%&@&'%!H! (9/3%&!@<4,3/(1!&%! (9/3%,;,%<!
"0#.%,;&1!E!3#'4,%,#'!I$&!(&"!.BP(&"!4&!(9/.%!"#,&'%!.&"0&3%<&"C!!
beeC!ZC!�C!6,'!#?"&.;&!/;&3!./,"#'!I$&!4/'"!(&!3/"!4$!3#'"&'%&@&'%!0&.@,"",J1!
(/!;/(&$.!0.#%<P<&!&"%!4,"0#',?(&!2@(.-.0.#C!R9/P,""/'%!0/.!&A&@0(&!4$!;,#(1! (/!
;/(&$.!0.#%<P<&!&"%!(/!(,?&.%<!"&A$&((&!4#'%!#'!0&$%!(,?.&@&'%!4,"0#"&.C!79&"%!
&'! ./,"#'! 4&! 3&%%&! 4,"0#',?,(,%<! I$&! (&! 3#'"&'%&@&'%1! 4#'3! (&! 0#$;#,.! 4&! (/!
;#(#'%<!,'4,;,4$&((&1!0&$%!&A3($.&!(/!I$/(,J,3/%,#'!0<'/(&C!O'!.&;/'35&1!4/'"!(&!
3/"!4$!3#'"&'%&@&'%!+$"%,J,3/%,J1!(/!;/(&$.!0.#%<P<&!&"%!&'!%5<#.,&!,'4,"0#',?(&1!
3#@@&! (&! 4.#,%! E! (9,'%<P.,%<! 05=",I$&1! &%! 39&"%! (/! ./,"#'! 0#$.! (/I$&((&! (/!
0&.@,"",#'! (<P/(&!&"%! ,'3#'%#$.'/?(&C!>,'",1! (&!0/%,&'%!'&!0#$../,%! &A,P&.!4$!
@<4&3,'!I$9,(!($,!3#$0&!$'!@&@?.&!"/'"!I$&!3&%%&!/?(/%,#'!0.<"&'%&!$'!,'%<.D%!
%5<./0&$%,I$&1! 3#'4,%,#'! &A0.&""<@&'%! &A,P<&! 0/.! (9/.%,3(&! )f[b! 4$! 7#4&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%"4!h6!Q1,-!:;/#6(+6-!56!)%6!%""!F6!56!"&'!2>!=6!%"#!h6!Q1,-!(H(=/!
! "($
3,;,( %"$ C! 7&0&'4/'%1! ",! 4/'"! (&! 3/"! 4$! 3#'"&'%&@&'%! +$"%,J,3/%,J! (/! ;/(&$.!
0.#%<P<&!'9&"%!0/"!4,"0#',?(&!2@!.-.0.#1!&((&!(&!4&;,&'%!0/.!(/!0&.@,"",#'!(<P/(&C!
7&(/!&"%!.&'4$!0#"",?(&!0/.3&!I$&!(9,'%<.D%!P<'<./(!&%!(&"!,'%<.D%"!4&"!%,&."!"#'%!
0.#%<P<"1! 3#@@&! 39&"%! (&! 3/"! "9/P,""/'%! 4$! 3#'"&'%&@&'%! &A3($",JC! X'!
'9,@/P,'&!0/"!&'!&JJ&%!I$&!(&!3#'"&'%&@&'%!0#$../,%!/;#,.!$'!%&(!&JJ&%!"9,(!<%/,%!
0#.%<!/%%&,'%&!E! (9,'%<.D%!P<'<./(!&%s#$!E! (9,'%<.D%!49$'!#$!4&!0($",&$."!/$%.&"!
,'4,;,4$"%"%C! >,'",1! ,(! &"%! ,'3#'3&;/?(&! I$&! (9/P&'%! I$,! %$&! I$&(I$9$'! "#,%!
&A#'<.<! 4&! %#$%&! .&"0#'"/?,(,%<! 0<'/(&! 0/.3&! I$9$'! %,&."! /! 3#'"&'%,! E! 3&%!
/""/"",'/%!H! (9/%%&,'%&! E! "#'! 4.#,%! E! (9,'%<P.,%<! 05=",I$&1! I$,! &"%! E! (/! J#,"!
49,'%<.D%!P<'<./(!&%!49,'%<.D%!,'4,;,4$&(1!&"%!,'/4@,"",?(&C!!
befC!`#$%&"!3&"!./,"#'"!0&.@&%%&'%!49/;/'3&.!I$&!(&!3#'"&'%&@&'%!'&!0&$%!0/"!
&A#'<.&.!(9/P&'%!0<'/(!4&!"/!.&"0#'"/?,(,%<!4/'"!(&!3/4.&!4&!.&(/%,#'"!"&A$&((&"!
;,#(&'%&"C!!
(
WO).=)FDE>=E:=K=E:)C=?KB>>BQ)<AE>)@=)FA<?=)<=>)?=@A:BDE>)>=];=@@=>)
!
begC! >! (9,'"%/.! 4&! 3&! I$&! +$P&! (/! 7#$.! 4&! R%./"?#$.P1! &'! 4.#,%! J./'_/,"! (&"!
.&(/%,#'"!"&A$&((&"!3#'"%,%$&'%1!E!'9&'!0/"!4#$%&.1!$'!/3%&!,'%,@&!I$,1!4&!%#$%&!
<;,4&'3&1!'&!3#'3&.'&!',!(&"!%,&."!I$,!'9=!0/.%,3,0&'%!0/"1!',!(9O%/%C!>,'",1!&((&"!
"#'%!0.#%<P<&"!0/.!(&!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&!3#'"/3.<!E!(9/.%,3(&!k!4$!
7#4&! 3,;,(1! 4#'%!4<3#$(&! (&! 4.#,%! 4&!@&'&.! (/! ;,&! "&A$&((&!4&! "#'! 35#,AC!X'!
0&$%!4B"!(#."!"&!4&@/'4&.!",1!3#@@&!(&!3#'_#,%!(/!7#$.!OC!2C!QC1!(&"!.&(/%,#'"!
"&A$&((&"! 0&$;&'%! "&! 4<.#$(&.! 4/'"! $'! 3/4.&! ;,#(&'%! &'! %#$%&! ,@0$',%<C! O'!
49/$%.&"! %&.@&"1! (&!3#'"&'%&@&'%!/$A!.&(/%,#'"!"&A$&((&"!I$,!"9/33#@0/P'&'%!
4&! 3#$0"1! ;#,.&! 4&! ?(&""$.&"1! 0&$%[,(! &A#'<.&.! (9/P&'%! 4&! "/! .&"0#'"/?,(,%<!
0<'/(&!v!O'!4.#,%! J./'_/,"1!4&! %&("!/3%&"! 3#'"%,%$&'%!4&"!;,#(&'3&"!;#(#'%/,.&"!
.<0.,@<&"!/$A!/.%,3(&"!***[g!&%!"$,;/'%"!4$!7#4&!0<'/(1!&%1!",!(&!3#'"&'%&@&'%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%"$!h6!Q1,-!:;/#6(+6-!56!)'6!%"%!h6!Q1,-!:;/#6(+6-!56!""'6!!
! "(%
'9&"%!0/"!3#'",4<.<!0/.!(9&'"&@?(&!4&!(/!4#3%.,'&!3#@@&!$'!J/,%!+$"%,J,3/%,J1!(&"!
@#?,(&"1!3r&"%[E[4,.&!(&"!./,"#'"!/=/'%!3#'4$,%!(9/P&'%!E!/P,.!4&!(/!"#.%&1!'&!"#'%!
0/"! 4/;/'%/P&! 3#'",4<.<"! 3#@@&! $'! <(<@&'%! 0#$;/'%! D%.&! 0.,"! &'! 3#@0%&!
"9/P,""/'%!4&!"/!.&"0#'"/?,(,%<!0<'/(&C!>,'",!&"%[,(!3(/"",I$&!49/JJ,.@&.!I$&!(&!
@&$.%.&! 0/.! 0,%,<! #$! 3#@0/"",#'! I$&! 0&$%! 3#'"%,%$&.! (9&$%5/'/",&! &"%!
0<'/(&@&'%!0$',""/?(&!/$! %,%.&!4&! (9/.%,3(&!**)[)!4$!7#4&!0<'/(C!2B"! (#."1! (/!
3#@@,"",#'!4&! ;,#(&'3&"!4/'"! (&! ?$%!49#?%&',.! 4$!0(/,",.! "&A$&(! '9/! /$3$'&!
,'3,4&'3&! "$.! (/! .&"0#'"/?,(,%<! 0<'/(&! 4&! (9/P&'%C! O%1! E! (9&A/@&'! 4&!
(9,'3.,@,'/%,#'! 3#'",4<.<&1! (&! 3#'"&'%&@&'%! '9&'! '9/! 0/"! 4/;/'%/P&1! 0#$.!
4&$A! ./,"#'"! &""&'%,&((&"! 4<4$,%&"! 4&! 3&((&"! ;$&"! 0.<3<4&@@&'%C! `#$%!
49/?#.41! (9/?"&'3&! 4&! 3#'"&'%&@&'%! '9&"%! 0/"! $'! <(<@&'%! '<3&""/,.&! E! (/!
I$/(,J,3/%,#'! 0<'/(&! 4&! (9,'J./3%,#'C! >,'",1! #'! '&! 0&$%! 0/"! 4<4$,.&! 4$!
3#'"&'%&@&'%!/$A!;,#(&'3&"!;#(#'%/,.&"!3#@@,"&"!4/'"! (&!3/4.&!4&!.&(/%,#'"!
"&A$&((&"! (9&A3($",#'!4&! (/!I$/(,J,3/%,#'!0<'/(&1! &%1!0/.!;#,&!4&! 3#'"<I$&'3&1!
(9&A#'<./%,#'!4&!(/!.&"0#'"/?,(,%<!0<'/(&!4&!(9/P&'%C!O'"$,%&1! (9,'%<.D%!0.#%<P<!
0/.! (9,'3.,@,'/%,#'! &"%! ,'4,"0#',?(&1! 0$,"I$9,(! "9/P,%! 4$! 4.#,%! E! (9,'%<P.,%<!
05=",I$&!I$,!&"%!J#'4/@&'%/(1!,'3#'4,%,#''&(1!/%%/35<!E!(/!0&."#''&!5$@/,'&1!
&%! 4#'%! (9/%%&,'%&! @D@&! 3#'"&'%,&! '$,./,%! E! (9,'%<.D%! 4&! (9O%/%1! &'! %/'%! I$&!
0.#%&3%&$.!4&!3&($,[3,C!!
becC! 8/! 4,JJ,3$(%<! <;,4&'%&! "9/P,""/'%! 4&! %&((&"! ,'J./3%,#'"! 3#'3&.'&1! ?,&'!
<;,4&@@&'%1! (&$.! 0#$."$,%&! 0<'/(&! J/$%&! 49/3%,#'! &'! +$"%,3&! &A&.3<&! 0/.! (&!
@,',"%B.&!0$?(,31!4&!%&("!/P,""&@&'%"!4&@&$./'%!&'!P<'<./(!4/'"!(&!"&3.&%!4&!
(9,'%,@,%<C!!
)
bekC!8/!4,"0#",%,#'!3#.0#.&((&!&'!4.#,%!J./'_/,"!&"%!4#'3!@#,'"!(,?<./(&!I$&!(/!
4,"0#",%,#'! 3#.0#.&((&! &'! 4.#,%! &$.#0<&'! &'! %/'%! I$&! @/',J&"%/%,#'! 4$!
0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&C! 7&! 3#'"%/%! 49$'! 5,/%$"! 3#'3&0%$&(!
"9,@0#"&1! /$! .&P/.4! 4$! 0.,'3,0&! J#'4/@&'%/(! 49,'4,"0#',?,(,%<! 4$! 3#.0"!
5$@/,'!&%!4&!"#'!0.#(#'P&@&'%!<;,4&'%1!$'!3#'"&'%&@&'%!&'3/4.<!0/.!(/!(#,C!
! "(&
K</'@#,'"1! (/! G./'3&! <%/'%! 0(/3<&! "#$"! (/! +$.,4,3%,#'! 4&! (/! 7#$.! 4&!
R%./"?#$.P1!&((&!'&!0&$%!.&"%&.!5&.@<%,I$&!E!3&!0.,'3,0&C!
!
!
'=F:BDE)W)S).=)?ACC?DFH=K=E:)EGF=>>AB?=)AJ=F)@A)FDEF=C:BDE)=;?DCG=EE=)<=)
@A)<B>CD>B:BDE)FD?CD?=@@=)
!
!
!
bf-C!ZD@&!",!(&!4.#,%!J./'_/,"!%,&'%!E!3#'"&.;&.!"/!"0<3,J,3,%<!4/'"!(/!0.#%&3%,#'!
4&"! 4.#,%"! J#'4/@&'%/$A1! ,(! &"%! %&'$! 4&! "&! 3#'J#.@&.! /$! 4.#,%! &$.#0<&'! &'!
;&.%$!4&! (/! "$0<.,#.,%<!4&! (/!'#.@&!&$.#0<&''&! "$.! (/!'#.@&! J./'_/,"&! TY8UC!
>,'",1! (&! +$P&! J./'_/,"! '&! 0&$%! 3#'"&.;&.! $'&! (,P'&! +$.,"0.$4&'%,&((&!
J#'4/@&'%/(&@&'%!4,JJ<.&'%&!4&!3&((&!4&!(/!7#$.!OC!2C!Q!"$.!$'&!I$&"%,#'!4&!
4.#,%! ",@,(/,.&C! :'! &A&@0(&! 0.#?/'%! '#$"! &"%! 4#''<! /;&3! (/! +$.,"0.$4&'3&!
.&(/%,;&!E!(9<%/%!3,;,(!4&"!%./'""&A$&("!TYWUC!!
)
)
Y8)S).A)>;CG?BD?B:G)<=)@A)ED?K=)=;?DCG=EE=)>;?)@A)ED?K=)Q?AEVAB>=)
)
)
bf)C! U(! &"%! 3(/"",I$&!49/JJ,.@&.!I$9&'!;&.%$!4&! (/!5,<./.35,&!4&"!'#.@&"1! (&!4.#,%!
&$.#0<&'! 0.,@&! (&! 4.#,%! J./'_/,"1! 3&! E! I$#,! ,(! J/$%! /+#$%&.! (/! '<3&"",%<! 49$'&!
0.#%&3%,#'!5#@#PB'&!4&"!4.#,%"!J#'4/@&'%/$A!4/'"!(9&"0/3&!+$.,4,I$&!J#.@<!0/.!
(&"! 0/="! @&@?.&"! 4$! 7#'"&,(! 4&! (9O$.#0&! T,UC! K#'#?"%/'%1! (/! G./'3&! .&"%&!
/%%/35<&! E! "/! (&3%$.&! 4&"! 4.#,%"! J#'4/@&'%/$A! &%! P/.4&! $'&! 3&.%/,'&! "0<3,J,3,%<!
'/%,#'/(&!&'!(/!@/%,B.&!TNUC!!
!
! "('
,O) .A) EGF=>>B:G) </;E=) C?D:=F:BDE) HDKDMIE=) <=>) <?DB:>) QDE<AK=E:A;]) =E)
%;?DC=)
!
bf*C!S/00&(#'"!I$9&'!;&.%$!4&! (9/.%,3(&!ee!4&! (/!7#'"%,%$%,#'!4$!d!#3%#?.&!)kec1!
=5%&(0"2.01&(#'(2GG#")&("17'*.K"%6%-0("20.$.1&(#'(2<<"#'/1&(#-08()K&(*%'"(<'@*.G20.#-8('-%(
2'0#".01( &'<1".%'"%( P( G%**%( )%&( *#.&8( &#'&( "1&%"/%8( <#'"( GB2C'%( 2GG#")( #'( 0"2.018( )%( &#-(
2<<*.G20.#-(<2"(*+2'0"%(<2"0.%DC!79&"%!(&!3/"!4&!(/!7#';C!OC!2C!QC1!I$,!.&;D%!/,'",!$'&!
;/(&$.! &'<"2! (<P,"(/%,;&! @/,"! .-$"2! 3#'"%,%$%,#''&((&%"&C! 8/! 7#';&'%,#'! "9,@0#"&!
/(#."! E! %#$"! (&"! /3%&"! +$.,4,I$&"! 3#'3($"! &'%.&! 0/.%,3$(,&."1!@/,"! <P/(&@&'%! /$A!
/3%&"!+$.,4,I$&"!<%/%,I$&"!I$&!"#'%!(/!(#,!#$!(&!.BP(&@&'%C!2$!"&$(!0#,'%!4&!;$&!4&!
(/! 5,<./.35,&! 4&"! '#.@&"1! (/! 7#';C! OC! 2C! QC! 4#,%! D%.&! .&"0&3%<&! 0/.! (&! +$P&!
#.4,'/,.&! &%! 0/.! (&! (<P,"(/%&$.! J./'_/,"C! 7&(/! ,@0(,I$&! $'&! ,'%<P./%,#'! 4$! 4.#,%!
&$.#0<&'!/$!4.#,%!J./'_/,"C!X.1!(/!7#';C!OC!2C!QC!/!$'!&JJ&%!4,.&3%!&'!4.#,%!J./'_/,"1!
3&! I$,! ",P',J,&! I$&! "#'! ,'3#.0#./%,#'! =! &"%! .</(,"<&! "/'"! I$9,(! "#,%! '<3&""/,.&!
49/4#0%&.! $'&! '#.@&! 4&! %./'"0#",%,#'! "0<3,/(&! /0.B"! (9/00.#?/%,#'! #$! (/!
./%,J,3/%,#'! 4&! (/! 3#';&'%,#'C!2&0$,"! (9/..D%!l%&<.-#! .&'4$! (&! *! +$,'! )kge! 0/.! (/!
75/@?.&! 3.,@,'&((&! 4&! (/! 7#$.! 4&! 3/""/%,#'1! (&! +$P&! +$4,3,/,.&! J./'_/,"! /33&0%&!
(9&JJ&%!4,.&3%!4&!(/!7#';C!OC!2C!QC!&'!4.#,%!,'%&.'&%"'C!!
bfbC!:'!/$%.&! /.P$@&'%!4&!0#,4"! 3#'3#$.%! /$! .&"0&3%!4$!4.#,%! &$.#0<&'!0/.! (&!
4.#,%! J./'_/,"! H! $'&! 0.#%&3%,#'! <P/(&! 4&"! 4.#,%"! J#'4/@&'%/$A! 0/.@,! (&"! 0/="!
&$.#0<&'"!@&@?.&"!4$!7#'"&,(!4&!(9O$.#0&!&%!/=/'%!/33&0%<!4&!"&!0(/3&.!"#$"!(/!
+$.,4,3%,#'!4&! (/!7#$.!OC!2C!QC!7&(/!0#"&! (/!I$&"%,#'1! &""&'%,&((&1! 4&! (/!0.,"&! &'!
3#@0%&!4&!(/!+$.,"0.$4&'3&!4&!(/!7#$.!OC!2C!QC!0/.!(&!4.#,%!J./'_/,"C!!
bfdC!O'!&JJ&%1! (9/45<",#'!E! (/!7#';C!OC!2C!QC! ,@0(,I$&[%[&((&1!4&! (/!0/.%!4&"!O%/%"!
0(/3<"! "#$"! (/! +$.,4,3%,#'! 4&! (/! 7#$.1! (&! .&"0&3%! 4&! (/! +$.,"0.$4&'3&! 4&! 3&%%&!
4&.',B.&1!I$&(!I$&!"#,%!(9O%/%!@,"!&'!3/$"&%"(v!O'!49/$%.&"!%&.@&"1!(/!+$.,"0.$4&'3&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%"&!F6!:6!l2K=2,-!4C,:-("#;9-"#=9#=-:(+-!m3ARK/,>-!V6U696\6-!"***6!%"'!7/==!B31@6!#!.A1,!"*(&-!F9**/#6-($6-!,O"%"-!56!$)#6!!%"(!F6! 5/3! 2Y6! 86! V/@`23>! b`H2Kk/q/H-! !B"O,69+(:)#="<#%--A+<#="#*%#0:9-#89-:;,"))"#="<#
5-:(+<#="#*B?:$$"-!LH6!7<,=21K!H2!KM8A3<52-!#44)6!
! "((
4&!(/!7#$.!J/,%[&((&!3#.0"!/;&3!(&!%&A%&!4&!(/!3#';&'%,#'1!",!?,&'!I$9&((&!+#$,%!4&!(/!
@D@&!;/(&$.!'#.@/%,;&!I$&!3&!4&.',&.v!4(<".#".1!(/!.<0#'"&!&"%!@,%,P<&C!O'!&JJ&%1!
",!(/!7#$.!/JJ,.@&!E!(9&';,!I$9=(.*(%&0()+'-%(.6<#"02-G%(G"'G.2*%(C'%(*2(;#-/%-0.#-(&#.0(
.-0%"<"101%(%0(2<<*.C'1%()+'-%(62-.K"%(C'.(%-("%-)%(*%&(72"2-0.%&(G#-G"K0%&(%0(%$$%G0./%&8(%0(
-#-( <2&( 0B1#".C'%&( #'( .**'&#."%&( D UDE 1! 3&! I$,! ,@0#"&! I$&! (9,'%&.0.<%/%,#'! 4&! (/!
7#';&'%,#'! J/""&! 3#.0"!/;&3! "#'! %&A%&1! (9/.%,3(&!df!/(,'</!)!4&! (/!7#';C!OC!2C!QC!
0.<;#,%! I$&! =( 5%&(n2'0%&( !2"0.%&( G#-0"2G02-0%&( &+%-727%-0( P( &%( G#-$#"6%"( 2'H( 2""E0&(
)1$.-.0.$&( )%( *2( ;#'"( )2-&( *%&( *.0.7%&( 2'HC'%*&( %**%&( &#-0( <2"0.%&( D1! 3&! I$,! "&@?(&!
",P',J,&.1! "&(#'! $'! /$%&$.1! I$&! =( *+2'0#".01( )%( *2( GB#&%( ?'71%( P( M0"2&@#'"7( %&0(
G."G#-&G".0%(2'(*.0.7%(%H26.-1(%0(P(*+>020(6.&(%-(G2'&%(DUD@C!!
bfeC!7&0&'4/'%1!#'!#?"&.;&!I$&!(9/$%#.,%<!4&"!/..D%"!.&'4$"!0/.!(/!7#$.!4<0/""&!
(&! 3#'%&'%,&$A! "%,P@/%,"/'%! $'! 3&.%/,'! O%/%! &%! I$9&((&! "9,@0#"&! E! %#$"! (&"! O%/%"!
@&@?.&"!4$!7#'"&,(!4&!(9O$.#0&C!29/,((&$."1!(/!7#$.!./00&((&!.<P$(,B.&@&'%!4/'"!
"&"!/..D%"!"/!+$.,"0.$4&'3&!/'%<.,&$.&!"$.!(/!I$&"%,#'!4&!4.#,%!I$,!($,!&"%!"#$@,"&1!
@D@&!",!&((&!'&!3#'3&.'&!0/"!(9O%/%!@,"!&'!3/$"&1!3&!I$,!@#'%.&!<P/(&@&'%!I$&!"/!
+$.,"0.$4&'3&! "9,'%BP.&! /$! %&A%&!@D@&!4&! (/!7#';&'%,#'! &%! '&! 3#'3&.'&!0/"!$'!
"&$(!O%/%!&'!0/.%,3$(,&.C!>,'",1!#?"&.;&! (9/$%&$.!0.<3,%<1!=(*+2'0#".01()%&(2""E0&()%(*2(
;#'"I(>I(aI(nI(%&0('-%(2'0#".01()%(*2(GB#&%(.-0%"<"101%(QRS("%G#--'%(<2"(*%&(?'".).G0.#-&(
?').G.2."%&( $"2-W2.&%&( )2-&('-( 2""E0( "%-)'( *%( ^]( ?2-/.%"( ^iX_(<2"( *2(!"%6.K"%(;B26@"%(
G./.*%()%(*2(;#'"()%(G2&&20.#-(DU[\C!!
bffC!R,!2(<".#".!(9/$%#.,%<!4&!(/!+$.,"0.$4&'3&!4&!(/!7#$.!&"%!(,@,%<&!0/.!(&!%&A%&!4&!
(/! 7#';&'%,#'! &((&[@D@&1! (/! .&3#''/,""/'3&! 4&! (9/$%#.,%<! 4&! "#'! ,'%&.0.<%/%,#'!
"&@?(&! ,'3#'%#$.'/?(&!/$!.&P/.4!4&! (9#JJ,3&!4&! (/!7#$.!OC!2C!QC! !O'!&JJ&%1! ",!$'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%")!768696:6-!U<<Hq1,!BC!?<R/A@2ST,1-!53LB6-!E!(%6!%"*!m6!c<A>2K-!!B">>"+#C:-(':)+%*#="#*%#0:)7")+(:)#89-:;,"))"#="<#5-:(+<#="#*B?:$$"#<9-#*"#
=-:(+# ;-(7,# >-%)`%(<-! >Ii=2! V1@<k2=-! #44'-! 56! #$"6! F6! /A==1! \6SQ6! c/3kAL,/AH! nH136o-!
!B()>*9")6"#="#*%#P9-(<;-9=")6"#="#*%#0:9-#89-:;,"))"#="<#5-:(+<#="#*B?:$$"#<9-#*"#=-:(+#
;-(7,# >-%)`%(<-! V/! 9<BA@2,>/>1<,! _3/,e/1=2-! #44"![! G6! ;AH32-! J!VM1,_KA2,B2! H2! K/!
7<,02,>1<,!8A3<5L,,2!H2=!93<1>=! H2! KM:<@@2! =A3! KM<3H32! .A31H1aA2! 1,>23,2!N-!3/4/5/I/!
"**"-!556!#&*S#(%6!%#4!m6!c<A>2K-! >I/#53LB6-!556!#$"S#$$J#B1>/,>! KM/33d>!768696:6-!9AHk2<,!BC?<R/A@2ST,1-!##!
<B>6!"*)"-!;L312!b!,O#&-!E!")%6#
! "()
O%/%!'&! "&!;#=/,%!0/"!#?(,P<!4&!@#4,J,&.! "#'! <%/%!4$!4.#,%! /$! .&P/.4!49$'!/..D%!
.&'4$! 0/.! (/! 7#$.! &%! 3#'4/@'/'%! $'! /$%.&! O%/%1! (/! 0.#%&3%,#'! 4&"! 4.#,%"!
J#'4/@&'%/$A!&'!O$.#0&!3#''/a%./,%!4,JJ<.&'%"!4&P.<"1!3#@0.#@&%%/'%!(9#?+&%!4&!
(/! 0.#%&3%,#'! 4&"! 4.#,%"! J#'4/@&'%/$A! &'! O$.#0&C! 8/! 0.#%&3%,#'! 4&"! 4.#,%"!
J#'4/@&'%/$A! ,@0#"&! I$9$'! 4.#,%! J#'4/@&'%/(! .&3#''$! &'! W./'4&[N.&%/P'&!
P.u3&!E!(9&JJ&%!,'3,%/%,J!49$'!/..D%!.&'4$!0/.!(/!7#$.!OC!2C!QC!(&!"#,%!<P/(&@&'%!&'!
O"0/P'&1! &'! >((&@/P'&! #$! &'! G./'3&C! ! R&(#'!ZC! GC! R$4.&1! =(*+>020( 0.%"&( -%( <%'0(
.7-#"%"( *+2""E0( )%( *2( ;#'"( %0( )%/"2( $2."%( ).&<2"2e0"%( )%( &#-( )"#.0( *%&( ).&<#&.0.#-&(
*17.&*20./%&(&.6.*2."%&(P(G%**%&(C'.(#-0(/2*'(2'(<"%6.%"(>020()+E0"%(G#-)26-18(&#'&(<%.-%()%(
&%("%-)"%(172*%6%-0(G#'<2@*%()+'-%(/.#*20.#-()%(*2(;#-/%-0.#-(QRSI(52(;#'"()1727%('-(
<20".6#.-%( G#66'-( %'"#<1%-( )%&( )"#.0&( %0( *.@%"01&I( F-( <%'0( 2*#"&( <2"*%"8( &%*#-(`I( cI(
r%*'8(=()+2'0#".01()%(*2(GB#&%(.-0%"<"101%(D(D%#"C`.#,"!/..D%"!.&@/.I$/?(&"!.&'4$"!(&!)e!
/;.,(!*-))!0/.! (9>""&@?(<&!0(<',B.&!4&! (/!7#$.!4&!3/""/%,#'!;,&''&'%!3(/,.&@&'%!
/JJ,.@&.1!4&!@/',B.&!%#$%!E!J/,%!#00#.%$'&1!(9/$%#.,%<!,'%&.0.<%/%,;&!4&"!/..D%"!4&!
(/!7#$.!4&!R%./"?#$.P!&'!4.#,%!J./'_/,"C!O'!&JJ&%1!(&!+$P&!3#'",4B.&!I$&!=(*%&(>020&(
2)B1"%-0&(P( L*2O(;#-/%-0.#-( L>I(aI(nIO( &#-0( 0%-'&()%( "%&<%G0%"( *%&()1G.&.#-&()%( *2(;#'"(
%'"#<1%--%( )%&( )"#.0&( )%( *+B#66%8( &2-&( 200%-)"%( )+E0"%( 2002C'1&( )%/2-0( %**%( -.( )+2/#."(
6#).$.1( *%'"( *17.&*20.#-(D_UUI(:'&! %&((&! 4<3,",#'! 4&;./,%! 3(t.&! (/! 4,"3$"",#'! I$/'%! E!
(9/$%#.,%<! ,'%&.0.<%/%,;&! 4&! (/! +$.,"0.$4&'3&! &$.#0<''&1! I$,! &"%! &A0(,3,%&@&'%!
.&3#''$&!&'!4.#,%!,'%&.'&!/$!0($"!5/$%!4&P.<!+$4,3,/,.&C!=L5+O2'0#".01()%(GB#&%(?'71%(
L)#-0( &#-0( "%/E0'&( *%&( 2""E0&( )%( *2( ;#'"( >I( aI( nIO( /2( )#-G( 2'( )%*P( )%( *2( *17.&*20.#-(
-20.#-2*%( )%( *+>020( G#-G%"-18( )2-&( *2( 6%&'"%( #Y( '-( 2'0"%( >020( 232-0( '-%( *17.&*20.#-(
&.6.*2."%( ".&C'%( )%( /#."( &2( <"#<"%( *#.( G".0.C'1%( )K&( *#"&( C'%( &#-( G#-0%-'( 2( 101( ?'71(
.-0".-&KC'%6%-0( G#-0"2."%( 2'H( )"#.0&( 72"2-0.&( <2"( *2( ;#-/%-0.#-(D1! ;,&'%! ./00&(&.! (&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%#"!G6!;AH32-!:;/#6(+/-!56!)"!2>!=6!!%##!7/==6-! /==6! 5KL,6-! "&! /036! #4""-! 5<A30<1=! ,O"4S"(64%*-! "4S$46$"$-! "4S$46$"'6! F6!
Lk/K2@2,>!5<A30<1!,O"4S$46#%#6!F6!F9**6!6-($6! #4""-!b==6! QKL,6! ,O"-! #-! $!2>! %6! Q<A3!H2=!
B<@@6-! 06!56! /B>A/K1>L-! "*! /036! #4""-! <`=6! V/031B![!56! #4""-! /B>A6! "4)4-! <`=6! ?<A.<A! H2!
m<A`L2![!I/./#1,)%*!#4""6!$""-!<`=6!c/A3<![!./0/16!#4""-!,O#"%!,<>2!V23<R6!
! "(*
6.&@,&.!/;#3/%!P<'<./(d*bC!
!
bfgC!:'!?<@#(!4#,%!3&0&'4/'%!D%.&!/00#.%<1!3/.!(9&JJ&%!,'3,%/%,J!4&!(/!+$.,"0.$4&'3&!
4&!(/!7#$.!OC!2C!QC!0&$%!%#$+#$."!D%.&!(,@,%<!0/.!(/!"#$;&./,'&%<!4&!(9O%/%!I$/'%!E!
"/! (&3%$.&! 4&"! 4.#,%"! J#'4/@&'%/$A1! 3&! I$,! &"%! 3#'J#.%<! 0/.! (&! 0.,'3,0&! 4&!
"$?",4,/.,%<1! ,(($"%./'%! (&! 3/./3%B.&! "&3#'4! 4&! (/! 7#';&'%,#'! 0/.! ./00#.%! /$A!
4.#,%"! '/%,#'/$AC! >$"",1! ",! (&! +$P&! &$.#0<&'! &"%! $'! P/./'%! &""&'%,&(! 4&"! 4.#,%"!
J#'4/@&'%/$A1! ,(! /00/.%,&'%! &'!0.&@,&.! (,&$!/$A!O%/%"!4&! (&"!0.#%<P&.C!=4'G'-%(
'-.$#"6.01(2@&#*'%(-%(&+.6<#&%8(%0(*%&(2'0#".01&(-20.#-2*%&()%6%'"%-0(*.@"%&()%(GB#.&."(*%&(
6%&'"%&( C'+%**%&( %&0.6%-0( 2<<"#<".1%&( <#'"( *2( 6.&%( %-( #%'/"%( )%( *%'"&( #@*.720.#-&(
G#-/%-0.#--%**%&8( &#'&( "1&%"/%( )%( "%&<%G0%"( *%( &02-)2")( 6.-.6'6( )%( *2( ;#-/%-0.#-( D8!
<3.,%!ZC!GC!R$4.&#U[UC!!
bfcC!8/!G./'3&!'9&"%!0/"!&'!.&"%&!I$/'%!E!3&%%&!"#$;&./,'&%<!'/%,#'/(&!&'!@/%,B.&!
4&! 0.#%&3%,#'! 4&"! 4.#,%"! J#'4/@&'%/$AC! K#$"! /((#'"! ;#,.! I$9&((&! 3#'"&.;&! $'&!
3&.%/,'&!"0<3,J,3,%<!4/'"!3&!4#@/,'&C!!
!
NO).A)>CGFBQBFB:G)Q?AEVAB>=)=E)KA:BI?=)<=)<?DB:>)QDE<AK=E:A;])
)
bfkC! ZC! GC! 8/T/$4! .&@/.I$&! I$&! (/! G./'3&! J/,%! %./4,%,#''&((&@&'%! 0.&$;&! 4&!
.<%,3&'3&! "9/P,""/'%! 4&! (9/00(,3/%,#'! 4&! (/! +$.,"0.$4&'3&! 4&! (/! 7#$.! OC! 2C! QC1!
@D@&!(#."I$9&((&!&"%!(9O%/%!3#'4/@'<1!"#$(,P'/'%!=(*%("%$'&()%(*+102@*.&&%6%-0()+'-%(
"%*20.#-( B.1"2"GB.&1%( D! 4&! (/! 0/.%! 4&! 3&%%&! 4&.',B.&! E! (9<P/.4! 4&! R%./"?#$.PC! =(a%(
$2W#-( 0"K&( &<%G02G'*2."%8( *#"&C'+%**%( &%( 0"#'/%( G#-$"#-01%( P( *2( 6.&%( %-( #%'/"%( )+'-%(
.-0%"<"1020.#-( )17271%( <2"( *2(;#'"( )%(M0"2&@#'"78( G+%&0( 2/%G( $#"G%( C'%( *2(y"2-G%( "%?%00%(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%#$!b01=!H2!c@2!Q2>1>-!Q32@123!/0<B/>!kL,L3/K-!B<,B23,/,>!A,!H2=!/33d>=!HA!"&!/036!#4""-!
5<A30<1! ,O"4S"(64%*6! bBB2==1`K2! =A3! K2! =1>2! 1,>23,2>! H2! K/! 7<A3! H2! B/==/>1<,!]!
qqq6B<A3H2B/==/>1<,6_36!%#%!G6!;AH32-!:;/#6(+6-!56!#446!!
! ")4
*+.)1%( )+E0"%( 0%-'%( )%( &+3( "2**.%"(D1! <3.,%[,(%#&1! 3&((&[3,! 0.,;,(<P,/'%! /(#."! "/! 0.#0.&!
(&3%$.&!4&! (9,'%&.0.<%/%,#'!4$!4.#,%! J#'4/@&'%/(! &'! 3/$"&C!7&%! /$%&$.! 3#'",4B.&!
49/,((&$."! I$&! (9/$%#.,%<! 4&! (/! 35#"&! ,'%&.0.<%<&! 0/.! (/! 7#$.! 4&! R%./"?#$.P! &"%!
35,@<.,I$&%#'C! 6/.! ;#,&! 4&! 3#'"<I$&'3&1! (&"! ,'%&.0.<%/%,#'"! 4&! (/! 7#';&'%,#'!
(,;.<&"!0/.! 3&%%&!4&.',B.&!'&! "#'%!&'!.,&'! +$.,4,I$&@&'%! 3#'%./,P'/'%&"!0#$.! (&"!
#.P/'&"!+$4,3,/,.&"!&%!@D@&!(<P,"(/%,J"!J./'_/,"C!89/$%&$.!&A0(,I$&!/,'",!I$&!=(&.(*%&(
2""E0&()%(*2(;#'"()%(M0"2&@#'"7(&#-0("%/E0'&()%(*+2'0#".01()%(*2(GB#&%(?'71%(%0(C'+P(G%(0.0"%(
.*&( )#./%-0( "%G%/#."( %H1G'0.#-8( *%'"( 2'0#".01( "%&0%( 10"#.0%6%-0( G."G#-&G".0%(D( d( &%1!
.&0.&'/'%! ZC! SC! 75/0$"! H! =(*+.-0%"<"1020.#-( <2"( *2( ;#'"( )+'-%( &0.<'*20.#-( )%( *2(
;#-/%-0.#-(-+%&0(<2&(.-/%&0.%()+'-%(<#"01%(71-1"2*%(QRS(C'.(&+.6<#&%"2.0(2'("%&<%G0()%&(
?'".).G0.#-&(-20.#-2*%&()2-&(*%&C'%**%&(G%00%(&0.<'*20.#-(&%("%0"#'/%"2.0(%-(G2'&%(DU[ZI(!
bg-C! R9,(! &"%! &A/3%! I$&! (9/$%#.,%<! +$.,4,I$&! 4&"! /..D%"! 4&! (/! 7#$.! OC! 2C! QC! &"%!
@,%,P<&1! "$.%#$%! E! (9<P/.4! 4&"! O%/%"! '#'! @,"! &'! 3/$"&1! ,(! &"%! %#$%&J#,"! &A3&"",J!
49/JJ,.@&.! I$&! %#$%&! /$%#.,%<! +$.,4,I$&! 3#'%./,P'/'%&! '9&"%! I$9,(($",#'C! 8/!
+$.,"0.$4&'3&! 4&! (/! 7#$.! 4&! R%./"?#$.P! &"%! ?&(! &%! ?,&'! .&;D%$&! 49$'&! /$%#.,%<!
+$.,4,I$&! 3#'%./,P'/'%&! E! (9<P/.4! 4&"! O%/%"! @&@?.&"! 4$! 7#'"&,(! 4&! (9O$.#0&1!
"&$(&@&'%!,(!"9/P,%!49$'&!/$%#.,%<!+$.,4,I$&!/%%<'$<&1!/$!.&P/.4!4&!(/!(,?&.%<!4#'%!
4,"0#"&'%!(&"4,%"!O%/%"!4/'"!(/!@,"&!&'!#&$;.&!4&!3&((&[3,C!>$!.,"I$&!49<'#'3&.!$'!
%.$,"@&1! "#$(,P'#'"! I$9,(! &"%! <;,4&'%! I$&! ",! (&"! /..D%"! 4&! (/! 7#$.! <%/,&'%!
4<0#$.;$"! 4&! %#$%! &JJ&%! +$.,4,I$&! 3#'%./,P'/'%1! 3&%%&! 4&.',B.&! '9/$./,%! I$9$'&!
J#'3%,#'! i!4<3#./%,;&!j1! /$! @,&$A! "=@?#(,I$&C! S&@/.I$#'"! 49/,((&$."! I$&!
(9/$%&$.!%&@0#.,"&!49$'&!3&.%/,'&!@/',B.&!3&%%&!/JJ,.@/%,#'1!&'!&A0(,I$/'%!0/.!(/!
"$,%&!I$&!(9/$%#.,%<!4&!(/!7#$.!&"%!4&!'/%$.&!=(&#G.#*#7.C'%(D1!=(*%&(2""E0&()%(*2(;#'"(
%'"#<1%--%( <#&&1)2-0( '-%( =(2'0#".01( 6#"2*%( .-G#-0%&02@*%(D( L<#'/2-0( &+2-2*3&%"8( %-(
C'%*C'%&( &#"0%&O8( G#66%( *+2'0#".01( <%"&'2&./%( C'.( &+2002GB%( P( *2( "K7*%( 1-#-G1%( <2"( *2(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%#&!G36! V/p/AH-! !B"O,69+(:)#;%-# *%#_-%)6"#="<#%--A+<#="# *%#0:9-#89-:;,"))"#="<#5-:(+<#="#
*B?:$$"-!Q6!T6!HMb1Y!c/3=21KK2-!g<@2!++-!#44'-!56!#('6!!%#'!G36! V/p/AH-! :;/#6(+6-! 56! $$46! VM/A>2A3! 1,>1>AK2! /1,=1! A,2! =<A=S5/3>12!]! a#!"#-"P"+#=B9)"#
G9%*(>(6%+(:)# 6C($,-(G9"#Y# *B%9+:-(+,# P9-(=(G9"$")+# 6:)+-%(&)%)+"# ="<# ()+"-;-,+%+(:)<#
-"+")9"<#;%-#*%#0:9-#89-:;,"))"#d6!!%#(!G36!V/p/AH-!:;/#6(+/-!56!$$'6!
! ")"
;#'"(D#U[EC! U(! &'! 4<4$,%! /(#."! I$&! (/! G./'3&1! &%! '#%/@@&'%! (&"! +$P&"! J./'_/,"1! '&!
0&$;&'%!0/"!,P'#.&.!(/!+$.,"0.$4&'3&!4&!(/!7#$.!4&!R%./"?#$.PC!7&(/!.&;,&'%!4#'3!
,'4,.&3%&@&'%!E!.&3#''/a%.&!(9/$%#.,%<!+$.,4,I$&!4&!(/!+$.,"0.$4&'3&!4&!(/!7#$.!OC!
2C!QC1!0$,"I$9,(!"9/P,%!4&!"&!3#'J#.@&.!/$A!.BP(&"!&$.#0<&''&"1!3&!I$,!"&!%./4$,%!
&""&'%,&((&@&'%!4&!@/',B.&! +$.,4,I$&C!O'!&JJ&%1! (&! +$P&! ,'%&.'&!4#,%!/(#."!/4/0%&.!
"/!0.#0.&! ,'%&.0.<%/%,#'! "$.!$'&!I$&"%,#'!4&!4.#,%!4#''<&!E! (/! ($@,B.&!4&! 3&((&!
(,;.<&!0/.!(/!7#$.!OC!2C!QC!8&!3/"!<35</'%1!,(!/00/.%,&'%!/$!(<P,"(/%&$.!49,'%&.;&',.!
/J,'!4&!"$00.,@&.!#$!4&!@#4,J,&.!$'&!.BP(&!3#'%./4,3%#,.&!/;&3!3&%%&!4&.',B.&C!
!
bg)C!8/!.<3&0%,#'!'<3&""/,.&!0/.!(/!G./'3&!4&!(/!+$.,"0.$4&'3&!&$.#0<&''&!.&(/%,;&!
/$! 35/'P&@&'%!49<%/%! 3,;,(!4&"! %./'""&A$&("! 3#'"%,%$&!$'&! ,(($"%./%,#'! <3(/,./'%&!
4&!3&!3#'"%/%C!
)
)
YW)S).XA@BME=K=E:)<=)@A)`;?B>C?;<=EF=)<=)@A)2D;?)<=)FA>>A:BDE)>;?)F=@@=)<=)@A)
2D;?)%R)*R)9R)=E)KA:BI?=)<=):?AE>>=];A@B>K=)
)
)
bg*C!R$.!4&"!I$&"%,#'"!&""&'%,&((&"!4&!0.#%&3%,#'!4&"!4.#,%"!J#'4/@&'%/$A1!(&!4.#,%!
J./'_/,"! &"%! %&'$! 4&! "&! 3#'J#.@&.! .-( $.-%! E! (/! +$.,"0.$4&'3&! 4&! (/! 7#$.! 4&!
R%./"?#$.PC! !89&A&@0(&!4$! %./'""&A$/(,"@&! &'! &"%!$'&! ,(($"%./%,#'! .&@/.I$/?(&C!
>,'",1!'#$"!;&..#'"!I$&! (&! +$P&! J./'_/,"!/! "$,;,! (&! ./,"#''&@&'%!&$.#0<&'!&'! (/!
@/%,B.&! T,U1! 3&! I$,! @#'%.&! $'&! 3#'3&0%,#'! 4&! (/! 0.#%&3%,#'! 4&"! 4.#,%"!
J#'4/@&'%/$A!",@,(/,.&!E!3&((&!4&!(/!7#$.!4&!R%./"?#$.P!TNUC!!
! !
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%#)!G36!V/p/AH-!:;/#6(+/-!56!$%)6!
! ")#
,O) ./A<DC:BDE) <;) ?AB>DEE=K=E:) <=) @A) 2D;?) <=) ':?A>ZD;?M) CA?) @=) `;M=)
Q?AEVAB>)
)
bgbC!U(!J/$%!.&3#''/a%.&!I$&!",!(/!7#$.!4&!3/""/%,#'!/!J,',!0/.!"&!./((,&.!E!(/!4#3%.,'&!
4&! (/! 7#$.! OC! 2C! QC! "9/P,""/'%! 4$! 35/'P&@&'%! 4&! (/! @&'%,#'! 4$! "&A&! 4&"!
%./'""&A$&("!E!(9<%/%!3,;,(1!&%1!(&!3/"!<35</'%1!4&!(&$.!0.<'#@1!3&(/!'9/!0/"!<%<!"/'"!
@/(C!!
bgdC! 29/?#.41! +$"I$9/$! 3<(B?.&! /..D%! NC! 3#'%.&! G./'3&! 3#'"/3./'%! (&! 4.#,%! 4&! (/!
0&."#''&!%./'""&A$&((&!E!35/'P&.!4&!"&A&!E!(9<%/%!3,;,(%#*1!(/!7#$.!4&!R%./"?#$.P!"&!
.&J$"&! E! /JJ,.@&.! $'! %&(! 4.#,%C! >,'",1! 4/'"! $'! /..D%! S&&"! 3#'%.&! S#=/$@&[:',!
.&'4$! (&! )-! #3%#?.&! )kcf%$41! &((&! 3#'",4B.&! I$&! (9O%/%! "%,P@/%,"<! 4,"0#"&! 49$'&!
@/.P&!49/00.<3,/%,#'!,@0#.%/'%&!"9/P,""/'%!4&"!&A,P&'3&"!4&"!%./'""&A$&("1!39&"%[
E[4,.&!I$9,(!'9&"%!0/"!%&'$1!/$!.&P/.4!4$!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&!0.#%<P<!
0/.!(9/.%,3(&!c!4&!(/!7#';&'%,#'1!49/33<4&.!E!(/!4&@/'4&!4$!%./'""&A$&(!3#'","%/'%!
E!#?%&',.!(/!@#4,J,3/%,#'!4&!(/!@&'%,#'!4&!"#'!"&A&!E!(9<%/%!3,;,(C!6($"!%/.41!4/'"!
$'!/..D%!7#""&=!.&'4$!3#'%.&!(&!@D@&!O%/%!(&!*g!"&0%&@?.&!)kk-%$"1!(/!7#$.!OC!2C!
QC! .<,%B.&! "/! 4#3%.,'&1! .&+&%/'%! (/! 4&@/'4&! 49$'! %./'""&A$&(! %&'4/'%! E! ;#,.!
3#'4/@'&.! 3&! 4&.',&.! 0#$.! ;,#(/%,#'! 4$! 4.#,%! /$! .&"0&3%! 4&! (/! ;,&! 0.,;<&!
"9/P,""/'%!4&!"#'!.&J$"!4&!@#4,J,&.!"#'!"&A&!"$.!(&"!.&P,"%.&"!4&!(9<%/%!3,;,(C!!!
bgeC!8&!./,"#''&@&'%!4&!(/!7#$.!4&!3/""/%,#'!/?#$%,""/'%!E!.&J$"&.!(&!35/'P&@&'%!
4&!"&A&!E! (9<%/%!3,;,(!4$! %./'""&A$&(!&"%!?,&'!4,"%,'3%C!O'!&JJ&%1!&'!/00(,3/%,#'!4$!
0.,'3,0&!49,'4,"0#',?,(,%<1! 3&((&[3,! "&! J#'4&!"$.! (&! 3.,%B.&!4$!3/./3%B.&!;#(#'%/,.&!
4$!35/'P&@&'%!05=",#(#P,I$&!4&!"&A&!0#$.!.&J$"&.!(&!35/'P&@&'%!4&!"/!@&'%,#'!
E! (9<%/%! 3,;,(C! 6#$.! I$9,(! 0$,""&! D%.&! 0.#3<4<! E! (/! @#4,J,3/%,#'! 4$! "&A&! 3,;,(1! (&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%#*!768696:6-!m6!BCG3/,B2-!!#&!@/3=!"**#-!./0/1/#2/!"**#-!++-!#"*&&-!,<>2!gI6!U/3L![!5/!"**#-!
BI3<,6!$#$!,<>2!76!V<@`K<1=!!2>!=<@@6!B<@@6!56!$#&!<`=6!\6SG6!?2,ABB1![!./5/K/!"**$!56!(#4!
<`=6! 86! 92B/AY! 2>! Q6! g/023,123![!3/4/5/#6(7/! "**#! 56! &%4! <`=6! :/A=23-! B/I123=! HA! 732H<!
"**%!,O"!2>!=6!F6!/A==1!768696:6-!F/,!f<=>23q1.BD!BCm2Kk1aA2-!#&!@/3=!"**#-!;L312!b-!,O%4-!
56!"**$6!"4"-!,<>2!\6SQ6!c/3kAL,/AH![!3/4/5/#6(76!"**#-!56!&%4-!<`=6!\6!:/A=236!!%$4!768696:6!?22=!BC?<R/A@2ST,1-!"(!<B>6!"*)'-!./5/K/!"*)(-!(*'-!BI3<,6!Q6!?<KK/,H6!%$"!768696:6!7<==2R!BC?<R/A@2ST,1-!#(!=25>6!"**46!
! ")$
35/'P&@&'%! 05=",#(#P,I$&! 4#,%! D%.&! =(%H01".%'"( P( *2( /#*#-01( )%( *+.-01"%&&1(DC! ZC! (&!
3#'"&,((&.! FC! Z/"",0! "&@?(&! /JJ,.@&.! I$9,(! "9/P,%! 49$'&! 3#'3&0%,#'! <%.#,%&! 4&! (/!
'#%,#'1! 39&"%! E! 4,.&! =()+'-%( 6#).$.G20.#-( .6<#&1%( <2"( '-( 2GG.)%-0( #'( '-%( G#-0"2.-0%(
%H01".%'"%(DUg[C!8/!7#$.!4&!3/""/%,#'!"%/%$&!/,'",!4&!'#@?.&$"&"! J#,"!4&!@/',B.&!
.&"%.,3%,;&!"$.! (/!I$&"%,#'!4$! %./'""&A$/(,"@&1!/;/'%!49/4#0%&.! (/!4#3%.,'&!4&! (/!
7#$.!4&!R%./"?#$.PC!
bgfC!>,'",1!4/'"!$'!/..D%!.&'4$!(&!)f!4<3&@?.&!)kge%$$1!&((&!.&J$"&!(/!@#4,J,3/%,#'!
4&! (/! @&'%,#'! 4$! "&A&! 4$! %./'""&A$&(! E! (9<%/%! 3,;,(! /$! .&P/.4! 4$! 3/./3%B.&!
;#(#'%/,.&!4$! 35/'P&@&'%!05=",#(#P,I$&!4&! 3&!4&.',&.1! 3&($,[3,! 3#'","%/'%! /(#."!
&'!$'&!;,#(/%,#'!4$!0.,'3,0&!49,'4,"0#',?,(,%<!4&!(9<%/%!4&"!0&."#''&"C!!2/'"!4&$A!
/..D%"! 4$! b! &%! b)!@/."! )kcg%$%1! &((&! .&J$"&! <P/(&@&'%! 49/33<4&.! E! $'&! 4&@/'4&!
",@,(/,.&!4&"!.&I$<./'%"1!/$!@#%,J!5/?,%$&(!I$&!=(L*+O1020(2G0'%*(L)'(0"2-&&%H'%*O(-+%&0(
<2&( *%( "1&'*020( )+1*16%-0&( <"1%H.&02-0&( P( *+#<1"20.#-( %0( )+'-%( .-0%"/%-0.#-( GB."'"7.G2*%(
G#662-)1%( <2"( )%&( -1G%&&.01&( 0B1"2<%'0.C'%&( 62.&( "%*K/%( )+'-%( /#*#-01( )1*.@1"1%( )'(
&'?%0DC! 2/'"! $'! /$%.&! /..D%! .&'4$! (&! )-! @/,! )kck%$&1! &((&! 3#'J,.@&! (/! 4<3,",#'!
.&'4$&!0/.!$'&!7#$.!49/00&(!.&J$"/'%!49/33<4&.!E!(/!4&@/'4&!4&!35/'P&@&'%!4&!
"&A&!3,;,(!4$! %./'""&A$&(1!/$!@#%,J!I$&!=(*%&(0"#'@*%&(<&3GB#*#7.C'%&(2**17'1&(102.%-0(
.-&'$$.&2-0&(<#'"(?'&0.$.%"('-(GB2-7%6%-0()%(&%H%(D1!&%!I$&!=(*%()1/%*#<<%6%-0()%&(&%.-&(
%0( *+2@&%-G%( )%( <.*#&.01( L2/2.%-0O( 101( /#*#-02."%6%-0( <"#/#C'1&( <2"( )%&( 0"2.0%6%-0&(
B#"6#-2'H(DC! O'J,'1!4/'"!I$/%.&! /..D%"!4$!*)!@/,! )kk-%$'1! (&"! +$P&"!4&! 3/""/%,#'!
/JJ,.@&'%! E! '#$;&/$! (&$.! #00#",%,#'! /$! 35/'P&@&'%! 4&! "&A&! E! (9<%/%! 3,;,(! 4$!
%./'""&A$&(1! @/,"! &'! /=/'%! .&3#$."! E! $'&! @#%,;/%,#'! I$&(I$&! 0&$! 4,JJ<.&'%&1!
+$P&/'%! I$&! =(*%( 0"2-&&%H'2*.&6%8( 6E6%( *#"&C'+.*( %&0( 61).G2*%6%-0( "%G#--'8( -%( <%'0(
&+2-2*3&%"( %-( '-( /1".02@*%( GB2-7%6%-0( )%( &%H%8( *%( 0"2-&&%H'%*8( @.%-( C'+232-0( <%")'(
G%"02.-&( G2"2G0K"%&( )%( &#-( &%H%( )+#".7.-%8( -+232-0( <2&( <#'"( 2'02-0( 2GC'.&( G%'H( )'( &%H%(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%$#!\6!c/==15-!3/556!==6!7/==6!B106!"i32-!#"!@/1!"**4!n%!/33d>=o-!5/!"**"!56!"'*-!=5LB6!56!"(4![!
./0/1/!"**4S++S#"&))-!3/55<3>!c/==15-!B<,BK6!GK155<6!%$$!7/==6!B106!"i32-!"'!HLB6!"*(&-!5/!"*('-!56!$*(-!,<>2!?6!V1,H<,6!%$%!7/==6!B106!"i32-!$!2>!$"!@/3=!"*)(-!5/!"*))!56!%%&-!,<>2!86!bk<=>1,16!%$&!7/==!6!B106!"i32-!"4!@/1!"*)*-!5/!"*)*-!56!"("6!%$'!7/==6!B106!"i32-!#"!@/1!"**4-!53LB6!
! ")%
#<<#&1!j1!&%!I$&!(/!7#';C!OC!2C!QC!=(-+.6<#&%(<2&()+200".@'%"(2'(0"2-&&%H'%*('-(&%H%(C'.(
-+%&0(<2&(%-("12*.01(*%(&.%-(DC!>,'",1!'&!J/,"/'%!0($"!.<J<.&'3&!/$!3/./3%B.&!0.#;#I$<!
4&! (/! %./'"J#.@/%,#'!"&A$&((&!05=",I$&1! (/!7#$.!4&!3/""/%,#'!"&@?(&!.&3#''/a%.&!
(&!3/./3%B.&!,';#(#'%/,.&!4$!35/'P&@&'%!4&!"&A&1!3&!I$,!&"%!4/;/'%/P&!3#'J#.@&!E!
(/! .</(,%<! 0$,"I$9&'! &JJ&%! (&! %./'""&A$&(! "#$JJ.&! =()+'-( )10%"6.-.&6%( )%( -20'"%(
<20B#*#7.C'%(DUgZC!7&!'9&"%!4#'3!0/"!0/.! (9&JJ&%! 4&! "/!;#(#'%<! E!0.#0.&@&'%!0/.(<!
I$&! (&! %./'""&A$&(! 35/'P&! 4&! "&A&! H! ,(! &"%! G#-0"2.-0! 4&! @#4,J,&.! "#'! /00/.&'3&!
"&A$&((&!"#$"!(9&JJ&%!4&!3&!"='4.#@&!I$,!"9,@0#"&!E!($,C!>,'",1!(/!4,"3#.4/'3&!&'%.&!
"#'!"&'%,@&'%!49/00/.%&',.!/$!"&A&!#00#"<!&%!"#'!"&A&!/00/.&'%!0&$%!(&!3#'4$,.&!
E!$'&!P./;&!4<0.&"",#'1!;#,.&!/$!"$,3,4&C!8&!35/'P&@&'%!4&!"&A&!05=",#(#P,I$&!
&"%!4#'3!;,%/(!0#$.!(&!%./'""&A$&(C!7&0&'4/'%1!0#$.!(/!7#$.!4&!3/""/%,#'1!3&(/!'&!
"/$./,%! 3#'"%,%$&.! $'! ;<.,%/?(&! 35/'P&@&'%! 4&! "&A&! H! @/(P.<! 3&! "&'%,@&'%!
,..<0.&"",?(&! 49/00/.%&',.! /$! "&A&! #00#"<! &%! (&"! @#4,J,3/%,#'"! 05=",I$&"!
0&.@&%%/'%! 4&! .</(,"&.! $'&! ;<.,%/?(&! %./'"J#.@/%,#'! "&A$&((&1! (&! %./'""&A$&(!
3#'"&.;&!"#'!"&A&!P#'/%,I$&!#$!P<',%/(C!!
bggC!G/3&!E!3&!.&J$"!<0,4&.@,I$&!4&!35/'P&@&'%!4&!"&A&!4$!%./'""&A$&(!4&!(/!0/.%!
4&! (/! 7#$.! 4&! 3/""/%,#'1! $'! .&3#$."! J$%! J#.@<! 4&;/'%! (/! 7#$.! OC! 2C! QC! 8/!
.&I$<./'%&1!Z@&!NC1!/.P$/,%!4&!3&!I$&!(&!.&J$"!4&"!/$%#.,%<"!+$4,3,/,.&"!J./'_/,"&"!
49/33<4&.! E! "/! 4&@/'4&!4&! 35/'P&@&'%! 4&! "&A&! 3#'","%/,%! &'! $'&! ;,#(/%,#'! 4$!
4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&!0.#%<P<!0/.!(9/.%,3(&!c!4&!(/!7#';&'%,#'C!7&($,[3,!
/?#$%,%!E!(9/..D%!NC!3#'%.&!G./'3&1!.&'4$!(&!*e!@/."!)kk*1!4/'"!(&I$&(!(/!7#$.!4&!
R%./"?#$.P!+$P&!I$9(=(.*(3(2(.-$"2G0.#-(P(*+2"0.G*%(X(D1!3/.!=(*2("%C'1"2-0%(QRS(&%(0"#'/%(
C'#0.).%--%6%-0(<*2G1%()2-&('-%(&.0'20.#-(7*#@2*%(.-G#6<20.@*%(2/%G(*%("%&<%G0()x(P(&2(/.%(
<"./1%I(aK&( *#"&8(6E6%( %'( 172")( P( *2(62"7%(-20.#-2*%()+2<<"1G.20.#-8( .*( 3( 2( "'<0'"%()'(
?'&0%( 1C'.*.@"%( P(61-27%"( %-0"%( *+.-01"E0( 71-1"2*( %0( *%&( .-01"E0&( )%( *+.-)./.)'(DUgEC! >! (/!
"$,%&! 4&! 3&%%&! 3#'4/@'/%,#'1! (/! 7#$.! 4&! 3/""/%,#'! #0B.&! $'&! ;#(%&! J/3&!
+$.,"0.$4&'%,&((&C! >,'",1! 4/'"! 4&$A! /..D%"! .&'4$"! &'! >""&@?(<&! 0(<',B.&! (&! ))!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%$(!\6!c/==15-!3/556!53LB6-!56!"(#6!!%$)!768696:6-!m6!BCG3/,B2-!53LB6-!E'$6!!
! ")&
4<3&@?.&! )kk*%$*1! &((&! .&3#''/a%! I$&! =( *%( <".-G.<%( )x( 2'( "%&<%G0( )%( *2( /.%( <"./1%( D(
+$"%,J,&!(/!@#4,J,3/%,#'!4&!(9<%/%!3,;,(!4$!%./'""&A$&(C!
!
bgcC! 7&%%&! +$.,"0.$4&'3&! .<;B(&! (9/%%/35&@&'%! ",'P$(,&.! 4$! 4.#,%! J./'_/,"! /$A!
4.#,%"!4&!(95#@@&1!&%1!.-($.-%!$'&!@/',B.&!4&!(&"!&';,"/P&.!",@,(/,.&!E!3&((&!4&!(/!
7#$.!4&!R%./"?#$.PC!!
)
NO)!E=)KAEBI?=)>BKB@AB?=)</=EJB>AM=?)@A)C?D:=F:BDE)<=>)<?DB:>)QDE<AK=E:A;])
)
bgkC!G,'/(&@&'%1!(&!35/'P&@&'%!4&!4#3%.,'&!4&!(/!7#$.!4&!3/""/%,#'!I$/'%!E!(/!
",%$/%,#'!4&"!%./'""&A$&("!E!(9<%/%!3,;,(!&"%!(&!.&J(&%!4&!(9/%%/35&@&'%!%./4,%,#''&(!
4$! +$.,"%&! J./'_/,"! E! (9<P/.4! 4&"! 4.#,%"! J#'4/@&'%/$AC! X'! (&! "/,%1! 3&($,[3,! /!
4<?$%<1!/$!@#,'"!49$'!0#,'%!4&!;$&!+$.,4,I$&1!/;&3!(/!2C!2C!QC!7C!4&!)gck!I$,!
0(/3&! (9D%.&!5$@/,'!/$!3&'%.&!4&! (/!"#3,<%<!J./'_/,"&C!2&0$,"1!3&%!/%%/35&@&'%!
&"%!"/'"!3&""&!.</JJ,.@<1!&%! (9/45<",#'!4&! (/!G./'3&!E! (/!7#';C!OC!2C!QC!&'!&"%!
$'&! ,(($"%./%,#'C! U(! "$JJ,%! 4&! 3,%&.! (&! 0.</@?$(&! 4&! (/! 7#';&'%,#'! 0#$.! "9&'!
3#';/,'3.&H!=(5%&(7#'/%"-%6%-0&(&.7-202."%&8(6%6@"%&()'(;#-&%.*()%( *+>'"#<%(QRS(
"12$$."62-0(*%'"(<"#$#-)(2002GB%6%-0(P(G%&( *.@%"01&( $#-)26%-02*%&(C'.(G#-&0.0'%-0(*%&(
2&&.&%&(6E6%&()%(*2(?'&0.G%(%0()%(*2(<2.H()2-&(*%(6#-)%(DI((
bc-C! 2&! J/_#'! 0($"! P<'<./(&1! /$"",! ?,&'! (&! +$P&! I$&! (&! (<P,"(/%&$.! J./'_/,"!
,'%BP.&'%! 4&! @/',B.&! 3.#,""/'%&! (/! +$.,"0.$4&'3&! &$.#0<&''& %%4 C! >,'",1! (&!
(<P,"(/%&$.! J./'_/,"!/!/?.#P<! (&"!4,"0#",%,#'"!4$!7#4&!3,;,(!4<J/;#./?(&"!/$A!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%$*!7/==6!/==6!5KL,6-!""!HLB6!"**#-!c/3B!h6!2>!?2,L!h6-!./0/1/#2/!"**$-!++-!#"**"-!B<,BK6!c6!\L<K-!
,<>2!U6!cL@2>2/A![!2%'/#1%*6!"$S"&!HLB6!"**#-!56!#&![!3/4/5/#6(7/!"**$!56!*(!<`=!\6!:/A=236!%%4!bK<3=! @d@2! aA2! KM/H/5>/>1<,! HA! H3<1>! _3/,e/1=! /A! H3<1>! 2A3<5L2,! H2=! H3<1>=! H2!
KMI<@@2!z!5/3!K/!B<,_<3@/>1<,!/AY!/33d>=!32,HA=!5/3!K/!7<A3!8696:6!S!2=>!H/0/,>/k2!HA!
32==<3>!HA!KLk1=K/>2A3!aA2!HA!.Ak26!72K/!=2@`K2!L01H2,>-!=2AK!K2!532@123!L>/,>!A,!B3L/>2A3!
H2! H3<1>! KLk1>1@2! 2>! 32B<,,A6! 7252,H/,>-! 1K! B<,012,>! H2! K2! 3/552K23-! K2! .Ak2! _3/,e/1=! z
BX2=>SZSH132!,<,!=2AK2@2,>!K2!.Ak2!H2!B/==/>1<,-!@/1=!Lk/K2@2,>!K2!.Ak2!<3H1,/132!S!2=>!A,!
/B>2A3! HL>23@1,/,>! H2! B2>>2! /H/5>/>1<,-! H25A1=! A,! /33d>! J!;<B1L>L! H2=! B/_L=! \/BaA2=!
F/`32=!N!32,HA!5/3!K/!7I/@`32!@1Y>2!H2!K/!7<A3!H2!B/==/>1<,!K2!#%!@/1!"*(&!H/,=!K2aA2K!
1K! =M/33<k2! A,! B<,>3tK2! H2! B<,02,>1<,,/K1>L6! F6! F9**/#%--A+<#0:9-#="#0%<<%+(:)! 7I/@`32!
@1Y>2!,O%-!56!'![!g<A__/1>-!56!"*(&!\!56!%*(![!3/0/2/1/.6!56!%(4![!./0/1/!"*(&!++!^6!")")4!H(<6!
! ")'
4.#,%"!"$33&""#./$A!4&! (9&'J/'%!/4$(%<.,'%%"!E! (/!"$,%&!4&! (/!3#'4/@'/%,#'!4&!
(/! G./'3&!4/'"! (9/..D%!Z/T$.&3p!4$! )&.! J<;.,&.! *---%%#C! 8/!7#$.!4&! 3/""/%,#'!
J/,%! <P/(&@&'%! /3%&! 49#?<4,&'3&! 4/'"! $'! /..D%! .&'4$! (&! )d! J<;.,&.! *--fC! O((&!
+$P&!I$&! (&! .&J$"!49$'&!7#$.!49/00&(!4&!3#'",4<.&.!I$&! (9,'4,3/%,#'!4$!'#@!
4&! (/! @B.&! 4/'"! (9/3%&! 4&! '/,""/'3&! &@0#.%&! <%/?(,""&@&'%! 4&! (/! J,(,/%,#'!
@/%&.'&((&!;,#(&!(&"!/.%,3(&"!c!&%!)d!4&!(/!7#';C!OC!2C!Q%%$C!O'!3&(/1!&((&!"$,%!(/!
3<(B?.&! +$.,"0.$4&'3&! Z/.3pA %%% 1! 3&((&[3,! /=/'%! 4<+E! <%<! .&"0&3%<&! 0/.! (&!
(<P,"(/%&$.! J./'_/," %%& 1! $'&! #.4#''/'3&! 4$! d! +$,((&%! *--e %%' !/=/'%!
4<J,',%,;&@&'%!@,"!&'!3#'J#.@,%<!(&!4.#,%!J./'_/,"!/;&3!(&!4.#,%!&$.#0<&'!4&"!
4.#,%"!4&!(95#@@&!"9/P,""/'%!4$!4.#,%!4&!(/!J,(,/%,#'C!!
bc)C! O'! "#@@&1! (9,'J($&'3&! 4&! (/! +$.,"0.$4&'3&! &$.#0<&''&! "$.! (&! 4.#,%!
J./'_/,"!&"%! ,'4<',/?(&%%(1!@D@&!",! 3&!4&.',&.!'9&"%!0/"! %#$+#$."!.<3&0%,JC!:'!
%&(! 3#'"%/%! 0#"&! (/! I$&"%,#'! 4&! (9,'%.#4$3%,#'! &'! 4.#,%! J./'_/,"! 4$! 0.,'3,0&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%%"!+K!=M/k1==/1>!2,!=A`=>/,B2!H2=!/3>1BK2=!(&*!2>!('4!/,B12,=!HA!76!B106!%%#!768696:6-!c/pA32BD!BC!G3/,B2-!"23!_L036!#444-!G6!;AH32!2>!%*((-!2/I/0/8/5/?/-!:;/#6(+6-!,O%%![!
56! #4446! $$#-! ,<>2! gI1233R![! ./0/1/! #4446! ++6! "4#)'-! ,<>2! b6! U<A>>2,<132S7<3,A>! 2>! G6!
;AH32![!5">-,):(<!#4446!'&%-!<`=6!\6!c/==15![!3/4/5/#6(76!#4446!$""-!<`=6!\6!:/A=236!%%$!7106!"i32-!"%!_L036!#44'-!56!#44'-!+6?6!'4$-!<`=6!U/KK@21=>23![!5-/#>%$/##44'-!,O"4(-!,<>2!
cA3/>6!%%%!768696:6-!c/3BDY!BCm2Kk1aA2-!"$!.A1,!"*('-!53LB6!%%&!+K!=23/1>!5KA=!.A=>2!H2!=<AK1k,23!aAM1K!=M/k1==/1>!HA!k<A023,2@2,>!_3/,e/1=-!5A1=aA2!K2!
Q/3K2@2,>! KM/0/1>! I/`1K1>L-! 5/3! K/! K<1! ,O#44%S"$%$! HA! *! HLB2@`32! #44%! n\6f6! "4! HLB6!
#44%o! H1>2! H2! J!=1@5K1_1B/>1<,! HA! H3<1>!N-! Z! 53<BLH23! 5/3! 0<12! HM<3H<,,/,B2! Z! K/!
3L,<0/>1<,! HA! H3<1>! H2! K/! _1K1/>1<,6! Q<A3! H2=! B<@@2,>/132=! =A3! KM<3H<,,/,B2-! 0<13! G6!
92D2Aq23S92_<==2p-!J!V2!,<A02/A!H3<1>!H2!K/!_1K1/>1<,!]!5/=!=1!=1@5K2!s!N-!3"7/#!%$M#=-/#6(7/!
,<06!#44&-!56!$%![!g6!U/3L-!J!V/!3L_<3@2!H2!K/!_1K1/>1<,!N-!./0/1/!2/!#44&-!/B>6!%%%![!\6!:/A=23-!
J!92=! _1K1/>1<,=! Z! K/! _1K1/>1<,!N-! 3/./1/_/! =25>6! #44&-! 56! '![! 96! c<A><AY-! J!?L_<3@2!
=1@5K1_1B/>31B2!HA!H3<1>!H2! K/! _1K1/>1<,!N-! ./0/1/!s/! #44&-!/B>6!$*&![!Q6!cA3/>-! J!V/! _1K1/>1<,!
=1@5K1_1L2!N-!5-/#>%$/! #44&-! /K23>2! (#![! \6! F/==/AY-! J!Q32@1i32=! 0A2=! =A3! K/! 3L_<3@2! HA!
H3<1>!H2!K/!_1K1/>1<,!N-!./0/1/!s/!#44&-!"%&)6!!%%'!f3H<,,/,B2!,O#44&S(&*!HA!%!.A1KK2>!#44&-!\6f6!'!.A1KK6!#44&6!%%( F<13! =A3! B2! 5<1,>! \6SQ6! c/3kA2,/AH-! J!V2! .Ak2! .AH1B1/132! 2>! KM1,>2353L>/>1<,!
2A3<5L2,,2!N-! 1,! !B()+"-;-,+%+(:)#="#*%#0:)7")+(:)#"9-:;,"))"#="<#=-:(+<#="#*BC:$$"-! G6!
;AH32!nH136o-!LH1>1<,!m3ARK/,>-!B<KK2B>1<,!93<1>!2>!.A=>1B2-!"**)-!56!#$"![!?6!92!U<A>>2=-!J!V2!
.Ak2!.AH1B1/132!_3/,e/1=!2>!K/!7<,02,>1<,!2A3<5L2,,2!H2=!H3<1>=!H2!KMI<@@2!]!/0/,BL2=!2>!
3L>1B2,B2=!N-!3/4/5/?6-!"**&-!56!'4&![!G6!G233/,H-#a#V/!7<,02,>1<,!2A3<5L2,,2!H2=!H3<1>=!
H2! KMI<@@2! 2>! K/! 7<A3! H2! B/==/>1<,! _3/,e/1=2!N-!3"7/# ()+/#=-/#6:$;/-! $S"**&-! 56! '*"![! U6!
{12H23D2I3-! J!VM/55K1B/>1<,! H2=! H1=5<=1>1<,=! H2! K/! 7<,02,>1<,! 1,>L32==/,>! K2! H3<1>!
5310L!NJ#()#5-:(+<#="#*BC:$$"#")#_-%)6"/#5(O#%)<#=B%;;*(6%+(:)#="#*%#0:)7")+(:)#"9-:;,"))"#
="<#=-:(+<#="<#*BC:$$"#="7%)+#*"<#P9-(=(6+(:)<#P9-(=(G9"<#>-%)`%(<"<-!LH6!^6Q6!8,k2K-!"*)&-!56!
"$*6!!
! ")(
49/$%#'#@,&!0&."#''&((&C!R#'!,'3,4&'3&!&"%!,'3&.%/,'&1!49/$%/'%!I$&!(/!G./'3&!
'9&"%!0/"!4,.&3%&@&'%!3#'3&.'<&!0/.!3&%%&!+$.,"0.$4&'3&!0#$.!(&!@#@&'%C!!
!
!
!
!
! !
! "))
20"2.!'#0")29,+#(&%)##)
!
!
!
bc*C!X?<,""/'%!E!$'!%./4,%,#''&(!0/%&.'/(,"@&!49O%/%!3#'3&.'/'%!(&!4#@/,'&!4&!
(/! 4,"0#",%,#'! 3#.0#.&((&1! (&! 4.#,%! J./'_/,"! '9/! +/@/,"! 3#'"/3.<! $'! 4.#,%! 4&!
4,"0#"&.!4&!"#'!3#.0"!#$!$'!0.,'3,0&!4&!4,"0#",%,#'!3#.0#.&((&C!>$!3#'%./,.&1!
,(! '&! %#(B.&! (/! 4,"0#",%,#'! 3#.0#.&((&! I$9&'! %/'%! I$9&A3&0%,#'! /$! 0.,'3,0&!
49,'4,"0#',?,(,%<!4$!3#.0"!5$@/,'C!2B"!(#."1!(&"!3/"!4&!4,"0#",%,#'!"#'%!(,@,%<"!
&%!<%.#,%&@&'%!&'3/4.<"!&'!4.#,%!,'%&.'&1!.&0#"/'%!"$.!$'&!0.&@,B.&!3#'4,%,#'!
&""&'%,&((&!H! (&! 3#'"&'%&@&'%! 4&! (9,'4,;,4$! I$,! 4,"0#"&! 4&! "#'! 3#.0"C! 2/'"!
3&%%&! 5=0#%5B"&1! 3&! 3#'"&'%&@&'%! 4#,%! 0.<"&'%&.! 3&.%/,'&"! I$/(,%<"! I$,!
@#'%.&'%! I$&! (/! 4,"0#",%,#'! 3#.0#.&((&! &"%! #0<.<&! &'! %#$%&! 3#''/,""/'3&! 4&!
3/$"&!0/.!3&($,!I$,!"9=!"#$@&%C!2&$A,B@&!3#'4,%,#'!&""&'%,&((&!H!(/!0&.@,"",#'!
(<P/(&1! I$,! &"%! %#$+#$."! .&I$,"&! 0$,"I$9,(! "9/P,%! 4&! .&'4.&! (,3,%&! $'! /3%&! I$,!
/$%.&@&'%!/$./,%!3#'"%,%$<!$'&!,'J./3%,#'!0<'/(&C!89&A&@0(&!(&!0($"!0&.%,'&'%!
"&!%.#$;&!"/'"!4#$%&!4/'"!(9/3%&!@<4,3/(C!7&0&'4/'%1!J/$%&!49/$%#.,"/%,#'!4&!
(/!(#,1!(&!3#'"&'%&@&'%!&"%!,@0$,""/'%!E!.&'4.&!(,3,%&!3&.%/,'"!/P,""&@&'%"!I$,!
'$,"&'%! E! 4&"! ;/(&$."! J#'4/@&'%/(&"! 4#'%! #'! '&! 0&$%! 4,"0#"&.1! 3#@@&! (&"!
/3%&"! 4&! ;,#(&'3&"! ;#(#'%/,.&"C!>,'",1! (/! +$.,"0.$4&'3&!nC!>C! &%!>C!2C! 3#'%.&!
N&(P,I$&!'&!"/$./,%!D%.&!.&_$&!0/.!(&!4.#,%!J./'_/,"C!
bcbC!:'!%&(!3#'"%/%!0#"&!/(#."!(/!I$&"%,#'!4&!(/!.<3&0%,;,%<!4&!(/!+$.,"0.$4&'3&!
&$.#0<&''&1! &%! &'! 0/.%,3$(,&.! 4&! (/! +$.,"0.$4&'3&! .&(/%,;&! E! (9/$%#'#@,&!
0&."#''&((&1!&'!4.#,%!J./'_/,"C!Z/(P.<!$'&!5#"%,(,%<!%./4,%,#''&((&!4&!(/!G./'3&!
E! ,'%<P.&.! (/! +$.,"0.$4&'3&! &$.#0<&''&1! 3&((&[3,! J,',%! %#$+#$."! 0/.! =! #?<,.1!
%./4$,"/'%!J,'/(&@&'%!$'&!",@,(/.,%<!4&!0#,'%"!4&!;$&!4/'"!(/!"/$;&P/.4&!4&"!
4.#,%"! J#'4/@&'%/$A1! /$[4&(E! 4&! (/! 0.#%&3%,#'! +/(#$"&! 49$'&! "0<3,J,3,%<!
'/%,#'/(&!&'!(/!@/%,B.&C!!
! !
! ")*
20"2.!'#0")+&%4#%&%)+,&(#%)
!
!
bcdC!>$! %&.@&!4&! (/!0.&@,B.&!0/.%,&!4&!'#%.&!<%$4&1!#'!/$./!3#@0.,"!I$&! (&!
0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! /! <%<! +$4,3,&$"&@&'%! ,'%<P.<! /$! 4.#,%!
&$.#0<&'! 0/.! (&! +$P&! 4&! R%./"?#$.P1! 4/'"! "/! %./4,%,#''&((&! ,'%&.0.<%/%,#'!
3#'"%.$3%.,3&!4&!(/!7#';C!OC!2C!QC!!
bceC!O'!&JJ&%1!(&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&1!0.,'3,0&!,'%&.0.<%/%,J!,'<4,%!
4&!(9/.%,3(&!c!4&!(/!7#';&'%,#'!0.#%<P&/'%!(&!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&1!
J#'4&! $'&! 4,"0#",%,#'! 3#.0#.&((&! /$4/3,&$"&1! &'! 3&! I$9&((&! /$%#.,"&! $'&!
/%%&,'%&! E! "#'! ,'%<P.,%<!05=",I$&! &%s#$!@#./(&1! /$!'#@!4$!=()"#.0()%($2."%()%&(
GB#.H(G#-G%"-2-0(&#-(<"#<"%(G#"<&(DC!>,'",1! (/!7#$.!4&! R%./"?#$.P! 3#'"/3.&1! /$!
%,%.&! 49$'! 4.#,%! J#'4/@&'%/(1! $'&! @/a%.,"&! (,?<./(,"<&! 4&! (9,'4,;,4$! "$.! "#'!
3#.0"1! "&! 4<0/.%,""/'%! 49$'&! 0/.%! 4&! "/! +$.,"0.$4&'3&! %./4,%,#''&((&!
3#'3&.'/'%!(&!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&1!49/$%.&!0/.%!4$!4.#,%!J./'_/,"C!!
bcfC! R9/P,""/'%! 49/?#.4! 4&! "/! +$.,"0.$4&'3&! %./4,%,#''&((&1! (/! 7#$.! OC!2C!QC!
3#'"/3.&1! 0/.! (&! %.$35&@&'%! 4&! 3&%%&! '#$;&((&! 4,"0#",%,#'! 3#.0#.&((&! J#'4<&!
0/.! (&! 0.,'3,0&!49/$%#'#@,&!0&."#''&((&1! $'&!;,&[0.,;<&! (,?&.%<! /(#."! I$9&((&!
0.#%<P&/,%!$'&!3#'3&0%,#'!,'%,@&1!39&"%!E!4,.&!4<J&'",;&1!4&!3&((&[3,C!R9/P,""/'%!
&'"$,%&! 4$! 4.#,%! J./'_/,"1! (/! 4,"0#",%,#'! 3#.0#.&((&! &$.#0<&''&! @/.I$&! $'!
5,/%$"! /;&3! (/! 4,"0#",%,#'! 3#.0#.&((&! %&((&! I$9,(! (9&'3/4.&1! 0$,"I$9&((&! '9&"%!
I$9/$%#.,"<&1!&%!0#$.!3&!J/,.&!4&"!3#'4,%,#'"!4#,;&'%!D%.&!.&"0&3%<&"!3#@@&!(&!
3#'"&'%&@&'%! (,?.&! &%! <3(/,.<! 4$! 4,"0#"/'%! &%! (9,'%&.4,3%,#'! 49/%%&'%&.! E! "#'!
,'%<P.,%<!05=",I$&!"/'"!@#%,J!@<4,3/(C!>$"",1!(/!4,"0#",%,#'!3#.0#.&((&!J#'4<&!
"$.! (&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! "9#00#"&! J#'4/@&'%/(&@&'%! /$A!
0.<;,",#'"! 4$! 4.#,%! J./'_/,"! I$,1! 0#$.%/'%1! &"%! 3&'"<! ,'%<P.&.! 3&%%&!
+$.,"0.$4&'3&!&'!;&.%$!4&!(/!"$0<.,#.,%<!4&!(/!'#.@&!&$.#0<&''&!"$.!(/!'#.@&!
J./'_/,"&C! U(! 3#';,&'%! /(#."!49,@/P,'&.! ",! 3&!0.,'3,0&!0#$../,%! D%.&! ,'%<P.<!/$!
4.#,%! J./'_/,"! &%! /;#,.!0#$.! 3#'"<I$&'3&!$'&! (,?<./(,"/%,#'!4$!4.#,%! J./'_/,"!
! "*4
&'! (/!@/%,B.&C! 7&(/! ,@0(,I$&! 49<%$4,&.! (/! ;,/?,(,%<! 4$! 0.,'3,0&! 49/$%#'#@,&!
0&."#''&((&C! U(! 3#';,&'%! /(#."! 4&!@&'&.! $'&! <%$4&! 0.#"0&3%,;&! 4$! 0.,'3,0&1!
%/'%!&'!4.#,%!&$.#0<&'!I$9&'!4.#,%!J./'_/,"C!7&((&[3,!J&./!(9#?+&%!4&!(/!"&3#'4&!
0/.%,&!4&!'#%.&!<%$4&1!I$,!J/,%!(&!3#'"%/%!49$'!0.,'3,0&!(,@,%<C!
!
!
!
)
)
!
!
!
!
!
!
!
!
!
!
!
!
! !
! "*"
!
!
!
!
)
)
)
)
)
)
)
)
'%20"*%)+,&(#%)S))
.%').#4#(%')*!)+&#"2#+%)*X,!(0"04#%)+%&'0""%..%)
)
)
)
)
)
)
)
)
)
)
)
) )
! "*#
)
)
)
)! bcgC! 2&! 0.,@&! /?#.41! (&"! ;,.%$/(,%<"! 4$! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&!
"#'%!0&$!4<%&.@,'/?(&"1!E!(/!J#,"!&'!4.#,%!&$.#0<&'!&%!&'!4.#,%!J./'_/,"C!!
bccC! K</'@#,'"1! 3&($,[3,! &"%! 0#.%&$.! 49$'! '#$;&/$! (,?<./(,"@&! 3#'3&.'/'%! (&!
3#.0"!5$@/,'!4/'"! (&!4#@/,'&!4&"!4.#,%"! J#'4/@&'%/$A1! 3&!I$,! 3#'JB.&!2(<".#".!
$'&!/$%#.,%<!3&.%/,'&!/$!0.,'3,0&C!>,'",1!#'!0#$../,%! ,@/P,'&.!I$&!(/!4,"0#",%,#'!
3#.0#.&((&!I$,1!./00&(#'"[(&1!&'!3#'"%,%$&!$'&!@/',J&"%/%,#'1!<;#($&!;&."!$'!4.#,%!
E!(9/$%#4<%&.@,'/%,#'!I$,!J#'4&./,%!4&"!0#"",?,(,%<"!0($"!(,?<./(&"!4&!4,"0#"&.!4&!
"#'!3#.0"C!X'!"&!./00.#35&./,%!/(#."!4&!(/!3#'3&0%,#'!4$!3#.0"!5$@/,'!0(<?,"3,%<&!
0/.! ZC! NC! 8&@&'',3,&.! I$,! 0.#@&$%! $'! (,?.&! @/.35<! 4$! 3#.0"! 5$@/,'1! 4/'"!
(&I$&(! 3&! 4&.',&.! 0#$../,%! D%.&! ;&'4$! #$! (#$<! &'! J#'3%,#'! 4&"! 4&",4&./%/"!
,'4,;,4$&("C!!
bckC!7&0&'4/'%1!$'!%&(!"3<'/.,#!'&!.<","%&!0/"!E!(9/'/(="&!49$'!0.,'3,0&!&'!.</(,%<!
0#.%&$.! 4&! "/! 0.#0.&! J,',%$4&1! 3/.! ,(! &"%) J#'4<! "$.! $'&) <BMEB:G) >;Z`=F:BJ=) P;B)
@BKB:=) >A) JBAZB@B:G) `;?B<BP;=) =E) <?DB:) =;?DCG=E) T2HACB:?=) 8UC! 8&!@D@&! 3#'"%/%!
49$'!0.,'3,0&! (,@,%<!0&$%! <P/(&@&'%! D%.&! J/,%! &'!<?DB:) Q?AEVAB>3) @=P;=@) ?G>B>:=?A)
F=?:ABE=K=E:) _) ;E=) ?GF=C:BDE) AZD;:B=) <;) C?BEFBC=) </A;:DEDKB=) C=?>DEE=@@=!
T2HACB:?=) WU) &'! ./,"#'! 49$'! #.4.&! 0$?(,3! 0<.&''&! 4/'"! (&! 4#@/,'&! 4$! 3#.0"!
5$@/,'1!@D@&!",! (/! (,?<./(,"/%,#'!4&! (9/33B"!E!3&!4&.',&.!0.<"/P&1!2(<".#".1!49$'&!
.<3&0%,#'!%#$%!E!J/,%!#00#.%$'&C!
! )
! "*$
29,+#(&%)8)S).,).#4#(%)0"(0.05#g!%)*!)+&#"2#+%)
*X,!(0"04#%)+%&'0""%..%)%")*&0#()%!&0+%%")
)
)
)
bk-C!6/.!(,@,%&!#'%#(#P,I$&1!,(!J/$%!3#@0.&'4.&!$'!;,3&!#.,P,'&(!I$,!/$%#!(,@,%&1!",!
(9#'! 0&$%! 4,.&1! (&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! &'! 4.#,%! &$.#0<&'C! 7&($,[3,!
3#'","%&! &'! @/A<DC:BDE) </;E=) FDEF=C:BDE) >;Z`=F:BJ=) <=) @A) <BMEB:G3) @AP;=@@=)
QDE<=?AB:)_)@/AJ=EB?)@=)<?DB:)A;)?=>C=F:)<=)@A)JB=)C?BJG=)C?D:GMG)CA?)@A)2D;?)%R)*R)
9R) T'=F:BDE)8UC!X.1!$'&!%&((&!3#'3&0%,#'!4&! (/!4,P',%<1!",!&((&! (<P,%,@&!(&!0.,'3,0&!
49/$%#'#@,&!0&."#''&((&1!&"%!i!/['#.@/%,;&!jC!%@@=)FDE>:B:;=)<DEF);E=)BE=C:B=)A;)
?=MA?<)<=)@/DZ`=:)<=>)<?DB:>)QDE<AK=E:A;]!T'=F:BDE)WU1!I$,!3#'","%&!E!#.4#''&.!(/!
"#3,<%<!/$!.&P/.4!4&!;/(&$."!&""&'%,&((&"C!)
)
) )
! "*%
'=F:BDE)8)S)$=?>);E=)FDEF=C:BDE)>;Z`=F:BJ=)<=)@A)<BMEB:G)FDKK=)QDE<=K=E:)
<;)<?DB:)A;)?=>C=F:)<=)@A)JB=)C?BJG=)C?D:GMG)CA?)@A)2D;?)%R)*R)9R))
!
!
bk)C!ZD@&!",!(&!0.,'3,0&!4&!4,P',%<!&"%!%&A%$&((&@&'%!/?"&'%!4&!(/!7#';C!OC!2C!QC1!
(&"!4.#,%"!I$,! "9=! %.#$;&'%! 3#'"/3.<"! "#'%! J#'4<"! "$.! 3&!4&.',&.%%)!&%! (/!7#$.!4&!
R%./"?#$.P!/JJ,.@&!.<P$(,B.&@&'%!I$&!=(*2().7-.01(%0(*2(*.@%"01(&#-0(*+%&&%-G%(6E6%()%(
*2(;#-/%-0.#-(DUU@C!K#$"!(9/;#'"!@#'%.<!0($"!/;/'%%&4C!X.1!(/!4,P',%<!4#'%!,(!"9/P,%!
&"%! (/! 4,P',%<! J#'4/@&'%/(&1! <P/(&@&'%! 4<'#@@<&! 4,P',%<! #?+&3%,;&1! ;/(&$.!
,'"<0/./?(&! 4&! (9D%.&! 5$@/,'! TY8UC! >$! 3#'%./,.&1! (&! 0.,'3,0&! 49/$%#'#@,&!
0&."#''&((&!.<;B(&!I$&!(/!3#'3&0%,#'!4&!(/!4,P',%<!E!(/I$&((&!"9/%%/35&!(/!7#$.!OC!
2C! QC! (#."I$9&((&! &"%! 3#'J.#'%<&! E! (/! I$&"%,#'! 4&! (/! 4,"0#",%,#'! 3#.0#.&((&! &"%!
"$?+&3%,;&1! 39&"%[E[4,.&! I$9&((&! &"%! 4<%&.@,'<&! &'! J#'3%,#'! 4&! 3&! I$&! (9,'4,;,4$!
3#'",4B.&!D%.&!&2!4,P',%<!TYWUC!!
!
!
Y8) S).A)<BMEB:G)DZ`=F:BJ=3)QDE<=K=E:)DE:D@DMBP;=)<=>)<?DB:>)QDE<AK=E:A;])
C?D:GMG>)CA?)@A)2D;?)%R)*R)9R)))))))
)
!
bk*C!>J,'!49/00.<5&'4&.!(/!4,P',%<!#?+&3%,;&!&'!%/'%!I$&!J#'4&@&'%!#'%#(#P,I$&!
4&!(/!7#';C!OC!2C!QC1!,(!&"%!,'4,"0&'"/?(&!4&!4.&""&.!$'!%/?(&/$!I$,!&'!0.<"&'%&!(&!
3#'%&'$!T,U!0$,"!49/'/(="&.!(/!+$.,"0.$4&'3&!%./4,%,#''&((&!4&!(/!7#$.!=!/JJ<.&'%!
TNUC!!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%%)!F6!2,!B2!=2,=! K/!>Ii=2!H2!m6!c/A323-!!"#;-()6(;"#="#-"<;"6+#="#*%#=(&)(+,#C9$%()"#=%)<#
*%#0:)7")+(:)#89-:;,"))"#="<#5-:(+<#="#*B?:$$"-!V/!H<BA@2,>/>1<,!_3/,e/1=2-!"***6!!%%*!768696:6-!U<<Hq1,!BC?<R/A@2ST,1-!53LB6-!E*46!%&4!F6!<9;-%-!1,>3<HAB>1<,-!56!#"!2>!=6!
! "*&
,O).=)FDE:=E;)<=)@A)<BMEB:G)DZ`=F:BJ=)
!
bkbC! 8/! 4,P',%<! &"%! i!3&! I$9,(! =! /! 495$@/,'! 4/'"! (95#@@&!j! T8UC! O((&! '9/! <%<!
3#'"/3.<&! I$&! %/.4,;&@&'%! &'! 4.#,%1! /0.B"! (&"! /%.#3,%<"! 4&! (/! "&3#'4&! P$&..&!
@#'4,/(&!TWUR!!
)
8O)[)2=)P;/B@)f)A)</H;KABE)<AE>)@/HDKK=)\)
!
bkdC!8&!@#%!4,P',%<!&"%! ,""$!4$! (/%,'!=().7-.02&(D!I$,! ",P',J,&!=($2.0()+E0"%().7-%8()%(
61".0%"(D! #$! =(G#-&.)1"20.#-8( %&0.6%8( <"%&0.7%8( B#-#"2@.*.01(D UfD C! 2$! 0#,'%! 4&! ;$&!
<%=@#(#P,I$&1!,(!&"%!4#'3!?,&'!<(#,P'<!4&!(9/33&0%,#'!/3%$&((&!I$,!4<J,',%!(/!4,P',%<!
3#@@&! =(*2( C'2*.01( )%( *+B'62.-( )2-&( *+B#66%(D %&# C! O'! &JJ&%1! 4/'"! (9/'%,I$,%<!
3(/"",I$&1!(/!4,P',%<!4<",P'&!$'&!4,"%,'3%,#'!(,<&!E!$'&!35/.P&!#$!E!(9&A&.3,3&!49$'!
#JJ,3&!0$?(,3C!!
bkeC!8/!4,P',%<!"$.! (/I$&((&!"&!J#'4&!(/!7#';C!OC!2C!QC1!/,'",!I$&! (&"!0.,'3,0/(&"!
4<3(/./%,#'"! 4&! 4.#,%"! I$,! ($,! "#'%! /'%<.,&$.&"1! &"%! ./%%/35<&! E! $'&! /$%.&!
3#'3&0%,#'!I$,!%.#$;&!"&"!./3,'&"!4/'"!$'&!5,"%#,.&!%#$%!/$"",!/'3,&''&1!0$,"I$9,(!
"9/P,%!4&!(/!.&(,P,#'!35.<%,&''&UfgC!
bkfC!S/00&(#'"[(&1!(/!4,P',%<!&"%!$'!%5B@&!J#'4/@&'%/(!4&!(/!%5<#(#P,&!35.<%,&''&C!
S&';#=/'%!E!(9&""&'3&!5$@/,'&!4&!(95#@@&!I$,!(&!4,JJ<.&'3,&!4&!(9/',@/(!&%!4&!(/!
35#"&1!&((&!.&0.<"&'%&!3&!I$9,(!=(2(D!4&!0($"!0.<3,&$A!&%!I$,!'&!"/$./,%!($,!D%.&!t%<C!
7&%%&! ;/(&$.! "$0<.,&$.&! 4&! (95#@@&! 4/'"! (9#.4.&! 4&! (/! 3.</%,#'! %.#$;&! "#'!
&A0(,3/%,#'!4/'"!(/!P&'B"&!4&!(/!N,?(&1!I$,!.&(/%&!(/!3.</%,#'!4&!(95#@@&!0/.!2,&$C!
>,'",1!39&"%!0/.3&!I$&!2,&$!/!J/,%!(95#@@&!E!"#'!,@/P&!I$&!3&!4&.',&.!&"%!4,P'&!H!,(!
&"%!$'&!3.</%,#'!4,;,'&!$',I$&!"$.!(/I$&((&!"&$(!(&!0.&@,&.!4<%,&'%!(&!0#$;#,.!4&!
;,&!&%!4&!@#.%C!6#$.!R/,'%!`5#@/"!49>I$,'1!=(&2(&.6.*.0')%(2/%G(a.%'(%0(&2(&%.7-%'".%(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%&"!G6!U/__1<>-!5(6+(:))%(-"#*%+()k>-%)`%(<-!:/BI2>>2-!"*$%-!0O!J!H1k,1>/=!N6!%&#!F6!c6SV6!Q/01/!2>!gI6!?202>!nH136o-!!%#=(&)(+,#="#*%#;"-<:))"#C9$%()"-!8B<,<@1B/-!"***-!
56!&!2>!=6!%&$!F!<9;-%!56!(4!2>!=6-!=5LB6!56!($!2>!=6!
! "*'
&'"(0#'0%(GB#&%(G"11%(D(J#'4&!(/!4,P',%<!5$@/,'&%&%C!2B"!(#."1!(/!4,P',%<!,@0#"&!I$&!
(95#@@&!'9/(%B.&!0/"!"/!'/%$.&!0.#J#'4&1!3/.!3&!"&./,%!0#.%&.!/%%&,'%&!E!2,&$!($,[
@D@&C!O'!%/'%!I$&!3.</%$.&!4,;,'&1!(95#@@&!4#,%!"&!.&"0&3%&.1!39&"%!E!4,.&!'&!0/"!
/(%<.&.! "#'!/00/.&'3&!4,;,'&1!'&!0/"!0#.%&.!/%%&,'%&! E! "#'! ,'%<P.,%<!05=",I$&1! &%!
0/.!;#,&!4&!3#'"<I$&'3&1!.&"0&3%&.!/$%.$,C!!
bkgC!Z@&!NC!Z/$.&.!&A0(,I$&!I$&!(&"!3#'3,(&"!4&!K,3<&!&%!4&!75/(3<4#,'&!"#'%!(&"!
"#$.3&"!%5<#(#P,I$&"!I$,!0&.@&%%&'%!49<%/?(,.!/;&3!3&.%,%$4&!(9/00/.,%,#'!J#.@&((&!
4&! (/! 4,P',%<! 4/'"! (/! .&(,P,#'! 35.<%,&''&1! ?,&'! I$&! 3&((&[3,! '&! "#,%! /(#."! 0/"!
4<'#@@<&! 3#@@&! %&((&C! 7&0&'4/'%1! =(L;%&( G#-G.*%&O( QRS( %-".GB.L&&%-0O( )%( $2W#-(
"%62"C'2@*%( L*%( G#-G%<0O( )%( <%"&#--%I(F"8( *%&( )%'H( G#-G%<0&( &#-0( .-&1<2"2@*%&( QRSI( 5%(
G#-G.*%( )%( h.G1%( )1$.-.0( *2( )./.-.01( )'( /%"@%( .-G2"-18( G%*'.( )%( ;B2*G1)#.-%( &<1G.$.%( *2(
).&0.-G0.#-(%-0"%(*%&(G#-G%<0&()%(-20'"%(%0()%(<%"&#--%I(4.-&.8(G#66%(*%(;B".&08(*+%&&%-G%(
)%( *+B#66%8( G%( C'+.*( %&08( -%( &%( "1)'.0( <2&( P( &2( -20'"%8( 62.&( P( &2( <%"&#--%I( ;+%&0( *2(
<%"&#--%( C'.( $2.0( 0#'0%( *2( /2*%'"( )%( *+E0"%(D Uff I! 2&"! ",B3(&"! 0($"! %/.41! (9OP(,"&!
3/%5#(,I$&!3#'J,.@&!I$95$@/',%<!&%!4,P',%<!"#'%!<%.#,%&@&'%! (,<&"H!=(!2"6.(0#'0%&(
*%&(G"120'"%&(0%""%&0"%&8(&%'*(*+B#66%(%&0(=('-%(<%"&#--%8(&'?%0(G#-&G.%-0(%0(*.@"%(D8(%0(<#'"(
G%*28(=(G%-0"%(%0(B%0(D()%(0#'0(G%(C'.(%H.&0%(&'"(*2(0%""%I(M2().7-.01()%(<%"&#--%(%&0(*%(
@.%-( *%( <*'&( <"1G.%'H( C'%( *+B#66%( <#&&K)%8( 7"|G%( P( C'#.( .*( )1<2&&%( %-( /2*%'"( *%(6#-)%(
6201".%*( QRS( L5+OB#66%( -%( /2'0( <2&( <2"G%( C'+.*( =(2(D( T( 6E6%( &+.*( <#&&1)2.0( *%( 6#-)%(
%-0.%"(T(62.&(<2"G%(C'+.*(=(%&0(DI(5%&(@.%-&()'(6#-)%(-%(G#6<0%-0(<2&(2'02-0(C'%(*%(@.%-()%(
*2(<%"&#--%8(*%(@.%-(C'.(%&0(*2(<%"&#--%(6E6%�#UfTC!
!
bkcC!79&"%!3&%%&!3#'3&0%,#'!4&! (/!4,P',%<! %./'"3&'4/'%/(&!I$,!&"%!.&0.,"&!4/'"! (&"!
3#';&'%,#'"! ,'%&.'/%,#'/(&"! 0.#3(/@/%.,3&"! &%! 0.#%&3%.,3&"! 4&"! 4.#,%"!
J#'4/@&'%/$AC!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%&%!m6!c/A323-!:;/#6(+6-!56!$(-!B1>/,>!KM8,BRBK1aA2!0C-(<+(>(="*"<#*%(6(-!,O$(-!"*))6!%&&!7I6! ;BI�,`<3,-! !BC:$$"# 6-,,# ;%-# 5("9#Y# *"# >:)="$")+# ="# *%# =(&)(+,# ="# *BC:$$"-!
U32k<31/,A@-!?<@2-!556!$$(S$'$-!=5LB6!56!$$*6!%&'!m6!c/A323-!:;/#6(+6-!56!$$!2>!=6-!=5LB6!56!$%6!!
! "*(
WO) .A) FDEF=C:BDE) FH?G:B=EE=) <=) @A) <BMEB:G) <AE>) @=>) FDEJ=E:BDE>)
BE:=?EA:BDEA@=>)C?D:=F:?BF=>)<=>)<?DB:>)QDE<AK=E:A;])
)
bkkC!X'!(9/!@/,'%&"!J#,"!"#$(,P'<1!3&!"#'%!(&"!/%.#3,%<"!'/T,&"!I$,1!&'!O$.#0&1!#'%!
0.#;#I$<! $'! ?&"#,'! +$.,4,I$&! ,'<4,%! H! 3#'"/3.&.! (/! 0.#%&3%,#'! 4&! (/! 4,P',%<! &'!
4.#,%1!/J,'!49<;,%&.!I$&!4&!%&("!/P,""&@&'%"!,'5$@/,'"!"&!.&0.#4$,"&'%C!!
d--C! 7&! J$%! 49/?#.4! E! (9#33/",#'! 4&! (9<(/?#./%,#'! 4&! 4&$A! 3#';&'%,#'"!
,'%&.'/%,#'/(&"! ,'3#'%#$.'/?(&"! H! (/! 75/.%&! 4&"!K/%,#'"!:',&"! ",P'<&! (&! *f! +$,'!
)kde! E! R/'! G./'3,"3#! &%! (/! 2<3(/./%,#'! :',;&."&((&! 4&"! 2.#,%"! 4&! (9Q#@@&! L3,[
/0.B"! 2C! :C! 2C!QCM! ",P'<&! (&! )-! 4<3&@?.&! )kdcC! >,'",1! (/! 0.&@,B.&! /JJ,.@&! %.B"!
"#(&''&((&@&'%! &'! "#'! 0.</@?$(&! =(h#'&8( <%'<*%&( )%&( h20.#-&( ,-.%&8( "1&#*'&( P(
<"#G*26%"(P(-#'/%2'(-#0"%($#.()2-&(*%&()"#.0&($#-)26%-02'H()%(*+B#66%8()2-&(*2().7-.01(
%0( *2( /2*%'"( )%( *2( <%"&#--%( B'62.-%( QRS(D1! &%! (/! "&3#'4&1! 4/'"! "#'! 0.</@?$(&!
<P/(&@&'%1! I$&! =(( *2( "%G#--2.&&2-G%( )%( *2( ).7-.01( .-B1"%-0%( P( 0#'&( *%&(6%6@"%&( )%( *2(
$26.**%( B'62.-%( %0( )%( *%'"&( )"#.0&( 172'H( %0( .-2*.1-2@*%&( G#-&0.0'%( *%( $#-)%6%-0( )%( *2(
*.@%"018( )%( *2( ?'&0.G%( %0( )%( *2( <2.H( )2-&( *%( 6#-)%(DI( X'! .&@/.I$&! I$&! (/! 0#.%<&!
+$.,4,I$&!4&!(/!4,P',%<!&"%!4,"%,'3%&!4/'"!(&"!4&$A!%&A%&"1!0$,"I$&!"9/P,""/'%!4&!(/!
75/.%&!4&"!K/%,#'"!:',&"!39&"%!$'&!",@0(&!4<3(/./%,#'!"=@?#(,I$&!@/.I$/'%!$'&!
;#(#'%<! +$.,4,I$&! 4&! ?/'',.! 0#$.! (&! J$%$.! 4&! %&("! /3%&"! ?/.?/.&"1! /(#."! I$&!
"9/P,""/'%!4&!(/!2C!:C!2C!QC!(/!4,P',%<!=!&"%!3#'",4<.<&!3#@@&!/%%/35<&!E!35/I$&!
D%.&! 5$@/,'! &%! &((&! &"%! /$! J#'4&@&'%! 4&! ;/(&$."! 4<"#.@/,"! &""&'%,&((&"! 4/'"! (/!
"#3,<%<! 49/0.B"! P$&..&! H! (/! (,?&.%<1! (/! +$"%,3&! &%! (/! 0/,AC!Z/,"! "$.%#$%1! 3&"! %&A%&"!
.&%,&''&'%! $'&! 3#'3&0%,#'! $',;&."&((&! 4&! (/! 4,P',%<1! 3&((&! I$,! &"%! /%%/35<&! E!
(9&"0B3&! 5$@/,'&! &%! I$,! .&';#,&! 4,.&3%&@&'%! E! (9,4<&! I$&! 0#.%&.! /%%&,'%&! E! (/!
4,P',%<!49$'!"&$(!5#@@&!39&"%!0#.%&.!/%%&,'%&!E!3&((&!4&!(95$@/',%<!%#$%&!&'%,B.&C!!
d-)C!8&"!3#';&'%,#'"!0#"%<.,&$.&"!.&%,&''&'%! (#P,I$&@&'%!3&%%&!3#'3&0%,#'!4&! (/!
4,P',%<! J#'4/@&'%/(&! 4,.&3%&@&'%! ,""$&! 4&! (95<.,%/P&! 35.<%,&'1! 3#@@&! '#$"!
! "*)
(9&A0(,I$,#'"! 0($"! /;/'% %&( C! >,'",! (&! 6/3%&! ,'%&.'/%,#'/(! .&(/%,J! /$A! 4.#,%"!
<3#'#@,I$&"1! "#3,/$A! &%! 3$(%$.&("! L3,[/0.B"! 6C! UC! 2C! OC! RC! 7CM! &%! (&! 6/3%&!
,'%&.'/%,#'/(!.&(/%,J!/$A!4.#,%"!3,;,("!&%!0#(,%,I$&"!L3,[/0.B"!6C!UC!2C!7C!6CM!/4#0%<"!E!
K&m[}#.p! (&!)f!4<3&@?.&!)kff!.&3#''/,""&'%!4/'"! (&$."!0.</@?$(&"!=(*2().7-.01(
.-B1"%-0%(P(0#'&(*%&(6%6@"%&()%(*2($26.**%(B'62.-%(D1!3&((&[3,!3#'"%,%$/'%!=(*%($#-)%6%-0(
)%( *2( *.@%"018()%( *2( ?'&0.G%(%0()%( *2(<2.H()2-&( *%(6#-)%(DI(2&!'#$;&/$1! #'! .&%.#$;&! (&!
(&A,I$&!I$,!.&';#,&!E!(/!4,P',%<!/$!"&'"!4&!4,P',%<!/%%/35<&!E!(9&"0B3&!5$@/,'&C!8&!
@D@&!3#'"%/%!4#,%!D%.&!J/,%!"9/P,""/'%!4&!(/!7#';&'%,#'!3#'%.&!(/!%#.%$.&!&%!/$%.&"!
0&,'&"!#$! %./,%&@&'%"! 3.$&("! ,'5$@/,'"!#$!4<P./4/'%"!/4#0%<&!0/.! (9>""&@?(<&!
P<'<./(&! 4&"! K/%,#'"! :',&"! (&! )-! 4<3&@?.&! )kcd1! <'#'_/'%! <P/(&@&'%! &'! "#'!
0.</@?$(&! I$&! =(*%&( )"#.0( 172'H( %0( .-2*.1-2@*%&( )%( 0#'&( *%&( 6%6@"%&( )%( *2( $26.**%(
B'62.-%(QRS(<"#GK)%-0()%(*2().7-.01(.-B1"%-0%(P(*2(<%"&#--%(B'62.-%(D1!/,'",!I$&!4&!(/!
7#';&'%,#'! ,'%&.'/%,#'/(&!4&"!4.#,%"!4&! (9&'J/'%! /4#0%<&! 3,'I!/''<&"!0($"! %/.41!
I$,! .&0.&'4! <P/(&@&'%! 4/'"! "#'! 0.</@?$(&! (/! J#.@$(&! 4<"#.@/,"! $",%<&! "&(#'!
(/I$&((&! (&"! O%/%"! I$,! =! "#'%! 0/.%,&"! .&3#''/,""&'%! =(*2().7-.01( .-B1"%-0%(P( 0#'&( *%&(
6%6@"%&()%(*2($26.**%(B'62.-%(DC!2<"#.@/,"1!=(L5%O(G2"2G0K"%(#@?%G0.$(L)%(*2().7-.01O(%&0(
'-./%"&%**%6%-0(2)6.&(%0(G1*1@"1(%0(*+.6<#"02-G%()%(&#-("%&<%G0(%&0("%G#--'%(<2"(0#'&I(52(
).7-.01( B'62.-%( )%/.%-0( 2.-&.( *+(=(.)1%( $#"G%( )'( &3&0K6%( )%&( )"#.0&( )%( *+B#66%(D8(
*+%H<"%&&.#-( )+'-( G#-&%-&'&( '-./%"&%*8( *%( $#-)%6%-0( %0( *2( ?'&0.$.G20.#-( )%&( )"#.0&( )%(
*+B#66%(DUfEC)
d-*C!S&"%&!I$&!(/!4,P',%<!&"%!%&A%$&((&@&'%!/?"&'%&!4$!%&A%&!4&!(/!7#';C!OC!2C!QC1!
3&! I$,! &"%! ?,&'! 3$.,&$A! "9/P,""/'%! 49$'&! 3#';&'%,#'! &A0.&""<@&'%! 4&"%,'<&! E!
0.#%<P&.! ! (&"! 4.#,%"! &""&'%,&("! 4&! (/! 0&."#''&C! 7&0&'4/'%1! ,(! &"%! /3I$,"! I$&! 3&!
0.,'3,0&!@/%.,3,&(!,''&.;&!,@0(,3,%&@&'%!(/!7#';C!OC!2C!QC!S&@/.I$#'"!I$&!3&((&[
3,!"9,'"3.,%!4/'"! (/!3#'%,'$,%<!4&! (/!2C!:C!2C!QC1!3&!I$,!&"%!&A0.&""<@&'%!4<3(/.<!
4/'"! "#'! 0.</@?$(&C! U(! &"%! 4#'3! (#P,I$&! &%! '<3&""/,.&1! /$! .&P/.4! 4&!
(95#@#P<'<,%<!I$,!4#,%!"#$"[%&'4.&! (&"!4.#,%"! J#'4/@&'%/$A1!I$&!(/!7#';C!OC!2C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%&(!F6!^6m6Q6!%&46!%&)!m6!c/A323-!:;/#6(+6-!56!'#6!
! "**
QC!.&0.&''&!$'!%&(!3#'3&0%!4#'%!4<3#$(&'%!(&"!4.#,%"!I$9&((&!3#'"/3.&C!29$'!0#,'%!
4&! ;$&! @/%<.,&(1! (9&A/@&'! 4&"! %./;/$A! 0.<0/./%#,.&"! E! (9<(/?#./%,#'! 4&! (/!
7#';&'%,#'! 4&! R%./"?#$.P! .<;B(&! '#'! "&$(&@&'%! I$&! (/! .<J<.&'3&! E! (/! 4,P',%<!
5$@/,'&!=!&"%!#@',0.<"&'%&1!@/,"!3#'J,.@&!&'!"$"!I$9,(!"9/P,%!?,&'!4&!(/!4,P',%<!
%&((&! I$&! 3#'_$&! 0/.! (/! .&(,P,#'! 35.<%,&''&C! >,'",1! (&"!@&@?.&"! 4&! (9>""&@?(<&!
3#'"$(%/%,;&! <;#I$&'%! "/'"! /@?,P$,%<! 3&%%&! <@,'&'%&! 4,P',%<! 5$@/,'&!H! =(?%( $2.&(
2<<%*( 2'H( <23&( C'.( 2<<2"0.%--%-0( P( *2( 7"2-)%( $26.**%( )+>'"#<%( #GG.)%-02*%( %0( )%(
G./.*.&20.#-( GB"10.%--%( %0( C'.( "%&<%G0%-0( G%00%( 7"2-)%( G#66'-2'01I( QRS( h#'&( -#'&(
@#"-#-&(P(<"1G.&%"(*%&(G#-).0.#-&(&2-&(*%&C'%**%&(*+%&<".0(B'62.-(-%(&2'"2.0(G#-&%"/%"(&2(
).7-.01( %0( &2( *.@%"01(D8( 0.#3(/@&! $'! 4&! "&"! @&@?.&"Uf@C! =( 52( w"KG%( 2-0.C'%( %&0( P(
*+#".7.-%( )%( G%00%( "%*.7.#-( B'62.-%( C'.( /%'0( C'%( *2( *.@%"018( *2( &1G'".01( %0( *2( ).7-.01( )%(
*+B#66%(&#.%-0(G#-&.)1"1%&(G#66%(&2G"1%&I(c%(&#'*.7-%"2.(6E6%(C'%(G%00%("%*.7.#-(-%($'0(
<2&(&%'*%6%-0(P(@2&%(?'".).C'%(62.&(2'&&.(P(@2&%(6#"2*%I(>**%(102.0($#-)1%(&'"(*+26#'"()'(
<"#GB2.-I( ;+%&0( 4-0.7#-%( C'.( 2( ).0(J( =(c%( &'.&( -1%( <#'"( 2.6%"( %0( -#-( <#'"( B2s"(D(D1!
&A0(,I$&!$'!/$%.&%'4C!
d-bC! 8/! 4,P',%<! 35.<%,&''&! &"%! 4#'3! ?,&'! /$! 3]$.! 4&! (/!7#';C! OC!2C!QC! S&"%&! E!
<%$4,&.!(/!J/_#'!4#'%!(/!+$.,"0.$4&'3&!&$.#0<&''&!(9,(($"%.&1!4&!@/',B.&!3(/"",I$&C!!
!
NO) .A) C?D:=F:BDE) <=) @A) <BMEB:G) <AE>) @A) `;?B>C?;<=EF=) :?A<B:BDEE=@@=) <=) @A)
2D;?)%R)*R)9R)
)
d-dC!`./4,%,#''&((&@&'%1!(/!0.#%&3%,#'!4&!(/!4,P',%<!5$@/,'&!0/.!(/!7#$.!OC!2C!QC!
&"%! ,(($"%.<&! 4/'"! (/! +$.,"0.$4&'3&! .&(/%,;&! E! (9/.%,3(&! b1! I$,! 0.#5,?&! (/! %#.%$.&1!
0.#3(/@/'%! I$&! =(-'*(-%(<%'0(E0"%( &#'6.&(P( *2( 0#"0'"%(#'(P()%&(<%.-%&(#'( 0"2.0%6%-0&(
.-B'62.-&( #'( )17"2)2-0&(DC! X.1! "&(#'! (/! 7#$.! 4&! R%./"?#$.P1! $'! %&(! %./,%&@&'%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%&*!;13!96!c/Yq2KKSGR_2-!K<3=!H2!K/!Q32@1i32!=2==1<,!H2!KMb==2@`KL2!B<,=AK>/>102!>2,A2!Z!
;>3/=`<A3k!HA!"4!/<P>!/A!)!=25>2@`32!"*%*-!:!n'"o!%-!56!$#-!B1>L!5/3!m6!c/A323-!:;/#6(+6-!56!
'%6!!%'4!c6! c/BB/=-! K<3=! H2! K/! Q32@1i32! =2==1<,! H2! KMb==2@`KL2! B<,=AK>/>102! >2,A2! Z!
;>3/=`<A3k!HA!"4!/<P>!/A!)!=25>6!"*%*-!:!n'"o!%-!56!$#-!B1>L!5/3!m6!c/A323-!:;/#6(+6!56!'$6!
! #44
,@0(,I$&! 4&"! =(6%&'"%&( )%( -20'"%( P( G"1%"( GB%A( *%&( .-)./.)'&( )%&( &%-0.6%-0&( )%( <%'"8(
)+2-7#.&&%( %0( )+.-$1".#".01( <"#<"%&( P( *%&( B'6.*.%"8( P( *%&( 2/.*."( %0( P( @".&%"( 1/%-0'%**%6%-0(
*%'"("1&.&02-G%(<B3&.C'%(%0(6#"2*%(DUTD1!3&!I$,!3#'"%,%$&!?,&'!$'&!/%%&,'%&!E!(/!4,P',%<!
5$@/,'&1!"9/P,""/'%!4&!./?/,""&.! (/!0&."#''&!/$!./'P!4&!35#"&1!4&! ($,!t%&.! %#$%&!
&"%,@&! 0&."#''&((&C! 8#P,I$&@&'%1! $'!@,',@$@!4&! P./;,%<! &"%! 4#'3! .&I$,"! /J,'!
I$&!(/!;,#(/%,#'!E!(9/.%,3(&!b!4&!(/!7#';&'%,#'!"#,%!<%/?(,&!H!(&"!"#$JJ./'3&"!,'J(,P<&"!
E!(/!;,3%,@&!4#,;&'%!D%.&!,'%#(<./?(&"C!!
d-eC!>,'",1!,(!&"%!+$P<!4/'"!(&!3<(B?.&!/..D%!`#@/",!3#'%.&!G./'3&1!.&'4$!&'!)kk*!E!
0.#0#"!4&!;,#(&'3&"!0#(,3,B.&"!3#@@,"&"!3#'%.&!$'&!0&."#''&!P/.4<&!E!;$&1!I$9=P(
*+172")()+'-%(<%"&#--%(<"./1%()%(&2(*.@%"018(0#'0('&27%()%(*2($#"G%(<B3&.C'%(C'.(-+%&0(<2&(
"%-)'(&0".G0%6%-0(-1G%&&2."%(<2"(*%(<"#<"%(G#6<#"0%6%-0()%(*2).0%(<%"&#--%(<#"0%(200%.-0%(
P(*2().7-.01(B'62.-%(%0(G#-&0.0'%8(%-(<".-G.<%8('-%(/.#*20.#-()'()"#.0(72"2-0.(<2"(*+2"0.G*%(
\DUT[C! >,'",1! &'! ;&.%$! 4$! 4.#,%! 4&! '&! 0/"! "$?,.! 4&! %#.%$.&"! #$! 4&! 0&,'&"! #$!
%./,%&@&'%"!,'5$@/,'"!#$!4<P./4/'%"1!"#$"[%&'4$!0/.!(&!0.,'3,0&!4&!.&"0&3%!4&!(/!
4,P',%<! J#'4/@&'%/(&1! (/!7#$.!4&!R%./"?#$.P!3#'",4B.&!4/'"!$'!/..D%!R&(@#$',!
3#'%.&!G./'3&!4$!*c!+$,((&%!)kkk%'$!I$&!(/!0.#%&3%,#'!4&!(9,'%<P.,%<!05=",I$&!49$'&!
0&."#''&! &'! <%/%! 49,'J<.,#.,%<1! 0/.3&! I$&! 0.,;<&! 4&! (,?&.%<1! &"%! ,'3#'4,%,#''&((&C!
>,'",1!%#$%!$"/P&!4&!(/!J#.3&!05=",I$&!3#'%.&!$'&!0&."#''&!&"%!0.#5,?<!4/'"!3&"!
3,.3#'"%/'3&"1!@D@&! ",! (&"! /3%&"! I$9&((&! &"%! "$"0&3%<&! /;#,.! 3#@@,"! "#'%! 49$'&!
P./;,%<!&A3&0%,#''&((&1!%&("!(&!%&..#.,"@&!#$!(&!3.,@&!#.P/',"<C!!
d-fC! :'&! /$%.&! ,(($"%./%,#'! 4&! (/! %#.%$.&! #$! 4&"! %./,%&@&'%"! ,'5$@/,'"! #$!
4<P./4/'%"! 0&$%! D%.&! %.#$;<&! 4/'"! (9/..D%! 2C! 3#'%.&! S#=/$@&[:',! .&'4$! (&! *-!
J<;.,&.! )kkg %'% C! :'! 5#@@&! @/(/4&! 4$! ",4/1! ?<'<J,3,/'%! 4&"! %./,%&@&'%"!
/00.#0.,<"! /$! S#=/$@&[:',1! <%/,%! @&'/3<! 49$'&! 0.#3<4$.&! 49&A0$(",#'! ;&."!
R/,'%!n,%%"C!X.1!/$!.&P/.4!4&"!3#'4,%,#'"!%.B"!,'"$JJ,"/'%&"!4&!0.,"&!&'!35/.P&!4&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%'"!768696:6-!+3K/,H2!BC?<R/A@2ST,1-!")!./,06!"*()-!b6!#&-!./5/K/!"*)4-!%%*-!<`=6!Q6!?<KK/,H6!%'#!768696:6!g<@/=1!!BCG3/,B2-!#(!/<P>!"**#-!b6!#%"!b-!E""&-!,<>2!G6!;AH32-!3"7/#<6/#6-($/#"+#
=-/#;,)%*#6:$;6-!"**$-!$$6!!%'$!768696:6!;2K@<A,1!BCG3/,B2-!#)!.A1KK6!"***-!G6!;AH32!2>!%*((-!2/I/5/8/0/?/-!:;/#6(+6-!,O""6!%'%!768696:6! 96! BC?<R/A@2ST,1-! #4! _L036! "**(-! 06! K2! =1>2! 1,>23,2>! H2! K/! 7<A3! 8696:6!]!
qqq62BI36B<261,>6!
! #4"
"/!@/(/4,&!E!R/,'%!n,%%"1!(&!"="%B@&!"/',%/,.&!=!<%/'%!0&$!4<;&(#00<1!(&!.&I$<./'%!
<%/,%! ;#$<! E! &'4$.&.! 4&"! "#$JJ./'3&"! 3&.%/,'&"! &%! $'&! 4<%.&""&! 0"=35#(#P,I$&!
,'"#$%&'/?(&C! >,'",1! (9/'3,&''&! 7#@@,"",#'! &"%,@&! I$&! =(G%00%( &.0'20.#-( ".&C'%(
)+%-7%-)"%"('-%(2-7#.&&%(%0('-%(.-G2<2G.01(%H0"E6%&()%(-20'"%(P(*+%6<EGB%"()%(<"1&%"/%"(
&2().7-.01(B'62.-%()2-&(G%(C'+%**%(2()%(<*'&(1*16%-02."%8(2*#"&(C'%(&2(62*2).%(&'./"2.0(&#-(
G#'"&(.-1/.02@*%6%-0()#'*#'"%'H(%0($202*(DUTfC!>,'",1!4&!'#$;&/$1!39&"%!(/!4,P',%<!4/'"!
"#'!"&'"!35.<%,&'!I$,!&"%!0.#%<P<&!H!(95#@@&!'&!4#,%!0/"!0&.4.&!"#'!5$@/',%<C!!
d-gC!:'!4&.',&.!&A&@0(&!0&$%!D%.&!%.#$;<!4/'"!(9/..D%!8/"p&=1!F/PP/.4!&%!N.#m'!
3#'%.&!S#=/$@&[:',1!4<+E!<%$4,<!&'<"2%''C!S/00&(#'"!",@0(&@&'%!I$&!(/!7#$.!4&!
R%./"?#$.P!/!4l!4<%&.@,'&.!",!(&"!.&(/%,#'"!"&A$&((&"!"/4#@/"#35,"%&"!0./%,I$<&"!
&'! P.#$0&! 4&;/,&'%! D%.&! <0/.P'<&"! 0/.! (&! 4.#,%! 0<'/(1! 3#@@&! .&""#.%,""/'%! 4$!
4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&!0.#%<P<!0/.!(9/.%,3(&!c!4&!(/!7#';&'%,#'C!8/!7#$.!
+$P&! I$&! (&! S#=/$@&[:',! '&! ;,#(&! 0/"! (/! 7#';&'%,#'! &'! &'P/P&/'%! 4&"!
0#$."$,%&"!0<'/(&"!3#'%.&!(&"!.&I$<./'%"!&%!&'!(&"!3#'4/@'/'%!&'%.&!/$%.&"!0#$.!
3#$0"!&%!?(&""$.&"1!@D@&!",!3&"!4&.',&."!/;/,&'%!%#$"!4#''<!(&$.!3#'"&'%&@&'%!E!
3&"!.&(/%,#'"!"&A$&((&"C!X.1!4&!'#$;&/$1!#'!0&$%!=!;#,.!(/!;#(#'%<!4&!0.#%<P&.!(/!
4,P',%<! 5$@/,'&1! (/I$&((&1! ,'%.,'"BI$&@&'%! #?+&3%,;&1! '&! "&! '<P#3,&! 0/"! H! ",! (/!
7#$.!/;/,%!/33<4<!E!(/!4&@/'4&!4&"!.&I$<./'%"1!&((&!/$./,%!,'4,.&3%&@&'%!/;/(,"<!
$'&!3#'3&0%,#'!"$?+&3%,;&1!0&."#''&((&!4&!(/!4,P',%<C!X.1!.&@/.I$&!(&!+$P&!6&%%,%,!
4/'"! "#'! #0,',#'! 3#'3#.4/'%&!H! i!52(<"#0%G0.#-( )%( *2( /.%( <"./1%( %&0( *2( <"#0%G0.#-( )%(
*+.-0.6.01(%0()%(*2().7-.01()%(*2(<%"&#--%(%0(-#-(*2(<"#0%G0.#-()%(*+.-).7-.01()%(G%**%TG.(-.()%(
*+.66#"2*.&6%()1*.G0'%*(DC!!
!
d-cC!7&0&'4/'%1!(&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!@/.I$&!$'!%#$.'/'%!4/'"!(/!
3#'3&0%,#'!4&!(/!4,P',%<!E!(/I$&((&!"&!.<JB.&!(/!7#$.!OC!2C!QC!O'!&JJ&%1!"/'"!4#$%&!
&'! /00(,3/%,#'! 4&! "#'! (&,%@#%,;! "&(#'! (&I$&(! (/! 7#';&'%,#'! &"%! $'! ,'"%.$@&'%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%'&!b33d>!53LB6-!E%'6!%''!768696:6! V/=D2R-! \/kk/3H!2>!m3<q,! BC?<R/A@2ST,1-! "*! _L036! "**(-!53LB6! <9;-%-! 56!*4!
2>!=6!
! #4#
=(/./2-0(D! I$,! 4#,%! "9/4/0%&.! E! (9<;#($%,#'! 4&"! @]$."! 4&"! 0/="! @&@?.&"! 4$!
7#'"&,(! 4&! (9O$.#0&1! &((&! J/,%! @#'%.&1! 4/'"! "&"! /..D%"! +$P&/'%! I$&! (9/$%#'#@,&!
0&."#''&((&! &"%! &'! 3/$"&1! 49$'&! 3#'3&0%,#'! 4&! (/! 4,P',%<! I$,! "&! 4<0/.%,%!
J#'4/@&'%/(&@&'%! 4&! (/! 3#'3&0%,#'! 35.<%,&''&! 0.<"&'%<&! 0($"! /;/'%1! 0$,"I$9,(!
"9/P,%!49$'&!4,P',%<!4#'%! (/! 3#'3&0%,#'! &"%! "$?+&3%,;&1! 39&"%[E[4,.&!0&."#''&((&! E!
(9,'4,;,4$C!>,'",1! (/!4,P',%<! "$?+&3%,;&! "&@?(&!D%.&! (&! J#'4&@&'%! ,'<4,%!4$!4.#,%!
/$!.&"0&3%!4&!(/!;,&!0.,;<&!(#."I$&!(/!4,"0#",%,#'!3#.0#.&((&!&"%!&'!+&$C!
!
!
YW)S) .A) <BMEB:G) >;Z`=F:BJ=3) QDE<=K=E:) BEG<B:) <;) <?DB:) A;) ?=>C=F:) <=) @A) JB=)
C?BJG=)@D?>P;=)@A)<B>CD>B:BDE)FD?CD?=@@=)=>:)=E)`=;)
)
)
d-kC!8&"!,(($"%./%,#'"!4&!(9/00(,3/%,#'!4$!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!4/'"!
(/! +$.,"0.$4&'3&! 4&! (/! 7#$.! 4&! R%./"?#$.P! T,U!@&%%&'%! &'! <;,4&'3&1! "&(#'! $'&!
(#P,I$&!4<4$3%,;&1! (9/4#0%,#'!49$'&! 3#'3&0%,#'!0&."#''/(,"<&!4&! (/!4,P',%<! TNU1!
$'&!!4,P',%<!"$?+&3%,;&1!/$%.&@&'%!4<'#@@<&!4,P',%<!i!0#$.!"#,!jC!
!
,O) #@@;>:?A:BDE) <=) @A) <BMEB:G) >;Z`=F:BJ=) CA?) @A) `;?B>C?;<=EF=) ?=@A:BJ=) _)
@/A;:DEDKB=)C=?>DEE=@@=)
)
d)-C! 89/..D%! 6.&%%=! 3#'%.&! S#=/$@&[:',1!@/,'%&"! J#,"! <;#I$<%'(1! &"%! (&! 0.&@,&.!
#0$"!49$'&!"<.,&!49/..D%"!,(($"%./'%!$'&!'#$;&((&!3#'3&0%,#'!4&!(/!4,P',%<!/4#0%<&!
0/.!(&!+$P&!&$.#0<&'1!&'!%/'%!I$9,'%&.0.B%&!0.,;,(<P,<!4&!(/!7#';C!OC!2C!QC!4(<".#".1!
3&%%&! #?"&.;/%,#'! 0&$%! "&@?(&.! ,'$%,(&! /$! .&P/.4! 4&! '#%.&! 4<@#'"%./%,#'1!
0$,"I$&1! 0.<3,"<@&'%1! (/! 7#$.! 4&! R%./"?#$.P! '9/33B4&! 0/"! E! (/! 4&@/'4&! 4&! (/!
.&I$<./'%&!%&'4/'%!E!3#'"/3.&.!"#'!/$%#'#@,&!0&."#''&((&1!&'!+$P&/'%!I$9&((&!&"%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%'(!768696:6!Q32>>R!BC?<R/A@2ST,1-!#*!/036!#44#-!06!<9;-%-!56!)%!2>!=6!
! #4$
%,%$(/,.&!4$!4.#,%!J#'4/@&'%/(!4&!4<3,4&.!4$!@#@&'%!4&!"/!@#.%C!X.1!'#'#?"%/'%!
(&"!3#'3($",#'"!4&!(/!7#$.1!#'!/"","%&!?,&'1!0/.!3&%!/..D%!6.&%%=1!E!(9,'%.#4$3%,#'!4&!
(/!3#'3&0%,#'!"$?+&3%,;&!4&! (/!4,P',%<!&'!4.#,%!&$.#0<&'!4&"!4.#,%"!4&! (95#@@&1!
4/'"!(&!4#@/,'&!4&!(9/.%,3(&!c!4&!(/!7#';&'%,#'C!!
d))C!O'!&JJ&%1!",!(/!7#$.!.&J$"&!4&!.&3#''/a%.&!E!Z@&!6.&%%=!(&!4.#,%!4&!@#$.,.1!3&!
'9&"%!0/"!%/'%!0/.3&!I$9&((&!3#'",4B.&!I$&!(/!4,P',%<!4&!3&%%&!4&.',B.&!'9&"%!0/"!&'!
+&$!x! (9/JJ,.@/%,#'!4$!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!&'! (9&"0B3&! (&!@#'%.&! [!
I$&! 0/.3&! I$&! 4&"! 3#'",4<./%,#'"! 49,'%<.D%! P<'<./(! "#'%! &'! 3/$"&C! O'! 49/$%.&"!
%&.@&"1!3&!'9&"%!0/"!/$!'#@!49$'!/%%/35&@&'%!E! (/!0.,@/$%<!4&! (/!;,&!&'!%#$%&"!
3,.3#'"%/'3&"! I$&! (/!7#$.!4&! R%./"?#$.P! .&+&%%&! (&"! 0.<%&'%,#'"!4&!Z@&!6.&%%=1!
39&"%! &'! ./,"#'! 4$! .,"I$&! 4&! 4<;,/'3&1! '#%/@@&'%! 35&T! (&"! ,'4,;,4$"! /JJ/,?(,"1!
4,@,'$<"!0"=35#(#P,I$&@&'%1!I$&!0#$../,%!.&0.<"&'%&.! (/!3#'"<3./%,#'!4$!4.#,%!
/$! "$,3,4&! /"","%<C! 6/.! 3&%%&! 4&.',B.&1! (/! 7#$.! .,"I$&./,%! 49#$;.,.! (/! ;#,&! E! 4&"!
@&$.%.&"! 3#@@,"! "$.! 4&"! 0&."#''&"! &'! J,'! 4&! ;,&1! %.B"! /JJ/,?(,&"1! &%! 4#'3!
0&."$/4<&"!0/.!49/$%.&"!4&!@&%%.&!J,'!E!(&$.!+#$."C!6/.!(E[@D@&1!(/!7#$.!/;/(,"&!(/!
3#'3&0%,#'! 0&."#''&((&! 4&! (/! 4,P',%<! /;/'3<&! 0/.! (/! .&I$<./'%&!H! D%.&! 4/'"! (/!
0#"",?,(,%<!4&!"&!4#''&.!(/!@#.%!0#$.!'&!0/"!"$?,.!4&"!"#$JJ./'3&"!&%!$'&!4<%.&""&!
0"=35#(#P,I$&! ,'"$00#.%/?(&%')1!=(G2"(".%-(-%(&%"2.0(<*'&(.-0.6%6%-0(*.1(P(*2(62-.K"%(
)#-0('-%(<%"&#--%(6K-%(&2(/.%(C'%(*%&(6#)2*.01&(%0(*%&(6#6%-0&()%(&#-(<2&&27%()%(/.%(P(
0"1<2&(DUT@C!X.1! (/!7#$.!/JJ,.@&1!/0.B"!/;#,.!./00&(<!I$&!=(52().7-.01(%0(*2(*.@%"01()%(
*+B#66%(&#-0(*+%&&%-G%(6E6%()%(*2(;#-/%-0.#-(DUZ\1!I$&! (9/$%#'#@,&!0&."#''&((&!&"%!
&'!3/$"&1!3#'",4<./'%!I$&!=(G+%&0(&#'&(*+2-7*%()%(*+2"0.G*%(X(C'%(*2(-#0.#-()%(C'2*.01()%(
/.%( <"%-)( 0#'0%( &2( &.7-.$.G20.#-I( 4( '-%( 1<#C'%( #Y( *+#-( 2&&.&0%( P( '-%( &#<B.&0.G20.#-(
61).G2*%(G"#.&&2-0%(%0(P('-%(2'76%-020.#-()%(*+%&<1"2-G%()%(/.%8()%(-#6@"%'&%&(<%"&#--%&(
"%)#'0%-0(C'+#-(-%(*%&($#"G%(P(&%(62.-0%-."(%-(/.%(?'&C'+P('-(|7%(0"K&(2/2-G1(#'()2-&('-(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%')!8,!2__2>-!A,!H2=>1,!>3/k1aA2!/>>2,H/1>!c@2!Q32>>R!]!A,2!@<3>!5/3!/=5IRY12-!H<,>!2KK2!
L>/1>! 5K21,2@2,>! B<,=B12,>2-! 5A1=aA2! K/! @/K/H12! /0/1>! K/1==L! 1,>/B>2=! =2=! B/5/B1>L=!
1,>2KK2B>A2KK2=6!!%'*!768696:6-!Q32>>R!BC?<R/A@2ST,1-!53LB/-!E!&)6!%(4!768696:6-!Q32>>R!BC?<R/A@2ST,1-!53LB6-!E!'&6!
! #4%
1020( )%( 7"2/%( )1*2@"%6%-0( <B3&.C'%( #'( 6%-02*( 2'H( 2-0.<#)%&( )%( *2( <%"G%<0.#-( 2.7�%(
C'+%**%&(#-0()+%**%&T6E6%&(%0()%(*%'"(.)%-0.01(<%"&#--%**%(DUZDC!29/,((&$."1!./00&((&[%[&((&!
0($"! /;/'%1!=('-%(<%"&#--%(<%'0("%/%-).C'%"(*%()"#.0()+%H%"G%"(&#-(GB#.H()%(6#'"."(%-(
"%$'&2-0( )%( G#-&%-0."( P( '-( 0"2.0%6%-0( C'.( <#'""2.0( 2/#."( <#'"( %$$%0( )%( <"#*#-7%"( &2(
/.%(D%(#I(U(!'&!J/,%!4#'3!0/"!4&!4#$%&!I$&!0#$.!(/!7#$.!OC!2C!QC1!(/!.&I$<./'%&!0&$%!
.&;&'4,I$&.1! 49$'! 0#,'%! 4&! ;$&! J#'4/@&'%/(1! "/! 0.#0.&! 4,P',%<1! I$,! ,@0(,I$&!
4#'3! &'! (9&"0B3&! 4&! "&! 4#''&.! (/! @#.%C! O((&! "9<(#,P'&! /,'",! 4&! (/! 3#'3&0%,#'!
#?+&3%,;&!4&!(/!4,P',%<1!I$,1!0/.!"&"!./3,'&"!35.<%,&''&"1!'&!0&$%!&'P(#?&.!$'&!%&((&!
3#'3&0%,#'! &'! ./,"#'! 4&! (9/%%&,'%&! $(%,@&! /$! 0#$;#,.! 4,;,'! I$9&((&! .&0.<"&'%&!H!
t%&.!(/!;,&!E!$'!5#@@&C!
d)*C! 8&"! /..D%"! UC! &%! W##4m,'! 3#'%.&! S#=/$@&[:',%($!3#'"%,%$&'%! (&! 4&$A,B@&!
#0$"!4&!3&%%&!+$.,"0.$4&'3&!,(($"%./'%!(/!0.#P.&"",#'!4&!(/!4,P',%<!"$?+&3%,;&!4/'"!
(&!35/@0!4$!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&C!S/00&(#'"!?.,B;&@&'%!I$&!0/.!3&"!
/..D%"1! (/!7#$.!4&!R%./"?#$.P!/33B4&!E! (/!4&@/'4&!4&"!.&I$<./'%"1! %./'""&A$&("!
5#@@&"[J&@@&"1!49$'&!0/.%!4&!J/,.&!0.#3<4&.!/$!35/'P&@&'%!4&!(/!@&'%,#'!4&!
(&$.! "&A&! E! (9<%/%! 3,;,(1! 49/$%.&! 0/.%! 4&! (/! 0#"",?,(,%<! 4&! "&! @/.,&.C! 8/! 0#.%<&!
"=@?#(,I$&! 4&! 3&"! /..D%"1! /$! "&'"! 4&! "&! 4<%&.@,'&.! "#,[@D@&1! 4&! 35#,",.! "/!
0.#0.&! ,4&'%,%<! 3#'%.&! (&"! (#,"! 4&! (/! '/%$.&1! &"%! 4#'3! &""&'%,&((&C! X.1! E! 3&%%&!
#33/",#'1! (/! 7#$.! 4&! R%./"?#$.P! 3#'"/3.&! 4&! '#$;&/$! (&! 0.,'3,0&! 49/$%#'#@,&!
0&."#''&((&C!>! 3&%! <P/.41! #'! 0&$%! /JJ,.@&.! I$9,(! 3#'"%,%$&! $'&! 3#'J,.@/%,#'! 4&!
(9/4#0%,#'! 4&! (/! 4,P',%<! "$?+&3%,;&! 0/.! (/! 7#$.! OC! 2C!QC! (#."I$&! (/! 4,"0#",%,#'!
3#.0#.&((&!&"%!&'!3/$"&C!7&((&[3,!&"%! ,(($"%.<&!0/.! (&!0.#3&""$"!4&!35/'P&@&'%!4&!
"&A&!0/.!(&!%./'""&A$&(1!49$'&!0/.%!49$'!0#,'%!4&!;$&!05=",#(#P,I$&1!49/$%.&!0/.%!
49$'! 0#,'%! 4&! ;$&! +$.,4,I$&C! >,'",1! (9#0<./%,#'! 4&! 3#';&.",#'! "&A$&((&! I$,!
.&I$,&.%! $'! %./,%&@&'%! %5<./0&$%,I$&!0/.!;#,&! #./(&! L(/! 0.,"&!495#.@#'&"M! /,'",!
I$9$'&! 35,.$.P,&! 3#'","%/'%! &'! (/! %./'"J#.@/%,#'! 4&"! #.P/'&"! P<',%/$A! 4/'"! (&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%("!768696:6-!Q32>>R!BC?<R/A@2ST,1-!53LB6-!E!'&6!%(#!768696:6-!Q32>>R!BC?<R/A@2ST,1-!53LB6-!E!'$6!%($!768696:6-!U<<Hq1,!2>!+6!BC!?<R/A@2ST,1-!!""!.A1KK6!#44#-!06!<9;-%-!56!$)!2>!=6!
! #4&
P&'.&!#00#"<1!3#'"%,%$&! (/!3#..&3%,#'!"=@?#(,I$&!4&!3&!I$&!2,&$!/!@/(!i!J/,%!j!H!
;#,(E!$'! ,'4,;,4$!I$,1!2$.-()+E0"%(%-$.-(*'.1!4#,%!@#4,J,&.! "#'!/00/.&'3&! "&A$&((&1!
4/'"! (&! ?$%! 49/00/.%&',.! 0#$.! (9/;&',.! /$! "&A&! #00#"<C! O'"$,%&1! ,(! 0.#3B4&! E! (/!
@#4,J,3/%,#'! 4&! "#'! "&A&! E! (9<%/%! 3,;,(1! /?#$%,""&@&'%! 4&! 3&! (#'P! (/?&$.! 4&!
%./'"J#.@/%,#'! "&A$&((&C! 6/.! "/! 3#'"<3./%,#'! 4$! 4.#,%! /$! 35/'P&@&'%! 4&! "&A&!
+$.,4,I$&!0/.! (&! %./'""&A$&(1! (/!7#$.!OC!2C!QC!"&!.<JB.&!/,'",!$'&!'#$;&((&! J#,"!E!
$'&!3#'3&0%,#'!%#$%!E!J/,%!"$?+&3%,;&!4&!(/!4,P',%<1!0$,"I$9&((&!3/$%,#''&1!/$!'#@!
4$! 4.#,%! /$! .&"0&3%! 4&! (/! ;,&! 0.,;<&1! $'&! .&4<J,',%,#'! 4&! "/! 0&."#''&1! 3&! I$&!
(9,'4,;,4$!%./'""&A$&(!&"%,@&!3#'","%&.!&'!&2!4,P',%<C!>,'",1!&((&!3#'",4B.&!I$9=(#-(
<%'0( "2.&#--2@*%6%-0( %H.7%"()%( *2( &#G.101( C'+%**%( 2GG%<0%( G%"02.-&( .-G#-/1-.%-0&( 2$.-()%(
<%"6%00"%(P()%&(<%"&#--%&()%(/./"%()2-&(*2().7-.01(%0(*%("%&<%G0(G#-$#"616%-0(P(*+.)%-0.01(
&%H'%**%(GB#.&.%(<2"(%**%&(2'(<".H()%(7"2-)%&(&#'$$"2-G%&(DUZUC!
d)bC!S&@/.I$#'"!49/,((&$."!I$&! &2!4,P',%<! "&! %.#$;&! .</(,"<&1! "&(#'! (&! .&I$<./'%!
%./'""&A$&(1!'#'!"&$(&@&'%!P.u3&!/$A!@#4,J,3/%,#'"!05=",#(#P,I$&"!/$AI$&((&"!,(!
&"%!0.#3<4<1!!@/,"!<P/(&@&'%!0/.!(/!.&3#''/,""/'3&!"#3,/(&!4&!3&!35/'P&@&'%!4&!
"&A&C!>,'",1!(&!%./'""&A$&(!'&!;#,%!"/!0.#0.&!4,P',%<!0(&,'&@&'%!.&"0&3%<&!I$9E!(/!
3#'4,%,#'! I$&! (/! "#3,<%<! 4/'"! "#'! &'"&@?(&! .&3#''/,""&! (/! (<P,%,@,%<! 4&! 3&%%&!
#0<./%,#'! 4&! 3#';&.",#'! "&A$&((&C!Z@&! NC!Z/$.&.! &A0(,I$&! I$&! =(*%(<".-G.<%()%(
"%&<%G0()%(*2().7-.01(B'62.-%(%&0(L2*#"&O(6%-0.#--1(L-#-O(<#'"($#-)%"(*%("%&<%G0()'(GB#.H(
)%( GB2C'%( .-)./.)'( %-( 620.K"%( )+1<2-#'.&&%6%-0( <%"&#--%*( 62.&( <#'"( C'%( G%( GB#.H(
<%"&#--%*8(-%(&#.0(-.(61<".&18(-.(#GG'*018(-.(6E6%(&.6<*%6%-0(0#*1"1I(>-()+2'0"%&(0%"6%&8(
2'( -#6( )'( "%&<%G0( )%( *2( ).7-.01( B'62.-%8( *+.-)./.)'( "1G*26%( <*'&( C'%( *2( *.@%"01( )%(
GB2-7%"( )%( &%H%8( .*( "%/%-).C'%( *+2<<"#@20.#-( G#**%G0./%( )%( G%( GB2-7%6%-0( <2"( *2(
"%G#--2.&&2-G%(G./.*()%(&#-(-#'/%*(1020I(a%($2.08(*%(&3-)"#6%()'(0"2-&&%H'2*.&6%8(B#"6.&(
*2( G#-/%"&.#-()'( &%H%( ɬ.C'%8( G#-)'.0( P( "1G*26%"(=(*2( "%G#--2.&&2-G%8( %-$.-8(<2"( *%&(
2'0"%&()%(L&2O(/1".02@*%(.)%-0.01(DUZfC!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%(%!768696:6!U<<Hq1,!BC!?<R/A@2ST,1-!""!.A1KK6!#44#-!53LB6-!E*"6!%(&!m6!c/A323-!:;/#6(+6-!56!%$(6!
! #4'
d)dC! 7&%%&! 0(&,'&! .&3#''/,""/'3&! '<3&"",%&1! 4/'"! $'! $(%,@&! 0.#(#'P&@&'%1! (/!
3#'"<3./%,#'!0/.! (/!7#$.!4&!R%./"?#$.P!4$!4.#,%!4&! "&!@/.,&.!H!#'!/%%&,'%! (E! (&"!
3#'"<I$&'3&"!J,'/(&"!4&!"#'!/%%/35&@&'%!E!(/!4,P',%<!0&."#''&((&C!O'!&JJ&%1!0/.!(&!
4.#,%! 4&! "&! @/.,&.1! 39&"%! "=@?#(,I$&@&'%! (/! .&3#''/,""/'3&! 4&! (/! 3/0/3,%<! E!
0.#3.<&.! 4$! %./'""&A$&(1! 4#'3! "/! %./'"J#.@/%,#'! %#%/(&! &'! $'! ,'4,;,4$!4$! "&A&!
#00#"<1!I$,!&"%!3#'"/3.<&C!O'!49/$%.&"!%&.@&"1!(&!0.#3&""$"!4&!%./'"J#.@/%,#'!4$!
%./'""&A$&(! &'! $'&! 0&."#''&! 4&! (9/$%.&! "&A&1! 4&0$,"! (/! @,"&! &'! 0(/3&! 49$'&!
%5<./0,&!@<4,3/@&'%&$"&1!+$"I$9E!(/!0#"",?,(,%<!4&!"&!@/.,&.1!&"%!$'&!J#.@,4/?(&!
#0<./%,#'!4&!.&J#'%&!4$!%./;/,(!4,;,'!H!3&!I$&!2,&$!/!@/(!J/,%1! (95#@@&!(&!.&J/,%C!
>,'",1! (/! 7#$.! /33&0%&! 49/((&.! /$! %&.@&! 4&! 3&! 0.#3&""$"! &A%./#.4,'/,.&1! &'!
3#'"/3./'%1! 4/'"! (&"! @D@&"! /..D%"! UC! &%! W##4m,'1! (&! 4.#,%! /$! @/.,/P&! 4&"!
.&I$<./'%"! %./'""&A$&("C!O((&! &"%,@&!I$&!=(<2"(*+2"0.G*%(^U(&%(0"#'/%(72"2-0.( *%()"#.0(
$#-)26%-02*8( <#'"( '-( B#66%( %0( '-%( $%66%8( )%( &%( 62".%"( %0( )%( $#-)%"( '-%( $26.**%I(
9#'0%$#.&8( *%( &%G#-)( 2&<%G0(-+%&0( <2&('-%( G#-).0.#-( )'(<"%6.%"8( %0( *+.-G2<2G.01( <#'"('-(
G#'<*%()%(G#-G%/#."(#'()+1*%/%"('-(%-$2-0(-%(&2'"2.0(%-(&#.(<2&&%"(<#'"(*%(<"./%"()'()"#.0(
L)%(&%(62".%"O(DUZT1!"#$(,P'/'%!I$9,(!J/$%!!0&.@&%%.&!/$!%./'""&A$&(!=()%(&%("2<<"#GB%"(
2'02-0( C'%( <#&&.@*%( )'( &%H%( 2'C'%*( L.*O( 2( *%( &%-0.6%-0( )+2<<2"0%-."8( %0( *+2)#<0.#-( <2"(
G%*L'.OTG.()'("k*%(&#G.2*()%(&#-(-#'/%2'(&%H%(DUZZC!7,%#'"! &'J,'! (&! +$P&!Z/.%&'"1! I$,1!
4/'"! (9/..D%! 7#""&=! 3#'%.&! S#=/$@&[:',! .&J$"/'%! 4&! .&3#''/a%.&! (&! 4.#,%! /$!
35/'P&@&'%!4&!"&A&!3,;,(!4$!%./'""&A$&(1!"9&A3(/@&1!4/'"!"#'!#0,',#'!4,"",4&'%&!H!
=(5%( <".-G.<%( C'.( &%( 0"#'/%( P( *2( @2&%( )%&( )"#.0&( )%( *+B#66%( %0( C'.( &#'&T0%-)( *%&( )./%"&(
)"#.0&(&<1G.$.C'%&(1-#-G1&()2-&(*2(;#-/%-0.#-(%&0( *%("%&<%G0()%(*2().7-.01(%0()%( *2( *.@%"01(
)%&(B#66%&I(;%&()%'H(1*16%-0&(.6<*.C'%-0(C'+'-(.-)./.)'()#.0(E0"%(*.@"%()%(&%($2W#--%"(
*'.T6E6%(%0()%(GB#.&."(*2()%&0.-1%(C'.(*'.(&%6@*%(*%(6.%'H(G#-/%-."(P(&2(<%"&#--2*.01I(,-(
0"2-&&%H'%*( '&%( )%( &%&( )"#.0&( 2@&#*'6%-0( $#-)26%-02'HI( :*( %&0( <"E0( P( &%( $2W#--%"( *'.T
6E6%(%0(P(GB#.&."(&2()%&0.-1%I(QRS(=(L5O%("%$'&()%("%G*2&&%"(*%(&%H%()+'-(0"2-&&%H'%*(#<1"1(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%('!768696:6-!U<<Hq1,!BC!?<R/A@2ST,1-!""!.A1KK6!#44#-!53LB6-!E*)6!%((!768696:6-!U<<Hq1,!BC!?<R/A@2ST,1-!""!.A1KK6!#44#-!53LB6-!E"446!
! #4(
&%6@*%(.-G#6<20.@*%(2/%G(*%&(<".-G.<%&()+'-%(&#G.101(C'.(&%().0(&#'G.%'&%()%(*2(/.%(<"./1%(%0(
)%(*2().7-.01()%(&%&(G.0#3%-&(D(DUZEI!
d)eC!>,'",1!(/!+$.,"0.$4&'3&!4&!(/!7#$.!4&!R%./"?#$.P!.&(/%,;&!/$!%./'""&A$/(,"@&!
@&%! &'! ($@,B.&! $'&! 4,"0#",%,#'! 3#.0#.&((&! /$! '#@! 4&! (/! 4,P',%<! 0&."#''&((&1!
0$,"I$9&((&!3#'"%,%$&!$'&!@/',J&"%/%,#'!4$!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!H!3&!
'9&"%!0($"!2,&$1!@/,"!(&!%./'""&A$&(!I$,!4<%&.@,'&!3&!I$,!J/,%!"#'!/00/.%&'/'3&!E!
(95$@/',%<C!!
d)fC! R/'"! "$.0.,"&1! (&! %.#,",B@&! &%! 4&.',&.! &A&@0(&! "&! %.#$;&! 4/'"! (/!
+$.,"0.$4&'3&!.&(/%,;&!/$!"/4#@/"#35,"@&C!K#$"!.&;&'#'"!/,'",!"$.!(9/..D%!nC!>C!
&%! >C! 2C! 3#'%.&! N&(P,I$&%(*1! I$,1! ./00&(#'"! (&1! 3#'"/3.&! ,'4,.&3%&@&'%! (&! 4.#,%!
49&'%.&%&',.! 4&"! .&(/%,#'"! "&A$&((&"! "/4#@/"#35,"%&"! (#."I$&! (&"! 0/.%,3,0/'%"! =!
3#'"&'%&'%C!O'!&JJ&%1!",!(/!7#$.!4&!R%./"?#$.P!4#''&!./,"#'!E!(/!N&(P,I$&!49/;#,.!
&'P/P<! 4&"! 0#$."$,%&"! 0<'/(&"! 3#'%.&! (&"! 4&$A! .&I$<./'%"! &%! 3#'4/@'<! 3&"!
4&.',&."1! &((&! +$P&1! /0.B"! /;#,.! ./00&(<! I$&! =()%&( 1*16%-0&( 0%*&( C'%( *%( &%H%8(
*+#".%-020.#-( &%H'%**%( %0( *2( /.%( &%H'%**%( &#-0( )%&( G#6<#&2-0%&( )'( )#62.-%( <"#0171( <2"(
*+2"0.G*%(X(QRS(L2.-&.(C'%O(*%()"#.0(P(*+1<2-#'.&&%6%-0(<%"&#--%*(QRSI(;%()"#.0(.6<*.C'%(*%(
)"#.0( )+102@*."( %0( )+%-0"%0%-."( )%&( "2<<#"0&( 2/%G( )+2'0"%&( E0"%&( B'62.-&( %0( *%( 6#-)%(
%H01".%'"(QRS(%-(G%(G#6<".&()2-&(*%()#62.-%()%&("%*20.#-&(&%H'%**%&8(C'.(%&0(*+'-()%&(<*'&(
.-0.6%&( )%( *2( &<BK"%( <"./1%( %0( %&0( P( G%( 0.0"%( <"#0171( <2"( G%00%( ).&<#&.0.#-( QRSI( 5%( )"#.0(
)+%-0"%0%-."( )%&( "%*20.#-&( &%H'%**%&( )1G#'*%( )'( )"#.0( )%( ).&<#&%"( )%( &#-( G#"<&8( <2"0.%(
.-017"2-0%( )%( *2( -#0.#-( )+2'0#-#6.%( <%"&#--%**%(D8( I$&( =(*%( )"#.0( <1-2*( -%( <%'08( %-(
<".-G.<%8( .-0%"/%-."( )2-&( *%( )#62.-%( )%&( <"20.C'%&( &%H'%**%&( G#-&%-0.%&( C'.( "%*K/%-0( )'(
*.@"%( 2"@.0"%()%&( .-)./.)'&( QRSI( L,O-%(<%"&#--%(<%'0( "%/%-).C'%"( *%( )"#.0( )+%H%"G%"()%&(
<"20.C'%&( &%H'%**%&( *%( <*'&( *.@"%6%-0( <#&&.@*%(DUE\C! >,'",1! 4&! '#$;&/$1! (&! 0.,'3,0&!
49/$%#'#@,&! 0&."#''&((&! +$"%,J,&! $'&! 4,"0#",%,#'! 3#.0#.&((&! I$,! '9/""$.&! 0/"! (&!
.&"0&3%! 4&! (/! 4,P',%<! J#'4/@&'%/(&1! ?,&'! /$! 3#'%./,.&1! 0$,"I$&! (&"! .&(/%,#'"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%()!768696:6-!7<==2R!BC?<R/A@2ST,1-!#(!=25>6!"**4-!53LB6-!E#6!(6!7M2=>!,<A=!aA1!=<AK1k,<,=6!%(*!768696:6-!l6!b6!2>!b6!96!BCm2Kk1aA2-!"(!_L036!#44&-!06!<9;-%6-!5!$*!2>!=6!%)4!768696:6-!l6!b6!2>!b6!96!BCm2Kk1aA2-!53LB6-!E)$S)%6!
! #4)
"&A$&((&"! "/4#@/"#35,"%&"! ,@0(,I$&'%! $'&! ;,#(&'3&! &A%.D@&! I$,! ',&! (/! I$/(,%<!
5$@/,'&! 4&"! 0/.%,3,0/'%"C! >,'",1! (9/..D%! .&(/%&! I$&! (#."! 4&! 3&"! "</'3&"! %.B"!
"0<3,/(&"1! (&"! .&I$<./'%"! =('0.*.&L%-0O( )%&( 2.7'.**%&( %0( )%( *2( G."%( @"x*2-0%8( $"2<<L%-0O(
/.#*%66%-0(*2(/.G0.6%8(.-0"#)'.L&%-0O('-%(@2""%(G"%'&%()2-&(&#-(2-'&(%-(3(/%"&2-0()%(*2(
@.K"%(<#'"(*2($2."%()1$1C'%"8(*2(B.&&L%-0O(&'&<%-)'%(2'H(&%.-&(<'.&(<2"('-%(G#")%(%-0"%(*%&(
?26@%&8(*'.(.-$*.7L%-0O()%&(GB#G&(1*%G0".C'%&8()%&(@"x*'"%&(%0()%&(%-02.**%&8(*'.(G#'L&%-0O(*%&(
*K/"%&(/'*/2."%&(%0(*'.(.-0"#)'.L&%-0O8()2-&(*%(/27.-(%0(*+2-'&8()%&(/.@"20%'"&8(*%'"(62.-8(
*%'"(<#.-78()%&(<.-G%&(%0()%&(<#.)&(DUEDI(U(!'9&"%!0/"!,'$%,(&!4&!./00&(&.!I$&!(&!0.,'3,0&!
4&!4,P',%<!5$@/,'&1!%&(!I$9,(! ,'"0,.&!(/!7#';C!OC!2C!QC1!/!0#$.!#?+&%!49<;,%&.!I$&!
(&"!/%.#3,%<"!3#@@,"&"! (#."!4&! (/!"&3#'4&!P$&..&!@#'4,/(&! (&!"#,&'%!E!'#$;&/$!{!
2/'"! $'! ./00#.%! .&(/%,J! 2'H( <#&&.@.*.01&( ?'".).C'%&( )+.-0%").G0.#-( )'( <#"0( )'( /#.*%(
.-017"2*1! (&! 7#'"&,(! 49O%/%! "#$(,P'&! 49/,((&$."! I$&! =()%'H( G#-G%<0.#-&( )%( *2( ).7-.01(
QRS( <%'/%-0( <#0%-0.%**%6%-0( &+#<<#&%"( #'( &%( *.6.0%"(6'0'%**%6%-0(J( G%**%( )%( *+%H.7%-G%(
6#"2*%(G#**%G0./%()%(*2(&2'/%72")%()%(*2().7-.018(*%(G2&(1GB12-08(2'H()1<%-&()'(*.@"%(2"@.0"%(
)%(*2(<%"&#--%(QRS(%0(G%**%()%(*2(<"#0%G0.#-()'(*.@"%(2"@.0"%(G#66%(1*16%-0(G#-&'@&02-0.%*(
)%(*2(<%"&#--%(B'62.-%I(F"8(*2(;#'"(%'"#<1%--%()%&()"#.0&()%(*+B#66%(2(0"K&(*2"7%6%-0(
$2.0(&.%--%(G%00%(&%G#-)%(2GG%<0.#-(%-(<"#017%2-08(&'"(*%($#-)%6%-0()'()"#.0(2'("%&<%G0()%(
*2(/.%(<"./1%8('-!<".-G.<%()+2'0#-#6.%(<%"&#--%**%(&%*#-(*%C'%*(GB2G'-(<%'0(6%-%"!&2(/.%(
&%*#-(&%&(G#-/.G0.#-&(%0(&%&(GB#.H(<%"&#--%*&8(3(G#6<".&(%-(&%(6%002-0(<B3&.C'%6%-0(#'(
6#"2*%6%-0(%-()2-7%"(QRSI(9%*(%&0(*%(&%-&()%(&#-(2""E0(bI(4I(%0(4I(aI(GI�N%*7.C'%(QRS8(
<2"(*%C'%*(%**%(2(0"K&(G*2."%6%-0(2$$."61(*%(<".620()'(<".-G.<%()+2'0#-#6.%(<%"&#--%**%(&'"(
*2(&2'/%72")%()%(*2().7-.01(=(&'@.%(D(DUE[I((
d)gC!R,!(/!3#'3&0%,#'!"$?+&3%,;&!4&!(/!4,P',%<!"9/P,""/'%!4$!3/"!4$!%./'""&A$/(,"@&!
0&$%! D%.&! J/3,(&@&'%! (<P,%,@<&! &'! 3&! I$9&((&! /?#$%,%! E! $'&! .&'/,""/'3&1! /$! "&'"!
0.#0.&! 3#@@&! /$! J,P$.<1! 4$! %./'""&A$&(1! ,(! "&@?(&! &'! .&;/'35&! 4,JJ,3,(&! 4&!
0/.;&',.!E!$'&! %&((&! 3#'3($",#'!/$! .&P/.4!4&! (9/..D%!nC!>C!&%!>C!2C!6#$.%/'%1!#'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%)"!768696:6-!l6!b6!2>!b6!96!BCm2Kk1aA2-!53LB6-!E"$6!%)#!7686-! 8+9="# -"*%+(7"#%9O#;:<<(H(*(+,<# P9-(=(G9"<#=B()+"-=(6+(:)#=9#;:-+#=9#7:(*"# ()+,&-%*-!
3/55<3>! #&! @/3=! #4"4-! 56! "*-! H1=5<,1`K2! =A3! K2! =1>2! 1,>23,2>! HA! 7<,=21K! HM8>/>!]!
qqq6B<,=21KS2>/>6_36!
! #4*
0&$%!=!;#,.!E!'#$;&/$!$'!/33#@0(,""&@&'%!4&!"/!0.#0.&!5$@/',%<C!>,'",1!ZC!XC!
7/=(/!<3.,%1!E!0.#0#"!4&! (9/..D%!8/"p&=1! F/PP/.4!&%!N.#m'!H!=()2-&(LG%00%O(2$$2."L%O8(
#-( L<"%-)( %-O( G#-&.)1"20.#-( QRS( *2! =().7-.01( )%( *2( <%"&#--%( B'62.-%(D8( )%/%-'%(
2'?#'")+B'.(*+'*0.6%(%0(2'0#620.C'%().&G#'"&(?'".).C'%8(#'(<*'&(%H2G0%6%-0(<#'"(*+'-()%&(
'&27%&( G#-0%6<#"2.-&( )'( G#-G%<08( C'.( <%"6%0( )+#<<#&%"( P( '-( .-)./.)'( *+#@*.720.#-( )%(
"%&<%G0%"( &2( <"#<"%( ).7-.018( )2-&( *%( @'0( )%( *.6.0%"( &2( *.@%"01( )2-&( *+%H%"G.G%( )%( *2(
).&<#&.0.#-( )%( &#.I( a%( G%( <#.-0( )%( /'%8( *+2""E0( 52&o%3( %&0( B2'0%6%-0( G2"2G01".&0.C'%(J(
G#66%-W2-0( <2"( "1<'0%"( =(&2).C'%(D8( %0( )#-G( @2"@2"%8( *%( G#6<#"0%6%-0( )%( G%*'.( C'.(
2)6.-.&0"%('-%(&#'$$"2-G%(&#**.G.01%8(<#'"(&#-(<*2.&."8(<2"('-(62&#GB.&0%8(*%(?'7%(%&0(2.-&.(
G#-)'.0(P(G#-)26-%"(*2(@2"@2".%()%(G%00%(<"%&020.#-()%(-20'"%(P(&20.&$2."%(*2()%62-)%()'(
62&#GB.&0%8(G%(C'.(-+%&0(".%-()+2'0"%8(2'($#-)8(C'%(G#-)26-%"(*2()%62-)%()'(62&#GB.&0%(
%**%T6E6%8((%0()#-G(*%(62&#GB.&6%()2-&(&#-(<".-G.<%I(a."%(C'+.*(%&0(@2"@2"%()%()#--%"()'(
<*2.&."8(G%"0%&(&#'&(*2($#"6%(<2"2)#H2*%()%(*2()#'*%'"8(2'(62&#GB.&0%8(G+%&0()."%(C'%(G%*'.TG.(
%&0(@2"@2"%()%(/#'*#."(&%( $2."%(2)6.-.&0"%"8(<2"(*%(&%"/.G%()+'-(0.%"&8('-(0%*(<*2.&."(P( *'.T
6E6%I( N"%$8( *%( 62&#GB.&0%( %&0( -1G%&&2."%6%-08( <2"( G%( "2.&#--%6%-08( @2"@2"%( 2/%G( *'.T
6E6%8(G2"( .*( %&0( *+2'0%'"()+'-%(=(0#"0'"%(D()%( *'.T6E6%8(2'02-0()."%()+'-%(200%.-0%(P(&2(
<"#<"%().7-.01(B'62.-%I(!2"(*%(<*2.&."(C'+.*(1<"#'/%8(*%(62&#GB.&0%(G#66%0()#-G(*2($2'0%(
G2").-2*%()+'-(200%-020(G#-0"%(&2(<"#<"%(B'62-.01(DUEgI((8/!3#'3&0%,#'!"$?+&3%,;&!4&!(/!
4,P',%<! 0&.@&%! 4#'31! 4&! '#$;&/$1! 4&! +$"%,J,&.! $'! 3#@0#.%&@&'%! /$! '#@!4&! 3&!
I$&! (9,'4,;,4$! 3#'_#,%! 3#@@&! "/!<"#<"%(B'62-.01I(R,! "9/33#@0(,.! &'! %/'%!I$9D%.&!
5$@/,'!,@0(,I$&!4&!"9/4#''&.!E!4&!%&((&"!0./%,I$&"1!&((&"!4#,;&'%!D%.&!0&.@,"&"C!
d)cC!`&.@,'#'"!3&%%&!,(($"%./%,#'!0/.!(9/..D%!Q//"!3#'%.&!R$,""&%)%1!I$,!3#'"%,%$&!(/!
4<3,",#'! (/! 0($"! .<3&'%&! &'! (/! @/%,B.&C! K#$"! (9/;#'"! "#$(,P'<1! ",! (/! 7#$.! 4&!
R%./"?#$.P!'&!@&'%,#''&!0/"!(,%%<./(&@&'%!(&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&1!
'$(! 4#$%&! I$9&((&! =! J/,%! ,@0(,3,%&@&'%! .<J<.&'3& %)& C! >,'",1! ",! &((&! .&J$"&! 4&!
.&3#''/a%.&1!&'!(9&"0B3&1!(9#?(,P/%,#'!4&!(9O%/%!R$,""&!4&!4<(,;.&.!/$!.&I$<./'%!$'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%)$!f6!7/RK/-!J!V2!5K/1=13!H2! K/!521,2!2>! KM/3`1>3/132!5L,/K1=/>1<,!HA!5K/1=13!N-! ()!!%#*(H"-+,#
<"O9"**"-!H136!96!m<331KK<!2>!96!V<BI/D-!Q6T6G6-!#44&-!56!*)6!%)%!768696:6-!://=!BC;A1==2-!#4!./,06!#4""-!06!<9;-%!56!$(6!%)&!b33d>!53LB6-!E&"6!
! #"4
0.#4$,%!@#.%,JB.&!/J,'!I$9,(!"&!"$,3,4&!4/'"!(&"!3#'4,%,#'"!I$9,(!4<",.&1!&((&!/JJ,.@&!
"/'"! 4<%#$.! I$&! 35/I$&! ,'4,;,4$! 4#,%! 0#$;#,.! 35#,",.! (&! @#@&'%! 4&! "/! @#.%1!
39&"%[E[4,.&! (#."I$&! (&"! 3#'4,%,#'"!4&! &2! 4,P',%<1! 0%**%(C'+.*(*2(<%"W#.01! "#'! .<$',&"C!
>,'",1!(/!@#.%!GB#.&.%1!39&"%!E!4,.&!(&!&'.G.)%(%'("%72")()+'-%(G#-G%<0.#-(&'@?%G0./%()%(*2(
).7-.018(&"%!0.#%<P<!0/.!(/!7#$.!4&!R%./"?#$.PC!
!
d)kC!K#$"!(9/$.#'"!4#'3!3#@0.,"1! (/!4,P',%<!"$?+&3%,;&!&"%!'-%(/%"&.#-(<%"&#--%**%!
4&!(/!4,P',%<C!Z/,"!I$&(!&"%!"#'!3#'%&'$v!:'&!&A0(,3/%,#'!"9,@0#"&C!
!
NO)!E=)<BMEB:G)C=?>DEEA@B>G=)
(
d*-C! 89,'%,%$(<! &"%! <;#3/%&$.! H! (/! 4,P',%<! 0&."#''/(,"<& %)' !.&';#,&! E! 3&! I$&!
(9,'4,;,4$! 3#'",4B.&! D%.&! &2! 4,P',%<C! X.1! (&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&!
.&+#,'%!'<3&""/,.&@&'%! 3&%%&! 3#'3&0%,#'!0/.%,3$(,B.&!4&! (/!4,P',%<!H!4B"! (#."!I$9,(!
"9/P,%!4&!4,"0#"&.!4&!"#,1!3&(/!<I$,;/$%1!49$'!0#,'%!4&!;$&!"=@?#(,I$&1!E!i!J/,.&!j!
E!'#$;&/$!(&!%./;/,(!4,;,'C!2B"!(#."1!#'!I$,%%&!(/!"05B.&!4&!(/!4,P',%<!#?+&3%,;&1!(/!
4,P',%<! J#'4/@&'%/(&1! 0#$.! .&+#,'4.&! 3&((&! 4&! (/! 4,P',%<! 0&."#''&((&! #$!
"$?+&3%,;&C! 8/! +$.,"0.$4&'3&! (&!@#'%.&! H! (&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! /!
0#$.! 3#.#((/,.&! '<3&""/,.&! $'&! 3#'3&0%,#'! "$?+&3%,;&! 4&! (/! 4,P',%<C! O'! &JJ&%1! 3&!
'#$;&/$! 0.,'3,0&! ,'%&.0.<%/%,J! 4&! (9/.%,3(&! c! 4&! (/! 7#';C! OC! 2C!QC! &@0#.%&! $'&!
3#'3&0%,#'!(,?<./(,"<&!4&!(/!4,"0#",%,#'!3#.0#.&((&!H!(9,'4,;,4$!'&!4#,%!0/"!"&!;#,.!
,@0#"&.! 4&! (,@,%&"! +$.,4,I$&"! 4/'"! "&"! /"0,./%,#'"! 0&."#''&((&"! I$,! ($,!
0&.@&%%&'%! 49D%.&! i!($,!jC! 89,'4,;,4$!! i!%H<".6%( &2( ).6%-&.#-( <"#610B1%--%( %0(
"20.#-2*.&2-0%(C'.(*+1*K/%(2'("2-7()%(6%&'"%()%&(GB#&%&(%0()%&(<%"&#--%&(C'.(.-0K7"%-0(&#-(
%-/."#--%6%-0I(:*(%&0(*%(016#.-()%(&#-(<"#<"%("K7-%8(*%(G#-G%<0%'"()%(*2(*#.(#")#--2-0(&#-(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%)'!V2=!2Y532==1<,=!H1k,1>L!523=<,,/K1=L2-!H1k,1>L!523=<,,2KK2!2>!H1k,1>L!=A`.2B>102!=<,>!
2@5K<RL2=!H/,=!A,!=2,=!=1@1K/1326!
! #""
'-./%"&(%0(&2(G'*0'"%(DUEZI(X.1!(&!0.,'3,0&!4&!4,P',%<!#?+&3%,;&!.&0.<"&'%&!$'!#?"%/3(&!
'#.@/%,J!E!(/!(,?.&!3#'"%.$3%,#'!,'4,;,4$&((&C!!
d*)C!X'!0&$%!3#'"%/%&.!E!I$&(!0#,'%! (&"!/..D%"!/JJ,.@/'%! (&!0.,'3,0&!49/$%#'#@,&!
0&."#''&((&!"#'%!,(($"%./%,J"!4&!(/!J/_#'!4#'%!(&!.&I$<./'%!.&;&'4,I$&1!J,'/(&@&'%1!
"/!0.#0.&!3#'"%.$3%,#'!4&!($,[@D@&1!"#'!0.#0.&!i!J/_#''/P&!j1!0#$.!.&0.&'4.&!(&!
%&.@&! $%,(,"<! 0/.! (&! +$P&! Z/.%&'"1! /$! '#@! 4&! 3&! I$9,(! &"%,@&! D%.&! "/! 0.#0.&!
4,P',%<C!
d**C!8/!4#3%.,'&!0$?(,3,"%&!"&!0&'35&!"$.!3&%%&!'#$;&((&!3#'3&0%,#'!4&!(/!4,P',%<C!
>,'",1!Z@&!NC!Z/$.&.!=!3#'"/3.&!4&"!4<;&(#00&@&'%"!"$?"%/'%,&("!4/'"!"/!%5B"&C!
X0%/'%!0#$.!(9&A0.&"",#'!=().7-.01(2G0'1%(D1!&((&!&A0(,I$&!E!(9,'"%/.!4&!3&!I$&!'#$"!
/;#'"! <3.,%! &'<"2!I$9,(! "9/P,%! 49$'&! 3#'3&0%,#'! 0&."#''&((&! 4&! (/! 4,P',%<! 0/.!
(9,'4,;,4$C!R&(#'!(9/$%&$.1!(/!4,P',%<!'9&"%!0/"!$'&!@/,"!4#$?(&C!U(!J/$%!4,"%,'P$&.!
(/! 4,P',%<! #?+&3%,;&1! J#'4/@&'%/(&! 4&! (/! 4,P',%<! "$?+&3%,;&1! #$! =(2G0'1%(DC! 8/!
0.&@,B.&! .&';#,&! E! (/! 3#'3&0%,#'! 4&! (/! 4,P',%<! J#'4/@&'%/(&1! #'%#(#P,I$&@&'%!
35.<%,&''&C! 8/! "&3#'4&! .&';#,&! E! (/! 4<J,',%,#'! I$&!'#$"! 4#''#'"! 4&! (/! 4,P',%<!
"$?+&3%,;&1!0$,"I$9,(!"9/P,%!4&!(/!J/_#'!4#'%!(9,'4,;,4$!.</(,"&!"/!4,P',%<!/$!%./;&."!
4&! "&"! /3%&"! L%&.@&! 4#'%! &"%! ,""$1! #'! (9/$./! 3#@0.,"1! (&! '<#(#P,"@&! %#$%! E! J/,%!
&A0(,3,%&!I$&! 3#'"%,%$&! (/!4,P',%<!=(2G0'1%(DMC!2B"! (#."1! (9,'4,;,4$!0&$%!0&.4.&! "/!
4,P',%<!=(2G0'1%(D1! "#,%! 0/.! (&"! /3%&"!49$'! %,&."1! "#,%! 4$! J/,%! 4&! "&"!0.#0.&"! /3%&"C!
79&"%!(9&A&@0(&!4$!3.,@,'&(1!;,#(&$.!#$!/""/"",'C!6/.!(9/%.#3,%<!4&"!/3%&"!3#@@,"1!
,(! 0&.4! "/! 4,P',%<! =(2G0'1%(D8( "/! 4,P',%<! 4&! (9/3%,#'C! O'! .&;/'35&1! "/! 4,P',%<!
J#'4/@&'%/(&1!4#'%!&"%!%,%$(/,.&!%#$%!D%.&!5$@/,'1!'&!0&$%!+/@/,"!($,!D%.&!t%<&C!U(!
.&"%&!4#'3!i!0#.%&$.!j!4&!"/!4,P',%<!#?+&3%,;&C!=(L,O-%().&0.-G0.#-(L%&0(2.-&.(102@*.%O(
%-0"%(*+E0"%(B'62.-(%0(&2(<%"&#--2*.018(G+%&0TPT)."%(G%(C'+.*()%/.%-0(*'.T6E6%(<2"(*%&(2G0%&(
C'+.*(<#&%(#'(C'+.*(&'@.0I(p'2-)(*+B#66%(%&0(0"2.01(#'(27.0(.-).7-%6%-08(-#'&()."#-&(C'%(
&2().7-.01(=(2G0'1%(D(%&0(200%.-0%(d(<#'"02-0(.*("%&0%('-%(<%"&#--%()#01%(<*%.-%6%-0()%(*2(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%)(!b6! HMbK><,-! J!V/! ,<>1<,! HM/A><,<@12! 523=<,,2KK2! 2,! H3<1>! 2A3<5L2,! H2=! H3<1>=! H2!
KMI<@@2-! /553<BI2! H2! 5I1K<=<5I12! HA! H3<1>!N-! 5-:(+# ;-:<;"6+(>J# 3"79"# ="# *%# -"6C"-6C"#
P9-(=(G9"-!#44*-!56!"(%*6!
! #"#
).7-.01(=($#-)26%-02*%(D8( )%( *2(6E6%( $2W#-(C'%( 0#'0%(<%"&#--%(B'62.-%I(4*#"&8( *%(6#0(
).7-.01( "1/K*%( &2( ".GB%&&%I( 5+2&<%G0( =(2G0'%*(D8( G+%&0( P( )."%( C'.( <2&&%( )2-&( *%&( 2G0%&(
<"1&%-0&8()%(*2().7-.01(B'62.-%()#--%(2'(0%"6%('-%()3-26.C'%(C'%(-+2/2.%-0(<2&(&'(*'.(
)#--%"( *%&( <B.*#&#<B%&( <#'"( C'.( *2( ).7-.01( 102.0( '-( 2( <".#".( $#-)26%-02*I( >-( %$$%08( *2(
).7-.01(-1G%&&.0%('-%("12*.&20.#-(<2"()%&(2G0%&(/1".02@*%6%-0(B'62.-&(DUEEC!>""$.<@&'%1!
,(!;/!"/'"!4,.&!I$&!(&"!05,(#"#05&"!<%/,&'%!"/'"!4#$%&!(#,'!4&!"9,@/P,'&.!I$&!(&"!
,'4,;,4$"! .&I$&../,&'%! 4$! +$P&! I$9,(! .&3#''/,""&! I$&! 4&! %&("! 3#@0#.%&@&'%"!
&A%.D@&"!0$,""&'%!D%.&!/4#0%<"!/$!'#@!49$'!=()"#.0(PR(D8! J#'4<"!"$.! (&!3#'3&0%!
4&!4,P',%<!"$?+&3%,;&C!
d*bC!:'!/$%.&!/$%&$.1!ZC!WC!>.@/'41! .&%,&'%!<P/(&@&'%! (/!'#%,#'!4&!4,P',%<!
=(2G0'1%(DUE@C! U(!&A0(,I$&!I$9,(!"9/P,%!49$'&!=().7-.01(QRS(2-0.-#6.C'%(P(*2().7-.01(
$#-)26%-02*%8(#-0#*#7.C'%(%0(2@&#*'%I(a.7-.01(=(10B.C'%(D(C'.(-%("%*K/%(<2&()%(*+E0"%()%(
*2(<%"&#--%()'(&%'*($2.0()+%H.&0%"(62.&(&%("1$K"%(=(P(&#-(27."(D8(%**%(<"1&%-0%(%-(%$$%0('-(
=(G2"2G0K"%()3-26.C'%(D(%-(102-0(=(G#-&0"'.0%(<2"(GB2G'-(6#3%--2-0(*+%H%"G.G%()%(&2(
*.@%"01(D(DC!>,'",1!"&(#'!3&"!/$%&$."1!=(*2().7-.01(2()%'H().6%-&.#-&I(,-%(<%"&#--%8(
0#'0(%-(72")2-0(&2().7-.018(C'%(-#'&(C'2*.$.%"#-&()%(=($#-)26%-02*%(D8(<%'0(G#--2e0"%(
)%&(G#-).0.#-&()%(/.%(0%**%6%-0(2/.*.&&2-0%&(#'(27."()%($2W#-(&.(G#-0"2."%(2'H(<".-G.<%&(
)+B'62-.01( C'+%**%( =(<%")( &2( ).7-.01(DI(`2.&( 2*#"&8( G%( -+%&0( <2&( *2( ).7-.01( )%( *+E0"%(
B'62.-(C'.(%&0("%6.&%(%-(C'%&0.#-(62.&(*2().7-.01()%(&#-(2G0.#-I(,-%(%&0(*2().7-.01()%(
*+E0"%(B'62.-8().7-.01(2@&#*'%(&+.*(%-(%&08(2'0"%(%&0(*2().7-.01()%(*+2G0.#-8().7-.01(2'H(
6'*0.<*%&(62-.$%&020.#-&(DU@\I((
d*dC!8&!3#'3&0%!4&!4,P',%<!=(2G0'1%(D(.&';#,&!4#'3!E!$'&!/33&0%,#'!@#4&.'&!4&!
(/! 4,P',%<C! R&! 4,"%,'P$/'%! 4&! (/! 4,P',%<! J#'4/@&'%/(&! I$,! &"%! $'! /?"#($1! (/!
4,P',%<! i!2G0'1%(D! &"%! 3#'%,'P&'%&1! &'! 3&! "&'"! I$9,(! "9/P,%! ! 4&! 3&! I$&! 35/3$'!
i!J/,%!j! 4&! "/! 4,P',%<1! 0/.! (/! .</(,"/%,#'! 49/3%&"! ,@0(,I$/'%! "/! 0&."#''&C! 8&"!
.&(/%,#'"! "&A$&((&"! 4#'%! ,(! &"%! J/,%! <%/%! 4/'"! (9/..D%! nC! >C! &%! >C! 2C! 3#'%.&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%))!m6!c/A323-!:;/#6(+6-!56!!%)*!U6!b3@/,H-!J!VM<3H32!5A`K1B!H2!53<>2B>1<,!1,H101HA2KK2!N-! ()!5-:(+#;-:<;"6+(>J#3"79"#="#
*%#-"6C"-6C"#P9-(=(G9"-!Q6T6!HMb1Y!c/3=21KK2-!#44%-!56!"&)%!2>!=6!%*4!m6!c/A323-!:;/#6(+6!56!&"6!!
! #"$
N&(P,I$&1!(&!35/'P&@&'%!4&"!"&A&"!05=",#(#P,I$&!&%!+$.,4,I$&!4$!%./'""&A$&(!
&'!3#'"%,%$&'%!4&"!,(($"%./%,#'"!.&@/.I$/?(&"C!
d*eC!:'&!%&((&!/33&0%,#'!.&'#$;&(<&!4$!3#'3&0%!4&!4,P',%<!&"%!"<4$,"/'%&C!O((&!
0&.@&%! 4&! .&'4.&! /33&0%/?(&1! 49$'! 0#,'%! 4&! ;$&! %5<#.,I$&1! (&"! /%%&,'%&"! /$!
0.,'3,0&! J#'4/@&'%/(! 4&! .&"0&3%! 4&! (/! 4,P',%<! 5$@/,'&C! X'! 0&$%! /(#."! "&!
4&@/'4&.! "9,(! '&! /P,%! 0/"! 4&! +$"%,J,&.! (9/%%&,'%&! /$! 0.,'3,0&! 4&! .&"0&3%! 4&! (/!
4,P',%<! 5$@/,'&!49$'&!@/',B.&! 4<%#$.'<&C!X$!0($%t%1! "#$"! 3#$;&.%! 4&! J/,.&!
<%/%1!49$'!0#,'%!4&!;$&!4#3%.,'/(1!49$'&!<;#($%,#'!"<@/'%,I$&!4&!(/!4,P',%<!/$!
.&P/.4! 4&! (9<;#($%,#'! 4&"! @]$."1! '&! "9/P,%[,(! 0/"! 49$'&! +$"%,J,3/%,#'!
,'%&((&3%$&((&@&'%! 3#@@#4&!49/%%&,'%&"! ,'%#(<./?(&"! /$! .&"0&3%! 4&! (/! 4,P',%<!
5$@/,'&1!@/,"!3#'J#.%<&!0/.!(/!0.#@#%,#'!4&!(9/$%#'#@,&!0&."#''&((&!v!29$'!
/$%.&!0#,'%!4&!;$&1! 3&%%&!'#$;&((&! /33&0%,#'!4&! (/!4,P',%<!'&! 3#@0(B%&[%[&((&!!
0/"!!&JJ,3/3&@&'%!(/!0.&@,B.&1!/$+#$.495$,!4<0/""<&!v!
d*fC! U(! .&"%&! /(#."! E! 4<%&.@,'&.! ",! 3&%%&! i!'#$;&((&!j! 4,P',%<! "9#00#"&!
3#'3&0%$&((&@&'%!E!"/!@/%.,3&1!(/!4,P',%<!J#'4/@&'%/(&1!#$!",!&((&!(/!3#@0(B%&C!
O'!49/$%.&"!%&.@&"1!,(!3#';,&'%!4&!"&!4&@/'4&.!",!3&%%&!4,P',%<!=(2G0'1%(D!&"%!$'!
P/(;/$4/P&! "<@/'%,I$&! 4&! (/! 4,P',%<! #.,P,'&((&1! I$,! 2( <".#".! '&! 0&$%[D%.&!
4<3(,'<&1! %/'%!&"%!P./'4!(&!4/'P&.!4&! (/!4<'/%$.&.1!#$!$'&!4<3(,'/,"#'!%#$%!E!
J/,%!#00#.%$'&!4&!3&((&[3,C!4(<".#".1!(/!4,P',%<!i!2G0'1%(j!&'!%/'%!I$&!J#'4&@&'%!
4$!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&!&"%!$'&!,'&0%,&C!!
!
! !
! #"%
'=F:BDE) W)S) !E) QDE<=K=E:) BE=C:=) A;) ?=MA?<) <=) @/DZ`=:) <=>) <?DB:>)
QDE<AK=E:A;])
)
)
d*gC!8&!I$/(,J,3/%,J!&@0(#=<!'9&"%!0/"!%.#0!J#.%C!O'!&JJ&%1! (/!4,P',%<!"$?+&3%,;&!
'&!0&$%!J#'4&.!$'!4.#,%!J#'4/@&'%/(1!3/.!&((&!'9/!/$3$'&!;&.%$!'#.@/%,;&!TY8U!
&%! 0#$../,%! /;#,.! 0#$.! &JJ&%! 0&.;&."! (&! 4<@/'%B(&@&'%! %5<#.,I$&! 4&! (/!
0.#%&3%,#'!4&"!4.#,%"!J#'4/@&'%/$A!TYWUC!!
((
(
Y8)S)./AZ>=EF=)<=)J=?:;)ED?KA:BJ=)<=)@A)<BMEB:G)>;Z`=F:BJ=)
)
)
d*cC! 2/'"! $'! 0.&@,&.! %&@0"1! '#$"! 0.#0#"#'"! 4&! @#'%.&.! I$&! (/! 4,P',%<!
"$?+&3%,;&! &"%! ,'"$"3&0%,?(&! 4&! .<P$(&.! (&"! 3#@0#.%&@&'%"! 5$@/,'"! T,U1! /$!
3#'%./,.&!4&!(/!4,P',%<!#?+&3%,;&1!&'!4<0,%!4&"!4,JJ,3$(%<"!49,'%&.0.<%/%,#'!4&!3&%%&!
4&.',B.&C! 2/'"! $'! "&3#'4! %&@0"1! '#$"! ,(($"%.&.#'"! '#%.&! 0.#0#"! /;&3! (/!!
+$.,"0.$4&'3&!,'%&.'&!TNUR)!
!
,O) .A) <BMEB:G) >;Z`=F:BJ=3) BE>;>F=C:BZ@=) <=) ?GM;@=?) @=>) FDKCD?:=K=E:>)
H;KABE>)
)
d*kC!8/!4,P',%<!"$?+&3%,;&!&"%!$'&!;/.,/'%&!i!J#$..&[%#$%!j!4&!(/!4,P',%<!#?+&3%,;&!
&%! 0.#4$,%! $'&! 4<3#'"%.$3%,#'! 4&! (/! '#%,#'! T8UC) >,'",1) 0/.! "#'! ,'"%/?,(,%<!
#'%#(#P,I$&1!&((&!'&!3#@0(B%&!0/"1!@/,"1!/$!3#'%./,.&1!;,&'%!/JJ/,?(,.!(/!'#.@&!4&!
3#@0#.%&@&'%!I$&!3#'"%,%$&!(/!4,P',%<!#?+&3%,;&!TWUC!!
! !
! #"&
8O).A)<GFDE>:?;F:BDE)<=)@A)<BMEB:G)DZ`=F:BJ=)
!
db-C!8&!%&.@&!i!J#$..&[%#$%!j!&"%!$%,(,"<!0/.!Z@&!NC!Z/$.&.!"9/P,""/'%!4$!4.#,%!/$!
.&"0&3%! 4&! (/! ;,&! 0.,;<&! ,'"3.,%! E! (9/.%,3(&! c! 4&! (/! 7#';C! OC!2C!Q%*"C! O'! &JJ&%1! (/!
4,P',%<! "$?+&3%,;&!0&.@&%! (/! "/%,"J/3%,#'!4&! .&;&'4,3/%,#'"!4&! i!4.#,%"! Ey!j1! /$!
'#@!0.<3,"<@&'%! 4&! 3&((&[3,C! S&0.&'#'"! /(#."! (&! %&.@&! %.B"! <;#3/%&$.! 4&!ZC! 6C!
2,&'&.1!3&($,!4&!4<3#'"%.$3%,#'%*#!H!"&(#'!'#$"1!(/!4,P',%<!"$?+&3%,;&!#$!=(2G0'1%(D!
#0B.&! $'&! 4<3#'"%.$3%,#'! 4&! (/! 4,P',%<! #?+&3%,;&C! >(#."! I$&! (/! "&3#'4&! &"%!
J<4<./%.,3&1! (/!0.&@,B.&! +$"%,J,&!/$!3#'%./,.&! %#$%&"!"#.%&"!4&!3#@0#.%&@&'%"!I$,!
,(($"%.&'%! (9,'4,;,4$/(,"@&! "#3,/(! 3#'%&@0#./,'C! 2/'"! $'! <(/'! 4&! .&;&'4,3/%,#'!
4&! "/! 0.#0.&! 4,P',%<1! ,(! "9/P,%! /(#."1! /,'",! I$&! (/! +$.,"0.$4&'3&! 4&! (/! 7#$.! 4&!
R%./"?#$.P!(9,(($"%.&1!49&A,P&.!4$!+$P&!I$9,(! (&"!P/./'%,""&!3#@@&!<0,05<'#@B'&!
49$'!4.#,%!J#'4/@&'%/(1!&%!0/.%,3$(,B.&@&'%1!#'!(9/!@#'%.<1!4$!4.#,%!/$!.&"0&3%!4&!
(/!;,&!0.,;<&C!!
db)C!8/!4,P',%<!#?+&3%,;&!&"%!$'&!'#%,#'!I$,!;,"&!E!<;,%&.!(9,'"%.$@&'%/(,"/%,#'!4$!
3#.0"! 5$@/,'! /$! "&'"! #h! ,(! "&./,%! .<4$,%! E! (9<%/%! 4&! 35#"&! 4<P./4<&1! /;,(,&C! 8/!
4,P',%<!#?+&3%,;&!&"%!4#'3!$'&!'#.@&1!@D@&!",!"/!'/%$.&!+$.,4,I$&!.&"%&!/@?,P$&C!
O'! &JJ&%1! 3&((&[3,! 3#'%,&'%! =(*2( /2*%'"( #@*.720#."%( 2002GB1%( P( '-%( "K7*%( )%( G#-)'.0%(D1!
.&';#,&!E!(/!=(62-.K"%()#-0(.*(G#-/.%-0()%().".7%"(&#-(2G0./.018(*2(610B#)%(P(&'./"%(DU@g1!
#$!&'3#.&!&((&!3#'"%,%$&!$'!=(03<%(G#-G"%0(#'($#"6'*%(2@&0"2.0%()%(G%(C'.()#.0(E0"%8(%-(
0#'0( G%( C'.( 2)6%0( '-( ?'7%6%-0( )%( /2*%'"(J( .)12*8( @'08( "K7*%8( 6#)K*%(DU@U C! >$! %#%/(1!
3#@@&! %#$%&! /$%.&! '#.@&1! (/! 4,P',%<! 4/'"! "#'! "&'"! #?+&3%,J! =(%H<".6%( *+.)1%( C'%(
C'%*C'%(GB#&%()#.0(E0"%(#'(&%(<"#)'."%8(%-(<2"0.G'*.%"(C'+'-(B#66%()#.0(&%(G#-)'."%()+'-%(
G%"02.-%($2W#-(DI(O((&!&"%!=('-()%/#."(E0"%(DU@fC!O%!(/!'#.@&1!0/.3&!3&!I$9&((&!&"%!=('-(
)%/#."(E0"%(D1! 4#,%! ,@0<./%,;&@&'%!0.<"&'%&.! 3&.%/,'&"!I$/(,%<"1! "#$"!0&,'&!49D%.&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%*"!m6!c/A323-!:;/#6(+6-!56!%"(!2>!=6!%*#!Q6!912,23-!53LB6!!%*$!U6!7<3,A-!L:6%H9*%(-"#P9-(=(G9"-!Q6T6G6-!0O!J!,<3@2!N6!!%*%!b6! V/K/,H2-! L:6%H9*%(-"# +"6C)(G9"# "+# 6-(+(G9"# ="# *%# ;C(*:<:;C("-! Q6T6G6-! #44'-! 0O!
J!,<3@2!N6!%*&!:6!l2K=2,-!:;/#6(+/J#=5LB6!56!"#6!
! #"'
,'3#@0.,"&! &%! 4#'3! '#'! #?<,&C! 6/.3&! I$9&((&! &"%! $'! P$,4&! 4&"! 3#@0#.%&@&'%"!
5$@/,'"1! "#'! $',3,%<! &"%! ,'4,"0&'"/?(&C! X.1! (/! 4,P',%<! "$?+&3%,;&! &'! %/'%! I$&!
;&.",#'! @#4&.'&! 4&! (/! 4,P',%<! #?+&3%,;&! '&! 0.<"&'%&! 0/"! "&"! I$/(,%<"C! >$!
3#'%./,.&1! &((&! "&! 0.<"&'%&! 3#@@&! $'&! '#%,#'! J($3%$/'%&1! 35/'P&/'%&C! O((&!
3#'"%,%$&! (9/4/0%/%,#'! 4&! (/! 4,P',%<! #?+&3%,;&! /$A! .&;&'4,3/%,#'"! ,'4,;,4$&((&"!
3#'%&@0#./,'&"C!
!
db*C! 89/?"&'3&! 4&! ;&.%$! '#.@/%,;&! 4&! (/! 4,P',%<! "$?+&3%,;&! .&';#,&! E!
(9/JJ/,?(,""&@&'%!4&!(/!"#$;&./,'&%<!<%/%,I$&!I$&!@/,'%,&'%!J,'/(&@&'%!(/!4,P',%<!
#?+&3%,;&C!O'!&JJ&%1!3&(/!/!<%<!"#$(,P'<1!(/!4,P',%<!#?+&3%,;&!3#'"%,%$&!$'&!'#.@&!4&!
3#@0#.%&@&'%!!&JJ,3/3&!4/'"!(&!"&'"!#h!&((&!0&.@&%!4&!@/,'%&',.!(9#.4.&!"#3,/(1!&'!
(,@,%/'%!(&"!0#"",?,(,%<"!4&!4,"0#"&.!4&!"#'!3#.0"!0/.!(9,'4,;,4$C!>,'",1!(&"!;/(&$."!
,'4,;,4$&((&"! 4#,;&'%! "9,'%<P.&.! E! (9#.4.&! "#3,/(! ,@0#"<! 0/.! (9O%/%1! ;#,.&! E! 3&($,!
I$,! &"%! ,""$! 4$! "="%B@&! +$.,4,I$&! &$.#0<&'C!2$!0#,'%!4&! ;$&!4&! (/!4,"0#",%,#'!
3#.0#.&((&1!3&(/!",P',J,&!I$&!(9,'4,;,4$!'&!0&$%!4,"0#"&.!4&!"#'!3#.0"!I$&!4/'"!(/!
(,@,%&! ,@0#"<&!0/.! (&!4.#,%C!X.1! (/! "$?+&3%,;,"/%,#'!4&! (/!4,P',%<!0/.! (&! 0.,'3,0&!
49/$%#'#@,&! 0&."#''&((&! .&@&%! &'! 3/$"&! 3&%! <I$,(,?.&1! 0$,"I$9,(! ,@0(,I$&!
4/;/'%/P&! 4&! (,?&.%<! ,'4,;,4$&((&C! >,'",1! E! (/! J#,"! (/! "#$;&./,'&%<! 4$! "="%B@&!
&$.#0<&'!4&!0.#%&3%,#'!4&"!4.#,%"!J#'4/@&'%/$A1!&%1!4&!J/_#'!0($"!0&.%,'&'%&!/$!
;$!4&!(/!"$?",4,/.,%<!4&!3&!4&.',&.1!3&((&!4$!4.#,%!J./'_/,"1!"#'%!.&@,"&"!&'!3/$"&C!
8/!4,P',%<!"$?+&3%,;&!&@0#.%&!=(=()1-#"620./.&20.#-(D()%(*2().7-.01(#@?%G0./%8(%0()#-G(
2$$2.@*.&&%6%-0( )'( G2"2G0K"%( G#-0"2.7-2-0( )'( &3&0K6%( ?'".).C'%( P( &#-( %-)"#.0I( 4.-&.8(
*+2'0#-#6.%(<%"&#--%**%(62"C'%(*2("'<0'"%(%-0"%(*2(-#'/%**%(*.@%"01()+2G0.#-(.-)./.)'%**%(
%0(*%(&3&0K6%(%'"#<1%-()%(<"#0%G0.#-()%&()"#.0&()%(*+B#66%(2.-&.(C'%(*+>0208(2'(&%-&(#Y(.*&(
G#-&0.0'%-0(=('-(.-&0"'6%-0(0%GB-.C'%(2'(&%"/.G%()%(/2*%'"&(G#**%G0./%&(D8(102-0(%-0%-)'(
C'%(=(*+>020(Q%08(P(-#0"%(&%-&8(*%(&3&0K6%(?'".).C'%(%'"#<1%-(<"1G.01S(-%().&<#&%(<2&()+'-(
0%*(<#'/#."(2@&#*'(%0(-%().&<#&%(%-("12*.01(C'%()+'-(<#'/#."()1"./1(#'(=("17'*20%'"(D()#-0(
! #"(
*+10%-)'%(&%(*.6.0%(P(*2("12*.&20.#-()%(G%&(/2*%'"&(G#**%G0./%&(D1!.&@/.I$&!/;&3!./,"#'!ZC!
>C!49>=%#'%*'C!
!
dbbC!>,'",1! (/!4,P',%<!"$?+&3%,;&!&"%!&JJ,3/3&!4/'"!$'&! (#P,I$&!4&! +$"%,J,3/%,#'!4&!
3#@0#.%&@&'%"!I$,1!+$"%&@&'%1!"#'%!,'4<J&'4/?(&"!4$!0#,'%!4&!;$&!4&!(/!4,P',%<!
#?+&3%,;&C! 7&%%&! 4&.',B.&1! 0/.! (/! 5/$%&! 3#'",4<./%,#'! 4&! (9D%.&! 5$@/,'! I$9&((&!
,@0#"&1!4<J&'4! %#$%&!/%%&,'%&!/=/'%!0#$.!&JJ&%!4&! (&!4<'/%$.&.C! U(! "9/P,%! (E!4&! (/!
'#.@&!J#'4/@&'%/(&!I$9&((&!3#'%,&'%C!
)
WO)'=;@=)@A)<BMEB:G)DZ`=F:BJ=)=>:);E=)ED?K=))
)
dbdC! O'! 0.&@,&.! (,&$1! (/! 4,P',%<! #?+&3%,;&! &"%! ,'"3.,%&! 4/'"! (&"! 3#';&'%,#'"!
,'%&.'/%,#'/(&"!0.#%&3%.,3&"!4&"!4.#,%"!J#'4/@&'%/$A!<%$4,<&"!&'<"21!3&!I$,1!"&(#'!
'#$"1!&"%!$'!0.&@,&.!,'4,3&!0.#?/'%!4&!"#'!3/./3%B.&!'#.@/%,J1!@D@&!",!&((&!0&$%!
D%.&!",@0(&@&'%!<'#'3<&!4/'"!$'!0.</@?$(&1!E!(9,'"%/.1!0/.!&A&@0(&1!!4&!(/!2C!:C!
2C!QC!X.1!3&(/!'&!($,!3#'JB.&!2(<".#".!/$3$'&!J#.3&!+$.,4,I$&!3#'%./,P'/'%&C!U(!"9/P,%!
/(#."!49$'&!",@0(&!4<3(/./%,#'!49,'%&'%,#'C!S&@/.I$#'"! %#$%&J#,"!I$9,(! 3#';,&'%!
4&!'&!0/"!3#'J#'4.&!'#.@/%,;,%<!&%!J#.3&!3#'%./,P'/'%&1!3/.1!'#$"!&A0(,I$&!ZC!>C!
8/(/'4&1!=('-%(-#"6%(-+%&0(<2&(-1G%&&2."%6%-0('-%(*#.(-.('-(G#662-)%6%-0(J(%**%(<%'0(
E0"%('-(.)12*8(&2-&(2'G'-(G2"2G0K"%()+#@*.720.#-(DU@ZI(2&!0($"1! &%! 3&(/!;,&'%! 3#'J#.%&.!
'#%.&! ./,"#''&@&'%1! (/! 4,P',%<! x! %#$+#$."! 4/'"! "/! 4,@&'",#'! #?+&3%,;&! [! &"%!
3#'"/3.<&!&'!4.#,%!,'%&.'&!3#@@&!0.,'3,0&!E!;/(&$.!3#'"%,%$%,#''&((&C!>,'",1!4/'"!
$'&! 4<3,",#'! 3<(B?.&! 4$! *g! +$,((&%! )kkd! .&(/%,;&! /$! 3#'%.t(&! 4&"! '#$;&((&"! (#,"!
?,#<%5,I$&"1! (&!7#'"&,(! 3#'"%,%$%,#''&(1! "$.! (&! J#'4&@&'%!4&! (/!05./"&! (,@,'/,.&!
4$!6.</@?$(&!4&!(/!7#'"%,%$%,#'!4&!)kdf1!4<3(/.&!I$&!=(*2(&2'/%72")%()%(*2().7-.01(
)%( *2( <%"&#--%( B'62.-%( G#-0"%( 0#'0%( $#"6%( )+2&&%"/.&&%6%-0( %&0( '-( <".-G.<%( P( /2*%'"(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%*'!b6!HMbK><,-!53LB6-!56!"(%(!2>!=6-!=5LB6!56!"(&"6!%*(!b6!V/K/,H2-!:;/#6(+/!
! #")
G#-&0.0'0.#--%**%(DU@E I( 6($"! %/.41! 3&"! @D@&"! (#,"! ?,#<%5,I$&"! 4&! )kkd! "&.#'%! E!
(9#.,P,'&!4&!"#'!,'"3.,0%,#'1!4&!@/',B.&!%#$%!E!J/,%!"/3./(&1!E!(9/.%,3(&!)f!4$!7#4&!
3,;,(1!/,'",!I$&!'#$"!(9&A0(,I$,#'"!0($"!/;/'%%**C!89&""&'%,&(!&"%!I$&!4&0$,"!)kkd1!,(!
'&!J/,%!'$(!4#$%&!I$9&'!4.#,%!J./'_/,"1!(/!4,P',%<!4&!(/!0&."#''&!5$@/,'&!3#'"%,%$&!
$'&!'#.@&!3#'"%,%$%,#''&((&!I$&!4#,;&'%!.&"0&3%&.1!0/.!;#,&!4&!3#'"<I$&'3&1!%#$"!
(&"!/3%&"!+$.,4,I$&"!,'%&.'&"C!!
dbeC! O'! "&3#'4! (,&$1! (&! 3/./3%B.&! '#.@/%,J! 4&! (/! 4,P',%<! #?+&3%,;&! 0.#;,&'%1! E!
(9<;,4&'3&1! 4&! "#'! #.,P,'&! .&(,P,&$"&1! I$,! &((&[@D@&! .&';#,&! E! 4&"! 0.<3&0%&"!
3#5<.&'%"! 3#'3&.'/'%! (&! 3#.0"!5$@/,'1! /$AI$&("! ,(!4#,%!'<3&""/,.&@&'%! D%.&! J/,%!
#?<4,&'3&C! S/00&(#'"! ",@0(&@&'%! I$&! 3&$A[3,! ,'%&.4,"&'%! I$&! (9D%.&! 5$@/,'!!
0#.%&! /%%&,'%&! E! "#'! 3#.0"! #$! E! 3&($,! 49/$%.$,1! ",! 3&%%&! /%%&,'%&! /! 0#$.! &JJ&%! 4&!
?/J#$&.! "#'! 5$@/',%<1! I$/'4! ?,&'! @D@&! ,(! =! /! 3#'"&'%&@&'%C! O'! &JJ&%1! 3&(/!
.&;,&'%!E!0#.%&.!/%%&,'%&!E!2,&$!($,[@D@&C!2B"!(#."1!(/!4,"3$"",#'!'&!4#,%!0/"!D%.&!
0#"",?(&1! "#$"! 0&,'&! 4&! ;,4&.! 3&%%&! '#.@/%,;,%<!H! %#$%! 3#@0#.%&@&'%! I$,! =! J/,%!
#?"%/3(&!'&!4#,%!0/"!D%.&!/4@,"C!K#$"!(9/;#'"!@#'%.<1! (/!7#$.!OC!2C!QC1!4/'"!"/!
+$.,"0.$4&'3&! .&(/%,;&! /$A! %./,%&@&'%"! ,'5$@/,'"! #$! 4<P./4/'%"1! 3#'4/@'&!
&JJ,3/3&@&'%!4&!%&("!/P,""&@&'%"C!K#$"!(9/;#'"!<P/(&@&'%!3#'"%/%<1!3&!'9&"%!0/"!(&!
3/"!"9/P,""/'%!4&!"/!+$.,"0.$4&'3&!.&(/%,;&!E!(/!4,"0#",%,#'!3#.0#.&((&!H!/$!'#@!4$!
0.,'3,0&!49/$%#'#@,&!0&."#''&((&1!(9,'4,;,4$!4#,%!0#$;#,.!"&!J/_#''&.!($,[@D@&1!
/4#0%&.! 4&"! 3#@0#.%&@&'%"! /"",@,(/?(&"! E! 4&"! %#.%$.&"! #$! E! 4&"! /3%&"! 4&!
?/.?/.,&1!3#'4,%,#'!4&!"#'!0(/,",.!"&A$&(1!/$!'#@!4&!"/!4,P',%<!"$?+&3%,;&C!!
!
dbfC! 8&! 4.#,%! ,'%&.'&! 3#'"%,%$&! $'&! ,(($"%./%,#'! .&@/.I$/?(&! 4&! 3&! I$&! "&$(&! (/!
4,P',%<! #?+&3%,;&! 3#'"%,%$&! $'&! '#.@&! E! (/I$&((&! (&! +$P&! 0&$%! "&! .<J<.&.!
&JJ,3/3&@&'%!4/'"!3&%!#?+&3%,J!4&!.&"0&3%!4&!(/!;/(&$.!5$@/,'&C!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%*)!7<,=6! 7<,=>6! #(! .A1KK6! "**%-!5/! "**&6! #$(-! ,<>2!c/>I12A![!5/! "**&-! ;<@@6! #**-! <`=6!
G/0<32A6!%**!F6!<9;-%!1,>3<HAB>1<,-!56!##6!
! #"*
NO)#@@;>:?A:BDE)CA?)@A)`;?B>C?;<=EF=)BE:=?E=)
!
dbgC! 8/! +$.,"0.$4&'3&! /4@,',"%./%,;&! T8U! 0$,"! (/! +$.,"0.$4&'3&! +$4,3,/,.&! TWU!
"&.#'%!"$33&"",;&@&'%!/?#.4<&"C!
!
8O).A)`;?B>C?;<=EF=)A<KBEB>:?A:BJ=))
!
dbcC!S&0.&'#'"!$'&!/JJ/,.&!3<(B?.&!4&! (/! +$.,"0.$4&'3&!/4@,',"%./%,;&1!3&((&!4,%&!
4$! (/'3&.!4&!'/,'C!O((&! J$%! +$P<&! (&!*g!#3%#?.&!)kke!0/.! (&!7#'"&,(!49O%/%&44C!8&"!
J/,%"!"#'%!3#''$"C!U(!"9/P,""/,%!4$!"0&3%/3(&!4$!(/'3&.!4&!'/,'1!#.,P,'/,.&!4&"!0/="!
/'P(#["/A#'"1! 3#'","%/'%! E! (/'3&.! (&! 0($"! (#,'! 0#"",?(&1! /$! 4&""$"! 49$'! %/0,"!
4&"%,'<!E!(/!.<3&0%,#''&.1!$'&!0&."#''&!/%%&,'%&!4&!'/',"@&1!3&((&[3,!<%/'%!.&;D%$&!
49$'! 3#"%$@&! 4&! 0.#%&3%,#'C! 8&! ?$%! 4&! 3&%%&! 4<@#'"%./%,#'! <%/,%1! ?,&'!
<;,4&@@&'%1!49/@$"&.!(&!0$?(,3C!ZC!Z/'$&(!z/3p&'5&,@1!'/,'!4&!"#'!<%/%1!<%/,%!
&@0(#=<! 0/.! (/! "#3,<%<! G$'! 6.#4$3%,#'! /J,'! 4&! .</(,"&.! $'! %&(! "0&3%/3(&C! 7&!
4&.',&.!3#''/,""/'%!$'!3&.%/,'!"$33B"1!,(!"&!0.#4$,",%!4/'"!4,;&."&"!4,"3#%5BI$&"!
4&! G./'3&C! X.1! 0/.! $'! /..D%<! 4$! *e! #3%#?.&! )kk)1! (&! @/,.&! 4&! (/! 3#@@$'&! 4&!
Z#."/'P["$.[X.P&! 0.#'#'_/1! /$! ;$! 4$! 3/./3%B.&! 35#I$/'%! 4&! (9&A5,?,%,#'! I$&!
3#'"%,%$/,%! (&! (/'3&.!4&!'/,'1! (9,'%&.4,3%,#'!4$! "0&3%/3(&!4&!ZC!z/3p&'5&,@C!7&!
4&.',&.! 3#'%&"%/! 3&%%&! 4<3,",#'! 4&;/'%! (/! +$.,4,3%,#'! /4@,',"%./%,;&! I$,1! (&! *e!
J<;.,&.! )kk*1! /''$(/! (9/..D%<! 0.,"! 0/.! (&! @/,.&C! 7&($,[3,! ,'%&.+&%%/! /(#."! /00&(!
4&;/'%! (&! 7#'"&,(! 49O%/%C! 8/! +$.,4,3%,#'! /4@,',"%./%,;&! "$0.D@&1! =(;#-&.)1"2-0(
C'+.*( 2<<2"0.%-0( P( *+2'0#".01( .-/%&0.%( )'( <#'/#."( )%( <#*.G%(6'-.G.<2*%( )%( <"%-)"%( 0#'0%(
6%&'"%( <#'"( <"1/%-."( '-%( 200%.-0%( P( *+#")"%( <'@*.G(d( C'%( *%( "%&<%G0( )%( *2( ).7-.01( )%( *2(
<%"&#--%(B'62.-%(%&0('-%()%&(G#6<#&2-0%&()%(*+#")"%(<'@*.G(d(C'%(*+2'0#".01( .-/%&0.%()'(
<#'/#."( )%( <#*.G%( 6'-.G.<2*%( <%'08( 6E6%( %-( *+2@&%-G%( )%( G."G#-&02-G%&( *#G2*%&(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&44!7686-!#(!<B>6!"**&-!I/./5/I6!"**&-!556!*%#S*%%![!5/!"**'-!"((-!,<>2!U6!V2`32><,![!3/_/5/I/!
"**&-!)()-!B<,BK6!Q6!G3RH@/,![!V<,k!c6-!{21K!Q6-!m3/1`/,>!U6-!2/I/.I/!-!9/KK<p-!,O""#6!
!
! ##4
<2"0.G'*.K"%&8( .-0%")."%( '-%( 200"2G0.#-( C'.( <#"0%( 200%.-0%( 2'( "%&<%G0( )%( *2( ).7-.01( )%( *2(
<%"&#--%( B'62.-%(D1! +$P&! I$&! =(G+%&0( P( 0#"0( C'%8( <2"( *%( ?'7%6%-0( 2002C'18( *%( 0".@'-2*(
2)6.-.&0"20.$()%(r%"&2.**%&(2(<"#-#-G1(*+2--'*20.#-()%(*+2""E01()'(62."%()%(`#"&2-7T&'"T
F"7%( %-( )20%( )'( Uj( #G0#@"%( ^ii^(DC! O'! 3&(/1! &((&! "$,;,%! (&"! 3#'3($",#'"! 4&! "#'!
3#@@,""/,.&!4$!P#$;&.'&@&'%1!ZC!SC!G.=4@/'1!I$,!3#'",4<./,%!I$&!(&!"0&3%/3(&!
4$!(/'3&.!4&!'/,'!3#'"%,%$&!$'&!/%%&,'%&!E!(/!4,P',%<!4&!(/!0&."#''&!5$@/,'&1!3/.!
(&!'/,'!&"%!/(#."!%./,%<!/;&3!/;,(,""&@&'%1!0$,"I$&1!(#."!4&!3&!"0&3%/3(&1!,(!'9&"%!0($"!
$'!5#@@&!@/,"!$'!0#,4"!(/'3<!49$'!3/'#'1!3&(/!<%/'%!.&'4$!0#"",?(&!P.u3&!E!"/!
0&%,%&!%/,((&C!>,'",1!(&!(/'3&.!4&!'/,'!3#'"%,%$&!$'&!/%%&,'%&!'#'!0/"!E!(/!4,P',%<!4$!
'/,'!&'!3/$"&1!ZC!z/3p&'5&,@1!@/,"!E!3&((&!4&!%#$%&"!(&"!0&."#''&"!/%%&,'%&"!4&!
'/',"@&1! I$,! "&! "&'%,./,&'%! ./?/,""<"! /$! ./'P! 4&! 35#"&! /@$"/'%&1! ;#,.&!
@<0.,"/?(&1! 0/.! (&! 0$?(,3C! =(5%( @'0()'( *2-G%"()%(-2.-&(u( %0( G+%&0( G%( C'.( $2.0( 0#'0( &#-(
.-01"E0(<#'"(*%(&<%G020%'"(T(-+%&0(1/.)%66%-0(<2&()%(*2-G%"('-(<#.)&(*%(<*'&(*#.-(<#&&.@*%8(
62.&()%(*2-G%"(2/%G(/.#*%-G%(%0(&2-&(2'G'-(172")(<#'"(%**%('-%(<%"&#--%(B'62.-%8(C'.(&%(
0"#'/%(2.-&.(0"2.01%(G#66%('-(&.6<*%(<"#?%G0.*%8(G+%&0TPT)."%("2@2.&&1%(2'("2-7()+#@?%0I(>-(
#'0"%8( G%( -+%&0( <2&( -+.6<#"0%( C'%**%( <%"&#--%( C'.( %&0( *2-G1%8( 62.&8( &<1G.$.C'%6%-0( %0(
%HG*'&./%6%-08('-(-2.-I(F"8(G%0(1020()%($2.0(QRS(0.%-0(%&&%-0.%**%6%-0(QRS(P(*+.-01"E0(C'%(
&'&G.0%8( GB%A( '-( *2"7%( <'@*.G8( *2( 6.&%( %-( 1/.)%-G%( )+2-#62*.%&( <B3&.C'%&( 0%**%&( C'%(
*+2GB#-)"#<*2&.%(#'()+2'0"%&($#"6%&()%(-2-.&6%I(4'&&.(G%00%(200"2G0.#-("%-/#.%T0T%**%(QRS(
2'( &%-0.6%-0( #@&G'"( %0( <"#$#-)16%-0( <%"/%"&( &%*#-( *%C'%*( G%"02.-%&( <%"&#--%&(
G#-&0.0'%"2.%-08( )'( $2.0( )%( *%'"( B2-).G2<( #'( )%( *%'"( 2<<2"%-G%( <B3&.C'%8( )%&( E0"%&(
B'62.-&()%(&%G#-)("2-7(%0(&'&G%<0.@*%&8()K&(*#"&8()+E0"%(0"2.01&(G#66%(0%*&(D1! &A0(,I$/,%!
(&! 3#@@,""/,.&! 4$! P#$;&.'&@&'%1! /;/'%! 49/+#$%&.! =>-$.-8( #-( #@&%"/%"2( C'%( *%&(
"12G0.#-&(P(G%(&<%G02G*%(GB%A( *%&(-2.-&(%'HT6E6%&8(-%(&#-0( QRS(<2&(6#.-&()1$2/#"2@*%&I(
;+%&0(2.-&.(C'%(*+4&&#G.20.#-(-20.#-2*%()%&(<%"&#--%&()%(<%0.0%(02.**%(2($2.0(G#--2e0"%(&#-(
.-).7-20.#-(P(G%(&'?%08(%-(&#'*.7-2-0(QRS(C'%(*2(<"#0%&020.#-()%(*+#<.-.#-(<'@*.C'%($2G%(P(
'-%( 0%**%( 200"2G0.#-( &%"2.0('-2-.6%( &.( G+102.0( P('-(2-.62*( C'+#-( .-$*.7%2.0( *%( 0"2.0%6%-0(
! ##"
2.-&.(&'@.(<2"(*%(-2.-(Df\DC!89/.P$@&'%/%,#'!4$!3#@@,""/,.&!4$!P#$;&.'&@&'%!&"%!
/,'",! $'&! .&@/.I$/?(&! /0#(#P,&! 4&! (/! 4,P',%<! 5$@/,'&! 4/'"! "#'! /33&0%,#'!
#?+&3%,;&C! K</'@#,'"1! ,(! &"%! 0,I$/'%! 4&! .&(&;&.! I$&! "&(#'! ZC! z/3p&'5&,@1! (/!
4<3,",#'! 49,'%&..#@0.&! (&! "0&3%/3(&! 0#.%/,%! /(#."! /%%&,'%&! E! "/! 0.#0.&! 4,P',%<1!
3&((&[3,! (&! .&';#=/'%! E! (/! ",%$/%,#'! 0.<3/,.&! 4/'"! (/I$&((&! ,(! "&! %.#$;/,%! /;/'%!
49D%.&! &@0(#=<! 0/.! (/! "#3,<%<! G$'! 6.#4$3%,#'! I$,! (&! 0/=/,%! /(#."! *-! ---! J./'3"!
@&'"$&("C!>,'",1!#'!3#'"%/%&!I$&!0/.!3&%%&!4<3,",#'1!(&! +$P&!,'%&.4,%!/$!0.,'3,0/(!
,'%<.&""<!%#$%!0#$;#,.!49/00.<3,/%,#'!3#'3&.'/'%!"/!4,P',%<C!N,&'!0($"1!3&($,[3,!($,!
4<J&'4! 4&! 3#'",4<.&.! I$9&'! &A&._/'%! 3&%! &@0(#,1! ,(! '&! 0#.%&! 0/"! /%%&,'%&! E! "/!
4,P',%<! @/,"1! /$! 3#'%./,.&1! (/! .&"0&3%&! %#$%! E! J/,%C! S/00&(#'"[(&1! /;/'%! 49D%.&!
&@0(#=<!0/.!(/!"#3,<%<!G$'!6.#4$3%,#'1!ZC!z/3p&'5&,@!!=(/./2.0()2-&(*2(&#*.0')%(%0(
&%( 0"#'/2.0( 2'( GBk627%(D f\[ C! >$"",! 0&$%[#'! "&! 4&@/'4&.1! E! (9,'"%/.! 4&! ZC! OC!
2&3/$A!H!=(FY(G#66%-G%(%0(#Y(&+2""E0%( *2().7-.01(�(>&0TG%( *2(6.&K"%()'(&<%G02G*%(#'( *%(
&<%G02G*%()%(*2(6.&K"%(C'.(-#'&(GB#C'%(*%(<*'&(<"#$#-)16%-0(�(Df\gC!!
dbkC!2B"!(#."1!/$"",!.<;#(%/'%!I$&!3&(/!0$,""&!0/./a%.&1!(/!'#.@/%,;,%<!4&!(/!4,P',%<!
#?+&3%,;&!,@0(,I$&!49/%%&'%&.!E!(/!(,?&.%<!4&!(9,'4,;,4$1!4/'"!(/!@&"$.&!#h!#'!($,!
4,3%&!"#'!3#@0#.%&@&'%C!R,!(&!7#'"&,(!49O%/%!/;/,%!3#'",4<.<!+$"%,J,<&!(/!4<3,",#'!
4$!+$P&!4&!V&."/,((&"1!,(!/$./,%!3/$%,#''<!(/!3#'3&0%,#'!"$?+&3%,;&!4&!(/!4,P',%<1!3&!
I$,! /$./,%! .$,'<! (/! 3#'3&0%,#'! 4&! (/! 4,P',%<! #?+&3%,;&C! 2&! 0($"1! ,(! /$./,%!
,'4,.&3%&@&'%!3#'",4<.<!I$&!(/!4,P',%<!4&!(/!0&."#''&!5$@/,'&!"&!%.#$;&!4/'"!(&!
3#@@&.3&!+$.,4,I$&1!0$,"I$&!(/!0&."#''&!/%%&,'%&!4&!'/',"@&1!'#$"!(9/;#'"!<3.,%1!
<%/,%! .<@$'<.<&C!=(L:O*(-%(&2'"2.0(E0"%(C'%&0.#-()%($2."%(<"1/2*#."( *+2/2-027%(<1G'-.2."%(
)+'-(.-)./.)'(&'"(*%(&#'G.()+1/.0%"(*+B'6.*.20.#-()+'-%(G#66'-2'01(%-0.K"%(D1!.&@/.I$&!
$'! /$%&$.&4%C! 2&! 3&! 0#,'%! 4&! ;$&1! (/! 4,P',%<! #?+&3%,;&! 0&$%! <P/(&@&'%! 0/./a%.&!
@#./(,"/%.,3&C!6#$.%/'%1! (&!3#@@,""/,.&!G.=4@/'!"#$5/,%/,%!/JJ,35&.!(&!3#'%./,.&1!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&4"!7<,BK6!G3RH@/,!==6!7686!#(!,<06!"**&-!(H(=/!&4#!K="$/!&4$!86!92B/AY-!J!91k,1>L!2>!A,1023=/K1>L!N-! ()!5(&)(+,#C9$%()"#"+#C(,-%-6C("#="<#7%*"9-</#!"<#
*($(+"<#(--,=96+(H*"<-!H136!c/3BA=!:2K@<,=-!m3AY2KK2=-!m3ARK/,>-!"***-!56!"()6!!&4%!QI6! G3A@23-! !%# -"):)6(%+(:)# %9O# =-:(+<# "+# !(H"-+,</# !%# 0:)7")+(:)# 89-:;,"))"# ="<#
5-:(+<#="#*B?:$$"#W#*B,;-"97"#="#*%#=(&)(+,#()=(7(=9"**"-!m3ARK/,>-!m3AY2KK2=-!#44"-!56!$4"6!
! ###
0.<3,"/'%!I$&! (/!4,P',%<!'9&"%!0/"!$'&!'#%,#'!"<@/'%,I$&@&'%!&A%&'",?(&C!O'J,'1!
'#%#'"! I$&! "&(#'! $'&! 0/.%,&! 4&! (/! 4#3%.,'&1! (/! 4<3,",#'! 4$! 7#'"&,(! 49O%/%1! &'!
@&%%/'%!(9/33&'%!"$.!(&!5/'4,3/0!4&!ZC!z/3p&'5&,@1!/$./,%!0.<3,"<@&'%!,'4$,%!(/!
3#'3($",#'! ,';&."&&4&!H! 0$,"I$&! 3&!4&.',&.! <%/,%! /%%&,'%!4&!'/',"@&1! ,(!@&%%/,%! &'!
"3B'&!$'!5/'4,3/0!,'"$00#.%/?(&1!3&!I$,!'9/$./,%!0/"!<%<!(&!3/"!4/'"!(/!",%$/%,#'!
3#'%./,.&C!U(!"&!"&./,%!",@0(&@&'%!/P,!49$'!5#@@&!I$,!"&!@&%!&'!"0&3%/3(&!3#@@&!
$'! ?#$(&%! 4&! 3/'#'C!7&! '9&"%! 4#'3! 0($"! (&! "0&3%/3(&! &'! ($,[@D@&! I$,! 3#'"%,%$&!
(9/%%&,'%&!E!(/!4,P',%<1!@/,"!(&!5/'4,3/0!4&!'/',"@&C!
!
WO).A)`;?B>C?;<=EF=)`;<BFBAB?=)
!
dd-C!:'!"&3#'4!&A&@0(&!4&!(/!I$/(,%<!'#.@/%,;&!4&!(/!4,P',%<!#?+&3%,;&!0&$%!D%.&!
%.#$;<! 4/'"! (/! +$.,"0.$4&'3&! +$4,3,/,.&C! U(! "9/P,%! 4$! +$P&@&'%! 4,%! i!N&'&%%#'!j1!
.&'4$!0/.!(&!`WU!4&!6/.,"!(&!)&.!J<;.,&.!)kke&4'C!U(!<%/,%!I$&"%,#'1!0#$.!(9&""&'%,&(1!
49$'&!3/@0/P'&!0$?(,3,%/,.&!N&'&%%#'!0#$.!(/I$&((&!/;/,&'%!<%<!05#%#P./05,<&"1!
0$,"!&A0#"<&"!/$!0$?(,31!4&"!0/.%,&"!4&!3#.0"!5$@/,'"1!39&"%[E[4,.&!$'!%#."&1!$'!
?/"[;&'%.&! &%! $'! J&"",&.! '$"1! 3&$A[3,! <%/'%! /JJ$?(<"! 4&! (/! @&'%,#'!=(n:r(
!FM:9:r>(DC! :'&! /3%,#'! &'! .&"0#'"/?,(,%<! J#'4<&! "$.! (/! ;,#(/%,#'! 4$! 4.#,%! /$!
.&"0&3%! 4&! (/! ;,&! 0.,;<&! 0.<;$! E! (9/.%,3(&! k! 4$! 7#4&! 3,;,(! J$%! &'P/P<&! 0/.! 4&"!
,'%&.;&'/'%"!;#(#'%/,.&"!&%!'#%/@@&'%!(9>P&'3&!J./'_/,"&!4&!($%%&!3#'%.&!(&!",4/C!
dd)C!8&!%.,?$'/(!.&J$"&!4&!3#'4/@'&.!(/!"#3,<%<!N&'&%%#'!0#$.!;,#(/%,#'!4$!4.#,%!
/$!.&"0&3%!4&!(/!;,&!0.,;<&1!3&($,[3,!'&!0#$;/'%!D%.&!,';#I$<!I$&!0/.!(&!%,%$(/,.&!
4,.&3%! &%! ,'4,;,4$&(! 4$! 4.#,%! &'! 3/$"&C! 7&0&'4/'%1! ,(! +$P&! I$&! (&"! ,'4,;,4$"!
@/(/4&"! 4$! ",4/! #'%! "$?,! $'! 0.<+$4,3&! /$! .&P/.4! 4&! (9/%%&,'%&! E! (/! 4,P',%<!
5$@/,'&1!(/!"#3,<%<!N&'&%%#'1!&'!4,JJ$"/'%!$'&!%&((&!3/@0/P'&!0$?(,3,%/,.&1!/=/'%!
/?$"<!4&!"/!(,?&.%<!49&A0.&"",#'C!>,'",1!&'!"%,P@/%,"/'%!4&!(/!"#.%&1!E!%./;&."!3&%%&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&4&!\6S7I6!G3<@2,>-!J!,<>2=!H2!.A31=53AH2,B2!N-!3/5/1/-!"**'-!56!&&$!2>!=6!&4'!g6U6+6! Q/31=-! "23! _L036! "**&-! 56! "**&6! &'*-! ,<>2! 8H2K@/,![! 56! "**(6! ;<@@6! )*-! <`=6!
:/==K236!F6!KM/33d>!B<,_13@/>1_!76b6!Q/31=-!#)!@/1!"**'-!56!"**'6!'"(-!,<>2!8H2K@/,6!!
! ##$
3/@0/P'&! 0$?(,3,%/,.&1! (&"! 0&."#''&"! /%%&,'%&"! 4$! ",4/1! (/! "#3,<%<! N&'&%%#'! (&"!
&A3($%! 4$! 3#@@$'! 4&"! 5#@@&"1! &((&! ?/J#$&! (&$.! 5$@/',%<C! =(400%-)'8( %-( %$$%08(
C'+%-( *+1020( 2G0'%*( )%&( G#--2.&&2-G%&8( *+.-$%G0.#-( <2"( *%(nI( :I( rI( )%6%'"%( '-%( 2$$%G0.#-(
%$$"232-0%(%08(G#66%(0%**%8(&'&G%<0.@*%()%(<"#/#C'%"8()%(62-.K"%(<*'&(#'(6#.-&(G#-&G.%-0%8(
)%&(62-.$%&020.#-&()+%HG*'&.#-(#'()%("%?%08(/#."%()+B#&0.*.01(d(C'+2&&#G.%"8(<2"(*%(@.2.&()+'-%(
.-&G".<0.#-( 2<<#&1%( %-( )./%"&( %-)"#.0&( -#-( )1-'1&( )%( &.7-.$.G20.#-( &36@#*.C'%8( G%(62*(
"%)#'02@*%8( P( )%&( <#"0.#-&( )%( GB2."%( B'62.-%( )1-')1%&8( 1/#C'%( *2( @2"@2".%( -2A.%( #'( *%(
62"C'27%()%(/.2-)%(D1!/JJ,.@&!(&!+$P&C!!
!
dd*C! >$! %#%/(1! "&$(&! (/! 3#'3&0%,#'! #?+&3%,;&! 4&! (/! 4,P',%<! ! 0&.@&%! 4&! 0.#%<P&.!
&JJ,3/3&@&'%!(/!4,P',%<C!O'!&JJ&%1!,(!&"%!'<3&""/,.&1!/J,'!49/%%&,'4.&!3&%%&!J,'1!I$&!(/!
4,P',%<!#?+&3%,;&!'&!"#$JJ.&!0/"!49,'%&.0.<%/%,#'"!0.#0.&"!I$,!(/!;,4&./,&'%!4&!"/!
"$?"%/'3&C!79&"%! $'!0.,'3,0&! I$,! '&!4#,%! 0/"! "#$JJ.,.! 49/(%<./%,#'"! "<@/'%,I$&"1!
/J,'! 4&! 3#'"&.;&.! "/! '#.@/%,;,%<C! X'! 3#'"%/%&! &'! &JJ&%! I$&1! 4B"! (#."! I$9$'!
,'4,;,4$! .&I$,&.%! 4$! +$P&! I$9,(! P/./'%,""&! $'! 4.#,%! /$! .&P/.4! 4$! .&"0&3%! 4&! "/!
4,P',%<! "$?+&3%,;&1! "#$"! 3#$;&.%! 4&! P/./'%,.! (/! 4,P',%<! 5$@/,'&1! ,(! =! /!
'<3&""/,.&@&'%! P/(;/$4/P&! "<@/'%,I$&! 4&! (/! 4,P',%<! #?+&3%,;&C! 2B"! I$&! 3&%%&!
4&.',B.&! &"%! /4/0%<&1! &((&! '9&"%! 0($"C! X.1! %#$%! (9,'%<.D%! 4&! 3&! 0.,'3,0&! &"%!
0.<3,"<@&'%1! 0/.! "#'! #?+&3%,;,%<! &%! (/! .,P$&$.! 49,'%&.0.<%/%,#'! I$9,(! ,@0#"&1!
49<;,%&.!%#$%&!/4/0%/%,#'C!6/.!&""&'3&1!(&!0.,'3,0&!4&!4,P',%<!#?+&3%,;&!'&!4#,%!0/"!
D%.&!/4/0%/?(&C!!
ddbC!>,'",1!(&!3#'3&0%!4&!4,P',%<!=(2G0'1%(D!3#'"%,%$&!"#,%!$'&!;/.,/'%&!4/'P&.&$"&!
I$/'%! /$! .&"0&3%! 4&"! 4.#,%"! J#'4/@&'%/$A1! 0$,"I$9,(! 0&.@&%! 4&"! /%%&,'%&"!
0#'3%$&((&"! &'! J#'3%,#'! 4&! 3&! I$&! (9,'4,;,4$! 3#'",4B.&! 3#'","%&.! &'! "/! 4,P',%<!
L;#,.! 0/.! &A&@0(&! (9/..D%!nC!>C! &%!>C!2C! 3#'%.&!N&(P,I$&M1! "#,%! '9/!0/"!49,'%<.D%1!
(#."I$9,(!/!0/.!&A&@0(&!(&!"&'"!I$&!($,!4#''&!Z@&!NC!Z/$.&.C!S/00&(#'"!(&1!3&((&[
3,! &A0(,I$&! I$&! (/! 4,P',%<! 5$@/,'&! &"%! 4#$?(&1! 0$,"I$9&((&! &"%! 3#'"%,%$<&! 4&! (/!
4,P',%<!#?+&3%,;&1!J#'4/@&'%/(&1!4#'%!&"%!%#$+#$."!0#.%&$.!(9D%.&!5$@/,'1!&%!4&!(/!
4,P',%<!"$?+&3%,;&!#$!i!2G0'1%(j!4#'%! ,(!0&$%1!&'!.&;/'35&1!D%.&!0.,;<!"9,(! 3#@@&%!
! ##%
4&"!/3%&"!,'4,P'&"!L$'!@&$.%.&!0/.!&A&@0(&M&4(C!6#$.!"<4$,"/'%&!I$&!3&%%&!%5<#.,&!
0$,""&! D%.&1! #'! 0&$%!@&%%.&! &'! 4#$%&! "#'! ,'%<.D%C! O'! &JJ&%1! (/! 4,P',%<! i!2G0'1%(j!
/+#$%<&!E!(/!4,P',%<!#?+&3%,;&!0.<"&'%&!$'!,'%<.D%!%5<#.,I$&1!@/,"!J,'/(&@&'%1!"#$"!
3#$;&.%! 49/JJ,.@&.! I$9,(! =! /! %#$+#$."! .&"0&3%! 4&! (/! 4,P',%<! #?+&3%,;&1! &((&! &'!
3#'"%,%$&!$'!P/(;/$4/P&1!0$,"I$&1!)%($2G0#1!3&%%&!4&.',B.&!'9&"%!0/"!.&"0&3%<&C!X.1!
4/'"!3&%%&!5=0#%5B"&1! (/!4,P',%<!#?+&3%,;&1! (/!4,P',%<!35.<%,&''&1!&"%!?/J#$<&C!2&!
0($"1! &((&! J&./,%! 4&! (/! 4,P',%<! $'&! "#.%&! 4&! =(<|0%( $%'.**%01%(D&4)(4#'%! #'! ;#,%!@/(!
(9,'%<.D%C!!
!
dddC! O'! "#@@&1! 3&%%&! '#$;&((&! ;&.",#'! 4&! (/! 4,P',%<1! ,""$&! 49$'! ?.#$,((/P&!
"<@/'%,I$&!4$!3#'3&0%1!'&!0&$%!#.4#''&.!(&"!3#@0#.%&@&'%"!5$@/,'"C!6/.!;#,&!
4&! 3#'"<I$&'3&1! (&! +$P&1! &'! 0.#@#$;/'%! (&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&1!
3/$%,#''&! (&! 4<@/'%B(&@&'%! %5<#.,I$&! 4&"! 4.#,%"! J#'4/@&'%/$A! I$,! 3#'"%,%$&!
(9&JJ&%!0&.;&."!4&!(/!4,P',%<!"$?+&3%,;&C!
!
)
Y)W)S).A)<GFDE>:?;F:BDE):HGD?BP;=)<=)@A)C?D:=F:BDE)<=>)<?DB:>)QDE<AK=E:A;])
CA?)@=)`;M=)=;?DCG=E)
)
)
ddeC!K#$"!/?#.4#'"!(/!(,@,%&!&""&'%,&((&!4$!0.,'3,0&!49/$%#'#@,&!0&."#''&((&C!O'!
&JJ&%1!3&(/!/!<%<!@/,'%&"!J#,"!"#$(,P'<1!(&"!4.#,%"!J#'4/@&'%/$A!"#'%!(#P,I$&@&'%!
"#$"[%&'4$"! 0/.! (/! 4,P',%<! #?+&3%,;&C! 8&! +$P&! &"%! 4#'3! 3&'"<! (&"! ,'%&.0.<%&.! &'!
/=/'%!<P/.41!%#$+#$."1!E!3&%!#?+&3%,J!$(%,@&!4&!0.#%&3%,#'!4&! (/!4,P',%<!#?+&3%,;&C!
X.1! (&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! 0#$../,%! /;#,.! 4&"! 3#'"<I$&'3&"!
.&P.&%%/?(&"! ",! (&! +$P&! 4<3,4/,%! 4&! (9/00(,I$&.! 4&!@/',B.&! P<'<./(&C! O'! &JJ&%1! 3&!
P(,""&@&'%! "<@/'%,I$&! 4&! (/! 4,P',%<! &"%! (&! ",P'&! 49$'&! (,@,%&! ,'%.,'"BI$&! /$!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&4(!m6!c/A323-!:;/#;-,66-!56!%)6!!&4)!m6!8H2K@/,-!J!V/!H1k,1>L!H2!K/!523=<,,2!IA@/1,2-!A,!B<,B25>!,<A02/A!N-!()#!%#=(&)(+,#
="#*%#;"-<:))"#C9$%()"-!c6SV6!Q/01/!2>!gI6!?202>!nH136o-!:;/#6(+6-!56!#)6!!
! ##&
0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&!H! (&! 4<"#.4.&! %5<#.,I$&! /$! "&,'! 4&"! 4.#,%"!
J#'4/@&'%/$AC! 8&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! .&'4! /(#."! 0#"",?(&! (/!
4&"%.$3%,#'!49$'!/$%.&!4.#,%!J#'4/@&'%/(1!3&!I$&!0.#5,?&!&'!0.,'3,0&!(&!%&A%&!4&!
(/! 7#';&'%,#'! T,UC! :'! %&(! 3#'"%/%! ,';,%&! E! "9,'%&..#P&.! "$.! (&! .t(&! 4$! +$P&1!
,'%&.0.B%&!0.,;,(<P,<!4&!(/!.BP(&!4&!4.#,%!TNUC!
!)
,O) .A) <=>:?;F:BDE) </;E) <?DB:) QDE<AK=E:A@) CA?) @=) C?BEFBC=) </A;:DEDKB=)
C=?>DEE=@@=)
)
ddfC!8&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!/?#$%,%!E!4&$A!'#'["&'"!+$.,4,I$&"!H!(/!
4&"%.$3%,#'! 49$'! 4.#,%! J#'4/@&'%/(! 0/.! (/! 0.#%&3%,#'! 49$'! /$%.&! 4.#,%!
J#'4/@&'%/(!49$'&!0/.%!T8U1! (/!.&'#'3,/%,#'!E!$'!4.#,%!J#'4/@&'%/(!49/$%.&!0/.%!
TWUC!!
8O).A)<=>:?;F:BDE)</;E)<?DB:)QDE<AK=E:A@)CA?)@A)C?D:=F:BDE)</;E)A;:?=)<?DB:)
QDE<AK=E:A@)
)
ddgC! 7&%! &JJ&%! 0&.;&."! &"%! @,"! &'! ($@,B.&! 0/.! (9/..D%! nC! >C! &%! >C! 2C! 3#'%.&!
N&(P,I$&&4*C! O'! &JJ&%1! ,(! &"%! %#$%! E! J/,%! 0#"",?(&! I$&! (&"! /3%&"! /$AI$&("! "&! "#'%!
/4#''<"! (&"! .&I$<./'%"! "#,&'%! I$/(,J,<"! 4&! %#.%$.&"! /$! "&'"! 4&! (9/.%,3(&! b! 4&! (/!
7#';&'%,#'! 4&! R%./"?#$.PC! >$! ;$! 4&"! J/,%"1! (/! "#$JJ./'3&! ,'J(,P<&! E! (/! ;,3%,@&!
<%/,%!,'"#$%&'/?(&&"4!&%!'$(!4#$%&!I$&!3&((&"[3,!<%/,&'%!@#%,;<&"!0/.!(9,'%&'%,#'!4&!
(9/;,(,.C!!>$A!=&$A!4&!"&"!?#$..&/$A1!(/!;,3%,@&!'9&"%!0($"!$'!D%.&!5$@/,'1!&((&!&"%!
$'!,'"%.$@&'%!4&!0(/,",.!4#'%!,("!).&<#&%-0!E!(&$.!P.<C!>!3&!%,%.&1!,(!'9&"%!0/"!,'$%,(&!
4&!./00&(&.!I$&!(&"!.&(/%,#'"!"&A$&((&"!"/4#@/"#35,"%&"!"#'%!"#$"[%&'4$&"!0/.!(/!
"#$JJ./'3&! ,'J(,P<&! E! /$%.$,1!I$,! 0.#3$.&! (&! 0(/,",.! "&A$&(C! >,'",1! &'! +$P&/'%! &'!
J,(,P./'&!I$&!(&!3#'"&'%&@&'%!4&!(/!;,3%,@&!/$./,%! +$.,4,I$&@&'%!J#'4<!4&!%&((&"!
0./%,I$&"1!(/!7#$.!OC!2C!QC!3/$%,#''&1!,'4,.&3%&@&'%1!(&"!%#.%$.&"!4B"!(#."!I$9&((&"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&4*!768696:6-!l6!b6!2>!b6!96!BCm2Kk1aA2-!53LB6!&"4!768696:6-!l6!b6!2>!b6!96!BCm2Kk1aA2-!53LB6-!E"$S"%6!
! ##'
"&! 4<.#$(&'%! 4/'"! (9,'%,@,%<! 4&"! .&(/%,#'"! 35/.'&((&"C! X.1! (9/.%,3(&! eb! 4&! (/!
7#';&'%,#'! 0#"%$(&! I$9!=(L2O'G'-%( ).&<#&.0.#-( )%( *2( <"1&%-0%( ;#-/%-0.#-( -%( &%"2(
.-0%"<"101%( G#66%( *.6.02-0( #'( <#"02-0( 200%.-0%( 2'H( )"#.0&( )%( *+B#66%( %0( 2'H( *.@%"01&(
$#-)26%-02*%&( C'.( <#'""2.%-0( E0"%( "%G#--'&( G#-$#"616%-0( 2'H( *#.&( )%( 0#'0%( <2"0.%(
G#-0"2G02-0%(#'(P(0#'0%(2'0"%(;#-/%-0.#-(P(*2C'%**%(G%00%(<2"0.%(%&0(G#-0"2G02-0%(DC!!
ddcC!89/..D%!nC!>C!&%!>C!2C! (/,""&!/(#."!4$?,%/%,J1!49/$%/'%!0($"!",! (9#'!"&!./00&((&!
I$&! (&"! O%/%"! 0(/3<"! "#$"! (/! +$.,4,3%,#'! 4&! (/! 7#$.! #'%! /45<.<! E! (/! 7#';&'%,#'!
3#'%.&! (/! `#.%$.&! &%! /$%.&! 6&,'&"! #$! `./,%&@&'%"! 3.$&("1! ,'5$@/,'"! #$!
4<P./4/'%"C!>+#$%#'"!<P/(&@&'%!(&"!4,"0#",%,#'"!0<'/(&"!,'%&.'&"!I$,!0.#5,?&'%1!
"/'"! &A3&0%,#'"1! (&"! %#.%$.&"! &%! /$%.&"! /3%&"!4&! ?/.?/.,&1! &%1! E! %#$%! (&!@#,'"1! (&"!
;,#(&'3&"!;#(#'%/,.&"!,'J(,P<&"!E!/$%.$,C!!
ddkC! >,'",1! #'! '&! 0&$%! I$&! 3#'"%/%&.! (&! 5,/%$"! %5<#.,I$&1! 4$! 0#,'%! 4&! ;$&! 4&"!
4.#,%"! J#'4/@&'%/$A1! I$9&'P&'4.&! (&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&C! 8/!
.&'#'3,/%,#'!/$A!4.#,%"!J#'4/@&'%/$A!!3#'J,.@&!3&!0.&@,&.!3#'"%/%C!
!
WO).A)?=EDEFBA:BDE)_);E)<?DB:)QDE<AK=E:A@)
)
de-C!7&%%&! I$&"%,#'! &"%! <%$4,<&! 0/.!ZC! GC! G.$@&.1! 4#'%! (/! %5B"&! 0#.%&! "$.! !=(52(
"%-#-G.20.#-( 2'H( )"#.0&( %0( *.@%"01&(D fDD C! 7&($,[3,! "&! 4&@/'4&1! &'! 0.</(/?(&! E! "/!
.&35&.35&1!=(G#66%-0(.627.-%"(C'+'-%(<%"&#--%()1G.)%()%(&%()1<#'.**%"()%(&%&()"#.0&(%0(
*.@%"01&8(#'(&#.0(G#-&.)1"1%(G#66%(/#'*2-0(27."()%(*2(&#"0%(D(v&"#!!
de)C!:'&!I$&"%,#'!",@,(/,.&!'#$"!0.<#33$0&!H!3#@@&'%!,@/P,'&.!I$&!Z@&!6.&%%=!
0$,""&! "#$5/,%&.! "&!4<0#$,((&.!4&! "#'!4.#,%! E! (/! ;,&! &'! ,';#I$/'%!$'!4.#,%! E! (/!
@#.%!v! 2&! (/! @D@&! @/',B.&1! 3#@@&'%! 3#'3&;#,.! I$&! (&! 3#'"&'%&@&'%! 4&! (/!
;,3%,@&!/$A!/P,""&@&'%"!4&!ZZC!nC!>C!&%!>C!2C!0$,""&!#0<.&.!.&'#'3,/%,#'!E!"#'!
4.#,%!E!'&!0/"!"$?,.!4&!%#.%$.&"1!&%!E!3&!I$&!"#'!,'%<P.,%<!05=",I$&!"#,%!0.<"&.;<&v!
6#$.%/'%1!"&(#'!(/!7#$.!4&!R%./"?#$.P1!(&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!=(<%'0(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&""!QI6!G3A@23-!:;/#6(+/!&"#!QI6!G3A@23-!:;/#6(+6-!56!"6!
! ##(
QRS(.-G*'"%(*2(<#&&.@.*.01()%(&+2)#--%"(P()%&(2G0./.01&(<%"W'%&(G#66%(102-0()+'-%(-20'"%(
<B3&.C'%6%-0( #'( 6#"2*%6%-0( )#6627%2@*%&( #'( )2-7%"%'&%&( <#'"( &2( <%"&#--%(D fDg C!
>,'",1!",!&((&!'&!3#'"/3.&!0/"!(&!4.#,%!4&!Z@&!6.&%%=!E!@#$.,.1!&((&!/4@&%1!'#$"!
(9/;#'"! @#'%.<1! I$&! 3&((&[3,! 35#,",""&! 4&! @&%%.&! $'! %&.@&! E! "/! ;,&1! $'&! %&((&!
4#3%.,'&!<%/'%!3#'J,.@<&!4,A!/'"!0($"!%/.4!4/'"!(9/..D%!Q//"!3#'%.&!R$,""&C!29$'!
0#,'%!4&!;$&!J#'4/@&'%/(1!&((&!'&!3#'4/@'&!4#'3!0/"!(&!"$,3,4&1!',!(9&$%5/'/",&C!
O((&! /4@&%! I$9$'!0/%,&'%! 0$,""&!@&%%.&!$'! %&.@&! E!4&"! %./,%&@&'%"! /=/'%!0#$.!
&JJ&%! 4&!0.#(#'P&.! "/!;,&&"%C! O"%[3&! E!4,.&! I$&!Z@&!6.&%%=!0&$%! .&'#'3&.! E! "#'!
4.#,%!E!(/!;,&!v!2&!(/!@D@&!@/',B.&1!(/!;,3%,@&!4&!ZZC!nC!>C!&%!>C!2C!.&'#'3&[%[
&((&! E! "#'! 4.#,%! 4&! '&! 0/"! "$?,.! 4&! %#.%$.&! ",! &((&! 3#'"&'%! /$A! 0./%,I$&"!
"/4#@/"#35,"%&"!v! 6.<3,"#'"! %#$%! 4&!@D@&! I$&! .&'#'3&.! ",P',J,&! ?/'/(&@&'%! =(
4@2-)#--%"(C'%*C'%(GB#&%8()1G.)%"()%(&+%-(<2&&%"(DfDf8! (/! .&'#'3,/%,#'!<%/'%!=('-(2G0%(
'-.*201"2*( #'( G#-/%-0.#--%*( <2"( *%C'%*( '-( &'?%0( )%( )"#.0( .-0%"-20.#-2*( 62-.$%&0%(
%H<"%&&16%-0(#'(02G.0%6%-0(&2(/#*#-01()+2@2-)#--%"('-()"#.0(#'('-%(<"10%-0.#-(DfDTC!!8/!
.&'#'3,/%,#'! "$00#"&! 4#'3! (9<@,"",#'! 49$'&! ;#(#'%<! /?4,3/%,;&!w! &((&! ,@0(,I$&!
(9,4<&! =()+2@2-)#-8( )+2@).G20.#-( #'( )%( )1<#'.**%6%-08( /#."%( QRS( )+%H0.-G0.#-(DfDZC! 6/.!
3&((&[3,1! (&! "$+&%! 4&! 4.#,%"! J#'4/@&'%/$A! "&! 4<0#$,((&! 49$'&! 0.<.#P/%,;&!
&""&'%,&((&C!!
de*C! `#$%! (&! 0.#?(B@&! .<",4&! /(#."! &'! 3&! I$&! (&"! 4.#,%"! J#'4/@&'%/$A1! &'3#.&!
4<'#@@<"! 4.#,%"! 4&! (95#@@&1! "#'%! %./4,%,#''&((&@&'%! 3#'",4<.<"! 3#@@&!
,'/(,<'/?(&"!H! 35/I$&! ,'4,;,4$! &'! &"%! %,%$(/,.&1! &%! ,(! '&! 0&$%! =! .&'#'3&.C! K#$"!
(9/;#'"!@#'%.<! &'<"2fDE(H! 0/.3&!I$9,(! &"%!$'&! 3.</%,#'!4,;,'&1! &%!4#'3! ,'J,',@&'%!
.&"0&3%/?(&1! (9Q#@@&! &"%! '/%$.&((&@&'%! %,%$(/,.&! 4&! 4.#,%"! &""&'%,&("! 4#'%! ,(! '&!
0&$%!D%.&!0.,;<C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&"$!768696:6-!l6!b6!2>!b6!96!BCm2Kk1aA2-!53LB6-!E)$6!&"%!768696:6-!Q32>>R!BC?<R/A@2ST,1-!53LB6-!E'$6!&"&!!%-:9<<"-!0O!J!?2,<,B23!N6!&"'!U6!7<3,A-!:;/#6(+6-!0O!J!32,<,B1/>1<,!N6!&"(!QI6!G3A@23-!:;/#6(+J#56!"#6!&")!F6!<9;-%-!56!(4!2>!=6!
! ##)
debC!>$"",!(/!2C!:C!2C!Q!0.#3(/@&[%[&((&!&'!"#'!0.</@?$(&!I$&!=(*%&()"#.0&(172'H(%0(
.-2*.1-2@*%&(Q)%&(6%6@"%&()%(*2( $26.**%(B'62.-%S(G#-&0.0'%-0(*%( $#-)%6%-0()%(*2( *.@%"018(
)%(*2(?'&0.G%(%0()%(*2(<2.H()2-&(*%(6#-)%(DC!>,'",!&'!;/[%[,(!<P/(&@&'%!4$!6C!UC!2C!7C!6C!
&%!4$!6C!UC!2C!OC!RC!7C!4#'%!(&"!0.</@?$(&"!0#"&'%!&'!0.,'3,0&!=(*+.-2*.1-2@.*.01()%&(
)"#.0&(Q)%&(6%6@"%&()%(*2($26.**%(B'62.-%S(DC!S&@/.I$#'"!I$&!",!(/!7#';C!OC!2C!QC!'&!
3#'%,&'%! 0/"! "&@?(/?(&! 4,"0#",%,#'1! ,(! '9&"%! 0/"! 3#'%&"%<! I$9&((&! "9=! %.#$;&!
3#'%&'$&!4&!@/',B.&!,@0(,3,%&1!3&%%&!4&.',B.&!"9,'"0,./'%!4&!(/!2C!:C!2C!QC!X.1!,(!
/00&.%!I$&!3&%%&!,'/(,<'/?,(,%<!&"%!,'%.,'"BI$&@&'%!(,<&!/$!3/./3%B.&!'/%$.&(!4&!3&"!
4.#,%"!H!35/I$&!5#@@&!&'!&"%!%,%$(/,.&!&'!%/'%!I$95#@@&1!&%!'#'!0/.3&!I$9#'!(&"!
($,! /! .&3#''$"C! X'! /! 4#'3! 3#$%$@&! 49/JJ,.@&.! I$&! (&"! 4<3(/./%,#'"! 4&! 4.#,%"!
J#'4/@&'%/$A! #'%! $'&! '/%$.&! 4<3(/./%,;&!H! &((&"! '&! J#'%! I$&! (&"! .&3#''/a%.&! &'!
35/3$'!4&"!@&@?.&"!4&!(95$@/',%<!I$,!&'!"#'%!#'%#(#P,I$&@&'%!%,%$(/,.&"C!79&"%!
0/.%,3$(,B.&@&'%! ;./,! "9/P,""/'%! 4&! (/! 7#';C! OC! 2C! QC! I$,1! &'! "#'%! /.%,3(&! )1!
4<3(/.&!H! =(5%&(B2'0%&(<2"0.%&( G#-0"2G02-0%&( "%G#--2.&&%-0(P( 0#'0%(<%"&#--%("%*%/2-0()%(
*%'"(?'".).G0.#-(*%&()"#.0&(%0(*.@%"01&()1$.-.&(2'(0.0"%(:()%(*2(<"1&%-0%(;#-/%-0.#-(DC!>,'",1!
E!(9,'"%/.!4&"!/$%.&"!4<3(/./%,#'"!4&!4.#,%"!J#'4/@&'%/$A1!&((&!3#'"/3.&!(9,4<&!4&!
4.#,%"!'/%$.&("1!I$,! +$"%,J,&! (&$.! ,'/(,<'/?,(,%<C!=(L;+%&0O(*+.)1%(&%*#-(*2C'%**%(G%"02.-&(
)"#.0&( &#-0( 0%**%6%-0( $#-)26%-02'H8( 0%**%6%-0( %-"2G.-1&( )2-&( *2(-20'"%( %0( *2( G#-).0.#-(
B'62.-%8(C'+.*&( %H.&0%-0(<2"( %'HT6E6%&8( G#-0"2."%6%-0(2'H()"#.0&(C'.()1"./%-0()%&( *#.&(
)%&(B#66%&I(:*($2')"2.0(3(/#."('-()"#.0(#@?%G0.$(%0(0"2-&G%-)2-0(C'.(&+.6<#&%(P(*+B#66%(%0(
)#-0(G%*'.TG.(-%(<%'0(&%()1<#'.**%"(D&"*C!8&!3/./3%B.&!'/%$.&(!4&"!4.#,%"!J#'4/@&'%/$A!
&"%!/(#."!$'&!@/',J&"%/%,#'!+$.,4,I$&!&""&'%,&((&!4&!(/!I$/(,%<!495$@/,'C!U(!&'!&"%!
%,%$(/,.&!4&!@/',B.&!,'4<J&3%,?(&!H!=!.&'#'3&.!",P',J,&./,%!3&""&.!49D%.&!$'!5#@@&C!!
dedC!2B"!(#."1!3#@@&'%!'&!0/"!=!;#,.!$'&!@/',J&"%/%,#'!4&!(/!4,P',%<!#?+&3%,;&!v!
89,'/(,<'/?,(,%<! 4&"! 4.#,%"! J#'4/@&'%/$A! "&./,%! /,'",! +$"%,J,<&1! .-( $.-%1! 0/.! (/!
4,P',%<! J#'4/@&'%/(&!0.<"&'%&! &'! 35/I$&! D%.&!5$@/,'C!X.1!'#$"!'9/;#'"! &$!4&!
3&""&! 4&! @#'%.&.! 3#@@&'%1! 4&0$,"! (/! "&3#'4&! P$&..&! @#'4,/(&1! (/! 4,P',%<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&"*!QI6!G3A@23-!:;/#6(+/J#56!%#*6!
! ##*
#?+&3%,;&! ,''&.;&! (&"! 4.#,%"! J#'4/@&'%/$AC! >,'",1! ",! 3&"! 4&.',&."! <%/,&'%!
/$0/./;/'%!&""&'%,&((&@&'%! J#'4<"!"$.! (/! (,?&.%<!x! (/!2C!2C!QC!7C!4&!)gck!&'!&"%!
(9/.35<%=0&![1!(/!4,P',%<!5$@/,'&!(/!"$00(/'%&!4&0$,"!(#."1!E!%&(!0#,'%!I$&!=(LG%**%T
G.O8( )%"-.%"( "%6<2"0( G#-0"%( *2( @2"@2".%( %0( *%&( 7"2/%&( %HGK&( )'( 0#02*.02".&6%( %0( )%(
*+.-)./.)'2*.&6%8(%&0(<"#G*261%(G#66%(*%($#-)%6%-0()%&()"#.0&()%(*+B#66%I(5+200%.-0%(P(*2(
).7-.01( <2"2e0( <."%( C'%( *+200%.-0%( P( *2( *.@%"018( /#."%( P( *2( /.%I( 4.-&.8( &.( *+B#66%( *.@"%(
)%6%'"%( .-G#-0%&02@*%6%-0( *+B#66%( )%&( )"#.0&( )%( *+B#66%8( &#-( #@?%0( %0( &2( $.-2*.018( *2(
*.@%"01(%&0("%*'%(P(*2(*'6.K"%()%(*2().7-.01(Df[\C!!!
deeC!8/!4,P',%<!5$@/,'&1!0.,'3,0&!&""&'%,&(!4&!.&"0&3%!4&!3&!I$9,(!=!/!495$@/,'!
4/'"! (95#@@&1! &"%! 4#'3! ,'"<0/./?(&! 4&"! 4.#,%"! J#'4/@&'%/$AC! U(! "9#0B.&! /(#."!
$'&! ,'J($&'3&! .<3,0.#I$&! &'%.&! (/! 4,P',%<! &%! (&"! 4.#,%"! J#'4/@&'%/$A!H! ",! (/!
0.&@,B.&! (&"! J#'4&1! (&"! "&3#'4"! (/! @/%<.,/(,"&'%C! 79&"%! 4#'3! 0/.! (&! 0.,"@&! 4&!
(9&A&.3,3&!4&! (&$."!4.#,%"! J#'4/@&'%/$A!I$&! (&"! ,'4,;,4$"! $#-0(%H.&0%"! (/!4,P',%<C!
6/.! ;#,&! 4&! 3#'"<I$&'3&1! ,(! &"%! ,@0&'"/?(&! I$&! (9,'4,;,4$! .&'#'3&! E! "&"! 4.#,%"!
J#'4/@&'%/$A!H! 3&! "&./,%! .&'#'3&.! E! 3&%%&!4,P',%<1! &%!4#'3! .&'#'3&.! E! "/!I$/(,%<!
495$@/,'C!6#$.%/'%1!3&.%/,'"!/$%&$."!<@&%%&'%!(9,4<&!"&(#'!(/I$&((&!,(!&"%!0#"",?(&!
4&! .&'#'3&.! E! 3&.%/,'"! 4.#,%"! J#'4/@&'%/$AC! R&(#'!ZC! GC! G.$@&.1! ,(! '9=! /! 0/"!
/'%,'#@,&! &'%.&! 4,P',%<! &%! .&'#'3,/%,#'C! >$! 3#'%./,.&1! $'&! 3#'3,(,/%,#'! &"%!
0#"",?(&1!%#$%!4<0&'4!4&!(/!;/(&$.!E!0.,;,(<P,&.!H!(/!(,?&.%<!#$!(/!4,P',%<1!35/3$'&!
3<4/'%!'<3&""/,.&@&'%!4&;/'%!(9/$%.&&#"C!X.1!3&(/!.&;,&'%!E!4<J&'4.&!(9,4<&!49$'&!
4,P',%<! i!"35,T#05.B'&!j1! $'&! 4,P',%<! #?+&3%,;&! &%! "$?+&3%,;&! E! (/! J#,"1! I$&! '#$"!
.<3$",#'"!0($"!/;/'%&##C!>,'",1!!"&(#'!3&%%&!/'/(="&1!(/!3#'3&0%,#'!"$?+&3%,;&!4&!(/!
4,P',%<! 0&.@&%! 4&! .&'#'3&.! E! $'! 4.#,%! J#'4/@&'%/(! H! 4.#,%! E! (/! ;,&1! 4.#,%! /$!
.&"0&3%! 4&! "/! ;,&! 0.,;<C! 7&0&'4/'%1! (&"! /00/.&'3&"! "#'%! "/$;<&"1! ",! (9#'! 0&$%!
"9&A0.,@&.! /,'",1! 0$,"I$&! %#$%! "&! 0/""&! 3#@@&! ",! (/! 4,P',%<! #?+&3%,;&! <%/,%!!
"/$;&P/.4<&1! &'! %#$%&! 5=0#%5B"&1! 3&((&[3,! '&! 0#$;/'%! +/@/,"! D%.&! t%<&! E! (9D%.&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!m6!c/A323-!:;/#6(+6-!56!%(6!&#"!QI6!G3A@23-!:;/#6(+/J#56!%'&6!&##!F6!<9;-%-!56!#"$!2>!=6!
! #$4
5$@/,'C! 8/! 4,P',%<! "$?+&3%,;&! &"%! 4#'3! $'! 3#'3&0%! i!0./%,I$&!j!H! &((&! 3#'"%,%$&!
$'&!;&.",#'!@#4&.',"<&!4&! (/!4,P',%<1!&%! "9/+#$%/'%!E!3&%%&!4&.',B.&1!&((&!0&.@&%!
&'! .</(,%<!4&! ($,!0#.%&.!/%%&,'%&1! 3&!I$,1!'#$"! (9/;#'"!@#'%.<1! &"%!$'&! ,'&0%,&!/$!
.&P/.4!4&!(/!'#.@&!4&!3#@0#.%&@&'%!I$&!4#,%!3#'"%,%$&.!(/!4,P',%<C!>!3&%!<P/.41!
(&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!3#'"%,%$&!$'&!,(($"%./%,#'!.&@/.I$/?(&!H!"#$"!
3#$;&.%!49/P,.!/$!'#@!4&!"/!0.#0.&!4,P',%<1! ,(!0&.@&%!49/%%&'%&.!E!"#'! ,'%<P.,%<!
05=",I$&!4&!J/_#'!,'4,P'&C!!
defC!>,'",1!(/!4<3#'"%.$3%,#'!%5<#.,I$&!4&!(/!(#P,I$&!4&"!4.#,%"!J#'4/@&'%/$A!&"%!
3#'%&'$&!4/'"!(&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&C!R#$"!"#'!0.,"@&1!(&!4.#,%!/$!
.&"0&3%! 4&! (/! ;,&! 0.,;<&! 0&$%! #0<.&.! .&'#'3&@&'%! /$! 4.#,%! E! '&! 0/"! "$?,.! 4&!
%#.%$.&1!#$!0($"!J#'4/@&'%/(&@&'%1!/$!4.#,%!E!(/!;,&C!!
!
degC!K#%.&!3#'"%/%!0.</(/?(&!&"%! "/'"!/00&(!H! "&$(&! (/!4,P',%<!#?+&3%,;&1!4/'"!"#'!
"&'"! #'%#(#P,I$&1! &"%! '#.@/%,;&C! O((&! ,@0#"&! $'! #.4#''/'3&@&'%! 4&"!
3#@0#.%&@&'%"!5$@/,'"1!/$!?&"#,'!&'!0.#%<P&/'%!(9,'4,;,4$!3#'%.&!($,[@D@&C!>!
3&%! <P/.41! (&! .t(&! 4$! +$P&! &"%! &""&'%,&(C! >$"",1! (&"! ,@0(,3/%,#'"! %5<#.,I$&"! 49$'!
0.,'3,0&! 0.<%#.,&'! 3#@@&! (&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! ,';,%&'%! E! $'&!
<%$4&!0($"!/00.#J#'4,&!4&!(/!J#'3%,#'!4$!+$P&!&'!%/'%!I$9,'%&.0.B%&!0.,;,(<P,<!4&!
(/!.BP(&!4&!4.#,%C!!
!
NO).=)`;M=3)BE:=?C?I:=)C?BJB@GMBG)<=)@A)?IM@=)<=)<?DB:)
)
decC!79&"%!?,&'!(&!+$P&!I$,!&"%!(&!0.#@#%&$.!49$'&!%&((&!'#%,#'1!%#%/(&@&'%!,'<4,%&!
&'!4.#,%!&$.#0<&'C!X.1!(/!7#$.!OC!2C!QC!&"%!0/.%,3$(,B.&@&'%!/3%,;&!4/'"!"#'!.t(&!
49,'%&.0.B%&! #JJ,3,&(! 4&! (/!7#';&'%,#'e*b1! &%! (&! 0.,'3,0&!49/$%#'#@,&! 0&."#''&((&!
&'!&"%!$'!&A&@0(&!0.#?/'%C!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&#$!VM/3>1BK2!$#S"!H2!K/!7<,06!86!96!:6!53L0<1>!]!J!V/!B<@5L>2,B2!H2!K/!7<A3!=ML>2,H!Z!><A>2=!
K2=! aA2=>1<,=! B<,B23,/,>! KM1,>2353L>/>1<,! 2>! KM/55K1B/>1<,! H2! K/! 7<,02,>1<,! 2>! H2! =2=!
Q3<><B<K2=!aA1!KA1!=23<,>!=<A@1=2=!n�o6!N!
! #$"
dekC!8/!4#3%.,'&!"#$(,P'&!.<P$(,B.&@&'%!(9/$4/3&!4$!+$P&!4&!R%./"?#$.P!4/'"!"#'!
,'%&.0.<%/%,#'!4$! %&A%&!4&! (/!7#';&'%,#'1! 3.,%,I$/'%! 3&!I$,1! "&(#'! &((&1! 3#'"%,%$&!
$'!0#$;#,.!'#.@/%,J!/((/'%!?,&'!/$[4&(E!4&!(9&"0.,%!4&!(/!7#';&'%,#'C!>!3&%!<P/.41!
ZC! NC! O4&(@/'! <;#I$&1! 4&! @/',B.&! <3(/,./'%&1! =(*2( 03"2--.%(D! 4&! (/! 7#$.! OC! 2C!
Q &#% C! 7&($,[3,! <3.,%! I$&! 3&%%&! 4&.',B.&! =(&+L%&0O( 2$$"2-GB.%( )%( 0#'0%( G#-0"2.-0%(
"20.#--%**%( %0( 2"7'6%-020./%8( L%**%O( -%( <"#)'."2.0( <*'&( G#66%( ?'".&<"')%-G%( C'%( *%(
"1&'*020(2*120#."%8(.6<"1/.&.@*%(%0(.-G#B1"%-0()'(&'@?%G0./.&6%()%&(?'7%&(QRS(LG#-&2G"2-0(
'-%O(-#0.#L-O(2'&&.(&'@/%"&./L%O(QRIS(C'%(*+(=(2'0#-#6.%(<%"&#--%**%(D(Df[fC!!
df-C!R,!#'!0&$%!%.#$;&.!3&%%&!#0,',#'!&A3&"",;&1!,(!'9&"%!0/"!3#'%&"%/?(&!I$&!0/.!(/!
3#'"<3./%,#'! 49$'! 0.,'3,0&! 4,.&3%&@&'%! ,'"0,.<! 0/.! (/! 4,P',%<! "$?+&3%,;&1! I$,!
0.#4$,%!(&"!3#'"<I$&'3&"!I$&!(9#'!;,&'%!4&!@#'%.&.1!(&!+$P&!&$.#0<&'!"&!4<0/.%,%!
4&!"#'!#JJ,3&1!"#$"!3#$;&.%!49/4/0%&.!(/!7#';&'%,#'!/$A!@]$."!3#'%&@0#./,'&"C!
O'! &JJ&%1! 3&!4&.',&.! '&! 3#'","%&!0/"! "&$(&@&'%! E!4,.&! (&!4.#,%! &'! ,'%&.0.<%/'%! (/!
.BP(&! &'! 3/$"&1! @/,"! <P/(&@&'%1! 4/'"! $'! 4#@/,'&! /$"",! 0/.%,3$(,&.! I$&! (/!
0.#%&3%,#'!4&"!4.#,%"!J#'4/@&'%/$A1!E!3#'"&.;&.!$'&!3#5<.&'3&!3&.%/,'&C!!
df)C!29/$3$'"!#?+&3%&.#'%!/(#."!I$&!(9,'%&.0.<%/%,#'!4&!(/!.BP(&!4&!4.#,%!'9&"%!0/"!
(/!.BP(&!4&!4.#,%!w!(/!"&3#'4&!'&!"&!3#'J#'4!0/"!/;&3!(/!0.&@,B.&C!89,'%&.0.<%/%,#'!
4$! +$P&! &"%! (,@,%<&! E! (9/JJ/,.&! %./'35<&!w! (&! 0.<3<4&'%! +$.,"0.$4&'%,&(! '9&"%! 0/"!
/00(,I$<! &'! 4.#,%! &$.#0<&'1! /$! 3#'%./,.&! 4$! "="%B@&! 4&! 7#@@#'! 8/mC!
>$%.&@&'%!4,%1!(9,'%&.0.<%/%,#'!4$!+$P&!'&!"&./,%!0/"!$'&!'#.@&!+$.,4,I$&C!!
df*C! K</'@#,'"1! '9&"%[3&! 0/"! (9,'%&.0.B%&! 4$! 4.#,%1! I$,1! .-! $.-%1! J/,%! (&! 4.#,%1!
3#'"%.$,%! (&! 4.#,%1! &'! (&! 4,"/'%!v! K&! J/,%[,(! 0/"! /./"%! (&! 4.#,%!v! 8&! .t(&! 4$! +$P&!
&$.#0<&'!,';,%&!E!$'&!.<0#'"&!0#",%,;&!H!"/'"!"#'!,'%&.0.<%/%,#'!4='/@,I$&!4&"!
%&A%&"1!(/!7#';&'%,#'!"&./,%!4,JJ,3,(&@&'%!/00(,3/?(&C!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&#% !m6! 8H2K@/,-! J!V/! 7<A3! 2A3<5L2,,2! H2=! H3<1>=! H2! KMI<@@2!]! A,2! .A31H1B>1<,!
>R3/,,1aA2!|!N-!56!#44)-!7I3<,6!"*%'6!F6!K/!3L5<,=2!H2!;6!:2,,2>>2SF/ABI2p-!J!93<1>=!H2!KMI<@@2!2>!>R3/,,12!]!H2!KM1@5<3>/,B2!H2!K/!H1=>1,B>1<,!2,>32!2=531>!B31>1aA2!2>!2=531>!H2!
B31>1aA2!N-!56!#44*-!#$)6!&#&!;6!:2,,2>>2SF/ABI2p-!B1>/,>!m23,/3H!8H2K@/,-!;-,66-!56!#$)6!
! #$#
dfbC!7&0&'4/'%1!(9,'%&.0.<%/%,#'!0.<%#.,&''&!3.<<[%[&((&!$'&!'#$;&((&!'#.@&!4/'"!
(&! "="%B@&! +$.,4,I$&!&$.#0<&'!4&!0.#%&3%,#'!4&"!4.#,%"! J#'4/@&'%/$A!v!X'!"/,%!
I$&!(&!0#$;#,.!'#.@/%,J!4$!+$P&!&"%!%./4,%,#''&((&@&'%!/JJ,.@<!0/.!(&"!$'"1!4<',<!
0/.! (&"! /$%.&"C! 6&."$/4<"!4&! (/! '#.@/%,;,%<!4&! (/! 3.</%,#'! +$4,3,/,.&1! '#$"!'#$"!
+#,P'#'"!E! (/!0.&@,B.&!#0,',#'1!4#'3!E! (9/JJ,.@/%,#'!49$'!.<&(!0#$;#,.!'#.@/%,J!
4$!+$P&!&$.#0<&'!TWU1!/0.B"!/;#,.!<%$4,<!"#'!.t(&!49,'%&.0.B%&!0.,;,(<P,<!4&"!%&A%&"!
4&!(/!7#';&'%,#'!T8UC!
!
8O).=)`;M=)=;?DCG=E3)BE:=?C?I:=)C?BJB@GMBG)<=>):=]:=>)<=)@A)2DEJR)%R)*R)9R))
)
dfdC!:'&! <%$4&! P<'<./(&! 4&! (9,'%&.0.<%/%,#'! &'! 4.#,%! TAU! "&./! "$,;,&! 4&! 3&((&! 4$!
+$P&!4&!R%./"?#$.P!;,"!E!;,"!4&"!%&A%&"!4&!(/!7#';C!OC!2C!QC!TZUC!
"#!$<)7*%'3'.*"*)(7!=2')&)@2%!
!
dfeC! 89,'%&.0.<%/%,#'! &"%! $'&! 3.</%,#'! 4&! "&'"C! =(=(L:O-0%"<"10%"(D( &.7-.$.%( )#--%"(
Q200".@'%"S('-%((&.7-.$.G20.#-(P()%&(6#0&(%0()%&(1-#-G1&(QRSI(5+.-0%"<"1020.#-(?'".).C'%(%&0(
%&&%-0.%**%6%-0( '-%( #<1"20.#-( .-0%**%G0'%**%( C'.( <#"0%( &'"( )%&( 0%H0%&8( %0( -#0266%-0( )%&(
0%H0%&(-#"620.$&8(&'"()%&()#G'6%-0&(*.-7'.&0.C'%&($#"6'*1&()2-&('-(*2-727%(<"%&G".<0.$(D1!
&A0(,I$&!ZC!SC!W$/"%,',!4/'"!"#'!#$;./P&!=(:-0%"<"1020.#-(%0()"#.0(Df[TI!>$%.&@&'%!
4,%1!(9,'%&.0.<%/%,#'!0&.@&%!4&!"/,",.!$'!%&A%&!4/'"!%#$%&!"/!0#.%<&C!O((&!3#'"%,%$&!
/(#."!$'&!#0<./%,#'! ,'%&((&3%$&((&!&""&'%,&((&!I$,!0&.@&%!4&!0/""&.!4&! (/!@/%,B.&!
?.$%&1!$'!%&A%&1!E!$'!0.#4$,%!%./;/,((<!H!3&!I$9,(!/%'0()."%I((
dffC! X.1! #'! /$./! 3#@0.,"! I$9&'! 4.#,%1! 3&%%&! #0<./%,#'! @&'%/(&! &"%! 3.$3,/(&C! O'!
&JJ&%1! $'! %&A%&! 4&! 4.#,%! 3#'"%,%$&! 0.<3,"<@&'%! 3&%%&! @/%,B.&! ?.$%&! I$9,(! J/$%!
%./;/,((&.1!/J,'!4&!(9/00(,I$&.!E!4&"!J/,%"!0/.%,3$(,&."C!7&(/!0&.@&%1!0/.!(/!"$,%&1!4&!
I$/(,J,&.!+$.,4,I$&@&'%!3&"!J/,%"!&%!4&!.<"#$4.&!(/!I$&"%,#'!4&!4.#,%!0#"<&!/$!+$P&C!
ZC! 6C! >@"&(&p! &A0#"&! 4&! @/',B.&! <3(/,./'%&! 3&! 3/./3%B.&! &""&'%,&(! 4$! 4.#,%!H!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&#'!?6! UA/=>1,1-! J!+,>2353L>/>1<,! 2>! H2=B315>1<,! H2! ,<3@2=!N-! ()! Q/AK! b@=2K2BD! nH136o-!
K)+"-;-,+%+(:)#"+#=-:(+-!m3ARK/,>-!m3AY2KK2=-!"**&-!!56!)*!2>!=6-!=5LB6!56!*"6!!
! #$$
=(5+.-0%"<"1020.#-(&%(&.0'%(2'(G%-0"%()%(*+%H<1".%-G%(?'".).C'%(J(G%00%(<*2G%()%(GB#.H(C'+%**%(
#GG'<%(&%(0"#'/%(*.1%(P(*+#-0#*#7.%(6E6%()'()"#.0I(5%()"#.08(*%&("K7*%&(?'".).C'%&8(G%(&#-0(
)%&(#@?%0&(u()%&(#'0.*&(6%-02'H(T(C'.(2<<2"0.%--%-0(2'(6#-)%()%(*+.-0%**.7.@*%(%0(-#-(<2&(
)'(&%-&.@*%(d(*%'"(0%H0'"%8(*%'"(6201".2'()#-0(%**%&(&#-0($2.0%&(G+%&0()%(*2(<%-&1%8()'(&%-&I(
F-(<%'0(*%&()1$.-."(G#66%()%&(G#-0%-'&()%(<%-&1%&($.-2*.&1&(#'(.-&0"'6%-02*.&1&8(GB2"71&(
)%(*2(/#G20.#-(.-&0"'6%-02*%()%(&%"/."(P().".7%"(*2(G#-)'.0%(B'62.-%(%-(.-).C'2-08(P(G%'H(
P( C'.( .*&( &#-0( 2)"%&&1&8( *2( 62"7%( )%( *%'"( <#&&.@.*.01( )+27."8( *2( 62"7%( )%( <#&&.@*%( P(
*+.-01".%'"( )%( *2C'%**%( )#.0( &%( 0%-."( *%'"( G#-)'.0%I( F'0.*&( )%( 0%H0'"%( .66201".%**%8(
<'"%6%-0( .)1%**%8(#-(-%(<%'0( *%&(<"%-)"%(%-(62.-8( *%&(2<<"1B%-)%"(<2"( *+2<<2"%.*()%(-#&(
&%-&(%0()%(-#&($2G'*01&(<B3&.C'%&(J(%**%&(<%'/%-0(&%'*%6%-0($2."%(*+#@?%0()+'-%(<"1B%-&.#-(
.-01".%'"%8( %-(-#'&T6E6%&8( )2-&(-#0"%( %&<".08( T( )+'-%( G#6T<"1B%-&.#-(<2"( *+2<<2"%.*( )%(
-#&( $2G'*01&( 6%-02*%&(Df[ZC! 89,'%&.0.<%/%,#'! &"%! 4#'3! ,'%.,'"BI$&! /$! 4.#,%C! >(#."1!
3#@@&'%! 0&$%[&((&! D%.&! .</(,"<&!v! ^$&("! "#'%! (&"! #$%,("! 0&.%,'&'%"1! /J,'! 49=!
0.#3<4&.1!!"9#JJ./'%!E!(9,'%&.0.B%&!v!!
dfgC!8/!4#3%.,'&!+$.,4,I$&!3(/""&!%./4,%,#''&((&@&'%!(&"!@<%5#4&"!49,'%&.0.<%/%,#'!
&'! %.#,"! 3/%<P#.,&"!H! (/! @<%5#4&! (,%%<./(&1! (/! @<%5#4&! &A<P<%,I$&1! (/! @<%5#4&!
%<(<#(#P,I$&C! 8/! 0.&@,B.&! "9/%%/35&! E! (/! (&%%.&! 4$! %&A%&1! &%! =(*2( $2.0( 2'( @%&#.-(
<"1/2*#."(&'"(&#-(%&<".0(%-(%-(0."2-0(0#'0%&(*%&(G#-&1C'%-G%&(<#&&.@*%&(Q6E6%(&.(%**%&(-+#-0(
<2&(101(/#'*'%&(<2"(*+2'0%'"()'(0%H0%S(%0(&2-&(%-(10%-)"%(*+2<<*.G20.#-(2'T)%*P()%(G%(C'.(%&0(
1G".0( Q6E6%( &.( *+.-0%-0.#-( )%( *+2'0%'"( )'( 0%H0%( %0( *2( "2.&#-( &#-0( %-( G%( &%-&S(Df[EC! 8/!
4&$A,B@&!!3#'","%&!E!=("%GB%"GB%"(G%(C'+2(/#'*'()."%(*+2'0%'"()'(0%H0%(P(<2"0."()%(G%*'.T
G.8( )'( G#-0%H0%8( )%&( 0"2/2'H(<"1<2"20#."%&( %0( )%( *+#@?%G0.$( )%( *2( *#.8( )+%-()1727%"( *%( &%-&(
)+2<"K&(*+.-0%-0.#-()'(*17.&*20%'"8(2$.-()+%-("17*%"(*2(<#"01%(&'"(*2("20.#(*%7.&8()%(62-.K"%(P(
2<<*.C'%"(*2("K7*%()2-&(*2(<*1-.0')%()%(&2("2.&#-()+E0"%8(%-(%-($2.&2-0(2'(@%&#.-(<"1/2*#."(
*+%&<".0(&'"(*2(*%00"%(Df[@C!O'J,'1!(/!@<%5#4&!%<(<#(#P,I$&!=(<"%-)(<#'"(<".-G.<%(C'+'-%(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&#(!Q6!b@=2K2BD!-!J!VM1,>2353L>/>1<,!Z!><3>!2>!Z!>3/023=!N-!()!K)+"-;-,+%+(:)#"+#=-:(+-!:;/#6(+6-!
56!""!2>!=6-!=5LB6!56!""6!&#)!U6!7<3,A-!:;/#6(+6-!0O!J!K1>>L3/K!N6!&#*!U6!7<3,A-!:;/#6(+6!0O!J!2YLki=2!N!2>!J!2YLkL>1aA2!N6!
! #$%
"K7*%()#.0(E0"%(2<<*.C'1%()%(62-.K"%(P("%6<*."(&%&( $.-&(%0( .-0%"<"101%(P( *2( *'6.K"%()%(&%&(
$.-2*.01&8(<".-G.<%()+.-0%"<"1020.#-(%H0%-&./%(%0(1/#*'0./%(Dfg\C!!
dfcC!U(!&"%!<;,4&'%!I$&!(/!@<%5#4&!$%,(,"<&!&"%!4,JJ<.&'%&!"&(#'!I$&!(&!%&A%&!&"%!3(/,.!
&%!0.<3,"1! #$!I$9,(! '&! (9&"%!0/"!@/,"!I$&! (&"! %./;/$A!0.<0/./%#,.&"!4$! %&A%&! "#'%!
/33&"",?(&"!#$!'#'!/$!+$P&C!2B"!(#."1!#'!0&$%!/JJ,.@&.!I$9/$3$'&!4&!3&"!@<%5#4&"!
'9&'! &A3($%! $'&! /$%.&1! &%! I$9&((&"! 3#'"%,%$&'%! %#$%&"! 4&"! @#4&"! 49&@0(#,! E! (/!
4,"0#",%,#'!4$! +$P&!/J,'!4&!4#''&.!$'!"&'"!E!$'! %&A%&C!O%1! (#P,I$&@&'%1!0($"!3&!
4&.',&.!&"%!;/P$&1!0($"!(/!(,?&.%<!4$!+$P&!&"%!,@0#.%/'%&!H!(/!3.</%,#'!&"%!49/$%/'%!
0($"! 3#'"<I$&'%&! I$9,(! &"%! '<3&""/,.&! 49/00(,I$&.! $'! %&A%&! ,'"$JJ,"/'%! E! $'&!
",%$/%,#'!4&!J/,%C!!
dfkC!X'!%#$35&!/(#."!4$!4#,P%!(&!0#$;#,.!4&!(9,'%&.0.B%&!"$.!(&!%&A%&!H!"9,(!"9&'!%,&'%!
E!$'&!,'%&.0.<%/%,#'!(,%%<./(&1!"#'!0#$;#,.!&"%!0.&"I$&!'$(1!,(!/00(,I$&!(/!(#,!4/'"!
(&!"&'"!0.&@,&.!4$!%&.@&C!R9,(!$%,(,"&!(/!@<%5#4&!&A<P<%,I$&1!,(!4<%,&'%!$'!0#$;#,.!
4&! 3.</%,#'! 4<+E! 0($"! 3#'"<I$&'%!w! 3/.1! 4/'"! "#'! %./;/,(! 4&! .&35&.35&! &%! 4&!
4<3#$;&.%&!4&!(9,'%&'%,#'!4&!"#'!3.</%&$.1!,(!4,"0#"&!49$'!35/@0!49,'3&.%,%$4&1!4&!
T#'&"!49#@?.&1!0#$.!G#6<*10%"!4&!@/',B.&!0.<%#.,&''&!(/!'#.@&!<3.,%&!I$,!($,!&"%!
"#$@,"&C! O'J,'1! (/!@<%5#4&! %<(<#(#P,I$&! &"%! "/'"! '$(! 4#$%&! 3&((&! I$,! 4#''&! (&!
0#$;#,.!3.</%&$.!(&!0($"! ,@0#.%/'%!/$!+$P&1!3&!4&.',&.!.&@0(,""/'%!/(#."!$'!.t(&!
%.B"!/3%,J!4/'"!(9,'%&.0.<%/%,#'!4&!(/!'#.@&C!!
dg-C! R&! 0#"&! /(#."! (/! I$&"%,#'! 4&! (9&"0/3&! 4&! (,?&.%<! 4#'%! 4,"0#"&! (&! +$P&! 4/'"!
(9,'%&.0.<%/%,#'! 4$! %&A%&1! "/35/'%! I$&1! 0#$.! $'! /$%&$.1! @<%5#4&! &A<P<%,I$&! &%!
%<(<#(#P,I$&! 3#'","%&'%! %#$%&"! 4&$A! &'! $'&! 3.</%,#'! +$.,4,I$&1! @D@&! ",! (/!
0.&@,B.&!0&$%!"&!3/35&.!4&..,B.&!(&!0/./;&'%!4&!(9,'%&'%,#'!4$!3.</%&$.!4$!%&A%&C!
=(52( 0B1#".%( G*2&&.C'%( )%( *+.-0%"<"1020.#-( Q#'( 0B1#".%( %H1710.C'%S( G#-W#.0( G%**%TG.( G#66%(
"%*%/2-0(%&&%-0.%**%6%-0()%(*+#")"%()%(*2(G#--2.&&2-G%(QRSI(;%00%("%<"1&%-020.#-(&%(0"#'/%(
2'( G%-0"%( )%&( ).&G#'"&( 0%-'&( <2"( *%&( &<1G.2*.&0%&( )%( *+.-0%"<"1020.#-8( %0( -#0266%-0( *%&(
?'7%&(J(-.2-0(*2("12*.01()'(<#'/#."(C'+.*()10.%-08(*+.-0%"<"K0%(&%(<"1&%-0%(G#66%('-(*%G0#"(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&$4!U6!7<3,A-!:;/#6(+6!0O!J!>LKL<K<k1aA2!N6!
! #$&
=(C'.( &%( "1$'7.%()%"".K"%( *+2<<2"%-G%(2'(6#.-&()+'-%(&.6<*%(2<<*.G20.#-()%( *2( *#.( %0(C'.8((
*#"&C'+.*($2.0(g'/"%()%(G"120.#-((?'".).C'%8(0%-)(P(*%().&&.6'*%"(D(QRS8(<2"(*P8(*+.-0%"<"K0%(
G2<0%( *+2'0#".01( C'.( &+2002GB%( 2'( 0%H0%8( %-( 6%002-0( &%&( .-0%"<"1020.#-&( P( *+2@".( )%( 0#'0%(
G#-0%&020.#-I( ;%00%( G#-G%<0.#-( &#'&T%&0.6%( 1/.)%66%-0( *2( <2"0( )%( &'@?%G0./.01( %0( )%(
G"120./.01( C'.( &+2002GB%( P( 0#'0%( .-0%"<"1020.#-(J( *+.-0%"<"1020.#-( -%( &%( <"1&%-0%( ?262.&(
G#66%('-( &.6<*%( )1G#)27%( )+'-( 0%H0%8( <2"( *2( "%GB%"GB%( )%( *+.-0%-0.#-( )%( *+2'0%'"(d( %**%(
"12*.&%( 0#'?#'"&( =(*2( 0"2-&)'G0.#-( )+'-( &%-&( <"%6.%"8( %H<*.G.0%( 62.&( -#-( %-0.K"%6%-0(
&20.&$2.&2-08(/%"&('-(&%-&(&%G#-)(<*'&(G#-$#"6%(P('-%(200%-0%()10%"6.-1%(D!jC!R9/P,""/'%!
4&!(/!@<%5#4&!%<(<#(#P,I$&1!=(*+.-0%"<"K0%(.-0%"/.%-)"2.0()."%G0%6%-0()2-&(*%(<"#G%&&'&(
)%( G"120.#-( )%&( -#"6%&I( ;%00%( <"1&%-020.#-( %&0( .-B1"%-0%( P( *2( 0B1#".%( o%*&1-.%--%( )%(
*+.-0%"<"1020.#-( 2'0B%-0.C'%8( G#-W'%( G#66%( 2G0%( )%( =(/#*#-01(D(d( )K&( *+.-&02-0( #Y( *+#-(
2)6%0( C'+(=(.*( -+3( 2( <2&( )%( &.7-.$.G20.#-( /1".02@*%( )%( *2( *#.( 2'0"%( C'%( G%**%( C'.( %&0(
)10%"6.-1%( <2"( *+.-0%"<"1020.#-( 2'0B%-0.C'%(D8( #-( %&0( *#7.C'%6%-0( G#-)'.0( P( 2**%"( <*'&(
*#.-( %-G#"%8( %-( 1".7%2-0( *+.-0%"<"K0%( %-( =(/1".02@*%( 2'0%'"( )%( *2( *#.(D(DfgDC! >,'",1! %#$%&!
,'%&.0.<%/%,#'!,@0(,I$&!$'&!(,?&.%<!3.</%.,3&!4$!+$P&C!O((&!3#@?,'&!=(G#-0"2.-0%(%0(
*.@%"01(D1!35/I$&!@<%5#4&!4<%&.@,'/'%!3&%%&!0/.%!4&!(,?&.%<1!J,A/'%!(&"!.BP(&"!4&!(/!
3.</%,#'!H! =(;#66%( 0#'0( ?%'8( *+.-0%"<"1020.#-( &'<<#&%('-%( <2"0( )%( =("K7*%&(D( QRS(62.&(
2'&&.( )+(=(.-)10%"6.-20.#-(D( QRS(J( '-%( =(62"7%( )%( ?%'(D( &%"2.0( 2'0#".&1%( P( *+.-0%"<"K0%8(
62.&()2-&(*%(G2)"%(0"2G1(<2"(*2(=("K7*%()'(?%'(D(d(*+#<1"20.#-()+.-0%"<"1020.#-(-%(&%("26K-%(
)K&(*#"&8(-.(P(*+#@?%G0./.01()+'-(0%H0%(G#-/%-0.#--%*(C'.()10.%-)"2.0('-(&%-&('-.C'%(%0(/"2.8(
-.( P( *2( &'@?%G0./.01( 2"@.0"2."%( )%( *+.-0%"<"K0%(D fg[ C! 89,'%&.0.<%/%,#'! &"%! 4#'3! $'&!
/4/0%/%,#'! 4$! %&A%&1! 3&((&[3,! <%/'%! 0($"! #$! @#,'"! (,?.&C! 7&(/! 4<0&'4! 4&! (/!
.<4/3%,#'!4&!3&($,[3,1!4&!"/!3(/.%<1!@/,"!<P/(&@&'%!4&!(/!I$/(,%<!4&!"&"!/$%&$."!H!"9,(!
"9/P,%! 4$! (<P,"(/%&$.! ,'%&.'&1! (&! %&A%&! '#.@/%,J! &"%! ,""$! 49$'! 0.#3&""$"!
49<(/?#./%,#'!3#@0(&A&!@/,"!;./,"&@?(/?(&@&'%!/?#$%,1! ,""$!4&!.<4/3%&$."!@$"!
0/.!(/!@D@&!;#(#'%<!4&!3.</%,#'C!O'!.&;/'35&1!"9,(!"9/P,%!49$'!%./,%<!,'%&.'/%,#'/(1!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&$"!\6!7I20/K123-!J!V2=!1,>2353i>2=!HA!H3<1>!N-!1,!K)+"-;-,+%+(:)#"+#=-:(+-!:;/#6(+6-!56!""(!2>!=6-!
=5LB6!56!"#$6!&$#!\6!7I20/K123-!;-,66-!56!"#$!
! #$'
(&! %&A%&! &"%! '<3&""/,.&@&'%!$'! 3#'"&'"$"! &A0.,@<! &'!4&"! %&.@&"! %.B"! P<'<./$A1!
@#,'"!/?#$%,1!(/,""/'%!$'&!(,?&.%<!49,'%&.0.<%/%,#'!0($"!,@0#.%/'%&!/$!+$P&C!!
dg)C! ^$&((&! I$&! "#,%! (/! (,?&.%<! 4&! (9,'%&.0.B%&1! (/! '#.@&! ?.$%&! &"%! 4<"#.@/,"!
/00(,3/?(&! E! (9,""$&! 4&! 3&! 0.#3&""$"! ,'%&((&3%$&(C! 89,'%&.0.<%/%,#'! 3#'"%,%$&! $'!
0#'%!&'%.&!$'&!.BP(&!/?"%./,%&!&%!4&"!",%$/%,#'"!3#'3.B%&"C!79&"%!%#$%&!(/!4,JJ,3$(%<!
I$,! "&! 0.<"&'%&! /$! +$P&! &$.#0<&'! (#."I$9,(! 4#,%! /00(,I$&.! (&! %&A%&! 4&! (/!
7#';&'%,#'!4&!R%./"?#$.P!E!$'&!",%$/%,#'!4&!J/,%C!!
!
-#!$<)7*%'3'.*"*)(7!&%0!*%1*%0!&%!,"!A(7/B!CB!5B!DB!3"'!,%!=29%!%2'(3.%7!
)
dg*C!8/!@<%5#4&!&@0(#=<&!0/.!(&!+$P&!&$.#0<&')TaU)'#$"!0&.@&%!4&!3#@0.&'4.&!
3#@@&'%!(&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&)/!0$!D%.&!.<;<(<)TbUC!
)
qT(52(610B#)%(%6<*#31%(<2"(*%(?'7%(%'"#<1%-(
(
dgbC!ZC!GC!S,P/$A!I$/(,J,&! (&! +$P&!4&!=(6.-.&0"%()'(&%-&(DfggC!O'!&JJ&%1! J#.3&!&"%!4&!
3#'"%/%&.!I$9,(! &"%! 3&($,!I$,1! .-($.-%!4#''&!"#'!"&'"!/$! %&A%&!/J,'!4&! (9/00(,I$&.C!
>,'",1! 0#$.! .&0.&'4.&! (&"! %&.@&"! 4&! ZC! 6C! >@"&(&p1! ,(! &"%! (&! =(6%&&27%"(D( I$,!
=(/1B.G'*%(DfgU!(&!"&'"!4$!%&A%&1!,(!&"%!(9,'%&.0.B%&!#?(,P<!&%!0.,;,(<P,<!4&!(/!.BP(&!4&!
4.#,%C!7&((&[3,!'9&"%!4#'3! +/@/,"!/00(,I$<&!&'! (9<%/%!w!&((&! (9&"%!0/.! (&! %.$35&@&'%!
4$! %./;/,(! ,'%&((&3%$&(! 49,'%&.0.<%/%,#'! 4$! +$P&C! =( L5O2( G#66'-.G20.#-( )%&( "K7*%&(
?'".).C'%&( )2-&( -#&( 1GB2-7%&( .-0%"&'@?%G0.$&( -%( <%'0( E0"%( )."%G0%8( 62.&( &%'*%6%-0(
.-)."%G0%8(61).20.&1%(D&$&C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&$$!G6!?1k/AY-!!%#*:(#="<#P9&"<-!fH1K2!\/B<`-!"**(6!&$%!Q6!b@=2K2BD!-!;-,66-!56!""!2>!=6-!=5LB6!56!""6!&$&!Q6!b@=2K2BD!-!(H(=/!
! #$(
dgdC! X.1! (&! .t(&! 49,'%&.@<4,/,.&! &'4#""<! 0/.! (&! +$P&! &"%! 49/$%/'%! 0($"!
,'4,"0&'"/?(&! /$+#$.495$,! I$&! (/! '#.@&! &"%! @/(! J/,%& &$' !H! (&! %./;/,(!
49,'%&.0.<%/%,#'!"9,@0#"&C!!
dgeC!2&!3&!0#,'%!4&!;$&1!(&!+$P&!&$.#0<&'!&"%!$'!,'%&.0.B%&!&""&'%,&(!4$!%&A%&!4&!(/!
7#';C!OC!2C!QC!O'!&JJ&%1!3&%%&!4&.',B.&!&"%!<3.,%&!4/'"!$'!(/'P/P&!3#@@$'1!$"/'%!
49&A0.&"",#'"!P<'<.,I$&"!%&((&"!I$&!=(/.%(<"./1%(D1!=(/.%($26.*.2*%(D1!=()"#.0(P(*2(/.%(DC!
2&! 0($"1! &%! 3&(/! 3#'"%,%$&! $'&! 4,JJ,3$(%<!@/+&$.&1! (&! %&A%&! 4&! (/! 7#';&'%,#'! &"%!
4/%<C! U(! &"%! <;,4&'%! I$&! (&"! "#3,<%<"! &$.#0<&''&"! #'%! <;#($<1! I$&! (&"! ;/(&$."!
;<5,3$(<&"!"#'%!4,JJ<.&'%&"!49,(!=!/!0($"!4&!3,'I$/'%&!/'"C!U(!'9&"%!0/"!4,"3$%/?(&!
'#'! 0($"! I$&! (&"! .&;&'4,3/%,#'"! ,'4,;,4$&((&"1! I$,! P./;,%&'%! /$%#$.! 4&!
(9/33#@0(,""&@&'%!4&!"#,1!"#'%!0.,"&"!&'!3#@0%&!4&!@/',B.&!0($"!,@0#.%/'%&!0/.!
(&"!O%/%"!&$.#0<&'"C!
dgfC!>,'",1! (&"!;,#(/%,#'"!/((<P$<&"!4&;/'%! (/!7#$.!4&!R%./"?#$.P!#'%!<P/(&@&'%!
<;#($<C!U(!&"%!49/,((&$."!"/,",""/'%!4&!3#'"%/%&.1!/$!;$!4&!(/!+$.,"0.$4&'3&!.&(/%,;&!
/$!0.,'3,0&!49/$%#'#@,&!0&."#''&((&1! I$&! 4&"! .&3#$."!4&;/'%! (/!7#$.!OC!2C!QC!
0&$;&'%! D%.&! (&! %5<u%.&! 4&! .&;&'4,3/%,#'"! %#$%! E! J/,%! '/.3,"",I$&"1! &%! &'! 3&! "&'"!
%#$%!E! J/,%! "$?+&3%,;&"1! "9<(#,P'/'%!4&! (9#?+&%!#.,P,'&(!4$! %&A%&!4&! (/!7#';&'%,#'C!
>,'",1! (&! +$P&!4&!R%./"?#$.P!0.#3B4&!E!$'!.<&(! %./;/,(!49/4/0%/%,#'!4&! (/!'#.@&!
3#';&'%,#''&((&C! U(! .<4$,%! =(*+1G2"0( %-0"%( LG%**%TG.O( %0( *%( "1%*( QRS( *%&( 6g'"&( %0( *%&(
0%GB-.C'%&(GB2-7%L2-0O(DfgZC!7&!4&.',&.!&"%!,'4,"0&'"/?(&1!,(!&'!;/!4&!(9/00(,3/?,(,%<!
4&! (/! '#.@&! /$A! J/,%"! 0.<"&'%<"! /$! +$P&!H! =(.*( %&0( .-1/.02@*%( C'%( *2( -#"6%( &#.0(
2G0'2*.&1%(<#'"(C'+%**%( "%/E0%('-(G#-0%-'(<"1&%-0%6%-0(/2*.)%I(>0(G%00%(2G0'2*.&20.#-(-%(
&+#<K"%( C'%( <2"( *+2<<#"0( .-0%"<"1020.$( )%&( 2G0%'"&( ?'".).C'%&I( !#'"( 200%.-)"%( G%( @'0(
)+2G0'2*.&20.#-()%(*2(-#"6%8(*+.-0%"<"K0%()1/%*#<<%('-%(.)1%(<*'&(G#-G"K0%()'(G#-0%-'()%(*2(
-#"6%( .-0%"<"101%( %-( <"#?%02-0( &'"( %**%( '-%( &1".%( )%( "%<"1&%-020.#-&( C'+.*( <#&&K)%( )%( *2(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&$'!;A3!B2>>2!aA2=>1<,-!0<13!K2!3/55<3>!LBK/13/,>!HA!7<,=21K!HM8>/>J#5"#*%#<,69-(+,#P9-(=(G9"-!
"**"6!!&$(!96! c/1,kA2,2/A-! J!VM1,>2353L>/>1<,! H2=! >2Y>2=! K1>>L3/132=! 2>! H2=! >2Y>2=! .A31H1aA2=!N-! ()!
K)+"-;-,+%+(:)#"+#=-:(+-!:;/#6(+6-!56!'"!2>!=6-!=5LB6!56!("6!
! #$)
"12*.01(<#*.0.C'%(%0(10B.C'%()%(&#-(0%6<&(D1!<3.,%!ZC!VC!6&%&;&$)C!8/!7#$.!4&!R%./"?#$.P!
3#'",4B.&!I$&!=(*2(;#-/%-0.#-(2(<#'"(@'0()%(<"#017%"()%&()"#.0&(-#-(<2&(0B1#".C'%&(#'(
.**'&#."%&8(62.&(G#-G"%0&(%0(%$$%G0.$&(Dfg@(4/'"!$'!"#$3,!3#'"%/'%!4&!3#'J<.&.!$'&!.<&((&!
&JJ&3%,;,%<!/$!"="%B@&!4&!"/$;&P/.4&!4&"!4.#,%"!P/./'%,"C!>,'",1!(/!7#';&'%,#'!&"%!
=('-( .-&0"'6%-0( /./2-0(D fU\ !I$,! =()#.0( &+.-0%"<"10%"( P( *2( *'6.K"%( )%&( G#-).0.#-&(
)+2'?#'")+B'.(D fUD !4#'%! ,(! 3#';,&'%! 4&! =(62.-0%-."( '-%( 2<<"#GB%( )3-26.C'%( %0(
1/#*'0./%(D1! &%1! &'! 3#'"<I$&'3&1! ,(! &"%! '<3&""/,.&! 4&! .<<;/($&.! =(P( *2( *'6.K"%( )%&(
G#-).0.#-&( )+2'?#'")+B'.( C'%**%( %&0( *+.-0%"<"1020.#-( )%( *2( ;#-/%-0.#-( C'.( &+.6<#&%( P(
*+B%'"%(2G0'%**%(D!4/'"!$'!4#@/,'&!4<%&.@,'<&%#C!!!
dggC! 8/! 7#$.! 4&! R%./"?#$.P! /JJ,35&! /,'",! "/'"! /@?,P$,%<! "/! @<%5#4&!
49,'%&.0.<%/%,#'!4&!(/!7#';&'%,#'!H!&((&!/4#0%&!$'&!4<@/.35&!%<(<#(#P,I$&1!I$&!(/!
4#3%.,'&! "0<3,/(,"<&! 4<'#@@&! =(1/#*'0./%(DfUgC! >,'",1! (&! +$P&! &$.#0<&'! /4/0%&!
3#'%,'$&((&@&'%! (&! %&A%&! 4&! (/! 7#';&'%,#'! /$A! @]$."! "#3,/(&"! <;#($%,;&"! 4&"!
0/="!@&@?.&"!4$!7#'"&,(!4&!(9O$.#0&C!=(;%*2(/%'0()."%(C'%(*%&(G#-G%<0&()#-0(&%(&%"0(
*2( ;#-/%-0.#-( &#-0( P( %-0%-)"%( )2-&( *%( &%-&( 0%*( C'%( *%( G#6<"%--%-0( *%&( &#G.101&(
)16#G"20.C'%&()+2'?#'")+B'.(%0(-#-()2-&(*%(&%-&(C'%(G%&(G#-G%<0&(2/2.%-08(.*(3(2(_](2-&8(
*#"&C'%( *2( ;#-/%-0.#-( 2( 101( 1*2@#"1%(D1! &A0(,I$&! $'! /$%&$.C! =(:*( %&0( 1/.)%-0( C'%(
*+.-0%"<"1020.#-(1/#*'0./%(%&0(*2(610B#)%(2)1C'20%(<#'"(*+.-0%"<"1020.#-()+'-%(G#-/%-0.#-(
C'.(2(<#'"(#@?%0()%&(&.0'20.#-&(&#G.2*%&8(%**%&(2'&&.(%-(1/#*'0.#-(G#-&02-0%(QRSI(a%(<*'&8(
'-%( G#-/%-0.#-( 6'*0.*201"2*%8( G#66%( *2( ;#-/%-0.#-( %'"#<1%--%8( %&0( '-( .-&0"'6%-0(
<%&2-0( )#-0( *+2?'&0%6%-0( G#-&02-0( 2'H( %H.7%-G%&( GB2-7%2-0%&( )%( *2( &#G.101( &%"2.0(
G#6<*.C'1(%08(2'(6#.-&8(<"%-)"2.0(@%2'G#'<()%(0%6<&(D1!"#$(,P'&[%[,(!/;&3!./,"#'&%%C!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&$)!F6! Q2>20-! J!VM1,>2353L>/>1<,! H2=! _/1>=! 2>! KM1,>2353L>/>1<,! HA! H3<1>!N-! 1,! K)+"-;-,+%+(:)#"+#
=-:(+-!:;/#6(+-!56!&#!2>!=6-!=5LB6!56!&)6!&$*!768696:6-!b132R!BC+3K/,H2-!*!<B>6!"*(*-!G!;AH32!2>!%*((-!2/I/0/8/5/?/-!:;/#6(+6-!,O#6!!&%4!768696:6-!gR323!BC?<R/A@2ST,1-!#&!/036!"*()-!b6!#'6!&%"!768696:6-!c/3BDY!BCm2Kk1aA2-!"$!.A1,!"*(*-!53LB/!&%#!768696:6-!U<<Hq1,!BC?<R/A@2ST,1-!""!.A1KK6!#44#-!53LB6-!E')S'*6!&%$!F6! G6! ;AH32! nH136o-! !B()+"-;-,+%+(:)# ="# *%# 0:)7")+(:)# "9-:;,"))"# ="<# =-:(+<# ="# *BC:$$"-!
7<KK<aA2!H2=!"$!2>!"%!@/3=!"**)-!m3ARK/,>-!m3AY2KK2=-!"**)6!&%% !G6! c/>=BI23-! J!V2=! B<,>3/1,>2=! H2! KM1,>2353L>/>1<,! .A31H1B>1<,,2KK2! V2=! @L>I<H2=!
HM1,>2353L>/>1<,! H2! K/! 7<,02,>1<,! 2A3<5L2,,2!N-! ()# !B()+"-;-,+%+(:)# ="# *%# 0:)7")+(:)#
"9-:;,"))"#="<#=-:(+<#="#*BC:$$"-!:;/#6(+6-!56!"&!2>!=6-!=5LB6!56!##6!!
! #$*
dgcC!8&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!&"%!4#'3!(&!.<"$(%/%!4&!(9,'%&.0.<%/%,#'!
4='/@,I$&! 4&! (9/.%,3(&! c! 4&! (/! 7#';&'%,#'! 0/.! (&! +$P&! &$.#0<&'C! 7#'J.#'%<! E!
(9,'"$JJ,"/'3&! 4$! %&A%&! /$! .&P/.4! 4&! 0.#?(<@/%,I$&"! /3%$&((&"! 3#@@&!
(9&$%5/'/",&1! (&! %./'""&A$/(,"@&1! (/! ;,&! "&A$&((&1! (9/;#.%&@&'%1! .*( 2( )x( "1/1*%"! (&!
0.,'3,0&!49/$%#'#@,&!0&."#''&((&!/J,'!49/00(,I$&.!(&!%&A%&!4&!@/',B.&!+$4,3,&$"&1!
3&!I$,!3#'"%,%$&!"/!+$"%,J,3/%,#'!&""&'%,&((&C!!
!
tT(52("1/1*20.#-(?'&0.$.1%()'(<".-G.<%()+2'0#-#6.%(<%"&#--%**%(
!
dgkC! 2$! "%.,3%! 0#,'%! 4&! ;$&! 4$! 4.#,%! &$.#0<&'1! (&! 0.,'3,0&! 49/$%#'#@,&!
0&."#''&((&! /00/./a%! 3#@@&!$'&! 3.</%,#'!0.<%#.,&''&!4$! +$P&1! 0$,"I$&! 3&($,[3,!
&"%!/?"&'%!4$!%&A%&!4&!(/!7#';&'%,#'C!6/.!"/!+$.,"0.$4&'3&!I$,!J/,%!3#.0"!/;&3!(&!
%&A%&!4&!(/!7#';&'%,#'1!(&!+$P&!4&!R%./"?#$.P!=!/+#$%&!3&!0.,'3,0&!,'<4,%C!
dc-C! K#$"! 4<4$,"#'"! 4&! (/! 4<@#'"%./%,#'! 0.<3<4&'%&! I$&! 3&! 0.,'3,0&! &"%! $'&!
3.</%,#'! &"%,@<&! '<3&""/,.&! 0/.! (&! +$P&1! 4/'"! (&! 3/4.&! 49$'&! ,'%&.0.<%/%,#'!
<;#($%,;&!4&!(/!7#';&'%,#'1!/J,'!49/4/0%&.!(&!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&!/$A!
3#'4,%,#'"!"#3,/(&"!/3%$&((&"1!(,?<.<&"!4&"!?#''&"!@]$."!%./4,%,#''&((&"C!2/'"!(&!
@D@&!#.4.&!49,4<&"1!(&!3#.#((/,.&!4&!(/!4,P',%<!"$?+&3%,;&!3#'"%,%$&!<P/(&@&'%!$'&!
/4/0%/%,#'! 4&! (/! 4,P',%<! #?+&3%,;&! /$A! "#3,<%<"! 3#'%&@0#./,'&"! x! 3&.%&"1! /;&3!
%#$%&"!(&"!.<"&.;&"!4<;&(#00<&"!0($"!/;/'%C!!
dc)C!>$!%#%/(1! (&! +$P&!&$.#0<&'!0#""B4&!4#'3!$'!0#$;#,.!'#.@/%,J!I$,!'9&"%!0/"!
3#'%&"%/?(&C!
! !
! #%4
WO).=)CD;JDB?)ED?KA:BQ)<;)`;M=)=;?DCG=E)
)
dc*C! K#$"! .&+#,P'#'"! (9#0,',#'! 4&! '#@?.&$A! /$%&$." &%& !&%! /JJ,.@#'"! I$&! (&!
0.,'3,0&!49/$%#'#@,&!0&."#''&((&! 3#'"%,%$&!?,&'!$'&!'#.@&!49,'%&.0.<%/%,#'!4&!
(9/.%,3(&! c! 3.<<&! &'! 4.#,%! &$.#0<&'1! '#'#?"%/'%! 4#'3! "#'! &@0.$'%! E! (/!
+$.,"0.$4&'3&!4&"!7#$."!"$0.D@&"!4&"!O%/%[:',"!&%!4$!7/'/4/C!!
dcbC!8&!0#$;#,.!'#.@/%,J!4&!(/!7#$.!4&!R%./"?#$.P!;,&'%!3#'J#.%&.!(/!4#3%.,'&!4&!
(/!L%#$%&M!0$,""/'3&!4$!+$P&C!R&(#'!ZC!QC!n&("&'1!%#$%&!4<3,",#'!+$.,"0.$4&'%,&((&!
/!$'!3/./3%B.&!'#.@/%,J1!&%!"9,'"3.,%!4/'"!(&!0.#3&""$"!4&!3.</%,#'!4$!4.#,%C!6#$.!
($,1! ,(! &"%! &..#'<! 4&! 0&'"&.! I$&! (&"! 4<3,",#'"! 4$! +$P&! '9#'%! I$9$'! 3/./3%B.&!
4<3(/./%,J1! &%! '#'! 0/"! 3#'"%,%$%,J!H! =(5%&( -#"6%&( .-)./.)'%**%&( C'.( &020'%-0( C'%( 0%**%(
&2-G0.#-( )#.0( E0"%( <"#-#-G1%( QRS(-%( &#-0( G"11%&( C'%( <2"( *%&( )1G.&.#-&( ?'".).G0.#--%**%&8(
%**%&( -+102.%-0( <2&( %-( /.7'%'"( '*01".%'"%6%-0(DfUTI(>,'",1! %#$%&! 4<3,",#'! 4&! +$"%,3&!
@#4,J,&!(9<%/%!4$!4.#,%!&A,"%/'%1!!(&!0#$;#,.!'#.@/%,J!4&!(/!.BP(&!+$.,"0.$4&'%,&((&!
",P',J,/'%!I$&1!4#.<'/;/'%1!,(!i!J/$%!/P,.!4&!%&((&!@/',B.&!jC!!
dcdC!ZC!ZC!7/00&((&%%,1!4/'"! "#'!#$;./P&!=(5%(<#'/#."()%&(?'7%&(DfUZ1!@#'%.&!I$&!
(&"! +$P&"! "#'%! 4&"! /3%&$."! ,'3#'%&"%/?(&"! 4&! (/! 3.</%,#'! 4$! 4.#,%C! R&(#'! ($,1! (&!
%./;/,(!49,'%&.0.<%/%,#'!4&"!%&A%&"!+$.,4,I$&"1!I$,!3#'"%,%$&!$'&!(/.P&!0/.%!4&!(&$.!
#JJ,3&1! &"%! $'&! 3.</%,#'! +$.,4,I$&1! '#'#?"%/'%! (/! "#$.3&! '#.@/%,;&! .<J<.&'%,&((&!
I$9,(! 4#,%! .&"0&3%&.C! =(p'%( *+.-0%"<"K0%( %-( 2.0( #'(-#-( G#-&G.%-G%8( 0#'0%( .-0%"<"1020.#-(
G#6<#"0%( '-( G%"02.-( )%7"1( )+2<<"1G.20.#-8( %0( )#-G( )%( G"120.#-( QRSI( :*( %&0( 1/.)%-0( C'%(
0#'0%("%<"#)'G0.#-(#'(%H1G'0.#-(<%'0(/2".%"(<"#$#-)16%-08(%-($#-G0.#-(-#0266%-0()%(*2(
G2<2G.01(.-0%**%G0'%**%(%0()%(*+1020()+|6%()%(*+.-0%"<"K0%(QRSI(`E6%(&.(*+.-0%"<"K0%(%-0%-)(
"%&0%"($.)K*%(P(=(&#-(0%H0%(D8(.*(&%"2(0#'?#'"&8(<#'"(-#'&(%H<".6%"(2.-&.8($#"G1()+E0"%(*.@"%(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&%&!Q/3@1!2AY-!B1><,=!G6!?1k/AY-!:;/#6(+6-!2>!c6!7/552KK2>>1!aA1!/!LB31>!!"#;:97:(-#="<#P9&"<-!Q6T6!
HMb1Y!c/3=21KK2-!"**46!&%'!:6!l2K=2,-!:;6!6(+6-!=5LB6!56!#$(!2>!=6!&%(!c6!7/552KK2>>1-!:;/#6(+/!
! #%"
<2"G%( C'+.*( -+%&0( <2&( )%( 0%H0%( QRS( *17.&*20.$8( C'.( -%( &%( <"E0%( P( )%&( /2".20.#-&( %0( )%&(
-'2-G%&8(%0(-%(*2.&&%(P(*+.-0%"<"K0%('-(G%"02.-(<#'/#."(G"120%'"(DfUEC!
dceC!>!3&(/!"9/+#$%&!(&!0#$;#,.!4&"!+$P&"!I$,!&"%!4&!0($"!&'!0($"!3#'"<I$&'%!4/'"!
$'! "="%B@&! +$.,4,I$&! #h! (&! J#.@/(,"@&! "&./,%! 4&! 0($"! &'! 0($"! 3#@?/%%$C!>,'",1!
"&(#'!(9/$%&$.1!4/'"!(&"!0/="!4&!7,;,(!8/m!LG./'3&1!>((&@/P'&1!O"0/P'&M!3#@@&!
4&!7#@@#'!8/m!LO%/%"[:',"1!W./'4&!N.&%/P'&M!#'!3#@?/%! (9,4<&!"&(#'!(/I$&((&!
(&! +$P&! '&! 0.#3B4&! I$9E! $'&! /00(,3/%,#'! "&.;&! 4&! (/! .BP(&! 4&! 4.#,%C! 8&!
35&@,'&@&'%! +$.,4,3%,#''&(!'9&"%!0/"!I$&!@<3/',I$&1!/$%#@/%,I$&1!.<0#'4/'%!E!
$'&! (#P,I$&! ,';/.,/?(&1! @/,"1! /$! 3#'%./,.&1! 3#@0#.%&! $'&! (/.P&! 0/.%! 4&!
;#(#'%/.,"@&!+$.,4,I$&!4&!(/!0/.%!4$!+$P&&%*C!7&!4&.',&.!&"%!$'!!3.</%&$.!4&!4.#,%1!
E! (9,'"%/.! 4$! (<P,"(/%&$.1! (&$."! 3.</%,#'"! '#.@/%,;&"! '&! 3#@0#.%/'%! 0/"! $'&!
=().$$1"%-G%( )%( -20'"%8( 62.&( &%'*%6%-0( )%( $"1C'%-G%( %0( )%( C'2-0.018( G+%&0( P( )."%( )%(
)%7"1(D ff\ C! 2&! 0($"1! (9O%/%! +#$/'%! $'! .t(&! &""&'%,&(! 4&! 0.#%&3%,#'! "#3,/(&1! 4&!
3#'4$,%&! <3#'#@,I$&1! (&"! %&A%&"! +$.,4,I$&"! "#'%! 4&! 0($"! &'! 0($"! '#@?.&$A! &%!
.&';#,&'%!4&!@/',B.&!3.#,""/'%&!/$!%./;/,(!49,'%&.0.<%/%,#'!4$!+$P&1!/J,'!I$9,(!(&"!
0.<3,"&1! (&"! /JJ,'&1! (&"! /4/0%&! /$A! ",%$/%,#'"! I$,! ($,! "#'%!0.<"&'%<&"C!8&! +$P&! &"%!
/,'",!4&;&'$!$'!.&(/,!&""&'%,&(!4$!%./;/,(!(<P,"(/%,J1!"/'"!(&I$&(!3&!4&.',&.!"&./,%!&'!
0/.%,&!,'/00(,3/?(&&&"C!6#$.!&'!.&;&',.!/$!4.#,%!&$.#0<&'1!(/!7#$.!OC!2C!QC!#0B.&!
3&!%./;/,(!4&!0.<3,",#'1!49/JJ,'/P&!4&!(/!7#';&'%,#'1!"/'"!(&I$&(!&((&!'&!"&./,%!0/"!
/00(,3/?(&C! >,'",1! (/! 7#$.! OC! 2C! QC1! &'! %/'%! I$9,'%&.0.B%&! (<P,%,@&! 4&! (/!
7#';&'%,#'1!.</(,"&!(&"!3#'4,%,#'"!4&!"/!@,"&!&'!]$;.&!&%!35/I$&!/..D%!.&'4$!&"%!
$'&!3.</%,#'! +$.,4,I$&1!4#'3!$'&!0.#4$3%,#'!'#.@/%,;&!2'(6E6%(0.0"%(C'%(*+%&0! (&!
%&A%&!4&!(/!7#';&'%,#'C!!
dcfC!6/.!;#,&!4&!3#'"<I$&'3&1!(/!4<3,",#'!4&!(/!7#$.!4&!R%./"?#$.P!/!(9&JJ&%!49$'&!
.BP(&!4&!4.#,%C! O'! (/!@/%,B.&1! (/! ;&.%$!'#.@/%,;&!4&! (/! .BP(&! +$.,"0.$4&'%,&((&! /!
$'&!.<"#''/'3&!0/.%,3$(,B.&C!R9/P,""/'%!4&!4.#,%"!J#'4/@&'%/$A1!(/!3#5<.&'3&!4&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&%)!c6!7/552KK2>>1-!:;/#6(+/-!56!$46!&%*!c6!7/552KK2>>1-!:;/#6(+J#56!$(6!&&4!c6!7/552KK2>>1-!:;/#6(+J#56!$%6!&&"!c6!7/552KK2>>1-!:;/#6(+J#56!$)6!
! #%#
(&$.!0.#%&3%,#'!,@0#"&!I$&!3&%%&!"#($%,#'!"#,%!"$,;,&!0/.!%#$"!(&"!O%/%"!0(/3<"!"#$"!
(/!+$.,4,3%,#'!4&!(/!7#$.&&#C!!
dcgC! >,'",1!( *%( <".-G.<%( )+2'0#-#6.%( <%"&#--%**%! <%"6%0! /$! +$P&! &$.#0<&'!
49,'%&.0.<%&.!4&!@/',B.&! (,?<./(&! (9/.%,3(&! c1! &%! 49/33.#a%.&! (/! (,?&.%<! ,'4,;,4$&((&!
I$/'%!E!(/!4,"0#",%,#'!3#.0#.&((&!&'!%#$%&!(<P,%,@,%<1!@D@&!",!#'!"&!%.#$;&!/(#."!
?,&'!<(#,P'<!4&!(/!",P',J,3/%,#'!#.,P,'&((&!4$!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&C!!
!
!
!
!
!
!
!
!
!
!
! !
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&&#!F6!<9;-%-!56!"(&!2>!=6!
! #%$
))20"2.!'#0")29,+#(&%)#)
)
!
!
dccC! 8&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! 3#'"%,%$&! 4#'3! $'&!@/',J&"%/%,#'! 4$!
0#$;#,.!'#.@/%,J!4$!+$P&!&$.#0<&'1!I$&!"/!0#",%,#'!49,'%&.0.B%&!0.,;,(<P,<!4&!(/!
7#';C!OC!2C!QC!3#'J,.@&!,'4$?,%/?(&@&'%C!!
dckC! 7&! 3#'"%/%! 4#,%! 3&0&'4/'%! D%.&! '$/'3<C! O'! &JJ&%1! (/! '#.@&! /,'",! 3.<<&!
0.<"&'%&! $'&! (,@,%&! #'%#(#P,I$&! 4$! 0#,'%! 4&! ;$&! 4&"! 4.#,%"! J#'4/@&'%/$A1! (&!
0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! <%/'%! '<3&""/,.&@&'%! J#'4<! "$.! (/! 4,P',%<!
"$?+&3%,;&1! (/I$&((&! '9&"%! .&;D%$&! 49/$3$'&! ;&.%$! '#.@/%,;&C! 8&! 0.,'3,0&!
49/$%#'#@,&! 0&."#''&((&! 3#'"%,%$&! /(#."1! 49$'! 0#,'%! 4&! ;$&! J#'4/@&'%/(1! $'&!
3#I$,((&! ;,4&1! /$[4&(E! 4&! "/! '#.@/%,;,%<! /00/.&'%&! &'! %/'%! I$&! 0.,'3,0&!
,'%&.0.<%/%,J! 4&! (9/.%,3(&! c! 4&! (/! 7#';&'%,#'! 4&! R%./"?#$.PC! U'"$"3&0%,?(&! 4&!
.<P$(&.! (&"! 3#@0#.%&@&'%"! 5$@/,'"! 4/'"! (&$.! .&(/%,#'! I$/'%! E! (&$.! 3#.0"1! ,(!
#0B.&!/$!3#'%./,.&!$'&!i!4<'#.@/%,;,"/%,#'!j!&'!(/!@/%,B.&1! (/!4,P',%<!"$?+&3%,;&!
+$"%,J,/'%!%#$"!(&"!35#,A!,'4,;,4$&("!/$!'#@!4&!(/!3#'"%.$3%,#'!4&!"#,1!"#$"[%&'4$&!
0/.!$'!0.<%&'4$!4.#,%!/$!?#'5&$.C!>,'",1!/(#."!I$&!(/!4,P',%<!#?+&3%,;&!J#'4&!&%!
#.P/',"&! '/%$.&((&@&'%! (&"! 4.#,%"! J#'4/@&'%/$A! &'! #?(,P&/'%! E! "/$;&P/.4&.! 3&!
I$9,(!=!/!495$@/,'!4/'"! (95#@@&1! (/!4,P',%<!"$?+&3%,;&1!I$,!3#'"%,%$&./,%1!0/.! (&!
%.$35&@&'%!4$!0.,'3,0&!49/$%#'#@,&!0&."#''&((&1!(&!J#'4&@&'%!,'<4,%!4&!(9/.%,3(&!
c! 4&! (/! 7#';&'%,#'! OC! 2C! QC1! 4<3#'"%.$,%! (&! 4.#,%! &'! 3/$"&! &%! '&! "&@?(&! 0/"!
/$P$.&.!4&!(/!;,/?,(,%<!4$!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!&'!4.#,%!&$.#0<&'C!!
dk-C! >$! .&P/.4! 4&! 3&! 0.&@,&.! 3#'"%/%! 0&"",@,"%&1! /'/(="#'"! E! 0.<"&'%! I$&((&"!
0&$;&'%!D%.&!(&"!3#'"<I$&'3&"!4&!(9/00(,3/%,#'!4&!3&!0.,'3,0&!&'!4.#,%!J./'_/,"C!
! )
! #%%
29,+#(&%)##)S).,)&%'#'(,"2%)*!)*&0#()1&,"d,#'),)!"%)
&%2%+(#0"),N0!(#%)
*!)+&#"2#+%)*/,!(0"04#%)+%&'0""%..%)
!
!
!
dk)C! O'! ./,"#'! 4&! (/! 4,"0#",%,#'! 3#.0#.&((&! /?"#($%,"%&! I$9,(! J#'4&! &%! 4&! "#'!
,'%<P./%,#'! 2( <".#".! #?(,P<&! &'! 4.#,%! J./'_/,"1! @=) C?BEFBC=) </A;:DEDKB=)
C=?>DEE=@@=) @AB>>=) C?G>AM=?) ;E=) GJD@;:BDE) @BZG?A@=) <=) @A) <B>CD>B:BDE)
FD?CD?=@@=)=E)<?DB:)BE:=?E=)T'=F:BDE)8UR)2=C=E<AE:3)@/D?<?=)C;Z@BF)f)<=K=;?=)
CG?=EE=3)=E)CA?:BF;@B=?)@/D?<?=)C;Z@BF)?=@A:BQ)A;)<DKABE=)<;)FD?C>)H;KABE3)
F=) P;B) @AB>>=) _) C=E>=?) P;=) F=::=) GJD@;:BDE) ?=>:=?A) EGF=>>AB?=K=E:) @BKB:G=!
T'=F:BDE)WUR!
!
!
!
!
!
!
!
!
!
!
!
!
! !
! #%&
'=F:BDE) 8)S) .A) CD>>BZB@B:G) </;E=) GJD@;:BDE) @BZG?A@=) <=) @A) <B>CD>B:BDE)
FD?CD?=@@=)=E)<?DB:)Q?AEVAB>)
)
)
dk*C! >'/(="#'"1! "#$"! $'! /'P(&! 0.#"0&3%,J1! (&"! 3#'"<I$&'3&"! I$&! 0#$../,%!
0.#4$,.&!(9/00(,3/%,#'!4$!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!&'!4.#,%!J./'_/,"C!
K#$"! 0&'"#'"! I$9&((&"! 0#$../,&'%! 3#'","%&.! &'! $'! /JJ/,?(,""&@&'%! 4&!
(9&'3/4.&@&'%! 4&! (/! 4,"0#",%,#'! 3#.0#.&((&1! J#'4<! "$.! (&! 0.,'3,0&! 4&! 4,P',%<!
#?+&3%,;&C! O'! &JJ&%1! (&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! 0#$../,%! /?#$%,.! E!
(9,'4<0&'4/'3&! 0&."#''&((&! 49$'! 0#,'%! 4&! ;$&! +$.,4,I$&1! 39&"%[E[4,.&! E! $'!
4.#,%!4&!4,"0#"&.!4&!"#'!3#.0"!%#$%!E!J/,%!(,?<./(,"<C!!
dkbC! 8&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! ,@0(,I$&./,%! $'! 4.#,%! 0($"! /?"#($!
4&!4,"0#"&.!4&!"#'!3#.0"!4/'"!(&!4#@/,'&!4&!(/!J,'!4&!;,&1!4&!(/!0.#3.</%,#'!&%!
4&! (/! ;,&! "&A$&((&C! O'! 4.#,%! ,'%&.'&1! I$&((&"! 0.<.#P/%,;&"! +$.,4,I$&"!
"$00(<@&'%/,.&"! 3#'JB.&./,%[%[,(! E! (9,'4,;,4$!v! 8&! I$&"%,#''&@&'%! &"%!
+$4,3,&$A1!/$!;$!4&!(/!.<;,",#'!4&"!(#,"!?,#<%5,I$&"!0#.%<&!0/.!(&!0.#+&%!4&!(#,!
4<0#"<!(&!*-!#3%#?.&!*-)-!"$.!(&!?$.&/$!4&!(9>""&@?(<&!K/%,#'/(&!&%!/4#0%<!(&!
*b! +$,'! *-))1! 4&;&'$! (/! (#,! .&(/%,;&! E! (/! ?,#<%5,I$&! 4$! g! +$,((&%! *-))&&$C! X.1!
3&((&[3,!@/.I$&! P(#?/(&@&'%! $'&! '#$;&((&! <%/0&! (,?<./(&! 4/'"! (/! 4,"0#",%,#'!
3#.0#.&((&C! K9#$?(,#'"! 0/"! <P/(&@&'%! I$&! (&! '#$;&/$! 6.<",4&'%! 4&! (/!
S<0$?(,I$&1!I$,!&"%!#00#"<1!0#$.!(95&$.&1!E!(/!(<P/(,"/%,#'!4&!(/!P&"%/%,#'!0#$.!
/$%.$,1!!0.#+&%%&!49#$;.,.!,'3#'4,%,#''&((&@&'%!(/!6C!ZC!>C!E!%#$%&"!(&"!J&@@&"1!
49/""#$0(,.! (&!3/4.&! +$.,4,I$&!4$!4#'!49&@?.=#'!&'!/$%#.,"/'%! (&"! %./'"J&.%"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&&$!V<1!,O#4""S)"%!HA!(! .A1KK6! #4""! 32K/>102!Z! K/!`1<L>I1aA2-! \6f6! )! .A1KK6! #4""6!Q<A3!H2=!
B<@@2,>/132=-!06!./0/1/#26!#4""-!)%%-!/523eA!3/51H2!5/3!7I6!mRD![!./0/1/#2/!#4""-!/B>6!)%'-!
/523eA!3/51H2!5/3!\6S?6!m1,2>![!J!V/!3L01=1<,!H2!K/!K<1!32K/>102!Z!K/!`1<L>I1aA2!N-!56!#4""-!56!
##"(-!BI3<,6!b6!7I2R,2>!H2!m2/A53L![!J!V/!,<A02KK2!K<1!H2!`1<L>I1aA2!N-!5%**:'-!8H1>1<,=!
KLk1=K/>102=-! mAKK2>1,! =5LB1/K-! ,O#")S"-! =25>6! #4""-! 5/3!96! F1k,2/A![! #!%#-,>:-$"#="#*%#*:(#
H(:,+C(G9"J#0:$$")+%(-"#"+#%)%*M<"#="#*%#*:(#=9#Z#P9(**"+#[\DD-! V2Y1=^2Y1=-! #4"#-!5/3! \6S?6!
m1,2>6!
! #%'
49&@?.=#'"! <#&0( 6#"0%61! &%! 49<(/.P,.! (&"! 3#'4,%,#'"! (<P/(&"! 4&! (9/,4&! E!
@#$.,.&&%y!!
dkdC!O%$4,#'"!"#$"!$'!/'P(&!0.#"0&3%,J!(&"!4#@/,'&"!4&!(/!J,'!4&!;,&!TY8U1!4&!(/!
0.#3.</%,#'! TYWU! &%! 4&! (/! ;,&! "&A$&((&! TYeU3) "#$"! (&! 0.,"@&! 4$! 0.,'3,0&!
49/$%#'#@,&!0&."#''&((&R)!
!
!
Y8)S).A)QBE)<=)JB=)
!
!
!
dkeC! 89<%$4&! 0.#"0&3%,;&! TNU! ,@0(,I$&! 49/?#.4! $'! <%/%! 4&"! (,&$A! 4$! 4.#,%!
0#",%,J!T,UC!
!
,O).=)<?DB:)CD>B:BQ)
)
dkfC!>! (9,'"%/.!4$!4.#,%! &$.#0<&'1! &'!4.#,%! ,'%&.'&! (/! J,'!4&!;,&! .&';#,&! E! (/!
I$&"%,#'!4&!(9&$%5/'/",&C!7&((&[3,!,@0(,I$&!(9,4<&!49$'&!@#.%!4#$3&1!0/.3&!I$&!
0.#P./@@<&! 4/'"! (&! "#$5/,%! 4&! 4<(,;.&.! $'! ,'4,;,4$! 4&! "&"! "#$JJ./'3&"!
,'"$00#.%/?(&"C!O'!&JJ&%1!(9<%=@#(#P,&!'#$"!/00.&'4!I$&!(&!@#%!&$%5/'/",&!&"%!
,""$!4$!P.&3!%'1!",P',J,/'%!?#''&1!&%!0B2-#&!",P',J,/'%!@#.%C!6($"!0.<3,"<@&'%1!
(9&$%5/'/",&! 0&$%! D%.&! 4<J,',&! 3#@@&! $'&! =(6#"0( )#'G%( %0( &2-&( &#'$$"2-G%8(
&'"/%-2-0( -20'"%**%6%-0( #'( 7"|G%( P( *+%6<*#.( )%( &'@&02-G%&( G2*62-0%&( #'(
&0'<1$.2-0%&(D! #$! =(*+'&27%( )%( <"#G1)1&( C'.( <%"6%00%-0( )%( B|0%"( #'( )%( <"#/#C'%"( *2(
6#"0(<#'"()1*./"%"('-(62*2)%( .-G'"2@*%()%( &#'$$"2-G%&( %H0"E6%&(#'(<#'"( 0#'0(6#0.$(
)+#")"%( 10B.C'%(D fff C! X'! 4,"%,'P$&! /(#."! (9&$%5/'/",&! /3%,;&! &%! (9&$%5/'/",&!
0/"",;&C! =(5+%'0B2-2&.%( 2G0./%( &'<<#&%( '-( 2G0%( )+'-( 0.%"&8( -#0266%-0(
*+2)6.-.&0"20.#-( )%( &'@&02-G%&( *102*%&8( )2-&( *%( @'0( )%( <"#/#C'%"( *2( 6#"0( )+'-%(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&&%!F6!!<9;-%-!56!#'6!&&&!9L_1,1>1<,!HA!!(++-,J#96!F1k,2/A-! !J!8A>I/,/=12-!=<1,=!2>!>3/1>2@2,>=!H2!_1,!H2!012!N-! ()#
5(6+(:))%(-"#;"-$%)")+#F(:,+C(G9"#"+#H(:+"6C):*:&("<J!56!)'%6!
! #%(
<%"&#--%( QRSI( 5+%'0B2-2&.%( <2&&./%( /.&%"2.0( <*'0k0( *+2""E0( )%&( 0"2.0%6%-0&( )%(
"12-.620.#-(#'()%(*2(62*2).%(*#"&C'%(G%&(0"2.0%6%-0&(&#-0(<1-.@*%&(%0(.-'0.*%&(J(*%(G2&(
102-0()1&%&<1"18(%0()K&(*#"&(C'%(*+2""E0()%&(0"2.0%6%-0&(%&0()%(-20'"%(P(%-0"2e-%"(*2(6#"0(
)'( 62*2)%(D ffT C! 2/'"! (&"! 4&$A! 3/"1! #'! 0&$%! <P/(&@&'%! 4,"%,'P$&.! &'%.&!
(9&$%5/'/",&!4,%&!;#(#'%/,.&1!39&"%[E[4,.&!;#$($&!0/.!(&!@/(/4&1!&%!,';#(#'%/,.&1!
4#'3! 0./%,I$<&! "/'"! "#'! 3#'"&'%&@&'%C! 7&! 4&$A,B@&! 3/"! "&! .&'3#'%.&!
'#%/@@&'%!(#."I$&!(&!@/(/4&!'9&"%!0($"!3#'"3,&'%C!
dkgC!O'!4.#,%!J./'_/,"1!(9&$%5/'/",&!/!%#$+#$."!<%<!/"",@,(<&!E!$'!@&$.%.&!#$!E!
$'! /""/"",'/%C! O'! &JJ&%1! (&!@&$.%.&! &"%! 4<J,',! E! (9/.%,3(&! **)[)!4$!7#4&!0<'/(!
3#@@&! =(5%( $2.0( )%( )#--%"( /#*#-02."%6%-0( *2(6#"0( P( 2'0"'.(D8! &%! ,(! 3#'"%,%$&! $'!
/""/"",'/%!(#."I$&!I$9,(!&"%!=(G#66.&(2/%G(<"161).020.#-(D1!0.<3,"&!(9/.%,3(&!**)[b!
4$! @D@&! 7#4&C! X.1! #'! "/,%! I$&! (&! 4.#,%! 0<'/(! '&! "9&@?/../""&! P$B.&! 4&"!
@#?,(&"!4&! (9/3%&1!I$,!"#'%! ,'4,JJ<.&'%"!E!"/!I$/(,J,3/%,#'!0<'/(&C!K</'@#,'"1!
$'&!3&.%/,'&!3(<@&'3&!+$4,3,/,.&!/!%#$+#$."!<%<!#?"&.;<&!E!(9<P/.4!4&"!/$%&$."!
49/3%&"!&$%5/'/",I$&"C!29$'&!0/.%!(&!'#@?.&!4&!0#$."$,%&"!4,(,P&'%<&"!3#'%.&!
(&"! /$%&$."! 4&! %&("! /3%&"! &"%! %.B"! J/,?(&1! 49/$%.&! 0/.%! (#."I$9&((&"! #'%! (,&$! &%!
I$9&((&! "#'%! "$,;,&"! 49$'! 0.#3B"1! (&"! +$.="! 0#0$(/,.&"! 4&"! 3#$."! 49/"","&"! x
0$,"I$9,(! =! /! /(#."! 5#@,3,4&! ;#(#'%/,.&! [! "#'%! %./4,%,#''&((&@&'%! 3(<@&'%"C!!
>,'",1!ZC! NC! N&,P',&.! &A0(,I$&! I$&!=(&.( *%&( G#-)26-20.#-&( &#-0( "2".&&.6%&8( G+%&0(
C'%( *%&( <#'"&'.0%&( *%( &#-0( 0#'0( 2'02-0( Q<2"G%( C'%( *%&( )1-#-G.20.#-&( &#-0( C'2&.(
.-%H.&02-0%&S(QRSI(:*(&%(<%'0(QRS(C'%(*2(<#'"&'.0%()+'-(2G0%(.-G".6.-1(<2"(*2(*#.(&#.0(
.-#<<#"0'-%( <#'"( )%&( "2.&#-&( 0%-2-0( P( *+#")"%( <'@*.G( #'( 0#'0( &.6<*%6%-0( P( *+1C'.01(
QRSI(`.%'H(/2'0(2*#"&(<2&&%"(#'0"%(C'%()%(/#."(*%&(?'"1&(<"#-#-G%"('-(2GC'.00%6%-08(
G%"0%&(?'&0.$.1(%-(&0".G0%(?'&0.G%(62.&(.-'0.*%(<%"0'"@20%'"()%(*+#")"%(?'".).C'%I(5+#'@*.(
%&0('-%(/%"0'(DffZI((8#."I$&1!/$!3#'%./,.&1!,(!=!/!0.#3B"!&'!/"","&"1!(/!7#$.!4<3,4&!
(&!0($"!"#$;&'%!4&!'&!0/"!3#'4/@'&.1!4#'3!4&!4<3,4&.!$'!/3I$,%%&@&'%1!#$!4&!
0.#'#'3&.!$'&!0&,'&!%.B"!@,',@&C!=(5%&()1G.&.#-&("%-)'%&8(71-1"2*%6%-0(&#'&(*%&(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&&'!96!F1k,2/A-!53LB6-!56!)'%6!&&(!m6!m21k,123-!^6!bA@<,123!2>!QI6!V2>2KK123-!!B"9+C%)%<("-!vA2!=/1=S.2!|-!Q6T6G6-!56!"4&6!
! #%)
$%'H( )%( *+2G0'2*.018( &#-0( 6E6%( <*'0k0( G#6<"1B%-&./%&8( /#."%( <2"$#.&( *2H.&0%&(D1!
3#'"%/%&!$'!/$%&$.&&)C!>,'",1!(&!))!@/."!)kkc1!(/!7#$.!49/"","&"!49U((&[&%[V,(/,'&!
+$P&!3#$0/?(&!(9/$%&$.!49$'!/3%&!49&$%5/'/",&!@/,"!'&!0.#'#'3&!I$9$'&!0&,'&!
4&!3,'I!/'"!49&@0.,"#''&@&'%!/""#.%,&!4$!"$.","!",@0(&C!`.#,"!/'"!0($"!%/.41!
$'!@/.,!/=/'%!%$<!"/!J&@@&!P./;&@&'%!@/(/4&!&%!0#$."$,;,!0#$.!/""/"",'/%!
&"%!3#'4/@'<!E!$'!/'!49&@0.,"#''&@&'%!/;&3!"$.","!0/.!(/!7#$.!49/"","&"!4$!
S5t'&C!6($"!0.B"!4&!'#$"1!4/'"!(9/JJ/,.&!4,%&!i!V,'3&'%!Q$@?&.%!j1!$'!'#'[(,&$!
&"%! !0.#'#'3<!0/.!(&!+$P&!49,'"%.$3%,#'!(&!*g!J<;.,&.!*--f&&*C!7&($,[3,!"&!J#'4&!
"$.! (/! 3#'%./,'%&! 0.<;$&! E! (9/.%,3(&! )**[*! 4$! 7#4&! 0<'/(! /J,'! 49&A#'<.&.! (&!
@<4&3,'! &%! (/! @B.&! 4&! V,'3&'%! Q$@?&.%1! "#$0_#''<"! 49/;#,.! 0.#3<4<! E!
(9&$%5/'/",&!4&!3&!4&.',&.C!!
dkcC!Z/(P.<!(/!0,.#$&%%&!+$.,4,I$&!I$&!3#'"%,%$&!$'!%&(!'#'[(,&$!/$!.&P/.4!4$!
3/./3%B.&!@/',J&"%&@&'%!,'/00.#0.,<!4&!(/!I$/(,J,3/%,#'!4&!3#'%./,'%&!E!(9/3%&!
&$%5/'/",I$&1!$'&!%&((&!4<3,",#'!"&@?(&!#00#.%$'&!/$!.&P/.4!4&!"#'!/?"&'3&!
<;,4&'%&!4&!4/'P&.#",%<!"#3,/(&C!7&((&[3,!'&!.&0.<"&'%&!0/"!$'!%.#$?(&!E!(9#.4.&!
0$?(,3! @<.,%/'%! $'&! .<0.&"",#'! 0<'/(&!w! ,(! "9/P,%! ?,&'! 0($"! 49$'! /3%&!
3#@0/"",#''&(!&%!4<"&"0<.<!;,"/'%!E!"#$(/P&.1!$'&!J#,"!0#$.!%#$%&"1!(/!4<%.&""&!
0"=35#(#P,I$&! &%! (&"! "#$JJ./'3&"! ,'"$00#.%/?(&"! 49$'! +&$'&! P/._#'! I$,! '&!
"#$5/,%&!0($"!;,;.&C!X.1!,(!<%/,%!@/(5&$.&$"&@&'%!4&!'#%#.,<%<!0$?(,I$&!I$&!3&!
+&$'&! 5#@@&1! /0.B"! $'! /33,4&'%! 4&! (/! 3,.3$(/%,#'! "$.;&'$! (&! *d! "&0%&@?.&!
*---! (9/=/'%! .&'4$! %<%./0(<P,I$&1! "#$5/,%/,%! @#$.,.! /$! .&P/.4! ! 4&! "#'!
,@0#"",?,(,%<!4&!P$<.,"#'C!!
dkkC!8&!3/"!4&!75/'%/(!R<?,.&1!@<4,/%,"<!I$&(I$&"!/''<&"!0($"!%/.41!,'"0,.&!(&"!
@D@&"!"&'%,@&'%"C!7&((&[3,1!/%%&,'%&!49$'&!%$@&$.!./.&!4&!(/!J/3&!($,!3/$"/'%!
4&"!4#$(&$."!/%.#3&"!&%!($,!/=/'%!J/,%!0&.4.&!(9#4#./%1!(&!P#l%1!&%!&'J,'!(/!;$&1!
4&@/'4/!E!(/!+$"%,3&!/,'",!I$9/$!6.<",4&'%!4&!(/!S<0$?(,I$&!K,3#(/"!R/.p#T=!
(&!4.#,%!4&!@#$.,.!4/'"!(/!4,P',%<C!K,!(/!0.&@,B.&1!',!(&!"&3#'4!'9/33&0%B.&'%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&&)!96!F1k,2/A-#53LB6-!56!)'(6!&&*!g6U6+6!m<AK<k,2S=A3S@23-!#(!_L036!#44'-!,O4$4"#4)*6!
! #%*
49/33<4&.! E! "/! .&I$D%&C! >,'",1! 39&"%! "/'"! "$.0.,"&! I$&! (&! +$P&! .&+&%%&! "/!
4&@/'4&!4/'"!$'!+$P&@&'%!4$!)g!@/."!*--c&'4C!7&($,[3,!"&!J#'4&!49$'&!0/.%!
"$.! (&!7#4&!4&!4<#'%#(#P,&!@<4,3/(&! I$,! ,'%&.4,%! /$!@<4&3,'!4&! 0.#;#I$&.!
4<(,?<.<@&'%! (/!@#.%1! 49/$%.&! 0/.%! "$.! (&!7#4&! 0<'/(1! 0($"! 0/.%,3$(,B.&@&'%!
(9/.%,3(&!**b[)b!I$,!"9#00#"&!E!(/!=(G#6<*.G.01()%(&'.G.)%(D!0/.!/,4&!#$!/"","%/'3&!
#$! J#$.',%$.&! 4&! @#=&'"C! S&@/.I$#'"! I$&! 3&%%&! 4&.',B.&! @#%,;/%,#'! &"%!
0/.%,3$(,B.&@&'%! 0&$! +$4,3,&$"&1! 3/.1! (&! "$,3,4&! '9<%/'%! 0/"! $'&! ,'J./3%,#'!
0<'/(&1! #$! ;#,%! @/(! 3#@@&'%! (/! 3#@0(,3,%<! 4&! "$,3,4&! 0#$../,%! (9D%.&y!
49/,((&$."1! $'! /$%&$.! "&! 4&@/'4&! E! +$"%&! %,%.&! 0#$.I$#,! (&! +$P&! /! $"<! 49$'&!
%&((&!/.P$@&'%/%,#'1! (9/.%,3(&!**b[)b!4$!7#4&!0<'/(!0.<;#=/'%! (9,'J./3%,#'!4&!
0.#;#3/%,#'!/$!"$,3,4&!H!=(5%($2.0()%(<"#/#C'%"(2'(&'.G.)%()+2'0"'.(%&0(<'-.(DC!=(h%(
<%'0T#-( .-0%"<"10%"( *%( &.*%-G%( )'( ?'7%( G#66%( '-%( /#*#-01( )%( )1)"2620.&%"( *+2G0%(
&#**.G.01( 0#'0( %-( ?'&0.$.2-0( ?'".).C'%6%-0( &#-( "%?%0(�( !2"( 2.**%'"&8( .*( &%6@*%( C'%( *%&(
G."G#-&02-G%&( )%( *2( 6#"0( 2( <#&0%".#".( )%( *+.-01"%&&1%( -+2'"2.%-0( <2&( 101( ?'71%&(
&'$$.&266%-0( &'&<%G0%&( <#'"( ?'&0.$.%"( )%&( <#'"&'.0%&(D1! "#$(,P'&[%[,(&'"C! O'! &JJ&%1!
75/'%/(!R<?,.&!J$%!.&%.#$;<&!@#.%&!E!"#'!4#@,3,(&!(&!)k!@/."!*--cC!O((&!/;/,%!
,'P<.<!4&"!4#"&"!@/"",;&"!4&!?/.?,%$.,I$&"C!!
e--C! 7&"! ",%$/%,#'"! J#'%! 0.&'4.&! 3#'"3,&'3&1! E! 35/I$&! J#,"1! 4$! 3/./3%B.&!
%./P,I$&!4&!(/!",%$/%,#'!4&!3&"!,'4,;,4$"!I$,!"#$5/,%&'%!I$9$'!%,&."!(&"!/,4&!E!
@#$.,.! "/'"! I$&! 3&%%&! /,4&! "#,%! I$/(,J,<&! 4&! @&$.%.&! #$! 49/""/"",'/%C!
7&0&'4/'%1!$'&!%&((&!4,"I$/(,J,3/%,#'!0<'/(&!.&"%&!,@0#"",?(&!&'!4.#,%!J./'_/,"1!
@/(P.<! (&"! /;/'3<&"! &'! (/!@/%,B.&! x! ",! %/'%! &"%! I$&! 0/.&,(! %&.@&!0$,""&! D%.&!
$%,(,"<![1!I$,!"#'%!(&!.<"$(%/%!4&!4<?/%"!.<3$..&'%"!"$.!(/!J,'!4&!;,&C!!
e-)C!8/!0.&@,B.&!&"%!/00#.%<&!0/.!(/!(#,!"$"!3,%<&!'\*--*[*-b!4$!d!@/."!*--*&'#!
4,%&!(#,!n#$35'&.C!7&((&[3,!.&'J#.3&!(&"!4.#,%"!4$!@/(/4&!&%!,''#;&!&'!@/%,B.&!
4&! J,'! 4&! ;,&! 0$,"I$9&((&! 0.<;#,%1! 4&!@/',B.&! ,'<4,%&1! (&! 4.#,%! 4$!0/%,&'%! 4&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&'4!g6U6+6!91.<,-!"(!@/3=!#44)-!,O*%C4)6!&'"!96!F1k,2/AJ#53LB6-!56!)'(6!&'#!V<1!,O#44#S#4$!HA!%!@/3=!#44#-!53LB6!
! #&4
.&J$"&.!4&"!"#,'"!&%!%./,%&@&'%"C!>,'",1!(9/.%,3(&!8C!))))[d!4$!7#4&!4&!(/!"/'%<!
0$?(,I$&!0.<;#,%!4<"#.@/,"!(&!4.#,%!4&!%#$%&!0&."#''&!4&!.&J$"&.!#$!49/..D%&.!
$'! %./,%&@&'%1!@D@&! (#."I$9$'! %&(! 35#,A!@&%! "/!;,&! &'!4/'P&.C!8&!@<4&3,'1!
(#."I$9,(! &"%! 3#'J.#'%<! E! 3&%%&! ",%$/%,#'1!4#,%! .&"0&3%&.! (/! ;#(#'%<! 4$!@/(/4&!
/0.B"!(9/;#,.!,'J#.@<!4&"!3#'"<I$&'3&"!4&!"&"!35#,AC!R,!3&!.&J$"!@&%!"/!;,&!&'!
4/'P&.1! (&!@<4&3,'!4#,%! %#$%!@&%%.&!&'!]$;.&!0#$.! (&!3#';/,'3.&!49/33&0%&.!
(&"! "#,'"! ,'4,"0&'"/?(&"C! 7&%%&! (#,! 3.<&! <P/(&@&'%! (/! 0&."#''&! 4&! 3#'J,/'3&!
I$&!0&$%!4<",P'&.!%#$%&!0&."#''&!@/+&$.&!=(%0(C'.(&%"2(G#-&'*01%(2'(G2&(#Y(%**%T
6E6%(&%"2.0(B#"&()+1020()+%H<".6%"(&2(/#*#-01(%0()%("%G%/#."(*+.-$#"620.#-(-1G%&&2."%(P(
G%00%( $.-(DI( 7&%%&! 0&."#''&! 0&$%! D%.&! =('-( <2"%-08( '-( <"#GB%8( #'( *%( 61)%G.-(
0"2.02-0(DfTgC!!
e-*C!^$&(I$&"! /''<&"! 0($"! %/.41! (/! (#,! 8&#'&%%,! '\*--e[bg-!4$! **! /;.,(! *--e1!
.&(/%,;&!/$A!4.#,%"!4&"!@/(/4&"!&'! J,'!4&!;,&1! !0#$."$,%! (&"!/;/'3<&"! ,',%,<&"!
0/.! (/! (#,! n#$35'&.&'%C! 7&((&[3,! 3#'"%,%$&! $'! %&A%&! 4&! 3#@0.#@,"! &'%.&! $'&!
0.#5,?,%,#'! "%.,3%&! 4&! (9&$%5/'/",&! &%! "/! (<P/(,"/%,#'C! O((&! <%&'4! (&! 35/@0!
49/00(,3/%,#'!4$!4.#,%!/$!.&J$"!#$!E!(9/..D%!4&"!%./,%&@&'%"!@/,"!"/'"!.&@&%%.&!
&'!3/$"&!(9,'%&.4,%!J#'4/@&'%/(!4&!%$&.C!G,P$.&!0/.@,!(&"!,''#;/%,#'"!(&"!0($"!
,@0#.%/'%&"!(/!0#"",?,(,%<!4#'%!4,"0#"&!4<"#.@/,"!%#$%&!0&."#''&!@/+&$.&!4&!
.&J$"&.!%#$%!%./,%&@&'%!L&%!'#'!0/"!$'!%./,%&@&'%MC!7&%%&!'#$;&((&!%&.@,'#(#P,&!
0&.@&%!49,'3($.&!4/'"! (/!'#%,#'!4&! %./,%&@&'%! (95=4./%/%,#'!&%! (9/(,@&'%/%,#'!
/.%,J,3,&((&"1! I$,! '&! "#'%! 0/"! 4&"! %./,%&@&'%"! %5<./0&$%,I$&"! E! 0.#0.&@&'%!
0/.(<1!0$,"I$9,("!'&!;,"&'%!0/"!E!P$<.,.!#$!"#$(/P&.!$'&!@/(/4,&1!@D@&!",1!&'!
"&!"$?"%,%$/'%!/$A!J#'3%,#'"!4&"!#.P/'&"!;,%/$A1!,("!@/,'%,&''&'%!(&!@/(/4&!&'!
;,&C!6/.!(&$.!,'%&..$0%,#'!4<"#.@/,"!/4@,"&1!,(!&"%!4#'3!(<P/(&@&'%!0#"",?(&!4&!
@&%%.&!$'!%&.@&!E!(/!;,&!49$'!,'4,;,4$!I$,!'9&"%!0/"!&'!05/"&!%&.@,'/(&!49$'&!
@/(/4,&C!7&(/!0&$%!D%.&! (&!3/"!49$'&!0&."#''&!I$,! "&! %.#$;&!4/'"!$'!<%/%!4&!
3#@/!0.#J#'4C!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&'$!b3>6!V6!""""S'!76;6Q6!&'%!Q<A3!A,!B<@@2,>/132-!06!5/3!2Y6!3/4/5/#6(76!#44&-!56!'%&-!5/3!b6Sc6!V23<R236!
! #&"
e-bC!>$%.&! ,''#;/%,#'!4&! (/! (#,! 8&#'&%%,!H! ,(! &"%! 4<"#.@/,"!0#"",?(&! I$&! 3&%%&!
(,@,%/%,#'! #$! /..D%! 4&! %./,%&@&'%! 3#'3&.'&! $'&! 0&."#''&! ,'3#'"3,&'%&C!2/'"!
3&%%&! 5=0#%5B"&1! ",! (/! (,@,%/%,#'! #$! (9/..D%! 4&! %./,%&@&'%! &"%! "$"3&0%,?(&! 4&!
@&%%.&!(/!;,&!4&!3&%%&!0&."#''&!&'!4/'P&.1!,(!&"%!,'4,"0&'"/?(&!4&!.&"0&3%&.!=(*2(
<"#G1)'"%(G#**17.2*%()1$.-.%(<2"(*%(G#)%()%()1#-0#*#7.%(61).G2*%(%0(&2-&(C'%(*2(<%"&#--%(
)%(G#-$.2-G%(#'8(P()1$2'08('-()%(&%&(<"#GB%&(%08(*%(G2&(1GB12-08(*%&()."%G0./%&(2-0.G.<1%&(
)%(*2(<%"&#--%(2.0(101(G#-&'*01%&(D! &'!;&.%$!4&! (9/.%,3(&!8C!))))[d!4$!7#4&!4&! (/!
"/'%<!0$?(,I$&C!>,'",1!@D@&!",!(&!@/(/4&!&"%!,'3#'"3,&'%1!,(!&"%!,'4,"0&'"/?(&!
I$&!"/!;#(#'%<!"#,%!.&"0&3%<&C!S/00&(#'"1![!&%!&'!3&(/!'#$"!.&';#=#'"!E!3&!I$&!
'#$"! /;#'"! <3.,%! &'<"2! "9/P,""/'%! 4$! 3#'"&'%&@&'%! [1! I$&! (&! .&"0&3%! 4&! (/!
;#(#'%<! 4$!@/(/4&! &"%! $'! 0.,'3,0&! &""&'%,&(! 4$! 4.#,%!@<4,3/(1! J#'4<! "$.! (&!
0.,'3,0&! 49,';,#(/?,(,%<! 4$! 3#.0"! 5$@/,' &'& 1! &%! @D@&! ",! 3&($,[3,! &"%! $'!
,'3/0/?(&! @,'&$.! #$! @/+&$. &'' C! R9/P,""/'%! 4&! 3&! 4&.',&.1! (9/"","%/'3&! 4$!
.&0.<"&'%/'%!(<P/(!&'!(/!@/%,B.&!4#,%!.&"%&.!(9&A3&0%,#'C!8#."I$&!(&!@/(/4&!&"%!
3#'"3,&'%1! (&! .&"0&3%! 4&! "/! ;#(#'%<! &"%! .</(,"<! 0/.! (&! .&3$&,(! 4&! "#'!
3#'"&'%&@&'%C! 8#."I$9,(! &"%! ,'3#'"3,&'%1! 3&($,[3,! &"%! @/(5&$.&$"&@&'%!
,@0#"",?(&! &%! ,(! "&./! #?%&'$! 0/.! 4&"! 0.#3<4<"! 4<%#$.'<"C! 8/! 0&."#''&! 4&!
3#'J,/'3&1!3.<<&!0/.!(/!(#,!4&!*--*1!&'!&"%!$'C!!
e-dC! :'! "&3#'4! 0.#3<4<! /! <%<! 3.<<! 0/.! (/! (#,! 4&! *--e1! "9,'"0,./'%! 4&! 3&! I$,!
&A,"%&!4<+E!4/'"!3&.%/,'"!0/="1!'#%/@@&'%!/'P(#["/A#'"1!3#@@&!(9>'P(&%&..&!
#$! (&"!O%/%"[:',"1!@/,"!<P/(&@&'%! (9O"0/P'&!#$! (9>((&@/P'&! H! (&"! %&"%/@&'%"!
4&!J,'!4&!;,&C!>,'",1!(9/.%,3(&!8C!))))[))!4$!7#4&!4&!(/!"/'%<!0$?(,I$&!0.<;#,%!
I$&!=(9#'0%( <%"&#--%(62?%'"%( <%'0( "1).7%"( )%&( )."%G0./%&( 2-0.G.<1%&( <#'"( *%( G2&( #Y(
%**%( &%"2.0( '-( ?#'"( B#"&( )+1020( )+%H<".6%"( &2( /#*#-01I( ;%&( )."%G0./%&( 2-0.G.<1%&(
.-).C'%-0(*%&(&#'B2.0&()%(*2(<%"&#--%("%*20.$&(P(&2($.-()%(/.%(G#-G%"-2-0(*%&(G#-).0.#-&(
)%( *2( *.6.020.#-( #'( *+2""E0( )%( 0"2.0%6%-0I( >**%&( &#-0( "1/#G2@*%&( P( 0#'0( 6#6%-0I( 4(
G#-).0.#-&(C'+%**%(2.%-0(101(102@*.%&(6#.-&()%(0"#.&(2-&(2/2-0(*+1020()+.-G#-&G.%-G%()%(*2(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&'&!F6!<9;-%-!56!"&#!2>!=6!&''!b3>6!V6!""""S#!76;6Q6!F6!<9;-%-!56!"'$!2>!=6!
! #&#
<%"&#--%8( *%( 61)%G.-( %-( 0.%-0( G#6<0%( <#'"( 0#'0%( )1G.&.#-( )+.-/%&0.720.#-8(
)+.-0%"/%-0.#-(#'()%(0"2.0%6%-0(*2(G#-G%"-2-0(DI(7&"!4,.&3%,;&"!/'%,3,0<&"!4#,;&'%!
&'! 0.,'3,0&! D%.&! 3#'"&.;<&"! 4/'"! (&! 4#"",&.! @<4,3/(! 4$! 0/%,&'%1! @/,"! &((&"!
0&$;&'%!<P/(&@&'%!(9D%.&!0/.!(&!0/%,&'%!($,[@D@&1!$'!@&@?.&!4&!(/!J/@,((&1!#$!
&'3#.&!$'!0.#35&C!S&@/.I$#'"!I$&!",!3&"!4,.&3%,;&"!/'%,3,0<&"!0&.@&%%&'%1!4&!
@/',B.&!0.&"I$&!,'&"0<.<&1!4&!0.&'4.&!3#''/,""/'3&!4&!(/!;#(#'%<!4$!0/%,&'%1!
,(!3#';,&'%!3&.%/,'&@&'%!4&!'&!0/"!(&$.!/33#.4&.!$'!3.<4,%!,((,@,%<!&%1!&'!%#$"!
(&"! 3/"1! ,(! J/$%! ?,&'! 3#@0.&'4.&! I$9&((&"! '9#'%! I$9$'&! ;/(&$.! ,'4,3/%,;&1! (/!
4<3,",#'!J,'/(&!'9/00/.%&'/'%!I$9/$!@<4&3,'!I$,!(&"!3#'"$(%&!&""&'%,&((&@&'%!
E!%,%.&!,'J#.@/%,J1!3#'J#.@<@&'%!/$A!/.%,3(&"!8C!))))[)*!&%!8C!))))[)b!4$!7#4&!
4&! (/!"/'%<!0$?(,I$&C!7,%#'"1!E!3&!0.#0#"1!$'&!/'&34#%&!%.,"%&@&'%!/@$"/'%&!
.&(/%<&! 0/.! ZZC! >$@#',&.1! 8&%&((,&.! &%! N&,P',&.&'(C! :'! 5#@@&! 4&! f-! /'"1!
/%%&,'%! 4&! ?.#'35#0/%5,&! 35.#',I$&1! &"%! %./,%<! 0#$.! $'! <%/%! 4&! 4<%.&""&!
.&"0,./%#,.&C!U(!"$?,%!4&"!"#,'"!%.B"!(#$.4"!0&'4/'%!%.#,"!"&@/,'&"C!8#."I$9,(!&"%!
&'J,'!P$<.,1!,(!I$,%%&!(&!"&.;,3&C!>$!@#@&'%!4&!0/.%,.1!,(!;,&'%!E!(/!.&'3#'%.&!4&!
(9<I$,0&!@<4,3/(&!0#$.! (/! .&@&.3,&.!4&"!"#,'"!0.#4,P$<"!&%! ($,!4,%!I$9,(!/!&$!
%.B"! 0&$.C! 8&! @<4&3,'! ($,! .<0#'4! I$9,(! /! <P/(&@&'%! 3./,'%! 0#$.! "/! ;,&C! 8&!
0/%,&'%! &A0(,I$&! /(#."H! =(;%( -+%&0( <2&( G%*28( ?+2.( G"2.-0( <%-)2-0( 0#'0%( *2( )'"1%( )%(
*+B#&<.02*.&20.#-( C'%( /#'&( -%( )1G#'/".%A( )2-&(6#-( <#"0%$%'.**%( *%( <2<.%"( &'"( *%C'%*(
?+2/2.&(1G".0(.*(3(2(G.-C(2-&8(C'+%-(2'G'-(G2&(?%(-%(/#')"2.&(E0"%("12-.61(DC!:'&!%&((&!
5,"%#,.&!3#'J,.@&!I$&!(/!;#(#'%<!,'4,;,4$&((&!&"%!%#$%!E!J/,%!3#'%,'P&'%&!&%1!E!3&!
%,%.&1!0&$%!./4,3/(&@&'%!<;#($&.!/$!J,(!4$!%&@0"y!(&"!4,.&3%,;&"!/'%,3,0<&"!'&!
0&$;&'%!4#'3!.&;D%,.!I$9$'&!;&.%$!.&(/%,;&C!!
e-eC!8/!(#,!4&!*--e!3#'"/3.&!<P/(&@&'%!(&!.&J$"!4&!(9#?"%,'/%,#'!4<./,"#''/?(&1!
<P/(&@&'%!4<'#@@<&! /35/.'&@&'%! %5<./0&$%,I$&C!>,'",1! (9/.%,3(&! 8C! ))))[)-!
4$! 7#4&! 4&! (/! "/'%<! 0$?(,I$&! 0.<;#,%! I$&! =(5#"&C'+'-%( <%"&#--%8( %-( <B2&%(
2/2-G1%( #'( 0%"6.-2*%( )+'-%( 2$$%G0.#-( 7"2/%( %0( .-G'"2@*%8( C'%**%( C'+%-( &#.0( *2( G2'&%8(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&'(!m6! m21k,123! 2>!%*((-!!B"9+C%)%<("-!:;/#6(+6-! 56! #46-! I1=><132! 3/55<3>L2! 5/3! K2! 53<_2==2A3!
c/,>p!()#!"#X9;;*,$")+-!,O"*#6!
! #&$
)1G.)%( )%( *.6.0%"( #'( )+2""E0%"( 0#'0( 0"2.0%6%-08( *%(61)%G.-( "%&<%G0%( &2( /#*#-01( 2<"K&(
*+2/#."( .-$#"61%( )%&( G#-&1C'%-G%&( )%( &#-( GB#.HI( 52( )1G.&.#-( )'(62*2)%( %&0( .-&G".0%(
)2-&( &#-( )#&&.%"( 61).G2*(DC! 2&! @D@&1! "9/P,""/'%! 49$'! @/(/4&! ,'3#'"3,&'%1!
(9/.%,3(&! 8C! ))))[)b! 4$! 7#4&! 4&! (/! "/'%<! 0$?(,I$&! <'#'3&!H! =(5#"&C'+'-%(
<%"&#--%8( %-( <B2&%( 0%"6.-2*%( #'( 2/2-G1%( )+'-%( 2$$%G0.#-( 7"2/%( %0( .-G'"2@*%8( C'%**%(
C'+%-(&#.0( *2(G2'&%8(%&0(B#"&()+1020()+%H<".6%"(&2(/#*#-018( *%(61)%G.-(<%'0()1G.)%"()%(
*.6.0%"( #'( )+2""E0%"('-( 0"2.0%6%-0( .-'0.*%8( ).&<"#<#"0.#--1( #'(-+232-0( )+2'0"%( #@?%0(
C'%(*2(&%'*%(<"#*#-720.#-(2"0.$.G.%**%()%(*2(/.%()%(G%00%(<%"&#--%8(2<"K&(2/#."("%&<%G01(*2(
<"#G1)'"%(G#**17.2*%()1$.-.%(<2"(*%(G#)%()%()1#-0#*#7.%(61).G2*%(%0(G#-&'*01(*2(<%"&#--%(
)%( G#-$.2-G%( QRS( *2( $26.**%8( #'8( P( )1$2'08( '-( )%( &%&( <"#GB%&8( %08( *%( G2&( 1GB12-08( *%&(
)."%G0./%&(2-0.G.<1%&()%(*2(<%"&#--%I(M2()1G.&.#-8(6#0./1%8(%&0(.-&G".0%()2-&(*%()#&&.%"(
61).G2*(DC!8/!(#,!8&#'&%%,!.&'4!/,'",!(<P/(&!(9&$%5/'/",&!0/"",;&1!"#$"!3&.%/,'&"!
3#'4,%,#'"C!8#."I$&!(&! %./,%&@&'%!%5<./0&$%,I$&!'&!0&.@&%!/$3$'!&"0#,.!.<&(!
&%!"<.,&$A!49#?%&',.1!",'#'!$'&!P$<.,"#'1!4$!@#,'"!$'&!/@<(,#./%,#'!4&!(9<%/%!
4$!@/(/4&1!&%!I$9,(!/!"&$(&@&'%!0#$.!&JJ&%!4&!0.#(#'P&.!/.%,J,3,&((&@&'%!(/!;,&!
4&!3&($,[3,1! ,(!&"%!4<"#.@/,"!0#"",?(&!49=!@&%%.&!$'!%&.@&1!<%/'%!&'%&'4$!I$&!
"#'!4<3B"!&"%!/(#."!0.<3,0,%<C!7&%%&!4,"0#",%,#'!0&.@&%!/$!@/(/4&!4&!.&0.&'4.&!
(&!3#'%.t(&!"$.!"#'!&A,"%&'3&1!!&%!J,'/(&@&'%!4&!5u%&.!$'&!,""$&!J/%/(&!I$,!'9&"%!
I$&! 4,JJ<.<&! 4/'"! (&! %&@0"1! @/,"! /$! 3#$."! 4&! (/I$&((&! (&"! "#$JJ./'3&"! "#'%!
,'"$00#.%/?(&"C!!
e-fC! 2/'"! $'&! (#P,I$&! ",@,(/,.&1! $'&! /$%.&! 0#"",?,(,%<! "&! ./00.#35/'%!
4/;/'%/P&!4&! (9&$%5/'/",&! /3%,;&! /! <P/(&@&'%! <%<! 3#'"/3.<&!0/.! 3&%%&! (#,!H! (&!
%./,%&@&'%!4&!(/!4#$(&$.1!4#'%!(9&JJ&%!"&3#'4/,.&!0#"",?(&!&"%!49/?.<P&.!(/!;,&C!
>,'",1! (#."I$9$'&!0&."#''&!&"%!/%%&,'%&!49$'&!/JJ&3%,#'!P./;&!&%! ,'3$./?(&!&'!
05/"&!/;/'3<&!#$!%&.@,'/(&1!&((&!/!4.#,%!E!4&"!"#,'"!0/((,/%,J"C!X.1!3&.%/,'"!4&!
3&"!%./,%&@&'%"1!3#@@&!(9/4@,',"%./%,#'!4&!@#.05,'&1!0&$;&'%!/;#,.!$'!&JJ&%!
@#.%,JB.&C! 2B"! (#."! =(M.( *%( 61)%G.-( G#-&020%( C'+.*( -%( <%'0( &#'*27%"( *2( &#'$$"2-G%(
)+'-%( <%"&#--%8( %-( <B2&%( 2/2-G1%( #'( 0%"6.-2*%( )+'-%( 2$$%G0.#-( 7"2/%( %0( .-G'"2@*%8(
C'%**%(C'+%-(&#.0(*2(G2'&%8(C'+%-(*'.(2<<*.C'2-0('-(0"2.0%6%-0(C'.(<%'0(2/#."(<#'"(%$$%0(
! #&%
&%G#-)2."%( )+2@"17%"( &2( /.%8( .*( )#.0( %-( .-$#"6%"( *%( 62*2)%( QRS8( *2( <%"&#--%( )%(
G#-$.2-G%( QRS8( *2( $26.**%8( #'8( P( )1$2'08( '-( )%( &%&( <"#GB%&I( 52( <"#G1)'"%( &'./.%( %&0(
.-&G".0%()2-&(*%()#&&.%"(61).G2*(D1!0.<;#,%! (&!4&.',&.!/(,'</!4&! (9/.%,3(&!8C!)))-[e!
4$! 7#4&! 4&! (/! "/'%<! 0$?(,I$&C! U(! J/$%! /(#."! 3#@0.&'4.&! I$&! 4/'"! 3&%%&!
5=0#%5B"&1!3&!'9&"%!0/"!(&!4<3B"!I$,!&"%!.&35&.35<!0/.!(9/4@,',"%./%,#'!49$'!%&(!
%./,%&@&'%! /'%/(P,I$&1! @/,"! ?,&'! (&! "#$(/P&@&'%! 4&! (/! 4#$(&$.C! 7&.%&"1! #'!
0#$../!.&@/.I$&.!/;&3!./,"#'!I$&!(/!J.#'%,B.&!&"%!@,'3&!/;&3!(9/4@,',"%./%,#'!
49$'!%&(!%./,%&@&'%!4/'"!(&!4&""&,'!#33$(%&!4&!5u%&.!(/!@#.%!4$!0/%,&'%C!
e-gC!>$!3#'%./,.&!4&!(/!(#P,I$&!&$%5/'/",I$&1!(/!(#,!8&#'&%%,!/!&'%&'4$!0(/3&.!
(&"! "#,'"! 0/((,/%,J"! /$! 3&'%.&! 4&"! %./,%&@&'%"! 4&! J,'! 4&! ;,&1! 3&! I$&! '#$"!
4<;&(#00&.#'"! 0($"! (#,'C! R,P'/(#'"! ",@0(&@&'%! I$&! (9/.%,3(&! 8C)))-[)-! 4$!
7#4&! 4&! (/! "/'%<! 0$?(,I$&! 0#"&! &'! 0.,'3,0&! I$&!=(5%&(&#.-&(<2**.20.$&(&#-0()%&(
&#.-&(2G0.$&(%0(G#-0.-'&(QRS(LC'.O(/.&%-0(P(&#'*27%"(*2()#'*%'"8(P(2<2.&%"(*2(&#'$$"2-G%(
<&3GB.C'%8( P( &2'/%72")%"( *2( ).7-.01( )%( *2( <%"&#--%( 62*2)%( %0( P( &#'0%-."( &#-(
%-0#'"27%(D8( ( (/! 0.,"&! &'! 35/.P&! 4&! (/! 4#$(&$.! <%/'%! 0.<"&'%<&! 4/'"! (/! (#,! 4&!
*--e!3#@@&!$'&!3#'"<I$&'3&!<;,4&'%&!4&! (/!"/$;&P/.4&!4&! (/!4,P',%<!4&! (/!
0&."#''&!@/(/4&C!8&!.&J$"!4&!(<P/(,"&.!(9&$%5/'/",&!&"%!4#'3!(#P,I$&1!0$,"I$&!
3&(/! 3#'"%,%$&! (/! '<P/%,#'! 4&! (/! 4,P',%<! 4$!@/(/4&C!29/,((&$."1! ,(! &"%! 0.#$;<!
I$&! (&! "#$5/,%! 4&! @#.%! 49$'! @/(/4&! &"%! %#$+#$."! (,<! E! "&"! "#$JJ./'3&"1!
05=",I$&"!&%!@&'%/(&"C!8#."I$&!(&"!0.&@,B.&"!"#'%!"#$(/P<&"!P.u3&!E!4&"!"#,'"!
/00.#0.,<"1!(&"!"&3#'4&"!"9/%%<'$&'%!3#.#((/,.&@&'%1!&%!(/!4&@/'4&!4&!@#.%!"&!
J/,%!?&/$3#$0!@#,'"!0.&""/'%&1!;#,.&!4,"0/./a%C!X'!0&$%!#?"&.;&.!I$&!4/'"!(/!
@/+#.,%<!4&"!3/"1!39&"%!@#,'"!(&!@/(/4&!I$&!(9&'%#$./P&1!E!?#$%!4&!J#.3&"1!&%s#$!
(&! "#,P'/'%1! 4<"&@0/.<! J/3&! E! (9<35&3! 4$! %./,%&@&'%! %5<./0&$%,I$&1! I$,!
"9#.,&'%&'%! J,'/(&@&'%! ;&."! (/! "#($%,#'! x! ",! %/'%! &"%! I$&! 3&! %&.@&!0$,""&! D%.&!
$%,(,"<![!4&!(9&$%5/'/",&&')C!!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&')!F6!5/3!2Y6!m6!m21k,123!2>!%*((-!!B"9+C%)%<("-!:;/#6(+6-!56!#4!2>!=6!
! #&&
e-cC! R#$(,P'#'"! &'J,'! I$&! (/! (#,! 8&#'&%%,! '9/! 0/"1! (#,'! "9&'! J/$%1! @,"! J,'! /$!
4<?/%! 3#'3&.'/'%! (9&$%5/'/",&! &'! 4.#,%! J./'_/,"C! R&"! %5$.,J<./,.&"! 3#'%,'$&'%!
4&! ;/'%&.! "&"! @<.,%&"1! &%! 4&"! 0.#+&%"! #$! 0.#0#",%,#'"! 4&! (#,! "#'%! 4<0#"<"!
35/I$&!/''<&!&'!3&! "&'"! "$.! (&!?$.&/$!4&! (9>""&@?(<&!'/%,#'/(&C!8&!4&.',&.!
%&A%&!&'!4/%&1!$'&!0.#0#",%,#'!4&! (#,! .&(/%,;&!E! (9&$%5/'/",&!;#(#'%/,.&1! /!<%<!
4<0#"<!/$!R<'/%!(&!)b!#3%#?.&!*-)-&'*C!O((&!0.<;#,%!&'!"#'!/.%,3(&!*!I$&!=(9#'0%(
<%"&#--%( G2<2@*%8( %-( <B2&%( 2/2-G1%( #'( 0%"6.-2*%( )+'-%( 2$$%G0.#-( "%G#--'%( 7"2/%( %0(
.-G'"2@*%( C'+%**%( C'+%-( &#.0( *2( G2'&%( #'( <*2G1%( )2-&( '-( 1020( )%( )1<%-)2-G%( C'+%**%(
%&0.6%( .-G#6<20.@*%( 2/%G( &2( ).7-.018( <%'0( )%62-)%"( P( @1-1$.G.%"( )+'-%( %'0B2-2&.%(
/#*#-02."%(DC! 7&! %&A%&! /! J,'/(&@&'%! <%<! .&+&%<! 0/.! (&! R<'/%! (&! *e! +/';,&.! *-))1!
@/,"! ,(! %<@#,P'&! 4$! "#$5/,%! .<3$..&'%1! 4&! (/! 0/.%! 4&"! 4<J&'"&$."! 4&!
(9&$%5/'/",&1!4&! (<P/(,"&.! 3&%%&!0./%,I$&C!>$! .&P/.4!4$!0.#+&%!0.<",4&'%,&(!4&!
ZC! GC!Q#((/'4&! 49<(/.P,.! (&"! 3#'4,%,#'"! (<P/(&"! /3%$&((&"! 4&! (9/,4&! E!@#$.,.1!
P/P&#'"!I$&!49/$%.&"!0.#+&%"!#$!0.#0#",%,#'"!4&!(#,!/((/'%!4/'"!3&!"&'"!"&.#'%!
?,&'%t%!4<0#"<"!&%!4,"3$%<"!E!(9>""&@?(<&!K/%,#'/(&C!
e-kC! U(! &"%! 49/,((&$."! 0,I$/'%! 4&! 3#'"%/%&.! I$9/$! @D@&! %,%.&! I$&! (&"! "#,'"!
0/((,/%,J"! "9#00#"/'%! E! (9&$%5/'/",&1! 3&%%&! 4&.',B.&! &"%! J#'4<&1! 0#$.! "&"!
4<J&'"&$."1!"$.!(/!4,P',%<!4&!(/!0&."#''&!5$@/,'&C!:'!/$%&$.!/!4#'3!./,"#'!4&!
.&@/.I$&.!I$&1!"9/P,""/'%!4&!(/!J,'!4&!;,&1!=(*%(G#-G%<0(%&0(G#-0"#/%"&1(J(.*(<#'""2.0(
E0"%( G#6<".&( 2'0"%6%-08( %-( '-( &%-&( &'@?%G0.$( %0( .-)./.)'%*8( GB2G'-( )1$.-.&&2-08(
*.@"%6%-08(2'(&%'.*()%( *2(6#"08(C'%**%(&#'$$"2-G%(.*(<%'0(#'(-#-(&'<<#"0%"8( *2().7-.01(
102-0(2*#"&()+2@"17%"(*2(/.%(DfZ\C!!
e)-C!29/,((&$."1! 3&! '9&"%! 0/"! 4/'"! $'! "&'"! 4,JJ<.&'%! I$&! (9&'%&'4! (/! 7#$.! 4&!
R%./"?#$.P!4/'"! (9/..D%!6.&%%=!3#'%.&!S#=/$@&[:',1!3&!I$&!'#$"!&A0(,I$,#'"(
0($"! /;/'%! H! &((&! 3#'",4B.&! &'! &JJ&%! I$9&'! ;&.%$! 4$! 0.,'3,0&! 4&! 4,P',%<! L&'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&'*!Q3<5<=1>1<,!H2!K<1!,O$"!32K/>102!Z!KM2A>I/,/=12!0<K<,>/132!HL5<=L2!/A!;L,/>!K2!"$!<B>6!
#4""! 5/3! U6! G1=BI236! F6! 5/3! 2Y6! K2! H<==123! H/,=! =<,! 1,>Lk3/K1>L! =A3! K2! =1>2! HA! ;L,/>!]!
I>>5]CCqqq6=2,/>6_3CH<==123SK2k1=K/>1_C55K"4S4$"6I>@K6!&(4!b6Sc6!V23<R23-!B<@@2,>/132!H2!K/!K<1!,O#44&S$(4!HA!##!/036!#44&-!53LB/-!56!'%(6!
! #&'
(9#33$..&'3&1! "$?+&3%,;&1! ;#,.! '#"! 4<;&(#00&@&'%"! &'<"2 fZD M1! I$,! J#'4&! (&!
0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&1! $'&! 0&."#''&! 4#,%! 0#$;#,.! &A&.3&.! "#'!
35#,A!49<;,%&.!3&!I$,1!E!"&"!=&$A1!3#'"%,%$&!$'&!J,'!4&!;,&!,'4,P'&!&%!0<',?(&C!R,!
(9#'!/+#$%&!I$&!(/!7#$.!4&!R%./"?#$.P!/!3#'"/3.<1!4/'"!$'&!/JJ/,.&!.&(/%,;&!E!(/!
"%<.,(,"/%,#'!0./%,I$<&!"$.!$'&!+&$'&!J&@@&!"/'"!"#'!3#'"&'%&@&'%&(#1!(&!4.#,%!
E! (9/$%#'#@,&! &%! /$! 35#,A! 4$! 0/%,&'% &($ 1! /0.B"! /;#,.! ./00&(<! (&! 0.,'3,0&!
49/$%#'#@,&!0&."#''&((&! ,""$!4&! (9/.%,3(&!c&(%1! #'!'&!0&$%!4#$%&.!I$&! (&! +$P&!
&$.#0<&'! 3#'",4B.&! &""&'%,&((&! (/! 4,"0#",%,#'! 4&! "#'! 3#.0"! 4/'"! (&! 4#@/,'&!
@<4,3/(C!
e))C!>,'",1!(&!!4.#,%!0#",%,J!J./'_/,"!&"%[,(!"$"3&0%,?(&!4&!P(,""&.!;&."!$'!4.#,%!E!
(/!@#.%1!&'!/00(,3/%,#'!4$!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!v!
!
NO) ./GJD@;:BDE) @BZG?A@=) <=) @A) QBE) <=) JB=) >D;>) @=) C?B>K=) <;) C?BEFBC=)
</A;:DEDKB=)C=?>DEE=@@=)
)
e)*C! X'! 0&$%! ,@/P,'&.! $'&! <;#($%,#'! (,?<./(&! 4$! 4.#,%! J./'_/,"! ;&."! $'&!
3#'"<3./%,#'!4$!4.#,%! 4&!@#$.,.1!@D@&! ",! 3&($,[3,! .<","%&1! 0#$.! (95&$.&1! E! (/!
3#'"<3./%,#'!4&! (9&$%5/'/",&C!K#$"! (9/;#'"!@#'%.<1! (9/.P$@&'%!0.,'3,0/(!I$,!
J#'4&! 3&%%&! ,'%&.4,3%,#'! &"%! (&! 0.,'3,0&! 4&! 4,P',%<! 4&! (/! 0&."#''&! 5$@/,'&!
4/'"! "#'! /33&0%,#'! #?+&3%,;&C! X.1! &'! ./,"#'! 4&! (9<;#($%,#'! "<@/'%,I$&! I$&!
'#$"!<;#I$,#'"8(&((&!0&$%!D%.&!3#@0.,"&!4/'"!$'!"&'"!"$?+&3%,J!I$&!(/!7#$.!OC!
2C!QC! .&%,&'%!4/'"! (9/..D%! 6.&%%=! 3#'%.&!S#=/$@&[:',C!X.1! 3&! J/,"/'%1! (&! +$P&!
&$.#0<&'!/;/(,"&!(&!3#$./'%!"$?+&3%,;,"%&!3#'%&@0#./,'!"&(#'!(&I$&(!(/!4,P',%<!
&"%!0&."#''&((&1!,@0(,I$/'%!I$&!35/3$'!4<%&.@,'&1!&'!"#'!J#.!,'%<.,&$.1!3&!I$,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&("!F6!<9;-%-!56!#4#!2>!=6!&(#!768696:6-!)! ,<06! #4""-! F676! BC;K<0/aA12-! 32aAd>2! ,O")*')C4(6! F6! ./0/1/#26! ,O%*-! HLB6!
#4""-! 56! "$'$-! p<<@! 5/3! l6! U3/`/3BpRD![!5-/#>%$/# _L06! #4"#-! L>AH2! ,O%-! 5/3! l6! U/3B1/6!
?2@/3aA<,=!aA2!H/,=!B2>!/33d>-!K2!H3<1>!Z!KM/A><,<@12!HA!5/>12,>!2=>!1==A!H2!KM/3>1BK2!$!H2!
K/!7<,02,>1<,!2>!,<,!H2!KM/3>1BK2!)6!!&($!b33d>!53LB6-!E""*6!&(%!b33d>!53LB6-!E"$)6!
! #&(
3#'"%,%$&! $'&!@#.%!4,P'&C!>,'",1! (&! 4<'#@,'/%&$.! 3#@@$'!I$&! 3#'"%,%$&! (/!
4,P',%<! "$?+&3%,;&! ./((,&! %#$"! 3&$A! [! +$.,"%&"! &%! @<4&3,'"1! &'%.&! /$%.&"! [! I$,!
/JJ,.@&'%1!/;&3!4<%&.@,'/%,#'1!I$&!(/!@#.%!4#,%!D%.&!$'!@#@&'%!35#,",C!6($%t%!
I$&!4&!"$?,.!(&!4<(/?.&@&'%!05=",I$&!&%!,'%&((&3%$&(!I$,!(/!0.<3B4&'%!&%!I$9,("!
+$P&'%!,'4,P'&1!,("!J#'%!(&!35#,A!49$'&!@#.%!0&'"<&1!.<J(<35,&1!@l.,&1!4#'3!E!$'!
@#@&'%!I$,!(&$.!3#';,&'4./1!&%!'#'!I$9,("!"$?,.#'%C!8/!4,P',%<!5$@/,'&!"&./,%!
4#'3! .</(,"<&! 0/.! (&! J/,%! 49D%.&! /3%&$.1! &%! '#'! 0/"! "0&3%/%&$.1! 4&! "/! 0.#0.&!
@#.%C!=(52(/#*#-01()%(<*2G%"(*2().7-.01()%&(<%"&#--%&(62*2)%&(2'(Gg'"()%&(<"20.C'%&(
61).G2*%&(-#'&(G#-)'.0(P()1<#&%"(G%00%(<"#<#&.0.#-()%(*#.(/.&2-0(P(*2(G"120.#-(QRS()+'-(
)"#.0(P(*+%'0B2-2&.%(/#*#-02."%I(>-G2)"1(<2"('-%(*17.&*20.#-(*2(<"#017%2-0()%&()1"./%&8(
G%(-#'/%2'()"#.0(<%"6%00"2()%(72"2-0."(P(0#'0%(<%"&#--%(62*2)%(*%("%&<%G0(%-(0#'0%&(
G."G#-&02-G%&( )%( &#-( B'62-.01( %0( &2( ).7-.01(D1! 0&$%[#'! (,.&! 4/'"! (9&A0#"<! 4&"!
@#%,J"!4&!(/!0.#0#",%,#'!4&!(#,1!.&(/%,;&!E!(9&$%5/'/",&!;#(#'%/,.&1!4<0#"<&!J,'!
*-)-!/$!R<'/%&(&C!!
!
e)bC! R/'"! "$.0.,"&1! 3&%%&! 3#'3&0%,#'! 4&! (/! 4,P',%<! "$?+&3%,;&! I$,! J#'4&!
(9/$%#'#@,&!0&."#''&((&1!3&((&[(E!@D@&!I$&!(/!7#$.!4&!R%./"?#$.P!.<;B(&!4/'"!
(9/..D%! 6.&%%=! 3#'%.&! S#=/$@&[:',1! "#$"! %&'4! %#$%&"! (&"! 0.#0#",%,#'"! 4&! (#,!
0.<3<4&'%&"! ;,"/'%! <P/(&@&'%! E! (<P/(,"&.! (9&$%5/'/",&C! =(4I(;#-&.)1"2-0(C'%( *%(
$#-)%6%-0( )%( *2( /.%( )+'-( E0"%( B'62.-( %&0( *2( ).7-.018( %0( *2( &<.".0'2*.01( %0( )#-G( C'%(
*+%H.&0%-G%()+'-%(<%"&#--%(-+%&0(<2&( "1)'G0.@*%( 2'H( $#-G0.#-&(-20'"%**%&8( G+%&0TPT)."%(
2'H($#-G0.#-&()%(*2(/.%(/171020./%(d(QRS(;I(;#-&.)1"2-0(C'%(*%($#-G0.#--%6%-0(G1"1@"2*(
)10%"6.-%( *%( -./%2'( )%( G#-&G.%-G%( %0( C'%( *%( -./%2'( )%( G#-&G.%-G%( )1$.-.0( '-( E0"%(
B'62.-(d(QRS(wI(;#-&.)1"2-0(C'%(*2()#'*%'"(<B3&.C'%(%&0(.-'0.*%(%0(-1$2&0%8(%0(C'+%**%(
<%'0( <#"0%"( 200%.-0%( P( *2( ).7-.01( B'62.-%(d( >-( *+2@&%-G%( )%( 0#'0%( 0B1"2<%'0.C'%(
G'"20./%8(%0(2<"K&('-(1GB%G()%(&#.-&(<2**.20.$&8(G#""%G0%6%-0(G#-)'.0&(02-0(&'"(*%(<*2-(
<&3GB#*#7.C'%( C'%( 61).G2*8( %0( GB2C'%( $#.&( C'+'-( 62*2)%( <*%.-%6%-0( G#-&G.%-0(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&(&!F6!]!I>>5]CCqqq6=2,/>6_3CH<==123SK2k1=K/>1_C55K"4S4$"6I>@K6!
! #&)
)%62-)%8()%(62-.K"%(<"%&&2-0%( %0( G#-0.-'%8(C'+.*( &#.0(6.&('-( 0%"6%(P('-%(%H.&0%-G%(
C'.(2(<%")'(<#'"(*'.(0#'0%().7-.01(%0(C'+'-(G#**K7%()%(61)%G.-&8(G#-&0.0'1(P()%&&%.-8(
G#-&020%( *+.6<#&&.@.*.01()+2<<#"0%"()%(-#'/%2'H(&#.-&(&<1G.$.C'%&8(G%00%()%62-)%()#.0(
E0"%( &20.&$2.0%( &2-&( C'+.*( &#.08( )%( G%00%( $2W#-8( <#"01( 200%.-0%( 2'( "%&<%G0( )%( *2( /.%(
B'62.-%(D8(<3.,%! (&!0.#J&""&$.!R35m/.%T&'?&.PfZTC!2&!@D@&1!0&$%[#'!(,.&!4/'"!
$'&!0.#0#",%,#'!4&!(#,!4<0#"<&!/$!R<'/%!;#,(E!$'&!I$,'T/,'&!49/''<&"!H!=(4"0I(
\(J(%**%(L0#'0%(<%"&#--%O(<%'0(#@0%-."('-%(2.)%(2G0./%(P(6#'"."( *#"&C'+%**%(%&0.6%(C'%(
*+2*01"20.#-(%$$%G0./%(#'(.66.-%-0%()%(G%00%().7-.01(#'()%(G%00%(C'2*.01()%(/.%( *2(<*2G%(
)2-&( '-%( &.0'20.#-( )%( )10"%&&%(DfZZ I( 7,%#'"! <P/(&@&'%! (&! 0.#+&%! "#3,/(,"%&! I$,!
J#'4&1! "/'"! "$.0.,"&1! (&! ?<'<J,3&!49$'&! /"","%/'3&!@<4,3/(,"<&!0.#;#I$/'%! (&!
4<3B"!/$!'#@!4$!4.#,%!E!@#$.,.!4/'"!(/!4,P',%<&()C!
e)dC!X'!0&$%!<P/(&@&'%! .&@/.I$&.!I$&!0#$.! (&"!4<J&'"&$."!4&! (9&$%5/'/",&1!
(/I$&((&!3#'","%&!%#$%!4&!@D@&!E!0.#;#I$&.!(/!@#.%!4&!I$&(I$9$'!I$,1!0/.J#,"1!
'9/! 0/"! /%%&,'%! (&! "%/4&! %&.@,'/(! 4&! "/! @/(/4,&1! $'! %&(! /3%&! 3#'"%,%$&! $'&!
@/',J&"%/%,#'! 4&! (/! (,?&.%<! ,'4,;,4$&((&! /$! @D@&! %,%.&! I$&! (9/;#.%&@&'%1! (&!
35#,A! 4&! "/! 3#'%./3&0%,#'1! (/! 0.,"&! 49/'%/(P,I$&"C! 29/$%.&"! J#'%! (&! 0/./((B(&!
/;&3!(&!3#'%.t(&!4&!(/!4#$(&$.!/$!4<?$%!4&!(/!;,&!w!(9&$%5/'/",&!'&!"&./,%!/,'",!
I$&! "#'! 0&'4/'%! &'! J,'! 4&! ;,&C! >,'",1! 4&! (/! @D@&! @/',B.&! I$&! (&! (/!
%5<./0&$%,I$&! "&! 0&.J&3%,#''&1! (&"! 0.#P.B"! "3,&'%,J,I$&"! #'%! 4#''<! /$A!
5#@@&"!$'&!.&"0#'"/?,(,%<!I$/'%!/$A!35#,A!4&!4<3,4&.!$'&!P.#""&""&1!#$!49=!
@&%%.&! $'! %&.@&1! ,("! ,@0(,I$&./,&'%! $'&! '#$;&((&! .&"0#'"/?,(,%<1! 3&((&! 4&!
4<3,4&.!4&!"#'!0/""/P&!4&!;,&!E!%.<0/"!H!=(;#66%(*2(-2.&&2-G%8(*2(6#"0($2.0(<2"0.%(
)%( *2( /.%I( a2-&( -#0"%( &#G.101( 6#)%"-%8( *%&( <"#7"K&( -#'&( "%-)%-0( )%( <*'&( %-( <*'&(
"%&<#-&2@*%&I( 5%( <*2--.-7( $26.*.2*8( *2( G#-0"2G%<0.#-8( *+2GG#'GB%6%-0(
<&3GB#<"#<B3*2G0.C'%( ).0( =(&2-&( )#'*%'"(D8( *2( -2.&&2-G%( &2-&( /.#*%-G%( %0( *2(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&('!Q3<_2==2A3! V6! ;BIq/3>p2,`23k-! Q3<5<=1>1<,! H2! 3L=<KA>1<,! HL5<=L2! /A! Q/3K2@2,>!
2A3<5L2,!K2!$4!/036!"**"6!&((!\6!f6-!;L,/>-!"**'S"**(-!Q3<5<=1>1<,!H2!K<1!,O#"&!32K/>102!/A!H3<1>!H2!@<A313!H/,=!K/!
H1k,1>L6!!&()!F6! 3"=-"<<"-# *%# _-%)6"J# -"+-:97"-# *%# P9<+(6"J# -%<<"$H*"-# *"<# _-%)`%(<J# !B()+,&-%*"# ="<#;-:;:<(+(:)<#="<#<:6(%*(<+"<#;:9-#6C%)&"-#*%#_-%)6"-!/031K!#4""-!56!($6!
! #&*
<1".-202*#7.%(261*.#"%-0(%0(<"#0K7%-0(*%&(&.-2*0!&%!,"!/)%I($"!6)7!&%!7(*'%!%1)0*%74%(
<2&&%( 2G0'%**%6%-0( )'( )#62.-%( 02@#'( P( G%*'.( )%( <"1#GG'<20.#-(62?%'"%(J( *2( /.G0#."%(
&'"( )%( -#6@"%'&%&( 62*2).%&8( *+2'76%-020.#-( )%( *+%&<1"2-G%( )%( /.%8( *%(
<%"$%G0.#--%6%-0( )%&( 0%GB-.C'%&( 61).G2*%&( -#'&( 6K-%-0( P( *+2GB2"-%6%-0(
0B1"2<%'0.C'%I(;%*2(-#'&()#--%('-%(-#'/%**%!"%&<#-&2@.*.018(*2(*.@%"01()%(GB#.&."(-#0"%!
)%&0.-8(%0(&'&G.0%('-%(-#'/%**%()%62-)%8(G%**%()+E0"%(G#6<".&8(&#'0%-'(%0(2GG#6<27-1(
/%"&('-%(6#"0()#'G%8().7-%(%0(<2.&.@*%(DfZ@I((
e)eC! 7,%#'"! <P/(&@&'%! (&"! @#%,J"! 4&! (/! 0.#0#",%,#'! 4&! (#,! 0.<3,%<&1! I$,1!
.&@/.I$#'"[(&1! <;#I$&! (9/$%#'#@,&! 3#@@&! (9$'! 4&"! J#'4&@&'%"! 4$! 4.#,%! E!
(9&$%5/'/",&!H!=(5+10B.C'%(%0(*2(<"20.C'%(61).G2*%(#-0(G#--'(%-(y"2-G%8(2'(G#'"&()%&(
C'20"%()%"-.K"%&()1G%--.%&8()%(<"#$#-)%&(1/#*'0.#-&(#$$"2-0(P(-#&(G#-G.0#3%-&(0#'?#'"&(
<*'&( )+2'0#-#6.%( %0( )%( *.@%"01I( 4.-&.8( 2'?#'")+B'.8( <*'&( <%"&#--%( -%( G#-0%&0%(
&1".%'&%6%-0( *%&( @.%-$2.0&( )%( *2( G#-0"2G%<0.#-8( )%( *+.-0%""'<0.#-( /#*#-02."%( )%(
7"#&&%&&%8( )'( <"1*K/%6%-0( )+#"72-%&( &'"( *%&( E0"%&( /./2-0&8( )%( *2( <"#G"120.#-(
61).G2*%6%-0( 2&&.&01%8( )%( *2( &01".*.&20.#-( P( G2"2G0K"%(-#-( 0B1"2<%'0.C'%( <2"( *.720'"%(
)%&(0"#6<%&(#'(<2"(/2&%G0#6.%R(.*("%&0%(<#'"02-0('-%()%"-.K"%(*.@%"01(P(G#-C'1"."(J(*2(
*.@%"01( <#'"( *%&( <%"&#--%&( 200%.-0%&( )+'-%( 62*2).%( .-G'"2@*%( )%( "%G#'"."( P( '-%(
%'0B2-2&.%(/#*#-02."%(DC!!
e)fC! >,'",1! (9&$%5/'/",&! ;#(#'%/,.&! "&./,%! $'&! @/.I$&! 4$! 0.#P.B"! @<4,3/(1!
4#'%! %#$%!$'!35/3$'!4&;./,%!0#$;#,.!?<'<J,3,&.! (&!@#@&'%!4&! (/!@#.%!;&'$C!
29/,((&$."1!3&($,[3,!&"%!4<+E!@,"!/$!"&.;,3&!4&!(9/..D%!4&"!"#,'"!&%!4$!%./,%&@&'%!
4,%!i!E!4#$?(&!&JJ&%!j![!0$,"I$9,(!"#$(/P&!(/!4#$(&$.!4/'"!(&!@D@&!%&@0"!I$9,(!
&"%!"$"3&0%,?(&!49/33<(<.&.!(&!4<3B"![!0.<;$"!0/.!(/!(#,!8&#'&%%,C!X.1!&%!3&(/!/!<%<!
"#$(,P'<!0/.!(&"!0/.%,"/'"!4&!(9&$%5/'/",&!/3%,;&1!4&"!4,"0#",%,#'"!4&!(/!(#,!4$!
**! /;.,(! *--e! E! (/! 3#'"<3./%,#'! 49$'! 4.#,%! E! (9&$%5/'/",&! ;#(#'%/,.&1! ,(! '9=! /!
I$9$'!0/"!E!J./'35,.C!O'!&JJ&%1!(9/..D%!4&"!"#,'"!0.<;$!0/.!(/!(#,1!&%!I$,!&A,"%/,%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&(*!8Y>3/1>! HMA,! kA1H2! HM!J!/A><HLK103/,B2!N! 5A`K1L! 5/3! KM/==<B1/>1<,! 8h+g! _/0<3/`K2! Z!
KM2A>I/,/=12-!32K/>L!5/3!\6S7I6!mA3DR-!!%#$:-+#=%)<#*%#=(&)(+,-!B<KK6!?L/K1>L=!=<B1/K2=-!"*)'-!
56!"4%!2>!=6!
! #'4
4&0$,"!(/!(#,!n#$35'&.!4&!*--*1!'9&"%!/$%.&!I$9$'&!&$%5/'/",&!0/"",;&C!^$/'%!
E! (9/4@,',"%./%,#'!49$'! %./,%&@&'%! E!4#$?(&! &JJ&%1! (/! J.#'%,B.&! &"%! %<'$&!/;&3!
(9&$%5/'/",&!/3%,;&C!O'!&JJ&%1! ,(!"9/P,%!49/4@,',"%.&.!$'&!"$?"%/'3&!I$,!/!0#$.!
&JJ&%! .&35&.35<!49/0/,"&.! (&"!4#$(&$."1! &%!0#$.!&JJ&%! "&3#'4/,.&!49/33<(<.&.! (&!
4<3B"y!#.1!#'!"&!.&'4!?,&'!3#@0%&!I$&!@/(P.<! (&"!0.<3/$%,#'"!0.,"&"!0/.! (&!
(<P,"(/%&$.1!,(!&"%!%#$%!E!J/,%!0#"",?(&!0#$.!(&!@<4&3,'!&%!!(/!J/@,((&!49#0%&.!0#$.!
3&%%&!%5<./0&$%,I$&!&'!./,"#'1!49/?#.41!4&!"&"!;&.%$"!@#.%,JB.&"C!6#$.I$#,!4B"!
(#."! '&! 0/"! /$%#.,"&.! $'&! %.#,",B@&! "#($%,#'1! 0($"! ./4,3/(&! &'3#.&1! I$,!
3#'%&'%&./,%! J,'/(&@&'%! 3&$A! I$,! "#$5/,%&'%! (/! (<P/(,"/%,#'! 4&! (9&$%5/'/",&!
/3%,;&1! @/,"! '9#?(,P&./,%! &'! .,&'! 3&$A! I$,! "#$5/,%&'%! @#$.,.! 4&! J/_#'!
'/%$.&((&v!U(!&"%!3&.%/,'!I$&!(&!4.#,%!J./'_/,"!0&$%!%#$%!E!J/,%!#0%&.!4/'"!(9/;&',.!
0#$.! (9/4#0%,#'! 49$'&! %&((&! "#($%,#'1! 49/$%/'%! I$&! (&! 0.,'3,0&! 49/$%#'#@,&!
0&."#''&((&!(/!(<P,%,@&!4$!0#,'%!4&!;$&!4$!4.#,%!J#'4/@&'%/(!/$!.&"0&3%!4&!(/!
;,&!0.,;<&C!!
e)gC! X.1! E! ?,&'! =! .&P/.4&.1! #'! 0&$%! 3#'",4<.&.! I$&! (/! (#,! n#$35'&.1! @/,"!
"$.%#$%! (/! (#,! 8&#'&%%,1! 3#'"%,%$&'%! $'! 0/"! 4<3,",J! &'! 3&! "&'"C! `#$%! &"%!
3&.%/,'&@&'%! I$&"%,#'! 4&! 0.,#.,%<! "#3,/(&C! 8#."I$&! (9#'! 3#'",4<.&./! I$&! (&"!
0&."#''&"!@/(/4&"1! uP<&"1! ,'3$./?(&"1! .&0.<"&'%&'%! $'! J/.4&/$! %.#0! (#$.4! E!
0#.%&.!0#$.!(/!"#3,<%<1!3#'J.#'%<&!E!$'!3#l%!"#3,/(!4&!(/!@/(/4,&!%#$+#$."!0($"!
,@0#.%/'%!&%!E!$'&!4&%%&!4&! (/!"<3$.,%<!"#3,/(&!4/'P&.&$"&@&'%!?</'%&1! ,(!&"%!
%#$%!E!J/,%!0#"",?(&!I$&!(&!4.#,%!J./'_/,"!J/""&!(&!35#,A!4&!(<P/(,"&.!(9&$%5/'/",&!
;#(#'%/,.&C! O%! J,'/(&@&'%1! (9/.P$@&'%! ,@0/./?(&! 0#$../! D%.&! #00#"<! E! "&"!
4<%./3%&$."!H!35/3$'!&"%!(,?.&!4&!4,"0#"&.!4&!"#,1!4&!@/a%.,"&.!"/!;,&1!+$"I$9E!(/!
J,'C! 895#@@&! "9&"%! /..#P<! (/! 0.#0.,<%<! 4&! "#'! 3#.0"!w! ,(! ($,! /00/.%,&'%!
4<"#.@/,"1!E!(/!0(/3&!4$!4,;,'1!4&!4<3,4&.!4$!@#@&'%!4&!"/!@#.%C!!
e)cC! :'! /$%.&! ,'4,3&! 0.#?/'%! I$,! 0&.@&%! 49,@/P,'&.! $'! 35&@,'&@&'%!
0.#P.&"",J! 4$! 4.#,%! J./'_/,"! ;&."! $'&! 3#'"<3./%,#'! 4$! 4.#,%! E! (9&$%5/'/",&!
;#(#'%/,.&! 3#'","%&! &'! "#'! /00/.&'%&! 4<0<'/(,"/%,#'1! 4$! @#,'"! "/! J/,?(&!
0<'/(,"/%,#'1!&%!4#'31!&'!3#.#((/,.&1!(/!%#(<./'3&!4&!J/,%!0#$.!$'&!0./%,I$&!I$,!
! #'"
%H.&0%!4&0$,"!4&"!/''<&"C!7#'+$P$<&"!/$A!@<%5#4&"!49&$%5/'/",&!0/"",;&!x!(&!
.&J$"!4&!"#,'!&%1!0($"! ,'4,.&3%&@&'%1! (&! %./,%&@&'%!E!4#$?(&!&JJ&%! [! /$%#.,"<&"!
0/.! (/! (#,! 8&#'&%%,1! '&! 0&$%[#'! 0&'"&.! I$9#'! "9/;/'3&1! (&'%&@&'%! @/,"!
"l.&@&'%1!;&."!$'&!3#'"<3./%,#'!4&!(9&$%5/'/",&!/3%,;&!v!>!3&%!<P/.41!#'!0&$%!
%.#$;&.!(9/;,"!4$!7#@,%<!3#'"$(%/%,J!'/%,#'/(!49<%5,I$&!L3,[/0.B"!7C!7C!KC!OCM1!
4/%/'%!4$!*g! +/';,&.!*---1!0/.%,3$(,B.&@&'%!<3(/,./'%&)4C!R,!3&($,[3,!3#'4/@'&!
J&.@&@&'%! (/! 3#'"<3./%,#'! 49$'! 4.#,%! 4&! @#$.,.! &%! 4#'3! (/! (<P/(,"/%,#'! 4&!
0.,'3,0&!4&!(9&$%5/'/",&!/3%,;&1!,(!&A0(,I$&!'</'@#,'"!I$9!=(.*(-+%&0(?262.&(&2.-(
<#'"('-%(&#G.101()%(/./"%('-()1G2*27%(0"#<( .6<#"02-0(%-0"%( *%&("K7*%&(2$$."61%&(%0( *2(
"12*.01(/1G'%I(5+%-727%6%-0(&#*.)2."%(%&08()%($2.08()1?P('-%("12*.018(62.&8(<*'&(#'(6#.-&(
G*2-)%&0.-8(.*(&+%H%"G%()%($2W#-(.-172*.02."%(%0(2-2"GB.C'%I(a%(G%($2.08(.*(&+.-&02'"%('-%(
62-.K"%()%()1-.()+10B.C'%(P('-()#'@*%(-./%2'(J(B3<#G".&.%(%0(G*2-)%&0.-.01()+'-%(<2"0(d(
.&&'%&(.-172*%&(%-($#-G0.#-()%&(<"#G1)'"%&(%0()%&(?'".).G0.#-&(&#**.G.01%&(Q*#"&C'+%**%&(*%(
&#-0S()%( *+2'0"%(DC! O%1! .&+&%/'%! %#$%&! ,4<&! 4&! 4<0<'/(,"/%,#'! 4&! (9&$%5/'/",&1! ,(!
/JJ,.@&! "/'"! /@?/P&"! (/! 0#"",?,(,%<! 49$'&! &A3&0%,#'! 49&$%5/'/",&!/3%,;&!H!
=(`2.&8(G%(C'.(-%(&2'"2.0(E0"%(2GG%<01(2'(<*2-()%&(<".-G.<%&(%0()%(*2("2.&#-().&G'"&./%8(
*2(&#*.)2".01(B'62.-%(%0(*2(G#6<2&&.#-(<%'/%-0(*%($2."%(*%'"I(y2G%(P(G%"02.-%&()10"%&&%&8(
*#"&C'%(0#'0(%&<#."(0B1"2<%'0.C'%(%&0(/2.-(%0(C'%(*2(&#'$$"2-G%(&%("1/K*%(.-&'<<#"02@*%8(
#-( <%'0( &%( 0"#'/%"( G#-)'.0( P( <"%-)"%( %-( G#-&.)1"20.#-( *%( $2.0( C'%( *+E0"%( B'62.-(
&'"<2&&%(*2("K7*%(%0(C'%(*2(&.6<*%(&#**.G.0')%(&%("1/K*%((<2"$#.&(G#66%(*%()%"-.%"(6#3%-(
)%( $2."%( $2G%( %-&%6@*%( P( *+.-1*'G02@*%I( ;%00%( <#&.0.#-( <%'0( E0"%( 2*#"&( C'2*.$.1%(
)+%-727%6%-0(&#*.)2."%I(>-(%$$%08( *2(&#*.)2".01(<%'0(E0"%(6#@.*.&1%()2-&(*%&(G2&(u(&2-&(
)#'0%("2"%&(T(#Y(*2(6.&%(%-(g'/"%("1&#*'%()%&(QRS(&#.-&(<2**.20.$&8(2GG#6<27-%6%-08(
"%$'&( )%( *+2GB2"-%6%-0( 0B1"2<%'0.C'%( &%( "1/K*%( .6<'.&&2-0%( P( #$$"."( '-%( $.-( )%( /.%(
&'<<#"02@*%I( !%'/%-0( E0"%( 1/#C'1&8( P( 0.0"%( )+%H%6<*%&8( *%&( G2&( %HG%<0.#--%*&( #Y( *2(
)#'*%'"(-+%&0(<2&(62e0".&1%(%-()1<.0()%&(6#3%-&().&<#-.@*%&(d(*2(<%"&#--%(0#02*%6%-0(
%0()1$.-.0./%6%-0()1<%-)2-0%()%(62GB.-%&(<#'"(/./"%8()%62-)%(P(%-($.-."(d(*2(<%"&#--%(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&)4!76!76!^6!86-!/01=!,O'$!HA!#(! ./,06!#444-!H1=5<,1`K2!=A3! K2!=1>2! 1,>23,2>!HA!76!76!^6!86!]!
qqq6BB,2S2>I1aA26_36!
! #'#
.""161).2@*%6%-0( <"./1%( )%( G2<2G.01&( "%*20.#--%**%&( 2( )%62-)1( P( -%( <2&( /#."( &2( /.%(
<"#*#-71%(d( *%(G2&()%&(-#'/%2'T-1&(2'0#-#6%&(%0(<#"0%'"&()%(&1C'%**%&(-%'"#*#7.C'%&(
%H0"E6%&(.-G'"2@*%&()#-0(*%&(<2"%-0&(#-0(101(.-$#"61&I(a%(0%**%&()10"%&&%&(2<<%**%-0(*2(
G#6<2&&.#-( %0( *2( &#**.G.0')%I( ;%"0%&8( G%&( 0%"6%&( <%'/%-0( E0"%( G#6<".&( )%( $2W#-(
<20%"-2*.&0%8(G#66%(&#**.G.02-0(*2(<.0.1(#'(*2(G#66.&1"20.#-I(`2.&8(G#-?'7'1%&(2/%G(*%(
"%&<%G0( %0( 62"C'1%&( <2"( *2( "%GB%"GB%( )+'-%( "%*20.#-( <2"0%-2".2*%( 2'0B%-0.C'%8(
G#6<2&&.#-( %0( &#**.G.0')%( .-G.0%-0( P( *+B'62-.018( P( *2( &%-&.@.*.01( %0( P( *2( &#*.)2".01I(
a1<2&&2-0( *%( &%'*( "%7.&0"%()'()"#.0(6#"2*( %0()%( *2("%/%-).G20.#-8( %**%&(62"C'%-0()%&(
#'/%"0'"%&( .-1).0%&8( 2'0#".&1%&( <2"( *%( <2"027%( )+'-%( G#66'-%( G#-).0.#-I( ;%&(
#'/%"0'"%&( %HG%<0.#--%**%&( &+2"0.G'*%-0( 2'0#'"( )%( *2( -#0.#-( )%( G#-&%-0."( %0( )%(
G#-&%-0%6%-0( QRSI( n#"&( G#-&%-0%6%-08( 2'G'-( 2G0%( %'0B2-2&.C'%( -%( &2'"2.0( E0"%(
%-/.&271(DI((
e)kC! Z/(P.<! %#$%&"! (&"! 0.<3/$%,#'"! "<@/'%,I$&"! 0.,"&"! 0/.! (&! 7#@,%<1! #'!
3#'"%/%&! I$9,(! &'%.&;#,%! 0/.J/,%&@&'%! (/! 0#"",?,(,%<! 4&! (<P/(,"&.! (9&$%5/'/",&!
/3%,;&C! 7&.%&"1! 3&%! /;,"! 4/%&! 49$'&! 4,T/,'&! 49/''<&"! @/,'%&'/'%1! &%! (/! (#,!
8&#'&%%,! &"%! &'%.<&! &'! ;,P$&$.! 4&0$,"1! @/,"! (9&""&'%,&(! &"%! (E!H! (&! 3#@,%<! 4&!
i!"/P&"!j!J./'_/,"!&';,"/P&!0/.J/,%&@&'%!(/!(<P/(,"/%,#'!4&!(9&$%5/'/",&!/3%,;&C!
N,&'! "l.1! "&"! /;,"!'&! 3#'%./,P'&'%!',! (&! +$P&!',! (&! (<P,"(/%&$.1!@/,"! (9/$%#.,%<!
"=@?#(,I$&! 4$! 7C! 7C! KC! OC! '9&"%! 0/"! 3#'%&"%/?(&! 4/'"! (&! @#'4&! @<4,3/(1!
+$.,4,I$&!&%!05,(#"#05,I$&C!6#$.!3&!I$,!3#'3&.'&!(9#?+&%!4&!'#%.&!.&35&.35&1!#'!
3#'"%/%&!I$&!3&%%&!0#"",?,(,%<!49D%.&!&$%5/'/",<!4&!@/',B.&!/3%,;&!&"%!/%%/35<&!
E! (9,4<&! 49/$%#'#@,&! 4$! 0/%,&'%1! 0$,"I$9,(! &"%! J/,%! .<J<.&'3&! E! "#'!
3#'"&'%&@&'%C!7&((&[3,!&"%!.<,%<.<&1!'#%/@@&'%1!4/'"!(9/;,"!'\cg!4/%/'%!4$!)d!
/;.,(!*--e1!!,'%,%$(<!=(l%$'&()%(0"2.0%6%-0(%0(2'0#-#6.%()%(*2(<%"&#--%(DfEDI((
e*-C! 8/! 0.#P.&"",#'! 4&! (9,4<&! 49/$%#'#@,&! 4$! 0/%,&'%! 3#'+$P$<&! E! $'&! %.B"!
J/,?(&! 0<'/(,"/%,#'! 4&! (9&$%5/'/",&! /3%,;&1! /,'",! I$9E! "/! (&'%&! (<P/(,"/%,#'!
%<@#,P'&'%! 49$'&! /33&0%/%,#'! 0.#P.&"",;&! 4&! (9&$%5/'/",&! &'! 4.#,%! J./'_/,"C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&)"!76!76!^6!86-!/01=!,O)(!HA!"%!/036!#44&-!Lk/K2@2,>!H1=5<,1`K2!=A3!K2!=1>2!1,>23,2>!HA!76!76!
^6!86!]!qqq6BB,2S2>I1aA26_36!
! #'$
7&((&[3,1! /$! .&P/.4! 4&"! 0./%,I$&"! &$%5/'/",I$&"! 4/'"! (&"! 0/="! &$.#0<&'"!
;#,",'"1!@/,"!/$"",!4&!0/="!0($"!(#,'%/,'"!3#@@&!(&!7/'/4/!#$!(&"!O%/%"[:',"1!
4&;./,%!3#'%,'$&.!4&!0.#P.&""&.C!O'!&JJ&%1!#'!"/,%!I$&!(&"!6/="[N/"1!4&0$,"!$'&!
(#,!4$!)*!/;.,(!*--)1!/,'",!I$&! (/!N&(P,I$&1!4/'"!$'&! (#,!4$!)f!@/,!*--*1!#'%!
4<0<'/(,"<! (9&$%5/'/",&C! >$A! O%/%"[:',"1! "9,(! '9&A,"%&! 0/"! 0#$.! (9,'"%/'%! 4&!
(<P,"(/%,#'!"9/P,""/'%!4&!(9&$%5/'/",&!/$!0(/'!J<4<./(1!(/!7/(,J#.',&1!&'!)kgf1!&%!
(9X.&P#'1! &'! )kkd1! #'! <P/(&@&'%! /4@,"! (/! 0./%,I$&! (<P/(&!4&! (9&$%5/'/",&C! U(!
J/$%!/+#$%&.!I$&!3&"!0/="!#$%.&[@/'35&!#'%!$'&!3#'3&0%,#'!@<4&3,'[0/%,&'%!
I$,1!0&%,%!E!0&%,%1! %&'4!E!D%.&!/4#0%<&!4/'"!4&"!0/="!4,%"!4&!4.#,%!3#'%,'&'%/(!
3#@@&! (/! G./'3&1! 4/'"! (/I$&((&! 3&%%&! .&(/%,#'! &"%! ?,&'! @#,'"! 0/%&.'/(,"%&!
I$9&'!G./'3&&)#1!/$!0.#J,%!4&!(9/$%#'#@,&!4$!0/%,&'%C!X.1!3&!'9&"%!.,&'!49/$%.&!
I$&! 3&! I$&! .<;B(&! (9/..D%! 6.&%%=! 3#'%.&! S#=/$@&[:',!H! @D@&! ",! (/! 7#$.! 4&!
R%./"?#$.P!.&J$"&!4&!3#'"/3.&.!$'!4.#,%!4&!@#$.,.! J#'4<!"$.! (9/.%,3(&!c!4&! (/!
7#';C! OC! 2C! QC1! &((&!@/.I$&! ,'4<',/?(&@&'%1! 0/.! "/! .<;<(/%,#'! 4$! 0.,'3,0&!
49/$%#'#@,&! 0&."#''&((&1! (9&'%.<&! 4&! 3&%%&! '#$;&((&! .&(/%,#'! 4/'"! (&! 4.#,%!
3#'%,'&'%/(!&%1!0/.!;#,&!4&!3#'"<I$&'3&1!4/'"!(&!4.#,%!J./'_/,"C!8&!@#@&'%!4&!
(/! @#.%! &"%! /(#."! 4&! 0($"! &'! 0($"! /?#.4<! "#$"! (&! 0.,"@&! 4&! (9/$%#'#@,&C!!
S&@/.I$#'"! I$&! (&!7C!7C!KC! OC! ($,! #3%.#,&! $'&! 0(/3&! 3&'%./(&! 4/'"! "#'! /;,"!
'\)-e!4$!k!#3%#?.&!*--c&)$1!4/'"!(&I$&(! ,(!.&@/.I$&!I$9=(#-(<%'0(2<%"G%/#."(2'(
&%.-()%(*2(&#G.101(*2(6#-01%()+'-(@%&#.-(G"#.&&2-0()+2'0#-#6.%(2'C'%*(*%&(*#.&("1G%-0%&(
"%*20./%&(2'H()"#.0&()%&(62*2)%&(#-0()#--1('-%(0"2)'G0.#-(?'".).C'%(QRSI(52(C'%&0.#-(
&%(<#&%()%(&2/#."(?'&C'+#Y(*%(*17.&*20%'"(2(*%()%/#."()%(<"#017%"(*2(<%"&#--%(G#-0"%(%**%T
6E6%(DC!!
e*)C!8/!0.#P.&"",#'!4&!(9/$%#'#@,&!0&."#''&((&1!I$,!/!<P/(&@&'%!<%<!3#'"/3.<&!
4/'"! (&! 4#@/,'&! 4&! (/! @/a%.,"&! 4&! (/! 0.#3.</%,#'1! /$P$.&1! 4&! (/! @D@&!
@/',B.&1!49$'&!<;#($%,#'!(,?<./(&!&'!(/!@/%,B.&C!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&)#!^<A=!>3/1>1<,=!H2!B2>!/=52B>!HA!H3<1>!@LH1B/K!_3/,e/1=!<9;-%-!56!"%&!2>!=6!&)$!76!76!^6!86-!/01=!,O"4&!HA!)!<B>6!#44)-!Lk/K2@2,>!H1=5<,1`K2!=A3!K2!=1>2!1,>23,2>!HA!76!76!
^6!86!]!qqq6BB,2S2>I1aA26_36!
! #'%
YW)S).A)KAc:?B>=)<=)@A)C?DF?GA:BDE)
)
)
e**C!2/'"!(&"!/..D%"!`=",/3!3#'%.&!6#(#P'&!&%!>1!N!&%!7!3#'%.&!U.(/'4&!/?#.4/'%!
(/!I$&"%,#'!4&!(9/;#.%&@&'%1!(/!7#$.!4&!R%./"?#$.P!.</JJ,.@&!I$&!=(*2(-#0.#-()%(
=(/.%( <"./1%(D( QRS( %-7*#@%( -#0266%-0( QRS( *%( )"#.0( P( *+2'0#-#6.%( <%"&#--%**%(DfEUC!
2/'"! (9/..D%! RC!QC! &%! /$%.&"! 3#'%.&!>$%.,35&1! &((&! '95<",%&! 0/"! E! ./00&(&.!=(*%(
)"#.0(P(*+2'0#)10%"6.-20.#-(D(&'!@/%,B.&!4&!;,&!0.,;<&&)&!&%!/JJ,.@&!=(*%()"#.0()%&(
G#'<*%&(P(G#-G%/#."('-(%-$2-0(%0(P("%G#'"."(<#'"(G%($2."%(P(*2(<"#G"120.#-(61).G2*%6%-0(
2&&.&01%(D&)'C!8/!0.#@#%,#'!4&!(9/$%#'#@,&!0&."#''&((&!4/'"!(&!4#@/,'&!4&!(/!
0.#3.</%,#'!&'!4.#,%!&$.#0<&'1!@D@&!",!&((&!'9&"%!0/"!%#$+#$."!"$,;,&!49&JJ&%1!
3#@@/'4&!4&!"9,'%&..#P&.!"$.!"/!0.#P.&"",#'1!4/'"!3&!@D@&!4#@/,'&1!&'!4#,%!
J./'_/,"C! :'! %&(! I$&"%,#''&@&'%! &"%! 49/$%/'%! 0($"! #00#.%$'! I$&! (/! .<;,",#'!
4&"!(#,"!?,#<%5,I$&"!&%1!4&!@/',B.&!3&.%&"!0($"!.<"&.;<&1!(&!0.#+&%!0.<",4&'%,&(!
4&! ZC! GC! Q#((/'4&! 3#'4$,"&'%! E! I$&"%,#''&.! 4&! '#$;&/$1! "#$"! (9/'P(&! 4&!
(9/$%#'#@,&1!4&"!0.,'3,0&"!I$&!(9#'!0#$;/,%!0&'"&.!/3I$,"1!3#@@&!(&!0.,'3,0&!
&'!;&.%$!4$I$&(! (/!@B.&!&"%! 3&((&!I$,!/33#$35&1!#$!&'3#.&! 3&($,! "&(#'! (&I$&(!
"&$(! $'! 3#$0(&! J#.@<! 49$'! 5#@@&! &%! 49$'&! J&@@&! 0&$%! 0.#3.<&.C! K#$"!
<%$4,&.#'"!4#'3!(/!I$&"%,#'!4&!(/!@/a%.,"&!4&!(/!0.#3.</%,#'!"#$"!%.#,"!/"0&3%"!
I$,! "&.#'%! "$33&"",;&@&'%! /?#.4<"!H! 3&($,! 4&! (9/;#.%&@&'%! T,U1! 3&($,! 4&! (/!
0.#3.</%,#'!@<4,3/(&@&'%!/"","%<&!TNU1!&'J,'!3&($,!4&!(/!@/%&.',%<!0#$.!/$%.$,!
T2UC!!
! !
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&)%!768696:6-!gR=1/B!BCQ<K<k,2-!#%!.A1K6!#44(-!53LB6-!E"4([!768696:6-!b-!m!2>!7!BC+3K/,H2-!"'!
HLB6!#4"4-!53LB6-!E#"#6!&)&!768696:6-!$!,<06!#4""-!;6:6!2>!!/A>32=!BCbA>31BI2-!53LB6-!E)46!&)'!b33d>!53LB6-!E)#6!
! #'&
,O)./AJD?:=K=E:)
!
e*bC!:'!?,(/'!4$!4.#,%!0#",%,J!&'!(/!@/%,B.&!T8U!"&./!"$,;,!49$'&!<%$4&!49#.4.&!
0.#"0&3%,J!TWUC!!
!
8O).=)<?DB:)CD>B:BQ)
!
e*dC!89/;#.%&@&'%!&'!4.#,%!J./'_/,"!/!<%<!3#'"/3.<!0/.!(/!3<(B?.&!(#,!V&,(!'\ge[
)g!4$!)g!+/';,&.!)kge&)(C!O((&!&"%!(&!.<"$(%/%!4&!(/!.&;&'4,3/%,#'!4&!(/!0/.%!4&"!
J&@@&"! 4$! 3#'%.t(&! 4&! (&$.!@/%&.',%<! /,'",! I$&! 49$'&! ;#(#'%<! 0#(,%,I$&! 4&!
($%%&.! 3#'%.&! (/! 0./%,I$&! P./'4,""/'%&!4&"! /;#.%&@&'%"! 3(/'4&"%,'"C!>,'",1! (/!
(#,! 0.<;#,%! 4<"#.@/,"! I$&! (/! J&@@&! 0&$%! .&3#$.,.1! 4/'"! 4&"! 3#'4,%,#'"!
4,JJ<.&'%&"1! E! 4&$A! %=0&"! 49,'%&..$0%,#'! ;#(#'%/,.&! 4&! P.#""&""&!H!
(9,'%&..$0%,#'!;#(#'%/,.&!4&!P.#""&""&!0#$.! 3/$"&!4&!4<%.&""&! #$!0#$.!@#%,J!
@<4,3/(C!>,'",1!(/!(#,!<'#'3&1!"9/P,""/'%!4&!(/!0.&@,B.&1!E!(9/.%,3(&!8C!**)*[)!4$!
7#4&! 4&! (/! "/'%<! 0$?(,I$&!H! =(52( $%66%( %-G%.-0%( C'%( &#-( 1020( <*2G%( )2-&( '-%(
&.0'20.#-()%()10"%&&%(<%'0()%62-)%"(P('-(61)%G.-()+.-0%""#6<"%(&2(7"#&&%&&%I(;%00%(
.-0%""'<0.#-( -%( <%'0( E0"%( <"20.C'1%( C'+2/2-0( *2( $.-( )%( *2( )#'A.K6%( &%62.-%()%(
7"#&&%&&%(DI(R9/P,""/'%!4&!(/!"&3#'4&1!&((&!0.<;#,%!E!(9/.%,3(&!8C!**)b[)!4$!@D@&!
3#4&! I$&! =(5+.-0%""'<0.#-( /#*#-02."%( )+'-%( 7"#&&%&&%( <%'08( P( 0#'0%( 1<#C'%8( E0"%(
<"20.C'1%( QRS(&#.0(C'%( *2(<#'"&'.0%()%( *2(7"#&&%&&%(6%0(%-(<1".*(7"2/%( *2(&2-01()%( *2(
$%66%( QRS( &#.0( C'+.*( %H.&0%( '-%( $#"0%( <"#@2@.*.01( C'%( *+%-$2-0( P( -2e0"%( &#.0( 200%.-0(
)+'-%(2$$%G0.#-()+'-%(<2"0.G'*.K"%(7"2/.01( "%G#--'%(G#66%(.-G'"2@*%(2'(6#6%-0()'(
).27-#&0.G(DC!>$!.&P/.4!4&!3&"!4,"0#",%,#'"!x!I$,1!49/,((&$."1!#'%!<;#($<!4/'"!$'!
"&'"! (,?<./(!4&0$,"! (&$.!0.&@,B.&!.<4/3%,#'![1!49$'&!4<0<'/(,"/%,#'!3#.#((/,.&!
4&! (9/$%#[/;#.%&@&'%! L(9/.%,3(&! **b[)*!4$!7#4&!0<'/(1! I$,! (&! 0.<;#=/,%1! /! <%<!
/?.#P<! 0/.! (/! (#,! 4$! d! @/."! *--*M1! &%! 4&! (/! 0<'/(,"/%,#'! 4&! (9&'%./;&! E!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&)(!V<1!,O(&S"(!HA!"(!./,0123!"*(&-!53LB6!F6!5/3!2Y2@5K2!;6!Q312A3-!>I6!53LB6-!56!$*4!2>!=6!
! #''
(9,'%&..$0%,#'!(<P/(&!4&!(/!P.#""&""&!0/.!(/!(#,!'\kb[)*)!4$!*g!+/';,&.!)kkb&))1!
#'!0&$%!/JJ,.@&.!I$&!(/!J&@@&!/!/3I$,"!(&!4.#,%!4&!4,"0#"&.!4&!"#'!3#.0"!4&!
@B.&C! 29/,((&$."1! #'! 3#'"%/%&! E! I$&(! 0#,'%! (/! (#,! 4&! )kge1! 4/'"! "/! @#$%$.&!
/3%$&((&1!&"%!(&!.<"$(%/%!49$'&!<;#($%,#'!5,"%#.,I$&!;&."!$'&!@/a%.,"&!%#%/(&!4&!
"/!@/%&.',%<!0/.!(/!J&@@&C!!
e*eC!O'!&JJ&%1!"9/P,""/'%!0/.!&A&@0(&!4&!(9,'%&..$0%,#'!;#(#'%/,.&!4&!P.#""&""&!
0#$.! 3/$"&! 4&! 4<%.&""&1! "&$(&! (/! J&@@&! &"%! +$P&! 4&! 3&%%&! 4&.',B.&1! &%! (&!
0&."#''&(! "#,P'/'%! '9&JJ&3%$&! 0/"! 4&! 3#'%.t(&! #?+&3%,J! "$.! 3&((&[3,C! 6/"! 0($"!
49/,((&$."!'9&"%[,(!0.<;$!4&!3#'%.t(&!+$4,3,/,.&C!8/!(#,!V&,(!'&!4<J,',%!49/,((&$."!
0/"!(/!3/$"&!4&!4<%.&""&C!U(!.&;,&'%!E!(/!J&@@&!"&$(&!4&!4<%&.@,'&.!(&!"&$,(!E!
0/.%,.!4$I$&(!&((&!'&!0&$%!"$00#.%&.!4&!P/.4&.!"#'!&'J/'%C!2&!0($"1!3&((&!I$,!
4<3,4&!49/;#.%&.!0&$%!D%.&!$'&!@,'&$.&!'#'!<@/'3,0<&!&%!&((&!0&$%!4<3,4&.!4&!
P/.4&.!(&!"&3.&%!4&!"/!4<3,",#'1!39&"%[E[4,.&!(/!"#$"%./,.&!/$!3#'%.t(&!0/.&'%/(1!
/,'",!I$&!'#$"!(&!4<;&(#00,#'"!0($"!/;/'%&)*C!O'!#$%.&1!(&!4<(/,!0#$.!/;#.%&.!/!
<%<! @#4,J,<! H! 4&! 4,A! "&@/,'&"! 0.<;$&"! ,',%,/(&@&'%1! ,(! &"%! /((#'P<! E! 4#$T&!
"&@/,'&"!0/.! (/! (#,!'\*--)[ecc!4$!d! +$,((&%!*--)&*4C!>,'",1! (#."I$&! (/!7#$.!4&!
R%./"?#$.P1! 4/'"! (9/..D%! `=",/3! 3#'%.&! 6#(#P'&1! ./00&((&! I$&! (&! 4.#,%! E!
(9/$%#'#@,&! 0&."#''&((&! J/,%! 0/.%,&! ,'%<P./'%&! 4$! 4.#,%! /$! .&"0&3%! 4&! (/! ;,&!
0.,;<&1! (/! I$&"%,#'! 4&! (9/;#.%&@&'%! &'! .&(&;/'%1! &((&! 3#'J,.@&! 3&%%&!@/a%.,"&!
3#'%&@0#./,'&!4&!(/!J&@@&!"$.!"&"!J/3$(%<"!E!0.#3.<&.!&%1!&'!3#'"<I$&'3&1!&((&!
,@0#"&!=(P(L*+O>020('-%(/1".02@*%(#@*.720.#-(<#&.0./%()2-&(*+#"72-.&20.#-()%(*+2GGK&(P(
*+2/#"0%6%-0(Df@DC!:'!/$%&$.!/!49/,((&$."!<3.,%!I$9!=(>-()1$.-.0./%8(*+2""E0(QRS(<%'0(
E0"%( .-0%"<"101(G#66%('-%(=(<"#<#&.0.#-(D( $2.0%(P( *2(!#*#7-%()%(&%( ?#.-)"%(2'H(>020&(
6%6@"%&( )'(;#-&%.*( )%( *+>'"#<%( 232-0( 2)#<01( '-%( 2<<"#GB%( <%"6.&&./%( %-(620.K"%(
)+2/#"0%6%-08( G%( C'.( ".&C'%( )+E0"%( "%&&%-0.( <2"( <*'&( )+'-( G#66%( '-%( <#&.0.#-( <*'&(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&))!V<1! ,O*$S"#"! HA! #(! ./,06! "**$-! \6f6! $4! ./,06! "**$6! V2=! H1=5<=1>1<,=! H2! K/! K<1! =<,>!
53L0A2=!/AY!/3>1BK2=!V6!##"#S"!Z!V6!###$S#!HA!76;6Q6!&)*!F6!<9;-%-!56!"''6!&*4!V<1!,O#44"S&))!HA!%!.A1KK2>!#44"-!53LB6!&*"!768696:6-! gR=1/B! BCQ<K<k,2-! #%! .A1KK6! #44(-! 53LB6-! <51,1<,!H1==1H2,>2!HA! .Ak2!m<332k<!
m<332k<6!
! #'(
<#*.0.C'%(C'%(?'".).C'%8(%0()#-G(%HG%&&./%()%(*2(<2"0()+'-%(.-&02-G%(0%**%(C'%(*2(;#'"(
%'"#<1%--%()%&()"#.0&()%(*+B#66%(Df@[C!!89/..D%!>1!N!&%!7!3#'%.&!U.(/'4&1!"9,(!.&"%&!
'$/'3<! "$.! (/! I$&"%,#'! 4&! (9/33B"! E! (9/;#.%&@&'%1! '&! .&@&%! 0/"! &'! 3/$"&! 3&!
3#'"%/%1!(/!7#$.!;&'/'%!./00&(&.1!&'!"/!J#.@/%,#'!(/!0($"!"#(&''&((&1!(&!4.#,%!E!
(9/$%#'#@,&!0&."#''&((&!&'!(/!@/%,B.&&*$C!
e*fC! >! (/! ($@,B.&! 4$! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! 4<P/P<! &'! @/%,B.&!
49,'%&..$0%,#'! 4&! P.#""&""&1! #'! 0&$%! "&! 4&@/'4&.! ",! 3&((&[3,! 0&$%! 3#''/a%.&!
$'&!<;#($%,#'!4/;/'%/P&!(,?<./(&!&'!4.#,%!J./'_/,"C!!
!
WO) .A) CD>>BZB@B:G) </;E=) @/GJD@;:BDE) @BZG?A@=) A;) ?=MA?<) <;) C?BEFBC=)
</A;:DEDKB=)C=?>DEE=@@=)
)
e*gC!:'&!0/.%,&!4&! (/!4#3%.,'&!4<'#'3&!$'&!?/'/(,"/%,#'!4&! (9/;#.%&@&'%C!O%1!
&'!&JJ&%1!J#.3&!&"%!4&!3#'"%/%&.!I$&!3&!4&.',&.!&"%!0&._$!3#@@&!$'!/3%&!3&.%&"!
%./$@/%,"/'%1!@/,"! J,'/(&@&'%! &'%.<! 4/'"! (&"!@]$."!H! (/! 5/$""&! 4$! '#@?.&!
49/;#.%&@&'%"! 4&0$,"! "/! (,?<./(,"/%,#'! &'! )kge! '9/! 0/"! <%<! &'4,P$<&C! 7&!
3#'"%/%! 0$.&@&'%! J/3%$&(! .&+#,'%! '#%.&! /'/(="&!H! (/! J&@@&! 4,"0#"&! 49$'&!
0/.J/,%&!/$%#'#@,&!3#'3&.'/'%!"&"!J/3$(%<"!4&!0.#3.<&.C!O'!&JJ&%1!&'!"$"!4&!(/!
0#"",?,(,%<! 49/;#.%&.1! &((&! 0&$%! <P/(&@&'%! <;,%&.! %#$%&! 3#'3&0%,#'1! /$"",!
(#'P%&@0"!I$9&((&!(&!"#$5/,%&1!P.u3&!E!(9$%,(,"/%,#'!49$'!0/'&(!4&!3#'%./3&0%,J"!
@,"!E!"/!4,"0#",%,#'C!S&@/.I$#'"!I$9,(!&'!&"%!4&!@D@&!3#'3&.'/'%!(/!@,'&$.&!
'#'! <@/'3,0<&1! /,'",! I$&! (9/$%#.,"&! (9/.%,3(&! 8C! e)bd[)! 4$! 7#4&! 4&! (/! "/'%<!
0$?(,I$&C!R,!(9#'!./+#$%&!(/!0#"",?,(,%<!#JJ&.%&!0/.!(&"!%&A%&"!4&!"9/JJ./'35,.!4$!
3#'"&'%&@&'%! 0/.&'%/(! &'! 3/"! 49/;#.%&@&'%! 4&! 4<%.&""&1! ,(! &"%! 0#"",?(&!
49/JJ,.@&.! I$&! (9,'3/0/?(&! @,'&$.&1! E! (9,'"%/.! 4&! (/! J&@@&! @/+&$.&1! &"%!
0(&,'&@&'%!/$%#'#@&!3#'3&.'/'%!(/!@/a%.,"&!4&!"/!0.#3.</%,#'C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&*#!96!F1k,2/A-!5(6+(:))%(-"#;"-$%)")+#H(:,+C(G9"#"+#H(:+"6C):*:&("<-!0O!J!+,>233A5>1<,!H2!
k3<==2==2!N-!56!""'#6!!&*$!768696:6-!b-!m-!2>!7!BC+3K/,H2-!53LB6-!E#"#6!
! #')
e*cC!:'&!%&((&!(,?<./(,"/%,#'1!&'!4.#,%!J./'_/,"1!0&$%!J/,.&!4#$%&.!49$'&!/;/'3<&!
"$00(<@&'%/,.&! ;&."! 4/;/'%/P&! 4&! (,?&.%<! 0#$.! (/! J&@@&C! O'! &JJ&%1! '&! "&!
%.#$;&[%[#'! 0/"! E! (9/0#P<&! 4&! "#'! /$%#'#@,&! &'! (/! @/%,B.&!v! :'&! .<0#'"&!
0#",%,;&!"9,@0#"&C!!
e*kC!O'!.&;/'35&1!(9<;#($%,#'!(,?<./(&!'&!"&@?(&!0/"!/35&;<&!4/'"!(&!4#@/,'&!
4&! (/! 0.#3.</%,#'! @<4,3/(&@&'%! /"","%<&1! &%! (9/$%#'#@,&! 0#$../,%! ?,&'! =!
0.#P.&""&.C!!
!
NO).A)C?DF?GA:BDE)KG<BFA@=K=E:)A>>B>:G=)
!
eb-C!>!(9,'"%/.!4&!3&!I$,!0.<3B4&1!(9<%$4&!4$!4.#,%!0#",%,J!T8U!"&./!"$,;,&!49$'&!
<%$4&!49#.4.&!0.#"0&3%,J!@#'%./'%!I$9$'&!(,?<./(,"/%,#'!"$00(<@&'%/,.&!&'!(/!
@/%,B.&!&"%!3.<4,?(&!TWUC!!
!
8O).=)<?DB:)CD>B:BQ)
!
eb)C! 8/! 6CZC>C! /! J/,%! "#'! /00/.,%,#'! (<P/(&! &'! 4.#,%! J./'_/,"! /;&3! (&"! (#,"!
?,#<%5,I$&"! 4&! )kkd&*%C! 89/.%,3(&! 8C! *)d)[)! 4$! 7#4&! 4&! (/! "/'%<! 0$?(,I$&! (/!
4<J,',%! 3#@@&! (&"!=(<"20.C'%&(G*.-.C'%&(%0(@.#*#7.C'%&(<%"6%002-0( *2(G#-G%<0.#-( .-(
/.0"#8(*2(G#-&%"/20.#-()%&(726K0%&8()%&(0.&&'&(7%"6.-2'H(%0()%&(%6@"3#-&8(*%(0"2-&$%"0(
)+%6@"3#-&(%0(*+.-&16.-20.#-(2"0.$.G.%**%(DC!6#$.!.<"$@&.!"35<@/%,I$&@&'%1! (/!6C!
ZC!>C!0&$%!4#'3!3#'","%&.!&'!4&$A!"#.%&"!4&!%&35',I$&"!H!"#,%!#'! ,'%.#4$,%1!E!
(9/,4&! 49$'! 4,"0#",%,J! 49,'+&3%,#'! /4/0%<&1! $'&! 3&.%/,'&! I$/'%,%<! 4&! "0&.@&!
4/'"! (&! ;/P,'! 4&! (/! J&@@&1! 3&! "0&.@&!0#$;/'%!0.#;&',.!4$! 3#'+#,'%! #$!4$!
3#'3$?,'1! #$! &'3#.&! 49$'! %,&."! 4#''&$.1! &%! /(#."! (/! J<3#'4/%,#'! "9&JJ&3%$&!
&'"$,%&!4&!@/',B.&! %#$%!E! J/,%!'/%$.&((&!4/'"! (9/00/.&,(!P<',%/(!4&! (/! J&@@&1!
"#,%!,(!&"%!0.#3<4<!E!(/!J<3#'4/%,#'!&'!4&5#."!4&!3&!4&.',&.1!&'!<0.#$;&%%&C!2B"!
(#."1!(9&@?.=#'!=!&"%!3.<<!/;&3!(&"!P/@B%&"!4$!3#$0(&!0.</(/?(&@&'%!.&3$&,((,"1!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&*%!;A3!B2>>2!aA2=>1<,-!06!96!F1k,2/A-!!B")>%)+#W#)%t+-"-!>Ii=2!g<AK<A=2-!"*))6!!
! #'*
0$,"! ,(! &"%! %./'"J<.<! 4/'"! (9$%<.$"! 4&! (/! J&@@&! x! '#%#'"! I$9&'! P<'<./(1! /J,'!
49/$P@&'%&.!(&"!35/'3&"!4&!P.#""&""&1!0($",&$."!&@?.=#'"!"#'%!3.<<"!&%!"#'%!
/,'",! %./'"J<.<"! .-('0%"#C!2&! (/!@D@&!@/',B.&!I$&!4/'"! (&!3/"!0.<3<4&'%1!"#,%!
(&"!P/@B%&"!4$!3#$0(&!"#'%!0.</(/?(&@&'%!.&3$&,((,"1!"#,%!,(!&"%!.&3#$.$!E!3&$A!
4&!%,&."!4#''&$."C!U(!&"%!<P/(&@&'%!&""&'%,&(!4&!J/,.&!.&@/.I$&.!I$&!4&!%&((&"!
%&35',I$&"!'&!"9/4.&""&'%!0/"!E!%#$"!(&"!3#$0(&"1!4&!@/',B.&!,'3#'4,%,#''&((&C!
>,'",1! (9/.%,3(&! 8C! *)d)[*! 4$! 7#4&! 4&! (/! "/'%<! 0$?(,I$&! 4<%&.@,'&! (&!
4#@/,'&!4&!(/!6C!ZC!>C!O((&!=(2(<#'"(#@?%0()%("%61).%"(P(*+.-$%"0.*.01()+'-(G#'<*%(#'(
)+1/.0%"( *2( 0"2-&6.&&.#-( P( *+%-$2-0( #'( P('-(6%6@"%( )'( G#'<*%( )+'-%(62*2).%( )+'-%(
<2"0.G'*.K"%( 7"2/.01I( 5%( G2"2G0K"%( <20B#*#7.C'%( )%( *+.-$%"0.*.01( )#.0( E0"%(61).G2*%6%-0(
).27-#&0.C'1(DC!!
eb*C!U(!"9/P,%!4#'3!49$'!@#=&'!%#$%!E!J/,%!/.%,J,3,&(!4&!0&.@&%%.&!E!$'!3#$0(&!4&!
0.#3.<&.!w! (/! 3#'3&0%,#'! 4&! (9&'J/'%! &"%! 4,"%,'3%&! 4&! %#$%&! .&(/%,#'! 35/.'&((&C!
K</'@#,'"1!(&!4.#,%!J./'_/,"!0.&'4!(&!0/.%,!4&!3/(I$&.!$'&!%&((&!%&35',I$&!4&!
0.#3.</%,#'! "$.! (/! .</(,%<! 05=",#(#P,I$&! 5$@/,'&1! /J,'! I$&! (9&'J/'%! '<! 4$!
3#$0(&!/=/'%!.&3#$.$!E! (9$'&!4&"!%&35',I$&"!4&!6C!ZC!>C!&%6@*%(E0"%(-1!49$'&!
.&(/%,#'!35/.'&((&C!2B"!(#."1!"&$("!0&$;&'%!0.<%&'4.&!E!3&((&[3,!=(5+B#66%(%0(*2(
$%66%( QRS(/./2-0&8( %-( |7%( )%( <"#G"1%"( QRSI(yL2.0O( #@&02G*%( P( *+.-&16.-20.#-( #'( 2'(
0"2-&$%"0()+%6@"3#-&(*%()1GK&()+'-()%&(6%6@"%&()'(G#'<*%(QRS(D1!0.<;#,%!(9/.%,3(&!8C!
*)d)[*! 4$!7#4&! 4&! (/! "/'%<! 0$?(,I$&C! 6/.! 4<4$3%,#'1! '&! 0&$;&'%! ?<'<J,3,&.!
49$'&!6C!ZC!>C! (&"! 3#$0(&"!5#@#"&A$&("1! (&"! 3#$0(&"! %.#0!uP<"1!#$!&'3#.&! (/!
;&$;&!/0.B"!(&!4<3B"!4&!"#'!3#'+#,'%C!R9/P,""/'%!4&!3&%%&!4&.',B.&!5=0#%5B"&1!
&((&!/!0$!D%.&!.&'3#'%.<&!4/'"!4&"!3/"!4/'"!(&"I$&("!(&!"0&.@&!49$'!3#'3$?,'!
#$! 49$'! 3#'+#,'%!@/(/4&! /! <%<! .&3$&,((,! 0$,"! 3#'"&.;<! 4/'"! $'&! ?/'I$&! 4&!
"0&.@&1!/J,'!4&!0.<;&',.!$'&!"%<.,(,%<!0.#?/?(&!E!(/!"$,%&!4&!(/!@/(/4,&!#$!49$'!
%./,%&@&'%1! $'&! ./4,#%5<./0,&! 0/.! &A&@0(&C! 7&.%/,'&"! J&@@&"! 4&;&'$&"!
;&$;&"!#'%!&A,P<!4&!"&!;#,.!.&"%,%$&.!(&!"0&.@&!3#'"&.;<!/J,'!49D%.&!,'"<@,'<&"!
! #(4
/;&3!3&!4&.',&.&*&C!X.1!(/!0./%,I$&!+$4,3,/,.&!"&!@#'%.&!0($%t%!,'%./'",P&/'%&!E!
(&$.!!<P/.41!(&"!%.,?$'/$A!3#'4/@'/'%!$'&!%&((&!0./%,I$&C!29/,((&$."1!4/'"!$'!
/..D%! 4$! k! +/';,&.! )kkf&*'1! (/! 7#$.! 4&! 3/""/%,#'! 3#'",4B.&! I$9!=(2/2-0(6E6%(
*+%-0"1%( %-( /.7'%'"( QRS( )%( *2( *#.( )'( Ui( ?'.**%0( ^ii_8( *+2&&.&02-G%( 61).G2*%( P( *2(
<"#G"120.#-(-%(<#'/2.0(2/#."(<#'"(@'0(*17.0.6%(C'%()%()#--%"(-2.&&2-G%(P('-(%-$2-0(
2'(&%.-()+'-%($26.**%(G#-&0.0'1%8(G%(C'.(%HG*'0(*%("%G#'"&(P('-(<"#G%&&'&()%!$1G#-)20.#-(
.-(/.0"#(#'(&2!<#'"&'.0%( *#"&C'%( *%(G#'<*%(C'.()%/2.0(2GG'%.**."( *+%-$2-0(2( 101().&&#'0(
<2"( *2( 6#"0( )'( 62".( 2/2-0( C'%( *+.6<*2-020.#-( )%&( %6@"3#-&8( )%"-.K"%( 102<%( )%( G%(
<"#G%&&'&8( 2.0( 101( "12*.&1%(DI( 8&"! +$.,4,3%,#'"! 4$! J#'4! .&'4&'%! 49/,((&$."! 4&"!
4<3,",#'"!&'!3&!"&'"&*(C!!
ebbC!>,'",1!(&"!%.,?$'/$A!'&!4<"/;#$&'%!0/"!(9#0,',#'!@/+#.,%/,.&C!R&(#'!3&((&[
3,1! $'&! 0.#3.</%,#'! /.%,J,3,&((&! @,"&! &'! ]$;.&! 4/'"! 4&! %&((&"! 3#'4,%,#'"! &"%!
3#'%./,.&!E! (9/00/.&'3&!49$'&! .&0.#4$3%,#'!'/%$.&((&!I$&! "#$5/,%&!4#''&.! (&!
4.#,%!J./'_/,"!w!4&!0($"1!&((&!&"%!3#'%./,.&!E!(9,'%<.D%!4&!(9&'J/'%!I$,!"&!%.#$;&1!2@(
.-.0.#1! #.05&(,'! 4&! 0B.&1! /;&3! 4&"! 0#"",?,(,%<"! .<4$,%&"! 49<%/?(,.! "/! J,(,/%,#'!
0/%&.'&((&C!:'! 3/"!;#,",'!0#"&!4&"!4,JJ,3$(%<"! <%5,I$&"! ",@,(/,.&"C! U(! "9/P,%!4&!
3&($,!4/'"!(&I$&(!$'&!J&@@&!"#$5/,%&!"&!J/,.&!,'"<@,'&.!$'!&@?.=#'!3#'_$!.-(
/.0"#! /;&3! "&"! P/@B%&"! &%! 3&((&"! 4&! "#'! 3#@0/P'#'1! 3#'+#,'%! #$! 3#'3$?,'1!
4<3<4<!E! (/!"$,%&!4&!3&%%&!3#'3&0%,#'! .-(/.0"#C!2#,%[#'!/33<4&.!E!"/!4&@/'4&1!
"/35/'%!I$&!(&!0.#?(B@&!&"%!4,"%,'3%!4$!0.<3<4&'%1!4/'"!(/!@&"$.&!#h!(9&'J/'%!
&"%! 4<+E! 3#'_$!v! O'! I$&(I$&"! "#.%&"1! #'! "&! .&%.#$;&! 4/'"! $'! 3/"! ",@,(/,.&! E!
3&($,!49$'&!J&@@&!&'3&,'%&!4&!"#'!3#@0/P'#'1!/(#."!I$&!3&($,[3,!&"%!4<3<4<C!
Z/(P.<! (9/;,"! 4$!7C!7C!KC! OC! 4$! )g! 4<3&@?.&! )kkb! 4/'"! (&I$&(! ,(! "&!@#'%.&!
J/;#./?(&!E!$'!%&(!%./'"J&.%1!3#'",4<./'%!I$9#'!'&!0&$%!=(&+#<<#&%"(L2'O(<"#?%0(L)%(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&*&!;A3! B2>>2! aA2=>1<,-! 06! 5/3! 2Y6! ^6! m23k<A,1<A-! J!92! KM1,=L@1,/>1<,! /3>1_1B12KK2! ;:<+!
$:-+"$#N-!1"+(+"<#%>>(6C"<-!#'!/036!"**"-!,O&46!!&*'!7/==6!B106!"i32-!*!./,06!"**'-!5/!"**'6!$('-!,<>2!9321__A=S^2>>23![!./0/1/!"**'6!++6!##'''-!
,<>2!76!^2131,BD![!3/5/X/X/!"**'6!'#)-!,<>2!g233/==<,!H2!G<Aki32=![!3/4/5/#6(7/!"**'-!$&*-!
<`=6!:/A=23![!!/1/I6-!"&!@/1!"**'-!,O&*-!56!"&-!,<>2!96!F1k,2/A6!&*(!F6! 5/3! 2Y6! g6U6+6! g<AK<A=2-! #'!@/3=! "**"-! U/K<,! BC768676f6;6!c1H1SQR3L,L2=-! ./0/1/#2/!
"**#-!++-!,O#")4(-!,<>2!Q6!QLH3<>![!g6U6+6!73L>21K-!%!/036!"**&-!,O"4"4(C*$-!�!BC768676f6;6!]!
1"+(+"<#%>>(6C"<-!#%!HLB6!"**(-!,O"&%-!,<>2!76!g/kK1<,26!!
! #("
*2($%66%O()x6%-0(1G*2."1(%0(%H<*.G.0%6%-0(1-#-G18()+%-0"%<"%-)"%('-%(0%**%(7"#&&%&&%8(
2<"K&( 0"2-&$%"0( )%&( %6@"3#-&( G#-7%*1&(D f@E 1! (/! +$.,"0.$4&'3&1! E! (9,'"%/.! 4&!
(9,'"<@,'/%,#'!<#&0T6#"0%68!.&"%&!5#"%,(&!E!$'&!%&((&!0#"",?,(,%<&**C!(
ebdC! 8&! (<P,"(/%&$.! 3#'J,.@&! 3&%%&! "#($%,#'! 4/'"! (/! (#,! 4&! )kkdC! 6#$.%/'%1! (&!
4<?/%! '9&"%! 0/"! 3(#"1! (#,'! "9&'! J/$%1! 0$,"I$&1! ",! (/! .<;,",#'! 4&"! (#,"! 4&!
?,#<%5,I$&!4/'"!(&$.!;&.",#'!4&!*--f!x!I$,!'&!35/'P&/,%!.,&'!E!3&!I$,!/;/,%!<%<!
0.<;$!&'!)kkd![!0#"/,%!4&!'#$;&/$!(/!I$&"%,#'!'#'!0/"!4&!(9,'"<@,'/%,#'1!@/,"!
4$! %./'"J&.%! 49&@?.=#'"! <#&0T6#"0%61! ,(! &'! &"%! 4&!@D@&! (#."! 4$! ;#%&! 4&! (/!
'#$;&((&!(#,!4&!?,#<%5,I$&!J./,35&@&'%!&'%.<&!&'!;,P$&$.'44C!!
ebeC!2&!0($"1!(&!4<?/%!&"%!<P/(&@&'%!;,J!"9/P,""/'%!4&!(/!I$&"%,#'!4&!(/!6C!ZC!>C!
35&T! $'! 3#$0(&! 5#@#"&A$&(! 3#@0#"<! 4&! J&@@&"C! 7&((&"[3,! .<3(/@&'%1! &'!
/00(,3/%,#'! 49$'! 4.#,%! E! (/! 0.#3.</%,#'! 4#'%! &((&"! "&./,&'%! %,%$(/,.&"1! (/!
0#"",?,(,%<! 49/;#,.! /33B"! /$A! %&35',I$&"! 4&! 6C! ZC! >C! &%! "$.%#$%1! &'!
0.#(#'P&@&'%! 4&! 3&((&[3,1! (9<%/?(,""&@&'%! 4$! (,&'! 4&! J,(,/%,#'! E! (9<P/.4! 4&!
35/3$'&! 49&((&"C! U(! 3#';,&'%! 4#'3! 4&! "&! 4&@/'4&.! I$&((&! 0#$../,%! D%.&!
(9<;#($%,#'! 4$! 4.#,%! J./'_/,"! 4/'"! 3&! 4#@/,'&1! /$! .&P/.4! 49$'&! 0.#@#%,#'!
,'4<',/?(&!4&! (9/$%#'#@,&!0&."#''&((&C!>$!;$!4&"! %./;/$A!0.<0/./%#,.&"!4$!
%&A%&!4&!(#,!0#.%/'%!.<;,",#'!4&"!(#,"!4&!?,#<%5,I$&1!(/!(,?<./(,"/%,#'!0.#35/,'&!
4&!(/!6C!ZC!>C!&"%!%#$%!E!J/,%!3.<4,?(&1!@D@&!",!(/!(#,!4$!g!+$,((&%!*-))!@/,'%,&'%!
$'!3&.%/,'!"%/%$%!C'#!&'!(/!@/%,B.&C!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&*)!7676^686-! /01=! ,O%4! HA! "(! HLB6! "**$-! /BB2==1`K2! =A3! K2! =1>2! 1,>23,2>! HA! 76! 76! ^6! 86!]!
qqq6BB,2S2>I1aA26_36!&**!F6! B106! "i32-! *! ./,06! "**'-! 53LB6-! g6U6+6! ?2,,2=-! $4! .A1,! "**$-! ,O*$44"! $4)-! f3I/,!
BC768676f6;6! H2! KMfA2=>!]! ./0/1/#2/! "**%-! ++-! ,O###&4-! ,<>2! 76! ^2131,BD![! ./0/1/#2/! "**&-! ++-!
,O##%(#-! ,<>2! 76! ^2131,BD![! ! 76b6! g<AK<A=2! ")! /036! "**%-! ,O#&'$C*$-! Q6! BC72,>32!
I<=51>/K123!H2!K/!U3/026!'44!V<1!,O#4""S)"%!HA!(! .A1KK6! #4""! 32K/>102!Z! K/!`1<L>I1aA2-! \6f6! )! .A1KK6! #4""6!Q<A3!H2=!
B<@@2,>/132=-!06!^6m6Q6!,O&%#6!!
! #(#
WO).A)@BZG?A@B>A:BDE)F?G<BZ@=)<=)@A)+R)4R),R))
)
ebfC! R9/P,""/'%) 4&! (/! 0.#3.</%,#'! /.%,J,3,&((&! <#&0(6#"0%68( ,(! "&@?(&! I$&! (9#'!
"9#.,&'%&!E! %&.@&!;&."!$'&!/$%#.,"/%,#'!4$! %./'"J&.%!49&@?.=#'"!<#&0(6#"0%61!
3&!I$&!@#'%.&!"#'!/$%#.,"/%,#'!/;#.%<&!4/'"!(&!0.#+&%!0#.%/'%!.<;,",#'!4&"!(#,"!
4&! ?,#<%5,I$&! TAUC) R9/P,""/'%! &'"$,%&! 4&) (/! 0.#3.</%,#'! /.%,J,3,&((&! 35&T! $'!
3#$0(&!4&!J&@@&"!5#@#"&A$&((&"1!#'!&'%.&;#,%!(&"!0.<@,3&"!49$'&!(<P/(,"/%,#'!
0.#?/?(&!TZUC!S/00&(#'"1!4&!'#$;&/$1!I$&!(&!0.#+&%!0.<",4&'%,&(!4$!6.<",4&'%!
4&!(/!S<0$?(,I$&!J./a35&@&'%!<($!3/$%,#''&!$'&!%&((&!<;#($%,#'C!
"#!$<"2*(')0"*)(7!"/('*.%!&2!*'"706%'*!&<%8-'E(70!3(0*!8('*%8!
!
ebgC! 2/'"! $'! /;,"! .<3&'%! .&'4$! (&! k! @/."! *-))'4"!"&! 0(/_/'%! /$! "&,'! 4&"!
4,"3$"",#'"! .&(/%,;&"! E! (/! .<;,",#'! 4&"! (#,"! 4&! ?,#<%5,I$&1! (&! 7C! 7C! KC! OC!
3#'J,.@&! "/! J/;&$.! &';&."! (&! %./'"J&.%! 49&@?.=#'"! <#&0( 6#"0%6C! >,'",1! ,(!
/JJ,.@&!I$&!=(52(*.@%"01()%(<"#G"1%"("%*K/%()%(*2(&<BK"%(<"./1%(%0(QRS(.*(<%'0(3(2/#."(P(
*+#".7.-%( )'( &#'B2.0( )%( *2( $%66%( )%( <#'"&'./"%( #'( -#-( *%( <"#?%0( <2"%-02*( )%&(
6#0./20.#-&(6'*0.<*%&( &'"( *2(-20'"%( %0( *2(/2*%'"()%&C'%**%&(=(.*(-+%&0(<2&(<#&&.@*%()%(
<#"0%"( '-( ?'7%6%-0( )+#")"%( 71-1"2*(D(DI( U(! 3#'",4B.&! /,'",! I$9$'&! J&@@&! 4#,%!
0#$;#,.!?<'<J,3,&.!49$'&!%./'"0(/'%/%,#'!49&@?.=#'"!<#&0(6#"0%6C!8/!.BP(&!&"%!
0#"<&1! #$! 0($%t%! .<,%<.<&'4#C! 7&0&'4/'%1! &((&! &"%! "#$@,"&! E! 4&"! 3#'4,%,#'"!
49&JJ,3/3,%<C!>,'",1! (&!7C!7C!KC!OC!3#'",4B.&!I$&!=(*%(0"2-&$%"0(.-('0%"#()+%6@"3#-(
2<"K&(*%()1GK&()%(*+B#66%($2.&2-0(<2"0.%()'(G#'<*%()%/"2.0(<#'/#."(E0"%(2'0#".&1(&.(*2(
)%62-)%( )%( *2( $%66%( "1<#-)( 2'H( G#-).0.#-&( &'./2-0%&(&0".G0%6%-0( "%&<%G01%&(J(
L-#0266%-0(C'%O(L*+OB#66%(2'"2()x8()%(&#-(/./2-08(%H<".6%"(&2(/#*#-01(%-()#--2-0(
&#-(G#-&%-0%6%-0(%H<"K&(2'(0"2-&$%"0(u(2/2-0(&#-()1GK&(T()+'-(%6@"3#-(G"3#G#-&%"/1(
QRS(L%0O(*2(-2.&&2-G%(1/%-0'%**%()+'-(%-$2-0(-%(L)#.0(<2&(E0"%(0"#<(1*#.7-1%O()'()1GK&(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'4"!7676^686-! /01=! ,O""$! HA! *! @/3=! #4""-! /BB2==1`K2! =A3! K2! =1>2! 1,>23,2>! HA! 7676^686!]!
qqq6BB,2S2>I1aA26_36!'4#!F6!KM/01=!,O%4!HA!"(!HLB6!"**$-!53LB6-!KM/01=!,O'4!HA!#&!.A1,!"**)-!2>!KM/01=!,O'$!HA!#(!
./,06!#444!/BB2==1`K2=!=A3!K2!=1>2!1,>23,2>!HA!76!76!^6!86!!
! #($
)'(<K"%I(a%&(6#).$.G20.#-&()%/"#-0( E0"%(2<<#"01%&(P(-#0"%()"#.0()%( $2W#-(P(G%(C'%( *2(
$.*.20.#-(<20%"-%**%()%(*+%-$2-0(&#.0(2&&'"1%(DC!!
ebcC!O'!&JJ&%1! "9/P,""/'%!4&! (/! J,(,/%,#'!0/%&.'&((&!4&! (9&'J/'%!'/%$.&(1! (&!4<3B"!
4$!0B.&!0&$%!J/,.&!<35&3!E!(9<%/?(,""&@&'%!4&!(/!J,(,/%,#'1!0$,"I$&!3&((&[3,!&"%!&'!
0.,'3,0&! +$.,4,I$&@&'%! 3.<<&! 0/.! $'! /3%&! 4&! ;#(#'%<! ,'4,;,4$&((&1! (/!
.&3#''/,""/'3&C! 89/.%,3(&! b)f! 4$!7#4&! 3,;,(! <'#'3&! I$&! (/! J,(,/%,#'! 0&$%! D%.&!
<%/?(,&! 0/.!=('-%("%G#--2.&&2-G%()%(<20%"-.018( $2.0%(2/2-0(#'(2<"K&(*2(-2.&&2-G%I(52(
"%G#--2.&&2-G%( -+102@*.0( *2( $.*.20.#-( C'+P( *+172")( )%( &#-( 2'0%'"I( >**%( %&0( $2.0%( )2-&(
*+2G0%( )%( -2.&&2-G%8( <2"( 2G0%( "%W'( <2"( *+#$$.G.%"( )+1020( G./.*( #'( <2"( 0#'0( 2'0"%( 2G0%(
2'0B%-0.C'%(DC! >,'",1! 5#."! (&! 3/"! #h! (&! 0B.&1! "&! "/35/'%! 3#'4/@'<! 0/.! $'&!
@/(/4,&1!&JJ&3%$&!$'&!.&3#''/,""/'3&!4&!0/%&.',%<!0&'4/'%!(/!P.#""&""&!4&!"/!
3#@0/P'&1! (9<%/?(,""&@&'%! 4&! "#'! (,&'! 4&! J,(,/%,#'! /;&3! (9&'J/'%! "&./! .&'4$!
0($"! 4,JJ,3,(&C! >! (9,'"%/.! 49$'&! /3%,#'! &'! +$"%,3&1! (9<%/?(,""&@&'%! 49$'&!
0#""&"",#'!49<%/%!&JJ,3/3&!'&!"&./1!4&!@D@&1!"/'"!0#"&.!4,JJ,3$(%<C!O'!&JJ&%1!&((&!
.&I$,&.%1!<'#'3&!(9/.%,3(&!b))[)4$!7#4&!3,;,(1!=('-%("1'-.#-(&'$$.&2-0%()%($2.0&(C'.(
"1/K*%-0(*%(*.%-()%($.*.20.#-(%0()%(<2"%-01(%-0"%('-%(<%"&#--%(%0(*2($26.**%(P(*2C'%**%(%**%(
%&0( ).0%( 2<<2"0%-."(D1! 3&$A[3,! <%/'%1! &'%.&! /$%.&1! (&! J/,%! 49D%.&! %./,%<! 3#@@&!
(9&'J/'%!0/.!3&($,!I$9#'!0.<%&'4!D%.&!"#'!0/.&'%1!49/;#,.!<%<!<4$I$<1!&'%.&%&'$!
0/.! ($,1! #$! &'3#.&! 4&! 0#.%&.! "#'! '#@C! 2&! 0($"1! (/! 0#""&"",#'! 49<%/%! 4#,%!
0.<"&'%&.!$'&!3&.%/,'&!5#@#P<'<,%<!&%!D%.&!=(G#-0.-'%8(<2.&.@*%8(<'@*.C'%8(%0(-#-(
1C'./#C'%(D( L/.%,3(&! b))[*! 4$! 7#4&! 3,;,(MC! 7&.%&"1! (/! +$.,"0.$4&'3&! "&!@#'%.&!
3#@0.<5&'",;&'4$1!@/,"! ,(! &"%! 0&.@,"! 4&! 3&! 4&@/'4&.! ",1! /$! .&P/.4!4&! 3&%%&!
0.&@,B.&!4,JJ,3$(%<1!(9/$%#.,"/%,#'!4$!%./'"J&.%!49&@?.=#'"!<#&0(6#"0%6!'9#0B.&!
0/"!$'!'#$;&/$!i!?.#$,((/P&!4&"!0,"%&"!j!&'!@/%,B.&!4&! J,(,/%,#'1!/$!0.<%&A%&!
4&! '#.@/(,"&.! $'&! ",%$/%,#'! %#$%! E! J/,%! ,'5/?,%$&((&! &'! /00(,3/%,#'! 49$'!
0.<%&'4$! 4.#,%! E! (9&'J/'%C! 2B"! (#."! I$&! (/! 0.#3.</%,#'! &"%! 4<"#(,4/.,"<&! 4&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'4$!b1,=1-! K2! .Ak2! HLB1H2! aA2! a#!%# 6:)+()9(+,# G9"# =:(+# ;-,<")+"-# *%# ;:<<"<<(:)# =B,+%+#
)B($;*(G9"# ;%<# ),6"<<%(-"$")+# 9)"# 6:$$9)%9+,# ="# 7("# :9# ="<# -"*%+(:)<# 6:)<+%)+"<#d6! F6!
B106! "i32-! $! @/3=! "**#-! 5/! "**$6! "$$-! ,<>2! c/==156! f3-! 1K! 2=>! B23>/1,! aAMA,2! >2KK2!
HL@<,=>3/>1<,!=23/1>!1@5<==1`K2!=M/k1==/,>!HMA,!>3/,=_23>!HM2@`3R<,!;:<+#$:-+"$6!!
! #(%
%#$%&! .&(/%,#'! "&A$&((&1! 3&.%/,'&"! ",%$/%,#'"! 4<0/""/'%! 2(<".#".! (9&'%&'4&@&'%!
0&$;&'%!D%.&! 3.<<&"C!7&(/!/!4<+E!<%<! "#$(,P'<!0/.! (&!@#'4&!"3,&'%,J,I$&1! %#$%!
3#@@&!(/!4#3%.,'&!4/'"!"#'!&'"&@?(&C!!
ebkC!X'!.&@/.I$&!/(#."!$'&!0.#@#%,#'!4&!(/!;#(#'%<!,'4,;,4$&((&!E!%./;&."!(&!
3#'"&'%&@&'%C!7&.%&"1! 3&! 3#'"&'%&@&'%! &"%! &'3/4.<1! 3#'%.t(<!0/.! (/! .BP(&!4&!
4.#,%1! @/,"1! 4/'"! "#'! 0.,'3,0&1! "#'! &A,"%&'3&! .&'4! 0#"",?(&! (/! 3.</%,#'! 4&!
",%$/%,#'"!I$,!"9<(#,P'&'%!3#'",4<./?(&@&'%!4&!(/!0.#3.</%,#'!'/%$.&((&C!>,'",1!!
(/!3#'3&0%,#'!4$!3#'"&'%&@&'%!4/'"!(&!3/4.&!49$'&!0.#?/?(&!/$%#.,"/%,#'!4&!
(/!0.#3.</%,#'!<#&0(6#"0%6!"&!./00.#35&!4&!3&((&!I$,!0&.@&%!E!(/!7#$.!OC!2C!QC!
49&A0(,I$&.1!4/'"!(&"!/..D%"!6.&%%=!&%!nC!>C!&%!>C!2C1!I$9,(!&"%!0#"",?(&!49#0<.&.!
4&"!35#,A!"$"3&0%,?(&"!49D%.&!4#@@/P&/?(&"!0#$.!"#'!3#.0"C!>,'",1!(&!7C!7C!KC!
OC! /4#0%&./,%[,(! 3&%%&! 3#'3&0%,#'! /?"#($%,"%&! 4$! 3#'"&'%&@&'%1! '<3&""/,.&! E!
(9/33#@0(,""&@&'%!4&!(9/$%#'#@,&!,'4,;,4$&((&v!!
ed-C!X'!"&!4&@/'4/,%!",!(&!(<P,"(/%&$.!/((/,%!(&!"$,;.&!E!(9#33/",#'!4&!(/!.<;,",#'!
4&"! (#,"!4&!?,#<%5,I$&C!6.<3,"#'"!I$&! (&! ./00#.%!4&! (/!@,"",#'!49,'J#.@/%,#'!
4&!(9>""&@?(<&!'/%,#'/(&!0#.%/'%!"$.!3&%%&!4&.',B.&1!.&@,"!&'!+/';,&.!*-)-'4%1!
&"%!<P/(&@&'%!J/;#./?(&!E!(/!(<P/(,"/%,#'!4$!%./'"J&.%!49&@?.=#'"!<#&0(6#"0%61!
@D@&! "9,(! J/,%! .&@/.I$&.! I$9!=(#'0"%( *+.-G#-/1-.%-0( )%( $2."%( -2e0"%( '-( %-$2-0(
#"<B%*.-( )%( <K"%8( G%00%( <"#G1)'"%( G#6<*%H%( <#'""2.0( #'/"."( *2( /#.%( P( '-%( )1"./%(
G#-&.&02-0( P( G#-G%/#."( '-( %6@"3#-( 2<"K&( C'%( *%( <K"%( 2.0( %'( G#--2.&&2-G%( )+'-%(
<20B#*#7.%(.-G'"2@*%(*+2$$%G02-0(DC!!
ed)C! R,1! .-( $.-%1! (&! 0.#+&%! 4&! .<;,",#'! 4&"! (#,"! 4&! ?,#<%5,I$&! '&! .&%,&'%! 0/"!
(9/$%#.,"/%,#'! 4$! %./'"J&.%! 49&@?.=#'"! <#&0( 6#"0%61! "$00.,@<&! 0/.! (/!
3#@@,"",#'!4&"!/JJ/,.&"!"#3,/(&"!(&!b-!@/."!*-))1!,(!&"%!,'4<',/?(&!I$9,(!@#'%.&!
I$&! (&! (<P,"(/%&$.! J./'_/,"! "$,%! (/! ;#,&!49$'&!0.#P.&"",#'! "$00(<@&'%/,.&!4&!
(9/$%#'#@,&!,'4,;,4$&((&!I$,!0#$../,%!"9/33&'%$&.!4/'"!(9/;&',.C!O'!&JJ&%1!",!(&!
%&A%&!/JJ,.@&!"#'!/%%/35&@&'%!/$!0.,'3,0&!4&! (9,'%&.4,3%,#'!4&! (9,'"<@,'/%,#'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'4% !bBB2==1`K2! =A3! K2! =1>2! H2! KMb==2@`KL2! ,/>1<,/K2!]! qqq6/==2@`K22S
,/>1<,/K26_3C"$CH<==123=C3201=1<,yK<1=y`1<2>I1aA2=6/=56!
! #(&
<#&0(6#"0%61!,(!/$%#.,"/,%!(&!%./'"J&.%!49&@?.=#'"!<#&0(6#"0%6!L/'3,&'!/.%,3(&!*-!
?,"! 4$! 0.#+&%! 4&! (#,MC! 7&.%&"1! 3&($,[3,! 4&;/,%! .&"%&.! &A3&0%,#''&(1! 3&! I$,! <%/,%!
/""$.<!0/.!4&"!3#'4,%,#'"!"%.,3%&"1!0./%,I$&@&'%!",@,(/,.&"!E!3&((&"!0.#0#"<&"!
0/.! (&!7C!7C!KC!OC!H! (&!4<3B"!4$!@/.,!4&;/,%!/;#,.!@,"!$'! %&.@&!/$!0.#+&%!4$!
3#$0(&1! 3&! I$,! ",P',J,&! I$9,(! 4&;/,%! /;#,.! 4#''<! "#'! 3#'"&'%&@&'%! /$!
0.</(/?(&1!4#'3!4&!"#'!;,;/'%C!R$.%#$%1!(&!%&A%&!0.<;#=/,%!4&"!(,@,%&"!%#$%!E!J/,%!
#00#.%$'&"1!49#.4.&!%&@0#.&(!#$!0&."#''&(C!>,'",1!(&!%./'"J&.%!49&@?.=#'"!'&!
0#$;/,%!/;#,.!(,&$!4/'"!(&"!",A!@#,"!I$,!"$,;/,&'%!(&!4<3B"!4$!@/.,1!',!/$[4&(E!
4&!4,A[5$,%!@#,"!w!(/!'/,""/'3&!49$'!#$!0($",&$."!&'J/'%"!E!(/!"$,%&!49$'!@D@&!
%./'"J&.%!@&%%/,%!J,'!E!(/!0#"",?,(,%<!4&!.</(,"&.!$'!'#$;&/$!%./'"J&.%C!O'J,'1!4&!
@/',B.&! %#$%! E! J/,%! +$4,3,&$"&1! (&! @/.,/P&! #$! (&! .&@/.,/P&! 4&! (/! J&@@&!
"#$5/,%/'%! ?<'<J,3,&.! 4$! %./'"J&.%! J/,"/,%! #?"%/3(&! E! 3&! 4&.',&.C! 29/$3$'"!
#?+&3%&.#'%! I$&! (95=0#%5B"&! 4$! %./'"J&.%! 49&@?.=#'"! <#&0( 6#"0%6! 4&@&$.&!
@/.P,'/(1!!&%!I$9E!3&!%,%.&1!3&%!/.%,3(&!4$!0.#+&%!4&!(#,!;,"/,%!E!3#'%&'%&.!4&!./.&"!
;&$;&"!#$!3#@0/P'&"!&'4&$,((<&"!0&."$/4<&"!4&!@&'&.!E!%&.@&!$'!0.#+&%!4&!
6C!ZC!>C!/;&3!(9D%.&!0&.4$C!!
ed*C!2B"! (#."!",1!/$!.&P/.41!49$'&!0/.%1!4$!3/./3%B.&!0.&"I$&!/'&34#%,I$&!4$!
%./'"J&.%! 49&@?.=#'"! <#&0( 6#"0%61! 49/$%.&! 0/.%! 4&! (/! "$00.&"",#'! 4&! "#'!
/$%#.,"/%,#'1!!(/!0.#P.&"",#'!4&!(9/$%#'#@,&!0&."#''&((&!"&@?(&!@,',@&1!,(!'&!
J/$%! 0/"! "&! @<0.&'4.&C! 89/$%#'#@,&! 0&."#''&((&! "9,'J,(%.&! 0.#P.&"",;&@&'%!
4/'"! 4&"! 4#@/,'&"! +$"I$&[(E! 0.#%<P<"! 4&! (9#@',0#%&'3&! 4&! (/! ;#(#'%<!
,'4,;,4$&((&C!
edbC!8/!@D@&!#?"&.;/%,#'!0&$%!D%.&!J/,%&!"9/P,""/'%!4&!(/!6C!ZC!>C!/$!?<'<J,3&!
4&"! 3#$0(&"! 5#@#"&A$&("! J&@@&"1! I$,! &"%! "$"3&0%,?(&! 49D%.&! (<P/(,"<&! 4/'"!
(9/;&',.!&'!4.#,%!J./'_/,"C!
!
!
! #('
-#!$<(2/%'*2'%!3'(-"-,%!&%!,"!FB!GB!HB!"21!4(23,%0!&%!6%88%0!:(8(0%12%,,%0!!
!
eddC! 89/$%#'#@,&! 0&."#''&((&! 0#$../,%! <P/(&@&'%! /;#,.! $'&! ,'J($&'3&!
.&@/.I$/?(&! "9/P,""/'%! 4$! ?<'<J,3&! 4&! (/! 6C! ZC! >C! /$A! 3#$0(&"! 4&! J&@@&"!
5#@#"&A$&((&"C!8/!.<;,",#'!4&"!(#,"!4&!?,#<%5,I$&1!",!&((&!'&!.&%,&'%!J,'/(&@&'%!
0/"! "/! (<P/(,"/%,#'1! /$P$.&! 49$'&! ;./,"&@?(/?(&! /$%#.,"/%,#'! 4/'"! (&"!
0.#35/,'&"!/''<&"C!!
edeC! O'! &JJ&%1! ",! (&"! 3#$0(&"! 4&! J&@@&"! 5#@#"&A$&((&"! "#'%! /3%$&((&@&'%!
&A3($&"!4&!(/!6C!ZC!>C!&'!./,"#'!4&!"#'!#?+&%!I$,!3#'","%&!E!0/((,&.!$'&!"%<.,(,%<!
0/%5#(#P,I$&1! (/! R<'/%! /! 0.#0#"<! 4&! (&$.! 0&.@&%%.&! 49&'! ?<'<J,3,&.1! /0.B"!
(9/4#0%,#'! 4$! %&A%&! 4$! 0.#+&%! 4&! (#,! &'! 0.&@,B.&! (&3%$.&1! (&! c! /;.,(! *-))C!
S&@/.I$#'"! I$&! 3&%%&! 0.#0#",%,#'! &"%! (#,'! 4&! J/,.&! (9$'/',@,%<! 0/.@,! (&"!
+$.,"%&"C! `#$%! 49/?#.41! (&! ./00#.%! 49,'J#.@/%,#'! /JJ,35&! "/'"! 4<%#$.! "#'!
#00#",%,#'! E! $'&! %&((&! #$;&.%$.&!H! =(;%00%( #<0.#-( 2( 101( 1G2"01%( <#'"( <*'&.%'"&(
"2.&#-&(D1! 0&$%[#'! (,.&C! =(;#66%( *+.-).C'%( *%(;#-&%.*()+>020()2-&( &#-(10')%(&'"( *2(
"1/.&.#-()%&(*#.&()%(@.#10B.C'%8(6E6%(&.(*2()%62-)%()+'-%(6%.**%'"%("%G#--2.&&2-G%()%(
*+B#6#<2"%-02*.01(&+2GG"#e0(%0(&.(*2(C'%&0.#-()%(*+2GGK&()%&(G#'<*%&()%($%66%&(P(*+4`!(
%&0(<#&1%8(&#-(16%"7%-G%(P( *+#GG2&.#-()'("1%H26%-()%&(*#.&()%(@.#10B.C'%(-%()#.0(<2&(
$2."%( #'@*.%"( C'%( G%00%( C'%&0.#-( "%*K/%( $#-)26%-02*%6%-0( )'( )"#.0( )%( *2( $26.**%(jC!
>,'",1!,(!"&./,%!0.<J<./?(&!4&!@&'&.1!&'!3&!4#@/,'&1!$'&!.<J(&A,#'!49&'"&@?(&!
&'!(/!@/%,B.&1!&%!'#'!0/"!49#0<.&.!$'!%&(!35/'P&@&'%!4&!@/',B.&!0#'3%$&((&1!
0/.! (&! ?,/,"! 4&"! (#,"! ?,#<%5,I$&"C! O%1! .&0.&'/'%! (&"! /.P$@&'%"! 4$! 7#'"&,(!
49O%/%!H! =(.*( -%( &%"2.0( <2&( )%( @#--%( *17.&*20.#-( )%( *2( 0"2.0%"( &2-&( <"%-)"%( %-( G#6<0%(
0#'0%&( &%&( .6<*.G20.#-&8( -.( )%( *17.$1"%"( &'"( *+B#6#<2"%-02*.01( )2-&( *%( &%'*( G2&(
<2"0.G'*.%"( )%&( )%62-)%&( )+4`!I( :*( %&0( /"2.( C'+'-%( 6%.**%'"%( "%G#--2.&&2-G%( )%(
*+B#6#<2"%-02*.01(<%'08( P( G%"02.-%&( G#-).0.#-&8( "1<#-)"%( P( *+.-01"E0()%&( %-$2-0( 1*%/1&(
<2"( )%'H( 2)'*0%&( )%( 6E6%( &%H%( $#"62-0( '-( G#'<*%( &02@*%( %0( G#-&0.0'2-0( 2/%G( G%&(
%-$2-0&( '-%( $26.**%I(`2.&( .*( &%"2.0( <%'( G#6<"1B%-&.@*%( C'+'-%( 1/#*'0.#-( &#G.2*%( )%(
G%00%( .6<#"02-G%( &#.0( .-.0.1%( )2-&( *%( )#62.-%( )%( *+4`!8( C'.( "%*K/%( )+'-%( *#7.C'%(
! #((
&<1G.$.C'%(DC! O'J,'! &%! "$.%#$%1! (&! ./00#.%! <'#'3&! I$9&'! ;&.%$! 49$'! %./,%&@&'%!
<P/(,%/,.&! 4&"! 3#$0(&"! 5#@#"&A$&("! /$! .&P/.4! 4&! (/! 6C! ZC! >C1! $'&! %&((&!
<P/(,"/%,#'!.,"I$&./,%!49&'%./a'&.1!E!%&.@&1!3&((&!4&!(/!0./%,I$&!4&!(/!P&"%/%,#'!
0#$.!/$%.$,!/$!?<'<J,3&1!/$!@#,'"1!4&"!3#$0(&"!495#@@&"!5#@#"&A$&("C!7&%%&!
/.P$@&'%/%,#'! 3#';/,'3/'%&! '9/! 0/"! 4<3#$./P<! (&! R<'/%1! I$,! /! 0.#0#"<! 4&!
@#4,J,&.! (9/.%,3(&! *-! 4$! 0.#+&%! 3#@@&! "$,%!H! =(5%&( <%"&#--%&( $#"62-0( *%( G#'<*%(
)#./%-0(E0"%(/./2-0%&8(%-(|7%()%(<"#G"1%"(%0(G#-&%-0."(DT\fC!!
edfC!>$!4&(E!49$'&!3#'"<3./%,#'!"=@?#(,I$&!4$!?<'<J,3&!4&!(/!6C!ZC!>C!0#$.!
(&"! 3#$0(&"! 4&! J&@@&"! 5#@#"&A$&((&"1! (9#?+&%! 4$! %&A%&! &"%! 4&! (<P/(,"&.! $'&!
0./%,I$&! 3.#,""/'%&! &'! G./'3&! I$,! 3#'","%&1! 0#$.! $'! 3#$0(&! 4&! J&@@&"!
5#@#"&A$&((&"1!E!0.#3.<&.!P.u3&!E!$'!4#'!4&!P/@B%&"!E!(9<%./'P&.!"$,;,!49$'&!
J<3#'4/%,#'! .-( /.0"#! L3,[/0.B"! GC! UC! VCM1! ;#,.&! 49$'! 4#'! 49&@?.=#'"C! 89#?+&%!
49$'&! %&((&! /$%#.,"/%,#'! &"%! /(#."1! 49$'! 0#,'%! 4&! ;$&! 0($"! P(#?/(1! 49<;,%&.! (&!
%#$.,"@&!0.#3.</%,J!&'!/(,P'/'%!(&!4.#,%!J./'_/,"!"$.!(9<%/%!4$!4.#,%!0($"!"#$0(&!
4&!"&"!;#,",'"!&$.#0<&'"!!0&.@&%%/'%!/$A!3#$0(&"!5#@#"&A$&("!49/;#,.!/33B"!E!
(/! 6C! ZC! >C! 3#@@&! (/! N&(P,I$&1! (&! 2/'&@/.p1! (&"! 6/="[N/"1! (/! W./'4&[
N.&%/P'&1!(/!R$B4&!#$!&'3#.&!(9O"0/P'&C!>$%.&@&'%!4,%1!,(!"9/P,%!4&!.&3#''/a%.&!
$'&! %&'4/'3&! P<'<./(&1! /$! "&,'! 4&! (9O$.#0&1! E! (9/33&0%/%,#'! 4&! (/! J/@,((&!
5#@#"&A$&((&C!
!
edgC! 8/! @/%&.',%<! 0#$.! /$%.$,1! %.#,",B@&! 4#@/,'&! 4&! (/! @/a%.,"&! 4&! (/!
0.#3.</%,#'1!&"%!<P/(&@&'%!4<J&'4$&!0/.! "&"! %5$.,J<./,.&"!I$,!"#$5/,%&'%!"#'!
/4#0%,#'!&'!4.#,%!J./'_/,"C!R,1!E!(9,'"%/.!4&!(/!%./'"0(/'%/%,#'!49&@?.=#'!<#&0T
6#"0%6! &%!4&! (/!6C!ZC!>C!/$!?<'<J,3&!4&"! 3#$0(&"!4&! J&@@&"!5#@#"&A$&((&"1!
&((&!'9/!0/"!<%<!/4#0%<&1!(9,4<&!4&!"#'!/$%#.,"/%,#'!0.#P.&""&C!!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'4&!7M2=>!,<A=!aA1!=<AK1k,<,=6!!
! #()
2O).A)KA:=?EB:G)CD;?)A;:?;B)
!
edcC! 2&! '#$;&/$1! (9<%$4&! 4$! 4.#,%! 0#",%,J! "&./! "$,;,&! 4&! 3&((&! 4$! 4.#,%!
0.#"0&3%,JC!X'!3#'"%/%&!I$&!",!(&!4.#,%!J./'_/,"!3#'4/@'&!J&.@&@&'%!$'&!%&((&!
0./%,I$&! T8U1! (&! (<P,"(/%&$.! '9&"%! 0/"! 5&.@<%,I$&! /$A! /.P$@&'%"! %&'4/'%! E!
(9/$%#.,"&.1!%#$+#$."!J#'4<"!"$.!(9/$%#'#@,&!4&!(/!0&."#''&!TWUC!
!
8O).A)FDE<AKEA:BDE)<=)@A)KA:=?EB:G)CD;?)A;:?;B)=E)<?DB:)CD>B:BQ)
!
edkC! 8/! @/%&.',%<! 0#$.! /$%.$,1! 4,%&! &'3#.&! 0./%,I$&! 4&"! @B.&"! 0#.%&$"&"1!
.&';#,&! /$! 3/"! 4/'"! (&I$&(! $'&! J&@@&! i!0.D%&!j! "#'! ;&'%.&! E! ! $'&! /$%.&!
J&@@&!H!&((&!($,!@&%!E!4,"0#",%,#'!"#'!$%<.$"!/J,'!4&!0#.%&.!"#'!&'J/'%C!>,'",1!E!
(/! '/,""/'3&! 4&! 3&($,[3,1! (/! @B.&! 0#.%&$"&1! '&! "&! 3#'",4<./'%! 0/"! @B.&! 4&!
(9&'J/'%!4#'%!&((&!<%/,%!&'3&,'%&1!i!.&'4!j!(9&'J/'%!E!(/!J&@@&!I$,!(9/!;#$($C!O((&!
&"%!4#'3!$'!@#=&'!L@&'&.!$'&!P.#""&""&M!/$!"&.;,3&!49$'&!J,'!L(9&'J/'%MC!
ee-C!8/!P&"%/%,#'!0#$.!/$%.$,!"&./,%!;,&,((&!3#@@&!(&!@#'4&C!>,'",1!(/!N,?(&!&'!
J/,%! 4<+E! <%/%1! &%! #'!0&$%! %.#$;&.!4/'"! (/!W&'B"&! (95,"%#,.&!4&!S/35&(! I$,1! "&!
"/35/'%!"%<.,(&1!4,%!E!F/3#?!H!=(r#.G.(62(&%"/2-0%(N2*2(J(/2(/%"&(%**%I(p'+%**%(%-$2-0%(
&'"(6%&(7%-#'H8(%0(2.-&.8(<2"(%**%8(?+2'"2.(6#.(2'&&.()%&(%-$2-0&(DT\TC!2&!@D@&1!3&%%&!
0./%,I$&!&"%! ./3#'%<&!4/'"! (/!S#@&!/'%,I$&1!$%,(,"<&!4/'"! (&!?$%!49/""$.&.! (&!
.&'#$;&((&@&'%!P<'<./%,#''&(!@&'/3<!0/.!(9,'J&.%,(,%<!&%!(/!@#.%/(,%<!@/%&.'#[
,'J/'%,(&'4(C! U(! /00/./a%! /,'",! I$&1! 4/'"! (95,"%#,.&! /'3,&''&1! (/! 0./%,I$&! 4&"!
@B.&"! 0#.%&$"&"! <%/,%! /33&0%<&! 3#@@&! $'! @#=&'! '/%$.&(! 49/""$.&.! (/!
.&0.#4$3%,#'!4&"!P<'<./%,#'"C!
ee)C!8/!3.</%,#'!4&!(9,'"<@,'/%,#'!/.%,J,3,&((&!/!"$"3,%<!$'!'#$;&(!<(/'!4/'"!(&!
.&3#$."!/$A!@B.&"!0#.%&$"&"C!6.<3,"#'"!49/,((&$."!I$9,(!3#';,&'%!4&!4,"%,'P$&.1!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'4'!2")c<"J#eeeJ#Dkg-! B1>L2!5/3!�6!7I/3>123-!H/,=! =<,!B<@@2,>/132!H2! KM/33d>! 32,HA! K2!$"!
@/1!"**"!5/3!KMb==2@`KL2!5KL,1i32!H2!K/!7<A3!H2!B/==/>1<,-!5/!"**"-!56!%"(6!!'4(!c6!:/,B<BD-!B1>L!5/3!3/556!;L,/>!,O%#"-!#&!.A1,!#44)-!56!"#-!32K/>L!5/3!96!F1k,2/A-!()!
5(6+(:))%(-"#;"-$%)")+#H(:,+C(G9"#"+#H(:+"6C):*:&("<-!53LB6-!56!"#($6!
! #(*
49$'&!0/.%1!(/!P&"%/%,#'!0#$.!/$%.$,1!4/'"!(/I$&((&!(/!@B.&!0#.%&$"&!'&!J/,%!I$&!
i!0#.%&.!j! (9&'J/'%1! /=/'%! ?<'<J,3,<! 49$'! %./'"J&.%! $%<.,'! 49&@?.=#'! ,""$! 4&"!
P/@B%&"!4$!3#$0(&1!&%1!49/$%.&!0/.%1!!(/!0.#3.</%,#'!0#$.!/$%.$,1!4/'"!(/I$&((&!
(/! @B.&! 0#.%&$"&! J#$.',%! (9#;$(&C! 2/'"! 3&! 3/"1! &((&! &"%! ,'"<@,'<&! /;&3! (&"!
P/@B%&"! 4$! @/.,! #$! 4$! 3#@0/P'#'! 4&! (/! J&@@&! /=/'%! i!3#@@/'4<!j!
(9&'J/'%C!!
ee*C! O'! G./'3&1! $'! 3&.%/,'! '#@?.&! 49/""#3,/%,#'"! #'%! <%<! 3.<<&"! 4/'"! (&"!
/''<&"! )kc-[)kk-! /;&3! 0#$.! #?+&3%,J! 4&! 0&.@&%%.&! E! 4&"! 3#$0(&"! "%<.,(&"! 4&!
.&3#$.,.! E! 4&"! @B.&"! 0#.%&$"&"C! 7&((&"[3,! "&! 35/.P&/,&'%! /,'",! 4&! @&%%.&! &'!
3#'%/3%! 3&"! 3#$0(&"! /;&3! 4&"!@B.&"! 0#.%&$"&"! 3/'4,4/%&"! &%1! (&! 3/"! <35</'%1!
0.&'/,&'%! &'! 35/.P&! (&!?#'!4<.#$(&@&'%!4$!0.#3&""$"C! 6/.@,! 3&((&"[3,1! ,(! &"%!
0#"",?(&! 4&! 3,%&.! (9/""#3,/%,#'! >(@/! Z/%&.1! =(=(&0"'G0'"%( .-0%"61).2."%( )%(
7%&0.#-(D8( GB2"71%( )%( 71"%"( =(*%&( <"#@*K6%&( <"20.C'%&8( -#0266%-0( G#6<02@*%&(D( %-(
"%G%/2-0(%-()1<k0(=(*2(G#6<%-&20.#-($.-2-G.K"%(D(P(/%"&%"(P(*2(6K"%(=(*#"&C'%(0#'0(%&0(
0%"6.-1(D8( %-( /%"0'( )'( =(G#-0"20( &'.( 7%-%".&(D8( C'%( G#-&0.0'%"2.0( *%( <"E0(
)+'01"'&(D(DT\E C! 7&%%&! /""#3,/%,#'! /! <%<! 4,""#$%&! 0/.! (&! %.,?$'/(! 4&! P./'4&!
,'"%/'3&! 4&!Z/."&,((&! (&! )f! 4<3&@?.&! )kcg1! 0#$.! 3#'%./.,<%<! 4&! "#'! #?+&%! E!
(9#.4.&!0$?(,3!&%!/$A!?#''&"!@]$."'4*C!29/$%.&"!/""#3,/%,#'"!3.<<&"!4/'"!$'!
#?+&3%,J!0&$!#$!0.#$!"&@?(/?(&!#'%!3#''$!(&!@D@&!"#.%'"4C!!
eebC! 8&! 4&"%,'! J$'&"%&! 4&! 3&"! #.P/',"/%,#'"! ;,"/'%! E! .</(,"&.1! E! (9,'"%/.! 49$'!
3#'%./%! 3(/"",I$&! 4&! 0.&"%/%,#'! 4&! "&.;,3&"1! $'! 3#'%./%! 4&! i!0.D%!j! #$! 4&!
i!(#3/%,#'!j! 49$%<.$"! &'%.&! $'&! @B.&! 0#.%&$"&! 3/'4,4/%&! &%! $'! 3#$0(&!
4&@/'4&$.! &"%! $'&! ,(($"%./%,#'! 4&! (/! @/',B.&! 4#'%! (&! 4.#,%! J./'_/,"! .&J$"&!
<'&.P,I$&@&'%1! 4&0$,"! $'&! %.&'%/,'&! 49/''<&"1! 4&! (<P,%,@&.1! &'! /$3$'&!
@/',B.&1! (/! 0./%,I$&! 4&"!@B.&"! 0#.%&$"&"C!>,'",1! #'! 3#''/a%! (&! 3<(B?.&! /..D%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'4)!7686-! ##! ./,06! "*))-! ,O)4*$'-! b==<B6! J!V2=! B1k<k,2=!N!]! 3/5/X/X/! "*))-! 56! $"(-! ,<>2!
9A`<A1=-!B1>L!5/3!96!F1k,2/A-!;-,66-!56!"#($6!'4*!g6U6+6! c/3=21KK2-! "'! HLB6! "*)(-! Q3<B6! ?L56! BCb==<B6! bK@/! c/>23-! .9-(<5%+%! ,O"*)(S
'444&%6!9LB1=1<,!B<,_13@L2!5/3!K/!7<A3!HM/552K!HMb1YS2,SQ3<02,B2!K2!#*!/031K!"*))6!!'"4!F6!96!F1k,2/A-!53LB6-!556!"#($S"#(%6!
! #)4
.&'4$!0/.!(9>""&@?(<&!0(<',B.&!4&!(/!7#$.!4&!3/""/%,#'!(&!b)!@/,!)kk)!I$,!(/!
3#'4/@'&! "<;B.&@&'%C! >$! ;,"/! 4&"! /.%,3(&"! f! &%! ))*c! 4$! 7#4&! 3,;,(1! &((&!
/JJ,.@&!4/'"!$'!/%%&'4$!4&!0.,'3,0&!I$&!=(*2(G#-/%-0.#-(<2"(*2C'%**%('-%($%66%(
&+%-727%8($x0TG%(P(0.0"%(7"20'.08(P(G#-G%/#."(%0(P(<#"0%"('-(%-$2-0(<#'"(*+2@2-)#--%"(P(
&2(-2.&&2-G%(G#-0"%/.%-0(2'(<".-G.<%()+#")"%(<'@*.G()'(G#"<&(B'62.-(2.-&.(C'+P(G%*'.(
)%( *+.-).&<#-.@.*.01( )%( *+1020( )%&( <%"&#--%&(DC! 6/.! ;#,&! 4&! 3#'"<I$&'3&1! (/! 7#$.!
49/00&(!I$,! /! 0.#'#'3<! (9/4#0%,#'!0(<',B.&!4&! (9&'J/'%!0/.! (/! J&@@&!I$,! (9/!
i!3#@@/'4<!j! /! ;,#(<! 3&"! %&A%&"1! 3/.! =(G%00%( 2)#<0.#-(-+102.0( C'%( *+'*0.6%( <B2&%(
)+'-(<"#G%&&'&()+%-&%6@*%()%&0.-1(P(<%"6%00"%(P('-(G#'<*%(*+2GG'%.*(P(&#-($#3%"()+'-(
%-$2-08( G#-W'( %-( %H1G'0.#-( )+'-( G#-0"20( 0%-)2-0( P( *+2@2-)#-( P( &2(-2.&&2-G%( <2"( &2(
6K"%8(%0(C'%8(<#"02-0(200%.-0%(2'H(<".-G.<%&()%(*+.-).&<#-.@.*.01()'(G#"<&(B'62.-(%0()%(
*+1020()%&(<%"&#--%&8(G%(<"#G%&&'&(G#-&0.0'%('-()10#'"-%6%-0()%(*+2)#<0.#-(DTDDC!!
eedC!>,'",1!4&$A!<(<@&'%"!"#'%!.&@/.I$/?(&"!3#@@&!<%/'%!3#'%./,.&"!E!(9#.4.&!
0$?(,3!J./'_/,"1!49$'&!0/.%!(9#?+&%!4$!3#'%./%!3#'","%/'%!&'!(/!3#'3&0%,#'!49$'!
&'J/'%1! 49/$%.&! 0/.%! "#'! /4#0%,#'! 0/.! (&! 3#$0(&! 3#@@/'4,%/,.&C! 79&"%! 4#'3!
%#$%!$'!0.#3&""$"!4&!0.#4$3%,#'!49$'!&'J/'%1!&'%&'4$!3#@@&!"/!3#'3&0%,#'!
&%!"#'!/%%.,?$%,#'!E!$'!3#$0(&1!"$,;,&!4&!(/!3.</%,#'!4&!"#'!(,&'!4&!J,(,/%,#'!!4&!
@/',B.&!%#$%!E!J/,%!,'/00.#0.,<&1!I$,!&"%!3#'4/@'<&!0/.!(/!7#$.!4&!3/""/%,#'!
&'! "/! J#.@/%,#'! (/! 0($"! "#(&''&((&C! >,'",1! (&! 4.#,%! J./'_/,"! 4&! (/! J,(,/%,#'!
.&0#"/'%1! 4$! @#,'"! E! (9<0#I$&1! "$.! (/! ;<.,%<! ?,#(#P,I$&1! (&! 0.,'3,0&!
49,'4,"0#',?,(,%<!4&! (9<%/%!4&"!0&."#''&"!&@0#.%&!I$9$'!0.#3&""$"! %&'4/'%!E!
=($2."%(/%-."(2'(6#-)%('-(%-$2-0()#-0(*+1020(-%(G#""%&<#-)"2(<2&(P(&2(/#*#-01("1%**%(D!
4#,%! D%.&! 3#'4/@'< '"# C! 2#,%! <P/(&@&'%! (9D%.&! "#'! 3#.#((/,.&1! (9/4#0%,#'!
0(<',B.&! 4&! (9&'J/'%1! I$,! =(2@#'0.0( P( )10#'"-%"( *+.-&0.0'0.#-( )%( *+2)#<0.#-( )%( &#-(
/1".02@*%( #@?%0( C'.( %&08( %-( <".-G.<%8( )%( )#--%"( '-%( $26.**%( P( '-( %-$2-0( C'.( %-( %&0(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'""!7/==6!/==6!5KL,6!$"!@/1!"**"-!./0/1/#2/!"**"-!++-!#"(&#-!B<@@6!HA!53<_2==2A3!\6!m23,/3H-!
53L=1H2,>!HA!76!76!^6!86!2>!B<,BK6!HA!532@123!/0<B/>!kL,L3/K!:2,31!9<,>2,q1KK26!'"#!:6!9<,>2,q1KK2-!B1>/,>!b6!;L31/AY-!53LB6-!56!$)$6!
! #)"
)1<#'"/'(DTDgC! U(! "9/P,%! 4#'31! 0#$.! (&! +$P&1! 4&! 4<"/00.#$;&.! J&.@&@&'%! $'!
@&'"#'P&!#.P/',"<1!4#'%!(9&'J/'%!&"%!(9,'"%.$@&'%!?,&'!#?(,P<C!!
eeeC!Z/(P.<! (&"!0.<3/$%,#'"!0.,"&"!0/.! (&! (<P,"(/%&$.!4/'"! (/! (#,!4$!*k! +$,((&%!
)kkd1! I$,! 3#'"/3.&! E! (9/.%,3(&! )f[g!4$!7#4&! 3,;,(! (/! 3#'4/@'/%,#'!4&!=(9#'0%(
G#-/%-0.#-(<#"02-0( &'"( *2( <"#G"120.#-( #'( *2( 7%&020.#-(<#'"( *%( G#6<0%( )+2'0"'.(D1! (&!
+$P&!/!4l!"&!0.#'#'3&.!$'&!'#$;&((&!J#,"!"$.!3&%%&!I$&"%,#'C!>,'",1!(/!7#$.!4&!
3/""/%,#'! /! 4&! '#$;&/$! 3#'",4<.<1! "/'"! "$.0.,"&1! (/! P&"%/%,#'! 0#$.! /$%.$,!
3#'%./,.&! E! (9#.4.&! 0$?(,31! ./00&(/'%! 0/.J#,"! E! (9#.4.&! (&"! +$P&"! 4$! J#'4C!
K#%#'"! I$9$'&! ;/.,/'%&! J/3%$&((&! &"%! E! '#%&.! 4/'"! 3&"! /JJ/,.&"!H! (9<;#($%,#'!
,'%&.'/%,#'/(&!4&!3&%%&!0./%,I$&!&'!./,"#'!4&!(/!4,""#($%,#'!4&"!/""#3,/%,#'"!(/!
0.#0#"/'%! &'! G./'3&1! &%! 4&! (&$.! (<P/(,"/%,#'! 4/'"! 0($",&$."! 0/="! 0($"! #$!
@#,'"!(#,'%/,'"!3#@@&!(9>'P(&%&..&1!(/!7/(,J#.',&1!(9:p./,'&!#$!&'3#.&!(9U'4&C!
>,'",1!,(!"9/P,%1!4/'"!35/I$&!3/"1!4&!3#$0(&"!"%<.,(&"!4<",.&$A!49/;#,.!$'!&'J/'%!
&%! I$,1! 4&;/'%! (9,@0#"",?,(,%<! 49/;#,.! .&3#$."! /$A! %&35',I$&"! 4&! 6C! ZC! >C!
/$%#.,"<&"!&'!4.#,%! J./'_/,"1! .&3#$.&'%1! (&!0($"! "#$;&'%!/$A!O%/%"[:',"!#$!&'!
U'4&1!/$A!"&.;,3&"!49$'&!@B.&!0#.%&$"&C!!
eefC!>,'",1! (9/JJ/,.&! 4&"! "]$."! +$@&((&"!Z&''&""#'! ,(($"%.&! (/! ",%$/%,#'! 49$'!
3#$0(&! /=/'%! &$! .&3#$."! /$A! "&.;,3&"! 49$'&! @B.&! 0#.%&$"&! &'! 7/(,J#.',&C!
7&((&[3,!/;/,%!<%<! ,'"<@,'<&!0/.! (&"!P/@B%&"!4$!@/.,!&%!3&((&"!49$'&!/@,&!4&!
(9<0#$"&!4&! 3&($,[3,C! 8#."I$&!4&"! +$@&((&"! "#'%! '<&"! E! (9/$%#@'&!*---1! (&$."!
/3%&"!4&!'/,""/'3&"!#'%!<%<!<%/?(,"1!"&(#'!(&!4.#,%!3/(,J#.',&'1!3#@@&!,'4,I$/'%!
3#@@&! 0B.&! &%!@B.&!ZC! &%!Z@&!Z&''&""#'1! (/! 7#$.! "$0.D@&! 4&! (9O%/%! 4&!
7/(,J#.',&!/=/'%1!0/.!+$P&@&'%!4$!)d!+$,((&%!*---1!3#'J<.<!(/!I$/(,%<!4&!0B.&!&%!
@B.&! /$A! <0#$A!Z&''&""#'!4&! %#$%! &'J/'%! '/,""/'%! 4&! 3&%%&!@B.&! 0#.%&$"&!
&'%.&!(&!)e!/#l%!&%!(&!)e!4<3&@?.&!*---C!6$,"1!39&"%!&'!%#$%&!(#P,I$&!I$&!(&!0B.&!
/!4&@/'4<!(/!%./'"3.,0%,#'!4&!3&"!/3%&"!/$!7#'"$(/%!4&!G./'3&!E!8#"!>'P&(&"1!
3&!I$,!($,!/!<%<!.&J$"<1!Z@&!Z&''&""#'!<%/'%!4/'"!(9,'3/0/3,%<!4&!J#$.',.!$'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'"$!7106!"i32-!"$!HLB6!"*)*-!F9**/#6(76!+-!,O$)(![!36-!56!#%$![!56!"**4-!#($-!3/556!c/==15-!./0/1/!
"**4-!++-!#"&#'-!,<>2!;L31/AY![!5">-,):(<!"**46!(%$-!<`=6!bA`23>6!
! #)#
3&.%,J,3/%!/%%&"%/'%!I$&!39<%/,%!?,&'!&((&!I$,!/;/,%!/33#$35<!4&!"&"!J,((&"C!O'"$,%&1!
(&!*e!'#;&@?.&!*--*1!(&"!/3%&"!4&!'/,""/'3&!4&"!&'J/'%"!#'%!<%<!%./'"3.,%"1!/$A!
J,'"!49/''$(/%,#'1!"$.!(&"!.&P,"%.&"!4&!(9<%/%!3,;,(!4&!K/'%&"1!E!(/!4&@/'4&!4$!
@,',"%B.&!0$?(,3C!O'J,'1!(&!d!/;.,(!*--b1!(&!0.#3$.&$.!4&!(/!S<0$?(,I$&!0.B"!(&!
%.,?$'/(! 4&! P./'4&! ,'"%/'3&! 4&!7.<%&,(! /! J/,%! /"",P'&.! (&"! <0#$A!Z&''&""#'!
/J,'! 4&! 4&@/'4&.! 3&%%&! /''$(/%,#'1! &A3,0/'%! "/! 3#'%./.,<%<! E! (9#.4.&! 0$?(,3C!
7&0&'4/'%1! 0/.! +$P&@&'%! 4$! )b! 4<3&@?.&! *--e'"%1! (&! `.,?$'/(! 4&! P./'4&!
,'"%/'3&! 4&!7.<%&,(! /! 4<3(/.<! (&!@,',"%B.&! 0$?(,3! ,..&3&;/?(&! &'! "/! 4&@/'4&!
49/''$(/%,#'!4&!(/!%./'"3.,0%,#'!4&"!/3%&"!4&!'/,""/'3&!4&"!J,((&%%&"C!!
eegC! 2/'"! $'! /..D%! .&'4$! (&! *e! #3%#?.&! *--g'"&1! (/! 7#$.! 49/00&(! 4&! 6/.,"!
3#'J,.@&! (/! 4<3,",#'! 4&"! +$P&"! 4&! 7.<%&,(C! O'! &JJ&%1! &((&! 3#'",4B.&! I$&! =(*%&(
1-#-G.20.#-&()%&(2G0%&(0"2-&G".0&(&'"(*%&("%7.&0"%&()'(&%"/.G%(G%-0"2*()%( *+1020(G./.*()%(
h2-0%&( QRS( &#-0( %H2G0%&( 2'( "%72")( )%&( 0%"6%&( )'( ?'7%6%-0( 10"2-7%"( )'( ^_( ?'.**%0(
U]]]( QRS( C'%8( <2"( &'.0%8( *%( 6.-.&0K"%( <'@*.G8( C'.( -%( G#-0%&0%( -.( *+#<<#&2@.*.01( %-(
y"2-G%( )'( ?'7%6%-0( 261".G2.-(-.( *2( $#.( P( 2GG#")%"8( 2'( &%-&( )%( *+2"0.G*%( _f( )'(;#)%(
G./.*8( 2'H( 2G0%&( )"%&&1&( %-( ;2*.$#"-.%( )2-&( *%&( $#"6%&( '&.01%&( )2-&( G%0( >0208( %&0(
.""%G%/2@*%8( 2'( "%72")( )%( *+#")"%( <'@*.G( .-0%"-20.#-2*8( P( &#**.G.0%"( *+2--'*20.#-( )%&(
2G0%&(0"2-&G".0&(&'"(*%&("%7.&0"%&()'(&%"/.G%()%( *+1020(G./.*()%(h2-0%&!jC! R$.%#$%1!=(*2(
-#-T0"2-&G".<0.#-()%&(2G0%&()%(-2.&&2-G%(2'"2.0()%&(G#-&1C'%-G%&(G#-0"2."%&(P(*+.-01"E0(
&'<1".%'"( )%&( %-$2-0&( C'.8( 2'( "%72")( )'( )"#.0( $"2-W2.&8( &%( /%""2.%-0( <"./%"( )+2G0%&(
)+1020( G./.*( .-).C'2-0( *%'"( *.%-( )%( $.*.20.#-8( 3( G#6<".&( P( *+172")( )%( *%'"( <K"%(
@.#*#7.C'%(DC!>,'",1! (/!7#$.!49/00&(!4&!6/.,"!/;/(,"&! ,'4,.&3%&@&'%!(/!0./%,I$&!
4&! (/! P&"%/%,#'! 0#$.! /$%.$,! &'! .&J$"/'%! (9/''$(/%,#'! 4&! (/! %./'"3.,0%,#'! 4&"!
/3%&"! 4&! '/,""/'3&! /@<.,3/,'"! 4&"! J,((&%%&"! "$.! (&"! .&P,"%.&"! 4&! (9<%/%! 3,;,(! 4&!
K/'%&"C! 7&! J/,"/'%1! &((&! J/,%! 0.&$;&! 49$'&! @/'"$<%$4&! I$,! /! 4<.#$%<! $'&!
0/.%,&!4&!(/!4#3%.,'&1!<;#I$/'%!@D@&!(9/4#0%,#'!49$'!=(<"#$.*(@2&(D!4&!(/!0/.%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'"%!g6U6+6!73L>21K-!"$!HLB6!#44&-!,O4$C%)'#6!'"&!76b6! Q/31=-! #&! <B>6! #44(-! .9-(<5%+%! ,O#44(S$%%4&*![! I/./_/# #44(-! 56! %()-! <`=6! G6!
7IL,LHL![! 3/4/5/# 6(76! #44)-! 56! *$-! <`=6! \6! :/A=23![! 56! #44)-! 56! "$("-! <`=6! G6! U3/,2>S
V/@`32BI>=!2>!56!"%$&-!<`=6!:6!U/A@<,>SQ3/>![!./5/K/!#44)-!56!"%&-!<`=6!U6!7A,1`23>16!
! #)$
4&!(/!7#$.'"'C!U(!'#$"!"&@?(&!I$&!3&%%&!4&.',B.&!/!"$.%#$%!"#$5/,%<!.&'4.&!$'&!
4<3,",#'! 4/'"! (9,'%<.D%! 4&"! &'J/'%"! '<"! 4&! 3&%%&! #0<./%,#'1! I$,1! ",'#'1! "&!
%.#$;&./,&'%!4<0#$.;$"!4&!%#$%!(,&'!4&!J,(,/%,#'1!&'!4.#,%!J./'_/,"1!E!(9<P/.4!4&!
3&! 3#$0(&C!X.1!I$/'4!?,&'!@D@&! ,("! "#'%! (&! J.$,%!49$'&!0./%,I$&! ,'%&.4,%&!&'!
G./'3&1!,("!&'!"#'%!"$.%#$%!(&"!;,3%,@&"!#?(,P<&"C!!
eecC!8/!7#$.!4&!3/""/%,#'1!J,4B(&!E!"/!3#'4/@'/%,#'!&'!%#$%&"!5=0#%5B"&"!4&!
(/!0./%,I$&!4&"!@B.&"!0#.%&$"&"1!'9/!"$,;,!(/!7#$.!49/00&(!4&!6/.,"!',!I$/'%!E!
"#'!/.P$@&'%/%,#'1!',!I$/'%!E!"/!3#'3($",#'C!>,'",1!4/'"!$'!/..D%!.&'4$!(&!)g!
4<3&@?.&! *--c '"( 1! &((&! 3#'",4B.&1! /$! ;,"/! 4&"! /.%,3(&"! d*b! 4$! 7#4&! 4&!
0.#3<4$.&!3,;,(&!&%!)f[g!4$!7#4&!3,;,(1!I$9!=(2'H(0%"6%&()'(<"%6.%"()%(G%&(0%H0%&8(
*%(6.-.&0K"%( <'@*.G( <%'0( 27."( <#'"( *2( )1$%-&%( )%( *+#")"%( <'@*.G( P( *+#GG2&.#-( )%( $2.0&(
<#"02-0( 200%.-0%( P( G%*'.TG.(d( C'%8( &%*#-( *%( &%G#-)8( 0#'0%( G#-/%-0.#-( <#"02-0( &'"( *2(
<"#G"120.#-(#'( *2(7%&020.#-(<#'"( 2'0"'.( %&0(-'**%(D1! /,'",8( =( *%&( 1-#-G.20.#-&( 1G".0%&(
&'"( *%&( 2G0%&( )+1020( G./.*( -%( <#'/2.%-0( "1&'*0%"( C'%( )+'-%( G#-/%-0.#-( <#"02-0( &'"( *2(
7%&020.#-(<#'"(2'0"'.8()%(&#"0%(C'%(*%(6.-.&0K"%(<'@*.G(?'&0.$.2.0()+'-(.-01"E0(P(27."(%-(
-'**.01()%&(0"2-&G".<0.#-&(DC!6/.!;#,&!4&!3#'"<I$&'3&1!&((&!3&'"$.&!(/!4<3,",#'!4&!
(/!7#$.!49/00&(!4&!6/.,"!&%! .</JJ,.@&!"/!4#3%.,'&! ,'%./,%/?(&!/;&3! (/!0./%,I$&!
4&!(/!P&"%/%,#'!0#$.!/$%.$,1!&%!.&J$"&!49i!D%.&!@,"&!4&;/'%!(&!J/,%!/33#@0(,!jC!8/!
P&"%/%,#'! 0#$.! /$%.$,! <%/'%! ,'%&.4,%&! &'! G./'3&1! ,(! &"%! ,'/4@,"",?(&! I$&! 4&"!
3#$0(&"!J./'_/,"1!5#."!(/!(#,!J./'_/,"&!&'!@&%%/'%!/$!0#,'%!$'&!%&((&!#0<./%,#'!E!
(9<%./'P&.1! 0$,""&'%1! 4&! .&%#$.! 4/'"! (&$.! 0/="1! J/,.&! .&3#''/a%.&! (&! (,&'! 4&!
J,(,/%,#'1! E! (&$.! &'4.#,%1! 4&"! &'J/'%"! '<"! 4/'"! 4&! %&((&"! 3#'4,%,#'"C! `#$%! "&!
0/""&! /(#."! 2(<#&0%".#".! x! (&! %&@0"! 4&! (/!4,""#($%,#'!4&"! /""#3,/%,#'"!4&! %=0&!
>(@/! Z/%&.! <%/'%! .<;#($! [1! ,(! J/$%! ($%%&.! 3#'%.&! $'! P&'.&! 4&! J./$4&!
,'%&.'/%,#'/(&! E! (/! J,(,/%,#'C! 6#$.! 3&! J/,.&1! 4&"! 0#$;#,."! 3#'"<I$&'%"! "#'%!
/33#.4<"!/$!@,',"%B.&!0$?(,31!"$.%#$%!4/'"!(&!4#@/,'&!4&!(/!J,(,/%,#'C!7&($,[3,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'"'!F6!5/3!2Y6!K2!B<@@2,>/132!3L0<K>L!H2!\6!:/A=23-!53LB6!'"(!7/==6! "i32! B106-! "(! HLB6! #44)-! .9-(<5%+%! ,O#44)S4%'#(#![! ./0/1/! #44*-! ++-! "44#4-! ,<>2!
bAH2!c13B<01B![!5/! #44*-! 56! "''-! <`=6! F6! 8kL/-! 56! $$#-! /01=!96! ;/3B2K2>![! 56! $%4-! ,<>2! V6!
m3A,2>![!5-/#>%$6!#44*-!B<@@6!,O"&-!56!#(-!5/3!Q12332!cA3/>6!
! #)%
"&!;#,%!/%%.,?$&.!4&!(/.P&"!0#$;#,."!/J,'!49/""$.&.!(&!.&"0&3%!4&!(9#.4.&!0$?(,3!
&'!4.#,%! J./'_/,"C!X.1! ,(! &"%! <;,4&'%! I$9/33&0%&.! (/! %./'"3.,0%,#'!4&"! /3%&"!4&!
'/,""/'3&! 4&"! &'J/'%"! '<"! 49$'&!@B.&! 0#.%&$"&! .&;,&'%! E! (<P,%,@&.! $'&! %&((&!
0./%,I$&!I$,!'&!0&$%!D%.&!%#(<.<&C!O'!&JJ&%1!3&%%&!4&.',B.&!3#'"%,%$&!/;/'%!%#$%!
=('-(/1".02@*%(@'&.-%&&(%0('-%(%H<*#.020.#-()'(G#"<&()%&($%66%&8("1)'.0%&(P('-%(<'"%(
$#-G0.#-( )%( 7%&020.#-( 2'( 61<".&( )'( *.%-( G"11( %-0"%( *2( $%66%( %0( *+%-$2-0( )'"2-0( *2(
7"#&&%&&%(d(QRS(LG+%&0('-%O(*#7.C'%()#-0(#-(/#.0(62*(*%&(*.6.0%&(u(&.-#-(*2(<%"6.&&./.01(
0#02*%( T( G2"( -.( *+2"7'6%-0( )%( *2( &#'$$"2-G%( $2G%( P( *+.-$%"0.*.018( -.( *+200%-0.#-(
.-).&<%-&2@*%( 2'( &#"0( )%( *+%-$2-0( )1?P( -1( -%( <%"6%00"#-0( )%(6%00"%( )%&( $"%.-&( P( '-(
1*2"7.&&%6%-0(<"#7"%&&.$()%&(.-).G20.#-&()%(*2(7%&020.#-(<#'"(2'0"'.(QRS(#'(2'("%G#'"&(
P()%&(G%-0"%&()+4`!(10"2-7%"&(C'2-)(*%&(G#-).0.#-&()'()"#.0(.-0%"-%(G#-&0.0'%"#-0('-(
#@&02G*%(D1! .&@/.I$&! /;&3! ./,"#'! ZC! 6C! Z$./%'") C! N,&'! "l.1! #'! &"%! 0.,"! 4&!
3#@0/"",#'! 0#$.! 3&"! &'J/'%"! ,'"%.$@&'%/(,"<"! x! &'! (9&"0B3&1! 3&(/! J/,%! $'&!
4,T/,'&! 49/''<&"! I$&! 3&"! &'J/'%"! "#'%! <(&;<&"1! <4$I$<&"1! &%! "/'"! 4#$%&!
35#=<&"!0/.!(&$."!0/.&'%"!I$,!(&"!#'%!%/'%!"#$5/,%<&"C!6#$.!/$%/'%1!=($2')"2T0T.*(
<%"<10'%**%6%-0( &+2*.7-%"( &'"( *%( )"#.0( 6#.-&( ).&2-0( QRS( &#'&( <"10%H0%( )%(
6#-).2*.&20.#-( %0( )+%H0%"-2*.&20.#-( QRS(�(D( "&! 4&@/'4&1! 4&! J/_#'! %#$%! E! J/,%!
#00#.%$'&1! (&! 0.#J&""&$.! Q/$"&.1! &"%,@/'%! I$&! =(5%( $2.0( 2GG#6<*.( %&0( '-%(
-#'/%**%( &#'"G%( )'( )"#.0(D!'"*C! 6#$.! (9,'"%/'%1! (/! 7#$.! 4&! 3/""/%,#'! J/,%! @&'%,.!
3&($,[3,C!29/,((&$."1!(/!3#$.!49/00&(!4&!.&';#,!'&!J/,%!0/"!4&!.<","%/'3&C!2/'"!$'!
/..D%!.&'4$!(&!)c!@/."!*-)-1!&((&!4<3(/.&!.&3&;/?(&!(9/3%,#'!4$!@,',"%B.&!0$?(,3!
&%!/''$(&!(/!%./'"3.,0%,#'!"$.!(&"!.&P,"%.&"!4&!(9<%/%!3,;,(!4&!K/'%&"!4&"!/3%&"!4&!
'/,""/'3&!4&"!J,((&%%&"'#4C!!
eekC!R,!3&%%&!4<3,",#'!'&!0&$%!D%.&!/33$&,((,&!I$&!J/;#./?(&@&'%!/$!.&P/.4!4&"!
./,"#'"! <'$@<.<&"! 0($"! 5/$%1! ,(! &"%! 3&.%/,'! I$9&((&! (/,""&! <P/(&@&'%! $'!
"&'%,@&'%!@,%,P<!"9/P,""/'%!4&!(/!",%$/%,#'!+$.,4,I$&!4&"!&'J/'%"C!O'!&JJ&%1!3&"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'")!Q6!cA3/>-!;-,66-!56!#)6!!'"*!\6!:/A=23-!53LB6-!556!*&S*'6!'#4!76b6!Q/31=-!")!@/3=!#4"4-!,O4*C""4"(-!56!#4"4-!56!"#"4![!5-/#>%$6!#4"4-!56!#$-!L>AH2!c6!
G/3k26!
! #)&
4&.',&."!4&@&$.&'%!4/'"!$'&!",%$/%,#'!i!&'%.&!4&$A!j!4$!0#,'%!4&!;$&!4&!(&$.!
J,(,/%,#'1! "&! ;#=/'%1! 49$'&! 0/.%1! 4<0#$.;$"! 4&! (,&'! 4&! J,(,/%,#'! E! (9<P/.4! 4&!
(&$."! 4&$A! 0/.&'%"1! &'! G./'3&1! &%! 49/$%.&! 0/.%! /=/'%! ?&(! &%! ?,&'! $'! (,&'! 4&!
J,(,/%,#'!E!(9<P/.4!4&!3&$A[3,!&'!;&.%$!4$!4.#,%!3/(,J#.',&'C!:'!/$%&$.!<;#I$&!
49/,((&$."! (&"!&JJ&%"!0&.;&."!4&!3&%!/..D%1! (&I$&(1!=(62*(G#6<".&8(&%"2(6.&(P(<"#$.0(
<2"( *%&( <2"0.&2-&( )%( *2( <"#[email protected].#-( $"2-W2.&%( )%( *2( 620%"-.01( )%( &'@&0.0'0.#-I( ;%&(
<2"0.&2-&( 2'"#-0( @%2'( ?%'( )%( &0.7620.&%"( *2( &.0'20.#-( )%( C'2&.( 2)#*%&G%-0%&( )#-0( *2(
$.*.20.#-( -+%&0( <2&( "%G#--'%( %-( y"2-G%( P( *+172")( )+'-( G#'<*%( C'.( *%&( 1*K/%( )%<'.&(
@.%-0k0( ).H( 2-&I( 4*#"&( C'+.*( %&0( )1?P( ).$$.G.*%( )%( G#-/2.-G"%( 2'?#'")+B'.( *+#<.-.#-(
<'@*.C'%(C'%(*2(620%"-.01()%(&'@&0.0'0.#-("%*K/%(<*'&()%(*+2*.1-20.#-()%(*2($%66%(C'%(
)%(&#-(162-G.<20.#-8(*2()1G.&.#-(`%--%&&#-(B2@.*%6%-0(61).20.&1%(".&C'%8(<#'"(2/#."(
/#'*'()#--%"('-%(<#"01%(%H0"20%"".0#".2*%(P( *+.-0%").0( $"2-W2.&8()%($2/#".&%"(&2("%6.&%(
%-( G2'&%()2-&( *+#")"%( .-0%"-%(DT[DC!Z/(P.<! 3&"! 3./,'%&"! %#$%! E! J/,%! (<P,%,@&"1! (&"!
+$P&"!4$!J#'4!#'%!3#'%,'$<!E!"$,;.&!3&%%&!+$.,"0.$4&'3&C!!
ef-C! >,'",1! 4/'"! $'! /..D%! .&'4$! (&! *f! J<;.,&.! *--k! 3#'3&.'/'%! 4&"! J/,%"!
",@,(/,.&"1! (/! 7#$.! 49/00&(! 4&! 6/.,"! J/,%! 0.&$;&! 4&! (/! @D@&! J&.@&%<1! ;#,.&!
49,'%./'",P&/'3&'##C!O((&!3#'",4B.&!I$&!(/! %./'"3.,0%,#'!4&! (9/3%&!4&!'/,""/'3&!
49$'!&'J/'%!&JJ&3%$<&!"$.!(&"!.&P,"%.&"!!J./'_/,"!(9<%/%!3,;,(!4#,%!D%.&!/''$(<&1!&'!
3&! I$&! 3&%! &'J/'%!=(%&0( .&&'()+'-%( ?%'-%( $%66%()#-0( *+.)%-0.01( %&0(G#--'%(%0(C'.(2(
2GG%<01()%(<#"0%"8(2'(<"#$.0()%&(1<#'H(QRS8('-(%6@"3#-(G#-W'()%(*%'"&(726K0%&8(<'.&(
)+2@2-)#--%"!*+%-$2-0(DI!>!(9,'"%/.!4&!(/!7#$.!4&!3/""/%,#'!&'!*--c1!&((&!"&!J#'4&!
"$.!(/!3#'%./.,<%<!E!(9#.4.&!0$?(,3!J./'_/,"!4&!(/!4<3,",#'!+$4,3,/,.&!/@<.,3/,'&!
#0<./'%!/?/'4#'!4&! (9&'J/'%!0/.! (/!@B.&!0#.%&$"&!&%!/4#0%,#'!3#'"<3$%,J!4&!
3&($,[3,!0/.!(&!3#$0(&C!O'J,'1!4/'"!%.#,"!/..D%"!.&'4$"!(&!f!/;.,(!*-))1!(/!7#$.!4&!
3/""/%,#'! .<,%B.&! "/!4#3%.,'&! "9/P,""/'%!4$! .&3#$."!E! (/!P&"%/%,#'!0#$.!/$%.$,!
0./%,I$<&!0/.!4&"!J./'_/,"!E!(9<%./'P&.'#$C!>,'",1!&((&!./00&((&!"#'!.&J$"!4&!J/,.&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'#"!c6!G/3k2-!53LB6-!56!#%6!'##!76b6!Q/31=-!#'!_L036!#44*-!,O4(C")&&*6!'#$!7/==6! B106! "i32-! '! /036! #4""-! >3<1=! /33d>=-! .9-(<5%+%#,O#4""S44&'""-! ,O#4""S44&'4(-!
,O#4""S44&'4*-!5-/#>%$6!#4""-!8>AH2!,O"%-!56!"*-!5/3!76!^2131,BD6!
! #)'
0.#4$,.&! &JJ&%! &'! G./'3&! /$A! 3#'%./%"! 4&! P&"%/%,#'! 0#$.! (&! 3#@0%&! 49/$%.$,C!
6/.! (E[@D@&1! &((&! .&+&%%&1! $'&! J#,"! 4&! 0($"1! (/! @/%&.',%<! 0#$.! /$%.$,! &'! 3&!
I$9&((&!3#'"%,%$&1!"&(#'!$'!/$%&$.1!=('-%(620%"-.01(62-.<'*1%(D!&%!(/!3#'"%,%$%,#'!
49!=('-( 1020( G./.*( 102@*.( 2'(61<".&()%( *+.-).&<#-.@.*.01( )%( *+1020(DT[UI(R&(#'!Z@&!7C!
K&,.,'3p1! ,(! =! /! (E! @/',0$(/%,#'! ?,#(#P,I$&1! E! (/I$&((&! "9/+#$%&! $'&!
@/',0$(/%,#'! +$.,4,I$&1! 0$,"I$&! =(*2( )1&.7-20.#-( )%( *2( 6K"%( P( <2"0."( )%(
*+2GG#'GB%6%-0( %&0( '-( <".-G.<%( 71-1"2*( C'%( *+#-( "%0"#'/%( )2-&( 0#'&( *%&( &3&0K6%&(
?'".).C'%&8( 3( G#6<".&( *%( )"#.0( 261".G2.-I( :*( $2'0( )#-G( G#-0#'"-%"( G%00%( "K7*%I( 52(
62-.<'*20.#-(?'".).C'%("%<#&%(%&&%-0.%**%6%-0(&'"(0"#.&(102<%&(.-).&<%-&2@*%&8(P(&2/#."(
*2(G#-G*'&.#-()'(G#-0"20()%(7%&020.#-(<#'"(2'0"'.8(&'./.()%(&#-(G#-0"k*%(?').G.2."%(C'.(
G#-$#"0%(*%&()"#.0&(<2"%-02'H()%&(G#662-).02."%&(%0(<%"6%0(*2()%"-.K"%(102<%8(G%**%()%(
*+102@*.&&%6%-0( )%( *+2G0%( )%( -2.&&2-G%(DC! X.1! (&! @<0.,"! 4$! 0.,'3,0&! 4&!
(9,'4,"0#',?,(,%<! 4&! (9<%/%! 4&"! 0&."#''&"! &"%! '<3&""/,.&! E! (/! J,'/(,"/%,#'! 4&!
(9#0<./%,#'!4&!P&"%/%,#'!0#$.!/$%.$,1!0$,"I$9,(!"9/P,%!49<%/?(,.1!3#'J#.@<@&'%!
E!"/!;#(#'%<1!(9<%/%!3,;,(!49$'!&'J/'%C!!
ef)C! X'! '&! 0&$%! 4#'3! 4#$%&.! I$&! (<P,"(/%&$.! &%! +$P&1! /$AI$&("! "&! +#,'%! (/!
@/+#.,%<!4&!(/!4#3%.,'&1!"#'%!J/.#$35&@&'%!#00#"<"!E!(/!P&"%/%,#'!0#$.!/$%.$,C!
6#$.!/$%/'%1!4&"!;#,&"!"9<(B;&'%1!J/;#./?(&"!E!(/!(<P/(,"/%,#'1![!3&.%&"!&'3/4.<&!
[! 4&! 3&%%&! 0./%,I$&! &'! 4.#,%! J./'_/,"C! X'! 0&$%! 3#@0%&.1! 0/.@,! 3&((&"[3,1! 4&"!
@&@?.&"! 4$! ! R<'/%C! O%1! 4&! '#$;&/$1! (/! .&;&'4,3/%,#'! 49$'&! /$%#'#@,&!
0&."#''&((&!3#'"%,%$&!$'!J/3%&$.!49/33&0%/%,#'!+$.,4,I$&!4&!3&%%&!0./%,I$&!I$,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'#%!;1k,/K<,=! ><A>! H2! @d@2! aA2-! ,<,<`=>/,>! K/! .A31=53AH2,B2! =L0i32! H2! K/! 7<A3! H2!
B/==/>1<,-! K/! 53/>1aA2! H2! K/! @/>23,1>L! 5<A3! /A>3A1! ,M2=>! 5/=! =R=>L@/>1aA2@2,>!
=/,B>1<,,L2! 5/3! K2! .Ak2! HA! _<,H! Z! KMLk/3H! HA! 5i32! `1<K<k1aA26! F6! K/! .A31=53AH2,B2!
53/k@/>1aA2!H2!K/!76b6!H2!?2,,2=!]!=1!K2!.Ak2!52A>!/,,AK23!A,2!32B<,,/1==/,B2!5/>23,2KK2!
=A3!K2!_<,H2@2,>!H2!K/!_3/AH2!Z!KM<3H32!5A`K1B-!=<,!<55<=1>1<,!Z!K/!>3/,=B315>1<,!HMA,!>2K!
/B>2-!=A3!K2!@d@2!_<,H2@2,>-!,2!52A>!/`<A>136!F6-!B<,B23,/,>!K/!0/K1H/>1<,-!76b6!?2,,2=-!
#*!@/3=!#4""-!,O"4C4#'%'!2>!#"! _L036!#4"#-!,O""C4#(&)!2>!06-!5<A3! KM/,,AK/>1<,!H2! K/!
32B<,,/1==/,B2! 5/>23,2KK2-! 76b6! ?2,,2=-! "4! ./,06! #4"#-! ,O""C4")%'6! Q<A3! H2=!
B<@@2,>/132=-! 06! J!bB>2! H2! ,/1==/,B2! H2! KM2,_/,>! ,L! HMA,2! @i32! 5<3>2A=2-!
32B<,,/1==/,B2! 5/>23,2KK2! 2>! /B>1<,=! HA! @1,1=>i32! 5A`K1B!N-! 5-/# >%$6! ,O%-! /036! #4"#-!
B<@@6!'(!5/3!76!^2131,BD![! J!F/K1H/>1<,!H2! K/! >3/,=B315>1<,!H2! KM/B>2!H2!,/1==/,B2!HMA,!
2,_/,>!,L!Z!KML>3/,k23!HMA,2!J!@i32!5<3>2A=2!N!N-!./0/1/#26!,O"$-!#'!@/3=!#4"#-!$&$-!021KK2!
5/3!b6!c/3/1=6!
!
! #)(
0#$../,%!D%.&!/$%#.,"<&!4/'"!(9/;&',.C!
!
WO).A)@=E:=)C?DM?=>>BDE)<=)@/AFF=C:A:BDE)<=)@A)KA:=?EB:G)CD;?)A;:?;B)=E)<?DB:)
Q?AEVAB>)h)
)
ef*C!7&!I$&"%,#''&@&'%! &"%! /3%$&((&@&'%!4&"!0($"!#00#.%$'C!O'! &JJ&%1!49$'&!
0/.%! (/!0./%,I$&!4&! (/!@/%&.',%<!0#$.!/$%.$,!"&@?(&!0.&'4.&!4&!0($"!&'!0($"!
49/@0(&$.!)%($2G0#1!P.u3&!E!(/!J/3,(,%/%,#'!4&"!<35/'P&"!,'%&.'/%,#'/$A1!49/$%.&!
0/.%!"9&"%!0#"<&!(/!I$&"%,#'!4&!"/!(<P/(,"/%,#'!&'!4.#,%!J./'_/,"1!E!(9#33/",#'!4&!
(/!.<;,",#'!4&"!(#,"!4&!?,#<%5,I$&C!R,1! .-($.-%1! (/!(#,!4$!g! +$,((&%!*-))!@/,'%,&'%!
"#'! ,'%&.4,3%,#''#&1!4&"!/;,"! %#$%!E! J/,%! J/;#./?(&"!E!3&%%&!0./%,I$&1!4&! (/!0/.%!
49/$%#.,%<"!,'"%,%$%,#''&((&"!3#@@&!(&!R<'/%1!#'%!J/,%!3./,'4.&!$'!,';&."&@&'%!
4&! (/! %&'4/'3&C! 2/'"! $'! #?+&3%,J! "&$(&@&'%! 0./P@/%,I$&1! ,(! /$./,%! 0$! D%.&!
4<3,4<! 4&! @&%%.&! $'! %&.@&1! 4&! @/',B.&! 4<J,',%,;&1! E! (/! ",%$/%,#'! E! (/! J#,"!
0.<3/,.&!&%!,'+$"%&!4&"!&'J/'%"!'<"!4&!@B.&!0#.%&$"&!@/,"!;,;/'%!&'!G./'3&!&%!
<(&;<"! 0/.! (&$."! 0/.&'%"! J./'_/,"1! &'! (<P/(,"/'%! (/! @/%&.',%<! 0#$.! /$%.$,1!
49/$%/'%! 0($"! I$&! (&! 05<'#@B'&! 4$! %#$.,"@&! 0.#3.</%,J! 3#''/a%! $'! 3&.%/,'!
&""#.C!
efbC!2&!J/_#'!0($"!%5<#.,I$&1!,(!&"%!0#"",?(&!4&!3#'",4<.&.!I$9,(!&"%!'<3&""/,.&!
49/35&;&.! (9/$%#'#@,"/%,#'! 4&! (9,'4,;,4$1! &%! 4&! ($,! 0&.@&%%.&! 49D%.&!
%#%/(&@&'%! @/a%.&! 4&! "#'! 3#.0"! /$! .&P/.4! 4$! %#$.'/'%! ,4<#(#P,I$&1! "#3,/(1!
"3,&'%,J,I$&1!@<4,3/(1!I$&!3#''/a%!(/!"#3,<%<!/3%$&((&C!>0.B"!%#$%1!,(!&"%!0#"",?(&!
4&! J/,.&! 4#'! 4&! "#'! "/'P1! 4&! "#'! (/,%1! 4&! 3&.%/,'"! 4&! "&"! #.P/'&"1! 4&! "&"!
P/@B%&"1!4&!"&"!&@?.=#'"1!4#'3!0#$.I$#,!'&!0/"!0#$;#,.!0.D%&.!"#'!$%<.$"1!",!
#'! (&! "#$5/,%&!v!ZC!NC! 8&@&'',3,&.1! ! <3#'#@,"%&!4&! "#'! <%/%1! '9=! ;#,%! /$3$'!
,'3#';<',&'%C!>$!3#'%./,.&1! ,(!'95<",%&!0/"!E! <3.,.&!I$&!=(5%("%$'&()%(*2.&&%"(*%&(
.-)./.)'&( ).&<#&%"( )%( *%'"( <"#<"%( G#"<&( G#66%( .*&( *+%-0%-)%-08( G+%&0( P( )."%( )%( *#'%"(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'#&!72KK2SB1!2=>!><A.<A3=!53L0A2!Z!KM/3>1BK2!"'S(!HA!7<H2!B101K6!!
! #))
*%'"( /%-0"%8( )%( /%-)"%( *%'"&( #"72-%&8( )%( 62-.<'*%"( *%'"&( 7K-%&( <#'"( GB#.&."( *%&(
G2"2G01".&0.C'%&( G#"<#"%**%&( )%( *%'"&( <"#<"%&( %-$2-0&8( )%( <"#G"1%"( 2"0.$.G.%**%6%-08( )%(
G#-7%*%"( *%&( %6@"3#-&( <#'"( '-%( -2.&&2-G%( )2-&( )%'H( &.KG*%&8( %0GI8( %&0( &#G.2*%6%-0(
-'.&.@*%(QRS(%0(6%0(%-(<1".*(*+%&<KG%(B'62.-%(DT[T({!
efdC! O%! ",! (/! ;#(#'%<! ,'4,;,4$&((&! ;#=/,%! 3#'"/3.&.! $'! /$%.&! /"0&3%! 4&! "/!
0$,""/'3&1!0/.!(&!?,/,"!4&!(/!3#'"<3./%,#'!4&!(/!@/%&.',%<!0#$.!/$%.$,!v!>0.B"!
%#$%1! (/!7#$.!OC!2C!QC! 3#'",4B.&!I$&! (9,'4,;,4$!4#,%!0#$;#,.! J/,.&!4&"! 35#,A!
3#'3&.'/'%! "#'! 0.#0.&! 3#.0"1! I$/'4! ?,&'! @D@&! 3&$A[3,! /$./,&'%! 4&"!
3#'"<I$&'3&"! Ju35&$"&"! 0#$.! 3&! 4&.',&.! u( =(<B3&.C'%6%-0( #'( 6#"2*%6%-0(
)#6627%2@*%&(#'()2-7%"%'&%&(DT[Z([1!/$!%,%.&!4&!"#'!/$%#'#@,&!0&."#''&((&1!I$,!
.&(B;&!4$!4.#,%!/$!.&"0&3%!4&!"/!;,&!0.,;<&C!2&!0($"1!&((&!+$P&1!4/'"!(9/..D%!nC!
>C! &%!>C!2C! 3#'%.&! N&(P,I$&1! =(C'%( *+2"0.G*%(X()%( *2(;#-/%-0.#-(<"#0K7%( *%( )"#.0(P(
*+1<2-#'.&&%6%-0(<%"&#--%*(QRS(&#'&(*+2&<%G0()%(*+2'0#-#6.%(<%"&#--%**%(DT[EI!2/'"!
(9/..D%! V/'! no3p! 3#'%.&! >((&@/P'&1! &((&! <;#I$&! @D@&! $'! 4.#,%! E!
(9/$%#4<%&.@,'/%,#''#*C! 2B"! (#."1! (/! 0&.@,"",#'! /$! @#,'"! "=@?#(,I$&! 4&! (/!
7#$.! 4&! R%./"?#$.P! "&@?(&! /3I$,"&! 4/'"! (&! "&'"! 49$'&! /$%#.,"/%,#'! 4&! (/!
@/%&.',%<!4&!"$?"%,%$%,#'!/$!%,%.&!4&"!4.#,%"!4&!(95#@@&!x!49/$%/'%!I$&!3&((&[
3,! &"%! "#$;&'%!0.<"&'%<&! 3#@@&!$'!P&"%&!49/@#$.1!E! %#$%! (&!@#,'"!/(%.$,"%&1!
;,"/'%! E! .&'4.&! "&.;,3&! E! "#'! 0.#35/,'C! ^$&((&! &"%! (/! 4#3%.,'&! 4&"! 0&'"&$."!
/$%#.,"<"!"$.!(/!I$&"%,#'!v!!
efeC! 8&! R<'/%! "9&"%! @#'%.<! J/;#./?(&! E! (/! (<P/(,"/%,#'! 4&! (/! @/%&.',%<! 4&!
"$?"%,%$%,#'1!0($"!0.<3,"<@&'%!E!3&((&!4&!(/!P&"%/%,#'!0#$.!/$%.$,C!O'!&JJ&%1!",!
3&($,[3,!'&!"9&"%!0/"!0.#'#'3<!J,'/(&@&'%!&'!J/;&$.!4&!(/!(<P/(,"/%,#'!4&!3&%%&!
0./%,I$&!E! (9#33/",#'!4&! (/! .<;,",#'!4&"! (#,"!4&!?,#<%5,I$&1!$'&!0/.%,&!4&!"&"!
@&@?.&"! "9&"%!@#'%.<! %#$%! E! J/,%! &'3(,'! E! "#'! /$%#.,"/%,#'! 4/'"! $'! ./00#.%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'#'!m6!V2@@2,1B123-!J!V2!B<35=!IA@/1,!]!53<531L>L!H2!KM8>/>!<A!53<531L>L!H2!=<1!|!N-!5-:(+<-!
"**"-!56!"""-!=5LB6!56!""#6!'#(!768696:6-!l6!b6!2>!b6!96!BCm2Kk1aA2-!"(!_L036!#44&-!53LB6-!E)$6!'#)!KH(=6!'#*!768696:6-!F/,!lrBD!BCbKK2@/k,2-!"#!=25>6!#44$-!53LB6-!E()6!
! #)*
49,'J#.@/%,#'!.&@,"!&'!*--c'$4C!!
effC! 6#$.! 3&! I$,! '#$"! ,'%<.&""&1! 3&! ./00#.%! 0.<"&'%&! 49$'&! 0/.%! (&"! ./,"#'"!
J#'4/'%! (/! (<P/(,"/%,#'! 4&! (/! @/%&.',%<! 0#$.! /$%.$,1! 49/$%.&! 0/.%! (&"!
4,"0#",%,#'"! (<P/(&"! "$"3&0%,?(&"! 4&! (9&'3/4.&.C! >,'",1! "9/P,""/'%! 4&"!
0.&@,B.&"1! (&! ./00#.%!&A0(,I$&!I$&! (/!@/%&.',%<!4&! "$?"%,%$%,#'!'&! 3#'"%,%$&!
0/"! '<3&""/,.&@&'%! $'&! ,'"%.$@&'%/(,"/%,#'! 4$! 3#.0"! 4&! (/! J&@@&1! 4B"! (#."!
I$&! 3&((&[3,!0#.%&! (9&'J/'%!4�$'&!/$%.&! J&@@&!4/'"! (/!4<@/.35&!/(%.$,"%&!4$!
4#'1! &%1! /,'",1! @&%! &'! ]$;.&! %#$%&"! (&"! 3#'4,%,#'"! '<3&""/,.&"! 0#$.! I$&! "/!
P.#""&""&! "&! 0/""&! 4/'"! (&"!@&,((&$.&"! 3#'4,%,#'"! 0#"",?(&"! &'! 0.&'/'%! "#,'!
49&((&!&%!4&!(9&'J/'%!&'!P&"%/%,#'1!&'!"9,';&"%,""/'%!4/'"!"/!P.#""&""&'$"C!
efgC!7#'3&.'/'%!(&!.,"I$&!4&!@/.35/'4,"/%,#'!4$!3#.0"!4&!(/!@B.&!0#.%&$"&1!,(!
&"%1!"&(#'!(&!./00#.%1!<;,%<!P.u3&!E!(9#?(,P/%,#'!4&!P./%$,%<!4&!(/!@/%&.',%<!0#$.!
/$%.$,1!E!(9,'"%/.!4&!3&!I$&!(&"!%&A%&"!0.<;#,&'%!4<+E1!4&0$,"!(&"!(#,"!?,#<%5,I$&"!
4&!)kkd1!"9/P,""/'%!4$!4#'!4&!P/@B%&"!#$!&'3#.&!4$!4#'!49&@?.=#'C!>,'",1!(&"!
@B.&"!0#.%&$"&"!'&!4#,;&'%!0/"!D%.&!.<@$'<.<&"C!R&(#'!(&"!/$%&$."!4$!./00#.%1!
(9,'%<.D%!4&! (9&'J/'%!&"%!<P/(&@&'%!0.<"&.;<!H! (/! %5<#.,&!"&(#'!(/I$&((&! (9&'J/'%!
.&""&'%! (9/?/'4#'! ;<3$! E! (/! '/,""/'3&! &%! &'! "#$JJ.&! '9&"%! 0/"! ;<.,J,<&C! =(52(
"'<0'"%( )#-0( &#'$$"."2.0( *+%-$2-08( %-( -%( "%0"#'/2-0( <2&( P( *2( -2.&&2-G%( *%&( &#-&8( *%&(
#)%'"&( %0( *%&( "%<K"%&( C'+.*( 2/2.0( )2-&( *%( /%-0"%( 620%"-%*8( %&0( 0#'0%( "%*20./%I( 5%&(
%H<1".%-G%&( )%&( <23&( 10"2-7%"&( "1/K*%-0( C'%( *%&( <2"%-0&( .-0%-0.#--%*&( "%-)%-0( 0"K&(
"17'*.K"%6%-0(/.&.0%(P(*2(6K"%()%(&'@&0.0'0.#-I(:*&(<2&&%-0(&#'/%-0()%(*#-7'%&(B%'"%&(
%-&%6@*%8( C'.( <%"6%00%-0( P( *+%-$2-0( P( -2e0"%( )%( &%( $26.*.2".&%"( 2/%G( %'H(J( P( &2(
-2.&&2-G%8(.*(<#'""2("%G#--2e0"%()%&(/#.H(%0()%&(&#-&()1?P(%-0%-)'&I(!2"(2.**%'"&8(.*(-%(
&+27.0( <2&( )%( B%"( *2(6K"%( )%( &'@&0.0'0.#-( )%( &%( )1&.-01"%&&%"( )%( *+%-$2-0( C'+%**%(
<#"0%8(62.&()%(*'.()%62-)%"()%(-%(<2&(=(.-/%&0."(D(G%0(%-$2-0(G#66%(*%(&.%-(QRSI(52(
620%"-.01(<#'"(2'0"'.(-%(G#-&0.0'%()#-G(<2&('-(2@2-)#-8(<'.&C'%(*+%-$2-08(*#.-()+E0"%(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'$4!b,H3L!c6-!c1K1<,!b6!2>!?1BI2@<,>!:6! nH2o-!0:)+-(H9+(:)#W#*%#-,>*"O(:)#<9-#*%#$%+"-)(+,#
;:9-#%9+-9(-!;L,/>-!3/55<3>!HM1,_<3@/>1<,!,O%#"-##&!.A1,!#44)6!'$"!;L,/>-!3/55<3>!53LB6-!56!'46!
! #*4
@"'02*%6%-0(%0(0"27.C'%6%-0()1*2.&&1(<2"(&%&(<2"%-0&8(%&0(2'(G#-0"2."%($#"0%6%-0()1&."1(
)K&( &2( G#-G%<0.#-8( %0( 2GG'%.**.( <2"( &%&( <2"%-0&( .-0%-0.#--%*&( )K&( &2( -2.&&2-G%!I1!
&A0(,I$&!(&!./00#.%'$#C!O'"$,%&1!(/!3./,'%&!49$'!=(@"#'.**27%()%(*2(<%"G%<0.#-()%(&2(
$.*.20.#-(D(0/.!(9&'J/'%!&"%!.<"#($!0/.!=(*%(<#'/#."()%(*2(<2"#*%(DI(U(!"$JJ,%!4&!4,.&!E!
(9&'J/'%!(/!;<.,%<!3#'3&.'/'%!(&"!3,.3#'"%/'3&"!4&!"/!'/,""/'3&!$'&!J#,"!I$9,(!&"%!
&'! uP&! 4&! 3#@0.&'4.&! /J,'! 49<;,%&.! 4&"! "#$JJ./'3&"! &A,"%&'%,&((&"! I$,! "&!
4<.#$(&'%! '#%/@@&'%! E! (9/4#(&"3&'3& '$$ C! O'J,'1! (/! 3./,'%&! 4&! (/!
3#'%./3%$/(,"/%,#'! 4&! (/! J,(,/%,#'! &"%1! <P/(&@&'%1! 4<"/@#.3<&! P.u3&! E! "#'!
&'3/4.&@&'%! (<P/(C! 7&($,[3,! "&! ./00.#35&! 4&"! .BP(&"! 4&! (/! 6C! ZC! >C1! &'!
3#'J#.@,%<!/;&3!(&!0.,'3,0&!4&!.&"0&3%!4&!(/!4,P',%<!5$@/,'&C!>,'",1!/$!@D@&!
%,%.&!I$&!(/!6C!ZC!>C1!(/!P&"%/%,#'!0#$.!/$%.$,!&"%!$'!@#=&'!4&!($%%&.!3#'%.&!(/!
"%<.,(,%<!@<4,3/(&!4&"!3#$0(&"C!!
efcC!2/'"!3&%%&!(#P,I$&1!(&!./00#.%!0.#0#"&!$'&!"<.,&!4&!0.,'3,0&"!4&;/'%!D%.&!
.&"0&3%<"! 0/.! (&! (<P,"(/%&$.'$%C! >,'",1! (&"! ?<'<J,3,/,.&"! 4&! (/! P&"%/%,#'! 0#$.!
/$%.$,!'&!0&$;&'%! D%.&!I$&!=(*%&(G#'<*%&(G#6<#&1&()%(<%"&#--%&()%(&%H%().$$1"%-08(
62".1%&(#'(%-(6%&'"%()%(?'&0.$.%"()+'-%(/.%(G#66'-%()+2'(6#.-&()%'H(2--1%&(%0(%-(
|7%()%(<"#G"1%"(QRS(D!&%!"#'!/$%#.,"/%,#'!&"%!"$?#.4#''<&!E!(9,@0#"",?,(,%<!0#$.!
(/! J&@@&!4&!@&'&.!$'&!P.#""&""&!E! %&.@&!#$!E!=(*2(6%-%"(&2-&()2-7%"(<#'"(&2(
&2-01(#'(<#'"(G%**%()%(*+%-$2-0(P(-2e0"%(DC!2&!0($"1!/J,'!4&!@/,'%&',.!$'&!3&.%/,'&!
3#5<.&'3&!"9/P,""/'%!4$!4.#,%!4&! (/!6C!ZC!>C1!=(2'(6#.-&(*+'-()%&()%'H(6%6@"%&(
)'(G#'<*%()%62-)%'"()+'-%(7%&020.#-(<#'"(2'0"'.()%/"2.0(E0"%(*%(<2"%-0(71-10.C'%()%(
*+%-$2-0(DC!^$/'%! E! (/!@B.&!0#.%&$"&! 3/'4,4/%&1! &((&! '&!4#,%! 0/"! D%.&! (/!@B.&!
P<'<%,I$&! 4&! (9&'J/'%1! /;#,.! &$! /$! @#,'"! $'! &'J/'%! &%! 3&! 4/'"! 4&! ?#''&"!
3#'4,%,#'"!4&!P.#""&""&1!&%!&((&!0&$%!D%.&! (/!"]$.!#$!$'&!3#$",'&!4&! (/!@B.&!
"#$5/,%/'%!"9/4.&""&.!E!"&"!"&.;,3&"C!2&!0($"1!(&!3#$0(&!"#$5/,%/'%!.&3#$.,.!E!(/!
P&"%/%,#'! 0#$.! /$%.$,! 3#@@&! (/! P&"%/%.,3&! 3/'4,4/%&! 4#,;&'%! #?%&',.! $'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'$#!;L,/>-!3/55<3>!53LB6-!56!'#6!'$$!;L,/>-!3/55<3>!53LB/-!56!'$6!'$%!;L,/>-!3/55<3>!53LB/-!556!($S)46!
! #*"
/P.<@&'%!4<(,;.<! "#$"! (9/$%#.,%<!4&! (9>P&'3&!4&! (/!?,#@<4&3,'&C!89#0<./%,#'!
'&!0&$%!4#''&.!(,&$!',!E!0$?(,3,%<1!',!E!.<@$'<./%,#'1!3&!I$&!'#$"!"#$(,P',#'"C!
O'J,'1!E!(9,'"%/.!4&!3&!I$,!&"%!4<+E!0.<;$!"9/P,""/'%!4&!(/!6C!ZC!>C!.</(,"<&!/;&3!
4&"!P/@B%&"!&A#PB'&"!/$!3#$0(&'$&1!(&!+$P&!"&./,%!$'!/3%&$.!,'3#'%#$.'/?(&!4&!
(/! P&"%/%,#'!0#$.! /$%.$,C!7&($,[3,! .&3$&,((&./,%! '#%/@@&'%! (&"! 3#'"&'%&@&'%"!
<3.,%"!4&"!0.#%/P#',"%&"!4&!(/!P&"%/%,#'!0#$.!/$%.$,!/,'",!I$&!4$!3#'+#,'%1!4$!
0/.%&'/,.&!4$!6C!>C!7C!RC!#$!4$!3#'3$?,'!4&!(/!@B.&!0#.%&$"&!3/'4,4/%&C!>,'",1!
(/!.</(,"/%,#'!.-($.-%(4&!(9#0<./%,#'!"&./,%!4<0&'4/'%&!4&!"/!4<3,",#'C!
!
efkC! R,! 3&! ./00#.%! 49,'J#.@/%,#'! &"%! E! 3#'",4<.&.! /;&3! 0.<3/$%,#'! &%! '&!
3#'"%,%$&1! &'! /$3$'! 3/"1! 4$! 4.#,%! 0#",%,J1! ',! @D@&! $'! 0.#+&%! (<P,"(/%,J!
I$&(3#'I$&1! ,(! 3#'"%,%$&! $'&! ,(($"%./%,#'! 4&! (/! 0.#P.&"",#'! 4&! (9,4<&!
49/$%#'#@,&!0&."#''&((&!4/'"!'#%.&!4.#,%!J./'_/,"C!O'!&JJ&%1!3&!./00#.%!@#'%.&!
I$&!(/!P&"%/%,#'!0#$.!/$%.$,!&"%!&';,"/P&/?(&!49$'!0#,'%!4&!;$&!(<P,"(/%,JC!O((&!
0&$%!D%.&!0&'"<&1!3#'_$&1!&%!0.<;$&C!R#'!/?"&'3&!4&!@/%<.,/(,"/%,#'!'9&"%!0/"!
/'%,'#@,I$&! 4&! 3&%%&! 0.#P.&"",#'! #33$(%&!H! (9,4<&! 0.#P.&""&1! (&! 3#.0"! &"%!
/00.<5&'4<1! 4&! 0($"! &'! 0($"1! 4&! J/_#'! /$%#'#@&1! 3&(/! <%/'%! J/;#.,"<! 0/.! (/!
0&.3&0%,#'! !i35#",J,<&!j! I$9#'! 0&$%! &'! /;#,.1! 3#'"<I$&'3&! 4&! "#'!
/00.<5&'",#'! "3,&'%,J,I$&! @#.3&(<&C! 8&! 3#.0"! <%/'%! #?+&%! 4&! "/;#,.1! 4&!
3#''/,""/'3&1!49&A0<.,@&'%/%,#'"1!,(!4&;,&'%!0&'"<!3#@@&!$'&!35#"&'$'C!!
eg-C! R,P'/(#'"! &'! #$%.&! I$&! ",! (/! 6.<",4&'3&! Q#((/'4&! '&! 4&;./,%! 0/"! ;#,.!
(<P/(,"&.! (/! 0./%,I$&! 4&! (/! @/%&.',%<! 4&! "$?"%,%$%,#'1! (&! 6.<",4&'%! 4&! (/!
S<0$?(,I$&! "9=! 4<3(/./'%! #00#"<1! "/! .&3#''/,""/'3&! +$.,4,I$&! 2( <#&0%".#".!
0#$../,%!;#,.!(&!+#$.1!3&($,[3,!"9<%/'%!4<3(/.<!J/;#./?(&!E!(/!%./'"3.,0%,#'!"$.!(&"!
.&P,"%.&"! 4&! (9<%/%! 3,;,(! J./'_/,"! 4&"! /3%&"! 4&! '/,""/'3&"! 49&'J/'%"! '<"! 49$'&!
%&((&!0./%,I$&!(<P/(&!E!(9<%./'P&.'$(C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'$&!F6!/3>6!?6!#"%"S&!2>!=6!76;6Q6!'$' !F6! 5/3! 2Y6! 96! m<331KK<-! !BC:$$"# ;-:;-(,+%(-"# ="# *9(k$A$"# !"# 5-:(+# >%6"# %9O#
-";-,<")+%+(:)<#;:;9*%(-"<#"+#<%7%)+"<#=9#6:-;<-!gIi=2!;>3/=`<A3k-!"**"6!!'$(!F6!!"<#DZ#G9"<+(:)<#=B?8XJ#!"<#-,;:)<"<#="#_-%)`:(<#?:**%)="-!53LB6-!56!""6!
! #*#
eg)C!R,!(&!4#@/,'&!4&"!.&(/%,#'"!"&A$&((&"!0.<"&'%&!@#,'"!49,'%<.D%1!@&%%/'%!&'!
+&$!4/'"!$'&!?,&'!@#,'4.&!@&"$.&!(&"!I$&"%,#'"!<%5,I$&"!/?#.4<&"1!"#'!<%$4&!
@#'%.&! I$&! (9/$%#'#@,&! 0&."#''&((&! &"%! '<3&""/,.&@&'%! /4@,"&! 2( <".#".8( (&!
4.#,%!"9&'!%.#$;/'%!)%($2G0#!<3/.%<!4$!J/,%!4&!(&$.!3/./3%B.&!"&3.&%C!>!(9,'"%/.!4&!
3&!I$&!(9#'!3#'"%/%&!&'!4.#,%!&$.#0<&'1!(&!4#@/,'&!4&"!.&(/%,#'"!"&A$&((&"!&"%!
4<+E! "#$"[%&'4$! 0/.! (&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&C! 6#$.%/'%1! $'&!
<;#($%,#'!(,?<./(&!,'<4,%&!0#$../,%!"&!J/,.&!+#$.C!
!
!
Ye)S).=>)?=@A:BDE>)>=];=@@=>)
!
!
eg*C! R,! (&! 4.#,%! 0#",%,J! "&! @#'%.&! 4<+E! %.B"! (,?<./(! &'! (/! @/%,B.&! T,U1! ,(! &"%!
0#"",?(&! 49&';,"/P&.! I$9$'! 0/"! "$00(<@&'%/,.&! "#,%! J./'35,! "9/P,""/'%! 4&"!
@/+&$."!0.#%<P<"1!I$,!0#$../,&'%!?,&'%t%!?<'<J,3,&.!4&"!"&.;,3&"!49$'!/"","%/'%!
"&A$&(!TNUC!!
,O)!E)<?DB:)CD>B:BQ):?I>)@BZG?A@)
!
egbC! 8&! 4#@/,'&! 4&"! .&(/%,#'"! "&A$&((&"! &"%! 3&.%/,'&@&'%! 3&($,! 4/'"! (&I$&(!
(9/$%#'#@,&! ,'4,;,4$&((&! "9<0/'#$,%! 0/.%,3$(,B.&@&'%1! &%! 3&! 0#$.! $'&! ./,"#'!
%#$%&!",@0(&!H!(&!4.#,%!'9=!/!0/"!/33B"!&'!P<'<./(C!`#$%!"&!0/""&!4/'"!(9/(3t;&!
4&! (/!35/@?.&!E!3#$35&.1!E! (9/?.,!4&"!.&P/.4"! ,'4,"3.&%"C!2B"! (#."1!&'!J/,%1! (&"!
,'4,;,4$"!0&$;&'%! "9/4#''&.! /$A!0./%,I$&"! 4&! (&$.! 35#,A! &%! i!J/,.&! 3&! I$9,("!
;&$(&'%!j!4&! (&$.! 3#.0"! "/'"! I$9/$3$'! 3#'%.t(&! '&! "#,%! &A&.3<1! 4B"! (#."! I$9,(!
"#'%!/4$(%&"!3#'"&'%/'%"! [!&'!&JJ&%1!#'!"/,%!I$&! (&"!@,'&$."!'&!4,"0#"&'%!0/"!
49$'&! %&((&! (,?&.%<!0$,"I$9,("! "#'%!"#$@,"!/$!3#'%.t(&!4$!#$!4&"! %,%$(/,.&"!4&!
(9/$%#.,%<!0/.&'%/(&!3#'3&.'/'%!(&$.!;,&!"&A$&((&1!/$!@#,'"!+$"I$9E!(9uP&!4&!)e!
! #*$
/'"1!/$I$&(!,("!/%%&,P'&'%!(/!@/+#.,%<!"&A$&((&'$)C!
egdC! :'! %&(! .&%./,%! 4$! 4.#,%! &"%! 2( <".#".! 4&"! 0($"! '/%$.&(1! 0$,"I$9/(#."! "#'%!
3#'3&.'<"! (&"! /"0&3%"! (&"! 0($"! ,'%,@&"! 4&! (/! ;,&! 0&."#''&((&C! O%! 39&"%! %.B"!
+$"%&@&'%!I$&!(&!4#@/,'&!4&"!.&(/%,#'"!35/.'&((&"!.&(B;&!4$!4.#,%!/$!.&"0&3%!
4&! (/! ;,&! 0.,;<&1! 0.#%<P<1! #'! (9/! "#$(,P'<! @/,'%&"! J#,"1! 0/.! (9/.%,3(&! c! 4&! (/!
7#';C!OC!2C!QC1!$'&!,(($"%./%,#'!0/.#A="%,I$&!0#$;/'%!D%.&!%.#$;<&!4/'"!(9/..D%!
nC!>C!&%!>C!2C!
egeC! >,'",1! 4&"! .&(/%,#'"! "&A$&((&"! &'%.&! /4$(%&"! 3#'"&'%/'%"! 0&$;&'%! D%.&!
&A&.3<&"!4&!J/_#'!%#$%!E!J/,%!/$%#'#@&C!S&@/.I$#'"!<P/(&@&'%!I$&!4&0$,"!4&!
'#@?.&$"&"!/''<&"1!(/!7#$.!0.#%&3%.,3&!4&"!4.#,%"!J#'4/@&'%/$A!'9/!4&!3&""&!
4&!0.#%<P&.! (/! (,?&.%<!"&A$&((&!x!39&"%[E[4,.&! (/! (,?&.%<!49/4#0%&.! (&"!0./%,I$&"!
"&A$&((&"! 4&! "#'! 35#,A! [! 3#@@&! .&(&;/'%! 4$! 4#@/,'&! 4&! (/! ;,&! 0.,;<&C!
S/00&(#'"! /,'",! "/! +$.,"0.$4&'3&! .&(/%,;&! /$A! 0./%,I$&"! 5#@#"&A$&((&"1! I$,!
"#'%!0.#%<P<&"!0/.!(/!7#$.!4&!R%./"?#$.P!/$!%,%.&!4$!4.#,%!/$!.&"0&3%!4&!(/!;,&!
0.,;<&C!>!(9,'"%/.!4&!%#$%&!.&(/%,#'!5<%<.#"&A$&((&1!35/I$&!,'4,;,4$!/! (&!4.#,%!
4&!@&'&.!(/!;,&!"&A$&((&!4&!"#'!35#,A1!&'!/33#.4!/;&3!"#'!,4&'%,%<!0.#J#'4&'$*C!!
egfC!>,'",1!%#$%!3#@@&!&'!4.#,%!&$.#0<&'!4&"!(,?&.%<"!J#'4/@&'%/(&"1!,(!'9&"%!
0/"! 3#'%&"%/?(&! I$&! (9/$%#'#@,&! "&A$&((&! &"%1! &'! 0.,'3,0&1! /3I$,"&! &'! 4.#,%!
J./'_/,"! &'! /00(,3/%,#'! 4&! (9/$%#'#@,&! 0&."#''&((&C! 75/3$'! 0&$%!@&'&.! (&"!
0./%,I$&"! "&A$&((&"! 4&! "#'! 35#,A1! I$9&((&"! "#,&'%! 5#@#"&A$&((&"1!
5<%<.#"&A$&((&"1! #$! &'3#.&! ?,"&A$&((&"1! "#$"! .<"&.;&! ?,&'! &'%&'4$! I$9&((&"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'$)!?2@/3aA<,=!aAM2=>!5L,/K2@2,>!=/,B>1<,,L-!Z!KM/3>1BK2!##(S#&!HA!7<H2!5L,/K-!a#!"#>%(+J#
;%-#9)#$%P"9-J#=B"O"-6"-#<%)<#7(:*")6"J#6:)+-%()+"J#$")%6"#)(#<9-;-(<"#9)"#%++"()+"#<"O9"**"#
<9-# *%# ;"-<:))"# =B9)# $()"9-# ="# G9()'"# %)<#d-! /A>32@2,>! H1>! K2! _/1>-! 5<A3! A,! @/.2A3-!
HM2,>32>2,13!H2=!32K/>1<,=!=2YA2KK2=!B<,=2,>12=!5/3!A,!@1,2A36!'$*!b1,=1-! K/! 7<A3! H2! ;>3/=`<A3k! .Ak2! H/,=! A,! /33d>! 9AHk2<,! B<,>32!?<R/A@2ST,1! aA2!
KM/BB<@5K1==2@2,>! HM/B>2=! I<@<=2YA2K=! 2,! 5310L! 2,>32! /HAK>2=! B<,=2,>/,>=! ,2! =/A3/1>!_/132! KM<`.2>!HMA,2! 3L532==1<,!5L,/K2-!@d@2!=M1K!52A>!a#C"9-+"-J#6C:G9"-#:9#()G9(,+"-#="<#;"-<:))"<#G9(#+-:97")+#*BC:$:<"O9%*(+,#($$:-%*"#d!]!06!768696:6-!9AHk2<,!BC?<R/A@2ST,1-!
##! <B>6! "*)"-! G6! ;AH32! 2>! %*((-! 2/I/5/8/0/?/J# :;/# 6(+/J! ,O$(-! E$46! V/! 7<A3! 8696:6! .Ak2!
Lk/K2@2,>!H/,=!A,!/33d>!c/>/!8=>202p!B<,>32!8=5/k,2!aA2!a#*"<#-"*%+(:)<#*"<H("))"<#:9#
C:$:<"O9"**"<# =9-%H*"<# -"*c7")+# ="# *%# 7("# ;-(7,"# =B9)"#$%)(c-"# &,),-%*"#d#]! 06! 768696:6-!
c/>/! 8=>202p! BC8=5/k,2-! "4! @/1! #44"-! ,O&'&4"C446! ;A3! K/! aA2=>1<,! H2! K/! K1`23>L!
=2YA2KK2-! 06! 96! m<331KK<! 2>! 96! V<BI/D! nH136o-! !%#*(H"-+,#<"O9"**"-#:;6!6(+6![! f6! H2! g1==<>-! !%#
*(H"-+,#<"O9"**"#"+#*%#*:(-!m/KK/,H-!"*)%6!
! #*%
"#,&'%!0./%,I$<&"!&'%.&!/4$(%&"!3#'"&'%/'%"C!2/'"!3&!4#@/,'&1!$'&!<;#($%,#'!
(,?<./(&!"$00(<@&'%/,.&!"&@?(&!0&$!&';,"/P&/?(&1!"/$J!E!,@/P,'&.!"$00.,@&.!
#$! /%%<'$&.! 4&"! 0.,'3,0&"! J#'4/@&'%/$A! 4&! (9#.4.&! 0$?(,3! 0<'/(! 3#@@&!
(9,'%&.4,3%,#'! 49#?(,P&.! /$%.$,! E! /;#,.! 4&"! .&(/%,#'"! "&A$&((&"1! #$! &'3#.&!
(9,'%&.4,3%,#'!J#'4/@&'%/(&!4&!(9,'3&"%&1!3&!I$,!&"%!,'3#'3&;/?(&C!!
eggC!6($"! ./,"#''/?(&@&'%1!$'&! <;#($%,#'! (,?<./(&! ,'<4,%&!0#$../,%! /;#,.! (,&$!
3#'3&.'/'%! (/! ;,&! "&A$&((&! 4$! @/+&$.! 0.#%<P<1! 0/.! (&! %.$35&@&'%! 4&!
(9/"","%/'3&!"&A$&((&C!
NO).A)CD>>BZB@B:G)</;E=)A>>B>:AEF=)>=];=@@=)CD;?)@=>)KA`=;?>)C?D:GMG>)
)
egcC!89/$%#'#@,&!"&A$&((&!3#'3&.'&!<P/(&@&'%!(&!@/+&$.!0.#%<P<1!I$,!4,"0#"&!
&'! %5<#.,&!4&! (/! (,?&.%<!4&!@&'&.! (/! ;,&! "&A$&((&!4&! "#'! 35#,AC! O'! &JJ&%1! "#'!
,'3/0/3,%<! 49&A&.3,3&! '&! ($,! ,'%&.4,%! /$3$'&@&'%! 49&'%.&%&',.! 4&"! .&(/%,#'"!
0&."#''&((&"!/;&3!4&"!%,&."y!",!%/'%!&"%!I$9,(!&'!&"%!05=",I$&@&'%!3/0/?(&C!X.1!
(&"! @/+&$."! 0.#%<P<"! &'! ",%$/%,#'! 4&! 5/'4,3/0! @&'%/(! &%s#$! 05=",I$&! L0/.!
&A&@0(&!&'!3/"!4&!%<%./0(<P,&M!0&$;&'%!"&!.&%.#$;&.!,'/0%&"1!0#$.!(&"!./,"#'"!
0./%,I$&"!I$&!(9#'!,@/P,'&1!E!@&'&.!$'&!;,&!"&A$&((&1!J/$%&!)+3(2/#."(2GGK&C!!
egkC! R,! 3&%%&! I$&"%,#'! '9/! "$"3,%<! I$&! 0&$! 49<@#,! 0&'4/'%! (#'P%&@0"1! &((&!
3#@@&'3&! E! <;&,((&.! $'! ,'%<.D%! "#3,/(1! 0#(,%,I$&! &%! +$.,4,I$&1! 3#@@&! &'!
%<@#,P'&! (&! ./00#.%!"$.! (&!5/'4,3/01!!2&&%"()%(*2(<".&%(%-(GB2"7%R(P(*2(<".&%(%-(
G#6<0%8(.&@,"!0/.!ZC! FC[GC!75#""=1!@&@?.&!Q#'#./,.&!4$!6/.(&@&'%1! E!ZC! (&!
6.&@,&.! Z,',"%.&! &%! E! Z@&! (/! Z,',"%.&! 4&"! R#(,4/.,%<"! &%! 4&! (/! 7#5<",#'!
"#3,/(&! &'!'#;&@?.&! *-))'%4C!7&! ./00#.%! 0.#0#"&!$'&!@#4,J,3/%,#'!4$!4.#,%!
J./'_/,"! I$,! &"%! (#,'! 49D%.&! /'#4,'&1! "#$"! (&! 0.,"@&! 4&! (9/$%#'#@,&!
0&."#''&((&C!O'!&JJ&%1!E!(9,'"%/.!4&!3&!I$,!&A,"%&!4<+E!&'!>((&@/P'&1!/$A!6/="[
N/"1! #$! &'3#.&! &'! R$,""&1! ,(! "9/P,./,%! 4&! 3#'"/3.&.! (<P/(&@&'%! (/! 0#"",?,(,%<1!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'%4!\6SG6!7I<==R-!1%<<"-#="#*%#;-(<"#")#6C%-&"Q#W#*%#;-(<"#")#6:$;+"-! 3/55<3>! 32@1=!Z!c6!G6!
G1KK<,-! Q32@123! c1,1=>32-! c@2! ?6! m/BI2K<>S^/3aA1,-! c1,1=>32! H2=! ;<K1H/31>L=! 2>! H2! K/!
7<IL=1<,!=<B1/K2-!c@2!c6Sb6!c<,>BI/@5-!;2B3L>/132!HM8>/>-!,<06!#4""6!!
! #*&
0#$.!4&"!@/+&$."!&'!",%$/%,#'!4&!5/'4,3/0!L0(/3<"!#$!'#'!"#$"!$'!.<P,@&!4&!
0.#%&3%,#'M! 4&! =("%G%/#."( *+2&&.&02-G%( B'62.-%( -1G%&&2."%( P( *+%H<"%&&.#-( )%( &2(
&%H'2*.01(DTUD!P.u3&!/$A!"&.;,3&"!49$'!/"","%/'%!"&A$&('%#C!X.1!3&(/! ,@0(,I$&./,%!
?,&'! &'%&'4$! 4&! 3.<&.! (/! 0.#J&"",#'! 49/"","%/'%! "&A$&(1! &%! 0/.! (E[@D@&!
49,'"%/$.&.! $'&! &A3&0%,#'! &'! 4.#,%! J./'_/,"! /$A! ,'J./3%,#'"! 4&! 0.#"%,%$%,#'!
L"/'3%,#''<&! "#$"! (/! J#.@&! 4$! ./3#(/P&! 0$?(,31! /.%C! **e[)-[)! 7C6CM! &%! 4&!
0.#A<'<%,"@&! L/.%C! **e[e! E! **e[)-!7C6CMC!6#.%<!0/.! (&!0.,'3,0&!49<P/(,%<1! ,(! &"%!
4B"!(#."!%#$%!E!J/,%!&';,"/P&/?(&!I$&!(&!(<P,"(/%&$.!J./'_/,"!3#'"/3.&1!4/'"!$'!
J$%$.! 0($"! #$!@#,'"! 0.#35&1! (/! 0#"",?,(,%<! 0#$.! (&"!@/+&$."! &'! ",%$/%,#'! 4&!
5/'4,3/0! 4&! ?<'<J,3,&.! 4&"! 0.&"%/%,#'"! 49$'! /"","%/'%! "&A$&(1! 0#$.I$#,! 0/"!
"#$"! (/! 0.&"",#'! 4&! (/! 7#$.! 4&! R%./"?#$.P! I$9,(! &"%! 0&.@,"! 49,@/P,'&.!
3#'"/3.&.! (&! 4.#,%! E! /;#,.! /33B"! E! $'&! ;,&! "&A$&((&y! O'! &JJ&%1! (9/"","%/'3&!
"&A$&((&! "&./,%! .</(,"<&! 0#$.! P/./'%,.! (/! 4,P',%<! 4$! ?<'<J,3,/,.&1! &%! /,'",! ($,!
0&.@&%%.&!=(L)+O2GG1)%"(P( *2(G#--2.&&2-G%()%(&#-(<"#<"%(G#"<&8()+2/#."( *2(<#&&.@.*.01(
)%(/./"%(&%&(<2&&.#-&8(&%&(16#0.#-&8(&%&(@%&#.-&(%0(&%&(%-/.%&8()%()1G#'/"."(*+2'0"%(2/%G(
=(*+%&0.6%()%(&#.(D()2-&('-%(2<<"#GB%()+16#0.#-&(%0(<#'"C'#.(<2&()+26#'"(DTUgC!X.1!(/!
7#$.! 4&! R%./"?#$.P! '&! 0.#%BP&[%[&((&! 0/"! (&! 4.#,%! E! (9<0/'#$,""&@&'%!
0&."#''&(!3#@@&!@/',J&"%/%,#'!4$!0.,'3,0&!49/$%#'#@,&!0&."#''&((&'%%!v!
ec-C!R,!(/!0.#J&"",#'!49/"","%/'%!"&A$&((&!<%/,%!/$%#.,"<&1!#'!/?#$%,./,%!/(#."1!&'!
4.#,%! J./'_/,"1! E! $'&! .<3&0%,#'! %#$%! E! J/,%! /?#$%,&! 4$! 0.,'3,0&! 49/$%#'#@,&!
0&."#''&((&!4/'"!(&!4#@/,'&!4&!(/!;,&!"&A$&((&C!O'!&JJ&%1!"9/P,""/'%!49$'&!0/.%!
4$! ?<'<J,3,/,.&! 4&"! 0.&"%/%,#'"! 4&! (9/"","%/'%1! "#'! /$%#'#@,&! "&A$&((&! "&!
;&../,%! 3#'3.<%,"<&! P.u3&! E! (9/,4&!@/%<.,&((&! /00#.%<&1! "9/P,""/'%!49/$%.&!0/.%!
4&!(9/"","%/'%!"&A$&(1!,(!4,"0#"&./,%!4&!"/!"&A$/(,%<!3#@@&!49$'!"&.;,3&!3#'%.&!
.<@$'<./%,#'1!I$,1!I$#,!I$9#'!&'!0&'"&1!&'%.&./,%!4B"!(#."!4/'"!(&!3#@@&.3&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'%"!?/556!53LB6-!56!"4*6!'%#!72>!/==1=>/,>!,2!=23/1>!5/=!A,!`L,L0<K2!@/1=!A,!53<_2==1<,,2K!3L@A,L3L!/R/,>!32eA!
A,2!_<3@/>1<,!=5LB1_1aA26!F6!?/556!53LB6-!56!"4'6!'%$!?/556!53LB6-!56!"4%6!'%%!768696:6-!l6b6!2>!b696!BCm2Kk1aA2-!"(!_L036!#44&-!53LB6-!E)$6!
! #*'
+$.,4,I$&!&%!<3#'#@,I$&C!
!
ec)C!Z/(P.<! (/! 0#"",?,(,%<!49$'&! <;#($%,#'! (,?<./(&! &'!@/%,B.&!4&!4,"0#",%,#'!
3#.0#.&((&1! ,(! &"%! 0.#?/?(&! I$&! (&! 4.#,%! J./'_/,"! .&"%&./! 5&.@<%,I$&! E! $'&!
.<3&0%,#'!/?#$%,&!4$!0.,'3,0&!49/$%#'#@,&!0&."#''&((&1!&'!./,"#'!49$'!#.4.&!
0$?(,3!0<.&''&!;,"/'%! E!0.#%<P&.! (/!0&."#''&! 3#'%.&! &((&[@D@&!&%! 3#'%.&! (&"!
%,&."C!!
!
!
'=F:BDE)W)S)!E=)GJD@;:BDE)EGF=>>AB?=K=E:)@BKB:G=)A;)?=MA?<)<=)@A)CG?=EEB:G)
<=)@/D?<?=)C;Z@BF))
!
!
!
ec*C! O'! 4<0,%! 4&"! /00/.&'3&"1! (9#.4.&! 0$?(,3! &'! 4.#,%! J./'_/,"! &"%! 0<.&''&!H!
(9,@0.&"",#'! 4&! "/! 4,"0/.,%,#'! 3#'%&@0#./,'&! &"%! %.#@0&$"&C! O'! &JJ&%1! (/!
4#3%.,'&! /3%$&((&! @#'%.&! I$&! (#,'! 4&! "9&JJ/3&.1! (9#.4.&! 0$?(,3! "&! @#4,J,&! &%!
.&"%&!&JJ,3/3&1! %/'%!49$'!0#,'%!4&!;$&! J#'4/@&'%/(!I$&! J#'3%,#''&(C!R&(#'!$'!
/$%&$.1! (/! @/%,B.&! @<4,3/(&! &%! ?,#@<4,3/(&! &'! 3#'"%,%$&'%! $'&! ,(($"%./%,#'!
.&@/.I$/?(&'%&1! /(#."! @D@&! I$&! (&! 0#$;#,.! 4&"! ;#(#'%<"! ,'4,;,4$&((&"! '9/!
+/@/,"! "&@?(<! /$"",! 0.&P'/'%C! >,'",1! /0.B"! $'&! <%$4&! 4&! 3&! '#$;&(! #.4.&!
0$?(,3!/4/0%<!/$!4#@/,'&!4$!3#.0"!5$@/,'!TY8U1!'#$"!@#'%.&.#'"!3#@@&'%!,(!
(,@,%&!(9/$%#'#@,&!0&."#''&((&!4/'"!(&"!4#@/,'&"!#h!(/!7#$.!4&!R%./"?#$.P!(&!
3#'"/3.&!TYWUC!!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'%& !+6! c/3/H21Y! Q<AH2,=/,-! 8<<%(# <9-# *B,7:*9+(:)# ="# *B:-=-"# ;9H*(6# W# ;%-+(-# ="# <:)#
%;;*(6%+(:)#")#$%+(c-"#$,=(6%*"#"+#H(:$,=(6%*"#:9#7"-<#9)#:-=-"#;9H*(6#="#&"<+(:)-! !gIi=2!
Q/A-!#44(6!!
! #*(
Y8)S)!E)D?<?=)C;Z@BF)A<AC:G)A;)<DKABE=)<;)FD?C>)H;KABE)
)
!
!
ecbC! 89#.4.&! 0$?(,3! ,''&.;&! %#$+#$."! (&! 4.#,%! J./'_/,"1! &%1! 3#'%./,.&@&'%! /$A!
/00/.&'3&"1! (/! 0.#P.&"",#'! <;,4&'%&! 4&! (9/$%#'#@,&! 0&."#''&((&! '&!@/.I$&!
0/"!"#'!.&%./,%C!>,'",1!(/!4#3%.,'&!@#'%.&!I$&!3&"!4&$A!3#'3&0%"!"#'%!3#'3,(,<"C!
8/! 0<.&'',%<! 4&! (9#.4.&! 0$?(,3! &'! 4.#,%! J./'_/,"! T,U) '9/! 49<P/(! I$&! "#'!
.&4<0(#,&@&'%! 0./P@/%,I$&1! 4#'%! (/! @/%,B.&! I$,! '#$"! ,'%<.&""&! &"%! $'!
&A&@0(&!.&@/.I$/?(&!TNUC!)
!
,O)!E)D?<?=)C;Z@BF)CG?=EE=)
)
ecdC!`./4,%,#''&((&@&'%1!(9#.4.&!0$?(,3!.&';#,&!E!$'!#.4.&!"#3,/(!,@0<./%,J!I$,!
%./'"3&'4&! (&"! ;#(#'%<"! ,'4,;,4$&((&"1! $'! "#3(&! 49,'%&.4,%"! 5#@#PB'&! T8UC!
>$+#$.495$,1! ,(! 3#..&"0#'4! 4/;/'%/P&! E! $'! #.4.&! /33#@0/P'/%&$.! 4&"!
;#(#'%<"!,'4,;,4$&((&"1!J(&A,?(&!&'!J#'3%,#'!4&!(/!@/%,B.&!TWUC!
!
8O)./D?<?=)C;Z@BF)BKCG?A:BQ)
)
eceC! ^$,3#'I$&! "9&"%! &""/=<! E! 4<J,',.! (9#.4.&! 0$?(,3! "9&"%! 3#'J.#'%<! E! (/!
'<?$(#",%<! 4&! (/! '#%,#'C! 8/! 4#3%.,'&1! 4/'"! "#'! &'"&@?(&1! J/,%! 3&! 3#'"%/%!
4<3#$./P&/'%1!;#,.&!4<J/,%,"%&'%'C!=(`I(`2*2'".%(2("%G%-&1(<*'&()%(/.-70()1$.-.0.#-&(
&2-&(<#'"(2'02-0(G#-&020%"(C'%(*+'-%()+%-0"%(%**%&(102.0(&20.&$2.&2-0%I(:*(%-(2()+2.**%'"&(
<"#<#&1('-%(C'.(2(101(&#'/%-0("%<".&%(J(=(5+#")"%(<'@*.G8(G+%&0( *%(@#-($#-G0.#--%6%-0(
)%&(.-&0.0'0.#-&(.-).&<%-&2@*%&(P(*2(G#**%G0./.01(D(D1!<3.,;&'%!ZZC!FC!Q/$"&.!&%!FCxFC!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'%'!F6! 5/3! 2Y6! \6! :/A=23! 2>! \6S\6! V2@<AK/,H-! J! f3H32! 5A`K1B! 2>! `<,,2=!@uA3=!N-!3,;/#6(7/#
5%**:'! [!c6!bp/0/,>-!!B:-=-"#;9H*(6#"+#*B,+%+#="<#;"-<:))"<-!gIi=2!Q/A-!#44#![!c6S^6!?2H<3!
nH136o-! !B:-=-"# ;9H*(6#Y! j-=-"# ;9H*(6# :9# :-=-"<# ;9H*(6<#V# j-=-"# ;9H*(6# "+# =-:(+<#
>:)=%$")+%9OJ#I6+"<#=9#6:**:G9"#="#0%")J#DDkD[#$%(#[\\\-!m3ARK/,>-!m3AY2KK2=-!#44"![!gI6!
?202>!nH136o-!!B:-=-"#;9H*(6#W#*%#>()#=9#[\c$"#<(c6*"-!9/KK<p-!"**'6!
! #*)
8&@#$(/'4C! >,'",1! ",! $'&! 4<J,',%,#'! 0.<3,"&! <35/00&! /$! +$.,"%&1! ,(! "/,%! 0/.!
,'%$,%,#'! I$&! (9#.4.&! 0$?(,3! .&';#,&1! %&("! I$&! (&"! %&.@&"! I$,! 3#@0#"&'%! (/!
'#%,#'! (9,'4,I$&'%1! E!$'!#.4#''/'3&@&'%! "#3,/(!'<3&""/,.&!E! (/!0&.0<%$/%,#'!
4&! (/! "#3,<%<1! /""$.<! 0/.! (9O%/%C! 7&($,[3,1! 0/.! (&! ?,/,"! 4&! (/! .BP(&! 4&! 4.#,%!
'#%/@@&'%1! I$9&((&! "#,%! (<P,"(/%,;&! #$! 0.<%#.,&''&1! @&%! &'! ]$;.&! 3&%%&!
@,"",#'!,'4,"0&'"/?(&C!89,4<&!&""&'%,&((&!&"%!I$&!(9#.4.&!"#3,/(!'&!4#,%!0/"!D%.&!
0&.%$.?<!0/.!(&"!/3%,#'"!,'4,;,4$&((&"!x!@,&$A1!,(!(&"!%./'"3&'4&C!!
ecfC!`./4,%,#''&((&@&'%1! (9#.4.&!0$?(,3! &"%! 4#'3!0.<"&'%<! 3#@@&!$'!4&;#,.[
D%.&! ,@0<./%,J! x! @D@&! "9,(! '&! "&! .<4$,%! 0/"! E! (9,@0<./%,;,%<! [1! 4,.&3%,J1!
3#'"%,%$/'%!=(*+2-0.0BK&%()%(*2(*.@%"01(.-)./.)'%**%(G#-0"2G0'%**%8(QRS8('-%(@2"".K"%(P(
*+2'0#-#6.%(.-)./.)'%**%(DTUZ(1!0$,"I$&!(9/.%,3(&!f!4$!7#4&!3,;,(!0#"&!&'!0.,'3,0&!H!
=(F-( -%( <%'0( )1"#7%"8( <2"( )%&( G#-/%-0.#-&( <2"0.G'*.K"%&8( 2'H( *#.&( C'.( .-01"%&&%-0(
*+#")"%(<'@*.G(%0(*%&(@#--%&(6g'"&(DC!!
ecgC! >! (95&$.&! /3%$&((&1! 3&%%&! 3#'3&0%,#'! "&! .<;B(&! /'/35.#',I$&C! O((&!
3#..&"0#'4! E! (9#.4.&!0$?(,3! %&(! I$9,(! <%/,%! 3#'_$! /$! )kB@&! ",B3(&1! (#."I$&! I$&!
(9O%/%! @&%%/,%! &'! ]$;.&! 4&"! J#'3%,#'"! .<P/(,&''&"! &%! I$9,(! <%/,%! /(#."!
,'4,"0&'"/?(&!4&!=(/%.**L%"O(P(G%(C'%(*%(?%'(G#-0"2G0'%*(-+1@"2-*%(<2&(*%&(G#*#--%&()%(
*2(G.01(u(>0208($26.**%8(@#--%&(6g'"&(DTUEC!89#.4.&!0$?(,3!3#'%&@0#./,'!"&!@#'%.&!
4/;/'%/P&!0.#%&3%&$.1!&%!"$.%#$%1!,(!/33#@0/P'&!/$!(,&$!4&!0.#5,?&.C!!
!
WO)./D?<?=)C;Z@BF)Q@=]BZ@=)
!
eccC!89#.4.&!0$?(,3! /! <;#($<!/;&3! (/! J/_#'!4#'%! (9O%/%! 3#'_#,%! "#'! .t(&! &%! (&"!
J#'3%,#'"! =! /JJ<.&'%C! >,'",1! ,(! "&! .&3&'%.&! 4<"#.@/,"! "$.! 3&($,! 49$'! O%/%!
0.#;,4&'3&1!3&!I$,!/!&$!0#$.!3#.#((/,.&!$'&!%./'"J#.@/%,#'!E!(/!J#,"!@/%<.,&((&!
&%! J#'3%,#''&((&!4&! (9#.4.&!0$?(,3C!7&!4&.',&.!"&! J/,%!0($"!4,"3.&%1!0($"!"$?%,(1!
0($"!0.#%&3%&$.1!3&!I$,1!&'!&JJ&%1!0&$%!J/,.&!0&'"&.!E!$'&!(&'%&!4,"0/.,%,#'C!O'!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'%(!\6!:/A=23!2>!\6S\6!V2@<AK/,H-!53LB6-!56!)6!'%)!c6!bp/0/,>-!>I6!53LB6-!56!"46!
! #**
.</(,%<1! (9#.4.&! 0$?(,3! &"%! 0<.&''&1! "&$(&@&'%! ,(! =(2<<2"2e0( G#66%('-( &02-)2")(
?'".).C'%8( '-%( -#0.#-( 0"2-&/%"&2*%( C'.( .6<"K7-%( *%( )"#.0( )2-&( &#-( .-017"2*.018(
<2"0.G.<%(P(&2($#"620.#-8(&#-(1/#*'0.#-8(%-(2&&'"2-0(&#-(B#6#71-1.018('-%(G#B1"%-G%(
7*#@2*%( )'( &3&0K6%I( >-( B%8( -#-#@&02-0( )%&( ).&<2".01&( G."G#-&02-G.%**%&8( *+#")"%(
<'@*.G( QRS( )1&.7-%( 0#'?#'"&( G%( C'.( %&0( ?'71( &'$$.&266%-0( .6<#"02-0( P( '-(6#6%-0(
)#--1( %0( )2-&( '-%( &#G.101( )#--1%( <#'"( C'%( *+>020( %-( 2&&'"%( <2"( ).$$1"%-0&(6#3%-&(
?'".).C'%&(%H#"@.02-0&()'()"#.0(G#66'-(*2(<"1&%"/20.#-(#'(*2(<"#6#0.#-(D1!&A0(,I$&!
4&!@/',B.&!<3(/,./'%&!ZC!ZC!>T/;/'%'%*C!!
eckC! 89#.4.&! 0$?(,3! 3#'%&@0#./,'! &"%! 4#'3! 0($"! 0./P@/%,I$&1! 4#'3! 0($"!
4,JJ$"1!@/,"!,(!'9&'!,''&.;&!0/"!@#,'"!(&!4.#,%C!2/'"!3&%%&!/4/0%/%,#'!!/3%$&((&1!
(9#.4.&!0$?(,3!4&;,&'%!0($"!#$!@#,'"!0.#%&3%&$.!#$!4,.,P,"%&!"&(#'!(/!0#(,%,I$&!
@&'<&! 0/.! (9O%/%C! >,'",1! ,(! &"%! 3(/"",I$&! 4&! 0.<"&'%&.! (9#.4.&! 0$?(,3! 0<'/(!
3#@@&!$'!#.4.&!0$?(,3!4,.,P,"%&1!4B"!(#."!I$&!0/.!"#'!%.$35&@&'%1!3&!"#'%!4&"!
;/(&$."! J#'4/@&'%/(&"1! /$AI$&((&"! ,(! '&! 4#,%! 0/"! D%.&! 4<.#P<1! ! I$&! (9O%/%!
"#$5/,%&! J/,.&! .&"0&3%&.!x! ,'%&.4,%! 4&! %$&.1! 4&! ;#(&.1! 4&! J./$4&.1! &%3C! 2&!
@/',B.&! (#P,I$&1! (&"! ;#(#'%<"! ,'4,;,4$&((&"! 4#,;&'%! 3<4&.! 4&;/'%! (/!
%./'"3&'4/'3&! <%/%,I$&C! U(! &"%! <P/(&@&'%! $"$&(! 4&! 0.<"&'%&.! (&! 4.#,%! 4&! (/!
3#'"#@@/%,#'!3#@@&!"#$"[%&'4$!0/.!$'!#.4.&!0$?(,3!4&!0.#%&3%,#'1!0$,"I$&1!
0/.! (&! ?,/,"! 4&! "&"! .BP(&"1! ,(! "9/P,%! 4/;/'%/P&! 4&! "/$;&P/.4&.! (9,'%<.D%! 49$'&!
3/%<P#.,&!0/.%,3$(,B.&!49/3%&$.!<3#'#@,I$&1! (&!3#'"#@@/%&$.1!I$&!49,@0#"&.!
$'&! 0#(,3&! <3#'#@,I$&C! `#$%&J#,"1! $'&! %&((&! 0.<"&'%/%,#'! '9&"%! 0/"! J,P<&! &%!
(9#.4.&! 0$?(,3! &"%1! 4/'"! 35/3$'&! 4&! 3&"!@/%,B.&"1! 0($"! #$!@#,'"! 0.#%&3%&$.1!
0($"!#$!@#,'"!4,.,P,"%&1!&'!J#'3%,#'!4&!3&!I$&!(9O%/%!+$P&!J#'4/@&'%/(!&%!4&"!
,'%<.D%"!I$9,(!"#$5/,%&!0.#%<P&.C!!
ek-C!>!3&%!<P/.41!(&!4.#,%!4&!(/!J/@,((&!3#'"%,%$&!$'!&A&@0(&!.&@/.I$/?(&C!>$!
)kB@&!",B3(&1!(9#.4.&!0$?(,3!J/@,(,/(!&"%1!/;&3!./,"#'1!0.<"&'%<!3#@@&!4,.,P,"%&C!
89O%/%! ,@0#"&! /(#."! $'! 3/4.&! '#.@<! 4&! (/! J#.@/%,#'! 4$! 3#$0(&! &%! 4&! (/!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'%*!c6!bp/0/,>-!>I6!53LB6-!56!"&6!
! $44
0.#3.</%,#'! I$,! &'! 4<3#$(&1! '#%/@@&'%! 0/.! (&! @/.,/P&! @#'#P/@&1!
(9#?<,""/'3&!4&!(9<0#$"&!E!"#'!@/.,1!(&!"%/%$%!4<J/;#./?(&!4&!(9&'J/'%!/4$(%<.,'C!
K</'@#,'"1! ! #'! "#$(,P'&!/$!@,(,&$!4$!*-B@&! ",B3(&! "#'! .&%./,%!4&! (/!@/%,B.&1!
/"","%/'%!E!$'!<0/'#$,""&@&'%!4&"!;#(#'%<"!,'4,;,4$&((&"!x!(/!.&3#''/,""/'3&!
+$.,4,I$&!4$!3#'3$?,'/P&1!(9<P/(,%<!&'%.&!(&"!&'J/'%"1!(/!J/3,(,%/%,#'!4$!4,;#.3&!
&'! "#'%! 4&"! &A&@0(&"C! X.1! 4&0$,"! I$&(I$&"! /''<&"1! #'! /"","%&./,%1! &'! "&'"!
,';&."&1! E! $'! .&J($A! 4&! (9#.4.&! 0$?(,3! &'! 4.#,%! 4&! (/! J/@,((&1! 4#'%! (&"! (#,"!
"<;B.&"!;,"/'%!E!($%%&.!3#'%.&!(&"!@/.,/P&"!",@$(<"!#$!&'3#.&!(&!.&'J#.3&@&'%!
4$! .t(&! 4$! @,',"%B.&! 0$?(,3! &'! 4.#,%! 4&! (/! J,(,/%,#'! &'! 3#'"%,%$&'%! 4&"!
,(($"%./%,#'"y! @/(P.<! (&"! 3,.3#';#($%,#'"! 4&! (/! '#%,#'1! J#.3&! &"%! 4#'3! 4&!
3#'"%/%&.! I$&1! 0#$.! (95&$.&1! (9#.4.&!0$?(,3! &A,"%&! &'3#.&! &%! %#$+#$."! &'!4.#,%!
J./'_/,"C!!
ek)C!Z,&$A1!'#'!"&$(&@&'%!(9#.4.&!0$?(,3!&"%!%#$+#$."!;,;/3&1!@/,"!&'3#.&1!(&"!
;#(#'%<"!,'4,;,4$&((&"1! (#,'!4&!.&0.<"&'%&.!$'&!@&'/3&!0#$.!3&($,[3,1!"#'%!&'!
.</(,%<! ,'"%.$@&'%/(,"<&"! 0/.! (9O%/%1! E! "#'! "&.;,3&1! 3#@@&! (9&A0(,I$&! ZC! ZC!
>T/;/'%!H! =( L5O2( G#-$.7'"20.#-( 2G0'%**%( )%( *2(620.K"%( .6<*.C'%( C'%( *%( <"#G%&&'&( )%(
&0"'G0'"20.#-( )'( &#G.2*( <"%--%( %-( G#6<0%( *+.-)./.)'I( 4'&&.8( 2&&.&0%T0T#-( P( '-%(
0"2-&$#"620.#-( )%&(6#)%&( )%( "17'*20.#-( ?'".).C'%( QRSI( 5%&( 2'0%'"&( )1G"./%-0( 2.-&.(
'-%( "17'*20.#-( C'.( &%6@*%( <*'&( )%( -#&( ?#'"&( "%<#&%"( &'"( *+.662-%-G%( C'%( &'"( *2(
0"2-&G%-)2-G%8( &'"( '-%( 2'0#T"1$1"%-G%( &#G.2*%( C'%( &'"( '-( #")"%( %H0%"-%( "%*%/2-0(
)+.-?#-G0.#-&( )+'-( <#'/#."( G%-0"2*8( &'"( '-%( <2"0.G.<20.#-( <*'&( C'%( &'"( '-%(
.6<#&.0.#-I( 5%&( &#'"G%&( )'( )"#.0( QRS( %-( <#"0%-0( *%&( 0"2G%&( QRS( -#-( &%'*%6%-0( *2(
/#*#-01(.-)./.)'%**%(-+%&0(<2&(&3&01620.C'%6%-0(G#-0"2."%(2'H(#@?%G0.$&()+#")"%(<'@*.G(
QRS8( 62.&( %**%( %&0( 6E6%( &#'/%-0( .-&0"'6%-02*.&1%( P( )%&&%.-( )%( *%&( "12*.&%"I( !*'&(
).&G"%08( <*'&( -17#G.1( %0( <*'&( G#-&%-&'%*8( *%( G#-0"k*%( &#G.2*( -+%&0( <2&(6#.-&( %$$.G2G%I(
5+.-017"20.#-( )%&( /#*#-01&( .-)./.)'%**%&( )2-&( *2( 620.K"%( *'.( G#-$K"%( &.6<*%6%-0(
)2/2-027%()%($*%H.@.*.01(D8(.&@/.I$&[%[,(C!>,'",1! i!( L5O%("%G%-0"27%()%(*+#")"%(<'@*.G(
&'"( *+.-)./.)'( 2( <%"6.&( )+.-&G"."%( *2( /#*#-01( .-)./.)'%**%( )2-&( *%( <"#G%&&'&( )%(
! $4"
"17'*20.#-( ?'".).C'%( 6.&( %-( <*2G%( <2"( *+>020(D'&4 C! 89#?+&3%,J! 49#.4#''/'3&@&'%!
"#3,/(! '&! 0&$%! 4#'3! D%.&! /%%&,'%! I$&! 0($"! /,"<@&'%1! 0$,"I$&! (&"! ,'4,;,4$"1! E!
%./;&."! (&$."! /3%,#'"! LI$9,("! 3.#,&'%!vM! "$?+&3%,;&"1! &'3/4.<&"! 0/.! (9O%/%! x
@/.,/P&1! 3#'3($",#'! 49$'! 6C! >C! 7C! RC1! .&3#''/,""/'3&! 49$'! &'J/'%! '/%$.&(1!
4,;#.3&! 0/.! 3#'"&'%&@&'%!@$%$&(! [! #&$;.&'%! ! &'! .</(,%<! 0#$.! 3&! 4&.',&.! &'!
/""$./'%!(&!.&"0&3%!4&!(9#.4.&!0$?(,3C!!
ek*C! >$! .&P/.4! 49$'! 3#'"%/%! P<'<./(! 4&! "$?+&3%,;,"/%,#'! 4$! 4.#,%!
3#'%&@0#./,'1!'$(!4#$%&!I$9$'&!%&((&!#?"&.;/%,#'!&"%!%./'"0#"/?(&!/$A!/$%.&"!
?./'35&"!4$!4.#,%C!>,'",1!0#$.!(/!@/%,B.&!I$,!'#$"!,'%<.&""&1!(9#.4.&!0$?(,3!'9/!
0/"! 4,"0/.$1! /$! 3#'%./,.&C! O'! &JJ&%1!@/(P.<! (/! 0(/3&! 3.#,""/'%&! /33#.4<&! /$A!
;#(#'%<"! ,'4,;,4$&((&"! &'! @/%,B.&! @<4,3/(&! &%! ?,#@<4,3/(&1! &%! 0($"!
P(#?/(&@&'%! "9/P,""/'%! 4$! 3#.0"! 5$@/,'1! (9O%/%! 3#'%,'$&! 4&! 0.#%<P&.! $'&!
;/(&$.!I$9,(!3#'",4B.&!&""&'%,&((&!H!(&!.&"0&3%!4l!/$!3#.0"!5$@/,'1!I$&!3&!"#,%!
4&!(/!0/.%!4&"!%,&."!#$!4&!(9,'4,;,4$!($,[@D@&C!>!3&!%,%.&1!(&!0.,'3,0&!4&!4,P',%<!
+#$&!$'!.t(&!J#'4/@&'%/(!4&0$,"!$'&!I$,'T/,'&!49/''<&"C!U(!,''&.;&!$'!#.4.&!
0$?(,3! '<3&""/,.&@&'%! 0./P@/%,I$&1! I$,1! "#$"! 3#$;&.%! 4&! 3<4&.! (/! 0(/3&! E!
(9/$%#'#@,&!0&."#''&((&1!0.<;,&'%!4&!4/'P&.&$A!4<?#.4&@&'%"C!!
!
NO)!E)D?<?=)C;Z@BF)FD?CD?=@)BEE=?JG)CA?)@=)C?BEFBC=)<=)<BMEB:G)
)
ekbC!8&! .&%./,%! /00/.&'%!4&! (9#.4.&!0$?(,3!&'! (/!@/%,B.&! T8U!'9/!49<P/(!I$&! "/!
"$?%,(&!4$./?,(,%<1!J#'4<&!0/.!(&!0.,'3,0&!&""&'%,&(!4&!4,P',%<!5$@/,'&!TWUC!
!
8O)!E)?=:?AB:)ACCA?=E:)<=)@/D?<?=)C;Z@BF)
!
ekdC! 89#.4.&! 0$?(,3! 4/'"! (&! 4#@/,'&! 4$! 3#.0"! 5$@/,'1! #$! #.4.&! 0$?(,3!
3#.0#.&(1! "&@?(&! @$1! 4&0$,"! $'&! I$,'T/,'&! 49/''<&"1! "#,%! 4&0$,"!
(9/33<(<./%,#'!4&"!0.#P.B"!@<4,3/$A!&%!"3,&'%,J,I$&"!&'!@/%,B.&!4&!0.#3.</%,#'1!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'&4!c6!bp/0/,>-!>I6!53LB6-!556!#"S##6!
! $4#
0/.! (9#?+&3%,J!49<0/'#$,""&@&'%! ,'4,;,4$&(C!8/!@/%,B.&!0.#3.</%,;&!&'! &"%!$'!
&A&@0(&!.&@/.I$/?(&C!`#$%!"&!0/""&!3#@@&!"9,(!&A,"%/,%!$'!i!4.#,%!E!(9&'J/'%!j!
4&;/'%!P/./'%,.!E!%#$%!$'!35/3$'!L(&"!3#$0(&"1!@/,"!<P/(&@&'%!(&"!3<(,?/%/,.&"M!
(&!?<'<J,3&!4&"! %&35',I$&"!"3,&'%,J,I$&"!0&.@&%%/'%! (/!0.#3.</%,#'!/.%,J,3,&((&1!
/J,'!4&!.</(,"&.!$'!0.#+&%!4&!;,&!I$&!3#'"%,%$&!(/!J#'4/%,#'!49$'&!J/@,((&C!2/'"!
3&%%&! (#P,I$&1! (/!0.<J<.&'3&!0#$.! (&"! %&35',I$&"!4&!6C!ZC!>C!/$!4<%.,@&'%!4&!
(9/4#0%,#'!"9&A0(,I$&!/(#."!0/.!(/!;#(#'%<!4&!"&!0&.0<%$&.!&'!%./'"@&%%/'%!"&"!
0.#0.&"!PB'&"!E!"/!4&"3&'4/'3&'&"C!!
ekeC!>,'",1!4&0$,"!(&"!/''<&"!)kg-!I$,!#'%!;$!'/a%.&!(&"!(#,"!/$%#.,"/'%!(/!0.,"&!
4&! 3#'%./3&0%,J"! #./$A! &%! 3&((&! 4&! (9UC! VC! WC1! (&! 4.#,%! @<4,3/(! &%! ?,#@<4,3/(!
"&@?(&! /$! "&.;,3&! 4&"! ;#(#'%<"! ,'4,;,4$&((&"! &'!@/%,B.&! 4&! 0.#3.</%,#'1! &'!
.&'4/'%! /33&"",?(&"! E! $'&! @/+#.,%<! 4&! (/! 0#0$(/%,#' '&# !4&"! %&35',I$&"!
"3,&'%,J,I$&"! /$%.&J#,"! ,'&"0<.<&"1! (&$.! 0&.@&%%/'%! 4&! 0/((,&.! (&$.! "%<.,(,%<C!
6/./((B(&@&'%! E! 3&%%&! 4<@#3./%,"/%,#'! 4&! (/! 6C! ZC! >C1! #'! #?"&.;&! $'!
4<"&'P/P&@&'%! /00/.&'%! 4&! (9O%/%! ! 4/'"! (/! @/%,B.&! 49#.4.&! 0$?(,3! I$&!
3#'"%,%$&! %./4,%,#''&((&@&'%! (&! 3#.0"! 5$@/,'C! F/@/,"! 3&! 4&.',&.! '9/! "&@?(<!
/$"",!/,"<!49/33B"1!E!(/!J#,"!/$!"3,&'%,J,I$&1!/$!@<4&3,'1!/,'",!I$9/$!0/%,&'%C!!
ekfC!>,'",1!(&!0.,'3,0&!49,'4,"0#',?,(,%<!4$!3#.0"!5$@/,'!"&@?(&!?,&'!/JJ/,?(,C!
8/! 4#3%.,'&! 3#'%&@0#./,'&! "#$(,P'&! E! (9&';,! ",'#'! "/! 4,"0/.,%,#'1! 4$!@#,'"!
"#'!4<3(,''&$C! !29/,((&$."1!#'!.&@/.I$&!I$&! (&! (<P,"(/%&$.!'&! (9/!0/"!35#,",!&'!
)kkd! 0#$.! J,P$.&.! 4/'"! (&! 7#4&! 3,;,(1! ($,! 0.<J<./'%! (&! 0.,'3,0&! 4&! '#'[
0/%.,@#',/(,%<1'&%!I$,! '9,'%&.4,%! 0/"1! @/(P.<! (&"! /00/.&'3&"1! "/! 4,"0#',?,(,%<C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'&"!F6!;L,/>-!3/556!,O%#"-!53LB6!'&#!72>>2! /BB2==1`1K1>L! 2=>! =A3><A>! 32,HA2! 5<==1`K2! 5/3! K/! 531=2! 2,! BI/3k2! HA! B<P>! HA!
53<B2==A=! kK<`/K! H2! K/! Q6c6b6! 5/3! KM/==A3/,B2!@/K/H126! b1,=1! 5/3! 2Y2@5K2-! KM/==A3/,B2!
@/K/H12!32@`<A3=2!A,2!1,=L@1,/>1<,!/3>1_1B2KK2!5/3!BRBK2!@2,=>3A2K!H2!K/!_2@@2!z!H/,=!
K/! K1@1>2! H2! =1Y! 5<A3! KM<`>2,>1<,! HMA,2! k3<==2==2! S-! /1,=1! aA2! K2=! >3/1>2@2,>=! H2!
=>1@AK/>1<,! <0/312,,2-! K/! 5<,B>1<,! <0/312,,2-! K/! _LB<,H/>1<,! 2,! K/`<3/><132-! K/!
B<,kLK/>1<,!H2=!2@`3R<,=!=A3,A@L3/132=-!2>B6!'&$!c6!U<`23>-!J!?L_K2Y1<,=!=A3! K2=!=<A3B2=!HA!H3<1>!2>! K2=!531,B152=!HM1,H1=5<,1`1K1>L!HA!
B<35=!IA@/1,!2>!H2!KML>/>!H2=!523=<,,2=!N-!3/4/5/#6(76!"**#6!%)*6!'&%!b3>6!"'S"!76!B106!
! $4$
ekgC!^$&!(9#'!"&!./""$.&!0#$.%/'%1!(9#.4.&!0$?(,3!'&!"9&"%!0/"!.&%,.<!4$!4#@/,'&!
,'%<.&""/'%!(/!0.#3.</%,#'1!&%1!0($"!P<'<./(&@&'%1!(&!3#.0"!5$@/,'C!!
!
WO)!E)D?<?=)C;Z@BF)<;?AZ@=)QDE<G)>;?)@=)C?BEFBC=)<=)<BMEB:G)
!
ekcC! 8&"! /$%&$."! "#$(,P'&'%! I$&! (&"! 0.,'3,0&"! <'$@<.<"! /$A! /.%,3(&"! )f! &%!
"$,;/'%"!4$!7#4&!3,;,(1!,""$"!4&!(/!0.&@,B.&!(#,!?,#<%5,I$&!4&!)kkd1!3#'"%,%$&'%!
$'!.&J($A! ,'4<',/?(&!4&! (9#.4.&!0$?(,3!&'!3&%%&!@/%,B.&'&&C!29/,((&$."1! (9/.%,3(&!
)f[k!I$/(,J,&!&A0.&""<@&'%!3&"!4,"0#",%,#'"!3#@@&!<%/'%!49#.4.&!0$?(,3C!!
ekkC!8&!0.,'3,0&!4#'%!4<3#$(&'%!%#$"!(&"!/$%.&"1!&%!"$.!(&I$&(!'#$"!;#$4.,#'"!
4&! '#$;&/$! ,'","%&.1! &"%! 3&($,! 4&! 4,P',%<! 4&! (/! 0&."#''&! 5$@/,'&C! U(! &"%!
3#'"/3.<! E! (9/.%,3(&! )f! 4$! 7#4&! 3,;,(1! (&I$&(! ,'%.#4$,%! (&! 35/0,%.&! 4<4,<! /$!
.&"0&3%! 4$! 3#.0"! 5$@/,'C! S/00&(#'"[(&1! 3&! 0.,'3,0&! &"%! <(&;<! /$! ./'P!
3#'"%,%$%,#''&(!4/'"!$'&!4<3,",#'!4$! *g! +$,((&%! )kkd'&'C!>,'",1! (&! 0.,'3,0&!4&!
4,P',%<! I$,! /""$.&! (/! 0.<"&.;/%,#'! 4&! 3&! I$9,(! =! /! 4&! 0($"! 0.<3,&$A! 35&T!
(95#@@&! "&! ;#,%! 5/?,((<! 4&! (/! ;/(&$.! '#.@/%,;&! (/! 0($"! <(&;<&1! /J,'! 4&! ($,!
P/./'%,.!$'&!0.#%&3%,#'!4&"!0($"!&JJ,3/3&C!!
f--C! 6#$.I$#,! /(#."! "9/(/.@&.! 4&! 3&! I$&! (9#.4.&! 0$?(,3! 4,"0/./a%./,%! 4$!
4#@/,'&! 4$! 3#.0"! 5$@/,'! v! 7/.1! @/(P.<! (/! 3#'"<3./%,#'! 4$! 0.,'3,0&1! (&!
3#'"%/%! &"%! ?,&'! (EC! 8&! 0.,'3,0&! 4&! 4,P',%<! "&./,%[,(! $'! /JJ,35/P&!
%&.@,'#(#P,I$&1! &%! .,&'! 49/$%.&!v! :'&! .<0#'"&! '<P/%,;&! "9,@0#"&C! 8/!
4,"0/.,%,#'!4&! (9#.4.&!0$?(,3! &'! (/!@/%,B.&! &"%!$'&! ,(($",#'C!O'!0.&@,&.! (,&$1!
'#$"! ;&'#'"! 4&! ;#,.! I$9,(! ?<'<J,3,&! 4&! (/! ;/(&$.! 3#'"%,%$%,#''&((&C! X.1! 3&(/!
,@0(,I$&!49$'&!0/.%! "#'! .&"0&3%! ,'3#'4,%,#''&(! &'! %/'%! I$&! %&(1! 49/$%.&!0/.%!
3&($,!4&"!0.,'3,0&"!I$,!&'!4<3#$(&'%!H!(&!0.,'3,0&!4&!0.,@/$%<!4&!(/!0&."#''&!
5$@/,'&1!3&($,!4&!.&"0&3%!4&!(9D%.&!5$@/,'!4B"!(&!3#@@&'3&@&'%!4&!(/!;,&1!4&!
(9,'%<P.,%<!4&!(9&"0B3&!5$@/,'&1!49,';,#(/?,(,%<!4$!3#.0"!5$@/,'1!49,'%<P.,%<!&%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'&&!F6!\6!:/A=23!2>!\6S\6V2@<AK/,H-!53LB6-!56!#46!'&'!7<,=6!B<,=>6!#(!.A1KK6!"**%-!5/#0/#*%S$%$C$%%-!06!<9;-%-!56!#46!
! $4%
4&! '#'! 0/%.,@#',/(,%<C! 7&.%&"1! ,("! '&! ?<'<J,3,&'%! 0/"! 4&! (/! ;/(&$.!
3#'"%,%$%,#''&((&1!@/,"!(&!+$P&!3#'"%,%$%,#''&(!0.<3,"&!I$9,("!=(0%-)%-0(P(2&&'"%"(
*%(<".-G.<%()%( &2'/%72")%()%( *2().7-.01()%( *2(<%"&#--%(B'62.-%(DC! >,'",1! =(2'(<*2-(
G#-&0.0'0.#--%*(=(G%"02.-%&()%&(-#0.#-&(G#""1*1%&(P(*2().7-.01()%(*2(<%"&#--%(B'62.-%(
G#-&0.0'%-0( G%( C'%( *2( )#G0".-%( 2<<%**%( )%&( =(<".-G.<%&( &%-0.-%**%&(D8( G+%&0TPT)."%( )%&(
<".-G.<%&(C'.(-+#-0(<2&(%-(%'HT6E6%&("2-7(G#-&0.0'0.#--%*8(62.&(C'.(&#-0(*%&(72"2-0&(
)%( <".-G.<%&( G#-&0.0'0.#--%*&I( a%( 0%*&( <".-G.<%&( -%( <%'/%-0( E0"%( 0#'GB1&( <2"( *%(
*17.&*20%'"(&2-&()1G*%-GB%"('-%(&#"0%()+(=(2*%"0%(G#-&0.0'0.#--%**%(D(DTfZ!C!!
f-)C! O'! "&3#'4! (,&$1! (&! +$P&1! .&(/,! &""&'%,&(! 4&"! #?+&3%,J"! <%/%,I$&"! 49#.4.&!
0$?(,31! '95<",%&! 0/"! E! "/'3%,#''&.! 4&! '$((,%<! /?"#($&! $'! 3#'%./%! "9,(! &"%!
3#'%./,.&!/$!0.,'3,0&!4&!4,P',%<1!&%1! (&!3/"!<35</'%1!.&J$"&!4&!.&3#''/a%.&!4&"!
",%$/%,#'"! %.#$;/'%! (&$.! P&'B"&! 4/'"! $'! %&(! 3#'%./%! x! (9&A&@0(&! 4$! .&J$"! 4&!
.&3#''/a%.&! (&! (,&'! 4&! J,(,/%,#'1! &'! 4.#,%! J./'_/,"1! 49&'J/'%"! '<"! 4&! @B.&"!
0#.%&$"&"! /@<.,3/,'&"! &'! 3#'"%,%$&! $'&! ,(($"%./%,#'C! 7,%#'"! <P/(&@&'%! (/!
.&3#''/,""/'3&!&A0(,3,%&1!0/.!(&!7#'"&,(!49O%/%1!4$!0.,'3,0&!4&!4,P',%<!3#@@&!
3#@0#"/'%&!4&!(9#.4.&!0$?(,3C!O'!&JJ&%1!4/'"!"#'!3<(B?.&!/..D%!49>""&@?(<&!4$!
*g! #3%#?.&! )kke! ;$! 0.<3<4&@@&'% '&) 1! ,(! +$P&! =(C'+.*( 2<<2"0.%-0( P( *+2'0#".01(
.-/%&0.%()'(<#'/#."()%(<#*.G%(6'-.G.<2*%()%(<"%-)"%(0#'0%(6%&'"%(<#'"(<"1/%-."('-%(
200%.-0%(P(*+#")"%(<'@*.G(d(C'%(*%("%&<%G0()%(*2().7-.01(B'62.-%(%&0('-%()%&(G#6<#&2-0%&(
)%(*+#")"%(<'@*.G(d(C'%(*+2'0#".01(.-/%&0.%()'(<#'/#."()%(<#*.G%(6'-.G.<2*%(<%'08(6E6%(
%-( *+2@&%-G%( )%( G."G#-&02-G%&( *#G2*%&( <2"0.G'*.K"%&8( .-0%")."%( '-%( 200%.-0%( C'.( <#"0%(
200%.-0%( 2'( "%&<%G0( )%( *2( ).7-.01( )%( *2( <%"&#--%( B'62.-%(DC! 7&%! #.4.&! 0$?(,3!
3#@0#"<1! &'%.&! /$%.&1! 4$! .&"0&3%! 4&! (/! 4,P',%<! 4&! (/! 0&."#''&! 5$@/,'&'&*!/!
<P/(&@&'%!<%<!,'%&..#P<!"9/P,""/'%!4&!(9<(/?#./%,#'!4&!(/!(#,!4$!))!#3%#?.&!*-)-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'&(!\6S86!;BI<2>>K-!J!m3202>/`1K1>L!H2=!ki,2=-! K2!H3<1>!B<@@A,/A>/132!2>! K/!7<,=>1>A>1<,!N-!
,<>2!==6!7676!#*!.A1KK6!#44%-!1"+(+"<#I>>(6C"<!"(!/<P>!#44%-!,O"'%-!56!$-!B1>L!5/3!+6!c/3/H21Y!
Q<AH2,=/,-!>I/#53LB/J#56!)$6!'&)!7686!b==6!#&!<B>6!"**&-!7<@@A,2!H2!c<3=/,k!=A3!f3k2-!3/_/5/I/!"**&-!"#4%-!B<,BK6!?6!
G3RH@/,6!F6!<9;-%-!56!#"*!2>!=6!'&*!72>!<3H32!5A`K1B!H1>!J!1@@/>L312K!N!=2!B<@5<=2!Lk/K2@2,>!H2!K/!@<3/K1>L!5A`K1aA26!!
! $4&
,'%&.4,"/'%! (/! 4,"",@$(/%,#'! 4$! ;,"/P&! 4/'"! (9&"0/3&! 0$?(,3 ''4 C! =(p'2-0( P(
*+B3<#0BK&%( &%*#-( *2C'%**%( L*2O( ).&&.6'*20.#-( L)'( /.&27%O( &%"2.0( %-( %**%T6E6%(
200%-020#."%(P(*2().7-.01()%(*2(<%"&#--%(B'62.-%8(%**%(QRS(&#'*K/%(*2().$$.G.*%(C'%&0.#-(
)%( &2/#."( &.( '-%( <%"&#--%( <%'0( *172*%6%-08( )%( &#-( <"#<"%( 7"18! 2)#<0%"( '-(
G#6<#"0%6%-0(G#-0"2."%(P(&2(<"#<"%().7-.01()2-&('-%(&#G.101(G#66%(*2(-k0"%(DTTDI(
f-*C!O'!4.#,%!0.,;<1!(&!0.,'3,0&!4&!4,P',%<!3#'"%,%$&!/,'",!(/!0,&..&!/'P$(/,.&!4$!
.&"0&3%!4$! 3#.0"!5$@/,'1!I$9,(! "9/P,""&!4&"!4#@/,'&"!4&! (/! J,'!4&!;,&1!4&! (/!
0.#3.</%,#'!#$!&'3#.&!4&!(/!;,&!"&A$&((&C!89<;,4&'3&!;&$%!/(#."!I$&!(&!0.,'3,0&!
49/$%#'#@,&!0&."#''&((&1!I$,!,@0(,I$&!$'&!4,"0#",%,#'!3#.0#.&((&!"$"3&0%,?(&!
4&! 0#.%&.! /%%&,'%&! E! (9,'%<P.,%<! 05=",I$&! &%! @#./(&! 4&! (9,'4,;,4$1! 3&((&[3,!
0#$;/'%!D%.&!49$'&!P./;,%<!&A%.D@&1!%.#$;&!4&"!?/..,B.&"!&'!4.#,%! J./'_/,"C!U(!
&"%!,'4,"0&'"/?(&!4&!"#$(,P'&.!I$&!(&!0.,'3,0&!4&!4,P',%<!4#'%!,(!"9/P,%!&"%!0.,"!
4/'"! "/! 3#'3&0%,#'! J#'4/@&'%/(&1! I$,! %.#$;&! "&"! "#$.3&"! 4/'"! (/! .&(,P,#'!
35.<%,&''&C!O'!&JJ&%1!'#$"!/;#'"!"#$(,P'<!0($"!/;/'%!I$&!"&$(&!3&%%&!4,P',%<!&"%!
'#.@/%,;&!&%!3#'"%,%$&!$'!.&@0/.%!3#'%.&! (&"!&A3B"!4#'%! (&!3#.0"!5$@/,'!&"%!
"$"3&0%,?(&!49D%.&!(9#?+&%C!!
f-bC! :'! /$%&$.! I$/(,J,&! /,'",! (/! 4,P',%<1! &'! 4.#,%! 0.,;<1! 4&! =(<".-G.<%( 71-1"2*(
QRS8(72")%($#'()%&(%HGK&()'()"#.0(DC!O'!3&(/1!,(!.&0.&'4!(/!%&.@,'#(#P,&!&@0(#=<&!
0/.! (/!7#$.!4&! 3/""/%,#'''#C! O'! &JJ&%! 3&!0.,'3,0&1! E! '9&'!0/"!4#$%&.1! ,''&.;&!
0/.%,3$(,B.&@&'%!(&"!?./'35&"!4$!4.#,%!,'%<.&""/'%!(&!3#.0"!5$@/,'C!!
f-dC!2&! (/!@D@&!@/',B.&!I$&! 3&!I$,! /! <%<!#?"&.;<! "9/P,""/'%!4$!4.#,%!4&! (/!
J/@,((&1! (&! 0.,'3,0&! 4&! 4,P',%<! &"%! P/./'%,! 4&! @/',B.&! "$?%,(&! &'! @/%,B.&!
@<4,3/(&! &%! ?,#@<4,3/(&C! >J,'! 4&! "9/""$.&.! I$&! (&! 3#.0"! 5$@/,'! '9&"%! 0/"!
,'"%.$@&'%/(,"<1!(9O%/%!0.<JB.&1!E!$'&!,'%&.4,3%,#'!4&!0.,'3,0&1!4&"!,'%&.4,3%,#'"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!''4!V<1!,O#4"4S""*#!HA!""!<B>6!#4"4!1,>23H1=/,>!K/!H1==1@AK/>1<,!HA!01=/k2!H/,=!KM2=5/B2!
5A`K1B-!./j6!"#!<B>6!#4"46!F6!K/!HLB1=1<,!HA!7<,=6!B<,=>6-!(!<B>6!#4"4!=A3!K2!=1>2!1,>23,2>!HA!
7<,=21K!B<,=>1>A>1<,,2K!]!qqq6B<,=21KSB<,=>1>A>1<,,2K6_36!''"!7686-!3/556!53LB6-!56!#&6!''#!+6! c/3/H21Y! Q<AH2,=/,-! >I/# 53LB6-! 56! *$-! 32,0<R/,>! Z! Q6! ;/3k<=-! J!V2=! 531,B152=!
kL,L3/AY!HA!H3<1>!5310L!H/,=! K/! .A31=53AH2,B2!H2! K/!7<A3!H2!B/==/>1<,6!V2=!k/3H2S_<A=!
H2=!2YBi=!HA!H3<1>!N-!./0/1/!#44"-!+-!$4'-!56!&)*6!
! $4'
/$!3/"!0/.!3/"1!&%1!(&!3/"!<35</'%1!4&"!"/'3%,#'"!0./P@/%,I$&"C!Z,&$A1!%#$+#$."!
4/'"! "#'! .t(&! 49/33#@0/P'/%&$.1! (9O%/%! 0.#;,4&'3&! P/./'%,%! 0($"! I$9,(!
'9,'%&.4,%C! >,'",1! "9/P,""/'%! 4$! 3#.0"! 5$@/,'1! (&! (<P,"(/%&$.! /! 0.,"! /3%&! 4$!
4<3(,'!4$!0/%&.'/(,"@&!@<4,3/(!&%!3#'"/3.&!+$.,4,I$&@&'%!&%!"=@?#(,I$&@&'%!
(&"! 4.#,%"! 4$! 0/%,&'%! 4/'"! (/! (#,! 4$! d! @/."! *--*1! =! 3#@0.,"! 4$! 0/%,&'%!
@#$./'%C! U(! 0/((,&! <P/(&@&'%! (&"! 0.#?(B@&"! 4&! J&.%,(,%<! 4&"! 3#$0(&"! &%! (&$.!
/""$.&! I$9,(! @&%! %#$%! &'! ]$;.&! 0#$.! =! .&@<4,&.! P.u3&! /$A! %&35',I$&"! 4&!
0.#3.</%,#'! @<4,3/(&@&'%! /"","%<&1! 3#'"/3.<&"1! &"%[,(! ?&"#,'! 4&! (&! ./00&(&.1!
4/'"!(/!(#,!4$!*k!+$,((&%!)kkdC!ZD@&!(9<0/'#$,""&@&'%!4/'"!"/!;,&!"&A$&((&!4#,%!
D%.&! P/./'%,! 0/.! (9O%/%1! &%! 3&! 4B"! (&! 0($"! +&$'&! uP&1! 0$,"I$9$'&! J&@@&! 4#,%!
/;#,.!/33B"!E!$'&!3#'%./3&0%,#'1!I$/'4!?,&'!@D@&!&((&!"&./,%!@,'&$.&1!&%1! ",!
&((&! %#@?&! &'3&,'%&1! &((&! 4#,%! /;#,.! (/! 0#"",?,(,%<! 49/;#.%&.C! S&@/.I$#'"!
<P/(&@&'%! I$&! (&! 0.<+$4,3&! "&A$&(! &"%! .<0/.<! 0/.! (&! +$P&1! I$9,(! "9/P,""&!
49/%%&,'%&! E! (/! J#'3%,#'! "&A$&((&1! 49/%%&,'%&! E! (/! J#'3%,#'! 4&! .&0.#4$3%,#'! #$!
49/%%&,'%&!E!(/!J#'3%,#'!<.#%,I$&''$C!O'!J#'%!0/.%,&!(9,@0$,""/'3&1!(&!%.#$?(&!4&!
(9<+/3$(/%,#'1!(/!4#$(&$.!(#."!4&"!./00#.%"!"&A$&("1!I$,!3#'"%,%$&'%!4&"!/%%&,'%&"!
E!4&"!.&(/%,#'"!"&A$&((&"!<0/'#$,""/'%&"C!!
f-eC! 2/'"! 3&! .t(&! 49/33#@0/P'/%&$.! 0($"! I$&! 4&! P&'4/.@&1! (9#.4.&! 0$?(,3!
,@0#"<!0/.!(9O%/%!=(-%(&%(*.6.0L%O(<*'&(P('-("k*%(-1720.$()%(<"1&%"/20.#-()%(C'%*C'%&(
<".-G.<%&()%(G./.*.&20.#-(D1!@/,"!=(/#.0()1&#"62.&(&#-(6#)%(#<1"20#."%(&+10#$$%"(J(2'H(
.-0%").G0.#-&8(2'H(2--'*20.#-&(&+2?#'0%-0(*2("17*%6%-020.#-8(*%().".7.&6%8(*%(G#-0"k*%8(
*2( G#""%G0.#-(D TTU C! 89#.4.&! 0$?(,3! "&! @#$(&! 4/'"! 3&"! '#$;&/$A! #?+&3%,J"!
<%/%,I$&"! I$,! "#'%! $%,(,"<"! =(-#-( &%'*%6%-0( <#'"( <"1&%"/%"8( 62.&( 2'&&.( <#'"(
<"#6#'/#."()%&(/2*%'"&(u()%&(*.@%"01&8(C'+%**%&(&#.%-0(<'@*.C'%&(#'(.-)./.)'%**%&8()%&(
/2*%'"&()+172*.018(C'+%**%&(&#.%-0("1%**%&(#'($#"6%**%&8()%&(/2*%'"&()%($"20%"-.018(C'+%**%&(
0#'GB%-0( P( *+2*0"'.&6%( %0( P( *2( &#*.)2".01( u( <#'"/'( C'+%**%&( &#.%-0( $#-)26%-02*%&( #'(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!''$!m6!QR-!!"#<"O"#"+#*"#=-:(+-!:;/#6(+6-!56!"&6!''%!+6!c/3/H21Y!Q<AH2,=/,-!>I/#53LB6-!56!%#-!B1>/,>!c6!bp/0/,>-!>I/#53LB6-!56!"#6!
! $4(
?'71%&(G#66%(0%**%&(P('-(6#6%-0()#--1(DTTfC!7&!'#$;&(!#.4.&!0$?(,3!"9/4/0%&1!&"%!
4/;/'%/P&! 3#'"&'"$&(C! >! 3&%! <P/.41! ,(! /! 0$! D%.&! I$/(,J,<! 49#.4.&! 0$?(,3! 4&!
P&"%,#''''1!"/'"!4#$%&!&'%.&!(&"!4&$A!I$/(,J,3/%,J"!%./4,%,#''&("!4&!4,.&3%,#'!&%!
4&!0.#%&3%,#'C!6#$.!/$%/'%1!.-($.-%1!,(!0.<;,&'%!#$!.<0/.&!4&"!/%%&,'%&"!/$!3#.0"!
5$@/,'!/%%&'%/%#,.&"!E!"/!4,P',%<C!6($"!"$?%,(1!,(!'9&"%!0/"!@#,'"!3#'%./,P'/'%C!
79&"%!3&!I$&!'#$"!/((#'"!3#'"%/%&.!"9/P,""/'%!4&"!%.#,"!4#@/,'&"!<%$4,<"!0($"!
/;/'%!H!(/!J,'!4&!;,&1!(/!0.#3.</%,#'!&%!(/!;,&!"&A$&((&C!
!
!
YW)S)!E)D?<?=)C;Z@BF)CG?=EE=)=E)KA:BI?=)<=)QBE)<=)JB=3)<=)C?DF?GA:BDE)=:)<=)
JB=)>=];=@@=)
!
!
!
f-fC!8&"!%.#,"!4#@/,'&"!4&!(9&A,"%&'3&!I$&!"#'%!(/!J,'!4&!;,&!T,U1!(/!0.#3.</%,#'!
TNU! &%! (/!;,&! "&A$&((&! T2U! 3#'"%,%$&'%!4&"! ,(($"%./%,#'"!4&!3&!I$,!/!<%<!@#'%.<!
0.<3<4&@@&'%C!!
!
,O).A)QBE)<=)JB=)
!
f-gC! 8&! 0.,'3,0&! 4&! 4,P',%<! ,'%&.4,%! (9&$%5/'/",&! /3%,;&! T8U! &%! ,@0#"&! (/!
0.<"&.;/%,#'!4&!(/!I$/(,%<!4&!(/!;,&!0/.!(&"!"#,'"!0/((,/%,J"!TWUC!!
)
8O)./BE:=?<BF:BDE)<=)@/=;:HAEA>B=)AF:BJ=)
!
f-cC!O'!4<0,%!4&!3&!I$,!/!<%<!#?"&.;<!0($"!5/$%1!(9#.4.&!0$?(,3!3#.0#.&(!J#'4<!
"$.! (&! 0.,'3,0&! 4&! 4,P',%<! 4&! (/! 0&."#''&! 3#'"%,%$&! $'&! ?/..,B.&! E! $'&!
4,"0#",%,#'! 3#.0#.&((&! 3#'"/3.<&! &'! 4.#,%1! 3#'","%/'%! E! "&! 4#''&.! (/! @#.%C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!''&!+6!c/3/H21Y!Q<AH2,=/,-!>I/#53LB6-!56!%$6!!'''!+6!c/3/H21Y!Q<AH2,=/,-!>I/#53LB/#!
! $4)
>,'",1! 3#'J#.@<@&'%! /$! 0.,'3,0&! 4&! .&"0&3%! 4&! (9D%.&! 5$@/,'! 4B"! (&!
3#@@&'3&@&'%!4&!"/!;,&1!3#'"/3.<!0/.!(9/.%,3(&!)f!4$!7#4&!3,;,(1!=(.*(-+%&0(<2&(
<#&&.@*%()%()1)'."%()'()"#.0(P( *2(/.%('-()"#.0()%().&<#&%"()%(&2(/.%(%0()+#"72-.&%"(&2(
6#"0(DTTZC!R,!(&"!%&A%&"!0&.@&%%&'%!&JJ&3%,;&@&'%!4&!"&!(/,""&.!@#$.,.!(#."I$&!(/!
",%$/%,#'!&"%!4<"&"0<.<&1!,("!,'%&.4,"&'%!&'!.&;/'35&!49D%.&!%$<!"$.!4&@/'4&C!!
f-kC!>,'",1! (/! (#,! 4$! **! /;.,(! *--e! .&J$"&! 4&! 3#'"/3.&.! (9&$%5/'/",&! /3%,;&1! E!
(9,'"%/.!4&!3&!I$,!&A,"%&!4<+E!&'!N&(P,I$&!#$!/$A!6/="[N/"!0/.!&A&@0(&C!2&!(/!
@D@&! @/',B.&1! (&"! %&A%&"! ,'%&.4,"&'%! I$&! I$,3#'I$&! I$,! "&! 0.D%&! E! 4&"!
.&35&.35&"! ?,#@<4,3/(&"! 0.&''&! 4&"! .,"I$&"! ,'3#'",4<.<"! 0#$.! "/! "/'%<1!
(9/.%,3(&! 8C! ))*)[*! 4$! 7#4&! 4&! (/! "/'%<! 0$?(,I$&! 0#"/'%! &'! 0.,'3,0&!
I$9!=(4'G'-%!"%GB%"GB%(@.#61).G2*%(-%(<%'0(E0"%(%$$%G0'1%(&'"(*+E0"%(B'62.-(QRS(&.(*%(
".&C'%(<"1/.&.@*%(%-G#'"'(<2"( *%&(<%"&#--%&(C'.( &%(<"E0%-0(P( *2("%GB%"GB%(%&0(B#"&()%(
<"#<#"0.#-(2/%G(*%(@1-1$.G%(%&G#6<01(<#'"(G%&(<%"&#--%&(%0(*+.-01"E0()%(*2("%GB%"GB%(DC!
f)-C! O'! %#$"! (&"! 3/"1! =(5+.-01"E0( )%&( <%"&#--%&( C'.( &%( <"E0%-0( P( '-%( "%GB%"GB%(
@.#61).G2*%(<".6%( 0#'?#'"&( *%&( &%'*&( .-01"E0&()%( *2( &G.%-G%( %0( )%( *2( &#G.101(D! L@D@&!
/.%,3(&MC! 2/'"! $'&! (#P,I$&! ",@,(/,.&1! (&! 0.<(B;&@&'%! 49#.P/'&! "$.! $'&!
0&."#''&! ;,;/'%&! '9&"%! 0#"",?(&! I$&! ",! (&! 4#''&$.! '9&'3#$.%! 0/"! 4&! .,"I$&!
;,%/(! 3&! J/,"/'%C! S/00&(#'"! <P/(&@&'%! I$&1! %#$+#$."! 4/'"! 3&%! #?+&3%,J! 4&!
0.<"&.;/%,#'! 4&! (/! ;,&! 5$@/,'&1! %#$%! %./,%&@&'%! %5<./0&$%,I$&! 4#,%!
"="%<@/%,I$&@&'%! D%.&! P$,4<! 0/.! (&! 0.,'3,0&! 4&! ./,"#'! 0.#0#.%,#''<&1! I$&!
'#$"!4<;&(#00,#'"(0($"!/;/'%TTEC!
f))C!8/!0.<"&.;/%,#'!4&!(/!;,&!5$@/,'&1!0/.3&!I$&!(95#@@&!&"%!$'!D%.&!4,P'&1!
3#'"%,%$&! 4#'3! $'! #?+&3%,J! &""&'%,&(! 4$! 4.#,%! @<4,3/(! &%! ?,#@<4,3/(C! 7&(/!
&A0(,I$&! I$&! (&! (<P,"(/%&$.! .&J$"&! %#$+#$."1! 0#$.! (95&$.&1! 49/$%#.,"&.!
(9&$%5/'/",&!/3%,;&C!89#.4.&!0$?(,3!3#.0#.&(!(9,'%&.4,%C!`#$%&!;,&!4#,%!D%.&!;<3$&!
&%!.&"0&3%<&!+$"I$9E!3&!I$9&((&!0.&''&!J,'!0/.!$'&!3/$"&!&A#PB'&!/$!0/%,&'%!#$!
E!$'!%,&."C!8&!4.#,%!J./'_/,"!0.&'4!4#'3!(&!0/.%,!49/33#@0/P'&.!(/! J,'!4&!;,&1!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!''(!\6!:/A=23!2>!\6S\6!V2@<AK/,H-!53LB6-!56!#"6!'')!F6!<9;-%-!Q/3>12!+-!56!"#&!2>!=6!
! $4*
0($%t%!I$&!49=!@&%%.&!$'! %&.@&1! (/!4,P',%<!5$@/,'&! ,@0#"/'%! +$"%&@&'%!I$&!
%#$"! (&"! @#=&'"! "#,&'%! @,"! &'! ]$;.&! /J,'! 4&! "#$(/P&.! /$! @/A,@$@! (/!
"#$JJ./'3&1!%/'%!05=",I$&!I$&!0"=35#(#P,I$&1!4$!0/%,&'%C!!
!
WO).A)C?G>=?JA:BDE)<=)@A)P;A@B:G)<=)@A)JB=)CA?)@=>)>DBE>)CA@@BA:BQ>)
)
f)*C!>!3&! %,%.&1! (/! (#,!8&#'&%%,1! 3#@0(<%<&!0/.! 3&((&! "$"! 3,%<&!4$!*!@/."!*-)-1!
;,"&! E!0.#@#$;#,.! (&"! "#,'"!0/((,/%,J"C! 89#?+&3%,J! /JJ,35<!4&! (/! (#,! 4$! **! /;.,(!
*--e! "&! ",%$&1! 4B"! (#."1! &'! "&'"! 3#'%./,.&! 4&! 3&! I$9/$./,%! ,@0(,I$<! $'&!
/$%#.,"/%,#'! 4&! (9&$%5/'/",&1! (&"! "#,'"! 0/((,/%,J"! <%/'%! 0.<3,"<@&'%!
/'%,'#@,I$&"! E! 3&%%&! 4&.',B.&C! 7&"! "#,'"! 3#'"%,%$&'%1! ",! (9#'! 0&$%! 4,.&1! (/!
@/',J&"%/%,#'!0/.!&A3&((&'3&!4&! (9#.4.&!0$?(,3!3#.0#.&(! J#'4<!"$.! (&!0.,'3,0&!
4&!4,P',%<!0#$.!3&!I$,!&"%!.&(/%,J!/$!3#.0"!5$@/,'C!2<J,',"!3#@@&!=(0#'0(G%(C'.(
"%&0%(P( $2."%(C'2-)( .*(-+3(2(<*'&(".%-(P( $2."%(D1! (&"! "#,'"!0/((,/%,J"! ;,"&'%! E! %./,%&.!
'#'!"&$(&@&'%!=(*%&()#'*%'"&(<B3&.C'%&8(62.&(2'&&.(*2(=(0#02*%(<2.-(D1! *2(&#'$$"2-G%(
0#02*%(DTT@ I( 7&$A[3,1! =(G#-&.)1"2-0( *2( <%"&#--%( G#66%( '-( E0"%( /./2-0( %0( *2( 6#"0(
G#66%( '-( <"#G%&&'&( -20'"%*8( #-0( )K&( *+#".7.-%( 101( <%-&1&( G#66%( '-%( "1<#-&%( 2'H!
)%62-)%&()+%'0B2-2&.%( %0( *%'"&()1$%-&%'"&( &#-0(<2"$#.&(/.#*%66%-0(G".0.C'1&(<2"( *%&(
0%-2-0&( )+'-( )"#.0( P( *+%'0B2-2&.%(D1! "#$(,P'&! (&! ./00#.%! 8&#'&%%,! "$.!
(9/33#@0/P'&@&'%!4&!(/!J,'!4&!;,&C!O'!3&(/1!,(!.&+#,'%!$'&!4<3,",#'!.&'4$&!(&!*f!
+$,'! )kkk! 0/.! (9>""&@?(<&! 0/.(&@&'%/,.&! 4$! 7#'"&,(! 4&! (9O$.#0&! I$,!
3#'4/@'&! "/'"! 4<%#$."! (/! 0./%,I$&! 4&! (9&$%5/'/",&1! %#$+#$."! /$! .&P/.4! 4$!
.&"0&3%!4$!0.,'3,0&!4&!4,P',%<!4&!(/!0&."#''&!5$@/,'&!H!=(l%&<%G0%"(%0(<"#017%"(
*2().7-.01()+'-(62*2)%( .-G'"2@*%(#'()+'-(6#'"2-08(G+%&0(2/2-0( 0#'0(G"1%"(2'0#'"()%(
*'.( '-( %-/."#--%6%-0( 2<<"#<".1( *'.( <%"6%002-0( )%(6#'"."( )2-&( *2( ).7-.01I( !".#".01(
)#.0( )#-G( E0"%( )#--1%( 2'( )1/%*#<<%6%-0( )%&( &#.-&( <2**.20.$&( %0( )%&( 0"2.0%6%-0&( 2-0.(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!''*!b==2@`KL2! ^/>1<,/K2-! 3/55<3>! ,O"(4)! _/1>! /A! ,<@! H2! K/!@1==1<,! HM1,_<3@/>1<,! =A3!
KM/BB<@5/k,2@2,>!H2! K/! _1,!H2! 012-! 53L=1HL!5/3! \2/,!V2<,2>>1-! $4! .A1,!#44%6!9L_1,1>1<,!
2@53A,>L2!Z!9/@2!71B2KR!;/A,H23=-!_<,H/>31B2!H2!K/!532@1i32!A,1>L!H2!=<1,=!5/KK1/>1_=!Z!
V<,H32=6!
! $"4
)#'*%'"&( 2.-&.( C'+P( *+2GG#6<27-%6%-0( &#G.2*( %0( <&3GB#*#7.C'%( )%&( 62*2)%&( %0( )%&(
$26.**%&( QRS( L102-0( 2@&#*'6%-0( .-0%").0O( )%( 6%00"%( .-0%-0.#--%**%6%-0( $.-( P( *%'"(
/.%(DTZ\I(8&"!"#,'"!0/((,/%,J"!"9#00#"&'%1!4&! %#$%&!<;,4&'3&1!E! (9&$%5/'/",&C! U(! /!
49/,((&$."!<%<!4<@#'%.<!I$&!(&!"#$(/P&@&'%!4&!(/!"#$JJ./'3&!49$'!0/%,&'%!0/.!
4&"! "#,'"! /4/0%<"! ($,! t%&! %#$%&! &';,&! 4&! @#.%!H! 3&! "#'%! ?&(! &%! ?,&'! (&"!
"#$JJ./'3&"!0"=35#(#P,I$&"!&%!05=",I$&"1!3/$"&"!49$'&!4<%.&""&!0.#J#'4&1!I$,!
"#'%!E!(9#.,P,'&!49$'&!4&@/'4&!&$%5/'/",I$&C!!
f)bC! 8&! (<P,"(/%&$.! /! 4#'3! 0.,"! (&! 0/.%,! 4&! 0.#@#$;#,.! 3&"! "#,'"! %#$%! E! J/,%!
",'P$(,&."1! I$,! "9#.P/',"&'%! /$%#$.!4&! (/!@/(/4,&!4$!0/%,&'%! &%! I$,!#'%!0#$.!
#?+&3%,J!49/""$.&.! "/!4,P',%<C!X?<,""/'%!E! (9#?+&3%,J!4&!=(<"%-)"%(%-(G#6<0%(QRS(
*%&( &#'$$"2-G%&( )%&(62*2)%&( %-( $.-( )%( /.%8( 2.-&.( C'%( *%&( $26.**%&8( 3( G#6<".&( 2<"K&( *2(
6#"0()'(62*2)%8(L.*&O(.6<*.C'%-0(QRS(*%(G#-G#'"&()+'-(<%"&#--%*(61).G2*(&<1G.2*.&1(%0(
G#6<10%-08( )%( @1-1/#*%&( %0( 6E6%( )%( *2( $26.**%( <"#GB%I( ;%&( &#.-&( <%'/%-0( E0"%(
<"#).7'1&(P(*+Bk<.02*(#'(2'()#6.G.*%(DTZDC! U("! 3#'","%&'%1! "&(#'! (9/.%,3(&!8C! )))-[)-!
4$!7#4&!4&! (/!"/'%<!0$?(,I$&1! !&'!=()%&(&#.-&(2G0.$&(%0(G#-0.-'&(QRSI(:*&(/.&%-0(P(
&#'*27%"(*2()#'*%'"8(P(2<2.&%"(*2(&#'$$"2-G%(<&3GB.C'%8(P(&2'/%72")%"(*2().7-.01()%(*2(
<%"&#--%(62*2)%(%0(P(&#'0%-."(&#-(%-0#'"27%(DC!!
f)dC!S&@/.I$#'"!I$&! (/! (#,!4$!**! /;.,(! *--e!0.#(#'P&! &%! J,'/(,"&! "/'"!4#$%&!
$'&!3/$"&!<%/%,I$&!I$,!/!4<+E!<%<!(9#?+&%!49$'&!(#,!4$!k!+$,'!)kkk'(#!3#'"/3./'%!
(&!4.#,%!4&!%#$%&!0&."#''&!@/(/4&!4#'%!(9<%/%!(&!.&I$,&.%!49/33<4&.!E!4&"!"#,'"!
0/((,/%,J"! &%! E!$'!/33#@0/P'&@&'%1! /,'",!I$&! 3&((&1! "$"3,%<&1!4$!d!@/."! *--*!
I$,!0.<;#,%1!E!(9/.%,3(&!8C!)))-[e!4$!7#4&!4&!(/!"/'%<!0$?(,I$&1!I$&!(/!;,&!4,P'&!
4&!(/!0&."#''&!4#,%!D%.&!/""$.<&!+$"I$9E!(/!@#.%C!!
f)eC! 6#$.! .<"$@&.1! (/! (#,! 8&#'&%%,! "#$5/,%&! /@<(,#.&.! (&"! "#,'"! 0/((,/%,J"!
"9/P,""/'%! %/'%! 4&! (&$.! J#'3%,#''&@&'%! I$&! 4&! (&$.! /33B"! /$A! 0/%,&'%"C!
89<P/(,%<! 4/'"! (9/33B"! E! 3&"! "#,'"! 3#'"%,%$&! 4#'3! (9$'&! 4&"! 0.,#.,%<"! 4$!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'(4!b==2@`KL2!5/3K2@2,>/132!HA!7<,=21K!H2!KM8A3<52-!HLB1=1<,!HA!#'!.A1,!"***6!'("!96!F1k,2/A-!53LB6-!56!)(46!'(#!V<1!,O**S%((!HA!*!.A1,!"***-!\6f6!"4!.A1,!"***6!
! $""
4,"0#",%,J! (<P/(C! >,'",1! &((&! ,'3,%&! =(*%&( <#'/#."&( <'@*.G&( P( <"#6#'/#."( *%&( %$$#"0&(
%-7271&( %-( 620.K"%( )%( &#.-&( <2**.20.$&( %-( .6<#&2-0( *+#@*.720.#-( )%( G"1%"( )%&( *.0&(
.)%-0.$.1&( %0( )%&( "1$1"%-0&( )2-&( G%( 03<%( )%( &#.-&( 2'( &%.-( )%( GB2C'%( 7"2-)( &%"/.G%(
2&&'"2-0( '-%( 2G0./.01( )%( &#.-&( <2**.20.$&(DC! O'"$,%&! (&"! =(102@*.&&%6%-0&( <'@*.G&( )%(
&2-01(D! 4#,;&'%! 0.<"&'%&.! $'! =(<"#?%0( 61).G2*(( QRS( )1$.-.L&&2-0O( *+%-&%6@*%( )%&(
6%&'"%&( <"#<"%&( P( 2&&'"%"( *%&( &#.-&( <2**.20.$&( C'%( *+1020( )%&( <%"&#--%&( 2GG'%.**.%&(
"%C'.%"0(QRSI(5%(<"#?%0()+102@*.&&%6%-0(G#6<#"0%(172*%6%-0(*%&(2G0.#-&()%(G##<1"20.#-(
-1G%&&2."%&(P(*2("12*.&20.#-()'(<"#?%0("%*20.$(2'H(&#.-&(<2**.20.$&(DTZgC!O'J,'1! %#$+#$."!
4/'"! (9#?+&3%,J!49/@<(,#.&.! (&"!"#,'"!0/((,/%,J"1!$'!X?"&.;/%#,.&!'/%,#'/(!4&! (/!
J,'!4&!;,&!/!<%<!3.<<1!4#'%!(/!@,"",#'!&"%!4!�!=(.-).C'%L"O(*%&(@%&#.-&()+.-$#"620.#-(
)'(<'@*.G(%0()%&(<"#$%&&.#--%*&()%(&2-01(P(<2"0."()%&(G#-).0.#-&()%(*2($.-()%(/.%(%0()%&(
<"20.C'%&(61).G2*%&(C'.(&+3("2<<#"0%-0(D'(%C!
f)fC! X'! .&%.#$;&! 4#'31! 4/'"! (&! 4#@/,'&! 4&! (/! J,'! 4&! ;,&1! (9#.4.&! 0$?(,3!
3#'"&'"$&(1! "$?%,(1! 4<3.,%! 0.<3<4&@@&'%C! R#$"! %&'4$! 0/.! (9#?+&3%,J! 4&!
0.#%<P&.1!49/33#@0/P'&.!(&!@/(/4&!+$"I$9E!"&"!4&.',&."!,'"%/'%"!4&!;,&1!@/,"1!
&'!3#.#((/,.&1!4&!3#'"%,%$&.!$'!#?"%/3(&!E!4&"!/00<%,%"!@#.%,JB.&"1!,(!&"%!%#$%!E!(/!
J#,"! 0.#%&3%&$.! &%! 4,.,P,"%&1! 4#'3! 0./P@/%,I$&1! #$! &'3#.&! P&"%,#''/,.&1! 0#$.!
.&0.&'4.&! (&! %&.@&! &@0(#=<! 0/.! $'! /$%&$.'(&C! 6#.%&$.! 4&! ;/(&$."! /3%$&((&"1!
39&"%!$'!#.4.&!0$?(,3!i!4<@#3./%,I$&!j!I$,! ,@0#"&1!0/.!&A&@0(&1!I$&!4&! %&("!
"#,'"! "#,&'%! /33&"",?(&"1! 4/'"! (&"! @D@&"! 3#'4,%,#'"1! E! 35/3$'C! O'! &JJ&%1! (&!
0.,'3,0&!4&!4,P',%<1!I$,! ,''&.;&!3&%!#.4.&!0$?(,31!"&./,%!.$,'<!",!4&!%&("!"#,'"!
'9<%/,&'%! /33&"",?(&"! I$9E! $'&! 0/.%,&! 4&! (/! 0#0$(/%,#'1! 3/.1! ./00&(#'"[(&1! (/!
4,P',%<!'&!"9,'4,;,4$/(,"&!0/"!&%!0#.%&.!/%%&,'%&!E!3&((&!49$'!,'4,;,4$!&'!'&!($,!
0&.@&%%/'%!0/"!49/33<4&.! /$A! "#,'"!'<3&""/,.&"! .&;,&'%! E!0#.%&.! /%%&,'%&! E! (/!
4,P',%<! 4&! %#$"! (&"! ,'4,;,4$"C!79&"%! (9D%.&! 5$@/,'! I$,! &"%! 0.#%<P<1! 4/'"! "#'!
&'%,%<!(/!0($"!J#'4/@&'%/(&C!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'($!96!F1k,2/A-!53LB6-!56!)(#6!!'(%!\6f6! #"! _L036! #4"4-! HLB32>! ,O#4"4S"&)! HA! "*! _L036! #4"4! 5<3>/,>! B3L/>1<,! H2!
KMf`=230/><132!,/>1<,/K!H2!K/!_1,!H2!012-!\6f6!#"!_L036!#4"46!'(&!+6!c/3/H21Y!Q<AH2,=/,-!>I/#53LB/!
! $"#
f)gC! K#$"! /((#'"! ;#,.! I$&! 4&"! ./,"#'"! ",@,(/,.&"! P$,4&'%! (&! 4#@/,'&! 4&! (/!
0.#3.</%,#'C!
!
NO).A)KAc:?B>=)<=)@A)C?DF?GA:BDE)
)
f)cC! 89#.4.&! 0$?(,3! &'! (/! @/%,B.&! &"%! 0.,'3,0/(&@&'%! ,(($"%.<! 0/.! (/!
3#'4/@'/%,#'! 4&! (/!@/%&.',%<! 0#$.! /$%.$,! T8U! &%! 4/'"! $'&!@#,'4.&!@&"$.&!
0/.! (&! .&J$"! 4&! (<P/(,"&.! (&! ?<'<J,3&! 4&! (/! 6C!ZC! >C! /$A! 3#$0(&"! 4&! J&@@&"!
5#@#"&A$&((&"!TWU1!(9#.4.&!0$?(,3!3#'","%/'%!/(#."!@#,'"!4/'"!(&!.&"0&3%!4&!(/!
4,P',%<! 5$@/,'&! I$&! 4/'"! (9#.4#''/'3&@&'%! J/@,(,/(! J#'4<! "$.! (9/(%<.,%<!
"&A$&((&C!!
!
8O).A)FDE<AKEA:BDE)<=)@A)KA:=?EB:G)CD;?)A;:?;B)
)
f)kC! 89#.4.&! 0$?(,3! J#'4<! "$.! (&! 0.,'3,0&! 4&! 4,P',%<! .&"%&! <P/(&@&'%!
,'3#'%#$.'/?(&!&'!@/%,B.&!4&!0.#3.</%,#'C!2&0$,"!I$&(I$&"!/''<&"1! ,(!0.&'4!
(/! J#.@&! 4&! (/! 3#'4/@'/%,#'! C'2&.! $'/',@&! 4&! (/! 0./%,I$&! 4&! (/! P&"%/%,#'!
0#$.!/$%.$,1!%/'%!0/.!(/!+$.,"0.$4&'3&1!/,'",!I$9#'!(9/!@#'%.<!&'<"21!I$&!0/.!(&"!
,'"%/'3&"!/=/'%!/$%#.,%<!&'!(/!@/%,B.&'('C!89/;,"!.&'4$!0/.!(&!7C!7C!KC!OC!(&!)&.!
/;.,(! *-)-! &'! ! 3#'"%,%$&! $'! &A&@0(&! .&@/.I$/?(&C! 7&($,[3,! &"%,@&! I$&! =(5%(
"%&<%G0()%( *2().7-.01()%( *2(<%"&#--%(B'62.-%8( G#-G%<0( G*1( .&&'()%( *2(a1G*2"20.#-()%&(
)"#.0&( )%( *+B#66%( )%( ^i_X( %0( "%<".&( )2-&( )%( -#6@"%'H( 0%H0%&( .-0%"-20.#-2'H( 2'(
&#'0.%-()%&()"#.0&()%( *+B#66%(2$.-()%(&%(<"16'-."(G#-0"%( *2(@2"@2".%(#'( *+%&G*2/27%8(
"%<#&%( &'"( *+172*%( /2*%'"( )%( *+%-&%6@*%( )%&( E0"%&( B'62.-&I( 52( a.7-.018( C'2*.01(
.-0".-&KC'%( )%( *+B'62-.018( .-0%").08( )2-&( '-%( G#-G%<0.#-( o2-0.%--%8( )%( G#-&.)1"%"(
*+B#66%( &%'*%6%-0( G#66%( '-( 6#3%-( %0( )%( *'.( G#-$1"%"( '-( <".HI( ;%( "%&<%G0( %&0(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'('!F6!?/556!f6Q68676;6g6-!#4!,<06!#44)-!56!"&'![!3/556!bB/HL@12!,/>1<,/K2!H2!@LH2B1,2-!"4!
@/3=!#44*![!3/556!7686-!*!/036!#44*-!!%#-,7(<(:)#="<#*:(<#="#H(:,+C(G9"-!56!%)![!9LK1`6!bk2,B2!
`1<@LH2B1,2!,O#44*S7fS$)-!")!=25>6!#44*![!f3H32!H2=!@LH2B1,=-!%!_L036!#4"46!!
! $"$
2$$."618( )2-&( *%( )#62.-%( )%( *2( @.#10B.C'%( <2"( *%&( *#.&( $"2-W2.&%&( %0( <2"( *%( ;#-&%.*(
G#-&0.0'0.#--%*I(N.%-(C'+.*(-%(&#.0(<2&()1$.-.(<2"(*2(*#.8(.*(.6<#&%(P(0#'0('-(GB2G'-(*%(
)%/#."()%( "%&<%G0%"( *2().7-.01()+2'0"'.( %0( $#-)%( ?'".).C'%6%-0()%&().&<#&.0.#-&(2'&&.(
)./%"&%&(C'%(G%**%&(C'.(.-0%").&%-0(*2(0"2.0%()%&(E0"%&(B'62.-&8(*+%&G*2/27%(6#)%"-%(#'(
*%(B2"GK*%6%-0!2'(0"2/2.*(QRSI(L:O*(&%()1727%(2'(&%.-()'(G#6.01('-%(0"K&(7"2-)%("1&%"/%(
P(*+172")()'(&#"0(C'%(*2(wI(!I(4I($%"2.0(P(*2($%66%(<#"0%'&%8(G%"02.-&(&%(<*2W2-0(&#'&(*%(
&.7-%( )%( *2( ).7-.01( %0( )+2'0"%&( &%( "1$1"2-0( P( *+.627%( )%&( $%66%&I(`E6%( &.( *+#-( <%'0(
2)6%00"%(C'%(G%"02.-%&(7%&020".G%&(27.&&%-0()2-&(*%(G2)"%()+'-%(*.@%"01(%$$%G0./%8(.*("%&0%(
C'+#-( <%'0( -%( <2&( &#'B2.0%"( C'%( *2( &#G.101( 2GG%<0%( G%( C'.( 2<<2"2e0( G#66%( '-%(
2*.1-20.#-8( $x0T%**%(/#*#-02."%(DI(8&!7C! 7C!KC! OC! /"",@,(&! 4#'3! (/! P&"%/%,#'! 0#$.!
/$%.$,! E! $'&! "#.%&! 49&"3(/;/P&! @#4&.'&1! I$/'4! ?,&'! @D@&! (&"! @B.&"!
0#.%&$"&"! 3/'4,4/%&"! "&! +$P&'%! %#%/(&@&'%! (,?.&"1! (&! 7#@,%<! .&@/.I$/'%! &'!
#$%.&!I$&!(/!",%$/%,#'!"#3,/(&!4&!3&"!J&@@&"!&"%!%.B"!"#$;&'%!,'J<.,&$.&!E!3&((&!
4&"! 3#$0(&"! 49,'%&'%,#'C! 8/! P&"%/%,#'! 0#$.! /$%.$,! 3#'4$,./,%! 4#'31! .-( $.-%1! E!
$'&! 3#@@&.3,/(,"/%,#'! 4$! 3#.0"! 4&! (/! J&@@&! E! (/I$&((&! (9O%/%! J./'_/,"! "&!
.&J$"&C!X.1!(&!0.,'3,0&!4&!4,P',%<!'&!3#'"%,%$&[%[,(!0/"!=(*%(&%'*(#@&02G*%(P(*2(6.&%(
&'"(*%(62"GB1()%(*+B'62.-(DTZZ!v!!
f*-C! S&@/.I$#'"1! &%! ,(! J/$%! "9&'! .<+#$,.1! I$&! 3&! 0.,'3,0&! &""&'%,&(! 49#.4.&!
0$?(,3!&"%!.&(/=<!'#'!"&$(&@&'%!0/.!(&!+$P&1!@/,"!<P/(&@&'%!0/.!4&"!,'"%/'3&"!
0&'"/'%&"!4/'"!(&!4#@/,'&!@<4,3/(1!"3,&'%,J,I$&!&%!<%5,I$&!3#@@&!(&!7C!7C!KC!
OC! U(! "9/P,%! 49$'! .&(/,! %#$%! E! J/,%! ,'<4,%1! ,(($"%./%,J1! "&(#'!ZC!ZC! >T/;/'%1!4&!
(9$'&!4&"!'#$;&((&"!J,P$.&"!4&!(9#.4.&!0$?(,3!3#'%&@0#./,'!0.&'/'%!"/!"#$.3&!
35&T!$'&!/$%#.,%<!3#'3$..&'%&!4&!(9O%/%1!3&!I$,!'&!4&;./,%!0/"!D%.&!3#'3&;/?(&!2(
<".#".1! (&! 7C! 7C! KC! OC! ! /?#.4/'%! 4&"! I$&"%,#'"! +$.,4,I$&"! /(#."! I$&! "#'! .t(&!
#.,P,'&(! &"%! ?,&'!4<J,',1! 3#'","%/'%! E!=()#--%"('-(2/.&(&'"( *%&(<"#@*K6%&(6#"2'H(
C'.(&#-0(&#'*%/1&(<2"(*2("%GB%"GB%()2-&(*%&()#62.-%&()%(*2(@.#*#7.%8()%(*2(61)%G.-%(%0(
)%(*2(&2-018(C'%(G%&(<"#@*K6%&(G#-G%"-%-0(*+B#66%8()%&(7"#'<%&(&#G.2'H(#'(*2(&#G.101(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'(( !m6! c/>>I12A-! J!92! aA2KaA2=! @<R2,=! HML0/BA23! K/! H1k,1>L! IA@/1,2! H2! KM<3H32!
.A31H1aA2!N-!56!#44&-!K/!g31`A,2-!56!"'%*6!!
! $"%
0#'0%( %-0.K"%(DTZEC! 89/$%&$.! 3#'3($%! /(#."! I$9!=(%-( $.-( )%( G#6<0%8( *+>020( &%( 0"#'/%(
*2"7%6%-0(G#-G'""%-G1(<2"('-(.-0%"/%-2-0(%H01".%'"(2'(6#-)%(?'".).C'%(DTZ@C!
f*)C!R,!3&%!#.4.&!0$?(,3!3#.0#.&(!"&!@#$(&!4/'"!(&"!/;,"!49,'"%/'3&"!2(<".#".!'#'!
+$.,4,I$&"1!,(!'9&'!&"%!0/"!@#,'"!&JJ,3/3&C!X'!"/,%!I$9,("!"#'%!0.,"!&'!3#@0%&!0/.!
(&! (<P,"(/%&$.1! 3&"! ,'"%/'3&"! /=/'%! /3I$,"!$'&! ,'J($&'3&!'#'!'<P(,P&/?(&! x! &'!
%<@#,P'&!(&!0.#3&""$"!4&!.<;,",#'!4&"!(#,"!4&!?,#<%5,I$&C!89&""&'%,&(!&"%!I$&!(&!
.&J$"!49$'&!@/.35/'4,"/%,#'!4$!3#.0"!4&!(/!J&@@&1!@/,"!/$"",!4&!(9&'J/'%1!(&"!
"0<3$(/%,#'"! ,'/33&0%/?(&"! 3#'3&.'/'%! (95$@/,'! '&! 0$,""&'%! D%.&! /$%#.,"<&"1!
3&%%&! 5=0#%5B"&! '&! .&'4/'%! 49/,((&$."! 0/"! ,@0.#?/?(&1! (#,'! "9&'! J/$%1! (&"!
3./,'%&"!"$"3,%<&"C!!
f**C!S/""$.#'"['#$"!H! (/! (,?&.%<!4&!=(*#'%"(DTE\!"#'!;&'%.&1!0#$.! .&0.&'4.&! (&"!
%&.@&"! 4&! ZC! NC! 8&@&'',3,&.1! '9&"%! 0/"1! 0#$.! (95&$.&1! &'! 0/""&! 49D%.&!
3#'"/3.<&! 0/.! (&! (<P,"(/%&$.! J./'_/,"C! 7&($,[3,! J/,%! 0#$.%/'%! ;/(#,.! 4&"!
/.P$@&'%"! 3#';/,'3/'%"!0#$.!I$,! 3#'",4B.&!I$&! (/! "#3,<%<!4#,%!49/?#.4!D%.&!
P#$;&.'<&!0/.!4&!"#@?.&"!/00<%,%"!J,'/'3,&."C!R9/P,""/'%!4&!(/!P&"%/%,#'!0#$.!
/$%.$,1! 3&%!/$%&$.!'95<",%&!0/"!E!/JJ,.@&.!I$&!=(;+%&0(<2"G%(C'%(G%"02.-&(G#'<*%&(
&01".*%&(2002GB%-0('-%(0"K&(7"2-)%(/2*%'"(2'H(%-$2-0&(%0(P(*%'"(1)'G20.#-(C'+.*(3(2('-(
62"GB1()%(*2(<"#G"120.#-(2"0.$.G.%**%(QRSI(:*(%&0(B%'"%'H(2*#"&(C'%(G%'H(C'.(#$$"%-0(G%(
&%"/.G%(-%( &+.-01"%&&%-0( C'+2'H( &%'*&( 2&<%G0&(6#-102."%&8( G2"( .*&( &#-0( 2*#"&( .-G.01&( P(
&20.&$2."%(*+.-01"E0()%&(2'0"%&(%0(-#-(*%(*%'"(DC(U(!3#'3($%!/(#."!/$4/3,&$"&@&'%!I$&!
=(*%&( #@?%G0.#-&( $2.0%&( P( *+.-&02'"20.#-( )+'-( 62"GB1( *.@"%( )%&( #"72-%&( #'( )%( *2(
<"#G"120.#-(2"0.$.G.%**%(#'()'(6201".%*(71-10.C'%(-%(&#-0(<2&(G#-/2.-G2-0%&(2'("%72")(
)%&( %$$%0&! &#G.2*%6%-0(-'.&.@*%&( C'+.6<#&%('-%( .-0%").G0.#-()%().&<#&%"( *.@"%6%-0()%(
&#-( G#"<&(DTED({! O"0<.#'"! I$&! (&! (<P,"(/%&$.! .<","%&./! &'3#.&! (#'P%&@0"! E! $'&!
/.P$@&'%/%,#'!/$"",! &JJ./=/'%&1! "/35/'%! I$&! (&! 0.,'3,0&! 49/$%#'#@,&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'()!b3>1BK2!"!HA!HLB32>!,O)$S"$#!HA!#$!_L03123!"*)$!5<3>/,>!B3L/>1<,!HA!7676^686-!\6f6!#&!
_L036!"*)$6!'(*!c6!bp/0/,>-!>I6!53LB6-!56!")&6!')4!m6!V2@2,,1B123-!53LB6-#56!"""6!')"!m6!V2@2,,1B123-!53LB/J!56!"##6!
! $"&
0&."#''&((&!%&(!I$&!3#'"/3.<!0/.!(/!7#$.!OC!2C!QC!0&$%!.&0.<"&'%&.!$'&!?.B35&1!
&'! 4.#,%1! E! $'&! %&((&!@/.35/'4,"/%,#'! 4$! 3#.0"! 5$@/,'C! S/00&(#'"! I$9,(! &"%!
J#'4<! "$.! (/! 4,P',%<! "$?+&3%,;&1! I$,! '9,'%&.4,%! 0/"! 2( <".#".! $'&! /%%&,'%&! E!
(95$@/',%<!4&!(95#@@&C!!
!
WO) .=) ?=Q;>) <=) @GMA@B>=?) @A) +R) 4R) ,R) A;) ZGEGQBF=) <=>) FD;C@=>) <=) Q=KK=>)
HDKD>=];=@@=>)
)
f*bC!8&!@/,'%,&'!4&!(9,'%&.4,3%,#'!4$!?<'<J,3&!4&!(/!6C!ZC!>C!0#$.!(&"!3#$0(&"!
4&! J&@@&"! 5#@#"&A$&((&"! .&0#"&1! 4&! (/! @D@&!@/',B.&1! "$.! (9#.4.&! 0$?(,31!
?,&'!I$9,(!"#,%!@#,'"!J#'4<!"$.!(/!4,P',%<!5$@/,'&!I$&!"$.!(9#.P/',"/%,#'!4&!(/!
J/@,((&C! >,'",1! 39&"%! (9#.4.&! 0$?(,3! .&(/%,J! E! 3&%%&! 4&.',B.&! I$9,(! "9/P,%! 4&!
0.<"&.;&.1!&%1!0($"!&'!/@#'%1!(/!0&.0<%$/%,#'!4&!(/!"#3,<%<C!!
f*dC! O'! &JJ&%1! ,(! &"%! /4@,"! I$&! (/! J/@,((&1! 4/'"! (/! "#3,<%<! J./'_/,"&1! &"%!
#'%#(#P,I$&@&'%! J#'4<&! "$.! (/! 4$/(,%<! 4&"! "&A&"1! I$,! "&$(&! 0&.@&%! (/!
.&0.#4$3%,#'!&%!4#'3!(/!0&.0<%$/%,#'!4&!(9&"0B3&C!U(!"9/P,%!4#'31!&'!,@0#"/'%!(&!
@/.,/P&! @#'#P/@&! 5<%<.#"&A$&(! 3#@@&! #.P/',"/%,#'! "#3,/(&! /$%#.,"/'%! (&!
./00.#35&@&'%!4&"!"&A&"1!4&!3/'/(,"&.!(&"!,'"%,'3%"!"&A$&("!4&!J/_#'!E!/""$.&.!
(/! 0<.&'',%<! 4&! (/! "#3,<%<C! =(5+%-G2)"%6%-0( )%( *2( &%H'2*.01( B'62.-%( %&0( )%<'.&(
0#'?#'"&('-(#@?%0()+.-01"E0(<#'"(G%'H(C'.(#-0(*2(GB2"7%()%().".7%"('-(7"#'<%(B'62.-(
)2-&(*2(6%&'"%(#Y(.*(G#-).0.#--%8(2'T)%*P()%&(%-?%'H(.-)./.)'%*&8(*2(&'"/.%()%(*+%&<KG%(
0#'0%(%-0.K"%I(;B2C'%(G#66'-2'01(B'62.-%(&+%&0()#01%()%("K7*%&()%&0.-1%&(P(%6<EGB%"(
C'%(*+B#66%(%0(*2($%66%(*2.&&%-0(*.@"%(G#'"&(P(*%'"&(<'*&.#-&I(:*(2<<2"2e0(%-(%$$%0(C'%(
*+2-2"GB.%( &%H'%**%8( &.(<2"2).&.2C'%(C'+%**%(<'.&&%( &%6@*%"8( %&0('-%( &#'"G%()%( G#-$*.0&(
.-0%"-%&( %0( )%( )2-7%"&( %H0%"-%&( <#'"( 0#'0%( '-%( G#**%G0./.01( )+E0"%&( /./2-0&(D1!
.&@/.I$&!/;&3!./,"#'!ZC!NC!6=C!2&0$,"!$'&!I$,'T/,'&!49/''<&"1!(&!6C!>C!7C!RC!
L/.%,3(&! e)e[)! 7C3,;CM! &%! (&! 3#'3$?,'/P&! L/.%,3(&! e)e[c! 4$! @D@&! 7#4&M! "#'%!
49/$%.&"! J#.@&"!49#.P/',"/%,#'! J/@,(,/(&! .&3#''$&"!&'!4.#,%! J./'_/,"1! &%1! E! (/!
4,JJ<.&'3&! 4$! @/.,/P&1! &((&"! 0&$;&'%! D%.&! 5#@#"&A$&((&"C! 7&0&'4/'%1! (/!
! $"'
",@,(/.,%<! 4&! "&A&"! 3#'"%,%$&! %#$+#$."! $'! #?"%/3(&! +$.,4,I$&! E! $'&! 6C!ZC! >C1!
0$,"I$9&((&!'9&"%!/$%#.,"<&!I$9&'!3/"!49,'J&.%,(,%<!0/%5#(#P,I$&C!8&!?&.3&/$!4&!
(/!J/@,((&!.&"%&!4#'3!(&!3#$0(&!5<%<.#"&A$&(C!!
f*eC! 2&! 3&%%&! #.P/',"/%,#'! "#3,/(&! I$,! %.#$;&! "&"! ./3,'&"! 4/'"! (9$',#'!
5<%<.#"&A$&((&! @#'#P/@&! 4<3#$(&! $'&! #.P/',"/%,#'! "#3,#[J/@,(,/(&! J#'4<&!
"$.!(9,@/P&!0/%&.'&((&!&%!@/%&.'&((&C!7&%%&!/(%<.,%<!"&A$&((&!3#'"%,%$&!/,'",1!4&!
@/',B.&!<;,4&'%&1!(/!3#'4,%,#'!4$!4<;&(#00&@&'%!<I$,(,?.<!4&"!&'J/'%"C!7&(/!
/""$.&1! .-( $.-%1! $'! #.4.&! "#3,/(!H! 4&"! ,'4,;,4$"! "9<%/'%! 3#'"%.$,%"! 4&! (/! "#.%&!!
P/./'%,""&'%! 4&"! /4$(%&"! <I$,(,?.<"! I$,! &$A[@D@&"! 0.#4$,"&'%! 4&"! .&(/%,#'"!
"#3,/(&"!<I$,(,?.<&"C!2B"! (#."1! /$%#.,"&.!$'!3#$0(&!4&! J&@@&"!5#@#"&A$&((&"!
.&;,&'%! E! .&',&.! 3&! @#4B(&1! &%! E! 0.&'4.&! (&! .,"I$&! 49$'&! 4<"#.P/',"/%,#'!
"#3,/(&1! %.#$;/'%! "&"! ./3,'&"! 49$'&! 0/.%! 4/'"! (&! 4<"<I$,(,?.&! 0.#?/?(&!
"9/P,""/'%!4$!4<;&(#00&@&'%!4&!(9&'J/'%1!0.,;<!4$!@#4B(&!0/.&'%/(!3(/"",I$&1!
49/$%.&! 0/.%! 4/'"! (/! '<P/%,#'! 4&! (9/(%<.,%<! "&A$&((&! 3#@@&!@#4&! '#.@/(! 4&!
.&0.#4$3%,#'1! 0($"! ,'4,.&3%&@&'%! 4/'"! 3&((&! 4&! (/! .&(/%,#'! "&A$&((&! 3#@@&!
@#4&!4&!J#'4/%,#'!4&!(/!J/@,((&!L3&%%&!/00/.&'3&!<%/'%!0.<"&.;<&1!/,'",!I$9#'!
(9/!@#'%.<1!4/'"!(&!3/4.&!4&!(/!6C!ZC!>CMC!!
f*fC! >$%#.,"&.! (/! J/@,((&! 5#@#"&A$&((&! J#'4<&! "$.! $'! 3#$0(&! 4&! J&@@&"!
,@0(,I$&./,%1!4B"!(#."1!$'&!.<#.P/',"/%,#'!49&'"&@?(&!4&"!.BP(&"!.&(/%,;&"!E!(/!
J/@,((&1!E! (/! J,(,/%,#'!3#'%&'$&"!4/'"! (&!7#4&!3,;,(')#1!E! (/I$&((&! (&! (<P,"(/%&$.!
J./'_/,"!'&!"#$5/,%&!0/"!.<J(<35,.!0#$.! (&!@#@&'%')$C!6#$.! (95&$.&1! (&!3#$0(&!
5<%<.#"&A$&(!.&"%&!(/!?/"&!4&!(/!J/@,((&!J./'_/,"&C!!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!')#!72K/! /! L>L! =<AK1k,L! 5/3!c6! V/@/3BI2! H/,=! A,2! ,<>2! LBK/13/,>2-!J!92AY! _2@@2=-! A,!
I<@@2! 2>! A,2! _2@@2-! H2AY! I<@@2=!]! aA2K! @/31/k2! 5<A3! K2! >3<1=1i@2!@1KKL,/132!|!N-!
3/!/5/0/!#44%-!556!$$S$)6!')$!F6!K2!3/556!H2!KMb==2@`KL2!,/>1<,/K2!,O$"""!B<,=>1>AL!H/,=!K2!B/H32!H2!K/!3L01=1<,!H2=!
K<1=!H2!`1<L>I1aA2-!=5LB6!=M/k1==/,>!H2=!B<,H1>1<,=!HM/BBi=!Z!K/!Q6c6b6!
! $"(
f*gC! O'J,'1! ,(! 3#';,&'%! 49/?#.4&.! (&! 4#@/,'&! 4&"! .&(/%,#'"! "&A$&((&"! 4/'"!
(&I$&(!(&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!4&;./,%1!2(<".#".1!%.#$;&.!$'!%&../,'!
49/00(,3/%,#'! .&@/.I$/?(&! &%! /;#,.! 0#$.! &JJ&%1! E! (9,'"%/.!4&! 3&! I$&! (9#'!0&$%!
4<4$,.&!4&!(9/..D%!nC!>C!&%!>C!2C1!$'!3#'"&'%&@&'%!%#$%!0$,""/'%C!>$!3#'%./,.&1!
(&! 4.#,%! J./'_/,"! .&"%&! %.B"! /%%/35<! E! $'! #.4.&! 0$?(,3! J#'4<! "$.! (/! 4,P',%<!
5$@/,'&! &%! 0($"! 0/.%,3$(,B.&@&'%! "$.! (&! .&"0&3%! 4&! (9,'%<P.,%<! 4$! 3#.0"!
49/$%.$,C!
!
2O).=>)?=@A:BDE>)>=];=@@=>)
)
f*cC!>,'",!I$&!'#$"!(9/;#'"!<3.,%1!(/!(,?&.%<!"&A$&((&!&"%!E!"#'!/0#P<&!&'!4.#,%!
J./'_/,"C! 2<?/../""<&! 4&"! 0.,'3,0&"! 35.<%,&'"1! (/! ;,&! "&A$&((&! 4&"! 0&."#''&"!
0&$%!D%.&!@&'<&!4&!@/',B.&! %#$%!E! J/,%! (,?.&1! "/'"!I$&! (&!3#.0"!"#3,/(1! .&(/=<!
0/.! (&! 4.#,%1! (/! 3#'4/@'&C! 2B"! (#."1! (&"! 3#@0#.%&@&'%"! "&A$&("! /$%.&J#,"!
3#'",4<.<"!3#@@&!4<;,/'%"!3#@@&!(95#@#"&A$/(,%<!#$!(/!?,"&A$/(,%<!'&!"#'%!
0($"!.<0.,@<"!0/.!(&!4.#,%1!"#$"!0&,'&!49D%.&!4,"3.,@,'/%#,.&"')%C!N,&'!&'%&'4$1!
$'&!3#'4,%,#'!&""&'%,&((&!E!3&%%&!(,?&.%<!,@0(,I$&!I$&!3&"!.&(/%,#'"!"&!4<.#$(&'%!
E! (9/?.,!4&"! .&P/.4"! <%./'P&."! &%! &'%.&! /4$(%&"! 3#'"&'%/'%"C! U(! "9/P,%!4&!'#%.&!
0#"%$(/%!4&!4<0/.%1!3&!I$,!&A0(,I$&!I$&!'#$"!'9<%$4,&.#'"!0/"!4&"!%5B@&"!I$,!
/$./,&'%! 0$! 0#$.%/'%! 0/./a%.&! <;,4&'%"1! 3#@@&! (/! .<0.&"",#'! 4&! (9/P.&"",#'!
"&A$&((&!L/.%,3(&!***[**!&%!"$,;/'%"!4$!7#4&!0<'/(M1!4$!!;,#(!L/.%,3(&"!***[*b!&%!
"$,;/'%"!4$!7#4&!0<'/(M1!3&((&!4&"!/%%&,'%&"!"&A$&((&"!"$.!$'!@,'&$.!L/.%,3(&"!
**g[*e!4$!@D@&!7#4&M1!!#$!&'3#.&!(&!%5B@&!4&!(9,'3&"%&')&C!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!')%!V/! 3L53<`/>1<,!BI3L>12,,2!H2!B2=! 32K/>1<,=!=2YA2KK2=!H1>2=!HL01/,>2=! 325<=/1>!=A3! K2!
B/3/B>i32!,<,!3253<HAB>1_!H2!B2KK2=SB1!2>!=A3!K2!5LBIL!aAM2KK2!B<,=>1>A/12,>-!5A1=aA2!=2AK2!
K/!32K/>1<,!IL>L3<=2YA2KK2!H/,=!K2!@/31/k2!Z!`A>!53<B3L/>1_!L>/1>!/A><31=L26!')&!g3/H1>1<,,2KK2@2,>-!KM1,B2=>2!,M2=>!5/=!3L531@L2!2,!>/,>!aA2!>2KK2!H/,=!K2!7<H2!5L,/K!
@/1=! 2KK2! B<,=>1>A2! A,2! B13B<,=>/,B2! /kk3/0/,>2! H2=! 1,_3/B>1<,=! =2YA2KK2=6! bK<3=! aA2!
KM1,B2=>2!/0/1>!_/1>!=<,!2,>3L2!H/,=!K2!7<H2!5L,/K!Z!KM/3>1BK2!###S$"S"!5/3!A,2!K<1!,O#4"4S
"#"!HA! )! _L036! #4"4! n\6f6! *! _L036! #4"4o-! K2! 7<,=21K! B<,=>1>A>1<,,2K! /! /`3<kL! B2>! /3>1BK2!
H/,=!A,2!HLB1=1<,!,O#4""S"'$!v6Q676!HA!"'!=25>6!#4""6!F6!B252,H/,>!K/!,<A02KK2!@<A>A32!
H2!KM/3>1BK2!###S#%!76Q6!=<A=!KM2__2>!H2!K/!K<1!HA!)!_L036!#4"46!
! $")
f*kC! K#$"! '#$"! ?#.'&.#'"! E! <%$4,&.! 3&! I$9,(! &'! &"%! "9/P,""/'%! 4&"! .&(/%,#'"!
"&A$&((&"!;,#(&'%&"! 3#'"&'%,&"1! 39&"%[E[4,.&!4&"! .&(/%,#'"! "/4#@/"#35,"%&"!I$,!
0&$;&'%!3#'","%&.1!0/.J#,"1!&'!4&!;<.,%/?(&"!%#.%$.&"1!&'!%<@#,P'&!(9/..D%!nC!>C!
&%!>C!2C!3#'%.&!N&(P,I$&')'C!
fb-C! :'! /4$(%&! @/+&$.! &%! 3#'"&'%/'%! 0&$%[,(! /33&0%&.1! 4/'"! $'! ?$%! 4&!
+#$,""/'3&! "&A$&((&1! $'&! /%%&,'%&! E! "#'! ,'%<P.,%<! 05=",I$&!v! R,! (/! ;,3%,@&!
"#((,3,%&!&%!/00.<3,&!3&%%&!;,#(&'3&!0#$.!"#'!?,&'[D%.&!05=",I$&!&%!0"=35,I$&1!(/!
(#,!0<'/(&!0&$%[&((&!,'%&.;&',.!v!8&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!/$%#.,"&[
%[,(! (/!;,3%,@&!E! J/,.&!"#$JJ.,.! "#'!3#.0"1! ",! (9#?+&3%,J!4&!3&%%&!"#$JJ./'3&!&"%! (&!
0(/,",.! "&A$&(!v! N,&'! I$&! (&! 4#@/,'&! <%$4,<! 0$,""&! "&@?(&.! /'&34#%,I$&1! (&"!
3/"! .&'3#'%.<"! '&! "#'%!0/"!49<3#(&! &%! 0/.J#,"! "&!0#"&! 3.$&((&@&'%! /$! +$P&! (/!
I$&"%,#'! 4&! "/;#,.! +$"I$9#h! (&! 0(/,",.! "&A$&(! /$%#.,"&! (9/%%&,'%&! E! "/! 0.#0.&!
,'%<P.,%<! 05=",I$&1! ;#,.&! "#'! /""/"",'/%C! X'! "&! "#$;,&'%! &'! &JJ&%! 4&! 3&! J/,%!
4,;&."!5#..,J,/'%!I$,!/;/,%!&$!(,&$!&'!>((&@/P'&!/$!4<?$%!4&"!/''<&"!*---!&%!
I$,! 0#"&! 4&! J/_#'! 3.$3,/(&! (/! I$&"%,#'! 4&! (9/$%#'#@,&! 0&."#''&((&! 4/'"! (&!
4#@/,'&!"/4#@/"#35,"%&')(C!!
fb)C! U(! "9/P,""/,%! 49>.@,'! Z&,m&"1! $'! /((&@/'4! 4&! d)! /'"1! 5#@#"&A$&(! &%!
"9/4#''/'%! /$A! 0./%,I$&"! "/4#@/"#35,"%&"1! I$,! 4<",./,%!@/'P&.! $'! 5#@@&1!
&%1!0#$.!3&!J/,.&1!0$?(,/!$'&!/''#'3&!"$.!,'%&.'&%C!:'!5#@@&!?&.(,'#,"!4&!db!
/'"! ($,! .<0#'4,%C! 8&"! 4&$A! 5#@@&"! "&! .&'3#'%.B.&'%! /$! 4#@,3,(&! 49>.@,'!
Z&,m&"C! >0.B"! /;#,.! &$! 4&"! ./00#.%"! "&A$&("1! ,("! 4<3,4B.&'%! 49$'! 3#@@$'!
/33#.4!4&! "&3%,#''&.! (&!0<',"!4&! (9,';,%<!&%!4&! (&!@/'P&.!&'"&@?(&1! 3&!I$9,("!
J,.&'%C! 8#."I$&! (&! .&0/"! J$%! %&.@,'<1!>.@,'!Z&,m&"! %$/! "#'! ,';,%<! &'! /=/'%!
#?%&'$! 0.</(/?(&@&'%! "#'! 3#'"&'%&@&'%1! 0$,"! 4<3#$0/! "#'! 3#.0"! &%! &'!
3#'"&.;/! 4&"! @#.3&/$A! /$! 3#'P<(/%&$.C! O'! +/';,&.! *--d1! (&! 3/'',?/(&! J$%!
3#'4/@'<!E!5$,%! /'"! &%!4&@,!4&!0.,"#'!0/.! (&! %.,?$'/(!4&!n/""&(C!2&$A!/'"!
0($"!%/.41!(9/JJ/,.&!J$%!+$P<&!E!'#$;&/$!E!(/!4&@/'4&!4$!6/.I$&%!&%!(&!%.,?$'/(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!')'!768696:6-!l6!b6!2>!b6!96!BCm2Kk1aA2-!"(!_L036!#44&-!53LB6-!E!"$!2>!=6!!')(!F6!5/3!2Y6!JQ235L>A1>L!5<A3!K2!B/,,1`/K2!H2!?<>2,`<A3k!N-!!"#>(&%-:-!"&!<B>6!#44(6!
! $"*
4&!G./'3J#.%!(&!3#'4/@'/!E!(/!.<3($",#'!3.,@,'&((&!E!0&.0<%$,%<!(&!k!@/,!*--fC!
:'&! %&((&! 4<3,",#'! '&! 35#I$&./! 0&."#''&y! /$! 3#'%./,.&! 4&! 3&"! J/,%"!
<0#$;/'%/?(&"!I$,1!/$A!4,.&"!4&!"#'!/$%&$.1!J$.&'%!3#@@,"!0/.!0(/,",.!"&A$&(!{!
^$&!(9#'!"&!./""$.&1!(&!+$P&!J./'_/,"!'9/!0#$.!(&!@#@&'%!+/@/,"!<%<!3#'J.#'%<!E!
4&! %&((&"! /JJ/,.&"1! &%1! E! (9<;,4&'3&1! (&! @/,'%,&'! 49$'! #.4.&! 0$?(,3! 0.#%&3%&$.!
.&'4! 0&$! 3.<4,?(&! (9/00(,3/%,#'! 4&! (/! +$.,"0.$4&'3&! nC! >C! &%! >C! 2C! &'! 4.#,%!
J./'_/,"1! 39&"%[E[4,.&! (/! 4<0<'/(,"/%,#'! 4&! 3#@0#.%&@&'%"! 0#.%/'%! /%%&,'%&! E!
(9,'%<P.,%<!3#.0#.&((&!49/$%.$,1!&'!./,"#'!4$!3#'"&'%&@&'%!4&!3&!4&.',&.C!!
fb*C! O'! &JJ&%1! (&! .&"0&3%! 4&! (9,'%<P.,%<! 4$! 3#.0"! 49/$%.$,! .&"%&! $'! 0.,'3,0&!
&""&'%,&(!49#.4.&!0$?(,31!&%!(&!3#'"&'%&@&'%!4#''<!/$A!.&(/%,#'"!"&A$&((&"!'9&'!
4,"0&'"&!0/"!3&$A!I$,!"9=!/4#''&'%C!=(4'G'-($2.0(?'&0.$.G20.$(G*2&&.C'%(-%(<%'0(E0"%(
.-/#C'1( <#'"( ?'&0.$.%"( G%( 03<%( )%( /.#*%-G%&( &2)#62&#GB.&0%&I( h.( *2( *#.( -.( 2'G'-%(
2'0#".01(*17.0.6%(-%($#-0("1$1"%-G%(P('-%(<%"6.&&.#-()%(G%&(G#6<#"0%6%-0&I(52(*17K"%01(
)%&(200%.-0%&(P( *+.-017".01(<B3&.C'%()%(G%'H(C'.( &+2)#--%-0(P( G%&(<"20.C'%&(-+k0%(<2&(
2'H( G#'<&( *%'"( G2"2G0K"%( )1*.G0'%'HI( 52( &%'*%( G#-G*'&.#-( *#7.C'%( %&0( )%( G#-&020%"(
*+.**.G1.01( )%( G%&( 2G0%&( 62*7"1( *+%H0"E6%( "2"%01( )%&( <#'"&'.0%&( %0( )%&( <"#GK&( %-( G%(
)#62.-%I( 52( "1<"%&&.#-( "%&0%( <#&&.@*%8(6E6%( &.( %**%( &%( *.6.0%( 2'H( /.#*%-G%&( C'.( $#-0(
G#'"."( )%( /1".02@*%&( )2-7%"&( <B3&.#*#7.C'%&( %0( <&3GB#*#7.C'%&( %0( 2'H( )1"2<27%&(
2GG.)%-0%*&()%&(<"20.C'%&(&2)#62&#GB.&0%&(D1!.&@/.I$&!/;&3!./,"#'!ZC!NC!6='))C!!
fbbC!O'!&JJ&%1!(&"!/%%&,'%&"!E!(9,'%<P.,%<!05=",I$&1!;#,.&!@#./(&"1!3#@@,"&"!4/'"!
(&! 3/4.&!4&!3&"! .&(/%,#'"!0&$!?/'/(&"! 3#'"%,%$&'%! %#$+#$."!4&"!4<(,%"!0<'/$A1!
&'! ./,"#'! 4&! (9/?"&'3&! 49&JJ&%! +$"%,J,3/%,J! 4$! 3#'"&'%&@&'%1! <%$4,<! 0($"!
/;/'%')*C!S&@/.I$#'"!/$!0/""/P&!I$&!(&"!J/,%"!.&(/%<"!4/'"!(9/..D%!4&!(/!7#$.!
4&!R%./"?#$.P!.&(/%,;,"&'%!(&"!0.#0#"!4&!3&%!/$%&$.1!@/,"!3#'J,.@&'%1!"9,(!&'!&"%!
?&"#,'1!(/!'<3&"",%<!4&!.<0.,@&.!0<'/(&@&'%!3&!%=0&!49/P,""&@&'%"C!>!3&!%,%.&1!
",!(/!+$.,"0.$4&'3&!J./'_/,"&!&A&.3&!$'&!.<0.&"",#'!0./P@/%,I$&!4&"!0./%,I$&"!
"/4#@/"#35,"%&"1!&((&!'&!3#'",4B.&!+/@/,"!I$&!(&!3#'"&'%&@&'%!E!3&"!4&.',B.&"!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'))!m3A,<!QR-!!"#<"O"#"+#*"#=-:(+-!:;/#6(+/J!56!'(6!')*!F6!<9;-%-!5!"&'!2>!=6!
! $#4
0&$%! 3#'"%,%$&.! $'! J/,%! +$"%,J,3/%,J! /$A! /%%&,'%&"! "$?,&"C!:'&! ,(($"%./%,#'! 0&$%!
D%.&!%.#$;<&!4/'"!$'!/..D%!.&'4$!(&!)*!+/';,&.!*--k!0/.!(/!7#$.!49/00&(!49>,A[
&'[6.#;&'3&'*41! &'! 3&!I$&! (&"! /3%&"!4&! "/4#@/"#35,"@&! "#'%! /'/(="<"!0/.! (&!
+$P&!"#$"!(&!0.,"@&!4&!(9,'J./3%,#'!49/?$"!J./$4$(&$A!4&!(9<%/%!49,P'#./'3&!#$!
4&!J/,?(&""&!49/$%.$,!L/.%,3(&!**b[)e[*!7C6CMC!2/'"!3&%%&!/JJ/,.&1!,(!"9/P,""/,%!49$'!
5#@@&! &%! 49$'&! J&@@&! "9<%/'%! .&'3#'%.<"! 0/.! (&! ?,/,"! 49$'! ",%&!
"/4#@/"#35,"%&! &%! "9/4#''/'%! &'"&@?(&! E! 3&"! 0./%,I$&"C! 7&0&'4/'%1! (&$.!
.&(/%,#'! /;/,%! 4<P<'<.<1! &%! (&! 0/.%&'/,.&! @/"3$(,'1! 4&;&'$! i!@/a%.&!j! 4&! (/!
J&@@&1! &A&._/,%! $'&! 0.&"",#'! 0"=35#(#P,I$&! "$.! 3&%%&! 4&.',B.&! %&((&! I$9&((&!
/;/,%!/33&0%<1!"/'"!;./,@&'%!(&"!4<",.&.1!%#$%&"!"#.%&"!4&!"<;,3&"C!R,!J,'/(&@&'%1!
(&! +$P&! '&! 3#'4/@'&! 0/"! (&! 0.<;&'$! 0#$.! /?$"! J./$4$(&$A! 4&! (9<%/%!
49,P'#./'3&!#$!4&!J/,?(&""&!4&!3&%%&!J&@@&1!#'!3#'"%/%&!I$&!(9,'%&.;&'%,#'!4$!
4.#,%! 0<'/(! <%/,%! %#$%! E! J/,%! (<P,%,@&1! (&! 3#'"&'%&@&'%!4#''<! E! 3&"!0./%,I$&"!
<%/'%! &'! .</(,%<! J/$""<! 0/.! (9<%/%! 0"=35#(#P,I$&! 4&! (/! ;,3%,@&C! 8&! 0&$! 4&!
+$.,"0.$4&'3&!&'! (/!@/%,B.&! J/,%!<P/(&@&'%!<%/%!4&!.&(/%,#'"!"/4#@/"#35,"%&"!
"&!4<.#$(/'%!4/'"!(&!3/4.&!4$!@/.,/P&1!I$&!(9$'!4&"!<0#$A!J,',%!0/.!.&0.#35&.!
E!(9/$%.&!&%!I$,!3#'"%,%$&'%1!4/'"!%#$"!(&"!3/"1!$'&!3/$"&!4&!4,;#.3&!0#$.!J/$%&1!
3#'"%,%$/'%!&'!$'&!;,#(/%,#'!P./;&!#$!.&'#$;&(<&!4&"!4&;#,."!#$!#?(,P/%,#'"!
4$! @/.,/P& '*" C! K</'@#,'"1! (&! "/4#@/"#35,"@&! '9&"%! +/@/,"! /?#.4<! "#$"!
(9/'P(&!0<'/(C!!
fbdC! X'! 3#'"%/%&! /,'",! I$&!@/(P.<! (&$.! 3/./3%B.&! '<3&""/,.&@&'%! ,'%,@&1! (&"!
.&(/%,#'"! "&A$&((&"! ;,#(&'%&"! "#'%1! 0/.! 0.,'3,0&1! 0<'/(&@&'%! 0$',""/?(&"! 3/.!
&((&"!"#'%!3#'"%,%$%,;&"!49$'&!,'J./3%,#'!0<'/(&C!8&!3#'"&'%&@&'%!4#''<!0/.!(/!
;,3%,@&! x! I$,! &"%1! 4/'"!$'!P./'4!'#@?.&!4&! 3/"1! 4<0#$.;$!4&! (9<(<@&'%!4&!
(,?&.%<1!3&((&[3,!<%/'%!"#$"!(9&@0.,"&!0"=35#(#P,I$&!4&!"#'!?#$..&/$![!&"%!4#'3!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'*4!76b6! b1YS2,SQ3<02,B2-! "#! ./,06! #44*-! ,O%&C9C#44*-! /BB2==1`K2! =A3! K2! =1>2! 1,>23,2>!
qqq6K2Y1=,2Y1=6B<@6!'*"!F6!5/3!2Y6!7b!Q/31=-!$!.A1,!#4"4-!,O4)C#"''%-!/BB2==1`K2!=A3!K2!@d@2!=1>2!1,>23,2>6!!
! $#"
%#%/(&@&'%! ,'&JJ,3/3&C! 6#$.! (95&$.&1! (&! 4.#,%! E! "$?,.! 4&"! .&(/%,#'"! "&A$&((&"!
"/4#@/"#35,"%&"!'9&A,"%&!4#'3!0/"!&'!4.#,%!J./'_/,"C!!
!
fbeC! 6#$.! %&.@,'&.1! $'&! #?"&.;/%,#'! "9,@0#"&! 3#'3&.'/'%! (/! 0#"",?,(,%<! 4&!
(<P/(,"&.! (9/"","%/'3&! "&A$&((&! &'! J/;&$.! 4&"! 0&."#''&"! &'! ",%$/%,#'! 4&!
5/'4,3/01! 4#'%! (&"!@/+&$."! 0.#%<P<"C! R,! (&! 0.#+&%! &"%! (#$/?(&'*#1! #'! 3#'"%/%&!
$'&! 3#'%./4,3%,#'! &""&'%,&((&! /$! .&P/.4! 4&! (9#.4.&! 0$?(,3! J./'_/,"! I$,!
&@0D35&1!0#$.!(95&$.&1!(/!.</(,"/%,#'!49$'!%&(!0.#+&%C!O'!&JJ&%1!&%!'#$"!(9/;#'"!
"#$(,P'<1!0/.3&!I$9&((&!3#'","%&./,%!&'!$'&!0.#J&"",#'!.<@$'<.<&1! (9/"","%/'3&!
"&A$&((&! "9/"",@,(&./,%! E! (/! 0.#"%,%$%,#'C! O'! #$%.&1! @D@&! 3#'_$&! 3#@@&!
&A3&0%,#'!E! 3&%%&!0./%,I$&!3#'%./,.&!E! (9#.4.&!0$?(,3! [!@/(P.<!"/!0<'/(,"/%,#'!
"#$"!J#.@&!4&!./3#(/P&!0$?(,3!&A3($",;&@&'%![1!&((&!3#'"/3.&./,%1!49$'!0#,'%!4&!
;$&! "=@?#(,I$&1! (/! @/.35/'4,"/%,#'! 4$! 3#.0"! 5$@/,'C! X.1! &"%[,(! ?&"#,'! E!
'#$;&/$! 4&! (&! "#$(,P'&.1! (&! 0.,'3,0&! 49,'4,"0#',?,(,%<! 4$! 3#.0"! 5$@/,'!
(9,'%&.4,%C! 2&! 0($"1! ,(! &"%! (<P,%,@&! 4&! 3./,'4.&! (&"! /?$"! "&A$&("! "$.! (&"!
?<'<J,3,/,.&"! 4&"! 0.&"%/%,#'"! "&A$&((&"! I$,1! ./00&(#'"[(&1! "#'%! 4&"! 0&."#''&"!
;$('<./?(&"1! 3&! E! I$#,! "&! 5&$.%&! "/'"! 4#$%&! (&! 0.,'3,0&! 49/$%#'#@,&!
0&."#''&((&!&'!@/%,B.&!"&A$&((&C!
!
!
!
!
!
!
! !
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'*#!F6!3/556!\6SG6!7I<==R-!53LB6!
! $##
)))))))))))))))))))))))20"2.!'#0")29,+#(&%)##)
)
)
)
fbfC!X'!/$./,%!0$!0&'"&.!I$&! (&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!#0<.&./,%1!
0/.!(&!%.$35&@&'%!4&!(/!4,"0#",%,#'!3#.0#.&((&!&$.#0<&''&1!$'&!(,?<./(,"/%,#'!
4&"! 4#@/,'&"! 4&! (/! J,'! 4&! ;,&1!4&! (/!@/a%.,"&! 4&! (/! 0.#3.</%,#'! &%! 4&! (/! ;,&!
"&A$&((&! &'! 4.#,%! J./'_/,"1! /?#$%,""/'%! E! /$%#.,"&.! 4&"! 5=0#%5B"&"! 4&!
4,"0#",%,#'!4&!"#'!3#.0"!+$"I$&[(E!0.#5,?<&"C!6$,"I$&!(&!0.,'3,0&!49/$%#'#@,&!
0&."#''&((&! 0&.@&%! 49#0<.&.! 4&"! 35#,A! 4/'P&.&$A! 0#$.! "#,1! "/! .<3&0%,#'! &'!
4.#,%! J./'_/,"! /$./,%! 0$! /?#$%,.! E! (<P/(,"&.! (9&$%5/'/",&! /3%,;&1! (&! %./'"J&.%!
49&@?.=#'"!<#&0(6#"0%6!#$!&'3#.&!(/!0./%,I$&!4&"!@B.&"!0#.%&$"&"C!2$!"%.,3%!
0#,'%! 4&! ;$&! 4&! ! (9&'3/4.&@&'%! (<P/(1! $'&! %&((&! 5=0#%5B"&! <%/,%! %#$%! E! J/,%!
3#'3&;/?(&1! &%! (/! .<3&'%&! '#$;&((&! (#,! 4&! ?,#<%5,I$&! /$./,%! 0$! &'! 3#'"%,%$&.!
(9,(($"%./%,#'C! 7&0&'4/'%1! (9/'/(="&! .<;B(&! I$9&'! 4.#,%! ,'%&.'&1! (&! 4#@/,'&!
3#.0#.&(!.&"%&!&'3/4.<!0/.!$'!#.4.&!0$?(,3!0.#%&3%&$.!%#$%!E!J/,%!"0<3,J,I$&1!$'!
#.4.&!0$?(,3!4&!P&"%,#'1!0#$.!.&0.&'4.&!(&!%&.@&!49$'!/$%&$.'*$C!>,'",1!",!(9#'!
=!#?"&.;&1!4&0$,"!$'&!I$,'T/,'&!49/''<&"1!$'&!%&'4/'3&!E!J/3,(,%&.!(9/33B"!/$!
3#.0"! 5$@/,'1! I$&! (&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! /$./,%! 0$! '#'!
"&$(&@&'%! (<P,%,@&.1! @/,"! <P/(&@&'%! /33&'%$&.1! (9#.4.&! 0$?(,3! &'! 4.#,%!
J./'_/,"!3#'%,'$&!4&!0.<"&.;&.!(&!3#.0"!5$@/,'!4&"!/00<%,%"!@&.3/'%,(&"!I$,!=!
;#,&'%!(/!"#$.3&!49$'!@/.35<!J.$3%$&$AC!!
)
)
)
! )
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'*$!+6!c/3/H21YSQ<AH2,=/,-!>I6!53LB6!
! $#$
20"2.!'#0")'%20"*%)+,&(#%)
)
!
)
fbgC!89/'/(="&!4$!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!"#$"!$'!/'P(&!0.#"0&3%,J!
@#'%.&! I$&! 3&($,[3,! &"%! (,@,%<1! &%! 0.&'4! 4/;/'%/P&! (&"! %./,%"! 49$'! &JJ&%!
49/''#'3&! ,'#JJ&'",J1! I$&!49$'&!'#$;&((&! '#.@&! &$.#0<&''&! /''#'_/'%!$'&!
(,?<./(,"/%,#'!4&!(/!4,"0#",%,#'!3#.0#.&((&!0/.@,!(&"!O%/%"!@&@?.&"!4$!7#'"&,(!
4&!(9O$.#0&1!&%!0($"!0/.%,3$(,B.&@&'%!(/!G./'3&C!!
fbcC! >,'",1! 49$'! 0#,'%! 4&! ;$&! #'%#(#P,I$&1! (&! 0.,'3,0&! 49/$%#'#@,&!
0&."#''&((&! 3#'%,&'%! $'! ;,3&! J#'4/@&'%/(1! "/! +$"%,J,3/%,#'! 0/.! (/! 4,P',%<!
"$?+&3%,;&!I$,1! #'! (9/!4<@#'%.<1! &"%!$'!'#'["&'"!4$!0#,'%!4&!;$&!4&"!4.#,%"!
J#'4/@&'%/$AC!6/.!&""&'3&!i!/['#.@/%,;&!j1!(/!4,P',%<!"$?+&3%,;&!'&!0&$%!0/"!
"#$"[%&'4.&!(9/.%,3(&!c!4/'"!(&!4#@/,'&!4$!3#.0"!5$@/,'1!0/"!0($"!I$9&((&!'&!
0#$../,%! "&! 3#'3,(,&.! /;&3! (/! 4,P',%<! #?+&3%,;&1! 35/I$&! 3#'3&0%,#'! &A3($/'%!
(9/$%.&C!!
fbkC! 2$! 0#,'%! 4&! ;$&! 4$! 4.#,%! ,'%&.'&1! (&! P(,""&@&'%! ,'4<',/?(&! ;&."! $'!
<(/.P,""&@&'%!4&!(9/33B"!/$!3#.0"!5$@/,'!'&!4#,%!0/"!J/,.&!,(($",#'C!>(#."!I$&!
3&! 3#'%&A%&! 0/./a%! %#$%! E! J/,%! J/;#./?(&! E! $'&! .<3&0%,#'! /?#$%,&! 4$! 0.,'3,0&!
49/$%#'#@,&!0&."#''&((&!3&"!0.#35/,'&"!/''<&"1!$'&!0.&@,B.&!<%/0&!/=/'%!0$!
D%.&!.</(,"<&!0/.!(&"!'#$;&((&"!(#,"!4&!?,#<%5,I$&1!(&!4.#,%!J./'_/,"!.&"%&!/%%/35<!
E!$'!3#'%.t(&!4&"!/%%&,'%&"!/$!3#.0"!5$@/,'!0/.!(9,'4,;,4$!#$!(&"!%,&."1!P.u3&!E!
$'!#.4.&!0$?(,3!J(&A,?(&C!>,'",1!@/(P.<!(9/00/.&'3&!4&!"#'!4<(,%&@&'%1!3&($,[3,!
.&"%&! 0<.&''&1! &'! %<@#,P'&'%! (&"! (#,"! "$"! 3,%<&"C! 29<;,4&'3&1! ,(! "9/P,%! 49$'!
#.4.&! 0$?(,3! J#'4<! "$.! $'&! 3#'3&0%,#'! #?+&3%,;&! 4&! (/! 4,P',%<C! 8&! 4.#,%!
J./'_/,"1!@/(P.<!4&"!%&'%/%,#'"!@&.3/'%,(&"1!&%!0($"!(/.P&@&'%1!$'&!;#(#'%<!4&!
4&@&$.&.!3#@0<%,%,J!4/'"!(&!4#@/,'&!"3,&'%,J,I$&!&%!@<4,3/(1!3#'%,'$&1!0#$.!
(95&$.&1!4&!3#'",4<.&.!(&!3#.0"!5$@/,'!3#@@&!3&!"$00#.%!35/.'&(!E!0.#%<P&.!
4/'"!3&!I$9,(!/!4&!0($"!&""&'%,&(!H!"#'!,'%<P.,%<C!
! $#%
!
!
!
!
!
!
!
!
!
!
!
)
)
20"2.!'#0")5%"%&,.%)
(
(
(
!
!
!
!
!
!
!
!
!
!
!
!
! $#&
=(5+B'62-.01(%&0('-%(&'.0%().&G#-0.-'%()+B#66%&(*.@"%&(
C'+.&#*%(.""161).2@*%6%-0(*%'"(&'@?%G0./.01(DI(
(
R,@#'&!4&!N&/$;#,.1!!3""B'&(%0(;.-12&T@UC!
(
!
!
!
fd-C! K#%.&! <%$4&! /$./! 0&.@,"! 4&! i!4<@/"I$&.!j! (&! 0.,'3,0&!
49/$%#'#@,&! 0&."#''&((&1! 49&'! /00.<5&'4&.! (&"! %&'/'%"! &%! /?#$%,""/'%"1! &%!
J,'/(&@&'%!4&!J/,.&!(&!3#'"%/%!4&!"&"!(,@,%&"1!!E!(/!J#,"!&'!4.#,%!&$.#0<&'!&%!&'!
4.#,%! J./'_/,"C! 6&._$! 4/'"! $'! 0.&@,&.! %&@0"! 3#@@&! $'&! 3$.,#",%<! &'! 4.#,%!
&$.#0<&'1! '#$"! @#'%.#'"! 4/'"! $'! "&3#'4! %&@0"! I$9,(! 3#'"%,%$&! $'!
i!&@0.$'%!j!/$!4.#,%!'#.4[/@<.,3/,'1!4<;#,(/'%!(&!(,?<./(,"@&!I$9,(!0#.%&!4/'"!
(&!4#@/,'&!4$!3#.0"!5$@/,'C!>,'",1! ,(! J#'4&!$'&!4,"0#",%,#'!3#.0#.&((&!0($"!
/?"#($%,"%&!I$&!3&!I$&!0&.@&%!49&';,"/P&.!2(<".#".!(9/.%,3(&!c!4&!(/!7#';C!OC!2C!
QC1!0&.@&%%/'%!$'&! .<,'%&.0.<%/%,#'!4&!3&!4&.',&.!&'!;,&!0.,;<&[(,?&.%<1! /(#."!
I$9,(!&"%!#.,P,'&((&@&'%!3#'_$!3#@@&!P/./'%,""/'%!(/!"/$;&P/.4&!4&!(9,'%,@,%<!
4&! (/! ;,&! 0&."#''&((&! 3#'%.&! (&"! ,@@,A%,#'"! <%/%,I$&"C! >$! .&P/.4! 4$! 4.#,%!
,'%&.'&1! 3&%%&!4,"0#",%,#'! 3#.0#.&((&! "9#00#"&! E! 3&! I$,! &"%! %./4,%,#''&((&@&'%!
/$%#.,"<1! 0$,"I$9&'! 4.#,%! J./'_/,"! &((&! '9&"%! 0#"",?(&! I$9E! 3#'4,%,#'! 4&!
0#$."$,;.&!$'!#?+&3%,J!@<4,3/(1!49D%.&!/$%#.,"<&!0/.!(/!(#,!&%!49D%.&!J#'4<&!"$.!
$'!3#'"&'%&@&'%!(,?.&!&%!<3(/,.<C!
fd)C! >,'",1! (&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! 0#$../,%! /''#'3&.! $'&!
/?"#($%,"/%,#'! 4&! (/! 4,"0#",%,#'! 3#.0#.&((&! &'! 4.#,%! &$.#0<&'!49$'&! 0/.%1! &'!
4.#,%!J./'_/,"!49/$%.&!0/.%C!K</'@#,'"1!!3&%%&!5=0#%5B"&!"&!%.#$;&!;,%&!<3/.%<&!
/$! .&P/.4! 4&"! (,@,%&"! 4$! 0.,'3,0&C! O'! &JJ&%1! 4$! 0#,'%! 4&! ;$&! 4&"! 4.#,%"!
J#'4/@&'%/$A1! "/! +$"%,J,3/%,#'! 0/.! (/! 4,P',%<! "$?+&3%,;&! &@0D35&! %#$%&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'*%!U/KK1@/3H-!"*%%6!
! $#'
;,/?,(,%<!+$.,4,I$&C!2$!0#,'%!4&!;$&!4$!4.#,%!J./'_/,"1!"/!.<3&0%,#'!/?#$%,&!&"%!
3#@0.#@,"&!0/.!$'!#.4.&!0$?(,3!3#.0#.&(!0<.&''&C!!
fd*C! G,'/(&@&'%1! (&! 0.,'3,0&! 49/$%#'#@,&! 0&."#''&((&! "&@?(&! 3#'"%,%$&.!
4/;/'%/P&!$'!&JJ&%!49/''#'3&!4&!(/!0.#0.,<%<!&'J,'!/3I$,"&!0/.!(9,'4,;,4$!"$.!
"#'! 3#.0"1! /$! .&P/.4! 4$! i!4<"&'35/'%&@&'%!j! +$.,4,3#["#3,/(! 3#'%&@0#./,'C!
7&.%&"1! ,(! J#'4&! $'&! 4,"0#",%,#'! 3#.0#.&((&! /%=0,I$&! &'! ./,"#'! 4&! "#'!
(,?<./(,"@&!,'<4,%C!7&0&'4/'%1!(&!+$P&!4&!R%./"?#$.P!'&!0&$%!./,"#''/?(&@&'%!
0.#%<P&.! (&! 4.#,%! 4&! "&! %$&.! #$! 49D%.&! %$<1! #$! &'3#.&! (&! 4.#,%! 4&! ;&'4.&! $'!
#.P/'&1! /$! %,%.&! 49$'! 4.#,%! J#'4/@&'%/(C! ^$/'%! /$! 4.#,%! J./'_/,"1!
(9&'3/4.&@&'%!4&"!0#"",?,(,%<"!4&!4,"0#"&.!4&!"#'!3#.0"!.&"%&!/3%$&(!&%1!@/(P.<!
$'! 3#'%&A%&! J/;#./?(&! E! (9/33.#,""&@&'%! 4&"! 0#"",?,(,%<"! 49=! /33<4&.1! (/! (#,!
?,#<%5,I$&! 4$! g! +$,((&%! *-))! 3#'J,.@&! I$&! (&! 3#.0"! 5$@/,'! &"%! %#$+#$."!
3#'",4<.<!3#@@&!$'!i!D%.&!j!&%!'#'!3#@@&!$'!i!/;#,.!jC!!
fdbC!>$!%#%/(1!#'!0&$%!3#'",4<.&.!(&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&!3#@@&!
$'!"=@?#(&1!3&($,!4&!(9,'4,;,4$/(,"@&!4&!'#"!"#3,<%<"!/3%$&((&"1!3&($,!4$!4.#,%!
/$!?#'5&$.!,'4,;,4$&(!4#'%!(/!.&3#''/,""/'3&!"&!+#$&!+$"I$&!4/'"!(&!4#@/,'&!
4&"! 4.#,%"! J#'4/@&'%/$AC! 89,'4,;,4$! "#$5/,%&! I$&! "#,%! &'%<.,'<&1! /$! %,%.&!
49$'&! (,?&.%<!0.#%<P<&1! "/! 3#'"%.$3%,#'!'/.3,"",I$&C!8&!0.,'3,0&!49/$%#'#@,&!
0&."#''&((&! 3#'"%,%$&! /(#."! (/! +$"%,J,3/%,#'! 49$'&! .&;&'4,3/%,#'! <P#q"%&! I$,1!
0/./4#A/(&@&'%1!<0.#$;&!(&!?&"#,'!4&!.&3$&,((,.!(9/;/(!"#3,/(!0/.!(&!0.,"@&!4&!
(/!@/'"$<%$4&!4$!+$P&C!
fddC!7&!3#'"%/%1!"9,(!&"%!./""$./'%1!,';,%&!%#$%&J#,"!E!(/!@#4&"%,&!/$!.&P/.4!4&"!
3#';#,%,"&"!%#$+#$."!0($"!0.&""/'%&"!I$&!"$"3,%&1!/$!'#@!49$'!0.<%&'4$!4.#,%!
/$!?#'5&$.!3#'%&@0#./,'1!(&!3#.0"!5$@/,'C!O'!4.#,%!,'%&.'&!'#%/@@&'%1!,(!&"%!
%#$%! E! J/,%! &';,"/P&/?(&! I$&! (&! (<P,"(/%&$.1! "#$"! (/! 6.<",4&'3&! 4&! ZC! GC!
Q#((/'4&1! /,((&! 4/'"! (&! "&'"! (,?<./(! I$&! 3&($,[3,! /! J,A<C! 8&! 4.#,%! J./'_/,"!
.&0#$""&./,%!/(#."!(&"!(,@,%&"!4&!(9#.4.&!0$?(,31!<%'0TE0"%!2'T)%*P()%(G%(C'+2'0#".&%(
*2("1G%<0.#-()'(<".-G.<%()+2'0#-#6.%(<%"&#--%**%C!2&!%&((&"!@#4,J,3/%,#'"!"&./,&'%!
49/$%/'%!0($"!/$4/3,&$"&"!I$9&'!"$"!4&!(9/?"&'3&!49#?(,P/%,#'!,@0<.,&$"&!4$!
! $#(
4.#,%!J./'_/,"!E!,'%<P.&.!(&!0.,'3,0&!49/$%#'#@,&!0&."#''&((&1!3&($,[3,!'9/!0/"!
<%<!3#'"/3.<!0/.!(/!7#$.!4&!R%./"?#$.P!&'!@/%,B.&!4&!@/.,/P&!5#@#"&A$&('*&!
#$!49/4#0%,#'!/$!"&,'!49$'!3#$0(&!5#@#"&A$&('*'C!!
fdeC! 89/;&',.! '#$"! 4,./! I$&((&! 4,.&3%,#'! 0.&'4./1! .-( $.-%8! (&! 4.#,%! J./'_/,"C!
O"0<.#'"!",@0(&@&'%!I$&!(&!(<P,"(/%&$.!P/.4&!&'!@<@#,.&!(9&""&'3&!@D@&!4$!
4.#,%!H!/""$.&.!(&!?#'!J#'3%,#''&@&'%!4&!(/!"#3,<%<1!&%!'#'!(95=0#%5<I$&.C!=(5%(
)"#.0( -%( &%( *2-G%( <2&( P( *2( <#'"&'.0%( )%( *+E0"%(d( 62.&( .*( /.&%( P( *2( "17.%( )%( *+2G0./.01((
B'62.-%8()2-&(*%&("%*20.#-&(&#G.2*%&(D1!/;/,%!"/P&@&'%!<3.,%!ZC!6C!Q<?./$4'*(C!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'*&!;2K<,! K/! 7<A3! H2! ;>3/=`<A3k-! KM/3>1BK2! "#! H2! K/! 7<,02,>1<,! ,M1@5<=2! 5/=! /AY!
k<A023,2@2,>=! H2=! 8>/>=! 5/3>12=! KM<`K1k/>1<,! HM<A0313! K2! @/31/k2! Z! A,! B<A5K2!
I<@<=2YA2K6!F6!768696:6-!;BI/KD!2>!l<5_!BCbA>31BI2-!#%!.A1,!#4"4-!,O$4"%"C4%-!E%*!Z!'%6!
Q<A3!A,!B<@@6-!06!5/!#4""-!"4%4-!<`=6!\6S\6!V2@<AK/,H!2>!96!F1k,2/A![!3/4/5/#6(7/##4"4-!($)-!
<`=6!\6SQ6!c/3kAL,/AH![!5-/#>%$6!#4"4-!,O"%$-!<`=6!86!V/k/3H26!!'*'!V/!768696:! .Ak2!aA2! K2!32_A=!H2! KM/H<5>1<,!=1@5K2!H2! KM2,_/,>!H2! K/!B<,BA`1,2!5/3!=/!
5/3>2,/132! I<@<=2YA2KK2! ,2! 01<K2! 5/=! KM/3>1BK2! "%! B<@`1,L! /02B! KM/3>1BK2! )! H2! K/!
7<,02,>1<,6!F6!768696:6-!U/=!2>!9A`<1=!BCG3/,B2-!"&!@/3=!#4"#-!,O#&*&"C4(6!F6!J!V2!32_A=!
H2! KM/H<5>1<,!=1@5K2!/A!=21,!HMA,!B<A5K2!H2!5/3>2,/132=!H2!@d@2!=2Y2!,2!B<,>32012,>!
5/=!Z!K/!789:!N-!5-/#>%$6!,O&-!@/1!#4"#-!B<@@6!)#-!5/3!76!^2131,BD6!!'*(!Q6! :L`3/AH-! J!f`=230/>1<,=! =A3! K/! ,<>1<,! HA! >2@5=! H/,=! K2! H3<1>! B101K!N-! ()#8+9="<#
:>>"-+"<#W#1("--"#u%M<"--!g<@2!++-!Q6T6b6c6-!"*(*-!56!(6!
! $#)
!
!
!
)
)
)
)
)
)!
!
!
)
)
)
N#N.#05&,+9#%ij7)!
!
!
!
!
!
!
!
!
!
!
!
!
! !
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'*)!b!KM2YB25>1<,!H2=!B<@@2,>/132=!HM/33d>=!2>!H2!K<1=-!/1,=1!aA2!H2=!=1>2=!1,>23,2>!01=1>L=-!
=1>AL=!H/,=!K2!B<35=!H2!K/!>Ii=2-!2,!,<>2!H2!`/=!H2!5/k26!
! $#*
• (&,#(%')%()0!$&,5%')5%"%&,!k)
!
!
>%,/"!75C1!5%&(<%"&#--%&8(*%&(.-G2<2G.01&1!6C:CGC1!7#((C!2.#,%!J#'4/@&'%/(1!)kce!
!
N/%%&$.!>C1(a"#.0()%&(<%"&#--%&(%0()%(*2($26.**%8(8CWC2CFC1!*B@&!<4,%,#'1!*--b!
!
N<'/?&'%! >C1! 5%&( G#-0"20&( &<1G.2'H( G./.*&( %0( G#66%"G.2'H1! Z#'%35.&"%,&'1! gB@&!
<4,%,#'1!*--f!
!
N&.P&(!FC[8C1!9B1#".%(71-1"2*%()'()"#.01!2/((#T1!*-)*!
!
N&.P&.!VC1!c'".&<"')%-G%()%(*2(;#'"(>'"#<1%--%()%&(a"#.0&()%(*+n#66%1!R,.&=1!)*B@&!
<4,%,#'1!*-)*!
!
N#$(#3!NC1!a"#.0(<1-2*(71-1"2*1!2/((#T1!**B@&!<4,%,#'1!*-))!
!!!!!!!"#G1)'"%(<1-2*%1!!2/((#T1!*bB@&!<4,%,#'1!*-)*!
!
N$JJ&(/'[8/'#.&!}C!&%!8/..,?/$[`&.'&=.&!VC1!5%&(#@*.720.#-&1!R,.&=1!)*B@&!<4,%,#'1!
*-)-!
!
7/?.,((/3! SC1! G.,"#'[S#35&! ZC[>C1! S&;&%! `5C1! 5.@%"01&( %0( )"#.0&( $#-)26%-02'H8(
2/((#T1!)gB@&!<4,%,#'1!*-))!
!
7/0,%/'%!QC1!`&..<!GC!&%!8&I$&%%&!}C1!5%&(7"2-)&(2""E0&()%(*2(?'".&<"')%-G%(G./.*%1!
`#@&!)1!2/((#T1!)*B@&!<4,%,#'1!*--g!
!
75/.;,'!SC!&%!R$&$.!FC[FC1!a"#.0&()%(*+B#66%(%0(*.@%"01&()%(*2(<%"&#--%1!8,%&31!*--*!
!
7#'%&!65C1!a"#.0(<1-2*(&<1G.2*1!8,%&31!dB@&!<4,%,#'1!*-)-!
!
7#'%&!65C!&%!Z/,"%.&!4$!75/@?#'!6C1!a"#.0(<1-2*(71-1"2*1!>.@/'4!7#(,'1!gB@&!
<4,%,#'1!*--g!
! $$4
7#$.?&!6C1!5%&(<%"&#--%&8(*2($26.**%8(*%&(.-G2<2G.01&1!Z<@&'%#!2/((#T1!*--k!
!
7#.'$!WC1!a"#.0(G./.*8(:-0"#)'G0.#-(5%&(<%"&#--%&(5%&(@.%-&1!Z#'%35.&"%,&'1!)*B@&!
<4,%,#'1!*--e!
!!!!!!a"#.0(G./.*8(52($26.**%8!Z#'%35.&"%,&'1!kB@&!<4,%,#'1!*--f!
!!!!!!r#G2@'*2."%(?'".).C'%1!6C:CGC1!*--g!
!
2$?#,"! FC1!Z,%%&./'4!QC1! 2/$T/%! >C1!a.G0.#--2."%( 1036#*#7.C'%( %0( B.&0#".C'%()'(
$"2-W2.&1!8/.#$""&1!*--g!
!
G/;#.&$!8C1!W/q/!6C1!W5&;#'%,/'!SC1!Z<(,'!R#$3./@/',&'!GC1!6J&."@/'!XC1!6,',!
FC1!S#$A!>C1!R3#JJ#',!WC1!`.&@&/$!FC1!a"#.0()%&(*.@%"01&($#-)26%-02*%&1!2/((#T1!eB@&!
<4,%,#'1!*--k!
!
G&'#$,((&%!2C1!a"#.0()%(*2($26.**%1!2/((#T1!*B@&!<4,%,#'1!*--c!
!
W/.<!`5C1!a"#.0()%&(<%"&#--%&(%0()%(*2($26.**%1!Z#'%35.&"%,&'1!*--d!
!!!!!5%()"#.0()%&(<%"&#--%&1!2/((#T1!7#((C!7#''/,""/'3&!4$!4.#,%1!*--b!
!
W/.<!`5C!&%!W,'&"%&%!7C1!a"#.0(<1-2*(<"#G1)'"%(<1-2*%1!2/((#T1!*--f!
!
Q$&%!FC1!5%&(<".-G.<2'H(G#-0"20&(&<1G.2'H1!8CWC2CFC1!*B@&!<4,%,#'1!*--)!
!
U"./&(!FC[FC1!a"#.0()%&(*.@%"01&($#-)26%-02*%&1!8CWC2CFC1!)kkc!
!
8/(/'4&!>C1!r#G2@'*2."%(0%GB-.C'%(%0(G".0.C'%()%(*2(<B.*#&#<B.%1!6C:CGC1!*--f!
!
8/$4&!>C1!N&.%./'4!ZC1!`/?$%&/$!2C1!a"#.0()%(*2(&2-011!6C:CGC1!*B@&!<4,%,#'1!*--k!
!
8&?.&%#'!WC1!5.@%"01&(<'@*.C'%&(%0()"#.0&()%(*+B#66%1!>.@/'4!7#(,'1!gB@&!<4,%,#'1!
*--e!
!
Z/(/?/%!VC1!a"#.0(<1-2*(&<1G.2*1!2/((#T1!eB@&!<4,%,#'1!*-))!
! $$"
Z/(/$.,&! 65C1! >='B"! 8C1! 5%&( <%"&#--%&8( *%&( .-G2<2G.01&1! 2&J.<'#,"1! bB@&! <4,%,#'1!
*--g!
!
Z/(/$.,&! 65C1! >='B"! 8C1! W/$%,&.! 6C[}C1! 5%&( G#-0"20&( &<1G.2'H1! 2&J.<'#,"1! eB@&!
<4,%,#'1!*-))!
!
Z/(/$.,&!65C1!G$(35,.#'!QC1!52($26.**%1!2&J.<'#,"1!dB@&!<4,%,#'1!*-))!
!
Z/(/$.,&! 65C! &%!Z#.;/'!6C1! :-0"#)'G0.#-(71-1"2*%(2'()"#.0(G./.*1!2&J.<'#,"1! bB@&!
<4,%,#'1!*--k!
!
Z/.%=!&%!S/='/$41!5%&(<%"&#--%&1!R,.&=1!)kgf!
!
Z/=/$A!8C1!a"#.0(G./.*8(*%&(<%"&#--%&1!O((,0"&"1!)kkg!
!
Z/T&/$4!QC! &%! 8<#'1!Z/T/$4! FC1! 75/?/"! GC1!5%&(<%"&#--%&8( *2(<%"&#--2*.018( *%&(
.-G2<2G.01&1!Z#'%35.&"%,&'1!)kkc!
!
Z<(,'[R#$3./@/',&'!GC1!;#-&0.0'0.#-()%(*2(l1<'@*.C'%($"2-W2.&%1!2/((#T1!*-))!
!
Z<@&%&/$! WC1! ;#'"&( )%( )"#.0(61).G2*1! 8&"! O%$4&"! Q#"0,%/(,B.&"1! dB@&! <4,%,#'1!
*-))!
!
Z&.(&!SC!&%!V,%$!>C1!9"2.01()%()"#.0(G".6.-%*1!7$+/"1!gB@&!<4,%,#'1!*---!
!
Z#4&.'&!GC1!52(;#-/%-0.#-(%'"#<1%--%()%&(a"#.0&()%(*+n#66%1!2/((#T1!*--f!
!
6&%%,%,!8C[OC1!2&3/$A!OC!&%! U@?&.%!6C[QC1!52(;#-/%-0.#-(>'"#<1%--%()%&()"#.0&()%(
*+B#66%1!O3#'#@,3/1!*B@&!<4,%,#'1!)kkk!
!
6,3/.4!ZC1! "#$"! 4,.C! 4&! 6(/',#(!ZC! &%! S,0&.%! WC1!9"2.01( <"20.C'%( )%(a"#.0( G./.*(
$"2-W2.&1!`#@&!UUU!8&"!?,&'"1!)ke*!
!
! $$#
6./4&(!FC1!a"#.0(<1-2*(71-1"2*1!7$+/"1!)cB@&!<4,%,#'1!*-)-!
!
S,;&.#!FC!&%!Z#$%#$5!}C1!5.@%"01&(<'@*.C'%&1!`#@&"!U!&%!UU1!6C:CGC1!*--b!
!
S#?&.%!FC!&%!FC!2$JJ/.1!a"#.0&()%(*+B#66%(%0(*.@%"01&($#-)26%-02*%&1!Z#'%35.&"%,&'1!
cB@&!<4,%,#'1!*--k!
!
R/;/%,&.!SC!&%!FC1!>$?=!FC[ZC!1!6&I$,P'#%!QC1!9"2.01()%()"#.0(61).G2*1!8,%&31!)kef!
!
R$4.&! GC1! a"#.0( %'"#<1%-( %0( .-0%"-20.#-2*( )%&( )"#.0&( )%( *+B#66%1! 6C:CGC1! )-B@&!
<4,%,#'1!*-))!
!
R$4.&! GC1! Z/.P$&'/$4! FC[6C1! >'4.,/'%",@?/T#;,'/! FC1! W#$%%&'#,.&! >C! &%!
8&;,'&%!ZC1!5%&(7"2-)&(2""E0&()%(*2(;#'"(%'"#<1%--%()%&()"#.0&()%(*+B#66%1!6C:CGC1!
fB@&!<4,%,#'1!*-))!
!
`&..<!GC1!:-0"#)'G0.#-(71-1"2*%(2'()"#.01!2/((#T1!cB@&!<4,%,#'1!*--k!
!
`&..<! GC! &%! G&'#$,((&%! 2C1! 5%&( <%"&#--%&8( *2( $26.**%8( *%&( .-G2<2G.01&1! 2/((#T1! gB@&!
<4,%,#'1!*--e!
!
`&..<!GC1!R,@(&.!65C!&%!8&I$&%%&!}C1!!5%&(#@*.720.#-&1!2/((#T1!)-B@&!<4,%,#'1!*--k!
!
`&="",<!NC1!5%&(<%"&#--%&1!8&A,"K&A,"1!)bB@&!<4,%,#'1!*-))!
!
V,((&=!ZC1!5%()"#.0(%0(*%&()"#.0&()%(*+B#66%1!6C:CGC1!)B.&!<4,%,#'1!*--c!
!!!!!!!!!!!!!B.*#&#<B.%( )'( )"#.08( a1$.-.0.#-&( %0( $.-&( )'( )"#.08( *%&( 6#3%-&( )'( )"#.01!
2/((#T1!*--)!
!
!
!
!
!
! $$$
• 0!$&,5%')'+%2#,.#'%'3)(9%'%')%()40"05&,+9#%')
!
!
>@?.#"&((,!7C1!5+10B.C'%(61).G2*%1!^$&!"/,"[+&!v8(6C:CGC1!)kkc!
!
>@"&(&p!6C!L4,.CM1!:-0%"<"1020.#-(%0()"#.01!N.$=(/'%1!)kke!
!
>'3&(!6C1!5+.-).&<#-.@.*.01()%&()"#.0&()%(*2(<%"&#--2*.018('-%(2<<"#GB%(G".0.C'%()%(*2(
0B1#".%()%&()"#.0&()%(*2(<%"&#--2*.011!%5B"&!2,+#'1!)kgc!
!
>'3&(! 6C! &%! 2*..1! 5.@"%&(<"#<#&( &'"( *%&( &#'"G%&()'()"#.08(`1*2-7%&( %-( *+B#--%'"()%(
!B.*.<<%(c%&02A1!2/((#T1!*--f!
!
>.35&.! GC1! 5%( G#-&%-0%6%-0( %-( )"#.0( <1-2*( )%( *2( /.%( B'62.-%1! %5B"&! 8,((&! UU1!
(9Q/.@/%%/'1!*--b!
!
>.@/'4! WC1! 5+2'0#".01( ?').G.2."%8( 72").%--%( )%( *2( *.@%"01( .-)./.)'%**%( )2-&( *2(
?'".&<"')%-G%()'(;#-&%.*(G#-&0.0'0.#--%*1!%5B"&!7/&'1!*---!
!
>.'/$4!>C[FC1!5%&(#".7.-%&()#G0".-2*%&()'(;#)%(G./.*($"2-W2.&1!6/.,"1!8CWC2CFC1!)kfk!
!
>.'#$A! UC1! 5%&( )"#.0&( )%( *+E0"%( B'62.-( &'"( &#-( G#"<&1! %5B"&! N#.4&/$A1! 6C:C!
N#.4&/$A1!)kke!
!
>""#3,/%,#'!Q&'.,!7/0,%/'%1!5%(G#"<&(B'62.-(%0(*%()"#.01!2/((#T1!)kge!
!
>T/;/'%!ZC1!5+#")"%(<'@*.G(%0(*+1020()%&(<%"&#--%&1!%5B"&!6/$1!*--*!
!
N/"35&%!7C1!5%&()"#.0&()%( *2(<%"&#--%()'"2-0(*2(/.%(%0( *2(6#"01! 8/!4#3$@&'%/%,#'!
J./'_/,"&1!'\g)g1!4<3&@?.&!)kcb!
!
N/$4#$,'!FC[8C!&%!N(#'4&/$!2C1!>0B.C'%()%(*2(6#"0(%0()"#.0(P(*2(6#"01!6C:CGC1!)kkb!
!
! $$%
N/$4#$,'! FC[8C! &%! 8/?.$""&[S,#$! 7C1! !"#)'."%( *+n#66%( )%( C'%*( )"#.0(�( >0')%(
?'".).C'%(%0(10B.C'%()%&(<"#G"120.#-&(2"0.$.G.%**%&1!8&"!;#,&"!4$!4.#,%1!6C:CGC1!)kcg!
!
N&/$;#,.!RC!L4&M1!!3""B'&(%0(;.-12&1!W/((,@/.41!)kdd!
!
N<35,((#'!ZC!L4&M1!52(-#0.#-()%(<".-G.<%(71-1"2*(%-()"#.0(<"./18(%5B"&!6/$1!)kkf!
!
N&,P',&.!NC1(5%()"#.0()%(*2(<%"&#--2*.011!^$&!"/,"[+&!v1!6C:CGC1!)kk*!
!!
N&,P',&.! NC1! >$@#',&.!KC! &%! 8&%&((,&.! 65C1!5+%'0B2-2&.%1! ^$&! "/,"[+&!v1! 6C:CGC1!
*-)-!
!
N,'&%!FC[SC1!5%(-#'/%2'()"#.0()%(*2(@.#10B.C'%1!8,%&31!*--e!
!!!!!!!52( "1$#"6%( )%( *2( *#.( @.#10B.C'%(J( G#66%-02."%( %0( 2-2*3&%( )%( *2( *#.( )'( f(
?'.**%0(U]^^1!8&A,"K&A,"1!*-)*!
!
N,#=!�C1!5%(G#-G%<0()%(<%"&#--%(B'62.-%(%-()"#.0(<'@*.G8(l%GB%"GB%(&'"(*%(&'?%0()%&(
)"#.0&($#-)26%-02'H1! %5B"&!`#$(#$"&1!K#$;&((&!?,?(,#%5BI$&!4&!%5B"&"1!2/((#T1!
*--b!
!
N#,"%&(1!!B.*#&#<B.%()'()"#.01!%#@&!)1!)cck!
!
N#..,((#! 2C1! 5+B#66%( <"#<".102."%( )%( *'.T6E6%1! *%( )"#.0( $2G%( 2'H( "%<"1&%-020.#-&(
<#<'*2."%&(%0(&2/2-0%&()'(G#"<&8(%5B"&!R%./"?#$.P!U1!)kk)!
!
N#..,((#!2C!&%!8#35/p!2C!L4,.CM!1!52(*.@%"01(&%H'%**%1!6C:CGC1!*--e!
!
N./'(/.4! FC[6C1! 5%( &%H%( %0( *Z1020( )%&( <%"&#--%&8( 2&<%G0&( B.&0#".C'%8( &#G.#*#7.C'%( %0(
?'".).C'%1!0.<JC!4&!GC!`&..<1!!%5B"&!8,((&1!8CWC2CFC1!)kkb!
!
N$.&/$! 2C1! 2.$@@#'4! GC! &%! G&'#$,((&%! 2C1! a"#.0( %0( 6#"2*%(J( 2&<%G0&(
G#-0%6<#"2.-&1!2/((#T1!*-))!
!
! $$&
N$.p=!FC[75C1!52(6#"0()2-&(*2().7-.011!S</(,%<"!"#3,/(&"1!*--f!
!
7/4,&%! 8C1! >@./',! Z&pp,! RC1! 75&;/((,&.! FC1! 7#@@/,((&! FC1! a.G0.#--2."%( )%( *2(
?'&0.G%1!6C:CGC1!*--d!
!
7/0&(/!QC1!52(<"#0%G0.#-()%(*+.-G2<2@*%(P(*+1<"%'/%()%(*2(61)%G.-%1!%5B"&!`#$(#$"&1!
*--g!
!
7/00&((&%%,!ZC1!5%(<#'/#."()%&(?'7%&1!6C:C!49>,A!Z/."&,((&1!)kk-!
!
7/.?#'',&.! FC1!a"#.0( %0( <2&&.#-( )'( )"#.0( &#'&( *2( rK6%( l1<'@*.C'%1! G(/@@/.,#'1!
*--f(((
(((((((((((((y*%H.@*%( )"#.01! <#'"( '-%( &#G.#*#7.%( )'( )"#.0( &2-&( ".7'%'"8! 8CWC2CFC1!
*--)(
!
7/.(,&.!FC[!}C1!4'0#-#6.%()%(*2(/#*#-01(%0(&020'0(<%"&#--%*8(10')%(<"#&<%G0./%()%()"#.0(
.-0%"-20.#-2*(<'@*.G8(N.$=(/'%1!)kkc!
!
7/$4/(!RC!L4,.CM1!5%&(<".-G.<%&(%-()"#.01!O3#'#@,3/1!*--c!
!
7/;&.',! FC[6C! &%! W#.,! SC! L4,.CM1! 5%( G#-&%-0%6%-08( )"#.0( -#'/%2'( )'( <20.%-0( #'(
.6<#&0'"%(�1!75/@0"!(,?.&"1!*--e!
!
7/=(/!XC1!N.#*#7.%8(<%"&#--%(%0()"#.01!6C:CGC1!)kk)!
!
7&'%.&! 5,"%#.,I$&! &%! +$.,4,I$&! 4&"! 4.#,%"! 4&! (95#@@&1! 5+#)3&&1%( )%&( )"#.0&( )%(
*+B#66%8(>-?%'H(%0(<%"&<%G0./%&()%&()"#.0&()%(*+B#66%1!`#@&"!U1!UU1!&%!UUU1!>3%&"!4$!
7#((#I$&!,'%&.'/%,#'/(!4&!W.&'#?(&1!X3%#?.&!*--)1!895/.@/%%/'1!*--b!
!
7COCSCRC>CZCRC8( 52( <%"&#--%( B'62.-%( $2G%( 2'( )1/%*#<<%6%-0( )%&( &G.%-G%&(
@.#61).G2*%&1!7#((#I$&!4&"! J/3$(%<"!4&!4.#,%!&%!4&!@<4&3,'&!4&!6#,%,&."1!)c[)k!
@/,!)kck1!8,%&31!)kk-!
!
75/.(&"8(!%'0T#-(2)6%00"%(*+%'0B2-2&.%(�1!6/.,"1!)kee!
! $$'
75&;/((,&.!FC!&%!2*..1!N.#10B.C'%(%0()"#.01!>@,&'"1!6C:CGC1!)kcc!
!
75,/00,',!65C1!5%()"#.0(%0(*%(&2G"11!%5B"&!6/.,"!UU1!2/((#T1!*--f!
!
7#((&%!8C1!52(-#0.#-()%()"#.0(%H0"2<20".6#-.2*1!%5B"&!6/.,"1!)kk*!
!
7#((,'!GC1!5+B#66%(%&0T.*()%/%-'(&'<%"$*'(�8(n2--2B(4"%-)01!X4,(&!F/3#?1!)kkk!
!
7#'"&,(!4&!(9O$.#0&1(>0B.C'%(%0(71-10.C'%(B'62.-%1!>3%&"!4$!*B@&!R=@0#",$@!4$!
7#'"&,(! 4&! (9O$.#0&! "$.! (/! ?,#<%5,I$&1! R%./"?#$.P1! b-! '#;&@?.&[*!4<3&@?.&!
)kkb1!)kkd!
!!!!!!!!!!!!!!!!!!!!!!!!!5%( )"#.0( $2G%( 2'H( ).*%66%&( 6#"2'H( G#-G%"-2-0( *2( /.%( %0( *2(
6#"01!>3%&"!4$!��B@&! 3#((#I$&!4&!4.#,%! &$.#0<&'1!W(/"P#m1! )-[)*! "&0%&@?.&!
)kk-1!)kk*!
!!!!!!!!!!!!!!!!!!!!!!!!!5%!0"2-&&%H'2*.&6%!%-(>'"#<%1!R%./"?#$.P1!+$,'!*---!
(9"2-&&%H'2*.&6%8( 61)%G.-%( %0( )"#.01! >3%&"! 4$! ��UUUB@&!
3#((#I$&!4&!4.#,%!&$.#0<&'1!)d[)f!/;.,(!)kkb1!)kke!
!
7C:CSC>C6C6C1!!5%&(@#--%&(6g'"&1!6C:CGC1!)kkd!
!
2/?,'!FC1!5%()"#.0(&'@?%G0.$1!2/((#T1!)ke*!
!
2/;,4!>C1(M0"'G0'"%()%(*2(<%"&#--%(B'62.-%I(5.6.0%(2G0'%**%(%-0"%(*2(<%"&#--%(%0(*2(
GB#&%1!7#((&3%,#'!?,?(,#%5BI$&!4&!05,(#"#05,&!3#'%&@0#./,'&1!6C:CGC1!)kee!
!
2&?.<! NC1! 5+%'0B2-2&.%(J( *+.6<#&&.@*%( *#.8( \X]K6%( G2""%$#'"( )'( G*'@( =(<#&.0.#-&(D1!
75&.35&!@,4,1!*--d!
!
2&3#3I! >C1! >&&2.( )+'-%( 0B1#".%( 71-1"2*%( )%&( )"#.0&( )%( *2( <%"&#--%1! %5B"&! 6/.,"1!
8CWC2CFC1!)kf-!
!
2&(/35/@?.&[W.,JJ#'!>C1!52(*.@%"01()%(*2(/.%(<"./1%()2-&(*2(?'".&<"')%-G%()%(*2(;#'"(
&'<"E6%( )%&( >020&T,-.&8( l1$*%H.#-&( G#6<2"20./%&( &'"( *%&( %-&%.7-%6%-0&( )%(
*+%H<1".%-G%(261".G2.-%1!`5B"&!>,A[Z/."&,((&1!*--*!
! $$(
2&(@/"[Z/.%=!ZC1!l2.&#--%"(*2("2.&#-()+>0201!6C:CGC1!)kck!
!
2&"3/.%&"1!a.&G#'"&()%(*2(610B#)%1!G(/@@/.,#'1!*---!
!
2,+#'!�C1!52("1G#-G.*.20.#-(G#"<#"%**%8(,-%(10B.C'%()'()"#.0(61).G2*1!8&"",$"1!)kkc!
!!!!5%(&'?%0()%()"#.0(%-(&#-(G#"<&8('-%(6.&%(P(*+1<"%'/%()'()"#.0(&'@?%G0.$1!%5B"&!
K/@$.1!)kc*!
!
2#@/P&"!SC1!5%(G#"<&(B'62.-()2-&(*%(G#66%"G%(?'".).C'%1!`5B"&!6/.,"1!)kef!
!
2$?#,"!65C1!5%(<B3&.C'%()%(*2(<%"&#--%1!8,%&31!)kcf!
!
2$.p5&,@!OC1!5+1)'G20.#-(6#"2*%1!6/.,"1!>(3/'1!)k*e!
!
O4&(@/'!NC1!52(<%"&#--%(%-()2-7%"1!6:G1!)kkk!
!
O4&(@/'! NC! &%! Q&.@,%%&! ZC[>C1! 5+B#66%8( *2( -20'"%( %0( *%( )"#.01! 75.,"%,/'!
N#$.P&#,"1!)kcc!
!
O'3,'/"! 4&!Z$'/P#..,! SC1!5+2G0%('-.*201"2*( )2-&( *%&( "2<<#"0&( G#-0"2G0'%*&1! %5B"&!
6/.,"1!8CWC2CFC1!)kke!
!
O(($(!FC1!5%($#-)%6%-0(0B1#*#7.C'%()'()"#.01!)kdf!!
!i!S&(,P,#'1!"#3,<%<!&%!0#(,%,I$&!j1!`1*2-7%&(>**'*1!6C:CGC1!)kcb!
!
G/5@=!>C1!5%(G#-&%-0%6%-0()%(*2(/.G0.6%1!%5B"&!6/.,"8(8CWC2CFC1)kg)!
!
G/3$(%<!4&!4.#,%!&%!4&"!"3,&'3&"!"#3,/(&"!4&!6#,%,&."1!52(<%"&#--%(B'62.-%8(&'?%0(
)%()"#.01!dB@&"!+#$.'<&"!S&'<!R/;/%,&.1!6C:CGC1!)kkd!
!
G&$,((&%[8&[Z,'%,&.(NC!L4,.CM1!h#"620./.01(%0(@.#61)%G.-%1!O3#'#@,3/1!*--b!
!
! $$)
G#$(3/$(%!ZC1!n.&0#."%()%(*2(&%H'2*.018(0#6%(^(*2(/#*#-01()%(&2/#."8(0#6%(U(*+'&27%()%&(
<*2.&."&8(0#6%(\(*%(&#'G.()%(&#.1!W/((,@/.41!)kkd!
!
G.$@&.! 65C1!52("%-#-G.20.#-(2'H()"#.0&( %0( *.@%"01&8(52(;#-/%-0.#-(>'"#<1%--%()%&(
a"#.0&()%(*+n#66%(P(*+1<"%'/%()%(*2(/#*#-01(.-)./.)'%**%8(%5B"&!N.$A&((&"1!N.$=(/'%1!
*--)!
!
W/JJ,#%!GC1!a.G0.#--2."%(*20.-T$"2-W2.&1!Q/35&%%&1!)kbd!
!
W/((#$A! 75C1!>&&2.( )%( )1$.-.0.#-( )+'-( &020'0( 71-10.C'%( <#'"( *%(6201".%*( 71-10.C'%1!
%5B"&!N#.4/$A1!)kk-!
(
W/$35&%!ZC1! 5%( )1&%-GB2-0%6%-0( )'(6#-)%8(,-%( B.&0#."%( <#*.0.C'%( )%( *2( "%*.7.#-1!
W/((,@/.41!)kce!
!
W,$4,3&((,! >C1!w1-10.C'%( B'62.-%( %0( )"#.0&8( 4( *2( "%)1G#'/%"0%( )%( *+B#66%1! %5B"&!
6#,%,&."!LS#'<#M1!)kkb!
!
W$,((#4! XC1! 5%( G#-&%-0%6%-0( 1G*2."1( )'( <20.%-08( 4'0#)10%"6.-20.#-( #'(
<20%"-2*.&6%(�1!`5B"&!K&$35u%&(1!U4&"!&%!7/(&'4&"1!)kcf!
!
W$%@/''!!2C1!5%(&%-0.6%-0()+.)%-0.01(J(10')%()%()"#.0()%&(<%"&#--%&(%0()%(*2($26.**%1!
%5B"&!6/.,"!UU1!8CWC2CFC1!*---!
!
Q/.35&.!GC1!5%(G#-&%-0%6%-0(%-()"#.0(<1-2*()%(*2(/.%(B'62.-%1!895/.@/%%/'1!*---!
!
Q/$.,#$C!ZC1!5%W#-&(&'"(*%(6#'/%6%-0(&#G.2*1!8,?./,.,&!4&! (/! "#3,<%<!4$! .&3$&,(!
P<'<./(!4&"!(#,"!&%!/..D%"1!)ckk!
!
Q&P&(1!!".-G.<%&()%(*2(<B.*#&#<B.%()'()"#.01!G(/@@/.,#'1!)kkk!
!
!
!
!
! $$*
Q&''&%%&[V/$35&T! RC1!a.&<#&%"()%( &#.�(,-%(2-2*3&%()'().&G#'"&( ?'".).C'%(&'"( *%&(
)"#.0&()%(*2(<%"&#--%(&'"(&#-(G#"<&1!%5B"&!6/.,"!U1!(9Q/.@/%%/'1!*---!
!!!!!!!!!!!!!!!!!!!!!!!!!!!52( ).7-.01( )%( *2( <%"&#--%( B'62.-%8( "%GB%"GB%( &'"( '-(
<"#G%&&'&()%(?'".).G.&20.#-1!6C:CGC1!*--e!
!
Q&''/$[Q$?(&%!75C1!5Z2G0./.01(61).G2*%(%0(*%()"#.0(<1-2*8(N.$=(/'%1!)kce!
!
Q&.@,%%&!ZC!>C1!5%(G#"<&(B#"&()'(G#66%"G%8(B#"&()'(62"GB11!>041!)kcc!
!
U/3$?! ZC1! 5%( G".6%( 102.0( <"%&C'%( &%H'%*! %0( 2'0"%&( %&&2.&( )%( G2&'.&0.C'%( ?'".).C'%1!
G(/@@/.,#'1!*--b!
(
UCKCRCOCSCZC1(>0B.C'%(61).G2*%(%0()"#.0&()%(*+B#66%1!>3%&"!R$41!)kcc!
!
U"./&(!8C!&%!Z<@&%&/$(WC!L4,.CM1!5%(630B%(@.#10B.C'%1!N/""/'#1!)kkk!
!
n/'%!OC1!;".0.C'%()%(*2("2.&#-(<"20.C'%1!G(/@@/.,#'1!*--b!
!!!;".0.C'%()%(*2("2.&#-(<'"%1!G(/@@/.,#'1!*--)!
!
n/./;#p=.,"!W1!5+2'0#-#6.%()%(*2(<%"&#--%(%-()"#.0(<'@*.G($"2-W2.&1!%5B"&!6/.,"!UU1!
*--c!
!
n/"%/'/"!OC1!,-.01(%0()./%"&.01(J(-#0.#-&(2'0#-#6%&(%0(62"7%()+2<<"1G.20.#-()%&(>020&(
)2-&(*2(?'".&<"')%-G%()%(*2(;#'"(%'"#<1%--%()%&()"#.0&()%(*+B#66%1!N.$=(/'%1!)kkf!
!
n/$J@/''!FC[7C1!5+.-/%-0.#-()%(&#.8(,-%(0B1#".%()%(*+.)%-0.011!Q/35&%%&1!*--e!
!
n/="&.!6C1!52(<"#0%G0.#-()%(*2(/.%(<"./1%1!O3#'#@,3/1!)kk-!
!
n&("&'!QC1!9B1#".%(<'"%()'()"#.01!N.$=(/'%1!8CWC2CFC1!)kkk!
!
n5/(,(!FC1!5%(G#"<&(B'62.-(P().&<#&.0.#-1!%5B"&!`#$(#$"&1!*--c!!!
!
! $%4
n#.'0.#?"%! 8C1! 5%&( "%&<#-&2@.*.01&( )'( 61)%G.-( )%/2-0( *2( *#.( %0( *2( ?'".&<"')%-G%(
$"2-W2.&%&8(!G(/@@/.,#'1!)keg!
!
n.&@&.[Z/.,&%%,!>C1!5+10B.C'%1!^$&!"/,"[+&!v8()kkk!
!
8/?.$""&[S,#$!7C!L4,.CM1!5%()"#.0(&2.&.(<2"(*2(@.#*#7.%1!8CWC2CFC1!)kkf!
!
8/3.#,A!FC1!b2-0(%0(*%(o2-0.&6%1!^$&!"/,"[+&!v1!6C:CGC1!)kkb!
!
8/5/((&!`5C1!52(C'2*.$.G20.#-(?'".).C'%()'(G#"<&(B'62.-1!%5B"&!6/.,"!UU1!*--*!
!
8/@?&.%!>?4&(P/m/4!OC1!5+%H1G'0.#-()%&(2""E0&()%(*2(;#'"(>'"#<1%--%()%&(a"#.0&(
)%(*+n#66%1!<4C!7#'"&,(!4&!(9O$.#0&1!*--c!
!
8/;/$4[8&P&'4.&! NC1! FY( &#-0( <2&&1%&( *%&( @#--%&( 6g'"&(�1! %5B"&! N#.4&/$A1!
6C:CGC1!*--e!
!
8/T/$4!G.C1!5+%H1G'0.#-(<2"(*2(y"2-G%()%&(2""E0&()%(*2(;#'"(>'"#<1%--%()%&(a"#.0&(
)%(*+n#66%1!6C!:C!49>,A!Z/."&,((&1!`#@&!UU1!*--f!
!
8&?.&%#'!WC! L4,.CM1!l%72")&(G".0.C'%&(&'"(*+1/#*'0.#-()%&()"#.0&($#-)26%-02'H()%(*2(
<%"&#--%(B'62.-%(%-(^iii(%0(U]]]1!89Q/.@/%%/'1!*--*!!
!
8&3(&.3!RC1!5+,-.#-(>'"#<1%--%(%0(*%&()"#.0&($#-)26%-02'H1!N.$=(/'%1!)kkk!
!
8&@/,.&! GC1!S/@&A! RC1!W5/'/"",/! FC[6C1!5%(G#"<&(J(P(C'.(2<<2"0.%-0T.*((�8(F#$.'<&!
49<%5,I$&!@<4,3/(&!Z/$.,3&!S/0,'1!G(/@@/.,#'1!)kkf!
!
8&@&'',3,&.!NC1!52(6#"2*%($2G%(P(*+1G#-#6.%1!<4,%,#'"!49X.P/',"/%,#'1!*--f!
!
8&@#$(/'4!FC[FC!L4,.CM1!52(G#-).0.#-(?'".).C'%()'(6.-%'"1!8,%&31!*--d!
!
8<;=[S/='#$/.4!7C1!52(<%"&#--%(B'62.-%(%-()"#.01!%5B"&!6/.,"!UU1!*---!
! $%"
8,'4#'!SC1!a.G0.#--2."%(?'".).C'%()%&()"#.0&()%(*2(<%"&#--2*.011!2/((#T1!)kcb!
!
8,0#;&%"p=! WC1! 5%( G"1<'&G'*%( )'( )%/#."8( *+10B.C'%( .-)#*#"%( )%&( -#'/%2'H( 0%6<&(
)16#G"20.C'%&1!W/((,@/.41!KCSCGC!&""/,"1!)kk*!
!
8#@?#,"!7(C1!52(<%"&#--%8(G#"<&(%0(|6%8(dB@&!+#$.'<&!S&'<!R/;/%,&.1!6#,%,&."1!
6C:CGC1!)kkd!
!
Z/(5&.?&!FC1!52(/.%(<"./1%(%0(*%()"#.0(6#)%"-%1!8CFCKC>C1!)kfc!
!
Z/./4&,A! 6#$4&'"/'! UC1! >&&2.( &'"( *+1/#*'0.#-( )%( *+#")"%( <'@*.G( P( <2"0."( )%( &#-(
2<<*.G20.#-( %-(620.K"%(61).G2*%( %0( @.#61).G2*%( #'( /%"&( '-( #")"%( <'@*.G( )%( 7%&0.#-1!!
`5B"&!6/$1!*--g!
!
Z/.P$<'/$4!FC[6C!L4,.CM1!5+.-$*'%-G%()%(*2(?'".&<"')%-G%()%(*2(;#'"(>'"#<1%--%()%&(
a"#.0&()%(*+n#66%(&'"(*%()"#.0(<"./1($"2-W2.&1!8/!2#3$@&'%/%,#'!J./'_/,"&1!*--)!
!
Z/.%&'"!6C1!5%()"#.0(<%'0T.*(&%(<2&&%"()%(a.%'(�1!6.&""&"!$',;&.",%/,.&"!4&!K/@$.1!
*--g!
!
Z/.T/'#!ZC1!c%(G#-&%-&8()#-G(?%(&'.&R>0B.C'%()%(*+2'0#-#6.%1!6C:CGC1!*--f!
!
Z/$.&.!NC1!5%(<".-G.<%()%("%&<%G0()%(*2().7-.01(B'62.-%(%0(*2(;#-/%-0.#-(%'"#<1%--%(
)%&()"#.0&()%(*+B#66%1!8/!2#3$@&'%/%,#'!G./'_/,"&1!)kkk!
!
Z&(@/'!75C1!5+B#66%(&2-&(7"2/.011!2&'#&(1!*--*!
!
Z&$(4&."[n(&,'!ZC[`5C1!a%(*2(@.#10B.C'%(2'(@.#T)"#.01!8CWC2CFC1!)kkd!
!
Z,((!FC!RC1!a%(*2(*.@%"01!L)cekM1!6/.,"1!6.&""&"!6#3p&%1!)kk-!
!!
Z#.#'!6C1!5%(&'.G.)%1(^$&!"/,"[+&!v1!6C:CGC1!*--e!
(
Z#$',&.!OC1!5%(<%"&#--2*.&6%1!^$&!"/,"[+&!v1!6C:CGC1!*--)!
! $%#
Z#$.P&#'!FC1!5%&()"#.0&()%(*+B#66%1!^$&!"/,"[+&!v1!6C:CGC1!*--b!
!
Z#$%&(! NC1!5+%$$%0(B#".A#-02*()%( *2(;#-/%-0.#-(>'"#<1%--%()%&(a"#.0&()%( *+n#66%(
&'"(*%()"#.0(<"./1($"2-W2.&1!%5B"&!8,@#P&"1!*--f!
!
K/4&/$!>C[SC1!r.%(<"./1%( %0()"#.0&( $#-)26%-02'HI(>0')%()%( *2(<"#0%G0.#-()%( *2(/.%(
<"./1%(%-()"#.0(G#-&0.0'0.#--%*(G2-2).%-(%0(261".G2.-(%0(%-()"#.0(.-0%"-20.#-2*1! %5B"&!
X%%/m/1!*---!
!
K&,.,'3p(7(C!L4,.CM1(a%(*2(@.#10B.C'%(2'(@.#T)"#.01!8CWC2CFC1!)kkd!
!
K&."#'!SC8(5%&()"#.0&(%H0"2T<20".6#-.2'H1!%5B"&!8=#'1!)kbk!
!
K=""/'!QC!L4,.CM1!w1-10.C'%8(<"#G"120.#-(%0()"#.01!>3%&"!R$41!6C:CGC1!)kce!
(
X'#.,#!FC[NC!L49M!L4,.CM1!7/.4,'/(!>C!V,'P%[`.#,"1!ZP.!ZC!R/'35&T!R#.#'4#1!KC!
Z/%5&=1! 2C! V,P'&/$1! ZC! Z#.&/$1! ZC! 2#$35=[X$4#%1! 5%&( %-?%'H( 10B.C'%&( )%(
*+2G0'2*.01( ?'".).C'%(J( 2G0%&( )'( [[:::K6%( G#**#C'%( -20.#-2*( )%( *2( ;#-$1)1"20.#-( )%&(
?'".&0%&(G20B#*.C'%&()%(y"2-G%1!`<I$,1!*-))!
!
X'#.,#!FC[NC!L49M!L4,.CM1!W$=#'!WC1!>=$"#!`#..&"!ZC1!Q//(/'4!Z/%(/.=!FC1!2/((/!
`#..&! WC1! S,&4&([R0/'P&'?&.P&.! UC1! Z,"35#! FC1! ZP.! F$"%#! Z$((#.! W/.3,/1!
Rp$?,"T&m"p,! nC1! 7/.4,'/(! Z/.,#! G./'3&"3#! 6#@0&44/1! 6.,'3&! >(?&.%! 4&!
Z#'/3#1!5+B1".027%("%*.7.%'H()'()"#.0(%-(>'"#<%1!>3%&"!4$!7#'P.B"!&$.#0<&'!4&!
(9:',#'!U'%&.'/%,#'/(&!4&"!F$.,"%&"!7/%5#(,I$&"1!*-[*b!'#;&@?.&!*--b1!`<I$,1!
*--d!
!
X'#.,#!FC[NC!L49M!L4,.CM1!8&+&$'&!FC1!Z<@&%&/$!WC1!>%,/"!75C1!V#$,'!FC[GC1!`#..&((,!
ZC1!7/JJ/../!ZP.!7/.(#1!52(/.%(<"1-202*%8(@.#*#7.%(6#"2*%(%0()"#.01!>3%&"!4$!VUB@&!
7#((#I$&!'/%,#'/(!4&"!F$.,"%&"!7/%5#(,I$&"1!`<I$,1!)kce!
!
X"%!GC1!5%(0%6<&()'()"#.01!X4,(&!F/3#?1!)kkk!
!
X"%! GC! &%! V/'! 4&! n&.35#;&! ZC1! >-0"%( *2( *%00"%( %0( *+%&<".08( 5%&( )."%G0./%&(
)+.-0%"<"1020.#-(%-()"#.01!N.$=(/'%1!)kck!
! $%$
6/.,3/.4[6,#$A!RC1!52(G#-/%-2-G%(<%"&#--%**%1!%5B"&!`#$(#$"&1!2/((#T1!*--b!
!
6/",',!zC1!>*#7%()%(*+.-0.6.011!6/=#%1!)kk)!
!
6/;,/!ZC[8C!&%!S&;&%!`5C1!52().7-.01()%(*2(<%"&#--%(B'62.-%1!O3#'#@,3/1!)kkk!
!
6&4.#%! 65C! L4,.CM1! >0B.C'%8( a"#.0( %0( ).7-.01( )%( *2( <%"&#--%1!`1*2-7%&( ;B".&0.2-(
N#*A%1!O3#'#@,3/1!)kkk!!
!
6,'!�C1!5%(G#-&%-0%6%-0(%-(620.K"%(<1-2*%1!%5B"&!W.&'#?(&1!8CWC2CFC1!*--*!
!
6,',!FC1!8&;&'&$.!8C1!V,((,&."!ZC!L4&M1!`./0&%!ZC[2C1!R,3/.4!WC1!7/.4,'/(!Z/.,#!
G./'3&"3#!6#@0&44/1!5%(&%H%8(*2(&%H'2*.01(%0(*%()"#.01!>3%&"!4$!�VUUB@&!3#((#I$&!
'/%,#'/(!4&!(/!7#'J<4<./%,#'!4&"!F$.,"%&"!7/%5#(,I$&"!4&!G./'3&1!`<I$,1!*--*!
!
6#$""#'[6&%,%!FC!L4,.CM1!!5+.)%-0.01()%(*2(<%"&#--%(B'62.-%1!N.$=(/'%1!*--*!
!
6.,&$.! RC1! 52( ).&<#&.0.#-( )%( &#-( G#"<&( <2"( *+.-)./.)'1! %5B"&! 2,+#'1! 8&"! <%$4&"!
5#"0,%/(,B.&"1!)kkk!
!
6=!NC1!5%(&%H%(%0(*%()"#.01!^$&!"/,"[+&!v1!6C:CGC1!)kkk!
!!!!!!!!!!!l%GB%"GB%&(&'"(*%&(?'&0.$.G20.#-&(<1-2*%&()%(*+2G0./.01(61).G2*%1!%5B"&!K/'3=!UU1!
)kkb!
!
S/=C!FC1!>&&2.(&'"(*2(&0"'G0'"%(*#7.C'%()'(;#)%(G./.*($"2-W2.&1!G<(,A!>(3/'1!)k*f!
!
S/=.#$A!6C1!;#-&%-0%6%-08(*.@%"01()%().&<#&%"()%(&#-(G#"<&(%0(*.G1.01()%&(G#-/%-0.#-&(
"%*20./%&(2'(G#"<&(B'62.-1!%5B"&!6/.,"!UU1!)kkb!
!
S&4#.!ZC[KC!L4,.CM1!5+#")"%(<'@*.G(J!F")"%(<'@*.G(#'(#")"%&(<'@*.G&(�(F")"%(<'@*.G(%0(
)"#.0&( $#-)26%-02'H8( 4G0%&( )'( G#**#C'%( )%( ;2%-8( ^^T^U( 62.( U]]]1! N.$=(/'%1!
N.$A&((&"1!*--)!!
!
! $%%
S&'/$%! >C1! 5+K"%( )%( *+.-)./.)'8( G#-0".@'0.#-( P( '-%( B.&0#."%( )%( *2( &'@?%G0./.011!
W/((,@/.41!)kkk!
!!!!!!!!!5+.-)./.)'8(l1$*%H.#-&(&'"(*2(<B.*#&#<B.%()'(&'?%01!Q/%,&.1!)kke!
!
S&;&%!`5C!L4,.CM1!5+#")"%(<'@*.G(P(*2($.-()'(U]K6%(&.KG*%1!2/((#T1!)kkf!
!
S,35,.!ZC1!5%(G#"<&8(>&&2.(&'"(*+.-01".#".011!Q/%,&.1!)kkb!
!
S,P/$A!GC1!52(*#.()%&(?'7%&1!X4,(&!F/3#?1!)kkg!
!!!!!!!52( <"#0%G0.#-( )%( *2( /.%( <"./1%( %0( )%&( 2'0"%&( )"#.0&( )%( *2( <%"&#--2*.011!
8CWC2CFC1!)kk-!
!!!!!!!!!!!!!!!!!!52(/.%(<"./1%8('-%( *.@%"01(<2"6.( *%&( 2'0"%&(�1! `./;/$A! 4&! (/! J/3$(%<! 4&!
4.#,%!4&!K/@$.1!8/.3,&.1!)kk*!
!
S,;&4!ZC1!l1$*%H.#-&("%*20./%&(2'H("%*20.#-&(%-0"%(*+.-)./.)'(%0(*+>020()2-&(*+.)1#*#7.%(
*.@1"2*%1!%5B"&!R3,&'3&!6#(,%,I$&1!)kc)!
!
S#35&.!FC[7(C1!y#-)%6%-0&(10B.C'%&()'()"#.01!8,;.&!b!/'%5.#0#(#P,&1!G>71!)kke!
!
S#(/'4!QC!&%!N#=&.!8C1!5#G'0.#-&(*20.-%&(%0(2)27%&()'()"#.0($"2-W2.&(G#-0%6<#"2.-1!
(9Q&.@B"1!)kkc!
!
S#$?,&.!6C1!a"#.0(&'@?%G0.$(%0(&.0'20.#-(?'".).C'%1!)kfb!
!
R/'&!VC1!5+.)%-0.01()%(*2(<%"&#--%(B'62.-%1!%5B"&!`#$(#$"&1!*--b!
!
R/;/%,&.! SC1!5%&(61026#"<B#&%&( 1G#-#6.C'%&( %0( &#G.2*%&()'()"#.0( G./.*( 2'?#'")+B'.1!
bB@&!"<.,&1!>00.#J#'4,""&@&'%!49$'!4.#,%!.&'#$;&(<1!2/((#T1!)kek!
!
R/=/P!>C1!>&&2.(&'"(*%(@%&#.-(G"120%'"()%()"#.01!8CWC2CFC1!)kfk!
!
R<.,/$A!>C1!5%&(<%"&#--%&1!^$&!"/,"[+&!v1!6C:CGC1!)kkg!
!
! $%&
R<.,/$A!>C1!K&,.,'3p!7C1! 8/?.$""&[S,#$!7C! &%! 2*..1!5%()"#.08( *2(61)%G.-%(%0( *+E0"%(
B'62.-8(!"#<#&(B101"#)#H%&(&'"(C'%*C'%&(%-?%'H(/.02'H()'([[:K6%(&.KG*%1!6C:C>CZC1!
)kkf!
!
R$4.&! GC! L4,.CM1! 5%( )"#.0( 2'( "%&<%G0( )%( *2( /.%( <"./1%( 2'( &%-&( )%( *2( ;#-/%-0.#-(
%'"#<1%--%( )%&( )"#.0&( )%( *+B#66%1! 7#((#I$&! 4&"! *f! &%! *g! '#;&@?.&! *--d1!
N.$=(/'%1!*--e!
!!!!!!!!!!!!!!!5%&(7"2-)&(2""E0&()%(*2(;#'"(>'"#<1%--%()%&()"#.0&()%(*+B#66%1!^$&!
"/,"[+&!v1!6C:CGC1!*--*!
!!!!!!!!!!!!!!L4,.CM1! 5+.-0%"<"1020.#-( )%( *2( ;#-/%-0.#-( %'"#<1%--%( )%&( )"#.0&( )%(
*+B#66%1!>3%&"!4$!3#((#I$&!4&"!)b!&%!)d!@/."!)kkc1!N.$=(/'%1!)kkc!
!
`&..<!GC!L4,.CM1!5%(&'.G.)%1!6C:CGC1!)kke!
!
`5<.=! UC1!;#'<*%8( $.*.20.#-(%0(<2"%-01(2'?#'")+B'.8( *%()"#.0( $2G%(2'H(6'020.#-&()%( *2(
$26.**%(%0()%(*2(/.%(<"./1%1!S/00#.%!E!(/!@,',"%.&!4&!(9O@0(#,!&%!4&!(/!R#(,4/.,%<!&%!
/$! P/.4&! 4&"! R3&/$A1!@,',"%.&! 4&! (/! +$"%,3&1! X4,(&! F/3#?1! 8/! 4#3$@&'%/%,#'!
J./'_/,"&1!)kkc!
!
`,""#%!XC!L4&M1!52(*.@%"01(&%H'%**%(%0(*2(*#.1!N/((/'41!)kcd!
!
V,P'&/$!2C1!5+%-$2-0(P(-2e0"%1!%5B"&!`#$(#$"&1!)kcc!
!
!
• ,&(#2.%')%()29&0"#g!%')
!
!
>&%[Z/&"1! i!89/00#.%! 4&! (/! (#,! 4$! *-! 4<3&@?.&! )kcc! E! (/! %5<#.,&! 4$!
3#'"&'%&@&'%!4&!(/!;,3%,@&!j1!l%/I(&GI(G".6I(%0()"I(<1-2*IG#6<C!)kk)1!0C!*dd!!
!
>@"&(&p! 6C1! i!>$%#0",&! 4&! (/! 3#'%./,'%&! /""#3,<&! /$A! '#.@&"! +$.,4,I$&"!j1!
lIlIcI!*--c1!0C!)cdg!
!
>'4#.'#!SC1!i!6.#3.</%,#'"!/.%,J,3,&((&"1!0&."#''&"!&%!35#"&"!j1!lIlIcI!)kk*1!'\)1!
0C!)b!&%!"C!
! $%'
>'4.,/'%",@?/T#.,'/!FC1!i!89&'.,35,""&@&'%!@$%$&(!4&!(/!0.#%&3%,#'!4&"!4.#,%"!
J#'4/@&'%/$A!/$!',;&/$!&$.#0<&'!&%!/$!',;&/$!'/%,#'/(C!V&."!$'!3#'%.t(&!4&!
J#'4/@&'%/(,%<!v!j1!!lIyIaI4C!+/';[J<;C!*--*1!0C!)*d!
!
>(%#'! >C! L49M1! i!8/! '#%,#'! 49/$%#'#@,&! 0&."#''&((&! &'! 4.#,%! &$.#0<&'! 4&"!
4.#,%"!4&!(95#@@&1!/00.#35&!4&!05,(#"#05,&!4$!4.#,%!j1!lIlIcI(*--k1!0C!)gdk!
!
>0#"%&(1! i!89&$%5/'/",&! 3#@@&! 0.#?(B@&!@#./(! &%! 05,(#"#05,I$&!j1!l%/I( &GI(
G".6I(%0()"I(<1-2*(G#6<C!)kfb[)kfd1!0C!*k!
!
>.@/'4! WC1! i!89#.4.&! 0$?(,3! 4&! 0.#%&3%,#'! ,'4,;,4$&((&!j1! lIlIcI1! 6C:C>CZC1!
*--d1!0C!)ecd!&%!"C!
!!!!!!!!!!!!!!!!!!!!!!!!i!^$&! .&"%&[%[,(! 4&! (/! 0.#%&3%,#'! 3#'"%,%$%,#''&((&! 4&! (/! (,?&.%<!
,'4,;,4$&((&!v!j1!lIyIaI;C!*--f1!0C!bg!&%!"C!
!
>$'&! >C[7(C1! i!6&$%[#'! (<P/(,"&.! (9&$%5/'/",&!v!j1!w2AI( !2*I! *--d1! *1! 4#3%.C! 0C!
bfc*!&%!"C!!
!
N/4&.! FC[ZC1! i!8&! 3(#'/P&! 5$@/,'! i!"3,&'%,J,I$&!j! 4<@/..&! &'! W./'4&[
N.&%/P'&!j1!5%(y.72"#1!+&$4,!)*s-cs*--d1!0C!c!
!
N/4,'%&.1!i!8&!4.#,%!/$!.&"0&3%!4&!(/!;,&!0.,;<&!j1!cI;I!I!)kfc!U!*)bf!
!
N/,((&$(!2C1!i!8&!4.#,%!4&!@#$.,.!/$!'#@!4&!(/!4,P',%<!5$@/,'&1!>!0.#0#"!4&!
(/!(#,!.&(/%,;&!/$A!4.#,%"!4&"!@/(/4&"!&%!E!(/!J,'!4&!;,&!j1!cI;I!I(wC!*--e!U!)-ee!
!
N/.%!FC1!i!89,'4,;,4$!&%!"&"!4.#,%"!j1!.-!`5<.=!UC!&%!N,&%!7C1(52($26.**%8(*2(*#.8(*+>0208(
)%( *2( "1/#*'0.#-( 2'( ;#)%( G./.*1! 7&'%.&! 4&! .&35&.35&! ,'%&.4,"3,0(,'/,.&! 4&!
V/$3.&""#'1!7&'%.&!W&#.P&"!6#@0,4#$1!)kck!
!
N/"35&%! 7C1! i!8&"! 4.#,%"! 4&! (/! 0&."#''&! 4$./'%! (/! ;,&! &%! (/! @#.%!j1! 52(
)#G'6%-020.#-($"2-W2.&%1!4<3C!)kcb1!'\g)g1!0C!f)!&%!"C!!
!
N/$4! FC[6C1! i!8&! 3#.0"1! 0&."#''&! 0/.! 4&"%,'/%,#'!j1!`1*2-7%&( P( *2( 616#."%( )%(
a2-.K*%(n'%0T�%.**%"1!8CWC2CFC1!)kkd1!0C)b!
! $%(
N<35,((#'!2C! L4&M1! i!8&! 0.,'3,0&! 4&! (,?&.%<! 3#'%./3%$&((&! 4/'"! (/! 7#';&'%,#'!
O$.#0<&''&! 4&"! 2.#,%"! 4&! (9Q#@@&!j1! c'7%"( *+2)6.-.&0"20.#-8( 2)6.-.&0"%"( *2(
?'&0.G%(d(`1*2-7%&(#$$%"0&(2'(!"1&.)%-0(a2-.%*(52@%0#'**%1!2/((#T1!*--f!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!i!6#.%&.! /%%&,'%&! /$A! 3/%<P#.,&"! /'%5.#0#(#P,I$&"!
J#'4/@&'%/(&"!v! S<J(&A,#'"1! E! 0.#0#"! 4&! (9/..D%! 6&..$35&1! "$.! $'&! J,P$.&!
3#'%&@0#./,'&!4&!(/!.5<%#.,I$&!$',;&.",%/,.&!j1!lI9IaI(G./C!*--*1!0C!dg!&%!"C!
!
N&,P',&.! NC1! i!S&"0&3%! &%! 0.#%&3%,#'! 4$! 3#.0"! 5$@/,'1! 8/!@#.%!j1! cIT;*I(;./.*1!
/.%C!)f!E!)f[)b1!J/"3C!g-!
!
N&.P#$',#$! KC1! i!2&! (9,'"<@,'/%,#'! /.%,J,3,&((&! <#&0!6#"0%6(j1! 5I!I4I8(*f! /;.C!
)kk)1!'\e-!
!
N,'&%! FC[SC1! i!8/! (#,! 4$! g! +$,((&%! *-))!H! $'&! .<;,",#'! @&"$.<&! 4$! 4.#,%! 4&! (/!
?,#<%5,I$&!j1!a"I($26C!*-))1!O%$4&!*)1!00C!)g[**!
!!!!!!!!i!8/! (#,! .&(/%,;&!E! (/!?,#<%5,I$&1!7#@@&'%/,.&!4&! (/! (#,!4$!f!/#l%!
*--d1!)B.&!0/.%,&1!*B@&!0/.%,&1!bB@&!0/.%,&!j1!a"I($26C1!#3%C1!'#;C!&%!4<3C!*--d1!<%$4&"!
**1!*f!&%!*c!
!!!!!!!!i!S&"0&3%! &%! 0.#%&3%,#'! 4$! 3#.0"! 5$@/,'1! 6.<"&'%/%,#'! 4&! (/! (#,!
.&(/%,;&!E!(/!?,#<%5,I$&!L8#,!'\!*--d[c--!4$!f!/#l%!*--dM!j1!cIT;*(;./.*1!/.%C!)f!E!
)f[)b1!J/"3C!e!
!
N,#=! �C1! i!8&! (,?.&! 4<;&(#00&@&'%! 4&! (/! 0&."#''/(,%<! 4&;/'%! (&! 7#'"&,(!
3#'"%,%$%,#''&(!j1!lI:IaI;I(*--b1!0C!)*b!&%!"C!
!!!!!!!!!i!89,4&'%,%<! 4&! (/! 0&."#''&! 4&;/'%! (&! 7#'"&,(! 3#'"%,%$%,#''&(!j1!
lIyIaI;I!*--f1!0C!gb!
!
N#??,#! KC1! i!R$.! (&! 0#",%,;,"@&! +$.,4,I$&!j1! 9B1#".%( 71-1"2*%( )'( )"#.0( %0( )"#.0(
0"2-&.0#."%8(`1*2-7%&(%-(*+B#--%'"()%(!2'*(l#'@.%"1!`#@&!)1!2/((#T1!)kf)1!0C!e*!
!
N#'!4&!N&/$;#,.!RC!L(&M1!i!8/!'/,""/'3&!4$!7/"%#.!#$!(/!3#'"%.$3%,#'!4&!"#,!j1!
5%(6272A.-%(*.001"2."%1!+/';C!*--c1!0C!bf!
!
N#.&((/!GC1!i!8&!3#'3&0%!4&!4,P',%<!4&!(/!0&."#''&!5$@/,'&!j1!.-(>0B.C'%8()"#.0(
%0( ).7-.01()%( *2(<%"&#--%8(61*2-7%&(;B".&0.2-(N#*A%1! 4,.C! 6&4.#%! 65C1! O3#'#@,3/1!
)kkk!
! $%)
N#..,3/'4!FC1!i!7#@@&'%/,.&!4&!(/!(#,!4$!*-!4<3&@?.&!)kcc!j1!aC!)kck1!35.#'C!
0C!)fg!&%!"C!
!
N#$.P!2C1!i!R$+&%1!0&."#''&1!,'4,;,4$!j1!a"#.0&1!'\)b1!)k)1!0C!cg!&%!"C!
!
N#$.P&#,"!NC1! i!2.#,%1! .&(,P,#'!&%!4.#,%"!4&! (95#@@&!j1!4"GBI(!B.*I(a"#.08(%C! bc1!
R,.&=!)kkb1(0C!)))!
!
N#$..,3/$4!GC1!;\!i!>$%#'#@,&!j1!>-G3G*#<%).2(,-./%"&2*.&(
!
N.#%&((&! RC1! i!2$! 4.#,%! E! (/! J,'! 4&! ;,&! /$! 4.#,%! 4&! 4,"0#"&.! 4&! "#'! 3#.0"!j1!
lIwIaI`I1!*--f1!0C!*dk!&%!"C!
!
N.$P$,B.&!FC[ZC1!i!8/!4,P',%<!"35,T#05.B'&!v!j1!aC!*--e1!))fk!
!
N.$"#.,#!ZC1! i!8/! (#,! 4$! fs-cs*--d! .&(/%,;&! E! (/! ?,#<%5,I$&!H! (/! .&35&.35&! "$.!
(9&@?.=#'!&'J,'!/$%#.,"<&!j1!!w!))[)*s-cs*--d1!00C*[e!
!
N=p!75C1!i!8/!?,#<%5,I$&!&'!O$.#0&!j1!cI;I!I!)kk)1!U1!be*f!
!!!!i!S&35&.35&! @<4,3/(&! &%! 4.#,%! 4&! (95#@@&1! $'&! /00.#35&!
&$.#0<&''&!j1!cI;I!I()kkb1!U1!bg)k!
!
7/'&4#[6/.,"!ZC1! i!8/! 4,P',%<! 5$@/,'&! &'! %/'%! I$&! 3#@0#"/'%&! 4&! (9#.4.&!
0$?(,3!H! (9,'/%%&'4$! .&%#$.! &'! 4.#,%! /4@,',"%./%,J! J./'_/,"! 49$'! 3#'3&0%!
3#'%.#;&."<!j1!lIyIaI4I!*--c1!0C!kgk!
!
7/.?#'',&.!FC1!i!8&!"$+&%!4&!4.#,%!j1!4"GBI(!B.*I(a"#.08!%C!bd1!)kck!!
!!!!!!!!!!!!!!&%!2*..1!i!2.#,%!&%!.&(,P,#'!j1!4"GBI(!B.*I(a"#.01!R,.&=1!)kkb!
!
7/"%&(!6C1!i!2&!Z#q"&!E!(/!4<3(/./%,#'!4&"!4.#,%"!j1!5%(`#-)%1!d!+$,((C!)kgk!
!
7/=(/(XI8(i!N,#<%5,I$&1!0&."#''&!&%!4.#,%!j1!a"#.0&1!)kk)1!'\)b!
!!!!!!i!8/!I$/(,J,3/%,#'!j1!a"#.0&1!)kkb1!0C!b!&%!"C!
! $%*
75/@0&,([2&"[6(/%"1! i!8/! '#%,#'! 4&! !4.#,%! i!J#'4/@&'%/(!j! &'! 4.#,%!
3#'"%,%$%,#''&(!J./'_/,"!j1!aI!)kke1!00C!b*b[b*k!!
!
75&='&%!4&!N&/$0.<!>C1!i!V,;.&!&%!(/,""&.!@#$.,.!j1!aC!*--b1!35.#'C!*kc-!"C!
!
7#&(5#! FC1! i!8/! G./'3&! &"%[&((&! "$.! (/! ;#,&! 4&! (/! 4<0<'/(,"/%,#'! 4&!
(9&$%5/'/",&!v!j1!l%/'%(`1)%G.-%(%0()"#.0!*--f1!0C!f)!
!
7$"%#"!2C1!i!8/!3#$.!"$0.D@&!/@<.,3/,'&!&%!(/!(,?&.%<!4&!(9/;#.%&@&'%!j1!lIaI!I(
)kke1!0C!))**!&%!"C!
!
2&?$="%1!i!^$&(I$&"!.<J(&A,#'"!"$.! (95#@,3,4&!0/.!0,%,<!j1!l%/I(&G(G".6C1!)kf*[
)kfb1!0C!c)d!
!
2&3/$A!OC1!i!2,P',%<!&%!$',;&."/(,%<!j1!a.7-.01(B'62.-%(%0(B.1"2"GB.%()%&(/2*%'"&I(
5%&(*.6.0%&(.""1)'G0.@*%&1!4,.C!ZC!Q&(@#'"1!N.$A&((&"1!N.$=(/'%1!)kkk1!0C!)gc!
!
2&p&$m&.[2&J#""&T!GC!&%!2*..1!=(52(/.%(B'62.-%(6.&%(&'"(*2(62"GB1(�(D8(7#((#I$&!
8,((&!*1!5I!I4C1!!e!4<3C!*--*!
!
2&(@/"[Z/.%5=!ZC1!i!G/$%[,(! ,'%&.4,.&! (&!3(#'/P&!5$@/,'!v!j1!aC!*--b1!35.#'C!
*e)g!"C!!
!
2&'#,A! 4&! R/,'%! Z/.3! SC1! i!7#'%.,?$%,#'"! .<3&'%&"! 4&! (/! +$.,"0.$4&'3&! 4$!
7#'"&,(!49O%/%!/$!"%/%$%!+$.,4,I$&!4&!(/!0&."#''&!5$@/,'&!D8(`1*2-7%&(#$$%"0&(P(
!.%""%(a"2.1!2/((#T1!*---1!0C!ebg!"C!
!
2&"P#.3&"!SC1!i!>P,.!3#'%.&!"#,!j1!lIlIcC!*--b1!0C!bg!"C!
!
2,&'&.! 6C1! i!U4<&! '#@,'/(,"%&! &%! 4<3#'"%.$3%,#'! 4$! 4.#,%!j1!4"GBI( !B.*I(a"#.08(
<B.*#&#<B.%(<1-2*%1!%C!*c1!R,.&=1!)kcb1!0C!**k!&%!"C!
!
2#."'&.[2#(,;&%! >C1! i!2&! (9,'%&.4,3%,#'! 4$! 3(#'/P&! E! (/! .<,J,3/%,#'! 4&! (9D%.&!
5$@/,'!j1!cI;I!I!*--d1!U1!)g*!
! $&4
2#""&!GC!&%!2*..1!i!6&'"&.!(95#@@&!j1!5%(<#.-01!5#."!"<.,&1!/;.C[@/,!*--c!
!
2.&=&.!OC1!i!8/!J#'3%,#'!4&"!4.#,%"!J#'4/@&'%/$A!4/'"!(9#.4.&!+$.,4,I$&!j1!aC!
*--f1!0C!gdc!
!!!!!!!i!8&"!@$%/%,#'"!4$!3#'3&0%!+$.,4,I$&!4&!4,P',%<!j1!lIlIcI!*--e[)1!0C!
)k!"C!!
!
2$0./%! FC[6C1! i!U'J#.@/%,#'! &%! 3#'"&'%&@&'%! <3(/,.<! 4$! "$+&%! 4/'"! (&! 3/"! 4&!
(9&A0<.,@&'%/%,#'!4&!@<4,3/@&'%"!"$.!(95#@@&!j1!./00#.%!/$!3#((#I$&!.&(/%,J!
E! (9&A0<.,@&'%/%,#'!4&!@<4,3/@&'%"!'#$;&/$A!"$.! (95#@@&1!8,@#P&"1!)kgk1!
lIaIMIMI()kc*1!00C!bfk[bk-!
!
2$;&.%!7C1!i!2.#,%!&%! .&(,P,#'L"M!H!P&'B"&!&%!4&;&',.!49$'!./00#.%!@<3#''$!j1!
lIlIcI!)kkf1!0C!gbg!&%!"C!!
!
2=&;.&!>C1!i!^$&(I$&"!.<J(&A,#'"!"$.!(9,'%&.0.<%/%,#'!4&!(/!(#,!H!(&"!3#'4,%,#'"!
&%!(&"!(,@,%&"!4&!(/!"#$@,"",#'!4$!7#'"&,(!49O%/%!&%!4&!(/!7#$.!4&!3/""/%,#'!E!(/!
(#,!4$!6/.(&@&'%!j1!lIlIcI(*--f1!0C!)*dg!&%!"C!
!
O4&(@/'! NC1! i!8/! 7#$.! &$.#0<&''&! 4&"! 4.#,%"! 4&! (95#@@&! &"%[&((&! $'&!
+$.,4,3%,#'!%=./'',I$&!v!j1!aC!*--c1!0C!)keb!!
!!!!!!!!!!!!i!8/!4,P',%<!4&!(/!0&."#''&!5$@/,'&1!$'!3#'3&0%!'#$;&/$!j1!aI!
)kkg!0C!)ce!
i!895#@@&!/$A!3&(($(&"!49#.!j1!aC!)kck1!35.#'C!*e!
!!!!!!!!!!!!i!K/%$.&!&%!"$+&%!4&!4.#,%!j8(a"#.0&1!'\)1!0C!)*e!!
!
O(($(!FC1!i!8/!.<;<(/%,#'!35.<%,&''&!&%!(&!4.#,%!j1!4--I(y2GI(a"#.0(M0"2&@#'"71!%C!U�1!
)kf)!!
!!!!!!!!!!!!!!i!8/!%5<#(#P,&!35.<%,&''&!&%!(&!4.#,%!j1!4"GBI(!B.*I(a"#.08()kf-!!!
!
O;/,'!RC1!i!8&! +$P&!&$.#0<&'1! (&! %./'""&A$/(,"@&!&%! (&"!4.#,%"!4&! (95#@@&!L>!
0.#0#"!4&!(9/..D%!7COC2CQC!4$!**!/;.,(!)kkg!�1!}!&%!�!3#'%.&!S#=/$@&[:',M!j1!
cI;I!I(wI1!)kkg1!U1!!d-g)!
!
! $&"
G/?.&[Z/P'/'!ZC1!i!8&!4#@/,'&!4&! (9/$%#'#@,&!0&."#''&((&C! U'4,"0#',?,(,%<!
4$!3#.0"!5$@/,'!&%!+$"%,3&!"#3,/(&!j1!aC!*--c1!0C!b)!
!
G/?.&[Z/P'/'!ZC1!8&;,'&%!ZC1!Z/.P$<'/$4!FC[6C!&%!`$(p&'"!GC1!i!7#'%.#;&."&!
"$.!(9/$%#'#@,&!0&."#''&((&!&%!(/!(,?&.%<!4$!3#'"&'%&@&'%!j1!a"#.0&1!'\dc1!*--k1!
0C!b!&%!"C!
!
G/"",'! OC1! i!89/;#.%&@&'%! /$A! O%/%"[:',"C! Q,"%#,.&! 49$'&! 0#(,%,"/%,#'1! 4&"!
#.,P,'&"!E!S#&!VC!z/4&!j1!5%&(10')%&()'(;I>IlI:C1!'\**1!+/';C!)kkg1!0C!b!&%!"C!
!
G/$.<! WC[ZC1! `./'""&A$/(,"@&! &%! ,'4,"0#',?,(,%<! 4&! (9<%/%! 4&"! 0&."#''&"1!
lI9IaI(&2-.0I(%0(&#GC!)kck1!!0C)!"C!
!
G/;#.&$!8C1!i!8/!4,P',%<!4&!(/!0&."#''&!5$@/,'&!0(/3<&!"#$"!(/!0.#%&3%,#'!4&!
(/!7#'"%,%$%,#'!j1!lIaI;I!)kkd1!0C!c-f!
!!!!!!!!!!!i!8&! 7#'"&,(! 3#'"%,%$%,#''&(! &%! (/! 0.#%&3%,#'! 4&! (/! (,?&.%<!
,'4,;,4$&((&!&%!4&!(/!;,&!0.,;<&!j1!`1*2-7%&(b23&%"1!)kgk1!`#@&!UU1!0C!d))!
!
G&../'4!GC1(=(8/!7#';&'%,#'!&$.#0<&''&!4&"!4.#,%"!4&!(95#@@&!&%!(/!7#$.!4&!
3/""/%,#'!J./'_/,"&!j1!l%/I(.-0I()"I(G#6<I1!b[)kke1!0C!fk)!!
!
G&..=!8C1!i!895$@/',"@&!+$.,4,I$&!&'!I$&"%,#'!j1!a"#.0&1!0C!db!&%!"C!
!
G,&.&'"! FC1! i!7.,%,I$&!4&! (9,4<&!4&!0.#0.,<%<!4$! 3#.0"!5$@/,'!j1!lI:I>IcI! *---1!
dd1!0C!)eg!&%!"C!
!
G./,""&A! 6C1! i!8/! 0.#%&3%,#'! 4&! (/! 4,P',%<! 4&! (/! 0&."#''&! &%! 4&! (9&"0B3&!
5$@/,'&! 4/'"! (&! 4#@/,'&! 4&! (/! ?,#@<4&3,'&!H! (9&A&@0(&! 4&! (/! 7#';&'%,#'!
49X;,&4#!j1!.-(5+1/#*'0.#-()%&()"#.0&($#-)26%-02'H()%(*2(<%"&#--%(B'62.-%!%-(^iif(
%0(^iiX1!8&?.&%#'!WC!L4,.CM1!5+n2"62002-1!*---1!0C!))k!&%!"!!
!
G.,"#'[S#35&! ZC[>C1! i!S&@/.I$&"! "$.! 8/! 4,"%,'3%,#'! 4&! (/! ;#(#'%<! &%! 4$!
3#'"&'%&@&'%!&'!4.#,%!4&"!3#'%./%"!j1!lI9IaI(G./!)kke1!0C!egb!&%!"C!
!
! $&#
W/((#$A!75C1!i!2&! (/!'/%$.&!4$!@/%<.,&(!P<'<%,I$&!#$! (/! .<,J,3/%,#'!4$!3#.0"!
5$@/,'!&%!4$!;,;/'%!j1!lIlIcC!)kck1!0C!e*)!
!
W/'"5#J! V/'! 2&.! Z&&."35C! FC[zC1! i!8/! .<J<.&'3&! /$! 4.#,%! ,'%&.'&! 4&"! <%/%"!
3#'%./3%/'%"! 4/'"! (/! +$.,"0.$4&'3&! 4&! (/! 7#$.! &$.#0<&''&! 4&"! 4.#,%"! 4&!
(95#@@&!j1!lI:IaI;C1!/;.C[+$,'!)kc-!!!
!
W/./=!>C1! i!V#(#'%<"! &%! (,?&.%<"!4/'"! (/! .&(/%,#'!@<4&3,'[@/(/4&!H! (/!@,"&! E!
(9<0.&$;&! 4&"! /.%,3(&"! )f[b! 4$! 7#4&! 3,;,(! &%! 8C! ))))[d! 4$! 7#4&! 4&! (/! "/'%<!
0$?(,I$&!j1!lIwIaI`I1!*--b1!0C!)db!
!
W,/'#;,%351!i!8&!"$,3,4&!&"%[,(!$'!4&"!4.#,%"!4&! (95#@@&!v!j1!lI:IaI!I()ke*1!0C!
d-g!"C!
!
W#?&.%! ZC1! i!S<J(&A,#'"! "$.! (&"! "#$.3&"! 4$! 4.#,%! &%! (&"! i!0.,'3,0&"!j!
49,'4,"0#',?,(,%<!4$!3#.0"!5$@/,'!&%!4&!(9<%/%!4&"!0&."#''&"!L>!0.#0#"!4&!(/!
@/%&.',%<!4&!"$?"%,%$%,#'M!j1!lI9IaI(G./I!)kk*1!0C!dck!
!
W#$%%&"!SC!L4&M1!i!8&!+$P&!+$4,3,/,.&!J./'_/,"!&%!(/!7#';&'%,#'!&$.#0<&''&!4&"!
4.#,%"!4&!(95#@@&!H!/;/'3<&"!&%!.<%,3&'3&"!j1!lI9IaInC1!)kke1!0C!f-e!
!
Q/$"&.!FC!&%!8&@#$(/'4!FC[FC1!;\!i!XS2SO!6:N8U7!O`!NXKKOR!ZXO:SR!j1!
l1<I(G./I(a2**#A!
!
Q<?./$4!6C1!X?"&.;/%,#'"! "$.! (/!'#%,#'!4$! %&@0"!4/'"! (&!4.#,%! 3,;,(1!O%$4&"!
#JJ&.%&"!E!6,&..&!n/="&.1!`#@&!UU1!6C:C>CZC1!)kgk1!0C!g!
!
Q&''&%%&[V/$35&T!RC1!i!2.#,%"!4&!(95#@@&!&%!%=./'',&!H!4&!(9,@0#.%/'3&!4&!(/!
4,"%,'3%,#'!&'%.&!&"0.,%!3.,%,I$&!&%!&"0.,%!4&!3.,%,I$&!j1!aC!*--k!0C!*bc!
!
Q&''&T&(!ZC!L4&M1!i!>$%#$.!4$!./00#.%!i!J,'!4&!;,&!&%!/33#@0/P'&@&'%!j1! (/!
2#3C!G./'_/,"&1!*--b!j1!*%(c#'"-2*()'(a.62-GB%1!'\b--k1!*ks-cs*--d!
!
Q&.@,%%&!ZC! >C1! i!8&! 3#.0"! 5#."! 4$! 3#@@&.3&1! 5#."! 4$!@/.35<!j1!4"GB./%&(
!B.*I()"I1!%C!bb1!)kcc1!0C!bbb!"C!
! $&$
F/3p!>C1! i!8&"! 3#';&'%,#'"! .&(/%,;&"! E! (/! 0&."#''&!05=",I$&!j1!l%/I(;".0I(517I(
c'".&C!)kbb1!bf*!"C!
!
F#""&./'4! 8C1! i!8/! 0&."#''&! 5$@/,'&! 4/'"! (&! 3#@@&.3&! +$.,4,I$&!j1! aInI!
)kb*1!35.#'C!)!"C!
!
n/="&.!6C1!i!8&!7#'"&,(!3#'"%,%$%,#''&(!0.#%&3%&$.!4$!"&3.&%!4&!(/!;,&!0.,;<&!E!
(9<P/.4!4&"!(#,"!j1!`1*2-7%&(#$$%"0&(P(!.%""%(l23-2')1!2/((#T1!)kce1!0C!b*k!&%!"C!
!!!!!!!i!8&! "&3.&%! 4&! (/! ;,&! 0.,;<&! &%! (/! +$.,"0.$4&'3&! 3,;,(&!j1!`1*2-7%&(
M2/20.%"1!)kfe1!0C!d-e!
!!!!!!!i!8&"! 4.#,%"! 4&! (/! 0&."#''/(,%<1! /"0&3%"! %5<#.,I$&"! &%! 0./%,I$&"!j1!
lI9IaI(G./I!)kg)C!dde!&%!"C!
!
8/??<&!�C1!i!O"I$,""&!49$'&!4<J,',%,#'!3,;,(,"%&!4&!(9&"0B3&!5$@/,'&!j1!aC!)kkk1!
35.#'C!dbg!"C!
!
8/?.$""&[S,#$!7C1!i!8/!@/a%.,"&!4$!;,;/'%1!@/%,B.&!E!0.#3B"!j1!!#'/#."&!)kk)1!
'\ef!0C!))*!
!
8/?.$""&[S,#$!7C! L4,.MC! &%! 2*..C1! i!8/! .&35&.35&! 4&! (9&@?.=#'H! I$/(,J,3/%,#'! &%!
&'+&$A!j1!lIwIaI`I8!'\"0<3C!*---!
!
8C!>C!Q/.%!Q&.?&.%1!i!8/!@#./(,%<!4$!4.#,%!j1!a"#.0&1!)kkd1!0C!)-e!
!
8/@/.35&!ZC1!i!2&$A!J&@@&"1!$'!5#@@&!&%!$'&!J&@@&1!4&$A!5#@@&"!H!I$&(!
@/.,/P&!0#$.!(&!%.#,",B@&!@,((<'/,.&!v!j1!lI5IaI;I!*--d1!00C!bb[bc!
!
8&?.&%#'!WC1!i!8&!4.#,%1!(/!@<4&3,'&!&%!(/!@#.%!j1!aC!)kkd1!35.C!be*!
!
5%($.72"#1!i!6&.0<%$,%<!0#$.!(&!3/'',?/(&!4&!S#%&'?#$.P!j1!)e!#3%C!*--g!
!
8&@@&',3,&.!NC1!i!8&!3#.0"!5$@/,'H!0.#0.,<%<!4&!(9<%/%!#$!0.#0.,<%<!4&!"#,v!j1!
a"#.0&()kk)1!'\)b1!0C!)))!"C!
!
! $&%
8<0,'&!6C1!i!W<',&!P<'<%,I$&1!4.#,%"!4&!(95#@@&!&%!(,?&.%<"!j1!l%/I(MGI(`#"2*%&(
%0(<#*I1!)kc*1!'\b1!0C!*gg!
!
8&.#=&.! >C[ZC1! i!8/! '#%,#'! 49<%/%! 4&"! 0&."#''&"!j1! `1*2-7%&( w#@%"01!
O3#'#@,3/1!*--d1!0C!*dg!"C!
!
8&;/""&$.1!i!R$,3,4&!&%!&$%5/'/",&!j1!l%/'%(5'6.K"%(%0(/.%1!)keg1!0C!bk!
!
8&;,'&%!ZC1!!!!!i!8/!'#%,#'!49/$%#'#@,&!0&."#''&((&!4/'"!(/!+$.,"0.$4&'3&!4&!
(/!7#$.!&$.#0<&''&!4&"!4.#,%"!4&!(95#@@&!j1!a"#.0&1!'\dk1!*--k1!0C!c!&%!"C!!
!!!!!!!!!!!!!!!!!!!!!!!!!!i!8/! (<P,%,@,%<! 4&! (/! .<0.&"",#'! 0/.! (9O%/%! 4&"! 0./%,I$&"!
"/4#@/"#35,"%&"!j1!lI9IaInI1!)kkg1!00C!gbc[geb!!!!!!!!!!!!!!!!!
!
8,'4#'!SC1! ;\! i!8&"!4.#,%"!4&! (/! 0&."#''/(,%<!j1!a.G0.#--2."%(?'".).C'%1!2/((#T1!
)kcb!
!
8#,"&/$!WC1!i!8&!.t(&!4&!(/!;#(#'%<!4/'"!(&!.<P,@&!4&!0.#%&3%,#'!4&!(/!0&."#''&!
&%!4&!"#'!3#.0"!j1!l%/'%()%()"#.0()%(`G(w.**1!'#;C!)kk*1!0C!kfe!
!!!!!!!!!i!`=0#(#P,&!4&"!35#"&"!5#."!4$!3#@@&.3&!j1!lI9IaI(G./I!*---1!'\dg!
&%!"C!
!
8#@?#,"! 7C1! i!8/! 0#",%,#'! J./'_/,"&! "$.! (&! %./'""&A$/(,"@&! 4&;/'%! (/! 7#$.!
&$.#0<&''&!4&"!4.#,%"!4&!(95#@@&!j1!aC!)kk*!35.#'C!0C!b*b!!
!
8$35/,.&! GC1! i!8&"! J#'4&@&'%"! 3#'"%,%$%,#''&("! 4$! 4.#,%! 3,;,(!j1! lI9IaI( G./I!
)kc*1!*e!
!
Z/(/$.,&!65C1!i!8/!N,?(&!&%!(&!4.#,%!E!%./;&."!3,'I$/'%&!/'"!49&'"&,P'&@&'%!4$!
4.#,%!3,;,(!j1!!lI9IaI(G./C!*---1!0C!e*e!&%!"C!
! !!!!!!!!!!!!!!!!!!!!!!!i!8&!4.#,%!&%!(/!4,P',%<!5$@/,'&!j1!>0')%&(Q"%/'%(?1&'.0%S1!*--b1!0C!
f)k!&%!"C!
!!!!!!!!!!!!!!i!8&"!4.#,%"!4&!(/!0&."#''/(,%<!&'!*--b!j1!`1*2-7%&(a%G#GC1!8,%&31!
*--d1!0C!dfk!
!!!!!!!!!!!!!i!895#@@&1! D%.&! +$.,4,I$&! LE! 0.#0#"! 4&"! 0.#+&%"! 4&! (#,! "$.! (/!
?,#<%5,I$&M!j1!aC!)kkd1!0C!kg!
! $&&
Z/./,"!>C1!i!89/00/.&'3&!4&!(/!0&."#''&!j1!`1*2-7%&(w#@%"01!O3#'#@,3/1!*--d1!
0C!*ce!!!
!
Z/.P$<'/$4!FC[6C1!35.#',I$&!i!"#$.3&"!,'%&.'/%,#'/(&"!j1!lI9IaI(G./I(
!
Z/.%,'!SC1!i!6&."#''&!&%!"$+&%!4&!4.#,%!j1!lI9IaI(G./I!)kc)1!0!gce!
!
Z/"",0! FC1! i!89,'"&.%,#'!4/'"! (&!7#4&! 3,;,(!4&!4,"0#",%,#'"! .&(/%,;&"! /$! 3#.0"!
5$@/,'1! E! (9,4&'%,J,3/%,#'! P<'<%,I$&! &%! E! (/! 0.#3.</%,#'! @<4,3/(&@&'%!
/"","%<&!j1!a%$"1-#.&!)kke1!0C!fe!
!
Z/%5,&$! NC1! i!7#@@&'%/,.&! 4&! (/! 4<3,",#'! 4$!7#'"&,(! 3#'"%,%$%,#''&(! 4$! *g!
+$,((&%!)kkd!.&(/%,;&!E!(/!(#,!4$!*k!+$,((&%!)kkd!j1!aC!)kke!0C!*bg!
!!!!!!!!!!!i!2&!I$&(I$&"!@#=&'"!49<;/3$&.! (/!4,P',%<! 5$@/,'&!4&! (9#.4.&!
+$.,4,I$&!j1!aC!*--e1!)fdk!!
!!!!!!!!!!!i!2&"! 4.#,%"! 4&! (95#@@&! /$A! 4.#,%"! 4&! (95#@@&! #$! (&"!
%./'"@$%/%,#'"!4$!4.#,%!4&! (/!?,#<%5,I$&!j1! .-!`1*2-7%&(%-(*+B#--%'"()%(!.%""%(
!2G0%08!5+%&<".0()%&(.-&0.0'0.#-&8(*+1C'.*.@"%()%&(<#'/#."&1!2/((#T1!*--b1!0C!b-g!
!!!!!!!!!!!i!8/! 4,JJ,3,(&! /00.<5&'",#'! 4&! (/! ?,#<%5,I$&! 0/.! (&! 4.#,%!
3#'"%,%$%,#''&(!j1!5I!I4I!))!+$,'!)kkb1!'\g-1!0C!d!"!
!!!!!!!!!!!i!8/! 4,P',%<! 4&! (/! 0&."#''&! 5$@/,'&1! 4$! ?#'! L&%! 4$!@/$;/,"M!
$"/P&!&'!4.#,%!0#",%,J! J./'_/,"!j1! .-(5%()"#.08(*2(61)%G.-%(%0(*+E0"%(B'62.-1!6C:CGC1!
>,A!Z/."&,((&1!)kkf1!0C!*b-!
!!!!!!!!!!!i!8/! 4,P',%<! 4&! (/! 0&."#''&! 5$@/,'&!H! I$&(! 4.#,%!v! I$&(!
%,%$(/,.&!v!j1!aC!)kkf1!0C!*c*!
!!!!!!!!!!!i!8/!.&35&.35&!"$.!(9&@?.=#'!/$!.&P/.4!4&"!4.#,%"!J#'4/@&'%/$A!
3#'"%,%$%,#''&("!j8!aC!)kkk1!35.#'C!)e)!
!
Z/%%&,! FC[GC1! i!89<',P@&!4&! (/!4,P',%<!#$! (&!0.,'3,0&!49>'%,P#'&!j1! .-(>0B.C'%8(
)"#.0( %0( ).7-.01( )%( *2( <%"&#--%1!`1*2-7%&( ;B".&0.2-( N#*A%1! "#$"! 4,.C! 65C! 6<4.#%1!
O3#'#@,3/1!)kkk1!0C!d!
!
Z/$.&.! NC1! i!O""/,! 4&! 4<J,',%,#'! %5<#(#P,I$&! &%! 05,(#"#05,I$&! 4&! (/! 4,P',%<!
5$@/,'&1! 8&"! 4.#,%"! J#'4/@&'%/$A!j1!4G0%&( )%&( ^K"%&( ?#'"-1%&( &G.%-0.$.C'%&( )'(
"1&%2'(a"#.0&( $#-)26%-02'H( )%( *+4I,I!I>I5IyIT,IlI>IyI1! `$',"1! k[)*! #3%#?.&! kf1!
N.$=(/'%1!N.$A&((&"1!)kkg1!0C!**b[*e*!
! $&'
Z?#'P#! 6C1! i!8/! 7#$.! &$.#0<&''&! 4&"! 4.#,%"! 4&! (95#@@&! /[%[&((&! $'&!
05,(#"#05,&!@#./(&!v!j1!aC!*--k!0C!kk!
!
Z<@&%&/$!WC1!!i!>!(9/?#.4/P&!{!4&!(9/.%,3(&!)f[b!4$!7#4&!3,;,(j1!5I!I4I!)kkd1!'\!
"0<3C1!0C!d)!
!!!!!!!!!!!!!!!!i!2&!I$&(I$&"!4.#,%"!"$.! (95#@@&!H!3#@@&'%/,.&!4&! (/! (#,!4$!
*-!4<3&@?.&!)kcc!.&(/%,;&!E! (/!0.#%&3%,#'!4&"!0&."#''&"!I$,!"&!0.D%&'%!E!4&"!
.&35&.35&"!?,#@<4,3/(&"!j1!aC!)kk-1!35.#',I$&!0C!)fe!
!!!!!!!!!!!!!!!!i!`./'""&A$/(,"@&! &%! 4<?/%! 4&! "#3,<%<!j1! l%/'%( `1)%G.-%( %0(
)"#.01!*--g1!0C!)d)!&%!"C!
!
Z&$(4&."[n(&,'! ZC[! `5C1! i!8&! 4.#,%! 4&! 4,"0#"&.! 4&! "#,[@D@&1! <%&'4$&! &%!
(,@,%&"! &'! 4.#,%! 3#@0/.<!j! .-( 5.G1.01( %-( )"#.0( <#&.0.$( %0( "1$1"%-G%&( *172*%&( 2'H(
/2*%'"&1!�B@&"!+#$.'<&"!FC!2/?,'1!N.$A&((&"1!N.$=(/'%1!)kc*1!0C!*)e!"C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!;\i!0&."#''&!j1!a.G0.#--2."%( %-G3G*#<1).C'%( )%( 0B1#".%(
%0()%(&#G.#*#7.%()'()"#.01!4,.C!>C[FC!>.'/$41!)kcc!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!i!V,&! 0.,;<&1! ;,&! J/@,(,/(&! &%! 4.#,%"! 4&! (95#@@&!j1!
lI:IaI;C1!)kk*1!'\d1!0C!gg-!
!
Z$./%!6C1!i!S<J(&A,#'"!"$.!(/!4,"%,'3%,#'!O%.&!5$@/,'s6&."#''&!+$.,4,I$&!j1!a"I(
$26.**%!)kkg1!35.#'C!k!
!
K&,.,'3p! 7(C1! i!89&@?.=#'! 5$@/,'!H! $'&! 3/%<P#.,&! +$.,4,I$&! E! 4,@&'",#'!
;/.,/?(&!v!j1!aC!*--b1!0C!cd!
!
K&."#'! SC1! i!89,'J($&'3&! 4&! (/! ?,#(#P,&! &%! 4&! (/! @<4&3,'&! @#4&.'&"! 4$.! (&!
4.#,%!3,;,(!j1!lI9I1!g-1!ff)!
!
K,#.%!FC[GC1!i!89&@?.=#'!&%!(&!4.#,%!H!$'!"%/%$%!,@0#"",?(&!j1!lIlIcI!)kkc1!0C!dek!
"C!
!
X"%!GC1!i!X.,P,'/(,%<!4&"!@<%5#4&"!49,'%&.0.<%/%,#'!4&!(/!7#$.!&$.#0<&''&!4&"!
4.#,%"! 4&! (95#@@&!j1! .-! ZC! 2&(@/"[Z/.%=1!l2.&#--%"( *2( "2.&#-( )+>0201! 6C:CGC1!
)kck1!0C!ddc!
!
! $&(
6<3.&""&!VC1!i!8&!3#.0"!4&!(/!0&."#''&!j1! .-(52(<%"&#--%()2-&(0#'&(&%&(1020&1!4,.C!
Z/T&/$4!2C1!5I!I4I!)&.!+$,((C!*--d1!0C!)b!"C!!
!
6&((#$A!SC1!iV./,"!#$!J/$A!4.#,%"!4&! (95#@@&!v!j!l%/I(MGI(`#"2*%&(%0(<#*C!)ke*1!
0C!fgb!
!!!!!!!!i!V./,"! &%! J/$A! 4.#,%"! 4&! (95#@@&C! 6.#?(B@&"!4&!4<J,',%,#'! &%! 4&!
3(/"",J,3/%,#'!j1!lIaI!I!)kc)1!0C!ek!
!
6&..&/$!OC[QC1!i!8&"!4.#,%"!4&!(/!0&."#''/(,%<!j1!lI9I!)k-k1!e-)!
!
6&..&%! QC1! 52( <%"&#--%( B'62.-%( )2-&( *+#")"%( )'( )"#.01! Z<(/'P&"! N.B%5&! 4&! (/!
W.&""/=&1!N,B.&1!)kfg1!0C!eck!
!
6,3/.4! OC! &%! 2*..1! 5%&( )"#.0&( $#-)26%-02'H8( '-%( -#'/%**%( G2017#".%( ?'".).C'%(�1!
4IcIaI4C1!'\!"0<C!!+$,((C[!/#l%!)kkc1!0C!f!!
!
6,'%#!SC1!i!8/!7#$.!"$0.D@&!&%!(/!(,?&.%<!4&!(9/;#.%&@&'%C!89/JJ,.@/%,#'!0/.!(/!
7#$.! "$0.D@&!4&"!O%/%"[:',"!4&! (/! (,?&.%<! 3#'"%,%$%,#''&((&!4&! (9/;#.%&@&'%!
L/..D%! 4$! *k! +$,'! )kk*1! 6(/''&4! 6/.&'%5##4! #J! R#$%5&.'! 6&''"=(;/',/! 3C!
S#?&.%!6C!7/"&=!&%!/$%.&"M!j1!lIaI!I!)kkb1!0C!k-g!&%!"C!
!
6(/=#$"%!XC1!i!K#.@/%,;,%<!&%!(<P,%,@,%<!4$!4.#,%!j1!lIlIcI!)kkb[)!
!
6#$""#'[6&%,%! FC1! i!6.#0#"! 0/./4#A/$A! "$.! (9&$%5/'/",&! E! 0/.%,.! 4&! %&A%&"!
.<3&'%"!j1!a"I($26C1!J<;.C!*--)1!00C!d[)eC!
!!!!!!!!!!!!!!!!!!;\!i!8&! %./'""&A$/(,"@&!j1!a.G0.#--2."%(<%"62-%-0(@.#10B.C'%(%0(
@.#0%GB-#*#7.%&1!0C!*e-b!&%!"C!
!
6.,&$.! RC1! i!8/! 3#'3,(,/%,#'! 4&! (/! 0.#%&3%,#'! 4&! (/! 0&."#''&! &%! 4&! (9,'%<.D%!
%5<./0&$%,I$&! 49/$%.$,! E! %./;&."! (&! 3(#'/P&! &%! (&"! <(<@&'%"!j1! .-! N,'&%! FC[SC1!
i!N,#<%5,I$&!)kkd[*--d!j1!lIwIaI`I!'\)g1!0C!**k!&%!"C!
!
6$%@/'!OC1! i!7#@@&'%/,.&!4&! (/! (#,!4$!**!/;.,(! *--e! .&(/%,;&!/$A!4.#,%"!4&"!
@/(/4&"!&%!E!(/!J,'!4&!;,&!j1!lIcI!IyI!*--e1!0!f!
!
! $&)
S/%&/$1! i!89&$%5/'/",&! &%! (/! .<P(&@&'%/%,#'!0<'/(&!j1!l%/I(&GI(G".6I! %0()"I(<1-I(
G#6<I!)kfd[fe1!0C!bc!
!
S&P#$.4!RC1!i!8&"!4.#,%"!4&!(95#@@&!4&;/'%!(&"!@/',0$(/%,#'"!4&!(/!;,&!&%!4&!
(/!@#.%C!6.#?(B@&"!/3%$&("!&'!4.#,%!0$?(,3! J./'_/,"!j1!lIaI!I! )kc)1!;#(C! kg1!0C!
d-b!&%!"C!
!
S&'35#'!FC[8C1!i!U'4,"0#',?,(,%<1!#.4.&!0$?(,3!&%!/$%#'#@,&!4&!(/!;#(#'%<!4/'"!
(&!4.#,%!4&"!0&."#''&"!&%!4&! (/! J/@,((&!j1! .-(5%(;#)%(G./.*8(%-0"%(.'&(G#66'-%(%0(
)"#.0(<"./1(%'"#<1%-1!""C!4,.C!z,+JJ&("!>C1!N.$=(/'%1!*--e!
!
S,3#&$.! 6C1! i!U'4,;,4$! &%! ,4&'%,%<! 0&."#''&((&!j1! .-( M'"( *+.-)./.)'1! >3%&"! 4$!
3#((#I$&!4&!S#=/$@#'%!4$!**1!*b!&%!*d!#3%#?.&!)kce1!R&$,(1!0C!ed!&%!"C!
!
S,P/$A!GC1!i!8/!(,?&.%<!4&!(/!;,&!0.,;<&!j1!lI:IaI;I()kc)1!'\b1!0C!bek!&%!"C!
!!!!!!!i!89<(/?#./%,#'! 49$'! .,P5%! #J! 0.,;/3=! 0/.! (/! +$.,"0.$4&'3&!
/@<.,3/,'&!j1!lI:IaI;C!)kc-1!'\d1!0C!g-)!&%!"C!
!
S,;&.#!FC1!i!V&."!4&!'#$;&/$A!4.#,%"!4&!(95#@@&!D8(l%/I(MGI(`#"2*%(%0(<#*C!)kc*1!
0C!fgb!
!
S#?&.%! FC1! i!8/! .<;#($%,#'! ?,#(#P,I$&! &%! P<'<%,I$&! J/3&! /$A! &A,P&'3&"! 4$!
4.#,%!j8(lIaI!I1!)kcd1!)*cc!
!
S#@/'! 2C1!i!! i!>! 3#.0"! 4<J&'4/'%!j1! (/! 0.#%&3%,#'! 4&! (9,'4,;,4$! 3#'%.&! ($,[
@D@&!j1!aI!*--g1!'\)k1!0C!)*cd!
!
S#$?,&.!6C1!i!8&!.t(&!4&!(/!;#(#'%<!4/'"!(&!4.#,%!j1!4"GBI(!B.*I()"#.01!R,.&=1!)keg!
!
S$?&((,'[2&;,35,!FC1!i!89<%/%!4&!(/!0&."#''&!j1!.-!R$4.&!GC!L4,.CM1!5%()"#.0($"2-W2.&(
%0(*2(;#-/%-0.#-(%'"#<1%--%()%&()"#.0&()%(*+B#66%1!O'P&(1!)kkd1!0C!)fe!"C!
!
S$,T[G/?.,!QC1!i!8&!7#'"&,(!49O%/%!J/3&!E!(/!3#'3,(,/%,#'!4$!4.#,%!E!(/!;,&!&%!(/!
(,?<./(,"/%,#'!4&! (9/;#.%&@&'%!j1!l%/'%('-./%"&.02."%()%&()"#.0&()%(*+B#66%8!)kk)1!
;#(C!b1!'\)[*1!0C!)!&%!"C((
! $&*
R/,'%! F/@&"! VC1! i!S<J(&A,#'"! "$.! (/! 4,P',%<! 4&! (9D%.&! 5$@/,'! &'! %/'%! I$&!
3#'3&0%!+$.,4,I$&!4$!4.#,%!J./'_/,"!j1!aC!)kkg!0C!f)!
!
R/(;,/!ZC!L4&M1!i!8/!7#$.!O$.#0<&''&!4&"!2.#,%"!4&!(9Q#@@&!&"%[&((&1!0/.!(/!
'/%$.&! 4&! "&"! /..D%"1! $'! ;<.,%/?(&! %.,?$'/(! 4&! 0(&,'&! +$.,4,3%,#'!v!j1!lI9IaInI!
*--f1!0C!dcb!
!
R/.P#"!6C1!i!8&"!0.,'3,0&"!P<'<./$A!4$!4.#,%!0.,;<!4/'"!(/!+$.,"0.$4&'3&!4&!(/!
7#$.!4&!3/""/%,#'C!8&"!P/.4&[J#$"!4&"!&A3B"!4$!4.#,%!j1! cI;I!I!*--)1! U1!b-f1!0C!
eck!
!
R/;/%,&.! FC1!Z<@&%&/$!WC1! O"0&.! 7C1! i!Z,"&! &'!]$;.&! 4&! (/! (#,! "$.! (/! J,'! 4&!
;,&!j1!lIwIaI`C1!*--f1!0C!*fc!
!
R/;/%,&.!SC1!i!2&!"/'P$,'&!+$"!j1!aC!)ked1!0C!)df!
!!!!!!!!!i!8&!4.#,%!4&! (/! J/@,((&!&%! (&"!3#'I$D%&"!4&! (/!?,#(#P,&!j1!aC!)kdc1!
35.C1!0C!bb!
!
R35&.&.1!i!S<J(&A,#'"!49$'!05,(#"#05&!"$.!(9&$%5/'/",&!j1!lI:IaI(<1-C!)kfe1!0C!eb!
!
R35�'?#.'! 75C1! 5+B#66%( G"11( <2"(a.%'(J( *%( $#-)%6%-0( )%( *2( ).7-.01( )%( *+B#66%1!
W.&P#.,/'$@1!S#@&1!00C!bbg[bfb!
!
R<.,/$A! >C1! i!8&! 0.,'3,0&! 49#.4.&! 0$?(,3! 4&! (9,'4,"0#',?,(,%<! 4$! 3#.0"!
5$@/,'!j8(.-(5%()"#.08(*2(61)%G.-%(%0(*+E0"%(B'62.-8(<"#<#&(B101"#)#H%&(&'"(C'%*C'%&(
%-?%'H()'([[:K6%( &.KG*%1! 6C:C>CZC1! 8/?#./%#,.&! 4&! %5<#.,&! +$.,4,I$&1! )kkf1! 0C!
)dg!"C!
!!!!!!!!!i!8/!4,P',%<!4&!(/!0&."#''&!5$@/,'&!w!4$!?#'!&%!4$!@/$;/,"!$"/P&!
&'!4.#,%!0#",%,J!J./'_/,"!49$'!0.,'3,0&!$',;&."&(!j1!.)%68(0C!*)d!
!
R#$;,P'&%! �C1! i!8&! @#4B(&! 0#(,%,I$&! 4&! (/! 7#$.! &$.#0<&''&! 4&"! 4.#,%"! 4&!
(95#@@&!H!4$!0#$;#,.!4$!0&$0(&!E!(/!"#$;&./,'&%<!4$!"$+&%!j1!c'".&)#G0#".2('\e1!
*-)-!
!
! $'4
R$4.&! GC1! i!8/! '#%,#'! 4&! 0&,'&"! &%! %./,%&@&'%"! ,'5$@/,'"! #$! 4<P./4/'%"!j1!
lIwIaI:I!I1!)kcd1!00C!c*e[cck!
!!!!!i!8&"!/(</"!4&!(/!'#%,#'!4&!i!;,&!0.,;<&!j!4/'"!(/!+$.,"0.$4&'3&!4&!(/!
7#$.! &$.#0<&''&! 4&"! 4.#,%"! 4&! (95#@@&!j1! `1*2-7%&( 5#'.&T>)6#-)( !%00.0.1!
N.$=(/'%1!)kkc1!0C!fcg!
!!!!i!8&"!,'3&.%,%$4&"!4$!+$P&!&$.#0<&'!J/3&!/$!4.#,%!E!(/!;,&!j1!`1*2-7%&(
;B".&0.2-(`#'*31!8,%&31!)kkc1!0C!bge!"C(
!!i!89,'J($&'3&!4&!(/!7#';&'%,#'!O$.#0<''&!4&"!2.#,%"!4&!(9Q#@@&!"$.!
(9#.4.&!+$.,4,I$&!,'%&.'&!j1!lI9IaI4I!)kk)1!00C!*ek[*gd!
!
`/((#'!2C1!;\!i!6OSRXKK>8U`O!L4.#,%"!4&!(/Mj1!"1<I(G./I(a2**#A!
!
`&..<!GC1!i!2$!"$,3,4&!&'!4.#,%!3,;,(!j1!`1*2-7%&(4*%H(�%.**1!8,%&31!)kcb1!0C!e*b!
!
`5#$;&','!2C1! !i!2&!(/!I$/(,J,3/%,#'!4&! (9/3%&! %5<./0&$%,I$&!E!"#'!3#'%.t(&!j1!
aC!)kk)1!0C!***!
!!!!!!!!!!!!!!!!i!8/! (#,! .&(/%,;&!E! (/!?,#<%5,I$&!#$! 3#@@&'%!/33.#a%.&! (9/33B"!
/$A! <(<@&'%"! ?,#(#P,I$&"! 49#.,P,'&! 5$@/,'&1! UC! 8<P,%,@,%<! 4&"! /3%,;,%<"!
@<4,3/(&"!?,#<%5,I$&"! UUC!K<3&"",%<!4&! (/!;#(#'%<!j1!aC! *--e1! 35.#'C!))f!&%! "C1!
)g*!&%!"C!
!!!!!!!!!!!!!!!!i!8&"! /;/%/."! 4&! (9/.%,3(&! )f[b1! /(,'</! )&.! 4$! 7#4&! 3,;,(!j1!aC!
*---1!00C!dce[dk-!
!
`.&"@#'%/'%! 7C1! i!2&! I$&(I$&"! @/(&'%&'4$"! 05,(#"#05,I$&"! &%!
%5<#(#P,I$&"!j1!4"GBI(!B.*I(a"#.01!%C!bc1!R,.&=!)kkb1!0C!)d)!
!
`.$35&%!2C1!i!89,'%&.;&'%,#'!4$!(<P,"(/%&$.!&'!@/%,B.&!49<%5,I$&!@<4,3/(&!j1!.-(
*2( 9%""%8( *2( $26.**%8( *%( ?'7%8( >0')%&( #$$%"0%&( P( n%-".Ta2-.%*( ;#&-2")1! O3#'#@,3/1!
)kk-1!0C!)-b!&%!"C!
!
`$.0,'! 2C1! i!89/$%#.,%<! +$4,3,/,.&! P/.4,&''&! 4&! (/! (,?&.%<! ,'4,;,4$&((&!j1!
4IcIaI4I()kcb1!0C!fed!
!
!
! $'"
V,P'&/$! 2C1! ! ;\! i!>"","%/'3&! @<4,3/(&! E! (/! 0.#3.</%,#'!j1! a.G0.#--2."%(
!%"62-%-0(N.#10B.C'%(%0(N.#0%GB-#*#7.%&8!0C!)-b!&%!"C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!;\!i!O@?.=#'!5$@/,'!.-(/.0"#(j1!.)%61!0C!c*g!&%!"C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!;\!i!O$%5/'/",&1!"#,'"!&%!%./,%&@&'%"!4&!J,'!4&!;,&!j1!.)%61! !0C!
cfd!&%!"C!
!!!!!!!!!!!!!!!!!;\!i!U'%&..$0%,#'!4&!P.#""&""&!j1!.)%68(0C!))f)!&%!"C!
!!!!!!!!!!!!!!!!!;\! i!R%/%$%! 4$! 3#.0"! 5$@/,'1! 4&! "&"! <(<@&'%"! &%! 0.#4$,%"!j1!
.)%68(0C!*bfk!&%!"C!
!!!!!!!!!!!!!!!!!!!!!!!!i!2&"",'&[@#,! $'! &@?.=#'!j1! 5I!I4I8( h'61"#( &<1G.2*( @.#10B.C'%1!
)dC!4<3C!)kkd1!'\)dk!
!!!!!!!!!!!!!!!!!!!!!!!!!i!X?"&.;/%,#'"! "$.! (&! '#$;&/$! 4.#,%! 0<'/(! 4&! (9/;#.%&@&'%!j1!
`1*2-7%&(5#'.&(N#3%"1!6C:C!4&"!R3,&'3&"!R#3,/(&"!4&!`#$(#$"&1!)kkf1!0C!gke!
!!!!!!!!!!!!!!!!!!!!!!!!!i!*--)1!(&!4.#,%!i!(,?<./(!j!4&!(9/;#.%&@&'%!{!j1!lIwIaI`I8!*--)1!0C!
*-g!
!!!!!!!!!!!!!!!!!!!!!!!!!i!Z#$.,.!/;/'%!4&!'/a%.&!j1!`1*2-7%&(M2.-0%Tl#&%1!N.$=(/'%1!*-)*1!
0C!)beg!
!
V,((&=!ZC1!i!O""#.!&%!4<3/4&'3&!4$!;#(#'%/.,"@&!+$.,4,I$&!j1!4"GBI(!B.*I(a"#.01!
R,.&=1!)keg1!0C!kd!
!
V,'3&'%!>C!L6B.&M1!52(<%-&1%(G20B#*.C'%1!@/."[/;.,(!)kc-!
!
V,""&.9%! Q##J%1! i!8&"! /3%&"! 4&! 4,"0#",%,#'! 3#'3&.'/'%! (&! 3#.0"! 5$@/,'!j1!
4"GB./%&(!B.*I()"C1!!)kgk1!0C!cg!"C!
!
z/..&'!R/@$&(!2C!&%!N./'4&,"!8#$,"!2C1!i!`5&!.,P5%!#J!0.,;/3=!j1!n2"/2")(52m(
l%/.%m8!;#(C!d!L)ck-M1!00C!)kb[**-!
!
z&,(!OC1!!;\!i!Z#./(&!j1!>-G3G*#<2%).2(,-./%"&2*.&(
!
z,&4&.p&5.!WC1!i!89/00(,3/%,#'!4&"!4,"0#",%,#'"!4&!(/!7#';&'%,#'!,'%<.&""/'%!
(&! 4.#,%! 0.,;<!j8( a"#.0&( )%( *+B#66%( %-( y"2-G%I( a.H( 2-&( )+2<<*.G20.#-( )%( *2(
;#-/%-0.#-( %'"#<1%--%( )%&( )"#.0&( )%&( *+B#66%( )%/2-0( *%&( ?'".).G0.#-&( ?'".).C'%&(
$"2-W2.&%&1!<4C!KC6C!O'P&(1!)kce1!0C!)bk!
!
! $'#
• &,++0&(')=:),$#')
!
!
>'4.<! ZC1! Z,(,#'! >C! &%! S,35&@#'%! QC! L4&M1!;#-0".@'0.#-( P( *2( "1$*%H.#-( &'"( *2(
620%"-.01(<#'"(2'0"'.1!R<'/%1!./00#.%!49,'J#.@/%,#'!'\d*)1(*e!+$,'!*--c!
!
N./,?/'%!WC1!a%(*+10B.C'%(2'()"#.0(J(&G.%-G%&()%(*2(/.%8!S/00#.%!7#'"&,(!49O%/%1!8/!
2#3$@&'%/%,#'!J./'_/,"&1!)kcc!
!
7COC1! >0')%( "%*20./%( 2'H( <#&&.@.*.01&( ?'".).C'%&( )+.-0%").G0.#-( )'( <#"0( )'( /#.*%(
.-017"2*8!./00#.%!*e!@/."!*-)-!
!
75/'4&.'/P#.! GC1! a%( *2( &1G'".01( ?'".).C'%1! S/00#.%! 7#'"&,(! 49O%/%1! 8/!
4#3$@&'%/%,#'!J./'_/,"&1!)kk)!
!
75#""=! FC[GC1! !2&&%"( )%( *2( <".&%( %-( GB2"7%R( P( *2( <".&%( %-( G#6<0%8! S/00#.%! "$.!
(9<;#($%,#'! 4&"!@&'%/(,%<"! &%! (&! 35/'P&@&'%! 4$! .&P/.4! 4&! (/! "#3,<%<! "$.! (&"!
0&."#''&"!5/'4,3/0<&"1!'#;&@?.&!*-))!
!
7C7CKCOC1! /;,"! '\d-! &'"( *%( 0"2-&$%"0( )+%6@"3#-&( 2<"K&( )1GK&( )'( G#-?#.-0( Q#'( )'(
G#-G'@.-SI(l2<<#"01!)g!4<3C!)kkb!
!!!!!!/;,"!'\f-1!l1%H26%-()%&(*#.&()%(@.#10B.C'%1!*e!+$,'!)kkc!!
!!!!!!./00#.%!'\fb1!y.-()%(/.%8(2""E0()%(/.%8(%'0B2-2&.%1!*g!+/';C!*---!
!!!!!!/;,"!'\cg1!l%$'&()%(0"2.0%6%-0(%0(2'0#-#6.%()%(*2(<%"&#--%1!)d!/;.C!*--e!
!!!!!!!!!!!!!!!!!!/;,"!'\)-e1!p'%&0.#--%6%-0&(<#'"(*%&(>020&(w1-1"2'H()%(*2(@.#10B.C'%1!c!
#3%C!*--c!
!!!!!!/;,"! '\))b1! 52( )%62-)%( )+2&&.&02-G%( 61).G2*%( P( *2( <"#G"120.#-( 2<"K&( *%(
)1GK&()%(*+B#66%($2.&2-0(<2"0.%()'(G#'<*%1!!k!@/."!*-))!
!
7(/&="!>C! &%!Q$.,&%!7(C1!l2<<#"0(&'"(*+2<<*.G20.#-()%(*2(*#.(-vi_TVj_()'(Ui(?'.**%0(
^ii_( "%*20./%( 2'( )#-( %0( P( *+'0.*.&20.#-( )%&( 1*16%-0&( %0( <"#)'.0&( )'( G#"<&( B'62.-8( P(
*+2&&.&02-G%( 61).G2*%( P( *2( <"#G"120.#-( %0( 2'( ).27-#&0.G( <"1-202*1! >""&@?(<&!
'/%,#'/(&!'\)d-g1!R<'/%!'\*b*1!)kkk!
!
! $'$
7(/&="! >C! &%! V,/(/%%&! FC[RC1! l2<<#"0( &'"( *+1/2*'20.#-( )%( *+2<<*.G20.#-( )%( *2( *#.(
-vU]]_TX]]()'(V(2#x0(U]]_("%*20./%(P( *2(@.#10B.C'%1!>""&@?(<&!'/%,#'/(&!'\)b*e1!
R<'/%!'\)-g1!*--c!
!
8<#'&%%,! FC1!l2<<#"0($2.0(2'(-#6()%(*2(6.&&.#-()+.-$#"620.#-(&'"(*+2GG#6<27-%6%-0(
)%(*2($.-()%(/.%1!>""&@?(<&!'/%,#'/(&!'\)g-c1!*--d!
!!!!!!!l2<<#"0(&'"(*%(<"#?%0()%(*#.("%*20.$(P(*2(@.#10B.C'%1!>""&@?(<&!'/%,#'/(&!
'\b)))1!*-))!
!
!
• *#$%&')
)
)
WC! N#'[Z/$.=! &%! 2C! ^$,'I$&%#'1! 5%&( ^f( C'%&0.#-&( )+n>M8( 5%&( "1<#-&%&( )%(
y"2-W#.&(n#**2-)%1!'#;&@?.&!*-))!
!
l%)"%&&%"( *2( y"2-G%8( "%0"#'/%"( *2( ?'&0.G%8( "2&&%6@*%"( *%&( $"2-W2.&1! ~0.#P./@@&! 4$!
0/.%,!R#3,/(,"%&�1!/;.,(!*-))!
!
!
!
!
!
!
!
!
!
!
! !
! $'%
#"*%k),.+9,N%(#g!%)*%')4,(#%&%')
!8&"!'$@<.#"!.&';#,&'%!/$A!'$@<.#"!4&!0/P&"C!
!
!
"!
A;:DEDKB=)C=?>DEE=@@=-!*-!""-!"#-!"$-!"%-!"&-!#4-!#"-!##-!#$-!#&-!#(-!#*-!$4-!$$-!$%-!$&-!$'-!$(-!$)-!
$*-!%4-!%$-!%(-!%)-!%*-!&4-!&"-!&#-!&$-!&%-!&)-!&*-!
'4-! ()-! )#-! )&-! ))-! )*-! *$-! *&-! "4&-! "4'-! ""4-!
""$-! ""'-! "#'-! "(%-! ")(-! "))-! ")*-! "*#-! "*$-!
"*%-! #4"-! #4#-! #4$-! #4%-! #4(-! #"4-! #""-! #"$-!
#"'-! #")-! ##%-! ##&-! ##'-! #$4-! #$"-! #$'-! #$(-!
#$*-! #%4-! #%#-! #%$-! #%%-! #%&-! #%'-! #&'-! #&(-!
#'4-! #'$-! #'%-! #''-! #'(-! #("-! #(&-! #('-! #)'-!
#))-! #*"-! #*#-! #*$-! #*'-! #*(-! $4"-! $4&-! $"&-!
$"(-!$")-!$##-!$#$-!$#&-!$#'-!$%'!
#!
ZBDG:HBP;=-! ##-! #%-! #&-! *$-! "##-! "&%-! #%&-! #'(-!#("-! #(#-! #(%-! #('-! #()-! #)(-! #))-! $4$-! $"#-!
$"$-!$"%-!$"'-!$##-!$#$!
ZBDKG<BFA@-!"$)-!$4#-!$4)!
$!
FHDB]-!"#-!"$-!"%-!"'-!"(-!"*-!#&-!$(-!%4-!%'-!%)-!&4-!&#-! &$-! &(-! &)-! '%-! )&-! *(-! *)-! "4"-! "4#-! ""$-!
""*-! "#)-! "$4-! "$%-! "'#-! "($-! ")*-! #4%-! #4&-!
#$$-! #%$-! #&4-! #&$-! #&'-! #&(-! #&)-! #'4-! #(%-!
#))-!#*#-!#*$-!$##!
FDE>=E:=K=E:-!%4-!)#-!)*-!*&-!*'-!*(-!*)-!**-!"44-!"4"-! "4#-! "4$-! "4%-! "4&-! "4'-! "4(-! "4)-! "4*-!
""4-! ""&-! "#'-! "#(-! "#)-! "#*-! "$4-! "$"-! "$#-!
"$$-! "$%-! "$&-! "$'-! "$)-! "$*-! "%4-! "%"-! "%#-!
"%$-! "%%-! "%&-! "%'-! "%)-! "%*-! "&4-! "&"-! "&#-!
"&$-! "&%-! "&&-! "&'-! "&(-! "&)-! "&*-! "'4-! "'"-!
"'#-! "'$-! "'%-! "'&-! "''-! "'(-! "')-! "'*-! "(4-!
"("-! "(#-! "($-! "(%-! "))-! ")*-! #4"-! #")-! ##&-!
##'-! #%(-! #&"-! #'#-! #(#-! #(%-! #(&-! $4"-! $"(-!
$")-!$"*-!$#4-!$#&-!$$$-!$$(-!$%$!
FDE:?A:-!"(-!#$-!)(-!"4'-!""4-!""&-!""*-!"#(-!"$4-!"$"-! "$&-! "$'-! "$(-! "$)-! "$*-! "%4-! "%"-! "%#-!
"%$-!"%%-!"%&-!"&)-!#(*-!#)4-!#)'-!$4%!
2DEJR)%R)*R)9R-!"$-!#"-!$$-!$'-!$*-!%$-!%&-!%)-!%*-!&"-!'4-!(4-!($-!)#-!)&-!)*-!"4*-!"""-!""$-!"('-!
")%-! ")&-! ")*-! "*%-! "*&-! "*)-! "**-! #4#-! #4)-!
#"4-!##)-!#$#-!#$'-!#$(-!#'$-!#*$-!$#&!
FD?CD?=@@=-!"#-!#$-!#%-!#&-!#*-!$$-!)#-!)$-!)&-!)*-!*4-! ""$-! ""&-! ""'-! "")-! "#'-! "%%-! "&#-! "(%-!
"(&-! "))-! ")*-! "*#-! "*%-! #4#-! #4%-! #4(-! #"4-!
#"'-! #")-! #%#-! #%%-! #%&-! #*'-! $4&-! $4(-! $"*-!
$##-!$#$-!$#&-!$#'!
FD?C>)H;KABE-! #$-! #%-! #&-! #(-! $4-! $%-! *$-! ""&-!""'-! ""*-! "#4-! "#"-! "##-! "#%-! "#&-! "%"-! "%#-!
"%$-! "&"-! "&#-! "&$-! "&%-! "&&-! "&'-! "(%-! "))-!
"*#-! #"&-! #")-! #%%-! #&"-! #)4-! #))-! #*'-! #*(-!
$4"-! $4#-! $4$-! $4&-! $4(-! $4*-! $"&-! $##-! $#$-!
$#&-!$#'-!$$*-!$'"!
2D;?)%R)*R)9R-!*-!"%-!#4-!##-!#$-!#(-!$4-!$$-!$&-!$'-!$)-!%4-!%"-!%$-!%%-!%&-!%'-!%)-!%*-!&4-!&"-!&$-!&%-!
)#-!)&-!)'-!)(-!*4-!*"-!*$-!*&-!*'-!*(-!*)-!"44-!
"4#-! "4$-! "4%-! "4&-! "4)-! ""4-! """-! ""$-! "($-!
"('-! "((-! "(*-! ")4-! ")"-! ")#-! ")%-! ")*-! "*$-!
"*%-! "**-! #4"-! #4%-! #")-! ##&-! #$(-! #%"-! #&'-!
#(%-!#))-!$"&!
2D;?)>;C?^K=)<=>)%:A:>O!EB>-!#*-!$4-!&$-!&'-!&(!
2D;?)>;C?^K=)<;)2AEA<A-!#*-!$4-!$$-!%)-!%*-!&4-!&"-!&$-!&%!
%!
*R)!R)*R)9R-!%$-!(4-!(#-!"*(-!"*)-!#"(-!##)!
*B=;-!"'-!")-!&*-!'(-!')-!(4-!("-!(#-!($-!('-!((-!(*-!)4-!"*&-!"*'-!#4&-!#4'-!#4(-!#")-!$&*!
<BMEB:G)DZ`=F:BJ=-! "*%-!"*&-!#"4-!#""-!#"%-!#"&-!#"'-! #"(-! #")-! ##"-! ###-! ##$-! ##%-! ##)-! ##*-!
#$4-!#$*-!#%$-!#%&-!$#$!
<BMEB:G)>;Z`=F:BJ=-! $4-!"*#-! #4#-!#4%-!#"4-!#""-!#"%-! #"&-! #"'-! #"(-! #")-! ##$-! #$4-! #$"-! #$*-!
#%$-!#&(-!$"&-!$#$!
<B>CD>B:BDE)FD?CD?=@@=-! #$-! #%-! ""$-! ""%-! ""&-!"(%-!"))-!")*-!#%%-!$#&!
&!
=;:HAEA>B=-! "4-! $'-! )$-! )%-! )&-! "'"-! "(%-! ##(-!#$*-! #%'-! #%(-! #&4-! #&#-! #&$-! #&%-! #&&-! #&'-!
#&(-! #&)-! #&*-! #'4-! #'#-! $4(-! $4)-! $4*-! $##-!
$$%!
'!
HDKD>=];A@B:G-!*"-!#*$-!$"(!
(!
#R$R5R-!"&&!
BE<B>CDEBZB@B:G)<;)FD?C>)H;KABE-!#$-!#)4!
BE<BJB<;-!*-!"$-!"&-!"'-!"(-!")-!"*-!#4-!#"-!#$-!#%-!#&-!#*-!$*-!%"-!%$-!%&-!%'-!&#-!&%-!&&-!&'-!&)-!&*-!
'(-!')-!(*-!)4-!)"-!*%-!*'-!"4"-!""$-!"")-!"#4-!
"#%-! "#)-! "$4-! "$#-! "&$-! ")%-! "))-! ")*-! "*%-!
#4#-! #4&-! #4'-! #4*-! #"4-! #""-! #"'-! #")-! ##"-!
##$-! ##(-! ##*-! #%&-! #%'-! #&4-! #)(-! #))-! #*$-!
$44-!$4"-!$4&-!$""-!$#$-!$#'-!$&)!
BE:=?C?G:A:BDE-!""-!"$-!"%-!#$-!$$-!$(-!$)-!$*-!%$-!%&-! %(-! %)-! &$-! "4%-! ""$-! ""%-! ""*-! "'#-! "'$-!
"((-! "(*-! ")"-! ")'-! #"%-! ##$-! #$"-! #$#-! #$$-!
#$%-!#$'-!#$(-!#$)-!#$*-!#%4-!#%"!
! $'&
)!
@BZG?A@B>K=-!"*#-!$#&-!$#'!
@BZ=?:G-!"'-!"(-!")-!"*-!#"-!$*-!%&-!%'-!%*-!&#-!&$-!&%-!&'-!&(-!&)-!&*-!("-!()-!(*-!)"-!)(-!*$-!"4%-!
"4&-! "4'-! "4)-! ""4-! ""#-! ""$-! "#*-! "$4-! "$$-!
"$%-! "$(-! "%"-! "%#-! "%&-! "&$-! "'4-! "(#-! ")4-!
")*-! "*%-! "*(-! "*)-! "**-! #44-! #4$-! #4&-! #4'-!
#4*-! #"#-! #"'-! ##"-! ###-! ##)-! ##*-! #$%-! #$'-!
#%#-! #&)-! #')-! #(#-! #*$-! #*)-! $"$-! $"%-! $"(-!
$#4-!$#&-!$#'-!$%"-!$%(!
*!
KG<BFA@=-! #%-! *(-! **-! ""'-! "#"-! "##-! "#%-! "#&-!"%"-! "%#-! "%&-! "%)-! "%*-! "&4-! "&%-! "&&-! "&)-!
"&*-! "''-! "'(-! "'*-! #4$-! #%*-! #&"-! #&$-! #&*-!
#(4-!#*4-!#*'-!$4"-!$4&-!$%"!
KD?A@=-!"(-!$'-!%"-!&*-!'4-!'"-!'#-!'$-!'%-!'&-!''-!'(-!')-!'*-!('-!()-!)4-!)"-!"""-!""$-!"#&-!"$$-!
"$%-!"("-!")4-!")*-!"**-!#44-!$4&-!$$(!
KD?:-!"4-!#4-!$'-!%)-!%*-!&4-!&$-!('-!)$-!)%-!*#-!*'-!*)-! "'"-! "*&-! #4$-! ##'-! #%'-! #%(-! #&%-! #&&-!
#&'-! #&(-! #&)-! #&*-! #'4-! #'$-! #(4-! $4&-! $4(-!
$4*-!$"4!
+!
D?<?=)C;Z@BF-!&%-!*%-!*(-!"4*-!"""-!"&%-!"&(-!"(4-!"*#-! #"#-! #"*-! #%%-! #%(-! #(*-! #)4-! #)"-! #)#-!
#)&-! #*%-! #*'-! #*(-! #*)-! #**-! $44-! $4"-! $4#-!
$4$-! $4%-! $4'-! $4(-! $4)-! $4*-! $""-! $"#-! $"$-!
$"%-!$"&-!$"(-!$"*-!$##-!$#$-!$#'-!$%"!
,!
+R)4R),R-! #'-! "&)-! "''-! "'(-! "'*-! #'*-! #("-! #(#-!#(&-!#('-!#((-!#)"-!#*4-!$4#-!$"#-!$"&-!$"'!
C?DF?GA:BDE-!"#-!#'-!#(-!#)-!$'-!%4-!((-!"&&-!"'4-!"'$-! "''-! "'(-! "'*-! #%&-! #%'-! #&*-! #'$-! #'%-!
#')-! #'*-! #("-! #(#-! #($-! #(%-! #((-! #(*-! #)"-!
#)$-! $44-! $4"-! $4#-! $4$-! $4&-! $4'-! $4(-! $"#-!
$"%-!$##!
-!
?=@A:BDE>)>=];=@@=>-! "%-! %4-! &$-! )*-! *4-! *$-! *&-!"44-! "4"-! "4#-! "4$-! "4%-! "4&-! "4(-! "4)-! ""4-!
"""-! "(4-! "($-! #4"-! #4(-! #"#-! ##&-! #*#-! #*$-!
#*%-!$4'-!$"(-!$")-!$"*-!$#4!
?=@BMBDE-!&*-!'"-!''-!'(-!')-!'*-!(4-!(#-!(%-!('-!((-!(*-!)4-!)"-!"*&-!"*'-!"**-!$4&-!$$)-!$%)-!$&4-!
$'4!
./012!34!5./6789-!&$-!&%-!&&-!&'-!$'"!
:!
>A<DKA>DFHB>K=-!#4(-!$#4!
>=]=-! #4-! #%-! $)-! )%-! )'-! )(-! *%-! "%#-! ")#-! ")$-!")%-! #4%-! #4&-! #4'-! #4(-! #('-! #*4-! $4'-! $"*-!
$$%!
>DBE>)CA@@BA:BQ>-!)&-!*#-!#&$-!#&%-!#&&-!#&(-!#'"-!$4(-!$4*-!$"4!
;</8/=>-!"4-!$'-!%*-!&4-!)$-!)&-!*"-!*&-!*'-!*(-!""(-!
"#4-!")%-!#4$-!##(-!#%*!
?!
[email protected]><2/A<>-!"%-!%"-!)%-!)'-!)(-!))-!*4-!*"-!*#-!
*$-! ""'-! "#"-! "##-! "#$-! "#%-! "#&-! "$*-! "%$-!
"%)-! "&%-! "&'-! "&)-! "&*-! "'4-! "'"-! "(#-! #4%-!
#&#-!#&%-!#&(-!#&)-!#'4-!#'"-!$4)!
2.7B;;>C<7D/;E>-! )%-! )'-! *4-! *"-! "##-!")"-!")$-!
#4&-!#4(-!#4)-!#$*!
F!
6/>-!"#-!"*-!#4-!#(-!$%-!$&-!$'-!$(-!$)-!$*-!%"-!%$-!
%%-!%&-!%'-!%(-!%)-!%*-!&4-!&"-!&#-!&$-!&%-!&&-!&'-!
&(-!&)-!&*-!'$-!'&-!')-!("-!('-!(*-!)&-!)(-!*#-!*%-!
*&-!*'-!*)-!"4"-!"4#-!"4$-!"4%-!"4(-!"4*-!""4-!
"""-! ""$-! "##-! "#&-! "#)-! "$#-! "%"-! "%&-! "%)-!
"'"-! "'#-! "'$-! "($-! ")#-! ")%-! ")*-! "*$-! "*%-!
"*&-! #4"-! #4#-! #4$-! #4%-! #4(-! #"#-! #"$-! #"&-!
###-! ##'-! ##*-! #$4-! #$(-! #$*-! #%#-! #%&-! #%'-!
#%*-! #&4-! #&"-! #&$-! #&%-! #&&-! #&'-! #&(-! #&)-!
#'4-! #'"-! #'%-! #''-! #($-! #))-! #*4-! #*$-! $4#-!
$4$-! $4&-! $4'-! $4(-! $4)-! $4*-! $"4-! $""-! $"(-!
$##-!$#&-!$$$-!$'"!
JB=)C?BJG=-!"%-!$'-!$)-!%4-!%"-!%$-!%%-!%&-!%'-!%(-!&"-!&#-!&$-!&%-!&&-!&'-!&(-!("-!))-!*(-!"4"-!"4#-!
"""-!")#-!")%-!")*-!#4"-!#4&-!#"&-!###-!#*$!
JB=)>=];=@@=-! "#-! #(-! $'-! %'-! "4#-!"4(-! "($-! #%&-!#%'-!#*$-!$4(-!$##!
JBD@=EF=>)JD@DE:AB?=>-!"4$-!"4)-!"($-!"))-!##'!
JD@DE:G-!"(-!")-!##-!#$-!$%-!%%-!(#-!($-!(&-!)"-!*'-!*(-!*)-!**-!"4#-!"4$-!"4&-!"4(-!"4*-!""%-!"#'-!
"#(-! "#)-! "#*-! "$4-! "$"-! "$#-! "$%-! "%$-! "%&-!
"&"-! "&#-! "&(-! "'"-! "'#-! "'$-! "(4-! "("-! "(#-!
")$-! "*(-! #4"-! ##(-! #$&-! #%*-! #&4-! #&"-! #&$-!
#&(-! #'&-! #(#-! #(%-! #(&-! #)4-! #)'-! #))-! $44-!
$4#-!$#$!
!
! !
! $''
(,N.%)*%')4,(#%&%')
#"(&0*!2(#0")RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR)7!
+&%4#%&%)+,&(#%)S))./,11#&4,(#0")*!)+&#"2#+%)*/,!(0"04#%!
+%&'0""%..%)RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR)eW!
29,+#(&%)#)S).,)&%$%.,(#0")*!)+&#"2#+%)*/,!(0"04#%)
+%&'0""%..%)%")*&0#()%!&0+%%")RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR)e6!;2B>1<,!"!]!V/!k2,i=2!HA!531,B152!HX/A><,<@12!523=<,,2KK2!2,!H3<1>!2A3<5L2,!666666666666666666!$&!E"!]!V2!H3<1>!/A!32=52B>!H2!K/!012!5310L2-!_<,H2@2,>!@/,1_2=>2!HA!531,B152!HX/A><,<@12!
523=<,,2KK2!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!$&!bS!V2!H3<1>!/A!32=52B>!H2!K/!012!5310L2!/A!=2,=!HA!H3<1>!2A3<5L2,!6666666666666666666666666666666666!$'!"S!V2!=2,=!<31k1,2K!HA!H3<1>!/A!32=52B>!H2!K/!012!5310L266666666666666666666666666666666666666666666666666!%$!#S!VX1,>2353L>/>1<,!B3L/>31B2!HA!H3<1>!/A!32=52B>!H2!K/!012!5310L2!5/3!K/!7<A3!86!96!
:6!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!%&!/S!V2!H3<1>!Z!K/!K1`23>L!H2!K/!012!=2YA2KK2!66666666666666666666666666666666666666666666666666666666666666666666666666!%'!`S!V2!H3<1>!Z!K/!012!5310L2!=<B1/K2!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!%'!
mS!VX!J!2@53A,>!N!HA!531,B152!HM/A><,<@12!523=<,,2KK2!/AY!7<A3=!=A53d@2=!HA!
7/,/H/!2>!H2=!8>/>=!T,1=!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!%)!"S!V/!3L_L32,B2!2Y5K1B1>2!Z!K/!.A31=53AH2,B2!H2!K/!7<A3!=A53d@2!HA!7/,/H/!6666666!%)!#S!VM1,_KA2,B2!H2!K/!.A31=53AH2,B2!H2!K/!7<A3!=A53d@2!H2=!8>/>=ST,1=!6666666666666666666!&$!
E#!]!V2!_<,H2@2,>!<BBAK>2!HA!531,B152!HM/A><,<@12!523=<,,2KK2!]!K2!HLBK1,!H2!
KM1,_KA2,B2!32K1k12A=2!2,!H3<1>!2A3<5L2,!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!&*!bS!VM1,_KA2,B2!>3/H1>1<,,2KK2!H2!K/!@<3/K2!BI3L>12,,2!2,!H3<1>!2A3<5L2,!6666666666666666666!'4!"S!9L_1,1>1<,!H2!K/!@<3/K2!BI3L>12,,2!666666666666666666666666666666666666666666666666666666666666666666666666666666666666!'"!/S!9L_1,1>1<,!H2!K/!@<3/K2!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!'#!�S!V/!@<3/K2!B<,=>1>A2!A,!3L_L32,>!2==2,>12K!H2!><A>2!/B>1<,!IA@/1,2!666666!'#!�S!V/!=5LB1_1B1>L!=<B1/K2!H2!K/!@<3/K2!66666666666666666666666666666666666666666666666666666666666666666666666666!'&!
`S!9L_1,1>1<,!H2!K/!32K1k1<,!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!''!BS!V/!32K1k1<,!BI3L>12,,2-!=<A3B2!H2!K/!@<3/K2!2,!H3<1>!2A3<5L2,!66666666666666666666666!'*!
#S!\A=>1_1B/>1<,!H2!KM1,_KA2,B2!H2!K/!32K1k1<,!BI3L>12,,2!=A3!K2!H3<1>!2A3<5L2,!6666!(4!/S!VMI<@@2!H2!912A-!<`.2>!HA!H3<1>!2A3<5L2,!H2=!H3<1>=!H2!KMI<@@2!66666666666666!(4!`S!V2!_<,H2@2,>!BI3L>12,!H2=!H3<1>=!H2!KMI<@@2!6666666666666666666666666666666666666666666666666666666!($!
mS!V/!H1=5/31>1<,!B<,>2@5<3/1,2!H2!KM1,_KA2,B2!H2!K/!@<3/K2!BI3L>12,,2!2,!H3<1>!
2A3<5L2,!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!()!;2B>1<,!#!]!V/!=1k,1_1B/>1<,!HA!531,B152!HM/A><,<@12!523=<,,2KK2!2,!H3<1>!2A3<5L2,!6666666!)#!E"!]!T,2!B<,B25>1<,!K1`L3/K2!H2!K/!H1=5<=1>1<,!B<35<32KK2!666666666666666666666666666666666666666666666666666666666!)#!bS!V/!H1=5<=1>1<,!B<35<32KK2!1,BKA>!K/!@/W>31=2!H2!_/1>!=A3!=<,!B<35=!66666666666666666666666666666!)#!"S!V/!3L_L32,B2!Z!K/!H1=5<=1>1<,!.A31H1aA2!H2!=<,!B<35=!6666666666666666666666666666666666666666666666666!)$!#S!V/!3L_L32,B2!Z!K/!@/W>31=2!!_/B>A2KK2!H2!=<,!B<35=!6666666666666666666666666666666666666666666666666666666!)*!
mS!T,2!H1=5<=1>1<,!B<35<32KK2!5<A0/,>!d>32!2__2B>AL2!Z!H2==21,!2YBKA=1_!H2!`12,Sd>32!
523=<,,2K!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!*4!"S!V2!`12,Sd>32!523=<,,2K!/==<B1L!/A!`A>!>IL3/52A>1aA2!<A!@LH1B/K!66666666666666666666666!*4!#S!V/!H1=5<=1>1<,!2__2B>AL2!H/,=!A,!<`.2B>1_!2YBKA=1_!H2!`12,Sd>32!523=<,,2K!666666!*"!
E#!]!V/!B<,B25>1<,!32,<A02KL2!HA!B<,=2,>2@2,>!=<A=!KM/,kK2!H2!KM/A><,<@12!
523=<,,2KK2!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!*&!bS!V/!3L_L32,B2!Z!A,2!B<,B25>1<,!HA/K1=>2!HA!B<,=2,>2@2,>!5/3!K/!7<A3!86!96!:6!6666!*&!"S!V2!32_A=!HA!B<,=2,>2@2,>!<@,15<>2,>!2,!@/>1i32!H2!=A1B1H2!H/,=!K/!H1k,1>L!*'!#S!V/!B<,=LB3/>1<,!HMA,!B<,=2,>2@2,>!<@,15<>2,>!2,!@/>1i32!H2!32K/>1<,=!
=2YA2KK2=!=/H<@/=<BI1=>2=!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!"44!/S!V2!32_A=!H2!.A=>1_123!K2=!32K/>1<,=!=2YA2KK2=!=/H<@/=<BI1=>2=!5/3!K2!
B<,=2,>2@2,>!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!"44!`S!V/!B<,=LB3/>1<,!HMA,!B<,=2,>2@2,>!/`=<KA><132!.A=>1_1/,>!K2=!32K/>1<,=!
=2YA2KK2=!=/H<@/=<BI1=>2=66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!"4#!mS!V/!53<k32==1<,!HMA,2!B<,B25>1<,!/`=<KA>1=>2!HA!B<,=2,>2@2,>!H/,=!K2!H<@/1,2!
H2!K/!012!5310L2!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!"4$!"S!T,!B<,=2,>2@2,>!H1==<B1L!H2=!LKL@2,>=!H2!B<,=B12,B2!2>!H2!K1`23>L!66666666666666!"4%!
! $'(
#S!T,!B<,=2,>2@2,>!=A=B25>1`K2!H2!_/132!<`=>/BK2!Z!KM1,>2302,>1<,!H2!K/!K<1!5L,/K2
!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!"4(!
20"2.!'#0")29,+#(&%)#)RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR)88e!
29,+#(&%)W)S).,)*#'20&*,"2%)20"2%+(!%..%)%"(&%).%)
+&#"2#+%)*X,!(0"04#%)+%&'0""%..%)%().,)*#'+0'#(#0")
20&+0&%..%)%")*&0#()1&,"d,#')RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR)886!;2B>1<,!"!]!V/!B<,B25>1<,!L>3<1>2!H2!K/!H1=5<=1>1<,!B<35<32KK2!2,!H3<1>!_3/,e/1=!6666666666666666!""&!E"!]!V/!H1=5<=1>1<,!B<35<32KK2-!2YB25>1<,!/A!531,B152!HX1,H1=5<,1`1K1>L!HA!B<35=!IA@/1,
!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!""&!bS!V/!H1=5<=1>1<,!H2!=<,!B<35=!=2!H1=>1,kA2!H2!K/!@/W>31=2!H2!_/1>!=A3!=<,!B<35=6666!""(!mS!V/!H1=5<=1>1<,!H2!=<,!B<35=!,2!=2!3LHA1>!5/=!Z!=/!B<@@23B1/K1>L!.A31H1aA2!2>!H<1>!
d>32!2__2B>AL2!Z!>1>32!k3/>A1>!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!""*!7S!T,2!H1=5<=1>1<,!/A><31=L2!5/3!,LB2==1>L!=1,<,!>IL3/52A>1aA2-!/A!@<1,=!@LH1B/K2
!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!"#"!"S!V2!B<,>2,A!H2!K/!,LB2==1>L!>IL3/52A>1aA2!<A!@LH1B/K2!666666666666666666666666666666666666666666!"#"!#S!V2!531,B152!H2!3/1=<,!53<5<3>1<,,L2!666666666666666666666666666666666666666666666666666666666666666666666666666666!"#&!
E#!]!T,2!H1=5<=1>1<,!_<,HL2!=A3!A,2!B<,B25>1<,!=>31B>2!HA!B<,=2,>2@2,>!666666666666666666666!"#'!bS!V2!B<,=2,>2@2,>!2,!H3<1>!B<@@A,!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666!"#'!"S!V2!B<,=2,>2@2,>!2>!K2=!,<>1<,=!=L@/,>1aA2@2,>!0<1=1,2=!6666666666666666666666666666666666!"#(!#S!V2!B<,=2,>2@2,>!2>!K/!0<K<,>L!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!"#)!$S!V2!B<,=2,>2@2,>!B<,>3/B>A2K!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!"$"!/S!VM2Y1=>2,B2!HA!B<,=2,>2@2,>!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!"$#!`S!VM1,>Lk31>L!HA!B<,=2,>2@2,>!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!"$$!�S!V/!K1`23>L!HA!B<,=2,>2@2,>!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666!"$$!�S!V/!!5K21,2!B<,=B12,B2!HA!B<,=2,>2@2,>!6666666666666666666666666666666666666666666666666666666666666!"$%!
!S!V2!B<,=2,>2@2,>!H<1>!d>32!2Y2@5>!H2!H<K!<A!HM2332A3!6666666666666666666666666666666666666666666!"$&!#S!VM<`K1k/>1<,!HM1,_<3@23!=<,!B<B<,>3/B>/,>!6666666666666666666666666666666666666666666666666666666666666666666!"$'!
mS!V2!B<,=2,>2@2,>!2,!H3<1>!@LH1B/K!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!"$)!"S!V2=!@/,1_2=>/>1<,=!_<3@2KK2=!H2!K/!5/3>1BAK/31>L!HA!B<,=2,>2@2,>!2,!H3<1>!
@LH1B/K!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!"$)!/S!VM1,=A__1=/,B2!HA!B<,=2,>2@2,>!Z!KM/B>2!@LH1B/K!6666666666666666666666666666666666666666666666666!"$*!�S!V2!!B<,=2,>2@2,>!/AY!=<1,=!@LH1B/AY!666666666666666666666666666666666666666666666666666666666666666!"$*!
"S!V2!B<,=2,>2@2,>!H<,,L!H/,=!K2!B/H32!HMA,!B<,>3/>!@LH1B/K!6666666666666666666666666666666!"$*!#S!V2!B<,=2,>2@2,>!H<,,L!H/,=!K2!B/H32!HA!=2301B2!5A`K1B!I<=51>/K123!666666666666666!"%"!
�S!VM/A><31=/>1<,!H2!5<3>23!/>>21,>2!Z!KM1,>Lk31>L!5IR=1aA2!HA!5/>12,>!6666666!"%#!`S!V2!32,_<3B2@2,>!H2!KM<`K1k/>1<,!HM1,_<3@/>1<,!6666666666666666666666666666666666666666666666666666!"%&!�S!V2!B<,>2,A!H2!KM<`K1k/>1<,!HM1,_<3@/>1<,!HA!@LH2B1,666666666666666666666666666666666!"%&!�S!c/,1_2=>/>1<,=!_<3@2KK2=!H2!KM<`K1k/>1<,!HM1,_<3@/>1<,!66666666666666666666666666666!"%*!
#S!V/!.A=>1_1B/>1<,!HA!B<,=2,>2@2,>!2,!H3<1>!@LH1B/K!66666666666666666666666666666666666666666666666666!"&"!/S!V2!531,B152!HM1,01<K/`1K1>L!HA!B<35=!IA@/1,-!.A=>1_1B/>1<,!2==2,>12KK2!HA!
B<,=2,>2@2,>!2,!H3<1>!@LH1B/K!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!"&#!`S!VM1,=A__1=/,B2!HA!B<,=2,>2@2,>!B<@@2!.A=>1_1B/>1<,!H2!KM/>>21,>2!/A!B<35=!
IA@/1,!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!"&'!�S!V2!B<,=2,>2@2,>!,M2=>!5/=!A,!_/1>!.A=>1_1B/>1_!66666666666666666666666666666666666666666666666666!"&'!�S!V/!523@1==1<,!KLk/K2!2>!KM1,>L3d>!>IL3/52A>1aA2!666666666666666666666666666666666666666666666!"&)!
$S!+KKA=>3/>1<,=!HA!B<,=2,>2@2,>!32,_<3BL!2,!H3<1>!@LH1B/K!6666666666666666666666666666666666666!"'4!/S!VM/1H2!Z!@<A313!5/3!KM/33d>!H2=!=<1,=!66666666666666666666666666666666666666666666666666666666666666666666666666!"'"!`S!V/!@/W>31=2!H2!K/!53<B3L/>1<,!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!"'$!�S!VM1,>233A5>1<,!0<K<,>/132!H2!k3<==2==2!66666666666666666666666666666666666666666666666666666666666666!"'%!�S!V/!53<B3L/>1<,!@LH1B/K2@2,>!/==1=>L2!666666666666666666666666666666666666666666666666666666666666666!"''!
7S!V2!B<,=2,>2@2,>!2,!H3<1>!5L,/K!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!"'*!"S!b,/KR=2!HA!B<,=2,>2@2,>!2,!H3<1>!5L,/K!6666666666666666666666666666666666666666666666666666666666666666666666!"(4!#S!V2!B<,=2,>2@2,>!523@1==1_!H/,=!K2!B/H32!H2=!32K/>1<,=!=2YA2KK2=!66666666666666666666!"($!
;2B>1<,!#!]!V2!3/553<BI2@2,>!,LB2==/132!/02B!K/!B<,B25>1<,!2A3<5L2,,2!H2!K/!H1=5<=1>1<,!
B<35<32KK2!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!"(&!E"!]!V/!=A5L31<31>L!H2!K/!,<3@2!2A3<5L2,,2!=A3!K/!,<3@2!_3/,e/1=2!666666666666666666666666666666666!"(&!
! $')
bS!V/!,LB2==1>L!HMA,2!53<>2B>1<,!I<@<ki,2!H2=!H3<1>=!_<,H/@2,>/AY!2,!8A3<52"('!mS!V/!=5LB1_1B1>L!_3/,e/1=2!2,!@/>1i32!H2!H3<1>=!_<,H/@2,>/AY!6666666666666666666666666666666666666!"(*!
E#!]!VX/K1k,2@2,>!H2!K/!.A31=53AH2,B2!H2!K/!7<A3!H2!B/==/>1<,!=A3!B2KK2!H2!K/!7<A3!86!96!
:6!2,!@/>1i32!H2!>3/,==2YA/K1=@2!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!")"!bS!VM/H<5>1<,!HA!3/1=<,,2@2,>!H2!K/!7<A3!H2!;>3/=`<A3k!5/3!K2!.Ak2!_3/,e/1=!6666666!")#!mS!T,2!@/,1i32!=1@1K/132!HM2,01=/k23!K/!53<>2B>1<,!H2=!H3<1>=!_<,H/@2,>/AY!6666666!")&!
20"2.!'#0")29,+#(&%)##RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR)877!
20"2.!'#0")+&%4#%&%)+,&(#%)RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR)87j!
'%20"*%)+,&(#%)S).%').#4#(%')*!)+&#"2#+%)*X,!(0"04#%)
+%&'0""%..%)RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR)8j8)
29,+#(&%)8)S).,).#4#(%)0"(0.05#g!%)*!)+&#"2#+%)
*X,!(0"04#%)+%&'0""%..%)%")*&0#()%!&0+%%")RRRRRRRRRRRRRRRRRRRRRRRRR)8je!;2B>1<,!"!]!F23=!A,2!B<,B25>1<,!=A`.2B>102!H2!K/!H1k,1>L!B<@@2!_<,H2@2,>!HA!H3<1>!/A!
32=52B>!H2!K/!012!5310L2!53<>LkL!5/3!K/!7<A3!86!96!:6!66666666666666666666666666666666666666666666666666666666666666666666666!"*%!E"!]!V/!H1k,1>L!<`.2B>102-!_<,H2@2,>!<,><K<k1aA2!H2=!H3<1>=!_<,H/@2,>/AY!53<>LkL=!
5/3!K/!7<A3!86!96!:6!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!"*%!bS!V2!B<,>2,A!H2!K/!H1k,1>L!<`.2B>102!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!"*&!"S!J!72!aAM1K!R!/!HMIA@/1,!H/,=!KMI<@@2!N!6666666666666666666666666666666666666666666666666666666666666666666666666!"*&!#S!V/!B<,B25>1<,!BI3L>12,,2!H2!K/!H1k,1>L!H/,=!K2=!B<,02,>1<,=!1,>23,/>1<,/K2=!
53<>2B>31B2=!H2=!H3<1>=!_<,H/@2,>/AY!666666666666666666666666666666666666666666666666666666666666666666666666666666666!"*(!mS!V/!53<>2B>1<,!H2!K/!H1k,1>L!H/,=!K/!.A31=53AH2,B2!>3/H1>1<,,2KK2!H2!K/!7<A3!86!96!
:6!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!"**!E#!]!V/!H1k,1>L!=A`.2B>102-!_<,H2@2,>!1,LH1>!HA!H3<1>!/A!32=52B>!H2!K/!012!5310L2!
K<3=aA2!K/!H1=5<=1>1<,!B<35<32KK2!2=>!2,!.2A!6666666666666666666666666666666666666666666666666666666666666666666666666666666666!#4#!bS!+KKA=>3/>1<,!H2!K/!H1k,1>L!=A`.2B>102!5/3!K/!.A31=53AH2,B2!32K/>102!Z!KM/A><,<@12!
523=<,,2KK2!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!#4#!mS!T,2!H1k,1>L!523=<,,/K1=L2!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!#"4!
;2B>1<,!#!]!T,!_<,H2@2,>!1,25>2!/A!32k/3H!H2!KM<`.2>!H2=!H3<1>=!_<,H/@2,>/AY!666666666666666!#"%!E"!]!VM/`=2,B2!H2!023>A!,<3@/>102!H2!K/!H1k,1>L!=A`.2B>102!666666666666666666666666666666666666666666666666666!#"%!bS!V/!H1k,1>L!=A`.2B>102-!1,=A=B25>1`K2!H2!3LkAK23!K2=!B<@5<3>2@2,>=!IA@/1,=!666!#"%!"S!V/!HLB<,=>3AB>1<,!H2!K/!H1k,1>L!<`.2B>102!666666666666666666666666666666666666666666666666666666666666666666666!#"&!#S!;2AK2!K/!H1k,1>L!<`.2B>102!2=>!A,2!,<3@2!66666666666666666666666666666666666666666666666666666666666666666666666!#"(!
mS!+KKA=>3/>1<,!5/3!K/!.A31=53AH2,B2!1,>23,2!6666666666666666666666666666666666666666666666666666666666666666666666666666!#"*!"S!V/!.A31=53AH2,B2!/H@1,1=>3/>102!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666!#"*!#S!V/!.A31=53AH2,B2!.AH1B1/132!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!###!
E!#!]!V/!HLB<,=>3AB>1<,!>IL<31aA2!H2!K/!53<>2B>1<,!H2=!H3<1>=!_<,H/@2,>/AY!5/3!K2!.Ak2!
2A3<5L2,!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!##%!bS!V/!H2=>3AB>1<,!HMA,!H3<1>!_<,H/@2,>/K!5/3!K2!531,B152!HM/A><,<@12!523=<,,2KK2
!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!##&!"S!V/!H2=>3AB>1<,!HMA,!H3<1>!_<,H/@2,>/K!5/3!K/!53<>2B>1<,!HMA,!/A>32!H3<1>!
_<,H/@2,>/K!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!##&!#S!V/!32,<,B1/>1<,!Z!A,!H3<1>!_<,H/@2,>/K!666666666666666666666666666666666666666666666666666666666666666666666666!##'!
mS!V2!.Ak2-!1,>2353i>2!53101KLk1L!H2!K/!3ikK2!H2!H3<1>!666666666666666666666666666666666666666666666666666666666666!#$4!"S!V2!.Ak2!2A3<5L2,-!1,>2353i>2!53101KLk1L!H2=!>2Y>2=!H2!K/!7<,06!86!96!:6!666666666666!#$#!/S!VM1,>2353L>/>1<,!.A31H1aA2!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!#$#!`S!VM1,>2353L>/>1<,!H2=!>2Y>2=!H2!K/!7<,06!86!96!:6!5/3!K2!.Ak2!2A3<5L2,!666666666!#$'!�S!V/!@L>I<H2!2@5K<RL2!5/3!K2!.Ak2!2A3<5L2,!6666666666666666666666666666666666666666666666666666!#$'!�S!V/!3L0LK/>1<,!.A=>1_1L2!HA!531,B152!HM/A><,<@12!523=<,,2KK2!666666666666666666!#$*!
#S!V2!5<A0<13!,<3@/>1_!HA!.Ak2!2A3<5L2,!66666666666666666666666666666666666666666666666666666666666666666666666666!#%4!
20"2.!'#0")29,+#(&%)#)RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR)W6e!
)
)
! $'*
29,+#(&%)##)S).,)&%'#'(,"2%)*!)*&0#()1&,"d,#'),)!"%!
&%2%+(#0"),N0!(#%))
*!)+&#"2#+%)*/,!(0"04#%)+%&'0""%..%)RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR)W66!;2B>1<,!"!]!V/!5<==1`1K1>L!HMA,2!L0<KA>1<,!K1`L3/K2!H2!K/!H1=5<=1>1<,!B<35<32KK2!2,!H3<1>!
_3/,e/1=!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!#%&!E"!]!V/!_1,!H2!012!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!#%'!bS!V2!H3<1>!5<=1>1_!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!#%'!mS!VML0<KA>1<,!K1`L3/K2!H2!K/!_1,!H2!012!=<A=!K2!531=@2!HA!531,B152!HM/A><,<@12!
523=<,,2KK2!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!#&'!E#!]!V/!@/W>31=2!H2!K/!53<B3L/>1<,!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!#'%!bS!VM/0<3>2@2,>!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!#'&!"S!V2!H3<1>!5<=1>1_!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!#'&!#S!V/!5<==1`1K1>L!HMA,2!KML0<KA>1<,!K1`L3/K2!/A!32k/3H!HA!531,B152!HM/A><,<@12!
523=<,,2KK2!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!#'(!mS!V/!53<B3L/>1<,!@LH1B/K2@2,>!/==1=>L2!66666666666666666666666666666666666666666666666666666666666666666666666666666666!#')!"S!V2!H3<1>!5<=1>1_!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!#')!#S!V/!K1`L3/K1=/>1<,!B3LH1`K2!H2!K/!Q6!c6!b6!666666666666666666666666666666666666666666666666666666666666666666666666666!#(#!/S!VM/A><31=/>1<,!/0<3>L2!HA!>3/,=_23>!HM2@`3R<,=!5<=>!@<3>2@!6666666666666666666666!#(#!`S!VM<A023>A32!53<`/`K2!H2!K/!Q6!c6!b6!/AY!B<A5K2=!H2!_2@@2=!I<@<=2YA2KK2=
!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!#('!7S!V/!@/>23,1>L!5<A3!/A>3A1!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!#()!"S!V/!B<,H/@,/>1<,!H2!K/!@/>23,1>L!5<A3!/A>3A1!2,!H3<1>!5<=1>1_6666666666666666666666666666!#()!#S!V/!K2,>2!53<k32==1<,!H2!KM/BB25>/>1<,!H2!K/!@/>23,1>L!5<A3!/A>3A1!2,!H3<1>!
_3/,e/1=!|!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!#)(!E$!]!V2=!32K/>1<,=!=2YA2KK2=!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!#*#!bS!T,!H3<1>!5<=1>1_!>3i=!K1`L3/K!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!#*#!mS!V/!5<==1`1K1>L!HMA,2!/==1=>/,B2!=2YA2KK2!5<A3!K2=!@/.2A3=!53<>LkL=!66666666666666666666666!#*%!
;2B>1<,!#!]!T,2!L0<KA>1<,!,LB2==/132@2,>!K1@1>L2!/A!32k/3H!H2!K/!5L32,,1>L!H2!KM<3H32!
5A`K1B!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!#*'!E"!]!T,!<3H32!5A`K1B!/H/5>L!/A!H<@/1,2!HA!B<35=!IA@/1,!6666666666666666666666666666666666666666666666666666!#*(!bS!T,!<3H32!5A`K1B!5L32,,2!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!#*(!"S!VM<3H32!5A`K1B!1@5L3/>1_!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!#*(!#S!VM<3H32!5A`K1B!_K2Y1`K2!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!#*)!
mS!T,!<3H32!5A`K1B!B<35<32K!1,,230L!5/3!K2!531,B152!H2!H1k,1>L!6666666666666666666666666666666666666!$4"!"S!T,!32>3/1>!/55/32,>!H2!KM<3H32!5A`K1B666666666666666666666666666666666666666666666666666666666666666666666666666666!$4"!#S!T,!<3H32!5A`K1B!HA3/`K2!_<,HL!=A3!K2!531,B152!H2!H1k,1>L!6666666666666666666666666666666666666!$4$!
E#!]!T,!<3H32!5A`K1B!5L32,,2!2,!@/>1i32!H2!_1,!H2!012-!H2!53<B3L/>1<,!2>!H2!012!=2YA2KK2
!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!$4(!bS!V/!_1,!H2!012!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!$4(!"S!VM1,>23H1B>1<,!H2!KM2A>I/,/=12!/B>102!6666666666666666666666666666666666666666666666666666666666666666666666666666666!$4(!#S!V/!53L=230/>1<,!H2!K/!aA/K1>L!H2!K/!012!5/3!K2=!=<1,=!5/KK1/>1_=!66666666666666666666666666666!$4*!
mS!V/!@/W>31=2!H2!K/!53<B3L/>1<,!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!$"#!"S!V/!B<,H/@,/>1<,!H2!K/!@/>23,1>L!5<A3!/A>3A1666666666666666666666666666666666666666666666666666666666666!$"#!#S!V2!32_A=!H2!KLk/K1=23!K/!Q6!c6!b6!/A!`L,L_1B2!H2=!B<A5K2=!H2!_2@@2=!
I<@<=2YA2KK2=!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!$"&!7S!V2=!32K/>1<,=!=2YA2KK2=66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!$"(!
20"2.!'#0")29,+#(&%)##RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR)eWW!
20"2.!'#0")'%20"*%)+,&(#%)RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR)eWe!
20"2.!'#0")5%"%&,.%)RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR)eW6!
N#N.#05&,+9#%)RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR)eW7!
#"*%k),.+9,N%(#g!%)*%')4,(#%&%')RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR)ei6!
(,N.%)*%')4,(#%&%')RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR)eii!
! $(4
!