You are on page 1of 54

!"#$!%&'()"$%*%+')'(%",%-$.

/01

2'3%('1'"(45%62%/")'%"117($"2%+"/"4'1
!"#!$%&'()*!+,("-./$!,.'0'1&$.2$+3$!4

!"#$"%&"'("'))*+,$#"-)
.,/))0%+"-))1'#"-+
&0-$)23

589:;<=8=8>8?%@A?

&*!*+211&*"#'5*--
58BC8D>89=89%"E:C8FB8%C89%3B<<8?<GH:IJ8?

#$'$!11*6115.4+",
$?<JBJ;J%IK9%09L%;?C%M9KH=8<GHBGHJ8%;?C%#A9C89:<B:JB<GH8%"9GHNADA=B8%
0?B@89<BJNJ%58BC8D>89=

!"#$"%&"'("')1'#"-4"'%0(
&$.2$+3$!4$!1,'"2.$-17"51*+'$-18!.$-'1913*-21:;

-"5)'"*"0'6!
1-)%0+")0**7'#0-)80%06"*

69:;<=<:><)?@)!<AB<CD<=E)
F?:G?=H)II:BJ)IK22

8CBJ8C%>O

$04#$)L"'+0#)M)8"+"')0N)/#(%,*

IK2O
!"#$"%&"'("')1'#"-+4"'%0(
!B8<8<%P;GH%B<J%Q;%>8QB8H8?%>8B
!"#$"%&"'("'))1'#"-+4"'%0(%
58B?9BGHLM;GH<L1J9,%RST%!LUVWXU%58BC8D>89=%
+A<JI:GH%WY%XR%UYT%!LUVYWR%58BC8D>89=

.8C9;GEJ%FBJ%5BDI8%C89%.8<GHZB<J89%PA8H9B?=89%$?=8DH8BF%1JBIJ;?=%IK9%.8B<J8<ZB<<8?<GH:IJ8?%
B?%$?=8DH8BF%:F%(H8B?

&ADCA9E=?PQAR>Q<)#:;9=S?@A9:)B<=)$<G@R>Q<:)&ADCA9@Q<T%
!B8%!8;J<GH8%PB>DBAJH8E%@89Q8BGH?8J%CB8<8%+;>DBE:JBA?%B?%C89%
!8;J<GH8?%2:JBA?:D>B>DBA=9:[HB8\%C8J:BDDB89J8%>B>DBA=9:[HB<GH8%%
!:J8?%<B?C%BF%$?J89?8J%K>89%HJJ[]^^C?>,CC>,C8%:>9;I>:9%
$1P2%V_RLSLVX_``XL`YLY

a%58BC8D>89=89%69B8?J@89D:=%b%#898?:%5;=T%5;>89J%-,%(8??89T%0CA%1BFA?%.C>(%b%XYWS%
"DD8%(8GHJ8%@A9>8H:DJ8?

!9;GE898B%"(3$/%3:9<Q:Z:%XYWS

!B8<8<%P;GH%B<J%:;I %HADQL%;?C%<N;98I98B8FT%:DJ89;?=<>8<JN?CB=8F%+:[B89%=8C9;GEJ
'*3+$18<1%8-'$-',

Acknowledgements !

Preface "

Eleanor Guralnick †
The Palace at Khorsabad: A Storeroom Excavation Project #
David Kertai
The Multiplicity of Royal Palaces. How Many Palaces did an Assyrian King Need? !!
Steven Lundström
Revising the Building History of the Old Palace in the City of Ashur $"
Maria G. Masetti-Rouault
Interpreting the Changes in the Plan of the Assyrian Palace in Tell Masaikh
(Lower Middle Euphrates, Syria) "!
Peter A. Miglus
Considerations on the East Palace at Ashur %!
Mirko Novák
The Neo-Assyrian Residence at Tall Halaf #"
Dirk Wicke & Tina Greenfield
The ‘Bronze Palace’ at Ziyaret Tepe &"

.!*=.1$>%*/*'.8-1#!8?$%',
Riad Duri †, Qais Hussein Rasheed & Hussein A. Hamze
Iraqi Investigations in the Public District of Ashur during the 2002 Season '"
Muzahim M. Hussein, David Kertai & Mark Altaweel
Nimrud and its Remains in Light of Iraqi Excavations from 1989-2002 (!

BIBLIOGRAPHY !)(

PLATES
!"#$%&'(!&'")*'$+#("!*'"!',"-.)'/0'"$(1"'+23(4()"/!*'
0$/#'567689::95
#;<=>?@'#A'.;BBC?DE'&=F?G'HCIJ=?'
K'#=IL'(MJ=NCCM !"#$%&'()))*+,)-+).

!"#$% &'(#)*+% ,'+$+-($% ("+% .'&/#% +0)&1&(#2-$% 3-4+'(&5+-% 67% ("+% 8+,&'(9+-(% 2: % ;-(#/3#(#+$% &-4%
<+'#(&=+>% &-4% *&(+'% ("+% ?(&(+% @2&'4% 2: % ;-(#/3#(#+$% &-4% <+'(#&=+>% ("&(% $(&'(+4% #-% ("+% ABCD$% &-4%
)2-(#-3+4%3-(#*%$"2'(*7%6+:2'+%("+%23(6'+&5%2: %("+%EDDF%G&'H%I"&(%$(&'(+4%&$%,'#9&'#*7%'+$(2'&(#2-%
G2'5% &(% ("+% J2'("G+$(% K&*&)+% #-% J#9'34% &-4% $29+% 2: % ("+% 9&L2'% (+9,*+$% 2-% ("+% )#(&4+*>% $22-%
('&-$:2'9+4%(2%+0)&1&(#2-$%("'23="23(%1&'#23$%,&'($%2: %("+%J#9'34%)#(&4+*>%&$%9&L2'%4#$)21+'#+$>%
#-)*34#-=%("+%M3++-$N%(296$>%G+'+%9&4+H%I+%,'+$+-(%"+'+%("+%'+$3*($%2: %+0)&1&(#2-$%2-%("+%J#9'34%
)#(&4+*%("&(%"&1+%-2(%,'+1#23$*7%6++-%,36*#$"+4%2'%2-*7%,36*#$"+4%#-%$"2'(%4+(&#*%#-%2("+'%12*39+$H

+OP=F=J?QDB'=DG'0?DGB'?D'J>C'*Q;J>CID'R=IJ'QS'J>C'(B>;ID=B?IT=M'""'R=M=PC
!"+%J2'("G+$(%K&*&)+%2:%O&*ʒ3%P924+'-%J#9'34Q%G&$%63#*(%43'#-=%("+%'+#=-%2:%;$"3'-&$#',&*%..%
PCCFRCSB%@TQH%.($%)+-('&*%,&'(%"&4%&*'+&47%6++-%+0)&1&(+4%67%U&7&'4%#-%("+%9#44*+%2:%("+%-#-+(++-("%
)+-(3'7%PU&7&'4%ACVB6W%ACVB)W%U&7&'4%ACSFQH%<#$%+0)&1&(#2-$%G+'+%)2-)+-('&(+4%#-%("+%,&'(%2:%("+%
,&*&)+%("&(%"&4%6++-%)21+'+4%G#("%$(2-+%'+*#+:$>%#H+H>%("+%?(&(+%;,&'(9+-($H%U&7&'4N$%G2'59+-%G+'+%
-2(%7+(%&6*+%(2%('&)+%9346'#)5%G&**$%&-4>%("+'+:2'+>%*+:(%("+%*+$$%92-39+-(&*%,&'($%92$(*7%3-(23)"+4H%
;*92$(%&%)+-(3'7%*&(+'>%X&**2G&-%'+(3'-+4%(2%("+%,&*&)+%(2%+0)&1&(+%&'+&$%(2%("+%-2'("%&-4%$23("%
2:% ("+% ?(&(+% ;,&'(9+-($% PX&**2G&-% ABYYZ% ADCRACFQH% !"+% '+9&#-#-=% $23("+'-% ,&'(% 2:% ("+% ,&*&)+%
G&$%+0)&1&(+4%67%("+%.'&/#%8+,&'(9+-(%2:%;-(#/3#(#+$%P[#=H!AQ%#-%("+%7+&'$%ABCCRABBFH%.-:2'9&(#2-%
&623(%("+$+%+0)&1&(#2-$%"&$%,'+1#23$*7%6++-%,36*#$"+4%67%<3$$+#-HE%;:(+'%92'+%("&-%ASD%7+&'$>%("+%
J2'("G+$(%K&*&)+%#$%2-+%2:%("+%:+G%;$$7'#&-%'27&*%,&*&)+$%(2%"&1+%6++-%92'+%2'%*+$$%)29,*+(+*7%
+0)&1&(+4H%

3Q;IJU=IG'(V
!"+%.'&/#%8+,&'(9+-(%2: %;-(#/3#(#+$%6+=&-%+0)&1&(#2-$%#-%("+%$23("+'-%&'+&%2: %("+%,&*&)+%#-%ABCC>%
G2'5#-=%-+&'%("+%G+**%#-%)23'(7&'4%;\H%!"#$%)23'(7&'4%G&$%$3''23-4+4%67%("+%9&#-%'+$#4+-(#&*%$3#(+$%
2: %("+%,&*&)+H%!"+%*&'=+$(%$3#(+%)2-$#$($%2: %'229$%;[%&-4%SBRYAH%.(%#$%=+-+'&**7%4+$)'#6+4%&$%("+%
M3++-N$%?3#(+H%!"+%+&$(+'-%,&'(%2: %'229%;[%"&4%&*'+&47%6++-%+0)&1&(+4%67%X&**2G&-H%!"+%'+$(%2: %
("+%'229%G&$%("+'+&:(+'%+0)&1&(+4%&$%'229%VE%67%("+%.'&/#%8+,&'(9+-(%2: %;-(#/3#(#+$H
]229% ;[% #$% )2--+)(+4% G#("% )23'(7&'4% ;\% ("'23="% (G2% 422'$H% !"#$% ,*&)+$% ("+% '229% #-% &% $+*+)(%
)&(+=2'7%2: %92-39+-(&*%$,&)+$H%!"+%92$(%92-39+-(&*%'229$>%#H+H>%("+%("'2-+'229%&-4%'229$%IO%
&-4%I^>%,2$$+$$+4%("'++%422'$%2: %G"#)"%("+%)+-('&*%G&$%("+%92$(%92-39+-(&*H%]229$%^%&-4%?%

A
%!"+%G2'5%&(%J#9'34%G&$%$3,,2'(+4%67%&%='&-(%:'29%("+%_-#(+4%?(&(+$%?(&(+%8+,&'(9+-(%&-4%J&(#2-&*%`-42G9+-(%
:2'%<39&-#(#+$H
E
%<3$$+#-%ABBYW%<3$$+#-%ABBBREDDDW%<3$$+#-%a%?3*+#9&-%EDDDW%<3$$+#-%EDDEW%<3$$+#-%a%;*b^&#*&-#%I+''%EDDCZ%
CFRBAH
BE X3c&"#9%XH%<3$$+#->%8&1#4%O+'(&#%a%X&'5%;*(&G++*

,2$$+$$+4% (G2% +0(+'-&*% +-('&-)+$>% 63(% )23*4% 6+% +-(+'+4% ("'23="% &44#(#2-&*% 422'$% #-% &4L2#-#-=%
1+$(#63*+$H%!"+$+%,'21#4+4%&%92'+%#-4#'+)(%)2--+)(#2-%G#("%("+%23($#4+H%?3)"%&44#(#2-&*%)2--+)(#2-$%
G+'+%*&)5#-=%#-%'229%;[H%
d-+% 2: % ("+% $#4+% +-('&-)+$% (+-4+4% (2% 6+% )2''+*&(+4% (2% ("+% ,*&)+9+-(% 2: % ("+% ("'2-+% G#("#-% ("+$+%
'229$H%!"#$%#$%92$(%)*+&'*7%1#$#6*+%#-%("+%("'2-+'229%G"+'+%("+%*2)&(#2-%2: %("+%("'2-+%#$%$+)3'+4%
67%("+%,'+$+-)+%2: %&%4&#$H%?#9#*&'%422'$%G+'+%,'+$+-(%#-%'229$%?%&-4%;[H%!"+%422'$%$3==+$(%("&(%
("+%G+$(+'-%G&**%2: %'229%;[%:3-)(#2-+4%&$%("+%,'#9&'7%$+&(#-=%*2)&(#2-H%!"#$%$++9$%)2''262'&(+4%
67% ("+% $*#="(*7% G+$(G&'4% ,*&)+9+-(% 2: % ("+% $2b)&**+4% ('&9b'&#*$H% !"+% ('&9b'&#*$% &'+% &-% #-$(&**&(#2-%
#-(+-4+4%:2'%("+%,*&)+9+-(%2: %&%926#*+%6'&c#+'>%G"#)"%G&$%3$+4%(2%"+&(%("+%'229%P!3'-+'%ABeD&Z%
ACY>%-H%VYRVCQH%!"+7%:2'9+4%)2992-%:+&(3'+$%G#("#-%("+%9&#-%'229$%2: %*&'=+'%$3#(+$H%!"+%('&9b
'&#*$%2: %'229%;[%)2-$#$(%2: %+#="(%'+)(&-=3*&'%)&*)#(+%$(2-+$H
@&("'229%SB%G&$%)2--+)(+4%(2%'229%;[%("'23="%'229%YAH%!"+%,*&)+9+-(%2: %&%6&("'229%)*2$+%(2%
9&#-%$+&(#-=%*2)&(#2-%G#("#-%("+%9&#-%'229%:2'+$"&42G$%("+%*2)&(#2-%2: %6&("'229$%#-%*&(+'%,&*&)+$>%
63(%#$%3-)2992-%#-%("+%-#-("%)+-(3'7%G"+'+%6&("'229$%&'+%3$3&**7%*2)&(+4%92'+%#-(+'-&**7>%&$%#-%("+%
O#-=N$%?3#(+>%2'%9#$$#-=%&*(2=+("+'>%&$%#-%("+%!"'2-+'229%?3#(+$H%]229%YA%&*$2%)2--+)(+4%(2%&%*&'=+%
#-(+'-&*%'229%PYDQ>%("+'+67%&**2G#-=%("+%6&("'229%(2%6+%'+&)"+4%#-4+,+-4+-(*7%:'29%'229$%;[%&-4%
YDH%?3)"%#-(+'-&*%)2''#42'$%G+'+%&*$2%)2-$('3)(+4%#-%("+%,&*&)+%2: %!#*%@&'$#,%P!"3'+&3b8&-=#-%ABFAQ>%
63(%42%-2(%$++9%(2%"&1+%=&#-+4%93)"%,2,3*&'#(7%&-4%G+'+%'&'+*7%3$+4%2("+'G#$+H
!"+%422'%6+(G++-%'229$%;[%&-4%YD%)2-(&#-+4%&%*&'=+%("'+$"2*4%&-4%93$(%"&1+%6++-%,'2(+)(+4%67%
&%9&$$#1+%422'%G"2$+%422'%$2)5+($%G+'+%$(#**%,'+$+-(HF%;(7,#)&**7%:2'%&-%#-(+'-&*%'229>%'229%YD%#$%
,&1+4%G#("%6&5+4%6'#)5$%9+&$3'#-=%VV%f%VV%f%C%)9H%!"+%G+$(+'-%,&'(%2: %("+%'229%#$%,&1+4%G#("%
6'25+-%6&5+4%6'#)5$>%$3==+$(#-=%("&(%("+$+%,&1+9+-($%9#="(%"&1+%6++-%&44+4%*&(+'H%;%43)5%G+#="(%
G&$%:23-4%#-%2-+%2: %("+%)2'-+'$%2: %'229%YDH%;%$29+G"&(%$9&**+'%("'+$"2*4%G&$%,*&)+4%#-%("+%422'%
EHWZHHQURRPDQGFRUULGRU&RUULGRUFRQWDLQHGZDOOSDLQWLQJVGHSLFWLQJKXPDQÀJXUHV
@&("'229%SB%#$%,&1+4%G#("%6&5+4%6'#)5$H%;%)&*)#(+%$(2-+%)21+'$%&%4'&#-%("&(%*+&4$%(2%("+%)23'(7&'4%(2%
#($%$23("%P<3$$+#-%ABBYÀJ 7KUHHODUJHVWRQHVODEVZHUHSODFHGLQWKHFHQWUHRI WKHURRP /0/1HZ%
ÀJ 7KHHDVWHUQPRVWRQHORFDWHGFORVHWRWKHZDOOSRVVHVVHGDGHSUHVVLRQZLWKURXQGHGHGJH
!"+$+%$*&6$%G+'+%)2992-%#-%&**%6&("'229$H%U#5+%("+%2("+'%92-39+-(&*%6&("'229$%2: %("+%,&*&)+%
P'229$%.>%U%&-4%gQ>%&%$+)2-4%$*&6%G&$%,*&)+4%-+0(%(2%#(H
]229$% VF% &-4% VY% :2'9+4% &% $9&**+'>% 63(% $(#**% 92-39+-(&*>% $3#(+% (2% ("+% G+$(% 2: % )23'(7&'4% ;\H% .(%
)2-$#$(+4%2: %&%'+)+,(#2-%'229%G#("%&-%&((&)"+4%6&("'229H%!"+%+-('&-)+%#-(2%("+%$3#(+%G&$%,&1+4%
G#("% &% ("'+$"2*4% 9+&$3'#-=% EHAD% f% AHeS% 9% P[#=H% EH% K*H% hhhg.&Q>% 9&4+% 2: % 6*3#$"% X2$3*% 9&'6*+H%
U&7&'4% #$% *#5+*7% (2% "&1+% +0)&1&(+4% ("+% $&9+% ("'+$"2*4>% G"#)"% "+% 4+$)'#6+4% &$% i2'-&9+-(+4% G#("%
ÁRZHUVDQGVFUROOZRUNµ U&7&'4%ACVB)Z%AeQ7KHVHÀQGVZHUHORFDWHG´WRWKHVRXWKRI &KDPEHU
;µ U&7&'4%ACSF&Z%BCQH%@&$+4%2-%U&7&'4N$%4+$)'#,(#2->%;*6+-4&%$3==+$(+4%("&(%("+%("'+$"2*4%4&(+4%
(2%("+%'+#=-%2: %?&'=2-%..H%P;*6+-4&%ABeCZ%SQH%!"+%&)(3&*%("'+$"2*4%$3,,2'($%$3)"%&%*&(+%4&(+H%!"+%
("'+$"2*4%#$%4+)2'&(+4%G#("%(+-%'+=#$(+'$%2: %'2$+((+$%#-(+'$,+'$+4%G#("%(G2%'+=#$(+'$%2: %*2(3$b&-4b634%
=&'*&-4$%&-4%2-+%'+=#$(+'%2: %,&*9+((+%=&'*&-4$H%J2%+0&)(%,&'&**+*$%&'+%5-2G->%63(%("+%=+-+'&*%4+$#=-%
#$% (7,#)&*% :2'% ("+% 4+)2'&(+4% ("'+$"2*4$% :'29% ("+% '+#=-% 2: % !#=*&("b,#*+$+'% ...N$% 2-G&'4$% P;*6+-4&%
ABeCQH%!"+%)*2$+$(%,&'&**+*%G&$%*#5+*7%*2)&(+4%&(%&%$"2'(%4#$(&-)+%#-%("+%422'%6+(G++-%)2''#42'%j%
&-4% )23'(7&'4% k>% G"#)"% G&$% 4+)2'&(+4% G#("% ED% '2G$% 2: % '2$+((+$% PK&*+7% a% ?262*+G$5#% ABCAZ% CYQH%

%<3$$+#-%ABBYÀJQRWHWKHVOLJKWGLIIHUHQFHVLQURRPQXPEHULQJ
F
J#9'34%&-4%#($%]+9&#-$%#-%U#="(%2: %.'&/#%`0)&1&(#2-$% BF

[#=H%AH%K*&-%2: %("+%J2'("G+$(%K&*&)+H

[#=H%EH%8'&G#-=%2: %("+%("'+$"2*4%:23-4%#-%'229%VF%2: %("+%J2'("G+$(%K&*&)+H


BV X3c&"#9%XH%<3$$+#->%8&1#4%O+'(&#%a%X&'5%;*(&G++*

!"+%4+)2'&(#2-$%&'+%)29,&'&6*+%(2%("+%G&**%,&#-(#-=$%:23-4%#-%'229%?%S%2: %[2'(%?"&*9&-+$+'%#-%
("+%U2G+'%!2G-%2: %O&*ʒ3%P0DOORZDQÀJQH%!"+%$23("+'-%422'%2: %'229%VF%&-4%,&'(%
2: % ("+% -+#="623'#-=% G&**% )2-(&#-+4% ,#()"% (2% &% "+#="(% 2: % SD% )9H% !"+% 934% ,*&$(+'% 2-% ("+% G&**$%
"&4%&%("#-%*&7+'%2: %G"#(+%,*&$(+'%G#("%('&)+$%2: %G&**%,&#-(#-=$H%!"+%G+$(+'-%G&**%2: %'229%VF%G&$%
GHFRUDWHGZLWKSDLQWLQJVVKRZLQJWKHNLQJRURWKHUKXPDQÀJXUHVUDLVLQJWKHLUKDQGVDQGRWKHUV
G#("% #-(+'(G#-+4% "&-4$H% !"#$% 9#="(% '+,'+$+-(% &% '2G% 2: % ;$$7'#&-% :3-)(#2-&'#+$% P$#9#*&'% (2% ("2$+%
5-2G-%:'29%'229%?%S%2: %[2'(%?"&*9&-+$+'Q%"+&4+4%67%&%:3-)(#2-&'7%'&#$#-=%"#$%"&-4%&$%&%"&*(#-=%
=+$(3'+%G"+-%'+&)"#-=%("+%5#-=H
!"+$+%,&#-(#-=$%/3#)5*7%4+(+'#2'&(+4%2-)+%+0,2$+4%(2%("+%+*+9+-($H%!"+%G&**%,&#-(#-=$%"&4%6++-%#-%
&%6+((+'%$(&(+%2: %,'+$+'1&(#2-%43'#-=%U&7&'4N$%+0)&1&(#2-$H%<+%4+$)'#6+4%("+%'229$%6+#-=%4+)2'&(+4%
ZLWK RUQDPHQWDO DQG ÀJXUDWLYH SDLQWLQJV WKH ODWWHU VKRZLQJ WKH NLQJ FRXUWLHUV SULVRQHUV DQG
('#63(+% PU&7&'4% ACVB)Z% AYRAeQH% K'#$2-+'$% G+'+% ,'26&6*7% *2)&(+4% &(% ("+% +-4% 2: % ("+% ='23,>% G"#)"%
#$%*#5+*7%(2%"&1+%$(&'(+4%2-%("+%+&$(+'-%G&**>%G"2$+%G&**%,&#-(#-=$%"&1+%-2(%$3'1#1+4H%!"#$%G23*4%
+0,*&#-%("+%&6$+-)+%2: %,'#$2-+'$%:'29%("+%$(#**%1#$#6*+%G&**%,&#-(#-=$%43'#-=%("+%.'&/#%+0)&1&(#2-$H%
!"+%4+)2'&(#2-%2: %("+%'229%'+$+96*+$%("2$+%2: %'229%?%S%#-%[2'(%?"&*9&-+$+'H%!"+%("'+$"2*4%&-4%
G&**%,&#-(#-=$%4&(+%("+%)"&-=+$%(2%("+%'+#=-%2: %?&'=2-%..%2'%("+%,'+)+4#-=%4+)&4+$H
]229%VF%)2-(&#-+4%$+1+'&*%#-$(&**&(#2-$%&$$2)#&(+4%G#("%'+)+,(#2-%'229$H%!'&9b'&#*$%G+'+%*2)&(+4%
#-%("+%)+-('+%2: %("+%'229>%G"#*+%&-%&6*3(#2-%$*&6%PACD%f%BS%)9Q%G&$%,*&)+4%-+0(%(2%("+%G&**H%!"+%
$(2-+%"&4%&%'23-4+4%)2-)&1+%6+-(%G#("%&%4+,("%2: %V%)9H%;%9&)+%PYD%)9Q%9&4+%:'29%-#-+(++-%
)7*#-4'#)&*%6'2-c+%,#+)+$%G&$%:23-4%#-%("+%$23("G+$(+'-%,&'(%2: %("+%'229H%!"+%9&)+%G&$%"+&1#*7%
4&9&=+4%G#("%&%*2-=%)'&)5%&-4%("+'+%G&$%"+&17%4&9&=+%:'29%92#$(3'+H
@&("'229% VY% G&$% )2--+)(+4% (2% ("+% )23'(7&'4% $23("% 2: % #(>% 63(% ("#$% #$% 3-*#5+*7% (2% "&1+% 6++-% &-%
2'#=#-&*%:+&(3'+H%@&("'229$%&'+%-2(%2("+'G#$+%3$+4%&$%1+$(#63*+$H%!"+%$23("+'-%+-('&-)+%G&$%*&(+'%
6*2)5+4%67%&%*#9+$(2-+%6*2)5H%;%$+'#+$%2: %,#,+$%'3--#-=%3-4+'%("+%'229%)2--+)(+4%(2%&%*&'=+'%
-+(G2'5%2: %$+G+'$%#-%("+%$23("+'-%,&'(%2: %("+%,&*&)+H%

)>C'*Q;J>CID'R=IJ'QS 'J>C'R=M=PC
!"+%$23("+'-%,&'(%2: %("+%,&*&)+%)2-$#$($%2: %&%$+'#+$%2: %)23'(7&'4$%$3''23-4+4%67%$#-=*+%'229$%
&-4% &% :+G% $9&**% $3#(+$H% !"+% &'+&% #$% 92$(% :&923$% :2'% ("+% 4#$)21+'7% 2: % ("+% '27&*% ='&1+$% 2: % ("+%
;$$7'#&-%/3++-$%P<3$$+#-%a%?3*+#9&-%EDDDQH%T29#-=%:'29%("+%-2'("+&$(%2-+%G23*4%,&$$%("'23="%
&%$+/3+-)+%2: %)23'(7&'4$%6+:2'+%'+&)"#-=%("+%*&'=+'%)23'(7&'4%CDH%_-4+'-+&("%("#$%)23'(7&'4>%&%
-+(G2'5%2: %4'&#-&=+%,#,+$%G&$%:23-4>%G"#)"%)2-)+-('&(+4%("+%G&(+'%#-%$(2-+%6&$#-$H%!"+$+%6&$#-$%
'+$+96*+%+&)"%2("+'%&-4%*#+%&4L&)+-(%(2%+&)"%2("+'%(2%("+%$23("%2: %'229$%eeReB%P[#=H!AQH%
!"+%G+**%:23-4%#-%)23'(7&'4%CD%G&$%4+$#=-&(+4%&$%("+%"[23'("%;')"&+2*2=#)&*%I+**#%P<3$$+#-%EDDAR
EDDEQ>%&$%("'++%G+**$%"&4%&*'+&47%6++-%:23-4%,'+1#23$*7%#-%("+%J2'("G+$(%K&*&)+%PK*H!hhhg.6QH%
$ODUJHFDOFLWHZKLWHVWRQHFDUYHGFLUFXODUO\WRÀWWKHPRXWKRI WKHZHOOZDVIRXQG3DUWRI WKLV
$(2-+%*#-#-=%"&4%6++-%6'25+-%#-%&-(#/3#(7>%G#("%&%,#+)+%"&1#-=%:&**+-%#-(2%("+%G+**%PK*H!hhhg...&QH%
;-2("+'%*&'=+%)#')3*&'%$(2-+%G&$%:23-4%-+0(%(2%("+%G+**>%&-4%("#$%$(2-+%9&7%"&1+%6++-%3$+4%(2%)*2$+%
WKHZHOODVWKHGLPHQVLRQVRI WKLVFRYHUÀWWKHZHOO·VPRXWK
!"+%G+**%9+&$3'+$%AeD%)9%#-%4#&9+(+'%&(%("+%(2,H%.(%#$%*#-+4%G#("%G+**b)2-$('3)(+4%6&5+4%6'#)5$%
("&(%&'+%G'&,,+4%&'23-4%'2G$%2: %934%*#-#-=H%!"#$%*#-#-=%9&7%"&1+%6++-%3$+4%(2%"+*,%&-)"2'%&-4%
VXSSRUWWKHODUJHFRYHUVWRQHIRUWKHZHOO7KHUHDUHPRUHWKDQEDNHGEULFNVVSHFLÀFDOO\PDGH
G#("%("+%*2G+'%*+-=("%9+&$3'#-=%Ee%)9%&-4%("+%(2,%*+-=("%9+&$3'#-=%FV%)9H%!"+%("#)5-+$$%2: %("+$+%
J#9'34%&-4%#($%]+9&#-$%#-%U#="(%2: %.'&/#%`0)&1&(#2-$% BS

EULFNVLV²FP7KHYDULDWLRQLQVL]HRI WKHVLGHVDFFRXQWVIRUWKHFLUFXODUFRQÀJXUDWLRQRI WKH


)23'$+$%&$%("+7%*#-+%("+%G&**$%2: %("+%G+**H%[2**2G#-=%("+%)29,*+(#2-%2: %("+%G2'5%#-%("+%G+**>%6&5+4%
6'#)5$%G+'+%:23-4%(2%6+%'+$(#-=%2-%&%*&'=+%,#+)+%2: %)&*)#(+%("&(%)#')*+4%("+%)#')39:+'+-)+%2: %("+%G+**%
&-4%"&1#-=%&%"+#="(%2: %SS%)9%&-4%4#&9+(+'%2: %AYD%)9H%!"#$%#$%:2**2G+4%67%&%*&7+'%2: %:'&=#*+%934H%
!"+%G+**%#$%SHES%9%4++,>%'+$+96*#-=%("+%4+,("%2: %("+%2("+'%G+**$%#-%("+%,&*&)+>%&-4%"&$%&%(2(&*%4+,("%
2: %YHEF%9%#: %("+%*&7+'$%9+-(#2-+4%&'+%#-)*34+4H
;%1&3*(+4%)29,*+0%#$%*2)&(+4%3-4+'-+&("%'229$%eV%&-4%eS%PK*H!hhhg..Q%P<3$$+#-%a%;*b^&#*&-#%
I+''%EDDCZ%CFRBDQH%.(%)2-$#$($%2: %&%*2-=%&%-&''2G%'229%)2--+)(+4%(2%("'++%,+',+-4#)3*&'%'229$H%
!"+%+0)&1&(2'$%"&4%+0,+)(+4%("#$%(2%6+%&%,2$$#6*+%='23,%63'#&*%&'+&%43+%(2%("+%$"&,+%2: %("+%$('3)(3'+H%
X&-7%2: %("+%6&5+4%6'#)5$%#-%("+%)2-$('3)(#2-%"&1+%4&'5%9&'5#-=$>%#-4#)&(#-=%("+%3$+%2: %*&9,$%#-%
("+%,&$(%G#("#-%("+%&'+&H
]229$%CV%&-4%CS%,'21#4+4%&))+$$%(2%("+%&'+&%$23("%2: %("+%,&*&)+H%!"+%,&$$&=+%)2-(#-3+4%("'23="%
&% -&''2G% &-4% *2-=% $,&)+% 6+(G++-% ("+% $23("+'-% G&**% 2: % ("+% ,&*&)+% &-4% ("+% -2'("+'-% G&**% 2: % &%
$23("+'-%)29,*+0H%!"23="%-2%63#*4#-=%#$%5-2G-%(2%"&1+%+0#$(+4%$23("%2: %("+%,&*&)+%43'#-=%("+%
'+#=-%2: %;$"3'-&$#',&*>%("+%,&$$&=+%$++9$%(2%"&1+%6++-%,&'(%2: %("+%2'#=#-&*%,&*&)+%)2-$('3)(#2-H%
J2%+1#4+-)+%(2%#-4#)&(+%&%*&(+'%)2-$('3)(#2-%G&$%:23-4H%.-$#4+%("+%)2''#42'>%&%='23,%2: %)+'&9#)%
*&9,$%&-4%=*&c+4%6'#)5%:'&=9+-($%G+'+%:23-4H%!"+%=*&c+4%6'#)5$%$"2G%&%'27&*%$)+-+>%G#("%("+%5#-=%
2'%&%*+&4+'%#-$#4+%&%)"&'#2(%G#("%,+2,*+%6+"#-4%"#9%P<3$$+#-%EDDEÀJ 7KHHLJKWVSRNHVRQ
WKH FKDULRW GDWHV WKH EULFN WR WKH VHYHQWK FHQWXU\ 2WKHU EULFNV ZHUH GHFRUDWHG ZLWK ÁRUDO DQG
=+29+('#)%4+$#=-$%#-%4#::+'+-(%)2*23'$H%.-%&44#(#2-%(2%("#$>%&%='23,%2: %9&'6*+%$*&6$l,2*#$"+4%&-4%
9&4+%'+&47%(2%6+%G'#((+-%2->%63(%G#("23(%&-7%G'#(#-=lG+'+%:23-4H
]229%eE%G&$%,&1+4%G#("%6&5+4%6'#)5$%G#("%&%-+(G2'5%2: %4'&#-$%'3--#-=%3-4+'-+&("%#(H%]229%eA%
G&$%,'26&6*7%&%6&("'229>%&$%+1#4+-)+%2: %&%4'&#-%G&$%:23-4%#-%("+%'229H%.-%&44#(#2->%("+%G&**$%&'+%
9&4+%2:>%&-4%,'2(+)(+4%67>%6&5+4%6'#)5$H%
7KHZDOOVRI URRPVKRZFOHDUHYLGHQFHRI ÀUH$VPDOOFKLOGEXULDOZDVIRXQGZLWKLQWKHQLFKH
#-%("+%-2'("+'-%G&**H%!"+%)"#*4%G&$%:23-4%:&)#-=%+&$(%G#("%("'++%,2((+'7%1+$$+*$%6+#-=%,*&)+4%67%
#($%:++(H%.-%("+%$23("G+$(+'-%)2'-+'%2: %("+%'229>%'+9&#-$%2: %&%G&(+'%4'&#-%G+'+%:23-4H%!"+%$3#(+%
LVDOVRDW\SLFDOIRUKDYLQJWZRURRPVWKDWFDQEHFODVVLÀHGDVEDWKURRPV DQG %DWKURRP
eD%#$%+$,+)#&**7%*&'=+H%;*(+'-&(#1+*7>%'229%eD%:3-)(#2-+4%&$%&%$(2'&=+%$,&)+H%J2%4'&#-%G&$%:23-4%
ZLWKLQWKHURRP7KHVRXWKHUQZDOORI URRPKDVDQLFKHLQWKHFHQWUHRI WKHZDOO7KHÁRRU
2: %("+%'229%#$%,&1+4%G#("%6&5+4%6'#)5$%9+&$3'#-=%SD%f%SD%)9H%;%)+'&9#)%$&')2,"&=3$>%9+&$3'#-=%
ïFPZDVIRXQGXQGHUQHDWKLWVÁRRU7KHZHVWHUQZDOORI URRPKDVDQLFKHVWDUWLQJ
&623(%BD!FPDERYHWKHÁRRU7KHORZHUZDOOLVPDGHRI EDNHGEULFNVDQGWKHQRUWKZHVWFRUQHURI 
WKHURRPRQWKHÁRRUWKHUHLVDZDWHUGUDLQ
7KHÁRRURI FRXUW\DUGLVVWHSSHGZLWKSDUWVEHLQJSDYHG7KHZHOOVXQFRYHUHGLQWKHFRXUW\DUG
G+'+%-#-+%9+('+$%4++,H%?+1+'&*%G&(+'%4'&#-&=+%$7$(+9$%+-4+4%#-%("+$+%G+**$H%;%$9&**%G+**b9&4+%
9&'6*+%62((*+%("&(%"&$%&%$9&**%-+)5%&-4%&%,&#'%2: %"&-4*+$%2-%("+%$"23*4+'%G&$%:23-4%#-%("#$%)23'(7&'4%
PK*$H!hhh.h6QH
T2''#42'% VV%)2--+)(+4%)23'(7&'4%SY%G#("%("+%$23("G+$(+'-%,&'(%2: %("+%,&*&)+H%;%$+G+'%$7$(+9%
)21+'+4%67%6&5+4%6'#)5$%'3-$%3-4+'-+&("%)2''#42'$%VV%&-4%SAH%!"+%*2G+'%,&'($%2: %("+%G&**$%2: %
)2''#42'%VV%&'+%)29,2$+4%2: %6&5+4%6'#)5$%PK*H!hhhg...6QH%K&'($%2: %("+%G&**%$"2G%+1#4+-)+%2: %
G&**%,&#-(#-=$H
BY X3c&"#9%XH%<3$$+#->%8&1#4%O+'(&#%a%X&'5%;*(&G++*

T2''#42'%SD%*+4%(2%("+%4&9&=+4%G+$(+'-%+4=+%2: %("+%,&*&)+H%!"+%G+$(+'-%422'%2: %)2''#42'%SD%G&$%


,'2(+)(+4%67%&%422'%G"2$+%(G2%422'%$2)5+($>%2-+%2-%+&)"%$#4+%2: %("+%422'G&7>%G+'+%$(#**%/2('/%3H%!"+%
422'%G&$%,&1+4%G#("%(G2%)&*)#(+%$(2-+%$*&6$H%!"+%)2''#42'%#($+*: %G&$%,&1+4%G#("%$#0%&-4%"&*: %)23'$+$%
2: %6&5+4%6'#)5$%("&(%&'+%)2-1+0%(2G&'4%("+%9#44*+%,&'(%2: %("+%6'#)5H%?29+%2: %("+%6&5+4%6'#)5$%"&4%
)'2$$b$"&,+4%+-='&1#-=$>%)21+'#-=%("+%+-(#'+%$3':&)+>%2-%("+9H%
]229%YF%#$%,&'(%2: %&%'2G%2: %'229$%G"2$+%(G2%2("+'%9+96+'$%)2-(&#-+4%'27&*%(296$H%.($%G&**$%&'+%
WKLFNDQGSODVWHUHG$GRRUVRFNHWVLJQDOOHGWKHORFDWLRQRI LWVGRRUZKLFKZDVRWKHUZLVHGLIÀFXOW
WRORFDWH2QO\WKHQRUWKHUQDQGVRXWKHUQSDUWVRI WKHURRPZHUHSDYHG8QGHUQHDWKWKHÁRRU
ÀYHYHU\ODUJHVWRUDJHMDUVZHUHIRXQG 3O!hhhg.)QH%!"+%$(2'&=+%L&'$%9+&$3'+4%ASD%f%ADD%)9H%
2QO\ÀQHGLUWGHEULVZDVIRXQGLQVLGHWKHMDUV
5RRPVDEDQGFRQWDLQÁRRUVSDYHGZLWKEDNHGEULFNV%LWXPHQEHWZHHQWKHEULFNVDFW
&$% &% 92'(&'H% @2("% '229$% &'+% *#5+*7% (2% "&1+% :3-)(#2-+4% &$% 6&("'229$H% !"+% G&**$% 2: % '229$% YV&>%
EDQGKDYHQLFKHV$VKDQGWKHUHGGHQHGZDOOVRI URRPDSURYLGHHYLGHQFHRI ÀUHZLWKLQ
("#$%'229H%!"+%G&**$%2: %'229%YS%G+'+%$3''23-4+4%67%6&5+4%)*&7%2'("2$(&($%PVY%f%CD%)9Q>%G"#)"%
&'+%#-$)'#6+4%G#("%("+%?(&-4&'4%.-$)'#,(#2-%2: %;$"3'-&$#',&*%..%P<3$$+#-%ABBYÀJV² 7KH
FXQHLIRUPLQVFULSWLRQVRQWKHRUWKRVWDWVDUHFRPSRVHGRI HLJKWÀHOGV ïFP DQGH[HFXWHG
#-%&%*&'=+%,'#-(H%?#9#*&'%2'("2$(&($%G+'+%3$+4%#-%;$"3'-&$#',&*N$%d*4%K&*&)+%#-%;$"3'%PU3-4$('m9%a%
d'*&9n-4+%EDAAW%d'*&9n-4+%EDDVQH%.-%("+%+&$(+'-%,&'(%2: %'229%YS>%&%G&(+'%6&$#-%9&4+%2: %G"#(+%
9&'6*+%$(2-+%G&$%*2)&(+4H%

+OP=F=J?QDB'?D'J>C'3CDJI=M'W;?MG?DX
!"+%$2b)&**+4%"T+-('&*%@3#*4#-=#%#$%'23="*7%*2)&(+4%#-%("+%9#44*+%2: %J#9'34N$%)#(&4+*%(2%("+%$23("+&$(%
2: %("+%J2'("G+$(%K&*&)+H%!"+%63#*4#-=%4&(+$%(2%("+%'+#=-%2: %;$"3'-&$#',&*%..H%U&7&'4>%]&$$&9%&-4%
U2:(3$%"&4%&*'+&47%+0)&1&(+4%("+%&'+&H%`0)&1&(#2-$%G+'+%'+$39+4%67%&%K2*#$"%(+&9%#-%("+%ABeD$%
P0HXV]\ľVNLDEQH
!"+%T+-('&*%@3#*4#-=%#$%&%$9&**%)29,*+0%$3''23-4#-=%&%$#-=*+%)23'(7&'4%&$%:&'%&$%#$%5-2G-%P$++%
O+'(&#%#-%("#$%12*39+QH%!"+%.'&/#%(+&9%+0)&1&(+4%("+%T+-('&*%@3#*4#-=%43'#-=%("+#'%AC("%$+&$2-%2: %
H[FDYDWLRQVLQ([FDYDWLRQVSURYHGGLIÀFXOWDVPXFKRI WKHDUFKLWHFWXUHZDVKHDYLO\GDPDJHG
DQGGLIÀFXOWWRWUDFH
!"+%+-('&-)+%=&(+%2: %("+%63#*4#-=%P'229%AQ%G&$%,&1+4%G#("%6&5+4%6'#)5$%P[#=H!FQH%@2("%#($%-2'("+'-%
&-4%$23("+'-%G&**$%)2-(&#-+4%(G2%+-('&-)+$H%!"+%(G2%G+$(+'-%422'$%G+'+%("+%92$(%92-39+-(&*%
+-('&-)+$%&-4%93$(%"&1+%:2'9+4%("+%)+-('&*%,&$$&=+%("'23="%("+%'229%&-4%#-(2%("+%63#*4#-=H%!"+%
-2'("G+$(+'-%422'%G&$%,&1+4%G#("%&%*&'=+%9&'6*+o*#9+$(2-+%("'+$"2*4>%G"+'+&$%("+%$23("G+$(+'-%
422'%G&$%,&1+4%G#("%6&5+4%6'#)5$H%!"+%,'+$+'1+4%&')"#(+)(3'+%$3==+$($%("&(%("+%=&(+%G&$%2'#=#-&**7%
2'=&-#$+4% $799+('#)&**7H% !"+%=&(+%#$>% ("+'+:2'+>% *#5+*7%(2% "&1+%,2$$+$$+4%&% ("#'4% $+(%2: % 422'$% (2%
("+% G+$(% 2: % ("+% 9&#-% +-('&-)+H% !"+% G+$(+'-% ,&'(% 2: % ("+% '229% #$>% "2G+1+'>% 4+$('27+4% 67% *&(+'%
)2-$('3)(#2->%9&5#-=%#(%#9,2$$#6*+%(2%)"+)5%("#$%"7,2("+$#$H
7KHH[WHULRURI WKHVRXWKHUQPDLQHQWUDQFHLVGHFRUDWHGZLWKWZREXWWUHVVHVÁDQNHGE\FRORVVL
2QO\WKHEDVHVRI WKHVHÀJXUHVUHPDLQ 3O!hU.&Q%P45H%0HXV]\ľVNLDSO5HDGHSO H%
!"+%)2*2$$#%)*2$+$(%(2%("+%+-('&-)+%&'+%63**%*+==+4>%G"+'+&$%("2$+%,*&)+4%:3'("+'%&G&7%&'+%*#2-%*+==+4H%
!"+%&''&-=+9+-(%'+$+96*+$%("+%("'2-+'229%:&p&4+%2: %("+%J2'("G+$(%K&*&)+HV%_-:2'(3-&(+*7>%("+%
:&p&4+%2: %("+%J2'("G+$(%K&*&)+%#$%'+)2-$('3)(+4%2-%("+%6&$#$%2: %("+%T+-('&*%@3#*4#-=H%!"+%2-*7%

0HXV]\ľVNLZ%FARFS>%,*H%SRYW%K&*+7%a%?262*+G$5#%ABBEZ%FRES>%]3$$+**%ABBCÀJ
V
J#9'34%&-4%#($%]+9&#-$%#-%U#="(%2: %.'&/#%`0)&1&(#2-$% Be

)2*2$$#%2: %("+%J2'("G+$(%K&*&)+%(2%"&1+%6++-%:23-4%#-%$#(3%G+'+%("+%63**%*+==+4%)2*2$$#H%!"+$+%
FUHDWXUHVZHUHDW\SLFDOLQWKDWWKH\LQFOXGHGWKHERG\SDUWVRI DÀVK K&*+7%a%?262*+G$5#%ABBEZ%
²ÀJV²SOV² 7KHXSSHUSDUWVRI WKHEXOOFRORVVLRI WKH&HQWUDO%XLOGLQJKDYHQRW
EHHQSUHVHUYHGEXWLWLVSRVVLEOHWKDWWKH\ZHUHÀVKK\EULGVRULJLQDOO\
!"+%.'&/#%(+&9%6+*#+1+4%("+%G&**%$+,&'&(#-=%'229$%E%&-4%F>%&$%('&)+4%67%("+%K2*#$"%(+&9>%(2%6+%&%
,2$(b;$$7'#&-%)2-$('3)(#2-H%J2'("+&$(%2: %'229%F>%&-4%+&$(%2: %'229%Y>%#$%&%$9&**%'229%("&(%42+$%
-2(%"&1+%&-7%)*+&'%+-('&-)+$%&-4%"&$%("#)5%G&**$%$3''23-4#-=%#(H%J2%'+9&#-$%G+'+%:23-4%#-%("#$%
'229%&-4%#(%#$%3-)*+&'%G"&(%#($%:3-)(#2-%G&$H%
7KHFRPSOH[ZDVRUJDQLVHGDURXQGFRXUW\DUG,QWKHHDVWHUQSDUWLWVÁRRULVSDYHGZLWKEDNHG
6'#)5$%("&(%&'+%SD%f%SD%)9H%!"#$%,&'(%2: %("+%)23'(7&'4%"&$%(G2%,"&$+$%2: %,&1+4%6'#)5$H%!"+%G+$(+'-%
,&'(%2: %("+%)23'(7&'4%#$%,&1+4%G#("%6&5+4%6'#)5$%9+&$3'#-=%FY%f%FY%)9H%;%$/3&'+b$"&,+4%)&*)#(+%
$(2-+%26L+)(%G&$%:23-4%#-%("+%&'+&%G#("%$#9#*&'%4#9+-$#2-$%&$%("+%6&5+4%6'#)5$H%K&'($%2: %("+%*2G+'%
G&**$%&*$2%&,,+&'%(2%"&1+%#-)2',2'&(+4%-+#="623'#-=%6&5+4%6'#)5$H%!"+%'+9&#-$%2: %)2*23'+4%6&5+4%
6'#)5%G+'+%:23-4%#-%("+%-2'("+'-%,&'(%2: %("+%)23'(7&'4H%!"+7%"&1+%4#::+'+-(%(7,+$%2: %4+$#=-$%$#9#*&'%
WRZHOONQRZQÀQGVLQWKH1RUWKZHVWSDODFH7KHVHUHPDLQVKRZHYHUDUHLQYHU\SRRUFRQGLWLRQ
!G2%*&'=+%'229$%&'+%*2)&(+4%(2%("+%+&$(%2: %)23'(7&'4%VH%!"+#'%$23("+'-%,&'($%"&4%&*'+&47%6++-%
+0)&1&(+4%67%("+%K2*#$"%(+&9>%G"2%&$$#=-+4%-396+'$%S%&-4%Y%(2%("+9H%!"+%.'&/#%&$$#=-+4%-+G%
-396+'$>%C%&-4%B%'+$,+)(#1+*7>%(2%("+%-2'("+'-%,&'($%2: %("+$+%'229$H%@2("%'229$%&'+%,&1+4%G#("%&%
VWULSRI ÁDWULYHUVWRQHV7KHVHURRP·VDUFKLWHFWXUHLVUHPLQLVFHQFHRI WKHZRUNVKRSVIRXQGLQ)RUW
?"&*9&-+$+'%PX&**2G&-%ABYYZ%,*&-%g...Q>%G"#)"%G+'+%,&1+4%67%$#9#*&'%$('#,$H
!"+% (G2% *&'=+% +-('&-)+$% #-(2% '229% SoC% &'+% ,&1+4% G#("% 9&'6*+o*#9+$(2-+% ("'+$"2*4$H% ;% $9&**%
422'%$2)5+(%G&$%:23-4%-+0(%(2%("+%$23("G+$(+'-%+-('&-)+H%!"+%)+-('&*%+-('&-)+%G&$%)*2$+4%G#("%
9346'#)5$%,*&)+4%2-%(2,%2: %("+%("'+$"2*4%PK*H!hU.6QH%!"#$%)*2$3'+%'+&)"+4%&%"+#="(%2: %A%9%&-4%
9#="(%6+%,2$(b;$$7'#&-H%!"+%("'+$"2*4%&,,+&'$%(2%"&1+%6++-%'+,&#'+4%#-%&-(#/3#(7H%?9&$"+4%L&'$%
G+'+%:23-4%3-4+'%("+%9346'#)5$%6*2)5#-=%("+%+-('&-)+%PK*H!hU.)QH

[#=H%FH%K*&-%2: %("+%T+-('&*%@3#*4#-=H
BC X3c&"#9%XH%<3$$+#->%8&1#4%O+'(&#%a%X&'5%;*(&G++*

;%='23,%2: %1+$$+*$%G&$%:23-4%#-%("+%)2'-+'%2: %'229%CH%.(%#-)*34+$%G#4+b923("%&-4%*&'=+%L&'$>%


G#("%2-+%2: %("+%$#4+$%2: %("+$+%1+$$+*$%"&1#-=%&%"2*+>%&-4%)+'&9#)%,#,+$%("&(%G+'+%*#5+*7%3$+4%:2'%
4'&#-#-=%G&(+'%#-%("+%&'+&%P[#=H!VQH%!"+%)+'&9#)%9&(+'#&*%2: %("+%1+$$+*$%#$%)2&'$+H%I#("#-%("+%$9&**%
-2'("G+$(+'-%+-('&-)+%2: %'229%SoC%&%='23,%2: %)+'&9#)%1+$$+*$%("&(%#-)*34+$%*&9,$%G#("%(G2%6&$#-$%
&-4%G+**b9&4+%$"&**2G%,*&(+$%G&$%:23-4%PK*H!hU..QH
]229$%AD%&-4%AA%&'+%*2)&(+4%(2%("+%$23("%2: %)23'(7&'4%VH%]229%AA%#$%&%$9&**%'229%("&(%9+&$3'+$%
EHB%f%EHV%9H%!"+%'229%&,,+&'$%(2%"&1+%6++-%3$+4%&$%&%6&("'229H%!"+%G&**$%"&1+%'+9&#-$%2: %,#()"%
DQGWKHKHLJKWRI WKHZDOOVGRHVQRWVXUSDVVFP,WVQRUWKHUQZDOODQGÁRRUDUHKHDYLO\GDPDJHG
WKHODWWHUIURPSUHYLRXVH[FDYDWLRQVLQWKHDUHD7KHÁRRULVSDYHGZLWKEDNHGEULFNVPHDVXULQJ
VV%f%VV%f%FHE%)9%&-4%#-)2',2'&(+$%,#()"H%.-%("+%-2'("+'-%,&'(%2: %("+%'229%("+'+%#$%&%6&5+4%6'#)5%
G#("%&%"2*+%("&(%&,,+&'$%(2%"&1+%6++-%3$+4%:2'%4'&#-&=+H
5RRPLVDODUJHVSDFHZLWKDZLGHHQWUDQFHPHDVXULQJP7KHÁRRULVSDYHGZLWKEDNHG
6'#)5$%&-4%"&$%(G2%G"#(+%)&*)#(+%$(2-+%422'%$2)5+($H%83'#-=%+0)&1&(#2-$>%#(%G&$%-2(#)+4%("&(%("+%
#-$#4+$%2: %("+%G&**$%&*2-=%("+%+-('&-)+%"&4%)2&(#-=$%2: %,#()"%2-%("+9H%]229$%AD%&-4%AA%93$(%
6+*2-=%(2%&%*&(+'%,"&$+%#-%("+%63#*4#-=N$%"#$(2'7H%!"+#'%$23("+'-%G&**%#$%'&("+'%#''+=3*&'*7%$"&,+4%&-4%
("+%G&**$%G+'+%63#*(%2-%(2,%2: %("+%6&5+4%6'#)5$%2: %)23'(7&'4%VH

+OP=F=J?QDB'?D'J>C'%TTCI'3>=@YCIB'Z(G=G[DCI=I?'"""\
.-%ABBF>%("+%?(&(+%@2&'4%2: %;-(#/3#(#+$%&-4%<+'#(&=+%6+=&-%+0)&1&(#2-$%#-%;4&4b-+'&'#%...N$%$2b
)&**+4%q_,,+'%T"&96+'$NH%.(%#$%&$$2)#&(+4%G#("%'229%eF>%G"#)"%'+,'+$+-($%&%$2*#4%9346'#)5%,*&(:2'9>%
$23("%2: %("+%J2'("G+$(%K&*&)+H%!"+%"#="+'%*+1+*%2: %("+%&'+&%)23*4%$3==+$(%("&(%#(%G&$%63#*(%2-%(2,%
2: %&-%+&'*#+'%$('3)(3'+>%&%$3==+$(#2-%G"#)"%G&$%&*'+&47%9&4+%67%U&7&'4%PACSFZ%SFEQH%!"#$%G23*4%
IROORZWKH$VV\ULDQSUDFWLFHRI ÀOOLQJLQURRPVZLWKPXGEULFNVLQRUGHUWRFUHDWHDQHZSODWIRUP
7KHWKRURXJKDQGSUHFLVHZD\LQZKLFKWKLVZDVGRQHPDNHVLWLVYHU\GLIÀFXOWWRWUDFHWKHHDUOLHU
G&**$H%J2%+1#4+-)+%:2'%&-%+&'*#+'%$('3)(3'+%"&$>%"2G+1+'>%$2%:&'%6++-%:23-4H
/D\DUG ZDV WKH ÀUVW WR H[FDYDWH DW WKLV ORFDWLRQ +H IRXQG WKH UHPDLQV RI  IRXU URRPV RQ ¶D
)2-$#4+'&6*+%+*+1&(#2-N%PU&7&'4%ACVB)Z%ACQH%U&7&'4N$%4+$)'#,(#2-%2: %("+$+%'229$%&$%3,,+'%)"&96+'$%
"&$%*&(+'%)29+%(2%'+,'+$+-(%#($%-&9+H%!"+'+%"&1+%6++-%9&-7%,'26*+9$%#-%'+)2-$('3)(#-=%("+%_,,+'%
T"&96+'$H
.'&/#%G2'5%#-%("#$%&'+&%*&$(+4%2-*7%:23'%G++5$>%63(%&**2G$%$+1+'&*%2: %("+%3-'+$2*1+4%/3+$(#2-$%(2%6+%
&-$G+'+4H%!"+%G2'5%3-)21+'+4%("+%'+9&#-$%2: %$#0%'229$%P[#=H!SQH%]229$%A>%F%&-4%V%"&4%,'+1#23$*7%
6++-%+0)&1&(+4%67%U&7&'4H%!"+%.'&/#%+0)&1&(#2-$%6+=&-%67%2,+-#-=%&%$23-4#-=>%G"#)"%G&$%+0,&-4+4%
(2%&%('+-)"%2: %AS%f%E%9H%!"#$%*+4%(2%("+%4#$)21+'7%2: %("+%G&**$%2: %'229%AH%!"#$%'229%:3-)(#2-+4%&$%
&%6&("'229%2'#=#-&**7H%!"+%'229%#$%$,*#(%#-(2%(G2%,&'($%67%&%*&(+'%G&**>%)'+&(#-=%&%$9&**+'%'+)(&-=3*&'%
'229%#-%("+%$23("+'-%,&'(%2: %("+%'229H%U&7&'4%93$(%"&1+%9#$(&5+-%("#$%*&(+'%G&**%:2'%("+%2'#=#-&*%
VRXWKHUQZDOORI WKHURRPH[SODLQLQJWKHVWUDQJHIRUPRI KLVURRP&7KHÁRRURI WKHVRXWKHUQ
,&'(%#$%"#="+'%("&-%("+%'+$(%2: %'229%A>%$3,,2'(#-=%("+%*&(+'%4&(+%2: %("#$%,&'(%2: %("+%'229H%!"+%'229%
"&4%2'#=#-&**7%6++-%,&1+4%G#("%6&5+4%6'#)5$%L2#-+4%67%6#(39+->%&*("23="%&%-396+'%2: %("+$+%6'#)5$%
DUHQRZPLVVLQJ$OD\HURI FOHDQVDQGZDVIRXQGXQGHUQHDWKWKHÁRRU
!"+%'229%)2-(&#-$%(G2%-#)"+$%P("+%-2'("+'-%-#)"+%:23-4%67%U&7&'4%G&$%-2(%'+)21+'+4%67%("+%.'&/#%
(+&9QH%!"+%$23("+'-%-#)"+%9+&$3'+$%'23="*7%VD%)9%67%EHS%9H%.(%:2'9$%("+%*2)&(#2-%2: %("+%4'&#-%PK*$H!%
hU...)H%hU.g&QH%!"+%4'&#-&=+%4+$)+-4$%$"&',*7%+&$(G&'4%&-4%+0#($%("+%'229%#-%#($%$23("+&$(+'-%)2'-+'>%
J#9'34%&-4%#($%]+9&#-$%#-%U#="(%2: %.'&/#%`0)&1&(#2-$% BB

[#=H%VH%8'&G#-=$%2: %%,2((+'7%:23-4%#-%'229%C%2: %("+%T+-('&*%@3#*4#-=H

[#=H%SH%K*&-%2: %;4&4b-+'&'#%...N$%K&*&)+%P!"+%_,,+'%T"&96+'$QH
ADD X3c&"#9%XH%<3$$+#->%8&1#4%O+'(&#%a%X&'5%;*(&G++*

ZKHUHLWLVFRYHUHGE\DQDUFKÀOOHGZLWKPXGEULFNV7KHGUDLQDJHV\VWHPLVPDGHRI IRXUFRXUVHVRI 
6&5+4%6'#)5$%)21+'+4%G#("%,#()"%2-%("+%#-$#4+%P[#=$H!YReH%K*H!hU...&QH%;%*&'=+%G2'5+4%$(2-+>%6'25+-%#-%
(G2%&-4%G#("%&%"2*+%#-%("+%)+-('+>%G&$%:23-4%#-%("+%"#="+'>%G+$(+'-%,&'(%2: %("+%$23("+'-%&'+&%2: %'229%AH
K&'($%2: %&%6&("(36b$"&,+4%$(2-+%:23-4%2-%("+%,&1+9+-(%#-%("+%G+$(+'-b+-4%2: %("+%'229%P[#=H!eW%
K*H!hU...4QH%.(%G&$%,'26&6*7%-2%*2-=+'%#-%$#(3>%&$%#(%G&$%*7#-=%2-%(2,%2: %("+%,&1+9+-(%'&("+'%("&-%
6+#-=%,&'(%2: %#(H
!"+%G&**$%&'+%)21+'+4%67%&%*&7+'%2: %934>%G"#)"%)21+'$%,&#-(#-=$%2: %,29+='&-&(+$H%!"+%,&#-(#-=$%
/3#)5*7%:&4+4%#-%("+%$3-%&-4%+*+9+-($H%!"+%*2G+'%,&'($%2: %("+%G&**$%&'+%)21+'+4%67%&%("#-%*&7+'%2: %
,#()"H%!"+%-#)"+%#-%("+%+&$(+'-%G&**%G&$%4+)2'&(+4%G#("%(G2%:'&9+$%G#("%*#-+&'%$('#,$%&-4%)#')3*&'%
IHDWXUHV7KHFRORXUVRI WKHÁRZHUGHVLJQVDUHUHGEODFNDQGEOXH )LJV!eH%BH%K*H!hU...6QH
U&7&'4%4+$)'#6+4%("#$%'229%&$%"&1#-=%6++-%4+)2'&(+4%G#("%63**$%:'&9+4%67%(G2%2'-&9+-(&*%:'#+c+$%
P;*6+-4&% EDDSZ% AS>% ,*H% SQH% <+% 4+$)'#6+4% ("+% +0#$(+-)+% 2: % (G2% ,"&$+$% G#("% 4#::+'#-=% 92(#:$>% 63(%
2-*7%2-+%G&$%4+$)'#6+4%&-4%#**3$('&(+4%67%"#9H%I"+("+'%("+$+%'+,'+$+-(%2-+%2: %("+%(G2%,"&$+$%2'%
&% )296#-&(#2-% 2: % 62("% '+9&#-$% 3-)*+&'H% !"+% ,29+='&-&(+$% 4#$)21+'+4% 67% ("+% .'&/#% +0)&1&(#2-$%
'+$+96*+%("2$+%:23-4%67%U&7&'4%#-%("+%-#)"+%2: %'229%@%PU&7&'4%ACVB&Z%,*$H%AV%&-4%CeRFQ>%/6&6>%'229%
V%2: %("+%.'&/#%+0)&1&(#2-$H
]229%F%#$%)2--+)(+4%(2%'229%A%("'23="%&%G#4+%+-('&-)+%("&(%9+&$3'+$%AVD%)9H%]229%F%:2'9+4%
("+%9&#-%1+$(#63*+%2: %("+%("'++%-2'("+'-%'229$>%,'21#4#-=%&))+$$%(2%'229$%A%&-4%VH%!"+%+-('&-)+%
#-(2%'229%V%#$%)21+'+4%67%&%6*3+%)2*23'+4%9&'6*+o*#9+$(2-+%("'+$"2*4%PK*H!hU.g)QH%;%*&(+'%G&**%
,*&)+4%G#("#-%'229%F%93$(%"&1+%&=&#-%*+4%(2%("+%$('&-=+%'229%$"&,+%2: %U&7&'4N$%'229%;>%63(%
#($%'+)2-$('3)(#2-%#$%*+$$%$('&#="(:2'G&'4%("&-%#-%'229%AH%U&7&'4%&*$2%:23-4%("+%422'%)2--+)(#-=%
'229$%F%&-4%Y%&-4%'+921+4%#($%("'+$"2*4HS%!"+%("'+$"2*4$%6+(G++-%'229%F%&-4%'229$%V%&-4%Y%G+'+%
62("%#-$)'#6+4%G#("%&%=+-+&*2=#)&*%(+0(%P7+89%F%;HDHADVHAQH%!"+%&')"#(+)(3'+%2: %'229%Y%'+9&#-$%
,'26*+9&(#)%P$++%O+'(&#%#-%("#$%12*39+QH%!"#$%'229%G&$%-2(%:3'("+'%+0)&1&(+4%67%("+%.'&/#%(+&9H%
7KHÁRRURI URRPLVSDYHGZLWKEDNHGEULFNVPHDVXULQJïïFP7KHURRPUHSUHVHQWV
/D\DUG·VURRP%/D\DUGGHVFULEHGÀQGLQJD´UHFHVVLQWKHZDOORI FK%µEXWGLGQRWLQGLFDWHLWRQ
"#$%,*&-$%PU&7&'4%ACVB&Z%C>%4+$)'#,(#2-%2: %,*&(+%CeRFQH%.(%)23*4%"&1+%6++-%*2)&(+4%#-%#($%$23("+'-%
G&**>%G"#)"%G&$%*&'=+*7%4+$('27+4%#-%&-(#/3#(7>%,'26&6*7%67%U&7&'4N$%G2'59+-%*225#-=%:2'%&%422'H%
;*6+-4&%$3==+$(+4%("&(%U&7&'4N$%4+$)'#,(#2-%2: %("+%-#)"+%G&$%9#$(&5+-%&-4%#-%:&)(%4+$)'#6+4%("+%
-#)"+%2: %'229%T%P;*6+-4&%EDDSZ%ASQH%`1+-%#: %&%-#)"+%+0#$(+4>%'229%V%#$%*#5+*7%(2%'+,'+$+-(%&%$(2'&=+%
$,&)+H%;-%&$$2)#&(+4%4'&#-&=+%$7$(+9%"&$%-2(%6++-%:23-4%&-4%&%6&("'229%G&$%&*'+&47%,'+$+-(%#-%
("+%:2'9%2: %'229%AH%
]229%E%G&$%"+&1#*7%4&9&=+4>%92$(%,'26&6*7%43+%(2%U&7&'4N$%&-4%U2:(3$N%+0)&1&(#2-$H%!"+%'229%
#$% *#5+*7% (2% "&1+% +0)&1&(+4% 67% U2:(3$% ,'+1#23$*7% P$++% O+'(&#% #-% ("#$% 12*39+QH% .($% -2'("G+$(+'-%
422'G&7%G&$%)21+'+4%67%&%9&'6*+o*#9+$(2-+%("'+$"2*4>%$#9#*&'%(2%("+%2-+%:23-4%6+(G++-%'229$%
F% &-4% VH% U2:(3$% ,'26&6*7% +0)&1&(+4% ("#$% 422'% &$% G+**% P!3'-+'% ABeDZ% ,*H% VFQ>% 63(% &,,&'+-(*7% *+:(%
("+% ("'+$"2*4% #-% $#(3H% !"+% #-$)'#,(#2-% 2: % ("+% $*&6% #$% 4#::+'+-(% :'29% ("&(% :23-4% #-% '229% F% &-4%
)2-(&#-$% &% "#$(2'#)&*% -&''&(#1+% P;"9&4% EDDEQH% ;% $#9#*&'% (+0(% G&$% :23-4% 67% U2:(3$% P7+89% F%
;HDHADVHCQ>%63(%#($%2'#=#-&*%*2)&(#2-%#$%3-)*+&'H%?9&**%4#::+'+-)+$%$3==+$(%("&(%("+%(+0($%)&9+%:'29%
(G2%4#::+'+-(%("'+$"2*4$H%U2:(3$%:23-4%2-+%&44#(#2-&*%+0&9,*+%2: %("+%=+-+&*2=#)&*%(+0(%P]3$$+**%
ABBBZ% CVRCYQ% $3==+$(#-=% ("&(% #(% G&$% &*$2% 3$+4% 23($#4+% '229$% A>% F% &-4% VH% !"+% $3#(+% G&$% ("3$%
#-$)'#6+4%G#("%62("%&%=+-+&*2=#)&*%&$%G+**%&$%&%"#$(2'#)&*%(+0(H%!"+%=+-+&*2=#)&*%(+0(%G&$%,'26&6*7%

%!"+%$*&6%#$%-2G%#-%("+%@'#(#$"%X3$+39%P@X%AACBESQH
S
J#9'34%&-4%#($%]+9&#-$%#-%U#="(%2: %.'&/#%`0)&1&(#2-$% ADA

[#=H%YH%8'&G#-=%2: %4+)2'&(#2-$%2-%$23("+'-%G&**%2: %'229%A%&-4%&%:'2-(%1#+G%2: %G&**%&621+%("+%4'&#-&=+%=2#-=%


("'23="%("+%+&$(+'-%G&**%2: %'229%AH

[#=H%eH%]+)2-$('3)(#2-%2: %("+%$23("+'-%,&'(%2: %'229%AH


ADE X3c&"#9%XH%<3$$+#->%8&1#4%O+'(&#%a%X&'5%;*(&G++*

#-(+-4+4%:2'%("+%9#-2'%'229$%G"+'+&$%("+%"#$(2'#)&*%-&''&(#1+%G&$%#-$)'#6+4%#-%("+%422'$%2: %("+%
9&#-%'229$H%%%]229%S%G&$%*2)&(+4%G+$(%2: %("+%9&#-%$3#(+%&-4%#$%-+&'%("+%+4=+%2: %("+%)#(&4+*H%
3DUWVRI LWVÁRRUDUHSDYHGZLWKEDNHGEULFNV2QWKHÁRRUSLHFHVRI ORQJDQGJURRYHGVWRQHV
G+'+% :23-4>% G"#)"% :2'9% ,&'(% 2: % ("+% $2b)&**+4% ('&9b'&#*$% )2992-% #-% ("+% 92'+% 92-39+-(&*%
'+)+,(#2-%'229$%PK*H!hU.g6QH%;%6&("'229%9#="(%"&1+%2'#=#-&**7%6++-%*2)&(+4%(2%#($%G+$(>%(3'-#-=%
#(% #-(2% &% (7,#)&*% $9&**% '+)+,(#2-% $3#(+>% -2(% 3-*#5+% '229$% VY% &-4% VF% 2: % ("+% J2'("G+$(% K&*&)+H
@23()"+'N$%,*&-%$"2G$%&(%*+&$(%(G2%:3'("+'%'229$%(2%("+%$23("%2: %'229%EH%!"#$%Ub$"&,+4%&''&-=+9+-(%
2: %'229$%#$%/3#(+%3-)2992-H%;%,2$$#6*+%)29,&'#$2-%)&-%6+%:23-4%#-%'229$%AA%&-4%AS%2: %;4&4b
J+'&'#N$% K8S% K&*&)+% #-% ("+% U2G+'% !2G-% 2: % O&*ʒ3% PX&**2G&-% ABSVZ% ,*H% FSQH% .(% 93$(% 6+% -2(+4>%
"2G+1+'>%("&(%9&-7%2: %("+%'229%)296#-&(#2-$%2-%@23()"+'N$%,*&-%$++9%&(7,#)&*%&-4%,'26*+9&(#)H%
.(%)&--2(%6+%+0)*34+4%("&(%U2:(3$%+0)&1&(#2-$%:&#*+4%(2%)2''+)(*7%('&)+%("+%G&**$%&-4%422'$%2'%("&(%
@23()"+'N$%'+-4+'#-=$%2: %("+9%#-('243)+4%9#$(&5+$H
!"+%)296#-&(#2-%2: %("'++%$9&**%'229$%&((&)"+4>%("'23="%&%)+-('&*%'229%PFQ>%(2%&%$+(%2: %*&'=+'%
'229$%'+$+96*+$%("+%92-39+-(&*%'+)+,(#2-%$3#(+%2: %("+%J2'("G+$(%K&*&)+%P'229$%;>%I^RIO%
&-4%IXQ>%G"#)"%G&$%,&'(%2: %!3'-+'N$%]+)+,(#2-%?3#(+%!7,+%[%P!3'-+'%ABeD&Z%EDVREDBQH%!"+$+%
VXLWHV ZHUH W\SLÀHG E\ WKH SUHVHQFH RI  WKUHH SDUDOOHO ODUJH UHFHSWLRQ URRPV RI  ZKLFK WKH WZR
+0(+'-&*%2-+$%G+'+%("+%92$(%92-39+-(&*H%[2'%("+%_,,+'%T"&96+'%(2%"&1+%:2'9+4%&%$#9#*&'%$3#(+>%
&-%&44#(#2-&*%*&'=+%'229%G+$(%2: %'229%Y%-++4$%(2%"&1+%+0#$(+4HY%?3)"%'+)2-$('3)(#2-%#$%,'26*+9&(#)H%
]229%Y%$++9$%(22%92-39+-(&*%(2%"&1+%6++-%*2)&(+4%#-%("+%9#44*+%2: %&%$3#(+%&-4%#$%92'+%*#5+*7%(2%
'+,'+$+-(%&-%+0(+'-&*%'229H%[3'("+'92'+>%'+)+,(#2-%$3#(+$%2: %("#$%(7,+%G+'+%-2'9&**7%*2)&(+4%$23("%
2: %("+%!"'2-+'229%?3#(+%&-4%)"&'&)(+'#$+4%67%"&1#-=%62("%2: %#($%$#4+$%:&)+%&%)23'(7&'4H%J2'("%
2: %("+%_,,+'%T"&96+'$>%"2G+1+'>%G&$%("+%+0(+'-&*%G&**%2: %("+%J2'("G+$(%K&*&)+%&-4%("+%*#5+*7%
,'+$+-)+%2: %U2:(3$N%'229$%(2%("+%+&$(%9&5+$%&%4#'+)(%)2--+)(#2-%G#("%&-%+&$(+'-%)23'(7&'4%3-*#5+*7H%
7KH RULJLQDO VXLWH LV WKXV OLNHO\ WR KDYH FRQVLVWHG RI  WKH ÀYH URRPV FXUUHQWO\ NQRZQ ,W ZDV
&))+$$#6*+%:'29%&%)23'(7&'4%#-%("+%G+$(%&-4%+-4+4%#-%&%6*&-5%G+**%(2%("+%+&$(H%?3)"%&-%&''&-=+9+-(%
ZDVFDOOHGELWĆQX7\SH$E\0DQXHOOL X&-3+**#%EDDBÀJ 5HDGHPDGHDFRPSDULVRQEHWZHHQWKH
_,,+'%T"&96+'$%&-4%'229$%EEREC%2: %("+%,&*&)+%#-%ʑ&4&((3%P]+&4+%ABYCZ%eDQH%?3)"%)29,&'#$2-%
$3==+$($%("&(%&%)2--+)(#2-%6+(G++-%'229%PVQ%&-4%("+%)23'(7&'4%(2%#($%$23("%)23*4%"&1+%+0#$(+4H%
?3)"%422'%"&$%-2(%6++-%:23-4>%63(%#$%-2-+("+*+$$%:+&$#6*+H%!"+%$23("+'-%G&**%2: %("#$%'229%$++9$%
(2%"&1+%6++-%(&5+-%&G&7%67%("+%G2'59+-%2: %U&7&'4W%&(%*+&$(%#(%42+$%-2(%$++9%(2%"&1+%6++-%,'+$+-(%
43'#-=%<3$$+#-N$%+0)&1&(#2-H%?3)"%&%9#$$+4%422'%$3==+$($%("&(%#(%G&$%-2(%,&1+4%G#("%&%("'+$"2*4l&%
:+&(3'+%("&(%G23*4%6+%"&'4%(2%9#$$l)2-('&'7%(2%92$(%422'$%2: %("#$%$3#(+H%!"#$%"7,2("+(#)&*%422'%
)23*4%'+,'+$+-(%("+%'+)+$$%&$%4+$)'#6+4%67%U&7&'4H
!"+%)29,*+0%(2%G"#)"%("+%_,,+'%T"&96+'$%6+*2-=+4%,'26&6*7%)2-$#$(+4%2: %&%$#-=*+%)23'(7&'4%
$3''23-4+4%67%$3#(+$>%(G2%2: %G"#)"%&'+%)3''+-(*7%5-2G-Z%("+%_,,+'%T"&96+'$%&-4%'229%SH%!"#$%
)23'(7&'4%)23*4%"&1+%6++-%2,+-%(2G&'4$%("+%G+$(>%,'21#4#-=%&%1#+G%21+'%("+%,*&#->%63(%93$(%"&1+%
6++-% $3''23-4+4% 67% '229$% 2-% #($% $23("+'-% $#4+H% !"#$% "7,2("+(#)&*% )29,*+0% $++9$% (2% '+$+96*+%
)23'(7&'4$%;\%2: %J2'("G+$(%K&*&)+%&-4%?%Y%2: %[2'(%?"&*9&-+$+'H

,I /D\DUGGLGLQGHHGÀQGWZRVHWVRI WUDPUDLOVWKHZHVWHUQWUDPUDLOVPLJKWKDYHEHORQJHGWRVXFKZHVWHUQURRP


Y

!"#$%G23*4%$3==+$(%("&(%("+%4#1#4#-=%G&**%6+(G++-%62("%'229$%G&$%9#$$+4%67%"#9H%%%%%%
J#9'34%&-4%#($%]+9&#-$%#-%U#="(%2: %.'&/#%`0)&1&(#2-$% ADF

[#=H%CH%8'&G#-=%2: %("+%-#)"+%#-%("+%+&$(+'-%G&**%2: %'229%AH

)LJ'UDZLQJVRI EURQ]HÀEXODIRXQGLQWKH8SSHU&KDPEHUV
ADV X3c&"#9%XH%<3$$+#->%8&1#4%O+'(&#%a%X&'5%;*(&G++*

"@TQIJ=DJ'(IP>=CQMQX?P=M'0?DGB'?D'J>C'%TTCI'3>=@YCIB
)LQGVLQWKHSDODFHDVPDGHE\WKH,UDTLWHDPLQFOXGHDODUJHFROOHFWLRQRI EURQ]HÀEXOD )LJ!BQH%
7KH ÀEXOD IRXQG DUH PDGH RI  YDU\LQJ VL]HV DQG PDQXIDFWXULQJ WHFKQLTXHV )LQGV DOVR LQFOXGH
$,+&'"+&4$%&-4%&''2G"+&4$%9&4+%2: %6'2-c+%&-4%#'2-H%?29+%,2((+'7%6+&5+'$%G+'+%&*$2%:23-4H%d-+%
LQWHUHVWLQJÀQGLVDQLYRU\SLHFHVKRZLQJJD]HOOHVZLWKDWUHHRI OLIHVFHQHLQWKHPLGGOH

+OP=F=J?QDB'?D'J>C'*>=II=J'!?T>?')C@TMC
;$"3'-&$#',&*%..N$%G2'59+-%)2-$('3)(+4%&%-396+'%2: %(+9,*+$%2-%O&*ʒ3N$%)#(&4+*H%!"+%+0&)(%*&723(%
2: %("+%)29,*+0%#$%$(#**%3-)*+&'%P]+&4+%EDDEZ%ABARABFQH%!"+%9&#-%(+9,*+%2: %("+%)#(7%G&$%4+4#)&(+4%(2%
J#-3'(&H%.(%:2'9$%("+%2-*7%(+9,*+%:'29%;$"3'-&$#',&*N$%'+#=-%G"2$+%&')"#(+)(3'+%#$%5-2G-%#-%$29+%
4+(&#*H%?29+%#-:2'9&(#2-%&*$2%+0#$(+4%&623(%("+%?"&''&(%J#,"#%!+9,*+>%G"2$+%)+**&%G&$%+0)&1&(+4%
67%U&7&'4%PU&7&'4%ACSFZ%FSCRFYEW%]+&4+%EDDE²ÀJ 
!"+% ?"&''&(% J#,"#% )+**&% #$% *2)&(+4% &623(% FD% 9+(+'$% (2% ("+% +&$(% 2: % ("+% J#-3'(&% !+9,*+H% .'&/#%
H[FDYDWLRQVKDYHQRZHOXFLGDWHGDODUJHSDUWRI LWVRULJLQDOÁRRUSODQ,QWKHPDLQHQWUDQFH
#-(2%("+%)29,*+0%&-4%&%*&'=+%)23'(7&'4%G+'+%3-)21+'+4H%!"+7%&*$2%'+b+0)&1&(+4%("+%(+9,*+N$%9&#-%
)+**&%P[#=H%ADQ%P<3$$+#-%a%;*b^&#*&-#%I+''%EDDCZ%BARBCQH%!"+%$+)2-4%$+&$2-%+0,*2'+4%("+%'+9&#-4+'%
2: %("+%)23'(7&'4>%G"#)"%*+4%(2%("+%4#$)21+'7%2: %&%=&(+%)2--+)(#-=%("+%?"&''&(%J#,"#%)23'(7&'4%(2%
("+%J#-3'(&%!+9,*+H
7KHPDLQHQWUDQFHLQWRWKH6KDUUDW1LSKLFRXUW\DUGLVORFDWHGLQWKHHDVW,WVPDLQJDWHLVÁDQNHGE\
(G2%*#2-$H%!"+$+%&'+%$#9#*&'%(2%("2$+%:23-4%67%U&7&'4%#-%("+%+-('&-)+%2: %("+%9&#-%)+**&%P]+&4+%ABCFZ%
)2-(+-($%,&=+QH%!"+%-+G%*#2-$%&'+%"+&1#*7%4&9&=+4%PK*H!hUg&R6QH%!"+%*#2-$%:&)+%+&$(>%$3==+$(#-=%
("&(%,+2,*+%G+'+%+0,+)(+4%(2%&''#1+%:'29%("+%+&$(H%!"+%23(+'%:&p&4+%2: %("+%?"&''&(%J#,"#%=&(+%G&$%
4+)2'&(+4%G#("%$+9#)#')3*&'%+-=&=+4%)2*39-$%$#9#*&'%(2%("2$+%:23-4%#-%("+%J&6r%!+9,*+%PX&**2G&-%
ABYYZ%ÀJ 7KHÁRRUQHDUWKHHQWUDQFHLVSDYHGZLWKEDNHGEULFNVWKDWKDYH$VKXUQDVLUSDO,,·V
-&9+%&-4%"#$%$2-%P?"&*9&-+$+'%...Q%#-$)'#6+4%#-%("+%6'#)5$H%!"+$+%#-$)'#,(#2-$%'&-=+%6+(G++-%F%(2%
e%*#-+$H
@2("%+-('&-)+%*#2-$%G+'+%)21+'+4%G#("%&%*&'=+%#-$)'#,(#2-H%;%9&'6*+%$*&6%G#("%&%"+#="(%2: %AYD%)9%
&-4%G#4("%eA%)9%#$%,*&)+4%&=&#-$(%("+%G&**%#-%:'2-(%2: %("+%$23("+'-%*#2-H%!"+%$*&6%#$%#-$)'#6+4%G#("%
)3-+#:2'9%G'#(#-=H%?#9#*&'*7%*2)&(+4%#-$)'#6+4%$*&6$%G+'+%2'#=#-&**7%:23-4%-+0(%(2%("+%*#2-$%2: %("+%
)+**&%P]+&4+%EDDE $ODUJHXQLQVFULEHGPDUEOHVODELVSODFHGRQWKHÁRRUEHWZHHQWKHOLRQV
!"+%+-('&-)+%*+&4$%#-(2%&%'+)(&-=3*&'%'229>%G"#)"%)2--+)($%(2%("+%9&#-%)23'(7&'4%("'23="%&%G#4+%
,&$$&=+H%!"+%)23'(7&'4%#$%,&1+4%G#("%(G2%$+,&'&(+%)23'$+$%2: %6&5+4%6'#)5$%&$%#$%)2992-%:2'%$3)"%
)23'(7&'4$H%?29+%2: %("+%(2,%6'#)5$%&'+%$#9#*&'*7%#-$)'#6+4%(2%("+%("2$+%:23-4%#-%:'2-(%2: %("+%+&$(+'-%
=&(+H
7KHHQWUDQFHLQWRWKHPDLQFHOODZDVÁDQNHGE\WZROLRQV ]+&4+%EDDEÀJ 7KHOLRQÁDQNLQJ
("+%G+$(+'-%$#4+%2: %("+%+-('&-)+%#$%-2G%#-%("+%@'#(#$"%X3$+39%P@X%AACCBSQH%!"+%+&$(+'-%*#2-%G&$%
('&-$:+''+4%(2%("+%X2$3*%X3$+39%#-%ABeF%P.X%AAYSVYQ%P;="&%a%;*b.'&/#%ABeYZ%,*H%eQH%!"+%9#$$#-=%
"+&4%2: %("+%+&$(+'-%*#2-%G&$%:23-4%&%:+G%9+('+$%&G&7%G#("#-%("+%)23'(7&'4%PK*$H%hUg)H%hUg.&QH%
7KHHQWUDQFHZDVÁDQNHGE\EDNHGEULFNZDOOVRI DERXWPLQKHLJKW6RPHRI WKHVHEULFNVZHUH
=*&c+4H%!"+7%G+'+%4+)2'&(+4%G#("%,*&-($%&-4%=+29+('#)%4+$#=-$H%!"+7%G+'+%:23-4%(2%("+%+&$(%2: %("+%
422'G&7H%J2%,&'&**+*$%G+'+%:23-4%2-%("+%2("+'%$#4+%2: %("+%+-('&-)+H%!"+%#-)+-$+%63'-+'$%:23-4%
67% U&7&'4% -+0(% (2% ("+% *#2-$% G+'+% -2% *2-=+'% ,'+$+-(H% !G2% #-)+-$+% 63'-+'$% G+'+% :23-4% -+&'% ("+%
$23("G+$(%-#)"+%2: %("+%)23'(7&'4%PK*H!hU.h&QH
J#9'34%&-4%#($%]+9&#-$%#-%U#="(%2: %.'&/#%`0)&1&(#2-$% ADS

[#=H%ADH%K*&-%2: %("+%?"&''&(%J#,"#%!+9,*+H

[#=H%AAH%K&1+9+-(%$(2-+%G#("%=+29+('#)&*%4+$#=-$%PG+$(+'-%=&(+%2: %("+%?"&''&(%J#,"#%!+9,*+QH
ADY X3c&"#9%XH%<3$$+#->%8&1#4%O+'(&#%a%X&'5%;*(&G++*

7KHWKUHVKROGEHWZHHQWKHWZROLRQVZDVEURNHQIURPWKHOLIWLQJRI WKHOLRQV7KHÁRRURI WKHURRP


#$%,&1+4%G#("%6&5+4%6'#)5$H%!"+%G&**$%&'+%)2&(+4%G#("%)*&7%92'(&'%&-4%,&#-(+4H%!"+%'229%$"2G$%
HYLGHQFHRI DVWURQJÀUH7KHFHQWUHRI WKHFHOODFRQWDLQVDKHDYLO\GDPDJHGODUJHSLHFHRI 0RVXO
9&'6*+>%G"#)"%"&4%,'+1#23$*7%6++-%:23-4%67%U&7&'4%PU&7&'4%ACSFZ%FYAQH%!"#$%*&'=+%$(2-+%)2-(&#-$%
)*+&'%&-4%)29,*+(+%G'#(#-=%G#("%*&'=+%,'#-(H%.(%#$%*#5+*7%(2%"&1+%:2'9+4%&%,*&(:2'9%:2'%$29+("#-=%("&(%
G23*4%"&1+%6++-%1#$#6*+%:'29%("+%)23'(%P]+&4+%EDDEZ%ACVQH
;%$9&**%'229%G&$%3-)21+'+4%#-%("+%G+$(+'-%+-4%2: %("+%'229>%G#("%*&'=+%,#+)+$%2: %9&'6*+%:23-4%2-%
WKHÁRRUWKDWKDYHZULWLQJRQWKHIDFHDQGEDVH7KLVURRPKDGDOUHDG\EHHQH[FDYDWHGE\/D\DUG
&-4%,'26&6*7%'+,'+$+-($%("+%9&#-%$&-)(3&'7%2: %("+%?"&''&(%J#,"#%!+9,*+%PU&7&'4%ACSFZ%FSBQH%;%
$9&**%#$%*2)&(+4%(2%("+%+&$(%2: %("+%)+**&H
!"+%&'+&%(2%("+%-2'("%2: %("+%9&#-%+-('&-)+%#$%$29+G"&(%3-)*+&'H%?29+G"+'+%#-%("#$%&'+&%+&$(%2: %("+%
)+**&%X&**2G&-%+0)&1&(+4%(G2%'229$%PX&**2G&-%ABSEZ%FRVW%X&**2G&-%ABYYZ%BEQH%X&**2G&-%-2(#)+4%
WKDWWKHRULJLQDODUFKLWHFWXUHKDGEHHQUHÀOOHGZLWKPXGDQGPXGEULFNV)XUWKHUKDYRFZDVGRQH
67%("+%-#-+(++-("%)+-(3'7%+0)&1&(#2-$H%!"+%+0&)(%*2)&(#2-%2: %X&**2G&-N$%G2'5%#$%3-)*+&'>%63(%"#$%
4+$)'#,(#2-%,'26&6*7%+0,*&#-$%("+%#''+=3*&'%-&(3'+%2: %("+%&')"#(+)(3'+%-2'("%2: %("+%+&$(+'-%=&(+H
!"#$%-2'("+&$(+'-%&'+&%G&$%)2--+)(+4%(2%("+%9&#-%)23'(7&'4%("'23="%&%$9&**%422'>%G"2$+%)&*)#(+%
$(2-+% ("'+$"2*4% G&$% $(#**% #-% $#(3H% !"+% &$$2)#&(+4% 422'% $2)5+(% G&$% *2)&(+4% #-% ("+% '229H% ;% $9&**%
6&("'229%G&$%*2)&(+4%#-%("+%-2'("+'-%,&'(%2: %("#$%&'+&H%.($%G+$(+'-%422'%G&$%6*2)5+4%67%6&5+4%
EULFNV7KHÁRRULVFRYHUHGE\SLWFK$VHFRQGGRRUWRWKHHDVWKDVDFDOFLWHVWRQHWKUHVKROG7KH
$23("+'-%-#)"+%#$%)21+'+4%67%&%6&5+4%6'#)5%G#("%&%"2*+%("&(%)21+'$%&%4'&#-&=+H%!"#$%&'+&%-2'("%2: %("+%
9&#-%+-('&-)+%G&$%$3==+$(+4%(2%6+%&%*&(+'%&44#(#2-H
7KHVRXWKHUQZDOORI WKHFRXUW\DUGLVÀOOHGZLWKQLFKHVDQGEXWWUHVVHV7KHDUHDVHHPVVRPHZKDW
)"&2(#)%&-4%#(%)&--2(%6+%+0)*34+4%("&(%("+%-#)"+$%'+,'+$+-(+4%422'$%2'#=#-&**7H%!"+%,2$$#6#*#(#+$%:2'%
VXFKGRRUVZHUHLQGLFDWHGRQWKHSODQRI WKHÀUVWVHDVRQ <3$$+#-%a%;*b^&#*&-#%I+''%EDDCÀJ
AE-QH%;44#(#2-&*%-#)"+$%G+'+%:23-4%#-%("+%$+)2-4%$+&$2-H%!"+%("'++%9&#-%-#)"+$>%G#("%("+%)+-('&*%
2-+%6+#-=%("+%*&'=+$(>%)2''+$,2-4%(2%("+%('#,*+%+-('&-)+$%$++-%#-%("+%92$(%92-39+-(&*%:&p&4+$%2: %
("+%J2'("G+$(%K&*&)+H%?3)"%422'$%&*G&7$%'+,'+$+-(%("+%9&#-%+-('&-)+$%&-4%$3==+$(%("&(%("+%9&#-%
921+9+-(%G23*4%"&1+%*+4%:'29%("+%)23'(7&'4%$23("G&'4$H%!"+%-#)"+$%&'+>%("+'+:2'+>%3-*#5+*7%(2%"&1+%
6++-%,&'(%2: %&%=&(+%)2--+)(#-=%G#("%("+%23($#4+H%!"+%-#)"+$%&'+>%92'+21+'>%/3#(+%$9&**%#-%)29,&'#$2-%
(2%("+%2("+'%9&#-%=&(+$%2: %("+%(+9,*+H%I"#*+%#(%)&--2(%6+%+0)*34+4%("&(%("+%-#)"+$%'+,'+$+-(+4%422'$>%
("+%&$$2)#&(+4%'229P$Q%&'+%*#5+*7%(2%"&1+%6++-%'+*&(#1+*7%$9&**%&-4%3-)2--+)(+4%(2%("+%23($#4+H

)>C']CBJCID'-=JC
!"+%9&#-%G+$(+'-%=&(+%G&$%:23-4%#-%("+%$+)2-4%$+&$2-%PEDDEQ%2: %("+%+0)&1&(#2-$%#-%("+%?"&''&(%
1LSKL7HPSOH7KHJDWHLVÁDQNHGE\WZRVPDOOVL]HGEXOOFRORVVLPHDVXULQJRQO\ïP
PK*$H! hUg)RhUg..)QH% !"+% G#-=+4% 63**$% &'+% 3-#/3+% #-% $29+% 2: % ("+#'% 4+(&#*$% &-4% 42% -2(% ,2$$+$$%
&-%#-$)'#,(#2-%67%G"#)"%("+7%)&-%6+%4&(+4H%.(%#$>%-2-+("+*+$$>%*#5+*7%("&(%("+7%4&(+%(2%("+%'+#=-%2: %
;$"3'-&$#',&*% ..H% !"+% 92$(% $('#5#-=% &$,+)(% 2: % ("+$+% )2*2$$#% #$% ("+#'% $9&**% $#c+H% ?3)"% $9&**+'% $#c+%
FRORVVLDUHUDUHDQGVHHPFRQÀQHGWRWKHUHLJQVRI $VKXUQDVLUSDO,,DQGKLVIDWKHU7XNXOWL1LQXUWD
..%PCBDRCCV%@TQH%!"+%:'&=9+-(&'7%'+9&#-$%2: %&%63**%)2*2$$3$%2: %!353*(#bJ#-3'(&%..%G+'+%:23-4%
&(%!+**%M&4"#&"%P;"9&4%EDDDQH%!"23="%-2%9+&$3'+9+-($%G+'+%=#1+->%&%,"2(2%&))29,&-7#-=%("+%
&'(#)*+%$3==+$($%("&(%("+7%G+'+%$#9#*&'*7%$#c+4%(2%("2$+%:23-4%#-%J#9'34H%;-%+1+-%$9&**+'%)2*2$$3$%
G#("%&%"+#="(%2: %)H!eD%)9%G&$%:23-4%#-%;$"3'%PK+44+%a%U3-4$('m9%EDDCÀJ ,WSUREDEO\
4&(+$%(2%("+%'+#=-%2: %;$"3'-&$#',&*%..%P$++%6+*2GQH
J#9'34%&-4%#($%]+9&#-$%#-%U#="(%2: %.'&/#%`0)&1&(#2-$% ADe

7KHLFRQRJUDSK\RI WKHEXOOFRORVVLÀWVDQ$VKXUQDVLUSDO,,GDWH2QHRI WKHPRUHVWULNLQJGHWDLOVLV


("+%,'+$+-)+%2: %)3'*$%2-%("+%:'2-(%2: %("+%63**$N%*+=$%PK*$H!hUg.6R)H%hUg..)QH%?*#="(*7%*+$$%924+**+4%
)3'*$%G+'+%&*$2%,'+$+-(%2-%("+%63**%)2*2$$#%2: %("+%J2'("G+$(%K&*&)+%P@R6RAoEW%`8RAW%`8RADW%[R:R
AoEW%?R+RAoEQ%&-4%("+%?"&*9&-+$+'%@3#*4#-=%P?262*+G$5#%ABCEÀJ 6LPLODUFXUOVVHHPDEVHQW
:'29%("+%)2*2$$#%2: %*&(+'%,+'#24$H%!"+%"+&4>%G#("%2-*7%2-+%"2'-%&-4%&%*2)5%2: %"&#'%'3--#-=%#-%:'2-(%
2: %("+%+&'>%#$%)29,&'&6*+%(2%("+%63**%)2*2$$3$%("&(%$(224%#-%("+%422'%2: %'229%?%2: %("+%J2'("G+$(%
K&*&)+%PU&7&'4%ACVB&Z%,*H%V%s@X%AACCBVtQH%!"+%6+$(%)29,&'#$2-%#$>%"2G+1+'>%G#("%&%:'&=9+-(&'7%
)2*2$$3$%"+&4%:23-4%#-%;$"3'%PK+44+%a%U3-4$('m9%EDDCÀJ 7KHKHDGZDVIRXQGRXWRI 
$#(3>% 63(% )23*4% "&1+% 2'#=#-&**7% $(224% #-% ("+% d*4% K&*&)+% Pd'*&9n-4+% EDDVZ% EAAREAFQH% X2'+% ("&-%
ADD%)2*2$$#%:'&=9+-($%G+'+%:23-4%#-%("+%:23-4&(#2-%2: %("+%("'2-+'229%PEEQ%2: %("+%d*4%K&*&)+%
Pd'*&9n-4+% EDDVZ% EDBREAAW% K+44+% a% U3-4$('m9% EDDCZ% VA>% ,*$H% EeRECQH% J2-+% #$% 4&(+4>% 63(% &-%
&$$2)#&(+4%:'&=9+-(%#$%#-$)'#6+4%G#("%("+%6+=#--#-=%2: %&-%;$"3'-&$#',&*%..%#-$)'#,(#2-%Pd'*&9n-4+%
EDDV  ÀJ  H% I"#*+% -2(% ,'21#4#-=% "&'4% 4&(#-=% +1#4+-)+>% ("+% ;$"3'% :'&=9+-($% 42% $3,,2'(%
4&(#-=%("+%?"&''&(%J#,"#%)2*2$$#%(2%("+%'+#=-%2: %;$"3'-&$#',&*%..H
7KHHQWUDQFHLVURXJKO\ÀYHPHWUHVZLGH6XFKZLGWKLVTXLWHH[FHSWLRQDODQGVXJJHVWVWKDWWKH
+-('&-)+%4#4%-2(%,2$$+$$%&%422'H%;*(+'-&(#1+*7>%&%422'%)23*4%"&1+%6++-%,*&)+4%#-%&%422'%*2)&(+4%
IXUWKHULQVLGHWKHJDWH7KHÁRRULVSDYHGZLWKVWRQHSLHFHVDQGRQHODUJHFHQWUDOSLHFHKDVJHRPHWULF
4+$#=-$%2-%#(%P[#=H!AAQH
7KHJDWHLVÁDQNHGE\WKHFRPPRQEDNHGEULFNZDOOFRUQHUV 3O!hUg..)W%eRC%)23'$+$%"#="QH%]&("+'%
("&-%:2'9#-=%("+%*2G+'%*#-#-=%2: %("+%G&**$>%&$%$3==+$(+4%67%("+%,"2(2$>%("+$+%6&5+4%6'#)5$%9#="(%
'+,'+$+-(%,*&(:2'9$%:2'%("+%,*&)+9+-(%2: %,2*+$>%&$%:23-4%#-%2("+'%,&$$&=+$%2: %("+%(+9,*+%)29,*+0H
!"+%(G2%63**$%$(&-4%2-%$9&**%,*&(:2'9$%9&4+%2: %)&*)#(+%$(2-+$%PK*H!hUg..&QH%]23-4+4%6&5+4%6'#)5$%
G#("%6*&)5%&-4%G"#(+%)2*23'$%$3,,2'(%("+%:'2-(%2: %("+%63**$H%!"+%63**%)2*2$$#%&'+%'&#$+4%)H!VD!)9%
&621+%("+%='23-4H%!"+%)296#-+4%"+#="(%#$%$(#**%92'+%("&-%&%9+('+%*+$$%("&-%("+%"+#="(%2: %("+%*#2-%
)2*2$$#%#-%("+%2("+'%=&(+$%2: %("+%(+9,*+H%!"+%+*+1&(#2-%#$%+0+)3(+4%G#("%)&'+%&-4%9#="(%6+%2'#=#-&*>%
&*("23="%("#$%#$%#9,2$$#6*+%(2%1+'#:7H%

&?BP;BB?QD
]+&4+N$% (+-(&(#1+% '+)2-$('3)(#2-% 2: % ("+% (+9,*+% &'+&% $+,&'&(+$% ("+% ?"&''&(% J#,"#% &-4% J#-3'(&%
!+9,*+%#-(2%(G2%)23'(7&'4$>%63(%#-(+='&(+$%("+9%#-(2%&%$#-=*+%)29,*+0%P]+&4+%EDDEÀJ H%
?3)"%2'=&-#$&(#2-%)&-%6+%)29,&'+4%G#("%("+%*&(+'%(+9,*+%)29,*+0%&(%83'b?"&''35+-He%!"+%-+G%
+0)&1&(#2-$%$++9%(2%$3,,2'(%]+&4+N$%"7,2("+$#$H%!"+'+%#$>%"2G+1+'>%$(#**%-2%4#'+)(%+1#4+-)+%("&(%
("+%?"&''&(%J#,"#%&-4%J#-3'(&%!+9,*+$%:2'9+4%&%$#-=*+%)29,*+0H%I"+("+'%("+7%G+'+%)2--+)(+4%
4+,+-4$%2-%("+%-&(3'+%2: %("+%-+G*7%4#$)21+'+4%G+$(+'-%=&(+%2: %("+%?"&''&(%J#,"#%)23'(7&'4H%.(%#$%
7+(%3-5-2G-%G"+'+%("#$%=&(+%*+4H%!"+%92-39+-(&*#(7%2: %("+%+-('&-)+%$3==+$($%("&(%("+%&$$2)#&(+4%
'229%G&$%2: %)2-$#4+'&6*+%#9,2'(&-)+H%.(%)23*4>%("+'+:2'+>%'+,'+$+-(%("+%+-('&-)+%#-(2%&%)+**&H%?3)"%
UHFRQVWUXFWLRQ LV KRZHYHU SUREOHPDWLF &HOODH DUH FRPPRQO\ LGHQWLÀHG E\ LQVFULSWLRQV RQ WKH
&4L&)+-(%)2*2$$#%&-4o2'%,&1+9+-(H%?3)"%#-$)'#,(#2-$%G+'+%*&)5#-=%#-%("+%G+$(+'-%=&(+H
!"+%&6$+-)+%2: %#-$)'#,(#2-$%&-4%("+%3$+%2: %$9&**%)2*2$$#%&'+%-2(%("+%2-*7%&$,+)($%("&(%9&5+%("+%
G+$(+'-%=&(+%&(7,#)&*H%!"+%&,,&'+-(%*&)5%2: %&%422'%#$%+1+-%92'+%,3cc*#-=H%!"+%G#4+-+$$%2: %("+%
=&(+%=#1+$%#(%("+%&,,+&'&-)+%2: %&%,2'(#)2l&-%&')"#(+)(3'&*%:+&(3'+%-2(%2("+'G#$+%&((+$(+4%#-%;$$7'#&%
43'#-=%("#$%,+'#24H%.(%#$%3-)*+&'%G"+("+'%("+%5-2G-%+-('&-)+%'+,'+$+-($%("+%:'2-(%2'%("+%6&)5%2: %("+%

%U234>%['&-5:2'(%a%\&)26$+-%ABFYZ%CDRAEBW%]+&4+%EDDEZ%ABERABFH
e
ADC X3c&"#9%XH%<3$$+#->%8&1#4%O+'(&#%a%X&'5%;*(&G++*

=&(+H%J2'9&**7>%("+%,'+$+-)+%2: %)2*2$$#%G23*4%#4+-(#:7%#(%&$%("+%9&#-%+-('&-)+H%J2%)2*2$$#%G23*4%
6+%+0,+)(+4%2-%("+%2("+'%$#4+%2: %("+%=&(+>%/6&H>%&*2-=%("+%J#-3'(&%)23'(7&'4H%!"+%&6$+-)+%2: %&%422'>%
"2G+1+'>%9&5+$%$3)"%&-%#-(+','+(&(#2-%3-)+'(&#-H
!"+%92$(%)29,+**#-=%&'=39+-(%:2'%'+)2-$('3)(#-=%("+%G+$(+'-%=&(+%&$%"&1#-=%6++-%2'#+-(&(+4%(2%("+%+&$(%
#$% ("+% $#9#*&'% 2'#+-(&(#2-% 2: % ("+% +&$(+'-% =&(+% 2: % ("+% ?"&''&(% J#,"#% )23'(7&'4H% !"+% J#-3'(&% !+9,*+% 42+$%
-2(%)3''+-(*7%,2$$+$$%#($%2G-%+0(+'-&*%+-('&-)+H%.-%,'#-)#,*+%("+%J#-3'(&%)23'(7&'4%)23*4%&*$2%"&1+%6++-%
+-(+'+4%("'23="%("+%92$(*7%3-5-2G-%$23("+'-%&'+&%2: %("+%)23'(7&'4H%]+&4+%'+)2-$('3)(+4%&%:3'("+'%)+**&>%
G"2$+% $"&,+% "+% )2,#+4% :'29% ("+% ?"&''&(% J#,"#% )+**&>% &(% ("#$% *2)&(#2->% 63(% ("+% ,'+$+-)+% 2: % &-% +0(+'-&*%
+-('&-)+%)&--2(%6+%+0)*34+4H%?3)"%=&(+%#$>%"2G+1+'>%3-*#5+*7%43+%(2%("+%*#-+&'%-&(3'+%#-%G"#)"%921+9+-(%
G&$%-2'9&**7%2'=&-#$+4%#-%;$$7'#&-%63#*4#-=$H
;$$7'#&-%(+9,*+$%&-4%,&*&)+$%(+-4%(2%"&1+%2-*7%2-+%9&#-%+-('&-)+H%!"+%=&(+$%2: %("+%?"&''&(%J#,"#%!+9,*+%
$3==+$(%("&(%("+%9&#-%921+9+-(%G&$%:'29%("+%+&$(H%!"+%-&(3'+%2: %("+%)23'(7&'4%+&$(%2: %("+%?"&''&(%J#,"#%
(+9,*+%#$%$(#**%3-)*+&'H%.(%)23*4%'+,'+$+-(%("+%23($#4+>%(3'-#-=%("+%+&$(+'-%?"&''&(%J#,"#%=&(+%#-(2%("+%9&#-%
+0(+'-&*%+-('&-)+>%2'%"&1+%:2'9+4%&%&44#(#2-&*%#-(+'-&*%)23'(7&'4%G#("%("+%23($#4+%6+#-=%*2)&(+4%:&'("+'%&G&7H%
!"+% )29,*+0% &,,+&'$% (2% "&1+% 6++-% 2'=&-#$+4% #-(2% &% $+/3+-)+% 2: % )23'(7&'4$% G#("% ("+% J#-3'(&% !+9,*+%
'+,'+$+-(#-=%("+%+-4%2: %("+%'23(+H%?3)"%$+/3+-)+%G#("%#($%&$$2)#&(+4%"#+'&')"7%2: %&))+$$#6#*#(7%$++9$%3-#/3+H%
;%$#9#*&'%4#$(#-)(#2-%#-%("+%&))+$$#6#*#(7%2: %("+%)+**&+%4#4%-2(%+0#$(%#-%("+%(+9,*+%)29,*+0%&(%O"2'$&6&4H
!"#$%&
!"#$%&''()*"+%,"-".$'

!"#$%& $'()$*)"+$,"-'$./+"01$23$4)+'"56$2"-)/$%1$7"+#%8"$9$7%+')+$:;;<=>
!"#$%&'
!"#$%&((()' /01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$-

D0DUEOHWKUHVKROGEHWZHHQURRPDQGFRXUW\DUG$-

E&RXUW\DUG XQFRYHUHGLQ /RRNLQJVRXWK F6WRUDJHMDUVIRXQGLQURRP


*+,-&./+0&$1%&2$#3/4#2%&3-&3$2&-+/$1%#2$%/-&4+/-%/5&61%&
7#"#4%82&%9$%/-#"&,#""&32&2%%-&+-&$1%&"%.$&+. &$1%&71+$+5&
([FDYDWLRQVDUHWDNLQJSODFHLQURRP
/01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$- !"#$%&((()''

D9LHZRI URRP

E-RLQWLQJRI WKHXQGHUJURXQGKDOO·VURRI
!"#$%&((()''' /01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$-

#5&61%&:+;/$1&<%""&.+;-*&3-&4+;/$=#/*&>?5

E:DOOVLQFRUULGRUVKRZLQJEDNHGEULFNVDWWKHEDVH
/01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$- !"#$%&((('(

D.HUQRVW\SHSRWWHU\IURPXQGHUJURXQGURRP&EHORZURRP ,0 

E0DUEOHMDUIRXQGLQFRXUW\DUG F7ZRKDQGOHG&\SULRWHMXJIRXQGLQWKHYDXOW
XQGHUURRP ,0 

G&XSIRXQGLQWKHÀUVWFKDPEHURI WKHXQGHUJURXQGYDXOW H3ODWHPDGHRI (J\SWLDQEOXHIULWIRXQGLQXQGHU@


,0  JURXQGYDXOW ,0 
!"#$%&(A /01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$-

D&DUYHGVWRQHFXSIRXQGLQZHOO ,0 

E6PDOOJOD]HGMDUVIRXQGLQWKHYDXOWXQGHUURRP ,0 
/01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$- !"#$%&(A'

D7KHORZHUSRUWLRQUHPDLQVRI WKHEXOODQGOLRQFRORVVLSODFHGDORQJWKH
VRXWKHDVWHQWUDQFHZD\LQURRP &HQWUDO3DODFH 

E%ORFNHGQRUWKHQWUDQFHLQURRP &HQWUDO3DODFH 

F6PDVKHGSRWWHU\XQGHUQHDWKDODWHSHUKDSVSRVW1HR$VV\ULDQZDOOLQURRP &HQWUDO3DODFH 
!"#$%&(A'' /01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$-

D'UDLQDJHSLSHFHUDPLFVIRXQGLQ E&HUDPLFODPSVIRXQGLQWKH&HQWUDO%XLOGLQJ
URRP ,0 

F([DPSOHVRI MDUVIRXQGLQWKH&HQWUDO%XLOGLQJ G3ODWHVIRXQGLQWKH&HQWUDO%XLOGLQJ


,0 

H-DUVWDQGVIRXQGLQWKH&HQWUDO%XLOGLQJ ,0  I/DUJHFHUDPLFYHVVHOIRXQGLQWKH


&HQWUDO%XLOGLQJ
/01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$- !"#$%&(A'''

D:DOODERYHWKHGUDLQDJHJRLQJWKURXJKWKH E*HRPHWULFÁRZHUGHVLJQVLQWKHQLFKHIRXQGLQWKH
HDVWHUQZDOORI URRP 8SSHU&KDPEHUV  HDVWZDOORI URRP 8SSHU&KDPEHUV 

45&61%&2+;$1%/-&7#/$&+. &/++0&B&,3$1&$1%&*/#3-&3-&$1%& G7KHVRXWKHUQSDUWRI URRPZLWKDIUDJPHQWRI D


ORZHUULJKWFRUQHU 8SSHU&KDPEHUV  EDWKWXEVODE 8SSHU&KDPEHUV 
!"#$%&(A') /01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$-

D3DUWRI WKHGUDLQDJHV\VWHPLQURRP E5RRPZLWKRQHRI WKHRULJLQDOWUDPOLQHV


8SSHU&KDPEHUV  8SSHU&KDPEHUV 

F,QVFULEHGWKUHVKROG0RVXOPDUEOHVWRQHIRXQGEHWZHHQURRPVDQG 8SSHU&KDPEHUV 
/01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$- !"#$%&(A)

D/LRQVÁDQNLQJWKHHDVWHUQHQWUDQFHLQWRWKH6KDUUDW1LSKL7HPSOH

E'HWDLORI QRUWKHUQOLRQÁDQNLQJWKHHDVWHUQHQWUDQFHLQWRWKH6KDUUDW1LSKL7HPSOH

F:HVWHUQJDWHRI WKH6KDUUDW1LSKL&RXUW\DUG
!"#$%&(A)' /01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$-

D:HVWHUQJDWHRI WKH6KDUUDW1LSKL&RXUW\DUG

E'HWDLORI VRXWKHUQEXOOFRORVVLLQWKHZHVWHUQJDWH F1RUWKHUQEXOOFRORVVLLQWKHZHVWHUQJDWHRI WKH6KDUUDW


RI WKH6KDUUDW1LSKL&RXUW\DUG 1LSKL&RXUW\DUG
/01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$- !"#$%&(A)''

#5&C%$#3"&+. &2+;$1%/-&D;""&4+"+223&3-&$1%&,%2@ E+HDGRI WKHEXOOFRORVVLLQWKHZHVWHUQJDWHRI WKH


WHUQJDWHRI WKH6KDUUDW1LSKL&RXUW\DUG 6KDUUDW1LSKL&RXUW\DUG

F1RUWKHUQEXOOFRORVVLLQWKHZHVWHUQJDWHRI WKH6KDUUDW1LSKL&RXUW\DUG
!"#$%&(A)''' /01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$-

E)UDJPHQWRI DZLQJHGÀJXULQHPDGHRI IULW


EF1#//#$&G3713&6%07"%H5

D)UDJPHQWRI DZLQJHGÀJXULQHPDGHRI EOXHIULW


EF1#//#$&G3713&6%07"%H5

F)UDJPHQWRI ZKLWHPDUEOH 6KDUUDW1LSKL7HPSOH  G3RWWHU\IUDJPHQW 6KDUUDW1LSKL7HPSOH 

H)UDJPHQWRI DOLRQKHDGRULJLQDOO\SDUWRI WKHHDVWHUQ I)UDJPHQWRI ELUG¶VOHJVPDGHRI EURQ]H


"3+-&3-&$1%&%-$/#-4%&3-$+&$1%&F1#//#$&G3713&4%""#5 EF1#//#$&G3713&6%07"%H5
/01"2*3%/4%50''$*+6%7"8*9%:$)#"*%;%/")<%&-#"=$$- !"#$%&(A'(

D,QFHQVHEXUQHUIRXQGO\LQJRQLWVVLGHLQWKHVRXWKZHVWHUQQLFKHRI WKH6KDUUDW1LSKLFRXUW\DUG

E)UDJPHQWRI DQLQVFULEHGSULVP 6KDUUDW1LSKL7HPSOH 


!"!#"$%&'()*
!""#$%&'(&)*+

!"#! "#$%&'!()#!*#&+,-(.#/$%0,1!23+#4&,!5!6#78!9!:&+,;
!"#$%&'()! "#$%&'!()#!*#&+,-(.#/$%0,1!3+&%+(-+!23+#4&,!5!6#78!9!:&+,;
!*!! "<+#&$7,!=.0#,74!.( !"#$%7+.4.1>?!@%+!=.0#,74!.( !-%+!"#$%7+.4.1&$74!A,/-&-0-+!.( !
"<+#&$7!2B+C!D.#E;
!+($,-./00'1! "E%! F0#7--&<! G! H+/! I&'+/! J+! 4KL0M%#7-+N! OP<.&#+/! JK7#$%P.4.1&+! +-! JK%&/-.&#+!
#P1&.,74+/!&,-+#J&/$&M4&,7&#+/!2H>.,;
!++/2'3/! "EE7J&$7N! FP#&.J&Q0+! R&<+/-#&+4! J+! 47! S.,J7-&.,! "//>#&.4.1&Q0+! 6+.#1+/! T.//&,!
2H.0'7&,;
$O5ĆÀGĆQ $O5ĆÀGĆQ-RXUQDORI :HVWHUQ$VLDWLF6WXGLHV 7RNLR
$QDWROLFD!! ",7-.4&$7N!",,07&#+!&,-+#,7-&.,74!M.0#!4+/!$&'&4&/7-&.,/!J+!4U"/&+!7,-P#&+0#+V!M0R4&P!
/.0/! 4+/! 70/M&$+/! J+! 4UA,/-&-0-! %&/-.#&Q0+! +-! 7#$%P.4.1&Q0+! ,P+#47,J7&/! W! A/-7,R04!
2H+&J+,;
!456$6-778)$ $QFLHQW1HDU(DVWHUQ6WXGLHV6XSSOHPHQW6HULHV /RXYDLQ²3DULV²6WHUOLQJ
!#!9! "4-+#!*#&+,-!0,J!"4-+/!@+/-7<+,-!2X+'+47+#!5!B+0E&#$%+,GY40>,;
$R)! "4-.#&+,-74&/$%+!S.#/$%0,1+,!23+#4&,;
$WKHQDHXP 6WXGLGL/HWWHUDWXUDH6WRULDGHOO·$QWLFKLWj &RPR
!:#$ $OWHUWXPVNXQGH GHV 9RUGHUHQ 2ULHQWV $UFKlORJLVFKH 6WXGLHQ ]XU .XOWXU XQG
6+/$%&$%-+!J+/!"4-+,!.#&+,-/!2O),/-+#;
%D)! 371%J7J+#!S.#/$%0,1+,N!T"AN!"R-+&40,1!371%J7J!2O7&,8;
%!;! 3&R4&.-%ZQ0+!7#$%P.4.1&Q0+!+-!%&/-.#&Q0+!2F7#&/;
%$5,QW6HULHV %ULWLVK$UFKDHRORJLFDO3UHVV,QWHUQDWLRQDO6HULHV 2[IRUG
%!96; %HULFKWHGHU$XVJUDEXQJ7DOOãēʒʏDPDG'ŗU.DWOLPPX %HUOLQ²:LHVEDGHQ
%<6=6 %XOOHWLQ7KH&DQGLDQ6RFLHW\IRU0HVRSRWDPLDQ6WXGLHV 7RURQWR
%>!! 3044+-&,!.( !-%+!A,/-&-0-+!.( !"#$%7+.4.1>!2H.,J.,;
%>?! %HLWUlJH]XP,QVFKULIWHQZHUN$VVXUEDQLSDOVGLH3ULVPHQNODVVHQ$%& .'
LV!SV!6V![V!=!0,J!@!/.C&+!7,J+#+!A,/$%#&(-+,!2:&+/R7J+,;\!/++!3.#1+#!]^^_
<= &XQHLIRUP0RQRJUDSKV *URQLQJHQ
<;!45$ &XOWXUHDQG+LVWRU\RI WKH$QFLHQW1HDU(DVW /HLGHQ²%RVWRQ
@!!! T+,E<`4+#!7,-&E+#!"#$%&-+E-0#!23+#4&,;!
@/=! T7<7/8+,+#!O&--+&40,1+,!2O7&,8;
509. (WXGHVHW7UDYDX[7UDYDX[GX&HQWUHG
$UFKpRORJLH0pGLWHUUDQpHQQHGHO
$FDGpPLH
3RORQDLVHGHV6FLHQFHV :DUV]DZD
;!45=$ [&/-.#>!.( !-%+!",$&+,-!B+7#!L7/-!O.,.1#7M%!2F7J.'7;
;2#$$$ $ [7,JR0$%!J+#!*#&+,-74&/-&E!2H+&J+,!5!3./-.,!5!Xa4,;
><!!45!b! [N!X)%,+!2+JN;!cddeN!@%+!#+$.,/-#0$-&.,!.( !+,'&#.,<+,-N!B7-0#74!I+/.0#$+/!7,J!!
 +XPDQ,QWHUUHODWLRQVWKURXJK7LPH$UW+LVWRU\9LVXDO&RPPXQLFDWLRQ 
 3URFHHGLQJVRI WKHWK,QWHUQDWLRQDO&RQJUHVVRQWKH$UFKDHRORJ\RI WKH 
!! ",$&+,-!B+7#!L7/-!2:&+/R7J+,;
><!!45!_! FN!O7--%&7+!2+JN;!cd]dN!B+7#!L7/-+#,!"#$%7.4.1>!&,!-%+!M7/-V!M#+/+,-!7,J!(0-0#+N!!
! ! [+#&-71+!7,J!!AJ+,-&->N!L-%,.7#$%7+.4.1&$74!7,J!&,-+#J&/$&M4&,7#>!7MM#.7$%V!#+/04-/!!
  DQGSHUVSHFWLYHV9LVXDOH[SUHVVLRQDQGFUDIWSURGXFWLRQLQWKH  
  GHÀQLWLRQRI VRFLDOUHODWLRQVDQGVWDWXV3URFHHGLQJVRI WKHWK,QWHUQDWLRQDO
  &RQJUHVVRQWKH$UFKDHRORJ\RI WKH$QFLHQW1HDU(DVW :LHVEDGHQ
>./A! A#7Q!2H.,J.,;
>6>=B 5HYLVWDVREUH2ULHQWH3Uy[LPR\(JLSWRHQODDQWLJHGDG 0DGULG
*456$ -RXUQDORI 1HDU(DVWHUQ6WXGLHV &KLFDJR²1HZ<RUN
C!D$ $ $ .HLOVFKULIWWH[WHDXV$VVXUOLWHUDULVFKHQ,QKDOWV :LHVEDGHQ  $?:@#E$]]_V!]]fV!!
!! ]c]
=@#E! O&--+&40,1+,!J+#!T+0-/$%+,!*#&+,-G6+/+44/$%7(-!23+#4&,;
0HVRSRWDPLD 0HVRSRWDPLD5LYLVWDGL$UFKHRORJLD(SLJUDÀDH6WRULD2ULHQWDOH$QWLFD 7RULQR
#>, 2ULHQWDO,QVWLWXWH3XEOLFDWLRQV &KLFDJR
,>;!46 3XEOLFDWLRQV GH O
,QVWLWXW +LVWRULTXH HW $UFKpRORJLTXH 1pHUODQGDLV j 6WDPERXO
2H+&J+,;
F!! I+'0+!Jg7//>#&.4.1&+!+-!Jg7#$%P.4.1&+!.#&+,-74+!2F7#&/;
FE9< 5pSHUWRLUHJpRJUDSKLTXHGHVWH[WHVFXQpLIRUPHV :LHVEDGHQ
F>=!! I.>74! A,/$#&M-&.,/! .( ! O+/.M.-7<&7N! "//>#&7,! F+#&.J/! 2@.#.,-.! 5! 30((74.! 5!
H.,J.,;\!/++!6#7>/.,!]^efV!]^^]V!]^^_
F>=%! I.>74!A,/$#&M-&.,/!.( !O+/.M.-7<&7N!37R>4.,&7,!F+#&.J/!2@.#.,-.!5!30((74.!5!
H.,J.,;\!/++!S#7<+!]^^h
F>=5! I.>74!A,/$#&M-&.,/!.( !O+/.M.-7<&7N!L7#4>!F+#&.J/!2@.#.,-.!5!30((74.!5!H.,J.,;\!
/++!S#7>,+!]^^dV!]^^i
F>4!,! @%+!I.>74!A,/$#&M-&.,/!.( !-%+!B+.G"//>#&7,!F+#&.J!2:&,.,7!H7E+;
F8! 5HDOOH[LNRQGHU$VV\ULRORJLH /HLS]LJ!9!3+#4&,;
6!! 6WDWH$UFKLYHVRI $VV\ULD +HOVLQNL
6!!% 6WDWH$UFKLYHVRI $VV\ULD%XOOHWLQ 3DGRYD
6!!6 6WDWH$UFKLYHVRI $VV\ULD6WXGLHV +HOVLQNL
60!9 6WXGLHQ]XGHQ$VVXU7H[WHQ 6DDUEUFNHQ
6-G/.0-$$ 6XEDUWX(XURSHDQ&HQWUHIRU0HVRSRWDPLDQ6WXGLHV2@0#,%.0-;
6-1&.$ 6XPHU -RXUQDO RI  $UFKDHRORJ\ DQG +LVWRU\  LQ ,UDT 7KH 5HSXEOLF RI  ,UDT
T&#+$-.#7-+!6+,+#74!.( !",-&Q0&-&+/!2371%J7J;N
6:!  6FKULIWHQ]XUYRUGHUDVLDWLVFKHQ$UFKlRORJLH 6DDUEUFNHQ 
6\QWKHVH 6\QWKHVH(GLWLRQV5HFKHUFKHVXUOHVFLYLOLVDWLRQV 3DULV
6H.'/$ $  6\ULD5HYXHG·DUWRULHQWDOHWG·DUFKpRORJLH 3DULV
?!$ $ $ :.#4J!"#$%7+.4.1>!2H.,J.,!5!B+C!D.#E;
?#$ T&+!:+4-!J+/!*#&+,-/N!:&//+,/$%7(-4&$%+!3+&-#`1+!80#!X0,J+!J+/!O.#1+,J47,J+/!
:XSSHUWDO²6WXWWJDUW²*|WWLQJHQ
?:@#E! :&//+,/$%7(-4&$%+! Y+#a((+,-4&$%0,1+,! J+#! T+0-/$%+,! *#&+,-G6+/+44/$%7(-!
/HLS]LJ2VQDEUFN%HUOLQ6DDUEUFNHQ6DDUZHOOLQJHQ:LHVEDGHQ
I!! j+&-/$%#&(-!()#!"//>#&.4.1&+!0,J!Y.#J+#7/&7-&/$%+!"#$%`.4.1&+!2H+&M8&1!9!3+#4&,;
I#.!$$ $ j+&-/$%#&(-!()#!*#&+,-G"#$%`.4.1&+!23+#4&,!5!B+C!D.#E;
,&"-&).#'/01

!"#$!%%!&'$!('$")*+*,#-.'$/($0$1-..!*+'$!($*($2345($H7!/-7-0+!J+!@+44!S+E%+#&>P!+-!/.,!&,/$#&M-&.,!
R&4&,10+!7//>#.G7#7<P+,+V!L-0J+/!"//>#&.4.1&Q0+/!fV!F7#&/N
!67!'$!($!($0$!.8-*!9-'$1($%($-($23:;($1LPUXG¶&DODK·%DJKGDG
!71!+'$!($<($5===($([FDYDWLRQ DW 4DGKLDK WKH 7H[WV RI  7XNXOWL1LQXUWD ,, ² %&  /8J
5ĆÀGĆQ!c]V!h]5h^N
k! 5==5($$GDG1ēUĆUL,,,·V+LVWRULFDO7H[WVIURP.DOKX6-1&.!hcV!cf5i]N
!.",>+!'$/($234;($7KH 3DODFH RI  6DUJRQ .LQJ RI  $VV\ULD 0RQXPHQWDO :DOO 5HOLHIV DW 'XU
6KDUUXNLQIURP2ULJLQDO'UDZLQJV0DGHDWWKH7LPHRI 7KHLU'LVFRYHU\LQ²E\
3.--7!7,J!S47,J&,NV!6\QWKHVH!ccV!F7#&/N!
k! 23:4($$VV\ULDQ&DUSHWVLQ6WRQH-RXUQDORI WKH$QFLHQW1HDU(DVWHUQ6RFLHW\RI &ROXPELD8QLYHUVLW\!
]dV!]5ibN
k! 233?($H+/!J+//&,/!J+!S47,J&,V!&,!S.,-7,!]^^bV!]eb5]^hN
k! 5==@($*#,7<+,-74!:744!F7&,-&,1!&,!-%+!"#-!.( !-%+!"//>#&7,!L<M&#+V!<=!ceV!H+&J+,N
!.",>+!'$/($0$6#*!.>-AB'$,($234;($6RPH )UDJPHQWV RI  6WRQH 5HOLHIV IURP .KRUVDEDG *456!
bh9iV!ci]5cbcN
!.87!<!>-'$7($7($5===($$XV GHQ LUDNLVFKHQ *UDEXQJHQ LQ $VVXU ² 6SlWDVV\ULVFKH
3ULYDWKlXVHULQGHU6WDGWPLWWH=@#E!]icV!hh5_iN!
!>+*!,'$C($23=3($T+#!",0G"J7JG@+<M+4!&,!"//0#V!"#$%&!2=(
k! 232D($T&+!S+/-0,1/C+#E+!'.,!"//0#V!?:@#E!ciN
k! ]^ieE523::($T7/!C&+J+#+#/-7,J+,+!"//0#V!3+#4&,9O),$%+,N
!>+*!,'$C($0$.,>F,>'$7($23DD($T&+!F7#-%+#/-7J-!"//0#V$?:@#E$@:(
!>+*G8%!.H->-'$"($233@($I+<7#Q0+/! /0#! 4+/! &,/$#&M-&.,/! J+/! #+4&+(/! J0! M747&/! J+! X%.#/7R7JV! &,!
&DXEHW²
!>>#%'$!($0$.,>F-'$!($5=2=N$/XGOXOEēOQēPHTL7KH6WDQGDUG%DE\ORQLDQ3RHPRI WKH5LJKWHRXV
6XIIHUHU6!!&XQHLIRUP7H[W
"!67+)'!!(!1(!,I$!.($J,+%(K!cdd^N$@+44![747(?!Y.#R+#&$%-+!)R+#!J&+!+#/-+!0,J!8C+&-+!/>#&/$%GJ+0-/$%+!
*UDEXQJVNDPSDJQH 9RUGHUDVLDWLVFKH )RUVFKXQJHQ GHU 0D[ )UHLKHUU YRQ 2SSHQKHLP
6WLIWXQJ,:LHVEDGHQ
"!67+)'$!($,I$!.($J,+%(K$cd]cN!@+44! [747(?! Y.#R+#&$%-! )R+#! J&+! J#&--+! R&/! (),(-+! />#&/$%GJ+0-/$%+!
*UDEXQJVNDPSDJQH 9RUGHUDVLDWLVFKH )RUVFKXQJHQ GHU 0D[ )UHLKHUU YRQ 2SSHQKHLP
6WLIWXQJ,,:LHVEDGHQ
"!*>,II'$*($+($23:;($6FXOSWXUHV IURP WKH 1RUWK 3DODFH RI  $VKXUEDQLSDO DW 1LQHYHK ²
%& /RQGRQ
445 !"#$%"&"'()*$+,$-'."$/&&0(1',$2'3')"&

"!*>,II'$*($+($0$&!.B>,*'$1($23;5N$7KH6FXOSWXUHVRI $ääXUQDʔLUDSOL,,²%&7LJODWK
SLOHVHU,,,²%&DQG(VDUKDGGRQ²%&IURPWKH&HQWUDODQG6RXWK:HVW
F747$+/!7-!B&<#0JV!H.,J.,N
"!II->-'$.($2334($/HVSRUWHVXUEDLQHVGHODFDSLWDOHGH6DUJRQ,,pWXGHVXUODSURSDJDQGHUR\DOHj
WUDYHUVOHVGRQQpHVDUFKpRORJLTXHVHWWH[WXHOOHVLQ-3URVHFNë HG ,QWHOOHFWXDO/LIHRI WKH
",$&+,-!B+7#!L7/-V!F7M+#/!F#+/+,-+J!7-!-%+!bi#J!I"AV!F#710+V!=04>!]5hV!]^^_V!b]5hhN
",>,A7'$A($5==D($F#./M+$-&.,/! <71,P-&Q0+/! /0#! 4+! /&-+! J+! @+44! O7/7lE%?! M#+<&+#/! #P/04-7-/V! &,!
I.0704-!m!O.#7!cddiV!hei5hebN
",*6!1->-'$6($233?($©6SROLLV2ULHQWLVRQXVWXVª3DXOePLOH%RWWDHWODGpFRXYHUWHGHODFLYLOLVDWLRQ
7//>#&+,,+V!&,!S.,-7,!]^^bV!_e5ehN
",*I7-,*'$%($5==2N$H+!M+0M4+<+,-!#0#74!+-!4+/!7<P,71+<+,-/!%>J#.71#&$.4+/!J7,/!47!O.>+,,+!'744P+!
GHO
(XSKUDWHHQWUHODÀQGX9,,HHWOH;,9HVLqFOH(WXGHDUFKpRORJLTXHLQ6%HUWKLHU &2N;V!
F+0M4+<+,-!#0#74!+-!7<P,71+<+,-/!%>J#.71#&$.4+/!J7,/!47!O.>+,,+!'744P+!J+!4UL0M%#7-+V!S&,!
GX9,,H²;,;HVLqFOH'DPDV²
".!<.)AB'$%($5==3($7LOOH+|\N7KH,URQ$JH,QWURGXFWLRQ6WUDWLÀFDWLRQDQG$UFKLWHFWXUH
%,$0RQRJUDSK2[IRUG
"LBL><-'$%($233=($@&+#%74-0,1! 0,J! =71JN! @&+#E,.$%+,(0,J+! J+#! "0/1#7R0,1+,! ]^_b! R&/! ]^e]V!
.ĆPLGHO/Ń]%RQQ
"L*B,*8B.M7>'$N($2345($"4-'.#J+#7/&7-&/$%+!3&4J/-+4+,!0,J!'+#14+&$%R7#+!S+4/#+4&+(/V!%D)!bV!O7&,8N
")*6,*'$*($23@;($T&+!A,/$%#&(-+,!"/7#%7JJ.,/!Xa,&1/!'.,!"//>#&+,V!!"#$%&'(&"0$KV!6#78N
k! ]^eeN$.|QLJ6DQKHULEV(KHJOFN$QQXDO5HYLHZRI WKH5R\DO,QVFULSWLRQVRI 0HVRSRWDPLD3URMHFW_V!!
h5]]N
k! ]^^_N$%HLWUlJH]XP,QVFKULIWHQZHUN$VVXUEDQLSDOVGLH3ULVPHQNODVVHQ$%& .'()
6V![V!=!0,J!@!/.C&+!7,J+#+!A,/$%#&(-+,V!:&+/R7J+,N
")II!'$/($,($24??($/HWWHUVGH0%RWWDVXUVHVGpFRXYHUVWj1LQLYH6HFRQGHOHWWUH-RXUQDODVLDWLTXH!
]V!^]5]diN
k! ]eb^!N$O.,0<+,-!J+!B&,&'+N!@.<+!A?!"#$%&-+$-0#+!+-!/$04M-0#+V!F7#&/N
k! ]eb^"N$O.,0<+,-!J+!B&,&'+N!@.<+!AA?!"#$%&-+$-0#+!+-!/$04M-0#+V!F7#&/N
k! ]ehdN$0RQXPHQWGH1LQLYH7RPH97H[WH3DULV
"#>>,>%'$6($2335N$0HOERXUQH 8QLYHUVLW\ ([FDYDWLRQV DW 7HOO $KPDU RQ WKH (XSKUDWHV 6KRUW
5HSRUWRQWKH²6HDVRQV!++/2'3/!f^9edV!]5]iN
k! cdddN$(VVD\VRQ6\ULDLQWKH,URQ$JH!456$6-778N!fV!H.0'7&,N
A!#",I'$!($J,+(K$233@($.KRUVDEDGOHSDODLVGH6DUJRQ,,URLG
$VV\ULHDFWHVGXFROORTXHRUJDQLVp
DXPXVpHGX/RXYUHSDUOH6HUYLFHVFXOWXUHOOHVHWMDQYLHU/RXYUHFRQIpUHQFHVHW
$.44.Q0+/V!F7#&/N
A7,H!.-,*'$>($233?($Y&$-.#!F47$+!?!$.,/047-!+-!7#$%P.4.1&+V!&,!S.,-7,!]^^bV!^b5]d]N
A7).-+-%'$>($0$1!*I->'$.($J,+%(K$5=2=N$@+44! [747( ! YN! A<! X#&+1! 8+#/-a#-+! T+,E<`4+#! 0,J! &%#+!
I+/-70#&+#0,1V!3+#4&,9B+C!D.#EN
61731+8('9*0 44:

A-&!*,..-'$1($233@($(QPLW\$OLHQDWLRQDQG$VV\ULDQL]DWLRQ7KH5ROHRI &XOWXUDO'LIIHUHQFHLQWKH
9LVXDODQG9HUEDO([SUHVVLRQRI $VV\ULDQ,GHRORJ\LQWKH5HLJQRI $ääXUQDVLUSDO ²
%& *UDGXDWH6FKRRORI $UWVDQG6FLHQFHV'RFWRURI 3KLORVRSK\&RORPELD8QLYHUVLW\
A)..->%'$"($N($5==5N$$QLPDOVLQ+LWWLWH/LWHUDWXUHLQ%-&ROOLQV &2N;V!!"![&/-.#>!.( !-%+!",&<74!
:.#4J!&,!-%+!",$&+,-!B+7#!L7/-V!;2#!AV!_bV!3./-.,V!cif5chdN
A)..)>'$+($5==2($X,.--+J! 6&#-%/V! &,! =NG:N! O+>+#V! ON! B.'nE! m! "N! F#0o! 2+J/);V! 3+&-#`1+! 80#!
'.#J+#7/&7-&/$%+,!"#$%`.4.1&+?!:&,(#&+J!*#-%<7,,!1+C&J<+-V!S#7,E(0#-!7<!O7&,V!hb5_iN
A*!"I*,,'$/($N($233=($=RRDUFKDHRORJ\DQG&RPSOH[6RFLHWLHV6RPH8VHVRI )DXQDO$QDO\VLVIRU
WKH6WXG\RI 7UDGH6RFLDO6WDWXVDQG(WKQLFLW\$GYDQFHVLQ$UFKDHRORJLFDO0HWKRGDQG7KHRU\cV!
]hh5cdhN
+,1!>6,'$&($233?($L01Z,+!S47,J&,V!0,!M+&,-#+!7#$%P.4.10+V!&,!S.,-7,!]^^bV!e_5^iN
+,*AB%,>'$N($6($5==?($*4J!"//>#&7,!A,/-&-0-&.,/V!,>;!46!^eN
+)>"!F'$H($2335($7KH¶KRXVHRI NLQJV·LQWKH&LW\RI $ääXULQ+2WWHQ&0$/8N!2+J/N;![&--&-+!7,J!
RWKHU$QDWROLDQDQG1HDU(DVWHUQ6WXGLHVLQ+RQRXURI 6HGDW$OS²
+)*>!#,*'$!($5=2=($'LH *HVFKLFKWH YRQ *ŗ]ĆQD LP /LFKWH GHU VFKULIWOLFKHQ =HXJQLVVH LQ 1
&KROLGLV /0DUWLQ²
+#*-'$*($5==5$XVGHQLUDNLVFKHQ*UDEXQJHQLQ$VVXU6SlWQHXDVV\ULVFKH:RKQEHEDXXQJ
M7#-%&/$%+!6#7RR70-+,!0,J!J+#!*/-M747/-V!=@#E!]ibV!ef5]dcN
+#*-'$*('$!.8'$*!%7,,+'$9($7($0$7!1F,'$7($!($cd]]N$7KH,UDTL([FDYDWLRQVLQWKH&LW\RI $VVXU
2]^^^5cddc;V!6-1&.!h_V!]]]5]hd!27#7RN;N
,+F!*+'$+($)N$]^^i5]^^fN$VY0XäOĆ40!"N!F%&4.4.1&/$%V!F8!!eV!b^h5b^_N
,>6,.'$"($N($]^efN$T7#/-+440,1+,!'.,!T`<.,+,!0,J!@&+#+,!&,!7//>#&/$%+,!F74`/-+,!0,J!@+<M+4,!
QDFKGHQVFKULIWOLFKHQ4XHOOHQ0|QFKHQJODGEDFK
&-)*->!'$/($5==2($1LPUXGOHVFRTXLOODJHVGH)RUW6DOPDQDVDULQ&%UHQLTXHW &.HSLQVNL HGV 
(WXGHV0pVRSRWDPLHQQHV5HFXHLOGHWH[WHVRIIHUWVj-HDQ/RXLV+XRW%LEOLRWKqTXHGHOD
TP4P17-&.,!"#$%P.4.1&Q0+!S#7,p7&/+!+,!A#7Q!]dV!]_i5]fhN
&)>I!>'$,($2,+(;!]^^hN$'H.KRUVDEDGj3DULVODGpFRXYHUWHGHV$VV\ULHQV>H[SRVLWLRQ0XVpHGX
H.0'#+V!TPM7#-+<+,-!J+/!",-&Q0&-P/!*#&+,-74+/V!F7#&/V!cd!,.'N!]^^i!5!]b!(P'#N!]^^bqV!1RWHVHW
GRFXPHQWVGHVPXVpHVGH)UDQFHc_N!
&*!71'$,($233:($(LQOHLWXQJLQGLH6DQKHULE,QVFKULIWHQ!"#$%&'()!c_N
k! 5==4($6DQKHULEV%DXEHULFKWDXI GHP7RQSULVPD9$LQ3HGGH /XQGVWU|P²
cdbN
k! cdd^N$+LVWRULVFKHXQGKLVWRULVFKOLWHUDULVFKH7H[WH?:@#E C!D!i;N
&*!1,'$6($233@($5XOHUVRI %DE\ORQLD)URPWKH6HFRQG'\QDVW\RI ,VLQWRWKHHQGRI WKH$VV\ULDQ
'RPLQDWLRQ ²%& F>=%N
S*-,+*-A7'$N($,I$!.($]^bdN$'LH,QVFKULIWHQYRP7HOOʏDODI!"#$%&'()!_N
&#A7%'$!($233?($'LH,QVFKULIWHQ6DUJRQV,,DXV.KRUVDEDG*|WWLQJHQ
44; !"#$%"&"'()*$+,$-'."$/&&0(1',$2'3')"&

k! ]^^eN$'LH $QQDOHQ GHV -DKUHV  Y &KU QDFK 3ULVPHQIUDJPHQWHQ DXV 1LQLYH XQG $VVXU
6!!6!eN
k! cddeN$'HU7XUWĆQãDPäĥLOXXQGGLHJUR‰H=HLWGHUDVV\ULVFKHQ*UR‰HQ?#!ieV!_]5]bbN
&#A7%'$!($0$/!*/).!'$%($5==2N$7KH&RUUHVSRQGHQFHRI 6DUJRQ,,3DUW,,,/HWWHUVIURP%DE\ORQLD
7,J!-%+!L7/-+#,!F#.'&,$+/V!6!!!]hN
6!.I,*'$7($+('$.,H->,'$.($+($0$*,!+,'$N($,($234;($7KH&RORVVLRI 6HQQDFKHULE
V3DODFHDQGWKHLU
A,/$#&M-&.,/V!$QQXDO5HYLHZLI WKH5,03URMHFW!bV!cf5icN
6,)*6,'$!($*($234;($6HQQDFKHULEDQGWKH7DEOHWRI 'HVWLQLHV>./A!beV!]ii5]b_N!
6,<,*'$"($0$1)>A7!1",*I'$N(8<($cddiN$H7! R7//+! '744P+! J+! 4UL0M%#7-+! />#&+,! J0! BP.4&-%&Q0+! W!
4U7'Z,+<+,-!J+!4UA/47<V!3+>#.0-%N
6*!<%)>'$!($B($234:($ $VV\ULDQ 5XOHUV RI  WKH 7KLUG DQG 6HFRQG 0LOOHQQLD %& WR  %&  
'()*$2(
k! 2332$$VV\ULDQ5XOHUVRI WKH(DUO\)LUVW0LOOHQQLXP%& %& $O$'()*$5(
k! ]^^iN$$VV\ULDQ2IÀFLDOVDQG3RZHULQWKH1LQWKDQG(LJKWK&HQWXULHV6!!%!YAA9]V!]^5hcN
k! ]^^_N$$VV\ULDQ5XOHUVRI WKH(DUO\)LUVW0LOOHQQLXP%& %& $ F>=!!iN!
6*!F-)%-'$6($23;:($$UFKLWHWWXUDPHVRSRWDPLFDGDO,;DO9,VHFROR0HVRSRWDPLD!cV!]_h5]eiN
6#*!.>-AB'$,($5==5($1HZ'UDZLQJVRI .KRUVDEDG6FXOSWXUHVE\3DXOePLOH%RWWDF!!^_V!ci5h_N
k! cddeN$$VV\ULDQ&OD\+DQGV)URP.KRUVDEDG*456!_f9bV!cb]5cb_N
k! cd]dN$&RORUDW.KRUVDEDG3DODFHRI 6DUJRQ,,LQ><!!45!_V!fe]5f^]N
k! cd]]N$.KRUVDEDG5HOLHI )UDJPHQW3URMHFWLQ*-6WHLQ HG 2ULHQWDO,QVWLWXWH$QQXDO5HSRUW!
cd]d5cd]]V!e]5ehN
7!..,*'$!($23@?N$T&+!6#`R+#!0,J!6#)(-+!'.,!"//0#V!?:@#E!_bN
k! 23@@($'LH+HLOLJWPHUGHV*RWWHV$VVXUXQGGHU6LQãDPDä7HPSHOLQ$VVXU?:@#E!_fN
7,->*-A7'$,($234?($T&+!F74`/-+!&<!74-+,!O+/.M.-7<&+,V!@!!!]hN
7,%%,'$"($233=($F&1! H.'+#/! 7,J! F&1! [7-+#/?! F7--+#,/! .( ! F74+/-&,&7,! F.#E! F#.J0$-&.,V! -RXUQDO RI 
(WKQRELRORJ\]dV!]^h5cchN
7*)#+!'$"($23;5($@+44![747( !AYN!T&+!X4+&,(0,J+!70/!%&/-.#&/$%+#!j+&-V!3+#4&,N
³ ²0XäOĆ40!3N!"#$%`.4.1&/$%V!F8!!eV!b^_N
7#%%,->'$1($1($]^^_N$([FDYDWRLQVLQWKH:HVWHUQ6HFWLRQRI WKH:HVWHUQ3DUWRI WKH3DODFHRI 
X&,1!"//0#!B7/&#!F74!AAV!6-1&.!beV!_5cb!27#7RN;N
k! ]^^^5cdddN$([FDYDWLRQVLQ1LPUXGWKHWKVHDVRQ6-1&.!hdV!]]]5]b_N
k! cdd]5cddcN$:+44!b!&,!"/%0#,7/&#M74U/!M747$+!&,!B&<#0JV!6-1&.!h]V!]be5]eiN
k! cddcN$([FDYDWLRQVRI WKH'HSDUWPHQWRI $QWLTXLWLHVDQG+HULWDJHDW1LPUXG²LQ
HN!74G67&47,&!:+##!&0$/8)!2+J/;V!*( !F.-/!7,J!F47,/N!F7M+#/!.,!-%+!"#$%7+.4.1>!7,J![&/-.#>!.( !
0HVRSDWDPLDDQG6\ULD3UHVHQWHGWR'DYLG2DWHVLQ+RQRXURI KLVWK%LUWKGD\/RQGRQ
]bi5]hfN
61731+8('9*0 44<

7#%%,->'$1($1($0$!.86!-.!>-$C,**'$.($cddeN$5HFHQW([FDYDWLRQVLQ1LPUXGLQ-&XUWLV&0$/8)!2HGV;V!
1HZ /LJKW RQ 1LPUXG 3URFHHGLQJV RI  WKH 1LPUXG &RQIHUHQFH WK²WK 0DUFK 
H.,J.,V!ei5^eN
7#%%,->'$1($1($0$%#.,-1!>'$!($cdddN$1LPUXG $ &LW\ RI  *ROGHQ 7UHDVXUHV 'LUHFWRUDWH RI 
",-&Q0&-&+/!7,J![+#&-71+V!371%J7JN
N!"*'$1($233:P2334N$B.-+/!.,!-%+!"//>#&7,!F747$+!!3&-!%&47,&"!&,!B&,+'+%N!6-1&.!b^V!]hb5]_h!27#7RN;N
N!1-,%)>'$!($%($5===($,GHQWLI\LQJ 5RRP 8VH DQG 9HVVHO )XQFWLRQ $ &DVH6WXG\ RI  ,URQ $JH
3RWWHU\IURP%XLOGLQJ&DW7HOO$KPDU1RUWK6\ULDLQ%XQQHQV²
N)>6%1!86*,,>&-,.+'$I($0$6*,,>&-,.+'$7($5=2D($%URQ]H DQG ,URQ $JH 6XEVLVWHQFH &KDQJHV LQ
WKH8SSHU7LJULV=RRDUFKDHRORJ\RI 2SHUDWLRQ(DW=L\DUHW7HSH6RXWKHDVWHUQ7XUNH\LQ
YN!H&,/++4+!&0$/8 HGV 3URFHHGLQJVRI WKH,&$=²6:$VLD6\PSRVLXP%UXVVHOV-XQH²
$1(66XSSO/HXYHQ
B,*I!-'$+($5=22($.DOʒX·V3DODFHVRI :DUDQG3HDFH3DODFH$UFKLWHFWXUHDW1LPUXGLQWKH1LQWK
&HQWXU\%&>./A!fiV!f]5ehN
B*!&,.+8+!#67,*I<'$1($]^^bN$:.%,+,!&<!"4-+,!*#&+,-V!!:#!iN
BQ7>,'$7($2343P233=($7DOOãēʒʏDPDG'ŗU.DWOLPPX²!"#!i_5ifV!ide5iciN
k! ]^^hN$@%+!"//>#&7,/!&,!-%+!O&JJ4+!L0M%#7-+/!7,J!-%+![7R0#V!&,!ON!H&'+#7,&!2&2N;V!B+.G"//>#&7,!
6+.1#7M%>V!I.<+V!_^5ehN
.!AB,>"!A7,*'$%($233?($/DFRQVWUXFWLRQGH'XU6KDUUXNLQLQ)RQWDQ²
.!>6,>,66,*'$&('$1Q..,*'$B($0$>!#1!>>'$*($23@=($@+44![747( !AAN!T&+!370C+#E+V!3+#4&,N
.!*%,>'$1($I($233;N$7KH &RQTXHVW RI  $VV\ULD ([FDYDWLRQV LQ DQ $QWLTXH /DQG ²
H.,J.,N
.!<!*+'$!($7($24?3!($7KH0RQXPHQWVRI 1LQHYHKIURP'UDZLQJV0DGHRQWKH6SRW/RQGRQ
k! 24?3"($1LQHYHKDQGLWV5HPDLQV:LWKDQ$FFRXQWRI D9LVLWWRWKH&KDOG DQ&KULVWLDQVRI 
X0#J&/-7,V!7,J!-%+!D+8&J&/V!.#!T+'&4G:.#/%&MM+#/V!7,J!7,!A,Q0&#>!&,-.!-%+!O7,,+#/!7,J!"#-/!
.( !-%+!",$&+,-!"//>#&7,/V!Y.4N!cV!B+C!D.#EN
k! ]eb^$N$1LQHYHKDQGLWV5HPDLQV:LWKDQ$FFRXQWRI D9LVLWWRWKH&KDOG DQ&KULVWLDQVRI 
X0#J&/-7,V!7,J!-%+!D+8&J&/V!.#!T+'&4G:.#/%&MM+#/V!7,J!7,!A,Q0&#>!&,-.!-%+!O7,,+#/!7,J!"#-/!
.( !-%+!",$&+,-!"//>#&7,/V!Y.4N!]V!B+C!D.#EN
k! ]eh]N$"!F.M047#!"$$.0,-!.( !T&/$.'+#&+/!7-!B&,+'+%V!H.,J.,N
k! ]ehD!N$T&/$.'+#&+/!&,!-%+!#0&,/!.( !B&,+'+%!7,J!37R>4.,V!H.,J.,N
k! ]ehi"N$$6HFRQG6HULHVRI WKH0RQXPHQWVRI 1LQHYHK,QFOXGLQJ%DV5HOLHIVIURPWKH3DODFH
RI 6HQQDFKHULEDQG%URQ]HVIURPWKH5XLQVRI 1LPURXGIURP'UDZLQJV0DGHRQWKH6SRW
GXULQJD6HFRQG([SHGLWLRQWR$VV\ULD/RQGRQ
.,-A7I<'$,($5=22($7KH 5R\DO ,QVFULSWLRQV RI  (VDUKDGGRQ .LQJ RI  $VV\ULD ² %&  7KH
F>4!,!bV!:&,.,7!H7E+N
.,H8I)H'$N($5==;($@%+!S70,74!I+<7&,/?!",&<74!L$.,.<>!&,!-%+!A#.,!"1+!AV!&,!ON!:N!O++%4V!@N!
'RWKDQ 6*LWLQ HGV 7HO0LTQH(NURQH[FDYDWLRQV²)LHOG,1((DVW6ORSH
A#.,!"1+!A!2L7#4>!F%&4&/-&,+!F+#&.J;V!=+#0/74+<V!cdf5ciiN
44= !"#$%"&"'()*$+,$-'."$/&&0(1',$2'3')"&

.)#+'$6($23D;($",!"#$%&-+$-0#74!S.#<047!(.#!"//>#&7,!F47,,&,1V!F!!DD'$2@DP2;=(
.)#+'$6($0$!.I1!>'$A($]^ieN$.KRUVDEDG,,7KH&LWDGHODQGWKH7RZQ#>,!bdN
.)#+'$6('$&*!>B&)*I'$7($0$N!A)"%,>'$I($]^i_N$.KRUVDEDG3DUW,([FDYDWLRQVLQWKH3DODFHDQG
DWD&LW\*DWH#>,!ieN
.#AB,>"-..'$+($+($235?($7KH$QQDOVRI 6HQQDFKHULE#>,!cN
.#>+%I*L1'$%($5==3N$T&+!Xa,&1/1#)(-+!&<!"4-+,!F747/-!'.,!"//0#V!?:@#E!]ciN
k! ->$/*,%%($T&+!3701+/$%&$%-+!J+/!"4-+,!F747/-+/!'.,!"//0#V!&,!F#.$++J&,1/!.( !-%+!hc+!I+,$.,-#+!
"//>#&.4.1&Q0+!A,-+#,7-&.,74+V!O),/-+#V!=04&!cdd_N
.#>+%I*L1'$%($0$)*.!1Q>+,'$N($5=22($T&+!*#-%./-7-+,M47--+,!@&147-%M&4+/7#/!AN!0,J!"//0#,7/&#M74/!
AAN!70/!J+<!"4-+,!F747/-!'.,!"//0#V!?:@#E!]ihN
1!A6->>-%'$N($5=25($L'&J+,$+! (.#! 7! F+#&M%+#74! H7,1071+! &,! 7! B+.G"//>#&7,! @7R4+-! (#.<! -%+!
*RYHUQRU·V3DODFHLQ7XäKDQ$+,-.$:2E2'$2DP5=(
1!..)C!>'$1($,($.($]^hdN$([FDYDWLRQVDW1LPUXG²>./A!]c9cV!]bf5]eiN
k! ]^hcN$([FDYDWLRQVDW1LPUXG .DOʒX >./A!]b9cV!]5ciN
k! ]^hbN$([FDYDWLRQVDW1LPUXG .DOʒX  FRQWLQXHG >./A!]_9cV!]]h5]_iN
k! ]^hfN$([FDYDWLRQVDW1LPUXG .DOʒX >./A!]^9]V!]5chN
k! ]^__N$B&<#0J!7,J!A-/!I+<7&,/V!H.,J.,N
1!>#,..-'$&($5==3N$$VV\ULDDQGWKH3URYLQFHV6XUYLYDORI /RFDO)HDWXUHVDQG,PSRVLWLRQRI 1HZ
F7--+#,/!&,!-%+!F+#&M%+#74!I+1&.,/!.( !-%+!L<M&#+V!0HVRSRWDPLD!bbV!]]i5]ceN
1!*)1'$>($0$F#B,*1!>'$%($5=22($$SSO\LQJ 2Q6LWH $QDO\VLV 2I  )DXQDO $QDO\VLV $VVHPEODJHV
)URP 'RPHVWLF &RQWH[WV $ &DVH 6WXG\ )URP 7KH /RZHU &,W\ RI  +D]RU LQ $ <DVXU
H7,J70V!=N!IN!LR+4&,1!m!HN!3N!O78.CV![.0/+%.4J!"#$%7+.4.1>!&,!",$&+,-!A/#7+4!7,J!3+>.,JV!
H+&J+,V!if5hbN
1!*I->'$.($0$>)HRB'$1($cd]dN$"#7<`+#!0,J!"//>#+#!70( !J+<!@+44![747(V!$UFKlRORJLHLQ'HXWVFKODQG!
_V!_5]]N
1!%,II-8*)#!#.I'$1($6($]^^^N$"/M+$-/!J0!M7>/71+!/.$&74!+-!M.4&-&Q0+!J0!O.>+,GL0M%#7-+!/>#&+,!W!
4Ur1+!J0!S+#V!&,!HN!O&47,.!&0$/8)!2HGV;V!H7,J/$7M+/N!@+##&-.&#+/V!S#.,-&+#/!7,J![.#&8.,/!&,!-%+!
$QFLHQW1HDU(DVW3DSHUVSUHVHQWHGWRWKH;/,95HQFRQWUH$VV\ULRORJLTXH,QWHUQDWLRQDOH
9HQH]LD²-XO\YRO,,*HRJUDSK\DQG&XOWXUDO/DQGVFDSHV3DGRYD²
k! cdd]N$&XOWXUHV ORFDOHV GX 0R\HQ(XSKUDWH 0RGqOHV HW pYpQHPHQWV ,,H²,HU PLOO DY -&
@0#,%.0-N
k! cddcN$I7MM.#-.!M#+4&<&,7#+!/0&!47'.#&!J+447!<&//&.,+!,+4!/&-.!J&!@+44!O7/7lE%!,+4!cdd]V!&,!*N!
5RXDXOW  & 0RUD HGV  ,O 3URJHWWR ¶7HUTD H OD VXD UHJLRQH 6LULD  UDSSRUWR SUHOLPLQDUH
cdd]KV!$WKHQDHXP/;;;,;²
k! cddiN$I7MM.#-.!M#+4&<&,7#+!/0&!47'.#&!J+447!<&//&.,+!,+4!/&-.!J&!@+44!O7/7lE%!,+4!cddcsV!&,!*N!
5RXDXOW &0RUD HGV ,O3URJHWWR7HUTDHODVXDUHJLRQH 6LULD UDSSRUWRSUHOLPLQDUH
cddcsV!$WKHQDHXP;&,²
61731+8('9*0 44>

k! cddbN$I7MM.#-.! M#+4&<&,7#+! /0&! 47'.#&! J+447! <&//&.,+! ,+4! /&-.! J&! @+44! O7/7lE%! ,+4! cddi?! &4!
FDQWLHUH)LQ25RXDXOW &0RUD HGV ,O3URJHWWR7HUTDHODVXDUHJLRQH 6LULD UDSSRUWR
M#+4&<&,7#+!cddisV!$WKHQDHXP;&,,²
k! cddhN$I7MM.#-.!M#+4&<&,7#+!/0&!47'.#&!J+447!<&//&.,+!,+4!/&-.!J&!@+44!O7/7lE%!,+4!cddbsV!&,!*N!
5RXDXOW &0RUD HGV ,O3URJHWWR7HUTDHODVXDUHJLRQH 6LULD UDSSRUWRSUHOLPLQDUH
2OXd^;sV!$WKHQDHXP;&,,²
k! cdd_N$I7MM.#-.!M#+4&<&,7#+!/0&!47'.#&!J+447!<&//&.,+!,+4!/&-.!J&!@+44!O7/7lE%!,+4!cddh!2OX]d;V!
LQ25RXDXOW &0RUD HGV ,O3URJHWWR7HUTDHODVXDUHJLRQH 6LULD UDSSRUWRSUHOLPLQDUH
cddhsV!$WKHQDHXP;&,9²
k! cddf!($I7MM.#-.!M#+4&<&,7#+!/0&!47'.#&!J+447!<&//&.,+!,+4!/&-.!J&!@+44!O7/7lE%!,+4!cdd_!2OX]];V!
LQ25RXDXOW &0RUD HGV ,O3URJHWWR7HUTDHODVXDUHJLRQH 6LULD UDSSRUWRSUHOLPLQDUH
cdd_sV!$WKHQDHXP;&9²
k! cddf"($O7#&!+-!4+!O.>+,GL0M%#7-+!70!3#.,8+!IP$+,-!+-!W!4Ur1+!J0!S+#!?!M#.R4Z<+/!%&/-.#&Q0+/V!
!+($,-./00'1!]V!ce]5iddN
k! cddeN$I7MM.#-.!M#+4&<&,7#+!/0&!47'.#&!J+447!<&//&.,+!,+4!/&-.!J&!@+44!O7/7lE%!2OX]c;V!+!/0447!
SURVSH]LRQHQHOOHUHJLRQHGL7HUTDLQ25RXDXOW &0RUD HGV;V!A4!F#.1+--.!s@+#Q7!+!47!/07!
UHJLRQH 6LULD UDSSRUWRSUHOLPLQDUH$WKHQDHXP;&9,²
k! cdd^N$I7MM.#-.!M#+4&<&,7#+!/0&!47'.#&!J+447!<&//&.,+!,+4!/&-.!J&!@+44!O7/7lE%!2OX]i;V!+!/0447!
SURVSH]LRQHQHOODUHJLRQHGL7HUTDLQ25RXDXOW &0RUD HGV;!A4!F#.1+--.!s@+#Q7!+!47!/07!
UHJLRQH 6LULD UDSSRUWRSUHOLPLQDUH$WKHQDHXP;&9,,²
k! cd]dN$5XUDO(FRQRP\DQG6WHSSH0DQDJHPHQWLQDQ$VV\ULDQ&RORQ\LQWKH:HVWD9LHZIURP
7HOO 0DVDLNK /RZHU 0LGGOH (XSKUDWHV 6\ULD LQ + .KQH &2  'ŗUNDWOLPPX  DQG
3+>.,JV!6WXGLD&KDEXUHQVLD]V!:&+/R7J+,V!]c^5]hdN!
k! ->$/*,%%$!N$5DSSRUWSUpOLPLQDLUHGHOD0LVVLRQDUFKpRORJLTXHIUDQoDLVHj7HOO0DVDwNK 6\ULH HQ
cddf!2OX]i;V!!+($,-./00'1!iN
k! ->$/*,%%$"($5DSSRUWSUpOLPLQDLUHGHOD0LVVLRQDUFKpRORJLTXHIUDQoDLVHj7HOO0DVDwNK 6\ULH HQ
cdde!2OX]b;V!!+($,-./00'1!bN
k! ->$/*,%%$A($5DSSRUWSUpOLPLQDLUHGHOD0LVVLRQDUFKpRORJLTXHIUDQoDLVHj7HOO0DVDwNK 6\ULH HQ
cdd^!2OX]b;V!!+($,-./00'1!bN
k! ->$/*,%%$+($5DSSRUWSUpOLPLQDLUHGHOD0LVVLRQDUFKpRORJLTXHIUDQoDLVHj7HOO0DVDwNK 6\ULH HQ
cd]d!2OX]h;V!!+($,-./00'1!bN
k! ->$/*,%%$,($64.R74&87-&.,V!A<M+#&74&/<!7,J!37$E?!F.4&-&$74!7,J!AJ+.4.1&$!I+7$-&.,/!-.!"//>#&7,!
3UHVHQFHLQ6\ULD ,;WK²9,,,WKFHQWXU\%& LQ0*HOOHU &2 $FWHVGX&ROORTXH,QWHUQDWLRQDO
0HODPPX 9, *OREDOL]DWLRQ LQ WKH )LUVW 0LOOHQQLXP 6L[WK 6\PSRVLXP RI  WKH $VV\ULDQ
DQG %DE\ORQLDQ ,QWHOOHFWXDO +HULWDJH 3URMHFW 1HZ %XOJDULDQ 8QLYHUVLW\ 6RÀD %XOJDULD
6HSWHPEHUVW²UG
1!%,II-8*)#!#.I'$1($6('$0$%!.1)>'$%($5=2=!($7KH1HR$VV\ULDQ&RORQ\RI 7HOO0DVDLNKLQWKH
6\ULDQ/RZHU0LGGOH(XSKUDWHV9DOOH\$5HSRUWDERXW/DVW([FDYDWLRQVLQ30DWWKLDH&0$/8)!
2HGV;V!><!!45$_V!ieh5i^_N
4?@ !"#$%"&"'()*$+,$-'."$/&&0(1',$2'3')"&

k! cd]dRN$/
$VV\ULHHQ6\ULHHWHQ$QDWROLHDXGpEXWGHO
(PSLUHFXOWXUHVHQFRQÁLWFXOWXUHVHQ
FRQWDFWLQ,.ORFN)RQWDQLOOH6%LHWWORW .0HVKRXE HGV;V!AJ+,-&-P!+-!74-P#&-P!$04-0#+44+/N!
/HFDVGHV+LWWLWHVGDQVOH3URFKH2ULHQWDQFLHQ%UX[HOOHV²
1!I>,<'$I($,I$!.($5==5($$UFKDHRORJLFDO([FDYDWLRQVDW=L\DUHW7HSHDQG$QDWROLFD!ceV!
bf5e^N
k! cddfN$5HSRUWRQ([FDYDWLRQVDW=L\DUHW7HSH6HDVRQ$QDWROLFD!iiV!ci5fiN
k! cdd^N$([FDYDWLRQVDW=L\DUHW7HSH²$QDWROLFD!ihV!if5ebN
k! cd]]N$([FDYDWLRQVDW=L\DUHW7HSH'L\DUEDNÖU3URYLQFH7XUNH\²VHDVRQV$QDWROLFD!
ifV!_f5]]bN
1!II7-!,'$/($233;N$HK7#-+!J+14&!"//&#&V!I.<7N
1!II-.!'$*($5===($7KH .LQJ·V 0DJQDWHV $ 6WXG\ RI  WKH +LJKHVW 2IÀFLDOV RI  WKH 1HR$VV\ULDQ
L<M&#+V!6!!6!]]V![+4/&,E&N
1!<,*'$C($]^eiN$6DUJRQV)HOG]XJJHJHQ8UDUWX²Y&KU7H[WXQGhEHUVHW]XQJ=@#E!]hV!
_h5]icN
k! ]^^hN$F.4&-&E!0,J!X#&+1/E0,/-!J+#!"//>#+#V!O),/-+#N
1,.H-..,'$%($A($2333($7KH5ROHRI 1DTLD=DNXWXLQ6DUJRQLG3ROLWLFV6!!6!^N
0(86=<Ĺ6.,$N($23:5($@%+! I+M#+/+,-7-&.,/! .( ! -%+! S.0#GC&,1+J! 6+,&+/! .,! -%+! 37/G#+4&+(/! (#.<!
$ääXUQDʔLUDSOL7LPHV509.!_V!ce5fdN
k! ]^f_!($1HR$VV\ULDQ5HOLHIVIURPWKH&HQWUDO$UHDRI 1LPUXG&LWDGHO>./A!ieV!if5biN
k! ]^ffN$6HFRQG3UHOLPLQDU\5HSRUWRQWKH3ROLVK([FDYDWLRQVDW.DOKX 1LPUŗG 509.!]dV!b]f5
bcdN
k! ]^e]N$T&+! I+E.,/-#0E-&.,! J+#! I+4&+(J7#/-+440,1+,! 0,J! &%#+#! ",.#J,0,1! &<! B.#JC+/-M747/-!
YRQ.DOʒX 1LPUŗG  5lXPH %&'()*+/13 %D)!cN
1-6.#%'$/($!($234@($j0#!1#.o+,!j&QQ0##7-!&,!"//0#V!=@#E!]]fV!c]5bhN
k! 234;($L&,!<&--+47//>#&/$%+#!",R70!7<!"4-+,!F747/-!&,!"//0#V!=@#E!]]eV!]^]5c]_N
k! 2343($#,-+#/0$%0,1+,!80<!"4-+,!F747/-V!=@#E!]c]V!^i5]iiN
k! ]^^_N$'DV:RKQJHELHWYRQ$VVXU6WUDWLJUDSKLHXQG$UFKLWHNWXU?:@#E!^iN
k! 5===($T&+!4+-8-+,!@71+!'.,!"//0#!0,J!J&+!j+&-!J7,7$%V!>6>=B!iV!eh5^^N
k! cddi5cddhN$VYF747/-N!3N!"#$%`.4.1&/$%V!F8!!]dV!cii5cfiN
k! cddbN$'LH6lXOHLQ$VV\ULHQLQ-*'HUFNVHQ &2 $VV\ULDDQG%H\RQG6WXGLHV3UHVHQWHGWR
O.1+,/!@#.44+!H7#/+,V!,>;!46!]ddV!bc]5bibN
k! cd]dN$)HVWXQJVZHUNHYRQ$VVXULP-DKUWDXVHQGY&KULQ600DXO 13+HH‰HO$VVXU
)RUVFKXQJHQ $UEHLWHQ DXV GHU )RUVFKXQJVVWHOOH ª(GLWLRQ OLWHUDULVFKHU .HLOVFKULIWWH[WH DXV
"//0#t!J+#![+&J+4R+#1+#!"E7J+<&+!J+#!:&//+,/$%7(-V!cc^5cbiN
k! cd]iN$VY7DUELʔXF8!!]cV!bhi5bhfN
1-6.#%'$/($!($-/$*01$5==5N$"//0#!5![+#R/-E7<M71,+!cdd]V!=@#E!]ibV!f5i^N
61731+8('9*0 4?4

1)*!>+-$")>!A)%%-'$+($]^^_N$/DQGVFDSHVRI 3RZHU7KH3ROLWLFDO2UJDQL]DWLRQRI 6SDFHLQWKH


H.C+#!X%7R0#!'744+>!&,!-%+!B+.G"//>#&7,!F+#&.JV!6!!%!]d9cV!]h5b^N
k! cdddN$7KH 6\ULDQ -D]LUHK LQ WKH /DWH $VV\ULDQ 3HULRG $ 9LHZ IURP WKH &RXQWU\VLGH LQ
30,,+,/!cdddV!ib^5i^_N!
1))*I6!I'$!($]^hhN$@+44![747( !AAAN!T&+!3&4JC+#E+V!3+#4&,N
1))*I6!I8A)**,>%'$#($]^eeN$L&,!X04-R&4J!B&,0#-7/!70/!,+07//>#&/$%+#!j+&-V!!"#!ihV!]]f5]iiN
k! ]^e^N$(LQHQHXDVV\ULVFKH%URQ]H6WDWXHWWHYRP7HOO+DODI@/=!bV!ii5i^N
>)HRB'$1($233;($T+#!H7,J/$%7(-/R+801!&,!J+#!.#&+,-74&/$%+,!F747/-7#$%&-+E-0#V!$R)!ciV!iih5ifeN
k! ]^^^N$+HUUVFKDIWVIRUP XQG 6WDGWEDXNXQVW 3URJUDPPDWLN LP PHVRSRWDPLVFKHQ
5HVLGHQ]VWDGWEDXYRQ$JDGHELV6XUUDPDQUD"Ć6:!!fN
k! cd]dN$I+'&+C!.( !ON!F0$$&!cddeV!I!!]ddV!id^5i]_N
>#>>'$!($]^eeN$T&+!:7,J<74+#+&!0,J!J+#!147/&+#-+!:7,J/$%<0$E!&<!"4-+,!*#&+,-V!;2#!YAAV!AN_N
)!I,%'$+($]^h^N$)RUW6KDOPDQHVHU$Q,QWHULP5HSRUW>./A!c]V!^e5]c^N
k! ]^_]N$7KH([FDYDWLRQVDW1LPUXG .DOʒX >./A!ciV!]5]bN
k! ]^_cN$7KH([FDYDWLRQVDW1LPUXG .DOʒX >./A!cbV!]5chN
k! ]^_iN$7KH([FDYDWLRQVDW1LPUXG .DOʒX >./A!chV!_5ifN
)!I,%'$N($0$)!I,%'$+($5==2N$1LPUXGDQ$VV\ULDQ,PSHULDO&LW\5HYHDOHG/RQGRQ
)*.!1Q>+,'$N($5==?($'LH 6WHLQRUWKRVWDWHQ $VVXUQDʔLUSDOV ,, DXV $VVXU (LQ hEHUEOLFN EHU GLH
S0,J+! 70/! J+,! 6#7R0,1+,! J+#! T+0-/$%+,! *#&+,-G6+/+44/$%7(-! ]^di5]^]bV! =@#E! ]i_V!
]^h5c]hN
)*I71!>>'$C($5==cN$'LHDUDPlLVFKDVV\ULVFKH6WDGW*ŗ]ĆQD6DDUEUFNHQ
)II)'$!($cdd_N$$OOWDJXQG*HVHOOVFKDIW]XU6SlWEURQ]H]HLW(LQH)DOOVWXGLHDXV7DOO%D]L 6\ULHQ 
6-G/.0-;,;
/!.,<'$%($1($2^f_N$.LQJRI WKH:RUOG$VKXUQDVLUSDO,,RI $VV\ULD²%&1HZ<RUN
k! ]^ehN$I+$.,/-#0$-&.,!.( !7,!"//>#&7,!F747$+V!%<6=6!]dV!]]5cbN
/!.,<'$%($1($0$%)").,C%B-'$*($/($]^e]N$"! B+C! I+$.,/-#0$-&.,! .( ! I..<! j! &,! -%+! B.#-%G:+/-!
3DODFHRI $ääXUQDʔLUSDO,,DW1LPUXG .DOʒX >./A$bi9cV!eh5^^N
k! ]^efN$@%+!I+$.,/-#0$-&.,!.( !-%+!I+4&+( !I+M#+/+,-7-&.,/!7,J!@%+&#!F./&-&.,/!&,!-%+!B.#-%C+/-!
3DODFHDW.DOʒX 1LPUŗG ,,%D)!]dN!
k! 2335N$@%+!I+$.,/-#0$-&.,!.( !-%+!I+4&+( !I+M#+/+,-7-&.,/!7,J!-%+&#!F./&-&.,/!&,!-%+!B.#-%C+/-!
3DODFHDW.DOʒX 1LPUŗG ,,, 7KH3ULQFLSDO(QWUDQFHVDQG&RXUW\DUGV %D)!]bN
/!*/).!'$%($234D($/HWWHUVIURP$VV\ULDQ6FKRODUVWRWKH.LQJV(VDUKDGGRQDQG$VVXUEDQLSDO3DUW
,,&RPPHQWDU\DQG$SSHQGLFHV!#!9$h9cN!
k! ]^efN$7KH&RUUHVSRQGHQFHRI 6DUJRQ,,3DUW,/HWWHUVIURP$VV\ULDDQGWKH:HVW6!!!]N
k! ]^^hN$7KH &RQVWUXFWLRQ RI  'XUãDUUXNLQ LQ WKH $VV\ULDQ 5R\DO &RUUHVSRQGHQFH LQ &DXEHW
]^^hV!bf5ffN
4?? !"#$%"&"'()*$+,$-'."$/&&0(1',$2'3')"&

k! 5==4($&XQHLIRUP7H[WVIURP=L\DUHW7HSH 7XäʒDQ '$5==5P5==D'$.**2$2:'$2P22D(


/!*/).!'$%($0$.!>&*!>A7-'$6($"N$]^^dN$I7,$ A)**,%/)>+,>A,$ )&$ %!*6)>$ --'$ /!*I$ --S$ .,II,*%$
&*)1$I7,$>)*I7,*>$!>+$>)*I7,!%I,*>$/*)H->A,%'$.**!3(

/!*/).!'$%($0$/)*I,*'$1($5==2($@%+![+4/&,E&!"-47/!.( !-%+!B+7#!L7/-!&,!-%+!B+.G"//>#&7,!F+#&.JN!
7KH1HR$VV\ULDQ7H[W&RUSXV3URMHFW+HOVLQNL
/,++,'$&($0$.#>+%I*L1'$%($5==eN$T+#! "4-+! F747/-! &,! "//0#N! "#$%&-+E-0#! 0,J! 3701+/$%&$%-+V!
?:@#E!]cdN
/&M.F>,*'$/($5==2($[70/!0,J![70/%74-V!@/=!^V!O7&,8N
/-..,I'$1($23;5($8QSLRQQLHUGHO
DVV\ULRORJLH9LFWRU3ODFHFRQVXOGH)UDQFHj0RVVRXOH[SORUDWHXU
GXSDODLVGH6DUJRQ,, ²DY-& j.KRUVDEDG ² $YHFOHVSKRWRVRULJLQDOHV
J+!ON!@#7,$%7,JV!F7#&/N
/.!A,'$H($]e_:!N$B&,&'+!+-!4U"//>#&+!]V!F7#&/N
k! 24;:"N$B&,&'+!+-!4U"//>#&+!iV!F7#&/N
k! ]efdN$B&,&'+!+-!4U"//>#&+!cV!F7#&/N
/).-'$/($cddeN$:744!F7&,-&,1/!(#.<!-%+!"//>#&7,!F747$+!.( !@+44!O7/7&E%uV!&,!><!!45!bV!hih5hbbN
k! cd]dN$@%+!B+.G"//>#&7,!64>M-&$!(#.<!@+44!O7/7&E%?!F#+4&<&,7#>!I+/04-/sV!&,!><!!45$_V!^_]5
^fcN
/)%I6!I,'$N($>($2^fhN$([FDYDWLRQVLQ,UDT²>./A!ifV!h_5_fN
k! ]^^cN$@%+!H7,J!.( !"//0#!7,J!-%+!D.E+!.( !"//0#V!?!!ci9iV!cbf5c_iN
k! 233@($@%+![.<+!F#.'&,$+/V!&,!ON!H&'+#7,&!2&2N;V!B+.G"//>#&7,!6+.1#7M%>V!I.<+V!]5]fN
/)%I6!I,'$N($>($0$*,!+,'$N($,($]^f_5]^edN$VY.DOʒXF8!!hV!idi5iciN
/)C,..'$1($!($233=($VYO7//+!0,J!6+C&$%-+V!F8!!fV!bhf5h]fN
/*,#%%,*'$A($23@?($
$A($23@?($
A($23@?($
$23@?($
23@?($$T&+!:.%,%`0/+#!'.,!"//0#'$"#$%&$;?'$",*.->
k! ]^hhN$T&+!F74`/-+!&,!"//0#V!?:@#E!__V!3+#4&,N!
/#AA-'$1($cddeN$)XQFWLRQDO$QDO\VLVRI 6SDFHLQ6\UR+LWWLWH$UFKLWHFWXUH%$5,QW6HULHV]fieN
*!+>,*'$B($2333($L&,!,+07//>#&/$%+/!F#&'7-7#$%&'!J+#!@+<M+4/$%<&+J+!'.,!"//0#V!60!9!]N
k! cddcN$'LH1HXDVV\ULVFKHQ7H[WHDXV7DOOãHK+DPDG%!96;!_N
k! cddbN$'DVPLWWHODVV\ULVFKH7RQWDIHODUFKLYYRQ*LULFDQR'XQQXäDX]LEL6-G/.0-!]bN
*!+>,*'$B($0$%A7!A7>,*'$!($cdd]N$)URP7XäDQWR$PēGL7RSRJUDSKLFDO4XHVWLRQVFRQFHUQLQJ
-%+!vMM+#!@&1#&/!I+1&.,!&,!-%+!"//>#&7,!F+#&.JV!&,!BN!@0,7!&0$/8N!2HGV 6DOYDJH3URMHFWRI 
WKH$UFKDHRORJLFDO+HULWDJHRI WKH,OLVXDQG&DUFKHPLVK'DP5HVHUYRLUV$FWLYLWLHVLQ
",E7#7V!fhi5ff_N
*!->H-..,'$.($cddhN$A,'+/-&17-&,1! vMM+#! O+/.M.-7<&7,! [.0/+%.4J/! 0/&,1! O&$#.G"#$%7+.4.1&$74!
@+$%,&Q0+/V!%$5,QW6HULHV]i_eN!
*,!+,'$N($,($2^_eN$@%+!F747$+!.( !@&147-%GF&4+/+#!AAAV!>./A!idV!_^5fiN
k! ]^eiN$"//>#&7,!/$04M-0#+V!H.,J.,N
61731+8('9*0 4?A

k! cdddN$VYB&,+'+%V!F8!!^V!iee5biiN
k! cddcN$@%+!j&110##7-!7,J!@+<M4+/!.( !B&<#0JV!>./A!_bV!]ih5c]_N
*,-IF$,($N($0$C->6'$,($%($cddeN$=RRDUFKDHRORJ\&DPEULGJH
*)!&'$1($23:D($@%+!T&((0/&.,!.( !-%+!w/744+/!7!Q07-#+!/7&447,-/gV!>./A!ihV!ei5^]N
*)#!#.I'$)($2334($Y&44+/V!'&4471+/!$7<M71,+/!+-!/-+MM+!J7,/!47!#P1&.,!J+!@+#Q7!?!J.,,P+/!,.0'+44+/sV!
&,!ON!S.#-&,!m!*N!"0#+,$%+!2HGV (VSDFHQDWXUHOHVSDFHKDELWpHQ6\ULHGX1RUG ;H²,,H
PLOOpQDLUHDY-& $FWHVGXFROORTXHGH4XpEHFPDL%<6=67024XpEHF
H>.,V!]^]5]^eN
k! cdd]N$7HUTDHWVDUpJLRQ H²HUPLOOpQDLUHVDY-& 5HFKHUFKHVUpFHQWHV!++/2'3/!]ccV!]5c_N
k! cdd^N$$VV\ULDQV$UDPDHDQVDQG%DE\ORQLDQV7KH6\ULDQ/RZHU0LGGOH(XSKUDWHV9DOOH\DW
-%+!L,J!.( !-%+!3#.,8+!"1+V!6H.'/!e_V!]ii5]i^N
*#%%,..'$N($1($2334($@%+! F#.1#7<! .( ! -%+! F747$+! .( ! "//0#,7/&#M74! AA! 7-! B&<#0J?! A//0+/! &,! -%+!
I+/+7#$%!7,J!F#+/+,-7-&.,!.( !"//>#&7,!"#-V!!*!!]dc9bV!_hh5f]hN
k! ]^^^N$7KH:ULWLQJVRQWKH:DOO7KH$UFKLWHFWXUDO&RQWH[WRI /DWH$VV\ULDQ3DODFH,QVFULSWLRQV
0HVRSRWDPLDQ&LYLOL]DWLRQV:LQRQD/DNH
%A71-+I'$7($]^biN$@+44![747( !AN!T&+!F#`%&/-.#&/$%+,!S0,J+V!3+#4&,N
%A71-+'$N($0$>)HRB'$1($5=2=N$(LQʒLOĆQLLPDVV\ULVFKHQ3DODVW"%HPHUNXQJHQ]XUª1RUGRVW(FNH©
YRQ'ŗU.DWOLPPXLQ-%HFNHU5+HPSHOPDQQ (5HKP HGV .XOWXUODQGVFKDIW6\ULHQ
j+,-#0<!0,J!F+#&M%+#&+V!!#!9!if]V!O),/-+#V!!hc^5hh]
%A)II'$1($.($0$1!A6->>-%'$N($]^^dN$B.-+/!.,!B&,+'+%V!>./A!hcV!_i5fiN
%-1/%)>'$B($]^ebN$$UFKDHRORJLFDO6XUYH\LQWKH9LFLQLW\RI 7DOODO·$VKĆUDK!"#!i]V!]eh5]eeN
%1-I7'$6($24:@N$$VV\ULDQ'LVFRYHULHVDQ$FFRXQWRI ([SORUDWLRQVDQG'LVFRYHULHVRQWKH6LWHRI 
B&,+'+%V!T0#&,1!]efi!7,J!]efbV!H.,J.,N
%)").,C%B-'$*($23:4($3UHOLPLQDU\ 5HSRUW RQ WKH 7KLUG 6HDVRQ RI  3ROLVK ([FDYDWLRQV DW .DOʒX
1LPUŗG  0DUFK²$SULO 509.$22'$5@DP5;@(
k! ]^ecN$7KH3ROLVK:RUNDW1LPUXG7HQ<HDUVRI ([FDYDWLRQDQG6WXG\I!!f]V!cbe5cfiN
k! ]^e5"($7KH6KDOPDQDVHU,,,%XLOGLQJLQWKH&HQWUDO$UHDRI WKH1LPUXG&LWDGHOLQ++LUVFK
m![N![0,1+#!2&2/;V!Y.#-#`1+!1+%74-+,!70( !J+#!ceN!I+,$.,-#+!"//>#&.4.1&Q0+!A,-+#,7-&.,74+!&,!
:&+,!_N5]dN!=04&!]^e]V!!"#$%&'(NV!ic^5iieN
%)").,C%B-'$*($0$1-,*F,N,C%B-'$!N$]^edN$3ROLVK ([FDYDWLRQV DW 1LPUXG.DOKX ²
6RPH3UHOLPLQDU\5HPDUNVRQWKHQHZ'LVFRYHUHG1HR$VV\ULDQ&RQVWUXFWLRQVDQG5HOLHIV
6-1&.!i_V!]h]5]_cN
%I,!*>%'$N($"($]^_]N$I+4&+(/!(#.<!-%+!F747$+!.( !"/%0#,7/&#M74!AAV!!"#$%&'(N!]hV!6#78N
I!+1)*'$7($]^^bN$7KH,QVFULSWLRQVRI 7LJODWKSLOHVHU,,,.LQJRI $VV\ULD&ULWLFDO(GLWLRQZLWK
,QWURGXFWLRQV7UDQVODWLRQVDQG&RPPHQWDU\-HUXVDOHP
I7#*,!#8+!>6->'$&($]^i]N$"#/47,!@7/%V!%!;!]_N!
I#*>,*'$6($23:=!($7KH6WDWH$SDUWPHQWVRI /DWH$VV\ULDQ3DODFHV>./A!icV!]fc5c]iN
4?5 !"#$%"&"'()*$+,$-'."$/&&0(1',$2'3')"&

k! ]^f="($7HOO1HEL<ŗQXV7KHHNDOPĆäDUWLRI 1LQHYHK>./A!icV!_e5ehN
k! ]^f_N$B.-+/!.,!-%+!"#$%&-+$-0#74!I+<7&,/!.( !-%+!B.#-%!F747$+V!&,!IN!TN!37#,+--!2&2 6FXOSWXUHV
)URP7KH1RUWK3DODFH2I $VKXUEDQLSDO$W1LQHYHK ²%& /RQGRQ²
H,**-'$6($5==3($7KH 6SDWLDOO\ 5HVROYHG &KDUDFWHULVDWLRQ RI  (J\SWLDQ %OXH +DQ %OXH DQG +DQ
F0#M4+!R>!F%.-.GA,J0$+J!H0<&,+/$+,$+!T&1&-74!A<71&,1V!$QDO\WLFDODQG%LRDQDO\WLFDO&KHPLVWU\!
i^b9bV!]d]]5]dc]N
H,**-'$6($ ,I$ !.($5==3($$VV\ULDQ&RORXUV3LJPHQWVRQD1HR$VV\ULDQ5HOLHI RI D3DUDGH+RUVH
%ULWLVK0XVHXP7HFKQLFDO5HVHDUFK%XOOHWLQiV!hf5_cN
H-.!'$,($5==@($$QDO\VHDUFKp]RRORJLTXHGHODIDXQHGH7HOO6KLXNK)DZTDQLLQ/%DFKHORW )0
S74+/!2HGV 7HOO6KLXNK)DZTDQL²;!45=!YA9cV!F7J07V!]de]5]]deN
CM&.,*'$1($]^fhN$B&$%-G"//>#+#!,+07//>#&/$%+#!T7#/-+440,1+,V$!#!9!!c_V!X+'+47+#N
C,*>,*'$/($->$/*,/,*!I-)>($T+#!",0G"J7JG@+<M+4N
C-.B,>%'$"($]^^eN$7KH )DXQDO 5HPDLQV LQ 6 0 &HFFKLQL  6 0D]]RQL HGV  7HOO $ÀV 6LULD 
6FDYLVXOO·DFURSROL²3LVD²
C->I,*'$-($N($233D($6HDWRI .LQJVKLS$:RQGHUWR%HKROG7KH3DODFHDV&RQVWUXFWLQWKH$QFLHQW
B+7#!L7/-V!$UV2ULHQWDOLV!ciV!cf5hhN
<!%#*8.!>+!#'$!('$,",.->6'$N($,($0$1!F)C'$.($"($J-$.1K$5=22($[.0/+%.4J!"#$%7+.4.1>!&,!",$&+,-!
A/#7+4!7,J!3+>.,JN!<;!45!hdV!H+&J+,N!
F,+,*'$1($!($]^^]N$)HHGLQJ &LWLHV 6SHFLDOL]HG $QLPDO (FRQRP\ LQ WKH $QFLHQW 1HDU (DVW
:7/%&,1-.,N
k! ]^^eN$5HJLRQDO3DWWHUQVRI $QLPDO([SORLWDWLRQLQWKH.KDEXU%DVLQWR%&LQ3
",#+&-+#! &0$ /8N! 2HGV  0DQ DQG WKH $QLPDO :RUOG 6WXGLHVLQ $UFKDHR]RRORJ\ $UFKDHRORJ\
$QWKURSRORJ\DQG3DODHROLQJXLVWLFVLQ0HPRULDP6iQGRU%|N|Q\L%XGDSHVW²

You might also like