You are on page 1of 40

!!

!
!"#$%&'(('#%)*++,-.$/%)*(('0*1'$.2"%
!"#$%&'""()*$+",)$-./$0"1)2.3$
!
!

!!"#$%&"$'()*+$
##$,-./0(1/2(30+$
!4$%5633)+$
7$!$8-39*52$
$
"#$%&!'()(*+!,-#./!0122!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

!
!
)*-$"-$#%'-3%)*-$'4$#!
!
#$%!&'(&)*%!)+!,$%!!"#$%&'(('#%)*++,-.$/%)*(('0*1'$.2"%!"#$%&'""()*$+",)$-./$0"1)2.3!-,$%!4"((-,"#-5267.!/*!
,)!0(/12!/1,)!+)3'*!4!3))(5/14,%5!4((46!)+!(%*)'(3%*!/1!)1%!37%4(76!5%+/1%5!2%)2(4&$/3!4(%48!!9,!/*!4!3):&/74,/)1!)+!
,$%!;)(<!415!&741*!)+!:416!)+!,$%!1),=+)(=&()+/,!)(241/>4,/)1*!;)(</12!/1!?%*,!@4774*8!!#$%/(!:','47!/1,%1,/)1!/*!
,$4,!3$/75(%1!415!,$%/(!+4:/7/%*!:46!2();!/1,)!%1242%5!3/,/>%1*A!4,,%15/12!2(%4,!*3$))7*!415!7/B/12!415!;)(</12!
/1! $%47,$6! 3)::'1/,/%*8! #$%! &741! /*! 4! 7/B/12! 5)3':%1,! 415! 3)::'1/,6! (%B/%;! 415! /1&',! /*! %13)'(42%5! 4,! 477!
,/:%*8!!91!455/,/)1A!,$%!&741!/*!'&54,%5!0/=411'47768!
)*-$"-$#%
CD%3',/B%!E'::4(6!888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888F!
?%*,!@4774*!G/*,)(6!888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888H!
@%:)2(4&$/3*!888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888I!
@%:)2(4&$/3!J4((4,/B%!888888888888888888888888888888888888888888888888888888888888888888888888888888888888888!KL!
?%*,!@4774*!M)::'1/,6!M)7740)(4,/B%!!"#$%&'""()$*********************************************$KF$
?%*,!@4774*!M)::'1/,6!M)7740)(4,/B%!!"#$+",)-./$********************************************$"K!
?%*,!@4774*!M)::'1/,6!M)7740)(4,/B%!!"#$0"1)$**************************************************$""!
J%D,!E,%&*!"LKK=K"!888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888!"N! ! !
O4(,1%(*!415!M)1,(/0',)(*!/1!?%*,!@4774*!88888888888888888888888888888888888888888888888888888888888!"H! ! ! !
P4/,$!M)::'1/,/%*!/1!?%*,!@4774*!415!Q%6)15!888888888888888888888888888888888888888888888888888!"I!
R%45%(*$/&!88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888!FL! ! !
S,,43$:%1,*!ʹ!O()2(4:!415!CB%1,!@%*3(/&,/)1*!
#$%!E3$))7!T)1%!ʹ!?%*,!@4774*888888888888888888888888888888888888888888888888888888888888888!FK!
#$%!U%,(/3*!O()V%3,!88888888888888888888888888888888888888888888888888888888888888888888888888888888!FF!
O4(%1,!S3,/)1!W()'&*!+)(!C5'34,/)1!-OSWC.!888888888888888888888888888888888888888888!FH!
P4/,$!415!M)::'1/,6!+)(!C5'34,/)1!#(41*+)(:4,/)1!-PSMC#.!888888888888888!FI!
#$%!E3$))7!T)1%!O%&!X4776!+)(!C5'34,/)1!88888888888888888888888888888888888888888888888!FY!
#$%!Z)'12!@%B%7)&%(*!O()V%3,!888888888888888888888888888888888888888888888888888888888888888!F[!
Q(%4<+4*,!+)(!C5'34,/)1!88888888888888888888888888888888888888888888888888888888888888888888888888!NL!
?%*,!@4774*!M)::'1/,6!M%7%0(4,/)1*!8888888888888888888888888888888888888888888888888888!NK!
IH"K"!\(/%1,4,/)1!U4&!888888888888888888888888888888888888888888888888888888888888888888888888888888888888888!N"!
)*-$'4$#% % % % % % % % % % %
@4774*!P4/,$!M)::'1/,/%*!M)47/,/)1!-@PMM.!
NHKN!#(4B/*A!E'/,%!FHL!
@4774*A!#]!IH"LH!
-).!"KN8"^[8FFNL!
;;;85+338'*!!
X%2/14!J/&&%(,A!CD%3',/B%!@/(%3,)(!(%2/14_5+338'*!!
Q())<%!M)$%1A!@/(%3,)(!)+!R%2/*74,/B%!415!M)(&)(4,%!X%74,/)1*!0())<%_5+338'*!!
C*:%(4754!\(,/>A!@/(%3,)(!)+!M)::'1/,6!X%74,/)1*!%*:%(4754_5+338'*!!
U/3$%77%!C5:)15A!P4/,$!415!M)::'1/,6!S5B)3436!M))(5/14,)(!:/3$%77%_5+338'*!!
E$(%%!J8!U)++%,,A!M)::'1/,6!C1242%:%1,!M))(5/14,)(!*$(%%_5+338'*!!
M4:%()1!U4*)1!`/3<(%6A!P4/,$!M)::'1/,6!M))(5/14,)(!34:%()1_5+338'*!! !
#4(4!O);%77A!M)::'1/34,/)1*!M))(5/14,)(!,4(4_5+338'*!

"!
!
% 56"4,$.2"%7,++'1/%
!
!
89"% !"#$% &'(('#% )*++,-.$/% )*(('0*1'$.2"%
!"#$ %&'""()*$ +",)$ -./$ 0"1)2.3% :$9"%
4"((-,"#-5267;<!!#$%!B/*/)1!)+!,$%!4"((-,"#-5267!
/*! ,)! 0'/75! 4! 3)47/,/)1! )+! /15/B/5'47*A! 0'*/1%**%*A!
*3$))7*A! 3)::'1/,6! )(241/>4,/)1*A! +4/,$=04*%5!
/1/,/4,/B%*! 415! +4/,$! 2()'&*A! ;)(</12! /1!
&4(,1%(*$/&!;/,$!,$%!&'07/3!*%3,)(!415!,$%!3/,6!)+!
@4774*A! ,)! 2%1%(4,%! B/*/07%! 415! *'*,4/1407%!
/:&()B%:%1,*!,)!a'47/,6!)+!7/+%!/1!?%*,!@4774*8!!!
!

?%*,!@4774*!=!41!KK8NH!*a'4(%!:/7%!4(%4!0)'15%5!06!5);1,);1!,)!,$%!%4*,A!,$%!#(/1/,6!X/B%(!,)!,$%!1)(,$A!R))&!
K"!,)!,$%!;%*,!415!9FL!,)!,$%!*)',$!=!/*!41!4(%4!;$)*%!(%*/5%1,*!4(%!5%,%(:/1%5!,)!,(41*3%15!,$%!54(<!$/*,)(6!)+!
/15'*,(/47!&)77',/)1A!(43/*:!415!/14,,%1,/)1!415!3(%4,%!4!0(/2$,A!,$(/B/12!+','(%!+)(!,$%:*%7B%*!415!,$%/(!3$/75(%18!
#$%!4"((-,"#-5267!/*!4!,$(%%=&4(,!3):&(%$%1*/B%!&741!,$4,!455(%**%*!*6*,%:/3!34'*%*!)+!&)B%(,6!06!5%B%7)&/12!
415!/:&7%:%1,/12!*,(4,%2/%*!/1!,$(%%!<%6!4(%4*b!a'47/,6!4++)(5407%!$)'*/12A!%D3%77%1,!%5'34,/)147!(%*)'(3%*!415!
2))5! V)0*8! ! 9,! /*! 4! 3)7740)(4,/)1! 4:)12! FHc! &4(,1%(*A! /137'5/12! ?%*,! @4774*! *%(B/3%! )(241/>4,/)1*A! EUdA! d#@A!
@9E@A!&(/B4,%!415!3$4(,%(!*3$))7*A!415!,$%!M/,6!)+!@4774*8!!9,!/*!4!&741!+)(!3)::'1/,6!(%5%B%7)&:%1,!,$4,!0'/75*!
)1! %D/*,/12! 4**%,*b! %++%3,/B%! 3)::'1/,6! )(241/>4,/)1*e! 37%4(! 2%)2(4&$/3! 0)'154(/%*e! 7/:/,%5! ,'(+! /**'%*e!
3)::/,,%5!3)::'1/,6!(%*/5%1,*e!415!,$%!&(%*%13%!)+!(%*)'(3%*!1%4(06!/137'5/12!%:&7)6:%1,A!4B4/7407%!7415A!
14,'(47!4:%1/,/%*A!415!&'07/3!/1+(4*,('3,'(%!/:&()B%:%1,*8!
Š‡ Dzƒ…„‘‡ ”‰ƒ‹œƒ–‹‘=dz >% &'(('#% ?'.$9% )*++,-.$."#% )*'(.$.*-% :&?));<! ! @PMM! /*! ƚŚĞ ͞ďĂĐŬďŽŶĞ
)(241/>4,/)1͟! /1! ,$%! 4"((-,"#-5267! &4(,1%(*$/&! ʹ! ,$%! %1,/,6! ,$4,! &()B/5%*! ,$%! 3))(5/14,/)1! +)(! *'33%**+'7!
5%B%7)&:%1,!415!/:&7%:%1,4,/)1!)+!,$/*!3):&(%$%1*/B%!&7418!!@PMM!;4*!+)(:%5!/1!"LLN!06!U46)(!R4'(4!U/77%(A!
415! ;/,$! *'&&)(,! +():! +)(:%(! U46)(!#):!R%&&%(,! /,! $4*! 0%3):%! 41! ĞŶŐŝŶĞ ĨŽƌ ǁŚĂƚ ƐĐŚŽůĂƌƐ ĐĂůů͞ĐŽůůĞĐƚŝǀĞ
/:&43,8͟! ! ?$/7%! &͛Ɛ ƉĂƌƚŶĞƌƐ :4<%! %D,(4)(5/14(6! %++)(,*!;)(</12! /1! ,$%/(! &4(,/3'74(! 4(%4*!)+!%D&%(,/*%A! ,$%!
ŝŶƐŝŐŚƚ ƚŚĂƚ ŚĂƐ ƉƌŽƉĞůůĞĚ &͛Ɛ ŐƌŽǁƚŚ ŝƐ ƚŚĞ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ƚŚĂƚ! /15/B/5'47! /1,%(B%1,/)1*! ;/77! 1),! (%&4/(! 4!
0()<%1!*6*,%:e!4!3)7740)(4,/B%!%++)(,!/*!(%a'/(%5!+)(!3):&(%$%1*/B%!3)::'1/,6!(%2%1%(4,/)18!
),11"-$% ?*4,#<! ! 34,5'$.*-% .#% 673% 8"/% #$1'$"9/% :*1% *2"15*+.-9% ;*2"1$/A! 415! ,$%! 4"((-,"#-5267͛Ɛ! +)3'*! )1!
$)'*/12! +)(! +4:/7/%*! 415! V)0! 3(%4,/)1! +)(! 45'7,*! 415! 45)7%*3%1,*! /*! /1,%2(47! ,)! ,$%! 3(%4,/)1! )+! 4! 7%4(1/12!
%1B/()1:%1,!,$4,!$%7&*!3$/75(%1!2();!,)!45'7,$))5!;/,$!,$%!*</77*!415!<1);7%52%!,$%6!1%%5!,)!+43%!4!3):&7%D!
;)(758!!#$%!ŽůůĂďŽƌĂƚŝǀĞ͛Ɛ!2)47!/*!,)!3))(5/14,%!43,/B/,/%*!/1!477!,$(%%!4(%4*!*)!4*!,)!ĐƌĞĂƚĞ͞'%#':"$/%-"$%<*2"-%
#*%$.9=$(/%$='$%5=.(41"-%.-%$="%-".9=0*1=**4%>,#$%5'-?$%#(.;%$=1*,9=@"͟!
@% #,44"##A,(% +*3"(% Ȃ% 89"% ƒ”Ž‡ Š‹Ž†”‡ǯ• ‘‡% :B)C;<% % /Ĩ LJŽƵ͛ǀĞ ƐĞĞŶ ƚŚĞ ŵŽǀŝĞ ͞tĂŝƚŝŶŐ ĨŽƌ
^ƵƉĞƌŵĂŶ͟ Žƌ ƌĞĂĚ ƚŚĞ Ŭ ͞tŚĂƚĞǀĞƌ /ƚ dĂŬĞƐ͗ dŚĞ YƵĞƐƚ ƚŽ ŚĂŶŐĞ ,ĂƌůĞŵ ĂŶĚ ŵĞƌŝĐĂ͟ ďLJ WĂƵů dŽƵŐŚ͕
LJŽƵ͛ǀĞǁŝƚŶĞƐƐĞĚƚŚĞďƌŝůůŝĂŶĐĞĂŶĚĐŽŵŵŝƚŵĞŶƚŽĨ,ĨŽƵŶĚĞƌ'ĞŽĨĨƌĞLJĂŶĂĚĂ͕ǁŚŽŚĂƐƐƉĞŶƚŽǀĞƌϮϬLJĞĂƌƐ
&()B/12!,$4,!;/,$!,$%! (/2$,!*'&&)(,A! </5*!/1!%B%1!,$%!:)*,! 3$477%12/12!*)3/47!415!%3)1):/3!3/(3':*,413%*!341!
%D3%7!4345%:/347768!!!
GMT͛Ɛ ƐƵĐĐĞƐƐ ƌĞůŝĞƐ ƵƉŽŶ 4! &#-2-&3($ 43))! )+! %1242%5A! %++%3,/B%! +4:/7/%*! 415! *'&&)(,! *6*,%:*! ;/,$! 53#(6$ 3.7$
8#"/#5))-95$-.25#95.2-".!/1!,$%/(!ĐŚŝůĚƌĞŶ͛Ɛ5%B%7)&:%1,8!!,͞ŝƐ͙#/#$"+'$.5'((/%5**14.-'$.-9!,;)!(%74,%5!4(%4*!
)+! ;)(<b! &()2(4:*! +)3'*%5! )1! 455(%**/12! ,$%! 3(/,/347! 1%%5*! )+! 3$/75(%1! 415! +4:/7/%*A! 415! ,4(2%,%5! %++)(,*! ,)!
(%0'/75! ,$%! 04*/3! ĐŽŵŵƵŶŝƚLJ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘͟ , ŽĨĨĞƌƐ ĐƌĂĚůĞ=,)=3)77%2%! &()2(4:*! /1! ,$(%%! 0()45! 4(%4*b!
ĐŚŝůĚƌĞŶ͛ƐƐŽĐŝĂůĂŶĚĞĚƵĐĂƚŝŽŶĂůŶĞĞĚƐ͕ĨĂŵ/76!*)3/47!*%(B/3%*A!415!*,(%12,$%1/12!3)::'1/,6!/1*,/,',/)1*8!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
K
!^ƚĂŶĨŽƌĚ^ŽĐŝĂů/ŶŶŽǀĂƚŝŽŶZĞǀŝĞǁ͕͞ŽůůĞĐƚŝǀĞ/ŵƉĂĐƚ͕͟$,,&bff;;;8**/(%B/%;8)(2f4(,/37%*f%1,(6f3)77%3,/B%g/:&43,f!!
"
!J%;!Z)(<!#/:%*!DĂŐĂnjŝŶĞĚĞƐĐƌŝďŝŶŐdŚĞ,ĂƌůĞŵŚŝůĚƌĞŶ͛ƐŽŶĞ͕$,,&bff;;;8$3>8)(2f40)',='*f40)',=2%)++(%6=341454!

F!
!
X4,$%(! ,$41! 3(%4,%! 4! 1%;! 1),=+)(=&()+/,! 7/<%! GMT! ,)! 0%! ,$%! *)7%! &()B/5%(! )(241/>4,/)1A! @PMM! 0'/7,! )1! ,$%!
*,(%12,$*!)+!%D/*,/12!?%*,!@4774*!)(241/>4,/)1*!415!3(%4,%5!4!&741!,)!'1/,%!,$%:!4*!)1%!/1!4!3)7740)(4,/B%!%++)(,!
ǁŝƚŚ ƚŚĞ ƐĂŵĞ ŽďũĞĐƚŝǀĞƐ ĂƐ ,͛Ɛ ŶĞǁ ͞ƐŽĐŝĂů ƐĞƌǀŝĐĞ ƉĂƌĂĚŝŐŵ͘͟  dŚĞ 4"((-,"#-5267! /*! 5%*/21%5! ,)! :)0/7/>%!
hKLLUU! /1! /1B%*,:%1,*! 415! 2'/5%! ,$%! ,'(14()'15! )+! ?%*,! @4774*A! 0'/75/12! 3)::'1/,/%*! +)3'*%5! )1! *,()12!
*3$))7*! 415! 0%3):/12! 4! :)5%7! +)(! *'*,4/1407%! 3)::'1/,6! (%5%B%7)&:%1,! 433):&7/*$%5! /1! V)/1,! &4(,1%(*$/&!
0%,;%%1!:416!1)1=&()+/,*!;)(</12!/1!3)13%(,!ʹ!4!*,(4,%26!/1!'*%!1);$%(%!%7*%!/1!,$%!3/,6!)+!@4774*8!
D9'#"%E%>%89"%4"((-,"#-5267$!"#$0"1)2.3$:(',-49"3%FGGH;<!!#$(%%!)(241/>4,/)1*!ʹ!@4774*!S(%4!G40/,4,!+)(!
G':41/,6!415!Q'/75%(*!)+!G)&%A!;/,$!*'&&)(,!4*!1%%5%5!+():!@PMM!ʹ!$4B%!0%%1!;)(</12!*/13%!"LL^!,)!5%7/B%(!
4++)(5407%!$)'*/12!/1!?%*,!@4774*8!!E/13%!"LLYA!,$%!3)7740)(4,)(*!$4B%!0%%1!;)(</12!)1!4!V)/1,!&()V%3,!,)!0'/75!)(!
&(%*%(B%!K[Y!4++)(5407%!$):%*A!&()B/5/12!*$%7,%(!415!0'/75/12!4**%,*!+)(!FLL!&%)&7%8!!!
#$/*!,$(%%=6%4(!&()V%3,!;4*!+'15%5!/1!&4(,!;/,$!hH8^UU!/1!24&!+/1413/12!+():!#$%!X%%*=i)1%*!P)'154,/)18!!S,!
7%4*,! hK^UU! ;4*! 455%5! ,)! ,$%! ,4D! 04*%A! NF! *7':7)(5! &()&%(,/%*! ;%(%! (%:)B%5A! ,$%! 3(/:%! (4,%5! 5()&&%5! /1!
*):%!*'(()'15/12!07)3<*!06!FLj!)(!:)(%A!415!KHL!+4:/7/%*!4(%!%1V)6/12!,$%!0%1%+/,*!)+!$):%);1%(*$/&!4*!,$%6!
455!,$%/(!*</77*!415!2/+,*!,)!7/+%!/1!?%*,!@4774*8!
D9'#"% EE% >% 89"% 4"((-,"#-5267$ !"#$ %&'""()$ :(',-49"3% FGGI;<! ! #$%! ŝŵďĂůĂŶĐĞƐ ŽĨ ŵĞƌŝĐĂ͛Ɛ ĞĚƵĐĂƚŝŽŶĂů
*6*,%:!4(%!,$%!3/B/7!(/2$,*!/**'%!)+!)'(!,/:%A!,$%6!4(%!&746/12!)',!/1!?%*,!@4774*!415!43()**!)'(!3/,6A!415!@9E@!;/77!
1%B%(!0%!407%!,)!,'(1!,$/12*!4()'15!47)1%8!#$%!0'(%4'3(436!/*!,))!0/28!!#$%!*3$))7*!,$4,!1%%5!,$%!:)*,!$%7&!4(%!
*'(()'15%5! 06! 2(/15/12! &)B%(,68% % !.$=*,$% +'>*1% .-$"12"-$.*-#A% <"% <.((% '((% 5*-$.-,"% $*% :'.(% $=*,#'-4#% *:%
#$,4"-$#%.-%&'(('#A%"2"1/%/"'1A%/"'1%':$"1%/"'1@%%
#$%!4"((-,"#-5267$!"#$%&'""()!3'((%1,76!/137'5%*!+/B%!3):&)1%1,*b!
x S5B)3436!+)(!a'47/,6!%5'34,/)1!,$4,!5(/B%*!3)::'1/,6!*'&&)(,!+)(!(%+)(:!
x M(%4,/)1!)+!3)::'1/,6!/1+(4*,('3,'(%!,)!*'&&)(,!%5'34,/)1!(%+)(:!!
x O4(,1%(*$/&! ;/,$! 4! B4(/%,6! )+! %5'34,/)147! &()B/5%(*! /137'5/12! 3$4(,%(! 415! &4()3$/47! *3$))7*! ,)! :)5%7!
0%*,!&(43,/3%*!!
x U%4*'(%:%1,!415!(%+/1%:%1,!)+!3)::'1/,6!415!%5'34,/)147!,(41*+)(:4,/)1!43,/B/,/%*!!
x C1242%:%1,!)+!*,'5%1,*!/1!,$%/(!);1!*'33%**!
S*! ,$%! 4"((-,"#-5267$ !"#$ %&'""()! 43$/%B%*! 0()45%(! 433%&,413%! 4:)12! ?%*,! @4774*! )(241/>4,/)1*A! 455/,/)147!
&()2(4::/12!;/77!0%!455%58!
D9'#"% EEE% Ȃ% 89"% 4"((-,"#-5267$ !"#$ +",)$ :$*% 0"% (',-49"3% FG=F>=J;<% % #$%! ŽůůĂďŽƌĂƚŝǀĞ͛Ɛ! ;)(<! /1! ,$%!
%5'34,/)1!*%3,)(!;/77!(%:4/1!&ĂŶĚƚŚĞƉĂƌƚŶĞƌƐ͛&(/:4(6!+)3'*!,$()'2$!4,!7%4*,!"LKF8!!CD%3',/)1!)+!O$4*%!999!
)+!,$%!3):&(%$%1*/B%!&741!ʹ!3(%4,/)1!)+!7/B407%!;42%!V)0*!/1!?%*,!@4774*!ʹ!/*!%D&%3,%5!,)!0%2/1!/1!"LK"=KF8!
S!3):&(%$%1*/B%!7415='*%!&741!/*!)+,%1!/5%1,/+/%5!4*!41),$%(!3(/,/347!3):&)1%1,!/1!,$%!(%5%B%7)&:%1,!)+!?%*,!
@4774*8!!#$%!4"((-,"#-5267!*'&&)(,*!,$%!%++)(,*!)+!,$%!M/,6!)+!@4774*A!'(041!&7411%(*!415!7)347!0'*/1%**!&%)&7%!/1!
0(/12/12!,)2%,$%(!,$%!B4(/)'*!7415='*%!&741*!1);!/1!)&%(4,/)1!/1!?%*,!@4774*!/1,)!4!*/127%!3))(5/14,%5!*,(4,%26A!
;$/7%!(%:4/1/12!+)3'*%5!)1!/,*!);1!;)(<!)+!4**'(/12!4!3):&(%$%1*/B%!*,(4,%26!+)(!,$%!*)3/47!*%3,)(8!
K"'#,1.-L% .$% @((% Ȃ% 89"% K"$1.4#% D1*M"4$<% % ?)(</12! ;/,$! 4! +)(:47! 42(%%:%1,! 0%,;%%1! "L! &4(,1%(*! /1! ,$%!
M"((-,"#-5267A% @PMM% $4*! /1,()5'3%5! 4! ,))7! ;$/3$! ;/77! %a'/&! ,$%! *)3/47! *%3,)(! ,)! */21/+/341,76! /:&()B%! /,*!
)',3):%*! 0),$! /15/B/5'4776! 415! 3)77%3,/B%76b! &%(+)(:413%! :%,(/3*! ;/,$! (%2'74(! )',3):%*! :%4*'(%:%1,! 415! 4!
(%+/1%:%1,! 3637%! +)(! /15/B/5'47! &4(,/3/&41,*! 415! +)(! ,$%! 2()'&! 4*! 4! ;$)7%8! ! ?$/7%! ,$%! /::%5/4,%! )',3):%! /*!
%*,407/*$/12!415!'*/12!:%,(/3*!-P%0('4(6!,$()'2$!@%3%:0%(!"LKK.A!$4B/12!415!'*/12!:%,(/3*!)B%(!,$%!1%D,!+/B%!
6%4(*!;/77!%1407%!:%4*'(%:%1,!A!(%+/1%:%1,!415!/13(%4*%*!/1!,$%!%++%3,/B%1%**!)+!,$%!%1,/(%!?%*,!@4774*!*)3/47!
*%3,)(8!!9,!;/77!47*)!*%(B%!4*!4!:)5%7!+)(!:%4*'(/12!,$%!%++%3,/B%1%**!)+!3)7740)(4,/B%!%++)(,*!/1!),$%(!2%)2(4&$/3!
4(%4*!)+!,$%!3/,68!!91/,/47!2)47!*%,,/12!415!/5%1,/+/34,/)1!)+!)',3):%*!,)!0%!5%7/B%(%5!06!,$%!2()'&!;/77!0%!7%5!06!
,$%!d#@!91*,/,',%!)+!O'07/3!S++4/(*8!U%,(/3*!;/77!0%!5%B%7)&%5!415!:%4*'(%:%1,!;/77!0%!3):&7%,%5!06!,$%!d#@!
91*,/,',%! )+! d(041! O)7/36! E,'5/%*8! ! @PMM! /*! /1! 3)1B%(*4,/)1! ;/,$! ,$%! EUd! E/::)1*! E3$))7! )+! C5'34,/)1! 415!
G':41! @%B%7)&:%1,! ,)! :%4*'(%! )',3):%*! )+! ,$%! 3)7740)(4,/B%! ;)(<! )1! /:&()B/12! *,'5%1,! &%(+)(:413%8!

N!
!
! !"#$%&'(('#%B.#$*1/J!
!
?%*,!@4774*!ŽƌŝŐŝŶĂƚĞĚĂƐĂĐŽŵŵƵŶŝƚLJŽŶƚŚĞŽƵƚƐŬŝƌƚƐŽĨĂůůĂƐ͕ĨŽƵŶĚĞĚĂƐĂƐƋƵĂƚƚĞƌƐ͛ƐĞƚƚůĞŵĞŶƚŝŶϭϴϴϲƚŽ
*%(B%!,$%!740)(!1%%5*!)+!4!7)347!26&*':!:/1%!ʹ!,$%!#%D4*!O)(,7415!M%:%1,!k'4((68!!G)'*/12!0'/7,!,)!*$%7,%(!,$%!
740)(%(*!;4*!*$)556!415!/1,%15%5!ĂƐƚĞŵƉŽƌĂƌLJ͖ŚŽǁĞǀĞƌ͕ĂĨĞǁŽĨƚŚĞŚŽŵĞƐƐƚŽŽĚǁĞůůŝŶƚŽƚŚĞůĂƚĞϭϵϳϬ͛Ɛ͕
415! ,$%/(! 3)1*,('3,/)1! *%,! ,$%! *,4154(5! ,$4,! /*! *,/77! /1! %B/5%13%! ,)5468! ! Q6! K[FN! 1%;*&4&%(! *,)(/%*! 3/,%5! ,$%!
͞ŵƵĐŬĂŶĚĨŝůƚŚŽĨƚŚĞtĞƐƚĂůůĂƐ^ƋƵĂƚƚĞƌƐĂŵƉ͘͟!
91!KY[F!?%*,!@47ůĂƐ͞ƐĐŚŽŽůĂŐŝƚĂƚŽƌƐ͟ǀŽƚĞĚƚŽĨŽƌŵƚŚĞtĞƐƚĂůůĂƐ/ŵƉƌŽǀĞŵĞŶƚƐƐŽĐŝĂƚŝŽŶĨŽƌƚŚĞ͞ŐĞŶĞƌĂů
'&=ďƵŝůĚŝŶŐŽĨtĞƐƚĂůůĂƐ͕͟ĨŽƵŶĚĞĚŝƚƐĨŝƌƐƚƐĐŚŽŽůĂŶĚĂƉƉƌŽǀĞĚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂƚǁŽ=*,)(6!0(/3<!*,('3,'(%!
;$/3$!37)*%5!,;)!6%4(*!74,%(!5'%!,)!743<!)+!+'15*8!!91!K[L[!,$%!+/(*,!&%(:41%1,!*3$))7A!#$):4*!S8!C5/*)1A!;4*!
)&%1%5!4*!4!+(%%!&'07/3!*3$))78!!
ƵƌŝŶŐ ƚŚĞ ϭϵϰϬƐ tĞƐƚ ĂůůĂƐ͛ ƉŽƉƵůĂƚŝŽŶ ŝŶĐƌĞĂƐĞĚ ĨŽƵƌĨŽůĚ ĂƐ ǀĞƚĞƌĂŶƐ ƌĞƚƵƌŶĞĚ ĨƌŽŵ ǁĂƌ ĂŶĚ ŝŶĚƵƐƚƌŝĂů
;)(<%(*!/::/2(4,%5!,)!,$%!4(%48!!Q',!4*!41!/15%&%15%1,!3/,6A!,$%!5%B%7)&:%1,!)+!?%*,!@4774*!;4*!1),!*'0V%3,!,)!
2)B%(1:%1,47!3)1,()7*!*'3$!4*!*'05/B/*/)1A!>)1/12!)(!0'/75/12!3)5%*8!!S!K[NY!*'(B%6!+)'15!,$4,!)176!F8^!&%(3%1,!
)+!$)'*%$)75*!$45!+7'*$!,)/7%,*A!415!V'*,!H8Y!&%(3%1,!$45!04,$/12!+43/7/,/%*!;/,$!('11/12!;4,%(8!!#$%*%!'1*41/,4(6!
3)15/,/)1*! &():&,%5! 4! &'*$! +)(! 411%D4,/)1! )+! ,$%! 4(%4! 06! ,$%! 3/,6! )+! @4774*! -K[H".A! 415! ,$%! @4774*! G)'*/12!
S',$)(/,6!-@GS.!0%241!3)1*,('3,/)1!)+!4!FAHLL!'1/,!&'07/3!$)'*/12!3):&7%DA!,$%!74(2%*,!3)13%1,(4,/)1!)+!7);=(/*%!
&'07/3!$)'*/12!+)(!+4:/7/%*!/1!,$%!d1/,%5!E,4,%*8!
U'(&$! U%,47*! -43a'/(%5! 06! XEX! M)(&)(4,/)1! /1! K[IK.! )&%1%5! 4! ^F=43(%! *%3)154(6! 7%45! *:%7,%(! &()3%**/12!
+43/7/,6!/1!K[F^!4,!E/127%,)1!Q)'7%B4(5!415!?%*,:)(%7415!X)45A!B%(6!37)*%!,)!;$%(%!,$%!&'07/3!$)'*/12!3):&7%D!
;4*!74,%(!0'/7,8!!E/13%!+%;!(%*/5%1,*!3)'75!4++)(5!,$%!7'D'(6!)+!4/(!3)15/,/)1/12A!/1!,$%!*'::%(*!,$%6!<%&,!5))(*!
415!;/15);*!)&%1!,)!3):04,!,$%!$%4,A!;$/3$!%D&)*%5!,$%:!,)!4/(0)(1%!,)D/1*!%B%1!;$/7%!,$%6!;%(%!/15))(*8!!
@'(/12!,$/*!,/:%!3)13%(1*!/13(%4*%5!40)',!,$%!$%47,$!%++%3,*!)+!,$%!7%45!%:/**/)1*A!&4(,/3'74(76!)1!3$/75(%18!!#$%!
M/,6!)+!@4774*!%143,%5!4!7%45!3)1,()7!)(5/1413%!/1!K[^Y8!!91!,$%!K[^L*!,$%!*:%7,%(!(%7%4*%5!:)(%!,$41!"^[!,)1*!)+!
7%45!&4(,/37%*!/1,)!,$%!4/(!%43$!6%4(8!!S!@4774*!G%47,$!@%&4(,:%1,!*,'56!-K[I".!+)'15!,$4,!3$/75(%1!7/B/12!1%4(!
*:%7,%(*!$45!4!F^j!/13(%4*%!/1!07))5!7%45!7%B%7*8!
J':%()'*! %1+)(3%:%1,! 43,/)1*! 415! 3):&7/413%! %++)(,*! ;%(%! /1/,/4,%5! /1! ,$%! %4(76! K[IL*8N! ! #$%! 7%45! *:%7,%(!
&%(:41%1,76!3%4*%5!)&%(4,/)1*!/1!K[YNA!415!(%:%5/47!;)(<!,)!(%:)B%!7%45=3)1,4:/14,%5!;4*!'15%(,4<%18!!M/B/7!
7/,/24,/)1! ;4*! 0()'2$,! 4*! ;%77A! 415! /1! ,$%! *'::%(! )+! K[YH! 4! h"LUU! )',=)+=3)'(,! *%,,7%:%1,! ;4*! (%43$%5!
0%,;%%1! XEX! M)(&8! 415! P(%5! Q4()1A! ;$)! (%&(%*%1,%5! FIL! 3$/75(%1! 415! NL! &()&%(,6! );1%(*! ;$)! ;%(%! 477!
4++%3,%5!06!,$%!7%45!%:/,,%5!+():!XEX8!!S!*%3)15!*)/7!(%:)B47!%++)(,!0%241!/1!K[[KA!,$/*!,/:%!5/(%3,%5!06!COSA!
415!/1!U46!K[[F!,$%!M7/1,)1!45:/1/*,(4,/)1!5%374(%5!?%*,!@4774*!,)!0%!,$%!74(2%*,!7%45=3)1,4:/14,%5!E'&%(+'15!
*/,%!/1!,$%!d1/,%5!E,4,%*8!
X%*/5%1,*! ;$)! $45! 0%%1! &'*$/12! +)(! 5%345%*! ,)! *)7B%! ,$%! &()07%:! 3)'75! +/14776! 746! ,$%/(! 34*%! ,)! (%*,! )1!
E%&,%:0%(! "YA! K[[N! ;$%1! ,$%! COS! */21%5! 4! O(%7/:/14(6! M7)*%=\',! X%&)(,! +)(! ,$%! XEX! M)(&8! E'&%(+'15! */,%A!
*,4,/12! 37%41='&! +)(! 477! ,$%! '1/,*! $45! 0%%1! 3):&7%,%58! ! #$%! COS! */21%5! 4! X%456! P)(! X%'*%! 5)3':%1,! /1! U46!
"LLHA!5%374(/12!,$%!*/,%!(%456!+)(!(%'*%!)(!(%5%B%7)&:%1,8!!#$%!COS!(%&)(,%5!,$4,!,$%!37%41='&!(%*'7,%5!5/(%3,76!
/1!7);%(!7%45!07))5!7%B%7*!/1!3$/75(%18!!#$%! 3)::'1/,6!47*)!0%1%+/,%5!06!$4B/12!NLL!&()&%(,/%*A!/137'5/12!FLL!
43(%*!)+!3)::%(3/47!&()&%(,6A!%7/:/14,%5!)+!3)1,4:/14,/)18!!
#$%!&'07/3!$)'*/12!3):&7%DA!/1,%15%5!,)!&()B/5%!*41/,4(6!$)'*/12!+)(!;)(<%(*A!0%34:%!,$%!*)'(3%!)+!,$%!74(2%*,!
415!06!+4(!:)*,!5%*,('3,/B%!/:&43,!)1!?%*,!@4774*!)B%(!,$%!5%345%*!4+,%(!/,*!3)1*,('3,/)18!!#$%!:3(;5#!&'07/3!
$)'*/12fE%3,/)1! Y! 5%*%2(%24,/)1! 7/,/24,/)1! 0%241! /1! K[YH! ;/,$! 4! *'/,! 06! @%0(4! ?47<%(! 424/1*,! ,$%! 3/,6! )+!
U%*a'/,%A!477%2/12!B/)74,/)1!)+!,$%!KN,$!S:%15:%1,!415!),$%(!3/B/7!(/2$,*!74;!&()$/0/,/12!(43/47!5/*3(/:/14,/)1!/1!
$)'*/128! ! #$%! *'/,! ;4*! *'0*%a'%1,76! 4:%15%5! ,)! 0(/12! /1! @GSA! ,$%! d8E8! @%&4(,:%1,! )+! G)'*/12! 415! d(041!
@%B%7)&:%1,!-Gd@.A!415!,$%!M/,6!)+!@4774*!415!0%34:%!4!374**!43,/)18!
!

H!
!
#$%!7/,/24,/)1!;4*!4!3):&7/34,%5!&()3%**!/1B)7B/12!:'7,/&7%!4&&%47*8!!G/2$7/2$,*!/137'5%Hb!
x d15%(!,$%!/1/,/47!K[YI!3)1*%1,!5%3(%%A!Gd@!415!@GS!42(%%5!,)!5%:)7/*$!415!(%&743%!"A^LL!)+!,$%!FAHLL!
'1/,*!415!(%$40/7/,4,%!,$%!(%:4/1/12![LL!'1/,*8!!Q',!,$%!3)1*%1,!5%3(%%!0%34:%!'1;)(<407%!0%34'*%!)+!
7)347!415!+%5%(47!2)B%(1:%1,!)&&)*/,/)18!
x 91!K[["!415!K[[FA!,$%!M/,6A!Gd@A!415!@GS!*)'2$,!3)'(,!4&&()B47!+)(!4!"ALLL!'1/,!&'07/3!$)'*/12!&()V%3,!
)1!,$%!?%*,!@4774*!*/,%8!!91!)(5%(!,)!)0,4/1!,$/*!4&&()B47A!,$%!5%+%1541,*!374/:%5!,$%6!;)'75!1),!)176!
(%$40/7/,4,%! 415! (%B/,47/>%! ,$%! ?%*,! @4774*! &()V%3,! 0',! 5)! ,$%! *4:%! +)(! ,$%! %1,/(%! ?%*,! @4774*!
1%/2$0)($))58!#$%!1%/2$0)($))5!(%B/,47/>4,/)1!415!(%5%B%7)&:%1,!%++)(,*!;%(%!74,%(!5()&&%5!0%34'*%!
)+!,$%!%D&%1*%!)+!*'3$!41!'15%(,4</12A!ĂŶĚŽŶƉůĂŝŶƚŝĨĨƐ͛ŽƉƉŽƐŝƚŝŽŶƚŚĞϮ͕ϬϬϬƵŶŝƚƉůĂŶǁĂƐĚƌŽƉƉĞĚ͘!
x #$%!K[[N!M/*1%()*!O741!;)'75!$4B%!(%5%B%7)&%5!KA^LL!'1/,*!)+!&'07/3!$)'*/12!/1!,$%!?%*,!@4774*!&()V%3,8!!
WůĂŝŶƚŝĨĨƐ ŽƉƉŽƐĞĚ ƚŚŝƐ ƉůĂŶ ŝŶ ƉĂƌƚ ďĞĐĂƵƐĞ ŽĨ ƚŚĞ ĚĞĨĞŶĚĂŶƚƐ͛ ƌĞĨƵƐĂů ƚŽ ĐŽƌƌĞĐƚ ƚŚĞ 07/2$,%5! 415!
$4>4(5)'*!3)15/,/)1*!/1!415!4()'15!,$%!?%*,!@4774*!&()V%3,8!#$%!5%+%1541,*!*'0*%a'%1,76!(%5'3%5!,$%!
1':0%(!)+!'1/,*!&()&)*%5!+)(!?%*,!@4774*!,)!KA"LL!'1/,*!415!,$%1!,)!1)!:)(%!,$41![HL!'1/,*8!O74/1,/++*!
433%&,%5! ,$%! &()&)*47! +)(! [HL! '1/,*A! ,$%! 7%B%7! *%,! 06! ,$%! K[YI! 3)1*%1,! 5%3(%%8! #$%! 5/*,(/3,! 3)'(,!
4&&()B%5!,$/*!:)5/+/%5!B%(*/)1!/1!K[[^8!!!
Q),$!,$%!5/*,(/3,!3)'(,!415!,$%!P/+,$!M/(3'/,!433%&,%5!,$%!3$4(43,%(/>4,/)1!)+!,$%!FAHLL!'1/,!?%*,!@4774*!&'07/3!
$)'*/12!&()V%3,!4*!l4!2/241,/3!:)1':%1,!,)!ƐĞŐƌĞŐĂƚŝŽŶĂŶĚŶĞŐůĞĐƚ͘͟dŚĞũƵĚŝĐŝĂůƉƌŽĐĞĞĚŝŶŐƐŽŶƚŚĞƌĞŵĞĚLJ
74*,%5!'1,/7!K[[^A!415!/1!"LLF!415!"LLN!42(%%:%1,*!;%(%!(%43$%5!(%7%4*/12!,$%!M/,6!415!,ĨƌŽŵƚŚĞĐŽƵƌƚ͛Ɛ
V'(/*5/3,/)1!/1!*,42%*8!
d7,/:4,%76A!3)'(,!)(5%(*!%1,%(%5!/1!,$/*!34*%!&()B/5%5!,$%!+)77);/12!(%*)'(3%*!+)(!$)'*/12!5%*%2(%24,/)1b!
x S&&()D/:4,%76![ABCC!1%;!4**/*,%5!'1/,*!:45%!4B4/7407%!,)!?47<%(!374**!:%:0%(*e!
x S&&()D/:4,%76! h""! :/77/)1! +)(! ,$%! 3(%4,/)1! )+! $)'*/12! )&&)(,'1/,/%*! /1! 1)1=/:&43,%5! @4774*!
3)::'1/,/%*e!
x h"!:/77/)1!+)(!4!+4/(!$)'*/12!)(241/>4,/)1!+)3'*%5!)1!,$%!&()07%:*!)+!7);!/13):%!:/1)(/,6!+4:/7/%*e!
x G)&%!`9!+'15/12!+)(![HL!'1/,*!/1!,$%!?%*,!@4774*!&()V%3,e!
x h[N! :/77/)1! +():! ,$%! M/,6! )+! @4774*!+)(! 1%/2$0)($))5! %a'47/>4,/)1! 415! %3)1):/3! 5%B%7)&:%1,! /1! ,$%!
&'07/3!$)'*/12!&()V%3,!1%/2$0)($))5*e!415!
x hKL!:/77/)1!+)(!:)0/7/,6!3)'1*%7/12!,)!0%!'*%5!/1!3)11%3,/)1!;/,$!,$%!E%,,7%:%1,!`)'3$%(!&()2(4:8!!!
S*! 4! (%*'7,! )+! ,$/*! 7/,/24,/)1A! @GS! $4*! 5%:)7/*$%5! 415! (%&743%5! '1/,*! /1! ,$%! R4<%;%*,! @%B%7)&:%1,! 415! $4*!
;)(<%5!;/,$!&(/B4,%!5%B%7)&%(*!415!G40/,4,!+)(!G':41/,6!,)!0'/75!$'15(%5*!)+!1%;!);1%(=)33'&/%5!$):%*!/1!
41!4;4(5=;/11/12!4(%4!1);!<1);1!4*!W(%%17%4+!`/7742%8!!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
F
!E)'(3%*!+)(!,$%!$/*,)(6!14((4,/B%!/137'5%!,$%!?/</&%5/4!4(,/37%!40)',!?%*,!@4774*A!
$,,&bff%18;/</&%5/48)(2f;/</f?%*,g@4774*e!X%B/*%5!?%*,!@4774*!M):&(%$%1*/B%!R415!d*%!E,'56A!M/,6!)+!@4774*!U46!"^A!K[[[A!
$,,&bff;;;8*)',$%(154774*8)(2f5)3':%1,*f&7411/12fIj"L?%*,j"L@4774*f?%*,j"L@4774*j"LM):&(%$%1*/B%j"LR415j"
Ld*%j"L*,'56j"LX%B/*%5j"LU46j"LK[[[8&5+e!G/*,)(6!)+!,$%!@4774*!G)'*/12!S',$)(/,6A!
$,,&bff;;;85$454783):fW/f40)',8$,:7A!,$%!E%3)15!P/B%=Z%4(!X%B/%;!X%&)(,!+)(!,$%!XEX!M)(&)(4,/)1!E'&%(+'15!E/,%A!d8E8!
COSA!E%&,%:0%(!"LKLA!$,,&bff;;;8%&482)Bf(%2/)1^f^*+f,%D4*f(*(f(*(g*%3)15g+/B%g6%4(g(%B/%;^KYNY"8&5+e!:3(;5#$9*$
+<=A!@41/%7!415!Q%*$4(4A!OMA!$,,&bff541/%70%*$4(474;+/(:83):f;47<%(B$'584*&De!415!S2%136!+)(!#)D/3!E'0*,413%*!415!
@/*%4*%!X%2/*,(6!-S#E@X.A!O'07/3!G%47,$!S**%**:%1,A!XEX!M)(&)(4,/)1A!
$,,&bff;;;84,*5(835382)Bf$43f&$4f&$484*&m5)3/5nKFNo&2nK8!
N
!P)(!4!5%,4/7%5!3$()1)7)26!*%%!,$%!COS!"LKL!(%&)(,A!#407%!KA!415!,$%!S#E@X!14((4,/B%A!>7*!
H
!P)(!4!5%,4/7%5!3$()1)7)26!*%%!?47<%(!B8!Gd@A!@41/%7!415!Q%*$4(4A!OMA!$,,&bff541/%70%*$4(474;+/(:83):f;47<%(B$'584*&D8!

^!
!
&"+*L1'N9.4#O%
!
J),%b!M):&4(/*)1*!4(%!,)!M/,6!)+!@4774*!54,4!'17%**!),$%(;/*%!/15/34,%58!!T/&=3)5%!7%B%7!3%1*'*!54,4!+)(!"LKL!/*!
!
1),!6%,!4B4/7407%8
6DEF3%G%
!"#$%&'(('#%)*++,-.$/%&"+*91';=.5#% !"#$% ).$/%*:%
H#*+"%-,+0"1#%1*,-4"4I% &'(('#% &'(('#%
JKJLFD6MKNO%"P5";$%<="1"%-*$"4% ! !
!!!!!#),47!&)&'74,/)1! "NAL^F! K8"UUY!
!!!!!U%5/41!42%! "^! FF!
!
!!!!!S2%!KI!415!'15%(! FYj "Ij!
!!!!!G/*&41/3fS+(/341=S:%(/341! I"f"Hj! N^f"Fj!
!
!!!!!E&%4<!E&41/*$!4,!$):%! ^F8Fj F[8Hj!
MN)KQ3O% ! !
!!!!!O%(!34&/,4!/13):%! [AYKF! "NA"IF!
!!!!!U%5/41!$)'*%$)75!/13):%!!!!!! "IAIIF! NFAL^^!
!
!!!!!G)'*%$)75*!%4(1/12!7%**!,$41!hKHALLL! FF8"j KN8^j!
!!!!!G)'*%$)75*!%4(1/12!7%**!,$41!hFHALLL! ^L8"j! NL8^j!
!
!!!!!P4:/7/%*!;/,$!3$/75(%1!7/B/12!0%7);!&)B%(,6!7%B%7! FI8Hj K^8Yj!
3&L)D6MKNO% ! !
!!!!!S77!(%*/5%1,*!42%!"Hc!;$)!1%B%(!3):&7%,%5!$/2$!*3$))7! ^I8Kj! FL8^j!
!!!!!G/*&41/3!(%*/5%1,*!42%!"Hc!;$)!1%B%(!3):&7%,%5!$/2$!*3$))7! I"8^j! ^K8[j!
!!!!!X%*/5%1,*!;$)!4(%!3)77%2%!2(45'4,%*! "j! "Ij!
B
%%J.-8#$*-%5*+;'1"4%$*%&MR& S% % %
!!!!!"LL[!2(45'4,%*!;$)!,))<!ES#!)(!SM#! NL8Hj! ^N8Hj!-@9E@.!
!
!!!!!"LL[!%D4:/1%%*!*3)(/12!4,!)(!40)B%!3(/,%(/)1!-KKLL!ES#!)(!"N!SM#.! F8"j KL8Hj!-@9E@.!
!!!!!SB%(42%!ES#!+)(!M74**!)+!"LL[! I[Y! Y^K!-@9E@.!
!!!!!M74**!)+!"LL[!5()&)',!*,4,/*,/3*b! ! !
!!!!!!!!!!O%(3%1,!)+!374**!;$)!+/1/*$%5!$/2$!*3$))7!/1!N!6%4(*! H[8^j! ^I8^j!-@9E@.!
!
!!!!!!!!!!O%(3%1,!;$)!5()&&%5!)',!5'(/12!,$)*%!N!6%4(*! "L8Nj K[8Kj!-@9E@.!
!!!!!!!!!!!!O%(3%1,!;$)!3)1,/1'%5!$/2$!*3$))7!+)(!H,$!6%4(!-*):%!;/77!5()&!)',.! KY8Yj! K"8Ij!-@9E@.!
3QJFKTQ3N6UV3FD63&%H#""%6'0("%W%:*1%5"-#,#%$1'5$%4'$'I% ! !
!!!!!C:&7)6:%1,!5%1*/,6!-V)0*!&%(!*a'4(%!:/7%.! KA^N[KL! "A"YHKL!
I
!!!!!G)'*%$)75*!1),!);1/12!4,!7%4*,!)1%!34(! "Fj ! KLjI!
73DF67GG%%D3%&,!;$%(%!1),%5% ! !
K"
!!!!!Q/(,$*!&%(!KALLL!+%:47%*!42%!KH=K[! ^F=KLL ! NK8HKF!-d8E8.!
!!!!!O%(3%1,!)+!0/(,$*!,)!:),$%(*!'15%(!"L! NNj! "Yj!-3)'1,6.!
!
!!!!!O%(3%1,!)+!0/(,$*!,)!'1:4((/%5!:),$%(*! ^Ij HKj!-3)'1,6.!
!!!!!O%(3%1,!)+!0/(,$*!,)!:),$%(*!;/,$)',!4!$/2$!*3$))7!5%2(%%! FLj! "Kj!-3)'1,6.!
^!
!!!!!O%(3%1,!'1/1*'(%5! ^Lj !
7KLRMNX%H#""%6'0("%W%:*1%5"-#,#%$1'5$%4'$'II! ! !
!!!!!U%5/41!);1%(=)33'&/%5!$)'*/12!B47'%! hN^AY^F! hK"HAH"^!
!!!!!U%5/41!42%!)+!$)'*/12!'1/,*! NI! FI!
!
!
!
!

I!
!
V.5='14#*-%%
6DEF3%Y%

7.9=('-4%
J.-8#$*-%
%

&'(('#%%%

J('-*%%
)*+;'1.#*-#%%*:%J.-8#$*-%$*%&'(('#%MR&%'-4%*$="1%N*1$=%6"P'#%

J'18%%
R5=**(%&.#$1.5$#GZ%

"LL[!2(45'4,%*!;$)!,))<!ES#!)(!SM#! NL8Hj! ^N8Hj! IN8Yj! IY8Lj! mKH!


"LL[! %D4:/1%%*! *3)(/12! 4,! )(! 40)B%! 3(/,%(/)1! -KKLL! ES#! )(! "N!
SM#.! F8"j% KL8Hj% NK8Yj! ^N8Nj% IH8Nj%
SB%(42%!ES#!+)(!M74**!)+!"LL[! I[Y! Y^K! KLHN% KK^H! K"LF!
M74**!)+!"LL[!5()&)',!*,4,/*,/3*b! ! ! ! ! !
!!!!!O%(3%1,!)+!374**!;$)!+/1/*$%5!$/2$!*3$))7!/1!N!6%4(*! H[8^j! ^I8^j! YI8"j% ["8Kj! [[8"j!
!!!!!O%(3%1,!;$)!5()&&%5!)',!5'(/12!,$)*%!N!6%4(*! "L8Nj! K[8Kj! N8Yj% "8Kj! L8"j!
!!!!!O%(3%1,! ;$)! 3)1,/1'%5! $/2$! *3$))7! +)(! H,$! 6%4(! -*):%! ;/77!
5()&!)',.! KY8Yj% K"8Ij% I8Nj! H8"j% L8^j%
!!!!!O%(3%1,!;$)!(%3%/B%5!WC@! K8"j! L8^j! L8^j! L8^j! L8Lj!
!
!
6DEF3%W%

)6%GCY%/137'5%*!

)6%GC\%/137'5%*!
W(%%17%4+!`/7742%%

).$/%*:%&'(('#%
%

?%*,:)(%7415!
)6%GCG@CG%

)6%GCG@CY%

)6%GC[@CG%

)6%GC[@CY%
%
R4!Q4V454%
R)*!S7,)*%

7*,#.-9%'-4%"+;(*/+"-$%

G%/2$,*%
)6%ZW%

5*+;'1.#*-#%.-%!"#$%&'(('#%
5"-#,#%$1'5$#G[% %
#),47!$)'*/12!'1/,*! YF[! KAFYI! [Y"! KAF"N! [KI! KA^F[! Y["! HFIAFIY%
!!!!!`4341,!$)'*/12!'1/,*!! KF8Fj! KK8[j! KL8"j! F8Kj! KI8^j! L8Nj! K8"j! K"8^j%
!!!!!\33'&/%5!$)'*/12!'1/,*! Y^8Ij! YY8Kj! Y[8Yj! [^8[j! Y"8Nj! [[8^j! [Y8Yj! YI8Nj%
!!!!!!!!!!\;1%(=)33'&/%5! H^8Yj! ^I8Hj! ^K8^j! "I8Nj! ^F8Yj! ^Y8"j! F^8Ij! N^8Kj%
!!!!!!!!!!X%1,%(=)33'&/%5! NF8"j! F"8Hj! FY8Nj! I"8^j! F^8"j! FK8Yj! ^F8Fj! HF8[j%
U%5/41!B47'%!)+!);1%(=
KI
)33'&/%5!'1/,*! h^HAYLL! hHYALLL! hN[AYLL! hY^A"LL! hHHANLL! h^NAFLL! h^FAYLL! hK"HAH"^ !
E%7%3,%5!:)1,$76!);1%(!
3)*,*!4*!4!&%(3%1,42%!)+!
$)'*%$)75!/13):%!ʹ!$)'*/12!
'1/,*!;/,$!4!:)(,242%!&46/12!
FH8Lj!)(!:)(%! "L8"j% IN8Ij! N"8Lj! NF8[j! HK8Nj% "Y8Yj% FF8^j% FL8Yj!
W()**!(%1,!4*!4!&%(3%1,42%!
)+!$)'*%$)75!/13):%!ʹ!
&%(3%1,!)+!(%1,%(*!&46/12!
FH8Lj!)(!:)(%! F^8Yj% ^Y8"j! HN8Yj! N^8^j! N"8Ij% FK8Hj% NH8Nj% F[8[j%
d1%:&7)6:%1,!(4,%*!+)(! !
&)&'74,/)1!K^!6%4(*!415!
)B%(KY! ! ! ! ! ! ! !
!!!!!d1%:&7)6%5! N8Nj! K"8Fj! N8Yj! KI8Fj% H8Ij! F8Fj! [8^j! Y8^jK[!
!!!!!J),!/1!740)(!+)(3%! FI8Lj! N[8Hj! F[8Fj! FF8Yj% FY8Yj! F[8Ij! F^8Lj! FK8Hj"L!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
^
!#$%!*,4(,/12!&743%!+)(!:416!)+!,$%*%!*,4,/*,/3*!/*!,$%!(%&)(,!+():!,$%!i8!U3@)1475!?/77/4:*!91*,/,',%A!X%*%4(3$!M):&/74,/)1!
?%*,!@4774*!-T/&!M)5%!IH"K".A!@%3%:0%(!"LL^8!E,4,/*,/3*!4(%!2%1%(4776!"LLH8!P)(!4!3)&6!3)1,43,!/1+)_5+338'*8!
I
!U)*,!)+!,$%!?/77/4:*!91*,/,',%!*,4,/*,/3*!$4B%!0%%1!'&54,%5!;/,$!"LKL!%*,/:4,%*!+():!M74(/,4*!U4(<%,O743%!O)&=P43,*b!
@%:)2(4&$/3!E14&*$),!"LKL!X%&)(,*!+)(!>/&!3)5%!IH"K"!415!+)(!,$%!M/,6!)+!@4774*A!
$,,&bff;;;8374(/,4*83):f*/,%(%&)(,*f04*/3=5%:)2(4&$/3*=(%&)(,=&43<42%8V*&!!

Y!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Y
!"LKL!M%1*'*A!$,,&bff+43,+/15%(83%1*'*82)B!
[
!#%D4*!C5'34,/)1!S2%136!"LL[=KL!E3$))7!X%&)(,!M4(5!+)(!O/1<*,)1!G8E8A!
$,,&bff;;;854774*/*58)(2f/1*/5%g5/*5f5%&,*f%B47433,f54,4f4%/*8$,:A!/,%:!p^!'15%(!"LL[=KL!S11'47!C5'34,/)147!
O%(+)(:413%!X%&)(,/128!!M)77%2%=(%456!*3)(%*!4(%!5%+/1%5!4*!KKLL!)1!ES#!)(!"N!)1!SM#!3):&)*/,%8!!M):&4(/*)1*!4(%!,)!
@9E@!)B%(4778!
KL
!DĂLJŽƌ͛Ɛ^ŽƵƚŚĞƌŶĂůůĂƐdĂƐŬ&ŽƌĐĞ͕ĂůůĂƐKĨĨŝĐĞŽĨĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ͕ƌĞĂηϳĨĂĐƚƐŚĞĞƚ͕
$,,&bff;;;8*)',$%(154774*8)(2f5)3':%1,*f+43,*$%%,*fIg?%*,j"L@4774*8&5+!!
KK
! "LLY! 54,4! &()B/5%5! 06! ,$%! #%D4*! @%&4(,:%1,! )+! E,4,%! G%47,$! E%(B/3%*A! M%1,%(! +)(! G%47,$! E,4,/*,/3*! )1! FfFLfKK8!!
M):&4(/*)1*!4(%!,)!@4774*!M)'1,6!54,48!
K"
!@4774*fP)(,!?)(,$!#%%1!Q/(,$!X4,%*!06!T9O!M)5%A!d1/B%(*/,6!)+!#%D4*!E3$))7!)+!O'07/3!G%47,$A!3/,/12!#%D4*!@%&4(,!)+!E,4,%!
G%47,$!E%(B/3%*A!Q'(%4'!)+!`/,47!E,4,/*,/3*A!"LLYA!&()B/5%5!06!(%a'%*,8!!^F=KLL!/*!)1%!)+!+)'(!5%+/1%5!(412%*8!
KF
!M):&4(/*)1!54,4!/*!d8E8!4B%(42%8!!E)'(3%b!M%1,%(*!+)(!@/*%4*%!M)1,()7!415!O(%B%1,/)1A!S&(/7!^A!"LKL!&(%**!(%7%4*%A!
$,,&bff;;;835382)Bf:%5/4f&(%**(%7f"LKLf(KLLNL^8$,:8!
KN
!@/*,(/3,!54,4!+():!#%D4*!C5'34,/)1!S2%136!"LL[=KL!S345%:/3!CD3%77%13%!915/34,)(!E6*,%:A!
$,,&bff(/,,%(8,%48*,4,%8,D8'*f&%(+(%&)(,f4%/*f"LKLf/15%D8$,:78!!!
KH
!P)),1),%!)1!G/2$7415!O4(<!9E@!"LL[=ϭϬŝƐƚƌŝĐƚƉƌŽĨŝůĞĞdžƉůĂŝŶƐ͕͞ĂƚĂĨŽƌƚŚŝƐŝƚĞŵǁĞƌĞƐƚĂƚŝƐƚŝĐĂůůLJŝŵƉƌŽďĂďůĞŽƌǁĞƌĞ
ƌĞƉŽƌƚĞĚŽƵƚƐŝĚĞĂƌĞĂƐŽŶĂďůĞƌĂŶŐĞ͘͟!
K^
!d8E8!M%1*'*!Q'(%4'!"LLH="LL[!S:%(/341!M)::'1/,6!E'(B%6!H=Z%4(!%*,/:4,%*A!@4,4!O()+/7%*!+)(!3%1*'*!,(43,*!NFA!KLK8LKA!
KLK8L"A!KL"A!KLHA!KL^8LKA!KL^8L"A!415!M/,6!)+!@4774*A!
$,,&bff+43,+/15%(83%1*'*82)Bf*%(B7%,f@4,4*%,U4/1O42%E%(B7%,mg7412n%1og,*nFK[[[HLK"[LYog5*g14:%nSMEg"LL[gHZXgW
LLgog&()2(4:8!!U4&*!4(%!4B4/7407%!)1!,$4,!*/,%!+)(!%43$!)+!,$%!3%1*'*!,(43,*8!!M%1*'*!,(43,!KLN!/*!1),!/137'5%5!/1!,$/*!(%&)(,!
0%34'*%!,$%(%!4(%!)176!KL^!$)'*%$)75*A!0',!54,4!+)(!,$4,!,(43,!/*!4B4/7407%!)1!,$%!;%0*/,%8!!O7%4*%!1),%!,$%!$/2$!:4(2/1*!)+!
%(()(!,$4,!433):&416!,$%!3%1*'*!,(43,!7%B%7!SME!*,4,/*,/3*8!!O7%4*%!*%%!&8!F[!+)(!4!3%1*'*!,(43,!:4&8!
KI
!#$/*!/*!,$%!M74(/,4*!"LKL!%*,/:4,%8!!S:%(/341!M)::'1/,6!E'(B%6!%*,/:4,%A!;$/3$!/*!,$%!*4:%!(%&)(,!,$4,!,$%!3%1*'*!,(43,!
:%5/41!B47'%*!4(%!+)'15A!/*!hK"[AHLL8!!E%%!7/1<!/1!&(%B/)'*!+)),1),%8!
KY
! M%1*'*! ,(43,! 7%B%7! 54,4! 3):%*! +():! ,$%! S:%(/341! M)::'1/,6! E'(B%6?$ >78! ! M/,6! 54,4! 3):%*! +():! ,$%! +%5%(47=*,4,%!
3))&%(4,/B%!R)347!S(%4!d1%:&7)6:%1,!E,4,/*,/3*!-RSdE.!&()2(4:!415!'*%*!4*!/,*!<%6!/1&',!,$%!:)1,$76!M'((%1,!O)&'74,/)1!
E'(B%6! -MOE.! 54,4! +():! ,$%! Q'(%4'! )+! R40)(! E,4,/*,/3*A! $,,&bff;;;807*82)Bf74'f54,48$,:8! ! #$%! MOE! &()B/5%*! 4! :)1,$76!
*14&*$),!)+!14,/)147=7%B%7!%:&7)6:%1,!415!'1%:&7)6:%1,!*,4,/*,/3*!;/,$!7%**!,$41!4!F=;%%<!,'(14()'15!0%,;%%1!,$%!%15!
)+! 54,4! 3)77%3,/)1! /1! 416! )1%! :)1,$! 415! (%7%4*%! )+! ,$%! *,4,/*,/3*! +)(! ,$4,! :)1,$! 06! ,$%! QRE8! #$%! SME! 5)%*! 1),! &()5'3%!
:)1,$76!%*,/:4,%*!0%34'*%!/,!$4*!0%%1!)&,/:/>%5!/1*,%45!,)!&()5'3%!433'(4,%!%*,/:4,%*!+)(!2%)2(4&$/3!4(%4*!4*!*:477!4*!
3%1*'*!,(43,*!415!07)3<!2()'&*8!!#$%!3):&4(/*)1A!,$%(%+)(%A!0%,;%%1!3%1*'*!,(43,*!/1!?%*,!@4774*!415!,$%!M/,6!)+!@4774*!4*!4!
;$)7%!/*!1),!41!4&&7%*=,)=4&&7%*!3):&4(/*)18!!E%%!$,,&bff;;;83%1*'*82)Bf$$%*f;;;f740)(+)(f740)(2'/5413%L[""L[8$,:7!
+)(!4!5%,4/7%5!%D&7414,/)1!)+!,$%!5/++%(%1,!3)77%3,/)1!:%,$)5*8!!S7*)!1),%!,$%!74(2%!:4(2/1*!)+!%(()(!,$4,!a'47/+6!,$%!*,4,/*,/3*!
/1!,$%!SME!3%1*'*!,(43,!(%&)(,*8!!P)(!)'(!&'(&)*%*A!,$%(%!4(%!,;)!/:&)(,41,!&)/1,*b!-K.!,$%!(%74,/B%76!$/2$%(!'1%:&7)6:%1,!
(4,%*!/1!3%(,4/1!&4(,*!)+!?%*,!@4774*A!%*&%3/4776!;$%1!3):&4(%5!,)!,$%!SME!%*,/:4,%!)+!H8Nj!+)(!,$%!3/,6!4*!4!;$)7%A!;$/3$!/*!
:'3$!7);%(!,$41!,$%! :)*,!(%3%1,! MOE!(4,%e!415!-".!(%74,/B%76!$/2$%(!&%(3%1,42%*!)+!&)&'74,/)1!)',*/5%!,$%!;)(<+)(3%!/1!
:)*,!)+!?%*,!@4774*!3):&4(%5!,)!,$%!3/,6!4*!4!;$)7%8!
K[
!O(%7/:/14(6!P%0('4(6!"LKK!'1%:&7)6:%1,!(4,%!+)(!,$%!M/,6!)+!@4774*A!$,,&bff;;;807*82)Bf74'f54,48$,:8!!!
"L
!S:%(/341!M)::'1/,6!E'(B%6!%*,/:4,%A!*%%!+)),1),%!KF!
!

[!
!
&"+*L1'N9.4%P'11'$.2"%
!
@%*&/,%!%1)(:)'*!24/1*!:45%!/1!,$%!&4*,!KL!6%4(*A!/1!%B%(6!34,%2)(6!:%4*'(%5!?%*,!@4774*!/*!*,/77!)1%!)+!,$%!
:)*,!3$477%12%5!3)::'1/,/%*!/1!,$%!3/,68!!%
D*N,('$.*-%'-3%E-4*+"<!!tĞƐƚĂůůĂƐ͛ĚĞŵŽŐƌĂƉŚŝĐƐƐŚŽǁĂĐŽŵŵƵŶŝƚLJǁŚŽƐĞŵĞĚŝĂŶĂŐĞŝƐLJŽƵŶŐĞƌƚŚĂŶ
,$4,! )+! ,$%! 3/,6! 4*! 4! ;$)7%A! ;/,$! 4! 74(2%! &%(3%1,42%! )+! /,*! &)&'74,/)1! 42%! KI! 415! '15%(8! ! U)*,! (%*/5%1,*! 4(%!
G/*&41/3A!;/,$!40)',!4!a'4(,%(!S+(/341=S:%(/3418!!U416!(%*/5%1,*!*&%4<!E&41/*$!/1!,$%!$):%8!!Q),$!$)'*%$)75!
415!&%(!34&/,4!/13):%*! 4(%! *'0*,41,/4776!7);%(!/1!?%*,!@4774*A!;/,$!3)1*%a'%1,! 1%24,/B%! /:&43,*!)1!3$/75(%18!!
U)(%! ,$41! 4! ,$/(5! )+! +4:/7/%*! ;/,$! 3$/75(%1! 7/B%! 0%7);! ,$%! &)B%(,6! 7%B%78! ! S7,$)'2$! &)3<%,*! )+!:/557%=/13):%!
$):%);1%(*!4(%!+)'15!/1!?%*,!@4774*A!/,!/*!,$%!4(%4*!)+!%D,(%:%!&)B%(,6!,$4,!*,415!)',A!&4(,/3'74(76!/1!,$%!@GS!
R4<%;%*,!@%B%7)&:%1,!-)13%!,$%!74(2%*,!&'07/3!$)'*/12!5%B%7)&:%1,!/1!,$%!3)'1,(6.!415!,$%!3)::'1/,6!;%*,!
)+!?%*,:)(%7415!X)458!!
5+N(*/+"-$<% ! #$%! )++/3/47! '1%:&7)6:%1,! (4,%! %D37'5%*! +():! ,$%! 3473'74,/)1! ,$)*%! /15/B/5'47*! ;$)! 4(%! 1),!
7))</12!+)(!;)(<8!!#$%!3):&4(/*)1!)+!'1%:&7)6:%1,! (4,%*!0%,;%%1!?%*,!@4774*!3%1*'*!,(43,*!415!,$%!M/,6!)+!
@4774*! $4*! 41! /:&)(,41,! a'47/+/34,/)1! ʹ! ,$%! 54,4! /*! +():! ,;)! 5/++%(%1,! *)'(3%*! ;/,$! 5/++%(%1,! :%,$)5*! )+!
3)77%3,/)1A!415!,$%!3%1*'*=7%B%7!'1%:&7)6:%1,!(4,%*!:46!0%!'15%(*,4,%5!0%34'*%!)+!,$%!,/:%!+(4:%!/1!;$/3$!
,$%! 54,4! ;4*! 3)77%3,%5! -*%%! +)),1),%! KH.8! ! G);%B%(A! ,$/*! :'3$! /*! 37%4(b! ,$%! &%(3%1,42%! )+! V)07%**! (%*/5%1,*A!
;$/3$!/137'5%*!0),$!,$%!)++/3/4776!'1%:&7)6%5!415!,$)*%!1),!(%+7%3,%5!/1!,$%!'1%:&7)6:%1,!(4,%A!/*!$/2$%(!/1!477!
?%*,!@4774*!3%1*'*!,(43,*!,$41!,$4,!+)(!,$%!3/,6!4*!4!;$)7%8!!!
S7:)*,!)1%=+)'(,$!)+!?%*,!@4774*!$)'*%$)75*!5)!1),!);1!4!34(!415!(%76!)1!&'07/3!,(41*&)(,4,/)18!!S7*)!1),407%!/*!
,$%!7);%(!%:&7)6:%1,!5%1*/,6!-1':0%(!)+!V)0*!&%(!*a'4(%!:/7%.!/1!?%*,!@4774*8!!!
#$%!&)*,=(%3%**/)1!'1%:&7)6:%1,!+/2'(%!/*!41%35),4776!(%&)(,%5!,)!0%!)B%(!FLj!5'%!,)!,$%!1':0%(!)+!(%*/5%1,*!
;$)!;)(<! /1!,$%! 3)1*,('3,/)1! ,(45%*8! !\B%(! $47+!)+!%:&7)6%5!?%*,! @4774*! (%*/5%1,*! 4(%! 34,%2)(/>%5! 4*! $4B/12!
͞ďůƵĞ ĐŽůůĂƌ͟ ŽĐĐƵƉĂƚŝŽŶƐ͕ ĂŶĚ ĂůŵŽƐƚ Ă ƋƵĂƌƚĞƌ ĂƐ ǁŽƌŬŝŶŐ ŝŶ ͞ƐĞƌǀŝĐĞ ĂŶĚ ĨĂƌŵ͟ ŽĐĐƵƉĂƚŝŽŶƐ͘"K! ! E%(B/3%!
)33'&4,/)1*A! 433)(5/12! ,)! ,$%! ?/77/4:*! 91*,/,',%! -415! &()04076! :416! 07'%! 3)774(! V)0*! 4*! ;%77.! 4(%! +(%a'%1,76!
3$4(43,%(/>%5!06!7);!;42%*A!4!743<!)+!0%1%+/,*A!415!7);!45B413%:%1,!&),%1,/478""!
53,4'$.*-S% % #%1! &'07/3! *3$))7*! *%(B%! ,$%! 4(%48! ! M'((%1,76A! ,;)! -C1B/()1:%1,47! E3/%13%A! R41/%(.! 4(%! (4,%5!
CD%:&74(6A! ,;)! -5%! T4B474! 415! U4(,/1%>.! 4(%! (4,%5! X%3)21/>%5A! 415! ,$%! (%*,! 4(%! (4,%5! S345%:/34776!
S33%&,407%8"F!!@%*&/,%!,$%*%!(4,/12*A!,$%!&%(+)(:413%!)+!:416!*,'5%1,*!4,!:/557%!415!$/2$!*3$))7!7%B%7*!(%:4/1*!
ƉŽŽƌ͘KŶůLJϰϯ͘ϮйŽĨƐƚƵĚĞŶƚƐŝŶWŝŶŬƐƚŽŶ͛ƐĐůĂƐƐŽĨϮϬϬϴĐŽŵƉůĞƚĞĚĨŽƵƌĨƵůů!6%4(*!)+!$/2$!*3$))78!!#$%!(%:4/1/12!
*,'5%1,*!;$)!%1,%(%5!;/,$!,$%:!4*!+(%*$:%1!%/,$%(!5()&&%5!)',!-F^8Kj.A!(%3%/B%5!4!WC@!-L8Nj.A!)(!3)1,/1'%5!
$/2$!*3$))7!-"L8Fj!=!$);%B%(A!*):%!/1!,$/*!34,%2)(6!%15!'&!5()&&/12!)',A!*%%!H=6%4(!%D,%15%5!3):&7%,/)1!(4,%!
54,4.8!!#$/*!$/2$!/13):&7%,/)1!(4,%!%4(1%5!O/1<*,)1!41!S345%:/34776!d1433%&,407%!(4,/12!/1!EZ!"LLI=LY!+)(!,$%!
+)'(,$!3)1*%3',/B%!6%4("N8!!S+,%(!4!2(%4,!5%47!)+!3)::/,:%1,!415!$4(5!;)(<!06!,$%!&(/13/&47!415!*,'5%1,*!/1!EZ!
"LLY=L[A! ,$%! +)'(! 6%4(! 3):&7%,/)1! (4,%! ()*%! +():! NF8"j! ,)! H[8^jA! 415! O/1<*,)1! %4(1%5! 41! S345%:/34776!
S33%&,407%! (4,/12KN8! ! E,/77A! ,$%! 1':0%(! )+! *,'5%1,*! *3)(/12! $/2$! %1)'2$! )1! ,$%! ES#! )(! SM#! ,)! /15/34,%! 3)77%2%!
(%45/1%**!()*%!+():!Lj!/1!,$%!374**!)+!"LLY!,)!)176!F8"j!/1!,$%!374**!)+!"LL[!-,$4,͛Ɛϯ͘ϮйŽĨƚŚĞϰϬ͘ϱйŽĨƚŚĞ
374**!:%:0%(*!;$)!,))<!,$%!,%*,*A!1),!F8"j!)+!,$%!%1,/(%!374**"H.8!!CB%1!,$)'2$!,$%!374**!)+!"LL[!/:&()B%5!)1!
WŝŶŬƐƚŽŶ͛ƐĂǀĞƌĂŐĞ^dƐĐŽƌĞ;ϳϵϴĐŽŵƉĂƌĞĚƚŽϳϱϲĨŽƌƚŚĞĐůĂƐƐŽĨϮϬϬϴͿ͕ƚŚĂƚĂǀĞƌĂŐĞŝƐǁĞůůďĞůŽǁƚŚĞϭϭϬϬ
*3)(%! ,$4,! #%D4*! C5'34,/)1! S2%136! 5%%:*! ,$%! :/1/:':! /15/34,/)1! )+! 3)77%2%=(%45/1%**8"^! ! #$%! )(241/>4,/)1!
@'-(7#5.$32$A-);!(41<*!O/1<*,)1!4,!,$%!0),,):!)+!/,*!(41</12*!)+!@4774*=4(%4!-KYF!)+!KYF.!415!*,4,%!-KLKY!)+!KLKY.!
$/2$!*3$))7*8"I!
E,'5%1,! &%(+)(:413%! /*! 37%4(76! 3$477%12%5! 06! ,$%! /:&43,! )+! 7/B/12! 3)15/,/)1*! /1! ?%*,! @4774*8! ! O)B%(,6% /:&43,*!
ĐŚŝůĚƌĞŶ͛ƐĂďŝůŝƚLJƚŽůĞĂƌŶ͘tĞƐƚĂůůĂƐ͛ƌĂƚĞƐŽĨďŝƌƚŚƐƚŽƚĞĞŶŵŽƚŚĞƌƐ͕ƵŶŵĂƌƌŝĞĚŵŽƚŚĞƌƐĂŶĚŵŽƚŚĞƌƐǁŝƚŚŽƵƚ
4!$/2$!*3$))7!5%2(%%!4(%!40)B%!14,/)147!415!3)'1,6!4B%(42%*8!!OĂƌĞŶƚƐ͛ďĞƐƚĞĨĨŽƌƚƐĂƌĞŚĂŵƉĞƌĞĚďLJƚŚĞŝƌŽǁŶ
743<! )+! %5'34,/)1b! ,;)=,$/(5*! )+! 45'7,*! )B%(! "H! )B%(477A! 415! 47:)*,! ,$(%%=a'4(,%(*! )+! G/*&41/3! 45'7,*! )B%(! "HA!

KL!
!
1%B%(!3):&7%,%5!$/2$!*3$))78!!O))(!&%(+)(:413%!/1!$/2$!*3$))7!$4*!/,*!()),*!/1!&(%=qA!;$%(%!*,'5%1,*!3):%!,)!
*3$))7!<1);/12!"=NALLL!+%;%(!;)(5*!,$41!,$%/(!4++7'%1,!&%%(*8"Y!!!
#$%!%3)1):/3!/:&43,!,)!?%*,!@4774*!)+!/,*!)12)/12!%5'34,/)147!+4/7'(%!0)227%*!,$%!:/158!!d*/12!4!3)1*%(B4,/B%!
5%7,4!)+!4!h"HALLLf6%4(!;42%!5/++%(%1,/47!0%,;%%1!4!3)77%2%!2(45'4,%!415!4!$/2$!*3$))7!5()&)',A!"ALLL!5()&)',*!
/1! KL! 6%4(*! $4B%! 3)*,! ?%*,! @4774*! hHLALLLALLL! /1! 7)*,! ;42%*! 415! 3)::'1/,6! /1B%*,:%1,8! ! @(/B%! 416! *,(%%,! /1!
?%*,! @4774*! 415! ,$%! /:&43,! )+! ,$/*! 7)**! /*! /::%5/4,%76! B/*/07%8! ! #$%! )176! ;46! ,)! (%B%(*%! ,$/*! /13(%5/07%! ?%*,!
ĂůůĂƐ ďƌĂŝŶ ĚƌĂŝŶ ĂŶĚ ƚƌƵůLJ ƌĞĂůŝnjĞ ƚŚĞ ĂƌĞĂ͛Ɛ ĨƵůů ƉŽƚĞŶƚŝĂů ŝƐ ƚŽ ĐƌĞĂƚĞ ĐŽŶĚŝƚŝŽŶƐ ƚŚĂƚ ĚƌŝǀĞ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ
%5'34,/)1!*)!,$4,!%B%(6!?%*,!@4774*!3$/75!%1,%(*!6)'12!45'7,$))5!&(%&4(%5!+)(!3)77%2%!)(!4!34(%%(8!!
79"($"1<! ! #$%(%! 4(%! 40)',! IALLL! $)'*%$)75*! /1! ?%*,! @4774*! -:)(%! )(! 7%**A! 5%&%15/12! )1! 54,4! *)'(3%"[8.!!
ĐĐŽƌĚŝŶŐƚŽƚŚĞDĂLJŽƌ͛Ɛ^ŽƵƚŚĞƌŶĂůůĂƐdĂƐŬ&ŽƌĐĞĨĂĐƚƐŚĞĞƚ͕ƌ%1,%(*!433)'1,!+)(!40)',!NLj!)+!,$%!)33'&/%5!
$)'*/12!'1/,*A!);1%(=)33'&/%5!4(%!40)',!NHjA!415!40)',!KHj!)+!$)'*/12!'1/,*!*/,!B4341,8! FL!!G);%B%(A!);1%(=
)33'&/%5!415!(%1,%(=)33'&/%5!(4,%*!B4(6!4:)12!5/++%(%1,!3%1*'*!,(43,*!-*%%!#407%!F.8!!#$%!$/2$!(4,%!)+!(%1,%(=
)33'&/%5!$)'*/12!&%(*/*,*!/1!M%1*'*!#(43,!KL"A!5%*&/,%!,$%!5%:)7/,/)1!)+!:416!+%5%(4776=*'0*/5/>%5!4&4(,:%1,*!
415!,$%/(!(%&743%:%1,!;/,$!*/127%=+4:/76!$):%*!/1!W(%%17%4+!`/7742%8!!!
G)'*/12!B47'%*!B4(6!*/21/+/341,76!0%,;%%1!3%1*'*!,(43,*!415!0%,;%%1!);1%(=!415!(%1,%(=)33'&/%5!$):%*A!;/,$!
,$%! $/2$%*,! B47'%*! /1! M%1*'*! #(43,! KL"A! ;$%(%! W(%%17%4+! `/7742%! /*! 7)34,%5! -*%%! #407%! F.8! ! W%1%(4776A! (%1,%(=
)33'&/%5!$):%*!4(%!)75%(!415!/1!&))(%(!3)15/,/)1A!;$/3$!/*!(%+7%3,%5!/1!*'0*,41,/4776!7);%(!B47'%8FK!
P/B%!)+!,$%!?%*,!@4774*!3%1*'*!,(43,*!(%+7%3,!);1%(=)33'&4136!(4,%*!,$4,!%D3%%5!,$4,!+)(!,$%!3/,6!)+!@4774*!4*!4!
;$)7%8! ! E,/77A! ;/,$! :%5/41! ŚŽƵƐĞŚŽůĚ ŝŶĐŽŵĞ Ăƚ ΨϮϳ͕ϳϳϯ͕ ŵĂŶLJ tĞƐƚ ĂůůĂƐ ŚŽƵƐĞŚŽůĚƐ ĚŽŶ͛ƚ ĞĂƌŶ ĞŶŽƵŐŚ ƚŽ
&'(3$4*%!4!$):%!/1!,$%/(!1%/2$0)($))5!)(!416;$%(%!%7*%A!415!,$%!&%(3%1,42%!)+!);1%(*!415!(%1,%(*!*&%15/12!
:)(%!,$41!FHj!)+!$)'*%$)75!/13):%!)1!:)(,242%!)(!(%1,!/*!,()'07/128!!!!
J,0(.5% 7"'($=S! ! U)*,! ?%*,! @4774*! (%*/5%1,*! *%%<! $%47,$34(%! 4,! O4(<7415! G)*&/,47! -4! &'07/3! $%47,$! +43/7/,6.A! ,$%!
O4(<7415!3)::'1/,6=04*%5! 37/1/3! /1!?%*,! @4774*A! )(!R)*! Q4((/)*! d1/5)*!M)::'1/,6! M7/1/3A! 4! +%5%(4776! a'47/+/%5!
$%47,$! 3%1,%(8! ! S,! R)*! Q4((/)*! d1/5)*! [Fj! )+! ,$%! &4,/%1,*! 4(%! G/*&41/3! 415! ILj! )+! &4,/%1,*! 4(%! '1/1*'(%58!!
S7,$)'2$!*,/77!$/2$A!,$%!'1/1*'(%5!(4,%!$4*!3):%!5);1!4*!,$%!37/1/3!$4*!$%7&%5!(%*/5%1,*!%1()77!/1!U%5/34/5!415!
MG9O8! ! 91! "LKL! ,$%! 37/1/3! *%(B%5! "^ALLL! &4,/%1,*A! 40)',! $47+! )+! ,$)*%! ?%*,! @4774*! 415! \4<! M7/++! (%*/5%1,*8!!
S33)(5/12! ,)! *,4,/*,/3*! &()B/5%5! 06! ,$%! 37/1/3A! ,$%! ?%*,! @4774*! 5%4,$! (4,%*! %D3%%5%5! @4774*! M)'1,6! 415! #%D4*!
(4,%*! +)(! $%4(,! 5/*%4*%A! 3/(($)*/*A! $):/3/5%A! </51%6! 5/*%4*%A! 5/40%,%*A! 415! G9`8! ! ?%*,! @4774*! 5%4,$! (4,%*! +():!
*,()<%A!3413%(A!415!*'/3/5%*!;%(%!7%**!,$41!@4774*!M)'1,6!415!#%D4*!4B%(42%*8F"!
V"51"'$.*-S%!#$%(%!4(%!KAF"F!43(%*!)+!B4341,!7415!;/,$/1!/,*!0)'154(/%*FFA!0',!)176!4!$415+'7!)+!:'1/3/&47!&4(<*!
415!*3$))7!&7462()'15*!&()B/5%!(%3(%4,/)147!)&&)(,'1/,/%*!/1! ?%*,!@4774*8!!#$%!#(/1/,6!X/B%(!+)(:*!&4(,!)+!,$%!
1)(,$%(1!415!%4*,%(1!0)'154(/%*!)+!?%*,!@4774*A!415!;$/7%!(%74,/B%76!7/,,7%!$4*!0%%1!5)1%!,)!5%B%7)&!,$/*!14,'(47!
(%*)'(3%! +)(! (%3(%4,/)1A! ,$%! #(/1/,6! X/B%(! M)((/5)(! O()V%3,! /*! %D&%3,%5! ,)! 3$412%! ,$4,8! ! #$%! 74(2%*,! '(041!
(%5%B%7)&:%1,!&()V%3,!)+!/,*!</15!/1!,$%!;)(75A!,$%!&()V%3,!/*!*74,%5!,)!455!;$/,%;4,%(!(4+,/12A!4!3$4/1!)+!74<%*!
+)(!0)4,/12!415!341)%/12A!415!4!7/1<!,)!?%*,!@4774*!2(%%10%7,!,$4,!/137'5%*!,$%!U%(36!E,(%%,!P/%75!)+!@(%4:*!415!
,$%! 1%;76! (%1)B4,%5! U4,,/%! J4*$! X%3(%4,/)147! M%1,%(A! 0(/12/12! ,)'(/*,! 5)774(*A! )',*/5%! /1B%*,:%1,! 415!
%3)1):/3!5%B%7)&:%1,!06!3(%4,/12!41!)',5))(!(%3(%4,/)1!5%*,/14,/)18%
J,0(.5%M-:1'#$1,5$,1"b!!?%*,!@4774*!/*!4&&()B%5!+)(!4!hKLLUU!0)15!/1B%*,:%1,!+():!,$%!M/,6!)+!@4774*!-"LL^.8!!
P'15*!4(%!%4(:4(<%5!+)(!5%B%7)&/12!0(/52%*A!()45;46!/:&()B%:%1,*!415!&4(<*!415!(%3(%4,/)147!+43/7/,/%*8!!d8E8!
91,%(*,4,%!G/2$;46!FL!+)(:*!,$%!*)',$%(1!0)(5%(!)+!?%*,!@4774*!415!R))&!K"!/*!/,*!;%*,%(1!0)'154(6e!$);%B%(A!
5%B%7)&:%1,! 47)12! ,$%*%! ,;)! :4V)(! ()45! 3)((/5)(*! /*! 7/:/,%5! ;/,$! ,$%! %D3%&,/)1! )+! ,$%! O/11437%! O4(<!
5%B%7)&:%1,!/1!\4<!M7/++!415!?%*,!@4774*!47)12!0),$!*/5%*!)+!9=FL8!!#;)!),$%(!:4V)(!()45!4(,%(/%*!3)11%3,!?%*,!
@4774*!;/,$!,$%!(%*,!)+!,$%!3/,6!43()**!,$%! (/B%(!415!;/,$!),$%(!5%*,/14,/)1*!,)!,$%!?%*,8!!#$%6!4(%!*)'(3%*!)+!
3)12%*,/)1! 415! $/2$! *&%%5! ,(4++/3A! 0',! )++%(! 7/,,7%! /1! ,$%! ;46! )+! (%,4/7! 5%B%7)&:%1,! 4*! ,(4B%7%(*! 5(/B%! ,$()'2$!
?%*,!@4774*!)1!,$%/(!;46!,)!;)(<!)(!$):%8!!!!

KK!
!
#$%! U4(24(%,! G'1,! G/77! Q(/52%! )B%(! ,$%! #(/1/,6! X/B%(! ;/77! 3)11%3,! ?%*,! @4774*! ,)! @);1,);1! B/4! ,$%! ?))5477!
X)52%(*! P(%%;468! ! M)1*,('3,/)1! /*! *3$%5'7%5! ,)! 0%! 3):&7%,%5! /1! "LKKA! 4+,%(! ;$/3$! ,$%! %D/*,/12! M)1,/1%1,47!
E,(%%,!Q(/52%!/*!,)!0%!(%1)B4,%5!+)(!'*%!4*!4!&%5%*,(/41!0(/52%8FN!!
M)1*,('3,/)1! )+! 4! *%3)15! 1%4(06! 0(/52%! )B%(! ,$%! #(/1/,6A! ,$%! U4(24(%,! U3@%(:),,! Q(/52%! )1! 9=FLA! /*! &7411%5!
-&4(,!)+!,$%!0)15!+'15!&43<42%.8!!!
6=1"'$%*:%X"-$1.:.5'$.*-S!!#$%!7)12=,%(:!/:&43,!+():!5%B%7)&:%1,!4*!4!(%*'7,!)+!,$%!1%;!0(/52%*!;/77!7/<%76!0%!
*/21/+/341,8!!S**)(,%5!/1B%*,)(*!$4B%!43a'/(%5!)B%(!IL!43(%*!)+!7415!1%4(!,$%!,;)!0(/52%*!+)(!+','(%!5%B%7)&:%1,8!
#$%!,$(%4,!)+!2%1,(/+/34,/)1!7)):*!74(2%A!0),$!/1!(%47/,6!415!/1!,$%!:/15*!)+!3)::'1/,6!(%*/5%1,*8!!!#$%!%52%*!)+!
?%*,!@4774*!0)(5%(/12!,$%!#(/1/,6!X/B%(!4(%!&)/*%5!+)(!(4&/5!415!*;%%&/12!,(41*/,/)18!!91B%*,)(!415!3)::'1/,6!
(%*&)1*%!,)!,$%!3):/12!)+!,$%!U4(24(%,!G'1,!G/77!Q(/52%A!/1!3)1V'13,/)1!;/,$!:/77/)1*!)+!5)774(*!/1!/1+(4*,('3,'(%!
/:&()B%:%1,*!415!,$%!;)(<!)+!,$%!#(/1/,6!#('*,A!:46!*))1!,(41*+)(:!,$%!4(%48!!!
?%*,! @4774*! ;/77! ,(41*/,/)1! +():! 4! 2()'&! )+! *7%%&6! 1%/2$0)($))5*! *'(()'15%5!06! )1%! )+! ,$%! 74(2%*,! S:%(/341!
:%,()&)7/,41!4(%4*!,)!%/,$%(!4!B/0(41,!3)::'1/,6!)+!3)1,(4*,*!=!07'%!3)774(!;)(<%(*!7/B/12!47)12*/5%!5)3,)(*!415!
74;6%(*A!415!*:477!,/(%!*,)(%*!*$4(/12!*,(%%,!+()1,42%!;/,$!1%;!'&*347%!(%*,4'(41,*!=!)(!)1%!;$%(%!+4:/7/%*!;$)!
$4B%!3477%5!/,!$):%!+)(!)B%(!KLL!6%4(*!;/77!*7);76!0',!*'(%76!0%!&'*$%5!)',8!!
?$%1!5%B%7)&:%1,!7%15/12!)&%1*!'&!424/1A!$/2$=(/*%!3)15)*!47:)*,!3%(,4/176!;/77!0%2/1!,)!7/1%!,$%!(/B%(!;$/7%!4!
+%;!07)3<*!/1A!+4:/7/%*!;/77!3)1,/1'%!,)!(4/*%!3$/75(%1!/1!YLL=*a'4(%=+)),!;))5%1!$)'*%*!)1!:)5%*,!'(041!7),*8!!
CD&%(/%13%!/1!),$%(!3/,/%*!$4*!*$);1!,$4,A!;/,$)',!3)13%(,%5!%++)(,!,)!(%*/*,!2%1,(/+/34,/)1!415!:4/1,4/1!4!:/D%5!
%3)1):6A! 5/*&4(/,/%*! 0%,;%%1! ,;)! *'3$! 5/++%(%1,! 2()'&*! )+! $):%);1%(*! 341! 0%3):%! %D,(%:%! 415! (%74,/)1*!
B)74,/7%8!!S7,$)'2$!,$%!0%2/11/12*!)+!4!(%3)B%(6!4(%!'15%(;46A!,$%!%++%3,*!)+!6%4(*!)+!5/*/1B%*,:%1,!415!5%346!
4(%!+4(!+():!3)((%3,%58!!9,!/*!&4(,/3'74(76!3$477%12/12!,)!3)1*/5%(!$);!,)!0(/12!40)',!1%3%**4(6!/:&()B%:%1,*!,)!
,$%! a'47/,6! )+! 7/+%! +)(! %B%(6)1%! /1! ?%*,! @4774*! ;$/7%! :4142/12! ,$%! 2();,$! 415! 5%B%7)&:%1,! ,$4,! /*! 3%(,4/176!
3):/128!!
@%B%7)&%(*!4(%!+'(,$%(!3$477%12%5!06!,$%!,(%:%15)'*!%3)1):/3!/1%a'/,/%*!+)'15!/1!?%*,!@4774*A!415!,$%!0(/2$,!
7/2$,!,$4,!5%B%7)&:%1,!*$/1%*!)1!,$%!+43,!,$4,!*)!:416!?%*,!@4774*!(%*/5%1,*!7/B%!;/,$!+4(!+%;%(!%3)1):/3!415!
&$6*/347!(%*)'(3%*!,$41!:416!@4774*!(%*/5%1,*!/1!),$%(!3)::'1/,/%*8!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"K
!M74(/,4*!U4(<%,O743%!O)&=P43,*b!@%:)2(4&$/3!E14&*$),!"LKL!X%&)(,8!!!
""
!i8!U3@)1475!?/77/4:*!91*,/,',%A!X%*%4(3$!M):&/74,/)1!?%*,!@4774*!-T/&!M)5%!IH"K".A!@%3%:0%(!"LL^A!&8!I8!
"F
!"LKL!@/*,(/3,!S33)'1,40/7/,6!E'::4(6A!$,,&bff;;;854774*/*58)(2f/1*/5%g5/*5f5%&,*f%B47433,f54,4f4%/*8$,:A!/,%:!pKM!
'15%(!"LL[=KL!S11'47!C5'34,/)147!O%(+)(:413%!X%&)(,/128!!!
"N
!E%%!411'47!433)'1,40/7/,6!(4,/12*!*'::4(/%*!4,!$,,&bff;;;854774*/*58)(2f/1*/5%g5/*5f5%&,*f%B47433,f54,4f4%/*8$,:8!!
"H
!E%%!SC9E!W7)**4(6A!$,,&bff;;;854774*/*58)(2f/1*/5%g5/*5f5%&,*f%B47433,f54,4f4%/*8$,:A!'15%(!ES#fSM#!X%*'7,*8!
"^
! @%*&/,%! ,$%! 455/,/)1! )+! ,$%! ;(/,/12! &)(,/)1! )+! ,$%! ES#A! ,$%! 3(/,%(/)1! *3)(%! 3)1,/1'%*! ,)! 0%! 04*%5! )1! :4,$%:4,/3*! 415!
3(/,/347!(%45/12!)1768!!>7*!
"I
!M$/75(%1!S,!X/*<!S&(/7!"LKK!(41</12*A!$,,&bff3$/75(%14,(/*<8)(2f(%*%4(3$f*3$))7=(41</12*f8!!E,4,%;/5%!(41</12!/*!+():!"LKL!
415!;/77!0%!'&54,%5!/1!74,%!S&(/7!"LKK8!
"Y
! WĞƌƐŽŶĂů ĐŽŵŵƵŶŝĐĂƚŝŽŶ ĨƌŽŵ 'ĂďĞ W͘ ůůĞŶ ůĞŵĞŶƚĂƌLJ WƌŝŶĐŝƉĂů ŽŶŶŝĞ ,ŽǀƐĞƚŚ͘  ^ĞĞ ĂůƐŽ ͞^ƚƵĚĞŶƚƐ͛ ǀŽĐĂďƵůĂƌŝĞƐ
ƐŚŽǁŶƚŝĞĚƚŽŝŶĐŽŵĞƐ͟ďLJŝůĞĞŶ&ŝƚnj'ĞƌĂůĚ͕dŚĞEĞǁƐ=#/:%*A!P%0('4(6!KKA!"LL"A!433%**%5!)1!,$%!J4,/)147!d(041!S77/413%!
;%0*/,%A!$,,&bff;;;81'4,38)(2f4(,/37%*f&5+f1%;*,/:%*KK+%0L"8&5+8!!
"[
!^ƵŵŽĨŽĐĐƵƉŝĞĚŚŽƵƐĞŚŽůĚƐŝŶŵĞƌŝĐĂŶŽŵŵƵŶŝƚLJ^ƵƌǀĞLJĐĞŶƐƵƐƚƌĂĐƚĚĂƚĂŝŶdĂďůĞϯŝƐĂďŽƵƚϳ͕ϰϬϬ͘DĂLJŽƌ͛Ɛ
E)',$%(1!@4774*!#4*<!P)(3%A!@4774*!\++/3%!)+!C3)1):/3!@%B%7)&:%1,A!S(%4!pI!+43,!*$%%,A!3/,/12!"LLI!54,4A!*46*!^A^"YA!
$,,&bff;;;8*)',$%(154774*8)(2f5)3':%1,*f+43,*$%%,*fIg?%*,j"L@4774*8&5+8!!M74(/,4*!"LKL!%*,/:4,%!/*!^AFLL8!
FL
!S(%4!pI!+43,!*$%%,!
FK
!O%(*)147!3)::'1/34,/)1!S&(/7!KA!"LKK!+():!i41%!U4**%6A!O$@A!S**)3/4,%!@/(%3,)(!)+!X%*%4(3$!415!CB47'4,/)1A!3/,/12!"LKL!
54,4!+():!@4774*!M)'1,6!S&&(4/*47!@/*,(/3,!+)(!3%1*'*!,(43,*!KLK8LKA!KLK8L"A!415!KL"8!
F"
!O%(*)147!3)::'1/34,/)1!U4(3$!FLA!"LKK! +():!i)7%%1!Q42;%77A!@/(%3,)(!)+!@%B%7)&:%1,! 415!U4(<%,/12!+)(!R)*! Q4((/)*!
d1/5)*!M)::'1/,6!M7/1/3A!3/,/12!#%D4*!@%&4(,:%1,!)+!E,4,%!G%47,$!E%(B/3%*!54,4!+)(!"LL^f"LLI8!
FF
!S(%4!pI!+43,!*$%%,!
FN
!#$%!#(/1/,6!#('*,!;%0*/,%A!$,,&bff;;;85/*3)B%(,$%,(/1/,68)(2f+43,*!

K"!
!
89"%)*(('0*1'$.2"%!"#$%&'""()!
!
#$%(%!4(%!4!1':0%(!)+!B%(6!2))5!&'07/3!*3$))7*!*%(B/12!,$%!7);%(!
2(45%*! /1! ?%*,! @4774*8! ! #$(%%! )+! ,$%! *%B%1! &'07/3! %7%:%1,4(6!
*3$))7*!-E651%6!R41/%(A!C745/)!X8!U4(,/1%>!415!R)(%1>)!5%T4B474.!
4(%! (4,%5! CD%:&74(6! )(! X%3)21/>%5A! 415! ,$%(%! /*! 41! CD%:&74(6!
:421%,! :/557%! *3$))7A! #$%! @4774*! C1B/()1:%1,47! E3/%13%!
S345%:68! ! #;)! $/2$! a'47/,6! +4/,$=04*%5! q=Y! &(/B4,%! *3$))7*A! E,8!
U4(6!)+!M4(:%7!E3$))7!415!?%*,!@4774*!M)::'1/,6!E3$))7A!415!4!
1%;!3$4(,%(!*3$))7A!#$%!G%/2$,*!O(%&4(4,)(6!E3$))7A!)&%(4,%5!06!
41! %D%:&74(6! 3$4(,%(! :4142%:%1,! )(241/>4,/)1! -d&7/+,!
C5'34,/)1.A! 47*)! *%(B%! ,$%! ?%*,! @4774*! 3)::'1/,68! ! S! *%3)15!
:/557%!*3$))7A!#$):4*!C5/*)1A!/*!(4,%5!S345%:/34776!S33%&,407%8!! M-% $="% J.-8#$*-% 7.9=% R5=**(% )('##% *:% YCCBA% *-(/% '0*,$%
S! 1%;76! )&%1%5! @MMM@! +43/7/,6A! C7! M%1,()! M)77%2%! ?%*,! @4774*A! ϭ͘ϯй ŽĨ ŐƌĂĚƵĂƚĞƐ͛ ^d ƐĐŽƌĞƐ ŝŶĚŝĐĂƚĞĚ ƌĞĂĚŝŶĞƐƐ ĨŽƌ
5*(("9"@%%M-%$="%)('##%*:%YCC^A%.$%<'#%C_@%
()'15*!)',!%5'34,/)147!)&,/)1*!+)(!45'7,*8!
#$%! 3$477%12/12! */,'4,/)1! 4,! ,$%! :/557%! 415! $/2$! *3$))7! 7%B%7*! /*! *):%;$4,! :/,/24,%5! 06! *%B%(47! %D3%77%1,!
%5'34,/)147! *'&&)(,! /1*,/,',/)1*! /1! ?%*,! @4774*8! ! U%(36! E,(%%,! ;)(<*! ;/,$/1! @9E@! ,)! &()B/5%! :)(%! ,$41! HLL!
*,'5%1,*!;/,$!:%1,)(*!+():!N,$!2(45%!,$()'2$!2(45'4,/)18!!S`SJMCA!`)/3%!)+!G)&%A!?%*7%6!X41</1!M)::'1/,6!
M%1,%(A! `/3<%(6! U%45);! 415! #(/1/,6! X/B%(! U/**/)1! &()B/5%! &4(%1,! ,(4/1/12A! :%1,)(/12A! 4+,%(! *3$))7! 415f)(!
*'::%(!&()2(4::/128!!!!
@%*&/,%! ,$%*%! *'33%**! *,)(/%*A! 433%**! ,)! %D3%77%1,! %5'34,/)147! 3$)/3%*! +)(! 477! +4:/7/%*! 4,! 477! 2(45%! 7%B%7*! /*!
'1a'%*,/)14076! 41! %1)(:)'*! 3$477%12%! /1! ?%*,! @4774*8! ! 91! 455/,/)1A! ,$%! '1:%,! $':41! 1%%5*! /1! ?%*,! @4774*!
ƐĞǀĞƌĞůLJ ŝŵƉĞĚĞ ĐŚŝůĚƌĞŶ͛Ɛ ĂďŝůŝƚLJƚŽ ĂĐŚŝĞǀĞ ĞĚƵĐĂƚŝŽŶĂů ƐƵĐĐĞ**8! !! M$/75(%1!;$)! 3):%! ,)!*3$))7! 4+,%(! $4B/12!
*7%&,!/1!4!34(!)(!)1!*):%)1%r*!*)+4A!)(!;$)!4(%!$'12(6A!/1!1%%5!)+!:%5/347!34(%A!'1*'&&)(,%5!06!&4(%1,*!;$)!4(%!
1),! %1242%5! /1! ,$%/(! 3$/75r*! %5'34,/)1A! 415! ;$)! $4B%! 7/,,7%! %D&%3,4,/)1! +)(! ,$%/(! );1! 4345%:/3! 43$/%B%:%1,!
&(%*%1,! B%(6! 3$477%12/12! 7%4(1/12! 3)15/,/)1*8! ! ?$%1! 4*<%5! 40)',! ,$%! 3$477%12%*! ,$%6! +43%A! 424/1! 415! 424/1!
ƚĞĂĐŚĞƌƐĂŶĚƐĐŚŽŽůůĞĂĚĞƌƐƐŚĂƌĞƚŚĂƚƚŚĞLJĐĂŶŚĂŶĚůĞƚŚĞĂĐĂĚĞŵŝĐƐ͕ŽƌĐŽƵůĚŝĨƐƚƵĚĞŶƚƐ͛ŽƵƚƐŝĚĞŶĞĞĚƐǁĞƌĞ
1),!*)!)B%(;$%7:/128!!!
6=.#%.#%'%5.2.(%1.9=$#%.##,"A%.$%.#%'%+*1'(%.##,"A%'-4%.-%#*%:'1%'#%!"#$%&'(('#%1"4"2"(*;+"-$%.#%5*-5"1-"4A%.$%.#%5("'1%
$='$%$="%'0#"-5"%*:%],'(.$/%:1""%;,0(.5%"4,5'$.*-%:*1%'((%#$,4"-$#%'$%'((%91'4"%("2"(#%<.((%#"1.*,#(/%,-4"1+.-"%
4"2"(*;+"-$%"::*1$#@!!!M)1B%(*%76A!1%/2$0)($))5*!;$/3$!4(%!*,()12!*'&&)(,%(*!)+!*3$))7*!:4<%!/,!:'3$!:)(%!
7/<%76!,$4,!*/21/+/341,!%5'34,/)147!,(41*+)(:4,/)1!;/77!)33'(8!
J%B%(!0%+)(%!/1!,$%!$/*,)(6!)+!@4774*!$4B%!*)!:416!/**'%*!415!)&&)(,'1/,/%*!3)1B%(2%5!4()'15!,$%!a'%*,/)1!)+!
*3$))7!/:&()B%:%1,8!!#$%(%!/*!$%/2$,%1%5!&'07/3!4;4(%1%**!)+!,$%!:421/,'5%!)+!,$%!/**'%!415!,$%!/:&43,!)+!7);!
&%(+)(:/12!*3$))7*!)1!,$%!$%47,$!)+!,$%!(%2/)1A!%*&%3/4776!4,!,$%!$/2$!*3$))7!7%B%78!!#$%!4"((-,"#-5267!&()B/5%*!4!
&74,+)(:!+)(!*3$))7!,(41*+)(:4,/)1!2()'15%5!/1!3)::'1/,6!(%2%1%(4,/)18!!E/13%! "LLY!/,! $4*!/13)(&)(4,%5!415!
:421/+/%5! ,$%! ;)(<! )+! 7)347! 3)::'1/,6! )(241/>4,/)1*! ,$4,! 4(%! 3)::/,,%5! ,)! %5'34,/)1! ,(41*+)(:4,/)1! 415!
ĂƉƉůLJŝŶŐĂ͞ǁŚŽůĞĐŽŵŵƵŶŝƚLJĂƉƉƌŽĂĐŚ͟ƚŽ&'07/3!%5'34,/)1!,(41*+)(:4,/)18!
Š‡ ǯ• ‘ˆ †—…ƒ–‹‘ ˆ‘” ‡•– ƒŽŽƒ•ǣ! ! #$%! 4"((-,"#-5267$ !"#$ %&'""()! ;4*! 5%*/21%5! 06! 4! ,%4:! )+!
%5'34,)(*A!3)::'1/,6!(%*/5%1,*! 415!1),=+)(=&()+/,*A!;/,$! /1&',! +():!5)>%1*!)+!B)7'1,%%(*!415!(%*/5%1,*8!! #$%!
5%B%7)&:%1,! ,%4:! 3)15'3,%5! %D,%1*/B%! (%*%4(3$! (%24(5/12! *'33%**+'7! %5'34,/)147! ,'(14()'15! /1! ),$%(! 3/,/%*!
43()**! ,$%! d1/,%5! E,4,%*A! /5%1,/+/%5! 3):&)1%1,*! ,$4,! *'&&)(,%5! ,$)*%! *'33%**+'7! ,'(14()'15*A! 415! 45)&,%5! 4!
&741!,)!455(%**!4!B4(/%,6!)+!/**'%*!;/,$!B/*/07%!/:&43,!)B%(!4!F=H!6%4(!&%(/)5!415!*/21/+/341,!,(41*+)(:4,/)1!4,!,$%!
:/557%! 415! $/2$! *3$))7! 7%B%7! ;/,$/1! H=Y! 6%4(*A! ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ͞ŽŵŵĞŶĚĞĚ͟ ƐƚƵĚĞŶƚ ƉĞƌĨŽƌŵĂŶĐĞ ŽŶ
*,4154(5/>%5!,%*,*8!!#$4,!&741A!,$%!4"((-,"#-5267$!"#$%&'""()*!$4*!4!+/B%=&4(,!*,(4,%26!;$/3$!;ĞĐĂůů͞d$%!SQM*!)+!
C5'34,/)1!/1!?%*,!@4774*A͟!5%*/21%5!,)!*'&&)(,!,(41*+)(:4,/)1!)+!%5'34,/)1!)&,/)1*!415!*ƚƵĚĞŶƚƐ͛ůŝǀĞƐ8!!P)'(!)+!

KF!
!
,$%*%! +/B%! 3):&)1%1,*! 4(%! *,4++%5! 415!)&%(4,%5! 06!@PMM! -*%%!,$%! S,,43$:%1,*! *%3,/)1! +)(! *,415=47)1%! +76%(*!
40)',!%43$!)+!,$%:.b!
K8 @32*4'$"!+)(!a'47/,6!%5'34,/)1!,$4,!5(/B%*!3)::'1/,6!*'&&)(,!+)(!(%+)(:!
48 8-#7.5$ 9&52".$ :#"1;)$ !"#$ </1&-52".! -89:<.! ʹ! K"Lc! &4(%1,*! /1! ,(4/1/12! 4*! +/(*,! %5'34,)(*! 415!
ďĞƐƚĂĚǀŽĐĂƚĞƐĨŽƌƚŚĞŝƌĐŚŝůĚƌĞŶ͛ƐĂĐĂĚĞŵŝĐƐƵĐĐĞƐƐ!
08 =-25'$-./$4">>1.25?$!"#$</1&-52".$@#-.)!"#>-52".!-=94<@.!ʹ!KHc!+4/,$!415!3)::'1/,6!2()'&*!
0%/12!,(4/1%5!,)!;)(<!;/,$!&4(%1,!45B)34,%*!+)(!*3$))7!*6*,%:!,(41*+)(:4,/)1!
"8 Q,.(3%3)::'1/,6!/1+(4*,('3,'(%!,)!*'&&)(,!%5'34,/)1!(%+)(:!!
48 @'7$ %&'""($ A".7$ B$ C7)5$ D-((-)! -@%A.! "L! 1)1=&()+/,! )(241/>4,/)1*! 43()**! ,$%! +'77! *&%3,(':! )+!
3)::'1/,6!(%*)'(3%*!&4(,/3/&4,/12!/1!,$/*!%++)(,!4(%!+)3'*%5!)1!*/21/+/341,76!:)B/12!,$%!5/47!)1!
,;)! /**'%*! /1! EZ! "LKL=KK! 415! EZ"LKK=K"b! ! /:&()B/12! 433%**! ,)! a'47/,6! L=H! *3$))7! (%45/1%**!
,(4/1/12!+)(!:),$%(*!415!&(%=q!3$/75(%1A!415!(%:%5/4,/)1!415!3)77%2%!(%45/1%**!+)(!*,'5%1,*!/1!
,$%/(!:/557%!415!$/2$!*3$))7!6%4(*8!
F8 )9**#"<! ! E'&&)(,! 2(%4,! *3$))7! 3$)/3%*8! ! W(%4,! 3$4(,%(! *3$))7*! /137'5/12! ,$%! 1%;! d&7/+,! C5'34,/)1!
34:&'*A! #$%! G%/2$,*! O(%&4(4,)(6! E3$))7A! 415! %D3%77%1,! &4()3$/47! *3$))7*! *'3$! 4*! ?%*,! @4774*!
M)::'1/,6! E3$))7! 415! E,8! U4(6! )+! M4(:%7! E3$))7! &()B%! ,)! &4(%1,*! ,$4,! 3$/75(%1! 341! *'33%%5!
4345%:/347768! ! #$%6! :)5%7! 0%*,! &(43,/3%*A! *'3$! 4*! *,'5%1,! %1242%:%1,! 415! &(/13/&47! %:&);%(:%1,A!
,$4,! +)*,%(! %D3%77%1,! %5'34,/)1A! 415! 341! *%(B%! 4*! 740)(4,)(/%*! +)(! /11)B4,/)18! ! -@PMM! *,4++! :%:0%(*!
*'&&)(,!,$%!&4(,1%(*$/&*!0',!5)!1),!*%(B%!4*!*,4++!4,!,$%!*3$))7*8!!S!@PMM!*,4++!:%:0%(!*%(B%*!)1!,$%!
0)4(5!4,!#$%!G%/2$,*8.!
48 d&7/+,!C5'34,/)1!-#$%!G%/2$,*!O(%&4(4,)(6!S345%:6.!
08 E,8!U4(6!)+!M4(:%7!E3$))7!
38 ?%*,!@4774*!M)::'1/,6!E3$))7!
N8 &"+*-#$1'$"<%!U%4*'(%:%1,!415!(%+/1%:%1,!)+!3)::'1/,6!415!%5'34,/)147!,(41*+)(:4,/)1!43,/B/,/%*!!
48 @'7$ E75#2&)$ 8#"F7&5! ʹ! "L! &4(,/3/&4,/12! 1),=+)(=&()+/,*! 5%B%7)&/12!)',3):%*! :%4*'(%*! +)(!,$%/(!
);1!)(241/>4,/)1*!415!+)(!,$%/(!3)77%3,/B%!/:&43,!)1!%5'34,/)1!,(41*+)(:4,/)1!
08 d#@!415!EUd!:%4*'(/12!/15/B/5'47!415!3)7740)(4,/B%!/:&43,!
H8 5-L'L"!*,'5%1,*!/1!,$%/(!);1!*'33%**!B/4!*%(B/3%!7%4(1/12!)&&)(,'1/,/%*!4,!477!2(45%!7%B%7*A!/1,%(1*$/&*!/1!
,$%!'&&%(!2(45%*A!415!&()2(4:*!,$4,!,%43$!3$4(43,%(!5%B%7)&:%1,!415!3)77%2%!:/15%51%**!/1!477!2(45%*8!
48 @'7$G"1.3$D767(";7#)$8#"F7&5!ʹ!KL=K"!,%%1*!&4(,/3/&4,/12!/1!3)::'1/,6!5%*/21!%43$!*'::%(!
#$%!2)47*!)+!,$/*!*,(4,%26!4(%!,)b!
x )(*#"!,$%!43$/%B%:%1,!24&!0%,;%%1!?%*,!@4774*!*,'5%1,*!415!,$%/(!4++7'%1,!&%%(*e!!
x )(*#"!,$%!)&&)(,'1/,6!24&!;/,$!%D3%77%1,!3$)/3%*!+)(!$/2$!a'47/,6!*3$))7!+)(!477!+4:/7/%*e!
x K;"-!,$%!5))(!+)(!2(%4,!&4(,1%(*$/&*!;/,$!@9E@!,$()'2$!&4(%1,!415!3)::'1/,6!45B)3436!*'3$!,$4,!'((%
#$,4"-$#%.-%!"#$%&'(('#%91'4,'$"%1"'4/%:*1%5*(("9"%'-4%5'1""1#@!
6="% (*-9U$"1+% +"'#,1"% *:% #,55"##% <.((% 0"% '% 2'1."$/% *:% "P5"(("-$% "4,5'$.*-'(% 5=*.5"#% :*1% ;'1"-$#A% <.$=% '((%
ƐƚƵĚĞŶƚƐŽŶƚƌĂĐŬĨŽƌĐŽůůĞŐĞƌĞĂĚŝŶĞƐƐ;ĂƐĞǀŝĚĞŶĐĞĚďLJ͞ŽŵŵĞŶĚĞĚ͟ƚĞƐƚƐĐŽƌĞƐͿ@%
8'7$%&'""($9".7:;7)5$<-((-)$=8%9><%%@%AA!4!<%6!*,(4,%26!)+!,$%!4"((-,"#-5267$!"#$%&'""()?!ŝƐ&͛ƐƌĞƐƉŽŶƐĞ
,)!,$%!1%%5!+)(!*'&&)(,/B%!(%*)'(3%*!,$4,!3(%4,%!,$%!$%47,$6!3)::'1/,/%*!,$4,!$%7&!,)!5(/B%!,$%!,(41*+)(:4,/)1!
)+!*,('227/12!1%/2$0)($))5!*3$))7*8!!!
@%A!/*!4!&4(,1%(*$/&!0%,;%%1!@PMMA!KF!?%*,!@4774*!E3$))7*!=!/137'5/12!KL!@9E@!*3$))7*A!,;)!&(/B4,%!*3$))7*A!415!
)1%!3$4(,%(!*3$))7!=!415!"L!1),=+)(=&()+/,!)(241/>4,/)1*8!!@%A$/*!5%*/21%5!ƚŽŽǀĞƌĐŽŵĞ͞ƚŚĞŐƌĂǀŝƚĂƚŝŽŶĂůƉƵůůŽĨ
ĚŝƐŽƌŐĂŶŝnjĂƚŝŽŶ ĂŶĚ ĚLJƐĨƵŶĐƚŝŽŶ͟ ƚŚĂƚ ŬĞĞƉƐ ĐŚŝůĚƌĞŶ ŝŶ ƉŽŽƌ ĐŽŵŵ'1/,/%*! ,(4&&%5! /1! &)B%(,6! 06! +)3'*/12!
(%*)'(3%*! &(/:4(/76! )1! %7%:%1,4(6! *3$))7! 3$/75(%1! 415! ,$%/(! +4:/7/%*A! ,$%! &)/1,! ;$%(%! 3$413%*! +)(! 7)12=,%(:!
*'33%**!4(%!$/2$%*,8!S*!3))(5/14,)(!)+!@%AA!@PMM!/*!:4</12!*'(%!,$4,!d^͛Ɛ!*4+%,6!1%,!/*!,/2$,76!;)B%1!415!3)B%(*!
477!)+!?%*,!@4774*!;/,$b!!
 4!7)12=,%(:!*,(4,%2/3!&741!+)(!%5'34,/)1!,(41*+)(:4,/)1!;/,$!(%*)'(3%*!5%&7)6%5!433)(5/12!,)!,$4,!&741e!!
 24&*!/1!+4:/76!415!3)::'1/,6!*'&&)(,*!/5%1,/+/%5!415!+/77%5e!!

KN!
!
 /1+)(:4,/)1!3)::'1/34,%5!4:)12!&()B/5%(*!,)!+43/7/,4,%!%++%3,/B%!415!%++/3/%1,!*%(B/3%*e!!
 &()2(4:*!,$4,!4(%!3()**=:4(<%,%5!*)!,$4,!&4(%1,*!;$)!*%%<!)',!)1%!&4(,/3'74(!(%*)'(3%!4(%!,)75!40)',!
),$%(!(%*)'(3%*!4B4/7407%!,)!,$%:e!415!
 4! &()2(4:! ,)!:%4*'(%! ,$%! /:&43,! )+! ,$%*%! %++)(,*! 415! %1*'(%! ,$4,! 7%**)1*! 7%4(1%5! +():!,$4,! &()3%**!
/1+)(:!)12)/12!)&%(4,/)1*8!!
@PMM! 7%45*! ,$%! *,(4,%2/3! &7411/12! 415! +43/7/,4,%*! 3))(5/14,/)1A! +/77/12! /1! )+! 24&*A! Q%*,! O(43,/3%*! (%*%4(3$A!
1%,;)(</12A!:%4*'(%:%1,!415!41476*/*%,$4,!/,*!&4(,1%(*!5)!1),!$4B%!,/:%!)(!+'15*!,)!&()B/5%8!!!
91! S&(/7! )+! "LKKA! ,$%! &4(,/3/&41,*! /1$ @%A$ 3):&7%,%5! 4! */D! ;%%<*! *,(4,%2/3! &7411/12! %++)(,! /1! &(%&4(4,/)1! +)(!
'15%(,4</12! ,$%! :%,(/3*! 5%B%7)&:%1,! ;)(<! 5%*3(/0%5! %7*%;$%(%! /1! ,$/*! 5)3':%1,8! ! \',! )+! ,$4,! *,(4,%2/3!
&7411/12!%++)(,!34:%!4!+)3'*!)1!,;)!3(/,/347!3):&)1%1,*!,$4,!,$%!2()'&!+%7,!3)'75!0%!/:&43,%5!*/21/+/341,76!/1!KY!
ŵŽŶƚŚƐ͛ƚŝŵĞ͕ĂƐǁĞůůĂƐƐĞǀĞƌĂůůŽŶŐĞƌƚĞƌŵĂƌĞĂƐŽĨŝŶƚĞŶƚŝŽŶĂůĨŽĐƵƐ͘dŚĞƐŚŽƌƚƚĞƌŵĂƌĞĂƐŽĨĨŽĐƵƐĂƌĞ͗!
 9&&7))$5"$H1-(25?$IBJ$)&'""($#7-/2.7))$5#-2.2.3$!"#$>"5'7#)$-./$;#7BK$&'2(/#7.L$477!&4(,/3/&4,/12!42%13/%*!
;/77! +)3'*! ,$%/(! %1%(26! 415! (%*)'(3%*! )1! 433%**! ,)! 415! 5%7/B%(6! )+! $/2$=a'47/,6! &4(%1,/12! ,(4/1/12! 415!
%4(76=3$/75$))5! 5%B%7)&:%1,8! ! O(%*%1,76! ,$(%%! &4(,/3/&4,/12! )(241/>4,/)1*! $4B%! 5/(%3,! ()7%*! ʹ! SXqA!
S`SJMCA!`/3<%(6!U%45);!R%4(1/12!M%1,%(!415!?%*7%6!X41</1!-U/!C*3'%7/,4.8!!P)(!5%*3(/&,/)1*!)+!%43$A!
*%%! ,$%! %15! )+! ,$/*! *%3,/)18! ! #$%*%! )(241/>4,/)1*! 3'((%1,76! )++%(! $/2$=a'47/,6! %++%3,/B%! ,(4/1/128! ! #$%/(!
,(4/1/12! ;/77! 0%! +'(,$%(! B47/54,%5! 415! %1(/3$%5! 06! ,$%! &4(,/3/&4,/)1! )+! &()+%**)(*A! *,'5%1,*! 415!
(%*%4(3$%(*!4,!,$%!E/::)1*!E3$))7!)+!C5'34,/)1!415!G':41!@%B%7)&:%1,!4,!EUd8!!$
91! 455/,/)1A! &4(,/3/&4,/12! $)'*%(*A! :%5/347! (%*)'(3%! 415! +))5! &()B/5%(*A! %,38! ;/77! /1a'/(%! 4*! ,)! ,$%/(!
ĐƵƐƚŽŵĞƌƐ͛ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ŝŶ ƉĂƌĞŶƚ ƚƌĂŝŶŝŶŐ ĂŶĚ ĞĂƌůLJ=3$/75$))5! &()2(4:*! 415! ;/77! (%3)::%15! ,$%/(!
(%*)'(3%*8! ! 91! 455/,/)1A! ?%*,! @4774*! M)::'1/,6! M%1,%(*A! #(/1/,6! X/B%(! U/**/)1! 415! ),$%(*! ;/77! :4<%!
*&43%!4B4/7407%!5'(/12!,$%!546!+)(!&4(%1,/12!415!%4(76=3$/75$))5!374**%*A!4*!,$%/(!*&43%*!4(%!B4341,!'1,/7!
4+,%(!*3$))7!$)'(*8$
 M7>7/2-52".$ -./$ &"((737$ #7-/2.7))$ !"#$ )51/7.5)$ 2.$ 5'72#$ >2//(7$ -./$ '23'$ )&'""($ ?7-#)L$ $ C5'34,/)1! 9*!
P(%%5):A! U%(36! E,(%%,A! #(/1/,6! X/B%(! U/**/)1! 415! `)/3%! )+! G)&%! ;/77! ,4<%! ,$%! 7%45! /1! ,$/*! +)3'*! 4(%48!!
#$%/(!(%*&%3,/B%!&()2(4:*!4(%!5%*3(/0%5!4,!,$%!%15!)+!,$/*!*%3,/)18!!S*!;/,$!433%**!,)!a'47/,6!&4(%1,!415!
%4(76=3$/75$))5! ,(4/1/12A! ),$%(! &()B/5%(*! &4(,/3/&4,/12! /1! #ET! ǁŝůů ŝŶƋƵŝƌĞ ĂƐ ƚŽ ƚŚĞŝƌ ĐƵƐƚŽŵĞƌƐ͛
&4(,/3/&4,/)1!/1!,$%*%!&()2(4:*!415!;/77!(%3)::%15!,$%/(!(%*)'(3%*8!!$
@%A!/*!47*)!455(%**/12!1%;A!3(/,/347!1%%5*!,$4,!4(%!5%B%7)&/12!4*!,$%!E,4,%!)+!#%D4*!&(%&4(%*!,)!/:&)*%!5(43)1/41!
0'52%,!3',*!/1!/,*!%5'34,/)1!+'15/128!!91!EZ!"LKL=KK!415!EZ!"LKK=K"A!@%A͛Ɛ!<%6!&()2(4:!43,/B/,/%*!;/77!/137'5%b!
= ?-#7.5)$5"$@"(1.577#)$=?A@><!!91!EZ!"LKK=ϭϮ͕ƉƌŝŶĐŝƉĂůƐĞdžƉĞĐƚƚŽůŽƐĞĂůůƚŚĞŝƌƚĞĂĐŚĞƌƐ͛ĂŝĚĞƐ͘dŚĞƐĞ
*,4++! :%:0%(*! &()B/5%! %**%1,/47! *4+%,6! 415! *%3'(/,6! 06! &4,()77/12! $477;46*A! &%(+)(:/12! 34+%,%(/4! 5',6A!
415!*'&%(B/*/12!34:&'*!2()'15*!415!34(&))7!741%*!0%+)(%!415!4+,%(!*3$))78!!O(/13/&47*!;/77!0%!(%a'/(%5!
,)!&'77!,%43$%(*!)',!)+!374**()):*!415!(%5'3%!,/:%!5%B),%5!,)!,%43$/12!/1!)(5%(!,)!+/77!,$%*%!()7%*8!!B'-)$
-)$,.3&&58231(58!! 91!)(5%(!,)!$%7&!:4/1,4/1!,/:%!)1!,4*<!/1!?%*,! @4774*!374**()):*A! @%A! /*!(%3('/,/12!4!
&4(%1,!3)(&*$)+!'&!,)!K^L!B)7'1,%%(*!&%(!;%%<!5%&7)6%5!4,!477!%/2$,!?%*,!@4774*!%7%:%1,4(6!*3$))7*!,)!
&4(,/4776! Ĩŝůů ƵŶƐƚĂĨĨĞĚ ƌŽůĞƐ͘  DĂŶLJ ŽĨ ƚŚĞƐĞ ǀŽůƵŶƚĞĞƌƐ ǁŝůů ďĞ ƉĂƌĞŶƚƐ ƌĞĐƌƵŝƚĞĚ ĨƌŽŵ &͛Ɛ 8-#7.5$
9&52".$ :#"1;)$ !"#$ </1&-52".! -89:<C! &()2(4:A! ;$/3$! /*! 3)15'3,/12! ,(4/1/12*! ,)! $%7&! &4(%1,*! 0%3):%!
ĞŶŐĂŐĞĚ ĂŶĚ ĞĨĨĞĐƚŝǀĞ ƉĂƌƚŶĞƌƐ ŝŶ ƚŚĞŝƌ ĐŚŝůĚƌĞŶ͛Ɛ ĞĚƵĐĂƚŝŽŶ͘  LJ ƵŐƵƐƚ ƚŚĞ ĨŝƌƐƚ ǀŽůƵŶƚĞĞƌƐ ǁŝůů ďĞ
(%3('/,%5A!,(4/1%5!415!(%456!,)!*%(B%!5'(/12!EZ!"LKK=K"8!!#$/*!&()2(4:!/*!0%/12!5%B%7)&%5!/1!&4(,1%(*$/&!
;/,$!@9E@!;/,$!,$%!/1,%1,/)1!)+!'*/12!/,!4*!4!:)5%7!/1!),$%(!*/:/74(76!/:&43,%5!3)::'1/,/%*8!
= 8'7$ 815"#$ 4"#B)S! ! Q'52%,! 3',*! ;/77! 47*)! *'0*,41,/4776! /13(%4*%! 374**! */>%*! -06! HLj! )(! %B%1! :)(%.A!
ĚĞĐƌĞĂƐŝŶŐƚĞĂĐŚĞƌƐ͛ƚŝŵĞĨŽƌŝŶĚŝǀŝĚƵĂůĂƚƚĞŶƚŝŽŶĂŶĚĐƌĞĂƚŝŶŐĂŵŽƌĞĐŚĂůůĞŶŐŝŶŐĞŶǀŝƌŽŶŵĞŶƚĨŽƌƐůŽǁ
415!a'/3<!7%4(1%(*!47/<%8!!@%A!/*!3(%4,/12!4!@15"#$4"#;)!,)!455(%**!,$/*!1%%58!!@PMM!*,4++!:%:0%(*!4(%!
;)(</12! ;/,$! @%A! &4(,/3/&41,*A! 415! 4(%! (%43$/12! )',! ,)! ,$%! @4774*! +4/,$! 3)::'1/,6A! EUdA! d#@A! @4774*!
Q4&,/*,!d1/B%(*/,6!415!C7!M%1,()!M)77%2%!,)!(%3('/,!415!,(4/1!*</77%5!3)77%2%!*,'5%1,!,',)(*!;/,$!4!2)47!)+!

KH!
!
*%3'(/12! KL! ,',)(*! +)(! %43$! )+! ,$%! %/2$,! %7%:%1,4(6!*3$))7*8! ! @'7$ @15"#$ 4"#;)A! 3))(5/14,%5!;/,$!@9E@!
*%1/)(!*,4++!415!/15/B/5'47!&(/13/&47*A!;/77!47*)!0%!/1!&743%!+)(!EZ!"LKK=K"8!
@%A?$;$/3$!/*$0%/12!/13'04,%5!4,!@PMMA!/*!5%*/21%5!,)!0%!*&'1!)++!4*!4!*%&4(4,%!HLK-3.-F.!)(241/>4,/)1!,$4,!;/77!
4**':%! 7%45%(*$/&! )+! ,$%! ,(41*+)(:4,/)1! %++)(,8! ! S+,%(! ,$%! /1/,/47! ;)(<! )+! %D&415/12! ,$%! 4"((-,"#-5267$ !"#$
%&'""()$ /*! 3):&7%,%5! /1! %4(76! "LK"A! @%A! ;/77! 0%! 2'/5%5! 06! 4! T)1%! M)'13/7! (%&(%*%1,/12! *&%3/+/3! 3)::'1/,6!
(%*)'(3%*! 415! 1%%5*A! ;/,$! :%:0%(*! 34(%+'776! *%7%3,%5! +)(! ,$%/(! 3$412%! :4142%:%1,! *</77*A! /1,%(%*,! /1! *3$))7!
(%+)(:A!&)7/,/347!+)(,/,'5%!415f)(!<1);7%52%!)+!?%*,!@4774*8!!!
#$%!T)1%!M)'13/7!;/77b!!!
x G%7&!,)!+)*,%(!*3$))7!415!3)::'1/,6!3'7,'(%!+)3'*%5!)1!%5'34,/)1!415!/11)B4,/)1e!
x M(%4,%!4!&)7/,/347!415!*)3/47!&74,+)(:!+)(!/:&7%:%1,4,/)1!)+!0%*,!&(43,/3%*e!415!
x S5B)34,%!)1!0%$47+!)+!?%*,!@4774*!*3$))7*!;/,$!@9E@A!,$%!M/,6!415!,$%!E,4,%8!
D*R"1A,(% D'1"-$% '-3% )*++,-.$/% @32*4'4/% Ȃ% ?CDE% '-3% FC4E8<% % WĂƌĞŶƚƐ ĂƌĞ Ă ĐŚŝůĚ͛*! :)*,! &);%(+'7!
3$4:&/)1A! 0',! :416! ;ĂƌĞŶƚƐ ŝŶ tĞƐƚ ĂůůĂƐ ůĂĐŬ ƚŚĞ ƐŬŝůůƐ ƚŽ ďĞ ĞĨĨĞĐƚŝǀĞ ĂĚǀŽĐĂƚĞƐ ĨŽƌ ƚŚĞŝƌ ĐŚŝůĚƌĞŶ͛Ɛ
"4,5'$.*-'(% #,55"##@% % U416! ?%*,! @4774*! &4(%1,*! 5)! 1),! *&%4<! C127/*$A! 415! 4! 74(2%! &%(3%1,42%! 4(%! */127%!
:),$%(*8!!P%;!4(%!%a'/&&%5!;/,$!,$%!*</77*!1%%5%5!,)!%1242%!4*!45B)34,%*A!415!B%(6!+%;!$4B%!%B%(!%1,%(%5!4!
B),/12! 0)),$! )(! 3)1*/5%(%5! ,$4,! ,$%6! :/2$,! /1+7'%13%! &'07/3! &)7/368! ! Z%,! &4(%1,*! ;/,$! *3$))7! 42%! 3$/75(%1! 4(%!
14,'(47!45B)34,%*!415!;/,$!,$%!&()&%(!,))7*A!,$%6!341!$4B%!4!$'2%!/:&43,8!!#$%6!4(%!4!B4*,!'1,4&&%5!(%*)'(3%!
+)(! %5'34,/)1! ,(41*+)(:4,/)18! ! ?$%1! &4(%1,*! 5)! 0%3):%! %1242%5! 4*! 45B)34,%*A! ,$%6! 4(%! ,%143/)'*! 415!
ĞĨĨĞĐƚŝǀĞ͕ĂŶĚĂƉĂƌĞŶƚ͛ƐŝŶǀŽůǀĞŵĞŶƚŝŶ4!ĐŚŝůĚ͛ƐĞĚƵĐĂƚŝŽŶŝƐĚŝƌĞĐƚůLJůŝŶŬĞĚƚŽƚŚĂƚĐŚŝůĚ͛Ɛ*'33%**8!!
@PMM! 3(%4,%5! 8-#7.5$ 9&52".$ :#"1;)$ !"#$ </1&-52".! -89:<.! ,)! %a'/&! &4(%1,*! 4*! %++%3,/B%! 45B)34,%*! +)(! ,$%/(!
ĐŚŝůĚƌĞŶ͛ƐĂĐĂĚĞŵŝĐƐƵĐĐĞƐƐĂŶĚ<%6!&4(,1%(*!/1!5(/B/12!%5'34,/)1!,(41*+)(:4,/)18!!#$%(%!4(%!*%B%(47!$/2$!a'47/,6!
&()2(4:*!/1!@4774*!,$4,!,(4/1!&4(%1,*!,)!0%!/1B)7B%5!/1!,ŚĞŝƌĐŚŝůĚ͛ƐĞĚƵĐĂƚŝŽŶA!415!@PMM!/*!*'&&)(,/B%!)+!477!)+!
,$%:8!!89:<%$4*!41!455/,/)147!)0V%3,/B%!ʹ!ďĞLJŽŶĚĞŶŐĂŐŝŶŐŝŶĂĐŚŝůĚ͛Ɛ*,'5/%*!415!374**()):!43,/B/,/%*A!0),$!)+!
;$/3$!4(%!B/,4776!/:&)(,41,A!89:<%"],.;#%;'1"-$#%$*%5='-9"%$="%"4,5'$.*-'(%#/#$"+8!!!
91!"LKLA!89:<!0%241!/1!+/B%!?%*,!@4774*!&'07/3!*3$))7*!;$%(%!&4(%1,*!4(%!1);!:%%,/12!/1!2()'&*!(412/12!+():!
N=H! &4(%1,*!,)! FL=NL! 5%&%15/12! '&)1! ,$%! 7)34,/)1! 415! %B%1,8! ! #$%! &()2(4:! ;/77! %D&415! ,)!KHL! &4(%1,*! /1! */D!
2()'&*!/1!EZ!"LKK=K"8!!S+,%(!7%4(1/12!,)!;)(<!,)2%,$%(!4*!4!3)$%*/B%!+)(3%A!&4(%1,*!4(%!,(4/1%5!,)!'15%(*,415!,$%!
%5'34,/)147!*6*,%:!415!,$%!/**'%*!+)'15!/1!'(041!&'07/3!*3$))7*!43()**!S:%(/348!#$%6!,$%1!+)3'*!)1!@4774*!415!
,$%/(!);1!1%/2$0)($))5!*3$))7*!4*!,$%6!5%B%7)&!4!54,4=5(/B%1!45B)3436!42%154!415!:)B%!,)!43,/)18!!S7(%456A!
&4(%1,*!/1!,(4/1/12!4(%!4,,%15/12!*3$))7!0)4(5!:%%,/12*!415!455(%**/12!*/21/+/341,!/**'%*!7/<%!,$%!!X%5'3,/)1!/1!
P)(3%!*,(4,%26!4,!@9E@A!;$%(%!,$%6!4(%!45B)34,/12!+)(!(%5'3,/)1*!04*%5!)1!&%(+)(:413%A!1),!,%1'(%8!
S55/,/)147!45B)3436!+)(!,$%!42%154!5%B%7)&%5!06!JDX3!&4(,/3/&41,*!/*!&()B/5%5!06!+4/,$!3)::'1/,6!:%:0%(*!/1!
?%*,! @4774*! 415! 3/,6;/5%! ,$()'2$! =-25'$ -./$ 4">>1.25?$ !"#$ </1&-52".$ @#-.)!"#>-52".! -=94<@.8! ! =94<@! /*!
:)5%7%5! 4+,%(! D#583#5$ 2'5$ E,2,#5A! 4! ;%0=04*%5! 45B)3436! /1/,/4,/B%! +)'15%5! 06! @(8! @4B/5! G)(10%3<A! +)(:%(!
E'&%(/1,%15%1,!)+! E3$))7*! /1! O$/745%7&$/48!! &d͛Ɛ! ŬĞLJ ƐƚƌĂƚĞŐLJ ŝƐƚŚĞĐƌĞĂƚŝŽŶ ŽĨ͞S3,/)1! W()'&*͟! ,)! 0'/75! 4!
&);%(+'7!&'07/3!B)/3%!/1!*'&&)(,!)+!%5'34,/)18!!S1!S3,/)1!W()'&!/*!41!/1=&%(*)1!415!)17/1%!3)::'1/,6!)+!+(/%15*!
;$)!*$4(%!3)::)1!B47'%*!415!;$)!3)::/,!,)!0%3):%!/1+)(:%5!06!4,,%15/12!:)1,$76!=94<@$,(4/1/12!*%**/)1*8!!
-=94<@!34&,4/1*!:46!4,,%15!89:<!,(4/1/12!;/,$!?%*,!@4774*!&4(%1,*A!,)!+)*,%(!,(41*+)(:4,/)147!(%74,/)1*$/&*.8!!!
#)2%,$%(! ;/,$! ?%*,! @4774*! &4(%1,*! 415! %5'34,)(*! =94<@! :%:0%(*! 5%B%7)&! 41! 43,/)1! 42%154! /1! *'&&)(,! )+!
%5'34,/)147!/:&()B%:%1,*A!415!,$%6!,4<%!41!43,/)1!%43$!:)1,$!06!*%15/12!4!&(%7)45%5A!&(%455(%**%5!%:4/7!,)!
;$/3$!,$%6!455!,$%/(!);1!3)::%1,*8!!S3,/)1!2()'&!:%:0%(*!47*)!:4<%!)1%!B/*/,!%43$!6%4(!,)!41!%7%3,%5!)++/3/47!
415! ;/77! $4B%! ,$%! )&&)(,'1/,6! ,)! &4(,/3/&4,%! /1! 4! :'7,/=+4/,$! *%(B/3%! )1! ,$%! *,%&*! )+! ,$%! *,4,%! 34&/,)78! ! C43$!
45B)34,%!/*!4*<%5!,)!&46!h"L!&%(!6%4(!,)!*'&&)(,!,$%!3)*,!)+!,$%!&()2(4:8!!!
P/+,%%1! +4/,$! 3)::'1/,/%*! +():! ?%*,! @4774*! 415! ,$%! 3/,6! 4,! 74(2%! 4(%! 1);! +)(:/12! S3,/)1! W()'&*8! ! @PMM! ;/77!
%17/*,!"H=FL!3)12(%24,/)1*!/1!=94<@!ďLJƚŚĞĞŶĚŽĨϮϬϭϭ͘;ĨƚĞƌĂƚŚĞĂƚĞƌƐĐƌĞĞŶŝŶŐŽĨ͞tĂŝƚŝŶŐĨŽƌ^ƵƉĞƌŵĂŶ͟ʹ!
;;;8;4/,/12+)(*'&%(:4183):!=!*%B%(47!/15/B/5'47*!47*)!+)(:%5!S3,/)1!W()'&*8.!!#$%!41,/3/&4,%5!(%*'7,!;/77!0%!
:)0/7/>4,/)1!)+!*2"1%\ACCC%2*$"1#!=!(%&(%*%1,%5!/1!:)1,$76!%:4/7*!+():!477!)+!,$%:!415!&%(/)5/3!&$)1%!3477*!415!

K^!
!
&%(*)147! B/*/,*! ,)! %7%3,%5!)++/3/47*! =! ,-.$"4% .-% $=".1% 4"$"1+.-'$.*-% $*% $1'-#:*1+% "4,5'$.*-! /1! ?%*,! @4774*! 415!
43()**!,$%!3/,68!!!
)*++,-.$/% 4"("01'$.*-<! &ŽůůŽǁŝŶŐ ,͛Ɛ ŵŽĚĞů͕ & 47*)! '*%*! 3)::'1/,6! %B%1,*! 415! 3%7%0(4,/)1*! 4*!
B%$/37%*!,)!&():),%!4!*%1*%!)+!3)::'1/,6!&(/5%!415!*$4(%5!&'(&)*%!415!,)!0(%4<!5);1!3)::'1/34,/)1!04((/%(*!
0%,;%%1! %,$1/3! 2()'&*8! ! #$%*%! %B%1,*! 4(%! )&&)(,'1/,/%*! ,)! ;%4B%! ,$%! *)3/47! *4+%,6! 1%,! 4! 0/,! :)(%! ,/2$,76! 06!
&():),/12!,$%!(%*)'(3%*!4B4/7407%!,)!?%*,!@4774*!(%*/5%1,*8!
= <2-$/7$(-$F-G2(2-H!!#$/*!411'47!*&(/12!%B%1,!/137'5%*!4!"q!+4:/76!+'1!('1f;47<A!43,/B/,/%*!+)(!</5*!415!
/1+)(:4,/)1! +)(! &4(%1,*! ĨƌŽŵ ƐŽĐŝĂů ƐĞƌǀŝĐĞƐ ŽƌŐĂŶŝnjĂƚŝŽŶƐ͕ ĂůůĂƐ͛ &)7/3%! 415! +/(%! 5%&4(,:%1,*A! 415!
2)B%(1:%1,47!4**/*,413%!&()2(4:*!7/<%!U%5/34/5!415!?9M8!!@PMM!*,4++!:%:0%(*!3))(5/14,%!,$%!7)2/*,/3*!
/1!&4(,1%(*$/&!;/,$!),$%(!3)::'1/,6!7%45%(*8!!"LL="HL!&%)&7%!&4(,/3/&4,%!411'47768!
= ?7B$I-((J$!"#$E/1&-52".H!#$/*!4',':1!%B%1,!&():),%*!B%F$415!0'/75*!%1,$'*/4*:!+)(!,$%!1%;!*3$))7!
6%4(8!!S77!B%F!&4(,1%(*!$4B%!0)),$*!415!/1+)(:4,/)1!+)(!&4(%1,*!40)',!(%*)'(3%*!,)!*,40/7/>%!+4:/7/%*!415!
$%7&! 3$/75(%1! *'33%%5! 4345%:/347768! ! ZB)11%! @'(41,A! M$/%+! S345%:/3! S5B/*)(! 4,! @9E@A! *&)<%! /1! 0),$!
C127/*$!415!E&41/*$A!415!40)',!IHL!&%)&7%!ʹ!0),$!G/*&41/3!415!S+(/341=S:%(/341!ʹ!4,,%15%5!/1!"LKL8!
= K-$?")-/-H!!#$/*!M$(/*,:4*!&()3%**/)1!/*!4!,(45/,/)1!)(241/>%5!06!,$%!S1/,4!U4(,/1%>!X%3(%4,/)1!M%1,%(A!
?%*7%6! X41</1! M)::'1/,6! M%1,%(! 415! #(/1/,6! X/B%(! U/**/)18! ! E/13%! 0%3):/12! /1B)7B%5A! @PMM! $4*!
&()B/5%5!,)6*!415!4**/*,%5!;/,$!3))(5/14,/)1!(%*&)1*/0/7/,/%*8!!FHL=NLL!&%)&7%!4,,%15!411'47768!
K"'#,1.-L% .$% '((% Ȃ% 8'7$ L75#2&)$ ?#"M7&5<% % #$%! (%*)'(3%*! )+! ,$%! *)3/47! *%3,)(A! 4&&7/%5! 3)7740)(4,/B%76A! 3)'75!
7/,%(4776!3$412%!,$%!4345%:/3!,ƌĂũĞĐƚŽƌŝĞƐŽĨϲ͕ϯϬϬƐƚƵĚĞŶƚƐ͘Ƶƚ&͛ƐƐŽĐŝĂůƐĞĐƚŽƌƉĂƌƚŶĞƌƐŚĂǀĞŚĂĚ7/:/,%5!
433%**!,)!(/2)()'*!:%4*'(%:%1,!,))7*!06!;$/3$!,$%6!3)'75!a'41,/+6!,$%!*'33%**!)+!,$%/(!546=,)=546!;)(<8!!!
91!(%*&)1*%!,)!,$/*!3$477%12%A!@PMM!$4*!0%%1!;)(</12!+)(!KY!:)1,$*!;/,$!7)347!'1/B%(*/,6!&4(,1%(*!415!4!+%;!)+!
,$%!:%:0%(*!)+!,$%%4"((-,"#-5267!,)!5%B%7)&!4!*,(4,%26!,)!5%*/21!415!'*%!:%,(/3*!,)!%1407%!,$%!*)3/47!*%3,)(!,)!
a'41,/+6!,$%!/:&43,!)+!/,*!;)(<!415!*/21/+/341,76!/:&()B%!/,*!)',3):%*8! #$%!(%*'7,!)+!,$)*%!3)1B%(*4,/)1*A!@'7$
E75#2&)$8#"F7&5?!/*!V)/1,!%++)(,!0%,;%%1!@PMMA!,$%!d#@!91*,/,',%!)+!d(041!O)7/36!E,'5/%*!415!,$%!d#@!91*,/,',%!)+!
O'07/3!S++4/(*8!!@PMM!/*!/1!5/*3'**/)1!;/,$! ,$%!EUd!E/::)1*!E3$))7!)+!C5'34,/)1!415!G':41!@%B%7)&:%1,! ,)!
455! /,*! (%*%4(3$! (%*)'(3%*! ,)! ,$%! &()V%3,8! ! R4'13$%5! /1! P%0('4(6! "LKK! ;/,$! 477! )+! @'7$ %&'""($ A".7! 1)1&()+/,!
&4(,1%(*A!@'7$E75#2&)$8#"F7&5!;/77!2%1%(4,%!/15/B/5'47!415!3)::)1!:%,(/3*!415!:%4*'(%!)',3):%*!415!/:&43,A!
ĞƐƉĞĐŝĂůůLJ ƚŚĞ ĐŽůůĞĐƚŝǀĞ ĂďŝůŝƚLJ ƚŽ ͞ŵŽǀĞ ƚŚĞ ĚŝĂů͟ ƌĞŐĂƌĚŝŶŐ ĐĂƵƐĂů ĨĂĐƚŽƌƐ ŽĨ ƉŽǀĞƌƚLJ͕ ďĞŐŝŶŶŝŶŐ ǁŝƚŚ ƚŚĞ
,(41*+)(:4,/)1!)+!,$%!%5'34,/)147!*6*,%:!/1!?%*,!@4774*8!
B'5$ G52#-&)$ D#"H5&2! ;/77! /13(%4*%! ,$%! 34&43/,6! )+! &4(,/3/&4,/12! )(241/>4,/)1*! ,)! /:&()B%! (%*'7,*! +)(! ,$%/(!
ĐƵƐƚŽŵĞƌƐďLJĚĞǀĞůŽƉŝŶŐĂŵƵĐŚŵŽƌĞƉƌĞĐŝƐĞƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞŝƌŽǁŶĐĂƉĂĐŝƚLJ͕ƚŚĞŝƌĐƵƐƚŽŵĞƌƐ͛ŶĞĞĚƐ͕ĂŶĚ
,$%!/:&43,!)+!,$%! &()2(4:*!)++%(%5!)1!,$)*%! 1%%5*8!!\1%!)+!,$%!&(/:4(6!)',3):%*! 4+,%(!,$%!1)1&()+/,*! $4B%!
5)1%!,$%/(!);1!;)(<!;/77!0%!,)!/:&()B%!,$%/(!40/7/,6!,)!%1242%!?%*,!@4774*!(%*/5%1,*!415!%:&);%(!,$%:!,)!5(/B%!
3$412%*! 4*! )&&)*%5! ,)! 0%/12! &);%(7%**! 3)1*':%(*8! ! Q6! %a'/&&/12! /,*! %&'""($ F".5! &4(,1%(! )(241/>4,/)1*! ;/,$!
:%,(/3*! 415! ,$%! 40/7/,6! ,)! :%4*'(%! 415! (%+/1%! )',3):%*A! @PMM! %D&%3,*! B'5$ G52#-&)$ D#"H5&2! ,)! /13(%4*%! ,$%/(!
)(241/>4,/)147! 34&43/,6! 06! "Hj! 415! ,)! /13(%4*%! ,$%/(! 3)*,! %++%3,/B%1%**! 06! KHjA! ,$%! %a'/B47%1,! )+! 4! hF=IUU!
/1+'*/)1!)+!34&/,47!/1,)!,$%!?%*,!@4774*!3)::'1/,68!
D'1$-"1#%.-%89.#%5AA*1$<%%@PMM!415!K[!455/,/)147!)1=,$%=2()'15!&4(,1%(*!4(%!V)/1%5!/1!,$/*!%++)(,A!/137'5/12b!%
6="%DV`X1*,;%HD4,($#%V"('$.-9%$*%`.4#I%U%91!3)7740)(4,/)1!;/,$!,$%!d#!E3$))7!)+!O'07/3!G%47,$A!SXq!5%B%7)&%5!
41! %B/5%13%=04*%5! &()2(4:! ,$4,! %1407%*! &4(%1,*! 415! ,%43$%(*! ,)! &()B/5%! ,$%! *)3/47f3'7,'(47! %1B/()1:%1,!
%**%1,/47! ,)! 4345%:/3! *'33%**8!! ͞Z< ĨŽƌ WĂƌĞŶƚƐ͟ ĂŶĚ ͞Z< ĨŽƌ dĞĂĐŚĞƌƐ͟ ƉƌŽǀŝĚĞ ƐƚƌĂ,%2/%*! ,$4,! %:&7)6!
3)1*%a'%13%*!415!412%(!:4142%:%1,!,))7*!,$4,!$%7&!45'7,*!7%4(1!,)!5/*3/&7/1%!;$/7%!*$);/12!B47'%!,)!3$/75(%1A!
4**/*,/12!45'7,*!,)!(%74,%!,)!3$/75(%1!/1!34(/12A!*'&&)(,/B%!;46*!,$4,!0'/75!*%7+=%*,%%:A!+)*,%(!,('*,!415!/:&()B%!
3)::'1/34,/)18!!!!
%

KI!
!
DaDN)3% &'(('#! ʹ! S`SJMC! *,(/B%*! ,)! /:&()B%! ,$%! %5'34,/)147! )',3):%! )+! J)(,$! #%D4*! G/*&41/3! *,'5%1,*! 06!
*%%</12!4!:4V)(!&4(45/2:!*$/+,!/1!&4(%1,/12!,$()'2$!2(%4,%(!&4(%1,!%5'34,/)1!415!&4(%1,!/1B)7B%:%1,8!!S`SJMC!
@4774*!$4*!*%(B%5!)B%(!HALLL!&4(%1,*!415!3$/75(%1!4,!/,*!"F!*/,%*8!!91!?%*,!@4774*A!S`SJMC!3'((%1,76!$4*!*/,%*!4,!
W40%!O8!S77%1!415!E/51%6!R41/%(!CD&(%**/B%!S(,*!`412'4(58!!!%
ƌŽƚŚĞƌŝůů͛Ɛ,ĞůƉŝŶŐ,ĂŶĚ!ʹQ(),$%(!Q/77r*!G%7&/12!G415!%1(/3$%*!,$%!7/B%*!)+!:%1A!;):%1A!415!3$/75(%1!/1!,$%!
3)::'1/,6! )+! ?%*,! @4774*! 06! %:&);%(:%1,! ,$()'2$! 7%4(1/12A! %13)'(42%:%1,! ,$()'2$! (%74,/)1*$/&*A! 415!
%1*'(/12!,$%!%**%1,/47*!)+!7/+%8!!#$%!)(241/>4,/)1!)++%(*!4!B)7'1,%%(!*,4++%5!3)::'1/,6!37/1/3!+)(!45'7,*A!+(%%!:/1/=
2()3%(6! *,)(%A! V)0! ,(4/1/12! +)(! ;):%1A! C127/*$! 415! 3):&',%(! 374**%*A! 3$/75(%1r*! 43,/B/,/%*A! 415! $%47,$6! 7/B/12!
&()2(4:*8!
E,.(4"1#%*:%7*;"!ʹ!#$%!:/**/)1!)+!Q'/75%(*!)+!G)&%!M@M!/*!,)!,(41*+)(:!@4774*!'(041!4(%4*!06!0'/75/12!*,()12!
+4:/7/%*! 415! $%47,$6A! *4+%! 1%/2$0)($))5*! ,$()'2$! 5/*3/&7%*$/&A! 3)::'1/,6! &(/5%A! 415! 5%B%7)&:%1,! )+! a'47/,6!
4++)(5407%!$)'*/128!M'((%1,!&()2(4:*!/137'5%!4++)(5407%!$)'*/12A!$):%0'6%(!%5'34,/)1!415!3)'1*%7/12A!+4:/76!
*'&&)(,!*%(B/3%*A!;)(<+)(3%!5%B%7)&:%1,!+)(!%D=)++%15%(*!415!3)::'1/,6!:)0/7/>4,/)18!
34,5'$.*-%M#%b1""4*+%ʹ%C5'34,/)1!/*!P(%%5):!-C9P.!;4*!+)'15%5!/1!"LL"!)1!,$%!0%7/%+!,$4,!%B%(6!6)'12!&%(*)1!
5%*%(B%*!,$%!)&&)(,'1/,6!+)(!4!3)77%2%!%5'34,/)18!!O()B/5/12!*,'5%1,*!;/,$!4!()45:4&!,)!3):&7%,%!$/2$!*3$))7!
415!24/1!433%**!,)!3)77%2%A!C9P!/:&43,*!,$%!4345%:/3!*'33%**!)+!'(041!6)',$!,$()'2$!4!3):&(%$%1*/B%!*3$))7=
04*%5! &()2(4:8! C9P!+)3'*%*! )1! 4345%:/3! *,4154(5*A! /137'5/12! &%(*)147! 2'/5413%A! &()+%**/)147! 5%B%7)&:%1,A!
ES#fSM#!415!3)77%2%!&(%&4(4,/)1A!:%1,)(/12A!*3$)74(*$/&!4**/*,413%!415!4345%:/3!43$/%B%:%1,!/13%1,/B%*8%
Q'1.(('5%R*5.'(%)"-$"1!ʹ!O()2(4:*!/137'5%!/,*!E%1/)(*!O()2(4:!-)++%(*!0(%4<+4*,!415!7'13$!,)!*%1/)(*!HHc.!415!
P4:/76! S**/*,413%! E%(B/3%*! -&()B/5%*! +/1413/47! 4**/*,413%! +)(! (%1,A! ',/7/,/%*A! %,38.8! ! U4(/7743! E)3/47! M%1,%(! 47*)!
$)'*%*!4!+))5!&41,(6!,$4,!&()B/5%*!7);=/13):%!?%*,!@4774*!(%*/5%1,*!;/,$!2()3%(/%*!,)!+%%5!,$%/(!+4:/7/%*8!?$/7%!
&()B/5/12!,$/*!$%7&!,)!,$%!3)::'1/,6A!/,!47*)!+)3'*%*!)1!%:&);%(:%1,!415!&():),%*!*%7+=*'++/3/%1368!!!!
Q'1/%R'-"1%)=.(4%&"2"(*;+"-$%)"-$"1%ʹ%\&%(4,%5!06!M4,$)7/3!M$4(/,/%*!)+!@4774*A!,$%!3%1,%(!&()B/5%*!+4:/7/%*!
;/,$! 4! a'47/,6! %4(76! 3$/75$))5! &()2(4:! /1! 4! *4+%A! 1'(,'(/12! %1B/()1:%1,8! ! 9,! 2/B%*! 3$/75(%1! 42%*! ^! ;%%<*! ,)! H!
6%4(*!,$%!)&&)(,'1/,6!,)!2();!*)3/4776A!&$6*/34776!415!3)21/,/B%76!/1!4!$4&&6!415!34(/12!&743%8!
Q"15/%R$1""$!ʹU%(36!E,(%%,!455(%**%*!,$%!%5'34,/)147!*/,'4,/)1!/1!?%*,!@4774*!06!&4/(/12!&'07/3!*3$))7!*,'5%1,*!
/1! ,$%! +)'(,$! 2(45%! 415! '&! ;/,$! 45'7,*! +():! 3$'(3$%*! 4()'15! ,$%!3/,6!,$4,! *%(B%! 4*! :%1,)(*!,)!,$%! *,'5%1,*8!!
M)::/,,%5!:%1,)(*!(%:4/1!3)1*/*,%1,76!;/,$!*,'5%1,*!+():!+)'(,$!2(45%!,$()'2$!,;%7+,$!2(45%8!!U%(36!E,(%%,!
$)*,*!;%%<76!Q/07%!37'0*A!('1*!*%B%(47!*&)(,*!7%42'%*A!415!,4<%*!</5*!,)!B4(/)'*!*'::%(!34:&*8!U%(36!E,(%%,!47*)!
&()B/5%*!a'47/,6!;)(<!(%45/1%**!,(4/1/12!,$()'2$!,;)!*:477!0'*/1%**%*!=!0/3637%!(%&4/(!415!7415*34&/12!*%(B/3%*8!!!
R$@%Q'1/%*:%)'1+"(%)'$=*(.5%R5=**(%ʹ%E,8!U4(6!)+!M4(:%7!/*!4!q=Y!&4()3$/47!*3$))7!,$4,!,4<%*!4!$)7/*,/3!4&&()43$!
,)! ,$%! 5%B%7)&:%1,! )+! /,*! *,'5%1,*! /1! 4! +4/,$! +/77%5! M4,$)7/3! %1B/()1:%1,! ,$4,! &():),%*! *&/(/,'47A! /1,%77%3,'47A!
ĞŵŽƚŝŽŶĂů͕ ƐŽĐŝĂů͕ ĂŶĚ ƉŚLJƐŝĐĂů ŐƌŽǁƚŚ͘  dŚĞ ƐĐŚŽŽů͛Ɛ ŚŝŐŚ ůĞǀĞů ŽĨ ĂĐŚŝĞǀĞŵĞŶƚ ŝƐ ƌĞĨůĞĐƚĞĚ ďLJ ƚŚĞ
433):&7/*$:%1,*!)+!/,*!*,'5%1,*!415!2(45'4,%*A!:416!)+!;$):!2)!)1!,)!%1V)6!*'33%**+'7!4345%:/3!34(%%(*!4,!
ĂůůĂƐ͛ĨŝŶĞƐƚƉƌŝǀĂƚĞƐĐŚŽŽůƐ8!
R"12"%!"#$%&'(('#!ʹ!S!1)1=&()+/,!)(241/>4,/)1!5%5/34,%5!,)!3)11%3,/12!B)7'1,%%(*!;/,$!M$(/*,/41!:/1/*,(6!%++)(,*!
/1!,$%!IH"K"!>/&!3)5%! 4(%4!-?%*,! @4774*.8!!#$()'2$!,$%/(!/1,%(43,/B%! ;%0*/,%A!B)7'1,%%(*!4(%!407%!,)!7)34,%!41!
4(%4!,$%6!4(%!/1,%(%*,%5!/1!B)7'1,%%(/12!/1!415!*/21!'&!%7%3,()1/347768!!M$'(3$%*A!)(241/>4,/)1*A!415!/15/B/5'47*!
4(%!%13)'(42%5!,)!5)!*)!06!B/*/,/12!,$%!;%0*/,%8!
61.-.$/% V.2"1% Q.##.*-% H6VQI! ʹ! #XU! /*! 4! B)7'1,%%(ʹ04*%5! 3)::'1/,6! 7%4(1/12! 3%1,%(! 3)::/,,%5! ,)! 0'/75/12! 4!
+)'154,/)1! ,)! *'&&)(,! $/2$! *3$))7! 2(45'4,/)1! 415! &)*,=*%3)154(6! *,'5/%*! 06! &():),/12! 7/,%(436A! 7412'42%!
&()+/3/%136A!415!4345%:/3!43$/%B%:%1,8!!?%*,!@4774*!&4(%1,*!415!,$%/(!3$/75(%1!:46!B)7'1,%%(!4,!7%4*,!^L!$)'(*!
&%(!+4:/76!&%(!6%4(!/1!%D3$412%!+)(!*3$))7!*'&&7/%*A!*3$))7!'1/+)(:*A!415!M$(/*,:4*!2/+,*8!!#$/*!&()2(4:!*%(B%*!4*!
41!)',7%,!+)(!&4**/)14,%!&4(%1,*!,)!2/B%!043<!,)!,$%!#XU!415!,$%!7)347!3)::'1/,68!%
L;(.:$% 34,5'$.*-! ʹ! d&7/+,! /*! 5%5/34,%5! ,)! )&%(4,/12! *3$))7*! ,$4,! &()B/5%! 4! a'47/,6! %5'34,/)1! 06! (4/*/12! 415!
3)1,/1'4776!:4/1,4/1/12!$/2$!%D&%3,4,/)1*!+)(!ŝƚƐƐƚƵĚĞŶƚƐĂŶĚƐƚĂĨĨ͘hƉůŝĨƚ͛ƐŚŝŐŚƐƚĂŶĚĂƌĚƐĂƌĞƌĞĨůĞĐƚĞĚŝŶƚŚĞ

KY!
!
$/2$!*,4,'*!433)(5%5!/,*!)&%(4,/)1*!06!,$%!#%D4*!C5'34,/)1!S2%1368!!91!74,%=*'::%(!"LKLA!d&7/+,!)&%1%5!,$%!+/(*,!
,;)!2(45%*!)+!;$4,!;/77!0%3):%!4!q=Y!3$4(,%(!*3$))7!/1!?%*,!@4774*!;$%(%!/,!/*!&()B/5/12!B)7'1,%%(!7%45%(*$/&!+)(!
3):&(%$%1*/B%!,(41*+)(:4,/)1!)+!%5'34,/)1!/1!?%*,!@4774*8!
a.58"1/% Q"'4*<% F"'1-.-9% )"-$"1% ʹ! S! 1)1=&()+/,! )(241/>4,/)1! ;$)*%! ŵŝƐƐŝŽŶ ƐƚĂƚĞŵĞŶƚ ŝƐ ͞@'3./-./$ I-95)$
dŚƌŽƵŐŚ >ŝƚĞƌĂĐLJ͘͟! ! ! `URM! ;4*! +)'15%5! /1! K[[I! 06! ,$%! :%:0%(*! )+! O(%*,)1! G)77);! O(%*06,%(/41! M$'(3$! ,)!
455(%**!,$%!3(/,/347!1%%5!+)(!C127/*$!7/,%(436!374**%*!+)(!45'7,*!/1!,$%!`/3<%(6!U%45);!4(%4!)+!@4774*8!!#)546A!,$%6!
1),!)176!*%(B%!,$%!`/3<%(6!U%45);!4(%4A!0',!$4B%!47*)!)&%1%5!4!*4,%77/,%!7)34,/)1!/1!?%*,!@4774*!,)!455(%**!,$%!
:'3$! 1%%5%5! CER! 374**%*! ;/,$/1! ,$%! 3)::'1/,6! ,$%(%! 4*! ;%778! ! `URM! 47*)! )++%(*! 4! +(%%! C4(76! M$/75$))5!
C5'34,/)1!O()2(4:!+)(!,$%!6)'12!3$/75(%1!)+!/,*!45'7,!546,/:%!*,'5%1,*8!!!
a*.5"%*:%7*;"! ʹ! S!M$(/*,/41!3)::'1/,6!3%1,%(!,$4,!&()B/5%*!4345%:/3!*'&&)(,A! *,()12!3$4(43,%(!:)5%7*A!415!
+4:/76!*'&&)(,!,)!,$%!3$/75(%1!)+!?%*,!@4774*8!!#$%!3%1,%(!)++%(*!4+,%(=*3$))7!415!*'::%(!&()2(4:*!+)(!477!q=K"!
*,'5%1,*!4*!;%77!4*!:%1,)(/12!&()2(4:*!,4(2%,%5!*&%3/+/34776!4,!,%%142%!:47%*8!!`)/3%!)+!G)&%!47*)!5/*,(/0',%*!
+))5!,$()'2$!/,*!+))5!&41,(6!,)!,$%!+4:/7/%*!,)!?%*,!@4774*!E,'5%1,*!415!$)*,*!4!;%%<76!0/07%!*,'56!+)(!;/5);*!
415!*%1/)(*8!
!'$"1+'18%)*++,-.$/%)=,15=%ʹ!?4,%(:4(<!M)::'1/,6!M$'(3$!/*!5%%&76!%1242%5!/1!?%*,!@4774*!,$()'2$!/,*!
*3$))7!&4(,1%(*$/&!-;/,$!M8P8!M4((!C7%:%1,4(6.A!:%1,)(/12!)+!)B%(!"LL!3$/75(%1!,$()'2$!U%(36!E,(%%,A!B)7'1,%%(!
*'&&)(,! +)(! *%B%(47! )+! ,$%! +4/,$=04*%5! :/1/*,(/%*! 415! &4(,1%(*$/&! /1! :'7,/=+4/,$! 3)47/,/)1*! *%%</12! ,)! 0(/12!
%3)1):/3!415!%5'34,/)147!V'*,/3%!,)!?%*,!@4774*8!!#$%6!4(%!47*)!3)::/,,%5!,)!3)::'1/,6!(%*,)(4,/)1!-(%*,)(/12!
$):%*!,$()'2$!/,*!"15!E4,'(546!:/1/*,(6!415!/1!&4(,1%(*$/&!;/,$!?8!@4774*!3$'(3$%*.A!4**/*,/12!;/,$!7%247!;)(<!
-,$()'2$!SM#.A!4*!;%77!4*!%D&7)(/12!%3)1):/3!5%B%7)&:%1,!415!V)0!3(%4,/)1!)&&)(,'1/,/%*!,$()'2$!"E!R415!M4(%!
415! G9E! Q(/52%0'/75%(*8! CB%(6! 6%4(! :)(%! ,$41! ^LL! ?4,%(:4(<! B)7'1,%%(*! 2/B%! )+! ,$%/(! ,/:%! 415! +/1413/47!
(%*)'(3%*!/1!&4(,1%(*$/&!;/,$!*3$))7*A!+))5!415!:%5/347!(%*)'(3%!&()B/5%(*A!3)::'1/,6!37%41='&*!415!;$%(%B%(!
;/77/12!$415*!4(%!1%%5%58!!tĂƚĞƌŵĂƌŬ͛ƐĐŽŵŵŝƚŵĞŶƚƚŽƐĞƌǀŝĐĞŝƐďƵŝůƚƵƉŽŶŝƚƐĐŽŵŵŝƚŵĞŶƚƚŽĐŽŵŵƵŶŝƚLJĂŶĚ
(%7/%*!'&)1!0'/75/12!,('%!&4(,1%(*$/&*!(4,$%(!,$41!*/:&76!2/B/12!2%1%()'*768$
!"#("/%V'-8.-%)*++,-.$/%)"-$"1!ʹ!?@MM!/*!4!&(/B4,%A!1),=+)(!&()+/,!)(241/>4,/)1!+)'15%5!/1!K[F"!,)!&()B/5%!
3$/75(%1A!6)',$!415!,$%!?%*,!@4774*!3)::'1/,6!;/,$!4!&)*/,/B%!%1B/()1:%1,!+)(!7%4(1/12!415!5%B%7)&:%1,8!\'(!
*/214,'(%!&()2(4:A!%,&&5))$-.$I-!5$J!25#K)&'""($J&3754-&$3.7$L.#-&'45.2$D#"/#34!/*!3):&)*%5!)+!I!:4V)(!+)3'*!
4(%4*b!M'7,'(47!CD&(%**/)1*e!9:42/1%!U%!4!U/77/)14/(%!P/1413/47!R/,%(436e!?8S8X=!?%!S77!X%45e!9,!#4<%*!4!`/7742%!
#%%1!91/,/4,/B%e!?)(75!CD&7)(%(*!G%47,$A!E&)(,*A!E3/%13%!415!J',(/,/)1e!O)*/,/B%!@/(%3,/)1*!@('2!O(%B%1,/)1e!415!
#('4136!91,%(B%1,/)18!S11'4776A!;%!&()B/5%!:)(%!,$41!^LL!&4(,/3/&41,*!42%*!^=KI!;/,$!"Hc!$)'(*!&%(!;%%<!)+!
)',! )+! *3$))7! ,/:%! &()2(4::/12e! ;$/7%! /13(%4*/12! ,$%/(! 7%B%7*! )+! 3(%4,/B/,6A! *%7+=%*,%%:A! 415! &%(*)147!
43$/%B%:%1,8!?%!4(%!47*)!)&%1!5'(/12!,$%!*'::%(A!*&(/12!415!),$%(!0(%4<*!+)(!3$/75(%1!;$)!:46!$4B%!1)!&743%!
,)!2)!;$%1!*3$))7*!4(%!37)*%58!#$%!3'((%1,!*,('3,'(%!/*!3):&(/*%5!)+!+)'(!*/,%*b!Q4,441A!i8!U3U/7741A!G4:&,)1!
X)45!415!T4(42)*4!C7%:%1,4(6!E3$))78!P)(!:)(%!/1+)(:4,/)1!B/*/,!;;;8?%*,54774*8)(2!)(!3477!"KN=I^L=YFHF8%
!"#$%&'(('#%)*++,-.$/%)"-$"1#%ʹ!S1!)(241/>4,/)1!;/,$!*%B%(47!+43/7/,/%*!/1!?%*,!@4774*!,$4,!)++%(*!7)347!6)',$!4!
;/5%! B4(/%,6! )+! 374**%*! ,$4,! *'&&7%:%1,! *3$))7! %5'34,/)1! 4*! ;%77! 4*! ,%43$! 7/+%! *</77*! *'3$! 4*! *%;/12A! +/1413/47!
7/,%(436A!1',(/,/)1A!3):&',%(!7/,%(436A!+4*$/)1A!415!2()):/128!!Z)',$!341!47*)!433%**!CER!374**%*A!,4<%!374**%*!,)!
%4(1!4!WC@A!415!(%3%/B%!4**/*,413%!/1!7)34,/12!%:&7)6:%1,8!
!"#$%&'(('#%)*++,-.$/%R5=**(!ʹ!P)'15%5!/1!K[[HA!,$%!?%*,!@4774*!M)::'1/,6!E3$))7!/*!q=Y!&(/B4,%!*3$))7!,$4,!
&()B/5%*!*,'5%1,*!;/,$!4!374**/347!M$(/*,/41!%5'34,/)1A!5(4;/12!)1!,$%!(/3$!$%(/,42%!)+!?%*,%(1!3/B/7/>4,/)1!415!
%13)'(42/12!*,'5%1,*!,)!5%B%7)&!4!;)(75B/%;!,$4,!/1,%2(4,%*!M$(/*,/41!+4/,$!/1,)!477!4(%4!)+!7%4(1/128!!#$%!*3$))7!
0%7/%B%*! ,$4,! *,'5%1,*! *$)'75! 0%! (%*&%3,%5! 4*! '1/a'%! /15/B/5'47*! 415! *,(/B%*! ,)! $%7&! /,*! *,'5%1,*! (%47/>%! ,$%/(!
$/2$%*,!&),%1,/47!*&/(/,'4776A!/1,%77%3,'4776A!&$6*/34776A!*)3/4776A!415!3(%4,/B%768!!
!"#$% &'(('#% !""4% '-4% R""4! =! #$%! &'(&)*%! )+! ?%*,! @4774*! ?%%5! o! E%%5! /*! ,)! 3)1,()7! B/)7%1,! 3(/:%A! 5('2!
,(4++/3</12!415!5('2!(%74,%5!3(/:%!/1!5%*/214,%5!4(%4*!415!,)!&()B/5%!4!*4+%!%1B/()1:%1,!+)(!(%*/5%1,*A!477);/12!
,$)*%!1%/2$0)($))5*!,)!2();!415!,$(/B%8!!?%%5!415!E%%5!0(/12*!,)2%,$%(!P%5%(47A!E,4,%!415!7)347!3(/:%!+/2$,/12!
42%13/%*A! *)3/47! *%(B/3%! &()B/5%(*! 415! (%&(%*%1,4,/B%*! )+! ,$%! &'07/3! 415! &(/B4,%! *%3,)(A! 0'*/1%**! );1%(*! 415!

K[!
!
(%*/5%1,*!'15%(!4!*$4(%5!2)47!)+!;%%5/12!)',!3(/:%!415!*%%5/12!/1!*)3/47!*%(B/3%*!415!%3)1):/3!(%B/,47/>4,/)18!!
CB%(6! ?%%5! 415! E%%5! */,%! '*%*! 4! *,(4,%26! ,$4,! 3):0/1%*! +)'(! *&%3/+/3! 3):&)1%1,*b! M)::'1/,6! O)7/3/12A! R4;!
C1+)(3%:%1,A!O(%B%1,/)1A!91,%(B%1,/)1!415!#(%4,:%1,A!415!X%*,)(4,/)18!!
O4(,/3/&4,/12!/1*,/,',/)1*!/1!,$%!)*(('0*1'$.2"$!"#$%&'""()!/137'5%b!
&MR&% ʹ! @9E@! )&%(4,%*! KL! &'07/3! *3$))7*! /1! ,$%! 4(%48! ! O(/13/&47*! +():! 477! *%B%1! %7%:%1,4(6! *3$))7*! 4(%! +'776!
%1242%5!/1!5'7$4"((-,"#-5267$!"#$%&'""()!415!*%(B%!/1!7%45%(*$/&!()7%*!,$()'2$)',!,$%!&()V%3,8!!?$%(%!,$%(%!4(%!
\',(%43$!M))(5/14,)(*!)(!O#SfO#\*A!,$%6!4(%!%1242%5!4*!;%77!/1!$%7&/12!,$%!4"((-,"#-5267$!"#$%&'""()!(%43$!)',!
415!3)11%3,!;/,$!&4(%1,*!415!3)::'1/,6!:%:0%(*8!
RQL% '-4% $="% R.++*-#% R5=**(% *:% 34,5'$.*-% '-4% 7,+'-% &"2"(*;+"-$! ʹ! E/::)1*! /*! 7%45/12! ,$%! EUd!
&4(,1%(*$/&! /1! ?%*,! @4774*A! 4**/*,/12! ;/,$! 3)::'1/,6! %1242%:%1,! %++)(,*A!415! &()B/5/12! 4! *)'(3%! )+! (%*%4(3$!
415! %B47'4,/)1! +)(! ,$%! B4(/)'*! %++)(,*8! ! S55/,/)147! &4(,1%(*$/&*! 4,! EUd! /137'5%E,'5%1,! S++4/(*! -;)(<! *,'56!
,',)(*.A! M4:&'*! R%45%(*$/&! -"LLc! B)7'1,%%(*! +)(! *3$))7! +43/7/,6! /:&()B%:%1,*.A! E,'5%1,! X%3('/,/12! -͞Ž77%2%!
DŝŶĚĞĚŶĞƐƐ͟ĞǀĞŶƚƐ.A!M)D!E3$))7!)+!Q'*/1%**!-&()&)*%5!*3$))7!7%45%(!0'*/1%**!43':%1!,(4/1/12.A!R67%!E3$))7!)+!
C12/1%%(/12! -4**/*,413%! ;/,$! 0'/75/12! 4! 3%77! &$)1%! 3)::'1/34,/)1! 1%,;)(<.A! 415! E,'5%1,! R%45%(*$/&! -%7%3,%5!
)++/3%(*A!+(4,%(1/,/%*!415!*)()(/,/%*A!415!*,'5%1,!B)7'1,%%(*!;$)!$%7&!;/,$!,$%!411'47!!?%*,!@4774*!O%&!X4776!+)(!
C5'34,/)1!&(/)(!,)!,$%!EUdf#Md!+)),0477!24:%!415!$)*,!4!34:&'*!B/*/,!;/,$!7'13$A!4!,)'(!415!4!+)),0477!24:%!
+)(!477!/1,%(%*,%5!3$/75(%1!415!&4(%1,*!/::%5/4,%76!+)77);/12!,$%!&%&!(4776.8!
L6&%M-#$.$,$"% *:% L10'-% J*(.5/% R$,4."#% '-4% L6&% M-#$.$,$"% *:% J,0(.5% D::'.1#% ʹ! @PMM! /*! 5%B%7)&/12! 4! &4(,1%(*$/&!
;/,$!0),$!)+!,$%*%!/1*,/,',/)1*!,)!5%B%7)&!4!+'776!5%B%7)&%5!*,(4,%2/3!&741!+)(!3)7740)(4,/)1!0%,;%%1!477!)+!,$%!
&4(,/3/&4,/12! 42%13/%*! -,$%! d#@! 91*,/,',%! )+! O'07/3! S++4/(*.A! *%,! )0V%3,/B%*! 415! :%,(/3*A! 5%B%7)&! :%4*'(%:%1,!
*,4154(5*!415!5)3':%1,!%B/5%13%!)+!3$412%!)B%(!4!+/B%=6%4(!&%(/)5!-,$%!d#@!91*,/,',%!)+!d(041!O)7/36!E,'5/%*.8!!!
S55/,/)147!3)::'1/,6!(%*)'(3%*!,$4,!*'&&)(,!+4:/7/%*!415!0'*/1%**%*!/137'5%b!
D-.$'%Q'1$.-"c%V"51"'$.*-%)"-$"1A%).$/%*:%&'(('#!ʹ!#$%!S1/,4!U4(,/1%>!X%3(%4,/)1!M%1,%(!/*!)&%(4,%5!,$()'2$!
,$%! M/,6! )+! @4774*! 415! )++%(*! 4! B4(/%,6! )+! &()2(4:*! ,)! ,$%! *'(()'15/12! 3)::'1/,68! ! #$%(%! /*! 41! 4+,%(=*3$))7!
,',)(/12! &()2(4:A! 4! *'::%(! 34:&! +)(! 1%/2$0)($))5! 3$/75(%1A! 415! ;)(<)',! +43/7/,/%*! 4B4/7407%! ,)! 3)::'1/,6!
:%:0%(*8!!9,!/*!47*)!4!3%1,(47!7)34,/)1!;$%(%!:416!/1+)(:4,/)1!*%**/)1*!4(%!$%758!
3(%)"-$1*%)*(("9"%!"#$%&'(('#%)'+;,#!ʹ!C7!M%1,()!M)77%2%!/*!41!'(041!/1*,/,',/)1!&(%&4(/12!*,'5%1,*!,)!7/B%A!,)!
;)(<A!415!,)!0%!)+!*%(B/3%!/1!4!5/B%(*%A!27)047!*)3/%,68!!S!2(%4,!455/,/)1!,)!,$%!?%*,!@4774*!M)::'1/,6A!C7!M%1,()!
/*! 3)::/,,%5! ,)! 2)47*! ,$4,! 3)1*/*,! )+! E,'5%1,! E'33%**A! C:&7)6%%! E'33%**A! C3)1):/3! 415! ?)(<+)(3%!
@%B%7)&:%1,A!M)::'1/,6!@%B%7)&:%1,A!Q'*/1%**!415!P/*347!S++4/(*A!415!\(241/>4,/)147!C++%3,/B%1%**8!!#$%!?%*,!
M4:&'*!)++%(*!*,'5%1,*!0%2/11/12!3)'(*%;)(<!,);4(5!:416!)+!,$%!)B%(!NL!4**)3/4,%!5%2(%%*!415f)(!3%(,/+/34,%*!
)++%(%5!4,!C7!M%1,()8!!
F'8"<"#$% TQ)D! ʹ! \1%! )+!,$%! ,;%1,6=,$(%%! 0(413$%*! )+! ,$%! @4774*! ZUMS8! ! #$%! ZUMS! *,(/B%*! ,)! &',! M$(/*,/41!
B47'%*!/1,)!&(43,/3%!,$()'2$!&()2(4:*!,$4,!0'/75!4!$%47,$6!*&/(/,A!:/15!415!0)56!+)(!4778!!#$%!ZUMS!;/*$%*!,)!
/1*,477!B47'%*!/1,)!</5*A!*,(%12,$%1!+4:/7/%*A!415!&():),%!*4+%!3)::'1/,6!%1B/()1:%1,*8!
! !

"L!
!
89"%)*(('0*1'$.2"%!"#$0"1)2.3!
!
S*! ,$%! 1%/2$0)($))5! (%2%1%(4,/)1! &()3%**! ,4<%*! $)75A! &4(,/3'74(76! 4*! C5/*)1! 415! O/1<*,)1! 0%3):%! 0%,,%(!
*3$))7*!415!5%B%7)&:%1,!47)12!,$%!#(/1/,6!X/B%(!0%2/1*!,)!,4<%!*$4&%A!$):%!&(/3%*!;/77!/1%B/,4076!(/*%8!!9+!7);=
/13):%!(%*/5%1,*!4(%!,)!(%:4/1!/1!,$%!4(%4!,$%6!1);!3477!$):%A!,$%/(!&743%!:'*,!0%!34(%+'776!*%3'(%58!!!
D1.+'1/%S*'(#%
x X%&743%! B4341,! 7),*A! 07/2$,%5! $):%*! 415! 5%(%7/3,! :'7,/=+4:/76! &()&%(,/%*! ;/,$! ILLc! 1%;! $):%*! -N[Y!
3):&7%,%5A! FLL! ;%(%! 3):&7%,%5! 06! G40/,4,! +)(! G':41/,6! 0%+)(%! ,$%! 4"((-,"#-5267! 0%241.A! :%%,/12!
$)'*/12!1%%5*!)+!4!B4(/%,6!)+!/15/B/5'47*!415!+4:/7/%*!
x X%:)B%!5'&7%D%*!415!:'7,/=+4:/76!5%B%7)&:%1,*!,$4,!3)1,(/0',%!,)!3(/:%!415!5%346!415!(%&743%!,$%:!
;/,$!*/127%!+4:/76!)(!:'7,/+4:/76!'1/,*!4*!4&&()&(/4,%!
T0M"4$.2"#%'-3%D('-%&"$'.(#%
x O743%!477!+/B%!6%4(!,4D!5%7/1a'%1,!&4(3%7*!/1!$415*!)+!1),=+)(=&()+/,!415!+)(=&()+/,!0'/75%(*!-'15%(;46.!
x Q'6!)',!*7':!7)(5!&)(,+)7/)*!-433):&7/*$%5!+/(*,!:4V)(!43a'/*/,/)1!@%3%:0%(!"LLY.!
x Q'/75!%++%3,/B%!$):%);1%(f1%/2$0)($))5!4**)3/4,/)1*!;/,$!%*,407/*$%5!&)7/,/347!37)',!!
x M(%4,%!1%/2$0)($))5*!34&407%!)+!4,,(43,/12!415!*'*,4/1/12!&(/B4,%!5%B%7)&:%1,!
x O()B/5%!*'&&)(,!+)(!:/D%5=/13):%A!$/2$%(!5%1*/,6!$)'*/12!1%4(!5);1,);1!!
x O()B/5%!V)0!,(4/1/12!415!%1,(%&(%1%'(*$/&!/1!3)1*,('3,/)1=(%74,%5!+/%75*!+)(!6)',$!415!(%=%1,(6!
D'1$-"1#%.-%89.#%5AA*1$<!!91!"LLY!@PMM!*'33%**+'776!*&%4($%45%5!4!(%a'%*,!+)(!4!hH8^UU!2(41,!+():!#$%!X%%*=
i)1%*!P)'154,/)1!+)(!:'7,/&7%!,6&%*!)+!4++)(5407%!$)'*/12!5%B%7)&:%1,8!!O4(,1%(*!/1!,$/*!%++)(,!4(%b!
&'(('#% D1"'% 7'0.$'$% :*1% 7,+'-.$/! ʹ! S! 1)1=&()+/,A! M$(/*,/41! :/1/*,(6! ,$4,! 0'/75*! a'47/,6! 4++)(5407%! $):%*! /1!
&4(,1%(*$/&! ;/,$! +4:/7/%*! 415! 3)::'1/,/%*8! ! E%(B/12! 4*! 4! 34,476*,! +)(! 3)::'1/,6! (%B/,47/>4,/)1A! @4774*! S(%4!
G40/,4,!+)(!G':41/,6!$4*!0%%1!$):%0'/75/12!*/13%!K[Y^!415!$4*!0'/7,!)B%(!YHL!$):%*!4B4/7407%!,)!+4:/7/%*!;$)!
:%%,! *&%3/+/3! /13):%! 3(/,%(/4! 415! 4(%! ;/77/12! ,)! 0%! /1B)7B%5! /1! ,$%! 3)1*,('3,/)1! )+! ,$%/(! $):%8! ! S*! )+! "LKLA!
G40/,4,!$45!3):&7%,%5!K[[!1%;!$):%*!/1!?%*,!@4774*!=!KKF!W(%%17%4+!9f99!$):%*!415!Y^!*34,,%(%5!*/,%!$):%*8!!
E,.(4"1#% *:% 7*;"! ʹ! S! 1)1=&()+/,! ,$4,! &()B/5%*! a'47/,6! 4++)(5407%! $)'*/12! /1! 41! %++)(,! ,)! 4**/*,! ;/,$! ,$%!
(%B/,47/>4,/)1!)+!?%*,!@4774*!415!,$%!5%B%7)&:%1,!)+!4!*4+%!415!$%47,$6!3)::'1/,68!!P)(:%(76!&4(,!)+!,$%!`)/3%!
)+!G)&%!U/1/*,(/%*A!Q'/75%(*!)+!G)&%!47*)!;)(<*!,)!/:&()B%!,$%!7/B/12!3)15/,/)1!415!B47'%!)+!%D/*,/12!$):%*!/1!
?%*,! @4774*A! )++%(*! $):%0'6%(! %5'34,/)1! 415! 3)'1*%7/12A! &()B/5%*! +4:/76! *'&&)(,! *%(B/3%*A! 415! &():),%*!
3)::'1/,6!:)0/7/>4,/)1*$$$
&b))%ʹ!&͛ƐƌŽůĞŚĂƐďĞĞŶƚŽŚĞůƉĐŽŶĐĞƉƚƵĂůŝnjĞĂŶĚ*%3'(%!&4(,/47!+'15/12!/137'5/12b!
x J%2),/4,/12!,$%!43a'/*/,/)1!)+!4!NF='1/,!*7':!7)(5!&()&%(,6!&)(,+)7/)!-3):&7%,%5.e!415!
x E%3'(/12! 4! hH8^UU! 2(41,! +():! #$%! X%%*=i)1%*! P)'154,/)1! +)(! @4774*! S(%4! G40/,4,! +)(! G':41/,6A!
Q'/75%(*!)+!G)&%!415!@PMM!-@PMM!(%3%/B%5!hFLLALLL!)B%(!,$(%%!6%4(*.8!
S55/,/)147!)(241/>4,/)1*!/1!?%*,!@4774*!,$4,!47*)!&()B/5%!4++)(5407%!$)'*/12!4(%b!
&'(('#%7*,#.-9%D,$=*1.$/%ʹ@GS!4/5*!(%*/5%1,*!/1!)0,4/1/12!$)'*%*!,$%6!4(%!&()'5!,)!3477!$):%*8!!@GS!0'/7,!R4<%!
?%*,! `/7742%A! ;$/3$! 3)1*/*,*! )+! HL! */127%=+4:/76! $):%*A! 4,,(43,%5! (%,4/7! ,)! ,$%! ?%*,! @4774*! S(%4A! 415! $4B%!
&4(,1%(%5!;/,$!,$%!ZUMSA!G%45!E,4(,A!,$%!@4774*!O)7/3%!@%&4(,:%1,A!415!O4(<7415!$)*&/,47!,)!)&%1!,$%!R4<%;%*,!
U',/O'(&)*%!M%1,%(8!!91!455/,/)1A!@GS!;4*!4!3(/,/347!&4(,1%(!/1!,$%!5%B%7)&:%1,!)+!W(%%17%4+!`/7742%!9o99!;$/3$!
&()B/5%! :)(%! ,$41! NLL! 1%;! */127%=+4:/76! $):%);1%(*$/&! )&&)(,'1/,/%*! ,)! :)5%*,! /13):%! +4:/7/%*8! ! #$%!
:4V)(/,6!)+!,$%*%!$):%*!;%(%!0'/7,!06!G40/,4,!+)(!G':41/,6!415!qQ!G):%*8%
a"5.-*#%L-.4*#!ʹ!S!3)::'1/,6!$)'*/12!5%B%7)&:%1,!)(241/>4,/)1!4**/*,/12!(%*/5%1,*!/1!?%*,!@4774*!,)!5%B%7)&!
1%/2$0)($))5*!,$4,!&()B/5%!a'47/,6!4++)(5407%!!$)'*/12!415!%3)1):/3!)&&)(,'1/,/%*!+)(!(%*/5%1,*8!!91!455/,/)1!,)!
3)1*,('3,/12!$):%*! 415!4,,(43,/12!0'*/1%**%*!,)!?%*,! @4774*A!,$%!)(241/>4,/)1!47*)!)++%(*!(%*/5%1,*! %5'34,/)1!
415!4**/*,413%!;/,$!(%24(5!,)!3(%5/,A!7)41*A!0'52%,/12A!415!2%1%(47!$):%);1%(*$/&8!! !

"K!
!
89"%)*(('0*1'$.2"%!"#$+",)%:FG=F;%
!
S7)12!;/,$!a'47/,6!$)'*/12!415!%5'34,/)1A!,$%!&(%*%13%!)+!2))5!V)0*!;/,$/1!)(!1%4(!,$%!1%/2$0)($))5!/*!4!B/,47!
3):&)1%1,!)+!*'33%**+'7!3)::'1/,6!(%2%1%(4,/)18!!P)(!3)::'1/,6!(%*/5%1,*!,)!0%!43,/B%!/1!,$%!*3$))7*A!,)!0%!
%1242%5!&)7/,/34776A!415!,)!0%!,$%!%6%*!415!%4(*!)+!,$%!1%/2$0)($))5A!,$%6!:'*,!0%!/1!,$%!1%/2$0)($))5A! 1),!
*&%15/12! H=KL! $)'(*! %B%(6! ;%%<! 3)::',/12! -,$%! 4B%(42%! 3)::',%! /*! 3'((%1,76! FH=NH! :/1',%*! %43$! ;46.8!!
M)::%(3/47! 5%B%7)&:%1,! /*! ,$%! 043<0)1%! )+! 1%4(06! V)0*! /1! :)*,! /11%(! 3/,/%*8! ! #$%! 3)::%(3/47! (%47! %*,4,%!
&/3,'(%!/1!?%*,!@4774*!$4*!3$412%5!5(4:4,/34776!+():!,$%!)75!546*!)+!,;)!,$/(5=(4,%!2()3%(/%*!*%77/12!)B%(&(/3%5!
7);=a'47/,6!:%4,*!415!B%2%,407%*!415!4!5%(%7/3,A!74(2%76!40415)1%5!*$)&&/12!3%1,%(8!!!
O)*/,/B%!5%B%7)&:%1,*!/137'5%b!
x ?%77=+'13,/)1/12!?%*,!@4774*!M$4:0%(!)+!M)::%(3%!
x E%B%(47!1%;!1%4(06!0/2!0)D!*,)(%*A!/137'5/12!R);%*!415!?47=U4(,!=!415!,;)!1%;!$),%7*!!
x J%;!5%B%7)&:%1,!=!ĞůŵŽŶƚ,ŽƚĞůĂŶĚĂĨĞ͕:ĂĐŬ͛ƐĂĐŬLJĂƌĚ͕K͛ZĞŝůůLJ͛Ɛ͕,ĂŶůĞLJ=G%1:41!S(,!W477%(6!
x O()&)*%5! ?%*,! @4774*! X%3(%4,/)1! 415! E&)(,*! @/*,(/3,! -U46)ƌ͛Ɛ ^ŽƵƚŚĞƌŶ ĂůůĂƐ dĂƐŬ &ŽƌĐĞ͗! #%4:! I.! =!
U%(36!E,(%%,! P/%75!)+!@(%4:*A! J4*$!@4B/*!M)::'1/,6!M%1,%(!X%1)B4,/)1A!#%D4*!X412%(*!R/,,7%!R%42'%!
P/%75A!415!$/<%f0/<%!,(4/7*!7/1</12!,)!,$%!#(/1/,6!
x U'1/3/&47!U4142%:%1,!@/*,(/3,*!&()&)*%5!+)(!?%*,!@4774*!91B%*,:%1,*A!9JMSO!
x U'1/3/&47!E/,%!@%*/214,/)1!+():!,$%!M/,6!)+!@4774*!C1B/()1:%1,47!@%&4(,:%1,!
x C:&7)6:%1,! 3%1,%(*! 4,! R)1%! E,4(! Q'*/1%**! O4(<A! W))5;/77! 915'*,(/%*A! @GSA! @9E@A! ,$%! O)*,! \++/3%! 415!
1':%()'*!:41'+43,'(/12!415!,('3</12!3):&41/%*!
#(41*&)(,4,/)1!/1+(4*,('3,'(%!/*!47*)!4!3(/,/347!3):&)1%1,!)+!*'33%**+'7!%3)1):/3!5%B%7)&:%1,8!!?%*,!@4774*!$4*!
47(%456!0%1%+/,,%5!)(!;/77!*))1!0%1%+/,!+():!,$%!+)77);/12!/1+(4*,('3,'(%!/:&()B%:%1,*b!
x E/127%,)1!M):&7%,/)1!415!E,(%%,*34&%!C1$413%:%1,*!
x 91;))5!f!G4:&,)1!Q(/52%!"LL[e!!
x ?637/++!f!E67B41!Q(/52%!=!"LKK!
x U4(24(%,!G'1,!G/77!f!M474,(4B4!Q(/52%!ʹ!"LKK!!
x Q%3<7%6!f!M41454!ʹ!)1!$)75!'1,/7!&%5%*,(/41f0/3637%!+(/%1576!&741!/*!5%B%7)&%5!
x E67B41!SB%1'%!(%5%B%7)&:%1,!ʹ!d1/)1!O43/+/3!7/1%!,)!9=FLA!,6/12!/1,)!M)):0*!M(%%<!,(4/7!
x M):&(%$%1*/B%! $/<%! 415! 0/<%! ,(4/7! 3)11%3,/12! U%(36! E,(%%,! P/%75! )+! @(%4:*A! ,$%! #(/1/,6! ?4,%(! E&)(,*!
M):&7%D!415!,$%!M)1,/1%1,47!Q(/52%!-&%5%*,(/41*!)176!"LKK.!
D1.+'1/%S*'(<%%\++%(!4!B4(/%,6!)+!:%41*!)+!2%1%(4,/12!/13):%!+():!%1,(%&(%1%'(*$/&!415!4(,/*,/3!%15%4B)(*!,)!
,(45/,/)147!%:&7)6:%1,!)&&)(,'1/,/%*!,$4,!&()B/5%!4!7/B/12!;42%!+)(!,%%1*!415!45'7,*8!!%
U*-L>$"1+%7,44"##%K"'#,1"#<%
x U4**!,(41*/,!)&,/)1*!/1!&743%!+)(!433%**!,)!%:&7)6:%1,!
x E'++/3/%1,!V)0!,(4/1/12!415!1%/2$0)($))5!*:477!0'*/1%**!/13'04,)(!
x J%;!1%/2$0)($))5=*%(B/12!(%,4/7!-(%*,4'(41,*A!2()3%(6!415!5('2!*,)(%*.!415!)++/3%*!
54*-*+.4%&"2"(*N+"-$%T0M"4$.2"#<%
x ?)(<!;/,$!Q'/75%(*!)+!G)&%A!\&%(4,/)1!\4*/*!,)!3)1,/1'%!(%=%1,(6!V)0!,(4/1/12!&()2(4:*!
x 913(%4*%!1%/2$0)($))5!415!3)::'1/,6=*%(B/12!(%,4/7!415!4,,(43,!4!0(413$!041<!
x 913(%4*%!,$%!%++%3,/B%1%**!)+!,$%!?%*,!@4774*!M$4:0%(!)+!M)::%(3%!!
x E'&&)(,! ,$%! 5%B%7)&:%1,! )+!,$%! #(/1/,6!X/B%(!X%3(%4,/)147!@/*,(/3,! ʹ! 4!*&)(,*!3):&7%D!415!7%/*'(%! 415!
(%3(%4,/)1!'*%*!3%1,%(%5!4()'15!,$%!(%3(%4,/)147!5/*,(/3,!-:46!/137'5%!4!(%*)(,!$),%7!;/,$!/15))(!;4,%(!
&4(<*!415!%*,407/*$/12!4!*/21/+/341,!)',5))(!:'*/3!415!4(,*!+%*,/B47.!!
x S,,(43,!:41'+43,'(/12=(%74,%5!V)0*!4*!;%77!4*!͞'ƌĞĞŶĞǀĞůŽƉŵĞŶƚ͟ũŽďƐ!
x O()B/5%!546!34(%!415!4+,%(=*3$))7!&()2(4:*!+)(!;)(</12!&4(%1,*!!
!

""!
!
P"6$%7$"N#%FG==>=F%
!
#$%! ;)(<!)+! ,$%! 4"((-,"#-5267! 4*! 4!;$)7%! ;/77! (%a'/(%! 4! 3'7,'(47! *$/+,! )+!%1)(:)'*! &()&)(,/)1*! 415!:46! 0%! 4!
2%1%(4,/)1!/1!/,*!3):&7%,/)18!G);%B%(A!/,!$4*!47(%456!433):&7/*$%5!4!:4V)(!*7':7)(5!37%41='&!(%*'7,/12!/1!1%;!
$):%*! +)(! KHL! +4:/7/%*! 415! $4*! *%,! +)(! /,*%7+! ,$%! 2)47! )+! */21/+/341,! 415! :%4*'(407%! /:&()B%:%1,! ,)! ,$%!
%5'34,/)147!/1+(4*,('3,'(%!;/,$/1!*%B%1!6%4(*!-,$%!,/:%!/,!;/77!,4<%!41!433):&7/*$%5!?%*,!@4774*!+/+,$!2(45%(!,)!
(%43$!2(45'4,/)1.8!!!
J%D,!*,%&*!/137'5%b!
x U)B%! @'7$ %&'""($ A".7$ ʹ$ C7)5$ D-((-)$ +():! 4! 7))*%76! <1/,! 3)77%3,/)1! )+! "L=FL! :%:0%(*! ,)! 4! $.9=$(/%
51':$"4% #"$% *:% 5*(('0*1'$*1#% <.$=% 5*++*-% 9*'(#% '-4% *0>"5$.2"#% '-4% '% :*5,#% *-% $="% +*#$% .+;*1$'-$%
5='(("-9"%ʹ%],'(.$/%"4,5'$.*-%-;%77!'15%(;46.e!
x ĞǀĞůŽƉĂƐŚĂƌĞĚĂŶĚĐŽůůĂďŽƌĂƚŝǀĞƐƚƌĂƚĞŐLJĨŽƌ͞ĐƌĂĚůĞƚŽĐŽůůĞŐĞ͟ƌĞƐŽƵƌĐĞƐĨŽƌĂůůtĞƐƚĂůůĂƐĨĂŵŝůŝĞƐ!
;/,$!*&%3/+/3!)',3):%*!%D&%3,4,/)1*!+)(!477b!!
! @%B%7)&!415!/:&7%:%1,!4!*%,!)+!51.$.5'(%;"1:*1+'-5"%+"$1.5#%:*1%'((%YC%*19'-.c'$.*-#e!
! @%B%7)&! 415! /:&7%:%1,! :%,(/3*! ,)! :%4*'(%! $);! %43$! )+! ,$%! "L! )(241/>4,/)1*! =! +():! 4+,%(!
*3$))7!&()2(4:*!,)!$)'*/12!=!;/77!:)B%!,$%!5/47!)1!%5'34,/)1!,(41*+)(:4,/)1e!
! Q%2/1!)',3):%*!"2'(,'$.*-%*:%YC%.-4.2.4,'(%;1*91'+#%'-4%$=".1%5*(("5$.2"%.+;'5$e!
! 95%1,/+6!7%**)1*!7%4(1%5!/1!)(5%(!,)!(%+/1%!)12)/12!)&%(4,/)1*e!
x @%B%7)&!415!/:&7%:%1,!4!&741!,)!3()**=:4(<%,!(%*)'(3%*!)++%(%5!415!0**#$%51*##U"-1*((+"-$!,)!4**'(%!
1)!*/127%!)0*,437%!/*!407%!,)!*$)(,=ĐŝƌĐƵŝƚĂĐŚŝůĚ͛ƐĞĚƵĐĂƚŝŽŶĂůƐƵĐĐĞƐƐ͖!
x 91*,/,',%! 41! "("5$1*-.5% 4'#=0*'14% '-4! :""40'58% (**;! ,)! 4**'(%! &()2(4:*! 415! (%*)'(3%*! 433'(4,%76!
(%+7%3,!3)::'1/,6!*,(%12,$*!415!1%%5*!415!45%a'4,%76!(%*&)15!,)!3)::'1/,6!)0V%3,/B%*e!
x U/,/24,%!,$%!/:&43,!)+!@9E@!0'52%,!3',*b!
! @%B%7)&!4!&4(%1,!3)(&*A!8NO!)+!4,!7%4*,!"L!&4(%1,*!&%(!%7%:%1,4(6!*3$))7!-K^L!&4(%1,*.!
! @%B%7)&!4!#',)(!M)(&*!)+!KL!,',)(*!&%(!%7%:%1,4(6!*3$))7!-YL!,',)(*.A!415!
x M)1,/1'%! ,)! #$1"-9$="-% &͛Ɛ! 3)(%! :4142%:%1,A! *,4++! 415! )&%(4,/12! *6*,%:*! 4*! ,$%! 043<0)1%!
)(241/>4,/)1!+)(!@%A8%
!
! %

"N!
!
D'1$-"1#%'-3%)*-$1.0,$*1#%.-%!"#$%&'(('#%
6DEF3%ZS%\(241/>4,/)1*!,$4,!4(%!%/,$%(!04*%5!/1!?%*,!@4774*!)(!$4B%!4!*/21/+/341,!

Q"$1.5#%J1*>"5$%
34,5'$.*-%6'#8%
)*(('0*1'$.2"%

R5=**(%d*-"e%
&(%*%13%!/1!?%*,!@4774*e!1),!477!4(%!&4(,/3/&41,*!/1!,$%!@"((31"#32-95*$M$%3<!:4(<!

:*1%7*,#.-9%
/15/34,%*!&4(,/3/&4,/)1!/1!14:%5!43,/B/,6e$Q!/15/34,%*!:%:0%(!)+!#$%!E3$))7!T)1%e!R!
/15/34,%*!*'&&)(,%(!)+!#$%!E3$))7!T)1%8%

bD)36%
b*15"%

JDX3%
K19'-.c'$.*-%
!3R6%&DFFDR%)KQQLNM6T%KVXDNMdD6KNR% % % % % %
SMM9\J!#%D4*!;;;8433/)1,%D4*8)(2! % ¥! % % %
SM#! % % % % %
S`SJMC!@4774*!=!$,,&bff;;;84B413%=54774*8)(2f!! % ¥% Q% % %
ƌŽƚŚĞƌŝůů͛Ɛ,ĞůƉŝŶŐ,ĂŶĚ=!$,,&bff;;;800$$8)(2f!! % % Q% % %
Q'/75%(*!)+!G)&%!=!$,,&bff;;;80'/75%(*)+$)&%35383):f!!!! ¥% ¥% Q% % %
ŚŝůĚƌĞŶ͛ƐDĞĚŝĐĂůĞŶƚĞƌĂůůĂƐ! % % % % %
@4774*!S(%4!G40/,4,!+)(!G':41/,6!=!$,,&bff;;;854774*=$40/,4,8)(2f!% ¥% ¥% % % %
@4774*!P4/,$!M)::'1/,/%*!M)47/,/)1!ʹ!$,,&bff;;;85+338'*!! ¥% ¥% Q% ¥% ¥%
@4774*!G%47,$6!E,4(,!ʹ!O4(<7415!G)*&/,47! % % % % %
@4774*!O(%214136!X%*)'(3%!M%1,%(!=!$,,&bff;;;854774*&(383):f!! % % % % %
@%$4()=E475/B4(!G%47,$!M%1,%(!=!M\OM! % % % % %
C5'34,/)1!9*!P(%%5):!=!$,,&bff;;;8%5'34,/)1/*+(%%5):83):f!! % % Q% % %
W/(7*!9138! % % % % %
W))5;/77!915'*,(/%*! % % % % %
G9E!Q(/52%Q'/75%(*! % % % % %
R4<%;%*,!Z!ʹ!;;;874<%;%*,6:348)(2f% % % R% % %
R4!`)>!5%7!S13/41)! % % % % %
R)*!Q4((/)*!d1/5)*!M)::'1/,6!M7/1/3!ʹ!;;;87)*04((/)*'1/5)*8)(2!! % % % % %
U4(/7743!E)3/47!M%1,%(!=!$,,&bff;;;834,$)7/33$4(/,/%*54774*8)(2!! % ¥% Q% % %
U4(6!E41%(!M$/75!@%B%7)&:%1,!M%1,%(!=!;;;834,$)7/33$4(/,/%*54774*8)(2fE41%(!! % % Q% % %
U%(36!E,(%%,!=!$,,&bff;;;8:%(36*,(%%,54774*8)(2f!! % ¥% Q% ¥% %
U%,()M4(%!E%(B/3%*! % % % % %
O4(<7415!M)::'1/,6!G%47,$!O741! % % % % %
E%(B%!?%*,!@4774*!=!$,,&bff;;;8*%(B%;%*,54774*8)(2f!% % ¥% Q% % %
E:/7%!Q'/75%(*!@%1,47!M%1,%(! % % % % %
#$%!SXq!W()'&!-S5'7,*!X%74,/12!,)!q/5*.!=!$,,&bff;;;83$/75(%1*3%1,%(83):f!! % % Q% % %
#$%!M$/7534(%!W()'&! % % % % %
#$%!E%1/)(!E)'(3%! % % % % %
#(/1/,6!X/B%(!U/**/)1!=!$,,&bff;;;8,(/1/,6(/B%(:/**/)18)(2f% % ¥% Q% % %
`%3/1)*!d1/5)*% % ¥% % % %
`/3<%(6!U%45);!R%4(1/12!M%1,%(!=!;;;8B:738)(2!! % ¥% Q% ¥% %
`)/3%!)+!G)&%!=!$,,&bff;;;8B)/3%)+$)&%8)(2f!% % % Q% % %
?%*7%6!X41</1!M)::'1/,6!M%1,%(!=!$,,&bff;;;8;%*7%6(41</18)(2f!% % % Q% % %
?%*,!@4774*!M$4:0%(!)+!M)::%(3%!=!$,,&bff;;;8;%*,54774*3$4:0%(83):f!% % ¥% % % %
?%*,!@4774*!M)::'1/,6!M%1,%(*!=!$,,&bff;;;8;%*,54774*8)(2f!! % % Q% % %
?%*,!@4774*!?%%5!415!E%%5!=!$,,&bff;54774*;%%5415*%%581%,f!% % % Q% % %
?%*,!@4774*!Z)',$!415!P4:/76!M7/1/3! % % % % %
tĞƐƚŵŽƌĞůĂŶĚ,ĞŝŐŚƚƐE͛$))5!S**)3/4,/)1!$,,&bff;;;8;$14=54774*8)(2f@%+4'7,84*&D!! % ¥% % % %
?)(75!`/*/)1!)+!J)(,$!#%D4*! % % % % %
Z)'12R/+%!?%*,!@4774*! % ¥% % % %
Z?MS!)+!U%,()&)7/,41!@4774*! % % % % %

"H!
!
%

Q"$1.5#%J1*>"5$%
34,5'$.*-%6'#8%
%

)*(('0*1'$.2"%

R5=**(%d*-"e%
:*1%7*,#.-9%
%
%

bD)36%
b*15"%

JDX3%
%
K19'-.c'$.*-%
)7LV)73R% % % % % %
\'(!R456!)+!E41!i'41!5%!7)*!R42)*!ʹ!;;;8*,,%(%*/,48)(2!! % % % % %
E,8!U4(6!)+!M4(:%7!M4,$)7/3!M$'(3$! ! ! R% ! !
?4,%(:4(<!M)::'1/,6!M$'(3$!ʹ!;;;8;4,%(:4(<8)(2!! ! ! Q% ! !
?%*,!@4774*!M)::'1/,6!M$'(3$!ʹ!;;;8;5/,D8)(2!! ! ! ! ! !
JLEFM)%3N6M6M3R% % % % % %
S1/,4!U4(,/1%>!X%3(%4,/)1!M%1,%(!! % % R% % %
@4774*!G)'*/12!S',$)(/,6!=!$,,&bff;;;85$454783):f! % % R% % %
@4774*!O)7/3%!@%&4(,:%1,! % ¥% % % %
@4774*!d(041!R415!Q41<!! ¥% % % % %
@4774*!?%*,!Q(413$!R/0(4(6! % ¥% % % %
i463%%!T4(42)>4!X%3(%4,/)1!M%1,%(! % % % % %
U4,,/%!J4*$!U6(,7%!@4B/*!X%3(%4,/)1!M%1,%(!! % % % % %
?%*,!@4774*!Q'*/1%**!S**/*,413%!M%1,%(! % % % % %
?%*,!@4774*!M)::'1/,6!M)'(,! % % % % %
?%*,!@4774*!U'7,/&'(&)*%!M%1,%(! % % % % %
&MR&%R)7KKFR% % % % % %
@4774*!915%&%15%1,!E3$))7!@/*,(/3,!=!$,,&bff;;;854774*/*58)(2f! % ¥% Q% ¥% %
W40%!S77%1!C7%:%1,4(6! % ¥% Q% % %
MP!M4((!C7%:%1,4(6% % ¥% Q% ¥% %
W%)(2%!?8!M4(B%(!R%4(1/12!M%1,%(!% % ¥% Q% ¥% %
R)(%1>)!5%!T4B474!C7%:%1,4(6! % ¥% Q% % %
S:%7/4!C4($4(,!C7%:%1,4(6! % ¥% Q% ¥% %
E/51%6!R41/%(!`412'4(5!C7%:%1,4(6! % ¥% Q% % %
C745/)!X8!U4(,/1%>!R%4(1/12!M%1,%(! % ¥% Q% % %
#$):4*!C5/*)1!U/557%!E3$))7! % % Q% % %
@4774*!C1B/()1:%1,47!E3/%13%!S345%:6!-@CES.! % % Q% % %
R8!W8!O/1<*,)1!G/2$!E3$))7! % % Q% % %
JVMaD63A%JDVK)7MDF%DN&%)7DV63V%R)7KKFR% % % % % %
E,8!U4(6!)+!M4(:%7!M4,$)7/3!E3$))7!=!;;;8*:3*3$))78)(2f% % ¥% Q% % %
d&7/+,!C5'34,/)1!-#$%!G%/2$,*!O(%&4(4,)(6!E3$))7.!;;;8'&7/+,%5'34,/)18)(2f!% % ¥% Q% % %
?%*,!@4774*!M)::'1/,6!E3$))7!=!;;;8;53*3$))78)(2f!% % ¥% Q% ¥% %
LNMa3VRM6M3R% % % % % %
EUdb!E/::)1*!E3$))7!)+!C5'34,/)1A!R67%!E3$))7!)+!C12/1%%(/12A!U%45);*!E3$))7!)+! % ¥% R% % %
,$%!S(,*%
d#@!91*,/,',%!)+!O'07/3!S++4/(*!415!d#@!91*,/,',%!)+!d(041!O)7/36!E,'5/%*! % % R% % %
&DFFDR%)KLN6T%)KQQLNM6T%)KFF3X3%&MR6VM)6%H&)))&I% % % % % %
@MM@!C7!M%1,()!M)77%2%!?8!@4774*!M4:&'*!=!;;;8%73%1,()3)77%2%8%5'f;%*,34:&'*f!! % ¥% % % %
K673V%JDV6M)MJDN6R% % % % % %
Q(43%;%77!o!W/'7/41/! % ¥% % % !
RdRSM! % ¥% % % !
#$%!X%47!C*,4,%!M)'13/7! % % R% % !
#$%!E&%3,(':!O743%! % ¥% % % !
#$%!#%43$/12!#('*,! % ¥% R% % !
?%*,!@4774*!91B%*,:%1,*! % ¥% % % !

"^!
!
?'.$9%)*++,-.$."#%.-%!"#$%&'(('#%'-3%Q"/*-3%
!
?/,$)',!455(%**/12!,$%!*&/(/,'47!1%%5*!)+!,$%!3)::'1/,6A!416!3):&(%$%1*/B%!&741!;)'75!0%!/13):&7%,%8!!#$%!
*&/(/,'47!2/+,*!)+!,$%!?%*,!@4774*!3)::'1/,6!4(%!)+!,(%:%15)'*!B47'%!,)!,$%!(%0'/75/12!%++)(,!-:)(%!,$41!^L!+4/,$!
2()'&*! :%%,! ,$()'2$)',! ?%*,! @4774*.8! ! ?)(<! ;/,$! ,$%! +4/,$! 3)::'1/,6! 47*)! 4++)(5*! ,$%! 4"((-,"#-5267! 41!
%++%3,/B%!,))7!,)!%1242%!/15/B/5'47*!415!,$%/(!3)::'1/,/%*!/1!,$%!(%74,/)147!4*&%3,!)+!3)::'1/,6!(%0'/75/128!!Q6!
3):/12! ,)2%,$%(! /1! *:477! 2()'&*A! /1! *4+%! *%,,/12*A! &%)&7%! +():! 43()**! 5/++%(%1,! %3)1):/3A! &)7/,/347! 415! *)3/47!
ƐƉĞĐƚƌƵŵƐ ĨŽƌŵ ĐůŽƐĞ ďŽŶĚƐ͕ ĚĞǀĞůŽƉ ƌĞĂů ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ĞĂĐŚ ŽƚŚĞƌ͛Ɛ ƐƚƌĞŶŐƚŚƐ ĂŶĚ ĐŚĂůůĞŶŐĞƐ͕ ĂŶĚ ŵĂŬĞ
%++%3,/B%!'*%!)+!,$%/(!3):0/1%5!(%*)'(3%*8!
91!,$%!*&/(/,!)+!&4(,1%(*$/&!415!:','47!34(%A!,$%!4"((-,"#-5267!*'&&)(,*!,$%!+)77);/12!43,/B/,/%*b!
x O(46%(+'7!*'&&)(,!)+!477!+4/,$!3)::'1/,6!43,/B/,/%*!/1!?%*,!@4774*!415!%7*%;$%(%!
x E'&&)(,!+)(!,$%!5%B%7)&:%1,!)+!*%(B/3%!)&&)(,'1/,/%*!415!(%74,/)1*$/&*!+)(!477!+4/,$*!
?%*,!@4774*!+4/,$!3)::'1/,/%*!$4B%!4!B/,47!()7%!,)!&746!/1!,$%!3):&7%,/)1!)+!,$%!;)(<!)+!,$%!4"((-,"#-52678!!#$%/(!
&4(,/3/&4,/)1!455*!B/,47!/1+)(:4,/)1!(%24(5/12!,$%!(%*)'(3%*!415!1%%5*!)+!,$%!?%*,!@4774*!3)::'1/,6!/1!477!/,*!
:416! 4*&%3,*8! ! #$%/(! 7%45%(*! 455! 3(%5/0/7/,6! 415! *,(%12,$8! ! S:)12! ,$%! +4/,$! 3)::'1/,/%*! /1! ?%*,! @4774*A! ,$%!
+)77);/12!4(%!5/(%3,76!/1B)7B%5!/1!)1%!)+!:)(%!3):&)1%1,*b!
x Q/77!G4(()5!U%:)(/47!Q4&,/*,!M$'(3$! x ?%*,!U,8!G)(%0!U/**/)14(6!Q4&,/*,!M$'(3$!
x @4774*!?%*,!M$'(3$!)+!M$(/*,! x W(%4,%(!U,8!G%0()1!Q4&,/*,!M$'(3$!
x J%;!O/72(/:!X%*,!UQM!! x W(%4,%(!U,8!\7/B%!Q4&,/*,!M$'(3$!
x J%;!Q/07%!?46! x i%*'*!U/1/*,(6!
x ?4((%1!M$4&%7!SUC!M$'(3$!! x ?%*,!@4774*!M)::'1/,6!M$'(3$!
91!455/,/)1A!,$%!+)77);/12!+4/,$!3)::'1/,/%*!4(%!43,/B%!3)1,(/0',)(*!,)!7/+%!415!3)::'1/,6!/1!?%*,!@4774*b!
x Q4&,/*,%! x J%;!G)&%!M$'(3$!
x Q/07%;46!M$'(3$!)+!W)5!/1!M$(/*,! x J%;!U)(1/12!E,4(!Q4&,/*,!M$'(3$!
x @4774*!?%*,!M$'(3$!)+!M$(/*,!! x O()2(%**/B%!U/**/)14(6!Q4&,/*,!M$'(3$!
x W(%4,%(!#(/%5!E,)1%!Q4&,/*,!M$'(3$! x O'2%,!E,(%%,!M$(/*,/41!M$'(3$!
x G):%7415!E,(%%,!U/**/)14(6!Q4&,/*,!M$'(3$! x X/*/12!E,4(!U/**/)14(6!Q4&,/*,!M$'(3$!
x J%;!U)'1,!M47B4(6!Q4&,/*,!M$'(3$!! x E,8!U4(<*!U%,$)5/*,!M$'(3$!
x E,8!U4(<!SUC!T/)1!M$'(3$!! x E,8!#$%(%*4!M4,$)7/3!M$'(3$!
x R'>!Q%,$%7!Q4&,/*,!M$'(3$! x #$%!W(%4,!E$%&$%(5!G)'*%!
x U43%5)1/4!Q4&,/*,!M$'(3$! x `/3,)(6!M4,$%5(47!M\W9M!
#$%!&4(,1%(*!/1!,$%!M)7740)(4,/B%!4(%!*'*,4/1%5!06!:416A!:416!+4/,$!3)::'1/,/%*!/137'5/12b!
!
Q'/75%(*!)+!G)&%! !
x G/2$7415!O4(<!O(%*06,%(/41!M$'(3$! U%(36!E,(%%,!
x 9(B/12!Q/07%!M$'(3$! x P/(*,!Q4&,/*,!M$'(3$!@4774*!
x i%*'*!U/1/*,(6! x P(/%15*$/&!?%*,!Q4&,/*,!M$'(3$!
x \4<!M7/++!Q/07%!+%77);*$/&! x W(43%!Q/07%!M$'(3$!
x O4(<!M/,/%*!O(%*06,%(/41!! x G/2$7415!O4(<!O(%*06,%(/41!M$'(3$!
x ?4,%(:4(<!M$'(3$! x G/2$7415!O4(<!d1/,%5!U%,$)5/*,!M$'(3$!
! x 9(B/12!Q/07%!M$'(3$!
ƌŽƚŚĞƌŝůů͛Ɛ,ĞůƉŝŶŐ,ĂŶĚ! x J%;!E,!O%,%(*!O(%*06,%(/41!M$'(3$!
x O4(<!M/,/%*!Q4&,/*,!M$'(3$! x J)(,$;%*,!Q/07%!M$'(3$!
x ?4,%(:4(<!M$'(3$! x \4<!M7/++!Q/07%!P%77);*$/&!
! x O4(<!M/,/%*!O(%*06,%(/41!M$'(3$!
R)*!Q4((/)*!d1/5)*!M)::'1/,6!M7/1/3! x #$%*%!S(%!#$%6!
x J)(,$!@4774*!E$4(%5!U/1/*,(/%*! x #$%!`/7742%!M$'(3$!
! x ?4,%(:4(<!M$'(3$!
! !

"I!
!
! x ?4,%(:4(<!M$'(3$!
! !
U%((/7743!E)3/47!M%1,%(! ?%*7%6!X41</1!M)::'1/,6!M%1,%(!
x M4,$)7/3!M$4(/,/%*! x M'*,%(!X)45!d1/,%5!U%,$)5/*,!M$'(3$!
! x P/(*,!dUM!@4774*!
E%(B%!?%*,!@4774*! x P/(*,!dUM!@'1341B/77%!
x G/2$7415!O4(<!O(%*06,%(/41!M$'(3$! x P/(*,!dUM!9(B/12!
! x P/(*,!dUM!X/3$4(5*)1!
E,8!!U4(6!)+!M4(:%7!E3$))7! x P/(*,!dUM!X)3<;477!
x E,8!X/,4!M4,$)7/3!M$'(3$! x G/2$7415!O4(<!d1/,%5!U%,$)5/*,!M$'(3$!
x E,8!U)1/34!M4,$)7/3!M$'(3$! x >ŽǀĞƌ͛Ɛ>ĂŶĞ!d1/,%5!U%,$)5/*,!M$'(3$!
! x J%;!?)(75!d1/,%5!U%,$)5/*,!M$'(3$!
x J)(,$4B%1!d1/,%5!U%,$)5/*,!M$'(3$!
#(/1/,6!X/B%(!U/**/)1!
x E&(/12!`477%6!d1/,%5!U%,$)5/*,!M$'(3$!
x >ŽǀĞƌ͛Ɛ>ĂŶĞhŶŝƚĞĚDĞƚŚŽĚŝƐƚŚƵƌĐŚ!
x ^ƚ͘ŶĚƌĞǁ͛Ɛ!d1/,%5!U%,$)5/*,!M$'(3$!
x E'1!M(%%<!d1/,%5!U%,$)5/*,!M$'(3$!
x E'13(%%<!d1/,%5!U%,$)5/*,!M$'(3$!
!
x d1/B%(*/,6!O4(<!d1/,%5!U%,$)5/*,!M$'(3$!
`/3<%(6!U%45);!R%4(1/12!M%1,%(!!
x ?471',!G/77!d1/,%5!U%,$)5/*,!M$'(3$!
x #%:&7%!C:41'=C7!
!
!
?%*,!@4774*!M)::'1/,6!M%1,%(*!
`)/3%!)+!G)&%!
x ?%*,!@4774*!M)::'1/,6!M$'(3$!
x M)&&%77!Q/07%!P%77);*$/&! !
x C&/*3)&47!M$'(3$!)+!,$%!#(41*+/2'(4,/)1!
?%*,:)(7415!G%/2$,*!!
x G/2$7415!O4(<!O(%*06,%(/41!M$'(3$!
x @4774*!?%*,!M$'(3$!)+!M$(/*,!
x J)(,$!@4774*!M)::'1/,6!Q/07%!P%77);*$/&!
!
x J%;!E,͘WĞƚĞƌ͛ƐWƌĞƐďLJƚĞƌŝĂŶ! !
x \4<!M7/++!Q/07%!P%77);*$/&!
x O4(<!M/,/%*!O(%*06,%(/41!M$'(3$!
!
!
! !

"Y!
!
U"'3"1#9.N$
!
#$%!4"((-,"#-5267!/*!4!3):&/74,/)1!)+!,$%!2)47*!415!)0V%3,/B%*!)+!,$%!3)::'1/,6!)(241/>4,/)1*!/1!?%*,!@4774*A!
415!,$%6!4(%!$%4B/76!(%&(%*%1,%5!/1!,$%!7%45%(*$/&!)+!,$%!&()V%3,8!!!
#$%!B4(/)'*!2()'&*A!)13%!+'776!*%4,%5A!;/77!477!$4B%!4!()7%!,)!&746!/1!4**'(/12!,$4,!43,/B/,/%*!)+!,$%! 4"((-,"#-5267!
433'(4,%76! (%&(%*%1,! ,$%! (%*)'(3%*! 415! )0V%3,/B%*! )+! ,$%! ?%*,! @4774*! M)::'1/,6A! ;$/7%! :4D/:/>/12! 433%**! ,)!
415! '*%! )+! ,$%! ,(%:%15)'*! (%*)'(3%*! ,$4,! @4774*! $4*! ,)! )++%(8! ! #$%! 7%45%(*$/&! 04*%! )+! ?%*,! @4774*! 415! ,$%!
4"((-,"#-5267!/*!4*!+)77);*b!
)*(('0*1'$.2"%@32.#*1/%)*,-4.(%:8*%Q"%&"2"(*N"3;%
#$(%%! 1),=+)(=&()+/,! 7%45%(*A! ,$(ĞĞ ƐĐŚŽŽů ůĞĂĚĞƌƐ͕ ŽŶĞ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ĨƌŽŵ ĂůůĂƐ͛ ĨĂŝƚŚ ĐŽŵŵƵŶŝƚŝĞƐ͕ ŽŶĞ
(%&(%*%1,4,/B%! +():! ,$%! ?%*,! @4774*! 0'*/1%**! 3)::'1/,6A! @PMM! CD%3',/B%! @/(%3,)(A! @/(%3,)(! )+! M)::'1/,6!
X%74,/)1*A! M)::'1/,6! C1242%:%1,! M))(5/14,)(A! 415! P4/,$! 415! M)::'1/,6! S5B)3436! M))(5/14,)(8! ! ?/77! :%%,!
a'4(,%(76!0%2/11/12!/1!"LK"8!
‡•–ƒŽŽƒ•ƒ•–‘”•ǯ‘ƒŽ‹–‹‘ȋ†‡”™ƒ›Ȍ%
E%7+=*%7%3,/12! 2()'&! )+! &4*,)(*! /1! ?%*,! @4774*8! ! ?/77! 0%! 4*<%5! ,)! :%%,! 411'4776! ;/,$! M)7740)(4,/B%! S5B/*)(6!
M)'13/7!4+,%(!/,!/*!+)(:%5!
D@S5%U"'3"1#9.N%8"'+%:V-3"1R'/;%%
#%1!&4(%1,*A!@PMM!M)::'1/,6!C1242%:%1,!M))(5/14,)(8!!U%%,*!:)1,$768%
?@)58%7$""1.-L%)*++.$$""%:V-3"1R'/;%
\(/2/147!*,%%(/12!3)::/,,%%!:45%!'&!)+!%4(76!45)&,%(*!,)!,$%!&()V%3,!415!@PMM!P4/,$!415!S5B)3436!M))(5/14,)(8!!
U%%,*!a'4(,%(768!
89"%749**(%C*-"%Ȃ%!"#$%&'(('#<%@32.#*1/%S1*,N%:V-3"1R'/;%
C5'34,/)1! (%+)(:! *&%3/47/*,*A! *3$))7! 7%45%(*A! 0'*/1%**! 3)::'1/,6! (%&(%*%1,4,/B%*A! 1),=+)(=&()+/,!
(%&(%*%1,4,/B%*A! @PMM! CD%3',/B%! @/(%3,)(A! @/(%3,)(! )+! M)::'1/,6! X%74,/)1*A! 415! M)::'1/,6! C1242%:%1,!
M))(5/14,)(8!!U%%,*!a'4(,%(768!
&?))%Q*'13%*A%&.1"4$*1#%:V-3"1R'/;%
@PMM! /*! 2)B%(1%5! 06! 4! +/B%=:%:0%(! Q)4(5! )+! @/(%3,)(*! ,$4,! 2'/5%*! 477! @PMM! 43,/B/,/%*! /137'5/12! /,*! ()7%! /1! ,$%!
4"((-,"#-52678!!U%%,*!a'4(,%(768!
&?))%@32.#*1/%)*,-4.(%:V-3"1R'/;%
@PMM!/*!45B/*%5!06!4!"H!:%:0%(!3)'13/7!:45%!'&!)+!37%(26!+():!,$%!2(%4,%(!@4774*!3)::'1/,68!!U%:0%(*!)+!,$/*!
2()'&!4(%!&4(,/3/&4,/12!/1!B4(/)'*!;46*!/1!,$%!4"((-,"#-52678!!U%%,*!)1!41!45!$)3!04*/*!4*!1%%5%58!
!
!
!
!
! !

FL!
!
%
%
%
89"%749**(%C*-"%Ȃ%!"#$%&'(('#%
$
>2$-)$7-!!-&,(2?$"!25.$-48"))-1(5?$2"$#3-)5$'53(2'6$&'-(7#5.$-.$3$7-)-.25/#3257$&"44,.-26*$:-2'",2$("&3($-.)2-2,2-".)$
2'32$ 7#3M$ !34-(-5)$ 3.7$ 6",./$ 85"8(5$ 2"/52'5#$ 3#",.7$ &"44".$ -.25#5)2)$ 3.7$ 3&2-9-2-ĞƐ͙ĞǀĞŶ ƚŚĞ ŵŽƐƚ ŚĞƌŽŝĐ
&'-(7K#53#-./$ -)$ (-;5(6$ 2"$ !3-(*$ @".95#)5(6?$ 16$ /32'5#-./$ 3.7$ "#/3.-N-./$ 45415#)$ "!$ 2'5$ &"44,.-26$ 3#",.7$
3&2-9-2-5)$"!$&"44".$-.25#5)2$Ͷ$83#2-&,(3#(6$2'5$'53(2'6$7595("845.2$"!$&'-(7#5.$Ͷ$595.$2'5$4")2$7593)232-./$
&".7-2-".)$&3.$15$#595#)57*$$$$$
$ $K$$,ĂƌůĞŵŚŝůĚƌĞŶ͛ƐŽŶĞ͕/ŶĐ͗͘'ƌŽǁƚŚWůĂŶ&z$OPPQKOPPR$
89"%E##,"b!91!,$%!KK8H!*a'4(%!:/7%!4(%4!,$4,!3):&(/*%*!?%*,!@4774*A!&)B%(,6!415!'1%:&7)6:%1,!4(%!:)(%!,$41!
5)'07%!,$4,!)+!,$%!3/,6!)+!@4774*8!!P%;%(!,$41!HLj!)+!(%*/5%1,*!$4B%!4!$/2$!*3$))7!5/&7):48!#%1!&'07/3!*3$))7*!
*%(B%!,$%!4(%4e!+/B%!4(%!)(!$4B%!0%%1!(4,%5!CD%:&74(6!)(!X%3)21/>%5A!0',!,$%!4345%:/3!&%(+)(:413%!)+!:416!
*,'5%1,*!4,!:/557%!415!$/2$!*3$))7!7%B%7*!(%:4/1*!&))(8!M-%RT%YCCBUGC%-*%91'4,'$.-9%#$,4"-$%'$%J.-8#$*-%7.9=%
R5=**(%H$="%*-(/%!"#$%&'(('#%=.9=%#5=**(I%#5*1"4%=.9=%"-*,9=%*-%$="%RD6%$*%.-4.5'$"%1"'4.-"##%:*1%5*(("9"8!!!
Q'4WL1*,-3b! 91! "LL[A! ,$%! ?%*,! @4774*! C5'34,/)1! #4*<! P)(3%! ʹ! 4! V)/1,! %++)(,! 0%,;%%1! 3)::'1/,6=! 04*%5!
)(241/>4,/)1*!415!+4/,$!2()'&*A!?%*,!@4774*!&(/13/&47*A!@9E@A!@MMM@A!EUdA!),$%(!%5'34,)(*A!,$%!@4774*!0'*/1%**!
3)::'1/,6!415!3)13%(1%5!3/,/>%1*!%1242%5!/1!%5'34,/)1!(%+)(:!4,!,$%!7)347!415!14,/)147!7%B%7!=!3)::/,,%5!,)!4!
3)7740)(4,/B%!,(41*+)(:4,/)1!/1/,/4,/B%!0'/7,!'&)1!)&%1!5/47)2'%A!B)7'1,%%(/*:!415!3)::'1/,6!%1242%:%1,8!!S!
*%,!)+!*,(4,%2/%*!;4*!5%B%7)&%5!06!,$%!#4*<!P)(3%!415!/*!1);!<1);1!4*!,$%!4"((-,"#-5267$!"#$%&'""()$-&4(,!,;)!
)+!,$%!,$(%%!&4(,!C7)5$D-((-)$4">>1.25?$4"((-,"#-5267$!"#$%&'""()*$+",)$-./$0"1)2.3.8!#$%!4"((-,"#-5267!3477*!
+)(! ,$%! +)(:4,/ŽŶŽĨ ĂƐƉĞĐŝĂů ͞ŽŶĞ͟ ;$%(%! (%*)'(3%*! 4(%!+)3'*%5! /1! 4! 3)7740)(4,/B%! 415! 3))(5/14,%5!;46! ,)!
43$/%B%!%5'34,/)1!,(41*+)(:4,/)18!
89"%X"#N*-#"<%@'7$%&'""($A".7$B$C7)5$D-((-)!-@%A.!/*!4!&4(,1%(*$/&!0%,;%%1!KF!?%*,!@4774*!E3$))7*A!/137'5/12!
KL! @9E@! *3$))7*A! ,;)! &(/B4,%! *3$))7*A! )1%! 3$4(,%(! *3$))7! 415! "L! 1),=+)(=&()+/,! )(241/>4,/)1*A! 3))(5/14,%5! 06!
@4774*! P4/,$! M)::'1/,/%*! M)47/,/)1! -@PMM.A! ;/,$! ,$%!2)47! )+!%1*'(/12! ,$4,! 477!?%*,! @4774*!3$/75(%1! (%3%/B%! ,$%!
͞ĐƌĂĚůĞƚŽĐĂƌĞĞƌ͟ƌĞƐŽƵƌĐĞƐƚŚĞLJŶĞĞĚƚŽŐƌĂĚƵĂƚĞĨƌŽŵ$/2$!*3$))7!(%456!+)(!3)77%2%8!!#$%!)(241/>4,/)1*!$4B%!
V)/1,76!3)::/,,%5!,)!&()B/5%!,$%/(!(%*)'(3%*!,)!3$/75(%1!415!+4:/7/%*!)+!?%*,!@4774*!/1!4!;46!,$4,!*'&&)(,*!,$%!
$%47,$6! 3)::'1/,/%*!,$4,!4(%!1%%5%5!,)!5(/B%! %5'34,/)1!,(41*+)(:4,/)1! 415!(%:)B%! /:&%5/:%1,*! ,)!*,'5%1,!
&%(+)(:413%8! ! Q6! +)3'*/12! (%*)'(3%*! &(/:4(/76! )1! %7%:%1,4(6! *3$))7! 3$/75(%1! 415! ,$%/(! +4:/7/%*A! @%A!
)(241/>4,/)1*!/1,%(B%1%!4,!,$%!&)/1,!;$%(%!3$413%*!+)(!7)12=,%(:!*'33%**!4(%!$/2$%*,8!!#$%!41,/3/&4,%5!(%*'7,!/*!
/:&()B%5! 4345%:/3! &%(+)(:413%! 4*! *,'5%1,*! 415! %5'34,)(*! 4(%! 407%! ,)! +)3'*! )1! 7%4(1/12! (4,$%(! ,$41! ,$%!
ƐƚƵĚĞŶƚƐ͛ƐŽĐŝĂůƐĞƌǀŝĐĞ1%%5*8!!!
@%A! 47*)! 455(%**%*! ,$%! &%(*/*,%1,! 415! &%(B4*/B%! %5'34,/)147! /**'%*! ,$4,! &742'%! +4:/7/%*! 415! %5'34,)(*!
,$()'2$)',! @4774*e! &()B/5%*! (%*)'(3%*! 415! &4(,1%(*$/&! +)(! )12)/12! @9E@! %++)(,*e! *'&&)(,*! /:&7%:%1,4,/)1! )+!
0%*,!&(43,/3%*!7%4(1%5!+():!),$%(!*3$))7!,'(14()'15!%++)(,*e!415!$%7&*!,)!0'/75!41!%1,(%&(%1%'(/47!3'7,'(%!,$4,!
5%B%7)&*!1%;!*)7',/)1*!415!&)*/,/)1*!@4774*!415!@9E@!4*!,$)'2$,!7%45%(*!/1!,$%!*3$))7!(%+)(:!:)B%:%1,8!!!
91!P%0('4(6! )+!"LKKA!@%A! &4(,1%(*! 0%241!4!K"=:)1,$!&()3%**!,)!5%B%7)&!:%,(/3*!415!:%4*'(%!,$%/(!/15/B/5'47!
415!3)77%3,/B%!/:&43,!)1!,$%!a'47/,6!)+!7/+%!/1!?%*,!@4774*A!0%2/11/12!;/,$!%5'34,/)18!!@'7$E75#2&)$8#"F7&5!;/77!
/13(%4*%!,$%!34&43/,6!)+!@%A!&4(,1%(*!,)!/:&()B%!(%*'7,*!+)(!,$)*%!*%(B%5A!415!06!%1242/12!?%*,!@4774*!(%*/5%1,*A!
/,!;/77!%:&);%(!,$%:!,)!5(/B%!3$412%*A!%*&%3/4776!/1!%5'34,/)18!!!
@%A!;4*!/1/,/4776!+'15%5!06!#$%!X%%*=i)1%*!P)'154,/)1A!+)77);%5!06!*'&&)(,!+():!#$%!Q))1%!P4:/76!P)'154,/)1!
415!#%D4*!M4&/,47!Q41<!/1!"LKL8!!!
%
FK!
!
%
K'M*1%S*'(#%
x Q'/75!)1!,$(%%!6%4(*!)+!/1,%1*%!43,/B/,6!,$4,!$4*!2%1%(4,%5!4!*,()12!3)(%!)+!1),=+)(=&()+/,*!415!%5'34,)(*e!
x Q'/75!4!3(/,/347!:4**!)+!/1+)(:%5A!%:&);%(%5!45'7,*!;$)!4(%!%1242%5!/1!%5'34,/)147!*'33%**e!
x 91,%(B%1%! %4(76!415!&()2(%**/B%76!;/,$!*,()12!&4(%1,/12!*</77*!415!%4(76!3$/75$))5!%5'34,/)1A!&);%(+'7!
%5'34,/)1!*'&&)(,!&()2(4:*!/1!%7%:%1,4(6!*3$))7A!$%47,$6!$):%*A!;)(<=(%45/1%**A!*)7/5!$%47,$34(%A!415!
3()**!%1()77:%1,!0%,;%%1!&()B/5%(*!,)!4**'(%!3)B%(42%!+)(!,$%!:'7,/&7%!1%%5*!+4:/7/%*!%13)'1,%(e!415%
x M4(%+'776!%B47'4,%!%++%3,/B%1%**A!*,(%12,$%1!%++%3,/B%!&()2(4:*!415!&$4*%!)',!/1%++%3,/B%!)1%*8%
!
D1.+'1/%T,$4*+"#%
x S! 1%,;)(<! )+! &'07/3! 415! &(/B4,%! *3$))7*! ;/,$! 41! %1(/3$%5! 7%B%7! )+! &4(%1,! 415! 3)::'1/,6!
%1242%:%1,A! %a'/&&%5! ;/,$! $/2$! 7%B%7*! )+! /15/B/5'47! 4',)1):6! 415! +(%%5):! ,)! /11)B4,%! 4*!
3)15/,/)1*!/1!?%*,!@4774*!(%a'/(%e!
x ǀĞƌLJƐĐŚŽŽůŝŶtĞƐƚĂůůĂƐƌĂƚĞĚ͞ZĞĐŽŐŶŝnjĞĚ͟Žƌ͞džĞŵƉůĂƌLJ͟ďLJƚŚĞdĞdžĂƐĚƵĐĂƚŝŽŶŐĞŶĐLJĂŶĚ
"2"1/%!"#$%&'(('#%=.9=%#5=**(%91'4,'$"%1"'4/%:*1%5*(("9"e%
x ͞ƐĞůĨ=ƌĞŝŶĨŽƌĐŝŶŐĐŽŵŵƵŶŝƚLJŽĨĨĂŵŝůŝĞƐďƵŝůĚŝŶŐĂĐŽŵŵŽŶĨƵƚƵƌĞƚŚƌŽƵŐŚƚŚĞŝƌŽǁŶĞĨĨŽƌƚƐ͘͟FH%
!
7,44"##%8*%&'$"%
x O()2(4:!5%B%7)&:%1,!415!%D&41*/)1!
x W();/12!7%45%(*$/&!,%4:!
x E,()12!043<0)1%!)(241/>4,/)1!-@PMM.!
x "L! )(241/>4,/)1*! )++%(/12! 4! +'77! 4((46! )+! /1,%(B%1,/)1*A! &()2(4:*! 415! (%*)'(3%*! ,)! :)5%*,! /13):%!
+4:/7/%*!
x J%;76! /:&7%:%1,%5! 3):&)1%1,! ,)! %B47'4,%! )0V%3,/B%! 54,4! -477! "L! )(241/>4,/)1*! &4(,/3/&4,/12A! 0%/12!
5%B%7)&%5!06!d#@!415!EUd!415!+'15%5!06!#$%!Q))1%!P)'154,/)1.!
!
P"6$%7$"N#%FG==%
x P)3'*!)1!:'+.(."#%<.$=%5=.(41"-%'9"4%CUGY!-455/12!)75%(!3$/75(%1!4*!,$%!/1/,/4,/B%!&()2(%**%*.e!
x U)B%!B'5$%&'""($F".5$ʹ$:5)2$=3((3)$+():!4!7))*%76!<1/,!3)77%3,/)1!)+!:%:0%(*!,)!4!$.9=$(/%51':$"4%#"$%*:%
5*(('0*1'$*1#%<.$=%5*++*-%9*'(#%'-4%*0>"5$.2"#%'-4%'%:*5,#%*-%$="%+*#$%.+;*1$'-$%5='(("-9"%ʹ%
],'(.$/%"4,5'$.*-e!
x @%B%7)&!415!/:&7%:%1,!4!*%,!)+!51.$.5'(%+"$1.5#e!
x Q%2/1!"2'(,'$.*-%*:%.-4.2.4,'(%;1*91'+#%'-4%5*(("5$.2"%.+;'5$e!
x M()**=:4(<%,!(%*)'(3%*!)++%(%5!415!0**#$%51*##U"-1*((+"-$!,)!4**'(%!1)!*/127%!)0*,437%!/*!407%!,)!*$)(,=
ĐŝƌĐƵŝƚĂĐŚŝůĚ͛ƐĞĚƵĐĂƚŝŽŶĂůƐƵĐĐĞƐƐ͖!
x 91*,/,',%!4!:""40'58%(**;!,)!4**'(%!&()2(4:*!415!(%*)'(3%*!433'(4,%76!(%+7%3,!3)::'1/,6!*,(%12,$*!415!
1%%5*!415!45%a'4,%76!(%*&)15!,)!3)::'1/,6!)0V%3,/B%*e!415!
x M)1,/1'%!,)!ƐƚƌĞŶŐƚŚĞŶƚŚĞďĂĐŬďŽŶĞŽƌŐĂŶŝnjĂƚŝŽŶ͛Ɛ!3)(%!:4142%:%1,A!*,4++!415!)&%(4,/12!*6*,%:*8%
%
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
FH
!,ĂƌůĞŵŚŝůĚƌĞŶ͛ƐŽŶĞ͕/ŶĐ͗͘'ƌŽǁƚŚWůĂŶ&zϮϬϬϭ="LL[e!P477!"LLF!d&54,%!
!
!
!
!
!
!
!
!

B"$(53#.$4"#5$31",2$=E@@?$8(53)5$9-)-2$",#$M51)-25$32$MMM*7!&&*,)$"#$!"(("M$,)$".$BM-225#$3.7$E3&51"";*!

F"!
!
%
%
%
89"%K"$1.4#%D1*M"4$% %
$ $ $
:'5.$ 2'5$ !31#-&$ "!$ &"44,.-26$ -)$ 75)2#"657?$ 2'-./)$ 2'32$ 4-77(5$ &(3))$ &"44,.-2-5)$ 23;5$ !"#$ /#3.257$ Ͷ$ (-;5$
M"#;-./$ )&'""()?$ ,)531(5$ 8(36/#",.7)?$ 75&5.2$ $ '",)-./?$ ),88"#2$ !#"4$ #5(-/-",)$ -.)2-2,2-".)?$ !,.&2-".-./$ &-9-&$
"#/3.-N32-".)$3.7$)3!5$)2#552)$Ͷ$3#5$.".5S-)25.2?$"#$)"$43#/-.3($2'32$2'56$3#5$-.5!!5&2-95*$$:'5.$2'-)$"&&,#)$-.$
8""#$ &"44,.-2-5)?$ 2'5$ 3#-625-52".-($ ;1(($ "!$ /2)"#3-.2P-52".$ -./$ /?)!1.&52".$ 2)$ )"$ )5#".3$ ".$ -(#7-/?$ !#-32(7$
!->2(27)$5'-5$".(?$-$)>-(($!#-&52".$"!$5'7$&'2(/#7.$2.$5'7)7$.723',"#'""/)$&-.$7)&-;7*$:'-(5$2'5)5$5S&582-".3($
LJŽƵƚŚƐĂƌĞůĂďĞůĞĚ͞ƌĞƐŝůŝĞŶƚ͟ŽƌĂƌĞũƵƐƚůLJĐĞůĞďƌĂƚĞĚĂƐ͞ďĞĂƚŝŶŐƚŚĞŽĚĚƐ͕͟ƚŚĞǀĂƐƚŵĂũŽƌŝƚLJŽĨĐŚŝůĚƌĞŶĨĂŝůŝŶ
)&'""(?$'395$2#",1(57$'"45$(-95)$3.7$7"$."2$#53&'$2'5-#$!,(($8"25.2-3(*$$$$$$K$$,ĂƌůĞŵŚŝůĚƌĞŶ͛ƐŽŶĞ͕/.&*T$U#"M2'$
D(3.$EV$OPPQKOPPR$
89"%E##,"b!91!,$%!KK!*a'4(%!:/7%!4(%4!,$4,!3):&(/*%*!?%*,!@4774*A!&)B%(,6!415!'1%:&7)6:%1,!4(%!:)(%!,$41!
5)'07%!,$4,!)+!,$%!3/,6!)+!@4774*8!!P%;%(!,$41!HLj!)+!(%*/5%1,*!$4B%!4!$/2$!*3$))7!5/&7):48!#%1!&'07/3!*3$))7*!
*%(B%!,$%!4(%4e!+/B%!4(%!)(!$4B%!0%%1!(4,%5!CD%:&74(6!)(!X%3)21/>%5A!0',!,$%!4345%:/3!&%(+)(:413%!)+!:416!
*,'5%1,*!4,!:/557%!415!$/2$!*3$))7!7%B%7*!(%:4/1*!&))(8!M-%RT%YCCBUGC%-*%91'4,'$.-9%#$,4"-$%'$%J.-8#$*-%7.9=%
R5=**(%H$="%*-(/%!"#$%&'(('#%=.9=%#5=**(I%#5*1"4%=.9=%"-*,9=%*-%$="%RD6%$*%.-4.5'$"%1"'4.-"##%:*1%5*(("9"8!!!
#$%! *)3/47! *%3,)(! 341! 415! *$)'75! $4B%! 4! ,(%:%15)'*! /:&43,! )1! ,$/*! /**'%8! ! #$%/(! (%*)'(3%*A! 4&&7/%5!
3)7740)(4,/B%76A! 3)'75! 7/,%(4776! 3$412%! ,$%! 4345%:/3! ,(4V%3,)(/%*! )+! ^AFLL! *,'5%1,*8! ! #$%! 3$477%12%! ,)! 0%!
455(%**%5!/*!,$%!743<!)+!4!3))(5/14,%5!*,(4,%26!415!7/:/,%5!433%**!,)!(/2)()'*!:%4*'(%:%1,!,))7*!/1!,$%!546=,)=
546! ;)(<! )+! ,$%! ?%*,! @4774*! *)3/47! *%3,)(8! ! @4774*! P4/,$! M)::'1/,/%*! M)47/,/)1! -@PMM.! $4*! /1,()5'3%5! 4!
3)7740)(4,/B%!*,(4,%26!,)!:*5,#%*-%$="%+*#$%.+;*1$'-$%5='(("-9"%ʹ%],'(.$/%"4,5'$.*-!=!415!455!)1%!*&%3/+/3!,))7A!
433%**! ,)!;$/3$! ;/77! %a'/&! ,$%! *)3/47! *%3,)(! ,)! */21/+/341,76! /:&()B%! /,*!)',3):%*! /15/B/5'4776! 415! 3)77%3,/B%768!
#$4,! ,))7! /*! &%(+)(:413%! :%,(/3*! ;/,$! (%2'74(! )',3):%*! :%4*'(%:%1,! 415! 4! (%+/1%:%1,! 3637%! +)(! /15/B/5'47!
&4(,/3/&41,*!415!+)(!,$%!2()'&!4*!4!;$)7%8!!
Q'4WL1*,-3b! 91! "LL[A! ,$%! ?%*,! @4774*! C5'34,/)1! #4*<! P)(3%! ʹ! 4! V)/1,! %++)(,! 0%,;%%1! 3)::'1/,6=04*%5!
)(241/>4,/)1*!415!+4/,$!2()'&*A!?%*,!@4774*!&(/13/&47*A!@9E@A!@MMM@A!EUdA!),$%(!%5'34,)(*A!,$%!@4774*!0'*/1%**!
3)::'1/,6!415!3)13%(1%5!3/,/>%1*!%1242%5!/1!%5'34,/)1!(%+)(:!4,!,$%!7)347!415!14,/)147!7%B%7!=!3)::/,,%5!,)!4!
3)7740)(4,/B%!,(41*+)(:4,/)1!/1/,/4,/B%!0'/7,!'&)1!)&%1!5/47)2'%A!B)7'1,%%(/*:!415!3)::'1/,6!%1242%:%1,8!!S!
*%,!)+!*,(4,%2/%*!;4*!5%B%7)&%5!06!,$%!#4*<!P)(3%!415!/*!1);!<1);1!4*!,$%!4"((-,"#-5267$!"#$%&'""()$-&4(,!,;)!
)+!,$%!,$(%%!&4(,!C7)5$D-((-)$4">>1.25?$4"((-,"#-5267$!"#$%&'""()*$+",)$-./$0"1)2.3.8!#$%!4"((-,"#-5267!3477*!
ĨŽƌ ƚŚĞ ĨŽƌŵĂƚŝŽŶŽĨ ĂƐƉĞĐŝĂů ͞ŽŶĞ͟ ;$%(%! (%*)'(3%*! 4(%!+)3'*%5! /1! 4! 3)7740)(4,/B%! 415! 3))(5/14,%5!;46! ,)!
43$/%B%!%5'34,/)1!,(41*+)(:4,/)18!
89"%X"#N*-#"b!!@'7$%&'""($A".7$B$C7)5$D-((-)!-@%A.!/*!4!<%6!3):&)1%1,!)+!,$%!4"((-,"#-5267$!"#$%&'""()8!!9,!/*!
4! &4(,1%(*$/&! 0%,;%%1! KF! ?%*,! @4774*! E3$))7*A! /137'5/12! KL! @9E@! *3$))7*A! ,;)! &(/B4,%! *3$))7*A! )1%! 3$4(,%(!
*3$))7! 415! "L! 1),=+)(=&()+/,! )(241/>4,/)1*A! 3))(5/14,%5! 06! @PMM! 415! +'15%5! /1/,/4776! 06! #$%! X%%*=i)1%*!
P)'154,/)18! ! #$%! )(241/>4,/)1*! $4B%! V)/1,76! 3)::/,,%5! ,)! &()B/5%! ,$%/(! (%*)'(3%*! ,)! 3$/75(%1! 415! +4:/7/%*! )+!
?%*,!@4774*!/1!4!;46!,$4,!*'&&)(,*!,$%!$%47,$6!3)::'1/,/%*!,$4,!4(%!1%%5%5!,)!5(/B%!%5'34,/)1!,(41*+)(:4,/)18!!
#$%6!4(%!;)(</12!,)2%,$%(!,)!455(%**!/**'%*!,$4,!/1$/0/,!*,'5%1,!&%(+)(:413%!,$()'2$!+/B%!<%6!*,(4,%2/%*8!!@'7$
E75#2&)$8#"F7&5!/*!)1%!)+!,$%*%!+/B%!*,(4,%2/%*8!
@'7$ E75#2&)$ 8#"F7&5! 0'/75*! 34&43/,6! +)(! ,$%! &4(,/3/&41,*! /1! @%A! ,$()'2$! ,$%! 5%B%7)&:%1,! )+! :%,(/3*! +)(! %43$!
)(241/>4,/)1! 415! +)(! ,$%! M)7740)(4,/B%! 4*! 4! ;$)7%8! ?$/7%! ,$%! /::%5/4,%! )',3):%! /*! %*,407/*$/12! 415! '*/12!
:%,(/3*! -O$4*%! \1%! 415! #;).A! $4B/12! 415! '*/12! :%,(/3*! )B%(! ,$%! 1%D,! +/B%! 6%4(*! -O$4*%! #$(%%.! ;/77! %1407%!
:%4*'(%:%1,!)+!415!/13(%4*%*!/1!,$%!%++%3,/B%1%**!)+!,$%!?%*,!@4774*!*)3/47!*%3,)(!4*!/,!;)(<*!,)2%,$%(!,)!!
!
FF!
!
!
!
477%B/4,%! ,$(%%! 3(/,/347! 34'*%*! )+! &)B%(,6b! 743<! )+! 5%3%1,! 4++)(5407%! $)'*/12A! 743<! )+! a'47/,6! %5'34,/)147!
)&&)(,'1/,/%*!415!40*%13%!)+!7/B/12!;42%!V)0*8!!
91/,/47!2)47!*%,,/12!415!)',3):%*!,)!0%!5%7/B%(%5!06!,$%!2()'&!;/77!0%!7%5!06!,$%!d#@!91*,/,',%!)+!O'07/3!S++4/(*8!
U%,(/3*! ;/77! 0%! 5%B%7)&%5! 415! :%4*'(%:%1,! ;/77! 0%! 3):&7%,%5! 06! ,$%! d#! @4774*! 91*,/,',%! )+! d(041! O)7/36!
E,'5/%*8! ! @PMM! /*! /1! 3)1B%(*4,/)1! ;/,$! ,$%! EUd! E/::)1*! E3$))7! )+! C5'34,/)1! 415! G':41! @%B%7)&:%1,! ,)!
:%4*'(%!)',3):%*!)+!,$%!3)7740)(4,/B%!;)(<!)1!/:&()B/12!*,'5%1,!&%(+)(:413%A!/1!&4(,/3'74(A!,$%!/13(%4*%*!/1!
,$%/(!*3)(%*!)1!*,4,%!*,4154(5/>%5!,%*,*8!
@'7$ E75#2&)$ 8#"F7&5! 0%241! /1! P%0('4(6! "LKK8! O$4*%! \1%A! ;$/3$! ;/77! 0%! 3):&7%,%5! 06! S&(/7! "LKKA! /*! ,$%!
5%B%7)&:%1,!)+!4!*,(4,%2/3!&741!+)(!,$%!%1,/(%!M)7740)(4,/B%8!!O$4*%!#;)!/*!,$%!%*,407/*$:%1,!)+!:%,(/3*!415!,$%!
+/(*,!()'15!)+!:%4*'(%:%1,!415!%B47'4,/)1A!;$/3$!;/77!0%!3):&7%,%5!/1!@%3%:0%(!"LKK8!!91!O$4*%!\1%!415!#;)A!
:%,(/3*!415!:%4*'(%:%1,*!)+!,$%!3)7740)(4,/B%!%++)(,!;/77!+)3'*!)1!,$%!%++%3,!)+!,$%!M)7740)(4,/B%!+)(!C5'34,/)18!!
K'M*1%S*'(#%
x @%+/1%! /**'%*! ,)! 0%! 455(%**%5! (%b! 1':0%(! )+! &%)&7%! /1B)7B%5A! ,$%/(! a'47/,6! )+! 7/+%A! ,$%! %3)1):/3! 415!
*)3/47!/:&43,!+)(!?%*,!@4774*!415!,$%!/:&43,!'&)1!,$%!(%2/)1!4,!74(2%e!
x C*,407/*$!:%,(/3*!415!/5%1,/+6!41,/3/&4,%5!)',3):%*!,$4,!(%*&)15!,)!,$%*%!$/2$76!5%+/1%5!/**'%*e!
x U%4*'(%!*&%3/+/3!)',3):%*!415!,$%/(!/:&43,!)1!,$%!/**'%-*.!0%/12!455(%**%5!-%++%3,/B%1%**.e!
x 95%1,/+6!%++%3,/B%!*,(4,%2/%*!415!(%B/*%!/1%++%3,/B%!)1%*A!;/,$!+'15*!477)34,%5!433)(5/1276!-%++/3/%136.e!
x 95%1,/+6!415!3)((%3,!24&*!415!)B%(74&*!/1!(%*)'(3%*!&()B/5%5!,)!,$%!?%*,!@4774*!3)::'1/,6e!!
x M)::'1/34,%!:%4*'(%5!/:&43,!,)!5)1)(*!415!/1B%*,)(*e!415!
x 913(%4*%!7%B%(42%!415!/:&43,!)+!5)1)(!415!/1B%*,)(!+'15*8!
%
D1.+'1/%T,$4*+"#%
x O4(,/3/&4,/12! )(241/>4,/)1*! ;/77! .-51"'#"% $=".1% ,#"% *:% f,'(.$/% *:% F.:"% HfKFI% +"$1.5#% :1*+% GC_% *:%
;'1$.5.;'$.-9% *19'-.c'$.*-#% $*% O\_! 06! @%3%:0%(! "LKKe! ,$()'2$! ,$%! 4"((-,"#-5267A! ,$%6! ;/77! /13(%4*%!
3)::'1/,6!&4(,/3/&4,/)1!/1!k\R!a'%(/%*!+():!Kj!,)!Hj!06!@%3%:0%(!"LKKe!
x O4(,/3/&4,/12! )(241/>4,/)1*! ;/77! /13(%4*%! ,$%/(! *<-"1#=.;% *:% $="% 4"((-,"#-5267% '-4% 5*++.$+"-$% $*% .$#%
"4,5'$.*-'(%*,$5*+"#!06!HLj!4*!:%4*'(%5!06!&(%=!415!&)*,=&4(,/3/&4,/)1!*'(B%6*!06!U46!"LKKe!!
x KLLj!)+!&4(,/3/&4,/12!)(241/>4,/)1*!;/77!/13(%4*%!,$%/(!5';'5.$/%:*1%#"(:U'##"##+"-$A!7%45/12!,)!&()2(4:!
(%+/1%:%1,!4*!:%4*'(%5!06!&(%=!415!&)*,=&4(,/3/&4,/)1!*'(B%6*!06!S'2'*,!"LKKe!415!
x O4(,/3/&4,/12!)(241/>4,/)1*!;/77!/13(%4*%!,$%/(!,#"%*:%;1*91'+%+"$1.5#!-/15/B/5'47!415!*$4(%5.!+():!Hj!,)!
IHj!4*!:%4*'(%5!06!1':0%(!)+!&4(,/3/&4,/12!)(241/>4,/)1*!'*/12!+)(:47!:%,(/3*!06!@%3%:0%(!"LKK8!

7,44"##%$*%&'$"%
x KY!:)1,$*!)+!&(%&4(4,/)1!ʹ! @PMM!;)(</12!;/,$!d#@!415!EUd!,)!5%B%7)&!,$%!&()V%3,! 415!&(%&4(%!+)(!
74'13$e!
x O()V%3,!74'13$%5!/1!P%0('4(6!"LKK!;/,$!:%%,/12*!;/,$!477!&4(,/3/&4,/12!&4(,1%(*!,)!/1,()5'3%!,$%!&()V%3,!
ĂŶĚďĞŐŝŶĚĞǀĞůŽƉŵĞŶƚďLJĞĂĐŚƉĂƌƚŶĞƌŽĨŝƚƐŽƌŐĂŶŝnjĂƚŝŽŶ͛ƐŵŝƐƐŝŽŶ͕ǀŝƐŝŽŶĂŶĚǀĂůƵĞƐƐƚĂƚĞŵĞŶƚƐ͖!
%
P"6$%7$"N#%
x C*,407/*$:%1,!)+!4!*,(4,%2/3!&741!+)(!,$%!&()V%3,!-S&(/7!"LKK.e!
x P/(*,!()'15!)+!:%4*'(%:%1,!415!%B47'4,/)1!-@%3%:0%(!"LKK.8!
!
!
B"$(53#.$4"#5$31",2$=E@@?$8(53)5$9-)-2$",#$M51)-25$32$MMM*7!&&*,)$"#$!"(("M$,)$".$BM-225#$3.7$E3&51"";*!
% %
FN!
!
%

D'1"-$%@4$.*-%S1*,N#%A*1%
53,4'$.*-%
%

89"% E##,"<! ! O4(%1,*! 4(%! 4! ĐŚŝůĚ͛*! :)*,! &);%(+'7! 3$4:&/)1A! 0',! ;'1"-$#% .-% !"#$% &'(('#% ('58% $="% #8.((#% $*% 0"%
ĞĨĨĞĐƚŝǀĞ ĂĚǀŽĐĂƚĞƐ ĨŽƌ ƚŚĞŝƌ ĐŚŝůĚƌĞŶ͛Ɛ ĞĚƵĐĂƚŝŽŶĂů ƐƵĐĐĞƐƐ͘  91! ?%*,! @4774*! 4*! /1! :)*,! 7);=/13):%!
3)::'1/,/%*A! 3$/75(%1! 4(%! )+,%1! (4/*%5! 06! */127%! &4(%1,*! -,6&/34776! :),$%(*.8! ! U416! )+! ,$%:! 5)! 1),! *&%4<!
C127/*$A! +%;! 4(%! %a'/&&%5! ;/,$! ,$%! *</77*! 1%%5%5! ,)! %1242%! 4*! &);%(+'7! 45B)34,%*A! 415! B%(6! +%;! $4B%! %B%(!
%1,%(%5!4!B),/12!0)),$!)(!3)1*/5%(%5!,$4,!,$%6!:/2$,!0%!407%!,)!/1+7'%13%!&'07/3!&)7/368!!Z%,!&4(%1,*!;/,$!*3$))7!
42%!3$/75(%1!4(%!14,'(47!45B)34,%*!415!;/,$!,$%!&()&%(!,))7*A!,$%6!341!$4B%!4!$'2%!/:&43,8!!O4(%1,*!4,!*3$))7*!
ĞǀĞƌLJǁŚĞƌĞ ĂƌĞŵĞŵďĞƌƐŽĨƚŚĞ WdĂŶĚĂƌĞĂĐƚŝǀĞůLJŝŶǀŽůǀĞĚŝŶƚŚĞŝƌĐŚŝůĚƌĞŶ͛ƐĞĚƵĐĂƚŝŽŶ͘dŚ%6!4(%! 4!B4*,!
'1,4&&%5! (%*)'(3%! +)(! %5'34,/)1! ,(41*+)(:4,/)18! ! ?$%1! &4(%1,*! 5)! 0%3):%! %1242%5! 4*! 45B)34,%*A! ,$%6! 4(%!
ƚĞŶĂĐŝŽƵƐĂŶĚĞĨĨĞĐƚŝǀĞ͕ĂŶĚŵŽƐƚŝŵƉŽƌƚĂŶƚůLJ͕ĂƉĂƌĞŶƚ͛ƐŝŶǀŽůǀĞŵĞŶƚŝŶŚŝƐŽƌŚĞƌĐŚŝůĚ͛ƐĞĚƵĐĂƚŝŽŶŝƐĚŝƌĞĐƚůLJ
ůŝŶŬĞĚƚŽƚŚĂƚĐŚŝůĚ͛ƐƐƵ33%**A!%*&%3/4776!/1!,$%!%4(76!2(45%*8!!
91! ?%*,! @4774*! &4(%1,*! +43%! 3'7,'(47! 415! 7412'42%! 04((/%(*! ,$4,! <%%&! ,$%:! +():! 43,/B%76! &4(,/3/&4,/12! /1! ,$%/(!
ĐŚŝůĚƌĞŶ͛ƐƐĐŚŽŽů͘dŚĞLJĂƌĞǀĞƌLJLJŽƵŶŐʹ!/1!"LL[!KKj!)+!0/(,$*!;%(%!,)!,%%1*A!^Yj!;%(%!,)!'1:4((/%5!:),$%(*!
ĂŶĚϱϱйŽĨďŝƌƚŚƐǁĞƌĞƚŽŵŽƚŚĞƌƐǁŚŽĚŝĚŶ͛ƚĨŝŶŝƐŚŚŝŐŚƐĐŚŽŽů͘/ŶĂŶLJŐŝǀĞŶLJĞĂƌƚŚĞƌĞĂƌĞIL=KLL!$/2$!*3$))7!
*,'5%1,*! ;$)! 0%3):%! &(%2141,! 415! 34((6! 4! 3$/75! ,)! ,%(:A! *):%! )+! ,$%:! +)(! ,$%! *%3)15! )(! ,$/(5! ,/:%8! ?%*,!
@4774*!&4(%1,*!+43%!,(%:%15)'*!$'(57%*!/1!0%3):/12!45B)34,%*e!,)!/:&()B%!%5'34,/)147!)',3):%*!+)(!477!?%*,!
@4774*!3$/75(%1A!&4(%1,*!:'*,!0%!&()B/5%5!,$%!,))7*!,)!0%3):%!<%6!&4(,1%(*!/1!5(/B/12!3$412%8!
6="%('58%*:%'55"##%$*%'%],'(.$/%"4,5'$.*-%.#%'%5.2.(%1.9=$#%.##,"A%.$%.#%'%+*1'(%.##,"A%'-4%.-%#*%:'1%'#%!"#$%&'(('#%
1"4"2"(*;+"-$%.#%5*-5"1-"4A%.$%.#%5("'1%$='$%$="%'0#"-5"%*:%],'(.$/%:1""%;,0(.5%"4,5'$.*-%:*1%'((%#$,4"-$#%'$%'((%
91'4"%("2"(#%#"1.*,#(/%,-4"1+.-"#%'((%*$="1%5*++,-.$/%1"4"2"(*;+"-$%"::*1$#@%%%
89"% X"#N*-#"<! 91! "LL[A! ,$%! ?%*,! @4774*! C5'34,/)1! #4*<! P)(3%! ʹ! 4! V)/1,! %++)(,! 0%,;%%1! 3)::'1/,6=04*%5!
)(241/>4,/)1*!415!+4/,$!2()'&*A!?%*,!@4774*!&(/13/&47*A!@9E@A!@MMM@A!EUdA!),$%(!%5'34,)(*A!,$%!@4774*!0'*/1%**!
3)::'1/,6!415!3)13%(1%5!3/,/>%1*!%1242%5!/1!%5'34,/)1!(%+)(:!4,!,$%!7)347!415!14,/)147!7%B%7!=!3)::/,,%5!,)!4!
3)7740)(4,/B%!,(41*+)(:4,/)1!/1/,/4,/B%!0'/7,!'&)1!)&%1!5/47)2'%A!B)7'1,%%(/*:!415!3)::'1/,6!%1242%:%1,8!!S!
*%,! )+! *,(4,%2/%*! +)(! %5'34,/)1! ,(41*+)(:4,/)1! ;4*! 5%B%7)&%5! 06! ,$%! #4*<! P)(3%! 415! /*! 1);! <1);1! 4*! ,$%!
M)7740)(4,/B%!!"#$%&'""()!-&4(,!,;)!)+!,$%!,$(%%!&4(,!C7)5$D-((-)$4">>1.25?$4"((-,"#-5267$!"#$%&'""()*$+",)$-./$
0"1)2.3.8!\1%!)+!,$%!<%6!3):&)1%1,*!)+!,$%!4"((-,"#-5267!/*!;*<"1:,(%;'1"-$%'-4%5*++,-.$/%'42*5'5/8!
5+N*R"1.-L% D'1"-$#<% ! #)! %:&);%(! &4(%1,*! ,)! 0%3):%! ĞĨĨĞĐƚŝǀĞ ĂĚǀŽĐĂƚĞƐ ĨŽƌ ƚŚĞŝƌ ĐŚŝůĚƌĞŶ͛Ɛ ĂĐĂĚĞŵŝĐ
*'33%**A! @PMM! 3(%4,%5! 8-#7.5$ 9&52".$ :#"1;)$ !"#$ </1&-52".! -89:<.A! 4! 2(4**()),*! 45B)3436! :)B%:%1,! ,$4,!
&(%&4(%*!&4(%1,*!,)!7%45!,$%!5(/B%!+)(!%D3%77%1,!&'07/3!*3$))7*8!!#$%(%!4(%!*%B%(47!$/2$!a'47/,6!&()2(4:*!/1!@4774*!
ƚŚĂƚƚƌĂŝŶƉĂƌĞŶƚƐƚŽďĞŝŶǀŽůǀĞĚŝŶƚŚĞŝƌĐŚŝůĚ͛ƐĞĚƵĐĂƚŝŽŶA!415!@PMM!/*!*'&&)(,/B%!)+!477!)+!,$%:8!!89:<!$4*!41!
455/,/)147! )0V%3,/B%! ʹ! ďĞLJŽŶĚ ĞŶŐĂŐŝŶŐ ŝŶ Ă ĐŚŝůĚ͛Ɛ ĞĚƵĐĂƚŝŽŶĂů ƐƵĐĐĞƐƐ͕ 89:<% "],.;#% ;'1"-$#% $*% 5='-9"% $="%
"4,5'$.*-'(%#/#$"+8!!?%!0%7/%B%!,$4,!,$%(%!/*!1)!2(%4,%(!&()&)1%1,!+)(!3$412%!,$41!41!%1242%5!&4(%1,!415!,$4,!
/1!+43,A!;/,$)',!,$%:!,$%!*'0*,41,/B%!3$412%!,$4,!/*!(%a'/(%5!,)!2%,!'*!043<!)1!,(43<!;/77!1),!$4&&%18!
P'15%5!06!#$%!Q))1%!P4:/76!P)'154,/)1A!89:<!,(4/1*!415!%1242%*!&4(%1,*A!,%43$%(*A!)',(%43$!3))(5/14,)(*!415!
O#SfO#\! :%:0%(*! ',/7/>/12! 4! 3'((/3'7':! ;/,$! 3)::'1/,6=0'/75/12! 415! 45B)3436! 5%B%7)&:%1,! /1+'*%5!
,$()'2$)',!;/,$!04*/3!)(241/>/128!@PMM!5%B%7)&%5!,$/*!3'((/3'7':!/1!(%*&)1*%!,)!&4(%1,!,)&/3!(%a'%*,*8!!9,!$4*!
0)(();%5! *'33%**+'7! *,(4,%2/%*! +():! &()2(4:*! /1! ),$%(! 3/,/%*A! 04*/12! /,! )1! ,$%! ;)(<! )+! (%*%4(3$%(*! 415!
)(241/>4,/)1*!4()'15!,$%!3)'1,(6A!*'3$!4*!dĞĂĐŚŝŶŐĨŽƌŚĂŶŐĞ͛Ɛ!dĞůůŝŶ͛^ƚŽƌŝĞƐWƌŽũĞĐƚ!/1!@8M8!415!,$%!+3#93#7$
E34-(6$ A5)53#&'$ D#"H5&2?$ ;$/7%! 4**'(/12! ,$4,! /,! 455(%**%*! /**'%*! *&%3/+/3! ,)! ?%*,! @4774*A! :416! )+! ;$/3$! 4(%!
*$4(%5!3/,6!;/5%8!!
89:<!0%241!/1!+)'(!?%*,!@4774*!&'07/3!*3$))7*!/1!"LKL8!KLL=KHL!&4(%1,*!4(%!1);!:%%,/12!:)1,$76!/1!,$%!+)'(!
89:<! 2()'&*A! 415!,$%! &()2(4:! ;/77!%D&415!,$()'2$!"LK"! '1,/7!477!%7%:%1,4(6!415!:/557%!*3$))7*!$4B%! 43,/)1!
2()'&*!-&()V%3,%5!,)!0%!"LL=FLL!&4(%1,*.8!!!
FH!
!
#$%!+/(*,!*%:%*,%(!)+!4!1%;76=+)(:%5!89:<!2()'&!/*!+)3'*%5!)1!3)::'1/,6!415!3)::'1/34,/)1!0'/75/128!M()**=
3'7,'(47!)(!3()**=1%/2$0)($))5!3)::'1/,6!(%74,/)1*$/&*!/1!?%*,!@4774*!4(%!)+,%1!+(43,'(%5!)(!1)1%D/*,%1,A!415!
&4(%1,*! )+,%1! +%%7! 5/*3)11%3,%5! +():! ,$%/(! *3$))7*! 4*! ;%77! 4*! +():! %43$! ),$%(8! S:)12! :416! 7);=/13):%!
&4(%1,*A!*,()12%(!3)::'1/34,/)1!415!(%74,/)147!*</77*!$4B%!0%%1!/5%1,/+/%5!4*!4!:4V)(!1%%5!0%+)(%!74(2%(=*347%!
45B)3436!%++)(,*!341!0%!&'(*'%58!!!!S+,%(!7%4(1/12!,)!;)(<!,)2%,$%(!4*!4!3)$%*/B%!+)(3%A!&4(%1,*!4(%!,(4/1%5!,)!
'15%(*,415! ,$%! %5'34,/)147! *6*,%:! 415! ,$%! /**'%*! +)'15! /1! '(041! &'07/3! *3$))7*! 43()**! S:%(/348! #$%6! ,$%1!
+)3'*!)1!@4774*!*3$))7*!415!,$%/(!);1!1%/2$0)($))5!*3$))7*!4*!,$%6!5%B%7)&!41!45B)3436!42%154!415!:)B%!,)!
43,/)18!!S7(%456A!&4(%1,*!/1!,(4/1/12!4(%!4,,%15/12!*3$))7!0)4(5!:%%,/12*!415!*&%4</12!,)!*/21/+/341,!/**'%*!7/<%!
,$%! 3):/12! X%5'3,/)1! /1! P)(3%! 4,! @9E@! ;$%(%! ,$%6! 4(%! 45B)34,/12! +)(! (%5'3,/)1*! 04*%5! )1! &%(+)(:413%A! 1),!
,%1'(%8!
89:<! $4*!,;)!*/:'7,41%)'*!%1242%:%1,! ,(43<*b!&4(,/3/&4,/)1!/1! 89:<! 2()'&*A!415!&4(,/3/&4,/)1!/1!,$%!O4(%1,!
R%45%(*$/&!#%4:8!#$%!O4(%1,!R%45%(*$/&!#%4:!%1242%*!&4(%1,*!;$)!4(%!:)(%!45B413%5!/1!,$%/(!(%74,/)147!415!
45B)3436!40/7/,/%*!/1!5%B%7)&/12!,$%!/1/,/47!45B)3436!42%154!+)(!89:<A!4*!;%77!4*!/1!2'/5/12!,$%/(!);1!(%*&%3,/B%!
89:<!:%%,/12*!=!+)*,%(/12!3)::'1/,6!7%45%(*$/&!415!);1%(*$/&8!
),11.4,(,+<! ! 89:<! :4<%*! '*%! )+! ,(4/1/12! 415! 3'((/3'7':! &()B/5%5! 06! ,$%! D#-&'3#7$ @"44-2255$ !"#$ J&3754-&$
LS&5((5.&5?!4!$/2$76!*'33%**+'7!&()2(4:!0%/12!/:&)(,%5!,)!@4774*!+():!q%1,'3<6!06!@PMM8!!\13%!,$%!/1/,/47!+)'(!
89:<! 2()'&*! $4B%! 45B413%5! ,$()'2$! ,$%! 3)::'1/,6! 0'/75/12! &$4*%! /1,)! 45B)3436! 89:<! ;/77! 0%2/1!
/:&7%:%1,4,/)1!)+!,$%!O(/,3$4(5!&()2(4:8!!#$%!D#-&'3#7$@5.25#$!"#$D3#5.2$I5375#)'-8$W@DIC!;/77!3)15'3,!4!,;)=
546! ;)(<*$)&! %1,/,7%5! D3#5.2)$ 3.7$ B53&'5#)$ B3(;-./$ B"/52'5#! -O#F.! ;/,$! 4&&()D/:4,%76! +/+,%%1! &4(%1,*! 415!
+/+,%%1!,%43$%(*8!!O#F!2%1%(4,%*!41!S3,/)1!O741!/1B)7B/12!477!+/+,%%1!&4(%1,*!415!+/+,%%1!,%43$%(*!415!04*%5!)1!
,;)!a'%*,/)1*b! K.! ?$4,! 5)!)'(!3$/75(%1!1%%5m! 415!".! G);! 5)!;%!2%,! ,$%(%!,)2%,$%(m! S5B)3436!42%154*! ,$4,!
$4B%! 0%%1! 5%B%7)&%5! 06! */:/74(! 2()'&*! /1! O%11*67B41/4A! \$/)! 415! M47/+)(1/4! ;/77! 0%! 5/*3'**%5! ;/,$! ,$%! 89:<!
,%4:*!4*!,$%6!5%B%7)&!,$%/(!);1!42%1548!!#%1!455/,/)147!&4(%1,*!415!3)::'1/,6!:%:0%(*!;/77!)0*%(B%!,$%!O#F!
*%**/)1!4*!+43/7/,4,)(!,(4/1%%*8!!@'(/12!4!*%3)15!)1%=546!*%**/)1!,$%6!;/77!*,(4,%2/>%!/:&7%:%1,4,/)1!)+!,$%!/5%4*!
7%4(1%5! 4,! ,$%! O#F! 415! ;/77! 0%! ,(4/1%5! ,)! +43/7/,4,%! ,$%! ;)(<*$)&! ,$%:*%7B%*8! ! Q6! ,$%! %15! )+! ,$%! ,;)=546!
;)(<*$)&A! ,$%! ,%1! +43/7/,4,)(*! ;/77! 0%! %a'/&&%5! ,)! 3)1,/1'%! 7%45/12! ;)(<*$)&*! )1! 4! :)1,$76! 04*/*! ;/,$!
455/,/)147!&4(,/3/&41,*8!!
S+,%(! ,$%! &()V%3,! /*! +'776! %*,407/*$%5! -KY="N! :)1,$*.A! ,$%! 89:<! ,%4:*! ;/77! 4&&76! ,)! 0%3):%! 4! 7)347! 3$4(,%(! )+!
D3#5.2)$ !"#$ D,1(-&$ %&'""()$ WMMM*83#5.2)X8,1(-&)&'""()*&"4C*$ ! #$%! &4(,1%(*$/&! ;/,$! MOR! ;/77! 3'7:/14,%! /1! ,$%!
D3#5.2$I5375#)'-8$>.)2-2,25A!*/D!546*!)+!/1,%1*/B%!,(4/1/12!*&(%45!)B%(![=K"!:)1,$*!-,$(%%!,;)=546!*%**/)1*.!,$4,!
0'/75*!'&)1!<1);7%52%!24/1%5!06!,$%!&4(%1,!+43/7/,4,)(*!5'(/12!,$%!O#F!&()3%**8!d&!,)!FL!&4(%1,*!341!&4(,/3/&4,%!
/1! ,$/*! 45B413%5! ,(4/1/12A! ;$/3$! ,%43$%*! ,$%:! ,)! 41476>%! *3$))7! 54,4A! 3(%4,%! &()2(4:*! /1! 3)7740)(4,/)1! ;/,$!
*3$))7! 45:/1/*,(4,)(*A! 415! /1,%(43,! 3):+)(,4076! ;/,$! ,$%! 5/*,(/3,8! #$/*! ,(4/1/12! )++%(*! ,$%! *,()12%*,!
%:&);%(:%1,!+)(!&4(%1,*!,)!%1242%!4*!&4(,1%(ƐǁŝƚŚƚŚĞƐĐŚŽŽůƐĂŶĚƚŚĞĚŝƐƚƌŝĐƚŝŶƚŚĞŝƌĐŚŝůĚƌĞŶ͛ƐĞĚƵĐĂƚŝŽŶ͘%
?'.$9%)*++,-.$/%7,NN*1$<!S55/,/)147!45B)3436!+)(!,$%!54,4=5(/B%1!42%154!5%B%7)&%5!06!89:<!&4(,/3/&41,*!/*!
ƉƌŽǀŝĚĞĚ ďLJ ĨĂŝƚŚ ĐŽŵŵƵŶŝƚLJ ŵĞŵďĞƌƐ ŝŶ tĞƐƚ ĂůůĂƐ ĂŶĚ ĐŝƚLJǁŝĚĞ ƚŚƌŽƵŐŚ &͛Ɛ &()2(4:! =-25'$ -./$
4">>1.25?$ !"#$ </1&-52".$ @#-.)!"#>-52".! -=94<@.8! ! =94<@! /*! :)5%7%5! 4+,%(! D#583#5$ 2'5$ E,2,#5A! 4! B%(6!
*'33%**+'7!;%0=04*%5!45B)3436!/1/,/4,/B%!+)'15%5!06!@(8!@4B/5!G)(10%3<A!+)(:%(!E'&%(/1,%15%1,!)+!E3$))7*!/1!
O$/745%7&$/48! ! 91! "LKK! @PMM! ;/77! 455! "H=FL! 1%;! +4/,$! 3)::'1/,/%*! ,)! =94<@A! %1242/12! )B%(! NALLL! B),%(*! /1!
*'&&)(,! )+! %5'34,/)1! ,(41*+)(:4,/)18! ! Q),$! ,$%! 89:<! 415! =94<@! &()2(4:*! '*%! 4! 3'*,):/>%5! (%2/*,(4,/)1!
;%0*/,%!415!*)+,;4(%!;$/3$!3)11%3,*!45B)34,%*!;/,$!,$%/(!%7%3,%5!)++/3/47*!4,!,$%!7)347A!*,4,%!415!14,/)147!7%B%7*8!
89"%E+N'4$<!?/,$!*'&&)(,!+():!,$%!7)347!+4/,$!3)::'1/,6!-4*!/*!'15%(;46!/1!@4774*.A!&4(%1,*!/1!O%11*67B41/4!
;%(%! 407%! ,)! /1+7'%13%! ,$%! )',3):%! )+! 4! 2'0%(14,)(/47! %7%3,/)1A! 2%1%(4,%! 4! hHLUU! /13(%4*%! ,)! ,$%! E,4,%!
%5'34,/)1!0'52%,A!415!/1!,%1!6%4(*͛!,/:%!*%%!%B%(6!*3$))7!/1!O%11*67B41/4!(%43$!45%a'4,%!6%4(76!&()2(%**8!!#$%!
&(/:4(6!)',3):%!+)(!,$/*!415!%B%(6!&()2(4:!)+!,$%!4"((-,"#-5267$!"#$%&'""()!/*!,)!(%43$!,$%!&)/1,!;$%(%!%B%(6!
*,'5%1,! /1! ?%*,! @4774*! 2(45'4,%*! +():! $/2$! *3$))7! (%456! +)(! 3)77%2%8! ! ?%! 41,/3/&4,%! ,$(%%! 6%4(*! ,)! $4B%!
&()2(4:*!/1!&743%A!+/B%!6%4(*!,)!*%%!:4(<%5!/:&()B%:%1,*A!415!*%B%1!,)!,%1!6%4(*!,)!3):&7%,%76!(%43$!,$%!2)478!!!
F^!
!
?'.$9%'-3%)*++,-.$/%%
A*1%53,4'$.*-%81'-#A*1+'$.*-%%%%
%%%%%%%

89"%E##,"b!91!,$%!KK!*a'4(%!:/7%!4(%4!,$4,!3):&(/*%*!?%*,!@4774*A!&)B%(,6!415!'1%:&7)6:%1,!4(%!:)(%!,$41!
5)'07%!,$4,!)+!,$%!3/,6!)+!@4774*8!!P%;%(!,$41!HLj!)+!(%*/5%1,*!$4B%!4!$/2$!*3$))7!5/&7):48!#%1!&'07/3!*3$))7*!
*%(B%! ,$%! 4(%4e! +)'(! 4(%! (4,%5! CD%:&74(6! )(! X%3)21/>%5A! 0',! ,$%! 4345%:/3! &%(+)(:413%! )+! :416! *,'5%1,*! 4,!
:/557%! 415! $/2$!*3$))7! 7%B%7*! (%:4/1*! &))(8! K-(/% '0*,$% G_% *:%$="% #$,4"-$#% .-% $="% )('##% *:% YCCB% '$% J.-8#$*-%
7.9=% R5=**(% H$="% *-(/% !"#$% &'(('#% =.9=% #5=**(I% #5*1"4% =.9=% "-*,9=% *-% $="% RD6% $*% .-4.5'$"% 1"'4.-"##% :*1%
5*(("9"8!!
89"% X"#N*-#"b! 91! "LL[A! ,$%! ?%*,! @4774*! C5'34,/)1! #4*<! P)(3%! ʹ! 4! V)/1,! %++)(,! 0%,;%%1! 3)::'1/,6=04*%5!
)(241/>4,/)1*!415!+4/,$!2()'&*A!?%*,!@4774*!&(/13/&47*A!@9E@A!@MMM@A!EUdA!),$%(!%5'34,)(*A!,$%!@4774*!0'*/1%**!
3)::'1/,6!415!3)13%(1%5!3/,/>%1*!%1242%5!/1!%5'34,/)1!(%+)(:!4,!,$%!7)347!415!14,/)147!7%B%7!=!3)::/,,%5!,)!4!
3)7740)(4,/B%!,(41*+)(:4,/)1!/1/,/4,/B%!0'/7,!'&)1!)&%1!5/47)2'%A!B)7'1,%%(/*:!415!3)::'1/,6!%1242%:%1,8!!S!
*%,! )+! *,(4,%2/%*! +)(! %5'34,/)1! ,(41*+)(:4,/)1! ;4*! 5%B%7)&%5! 06! ,$%! #4*<! P)(3%! 415! /*! 1);! <1);1! 4*! ,$%!
)*(('0*1'$.2"% !"#$%&'""()$ -&4(,!,;)!)+!,$%! ,$(%%=&4(,! !"#$%&'(('#%)*++,-.$/%)*(('0*1'$.2"% !"#$%&'""()*$ +",)$
-./$0"1)2.3.8!\1%!)+!,$%!<%6!*,(4,%2/%*!)+!,$%!M)7740)(4,/B%!/*!;*<"1:,(%;'1"-$%'-4%5*++,-.$/%'42*5'5/8%
@% D*R"1A,(% @32*4'4/% K*2"+"-$b! ! @PMM! /*! 7%45/12! 4! :)B%:%1,! ,)! (%/1+)(3%! ,$%! %++)(,*! )+! 7);=/13):%!
&4(%1,*!,)!*%3'(%!4!a'47/,6!%5'34,/)1!+)(!,$%/(!3$/75(%1!/1!,$%!?%*,!@4774*!E3$))7*!06!043</12!,$%:!;/,$!*'&&)(,!
ĨƌŽŵĂůůĂƐ͛ĨĂŝƚŚĐŽŵŵƵŶŝƚŝĞƐ͘ b'.$=%'-4%)*++,-.$/%:*1%34,5'$.*-%61'-#:*1+'$.*-! -=94<@.! /*!4!1%,;)(<!)+!
B)7'1,%%(*!+():!+4/,$!3)::'1/,/%*!43()**!@4774*!*&%4</12!'&!,)!5%3/*/)1!:4<%(*!/1!*'&&)(,!)+!a'47/,6!%5'34,/)18!!
U)5%7%5!4+,%(!D#583#5$2'5$E,2,#5A!4!B%(6!*'33%**+'7!45B)3436!/1/,/4,/B%!+)'15%5!06!@(8!@4B/5!G)(10%3<A!+)(:%(!
E'&%(/1,%15%1,!)+!E3$))7*!/1!O$/745%7&$/4A!=94<@!/*!4!3):&41/)1!,)!J'1"-$%D5$.*-%X1*,;#%:*1%34,5'$.*-!-89:<.A!
;$/3$!(%3('/,*!415!,(4/1*!&4(%1,*!,)!7%45!,$%!5(/B%!+)(!%D3%77%1,!&'07/3!*3$))7*!06!$%7&/12!,$%:!0%3):%!43,/B%76!
ŝŶǀŽůǀĞĚŝŶƚŚĞŝƌĐŚŝůĚƌĞŶ͛ƐĞĚƵĐĂƚŝŽŶ8!!
S3,/)1!W()'&*!4(%!,$%!<%6!*,(4,%26!+)(!0'/75/12!4!&);%(+'7!&'07/3!B)/3%!,$()'2$!=94<@8!!!#$()'2$!S3,/)1!W()'&*!
+)(:%5!06!+4/,$!3)::'1/,6!B)7'1,%%(*!415!/1,%(%*,%5!3/,/>%1*A!&4(,/3/&41,*!7%4(1!40)',!,$%!3$477%12%*!/1!'(041!
S:%(/341!%5'34,/)1!415!5/++%(%1,!4&&()43$%*!+)(!455(%**/12!,$%:e!7%4(1!$);!,)!3)15'3,!%++%3,/B%!:%%,/12*!415!
&'07/3! 3)1B%(*4,/)1*e! 415! 5%B%7)&! 7%45%(*$/&! 415! 3)::'1/34,/)1! *</77*! ,$4,! 477);! ,$%:! ,)! 0'/75! ,('*,! 4:)12!
&4(,/3/&41,*!415!(%*)7B%!3)1+7/3,8!!#$%6!;)(<!;/,$!@4774*!9E@!,)!*'&&)(,!&4(%1,!%1242%:%1,!/1!*3$))7*!415!),$%(!
(%+)(:!:%4*'(%*8!!?)(</12!;/,$!&(/13/&47*A!5/*,(/3,!*%1/)(!:4142%:%1,A!5/*,(/3,!&()2(4:!*,4++!415!#('*,%%*A!,$%6!
5%B%7)&!4!*$4(%5!43,/)1!42%154!,)!5(/B%!(%+)(:*!1%3%**4(6!,)!%1*'(%!4!+','(%!+'77!)+!$)&%!415!&)**/0/7/,/%*!+)(!
>> ŽĨ ĂůůĂƐ͛ ĐŚŝůĚƌĞŶ͘  =94<@! 34&,4/1*! 4,,%15! 89:<! ,(4/1/12! ;/,$! ?%*,! @4774*! &4(%1,*A! ,)! +)*,%(!
,(41*+)(:4,/)147!(%74,/)1*$/&*8!!!
=94<@!:%:0%(*!0'/75!(%74,/)1*$/&*!;/,$!7%2/*74,)(*!0%34'*%!,$%6!4(%!4!B47'407%!(%*)'(3%!+)(!*$4(/12!/1+)(:4,/)1!
0'/75/12!3)1,43,!1%,;)(<*8!!=94<@!:%:0%(*!47*)!%1242%!/1!,$%!&'07/3!5/47)2'%!40)',!%5'34,/)1!(%+)(:!,$()'2$!
41! %:4/7! S3,/)1! S7%(,! *6*,%:A! ;$/3$! 341! 0%! '*%5! ,)! 3)::'1/34,%! 0/=&4(,/*41! 3415/54,%! /1+)(:4,/)1! ;$%1! 41!
%5'34,/)1=(%74,%5! :4,,%(! /*! 4,! /**'%A! 415! ;$/3$! 47*)! 477);*! :%:0%(*! ,)! %1242%! /1! 7)006/12! 43,/B/,6! ;/,$/1!
&%(:/**/07%!7/:/,*!+)(!1)1&()+/,!)(241/>4,/)1*8!!
89"%E+N'4$<!C7%B%1!+4/,$!3)::'1/,/%*!+():!?%*,!@4774*!415!,$%!3/,6!4,!74(2%!4(%!1);!+)(:/12!S3,/)1!W()'&*8!!
@PMM! ;/77! %17/*,! "H=FL! 455/,/)147! 3)12(%24,/)1*! /1! =94<@! 06! ,$%! %15! )+! "LKK8! ! -S+,%(! 4! ,$%4,%(! *3(%%1/12! )+!
͞tĂŝƚŝŶŐĨŽƌ^ƵƉĞƌŵĂŶ͟ʹ!;;;8;4/,/12+)(*'&%(:4183):!=!*%B%(47!/15/B/5'47*!47*)!+)(:%5!S3,/)1!W()'&*8.!!#$%!
(%*'7,!;/77!0%!:)0/7/>4,/)1!)+!*2"1%\ACCC%5.$.c"-#%,-.$"4%.-%$=".1%4"$"1+.-'$.*-%$*%$1'-#:*1+%"4,5'$.*-!/1!?%*,!
@4774*!415!43()**!,$%!3/,6!=!4!&);%(+'7!B)/3%!+)(!3$/75(%1!477!6%4(!7)128!
B"$(53#.$4"#5$31",2$=E@@?$8(53)5$9-)-2$",#$M51)-25$32$MMM*7!&&*,)$"#$!"(("M$,)$".$BM-225#$3.7$E3&51"";*$

FI!
!
!

89"%749**(%C*-"%%
D"N%X'((/%A*1%53,4'$.*-% %
!

\1!ggggggggggA!"LKK!+():!KL4:=K"&:!#$%!E3$))7!T)1%!ʹ!?%*,!@4774*!;/77!$)75!/,*!*%3)15!411'47!O%&!X4776!+)(!
C5'34,/)1!4,!,$%!P/%75!)+!@(%4:*!*&)(,*!3):&7%D!/1!?%*,!@4774*8!!#$%!+/%75!415!,$%!*,(%%,!/1!+()1,!)+!/,!;/77!0%!
,(41*+)(:%5! +():! 4! 04*%0477! 415! *)33%(! 3%1,%(! /1,)! 4! +%*,/B%! 34(1/B47! *,(%%,! +4/(! +)3'*%5! )1! %5'34,/)147!
%D3%77%13%8!
O4(,/3/&41,*!;/77!%1,%(!,$()'2$!41!4(3$;46!)+!6%77);!0477))1*!/1,)!4!;)(75!)+!+))5A!:'*/3A!0)'13%!$)'*%*A!*&)(,*!
+/2'(%*! 415! /1+)(:4,/)18! E/D,%%1! 1),=+)(=&()+/,! )(241/>4,/)1*! 415! ,$/(,%%1! 4(%4! *3$))7*! ;/77! $4B%! 0)),$*! ,)!
/1+)(:! 415! %1242%! &4(%1,*! 415! *,'5%1,*! /1! ,$%! (%*)'(3%*! 4B4/7407%! /1! ?%*,! @4774*! ,)! *'&&)(,! %5'34,/)147!
*'33%**8!!S+,%(!,$%!%B%1,A!&4(%1,*!415!*,'5%1,*!;/77!0)4(5!4!0'*!0(/245%!+)(!4!1)=3)*,!3)77%2%!B/*/,!,)!EUd!;$%(%!
,$%6!;/77!&4(,/3/&4,%!/1!4!34:&'*!,)'(f/1,()5'3,/)1!,)!3)77%2%!415!4,,%15!41!EUd!24:%8!!!!
#$%!O%&!X4776!ǁŝůůďĞĚŝǀŝĚĞĚŝŶƚŽĚŝĨĨĞƌĞŶƚ͞)1%*͟ŽĨ!+'1!415!%5'34,/)147!43,/B/,/%*b!
x dŚĞ͞>ĞĂƌŶŝŶŐŽŶĞ͟ǁŚĞƌĞ!3$/75(%1!415!&4(%1,*!;/77!+/15!%5'34,/)147!43,/B/,/%*!415!,))7*!+)(!,%43$407%!
:):%1,*!,)!(%/1+)(3%!;$4,!3$/75(%1!7%4(1!4,!*3$))7!%43$!546!
x #ŚĞ͞ƌƚŽŶĞ͟;/,$!4(,*!415!3(4+,*!43,/B/,/%*!+)(!3$/75(%1!415!41!)&&)(,'1/,6!,)!$/2$7/2$,!,$%!1%;!4(,*!
+)3'*!4,!M4(B%(!C7%:%1,4(6$
x dŚĞ͞^ƉŽƌƚƐŽŶĞ͟ǁŚĞƌĞƚŚĞĂůůĂƐDĂǀĞƌŝĐŬƐ͕ŚĂŵ&A!,$%!U4B%(/3<*!U4*3),A!415!,$%!@4774*!M);0)6*!
X$6,$:!415!Q7'%*!@413%(*!;/77!0%!:4</12!2'%*,!4&&%4(413%*8!!U%:0%(*!)+!,$%!EUd!*)33%(!,%4:!415!
*,'5%1,*!;/77!47*)!&746!24:%*!;/,$!,$%!3$/75(%1!
x dŚĞ͞&ŽŽĚŽŶĞ͟ǁŝƚŚ!+(%%!$4:0'(2%(*A!$),!5)2*A!3$/&*A!5(/1<*A!5%**%(,*!415!:)(%!
x dŚĞ͞&ƵŶŽŶĞ͟ǁŝƚŚ!0)'13%!$)'*%*!415!34(1/B47!24:%*!!!
Q%+)(%! ,$%! %B%1,A! %B%(6! *,'5%1,! /1! ?%*,! @4774*! ;/77! (%3%/B%! 4! 3))7! ,=*$/(,! -7)2)! 40)B%.! /5%1,/+6/12! ,$%:! 4*! 4!
:%:0%(!)+!@'7$%&'""($A".78!!Q6!;%4(/12!,$%!,=*$/(,!,$%6!;/77!*$);!&(/5%!/1!,$%/(!3)::'1/,6A!/5%1,/+6!,$%:*%7B%*!
4*!:%:0%(*!)+!4!*&%3/47!>)1%!;/,$/1!,$%!74(2%(!@4774*!915%&%15%1,!E3$))7!@/*,(/3,A!415!5%:)1*,(4,%!,$4,!*,(/B/12!
+)(!%5'34,/)147!%D3%77%13%!/*!'15%(;468!!!
\1!,$%!043<!)+!%43$!,=*$/(,!/*!4!7/*,!)+!,$%!&4(,/3/&4,/12!*3$))7*!415!1),=+)(=&()+/,!42%13/%*!ʹ!4!(%*)'(3%!+4(!7%**!
7/<%76!,)!0%!7)*,!)(!,$();1!4;46!,$41!4!&/%3%!)+!&4&%(!)(!4!34(58!
@'7$%&'""($A".7$87;$M-((?!/*!4!+'1!;46!,)!$/2$7/2$,!,$%!/:&)(,413%!)+!%5'34,/)147!43$/%B%:%1,!415!*$);!,$%!
;)(<!,$4,!/*!0%/12!5)1%!,)!,(41*+)(:!?%*,!ĂůůĂƐ͛ƐĐŚŽŽůƐ͘/ƚŝƐĂũŽŝŶƚƉƌŽũĞĐƚďĞƚǁĞĞŶ@'7$%&'""($A".7$ʹ$C7)5$
D-((-)!415!@9E@A!*'&&)(,%5!06!@PMM!*,4++A!415!:45%!&)**/07%!06!,$%!4**/*,413%!)+!B)7'1,%%(*!+():!?%*,!@4774*!
*3$))7*! 415! 3)::'1/,6! )(241/>4,/)1*A! EUdA! ?4,%(:4(<! M$'(3$! 415! :416! ),$%(! 3)::'1/,6! &4(,1%(*8! ! P)(!
/1+)(:4,/)1! 40)',! $);! 6)'! 341! $%7&! 3%7%0(4,%! %5'34,/)1! /1! ?%*,! @4774*A! 3)1,43,! @4774*! P4/,$! M)::'1/,/%*!
M)47/,/)1!4,!/1+)_5+338'*!)(!"KN="^[=FFNL8!
!
!
!
!
!
!
B"$(53#.$4"#5$31",2$=E@@?$8(53)5$9-)-2$",#$M51)-25$32$MMM*7!&&*,)$"#$!"(("M$,)$".$BM-225#$3.7$E3&51"";*!

FY!
!
%

%
%

89"%Y*,-L%&"2"(*N"1#%D1*M"4$%
!

89"%TNN*1$,-.$/%
x P/+,%%1!*,'5%1,*!+():!O/1<*,)1!G/2$!E3$))7A!/1!,$(%%!2()'&*!)+!+/B%!*,'5%1,*!%43$!
x E%B%1!;%%<*!)+!*,'56!415!4&&7/34,/)1b!i'1%!"I!,$()'2$!S'2'*,!K"A!"LKK8!
x ĂĐŚŐƌŽƵƉ͛ƐƉƌŽũĞĐƚŝŶǀŽůǀĞƐƌĞƐĞĂƌĐŚŝŶŐƚŚĞŵŽƐƚĐŽŵƉƌĞŚĞŶƐŝǀĞĂŶĚŚŽůŝƐƚŝĐĐŽŵŵƵŶŝƚLJĚĞǀĞůŽƉŵĞŶƚ
4&&()43$!+)(!,$%/(!,4(2%,!4(%4A!3):&/7/12!4**%,!:4&&/12!(%*'7,*!+():!,$4,!4(%4A!415!3(%4,/12A!,$()'2$!4!
3$4((%,,%!&()3%**A!4!7415='*%!415!*)3/47!(%*)'(3%*!&741!04*%5!)1!3)::'1/,6!4**%,*!415!/11)B4,/B%!/5%4*!!
53,4'$.*-'(%T0M"4$.2"#%
x #)!(%*%4(3$!),$%(!:)5%7*!)+!%++%3,/B%!4**%,=04*%5!3)::'1/,6!5%B%7)&:%1,!4()'15!,$%!3)'1,(6!
x #)!%D&%(/%13%!$415*=)1!&(43,/3%!/1!3)::'1/,6!7/*,%1/12!415!4**%,!:4&&/12!
x #)!7%4(1!$);!,)!4*<!$4(5A!&%1%,(4,/12!a'%*,/)1*!,)!+/15!,$%!()),*!)+!$/*,)(/347!415!3'((%1,!%3)1):/3!415!
*)3/47!/1%a'/,/%*A!/1!)(5%(!,)!3(%4,%!4!*'*,4/1407%A!$)7/*,/3!4&&()43$!,)!3)::'1/,6!5%B%7)&:%1,!,$4,!
0(/12*!40)',!5%%&A!)12)/12!V'*,/3%!415!(%3)13/7/4,/)1!
x #)!7%4(1!$);!,)!,4<%!,$%!,/:%!415!+/15!,$%!,))7*!1%%5%5!,)!%B47'4,%!)&,/)1*!415!:4<%!;/*%!7)12=(412%!
5%3/*/)1*!
x #)!/1*,/77!,$%!B47'%*!)+!/:42/14,/)1!415!3(%4,/B/,6A!3):0/1%5!;/,$!&(43,/347/,6!415!(%47/*:!
x #)!4++/(:!4!*,()12!;)(<!%,$/3!415!*%7+=:),/B4,/)1!
@NN(.4'$.*-%T0M"4$.2"#%
x O(43,/3%!5))(=,)=ĚŽŽƌĐŽŵŵƵŶŝƚLJŽƌŐĂŶŝnjŝŶŐƚŽĚŝƐĐŽǀĞƌŶĞŝŐŚďŽƌƐ͛ĂƐƐĞƚƐĂŶĚŐĞŶĞƌĂƚĞŝŶƚĞƌĞƐƚŝŶ
V)/1/12!,$/*!3)::'1/,6!&()V%3,!
x #$()'2$!+/%75!,(/&*!415!*%**/)1*!;/,$!7)347!415!14,/)147!2(4**()),*!3)::'1/,6!5%B%7)&:%1,!
)(241/>4,/)1*A!,$%!@4774*!M/,6!@%*/21!E,'5/)A!415!),$%(*A!/1,%(1*!;/77!/13)(&)(4,%!,$%/(!(%*%4(3$A!
%D&%(/%13%A!415!/5%4*!/1,)!5%B%7)&:%1,!&741*!415!5(4;/12*!
x @'(/12!4!,;)!546!5%*/21!3$4((%,,%A!%43$!/1,%(1!2()'&!;/77!3(%4,%!,$%/(!);1!5%B%7)&:%1,!5%*/21!+)(!;$4,!
,$%6!4*!4!2()'&!%1B/*/)1!+)(!,$%!4(%4!
x P/147!5%*/21*!;/77!0%!V'52%5!/1!4!3)1,%*,!415!4;4(5%5!4!hHLL!3)77%2%!*3$)74(*$/&!04*%5!)1!,$%!*'33%**+'7!
/13)(&)(4,/)1!)+b!
K8 G)7/*,/3!o!(%*,)(4,/B%!4&&()43$!=!*)3/4776!415!%1B/()1:%1,4776!
"8 E'*,4/140/7/,6!
F8 M)11%3,/B/,6!,)!),$%(!/11)B4,/B%!4&&()43$%*!4()'15!,$%!3)'1,(6!
N8 R)12=,%(:!4**%,=04*%5!%3)1):/3!5%B%7)&:%1,A!;/,$!,$%!&(/:4(6!)0V%3,/B%!0%/12!,)!*,40/7/>%!415!
%:&);%(!,$%!3'((%1,!(%*/5%1,/47!&)&'74,/)1A!415!;/,$!,$%!40/7/,6!,)!454&,!,)!1%%5*!4*!,$%!
1%/2$0)($))5!%B)7B%*!
x M)::'1/,6!)(241/>4,/)1*!415!5%B%7)&%(*!;/77!0%!%13)'(42%5!,)!/13)(&)(4,%!,$%!0%*,!/5%4*!+():!,$%!
ŝŶƚĞƌŶƐ͛ĚĞƐŝŐŶƐŝŶƚŽĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞtĞƐƚĂůůĂƐĂƌĞĂ!

F[!
!
%
%
@--,'(%Q1"'WA'#$%A*1%53,4'$.*-%
!

O7%4*%!V)/1!@4774*!P4/,$!M)::'1/,/%*!M)47/,/)1!+)(!/,*!411'47!0(%4<+4*,!+%4,'(/12!gggggggggggggggggggA!4!$/2$=
&()+/7%!7%45%(!4,!,$%!+)(%+()1,!)+!%5'34,/)1!(%+)(:8!!S*!/1!6%4(*!&4*,A!@PMM!3)1,/1'%*!,)!0(/12!/1+)(:%5!3(/,/347!
,$/1<%(*! ,)! @4774*! ,)! *%%5! &'07/3! 3)1B%(*4,/)18! ! ?%! 4(%! 47*)! %42%(! ,)! '&54,%! @4774*! 40)',! ,$%! ?%*,! @4774*!
ŽŵŵƵŶŝƚLJ ŽůůĂďŽƌĂƚŝǀĞ͛Ɛ ƉƌŽŐƌĞƐƐ ŝŶ ĐƌĞĂƚŝŶŐ ĂŶ ĞŶǀŝƌŽŶŵĞŶƚ ǁŚĞƌĞ ĞǀĞƌLJ ĐŚŝůĚ /1! ?%*,! @4774*! $4*! ,$%!
)&&)(,'1/,6!,)!43$/%B%!4345%:/3!*'33%**8 %%%
tĞĂƌĞƚŚƌŝůůĞĚƚŚĂƚĨŽƌŵĞƌDĂLJŽƌdŽŵ>ĞƉƉĞƌƚ͕ǁŚŽƐĞƐƵƉƉŽƌƚŚĂƐďĞĞŶŝŶƐƚƌƵŵĞŶƚĂůŝŶ&͛ƐƐƵĐĐĞƐƐ͕ǁŝůů
$)*,!,$/*!/:&)(,41,!%B%1,!)1!gggggggggggg!4,!IbFL4:!4,!,$%!E/::)1*!E3$))7!)+!C5'34,/)1!4,!EUd8!
O4*,!*&%4<%(*!$4B%!/137'5%5!Q4(,!O%,%(*)1A!+)(:%(!U46)(!)+!915/414&)7/*A!@4B/5!G4((/*A!+)'15%(!415!MC\!)+!,$%!
U/15! #('*,A! 415! @(8! @4B/5! G)(10%3<A! +)(:%(! U4(67415! M)::/**/)1%(! )+! C5'34,/)1A! E'&%(/1,%15%1,! )+! ,$%!
O$/745%7&$/4!&'07/3!*3$))7*!415!+)'15%(!)+!O(%&4(%!,$%!P','(%8!
#$%!%B%1,!,$/*!6%4(!/*!41,/3/&4,%5!,)!4,,(43,!KFL=KHL!&%)&7%8!!9,!/*!,6&/34776!4,,%15%5!06!7)347!415!*,4,%!7%45%(*!/1!
,$%! %5'34,/)1! (%+)(:! :)B%:%1,A! 4*! ;%77! 4*! 06! 5)1)(*! ;$)! 4(%! /1,%(%*,%5! /1! %5'34,/)147! %D3%77%13%! 415!
:%:0%(*!)+!,$%! 3/B/3!415!0'*/1%**! 3)::'1/,6!;$)!4(%!/1*,(':%1,47!/1!,$%!+/%75!)+!%5'34,/)1!/1!J)(,$!#%D4*8!!
Q%34'*%!:416!)+!,$%!4,,%15%%*!;/77!7%4B%!,$%!%B%1,!%D3/,%5!06!;$4,!,$%6!$4B%!$%4(5A!@PMM!,6&/34776!*3$%5'7%*!4!
+'77!546!)+!*:477%(!3)1B%(*4,/)1*!;/,$!,$%!*&%4<%(!415!),$%(!/1,%(%*,%5!&4(,/%*8!!
#$%! %B%1,! /*! ,6&/34776! ;%77! 3)B%(%5! /1! &(/1,! :%5/4! 415! /1! ,$%! 07)2)*&$%(%8! ! 9,! 3)1,/1'%*! )'(! *%(/%*! )+! &'07/3!
3)1B%(*4,/)1*! %D&7)(/12! *)7',/)1*! ,)! ,$%! 3$477%12%*! +43%5! 06! '(041! 3)::'1/,/%*! 415! /1! &4(,/3'74(A! 06! '(041!
*3$))7*! /1! @4774*! 415! 43()**! ,$%! 3)'1,(68!! S,! ,$/*! 5/++/3'7,! ,/:%! )+! 0'52%,! 3',*A! a'47/,6! %5'34,/)1! +)(! '(041!
3$/75(%1!/*!%B%1!:)(%!4,!(/*<A!415!,$%!&'07/3!415!&(/B4,%!*%3,)(*!:'*,!;)(<!,)2%,$%(!,)!+/15!.--*2'$.2"%<'/#%$*%
.+;1*2"%$="%4"(.2"1/%*:%$=.#%2'(,'0("%1"#*,15"@%
S,!,$%!%B%1,A!;%!;/77!47*)!(%3)21/>%!4!*/21/+/341,!/15/B/5'47͛Ɛ!3)1,(/0',/)1!,)!?%*,!@4774*!(%5%B%7)&:%1,e!'&54,%!
6)'! 40)',! )'(! 0'*/1%**A! 3/B/3! 415! +4/,$! 3)::'1/,6! ĐŽĂůŝƚŝŽŶ͛Ɛ ƉƌŽŐƌĞƐƐ ŝŶ ŝŵƉůĞŵĞŶƚŝŶŐ 2'5$ :5)2$ =3((3)$
@"44,.-26$ @"((31"#32-95! !"#$ %&'""()?$ 0"1)$ 3.7$ +",)-./Y! 415! :4<%! 41! "P5.$.-9% '--*,-5"+"-$% '0*,$% '% -"<%
5*(('0*1'$.*-%<.$=%RQL8!
?%!/1B/,%!6)'!,)! *&)1*)(!)'(!%B%1,s!! C43$!*&)1*)(!;/77!(%3%/B%! 4!,407%! +)(!KL!4,!,$%!%B%1,! 415!(%3)21/,/)1!)+!
,$%/(!2%1%()'*!3)1,(/0',/)1!/1!,$%!%B%1,!&()2(4:8!!!#$%!+)77);/12!*&)1*)(*$/&!7%B%7*!4(%!4B4/7407%F^b!
#/,7%!E&)1*)(b!!hHLLL!
W)75!E&)1*)(b!h"HLL!
E/7B%(!E&)1*)(b!hKLLL!
Q()1>%!E&)1*)(b!hIHL!
O7%4*%!V)/1!'*!)1!gggggg!!-@S#C!USZ!MGSJWC.!415!5%:)1*,(4,%!;/,$!6)'(!2%1%()'*!5)14,/)1!6)'(!3)::/,:%1,!
,)!,$%!34'*%! )+!%5'34,/)1!,(41*+)(:4,/)1!/1!?%*,!@4774*8!! O7%4*%! XE`O!06!3477/12!"KN="^[=FFN"! )(!06!%:4/7/12!
Q())<%_5+338'*8!!!
6='-8%/*,%:*1%#,;;*1$.-9%91"'$%"4,5'$.*-%.-%&'(('#g%
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
F^
!@PMM!/*!4!HLK-3.-F.!)(241/>4,/)1A!*)!5)14,/)1*!4(%!5%5'3,/07%!,)!,$%!%D,%1,!477);%5!06!74;!

NL!
!
%
%
!"#$%&'(('#%)*++,-.$/%)"("01'$.*-#%
%

D1.+'1/%S*'(<%!"#$#%&'(#!')*!+(&#),(-#)!(-#!.')/!0$1+#23)4(!01..5)4(4#+!(-'(!'&#!6#+(!7'$$'+8%
),11"-$%)9'(("-L"#%
x tĞƐƚ ĂůůĂƐ ŝƐ ůĂƌŐĞůLJ ŝĚĞŶƚŝĨŝĞĚ ĂƐ ͚ĚĂŶŐĞƌŽƵƐ͛ ďLJ ŽƵƚƐŝĚĞƌƐ͖ ŝŶ ŽƌĚĞƌ ƚŽ ƚƵƌŶ ĂƌŽƵŶĚ ƚŚĞ ĐŽŵŵƵŶŝƚLJ͕ ĂŶ
/:42%!3$412%!/*!(%a'/(%5!415!B/*/,)(*!1%%5!4!(%4*)1!,)!3()**!,$%!0(/52%!
x #$%!?%*,!@4774*!3)::'1/,6!1%%5*!3%7%0(4,/)1!,)!047413%!,$%!;)(<!)+!(%0'/75/12!
7N1.-L%)"("01'$.*-<%&.'%3"%('%?'+.(.'%'-3%?'+.(/%?,-%X,-%
x P)3'*!)1!&$6*/347!43,/B/,6!415!+'1!)',!)+!5))(*!$%47,$+'71%**!
x Q(/12!/1!(%*)'(3%*!+():!)',*/5%!,$%!?%*,!@4774*!3)::'1/,6!
x O()B/5%!4!+'1!546!)+!+(%%!%B%1,*!;$/7%!*$);34*/12!,$%!,47%1,*!)+!?%*,!@4774*!3$/75(%1!
Q'4W>$*>749**(%)"("01'$.*-<%D"N%X'((/%A*1%53,4'$.*-%
x Q'/75!%1,$'*/4*:!+)(!,$%!1%;!*3$))7!6%4(!
x 95%1,/+6!@'7$%&'""($A".7$ʹ$C7)5$D-((-)!ĂƐĂƐƉĞĐŝĂů͞ŽŶĞ͟ǁŝƚŚŝŶ/^!
x 95%1,/+6!(%*)'(3%*!+)(!&4(%1,*!415!+4:/7/%*!;/,$!,$%!7/*,!)1!,$%!043<!)+!,$%!O%&!X4776!,=*$/(,*!
B*(.3'/%)"("01'$.*-<%U'%D*#'3'%
x i)/1!+4/,$!2()'&*!/1!)0*%(B/12!41!)75!(/,'47!;/,$!1%;!&4(,1%(*!
x C1242%!3$/75(%1!415!+4:/7/%*!;/,$!7)347!1),=+)(=&()+/,!(%*)'(3%!&()B/5%(*!!
x Q'/75!,('*,!415!+(/%1576!(%74,/)1*$/&*!
7,44"##%7$*1."#%
x #$%! ,$/(5! 411'47! P4:/76! P'1! X'1! ,))<! &743%! /1! U4(3$! "LKKe! +)(! &/3,'(%*! *%%! ,$%! P7/3<(! &42%! 4,!
$,,&bff;;;8+7/3<(83):f&$),)*f^K""K^[K_JLFf8! #$/*! 411'47! %B%1,! ;/77! %D&415! 4*! ,$%! #(/1/,6! 0(/52%*! 4(%!
3):&7%,%58!
x IHL!&%)&7%!4,,%15%5!,$%!O%&!X4776!+)(!C5'34,/)1!/1!S'2'*,!"LKL!,)!3%7%0(4,%!,$%!1%;!*3$))7!6%4(8!
x P)(!,;)!6%4(*!@PMM!$4*!&4(,1%(%5!;/,$!+)'(!),$%(!)(241/>4,/)1*!,)!$)*,!41!411'47!?%*,!@4774*!M)::'1/,6!
O)*4548!!FHLc!&%)&7%!4,,%15%5!/1!"LL[e!2/+,*!;%(%!&()B/5%5!,)!"LL=FLL!3$/75(%1!/1!"LKL8!!!
Z*(,-$""1% '-3% &*-*1! P""3#9! ! a*(,-$""1#% '1"% -""4"4% '$% '((% "2"-$#g% % ?%! 1%%5! &%)&7%! ,)! *,4++! /1+)(:4,/)1!
,407%*A! $%7&! 4,! 4(,*! o! 3(4+,*! 415! 24:%! 0)),$*A! *%(B%! (%+(%*$:%1,*A! *'&%(B/*%! 3$/75(%1A! &',! )',! ,(4++/3! 3)1%*A!
5/(%3,! ,(4++/3!415!3)1,()7!3();5*A!415!*%,!'&!0%+)(%!415!,4<%!5);1!4+,%(!%B%1,*8!!S,!74!O)*454!B)7'1,%%(*!4(%!
1%%5%5!,)!$%7&!?%*,!@4774*!545*!;(4&!,$%!,(%%!/1!7/2$,*A!+/77!415!$415!)',!2/+,!042*A!:4<%!415!*%,!)',!7':/14(/4*A!
415! 7%45! *)12*! 415! &746! 2'/,4(! 5'(/12! ,$%! ;47<8! ! @)1)(*! 4(%! 1%%5%5! ,)! &()B/5%! O%&! X4776! ,=*$/(,*A! +))5! 415!
(%+(%*$:%1,*A! 3$/75(%1͛*! $)7/546! 2/+,*A! &(/1,/12! 3)*,*A! %1,%(,4/1:%1,A! 4(,*! o! 3(4+,*! *'&&7/%*A! 24:%*A! 0)'13%!
$)'*%*A! 415! 5%3)(4,/)1*8% % P)(! /1+)(:4,/)1! 40)',! $);! 6)'! 341! *'&&)(,! )'(! 3)::'1/,6! 3%7%0(4,/)1*A! 3)1,43,!
@4774*!P4/,$!M)::'1/,/%*!M)47/,/)1!4,!/1+)_5+338'*!)(!"KN="^[=FFNL8!
%
%
%
@"$(7-#.$>"#7$-,"15$D=44*$;(7-)7$62)25$"1#$Q7,)257$-5$QQQR/!&&R1)$"#$!"(("Q$1)$".$@Q2557#$-./$=-&7,""SR$
! !

NK!
!
!
!
U4&!*)'(3%!=!X%*%4(3$!M):&/74,/)1b!?%*,!@4774*!-T9O!M)5%!IH"K".A!@%3%:0%(!"LL^A!#$%!i8!U3@)1475!?/77/4:*!
91*,/,',%!415!,$%!P)'154,/)1!+)(!M)::'1/,6!C:&);%(:%1,A!U4(3'*!U4(,/1A!O$@A!UOGA!US!@/(%3,)(8!!!P)(!4!
3)&6!&7%4*%!3)1,43,!/1+)_5+338'*8!!
N"!
!

You might also like